Comcast Corp (CMCSV) 2017 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's First Quarter 2017 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，早安，歡迎參加康卡斯特2017年第一季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I would 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。請繼續，阿姆斯壯先生。

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke and Dave Watson. Brian and Mike will make formal remarks, and Steve and Dave 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、史蒂夫伯克和戴夫沃森。Brian 和 Mike 將發表正式講話，Steve 和 Dave 也將出席並回答問題。

As a reminder, and this will be the last day this is in place, but it is in place at this time, as part of the FCC's anticollusion rules for the broadcast incentive auction, we cannot discuss or answer any questions related to the auction or spectrum on today's call.

再次提醒大家，今天是這項規定實施的最後一天，但目前這項規定仍然有效，作為 FCC 針對廣播激勵拍賣的反串謀規則的一部分，我們不能在今天的電話會議上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 #2, which contains our safe harbor disclaimer, and remind you this conference call may include forward-looking statements subject to certain risks and uncertainties.

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

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.

此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格。

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 off to a fantastic start, our fastest in 5 years. In the first quarter, we increased revenue by 9% and EBITDA by over 10%. These outstanding results were highlighted by NBCUniversal, which increased EBITDA by 24%, driven by strong growth at each business. At Theme Parks, our multiyear momentum continues. A great example is the success of Harry Potter in Hollywood, where we saw a 60% increase in attendance this quarter. And we have some incredible new attractions in the second quarter. In Orlando, Jimmy Fallon's Race Through New York opened earlier this month, and we think Volcano Bay will transform the water park experience for visitors when it opens as a third gate in just a few weeks. It looks amazing.

謝謝你，傑森，大家早安。我們開局非常出色，這是5年來最快的開局。第一季度，我們的營收成長了 9%，EBITDA 成長了 10% 以上。NBC環球的業績尤為突出，其EBITDA成長了24%，這得益於旗下各業務的強勁成長。在主題樂園領域，我們多年來的發展動能仍在持續。一個很好的例子就是《哈利波特》在好萊塢的成功，本季該片的觀影人次成長了 60%。第二季我們還有一些非常棒的新景點。在奧蘭多，吉米法倫的紐約大冒險（Jimmy Fallon's Race Through New York）於本月初開業，我們認為火山灣水上樂園將在幾週後作為第三個入口開放，屆時將徹底改變遊客的水上樂園體驗。看起來棒極了。

And in Japan, we leveraged one of our most successful film franchises with the opening of Minions Park last week. Our confidence in the trajectory and leadership of the parks business under Tom Williams reinforced our decision to acquire the remaining 49% of Universal Studios Japan.

上週，我們在日本開設了小小兵主題樂園，充分利用了我們最成功的電影系列之一。我們對湯姆威廉斯領導下的環球影城業務的發展軌跡和領導力充滿信心，這更加堅定了我們收購日本環球影城剩餘 49% 股份的決定。

In film, as I've said repeatedly, we have an exceptional management team at Universal that is taking smart risks and using skillful marketing, and the results speak for themselves. The first quarter's terrific performance was driven by a wide range of theatrical releases, including Fifty Shades Darker, Split and Get Out as well as the carryover success of Sing. Our box office strength has continued in the second quarter with Boss Baby and the exciting premiere of Fate of the Furious, which just set the new box office record with the biggest-ever global opening.

正如我多次說過的那樣，在電影領域，環球影業擁有一支傑出的管理團隊，他們敢於承擔明智的風險，並運用嫻熟的營銷技巧，而結果也證明了這一點。第一季的出色表現得益於一系列電影的上映，包括《五十度黑》、《分裂》和《逃出絕命鎮》，以及《歡樂好聲音》的延續性成功。第二季度，我們的票房表現依然強勁，《寶貝老闆》和《玩命關頭8》的精彩首映都取得了成功，後者以史上最高的全球首映票房成績打破了新的票房紀錄。

Turning to our TV businesses. NBC has maintained a healthy lead and as the season ends, remains the top-ranked network in prime time for the fourth consecutive season. Congratulations to Bob Greenblatt and everyone at the network.

接下來談談我們的電視業務。NBC一直保持著明顯的領先優勢，隨著本季結束，它已連續第四個賽季蟬聯黃金時段收視率最高的電視網。恭喜鮑勃·格林布拉特和電視台的每一位成員。

At Cable Networks, we had a strong quarter. I would highlight MSNBC, which continued its outstanding performance with record ratings and even topped CNN in total viewers during weekday prime and total day for the quarter.

有線電視網路部門本季業績表現強勁。我要重點介紹 MSNBC，它繼續保持著出色的表現，收視率創下紀錄，甚至在本季度工作日黃金時段和全天的總收視人數上都超過了 CNN。

With our unified portfolio of NBC Broadcast, Telemundo and Cable Networks, we feel great about our position as we head into the advertising upfront. We will be selling into an exciting 2017-2018 season that includes our airing of 3 of the biggest events on television with the Super Bowl, the Winter Olympics and the World Cup on Telemundo. So really, a fabulous quarter from NBCUniversal, further validation of what a transformative acquisition this was for us, perhaps the best in our history.

憑藉我們整合的 NBC 廣播、Telemundo 和有線電視網絡，我們對即將到來的廣告預售季的地位感到非常滿意。我們將迎來令人興奮的 2017-2018 賽季，其中包括在 Telemundo 電視台播出的三場電視盛事：超級盃、冬季奧運和世界盃。所以說，NBCUniversal 的這個季度業績非常出色，進一步證明了這項收購對我們來說是多麼具有變革意義，也許是我們歷史上最好的收購。

Moving on to Cable Communications. I want to start by thanking Neil Smit for all that he has done as CEO of Comcast Cable. I can't say enough about Neil and a number of you have reached out as well to say how fortunate we are to have had his leadership and character at Comcast over these 7-plus years. He handed over the company to his top leader, Dave Watson, who, as you can see already, is off to a very strong start.

接下來是有線通訊。首先，我要感謝 Neil Smit 作為 Comcast Cable 執行長所做的一切。我無法用言語來表達我對尼爾的感激之情，許多人也聯繫我說，我們很幸運能在康卡斯特公司擁有他這樣一位傑出的領導者和品格超過七年。他將公司交給了他的最高領導人戴夫·沃森，正如你所看到的，沃森的開局非常強勁。

We had an excellent quarter balancing robust EBITDA growth with terrific customer metrics. We added 297,000 customer relationships, a 10% increase compared to the first quarter of 2016, with 429,000 broadband subscriber additions and 42,000 video subscriber additions. We're also seeing good traction with XFINITY Home and now have nearly 1 million customers. And our best opportunities are ahead of us with a road map to continue adding value for our customers and differentiating all of our products.

本季業績出色，EBITDA 實現強勁成長，客戶指標也十分亮眼。我們新增了 297,000 個客戶關係，比 2016 年第一季成長了 10%，其中寬頻用戶增加了 429,000 個，視訊用戶增加了 42,000 個。XFINITY Home 也取得了不錯的進展，目前擁有近 100 萬用戶。我們最好的機會還在前方，我們將制定路線圖，繼續為客戶創造價值，並使我們的所有產品脫穎而出。

Next month, we will be launching our new cloud-based smart home networking solution for customers with our Wi-Fi gateway. We're going to call it xFi. Just like X1 has transformed how our customers experience television, we think this will be a game-changer for Wi-Fi, enabling people to easily improve, personalize, manage and control their home network and the devices connected to it.

下個月，我們將推出擁有我們 Wi-Fi 閘道的客戶全新的基於雲端的智慧家庭網路解決方案。我們將把它命名為 xFi。就像 X1 改變了我們的客戶體驗電視的方式一樣，我們認為這將改變 Wi-Fi 的遊戲規則，使人們能夠輕鬆地改進、個性化、管理和控制他們的家庭網路以及連接到該網路的裝置。

We also continue to add to the X1 platform. On the heels of our successful Netflix integration late last year, during the first quarter, we announced that we are also going to make YouTube content available on X1, all searchable using our beloved voice remote control. This will allow our customers to seamlessly browse and access billions of YouTube videos alongside our live and on-demand programming options.

我們也會繼續為 X1 平台新增功能。繼去年底成功整合 Netflix 之後，在第一季度，我們宣布還將在 X1 上提供 YouTube 內容，所有內容均可使用我們備受歡迎的語音遙控器進行搜尋。這將使我們的客戶能夠無縫瀏覽和訪問數十億個 YouTube 視頻，以及我們的直播和點播節目選項。

And earlier this month, we unveiled our highly anticipated wireless service, XFINITY Mobile, with simple, straightforward plans and a digital-first experience. We believe including mobile in our bundles will help improve retention and ultimately benefit lifetime customer economics.

本月初，我們推出了備受期待的無線服務 XFINITY Mobile，它擁有簡單明了的套餐和以數位化為先的體驗。我們相信，將行動服務納入我們的套餐將有助於提高客戶留存率，並最終有利於客戶的終身經濟效益。

We are taking a disciplined approach to the wireless business, leveraging our existing customer relationships and infrastructure along with our access to Verizon's industry-leading wireless network. We expect to be NPV-positive per subscriber on a stand-alone basis once we reach a limited initial scale over time.

我們以嚴謹的態度對待無線業務，充分利用我們現有的客戶關係和基礎設施，以及我們接入 Verizon 行業領先的無線網路的優勢。我們預計，一旦達到一定的初始規模，每個獨立用戶的淨現值將為正值。

Our digital-first approach to XFINITY Mobile reflects a broader shift in how we view the future of the customer experience. We're making it a priority to give our customers the ability to interact with us through a variety of options in the digital world, including online, on devices and even through X1. We know this is what our customers want, and we are working hard to provide the tools so they can do it with ease. As we continue our effort to improve the experience, we've seen how quickly customers respond to these initiatives.

我們以數位化為先導的 XFINITY Mobile 策略，體現了我們對未來客戶體驗的更廣泛看法。我們優先考慮讓客戶能夠透過數位世界中的各種選擇與我們互動，包括線上、透過設備甚至透過 X1。我們知道這是客戶想要的，我們正在努力提供工具，讓他們輕鬆做到這一點。在我們不斷努力改善使用者體驗的過程中，我們已經看到客戶對這些措施的反應速度非常快。

You may recall, about 2 years ago, we committed to making customer service our best product. We put meaningful investment towards this goal, and it's really working. In the first quarter, we reduced customer calls handled by our agents by over 4 million, a double-digit improvement year-over-year. First call resolution is at a multiyear high, a sign that we are making progress in terms of getting it right the first time when our customers call with an issue.

您可能還記得，大約兩年前，我們承諾將客戶服務打造為我們最好的產品。我們為實現這個目標投入了大量資金，而且確實奏效了。第一季度，我們的客服人員處理的客戶來電減少了 400 多萬通，比上年同期實現了兩位數的成長。首次通話解決率達到多年來的最高水平，這表明我們在客戶來電反映問題時能夠一次解決問題方面取得了進步。

So I'm incredibly proud of these results across the entire company this quarter. And with our unique innovation platforms at Comcast Cable and the industry-leading growth at NBCUniversal, we are off to a great start.

因此，我對公司本季取得的這些成績感到無比自豪。憑藉 Comcast Cable 獨特的創新平台和 NBCUniversal 行業領先的成長，我們已經有了一個良好的開端。

Mike, over to you.

麥克，該你了。

Good morning, everybody. I'm on Slide 4 for those following the presentation online. As Brian just said, we had a great first quarter. Cable delivered terrific results, balancing strong financial growth with healthy customer metrics. And at NBCUniversal, we had phenomenal growth this quarter with good contributions from all the business segments.

大家早安。對於那些在線上觀看簡報的人來說，我現在講到第 4 張幻燈片了。正如布萊恩剛才所說，我們第一季表現出色。有線電視業務取得了優異的業績，在維持強勁財務成長的同時，客戶指標也表現良好。NBC環球本季實現了驚人的成長，所有業務部門都做出了良好貢獻。

So on a consolidated basis, revenue increased 8.9%. Adjusted EBITDA grew 10.4%. And by the way, adjusted EBITDA is a new label for the metric we previously called operating cash flow. Earnings per share was $0.53, a 26.2% increase on an adjusted basis. And we generated $3.1 billion in free cash flow during the quarter.

因此，合併後的營收成長了 8.9%。調整後 EBITDA 成長 10.4%。順便一提，調整後的 EBITDA 是我們之前稱為經營現金流的指標的新名稱。每股收益為 0.53 美元，經調整後成長 26.2%。本季我們產生了31億美元的自由現金流。

So now let's start with Cable Communications on Slide 5. Cable Communications delivered strong first quarter results. Revenue increased 5.8% to $12.9 billion. We added 297,000 customer relationships, and we grew total revenue per customer relationship by 2.6%. Beginning this quarter, we are providing additional disclosure for residential and business customers given the success of business services, which now annualizes at about $6 billion in revenue.

現在讓我們從第 5 張投影片中的 Cable Communications 開始。 Cable Communications 的第一季業績表現強勁。營收成長5.8%，達129億美元。我們新增了 297,000 個客戶關係，每個客戶關係的總收入成長了 2.6%。從本季開始，鑑於商業服務的成功（目前年收入約為 60 億美元），我們將向住宅和商業客戶提供額外的資訊揭露。

Now for the numbers, starting with our residential business. We added 263,000 net new relationships, an increase of 11% over last year, and ended the quarter with nearly 27 million relationships. Contributing to these results were the positive benefits of customer retention, with our video and high-speed Internet churn remaining at the lowest levels in over 10 years. Customers continue to respond to our innovative X1 platform, our best-in-class, high-speed data product and the meaningful strides we have made in improving the customer experience. Our ability to bundle our products is also a key driver of customer retention, and we continue to do so successfully, with 71% of our residential customers now subscribing to at least 2 products.

現在來看具體數據，先從我們的住宅業務開始。我們新增了 26.3 萬個淨客戶關係，比去年同期成長了 11%，本季末客戶關係總數接近 2,700 萬。取得這些成果的原因之一是客戶留存率的提高，我們的影片和高速網路客戶流失率維持在 10 多年來的最低水準。客戶對我們創新的 X1 平台、一流的高速數據產品以及我們在改善客戶體驗方面取得的顯著進展給予了積極回饋。我們將產品捆綁銷售的能力也是客戶留存的關鍵驅動因素，我們在這方面一直做得很好，目前 71% 的住宅客戶訂閱了至少 2 種產品。

In terms of the individual residential revenue categories, high-speed Internet continues to be the largest contributor to overall cable revenue growth. Revenue increased 10.1% to $3.6 billion in the quarter, driven by an increase on our residential customer base and rate adjustments. Building on the strong performance in 2016, we added 429,000 total high-speed data customers in the quarter, with 397,000 of them being residential. We've invested to provide a best-in-class broadband product as we have consistently increased the speeds we offer our customers, and we continue to invest to improve the Wi-Fi experience in and out of the home. We ended the quarter with 54% of our residential customers taking speeds of 100 megabits per second or higher. Looking ahead, we believe we have a long runway for growth in adding broadband customers and a great road map to provide additional value to our existing customers.

就各個住宅收入類別而言，高速網路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 10.1% 至 36 億美元，主要得益於住宅客戶群的成長和費率調整。繼 2016 年的強勁表現之後，本季我們新增了 429,000 名高速數據用戶，其中 397,000 名為住宅用戶。我們投入巨資提供一流的寬頻產品，不斷提高為客戶提供的網速，並持續投資改善家庭內外的 Wi-Fi 體驗。本季末，我們54%的住宅用戶網路速度達到每秒100兆位元或更高。展望未來，我們相信寬頻用戶成長空間龐大，並且我們制定了完善的路線圖，為現有客戶提供更多價值。

Video revenue increased 4.3% to $5.8 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services and an increase in our residential customer base. Of our 42,000 total video customer net adds in the quarter, 32,000 were residential. X1 continues to move the needle on the customer experience, ARPU and retention, driving higher customer lifetime value. We ended the quarter with 52% of our residential video customers having X1 compared to 35% a year ago, and we continue to expect our X1 penetration will be in the low 60% range by year-end.

本季影片收入成長 4.3% 至 58 億美元，主要原因是價格調整、客戶訂閱額外服務以及住宅客戶群的成長。本季我們新增的 42,000 名視訊用戶中，有 32,000 名是住宅用戶。X1 持續提升顧客體驗、ARPU 和顧客留存率，進而提升客戶終身價值。本季末，我們住宅視訊客戶中已有 52% 的人使用 X1，而一年前這一比例為 35%。我們繼續預計，到年底，X1 的普及率將達到 60% 左右。

Voice revenue declined by 3.6% to $863 million in the first quarter, reflecting a modest decline in ARPU as well as the loss of 27,000 net residential customers. We continue to believe that our Voice product is a good value for our customers and an important part of our triple and quad-play bundles.

第一季語音收入下降 3.6% 至 8.63 億美元，反映出 ARPU 略有下降以及淨流失 27,000 名住宅用戶。我們仍然相信，我們的語音產品對我們的客戶來說物有所值，並且是我們三重和四重播放套餐的重要組成部分。

Business services delivered another solid quarter of double-digit growth as revenue increased 13.6% to $1.5 billion during the quarter. We added 34,000 business customer relationships and grew revenue per business customer relationship by 5%. The small business segment accounted for about 70% of our revenue and 60% of our growth, driven primarily by the net increase in customers. And our midsize and enterprise segments continue to grow at higher rates given the strength of our product set and the earlier stage of our efforts in these areas.

商業服務業務再次實現兩位數的穩健成長，本季營收成長 13.6%，達到 15 億美元。我們新增了 34,000 個企業客戶關係，每個企業客戶關係的收入成長了 5%。小型企業部門貢獻了我們約 70% 的收入和 60% 的成長，這主要得益於客戶數量的淨成長。鑑於我們強大的產品組合以及我們在這些領域所投入的精力尚處於早期階段，我們的中型和企業級客戶群將繼續以更高的速度成長。

Cable advertising revenue decreased 6.3% to $512 million in the quarter, reflecting lower political revenue compared to last year. Excluding the political contribution, our cable advertising revenue decreased 2.3%, reflecting a challenging advertising environment this quarter, particularly in discretionary categories.

本季有線電視廣告收入下降 6.3% 至 5.12 億美元，反映出政治廣告收入較去年同期下降。在剔除政治捐款後，我們的有線電視廣告收入下降了 2.3%，反映出本季廣告環境充滿挑戰，尤其是在非必需消費品類別。

Turning to Slide 6. First quarter Cable Communications EBITDA increased 6.3% to $5.2 billion, resulting in a margin of 40.3%, up 20 basis points compared to the first quarter of 2016. This is a terrific financial performance as we manage through a period of higher programming costs by offsetting this impact with strong revenue growth and real discipline on nonprogramming operating expenses.

翻到第 6 張投影片。第一季有線通訊 EBITDA 成長 6.3% 至 52 億美元，利潤率為 40.3%，比 2016 年第一季成長 20 個基點。這是一個非常出色的財務業績，因為我們透過強勁的收入成長和對非節目營運費用的嚴格控制，抵消了節目製作成本上升的影響。

Programming expenses grew 11.7% during the quarter, reflecting the timing of contract renewals. Because of these renewals, our programming expense growth should trend higher for the remainder of the year, consistent with our guidance at year-end.

本季節目製作費用增加了 11.7%，這反映了合約續約的時間表。由於這些續約，我們今年的節目製作費用成長趨勢應該會持續走高，這與我們年底的預期一致。

Nonprogramming expenses increased 1.4% for the quarter, helping preserve margins, given the increase in programming expenses. As we noted during our year-end call, this growth rate is trending lower than previous quarters as we benefit from our customer experience initiatives and overall disciplined cost management. Notably, customer service expenses declined 1.1% this quarter, even as we grew our customer relationships by 3.2%. Consistent with our objectives, we expect the rate of growth for nonprogramming expenses to continue to trend lower this year compared to 2016.

本季非節目支出成長了 1.4%，在節目支出增加的情況下，這有助於維持利潤率。正如我們在年終電話會議上指出的那樣，由於我們受益於客戶體驗舉措和整體嚴格的成本管理，這一增長率呈下降趨勢，低於前幾個季度。值得注意的是，儘管我們的客戶關係成長了 3.2%，但本季客戶服務支出卻下降了 1.1%。與我們的預期目標一致，我們預計今年非節目製作費用的成長率將比 2016 年繼續下降。

Now let's move on to NBCUniversal's results. On Slide 7, you can see NBCUniversal's revenue increased 14.7%, and EBITDA increased 24.4% in the quarter. These strong results were driven by successful box office, strong growth in retrans and affiliate fees as well as the continued healthy performance at Theme Parks.

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 的營收在本季成長了 14.7%，EBITDA 成長了 24.4%。這些強勁的業績得益於票房的成功、轉播費和附屬費的強勁增長，以及主題樂園的持續良好表現。

Cable Networks delivered strong growth this quarter, with revenue increasing 7.6% and EBITDA increasing 16.8% to $1.1 billion. This EBITDA growth is higher than recent trends of low to mid-single-digit growth, and it was the result of 2 factors: First, distribution revenue increased 8.6% due to the successful renewals of a number of our distribution agreements and should continue to contribute to healthy EBITDA growth for the remainder of the year; second, content licensing revenue increased 54%, reflecting a new licensing agreement and is timing-related. Partially offsetting this growth was a 2.9% decline in advertising revenue.

本季有線電視網路業務實現了強勁成長，營收成長了 7.6%，EBITDA 成長了 16.8%，達到 11 億美元。這一 EBITDA 成長高於近期個位數低至中等成長的趨勢，這是兩個因素共同作用的結果：首先，由於我們成功續簽了多項分銷協議，分銷收入增長了 8.6%，並且應該會在今年剩餘時間內繼續為健康的 EBITDA 增長做出貢獻；其次，內容許可收入增長了 54%，反映了一項新的許可協議，並且與時間有關。廣告收入下降 2.9%，部分抵消了這一增長。

Broadcast Television delivered another solid quarter, with revenue growth of 5.9% and EBITDA growth of 13.4% to $322 million. This growth was primarily driven by higher retransmission consent fees, which increased over 70% to $350 million, and reflect the same contract renewals I just mentioned in Cable Networks. We remain on track to reach $1.4 billion in retransmission revenue this year, a 65% increase over 2016 results. In addition, advertising revenue was stable compared to the first quarter of 2016, reflecting higher rates offset by audience rating declines and lower volume. Partially offsetting this quarter's EBITDA growth were higher programming and production costs.

廣播電視業務又迎來了一個穩健的季度，營收成長 5.9%，EBITDA 成長 13.4% 至 3.22 億美元。這一成長主要由更高的轉播許可費推動，該費用增長超過 70%，達到 3.5 億美元，這與我剛才在有線電視網絡中提到的合約續約情況相符。我們仍有望在今年實現 14 億美元的轉播收入，比 2016 年的業績成長 65%。此外，與 2016 年第一季相比，廣告收入保持穩定，這反映出更高的費率被收視率下降和廣告量減少所抵消。本季 EBITDA 的成長部分被更高的節目製作成本所抵消。

Film revenue increased 43.2%, and EBITDA increased 120.6% to $368 million. These results primarily reflect higher theatrical revenue, which increased by $415 million to $651 million, due to the strong performances of Fifty Shades Darker, Get Out and Split as well as the continued success of Sing in the quarter. In addition, film's EBITDA growth reflects a positive contribution from DreamWorks, partially offset by higher programming and production costs.

電影收入成長了 43.2%，EBITDA 成長了 120.6%，達到 3.68 億美元。這些業績主要反映了戲院收入的成長，戲院收入增加了 4.15 億美元，達到 6.51 億美元，主要得益於《五十度黑》、《逃出絕命鎮》和《分裂》的強勁表現，以及《歡樂好聲音》在本季的持續成功。此外，電影業務的 EBITDA 成長反映了夢工廠的積極貢獻，但部分被更高的節目製作成本所抵消。

Theme Parks revenue increased 9%, and EBITDA increased 6.1% to $397 million in the first quarter. These results reflect higher attendance and higher per capita spending despite an unfavorable comparison from the timing of spring break vacations. The Easter holiday occurred in the first quarter last year but occurred during the second quarter this year, creating a challenging comparison this quarter. If we adjust for this timing, EBITDA would have grown double digits this quarter. We just opened the Jimmy Fallon attraction, and we will be opening our third gate, the Volcano Bay water theme park later this quarter. We expect these new attractions to drive growth at the parks this year.

第一季主題樂園營收成長9%，EBITDA成長6.1%至3.97億美元。儘管春假假期時間安排不利，但這些結果反映出更高的出席率和更高的人均消費。去年復活節假期在第一季度，而今年復活節假期在第二季度，這使得本季的比較面臨挑戰。如果考慮到時間因素，本季 EBITDA 將實現兩位數成長。我們剛剛開放了吉米法倫主題樂園，本季晚些時候，我們將開放第三個園區——火山灣水上主題樂園。我們預計這些新景點將推動今年園區的客流量成長。

Let's move to Slide 8 to review our consolidated and segment capital expenditures. Consolidated capital expenditures increased 10.2% to $2.1 billion in the first quarter.

讓我們翻到第 8 張投影片，回顧一下我們的合併和分部資本支出。第一季綜合資本支出成長10.2%，達到21億美元。

At Cable Communications, capital expenditures increased 13% to $1.8 billion for the quarter, resulting in capital intensity of 13.8%. For the full year, we continue to expect capital intensity to remain flat to 2016 at approximately 15% of total Cable Communications revenue. For the quarter, the increase reflects a higher level of investment in customer premise equipment related to the deployment of the X1 platform and wireless gateways. However, the increase is timing-related, and we continue to expect full year CPE spending to decline. In addition to our CPE investment this quarter, CapEx growth reflects a higher level of investment in scalable infrastructure to increase network capacity as well as increased investment in line extensions.

有線通訊公司本季資本支出成長 13% 至 18 億美元，資本密集度為 13.8%。預計全年資本密集度將與 2016 年持平，約為有線通訊總收入的 15%。本季成長反映了與 X1 平台和無線網關部署相關的客戶終端設備投資水準的提高。然而，這一增長與時間有關，我們仍然預計全年 CPE 支出將會下降。除了本季對 CPE 的投資外，資本支出成長還反映了對可擴展基礎設施的更高投資水平，以提高網路容量，以及對線路擴展的更多投資。

At NBCUniversal, first quarter capital expenditures decreased 3.3% to $285 million, reflecting an increased investment in Theme Parks, offset by lower spending at headquarters. For the full year, we continue to expect NBCUniversal's capital investment plan to increase approximately 10%.

NBC環球第一季資本支出下降3.3%至2.85億美元，反映出對主題樂園的投資增加，但被總部支出減少所抵銷。我們預計NBC環球全年的資本投資計畫將成長約10%。

And now finishing up on Slide 9. As I mentioned earlier, we generated $3.1 billion in free cash flow in the quarter. In terms of returning capital to shareholders, this quarter included dividend payments totaling $657 million, up 7.5%, and share repurchases of $750 million. We do continue to expect to repurchase $5 billion of our common shares this year.

現在來看第 9 張投影片。正如我之前提到的，本季我們產生了 31 億美元的自由現金流。在向股東返還資本方面，本季包括支付股利共 6.57 億美元，成長 7.5%，以及回購股票 7.5 億美元。我們仍預計今年將回購價值 50 億美元的普通股。

In terms of leverage, we ended the quarter at 2.2x net leverage. This reflects investing activity this quarter, which primarily included a $500 million investment in Snap as part of its initial public offering and the acquisition of Icontrol Networks. I would note that subsequent to the end of the quarter, we purchased the remaining 49% stake in Universal Studios Japan for $2.3 billion.

就槓桿率而言，我們本季末的淨槓桿率為 2.2 倍。這反映了本季的投資活動，主要包括對 Snap 進行 5 億美元的投資（作為其首次公開募股的一部分）以及收購 Icontrol Networks。我想指出，在本季結束後，我們以 23 億美元的價格收購了日本環球影城剩餘的 49% 股份。

Regarding the recently announced results of the FCC's broadcast incentive auction, as Jason said, it is still the quiet period, so we cannot discuss or answer any questions related to the auction or spectrum strategy today. However, based on facts disclosed by the FCC, I can confirm that, first, in the reverse auction, NBC sold spectrum in New York, Philadelphia and Chicago for expected total proceeds of $481.6 million. In the forward auction, Comcast invested $1.7 billion to acquire spectrum in the markets identified in the FCC's public notice. The average price Comcast paid per megahertz pop was $1.17. Hence, our net spectrum outlay is $1.27 billion. These results confirm the comments we made prior to the auction. We stated we would evaluate the opportunity and purchase spectrum only if we thought the price was right and if we thought the spectrum would have strategic value.

關於 FCC 最近公佈的廣播激勵拍賣結果，正如 Jason 所說，目前仍處於靜默期，因此我們今天無法討論或回答任何與拍賣或頻譜策略相關的問題。然而，根據 FCC 披露的事實，我可以確認，首先，在反向拍賣中，NBC 出售了紐約、費城和芝加哥的頻譜，預計總收益為 4.816 億美元。在遠期拍賣中，康卡斯特投資 17 億美元，用於收購 FCC 公開通知中確定的市場頻譜。Comcast 為每兆赫茲流量支付的平均價格為 1.17 美元。因此，我們的頻譜淨支出為 12.7 億美元。這些結果證實了我們在拍賣前所做的評論。我們曾表示，只有當我們認為價格合適且該頻譜具有戰略價值時，我們才會評估購買該頻譜的機會。

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 for the rest of the year.

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取得的成績以及今年剩餘時間的發展勢頭有多麼滿意。

Now I'll turn it back to Jason to lead the Q&A.

現在我將把問答環節交還給傑森。

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

偉大的。謝謝你，麥克。Regina，我們現在開始問答環節吧。

(Operator Instructions) Our first question comes from the line of Jessica Reif Cohen with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美國銀行美林證券的傑西卡·雷夫·科恩。

I have a multi-parter. First of all, Dave, congratulations on your new role. Could you outline your priorities for the year as you take over this position? For Steve, obviously, these are probably going to be the best results in media. Can you talk about the drivers as you see them for the next -- this year and beyond? And then finally, if I could just throw one last one in on the auction results. It showed incredible discipline on your part. And with the spectrum and the footprint, the cost was way lower than I think anybody expected in the market. Can you discuss your plans for a ramp-up, including potential owner economics? It just seems like -- I know you said you can't discuss specific spectrum results, but it does seem like you have a lot of optionality.

我有一個分章節的故事。首先，戴夫，祝賀你榮升新職。您上任後能否概述您今年的工作重點？對史蒂夫來說，這顯然可能是媒體報導中取得的最佳結果。您能否談談您對未來一年（包括今年和以後）車手們的看法？最後，我還要補充一點關於拍賣結果的資訊。這展現了你驚人的自律精神。考慮到頻譜和覆蓋範圍，成本遠低於市場上任何人的預期。您能否談談您的擴張計劃，包括潛在的所有者經濟效益？我知道你說過不能討論具體的光譜結果，但看起來你有很多選擇。

Well, Jessica, Dave here. So thanks. And I've been working with Neil on our strategy for a while now, so no great surprise that I'm going to stay focused on what's working. I'm pretty comfortable to help develop and with a really good cable team. We've executed on 3 main areas: profitable growth, innovative products and services and constantly improving customer experience. So we're going to keep focused on adding value to our customer subscriptions, and we're going to keep delivering more innovation and backing it up with this experience improvement. So really good momentum around the innovation area, X1, broadband, Wi-Fi. Brian talked about xFi and now mobile. So this will be a centerpiece for us. And we will stay and I will stay focused on growth areas like business services. Maybe of all the opportunities in front of us, the one that stands out, maybe at the top of the list to me is taking the customer experience to the next level. There's real energy around this in the company; digital, giving our customers more capability to take transactions on; proactive network approaches; first-contact resolution. And we're going to take key moments, like when customers move or when they onboard and we're going to continue to make progress. There's real traction around that. This is good for customers. And this is, I think, the right way to drive healthy and sustainable efficiencies. So our strength has been to maintain a good balance of healthy growth, driving share and revenue and backing it up with solid financial performance. So on a personal note, as Brian mentioned, I'll miss working with Neil. He's been a great partner, great boss. However, I'm excited about this next chapter. And with a very good cable team, we're going to go after the opportunities in front of us.

潔西卡，我是戴夫。謝謝。我已經和尼爾一起制定我們的策略一段時間了，所以我會繼續專注於行之有效的方法，這並不令人意外。我很樂意參與開發工作，而且和一支非常優秀的有線電視團隊一起工作。我們在三個主要領域取得了成功：獲利成長、創新產品和服務以及不斷改善客戶體驗。因此，我們將繼續專注於為客戶訂閱增加價值，並不斷推出更多創新產品，同時透過改進用戶體驗來支持這些創新。所以，在創新領域，例如 X1、寬頻、Wi-Fi，發展勢頭非常強勁。Brian 談到了 xFi，現在又談到了行動技術。所以這將是我們的核心展品。我們將繼續留在商業服務等成長領域，我也會繼續專注於這些領域。在我們面前的所有機會中，最突出的，或許對我來說最重要的，就是將客戶體驗提升到一個新的水平。公司內部對此充滿熱情；數位化，讓我們的客戶擁有更多進行交易的能力；積極主動的網路方法；首次聯繫即可解決問題。我們將抓住關鍵時刻，例如客戶搬家或註冊時，並繼續取得進展。這一點確實引起了廣泛關注。這對顧客來說是好事。我認為，這才是實現健康、永續效率的正確途徑。因此，我們的優勢在於維持了健康成長、提升市場佔有率和收入以及穩健的財務表現之間的良好平衡。就我個人而言，正如布萊恩所提到的那樣，我會想念和尼爾一起工作的日子。他是一位很棒的合作夥伴，也是一位很棒的老闆。不過，我對接下來的篇章感到興奮。憑藉一支非常優秀的有線電視團隊，我們將抓住擺在我們面前的機會。

Steve?

史蒂夫？

So we had a very good quarter in film in the first quarter. But if you take film out of the equation, the rest of NBCUniversal grew over 13% during the quarter. And by the way, I think we're going to have a very good quarter, the second quarter, in film as well. But really, it's every part of the company hitting on all cylinders. If you look at affiliate fees, we did a bunch of big deals at the end of the year. And you'll see in the numbers this quarter, affiliate fees were up, I think, 9%. And that's now built into our base, so that's -- that should continue to go throughout the rest of the year. In terms of ad sales, we're going to the upfront with the strongest hand we've ever had by a lot. NBC's -- NBC prime time's relative advantage. In other words, we're in first place by more than we have ever been, I think, going all the way back to the early 2000s. And Telemundo has been neck and neck with Univision in prime time, which was unthinkable 5 years ago. MSNBC is beating CNN in prime most nights. And then, as you go into next year, we have the Super Bowl, the Winter Olympics and the World Cup on Telemundo. So we couldn't be going into the upfront with a stronger hand. I think the advertising market is quite strong. We've already started discussions with big advertising buying groups, and I think we have a lot of momentum and a lot more to go. When we looked -- first looked at NBCUniversal when we bought it, we were making a little less than $3.5 billion. I think this year, we're going to be somewhere in the 8s; $8.3 billion, $8.4 billion, $8.5 billion. So we've added about $5 billion worth of cash flow in the last 6 years. I think we can continue to find places to grow. I don't know what inning we're in, but we're certainly not in the ending innings of above-market growth. We still have a lot of opportunity areas, consumer products, Telemundo, a lot of different parts of this business that are yet to build out. And we're excited to continue to do that in quarters ahead.

所以，我們第一季的電影業務表現非常出色。但如果將電影業務排除在外，NBC環球的其他業務在本季成長超過13%。順便說一句，我認為第二季電影業務也會非常好。但實際上，這是公司各部門都發揮了最佳水準。如果查看聯盟佣金，我們會發現我們在年底達成了一系列大額交易。從本季的數據可以看出，聯盟佣金成長了，我認為成長了 9%。現在這已經融入我們的基礎架構中，所以——這應該會在今年餘下的時間裡繼續下去。就廣告銷售而言，我們這次的預售狀況比以往任何時候都要好得多。NBC—NBC黃金時段的相對優勢。換句話說，我認為，我們現在的領先優勢比以往任何時候都更大，甚至超過了2000年代初期以來的任何時期。Telemundo 在黃金時段的收視率一直與 Univision 不相上下，這在 5 年前是不可想像的。MSNBC在大多數晚間黃金時段的收視率都超過了CNN。然後，到了明年，我們將在 Telemundo 電視台觀看超級盃、冬季奧運會和世界盃。所以，我們不可能帶著更強的實力進入下一場較量了。我認為廣告市場相當強勁。我們已經開始與大型廣告購買集團進行洽談，我認為我們勢頭強勁，未來還有很長的路要走。當我們第一次考察NBC環球公司（當時我們收購了它）時，我們的收入略低於35億美元。我認為今年，我們的收入應該會在 80 億美元左右；83 億美元、84 億美元、85 億美元。因此，在過去的6年裡，我們增加了約50億美元的現金流。我認為我們還能繼續找到發展空間。我不知道我們現在處於哪個階段，但我們肯定還沒有進入高於市場平均成長的尾聲。我們仍然有很多機會領域，例如消費品、Telemundo電視台，以及這個業務的許多不同部分還有待開發。我們很高興能在接下來的幾季繼續這樣做。

And then finally, Jessica, it's Mike. On spectrum, we can't speak to the spectrum other than to confirm what we did, which I did earlier. But I'll just say, we approached it the way we said we would before the auction started, and we're pleased with the outcome. We'll leave it at that for today.

最後，傑西卡，我是麥克。關於頻譜，除了確認我們之前所做的工作之外，我們無法對頻譜發表任何評論，而我已經確認了之前所做的工作。但我只想說，我們按照拍賣開始前所說的方式進行，我們對結果很滿意。今天就先到這裡吧。

Your next question comes from the line of John Hodulik with UBS.

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Maybe for Brian. You've been an observer of the wireless industry for decades now. And with the end of the anticollusion rules, can you give us a sense of sort of how you view the wireless industry today from a competitiveness or from a strategic standpoint? And talk maybe about whether or not the secular changes we're seeing maybe in terms of usage and technology are -- is it -- are making it -- how important or critical is it becoming to your offering on the cable side?

或許是為了布萊恩。您已經觀察無線通訊產業幾十年了。隨著反串謀規則的終止，您能否從競爭力或策略角度談談您如何看待當今的無線通訊產業？或許還可以談談，我們看到的在用途和技術方面發生的長期變化，是否正在使有線電視業務對你提供的服務變得多麼重要或關鍵？

Well, we've been talking about wireless for 20 years, and we sold our wireless company, which Dave ran, and that was how Dave came into Comcast Cable. And I don't think we have any regrets with that decision. And the question of where wireless is and where it's going, I think we've done a really good job of making sure the company now has that offering in our bundle. It is for our bundled customers. It is in our footprint. And it is going to be a fabulous value for those customers with the brand-new product that you would buy, a new cell phone, tablet. It will have premiere coverage from both Verizon Wireless' network and our best Wi-Fi network. And it's going to intelligently allow you to be on Wi-Fi without having to log in. And anytime there's XFINITY Wi-Fi, it will automatically give you all your capabilities. And coupled with that is as we were talking about, a great digital experience, where there's really just 2 options: all you do is look at -- you push the app, and you see how many gigabits you consume, and you pay $12 a gigabit. And if you -- at any time you want to just click a button, push one button, and you're now in unlimited. And based on what package customer you are, it's either $45 or $65 for that unlimited option. And you can switch back if you're going out of the country, if you're not going to use your phone, push the button to go by the gate. You get 5 devices, and there's no line charge for any of those devices if you're one of our broadband customers. That's pretty great. And I think in our minds, that gives us what we need. And so we are always looking at where future technologies are going and things of that nature. But right now, I think we look at our results today, compare them to anything that we've seen and take Jessica's comment a moment ago. I couldn't be more pleased with this -- the portfolio of our company and the trajectory we're on. And leave it at that and say we're really pleased with the team's effort.

我們談論無線通訊已經20年了，我們賣掉了戴夫經營的無線通訊公司，戴夫就是這樣進入康卡斯特有線電視公司的。我認為我們對這個決定沒有任何後悔之處。至於無線技術的現況和未來發展方向，我認為我們已經做得非常好了，確保公司現在的產品組合中包含了這項服務。這是為我們的套餐客戶準備的。它就在我們留下的足跡裡。對於那些購買全新產品（例如新手機、平板電腦）的顧客來說，這將是一個極具價值的選擇。它將同時擁有 Verizon Wireless 網路和我們最好的 Wi-Fi 網路的頂級覆蓋範圍。它將智慧地允許你無需登入即可連接 Wi-Fi。只要有 XFINITY Wi-Fi，您就可以自動使用所有功能。除此之外，正如我們剛才所說，還有一種很棒的數位體驗，實際上只有兩種選擇：你只需要查看——你點擊應用程序，就能看到你消耗了多少千兆比特，然後你為每千兆比特支付 12 美元。而且，任何時候你只需點擊一個按鈕，按下一個按鈕，你現在就進入無限模式了。根據您選擇的套餐，無限暢享選項的價格為 45 美元或 65 美元。如果你要出國旅行，或不想使用手機，可以按一下按鈕從大門通過。如果您是我們的寬頻客戶，您將獲得 5 台設備，且這些設備均無需支付任何線路費用。那真是太棒了。我認為，在我們看來，這給了我們所需的東西。因此，我們一直在關注未來技術的發展方向以及類似的事情。但現在，我認為我們應該看看今天的成果，將它們與我們之前看到的任何事情進行比較，並考慮傑西卡剛才的評論。我對此感到非常滿意——我們公司的投資組合以及我們目前的發展軌跡。就此打住，我們只想說，我們對團隊的努力感到非常滿意。

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

你的下一個問題來自菲爾庫西克 (Phil Cusick) 與摩根大通 (JP Morgan) 的合作。

Two quick ones, if I can. Cable margins were up year-over-year, and the low nonprogramming expenses were particularly heartening. Is this a good run rate for those nonprogramming expenses? Or could the rate improve further from hereon, on Mike's cost initiatives? And second, quickly on home security. I guess 1 million or so is the magic number. Can you add some more detail on this in terms of residential versus business mix and some level of revenue per user? And is this still in the other revenue line of cable? Or is it mixed into business services as well?

如果可以的話，請快速回答兩個問題。有線電視的利潤率年增，非節目製作費用低廉尤其令人鼓舞。對於這些非程式支出而言，這樣的運行速度是否合理？或者，在麥克的成本控制措施下，利率能否進一步降低？其次，快速談談家庭安全。我想一百萬左右是個神奇的數字。您能否就住宅與商業的比例以及每用戶收入水平等方面提供更多詳細資訊？這是否仍屬於有線電視的另一個收入來源？還是它也融入了商業服務？

So it's Mike. Just on cable margins, whereas we gave guidance for the year that we'd be flat to down 50 basis points for the year, with programming costs continuing to be high this year and that we did expect to drive improvement in the rates on nonprogramming expenses, so had a very good first quarter. But as far as going down the road on changing any guidance, we're not doing that. That said, I'll hand it over to Dave to give some qualitative stuff of what he's doing because it -- all that will really continue.

原來是麥克。僅就有線電視利潤而言，儘管我們先前給出的全年預期是持平或下降 50 個基點，因為今年的節目製作成本仍然很高，而且我們預計非節目製作費用的費率將會有所改善，但第一季度的業績卻非常好。但就修改任何指導方針而言，我們目前不會這樣做。話雖如此，我還是把麥克風交給戴夫，讓他來定性地介紹他正在做的事情，因為——所有這些都將繼續下去。

Well, we expect the rate of growth for nonprogramming expenses to trend lower in 2017 compared to 2016. And this is a -- as we continue to focus on the benefit from the customer experience initiatives that Brian outlined, I talked about. And we will continue to have really focused cost management. So there's big opportunities. While we're not changing anything in regards to the margin and where things are going, what we're focusing on is continuing to take transactions out by just doing a better job of handling repeats and all the digital capabilities. And we're seeing it really take hold. So I think there's upside in regards to these operational efficiencies. Not only this will be online, this will be through apps. And actually, right through X1 itself, you'll be able to resolve issues. So the voice remote will connect you to content. The voice remote will also be a service option. So we're excited about this. This is going to be a big focus in regards to efficiencies. But no changes, obviously, as Mike said, to margin guidance. Home security, the second part, excited about home security. This is another good opportunity we talked about and another option for us in terms of packaging. It's adjusting our footprint alone. It's a $9 billion opportunity. And so we added 66,000 for the quarter and just about 1 million customers at this point. So the benefits for home security continue to be in packaging. We have over 90% of our customers -- home security customers are subscribing to 3- or 4-product bundles, and half of these customers are brand-new to us. So it opens up -- as I expect mobile to, has been proven with the XFINITY home, it helps consideration. So we're bringing new people in to think about overall our packaging. So we're pleased with it. We're not giving any financials as to specifics of home security, but it's a healthy contributor to our efforts.

我們預期 2017 年非程式支出成長率將低於 2016 年的成長率。而這正是——當我們繼續關注布萊恩概述的客戶體驗計劃所帶來的好處時，我剛才也談到了這一點。我們將繼續嚴格把控成本。所以這裡蘊藏著巨大的機會。雖然我們在利潤率和發展方向方面沒有任何改變，但我們專注於透過更好地處理重複交易和所有數位化能力來繼續減少交易量。我們看到它正在真正紮根。所以我認為，在提高營運效率方面，存在著積極因素。這不僅將在網上進行，還將透過應用程式進行。實際上，您可以透過 X1 本身解決問題。所以語音遙控器可以讓你連接到內容。語音遙控也將作為可選服務提供。我們對此感到很興奮。這將是提高效率方面的一個重點。但正如麥克所說，利潤率預期顯然不會有任何變化。家庭安全，第二部分，對家庭安全感到興奮。這是我們之前討論過的另一個好機會，也是我們在包裝方面的另一個選擇。只是調整我們的足跡。這是一個價值90億美元的商機。因此，本季我們新增了 66,000 名用戶，目前用戶總數已接近 100 萬用戶。因此，家庭安全的優勢仍體現在包裝上。我們超過 90% 的客戶——家庭安全客戶——都訂閱了 3 件或 4 件產品的套裝包，其中一半客戶是我們的新客戶。所以，正如我所預期的那樣，行動裝置也隨之發展，XFINITY 家庭劇院已經證明了這一點，這有助於人們做出考慮。因此，我們正在引入新人來全面考慮我們的包裝問題。所以我們對結果很滿意。我們不會透露家庭安防的具體財務細節，但它對我們的工作做出了重要貢獻。

Your next question comes from the line of Marci Ryvicker with Wells Fargo.

你的下一個問題來自富國銀行的 Marci Ryvicker。

A couple questions for Steve. Can you just talk about advertising at the stations versus the networks? We just got back from at NAB, and I think the ad environment is a lot more tempered both from a short-term and a long-term basis. So just curious on your thoughts there. And also, any thoughts on the potential impact of a writer strike? I know you had positive comments on the upfront, but just thinking about that. And then secondly, I guess, for Dave, the press keeps reporting that Comcast has an alleged desire to go outside your footprint. Can you talk about why this strategy might or might not make sense?

我有幾個問題想問史蒂夫。能談談在電視台上投放廣告和在電視網投放廣告的差異嗎？我們剛從 NAB 展會回來，我認為無論從短期或長期來看，廣告環境都更加溫和了。我只是好奇你對此有何看法。另外，您對作家罷工可能造成的影響有什麼看法？我知道你對前期評價很好，但我只是在想這件事。其次，我想，對戴夫來說，媒體不斷報導康卡斯特公司似乎有意將業務拓展到你的服務範圍之外。你能談談為什麼這種策略可能有效也可能無效嗎​​？

So let me start with the writer strike. I think in the majority of cases, things get resolved. And I'm optimistic and hopeful that the writer strike will get resolved. Strikes aren't good for anybody. Strikes aren't good for the people on both sides of the table tend to lose, and I'm hopeful that we're going to get it done. And we're coming down to the deadline. In terms of local advertising, I think the national and local markets are quite different and quite -- and exhibit different characteristics. I do think there's more weakness in local. I think national is quite strong, but I think local has pockets of weakness. We're in a unique position because we have gained so much share at the NBC stations, and the Telemundo stations are growing so quickly in terms of ratings that we're not as affected. We've grown EBITDA very substantially in the owned stations over the last few years. So we're feeling good about the local station market. Our retransmission consent numbers are growing very, very dramatically. And our ad sales are just fine. But I do think it's a fair comment that the local advertising market is weaker than the national one.

那麼，就讓我先從作家罷工說起吧。我認為大多數情況下，問題都能解決。我樂觀地認為，編劇罷工問題將會得到解決。罷工對誰都沒好處。罷工對談判雙方都沒有好處，往往都是輸家，但我希望我們能成功解決問題。最後期限快到了。就本地廣告而言，我認為全國市場和本地市場截然不同，而且表現出不同的特徵。我確實認為本地市場有更多弱點。我認為國家層級實力很強，但地方層級存在一些弱點。我們處於一個獨特的地位，因為我們在 NBC 電視台獲得了大量的市場份額，而 Telemundo 電視台的收視率增長如此迅速，所以我們受到的影響並不大。過去幾年，我們旗下電視台的 EBITDA 實現了大幅成長。所以我們對本地電台市場感覺良好。我們的轉發許可證數量正在以非常非常快的速度成長。我們的廣告銷售情況也很好。但我認為，本地廣告市場不如全國性市場這種說法是合理的。

I think the second part in regards to out-of-footprint opportunities, Marci, is that there are kind of 2 things: One, we think we have a lot of opportunity just in our footprint. It's big upside. We continue to believe in what we're doing. So that's the first thing. The second thing, just haven't found the business model that works outside. We'll keep evaluating, keep looking at it. But our success within our footprint is packaging, bundling. So we'll continue to drive that internally within our footprint.

瑪西，我認為關於現有業務範圍之外的機會，第二點是，有兩方面：第一，我們認為僅僅在我們現有業務範圍內就有很多機會。潛力大。我們依然堅信自己所做的事情。這是第一點。第二點，我還沒找到在外部行之有效的商業模式。我們會繼續評估，繼續關注。但我們在現有業務範圍內的成功在於包裝和捆綁。因此，我們將繼續在公司內部推動這項工作。

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

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

First, let me add my congratulations to your new role, Dave. That's terrific news. So I guess since we've started beating the thinly disguised M&A questions to death, I'm going to turn to something else. There's so much expectation about 5G wireless as a competitor in your footprint. I wonder if you could just talk about what your own internal strategic analysis of 5G as a competitor has told you about that. And then, Dave, if I could ask a somewhat technical question about your new wireless service. Can you talk about when you expect to have -- or if you expect to have hot handoffs between the Wi-Fi network and the wireless network? And is that permissible under the Verizon agreement?

首先，請容許我祝賀你榮升新職，戴夫。真是個好消息。既然我們已經開始反覆討論那些偽裝得很隱晦的併購問題，我想我就換個話題吧。人們對 5G 無線網路作為您現有網路覆蓋範圍內的競爭對手寄予厚望。我想請您談談貴公司內部對 5G 作為競爭對手的策略分析得出了哪些結論。戴夫，我可以問你一個關於你們新無線服務的技術性問題嗎？您能否談談您預計何時能夠實現——或者您是否預計能夠實現 Wi-Fi 網路和無線網路之間的熱切換？根據Verizon的協議，這樣做是允許的嗎？

Well, first off, thank you, Craig. And I appreciate that. Let me start with 5G and get to the Wi-Fi question. First, the main thing with 5G, reminding everybody, I think folks know, it is early. I've been through it before back in the day in wireless. They're promising. Really promising aspects of new technologies, but it takes time to scale. So while there may be early-stage applications of something like 5G, we compete today with microwave applications, the MDUs in dense urban areas. So again, while there's promise, we're going to stay close to it. We're testing both fixed mobile -- fixed and mobile aspects of it. And I think the main question for 5G, at least for us, with this higher frequency range, can it be used to broadly, reliably and economically deliver fixed wireless broadband? So while we're -- we're going to stay right next to it. And I think we're in the same testing curve as everybody else. I don't believe, at this stage, at all that it's a significant threat in regards to the wireless fixed broadband side. But in the meantime, on that front, we're not standing still. We're going after DOCSIS 3.1. We're rolling it out to -- we'll have 65% of that deployed by the end of the year. We're working on great devices, the best wireless gateway that we have that will deliver 1 gig capability. So this will continue to improve our competitive position as this evolves, and we'll stay close to it. As to the question on the wireless side and the technical side, no new news in terms of the time frame. I would say we are working on the Wi-Fi capability. As Brian mentioned, we got a good first step in terms of the auto connection, just taking some of the pain points out of the interaction between 4G and Wi-Fi, simplifying that process. The next step that we're on is -- that's one of them, but no time frame to deliver that seamless handoff.

首先，謝謝你，克雷格。我很感激。讓我先談談 5G，然後再回答 Wi-Fi 的問題。首先，關於 5G，最重要的是要提醒大家，我想大家都知道，現在還處於早期階段。我以前在無線領域也經歷過這種情況。他們很有前途。新技術的確有很多令人期待的地方，但要實現規模化應用還需要時間。因此，雖然 5G 之類的技術可能已經出現了早期應用，但我們目前面臨的競爭主要來自微波應用，即人口密集城區中的多用戶單元 (MDU)。所以，儘管前景可期，我們仍將密切關注事態發展。我們正在測試固定行動網路——包括其固定和移動兩個方面。我認為，至少對我們來說，5G 的主要問題是，憑藉更高的頻率範圍，它能否廣泛、可靠且經濟地提供固定無線寬頻服務？所以，當我們——我們會一直待在它旁邊。我認為我們和其他人一樣，都處於相同的偵測曲線上。就目前而言，我完全不認為這會對無線固定寬頻構成重大威脅。但同時，在這方面，我們並沒有停滯不前。我們正在推進 DOCSIS 3.1 的進程。我們正在逐步推廣——到今年年底，我們將完成 65% 的部署。我們正在研發出色的設備，我們擁有的最好的無線網關將提供 1 Gbps 的速度。隨著情勢發展，這將繼續提升我們的競爭地位，我們將密切關注事態發展。至於無線方面和技術方面的問題，時間方面還沒有新的消息。我想說，我們正在努力實現 Wi-Fi 功能。正如布萊恩所提到的，我們在自動連線方面邁出了良好的第一步，消除了 4G 和 Wi-Fi 互動的一些痛點，簡化了這個過程。我們正在採取的下一步是——這是其中之一，但目前還沒有實現無縫交接的時間表。

Your next question comes from the line of Ben Swinburne with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Ben Swinburne。

A question on cable and the Wi-Fi front and then one for Steve on NBC. For Dave or Brian, either one of you. I'm curious, how do you think we should be thinking about xFi and what that might mean for your business? I guess what I'm trying to get a sense of is, what does it mean to make Wi-Fi great for the consumer? How important is this to your mobility efforts? And how do you think about selling this? Is this something you're going to be pushing into the base? I believe you've been sort of upgrading gateways and routers for years now and so probably have relatively new equipment in the field. But how are you thinking about the cost and benefits of this? And then for Steve, when you guys did the NBC deal, the Cable Networks were the high-growth asset. Everything else was sort of we'll see what happens. And today, the world sort of turned around. People are most excited about the noncable network businesses and concerned about Cable Networks. You've pared some of your networks back. There's a lot happening with the bundle out there, but you put up some pretty nice affiliate revenue growth this quarter, which sounds like it'll continue. Can you give us a little bit of a state of the state for that business as you think about the growth opportunity ahead of the Cable Networks segment, which is an area, certainly, people are more nervous about?

先問一個關於有線電視和Wi-Fi方面的問題，然後問史蒂夫關於NBC的問題。給戴夫或布萊恩，你們兩個都可以。我很好奇，您認為我們應該如何看待 xFi，以及它對您的業務可能意味著什麼？我想了解的是，如何讓 Wi-Fi 對消費者來說更出色？這對你們的旅遊計畫有多重要？你覺得出售這個產品怎麼樣？這是你們打算推廣到基地裡的東西嗎？我相信你們多年來一直在升級網關和路由器，所以你們現場可能擁有相對較新的設備。但您如何看待這件事的成本和效益？對史蒂夫來說，當你們達成 NBC 交易時，有線電視網是高成長資產。其他事情都是走一步看一步。而今天，世界似乎發生了轉變。人們對非有線電視網絡業務最為興奮，而對有線電視網絡則最為擔憂。你縮減了一些人脈網。雖然目前市場上有許多捆綁銷售產品，但你們本季的聯盟行銷收入成長相當不錯，而且聽起來這種成長勢頭還會繼續下去。您能否簡要介紹一下該業務的現狀，並展望一下有線電視網絡部門未來的成長機會？當然，人們對這個領域還是比較擔憂的。

Okay, Ben. Got a lot in there, so we'll see if we can cover all that. We'll take a shot. Let me just kick off on the xFi, which is we're going to talk about a little bit down the road. So let me leave a little bit as we put it out there. But as a strategy matter, a couple relevant things. First of all, as I don't have to remind you, we have more broadband customers than we do video. And the rate of that growth is pretty exciting in broadband. So as we've built and I think completely remade Comcast in the last decade into an innovation in technology thinking and new products company, our teams looked at the broadband space and said, "Well, right now, it's really just speed is the main differentiator." But our usage of broadband in the home, whether it's your home printer, your tablets, smart devices, home security, is just exploding with the amount of things that if you project out 2, 5, 10 years, you're going to see more and more use of broadband in the home. That's the bet we're making. I think it's a fairly safe bet. So how do we bring the same innovation mentality that we did to video the last decade with the incredible X1 and then the voice remote and the content and the rights management all working seamlessly for the consumer? And that's the trajectory that I think the team is on. We're going to deliver to our broadband customers levels of options of services, levels of speed and services, but also a mindset of innovation -- constant innovation. And some of the things -- and Dave, you can go into specifics so we can hold that. But I think it's demonstrating to us that we have a leadership, and we're going to use that leadership opportunity to innovate.

好的，本。內容很多，我們看看能不能全部涵蓋。我們試試看。讓我先從 xFi 開始說起，我們稍後會詳細討論它。那麼，就讓我們把話說完吧。但從策略角度來看，有幾點值得關注。首先，正如我無需提醒各位的那樣，我們的寬頻用戶比視訊用戶多。寬頻領域的成長速度相當令人振奮。因此，在過去十年裡，我們打造並徹底重塑了康卡斯特，使其成為一家在技術思維和新產品方面不斷創新的公司。我們的團隊審視了寬頻領域，並表示：「目前，速度才是真正的主要差異化因素。」但家庭寬頻的使用量正在爆炸式增長，無論是家用印表機、平板電腦、智慧型裝置還是家庭安防系統，其應用範圍都非常廣泛。展望未來2年、5年、10年，家庭寬頻的使用量將會越來越大。這就是我們下的賭注。我覺得這應該是比較穩健的選擇。那麼，我們如何將過去十年我們在視訊領域所展現出的創新思維，例如令人驚嘆的 X1、語音遙控器以及內容和版權管理等，讓所有這些都能無縫地為消費者服務呢？我認為這就是球隊目前的發展軌跡。我們將為寬頻客戶提供不同等級的服務選擇、速度和服務，同時也秉持創新的理念—不斷創新。有些事情——戴夫，你可以詳細說明一下，這樣我們就可以討論這個問題了。但我認為這向我們表明我們擁有領導力，我們將利用這種領導機會進行創新。

Well, let me offer just a couple things. We are excited about xFi. It will be rolled out later, so more to come. But our goal is to do to broadband what we did with video and X1, to create a much better experience with Wi-Fi. Our strategy has been to focus in the home with providing great Wi-Fi because a great high-speed Internet is not just a connected experience. It's Wi-Fi spread throughout the house. So xFi is simply 3 things: it's great speed; it's great coverage; and then this next-generation cloud capability control that lets you define the user experience throughout the household. So again, more to come on that. But it's a -- I think it's a premium position for us and evidence that we're going to keep growing the broadband category not just on speed, but coverage is awfully important. So we'll control over time. So more to come.

好吧，我只想提幾點。我們對xFi感到非常興奮。稍後會陸續推出，敬請期待。但我們的目標是像對待影片和 X1 一樣對待寬頻，創造更好的 Wi-Fi 體驗。我們的策略是專注於家庭網絡，提供優質的 Wi-Fi 服務，因為優質的高速互聯網不僅僅是一種連接體驗。這是覆蓋整個房子的Wi-Fi。所以 xFi 簡單來說就是 3 件事：速度快；覆蓋範圍廣；以及下一代雲端功能控制，讓您可以定義整個家庭的使用者體驗。所以，關於這一點，後續還會有更多進展。但我認為這對我們來說是一個重要的優勢地位，也證明我們將繼續發展寬頻業務，不僅速度，覆蓋範圍也至關重要。所以隨著時間的推移，我們會掌控局面。敬請期待更多內容。

Just to be clear, it doesn't require everybody to go get a new device. It's not a -- there may be some opportunities for customers to want to upgrade to different things, but it's -- as we launched XFINITY, more than X1, it was when we reached a certain level, you got a certain service, you were no longer in the past, you were in the future. I think that's the mindset as we're thinking about it.

需要澄清的是，這並不意味著每個人都必須去購買新設備。雖然客戶可能有機會升級到不同的服務，但正如我們推出 XFINITY 時所展現的那樣，它比 X1 更勝一籌。當我們達到某個水準時，您就能獲得某種特定的服務，您不再身處過去，而是邁向未來。我認為這就是我們思考這個問題時的心態。

That's a great point. We'll have approximately 10 million customers can immediately benefit from this, so in terms of the devices. So there'll be new devices, existing devices. So we're in pretty good shape to go after a large chunk of our customers.

說得很有道理。大約有 1000 萬客戶可以立即從中受益，就設備而言。所以會有新設備，也會有現有設備。因此，我們目前的情況相當不錯，可以爭取到大部分客戶。

On Cable Networks, which grew, I think, 17% in terms of revenue this quarter, I think that's going to be a high watermark. I don't think we're going to replicate that many quarters in the future. I think this is still a good business. It's a very profitable business, and it's a business we should be able to grow. I don't think we're going to grow it more than, call it, low to mid-single-digit growth rate. But you've basically got a bunch of different ways that you make money. You've got affiliate fees, which, in this quarter, went up 9%. That won't always be the case. But affiliate fees should go up. You've got ad sales, which is a function of ratings and CPM. And to a degree, they cancel each other out, but I think it's quite possible that we will have quarters where ad sales go backwards. But if affiliate fees go up and ad sales go backwards, you can still have revenue growth. And then the other way you obviously make revenue is by content distribution deals with people like Netflix and Hulu and Amazon. And we had a good deal in this quarter, which increased that. And then you can also make money on digital and other new technologies. Over-the-top, I think, is going to be moderately beneficial to these businesses. We're not counting on over-the-top being a huge impact, but I think it'll be moderately beneficial. And it's going to be a grind to your business than it was, but it's a lot of cash. And I think our job is to continue to grow the legacy businesses and the businesses that are very profitable but have a lower growth rate while, at the same time, investing in things like Theme Parks, consumer products, Telemundo, digital, et cetera, that have higher growth rates and hopefully, blend it to something that is attractive to investors.

有線電視網絡本季營收成長了 17%，我認為這將是一個歷史新高。我認為未來我們不太可能再複製這麼多季度的業績了。我認為這仍然是一項不錯的生意。這是一個利潤非常豐厚的產業，我們應該能夠發展壯大這個產業。我認為我們的成長率不會超過個位數中低水準。但你基本上有很多不同的賺錢方式。你需要支付聯盟佣金，本季該佣金上漲了 9%。這種情況不會一直如此。但聯盟佣金應該會上漲。廣告銷售額取決於收視率和每千次曝光成本 (CPM)。在某種程度上，它們會相互抵消，但我認為很有可能會出現廣告銷售額下滑的季度。但是，即使聯盟佣金上漲而廣告銷售額下降，你仍然可以實現收入成長。當然，你也可以透過與 Netflix、Hulu 和亞馬遜等公司達成內容分發協議來獲得收入。而且我們本季達成了一筆不錯的交易，這進一步增加了這個數字。此外，你還可以透過數位科技和其他新興技術賺錢。我認為，這種過度的行銷方式對這些企業來說會有一定程度的益處。我們並不指望這種誇張的做法會產生巨大的影響，但我認為它會帶來一定程度的益處。這對你的生意來說會比以前更艱難，但這是一大筆錢。我認為我們的工作是繼續發展傳統業務和那些盈利能力很強但增長率較低的業務，同時投資於主題公園、消費品、Telemundo電視台、數位媒體等增長率較高的領域，並希望能夠將它們融合起來，形成對投資者有吸引力的業務。

Your next question comes from the line of Frank Louthan with Raymond James.

你的下一個問題來自 Frank Louthan 與 Raymond James 的合作系列。

Great. I just want to talk about business services quickly. What sort of investments can we expect you to make in terms of sales and engineering as you see that grow? And then if you can comment also on network investment with regards to the Chairman's commentary about the open Internet order. If that kind of goes as described, what sort of -- can you quantify any sort of investment opportunity you might see that, that would open up?

偉大的。我只想簡單談談商業服務。隨著業務成長，我們可以預期您在銷售和工程方面會進行哪些類型的投資？此外，如果您還能就主席關於開放網路秩序的評論，對網路投資發表一些看法，那就太好了。如果事情真像描述的那樣發展，你能量化一下可能會出現的任何投資機會嗎？

Let me take business services, Frank. So one of the things that -- right from the beginning to look at, we're still -- there's a lot of opportunity and upside around growth. And you look at the 3 basic categories that we have: SMB, we're at 40% penetration; midmarket, 10% penetration; enterprise, less than 5%. So I think extensions -- plan extensions and -- success base, but opportunistically looking at a couple of proactive ones where they make sense and get a good return. We'll continue to evaluate those, and we think those are good, sound areas to keep investing. We like our rate of growth. Bill Stemper and his team are doing a fabulous job. So it's an area that we continue to have sustainable, good revenue growth, but we'll invest to keep that going.

法蘭克，讓我來負責商務服務。所以，從一開始我們就注意到，成長方面有很多機會和發展空間。看看我們這 3 個基本類別：中小企業，滲透率為 40%；中型市場，滲透率為 10%；大型企業，滲透率不到 5%。所以我認為擴展——計劃擴展和——成功基礎，但也要抓住機會，考慮一些積極主動的擴展，在它們有意義且能帶來良好回報的情況下。我們將繼續評估這些領域，我們認為這些都是值得繼續投資的良好、穩健的領域。我們對目前的成長速度感到滿意。比爾·斯滕珀和他的團隊做得非常出色。因此，這是我們持續保持良好收入成長的領域，但我們會繼續投資以保持這種成長勢頭。

I think on your regulatory question, we're encouraged that the FCC made the announcement yesterday and is beginning a process to revisit whether Title II is really the right regime. We've said for a long time that we think it's -- it puts a damper on ability to invest and react to change. And we steward a lot of capital every year. And so having the right kind of consumer protections and net neutrality, which we've said we support and want, but not in a regulatory regime designed for a different era that doesn't apply to the business. And so the beginning of that conversation is heartening, and I think it will allow for, hopefully, an end result that balances the need for consumers and our commitment legally enforceable for those consumers to know that they can surf an open and free Internet, but not do so in a way that has real dark clouds for our investment community.

關於您提出的監管問題，我們感到鼓舞的是，聯邦通信委員會昨天宣布了這一消息，並開始重新審視第二章是否真的是正確的系統。我們一直以來都認為，這會抑制投資能力和應對變化的能力。我們每年都會管理大量資金。因此，我們需要適當的消費者保護和網路中立性，我們已經表示支持和希望如此，但不能採用為不同時代設計的、不適用於企業的監管制度。因此，這場對話的開始令人鼓舞，我認為它有望最終達成一個平衡消費者需求和我們依法履行承諾的結果，讓消費者知道他們可以在開放自由的互聯網上沖浪，但又不會以給我們的投資界帶來真正的陰霾的方式進行。

Your next question comes from the line of Vijay Jayant with Evercore ISI.

你的下一個問題來自 Vijay Jayant 與 Evercore ISI 的合作。

Two questions. First one, David, the virtual MVPD market seems to be scaling. Can you just talk about what impacts Comcast is broadly seeing? We've seen some your competitors. Not sure about the type of trends. And obviously, you talked about an IP-only product. Possibly, [and maybe the press] had talked about it. Can you talk about what market segment is that really going to target? And then for Mike. Obviously, there's been talk about tax reform. Maybe a little early on a view there, but if that does happen, how do you sort of look at capital allocation from return of capital and investment more broadly?

兩個問題。首先，David，虛擬 MVPD 市場似乎正在擴大規模。您能否談談康卡斯特目前普遍受到的影響？我們已經看過你們的一些競爭對手了。不太確定屬於哪種趨勢。顯然，你談到的是一款純智慧財產權產品。或許，（媒體也可能）討論過這件事。能談談這款產品究竟瞄準的是哪個細分市場嗎？然後是麥克。顯然，稅制改革一直是人們熱烈討論的議題。現在就得出這樣的結論可能有點早，但如果這種情況真的發生，你會如何從資本回報和更廣泛的投資角度來看待資本配置呢？

Well, let me start on the competitive landscape. So there's no question that video, high-speed, both are competitive, but it has been competitive. I'd start with -- maybe the most important thing I'd say is we added 42,000 video customers in the quarter. And so there's a lot to that in terms of what we're doing. It's not -- the good news, there's not one thing that puts us in that position. I'd start with a fantastic X1 platform, how we go to market through segmentation and packaging that makes sense for customers. And I would say, we're in the early innings of operational improvements and how we deliver good bundles, good packaging that helps us compete. So one of the main things that we look at is constant churn improvement and making sure that we're -- as we have success, which I think we're holding our own on attracting new customers, but we also want to hold on to folks longer. So I think that this -- our product position is strong and how we compete against folks when -- but we've been going up against discounted video offerings for some time. And so we look at the new entrants as a broad category, and we won't necessarily chase everything. We stick with our guns. Our guns are developing and providing great products and good, healthy packaging. And taking broadband video, whether it's now home security, phones and/or mobile, I think that will help us compete. So to the extent that we go and leverage any other form of lower-priced tiers, we do that in an extremely targeted and segmented way. And we think that, that is a -- that helps us compete. So I like our position and like our momentum. We had, again, good quarter. We feel good about the video momentum even with the increased competitive climate.

好，讓我先從競爭格局說起。所以毫無疑問，影片和高速攝影都具有競爭力，而且競爭一直都很激烈。首先，我想說的最重要的一點是，我們本季新增了 42,000 名視訊用戶。所以，就我們所做的事情而言，這其中有很多值得探討的地方。好消息是，沒有任何單一因素會導致我們陷入那種情況。我會從一個出色的 X1 平台開始，探討我們如何透過細分市場和對客戶有意義的包裝來開拓市場。我想說，我們正處於營運改善的初期階段，以及如何提供優質的產品組合和包裝，以幫助我們保持競爭力。因此，我們關注的主要事項之一是不斷改善客戶流失率，並確保我們——雖然我們取得了成功（我認為我們在吸引新客戶方面保持了一定的水平），但我們也希望能夠更長時間地留住客戶。所以我認為——我們的產品定位很強大，我們與競爭對手的競爭方​​式也很好——但是我們已經與打折的視訊產品競爭了一段時間。因此，我們將新進入者視為一個廣泛的類別，我們不一定要追逐每一個。我們堅持己見。我們的槍支產品正在不斷研發，並提供優質的產品和良好的衛生包裝。我認為，無論是家庭安防、手機還是行動設備，採用寬頻視訊技術將有助於我們參與競爭。因此，如果我們要利用任何其他形式的低價位產品，我們會以極具針對性和細分化的方式進行。我們認為，這有助於我們參與競爭。所以我很滿意我們目前的處境和發展勢頭。本季我們又取得了不錯的成績。即使競爭環境日益激烈，我們對視訊業務的發展勢頭仍然感到樂觀。

And, Vijay, on capital returns. So the company's got a great track record of being very thoughtful about how we balance our needs to invest in the business and return capital to shareholders. So we maintain a strong capital structure, as you know, and we think that's strategically important. We like the idea of consistently increasing the return of capital to shareholders, but making sure that we keep the ability to allocate strategic capital to take advantage of opportunities when they arise. So it's way too early on tax reform to say anything other than we seemingly are positioned well to be a beneficiary of the various ways in which it might shake out. And once we have some final details, we'll take all that into consideration through the lens that we've always talked about balancing capital priorities.

還有，Vijay，關於資本回報。因此，公司在平衡業務投資需求和向股東返還資本的需求方面，一直有著非常周全的考慮，並取得了良好的成績。如您所知，我們保持著穩健的資本結構，我們認為這在策略上非常重要。我們喜歡不斷提高股東資本回報的想法，但同時也要確保我們能夠配置策略資本，以便在機會出現時抓住機會。因此，現在談論稅制改革還為時過早，除了我們似乎處於有利地位，有望成為其各種可能結果的受益者之外，其他任何說法都顯得為時過早。一旦我們掌握了最終細節，我們將從我們一直以來所強調的平衡資本優先事項的角度來考慮所有這些因素。

Your next question will come from line of Jonathan Chaplin with New Street Research.

你的下一個問題將來自 New Street Research 的 Jonathan Chaplin。

So the trends in other costs in the cable segment are really encouraging. And I'm wondering, as we look ahead to next year, with programming costs reverting to more normal trends of growth, if you can maintain the slower growth in other costs, it seems like we could see real meaningful margin expansion for the first time in a few years after sort of years of investment in the business. It looks like you could do at least sort of 100 to 150 basis points of margin expansion in the cable segment. And I'm not expecting you guys to give guidance at this point for next year, but I'm just wondering if we're thinking about the trends in the business in the right way.

因此，有線電視領域其他成本的趨勢確實令人鼓舞。展望明年，隨著程式成本恢復到更正常的成長趨勢，如果其他成本的成長速度也能保持較低水平，那麼經過幾年的業務投資，我們似乎有可能在幾年內首次看到真正有意義的利潤率擴張。看起來有線電視領域的利潤率至少可以提高 100 到 150 個基點。我並不指望你們現在就對明年給予指導，但我只是想知道我們對行業趨勢的思考方式是否正確。

Well, Jon, it's Mike. Thanks for the question. I mean, Dave covered earlier all of the things that are ongoing in the business in terms of attacking nonprogramming expenses, and we've commented previously on where programming goes. So the answer, as I said earlier, is we're not going to go beyond the guidance we already gave of margins for this year, but we'll keep working on optimizing the business for the long term. And we'll be back to you early next year with our thoughts.

嗨，喬恩，我是麥克。謝謝你的提問。我的意思是，Dave 之前已經談到了公司在削減非編程支出方面正在進行的所有工作，我們之前也討論過編程的發展方向。所以答案正如我之前所說，我們不會超越今年已經給出的利潤率預期，但我們會繼續努力優化業務，以實現長期發展。明年年初我們會再和大家分享我們的想法。

Our final question comes from the line of Anthony DiClemente with Nomura Instinet.

我們的最後一個問題來自 Nomura Instinet 的 Anthony DiClemente。

My question is for Steve really on the theme of the value of sports rights. So since the last earnings call, we saw Amazon pay $50 million for the Thursday Night Football NFL rights, putting that behind a pay wall. NBC Sports obviously shares the linear deal with CBS. How do you, Steve, think about that agreement now as it comes up for renewal? And just on sports more broadly, how do you think about valuing the linear side of sports rights in an environment where those rights could become more bifurcated? You have linear on the one side, and then you have the Internet players bidding up the value of the streaming rights on the other side. Love to hear your updated thoughts there.

我的問題其實是想問史蒂夫，主題是體育版權的價值。自從上次財報電話會議以來，我們看到亞馬遜斥資 5000 萬美元購買了 NFL 週四晚間橄欖球賽的轉播權，並將其設為付費觀看。NBC體育顯然與CBS共享線性轉播協議。史蒂夫，你對即將續約的協議有什麼看法？更廣泛地說，就體育而言，在體育版權可能變得更加分裂的環境下，您如何看待體育版權線性方面的價值？一方面是傳統電視，一方面是網路玩家競相抬高串流媒體播放權的價值。很想聽聽你對此的最新想法。

Well, I think it's early on. I mean, if you look at the ratings for Sunday Night Football or Thursday Night Football when Twitter had the deal or the Olympics when we do our streaming, streaming is typically very low single-digit percentage of the total. And then in many of these deals, and this is the case with the Twitter deal and the Amazon deal, the same ads that are on linear are also in the digital feeds. So from an aggregating an audience point of view, it really has been a very minimal impact, and the impact is combined. I think more broadly, we feel very good about our sports deals. We have an Olympics deal that goes out until 2032, and we have a long-term NFL deal. And these are deals that really make their money on advertising. The bulk of the money that we make on the Olympics is because we're advertising on prime time. They're not affiliate fee-related. They're not related to the number of subs that are in the MVPD universe. These are deals that basically wash their face very nicely based on advertising, and they're long term. And so we like the sports business a lot. We think a company like ours should be in the sports business. The Olympics are part of the DNA of NBCUniversal, and it's a good business, in our opinion, going forward for many, many years. Families will gather to watch major sporting events, and they're going to want to watch it predominantly, not always, not 100%, but predominantly on a big screen. And we're happy to be the company that brings those big events to them.

我覺得現在還為時過早。我的意思是，如果你看看週日晚間橄欖球賽或週四晚間橄欖球賽（當時 Twitter 有轉播權）或奧運會（當時我們進行串流媒體直播）的收視率，就會發現串流媒體播放量通常只佔總收視率的個位數百分比。而且在許多此類交易中，例如 Twitter 的交易和亞馬遜的交易，線性電視上投放的廣告也會出現在數位訊息流中。因此，從聚集受眾的角度來看，它的影響非常小，而且影響是綜合性的。總的來說，我認為我們對體育方面的合作非常滿意。我們與奧運會簽訂的合約有效期至 2032 年，我們還與 NFL 簽訂了長期合約。這些交易的真正獲利點在於廣告。我們在奧運會上賺的大部分錢都來自於黃金時段的廣告收入。它們與聯盟行銷費用無關。它們與 MVPD 系統中的訂閱用戶數量無關。這些交易基本上都是透過廣告宣傳來彌補損失的，而且都是長期的。所以，我們非常喜歡體育產業。我們認為像我們這樣的公司應該涉足體育產業。奧運會是 NBCUniversal 的 DNA 的一部分，我們認為，從長遠來看，這將是一項非常好的業務。家人會聚在一起觀看重大體育賽事，他們主要（雖然不總是，也不百分之百）想在大螢幕上觀看。我們很高興能成為將這些大型活動帶給他們的公司。

Let me just -- if I might wrap up by just saying that great start to the quarter. And I think that you can tell by the Q&A that there's a lot of projects and momentum that is unique. I also think, Dave, hopefully, everybody else can see why we're so excited to have Dave leading the cable division. That he's got a grasp for the issues, he's going to take the work that Neil started and he started with him and accelerate us and focus even better as we go forward and pick priorities as we now go into new businesses. And his expertise is particularly perfect at this moment. So really, really pleased with the start, and we look forward to reporting to you next quarter.

最後我想說的是——如果可以的話——本季開局非常棒。從問答環節可以看出，這裡有許多獨特的專案和發展動能。我也認為，戴夫，希望其他人也能明白為什麼我們如此興奮地讓戴夫領導有線電視部門。他已經掌握了這些問題的要領，他將接手尼爾開始的工作，並和尼爾一起加快我們的步伐，讓我們在未來的發展中更加專注，並在我們進入新業務時選擇優先事項。而他的專業技能在此刻尤其適用。我們對目前的開局非常滿意，期待下個季度向您報告。

So we'll end the call there. Thank you, everyone, for joining us. Regina, back to you.

那麼，我們就結束通話吧。謝謝大家的參與。雷吉娜，把鏡頭還給你。

We have no further questions at this time. There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, May 4, at midnight Eastern time. The dial-in number is (855) 859-2056, and the conference ID number is 84390200. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern time today. This concludes today's teleconference. Thank you for joining. You may all disconnect.

目前我們沒有其他問題。今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間5月4日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 84390200。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。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。