Comcast Corp (CMCSV) 2017 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Third 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年第三季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

I 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 always, let me now refer you to Slide #2, which contains our safe harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

像往常一樣，現在請大家參閱第 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. I'm really proud of the company and our results this quarter. EBITDA increased by 5%. And as you'll hear, both parts of the company continue to perform really well and distinguish themselves with operational execution and focus.

謝謝你，傑森，大家早安。我為公司和本季的業績感到非常自豪。EBITDA成長了5%。正如你將聽到的，公司的兩個部門都繼續表現出色，並在營運執行和專注方面脫穎而出。

Our third quarter results at Cable Communications, once again, underscored the impressive consistency in this business with 5% revenue and 5% EBITDA growth. Excluding the estimated impacts from the storms this quarter, we added 150,000 new customer relationships and would have had 6% EBITDA growth.

有線通訊業務第三季的業績再次凸顯了該業務令人印象深刻的穩定性，營收和 EBITDA 均成長了 5%。如果排除本季風暴造成的預期影響，我們新增了 15 萬個客戶關係，EBITDA 將成長 6%。

We are on a path for continued balanced, profitable growth led by some of our highest-margin segments as well as our ability to drive further operational improvements on the back of the investments we've made in the customer experience. We see lots of opportunity in our data connectivity businesses, residential broadband and business services, which, combined, generate over $20 billion in revenue per year, growing right at around 10% and are accretive to our margins. And these areas are increasingly where we are directing our capital in the form of hyper-builds to serve businesses, pushing fiber further into our residential network and enhancing the speed, control and coverage aspects of our WiFi offering through our new wireless gateways, xFi app and new xFi pod network extenders.

我們正走在持續平衡、獲利成長的道路上，這得益於我們一些利潤率最高的業務板塊，以及我們透過對客戶體驗的投資來推動營運進一步改進的能力。我們看到數據連結業務、住宅寬頻和商業服務領域蘊藏著巨大的機遇，這些業務加起來每年創造超過 200 億美元的收入，成長率約 10%，並能提高我們的利潤率。而且，我們正越來越多地將資金投入這些領域，以建立大型資料中心來服務企業，進一步將光纖引入我們的住宅網絡，並透過我們的新型無線網關、xFi 應用程式和新型 xFi pod 網路擴展器來增強我們 WiFi 產品的速度、控制和覆蓋範圍。

In broadband, we expect a strong end of the year and are on track to add over 1 million net new customers for the 12th year in a row.

在寬頻方面，我們預計年底將取得強勁成長，並有望連續第 12 年新增淨用戶超過 100 萬。

Our newest connectivity business, XFINITY Mobile, really highlights the value of our broadband service by bundling access to the best high-speed Internet data with a unique wireless offering. We are pleased with the early results, surpassing 250,000 customer lines in a short period of time since our launch in May. And we are poised to scale the product from here.

我們最新的網路連線業務 XFINITY Mobile 將高速網路資料存取與獨特的無線服務捆綁在一起，真正突顯了我們寬頻服務的價值。我們對早期成果感到滿意，自 5 月推出以來，在很短的時間內客戶數量就超過了 25 萬。我們已做好準備，從現在開始擴大產品規模。

In video, new entrants, changing consumer habits and aggressive video activity from incumbents continue to result in a competitive landscape. We are well equipped to compete. A complete channel package, bundled with our best-in-class broadband and other services, is still the optimal choice for the majority of our customers. At the same time, we continue to explore innovative and economical ways to reach additional segments, so we can serve profitably through products like our new instant TV service. We believe this approach focusing on profitable whole home economics is the right one and differentiates us from others and sets us up well for the future.

在影片領域，新進業者的湧入、消費者習慣的改變以及現有企業在影片領域的積極投入，持續導致競爭格局的不斷擴大。我們已做好充分準備參與競爭。對於我們的大多數客戶而言，包含一流寬頻和其他服務的完整頻道套餐仍然是最佳選擇。同時，我們不斷探索創新且經濟的方式來拓展客戶群，以便透過我們新的即時電視服務等產品來獲利。我們相信，這種專注於獲利性全家經濟的方法是正確的，它使我們有別於其他人，並為我們的未來奠定了良好的基礎。

So as the market for video shifts, I would make 2 observations. First, our broadband business is increasingly the epicenter of our relationship with customers and, ultimately, where we derive the majority of our profitability.

隨著視訊市場的轉變，我有兩點看法。首先，我們的寬頻業務日益成為我們與客戶關係的核心，最終也是我們獲得大部分利潤的來源。

Second, we are committed to the video business. We saw this evolution coming and think we have invested in the pieces that will ultimately define long-term profitable success, including X1, the best platform on the market with amazing features that really resonate with customers, like our Emmy-winning voice remote, the broadest aggregation of great content with the best in live linear and On Demand, augmented now by the inclusion of Netflix and YouTube and others onto our platform. And if you haven't tried it lately, you've got to because it gets better every month.

其次，我們致力於視訊業務。我們預見了這種演變，並認為我們已經投資於最終將定義長期盈利成功的要素，包括 X1，它是市場上最好的平台，擁有真正能引起客戶共鳴的出色功能，例如我們榮獲艾美獎的語音遙控器，以及最廣泛的優質內容聚合，包括最好的直播線性內容和點播內容，現在我們的平台還加入了 Netflix、YouTube 等其他其他。如果你最近還沒試過，那你一定要試試，因為它每個月都在變得更好。

In addition, we offer an attractive and profitable relationship through packaging video with broadband.

此外，我們透過將影片與寬頻打包，提供了一種有吸引力且有利可圖的合作關係。

And finally, our ongoing effort to improve the customer experience accelerated this year and will continue to be an important driver in the future. We are now seeing results from the investments we have made in data analytics and other technology to better anticipate and diagnose service issues and to give our customers more control with digital tools like the My Account app.

最後，我們持續改善客戶體驗的努力在今年加快了步伐，並將繼續成為未來發展的重要驅動力。現在，我們已經看到了在數據分析和其他技術方面的投資所帶來的成果，這些投資能夠更好地預測和診斷服務問題，並透過「我的帳戶」應用程式等數位工具讓我們的客戶擁有更大的控制權。

In the third quarter, we reduced customer calls handled by our agents by 4 million. We also increased the percentage of customer interactions completed digitally by double digits. So better service is not just critical for our customers but is helping our financial performance. And we believe there is a long runway for further progress. Mike will talk about this in more detail later.

第三季度，我們減少了客服人員處理的客戶來電 400 萬通。我們也實現了兩位數的客戶互動數位化完成比例成長。因此，更好的服務不僅對我們的客戶至關重要，而且有助於我們的財務表現。我們相信，未來還有很長的路要走。麥克稍後會更詳細地談到這一點。

Turning to NBCUniversal. The exciting momentum continued in the third quarter with EBITDA increasing by nearly 20% when you exclude the Olympics last year.

轉向NBC環球。第三季度，這令人振奮的成長動能得以延續，若不計去年奧運的影響，EBITDA成長了近20%。

In our TV businesses, our strategy is centered on must-see content, which is more crucial now than ever. In an evolving media ecosystem, great content is the foundation of everything from traditional TV bundles and new virtual MVPD services to second-run monetization opportunities that can provide a boost to current season shows and extend the life of the best libraries. We monetize our content in a variety of ways from advertising, distribution to legacy and new virtual MVPDs and through licensing it to multiple outlets. In fact, in many instances, we have more end-users of our content than we've ever had. The result is that while there may be a shift in where contributions are coming from, we've sustained terrific momentum.

在我們的電視業務中，我們的策略以必看內容為中心，這在現在比以往任何時候都更加重要。在不斷發展的媒體生態系統中，優質內容是一切的基礎，從傳統的電視套餐​​和新的虛擬多頻道視訊節目分銷商 (MVPD) 服務，到二輪播放的盈利機會，這些都能促進當前季節目的發展，並延長最佳節目庫的壽命。我們透過多種方式實現內容變現，包括廣告、分發給傳統和新型虛擬多頻道視訊節目分銷商 (MVPD)，以及將其授權給多個管道。事實上，在許多情況下，我們的內容最終用戶數量比以往任何時候都多。結果是，雖然捐款來源可能有所變化，但我們保持了強勁的發展勢頭。

NBC finished the season ranked #1 in primetime for the fourth consecutive year, winning by the widest margin of any network in 6 years. The network is in the lead for the new fall season as well, driven by new shows like Will and Grace and continued success, including This is Us and The Voice.

NBC電視台連續第四年獲得黃金時段收視率第一，並以6年來所有電視台中最大的優勢獲勝。該電視台在新一季秋季檔節目中也處於領先地位，這得益於《威爾與格蕾絲》等新劇以及《我們這一天》和《美國之聲》等節目的持續成功。

At Cable Networks, we had the #1 new cable series of the season with The Sinner on U.S.A. And rounding up the must-have lineup, we will have three of the biggest events in television airing across our networks in 2018. Just like we did in Rio, we will put the full support of Comcast NBCUniversal behind the PyeongChang Winter Olympics in February, and we couldn't be more excited. We are thrilled to have the Super Bowl on NBC and the World Cup on Telemundo in 2018.

在有線電視網方面，我們憑藉美國電視台的《罪人》獲得了本季收視率最高的新有線電視劇集。最後，為了湊齊這套不容錯過的節目陣容，我們將在 2018 年透過我們的電視網絡播出三項電視界最盛大的賽事。就像我們在裡約奧運會上所做的那樣，我們將全力支持二月在平昌舉行的冬季奧運會，康卡斯特NBC環球公司將全力支持，我們對此感到無比興奮。我們很高興2018年超級盃將在NBC播出，世界盃將在Telemundo播出。

At the Theme Parks, we had another excellent quarter with EBITDA increasing nearly 10%. This performance included strong results from Universal Studios Japan, where the recently opened Minion Park attraction drove continued growth, a perfect example of leveraging our IP across businesses. Japan is having a record year, highlighting what a terrific deal it has been for us since our initial investment in the park 2 years ago.

主題樂園業務方面，我們又迎來了一個非常出色的季度，EBITDA 成長了近 10%。在此次業績中，日本環球影城取得了強勁的成績，最近開業的小小兵主題樂園推動了持續成長，這完美地體現了我們在各個業務中利用智慧財產權的優勢。日本今年創下了歷史新高，這充分說明自兩年前我們最初投資該公園以來，這筆交易對我們來說是多麼划算。

Filmed Entertainment, again, delivered strong EBITDA growth, driven by the third installment of Despicable Me, which helped Chris Meledandri's franchise become the highest-grossing animated franchise of all time worldwide as well as ongoing contributions from our robust slate in the first half of the year.

電影娛樂業務再次實現了強勁的 EBITDA 成長，這主要得益於《神偷奶爸3》的上映，該片幫助克里斯梅勒丹德利的系列電影成為全球有史以來票房最高的動畫系列電影，以及我們上半年強大的影片陣容的持續貢獻。

Universal is on track to challenge and, perhaps, succeed 2015 as the most profitable year in its 100-plus year history, highlighting our successful strategy and great management team.

環球影業預計將挑戰甚至超越 2015 年，成為其 100 多年歷史上獲利最高的一年，凸顯了我們成功的策略和優秀的管理團隊。

Overall, I'm really pleased with the results this quarter. We have the right formula in place for continued growth through product leadership and financial discipline.

總的來說，我對本季的業績非常滿意。我們擁有透過產品領先地位和財務紀律實現持續成長的正確方法。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everybody. I'll begin by reviewing our consolidated results on Slide 4.

謝謝你，布萊恩，大家早安。我將首先回顧幻燈片 4 中的綜合業績。

So despite the impact of the hurricanes, results in the third quarter were strong. Revenue of $21 billion declined 1.6%, as reported, and increased 5.8%, excluding the Rio Olympics in last year's third quarter. Year-to-date, revenue increased 8.2%, excluding the Rio Olympics.

因此，儘管受到颶風的影響，第三季的業績依然強勁。據報道，營收為 210 億美元，下降 1.6%；但如果不計入去年第三季的里約奧運會，則成長 5.8%。今年迄今為止，收入增長了 8.2%（不包括裡約奧運會）。

Adjusted EBITDA of $7.2 billion grew 5% versus last year's third quarter. And on a year-to-date basis, EBITDA grew 8.4%.

經調整後的 EBITDA 為 72 億美元，比去年第三季成長 5%。今年迄今為止，EBITDA 成長了 8.4%。

Free cash flow was $2.3 billion in the quarter and $7.6 billion on a year-to-date basis.

本季自由現金流為 23 億美元，年初至今為 76 億美元。

And finally, adjusted earnings per share increased 13% to $0.52 a share.

最後，經調整後的每股盈餘成長了 13%，達到每股 0.52 美元。

So now let's go deeper into the businesses starting with Cable Communications on Slide 5. Cable Communications revenue increased 5.1% to $13.2 billion. And EBITDA increased 5.2% to $5.2 billion, resulting in a margin of 39.7%, flat to last year's third quarter. Customer relationships increased by 115,000 to more than 29 million, a 2.8% increase versus a year ago. And total revenue per customer relationship grew by 2.1%.

現在讓我們深入了解各個業務，首先從第 5 頁的有線通訊業務開始。有線通訊業務的營收成長了 5.1%，達到 132 億美元。EBITDA 成長 5.2% 至 52 億美元，利潤率為 39.7%，與去年第三季持平。客戶關係增加了 115,000 個，達到 2900 多萬個，比一年前增長了 2.8%。每個客戶關係的總收入成長了 2.1%。

The healthy revenue growth and consistent strong EBITDA growth of this quarter and the year-to-date highlight the importance and strength of our growing, high-margin business services and high-speed Internet businesses and the ongoing benefit of our investment in customer experience.

本季和今年迄今的健康收入成長和持續強勁的 EBITDA 成長凸顯了我們不斷成長的高利潤率商業服務和高速網路業務的重要性和實力，以及我們對客戶體驗投資的持續效益。

Further, the Cable Communications business is focused on profitable growth by striking the right balance between improvements in our financial results, and our customer metrics were clearly reflected in the quarter's results.

此外，有線通訊業務專注於獲利成長，力求在財務表現和客戶指標的改善之間取得適當的平衡，這在本季度的業績中得到了充分體現。

I'll spend a moment on how Hurricanes Harvey and Irma impacted the Cable business. First, our customer metrics were impacted as a result of the loss or severe damage to many homes we serve in these markets as well as a slowdown in new business activity during the storms. Excluding hurricane impacts, we estimate that we would have added approximately 150,000 customer relationships, relative to the 115,000 reported, and we would have lost approximately 105,000 video customers relative to the 125,000 reported and added approximately 240,000 high-speed Internet customers versus the 214,000 reported. Our third quarter results captured the storm impacts and customer metrics, and we do not expect any further impact.

我將花一點時間談談颶風哈維和艾爾瑪對有線電視產業的影響。首先，由於風暴期間我們服務的這些市場中的許多房屋遭受損失或嚴重損壞，以及新業務活動放緩，我們的客戶指標受到了影響。不考慮颶風的影響，我們估計，相對於報告的 115,000 個客戶關係，我們將增加約 150,000 個客戶關係；相對於報告的 125,000 個視訊客戶，我們將失去約 105,000 個客戶關係；相對於報告的 214,000 個網路高速我們第三季的業績反映了風暴的影響和客戶指標，我們預計不會有任何進一步的影響。

Second, the hurricanes reduced EBITDA by approximately $35 million and adjusting for that, our EBITDA growth rate would have been a strong 6% increase versus the year-ago quarter. The impact primarily reflects customer credits and waived fees as well as additional labor associated with plant repairs and higher call volumes. Our teams in Houston and Florida have done an incredible job fixing hurricane damage. And they continue to work diligently to ensure our network and operations are running smoothly. There is still a lot of work to be done, and we anticipate seeing a similar financial impact during the fourth quarter, after which, we expect our operations to be fully back to normal. So that's it on storms.

其次，颶風導致 EBITDA 減少了約 3,500 萬美元，如果將這一損失考慮在內，我們的 EBITDA 成長率將比去年同期強勁增長 6%。影響主要體現在客戶信用額度和費用豁免，以及與工廠維修和更高呼叫量相關的額外人力成本。我們在休士頓和佛羅裡達的團隊在修復颶風災害方面做得非常出色。他們繼續努力工作，確保我們的網路和營運順利進行。還有很多工作要做，我們預計第四季將面臨類似的財務影響，之後，我們預計我們的營運將完全恢復正常。關於暴風雨就講到這裡了。

Now let's go into our residential business results in Cable. High-speed Internet continues to be the largest contributor to overall cable growth. Revenue increased 8.9% to $3.7 billion in the quarter, driven by an increase in our residential customer base and rate adjustments. We added 182,000 residential high-speed Internet customers in the quarter and added 1.1 million over the past 12 months, with our current broadband penetration of homes and businesses passed at 45%.

現在我們來看看有線電視住宅業務的業績。高速網路仍然是有線電視整體成長的最大貢獻者。本季營收成長 8.9% 至 37 億美元，主要得益於住宅客戶群的成長和費率調整。本季我們新增了 182,000 名住宅高速網路用戶，過去 12 個月新增了 110 萬用戶，目前家庭和企業的寬頻普及率已超過 45%。

We believe we have a long runway for continued HSD customer growth for several reasons. First, the broadband market is expanding as more Americans adopt high-speed data. Second, our homes passed have been growing at a healthy rate. And third, we are driving market share gains on the back of ongoing investment and innovation in our best-in-class broadband product.

我們相信，由於以下幾個原因，HSD 客戶群的持續成長還有很長的路要走。首先，隨著越來越多的美國人採用高速數據，寬頻市場正在擴張。其次，我們通過的房屋數量一直在健康成長。第三，我們透過不斷投資和創新，打造一流的寬頻產品，進而推動市場佔有率的成長。

Customers are getting more value from their subscriptions with us and are using our product more and benefiting from increasing speed of our network. Specifically, median monthly data usage increased by 41% year-over-year. And 55% of our residential customers now take speeds of 100 megabits per second or higher compared to 36% a year ago. Our plan is to continue to invest to enhance our competitive differentiation by improving speed, coverage and capabilities.

客戶從我們的訂閱服務中獲得了更多價值，他們更多地使用我們的產品，並受益於我們網路速度的提升。具體而言，每月數據使用量的中位數年增了 41%。現在，我們55%的住宅用戶使用每秒100兆位元或更高的網路速度，而一年前這一比例為36%。我們的計劃是繼續投資，透過提高速度、覆蓋範圍和能力來增強我們的競爭優勢。

For speed, today, we're rolling out DOCSIS 3.1, which efficiently enables to -- us to offer gigabit speeds. We expect to have this available to the majority of our homes by year-end.

為了提高速度，今天我們推出了 DOCSIS 3.1，它能夠有效地使我們能夠提供千兆速度。我們預計到年底前，大部分家庭都能享受這項服務。

And in terms of broadband coverage and capabilities, we have begun deploying our xFi advanced wireless gateways, the most powerful home gateway available on the market, capable of delivering gigabit WiFi speeds, empowering the most advanced connected homes.

在寬頻覆蓋範圍和功能方面，我們已經開始部署我們的 xFi 高級無線網關，這是市場上功能最強大的家庭網關，能夠提供千兆 WiFi 速度，為最先進的智慧家庭提供支援。

In addition, with our new xFi pod network extenders, as well as the control features of our xFi app, we are further strengthening our WiFi experience and, with it, our leading position in the broadband market.

此外，憑藉我們全新的 xFi pod 網路擴展器以及 xFi 應用程式的控制功能，我們進一步增強了 WiFi 體驗，並鞏固了我們在寬頻市場的領先地位。

Switching to video. Revenue increased 4.2% to $5.8 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services, revenue associated with a pay-per-view boxing event, which added about 100 basis points of revenue growth, partially offset by the net loss of video subscribers discussed earlier.

切換到影片。本季營收成長 4.2% 至 58 億美元，主要原因是價格調整以及客戶訂閱了其他服務，此外，一場按次付費的拳擊賽事也帶來了約 100 個基點的營收成長，但部分被之前討論過的視訊用戶淨流失所抵消。

As we have noted for many quarters now, there has been a continuous introduction of new entrants in the over-the-top video space. We've, obviously, known about and been expecting the impact of these competitors, understanding that customers will experiment with new services, especially in the early days when marketing and promotional activities by the new entrants are particularly intense. The competitive effect of the OTT competition appears broad-based across our footprint and has moderately accelerated, as some additional new OTT players have recently launched. We continue to believe that our best-in-class video product, particularly when bundled with our broadband product, represents a great value to our customers.

正如我們多年來一直注意到的那樣，OTT視訊領域不斷有新的參與者湧現。顯然，我們已經了解並預料到這些競爭對手的影響，因為我們明白客戶會嘗試新服務，尤其是在新進業者的行銷和促銷活動特別密集的初期階段。OTT 競爭的影響似乎已波及我們業務範圍的各個方面，並且隨著一些新的 OTT 服務商的推出，競爭程度有所加快。我們仍然相信，我們一流的視訊產品，特別是與我們的寬頻產品捆綁銷售時，能為我們的客戶帶來巨大的價值。

Separately, but not unrelated to OTT competition is the behavior of traditional competitors, with some responding more aggressively than others. In the third quarter, we experienced noticeable differences in our net customer metrics across the footprints of different competitors. We are carefully monitoring the effects of traditional competition. And we'll adjust our own approach to the marketplace to address any sustained pressure through the lens of balancing profitable growth with market share as described earlier.

與 OTT 競爭密切相關的，還有傳統競爭對手的行為，其中一些競爭對手的反應比其他競爭對手更為激進。第三季度，我們發現不同競爭對手的淨客戶指標有明顯差異。我們正在密切關注傳統競爭的影響。我們將調整自身在市場上的策略，以平衡獲利成長和市場份額，從而應對任何持續的壓力，如前文所述。

We believe our quality across every aspect of the video bundle gives us the competitive advantage. We have the most innovative video platform on the market with X1, which is now in 57% of our residential video customers' homes compared to about 45% a year ago. We continue to innovate and improve X1, continuously adding more content, integrating apps, like Netflix and YouTube, making it easy to search all this content with our voice remote and offering a compelling TV Everywhere experience with our XFINITY stream app.

我們相信，我們在視訊套餐的各個方面都展現出的高品質，使我們擁有競爭優勢。我們擁有市場上最具創新性的視訊平台 X1，目前 57% 的住宅視訊客戶家中都安裝了該平台，而一年前這一比例約為 45%。我們不斷創新和改進 X1，持續添加更多內容，整合 Netflix 和 YouTube 等應用程序，讓用戶可以透過語音遙控器輕鬆搜尋所有這些內容，並透過我們的 XFINITY 串流應用程式提供引人入勝的「隨時隨地看電視」體驗。

Finally, on the residential side, I want to emphasize our strategy of delivering great value through a bundled approach. That begins with our broadband product, coupled most commonly with video but we haven't stopped there. We are investing in other services that bring value to our customers by leveraging our place in the home and the importance of our connectivity services.

最後，在住宅方面，我想強調我們透過捆綁式服務提供巨大價值的策略。這始於我們的寬頻產品，通常與影片結合使用，但我們並沒有止步於此。我們正在投資其他服務，利用我們在家庭中的地位和我們連結服務的重要性，為我們的客戶帶來價值。

We have a continuous effort to innovate and develop services that add value to our customers and deepen our relationship with them. We have good experience with this, having introduced voice into 20% of our base in a relatively short period of time. And we see the next opportunity to expand our bundled customer offerings with XFINITY Home and XFINITY Mobile. We now have over 1 million XFINITY Home customers, almost double where we were 2 years ago with 90% subscribing to 3 or 4 product bundles.

我們不斷努力創新和開發能夠為客戶增加價值並加深與客戶關係的各項服務。我們在這方面經驗豐富，在相對較短的時間內，我們已經將語音技術引入 20% 的用戶群。我們看到了下一個機會，那就是透過 XFINITY Home 和 XFINITY Mobile 來擴展我們的捆綁式客戶服務。我們現在擁有超過 100 萬 XFINITY 家庭用戶，幾乎是 2 年前的兩倍，其中 90% 的用戶訂閱了 3 或 4 個產品套餐。

More recently, we launched our wireless service, XFINITY Mobile, which is available exclusively to customers who bundle it with our high-speed Internet product.

最近，我們推出了無線服務 XFINITY Mobile，該服務僅供將其與我們的高速網路產品捆綁銷售的客戶使用。

As Brian pointed out, we are off to a great start, exceeding 250,000 customer lines in only a few months since our launch. Introducing these new products adds value to our customers, as part of a multi-product bundle, deepens our relationship, thus improving retention and, ultimately, benefiting lifetime customer economics for us.

正如布萊恩指出的那樣，我們開局良好，自推出以來短短幾個月內，客戶數量就超過了 25 萬。推出這些新產品，作為多產品組合的一部分，可以為我們的客戶增加價值，加深我們與客戶的關係，從而提高客戶留存率，並最終使我們終身受益於客戶經濟效益。

Moving on to business services, which continues to be a top driver of our overall cable results. We delivered another strong quarter of double-digit growth, with revenue increasing 12.6% to $1.6 billion during the quarter, primarily driven by customer growth. We added 31,000 business customer relationships and grew revenue per business customer relationship by 5%.

接下來是商業服務，它仍然是我們有線電視業務整體業績的主要驅動力。我們又實現了強勁的雙位數成長，本季營收成長 12.6% 至 16 億美元，主要得益於客戶成長。我們新增了 31,000 個企業客戶關係，每個企業客戶關係的收入成長了 5%。

The significant majority of business services revenue is centered on connectivity, and we have even more runway to increase share in our data product as we move to gigabit speeds throughout our footprint with the deployment up DOCSIS 3.1 and as we continue to push fiber deeper in our network.

絕大多數商業服務收入都集中在連接方面，隨著我們在整個業務範圍內部署 DOCSIS 3.1 並向千兆速度邁進，以及我們繼續在網路中更深入地推進光纖，我們在數據產品方面的市場份額還有更大的提升空間。

We continue to augment growth through business applications and services that's right on top of our core connectivity business. These include our voice, video surveillance and advanced WiFi products. And additionally, as we grow into the mid-sized business and enterprise segments, our recently launched SDWAN product and our managed enterprise solutions business will help unlock new opportunities to serve branch offices of larger multi-site businesses.

我們不斷透過業務應用和服務來促進成長，這些應用和服務與我們的核心連接業務緊密結合。其中包括我們的語音、視訊監控和先進的WiFi產品。此外，隨著我們拓展到中型企業和大型企業市場，我們最近推出的 SD-WAN 產品和我們的託管企業解決方案業務將有助於為大型多站點企業的分支機構提供服務，從而開拓新的機會。

Turning to Slide 6. Program expenses increased 12.4% during the quarter, including the additional cost associated with the pay-per-view boxing event. Year-to-date, program expenses increased 12%, reflecting the timing of several contracts that renewed at the end of last year. Nonprogramming expenses increased 0.6% this quarter and increased 1.1% for the year-to-date. This reflects the benefits of investments made in customer experience initiatives as well as disciplined cost management overall. Notably, customer service expenses essentially flat this quarter and down about 1% year-to-date, even as customer relationships grew by nearly 3%.

請看第 6 張投影片。本季節目支出成長了 12.4%，其中包括與按次付費觀看拳擊比賽相關的額外成本。今年迄今為止，項目支出增加了 12%，這反映了去年年底續約的幾份合約的時間表。本季非節目製作費用成長了 0.6%，今年迄今成長了 1.1%。這反映了在顧客體驗措施方面進行投資所帶來的益處，以及整體上嚴格的成本管理。值得注意的是，儘管客戶關係成長了近 3%，但本季客戶服務支出基本上持平，年初至今下降了約 1%。

One example is the reduction in customer calls over the last year with general calls to agents down by 16 million or nearly 10% and calls from new customers during their first 90 days down by double-digit percentage.

例如，過去一年客戶來電數量有所減少，一般而言，致電客服人員的電話減少了 1600 萬通，降幅近 10%；新客戶在前 90 天內的來電數量也下降了兩位數百分比。

The investments in the customer experience are clearly working, and we believe we have the foundation in place to drive further improvement from here.

對客戶體驗的投資顯然正在奏效，我們相信我們已經奠定了基礎，可以在此基礎上進一步改進。

Lastly, on Cable Communications, third quarter EBITDA margin of 39.7% was flat compared to the third quarter of 2016. Our year-to-date EBITDA margin of 40.2% is up 10 basis points compared to the same period in 2016, even with the higher rate of program expense growth and the impact of the 2 hurricanes. And finally, we continue to expect the full year 2017 EBITDA margin to be flat compared to the 2016 margin of 40.2%, despite the impact of the hurricanes.

最後，有線通訊業務第三季 EBITDA 利潤率為 39.7%，與 2016 年第三季持平。儘管專案支出成長率較高，且受到兩次颶風的影響，但我們今年迄今的 EBITDA 利潤率為 40.2%，比 2016 年同期成長了 10 個基點。最後，儘管受到颶風的影響，我們仍然預計 2017 年全年 EBITDA 利潤率將與 2016 年的 40.2% 持平。

Now let's move on to NBCUniversal's results. On Slide 7, NBCUniversal's revenues decreased 12.7%, and EBITDA increased 6% in the quarter. Excluding the Olympics, revenue increased 6% and EBITDA was up nearly 20%. Cable Networks revenue declined 11.5% and increased 3.7%, excluding the Olympics, driven by higher distribution and content licensing and other revenue.

現在我們來看看NBC環球的業績。根據幻燈片 7，NBCUniversal 的營收在本季下降了 12.7%，而 EBITDA 則成長了 6%。不計奧運的影響，收入成長了 6%，EBITDA 成長了近 20%。有線電視網絡收入下降了 11.5%，若不計奧運收入，則成長了 3.7%，這主要得益於更高的發行和內容授權以及其他收入。

Distribution revenue continues to drive our results, increasing 4% this quarter to $1.5 billion. But for the timing effects of certain sports-related fees and the impact of channel closures, distribution revenue growth would have been consistent with the high single-digit growth we reported in the first half of the year, which was due to the major renewals at the beginning of the year.

分銷收入持續推動我們的業績成長，本季成長 4% 至 15 億美元。但如果考慮到某些體育相關費用的時效性影響以及頻道關閉的影響，分銷收入的增長將與我們上半年報告的高個位數增長一致，這主要歸功於年初的大量續約。

Content licensing and other revenue of $283 million increased 24%, reflecting the episodic nature of when deals are completed and content delivered under licensing agreements.

內容授權和其他收入為 2.83 億美元，成長了 24%，這反映了交易完成和根據授權協議交付內容的階段性特徵。

Advertising revenue of $787 million declined 2.6%, reflecting higher rates that were more than offset by ratings declines.

廣告收入為 7.87 億美元，下降 2.6%，這反映出更高的費率被收視率的下降所抵消。

And finally, in cable net, EBITDA increased 1.5% to $905 million, reflecting the comparison with the Olympics last year.

最後，有線電視業務的 EBITDA 成長了 1.5%，達到 9.05 億美元，與去年奧運相比有所成長。

Broadcast Television revenue declined 30.9%, but increased 12.3%, excluding the Olympics. Retransmission consent fees increased more than 70% to nearly $360 million. Content licensing revenue of $440 million increased over 20%.

廣播電視收入下降了 30.9%，但若不計奧運會，則增長了 12.3%。轉播許可費成長超過 70%，達到近 3.6 億美元。內容授權收入達 4.4 億美元，成長超過 20%。

In addition, excluding the Olympics, advertising revenue of $1.2 billion was relatively flat, the result of strong pricing offsetting ratings declines, consistent with recent trends.

此外，除奧運外，廣告收入為 12 億美元，與近期趨勢基本持平，這是由於強勁的定價抵消了收視率的下降。

And finally, EBITDA decreased 15% to $321 million, again, reflecting the comparison with the Olympics last year.

最後，EBITDA 下降 15% 至 3.21 億美元，同樣反映了與去年奧運期間的比較。

Film revenue was relatively flat, but EBITDA increased 11.9% to $394 million, reflecting the successful performance of Despicable Me 3, the carryover benefits of a very successful film slate in the first half of 2017 as well as higher content licensing driven by DreamWorks kids TV. As Brian noted, film is on track to have one of its most profitable years in its history.

電影收入相對持平，但 EBITDA 成長 11.9% 至 3.94 億美元，這反映了《神偷奶爸 3》的成功表現、2017 年上半年非常成功的電影陣容帶來的延續效益，以及夢工廠兒童電視節目推動的更高內容授權。正如布萊恩所指出的，電影業有望迎來史上最賺錢的一年。

Finally, Theme Parks revenue increased 7.7% and EBITDA increased 9.8% to $775 million. These strong results were driven by the launch of Minion Park in Japan and Volcano Bay in Orlando as well as the continued success from Harry Potter in Hollywood, which opened more than a year ago. These results include the impact of Hurricane Irma and the negative impact of a weaker Japanese yen.

最後，主題樂園收入成長了 7.7%，EBITDA 成長了 9.8%，達到 7.75 億美元。這些強勁的業績得益於日本小小兵主題樂園和奧蘭多火山灣的開業，以及好萊塢哈利波特主題樂園（一年多前開業）的持續成功。這些結果包括颶風艾爾瑪的影響以及日圓貶值的負面影響。

Now let's move to Slide 8 to review our consolidated and segment capital expenditures. Consolidated CapEx increased 1.2% to $2.4 billion in the third quarter. At Cable Communications, capital expenditures increased 0.8% to $2.1 billion in the quarter, resulting in capital intensity of 15.6%. 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 in spending reflects a higher level of investment and scalable infrastructure to increase network capacity and increased investments in line extensions, mostly offset by decreased spending on customer premise equipment.

現在讓我們翻到第 8 張投影片，回顧一下我們的合併和分部資本支出。第三季綜合資本支出成長1.2%，達24億美元。有線通訊公司本季資本支出成長 0.8% 至 21 億美元，資本密集度為 15.6%。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%。本季支出增加反映了為提高網路容量而增加的投資和可擴展的基礎設施，以及對線路擴展的更多投資，但這些增加大多被客戶駐地設備支出的減少所抵消。

At NBCUniversal, third quarter capital expenditures increased 5.4% to $354 million, reflecting the timing of real estate and infrastructure spending as well as continued investment at Theme Parks. For the full year, we continue to expect NBCUniversal's capital expenditures to increase approximately 10% versus 2016.

NBC環球第三季資本支出增加5.4%至3.54億美元，反映了房地產和基礎設施支出的時間表以及對主題樂園的持續投資。我們預計，NBC環球全年的資本支出將比2016年成長約10%。

And now finishing up on Slide 9. As mentioned earlier, we generated $2.3 billion in free cash flow in the quarter and $7.6 billion on a year-to-date basis. Our return of capital in the third quarter totaled $2.4 billion and $6 billion for the year-to-date. Dividend payments were $743 million in the third quarter, up 12.1% year-over-year and $2.1 billion year-to-date, up 10.5% year-over-year. Share repurchases were $1.7 billion in the third quarter, approximately 60% higher than the quarterly pace of the first half of the year. For the year-to-date, share repurchases totaled $3.8 billion. We continue to plan to return approximately $7.9 billion to shareholders for the full year in 2017, including $5 billion in share repurchases and $2.9 billion in dividends.

現在來看第 9 張投影片。如同前面提到的，本季我們產生了 23 億美元的自由現金流，年初至今已產生 76 億美元的自由現金流。第三季我們的資本回饋總額為 24 億美元，年初至今的資本回饋總額為 60 億美元。第三季股息支付額為 7.43 億美元，年增 12.1%；今年迄今的股息支付額為 21 億美元，年增 10.5%。第三季股票回購額為 17 億美元，較上半年季度回購速度高出約 60%。今年迄今為止，股票回購總額為 38 億美元。我們仍計劃在 2017 年全年向股東返還約 79 億美元，其中包括 50 億美元的股票回購和 29 億美元的股息。

And finally, we continue to be pleased with the health of our balance sheet and in the quarter at 2.2x net leverage.

最後，我們對資產負債表的健康狀況依然感到滿意，本季淨槓桿比率為 2.2 倍。

So that concludes our summary of the quarter. We're clearly very pleased with our continued strong performance as well as our momentum heading into the fourth quarter.

以上就是本季的總結。我們對我們持續強勁的業績以及進入第四季度的良好勢頭感到非常滿意。

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, we'll turn it over to you for Q&A.

偉大的。謝謝你，麥克。Regina，接下來由你來回答問題。

(Operator Instructions) Our first question comes from the line of Craig Moffett with MoffettNathanson.

（操作說明）我們的第一個問題來自 Craig Moffett 和 MoffettNathanson 的線路。

I want to sort of dig into a little bit sort of the transition that's going on from video-led to broadband-led financially. So if -- when you lose a double-play or a triple-play customer and they become a single-play customer, can you sort of walk through all the different things that happen as that transition happens, how that customer's pricing changes? And then what cost, besides just programming costs, shift? And so sort of what does that economic transition look like for your business? And how should we think about it going forward?

我想深入探討一下，在經濟上，這種經濟模式正在從視訊主導轉向寬頻主導。所以，如果－當你失去一個雙重播放或三重播放客戶，而他們變成了單一播放客戶時，你能否大致介紹一下在這種轉變過程中發生的所有不同的事情，以及該客戶的定價是如何變化的？那麼，除了程式成本之外，還有哪些成本會改變呢？那麼，這種經濟轉型對您的企業意味著什麼？那麼，我們接下來該如何看待這個問題呢？

Craig, this is Dave. So let me take that. And look, there has certainly been a fair amount of work out there on this very issue. And I've read your perspectives, specifically on it, and I agree with your point of view that as there is an economic shift when that happens in terms of if a customer selects broadband only, there are higher margins in that. There's a higher rate for standalone service and a lower cost to deliver that product, so margins improved. So -- but having said that, we -- I think we're very different in that our definition of packaging is to profitably put together great products that drive engagement and usage. So we'll continue to stay very focused on X1 and broadband. But the -- to the extent somebody does take broadband only, the way we look at it and the way it breaks out, there -- we take a very disciplined approach towards a premium product, which we're constantly raising the speeds for them and we will charge more for -- on a standalone basis, so there are some bundling benefits. To the extent that they don't take it, then we charge more for -- on standalone basis. Secondly, I also agree that there is upside economically in being able to go to that customer that may be enjoying video, over-the-top or whatever they're doing and being able to upgrade them to higher tiers. So we also have a good opportunity in terms of the cost of service, so there are improved economics in terms of the operating expenses. So this will drive ARPU. This improves margin. so -- but again, let me also say that as a broader opportunity, we're very different in the broad portfolio of products that we have being able to package, whether it's mobile, whether it's home security, different tiers of service, this is -- our general approach is to profitably package a wide variety of opportunities. And by the way, we will continue to focus on video. And we think there's a good opportunity to do that with broadband. But the economics, I think, are very encouraging to the extent that they do select broadband only.

克雷格，我是戴夫。那我就接手吧。而且，關於這個問題，確實已經有很多研究成果了。我讀過您關於這方面的觀點，我同意您的觀點，當客戶只選擇寬頻時，經濟會發生轉變，利潤率會更高。獨立服務的費率較高，而交付該產品的成本較低，因此利潤率有所提高。所以——但話雖如此，我認為我們——非常不同，我們對包裝的定義是盈利地將優秀的產品組合在一起，從而推動參與度和使用率。因此，我們將繼續專注於X1和寬頻業務。但是，如果有人只選擇寬頻，我們看待這個問題的方式以及它的細分方式是——我們對優質產品採取非常嚴謹的態度，我們不斷提高他們的網速，並且我們會收取更高的費用——單獨購買的話，所以捆綁銷售會有一些好處。如果他們不接受，那麼我們會單獨收取更高的費用。其次，我也同意，如果能夠接觸到那些可能正在觀看影片、OTT或其他類似內容的客戶，並能夠將他們升級到更高的套餐，那麼從經濟角度來看，這樣做是有好處的。因此，我們在服務成本方面也擁有很好的機會，營運費用方面的經濟效益也得到了改善。所以這將提升每用戶平均收入（ARPU）。這樣可以提高利潤率。所以——但是，我還要再說一遍，從更廣泛的角度來看，我們與其他公司非常不同，我們擁有廣泛的產品組合，能夠將各種產品打包，無論是移動設備、家庭安全產品還是不同級別的服務，我們的總體方法是盈利地打包各種各樣的機會。順便說一句，我們將繼續專注於視訊領域。我們認為寬頻在這方面是一個很好的機會。但我認為，從經濟角度來看，如果他們只選擇寬頻，那將是非常令人鼓舞的。

I just want to add one other observation, which is as the shift is occurring, the utility of broadband to the consumer is going up every year. So the bits per home in the last 9 months or so appear to be about 40% more usage. So people are relying on the speed, the WiFi coverage, the video. Whether it's our video or some other video, consumption has never been higher. NBC gets paid for a lot of that video consumption in different ways, in different models, which we can talk about. And then you don't have different CapEx requirements. So you add it all up. We've anticipated the shift that's coming. I think we've taken our innovation machine and pointed it as well now to broadband and broadband-only homes. And I think you'll see more of that coming in the future. We just launched YouTube, as a for instance, on X1. You're able to enjoy more video than ever. If you take our video, I think you're able to enjoy more video than ever. If you don't take our video, but you -- our broadband is the center, and that's why we're 25 million broadband, 22 million video. We saw the shift coming. We're pretty focused.

我只想補充一點，隨著這種轉變的發生，寬頻對消費者的實用性每年都在提高。因此，過去 9 個月左右，每個家庭的比特使用量似乎增加了約 40%。所以人們依賴的是網路速度、WiFi覆蓋範圍和影片。無論是我們的視頻還是其他視頻，觀看量都達到了前所未有的高度。NBC 透過不同的方式、不同的模式從大量的視訊消費中獲得收入，我們可以就此展開討論。這樣一來，你們就沒有不同的資本支出需求了。所以你要把所有數字加起來。我們已經預料到即將到來的轉變。我認為我們已經將創新機器的矛頭指向了寬頻和僅提供寬頻服務的家庭。我認為未來你會看到更多這樣的情況。例如，我們剛剛在 X1 上推出了 YouTube。您可以享受比以往更多的影片內容。如果你觀看我們的視頻，我相信你會比以往任何時候都更享受視頻帶來的樂趣。如果你不看我們的視頻，但你——我們的寬頻是核心，這就是為什麼我們有 2500 萬寬頻用戶和 2200 萬視頻用戶。我們早就預料到這種轉變會發生。我們目標非常明確。

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。

I have a question for Brian and then for either Dave or Mike, either one who wants take it. Brian, on the mobile side, you guys now are in the market. You talked about how many customers you have. And the iPhone 10 or X, whatever it's called, is 1 week away, plus with what's happening in 6, I know you guys have been sort of exploring 5G and other opportunities. Can you just maybe step back and tell us how you're thinking about wireless strategically longer term now that the -- a sort of company-wide deployment of wireless is sort of right here? And then just picking up on the last conversation about the broadband business and the shifting model, Dave or Mike, when you think about that shift, I think everyone understands, it's probably accretive to margins. Can you just talk about capital needs for the data business? You talked a lot about hyper-builds and more fiber and line extensions. Is the -- what are the CapEx needs as you guys try to really push your advantage in data versus the kind of spending we've seen at cable over the last couple of years?

我有一個問題想問布萊恩，然後再問戴夫或麥克，誰願意回答就問誰。Brian，在行動端方面，你們現在已經進入市場了。你剛才提到了你有多少客戶。iPhone 10 或 X，不管它叫什麼，還有一週就要發布了。再加上 iPhone 6 的發展，我知道你們一直在探索 5G 和其他機會。您能否退後一步，談談您目前對無線技術的長期策略規劃，畢竟公司範圍內的無線部署已經迫在眉睫？然後，接著我們剛才關於寬頻業務和模式轉變的討論，Dave 或 Mike，當你思考這種轉變時，我想每個人都能理解，這可能會增加利潤率。能談談數據業務的資金需求嗎？你談到了很多關於超大型建築、更多光纖和線路延伸的內容。你們在數據領域真正發揮優勢，與過去幾年有線電視產業的支出相比，需要哪些資本支出？

Well, I like our wireless strategy a lot. It -- wireless revenue has been going backwards for a couple of companies who reported, and cash flow is the same. So that's a business where we have 0% market share. And so as we begin, and 250,000 subs is a great achievement, but it's 250,000 subs, so we're very small. We're using wireless to help our very valuable broadband business. You can only get wireless if you take our broadband. And it's an extension of our broadband to what I was just commenting on earlier. And yet, we've been able to say when we hit a certain scale, hopefully next year or so, we will then be able to be in a position where every sub is profitable on its own merits. And that's the nature of the wholesale relationships that we've made. So -- and third, we have a very compelling offer to the consumer. You literally take money off your bill in almost every instance. You have tremendous flexibility. And it's super simple, and it's all digital. So -- and you can get the newest devices, as you alluded to. So I think it's a way for us to reinforce the strategy of the company that we were just talking about, which is to make that broadband relationship as increasingly useful and valuable in something as important as your mobile device.

我非常喜歡我們的無線策略。據幾家公佈業績的公司稱，無線業務收入一直在下滑，現金流也是如此。所以，在這個行業，我們的市佔率是0%。所以，雖然我們剛起步，25萬訂閱用戶是一個很大的成就，但畢竟只有25萬訂閱用戶，所以我們的規模還很小。我們正在利用無線網路來幫助我們非常重要的寬頻業務。只有使用我們的寬頻服務才能享受無線網路。這正是我們寬頻的延伸，也是我剛才提到的內容。然而，我們已經能夠說，當我們達到一定規模時，希望明年左右就能實現，屆時每個子項目都能憑藉自身實力盈利。這就是我們所建立的批發關係的本質。第三，我們為消費者提供了極具吸引力的優惠。幾乎在所有情況下，你都可以從帳單中減免一部分費用。你擁有極大的靈活性。而且操作非常簡單，完全是數位化的。所以——而且正如你所提到的，你可以買到最新的設備。所以我認為這可以讓我們加強我們剛才談到的公司策略，即讓寬頻關係在像行動裝置這樣重要的設備上變得越來越有用和有價值。

And then -- Ben, it's Mike. Thanks for the question. I'll start and Dave can finish. So on capital, we'll, obviously, be back next call and talk about future outlook for CapEx in the Cable business. As we said, we'll be flat this year to last year at around 15% capital intensity. I think the important thing about the broadband business is yes, in, in-home equipment, we'll be cheaper in a broadband model than a video model. And we've got the decline in X1, as we've been talking about. But on the other side, we are making sure that we invest to increase speeds and make sure we innovate in that value in the broadband product, given everything Brian just described about how that -- important that is to the future of the company.

然後——本，是麥克。謝謝你的提問。我先開始，戴夫來收尾。所以關於資本方面，我們顯然會在下次電話會議上討論有線電視業務資本支出的未來前景。正如我們所說，今年我們的資本密集度將與去年持平，約為 15%。我認為寬頻業務的關鍵在於，在家庭設備方面，寬頻模式的價格會比視訊模式更低。正如我們一直在討論的那樣，X1 也出現了下滑。但另一方面，鑑於布萊恩剛才描述的一切，我們正在確保投資以提高速度，並確保在寬頻產品的價值方面進行創新，這對公司的未來至關重要。

It is very consistent with our current CapEx plan, investing in the network. We've been doing that. We anticipated it. So as we make this pivot, it's very consistent with our current capital program.

這與我們目前的資本支出計劃（投資於網路建設）非常一致。我們一直在做這件事。我們預料到了。因此，我們做出這項轉變，與我們目前的資本計畫非常一致。

Your next question comes from the line of Jessica Reif Cohen with Bank of America Merrill Lynch.

你的下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 cable one and NBC question. On the cable side, obviously, a lot of the focus on this call is on broadband. And you've discussed your strategy with speed coverage and capabilities. But do you think that's enough? Or how do you differentiate to consumers the products enough to drive pricing, particularly in light of so much competitive promotional activity? And then, I guess, the NBC question -- or do you want to answer that then I'll go to NBC?

我有一個關於有線電視和NBC的問題。顯然，在有線電視方面，這次通話的重點很大程度上在於寬頻。您已經和我們討論了您的策略，包括速度覆蓋範圍和能力。但你認為這樣就夠了嗎？或者，在如此激烈的促銷活動競爭下，如何讓產品與消費者之間產生足夠的差異化，從而推動價格上漲？然後，我想，接下來就是NBC的問題了——或者你想先回答這個問題，然後我再去NBC？

Go ahead, go ahead, Jessica.

繼續，繼續，傑西卡。

Okay. And then NBC, there's so many parts to it that it's hard for you guys to talk on the call or in the press release about some of the drivers, but one of the little gems seems to be Telemundo, which has had phenomenal ratings success. Can you just give us some color on kind of where you've been and where you think you can go or how quickly you can take share? And then if there's any comment at all on China, given the recent elections and the political environment. Is there any change to your strategy in that country, whether Theme Parks or Film?

好的。至於 NBC，它涉及的方面太多了，你們很難在電話會議或新聞稿中談論其中的一些驅動因素，但其中一個亮點似乎是 Telemundo，它取得了驚人的收視率成功。能否簡單介紹一下您過去的經歷，以及您認為自己未來的發展方向，或者您能以多快的速度佔領市場份額？鑑於最近的選舉和政治環境，如果對中國有任何評論的話。你們在該國的戰略是否有任何變化，無論是主題樂園還是電影？

Let me start, Jessica, with the broadband point. So I think our operating strategy with broadband as we make the -- continue to make this pivot and really focus innovation around a superior broadband experience, it kind of goes down into 3 buckets. One, we constantly focus on improving speed. We are -- we've been working for many years now in developing best-in-class gateway devices, so we improve coverage when we do that. And then with xFi, really, the first one out to develop a in-home superior control. So we're scaling 1 gig, but the widest footprint available out there in terms of 1 gig within our footprint. And so I really think when you combine speed with best-in-class WiFi, it really does point towards just a better answer for customers. And I think -- as Mike said, I think there's a lot of runway left to grow the customer base. There's a runway on rate given our competitive differentiation around all those key areas. So I think there's still good opportunity.

潔西卡，我先來說說寬頻方面的問題。所以我認為，隨著我們繼續進行寬頻轉型，真正將創新重點放在卓越的寬頻體驗上，我們的寬頻營運策略可以歸納為 3 個面向。第一，我們不斷致力於提高速度。多年來，我們一直致力於開發一流的網關設備，因此，當我們這樣做時，我們的覆蓋範圍就會得到改善。然後是 xFi，它是第一個真正開發出卓越的家庭控制系統的產品。所以我們正在擴展 1G 的容量，但就我們自身的容量而言，這是目前市場上 1G 容量最廣泛的。因此，我真的認為，當速度與一流的 WiFi 相結合時，這確實能為客戶提供更好的解決方案。正如麥克所說，我認為客戶群還有很大的成長空間。鑑於我們在所有這些關鍵領域都具有競爭優勢，因此在價格方面還有很大的提升空間。所以我認為仍然有很多機會。

So on Telemundo, we -- when we talk about broadcast, we always talk about NBC being #1 for 4 years and This is Us and Sunday Night Football. But a real gem inside our company in terms of broadcast is Telemundo. And for those of you don't follow it closely for decades, Univision beat Telemundo in primetime night after night after night by 1 million, 2 million people in the demo. And in the last broadcast year for the first time ever in primetime, Telemundo beat Univision. And if you look more recently since this new season started, we're winning almost every night, sometimes by 20%, 25% margin. So Telemundo is a big opportunity. Monetization tends to lag ratings performance. We saw this with NBC when it first started to turn. So don't expect the same kind of gems in terms of monetization immediately at Telemundo. But if we keep beating Univision, we should, at some point, catch up to Univision in terms of monetization, and that would be a big swing from where Telemundo was just a few years ago. In terms of China, China, we think, is a very, very big opportunity for our company. We made virtually no money in China 5 years ago. This year, we'll make a couple hundred million dollars of OCF in China, primarily film and some SVOD and consumer products. We're spending a lot of time and attention getting a park in Beijing open where the visitation numbers, the tourist numbers in Beijing are just phenomenal. And we will be the only major U.S. theme park in that area of China. And when that park opens, I think, as a company, it's not unrealistic to assume we're going to make well over $1 billion in revenue. So from 0 5 years ago to over $1 billion in just a few more years once we get Beijing open.

所以在 Telemundo，當我們談論廣播時，我們總是會談到 NBC 連續 4 年排名第一，以及《我們這一天》和《週日橄欖球之夜》。但就廣播電視而言，我們公司內部真正的瑰寶是 Telemundo。對於那些幾十年來沒有密切關注電視收視率的人來說，Univision 在黃金時段連續多晚擊敗 Telemundo，在目標受眾中領先 100 萬到 200 萬人。在上一個播出年度，Telemundo 首次在黃金時段擊敗了 Univision。如果你看看新賽季開始以來的最近幾場比賽，我們幾乎每晚都在贏，有時甚至贏20%、25%。所以，Telemundo 是一個絕佳的機會。獲利能力往往落後於收視率表現。我們從NBC剛開始轉變的時候就看到了這一點。所以不要指望 Telemundo 能立即在盈利方面取得同樣的成功。但是，如果我們繼續擊敗 Univision，那麼在某個時候，我們在盈利方面應該能夠趕上 Univision，而這與 Telemundo 幾年前的狀況相比將是一個巨大的轉變。就中國而言，我們認為中國對我們公司來說是一個非常非常大的機會。五年前我們在中國幾乎沒賺到什麼錢。今年，我們將在中國獲得數億美元的營業利潤，主要來自電影、部分 SVOD 和消費品。我們投入了大量的時間和精力，讓北京的一個公園開放，北京的遊客數量非常驚人。我們將成為該地區唯一一家大型美國主題樂園。我認為，當那個公園開放時，作為一家公司，假設我們能夠獲得超過 10 億美元的收入，這並不算不切實際。所以，從五年前的0美元，到北京開幕後短短幾年內就超過10億美元。

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。

Mike, can you just clarify the comment you made on the fourth quarter? You mentioned competition is accelerating. I know you don't give guidance for that. Are you implying that sub losses are accelerating from the third quarter, either absolute or year-over-year? And then the second question that we've gotten is as you've gone from gaining video subs to losing video subs, what kind of subs are you losing? Is it broad-based across your platform? Is it lower tier? Are they X1? Any color would be great.

麥克，你能解釋一下你對第四季的評論嗎？你提到競爭正在加劇。我知道你不會提供這方面的指導。您的意思是說，從第三季開始，子公司的虧損正在加速擴大，無論是絕對虧損還是年比虧損？其次，我們收到的第二個問題是，隨著你們的影片訂閱用戶數量從增加到減少，你們失去的是哪種類型的訂閱用戶？它在您的平台上是否普遍存在？它是低階產品嗎？它們是X1嗎？任何顏色都可以。

Well, just to say the new implication of acceleration there, but Dave can comment further. But really, it continues to be competitive in the video space. But we've got quite a good set of tools in the video product with X1 and the like. That's why we continue to see the competitors out there. We're in a position to compete for the best customers out there.

嗯，我只想說說加速帶來的新意義，不過戴夫可以進一步評論。但實際上，它在視訊領域仍然具有很強的競爭力。但是，我們在視訊產品中擁有一套相當不錯的工具，例如 X1 等。這就是為什麼我們仍然能看到競爭對手存在的原因。我們有能力去爭取市場上最優質的客戶。

Let me offer, Marci, a perspective on -- so on video. Given the -- I think, again, we're very different in regards to not only broadband, but video. As I mentioned before, if you look at the whole market in terms of the entire video market if it contracts to -- people will pin it where it will be, but we're quite different. Our -- yes, there'll be some pressure as more OTT competition comes in, in different stages as they launch. But primarily, because of X1 and our focus around innovation, I just think we're very different in our ability to compete. We have the best video product combined with the best broadband. And so you look at -- we gained X1. We are up to now 57% penetration. And when you look at the performance of X1, it consistently delivers better churn results across, really, literally every tenure-based customer. So we see usage benefits. Everything that we see around X1 continues to be positive. So while there is overall pressure, competitive pressure, I don't think the video market is settled overall. We like our position. And when you look at also another validation around X1 as others, select X1, including -- we talked about it before, whether it's Cox, whether it's mini Canadian companies, the fact that they're taking it, and we've heard very good results from them as well, it is very consistent. So we're pleased with X1's overall performance. And I think it makes us a very different video competitor.

瑪西，讓我從影片的角度談談我的看法。有鑑於此——我認為，我們不僅在寬頻方面，而且在影片方面也存在很大差異。正如我之前提到的，如果你從整個視訊市場的角度來看待整個市場，如果它萎縮到——人們會把它預測到什麼程度，但我們的情況截然不同。是的，隨著更多 OTT 競爭對手陸續進入市場，並在不同的階段推出，我們的市場將面臨一些壓力。但最主要的原因是，由於 X1 和我們對創新的關注，我認為我們在競爭能力方面非常不同。我們擁有最好的視訊產品和最好的寬頻。所以你看——我們獲得了 X1。目前我們的滲透率已達 57%。從 X1 的表現來看，它確實在所有基於客戶生命週期的客戶中持續提供更好的客戶流失率結果。因此我們看到了使用上的好處。我們看到的關於X1的一切仍然都是正面的。所以雖然整體上有壓力和競爭壓力，但我認為視訊市場整體上還沒有定型。我們對自己的地位很滿意。當你查看 X1 的其他驗證方法時，你會發現，選擇 X1 的方法包括——我們之前討論過，無論是 Cox，還是加拿大的小公司，他們都在使用它，而且我們也聽到了他們非常好的結果，這非常一致。所以我們對X1的整體表現感到滿意。我認為這使我們成為一家非常不同的視訊競爭對手。

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 you can talk about competition in broadband? Obviously, we've seen a bit of a slowdown in terms of net adds. Is there a way to tease out sort of what the competitive backdrop is? Are you seeing -- is it a function of more competition in terms of pricing on the DSL side, the expanded fiber-to-the-home footprint or maybe an attachment issue as it relates to video? I mean, you guys have added about 1.3 million subs the last few years. Now you're talking about adding 1 million. Is -- are we looking at a different run rate and a different competitive backdrop?

或許您可以談談寬頻領域的競爭情況？顯然，我們看到淨新增用戶數量有所放緩。有沒有辦法大致了解一下競爭背景？您認為這是由於 DSL 價格競爭加劇、光纖到府覆蓋範圍擴大，還是與視訊相關的連線問題造成的？我的意思是，你們在過去幾年增加了約 130 萬訂閱用戶。現在你們說的是增加100萬。——我們是否面臨不同的運作率和不同的競爭環境？

Well, I think, there -- certainly, it's a unique competitive environment in that I've mentioned there certainly are a handful of over-the-top folks that have been in the market in a relatively short period of time. I think when you have something like that and you have legacy competitors that respond in different ways to a competitive environment, so -- and on top of that, at least one telephone company added a little bit more broadband footprint on the low end. So when you have all those things together, yes, there's going to be a little bit of shift competitively. As always, we've gone through competitive cycles. We make adjustments based on the competitive climate. And again, our focus is smart packaging and very focused leverage in our best products. And while there's some pressure on it, you look to the overall balance, you look at the overall cash flow performance that we have and even in a slightly tougher competitive environment, I like our results.

嗯，我認為，那裡——當然，這是一個獨特的競爭環境，正如我所提到的，確實有一些非常出色的人在相對較短的時間內進入市場。我認為，當這種情況，並且有傳統競爭對手以不同的方式應對競爭環境時——此外，至少有一家電話公司在低端增加了一些寬頻覆蓋範圍。所以當所有這些因素綜合起來時，是的，競爭格局將會發生一些變化。和以往一樣，我們也經歷了競爭週期。我們會根據競爭環境做出調整。再次強調，我們的重點是智慧包裝，並充分利用我們最好的產品。雖然面臨一些壓力，但從整體平衡來看，從我們整體的現金流表現來看，即使在競爭環境略顯嚴峻的情況下，我對我們的業績也感到滿意。

So let me just add to that because our last point is obviously how we're managing the company for that balance, and we always can adjust that as we see things. But you also want to look a little longer term and say, "What is your -- what's your strategic long-term advantage. I think that's been embedded in some of the questions on broadband, particularly. And we're out with 1 gig is a big focus. We said a minimum of 1 million this year. We're off to a nice start in the fourth quarter in broadband. And the question is how good's the runway. And what I look at is 25 meg is the new DSL or something like that, is that just nice, but not enough for what you want to do as you do shift your video behaviors and your Internet usage and all the innovation coming from Silicon Valley and elsewhere is driving that 40% bit rate increase per home per year. And that's why we've increased speeds 12 years in a row. So we see a runway. We like our competitive advantage. And people build new footprint and we've seen this ups and downs come. You have to have a longer-term view and try to be steady and consistent. And that's what I think the way Dave is managing the company.

所以，我再補充一點，因為我們最後一點顯然是我們如何管理公司以達到這種平衡，而且我們總是可以根據情況進行調整。但你也要從更長遠的角度來看待問題，問問自己：“你的——你的長期戰略優勢是什麼？”我認為這一點尤其體現在一些關於寬頻的問題中。我們外出演出，1 場演出是我們的重點。我們說今年至少要達到100萬。第四季寬頻業務開局良好。問題是跑道狀況如何。我看到的是，25兆是新的DSL之類的速度，這固然不錯，但對於你不斷變化的視頻觀看習慣和互聯網使用方式來說還不夠，而來自矽谷和其他地方的所有創新正在推動每個家庭每年40%的比特率增長。這就是為什麼我們連續12年提高速度的原因。我們看到一條跑道。我們喜歡我們擁有的競爭優勢。人們不斷創造新的生活空間，我們也見證了其中的起起落落。你必須要有長遠的眼光，並且努力保持穩定和一致。而我認為這就是戴夫管理公司的方式。

Great. If I could ask one quick follow-up on XFINITY Instant. You talked about the launch of mobile. But how is the launch gone for Instant TV? And is there a chance that over time that can help support and even drive broadband given the attachment there?

偉大的。我可否就 XFINITY Instant 再問一個後續問題？你談到了行動技術的推出。那麼，即時電視的推出情況如何呢？隨著時間的推移，鑑於這種聯繫，是否有可能幫助支持甚至推動寬頻發展？

Well, it's -- we launched it fully throughout the footprint end of September. As we mentioned before, I think Instant is a unique opportunity, really going after a segment. And we take very segmented approaches to breaking down the marketplace without a set-top box. Customer doesn't want it. It can deliver better margins. We're going to use it surgically. It's a good retention opportunity as well, being able to talk to customers that are -- who wanted to talk about their choice and their options. But it's a -- it's not something. Our go-to-market full approach is best of video X1, best of broadband, but we will use this surgically. And it's way early. but pleased with the -- just out of the gates response to it.

嗯，我們已經在九月底全面推出了這項服務。正如我們之前提到的，我認為 Instant 是一個獨特的機會，它真正瞄準了一個細分市場。我們採取非常細分的方法來分解沒有機上盒的市場。顧客不想要。它可以帶來更高的利潤率。我們將把它用於外科手術。這也是一個很好的客戶維繫機會，可以與那些想要談論他們的選擇和方案的客戶進行交流。但這——這不是什麼東西。我們的市場推廣策略是：視訊 X1 和寬頻技術的最佳結合，但我們會精準地運用這些優勢。現在還早著呢。但對目前的初步反應感到滿意。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

A question on margins in cable. Can you talk -- one, are we still headed to programming numbers headed more to the mid- to high single digits next year? And second, nonprogramming OpEx has been decelerating. And on a per-customer relationship basis, it's actually declining at an accelerating pace. Can this decline continue next year? And how do you think about that?

關於有線電視利潤率的問題。您能談談嗎——第一，我們明年的節目數量是否仍然會達到個位數中高段位？其次，非編程營運支出成長速度已放緩。而從每位客戶的關係來看，這種趨勢其實正在加速下降。這種下滑趨勢明年還會持續嗎？你對此有何看法？

Well, so we feel very good about what we've done this year in margins. So we'll be at flat to last year at 40.2%, which is for the year, and that's going to be inclusive of the storms and better than flat to 50 that -- when we started the year. And so on your second point on nonprogramming, I think Dave and team have been very focused on just driving a better customer experience, which is helping taking cost -- take cost out, a lot of reduction in calls and interactions both for new customers, a lot more digital interactions, which are lowering cost as well. So I'd say on a nonprogramming expense side, it's just continuous focus and improvements. No one-offs and anything we've done in these past couple of periods of high programming cost increase. So I think Dave and team continue to be focused on that. We'll come back and talk about margins for next year when we get to the next call. But then on programming, we did say that next year, we start to see and we do continue to expect to see significant relief in programming cost growth.

嗯，所以我們對今年在利潤率方面取得的成績感到非常滿意。所以，今年的降水量將與去年持平，為 40.2%，這已經包含了風暴的影響，比年初時的 50% 好得多。關於您提到的第二點，即非程式設計方面，我認為戴夫和他的團隊一直非常專注於提升客戶體驗，這有助於降低成本——減少新客戶的電話和互動次數，增加數位互動，這也降低了成本。所以我覺得，在非程式設計方面的支出，就是持續的專注和改進。沒有一次性項目，也沒有我們在過去幾個程式設計成本大幅上漲的時期所做的任何事情。所以我認為戴夫和他的團隊會繼續專注於此。我們下次電話會議時會再討論明年的利潤率問題。但是關於節目製作方面，我們確實說過，明年我們將開始看到，我們將繼續期待看到節目製作成本增長顯著緩解。

So beyond that, the key focus that we have is around just expense discipline and really focusing on the customer experience. The best way, I think, to drive transactions out is continued focus on investing in the customer experience. And the benefits are just not a onetime event. So you look at -- especially as we are driving customer relationships, we're improving customer relationships, yet our nonprogramming OpEx continues to improve. So it's just -- it's a better answer for the customer and a better answer financially.

除此之外，我們的主要關注點在於控製成本，真正關注客戶體驗。我認為，促進交易的最佳方法是持續增加對客戶體驗的投資。而這些好處並非一次性的。所以你看——尤其是在我們致力於發展客戶關係、改善客戶關係的同時，我們的非程式營運支出也不斷改善。所以，這對客戶來說是一個更好的解決方案，對財務上來說也是一個更好的解決方案。

Your next question comes from the line of Jason Bazinet with Citi.

你的下一個問題來自花旗銀行的 Jason Bazinet。

Just had a question for Mr. Roberts. In your press release, you talked about the broad range of growth opportunities and I was just writing down sort of the obvious ones from mobile to security to the opportunity Mr. Burke talked about in China. If you could just rank order for us, maybe over a 5-year period, what are the ones that you're most excited about in terms of driving EBITDA?

我有個問題想問羅伯茲先生。在您的新聞稿中，您談到了廣泛的成長機會，我只是把一些顯而易見的機會寫下來，從行動領域到安全領域，再到伯克先生提到的在中國的機會。如果讓你依照五年時間的周期，給我們排個序，你最看好哪些專案能夠推動 EBITDA 成長？

Well, I would start probably by saying if you've lumped, and I tried to do that a little bit earlier, and you call it broadband connectivity, both residential and business, that's now a $20 billion a year business. That is a big portion of our company. That's growing at double-digit revenue growth, and it is very accretive to our margin. So over the next 5 years, do I think broadband has opportunities to go to Internet of Things to smart home, to smart grid, to more consumption, whether it's video or 4K or virtual reality, augmented reality? Pick your excitement and your probability and say, "Will it be a good place for us to spend money to build capabilities and other companies don't have, fiber, backhaul, et cetera? So clearly, that would be on the list. I think in content, one of the things Dave used the word differentiate. I think what Steve and the team have done at NBCUniversal, we have the fastest-growing media company, by my observation, by a lot. And we are a leader in a lot of categories. So there's -- whether it was Telemundo or China or the theme parks in other places like Osaka, making us more of a global company, using our content to grow and to take advantage of new platforms and to study the changing landscape, are we going to be advantaged by that? I think so, and in animation. What sometimes happens is you get so focused on the areas that decline that you forget talk about areas that grow. And so I very much think it's important to balance that. You can't ignore areas as they mature. But there's a culture in our company that's very financially disciplined, and we look for profitable growth, and we keep using that phrase. And I think everybody in the company understands what that means. And the last point I would make is we have completely transformed ourselves in terms of innovation. And it's just unfortunate that most of you live in New York and some live in L.A. who make the content and they don't get to play with X1. But when you see the Olympics on X1 coming out in a couple of months, you will see a set of capabilities to help content reach consumers in a way that is unprecedented anywhere in the world on any platform. And if you want the best products and you want increasingly the best service, you're going to come to our company and with the best content. And so I think we have a very unique, very special company.

嗯，我首先要說的是，如果你把寬頻連接（包括住宅和商業寬頻）統稱為寬頻連接，那麼它現在是一個年產值 200 億美元的產業（我之前也嘗試過這樣做）。那占我們公司很大一部分。該業務實現了兩位數的收入成長，並且對我們的利潤率貢獻很大。那麼在未來 5 年裡，我認為寬頻有機會發展到物聯網、智慧家庭、智慧電網，以及更多的消費領域，無論是視訊、4K、虛擬實境還是擴增實境？選擇你的興奮程度和可能性，然後說：“這裡是否是一個值得我們花錢來構建其他公司沒有的能力（例如光纖、回程鏈路等）的好地方？”所以很顯然，這應該要列入清單。我認為在內容方面，戴夫用到的一個詞是「區分」。我認為史蒂夫和他的團隊在NBC環球所做的一切，使我們擁有了迄今為止成長最快的媒體公司，據我觀察，而且領先優勢非常大。我們在很多領域都處於領先地位。所以，無論是 Telemundo、中國，還是大阪等地的主題樂園，都讓我們成為一家更全球化的公司，利用我們的內容發展壯大，利用新平台，研究不斷變化的格局，我們是否會從中受益？我認為是這樣，尤其是在動畫領域。有時你會過度專注於衰退的領域，而忘記談論成長的領域。所以我認為平衡這兩方面非常重要。你不能忽視那些逐漸成熟的區域。但是我們公司有著非常嚴謹的財務文化，我們追求獲利成長，我們一直都在強調這一點。我認為公司裡的每個人都明白這意味著什麼。最後我想說的是，我們在創新方面已經徹底改變了自己。很遺憾，你們大多數人住在紐約，有些人住在洛杉磯，你們製作內容，卻沒機會玩X1。但幾個月後，當您看到 X1 上的奧運直播時，您將會看到一系列功能，這些功能可以幫助內容以前所未有的方式觸及消費者，無論在世界任何地方、任何平台上都是如此。如果您想要最好的產品，並且想要持續獲得最好的服務，那麼您就會來我們公司，我們將為您提供最好的內容。所以我認為我們擁有一家非常獨特、非常特別的公司。

Your next question comes from the line of Jonathan Chaplin with New Street Research.

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

I think what would be really helpful just in terms of the questions we're getting from investors is to understand in the areas where you're seeing competition. How much of that is coming from AT&T going from 1 million fiber homes to 6 million fiber homes in the course of a very short space of time? We know they're taking share in those -- in that portion of their footprint in general. We just -- it would be great to know to what extent that's impacting trends in your business because that trend over the sort of the next 3 to 4 years, I think, was really -- was anticipated by The Street. Although it might not have been in 3Q numbers, it was a trend that we all knew that AT&T was going to 12.5 million or 14 million homes. And so how much of the impact is that versus really aggressive pricing for low-end products would be really helpful. And then sorry to pile on, but to the extent that -- in that portion of your footprint, if we could get some color on how much X1 impacts the competitive dynamics and what you might be able to do to increase X1 penetration in that footprint to stave off losses, that would be really helpful.

我認為，就我們從投資者那裡收到的問題而言，真正有幫助的是了解在哪些領域中存在競爭。其中有多少是由於 AT&T 在很短的時間內將光纖家庭用戶數量從 100 萬戶增加到 600 萬戶造成的？我們知道他們在這些領域——總體而言，在他們業務的這一部分——佔據了一定的份額。我們只是——很想知道這在多大程度上影響了貴公司的業務趨勢，因為我認為，未來 3 到 4 年的這種趨勢，華爾街其實已經預料到了。雖然第三季的數據可能沒有反映出來，但我們都知道AT&T的用戶數將達到1,250萬或1,400萬戶。那麼，與對低階產品採取激進定價策略相比，這種策略究竟能產生多大的影響呢？很抱歉再添油加醋，但是，如果——在您業務覆蓋的這部分區域內，我們能夠了解 X1 對競爭格局的影響程度，以及您可以採取哪些措施來提高 X1 在該地區的滲透率以避免損失，那將非常有幫助。

Okay. So let me start with broadband and AT&T. So there's no question they've added some more footprint in regards to some more, what I would call, more low-end broadband. And so when you do that, you see some impact. Our game plan -- we anticipated this. We obviously see some of this coming. And our view is to deliver the best product, period. And that -- we will constantly increase speeds. That's why we've been so focused on WiFi. We believe your broadband experience is defined at how great WiFi is. And that's why we've put as much effort into the best gateway device and including innovation like mesh WiFi capability in the home with Plume devices that really, I think, help us stand out. We always -- we evaluate competition. We look at competition. And whether it's slightly ebbs and flows, a little bit more HSD only, we make adjustments -- modest adjustments all the time. We're not going to chase low end. Our general approach, we provide superior products. We differentiate around that. We'll continue to do so. So on X1, yes, I mentioned before that it really is, I think, does make a difference. We're very different in regards to video competition. And I think the results reflect that. And if you look at the overall video market performance, for us to come in at, perhaps, 0.5 point, that's very different. And I think, to some extent, it's driven by X1. And so we look at the benefits of X1, how we compete in terms of acquiring customers, how we retain customers. There are churn benefits. And there's revenue opportunities we continue to see. So our view is that X1 continues to give us a good answer in how we compete and we'll remain disciplined going after better, more profitable video customers.

好的。那麼，就讓我先從寬頻和AT&T說起吧。毫無疑問，他們在低端寬頻方面增加了一些覆蓋範圍。所以當你這樣做的時候，你會看到一些效果。我們的計劃——我們預料到了這一點。我們顯然預見到其中一些事情會發生。我們的目標就是提供最好的產品，僅此而已。而且——我們將不斷提高速度。這就是我們一直如此專注於WiFi的原因。我們認為，寬頻體驗的好壞取決於WiFi的品質。正因如此，我們才投入大量精力打造最好的網關設備，並在 Plume 設備中加入諸如家庭網狀 WiFi 功能等創新，我認為這確實有助於我們脫穎而出。我們始終－我們會評估競爭對手。我們關注競爭對手。無論是輕微的波動，還是更多地使用高速柴油，我們都會進行調整——始終進行適度的調整。我們不會追求低階產品。我們的一貫宗旨是提供優質的產品。我們在這方面存在差異。我們將繼續這樣做。所以，在 X1 上，是的，我之前提到過，我認為這確實會造成差異。我們在視訊競爭方面截然不同。我認為結果也反映了這一點。如果你看一下整個影片市場的表現，我們可能只得了 0.5 分，那就非常不一樣了。我認為，在某種程度上，這是由X1推動的。因此，讓我們來看看 X1 的優勢，我們在獲取客戶方面如何競爭，以及我們如何留住客戶。流失率也有好處。我們持續看到各種獲利機會。因此，我們認為 X1 繼續為我們提供競爭方面的良好答案，我們將繼續保持專注，爭取更好、更有利可圖的視訊客戶。

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

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

I'm going to -- I think it's for Dave. I think one of the key things that we are trying to figure out, obviously, we know that broadband margins, on a contribution basis, is higher, but there's a lot of shared costs below across multiple products. But when you start to look at truck rolls and what the main reasons for that are or cost coming in, what the main reasons for that are. So if you had to sort of disaggregate a product that's been bundled, unfortunately. That's what we're trying to do. Any help on what those shared costs mix is between the various products? It would be really helpful if any color on that. And then just very simply on -- Comcast has the best broadband offering in terms of speeds and capabilities. But if we price that product lower, would subscribers be higher, in a sense? Is there real elasticity for subscriber growth if you priced your product low?

我要去——我想這是為了戴夫。我認為我們正在努力弄清楚的關鍵問題之一，顯然，我們知道寬頻的利潤率（按貢獻計算）更高，但多個產品之間存在許多分攤成本。但是，當你開始研究卡車出車次數以及造成這種情況的主要原因或成本增加的原因時，你會發現，造成這種情況的主要原因是什麼。所以，如果你不得不將捆綁銷售的產品拆分出售，那很遺憾。這就是我們努力的目標。能否幫忙提供一下各產品之間的分攤成本組成？如果能加上顏色就太好了。簡單來說－康卡斯特在速度和功能方面擁有最好的寬頻服務。但如果我們降低該產品的價格，從某種意義上來說，訂閱用戶數量會不會更多呢？如果產品定價較低，使用者成長真的有彈性嗎？

Well, thank you. So we really don't break out cost. But we do compete and if we go after either low-end broadband offers and, again, a good example of that is Instant TV, where you accompany a product that does not have a video set-top box being able to deliver it or if it's HSD only, it's easier to deliver through the self-install kits that drive down cost, easier for customers to activate it on their own. So there are opportunities to drive down operating costs, but we don't break that out across the different product lines. So in terms of elasticity, we compete across a wide variety of broadband business. And our view is always to lead to a strength that we are different. We lead with the best product, put them together with a great video. And we think, over time, we're going to have -- in terms of broadband performance, you've got to look at the entire year and in terms of what we're doing, again, consecutive years that we're going to deliver over 1 million broadband net customers and we just consistently do that over and over again. And as Brian said earlier, a strong finish to the year is expected. And we think our ability to compete with what we have, the best product is the answer.

謝謝。所以我們其實並不是單獨列出成本。但我們確實存在競爭，如果我們瞄準低端寬頻產品，例如即時電視，就是一個很好的例子。如果產品本身沒有視訊機上盒播放，或者只有高速寬頻，那麼透過自助安裝套件來提供電視服務就更容易，這樣可以降低成本，也方便客戶自行啟動。因此，我們有機會降低營運成本，但我們不會將這一點細分到不同的產品線。因此，就彈性而言，我們在各種寬頻業務領域中競爭。我們的觀點始終是，要讓我們與眾不同，以發揮我們的優勢。我們以最好的產品為主導，並配上精彩的影片。我們認為，隨著時間的推移，就寬頻性能而言，你必須縱觀全年以及我們正在做的事情，我們將連續多年為超過 100 萬寬頻淨用戶提供服務，而且我們一直在持續做到這一點。正如布萊恩之前所說，預計今年將迎來一個強勁的收官階段。我們認為，憑藉我們現有的優勢，提供最好的產品，就能贏得競爭。

Let's say that without breaking out the cost that a majority of cable's cash flow is broadband, not video, and that is because of programming costs and all the things that we've been talking about, and we have now more subs. And let me just end by, again, going to one number that I'm proud of, that for the first 9 months, we're up 8.5% cash flow. So I think we've got a balance between units, innovation, financial performance and great content and leadership in our 2 businesses. And we thank you for your support.

假設不單獨列出成本，有線電視的大部分現金流來自寬頻，而不是視頻，這是因為節目製作成本以及我們一直在討論的所有因素，而且我們現在有了更多的訂閱用戶。最後，我想再次提及一個令我引以為傲的數字：前 9 個月，我們的現金流成長了 8.5%。所以我認為，我們的兩大業務在業務量、創新、財務表現、優質內容和領導力方面都取得了平衡。感謝您的支持。

Yes. Thanks, Brian. We'll wrap up the call there. Regina, back to you.

是的。謝謝你，布萊恩。通話就到此結束。雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, November 2 at midnight Eastern Time. The dial-in number is (855) 859-2056 and the conference ID number is 82436454. 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 participating. You may all disconnect.

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11月2日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 82436454。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。