Comcast Corp (CMCSV) 2016 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's second-quarter 2016 earnings conference call.

女士們、先生們，早安，歡迎參加康卡斯特2016年第二季財報電話會議。

(Operator Instructions)

（操作說明）

Please note that this conference call is being recorded. I would now turn the call over to Senior Vice President, Investor Relations, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

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 Cavanaugh, 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、麥克卡瓦諾、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 as part 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.

再次提醒大家，根據美國聯邦通訊委員會 (FCC) 針對廣播激勵拍賣制定的反串謀規則，我們今天不能討論或回答任何與拍賣或頻譜相關的問題。

As always let me now refer you to slide number 2 which contains our Safe Harbor disclaimer and reminds you that this conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, in this call we will refer to certain non-Measures. Please refer to our 8-K for the reconciliation of non-financial measures to GAAP.

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。此外，本次通話中我們將提及某些非措施。有關非財務指標與 GAAP 的調整情況，請參閱我們的 8-K 表格。

With that let me turn the call to Brian Roberts for his comments. Brian?

接下來，我將把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thank you, Jason, and good morning everyone. We are really pleased with the second-quarter results as we continue our terrific momentum this year. We increased revenue and operating cash flow thanks to broad-based strength across our businesses.

謝謝你，傑森，大家早安。我們對第二季的業績非常滿意，今年以來我們一直保持著強勁的成長勢頭。得益於旗下各業務的全面強勁發展，我們的營收和經營現金流均有所成長。

As you will hear we have many positive trends in each part of the Company. At Cable we achieved some of the best customer metrics in nearly a decade while posting strong operating cash flow growth. Our results this quarter provide further evidence that customers are responding favorably to many of our new initiatives.

正如您將聽到的，我們公司各個部門都呈現出許多積極的發展趨勢。在有線電視業務方面，我們取得了近十年來最好的客戶指標，同時實現了強勁的營運現金流成長。本季業績進一步證明，顧客對我們的許多新措施反應良好。

We added 115,000 customer relationships which is more than triple the number we added in the second quarter of 2015. In what is normally a negative seasonal quarter we lost only 4,000 Video customers, the best second-quarter result we have had in over 10 years. On a trailing 12 month basis we have now added about 90,000 Video customers, a remarkable improvement in the face of significant competitive and technological change and a testament to the investments we've made in our platform and breadth of content.

我們新增了 115,000 個客戶關係，是 2015 年第二季新增數量的三倍多。在通常業績下滑的季節性季度，我們僅流失了 4,000 名視訊用戶，這是我們 10 多年來取得的最好的第二季度業績。在過去 12 個月中，我們新增了約 90,000 名視訊用戶，在競爭和技術發生重大變化的情況下，這是一個顯著的進步，也證明了我們對平台和內容廣度的投資是值得的。

X1 is now about 40% penetrated and we have deployed a total of 8 million voice remotes. We are rolling out 800,000 new voice remotes each month and customers love it. It is generating over 200 million commands per month. Overall, the feedback on X1 continues to be terrific and the voice remote is driving customer satisfaction with the platform even higher.

X1 目前滲透率約 40%，我們總共部署了 800 萬個語音遙控器。我們每月推出 80 萬個新的語音遙控器，客戶非常喜歡。它每月產生超過 2 億條指令。整體而言，X1 的回饋依然非常出色，語音遙控器更是進一步提升了使用者對平台的滿意度。

Next at high-speed Internet, we added 220,000 customers, the best second-quarter result in eight years. Similar to Video, the improvement was driven by better customer retention. We started our rollout of DOCSIS 3.1 and expect this to continue to enhance the quality of our offering and ultimately our competitive advantage.

其次，在高速網路方面，我們新增了 22 萬用戶，這是八年來第二季最好的業績。與視訊業務類似，業務成長的驅動力是更高的客戶留存率。我們已開始推廣 DOCSIS 3.1，並期望這將繼續提高我們產品的質量，並最終提升我們的競爭優勢。

We've been investing in improving the customer experience at every touch point and we're very encouraged by our progress. Many of the key indicators around customer service are showing real improvement, first call resolution is at a multiyear high, our billing and onboarding contact rates are down significantly, our customer satisfaction scores are up and external indicators are pointing in the right direction as well. So all in all, another very strong quarter at Cable.

我們一直在投資改善客戶在每一個接觸點的體驗，我們對所取得的進展感到非常鼓舞。客戶服務的許多關鍵指標都顯示出真正的改善，首次呼叫解決率達到了多年來的最高水平，我們的計費和新用戶註冊聯繫率大幅下降，客戶滿意度評分上升，外部指標也朝著正確的方向發展。總而言之，有線電視業務又迎來了一個非常強勁的季度。

At NBCUniversal, as expected we had a challenging comparison in Film but we delivered very strong performance at Broadcast and solid growth in our Theme Parks and Cable Networks. I'm pleased to report that we've now completed our most successful upfront since owning the Company with a 12.5% CPM increase at NBC primetime. Overall, demand is strong across our entire portfolio.

正如預期的那樣，NBC環球在電影業務方面面臨著嚴峻的業績對比，但我們在廣播業務方面取得了非常強勁的業績，主題公園和有線電視網絡也實現了穩健增長。我很高興地宣布，我們自擁有該公司以來，已經完成了最成功的預售，NBC黃金時段的CPM成長了12.5%。整體而言，我們所有產品組合的需求都很強勁。

We've got a differentiated story versus our peers. Part of our success and leadership comes from a unified approach: we go to market as one Company.

我們的故事與同行有所不同。我們的成功和領先地位部分源自於統一的策略：我們作為一個整體公司進入市場。

Also, our big night strategy is compelling. If you aggregate big nights on TV in 2016 defined as a 10 household rating and a 5 in the 18 to 49 demo we project that NBC will own 70% of those nights.

此外，我們的重頭戲策略也很有吸引力。如果將 2016 年電視收視率最高的幾個夜晚（定義為家庭收視率達到 10 分，18 至 49 歲年齡段收視率達到 5 分）匯總起來，我們預計 NBC 將佔據其中 70% 的收視率。

We are also continuing our leading position in news. NBC Nightly News won both total viewers and the demo for the fourth consecutive quarter. The Today Show remains number one in demo and Meet the Press has risen from number three to number one in the key demo in the past year alone.

我們在新聞領域也持續保持領先地位。NBC晚間新聞連續第四個季度同時贏得總收視人數和目標受眾收視率。僅在過去一年裡，《今日秀》在目標受眾中的收視率就保持第一，《與媒體見面》節目也從第三名躍升至第一名。

We're on track to finish number one in Broadcast for the full year and Cable Networks continue to benefit from a great portfolio in entertainment, sports and news. For example, we saw particular strength at MSNBC during the quarter and are proud of the six recent Emmy nominations for USA's Mr. Robot, including for outstanding drama series.

我們預計在全年廣播領域排名第一，有線電視網絡將繼續受益於我們在娛樂、體育和新聞領域的出色節目組合。例如，我們看到 MSNBC 在本季度表現尤為強勁，並為 USA 電視台的《駭客軍團》最近獲得的六項艾美獎提名感到自豪，其中包括最佳劇情類劇集獎。

At Theme Parks, the highlight during the quarter was our launch of The Wizarding World of Harry Potter in Hollywood, which has been a tremendous early success. Both attendance and per capita spending at the park saw significant lifts and guest satisfaction is at record levels.

在主題樂園方面，本季的亮點是我們推出了位於好萊塢的哈利波特魔法世界，該計畫取得了巨大的早期成功。園區的遊客人數和人均消費額都大幅提升，遊客滿意度也達到了歷史新高。

In Film we announced our acquisition of DreamWorks in the second quarter. We look forward to welcoming the team and their wonderful creative talent to Universal and the broader Comcast family.

在電影業務方面，我們於第二季宣布了對夢工廠的收購。我們期待歡迎這支團隊及其傑出的創作才能加入環球影業和更廣泛的康卡斯特大家庭。

Speaking of animation, the Secret Life of Pets is a huge success and another great example of what happens when we put the entire weight of the Company behind an initiative. We featured pets on many different platforms across all of Comcast NBCUniversal including integration with our X1 experience. The movie opened to a record-breaking $104 million, the highest ever opening in the US for an original animated film, and importantly we created another franchise for Chris Meledandri and Illumination.

說到動畫，《寵物當家》取得了巨大的成功，這也是我們全力支持一項計畫的另一個絕佳例證。我們在 Comcast NBCUniversal 旗下眾多平台上展示了​​寵物，包括與我們的 X1 體驗相結合。這部電影首映票房創下 1.04 億美元的紀錄，成為美國原創動畫電影有史以來最高的首映票房，更重要的是，我們為克里斯梅勒丹德利和照明娛樂公司創造了另一個系列作品。

Finally, let me just say a word about the Olympics. It's an honor to be the Company that brings the Olympic Games to America. It is one of our greatest moments of pride and the entire organization is ready to deliver the most comprehensive and technologically advanced Olympics in history.

最後，我想簡單談談奧運。能夠成為將奧運帶到美國的公司，我們深感榮幸。這是我們最引以為傲的時刻之一，整個組織已做好準備，為大家帶來史上最全面、技術最先進的奧運。

Starting next week in Rio, NBC's coverage will be unprecedented: everything live streamed, 306 events, 11 networks, close to 6,800 hours of content. And our Emmy winning team will bring to life the stories of these remarkable athletes in a way that nobody else can.

從下週在裡約熱內盧開始，NBC 的報導將是前所未有的：所有賽事都將進行直播，306 場賽事，11 個頻道，近 6800 小時的內容。我們榮獲艾美獎的團隊將以獨一無二的方式，生動地展現這些傑出運動員的故事。

What excites me is the opportunity to marry the unique storytelling capabilities of NBC with Comcast's world-class technology. The best way to experience Rio will be on the X1 platform. For the first time we have built a destination that will combine live television, online streaming and on-demand content, athlete profiles and up-to-the-minute stats in one integrated NBC Olympics dashboard. And that's all searchable with our X1 voice remote.

讓我感到興奮的是，有機會將 NBC 獨特的敘事能力與 Comcast 的世界級技術結合起來。體驗裡約熱內盧的最佳方式就是搭乘 X1 平台。我們首次打造了一個集直播電視、線上串流媒體和點播內容、運動員簡介和最新統計數據於一體的 NBC 奧運綜合平台。所有這些都可以透過我們的 X1 語音遙控器進行搜尋。

We think that our viewers and customers are going to be amazed. Those 17 nights will showcase the strength of NBC, all of our Cable Networks and Comcast Cable working together and we couldn't be more excited.

我們相信我們的觀眾和顧客都會感到驚艷。這 17 個夜晚將展現 NBC、我們所有有線電視網以及 Comcast 有線電視的強大實力，我們對此感到無比興奮。

So we've had a great first half of the year on so many fronts and we're very excited to build on this in the second half. Mike, over to you.

今年上半年我們在許多方面都取得了巨大成功，我們非常期待在下半年繼續保持這一勢頭。麥克，該你了。

Thanks, Brian, and good morning everybody. I am starting on slide 4 for those following the presentation.

謝謝你，布萊恩，大家早安。對於正在觀看簡報的朋友們，我將從第4張投影片開始。

Our second-quarter results reflect broad-based strength across our businesses, partially offset by a challenging comparison in Film where our revenue declined by $915 million and operating cash flow declined by $366 million as a result of tough comparisons to our record-breaking performance in the second quarter of 2015.

我們第二季的業績反映了我們各項業務的全面強勁，但部分被電影業務的挑戰性基數所抵消。由於與 2015 年第二季創紀錄的業績相比，我們的營收下降了 9.15 億美元，經營現金流下降了 3.66 億美元。

Recall last year's second quarter was driven by the tremendous success of both Furious 7 and Jurassic World. So including Film you can see on slide 4 consolidated revenue increased 2.8% and operating cash flow grew 3% with the second quarter. Earnings per share was $0.83, a 1.2% decrease compared to a year ago, and free cash flow was $1.4 billion in the quarter, a decline of 5.4%. We will go into greater detail on these results on the slides to come.

回想一下，去年第二季的業績成長主要得益於《玩命關頭7》和《侏羅紀世界》的巨大成功。因此，包括電影業務在內，您可以在第 4 張投影片中看到，第二季合併收入成長了 2.8%，經營現金流成長了 3%。每股收益為 0.83 美元，比去年同期下降 1.2%；本季自由現金流為 14 億美元，下降 5.4%。我們將在接下來的幻燈片中更詳細地介紹這些結果。

Now let's start with Cable Communications on slide 5. Cable Communications delivered strong second-quarter results. Revenue increased 6% to $12.4 billion as we increased customer relationships and grew total revenue per customer relationship by 3% to $148 per month.

現在讓我們從第 5 張投影片中的 Cable Communications 開始。 Cable Communications 第二季業績表現強勁。隨著客戶關係的增加，收入成長了 6%，達到 124 億美元，每個客戶關係的總收入成長了 3%，達到每月 148 美元。

We added 115,000 customer relationships, an increase of 83,000 compared to last year's second quarter with broad-based improvement and strength across our entire footprint. Growth in two-product and three-product customers and a reduction in churn across all products drove the improvement. In fact, we have improved churn in Video and high-speed data for 29 consecutive months as customers increasingly recognize the value of our X1 platform and superior high-speed data product and we make meaningful strides in improving customer service.

我們新增了 115,000 個客戶關係，比去年第二季增加了 83,000 個，在整個業務範圍內都實現了廣泛的改善和成長。雙產品和三產品客戶數量的成長以及所有產品客戶流失率的降低推動了這項改善。事實上，隨著客戶越來越認識到我們 X1 平台和卓越的高速數據產品的價值，並且我們在改善客戶服務方面取得了實質進展，我們已連續 29 個月改善了視訊和高速數據的客戶流失率。

High-speed Internet continues to be the largest contributor to our overall cable revenue growth. Revenue increased 8.6% to $3.4 billion in the quarter, reflecting strong customer growth, customers subscribing to higher levels of service and rate adjustments which were more modest compared to the prior year. Our customer momentum continued as we added a combined 220,000 residential and business customers in the quarter, up 22% over last year's net adds and added 1.4 million combined customers over the past 12 months.

高速網路仍然是我們有線電視總收入成長的最大貢獻者。本季營收成長 8.6% 至 34 億美元，反映出客戶數量強勁成長、客戶訂閱更高服務水準以及與上年相比更為溫和的費率調整。我們的客戶成長動能持續強勁，本季新增住宅及商業客戶共 22 萬，較去年同期淨增 22%，過去 12 個月累計新增客戶共 140 萬。

We continue to gain market share and benefit from growth in the overall market as customers respond to our product differentiation. At the end of the quarter, 79% of our residential customers received speeds of 50 megabits per second or greater compared to 69% in the prior year.

由於客戶對我們產品差異化的積極回應，我們不斷擴大市場份額，並受益於整體市場的成長。本季末，79% 的住宅用戶獲得了每秒 50 兆位元或更高的網速，而去年同期這一比例為 69%。

Video revenue increased 2.8% to $5.6 billion in the quarter primarily due to rate adjustments as well as customers subscribing to additional services including premium channels, HD DVR and additional outlets. Our rate of growth was impacted by the challenging comparison to the hugely successful Pacquiao versus Mayweather fight on pay-per-view in last year's second quarter. Our rate adjustments are primarily from broadcast TV and RSN fees which as we will discuss in programming expenses are the most significant sources of our cost pressure.

本季影片收入成長 2.8% 至 56 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。去年第二季度，帕奎奧與梅威瑟的付費電視比賽取得了巨大成功，與去年同期相比，我們的成長率受到了影響。我們的費率調整主要來自廣播電視和區域體育網絡費用，正如我們將在節目製作費用部分討論的那樣，這些費用是我們成本壓力的最主要來源。

In terms of volume, our total Video customer base has grown modestly year over year as we have consistently improved our Video customer metrics for several quarters. In a quarter that's typically seasonally weak, we lost a combined 4,000 net Video customers, an improvement of 64,000 versus the year-ago quarter and, as Brian noted, making this our best second-quarter results in over 10 years. The improvement continues to be driven primarily by improved churn.

從數量上看，我們的視訊客戶總數逐年小幅成長，因為我們已連續幾個季度持續改善視訊客戶指標。在通常較為疲軟的第二季度，我們淨流失了 4,000 名視訊用戶，比去年同期減少了 64,000 名，正如 Brian 指出的那樣，這使我們取得了 10 多年來最好的第二季度業績。這項改善主要得益於客戶流失率的降低。

Our X1 platform is proving to be a real competitive differentiator and we continue to make good progress, rolling it out to 855,000 net new and existing customers this quarter with nearly 40 percent of our total Video customers now having X1. In addition to great technology, we couple this with the breadth of content available on demand and with a compelling TV Everywhere offering.

我們的 X1 平台正在證明其具有真正的競爭優勢，我們繼續取得良好進展，本季度已將其推廣至 855,000 個新增和現有客戶，目前我們近 40% 的視訊客戶都擁有 X1。除了先進的技術，我們還提供豐富的隨選內容和極具吸引力的「電視無所不在」服務。

Our customers are responding to these choices. On X1 85% of our subscribers are using XFINITY on demand monthly, viewing 29 hours a month on average. And 42% of our subscribers are using our TV Everywhere platforms monthly, up 17% from last year, viewing 10 hours a month on average. We think this adds great utility to our Video service.

我們的客戶正在對這些選擇做出回應。在 X1 平台上，85% 的用戶每月都會使用 XFINITY 點播服務，平均每月觀看 29 小時。42% 的用戶每月使用我們的「電視無所不在」平台，比去年成長了 17%，平均每月觀看 10 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 $893 million in the second quarter as customer combined net additions of 64,000 were offset by a modest incline in ARPU, reflecting our usual revenue allocations within our multiproduct packages.

完善我們的住宅產品，第二季度語音收入下降 1.1% 至 8.93 億美元，原因是客戶淨增 64,000 人被 ARPU 的小幅增長所抵消，這反映了我們在多產品套餐中通常的收入分配。

Let's now turn to business services which continues to deliver excellent results. Revenue increased 17% to $1.4 billion with the small business segment accounting for about 75% of our revenue and 60% of our growth. Revenue for the midsize business segment continues to grow at an attractive rate and its contribution as a percentage of total business revenue is increasing. Overall business services has strong positive momentum and continues to represent a large and attractive growth opportunity for the Company.

現在讓我們來看看業務服務，它一直表現出色。營收成長 17% 至 14 億美元，其中小型企業部門約占我們營收的 75% 和成長的 60%。中型企業的收入持續以可觀的速度成長，其占企業總收入的比例也不斷提高。整體而言，商業服務業務發展勢頭強勁，並將繼續為公司帶來巨大且極具吸引力的成長機會。

Cable advertising revenue increased 3.5% to $597 million, reflecting higher political revenue as we continue to benefit from advertising for the upcoming elections. Excluding the political contribution, our cable advertising revenue increased 1.1%, reflecting slower growth across core categories and the timing of media spending. Despite the slowdown in core local advertising we expect advertising revenue growth to ramp in the second half of this year, again driven by political revenue from the upcoming elections.

有線電視廣告收入成長 3.5% 至 5.97 億美元，反映出政治收入增加，因為我們繼續受益於即將到來的選舉的廣告。在剔除政治捐款後，我們的有線電視廣告收入成長了 1.1%，這反映出核心類別的成長放緩以及媒體支出的時機。儘管核心本地廣告成長放緩，但我們預計今年下半年廣告收入將加速成長，這也得益於即將到來的選舉帶來的政治收入。

Turning to slide 6, second-quarter Cable Communications operating cash flow increased to 5.7% to $5 billion, resulting in a margin of 40.6%, relatively consistent with the second quarter of 2015. Programming expenses grew 7.4%. However, excluding the impact of the pay-per-view fees associated with the fight in last year's second quarter program expense growth would have been 9.4%.

翻到第 6 張投影片，第二季有線通訊公司的營運現金流成長 5.7% 至 50 億美元，利潤率為 40.6%，與 2015 年第二季基本一致。編程費用增加了7.4%。然而，如果排除去年第二季節目支出成長中與該比賽相關的按次付費觀看費用的影響，則節目支出成長將達到 9.4%。

This growth reflects programming contract renewals, higher retransmission consent fees and sports programming costs. We continue to expect approximately 10% growth in programming costs for 2016 as growth ramps in the second half of the year driven by upcoming contract renewals.

這一增長反映了節目合約續約、更高的轉播許可費和體育節目製作成本。我們仍然預計 2016 年節目製作成本將成長約 10%，因為下半年成長速度加快，主要受即將到來的合約續約的影響。

Non-programming expenses increased 5.5%, reflecting or 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 in operations and invested in training tools and technology. As a result, technical and product support and customer service costs each increased 6%.

非程式支出增加了 5.5%，反映了或計劃進行投資以改善客戶體驗並繼續推廣 X1。我們增加了技術人員和服務人員，加強了營運調度團隊，並投資了培訓工具和技術。因此，技術和產品支援以及客戶服務成本均增加了 6%。

On a year-to-date basis, operating cash flow increased 5.3% to $9.9 billion, resulting in a margin of 40.3%, down 40 basis points compared to the same period in 2015. As a reminder, earlier this year we provided full-year guidance for our 2016 cable operating margin to be flat to down 50 basis points compared to the 40.6% in 2015. And that guidance is unchanged.

今年迄今為止，經營現金流成長 5.3% 至 99 億美元，利潤率為 40.3%，比 2015 年同期下降 40 個基點。提醒一下，今年早些時候，我們曾給出 2016 年全年有線電視業務營業利潤率的預期，預計與 2015 年的 40.6% 相比，將持平或下降 50 個基點。這項指導原則保持不變。

Now let's move on to NBCUniversal's results. On slide 7 you can see NBCUniversal delivered strong results in our TV and Theme Park businesses offset by the challenging Film comparison.

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 在電視和主題樂園業務方面取得了強勁的業績，但電影業務的業績與電視和主題樂園業務相比存在較大差距。

Revenue declined 1.8% and operating cash flow remained stable at $1.7 billion. Adjusting to include the acquisition of Universal Studios Japan in last year's results, pro forma revenue decreased 5.1% and operating cash flow decreased 6.4%.

營收下降1.8%，經營現金流維持穩定，為17億美元。若將去年收購日本環球影城納入績效考量，備考收入下降 5.1%，經營現金流下降 6.4%。

Cable Networks revenue increased 4.7% and operating cash flow increased 8.3% to $944 million, reflecting higher distribution and content licensing and other revenue as well as lower advertising, marketing and promotion expenses, partially offset by an increase in programming and production costs. Distribution revenue increased 6.9% driven by contractual rate increases and contract renewals, partially offset by a slight decline in subscribers at our Cable Networks. Advertising revenue was flat compared to the second quarter of 2015, reflecting strong pricing offset by audience ratings declines at our Cable Networks.

有線電視網絡收入成長 4.7%，營運現金流成長 8.3% 至 9.44 億美元，反映出分銷和內容授權及其他收入增加，以及廣告、行銷和推廣費用降低，但部分被節目製作成本的增加所抵消。受合約費率上漲和合約續約的推動，分銷收入增長了 6.9%，但部分被有線電視網絡用戶數量的略微下降所抵消。與 2015 年第二季相比，廣告收入持平，這反映出強勁的價格上漲被有線電視網絡收視率下降所抵消。

Broadcast Television had another strong quarter with revenue growth of 17.3% and operating cash flow growth of 70.5% to $394 million. This increase reflects higher content licensing, retransmission and advertising revenue, partially offset by higher programming and production spending.

廣播電視業務又迎來了一個強勁的季度，營收成長了 17.3%，經營現金流成長了 70.5%，達到 3.94 億美元。這一增長反映了內容授權、轉播和廣告收入的增加，但部分被節目製作支出的增加所抵消。

Content licensing increased 59.9%, primarily due to the availability of content in our current SVOD deals. Distribution and other revenue growth of 35% was driven by a 63% increase in retransmission revenue. Last, advertising revenue increased a healthy 2.9%, reflecting a strong scatter market partially offset by a challenging comparison in sports advertising due to less favorable NHL playoff match-ups and the absence of a Triple Crown contender.

內容授權成長了 59.9%，主要原因是我們在目前的 SVOD 協議中提供了內容。分銷和其他收入成長了 35%，其中轉播收入成長了 63%。最後，廣告收入健康成長了 2.9%，這反映出散裝廣告市場強勁成長，但部分被體育廣告的挑戰性成長所抵消，因為 NHL 季後賽對陣形勢不太有利，而且沒有三冠王爭奪者。

Film revenue declined 40.4% and operating cash flow declined 86.7% to $56 million, reflecting the difficult comparison to last year's Film performance. Most notably, theatrical revenue declined 78.8% compared to last year's second quarter which included the strong performances of Furious 7 and Jurassic World.

電影收入下降了 40.4%，經營現金流下降了 86.7% 至 5,600 萬美元，反映出與去年電影表現相比的艱難局面。最值得注意的是，與去年第二季相比，戲院收入下降了 78.8%，而去年第二季包括《玩命關頭 7》和《侏羅紀世界》的強勁表現。

In addition, home entertainment revenue declined 25.1% due to the strong performance of several releases last year including Fifty Shades of Gray. Partially offsetting this lower revenue was higher content licensing revenue due to several of last year's theatrical releases like Minions and Jurassic World now in the pay-TV window.

此外，由於去年包括《五十度灰》在內的幾部影片的強勁表現，家庭娛樂收入下降了 25.1%。部分抵銷收入下降的是內容授權收入的增加，因為去年上映的幾部電影，如《小小兵》和《侏羅紀世界》，現在都進入了付費電視窗口。

Theme Parks revenue increased 47% to $1.1 billion and operating cash flow increased 40.5% to $469 million in the second-quarter 2016. On a pro forma basis, revenue increased 10.6% and operating cash flow increased 5.3%. These results were driven by higher per capita spending at the parks and the successful opening of The Wizarding World of Harry Potter attraction in Hollywood. Partially offsetting these results was the timing of Spring Break which was more concentrated in the first quarter this year and preopening costs ahead of the new King Kong attraction this summer in Orlando.

2016 年第二季度，主題樂園收入成長 47% 至 11 億美元，經營現金流成長 40.5% 至 4.69 億美元。以備考基準計算，營收成長了 10.6%，營運現金流成長了 5.3%。這些成果的取得得益於公園人均消費額的提高以及好萊塢哈利波特魔法世界景點的成功開放。部分抵銷這些結果的因素是春假的時間安排，今年的春假更加集中在第一季度，以及今年夏天奧蘭多新金剛主題樂園的開幕前準備成本。

Let's move on to slide 8 to review our consolidated and segment capital expenditures. Consolidated capital expenditures increased 15.2% to $2.3 billion in the second quarter. At Cable Communications capital expenditures increased 12% to $1.9 billion for the quarter and on a year-to-date basis have increased 10.6% to $3.5 billion, representing capital intensity of 14% compared to 13.5% for the first half of 2015.

接下來我們來看第 8 張投影片，回顧我們的合併和分部資本支出。第二季綜合資本支出成長15.2%，達23億美元。Cable Communications 的資本支出本季成長 12% 至 19 億美元，年初至今成長 10.6% 至 35 億美元，資本密集度為 14%，而 2015 年上半年為 13.5%。

The higher spending reflects increased investment and line extensions and a higher level of investment in scalable infrastructure to increase network capacity. Our investment in our network helps enhance our competitive position in broadband while staying ahead of rapid growth and bandwidth consumption by our customers. We believe we have and will continue to monetize these investments effectively through subscriber growth and rate adjustments.

更高的支出反映了投資和線路延伸的增加，以及對可擴展基礎設施的更高投資水平，以提高網路容量。我們對網路的投資有助於增強我們在寬頻領域的競爭地位，同時保持領先於客戶快速成長和頻寬消耗的需求。我們相信，我們已經並將繼續透過用戶成長和價格調整有效地實現這些投資的利潤。

In addition, our higher capital expenditures reflect spending on customer premise equipment related to the deployment of our wireless gateways and the X1 platform. We continue to expect that for the full year of 2016 our cable capital intensity will remain flat to 2015 at approximately 15%.

此外，我們較高的資本支出反映了部署我們的無線網關和 X1 平台相關的客戶駐地設備的支出。我們仍然預計，2016 年全年電纜資本密集度將與 2015 年持平，約 15%。

At NBCUniversal, capital expenditures increased 32.4% to $360 million in the second quarter and increased 21.3% to $655 million on a year-to-date basis driven by the inclusion of a full quarter of Universal Studios Japan. We continue to expect NBCUniversal's CapEx to increase approximately 10% this year.

NBC環球第二季資本支出成長32.4%至3.6億美元，年初至今成長21.3%至6.55億美元，主要得益於日本環球影城完整季度的業績計入。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 5.4% to $1.4 billion in the second quarter, reflecting growth in consolidated operating cash flow offset by higher capital expenditures.

現在我將結束第 9 張投影片。正如我之前提到的，第二季合併自由現金流下降 5.4% 至 14 億美元，反映出合併經營現金流的成長被更高的資本支出所抵銷。

For the first half of the year, we generated $4.2 billion in free cash flow, a decrease of 9.8% over the first half of 2015. This decline reflects 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.

今年上半年，我們產生了 42 億美元的自由現金流，比 2015 年上半年減少了 9.8%。這一下降反映了合併經營現金流的成長，但被營運資本的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消。

In addition to investing in the business, we are also successfully executing our plan for returning capital to shareholders. Dividend payments during the quarter were $670 million, up 6.6%, and share repurchases were $1.1 billion, consistent with our plan to repurchase $5 billion of our common stock during the full year. In addition, we ended the quarter right at 2.0 times net leverage in line with our stated target.

除了對公司進行投資外，我們也在成功執行向股東返還資本的計畫。本季發放股利 6.7 億美元，成長 6.6%；股票回購額為 11 億美元，與我們全年回購 50 億美元普通股的計畫一致。此外，本季末我們的淨槓桿比率恰好為 2.0 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 going into the second half of the year. 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業績的滿意程度，以及我們進入下半年的良好勢頭。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) Craig Moffett, MoffettNathanson.

（操作說明）Craig Moffett，MoffettNathanson。

Hi, good morning. A question regarding your cable business for a second, and something that we've seen coming up in your set-top box configurations.

您好，早安。我想問一個關於您有線電視業務的問題，這是我們在您的機上盒配置中發現的一些問題。

Can you talk about the XB6 wireless gateway configuration for video distribution? And what that might do not just to the CapEx cost of X1 deployment but also the OpEx cost of self-provisioning and how that might -- when we might see that being operationalized?

能談談XB6無線網關在視訊分發方面的配置嗎？這不僅會對 X1 部署的資本支出成本產生什麼影響，還會對自助配置的營運支出成本產生什麼影響？以及我們何時才能看到這種情況實際應用？

Hi, Craig, it's Neil. The XB6 will be out, it's in the lab now, it will be out towards the end of the year or early next year.

嗨，克雷格，我是尼爾。XB6 即將上市，它目前正在實驗室研發中，預計今年底或明年初上市。

It is as you mentioned a WiFi-based delivery of the video signal, which should cut down on both OpEx and CapEx cost. And we haven't put out how much yet. It's still in the early days. But I think it will be a great addition to the overall hardware configuration and should over time bring down CapEx costs, CPE costs.

正如您所提到的，視訊訊號是透過 WiFi 傳輸的，這應該可以降低營運成本和資本支出。我們尚未公佈具體金額。目前還處於早期階段。但我認為這將是對整體硬體配置的極大補充，並且隨著時間的推移，應該能夠降低資本支出成本和客戶端設備成本。

And is there anything you can update us on with respect to the reaction you're seeing from customers about the current X1 set-top boxes with respect to take rates of VOD, churn rates and what have you?

關於您目前從客戶那裡了解到的 X1 機上盒的回饋，例如點播服務購買率、客戶流失率等等，您能否向我們提供一些最新資訊？

Well, churn rates are down significantly with the X1. DVR take rate is about three times native. The pay-per-view is about two times native.

嗯，X1 的用戶流失率顯著下降了。DVR錄製率大約是原生錄製率的三倍。付費觀看的價格大約是原生觀看價格的兩倍。

We are getting more additional outlets per box, so the ARPU is up significantly and churn is down. So it's been a great product for us and we keep innovating with it and adding new features and functionality.

每個機房新增的插座數量更多，因此每位用戶平均收入 (ARPU) 顯著提高，用戶流失率下降。所以它對我們來說一直是一款很棒的產品，我們會不斷創新，並添加新的功能和功能。

Thanks, Neil.

謝謝你，尼爾。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you, good morning. I have a question for Brian and one for Steve.

謝謝，早安。我有一個問題想問布萊恩，還有一個問題想問史蒂夫。

Brian, the industry has a long history of collaboration. That's been a big part of the success if you think about CableLabs, etc. And I'm wondering in the context of all the big changes in ownership outside of Comcast and when you look at how much more software driven the business is becoming, you look at how much more streaming is happening around the country and think in terms of OTT, do you see either an opportunity or a need for greater collaboration throughout the cable industry going forward and something that you think might actually impact your business or make what you offer the consumer even more powerful?

布萊恩，這個行業有著悠久的合作歷史。如果你看看 CableLabs 等公司，你會發現這是它們成功的重要因素之一。我想知道，在康卡斯特以外的所有所有權都發生重大變化，以及當你看到這個行業越來越依賴軟體，當你看到全國各地的串流媒體服務越來越多，以及從OTT的角度來看，你是否看到未來整個有線電視行業需要或有機會進行更深入的合作，以及你認為這可能會對你的事業產生實際影響，或者使你為消費者提供的服務更加強大？

And then I will just ask my follow-up to Steve. Steve, you had a huge content licensing quarter this quarter and I'm just wondering in that context can you talk about your philosophy on SVOD licensing, particularly as we head towards this Hulu bundle which while we don't know what it looks like there's a lot of talk about cutting back on licensing to folks like Netflix and putting more product inside the bundle? Just wondering if you could opine on how you're thinking about that at NBC.

然後我會問史蒂夫後續問題。史蒂夫，你們本季的內容授權收入非常可觀，我想在這個背景下，你能談談你對 SVOD 授權的看法嗎？尤其是在我們即將推出 Hulu 套餐之際，雖然我們還不知道它最終會是什麼樣子，但有很多關於減少向 Netflix 等公司授權內容，並在套餐內加入更多內容的討論？想問您能否談談您對NBC這件事的看法。

So the content licensing numbers bounce around and this quarter was slightly higher than some of the other quarters but I don't think there is -- I know there is no change in strategy. We run the business being very careful about windows and being very careful about the way, various ways that we make money. And we've essentially licensed to everybody that you would expect us to license to.

所以內容授權數量一直在波動，本季度略高於其他一些季度，但我認為——我知道策略沒有改變。我們經營這家公司時非常注重窗戶，也非常注重我們賺錢的各種方式。我們基本上已經向所有你預期我們會授權的對像都發放了授權。

As it relates to the new OTT entrants I think the key there is going to be making sure that we're in every bundle and I think we're going to be. We have more channels and more eyeballs than anyone else and we're pretty much essential to those bundles. And then as they go out making sure that they are incremental, that they are not cannibalistic, wholly cannibalistic.

至於新加入OTT產業的公司，我認為關鍵在於確保我們能進入每一個套餐，而且我認為我們絕對能做到。我們擁有比任何人都多的頻道和用戶群體，而且我們對這些套餐來說幾乎是必不可少的。然後，當他們出去的時候，要確保他們是漸進式的，而不是完全的、自相殘殺的。

I believe the vast majority of OTT subscribers will be incremental, will be going after people who currently are not part of the ecosystem and therefore will be additive to NBCUniversal and all of Comcast NBCUniversal, as well.

我相信絕大多數 OTT 用戶都是新增用戶，他們將吸引目前尚未加入該生態系統的人群，因此也將為 NBCUniversal 和 Comcast NBCUniversal 帶來收益。

Look, you know I'm not sure I know your question there, Ben. But I think listening to it the first thing we did is we wanted to have sufficient scale for Comcast to be able to invest in the kind of things we're going to do for the Olympics and X1 where we have enough scale to justify that and do really well as a standalone Company.

聽著，本，我不太確定我是否明白你的問題。但我認為，聽取意見後，我們做的第一件事就是希望康卡斯特擁有足夠的規模，以便能夠投資於我們將要為奧運會和 X1 所做的那些事情，我們有足夠的規模來證明這些投資的合理性，並作為一家獨立公司能夠做得非常好。

We've always liked to collaborate, you're right about that. As we look at things like business services and advanced advertising, one of the reasons we were happy to see some of the other consolidation that took place earlier in the year and has been happening is to enable that collaboration.

我們一直都喜歡合作，你說得對。當我們審視商業服務和高級廣告等領域時，我們很高興看到今年早些時候以及之後發生的一些其他整合，其中一個原因就是為了促進這種合作。

And I think it also extends to programmers and operators trying to find ways to use this new technology to give more value to the consumer. And whether that's starting with high def, working all the way to on-demand and DVRs to now additional content and random access and on multiscreens and all devices and whatever is coming next.

我認為這也適用於程式設計師和營運商，他們正在努力尋找利用這項新技術為消費者創造更多價值的方法。無論是從高清開始，到點播和數位錄影機，再到現在的額外內容和隨機訪問，以及多螢幕和所有設備，以及未來的任何發展方向。

It's a very exciting time. I think our Company has a real momentum of being new products, innovation, improving service. And I think that's why you're seeing the results we're reporting this morning.

這是一個非常令人興奮的時刻。我認為我們公司在推出新產品、創新和提高服務方面確實發展勢頭強勁。我認為這就是為什麼你們會看到我們今天早上報道的結果。

Thank you both.

謝謝你們兩位。

Richard Greenfield, BTIG.

Richard Greenfield，BTIG。

Hi, a couple of questions. One, just wondering how are you thinking about balancing Video subs relative to ARPU? Obviously your Video sub growth has been really impressive relative to the rest of the industry.

您好，我有幾個問題。一、我想問一下，您是如何考慮平衡影片訂閱用戶數量和每用戶平均收入（ARPU）的？顯然，相對於業內其他公司而言，您的影片訂閱用戶成長非常驚人。

ARPU is slowing a little bit and just wondering what's going on there in terms of the balancing act. Then two, just wanted to follow-up on the last question tied to Hulu. At INTX, I think Brian your team talked how technologically there's nothing stopping X1 from working nationwide.

ARPU（每位用戶平均收入）成長略有放緩，我想知道這方面是如何平衡各方利益的。其次，我想就最後一個與 Hulu 相關的問題做個後續說明。在 INTX 會議上，我想 Brian，你的團隊談到了從技術上講，沒有任何事情能夠阻止 X1 在全國範圍內運行。

And given all the stats that Neil just cited for X1 with Hulu, Dish, DIRECTV, YouTube and others going nationwide, what's stopping Comcast from basically launching X1 on a nationwide basis and really competing with everyone that's out there?

鑑於尼爾剛才引用的所有關於 X1 的數據，包括 Hulu、Dish、DIRECTV、YouTube 等公司在全國範圍內推出 X1，那麼是什麼阻止了 Comcast 在全國範圍內推出 X1，真正與所有競爭對手競爭呢？

Hi, Rich, it's Neil. I think the first question concerning how do we balance subs and ARPU can be explained by the fight, the Mayweather/Pacquiao fight last year. The difference in revenue was about 150 basis points in the fight. So if we were to include the fight this year we'd be 150 basis points up if you want to look at it that way, and actually higher ARPU than last year's second quarter -- higher revenue, excuse me.

嗨，里奇，我是尼爾。我認為關於如何平衡降級和 ARPU 的第一個問題可以透過去年梅威瑟/帕奎奧的比賽來解釋。在這場競爭中，雙方的所得差距約為 150 個基點。所以，如果我們把今年的比賽也算進去，那麼我們的業績將上升 150 個基點（如果你這樣看的話），而且實際的 ARPU 比去年第二季度更高——抱歉，是更高的收入。

So that explains that. I think we continuously balance the volume and the rate but we also had more subs come into the starter package which is a fully bundled package this quarter than we had in the past. So we're getting the fully bundled product out there.

原來如此。我認為我們一直在努力平衡數量和價格，但本季選擇入門套餐（一個完全捆綁的套餐）的訂閱用戶也比以往更多。所以，我們即將推出完整捆綁式產品。

I'll take the second one. First of all I think, Neil, you guys are doing a great job in that answer and the balance is one of the things we're most proud of.

我選第二個。首先，我認為尼爾，你們在回答這個問題時做得非常出色，而這種平衡是我們最引以為傲的事情之一。

It's not just subscribers, it's the revenue and cash flow growth for cable, very healthy this quarter and all year. And the trend is we're doing both really well. So thanks for asking that because the fight did distort that this quarter a bit.

不僅僅是用戶數量，有線電視的收入和現金流成長也非常健康，本季和全年都是如此。而且目前的趨勢是，我們在這兩方面都做得非常好。謝謝你問這個問題，因為這場爭鬥確實對本季的數據造成了一些影響。

Look, we just fundamentally believe for now that our in-market, in-footprint strategy is where we add the most value to consumers. Right now we're 40% X1 penetrated. We're hoping to increase that in a short period next year or two as it continues to scale.

你看，我們目前從根本上相信，我們的市場佈局和實際覆蓋策略才能為消費者創造最大的價值。目前 X1 的滲透率已達 40%。隨著規模的不斷擴大，我們希望在未來一兩年內短期內提高這個數字。

Our broadband is great results, business services, it all works well with having a network. OTT economics are unproven to us. And out of footprint, it's not clear that that's the right strategy for us.

我們的寬頻服務效果很好，商業服務也很棒，有了網絡，一切都運作良好。我們尚不清楚OTT的經濟效益如何。從佔地面積來看，目前還不清楚這是否是適合我們的正確策略。

So we're about a business model where we're able to grow the customer base, have customers that have multiple products, really high value and ever reducing churn and innovative new products that bolt on. It's not clear how you do that where you don't have a network. But we're innovating all the time and we're happy with the strategy we have.

所以，我們的商業模式是能夠擴大客戶群，擁有擁有多種產品、真正高價值、客戶流失率不斷降低且不斷推出可附加的創新產品的客戶。在沒有網路的情況下，如何做到這一點尚不清楚。但我們一直在進行創新，我們對目前的策略感到滿意。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Thanks. First question for Cable, it looks like expense growth moderated in the quarter if we look at just advertising and customer service. Is this seasonality or are you through the bulk of investment spend?

謝謝。首先，就有線電視而言，如果我們只看廣告和客戶服務，似乎本季支出成長有所放緩。這是季節性因素造成的，還是你們已經完成了大部分投資支出？

And in the second question is for Steve. The 63% increase in the retrans number, is this coming more from retrans or from reverse comp or are they evenly split at this point?

第二個問題是問史蒂夫的。重傳次數增加了 63%，這主要是由於重傳還是反向壓縮造成的，或者兩者目前各佔一半？

Hi Marci. On the programming costs question came in at 7.4% but again it was the fight last year that if included would have risen our rate to a 9.4% increase. So it was a significant difference between the cost this year and last.

嗨，瑪西。節目製作成本問題佔 7.4%，但如果算去年的鬥爭，我們的費率將上漲至 9.4%。所以今年的成本與去年相比有很大的不同。

Yes, I was talking more about the non-programming expense.

是的，我主要指的是非程式設計方面的支出。

The non-programming expense. I wouldn't read anything significantly into that. It was non-programming expense.

非編程費用。我不會對此做任何重大解讀。這是非程式設計方面的支出。

We're still focusing on customer service. We're still driving out X1. So I think that the trends are going to be fairly consistent there.

我們仍然專注於客戶服務。我們仍在駕駛X1。所以我認為那裡的趨勢會相當一致。

So in terms of retransmission consent, we've grown retrans very, very substantially in the last five years but we still lag the other three big broadcasters based on what we know. We make slightly more from our affiliates as a share of their retrans than we make from our O&Os.

因此，就轉播許可而言，過去五年我們的轉播量成長非常非常大，但根據我們所知，我們仍然落後於其他三大廣播公司。我們從關聯公司獲得的轉出佣金比我們從自有公司獲得的佣金略高。

But the real point I think on retrans is we still have some major contracts where retrans is going to take significant step-ups. And we're still hundreds of million dollars less than some of the other comparable peers. And we think we deserve the same amount for retransmission consent.

但我認為關於轉播的真正重點是，我們仍然有一些重要的合同，其中轉播將大幅增加。而且，我們仍然比其他一些同類公司少數億美元。我們認為，對於轉發許可，我們也應該獲得相同的報酬。

We have the Olympics, we have the NFL. We're the number one network in the demo. And so I think over time that will be a number that continues to grow nicely.

我們有奧運會，我們有NFL（美國國家美式足球聯盟）。在演示中，我們是排名第一的網路。所以我認為隨著時間的推移，這個數字會繼續穩定成長。

Got it. Thank you.

知道了。謝謝。

Vijay Jayant, Evercore.

Vijay Jayant，Evercore。

Thanks. Two questions, both for Neil.

謝謝。兩個問題，都是問尼爾的。

First there is like a 1 terabyte cap now on your monthly usage for broadband. I just want to understand how we think about usage-based pricing given that hurdle in consumption?

首先，現在每月寬頻流量上限是 1TB。我只是想了解，考慮到消費方面的這個障礙，我們是如何看待基於使用量的定價的？

And then we saw an announcement on you introducing a prepaid offering. I just want to understand the market opportunity. And that's something we normally see in the developing world, why was there a need to actually do a prepaid offering for Video? Thank you.

然後我們看到了你們推出預付費服務的公告。我只是想了解市場機會。而這通常是我們在開發中國家看到的現象，為什麼需要推出視訊預付費服務？謝謝。

Well, we have 1 terabyte, we moved it from 300 gigabyte to 1 terabyte in the 14% of our markets where we have usage-based pricing. We think we're going to continue to adjust and look at it as the market evolves and as usage evolves. We have different pricing models, some based on speed, some based on usage and we're going to be flexible and let the market tell us which way is best for consumers and how we add the most value.

嗯，我們有 1 TB 的儲存空間，在 14% 採用按使用量計費的市場中，我們將儲存空間從 300 GB 增加到了 1 TB。我們認為，隨著市場和使用情況的發展，我們會繼續調整和審視這個問題。我們有不同的定價模式，有些是基於速度的，有些是基於使用量的，我們將保持靈活，讓市場告訴我們哪種方式對消費者最好，以及我們如何創造最大的價值。

We continue to add speeds. We've upped speeds 17 times in 15 years. We've built out the fastest WiFi.

我們持續提升速度。15年來，我們提高了17次速度。我們搭建了速度最快的WiFi網路。

So we're going to continue to invest in the network to stay ahead of things. Concerning prepaid there is a segment of the consumer base that we felt there was a better model at serving them. They are generally lower income, may or may not have a credit card and generally wouldn't meet our credit ratings, our credit standards that we had applied for customers, acquiring customers.

因此，我們將繼續投資網路建設，以保持領先地位。關於預付費用戶，我們認為有一部分消費者群體較適合採用預付費模式。他們的收入通常較低，可能持有信用卡，也可能沒有信用卡，而且通常不符合我們的信用評級和信用標準，無法獲得客戶。

So we felt this was a good model. We tested it and it worked well. So we will be rolling it out on a broader basis.

所以我們認為這是一個很好的模式。我們測試過了，效果很好。因此，我們將擴大推廣範圍。

Phil Cusick, JPMorgan.

Phil Cusick，摩根大通。

Hey guys, a couple of things. Staying away from spectrum but can you talk about the wireless strategy of the Company and when we might see you do some MVNO trials?

嘿，夥計們，有幾件事。暫且不談頻譜，您能否談談公司的無線策略，以及我們何時能看到您們進行一些虛擬運營商（MVNO）試驗？

Second, following up on Steve's with the nearly 13% CPM increase, how do you think about your monetization gap versus the industry? And how long to get to parity on advertising rates? Thanks.

其次，繼 Steve 提到的 CPM 成長近 13% 之後，您如何看待您的獲利能力與行業平均值之間的差距？廣告價格要多久才能達到平等水準？謝謝。

Concerning the wireless strategy and spectrum I can't really talk about spectrum but we think the wireless represents a significant opportunity for the business. With 28 million customer relationships, our MVNO rights which we've invoked and our 15 million WiFi hotspots we think there's a real business opportunity there. We've been in test and learn mode.

關於無線策略和頻譜，我不能談太多頻譜問題，但我們認為無線技術為公司帶來了巨大的發展機會。憑藉 2800 萬客戶關係、我們已經行使的 MVNO 權利以及 1500 萬個 WiFi 熱點，我們認為這裡存在著真正的商機。我們一直處於測驗和學習模式。

We recently announced Greg Butz who was running all our sales channels to take over the marketing -- he comes to take over the wireless business. He comes from that business, came to Comcast from the wireless business and has a great deal of experience in selling to our base and acquiring new customers. So we're continuing to move forward with our strategy and more to come in the future.

我們最近宣布，負責我們所有銷售管道的 Greg Butz 將接管行銷——他將接管無線業務。他來自無線通訊行業，在加入康卡斯特之前就從事無線通訊業務，在向我們的現有客戶銷售產品和服務以及獲取新客戶方面擁有豐富的經驗。因此，我們將繼續推進我們的策略，未來也將推出更多舉措。

So over the last five years we've talked a lot about what we call the monetization gap which is the gap between the CPMs that other people get and the CPMs that we receive. We also have had a monetization gap on the affiliate side which is the gap between the retrans or the affiliate fees that we receive and similarly situated channels.

因此，在過去的五年裡，我們一直在討論我們所謂的貨幣化差距，也就是其他人獲得的 CPM 與我們獲得的 CPM 之間的差距。我們在聯盟行銷方面也存在獲利差距，即我們收到的轉播費或聯盟行銷費與類似管道之間的差距。

At the time we did the deal the monetization gap was about 20% on ad sales. We've closed the majority of that gap and the biggest progress we've made in any single upfront was the progress we just made. A few years ago we put all of our channels together.

當時我們達成這筆交易時，廣告銷售的變現差距約為 20%。我們已經縮小了大部分差距，而且我們在任何一次預售中取得的最大進展就是我們剛剛取得的進展。幾年前，我們將所有頻道整合到了一起。

We had previously sold cable separately from broadcast and sports separately from prime time and news. We put everything together, so now if you want to buy back from any part of the Company we have a discussion about every part of the Company. And that because we're the largest provider of television advertising in the country people come to us first, so for the last couple upfronts we've really led the discussions and led the negotiations in price setting of the entire market.

我們之前是將有線電視與廣播電視分開銷售的，體育節目也與黃金時段和新聞節目分開銷售的。我們已經把所有事情都安排好了，所以現在如果您想從公司的任何部門回購股份，我們可以就公司的每個部門進行討論。因為我們是全國最大的電視廣告供應商，所以人們首先想到的就是我們。因此，在過去的幾次預售會上，我們真正引領了整個市場的價格製定討論和談判。

Brian mentioned it in his overview but we got 12.5% increases on NBC entertainment but we also got 13% on USA, we got 12% on E!, we got 10% on Bravo and overall cable was up double digits and broadcast was up double digits. So we had a wonderful upfront. I think in some instances we might be a few percentage points ahead of similarly situated networks this year.

Brian 在他的概述中提到了這一點，NBC 娛樂頻道增長了 12.5%，USA 頻道增長了 13%，E! 頻道增長了 12%，Bravo 頻道增長了 10%，有線電視和廣播電視整體增長了兩位數。所以我們前期準備得很充分。我認為在某些情況下，我們今年的收益率可能會比類似情況的電視台高出幾個百分點。

But we think we deserve that and we still have a gap that we're trying to close. It's hard to make progress that's much more material than a few percentage points but I think we certainly made it this year.

但我們認為我們理應如此，而且我們之間仍然存在差距，我們正在努力縮小差距。很難取得比幾個百分點更實質的進展，但我認為我們今年確實做到了。

And we're also taking advantage of the fact that it's a strong advertising market both in scatter and upfront pricing. And I think big advertisers realize that digital is an important part of the mix, but if you have a major product launch you really, really have to look at big events on broadcast and cable television that can provide the kind of reach and depth that you get.

而且，我們也利用了這樣一個事實：這是一個強大的廣告市場，無論是分散式廣告還是預付式廣告。我認為大型廣告商意識到數位行銷是行銷組合中的重要組成部分，但如果你有一個重要的產品發布會，你真的、真的需要關注廣播和有線電視上的大型活動，因為它們可以提供你所獲得的覆蓋面和深度。

Think of what someone gets when they advertise in the Olympics. We have three times the combined ratings on any given night during the Olympics of ABC, CBS and Fox. So that kind of appeal if you're marketing an automobile or a beer or a car it's just a tremendous value proposition and we're happy to have it and we made real progress this year.

想想在奧運廣告能獲得什麼。在奧運期間的任何一晚，我們的收視率都是 ABC、CBS 和 Fox 三家電視台總收視率的三倍。所以，如果你要推銷汽車、啤酒或汽車，這種吸引力就是一個巨大的價值主張，我們很高興擁有它，並且今年我們取得了真正的進步。

Thanks, Steve.

謝謝你，史蒂夫。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·雷夫·科恩，美國銀行美林證券。

Thanks. I will focus on NBC in my two questions but I just want to say I have never seen a second quarter with Video subs flattish even when the industry was a fraction of penetration. So hats off to Neil.

謝謝。我的兩道問題將主要針對 NBC，但我只想說，即使在行業滲透率遠低於現在的時候，我也從未見過視頻訂閱用戶在第二季度保持平穩的情況。所以，向尼爾致敬。

But I have two NBC questions. One is on the Olympics. And Steve, you just touched on the big nights that you will have, but given your differentiated and unique approach to the Olympics, how will you monetize beyond the advertising sales you've already garnered?

但我有兩個關於NBC的問題。其中一篇是關於奧運的。史蒂夫，你剛才提到了你將要迎來的那些重要夜晚，但鑑於你對奧運會的獨特見解，除了你已經獲得的廣告銷售額之外，你將如何實現盈利？

And the second completely different question but also NBCU is can you talk a little bit about your China strategy? Have you actually signed the documents for a Beijing Park and what the timing is, how are you thinking about Film?

第二個問題完全不同，但同樣來自NBCU，您能否談談貴公司的中國策略？您是否已經簽署了北京公園的興建文件？時間安排如何？您對電影產業有何看法？

The quota is likely to be and the split is likely to be lifted next year. So can you just talk about overall approach to China? Thanks.

配額制度和分成比例明年可能會被取消。那麼，您能否談談對華政策的總體方針？謝謝。

Okay, so let me start with the Olympics. So for the first time since we've been here we hit our advertising budget for the Olympics three weeks before the start of the Olympics. Normally we would hit the budget right about the time the Olympics started or shortly thereafter.

好的，那我就先從奧運說起。所以，自從我們來到這裡以來，第一次在奧運開幕前三週就達到了奧運廣告預算目標。通常情況下，我們會在奧運開幕前後不久完成預算。

Our budget was about a 20% increase from London. So we're very, very happy with how we're doing in terms of Olympic sales.

我們的預算比倫敦增加了約 20%。所以，我們對奧運產品的銷售情況非常非常滿意。

We make money a lot of different ways in the Olympics. We have national advertising which is what I was just referring to. We also have a lot of advertising in our own stations.

我們在奧運會中有很多不同的賺錢方式。我們有全國性的廣告宣傳，我剛才指的就是這個。我們自己的電台也投放了大量廣告。

We get paid an affiliate fee by cable and satellite and telco operators and then we have a very big digital business. All of those businesses look terrific.

我們從有線電視、衛星電視和電信業者那裡獲得聯盟佣金，然後我們擁有非常龐大的數位業務。這些企業看起來都很棒。

And the way the Olympics work you have a sufficient makegood to cover any ratings shortfall which we hope and think there won't be. But even if there was a significant shortfall we would just make good during the Olympics. So we're looking I think at a very profitable Olympics.

奧運的運作方式決定了，即使收視率出現任何下滑，也有足夠的補償措施來彌補，我們希望並認為這種情況不會發生。但即便出現重大資金缺口，我們也會在奧運期間彌補回來。所以我認為，這將是一屆非常有利可圖的奧運。

We made $120 million or thereabouts in London and we are going to make a lot more than that in Rio. So we're looking forward to that.

我們在倫敦賺了大約 1.2 億美元，在裡約熱內盧我們肯定會賺得更多。所以我們很期待。

China, Brian and I were in China two weeks ago. And we are very, very bullish on our business there as are most people doing business in China.

兩週前，我和布萊恩去了中國。我們非常非常看好我們在中國的業務，就像大多數在中國做生意的人一樣。

NBCUniversal made essentially nothing in China four years ago. I'm talking movies, television, consumer products and theme parks.

四年前，NBC環球在中國幾乎沒有獲利。我指的是電影、電視、消費品和主題樂園。

Last year we made call it $170 million in China from movies and television. That number is going to grow substantially in the future. We have existing deals and new deals and we are getting better and better at bringing our products to China.

去年我們在中國透過電影和電視獲得了約 1.7 億美元的收入。未來這個數字還會大幅成長。我們已經達成了一些交易，也達成了一些新的交易，我們在將產品引入中國市場方面越來越做得更好。

Then in 2020 we're projecting to open a theme park in Beijing which we're very bullish about. We have not signed all the documents but we've had countless meetings. By the way, our first meeting about Beijing happened something like 12 years ago, so those have been going on a long, long time.

然後，我們計劃在 2020 年在北京開設一個主題樂園，我們對此非常有信心。我們雖然還沒有簽署所有文件，但已經開了無數次會議。順便說一句，我們第一次討論北京問題是在大約 12 年前，所以這件事已經持續了很長時間。

But we're essentially we are in schematic drawings. We've had countless discussions on we have all the attractions laid out. We're really in production mode.

但我們本質上只是在繪製示意圖。我們已經就此進行了無數次討論，所有景點都已規劃完畢。我們現在真的進入生產模式了。

I think when you look forward to 2020 combination of movies and television and theme parks, China is going to be a very, very substantial profit generator for our Company.

我認為，展望 2020 年，電影、電視和主題樂園的結合將使中國成為我們公司非常非常可觀的利潤來源。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great, thank you. Couple of questions for Neil. First on the X1, you've gone from 30% to 40% penetration in the first half year, it looks like you will be north of 50% by the end of the year.

太好了，謝謝。我有幾個問題想問尼爾。首先，X1 的市場滲透率在第一年上半年就從 30% 提高了 40%，看起來到年底就會超過 50%。

Can you give us an idea of where you think that number tops out? And looking at that, can we assume that 2016 here is the sort of big year in terms of CapEx and OpEx to support it for the X1 rollout? That's number one.

您能大概說說您認為這個數字的上限是多少嗎？由此看來，我們是否可以認為 2016 年是資本支出和營運支出的重要一年，以支持 X1 的推廣？這是第一點。

Then the second is on the business market. Nice growth, 17% growth, obviously most of it coming from the small- and medium-size business. Do you believe you need more assets to go after the large business market?

其次是商業市場。成長勢頭良好，成長了 17%，顯然大部分成長來自中小企業。你認為你需要更多資產才能進軍大型企業市場嗎？

Is that an opportunity for you, especially out-of-region assets? Or is a partnership with Charter and other cable companies the more likely way you approach that segment of the market? Thanks.

這對您來說是一個機會嗎？特別是對於區域外的資產？或者，與 Charter 和其他有線電視公司建立合作關係，才是您開拓該細分市場的更可能方式？謝謝。

Hi, John. With X1 we will be at about 50% penetration by the end of the year. We [added 855,000 net new and existing customers] (corrected by company after the call) this quarter.

嗨，約翰。到今年年底，X1 的市場滲透率將達到 50% 左右。本季我們新增了 855,000 名淨新舊客戶（電話會議後公司進行了更正）。

So we are growing at a good rate. We will continue to press more penetration. I'm not exactly sure where it tops out but you can say that generally speaking in the 80%, 85% range there is a part of the base you probably don't get to because you don't want to disrupt satisfied legacy customers who are in single play video.

所以，我們的成長速度相當不錯。我們將繼續加大市場滲透力度。我不太確定它的上限是多少，但一般來說，在 80% 到 85% 的範圍內，有一部分用戶你可能無法觸及，因為你不想打擾那些對單次播放視訊服務感到滿意的老客戶。

Concerning the business services, you're right, the majority of the growth is still coming from small- and medium-size. We stood up the enterprise business September of 2015. We're growing customers and we are doing deals with other MSOs.

關於商業服務方面，你說得對，大部分成長仍然來自中小企業。我們在 2015 年 9 月成立了企業業務部門。我們的客戶群正在不斷成長，我們也正在與其他MSO（多系統營運商）達成合作協議。

So Wawa is a good example, we just signed a deal with them for 700 locations for both XFINITY public WiFi in the stores and then employee WiFi also within the stores. And we did it out-of-footprint and in-footprint. So we did deals with other operators and it's worked out very well.

Wawa 就是一個很好的例子，我們剛剛與他們簽署了一份協議，將在 700 個地點提供 XFINITY 公共 WiFi（包括店內公共 WiFi）和員工 WiFi（包括店內員工 WiFi）。我們既在佔地面積內，也在佔地面積外完成了這項工作。所以我們與其他業者達成了協議，而且效果非常好。

So a lot of the chains we're opening up to like banks have main headquarters and then multiple locations. That's kind of the profile we're going after in the enterprise space and it's moving ahead quite nicely.

所以，我們正在拓展業務的許多連鎖機構，像是銀行，都有總部和多個分行。這正是我們在企業領域追求的目標客戶群，目前進展相當順利。

Got you. But on the X1 can we assume that spending there is topping out this year and maybe it's flat to down next year to support that?

抓到你了。但是，關於X1，我們是否可以假設今年的支出已經達到峰值，明年可能會持平或下降以支撐這一假設？

We haven't made any projections as to how many boxes we'll be getting out over the next year. We're still working the 2017 plan.

我們尚未對未來一年將發出多少箱貨物做出任何預測。我們仍在製定2017年計畫。

But I think that the other thing we're doing is getting X1 out on other devices and incorporating other players like Netflix into X1. So as we go out and you can get the X1 experience on a Roku or a Samsung TV that will also extend its reach.

但我認為我們正在做的另一件事是將 X1 推廣到其他裝置上，並將 Netflix 等其他播放器整合到 X1 中。因此，當我們推出X1產品時，您可以在Roku或三星電視上體驗X1，這將擴大其覆蓋範圍。

Great, thanks, Neil.

太好了，謝謝你，尼爾。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

I just have a question for Mr. Burke. Several years ago when you first got control of NBCUniversal I think you guys said if you had your druthers you'd have fewer brands to support within the Cable Network division.

我有個問題想問伯克先生。幾年前，當你們剛接手 NBCUniversal 時，我想你們曾說過，如果可以的話，你們希望有線電視網部門支持的品牌數量能減少一些。

I just wondered is that still true? Do you still believe that's true given the way you're selling ads? And if it is true, is there something subtle going on underneath the way you're allocating your programming dollars where you're arraying them against a fewer subset of all the brands that you have?

我只是想知道這種情況現在還適用嗎？鑑於你目前的廣告銷售方式，你還認為這是真的嗎？如果這是真的，那麼在你分配節目預算的方式上，是否有什麼微妙的因素在起作用，導致你只針對你擁有的所有品牌中的一小部分進行分配？

I do think that we and most of the big media companies are concentrating on their big brands. We have some cable channels that don't have full distribution. We've had a certain amount of consolidation and moving around.

我認為我們和大多數大型媒體公司都在專注於建立自己的大品牌。我們有一些有線電視頻道尚未完全覆蓋。我們經歷了一定程度的整合和人員調動。

We had a network called G4 and a network called Style that neither one currently exist. I think you will see more of that. I think you will see more of that with us and others. As the discussions with MVPDs get more and more contentious I think you want to make sure that your big networks are fully supported and you are more willing to reallocate.

我們曾經有一個名為 G4 的電視網和一個名為 Style 的電視網，但這兩個網現在都不存在了。我想你會看到更多這樣的情況。我認為你會在我們和其他人身上看到更多這樣的情況。隨著與多頻道視訊節目分銷商 (MVPD) 的討論變得越來越激烈，我認為你會希望確保你的大型網路得到充分支持，並且你會更願意重新分配資源。

Normally when you do those reallocations they are not all that negative for the content owner because you can take some of the programming and fees and ad sales and move them, consolidate them on some of your bigger networks. The good news for us, really, and you're seeing this with OTT, is if you have NBC you really need to be in a bundle. If you have USA it really needs to be in a bundle.

通常情況下，進行這些重新分配對內容所有者來說並不都是壞事，因為你可以將一些節目、費用和廣告銷售額轉移到你的一些更大的網路上，並將它們整合起來。對我們來說，真正的好消息是，如果你要看 NBC，你真的需要加入一個套餐，這一點在 OTT 服務中也體現得淋漓盡致。如果你在美國，那它真的需要捆綁銷售。

If you have Syfy or Bravo or E! those are big, substantial networks that are in the bundle. And when you really look at our Cable Networks we make most of our money in those big channels. And we've trimmed and I think you will see us and others continue to trim some of the more marginal channels.

如果你有 Syfy、Bravo 或 E!這些都是包含在捆綁包中的大型、重要的網路。當你真正審視我們的有線電視網絡時，你會發現我們的大部分收入都來自那些大型頻道。我們已經削減了一些頻道，我認為你會看到我們和其他人繼續削減一些邊緣頻道。

There's just too many channels. And people are spending too much programming channels that are not fully distributed and you'd much rather put your money and have Mr. Robot on USA and have The Voice and Blindspot on NBC and really go with your strong networks.

頻道太多了。人們在節目製作上花了太多錢，而這些節目並沒有得到充分的播出，你寧願把錢花在USA電視台的《黑客軍團》、NBC電視台的《美國之聲》和《盲點》上，真正支持你強大的電視網。

How far along are you in that evolution?

你在這個進化過程中處於什麼階段？

I don't know. I think there is more to do. We've done some.

我不知道。我認為還有更多工作要做。我們已經做了一些。

I think there is more to do. We've done some, I think there's more to do.

我認為還有更多工作要做。我們已經做了一些，但我認為還有更多的事情要做。

I don't think it's going to have a material impact on the way our profitability looks in terms of cable channels one way or the other. It might be slightly positive but I think it will evolve itself over the next number of years. And we'll continue to invest what we need to invest in the big guys and try to trim some of the smaller ones.

我認為這不會對我們有線電視頻道的獲利能力產生實質影響。這可能略微偏向積極，但我認為它會在未來幾年逐漸演變。我們將繼續加大對大公司的投資，並嘗試削減一些小公司的投資。

Okay, thank you.

好的，謝謝。

Brett Feldman, Goldman Sachs.

Brett Feldman，高盛集團。

Thanks for taking the question and just going back to the video trends and you talked about this long cycle you've seen and improvements in churn, and I'm just curious you feel like you are getting to the point where maybe most of that improvement is behind you? Or do you still see some obvious ways you can continue to chisel away at that?

感謝您回答這個問題。回到影片趨勢，您談到了您觀察到的漫長週期以及客戶流失率的改善，我只是好奇您是否覺得大部分的改善已經過去了？或者你仍然看到一些顯而易見的方法可以繼續在這方面進行深入研究嗎？

And then just at a higher level your thoughts on the competitive environment in video. It seems like the second quarter may not have been the most competitive quarter in light of some internal issues that your competitors are facing.

然後，從更高的層面來說，你對影片領域的競爭環境有什麼看法？鑑於你的競爭對手面臨的一些內部問題，第二季似乎並非最具競爭力的季度。

Are you expecting any meaningful change in the second half of the year? And is there anything you think you need to do to may be reposition around the competitive environment in the back half? Thanks.

你預計下半年會有任何實質的改變嗎？那麼，您認為在下半季的競爭環境中，您需要做些什麼來重新定位自己呢？謝謝。

You know, I think on the video side we've got what I believe is the best product out there in X1. We continue to add content. We are getting integrating new content into the platform.

你知道，我認為在影片方面，我們擁有目前市面上最好的產品——X1。我們會持續添加內容。我們正在將新內容整合到平台中。

We are getting on more devices so and I think we're just executing better. So I see room in continued churn reduction, it's been 29 straight months in the video and HSD side and I think there is still opportunity there as we improve the customer experience and continue to develop the product. And your second question was?

我們正在使用更多設備，我認為我們的執行力也越來越強了。所以我認為在降低客戶流失率方面還有提升空間，視訊和高速數位音訊方面已經連續29個月保持低流失率，我認為隨著我們不斷改善客戶體驗和持續開發產品，這方面仍然有機會。你的第二個問題是？

The broad competitive environment, particularly looking into the second half.

整體競爭環境，尤其著眼於下半年。

The competitive environment, I mean I think that we're competing well across all markets. Verizon had the strike this quarter but that's only in 15% of our footprint and the rest of our footprint performed just as well.

就競爭環境而言，我認為我們在所有市場上都具有很強的競爭力。Verizon 本季遭遇了罷工，但這只影響了我們業務覆蓋範圍的 15%，其餘業務覆蓋範圍的業績也同樣出色。

So I think we're always in a competitive environment. Nothing has changed dramatically and we think we're competing very well.

所以我認為我們始終處於競爭環境。一切都沒有翻天覆地的變化，我們認為我們的競爭力非常強。

Thanks.

謝謝。

Anthony DiClemente, Nomura Securities.

Anthony DiClemente，野村證券。

Good morning and thanks for taking my questions. First for Steve, given the agreement for Netflix to be integrated with X1, Comcast Cable is giving its customers better access to an ad-free viewing option relative to an ad-supported VOD option on cable, are you concerned that that integration could have an impact on ratings and potentially ad revenue at NBCU and other cable TV programmers in the industry?

早上好，感謝您回答我的問題。首先，史蒂夫，鑑於 Netflix 與 X1 達成整合協議，康卡斯特有線電視將為客戶提供更好的無廣告觀看選項，相比之下，有線電視上的點播服務則提供廣告支援。你是否擔心這種整合會對 NBCU 和業內其他有線電視節目製作商的收視率和廣告收入產生影響？

Then second question for Neil, I just wanted to get your thoughts on the value of premium pay-TV networks to your Video platform given that they are going direct-to-consumer increasingly. So for example, how does HBO going direct-to-consumer with HBO Now change your approach to marketing it? Does it change the value of HBO to your Video customers or do you look at it as an opportunity on the broadband side? Thank you both.

那麼，尼爾，我的第二個問題是，鑑於付費電視網絡越來越多地直接面向消費者，我想聽聽你對付費電視網絡對你的視頻平台的價值有何看法。例如，HBO 透過 HBO Now 直接面向消費者，這會如何改變你們的行銷策略？這是否會改變 HBO 對您視訊用戶的價值？還是您認為這是寬頻方面的一個機會？謝謝你們兩位。

So when you look at all the changes going on in the video spaces I think it's easy to overreact to a change or to predict that a change is going to be more dramatic than it really is. The fact of the matter is something like 40% of the people in America have Netflix now and the people it's obviously an extremely successful service and people are watching a lot on Netflix. And whatever Netflix is doing to viewing habits I think a lot of that is already done and it's going to change and the tide will come in and go out, but the fact that Neil is putting it on the set-top box is a great idea.

所以，當你觀察影片領域正在發生的所有變化時，我認為很容易對變化反應過度，或者預測變化會比實際情況更加劇烈。事實是，現在美國大約有 40% 的人擁有 Netflix 服務，顯然這是一項非常成功的服務，人們在 Netflix 上觀看大量內容。至於 Netflix 對人們觀看習慣的影響，我認為很多影響已經顯現，而且這種影響還會改變，潮流也會起起落落，但尼爾把它放到機上盒上確實是一個很棒的想法。

It's very customer focused. It's going to make Comcast an easier place to view, particularly with X1, easier place to view all the options in video. And I think it's a very smart strategy for Comcast and I think to the degree the MVPD ecosystem stays strong, that's good for NBCUniversal.

它非常注重客戶體驗。這將使 Comcast 成為一個更方便的觀看平台，特別是使用 X1 時，可以更方便地查看所有影片選項。我認為這對康卡斯特來說是一個非常明智的策略，而且我認為，MVPD 生態系統保持強勁發展，對 NBCUniversal 來說也是有利的。

Our relationship with Netflix has never been better. They are huge purchasers of our content, we talk to them all the time. So my prediction is it will be quite a good thing for Comcast Cable and it will be a good thing for NBCUniversal.

我們與 Netflix 的關係從未如此融洽。他們是我們內容的主要購買者，我們一直與他們保持聯繫。所以我預測，這對康卡斯特有線電視和NBC環球來說都將是一件好事。

As Steve said, the X1 platform gives us the ability to be an aggregator of aggregators and to incorporate services like Netflix and to give the customer easy access to it, a seamless access. We had tossed around the decision for a while but really it came down to what's best for the customer as we get very customer experience focused and making sure we had critical mass in X1 so it made a difference.

正如史蒂夫所說，X1 平台使我們能夠成為聚合器的聚合器，並整合 Netflix 等服務，讓客戶能夠輕鬆、無縫地存取這些服務。我們反覆斟酌了一段時間才做出這個決定，但最終還是要以客戶利益為先，因為我們非常注重客戶體驗，並且要確保 X1 擁有足夠的用戶規模，這樣才能真正有所作為。

But concerning the premium packages overall I don't see their role changing dramatically. I think there needs to be some sort of a relationship or an indexing between retail and wholesale pricing. But we still think they add great value to the service and we'll continue to work them into the service.

但就高級套餐整體而言，我認為它們的作用不會發生巨大變化。我認為零售價格和批發價格之間需要建立某種聯繫或指數關係。但我們仍然認為它們為服務增添了很大的價值，我們將繼續把它們融入服務中。

Okay, thanks.

好的，謝謝。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

Hi, good morning. I wanted to ask I guess first on advertising, Steve, (technical difficulty) and also if you could comment on I guess how much of your inventory sold in the upfronts this year relative to last year? Did you sell more, roughly the same or less?

您好，早安。我想先問一下關於廣告方面的問題，史蒂夫（技術上遇到困難），另外，您能否談談今年預售中您的庫存與去年相比售出了多少？銷量是增加了、基本持平還是減少了？

And I was also wondering what your expectations, Neil and Steve, are for political advertising as the election cycle gets underway? And then if I could separately I just wanted to ask you about the YES dispute. You had obviously the real viewing data that made you confident in going ahead without YES carriage.

我還想知道，尼爾和史蒂夫，隨著選舉週期的開始，你們對政治廣告有何預期？然後，如果可以的話，我還想單獨問您關於 YES 爭議的問題。顯然，你掌握了真實的收視數據，這讓你有信心在沒有 YES 頻道的情況下繼續前進。

Just wondering what you learned there and how it might affect future negotiations on RSNs. Thank you.

想知道你在那裡學到了什麼，以及這可能會如何影響未來關於區域體育網絡（RSN）的談判。謝謝。

Hey, Bryan, it's Jason. Just to clarify because you did break up for a part of the question, the first question was about inventory sold in the upfront. Is that the entirety of it?

嘿，布萊恩，我是傑森。為了澄清一下，因為你在回答問題時斷斷續續，第一個問題是關於預售庫存的。就這些嗎？

The first question was if you could comment on what you're seeing in the scatter market right now. And then also separately if you could comment on how much of the inventory you moved to this year in the upfront, yes.

第一個問題是，您能否談談您目前在散戶市場看到的情況。另外，您能否單獨談談今年您提前轉移了多少庫存？好的。

I would say the scatter market continues to be extremely strong, as strong as we can remember it being and that's continuing. We're going into an Olympics period, so who knows what's going to happen there. But I think the advertising market is very, very strong and some of that is reflected in the upfront.

我認為散戶市場依然非常強勁，是我們記憶中最強勁的時期，而且這種勢頭還在持續。我們即將進入奧運時期，所以誰知道會發生什麼事。但我認為廣告市場非常非常強勁，這點在預售價格中也有所體現。

In terms of volume in the upfront I think we could have sold a lot more than we sold in the upfront. We sold about 10% more volume on the broadcast side, about 5% overall. We turned away a lot of volume, we're working on mix on the cable side to try to get higher, more profitable advertising into our mix in some of our cable channels.

就預售銷量而言，我認為我們本可以賣出比實際銷量多得多的產品。我們在廣播領域的銷量成長了約 10%，整體銷量成長了約 5%。我們拒絕了許多廣告投放，我們正在調整有線電視的廣告組合，爭取在一些有線電視頻道中投放更多利潤更高的廣告。

But there was plenty of volume. And we could have sold more if we wanted to. The percentage sold as a percent of the total is roughly comparable to previous years, so we still have depending on the network 20%, 25% of the volume available for a strong scatter market.

但音量卻很充足。如果我們想賣更多，我們完全可以賣得更多。銷售量佔總量的百分比與往年大致相當，因此，根據網路情況，我們仍然可以獲得 20% 到 25% 的銷量，用於強勁的散裝市場。

And concerning political, we see a good opportunity in the fourth quarter as we have seen in the past, so we think there is room there. And concerning YES, we had very detailed viewership data where we assumed that if we took it off the air there would be a certain amount of lost subscribers and our assumptions were much higher than the actual case turned out to be, if we had lost many fewer subscribers than we anticipated.

至於政治方面，我們認為第四季會是一個很好的機會，就像過去一樣，所以我們認為那裡還有發展空間。至於 YES 節目，我們有非常詳細的收視率數據，我們假設如果停播該節目，將會流失一定數量的訂閱用戶，而我們的假設比實際情況要高得多，我們實際流失的訂閱用戶比我們預期的要少得多。

So I think at the end of the day great programming there will always be a price for. And we will go in well informed to our conversations and look for value add to the consumer and value add between the programmers and distributors.

所以我覺得，歸根究底，優秀的節目製作總是需要付出代價的。我們將帶著充分的資訊參與對話，尋找對消費者的增值以及程式設計師和經銷商之間的增值。

Great, thank you.

太好了，謝謝。

Thank you, Bryan. Regina, make this the last question, please.

謝謝你，布萊恩。雷吉娜，請把這個問題留到最後一個。

Mike McCormack, Jefferies.

Mike McCormack，傑富瑞集團。

Hey guys, thanks. Neil, maybe just a couple for you.

嘿，夥計們，謝謝。尼爾，或許就給你兩份。

Thinking about the fourth quarter and the back end of the year we're seeing a lot of OTT offerings coming out. How do you guys think about positioning a single play broadband product and I guess how much flexibility do you have in pricing that?

展望第四季和下半年，我們看到很多OTT服務即將推出。你們如何看待單一寬頻產品的市場定位？我想問的是，你們在定價上有多大的彈性？

And then secondly either Mike or Neil, just thinking about the cable OCF guide is that just programming in the back half that might weigh on it?

其次，Mike 或 Neil，想想有線電視 OCF 節目指南，是不是後半段的節目安排會影響收視率？

Concerning the Q4 OTT products, as Brian said earlier we haven't seen an OTT model that really is very profitable for us. And we think that bundling our products and having business services and operating the bundle is still the best value.

關於第四季的OTT產品，正如Brian之前所說，我們還沒有看到真正能為我們帶來豐厚利潤的OTT模式。我們認為，將我們的產品與商業服務捆綁在一起，並經營該捆綁產品，仍然是最划算的。

And concerning single play and broadband we do market that. We think there is going to continue to be streaming services and OTT services that come through and broadband will continue to grow as we continue to invest in the network and the WiFi capabilities.

至於單機服務和寬頻，我們也有相應的市場推廣。我們認為，隨著我們持續投資於網路和 WiFi 功能，串流媒體服務和 OTT 服務將繼續湧現，寬頻也將繼續成長。

In terms of programming costs, so for the full year we still expect to be up about 10% for the full year. Year over year we were about 9.4% for the year to date when you adjust out the deflation caused by the fight. And that's on the back of the contract renewals that we had at the beginning of the year and we will have in the second half and some of that will carry over to next year as well.

就節目製作成本而言，我們預計全年仍將成長約 10%。如果剔除戰爭造成的通貨緊縮，今年迄今的年增率約為 9.4%。這是基於我們年初和下半年續約的合同，其中一些合約還會延續到明年。

And Mike, is it just the programming piece, though, that drives what looks to be conservative guidance based on the first half?

麥克，難道只是因為節目製作方面的原因，才導致了上半年看似保守的業績指引嗎？

Well, first half of the year on overall margin we were down 40 basis points to 40.3% versus 40.6% last year. And as we said at the beginning of the year it will be flat to down 50 basis points. And not going to tune up the second half of the year but all the trends are as described so we will be in that range.

今年上半年，整體利潤率下降了 40 個基點，至 40.3%，而去年同期為 40.6%。正如我們年初所說，利率將持平或下降 50 個基點。下半年不會進行調整，但所有趨勢都如描述的那樣，所以我們會在這個範圍內。

Okay great. Thanks, guys.

好的，太好了。謝謝各位。

Okay, thank you, Mike. And thank you everyone for joining us today. Regina, back to you.

好的，謝謝你，麥克。感謝各位今天蒞臨現場。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 11:30 a.m. Eastern Time. It will run through Wednesday, August 3 at midnight Eastern Time.

今天上午 11:30 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8月3日星期三午夜。

The dial-in number is 855-859-2056 and the conference ID number is 28741694. A recording of the conference call will also be available on the Company's website beginning at 12:30 p.m. today.

撥入號碼為 855-859-2056，會議 ID 號碼為 28741694。本次電話會議的錄音將於下午 12:30 起在公司網站上提供。今天。

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。