Comcast Corp (CMCSV) 2016 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's first-quarter 2016 earnings conference call. (Operator Instructions). Please note that this conference call is being recorded. I will now turn the call over to Senior Vice President Investor Relations, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

女士們、先生們，早安，歡迎參加康卡斯特2016年第一季財報電話會議。（操作說明）請注意，本次電話會議正在錄音。現在我將把電話轉交給投資者關係高級副總裁傑森阿姆斯壯先生。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 and Neil Smit. Brian and Mike will make formal remarks and Steve and Neil 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布萊恩羅伯茲、麥克卡瓦納、史蒂夫伯克和尼爾史密特。Brian 和 Mike 將發表正式講話，Steve 和 Neil 也將參與問答環節。

As a reminder, because of the FCC's anti-collusion rules for the Broadcast incentive auction, we cannot discuss or answer any questions related to the auction or spectrum today. Nor will we be commenting about recent rumors or speculation about any M&A transaction.

再次提醒，由於 FCC 對廣播激勵拍賣制定了反串謀規則，我們今天無法討論或回答任何與拍賣或頻譜相關的問題。我們也不會對近期有關併購交易的傳聞或猜測發表評論。

As always let me now refer you to slide number 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.

和往常一樣，現在請大家參考第 2 張投影片，其中包含我們的「安全港」免責聲明，並提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性的影響。

In addition, in this call we will refer to certain non-GAAP financial measures. Please refer to our 8-K for the reconciliation of non-GAAP financial measures to GAAP. With that let me turn the call to Brian Roberts for his comments. Brian?

此外，本次電話會議中我們將提及某些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格。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 are off to a great start in 2016. We increased revenue and operating cash flow in the first quarter while continuing to prudently invest in the businesses to further strengthen our competitive position and drive growth.

謝謝你，傑森，大家早安。2016年我們開局良好。第一季度，我們提高了收入和經營現金流，同時繼續審慎地投資於各項業務，以進一步加強我們的競爭地位並推動成長。

I believe our cable business is really differentiating itself, fostering real innovation that is translating into the strong momentum you see in these results. We are demonstrating notable improvements in customer service, investing to put the industry's fastest Wi-Fi in homes and to be the first to bring customers widespread access to gigabit speeds through DOCSIS 3.1 technology. And, with X1, delivering a platform and a breadth of content that is unrivaled.

我相信我們的有線電視業務正在真正實現差異化，推動真正的創新，而這種創新正在轉化為您在這些業績中看到的強勁勢頭。我們在客戶服務方面取得了顯著進步，投資將業界最快的 Wi-Fi 帶入千兆家庭，並率先透過 DOCSIS 3.1 技術為客戶帶來廣泛的千兆速度存取。而且，X1 提供了一個無與倫比的平台和豐富的內容。

As this quarter once again shows, our customers are responding to all of this. We increased our customer relationship growth by 36% from the first quarter of 2015 and now have achieved 50% penetration of our homes passed.

本季再次表明，我們的客戶對這一切都做出了積極的回應。自 2015 年第一季以來，我們的客戶關係成長了 36%，目前已達到我們覆蓋家庭的 50% 的滲透率。

We added 53,000 video customers in the quarter making us video net add positive over the past 12 months. This important milestone has eluded us for nearly a decade and we have now accomplished it within the context of an unprecedented pace of change in this industry including the steady drumbeat of new competitors and new offers.

本季我們新增了 53,000 名視訊用戶，使我們在過去 12 個月中實現了視訊淨增長。這一重要里程碑我們追求了近十年，如今終於實現，而這正值該行業以前所未有的速度發生變化，包括不斷湧現的新競爭對手和新產品。

Our voice remotes are the latest example of how we are differentiating ourselves in the market. In a short period of time we have deployed 6 million of these new remotes thanks to Tony Werner and his technology team's great customer experience we are getting wonderful feedback from our customers already.

我們的語音遙控器是我們實現市場差異化的最新例證。在短短的時間內，我們已經部署了 600 萬個這種新型遙控器，這要感謝 Tony Werner 和他的技術團隊出色的客戶體驗，我們已經收到了來自客戶的極好反饋。

We added another 438,000 broadband subscribers in the quarter, the best first quarter we have had in four years. Much like our improvement in video, the progress we are making is largely a result of improvements in churn. We are upping speeds, delivering best-in-class Wi-Fi access and investing in more ways to add value to our customers. As a result they are staying with us longer.

本季我們新增了 43.8 萬寬頻用戶，這是四年來最好的第一季業績。就像我們在影片方面的進步一樣，我們取得的進展很大程度上是客戶流失率降低的結果。我們正在提升網速，提供一流的Wi-Fi接入，並投資更多方式為客戶創造價值。因此，他們會在我們這裡待更久。

Business services delivered another excellent quarter with revenue growth of nearly 18%; this growth comes with very attractive margins for us, as you know. We continue to take share in small business and bring new competition and choice for midsize businesses as well as enterprise customers.

商業服務業務又迎來了一個出色的季度，收入增長近 18%；正如您所知，這一增長為我們帶來了非常可觀的利潤率。我們持續擴大在小型企業的市場份額，並為中型企業和大型企業客戶帶來新的競爭和選擇。

Just as important as our strong service and subscriber metrics, Neil and the team are demonstrating terrific balance driving revenue per customer relationship forward at a healthy clip along with solid operating cash flow growth.

與我們強大的服務和訂閱指標同樣重要的是，Neil 和他的團隊在推動每位客戶關係的收入健康成長和實現穩健的營運現金流成長方面，展現出了極佳的平衡能力。

Over at NBCUniversal Steve and his team delivered another strong quarter; operating cash flow increased by 10% benefiting a particularly strong performance in Broadcast and our recent acquisition of Universal Studios Japan.

在 NBCUniversal，Steve 和他的團隊又取得了強勁的季度業績；營運現金流成長了 10%，這得益於廣播業務的強勁表現以及我們最近對日本環球影城的收購。

Our TV business has performed well and had some good momentum. The advertising environment remains robust which we believe sets up Linda Yaccarino and her team for a strong upfront. This year we are unifying the upfront for NBC Broadcast, Telemundo and Cable Networks reflecting the way we go to market as a strong and comprehensive portfolio. We feel great about our position which will be strengthened as we now add Thursday Night Football to go along with an already strong list with sports properties.

我們的電視業務表現良好，發展勢頭強勁。廣告環境依然強勁，我們認為這將為琳達·亞卡里諾和她的團隊在預售中取得佳績奠定基礎。今年，我們將 NBC 廣播公司、Telemundo 和有線電視網的預售活動統一起來，這體現了我們以強大而全面的產品組合進入市場的策略。我們對自己的地位感到非常滿意，隨著週四晚間橄欖球賽的加入，我們原本就強大的體育賽事資源庫將更加強大，我們的市場地位也將得到鞏固。

Speaking of strong sports properties, we recently surpassed $1 billion in national advertising sales for the Rio Olympics achieving this milestone far earlier than the London Olympics. This is a very promising result which reinforces our view of the attractiveness of this event.

說到強大的體育賽事資源，我們最近裡約奧運的全國廣告銷售額突破了 10 億美元，比倫敦奧運早得多就達到了這一里程碑。這是一個非常令人鼓舞的結果，進一步印證了我們對這項賽事吸引力的看法。

Meanwhile MSNBC continues its impressive performance with its best ratings in three years in prime time up over 100%. Andy Lack and the news team are doing a wonderful job with the news organization, particularly through the early stages of this election cycle.

與此同時，MSNBC 繼續保持令人矚目的收視率，黃金時段收視率創下三年來新高，成長超過 100%。安迪拉克和他的新聞團隊在新聞機構的工作中表現出色，尤其是在本次選舉週期的早期階段。

In our Theme Parks we are delighted about our trajectory, the momentum that we have created and our roadmap with new investments and new attractions and additional hotel room capacity. Universal Studios Japan set attendance records in its just ended fiscal year and performed well in our first full quarter of ownership.

在我們的主題樂園裡，我們對自身的發展軌跡、所取得的成就以及包含新投資、新景點和新增飯店客房容量的路線圖感到非常滿意。日本環球影城在剛結束的財年創下了入場人數紀錄，在我們接管後的第一個完整季度也表現出色。

Additionally, we just launched Harry Potter at Universal Hollywood and we expect it to follow the strong success we've seen with our other Potter attractions.

此外，我們剛剛在好萊塢環球影城推出了哈利波特主題樂園，我們預計它將延續我們其他哈利波特主題樂園的成功勢頭。

We have got a unique and wonderful set of assets which provides Comcast NBCUniversal with many opportunities. All of this will be on display this summer when we put the full weight of the Company behind the Olympics.

我們擁有一系列獨特且優秀的資產，為康卡斯特NBC環球公司提供了許多機會。今年夏天，我們將全力以赴支持奧運會，屆時所有這一切都將展現出來。

I am amazed at what we've accomplished in a short period of time as a combined Company just five years in and I think we are not only five years wiser and stronger but really better together. We are confident we remain on the right path to creating value for our customers and shareholders; I couldn't be more excited about our future. Mike, over to you.

我對我們合併後的公司在短短五年內取得的成就感到驚訝，我認為我們不僅比五年前更有智慧、更強大，而且團結起來也更加出色。我們堅信，我們正走在為客戶和股東創造價值的正確道路上；我對我們的未來感到無比興奮。麥克，該你了。

Good morning, everybody. Let's go right to the first quarter on slide 4 and cover the key financials. Overall we delivered consolidated revenue growth of 5.3% and operating cash flow growth of 6.9% for the first quarter.

大家早安。讓我們直接來看投影片 4 中的第一季度，並了解關鍵的財務數據。第一季度，我們整體實現了5.3%的合併收入成長和6.9%的經營現金流成長。

At Cable the primary drivers of growth were high-speed data, video and business services while NBCUniversal's results were driven by Broadcast, Cable Networks and Theme Parks, which was positively impacted by the inclusion of Universal Studios Japan.

有線電視業務的主要成長動力是高速數據、視訊和商業服務，而NBC環球的業績則由廣播、有線電視網絡和主題樂園推動，其中主題樂園的業績因日本環球影城的併入而受到積極影響。

Moving down the income statement, adjusted earnings per share for the first quarter was $0.84 a share, a 6.3% increase compared to a year ago. Free cash flow was $2.8 billion in the first quarter, a decline of 11.9%, while free cash flow per share declined 8.8% to $1.14.

從損益表上看，第一季調整後每股收益為 0.84 美元，比去年同期成長 6.3%。第一季自由現金流為 28 億美元，下降 11.9%；每股自由現金流下降 8.8% 至 1.14 美元。

We will go into greater detail on these results on slides to come, now let's review the results of our businesses in more detail starting with Cable Communications on slide 5.

我們將在後續的幻燈片中更詳細地介紹這些結果，現在讓我們更詳細地回顧一下我們業務的成果，首先從第 5 張投影片上的有線通訊業務開始。

Cable Communications delivered a solid first quarter. Revenue increased 6.7% to $12.2 billion as we increased customer relationships and grew total revenue per customer relationship by 4% to $146 per month. We added 269,000 customer relationships, a 36% improvement in net adds compared to last year's first quarter driven by growth in two product and three product customers and a reduction in churn across all products. In fact, video and high-speed data have each improved churn for 26 consecutive months.

有線通訊公司第一季業績表現穩健。隨著客戶關係的增加，營收成長了 6.7%，達到 122 億美元，每個客戶關係的總收入成長了 4%，達到每月 146 美元。我們新增了 269,000 個客戶關係，淨增客戶數比去年第一季成長了 36%，這主要得益於兩款產品和三款產品客戶的成長以及所有產品客戶流失率的下降。事實上，影片和高速數據流量已連續 26 個月降低了用戶流失率。

High-speed Internet continues to be the largest contributor to overall cable revenue growth. Revenue increased 7.6% to $3.3 billion in the quarter reflecting strong customer growth, customers subscribing to higher levels of service and more modest rate adjustments compared to the prior year. Customer growth was strong as we added a combined 438,000 net data customers in the quarter, which includes residential and business customers.

高速網路仍然是有線電視總收入成長的最大貢獻者。本季營收成長 7.6% 至 33 億美元，反映出客戶數量強勁成長、客戶訂閱的服務等級提高以及與去年相比價格調整幅度較小。本季客戶成長強勁，淨新增數據客戶共 438,000 人，其中包括住宅客戶和商業客戶。

We continue to differentiate and improve our product by increasing our speeds on existing tiers, as well as offering the fastest in home Wi-Fi with our advanced wireless gateways. At the end of the quarter 77% of our residential customers received speeds of 50 megabits per second or greater and have one of our wireless gateways, both up significantly from the prior year.

我們不斷改進和提升產品，提高現有套餐的速度，並藉助先進的無線網關提供最快的家庭 Wi-Fi。截至本季末，77% 的住宅用戶獲得了每秒 50 兆位元或更高的網速，並且擁有我們的無線網關，這兩項數據均比前一年大幅成長。

Video revenue remained healthy increasing 3.9% to $5.5 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services including premium channels, HD DVRs and additional outlets. We added a combined 53,000 net video customers, our best first-quarter result in nine years driven primarily by another quarter of improved churn.

視訊收入保持健康成長，本季成長 3.9% 至 55 億美元，主要原因是價格調整以及客戶訂閱了包括付費頻道、高清 DVR 和其他管道在內的額外服務。我們新增了 53,000 名淨視訊用戶，這是九年來第一季最好的業績，主要得益於用戶流失率連續第二季改善。

We continue to make great progress rolling out X1 to new and existing customers adding 1.1 million customers in the quarter, a 53% increase in net adds compared to last year. Nearly 35% of our total video customers have X1 which we believe is a real competitive differentiator. Coupled with the X1 technology is the breadth of content we offer customers both on demand and with the compelling TV Everywhere offering.

我們在向新舊客戶推廣 X1 方面持續取得巨大進展，本季新增客戶 110 萬，淨增客戶數比去年同期成長 53%。我們近 35% 的視訊客戶擁有 X1，我們認為這是一個真正的競爭優勢。除了 X1 技術之外，我們還為客戶提供豐富的隨選內容和極具吸引力的「電視無所不在」服務。

On X1 86% of subscribers are using XFINITY on-demand monthly viewing 25 hours a month on average. And 42% of subscribers are using our mobile TV Everywhere platforms monthly, up 32% from last year, viewing seven hours a month on average. We think this adds great utility to our video service.

X1 用戶中，86% 的用戶每月使用 XFINITY 點播服務觀看 25 小時。42% 的用戶每月使用我們的行動電視平台，比去年增長了 32%，平均每月觀看 7 小時。我們認為這大大提升了我們視訊服務的實用性。

Rounding out our residential products, voice revenue declined by 1.1% to $896 million in the first quarter as customer additions were offset by a modest decline in ARPU. In the first quarter we added a combined 102,000 net voice customers, up 33% versus a year ago.

在住宅產品方面，第一季語音收入下降 1.1% 至 8.96 億美元，因為客戶數量的增加被 ARPU 的小幅下降所抵消。第一季度，我們新增了 102,000 名淨語音用戶，比去年同期成長了 33%。

Now let's turn to business services, which continues to deliver excellent results. Revenue increased 17.5% to $1.3 billion with the small business segment accounting for about 75% of our revenues and 60% of our growth. Revenue for the midsize business segment is growing at a faster rate than the small business segment, increasing its contribution as a percentage of total business revenue. Overall business service has positive momentum and continues to represent a large and attractive growth opportunity for the Company.

現在讓我們來看看商業服務，它繼續取得了優異的成績。營收成長 17.5% 至 13 億美元，其中小型企業部門約占我們營收的 75% 和成長的 60%。中型企業的收入成長速度比小型企業更快，其在企業總收入中所佔的比例也越來越高。整體而言，業務服務發展勢頭良好，並繼續為公司提供巨大且具吸引力的成長機會。

Finally, cable advertising revenue increased 12.1% to $559 million. Excluding political revenue our cable advertising revenue increased 7.6% in the first quarter.

最後，有線電視廣告收入成長了 12.1%，達到 5.59 億美元。在剔除政治廣告收入後，我們第一季的有線電視廣告收入成長了7.6%。

Turning to slide six, first-quarter Cable Communications operating cash flow increased 5% to $4.9 billion resulting in a margin of 40.1% compared to 40.7% in the first quarter of 2015 driven by higher expenses primarily related to increases in programming costs and the investments we are making to improve the customer experience.

翻到第六張投影片，第一季有線通訊業務的經營現金流成長了 5%，達到 49 億美元，利潤率為 40.1%，而 2015 年第一季為 40.7%。利潤率上升主要是由於節目製作成本增加以及我們為改善客戶體驗而進行的投資。

Programming expenses grew 9.4% reflecting programming contract renewals as well as higher retransmission consent fees and sports programming costs. As we have noted before, when we negotiate programming deals we continue to value expanded content rights for our On Demand and TV Everywhere platforms. We continue to add more content out of home rights, stacking rights and back seasons which helps ensure we have the most compelling and competitive video product on the market.

節目製作費用增加了 9.4%，這反映了節目製作合約續約、轉播許可費上漲以及體育節目製作成本增加。正如我們之前提到的，在洽談節目製作協議時，我們始終重視擴大點播和電視無處不在平台的內容版權。我們不斷增加更多家庭娛樂內容版權、版權疊加和往季內容，這有助於確保我們擁有市場上最具吸引力和競爭力的影片產品。

Non-programming expenses increased 6.9% reflecting our planned investment to improve the customer experience and to continue the rollout of X1. We have added technicians and service personnel, strengthened our dispatch teams and operations and invested in training, tools and technology. As a result technical and product support costs grew 6.3% and customer service expenses increased 8%.

非程式支出成長了 6.9%，反映了我們為改善客戶體驗和繼續推廣 X1 而計劃進行的投資。我們增加了技術人員和服務人員，加強了調度團隊和運營，並在培訓、工具和技術方面進行了投資。因此，技術和產品支援成本成長了 6.3%，客戶服務費用增加了 8%。

We continue to expect our 2016 cable operating margin to be flat to down 50 basis points compared to 40.6% in 2015 as programming and other expense growth should be offset by modest rate adjustments, growth in high-margin businesses like high-speed data and business services, and continued overall cost discipline.

我們仍然預計 2016 年有線電視業務的營業利潤率將與 2015 年的 40.6% 持平或下降 50 個基點，因為節目製作和其他費用的增長應該會被適度的價格調整、高速數據和商業服務等高利潤業務的增長以及持續的整體成本控制所抵消。

Keep in mind for the second quarter we face tough comparisons to last year's hugely successful Pacquiao versus Mayweather fight on pay-per-view. However, growth in high-margin political advertising revenue should provide more significant support for margin in the back half of the year.

請記住，第二季我們將面臨與去年帕奎奧對陣梅威瑟的付費電視大戰的艱難比較。然而，高利潤的政治廣告收入的成長應該會在下半年為利潤率提供更顯著的支撐。

Now let's move on to NBCUniversal's results. On slide 7 you can see NBCUniversal delivered solid results in the first quarter as revenue increased 3.9% and operating cash flow increased 10%. Adjusting to include the acquisition of Universal Studios Japan in last year's results, pro forma revenue was relatively flat and operating cash flow increased 1.8%, more than offsetting the difficult comparison to a profitable Super Bowl and our strong film results last year.

現在我們來看看NBC環球的業績。從第 7 張投影片可以看出，NBCUniversal 第一季業績穩健，營收成長 3.9%，營運現金流成長 10%。如果將去年收購日本環球影城的業績納入考量，備考收入相對持平，經營現金流增長1.8%，足以抵消去年盈利的超級碗和強勁的電影業績帶來的不利影響。

This quarter's growth was driven by strong TV results fueled by higher retransmission and affiliate revenues and the underlying strength of the advertising market.

本季的成長主要得益於電視業務的強勁表現，而電視業務的強勁表現又得益於更高的轉播收入和附屬收入，以及廣告市場的整體強勁。

Cable Networks' revenue increased 4% and operating cash flow increased 6.4% to $956 million reflecting higher distribution revenue, strong ad revenue given the best advertising market we've seen in some time, and a modest increase in programming and production costs.

有線電視網絡的收入成長了 4%，營運現金流成長了 6.4%，達到 9.56 億美元，反映出分銷收入增加、廣告收入強勁成長（因為我們目前正處於一段時間以來最好的廣告市場），以及節目製作成本的適度成長。

Distribution revenue increased 5.9% driven by contractual rate increases and contract renewals, partially offset by a slight decline in subscribers at our Cable Networks.

受合約費率上漲和合約續約的推動，分銷收入增長了 5.9%，但部分被有線電視網絡用戶數量的略微下降所抵消。

Advertising revenue was flat compared to the first quarter of 2015 which included a benefit from a reduction in deferred advertising revenue. If we exclude this benefit advertising growth would have been about 4% driven by strong pricing partially offset by audience rating declines at our Cable Networks.

與 2015 年第一季相比，廣告收入持平，而 2015 年第一季則受惠於遞延廣告收入的減少。若排除此利多因素，廣告成長率約為 4%，主要由強勁的定價策略推動，但部分被有線電視網收視率的下降所抵銷。

At Broadcast Television, while revenue declined 7.3%, we delivered outstanding operating cash flow growth of 56.5% even with the profitable Super Bowl included in last year's results. This growth was driven by a few factors.

在廣播電視業務方面，儘管收入下降了 7.3%，但即使將去年盈利的超級碗計入業績，我們仍然實現了 56.5% 的出色經營現金流增長。這一增長是由幾個因素推動的。

First, the underlying strength of the advertising market. Excluding the Super Bowl advertising revenue increased 9.6% reflecting strong scatter pricing as well as one additional NFL game compared to last year's first quarter. Excluding the extra NFL game, advertising growth was still up high-single-digits.

首先，廣告市場本身實力強勁。在剔除超級盃廣告收入後，廣告收入成長了 9.6%，這反映了強勁的散裝廣告定價以及與去年第一季相比多一場 NFL 比賽。除去額外的 NFL 比賽，廣告成長率仍保持在較高的個位數。

Second, strong retransmission revenue growth was driven by recent step ups.

其次，近期的升級措施推動了轉播收入的強勁成長。

And last, programming and production costs were lower compared to last year which included not only the Super Bowl but also more expensive prime time programming due to series finales.

最後，節目製作成本比去年有所降低，這不僅包括超級碗，還包括由於劇集結局而導致的更昂貴的黃金時段節目。

Film revenue declined 4.3% and operating cash flow declined 43.1% to $167 million reflecting the difficult comparison to last year's strong film performance. Most notably, theatrical revenue declined 36.4% compared to last year's first quarter which included the very successful Fifty Shades of Grey.

電影收入下降 4.3%，經營現金流下降 43.1% 至 1.67 億美元，反映出與去年強勁的電影業績相比，今年的業績難以與去年相比。最值得注意的是，與去年第一季相比，戲院收入下降了 36.4%，而去年第一季上映的《五十度灰》非常成功。

In addition, home entertainment revenue declined 24.4% due to the strong performance of several releases last year including Lucy. Partially offsetting this lower revenue was higher content licensing revenue and strong consumer products growth due to the Minions and Jurassic franchises.

此外，由於去年包括《超體》在內的幾部影片的強勁表現，家庭娛樂收入下降了 24.4%。部分抵消收入下降的是內容授權收入的增加以及小小兵和侏羅紀系列電影帶來的強勁消費品成長。

Theme Parks' revenue increased 57.5% to $1 billion and operating cash flow increased 53.6% to $375 million in the first quarter of 2016. On a pro forma basis revenue increased 9.6% and operating cash flow increased 3.3%. These results reflect the timing of spring break this year, stable guest attendance and higher per capita spending, partially offset by an increase in operating expenses including pre opening costs to support Harry Potter in Hollywood and The Flying Dinosaur in Japan.

2016 年第一季度，主題樂園的營收成長了 57.5%，達到 10 億美元；經營現金流成長了 53.6%，達到 3.75 億美元。以備考基準計算，營收成長9.6%，經營現金流成長3.3%。這些結果反映了今年春假的時間安排、穩定的遊客數量和更高的人均消費，但部分被運營費用的增加所抵消，其中包括為支持好萊塢哈利波特主題樂園和日本飛翔的恐龍主題樂園而產生的開業前成本。

Now let's move to slide 8 to review our consolidated segment capital expenditures. Consolidated capital expenditures increased 9.2% to $1.9 billion in the first quarter. At Cable Communications, capital expenditures increased 9% to $1.6 billion for the quarter, equal to 12.9% of cable revenue versus 12.6% in the first quarter of 2015.

現在讓我們翻到第 8 張投影片，回顧一下我們合併後的分部資本支出。第一季綜合資本支出成長9.2%，達到19億美元。有線電視公司本季資本支出成長 9% 至 16 億美元，相當於有線電視收入的 12.9%，而 2015 年第一季這一比例為 12.6%。

The increase reflects a higher level of investment in scalable infrastructure to increase network capacity and an increased investment in line extensions as well as higher spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways. Also included in each of these growth rates is the continued expansion of business services.

這一成長反映了對可擴展基礎設施的更高投資水平，以提高網路容量，以及對線路擴展的更高投資，以及與 X1 平台和無線網關部署相關的客戶駐地設備的更高支出。這些成長率中也包含了商業服務的持續擴張。

In 2016 we will continue to invest in each of these areas as they are driving positive results in our business. For the full year we continue to expect capital intensity to remain flat in 2015 at approximately 15%.

2016年，我們將繼續在這些領域進行投資，因為它們正在為我們的業務帶來積極的成果。我們預計 2015 年全年資本密集度將維持在 15% 左右。

At NBCUniversal first-quarter capital expenditures increased 10% to $295 million driven by the inclusion of Universal Studios Japan. We continue to expect NBCUniversal's CapEx to increase approximately 10% this year.

NBC環球第一季資本支出成長10%至2.95億美元，主要原因是日本環球影城的併入。我們仍預期NBC環球今年的資本支出將成長約10%。

I will now finish up on slide 9. As I mentioned earlier, consolidated free cash flow declined 11.9% to $2.8 billion in the first quarter reflecting growth in consolidated operating cash flow offset by increased working capital as well as higher capital expenditures and cash paid for capitalized software and other intangible assets.

現在我將結束第 9 張投影片。正如我之前提到的，第一季合併自由現金流下降 11.9% 至 28 億美元，反映出合併經營現金流的成長被營運資本增加以及更高的資本支出和為資本化軟體及其他無形資產支付的現金所抵銷。

We are successfully executing our plans for returning capital to shareholders including dividend payments during the quarter totaling $611 million, up 6.9%, and share repurchases of $1.25 billion in the quarter which are tracking to our $5 billion annual target. We ended the quarter right at 2 times net leverage, in line with our stated target.

我們正在成功執行向股東返還資本的計劃，包括本季支付股息共 6.11 億美元，成長 6.9%；以及本季回購股票 12.5 億美元，正朝著我們 50 億美元的年度目標穩步邁進。本季末，我們的淨槓桿比率恰好為 2 倍，符合我們既定的目標。

That concludes our summary of the quarter. I hope that everyone now has a good sense for how pleased we are with our results as well as our momentum. Now I will turn it back to Jason to lead the Q&A.

以上就是本季的總結。我希望大家現在都能清楚地感受到我們對所取得的成績以及目前的發展動能有多滿意。現在我將把問答環節交還給傑森。

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

謝謝你，麥克。Regina，我們現在開始問答環節吧。

(Operator Instructions). Ben Swinburne, Morgan Stanley.

（操作說明）本‧斯溫伯恩，摩根士丹利。

Neil, the customer metrics obviously speak for themselves. I am just wondering if you could spend a minute talking about the kind of churn versus connect dynamic and how much of an opportunity is there to continue to bring churn down? For example, if X1 goes from 30%-odd to 60%, is that going to continue to drive churn lower? Is there anything you are thinking about to drive connects up as you think about segmenting the market that maybe you guys aren't doing today?

尼爾，客戶指標已經很清楚地說明了一切。我想請您花一分鐘時間談談客戶流失與客戶連線之間的動態關係，以及我們有多少機會繼續降低客戶流失率？例如，如果 X1 從 30% 左右提高到 60%，這是否會繼續降低客戶流失率？在考慮細分市場時，你們有沒有想過採取一些目前還沒有採取的措施來促進連結？

And then Mike, on the non-programming cost growth which are called out as 7%, is that the kind of investment you need to sustain this top line? Or should investors think that there should be some leverage in that broad cost bucket over time? Thank you.

那麼，Mike，關於非程式成本成長（據稱達到 7%），這是維持目前營收水準所需的投資嗎？或者投資人應該認為，隨著時間的推移，這一大類成本應該有一定的槓桿作用？謝謝。

Hi, Ben. I will speak to connects and churn. Connects have been strong, I didn't want to say that the churn is the only driver here. We have had strong connects and they are driven by good segmentation of the market. We are segmenting different customer bases. We are rolling out great products -- X1, 35% of the customer base now as well as the voice remotes.

嗨，本。我會與客戶聯繫並處理流失問題。用戶連線一直很穩定，我不想說用戶流失是唯一的原因。我們與客戶建立了牢固的聯繫，而這些聯繫的驅動力是良好的市場區隔。我們正在對不同的客戶群進行細分。我們正在推出很棒的產品——X1，目前已佔據 35% 的客戶群，還有語音遙控器。

I mean, we got 160 million commands on the voice remote in March so we are seeing great usage there. We are -- the customer experience we spent a lot of time on and I think that is helping churn. X1 is helping churn. And I think also we have developed new sales channels like Amazon we are announced earlier this quarter. So I think it is a combination of driving connects and reducing churn.

我的意思是，3 月我們透過語音遙控器收到了 1.6 億條指令，可見其使用率非常高。我們－我們投入了大量時間來改善客戶體驗，我認為這有助於降低客戶流失率。X1正在幫助提升效率。而且我認為，我們也開發了新的銷售管道，例如我們在本季早些時候宣布的亞馬遜銷售管道。所以我認為這是提高連結量和降低客戶流失率的雙重作用。

The churns went down for 26 consecutive months, as Brian mentioned, and I see that trend continuing. I think we are doing the right things in the customer experience, we are doing the right things on the product side, and we are doing the right things on the channel development side. So I see positive -- good trends continuing.

正如布萊恩所提到的那樣，客戶流失率連續 26 個月下降，而且我認為這種趨勢還會繼續下去。我認為我們在客戶體驗方面做對了，我們在產品方面做對了，我們在通路開發方面也做對了。所以我認為積極的趨勢仍在繼續。

And I will just follow on that, I mean we are -- on the investment and expense, I mean we are just going -- playing offense following the growth and progress that we are making. But it is all success based. So we'll keep doing what we are doing behind customer service, product, technology and you have seen that in the non-programming side. But we will get leverage over time as the customer service experience settles down, but we are not giving guidance today, Ben.

我將繼續闡述這一點，我的意思是，在投資和支出方面，我們正在積極進取，以適應我們正在取得的成長和進步。但這都是以成功為導向的。所以我們會繼續做好客戶服務、產品、技術方面的工作，你們也已經看到了我們在非程式設計方面的工作。但隨著客戶服務體驗的穩定，我們終將獲得優勢，但今天我們不提供任何指導，本。

Thank you both.

謝謝你們兩位。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

Brian, a question for you. I know you can't talk about M&A specifically, but maybe more broadly, it is now been about seven years since -- or getting on to be seven years since you first stepped in for NBCU.

布萊恩，我有個問題想問你。我知道你不能具體談論併購，但或許更廣泛地說，距離你第一次加入 NBCU 已經過去了大約七年——或者說快七年了。

I wonder if you could just reflect on how you see the relative values of content and distribution. And how you see the relative negotiating leverage of content and distribution as we see more of these kinds of programming disputes like the one that DISH just had with Viacom?

我想請您思考一下，您是如何看待內容和分發的相對價值的。隨著像 DISH 和 Viacom 之間最近發生的這類節目製作糾紛越來越多，您如何看待內容和發行管道的相對談判籌碼？

Well, first of all it has been five years since we closed NBCUniversal and it has been a wonderful experience in all regards and exceeded our expectations in almost every business and we've talked a lot about that.

首先，自從我們關閉 NBCUniversal 以來已經五年了，這在各個方面都是一次非常棒的經歷，幾乎在所有業務方面都超出了我們的預期，我們已經對此進行了很多討論。

I also think that putting the two together we feel we are better together. I said that in the up-front remarks. I think almost every senior executive in the Company sees a benefit from some other part of the Company in their part of the Company and that is part of Symphony.

我也認為，把我們兩個結合起來，我們會感覺我們在一起會更好。我在開場白裡已經說過了。我認為公司幾乎所有高階主管都從公司其他部門的某些方面受益，而 Symphony 就是他們負責的部門的一部分。

When I think about the Olympics I just touched on briefly in my opening remarks, you will see XFINITY's coverage of the Olympics will be unlike any television on the X1 experience that's ever been presented to a consumer for live sporting events. And NBC coverage itself will be unprecedented if you just go back a few years to see how much this landscape has changed. And the companies that are leaning in toward that and are well positioned, I can't think of a better Company than ourselves.

當我想到我在開場白中簡要提到的奧運會時，你會發現 XFINITY 對奧運會的報道將與 X1 體驗上以往任何面向消費者的現場體育賽事電視報道都截然不同。如果回顧幾年前的情況，就會發現如今的情況發生了多大的變化，而NBC的報道本身也將是前所未有的。而那些傾向於這樣做並且已經做好充分準備的公司，我想不出比我們公司更好的例子了。

As to the relative value, these things evolve and go up and down and the relationship between the two, in terms of carriage disputes and other things, they are both great businesses and that was our fundamental premise all along. I think I first learned that being on Ted Turner's Board when Comcast was purely a cable company.

至於相對價值，這些事情會不斷變化、起伏，而就運輸糾紛和其他方面而言，兩者之間的關係，它們都是很棒的企業，這也是我們一直以來的基本前提。我想我最初了解到這一點是在泰德·特納的董事會任職期間，當時康卡斯特還只是一家有線電視公司。

It is a worldwide business, it grows all in different ways, but they're in the same sort of system where together the value tends to head in the same direction and at any one time one part of the ecosystem can be doing better than another part of the ecosystem. But in the end we are bringing great experiences to consumers, you need the content, you need innovative distribution technologies and that is how we are running our Company. And I hope that is responsive to your question. Thanks for asking.

這是一個全球性的業務，它以不同的方式發展，但它們都處於同一種系統中，在這個系統中，價值往往會朝著同一個方向發展，而且在任何時候，生態系統的一部分都可能比生態系統的另一部分做得更好。但最終，我們致力於為消費者帶來卓越的體驗，你需要內容，你需要創新的分發技術，而這正是我們公司的運作方式。希望我的回答能解答你的問題。謝謝你的提問。

If you had your druthers would you rather have more of one than the other? I mean, you tried to buy some more distribution and now at least there is some speculation you are interested in more content. Is there one that you find more attractive at the moment?

如果讓你選擇，你更希望多擁有其中一種而不是另一種？我的意思是，你嘗試購買更多發行管道，現在至少有跡象表明你對更多內容感興趣。你目前覺得哪一個比較有吸引力？

I am not going to comment on that regard. And if you have more than one kid you love them equally, and I don't know any other way to put it than they are both great businesses and everything is specific to the situation.

我對此不予置評。如果你有不只一個孩子，你會平等地愛他們，我不知道還能怎麼表達，它們都是很棒的生意，一切都取決於具體情況。

But we have very rigorous returns, our track record -- it comes down to operating excellence. And just looking at Neil and Steve and their teams behind them and I think that is what is the story today with these results. Both parts of the Company are performing at an exceptional level in my opinion.

但我們有著非常嚴格的回報標準，我們的業績記錄——歸根究底就是卓越的營運。看看尼爾、史蒂夫以及他們背後的團隊，我認為這就是今天這些成績背後的故事。我認為公司的兩個部門都表現出色。

Well said. Thanks, Brian.

說得好。謝謝你，布萊恩。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Maybe a regulatory question for Brian. The FCC seems determined to fold cable underneath the special or what they are now calling the business data services regime. And we should get some more color on that on Thursday.

或許布萊恩需要了解一些監管上的問題。美國聯邦通訊委員會似乎決心將有線電視納入特殊監管體系，或者他們現在稱之為商業數據服務監管體系。我們週四應該會得到更多相關資訊。

Just what's your thoughts on that? And that may be somewhat related questions -- Verizon has been making a lot of comments about an eventual 5G rollout. Any sort of early thoughts on the competitive environment or how that is likely to evolve as 5G technology develops? Thanks.

你對此有何看法？這可能與一些相關問題有關——Verizon 已經就最終推出 5G 發表了許多評論。對於競爭環境以及隨著 5G 技術的發展，競爭環境可能會如何演變，您有什麼初步看法？謝謝。

Let me let Neil start with the special access or -- go ahead, Neil.

讓我先讓尼爾介紹一下特殊權限，或者──尼爾，你先來吧。

Yes, well, the chairman recently claimed that there was limited competition in the business data services area and it needed more regulation. I can say that we compete every day for that business and it seems kind of counterintuitive that the FCC would want to impose regulations on a new entrant such as us, bringing more competition to that business. I think we haven't seen that the proposed rulemaking yet, so it is probably premature to comment on any further on it though.

是的，董事長最近聲稱，商業數據服務領域的競爭有限，需要加強監管。我可以肯定地說，我們每天都在為這項業務而競爭，而聯邦通信委員會卻想對我們這樣的新進入者施加監管，這似乎有點違反直覺，因為新進入者會給這項業務帶來更多競爭。我認為我們還沒有看到擬議的規則制定文件，所以現在就此發表任何進一步評論可能還為時過早。

Your second question was?

你的第二個問題是？

It was on 5G. I know you guys have probably heard Verizon is talking a lot about rolling it out really starting in 2018 as a sort of fixed wireless replacement for cable plan. Obviously it is a little bit down the road, but just any early thoughts on 5G and fixed wireless as a potential competitor to cable.

它使用的是5G網路。我知道你們可能已經聽說 Verizon 正在大力宣傳從 2018 年開始全面推廣這項服務，將其作為固定無線方案來取代有線電視計劃。顯然，這還需要一段時間，但大家對 5G 和固定無線網路作為有線電視的潛在競爭對手有什麼初步看法嗎？

John, let me speak to that. 5G is an exciting new platform and it is still in the very early days. We think that the propagation distance is fairly short, about 300 foot radius. The antennas are going to need space and power and backhaul and it has -- the spectrum doesn't really pass through objects like trees and buildings very well.

約翰，讓我來談談這個問題。5G是一個令人興奮的新平台，目前仍處於非常早期的階段。我們認為傳播距離相當短，半徑約 300 英尺。天線需要空間、電力和回程鏈路，而且頻譜很難很好地穿過樹木和建築物等物體。

We think we are very well-positioned because we have space and power and backhaul as well as a field force to be able to install all the antennas and maintain the services and provide the backhaul that would be required. So we are going to continue to monitor, it is still a ways early in the game and we feel well-positioned.

我們認為我們處於非常有利的地位，因為我們有空間、電力、回程鏈路以及一支現場隊伍，能夠安裝所有天線、維護服務並提供所需的回程鏈路。所以我們會繼續觀察，現在還處於比賽初期，我們覺得自己處於有利地位。

Great, thanks.

太好了，謝謝。

Phil Cusick, JPMorgan.

Phil Cusick，摩根大通。

First a follow up. Churn is improving nicely, you said it has been really sustained. Is there a case to be made to ease off on marketing to offset the cost growth in other parts of the business if this continues and to support margin in little bit?

首先是後續問題。人員流失率正在穩定改善，你說過情況一直保持良好。如果這種情況持續下去，是否有理由減少行銷投入，以抵銷業務其他部分的成本成長，並稍微提高利潤率？

And then second, on the opening up of the China market for film next year, how are you working toward that? Is it a real opportunity on the Universal side? Thanks.

其次，關於明年中國電影市場的開放，您為此做了哪些努力？對環球影業來說，這是一個真正的機會嗎？謝謝。

Turning to the churn side, we have got very detailed. We have a data department who -- that Ed Brassel runs that is very detailed in how it segments the customer audience and which segments we are going after. And we are very specific about that and go after the high-value long CLV customers.

再來看客戶流失方面，我們已經非常詳細了。我們有一個數據部門，由 Ed Brassel 負責，該部門對客戶群進行非常詳細的細分，並明確了我們正在瞄準哪些細分市場。我們對此非常重視，專門尋找高價值、長客戶生命週期價值 (CLV) 的客戶。

So I think where we see the opportunity we are going to spend the marketing dollars and we will continue to provide great service and manage the churn as appropriate. I think the churn is an accumulation of a lot of different things we are doing in the business -- customer experience, better product and just overall better service.

所以我認為，我們會把行銷預算投入到我們看到的機會中，我們將繼續提供優質的服務，並視情況管理客戶流失。我認為客戶流失是我們業務中許多不同措施累積的結果——客戶體驗、更好的產品以及整體上更好的服務。

One of the things I just want to add that I think that Neil and Dave Watson and the team have calibrated a -- not just subscriber result but also revenue and cash flow, there is a balance that is pretty different and I think I have seen anybody else quite have over a sustainable number of quarters.

我想補充一點，我認為尼爾、戴夫沃森和他們的團隊已經找到了一個平衡點——不僅是訂閱用戶數量，還有收入和現金流，這種平衡點非常獨特，我認為我還沒有見過其他人能在多個季度內保持這種可持續的平衡。

And so, the investment we are making in service, the investment in innovation and marketing it is all working but it is not at the expense of one or the other. And as you drive us forward I think, Neil, you will be making judgments every day on that balance. But that is what I personally find appealing in some of the results is that we are not just going on one side or the other.

因此，我們在服務、創新和行銷方面的投資都在發揮作用，但這並不以犧牲其中任何一方為代價。我認為，尼爾，在你帶領我們前進的過程中，你每天都會根據這種平衡做出判斷。但我個人覺得某些結果吸引人的地方在於，我們並非非此即彼。

Dave Watson and Cathy Avgiris and the field teams are doing a great job just driving the business on a consistent basis.

Dave Watson、Cathy Avgiris 和現場團隊在持續推動業務發展方面做得非常出色。

So, China, it is amazing how far we have come in the last few years. We had no employees in China several years ago. We now have a very good team, a movie team, a consumer products team and we've spent a lot of time and have discussed on previous calls trying to get going on building a theme park in Beijing. And that is going according to plan.

所以，中國，我們在過去幾年所取得的成就令人驚嘆。幾年前我們在中國還沒有員工。我們現在擁有一支非常優秀的團隊，包括電影團隊和消費品團隊。我們投入了大量時間，並在先前的電話會議中討論過，希望能盡快在北京建造一座主題樂園。一切都在按計劃進行。

So China represents a big, big opportunity for the Company, it already is a significant profit generator. Fast and Furious, for example, we did over $400 million in China.

因此，中國市場對公司而言蘊藏著巨大的機遇，它已經是重要的利潤來源。例如，《玩命關頭》在中國就取得了超過 4 億美元的票房。

But as that market grows I think it is very important that we be there and I think we are doing all the things that you would expect us to do and have a lot of big movies coming out in China in the next year and I want to make sure that we're doing everything we can to grow that market as aggressively as possible.

但隨著中國市場的成長，我認為我們進入這個市場非常重要。我認為我們正在做所有你們期望我們做的事情，明年將有很多大片在中國上映。我想確保我們盡一切努力，盡可能積極地發展這個市場。

Thanks, guys.

謝謝各位。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·雷夫·科恩，美國銀行美林證券。

Thank you I have one for Steve and one for Neil. Steve, on the upfront I would love to get your view of how this will turn out. You're coming to the market with a unified approach, which seems really logical but it is obviously never been done before.

謝謝，我為史蒂夫和尼爾各準備了一份。史蒂夫，首先我想聽聽你對這件事最終結果的看法。你們以統一的方式進入市場，這看起來非常合乎邏輯，但顯然以前從未有人這樣做過。

And within that context, so I am wondering what the advertiser response has been so far. And within the context of the upfront, can you talk a little bit about Telemundo, which doesn't get that much attention, but you are a solid 40% share of the market at this point?

所以，在這種背景下，我想知道廣告商目前的反應如何。在預售的背景下，您能否稍微談談 Telemundo？雖然它沒有得到太多關注，但目前它已經佔據了 40% 的市場份額？

And then, for Neil, you've talked a lot about the drivers of video subs, which is phenomenal. I was just wondering if you could drill down a little bit on what you are doing in customer service that is different this year versus last and what your plans are for next year. For example, like is the Uber like app available across the footprint? Thank you.

然後，尼爾，你談了很多關於視訊訂閱驅動因素的問題，這真是太棒了。我只是想問一下，您能否詳細介紹一下今年您在客戶服務方面與去年相比有哪些不同之處，以及您明年的計劃是什麼。例如，Uber 之類的應用程式是否在所有服務區域都可用？謝謝。

So, regarding the upfront let me talk a little bit about the market. A year ago a lot of advertisers pulled back and didn't spend as much in the upfront. I think part of the thinking was we can always spend later and there is plenty of places to spend our money on digital.

那麼，關於前期方面，讓我先談談市場狀況。一年前，很多廣告商縮減了預算，減少了前期投入。我認為部分原因是，我們可以以後再花錢，而且有很多地方可以把錢花在數位產品上。

I think the emotion of the market has swung pretty dramatically over the last year. I think people have come to the realization that broad television reach is really important in a campaign; that digital has a place but television has a big place. And a lot of people I think who did not come into the upfront market last year paid significantly more in what has been one of the strongest scatter markets I have ever seen.

我認為過去一年來，市場情緒波動相當劇烈。我認為人們已經意識到，在競選活動中，廣泛的電視覆蓋範圍非常重要；數位媒體固然重要，但電視媒體也佔據著舉足輕重的地位。我認為，去年沒有進入預售市場的許多投資者，在有史以來最強勁的散戶市場之一中支付了更高的價格。

So in terms of market dynamics we are going to the upfront season I think with a lot of wind at our back. And my prediction is that it is going to be a strong upfront. We think we are in the pole position for that strong upfront. We represent about 20% of the eyeballs in television if you add up broadcasting cable. NBC is on its way to its third annual 18 to 49 victory, we are doing very well in sports and news at NBC and then our cable channels are strong.

所以就市場動態而言，我認為我們即將迎來一個順風順水的預售季。我的預測是，前幾輪競爭將會非常激烈。我們認為我們在前鋒線上佔據了有利位置。如果把有線電視也算進去，我們大約佔電視觀眾總數的 20%。NBC 正在朝著連續第三次 18 比 49 的收視率勝利邁進，我們在 NBC 的體育和新聞方面表現出色，而且我們的有線電視頻道也很強勢。

I am glad you pointed out Telemundo, Telemundo used to be a weak second; we are beating Univision most nights at 10:00 and have closed the gap with Univision. And I think in a number of our channels we are still underpriced relative to people that we are beating or are close to or at least competitive to.

很高興你指出了 Telemundo，Telemundo 以前是實力較弱的第二名；現在我們大多數晚上 10 點的收視率都超過了 Univision，並且已經縮小了與 Univision 的差距。而且我認為，在我們的許多管道中，相對於那些我們超越、接近或至少具有競爭力的競爭對手，我們的定價仍然偏低。

So I think we are going into the upfront in a very strong position. And as you said, we sell all of our channels and all of our digital properties together under the unified direction of Linda Yaccarino, our head of ad sales, which is an advantage for advertisers.

所以我認為我們以非常強勢的地位進入了前期。正如您所說，我們所有的頻道和所有數位資產都在廣告銷售主管琳達·亞卡里諾的統一領導下進行銷售，這對廣告商來說是一個優勢。

But also given our position, we tend to talk to people first. And that is exactly where we want to be. And so, I think we are going into this upfront with a better upfront, a better more unified approach and more strength than we have ever had and we will see how it all plays out.

但鑑於我們的身份，我們往往會先與人交談。而這正是我們想要達到的目標。因此，我認為我們這次將以更好的開局、更統一的方法和比以往任何時候都更強大的實力來應對，讓我們拭目以待吧。

Concerning customer experience, we are focusing on a few things. One is making the experience all digital, so the customer, if they don't want to call an agent doesn't have to, they can do everything they need to do from a customer service perspective online or digitally.

關於客戶體驗，我們主要關注以下幾個面向。一是將體驗完全數位化，這樣，如果客戶不想打電話給客服人員，他們就可以在線上或透過數位方式完成客戶服務的所有需求。

We are working very closely on the first 90 days and the on boarding experience making sure that is a perfect experience, that is a higher churn environment. We are focusing on reliability of the products and the network, making sure they are always up. We said at INTX a year ago we would have the best product on the market and I think we are delivering that now.

我們正在密切關注前 90 天和新用戶入職體驗，確保提供完美的體驗，因為這是一個用戶流失率較高的環境。我們專注於產品和網路的可靠性，確保它們始終正常運作。一年前在 INTX 大會上，我們說我們會推出市場上最好的產品，我認為我們現在正在兌現這個承諾。

We had the lowest agent call-in rate in years and that -- we took out 11 million calls and we had the highest first contract resolution rate in years as well. So, we are seeing the results but it is focused across a number of fronts and the team -- Charlie Herrin and the team have done a great job getting organized around the five key journeys and we are just delivering. We are changing the way we look at the business through the customer lens and it has really changed the way we go about doing things.

我們的代理商來電率是多年來最低的，我們減少了 1100 萬通電話，而且我們的首份合約解決率也是多年來最高的。所以，我們看到了成果，但這需要多方面的努力，團隊——查理·赫林和他的團隊——圍繞著五個關鍵旅程做了出色的組織工作，而我們正在努力實現這些目標。我們正在改變從客戶角度看待業務的方式，這確實改變了我們做事的方式。

Great, thank you.

太好了，謝謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

I just have a question for Mr. Burke. For years the Street always was unwilling to put a multiple on the studio division given (technical difficulty) nature. That seems to be changing a little bit as the failure rate, the franchise (technical difficulty) falls and the ability to monetize the franchise across divisions increases. Would you say that is an explicit strategy of your studio to focus on franchise film?

我有個問題想問伯克先生。多年來，由於（技術上的困難），華爾街一直不願意為工作室部門設定倍數。隨著失敗率、特許經營權（技術難度）的下降以及跨部門特許經營權貨幣化能力的提高，這種情況似乎正在發生一些變化。您認為這是貴公司專注於系列電影的明確策略嗎？

Oh, absolutely, five years ago we had one franchise, Fast and Furious. Today we have eight franchises and we are hard at work trying to build more. And we spend a lot of time trying to figure out where films are in the arc of the franchise. The franchise eventually declines and leaves and we are doing everything we can to make sure that the franchises that we have are as strong as possible.

哦，當然，五年前我們只有一個系列電影，《玩命關頭》。目前我們擁有八家加盟店，並且正在努力拓展業務，開設更多加盟店。我們花了很多時間試圖弄清楚電影在整個系列故事發展中的位置。加盟店最終會衰落並退出市場，我們正在盡一切努力確保我們擁有的加盟店盡可能保持強勁的勢頭。

We did -- our film group five-year plan review was just yesterday and we spent half the time talking about how to take care of franchises, make sure that they stay fresh, create new ones, make sure that they are fully monetized in consumer products and around the world.

沒錯——我們電影集團的五年計劃審查就在昨天，我們花了一半的時間討論如何維護特許經營權，確保它們保持新鮮感，創造新的特許經營權，確保它們在消費品和世界各地得到充分的盈利。

So it is a key, key part of our Company. And again, we have made tremendous progress in the last five years being in the position we are now where we can look forward to these franchises continuing to come back and succeed for many years to come.

所以它是我們公司至關重要的組成部分。再次強調，過去五年我們取得了巨大的進步，我們現在所處的地位，讓我們有理由期待這些特許經營店在未來的許多年裡繼續回歸併取得成功。

Thank you very much.

非常感謝。

Brett Feldman, Goldman Sachs.

Brett Feldman，高盛集團。

I would be interested in hearing you comment on the future of the set-top box. If we look at what you are doing on the one hand you are making a big commitment to it through the X1 deployment. But you are also out there with your partner program and your recent announcement with Roku and Samsung.

我很想聽聽您對機上盒未來發展的看法。如果我們看看你正在做的事情，一方面，你透過 X1 的部署做出了巨大的承諾。但你們也積極開展合作夥伴計劃，最近也宣布與 Roku 和三星合作。

And so, maybe just getting a view for how you think the marketplace is going to evolve. And then were you surprised at all by the FCC's reaction to the announcement that you had with Roku? It would seem that it would align with their set-top box reforms and yet they came out somewhat harshly against it.

所以，或許只是想了解您對市場未來發展趨勢的看法。那麼，對於 FCC 對您與 Roku 聯合發布的公告的反應，您是否感到驚訝？這似乎與他們的機上盒改革一致，然而他們卻對此表示了相當強烈的反對。

We think the X1 platform is the best there is in the market right now and we are seeing great results from it. Churn is down, VOD is up, more DVRs, more additional outlets so it is hitting on all cylinders. We also want to make our content available to as many customers or potential customers as possible. And we want to have the best content available.

我們認為 X1 平台是目前市場上最好的平台，而且我們已經從中看到了非常好的效果。用戶流失率下降，隨選視訊上升，數位錄影機數量增加，新增播放管道增多，各方面都在蓬勃發展。我們也希望盡可能多的客戶或潛在客戶能夠獲得我們的內容。我們希望提供最好的內容。

So we did the -- we think the way to approach it is instead of coming up with new hardware that will probably be outdated in the short period, the apps-based approach was the right approach. And the deals that you refer to with Roku and Samsung are an HTML 5 based app that provides a full suite of services. So set-top boxes will continue to be part of our ecosystem and as will apps. Brian?

所以我們認為，與其推出可能在短期內就會過時的新硬件，不如採用基於應用程式的方法，這才是正確的方法。您提到的與 Roku 和三星的合作，是基於 HTML 5 的應用程序，提供全套服務。因此，機上盒和應用程式將繼續成為我們生態系統的一部分。布萊恩？

Go ahead, what were you going to say?

說吧，你剛剛想說什麼？

I was just going to ask for your comments on the SEC set-top box proposed reforms and their reaction to the partner program.

我正想問您對美國證券交易委員會提出的機上盒改革方案以及他們對合作夥伴計劃的反應有何看法。

Yes, I thought their reaction was unnecessary. I think that the -- we are working hard with our partners. We have had over 40 companies call us to sign up for the partner program since then. And so, there is great interest in the ecosystem to get access to our XFINITY app. So I thought it was uncalled for.

是的，我覺得他們的反應沒有必要。我認為—我們正在與合作夥伴共同努力。從那以後，已有超過 40 家公司聯繫我們，希望加入合作夥伴計畫。因此，生態系統中各方對存取我們的 XFINITY 應用程式表現出了極大的興趣。所以我認為這是無理取鬧。

Okay, thanks for taking the questions.

好的，謝謝你們回答問題。

Anthony DiClemente, Nomura.

Anthony DiClemente，野村證券。

I have one for Mike and one for Neil. Mike, I think this is a follow up from an earlier question, from Ben's question. But you talk any more specifically about the drivers of the 9.4% growth in programming expense in the quarter?

我為麥克準備了一份，也為尼爾準備了一份。麥克，我認為這是對先前本提出的問題的一個後續問題。但您能否更具體地談談本季程式支出成長9.4%的驅動因素？

I realize you had renewals on the content side, you are adding more content rights as you described in your remarks. But I think investors continue to wonder if this sort of 9% to 10% programming expense growth rate that we are seeing continues into 2017 or if it moderates as you get beyond some of the one-time renewals -- some of those one-time step ups with your partners.

我知道你們在內容方面進行了續約，正如你們在發言中所述，你們正在增加更多的內容版權。但我認為投資者仍在思考，我們目前看到的這種 9% 到 10% 的節目製作費用增長率是否會延續到 2017 年，或者隨著一些一次性續約——一些與合作夥伴的一次性升級——的結束，這種增長率是否會放緩。

And then for Neil, it looks like on the high-speed data side that ARPU decelerated a touch in the quarter. And you didn't have modem fee increases, but I think pricing power on broadband is something investors assume that is an arrow that you have in your quiver.

對 Neil 來說，高速資料方面的 ARPU 在本季似乎略有下降。而且你們也沒有提高調變解調器費用，但我認為投資人認為，寬頻定價權是你們手中的一張王牌。

So, just wondering if you could update us on how you think about broadband pricing this year and in the longer-term. And if you have anything to say about what the FCC said about Charter not being able to impose caps on data usage. Any thoughts there would be appreciated. Thanks, both.

所以，我想問您能否談談您對今年以及未來長期寬頻定價的看法。如果您對聯邦通訊委員會 (FCC) 關於 Charter 公司無法限制資料使用量的言論有任何看法。歡迎大家提出任何想法。謝謝你們兩位。

Anthony, it is Mike. On program expense what we are seeing thus far and for this year is consistent with what we had said at the beginning of the year which is about 10% increase in programming expenses. And you hit the reasons; we have big -- certain renewals happening now and over the course of this year.

安東尼，我是麥克。就節目支出而言，我們目前所看到的以及今年的情況與我們年初所說的一致，即節目支出將增長約 10%。你一語中的；我們現在和今年都會有一些重大的續約。

As far as going beyond this year, long-term -- you look back over time and long-term trends have been in the high-single-digits, so we are running a little higher than in the near-term than that. But that is again due to just having some of our big contracts coming back up for renewal.

至於今年以後的長期趨勢——回顧過去，長期趨勢一直保持在個位數高位，所以我們目前的成長率比短期內略高一些。但這主要是因為我們的一些大合約即將到期需要續約。

And concerning the HSD, I mean we are very pleased with the 7.6% growth and 438,000 subs. We feel good about the business. It goes back to that balance that Brian referred to. We have increased speeds 16 times in the last 14 years, we are rolling out DOCSIS 3.1, we have tens of millions of Wi-Fi hotspots.

至於 HSD，我們對 7.6% 的成長率和 438,000 名訂閱者感到非常滿意。我們對公司業務感到滿意。這又回到了布萊恩提到的那種平衡問題。在過去的 14 年裡，我們的網速提高了 16 倍，我們正在推廣 DOCSIS 3.1，我們擁有數千萬個 Wi-Fi 熱點。

And so, we continue to add value to the business. I think there is pricing opportunity going forward as we continue to add value. Concerning the Charter tabs, I would prefer not to comment on that, that is still pending.

因此，我們不斷為企業創造價值。我認為，隨著我們不斷增加產品價值，未來在定價方面存在機會。關於憲章標籤，我不想對此發表評論，此事仍在討論中。

Okay, thanks a lot.

好的，非常感謝。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

I had one for Mike and one for Steve. Mike, I wanted to ask about cash paid for intangible assets. These investments have been growing at a pretty good rate over the past couple years particularly in recent quarters. Can you talk about what has been driving the growth and how we should think about those investments going forward?

我為麥克準備了一份，為史蒂夫準備了一份。麥克，我想問一下關於用現金購買無形資產的問題。過去幾年，尤其是最近幾個季度，這些投資的成長速度相當不錯。您能否談談推動成長的因素，以及我們未來該如何看待這些投資？

And then, Steve, I was just wondering if you could comment on where the DISH carriage negotiations stand and do you feel that you are making any progress at this point? Thank you.

史蒂夫，我想問你對 DISH 的傳輸談判進度有什麼看法，你覺得目前取得了什麼進展嗎？謝謝。

So, I will just comment and if Neil wants to pile in he can. But on the software intangible side, that is just the other side of the offensive investments we are making in X1, Cloud DVR, our home products, smart Internet. When we build software or we improve our backbone through some infrastructure investments some of that rolls through software and tangibles. So it is the same story as what is going on in CapEx and investing behind the growth we are seeing.

所以，我就簡單評論一下，如果尼爾想補充，他可以繼續說下去。但就軟體的無形面而言，這只是我們在 X1、雲端 DVR、家庭產品、智慧網路等領域進行進攻性投資的另一面。當我們建立軟體或透過一些基礎設施投資來改善我們的骨幹網路時，其中一些成果會透過軟體和有形產品體現出來。所以，這與資本支出和投資推動我們所看到的成長的情況是一樣的。

I think we are in good shape with DISH. I think we have a meeting of the minds. We don't have a signed deal yet, but I think we will have one in the not-too-distant future.

我認為我們和DISH的合作進展順利。我認為我們意見一致。我們目前還沒有簽署協議，但我認為在不久的將來我們會簽署的。

Okay, great. Mike, if I could just follow up, I mean as you get through the X1 rollout, which is -- on the CapEx side is more hardware driven, I think most of us would expect the capital intensity to decline. But on the software side should we expect the same? Because it seems like the business is becoming more software driven. So is that going to take on maybe a different trajectory as you get toward the end of the X1 deployment?

好的，太好了。麥克，如果我可以跟進一下，我的意思是，隨著 X1 的推出，資本支出方面更多地是硬體驅動的，我認為我們大多數人都會預期資本密集度會下降。但在軟體方面，我們是否應該期待同樣的結果？因為看起來這個行業正變得越來越依賴軟體。那麼，隨著 X1 部署接近尾聲，它的發展軌跡是否會有所不同？

I would say that continues to be on a trajectory. We are investing a lot in innovation, that is the point of what we have been doing on the product side. So that will continue, it is a smaller -- obviously a much smaller amount than the hardware side. But it has been on a higher growth rate and I would expect it to -- as long as we are seeing great results -- continue to be biased towards innovating and getting great products out there.

我認為這種情況仍在持續發展中。我們在創新方面投入了大量資金，這正是我們在產品方面所做的一切的核心。所以這種情況還會繼續，但顯然規模要小得多，遠小於硬體方面的投入。但它的成長速度一直較高，而且我預期——只要我們看到良好的成果——它就會繼續專注於創新，並推出優秀的產品。

Okay, thank you.

好的，謝謝。

Mike McCormack, Jefferies.

Mike McCormack，傑富瑞集團。

Neil, maybe a quick comment on AT&T's DIRECTV Now announcement rolling out later this year, sort of a true nationwide full bundled offering presumably if and when they get the rights. Whether or not that changes your thought on the competitive landscape.

尼爾，或許可以簡單評論一下 AT&T 將於今年稍後推出的 DIRECTV Now 服務，這大概會是一個真正的全國性全捆綁服務，前提是他們能夠獲得相關權利。這是否會改變你對競爭格局的看法。

And I guess for Comcast specifically, could you do the same thing? And are there Title VI or LFA requirements that would prevent you from doing so? And then I guess for Mike, Cable OCF margins, can we just get a sense for how you are thinking about the pacing throughout the year on quarters?

那麼，對於 Comcast 來說，你們也能做同樣的事情嗎？是否有《民權法案第六章》或《法律與自由法》的相關規定會阻止你這樣做？那麼，對於Mike來說，關於有線電視OCF利潤率，我們能否了解一下您是如何考慮全年各季度的進度安排的？

So, on the AT&T announced product, there is no reason we couldn't do something very similar from a technology perspective or a rights perspective. We just have to go get the rights and deploy the product. We thus far haven't seen an OTT model that really hunts. And -- but we will continue to stay tuned into the market and be prepared to respond accordingly.

所以，對於 AT&T 發布的產品，從技術角度或權利角度來看，我們完全可以做非常類似的事情。我們只需要拿到授權並部署產品。到目前為止，我們還沒有看到真正具有市場佔有率的OTT模式。但是——我們將繼續密切關注市場動態，並做好相應的應對準備。

And on cable margins, its quarter-by-quarter seasonality will drive things a little bit. I mentioned last year's second quarter we had the Pacquiao fight that was -- that helped in that what is usually a seasonally weaker quarter. But full year is as we said; last year was 40.6% cable margins. And as we said at the beginning of the year, it would be flat to down 50 basis points and that continues to be what we see.

至於有線電視的利潤率，季度季節性波動會對其產生一定影響。我之前提到過，去年第二季度我們有帕奎奧的比賽——這對通常來說是一個淡季的季度有所幫助。但正如我們所說，全年情況就是這樣；去年有線電視利潤率為 40.6%。正如我們年初所說，利率將持平或下降 50 個基點，而我們看到的情況也正是如此。

Great, thanks, guys.

太好了，謝謝各位。

Vijay Jayant, Evercore ISI.

Vijay Jayant，Evercore ISI。

Two questions, please. Steve, just want to get some color on the cable net underlying subscriber trends. Obviously we have some sense on what cord cutting is, but on the cord shaving side any color? I mean I think we have been thinking it is about a 2% decline on the base, but is that changing? Any color there would be great.

請問兩個問題。史蒂夫，我只是想了解有線電視網路用戶成長趨勢的一些情況。顯然我們對剪線有什麼了解，但對於剪線這件事，大家有什麼看法呢？我的意思是，我們一直認為基數下降了約 2%，但這種情況有改變嗎？任何顏色都行。

And then for Neil, I understand there is a big cost element on the operating cost side for set-top box related cost, you know whether truck rolls or customer care. So in a longer-term environment where set-top box possibly goes away, if that is the case, how much cost can go out from that (inaudible)? That would be great to understand. Thanks.

至於尼爾，我了解到與機上盒相關的營運成本有很大一部分是成本，例如上門服務或客戶服務等。因此，從長遠來看，如果機上盒最終消失，那麼由此可以節省多少成本（聽不清楚）？如果能理解這一點就太好了。謝謝。

So in terms of cord cutting/cord shaving we don't see much change at all. The numbers -- the 2% you talked about is not far off from what we are seeing and some of it as shaving and some of it is cutting. And the interesting thing about the cable network business is the overall resiliency if you look at the affiliate stream and the advertising stream and the desire for advertisers to buy broadly distributed highly rated cable channels seems stronger than ever.

所以就剪線/減少有線電視使用方面而言，我們並沒有看到太大的變化。你提到的 2% 這個數字和我們看到的差不多，其中一些是剃須，一些是割傷。有線電視網絡業務有趣的地方在於其整體韌性，如果你觀察加盟商管道和廣告管道，你會發現廣告商購買廣泛發行的高收視率有線電視頻道的願望似乎比以往任何時候都更加強烈。

So, as a business it is not going to grow -- we have said before and we will say again, it is not going to grow the way it did 10 years ago. But it is still a good business for us and we don't see any major change in terms of what is going on with sub trends.

所以，從業務角度來看，它不會再成長了——我們以前說過，以後還會再說，它不會像 10 年前那樣成長了。但這對我們來說仍然是一項不錯的生意，而且我們也沒有看到子趨勢方面有任何重大變化。

(Technical difficulty) set-top boxes, as we put more up in the cloud and go to IP video we think the cost of the set-top boxes and the hardware -- overall hardware in the house will come down. We still believe there is a need for hardware in the house, at least at the gateway level.

（技術難題）隨著我們將更多內容上傳到雲端並轉向 IP 視頻，我們認為機上盒和硬體的成本——整個家庭硬體的成本將會下降。我們仍然認為家庭中需要硬件，至少在網關層面是如此。

And we will -- we have got IP video in the labs now and we will continue to look at the right balance to get the best content and all the content to our customers while managing the CapEx cost. But in terms of CapEx, you know CPE is in the 40% to 50% range of our CapEx spend, so that would be the amount overall that would be under development.

我們會的——我們實驗室現在已經有了 IP 視頻，我們將繼續尋找合適的平衡點，以便在控制資本支出成本的同時，為客戶提供最好的內容和所有內容。但就資本支出而言，您知道 CPE 占我們資本支出的 40% 到 50%，因此這部分金額將用於開發。

Great, thank you.

太好了，謝謝。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Two quick questions. First, in terms of cable, we know Charter is being asked to over build 1 million broadband subs and we're being asked how big of an issue this might be since this is a first time cable operators will actually compete against each other. So I know it is early, but do you have any thoughts about this that you can share with us?

兩個問題，簡單問一下。首先，就有線電視而言，我們知道 Charter 被要求新增 100 萬個寬頻用戶，我們也被問到這可能會造成多大的問題，因為這是有線電視業者第一次真正相互競爭。我知道現在說這些還為時過早，但您對此有什麼想法可以和我們分享嗎？

And then secondly for Steve, within NBC Universal and I guess just in general, we keep seeing declines in Cable subs but not Broadcast. Can you talk about what is driving the difference?

其次，對於史蒂夫來說，在 NBC 環球內部，我想總體而言，我們看到有線電視用戶數量持續下降，但廣播電視用戶數量並沒有下降。您能談談造成這種差異的原因嗎？

This is Neil, I will comment on the Charter overbuild. I think it is early to comment on it since we haven't seen the details. But generally speaking Comcast is in urban markets and these urban markets have been overbuilt by one or another telco. And so, we are in a very competitive environment as it is. And we think we are well positioned.

我是尼爾，我將對憲章的過度建設發表一些看法。鑑於我們還沒有看到細節，現在評論還為時過早。但總的來說，康卡斯特主要集中在城市市場，而這些城市市場已經被其他電信公司過度開發了。因此，我們本來就身處在一個競爭非常激烈的環境中。我們認為我們已經佔據了有利地位。

So, the Broadcast business is a real positive I think in the overall NBCUniversal story if you look at where the Company was five years ago and where it is today. The most highly rated channels I think are going to be staying in the most bundles and are going to be watched by the most people -- continue to be watched by the most people. And I would put NBC obviously right at the top of that list.

所以，我認為，如果你看看NBC環球五年前的情況和現在的情況，你會發現廣播業務在NBC環球的整體發展歷程中是一個非常積極的因素。我認為評分最高的頻道將會保留在最多的套餐中，並且會被最多的人觀看——繼續被最多的人觀看。而我肯定會把NBC放在名單的首位。

Retransmission consent has been a tremendous benefit to our Broadcast business, both the retransmission we get from our own stations and the share we get from our affiliates. If you add those two numbers together that was a number around zero five years ago and is a number around $800 million today, something like that.

轉播許可對我們的廣播業務帶來了巨大的好處，無論是我們自己的電台轉播收入，還是我們從附屬電台獲得的份額。如果把這兩個數字加起來，五年前這個數字接近零，而如今這個數字接近 8 億美元，大概就是這樣。

And also on the advertising side, I think particularly the live events, if you have got Olympics coming up for 17 days our ratings will be higher than all three -- if you add the other three broadcasters together we will be a multiple of anyone else's ratings for 17 days. Imagine how valuable that is to someone who is trying to build a brand or introduce a new car, do something major in terms of changing the opinion of people in America.

在廣告方面，我認為特別是直播活動，如果奧運會即將到來，持續 17 天，我們的收視率將高於其他三家——如果將其他三家廣播公司的收視率加起來，我們的收視率將是其他任何一家公司 17 天收視率的數倍。想像一下，這對一個試圖打造品牌或推出新車，或是想要改變美國民眾觀念的人來說，是多麼寶貴的事。

So, it is interesting -- I would not have predicted this 10 or 20 years ago. But it feels like Broadcast is getting stronger and stronger in this period. We have to keep putting good shows on and it is tougher and tougher in a fragmented world to get a rating. But when you do you do get rewarded for it significantly.

所以，這很有意思——10年前或20年前我是絕對無法預料到這一點的。但感覺廣播業務在這段時間越來越強勁了。我們必須不斷推出好節目，但在一個片段的世界裡，要獲得收視率越來越難。但如果你這樣做，你會獲得豐厚的回報。

Got it, thank you.

明白了，謝謝。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

Can you comment a little bit more on the Amazon channel partnership and how important you feel that channel partners like Amazon and others will be to the products that you have going forward?

您能否再詳細談談與亞馬遜的通路合作，以及您認為像亞馬遜這樣的通路夥伴對您未來產品的發展有多重要？

It is in the early stages of the partnership, but it has worked very well. They have been a great partner in helping us understand how to better sell contextually. In other words, to buy a laptop do you want an HSD service; if you buy a television do you want video service? So the contextual sales aspects they have been very helpful in working with us.

雙方合作尚處於初期階段，但目前進展非常順利。他們一直是我們的好夥伴，幫助我們了解如何更好地進行情境化銷售。換句話說，買筆記型電腦時，你是否需要高速數據服務？買電視時，你是否需要視訊服務？因此，他們在銷售方面的背景知識對我們非常有幫助。

Concerning -- we developed a number of other channels. Our stores are doing very well. XFINITY on campus is doing very well. So, we continue to every year we seek to develop new channels and Amazon we see great promise in.

關於——我們也開發了其他一些管道。我們的門市經營狀況非常好。XFINITY在校園內的服務非常好。因此，我們每年都會繼續尋求開發新的管道，而我們認為亞馬遜具有巨大的發展潛力。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks a lot, Frank. We will wrap the call up there. Thanks, everyone, for joining us. Regina, back to you.

非常感謝，弗蘭克。通話就到此結束。謝謝大家的參與。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 11:30 AM Eastern Time. It will run through Wednesday, May 4 at midnight Eastern Time. The dial-in number is 855-859-2056 and the conference ID number is 68923741. A recording of the conference call will also be available on the Company's website beginning at 12:30 PM today. This concludes today's teleconference. Thank you for participating, you may all disconnect.

今天上午11:30（美國東部時間）將提供電話會議的重播。活動將持續到美國東部時間5月4日星期三午夜。撥入號碼為 855-859-2056，會議 ID 號碼為 68923741。本次電話會議的錄音將於今天下午 12:30 起在公司網站上提供。今天的電話會議到此結束。感謝各位參與，你們可以斷開連結了。