康卡斯特 (CMCSA) 2019 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 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年第四季及全年財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I 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？

Good morning, everyone. Before we get to the results, I'd like to embarrass our friend, Jason Armstrong, just for a moment, and thank you for your incredible hard work these past 6 years as Head of Investor Relations. And on behalf of everyone at Comcast, and I believe all the investors, say thanks for a great run, and we wish you terrific success in your new role as Group Chief Financial Officer of Sky.

各位早安。在公佈結果之前，我想先讓我們的朋友傑森·阿姆斯特朗難堪一下，並感謝他在過去 6 年裡作為投資者關係主管所做出的傑出貢獻。我謹代表康卡斯特的全體員工，以及所有投資者，感謝您一路以來的卓越貢獻，並祝愿您在擔任天空集團首席財務官的新職位上取得巨大成功。

Also, I'd like to welcome Marci Ryvicker, who's joining to take over Investor Relations. Marci's got a talented and successful past, and welcome to Comcast.

另外，我還要歡迎 Marci Ryvicker 加入公司，她將負責投資人關係工作。瑪西曾有過一段才華洋溢且成就斐然的過去，歡迎她加入康卡斯特。

2019 was a busy, productive and exciting year for our company, capped off by a strong fourth quarter, and we've already jumped right into 2020 with the debut of our exciting new streaming service, Peacock. As you heard last week, it's a truly differentiated approach to streaming that leverages capabilities from all across our company.

2019 年對我們公司來說是忙碌、高效且令人興奮的一年，第四季度業績強勁，我們已經邁入 2020 年，推出了令人興奮的全新串流媒體服務 Peacock。正如你上週聽到的那樣，這是一種真正與眾不同的串流媒體方式，它利用了我們公司各個部門的能力。

As we look to the future, I am confident that the company we have built has all the necessary components to succeed, and our guiding principles remain the same: be leaders in our markets; continuously improve our products and experiences; and build deep, highly valuable recurring customer relationships. Our world-class teams are executing and operating at a high level, all of which allows us to invest in our businesses and deliver consistent results.

展望未來，我相信我們所建立的公司具備成功所需的一切要素，我們的指導原則也始終如一：成為市場領導者；不斷改進我們的產品和體驗；並建立深厚、極具價值的長期客戶關係。我們世界一流的團隊高效執行和運營，這使我們能夠投資於我們的業務並取得持續的成果。

The success of our strategy is demonstrated in our consolidated financial performance. We delivered another year of terrific results with growth in pro forma EBITDA of 5.9%; record free cash flow generation of $13.4 billion; growth in adjusted EPS of 14.7% - the tenth year of double-digit growth in the last 11 years.

我們的策略成功體現在我們的綜合財務表現。我們又取得了輝煌的業績，備考 EBITDA 增長 5.9%；自由現金流創歷史新高，達到 134 億美元；調整後每股收益增長 14.7%——這是過去 11 年中第 10 年實現兩位數增長。

These results were driven by Cable as the team's successful pivot to a connectivity-centric strategy and investment in xFi continue to pay off. Cable delivered broadband net additions of 1.4 million, the best in the last 12 years, finishing off with an exceptional fourth quarter, which included 442,000 net additions, a 26% increase over the prior year. In addition, we continue to reap the benefits from our ongoing investments to improve customer experience, setting all-time best for many key metrics, including agent contact rate and first call resolution. We're increasing customer satisfaction and driving unnecessary costs out of the business. All in, this drove 1.1 million net customer relationship additions in 2019, our best year on record, as well as outstanding EBITDA growth of 7.3% and net cash flow growth of 18% for the full year. Thank you, Dave Watson and your incredible team. You're doing a phenomenal job.

這些成果主要歸功於 Cable，因為團隊成功轉型為以連結為中心的策略，並且對 xFi 的投資持續獲得回報。有線電視寬頻新增用戶140萬，創下近12年來的最高紀錄，第四季表現尤為出色，新增用戶44.2萬，較上年同期成長26%。此外，我們持續投資改善客戶體驗，並不斷從中獲益，在許多關鍵指標上都創下了歷史新高，包括客服人員聯繫率和首次通話解決率。我們正在提高客戶滿意度，並削減企業中不必要的成本。總而言之，這推動了 2019 年淨新增客戶關係 110 萬，創歷史新高，同時全年 EBITDA 成長 7.3%，淨現金流成長 18%。感謝戴夫·沃森和您出色的團隊。你做得非常出色。

At NBC, our content continues to resonate with consumers. We were the most watched media company in the U.S. in 2019. NBC ended the 52-week season at #1 in the key demo for the sixth consecutive year, and Telemundo was #1 for the third straight year in weekday prime. Our film business grew EBITDA by double digits to $833 million, making it the third most profitable year in Universal's history, providing further evidence that our strategic slate approach is working. At Theme Parks, we had a challenging fourth quarter, but overall, it was a solid year during a particularly competitive period, and we are looking forward to new attractions in parks to drive growth in the coming years.

在NBC，我們的內容持續引起消費者的共鳴。2019年，我們是美國收視率最高的媒體公司。NBC 連續第六年以關鍵收視群體收視率第一的成績結束了為期 52 週的收視季，而 Telemundo 則連續第三年在工作日黃金時段收視率排名第一。我們的電影業務 EBITDA 實現了兩位數的成長，達到 8.33 億美元，成為環球影業歷史上盈利第三高的一年，進一步證明了我們的戰略性片單策略是有效的。主題樂園業務方面，我們第四季面臨挑戰，但總體而言，在競爭異常激烈的時期，今年業績穩健。我們期待未來幾年公園推出新的景點，以推動業務成長。

In its first full year as part of Comcast, despite difficult European market conditions, Sky had a good year under Jeremy Darroch and his team, delivering healthy customer additions and 12% EBITDA growth on a constant currency basis. Our exclusive sports and award-winning original content are resonating with our customers in Europe, with viewership up year-over-year. Sky has been a great addition to Comcast and positions us to better compete in a world where global scale matters.

在成為康卡斯特旗下公司後的第一個完整年度，儘管歐洲市場環境艱難，但在傑里米·達羅奇及其團隊的領導下，天空電視台取得了不錯的成績，實現了健康的客戶增長，按固定匯率計算，EBITDA 增長了 12%。我們獨家提供的體育賽事和屢獲殊榮的原創內容引起了歐洲客戶的共鳴，收視率逐年上升。Sky 的加入對 Comcast 來說是一大助力，使我們在全球規模至關重要的世界中擁有更強的競爭力。

As I mentioned at the outset, we have all the pieces in place for long-term success. True to our guiding principles in 2020, we are leaning into investments that further improve our products and experiences across the company.

正如我一開始提到的，我們已經擁有了長期成功的所有條件。秉承我們 2020 年的指導原則，我們加強投資力度，進一步改善公司的產品和使用者體驗。

First, we'll continue to strengthen our already leading position in broadband. At Cable, we are launching our fastest gateway, delivering true multi-gig speeds with unprecedented WiFi range, and we're providing our customers with added protection by offering new features like xFi Advanced Security for free. At Sky, we are building on our success in broadband in the U.K. and Cable's continued success with xFi in the U.S. to launch broadband in Italy this year.

首先，我們將繼續鞏固我們在寬頻領域的領先地位。Cable 推出了速度最快的網關，可提供真正的多千兆速度和前所未有的 WiFi 覆蓋範圍，我們還透過免費提供 xFi 高級安全性等新功能，為客戶提供額外的保護。Sky 正以我們在英國寬頻領域的成功以及 Cable 在美國 xFi 業務的持續成功為基礎，今年在義大利推出寬頻服務。

Second, we will focus on the emerging growth areas of streaming and content aggregation by launching Peacock and accelerating our deployment of Flex and Sky Q.

其次，我們將專注於串流媒體和內容聚合等新興成長領域，推出 Peacock 並加速部署 Flex 和 Sky Q。

Consumers are watching more and more video, driven by growth in streaming. And as we highlighted last week, we believe that Peacock, a premium ad-supported service, hits the mark for both consumers and advertisers. In this app-driven world, consumers increasingly are overwhelmed by content fragmentation and endless scrolling. So with X1 and Sky Q, we enable our customers to aggregate all their apps and linear channels on their TV and seamlessly search, access and view all their content.

受串流媒體成長的推動，消費者觀看影片的時間越來越多。正如我們上週所強調的那樣，我們認為 Peacock 作為付費廣告支援服務，能夠同時滿足消費者和廣告商的需求。在這個以應用程式為主導的世界裡，消費者越來越感受到內容片段化和無止盡的滾動瀏覽帶來的困擾。因此，透過 X1 和 Sky Q，我們能夠讓客戶將所有應用程式和線性頻道聚合到電視上，並無縫地搜尋、存取和觀看所有內容。

At Cable, we leveraged X1 to launch our newest service, Flex, to better serve the segment of our broadband customers that prefer streaming only. Our early results with Flex show that our customers love it. In our first month, we could not keep enough inventory in stock, and we're deploying Flex as fast as we can.

在 Cable，我們利用 X1 推出了我們最新的服務 Flex，以便更好地服務我們寬頻客戶中那些只喜歡串流媒體的用戶群。我們使用 Flex 的初步結果表明，我們的客戶非常喜歡它。第一個月，我們的庫存供不應求，我們正在以最快的速度部署 Flex。

Based on the proven success we had with X1 in the United States, at Sky we're now accelerating the deployment of Sky Q, getting to X1-like penetration levels as quickly as possible. This is good for our customers and generates very attractive financial returns.

基於我們在美國使用 X1 的成功，Sky 正在加速部署 Sky Q，力求盡快達到與 X1 類似的普及程度。這對我們的客戶來說是好事，並且能帶來非常可觀的經濟回報。

Finally, we have some exciting new investments in our park business. This year, we will open Super Nintendo World in Japan, with launches in the U.S. to follow in the coming years. Super Nintendo World combines one-of-a-kind ride technology with iconic IP for a remarkable guest experience, and we believe it has the potential to drive substantial incremental attendance at Universal Studios Japan.

最後，我們在公園業務方面有一些令人振奮的新投資。今年，我們將在日本開設超級任天堂世界，未來幾年將在美國陸續開設。超級任天堂世界將獨一無二的遊樂設施技術與標誌性的IP相結合，為遊客帶來非凡的體驗，我們相信它有潛力大幅提升日本環球影城的遊客數量。

On top of that, we are also investing for long-term growth with 2 amazing brand-new parks. We'll open Beijing in 2021, the largest park we have ever built, and have started construction on Universal's Epic Universe, a new world-class park in Orlando opening in 2023. The parks business is set up for growth for years to come.

除此之外，我們也正在投資興建兩個全新的、令人驚嘆的主題樂園，以實現長期成長。我們將於 2021 年在北京開設我們迄今為止建造的最大主題樂園，並且已經開始在奧蘭多建造世界級的新主題樂園“環球影城史詩宇宙”，該主題樂園將於 2023 年開放。公園業務已做好未來幾年持續成長的準備。

The scale, capabilities and talent across our company enable us to successfully execute our long-term growth strategy, while also strengthening our balance sheet and returning capital to shareholders. Earlier this morning, we announced that we are raising our dividend by $0.08 for 2020, up 10% over the prior year and our 12th consecutive annual increase.

公司規模、能力和人才使我們能夠成功執行長期成長策略，同時增強資產負債表並為股東帶來回報。今天早些時候，我們宣布將 2020 年的股息提高 0.08 美元，比上一年增長 10%，這是我們連續第 12 年提高股息。

Before I hand the call over to Mike, I want to take a moment to personally recognize Steve Burke, whose contributions have been instrumental in shaping not only my career, but the company that we are today. It's impossible for me to overstate what a terrific partner Steve has been. His leadership, first at Comcast Cable and later at NBCUniversal, have been a critical component of our company's growth and success. And maybe even more significantly, his impact on our culture and personal integrity have been truly defining. Steve has built a great team at NBCUniversal, led by Jeff Shell, and I know we are in good hands going forward. Thank you, Steve.

在將電話交給麥克之前，我想花一點時間親自感謝史蒂夫·伯克，他的貢獻不僅對我的職業生涯，而且對我們公司今天的成就都起到了至關重要的作用。史蒂夫是一位非常棒的合作夥伴，我怎麼誇他都不為過。他在康卡斯特有線電視公司和後來的NBC環球公司的領導才能，是我們公司發展和成功的關鍵因素。更重要的是，他對我們的文化和個人品格的影響是真正具有決定性意義的。史蒂夫在NBC環球公司組建了一支優秀的團隊，由傑夫謝爾領導，我知道我們未來會發展順利。謝謝你，史蒂夫。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everyone. I'll begin by reviewing our consolidated results on Slides 4 and 5. As a reminder, we completed our acquisition of Sky in the fourth quarter of 2018. Our reported results include Sky from the acquisition date, while pro forma results are as if the Sky transaction had occurred on January 1, 2017.

謝謝你，布萊恩，大家早安。首先，我將回顧投影片 4 和 5 的合併表現。提醒一下，我們已在 2018 年第四季完成了對 Sky 的收購。我們公佈的業績包括自收購日起的 Sky 業績，而備考業績則如同 Sky 交易於 2017 年 1 月 1 日發生一樣。

Revenue increased 2% to $28.4 billion on a reported basis and was consistent with the prior year on a pro forma basis for the fourth quarter. For the full year, revenue increased 15% to $108.9 billion on a reported basis and was consistent with the prior year on a pro forma basis.

以報告數據計算，營收成長 2% 至 284 億美元，以備考數據計算，第四季與去年同期持平。全年營收按報告基準成長 15% 至 1,089 億美元，按備考基準與上年持平。

Adjusted EBITDA increased 3% to $8.4 billion on a reported basis and 2.1% on a pro forma basis for the fourth quarter and increased 14% to $34.3 billion on a reported basis and 5.9% on a pro forma basis for the full year.

第四季調整後 EBITDA 按報告基準成長 3% 至 84 億美元，按備考基準成長 2.1%；全年按報告基準成長 14% 至 343 億美元，依備考基準成長 5.9%。

Adjusted earnings per share increased 9.7% to $0.79 for the quarter and 15% to $3.13 for the year.

經調整後，本季每股收益成長 9.7% 至 0.79 美元，全年每股收益成長 15% 至 3.13 美元。

Finally, free cash flow was $2.5 billion in the quarter and $13.4 billion for the full year.

最後，本季自由現金流為 25 億美元，全年自由現金流為 134 億美元。

Now let's turn to our segment results, starting with Cable Communications, on Slide 6. For the full year, Cable revenue increased 3.7%, EBITDA increased 7.3% and net cash flow increased 18%. Total customer relationships grew by 1.1 million to 31.5 million, an increase of 3.7% year-over-year. On a per relationship basis, EBITDA grew 3.5% and net cash flow grew 14%.

現在讓我們來看看各業務部門的業績，首先是第 6 頁的有線通訊業務。全年來看，有線業務收入成長了 3.7%，EBITDA 成長了 7.3%，淨現金流成長了 18%。客戶關係總數增加了 110 萬，達到 3,150 萬，年增 3.7%。以每項業務關係計算，EBITDA 成長 3.5%，淨現金流成長 14%。

For the fourth quarter, Cable revenue increased 2.6% to $14.8 billion, EBITDA increased 5.4% to $5.9 billion and net cash flow increased 13% to $3.3 billion. We generated 372,000 customer relationship net additions in the quarter, a record for any quarter. These results reflect our commitment to innovation, execution and driving profitable growth, including our continued focus on our high-margin connectivity businesses, residential high-speed internet and business services. Together, residential and business services generated 442,000 broadband customer net additions in the quarter and 1.4 million net additions for the full year.

第四季度，有線電視營收成長2.6%至148億美元，EBITDA成長5.4%至59億美元，淨現金流成長13%至33億美元。本季我們新增客戶關係淨數達到 372,000，創下季度新高。這些成果體現了我們對創新、執行和推動獲利成長的承諾，包括我們持續專注於高利潤的連結業務、住宅高速網路和商業服務。本季住宅及商業服務共新增寬頻用戶 44.2 萬戶，全年新增寬頻用戶 140 萬戶。

In fact, on the residential side of the business, high-speed internet revenue was the largest contributor to year-over-year growth at Cable, growing 8.8% in the fourth quarter and 9.4% for the full year. We believe that our consistent and ongoing investment to extend our leadership in broadband through speed, coverage, control and now streaming as well as through security and privacy is unique among our competitors and across the industry. We will continue to benefit from the growth in the overall market for broadband, and we are taking share with a superior product.

事實上，在住宅業務方面，高速網路收入是Cable公司年成長的最大貢獻者，第四季成長了8.8%，全年成長了9.4%。我們相信，我們持續不斷地投資，透過速度、覆蓋範圍、控制以及現在的串流媒體服務，以及安全性和隱私保護，來鞏固我們在寬頻領域的領先地位，這在我們的競爭對手和整個行業中都是獨一無二的。我們將繼續受益於寬頻市場的整體成長，並憑藉卓越的產品不斷擴大市場份額。

On the business services side, revenue increased 8.8% to $2 billion in the fourth quarter, driven by a 4.1% increase in business customers year-over-year and a 4.3% increase in revenue per business customer as we've added new products, including WiFi Pro and SecurityEdge. We ended the year at nearly $8 billion in business services revenue, with an addressable market just in our footprint of approximately $50 billion. There's no shortage of new customers or additional revenue for us to capture in this margin-accretive growth business.

在商業服務方面，第四季營收成長 8.8% 至 20 億美元，這主要得益於企業客戶數量年增 4.1%，以及每位企業客戶的營收成長 4.3%，因為我們增加了 WiFi Pro 和 SecurityEdge 等新產品。我們年底的商業服務收入接近 80 億美元，而我們業務覆蓋範圍內的潛在市場規模約為 500 億美元。在這個利潤率不斷增長的業務領域，我們不愁找不到新客戶或賺取額外收入。

In 2020, we expect to deliver another year of well over $2 billion in highly margin-accretive revenue growth in residential broadband and business services on top of the $26.5 billion in revenue that we generated from these businesses in 2019.

2020 年，我們預計住宅寬頻和商業服務收入將再增加 20 億美元以上，利潤率將大幅提高，而 2019 年我們從這些業務中獲得了 265 億美元的收入。

Turning to video. Video is still valuable for us to attach to our broadband-centric customer relationships, but only to the extent that it helps us increase the lifetime value of those relationships. We've consistently said that there is a segment of the market that either doesn't value a traditional pay TV service or isn't profitable for us to serve. We're not chasing this segment of the market, and we saw fewer new connects with these customers. With the rate adjustments that we are implementing in 2020 as well as the ongoing changes in consumer behavior, we expect higher video subscriber losses this year. Within this environment, our X1 platform enables us to compete well for customers who want the most content and a premium experience, including their favorite streaming apps. And now with Flex, we're able to better serve the customer segment that prefers to stream over-the-top, and we are prioritizing Flex as a key initiative in 2020.

切換到影片。影片對於我們與以寬頻為中心的客戶關係仍然很有價值，但前提是它能夠幫助我們提高這些關係的終身價值。我們一直認為，有一部分市場不是不重視傳統的付費電視服務，就是服務這部分市場對我們來說無利可圖。我們並沒有刻意開拓這部分市場，而且我們發現與這些客戶建立的新聯繫也比較少。由於我們在 2020 年實施了費率調整，以及消費者行為的持續變化，我們預計今年視訊用戶流失率會更高。在這種環境下，我們的 X1 平台使我們能夠很好地吸引那些想要最多內容和優質體驗的客戶，包括他們最喜歡的串流應用程式。現在有了 Flex，我們能夠更好地服務喜歡透過串流媒體觀看內容的客戶群，我們將 Flex 作為 2020 年的重點舉措。

Moving on to our wireless business. We continue to be happy with what we're seeing with Xfinity Mobile and its positive impact on the cable business. We launched Xfinity Mobile 2.5 years ago, and we ended 2019 with more than 2 million lines, including the 261,000 net adds in the fourth quarter. We are pleased with the acceleration in net adds in the fourth quarter, and we expect this momentum to continue in 2020. Our results to date indicate that adding mobile improves broadband customer retention and increases prospective customers' consideration. And importantly, we continue to see a significant improvement in the financial performance at Xfinity Mobile. We reduced our quarterly adjusted EBITDA losses at Xfinity Mobile to $116 million, a 40% improvement compared to last year's fourth quarter, and we expect Xfinity Mobile to be EBITDA positive for the full year in 2021.

接下來談談我們的無線業務。我們對 Xfinity Mobile 的發展及其對有線電視業務的正面影響感到滿意。我們在 2.5 年前推出了 Xfinity Mobile，到 2019 年底，我們的用戶數量已超過 200 萬，其中包括第四季度新增的 26.1 萬條用戶線路。我們對第四季度淨新增用戶數量的加速成長感到滿意，並預計這一勢頭將在 2020 年繼續保持。我們目前的研究結果表明，增加行動端服務可以提高寬頻用戶的留存率，並增加潛在客戶的考量。更重要的是，我們看到 Xfinity Mobile 的財務表現持續顯著改善。我們將 Xfinity Mobile 的季度調整後 EBITDA 虧損減少至 1.16 億美元，比去年第四季改善了 40%，我們預計 Xfinity Mobile 在 2021 年全年將實現 EBITDA 為正。

And finally, advertising revenue in the quarter decreased 19.1% due to a comparison to record political spending in the prior year period. Excluding political, advertising revenue in the fourth quarter was consistent with the same period last year.

最後，由於與去年同期創紀錄的政治支出相比，本季廣告收入下降了 19.1%。剔除政治廣告後，第四季的廣告收入與去年同期持平。

Moving now to cable expense and margin, on Slide 7. Total cable expenses in the fourth quarter were relatively consistent with the prior year, despite our record growth in customer relationships, as we continue to benefit from cost management, our connectivity-centric strategy and a lack of programming renewals. On a per customer relationship basis, non-programming OpEx decreased 1.9% compared to the same period last year. We're clearly seeing the benefits of our ongoing focus on operational improvements as we continue to make progress in providing a better overall experience and eliminating unnecessary activity and transactions, including through digital service tools. On a full year basis, non-programming OpEx per relationship improved by 2%, and we expect continued improvement in 2020.

現在就來看看第 7 張投影片中的有線電視支出和利潤率。儘管我們在客戶關係方面取得了創紀錄的增長，但第四季度的有線電視總支出與去年同期基本持平，因為我們繼續受益於成本管理、以連接為中心的戰略以及節目續訂的缺乏。以客戶關係計算，非程式營運支出比去年同期下降了 1.9%。我們顯然看到了持續改善營運所帶來的好處，我們不斷取得進展，提供更好的整體體驗，並消除不必要的活動和交易，包括透過數位服務工具。從全年來看，每個客戶關係的非程式營運支出改善了 2%，我們預計 2020 年將持續改善。

Cable EBITDA margins were 39.8% in the fourth quarter of 2019, up 100 basis points year-over-year and 40.1% for the full year, up 140 basis points. For 2020, we expect higher programming expense growth due to a number of contracts scheduled for renewal during the year, with the increase in expense back-half weighted. Despite this, we expect to improve Cable EBITDA margin by up to 50 basis points for the full year, benefiting from growth in our high-margin connectivity businesses, continued operational improvements, better performance at Xfinity Mobile as well as higher political advertising revenue.

2019 年第四季有線電視業務 EBITDA 利潤率為 39.8%，較去年同期成長 100 個基點；全年利潤率為 40.1%，年成長 140 個基點。2020 年，由於許多合約計畫在年內續約，我們預計節目製作費用成長將更高，且費用成長主要集中在下半年。儘管如此，我們預計全年有線電視業務的 EBITDA 利潤率將提高至多 50 個基點，這得益於我們高利潤率的連接業務的增長、持續的運營改進、Xfinity Mobile 的更好業績以及更高的政治廣告收入。

We're also pleased with the efficiency of and returns on our Cable capital expenditures. CapEx decreased 10.5% to $6.9 billion for the full year, resulting in CapEx intensity of 11.9%, 190 basis points of year-over-year improvement.

我們對有線電視資本支出的效率和回報也感到滿意。全年資本支出下降 10.5% 至 69 億美元，導致資本支出強度為 11.9%，較去年同期改善 190 個基點。

Looking ahead, we'll continue to invest in the business to extend our leading market position. However, based on the size and consistency of our past investment and our leading scale, we can continue to improve our capital intensity. In 2020, we expect approximately 50 basis points of year-over-year improvement, reflecting continued decreases in video-centric CPE spending partially offset by an increase in the level of investment in our network, consistent with the broader shift in our business towards connectivity. These are demand-driven and success-based investments, and we're happy to make them.

展望未來，我們將繼續投資於該業務，以鞏固我們的市場領先地位。然而，基於我們過去投資的規模和穩定性以及我們領先的規模，我們可以繼續提高我們的資本密集度。2020 年，我們預計將同比改善約 50 個基點，這反映出以視訊為中心的 CPE 支出持續下降，但部分被我們網路投資水準的提高所抵消，這與我們業務向連接性方向的更廣泛轉變是一致的。這些都是以需求為導向、以成功為目標的投資，我們很樂意進行這些投資。

In summary, we feel great about Cable's results in 2019, and we're confident that the business will continue to deliver healthy growth in 2020.

總而言之，我們對 Cable 在 2019 年的業績感到非常滿意，我們有信心該業務在 2020 年將繼續保持健康成長。

Now I'll turn to NBCUniversal's results on Slide 8. NBCUniversal's revenue declined 2.6% to $9.2 billion, and EBITDA declined 4.7% to $2 billion in the quarter.

現在我將來看幻燈片 8 中 NBCUniversal 的表現。 NBCUniversal 本季的營收下降了 2.6%，至 92 億美元，EBITDA 下降了 4.7%，至 20 億美元。

Cable Networks revenue increased 1.2% to $2.9 billion, and EBITDA declined 1.4% to $1 billion in the fourth quarter as solid growth in advertising and content licensing and other revenue was more than offset by higher programming and production costs and subscriber declines. Advertising revenue increased 2%, benefiting from the timing of returning series, Golf's Presidents Cup and improved MSNBC performance. Content licensing and other revenue increased 3.4%, reflecting continued timing-related licensing comparisons to last year, which was more than offset by the performance of some of our digital businesses. Distribution revenue was flat year-over-year as the ongoing benefits of previous renewal agreements were largely offset by subscriber losses that modestly accelerated in the quarter. Against the backdrop of continued subscriber declines, it will be tough to grow affiliate revenue until our next round of renewals starting in 2021. Overall, higher revenue in the quarter was more than offset by increased expenses, primarily driven by the timing of programming and a couple of new sports contracts that will continue to impact our first half 2020 results.

第四季度，有線電視網路營收成長 1.2% 至 29 億美元，EBITDA 下降 1.4% 至 10 億美元，因為廣告、內容授權和其他收入的穩健成長被更高的節目製作成本和用戶數量下降所抵消。廣告收入成長了 2%，這得益於回歸劇集的播出時間、高爾夫球總統盃以及 MSNBC 收視率的提高。內容授權和其他收入成長了 3.4%，這反映了與去年相比，授權收入繼續受到時間因素的影響，但部分數位業務的良好表現抵消了這一影響。由於先前續約協議帶來的持續收益很大程度上被本季用戶流失略有加速所抵消，分銷收入與去年同期持平。在訂閱用戶持續下降的背景下，要增加聯盟行銷收入，直到 2021 年下一輪續約開始，都將非常困難。總體而言，本季度收入的增長被支出的增加所抵消，支出增加主要是由於節目安排的時間以及幾項新的體育合同，這些合同將繼續影響我們 2020 年上半年的業績。

Broadcast revenue increased 2.1% to $3.2 billion, and EBITDA increased 14% to $471 million, driven by growth in retrans and content licensing partially offset by lower advertising revenue. Advertising revenue declined 1.5%, largely reflecting a difficult comparison to record political advertising last year. Adjusting for this comparison, advertising would have been up low single digits, reflecting strong NFL results and the benefits of higher upfront pricing, partially offset by ratings declines. Retrans increased over 10% to nearly $500 million, bringing the full year total to $2 billion, up about 15% compared to 2018. Content licensing increased 5.8%, reflecting the delivery of content under our existing licensing agreements as well as new licensing deals. Last, we expect to benefit from a profitable Tokyo Olympics this summer and anticipate robust political advertising in the back half of the year.

廣播收入成長 2.1% 至 32 億美元，EBITDA 成長 14% 至 4.71 億美元，主要得益於轉播和內容授權的成長，但部分被廣告收入的下降所抵消。廣告收入下降了 1.5%，這主要是由於去年政治廣告創下歷史新高，導致今年的基數較高。考慮到這一比較因素，廣告收入本應增長個位數百分比，這反映了 NFL 的強勁表​​現和預付價格上漲的好處，但部分被收視率下降所抵消。轉播收入成長超過 10%，達到近 5 億美元，使全年總額達到 20 億美元，比 2018 年成長約 15%。內容授權收入成長了 5.8%，反映了我們現有授權協議下的內容交付以及新的授權協議。最後，我們預計今年夏天東京奧運將帶來豐厚的利潤，並預計下半年政治廣告將十分活躍。

Turning to film. Revenue declined 21% to $1.6 billion, and EBITDA declined by $88 million to $91 million, reflecting a tough comparison to the size and timing of our slate in the fourth quarter of 2018, which included the successful releases of Grinch and Halloween. Overall, we had a great year in film, highlighted by key franchise animated hits, including DreamWorks' How to Train Your Dragon: The Hidden World and Secret Life of Pets 2; the summer spin-off of our temple Fast and Furious franchise, Hobbs & Shaw; successful original movies, such as Glass and Us as well as Downton Abbey, which was Focus Features' top title of all time. For the full year, film EBITDA increased 14% to $833 million. Looking ahead to 2020, we are excited about our film business and outlook for growth, underscored by a continuation of our strategic slate strategy. Keep in mind, the first quarter will have a tough comparison to the release of How To Train Your Dragon, but we have several exciting films opening later this year, including more animated franchise titles, with Trolls World Tour this spring, Minions 2 this summer, and Croods 2 at the end of the year, along with another summer installment in the Fast and Furious franchise.

轉向電影。營收下降 21% 至 16 億美元，EBITDA 下降 8,800 萬美元至 9,100 萬美元，這反映出與 2018 年第四季影片的規模和上映時間相比，業績比較艱難，當時我們推出了《綠毛怪格林奇》和《萬聖節》等影片。總的來說，我們在電影領域度過了精彩的一年，其中最引人注目的是幾部重要的動畫系列大片，包括夢工廠的《馴龍高手3：隱秘的世界》和《愛寵大機密2》；我們經典系列《速度與激情》的夏季衍生作品《霍布斯與肖》；以及一些成功的原創電影，例如《玻璃莊園》和《我們》，還有《我們》有史以來最成功的電影《唐頓》和《我們》，還有《我們》有史以來最成功的電影《唐頓》和《我們》，還有《我們》有史以來最成功的電影《唐頓》和《我們》，還有《我們》有史以來最成功的電影《唐頓》和《我們》有史以來最成功的電影作品。全年來看，電影業務的 EBITDA 成長了 14%，達到 8.33 億美元。展望 2020 年，我們對電影業務和成長前景感到興奮，這得益於我們策略性影片計畫的延續。要注意的是，第一季的票房將受到《馴龍高手》上映的影響，但今年稍晚我們將有多部精彩電影上映，包括更多動畫系列電影，例如今年春季的《魔髮精靈2：世界之旅》、今年夏季的《小小兵2》以及年底的《瘋狂原始人2》，還有《玩命關頭》系列的另一部夏季續集。

Wrapping up the TV and film segments, we are confident and optimistic in our ability to continue monetizing our vast portfolio of new and existing premium content. As we've said before, we will sponsor a broad and varied distribution environment by continuing to license to third-parties when it makes sense, and NBCUniversal would benefit from selling to new buyers of content, including our very own, Peacock. As we've discussed at our investor event last week, we believe that Peacock will be a fantastic product for consumers and advertisers alike and a new channel to better monetize our content.

綜上所述，我們對繼續透過我們龐大的新舊優質內容組合來實現盈利的能力充滿信心和樂觀。正如我們之前所說，我們將繼續在適當的時候向第三方授權，從而創造廣泛而多樣化的發行環境，而NBC環球將從向新的內容買家（包括我們自己的Peacock）銷售內容中受益。正如我們在上週的投資者活動上所討論的那樣，我們相信 Peacock 將是一款對消費者和廣告商來說都非常棒的產品，也是一個更好地實現內容變現的新管道。

Theme Parks revenue increased 3.2% to $1.6 billion, and EBITDA declined 4.5% to $636 million, reflecting steady results at our domestic parks, offset by some softness at our Japan park. Looking ahead, we remain confident in our outlook for growth in the parks business, which will benefit from our robust pipeline of new attractions. At our domestic parks, we'll have a new Jason Bourne-themed live-action stunt show and over 2,000 hotel rooms coming online in Orlando this year as well as a Secret life of Pets-themed ride in Hollywood. And we're especially excited for the opening of Super Nintendo World at Universal Studios in Japan, which will be opened and ready during the summer, coinciding nicely with the Tokyo Olympics. Preopening expenses for this new land in Japan will weigh on results in the first half of 2020, but we expect Super Nintendo World to be a meaningful driver of our parks results in the second half. We're also looking forward to the opening of our park in Beijing in 2021, which will be a major milestone for us, and we'll see some preopening expenses throughout this year. Even longer term, we're excited for Epic Universe, which will transform our already successful Orlando park.

主題樂園營收成長 3.2% 至 16 億美元，EBITDA 下降 4.5% 至 6.36 億美元，反映出國內樂園業績穩定，但被日本樂園業績疲軟所抵銷。展望未來，我們對公園業務的成長前景依然充滿信心，這將得益於我們強大的新景點開發計畫。今年，我們在國內的樂園將推出以傑森·伯恩為主題的全新真人特技表演，奧蘭多將新增 2000 多間酒店客房，好萊塢還將推出以《寵物當家》為主題的遊樂設施。我們尤其期待日本環球影城超級任天堂世界的開幕，它將在夏季開幕，與東京奧運完美契合。日本新園區的開幕前費用將對 2020 年上半年的業績造成影響，但我們預計超級任天堂世界將在下半年成為我們公園業績的重要推動力。我們也期待著我們在北京的公園在 2021 年開業，這將是我們的一個重要里程碑，我們將在今年看到一些開業前的費用。從長遠來看，我們對 Epic Universe 充滿期待，它將徹底改變我們已經非常成功的奧蘭多主題樂園。

Now let's move on to Sky results on Slide 9. 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.

現在讓我們來看看第 9 張幻燈片上的 Sky 業績。提醒一下，我將把我們的準備績效視為假設 Sky 交易發生在 2017 年 1 月 1 日，成長率以固定匯率計算，與我們的收益報告中反映的情況一致。

Sky revenue increased 1.4% to $5 billion as growth in direct-to-consumer and content revenue was offset by lower advertising. Overall, macro headwinds have persisted, but Sky continues to perform well in a challenging environment.

天空電視台的收入成長了 1.4%，達到 50 億美元，直接面向消費者和內容收入的成長被廣告收入的下降所抵消。總體而言，宏觀不利因素依然存在，但天空基金在充滿挑戰的環境中持續表現良好。

Direct-to-consumer revenue increased by 2.3% to $4 billion, driven by growth in customer relationships. Sky added 77,000 customers during the quarter - ending the year with 24 million total customer relationships - and average revenue per customer remained stable. As expected, we delivered improvement in net adds compared to the third quarter. Sky delivered customer growth in all 3 territories in the fourth quarter and continue to make good progress in growing key products, including broadband and mobile.

直接面向消費者的收入成長了 2.3%，達到 40 億美元，這主要得益於客戶關係的成長。Sky 在本季新增了 77,000 名客戶，年底客戶總數達到 2,400 萬，每位客戶的平均收入保持穩定。如預期，與第三季相比，我們的淨新增用戶數有所提高。Sky 在第四季度所有三個地區都實現了客戶成長，並在寬頻和行動等關鍵產品的成長方面繼續取得良好進展。

Content revenue grew by 2.7% to $371 million, with growth driven by the wholesaling of programming.

內容收入成長 2.7% 至 3.71 億美元，成長主要由節目批發業務推動。

Importantly, viewership on Sky channels was impressive. In the fourth quarter, total viewership on Sky's branded channels was up 5%, while total TV viewership on non-Sky channels was flat. Viewership across Sky sports channels was up 8%, driven by the performance of Formula 1 in Italy and the Premier League in the U.K.

值得注意的是，天空電視台頻道的收視率非常可觀。第四季度，Sky品牌頻道的總收視率成長了5%，而非Sky頻道的總電視收視率則持平。受義大利一級方程式賽車和英國英超聯賽的精彩表現推動，天空體育頻道的收視率增加了 8%。

On advertising, the market remains soft across all of our territories, reflecting continued macro weakness as well as the impact of a change in legislation related to gambling advertising in the U.K. and Italy, which began impacting our results in 3Q '19. Against this backdrop, advertising revenue in the quarter declined by 4.1% to $647 million.

在廣告方面，我們所有地區的市場仍然疲軟，這反映了宏觀經濟的持續疲軟，以及英國和義大利有關賭博廣告的立法變化的影響，這些變化從 2019 年第三季開始影響我們的業績。在此背景下，該季度廣告收入下降了 4.1%，至 6.47 億美元。

Sky's fourth quarter EBITDA of $765 million was consistent with the prior year as revenue growth was offset by higher costs, in part driven by our efforts to accelerate the deployment of Sky Q. In 2020, we'll continue the accelerated deployment, and we are coming out of the gate quickly. As a reminder, like X1, Sky Q enables the aggregation of streaming apps and other advanced features, functionality that's not available on our legacy platform. Our Sky Q customers have higher viewership, better retention levels, better product attachment and higher ARPU and, therefore, we want more of our customers to have it and quickly.

Sky第四季EBITDA為7.65億美元，與去年同期持平，營收成長被成本上升所抵消，部分原因是由於我們加快了Sky Q的部署。 2020年，我們將繼續加快部署，並且我們將迅速起步。需要提醒的是，與 X1 一樣，Sky Q 可以聚合串流應用程式和其他高級功能，而這些功能在我們的舊平台上是無法實現的。我們的 Sky Q 用戶擁有更高的收視率、更好的用戶留存率、更好的產品依戀度和更高的 ARPU，因此，我們希望更多的用戶能夠盡快擁有它。

We're pleased with the progress Sky is making by delivering growth in customer relationships and creating award-winning, popular content. We expect these tailwinds to continue in 2020, and but keep in mind, we also expect our results will continue to be impacted by the challenging macroeconomic environment and changes in gambling legislation. All in, before the few hundred million dollars of investment we've previously outlined for Sky Q and broadband in Italy, and using today's foreign exchange rates, we expect Sky's 2020 EBITDA to be consistent with our reported 2019 results.

我們對 Sky 在發展客戶關係和創作屢獲殊榮的熱門內容方面所取得的進步感到滿意。我們預計這些利好因素將在 2020 年繼續保持，但請記住，我們也預計我們的業績將繼續受到充滿挑戰的宏觀經濟環境和博彩立法變化的影響。總而言之，在我們之前概述的對義大利 Sky Q 和寬頻的數億美元投資之前，並採用今天的匯率，我們預計 Sky 2020 年的 EBITDA 將與我們公佈的 2019 年業績一致。

I'll wrap up with free cash flow and capital allocation on Slide 10. We generated a record $13.4 billion in free cash flow and paid $3.7 billion in dividends to our shareholders in 2019. We also made great progress in deleveraging, ending the year at 2.8x net leverage, down from 3.3x at the end of 2018. Deleveraging will remain a top focus for us in 2020, which we will balance with the key investment priorities we have outlined across Cable, NBCUniversal and Sky.

我將在第 10 張投影片上總結自由現金流和資本配置。2019 年，我們創造了創紀錄的 134 億美元自由現金流，並向股東支付了 37 億美元的股息。我們在去槓桿化方面也取得了巨大進展，年底淨槓桿率為 2.8 倍，低於 2018 年底的 3.3 倍。2020 年，去槓桿化仍將是我們的首要任務，我們將在此基礎上，平衡我們在有線電視、NBC環球和天空電視台等關鍵投資重點領域的投入。

On return of capital, as Brian mentioned, we raised our dividend by $0.08 to $0.92 a share, a 10% increase, marking our 12th consecutive annual increase. And in 2021, we expect that we will be well positioned to resume share repurchases.

正如布萊恩所提到的，在資本返還方面，我們將股息提高了0.08美元，達到每股0.92美元，增幅達10%，這是我們連續第12年提高股息。我們預計，到 2021 年，我們將做好充分準備恢復股票回購。

In summary, 2019 was another fantastic year for Comcast, and the fundamentals of our business remains strong. We feel good about our outlook for 2020 and expect our overall performance to accelerate through the year.

總而言之，2019 年對康卡斯特來說又是輝煌的一年，我們業務的基本面依然強勁。我們對2020年的前景感到樂觀，並預計全年整體業績將加速成長。

Jason, over to you.

傑森，該你了。

Thanks, Mike. Let's open up the call for Q&A, please.

謝謝你，麥克。現在開始問答環節。

(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。

Two questions. Brian, you mentioned in your prepared remarks sort of the benefits of global scale across the company. And I think there's certainly a debate in the market about that a bit. So I was curious if you could sort of touch on it in 2 ways: One, how does this scale allow Comcast to grow faster over time? Obviously, we've seen some very strong results across the company recently, but I'd love to get more thoughts from you on how that plays out. And secondly, how do you assess sort of the optimal level of scale? I'm sure there's a lot of interest from shareholders about where you think about future acquisition opportunities or how you think about deploying capital longer term.

兩個問題。布萊恩，你在事先準備好的演講稿中提到了公司全球化規模帶來的好處。我認為市場上對此確實存在一些爭議。所以我很好奇您能否從兩個方面談談這個問題：第一，這種規模是如何讓康卡斯特隨著時間的推移發展得更快的？顯然，我們最近在公司各方面都取得了非常強勁的成績，但我很想聽聽您對這些成績最終如何發展的看法。其次，如何評估最佳規模水準？我相信股東們一定非常關心您對未來收購機會的看法，或者您如何考慮長期資本部署。

And then while you think about that, Mike, you mentioned some comments about free cash flow at a conference last year. Comcast delivers pretty consistent double-digit earnings growth, and you've raised the dividend consistently double digits. Should free cash flow over time generally follow earnings and the overall dividend growth? Because, obviously, you guys are in a pretty heavy investment year this year, and I think people are obviously interested in the free cash flow profile over time.

麥克，在你思考這個問題的時候，你去年在一次會議上提到了一些關於自由現金流的評論。康卡斯特的獲利一直維持著兩位數的穩定成長，而且你們也一直保持著兩位數的股息成長。自由現金流隨時間推移是否會整體跟隨獲利和整體股息成長而變化？因為很顯然，你們今年的投資規模相當大，我認為大家顯然對自由現金流隨時間的變化很感興趣。

Well, let me begin. Thank you, Ben. I do think we have consistent growth across all parts of the business. Sky was a unique asset. And I don't want to look backwards more than just for a moment here to your question.

好，讓我開始吧。謝謝你，本。我認為我們公司各個業務板塊都實現了持續成長。天空是一筆獨特的財富。至於你的問題，我不想過度回顧過去，這裡就先簡單回答。

And I think it happened. I'm really thrilled we bought it. I feel better about that decision today, the nature of our company. We displayed the great technical team at the Peacock Day; the ability for Cable to help with broadband; Jason going over to be CFO; the gentleman running Germany, Devesh, who was our Head of Strategy. There's -- we're a better company. And it's the -- it's a longer conversation. Happy to have it.

我覺得這件事確實發生了。我真高興我們買了它。今天，我對當初的決定以及我們公司的性質感到更加滿意了。我們在孔雀日展示了我們優秀的技術團隊；Cable 在寬頻方面的幫助能力；Jason 擔任財務長；以及負責德國業務的 Devesh，他曾是我們的策略主管。我們有—我們是一家更好的公司。而且──這是一場更長的對話。很高興擁有它。

But I think the essence of your question, if I might, might be, well, do you feel you have to go to other countries? And what are you thinking about? And one of the points we tried to make throughout this year is that if you take the 4 countries, U.S. plus the 3 principal -- U.K., Germany and Italy, where Sky principally operates, that represents 50% of the world's broadband and video revenues, and that's pretty extraordinary.

但我認為，恕我直言，你問題的本質可能是，你是否覺得你必須去其他國家？你在想什麼呢？我們今年一直試圖強調的一點是，如果把美國這四個國家加上英國、德國和義大利這三個主要國家（天空電視台主要營運的國家）加起來，它們就佔了全球寬頻和視訊收入的 50%，這非常了不起。

So our strategy with now 60 million or 55 million-or-so relationships and growing those relationships, and we had a great year in growing customer relationships with a terrific ARPU, north of $100. These are exceptional opportunities. So I don't want to say we won't look at other things and consider other things, but it's -- there was nothing quite like Sky. It was unique. Mike?

因此，我們目前的策略是與大約 6,000 萬或 5,500 萬個客戶建立聯繫並發展這些關係，我們在發展客戶關係方面取得了巨大的成功，ARPU 非常出色，超過了 100 美元。這些都是絕佳的機會。所以我不想說我們不會專注在其他事物、考慮其他事物，但是——沒有什麼能像 Sky 一樣。它獨一無二。麥克風？

So Ben, on free cash flow, it's certainly our stated objective and belief that we can healthy -- get healthy growth of free cash flow over the long term. I said that before at a recent conference and continue to believe that's the case. We don't focus on it on -- in the near term. And this year coming up, obviously, we talked about the many investments in organic growth that will benefit that long-term free cash flow growth trajectory. So we'll have that pressure, and some Olympics working capital in 2020. But the dividend increase is absolutely an indication that we feel very confident in the long-term growth trajectory of free cash flow.

所以本，關於自由現金流，我們既定的目標和信念是，我們可以實現自由現金流的長期健康成長。我之前在最近的一次會議上說過這一點，我仍然認為情況確實如此。短期內我們不會把重點放在這上面。顯然，在即將到來的這一年裡，我們討論了許多有利於長期自由現金流成長的有機成長投資。所以我們會面臨這種壓力，2020年還會有一些奧運帶來的營運資金。但提高股利絕對顯示我們對自由現金流的長期成長軌跡非常有信心。

Thanks, Ben.

謝謝你，本。

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。

I wanted to focus on streaming, so both Flex and Peacock. For Mike or Dave, with -- Mike, you talked about prioritizing Flex in 2020. Sort of what specifically does that mean? And for you both, what's your vision as to what that service will look like in a few years? And I guess I'm thinking not just everything that you bring to bear, but also third-party apps and how they're authenticated, integrated into Flex as well. And then for Steve, on Peacock, I think the Peacock Analyst Day was well received, but I'm getting the question a lot as to what the difference will be between the premium and free tiers? And I'm also getting the question that if it's free, what would the friction be to sign up other distributors other than Cox?

我想專注於串流媒體，所以同時選擇了 Flex 和 Peacock。對於 Mike 或 Dave，——Mike，你曾談到在 2020 年優先考慮 Flex。具體來說，這意味著什麼？那麼，對你們兩位來說，你們對這項服務幾年後的發展前景有何設想？我所想的不僅是您帶來的所有東西，還有第三方應用程式及其身份驗證方式，以及它們如何整合到 Flex 中。至於Steve，關於Peacock，我認為Peacock分析師日反應不錯，但我常被問到高級會員和免費會員之間有什麼區別？我還被問到，如果這項服務是免費的，那麼除了 Cox 之外，其他經銷商加入的阻力會有多大？

Doug, this is Dave. So let me start with Flex. And I think Flex shows, and in particular, the Flex and Peacock combination just shows how uniquely positioned we are for streaming. And Flex is a natural extension of 2 things: our broadband innovation and also the fact that we've been investing steadily in X1. So we're -- Flex is going to help fuel broadband over time. Comes with, it's free, as Brian has said, and we'll continue to innovate around broadband. So you look at what's coming up. And we have tons of apps that are available right now. We're pleased with the road map ahead. Good progress coming up for Flex in terms of content: Hulu; we talked about CBS All Access, we'll be the first to do that. But we, in particular, we're really excited about the prospects of Flex and Peacock together. So that's -- that is, I think, a real opportunity.

道格，我是戴夫。那麼，就讓我先從Flex開始吧。我認為 Flex 的表現，尤其是 Flex 與 Peacock 的結合，充分展現了我們在串流媒體領域獨特的優勢。Flex 是兩件事的自然延伸：一是我們寬頻創新，二是我們一直在穩步投資 X1。所以，Flex 將會隨著時間的推移推動寬頻發展。正如布萊恩所說，它是免費的，我們將繼續在寬頻領域進行創新。所以你要看看接下來會發生什麼。我們現在有很多應用程式可供使用。我們對未來的發展路線圖感到滿意。Flex 在內容方面即將取得良好進展：Hulu；我們討論過 CBS All Access，我們將是第一個這樣做的。但我們尤其對 Flex 和 Peacock 的合作前景感到非常興奮。所以，我認為這確實是一個機會。

In addition, down the road, and of course, the main consideration is broadband growth with Flex. But I think it opens up other opportunities, whether it's app participation or -- and/or advertising. It's a great long-term platform for us.

此外，展望未來，當然，主要考慮因素是 Flex 的寬頻成長。但我認為這開闢了其他機會，無論是應用程式參與還是——和/或廣告。對我們來說，這是一個很好的長期平台。

So if you include Dave's broadband business, plus Flex and Peacock, think our company is better positioned as the world moves to streaming than any other company in the world. And I think you could argue in the next 10 or 20 years, if you look at all those 3 businesses combined, we could make more money in streaming than anyone else, by a lot.

因此，如果將 Dave 的寬頻業務，加上 Flex 和 Peacock，我認為隨著世界向串流媒體轉型，我們公司比世界上任何其他公司都更有優勢。我認為，在未來 10 到 20 年裡，如果把這三項業務加起來看，我們可以在串流媒體領域賺到比其他任何人都多得多的錢。

If you then move to Peacock, the idea behind Peacock -- and Matt Strauss mentioned Spotify. It's a little bit like Spotify. We have an entry level of Peacock, which is about 7,500 hours, which is completely free for anyone. We then have a 15,000 hour version of Peacock that costs $5 if you're not a member of a participating cable or satellite company that provides multichannel video. That universe is still about 80%. So 80% of the people in America, I think, eventually, are going to be able to get that $5 product for free.

如果你隨後搬到 Peacock，Peacock 背後的理念——Matt Strauss 也提到了 Spotify。它有點像Spotify。我們有Peacock的入門課程，大約有7500小時，任何人都可以完全免費使用。如果你不是提供多頻道影片的合作有線電視或衛星電視公司的成員，那麼你可以花 5 美元觀看長達 15,000 小時的 Peacock 版本。那個宇宙仍然佔大約 80%。所以我認為，最終美國 80% 的人都能免費獲得價值 5 美元的產品。

As to your question about other cable companies and satellite companies, it's such a great value to be able to give all of your customers a product that's $5 a month in value or $60 a year for free that I think eventually, we will get the vast majority, if not all, of cable and satellite. It will take some time. And a lot of times, the Peacock discussion will be tied to the ongoing MVPD discussion, and we have a lot of big deals up in this year. But I think by the end of this year, you're going to see the $5 Peacock product be offered for free to a lot of cable and satellite customers.

至於你問到的其他有線電視公司和衛星電視公司，能夠免費為所有客戶提供價值每月 5 美元或每年 60 美元的產品，這實在太划算了，我認為最終我們將贏得絕大多數（如果不是全部）有線電視和衛星電視市場。這需要一些時間。很多時候，關於 Peacock 的討論都會與正在進行的 MVPD 討論聯繫在一起，而且我們今年有很多大交易要達成。但我認為到今年年底，你會看到很多有線電視和衛星電視用戶免費獲得原價 5 美元的 Peacock 產品。

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

你的下一個問題來自美國銀行的傑西卡·埃爾利希。

I have, I guess, 3 questions for the 3 divisions. On Peacock, can you talk a little bit about how you see -- what will the impact be on your legacy businesses, including TV stations, cable networks and I guess, other Comcast businesses? Going back to Flex, it's such an interesting product. You're keeping customers engaged on the Comcast platform. Can you talk about a little bit more detail about what the benefits would be for -- I mean, it seems like there might be benefits for advertising as well as other parts of your business. And then on Sky, this $300 million-or-so step-up in investment, can you talk about how that will drive growth in the various businesses in 2020 and beyond? If there's anything more specific you can say about growth, that would be great.

我想，針對這三個部門，我各有三個問題。關於Peacock，您能否談談您認為它會對您的傳統業務產生什麼影響，包括電視台、有線電視網絡以及其他康卡斯特業務？再說回 Flex，它真是一款很有意思的產品。您正在讓客戶持續參與 Comcast 平台。您能否更詳細地談談這些好處具體有哪些？我的意思是，這些好處似乎不僅對廣告有益，對您業務的其他方面也有幫助。那麼，關於 Sky 此次約 3 億美元的投資增幅，您能否談談這將如何推動其各項業務在 2020 年及以後的成長？如果您能就成長方面提出更具體的建議，那就太好了。

Let me start with Peacock's effect on the other businesses. If you imagine a television show where 70% of the viewing comes from some place other than linear television. What Peacock is designed to do is to go after that 70%, get it on our platform in a place where we're ad-supported and we get 100% of the ad revenue. That's the intent.

讓我先談談Peacock對其他企業的影響。想像一下，一個電視節目70%的收視率都來自線性電視以外的管道。Peacock 的設計目標是爭取那 70% 的市場份額，將其納入我們的平台，在一個我們依靠廣告支持的地方，我們將獲得 100% 的廣告收入。這就是目的。

And if you look at it from that perspective, I think Peacock is going to be very good for our company. We're going to make more money from the television ecosystem, and that will allow us to continue to invest in the linear platform. So if I were talking to an affiliate, if I were talking to a cable company, I would say, Peacock is a way to make us a better, stronger competitor in a way that's good for all of our businesses, not just streaming.

從這個角度來看，我認為Peacock對我們公司來說會是一件非常好的事情。我們將從電視生態系統中賺取更多利潤，這將使我們能夠繼續投資線性平台。所以，如果我跟一家加盟商或有線電視公司談，我會說，Peacock 讓我們成為更強大、更有競爭力的平台，這對我們所有的業務都有好處，而不僅僅是串流媒體業務。

So in regards to Flex, Jessica, the -- it starts with our strategy. And I think it gives us real choice in the marketplace. And we will continue to compete, I think, very well for the many segments that value X1 and everything that, that brings. But for this growing streaming segment, it really positions us well. It's a great proposition being able to use all the attributes of X1, the voice capability, the integrated data, being able to find what you want very quickly.

所以，關於 Flex，Jessica，這——一切都始於我們的策略。我認為這給了我們在市場上真正的選擇權。我認為，我們將繼續在眾多重視 X1 及其所有功能的細分市場中保持良好的競爭力。但對於這個不斷成長的串流媒體領域來說，這確實讓我們處於非常有利的地位。能夠利用 X1 的所有功能，例如語音功能、整合數據，並能快速找到所需內容，這真是一個很棒的方案。

So in terms of the drivers, your point is a good one. You look at the first one, it's going to help us compete -- continue to do well with broadband. So we're going to look at broadband share growth, and Flex will be part of that, one of several things that we're doing. If you do look at additional revenue opportunities, whether it's everything from the -- when we sell an app on this platform, we participate in that economically. There is going to be, I think long term, a platform. You can think about advertising.

所以就司機而言，你的觀點很有道理。你看第一個，它將幫助我們保持競爭力——繼續在寬頻領域取得成功。所以我們將關注寬頻份額成長，而 Flex 將是其中的一部分，也是我們正在做的幾件事之一。如果你確實在尋找額外的收入機會，無論是——當我們在這個平台上銷售應用程式時，我們都會從中獲利。我認為從長遠來看，肯定會有一個平台。你可以考慮一下廣告方面的問題。

And in addition, there's syndication. We have great partners that we have with X1. And I would anticipate that we'll continue to make progress in syndication with Flex with these partners.

此外，還有聯合發行。我們與X1建立了非常好的合作關係。我預計我們將繼續與這些合作夥伴在 Flex 的聯合發行方面取得進展。

So I think it's -- we will use it as a growth platform, primarily focused on broadband, but we'll be opportunistic going forward in these other areas.

所以我認為——我們將把它用作成長平台，主要集中在寬頻領域，但未來我們也會在其他領域抓住機會。

Jeremy?

傑里米？

And then on Sky, the investments we're making here. So Sky Q, look, we think that's the best TV service here in Europe. So we want to accelerate its penetration in our base. We're actually pulling costs forward, really, rather than spending additional cost, pulling costs forward in our plan to get Sky Q penetration up more quickly.

然後是天空電視台，我們在這裡進行的投資。所以，Sky Q，我們認為它是歐洲最好的電視服務。所以我們希望加快它在我們用戶群中的滲透速度。實際上，我們是在提前支付成本，而不是增加額外支出，這樣做是為了更快地提高 Sky Q 的市場滲透率。

The benefits really are twofold: The short-term benefits are sort of purely financial really. As Mike alluded to, we see lower churn, higher viewing, higher ARPU. And of course, as we sell Sky Q into our customer base, it gives us the opportunity to cross-sell another product or more products at the point in which we do that. And then the second thing to say is we have Sky Q in the base now for some time. So good line of sight in terms of the financial returns that flow from those investments. And whilst the number aggregates, so it's all customer by customer. So if you don't get a customer on the -- if you look at the benefits, you don't get -- you don't spend the cost up front, if you see what I mean.

好處其實是雙重的：短期好處其實純粹是經濟上的。正如麥克所暗示的那樣，我們看到用戶流失率降低，觀看率提高，ARPU值也提高。當然，當我們向客戶群銷售 Sky Q 時，我們也有機會在銷售的同時交叉銷售其他一種或多種產品。其次要說的是，我們基地現在已經配備了 Sky Q 服務一段時間了。因此，從這些投資帶來的財務回報來看，前景十分光明。雖然數量是總結的，但都是依照客戶逐一統計的。所以，如果你沒有獲得客戶——如果你看看好處，你就不會——你就不會預先投入成本，你懂我的意思嗎？

The second one there is broadband in Italy. Obviously, that's a big, new, adjacent category for us, but it's a $7 billion market in Italy. We've got a very strong and credible brand, we know that, in Italy to step into the broadband market. I think we've got all the skills that we need across the company to be able to do that. The longer-term investment profile, although a very strong one, again given that it's a new category. And then beyond that, I think the real benefit, as we've seen here in the U.K., is that's a business that we think we can grow to significant scale over time. It was probably the single biggest thing we did in the U.K. to step change our business growth in the U.K. So I think the tale of growth we'll see from broadband and the ability for broadband to reset the size of our business in Italy is pretty strong.

第二個例子是義大利的寬頻。顯然，這對我們來說是一個龐大、全新的相鄰類別，但在義大利，這是一個價值 70 億美元的市場。我們擁有非常強大且值得信賴的品牌，我們知道這一點，所以我們要進入義大利寬頻市場。我認為我們公司具備完成這項工作所需的所有技能。儘管長期投資前景非常強勁，但考慮到這是一個新類別，這一點尤其值得關注。除此之外，我認為真正的好處在於，正如我們在英國所看到的，我們認為隨著時間的推移，我們可以將這項業務發展到相當大的規模。這可能是我們在英國為實現業務成長所採取的最重大舉措。因此，我認為寬頻帶來的成長以及寬頻重塑我們在義大利業務規模的能力，將會非常強勁。

And then the final thing I'd say just operating in Europe. One of the great things about being part of the broader Comcast group from my point of view is, of course, we can keep our foot on the gas and accelerate these investments while we see strong returns profiles at a time when many in Europe are probably being a bit more cautious in a more challenging consumer environment. So I think this is a good example of how, as part of the broader group, we can really think about the medium-term returns from Sky and drive those hard. And we'll see those benefits progressively come through in 2020 and then into 2021.

最後我想說的是，在歐洲營運方面的情況。從我的角度來看，成為康卡斯特集團的一員的一大好處是，我們可以繼續加大投資力度，並在歐洲許多企業在更具挑戰性的消費環境中可能更加謹慎的時候，看到強勁的回報前景，從而加快投資步伐。所以我認為這是一個很好的例子，說明作為大集團的一部分，我們如何才能真正思考天空電視台的中期回報並努力實現這些回報。我們將在 2020 年以及 2021 年逐步看到這些好處顯現出來。

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 some questions for Dave. Dave, you've had some solid results this quarter and this year in your connectivity businesses. Maybe first starting with broadband, the 1.4 million subs accelerated second time in a row on a year-over-year basis. Is that a decent number for 2020? And can you talk a little bit about the pricing power that you may have in that business, given the deceleration we're seeing in high-speed data revenues.

或許有些問題想問戴夫。Dave，你本季和今年在網路連線業務方面都取得了不錯的成績。或許先從寬頻用戶數說起，140萬用戶連續第二年年成長。以2020年來說，這個數字還不錯嗎？鑑於高速數據收入成長放緩，您能否談談您在該業務中可能擁有的定價權？

And then over in wireless, again, another solid quarter. You talked about momentum continuing into '20. What's driving the growth there? Is it improved distribution? Is it handset availability? I think your pricing has been the same, but the sub numbers continue to beat our view. So some commentary there would be great, too.

無線業務方面，又是穩健的季度。你提到這股動能將延續到2020年。是什麼因素推動了當地的成長？分銷通路是否有改善？是手機供應問題嗎？我認為你們的定價一直沒變，但訂閱用戶數量卻持續超出我們的預期。所以，如果能有一些評論就更好了。

Well, thanks, John. And I won't give the specifics in regards to '20. But I would say that 1.4 million does demonstrate just consistency, broad-based growth, strength across our entire area when it comes to broadband. So pleased with the quarter, pleased with the year and pleased with momentum going forward.

謝謝你，約翰。至於 2020 年的具體情況，我就不透露了。但我認為，140萬這個數字確實顯示了我們整個地區寬頻的穩定性、廣泛成長和強勁勢頭。對本季業績、全年業績以及未來的發展動能都非常滿意。

So yes, it starts with that we're going to grow relationships with broadband. This is our top priority. It's what we focus on when it comes to innovation. I talked about Flex, that we have many other examples of innovation, including the Advanced Security product that we are rolling out for free to those that lease our gateway device. Another example of that, speed increases, we continue to do. So very, very focused. We wake up every day thinking about how are we going to grow and sustain broadband. And so -- and it's working.

所以，是的，一切都從我們要發展與寬頻的關係開始。這是我們的首要任務。這是我們創新時關注的重點。我談到了 Flex，我們還有很多其他創新案例，包括我們正在免費向租賃我們網關設備的用戶推出的高級安全產品。另一個例子是，速度不斷提高，我們也會繼續這樣做。非常非常專注。我們每天醒來都在思考如何發展和維持寬頻服務。所以——而且奏效了。

I think xFi, when you combine the best of speed, the best of control coverage, Brian mentioned a great new gateway device. We're leading in regards to the gateway devices that are in the marketplace we feel in terms of the combination of speed, WiFi speed and WiFi coverage, and combine that with the pods that we have in the marketplace. So all these things, I think, position us well going forward.

我認為 xFi 結合了速度和控制覆蓋範圍的優勢，Brian 提到了一款很棒的新網關設備。就市場上的網關設備而言，我們認為我們在速度、WiFi速度和WiFi覆蓋範圍方面處於領先地位，再加上我們在市場上推出的擴展器。所以我認為，所有這些都讓我們在未來的發展中處於有利地位。

So our game plan is to continue to lead with broadband. I think it is very sustainable. You look at the macro conditions, the marketplace is growing. On penetration, we have upside, and we're taking share.

因此，我們的策略是繼續以寬頻發展為主導。我認為它非常可持續。從宏觀角度來看，市場正在成長。在市場滲透方面，我們有上升空間，我們正在擴大市場份額。

So -- and we're balancing this share growth with strong financial performance. For the year, we're pleased. One point in terms of the quarter-to-quarter revenue performance, just to make sure there's some context there, that we did move out a couple of rate increases of Q4 into the early part of 2020.

所以——我們正在努力實現市場份額成長與強勁財務業績之間的平衡。就今年而言，我們很滿意。關於季度收入表現，需要說明一點，為了確保有一些背景信息，我們確實將第四季度的幾次漲價推遲到了 2020 年初。

So if you look on a go-forward basis, I think you're going to see good, strong runway for growth in share, growth in revenue on a per subscriber basis and for the whole category. So real pleased with our momentum going forward.

因此，從長遠來看，我認為市場份額、每位訂閱用戶的收入以及整個類別都將有良好、強勁的成長前景。對我們未來的發展動能感到非常滿意。

In wireless, I would say, the keys there are a little bit of maturity. We talked about the reasons why we're doing it. We're real pleased with broadband retention. The area that's beginning to pick up that we're really pleased that we wanted to focus on is just growing consideration using wireless because I think it does help broadband. But getting people into retail stores, they didn't really think about doing that before, beginning to see real traction in retail.

我認為，在無線通訊領域，關鍵在於要有一定的成熟度。我們討論了我們這樣做的原因。我們對寬頻用戶留存率非常滿意。我們很高興能夠專注於目前正在興起的無線技術應用領域，因為我認為這確實有助於寬頻發展。但讓人們走進零售店，他們以前從未真正考慮過這樣做，現在開始在零售業看到真正的成長勢頭。

Most certainly, when you see a solid product introduction, like Apple, that they had, and other wireless devices, I think we benefit. We're in a good position for Bring Your Own Device. I think we're uniquely positioned in the ability to have a combination of unlimited and by-the-gig pricing. So you add all those things up, and we're really pleased with our overall wireless momentum as well.

當然，當看到像蘋果公司一樣推出優秀的無線設備時，我認為我們都會從中受益。我們目前在自備設備辦公方面處於有利地位。我認為我們擁有獨特的優勢，能夠同時提供無限量和按流量計費的定價模式。綜上所述，我們對無線業務的整體發展動能也感到非常滿意。

Your next question comes 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。

Actually, I'm going to follow-up here on wireless. Two questions. One, the big national operators are going to be increasingly making 5G a part of their marketing throughout the year. I'm interested if you can give us some context on how you're thinking about the 5G opportunity for your mobile business. And then, obviously, the line of sight you have to EBITDA breakeven next year is a key milestone. How do you think about maybe improving the profit profile of your wireless business even more from there? So for example, how much of a priority, if at all? Is it to get better MVNO terms or find more MVNO vendors? And then you're going to have a few midband spectrum auctions coming up over the next couple of months and into next year. Are you interested in maybe looking to acquire spectrum to see if you can bring traffic onto your own infrastructure?

實際上，我接下來要談談無線網路方面的問題。兩個問題。第一，各大國家業者將在今年內持續加強對 5G 的行銷。如果您能介紹一下您如何看待 5G 為貴公司行動業務帶來的機遇，我將不勝感激。顯然，明年能否實現 EBITDA 損益平衡是一個關鍵里程碑。您認為如何在此基礎上進一步提高無線業務的獲利能力？例如，它的優先順序有多高？如果有的話？是為了獲得更優惠的虛擬營運商服務條款，還是為了尋找更多的虛擬營運商服務商？接下來幾個月到明年，還會有幾次中頻段頻譜拍賣。您是否有興趣考慮獲取頻譜，看看能否將流量引入您自己的基礎設施？

Well, thanks, Brett. So in regards to 5G, one of the great things about our existing relationship that we have with our partner that we have -- we will participate in 5G mobile as that market matures and they start rolling it out in earnest. So we're -- I think we'll be right there, and we'll evaluate that as it goes.

謝謝你，布雷特。所以，關於 5G，我們與合作夥伴現有關係的一大優勢是——隨著 5G 市場的成熟和他們開始認真推廣，我們將參與 5G 行動領域。所以，我想我們應該可以做到，我們會根據情況再做評估。

In regards to economics, we talked about -- we're right on track with the profitability trajectory that we talked about. So we're absolutely pulling off what we thought we would in regards to the economics. And what I would say, we're always going to be opportunistic when it comes to either a combination of the ability to do more with WiFi and the LTE network and manage traffic flow between the two. We'll always be looking at that. We'll be opportunistic on any spectrum opportunity. But we like our capital-light MVNO approach today. It's accomplishing what we need to. We'll always be talking to our partner about opportunities, but I think we're in a really good position going forward.

在經濟方面，我們談到了——我們正按計劃朝著我們之前討論過的盈利軌跡前進。所以，就經濟面而言，我們完全實現了預期目標。我想說的是，在利用 WiFi 和 LTE 網路實現更多功能以及管理兩者之間的流量方面，我們始終會抓住機會。我們會一直關注這個問題。我們將抓住任何頻譜機會。但我們目前更喜歡我們這種輕資本的虛擬營運商模式。它達到了我們想要達到的目的。我們會一直和合作夥伴探討各種機會，但我認為我們未來的發展前景非常好。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

Cable EBITDA margin guide of 50 basis points growth is similar to what you said a year ago, and it came in nearly 3x that level. If I think about your price increase, which is similar to last year and the trajectory of declining mobile losses, it seems like this is fairly conservative. How should we think about programming as a headwind this year and next or anything else going on?

有線電視業務的 EBITDA 利潤率預期成長 50 個基點，這與您一年前所說的類似，而實際成長幾乎是預期的 3 倍。考慮到你們的價格上漲幅度與去年類似，以及行動業務虧損的下降趨勢，這似乎是一個相當保守的策略。我們應該如何看待程式設計在今年和明年，或其他任何正在發生的事情中帶來的不利影響？

And then second, if I can, in parks, can you talk about the environment for customer traffic overall? And any feel for share shift? And if we look forward to those new gates and parks in the next few years, what should we think about for the cadence of both CapEx and revenue?

其次，如果可以的話，您能否談談公園的整體客流量環境？對市場佔有率的變化有什麼看法？如果我們展望未來幾年新建的大門和公園，那麼在資本支出和收入的節奏方面，我們該如何考慮呢？

Phil, I'll start off. As Mike mentioned earlier, as expected, we're going to have a number of programming renewals in 2020. So we had a couple of years where it was a lower number, and that is picking up in 2020. And in particular, it will ramp more towards the back half of 2020. So despite that, the part -- even with that, we expect to improve cable margins up to the 50 basis points that Mike talked about for the full year.

菲爾，我先來。正如麥克之前提到的那樣，不出所料，2020 年我們將有很多節目續約。所以有幾年這個數字比較低，但從 2020 年開始又開始回升了。尤其是在 2020 年下半年，這趨勢將會更加明顯。因此，儘管如此，我們預計全年有線電視利潤率將提高到麥克所說的 50 個基點。

And the strategy and the expectations are built around -- are focused on the connectivity businesses, which are margin accretive. We're going to continue to drive that. That pivot has happened, and we're making great progress there. We're going to continue to focus on the non-programming Opex. We're going to be taking a lot of transactions out, whether they're truck rolls or telephone calls, the customer experience improvements. There's a big runway ahead for us to continue to take out those transactions. We're always going to be disciplined on cost control. And I think you look at what we talked about earlier, Xfinity Mobile, economic improvements. If you look, there's going to be a pretty big year for political advertising the tail end of this year. All those things considered, I think, put us in a pretty good position to overcome whatever programming renewals that are going to occur in 2020.

而該策略和預期是圍繞著——專注於能夠增加利潤的連結業務而製定的。我們將繼續推進這項工作。這一轉變已經發生，我們在這方面取得了巨大進展。我們將繼續專注於非編程營運支出。我們將取消許多交易，無論是到府服務或電話服務，以改善客戶體驗。我們未來還有很長的路要走，可以繼續完成這些交易。我們將始終嚴格控製成本。我認為，看看我們之前討論過的 Xfinity Mobile，以及經濟方面的改善。如果你仔細觀察，你會發現今年下半年政治廣告市場將會非常活躍。綜合考慮所有這些因素，我認為，這使我們處於相當有利的位置，能夠克服 2020 年將會發生的任何節目更新。

So regarding parks, if you look over the last 5 years, our EBITDA or OCF in the park business has almost exactly doubled to about $2.5 billion. The parks are about 1/3 of NBCUniversal, 30% of NBCUniversal. And when you have that kind of growth, you're used to parks being a driver of the overall NBCUniversal growth profile, which they were not this quarter. A big part of it, and Mike mentioned this in his introduction, was Japan, where we faced a number of headwinds and actually went backwards.

所以就公園業務而言，如果你回顧過去 5 年，我們在公園業務中的 EBITDA 或 OCF 幾乎翻了一番，達到約 25 億美元。這些主題樂園約佔 NBCUniversal 的 1/3，30%。當公司發展到那種規模時，人們通常會認為主題樂園是 NBCUniversal 整體成長的主要驅動力，但本季主題樂園並沒有成為成長的主要驅動力。其中一個重要因素，正如麥克在介紹中提到的那樣，是日本，我們在那裡遇到了許多不利因素，實際上還遭遇了挫折。

If you look out, I think the next big thing on the horizon is Nintendo. Nintendo, based on our research, is one of the biggest potential drivers of attendance that you could have of any kind of IP. It's up there with Harry Potter, which in some of our parks, Harry Potter drove incremental attendance of about 2 million people. So Nintendo is in very rarefied air. And the attraction that we're building in Osaka is spectacular. From a creative standpoint, it's really unbelievable, and that opens sometime midyear this year in Osaka and then we're going to bring it to Hollywood, and we're going to bring it, obviously, in the fourth gate in Florida. So I think Nintendo is going to be potentially a big accelerator of growth in the theme park business.

放眼未來，我認為下一個即將風靡全球的巨頭就是任天堂。根據我們的研究，任天堂是任何類型的IP中最具潛力的觀眾人數推動因素之一。它與哈利波特系列電影齊名，在我們的一些公園裡，哈利波特系列電影為公園帶來了約 200 萬新增遊客。所以任天堂的地位非常特殊。我們在大阪打造的景點非常壯觀。從創作的角度來看，這真是令人難以置信，它將於今年年中在大阪開幕，然後我們將把它帶到好萊塢，顯然，我們還會把它帶到佛羅裡達的第四個入口。所以我認為任天堂有可能成為主題樂園產業成長的巨大加速器。

And then once you get into '21, we've haven't talked about it maybe as much as we should. The fact that we're opening a park in Beijing and the fact that the park is so spectacular from a design and creative standpoint, I think, is going to generate a lot of growth. And then Brian mentioned in his introduction, the fourth gate, which opens in 2023.

到了 2021 年，我們可能還沒有像應該的那樣多談論這件事。我們將在北京開設一座公園，而這座公園從設計和創意角度來看非常壯觀，我認為這將會帶來很大的成長。然後布萊恩在他的介紹中提到了第四道門，它將於 2023 年開啟。

So when you look at the capital side of it, these are all high-return projects, that are all -- all make a ton of business sense. And I think if you look over the next 5 years, it's likely our theme park business is going to be a driver of growth. Maybe not quite as much as it has been in the last 5 years because the growth has been so phenomenal, and we're getting to a bigger base now, but I would look at the parks business as a real opportunity for us. We still don't have the share that I think we deserve, given the quality of the experience we're giving our guests, and it's a lot of opportunity over the next 5, 10, 20 years.

所以從資本角度來看，這些都是高回報項目，這些項目都非常有商業意義。我認為，展望未來 5 年，我們的主題樂園業務很可能會成為成長的驅動力。或許不像過去 5 年那樣，因為成長如此迅猛，而且我們現在的規模也越來越大，但我仍然認為公園業務對我們來說是一個真正的機會。考慮到我們為客人提供的體驗質量，我認為我們仍然沒有獲得我們應得的份額，而且在未來 5 年、10 年、20 年裡，還有很多機會。

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

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

I wonder if I could return to the wireless business for a second. With AT&T having potentially opened the door to at least have a discussion about MVNO terms, can you just talk about what that process is like? Are you engaged in discussions with other potential MVNO suppliers? And have any of the discussions with any of the wireless operators expanded to ways that they might leverage your wired infrastructure? So as you think about how your wired infrastructure sort of brings value to wireless, there are all different ways you could do it, whether it's capitalizing yourself through retail or doing something on a wholesale level or using it to get better terms with your MVNO. Just how do you think about those opportunities?

我想知道我是否可以重返無線通訊行業一段時間。AT&T 可能已經敞開了大門，至少可以就 MVNO 條款展開討論，您能否談談這個過程是怎樣的？您是否正在與其他潛在的虛擬營運商供應商進行洽談？與無線營運商的討論是否擴展到他們可能利用貴公司有線基礎設施的方式？因此，當您思考您的有線基礎設施如何為無線網路帶來價值時，您可以採取各種不同的方式，無論是透過零售獲利，還是在批發層面開展業務，或者利用它與您的行動虛擬網路營運商 (MVNO) 達成更好的條款。您如何看待這些機會？

So I think it starts with -- that our very strong feeling that we are -- the cable industry, Comcast, we're a great partner for the wireless industry. So I think we are -- bring share. We bring customers over to them. I think we're a great investment for the long term. So that's kind of how we start our thinking and that -- all the goals that I mentioned before.

所以我覺得這要從我們——有線電視產業，康卡斯特——強烈感受到，我們是無線產業的優秀合作夥伴。所以我認為我們——分享。我們把顧客帶到他們那裡。我認為從長遠來看，我們是一項非常好的投資。所以，這就是我們開始思考的方式，也是我之前提到的所有目標。

From a process perspective, not much to talk about right now. We are always thinking about ways of improving an already good platform, a good approach to the business. If there are opportunities, we'll explore them. And if anything does develop, we'll let you know.

從流程角度來看，目前沒什麼好說的。我們一直在思考如何改進一個已經很優秀的平台，一個好的商業模式。如果有機會，我們會去探索。如果有任何進展，我們會通知您。

Yes. The only thing I want to add to that is simply that I think we've shown we can get some scale. It's still early days. And that previous question about, it keeps accelerating a bit, I think we're seeing that now throughout the rest of the industry and others coming into wireless. So I think I just want to echo that point, that we have a successful beginning, and hopefully a very long runway that we're just getting started.

是的。我唯一想補充的是，我認為我們已經證明我們可以實現一定的規模化。現在下結論還為時過早。至於之前提到的加速發展的問題，我認為我們現在在整個行業以及其他進入無線領域的公司都看到了這種情況。所以我想重申這一點，我們開局成功，希望我們能擁有非常長的發展前景，而這只是個開始。

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

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

I have 2. One for Jeremy. Just wanted to understand in the U.K., Ofcom is pushing to reduce what I think they dubbed as the loyalty penalty, the difference between what new customers pay and what existing out-of-contract customers pay. Is there really any impact to your business from that regulation?

我有兩份。一份給傑里米。我只是想了解一下，在英國，Ofcom 正在努力減少他們所謂的“忠誠度懲罰”，也就是新客戶支付的費用與現有合約到期客戶支付的費用之間的差額。這項規定真的會對您的業務產生影響嗎？

And then for Dave, at CES, I think you guys showed a new xFi Advanced Gateway that supports 85 megahertz mid-split, really increasing the upstream part of your network. Obviously, I just want to understand what business opportunity and CapEx implications that may have as you scale that.

然後，Dave，在 CES 上，我認為你們展示了一款新的 xFi 高級網關，它支援 85 兆赫茲中分頻，真正提高了網路的上行速度。顯然，我只是想了解隨著規模的擴大，這可能會帶來哪些商業機會和資本支出的影響。

Jeremy, you want to go first?

傑里米，你想先來嗎？

Sure. I think not majorly for us. If you think of our business, we've really, I think, led the way over the last decade really around breaking down the bundle, making pricing more transparent.

當然。我覺得對我們來說影響不大。想想我們的業務，我認為在過去十年裡，我們確實在打破捆綁銷售、提高定價透明度方面起到了引領作用。

We're a leader in service, according to Ofcom, starts across all of our products, so not just pay TV, but broadband and mobile and fixed line as well. At the heart of that, we have a belief about trying to rightsize customers to the products that they want and the price that they want to pay because we think that's important and is the most durable way. And typically, therefore, we moved a long time ago to essentially offering the same deals right across our bases. The deal for a new customer is typically available for an existing customer as well.

根據英國通訊管理局 (Ofcom) 的說法，我們在服務方面處於領先地位，這體現在我們所有的產品中，不僅是付費電視，還包括寬頻、行動和固定電話。從根本上說，我們堅信應該努力讓顧客買到他們想要的產品，並且願意支付相應的價格，因為我們認為這很重要，而且是最持久的方式。因此，我們很久以前就採取了措施，在所有分行提供基本上相同的優惠。新客戶享受的優惠通常也適用於現有客戶。

So there'll be some transition, obviously, within that. There'll be some -- there's noise as the market quickly moves to that, but I don't expect it would have a big effect on our business.

所以，這其中顯然會有一些過渡階段。當市場快速轉向這一方向時，肯定會有一些波動，但我認為這不會對我們的業務造成太大影響。

On the new gateway that we did talk about at CES, we're excited about this. I think there are several steps forward with this gateway in regards to WiFi speed; the improvements in terms of coverage, both for the 2.4 band as well as the 5 band improvements, both in those areas; improvements in latency. Across the board, it checks a lot of boxes.

我們曾在 CES 上談到這個新的網關，我們對此感到非常興奮。我認為這款網關在 WiFi 速度方面有了多項改進；覆蓋範圍有所提升，2.4 頻段和 5 頻段都有所改進；延遲也有所降低。它在各方面都表現出色。

And so like we do with a great new product like this, we'll package that in some of our higher-tier packages and on a go-forward basis, we'll compete. If you think about segments where this matters, it's an ideal product for the gaming segment. So we're going to -- we'll segment it and go after it. But the fundamentals of being able to provide the best speed, the best coverage, control, all those aspects, I think this gateway helps us in our position very well.

所以，就像我們對待像這樣的優秀新產品一樣，我們會把它打包到我們的一些高端產品組合中，並在未來競爭。如果你考慮哪些領域會對此感興趣，那麼對於遊戲領域來說，這是一款理想的產品。所以我們要把它細分，然後逐一擊破。但是，就提供最佳速度、最佳覆蓋範圍、控制等各個方面而言，我認為這個網關對我們目前的處境非常有幫助。

And it's Mike. Let me just jump back in at the end here and echo Brian's thanks to Jason Armstrong for a great job he's done for all of us in the IR job and I know will be a great add to the Sky team. I welcome Marci Ryvicker to the company, and thank all of you for the support and joining us on this call as we get 2020 kicked off. So thanks, everybody. Have a great day.

是麥克。最後，我想再次感謝布萊恩，並向傑森·阿姆斯特朗表示感謝，感謝他為我們所有人所做的IR工作，我知道他將成為天空車隊的一大助力。我歡迎 Marci Ryvicker 加入公司，並感謝大家的支持，感謝大家參加本次電話會議，與我們一起開啟 2020 年。謝謝大家。祝你有美好的一天。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time. It will run through Thursday, January 30, at midnight Eastern Time. The dial-in number is (855)859-2056, and the conference ID number is 3469916. 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1月30日星期四午夜。撥入號碼為 (855)859-2056，會議 ID 號碼為 3469916。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。