康卡斯特 (CMCSA) 2019 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's First Quarter 2019 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

各位女士、先生，早安，歡迎參加康卡斯特2019年第一季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I will 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.

像往常一樣，現在請大家參閱第 2 張投影片，其中包含我們的安全港免責聲明，並提醒大家，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。

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.

此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格和趨勢表。

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, and good morning, everyone. This was a great first quarter and an exciting, fast start to the new year. Overall, we delivered strong EBITDA and earnings per share growth as well as robust free cash flow. As you'll hear, this includes the best quarterly EBITDA growth in over 10 years at Cable, favorable results at NBCUniversal and exceptional growth in customer relationships at both Cable and Sky. These results, combined with the continued strategic evolution of our company, bring into focus why we are so well positioned to successfully compete and grow for the long term.

謝謝你，傑森，大家早安。這是非常棒的第一季度，也是令人興奮、快速發展的新年開端。總體而言，我們實現了強勁的 EBITDA 和每股盈餘成長，以及穩健的自由現金流。正如您將聽到的，這包括有線電視公司 10 多年來最佳的季度 EBITDA 成長、NBCUniversal 的良好業績以及有線電視和 Sky 在客戶關係方面的卓越成長。這些成果，加上我們公司持續的策略發展，讓我們更清楚地認識到，為什麼我們能夠如此成功地參與競爭並實現長期成長。

We have the leading scale platforms in the key and most attractive markets in the world. The U.S., U.K., Germany and Italy are 4 of the top 10 markets globally in terms of high-value households, representing 15% of the world's broadband and video customers, but with about 50% of the world's associated revenues. Collectively, we are #1 by a wide margin in these markets with 54 million customer relationships that generate ARPUs of over $110, with substantial margin and incredible stickiness.

我們在全球關鍵且最具吸引力的市場中擁有領先的規模化平台。美國、英國、德國和義大利是全球高價值家庭數量排名前十的市場中的四個，佔全球寬頻和視訊用戶總數的 15%，但卻貢獻了全球相關收入的約 50%。在這些市場中，我們以絕對優勢排名第一，擁有 5,400 萬客戶關係，平均每用戶收入超過 110 美元，利潤豐厚，客戶黏性極高。

We are intensely focused on being the leaders in the markets in which we compete, and we'd achieved this by continuously improving our best-in-class products and experiences. This gives us a sustainable path to growing and deepening our customer relationships for years to come, and our over 400,000 net additions in the first quarter continues our company-wide momentum.

我們致力於成為我們所競爭市場的領導者，並透過不斷改進我們一流的產品和體驗來實現這一目標。這為我們未來幾年發展和深化客戶關係提供了一條可持續的道路，而我們第一季新增的 40 多萬用戶也延續了公司整體的發展動能。

Secondly, we also have leading scale in premium content. We purchased and produced $24 billion of content annually and monetized it through our entertainment, news and sports networks and across other third-party platforms.

其次，我們在優質內容方面也擁有領先的規模。我們每年購買和製作價值 240 億美元的內容，並透過我們的娛樂、新聞和體育網絡以及其他第三方平台來獲利。

The first quarter was highlighted by NBCUniversal's fantastic theatrical releases and Sky's differentiated content continues to attract strong viewership, with Sky Originals representing all of the top 5 rated shows across its owned and partner entertainment channels. As content creation has many recent entrants, our industry-leading scale is a defining asset.

第一季度，NBC環球的精彩院線電影上映表現突出，而天空電視台的差異化內容繼續吸引著大量觀眾，其自有及合作娛樂頻道中收視率最高的5部節目全部來自天空電視台原創劇集。由於內容創作領域近期湧現許多新玩家，我們在業界領先的規模是一項決定性優勢。

So let's turn to some more details of the first quarter and the opportunities that lie ahead. Cable Communications delivered an outstanding quarter, including the highest quarterly EBITDA growth in over a decade, even better net cash flow growth and healthy customer relationship growth. Our efforts to improve the customer experience are driving higher customer satisfaction and taking unnecessary activity out of the business.

那麼，讓我們進一步了解第一季的情況以及未來的機會。Cable Communications 本賽季表現出色，季度 EBITDA 成長率創十多年來新高，淨現金流成長更為強勁，客戶關係也實現了健康成長。我們為改善客戶體驗所做的努力，正在提高客戶滿意度，並減少業務中不必要的活動。

Nearly 80% of customer interactions are now completed digitally. And in the first quarter, we reached our lowest service call rate, highest first call resolution rate and shortest repair times on record. These operational achievements are a huge part of the roadmap.

近 80% 的客戶互動現在都是透過數位化方式完成的。第一季度，我們的服務呼叫率、首次呼叫解決率和維修時間均創歷史新低。這些營運成果是路線圖的重要組成部分。

As we've previously described, we pivoted the business towards our most important and differentiated product, our industry-leading broadband service, which forms the foundation of our valuable relationships with residential and business customers. Our customers' demand for speed and data usage keeps increasing. Our median broadband home now uses over 200 gigabytes of data per month, an increase of 34% year-over-year, which accelerated from the fourth quarter.

正如我們之前所描述的那樣，我們將業務重點轉向了我們最重要、最具差異化的產品——我們行業領先的寬頻服務，這構成了我們與住宅和商業客戶之間寶貴關係的基礎。客戶對網路速度和數據使用量的需求不斷增長。我們家庭寬頻使用量的中位數現在每月超過 200 GB 數據，年增 34%，並且從第四季開始加速成長。

With our consistent investment in our network, including a capital-efficient path to 10-gig speeds in the coming years, we believe we will continue to exceed customer expectations. Along with X1, mobile, voice and home security, we continue to develop complementary products and services to deepen these data-centric relationships.

憑藉我們對網路的持續投入，包括在未來幾年內以高效的資本投入實現 10G 速度，我們相信我們將繼續超越客戶的期望。除了 X1、行動、語音和家庭安全之外，我們還將繼續開發配套產品和服務，以深化這些以數據為中心的合作關係。

Most recently, we launched Flex, which adds value for broadband-only customers by integrating a wide variety of favored streaming apps and leveraging some of the best features of the X1 platform, like our voice remote and the ability to manage connected devices on the big screen.

最近，我們推出了 Flex，它透過整合各種受歡迎的串流應用程式並利用 X1 平台的一些最佳功能（例如語音遙控器和在大螢幕上管理連接裝置的功能），為僅使用寬頻的用戶增加了價值。

Overall, with lots of runway ahead on our connectivity businesses, we are confident in our outlook for continued healthy customer and net cash flow growth at Cable.

總體而言，鑑於我們的連結業務還有很大的發展空間，我們對有線電視業務的客戶數量和淨現金流持續健康成長的前景充滿信心。

At NBCUniversal, our first quarter performance demonstrates the power of our premier content portfolio. Adjusting for the profitable broadcast of the Super Bowl and Winter Olympics during last year's first quarter, NBCUniversal EBITDA increased by double digits.

NBC環球第一季的業績證明了我們一流內容組合的強大實力。考慮到去年第一季超級盃和冬季奧運的獲利性轉播，NBC環球的EBITDA實現了兩位數的成長。

Film had a tremendous quarter, including the theatrical releases of DreamWorks' How to Train Your Dragon: The Hidden World and the thriller, Us. We are looking forward to the second Secret Life of Pets as well as Hobbs & Shaw from the Fast and Furious franchise later this year.

電影業在本季取得了巨大的成功，其中包括夢工廠動畫電影《馴龍高手3：隱密的世界》和驚悚片《我們》的院線發行。我們非常期待今年稍後上映的《寵物當家2》以及《玩命關頭：特別行動》。

At television, underlying trends remain healthy, reflecting demand for our must-see entertainment, sports and news content. NBC is on track to finish in first place among adults 18 to 49 for the 52-week season for the sixth consecutive year and has 4 out of the top 10 entertainment shows on broadcast this season, more than any other network. MSNBC also continues its impressive success leading CNN by more than 50% with the narrowest gap to Fox News in over 15 years in total viewership.

電視產業的整體趨勢仍然健康，反映出消費者對我們必看的娛樂、體育和新聞內容的需求。NBC預計將連續第六年蟬聯18至49歲成年觀眾收視率第一，在本季52週的收視季中，NBC擁有十大娛樂節目中的四個席位，比其他任何電視台都多。MSNBC 也持續保持著令人矚目的成功，收視率領先 CNN 超過 50%，與福斯新聞的總收視率差距也縮小到 15 年多來最小。

These highlights throughout our content portfolio bode well for NBCUniversal's direct-to-consumer launch. Each company seems to be pursuing different opportunities as the streaming ecosystem evolves. And we really like our plan, which naturally leans towards the wonderful strengths across all of Comcast.

我們內容組合中的這些亮點預示著 NBCUniversal 的直接面向消費者業務將取得良好開端。隨著串流生態系統的發展，每家公司似乎都在尋求不同的發展機會。我們非常喜歡我們的計劃，它自然而然地發揮了康卡斯特所有業務的優勢。

Together, NBC and our cable networks have leading viewership share, and consumers love Universal's films, library and many content franchises. Advertisers are eager for targeted digital advertising opportunities in the kinds of top-quality shows we produce and our ad sales capabilities and organization by the best in the industry. So our DTC service will be positioned to gain scale quickly as it will leverage the current Pay TV ecosystem, including our own tens of millions of valuable customer relationships. We also have scaled IP video capabilities and infrastructure, including the NOW TV OTT platform developed by Sky, which will greatly accelerate our efforts. The entire company is energized by this new initiative.

NBC 和我們的有線電視網絡加起來擁有領先的收視份額，消費者喜愛環球影業的電影、片庫和眾多內容系列。廣告商渴望在我們製作的高品質節目中獲得精準的數位廣告機會，以及我們業內最優秀的廣告銷售能力和組織能力。因此，我們的 DTC 服務將能夠迅速擴大規模，因為它將利用當前的付費電視生態系統，包括我們自身數千萬寶貴的客戶關係。我們還擁有規模化的 IP 視訊能力和基礎設施，包括 Sky 開發的 NOW TV OTT 平台，這將大大加快我們的工作步伐。這項新措施令全公司上下都精神振奮。

Turning to Sky. We remain confident in our strategy of differentiation through unique content, leading to a sustained, attractive, competitive position. With a wide range of innovative products and packages, Sky is in a great position to continue to expand its addressable market, leveraging the strength of its brand. In the quarter, we had robust subscriber growth, adding over 100,000 net new customers, while as expected, new proprietary sports rights deals impacted our profitability.

轉向天空。我們仍然對我們透過獨特內容實現差異化的策略充滿信心，這將使我們獲得持續、有吸引力且具有競爭力的地位。憑藉一系列創新產品和套餐，Sky 處於有利地位，可以利用其品牌優勢繼續擴大其目標市場。本季度，我們的用戶數量實現了強勁增長，淨新增用戶超過 10 萬，但正如預期的那樣，新的獨家體育版權交易影響了我們的盈利能力。

As we begin this new chapter of our combined company, its early days, but we are finding significant areas for collaboration.

我們即將開啟合併後公司的新篇章，雖然目前還處於起步階段，但我們已經發現了許多重要的合作領域。

A couple of notable examples this quarter included the expansion of AdSmart, bringing together NBCUniversal's advanced targeting solutions and Sky's addressable advertising tools in a first step towards creating a global premium video offering for advertisers.

本季度的一些顯著例子包括 AdSmart 的擴展，它將 NBCUniversal 的先進定向解決方案和 Sky 的可尋址廣告工具結合起來，這是為廣告商打造全球優質視頻產品的第一步。

We also announced plans to combine key NBCUniversal and Sky assets, including some European TV channels and global content distribution businesses, which will provide better scale to accelerate growth and innovation.

我們還宣布了合併 NBCUniversal 和 Sky 的關鍵資產的計劃，包括一些歐洲電視頻道和全球內容分發業務，這將提供更大的規模來加速成長和創新。

And we're also exploring launching a global NBC-Sky news channel later this year.

我們也計劃在今年稍後推出NBC-Sky全球新聞頻道。

So in summary, we're off to a terrific start in 2019, highlighted, in particular, by momentum in broadband and business services, which drove Cable to its fastest level of quarterly EBITDA growth in years. I'm really pleased with both our execution in the first quarter and our strategic positioning of the company for the future. We have world-class global content creation capabilities, and our growing base of over 54 million recurring customer relationships is built around the highly differentiated products and capabilities, our powerful broadband network at Comcast Cable and Sky's unique market position.

總而言之，2019 年我們開局非常順利，尤其寬頻和商業服務的發展勢頭強勁，推動 Cable 實現了多年來最快的季度 EBITDA 成長。我對我們第一季的業績以及公司未來的策略定位都非常滿意。我們擁有世界一流的全球內容創作能力，我們不斷成長的超過 5,400 萬的長期客戶關係基礎，是建立在高度差異化的產品和能力、強大的寬頻網路以及 Comcast Cable and Sky 獨特的市場地位之上的。

Over to you, Mike.

接下來就交給你了，麥克。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our first quarter consolidated results. As a reminder, we completed our acquisition of Sky in the fourth quarter of 2018. Our reported results include Sky from the acquisition date, while pro forma results are as if the Sky transaction had occurred on January 1, 2017.

謝謝你，布萊恩，大家早安。我將從第 4 張投影片開始，介紹我們第一季的綜合業績。再次提醒大家，我們已在 2018 年第四季完成了對 Sky 的收購。我們公佈的業績包括自收購日起的 Sky 業績，而備考業績則如同 Sky 交易於 2017 年 1 月 1 日發生一樣。

And now for the numbers. Revenue increased 18% to $26.9 billion on a reported basis and decreased to 3.3% on a pro forma basis, primarily due to the comparison to our successful broadcast of the Super Bowl and Winter Olympics in last year's first quarter.

現在來看具體數字。以報告基準計算，營收成長 18% 至 269 億美元；按備考基準計算，營收下降 3.3%，這主要是由於與去年第一季成功轉播超級盃和冬季奧運相比所致。

Adjusted EBITDA increased 18% to $8.6 billion on a reported basis and 6.4% on a pro forma basis. These results reflect exceptional growth at Cable and growth at NBCUniversal, despite the tough comparison to the prior year, partially offset by a decline at Sky due to the timing of new sports rights costs.

以報告基準計算，調整後 EBITDA 成長 18% 至 86 億美元；以備考基準計算，調整後 EBITDA 成長 6.4%。儘管與前一年相比基數較大，但這些業績反映了有線電視和NBC環球的卓越增長，而天空電視台由於新的體育賽事版權費用的時間安排導致的下滑部分抵消了這些增長。

Adjusted earnings per share increased 17% to $0.76.

調整後每股收益成長17%至0.76美元。

And finally, we generated $4.6 billion of free cash flow in the quarter.

最後，我們本季產生了 46 億美元的自由現金流。

Now let's turn to our segment results, starting with Cable Communications on Slide 5. Overall, Cable delivered a very strong first quarter, highlighted by profitable growth and great customer metrics driven by our connectivity businesses and ongoing improvements in the customer experience. Cable revenue increased 4.2% to $14.3 billion, EBITDA increased 9.8% to $5.7 billion and net cash flow increased 25% to $4 billion. Customer relationships grew 3.6% year-over-year, including 300,000 net additions in the first quarter. On a per-relationship basis, EBITDA increased 6% and net cash flow grew 20%. These results now include Xfinity Mobile, which was previously reported in our corporate segment, in both the current and prior year periods. Excluding wireless in both periods, Cable revenue increased 4% and EBITDA increased 7.9% in the first quarter.

現在讓我們來看看各個業務板塊的業績，首先是第 5 頁的有線通訊業務。總體而言，有線業務第一季表現非常強勁，獲利成長和良好的客戶指標是其亮點，這得益於我們的連接業務和客戶體驗的持續改進。有線電視營收成長 4.2% 至 143 億美元，EBITDA 成長 9.8% 至 57 億美元，淨現金流成長 25% 至 40 億美元。客戶關係年增 3.6%，其中第一季淨增 30 萬客戶。以每項業務關係計算，EBITDA 成長了 6%，淨現金流成長了 20%。這些業績現在包括了 Xfinity Mobile，該公司先前在我們的企業部門中報告了本年度和上年度的業績。如果兩個時期均不計入無線業務，第一季有線電視營收成長 4%，EBITDA 成長 7.9%。

Now let's get into the details of the quarter. As our impressive first quarter results clearly demonstrate, the engine of growth for our Cable business is broadband, where we are very well positioned competitively through the strength of our network and our differentiation on the basis of speed, coverage and control. Residential high-speed internet revenue was again the largest contributor to overall Cable growth, increasing 10% to $4.6 billion. This reflects a healthy balance of customer growth and higher revenue per customer.

現在我們來詳細了解本季的情況。正如我們令人印象深刻的第一季業績所清楚地表明的那樣，我們有線電視業務的成長引擎是寬頻，憑藉我們強大的網路以及在速度、覆蓋範圍和控制方面的差異化優勢，我們在競爭中佔據了非常有利的地位。住宅高速網路收入再次成為有線電視整體成長的最大貢獻者，成長了 10%，達到 46 億美元。這反映了客戶成長和每位客戶收入提高之間的健康平衡。

Our residential broadband customer base increased 5% year-over-year to over 25 million, including 352,000 net additions in the first quarter. And our average revenue per customer grew nearly 5%. Notably, retention is the best on record.

我們的住宅寬頻用戶數量年增 5%，超過 2,500 萬，其中第一季淨增 35.2 萬。我們的平均每位客戶收入成長了近 5%。值得注意的是，留存率創歷史新高。

Turning to our other connectivity business. Business services revenue increased 9.5% to $1.9 billion. Customer relationships grew 5.4% year-over-year, including 25,000 net additions in the first quarter. Revenue per business customer increased by 3.8%. These results reflect demand for our core connectivity services across small, medium and enterprise customer segments.

接下來談談我們的其他連結業務。商業服務收入成長9.5%，達到19億美元。客戶關係年增 5.4%，其中第一季淨增 25,000 個客戶。每位企業客戶的收入成長了3.8%。這些結果反映了小型、中型和企業客戶群對我們核心連結服務的需求。

We also continue to enhance our offering with complementary solutions that deepen our relationships with commercial customers and drive additional value. We are seeing encouraging uptake of these services, including advanced WiFi, video surveillance, wireless backup and SD-WAN.

我們也會不斷推出配套解決方案，以增強我們的產品和服務，從而加深與商業客戶的關係，並創造更多價值。我們看到這些服務的普及率令人鼓舞，包括進階 WiFi、視訊監控、無線備份和 SD-WAN。

In total, our connectivity businesses generated $6.5 billion of revenue and grew nearly 10% in the first quarter, and we expect to grow at equally strong levels for the full year.

第一季度，我們的連結業務總收入達到 65 億美元，成長近 10%，我們預計全年將保持同樣強勁的成長動能。

Turning to our video business. In a highly competitive market, our residential video subscriber base declined 1.7% year-over-year, consistent with recent quarterly trends and including net losses of 107,000 in the first quarter, resulting in a slight decrease in revenue. Video continues to play an important role in the bundle. We remain focused on driving video on segments we can serve profitably, leading with our best-in-class excellent platform for customers who want a premium experience and the most content choices. For customers who are primarily interested in streaming video content, we are leveraging the investments we've made in X1 to deliver our new Flex service, which provides a compelling platform and unique voice search capabilities for customers to use apps, like Netflix, YouTube and Amazon Prime Video, underscoring the value of our broadband service.

接下來談談我們的視訊業務。在競爭激烈的市場中，我們的住宅視訊用戶數量同比下降了 1.7%，與最近的季度趨勢一致，其中包括第一季淨減少 107,000 名用戶，導致收入略有下降。影片在產品組合中仍扮演著重要角色。我們將繼續專注於在能夠獲利的細分市場中推廣視訊業務，並以我們一流的卓越平台為那些希望獲得優質體驗和最多內容選擇的客戶提供支援。對於主要對串流媒體影片內容感興趣的客戶，我們正在利用我們在 X1 上的投資來提供我們新的 Flex 服務，該服務提供了一個引人注目的平台和獨特的語音搜尋功能，供客戶使用 Netflix、YouTube 和 Amazon Prime Video 等應用程序，從而凸顯了我們寬頻服務的價值。

Now to wrap up with our newest addition to the Cable segment, Xfinity Mobile. Wireless generated $225 million of revenue compared to $185 million of revenue in last year's first quarter. This growth was driven by an increase in our customer base, partially offset by lower handset sales. We ended the quarter with 1.4 million customer lines, up by 828,000 year-over-year, including 170,000 net additions in the first quarter. The majority of customers are choosing our By the Gig plan and we are seeing a significant increase in the uptake of Bring Your Own Device, both of which delivered great value to customers and benefit our economics.

最後，讓我們來介紹一下有線電視領域的最新成員—Xfinity Mobile。無線業務創造了 2.25 億美元的收入，而去年同期為 1.85 億美元。這一成長主要得益於客戶群的擴大，但部分被手機銷售的下降所抵消。本季末，我們擁有 140 萬條客戶線路，比上年同期增加了 82.8 萬條，其中第一季淨增加 17 萬條。大多數客戶都選擇了我們的按流量計費方案，而且自帶設備 (BYOD) 的使用率也顯著提高，這兩項舉措都為客戶帶來了巨大的價值，也有利於我們的經濟效益。

These factors, along with the scaled benefits we are seeing as our base grows at a relatively steady pace, are contributing to improvement on our wireless EBITDA losses, which totaled $103 million compared to $189 million in last year's first quarter.

這些因素，加上隨著我們的用戶基數以相對穩定的速度增長而帶來的規模化收益，正在幫助我們改善無線業務的 EBITDA 虧損，該虧損總額為 1.03 億美元，而去年第一季為 1.89 億美元。

Moving now to cable expense and margin detail on Slide 6. To start, I'd note that while costs associated with Xfinity Mobile are now included in each of our non-programming expense categories, the bulk of these costs fall into the tech and product support expense category, as this is where our MVNO costs and mobile handset costs are housed.

現在就來看看第 6 張投影片上的有線電視費用和利潤明細。首先，我想指出，雖然與 Xfinity Mobile 相關的成本現在已包含在我們每個非節目費用類別中，但這些成本的大部分都屬於技術和產品支援費用類別，因為我們的 MVNO 成本和行動手機成本都包含在這裡。

Overall, total cable expenses increased about 1% in the first quarter, driven by 2.8% growth in programming expenses. Non-programming expenses decreased slightly and decreased 4% on a per-relationship basis.

總體而言，第一季有線電視總支出成長了約 1%，主要原因是節目製作支出增加了 2.8%。非程式支出略有下降，以每段關係計算下降了 4%。

Notably, customer service expense was down 2.3%, even as our customer base grew 3.6%. Our ongoing focus on improving the customer experience and offering more digital service tools continues to pay off in the form of higher customer satisfaction and a reduction in unnecessary activity and the associated costs.

值得注意的是，儘管我們的客戶群成長了 3.6%，但客戶服務費用卻下降了 2.3%。我們持續致力於改善客戶體驗並提供更多數位化服務工具，這不斷帶來回報，提高了客戶滿意度，減少了不必要的活動和相關成本。

As Brian mentioned, nearly 80% of our interactions are now being completed digitally, while both truck rolls and calls handled by our agents decreased nearly 10% in the first quarter.

正如布萊恩所提到的，我們近 80% 的互動現在都是透過數位化方式完成的，而第一季我們的上門服務和客服人員處理的電話都減少了近 10%。

These expense results, coupled with robust revenue growth, resulted in EBITDA margins of 40.1% in the first quarter, up 200 basis points year-over-year, including wireless in both periods.

這些支出結果，加上強勁的營收成長，使得第一季 EBITDA 利潤率達到 40.1%，較去年同期成長 200 個基點，兩個季度均包含無線業務。

For the full year, we now expect up to 100 basis points of year-over-year margin improvement compared to 2018's margin of 38.7%. This is an increase from our original guidance for up to 50 basis points of improvement in 2019.

我們現在預計全年利潤率將比 2018 年的 38.7% 提高 100 個基點。這比我們最初預期的 2019 年最多改善 50 個基點的目標有所提高。

Cable capital expenditures decreased 19% to $1.4 billion, leading to capital expenditure intensity of 9.5% in the first quarter, partially reflecting the timing of our spending.

有線電視資本支出下降 19% 至 14 億美元，導致第一季資本支出強度為 9.5%，部分反映了我們支出的時間表。

For the full year, we continue to expect 50 basis points of year-over-year improvement in capital expenditure intensity compared to 13.8% in 2018, which has been restated to include wireless revenue and capital expenditures.

全年來看，我們仍預期資本支出強度將比 2018 年的 13.8% 改善 50 個基點（2018 年的數據已重新調整，包括無線收入和資本支出）。

I'd note that our MVNO approach to mobile is very capital-light and so the amount of wireless capital expenditures is immaterial, both in the prior year and our 2019 guidance.

我想指出，我們採用的行動虛擬網路營運商 (MVNO) 模式資本投入非常少，因此無線資本支出金額微不足道，無論是前一年還是我們 2019 年的業績預期都是如此。

We are confident in our ability to deliver another year of healthy growth at cable in 2019, and our first quarter results show we are off to a great start.

我們有信心在 2019 年繼續保持有線電視業務的健康成長，第一季的業績表明我們已經取得了良好的開端。

With that, I'll turn to NBCUniversal results on Slide 7. NBCUniversal revenue decreased 12% to $8.3 billion and EBITDA increased to 2.9% to $2.3 billion, primarily reflecting the difficult comparison to our profitable broadcast of the Super Bowl and Winter Olympics, partially offset by a strong quarter at Filmed Entertainment. As a reminder, the Super Bowl and Winter Olympics generated $1.6 billion of incremental revenue at our TV businesses in last year's first quarter.

接下來，我將在第 7 張投影片上介紹 NBCUniversal 的業績。 NBCUniversal 的營收下降了 12%，至 83 億美元，EBITDA 成長了 2.9%，至 23 億美元，這主要反映了由於我們盈利的超級碗和冬季奧運會轉播而導致的業績對比不佳，但電影娛樂部門強勁的季度業績部分抵消了這一影響。提醒一下，去年第一季度，超級盃和冬季奧運會為我們的電視業務帶來了 16 億美元的額外收入。

Cable Networks revenue decreased 9.2% to $2.9 billion and EBITDA increased 0.7% to $1.3 billion. Excluding $378 million of revenue associated with the Winter Olympics last year, revenue increased 3.2% driven by distribution and advertising revenue growth.

有線電視網路營收下降 9.2% 至 29 億美元，EBITDA 成長 0.7% 至 13 億美元。除去去年與冬季奧運相關的 3.78 億美元收入，收入成長了 3.2%，這主要得益於分銷和廣告收入的成長。

Distribution revenue increased 6.8%, reflecting the ongoing benefits of previous renewal agreements and a modest decline in subscribers.

分銷收入增加了 6.8%，反映了先前續約協議帶來的持續收益以及用戶數量的小幅下降。

Advertising revenue increased 2%, benefiting from overall higher pricing, robust demand at MSNBC and healthy NHL results, partially offset by ratings declines.

廣告收入成長了 2%，這得益於整體價格上漲、MSNBC 的強勁需求以及 NHL 的良好成績，但部分被收視率下降所抵消。

Content licensing revenue decreased 12% due to the timing of content delivered under our licensing agreements. We continue to see strong and growing demand for our studios content overall. And with the upcoming launch of our own direct-to-consumer service, we'll have more ways than ever to maximize the value of our content.

由於根據我們的授權協議交付內容的時間安排，內容授權收入下降了 12%。我們看到市場對我們工作室內容的整體需求持續強勁成長。隨著我們即將推出自己的直接面向消費者的服務，我們將比以往任何時候都擁有更多方法來最大限度地發揮我們內容的價值。

Broadcast revenue decreased 29% to $2.5 billion and EBITDA decreased 24% to $387 million. Excluding revenue of $770 million from the Winter Olympics and $423 million from the Super Bowl, broadcast revenue increased 7.1%.

廣播收入下降 29% 至 25 億美元，EBITDA 下降 24% 至 3.87 億美元。如果排除冬季奧運會的 7.7 億美元收入和超級盃的 4.23 億美元收入，廣播收入成長了 7.1%。

Retrans revenue increased by about 20% to $495 million.

Retrans 營收成長約 20%，達到 4.95 億美元。

Content licensing revenue increased by 7.2%.

內容授權收入成長了7.2%。

Advertising revenue grew 2.6%, reflecting overall higher pricing and strength in our entertainment and sports properties, partially offset by a decline in ratings.

廣告收入成長了 2.6%，反映出整體定價上漲以及娛樂和體育類產品的強勁表現，但部分被收視率下降所抵消。

Filmed Entertainment revenue increased 7.4% to $1.8 billion and EBITDA increased 79% to $364 million, reflecting an 11% increase in content licensing revenue and including a successful quarter of theatrical releases.

電影娛樂收入成長 7.4% 至 18 億美元，EBITDA 成長 79% 至 3.64 億美元，反映出內容授權收入成長 11%，並且包括一個成功的季度院線發行。

Theatrical revenue increased 5%, driven by the box office performances of How to Train Your Dragon: Hidden World and Us. We look forward to another animated sequel with the Secret Life of Pets 2 hitting theaters in June and the return of our Fast and Furious franchise with Hobbs & Shaw later this year.

受《馴龍高手3：隱密的世界》和《我們》票房成績的推動，戲院收入成長了5%。我們期待另一部動畫續集《寵物當家2》在6月上映，以及《玩命關頭》系列電影《霍布斯與肖》在今年稍晚回歸。

Finally, at Theme Parks, revenue and EBITDA were both relatively flat at $1.3 billion and $498 million, respectively. This, in part, reflects the impact of spring holiday timing, which benefited the first quarter of last year, but falls in the second quarter of this year. Excluding this impact, EBITDA would have grown by low single digits. Towards the end of the second quarter, we will be opening a new Hagrid-themed Harry Potter roller coaster and the first phase of our Endless Summer Resort in Orlando as well as a new Jurassic World attraction in Hollywood. Looking ahead, we have a robust pipeline of new attractions, which includes Nintendo coming to our parks starting with Japan in 2020 and the opening of our new Beijing park in 2021.

最後，主題樂園的收入和 EBITDA 分別維持在 13 億美元和 4.98 億美元的相對穩定水準。這在一定程度上反映了春季假期時間的影響，春季假期對去年第一季有利，但今年春季假期則在第二季。剔除此影響，EBITDA 將實現個位數低成長。在第二季末，我們將在奧蘭多開放以海格為主題的全新哈利波特過山車和無盡夏日度假村的第一階段，並在好萊塢開設新的侏羅紀世界景點。展望未來，我們擁有強大的新景點開發計劃，其中包括任天堂將於 2020 年率先在日本入駐我們的樂園，以及 2021 年在北京開設新的樂園。

Moving onto Sky pro forma results on Slide 8. As I said earlier, these results are as if we owned Sky as of January 1, 2017. In addition, the growth rates I will refer to in this section are on a constant currency basis.

接下來是投影片 8 的 Sky 模擬表現。正如我之前所說，這些業績假設我們從 2017 年 1 月 1 日起就擁有了 Sky。此外，本節中我將提到的成長率均以固定匯率為基礎。

In the first quarter, revenue at Sky increased 1.9%. Content revenue grew 38%, reflecting the monetization of Sky's exclusive sports rights, premium channels and original programming.

第一季度，Sky 的營收成長了 1.9%。內容收入成長了 38%，反映了 Sky 獨家體育賽事版權、付費頻道和原創節目的貨幣化。

We added 112,000 net new customer relationships in the first quarter with growth in each of our markets.

第一季度，我們新增了 112,000 個淨客戶關係，並且在我們所有的市場都實現了成長。

Direct-to-consumer and advertising revenues were both relatively consistent with the prior year.

直接面向消費者的收入和廣告收入均與上年度基本持平。

EBITDA decreased 11% in the first quarter, reflecting the increased in programming costs from new contracts for expanded Serie A and Champions League Soccer rights in Italy and Germany, which will lap in the second half of this year, while, at the same time, a new lower-cost EPL contract begins. We also anticipate benefiting for the remainder of the year from the price increases in the U.K. that went into effect in April.

第一季 EBITDA 下降 11%，反映出義大利和德國擴大的意甲聯賽和歐冠聯賽足球轉播權的新合約增加了節目製作成本，這些合約將於今年下半年到期，與此同時，一項新的成本較低的英超合約也開始生效。我們也預計，從英國4月生效的價格上漲中受益，直到今年年底。

It's been 7 months since the end of the Sky auction and we couldn't be off to a better start in the ways our teams across Sky, NBCUniversal and Cable are working together. Among the exciting initiatives already underway, our Sky's NOW TV team support of NBC's direct-to-consumer service, the expansion of AdSmart, the integration of NBC's European channels with Sky, the integration of Sky Vision with NBC's global TV distribution, the enhancement of Sky's products with Cable's XFi and voice technology, the leveraging of each other's content by sharing Universal films and TV shows as well as Sky Sports and NBC Sports Network programming, and the collaboration in news on event coverage and the launch of Sky News on X1.

距離天空電視台競標結束已經過了7個月，天空電視台、NBC環球和有線電視公司各團隊的合作方式都取得了非常好的開端。在目前正在進行的令人興奮的舉措中，包括：Sky NOW TV 團隊對 NBC 直接面向消費者服務的支持；AdSmart 的擴展；NBC 歐洲頻道與 Sky 的整合；Sky Vision 與 NBC 全球電視發行的整合；利用 Cable 的 XFi 和語音技術增強 Sky 的產品；通過共享環球影業的電影和電視節目以及 Sky 和 ​​NBC體育頻道的節目來充分利用彼此的內容；以及在新聞報道方面開展合作，包括賽事報導和在 X1 上推出 Sky News。

So wrapping up on Slide 9 with free cash flow and our balance sheet. We generated $4.6 billion of free cash flow in the first quarter and paid dividends totaling $869 million. Pro forma net leverage was 3.2x at the end of the first quarter. We are making good progress on deleveraging and remain on track with the leverage commitments we made to the ratings agencies.

最後，我們來看第 9 張投影片，內容是自由現金流和資產負債表。第一季我們產生了 46 億美元的自由現金流，並支付了總計 8.69 億美元的股息。第一季末的備考淨槓桿率為 3.2 倍。我們在去槓桿化方面取得了良好進展，並繼續履行我們對評級機構的槓桿承諾。

In closing, as you can see in our first quarter results, we are off to a great start to the year and strategically well positioned for future growth with leadership in valuable customer relationships, a highly differentiated broadband network and world-class content. Our team's collaboration across the business makes us even stronger, which further supports our excitement about the opportunities ahead for Comcast.

最後，正如您從我們第一季的業績中看到的那樣，我們今年開局良好，憑藉在有價值的客戶關係、高度差異化的寬頻網路和世界一流內容方面的領先地位，我們在戰略上為未來的成長做好了充分準備。我們團隊在整個業務領域的協作使我們更加強大，這也進一步增強了我們對康卡斯特未來機會的信心。

With that, I'll turn it back to Jason.

這樣，我就把麥克風交還給傑森了。

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·埃利希的電話。

I guess 2 questions. One, how is the company view evolving for direct-to-consumer, both for your own service and for the cable company, given the onslaught of coming services not just your own, but Apple, Disney, Warner? And then separately, can you -- is there anything that you can say on, like, long-term intentions with Hulu?

我想問兩個問題。第一，鑑於即將湧現的眾多服務（不僅是您自己的服務，還有蘋果、迪士尼、華納等），貴公司對直接面向消費者的服務以及有線電視公司的看法正在發生怎樣的變化？另外，您能否就 Hulu 的長期發展計劃談談您的看法？

Let me start then kick it over to Steve and Dave, maybe. I think that we start with the central view that streaming is going to happen, video over the internet is more friend than foe and we wish every bit was our bit, but if people consume more bits, and video clearly does that and 4K video does even more of that, that's in the sweet spot of where this company is going to grow. In terms of the cable effect for the cable company, again, we've now integrated Amazon and we've integrated Netflix and we've delivered more Amazon and Netflix, I believe, to our customer homes, the #1 way to receive it in our footprint in our customer homes, and that -- it's a deep, successful, beautiful, elegant integration that the tech teams have done at both companies. And we've done that with YouTube. And you can imagine we'll do that again with others as the world continues to evolve. Dave, you want to talk a little more?

我先開始，然後可能就交給史蒂夫和戴夫了。我認為我們應該從串流媒體即將到來、網路影片是利大於弊而非弊大於利這一核心觀點出發，我們希望每一比特都屬於我們，但如果人們消費更多的比特（視頻顯然會做到這一點，而 4K 視頻更是如此），那麼這正是這家公司未來發展的最佳切入點。就有線電視公司而言，我們現在已經整合了亞馬遜和Netflix，我相信，我們已經將更多的亞馬遜和Netflix內容送到了我們的客戶家中，這是我們覆蓋範圍內客戶家中接收這些內容的最佳方式，而且——這是兩家公司技術團隊完成的深入、成功、出色、優雅的整合。我們已經在 YouTube 上實現了這一點。你可以想像，隨著世界不斷發展，我們還會對其他人這樣做。戴夫，你想再聊一會兒嗎？

Yes. Well, as Brian had said, we think that the internet-delivered video is a good thing for the Cable business. And you look at where the usage is on the broadband network. The median monthly data usage for our resi business is over 200 gigabytes, and this is increasing at 34% year-over-year in the quarter. So it's clearly critical to have a fantastic broadband network. And I think it really showcases, for us, these differentiated network and broadband. But while broadband is crucial, delivering the experience for all these apps, as Brian said, too, the X1 platform is uniquely positioned to tie up all this together. I've heard and you've all read different stories about just how complicated it could be for the consumer. We think X1 is just a fantastic platform. It gives us the ability to combine everything, live, DVR, On Demand and these apps in such a unique way using the voice. So I think that those 2 things, I think, give us a great position as we go forward in this landscape.

是的。正如布萊恩所說，我們認為網路傳輸的影片對有線電視產業來說是一件好事。然後你要查看寬頻網路的使用情況。我們住宅業務的月平均數據使用量超過 200 GB，且本季年增 34%。因此，擁有一個出色的寬頻網路顯然至關重要。我認為這真正展現了我們這些差異化的網路和寬頻的優勢。但正如布萊恩所說，雖然寬頻對於提供所有這些應用程式的體驗至關重要，但 X1 平台具有獨特的優勢，可以將所有這些功能整合在一起。我聽過，你們也都讀過各種各樣的報道，講述了這對消費者來說有多複雜。我們認為 X1 真是一款非常棒的平台。它使我們能夠以獨特的方式，利用語音將所有內容（直播、DVR、點播和這些應用程式）結合起來。所以我認為這兩點，讓我們在這個領域擁有了非常有利的地位。

On Hulu, the relationship with NBC is very much in everybody's interest to maintain. And we're -- have no new news today on it, other than it's really valuable. And we're really glad we own a large piece of it. And Steve, you want to add anything there?

對於 Hulu 來說，與 NBC 保持良好關係符合所有人的利益。今天我們沒有關於此事的任何新消息，只知道它非常有價值。我們非常高興我們擁有其中很大一部分土地。史蒂夫，你還有什麼要補充的嗎？

So Jessica, let me give you an update on the NBCU streaming service that we're developing. First of all, our feeling is -- and it's interesting watching -- you watch CNBC, you would assume that streaming is all of the entrants are in and it's a big battle between 2 or 3 of them. We actually think it's very, very early innings and, in some ways, reminiscent of cable in the 1970s or 1980s. And we think there will be a lot of entrants, and a lot of companies will try to enter with their own unique strengths, leveraging their own unique assets. And so you're starting to see that. In our case, NBC is the #1 broadcast channel. We have a huge portfolio of cable channels. And if you add up all of our rating points, more people watch our channels than any other media company's channels. And then not surprisingly, we're the #1 provider of television advertising in the country. So we think those are strengths. We also think the fact that Comcast Cable and Sky have over 50 million direct relationships, billing direct relationships with customers is a real strength. So our approach, which we think is very interesting and different, is to take thousands of hours of great programming and make it free to the vast majority of people who live in the United States or the U.K., eventually. And we think that's a way to get real scale quickly. And we think that's a way to achieve profitability more quickly than we would otherwise. So we've taken -- as Brian and Mike mentioned in their introductions, we've taken the NOW TV executive team, the -- 2 of the most senior people at Sky working on that project now live in the United States. And we have hundreds of other people working on rights and technology and all those things you need to do to set up the service. And in about a year, we plan to enter in this unique way. And we see a lot of people entering and we think there is plenty of room for multiple companies and different strategies to make money. And we look at it as a real opportunity. Given all the content we have and the real strengths we have, we look at this as a way to grow our company, empower our company for decades to come.

傑西卡，讓我來為你報告我們正在開發的NBCU串流服務的最新進展。首先，我們的感覺是——而且觀察起來也很有趣——如果你看 CNBC，你會認為串流媒體是所有參與者的領域，而且是其中兩到三家公司之間的一場大戰。我們認為現在還處於非常非常早期的階段，在某些方面，它讓人想起 20 世紀 70 年代或 80 年代的有線電視。我們認為會有很多競爭者，很多公司會嘗試以自己獨特的優勢和資源進入市場。所以你開始明白這一點了。就我們而言，NBC是排名第一的廣播頻道。我們擁有龐大的有線電視頻道組合。如果把我們所有的收視率加起來，觀看我們頻道的人數比其他媒體公司的頻道都多。不出所料，我們是全國排名第一的電視廣告供應商。所以我們認為這些都是優勢。我們也認為，康卡斯特有線電視和天空電視台擁有超過 5,000 萬個直接客戶關係，直接與客戶建立計費關係，這是一個真正的優勢。因此，我們認為我們採取的方法非常有趣且與眾不同，那就是將數千小時的優秀節目免費提供給居住在美國或英國的絕大多數人，最終實現這一目標。我們認為這是快速實現真正規模化的一種方式。我們認為這是比其他方式更快獲利的一種方式。所以，正如布萊恩和麥克在介紹中提到的那樣，我們邀請了 NOW TV 的執行團隊，以及 Sky 負責該專案的兩位最高級別人員，他們現在都居住在美國。我們還有數百名其他人員負責版權、技術以及建立這項服務所需的所有事項。大約一年後，我們計劃以這種獨特的方式進入市場。我們看到很多人進入這個領域，我們認為這裡有足夠的空間容納多家公司和不同的賺錢策略。我們將其視為一個真正的機會。鑑於我們擁有的所有內容和我們真正的優勢，我們認為這是發展我們公司、增強我們公司未來幾十年實力的一種方式。

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。

I just want to start on Cable, another quarter where not just customer growth strength, but also continued margin performance. Dave, you guys have had -- I think your non-programming OpEx has been coming down as a -- on a per-customer basis now for a while. Can you talk a little of the drivers of that and whether you see opportunity to continue, Dave and/or Mike, to drive this kind of leverage in the business, even as you grow your customer growth -- count so much? And then just coming back to sort of the shifting streaming landscape, for -- maybe for Jeremy. Disney rolled -- laid out a plan to roll out their product in Western Europe next year. We don't know about Warner's international plans. I'm sure we'll hear about that later this year. How do you -- how should we think about Sky's position in Europe to the extent these rights move away from you and, I guess, if you see that as a risk or how you may redeploy capital into your own studio production? Just talk about Sky's position in Europe and how you think about the shifting landscape on the supply side.

我只想先說說有線電視業務，這個季度不僅客戶成長強勁，利潤率也保持了良好的表現。Dave，我認為你們的非程式營運支出已經持續下降了一段時間，而且是以每個客戶為單位的。能否請您談談推動這一趨勢的因素，以及戴夫和/或麥克是否認為有機會繼續在業務中發揮這種槓桿作用，即使客戶成長如此重要？然後，回到不斷變化的串流媒體格局，也許對傑里米來說是這樣。迪士尼制定了一項計劃，將於明年在西歐推出產品。我們不了解華納的國際計劃。我相信今年晚些時候我們會聽到相關消息。您認為—我們應該如何看待 Sky 在歐洲的地位，尤其是在這些版權逐漸從您手中流失的情況下？我想，您是否認為這是一個風險？或者您可能會如何將資金重新投入到您自己的工作室製作中？請談談天空電視台在歐洲的地位，以及您如何看待供應端格局的變化。

Let's start with Dave.

我們先從戴夫說起。

Yes. All right. Thanks, Ben. So our non-programming OpEx, we've said we have a long-term game plan. And the key drivers for us starts with transforming the customer experience and the customers' digital capability. And when we do that, we're going to take out unnecessary transactions and associated cost out of the business. And this is happening. It's good for the customer. And it's the right way for us to run the business. And so we think that there is still significant room to improve our performance and taking out these unnecessary transactions. And so -- but at the same time, customer experience is only part of the non-programming OpEx. Some of the costs are success-based and some -- you'll see, perhaps, some increases based on higher volume of sales activity, like on the mobile side, handset costs. And we're going to continue to invest and grow on the experience. But what we're seeing, I think, is a reflection of our focus of just being very disciplined around cost and the customer experience. So there can be some lumpiness in any given quarter, but I like our momentum in reducing the transactions. And if you combine what Mike was talking about, the combination of this focus on the connectivity business and then with the -- our focus on taking these costs out, you're seeing the margin improvement that Mike talked about, up to 100 basis points. So we like our momentum.

是的。好的。謝謝你，本。所以，對於我們的非程式營運支出，我們已經制定了長期發展計畫。而我們的關鍵驅動力在於轉變客戶體驗和提升客戶的數位化能力。這樣做可以減少企業中不必要的交易和相關成本。而這一切正在發生。這對顧客有好處。這是我們經營企業的正確方式。因此，我們認為我們的業績還有很大的提升空間，並且可以取消這些不必要的交易。因此—但同時，客戶體驗只是非程式營運支出的一部分。有些成本與績效掛鉤，有些成本──你可能會看到，隨著銷售活動的增加，成本也會增加，例如在行動端，手機成本會增加。我們將繼續投資，並在經驗基礎上不斷發展壯大。但我認為，我們現在看到的，反映了我們始終堅持嚴格控製成本和提升客戶體驗的理念。因此，每個季度都可能出現一些波動，但我對我們減少交易量的發展勢頭感到滿意。如果你把麥克所說的，也就是對連結業務的關注，再加上我們致力於降低這些成本，你會看到麥克所說的利潤率提升，最高可達 100 個基點。所以我們對目前的勢頭很滿意。

Jeremy?

傑里米？

Yes, sure. So look, Ben, I feel really good about our position. I think that Sky's position in Europe has proved, as you've seen, to be very successful and endurable in a variety of environments. It's anchored off our brand leadership in all of our markets, our range and reach. I don't think any business in Europe can reach as many customers through their broader platform as we can. And we've got really strong market positions. We've got very broad content, as you know, across all of the major genres, pretty much across of all the major providers. I don't think people are going to say -- any of the business probably has the breath and range of content that we've got. And as you know, we stepped in early to really dismantle the big bundle almost 10 years ago now in Sky. So we have -- we really moved our base already away and right sized much of our base. And of course, we were early into streaming with NOW TV. So it's no surprise to me that a business like Netflix, for example, want to be on Sky because they see that as one of the ways that they'll continue to grow the base across Europe. So I feel good about our basic market position. I think the second thing I'd say about Europe, given that we've got such a strong free-to-air sector here, is that the other capabilities of DTC away from platforms, the ability to sell products, reach customers, compete against good free services and then keep the products sold, that's very acute here. And I think we're in a good place there. I think our relationships will evolve, of course, with our partners. I don't feel there's any single partner that we need to keep on the platform and, as part of that, and continuing to invest in our own channels and content has been a key theme and will be a theme for us going forward. So this quarter alone, the Sky channels or Sky Originals, as Brian mentioned, outperformed all of the Pay TV providers in our markets. So as always, it'll be disruptive to an extent, I think. But I think if you look at our hand and all the assets we've got, we're going to be in a good place to navigate and continue to thrive in that environment.

當然可以。所以，本，我對我們的處境感到非常滿意。正如你所看到的，我認為天空電視台在歐洲的地位已經證明非常成功，並且在各種環境下都具有很強的持久性。它建立在我們品牌在所有市場的領導地位、產品範圍和覆蓋範圍之上。我認為歐洲沒有任何一家企業能夠像我們一樣，透過其更廣泛的平台觸達如此多的客戶。我們擁有非常強大的市場地位。如您所知，我們的內容非常廣泛，涵蓋所有主要類型，幾乎涵蓋所有主要供應商。我不認為人們會說——任何其他企業可能都無法與我們相比，擁有如此廣度和深度的內容。如你所知，我們早在近 10 年前就介入並真正拆解了 Sky 的龐大捆綁業務。所以我們已經──我們已經把基地遷走了，並且調整了大部分基地的規模。當然，我們很早就開始使用串流媒體服務了，例如 NOW TV。因此，像 Netflix 這樣的公司想要入駐 Sky 也就不足為奇了，因為他們認為這是他們繼續在歐洲擴大用戶群的方式之一。所以我對我們的基本市場地位感到滿意。關於歐洲，我想說的第二點是，鑑於我們這裡有如此強大的免費電視行業，DTC 的其他能力，例如銷售產品、觸達客戶、與優秀的免費服務競爭並保持已售產品的能力，在這裡非常突出。我認為我們在這方面處境不錯。我認為我們與伴侶之間的關係當然會不斷發展。我不認為我們需要在平台上保留任何單一的合作夥伴，因此，繼續投資我們自己的管道和內容一直是關鍵主題，也將是我們未來發展的主題。正如布萊恩所提到的，光是本季度，Sky 頻道或 Sky Originals 的表現就超過了我們市場上所有付費電視供應商。所以我覺得，和以往一樣，這會在某種程度上造成乾擾。但我認為，看看我們手中的籌碼和我們擁有的所有資產，我們就能很好地應對這種環境，並繼續蓬勃發展。

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。

Okay. Can we talk a little bit about competition in traditional video? Do you guys think you're benefiting from the fallout we're seeing at AT&T and maybe the price increases on the streaming side? And then correspondingly, do you think that gives a boost to the broadband market? And then maybe similar question, but on the NBC side. You talked about modest declines in subs. I think over the last few quarters, you've talked about sub improvement or improving sub trends on your fully distributed networks. Are you seeing that the -- those trends worsen? Or how would you think of trends on the -- on that side?

好的。我們能稍微談談傳統視訊領域的競爭嗎？你們覺得你們會從AT&T目前的困境以及串流媒體服務價格上漲中獲益嗎？那麼，您認為這是否會促進寬頻市場的發展？然後可能還會有人問類似的問題，但這次是關於 NBC 方面的問題。你提到了訂閱用戶數量的小幅下降。我認為在過去的幾個季度裡，你們一直在談論子系統的改進或改善完全分散式網路中的子系統趨勢。你有沒有註意到這些趨勢正在惡化？或者，您會如何看待那邊的趨勢？

John, this is Dave. So look, the video category is -- remains a very competitive one. And it's little early to gauge any impact from some of the moves from either virtual competitors or the SVODs. But they're still all competing. The sheer number, though, that Steve mentioned, too, there are some new ones coming in. So it's a very competitive category. But having said that, I think we're competing very effectively with discipline to not chase unprofitable relationships. And X1 is a great long-term, terrific platform that, as I mentioned before, that integrates live, On Demand, DVR apps and will continue to be an important part of our go-to-market packaging approach. So we're going to compete for the segments that really matter. We're going to leverage our X1 platform. We'll see where the video market goes. But what's happening is, to your question, broadband is the centerpiece of our packaging. And we drove 300,000 total customer relationships. Broadband is the real driver behind that. We're ending with 31 million relationships, which is up 3.6% year-over-year. So we're, I think, doing a good job managing the business. We're still going to compete in video. But our overall net results, I think, reflect the strategy.

約翰，這是戴夫。所以你看，影片類別仍然是一個非常競爭激烈的類別。現在評估虛擬競爭對手或 SVOD 的一些舉措會產生什麼影響還為時過早。但他們仍在競爭。不過，正如史蒂夫所提到的，數量確實很多，而且還有一些新的產品即將推出。所以這是一個競爭非常激烈的領域。但話雖如此，我認為我們之所以能夠有效地參與競爭，是因為我們自律，不去追求無利可圖的關係。X1 是一個非常棒的長期平台，正如我之前提到的，它整合了直播、點播、DVR 應用，並將繼續成為我們市場推廣包裝方法的重要組成部分。所以我們要爭取那些真正重要的細分市場。我們將充分利用我們的 X1 平台。我們將拭目以待視訊市場的發展方向。但就你的問題而言，寬頻是我們產品包裝的核心。我們促成了 30 萬個客戶關係。寬頻才是背後真正的驅動力。我們最終統計到有 3,100 萬個關係，比上年增長 3.6%。所以我覺得，我們在業務管理方面做得很好。我們仍將參加視頻比賽。但我認為，我們的整體淨收益反映了這個策略。

Before we jump to Steve, I just would add to that point that, probably, the difference between us and some of the others that you referenced is that's the strength of this great network and the model we've got between business services and consumers. If a customer doesn't choose to want to buy one of our video products, they're buying our broadband at a better rate than we might have had anticipated years ago. And that's where the shift that we're talking about is playing to our strength. The higher-margin, ultimately increasing revenues, the double digit that Mike talked about for the broadband business is pretty exceptional. So getting that mix right, not holding on to the wrong customers too long allows us to free up the broadband business and that's where the Flex product looks like strategically. We've now set a course for years to come that anticipates the change that is happening in the market. And that's where -- Dave, you're doing a great job.

在我們談到史蒂夫之前，我想補充一點，我們與你提到的其他一些公司之間的區別可能在於，我們強大的網絡以及我們在商業服務和消費者之間建立的模式。如果客戶選擇不購買我們的視訊產品，那麼他們購買我們的寬頻服務的價格將比我們幾年前預想的要優惠得多。而這正是我們所說的轉變能夠發揮我們優勢的地方。麥克所說的寬頻業務兩位數成長，利潤率更高，最終收入也會增加，這確實非常出色。因此，透過調整組合，避免與錯誤的客戶長時間糾纏，我們可以釋放寬頻業務的潛力，而這正是 Flex 產品在策略上的意義所在。我們已經制定了未來幾年的發展方向，以因應市場正在發生的變化。戴夫，你做得非常棒。

So from the perspective of NBCUniversal and sub trends, we've said, I think, maybe 3 or 4 calls in a row, that we thought the virtual MVPD sort of growth was probably unsustainable, and that's proving to be the case. I think as a number of people have come into virtual MVPD universe, they had promotional pricing or big launch plans, and they would gain a fair amount of subs. And actually, at one point, the gain on the virtual MVPD side pretty much offset the loss on the traditional MVPD side. That trend, I think, is over. I think we were right that people came in, and now they're raising prices and pulling back and redirecting. And what you're seeing is that the virtual MVPD growth is slowing. And there's nothing really dramatic on the traditional MVPD side. The erosion is pretty much the same as it's been. You just have a lower number of virtual MVPD net adds, and I think that's going to continue. I think we all believe that's a quite challenged business model. And there was a bit of excitement as everybody rushed into the business over the last year or so, and that excitement now is going away.

所以從 NBCUniversal 和細分市場趨勢的角度來看，我們已經連續三到四次通話表示，我們認為虛擬 MVPD 的成長可能是不可持續的，事實證明確實如此。我認為，隨著越來越多的人進入虛擬 MVPD 領域，他們推出了促銷定價或大型發布計劃，並獲得了相當多的訂閱用戶。事實上，在某個階段，虛擬 MVPD 方面的收益幾乎完全抵銷了傳統 MVPD 方面的損失。我認為，這種趨勢已經結束了。我認為我們之前的判斷是對的，人們確實進來了，但現在他們提高了價格，撤出了市場，並改變了方向。而我們現在看到的是，虛擬多頻道視訊節目分銷商 (MVPD) 的成長正在放緩。而傳統多頻道視訊節目分銷商方面並沒有什麼真正引人注目的變化。侵蝕情況與之前基本相同。虛擬 MVPD 淨新增數量較少，我認為這種情況還會持續下去。我認為我們都認為這是一個頗具挑戰性的商業模式。過去一年左右，大家紛紛湧入這個行業，一度令人興奮，但現在這種興奮感正在消失。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

One follow-up and a new question. First, on the cable margin. Following up, it seems like even the new guide of up to 100 basis point seems conservative. Anything coming in costs later in the year that we should be thinking about? And then second, Sky revenue growth in local of only 2% year-over-year looks like a significant slowdown. Was there a timing comp issue in the U.K. price increase? And then recognizing that April price increase, should we expect that to be enough to return local growth towards last year's 4%?

一個後續問題和一個新問題。首先，關於電纜邊緣。進一步來看，即使是最高 100 個基點的新指導價似乎也顯得保守。今年稍後有哪些費用會增加，是我們應該考慮的嗎？其次，Sky 在本地市場的收入年增僅 2%，這看起來是一個顯著的放緩。英國價格上漲是否有時間安排問題？考慮到四月的價格上漲，我們是否應該預期這足以使當地經濟成長恢復到去年的 4% 水準？

This is Mike. I'll start and then give it to Jeremy. So on the up 100 basis points improvement in margin, I think that's what you should count on. I think one quarter, it's a great start to the year. The trends that we've seen in the business of continued mix shift to broadband and control of programming and non-programming costs will continue to be the story. But one quarter at a time, and I'd point you to the guidance that we gave today of up 100. Jeremy, you want to hit Sky?

這是麥克。我先開始，然後交給傑瑞米。所以，關於利潤率提高 100 個基點，我認為這就是你應該期待的。我認為第一季是個不錯的開局。我們看到，商業領域的趨勢是，寬頻的持續成長以及對節目和非節目成本的控制，這些趨勢將繼續成為未來的發展方向。但要一步一步來，我建議你參考我們今天給的指導意見，即最高可達 100。傑瑞米，你想打天空電視台嗎？

Yes, sure. So yes, in terms of our quarter year-on-year revenue growth, there were couple of one-time effects in there. We had fewer pay-per-view events, that was a bit of a drag this year. And then we also launched Sky in Italy on the DTT network last year, and that is a lower ARPU, lower revenue business -- with lower cost, so it's very, very additive and attractive as a business for us -- so that's a bit of a drag. You're right to say there's really no effect at all of our -- of 5% price increase in the U.K. and that will come through as we move forward. So we would expect our revenue growth to improve from here and that will continue as we go through the -- and broadly move us to that sort of number. The final thing to say is probably in Europe, as you know, the macro environment is a bit more challenging in Europe. So the overall ad market in Europe was weak in the first quarter. We significantly outperformed that because our channels are doing so well. We'd expect that trend to continue. But given the political uncertainty, things like Brexit, we'll have to see how the total ad market goes as we move through the rest of the financial year.

當然可以。所以，是的，就我們季度同比營收成長而言，其中包含一些一次性因素。今年的付費觀看賽事數量減少了，這有點令人失望。去年我們也在義大利透過地面數位電視網路推出了 Sky，但這項業務的每位使用者平均收入較低，收入也較低——成本也較低，因此對我們來說，這項業務的附加價值和吸引力非常小——所以這有點拖累了我們。您說得對，我們 5% 的價格上漲在英國確實沒有任何影響，但隨著我們不斷推進，這一點將會顯現出來。因此，我們預期收入成長將從此開始改善，隨著我們逐步推進，這種改善趨勢將會持續下去，並最終達到預期的數字。最後要說的是，如您所知，歐洲的宏觀環境更具挑戰性。因此，歐洲整體廣告市場在第一季表現疲軟。我們的業績遠超預期，因為我們的通路表現非常出色。我們預計這種趨勢還會持續下去。但考慮到政治上的不確定性，例如英國脫歐，我們還需要觀察本財年剩餘時間整個廣告市場的走向。

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

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

Two questions, if I could. Steve, just -- if I can stay with this topic of direct-to-consumer and the sort of the response to what Disney laid out. They articulated a pretty clear path for what it's going to cost as well as what the strategy is. I'm wondering if you could just give some broad guidelines to how you think your own strategy will affect spending levels and your licensing revenues over the next couple of years. And then just on the cable side, I wonder if you could just talk about capital intensity. I know there are reasons not to get too excited about today's number just because of some pull forward in CPE last quarter. But this really is a sort of very different level of cable capital intensity that we've ever seen before and I'm wondering if that sort of informs your view of long-term capital intensity, whether it's any different than what you said in the past.

如果可以的話，我想問兩個問題。史蒂夫，我只是——如果我能繼續討論直接面向消費者的模式以及人們對迪士尼提出的方案的回應的話。他們非常清楚地闡述了成本以及策略。我想請您大致說明一下，您認為貴公司的策略將在未來幾年內如何影響支出水準和授權收入。然後，就電纜方面而言，我想知道您是否可以談談資本密集度。我知道，由於上個季度 CPE 的一些提前需求，今天公佈的數據不應該讓人太興奮。但這確實是我們以前從未見過的電纜資本密集度的非常不同的水平，我想知道這是否會影響您對長期資本密集度的看法，是否與您過去所說的有所不同。

So on the direct-to-consumer capital and spending and everything else, we have a lot of people working on it, but we're not going to give any numbers for the obvious competitive reasons. And we'll leave it at that.

所以，關於直接面向消費者的資本和支出以及其他所有方面，我們有很多人在研究，但出於顯而易見的競爭原因，我們不會透露任何數字。我們就說到這裡吧。

Craig, so as you said, capital intensity can be lumpy from quarter to quarter. So -- and sticking with the -- expecting 50 basis points of improvement in capital expenditure intensity in 2019 is right. I think the main drivers are very consistent. We stated this a while ago, what was happening, anticipated this. And so it's the decline in video CPE spending, but with a very consistent focus on investing in the connectivity side of business. And so we don't provide guidance much beyond what we just said. But we expect the trends to continue. I look at the investment and the infrastructure. Business services is just such a great growth engine. We'll continue to do the right things in the marketplace and capital and increase passings and lines. The business services team is doing a great job getting a return on all of those investments.

Craig，正如你所說，資本密集度可能因季度而異。所以——並且堅持——預期 2019 年資本支出強度將改善 50 個基點是正確的。我認為主要驅動因素非常穩定。我們之前就說過，當時的情況就是這樣，我們也預料到了。因此，視訊 CPE 支出有所下降，但對業務連接方面的投資卻始終保持高度重視。因此，除了我們剛才所說的之外，我們沒有提供更多指導。但我們預計這種趨勢還會持續。我關注投資和基礎設施。商業服務業真是一個巨大的成長引擎。我們將繼續在市場和資本方面做正確的事情，增加通行證和線路數量。業務服務團隊在實現所有投資回報方面做得非常出色。

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

你的下一個問題來自瑞士信貸的道格·米切爾森。

So a couple of questions. First...

我有幾個問題。第一的...

Doug? Hey, Doug, we can't hear you. Doug, we still can't hear you.

道格？嘿，道格，我們聽不到你說話。道格，我們還是聽不到你的聲音。

Sorry, about that. Can you hear me?

抱歉。你聽得到我嗎？

We can now. Yes, go ahead.

現在我們可以了。好的，請繼續。

Sorry about that. Just a bit on the wireless strategy. So obviously, strong profit improvement year-on-year, a bit better than we expected. What does this suggest for ROIs? And about the profitability, is the pace of improvement sustainable? And what drove that? And is wireless delivering the churn you had hoped for? And over on NBCU, Steve, any predictions going to the Upfront, what are advertisers telling you about their spending plans given this balance of high scatter pricing, but also a lot of ratings declines across the universe?

抱歉。簡單談談無線戰略。顯然，利潤年增強勁，比我們預期的還要好一些。這對投資報酬率意味著什麼？至於獲利能力方面，這種改善速度是否可持續？是什麼原因導致了這種情況？無線業務是否達到了你預期的用戶流失率？史蒂夫，NBCU方面，對於即將到來的預售會，你有什麼預測？鑑於目前價格波動較大，但整體收視率卻普遍下降，廣告主對他們的支出計畫有何看法？

So I'll just -- it's Mike. I'll start on -- we're starting to see on mobile the benefit of scaling up the business, and so that's -- we've been talking about that for a while and waiting and watching for it. So you're seeing that in year-over-year with the improvement of about $180 million of losses to around just over $100 million of losses. Going forward, I think we sustain that scale. We're really pleased. Dave can comment on how the business is performing. But quarter-to-quarter, it'll be driven a lot by volumes. And we like the volumes we got in this quarter, particularly in light of what you see from the industry overall. And that's part of what you see here. But we're starting to see the benefits of scale. It's the short story on the financials.

所以我就——我是麥克。我先來說說——我們開始看到行動端業務規模化帶來的好處，所以——我們已經討論這個問題一段時間了，一直在等待和觀察。所以你可以看到，與前一年相比，損失額有所改善，從約 1.8 億美元減少到略高於 1 億美元。展望未來，我認為我們可以維持這個規模。我們非常高興。Dave可以對公司的經營狀況發表評論。但從季度環比來看，這將很大程度上受銷售驅動。我們對本季的銷售感到滿意，尤其是考慮到整個行業的狀況。這就是你在這裡看到的一部分。但我們開始看到規模帶來的好處。這是財務方面的簡要說明。

So we are -- so we're happy with the mobile results today, including this first quarter, especially within the context of seasonality and our overall strategy. So 170,000 net additions, pretty solid and ending with 1.4 million lines are -- it's early, I mentioned it before, but we are seeing some improvement in retention and that's exactly what one of our top goals were. We want to increase consideration of other products. We're seeing movement in certain sales channels, retail, for example, where people are coming in and thinking about broadband, and mobile is helping that. And last, Mike was mentioning, maintaining positive standalone wireless economics when we reach scale, and I think we're on track.

所以，我們對目前的行動裝置業績感到滿意，包括第一季的業績，尤其是在考慮到季節性因素和我們的整體策略之後。因此，淨增 17 萬用戶，相當不錯，最終達到 140 萬用戶——雖然現在下結論還為時過早，我之前也提到過，但我們看到用戶留存率有所提高，而這正是我們最重要的目標之一。我們希望提高消費者對其他產品的關注。我們看到某些銷售管道正在發生變化，例如零售業，人們開始考慮寬頻，而行動技術正在推動這一趨勢。最後，Mike 也提到，當我們達到規模時，要保持獨立的無線業務經濟效益為正，我認為我們正朝著這個方向努力。

So we're a few weeks out from the Upfront and I think all of the indications are, that at least for us, it's going to be a very strong upfront. I think the economy in the United States, the economy is quite strong. Our channels, NBC is ending the year #1. MSNBC is beating CNN at night. Telemundo is beating Univision. So we have a lot of inherent channel strength. And then we have -- we're bringing a lot of new technology and a lot of new ways of thinking about spending on digital and interactive technology, et cetera, to the market. And then finally, you mentioned the scatter market. The scatter market for many, many quarters has been up 30% and sometimes 40%, and that is just a very consistent strength. And the reality is there's more and more places to spend on digital, but television remains a platform for big companies that want to change people's brand perceptions that you just can't find on the internet. And so I think it is very likely to be a strong Upfront, and we're right there. We're heading into it in a few weeks.

距離預售會還有幾週時間，我認為種種跡象表明，至少對我們來說，這將是一次非常強勁的預售會。我認為美國的經濟狀況相當強勁。我們的頻道，NBC，以年終收視率第一的成績結束了這一年。MSNBC 晚間收視率超過 CNN。Telemundo 的收視率超過了 Univision。所以我們擁有很強的固有通路優勢。然後，我們將把許多新技術和許多關於在數位和互動技術等方面的支出的新思路帶入市場。最後，您提到了散戶市場。散戶市場已經連續多個季度上漲了 30%，有時甚至高達 40%，展現了非常持續的強勁勢頭。現實情況是，數位領域的支出管道越來越多，但電視仍然是那些想要改變人們對品牌認知的大公司在網路上無法找到的平台。所以我認為這次預售會很可能會非常成功，而我們目前的情況也確實如此。我們將在幾週後進入那個階段。

Your next question comes from the line of Marci Ryvicker with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Marci Ryvicker。

I have 2 questions, Brian. You mentioned that Comcast in total spends $24 billion annually on producing and purchasing content. Do you have how much of that is related to sports? And then second, for Steve. As the stations groups get bigger, is there any change in conversations when it comes to reverse comp?

布萊恩，我有兩個問題。你提到康卡斯特每年總共花費 240 億美元用於內容製作和購買。你知道其中有多少是與運動有關嗎？其次，是給史蒂夫的。隨著電台集團規模的擴大，在反向競爭方面，討論的內容是否有所改變？

Marci, I don't have that off the top of my head. We'll get back to you with whatever has been disclosed on that. We'll try to sum that up. But I think the point in making the statement, just to put it in context, is the scale of this company and the questions, even the conversation that we've been having here, it just dawns on me that the steps we've taken, I feel great about it. Sitting here today, with a global world that is interconnected more than ever, technology allowing that, what's our growth? What's our strategy? And you take those top 4 geographies, that's where the best customers reside. You want to have content opportunities in those countries. And we -- the $24 billion shows -- and that's not Dave Watson buying cable service. That's our production or sports spend or purchase from making films, and you put that together, that puts us first or second biggest producer of content. You have all these new platforms that want that content. And we have the very best team making that content and now doing that in the #1 position in Europe, it makes us just that much of a greater company. And then the 54 million homes and having only 25% market share, but that's far and away bigger than anybody else. But 25% of those -- in those 4 countries, we represent the revenue and the business relationships, is a fantastic position for this company. So it's the scale and it's across content and distribution that I think we were trying to highlight.

瑪茜，我一時想不起來。我們會盡快將已揭露的資訊告知您。我們來試著總結一下。但我認為發表這份聲明的重點，為了更好地理解它的背景，是這家公司的規模以及我們提出的問題，甚至是我們在這裡進行的對話，我突然意識到，我們採取的措施，我對此感到非常滿意。如今，我們身處在一個比以往任何時候都更加緊密相連的全球世界，科技也讓這一切成為可能，那麼，我們的發展方向是什麼？我們的策略是什麼？而排名前四的地區，正是最好的客戶所在之處。你想在這些國家獲得內容創作機會。還有我們——價值 240 億美元的節目——而且這可不是戴夫沃森買有線電視服務。那是我們在電影製作、體育賽事製作或採購方面的支出，把這些加起來，我們就成為了第一或第二大的內容製造商。有很多新平台都想要這些內容。我們擁有最優秀的團隊來製作這些內容，現在我們又在歐洲排名第一，這使我們成為一家更偉大的公司。然後，雖然擁有 5,400 萬套住房，市場份額只有 25%，但這遠遠超過其他任何競爭對手。但在這 4 個國家中，我們佔了 25% 的份額——我們代表著收入和業務關係，這對公司來說是一個絕佳的地位。所以，我認為我們想要強調的是規模，以及它在內容和分發上的影響力。

So let me just quickly address the reverse comp question and explain it a little bit for those of you who don't follow it. So in the 25% of the United States where we have NBC stations, we get retransmission consent and keep all of it. In the 75% of the United States where we don't have NBC stations, but do have affiliates, we keep over half of the retransmission consent in a form that we call reverse comp. And the reality is that has become a very substantial operating cash flow generator for the company. And we -- literally, every single one of our affiliates, we've entered into deals with. And I think our affiliates will acknowledge, if you look at eyeballs -- or really, any way you measure it, advertising, anything else, the network brings over half the value to a local station. And the value of that local station as an asset would change dramatically without the network affiliation. So I don't think any of the changes on the M&A side are going to affect reverse comp in the future. And I think being an NBC affiliate has been a very good thing over the last 6 years.

那麼，讓我快速回答一下反向競爭的問題，並為那些不了解的人簡單解釋一下。因此，在美國有 NBC 電視台的 25% 的地區，我們獲得了轉播許可，並保留了所有轉播權。在美國 75% 沒有 NBC 電視台，但有附屬電視台的地區，我們保留了超過一半的轉播許可，我們稱之為反向補償。而事實上，這已經成為公司非常重要的營運現金流來源。我們——確切地說，我們所有的合作夥伴，都與我們達成了協議。而且我認為我們的附屬機構會承認，如果你看看收視率——或者真的，無論你用什麼方式來衡量，廣告，其他任何東西，該網絡都會為地方電視台帶來超過一半的價值。如果沒有加入電視網，這家地方電視台的資產價值將會發生巨大變化。所以我認為併購方面的任何變化都不會對未來的反向比較產生影響。我認為在過去的六年裡，成為NBC的附屬電視台是一件非常好的事情。

Your next question comes from the line of Jason Bazinet with Citi.

你的下一個問題來自花旗銀行的 Jason Bazinet。

All right. Can I just go back to Mr. Roberts' comments around that $24 billion? I think there's a little bit of an asymmetry that the market perceives in that for an attacker like Netflix, whether you produce or purchase, it's viewed as fungible dollars. But for someone that's more in the incumbent position like yourself, those are not viewed as fungible. And so my question is, is there an explicit sort of idea inside Comcast to pivot more of the dollars towards production and reduce the purchase, so that you would have the flexibility to make a more aggressive DTC push over time.

好的。我可以回到羅伯茲先生關於那240億美元的評論嗎？我認為市場存在某種不對稱性，對於像 Netflix 這樣的攻擊者來說，無論你是生產還是購買，它都被視為可以互換的美元。但對於像您這樣身居要職的人來說，這些職位並不被視為可以互換的。所以我的問題是，康卡斯特內部是否有一個明確的想法，將更多的資金轉向生產，減少採購，以便隨著時間的推移，能夠更靈活地進行更積極的直接面向消費者的推廣。

Yes I think -- what Steve said earlier is we're going to keep our powder dry for another day to talk about more specifics than what we've already laid out. I would think -- again, the point is as we see new entrants, we're just reminding people the breadth of this company and also, I guess, our philosophy that it doesn't all have to be on one platform to be successful. There are a lot of different strategies and, particularly, when you do that on a global basis. So we go from the #1 broadcast network to, frankly, a great portfolio of cable channels. Universal having its most successful 3 years in the last 3 years, I think, or 3 of the top 4 years and having a great start to this year. Sky already said they're going to do more of their own productions. And the top 5 shows were all Sky produced. You can see some trends and draw your own conclusions. And we'll have more to talk about in the future.

是的，我想——就像史蒂夫之前說的那樣，我們會保留一些底牌，再過一天來討論比我們已經公佈的更具體的細節。我想——再說一遍，重點是，當我們看到新的競爭者時，我們只是想提醒人們這家公司的廣度，以及，我想，我們的理念是，成功並不一定非得在一個平台上。有許多不同的策略，尤其是在全球範圍內實施這些策略時。所以，我們從排名第一的廣播電視網，坦白說，變成了擁有眾多優質有線電視頻道的龐大組合。我認為，環球影業在過去三年裡取得了最成功的三年，或者說，在過去四年中取得了三年最佳成績，而且今年開局也非常好。天空電視台已經表示，他們將製作更多自己的節目。前五的節目全部由天空電視台製作。你可以從中看出一些趨勢，並得出自己的結論。未來我們還會討論更多相關話題。

Our final question will come from the line of Vijay Jayant with Evercore.

我們最後一個問題將來自 Vijay Jayant 與 Evercore 的合作。

Now that you've owned Sky for a little over 6 months, can you give any update on the $500 million synergy I think you had called out and how that's tracking? Or is there a bigger opportunity there? And then you've also talked about the Flex product being sort of a new frontier. Is that a product that's only going to be in your broadband footprint? Or is that something you could set a license out -- or rather sell outside the footprint and really give the benefit of the extent of the experience to other cord cutters?

既然您已經擁有 Sky 超過 6 個月了，您能否就您之前提到的 5 億美元協同效應提供一些最新進展，以及目前的進展情況？或者，那裡是否蘊藏著更大的機會？而且您也提到 Flex 產品是一個全新的領域。該產品是否僅在您的寬頻覆蓋範圍內提供？或者，這是否可以採取授權許可的方式——或者更確切地說，是在現有服務範圍之外銷售，真正讓其他剪線族也能享受到如此豐富的經驗？

Vijay, it's Mike. I'll start. So $500 million of synergies, we've said -- I'll say again, we're on track and we'll get those over time, a couple of years, mix, as we said, of expenses and revenues. So projects against all that are underway and you'll see that in Sky's numbers, but also spread around via the company broadly since the -- there's teams across the place working on all that. So feel good about the synergies. But I'd say more importantly, feel very good about owning Sky. And as we said, it's about what Sky is unto itself that is attractive there. And it's got great market position, as Jeremy has described, and you can pile on. But I think the list of work that both Brian and I have mentioned earlier, and I won't repeat it, but it really cuts across the way Sky, NBCUniversal and Comcast Cable connect with each other, I think, is upside over the longer term, for many years to come. That'll make us a better, stronger company and reach as many consumers as we've called out across the best markets in the world. So Jeremy, I don't know if you want to add. Sorry.

維傑，我是麥克。我先來。所以我們說過，5億美元的協同效應——我再說一遍，我們正按計劃進行，我們將在幾年內實現這些目標，正如我們所說，這是支出和收入的組合。因此，針對所有這些項目，目前正在進行中，你會在 Sky 的數據中看到這一點，而且這些項目也廣泛分佈在公司各處，因為——各個團隊都在致力於所有這些項目。所以，請為這些協同效應感到高興。但更重要的是，我對擁有 Sky 感到非常滿意。正如我們所說，真正吸引人的是天空本身所具有的特質。正如傑里米所描述的那樣，它擁有極佳的市場地位，而且你可以大量追加投資。但我認為我和布萊恩之前提到的那份工作清單（我就不重複了），它確實貫穿了天空電視台、NBC環球和康卡斯特有線電視之間的聯繫，我認為從長遠來看，在未來很多年裡，這都是有利的。這將使我們成為一家更好、更強大的公司，並觸及我們在全球最佳市場中呼籲的盡可能多的消費者。傑里米，我不知道你是否想補充。對不起。

Well, I'll just add a couple of things and these are bit nonspecific, but I think they're important. I mean it seems to me, these businesses are of such size, the fact that we've, 7 months in, integrated well. I can tell you that the people of Sky easily feel very comfortable, like our new colleagues, are excited by the future. That in and of itself is not -- that's a good thing to have got under our belt. So there'd be no -- I don't think that there've been any sort of balls dropped in the immediate transition, that's important. And then secondly, I think, sort of big picture, my assessment is that, broadly, we wake up in the morning thinking about the same things. We're all trying to do the same things together. And therefore, in a fast-changing world, where you've just got to believe that the ability to move quickly and decisively, have a broader set of views and do single things more commonly across the organization, across the markets that Brian talked to you about, is going to lead to advantage, is my view. So I think both of those things, they're a bit nonspecific, but I think they're important nevertheless.

嗯，我再補充幾點，雖然這些內容可能比較籠統，但我認為它們很重要。我的意思是，在我看來，這些企業規模如此之大，而我們僅僅花了 7 個月的時間就實現了良好的整合。我可以告訴你，天空電視台的員工很容易感到舒適自在，就像我們的新同事一樣，他們對未來充滿期待。就其本身而言，這並不是一件好事——掌握這項技能對我們來說是件好事。所以不會出現——我認為在過渡初期並沒有出現任何失誤，這一點很重要。其次，我認為，從宏觀的角度來看，我的評估是，總的來說，我們每天早上醒來思考的事情都大同小異。我們都在努力一起做同樣的事情。因此，我認為，在一個快速變化的世界裡，你必須相信，快速果斷地行動、擁有更廣泛的視野，並在整個組織、在布萊恩和你談到的各個市場中更普遍地做同一件事，將會帶來優勢。所以我覺得這兩件事雖然有點籠統，但還是很重要。

So Vijay, this is Dave. So on Flex, Flex is available in our cable footprint right now. And -- but consistent with our approach with X1 where we have syndication partners that have X1 and they market it in their footprints, there's a lot of excitement around Flex as well. So we're in discussions with our partners around Flex as well. I think, as Brian said, it's an important, long-term product. It's -- I think we're going to be using it in early stages in a targeted fashion, helping broadband, but it's a great platform to build broader video relationships as well. So we're excited about this in our footprint, but we'll be talking with other partners down the road.

Vijay，這位是Dave。所以，Flex 目前已在我們的電纜產品線中提供。而且——但與我們對待 X1 的方式一致，即我們有聯合發行合作夥伴，他們擁有 X1 並在他們的覆蓋範圍內進行推廣，Flex 也引起了很大的轟動。所以我們也在跟合作夥伴討論 Flex 相關事宜。我認為，正如布萊恩所說，這是一個重要的、具有長期發展前景的產品。我認為，在早期階段，我們將有針對性地使用它，幫助發展寬頻，但它也是一個建立更廣泛的視訊關係的絕佳平台。所以，我們對目前的業務拓展感到興奮，但未來還會與其他合作夥伴進行洽談。

Okay. Thank you, Vijay, and thanks to everyone for joining us today. Regina, we'll wrap up the call at this point.

好的。謝謝你，Vijay，也謝謝今天所有到場的各位。雷吉娜，我們的通話就到此結束了。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, May 2 at midnight Eastern time. The dial-in number is (855) 859-2056 and the conference ID number is 8973128. 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 participating. 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5月2日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 8973128。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。