康卡斯特 (CMCSA) 2019 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Second Quarter 2019 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2019年第二季財報電話會議。（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。

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，我們將提及某些非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？

Thanks, Jason, and good morning, everyone. I'm really pleased with our strong second quarter results and the continued successful execution of our strategy. All of our businesses demonstrated significant growth, contributing to adjusted EBITDA of $8.7 billion in the quarter, an increase of 7.6%. We also delivered $0.78 of adjusted EPS in the quarter, an increase of 13% over the prior year. All in all, we generated $4.2 billion of free cash flow in the second quarter, resulting in a year-to-date total of $8.8 billion.

謝謝傑森，大家早安。我對我們強勁的第二季業績以及我們策略的持續成功執行感到非常滿意。我們所有業務均實現了顯著成長，本季調整後 EBITDA 達到 87 億美元，成長 7.6%。本季我們調整後的每股收益為 0.78 美元，比去年同期成長 13%。總的來說，我們在第二季產生了 42 億美元的自由現金流，使今年迄今的自由現金流總額達到 88 億美元。

The key driver of this sustained growth continues to be our market position with 55 million valuable customers in many of the world's most attractive markets, generating $111 in revenue per customer each month with high margin and strong retention.

這一持續成長的關鍵驅動力仍然是我們的市場地位，我們在全球許多最具吸引力的市場擁有 5500 萬有價值的客戶，每月每位客戶創造 111 美元的收入，利潤率高，客戶留存率高。

Across Sky and Cable, we added 456,000 new relationships this quarter and 868,000 in the first half of the year. In all the geographies in which we compete, we lead with superior products, content and technology.

本季度，我們在 Sky 和 ​​Cable 平台上新增了 456,000 個客戶關係，上半年新增了 868,000 個客戶關係。在我們參與競爭的所有地區，我們都以卓越的產品、內容和技術處於領先地位。

In the U.S., connectivity is the focal point of our customer relationships, enabled by our world-class network. Our connectivity businesses, again, generated nearly 10% growth in revenue and, collectively, are on track to deliver the 14th consecutive year of well over 1 million broadband net additions.

在美國，互聯互通是我們客戶關係的核心，而這得益於我們世界一流的網絡。我們的連線業務再次實現了近 10% 的營收成長，整體而言，預計將連續第 14 年實現超過 100 萬寬頻淨新增用戶。

In Europe, Sky's premium brand and exclusive content is the principal differentiation in our relationship with customers, driving net additions of 304,000 in the quarter.

在歐洲，Sky 的高端品牌和獨家內容是我們與客戶關係的主要差異化優勢，推動本季淨增 304,000 名客戶。

Importantly, across the company, we also have leading scale and premium content with a vast library of IP and new productions that are extremely popular across generations and geographies.

更重要的是，在整個公司範圍內，我們還擁有領先的規模和優質內容，以及龐大的智慧財產權庫和新作品，這些作品在各個年齡層和地區都非常受歡迎。

At NBC, we're on a path to finish #1 in the U.S. for the sixth straight year in the key demographic of adults 18 to 49.

NBC 正在朝著連續第六年在美國 18 至 49 歲成年人這一關鍵人群中收視率排名第一的目標邁進。

And at Telemundo, we're #1 in Spanish language primetime.

在 Telemundo，我們在西班牙語黃金時段收視率排名第一。

In Film, we are executing our strategic slate approach and look forward to the return of the hugely successful Fast and Furious franchise with the spinoff of Hobbs & Shaw later this August.

在電影方面，我們正在執行我們的戰略計劃，並期待著大獲成功的《速度與激情》系列電影的衍生作品《霍布斯與肖》於今年 8 月晚些時候回歸。

And Sky continues to develop a strong lineup of original content, including their highly acclaimed Chernobyl, which debuted in the second quarter. On the back of this success, we launched Sky Studios to expand our production capabilities and more than double the investment in local original content.

Sky 繼續開發強大的原創內容陣容，包括備受好評的《切爾諾貝利》，該劇於第二季首播。憑藉這一成功，我們成立了 Sky Studios，以擴大我們的製作能力，並將對本地原創內容的投資增加了一倍以上。

The popularity and scale of this premium content and advertiser's need for trusted brand safe environments drove NBCUniversal's upfront to record levels this year. Advertising is a core strength. And once again, we led the market on both volume and price. The overall portfolio volume was close to $7 billion, an increase of 10% over last year, and average price was similarly strong.

優質內容的受歡迎程度和規模，以及廣告商對值得信賴的品牌安全環境的需求，推動了 NBCUniversal 今年的預售額創下歷史新高。廣告是我們的核心優勢。我們再次在銷售和價格方面都引領了市場。整體投資組合規模接近 70 億美元，比去年增長 10%，平均價格也同樣強勁。

We helped shift the marketplace to embrace all video, unifying all screens, platforms and content, breaking down the historic barriers between linear and digital, which is particularly important as we prepare to launch our ad-supported streaming service next year. To that end, we had record digital video sales, an increase of 50% over the prior year.

我們幫助市場轉向包容所有視頻，統一所有螢幕、平台和內容，打破線性與數字之間由來已久的壁壘，這在我們準備明年推出廣告支持的流媒體服務之際尤為重要。為此，我們的數位視訊銷售額創下歷史新高，比前一年增長了 50%。

So when you add the scale and strength of our customer relationships, premium content and advertising capabilities, we have a uniquely strong position to capture and profit from the growth opportunities in our markets. For example, in the streaming segment, we've already made significant moves to better serve viewers who want to consume content in and out of the home. Sky was ahead of the curve, launching NOW TV almost 7 years ago. That platform has proven to be incredibly durable and popular, evident in Sky's Q2 net additions.

因此，憑藉我們龐大而強大的客戶關係、優質的內容和廣告能力，我們擁有獨特的優勢，能夠抓住市場成長機會並從中獲利。例如，在串流媒體領域，我們已經採取了重大舉措，以更好地服務於希望在家中和外出時觀看內容的觀眾。Sky 走在了時代前沿，早在近 7 年前就推出了 NOW TV。事實證明，該平台非常耐用且受歡迎，Sky 第二季度的淨增收視率證明了這一點。

At Cable, Flex offers a new approach for our broadband customers to enjoy the most popular streaming apps on our X1 platform, including the voice remote, without requiring a traditional linear content subscription.

Cable Flex 為我們的寬頻用戶提供了一種新的方式，讓他們可以在我們的 X1 平台上享受最受歡迎的串流應用程序，包括語音遙控器，而無需傳統的線性內容訂閱。

Finally, at NBCUniversal, we're making great progress on the direct-to-consumer streaming service that we announced earlier this year. We believe the strength of our assets and leadership across our businesses, combined with access to tens of millions of customers, will lower both our cost of entry and execution risk as we deliver a truly special offering.

最後，NBC環球公司在今年稍早宣布的直接面向消費者的串流服務方面取得了巨大進展。我們相信，憑藉我們強大的資產實力和在各業務領域的領先地位，再加上我們能夠接觸到數千萬客戶，我們將降低進入市場的成本和執行風險，從而提供真正獨特的產品和服務。

All in all, our strong operating and financial momentum continues. If you take a step back, there's significant competition and change in the ecosystem right now. But that said, for years, we've felt that video over the internet is more friend than foe. We believe it plays to our strengths. We've got a great roadmap in each of our businesses and an even better outlook when you add it all together - the fastest broadband married to world-class platforms as well as highly rated, relevant content. And we are the leading company in both of those businesses at scale globally. It's our scale that allows us to evolve and continue to invest, all while maintaining momentum and driving substantial growth, and this has always been our approach. In fact, if you look over the last 10 years, just to pick one stat showing our consistency during significant other transitions in our business, we've grown adjusted EPS by double digits in 9 of those 10 years, and we're pretty close in the 10th year. Our second quarter and first half results continue this trend of robust growth, and our outlook is for more of the same.

總而言之，我們強勁的營運和財務動能仍在持續。如果從更宏觀的角度來看，目前的生態系統正面臨激烈的競爭和巨大的變化。但即便如此，多年來，我們一直認為網路上的影片利大於弊。我們相信這能發揮我們的優勢。我們每個業務部門都有很棒的發展路線圖，把所有業務加起來，前景更加光明——最快的寬頻結合世界一流的平台以及高評價、相關的內容。而且，我們在全球這兩個領域都是規模領先的公司。正是我們的規模使我們能夠不斷發展和持續投資，同時保持發展勢頭並實現實質成長，而這始終是我們的策略。事實上，回顧過去 10 年，僅舉一個統計數據來說明我們在業務經歷重大轉型期間的穩定性，我們在過去 10 年中有 9 年調整後每股收益實現了兩位數的增長，而第 10 年也接近這一目標。我們第二季和上半年的業績延續了強勁成長的趨勢，我們預計未來也將保持同樣的成長動能。

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 second 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 include Sky as if the 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，介紹我們第二季的綜合業績。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，而備考業績則包括 Sky 業績，就好像該交易發生在 2017 年 1 月 1 日一樣。

Having said that, on a reported basis, revenue increased 24% to $26.9 billion and adjusted EBITDA increased 18% to $8.7 billion. On a pro forma basis, revenue increased 0.8% and adjusted EBITDA increased 7.6%, reflecting growth across all 3 businesses.

也就是說，以報告數據計算，營收成長了 24%，達到 269 億美元，調整後的 EBITDA 成長了 18%，達到 87 億美元。以備考基準計算，營收成長0.8%，調整後EBITDA成長7.6%，反映出所有3個業務的成長。

As Brian mentioned, adjusted earnings per share grew 13% to $0.78 and free cash flow was $4.2 billion, bringing the first half total to $8.8 billion.

正如布萊恩所提到的，調整後的每股盈餘成長了 13%，達到 0.78 美元，自由現金流為 42 億美元，使上半年的總額達到 88 億美元。

Now let's turn to our segment results, starting with Cable Communications on Slide 5. Cable delivered another very strong, consistent quarter of growth, driven by healthy customer metrics on our connectivity businesses and continued success in controlling costs, while also making significant strides in the customer experience. We believe that the strength of our network, best-in-class products and customer experience improvements are a winning combination that will continue to drive profitable growth.

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。有線業務又實現了非常強勁且持續的成長，這得益於我們連接業務良好的客戶指標和在控製成本方面取得的持續成功，同時在客戶體驗方面也取得了顯著進展。我們相信，我們強大的網路、一流的產品和不斷提升的客戶體驗，將構成一個制勝組合，並將繼續推動獲利成長。

Overall Cable revenue increased 3.9% to $14.5 billion in the second quarter. Revenue growth in the quarter was led by the steady increase in customer relationships for both residential and business services as well as higher ARPU.

第二季有線電視總營收成長3.9%，達到145億美元。本季營收成長主要得益於住宅和商業服務客戶關係的穩定成長以及每用戶平均收入 (ARPU) 的提高。

Total customer relationships increased 3.4% year-over-year to 30.9 million, driven by 209,000 high-speed internet customer net additions across residential and business services in the quarter and 1.3 million over the last 12 months.

客戶關係總數較去年同期成長 3.4%，達到 3,090 萬，這主要得益於本季住宅和商業服務高速網路客戶淨增加 20.9 萬，以及過去 12 個月新增 130 萬。

Total video subscribers declined by 224,000 in the quarter as we continue to respond to change in consumer viewing preferences. We will remain disciplined in executing our connectivity-led strategy to drive customer relationship growth and total lifetime value of those relationships. Video will continue to play an important role in our strategy. But as we said before, we will not chase unprofitable video subs. The success of this approach is evident in our results, with our monthly adjusted EBITDA per customer relationship growing 3.8% year-over-year and our continued improvement in retaining customers, including best on record retention for broadband in the second quarter.

由於我們持續應對消費者觀看偏好的變化，本季影片訂閱用戶總數減少了 22.4 萬人。我們將繼續嚴格執行以連結為導向的策略，以推動客戶關係成長並提升這些關係的終身價值。影片將繼續在我們的策略中發揮重要作用。但正如我們之前所說，我們不會追求無利可圖的影片訂閱。這種方法的成功在我們的業績中顯而易見，我們每月經調整的每位客戶關係的 EBITDA 同比增長 3.8%，我們在客戶留存方面也持續進步，包括第二季度寬頻客戶留存率創歷史新高。

Consistent with recent trends, our connectivity business, residential broadband and business services continue to drive the growth at Cable. Our revenue in these businesses, collectively, reached $6.6 billion in the quarter, up 9.5% year-over-year.

與近期趨勢一致，我們的連接業務、住宅寬頻和商業服務持續推動Cable的成長。本季度，這些業務的總收入達到 66 億美元，年增 9.5%。

In addition to the solid customer additions that I mentioned earlier, residential high-speed internet ARPU grew 4% this quarter. Looking ahead, we expect to continue a healthy balance of both customer and rate growth.

除了我前面提到的穩健的客戶成長外，本季住宅高速網路 ARPU 成長了 4%。展望未來，我們預期客戶成長和費率成長將繼續保持健康的平衡。

Our wireless business, Xfinity Mobile, is another important contributor to our growth at Cable. This still new business is already positively impacting retention, while also attracting new customers. And it's firmly on a path to positive standalone economics. We added 181,000 net customer lines in the second quarter, while we also reduced our quarterly adjusted EBITDA losses at Xfinity Mobile to $88 million, reflecting progress in scaling and fine-tuning our operations. While we expect this overall trend of improvement in Xfinity Mobile's financial performance to continue, we anticipate customer-related acquisition expenses will increase in the seasonally strong third and fourth quarters.

我們的無線業務 Xfinity Mobile 是 Cable 成長的另一個重要貢獻者。這項新興業務已經對客戶留存率產生了正面影響，同時也吸引了新客戶。它正穩步走向實現獨立經濟效益的積極發展道路。第二季度，我們新增了 181,000 條淨客戶線路，同時，Xfinity Mobile 的季度調整後 EBITDA 虧損也減少至 8,800 萬美元，這反映出我們在擴大規模和優化營運方面取得了進展。雖然我們預計 Xfinity Mobile 的財務業績總體上將繼續改善，但我們預計在季節性強勁的第三和第四季度，與客戶相關的獲客費用將會增加。

Moving now to cable expenses and margin on Slide 6. Overall, total cable expenses increased 1.6% as we continue to see the benefit of our disciplined approach to controlling costs, while also increasing the total number of customers that we serve. Non-programming expenses slightly increased by 1.4%, but improved by 2% on a per-customer basis. Our ongoing efforts to continually improve the customer experience -- by reducing unnecessary transactions and digitizing many of the remaining transactions -- continue to drive cost out of the business.

現在就來看看幻燈片 6 的有線電視費用和利潤率。總體而言，有線電視總費用增加了 1.6%，因為我們繼續看到我們嚴格控製成本的方法帶來的益處，同時我們也增加了服務的客戶總數。非程式費用略微增加了 1.4%，但以每位客戶計算則提高了 2%。我們不斷努力改善客戶體驗——減少不必要的交易並將剩餘的許多交易數位化——持續降低業務成本。

The company had its best performance on record this quarter across many of our key customer metrics. For instance, customer contact rate and truck rolls hit record lows as we continue to improve reliability and expand digital and proactive messaging to our base.

本季度，該公司在多項關鍵客戶指標上均取得了有史以來最佳業績。例如，隨著我們不斷提高可靠性並擴大對客戶群的數位化和主動式訊息傳遞，客戶聯繫率和卡車出車次數均創歷史新低。

On the programming side, we continue to benefit on the relatively low rate of expense growth, up only 1.8% this quarter, which reflects the timing of contract renewals.

在節目製作方面，我們繼續受益於相對較低的費用成長率，本季僅成長了 1.8%，這反映了合約續約的時間表。

Putting it altogether, the strong growth in our connectivity businesses, the improvement in our performance at Xfinity Mobile and our ongoing focus on cost management enabled us to deliver a healthy 7.4% increase in adjusted EBITDA at Cable. EBITDA margin expanded by 130 basis points to 40.5%.

綜上所述，我們連接業務的強勁成長、Xfinity Mobile 業績的改善以及我們對成本管理的持續關注，使我們有線電視業務的調整後 EBITDA 實現了 7.4% 的健康成長。EBITDA利潤率成長130個基點至40.5%。

Based on our performance in the first half of the year, and our outlook for continued improvement in the second half, we are increasing our prior guidance. We now expect the improvement in EBITDA margin at Cable for the full year to be slightly above 100 basis points compared to our 38.7% margin in 2018. This is an increase from our prior guidance of up to 100 basis points of improvement in 2019.

根據我們上半年的業績表現，以及對下半年持續改善的預期，我們上調了先前的業績預期。我們現在預計，Cable 全年的 EBITDA 利潤率將比 2018 年的 38.7% 略高出 100 個基點。這比我們先前預測的 2019 年最多改善 100 個基點要高。

Finally, cable capital expenditures in the second quarter decreased 9.8% to $1.6 billion, which resulted in CapEx intensity of 11% for the quarter. This primarily reflects lower spending and scalable infrastructure and line extensions in part due to the timing of plant construction and other investments we're making in our network.

最後，第二季有線電視資本支出下降了 9.8%，至 16 億美元，導致該季度資本支出強度為 11%。這主要反映了較低的支出以及可擴展的基礎設施和線路延伸，部分原因是工廠建設的時間安排以及我們對網路的其他投資。

That said, consistent with the broader shift in our business toward connectivity, we expect to continue to invest in our network, which will enhance our competitive position in broadband by enabling us to stay ahead of customers' high and increasing expectations, evidenced by the rapid growth in data consumption. We now expect cable CapEx intensity for the full year to improve by at least 100 basis points compared to 13.8% in 2018. This is an upgrade from our original guidance of a 50 basis points improvement in 2019. This is driven, in part, by timing of network investment as well as the trend in decreasing CPE investment as the total number of video subscribers continues to decline and as the rate of our deployment of X1 has moderated. And while we don't provide specific multiyear guidance, and we could potentially adjust our plans if attractive new opportunities emerge, we expect the underlying video CPE trends that are contributing to the improvement in our full year CapEx intensity to continue beyond this year.

也就是說，隨著我們業務向互聯互通的更廣泛轉變，我們預計將繼續投資於我們的網絡，這將增強我們在寬頻領域的競爭地位，使我們能夠滿足客戶不斷增長的高期望，數據消費的快速增長就證明了這一點。我們現在預計，全年有線電視資本支出強度將比 2018 年的 13.8% 提高至少 100 個基點。這比我們最初預期的 2019 年改善 50 個基點有所提高。這部分是由於網路投資的時機以及隨著視訊用戶總數持續下降和 X1 部署速度放緩而導致的 CPE 投資下降趨勢所致。雖然我們不提供具體的多年期指導，而且如果出現有吸引力的新機會，我們可能會調整計劃，但我們預計，推動我們全年資本支出強度改善的根本視頻 CPE 趨勢將在今年以後繼續保持。

In total, we're encouraged by the cable team's consistently strong performance and the great quarter and first half of the year. The formula is working. We're seeing healthy growth in total customer relationships and adjusted EBITDA with margin expansion driven by our strong connectivity results and focus on cost control, coupled with the decrease in cable CapEx intensity as the mix of our business continues to shift. Together, this drove a 22% increase in net cash flow at Cable in the first half of the year.

總的來說，我們對有線電視團隊持續強勁的表現以及本季和上半年的出色成績感到鼓舞。這個方法有效。我們看到客戶關係總量和調整後 EBITDA 均實現了健康增長，利潤率的提升得益於我們強勁的連接性業績和對成本控制的重視，以及隨著業務組合的不斷變化，有線電視資本支出強度的下降。今年上半年，這兩個因素共同推動了Cable公司淨現金流成長22%。

Now let's move to NBCUniversal's results on Slide 7. NBCUniversal EBITDA increased 8.1%, with contributions across all of our businesses, clearly demonstrating the power of our premier content portfolio and IP.

現在讓我們來看看幻燈片 7 中 NBCUniversal 的業績。 NBCUniversal 的 EBITDA 成長了 8.1%，我們所有業務都有所貢獻，這清楚地表明了我們一流的內容組合和智慧財產權的實力。

Cable Networks revenue increased 2.5% to $2.9 billion and EBITDA increased to 2.2% to $1.2 billion. Distribution revenue increased 3.4% driven by the ongoing benefits of previous renewal agreements, partially offset by subscriber losses in the 1.5% to 2% range. Advertising revenue was consistent with the prior year as lower ratings were offset by higher pricing. Finally, content licensing and other increased 5.1% in the quarter. We would note our content licensing comparisons become considerably more challenging in second half of the year due to the heavy level of programming licensed to third parties last year.

有線電視網路營收成長 2.5% 至 29 億美元，EBITDA 成長 2.2% 至 12 億美元。受先前續約協議持續帶來的收益推動，分銷收入增長了 3.4%，但部分被 1.5% 至 2% 的用戶流失所抵消。由於收視率下降被價格上漲所抵消，廣告收入與去年持平。最後，內容授權和其他收入在本季成長了 5.1%。需要指出的是，由於去年大量節目授權給了第三方，因此下半年我們的內容授權比較變得更加具有挑戰性。

Broadcast revenue increased 0.5% to $2.4 billion and EBITDA increased 28% to $534 million. Excluding the comparison to Telemundo's broadcast of the FIFA World Cup last year, revenue was up mid-single-digits and EBITDA was up double digits, driven by growth in retrans and strong advertising. Retrans revenue increased 15% to $500 million. Excluding the World Cup, advertising increased mid-single-digits as lower ratings were more than offset by higher price, reflecting a very strong scatter market with double-digit price premiums, as well as some benefit from an additional NHL Stanley Cup game and Copa America soccer in the quarter.

廣播營收成長0.5%至24億美元，EBITDA成長28%至5.34億美元。如果排除與 Telemundo 去年轉播 FIFA 世界盃的比較，收入實現了中等個位數的成長，EBITDA 實現了兩位數的成長，這主要得益於轉播業務的成長和強勁的廣告收入。轉播營收成長15%，達到5億美元。除了世界盃之外，廣告收入成長了中等個位數，因為較低的收視率被較高的價格所抵消，這反映出一個非常強勁的散裝廣告市場，價格溢價達到兩位數，以及本季度額外舉行的 NHL 斯坦利杯比賽和美洲杯足球賽帶來的一些好處。

Filmed Entertainment revenue decreased 15% to $1.5 billion, while EBITDA increased 33% to $183 million. Revenue reflects a tough comparison to Jurassic World: Fallen Kingdom in the second quarter last year partially offset by the release of The Secret Life of Pets 2 this quarter. Theatrical revenue declined 53%, reflecting this tough comparison. Content licensing revenue increased 9.8% driven by the timing of when content was made available under licensing agreements.

電影娛樂收入下降 15% 至 15 億美元，而 EBITDA 成長 33% 至 1.83 億美元。營收與去年第二季《侏羅紀世界：失落國度》的上映相比大幅下滑，但本季《寵物當家2》的上映在一定程度上抵消了這一影響。受此嚴峻的同比數據影響，戲院票房收入下降了 53%。受內容根據授權協議提供的時間安排的影響，內容授權收入增加了 9.8%。

Theme Parks revenue increased 7.5% to $1.5 billion and EBITDA increased nearly 4% to $590 million. These solid results were driven by higher attendance, aided by the timing of spring break vacations and higher guest spending. We're excited about the future of our Parks business as we have a great runway in coming years with Nintendo World opening in Japan in 2020, Universal Beijing opening in 2021 and other significant opportunities to come soon.

主題樂園營收成長 7.5% 至 15 億美元，EBITDA 成長近 4% 至 5.9 億美元。這些穩健的業績得益於更高的入住率，而入住率的提高又得益於春假假期的時間安排和更高的顧客消費。我們對園區業務的未來充滿信心，因為未來幾年我們擁有廣闊的發展空間，包括 2020 年在日本開幕的任天堂世界、2021 年開幕的北京環球影城，以及其他即將到來的重要機會。

Moving on to Sky results on Slide 8 now. As a reminder, I will be referring to our pro forma results as if the Sky transaction had occurred on January 1, 2017, and growth rates on a constant currency basis, consistent with what's reflected in our earnings release.

接下來，請看第 8 張投影片，了解 Sky 的表現。再次提醒大家，我將以假設 Sky 交易發生在 2017 年 1 月 1 日為前提來計算我們的備考業績，並以固定匯率為基礎計算增長率，這與我們的收益報告中反映的情況一致。

Sky was a strong contributor to our consolidated results with solid revenue growth, significant customer additions and double-digit EBITDA growth in the quarter. Sky added 304,000 customer relationships, ending the quarter with 24 million relationships. Customer growth mostly came from streaming subscribers, primarily driven by Game of Thrones and also from the debut of the Sky original breakout hit, Chernobyl. Both were exclusive on Sky Atlantic.

Sky 為我們的合併業績做出了巨大貢獻，本季營收穩定成長，客戶數量顯著增加，EBITDA 實現了兩位數成長。Sky 新增 30.4 萬個客戶關係，季末客戶關係總數達到 2,400 萬。客戶成長主要來自串流媒體訂閱用戶，這主要得益於《權力的遊戲》以及 Sky 原創熱門影集《切爾諾貝利》的首播。這兩部影片均為天空電視台大西洋頻道獨家播出。

Importantly, customers are choosing to watch more Sky content. The amount of time Sky customers spent viewing Sky channels increased by more than 20% year-over-year driven by our investment in sports and entertainment programming. As Brian mentioned, on the back of this excellent performance, we've now launched Sky Studios with the intent of doubling investment on local original content. This investment reflects our strategy to shift our mix towards more original content production.

重要的是，顧客們選擇觀看更多 Sky 的內容。由於我們對體育和娛樂節目的投入，Sky 用戶觀看 Sky 頻道的時間年增超過 20%。正如布萊恩所提到的，憑藉這一出色表現，我們現在已經推出了 Sky Studios，目的是將對本地原創內容的投資增加一倍。這項投資體現了我們向更多原創內容製作轉型發展的策略。

In a difficult macro environment in Europe, Sky revenue increased 2.4% in the quarter to $4.8 billion. Direct-to-consumer revenue grew 1.7%, benefiting from customer growth, but partially offset by the decline in average revenue per customer. The change in ARPU includes our previously announced rate increase in the U.K. as well as the record addition of streaming subscribers, which contributed incremental revenue to the business, but at a relatively lower amount of revenue per customer.

在歐洲宏觀經濟環境艱難的情況下，Sky 的營收在本季成長了 2.4%，達到 48 億美元。直接面向消費者的收入成長了 1.7%，這得益於客戶數量的成長，但部分被每位客戶平均收入的下降所抵消。ARPU 的變化包括我們先前宣布的英國費率上漲，以及串流媒體訂閱用戶數量的創紀錄增長，這為公司帶來了額外的收入，但每位客戶的收入相對較低。

Our investment in programming is driving top line growth. Sky's content revenue increased 28% to $376 million, reflecting the wholesaling of sports programming, including exclusive sports rights recently acquired in Italy and Germany, as well as the monetization of our slate of original programming.

我們對程式設計的投入正在推動營收成長。Sky 的內容收入成長了 28%，達到 3.76 億美元，這反映了體育節目的批發收入，包括最近在義大利和德國獲得的獨家體育版權，以及我們原創節目的貨幣化。

Finally, amid the challenging macro environment in Europe, including declines in our ad market, advertising revenue at Sky decreased 5.6% to $563 million.

最後，在歐洲充滿挑戰的宏觀環境下，包括廣告市場的下滑，Sky 的廣告收入下降了 5.6%，至 5.63 億美元。

EBITDA at Sky increased by 20% in the quarter driven by the combination of revenue growth and operating efficiencies, plus a favorable comparison to prior year, which had contract termination cost and cost related to a settlement, which, together, more than offset the expected step-up in sports rights programming costs.

由於收入成長和營運效率提高，加上與去年同期相比的有利因素（去年同期存在合約終止成本和與和解相關的成本），天空電視臺本季的 EBITDA 成長了 20%，這些因素加起來足以抵消體育節目版權成本的預期上漲。

Finally, wrapping up on Slide 9 with free cash flow and capital allocation. We made $954 million in dividend payments in the quarter for a total of $1.8 billion for the first half of the year. We also continue to make good progress in deleveraging. Pro forma net leverage at the end of the second quarter was 3.1x.

最後，在第 9 張投影片中總結自由現金流和資本配置。本季我們支付了 9.54 億美元的股息，上半年股息總額達到 18 億美元。我們在去槓桿化方面也持續取得良好進展。第二季末的備考淨槓桿率為 3.1 倍。

Also we are exploring ways to monetize the embedded floor value in our recently announced Hulu agreements with The Walt Disney Company. Should such a transaction come to pass, we would anticipate using the cash proceeds realized to accelerate our deleveraging efforts by paying down Comcast debt. We remain focused and on track to meet our deleveraging commitments.

此外，我們正在探索如何將我們最近與華特迪士尼公司宣布的 Hulu 協議中蘊含的最低價值貨幣化。如果此類交易得以實現，我們預計將利用實現的現金收益來加速我們的去槓桿化進程，償還康卡斯特的債務。我們將繼續專注於實現我們的去槓桿化承諾，並按計劃推進。

In closing, we are very pleased with our results in the quarter and throughout the first half of the year. We continue to execute at a high level, consistently generating significant free cash flow, which, we believe, drives growth and intrinsic value and, in turn, over time, strong total shareholder returns.

最後，我們對本季以及上半年的業績都非常滿意。我們繼續保持高水準的執行力，持續產生可觀的自由現金流，我們相信，這將推動成長和內在價值，進而隨著時間的推移，帶來強勁的股東總回報。

So with that, I'll turn it back to Jason to lead our Q&A.

那麼，接下來就交給傑森來主持我們的問答環節。

Okay. Thanks, Mike. Operator, let's open up the call for questions, please.

好的。謝謝你，麥克。接線員，我們現在開始接受提問。

(Operator Instructions) Your first question comes from the line of Ben Swinburne with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Ben Swinburne。

I have 2 questions. One, around the outlook for broadband growth and the second around the NBC streaming strategy. Maybe for Brian or Dave or who wants to take it. When you think about continuing to drive broadband net adds at the level we've seen over the last couple of years, can you just talk about the sort of product and service pipeline that you're focused on? Do you think you can deliver continued market share gains in a market that is, obviously, maturing, particularly if you think about 5G arriving at least someday down the road? And then on NBC, maybe for Steve or -- and/or Jeremy. I'm just curious, we saw the move of The Office from Netflix to NBC. We've seen shows like Chernobyl do really well. How do you think about the cost of building this streaming business in terms of content spend or licensing loss relative to the opportunity down the road? Are you convinced that this sort of the upside is worth whatever dilution you expect to come? And I know you're still formulating your plans, but it seems like every media company is doubling their programming spend, so there's a lot of incremental investment going on. I'd love to hear your updated thoughts there.

我有兩個問題。第一部分圍繞著寬頻成長前景展開，第二部分圍繞著 NBC 串流策略展開。或許給布萊恩或戴夫，或任何想拿的人。當您考慮繼續保持過去幾年寬頻淨新增用戶數的水平時，您能否談談您目前關注的產品和服務方向？您認為在一個明顯日趨成熟的市場中，尤其是在考慮到 5G 終將到來的情況下，您能否繼續擴大市場份額？然後，在 NBC 電視台，也許是給史蒂夫，或者——和/或傑里米。我只是好奇，我們看到《辦公室》從 Netflix 轉到了 NBC。我們看到像《切爾諾貝利》這樣的劇集非常受歡迎。您如何看待建立這項串流媒體業務的成本，包括內容支出或授權損失，以及未來可能帶來的機會？你是否確信，這種潛在收益值得你預期中可能出現的任何股權稀釋？我知道你們還在製定計劃，但似乎每家媒體公司都在將節目製作支出翻倍，所以有很多增量投資正在進行中。我很想聽聽你對此的最新想法。

Ben, this is Dave. So in broadband, everything starts with a steady, consistent investment in the network. So I think we are delivering -- we'll continue to deliver the most efficient and effective way of supporting the high-bandwidth applications, whether it's gaming to internet TV. Our network is built for those applications. So we'll continue to do that in a ubiquitous way throughout our footprint. And it really comes down to 3 big areas that we will stay focused on. One is speeds. We're going to continue to match capacity. And we have a strong track record, 17 times, 17 years. We now have 100% of our network where we have 1 gig available. So we're going to continuously very focused on that. WiFi in the home is just critical for all the different devices. So our gateway, I think, is the best gateway in the marketplace. We have pods that we have brought into marketplace. And we make it easy through the app being able to optimize it. It's so easy to install the pods. And then, over time, they're automatically and proactively optimized to make sure that the coverage is continuously improved. And last but not least is control, and this is how do we help devices get attached to the network, how do we manage applications and, increasingly, over time, how do we help customers with security. So all of those things kind of add up to xFi. xFi is the brand in which all of these things kind of come together.

本，這是戴夫。因此，寬頻的一切都始於對網路的持續穩定投資。所以我認為我們正在兌現承諾——我們將繼續以最有效的方式支援高頻寬應用，無論是遊戲還是網路電視。我們的網路正是為這些應用而建構的。因此，我們將繼續在我們業務覆蓋範圍內普遍採用這種方式。歸根結底，我們將重點放在以下三個方面。一是速度。我們將繼續努力滿足產能需求。我們有著輝煌的戰績，17次，17年。現在我們100%的網路都具備1Gbps的可用頻寬。所以我們會持續非常關注這一點。家庭中的WiFi對於各種不同的設備來說都至關重要。所以我認為，我們的網關是市場上最好的網關。我們已經將一些產品推向市場。我們透過應用程式的優化功能，讓這一切變得簡單。安裝這些艙體非常簡單。然後，隨著時間的推移，它們會自動主動進行最佳化，以確保覆蓋範圍不斷改進。最後但同樣重要的是控制，也就是我們如何幫助設備連接到網絡，我們如何管理應用程序，以及隨著時間的推移，我們如何幫助客戶保障安全。所以所有這些因素加起來就構成了 xFi。xFi 這個品牌將所有這些元素融合在了一起。

And you look at the performance, as Brian said, this is the 14th year we're looking at, for 2019, we'll add over 1 million net broadband customers. And we're balancing share gains with strong revenue. So as we do this, I think we're delivering good value. The ARPU is growing. Broadband revenue is growing, and it's margin accretive, so it's helping the EBITDA growth. So overall, I think we have a solid pipeline for broadband innovation. This is -- we start with this category.

正如布萊恩所說，從業績來看，今年是我們連續第 14 年展望 2019 年，我們將新增超過 100 萬寬頻淨用戶。我們正在努力實現市場份額成長與強勁營收之間的平衡。所以我覺得，我們這樣做能帶來很好的價值。每位用戶平均收入（ARPU）正在成長。寬頻收入正在成長，而且利潤率有所提高，因此有助於 EBITDA 的成長。所以總的來說，我認為我們在寬頻創新方面擁有穩固的通路。——我們從這個類別開始。

The only other thing I would add - I think that's a very complete, thorough description of the strategy and great execution by Dave and his team - is this latest product that we keep referring to, Flex. Because we want to deepen the relationship with that broadband customer, and we'll have more to show and talk about in the months ahead, but in a nutshell, we see this pivot to consuming video, leads right into your second question, consuming video in other ways. And we want to make sure that, that relationship is made simple and easy and has value-add by subscribing to our broadband. And I think the team is off to a -- got some really great ideas there. But Steve, you want to answer the second questions, then Jeremy can weigh in?

我唯一要補充的是——我認為這已經非常完整、徹底地描述了戴夫和他的團隊的策略和出色執行力——那就是我們一直提到的最新產品 Flex。因為我們希望加深與寬頻客戶的關係，未來幾個月我們將有更多內容展示和討論，但簡而言之，我們看到這種向視頻消費的轉變，正好引出了你的第二個問題，即以其他方式消費視頻。我們希望確保這種關係變得簡單輕鬆，並且透過訂閱我們的寬頻服務能夠帶來增值。我認為團隊正在朝著一個非常好的方向發展——他們有一些非常棒的想法。但是史蒂夫，如果你想回答第二個問題，那麼傑里米也可以發表意見？

So we're hard at work on our streaming plans. We're planning on announcing more details as we get closer to the launch. Our goal is to launch the service next April. We have over 500 people working on the service at present. We're using the NOW TV platform that has worked so well in Europe as really the platform foundation. We believe we have a very innovative way of coming into the market that is very different than anything else in the market and, we believe, has very attractive financial aspects versus other ways to get into streaming.

所以我們正在努力製定串流媒體播放計劃。隨著發布日期的臨近，我們將公佈更多細節。我們的目標是明年四月推出這項服務。目前我們有超過 500 人從事這項服務。我們正在使用在歐洲運行非常成功的 NOW TV 平台作為平台的基礎。我們相信我們進入市場的方式非常創新，與市場上的任何其他方式都截然不同，我們相信，與進入串流媒體領域的其他方式相比，這種方式具有非常有吸引力的財務前景。

The Office was important to us because, according to Nielsen, The Office is the #1 show on Netflix. It's about 5% of all of Netflix's volume, which is, obviously, a show that was on NBC and is tied to the DNA of NBC. And we see The Office as being one of the tentpole programs on our platform. So we'll have more to talk about. I think for competitive reasons, we believe we've got some ideas that are innovative and don't really want to share those until we get right close to launch, but we're very pleased to have The Office and very optimistic about our streaming plans at this point.

《辦公室》對我們來說很重要，因為根據尼爾森的數據，《辦公室》是 Netflix 上排名第一的劇集。這大約佔 Netflix 所有節目的 5%，顯然，這是一部曾在 NBC 播出的節目，與 NBC 的 DNA 緊密相連。我們認為《辦公室》是我們平台上的支柱節目之一。這樣我們就有更多的話題可以聊了。我認為出於競爭原因，我們相信我們有一些創新性的想法，並不想在臨近發布之前就分享這些想法，但我們對《辦公室》這部劇非常滿意，並且目前對我們的串流媒體計劃非常樂觀。

Jeremy, maybe talk about Sky Studios and, a little bit, the strategy there, if you wouldn't mind to the question he made about Chernobyl.

傑里米，如果你不介意的話，能不能談談天空電視台以及他們的戰略，順便回答一下他之前提出的關於切爾諾貝利的問題。

Sure, Brian. So a couple of things, Ben. It's just on your first point, remember, in Europe, particularly we're buying content for the market as a whole. So we can use our content very efficiently, either over the DTT service, over a streaming service. So it's one of the reasons, whilst revenue from our streaming brand, NOW TV, tends to be lower, our cost basis is much, much lower as well. So it's -- we were thinking of it efficiently on an incremental basis. And the more we can do that with technology, as Steve described, of course, the more that effect can apply across the company.

當然可以，布萊恩。有兩件事，本。就像你提到的第一點，記住，尤其是在歐洲，我們購買內容是為了整個市場。因此，我們可以非常有效率地利用我們的內容，無論是透過數位地面電視服務還是串流媒體服務。所以，雖然我們旗下串流媒體品牌 NOW TV 的收入相對較低，但我們的成本基礎也低很多，這也是原因之一。所以——我們當時的想法是，要以循序漸進的方式有效率地解決這個問題。當然，正如史蒂夫所描述的那樣，我們越能利用技術做到這一點，這種效果就越能推廣到整個公司。

In terms of Sky Studios, really, our focus is on own originated content and European content. And I think this is going to be extremely powerful for us because, I think, there's a big opportunity to develop European stories at a scale that we've never really seen before. It's no surprise to me that both Game of Thrones actually, but also Chernobyl did particularly well here. Game of Thrones essentially was shot in Europe. It had a lot of European actors. And of course, Chernobyl, a difficult subject, is one of the great sort of European stories over the last few decades.

就 Sky Studios 而言，我們的重點實際上是原創內容和歐洲內容。我認為這對我們來說意義非凡，因為我認為，這是一個以前所未有的規模發展歐洲故事的絕佳機會。對我來說，《權力的遊戲》和《切爾諾貝利》在這裡都表現出色並不令人意外。《權力的遊戲》基本上是在歐洲拍攝的。它有很多歐洲演員。當然，切爾諾貝利事件是一個沉重的話題，也是近幾十年來歐洲最偉大的故事之一。

So I think there's a real spot for us to drive into now. Sky Studios will be the vehicle that we'll use to do that. And that will complement all of the acquired programming that we are getting from around the world, but will be very, very different as well because it will be essentially European. So it fits really very well with us. And of course, we'll displace some of the acquired program -- programming with more of our own originated content as part of our investment thesis.

所以我覺得我們現在真的有了一個可以大展身手的地方。我們將透過天空工作室來實現這一目標。這將與我們從世界各地引進的所有節目相輔相成，但同時也會非常非常不同，因為它本質上是歐洲的。所以它非常適合我們。當然，作為我們投資理念的一部分，我們將用更多我們自己原創的內容來取代一些收購來的節目。

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

下一個問題來自 Craig Moffett 和 MoffettNathanson 的連線。

Two questions, if I could. First, can -- I know you are hesitant to give long-term guidance, but margins have climbed as high as almost 50% for some of the kind of video-light competitors, if you will, in the cable industry. I'm wondering if you could just -- are there any real differences between those companies and your own other than simply video mix? And then second, Brian, just strategically, as you think about NBC and the video strategy at Comcast being sort of to let video customers go if they want to go and the pressure that, that puts on NBC, can you just talk about how you think those 2 strategies can comfortably coexist?

如果可以的話，我想問兩個問題。首先，我知道您不願意給予長期指導，但是，在有線電視行業，一些輕型視訊競爭對手的利潤率已經攀升至近 50%。我想知道您能否簡單介紹一下——除了視訊混合之外，這些公司和您自己的公司之間還有其他真正的區別嗎？其次，布萊恩，從戰略角度來看，考慮到 NBC 和 Comcast 的視頻戰略是允許視頻用戶在他們想離開時就離開，這給 NBC 帶來了壓力，你能談談你認為這兩種戰略如何和諧共存嗎？

Craig, this is Dave. So let me start with margin. And you're right, we don't give long-term margin guidance. But let me start with our focus, and I think that gets to the fundamentals that will continue to impact margin. The main areas, I think we've been very consistent on this, that we focus on total relationship growth, EBITDA per customer relationship and net cash flow per customer relationship. These are -- nothing is going to change in regards to the consistent strategy. So -- and that all starts and it impacts margin by focusing on the connectivity businesses, both residential and business services, which are both of those are margin accretive. So that's the first part.

克雷格，我是戴夫。那麼，就讓我先從利潤率說起吧。你說得對，我們不提供長期利潤率指引。但首先我想談談我們的關注點，我認為這觸及了將繼續影響利潤率的基本面。我認為我們在這方面一直非常堅持，主要關注點是：整體關係成長、每個客戶關係的 EBITDA 和每個客戶關係的淨現金流量。這些——在既定戰略方面，一切都不會改變。所以——這一切都始於專注於連結業務，包括住宅和商業服務，這兩項業務都能提高利潤率，進而影響利潤率。這是第一部分。

Second part, and as Mike mentioned earlier, a ton of focus around improving the customer experience and just taking out the unnecessary noise in the business, the unnecessary transactions, a lot of focus around the digital experience and the customer experience, so these are fundamentals that I think are impacting this quarter, but will continue beyond.

第二部分，正如麥克之前提到的，我們非常注重改善客戶體驗，消除業務中不必要的噪音和交易，並專注於數位化體驗和客戶體驗，我認為這些基本因素正在影響本季度，並且會持續下去。

So I mean, there's a lot of runway had in terms of improvement and as we stay focused on the connectivity businesses. I do think you have in the balance of the year -- the second half of the year, you'll have cycles, like sales activity, mobile sales, that picks up. And we expect certain new product introductions could impact margin a little bit and/or just the tough comp politically with political advertising. So there'll be a couple of things that could go from quarter-to-quarter. But overall, the fundamentals, I think, are rock solid in terms of our approach towards margin. And so don't give really anything beyond this year, but feel very good about the fundamentals.

所以我的意思是，在改進方面還有很大的提升空間，我們將繼續專注於互聯互通業務。我認為在今年剩下的時間裡——也就是下半年，會出現一些週期性波動，例如銷售活動、行動銷售等都會有所改善。我們預期某些新產品的推出可能會對利潤率產生一些影響，而且/或只是由於政治廣告帶來的嚴峻競爭環境。所以有些事情可能會逐季度改變。但總的來說，我認為我們在利潤率方面的基本面非常穩固。所以今年以後就不要再投入太多資金了，但對基本面要感到非常滿意。

On the other thing, look, we -- this is why we think Comcast/NBCUniversal is such a dynamic company. We -- there will be changes in one segment or another. We've been pretty consistent. Steve's been pretty vocal that cable nets will see some pressure on subscriber losses. We're benefiting from that in then selling a lot of content to streaming services. We're building our own streaming service. Our Broadband business benefits from that tremendously. And -- but that's why -- we have a Parks business, and we have seen great results at Broadcast division this quarter. And the Cable nets grew. So -- and that's where having more global footprint will allow us to create one production and sell it all over the world, if that's what we choose to do. So I think it's pretty much what we've anticipated. We've positioned the company and shifted our strategies accordingly. And on the margin between one division or another, there may be slightly different emphasis. But part of the uniqueness that Steve was just talking about of some of our ideas with streaming is to really support the ecosystem as we see it and take advantage of this change that we're all living through and make it a positive on the other side. And that we've seen, as I said in my opening, time and time again. And we've managed with really great leaders to have products that have yielded many years of growth for this company and we see that for the future.

另一方面，你看，我們——這就是為什麼我們認為康卡斯特/NBC環球是一家如此充滿活力的公司。我們——在某些方面會發生一些變化。我們一直都相當穩定。史蒂夫曾多次公開表示，有線電視網絡將面臨用戶流失的壓力。我們因此受益，可以向串流媒體服務平台出售大量內容。我們正在打造自己的串流服務。我們的寬頻業務從中受益匪淺。正因如此，我們才有了公園業務，而且本季我們在廣播部門也取得了顯著的成果。電纜網也隨之發展壯大。所以——擁有更大的全球影響力將使我們能夠生產一種產品，並將其銷往世界各地，如果我們選擇這樣做的話。所以我覺得這基本上符合我們的預期。我們已經對公司進行了定位，並相應地調整了我們的策略。而在不同分支之間的邊緣地帶，可能會有略微不同的重點。但史蒂夫剛才提到的我們的一些串流媒體理念的獨特之處在於，要真正支持我們所看到的生態系統，並利用我們所有人都在經歷的這種變化，使其在另一方面產生積極的影響。正如我在開場白中所說，我們已經一次又一次地看到這一點。我們擁有非常優秀的領導者，成功打造出能為公司帶來多年成長的產品，相信未來也會如此。

Your next question comes from the line of Jessica Reif Ehrlich with Bank of America Merrill Lynch.

你的下一個問題來自美國銀行美林證券的傑西卡·雷夫·埃利希。

I have questions for Steve and also Jeremy. Steve, can you talk a little bit about this really strong upfront advertising market, especially in the face of lower ratings, but like an onslaught -- a coming onslaught of non-advertising supported streaming services? When do you begin to sell your own AVOD direct-to-consumer service? And then Mike kind of threw in when you've talked about NBCU that there is more opportunities in Theme Parks. So maybe give us some color on that. And for Jeremy, do you expect -- just to maybe follow up on Ben's question, but do you expect a pullback of programmings -- programs like we've seen in the U.S. or we're seeing -- going to see in the U.S. from Disney and Warner and others? And if yes, how much money do you think that will free up for your focus on doubling originals? And I guess, like, just as part of that, is there a secondary market for programming? Or will you -- is the plan to keep it all on your own platform?

我有一些問題想問史蒂夫和傑里米。史蒂夫，你能談談目前非常強勁的預售廣告市場嗎？尤其是在收視率下降的情況下，但同時也面臨著一場猛烈的衝擊——一場即將到來的、不依賴廣告的串流服務的衝擊？你們何時開始銷售自己的AVOD直接面向消費者的服務？然後，在談到 NBCU 時，Mike 又插話說，主題樂園領域有更多機會。或許您可以給我們詳細介紹一下。傑里米，你覺得——也許可以接著本的問題問一下——你覺得像我們在美國看到的或正在看到的，或者將要在美國看到的，來自迪士尼、華納和其他公司的節目會減少嗎？如果答案是肯定的，你認為這將為你騰出多少資金來專注於將原產品數量翻倍？我想，作為其中的一部分，是否存在編程的二級市場？或者你會——你的計劃是把所有內容都放在你自己的平台上？

So we had a record upfront. For the last 7 years, we've been selling all of our channels together at the upfront. And pretty much, for the last 7 years, we've been leading the upfront. We're the first company that does business, and we sell more television advertising than anyone else in the country. This year was particularly robust. Our volume was up 10%. I think our average pricing was up close to 10%, maybe 9%. NBC in primetime was up about 13.5%. And we saw a variety of things that drove that. Maybe the most interesting is that now the biggest category of advertising are upfront is from companies that are digital-native companies, the FAANG companies, Peloton -- businesses -- streaming businesses, businesses that basically exist on the Internet. And ironically, those are the businesses that are putting some pressure on our ratings. But interestingly, those businesses find television advertising very, very effective. And because they're so data-oriented, they can measure the impact of television advertising. So well over $1 billion this year came from digital-native companies that literally didn't advertise 4 or 5 years ago. And that's what happens when an advertising market is in good shape. You need a good economy and then you need some new advertisers. We were fortunate enough to have both. Our digital ad sales -- our ad sales on our digital platforms, digital products, have also surpassed $1 billion. So you've got kind of an all-screen approach to the market as opposed to just selling linear television. So the advertising market is very, very healthy and that's part of the reason why we're still very optimistic about the future of broadcast and cable channels.

所以我們事先就有了記錄。過去7年，我們一直都是在預售會上把所有頻道一起出售。在過去的7年裡，我們幾乎一直處於領先地位。我們是第一家開展業務的公司，而且我們的電視廣告銷售量比全國任何其他公司都多。今年表現尤為強勁。我們的銷量成長了10%。我認為我們的平均價格上漲了接近 10%，也許是 9%。NBC黃金時段收視率上升約13.5%。我們看到了多種因素促成了這種情況。或許最有趣的是，現在最大的廣告投放類別來自數位原生公司，例如 FAANG 公司、Peloton 等串流媒體公司，這些公司基本上都存在於網路上。諷刺的是，正是這些企業給我們的評級帶來了一些壓力。但有趣的是，這些企業發現電視廣告非常非常有效。因為他們非常注重數據，所以他們可以衡量電視廣告的影響。今年超過 10 億美元的收入來自數位原生公司，而這些公司在 4 或 5 年前根本不做廣告。這就是廣告市場狀況良好時會發生的情況。你需要良好的經濟形勢，然後才能吸引新的廣告商。我們很幸運，兩者兼得。我們在數位平台和數位產品上的廣告銷售額也已超過 10 億美元。所以你們採取的是一種全螢幕市場策略，而不是只銷售線性電視。因此，廣告市場非常健康，這也是我們仍然對廣播和有線電視頻道的未來非常樂觀的部分原因。

Jeremy?

傑里米？

In terms of -- sorry. Yes. Just in terms of your question, I think we're going to be -- we remain a really fantastic partner for the companies you mentioned or anybody else who wants to develop a D2C or a business in Europe. I mean, typically, it seems to be when most people land, the first question they're going to have to ask themselves is where all the Pay TV customers. And on the whole, they are with Sky. So I would hope that with our historic relationship, the relationship we have, that we'll continue to be able to work with many, many people to help them and us be successful.

抱歉，我…是的。就你的問題而言，我認為我們將繼續是——對於你提到的公司，或者任何其他想要在歐洲發展 D2C 業務的公司來說，我們仍然是一個非常棒的合作夥伴。我的意思是，通常情況下，大多數人落地後首先要問自己的問題是：付費電視用戶都去哪了？總的來說，他們和天空電視台是一致的。因此，我希望憑藉我們之間的歷史淵源和現有關係，我們能夠繼續與許多人合作，幫助他們和我們取得成功。

However, we've -- as you would expect, we deliver lots of -- we develop lots of options on our business. So our investment in Sky Studios isn't really predicated on anybody else. We'll double the amount of original programming we have. We have the capacity to take that further quickly if we so want to. We're seeing great results from that. So just this quarter, viewing of Sky's own original programs was more than double what it was a year ago. And it is -- there is a secondary market. We are monetizing it well. We're either selling it in market to other retailers. So for example, we've got relationships with all the telcos, the cable businesses in Europe to sell our content to their customers. And our revenues are up something like 30% in terms of content sales year-on-year. So I think we've got a lot of good options available to us, and we'll just have to see how commercial negotiations pan out.

但是，正如您所料，我們為業務開發了許多選擇。所以，我們對 Sky Studios 的投資並非基於其他因素。我們將把原創節目的數量增加一倍。如果我們願意，我們有能力迅速將這件事進一步推進。我們已經看到了顯著的成效。光是本季度，Sky 原創節目的收視率就比一年前翻了一番還多。確實存在二級市場。我們已經很好地實現了盈利。我們要么把它賣給市場上的其他零售商。例如，我們與歐洲所有電信公司和有線電視公司都建立了合作關係，向他們的客戶銷售我們的內容。我們的內容銷售收入年增了約 30%。所以我覺得我們有很多不錯的選擇，接下來就看商業談判的結果如何了。

Just looping back to Parks, which was part of your question, Jessica. We continue to remain very bullish on the Parks business. And obviously, we're investing in Beijing. We're investing in our domestic parks. We think there's a lot of opportunity down in Orlando. We built a lot of hotel rooms. We'll be talking more about investment in the state of Florida. And it's now about 1/3 of NBCUniversal's total operating cash flow. And we continue to love the business and think it fits very well with our animated movie business and other things that we're doing.

潔西卡，我再回到你剛才提到的公園話題。我們依然非常看好公園業務。顯然，我們也在北京進行投資。我們正在投資建設國內的公園。我們認為奧蘭多有很多機會。我們建造了許多酒店客房。我們將進一步探討在佛羅裡達州的投資問題。目前這筆資金約佔 NBCUniversal 總營運現金流的三分之一。我們仍然熱愛這個行業，並認為它與我們的動畫電影業務以及我們正在做的其他事情非常契合。

Your next question is from the line of Brett Feldman with Goldman Sachs.

你的下一個問題來自高盛的布雷特·費爾德曼。

As your Cable business becomes increasingly connectivity driven, it certainly seems like the margin profile is going to keep improving. And as Mike alluded to, the CapEx profile is also likely to continue improving as well. And so what that implies is that, that business' natural ability to delever is probably going to be greater in the future than it has been in the past, and that could maybe get you back to your pre-Sky leverage profile a bit quicker. But I think that, really, on a recurring basis, it implies that business might just be creating more excess capital over the long term than we've seen. So it's really a question about capital allocation. As you get back to that pre-Sky leverage profile, how do you think about where your capital allocation priorities go? Particularly, how do you balance the opportunity to return to a share repurchase program versus reinvesting in some of the growth opportunities you were talking about over the course of this call?

隨著有線電視業務越來越注重連接性，利潤率肯定會不斷提高。正如麥克所暗示的那樣，資本支出狀況也可能繼續改善。因此，這意味著，該企業未來自然去槓桿化的能力可能會比過去更強，這或許能讓你更快地恢復到收購 Sky 之前的槓桿水平。但我認為，從長遠來看，這實際上意味著企業創造的過剩資本可能比我們之前看到的要多。所以這其實是一個關於資本配置的問題。當您回到收購 Sky 之前的槓桿水平時，您認為您的資本配置優先事項應該放在哪裡？具體來說，您如何平衡恢復股票回購計畫的機會與您在本次電話會議中提到的某些成長機會的再投資？

Thanks, Brett. It's Mike. So I totally agree with the kind of the outlook for -- what the profile of the Broadband and connectivity businesses imply for the long term. Great cash flow generation profile of that business. And so we love owning it, and we'll keep investing in it in the way that Dave described.

謝謝你，布雷特。是麥克。所以我完全同意這種對寬頻和連結業務前景的看法——這種前景對長期發展意味著什麼。該企業現金流狀況良好。所以，我們很喜歡擁有它，並且會繼續按照戴夫所描述的方式進行投資。

In terms of priorities, on -- delevering is priority #1 right now. And so we've said to the rating agencies, we'd get back in line with our rating within 24 months of doing the Sky deal. And so we've made, obviously, good progress thus far on that. And I would say we're nicely on track to accomplish that.

就優先事項而言，目前的首要任務是去槓桿化。因此，我們已經向評級機構表示，在與 Sky 達成交易後的 24 個月內，我們的評級將恢復到正常水平。所以很顯然，到目前為止，我們在這方面已經取得了良好的進展。我認為我們正朝著實現這一目標穩步前進。

On the other side of getting back to where we need to, we'll talk about what to do from there. But I would say, the fundamental principles of making sure we invest steadily in our existing businesses and maintain a very strong balance sheet, while returning ample cash to shareholders through our dividend, which this year will be north of $3 billion, $3.3 billion or so, 10 years in a row of increasing the dividend, that principle, together with likely healthy buybacks, as we did prior to Sky, in the future -- is the likely future, but we first have to get ourselves back to where we said we would.

回到我們需要去的地方之後，我們會討論接下來該怎麼做。但我想說，確保我們持續投資現有業務並保持非常強勁的資產負債表，同時透過股息向股東返還充足的現金（今年的股息將超過 30 億美元，大約 33 億美元，連續 10 年提高股息）這一基本原則，再加上未來可能像收購 Sky 之前那樣進行健康的股票回購——這很可能是未來，但我們必須回到未來，但我們必須回到我們承諾的目標狀態。

Your next question is 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. Great. Maybe for Brian, could you give us an update on your view on the M&A landscape? It seems like whenever there's a telecom or media asset up for sale on a global basis that the Comcast name is at the top of the list. And then as a follow-up to that, there's a lot of changes, obviously, going on in the -- potentially changes going on in the U.S. wireless industry. Given the increased focus on connectivity in the Cable business, do you see the need to eventually own assets in the wireless market here in the U.S.?

好的。偉大的。布萊恩，您能否向我們介紹一下您對併購市場格局的看法？似乎每當全球有電信或媒體資產出售時，康卡斯特的名字總是名列前茅。然後，作為後續發展，顯然，美國無線通訊行業正在發生許多變化——可能會發生很多變化。鑑於有線電視業務越來越注重連接性，您認為最終是否有必要在美國無線市場擁有資產？

Thanks. We're pretty focused on what we have right in front of us and very excited by it. What drove our appetite for Sky was -- began with Sky being in play and being put in the market and then pushes you to make a decision. So there's not anything at this point that I see that the company doesn't have, that we're not pleased with on a big-scale basis.

謝謝。我們非常專注於眼前的事情，並為此感到非常興奮。我們對 Sky 的渴望源自於 Sky 進入市場，促使你做出選擇。所以目前為止，我認為公司沒有什麼我們大規模不滿意的地方。

And second, what Mike just referred to about our priority to return the balance sheet to its historic levels as quickly as possible is our #1, #2 and #3 focus. And so we're trying to execute well, which, I think, this quarter, the first half of the year did.

其次，麥克剛才提到的，我們優先考慮盡快將資產負債表恢復到歷史水平，這是我們的第一、第二和第三重點。所以我們正在努力做好執行工作，我認為本季度，也就是今年上半年，我們做得很好。

I think, to your wireless question, we're really pleased with the wireless, Xfinity Mobile, the first several years we've been in business. The team -- around 1.5 million customers, I believe. And really, we're offering a great suite of products with value to our best broadband customers. It's got a strategic focus for how we're operating the company. And now it's beginning to have real volume and scale and getting us closer to that point where, economically, it's not a drag and it's a contributor. So I don't know why we would change direction. And things could always change, but we're pretty satisfied that we have a great product and it fits with the suite of products we offer to customers.

關於您提出的無線問題，我認為，在我們開展業務的頭幾年裡，我們對無線業務（Xfinity Mobile）的表現非常滿意。我相信，該團隊擁有約 150 萬客戶。事實上，我們為最優質的寬頻客戶提供了一系列極具價值的產品。它對我們公司的營運方式具有戰略意義。現在它開始擁有真正的規模和數量，使我們離那個在經濟上不再是拖累而是貢獻者的點越來越近了。所以我不知道我們為什麼要改變方向。情況隨時可能發生變化，但我們對我們的產品非常滿意，它很棒，而且與我們向客戶提供的產品組合也很契合。

Your next question is 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。

I guess, 2 followups. Dave, following up on your comments earlier on broadband, I'm curious what you see out in broadband competition. And as Mike pointed out through the quarter, Broadband had a tough year-over-year comp in 2Q, but was similar to better than the few years prior to that. Any reason to think that second half broadband momentum wouldn't be consistent with those last few years? And then second, on wireless, if I can just follow up on a comment, I think, Mike, you made about getting on that path to standalone economics. How do you think about the scale needed there and also the benefit you've seen so far in cable churn from those customers?

我想，還需要兩個後續問題。Dave，接著你之前關於寬頻的評論，我很想知道你對寬頻競爭的看法。正如麥克在本季度指出的那樣，寬頻業務在第二季度同比基數較高，但與前幾年相比，情況基本持平或有所改善。有什麼理由認為下半年寬頻發展動能與過去幾年的發展動能不一致嗎？其次，關於無線技術，我想就你之前關於走上獨立經濟道路的評論做個補充，麥克。您認為這方面需要多大的規模？以及到目前為止，您在降低有線電視用戶流失率方面看到的收益如何？

So it's Dave. So on broadband momentum and -- it's -- we don't give longer-term specific guidance. But most certainly, our approach is to continue to focus on the connectivity side of things, both residential and commercial. So we're -- I think we're doing both. We're adding -- we're gaining share. We are -- we have a good balance in terms of financial performance revenue. And it really does start with broadband. So our approach very much starts with standalone broadband, packaging broadband with X1, with other products, and we'll continue to do that. Our -- we have record churn in broadband. We continue to do, I think, a good job delivering good value. So everything I said earlier around the product pipeline is going to continue to help us in the back half of the year. So, like our momentum. This is -- Q3 is always around back to school and other opportunities in broadband. But I -- we're looking at, as we said, another year, we're going to have over 1 million broadband net adds and this is really solid momentum that we have there.

原來是戴夫。所以關於寬頻發展勢頭，我們不提供更長期的具體指導。但可以肯定的是，我們的方法將繼續專注於連接性方面，包括住宅和商業連接性。所以我覺得我們兩個都在做。我們正在增加——我們正在擴大市場份額。我們－我們在財務表現和收入方面保持著良好的平衡。而這一切確實都始於寬頻。因此，我們的方法很大程度上是從獨立寬頻開始，將寬頻與 X1 以及其他產品打包銷售，我們將繼續這樣做。我們的寬頻用戶流失率創下歷史新高。我認為，我們一直以來都做得很好，提供了物超所值的產品和服務。因此，我之前提到的關於產品線的一切，都將繼續在今年下半年幫助我們。所以，就像我們的勢頭一樣。這是——第三季總是圍繞著返校季和寬頻領域的其他機會。但是，正如我們所說，我們預計再過一年，寬頻淨新增用戶將超過 100 萬，這是我們目前取得的非常強勁的發展勢頭。

Yes, it's Mike. I'll just add in on broadband, exactly right. We see another very strong year. Second half will --in fact, the first half, second quarter had a tough comp to last year's best ever. But when you put the first half together, it's basically in line with the last couple of years we've had or thereabouts. And so I feel very good about the remainder of year outlook in broadband adds.

是的，是麥克。我再補充一點，關於寬頻，完全正確。我們預計今年又將是一個非常強勁的年份。下半場——事實上，上半場第二節與去年的最佳表現相比非常艱難。但把前半部放在一起看，基本上和我們過去幾年經歷的情況差不多。因此，我對今年剩餘時間的寬頻新增業務前景非常樂觀。

On the wireless question, we're quite pleased with beginning to see churn reduction benefit caused by -- in the mobile space, overlapping with what Dave just described in broadband. So quite pleased with what's going on there. In fact, in terms of the [1.6 million] (corrected by company after the call) lines now, about 180 adds in this recent quarter, but you look at it on a quarterly basis, in our footprint, we're taking a very meaningful portion of the opportunity in terms of net adds available to the entire wireless market. So we like the scale we're at.

關於無線問題，我們很高興開始看到行動領域因無線技術帶來的用戶流失減少效益，這與 Dave 剛才在寬頻領域描述的情況重疊。我對那裡的情況相當滿意。事實上，就目前的[160萬]（電話會議後公司更正）線路而言，最近一個季度新增了約180條線路，但從季度來看，在我們覆蓋的範圍內，就整個無線市場可獲得的淨新增線路而言，我們佔據了非常重要的一部分機會。所以我們對目前的規模很滿意。

In terms of economics, the loss of $88-or-so million in this quarter has substantially improved from last year. We need to get into the mid- to high single-digits penetration of our broadband base to achieve the neutrality on the economics. But we're on track to do that. It'll take a little bit of time. But most importantly, we just like the momentum we have in the business as it exists for the reasons Brian and Dave both pointed out.

從經濟角度來看，本季約 8,800 萬美元的虧損與去年同期相比已大幅改善。我們需要將寬頻普及率提高到個位數中高水平，才能在經濟上中立。但我們正朝著這個目標穩步前進。這需要一點時間。但最重要的是，我們喜歡目前業務的發展勢頭，原因正如布萊恩和戴夫所指出的那樣。

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。

Two questions. First, for Steve, understanding you do not want to provide too many details on the OTT service, I do want to explore the concept of originals versus library programming with you as a driver for the service. The Office, obviously, stands out. But Netflix believes that these new originals that drives new subscriber activations, while library content is more of the glue that keeps customer satisfied and the value of a service. Do you embrace that view that exclusive originals are a key driver for OTT services, like the one you're launching?

兩個問題。首先，史蒂夫，我知道你不想透露太多關於OTT服務的細節，但我確實想和你探討一下原創內容與節目庫內容的概念，以此作為該服務的驅動力。《辦公室》這部劇顯然脫穎而出。但 Netflix 認為，這些新的原創內容能夠推動新用戶的激活，而庫內容更像是維繫用戶滿意度和服務價值的紐帶。您是否認同獨家原創內容是OTT服務（例如您即將推出的服務）的關鍵驅動力這一觀點？

Well, first of all, our service is very different than Netflix. I do think when Netflix started, it was all acquired programming. And I believe, today, acquired programming is something like 80% of Netflix's volume. The vast majority of our volume, I expect to be acquired. We are spending some money on originals. And we've announced that we're doing another year of A.P. Bio. And we have another -- we have a number of originals that are actually tied to libraries that we currently own. But I would expect the vast majority of the consumption in the beginning would be acquired.

首先，我們的服務與 Netflix 非常不同。我認為Netflix剛起步的時候，所有節目都是買的。而且我相信，如今 Netflix 的內容總量中，購買的節目大約佔 80%。我預期我們絕大部分的業務量將會被收購。我們花了一些錢購買正版商品。我們已經宣布，我們將再開設一年的AP生物課程。我們還有另一批——我們有一些原件實際上與我們目前擁有的圖書館有關。但我預期初期絕大部分消費將以購買的形式進行。

Okay, I appreciate that. And Dave, when you look at AT&T's difficult programming negotiations where they're attempting to bend the cost curve, as they say, and lower the pace of programming cost growth, does that change your expectations that Comcast Cable for cost growth? And you might not want to share it, but it would be helpful when you look for the few years to know whether you're programming renewals are lumpy or spread out more evenly on an annual basis.

好的，謝謝。戴夫，當你看到 AT&T 正在進行艱難的節目製作談判，他們試圖控製成本曲線，降低節目製作成本的增長速度時，這是否會改變你對 Comcast Cable 成本增長的預期？您可能不想分享它，但當您查看未來幾年的數據時，了解您的節目續訂是集中發放還是按年均勻分佈會很有幫助。

Well, Doug, we haven't -- we don't give longer-term guidance, as you know, in programming. We have certainly said that we are -- that last year, this year, in a cycle where there's less activity -- deal activity. So leading to lower programming increases. So -- but having said that, I do think we are very different in a couple of different ways. One, that we have X1. X1, I think, gives us strategic flexibility as we approach this new environment and that we combine the best of live, on-demand DVR applications. And so as we approach relationships -- important relationships with us, we're just giving consumers unprecedented options for them to simply get to what they want. So we are -- we will approach it. We'll very aggressively look at data, every single deal, we will look at engagement. But we will offer up X1, and X1 will continue to be a really important platform for us in the future.

道格，我們沒有——正如你所知，在程式設計方面，我們不提供長期指導。我們確實說過，去年、今年，我們正處於交易活動較少的周期中。因此導致編程增長放緩。所以——但話雖如此，我認為我們在某些​​方面確實非常不同。第一，我們有 X1。我認為，X1 為我們應對這種新環境提供了策略靈活性，並將直播、點播 DVR 應用的優勢結合起來。因此，當我們對待與我們建立重要關係時，我們只是為消費者提供前所未有的選擇，讓他們輕鬆獲得自己想要的東西。所以我們會——我們會著手處理這件事。我們將非常積極地分析數據，每一筆交易，我們都會關注參與。但我們會提供 X1，而 X1 在未來仍將是我們非常重要的平台。

Your next question comes from the line of Vijay Jayant with Evercore ISI.

你的下一個問題來自 Vijay Jayant 與 Evercore ISI 的對話。

This is only for Jeremy. Obviously, in the U.K. and Germany, you're a reseller of the incumbent phone company's broadband network. There's probably some opportunities to get partnerships with companies that have faster speeds and/or be partners with new build-out opportunities for broadband given Comcast DNA on connectivity. Can you just talk about, is there a real opportunity to drive subscribers broadly given the potential of faster broadband speeds in your footprint?

這只給傑里米。顯然，在英國和德國，你是現有電話公司寬頻網路的經銷商。鑑於 Comcast 在網路連結方面的基因，或許有機會與擁有更快網速的公司建立合作關係，或參與新的寬頻建設計畫。您能否談談，鑑於您所在區域寬頻速度提升的潛力，是否存在真正擴大用戶規模的機會？

Yes. Look, I think from a customer point of view, that's only -- and actually, our business is already trading up to faster speeds. About half of our customers in the U.K., for example, now are already taking Sky Fibre. So I think, on the back of that trend, there's nothing sort of dramatic happening in Europe but a consistent trend we can grow. We get good access to higher-speed broadband in the markets in which we compete.

是的。你看，我認為從客戶的角度來看，這只是——而且實際上，我們的業務已經在向更快的速度升級。例如，我們在英國的客戶中，大約有一半現在已經在使用 Sky 光纖網路。所以我認為，在這種趨勢的推動下，歐洲並沒有發生任何劇烈的變化，而是一個可以持續發展的趨勢。在我們所處的競爭市場中，我們可以很好地連接高速寬頻。

Our launch in Italy, which will be probably the start of next year, later this year, sort of next year is actually a good example of our partnering with Open Fiber being a particularly helpful contract with them that gives us flexibility to just start with fiber to the premises from the get-go. So I think our position today is a good one. You can see that, of course, in the success that we've delivered in the U.K., where we've become a very strong #2 in the residential market. We'll build a similar position in Italy. It will be a big new business for us to build. And then we'll be open to, can we work more closely with network providers in all those markets. And if we can, we will, but I don't think it's going to constrain us. And I don't think it's a prerequisite for us to continuing to grow.

我們在義大利的推出，大概會在明年年初、今年晚些時候，或者明年某個時候，這實際上很好地體現了我們與 Open Fiber 的合作，我們與他們簽訂的合約非常有幫助，使我們能夠從一開始就靈活地採用光纖到戶。所以我認為我們目前的處境不錯。當然，這一點可以從我們在英國的成功中看出，我們已成為英國住宅市場排名第二的強勁企業。我們將在義大利建立類似的地位。這將是我們亟待建立的一項龐大的新業務。然後，我們將考慮能否與所有這些市場的網路供應商更緊密地合作。如果可以，我們會這樣做，但我認為這不會限制我們。我不認為這是我們繼續發展的必要條件。

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

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

I think we all understand the connectivity message, but I think we're still trying to get a little bit of clarity on the video strategy. So 2 questions related to this. Number one, are you still investing in the video product? And I think from all of the comments on the call so far, the answer would be yes, but just want you to confirm that. And then sort of following up to Doug's question, if you're, in a sense, deemphasizing video, have you become indifferent to affiliate fee increases as you renew this carriage contracts because if you pass the increases on the customer, and if they leave, they leave or you're still going to fight the fight to keep programming cost down?

我認為我們都了解互聯互通的重要性，但我們仍在努力釐清影片策略。所以，關於這一點，我有兩個問題。首先，你還在投資視訊產品嗎？根據目前為止電話會議中的所有評論來看，我認為答案是肯定的，但我還是想請您確認一下。然後，接著 Doug 的問題，如果你在某種程度上降低了視頻的重要性，那麼在續簽這些傳輸合約時，你是否對聯盟費用的上漲漠不關心？因為如果你把上漲的費用轉嫁給客戶，而他們流失了，那就讓他們流失吧；或者你仍然會努力降低節目製作成本？

Marci, Dave. So I think you have to break that down in 2 ways. One, there's a marketing focus and there's a product focus. From a marketing perspective, our focus is -- we talked about connectivity, but we're also -- video is an important packaging element to the segments that are profitable, that want the best video platform there is in X1. So we'll continue to emphasize our approach towards segmentation and leveraging X1 with broadband, so you get the best-in-class combination of the two. So we're not going to chase low end. You look at the last quarter, a lot of that are -- actually, our video churn was relatively stable to last year's second quarter. It's just less emphasis on going after lower end. But overall, X1, we will continue to market into those segments.

瑪西，戴夫。所以我認為需要從兩個方面來分析。第一，有行銷方面的重點；第二，有產品方面的重點。從行銷角度來看，我們的重點是——我們談到了連接性，但我們也認為——影片是獲利細分市場的重要包裝元素，這些細分市場想要X1中最好的影片平台。因此，我們將繼續強調我們的細分策略，並利用 X1 與寬頻結合，從而為您提供一流的兩者組合。所以我們不會追求低階產品。看看上個季度，很多都是——實際上，我們的視訊用戶流失率與去年第二季度相比相對穩定。只是減少了對低端市場的投入。但總的來說，X1，我們將繼續在這些細分市場進行行銷。

From a product perspective, we will invest and are investing in X1. We're adding applications. We've talked about Hulu will be up next. There are others that we're talking, we're excited about next year at NBC. There's a lot more in terms of what customers want. And as Brian mentioned, we are excited about and more to come on Flex. Flex is another -- is an extension of X1 that gives an opportunity to go after the streamer segment with a solution that kind of integrates, in an elegant way, the applications, the data. So you can use your voice, you can get to the content that you want for those apps. So more to come on that. But we will continue to invest where it makes sense in video.

從產品角度來看，我們將投資並且正在投資 X1。我們正在增加應用程式。我們已經討論過，接下來會是 Hulu。明年NBC還有其他一些我們正在洽談的項目，我們對此感到興奮。顧客的需求遠不止這些。正如布萊恩所提到的，我們對 Flex 的現狀感到興奮，未來將有更多精彩內容推出。Flex 是另一個——它是 X1 的擴展，它提供了一個機會，可以憑藉優雅地整合應用程式和資料的解決方案來進入串流媒體領域。所以你可以用語音控制，透過這些應用程式來獲得你想要的內容。關於這一點，後續還會有更多討論。但我們會繼續在影片領域進行合理的投資。

Okay. Well, I just would add that I think it was a good first half of the year. And I think we had a pretty robust discussion this morning, so I don't have anything to add. It was a good answer, David. Thank you.

好的。我只想補充一點，我認為今年上半年過得很好。我認為我們今天早上進行了相當深入的討論，所以我沒有什麼要補充的了。大衛，你的回答很好。謝謝。

Okay. We'll end the call there. Thank you, everyone, for joining us this morning.

好的。通話到此結束。謝謝大家今天早上收看我們的節目。

We have no further questions at this time. There will be a replay available of today's call starting at 12:00 p.m. Eastern standard time. It will run through Thursday, August 1 at midnight Eastern standard time. The dial-in number is (855) 859-2056, and the conference ID number is 1195998. A recording of the conference call will also be available on the company's website beginning at 12:30:00 p.m. Eastern standard time today.

目前我們沒有其他問題。今天下午12點開始將提供電話會議的重播。美國東部標準時間。活動將持續到美國東部時間8月1日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 1195998。會議錄音將於下午 12:30:00 起在公司網站上提供。今天是美國東部標準時間。

This does conclude today's teleconference. Thank you for participating. You may all disconnect.

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。