康卡斯特 (CMCSA) 2019 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Third 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年第三季財報電話會議。（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 將發表正式演講；Steve、Dave 和 Jeremy 也將出席並回答問題。

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

像往常一樣，現在請大家參閱第 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。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. We delivered strong operational and financial results in the third quarter, with each of our businesses contributing to our company's growth. Together, we surpassed 55 million customer relationships, grew pro forma EBITDA by 7%, delivered 16% growth in adjusted EPS, generated significant free cash flow and paid nearly $1 billion in dividends while further strengthening our balance sheet. Our results in the quarter and over many years are evidence that our strategy is working.

謝謝你，傑森，大家早安。第三季度，我們取得了強勁的營運和財務業績，旗下各業務部門都為公司的發展做出了貢獻。我們共同實現了超過 5,500 萬個客戶關係，準備 EBITDA 成長了 7%，調整後每股收益成長了 16%，產生了可觀的自由現金流，並支付了近 10 億美元的股息，同時進一步加強了我們的資產負債表。本季和多年來的業績都證明我們的策略是有效的。

From my perspective, 4 things stood out as we wrapped up the quarter: our incredible strength in broadband; the enduring popularity of our premium content; our strong global footing just 1 year after the Sky acquisition; and how the combination of these things puts us in a unique position to compete, including in the streaming market.

在我看來，本季末有 4 件事尤為突出：我們在寬頻領域的強大實力；我們優質內容的持久受歡迎程度；收購 Sky 僅一年後，我們就擁有了強大的全球地位；以及這些因素的結合使我們處於獨特的競爭地位，包括在串流媒體市場。

Starting with broadband. It goes without saying the utility and demand for high-speed and reliable internet access are ever increasing. We see this in our customers' behavior, monthly data usage more than doubled in the last 3 years, and our power users are connecting nearly 20 devices in their homes daily. That's great. It enables us to further differentiate ourselves from the competition, hence more customers continue to choose Xfinity.

先從寬頻說起。毋庸置疑，高速可靠的網路存取的實用性和需求正在不斷增長。我們從客戶的行為中就能看出這一點，過去 3 年裡，每月數據使用量增加了一倍多，而我們的重度用戶每天在家中連接近 20 台設備。那太棒了。這使我們能夠進一步與競爭對手區分開來，因此越來越多的客戶繼續選擇 Xfinity。

The Cable team has done a tremendous job redefining broadband by expanding the basis of competition beyond speed to also include coverage and control. With these 3 pillars, speed, coverage and control, our xFi experience is resonating with customers. And with Flex, we just added a fourth pillar, streaming, designed to meet the growing needs of customers who only consume video over-the-top. Flex enables these streamers to quickly and easily search, access and enjoy content across their favorite apps on the TV using our award-winning voice remote. It's a wonderful product, and now we are providing it to our broadband-only customers for free.

Cable團隊在重新定義寬頻方面做得非常出色，他們將競爭的基礎從速度擴展到覆蓋範圍和控制。憑藉速度、覆蓋範圍和控制這三大支柱，我們的 xFi 體驗引起了客戶的共鳴。而透過 Flex，我們又增加了第四個支柱——串流媒體，旨在滿足那些只透過網路觀看影片的客戶日益增長的需求。Flex 讓這些串流媒體用戶能夠使用我們屢獲殊榮的語音遙控器，在電視上快速輕鬆地搜尋、存取和欣賞他們喜愛的應用程式上的內容。這是一款非常棒的產品，現在我們免費提供給僅訂購寬頻服務的客戶。

And at Sky, we plan to follow a similar playbook by using xFi to differentiate the experience for our broadband subscribers in Europe, starting with next year's launch in Italy.

在 Sky，我們計劃效仿類似的策略，利用 xFi 為我們在歐洲的寬頻用戶提供差異化的體驗，首先從明年在義大利推出開始。

So our strengths and ongoing innovations are translating into record-breaking results. Cable added 379,000 broadband customers, the most for a third quarter in 10 years. This drove our best total customer net additions on record for any quarter, contributing to a 3.4% year-over-year increase in customer relationships. And we're also increasing the value of our relationships. EBITDA per customer relationship grew 3.2%. And what is even more impressive, our net cash flow per customer relationship grew 13%.

因此，我們的優勢和持續創新正在轉化為破紀錄的成果。有線電視新增寬頻用戶 37.9 萬，創下 10 年來第三季新增用戶數最高紀錄。這促成了我們有史以來季度客戶淨增長額的最高紀錄，並推動客戶關係年增 3.4%。我們也在提升彼此關係的價值。每個客戶關係的 EBITDA 成長了 3.2%。更令人印象深刻的是，我們每位客戶關係的淨現金流增加了 13%。

Moving beyond broadband, our content continues to resonate with consumers. NBCUniversal has the largest TV viewership share of any major media company in the U.S. and one of the leading film businesses in the world. In Europe, Sky is the #1 sports and entertainment brand. And these strengths continued in the third quarter. NBC plays #1 in primetime among adults 18 to 49 for the sixth consecutive 52-week season. Telemundo was #1 in Spanish-language weekday prime for the third consecutive season. Overall household viewership of Sky-branded channels increased 10% in the quarter, led by sports. And Sky's highly acclaimed Chernobyl received 10 Emmys, which bodes well for our newly created Sky Studios. On top of all this, the teams at NBCUniversal and Sky are jointly producing and delivering content. For example, we've greenlit our first co-productions, shared over 1,000 hours of sports content and are creating a global news channel.

超越寬頻時代，我們的內容持續引起消費者的共鳴。NBC環球是美國主要媒體公司中電視收視份額最高的，也是世界領先的電影公司之一。在歐洲，Sky是排名第一的運動和娛樂品牌。這些優勢在第三季得以延續。NBC電視台連續第六個52週的黃金時段收視率在18至49歲成年觀眾中排名第一。Telemundo連續第三個季度在西班牙語工作日黃金時段收視率排名第一。本季 Sky 品牌頻道的家庭收視率整體成長了 10%，其中體育節目帶動了成長。天空電視台備受讚譽的《切爾諾貝利》獲得了 10 項艾美獎，對我​​們新成立的天空工作室來說是個好兆頭。除此之外，NBC環球和天空電視台的團隊也正在聯合製作和發行內容。例如，我們已經批准了首批聯合製作項目，分享了超過 1000 小時的體育內容，並且正在創建一個全球新聞頻道。

In fact, it's hard to believe that we have owned Sky for only a year. Our company is strategically stronger today than we were a year ago. Sky brings 24 million customer relationships in Europe, including the 482,000 net additions in the last 12 months, plus additional premium content and exclusive sports all anchored by a leading European brand and an outstanding team. In what are tough macroeconomic conditions, Sky is doing a great job.

事實上，很難相信我們擁有 Sky 才一年。如今，我們公司的策略實力比一年前更強。Sky 在歐洲擁有 2,400 萬客戶關係，包括過去 12 個月新增的 48.2 萬客戶，以及額外的優質內容和獨家體育賽事，所有這些都由領先的歐洲品牌和傑出的團隊提供支援。在當前嚴峻的宏觀經濟情勢下，Sky 的表現非常出色。

Finally, our recent announcements on Peacock and Flex are terrific examples of how our combined company is working together and well-positioned to compete. With our leading scale in distribution and premium content, along with our focus on innovation, we can continue to produce superior products like these for our customers and deliver strong financial results for our shareholders.

最後，我們最近發布的關於 Peacock 和 Flex 的公告，充分展現了我們合併後的公司如何協同合作，並做好了充分的競爭準備。憑藉我們在分銷和優質內容方面的領先規模，以及我們對創新的專注，我們可以繼續為客戶生產此類優質產品，並為股東帶來強勁的財務業績。

So all in all, we had a great quarter, led by broadband... and it also demonstrates what a fantastic set of businesses and leaders we have that positions us well for the future.

總而言之，我們本季表現出色，寬頻業務是主要驅動力…這也顯示我們擁有一群多麼優秀的企業和領導者，這為我們的未來發展奠定了良好的基礎。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our third 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，介紹我們第三季的綜合業績。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。

Also, one housekeeping item on Peacock, our forthcoming streaming service. Similar to our approach with Xfinity Mobile, during its start-up phase, we will report Peacock's results in the Corporate and Other segment.

另外，關於我們即將推出的串流服務 Peacock，還有一件需要說明的事情。與我們對 Xfinity Mobile 的做法類似，在 Peacock 的初創階段，我們將以「企業及其他」板塊報告其表現。

So now, let's move on to today's results. On a reported basis, revenue increased 21% to $26.8 billion, and adjusted EBITDA increased 17% to $8.6 billion. On a pro forma basis, revenue was consistent with the prior year and adjusted EBITDA increased 7.4%, reflecting growth across all 3 businesses. As Brian mentioned, adjusted earnings per share grew 16% to $0.79. And free cash flow was $2.1 billion, bringing the year-to-date total to $10.9 billion, an increase of 3.7% compared to the first 9 months of last year.

那麼現在，讓我們來看看今天的比賽結果。按報告數據，營收成長 21% 至 268 億美元，調整後 EBITDA 成長 17% 至 86 億美元。以備考基準計算，營收與前一年持平，調整後 EBITDA 成長 7.4%，反映出所有 3 項業務的成長。正如布萊恩所提到的，調整後的每股收益成長了 16%，達到 0.79 美元。自由現金流為 21 億美元，使今年迄今的總額達到 109 億美元，比去年同期成長 3.7%。

Now let's turn to our segment results, starting with Cable Communications on Slide 5. Cable delivered excellent results driven by our connectivity-centric strategy and highlighted by strong performance in 3 key metrics we use to run the business: growth in total customer relationships, EBITDA per customer relationship and net cash flow per customer relationship.

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。有線通訊業務取得了優異的業績，這得益於我們以連接為中心的策略，並在我們用於營運業務的 3 個關鍵指標中表現強勁：客戶關係總數增長、每個客戶關係的 EBITDA 和每個客戶關係的淨現金流。

Overall Cable revenue increased 4% to $14.6 billion in the third quarter, led by the increase in total customer relationships as well as higher ARPU. Total customer relationships increased 3.4% year-over-year to $31.2 million, including 309,000 customer net additions, the best on record. This growth was driven by 379,000 high-speed internet customer net additions, the highest third quarter net additions in 10 years. We've added 1.3 million broadband customers over the last 12 months. Overall, our connectivity businesses, residential broadband and business services, continue to drive the growth at Cable. Our revenue in these businesses, collectively, reached $6.7 billion in the quarter, up 9.3% year-over-year.

第三季有線電視總營收成長 4%，達到 146 億美元，主要得益於客戶關係總數的增加以及 ARPU 的提高。客戶關係總額年增 3.4%，達到 3,120 萬美元，其中包括淨增客戶 30.9 萬戶，創歷史新高。這項成長主要得益於高速網路用戶淨增加 37.9 萬戶，這是 10 年來第三季淨增用戶數最高的一次。在過去 12 個月裡，我們新增了 130 萬寬頻用戶。總體而言，我們的連接業務，包括住宅寬頻和商業服務，繼續推動 Cable 的成長。本季度，這些業務的總收入達到 67 億美元，年增 9.3%。

With broadband as the foundation of our customer relationships, we utilize additional products and services in a manner that profitably helps us attract and increase the lifetime value of the overall customer relationship. Video is still an important and profitable component of most of our relationships, but we continue to be disciplined and are not chasing unprofitable subs. Total video subscribers declined by 2.8% year-over-year to 21.4 million. Xfinity Mobile is another important contributor to our growth as we pair it with broadband to provide our customers with a great wireless experience that helps them save money. We added 204,000 net customer lines in the third quarter and reduced our quarterly adjusted EBITDA losses at Xfinity Mobile to $94 million, an improvement from a $178 million loss in last year's third quarter, reflecting our progress in scaling and further improving our operations. And as Brian mentioned, Flex is another great product we'll use to add more value to our broadband-centric customer relationships.

我們以寬頻為客戶關係的基礎，利用其他產品和服務，以獲利的方式幫助我們吸引客戶並提高客戶關係的終身價值。影片仍然是我們大多數關係中重要且有利可圖的組成部分，但我們仍然保持自律，不會追求無利可圖的訂閱用戶。視訊用戶總數較去年同期下降 2.8%，至 2,140 萬。Xfinity Mobile 是我們成長的另一個重要貢獻者，我們將其與寬頻結合，為客戶提供出色的無線體驗，幫助他們省錢。第三季度，我們新增了 204,000 條淨客戶線路，並將 Xfinity Mobile 的季度調整後 EBITDA 虧損減少至 9,400 萬美元，較去年第三季的 1.78 億美元虧損有所改善，這反映了我們在擴大規模和進一步改進營運方面取得的進展。正如布萊恩所提到的，Flex 是另一個很棒的產品，我們將用它來為我們以寬頻為中心的客戶關係增添更多價值。

Moving now to Cable expenses and margin on Slide 6. Total Cable expenses increased 2.3% year-over-year, reflecting strong cost management even as we increased customer relationships by 3.4%. Programming expense was flat, reflecting the timing of contract renewals and a lower volume in video. Non-programming expenses increased by 3.6% year-over-year but were relatively flat on a per-customer basis. We delivered outstanding growth in customer relationships and also improved our NPS scores while reducing total agent-handled calls by 15% and lowering truck rolls by 10% year-over-year.

現在就來看看第 6 頁的有線電視支出和利潤率。有線電視總支出年增 2.3%，這反映出即使我們增加了 3.4% 的客戶關係，成本控制依然強勁。節目製作費用持平，這反映了合約續約的時間安排以及視訊業務量的下降。非程式支出較去年同期成長 3.6%，但以每位客戶計算則相對持平。我們在客戶關係方面取得了卓越的成長，同時提高了 NPS 分數，並將客服人員處理的電話總數減少了 15%，並將上門服務次數減少了 10%。

Together, the growth in our connectivity businesses, the improvement in our performance at Xfinity Mobile and our ongoing focus on cost management, resulted in Cable adjusted EBITDA growth of 6.7% and margin expansion of 100 basis points to 39.8%. We continue to expect EBITDA margin improvement for the full year 2019 to be slightly above 100 basis points compared to the 2018 margin of 38.7% based on our strong performance year-to-date and our outlook for continued year-over-year margin improvement in the fourth quarter.

我們的連結業務成長、Xfinity Mobile 績效改善以及我們對成本管理的持續關注，共同促成了有線電視業務調整後 EBITDA 成長 6.7%，利潤率擴大 100 個基點至 39.8%。基於我們今年迄今的強勁業績以及我們對第四季度利潤率繼續同比增長的預期，我們繼續預計 2019 年全年 EBITDA 利潤率將比 2018 年的 38.7% 略高 100 個基點。

Cable capital expenditures in the third quarter decreased 6.7% to $1.8 billion, leading to capital expenditure intensity of 12.4%, primarily reflecting lower spending in scalable infrastructure and line extensions, partly due to the timing of plant construction and other network investments. However, as we've said, consistent with the broader shift in our business toward connectivity, we will continue to invest in our network to stay firmly ahead of our customers' high and increasing expectations and to further enhance our leading competitive position in broadband. We now expect Cable CapEx intensity for the full year 2019 to improve by at least 150 basis points compared to the 13.8% in 2018, driven partly by timing of network investment as well as decreased CPE spend as video subscribers decline and the rate of our deployment of X1 has moderated. This is an upgrade to our prior guidance of at least 100 basis points of improvement.

第三季有線電視資本支出下降 6.7% 至 18 億美元，導致資本支出強度為 12.4%，主要反映出可擴展基礎設施和線路延伸方面的支出減少，部分原因是由於工廠建設和其他網路投資的時間安排。但是，正如我們所說，為了配合我們業務向互聯互通的更大轉變，我們將繼續投資於我們的網絡，以始終滿足客戶不斷增長的高期望，並進一步鞏固我們在寬頻領域的領先競爭地位。我們現在預計，2019 年全年有線電視資本支出強度將比 2018 年的 13.8% 至少提高 150 個基點，部分原因是網路投資的時機以及隨著視訊用戶減少和 X1 部署速度放緩而導致的 CPE 支出減少。這比我們之前至少提高 100 個基點的預期有所上調。

In summary, we're very happy with the team's strong performance. In the quarter, we delivered 3.4% growth in total customer relationships and 3.2% growth in adjusted EBITDA per customer relationship, which, coupled with the decrease in Cable capital intensity, drove a 13% increase in Cable net cash flow per customer relationship. We continue to see the benefits of consistently investing in our network, innovating to deliver the best-in-class products, services and experiences and increasing our operational efficiency. We believe our approach will continue to strengthen our leading competitive position and drive profitable growth.

總而言之，我們對球隊的出色表現非常滿意。本季度，我們的客戶關係總數增加了 3.4%，每個客戶關係的調整後 EBITDA 成長了 3.2%，再加上有線電視資本密集度的下降，推動了每個客戶關係的有線電視淨現金流增加了 13%。我們持續投資於我們的網絡，不斷創新以提供一流的產品、服務和體驗，並提高我們的營運效率，從而不斷獲得收益。我們相信，我們的方法將繼續鞏固我們領先的競爭地位，並推動獲利成長。

With that, I'll turn to NBCUniversal's results on Slide 7. NBCUniversal EBITDA increased 1.6%, reflecting expected difficult studio comparisons in TV and film. Cable Networks revenue decreased 2.8% to $2.8 billion, and EBITDA was flat at $955 million primarily due to a 27% decline in content licensing and other revenue, reflecting a challenging timing-related comparison to last year. As we noted last quarter, our studio benefited from the considerable level of programming licensed to third parties in 2018. Offsetting some of this decline was a 1.6% increase in distribution revenue, reflecting the ongoing benefits of previous renewal agreements, partially offset by subscriber losses that have moderately accelerated driven by increased satellite losses and slowing virtual MVPD growth. Lastly, advertising revenue was consistent with last year's result as the strong pricing environment was offset by audience ratings declines.

接下來，我將介紹投影片 7 中 NBCUniversal 的業績。 NBCUniversal 的 EBITDA 成長了 1.6%，這反映了電視和電影產業預期中的工作室表現比較困難。有線電視網路營收下降 2.8% 至 28 億美元，EBITDA 持平於 9.55 億美元，主要原因是內容授權和其他收入下降 27%，這反映出與去年相比，時間比較具有挑戰性。正如我們上個季度所指出的，我們的工作室受益於 2018 年向第三方授權的大量節目。部分抵消了這一下滑的是分銷收入增長了 1.6%，這反映了先前續約協議帶來的持續收益，但部分被用戶流失所抵消，用戶流失速度略有加快，這是由於衛星訊號損失增加和虛擬 MVPD 成長放緩所致。最後，由於強勁的價格環境被收視率下降所抵消，廣告收入與去年的結果持平。

Broadcast revenue decreased 9.1% to $2.2 billion, and EBITDA increased 5.1% to $338 million due to challenging comparisons in advertising and content licensing, more than offset by healthy growth in retrans and lower programming and production costs. Advertising revenue declined 12% primarily reflecting a difficult comparison to last year's results, which included Telemundo's broadcast of the FIFA World Cup. For the remainder of the year, we have a positive outlook on the ad market with the start of the NFL season and the return of original entertainment programming, as well as the benefit from higher upfront pricing. Content licensing declined 17%, reflecting a challenging comparison to last year's results due to the timing of delivery of content under our licensing agreements. Retrans revenue increased over 10% to nearly $500 million. Lastly, on the expense side, lower programming and production cost were primarily driven by costs associated with the FIFA World Cup in the prior year.

由於廣告和內容授權方面面臨嚴峻的同比挑戰，廣播收入下降 9.1% 至 22 億美元，而 EBITDA 增長 5.1% 至 3.38 億美元，但轉播業務的健康增長以及節目製作成本的降低抵消了這些不利影響。廣告收入下降了 12%，主要原因是與去年同期業績相比比較困難，去年同期業績包括 Telemundo 對 FIFA 世界盃的轉播。對於今年剩餘時間，隨著 NFL 賽季的開始和原創娛樂節目的回歸，以及預售價格上漲的好處，我們對廣告市場持樂觀態度。內容授權收入下降了 17%，由於授權協議下內容交付時間的限制，與去年的業績相比，今年的業績面臨嚴峻挑戰。Retrans 營收成長超過 10%，接近 5 億美元。最後，在支出方面，較低的節目製作成本主要是由於去年 FIFA 世界盃的相關成本所致。

Filmed Entertainment revenue decreased 6.2% to $1.7 billion, and EBITDA declined 8.7% to $195 million. While the Fast & Furious spinoff, Hobbs & Shaw, delivered strong results in the quarter, it was a tough comparison to Jurassic World: Fallen Kingdom and a higher number of films in last year's third quarter. Despite experiencing a crowded box office so far in the second half of this year, we currently expect healthy growth in full year Film EBITDA over 2018 results. Looking ahead to 2020, we believe we can achieve even better results as our strategic slate includes 3 major animated sequels and another installment in our Fast & Furious franchise.

影視娛樂收入下降 6.2% 至 17 億美元，EBITDA 下降 8.7% 至 1.95 億美元。雖然《玩命關頭》衍生電影《霍布斯與肖》在本季取得了強勁的票房成績，但與《侏羅紀世界2：失落國度》以及去年第三季更多的電影數量相比，這是一個艱難的比較。儘管今年下半年票房競爭激烈，但我們目前預計全年電影 EBITDA 將比 2018 年的業績實現健康成長。展望 2020 年，我們相信能夠取得更好的成績，因為我們的策略計畫包括 3 部主要的動畫續集和《玩命關頭》系列的另一部作品。

Theme Parks revenue increased 6.8% to $1.6 billion, and EBITDA increased about 1% to $731 million. These results reflect higher attendance as well as an increase in operating costs. The higher attendance was due, in part, to severe weather and natural disasters that negatively impacted attendance in Japan in last year's third quarter. While the parks business is subject to some ebbs and flows, we are pleased with our summer launches of Jurassic World in Hollywood and our Hagrid-themed Harry Potter coaster in Orlando. And we remain bullish on our growth opportunities with Super Nintendo World opening in Japan in 2020 and domestic launches thereafter, our new Beijing park opening in 2021 and our recently announced fourth gate in Orlando, Universal's Epic Universe.

主題樂園營收成長 6.8% 至 16 億美元，EBITDA 成長約 1% 至 7.31 億美元。這些結果反映了更高的出席率以及營運成本的增加。較高的上座率部分原因是由於惡劣天氣和自然災害對去年第三季日本的上座率產生了負面影響。雖然主題樂園業務難免會有起伏，但我們對今年夏天在好萊塢推出的侏羅紀世界和在奧蘭多推出的以海格為主題的哈利波特過山車感到非常滿意。我們仍然對我們的成長機會充滿信心，超級任天堂世界將於 2020 年在日本開業，隨後將在美國國內陸續推出，我們的新北京主題公園將於 2021 年開業，我們最近宣佈在奧蘭多開設第四個主題公園——環球影​​城史詩宇宙。

Moving on now to Sky results on Slide 8. 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，我們將討論第 8 張投影片中的 Sky 業績。提醒一下，我將使用假設 Sky 交易發生在 2017 年 1 月 1 日的備考業績，並以固定匯率計算增長率，這與我們的收益報告中反映的情況一致。

Revenue at Sky increased 0.9% to $4.6 billion, reflecting growth in direct-to-consumer and content revenue, partially offset by lower advertising revenue amid continued macro weakness in European markets.

天空電視台的收入成長了 0.9%，達到 46 億美元，這反映了直接面向消費者和內容收入的成長，但部分被歐洲市場持續疲軟導致的廣告收入下降所抵消。

Direct-to-consumer revenue increased 1.9% to $3.8 billion, benefiting from customer growth, but partially offset by a decline in average revenue per customer. In the third quarter, customer relationships decreased by 99,000, following record streaming growth in the second quarter related to Game of Thrones and the debut of the highly acclaimed Sky Original, Chernobyl, both of which were exclusive to Sky Atlantic. Year-to-date, Sky added 317,000 customer relationships, and we expect to return to customer growth in the fourth quarter.

直接面向消費者的收入成長了 1.9%，達到 38 億美元，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。第三季度，由於第二季度《權力的遊戲》和備受好評的 Sky 原創劇集《切爾諾貝利》的首播（這兩部劇集均為 Sky Atlantic 獨家播出），流媒體播放量創下歷史新高，導致客戶關係減少了 99,000 個。今年迄今為止，Sky 新增了 317,000 個客戶關係，我們預計第四季度客戶數量將恢復成長。

Content revenue increased 15% to $315 million, reflecting increased monetization of our original programming slate and the wholesaling of sports programming.

內容收入成長 15% 至 3.15 億美元，反映出我們原創節目的貨幣化程度提高以及體育節目的批發銷售。

Investment in sports continues to be a key differentiator. Audiences viewing tentpole sports programming are increasing, with household viewership on Sky Sports channels up 21% year-over-year, reflecting great starts to the Premier League, Serie A, Bundesliga as well as broadcasts of the Cricket World Cup and the Ashes.

對體育的投資仍然是關鍵的差異化因素。觀看重磅體育節目的觀眾人數正在增加，天空體育頻道的家庭收視率同比增長了 21%，這反映出英超聯賽、意甲聯賽、德甲聯賽的良好開局，以及板球世界杯和灰燼杯的轉播。

Advertising revenue declined by 14% to $446 million, largely reflecting the impact from a change in legislation resulting in certain gambling advertising restrictions in the U.K. and Italy as well as advertising market weakness across all territories.

廣告收入下降 14% 至 4.46 億美元，主要反映了英國和義大利立法變更導致某些賭博廣告受到限制，以及所有地區廣告市場疲軟的影響。

Pro forma EBITDA at Sky increased 46% to $899 million. Excluding certain nonrecurring items in both periods, growth would have been in the mid-teens on a constant currency basis. For the full year, at today's currency rates, we expect Sky's reported EBITDA will be close to $3.1 billion.

Sky 的備考 EBITDA 成長 46% 至 8.99 億美元。若剔除兩個期間內某些非經常性項目，以固定匯率計算，成長率將達到15%左右。以今天的匯率計算，我們預計 Sky 全年公佈的 EBITDA 將接近 31 億美元。

Wrapping up on Slide 9 with free cash flow and capital allocation. For the third quarter, we generated $2.1 billion in free cash flow and paid $955 million in dividends. Free cash flow in the third quarter was largely impacted by the timing of Sky's sports rights payments, which are heavily weighted to the start of the new soccer season. Year-to-date, we generated $10.9 billion in free cash flow.

第 9 頁總結了自由現金流和資本配置。第三季度，我們產生了 21 億美元的自由現金流，並支付了 9.55 億美元的股息。第三季的自由現金流很大程度上受到天空體育版權付款時間的影響，這些付款與新足球賽季的開始密切相關。今年迄今為止，我們已產生 109 億美元的自由現金流。

In the third quarter, we monetized a substantial portion of the minimum floor value we negotiated for Hulu, which brought in $5.2 billion in proceeds. In addition, starting in 2024, to the extent the total equity value in Hulu is worth more than the total floor value of $27.5 billion, we will realize our share of that upside.

第三季度，我們實現了為 Hulu 談判達成的最低底價的大部分變現，獲得了 52 億美元的收益。此外，從 2024 年開始，如果 Hulu 的總股權價值超過 275 億美元的總底價，我們將實現我們應得的收益份額。

Since the Sky acquisition, we continue to make very good progress in our deleveraging efforts. Year-to-date, we have paid down roughly $11 billion of our consolidated net debt, ending the third quarter at 2.9x net leverage, down from 3.3x at the end of 2018. We expect to meet our commitments to the rating agencies by year-end 2020. As a reminder, the rating agencies make certain adjustments in their leverage calculations that can add up to a 0.25 turn to our leverage ratio.

自從收購 Sky 以來，我們在去槓桿化方面持續取得非常好的進展。今年迄今為止，我們已償還了約 110 億美元的合併淨債務，第三季末淨槓桿率為 2.9 倍，低於 2018 年底的 3.3 倍。我們預計在 2020 年底前履行對評等機構的承諾。提醒一下，評級機構在槓桿率計算中會進行一些調整，這可能會使我們的槓桿率增加 0.25 倍。

In closing, our results today highlight the strength and consistency of our company's overall performance, and we couldn't be more pleased with our strategic and financial position. Looking ahead, we remain confident in our ability to continue executing on our long-term growth strategy and to deliver value to our shareholders.

總之，我們今天的業績突顯了公司整體業績的實力和穩定性，我們對公司的策略和財務狀況感到非常滿意。展望未來，我們仍然有信心繼續執行我們的長期成長策略，並為股東創造價值。

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。

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

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 Ben Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

I want to just follow up on some of your comments on streaming, both from a Cable and an NBC perspective. For Brian or Dave, how are you guys thinking about Flex? What does that mean for the business over time in your view? And how do you think about investing in the X1 platform going forward? Obviously, the video business is going through a transition, but you've invested a lot of money into that platform. It's done well for you. I'm just curious how you're thinking about the product evolution there and how important it is to Comcast Cable.

我想就您剛才關於串流媒體的一些評論做個補充說明，包括從有線電視和NBC的角度來看。Brian 和 Dave，你們對 Flex 有什麼看法？您認為這對企業長遠發展意味著什麼？那麼，您如何看待未來對 X1 平台的投資？顯然，視訊產業正在經歷轉型，但你已經在這個平台上投入了大量資金。它對你來說效果很好。我只是好奇您如何看待那裡的產品發展，以及這對康卡斯特有線電視公司有多重要。

And I'll just ask to Steve on Peacock and sort of the NBC strategy, how are you thinking about content exclusivity and sort of the volume of original programming that you want to see over time? And when you look at some of the numbers out there for talent and showrunners from the Apples and Netflixes of the world, what is your reaction? Do you view this as healthy or irrational? Or how do you see yourself navigating this spending landscape?

我只想問問史蒂夫關於Peacock以及NBC的策略，你們是如何看待內容獨家性和你們希望在未來看到多少原創節目的？當你看到蘋果和 Netflix 等公司旗下藝人和節目製作人的薪資數據時，你的反應是什麼？你認為這種行為是健康的還是不理性的？或者，您認為自己將如何應對當前的消費環境？

So let me just -- it's Brian. Let me just quickly kick it to Dave, and then we'll go to Steve, to follow the order of your questions. But I'm very pleased with the innovation team and how we made a pivot a few years ago, and I think the right call, which was to really focus on broadband in addition to video and, in some ways, making that the lead part of where we're going. And one of the results was the xFi whole brand that now stands for much more than speed. And with Flex in particular, we're just now going to market with the free box to broadband-only customers across the entire platform, whether you have our gateway or not. So there's real innovation ahead on that platform. And I think that, that can reveal itself over the time as we go forward, but the point being that the team, the recruiting, the retaining of the people to do the technology for this company, I think, is second to none, and I'm really pleased with it.

讓我簡單說一下——我是布萊恩。我先把問題交給戴夫，然後我們再請史蒂夫，按照你們提問的順序來。但我對創新團隊以及我們幾年前所做的轉型非常滿意，我認為這是正確的決定，那就是除了影片之外，真正專注於寬頻，並在某種程度上將其作為我們發展方向的主導部分。其中一項成果就是 xFi 品牌的誕生，如今它所代表的遠不止於速度。特別是對於 Flex，我們現在正向整個平台上的僅使用寬頻的用戶免費提供盒子，無論您是否擁有我們的網關。所以，這個平台未來還有真正的創新空間。我認為，隨著時間的推移，這一點可能會逐漸顯現出來，但關鍵是，我認為這家公司在技術方面的團隊、招聘和留住人才方面都是一流的，我對此非常滿意。

Dave?

戴夫？

Thanks, Brian. Yes, Ben, so Flex, I think, is a great example of leveraging the innovation engine that we've had on X1 for some time. So we'll continue to make sure that relevant content is available and delivered through X1 and Flex. But it's -- we just have such scale with X1. It's a really efficient way to leverage this platform, with Flex. And our view with Flex in providing more value to broadband and with streaming, it's just a great option for those customers that want an integrated experience. I think we see often bolt-on, one-off options of different apps that are available. What we are delivering to our customers is just a great streaming experience with Flex, and it's completely integrated. The content is available through the voice remote, just like X1. So we're pleased with the innovation focus that's been able to put us in this position with Flex. So off we go, as Brian said, very soon.

謝謝你，布萊恩。是的，Ben，我認為 Flex 是一個很好的例子，它充分利用了我們在 X1 上已經擁有的創新引擎。因此，我們將繼續確保透過 X1 和 Flex 提供相關內容。但是──我們用 X1 就能達到這樣的規模。借助 Flex，這是充分利用該平台的一種非常高效的方式。我們認為 Flex 能為寬頻和串流媒體帶來更多價值，對於那些想要獲得一體化體驗的客戶來說，它是一個很好的選擇。我認為我們經常會看到各種應用程式的附加式、一次性選項。我們為客戶提供的是透過 Flex 實現的卓越串流媒體體驗，而且它是完全整合的。使用者可以透過語音遙控器存取內容，就像 X1 一樣。因此，我們對Flex公司一直以來注重​​創新的精神感到非常滿意，而正是這種精神使我們取得了今天的成就。正如布萊恩所說，我們很快就要出發了。

Steve?

史蒂夫？

So regarding Peacock, we announced about a month ago the name and listed a fair number of shows that we're going to have on the service. I think the most important thing to think about as you're thinking about Peacock and its role inside NBCU and broader Comcast is we're not doing the same strategy that Netflix and people chasing Netflix have adopted. We're primarily working with the existing ecosystem and doing a lot of AVOD activity. And what that's going to do, we think, is make the -- is cut the investment pretty substantially because I think we're going to get to cruising altitude much more quickly than a subscription service. We're also playing to our strengths. We happen to be part of a company that has 55 million video customers and is the biggest provider of television advertising in the United States. So we'll have a mix of originals, exclusive acquisitions like The Office and a lot of non-exclusive product as well. Importantly, we're going keep selling to other companies. We -- if you take movies, for example, we plan to keep selling into the premium window. We're not taking all of our movies off of premium platforms like HBO or Sky or other platforms around the world.

關於Peacock，我們大約一個月前公佈了它的名稱，並列出了相當多的我們將在該服務上提供的節目。我認為，在思考Peacock及其在NBCU和更廣泛的康卡斯特集團中的作用時，最重要的是要明白，我們並沒有採取Netflix以及那些追趕Netflix的人所採取的相同策略。我們主要與現有生態系統合作，並進行了大量的AVOD活動。我們認為，這樣做可以大幅削減投資，因為我認為我們達到穩定發展水準的速度會比訂閱服務快得多。我們也在發揮自身優勢。我們恰好隸屬於一家擁有 5500 萬視訊用戶、並且是美國最大的電視廣告提供商的公司。所以我們會推出原創內容、獨家引進影集（例如《辦公室》）以及大量非獨家產品。重要的是，我們將繼續向其他公司銷售產品。以電影為例，我們計劃繼續在黃金時段進行銷售。我們不會將所有電影從 HBO、Sky 等付費平台或世界各地的其他平台上撤下。

So I think our approach is different. I think it fits the strengths and characteristics of our company well. And with -- it's a very, very interesting time as everybody tries to figure out what their strategy is, and we're very optimistic. We're planning on launching in April. We're going to use the Olympics as sort of an afterburner after our launch, and then we'll be adding content pretty significantly throughout 2020. And I'm very pleased with the technical progress our team is making. It's a wonderful product. The product is beautiful and very different and I think something that we're all going to be very proud of when we launch in April.

所以我認為我們的方法有所不同。我認為這非常符合我們公司的優勢和特徵。現在正值一個非常有趣的時期，每個人都在努力製定自己的策略，而我們對此非常樂觀。我們計劃在四月發布。我們將利用奧運作為產品發布後的加速器，然後在 2020 年全年大幅增加內容。我對我們團隊的技術進步非常滿意。這是一款很棒的產品。這款產品非常漂亮，與眾不同，我相信四月上市時，我們所有人都會為此感到非常自豪。

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。

So a couple of questions. Just continuing on Peacock, can you talk about the ramp-up in spend? And is that the reason why there was such a big swing in working capital in this quarter? And then within Peacock, can you talk about the marketing plans within and outside the ecosystem and how confident you are in the advertising per sub that you guys have talked about?

我有幾個問題。繼續談談Peacock，可以談談支出成長的情況嗎？這就是本季營運資金如此大波動的原因嗎？那麼，在Peacock內部，您能否談談生態系統內外的行銷計劃，以及您對之前討論過的每位訂閱用戶的廣告投入有多大信心？

And then different subject with Telemundo. Given the growth in ratings, excluding the World Cup, have you closed the revenue gap versus your ratings?

然後又和 Telemundo 談了另一個話題。考慮到收視率的成長（不包括世界盃），你們的收入是否已經與收視率之間的差距縮小了？

And then the last question, on Cable, a number of your 10-year contracts are expiring in the next year. I don't know if you could talk about expectations for step-up in costs, but maybe how you're thinking about the next rounds of negotiations. What are the key considerations, especially as programmers roll out their own streaming options?

最後一個問題，關於有線電視，你們的一些十年合約將在明年到期。我不知道您是否可以談談對成本上漲的預期，但或許可以談談您對下一輪談判的看法。尤其是在程式設計師推出自己的串流媒體選項時，需要考慮的關鍵因素是什麼？

Jessica, it's Mike. I'll just jump in ahead of Steve on the working capital. Working capital this quarter, primarily the change is Sky, both the inclusion of Sky versus prior year together with second half of the year, particularly third quarter, is when football rights payments across Bundesliga, Serie A and Premier League kick in. So that's what's going on in working capital. Pleased with working capital and free cash flow, obviously, for the year-to-date, but lumpiness in working capital.

潔西卡，我是麥克。我先插一句，說說營運資金的問題。本季營運資金的變化主要來自天空電視台，這既包括天空電視台與去年同期相比的收益，也包括下半年，特別是第三季度，因為德甲、意甲和英超聯賽的足球版權費開始支付。這就是營運資金的現況。顯然，我對今年迄今為止的營運資金和自由現金流感到滿意，但營運資金存在波動。

So in terms of the Peacock spending, marketing plan, et cetera, I think we're going to remain pretty quiet until a month or 2 before launch in terms of the details for competitive reasons. Telemundo has been a huge success for our company. As Brian mentioned in his introduction, we've beaten Univision, which was at one point unthinkable. They were so far ahead. We've beaten Univision in primetime every year for the last 3 years, and we're making real progress during the daytime.

所以，就Peacock的支出、行銷計畫等方面而言，我認為出於競爭原因，我們會在上線前一兩個月保持沉默，不會透露具體細節。Telemundo 為我們公司帶來了巨大的成功。正如布萊恩在開場白中提到的那樣，我們擊敗了 Univision，這在以前是不可想像的。他們領先太多了。過去三年，我們在黃金時段的收視率每年都超過了 Univision，而且我們在白天的收視率也取得了真正的進步。

We have not closed the revenue gap in terms of retransmission consent, which leads into your next question about the cable channels. We have a lot of deals expiring in the next 12 to 24 months and channels like Telemundo that have made big strides. MSNBC is another one. MSNBC is solidly beating CNN almost every night and by a fair margin. And CNN has a much higher affiliate fee than we do. I think you can expect to see us make some real progress there. But we're not going to be precise about numbers until the negotiations are completed.

我們在轉播許可方面還沒有彌補收入缺口，這就引出了你關於有線電視頻道的下一個問題。未來 12 至 24 個月內，我們將有許多合約到期，而像 Telemundo 這樣的頻道已經取得了長足的進步。MSNBC也是其中之一。MSNBC幾乎每晚都穩穩地擊敗CNN，而且優勢相當明顯。而且 CNN 的加盟費比我們高很多。我認為你們可以期待我們在這方面取得一些實質進展。但在談判完成之前，我們不會對數字給出確切數字。

And the question for -- from the cable operator perspective.

那麼，從有線電視業者的角度來看，問題是…

Jessica, Dave. So yes, so we won't comment on future time periods, but it's clear that we've had a couple years where it's been a cycle, where we've had lower cost increases in programming. Certainly recognize that in future times that could change and have more headwinds. But a couple of things. One, the whole landscape is evolving and changing. For those that go directly to the consumer, that is game-changing. We all know that.

潔西卡，戴夫。所以，是的，我們不會對未來的時間段發表評論，但很明顯，過去幾年我們經歷了一個週期，程式設計成本的成長較低。當然，也要認識到未來情況可能會發生變化，並面臨更多阻力。但有兩件事。第一，整個格局正在演變和改變。對於那些直接面向消費者的企業來說，這將是顛覆性的。我們都知道這一點。

I think the key thing we talked a little bit before, X1 is strategically important to us. It just gives us flexibility and either -- the customer has choice, a ton of choice on different platforms to find content. And we want to be a great platform for all the content that makes sense for our customers. So we're going to be disciplined as we approach all these matters, and we're going to use data to understand the real value. And to the extent that it is available on other platforms, we'll consider all those things.

我認為我們之前稍微談到的關鍵一點是，X1 對我們來說具有重要的戰略意義。這給了我們靈活性，而且客戶在不同的平台上有很多選擇來尋找內容。我們希望成為一個優秀的平台，為我們的客戶提供所有有意義的內容。因此，我們將以嚴謹的態度處理所有這些事務，並利用數據來了解其真正的價值。如果其他平台也提供該服務，我們會考慮所有這些因素。

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。

Maybe a couple of questions, more for Steve on D2C. First of all, will the Peacock product be bundled with Flex? And maybe more broadly, have you been surprised at how promotional the landscape has been on the D2C side thus far? And as you look out into 2020, do you think that all these launches and the uptake and, frankly, how aggressively these things have all been priced will have an incremental impact on the traditional ecosystem in terms of both viewership and subscribers?

或許還有幾個問題，主要是問史蒂夫關於D2C方面的問題。首先，Peacock產品是否會與Flex捆綁銷售？更廣泛地說，你是否對目前 D2C 領域的促銷氛圍感到驚訝？展望 2020 年，您認為所有這些產品的推出、市場接受度，以及坦白說，這些產品極具競爭力的定價，是否會對傳統生態系統在觀眾人數和訂閱用戶方面產生漸進式的影響？

Well, most definitely, Flex is a huge opportunity for Peacock, and Peacock will be front and center on Flex. And Dave may want to speak to that more. But I think it's not only an opportunity for Peacock, but it's a great opportunity for Flex to be able to give a lot of great NBC programming, shows like The Office, to people at no additional charge to a broadband sub or a cable sub.

毫無疑問，Flex 對 Peacock 來說是一個巨大的機遇，Peacock 將在 Flex 上佔據核心地位。戴夫或許想就此多談談。但我認為這不僅是Peacock的機會，也是Flex的絕佳機會，它能夠向寬頻或有線電視用戶免費提供許多優秀的NBC節目，例如《辦公室》。

I think in terms of the overall ecosystem and the promotional intensity, I don't -- it's not too surprising to me. I think you've got the 3 biggest media companies, Disney, Time Warner and NBCUniversal, all launching streaming platforms. And this is a moment in time and a lot of people are being very, very aggressive about it. And I would anticipate that to happen until, at some point, there'll be an inevitable slowing down and shakeout, and the market will get a little bit more rational. But I think it's a moment in time, and consumers are making their choices of apps and viewing habits, and you want to be aggressive to get in there and make sure that your service is one of the consumers' handful of favorite services.

就整體生態系統和推廣力度而言，我認為這並不讓我感到太驚訝。我認為，三大媒體公司——迪士尼、時代華納和NBC環球——都在推出串流平台。而現在正值歷史時期，很多人對此反應非常激烈。我預計這種情況會持續下去，直到某個時候，市場不可避免地會放緩並洗牌，市場將變得更加理性。但我認為這只是一個時代時刻，消費者正在選擇應用程式和觀看習慣，你需要積極主動地進入這個市場，並確保你的服務成為消費者最喜歡的少數服務之一。

John, this is Dave. Just one other comment in the importance of Peacock to Flex and Cable, I think it's enormously important, and a showcase on why it really matters how we work well together to make the experience even better. So we are very much going to be active and promotional, but we're very extremely focused on the experience, and it happens when the 2 teams are working so well together.

約翰，這是戴夫。關於 Peacock 對 Flex 和 Cable 的重要性，我還有一點要補充。我認為它非常重要，它充分展現了我們如何攜手合作，才能讓使用者體驗變得更好。因此，我們將非常積極地進行宣傳推廣，但我們也極為注重使用者體驗，而這只有在兩個團隊完美合作的情況下才能實現。

Does it concern you guys that bundling these products together could accelerate the trends that we're seeing in terms of the traditional TV ecosystem?

你們是否擔心將這些產品捆綁在一起可能會加速我們目前在傳統電視生態系統中看到的趨勢？

I think the trajectory is pretty clear and it's -- the marketplace is evolving anyway. And so Flex is, I think, going to be a targeted focus for us towards the high-speed internet-only segment. We'll continue to do that, but we're going to make sure that all of our broadband customers know that it'll be included. And we think this is the right step and the right thing for that segment.

我認為發展趨勢非常明確，而且市場本身也在不斷發展。因此，我認為 Flex 將成為我們面向高速網路細分市場的重點發展方向。我們將繼續這樣做，但我們會確保所有寬頻用戶都知道這項服務包含在內。我們認為這對該領域來說是正確的一步，也是正確的做法。

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

我們的下一個問題來自瑞士信貸的道格·米切爾森。

Just on the broadband side, Dave, anything unusual driving the quarter? We're always asked and I imagine you're always asked about the longevity of subscriber growth in broadband. And so any update on DSL subs in the footprint and how you're competing against fiber and upside you see in broadband penetrations would be helpful.

戴夫，就寬頻方面而言，這季有什麼異常情況嗎？我們常被問到，我想你們也常被問到，寬頻用戶成長的持久性問題。因此，如果您能提供一些關於該地區 DSL 用戶數量的最新信息，以及您如何與光纖競爭，並分享您在寬頻普及率方面看到的優勢，那就太好了。

And then, Brian, and I guess -- and for you again, Dave, on the wireless side, obviously, a continued hot topic. Any thoughts about your MVNO and the leverage that you might be building as you grow that subscriber base, you grow the amount of revenue that you're paying out to Verizon. And also, we're asked a lot about strand mounts, and if you've tested that, have any thoughts on the effectiveness of strand mounts and whether or not that would help a wireless network partner, that would be appreciated.

然後，布萊恩，我想——還有你，戴夫，關於無線方面，顯然，這是一個持續的熱門話題。任何關於你的虛擬運營商 (MVNO) 的想法，以及隨著用戶群的增長，你可能正在建立的槓桿作用，都會增加你支付給 Verizon 的收入。另外，我們經常被問到關於線纜支架的問題，如果您測試過線纜支架，對線纜支架的有效性以及它是否能幫助無線網路合作夥伴有什麼看法，我們將不勝感激。

Thanks, Doug. So let me start with broadband. Very pleased with the quarter, had solid performance in broadband all year. So it's another quarter -- consistent quarter of solid performance. And so clearly, well over another year of 1 million-plus net customer growth. And the drivers, I think, are very consistent. I think the marketplace is growing. We have penetration upside, and that's going to continue.

謝謝你，道格。那麼，就讓我先從寬頻說起。對本季業績非常滿意，寬頻業務全年表現穩健。所以又一個季度過去了——業績持續穩健。因此，很明顯，又過了一年多，淨客戶成長超過 100 萬。我認為，車手們的表現非常穩定。我認為市場正在成長。我們還有滲透率提升的空間，而且這種潛力還會持續下去。

Our focus, as Brian said, has shifted gears. Our innovation engine has been absolutely focused on broadband. And so the key for us is to differentiate the product. And it's a combination of speed, coverage, control and now streaming with Flex, and this is all xFi. So we're -- I think we have a very different product in the marketplace.

正如布萊恩所說，我們的工作重點已經發生了轉變。我們的創新引擎一直完全專注於寬頻領域。因此，對我們來說，關鍵在於實現產品差異化。它融合了速度、覆蓋範圍、控制以及現在的 Flex 串流功能，而這一切都是 xFi 的精髓所在。所以，我認為我們在市場上擁有非常獨特的產品。

And a key thing that we have is consistent focus. While others, they may change from time to time, we've been squarely focused across the entire enterprise on having a great broadband experience, and that's how we compete. So our innovation engine is all over the aspects that I talked about.

我們擁有的關鍵優勢在於始終如一的專注。雖然其他方面可能會不時改變，但我們整個企業一直專注於提供卓越的寬頻體驗，這也是我們的競爭優勢。所以，我們的創新引擎涵蓋了我剛才提到的所有方面。

And so nothing has changed competitively. Nothing has changed in segments, whether it's Internet Essentials or anything else. There's been pretty normal activity in that regard. But what we've seen is broad-based strength across the entire geographic area and across all segments, so it's just robust growth. And I think an important point to bring up is, is not only share growth, but it's also strong financial results that we're delivering. Residential broadband ARPU is up 4.2%, and residential overall broadband revenue is up 9.3%. So just robust growth in both categories, so I like our position going forward.

因此，競爭格局並未有任何變化。各個細分領域沒有任何變化，無論是網路基礎服務或其他任何領域。在這方面，一切活動都相當正常。但我們看到的是整個地理區域和所有細分市場的全面強勁成長，所以成長勢頭非常強勁。我認為需要提出的一個重要觀點是，不僅是市場佔有率的成長，還有我們所取得的強勁財務表現。住宅寬頻 ARPU 成長 4.2%，住宅寬頻總營收成長 9.3%。這兩個類別都實現了強勁成長，所以我對我們未來的發展前景感到樂觀。

In wireless, I would say that we're -- our first experience is always to deliver also here the best experience that we can. And -- but we're absolutely looking at options and leveraging our infrastructure with wireless options. We're always studying and we are actively testing the options of being able to offload in any number of different ways. So we look at the trade-offs between price and volume and then the amount of data on our MVNO network and then when you offload data to our own network. So we will continue to test. We'll continue to look at this very closely. We think it's -- we'll be opportunistic when things come up. More to come later, but we'll actively consider that.

在無線通訊領域，我想說的是，我們始終將提供最佳體驗作為首要目標。而且——我們絕對在考慮各種方案，並利用我們的基礎設施提供無線解決方案。我們一直在研究，並且積極測試各種不同的卸載方式。因此，我們會考慮價格和流量之間的權衡，以及我們 MVNO 網路上的資料量，以及何時將資料卸載到我們自己的網路。所以我們會繼續測試。我們將繼續密切關注此事。我們認為——當機會出現時，我們會抓住它。稍後會有更多消息，但我們會積極考慮這一點。

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。

Two questions. First, we've seen video subs decline at an accelerated pace for a while now. Can you just comment on who you're losing? And do you have any visibility into when video levels out, and you're at a point where you maintain those core customers who really appreciate the bundle?

兩個問題。首先，我們已經看到影片訂閱用戶數量持續加速下降了一段時間。能簡單說說你輸給了哪些對手嗎？您是否能夠預見視訊業務何時會趨於穩定，以及何時能夠留住那些真正欣賞該套餐的核心客戶？

And then secondly, on Sky, what's driving expected customer growth in the fourth quarter? So we're still new to this asset. Can you remind us why Sky was down in the first couple of quarters of the year? Any seasonality we should think about? Anything in particular?

其次，就 Sky 而言，第四季預期客戶成長的驅動因素是什麼？所以我們對這項資產還不太熟悉。可以提醒我們為什麼Sky在今年前兩個季度出現故障嗎？我們需要考慮哪些季節性因素？有什麼特別的嗎？

Marci, Dave. So we start with video and remind everyone, our primary focus at Cable is in driving growth in the overall number of customer relationships and then driving the lifetime value of those relationships. So we segment the video base of customers, and we're focusing on growing profitable video relationships. And there are some segments where customers are in lower-end packages, the skinny bundled video, that -- and often, they're in promotional packages. And we work hard retaining customers. But if we can't profitably serve this segment, then we're going to move them to a broadband-only relationship. And so not chasing the lower end of the video segment is behind the difference, I think, in the video results.

瑪西，戴夫。因此，我們從影片入手，並提醒大家，Cable 的主要重點是推動客戶關係總數的成長，然後提高這些關係的終身價值。因此，我們將視訊客戶群細分，並專注於發展獲利的視訊關係。有些細分市場中的客戶購買的是低端套餐，例如精簡版捆綁視頻，而且通常情況下，他們購買的是促銷套餐。我們努力留住客戶。但如果我們無法獲利地服務這部分客戶，那麼我們將把他們轉移到僅提供寬頻服務的客戶群。因此，我認為，不去追求影片片段的低端部分是造成影片結果差異的原因。

To also remind folks, though, that we added a record 309,000 total customer relationships in Q3, ending the quarter at 31 million customer relationships, up 3.4% year-over-year. And EBITDA per customer relationship is up 3.2%, and net cash flow is up per customer relationship 13.2%.

不過，也要提醒大家，我們在第三季新增了創紀錄的 309,000 個客戶關係，季末客戶關係總數達到 3,100 萬，較去年同期成長 3.4%。每個客戶關係的 EBITDA 成長了 3.2%，每個客戶關係的淨現金流量成長了 13.2%。

So we've been able to make this transition. This has been consistent. We're going to -- video is important to us, that it is profitable in key segments. And for those key segments, we package it with broadband. We'll continue to stay very disciplined and focused around that.

所以我們已經成功完成了這項轉變。情況一直如此。我們將會－影片對我們很重要，它在關鍵領域能夠獲利。對於這些關鍵細分市場，我們會將其與寬頻服務打包出售。我們將繼續保持高度的自律和專注。

On Sky, Jeremy, you're on.

天空電視台，傑瑞米，你上線了。

Yes. So yes, in terms of Q4, I'll talk on video, first of all. Christmas is a big -- always remains a bigger quarter for us in video in Europe. Bear in mind, of course, we've got lower penetration typically over here at our markets. So the idea of upgrading your TV for Christmas to Pay TV to Sky remains a strong idea for us here. It's not as acute as it used to be in the past when our business was very skewed, but it remains important. So the business really quite quickly now shifts to Christmas.

是的。是的，關於第四季度，我首先會透過視訊來講解。聖誕節對我們來說是一個重要的季度——在歐洲，它一直是視頻行業最重要的季度。當然，請記住，我們這邊的市場滲透率通常較低。所以，在我們看來，聖誕節期間升級電視，從付費電視升級到天空電視台，仍然是一個不錯的想法。雖然不像過去業務嚴重失衡時那樣尖銳，但它仍然很重要。所以，生意很快就轉移到聖誕節上了。

As part of that, we'll be driving Sky Q in particular very hard over the next quarter. Sky Q, which is I think Europe's best-quality, app-based TV experience by a long way, is about 40% of our business today, and we think we can get it a lot higher. So that's going to be central to our plans. Alongside that, our programming mix really shifts. So at the back end of the summer, we're very focused on sports, the start of the football season is important here. We've had a strong schedule this fall, this summer.

為此，我們將在接下來的一個季度大力推廣 Sky Q 服務。Sky Q 是我認為目前歐洲品質最好的基於應用程式的電視體驗，占我們業務的 40% 左右，我們認為這個比例還可以更高。所以這將是我們計劃的核心。同時，我們的節目編排也發生了很大的變化。所以到了夏末，我們非常關注運動，足球賽季的開始在這裡非常重要。今年秋季和夏季，我們的日程安排都很緊湊。

So our focus on screen really moves to entertainment and Sky Studios and our own originated content. We've got a succession of Sky Originals that will be coming to market in the next few weeks, and we'll really get behind that. And then cinema, where we have still really quite a strong leadership in terms of our cinema proposition.

因此，我們在螢幕上的焦點真正轉移到了娛樂、天空工作室以及我們自己的原創內容。接下來幾週我們將推出一系列 Sky 原創影集，我們將全力支持。然後是電影領域，我們在電影業務方面仍然擁有非常強大的領先地位。

Away from TV, it's pretty much steady as she goes, both in broadband and mobile. I'm very pleased with the progress, in particular, we're making on mobile, where we're seen now as a service leader against all of the mobile operators. So I think our growth from the comms business should be pretty strong, I hope, over the next 13 weeks. And again, mobile, continuing with handsets is quite a good Christmas product, so we'll get behind that.

除了看電視之外，她的寬頻和行動網路使用情況都相當穩定。我對我們的進展非常滿意，尤其是在行動領域，我們現在被視為所有行動營運商中的服務領導者。所以我認為，在接下來的 13 周里，我們的通訊業務成長應該會相當強勁，我希望如此。再說，行動設備，尤其是手機，是很好的聖誕節產品，所以我們會支持它。

Great. I would just add that, from my perspective, for the first 9 months of the year, I think Sky added in the last 12 months running close to 400,000 subs, I think, Jason or Jeremy? So I think it's tough economic headwinds over there. We read about it everyday, and uncertainty is never your friend in business climates, and there's an awful lot of uncertainty. But we're really pleased, I certainly am, with Sky 1 year later, what it's done for the whole company, giving us all the plans that Steve and Dave have been talking about. It's completely integrated. And Jeremy and his team, I think, are executing great. Jason?

偉大的。我想補充一點，從我的角度來看，今年前 9 個月，我認為 Sky 在過去 12 個月裡新增了近 40 萬訂閱用戶，Jason 或 Jeremy 說的對嗎？所以我認為那邊面臨嚴峻的經濟逆風。我們每天都能看到相關報導，在商業環境中，不確定性從來都不是朋友，而現在確實存在著許多不確定性。但一年過去了，我們真的非常高興，我個人也非常高興，Sky 為整個公司帶來了巨大的改變，實現了 Steve 和 Dave 一直以來所說的所有計劃。它已完全整合。我認為傑里米和他的團隊執行得非常出色。傑森？

Thanks, Marci. Next question, please?

謝謝你，瑪西。下一個問題？

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

你的下一個問題將來自高盛的布雷特·費爾德曼。

You continue to see, I think, slightly more than 100 basis points of margin expansion in Cable Communications this year. I believe you've done 100 basis points or more every quarter so far this year. So I'm wondering, are there going to be any headwinds in the fourth quarter that prevented you from improving that outlook?

我認為，今年有線通訊產業的利潤率將繼續擴大 100 多個基點。我相信你今年每季都實現了100個基點或以上的成長。所以我想知道，第四季是否會有任何不利因素阻礙您改善這一預期？

And maybe just to be more specific, it does look like the technical and product support cost did grow a bit more quickly in the third quarter. I was hoping you could give us some insight into that. I think maybe your MVNO costs are in there.

更具體地說，第三季技術和產品支援成本似乎成長得更快一些。我希望您能就此給我們一些見解。我想你的虛擬運營商費用可能包含在裡面了。

And then just the last accounting question on this. As Flex penetration grows, will we see that in OpEx or CapEx?

最後還有一個關於會計方面的問題。隨著 Flex 滲透率的提高，我們會看到營運支出 (OpEx) 還是資本支出 (CapEx) 的變化？

So Brett, it's Mike. I'll start. So we do -- we expect to be better than 100 basis points improvement in margin, as we've said. And in the fourth quarter, particularly, we expect to see healthy year-over-year margin improvement in Cable. But just remember that it's a political comp in that quarter as well. But net of all that, healthy fourth quarter margin growth coming in Cable, and that will flow through to the full year.

布雷特，我是麥克。我先來。所以，正如我們所說，我們預計利潤率將提高 100 個基點以上。尤其是在第四季度，我們預計有線電視業務的利潤率將實現年比健康成長。但請記住，該季度也是政治類比。但總的來說，有線電視業務第四季度利潤率實現了健康的成長，而且這種成長勢頭將推遲到全年。

Brett, Dave. So specific to Q3, always remember Q3 is technically a little busier with back-to-school activity, and so I think that's always good, welcoming the kids back. So -- but Mike talked about Q4. Important are the fundamentals going forward of the non-programming expense and -- that are positively impacting margin. One, continued focus on the connectivity business is going to stay, business services, residential broadband, just improves margin in doing that. We're making significant improvements in serving customers through digital means. So we're going to continue to press on that. We think it's a great opportunity. We're in early innings on that. And then overall cost control remain very focused on that as well. So I expect those fundamentals to carry forward. And to the point Mike made, given fourth quarter has the political tougher comparison, but we still expect healthy growth going forward.

布雷特，戴夫。具體到第三季度，請記住，第三季度由於返校活動，實際上會稍微繁忙一些，所以我認為這總是件好事，歡迎孩子們回來。所以——但麥克談到了第四季。重要的是非程式支出方面的基本面，以及對利潤率產生正面影響的因素。第一，我們將繼續專注於網路連接業務，包括商業服務和住宅寬頻，這樣做可以提高利潤率。我們正在透過數位化手段大幅提升客戶服務水準。所以我們會繼續推進這件事。我們認為這是一個絕佳的機會。我們還處於起步階段。此外，整體成本控制也仍然非常注重這一點。所以我認為這些基本面會繼續維持下去。正如麥克所說，考慮到第四季度政治因素的影響，比較起來會更加困難，但我們仍然預計未來會保持健康的成長勢頭。

And then on Flex, Flex, think of that as CapEx. But as we've said before, we don't give multiyear guidance. But on capital intensity, the improvement that we've seen of greater than 150 basis points projected for this year, we've always said the trends behind that are we expect to see them continue. And I don't think the initiative around Flex would -- is going to change that.

至於 Flex，Flex，可以把它看成是資本支出。但正如我們之前所說，我們不提供多年期業績指引。但就資本密集度而言，我們已經看到今年改善超過 150 個基點，我們一直表示，這種趨勢將會持續下去。而且我認為圍繞 Flex 的這項舉措不會改變這一點。

Your next question comes from the line of Jennifer Fritzsche with Wells Fargo.

你的下一個問題來自富國銀行的珍妮佛‧弗里茨舍。

Two, if I may. One, back to wireless. There's a number of spectrum auctions coming up, CBRS next summer, C-Band's being talked about, even millimeter waves. Can you talk a little bit about spectrum ownership? If you look at these 3 options, is it something you could see participating in, in a more formal way if only to offload some more traffic from your MVNO to your hotspots or your own network?

如果可以的話，我想說兩個。第一，回歸無線化。接下來將舉行多次頻譜拍賣，CBRS 將於明年夏天舉行，C 波段也在討論之中，甚至還有毫米波。能談談頻譜所有權的問題嗎？如果您仔細考慮這 3 個選項，您是否會考慮以更正式的方式參與其中，即使只是為了將更多流量從您的 MVNO 轉移到您的熱點或您自己的網路？

And then secondly, if we look at the components of your CapEx, line extension and scalable infrastructure were down year-over-year. I know in the past, you had mentioned timing issues there. Should we expect that to continue to be on a steady decline? Or is it -- or should we not?

其次，如果我們看一下您的資本支出組成部分，您會發現生產線擴展和可擴展基礎設施比去年同期下降。我知道你之前提到過時間安排方面的問題。我們是否應該預期這種情況會繼續持續下降？或者，我們是否應該這樣做？

So wireless, in terms of spectrum, we'll always be opportunistic. We'll evaluate every option. Nothing more really to cover on that, but we always look at different options. And to my earlier point, we're actively looking at models that may work in terms of leveraging our infrastructure. And to the extent that -- I think we're in a great position in regards to cable infrastructure, and we're going to lead the way in terms of understanding that and testing different options. But we'll be -- we'll evaluate as things come up.

所以，就頻譜而言，無線領域我們將始終採取機會主義策略。我們會評估每一種方案。關於這點其實沒什麼好說的了，但我們總是會考慮不同的方案。正如我之前提到的，我們正在積極尋找能夠有效利用我們基礎設施的模式。就此而言——我認為我們在有線電視基礎設施方面處於非常有利的地位，我們將在理解和測試不同方案方面發揮引領作用。但是我們會根據實際情況進行評估。

In terms of CapEx, I think we continue to make very good progress in improving our CapEx intensity and, as mentioned, on track for at least another 150 basis points reduction this year. And it's a consistent approach that we're going to -- we'll continue to invest where we need to in the connectivity business, but we're going to realize the reductions as video CPE continues to not be a big driver for us. So I think expect going forward those fundamentals to continue.

就資本支出而言，我認為我們在改善資本支出強度方面繼續取得非常好的進展，正如前面提到的，今年預計將再減少至少 150 個基點。我們將採取一貫的做法——我們將繼續在連接業務方面進行必要的投資，但隨著視訊 CPE 繼續不是我們的主要驅動力，我們將逐步減少投資。所以我認為未來這些基本面將會繼續維持下去。

It's Mike. I'd just add that those particular scalable infrastructure and the line extensions, that's more timing, third quarter versus -- I'd look at it over a 12-month period rather than quarterly on that one.

是麥克。我還要補充一點，關於那些特定的可擴展基礎設施和產品線擴展，這更多的是一個時間問題，第三季度與——我會以 12 個月的時間週期來看待這個問題，而不是按季度來看待。

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

我們的下一個問題來自摩根大通的菲利普·庫西克。

One, and then if I can, I guess, 2 follow-ups. So one, Mike, to just follow up on what you just said. It sounds like there's some push-out on the network CapEx side, can you expand on that a little bit.

首先，如果可以的話，我想再跟進兩次。麥克，第一，我想接著你剛才說的再說一次。聽起來像是網路資本支出方面有一些支出，您能詳細說明一下嗎？

And then a follow-up for Jeremy on Sky. Can you break down the drivers of local revenue decelerating? Looks like the DTC revenue is fairly consistent in local, but ad revenue was down a lot. I know there's some issues around sports, and content sales were down as well. What in there was a onetime hit versus being more permanent?

然後是天空電視台對傑瑞米的後續報道。你能分析一下導致本地收入成長放緩的驅動因素嗎？看起來本地市場的直接面向消費者收入相當穩定，但廣告收入卻大幅下降。我知道體育界存在一些問題，內容銷售也有所下降。其中有什麼差別，是一次性打擊還是永久性打擊？

And then just one other question. Growth in parks has been volatile around storms and maybe competitive issues, and you aren't opening gates like you had been once. How should we think about the underlying growth at the parks business?

最後一個問題。公園的發展一直受到風暴和競爭問題的困擾，而且你們不像以前那樣頻繁地開放公園了。我們該如何看待公園業務的潛在成長？

So Phil, it's Mike. Not too much to add to what I've said thus far on Cable CapEx. I mean, I do think, hard to look at one quarter to the next to the next. The network, we're happy to invest in the network as usage of the network keeps going up, and want to continue to stay ahead of customer expectations. So expect that's very healthy CapEx going into the network. But it just is a little lumpy. I wouldn't say things are pushed out so much that it follows its own timing based on what folks in the field are doing.

菲爾，我是麥克。關於有線電視資本支出，我前面已經說得夠多了，沒什麼要補充的。我的意思是，我覺得很難把一個季度和下一個季度連結起來看。隨著網路使用量的不斷增長，我們很樂意對網路進行投資，並希望繼續保持領先於客戶的期望。所以預計這筆資金將非常健康地投入網路建設。但它表面有點凹凸不平。我不會說事情的進展被如此推遲，以至於它會根據業內人士的行動而按照自己的節奏進行。

And so stepping back up, we are getting more efficient on capital intensity 2 years in a row now. This year, heading towards the 150 basis points of intensity improvement year-over-year. And as I said, we don't get into multiyear guidance, but I think the expectation of the ability to scale the network, scale the business and what's going on in CPE gives us confidence that those trends ought to continue. And again, that's despite the opportunity that we have with Flex.

因此，我們逐步提高資本密集度效率，現在已經連續兩年了。今年，目標是實現年比強度提升 150 個基點。正如我所說，我們不做多年期的業績預測，但我認為，考慮到網路擴展能力、業務擴展能力以及 CPE 的發展現狀，我們有信心這些趨勢將會持續下去。而且，即便我們擁有 Flex 這樣的機會，情況依然如此。

Yes. Jeremy here. In terms of revenue trends, on ad revenue, I'd say broadly -- look, I'd say about 1/3 of it is market, TV market. Advertising markets in Europe, as you know, are pretty much all under pressure with mid-single digit, perhaps a little bit more, declines year-on-year. That's quite different from what you're seeing, I think, in the U.S. at the moment. And probably the balance of it is really down to gaming legislation change here, which is specific to the U.K. and Italy, hasn't arrived in Germany. And we're probably disproportionately affected by that, of course, because we've got such a strong sports business and the sports leader in Europe. That will work its way through over the course of this year.

是的。我是傑瑞米。就收入趨勢而言，就廣告收入而言，我認為大致來說——你看，我認為其中大約 1/3 是市場，是電視市場。如您所知，歐洲的廣告市場幾乎都面臨壓力，同比下降幅度在個位數中段，甚至可能更大一些。我認為這與你目前在美國看到的情況截然不同。而造成這種平衡的原因可能在於博彩業立法的變化，這種變化是英國和義大利特有的，但尚未在德國實施。當然，我們可能受到的影響尤其嚴重，因為我們擁有如此強大的體育產業，並且是歐洲體育界的領導者。這種情況會在今年逐步改善。

In terms of content sales, year-on-year, they're up. So the progress we're making in content sales, as we start to commission more of our own content, is good. It is down quarter-on-quarter, but there's nothing structural in that. It's just a bit lumpy. Obviously, as we scale, hopefully some of that lumpiness will disappear. But at the moment, we see a little bit of that.

就內容銷售額而言，年比有所成長。因此，隨著我們開始委託製作更多自己的內容，我們在內容銷售方面取得的進展是好的。雖然環比下降，但這並非結構性問題。它有點凹凸不平。顯然，隨著規模的擴大，希望其中一些不均衡的情況能夠消失。但目前，我們已經看到了一些這樣的跡象。

So in terms of the theme park business, 6 years ago, we made about $1 billion in the theme park business, and now we're at about $2.5 billion. So theme parks have been, historically, one of the fastest-growing parts of our portfolio. And we have a lot to look forward to. We're opening Nintendo in Japan, in Osaka, in our theme park in Osaka, which is very close to the headquarters of Nintendo in Kyoto. And then if you go out into 2021, roughly 18 months from now, we open in Beijing. And Brian and I were there last week with Tom Williams, who runs our theme parks. It's going to be a spectacular park, and we're really looking forward to that. And we recently announced we're doing a fourth gate in Orlando in 2023. So we think the theme park business is a great business for us, and we're going to be making the investments to try to grow cash flow aggressively in the future.

所以就主題樂園業務而言，6 年前，我們在主題樂園業務上賺了大約 10 億美元，而現在我們賺了大約 25 億美元。因此，從歷史上看，主題樂園一直是我們投資組合中成長最快的部分之一。我們有很多值得期待的事。我們將在日本大阪開設任天堂主題樂園，距離任天堂位於京都的總部非常近。然後，如果展望 2021 年，大約 18 個月後，我們將在北京開業。上週我和布萊恩與負責我們主題公園運營的湯姆威廉斯一起去了那裡。這將是一個壯觀的公園，我們非常期待。我們最近宣布，將於 2023 年在奧蘭多建造第四座航站樓。所以我們認為主題樂園業務對我們來說是一項很棒的業務，我們將進行投資，力爭在未來積極增加現金流。

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

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

Two questions for Dave, if I could. One, just to follow up on the questions that have been asked about wireless. Being able to offload traffic from the -- your own -- or from the MVNO agreement with Verizon onto your own small cells, as I understand, it will require eSIM programming. I'm sure you've tested that at this point given the eSIM inclusion in the new iPhones, for example. Can you just talk about how comfortable you are with your ability to manage traffic and direct it between your own small cells and the Verizon network just based on eSIM programming?

如果可以的話，我想問戴夫兩個問題。第一，只是想跟進一下之前有人問到的關於無線技術的問題。據我了解，要將流量從您自己的基地台或與 Verizon 的 MVNO 協定中卸載到您自己的小型基地台，需要進行 eSIM 編程。我相信你現在已經測試過了，例如新 iPhone 都配備了 eSIM 功能。您能否談談您如何能夠僅透過 eSIM 編程，在您自己的小型基地台和 Verizon 網路之間管理流量並引導流量？

And then a second question. It's been a while since we've really talked about the commercial services business, but business services is now getting close to 14% of your Cable revenues. I wonder if you could just update us on your penetration levels in the various segments of business services and where the growth is coming from at this point? Is it -- are you really starting to take share in the enterprise market now? Or is it still primarily small, medium business?

然後是第二個問題。我們已經很久沒有真正討論商業服務業務了，但商業服務現在已接近您有線電視收入的 14%。我想請您介紹貴公司在各個商業服務領域的滲透率，以及目前成長主要來自哪些方面？你們真的開始在企業市場佔有份額了嗎？或者它仍然主要面向中小企業？

Craig, so first on wireless, we're absolutely testing the eSIM, dual-SIM capability on both, whether it's iOS and/or Android. We think that is an opportunity, and we'll continue to look at that. And that does go with any offload strategy, so we're very active in thinking through that. And whatever -- in terms of the business model and the business planning around it, any potential shift will be a positive net economic outcome for us as we look at, but it's early still. But I do think that there's promising opportunities when you combine dual SIM with the cable infrastructure.

Craig，首先說無線方面，我們正在測試eSIM和雙SIM卡功能，無論是在iOS還是Android系統上。我們認為這是一個機會，我們會繼續關注。任何卸貨策略都涉及到這一點，所以我們正在積極思考這個問題。無論如何——就商業模式及其相關的商業計劃而言，任何潛在的轉變對我們來說都將帶來積極的淨經濟結果，但現在還為時過早。但我認為，將雙 SIM 卡與有線基礎設施結合起來，蘊藏著巨大的發展潛力。

Second thing, in terms of business services, yes, it's a really important part of our growth and what has been, will continue to be. We're generating almost $8 billion in annualized margin-accretive revenue. And the addressable market now is about $50 billion when you include new product opportunities, everything from WiFi, security cameras, cell backup, SDWAN. So you add up all those things, we're -- for those products, it's still early innings on that. So we're going to continue to be very focused on this opportunity.

第二點，就商業服務而言，是的，它是我們成長中非常重要的一部分，過去如此，將來也仍將如此。我們每年能創造近 80 億美元的利潤成長收入。如果將新產品機會（包括 WiFi、安全攝影機、蜂窩備份、SD-WAN 等）都考慮在內，目前的潛在市場規模約為 500 億美元。所以把所有這些因素加起來，對於這些產品來說，現在還處於早期階段。所以我們會繼續高度關注這個機會。

In all 3 segments, you asked about penetration, we still have opportunity in all 3. SMB is a little bit more mature, but there's growth opportunities there. In mid-market and certainly enterprise, we're in the high single digits at this point, working well, getting key clients on. So there's good upside. I think we have a competitive advantage across the board in every segment. We have a better product, superior product. We have better service in terms of how we locally deliver it and pull it all together. We have great pricing. And I think I like our position versus incumbents in this regard.

您問到的三個細分市場滲透率，我們都表示仍有發展空間。中小企業市場相對成熟一些，但仍有成長機會。在中階市場和企業市場，我們目前的轉換率已經達到個位數高位，運作良好，並且正在爭取關鍵客戶。所以前景不錯。我認為我們在各個領域都有全面的競爭優勢。我們有更好的產品，更優質的產品。我們在本地配送和整合方面擁有更好的服務。我們的價格非常優惠。而且我認為，在這方面，我們相對於現有企業而言處於有利地位。

And we've talked about -- because we're going to -- we're also going to launch a broadband business offering here in the U.K., and that will be our first significant entry into that segment. We're doing it direct from the market-based team and we brought one of the team across to lead that business here. So we'll broaden out from the residential market in the U.K. into the business services market, and obviously try and replicate some of the success that we've seen stateside. And that will be a big new segment for us, actually, to attack here in the U.K. And obviously, over time, when we get established in Italy, we'll be seeking to do that in Italy as well.

我們已經討論過——因為我們將——我們還將在英國推出寬頻業務，這將是我們首次大規模進軍該領域。我們是直接從市場團隊進行這項工作的，我們從團隊中調來一名成員來領導這項業務。因此，我們將從英國的住宅市場擴展到商業服務市場，並且顯然會嘗試複製我們在美國的一些成功。實際上，這將是我們在英國需要開拓的一個全新領域。顯然，隨著時間的推移，當我們在義大利站穩腳跟後，我們也會尋求在義大利開展同樣的業務。

Yes. I just want to say, that's a great point, Jeremy. We -- between Matt Strauss going to Flex, from Flex to Peacock, technical leads and finance and, of course, now business services in the U.K. and there's a senior marketing team coming to Cable from Sky. The integration, as I said, is one of the real highlights and makes the company unique in the conversation we've been having here.

是的。我只想說，傑瑞米，你說得很有道理。我們——從 Matt Strauss 跳槽到 Flex，再從 Flex 跳槽到 Peacock，技術主管、財務人員，當然還有現在英國的業務服務人員，此外還有一支來自 Sky 的高級行銷團隊即將加入 Cable。正如我所說，整合是真正的亮點之一，也使公司在我們一直在討論的話題中獨樹一幟。

And then just on the wireless point, I just want to add in. There were a number of questions there. I think all of this is, the trend is going in a way that is very supportive of our capital-light approach to wireless. We're getting scale. We're learning all the realities of a new business extremely well. And the technology, the innovation in the handsets, possibly spectrum, all the conversations we're having, all of those are net positives to where we're going. And we've seen this with Sky in one respect is when you get to a certain point of scale, a number of people want to compete to have relationships with you. And so all that put together, I'm really pleased with the team. And we've taken the leader of that mobile area and given some more responsibility, too. So just a lot of good momentum across the board.

然後，關於無線連線方面，我還要補充一點。那裡有很多問題。我認為所有這些趨勢都非常有利於我們輕資產的無線業務模式。我們正在擴大規模。我們正在非常深入地了解新業務的各個方面。而手機技術、創新、頻譜，以及我們正在進行的所有對話，所有這些都對我們未來的發展方向產生了積極影響。我們從 Sky 身上也看到了這一點，那就是當你達到某個規模時，許多人都想與你建立合作關係。綜上所述，我對團隊非常滿意。我們還任命了該移動領域的負責人，並賦予了他更多責任。所以各方面都勢頭良好。

Yes. Capital-light approach that Brian mentioned, what we're doing today is working. We're encouraging results and driving improving broadband retention. We're attracting new customers through different sales channels and achieving and working towards the path for positive stand-alone economics. So we're -- I'm real pleased with our current position, and we'll be opportunistic going forward.

是的。布萊恩提到的輕資本方法，我們今天正在做的，效果很好。我們正積極推動寬頻用戶留存率的提高，並努力取得成效。我們正在透過不同的銷售管道吸引新客戶，並努力實現和推動獨立的獲利模式。所以，我對我們目前的處境非常滿意，未來我們會抓住一切機會。

Our final question will come from the line of Michael Rollins with Citi.

我們最後一個問題將來自花旗銀行的邁克爾·羅林斯。

Just approaching Xfinity Mobile from a different direction. What's working from a selling and bundling perspective as you look at the success of adding customers on a platform now for more than 2 years? How important is the retail experience? And is this something that gets expanded to new direct and indirect locations over time? And finally, how do you view the value of bundling OTT media content with the wireless service to create an additional hook, whether it's to acquire or retain customers?

只是換個角度來看 Xfinity Mobile。從銷售和捆綁銷售的角度來看，在過去兩年多的時間裡，平台上的客戶成長成功秘訣是什麼？零售體驗有多重要？隨著時間的推移，這種模式是否會擴展到新的直接和間接地點？最後，您如何看待將 OTT 媒體內容與無線服務捆綁在一起以創造額外吸引力（無論是為了獲取還是留住客戶）的價值？

Well, we're -- there's several things that are going on that are helping, starting with the fact that we have a great value proposition. And we offer by the gig. We offer a lot of choice in terms of unlimited to select plans that have some pieces of data that are included. So we have a lot of choice that we're delivering, and I think that's helping us achieve success in multiple segments. I think we're in a good position in regards to BYOD. So that helps. And then we're in a good position when great new products come out from Apple or on the Android side. So we kind of have like a full slate covered.

嗯，目前有好幾件事在幫助我們，首先就是我們擁有極具價值的主張。我們按場次收費。我們提供多種選擇，從無限流量套餐到包含一定流量的精選套餐。因此，我們提供了多種選擇，我認為這有助於我們在多個領域取得成功。我認為我們在自帶設備辦公室（BYOD）方面處於有利地位。那很有幫助。這樣一來，當蘋果或安卓方面推出優秀的新產品時，我們就能處於有利地位。所以我們已經基本上面面俱到了。

In terms of channels, retail, I think the good news is we're able to sort of upgrade our existing retail without having to spend a lot more in terms of new locations. We do add a few locations here and there along the way. But mostly, we've been focused on upgrading retail capability. And mobile is absolutely a key part of that. So -- and it's helping us, I think, attract new business when we do that.

就通路和零售而言，我認為好消息是我們能夠在不花費更多資金開設新店的情況下，對現有的零售通路進行升級。我們沿途會不時增加一些地點。但我們主要還是專注於提升零售能力。而行動裝置絕對是其中的關鍵組成部分。所以——而且我認為，這樣做有助於我們吸引新業務。

So we've been competing, whether it's broadband, whether it's mobile, we look at OTT things. I think our value proposition is terrific as is. And we are extremely competitive with our base core offering. And there's a lot of choice out there in segments. We've been competing against those that have offered different kinds of OTT offers, and we've done quite well. And we respond competitively all the time to different kinds of offers. So I think we're in a good position.

所以我們一直在競爭，無論是寬頻、行動通信，還是OTT（Over-the-Top）領域。我認為我們目前的價值主張非常棒。我們的基礎核心產品和服務極具競爭力。各個細分市場都有許多選擇。我們一直在與提供各種 OTT 服務的公司競爭，而且我們做得相當不錯。我們始終以極具競爭力的態度應對各種類型的報價。所以我覺得我們處境不錯。

Okay. Thank you, Mike. And with that, we'll wrap up the call. We want to thank everybody for joining us today. Regina, back to you.

好的。謝謝你，麥克。通話到此結束。感謝各位今天蒞臨現場。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, October 31 at midnight, Eastern time. The dial-in number is (855) 859-2056, and the conference ID number is 8088543. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today.

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10月31日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 8088543。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。

This concludes 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。