康卡斯特 (CMCSA) 2018 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2018 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，早安，歡迎參加康卡斯特2018年第四季及全年財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I would now turn the call over to Senior Vice President, Investor Relations and Finance, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

現在我將把電話轉交給投資者關係和財務高級副總裁傑森·阿姆斯特朗先生。請繼續，阿姆斯壯先生。

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke, Dave Watson and Jeremy Darroch. Brian and Mike will make formal remarks, and Steve, Dave and Jeremy will also be available for Q&A.

謝謝接線員，歡迎各位。今天早上和我一起參加電話會議的有 Brian Roberts、Mike Cavanagh、Steve Burke、Dave Watson 和 Jeremy Darroch。Brian 和 Mike 將發表正式講話，Steve、Dave 和 Jeremy 也將出席並回答問題。

As always, let me now refer you to Slide #2, which contains our safe harbor disclaimer, and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, in this call, we will refer to certain non-GAAP financial measures. Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

像往常一樣，現在請允許我向您介紹第 2 張投影片，其中包含我們的安全港免責聲明，並提醒您，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參考我們的 8-K 表格和趨勢表，以了解非 GAAP 財務指標與 GAAP 的調整。

With that, let me turn the call over to Brian Roberts for his comments. Brian?

接下來，我將把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thank you, Jason, good morning, everyone. 2018 was a successful and pivotal year for Comcast, capped off by an outstanding fourth quarter, where we grew pro forma EBITDA by 11%. For the full year, we generated record free cash flow. We're now truly a global company with our acquisition of Sky. And as you'll hear, we had many other significant achievements throughout each of our businesses.

謝謝你，傑森，大家早安。2018 年對康卡斯特來說是成功且關鍵的一年，尤其是在第四季度表現出色，我們的準備 EBITDA 成長了 11%。全年來看，我們創造了創紀錄的自由現金流。收購 Sky 後，我們現在真正成為了一家全球性公司。正如您將聽到的，我們在各個業務領域中取得了許多其他重大成就。

This success is based on a few guiding principles: be leaders in the markets in which we compete; continuously improve everything so we can deliver the best products and experiences; and keep building deep, highly valuable, recurring relationships with our customers. This is what allows us to have tremendous consistency and to think and compete for the long term.

這項成功基於以下幾個指導原則：成為我們所競爭市場的領導者；不斷改進一切，以便我們能夠提供最好的產品和體驗；以及與我們的客戶建立深入、高價值、持續的合作關係。正是這一點使我們能夠保持極強的穩定性，並進行長遠的思考和競爭。

Throughout this very busy year, one of the things that stands out for me is that the team did not miss a beat, enabling us to deliver exceptional operational and financial results for the fourth quarter and 2018.

在這一年非常忙碌的日子裡，讓我印象最深刻的是，團隊始終保持著高效的工作狀態，使我們能夠在第四季度和 2018 年取得卓越的營運和財務業績。

So let's turn to a few of the highlights as well as some of the growth opportunities we see in the coming years. In Cable, we made a very successful transition to a connectivity-centric model, and that drove our fantastic performance in 2018. The strategy is clear, deliver the best products and experiences while improving our focus on keeping the customer at the center of everything we do.

那麼，讓我們來看看一些亮點以及我們在未來幾年看到的一些成長機會。在有線電視領域，我們非常成功地轉型為以連結為中心的模式，這推動了我們在 2018 年取得優異的表現。我們的策略很明確，就是提供最好的產品和體驗，同時更重視將客戶放在我們一切工作的中心。

In the fourth quarter, customer relationships increased by 258,000, and EBITDA growth of 7.3% was the best for our fourth quarter in 8 years.

第四季度，客戶關係增加了 258,000 個，EBITDA 成長了 7.3%，這是我們 8 年來第四季最好的成績。

For the full year, we added 1 million net new customer relationships driven by our 13th consecutive year of over 1 million broadband net adds. Our connectivity businesses, residential broadband and business services, in total, grew revenue nearly 10% in 2018. We made progress in transforming the customer experience and taking unnecessary complexity and activity out of the business. Greater than 75% of transactions are now being completed through digital touch points. In the past 12 months alone, we have reduced agent handled calls by 15 million and truck rolls by 1.5 million, all while adding 1 million new customer relationships. Altogether, this resulted in Cable EBITDA growth of 6.5%, the best for our full year in 7 years and net cash flow growth of 13%.

全年來看，我們新增了 100 萬淨客戶關係，這得益於我們連續第 13 年寬頻淨新增用戶超過 100 萬。2018 年，我們的網路連線業務（包括住宅寬頻和商業服務）總收入成長了近 10%。我們在改善客戶體驗、消除業務中不必要的複雜性和活動方面取得了進展。超過75%的交易現在都是透過數位化管道完成的。光是在過去 12 個月裡，我們就減少了人工客服處理的電話 1,500 萬通，減少了上門服務 150 萬次，同時也新增了 100 萬個客戶關係。總的來說，這使得有線電視業務的 EBITDA 成長了 6.5%，這是我們 7 年來全年業績最好的一次，淨現金流成長了 13%。

Our focus on network differentiation and product innovation continued throughout the year. We rolled out gigabit speed availability to nearly all of the 58 million homes and businesses in our footprint and are redefining the in-home broadband experience for our customers with the best speed, coverage and control, which we call xFi.

我們全年持續專注於網路差異化和產品創新。我們已在覆蓋範圍內的近 5800 萬個家庭和企業中推出了千兆速度服務，並透過最佳的速度、覆蓋範圍和控制，重新定義客戶的家庭寬頻體驗，我們稱之為 xFi。

In video, we are leveraging our X1 platform to be the best aggregator of aggregators, delivering the broadest selection of content. With our integration of YouTube, Netflix and, most recently, Amazon Prime Video in December, X1 is the best platform to consume live, on demand and streaming content on TV and on Xfinity Stream. Xfinity Mobile, which has quickly become another important component of our bundled offerings for customers, ended 2018 with 1.2 million subscriber lines. We're very pleased with this performance in mobile so far and the value it adds to the bundle and are on track to achieve our primary objectives, including positive stand-alone economics.

在影片領域，我們正利用我們的 X1 平台成為最好的聚合器，提供最廣泛的內容選擇。透過整合 YouTube、Netflix 以及最近在 12 月整合的 Amazon Prime Video，X1 已成為在電視和 Xfinity Stream 上觀看直播、點播和串流內容的最佳平台。Xfinity Mobile 已迅速成為我們為客戶提供的捆綁服務中的另一個重要組成部分，截至 2018 年底，其用戶線路數量已達 120 萬。我們對目前行動端的表現以及它為產品組合帶來的價值非常滿意，並且正朝著實現我們的主要目標穩步前進，包括實現積極的獨立經濟效益。

Customer satisfaction is increasing, and retention improved across all of our products in 2018, notably including the best broadband retention on record. So our Cable team is leading, and their big strategic shifts are really paying off.

2018 年，顧客滿意度不斷提高，所有產品的留存率都有所提高，尤其值得一提的是，寬頻留存率創歷史新高。因此，我們的有線電視團隊處於領先地位，他們的重大策略轉變確實取得了成效。

Looking ahead, we hope to build on this positive momentum. We expect connectivity will, again, be the growth engine of our Cable business in 2019 and beyond with sustainable benefits to our financial results as our mix shifts more towards these margin-accretive businesses. We see lots of runway ahead and, this should help us deliver another year of healthy customer and net cash flow growth in 2019.

展望未來，我們希望能夠在此積極勢頭的基礎上繼續發展。我們預計，在 2019 年及以後，連接性將再次成為我們有線電視業務的成長引擎，隨著我們的業務組合更多地轉向這些利潤率更高的業務，這將為我們的財務業績帶來可持續的收益。我們看到未來還有很大的發展空間，這應該有助於我們在 2019 年實現客戶數量和淨現金流的持續健康成長。

NBCUniversal has had an incredible run with EBITDA growth at a double-digit compound annual rate since our acquisition, and we are well positioned to succeed for years to come with scale, must-see content and, I believe, the premier management team in the media industry.

自我們收購以來，NBCUniversal 的 EBITDA 成長率一直保持著兩位數的複合年增長率，並取得了令人矚目的成就。憑藉規模優勢、必看內容以及我認為媒體產業一流的管理團隊，我們已做好充分準備，在未來幾年取得成功。

NBCUniversal ended a very good year on a strong note. Fourth quarter EBITDA increased 12%, driven by over 20% growth at our TV businesses. For the full year, TV EBITDA increased by 15% with growth across all revenue streams, reflecting successful execution of our strategy, focused on big events and must-see entertainment, news and sports content.

NBC環球以強勁的業績為非常成功的一年畫上了圓滿的句號。第四季 EBITDA 成長 12%，主要得益於電視業務超過 20% 的成長。全年來看，電視業務的 EBITDA 成長了 15%，所有收入來源均實現成長，這反映了我們策略的成功執行，該策略專注於大型活動和必看的娛樂、新聞和體育內容。

NBC had a notable year, finishing the 52-week broadcast season at #1 in total viewers for the first time in 16 years and #1 in adults 18 to 49 for the fifth consecutive year in prime. MSNBC was also a real standout, reaching record viewership for the full year in its largest-ever lead over CNN.

NBC 度過了值得矚目的一年，在 52 週的播出季中，其總收視人數 16 年來首次位居第一，並在黃金時段連續第五年獲得 18 至 49 歲成年觀眾收視率第一的佳績。MSNBC 也表現出色，全年收視率創下歷史新高，對 CNN 的領先優勢達到歷史最大。

Our Theme Parks and Film businesses were meaningful contributors to NBCUniversal's profitability as well, and Mike will take you through the details for the fourth quarter and full year.

我們的主題樂園和電影業務也為 NBCUniversal 的盈利做出了重要貢獻，Mike 將帶您了解第四季度和全年的詳細情況。

Now looking to 2019 and beyond. As our 2018 results demonstrate, there is robust demand for our content across multiple platforms. The popularity of our programming is what gives us a great opportunity to create our own streaming service, as we announced last week, which we plan to launch in 2020. This service will be distinct and compelling, offering current and prior seasons, library and some original content with a light advertising load, all for free to Pay TV customers. It's a great value proposition for consumers and provides marketers with unique, targetable digital advertising in high-quality, premium programming. It will harness all of the things that make our company so unique: NBCUniversal's premium programming, beloved franchises and industry-leading advertising sales capabilities, and Cable and Sky's broad distribution to 54 million direct customer relationships across the U.S. and Europe and top-notch IP video capabilities and infrastructure, including the Now TV OTT platform. We believe that we can generate significant value with this service over time by enhancing our content monetization, strengthening the value of Pay TV, becoming a leader in targeted digital streaming advertising and expanding our reach through direct customer relationships.

現在展望2019年及以後。正如我們 2018 年的業績所表明的那樣，我們的內容在多個平台上都有強勁的需求。我們節目的受歡迎程度為我們提供了創建我們自己的串流媒體服務的絕佳機會，正如我們上周宣布的那樣，我們計劃在 2020 年推出該服務。這項服務將獨具特色且極具​​吸引力，為付費電視用戶免費提供當前和以往的劇集、節目庫以及一些原創內容，廣告量也很低。對於消費者而言，這是一個極具價值的方案；對於行銷人員而言，這是一個高品質的優質節目中獨特的、可導向的數位廣告平台。它將充分利用我們公司所有獨特的優勢：NBCUniversal 的優質節目、備受喜愛的特許經營權和行業領先的廣告銷售能力，以及 Cable and Sky 在美國和歐洲擁有的 5400 萬直接客戶關係的廣泛分發渠道，以及一流的 IP 視頻能力和基礎設施，包括 Now TV OTT 平台。我們相信，隨著時間的推移，透過增強內容貨幣化、提升付費電視的價值、成為定向數位串流廣告領域的領導者以及透過直接客戶關係擴大我們的覆蓋範圍，我們可以利用這項服務創造巨大的價值。

At the same time, our approach to monetizing our content will remain balanced. We will continue to sponsor a broad, varied distribution environment and see this platform as being a valuable addition to this highly effective strategy.

同時，我們對內容變現的方式將保持平衡。我們將繼續支援廣泛、多樣化的分銷環境，並將此平台視為對此高效策略的寶貴補充。

In Film, we have a terrific slate in 2019, which includes the third installment in DreamWorks' How to Train Your Dragon franchise, the next chapter in Illumination's brilliant Secret Life of Pets and the return of the Fast and Furious franchise with Hobbs & Shaw.

2019 年電影方面，我們有許多精彩的影片上映，其中包括夢工廠動畫《馴龍高手》系列的第三部、照明娛樂出品的精彩動畫《寵物當家》的下一部，以及《玩命關頭》系列的回歸之作《霍布斯與肖》。

Finally, we have some wonderful attractions opening at our theme parks in 2019 with Jurassic World in Hollywood and a pretty thrilling new Harry Potter Coaster in Orlando.

最後，2019 年我們的主題樂園將開放一些精彩的景點，包括好萊塢的侏羅紀世界和奧蘭多全新的哈利波特雲霄飛車。

In addition, with occupancy above 90%, even as we've more than doubled our on-site hotel rooms at the park over the last 5 years, we are looking forward to opening phase 1 of the 2,800-room Endless Summer Resort in Orlando in 2019.

此外，儘管過去 5 年裡我們在公園內的酒店客房數量增加了一倍多，入住率仍超過 90%，我們期待在 2019 年開放擁有 2800 間客房的奧蘭多無盡夏日度假村的第一期工程。

We're confident in the long-term growth potential at our parks with an exciting road map as our partnership with Nintendo debuts at Universal Studios Japan in 2020 and we bring a brand-new, large park to Beijing the next year.

我們對旗下樂園的長期成長潛力充滿信心，並制定了令人興奮的發展路線圖。我們與任天堂的合作將於 2020 年在日本環球影城首次亮相，而我們將在隔年為北京帶來一個全新的大型樂園。

Turning to Sky, which we have viewed for years as a truly unique company that combines a direct-to-consumer business similar to Comcast Cable, with brands and content ownership economics like we have at NBCUniversal. Sky operates in significantly underpenetrated markets and has terrific long-term growth ahead of it, including the potential to expand into new markets.

多年來，我們一直將 Sky 視為一家真正獨特的公司，它將類似於 Comcast Cable 的直接面向消費者的業務模式，與 NBCUniversal 的品牌和內容所有權經濟模式相結合。Sky 目前在滲透率極低的市場運營，未來具有巨大的長期成長潛力，包括拓展到新市場的潛力。

As our teams have come together, the brand leadership, impressive customer loyalty, premier content and innovation-driven culture that attracted us to Sky in the first place have become even more apparent. The team at Sky delivered a healthy fourth quarter, its first as part of Comcast. Sky's achievements in 2018 underscore some of the reasons we are so excited about this business. Sky grew its customer base in each of its territories with 735,000 total net additions in 2018, including a record second half of the year, bringing its customer relationships to nearly 24 million. It continued to innovate and scale its best-in-class Sky Q platform and launched a new TV offering in Italy with Sky over digital terrestrial television.

隨著我們團隊的融合，當初吸引我們加入 Sky 的品牌領導力、令人印象深刻的客戶忠誠度、一流的內容和創新驅動的企業文化變得更加顯而易見。Sky 團隊在加入 Comcast 後的第一個季度就取得了不錯的第四季業績。天空電視台在 2018 年的成就，凸顯了我們對這項業務如此興奮的部分原因。2018 年，Sky 在其各個地區新增客戶 73.5 萬，其中包括創紀錄的下半年新增客戶，使其客戶關係總數接近 2,400 萬。它不斷創新並擴大其一流的 Sky Q 平台，並透過 Sky 在義大利推出了新的電視服務，該服務透過數位地面電視傳輸。

Highlighting Sky's proven cross-selling abilities, fiber penetration increased and mobile customers continue to scale in the U.K. Sky's successful original programming strategy drove strong viewing with Sky originals representing 9 out of the top 10 rated shows on its wholly-owned and partner entertainment channels in 2018. Sky enhanced its differentiated sports offering, securing Premier League soccer rights at a lower cost and Serie A in Italy with more exclusive games. And finally, the team is extending Sky's leadership and customer service while continuing to improve operating efficiency with its digital-first initiatives.

Sky憑藉著成熟的交叉銷售能力，在英國實現了光纖普及率的提高，行動用戶數量也持續成長。 Sky成功的原創節目策略推動了強勁的收視率，2018年，Sky自有及合作夥伴娛樂頻道收視率最高的10個節目中，有9個是Sky原創節目。天空體育增強了其差異化體育產品，以更低的成本獲得了英超聯賽的轉播權，並通過更多獨家比賽獲得了意大利甲級聯賽的轉播權。最後，該團隊正在鞏固 Sky 在客戶服務和行業領先地位的同時，透過其數位化優先舉措不斷提高營運效率。

We are enthusiastic about Sky's organic growth prospects as well as the opportunities created by the combined company in 2019 and beyond.

我們對 Sky 的有機成長前景以及合併後的公司在 2019 年及以後創造的機會充滿信心。

So in summary, this was a really important year for our company, underscored by an excellent fourth quarter. Our consistent track record, which now includes 24 straight years of EBITDA growth, and confidence in our outlook for continued strong and profitable growth, is what enables us to announce that we are raising our dividend by 10% for 2019. We're really just getting started on this next chapter in our company's history, and we have a lot of excitement about the future.

總而言之，今年對我們公司來說是非常重要的一年，尤其是第四季的出色業績。我們持續穩定的業績記錄，包括連續 24 年 EBITDA 成長，以及對未來持續強勁獲利成長的信心，使我們能夠宣布 2019 年股息將提高 10%。我們公司歷史的下一個篇章才剛開始，我們對未來充滿期待。

Over to you, Mike.

接下來就交給你了，麥克。

Thanks, Brian, and good morning, everyone. I'll begin on Slides 4 and 5 with our fourth quarter and full year consolidated results. As a reminder, we completed our acquisition of Sky in the fourth quarter. As a result, our reported results include a partial quarter of Sky from October 9, while pro forma results are as if the Sky transaction has occurred on January 1, 2017.

謝謝你，布萊恩，大家早安。我將從第 4 頁和第 5 頁開始，介紹我們第四季和全年的合併表現。再次提醒大家，我們已在第四季完成了對 Sky 的收購。因此，我們公佈的業績包括 Sky 從 10 月 9 日起的部分季度業績，而備考業績則如同 Sky 交易已於 2017 年 1 月 1 日發生一樣。

Revenue increased 26.1% to $27.8 billion on a reported basis and 5.2% on a pro forma basis for the fourth quarter, and increased 11.1% to $94.5 billion on a reported basis and 6.4% on a pro forma basis for the full year.

第四季營收按報告基準成長 26.1% 至 278 億美元，按備考基準成長 5.2%；全年營收按報告基準成長 11.1% 至 945 億美元，按備考基準成長 6.4%。

Adjusted EBITDA increased 21.6% to $8.2 billion on a reported basis and 11.1% on a pro forma basis for the fourth quarter, and increased 7.9% to $30.2 billion on a reported basis and 4.8% on a pro forma basis for the full year.

第四季調整後 EBITDA 按報告基準成長 21.6% 至 82 億美元，依備考基準成長 11.1%；全年按報告基準成長 7.9% 至 302 億美元，依備考基準成長 4.8%。

In the fourth quarter, adjusted EBITDA increased 7.3% at Cable, 12.3% at NBCUniversal and 8.9% at Sky on a pro forma basis or 12.4% on a constant-currency basis.

第四季度，有線電視調整後 EBITDA 成長 7.3%，NBCUniversal 成長 12.3%，Sky 成長 8.9%（以備考基準計算），或以固定匯率計算成長 12.4%。

Adjusted earnings per share increased 36.2% to $0.64 for the quarter and 25.6% to $2.55 for the year. This growth reflects the benefit of a lower effective tax rate throughout 2018 due to tax reform as well as our strong operational performance.

經調整後，本季每股收益成長 36.2% 至 0.64 美元，全年成長 25.6% 至 2.55 美元。這一增長反映了 2018 年稅制改革帶來的較低實際稅率以及我們強勁的營運業績所帶來的好處。

Finally, free cash flow was $2.1 billion in the quarter and $12.6 billion for the full year. These earnings per share and free cash flow results include a partial quarter of Sky results in the fourth quarter.

最後，本季自由現金流為 21 億美元，全年自由現金流為 126 億美元。這些每股收益和自由現金流結果包含了 Sky 第四季的部分業績。

Now let's turn to Cable Communications on Slide 6. Starting with a few highlights from Cable's results for the full year, revenue increased 3.9%, EBITDA increased 6.5% and net cash flow increased 13.3%.

現在讓我們來看看第 6 張投影片上的 Cable Communications。首先來看 Cable 全年業績的一些亮點：營收成長 3.9%，EBITDA 成長 6.5%，淨現金流成長 13.3%。

Total customer relationships grew by 1 million or 3.4% year-over-year to 30.3 million. On a per relationship basis, EBITDA grew 3.4%, and net cash flow grew an impressive 9.9%.

客戶關係總數年增 100 萬，增幅 3.4%，達 3,030 萬。以每項業務關係計算，EBITDA 成長了 3.4%，淨現金流成長了驚人的 9.9%。

As Brian mentioned, retention improved across all of our products, including the best on record for broadband.

正如布萊恩所提到的那樣，我們所有產品的用戶留存率都有所提高，其中寬頻產品的用戶留存率更是創歷史新高。

For the fourth quarter, Cable revenue increased 5.2% to $14.1 billion, EBITDA increased 7.3% to $5.8 billion and net cash flow increased 8.4% to $3.1 billion.

第四季度，有線電視營收成長 5.2% 至 141 億美元，EBITDA 成長 7.3% 至 58 億美元，淨現金流成長 8.4% 至 31 億美元。

Total customer relationships increased 3.4% year-over-year, including 258,000 net additions in the fourth quarter. On a per-relationship basis, EBITDA increased 3.8% and net cash flow increased 4.8%.

客戶關係總數較去年同期成長 3.4%，其中第四季淨增 258,000 個客戶關係。以每項業務關係計算，EBITDA 成長 3.8%，淨現金流成長 4.8%。

These strong operational and financial results for the fourth quarter and full year reflect our overall focus on driving profitable growth and the benefits as our model shifts more towards our high-margin connectivity businesses, residential high-speed internet and business services.

第四季和全年強勁的營運和財務業績反映了我們致力於推動獲利成長的整體策略，以及隨著我們的模式更多地轉向高利潤的連接業務、住宅高速互聯網和商業服務而帶來的益處。

Now diving into the details of Cable's fourth quarter results. High-speed Internet revenue was the largest contributor to overall Cable revenue growth, increasing 10.1% to $4.4 billion. We added 323,000 net new residential broadband customers in the fourth quarter, bringing full year net additions to 1.2 million. This performance demonstrates our broadband offering's attractive positioning in the market, which is a result of the investments we've made in product innovation and in the capacity of our network. We've raised the bar for broadband by offering gigabit speeds, the best customer equipment for wall-to-wall WiFi coverage in the home and innovative control features to help customers manage their networks and devices. We are delivering more value in our offering and the utility of broadband continues to grow. Our customers' median monthly data usage was over 170 gigabits per month for the second half of 2018, up over 30% year-over-year. We believe we are well positioned to continue to grow as the size of the broadband market increases and we take greater share with our differentiated product and highly capable network.

現在深入分析Cable第四季的業績細節。高速網路收入是有線電視總收入成長的最大貢獻者，成長了 10.1%，達到 44 億美元。第四季我們新增了 32.3 萬戶住宅寬頻用戶，讓全年淨新增用戶數達到 120 萬戶。這項業績表明，我們的寬頻產品在市場上具有吸引力，這得益於我們在產品創新和網路容量方面的投資。我們提高了寬頻的標準，提供千兆速度、最好的客戶設備，實現家庭全屋 WiFi 覆蓋，以及創新的控制功能，幫助客戶管理他們的網路和設備。我們的產品和服務越來越有價值，寬頻的實用性也不斷提高。2018 年下半年，我們客戶的月均資料使用量超過 170 千兆比特，較去年同期成長超過 30%。我們相信，隨著寬頻市場規模的擴大，憑藉我們差異化的產品和強大的網絡，我們能夠佔據更大的市場份額，從而繼續發展壯大。

Having broadband at the center of our offering and go-to-market strategy gives us the opportunity to deepen our relationship with the customer and drive additional value by attaching other complementary products. Video is one of these important supporting parts of the bundle. Our best-in-class X1 platform enables us to compete well for customers who want the most content and a premium experience, and it further underscores the value of our broadband by bringing together the best streaming content with linear TV. However, as we saw throughout 2018, the video market remains competitive, including the impact of virtual MVPDs. We expect these dynamics to continue in 2019 and remain focused on driving video in the customer segments we can serve profitably.

將寬頻作為我們產品和服務以及市場推廣策略的核心，使我們有機會加深與客戶的關係，並透過附加其他互補產品來創造更多價值。影片是該套裝的重要輔助組成部分之一。我們一流的 X1 平台使我們能夠很好地吸引那些想要最多內容和優質體驗的客戶，並且透過將最好的串流內容與線性電視結合起來，進一步凸顯了我們寬頻的價值。然而，正如我們在 2018 年所看到的，視訊市場仍然競爭激烈，包括虛擬 MVPD 的影響。我們預計這種趨勢將在 2019 年繼續，並將繼續專注於在我們能夠獲利地服務的客戶群中推動視訊業務的發展。

Xfinity Mobile also highlights another opportunity to add value to our core business by bundling with broadband. We ended the year with 1.2 million customer lines, having added 227,000 in the quarter and 854,000 for the full year. Early results are supportive of our key objectives in wireless, as we are seeing benefits to overall customer satisfaction and improved broadband retention when Xfinity Mobile is attached. Xfinity Mobile EBITDA losses, which are included in the Corporate and Other segment, were $191 million for the fourth quarter and $743 million for the full year.

Xfinity Mobile 也強調了透過與寬頻捆綁來為我們的核心業務增加價值的另一個機會。到年底，我們擁有 120 萬條客戶線路，其中本季新增 22.7 萬條，全年新增 85.4 萬條。初步結果支持我們在無線領域的關鍵目標，因為我們看到，當 Xfinity Mobile 連線後，整體客戶滿意度和寬頻用戶留存率都有所提高。Xfinity Mobile 的 EBITDA 虧損（包含在公司及其他業務部門）第四季為 1.91 億美元，全年為 7.43 億美元。

Lastly, on mobile, one housekeeping item, which is that starting with our first quarter 2019 results, we will report Xfinity Mobile as part of the Cable segment.

最後，關於行動業務，還有一件需要說明的事情，那就是從 2019 年第一季業績開始，我們將把 Xfinity Mobile 作為有線電視業務的一部分進行報告。

Moving on to business services. Revenue increased 9.5% to $1.8 billion in the fourth quarter, driven by a 5.7% increase in business customers to 2.3 million and a 3.5% increase in revenue per business customer. We are taking share in each of our customer segments, small, midsized and enterprise, by leading with our connectivity expertise.

接下來是商業服務。第四季營收成長 9.5% 至 18 億美元，主要得益於企業客戶數量成長 5.7% 至 230 萬，以及每位企業客戶的營收成長 3.5%。我們憑藉著連結方面的專業知識，在小型企業、中型企業和大型企業等各個客戶群中都佔據了市場份額。

In enterprise, in particular, we're still in the early stages of penetrating a significant addressable market with great traction so far. As we continue to drive growth in enterprise, there can be some lumpiness in revenue due to the timing of bringing new customers online, which was a factor in our fourth quarter comparison.

尤其是在企業市場，我們仍處於滲透巨大潛在市場的早期階段，但迄今為止已取得了巨大的進展。隨著我們不斷推動企業業務成長，由於新客戶上線的時間安排，營收可能會出現一些波動，這也是我們第四季業績比較的一個因素。

Overall, we ended the year at over $7 billion in business services revenue. And with at least a $40 billion market opportunity in our footprint, we see substantial runway ahead for this margin-accretive growth business.

整體而言，我們全年的商業服務收入超過 70 億美元。在我們業務覆蓋範圍內，至少有 400 億美元的市場機會，我們看到這項利潤率成長型業務還有很大的發展空間。

Collectively, our connectivity businesses generated over $24 billion of revenue and grew nearly 10% in 2018. As we begin 2019, we are optimistic that we will continue to grow at similarly strong levels, thanks to our network and product differentiation.

2018 年，我們的連結業務總收入超過 240 億美元，成長近 10%。2019 年伊始，我們樂觀地認為，憑藉我們的網路和產品差異化優勢，我們將繼續保持同樣強勁的成長勢頭。

And finally, advertising was again a driver of Cable revenue growth in the fourth quarter, increasing 27.7% due to record political advertising spending. Excluding political, advertising increased 3%, driven by growth in our advertising technology platforms.

最後，由於政治廣告支出創歷史新高，廣告再次成為第四季有線電視收入成長的驅動力，成長了 27.7%。剔除政治廣告支出後，廣告支出成長了 3%，這主要得益於我們廣告科技平台的成長。

Moving now to Cable expense and margin on Slide 7. Total Cable expenses increased 3.8% in the fourth quarter, driven by 4.5% growth in non-programming expenses or 1% growth on a per-relationship basis. The increase in non-programming expenses reflects costs associated with increased advertising sales activity due to political and costs related to our X1 syndication business. Partially offsetting this growth was a 2.5% decrease in customer service expenses even as our customer base grew 3.4%. This reflects reduced call volumes and truck rolls as we continue to make progress in providing a better overall experience and eliminating unnecessary activity and transactions, including through more digital service tools.

現在就來看看第 7 張投影片中的有線電視支出和利潤率。第四季有線電視總支出成長了 3.8%，其中非節目支出成長了 4.5%，以每個客戶關係計算成長了 1%。非節目製作費用的增加反映了政治因素導致的廣告銷售活動增加所帶來的成本，以及與我們的 X1 節目發行業務相關的成本。儘管我們的客戶群成長了 3.4%，但客戶服務費用卻下降了 2.5%，部分抵銷了這一成長。這反映出隨著我們在提供更好的整體體驗和消除不必要的活動和交易方面不斷取得進展（包括透過更多數位化服務工具），呼叫量和上門服務次數有所減少。

Programming costs increased 2.9% in the fourth quarter. Following elevated growth in 2016 and 2017 due to the timing of renewals, we said the rate of programming costs growth should be meaningfully lower for a period of time. We saw this in 2018 with 2.7% growth for the full year and expect a similar level in 2019.

第四季程式設計成本成長了2.9%。由於續約時間的關係，2016 年和 2017 年節目製作成本增長迅速，我們曾表示，在一段時間內，節目製作成本的增長速度應該會顯著降低。2018 年全年成長率為 2.7%，我們預計 2019 年也將達到類似的水準。

Cable EBITDA and margins were 40.9% in the fourth quarter, up 80 basis points year-over-year and 40.7% for the full year, up 100 basis points. For 2019, we believe our margins on our currently reported basis could improve by up to 50 basis points compared to 2018, benefiting from our high-margin, connectivity-driven growth and ongoing customer service efforts. The same margin improvement of up to 50 basis points will also apply after we restate our Cable financials to include Xfinity Mobile results in the first quarter of 2019.

第四季有線電視業務的 EBITDA 和利潤率為 40.9%，較去年同期成長 80 個基點；全年 EBITDA 和利潤率為 40.7%，較去年同期成長 100 個基點。我們相信，在2019年，我們以目前報告的基準計算的利潤率與2018年相比可能會提高50個基點，這得益於我們高利潤率、互聯互通驅動的增長以及持續的客戶服務努力。在我們將有線電視業務財務報表重述為包含 Xfinity Mobile 2019 年第一季業績後，同樣的利潤率提升幅度也將達到 50 個基點。

Fourth quarter Cable capital expenditures increased by 7.6% to $2.3 billion, driven by increased investment and scalable infrastructure as well as higher customer premise equipment investment due to typical seasonal spending patterns.

第四季有線電視資本支出成長 7.6% 至 23 億美元，主要原因是投資增加、可擴展的基礎設施以及由於典型的季節性消費模式而導致的客戶終端設備投資增加。

For the full year, capital expenditures decreased 3% to $7.7 billion, reflecting a decline in customer premise equipment spending, partially offset by increased investment in scalable infrastructure and line extensions.

全年資本支出下降 3% 至 77 億美元，反映出客戶終端設備支出下降，但部分被可擴展基礎設施和線路擴展的投資增加所抵消。

Capital expenditure intensity was 14% for the full year, an improvement of 100 basis points year-over-year. In 2019, we expect 50 basis points of improvement in capital expenditure intensity, primarily reflecting continued decreases in video-centric CPE spending, consistent with the broader shift in our business towards connectivity.

全年資本支出強度為 14%，較前一年改善 100 個基點。2019 年，我們預計資本支出強度將改善 50 個基點，這主要反映了以視訊為中心的 CPE 支出持續下降，這與我們業務向連接性方向的更廣泛轉變是一致的。

Overall, I'm really pleased with our results in Cable in 2018 and have confidence that we are well positioned to deliver another year of healthy growth in 2019.

總的來說，我對我們在 2018 年的有線電視業務成果非常滿意，並且有信心我們已做好充分準備，在 2019 年實現又一個健康增長的年份。

Now moving on to NBCUniversal's results on Slide 8. NBCUniversal revenue increased 7.1% to $9.4 billion, and EBITDA increased 12.3% to $2.1 billion in the fourth quarter, driven by growth in our TV businesses.

現在就來看看幻燈片 8 的 NBCUniversal 業績。在電視業務成長的推動下，NBCUniversal 第四季營收成長 7.1% 至 94 億美元，EBITDA 成長 12.3% 至 21 億美元。

Cable Networks revenue grew by 8.9% to $2.9 billion, and EBITDA increased 4.3% to $1 billion in the fourth quarter, reflecting growth in distribution and content licensing revenue. Distribution revenue increased 10.3%, driven by the ongoing benefits of previous renewal agreements as well as another quarter of improved subscriber trends at our Cable Networks relative to the 1.5% to 2% declines we were experiencing earlier due to consumer adoption of virtual MVPDs.

第四季有線電視網路營收成長 8.9% 至 29 億美元，EBITDA 成長 4.3% 至 10 億美元，反映分銷和內容授權收入的成長。分銷收入成長了 10.3%，這主要得益於先前續約協議帶來的持續收益，以及有線電視網路用戶成長趨勢的又一個季度改善（此前由於消費者採用虛擬 MVPD，用戶數量下降了 1.5% 至 2%）。

Content licensing revenue increased 28.4%, driven by the delivery of content under our existing licensing agreements and reflecting overall strong demand for our content. Advertising revenue was consistent with the prior year, as growth from MSNBC and overall higher rates were offset by ratings declines at our Cable Networks.

內容授權收入成長了 28.4%，這主要得益於我們現有授權協議下內容的交付，也反映了市場對我們內容的整體強勁需求。廣告收入與上年持平，MSNBC 的成長和整體費率的上漲被有線電視網收視率的下降所抵消。

Broadcast revenue increased 3.7% to $3.1 billion, driven by growth in retrans and advertising. Retrans increased about 25% to $440 million, bringing the full year to $1.7 billion, up over 20%, compared to $1.4 billion in 2017. We expect retrans of $1.9 billion in 2019, and we believe our successful content and big event strategy at NBC and Telemundo position us well for continued growth in retrans over time.

受轉播和廣告收入成長的推動，廣播收入成長 3.7%，達到 31 億美元。轉播收入成長約 25% 至 4.4 億美元，使全年營收達到 17 億美元，比 2017 年的 14 億美元成長超過 20%。我們預計 2019 年轉播收入將達到 19 億美元，我們相信我們在 NBC 和 Telemundo 成功的節目內容和大型活動策略將使我們在未來轉播收入方面持續成長。

Fourth quarter advertising increased 2.1%, as overall higher pricing, record political advertising and strong Sunday Night Football ratings more than offset the comparison to Thursday Night Football in last year's fourth quarter and ratings declines in other programming.

第四季廣告收入成長了 2.1%，這主要得益於整體價格上漲、創紀錄的政治廣告收入以及強勁的周日晚間橄欖球賽收視率，這些因素足以抵消去年第四季度與週四晚間橄欖球賽相比的損失以及其他節目收視率的下降。

Broadcast EBITDA increased by $215 million to $412 million, reflecting higher revenue as well as lower programming and production expenses due to the comparison to Thursday Night Football rights cost in last year's fourth quarter.

廣播業務 EBITDA 成長 2.15 億美元至 4.12 億美元，反映出收入增加，以及由於與去年第四季週四晚間橄欖球比賽版權成本相比，節目製作費用降低。

Lastly, in TV, we are excited about NBCUniversal's recent announcement of a new streaming service. We believe our unique proposition, offering premium programming and a light advertising load, offered free to Pay TV customers, will be well received by both consumers and marketers.

最後，在電視領域，我們對NBC環球最近宣布推出新的串流服務感到非常興奮。我們相信，我們獨特的方案——為付費電視用戶免費提供優質節目和少量廣告——將受到消費者和行銷人員的歡迎。

As Brian outlined, we believe this approach will create significant value over time and leverage the strengths and resources of Comcast-NBCUniversal. We anticipate a manageable level of investment will be required to build out and scale the service over several years, with a negligible impact to our financial results in 2019. We will be measured in our production of streaming originals, aligning the levels of spend with the consumer and financial scale of the service over time. We have a balanced strategy that promotes a broad, varied distribution environment for our content, and our new streaming service will be a complementary part of this approach.

正如布萊恩所概述的那樣，我們相信這種方法將隨著時間的推移創造巨大的價值，並利用康卡斯特-NBC環球的優勢和資源。我們預計在未來幾年內，只需進行適度的投資即可建立和擴展該服務，對我們 2019 年的財務業績影響甚微。我們將衡量串流媒體原創內容的製作水平，並隨著時間的推移，使支出水平與服務的消費者規模和財務規模保持一致。我們採取了平衡的策略，旨在為我們的內容創造廣泛、多樣化的分發環境，而我們新的串流媒體服務將是這項策略的補充部分。

Turning to Film. Revenue increased 14% to $2 billion, driven by the theatrical success of The Grinch in the fourth quarter, while EBITDA decreased 23.6% to $179 million due to a tough comparison to our 2017 slate. We are optimistic about our film slate and outlook for growth in 2019, underscored by an increased number of animated titles and the return of the Fast and the Furious franchise.

轉向電影。受《聖誕怪傑》第四季票房成功的推動，營收成長 14% 至 20 億美元；而由於與 2017 年的業績相比，EBITDA 下降 23.6% 至 1.79 億美元。我們對 2019 年的電影計劃和成長前景持樂觀態度，動畫電影數量的增加以及《玩命關頭》系列的回歸都印證了這一點。

Theme Parks' revenue increased 3.5% to $1.5 billion, and EBITDA increased by 0.7% to $666 million in the fourth quarter, as record results from the annual Halloween Horror Nights events at our domestic parks were offset by continued weakness at Universal Studios Japan, as the park recovers from the lingering effects of the natural disasters that occurred in third quarter. We remain bullish on the outlook for our parks over the next several years, as we're investing in a robust pipeline that includes Harry Potter and Jurassic World attractions in our domestic parks in 2019, a new resort hotel opening in Orlando this summer, Nintendo coming to our parks starting with Japan in 2020 and a new park opening in Beijing.

第四季度，主題樂園營收成長 3.5% 至 15 億美元，EBITDA 成長 0.7% 至 6.66 億美元。國內主題樂園年度萬聖節恐怖之夜活動的創紀錄業績被日本環球影城持續疲軟的業績所抵消，該樂園仍在從第三季度發生的自然災害的持續影響中恢復。我們對未來幾年旗下主題公園的前景仍然充滿信心，因為我們正在大力投資建設一系列項目，其中包括 2019 年在國內主題公園推出哈利波特和侏羅紀世界主題景點，今年夏天在奧蘭多開設一家新的度假酒店，任天堂將於 2020 年從日本開始進駐我們的主題公園，以及在北京開設一家新的主題公園。

Turning to Sky on Slide 9. We are pleased with Sky's execution and results in the fourth quarter. On a reported basis, Sky is included in our financials as of October 9, 2018. As I go through Sky's performance in more detail, I'll refer to our pro forma results as if the transaction had occurred on January 1, 2017 and growth rates on a constant-currency basis, consistent with what's reflected in the earnings release and what will be our go-forward approach for discussing Sky's results.

在第 9 張投影片中，我們來看 Sky。我們對 Sky 在第四季度的執行情況和業績感到滿意。根據報告，截至 2018 年 10 月 9 日，Sky 已計入我們的財務報表。在更詳細分析 Sky 的業績時，我將參考我們的備考業績，假設該交易發生在 2017 年 1 月 1 日，並以固定匯率為基礎計算增長率，這與收益報告中反映的內容一致，也將是我們今後討論 Sky 業績的方法。

For the fourth quarter, Sky's revenue increased 5.6% to $5 billion, reflecting healthy growth across direct-to-consumer, content and advertising. Direct-to-consumer revenue increased 4%, driven by improved product penetration for Pay TV, growth in Sky Mobile and Sky Fibre customers as well as rate adjustments in the U.K.

第四季度，Sky 的營收成長了 5.6%，達到 50 億美元，反映出直接面向消費者、內容和廣告業務的健康成長。直接面向消費者的收入成長了 4%，這主要得益於付費電視產品滲透率的提高、Sky Mobile 和 Sky Fibre 用戶數量的增長以及英國的費率調整。

Sky's total customer relationships grew 3.2% year-over-year to $23.6 million, including net additions of 164,000 in the fourth quarter, reflecting customer growth in each of its markets.

Sky 的客戶關係總額年增 3.2%，達到 2,360 萬美元，其中第四季度淨增 16.4 萬客戶，反映了其各個市場的客戶成長。

Sky added 735,000 net new customer relationships for the full year with growth in all markets, led by Italy, driven by the successful launch of its new DTT TV product and benefiting from an enhanced sports offering there with new Serie A, Champions League and Europa League deals. Sky Mobile customer lines reached 785,000 at year-end and fiber penetration has increased to 47% of Sky's broadband customer base, up from 34% a year ago.

Sky全年新增淨客戶關係73.5萬，所有市場均實現成長，其中義大利市場表現最為強勁，這得益於其新推出的DTT電視產品的成功，以及義大利市場體育賽事供應的增強，包括新的意甲聯賽、歐冠聯賽和歐羅巴聯賽轉播協議。截至年底，Sky Mobile 的用戶數量達到 785,000 戶，光纖普及率已從一年前的 34% 提高到 Sky 寬頻用戶群的 47%。

Sky's content revenue increased 35.7% in the fourth quarter, reflecting the wholesaling of sports programming, including Sky's newly acquired exclusive sports rights in Italy and Germany, increased penetration of Sky's premium of sports and movie channels on third-party Pay TV networks in the U.K. and monetization of its successful slate of original programming.

Sky 第四季內容收入成長 35.7%，這反映了體育節目的批發銷售，包括 Sky 新近獲得的意大利和德國的獨家體育版權，Sky 的優質體育和電影頻道在英國第三方付費電視網絡上的滲透率提高，以及其成功的原創節目組合的貨幣化。

Sky maintained its position as the #1 Pay TV provider in core markets. Sports viewing was up 10% in the fourth quarter, with growth in each territory and strong performances from key sports rights like Formula 1 in the U.K. and Italy and UEFA Champions League Soccer in Italy and Germany.

Sky 繼續保持其在核心市場排名第一的付費電視提供商地位。第四季體育賽事收視率成長了 10%，各個地區均實現成長，英國和義大利的一級方程式賽車以及義大利和德國的歐洲冠軍聯賽等主要體育賽事版權表現強勁。

Advertising revenue increased 2.9%, reflecting increased sports inventory in Italy and Germany and advanced advertising growth in the U.K.

廣告收入成長了 2.9%，反映出義大利和德國體育廣告庫存增加以及英國廣告業務的快速成長。

Sky's fourth quarter EBITDA increased 12.4% to $765 million, driven by healthy revenue growth, partially offset by a 4.5% increase in operating expenses due to growth in programming costs, driven by new contracts for Serie A and UEFA Champions League Soccer rights in Italy and Germany.

天空電視台第四季 EBITDA 成長 12.4% 至 7.65 億美元，主要得益於健康的營收成長，但部分被營運支出成長 4.5% 所抵消，原因是節目製作成本增加，而節目製作成本的增加又主要得益於義大利和德國新簽訂的意甲聯賽和歐洲冠軍聯賽足球聯賽轉播權合約。

Sky's total capital was $1.6 billion for the full year, primarily reflecting its ongoing deployment of Sky Q, which was rolled out to 3.4 million homes throughout Sky's footprint over the past 12 months to end the year at 5.5 million homes.

Sky 全年總資本為 16 億美元，主要反映了其持續部署 Sky Q 的情況。在過去 12 個月中，Sky Q 已在其覆蓋範圍內推廣至 340 萬戶家庭，到年底覆蓋家庭數量達到 550 萬戶。

For the full year, pro forma revenue increased 4.5% to $19.8 billion, and EBITDA decreased 5.3% to $2.9 billion. This reflects contract termination costs and costs related to a settlement that impacted Sky's second and third quarter 2018 results, totaling $231 million for the year. Excluding these costs, Sky's EBITDA would have increased about 2% for the full year, reflecting growth in direct-to-consumer, content and advertising revenue, partially offset by increased programming expenses and customer acquisition costs associated with Sky's new product launch in Italy.

全年來看，以備考計算的營收成長了 4.5%，達到 198 億美元，而 EBITDA 下降了 5.3%，至 29 億美元。這反映了合約終止成本和與和解相關的成本，這些成本影響了 Sky 2018 年第二季和第三季的業績，全年總計 2.31 億美元。剔除這些成本，Sky 全年的 EBITDA 將成長約 2%，反映出直接面向消費者、內容和廣告收入的成長，但部分被 Sky 在義大利推出新產品相關的節目製作費用和客戶獲取成本的增加所抵消。

Looking ahead to 2019, we expect Sky to deliver healthy full year EBITDA growth by executing on its strategy of growing its TV penetration and attaching additional products, including exciting new opportunities like the launch of broadband in Italy as well as monetizing its investments in original content.

展望 2019 年，我們預計 Sky 將透過執行其提高電視普及率和附加產品的策略，實現全年 EBITDA 的健康成長，其中包括在義大利推出寬頻等令人興奮的新機遇，以及將其對原創內容的投資變現。

Sky's EBITDA growth in 2019 will be back-half weighted, primarily reflecting the timing of sports rights costs, which will increase in the first half due to increased costs associated with its new Serie A and Champions League contracts, which commenced in August of 2018.

天空電視台 2019 年的 EBITDA 成長將主要集中在下半年，這主要反映了體育版權成本的時間表。由於其新的意甲聯賽和歐冠聯賽合約於 2018 年 8 月生效，上半年的體育版權成本將會增加。

In the second half, Sky will benefit from lapping these contracts as well as from the new, lower-cost Premier League contract, which begins in August 2019. Additionally, the teams across Cable, NBCUniversal and Sky are highly engaged and working together to leverage our capabilities throughout the company and further strengthen each other's growth opportunities, giving us continued confidence in our previously announced synergy expectations and our ability to make good progress through the year towards a healthy exit rate for 2019.

下半季，天空電視台將受益於這些合約的到期以及將於 2019 年 8 月開始生效的新的、成本更低的英超合約。此外，有線電視、NBC環球和天空電視台的各個團隊都積極參與並共同努力，以充分發揮我們在整個公司的能力，並進一步加強彼此的增長機會，這使我們對之前宣布的協同效應預期以及我們在今年取得良好進展以實現2019年健康退出率的能力充滿信心。

Wrapping up on Slide 10 with return of capital. We generated $12.6 billion of free cash flow in 2018 and returned $8.4 billion of that to shareholders, comprised of $5 billion in share repurchases and $3.4 billion in dividends. We are pleased to announce a 10% increase in our dividend, our 11th consecutive annual increase, reflecting our confidence and outlook for growth going forward. We ended the year with pro forma net leverage of about 3.3x.

第 10 張投影片總結了資本返還問題。2018 年，我們產生了 126 億美元的自由現金流，並將其中 84 億美元返還給了股東，包括 50 億美元的股票回購和 34 億美元的股息。我們很高興地宣布，股息將增加 10%，這是我們連續第 11 年提高股息，這反映了我們對未來成長的信心和前景。我們年底的備考淨槓桿率約為 3.3 倍。

As we said in October, we are pausing our share repurchase program in 2019 as part of our commitment to returning to leverage levels consistent with our current ratings.

正如我們在 10 月所說，作為我們致力於恢復到與我們當前評級相符的槓桿水平的一部分，我們將在 2019 年暫停股票回購計劃。

Overall, I'm pleased with our results and successful execution in 2018. We have a lot to be excited about across the business as we start 2019. And with that, I'll turn it over to Jason for Q&A.

總的來說，我對我們在 2018 年所取得的成果和成功執行情況感到滿意。2019 年伊始，我們公司各方面都有很多令人振奮的消息。接下來，我將把問答環節交給傑森。

Okay. Thanks, Mike. Regina, let's open up the call for Q&A, please.

好的。謝謝你，麥克。Regina，我們現在開始問答環節吧。

(Operator Instructions) Our first question comes from the line of Jessica Reif Ehrlich with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美國銀行美林證券的傑西卡·雷夫·埃利希的諮詢熱線。

I have 2 questions. First, on direct-to-consumer. The video business has transitioned faster than, I think, many have expected, and your DTC service seems like an ecosystem-friendly way to kind of address that. Can you talk about what the service looks like in 2020 at launch and beyond, like where do you see it going? Will you bring in -- what content and/or marketing partners will you bring in? And can you talk a little bit about the financial impact in 2020? Because it seems fairly low cost. And on the second question, on Sky, this is the first time Sky's included in your call. Can you -- Brian and Mike, you both talked about underlying opportunities at Sky. Is it -- what's more than increasing penetration in existing and new markets? And what does NBCU and Comcast Cable bring to Sky? Like what can you do together that you couldn't do separately?

我有兩個問題。首先，我們來看直接面向消費者的模式。視訊產業的轉型速度比許多人預期的要快得多，而你們的 DTC 服務似乎是對生態系統友好的解決方案。您能否談談這項服務在 2020 年推出時以及之後的發展方向，例如您認為它未來的發展方向是什麼？你們會引進哪些內容和/或行銷合作夥伴？能否談談2020年的經濟影響？因為看起來成本相當低。至於第二個問題，關於 Sky，這是 Sky 首次被納入你們的通話中。Brian 和 Mike，你們倆都談到了 Sky 的潛在機會。難道還有什麼比提高現有市場和新市場的滲透率更重要的事嗎？NBCU 和 Comcast Cable 能為 Sky 帶來什麼？你們一起能做哪些單獨做不了的事？

Okay. So I'll answer the first question on direct-to-consumer. First of all, we're really excited about our approach. We spent a lot of time on it, and we're excited to get going and stand up a management team and get going on entering the business. I think our excitement comes from the fact that the way that we're entering the business really addresses the real objective we have, which is as viewership goes online, how do we monetize that viewership better? One of the good things about what's going on right now in the television business is people are watching professionally produced content at higher levels than ever. We're just not monetizing as well online as we should. And so what we've come up with is we're taking some of the most popular shows on television that we produce, and we're going to offer them for free to 80% of the people in the United States, who are multichannel customers, for free to Sky customers in Europe, and also to people who are not part of the ecosystem at a fee that would be comparable to other people in the SVOD business. This service will have a very light ad load of targetable ads. And we know there's a huge demand for digital advertising, interactive digital advertising. In fact, we're constantly trying to find more ad inventory because advertisers want to be in very, very good, professionally-produced content. So our idea to enter the business is to leverage Sky's technology, it's called NOW TV in Europe, and also parts of what we've been doing at NBC and Comcast Cable. We think this approach has a much better chance to get scale quickly. There's nothing better than free for consumers, and we have enough product that consumers are currently viewing on other platforms online for free and charged that we think putting it all together in one place, very, very good technology, and then leveraging our relationship with Comcast Cable and Sky. There are a lot of approaches to get into the market and we think this one is attractive to consumers. We also think, financially, it's more attractive because you get scale more quickly, and we think it's highly likely that will reduce the amount of investment we need to make coming into the business and also accelerate our ability to get to break even. So that's what we're doing. We plan to launch in the first half of 2020, and we're spending a lot of time right now developing the technology, getting the management team in place, so that we can get going soon enough.

好的。那麼，我先回答關於直接面向消費者的第一個問題。首先，我們對我們的方法感到非常興奮。我們為此投入了大量時間，我們很高興能夠開始組建管理團隊，並著手進入這個行業。我認為我們感到興奮的原因在於，我們進入這個行業的方式真正解決了我們的真正目標，那就是隨著觀眾轉向線上，我們如何更好地將觀眾變現？目前電視產業的好處之一是，人們觀看專業製作內容的頻率比以往任何時候都高。我們在線上獲利方面做得還不夠好。因此，我們想出的辦法是，將我們製作的一些最受歡迎的電視節目免費提供給美國 80% 的多頻道用戶，免費提供給歐洲的 Sky 用戶，同時也會以與其他 SVOD 業務參與者相當的費用提供給非生態系統用戶。這項服務將包含少量可定向廣告。我們知道，市場對數位廣告，尤其是互動式數位廣告有著龐大的需求。事實上，我們一直在努力尋找更多的廣告位，因為廣告商希望出現在製作精良、專業水準很高的內容中。因此，我們進入這個行業的想法是利用 Sky 的技術（在歐洲被稱為 NOW TV），以及我們在 NBC 和 Comcast Cable 所做的一些事情。我們認為這種方法更有可能快速擴大規模。對消費者來說，沒有什麼比免費更好了。我們有很多產品，消費者目前在其他平台上免費或付費觀看，我們認為將所有這些產品整合到一個地方，運用非常非常好的技術，然後利用我們與 Comcast Cable 和 Sky 的關係，將會大有裨益。進入市場的方式有很多種，我們認為這種方式對消費者很有吸引力。我們也認為，從財務角度來看，這種方式更有吸引力，因為可以更快地達到規模，而且我們認為這很可能會減少我們進入業務所需的投資額，並加快我們實現收支平衡的速度。所以我們正在這樣做。我們計劃在 2020 年上半年推出，目前我們正在投入大量時間進行技術開發、組建管理團隊，以便我們能夠盡快啟動。

I think that's a pretty complete answer. And if there's other questions on that, we can come back to it, but I think we're uniquely positioned to do all the things Steve just described. I think as we look at Sky, part of the answer, Jessica, right off the bat is what Steve just described. The amount of media companies and potential partners that have reached out to me and to us and to Jeremy and his team since we announced Sky is surprising and overwhelmingly positive, in my opinion. Sky's position is just -- it's quite unique. So today, we focus more on sort of operations, which we did on the last earnings call. Jeremy, you may want to talk a little bit about the specifics of some of the integration work we're doing in the early days. But at the highest level, it gives the company a reach with a very healthy business that is quite enviable and desired. And that's changed the dialogue we're having with our partners and within our own company, and the first evidence of that is the global OTT that Steve just described. Jeremy, you have anything you want to add on that?

我覺得這個回答已經很全面了。如果還有其他問題，我們可以稍後再討論，但我認為我們擁有獨特的優勢，能夠做到史蒂夫剛才所描述的所有事情。我認為，當我們審視 Sky 時，傑西卡，答案的一部分，首先是史蒂夫剛才描述的那樣。自從我們宣布與 Sky 合作以來，聯繫我、我們、傑里米和他的團隊的媒體公司和潛在合作夥伴的數量之多，讓我感到驚訝，而且在我看來，絕大多數都是積極的。Sky 的位置非常獨特。所以今天，我們將更專注於營運方面的內容，就像我們在上次財報電話會議上所做的那樣。傑里米，你可能想談談我們在早期階段正在進行的一些整合工作的具體細節。但從最高層面來看，它使公司擁有了非常健康的業務，這是令人羨慕和渴望的。這改變了我們與合作夥伴以及公司內部的對話方式，而史蒂夫剛才所描述的全球 OTT 就是第一個例證。傑瑞米，你還有什麼要補充的嗎？

Yes. I mean, look, I strongly think that Sky as a business is going to be able to grow faster and further as part of the broader Comcast organization. I mean, bear in mind, 78 million households just in the markets we're in don't take Pay TV. We're in fundamentally underpenetrated markets. And I think by combining what we're all good at means we're going to be better for customers. I think we'll be able to innovate faster. We'll be able to develop better content. There's obvious areas like procurement and best practice, where we can share learnings, insights or important road maps. And I think all of those things, over time, will come through both for customers importantly, but also for shareholders. And you can just start to see the early wins emerging. So to give you 2 or 3 examples, we're going to be deploying xFi into Italy for our broadband launch. That's particularly important because of the number of homes in Italy that are MDUs or quite an old housing stock so WiFi coverage in the home is a real-world customer opportunity for us to improve. We really like the Comcast voice platform, and we're going to be incorporating that for Sky Q, and we'll consolidate that and use the technology there. And as Steve mentioned, we're already sharing our expertise. A lot of the infrastructure we've built for the NOW TV service here into the -- in NBCU's OTT service launch. So these are -- it's early days. We're only 15 weeks in, but encouragingly, I think we're starting to see some really important, tangible evidence of working together as part of the broader group.

是的。我的意思是，你看，我堅信，作為康卡斯特集團旗下的一家公司，Sky 將能夠發展得更快、更遠。我的意思是，請記住，僅在我們所處的市場中，就有 7800 萬戶家庭不收看付費電視。我們身處滲透率極低的市場。我認為，結合我們各自的優勢，就能更好地服務客戶。我認為我們將能夠更快地進行創新。我們將能夠開發出更好的內容。在採購和最佳實踐等領域，我們可以分享經驗、見解或重要路線圖，這一點顯而易見。我認為隨著時間的推移，所有這些因素最終都會對客戶和股東都有好處。你可以看到早期勝利的曙光正在顯現。舉兩三個例子來說，我們將在義大利部署 xFi 技術，以推出我們的寬頻服務。這一點尤其重要，因為義大利有很多家庭是多戶住宅或相當老舊的住房，所以家庭 WiFi 覆蓋範圍是我們能夠改善的現實客戶機會。我們非常喜歡 Comcast 的語音平台，我們將把它整合到 Sky Q 中，並在那裡使用這項技術。正如史蒂夫所提到的，我們已經在分享我們的專業知識了。我們為 NOW TV 服務所建造的許多基礎設施都融入了 NBCU 的 OTT 服務推出中。所以現在還處於早期階段。雖然才過了 15 週，但令人鼓舞的是，我認為我們開始看到一些非常重要、切實的證據，證明我們正在作為更廣泛的團隊的一部分共同努力。

Your next question comes from the line of Ben Swinburne with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Ben Swinburne。

Sticking with the NBC announcement. Steve, when you think about particularly that business outside the United States, where there -- as Jeremy just laid out, there's a lot of non-Pay TV households. What led you to the decision to sort of bundle this or link this with the broader NBC bouquet of channels in terms of positioning it for consumers? I know it's going to be available, I think, for a subscription outside of the bundle, but it seems like it's positioned primarily for bundled customers. And outside the U.S., the definition for bundle gets sort of murky. And Sky's been a leader in sort of offering those more skinny, tailored bundles. So how do you think about this outside the U.S.? And then on the licensing side, it sounds like we shouldn't expect a big impact to financials. I think when I add up 2018's licensing revenues at NBC, it's north of $6 billion across all your businesses, and that's been a huge growth driver over the years. How do you think about pulling some of your big titles, like The Office, back on platform over time? And why did you sort of land where you landed on that approach?

以NBC的公告為準。史蒂夫，當你特別考慮美國以外的業務時，就像傑里米剛才描述的那樣，那裡有很多沒有付費電視的家庭。是什麼促使您決定將此內容與更廣泛的 NBC 頻道組合捆綁或關聯起來，以便更好地向消費者推廣？我知道它應該可以單獨訂閱，無需購買套餐，但它似乎主要面向套餐用戶。而在美國以外，捆綁包的定義就有點模糊不清了。Sky 一直走在提供這種更精簡、更個人化套餐的前沿。那麼，在美國以外，你們是如何看待這個問題的呢？至於授權許可方面，聽起來我們不應該預期會對財務狀況產生重大影響。我認為，如果把 2018 年 NBC 的所有業務的授權收入加起來，總額超過 60 億美元，這多年來一直是巨大的成長動力。您如何考慮逐步將一些熱門劇集，例如《辦公室》，重新上線串流平台？那你為什麼會選擇採取那種方法呢？

So in the United States, 80% of the addressable households are multichannel subscribers. That's obviously not the case in many places around the world. But between the United States and Sky's footprint in the U.K., we think we should start and try to gain as much scale as possible with an ad-supported, free-to-consumer service. There will be countries where we launch SVOD only, countries that don't have the kind of advertising ecosystem that we have in United States or in parts of Europe. There will be places where we have different strategies. And obviously, our -- the rights we have, the shows we have will vary by country. But if you look at Comcast and Sky alone -- Comcast Cable and Sky alone, you're well over 50 million customers. And so the ability at launch to have those 50 million customers get all those great programming for free, we think, not only gets us to scale, but is also good for Comcast Cable and Sky. You're going to be offering a lot of good things to people who are subscribing to those services, and we'll have those discussions with Charter and DIRECTV and everybody around the world that's a multichannel supplier. In terms of content and taking things that are currently licensed elsewhere and moving them to the platform, I think, is going to be very positive for us financially because in effect, we're going to be a brand-new buyer. So we have long sold to everyone. We've sold to SVOD. We've sold to cable channels that we don't own and even broadcast channels that we don't own. Our feeling is, if you're in the television business, you should work with the best people, have the best shows and sell them wherever it makes the most sense. And we'll have the same philosophy ourselves. We do feel we undermonetize significantly on the Internet. And we undermonetize on free platforms, and we also undermonetize on SVOD platforms. So as more and more content becomes available, I think a lot is going to be on our platform, but we will continue to sell on other platforms depending on the show, depending on the prices that we can command for those products. And so I think it's fair to assume that when we launch, we'll have a lot of content. We have a significant amount of content at launch. That will only increase over time, but we'll go show-by-show, instance-by-instance and figure out what makes sense at the time those rights come back to us.

因此，在美國，80% 的目標家庭都是多頻道使用者。顯然，世界上很多地方並非如此。但考慮到美國和英國天空電視台的影響力，我們認為應該從廣告支援、免費提供給消費者的服務入手，並盡可能擴大規模。有些國家我們只會推出 SVOD 服務，這些國家沒有像美國或歐洲部分地區那樣完善的廣告生態系統。有些地方我們會採取不同的策略。很顯然，我們擁有的版權、我們擁有的節目會因國家而異。但如果你只看 Comcast 和 Sky——光是 Comcast Cable 和 Sky，用戶數就超過 5,000 萬。因此，我們認為，在推出時讓這 5,000 萬用戶免費獲得所有這些精彩節目的能力，不僅能幫助我們擴大規模，而且對 Comcast Cable 和 Sky 也有好處。你們將為訂閱這些服務的用戶提供許多好處，我們將與 Charter、DIRECTV 以及世界各地所有多頻道供應商進行討論。就內容而言，將目前在其他地方獲得授權的內容轉移到我們的平台，我認為這對我們來說在經濟上將是非常積極的，因為實際上，我們將成為一個全新的買家。所以，我們一直以來都是向所有人銷售產品。我們已經賣給了SVOD平台。我們曾經將節目賣給我們不擁有的有線電視頻道，甚至賣給了我們不擁有的廣播頻道。我們的想法是，如果你從事電視行業，你應該與最優秀的人才合作，製作最好的節目，並在最合適的地方銷售它們。我們自己也將秉持同樣的理念。我們確實覺得我們在網路上的獲利潛力遠未充分發揮。我們在免費平台上的獲利能力不足，在 SVOD 平台上的獲利能力也不足。隨著越來越多的內容上線，我認為很多內容都會出現在我們的平台上，但我們也會根據節目情況和我們能為這些產品收取的價格，繼續在其他平台上銷售。所以我認為可以合理地推斷，當我們正式上線時，我們將擁有大量內容。我們在發佈時準備了大量內容。隨著時間的推移，這種情況只會越來越嚴重，但我們會逐一節目、逐一實例地來處理，並在版權回歸時弄清楚什麼是合理的。

Your next question comes from the line of John Hodulik with UBS.

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Three questions on Cable for Dave. A lot of focus on the Broadband business, but the Video business is holding up better than we expected, both from a subscriber and a revenue standpoint. Maybe if you could just comment a little bit about what you're seeing from a competitive standpoint, maybe in terms of core cutting trends as well. And given the sort of higher-than-typical price increases we saw late in the year and early this year, can the revenue improvement that we've seen in that line continue into '19 versus what we saw in '18?

戴夫要問三個關於有線電視的問題。雖然寬頻業務備受關注，但視訊業務的表現比我們預期的要好，無論從用戶數量或收入來看都是如此。或許您能從競爭的角度，以及核心裁員趨勢方面，稍微評論一下您觀察到的情況嗎？鑑於今年年底和年初我們看到的價格漲幅高於往年同期水平，與 2018 年相比，該系列產品的營收成長能否延續到 2019 年？

Thanks, John. Well, video remains a very competitive area, and I really don't think it's going to change anytime soon. And our game plan is going to remain the same, that we're going after the -- and we'll attract the most profitable video customer relationships that we can. And we're going to continue to manage this shift, as Brian, Mike have talked about and focusing very much on the connectivity business. But in improving the connectivity business and competing, video still remains an important part of packaging. So I think the competitive environment remains challenging. We'll watch it closely and what happens. We always make adjustments. And if there are opportunities based on what the competitive landscape is, then our packaging will be there to benefit from it. But our main focus is to continue to take X1, leverage that with broadband, and we have other opportunities in mobile to be able to package things. So we're really not changing our approach, and it's improved overall the financial performance. You look at the overall customer relationships, 1 million customer relationships that we added, obviously, fueled and helped by broadband. But when you couple great video with great broadband, then I think that it helps us financially. And we'll see what happens in terms of video share, but we're so far pleased with this quarter, and I can't comment too much further into next year.

謝謝你，約翰。嗯，視訊領域競爭依然非常激烈，而且我真的不認為這種情況會在短期內改變。我們的策略將保持不變，那就是爭取——我們將吸引我們所能獲得的最有利可圖的視訊客戶關係。我們將繼續管理這一轉變，正如布萊恩和麥克所談到的那樣，並將重點放在連接業務上。但在提升連結性業務和參與競爭的過程中，影片仍是產品包裝的重要組成部分。所以我認為競爭環境依然充滿挑戰。我們會密切關注事態發展。我們會不斷做出調整。如果競爭格局存在機遇，那麼我們的包裝就能從中受益。但我們的主要重點是繼續推進 X1，將其與寬頻結合，我們在行動領域還有其他機會可以整合。所以我們並沒有改變我們的方法，而且整體財務表現也得到了改善。從整體客戶關係來看，我們新增了 100 萬個客戶關係，這顯然得益於寬頻的推動和幫助。但是，如果將優質的影片和優質的寬頻結合起來，我認為這對我們的經濟狀況是有幫助的。至於影片份額方面的情況，我們拭目以待，但到目前為止，我們對本季的表現感到滿意，至於明年的情況，我無法做太多評論。

Let me just add that kudos to the X1 team. I think they launched Amazon really flawlessly at year-end, Amazon Prime Video, following up on Netflix and YouTube. We've transformed that product every year and made it better. And at the same time, we have a discipline, under Dave's team, to look for profitable video as we've made this transition. So it's this alchemy of leading with broadband now. We have way more broadband customers than we do video customers. That's a huge shift in the company, and we've managed that shift, I think, to intelligently still invest in our video business, but not chase every single subscriber all the time. And I think that balance is why you see great cash flow growth, RGU growth, customer relationship growth, lowest churn, more digital interactions, less cost and free cash flow, therefore, growing at its best clip in a number of years. So I think it's a real balanced job and led by, still, our passion around X1 and video.

我還要補充一句，要給X1團隊點個讚。我認為他們在年底完美地推出了亞馬遜Prime Video，緊隨Netflix和YouTube之後。我們每年都會對該產品進行改進，使其變得更好。同時，在戴夫的團隊領導下，我們秉持著一種紀律，那就是在轉型過程中尋找有利可圖的影片。所以，這就是如今以寬頻引領潮流的奇妙之處。我們的寬頻用戶數量遠遠多於視訊用戶數量。這是公司內部的一個巨大轉變，我認為我們已經成功地完成了這一轉變，既能明智地繼續投資我們的視訊業務，又不會一直追逐每一個訂閱用戶。我認為正是這種平衡使得公司現金流、RGU（每單位收入）和客戶關係都實現了大幅增長，客戶流失率降至最低，數位化互動增多，成本和自由現金流也隨之降低，因此，公司實現了多年來最快的增長。所以我認為這是一份非常平衡的工作，並且仍然以我們對 X1 和影片的熱情為導向。

Your next question comes from the line of Philip Cusick with JPMorgan.

你的下一個問題來自摩根大通的菲利普‧庫西克。

Can you expand on Cable costs and margins? It looks like you did a similar price increase to last year, and you've said that programming costs should, again, be muted. How do you think we should -- how should we think about trends in non-programming OpEx per customer? Are you focused on bringing those numbers down further like calls and truck rolls? Or is margin's expansion more a function of mix shifting to broadband in the business? And if all of that's right, is anything going -- else going on that would mean that margin growth of 50 basis points is the high end versus the 80 bps you did in 2018?

能詳細介紹一下有線電視的成本和利潤率嗎？看來你們今年的價格上漲幅度與去年類似，你們也說過，程式設計成本應該再次保持在低點。您認為我們應該如何看待每位客戶非程式設計營運支出的趨勢？你們是否致力於進一步降低這些數字，例如電話呼叫量和車輛出勤次數？或者說，利潤率的擴張更多是由於業務組合向寬頻業務的轉變所致？如果以上情況屬實，那麼還有什麼其他因素會導致利潤率成長50個基點成為上限，而2018年則達到了80個基點？

So Phil, it's Mike. I'll start, and Dave can pile on, but I think it's all in the 50 basis points of margin improvement. It's sum of all of the above. But I think as I've said repeatedly. Dave and team are doing the same things on an ongoing basis in terms of staying focused on non-programming expenses, which is the customer experience journey, which has been of great value to our customers. And so a virtuous cycle that continues to continue to make it a better, more digitized experience, which brings out costs in the businesses, gets reinvested in other parts of the experience. But all that's going to continue, and I think confident that non-programming expenses will be managed well going forward, and it's embedded in that 50 basis points of margin improvement. We said the kind of -- another low year of programming expense growth, as we predicted 2, 3 years back, that, that would be the trend. And so, again, it's all in there. And there is a mix shift going on, as you point out. And the more we see a shift to connectivity, which we have in the revenue mix, that's a long-term positive trend for the margins in the Cable business as well. And hopefully, we'd beat our expectations like we did last year, but our expectations are 50 basis points of improvement.

菲爾，我是麥克。我先來，戴夫可以接著說，但我認為關鍵在於利潤率提高 50 個基點。它是以上所有因素的總和。但我認為，正如我反覆說過的那樣。Dave 和他的團隊一直在做同樣的事情，那就是專注於非程式支出，也就是客戶體驗之旅，這對我們的客戶來說非常有價值。因此，一個良性循環不斷持續，不斷帶來更好、更數位化的體驗，從而增加企業的成本，並將這些成本再投資到體驗的其他方面。但這一切都將持續下去，我相信非程式支出在未來會得到很好的控制，而這已經反映在50個基點的利潤率提升上。我們曾說過，程式費用成長將再次保持低位，正如我們在兩三年前預測的那樣，這將是未來的趨勢。所以，再說一遍，所有內容都在那裡。正如你所指出的，目前正發生一種成分轉變。而且，隨著我們收入結構中互聯互通業務的日益普及，這對有線電視業務的利潤率來說也是一個長期的積極趨勢。希望我們能像去年一樣超出預期，但我們的目標是提高 50 個基點。

If I can follow up...

如果我能跟進的話…

In addition to the connectivity focus that we have, which helps margin, that helps us overall in terms of growth, emphasizing what Brian said, just the focus on packaging and going after the profitable customer relationships that we are, broadband and video. And we remain very optimistic about taking transactions out of the business. We spend a lot of time thinking about the digital experience for customers, and it's just the best way to take out unnecessary telephone calls, truck rolls by just letting customers handle their solutions independently. So I think Mike gave the guidance in terms of the expectations in margin, but extremely focused on non-programming expense.

除了我們對連結的重視（這有助於提高利潤率，也有助於我們整體的成長），正如布萊恩所說，我們專注於包裝，並爭取我們現有的獲利客戶關係，即寬頻和視訊。我們仍然對將交易從業務中剝離感到非常樂觀。我們花了很多時間思考客戶的數位體驗，而讓客戶獨立處理解決方案，是減少不必要的電話和上門服務的最佳方式。所以我認為麥克在利潤率預期方面給出了指導，但他非常關注非程式支出。

Mike, if I can follow up. Now that Dave owns the wireless side, can we assume that those losses have probably peaked?

麥克，我能跟進一下嗎？既然戴夫已經接管了無線業務，我們是否可以認為這些損失可能已經達到高峰了？

We are at a level where we're really pleased with what we see happening in the mobility business and, hence, the move into the cable business. I think we've said for a while now that we're running now at a level of adds that the losses are going to be commensurate with what the add trajectory looks like from here. So I won't let myself get pinned down on that one, but that is -- the 2 will go hand and glove with each other. And we like the pace of growth that we've had in the business over the course of 2018. I think, hopefully, we get something similar in 2019.

我們對移動出行業務的發展現狀感到非常滿意，因此也對進軍電纜業務感到興奮。我認為我們已經說過一段時間了，我們現在的增持規模，未來的虧損將與增持趨勢成正比。所以我不會在這個問題上妄下定論，但也就是說──這兩者會相輔相成。我們很滿意公司在 2018 年的發展速度。我希望，2019年我們也能得到類似的結果。

Your next question comes from the line of Rich Greenfield with BTIG.

你的下一個問題來自 BTIG 的 Rich Greenfield。

Wondering about programming. So DISH dropped Univision earlier this year or late middle of last year and really hasn't seen any meaningful negative impact. We've got the RSNs from Fox, which after Fox backed out of buying them, looks like they're about to be orphaned. Just curious how you think about rightsizing content within the bundle to provide cheaper packages? We've seen a lot of the MVPDs with much lower cost bundles. And as you kind of have added more of these third-party apps, you were just talking about Netflix, Amazon, YouTube being on the set-top box, just thinking about like are -- is there the potential to really transform programming costs or bundle dynamics over the next couple of years as deals come up?

對程式設計有興趣。所以 DISH 在今年年初或去年年中後期停止了對 Univision 的運營，但實際上並沒有受到任何實質的負面影響。我們從福克斯那裡得到了區域體育網絡（RSN），但在福克斯取消收購計劃後，這些網絡網絡似乎即將被遺棄。我很好奇您是如何考慮調整套餐內的內容大小以提供更便宜的套餐的？我們看到許多多頻道視訊節目分銷商都推出了價格更低的套餐。隨著您不斷添加這些第三方應用程序，就像您剛才提到的 Netflix、Amazon、YouTube 等應用程式出現在機上盒上一樣，我們不妨思考一下——隨著未來幾年交易的達成，是否有可能真正改變節目製作成本或捆綁銷售的格局？

Thanks, Rich. So a couple of things, and I think you raised a very good point. Our focus -- we've been very disciplined in our approach to programming and how we value content and the use of data to understand this. So what goes into packaging. And so that has been something that we've been doing for several years now. That's not brand new, but we're very focused on understanding the content value. The point you make in X1 is game changing in that as we look at and we aggregate all the different apps and all the content that's available, and the ability to connect to all these assets through the great voice recognition capability, delivered 9 billion voice commands last year. So X1 just gives us strategic flexibility with programming options. And so -- and we look at it very broadly that way. And we provide, I think, the best of live, the On Demand in terms of DVR. And then now with all this new content that comes on, I think it just gives us the strategic flexibility. So I think it's a very good point, and we look at it that way.

謝謝你，里奇。有幾點需要說明，我認為你提出的觀點非常好。我們的重點——我們在節目製作、內容價值評估以及如何利用數據來理解內容方面，一直秉持著非常嚴謹的態度。那麼，包裝裡都包含些什麼呢？所以，這件事我們已經做了好幾年了。這雖然不是什麼新鮮事，但我們非常注重了解內容的價值。您在 X1 中提出的觀點具有顛覆性意義，因為當我們審視並整合所有不同的應用程式和所有可用內容時，透過強大的語音辨識功能連接到所有這些資源的能力，去年就實現了 90 億次語音命令。所以 X1 為我們提供了程式選擇方面的策略彈性。所以——我們就從這個非常廣泛的角度來看這個問題。我認為，我們提供的直播和隨選服務（包括 DVR 服務）都是最好的。現在有了這麼多新內容，我認為這給了我們戰略上的靈活性。所以我認為這是一個很好的觀點，我們也正是這樣看待這個問題的。

Your next question will come from the line of Craig Moffett with MoffettNathanson.

你的下一個問題將來自 Craig Moffett 和 MoffettNathanson 的行列。

Brian, a strategic question for you on the wireless business. Now that you've had your wireless MVNO operating for about a year now, and seemed to have settled into a sort of solid growth pattern, what have you learned? And how do you think about the relationship with Verizon going forward? And sort of where would you like that relationship to go? And then as a related issue, how does that inform your thinking about the 600-megahertz spectrum that you purchased in the last auction?

布萊恩，關於無線通訊業務，我有一個策略性的問題想問你。您的無線虛擬營運商 (MVNO) 已經運作了大約一年，並且似乎已經進入了穩定的成長模式，您從中獲得了哪些經驗？您如何看待與Verizon未來的合作關係？你希望這段關係朝哪個方向發展？那麼，作為相關問題，這如何影響您對上次拍賣中購買的 600 兆赫頻譜的看法呢？

Well, I don't think we have any new revelations on that last part of the question, on the 600 megahertz. But I think we're very pleased with the relationship with Verizon, you know, big companies, there's always going to be some issue somewhere between us at one moment in time or another. But if you step back and say, we've become a meaningful contributor to the wireless net adds in our markets. We're constantly looking to innovate the product and make sure we have the latest offerings available. Sometimes, we're successful in that. Sometimes, we're not perfect. And I think we've hit a good stride, as Mike and Dave were just talking about. So I think the strategy to become a meaningful part of some other folks' networks rather than go out and build our own, I'm very comfortable with that broad category of question. There's plenty in the detail that is always being worked on. Dave, you're closer to it. I just want to add one other point then before that, what have we learned? We've learned that wireless can really achieve what we thought, which is to reduce churn for the customers who take all our products. And if you go back to the uber view that we're now looking for profitable relationships and make those relationships deeper, more digital, better experience and better value, wireless checks a lot of those boxes, particularly on value, the way we're structured. It's a simple offer. There's only 2 options. Customers get it. Most of the people take By the Gig, and that is how our relationship with Verizon works. So it sets up economically to be simpatico. And I think we're on a trajectory that we believe we can get to, as we said, stand-alone economics that support the business. And we're on our way.

嗯，關於問題的最後一部分，也就是 600 兆赫茲，我認為我們沒有任何新的發現。但我認為我們對與 Verizon 的關係非常滿意，你知道，大公司之間總是會在某個時候出現一些問題。但退一步想，我們已經成為我們市場無線網路新增用戶的重要貢獻者。我們不斷尋求產品創新，並確保提供最新產品。有時，我們確實能成功。我們有時並不完美。我認為我們已經取得了不錯的進展，就像麥克和戴夫剛才談到的那樣。所以我認為，與其自己去建立自己的網絡，不如成為其他人網絡中有意義的一部分，這種策略我非常認同。細節方面有很多工作要做，而且一直在進行中。戴夫，你離目標更近了。我只想補充一點，在那之前，我們學到了什麼？我們發現無線技術確實可以實現我們預期的目標，那就是降低我們所有產品客戶的流失率。如果你回到我們現在尋求獲利關係並加深這些關係、使其更加數位化、提供更好的體驗和更高價值的 Uber 觀點，無線技術滿足了許多這些條件，尤其是在價值方面，這符合我們的組織結構。這是一個簡單的提議。只有兩種選擇。顧客們都明白。大多數人都是按流量計費，我們與 Verizon 的合作關係也是如此。因此，從經濟角度來看，它們具有可比性。我認為我們正走在一條正確的道路上，我們相信我們可以實現，正如我們所說，能夠支撐業務發展的獨立經濟模式。我們正在路上。

Yes. I would add that we participate, as Brian said, in the mobile business and pleased with the progress that we're making. We also participate in wireless. We generate a lot of data traffic over WiFi in the home. Over 80% of the data traffic on smartphones is delivered through WiFi. So I think we're beneficial to each other's networks in that way. We're pleased in that -- the reason -- one of the main reasons, as Brian mentioned, we looked at broadband retention. It's early days, but it's working. And the contribution of that when -- mobile consideration, as people go to retail and look at other sales channels that we have and they're asking about mobile, then they consider other lines of business. So all of these things are encouraging, and we're pleased with our progress.

是的。正如布萊恩所說，我也參與了行動業務，並且對我們所取得的進展感到滿意。我們也參與無線通訊領域。我們在家中透過 WiFi 產生大量數據流量。智慧型手機上超過 80% 的數據流量是透過 WiFi 傳輸的。所以我覺得從這個意義上講，我們對彼此的人脈網絡都有好處。我們對此感到高興——原因之一——正如布萊恩所提到的，我們研究了寬頻用戶保留率。現在還處於早期階段，但效果不錯。而當人們去零售店，查看我們擁有的其他銷售管道，並詢問行動端相關資訊時，他們就會考慮其他業務線。所有這些都令人鼓舞，我們對所取得的進展感到滿意。

Our next question comes from the line of Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自瑞士信貸的道格·米切爾森。

One for Steve, one for Dave. Steve, it seems like the media trends, advertising and Pay TV subs are a bit better than investors might have expected. And last quarter, you mentioned that virtual MVPDs have plateaued and suggesting cord cutting had kicked in, commentary this quarter, Pay TV subs trends are improving, suggest the opposite. I just want to get my bearings on what you saw for video subscriber trends in 2018 on your fully distributed channels since you have the broadest distribution of any media company, and what you expect in 2019. And I'll just throw the question for Dave in there as well. Just any update on trends for high-speed Internet subscriber growth in 2019 and the pricing environment as well? I do note in 2018, a lot of the high-speed Internet customers came from single play, which was different from 2017 and prior. And any thoughts as to whether that boosted growth in 2018 or whether you feel that was a pretty normal, steady state-type growth rate would be helpful.

給史蒂夫一個，給戴夫一個。史蒂夫，媒體趨勢、廣告和付費電視訂閱用戶似乎比投資人預期的要好一些。上個季度，您提到虛擬 MVPD 已經達到瓶頸，並暗示剪線潮已經開始，但本季的評論顯示付費電視訂閱用戶趨勢正在改善，這表明情況恰恰相反。我只是想了解一下，鑑於貴公司擁有最廣泛的發行管道，貴公司在 2018 年透過完全分發的頻道觀察到的影片訂閱者趨勢如何，以及您對 2019 年的預期。我順便也問戴夫這個問題吧。請問2019年高速網路使用者成長趨勢以及定價環境方面有什麼最新情況嗎？我注意到，2018 年許多高速網路使用者都來自單次購買服務，這與 2017 年及以前的情況不同。如果您能分享您認為這是否促進了 2018 年的成長，或者您認為這是一個相當正常、穩定的成長率，那就太好了。

So I think we've always felt that the television ecosystem was healthier than maybe some people thought. We really had an extraordinary television year this year. We grew EBITDA by 15%, which was way in excess of what we thought we would grow EBITDA. And there were a whole bunch of factors in there. In terms of subscribers, we were -- we had a better year in terms of subscribers than we had budgeted, and we're entering 2019 better than we had forecast. It's very hard to predict the virtual MVPDs. If you look quarterly, the virtual MVPD growth -- somebody who might be the fastest-growing in the first quarter might be the slowest in the second quarter as they change strategies and people figure out the market. But virtual MVPD growth was faster than we thought in 2018. At some point, we do believe it's going to slow down, but we did not -- certainly did not see that in 2018. 2018 and the early part of 2019 are also very strong years for advertising. We had the strongest upfront we've ever had. The network prime time -- our ad sales were up double digits. The scatter market is extremely strong right now. So the television business, we obviously have pressure on ratings as people migrate to digital. And that's one of the reasons why we're launching the direct-to-consumer product. But it's a very, very healthy business, and we think it's going to be healthy for years to come.

所以我覺得我們一直都覺得電視生態系統比某些人想像的要健康得多。今年我們經歷了非常精彩的一年電視賽事。我們的 EBITDA 成長了 15%，遠遠超過了我們預期的 EBITDA 成長幅度。這裡面有很多因素。就訂閱用戶數量而言，我們今年的訂閱用戶數量比預算要多，而且我們進入 2019 年的情況也比預測的要好。虛擬多頻道視訊節目分銷商（MVPD）很難預測。如果按季度來看，虛擬 MVPD 的成長情況——第一季成長最快的公司，第二季成長最慢，因為他們會改變策略，人們需要時間來了解市場。但2018年虛擬多頻道視訊節目發行商的成長速度比我們預想的還要快。我們相信，這種成長勢頭在某個時候會放緩，但我們並沒有——至少在 2018 年沒有看到這種情況。2018 年和 2019 年初也是廣告業非常強勁的年份。我們擁有有史以來最強大的前鋒線。黃金時段－我們的廣告銷售額實現了兩位數的成長。目前散戶市場非常強勁。因此，隨著人們轉向數位媒體，電視產業顯然面臨收視率的壓力。這也是我們推出直接面向消費者產品的原因之一。但這是一個非常非常健康的行業，我們認為它在未來幾年內也會保持健康發展。

Doug, Dave. So thinking about broadband, we feel about broadband in '19 as we have in '18, that it's our growth engine. As there -- as Brian mentioned, there's a consistency that we have had in broadband, the 13th year in a row consecutively delivering over 1 million net additions. And so behind that, going into '19, I feel the market continues to grow. You look at things like homes, employment, you look at macro conditions, but just as important as anything, you look at the overall market penetration of 80%. There's room for growth there. You look at our penetration, 47%, there's absolutely room for growth there. And our view is that customers' expectations continue to go up in terms of how they're interacting with broadband, how they're leveraging it. So our focus, as Brian has said, is deliver the very best broadband product in the marketplace. And xFi is that brand, the best of speed, coverage and control. And so in '19, we're going to continue to do that. And along with that, your point on single product and packaging, we've made some adjustments along the way. I think that it's -- our game plan is consistent. We'll be consistent. We do offer great options for both. And if somebody wants to start off with the high speed only, that's great, but we also have wonderful packaging options that we'll talk to them about. So as important as anything, as you look at the balancing share growth and rate, so you look at -- that I feel confident as well. In '18, we -- along with great share, we grew the resi ARPU by more than 4% year-over-year for '18. And if you look at then combining the overall connectivity business, Brian and Mike has mentioned it, you look at business services, a big part of that is broadband, and our resi broadband is growing nearly 10%, $24 billion. So we like our momentum. We like our game plan. I think it's very consistent, and we're just going to focus on execution.

道格，戴夫。所以，就寬頻而言，我們對 2019 年寬頻的看法與 2018 年一樣，認為它是我們成長的引擎。正如布萊恩所提到的那樣，我們在寬頻領域一直保持穩定成長，連續 13 年新增淨用戶超過 100 萬。因此，展望 2019 年，我認為市場將持續成長。你會關注住房、就業等因素，你會關注宏觀經濟狀況，但同樣重要的是，你會關注80%的整體市場滲透率。那裡還有發展空間。看看我們的市場滲透率，47%，這方面絕對還有成長空間。我們認為，客戶對寬頻的互動方式和利用方式的期望不斷提高。正如布萊恩所說，我們的重點是提供市場上最好的寬頻產品。xFi 就是這樣的品牌，它代表了速度、覆蓋範圍和控制方面的最佳水平。所以，在 2019 年，我們將繼續這樣做。此外，關於您提到的單一產品和包裝問題，我們也做了一些調整。我認為——我們的比賽計劃是一致的。我們會保持一致。我們為這兩方面都提供了很好的選擇。如果有人只想從高速版開始，那很好，但我們也有很棒的包裝方案，我們會和他們討論。所以，與其他事情一樣重要的是，當你觀察平衡份額成長和成長率時，你會發現——對此我也很有信心。2018 年，我們與眾多競爭對手一起，使住宅 ARPU 年增超過 4%。如果你把整個連接業務結合起來看，正如布萊恩和麥克提到的那樣，你看看商業服務，其中很大一部分是寬頻，而我們的住宅寬頻業務成長了近 10%，達到 240 億美元。所以我們對目前的勢頭很滿意。我們對我們的比賽計劃很滿意。我認為它非常連貫，我們只需要專注於執行。

Your final question will come from the line of Marci Ryvicker with Wolfe Research.

你的最後一個問題將來自 Wolfe Research 的 Marci Ryvicker。

I have one for Steve, and then one for Mike. Steve, as you launch the OTT business, I know you're not going to have a tremendous amount of incremental investment spend, but as you do, where is that going to flow through the financials? Is that going to be in the separate segments? Is that going to be in the studios? I guess, just trying to figure out what we're looking for. And then second for Mike. You talked about healthy EBITDA growth for Sky for 2019. When you say healthy, do you mean the same 2% adjusted for '18? Or are you talking more mid-single-digits? I'm just trying to understand what you're messaging.

我為史蒂夫準備了一份，然後又為麥克準備了一份。史蒂夫，我知道你啟動 OTT 業務時不會有大量的新增投資支出，但隨著業務的推進，這些投資將如何分配到財務方面？這會分成幾個部分嗎？那會在演播室裡進行嗎？我想，我們只是想弄清楚我們到底在尋找什麼。然後是麥克的第二名。您提到 Sky 在 2019 年實現了健康的 EBITDA 成長。你說的健康水平，是指2018年調整後的2%嗎？還是你指的是個位數的中段數字？我只是想弄清楚你想表達的意思。

So we currently have several very profitable and successful television studios, a cable one and a broadcast one and an international one, and those studios will continue to produce for our existing channels and, increasingly, over time, produce for direct-to-consumer. And we will figure out the right kind of transfer pricing and margin for those services, so that everybody's incented to produce and continue to produce for all different outlets.

因此，我們目前擁有幾家非常盈利且成功的電視工作室，一家有線電視工作室、一家廣播電視工作室和國際電視工作室，這些工作室將繼續為我們現有的頻道製作節目，並且隨著時間的推移，越來越多地直接面向消費者製作節目。我們將為這些服務制定合適的轉移定價和利潤率，以便激勵每個人為所有不同的銷售管道生產並持續生產。

And it's -- I'm Mike. For Sky, healthy means really growth in customers, growth across all markets and growth in financial results, which is better -- higher than last year is what I would say, healthy is, mid-single digits is a fair level to think about. And I did point out, that will be more back-end weighted for the reasons I have mentioned earlier, just sports rights coming or reset for Italy in August of last year. So we'll have to -- in the second half of the year, we'll lap that, and we'll see the improved rates for Premier League in the U.K. business kick in, in the second half. So we'll achieve that healthy growth over the course of the year with back-half lighter and back-end second half heavier.

我是——我是麥克。對 Sky 來說，健康的真正意義是客戶成長、所有市場的成長以及財務表現的成長，而財務表現的成長——比去年更高——我認為，健康的水平是中等個位數，這是一個值得考慮的合理水平。而且我也指出，由於我之前提到的原因，這將更專注於後端，因為去年 8 月義大利的體育版權即將到期或重置。所以，我們將在今年下半年超越這個水平，我們將看到英超聯賽在英國的商業領域取得更好的成績，並在下半年開始顯現成效。因此，我們將在一年內實現健康成長，下半年成長較慢，下半年末成長較快。

So let me just end the call by saying really how pleased we were with 2018, and we're off to a great start in 2019. I think just that last answer that Mike gave, we look at Sky as really unique. It's different than Cable, and it's taking all of us time to understand those differences. And the same thing, it's got a content company, and it covers the entire footprint, where it offers its product. So as it renegotiates, it's probably got different characteristics than either of our 2 businesses. But I think you're going to like what you see, and it's going to add to our capabilities worldwide. And those capabilities really do come together, I think, in the OTT announcement, just to pick that as an example, because not only will it throw out the best of our content creation capabilities, whether that's in film or television, whether that's original or new, recurring series, it needs broadband to get the great capabilities of that streaming service. And that's the core of where the cable company's focused, as we've discussed this morning. And that broadband had a fantastic 2018, and xFi has a road map of innovation onto itself in 2019 and beyond, which is as exciting as what we've done previously on great speed. And now we're looking at other ways. And all this takes advantage of X1 and Q, which are the best capabilities in the world in what we do. We can always do better. We're -- we had 500 engineers meeting yesterday in our new technology center, and we've just got a real, I think, credibility in the technology space now to keep innovating. And it all comes back to what we give our customers and we see how well Sky's performance has been in customer experience, and NPS made great progress on the Cable side, taking truck rolls out and calls, as we've heard, NPS performance improvement. So all in all, that's what's giving us the confidence to raise the dividend and to start 2019 off to a great start. So thank you to the team.

最後，我想說的是，我們對 2018 年非常滿意，而且 2019 年也開局良好。我覺得麥克給的最後一個答案，讓我們覺得天空電視台確實很獨特。它與有線電視不同，我們都需要時間來理解這些不同之處。同樣，它擁有一家內容公司，業務覆蓋其產品提供的整個區域。因此，在重新談判的過程中，它可能與我們兩家公司的任何一家都有不同的特徵。但我認為你會喜歡你所看到的，而且它將增強我們在全球的能力。我認為，這些能力確實在 OTT 的發布中得到了充分體現，就拿 OTT 來說吧，因為它不僅會展現我們最好的內容創作能力，無論是電影還是電視，無論是原創劇集還是新的系列劇，它都需要寬頻才能發揮串流服務的強大功能。正如我們今天早上討論的那樣，這正是這家有線電視公司關注的核心。2018 年，寬頻業務取得了巨大的成功，xFi 在 2019 年及以後製定了創新路線圖，這與我們之前在高速網路方面取得的成就一樣令人興奮。現在我們正在尋找其他方法。而這一切都歸功於 X1 和 Q，它們是我們所在領域中世界上最好的技術。我們總是可以做得更好。昨天，我們新的技術中心有 500 名工程師開會，我認為，我們現在在技術領域擁有了真正的信譽，可以繼續創新。這一切都歸結於我們為客戶提供的服務，我們看到 Sky 在客戶體驗方面表現出色，而 NPS 在有線電視方面取得了巨大進步，減少了上門服務和電話諮詢，正如我們所聽到的，NPS 績效得到了提升。總而言之，正是這些因素讓我們有信心提高股息，並為2019年開個好頭。所以，感謝團隊。

Thank you, everyone, for joining us today. Regina, we'll end the call there.

謝謝各位今天蒞臨。雷吉娜，我們通話到此結束。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Wednesday, January 30 at midnight Eastern time. The dial-in number is (855) 859-2056, and the conference ID number is 6837336. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern time today. This concludes today's teleconference. Thank you for joining. You may all disconnect.

今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間1月30日星期三午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 6837336。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。