Comcast Corp (CMCSV) 2016 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's third-quarter 2016 earnings conference call. At this time all participants are in a listen-only mode. Please note that this conference call is being recorded.

各位女士、先生，早安，歡迎參加康卡斯特2016年第三季財報電話會議。目前所有與會者均處於僅收聽模式。請注意，本次電話會議正在錄音。

I will now turn the call over to Senior Vice President, Investor Relations, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

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。請您發言，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。布萊恩和麥克將作正式致辭，史蒂夫和尼爾也將回答問題。

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 two 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-GAAP financial measures. Please refer to our 8-K for the reconciliation of non-GAAP financial measures to GAAP.

照例，請各位參閱第二張投影片，其中包含我們的「安全港」免責聲明，並提醒各位，本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，本次電話會議中我們將提及某些非公認會計準則（非GAAP）財務指標。請參閱我們的8-K表格，以了解非GAAP財務指標與GAAP財務指標的調節表。

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

接下來，我請布萊恩羅伯茲發表意見。布萊恩？

Thank you, Jason, and good morning everyone. I'm pleased to report terrific operational and financial results during the third quarter. Consolidated revenue and operating cash flow were up 14% and 11% respectively driven by broad-based strength across the Company and for a company of our size, this is a tremendous result. From our perspective three things stood out in the quarter: our results in video which were the best for a third-quarter in the last 10 years; in broadband which were the best in seven years; and our successful broadcast and distribution of the Rio Olympics.

謝謝Jason，大家早上好。我很高興地向大家報告第三季出色的營運和財務表現。公司整體業績強勁成長，綜合收入和經營現金流分別成長了14%和11%，對於我們這樣規模的公司來說，這是一個非常了不起的成績。從我們的角度來看，本季有三點尤為突出：視訊業務的業績創下近十年來第三季最佳紀錄；寬頻業務的業績創下七年來最佳紀錄；以及我們成功完成了裡約奧運的轉播和發行工作。

Let's start with Rio which again validated that the Olympics are the most valuable and most consumed property in media. NBC won all 17 nights of prime time and the NBC Sports Network was the number one sports cable network in prime time over the 14 days that it presented live coverage of the games. In fact, in the 18 to 49 demo, NBC's primetime ratings more than quadrupled the other broadcast networks combined and were nearly five times greater with millennials. Moreover, that lead widened versus prior Olympics.

讓我們先來看看裡約奧運會，它再次印證了奧運會是媒體中最有價值、最受關注的資源。 NBC包辦了全部17個黃金時段的收視冠軍，而NBC體育頻道在直播奧運的14天裡，也是黃金時段收視率最高的體育有線電視網。事實上，在18至49歲年齡層的觀眾中，NBC的黃金時段收視率是其他廣播電視網總和的四倍多，在千禧世代觀眾中更是接近五倍。此外，與以往的奧運會相比，這一領先優勢進一步擴大。

The audience for the Rio Olympics was enormous, encompassing almost 200,000,000 Americans on television alone not to mention those who also engaged on our other platforms. Rio was also very strong from a financial perspective, significantly exceeding our prior results and we believe it will continue to be a big success going forward.

裡約奧運的觀眾人數極為龐大，光是電視觀眾就接近2億，這還不包括透過我們其他平台參與互動的用戶。裡約奧運的財務表現也非常出色，遠超我們以往的業績，我們相信它未來將繼續取得巨大成功。

One of the key reasons for our outstanding performance with the games is that our teams from across Comcast NBC Universal worked so well together. We partnered closely, innovated quickly and as a result delivered the most comprehensive and technologically advanced Olympics coverage in history.

我們在奧運報道中表現出色，關鍵原因之一在於康卡斯特NBC環球旗下各團隊的精誠合作。我們緊密協作，快速創新，最終呈現了史上最全面、技術最先進的奧運報道。

In our TV businesses, the Olympics drove our exceptional performance during the quarter and were a great way to wrap up our 2015/2016 television season. NBC finished the season as the number one broadcast network for the third year in a row and was also the number one broadcast network for the sixth summer in a row and the fall season is off to a good start with This Is Us as the highest-rated new series and Saturday Night Live kicking off its 42nd season with its highest-rated premieres in three years.

在我們的電視業務方面，奧運會推動了我們本季的出色業績，也為我們的2015/2016電視季畫上了圓滿的句號。 NBC連續第三年蟬聯收視率第一的廣播電視網，並連續第六年蟬聯夏季收視率第一。秋季檔也開局良好，《我們這一天》（This Is Us）成為收視率最高的新劇，《週六夜現場》（Saturday Night Live）第42季首播收視率創下三年來新高。

Telemundo is another bright spot in broadcast. It was the number one rated Spanish language TV network in Monday to Friday prime time for the quarter. We have fundamentally repositioned this network through investments in original content, infrastructure and talent and it is working.

Telemundo是廣播電視產業的另一個亮點。本季度，它在周一至週五黃金時段的西班牙語電視網收視率排名第一。我們透過對原創內容、基礎設施和人才的投資，從根本上重塑了該電視台的定位，而這些投資正在發揮作用。

Our Cable Networks delivered solid cash flow growth. We had a lot of successes in entertainment, sports and news in the quarter. MSNBC's ratings were up 95% and we also announced an exclusive deal in which all eight of the Harry Potter films will begin airing on USA and SciFi beginning in 2018. Plus we have rights to air the films across our other television properties too. We believe we are taking the right steps and remain on a trajectory to continue to grow this business.

我們的有線電視網絡實現了穩健的現金流成長。本季我們在娛樂、體育和新聞領域都取得了許多成功。 MSNBC的收視率增長了95%，我們還宣布了一項獨家協議，根據該協議，所有八部《哈利波特》電影將於2018年起在USA和SciFi頻道播出。此外，我們也擁有在其他電視平台上播放這些電影的版權。我們相信我們正在採取正確的措施，並將繼續保持成長勢頭，推動這項業務的持續發展。

At film, we completed the acquisition of DreamWorks and we are happy to welcome the team to the Comcast NBCUniversal family. In animation, The Secret Life of Pets from Illumination was a huge hit during the quarter. It had the highest ever opening in the US for an original animated movie and importantly gives us another valuable franchise. Looking ahead we are thrilled about our new original animated film Sing which opens in the US in December. I believe this is one of the best movies that Chris Meledandri and the team at Illumination has ever made.

在電影方面，我們完成了對夢工廠的收購，並非常高興地歡迎夢工廠團隊加入康卡斯特NBC環球大家庭。在動畫方面，照明娛樂出品的《寵物當家》在本季取得了巨大成功。本片創下了美國原創動畫電影的最高首映票房紀錄，更重要的是，它為我們帶來了另一個極具價值的系列作品。展望未來，我們對即將於12月在美國上映的全新原創動畫電影《歡樂好聲音》充滿期待。我相信這將是克里斯梅勒丹德利和照明娛樂團隊迄今為止製作的最優秀的電影之一。

At Theme Parks, we also delivered fantastic results. We continue to be extremely pleased with the opening of Harry Potter in Hollywood.

在主題樂園方面，我們也取得了非常出色的成果。我們對好萊塢哈利波特主題樂園的開幕感到非常滿意。

Now over at Cable, the team continued to expertly balance improvement in the financial and customer results. We generated strong growth in revenue and operating cash flow while also achieving some of our best customer metrics in nearly a decade. We ended the quarter with 28.3 million customer relationships adding 216,000 during the quarter.

在有線電視業務方面，團隊繼續巧妙地平衡了財務表現和客戶滿意度的提升。我們實現了營收和營運現金流的強勁成長，同時客戶指標也達到了近十年來的最佳水準。本季末，我們擁有2830萬客戶關係，較上季新增21.6萬。

In Video, we added 32,000 customers in the quarter. We now have added 170,000 video customers in the last 12 months. We also delivered great results in high-speed Internet adding 330,000 customers during the quarter. Across all of our product categories, better customer retention was a key driver of our performance.

本季度，我們在視訊業務方面新增了 32,000 名客戶。過去 12 個月，我們的視訊客戶總數已達 17 萬名。高速網路業務也取得了顯著成效，本季新增客戶 33 萬名。在所有產品類別中，顧客留存率的提升都是我們業績成長的關鍵驅動因素。

So how are we doing this? Well, we have shifted the culture of our Company to put the customer truly first and that is driving the focus of our product and technology innovation and also our customer service. A perfect example is Netflix which we have now integrated into X1. Our agreement with Netflix highlights the flexibility that we have in our platform and what a fantastic showcase X1 is for different types of content all in an elegantly designed and integrated experience. We did the same integration with live sports with the Olympics.

那我們是如何做到的呢？我們已經轉變了公司文化，真正將客戶放在首位，這驅動著我們產品和技術創新以及客戶服務的重點。 Netflix 就是一個完美的例子，我們現在已將其整合到 X1 平台中。我們與 Netflix 的合作協議凸顯了我們平台的靈活性，也展現了 X1 平台如何以優雅的設計和高度整合的方式，完美呈現各種類型的內容。我們也透過與奧運的合作，實現了與體育賽事直播的整合。

Similarly in high-speed Internet, we are increasing speeds and continue to deliver the fastest in-home Wi-Fi. Earlier this year, we launched a new residential Internet service that delivers gigabit speeds to customers using DOCSIS 3.1 technology.

同樣，在高速網路領域，我們也不斷提升網速，持續提供最快的家庭Wi-Fi服務。今年早些時候，我們推出了一項全新的住宅網路服務，利用DOCSIS 3.1技術為客戶提供千兆級網速。

We are also leveraging our position in the home to offer new services and this was true of voice when we introduced it and more recently, our home security product. As we announced last month, we are planning to bring a wireless service to our customers in mid-2017 as part of an attractively priced multi-product bundle. Stay tuned and we will have more to tell you about this at a later date.

我們正利用自身在家庭領域的市場地位，推出新的服務。例如，我們先前推出的語音服務，以及最近推出的家庭安防產品，都體現了這一點。正如我們上個月宣布的那樣，我們計劃在2017年年中為客戶提供無線服務，並將其作為價格極具吸引力的多產品組合的一部分。請關注，我們將在稍後公佈更多相關資訊。

Finally, we continue to make significant strides with customer service. Our efforts are focused on three areas. First, serving our customers faster. Second, improving and simplifying the experience particularly in on-boarding, billing and repair. Third, fixing issues the first time and when we fall short, making it right.

最後，我們在客戶服務方面持續取得顯著進展。我們的工作重點集中在三個方面。首先，更快地服務客戶。其次，改進並簡化客戶體驗，尤其是在註冊、計費和維修方面。第三，力求一次解決問題，如果出現任何疏漏，都會及時彌補。

So all in all I am really proud of the performance in the quarter and we are encouraged by the momentum that we have in our businesses. Our teams are executing well and also working well together and we are excited and optimistic about our future. Mike, over to you.

總而言之，我對本季的業績感到非常自豪，我們業務的發展勢頭也令人鼓舞。我們的團隊執行力強，合作也很順暢，我們對未來充滿信心和樂觀。麥克，接下來由你發言。

Thanks, Brian, and good morning everybody. I am starting on slide four for those following the presentation online. Our third-quarter results reflect consistent execution and broad-based strength across our businesses. Consolidated revenue increased 14.2% and operating cash flow grew 10.5% for the third quarter reflecting solid growth in our cable business and strong growth at NBCUniversal partly driven by the success of the Rio Olympics.

謝謝布萊恩，大家早安。對於在線上觀看簡報的朋友們，我將從第四張投影片開始。我們第三季的業績反映了我們各項業務的持續高效執行和全面強勁的成長。第三季合併營收成長14.2%，營運現金流成長10.5%，這主要得益於我們有線電視業務的穩健成長以及NBC環球的強勁成長，後者部分得益於裡約奧運的成功舉辦。

Earnings per share was $0.92, a 15% increase compared to a year ago and free cash flow was $1.4 billion in the quarter, a decline of 48.5%. This decline was driven by higher working capital primarily related to the Rio Olympics. We will go into greater detail on these results on the slides to come.

每股盈餘為0.92美元，較去年同期成長15%；本季自由現金流為14億美元，較去年同期下降48.5%。自由現金流下降的主要原因是營運資本增加，這主要與裡約奧運相關。我們將在後續的幻燈片中詳細分析這些業績。

Now let's start with Cable Communications on slide five. Cable Communications delivered strong third-quarter results. Revenues increased 6.9% to $12.6 billion as we increased customer relationships and grew total revenue per customer relationship by 3.6% to $148 per month. We added 216,000 customer relationships driven by two product customer additions and a reduction in churn across all products. In fact, we have improved churn in video and high-speed data for 32 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.

現在我們先來看第五張投影片中的有線通訊公司。有線通訊公司第三季業績表現強勁。由於客戶關係的拓展以及每位客戶關係帶來的月均總收入成長3.6%至148美元，公司營收成長6.9%至126億美元。我們新增了21.6萬個客戶關係，這主要得益於兩款產品的新增客戶以及所有產品客戶流失率的下降。事實上，隨著客戶日益認可我們X1平台和卓越高速數據產品的價值，以及我們在提升客戶服務方面取得的顯著進展，我們已連續32個月降低了視訊和高速數據業務的客戶流失率。

High-speed Internet continues to be the largest contributor to overall cable revenue growth. Revenue increased 8.8% to $3.4 billion in the quarter reflecting an increase in our customer base, rate adjustments which were more modest compared to the prior year, and customers subscribing to higher levels of service. Our customer momentum continued as we added a combined 330,000 residential and business customers in the quarter up 3% over last year's net adds and we added 1.4 million combined customers over the past 12 months.

高速互聯網仍然是有線電視整體收入成長的最大貢獻者。本季營收成長8.8%至34億美元，主要得益於客戶群的成長、較上年同期更為溫和的費率調整以及客戶升級服務等級。客戶成長動能依然強勁，本季新增住宅及商業客戶共33萬戶，較去年同期淨增3%，過去12個月累計新增客戶140萬戶。

We continue to benefit from growth in the overall market and gain market share as customers respond to our product differentiation. We have increased Internet speeds 17 times in the last 15 years. About 80% of our residential customers take speeds of 50 megabits per second or higher and we have over 15 million Wi-Fi hotspots for our customers to access which combined greatly increases our customer value proposition and competitive differentiation.

我們持續受益於整體市場的成長，並隨著客戶對我們產品差異化的積極回應而不斷擴大市場份額。過去15年中，我們的網路速度提升了17倍。約80%的住宅用戶使用50兆位元/秒或更高的網速，我們還擁有超過1500萬個Wi-Fi熱點供用戶接入，這些優勢極大地提升了我們的客戶價值主張和競爭優勢。

Video revenue increased 4.5% to $5.6 billion in the quarter primarily due to rate adjustments as well as customers subscribing to additional services and growth in our customer base. Our rate adjustments are primarily from broadcast TV and RSN fees as we have noted in previous quarters are the most significant sources of our programming cost pressure.

本季影片營收成長4.5%至56億美元，主要得益於價格調整、客戶訂閱更多服務、客戶群的成長。正如我們在前幾個季度所述，價格調整主要來自廣播電視和區域體育網絡（RSN）費用，這些費用是我們節目製作成本壓力的主要來源。

In terms of volume, we have consistently improved our video customer metrics for several quarters. In the third quarter, we continued the momentum and added a combined 32,000 net video customers, an improvement of 80,000 versus the year-ago quarter and as Brian noted, making this our best third-quarter result in 10 years.

就用戶數量而言，我們的視訊用戶指標已連續幾季持續提升。第三季度，我們延續了這一成長勢頭，新增視訊用戶3.2萬，較去年同期成長8萬。正如布萊恩所指出的，這是我們10年來第三季業績最好的一次。

Driving these impressive customer metrics is improved customer retention as our X1 platform proves to be a real competitive differentiator. X1 combines innovative technology with the breadth of content that is easily searchable and customers are clearly responding. As we expand our X1 customer base, the positive customer benefits continue. X1 customers have higher customer satisfaction and better retention rates.

這些令人矚目的客戶指標主要得益於客戶留存率的提升，而我們的 X1 平台已成為真正的競爭優勢。 X1 將創新技術與易於搜尋的大量內容結合，客戶反應熱烈。隨著 X1 客戶群的不斷擴大，客戶獲益也持續成長。 X1 客戶擁有更高的客戶滿意度和更佳的客戶留存率。

In addition, X1 customers compared to non-X1 customers have three times higher activations of DVRs, more outlets in the home and spend twice as much on pay-per-view. As a result the overall ARPU of an X1 customer is higher. We have been adding about 5 percentage points of X1 penetration each quarter this year and we kept that pace this quarter. We added 948,000 net new and existing customers with nearly 45% of our residential video customers now having X1.

此外，與非X1用戶相比，X1用戶的DVR啟動率高出三倍，家中擁有更多電視接口，且在付費點播上的消費額是後者的兩倍。因此，X1用戶的平均每用戶收入（ARPU）更高。今年以來，我們的X1用戶滲透率每季都成長了約5個百分點，本季也維持了這一成長速度。我們新增了94.8萬淨用戶（包括現有用戶），目前近45%的家庭視訊用戶都已接取X1服務。

Voice revenue declined by 2.4% to $878 million in the third quarter as combined customer net additions of 2000 were offset by a modest decline in ARPU. Our back to school initiatives were heavily focused on Double-Play this quarter driving a greater increase in two product video high-speed data customer relationships versus the Triple-Play that includes voice.

第三季語音業務收入下降2.4%至8.78億美元，原因是新增客戶2,000戶被每用戶平均收入（ARPU）的小幅下滑所抵銷。本季度，我們的返校季推廣活動重點放在了「雙重播放」（Double-Play）模式上，該模式推動了視訊、高速數據和語音兩種產品客戶關係的成長，而三重播放（Triple Play）模式（包含語音）則未能實現顯著增長。

Let's now turn to Business Services which continues to deliver excellent results. Revenue increased 15.5% to $1.4 billion with the small business segment accounting for over 70% of our revenue and 60% of our growth driven primarily by the net increase in customers. Revenue for the midsize business segment has a higher growth rate fueled primarily by additional Ethernet sites as we continue to invest in expanding that business.

現在我們來看看業務服務，該業務持續取得優異業績。營收成長15.5%，達到14億美元，其中小型企業業務貢獻了超過70%的營收和60%的成長，主要得益於客戶數量的淨成長。中型企業業務的營收成長率更高，這主要得益於新增以太網站點，我們將繼續投資拓展這項業務。

Cable advertising revenue increased 7.7% to $634 million reflecting higher political revenue related to the upcoming elections. Excluding the political contribution, our cable advertising revenue decreased 2%.

有線電視廣告收入成長7.7%，達到6.34億美元，主要得益於即將到來的選舉相關的政治捐款增加。若不計入政治捐款，我們的有線電視廣告收入則下降了2%。

Turning to slide six, third-quarter cable communications operating cash flow increased 5.5% to $5 billion resulting in a margin of 39.7% compared to 40.2% in the third 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，第三季有線通訊營運現金流成長 5.5% 至 50 億美元，利潤率為 39.7%，而 2015 年第三季為 40.2%，這主要是由於支出增加，主要與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有關。

Programming expenses grew 11.4% reflecting the timing of programming contract renewals. The underlying growth continues to be driven by higher retransmission consent fees and sports programming costs. For the full-year, we expect programming expense growth to be slightly above 10%.

節目製作費用增加了11.4%，主要受節目合約續約時間的影響。而轉播許可費和體育節目製作成本的上漲仍然是推動費用成長的主要因素。我們預計全年節目製作費用成長率將略高於10%。

Non-programming expenses increased 5.6% reflecting higher expenses to continue the rollout of X1, planned investment to improve the customer experience driven primarily by increased technicians and service personnel and an increase in advertising, marketing and promotion costs.

非程式支出增加了 5.6%，這反映出為繼續推廣 X1 而增加的支出、為改善客戶體驗而計劃的投資（主要由增加技術人員和服務人員推動）以及廣告、行銷和促銷成本的增加。

Year to date, our cable operating margin is down 40 basis points and that is roughly where we would expect to end the year.

今年迄今為止，我們的有線電視業務營業利潤率下降了 40 個基點，這大致也是我們預期年底的利潤率。

Now let's move on to NBCUniversal's results. On slide seven, you can see NBCUniversal's revenues increased 28.3% and operating cash flow increased 31.5%. Adjusting to include the acquisition of Universal Studios Japan in last year's results, pro forma revenue increased 22.5% and operating cash flow increased 19.2%. These exceptional results were driven in part by the success of the Rio Olympics which added $1.6 billion in revenue of which $1.2 billion is related to advertising revenue and is included in the Cable Networks and Broadcast segments.

現在我們來看看NBC環球的業績。在第七張投影片中，您可以看到NBC環球的收入成長了28.3%，經營現金流成長了31.5%。若將去年收購日本環球影城的影響納入考量，調整後的備考收入成長了22.5%，經營現金流成長了19.2%。這些優異的業績部分得益於裡約奧運的成功舉辦，奧運帶來了16億美元的收入，其中12億美元來自廣告收入，併計入有線電視網絡和廣播業務板塊。

In addition to the Olympics, NBCUniversal results reflect a strong performance at Parks and Broadcast as well as the theatrical success of The Secret Life of Pets.

除了奧運之外，NBC環球的業績也反映了在公園和廣播業務方面的強勁表現，以及《寵物當家》在戲院的成功。

Cable Networks revenue increased 22% to $2.9 billion including $432 million of revenue associated with the Rio Olympics. Excluding the Olympics, revenue increased 4.1% reflecting higher distribution and content licensing and other revenue and relatively flat advertising revenue. This was primarily driven by distribution revenue which increased about 6% driven by contractual rate increases and contract renewals partially offset by a slight decline in subscribers at our Cable Networks.

有線電視網絡收入成長22%至29億美元，其中包括與裡約奧運相關的4.32億美元收入。剔除奧運收入，收入成長4.1%，主要得益於發行、內容授權及其他收入的成長，以及廣告收入的相對穩定。這主要得益於發行收入的成長，該收入成長約6%，主要由合約價格上漲和合約續約推動，但部分被有線電視網路用戶數量的小幅下降所抵消。

Advertising revenue was relatively stable reflecting strong pricing offset by audience rating declines that our Cable Networks. Operating cash flow increased 7% to $893 million reflecting a profitable Olympics and increased sports programming costs as well as our continued investment in original programming.

廣告收入相對穩定，這主要得益於強勁的定價策略，但有線電視網絡的收視率下滑抵消了部分影響。營運現金流成長7%至8.93億美元，這主要得益於奧運的獲利、體育節目製作成本的增加以及我們對原創節目的持續投入。

Broadcast Television had another strong quarter with revenue growth of 56.6% to $3.1 billion including $1.2 billion of revenue associated with the Rio Olympics. Excluding the Olympics, revenue declined 3.6% reflecting lower content licensing revenue partially offset by higher retransmission and advertising revenue.

廣播電視業務本季表現強勁，營收成長56.6%至31億美元，其中包括與裡約奧運相關的12億美元營收。若不計奧運收入，營收下降3.6%，主要原因是內容授權收入減少，但部分被轉播收入和廣告收入的成長所抵銷。

Content licensing revenue declined 32% due to a difficult comparison to last year's results which included new Law and Order syndication deals.

由於去年業績包含新的《法律與秩序》系列節目聯合發行協議，導致今年業績與去年相比大幅下滑，內容授權收入下降了 32%。

Excluding the Olympics, distribution and other revenue growth of 21% was driven by a 52% increase in retransmission revenue. Last, advertising revenue increased a healthy 4% reflecting a strong scatter market. Broadcast operating cash flow increased by $228 million to $378 million reflecting a profitable Olympics and growth in high-margin retransmission consent fees as well as lower programming costs compared to last year.

剔除奧運的影響，發行及其他收入成長21%，主要得益於轉播收入成長52%。此外，廣告收入也實現了4%的健康成長，反映出分散廣告市場的強勁表現。廣播營運現金流增加2.28億美元至3.78億美元，主要得益於奧運會的盈利、高利潤轉播許可費的增長以及節目製作成本較上年有所下降。

Film revenue declined 7.9% to $1.8 billion and operating cash flow declined 6.1% to $353 million. These results include DreamWorks from its acquisition date of August 22, including $50 million related to severance. Excluding this charge, operating cash flow increased as the successful performance of The Secret Life of Pets and higher content licensing more than offset the difficult comparison to last year's record third quarter which included Minions and Jurassic World.

電影票房收入下降7.9%至18億美元，經營現金流下降6.1%至3.53億美元。這些業績包含了自8月22日收購夢工廠以來的收入，其中包括5,000萬美元的遣散費。剔除這筆費用後，經營現金流有所增長，這主要得益於《愛寵大機密》的成功上映以及內容授權收入的增加，這些因素足以抵消與去年同期創紀錄的業績（包括《小小兵》和《侏羅紀世界》）相比帶來的不利影響。

Theme Parks revenue increased 60.6% to $1.4 billion and operating cash flow increased 62.4% to $706 million in the third quarter of 2016. On a pro forma basis for Universal Japan, revenue increased 16.1% and operating cash flow increased 17.1%. These results reflect higher attendance and higher per capita spending driven by the successful opening of The Wizarding World of Harry Potter attraction in Hollywood as well as the positive impact of a stronger Japanese yen which accounted for about one-third of the growth.

2016年第三季度，主題樂園收入成長60.6%至14億美元，經營現金流成長62.4%至7.06億美元。若以日本環球影城的備考基準計算，營收成長16.1%，經營現金流成長17.1%。這些業績反映了客流量和人均消費的成長，這主要得益於好萊塢哈利波特魔法世界主題樂園的成功開幕，以及日圓走強帶來的正面影響，日圓走強約佔總成長的三分之一。

We are pleased with the performance of Harry Potter in Hollywood as it is trending in line with previous Potter launches at our rather parks. Partially offsetting these results were higher costs associated with new attractions like King Kong that opened in Orlando this past summer.

我們對好萊塢哈利波特主題樂園的表現感到滿意，其發展趨勢與我們其他主題樂園之前推出的哈利波特主題樂園保持一致。部分抵銷這些業績的是，像今年夏天在奧蘭多開幕的金剛等新景點相關的較高成本。

Let's move to slide eight to review our consolidated and segment capital expenditures. Consolidated capital expenditures increased 11.1% to $2.4 billion in the third quarter. At Cable Communications, capital expenditures increased 10.4% to $2 billion for the quarter and on a year-to-date basis have increased 10.5% to $5.5 billion representing capital intensity of 14.8% compared to 14.2% for the first nine months of 2015.

讓我們翻到第八張投影片，回顧一下我們的合併及分部資本支出狀況。第三季合併資本支出成長11.1%，達到24億美元。有線通訊業務的資本支出當季成長10.4%，達20億美元；年初至今累計成長10.5%，達到55億美元，資本密集度為14.8%，而2015年前九個月的資本密集度為14.2%。

While the largest component of our capital spending continues to be customer premise equipment including X1 and wireless gateways, the largest source of year-over-year growth in spending is our investment in scalable infrastructure to increase network capacity. We believe this investment in scalable infrastructure enhances our competitive position in broadband by staying ahead of rapid growth and bandwidth consumption by our customers.

雖然我們資本支出的最大組成部分仍然是客戶終端設備，包括X1和無線網關，但支出同比增長的最大來源是我們對可擴展基礎設施的投資，以提升網路容量。我們相信，這項對可擴展基礎設施的投資能夠幫助我們領先於客戶的快速成長和頻寬消耗，從而增強我們在寬頻領域的競爭優勢。

In addition, we have extended our network to more customer addresses primarily business addresses through line extensions. 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，我們透過線路擴展，將網路覆蓋範圍擴大到更多客戶位址，主要是企業位址。我們仍預計，2016年全年有線電視資本密集度將與2015年持平，約15%。

At NBCUniversal, capital expenditures increased 16.3% to $336 million in the third quarter and increased 19.5% to $991 million on a year-to-date basis driven by the inclusion of Universal Studios Japan. We continue to expect NBCUniversal's CapEx to increase approximately 10% this year.

NBC環球第三季資本支出成長16.3%至3.36億美元，年初至今成長19.5%至9.91億美元，主要得益於日本環球影城併入其財務報表。我們仍預期NBC環球今年的資本支出將成長約10%。

Now finishing up on slide nine, on a year-to-date basis we generated $5.6 billion in free cash flow, a decrease of 23.8% over the comparable period of 2015 primarily driven by lower third-quarter results. Consolidated free cash flow in the third quarter declined 48.5% to $1.4 billion reflecting the 10.5% growth in operating cash flow which was offset by an increase in capital expenditures as we just reviewed and higher working capital primarily due to the 2016 Rio Olympics. This is a timing issue and we will see a positive swing in Olympic working capital in the fourth quarter.

現在來看第九張投影片，截至目前，我們共產生56億美元的自由現金流，較2015年同期下降23.8%，主要原因是第三季業績下滑。第三季合併自由現金流下降48.5%至14億美元，儘管經營現金流成長了10.5%，但正如我們剛才提到的，資本支出增加以及營運資本增加（主要由於2016年裡約奧運）抵消了這一增長。這只是時間問題，我們預計第四季奧運營運資本將出現改善。

In terms of capital returns, dividend payments during the quarter were $663 million, up 6.5% and share repurchases were $1.4 billion consistent with our plan to repurchase $5 billion of our common stock during the full year. We ended the quarter at 2.2 times net leverage primarily reflecting the closing of the DreamWorks acquisition and payment of a deposit in the third quarter.

就資本回報而言，本季派發股利6.63億美元，成長6.5%；股票回購額為14億美元，符合我們全年回購50億美元普通股的計畫。本季末淨槓桿率為2.2倍，主要反映了夢工廠收購案的完成以及第三季支付的訂金。

So 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. And 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感受到我們對業績和發展動能的滿意程度。現在，我將把問答環節交給傑森。

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

太好了，謝謝，麥克。雷吉娜，我們現在就開始問答環節吧。

(Operator Instructions). Jessica Reif Cohen, Bank of America Merrill Lynch.

（操作說明）。傑西卡·雷夫·科恩，美國銀行美林證券。

Thank you. I have one multipart question. In light of the recent industry M&A and I guess a subjective point, many will view AT&T's transaction as similar to you buying NBCU and subjectively, it just seems like you bought a distressed asset at distressed prices and have a video background. But that aside, the question is a couple of questions.

謝謝。我有一個包含多個部分的問題。鑑於最近的行業併購活動，以及我個人的一些看法，很多人會認為AT&T的交易類似於您收購NBCU，而從主觀角度來看，這似乎只是您以低價收購了一家陷入困境的資產，並且您本身擁有視頻行業背景。但撇開這些不談，我的問題其實包含幾個面向。

One, do you see yourselves as complete? Are there any holes? Part two, where are you in making progress towards addressable or targeted advertising? What will it take to get real traction in that area? Finally, with consumers moving increasingly to mobile video whether on demand or across multiple distribution platforms, how do both sides of Comcast, Cable and NBCU prepare models that are profitable for Comcast but also satisfy consumer needs?

第一，你們認為自己的模式是否完善？是否有任何不足？第二，你們在可尋址或定向廣告方面取得了哪些進展？要真正推動該領域的發展，需要做些什麼？最後，隨著消費者越來越多地轉向行動視訊（無論是點播還是跨多個分發平台），康卡斯特、有線電視和NBC環球如何打造既能為康卡斯特帶來利潤又能滿足消費者需求的模式？

Thanks, Jessica. Let me start and then kick it over to Neil and Steve to talk just a little bit about the second parts. We are not going to discuss the other transaction, the proposed transaction with AT&T and Time Warner other than that we don't typically comment on other deals and so just for everybody, we are not going to have any comments today.

謝謝傑西卡。我先開始，然後把話題交給尼爾和史蒂夫，讓他們簡單談談第二部分。我們不會討論另一項交易，也就是與AT&T和時代華納的擬議交易，除此之外，我們通常不會對其他交易發表評論，所以今天我們不會發表任何評論。

We have a fabulous Company and what we are pleased to report today I think demonstrates that. The assets are great, they are working well together, adding customers, adding new products and real market leadership in almost every area whether right from the Olympics right through to X1's integration of Netflix.

我們擁有一家卓越的公司，今天我們榮幸地向大家報告的消息充分證明了這一點。我們的資產非常優秀，而且協同運作良好，不斷拓展客戶群，推出新產品，並在幾乎所有領域都佔據了真正的市場領先地位，從奧運會到X1對Netflix的整合，無不體現著這一點。

So couldn't be happier with this quarter and the momentum of this year. As we dig into things like advertising and what is happening in the market and changes that could happen, let me kick it over to Neil to start and maybe Steve could comment as well.

我對本季的業績以及今年的發展動能都非常滿意。接下來我們將深入探討廣告、市場現況以及可能發生的變化，我先把話題交給尼爾，或許史蒂夫也可以發表一下看法。

The advanced advertising area we have a full rollout of VOD, and dynamic ad insertion, which is becoming more and more effective. They're testing linear addressable in a number of markets and we've got that working. We are able to leverage our data we collect, obviously with consumer privacy in mind, we collect from about 20 some odd million set-top boxes.

在高級廣告領域，我們已全面推出隨選視訊和動態廣告插入功能，而這些功能正變得越來越有效。他們正在多個市場測試線性尋址廣告，而我們已經成功實現了這一目標。我們能夠充分利用收集到的數據，當然，在充分考慮消費者隱私的前提下，我們從大約兩千萬個機上盒收集數據。

Marcien Jenckes is leading the charge on getting the most leverage out of some of our recent acquisitions and our existing addressable advertising capabilities, in FreeWheel, Visible World, Strata and Sticky Ads. So we think we are making great progress and it is a growth business for us. Steve?

Marcien Jenckes 正帶領團隊充分利用我們近期的一些收購項目以及我們在 FreeWheel、Visible World、Strata 和 Sticky Ads 等公司現有的定向廣告能力。因此，我們認為我們取得了巨大進展，而且這對我們來說是一項成長型業務。 Steve？

So at NBCUniversal, we have a handful of advanced advertising products that are currently in the market and we have about 100 advertisers that have bought these products. The most prominent one right now is called NBCU+ powered by Comcast and it is a way of overlaying Comcast's capabilities with the base national buy.

所以，在NBC環球，我們目前推出了一些先進的廣告產品，大約有100家廣告商購買了這些產品。目前最引人注目的是康卡斯特（Comcast）提供支援的NBCU+，它將康卡斯特的資源與基本的全國性廣告投放相結合。

Advanced advertising has been around -- people have been talking about it for a long time. It is not easy. It is hard to develop these products but it is clear what advertisers want, they want to combine the data intensity of Internet advertising with the clear value and ability to change people's perception that you get with a television ad. So it is a pretty important part of Neil and my agenda and I think we are at the head of the pack in terms of delivering on it but there is still work to do.

高級廣告技術早已存在——人們談論它已經很久了。它並不容易實現。開發這類產品非常困難，但廣告商的需求很明確：他們希望將網路廣告的資料密集性與電視廣告的清晰價值和改變人們認知的能力結合在一起。因此，這在我們（尼爾和我）的工作中佔據著非常重要的地位，我認為我們在實現這一目標方面處於領先地位，但仍有許多工作要做。

I will just add, Steve, on the mobile video space, about 50% of our subs are currently using TV Everywhere. That is up from about 30% last year and they view about an average of 10 hours monthly. So we are continuing to expand the offerings. We've got about 130 live streaming channels and more than 40,000 VOD selections. So we are really getting good traction in that area as well.

史蒂夫，我還要補充一點，關於行動視訊領域，我們大約50%的訂閱用戶目前都在使用「電視無所不在」（TV Everywhere）服務。這比去年的30%左右有所增長，他們平均每月觀看時間約為10小時。因此，我們正在不斷擴大服務範圍。我們擁有大約130個直播頻道和超過4萬個點播影片。所以，我們在這領域也取得了不錯的進展。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

Good morning. So I want to ask about your wireless strategy if you will. You have said that you have notified Verizon about triggering the MVNO agreement. Can you make money as an MVNO operator or do you have to transition a large amount of the traffic to your Wi-Fi network and eventually your own facilities? If the latter is the case, operationally can you do that under the contract and how do you think about how you manage the relationship with Verizon about trying to transition from a pure MVNO to something like an MNO posture in wireless over time?

早安.我想請教一下貴公司的無線策略。您提到已經通知Verizon啟動MVNO協議。身為MVNO營運商，您能獲利嗎？還是必須將大部分流量轉移到貴公司的Wi-Fi網絡，最終轉移到貴公司自己的設施？如果是後者，在合約框架下，您能否在營運上做到這一點？您打算如何與Verizon保持良好關係，逐步從純粹的MVNO模式過渡到類似MNO的無線模式？

Let me start, it is Brian. And again, have Neil maybe add a lot more detail. But at the big picture level what I said before is we are going to launch this next year so part of it is we don't have any new news today, stay tuned. As we get closer to trialing the product we will be learning in the marketplace and it will be a process.

讓我先說，我是布萊恩。尼爾可能會補充更多細節。但總的來說，正如我之前所說，我們計劃明年推出這款產品，所以今天我們沒有什麼新消息，敬請期待。隨著產品試用階段的臨近，我們會不斷從市場回饋中學習，這將是一個循序漸進的過程。

We fundamentally believe we can make money for the shareholders through a wireless offering with the unique relationship that we have with the Verizon MVNO. We can't go into detail about that relationship for obvious reasons but we have the ability to do things that we think put us in a position to make that statement come true and create real value for our shareholders along the way. Neil?

我們堅信，憑藉與Verizon虛擬營運商的獨特合作關係，我們可以透過無線業務為股東創造收益。出於顯而易見的原因，我們無法透露該合作關係的細節，但我們有能力採取一些措施，使這一願景成為現實，並在此過程中為股東創造真正的價值。尼爾？

We are going to do this because we believe we can add value to the customer relationships. We have seen other companies, Rogers, Telenet, Virgin have all reduced churn and they have increased customer lifetime value. In a way, we are already in the wireless business. We deploy millions of wireless gateways and the Wi-Fi service in the household is the fastest on the market. I think by leveraging the 28 million customer relationships, the 15 million hotspots and the MVNO, we can offer a really excellent service.

我們之所以這樣做，是因為我們相信能夠提升客戶關係價值。我們看到其他公司，例如 Rogers、Telenet 和 Virgin，都成功降低了客戶流失率，並提高了客戶終身價值。從某種意義上說，我們已經涉足無線業務。我們部署了數百萬個無線網關，並且提供的家庭 Wi-Fi 服務是市場上最快的。我認為，透過利用我們擁有的 2800 萬客戶關係、1500 萬個熱點以及行動虛擬網路營運商 (MVNO) 的優勢，我們可以提供真正卓越的服務。

We are going to have to include handset procurement as part of it but we built that in the model and we think we can -- Verizon has a been a great partner so far in the wholesale relationship and we think that will continue and we have a great product with a lot of value over time.

我們必須將手機採購納入其中，但我們已經在模型中構建了這一點，我們認為我們可以做到——到目前為止，Verizon 一直是批發關係中非常棒的合作夥伴，我們認為這種關係將會繼續下去，而且我們擁有一個隨著時間的推移具有巨大價值的優秀產品。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you. Good morning. I would love Neil and Steve's thoughts as you think about the video business in the US, both yours on the Cable side and the subscriber trends driving the NBC Cable Networks. It seems like we may see a lot of new entrants next year obviously Direct TV now with new product and price point; Hulu, Google seems to be signing contracts.

謝謝。早安.我很想聽聽尼爾和史蒂夫對美國影音業的看法，包括你們在有線電視方面的經驗，以及推動NBC有線電視網發展的訂閱用戶趨勢。看來明年我們可能會看到很多新玩家，例如DirecTV現在推出了新產品和新價格；Hulu，還有Google似乎也在簽約。

I guess, Steve, does that create the opportunity for subscriber trends to improve for the NBC Cable Network portfolio? You mentioned in the quarter they were down again. I was wondering as you look at all this new competition coming, could that turn that positive in your view?

史蒂夫，我想問的是，這是否意味著NBC有線電視網的用戶成長趨勢有望改善？你提到上個季度他們的用戶成長再次下降。我想知道，考慮到即將到來的這些新的競爭，你認為這會不會帶來正面的轉變？

And for Neil, the results in your video business sort of speak for themselves and X1 is clearly working but is there anything you are doing and your team are doing that you may bring to market or are thinking about operationally to help continue to compete successfully with more and more of these virtual offers as you head into 2017? Thank you.

尼爾，你的視訊業務成果已經足以說明一切，X1 顯然運作良好。但是，隨著 2017 年虛擬產品市場的競爭日益激烈，你和你的團隊是否正在採取一些措施，或者在營運方面有哪些考慮，以幫助你繼續取得成功？謝謝。

Let me start. Think there's about 20 million homes in America that are not part of the cable satellite telco MVPD environment. And the real promise of some of these new over the top entrants is that they would deliver incremental subscribers which obviously would be good for the content side of the Company. I think we all have a healthy degree of skepticism that these new over the top entrants are going to create millions of subscribers anytime soon. I think if you look at the Cable ecosystem, I've now been with Comcast for 18 years and for 18 years Comcast earnings have been up every single quarter. And yes, as new entrants come in, they take fractional share away from the existing suppliers. But the fact of the matter is most people find tremendous value and enjoyment in their cable or satellite subscription and are not looking to change.

讓我先說說我的看法。美國大約有2000萬戶家庭不屬於有線、衛星電視或多頻道視訊節目分銷商（MVPD）的範疇。這些新興的OTT（Over-the-Top）服務商的真正優勢在於它們能夠帶來新增用戶，這顯然有利於公司的內容業務。但我認為，我們都對這些新興OTT服務商能否在短期內創造數百萬用戶持懷疑態度。以有線電視生態系統為例，我在康卡斯特（Comcast）工作了18年，這18年來，康卡斯特的獲利每季都在成長。沒錯，隨著新進者的出現，它們會從現有供應商手中奪走一些市場份額。但事實是，大多數人從他們的有線電視或衛星電視訂閱中獲得了巨大的價值和樂趣，他們並不想更換服務商。

And there's all sorts of issues that over the top providers are going to have to deal with including cost and service and everything else. So I think there could be a modest positive for NBCUniversal. I don't expect it to be material in the next year or two but I think over time if some of those 20 million nonsubscribers become subscribers, it would be positive.

串流媒體服務提供者將面臨各種各樣的問題，包括成本、服務等等。所以我認為這對NBC環球來說可能會有一些正面影響。我預計未來一兩年內不會有實質的影響，但隨著時間的推移，如果那2000萬非付費用戶中的一部分轉化為付費用戶，那將是一件好事。

From the Comcast Cable perspective, we think X1 is a great platform and with this Netflix integration into overall experience we can integrate products and we can do things like we did with the Olympics in a very seamless way. I think that we understand how to target and how to segment. We've got products like XFINITY on campus. It is a target specific segment, X1 Double-Play stream so we understand how to do that and I think we have demonstrated we can do it over an ongoing basis.

從康卡斯特有線電視的角度來看，我們認為X1是一個很棒的平台，透過將Netflix整合到整體體驗中，我們可以整合產品，並像我們之前在奧運會期間那樣，以非常無縫的方式開展業務。我認為我們了解如何進行目標定位和細分。我們有像XFINITY校園套餐這樣的產品。 X1雙重播放服務就是針對特定目標群體推出的，所以我們知道如何做到這一點，而且我認為我們已經證明我們能夠持續做到這一點。

We have retention has improved for 32 consecutive months and we see that trend as very positive. We will continue to innovate on X1 and we think that we will continue to innovate on market segmentation and targeting and we've got what I would feel is the best video product on the market. I think there is going to be more flavors and more competition but we will compete aggressively.

我們的用戶留存率已連續32個月提升，我們認為這是一個非常正面的趨勢。我們將繼續在X1平台上進行創新，並持續推進市場區隔和目標定位，我們擁有我認為市場上最好的影片產品。我認為未來會出現更多產品，競爭也會更加激烈，但我們會積極應對。

Thank you, both.

謝謝你們兩位。

Vijay Jayant, Evercore ISI.

Vijay Jayant，Evercore ISI。

Thank you so much. I just want to follow up on the prior question for Neil. Given the prospect of a set-top box apps-based ruling, you have a hybrid QAM/IP product, X1, X2. So if that becomes the way of the world, can you talk about the product transition you sort of see there?

非常感謝。我想就之前問尼爾的問題再補充一下。考慮到未來可能會推出基於機上盒應用程式的規則，你們有混合 QAM/IP 產品 X1 和 X2。如果這種情況真的發生，您能否談談您認為產品會如何轉型？

But also you mentioned, I think Mike mentioned about scalable infrastructure investments continuing and as we go into an all IP world, can you just broadly talk about what is the optimal level of network requirement do you think and where are we towards that to have really TV being consumed in all IP? Thank you?

但您也提到了，我想麥克也提到了可擴展的基礎設施投資將繼續進行，隨著我們邁向全IP時代，您能否大致談談您認為最佳的網絡需求水平是多少，以及我們距離真正實現全IP電視消費的目標還有多遠？謝謝！

Well, as you mentioned, we will be going to an IP-based video solution over the next let's just call it couple of years. We have the product in the lab, it is working well. We will continue to roll out new devices. We have the XB6 which is the fastest gateway out there. It is 5 times faster than our current version. We have Xi5 and Xi6 coming out which will deliver video over Wi-Fi at excellent quality. And so we are going to continue to transition the product to IP.

正如您所說，我們將在未來幾年內（姑且稱之為幾年）轉向基於IP的視訊解決方案。我們已經在實驗室裡測試了該產品，運作良好。我們將繼續推出新設備。我們推出了XB6，它是目前速度最快的網關，速度比我們現有版本快5倍。我們即將推出Xi5和Xi6，它們可以透過Wi-Fi以卓越的品質傳輸影片。因此，我們將繼續推進產品向IP的過渡。

Concerning the network, we have continued to invest over the years in our network capacity and we will continue to do that. Business services has brought fiber deeper into the network. We are going fiber direct to new developments and to some MDUs. So we will continue to invest in the network but it is nothing new to our business. We have increased capacity, doubled capacity every 18 to 24 months and that has been happening for the last 8 to 10 years. So we feel pretty good about our position.

關於網路方面，多年來我們持續投資提升網路容量，並將繼續這樣做。商業服務已將光纖更深入地連接到網路。我們正在為新建案和部分多戶住宅（MDU）提供光纖直連服務。因此，我們將繼續投資網絡，但這並非我們業務的新變化。我們一直在提升網路容量，每18到24個月容量就會翻一番，這種情況已經持續了8到10年。所以我們對目前的狀況非常有信心。

I just wanted to add one other thought. The consumer may not completely care whether it is all IP or not. What the consumer wants is really great quality and ease of on-boarding experience and the liability. That goes back to the emphasis Neil and the team are putting on customer service and customer experience.

我只想補充一點。消費者可能不會完全在意所有產品是否都涉及智慧財產權。他們真正想要的是優質的產品、便利的註冊體驗以及責任保障。這又回到了尼爾和他的團隊一直以來對客戶服務和客戶體驗的重視。

So just take as a for instance, the Xi5 box which is the first box we have ever had that is a Wi-Fi box. So you take this box, you plug it in and you attach it if you want to your television with an HDMI. That is it. It doesn't have to have any cable in that room and the on-boarding of that box is so different than any other box we have ever had and within two minutes I think we are 2:20 and we are trying to get to 2 minutes, you are watching with a few simple key strokes. It already figures out, the Wi-Fi Network, it is so intelligent and is such a different experience than any other box we have had. And we only have just begun to launch this box.

舉個例子，Xi5盒子是我們推出的第一款Wi-Fi盒子。你只要把它插上電源，如果需要的話，還可以用HDMI線連接到電視上。就這麼簡單。房間裡不需要任何線纜。這款盒子的設置過程與我們以往的任何產品都截然不同。只要兩分鐘（現在是2分20秒，我們盡量縮短到2分鐘），你就能透過幾個簡單的按鍵操作開始觀看。它會自動識別Wi-Fi網絡，非常智能，與我們以往的任何產品都截然不同。而我們才剛開始推廣這款盒子。

That is the kind of products as we go to an all IP world that we envision, that it is just really simple, really seamless, and better than any product on the market for that on-boarding.

這就是我們設想的邁向全 IP 世界的產品類型：它非常簡單、非常無縫，而且比市場上任何同類產品都更適合用戶入門。

And it takes a lot less time to install in the household.

而且在家中安裝也快得多。

And you can do it yourself.

而且你可以自己動手。

Great, thank you so much.

太好了，非常感謝。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Thanks, guys. Programming cost growth has continued to accelerate through the year. Can you give us a sense for whether that will be the case again in 2017?

謝謝各位。編程成本今年持續加速成長。你們能否預測一下2017年是否還會如此？

Then on Cable margins in general, it looks like we are seeing somewhat lower margins due to customers care costs and the X1 rollout. Do you see these and the impact on margins more as temporary or something that is getting built into the base? And given the shift to HSD, can you see your way to sort of margin stability or even margin improvement down the road? Thanks.

就有線電視整體利潤率而言，由於客戶服務成本和X1的推廣，我們看到利潤率下降。您認為這些因素及其對利潤率的影響是暫時的，還是會逐漸被納入成本結構？考慮到高速資料（HSD）的普及，您認為未來能否實現利潤率的穩定甚至提升？謝謝。

Programming expenses grew at about 11.4% in the third quarter and we expect the full-year to come around slightly above 10%. It is due to contract renewals and some lumpiness. We have some contract renewals that are up this year. So we expect next year to be slightly elevated. But following that, from what we can see in the trending, they will be down at a lower level and over the years, the three-, five-, 10-year trends have been in the 7% to 8% range. So we do see an opportunity as we get through 2017.

第三季節目製作費用成長約11.4%，我們預計全年成長率將略高於10%。這主要是由於合約續約和一些波動因素造成的。今年部分合約續約費用有所增加，因此我們預計明年費用會略有上升。但之後，根據趨勢分析，費用將回落至較低水準。過去三年、五年和十年的平均成長率都在7%到8%之間。因此，我們看到2017年存在一些機會。

The overall margin, obviously Neil's team, it is Mike, just chiming in. The focus on growth in the higher-margin businesses or business service and high-speed data together with the very heavy focus on non-program expenses has been and will continue to be the source protecting that margin. Like Neil said, we will come back and talk about future margin for 2017 when we do the next earnings call. But the drivers of margin over time are those factors.

整體利潤率顯然是由尼爾的團隊負責的，我是麥克，我只是插一句。專注於高利潤業務（例如商業服務和高速數據）的成長，以及對非專案支出的高度重視，一直是並將繼續是保障利潤率的關鍵因素。正如尼爾所說，我們將在下次財報電話會議上討論2017年的未來利潤率。但長期來看，影響利潤率的因素就是這些。

Okay, thanks.

好的，謝謝。

Phil Cusick, JPMorgan.

Phil Cusick，摩根大通。

Thanks. A question and a follow-up for Neil if I can. First, I would like to ask about the business services side which is certainly additive to growth but the continued deceleration while capital intensity is increasing is interesting. Should we be looking at this as a $200 million a year of incremental growth and the percent falling or is it hard to hold that dollars of growth and is anything happening in pricing or competition?

謝謝。如果可以的話，我想問尼爾一個問題和一個後續問題。首先，我想問一下商業服務方面的情況，這部分業務無疑對成長有所貢獻，但資本密集度不斷提高的同時，其增速卻持續放緩，這很有意思。我們應該將其視為每年2億美元的增量成長，但成長率百分比卻在下降嗎？還是說，要維持這樣的成長規模並非易事？價格或競爭方面是否發生了什麼變化？

Then just following up on your churn comments, is video strength still mostly a churn driven improvement or are gross adds up year-over-year as well maybe due to your segmenting efforts? Thanks.

關於您提到的用戶流失問題，視訊業務的成長主要還是用戶流失導致的，還是說總收入也逐年增長，這可能也得益於您的用戶細分策略？謝謝。

Concerning business services, I mean in 2015 we added about $780 million in revenue growth and we think that 2016 will come in at about the same level. So it is kind of the law of big numbers where we are growing at the same amount, at the same level but we are just on a bigger base. It is a $5 billion run rate business now. Small is still about 70% of the business and 60% of the growth but we are seeing healthy growth from midsize businesses right now and we are getting a number of enterprise deals in. We've got a large financial institution with about 2000 locations, a large healthcare provider with about 1000 locations and a retail provider with about 2000 locations. So we are starting to see the enterprise side of the business grow.

關於商業服務，2015年我們的營收成長了約7.8億美元，我們預計2016年也將維持大致相同的水準。這有點像“大數定律”，我們雖然增長幅度不變，但基數更大。目前，這項業務的年化收入已達50億美元。小型企業仍然佔業務的70%左右，貢獻了60%的成長，但我們目前看到中型企業也實現了穩健成長，並且正在達成一些大型企業級交易。我們擁有一家擁有約2000家分支機構的大型金融機構、一家擁有約1000家分支機構的大型醫療保健服務提供商以及一家擁有約2000家分支機構的零售服務提供商。因此，我們開始看到企業級業務的成長。

Concerning video, we are seeing growth on the connect side. [We are seeing sequential quarterly growth on the connect side, but a year-over-year decline in connects] (corrected by company after the call). We are seeing healthy growth on the connect side primarily due to X1 but the surprisingly healthy number is on the churn side and that continues to index lower than the previous year. So we are seeing relatively a larger impact on the growth on the churn reduction side. But we are still seeing healthy connect growth.

關於視訊業務，我們看到連接量有所成長。 [我們看到連接量環比增長，但同比有所下降]（公司在電話會議後進行了更正）。連結量成長良好主要得益於X1，但令人驚訝的是，流失率也表現強勁，持續低於去年同期水準。因此，流失率的降低對成長的影響相對較大。但我們仍然看到連接量保持著良好的成長勢頭。

The fourth quarter last year was a very strong quarter for both HSD and video so the comps might be a little bit difficult but we feel very good about the business.

去年第四季 HSD 和視訊業務都非常強勁，因此今年的同比數據可能會有些困難，但我們對業務前景非常樂觀。

Just a follow-up on business, as you move up toward enterprise, are you seeing higher capital cost projects and is that driving the higher capital intensity in that segment?

關於業務方面，我想進一步了解一下，隨著業務向企業級發展，您是否看到資本成本更高的項目，而這是否推高了該領域的資本密集度？

Not really. It's early to tell but think of them like a central office with a lot of branch offices which would be like small businesses. We know how to do the small business market very effectively. And so I don't think you will see a higher degree of capital intensity. We are doing hyper builds now where we go in -- we used to go into an industrial park and we had to sign up the customers before we pulled the fiber in whereas now we know in these industrial parks we are going to get the customers. It is just a question of time before we get them on that and so we are building in assuming we are going to get that customer base. It is a little bit more aggressive stance.

不完全是。現在下結論還為時過早，但你可以把它們想像成一個擁有眾多分支機構的中心辦公室，這些分支機構就像小型企業一樣。我們非常了解如何有效率地開拓小型企業市場。因此，我認為你不會看到更高的資本密集度。我們現在正在進行快速建設，以前我們會在工業園區內建設，必須先簽下客戶才能鋪設光纖，而現在我們知道在這些工業園區裡，我們肯定能獲得客戶。這只是時間問題，所以我們建造時就假設我們能夠獲得這些客戶群。這是一種更積極的策略。

Thanks, Neil.

謝謝你，尼爾。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Thanks. I have two questions. The first, Steve, can you talk about the progress you are making with the affiliates as it relates to their inclusion or not in what we are calling the not so skinny skinny bundles?

謝謝。我有兩個問題。第一個問題，史蒂夫，你能談談你在與聯盟夥伴合作的進展嗎？特別是關於他們是否被納入我們所謂的「不太精簡的精簡套餐」的問題？

And then the second question is for Neil. How does political advertising at regional cable compare to prior years? We have heard that cable is gaining share at the expense of broadcast. So just curious if you are seeing that? Thanks.

第二個問題是問尼爾的。與往年相比，區域有線電視的政治廣告情況如何？我們聽說有線電視正在蠶食廣播電視的市佔率。所以想問您是否也觀察到了這種情況？謝謝。

So on the first question in terms of having the affiliates participate, I assume you mean in over the top bundles. If you look at the success of broadcasters like NBC, the affiliate relationship is really important so our feeling is that regardless of the technical means of getting the NBC signal to people, we should be having the same kind of sharing relationship that we have with our affiliates in the future and we are working on that. It is complicated and lots of different things to work out. But the spirit of our approach is to try to make sure that all means of getting the signal out include the affiliates and we are working on that and believe that that is going to be the model that we use going forward.

關於第一個問題，也就是讓加盟主參與，我猜您指的是OTT套餐。看看像NBC這樣的廣播公司的成功，加盟商關係至關重要。因此，我們認為，無論未來採用何種技術手段將NBC訊號傳遞給用戶，我們都應該與加盟商保持類似的共享關係，而我們也正在為此努力。這很複雜，需要解決很多問題。但我們方法的精髓在於，確保所有訊號傳播方式都包含加盟商，我們正在為此努力，並相信這將是我們未來採用的模式。

Marci, concerning political advertising, we have seen growth obviously in this election year. It kind of depends on the state that we are in. We are very strong in Florida, in Pennsylvania, states like that. The core is a little bit soft on the local side but we are overall seeing 7.7% growth in local advertising.

瑪西，關於政治廣告，我們顯然在今年的選舉年看到了成長。這在一定程度上取決於我們所在的州。我們在佛羅裡達州、賓州等州表現非常強勁。核心地區的本地廣告略顯疲軟，但我們整體看到本地廣告成長了7.7%。

Brett Feldman, Goldman Sachs.

Brett Feldman，高盛集團。

Thanks. One of the recent storylines has been that some major sporting events like the Olympics in the NFL have seen ratings that are lower and there's a lot of speculation as to why. But one of the things that frequently is cited is that more consumption of these events is happening online. You are a big partner with both of the examples I cited and you were very involved obviously in both the linear and the online distribution of the Olympics. And so it would seem that you have a unique vantage point.

謝謝。最近的一個熱門話題是，一些大型體育賽事，例如奧運會和NFL的收視率有所下降，原因眾說紛紜。但經常被提及的一個原因是，這些賽事的觀看量更多地轉移到了線上。您是我提到的這兩個例子的重要合作夥伴，而且您顯然深度參與了奧運的電視和網路發行。因此，您似乎擁有獨特的視角。

So I guess my question is what do you think is going on here? Do you think that viewership of these events has actually declined or do you think it is correct to assume that more of it has gone to a streaming format so it is not being captured? And if that is the case, how do you make sure as you move ahead that you were able to monetize your role in those events properly?

所以我想問的是，您認為這裡發生了什麼事？您認為這些活動的收視率真的下降了嗎？還是說，更多的內容都轉移到了串流平台，所以沒有被收錄？如果是後者，您如何確保未來能夠從您在這些活動中的角色中獲得合理的收益？

So obviously the Olympics and the NFL, they are two different stories. In the case of the Olympics, London was the biggest Olympics that we ever had in terms of primetime ratings. Rio was lower than London but Rio was really on par with the previous three summer Olympics. And if you look at all the various ways of consuming, we had an extraordinary Olympics financially, ratings, advertiser happiness, etc.

很顯然，奧運和NFL（美國國家美式足球聯盟）是兩碼事。就奧運而言，倫敦奧運的黃金時段收視率創下了歷史新高。裡約奧運的收視率雖然不如倫敦，但與前三屆夏季奧運基本持平。而且，從各種消費管道來看，裡約奧運在經濟效益、收視率、廣告商滿意度等方面都取得了巨大的成功。

The streaming portion of the viewership was actually very low relative to television for the Olympics call it 1% or 2. I think the same numbers apply to the NFL 1% or 2%, 1% of people stream NFL games. By the way, the NFL we had an extraordinary season last year which everybody is comparing to, we are actually down versus last year but down much less versus two years ago.

奧運期間，串流收視率相對於電視收視率來說非常低，大概只有1%或2%。我認為NFL的情況也類似，只有1%或2%的人會觀看NFL比賽的串流。順便一提，NFL去年的賽季非常出色，大家都拿它和去年做比較，實際上我們今年的收視率比去年有所下降，但比前年下降的幅度要小得多。

I think it is very difficult to tell precisely what is happening on any sporting property particularly in the case of the NFL because it has only been half a dozen weeks. I do think there are a lot of different things that people are using -- consuming on the Internet and spending their time on. I also think there are seasons that are stronger than other seasons and we may be in a season just speaking for Sunday Night Football, where the matchups aren't as good as they could have been.

我認為很難準確判斷任何體育賽事，尤其是NFL的現狀，因為賽季才進行了六週左右。人們的關注點有很多，例如上網瀏覽資訊、消磨時間等等。我也認為有些賽季比其他賽季更精彩，就週日晚間橄欖球賽而言，我們可能正處於一個對決不夠精彩的賽季。

But if you step back, the Olympics and the NFL are the two highest rated programs of the year in all of television, they dominate the nights that they are on, they dominate, as Brian mentioned during the Olympics we were 4 times the next highest rated show. Sunday Night Football is by far the highest rated show on television. And we have very, very good partnerships with the International Olympic Committee and the NFL that go out many, many years and those are very profitable relationships.

但從另一個角度來看，奧運和NFL是全年電視上收視率最高的兩個節目，它們在播出當晚就佔據了絕對優勢。正如布萊恩所提到的，奧運期間我們的收視率是排名第二的節目的四倍。週日晚間橄欖球賽更是迄今為止電視上收視率最高的節目。我們與國際奧委會和NFL都建立了非常良好的合作關係，這些合作關係持續多年，而且非常有利可圖。

So we are watching it and obviously you would rather have ratings up than down but having ratings decline modestly and still be very, very strong properties doesn't cause us too much concern.

所以我們正在關注收視率，顯然我們更希望收視率上升而不是下降，但即使收視率略有下降，只要節目本身非常非常出色，我們也不會太擔心。

Great. Thanks for that color.

太好了。謝謝你提供的顏色。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

Just a question for Mr. Smit. You guys put up pretty good video net adds that you talked about. But I noticed that the penetration rates have continued to fall in video primarily just because home and business passings are growing and you talked about passing more businesses. So my question is this, is the penetration falling because the video attach rate is low among businesses? And how much headroom is there for business passings to continue to grow? Are you in the second inning or is it the fifth inning? Just any sort of color.

我有個問題想問史密斯先生。你們之前提到過，你們製作的影片廣告效果確實不錯。但我注意到，影片廣告的滲透率一直在下降，這主要是因為家庭和商業場所的廣告投放量都在成長，而你們也提到商業場所的廣告投放量也在增加。所以我的問題是，影片廣告滲透率下降是因為商業場所的影片廣告附加率較低嗎？商業場所的廣告投放量還有多少成長空間？你們現在處於第二局還是第五局？隨便說說我的看法吧。

I think it is important as you did, Jason, to separate residential from business because there is a lower business attach rate in video in general. They are more interested in the data product and we sell more data product to them. There is an opportunity I think in video going forward as well as there is in our XFINITY home product to sell to businesses as well as there will be with our wireless product. So I see great opportunity in the business segment. We continue to grow customers at a good rate. We have about 30% to 40% penetration in the small business segment, 10% in the midsize. And we're just starting in enterprise. So I think there is great room for growth there and I think our product offerings will continue to be attractive.

傑森，我認為像你一樣將住宅用戶和企業用戶區分開來很重要，因為一般來說，企業用戶在影片領域的附加率較低。他們對數據產品更感興趣，而我們也向他們銷售更多的數據產品。我認為，未來視訊領域以及我們的 XFINITY 家庭產品和無線產品都存在著向企業銷售的機會。因此，我認為企業市場蘊藏著巨大的機會。我們的客戶數量持續成長，並且保持著良好的成長動能。我們在小型企業市場的滲透率約為 30% 至 40%，在中型企業市場約為 10%。而我們才剛起步於大型企業市場。所以我認為企業市場還有很大的成長空間，我相信我們的產品將繼續保持吸引力。

I just want to add, just want to underscore if you wanted my one point of what is one highlight for this quarter, it is the video growth rate and I don't know that we are looking at it that way. What we are looking at is the product, the service, the momentum and it is 170,000 subs in the last 12 months that we have added. And as Neil referenced, the fourth quarter, there are ups and downs in quarters but I am looking at it on an annual basis and I think we are ahead of even where we set our own plans at the beginning of the year where we think we will end the year. And that is a result not that there is new homes that we are getting to in driving it but rather a better product that we are driving with.

我只想補充一點，如果要我說本季最值得關注的一點，那就是影片成長率。不過，我們並沒有把重點放在影片成長率。我們關注的是產品、服務和發展勢頭，過去12個月我們新增了17萬訂閱用戶。正如尼爾所提到的，第四季業績會有起伏，但我著眼於年度整體情況，我認為我們甚至已經超過了年初設定的年終目標。這並非因為我們拓展了新的用戶群，而是因為我們擁有更優質的產品。

Can I ask just one follow-up? If your home and business passings are growing about 3% on an annualized basis, is it fair to assume that the home passings is just in line with population growth, like half that level? Is that reasonable?

我可以再問一個後續問題嗎？如果你們的家庭和企業死亡人數每年增長約3%，那麼是否可以合理地假設家庭死亡人數的增長與人口增長持平，大約是家庭死亡人數的一半？這種假設合理嗎？

I think that is reasonable.

我認為這很合理。

Okay, all right. Thank you.

好的，謝謝。

Anthony DiClemente, Nomura.

Anthony DiClemente，野村證券。

Good morning and thank you so much for taking my questions. One on NBCU; advertising in the quarter was flattish ex Olympics. I just wanted to get maybe a little bit more color there in terms of the ratings versus CPMs. And then wanted to also just a follow-up on pricing at high speed Internet so the ARPU growth seems quite strong. Can you parse out rate adjustments versus expanded services for high-speed data and just talk a little bit about the sustainability of ARPU growth for your high-speed Internet business? Thanks a lot.

早上好，非常感謝您回答我的問題。第一個問題是關於NBC環球的；本季廣告收入除了奧運之外基本持平。我想了解一下收視率和CPM（每千次曝光成本）方面的具體情況。另外，我還想就高速網路的定價問題進一步了解一下，因為ARPU（每用戶平均收入）成長似乎非常強勁。您能否詳細分析高速資料的價格調整和擴展服務，並談談貴公司高速網路業務ARPU成長的可持續性？非常感謝。

So let me just start by saying the advertising market remains very strong. Scatter is as strong as it has been really in a long time and that is a continuation. Really we have had quarter after quarter of very strong scatter and we had a super strong upfront in May.

首先我想說的是，廣告市場依然非常強勁。散戶銷售的強勁程度達到了近年來的最高水平，而且這種勢頭還在持續。事實上，我們已經連續幾季都看到了散戶銷售的強勁表現，五月的預售市場也表現得異常出色。

For the quarter, our advertising for broadcast, ex Olympics, was up 4%; our advertising for cable, ex Olympics, was about flat. And the up 4% is a sign of CPMs being high enough on the broadcast side to exceed ratings decline and in cable they were about flat. Cable in the last quarter -- there are certain quarters where we have more new launches and more things going on. And of course, the Olympics really took a lot of the advertising from the ongoing programs during the quarter.

本季度，除奧運外，我們的廣播廣告收入成長了4%；有線電視廣告收入基本持平。這4%的成長表明，廣播廣告的CPM（每千次展示成本）足夠高，足以彌補收視率的下降，而有線電視廣告的CPM基本上持平。上個季度有線電視廣告－某些季度我們會推出更多新節目，也會有更多活動。當然，奧運確實分流了本季許多正在播出節目的廣告收入。

And concerning pricing, our HSD pricing is related on both rate -- is based upon both rate and, in some cases, the devices as we increase the speeds to the household. Our rate was a bigger factor this year than it was last year, which was more device-based.

至於價格方面，我們的高速寬頻定價與速率有關——既取決於速率，在某些情況下，還取決於設備，因為我們會提高入戶網路速度。今年速率因素的影響比去年更大，而去年設備因素的影響更大。

We continue to see ARPU upside. We are putting in the fastest Wi-Fi available. The faster speeds; we have increased speeds 17 times in the last 15 years.

我們持續看到ARPU（每用戶平均收入）成長。我們正在部署最快的Wi-Fi網路。網速越來越快；過去15年裡，我們已經將網速提高了17倍。

And we are continuing to improve the product in terms of smart internet where it is easy to integrate new devices into the home, whether it is a Nest thermostat or Lutron lights, it will make it easy for the customers, as Brian said earlier to use our service. We have to continue to increase the Wi-Fi capacity. There are about 11 devices hanging off our network now and we will continue to do that but we see ARPU upside overall in the HSD side.

我們正在持續改進智慧互聯網產品，讓用戶能夠輕鬆地將新設備整合到家中，無論是 Nest 恆溫器還是 Lutron 智慧燈，正如 Brian 之前所說，這將使客戶更容易使用我們的服務。我們必須持續提升 Wi-Fi 容量。目前大約有 11 台設備連接到我們的網絡，我們將繼續努力，但我們認為 HSD 方面的平均每用戶收入 (ARPU) 整體上還有提升空間。

Thanks a lot.

多謝。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

Hi, good morning. I wanted to ask Steve and Neil each a question if I may. Steve, I was wondering if you could give us the state of the Union for lack of a better term from your perspective on the industry's progress toward better audience measurement. How much consumption do you think is still falling through the cracks and has that gap between measured and unmeasured viewing become larger or smaller over the past year?

早安.我想分別問史蒂夫和尼爾一個問題。史蒂夫，我想請你從你的角度，談談目前業界在提升觀眾測量水平方面取得的進展（暫且這麼說吧）。你認為還有多少收視數據被遺漏了？過去一年裡，已測量和未測量收視之間的差距是擴大了還是縮小了？

Then for Neil, Neil, I was wondering if you could maybe give us some color on where you are in the home security and home automation market, maybe talk about if you can where you are on number of subscribers, penetration, revenue, something that can give us a sense as to how the progress in that business is going?

那麼，尼爾，我想請你介紹一下你在家庭安全和家庭自動化市場的情況，例如你的用戶數量、滲透率、收入等等，讓我們了解一下這個業務的發展情況？

Well, I don't think the industry is anywhere near where it needs to be in terms of monetization and we were talking about the Olympics as a perfect example. Something like 100 million Americans consumed at least part of the Olympics online. It was a huge, huge phenomenon on Snapchat and Facebook and other places and the inability for us to articulately walk into an advertiser and talk about all that consumption in an aggregated way is a real problem. And it is a problem that is obviously going to get solve but progress is not as great as it should be.

嗯，我認為就獲利模式而言，這個產業還遠遠沒有達到應有的水平，我們剛才討論的奧運就是一個很好的例子。大約有1億美國人在線上觀看了部分奧運賽事。這在Snapchat、Facebook和其他平台上掀起了巨大的熱潮，但我們卻無法清楚地向廣告商解釋所有這些消費數據，這確實是個問題。當然，這個問題終究會得到解決，但目前的進展遠遠沒有達到應有的水準。

I think what everybody wants is pretty obvious. They want to know what is the total audience delivery of a television show wherever it gets consumed and they want it to be done by a third party in a way that it is objective and quantifiable and that is what we are all working to. I think the world is moving towards C7 from C3. I think the world is moving toward measuring alternative vehicles and I think most advertisers understand when they buy a hit property, they are going to get a lot of consumption elsewhere. And they sort of factor that into the effectiveness intellectually. But you would certainly love for it to be done in a quantifiable way by an unbiased third party and we are not making enough progress on that.

我認為大家想要的其實很明顯。他們想知道一個電視節目在所有觀看管道的總收視量，並且希望由第三方以客觀、可量化的方式進行統計，而這正是我們所有人努力的方向。我認為世界正在從C3邁進C7。我認為世界正在朝著衡量其他管道的效果的方向發展，而且我認為大多數廣告商都明白，當他們購買熱門IP時，它會在其他管道獲得大量的收視量。他們會在理性上將這一點納入考量。但我們當然希望由公正的第三方以可量化的方式進行統計，而我們在這方面進展甚微。

And Brian, concerning XFINITY Home, we think there is a big opportunity there. We're capturing share and growing it quickly. About a year and a half ago we announced we had passed 500,000 customers and it has grown significantly from there. What is interesting, I find the most interesting is about 55% of the XFINITY Home customers are new to Comcast. We are attracting new customers and new customer relationships and about 60% of those customers have Quad-Play.

布萊恩，關於XFINITY Home，我們認為它蘊藏著巨大的機會。我們正在迅速擴大市場份額。大約一年半前，我們宣布用戶數量突破50萬，此後用戶數量顯著成長。最有趣的是，XFINITY Home用戶中約有55%是Comcast的新用戶。我們正在吸引新客戶，建立新的客戶關係，其中約60%的客戶擁有四合一服務（Quad-Play）。

So it is a very sticky product, it continues to develop and we are very optimistic on the upside potential.

所以這是一款非常有市場潛力的產品，它仍在不斷發展，我們對其上漲潛力非常樂觀。

Great, thank you.

太好了，謝謝。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Thank you. Brian, just a couple of questions. First is, it looks like the industry is moving more toward the Comcast model more vertically integrated and so on with obviously the Time Warner deal but as in buying content and so on. So from that perspective, you guys have a unique vantage point given you had NBC for awhile. If you could talk a little bit about what the advantages of that model are and whether owning NBC as well as Cable on the other side of it provides a better business model from a consumer perspective as well as for the Company as a whole?

謝謝。布萊恩，我有幾個問題。首先，看起來整個產業都朝著康卡斯特（Comcast）的模式發展，更加垂直整合，例如收購時代華納（Time Warn）等等，尤其是在內容購買方面。從這個角度來看，你們擁有獨特的視角，因為你們曾經擁有NBC。能否談談這種模式的優勢是什麼？同時擁有NBC和有線電視業務，從消費者和公司整體的角度來看，是否能提供更好的商業模式？

Secondly, from the perspective of the X1 platform, obviously it is an industry-leading platform and the way the content is presented there is in a disaggregated format. From that perspective in terms of the vision you have of how video can be packaged maybe five years from now, that is the bundle in any form, skinny or non-skinny. Make any sense in the next five years or 10 years given how the industry is evolving and consumption patterns are evolving? Thank you.

其次，從X1平台的角度來看，它顯然是業界領先的平台，其內容呈現方式是分散式的。從這個角度來看，您設想未來五年左右的視訊打包方式，無論是精簡版還是完整版，都可能以捆綁包的形式出現。考慮到產業和消費模式的演變，這種模式在未來五年或十年內是否仍然有意義？謝謝。

Let me take a crack at the second one first which if I understand the question when you say a disaggregated format, I'm not actually sure that I see it that way. What X1 does from my perspective, our perspective I think, is really help you with search, navigation, discovery and enjoyment of the content you end up deciding to procure. So if you just pick a movie star, you now talk to the remote, you say it and then it gives you recommendations and it tells you every episode now whether that episode resides on Netflix or resides on a broadcast or resides on a cable network or if you DVR-ed it. And then it is more like this and it gives you lots of choices.

讓我先試著回答第二個問題。如果你說的「分散式格式」我理解錯了，我其實不太認同這種說法。在我看來，或者說我們所有人的看法，X1 的作用在於幫助你搜尋、瀏覽、發現並享受你最終決定購買的內容。例如，你選定一位電影明星，對著遙控器說出他的名字，它就會給你推薦，還會告訴你每一集的內容，無論它是在 Netflix 上、電視上、有線電視上，還是你已經錄製下來了。它更像是這樣，會給你很多選擇。

So in the case to your point, we will be upselling Netflix as an example and just as we upsell HBO and Showtime and others. So some content allows you to be show by show our network by network but it is the breadth of all the choices in the bundle that I think is what has powered this industry. And clearly as Neil said, we need to evolve and continue to progress and we will and we need to compete with whatever the future brings. But the investment that we have made and the innovation and the people we have recruited I think sort of ties to your first question.

所以，就你剛才提到的情況而言，我們會像推銷HBO、Showtime和其他平台一樣，對Netflix進行追加銷售。有些內容允許你逐一觀看，有些則允許你逐一觀看，但我認為真正推動這個行業發展的，是套餐中包含的豐富選擇。正如尼爾所說，我們需要不斷發展和進步，我們也必須與未來的各種挑戰競爭。而我們所做的投資、創新以及我們招募的人才，我認為這都與你的第一個問題息息相關。

Very broadly put, Comcast NBCUniversal is a very special Company and we've move hundreds of people back and forth between different parts of the Company in the corporate office. The Olympics I think are just a shining example of where all those live streams that Steve was just talking about were available on X1 and on the NBC Sports app and you could get there through your voice remote or through your XFINITY mobile app. We call that Symphony and we have seen it whether it is talent wanting to work with the Company, people wanting to join the Company or innovation that the Company is doing.

簡而言之，康卡斯特NBC環球是一家非常特別的公司，我們已經讓數百名員工在公司總部的不同部門之間來回調動。我認為奧運會就是一個很好的例子，史蒂夫剛才提到的那些直播都可以在X1頻道和NBC體育應用程式上觀看，你可以透過語音遙控器或XFINITY行動應用程式存取。我們稱之為“交響樂”，我們已經見證了它如何促進人才與公司合作、員工加入公司以及公司正在進行的創新。

And could we do more and will we do more and innovate? Yes, but we have seen a lot of people want to use the X1 platform, there are other operators around the world in Canada and with Cox and we have had others requesting to use the platform. So we are -- it seems to be resonating in almost every part of ecosystem the strategy that we are on and again, you get to a quarter like this and you see it really all working well together.

我們還能做得更多嗎？我們會做得更多並進行創新嗎？是的，我們看到很多人都想使用X1平台，加拿大和Cox等世界各​​地的其他業者也都希望使用該平台。所以，我們——我們的策略似乎在生態系統的幾乎每個環節都引起了共鳴，而且，到了這個季度，你會發現一切都運作良好。

Let me talk a little bit about NBCUniversal under Comcast ownership, it has been about 5.5 years, we have more than doubled operating cash flow. We are the fastest-growing media Company in the country. When we came, NBC was number four, for seven years in a row, NBC is starting the fourth season in a row as number one. We have had two record years at Universal Studios. Our Theme Park business has tripled or quadrupled. We have really had a wonderful experience as part of Comcast and part of that is the culture that Brian and everyone at Comcast has created. Part of it is the willingness to invest, part of it is Symphony which we call our special sauce.

讓我簡單談談康卡斯特旗下NBC環球的狀況。過去五年半，我們的營運現金流翻了一番還多。我們是全美發展最快的媒體公司。我們剛加入時，NBC排名第四，連續七年蟬聯收視率第一，如今已連續第四個季度穩居榜首。環球影業也創下了兩個年度紀錄。我們的主題樂園業務成長了兩到三倍。身為康卡斯特的一員，我們擁有非常棒的經歷，這部分歸功於布萊恩和康卡斯特全體員工共同打造的企業文化，部分歸功於他們勇於投資的精神，還有我們稱之為「秘方」的Symphony系統。

But looking back at the last 5.5 years, the Comcast element has lent to a great, great stimulus to NBCUniversal and I think the results speak for themselves.

但回顧過去 5.5 年，康卡斯特的加入極大地刺激了 NBCUniversal 的發展，我認為結果足以說明一切。

Thank you.

謝謝。

Mike McCormack, Jefferies.

Mike McCormack，傑富瑞集團。

Thanks for squeezing me in. With respect to the high speed adds, obviously quite strong, just thinking where that share is coming from? I presume mostly DSL as opposed to fiber by the telcos.

謝謝你抽出時間。關於高速網路新增用戶，成長勢頭確實很強勁，我只是在想這些用戶主要來自哪裡？我猜想電信公司主要使用的是DSL而不是光纖。

And I guess thinking forward, a lot of fiber to the home investment going on. Is there any risk as the telco aggression I guess in the fiber field continues to roll out that we should see a more tempered outlook on high-speed data? Then maybe just another quick one on 5G, whether you see that as a threat or an opportunity? Thanks.

展望未來，我認為光纖到戶的投資正在大幅增加。隨著電信業者在光纖領域的擴張步伐不斷加快，我們是否應該對高速資料傳輸持更謹慎的態度？另外，能否再簡單談談5G，您認為它是威脅還是機會？謝謝。

Well, HSD, there is still 70% to 75% of the country has HSD so we think there is market growth opportunity. We have about 6 million DSL customers still in our footprint so we see that as a market share opportunity. And we have about 43% penetration so we see plenty of room for growth.

高速寬頻方面，目前全國仍有70%到75%的地區在使用高速寬頻，因此我們認為市場仍有成長空間。我們目前覆蓋範圍內還有大約600萬DSL用戶，因此我們也看到了市場份額的成長機會。此外，我們的DSL滲透率約為43%，所以我們認為成長空間非常大。

Concerning 5G, I think it is in the early days and it will be an exciting evolution of the wireless standards. There are limitations to it such as propagation and the antennas it will need to meet power and backhaul and we think that with these thousands of endpoints in the cities you need space, power and a field force to enable the high bandwidth mobile connections. So we think we have a great set of assets that can bring significant value to the equation.

關於5G，我認為它還處於早期階段，但它將是無線標準的一個令人興奮的演進。它存在一些局限性，例如訊號傳播以及滿足功率和回程鏈路需求所需的天線。我們認為，在城市中成千上萬個終端節點，需要足夠的空間、電力和現場服務人員來實現高頻寬的行動連線。因此，我們認為我們擁有一系列強大的資源，可以為這一領域帶來顯著價值。

Great. Thanks, guys.

太好了，謝謝各位。

Thank you, Mike, and thank you everybody for joining us this morning. Regina, back to you.

謝謝你，麥克，也謝謝各位今天早上收看我們的節目。雷吉娜，把鏡頭交給你了。

There will be a replay available of today's call starting at 11:30 AM Eastern time. It will run through Wednesday, November 2, at Midnight Eastern time. The dial-in number is 855-859-2056 and the conference ID number is 81102798. A recording of the conference call will also be available on the Company's website beginning at 12:30 PM today.

今天上午11:30（美國東部時間）起，您可以收聽電話會議的錄音回放，回放將持續到11月2日（週三）午夜（美國東部時間）。撥入號碼為855-859-2056，會議ID為81102798。此外，公司網站也將於今天下午12:30起提供電話會議錄音。

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

今天的電話會議到此結束。感謝各位的參與。請各位斷開連接。