Comcast Corp (CMCSV) 2017 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's fourth-quarter and full-year 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年第四季及全年財報電話會議。（操作說明）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 and Finance, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

現在我將把電話轉交給投資者關係和財務高級副總裁傑森·阿姆斯特朗先生。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 number two, which contains our Safe Harbor disclaimer, and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

和往常一樣，現在請大家參考第二張投影片，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，本次電話會議中我們將提及某些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格。

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. Across Comcast NBCUniversal, our Company is executing at a high level, and I'm proud to report fantastic results for both the fourth-quarter and full-year 2017.

謝謝你，傑森，大家早安。康卡斯特NBC環球公司各部門的營運效率都很高，我很自豪地宣布，我們在2017年第四季和全年都取得了非常好的業績。

Starting with the fourth quarter at Cable Communications, we continued to have strength in our connectivity business, where we added 350,000 net new broadband customers and increased business services' revenue by 12.2%, as well as continued improvements as a result of our investments in the customer experience.

從有線通訊的第四季開始，我們的連線業務持續保持強勁勢頭，新增寬頻用戶 35 萬，商業服務收入成長 12.2%，同時，由於我們對客戶體驗的投資，業務也持續改善。

At NBCUniversal we had a terrific quarter, driven by robust affiliate fee and retrans growth; a successful holiday season at our theme parks, capping off a great 2017; and record profitability at film. Perhaps even better, this exceptional performance in 2017 positions us well as we enter 2018.

NBCUniversal 在本季度取得了巨大的成功，這得益於強勁的附屬公司費用和轉播收入增長；主題公園的假日季也取得了成功，為輝煌的 2017 年畫上了圓滿的句號；電影業務也創下了盈利紀錄。更重要的是，2017 年的出色表現讓我們在進入 2018 年時處於有利地位。

The recent passage of tax reform provides real and immediate benefits for our Company that will further enhance our financial position; and will, in turn, enable us to do more of the things that help us better serve our customers, our employees, and the communities where we operate, as well as drive value for our shareholders.

最近通過的稅務改革為我們公司帶來了切實而直接的好處，這將進一步增強我們的財務狀況；反過來，這將使我們能夠做更多有助於我們更好地服務於客戶、員工和我們運營所在社區的事情，並為我們的股東創造價值。

This means continuing to develop the most innovative products and services; investing where we see high returns in opportunities to drive growth, including in our broadband network, TV, film, and theme park offerings; and continuing to deliver a healthy return of capital to shareholders. Based on this solid foundation and our confidence in our outlook, today we are announcing a 21% increase in our dividend, which is our 10th consecutive annual increase. We also expect to repurchase at least $5 billion in stock in 2018.

這意味著我們將繼續開發最具創新性的產品和服務；投資於我們認為能夠帶來高回報的成長機會領域，包括我們的寬頻網路、電視、電影和主題樂園業務；並繼續為股東帶來健康的資本回報。基於這個堅實的基礎以及我們對前景的信心，今天我們宣布將股息提高 21%，這是我們連續第 10 年提高股息。我們也預計在 2018 年回購至少 50 億美元的股票。

With that, let me talk about a few of our achievements this past year. Our Company has an excellent track record of delivering strong, consistent results, and this continued in 2017 with EBITDA growth of 6%. At Cable Communications, we look to balance subscriber growth with financial performance, and we achieved this in 2017. We increased EBITDA by 5% and added 770,000 net new customer relationships.

接下來，我想談談我們過去一年所做的一些成就。我們公司在取得強勁、穩定的業績方面有著良好的記錄，2017 年 EBITDA 成長 6%，延續了這一良好勢頭。在有線通訊公司，我們力求在用戶成長和財務績效之間取得平衡，我們在 2017 年實現了這一目標。我們實現了 5% 的 EBITDA 成長，並新增了 77 萬個淨客戶關係。

During 2017, we continued to direct more of our strategic focus toward our connectivity business, which collectively generated over $20 billion in revenues and grew 10%. This includes broadband, where we added 1.2 million net new customers. We continue to differentiate in broadband with the deployment of DOCSIS 3.1, enabling gigabit speeds in our footprint, and our new xFi platform, which gives customers more control of their in-home Wi-Fi experience.

2017 年，我們繼續將更多策略重點放在連結業務上，該業務累計創造了超過 200 億美元的收入，成長了 10%。這其中包括寬頻業務，我們新增了 120 萬淨用戶。我們透過部署 DOCSIS 3.1 在寬頻領域繼續保持差異化優勢，在我們的覆蓋範圍內實現了千兆速度，並推出了新的 xFi 平台，讓客戶能夠更好地控制他們的家庭 Wi-Fi 體驗。

Business services exited the year at a $6.5 billion revenue run rate. And what's particularly exciting is the room for growth ahead, as we have the opportunity to take more share in each of our customer segments.

商業服務部門年收入年化率為 65 億美元。尤其令人興奮的是，未來將有很大的成長空間，因為我們有機會在每個客戶群中佔據更大的市場份額。

In 2017, we made an exciting new addition to our bundle with Xfinity Mobile, and the service is off to a terrific start. After launching the business from ground up in May, we ended the year with more than 380,000 customer lines and real momentum. Customers have really responded to our unique, by-the-gig offering, the simple and intuitive ordering process, and digital-first customer experience. With Xfinity Mobile now fully rolled out in our retail stores and new features like our recent introduction of bring your own device, we are enthusiastic about what's coming in 2018.

2017 年，我們與 Xfinity Mobile 合作，為我們的套餐增添了一項令人興奮的新內容，而且這項服務開局非常順利。五月我們從零開始創立了這項業務，到年底時，我們擁有超過 38 萬條客戶線路，並且發展勢頭強勁。客戶對我們獨特的按次計費模式、簡單直觀的訂購流程以及數位化優先的客戶體驗反應熱烈。隨著 Xfinity Mobile 在我們的零售店全面推出，以及我們最近推出的自帶設備等新功能，我們對 2018 年即將發生的事情感到興奮。

2017 also brought a new normal to competition in video, including more aggressive offers from traditional and emerging competitors. While we remain disciplined and are not in the business of chasing volume at any cost, we more than held our own in this environment. With our culture of innovation, we are well equipped to compete in this evolving marketplace.

2017 年，視訊領域的競爭也迎來了新的常態，傳統競爭對手和新興競爭對手都推出了更具侵略性的優惠。雖然我們始終保持自律，不以不惜一切代價追求銷量，但在這種環境下，我們依然取得了不錯的成績。憑藉我們的創新文化，我們完全有能力在這個不斷變化的市場中競爭。

Our X1 platform enables us to be the aggregator of aggregators of the content our customers love, and we are continuously improving X1 to deliver an even better experience. This past year we added many new features and functionalities. To name a few, we integrated YouTube into the platform, added new music experiences through Pandora and iHeartRadio, and leveraged the power of our amazing voice remote to give customers a unique way to vote on NBC's hit show, The Voice. We now have nearly 20 million voice remotes deployed.

我們的 X1 平台使我們能夠成為客戶喜愛的內容的聚合器，並且我們正在不斷改進 X1，以提供更好的體驗。過去一年，我們新增了許多功能。舉例來說，我們將 YouTube 整合到平台中，透過 Pandora 和 iHeartRadio 添加了新的音樂體驗，並利用我們強大的語音遙控器，為客戶提供了一種獨特的方式，讓他們可以為 NBC 的熱門節目《美國之聲》投票。目前我們已部署了近2000萬個語音遙控器。

Perhaps most significantly at cable, our ongoing efforts to improve the experience drove tangible benefits for our customers and to our financials this year. We are making measurable progress in many key areas. And notably, in 2017, we reduced calls handled by our agents by 10%, and the percentage of customers interacting with us only digitally grew by double digits year-over-year.

或許在有線電視領域，最顯著的一點是，我們不斷努力改善用戶體驗，今年為我們的客戶和我們的財務狀況帶來了切實的好處。我們在許多關鍵領域都取得了可衡量的進展。值得注意的是，2017 年，我們的客服人員處理的電話數量減少了 10%，而僅透過數位化方式與我們互動的客戶比例同比增長了兩位數。

It's been an outstanding year for Cable Communications, which speaks to the strong leadership from Dave Watson for many years, and particularly since he took the CEO position last spring.

對於 Cable Communications 來說，這是非常出色的一年，這體現了 Dave Watson 多年來出色的領導，尤其是自從他去年春天擔任執行長以來。

At NBCUniversal, achieving double-digit EBITDA growth for the fifth consecutive year was one of the many highlights of 2017. In Filmed Entertainment, we crossed $5 billion in worldwide box office for the second time in Universal's 105-year history, driven by a wide range of theatrical releases, including key franchises like 50 Shades and Fast & Furious; continued success in animation with Despicable Me 3; and hits like Get out, Split, and Darkest Hour. 2017 was our film business' most profitable year ever.

NBCUniversal 連續第五年實現兩位數 EBITDA 成長是 2017 年的眾多亮點之一。在電影娛樂方面，環球影業105年歷史上第二次全球票房突破50億美元大關，這得益於眾多院線影片的發行，包括《五十度灰》和《速度與激情》等重要係列電影；動畫電影《神偷奶爸3》的持續成功；以及《逃出絕命》、《分裂》和《鎮至暗影》等熱門影片。2017年是我們電影業務有史以來獲利最高的一年。

In our television businesses, in an evolving media landscape, having great content is critical, and our portfolio of must-see sports, news, and entertainment stands out in this regard.

在電視產業，在不斷變化的媒體環境中，擁有優質的內容至關重要，而我們精彩的體育、新聞和娛樂節目組合在這方面脫穎而出。

In many instances, we have more end users of our content than ever before. Our increased affiliate fees and retrans resulting from successful distribution renewals, as well as our strong content licensing growth in 2017, are evidence of the value of our portfolio. In addition, NBC continues to lead in ratings, winning the 52-week season for the fourth consecutive year, and is currently ahead of the competition by a wide margin in this new season. Telemundo also remains number one, following its first-ever win of the 2016-2017 season.

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。由於成功的發行續約，我們的附屬公司費用和轉播費增加，以及 2017 年內容授權的強勁增長，都證明了我們產品組合的價值。此外，NBC 繼續保持收視率領先地位，連續第四年贏得 52 週的收視季冠軍，並且在新一季也遙遙領先競爭對手。Telemundo 也保持第一的位置，這是它在 2016-2017 賽季首次獲勝。

At Cable Networks, USA was number one for an unprecedented 12th consecutive year. And I'd like to congratulate MSNBC, which had an impressive year with record rating in total viewers and in demo across every daypart, and had the fastest growth among any cable network, with 36% prime growth in demo.

在有線電視網收視率方面，USA電視台史無前例地連續第12年位居榜首。我還要祝賀 MSNBC，它度過了令人印象深刻的一年，在所有時段的總收視人數和目標受眾收視率都創下了紀錄，並且在所有有線電視網絡中增長速度最快，目標受眾的黃金時段收視率增長了 36%。

Finally, our Universal Theme Parks continued to have great success in 2017, with 9% EBITDA growth driven by Harry Potter in Hollywood and new attractions like Volcano Bay in Orlando and Minion Park in Japan. I want to underscore how pleased we are with our Japan investment from just two years ago.

最後，我們的環球主題樂園在 2017 年繼續取得巨大成功，在好萊塢哈利波特主題樂園以及奧蘭多火山灣和日本小小兵樂園等新景點的推動下，EBITDA 成長了 9%。我想強調我們對兩年前在日本的投資感到非常滿意。

As our 2017 performance across NBCUniversal demonstrates, our wonderful team have put us in a position to succeed in these rapidly evolving media businesses in this changing landscape. Not every company can say that. With the pace of change in the industry accelerating, many of our peers are reevaluating their strategies, as we've seen recently.

正如我們在 2017 年 NBCUniversal 的表現所表明的那樣，我們優秀的團隊使我們能夠在瞬息萬變的媒體行業中取得成功。並非每家公司都能做到這一點。隨著產業變革步伐的加快，正如我們最近所看到的，許多同行正在重新評估他們的策略。

So along the way there may be opportunities for us to create more value for our shareholders, like we did with NBCUniversal. In this respect, it shouldn't be a surprise that we study every situation that comes along. We believe our shareholders expect this from us. But the bar is set high, and we have been and will remain disciplined.

因此，在此過程中，我們可能有機會為股東創造更多價值，就像我們當年對 NBCUniversal 所做的那樣。從這個角度來看，我們對出現的每一種情況都進行研究也就不足為奇了。我們相信股東們期望我們這樣做。但是，我們的標準很高，我們過去一直並將繼續保持自律。

Now let me talk about some of the things we are looking forward to across our businesses in 2018 and beyond. We're excited to have the Super Bowl at NBC and the Winter Olympics just days away. There's no better example of how our entire Company works together than the Olympics. We're so proud to be the company that brings the Games to millions of Americans, combining the incredible and heartwarming storytelling from NBCUniversal with the world-class technology of Comcast Cable.

現在讓我來談談我們對 2018 年及以後各項業務發展的一些期待。我們很高興能在NBC電視台觀看超級碗，而且冬季奧運會也即將開幕。奧運正是我們整個公司如何齊心協力的最佳例證。我們非常自豪能夠成為將奧運會帶給數百萬美國人的公司，將 NBCUniversal 精彩感人的故事講述與 Comcast Cable 的世界一流技術相結合。

This year, Comcast NBCUniversal will deliver the most live, the most mobile, the most technologically advanced Winter Olympics ever. NBC will provide a record 2,400 hours of coverage, more than the last two Winter Games combined. And the best place to experience this coverage will be through our Olympics dashboard on X1, with new and enhanced content and features that will enable users to customize and control their experience across platforms.

今年，康卡斯特NBC環球將帶來有史以來直播內容最豐富、行動化程度最高、技術最先進的冬季奧運。NBC將提供創紀錄的2400小時報道，比過去兩屆冬季奧運的總時長還要多。體驗此賽事報導的最佳途徑是透過 X1 上的奧運專題頁面，該頁面將提供全新和增強的內容和功能，使用戶能夠跨平台自訂和控制他們的體驗。

In our TV businesses, with the Super Bowl and Winter Olympics as well as the World Cup on Telemundo later this year, we should further build on our ratings leadership from 2017. More broadly, our strategy will continue to center on having must-see content that drives multiple monetization streams from advertising, to content licensing, to distribution on both traditional and emerging TV platforms.

在我們的電視業務方面，隨著今年稍後 Telemundo 電視台播出超級碗、冬季奧運會和世界杯，我們應該能夠進一步鞏固 2017 年以來的收視率領先地位。更廣泛地說，我們的策略將繼續以打造必看內容為中心，從而推動從廣告、內容授權到在傳統和新興電視平台上的分發等多種盈利模式。

At Theme Parks, I was just in Orlando a couple of weeks ago and came away feeling even more bullish on our outlook for the parks. In 2018, we will benefit from a full year of Volcano Bay and Minion Park, as well as new attractions that leverage our intellectual property, like Fast & Furious in Orlando and Kung Fu Panda in Hollywood. We also continue to make progress toward opening our new Beijing theme park in the next few years, and have exciting growth plans for Japan.

就主題樂園而言，我幾週前剛去過奧蘭多，回來後我對主題樂園的前景更加樂觀了。2018 年，我們將受益於火山灣和小小兵公園的全面運營，以及利用我們智慧財產權的新景點，如奧蘭多的《玩命關頭》和好萊塢的《功夫熊貓》。我們也在繼續推動北京新主題樂園的建設，計劃在未來幾年內開業，並且我們對日本市場也有著令人興奮的成長計劃。

Finally, in film, while we will not beat our 2017 performance, we expect 2018 to be a solid year with some of our best franchises returning, including Jurassic World and 50 Shades. We are excited for 2019 and beyond, when a more robust animation slate is planned.

最後，在電影方面，雖然我們無法超越 2017 年的成績，但我們預計 2018 年將是穩健的一年，一些我們最好的系列電影將回歸，包括《侏羅紀世界》和《五十度灰》。我們對 2019 年及以後充滿期待，屆時我們將推出更強大的動畫作品計畫。

Over at Cable Communications, we expect another strong year in 2018, while video continues to evolve, as I mentioned. We remain committed to innovating video and delivering the premier experience for customers through X1.

正如我之前提到的，有線通訊公司預計 2018 年將迎來另一個強勁的年份，而視訊技術也將繼續發展。我們將繼續致力於視訊創新，並透過 X1 為客戶提供一流的體驗。

And I'm really excited about our long runway ahead in high-speed data. In 2018, we will continue to differentiate our product by providing gigabit speeds at scale, offering one of the most powerful gateways for the home, and augmenting Wi-Fi coverage and control with xFi and the rollout of our fabulous little pods.

我對我們在高速數據領域漫長的發展前景感到非常興奮。2018 年，我們將繼續透過大規模提供千兆速度、提供最強大的家用網關之一、以及透過 xFi 和推出我們精巧的小型擴展器來增強 Wi-Fi 覆蓋範圍和控制，從而使我們的產品脫穎而出。

With connectivity increasingly at the epicenter of our relationship with customers, we have the opportunity to provide whole-home solutions that integrate and help manage all of the devices our customers rely on.

隨著互聯互通日益成為我們與客戶關係的核心，我們有機會提供全屋解決方案，整合並協助管理客戶所依賴的所有裝置。

In business services, we're still in the early stages of bringing our superior products to the large addressable markets in midsized and enterprise customers. And lastly in 2018, we will look to build on and accelerate our early success with Xfinity Mobile.

在商業服務領域，我們仍處於將我們卓越的產品推向中型和企業客戶這一龐大目標市場的早期階段。最後，在 2018 年，我們將著眼於鞏固和加速我們在 Xfinity Mobile 方面的早期成功。

So, our plan is to continue to invest in product innovation while we strive to make interacting with us simpler and more consistent, and, increasingly, all digital. This will improve the experience for our customers and also help us continue to take cost out of the business in 2018, as Mike will discuss in more detail.

因此，我們的計劃是繼續投資產品創新，同時努力使與我們互動更加簡單、一致，並日益實現全面數位化。這將改善我們客戶的體驗，並幫助我們在 2018 年繼續降低業務成本，Mike 將對此進行更詳細的討論。

As we kick off 2018, I feel great about Comcast. We have significant momentum. And we are building on our consistent investment, growth, and strength, and look forward to an even more exciting future.

2018年伊始，我對康卡斯特充滿信心。我們勢頭強勁。我們將在持續投資、成長和實力的基礎上繼續發展，並期待更加令人興奮的未來。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everybody. I will begin by reviewing our consolidated results on slides 4 and 5. Revenue increased 4.2% to $21.9 billion for the fourth quarter, and increased 5.1% to $84.5 billion for the full year. Fourth-quarter adjusted EBITDA of $6.8 billion was relatively flat compared to last year. And for the full year, EBITDA of $28.1 billion increased 6.2%. Results for the quarter reflect healthy EBITDA growth of 4.2% and 6.4% for cable and NBCUniversal, respectively.

謝謝你，布萊恩，大家早安。我將首先回顧幻燈片 4 和 5 中的合併表現。第四季營收成長 4.2% 至 219 億美元，全年營收成長 5.1% 至 845 億美元。第四季調整後 EBITDA 為 68 億美元，與去年同期相比基本持平。全年 EBITDA 為 281 億美元，成長 6.2%。本季業績反映出有線電視和NBC環球的EBITDA分別實現了4.2%和6.4%的健康成長。

The corporate and other results include $171 million related to a special employee bonus following the passage of tax reform, and negative $176 million of EBITDA from the launch of our wireless business.

公司及其他業績包括稅改通過後發放的1.71億美元特別員工獎金，以及無線業務啟動帶來的1.76億美元負EBITDA。

Adjusted earnings per share increased 8.9% to $0.49 for the quarter, and 18.4% to $2.06 for the year. These results exclude $12.7 billion of net income tax benefits primarily associated with the change in our deferred income tax liability as a result of the 2017 tax reform legislation.

本季調整後每股收益成長 8.9% 至 0.49 美元，全年成長 18.4% 至 2.06 美元。這些結果不包括 127 億美元的淨所得稅優惠，這主要與 2017 年稅制改革立法導致我們的遞延所得稅負債改變有關。

Details of our EPS adjustments are provided in table 4 in our press release. And finally, free cash flow was $2 billion in the quarter and $9.6 billion for the full year.

我們的新聞稿表 4 中提供了每股收益調整的詳細資訊。最後，本季自由現金流為 20 億美元，全年自由現金流為 96 億美元。

Now let's turn to Cable Communications on slide 6. Before going into the details of the quarter, I'd like to provide a couple of highlights for the year in the Cable Communications business. Our full-year cable revenue increased 4.9%, and EBITDA increased 5.3% while we grew customer relationships by 770,000 to more than 29 million. These results were driven by our connectivity businesses, including high-speed data and business services, which totaled more than $20 billion in revenue, which grew over 10% in 2017.

現在讓我們來看第 6 張投影片中的有線通訊部分。在詳細介紹本季業績之前，我想先介紹一下有線通訊業務今年的幾個亮點。我們的全年有線電視收入成長了 4.9%，EBITDA 成長了 5.3%，同時客戶關係增加了 77 萬，達到 2,900 多萬。這些業績主要得益於我們的連結業務，包括高速數據和商業服務，這些業務的總收入超過 200 億美元，2017 年成長超過 10%。

We are focused on striking the right balance between strong financial results and growth in our customer metrics, and we believe our results clearly reflect this effort.

我們致力於在強勁的財務表現和客戶指標成長之間取得適當的平衡，我們相信我們的業績清楚地反映了這項努力。

Now let's dive into the details of our quarterly results. Revenue increased 3.4% to $13.3 billion, and EBITDA increased 4.2% to $5.4 billion in the fourth quarter. Starting with our residential business, high-speed Internet continues to be the largest contributor to overall cable growth, with revenue increasing 8.4% to $3.8 billion in the quarter. These results were driven by a net increase in our customer base, adding 318,000 net new residential high-speed Internet customers, as well as rate adjustments.

現在讓我們深入了解季度業績的細節。第四季營收成長 3.4% 至 133 億美元，EBITDA 成長 4.2% 至 54 億美元。從我們的住宅業務來看，高速網路仍然是有線電視整體成長的最大貢獻者，該季度營收成長了 8.4%，達到 38 億美元。這些業績的取得得益於客戶群的淨成長，新增了 318,000 名住宅高速網路客戶，以及價格調整。

Our customers continue to get more value with their subscriptions as they use our product more, and benefit from our increasing speeds. Our customers' median monthly data usage was 131 gigabits per month for the second half of 2017, an increase of 48% year-over-year. And at year end, 75% of our residential customers received speeds of 100 megabits per second or higher compared to about 50% a year ago, reflecting our efforts to lift baseline speeds across our entire customer base.

隨著客戶越來越多地使用我們的產品，他們的訂閱價值也不斷提升，並受益於我們不斷提高的速度。2017 年下半年，我們的客戶每月資料使用量中位數為 131 千兆比特，較去年同期成長 48%。到年底，我們75%的住宅用戶網速達到每秒100兆位元或更高，而一年前這一比例約為50%，這反映了我們為提高所有用戶的基本網速所做的努力。

We are focused on driving market share gains by continuing to enhance our competitive differentiation with improvements to speed, coverage, and control. We head into 2018 offering nearly 80% of our footprint gigabit speeds enabled by DOCSIS 3.1; and our new, advanced wireless gateway.

我們致力於透過不斷提升速度、覆蓋範圍和控制力來增強我們的競爭優勢，從而推動市場份額的成長。進入 2018 年，我們憑藉 DOCSIS 3.1 技術，在近 80% 的覆蓋範圍內提供千兆速度；以及我們全新的先進無線網關。

In addition, we are rolling out xFi Pod network extenders to increase Wi-Fi coverage in the home, and our xFi app, which offers an unrivaled level of control. With our current broadband penetration of homes and businesses passed at 45%, we believe we have plenty of runway for continued high-speed data customer growth.

此外，我們正在推出 xFi Pod 網路擴展器，以增加家庭 Wi-Fi 覆蓋範圍，以及我們的 xFi 應用程序，該應用程式提供無與倫比的控制級別。目前，我們家庭和企業的寬頻普及率已超過 45%，我們相信高速數據用戶還有很大的成長空間。

Switching to video, revenue increased 1.5% to $5.7 billion in the quarter, primarily due to rate adjustments as well as customers subscribing to additional services, partially offset by the net loss of video customers. We had 38,000 residential video customer net losses in the quarter, reflecting ongoing competition in the video marketplace.

轉向視訊業務後，該季度營收成長 1.5% 至 57 億美元，主要原因是價格調整以及客戶訂閱了其他服務，但部分被視訊客戶的淨流失所抵消。本季我們淨流失了 38,000 名住宅視訊用戶，反映出視訊市場持續的競爭。

Our newest product for our cable customers is Xfinity Mobile, which I'll comment on now, even though the results are reported in corporate during the launch period of the business. We're off to a great start, ending the year with over 380,000 customer lines, having added 187,000 lines in the quarter. We believe Xfinity Mobile is a big opportunity to continue to drive the bundling strategy of the cable business.

我們推出給有線電視用戶的最新產品是 Xfinity Mobile，我現在就來談談它，儘管相關業績是在公司內部公佈的，也就是在業務啟動階段。我們開局良好，到年底客戶線路總數超過 38 萬條，光是本季就新增了 18.7 萬條。我們認為 Xfinity Mobile 是一個絕佳的機會，可以繼續推動有線電視業務的捆綁銷售策略。

Financially, we had a $480 million EBITDA loss for 2017. And in 2018, wireless EBITDA losses could be a couple of hundred million dollars higher, reflecting our expectation of a successful ramp in subscriber acquisitions.

2017 年，我們的 EBITDA 虧損為 4.8 億美元。2018 年，無線業務 EBITDA 虧損可能會增加數億美元，這反映了我們對用戶獲取成功成長的預期。

Moving on to business services, which continues to be a top driver of overall cable results, we delivered another strong quarter of double-digit growth with revenue increasing 12.2% to $1.6 billion during the quarter, primarily driven by customer growth. We added 33,000 business customer relationships in the quarter and 135,000 relationships for the year, and grew revenue per business customer relationship by 5%. All business services segments -- small, medium-sized, and now enterprise -- are focused on connectivity, and have substantial room for future growth.

接下來談談商業服務，它仍然是有線電視整體業績的主要驅動力。本季度，我們再次實現了兩位數的強勁成長，營收成長 12.2% 至 16 億美元，這主要得益於客戶數量的成長。本季我們新增了 33,000 個企業客戶關係，全年新增了 135,000 個客戶關係，每個企業客戶關係的收入成長了 5%。所有商業服務領域——小型、中型以及現在的大型企業——都專注於連接性，未來還有很大的成長空間。

Turning to slide 7, cable expenses and margin, our fourth-quarter EBITDA margin was 40.7%, up 30 basis points compared to the fourth quarter of 2016. Our full-year EBITDA margin of 40.3% was up 10 basis points compared to the prior year. For 2018, we believe our margins could be as much as 50 basis points higher than the 2017 full-year results, reflecting growth in our high-margin connectivity business and our focus on cost controls.

翻到第 7 張投影片，有線電視費用和利潤率，我們第四季的 EBITDA 利潤率為 40.7%，比 2016 年第四季成長了 30 個基點。我們全年 EBITDA 利潤率為 40.3%，比前一年提高了 10 個基點。我們相信，2018 年我們的利潤率可能會比 2017 年全年業績高出 50 個基點，這反映了我們高利潤連結業務的成長以及我們對成本控制的重視。

Programming expenses increased 10% in the quarter and 11.5% for the full year, reflecting the timing of several contract renewals. In 2018, we expect programming cost growth to meaningfully moderate from the higher-than-normal years we experienced in 2016 and 2017.

本季度節目製作費用增加了 10%，全年增長了 11.5%，這反映了幾個合約續約的時間表。2018 年，我們預計程式設計成本成長將比 2016 年和 2017 年高於正常水準的成長放緩。

Non-programming expenses declined 1.5% this quarter and were relatively flat for the full year. This reflects the benefits of the investments we made in customer experience initiatives as well as disciplined cost management overall. Notably, customer service expense declined 2% this quarter and 1.1% for the year, even as customer relationships grew by 2.7%. In 2018, we expect to see continued benefits from our customer experience initiatives and focus on disciplined cost management.

本季非節目製作費用下降了 1.5%，全年基本持平。這反映了我們在客戶體驗計畫方面的投資所帶來的益處，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 2.7%，但本季客戶服務支出下降了 2%，全年下降了 1.1%。2018年，我們期待從顧客體驗措施和嚴格的成本管理中繼續獲益。

Now let's move onto NBCUniversal's results. On slide 8, NBCUniversal's revenues increased 3.9%, and EBITDA increased to 6.4% to $1.9 billion in the quarter. Cable networks delivered another quarter of strong growth, with revenue increasing 7.5% and EBITDA up 9.1% to $1 billion. Distribution revenue increased 6.7% this quarter to $1.5 billion, reflecting the continued benefit of previous renewals of distribution agreements, partially offset by a decline in subscribers at our Cable Networks.

現在我們來看看NBC環球的業績。第 8 頁顯示，NBCUniversal 的營收成長了 3.9%，EBITDA 成長了 6.4%，達到 19 億美元。有線電視網絡連續第二季強勁成長，營收成長7.5%，EBITDA成長9.1%至10億美元。本季分銷收入成長 6.7% 至 15 億美元，反映了先前分銷協議續約帶來的持續收益，但部分被有線電視網路用戶數量的下降所抵消。

Content licensing and other revenue of $282 million increased 34.5% due to the timing of content provided under licensing agreements. Last, advertising revenue of $878 million increased 2.3%, reflecting strong pricing that was partially offset by ratings declines and the impact of channel closures.

由於根據授權協議提供的內容的時間安排，內容授權和其他收入為 2.82 億美元，成長了 34.5%。最後，廣告收入為 8.78 億美元，成長 2.3%，這反映出強勁的定價，但部分被收視率下降和頻道關閉的影響所抵消。

Broadcast Television revenue increased 4.1%, and EBITDA declined 26.3% to $194 million. These results reflect strong retransmission and content licensing revenue, offset by lower advertising revenue and higher programming and production spending. Retransmission consent fees increased nearly 70% to about $360 million. Content licensing revenue of $632 million increased 19%.

廣播電視收入成長了 4.1%，而 EBITDA 下降了 26.3%，至 1.94 億美元。這些結果反映出轉播和內容授權收入強勁，但廣告收入下降以及節目製作支出增加所抵消。轉播許可費增加了近 70%，達到約 3.6 億美元。內容授權收入為 6.32 億美元，成長 19%。

Offsetting this growth was a 6.5% decline in advertising revenue, reflecting strong pricing that was more than offset by ratings declines, including the NFL and the absence of political advertising revenue at our local stations.

抵消這一增長的是廣告收入下降了 6.5%，這反映出強勁的定價被收視率下降所抵消，其中包括 NFL 的收視率下降以及我們地方電視台沒有政治廣告收入。

In addition, we experienced higher programming and production costs this quarter driven by increased sports costs, including an extra Thursday Night Football game.

此外，由於體育賽事成本增加，包括週四晚間橄欖球賽的加時賽，本季我們的節目製作成本也相應增加。

In 2018, we expect to start the year strong with the Super Bowl and Olympics. Additionally, we expect 2018 retransmission revenue to increase by approximately $200 million to $1.6 billion.

2018年，我們期待以超級盃和奧運為新的一年開個好頭。此外，我們預計 2018 年轉播收入將增加約 2 億美元，達到 16 億美元。

Film revenue declined 5.2%, but EBITDA increased 89.7% to $230 million, driven by the carryover benefits of several successful films released earlier this year. As Brian noted, film delivered its most profitable year in its history, with EBITDA growing 83% to $1.3 billion.

電影收入下降了 5.2%，但 EBITDA 成長了 89.7%，達到 2.3 億美元，這主要得益於今年稍早上映的幾部成功電影帶來的持續收益。正如布萊恩所指出的，電影業迎來了史上最賺錢的一年，EBITDA 成長了 83%，達到 13 億美元。

While these results set a high bar, we are excited to have the return of some of our biggest franchises, with Jurassic World 2 and the third installment of 50 Shades in 2018.

雖然這些成績樹立了很高的標準，但我們很高興看到一些最熱門的系列電影回歸，例如 2018 年的《侏羅紀世界 2》和《五十度灰》第三部。

Finally, Theme Parks revenue increased 8.7%, and EBITDA increased 3.2% to $661 million. These results reflect relatively stable attendance and healthy growth in per capita spending despite unfavorable weather in Japan and having lapped the opening of Harry Potter in Hollywood. We are benefiting from new attractions like Minion Park in Japan and Volcano Bay in Orlando, as well as the continued success of Harry Potter at each of the parks.

最後，主題樂園收入成長了 8.7%，EBITDA 成長了 3.2%，達到 6.61 億美元。儘管日本天氣不利，而且好萊塢的《哈利波特》上映時間較晚，但這些結果反映出觀眾人數相對穩定，人均消費額健康成長。我們受益於日本小小兵樂園和奧蘭多火山灣等新景點，以及哈利波特系列電影在各個主題樂園的持續成功。

Partially offsetting these results were the negative impact of a weaker Japanese yen, and increased spending on a brand marketing campaign across our portfolio.

部分抵銷這些結果的是日圓貶值的負面影響，以及我們旗下所有品牌在品牌行銷活動上增加的支出。

In 2018, we expect to benefit from a full year of Volcano Bay in Orlando and Minion Park in Japan; as well as new attractions opening, like the Fast ride in Orlando and Kung Fu Panda in Hollywood.

2018 年，我們預計將受益於奧蘭多火山灣和日本小小兵樂園的全面運作；以及奧蘭多極速過山車和好萊塢功夫熊貓等新景點的開放。

Now let's move on to slide 9 to review our consolidated and segment capital expenditures. Consolidated CapEx increased 5.4% to $2.7 billion in the fourth quarter and 4.5% to $9.6 billion for the year.

現在讓我們來看看第 9 張投影片，回顧一下我們的合併和分部資本支出。第四季綜合資本支出成長 5.4% 至 27 億美元，全年成長 4.5% 至 96 億美元。

At Cable Communications, capital expenditures increased 2.8% to $2.2 billion for the quarter and increased 4.7% to $8 billion for the full year, resulting in capital intensity of 15.1%, in line with the plan we outlined at the beginning of 2017.

有線通訊公司本季資本支出成長 2.8% 至 22 億美元，全年資本支出成長 4.7% 至 80 億美元，資本密集度達到 15.1%，與我們在 2017 年初制定的計畫一致。

As expected, investments in customer premise equipment, including X1 and wireless gateways, remained the largest component of our capital expenditures, but declined for the full year. We increased the investment in scalable infrastructure to increase network capacity, and increased investment in line extensions to reach more business and residential customer addresses.

正如預期的那樣，對客戶駐地設備（包括 X1 和無線網關）的投資仍然是我們資本支出的最大組成部分，但全年有所下降。我們增加了對可擴展基礎設施的投資，以提高網路容量，並增加了對線路延伸的投資，以涵蓋更多企業和住宅客戶地址。

For 2018, spending on customer premise equipment is expected to continue to decline. With X1 now deployed to nearly 60% of our residential video base, the pace of our rollout has started to slow. On the other hand, our spending on our network will continue to increase. As a result, we expect cable capital expenditures overall to increase in 2018, although we believe our capital intensity could be favorable relative to 2017 by as much as 50 basis points.

預計2018年客戶終端設備支出將持續下降。隨著 X1 部署到我們近 60% 的家庭視訊用戶群，我們的推廣速度開始放緩。另一方面，我們在網路方面的支出將持續增加。因此，我們預計 2018 年有線電視資本支出總體上將會增加，儘管我們認為與 2017 年相比，我們的資本密集度可能會降低 50 個基點。

At NBCUniversal, fourth-quarter capital expenditures increased 13.6% to $525 million. And on a full-year basis, CapEx increased 3.4% to $1.5 billion, reflecting investments in theme parks and infrastructure.

NBC環球第四季資本支出成長13.6%，達到5.25億美元。從全年來看，資本支出增加了 3.4%，達到 15 億美元，這反映了對主題樂園和基礎設施的投資。

For 2018, we expect to once again increase capital spending at NBCUniversal, with the majority of the investment directed to our theme parks. Our formula to consistently invest in new attractions at our parks has driven very strong returns, and we expect that trend will continue.

2018 年，我們預計將再次增加 NBCUniversal 的資本支出，其中大部分投資將用於我們的主題樂園。我們持續投資於園區新景點的策略帶來了非常強勁的回報，我們預計這一趨勢還將繼續。

And now, finishing up on slide 10, let's cover return of capital. Let me start by spending a minute on tax reform and its impact. In terms of our GAAP tax rate, without tax reform, it would have been in the 35% to 37% range in 2018. With tax reform, we expect our GAAP tax rate to be in the 24% to 26% range. For cash taxes, we expect an even larger impact as our cash tax rate will also benefit from the full and immediate expensing of our eligible capital spending for five years. So that's the impact of tax reform on our go-forward GAAP and cash taxes.

現在，我們來看第 10 張投影片，最後講解一下資本回報。首先，我想花一分鐘時間談談稅制改革及其影響。以我們的 GAAP 稅率計算，如果沒有稅制改革，2018 年的稅率將在 35% 至 37% 之間。隨著稅制改革，我們預計我們的 GAAP 稅率將在 24% 至 26% 之間。對於現金稅，我們預計影響會更大，因為我們的現金稅率也將受益於符合條件的資本支出在五年內完全和立即費用化。這就是稅制改革對我們未來GAAP和現金稅的影響。

In terms of what we are doing with the benefit of tax reform, our first action was the announcement of a special bonus to eligible employees in December. Second, we have identified additional areas of capital investment back into the businesses that now makes economic sense, post-tax reform, as I just discussed. And finally, we will augment our already strong capital return plan, as I'll cover now.

就我們如何利用稅制改革的好處而言，我們的首要行動是宣佈在 12 月向符合資格的員工發放特別獎金。第二，正如我剛才所討論的，稅制改革後，我們已經確定了其他一些可以重新投入企業進行資本投資的領域，這些投資現在具有經濟意義。最後，我們將加強我們已有的強有力的資本回報計劃，我接下來將詳細介紹。

As I mentioned earlier, we generated $9.6 billion in free cash flow during 2017. We returned $7.9 billion of that to shareholders, comprised of $2.9 billion in dividends and $5 billion in share repurchase. And we ended the year at 2.2 times net leverage, flat compared to the prior year.

正如我之前提到的，我們在 2017 年創造了 96 億美元的自由現金流。我們將其中 79 億美元返還給了股東，包括 29 億美元的股息和 50 億美元的股票回購。我們年底的淨槓桿率為 2.2 倍，與前一年持平。

For 2018, we will continue to execute our balanced capital allocation approach that we have discussed many times. We are increasing our dividend 21% to $0.76 per share. This strong increase reflects confidence in the underlying health and momentum in our business, coupled with benefits from tax reform. In addition, we expect to repurchase at least $5 billion of our stock in 2018. Any buyback we do above that minimum will be in the context of our balance sheet, which we want to be very strong, given its strategic value.

2018年，我們將繼續執行我們多次討論過的均衡資本配置方法。我們將股息提高 21%，至每股 0.76 美元。這一強勁成長反映了人們對我們業務基本面和發展勢頭的信心，以及稅收改革帶來的好處。此外，我們預計在 2018 年回購至少 50 億美元的股票。任何超過最低限額的股票回購都將結合我們的資產負債表進行，鑑於其策略價值，我們希望我們的資產負債表非常強勁。

Expressing that in numbers, we've had a net leverage ratio of around 2.2 times for a while now, higher than the 1.5 to 2 times range that was in place as I arrived several years ago. Since then, we bought the Japan park and DreamWorks while keeping our dividend growing and our buyback steady.

用數字表示，我們的淨槓桿率已經維持在 2.2 倍左右一段時間了，高於我幾年前剛來時 1.5 到 2 倍的水平。從那時起，我們收購了日本主題樂園和夢工廠，同時保持了股息成長和股票回購的穩定性。

Now, given the higher conversion rate of EBITDA to free cash flow resulting from tax reform, I don't expect we would need to see our leverage ratio decline below around 2.2 times in order to be very confident in the strength of our balance sheet; hence, the guidance of a minimum of $5 billion in buybacks in 2018.

現在，由於稅制改革提高了 EBITDA 轉化為自由現金流的轉換率，我認為我們不需要看到槓桿率降至 2.2 倍左右以下，就能對資產負債表的穩健性充滿信心；因此，我們預計 2018 年的股票回購額至少為 50 億美元。

Now, before we go to Q&A, I'd like to take care of one housekeeping item. By the end of February, we plan to issue restated trending schedules to reflect the adoption of the new revenue recognition accounting standard which was effective January 1, 2018. The impact for Comcast will primarily be in our cable business, with adjustments across some line items that will result in both higher revenue and higher expenses. But overall and importantly for Comcast, there will be no material impact to EPS or free cash flow. So that's all for that item.

在進入問答環節之前，我想先處理一件需要注意的事情。到 2 月底，我們計劃發布重述後的趨勢表，以反映自 2018 年 1 月 1 日起生效的新收入確認會計準則的採用情況。對康卡斯特的影響主要體現在有線電視業務上，部分項目需要調整，這將導致收入和支出雙雙增加。但總體而言，對康卡斯特來說更重要的是，每股盈餘或自由現金流不會受到實質影響。以上就是關於該物品的全部內容。

So I'll end by echoing Brian's comments about our strong 2017 performance and optimism in our positioning and execution as we head into 2018.

最後，我同意布萊恩對我們 2017 年強勁表現的評價，以及我們對 2018 年定位和執行的樂觀態度。

Now, Jason, over to you for Q&A.

現在，傑森，請你回答問題。

Great. Thank you, Mike. Gina, let's open up the call for Q&A, please.

偉大的。謝謝你，麥克。吉娜，我們現在就開始問答環節吧。

(Operator Instructions). Ben Swinburne, Morgan Stanley.

（操作說明）本‧斯溫伯恩，摩根士丹利。

Brian, you talked a lot about connectivity in your prepared remarks. And I think the market's very focused, certainly, on your runway in broadband. But when you look at your three-year or longer-term product roadmap for connectivity and broadband, what are the things that you're most excited about to keep that business growing?

布萊恩，你在事先準備好的發言稿中多次談到了互聯互通。而且我認為市場肯定非常關注你們在寬頻領域的進展。但是，當你審視公司未來三年或更長時間的連接和寬頻產品路線圖時，你最期待哪些方面能夠推動業務成長？

And specifically I'm wondering -- consumers used to pay just for access to the Internet. But obviously the number of devices is growing; coverage is more important. You've added mobile. What are the things that you think keep that business taking share in what is admittedly a maturing business? And then I just had a quick follow-up for Mike.

我特別想知道──過去消費者只需為上網付費。但很顯然，設備數量正在成長；覆蓋範圍變得更加重要。您已新增行動裝置。你認為是什麼因素讓這家企業能夠在這個公認的日趨成熟的行業中繼續保持市場份額？然後我又快速地問了麥克一個後續問題。

Well, let me start, and then I'd like to kick it over to Dave Watson. First of all, data usage is up 48%, our penetration of homes and businesses passed is about 45% and, in total, about 80% of U.S. households subscribe to internet access. But the absolute penetration, where are we in broadband, start with that, as an industry, and where are we with our competitors, and how good is a product. I feel really good about the roadmap for that.

好，我先開始，然後我想把麥克風交給戴夫·沃森。首先，數據使用量成長了 48%，我們的家庭和企業滲透率約為 45%，總體而言，約 80% 的美國家庭訂閱了網路存取服務。但要真正了解寬頻的普及程度，我們作為一個產業在寬頻領域處於什麼位置，以及我們與競爭對手相比處於什麼位置，還有我們的產品有多好，就必須從這一點開始。我對此路線圖感到非常滿意。

Number two, we launched a mobile product for our broadband customers. We're really excited about that. We talked about the speed and Pods and connectivity in coverage. Then you've got smart home. You look at CES, everything at CES is all about what's going to happen to the home of the future the next three years, five years, 10 years. It's hard to know exactly when any of those items will explode.

第二，我們為寬頻用戶推出了一款行動產品。我們對此感到非常興奮。我們討論了速度、Pods 和覆蓋範圍的連接性。這樣你就擁有智慧家庭了。你看看 CES，CES 上的一切都圍繞著未來三、五、十年內未來家居的發展趨勢。很難準確預測這些物品何時會爆炸。

You look at our bit per home consumption rate, and that is up again, even more this year. So that's why we like the business so much. And ultimately you boil it all down to that. We'd love all those bits to be our bits, but that doesn't matter. We want to give customers an incredible experience. We want to be the best, and that requires investment in innovation. And that's really, I think, the pivot that the Company has been making over several years. And this year's results and the fourth-quarter results, I think, demonstrate real strength in this business.

你看看我們每戶的比特消耗率，它又上升了，而且今年上升更多。這就是我們如此喜歡這個行業的原因。歸根結底，一切都可以歸結於此。我們當然希望所有這些部分都屬於我們，但這並不重要。我們希望為顧客提供非凡的體驗。我們想做到最好，而這需要對創新進行投資。我認為，這正是該公司近年來一直在進行的轉型。我認為，今年的業績和第四季的業績都展現了這項業務的真正實力。

Dave?

戴夫？

Well, as Brian said, I think there's -- the growth opportunities both in market share and rate. And if you'd look at the overall numbers of broadband, the overall broadband penetration being around 80%, there's room just there. So home growth is solid, and 2017 saw homes passed growing by 1.4%. The DSL base is still substantial. So overall, as you start, there's room for growth.

正如布萊恩所說，我認為在市場份額和利率方面都存在成長機會。如果你看一下寬頻的整體數據，寬頻普及率約為 80%，那麼這方面還有很大的發展空間。因此，房屋成長勢頭穩健，2017 年房屋成交量增加了 1.4%。DSL用戶基數依然龐大。所以總的來說，身為新手，你還有很大的成長空間。

But what we're focused on is what's working, and what's working is this focus that Brian mentioned around innovation. And we have a great scaled infrastructure; got 3.1 that's now, at the end of the year, at 80%. We'll complete that by the end of 2018; puts us in position to have very large scaled 1 gig rolled out. So as consumption and usage continues to climb, we're going to be ahead of the curve in terms of capacity.

但我們關注的是哪些做法行之有效，而行之有效的正是布萊恩所提到的這種以創新為中心的做法。我們擁有龐大的基礎建設；3.1，到年底已經達到 80%。我們將在 2018 年底前完成這項工作；這將使我們能夠大規模推出 1G 的服務。隨著消費和使用量的持續成長，我們在產能方面將保持領先地位。

And then the big three for us are speeds. We continue to increase speeds. We have done that consistently, the 16 times out of the last 17 years. And then the new thing is coverage, the combination of great devices. We have best-in-class gateway devices that, in and of themselves, provide great coverage. You marry that with the new Pods, the Wi-Fi extenders. And so coverage, I think, is a great answer that will help us drive the business.

對我們來說，最重要的三大要素是速度。我們持續提升速度。我們一直都做到了這一點，在過去的 17 年中，我們有 16 次都做到了。然後，新的變化是覆蓋範圍，以及各種優秀設備的組合。我們擁有業界一流的網關設備，這些設備本身就能提供極佳的覆蓋範圍。你可以將它與新型的 Pods（Wi-Fi 擴展器）結合使用。因此，我認為，提供保險是一個很好的解決方案，可以幫助我們推動業務發展。

And then last is the -- being able to control all these things. So, you connect that with modest rate increases, focusing on a disciplined approach towards multiproduct discounts, making sure that to the extent that -- if they just want broadband, then fine. We'll be disciplined in that approach.

最後一點是──能夠控制所有這些事情。所以，你可以把這些與適度的漲價聯繫起來，專注於採取有紀律的多產品折扣方式，確保——如果他們只想開通寬頻，那就沒問題。我們將嚴格執行此方法。

And so, and also as consumption grows, we're going to be very focused on providing the best tier of broadband service to the customers. So there's opportunities in rate and growth.

因此，隨著消費的成長，我們將非常注重為客戶提供最好的寬頻服務。因此，利率和成長方面存在機會。

That's helpful. And just Mike, on your last point on leverage, I think you -- I think I heard you say 2.2 is sort of where you think the Company should be. I think at $5 billion, you would delever pretty decently in 2018. So are you suggesting, then, that the outside of that number comes from managing towards a 2.2, based on what other capital allocation opportunities come your way this year? Is that how we should interpret that comment?

那很有幫助。還有，麥克，關於你最後一點——槓桿率，我想你——我想我聽到你說2.2左右是你認為公司應該達到的水平。我認為，如果資產達到 50 億美元，那麼在 2018 年你的去槓桿化程度會相當不錯。那麼，您的意思是說，超出這個數字的部分是透過管理實現 2.2 的目標來實現的，而這個目標又取決於今年還有哪些其他的資本配置機會？我們該這樣理解那句話嗎？

Sure. You should think about the comments in the context of our capital allocation framework, which doesn't change. It's been this team's priority to do -- balance three things. One, invest in the business to keep it growing and optimize the earnings power over the long-term. Two is keep a very strong balance sheet. And three is to do healthy returns of capital to shareholders.

當然。你應該結合我們的資本配置框架來考慮這些評論，而我們的資本配置框架是不會改變的。這支隊伍的首要任務就是──平衡三件事。第一，投資企業，使其持續成長，並在長期內優化獲利能力。第二點是保持非常穩健的資產負債表。第三點是為股東帶來健康的資本回報。

So I think with the framework we just described, saying a minimum of $5 billion and anchoring that to around 2.2 times leverage, everybody has their own forecast of what's going to happen, but that's how you would find there to be upside in the buyback during the course of this year. But obviously depending on us executing the balanced strategy I just described.

所以我認為，按照我們剛剛描述的框架，至少 50 億美元，並以 2.2 倍左右的槓桿率作為基準，每個人都會對未來會發生什麼有自己的預測，但這就是你如何在今年回購過程中發現上漲空間的原因。但顯然，這取決於我們能否執行我剛才所描述的平衡策略。

That's helpful. Thank you both.

那很有幫助。謝謝你們兩位。

Phil Cusick, JPMorgan.

Phil Cusick，摩根大通。

Two quick ones, if I can. Brian, can you talk about what the bar might look like for US and international M&A? And given a lot of the deals in front of the DOJ today, do you want to see some better direction before getting involved?

如果可以的話，請快速回答兩個問題。Brian，你能談談美國和國際併購的門檻可能會是什麼樣子嗎？鑑於司法部目前面臨的許多案件，您是否希望在介入之前看到一些更明確的方向？

And then in wireless, you mentioned the potential for acceleration in 2018. Are you now confident that the business is attractive, and that you have the right model, and that now is really the time to let it start to spin up? Thank you.

然後，在無線領域，您提到了 2018 年的加速發展潛力。您現在是否確信這項業務很有吸引力，並且您擁有正確的商業模式，現在正是讓它真正開始運轉的時候？謝謝。

Let me kick over to Dave to start on the wireless question first.

我先把麥克風交給戴夫，請他來回答無線方面的問題。

In mobile, while it's early, Phil, that we're really pleased with the early-stage results. We launched in May. As Mike said earlier, we achieved 380,000 lines. So there's solid momentum as we approach. So we like our game plan. We like the fact that it's connected to our existing business lines, and it's a really simple product approach that can scale. And so, strong digital focus experience.

菲爾，雖然現在還處於早期階段，但我們對行動端的早期成果非常滿意。我們於五月上線。正如麥克之前所說，我們達到了 38 萬行。所以，隨著我們接近目標，勢頭強勁。我們對我們的比賽計劃很滿意。我們喜歡它與我們現有業務線的關聯性，而且它是一種非常簡單且可擴展的產品方法。因此，擁有強大的數位專注經驗。

What we're finding is that the by-the-gig approach is very attractive. Most of the customers are taking that. We still sell unlimited, but it's -- we are in, I think, a very unique position as we scale this to do both. So it's early still. And just branding's kicking in, and we're expanding distribution to our existing retail locations. And we're going to begin to package it with our other lines of business, including broadband. So it gives us just real packaging optionality, so I think we are well positioned going into 2018 as we scale mobile.

我們發現，按場次付費的方式非常有吸引力。大多數顧客都接受了這種做法。我們仍然提供無限量套餐，但我認為，隨著我們擴大規模以同時提供這兩種服務，我們處於非常獨特的地位。現在還為時過早。品牌推廣正在發揮作用，我們正在將分銷管道擴展到我們現有的零售點。我們將開始把它與我們的其他業務線（包括寬頻）打包在一起。因此，它為我們提供了真正的包裝選擇權，所以我認為，隨著我們在 2018 年擴大行動業務規模，我們已經做好了充分的準備。

Let me just reiterate what I sort of said earlier. We always are looking for ways to create more value for shareholders, from opportunities as Mike just described, where we find capital to invest in the business; or new businesses, like Dave just talked about, in wireless; or what we're doing with the Olympics.

讓我再重申一下我之前說過的話。我們一直在尋找為股東創造更多價值的方法，例如像邁克剛才描述的那樣，尋找資金投資於業務的機會；或者像戴夫剛才提到的無線領域的新業務；或者我們正在參與的奧運會項目。

At the same time, you look at inorganic opportunities that come along, and you have a bar. I think I'd say that there's nothing we feel we have to acquire, and I think that's an important point to emphasize. So I think we set it high. I don't know how to articulate that except to look to our track record. And we've created value for shareholders for, I think, in almost every instance, and that's certainly the goal when we do so.

同時，你也要注意出現的非有機成長機會，並且要設定一個標準。我認為，我們並不覺得非得獲得什麼，我認為這一點值得強調。所以我覺得我們把目標定得很高。我不知道該如何表達這一點，只能看看我們過去的成績。而且我認為，幾乎在所有情況下，我們都為股東創造了價值，這當然也是我們這樣做的目標。

So, our most recent example would be the Japan theme park. And stay tuned. We'll see if we can execute. But, so far, we feel terrific about that. And obviously NBCUniversal, as I mentioned before, is the biggest example. So, we don't talk about specific situations, and I hope that helps clarify.

所以，我們最近的例子就是日本的主題樂園。敬請期待。我們看看能不能執行。但到目前為止，我們對此感覺非常好。顯然，正如我之前提到的，NBC環球就是最大的例子。所以，我們不討論具體情況，希望這樣能有所幫助。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Maybe one for Mike and one for Dave. First, Mike, some good data on the effect of tax reform. Can you give us a better sense of the dollar savings that you expect from -- if you're looking from 2017 to 2018, just to get a better sense of how much growth we're going to see off that $9.6 billion in free cash flow?

或許給麥克一個，給戴夫一個。首先，麥克，這裡有一些關於稅制改革效果的可靠數據。您能否更清楚地說明一下，如果您著眼於 2017 年到 2018 年，預計可以節省多少美元？這樣我們就能更了解，這 96 億美元的自由現金流將帶來多少成長。

And then for Dave, on the video business, definitely some solid numbers from a subscriber standpoint. Can you give us a sense of what you're seeing in terms of pressure from the live streaming providers? Has that changed as we went from quarter to quarter? And then maybe an outlook on what you expect from a programming cost growth number for next year. Thanks.

至於 Dave 的影片業務，從訂閱用戶數量來看，確實取得了一些不錯的成績。您能否談談您認為來自直播服務提供者的壓力有多大？隨著季度之間的變化，情況是否有所改變？然後，或許可以展望一下您對明年程式設計成本成長的預期。謝謝。

John, it's Mike. So I will tell you how to think about the impact, but everybody's, again, got their own forecast. So rather than fixing numbers for you, what I said is about an 11 point decline in the GAAP tax rate, which will also improve cash taxes by the same magnitude. So use your own estimate of what our pre-tax income is next year, and you'll get that.

約翰，我是麥克。所以我會告訴你們如何看待這種影響，但每個人，再一次，都有自己的預測。所以我說的不是具體數字，而是 GAAP 稅率下降 11 個百分點，這將使現金稅收減少相同的幅度。所以，你用自己對我們明年稅前收入的估計值來估算，就能得到結果。

But then obviously on top of that, we get to immediately expense the eligible amount of the $10 billion of capital or so we're putting in, and so you can take a swag at that. It's meaningful, obviously, but those are the two key pieces that drive it.

但顯然除此之外，我們還可以立即將我們投入的約 100 億美元資本中符合條件的部分計入費用，所以你可以好好享受一下。這當然很有意義，但正是這兩個關鍵因素推動它的發展。

Out of the CapEx, you expect the vast majority to be expensible?

你預期資本支出中的絕大部分都是可以節省的費用嗎？

Yes.

是的。

All right, thanks.

好的，謝謝。

So John, on the video side, it is definitely a very competitive video environment, and we really don't expect the level of competition to diminish. However, we're going to continue to aggressively compete for profitable video relationships. And so, our approach -- what is working, and we've made some very moderate adjustments as how we compete that I think have helped us in Q4. But we're going to continue to segment the marketplace. And we have introduced new services, like Instant TV, which is our streaming cable network delivered product without a set-top box. We're going to use that on a targeted basis.

所以約翰，在影片領域，競爭絕對非常激烈，我們真的不認為這種競爭程度會減弱。但是，我們將繼續積極爭取有利可圖的視訊合作關係。因此，我們採取的策略是——哪些策略行之有效，我們對競爭方式進行了一些非常溫和的調整，我認為這對我們第四季的業績有所幫助。但我們會繼續細分市場。我們還推出了新的服務，例如即時電視，這是我們提供的無需機上盒即可透過串流有線電視網路傳輸的產品。我們將有針對性地使用它。

Our focus is going to continue to be bundling -- full bundles, leveraging best-in-class X1. And broadband, that packaging is working. And so we feel good about Q4. But it is competitive, and so we're going to stay at it.

我們將繼續專注於捆綁銷售——完整的捆綁銷售，充分利用一流的 X1。寬頻方面，這種打包方式行之有效。因此，我們對第四季充滿信心。但競爭很激烈，所以我們會堅持下去。

But the thing that I think is important to note that we have seen this adjustment coming in terms of this marketplace, the intensity of the over-the-top new entrants. And based on that, while we're going to compete aggressively across the board for good video customers, we have transitioned more and more towards broadband. And so broadband is a centerpiece for us.

但我認為需要注意的是，我們已經看到市場出現了這種調整，大量新進入者的湧入帶來了巨大的衝擊。基於此，雖然我們將在各個領域積極爭取優質視訊客戶，但我們已經越來越傾向於寬頻服務。因此，寬頻對我們來說至關重要。

We're going to have good balance on a profitable growth, leveraging broadband. But so the -- we expect to compete aggressively in video and leverage some of the new things we're doing. But we just don't see the environment shifting too much from what we saw at the end of last year.

我們將利用寬頻技術，在獲利成長和經濟發展之間取得良好的平衡。所以——我們預計會在視訊領域展開激烈的競爭，並利用我們正在進行的一些新嘗試。但我們並不認為當前環境與去年年底的情況有太大變化。

The last point on programming costs, I think as Mike said, it was a -- to expect a moderate decrease, and so I think it's some of the timing of the relationships. Our focus around this is margin, and we stay extremely focused on overall margin. Programming is one piece of it. But as you know, we're staying very focused on the experience, taking transactions out.

關於程式設計成本的最後一點，我認為正如麥克所說，預計會有適度的下降，所以我認為這與合作關係的時機有關。我們關注的重點是利潤率，我們始終高度關注整體利潤率。程式設計只是其中的一部分。但如您所知，我們始終非常注重用戶體驗，減少交易環節。

And you look at things like -- to the extent that we're adding, which we are, customer relationships, and the fact that we're taking out just lots and lots of transactions out, that's as important as anything. But programming costs, we do expect to moderately decrease.

看看這些事情——例如我們正在增加的客戶關係，以及我們正在減少大量的交易，這和任何事情一樣重要。但我們預計編程成本會略有下降。

And obviously -- it's Mike, just chiming in there -- that translates into the as much as 50 basis points improvement in margins for cable for 2018.

顯然——我是 Mike，插一句——這意味著 2018 年有線電視的利潤率提高了 50 個基點。

Great. Thanks, guys.

偉大的。謝謝各位。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡·雷夫·科恩，美國銀行美林證券。

I almost don't know where to start, but I guess first sort of a combined cable/NBCU question. At CES a few weeks ago, Comcast Cable and NBCU seemed to be front and center of the industry for addressable advertising, both in terms of the platform and the services you're offering. And Marcien Jenckes and Linda Yaccarino were right there, and seemed to be in and industry-leading position.

我幾乎不知道該從何說起，但我想先問一個關於有線電視/NBCU的綜合問題。在幾週前的 CES 展會上，康卡斯特有線電視和 NBCU 似乎在可尋址廣告領域處於行業中心地位，無論是在平台還是所提供的服務方面。而 Marcien Jenckes 和 Linda Yaccarino 也身處其中，似乎處於行業領先地位。

So can you talk a little bit about where you think the industry and the Company is within that, in terms of regaining dollars lost from traditional media to the newer platforms? And can you just give us any color on what you're doing or what you're expecting?

那麼，您能否談談您認為就從傳統媒體轉向新興平台所損失的資金而言，整個產業和公司目前處於什麼位置？您能簡單透露一下您正在做什麼或您有什麼預期嗎？

And then for NBC specifically, can you talk a little bit -- Steve, I know you're on about the integration of DreamWorks Animation. And does that help you in your efforts in consumer products?

那麼，具體到 NBC，您能談談嗎？ ——史蒂夫，我知道你正在談論夢工廠動畫的整合。這對您在消費品領域的努力有幫助嗎？

And if I can just throw on one for Brian as a follow-up to the M&A topic. There seems to be some really clear opportunities in both media and distribution amid an obvious restructuring -- or coming restructuring of the industry. But there are also so many different forces playing out right now, with the FANG companies are investing so heavily in premium video in ways we've never seen. Yet, you have this unpredictability in Washington and what can get approved or not approved.

如果可以的話，我再補充一點關於併購主題的內容給布萊恩。在產業重組（或即將重組）的背景下，媒體和發行領域似乎存在一些非常明顯的機會。但目前也有許多不同的力量在發揮作用，FANG 公司正在以前所未有的方式大力投資優質影片。然而，華盛頓局勢瞬息萬變，什麼事能獲準，什麼事不能獲準，這一切都充滿了不確定性。

So can you just give us color in how you are thinking of getting -- are you getting pushed in one direction or another in terms of media, content, or distribution?

那麼，您能否詳細說明您目前的想法—在媒體、內容或發行方面，您是否受到某種方向的推動？

So I'll answer two of your four or five questions, and then pass to Dave or Brian. And let me start with DreamWorks. We bought DreamWorks 18 months or so ago, and have completely retooled the flow of releases. We actually have a slow year this year. And then next year, in 2019, we'll have a couple releases and then should have two releases every year thereafter. And if you combine that with a couple releases from Illumination, we should have four animated films and a good full-throttle year.

那我先回答你們四、五個問題中的兩個，然後把問題交給戴夫或布萊恩。就讓我先從夢工廠說起。我們大約在18個月前收購了夢工廠，並徹底改變了發行流程。今年我們生意比較清淡。然後，明年，也就是 2019 年，我們會發布幾款產品，之後每年應該都會發布兩款產品。如果再加上照明娛樂公司推出的幾部動畫電影，我們應該會有四部動畫電影上映，這將是精彩的一年。

We are very happy with the progress we've made at DreamWorks. And you can imagine a year when we have four great animated films, what that will do to our film OCS.

我們對夢工廠的進展非常滿意。你可以想像一下，如果一年內我們有四部優秀的動畫電影，那將會對我們的電影原創作品（OCS）產生怎樣的影響。

At the same time, we very much believe that we need to have the echo system of new IP, strong consumer products, and then appearance in our theme parks. And we've got that cranked up now. We have made a lot of investments and seen a lot of growth in consumer products in the last couple years.

同時，我們深信我們需要建立一套由新IP、強大的消費產品以及主題樂園形象所構成的生態系統。我們現在已經把這個功能調到最大了。過去幾年，我們在消費品領域進行了大量投資，並取得了顯著成長。

Those results are embedded in the record year that our film group had. And you're going to see that continue in the future; the ultimate payoff being when you've created enough IP to really leverage that consumer products capability. That capability is worldwide. We're opening offices overseas, taking back agent relationships with employee relationships; I think consumer products is a big upside for NBCUniversal.

這些成果都體現在我們電影小組創紀錄的一年。未來你會看到這種情況持續下去；最終的回報是當你創造了足夠的智慧財產權，真正利用消費產品能力的時候。這種能力是全球性的。我們正在海外開設辦事處，透過建立員工關係來重新建立代理商關係；我認為消費品業務對 NBCUniversal 來說是一個巨大的成長點。

In terms of advertising, it's impossible not to see the strength, particularly of Facebook and Google, really the dominance of Facebook and Google, in terms of digital advertising. And a lot of the growth in the ecosystem is going toward digital. And we're not participating in that growth to the degree that we should be, given the span of our assets.

就廣告而言，人們不禁要看到 Facebook 和 Google 的實力，尤其是在數位廣告領域，它們確實佔據主導地位。生態系統中的許多成長都朝著數位化方向發展。鑑於我們的資產規模，我們並沒有以應有的程度參與這種成長。

The good news is television advertising is roughly flat if you combine the negative effect of ratings decline and the positive effect of CPMs. Depends on the company, depends on broadcasting/cable, depends on the quarter, but television advertising is holding its own.

好消息是，如果將收視率下降的負面影響與 CPM 的正面影響結合起來考慮，電視廣告的整體表現大致相當。這取決於公司、取決於廣播/有線電視、取決於季度，但電視廣告目前表現穩定。

Our dream -- and it should be the dream of anybody who's got assets like ours -- is to take our television advertising and make it more targetable, more addressable, and have more of the characteristics that digital has; and then, over time, have more of our advertising be affected by the technology that digital provides.

我們的夢想——也應該是所有擁有像我們這樣資產的人的夢想——是讓我們的電視廣告更具針對性、更易於定位，並具有更多數位廣告的特點；然後，隨著時間的推移，讓我們的更多廣告受到數位科技的影響。

We've made a lot of progress on that. We've made a lot of investments in Vox and BuzzFeed and Snap. We've made a lot of progress in terms of how we monetize online and how we monetize on that VOD platform, particularly with Comcast Cable, but there's a lot more to do. And I think what you heard at CES is the number of plans that we have. We've rolled out -- Linda probably has four or five different products that she's currently in the market selling that have aspects of interactivity and overlaying Comcast data and markets. And there is a lot more to go as far as that goes.

我們在這方面取得了很大進展。我們對 Vox、BuzzFeed 和 Snap 進行了大量投資。我們在線上獲利和點播平台獲利方面取得了很大進展，尤其是在與康卡斯特有線電視的合作方面，但還有很多工作要做。我想你們在 CES 上聽到的就是我們擁有的計劃數量。我們已經推出了——琳達目前在市場上銷售的可能共有四到五種不同的產品，這些產品都具有互動性，並疊加了康卡斯特的數據和市場資訊。在這方面，還有很多工作要做。

The good news is television advertising, I think, is holding its own. And as we head off to the Super Bowl and the Olympics, it's not lost on us that if you're a big advertiser and you want to launch big brands and really make a material change in the way consumers think about you, you have to be in the big events on TV. And we have something like two-thirds of all the big nights on broadcast television in the next 12 months.

我認為，電視廣告的好消息是，它仍然保持著自己的地位。隨著超級盃和奧運的臨近，我們深知，如果你是一位大廣告商，想要推出大品牌，真正從根本上改變消費者對你的看法，你就必須出現在電視上的重大賽事中。在未來 12 個月裡，我們將迎來電視直播節目中約三分之二的重大夜晚。

So we think we're well positioned for the ecosystem where it is. But we're hard at work creating the ecosystem that should be there, that gives television all the positives that digital has.

所以我們認為，我們已經很好地適應了目前的生態系統。但我們正在努力打造一個應有的生態系統，讓電視擁有數位電視的所有優勢。

Jessica, Dave. So as Steve said, one of the things on the cable side that we are focused on is being able to pull together the platform that could pull together all the content. And our first wave that Marcien is helping us stay very focused on is VOD. So the VOD addressability is off and running; having success with that. But really the transition continues to stay focused on VOD, linear, online, all coming together. I think table and distribution, we have a unique opportunity to pull all these things together. So Marcien has done a nice job pulling together the platform elements that put us in position to make these things happen.

潔西卡，戴夫。正如史蒂夫所說，我們在有線電視方面關注的事情之一，就是建立一個能夠將所有內容整合在一起的平台。而馬爾西恩正在幫助我們重點關注的第一波浪潮是視訊點播 (VOD)。所以視訊點播服務已經啟動並運行；而且取得了成功。但實際上，轉型仍聚焦於隨選視訊、線性電視、線上電視的融合。我認為，在分銷方面，我們擁有一個獨特的機會，可以將所有這些因素結合起來。所以，Marcien 在整合平台要素方面做得很好，這使我們能夠實現這些目標。

Just to the other question, I think probably we covered it a little bit, in theory, in my prior conversation; and then I think it's an interesting time in the business. The opportunities are being created. Some of those opportunities are negative, and some are positive. I think our jobs are to study it and understand where to grow. And I think Dave acknowledging that we saw changes in video coming, as a for instance, and put our innovation efforts around broadband is just but an example of that.

至於另一個問題，我想我們可能在之前的談話中已經從理論上稍微討論過；而且我認為現在是這個行業一個有趣的時期。機會正在被創造出來。有些機會是負面的，有些是正面的。我認為我們的工作是研究它，並了解在哪裡發展。我認為戴夫承認我們預見到視訊領域即將發生變革，並將我們的創新努力集中在寬頻領域，這只是其中的一個例子。

I think our emphasis on theme parks, which we didn't anticipate when we bought NBCUniversal, but we saw opportunities there, as a for instance.

我認為我們對主題樂園的重視，是我們收購 NBCUniversal 時沒有預料到的，但我們從中看到了機會，例如…

So, let's leave it at that for now. It is the kind of thing we'll talk about over time. Some of your predictions of restructuring of the industry, let's see if it all plays out that way. And there will be more information in the quarters ahead.

那麼，我們就先說到這裡吧。這是我們會慢慢討論的事情。你對產業重組的一些預測，讓我們看看是否會如你所願。接下來的幾個季度將會有更多資訊公佈。

Okay, thank you.

好的，謝謝。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

I have two questions for Mike and then one for Steve. So first, Mike, it sounds like Xfinity Mobile is staying in corporate. At what point do you put this in Cable Communications? Do you wait until this is profitable?

我有兩個問題想問麥克，還有一個問題想問史蒂夫。首先，Mike，聽起來 Xfinity Mobile 將繼續保持公司化營運。您應該在有線通訊的哪個環節加入這項功能？你會等到有利可圖才開始做這件事嗎？

And then secondly, it sounds like the programming costs are driving the majority of the 50 basis point improvement in cable margins. So are we interpreting that correctly?

其次，聽起來節目製作成本是推動有線電視利潤率提高 50 個基點的主要原因。所以我們的理解正確嗎？

And then for Steve, you have a very unique portfolio, coming into the year in terms of advertising with the Super Bowl and the Olympics. But do you have any sense what advertisers are going to do with their excess cash from tax reform on their own balance sheets? Are you hearing that any more advertising dollars might come into the system and go towards TV?

對史蒂夫來說，他的廣告作品集非常獨特，今年他參與了超級盃和奧運的廣告宣傳活動。但您是否了解廣告商將如何處理稅改帶來的額外資金，並將其納入自身的資產負債表？你有沒有聽說會有更多廣告資金流入電視產業？

Thanks, Marci. So it's Mike. On the Xfinity Mobile question, expect it to stay in corporate for all of 2018. Probably, if I had to guess, all of 2019. The idea here is to obviously share the information we do share. You'll see everything that's -- matters. But not to have the -- as we're ramping that business, it's obviously -- would otherwise distort the core business in cable.

謝謝你，瑪西。原來是麥克。關於 Xfinity Mobile 的問題，預計它在 2018 年全年都將保留在公司版圖中。如果非要我猜的話，大概是整個 2019 年吧。顯然，我們的目的是分享我們確實分享的訊息。你會看到所有重要的事情。但如果不這樣做——因為我們正在大力發展這項業務，這顯然會扭曲有線電視的核心業務。

So we'll talk about it and share it with you. But I think putting it where we put it is intended to be transparent and clear so you can judge the businesses from a bunch of different angles. So a couple of years would be my answer on that.

所以我們會討論這件事，並與你們分享。但我認為，我們把它放在這裡是為了做到透明清晰，這樣你就可以從一個不同的角度來評判這些企業。所以，我的答案是幾年時間。

And then on margin improvement, it's the -- I want to make sure you got the number right. It's as much as 50 basis points, 5-0. I might have heard you say 1-5. It's really the sum of two things. It is obviously the easing of programming costs increases, which we had two big years, looking back to the years before this. Dave and team there have done a great job managing all parts of the cost base away from programming. And that's continued, so I would give credit over a multi-year period to say that it's the focus on being efficient in all categories that's contributing to this year's margin changes, not just programming.

關於利潤率提升，我想確認一下你的數字是否正確。差距高達 50 個基點，5-0。我可能聽見你說了1-5。這其實是兩件事的總和。很明顯，這是由於程式成本成長放緩所致，回顧之前的幾年，我們經歷了兩年大幅成長。Dave 和他的團隊在控制除程式設計以外的所有成本方面做得非常出色。而且這種情況一直持續至今，因此我認為，經過多年的努力，正是對各個方面效率的關注，才促成了今年的利潤率變化，而不僅僅是節目製作。

So in terms of advertising, we're 10 days away from the Super Bowl. And as we head into the Super Bowl, we are averaging about $5 million a unit, which is up, call it, 15% or 20%, we think, from last, year, and we're essentially sold out. So if you're looking for an immediate sign as to how hot the market is, as far as the Super Bowl goes, it's pretty hot.

所以就廣告宣傳而言，距離超級盃還有10天。隨著超級盃的臨近，我們的平均單價約為 500 萬美元，比去年增長了 15% 到 20%，基本上已經售罄。所以，如果你想立即了解市場有多火爆，就超級盃而言，市場非常火爆。

I think the television advertising ecosystem has been strong for a while now, probably two or three years of strength. It feels like it might be getting a little stronger now. I don't think there's necessarily a direct correlation from the tax cuts and having more cash, and throwing that into advertising.

我認為電視廣告生態系統已經強勁發展了一段時間，可能已經持續強勁了兩三年。感覺它現在好像變得更強了一些。我不認為減稅和增加現金投入廣告之間一定有直接關聯。

I think it might be more related to just overall business sentiment. But to the degree that business sentiment is slightly stronger now than it was six months ago, or stronger now than it was six months ago, I think you can kind of feel that coming into the advertising market. And we -- as we look forward into the upfront, which is only a few months away, by all accounts it is going to be a strong upfront.

我認為這可能更多地與整體商業情緒有關。但是，如果現在的商業信心比六個月前略有增強，或者說比六個月前更強，我認為你在廣告市場中也能感受到這一點。展望即將到來的預售季（距離現在只有幾個月了），據各方消息，這將是一個強勁的預售季。

The only other thing I would add, another theory would be that it's because the Eagles are in the Super Bowl that it's all strong, but I'm not sure. (laughter)

我唯一想補充的是，還有一種理論認為，這是因為老鷹隊打進了超級碗，所以一切都很順利，但我不太確定。（笑聲）

Great, thank you.

太好了，謝謝。

Vijay Jayant, Evercore.

Vijay Jayant，Evercore。

I just wanted to -- for Steve, the virtual MVPD growth over the last year, and the impact on the underlying subscriber trends; and the affiliate numbers and retransmission numbers looks pretty good at NBC's broadcast and cable. So any color on how the underlying subscriber trends are there?

我只是想說——對於史蒂夫來說，過去一年虛擬 MVPD 的增長及其對潛在用戶趨勢的影響；以及 NBC 廣播和有線電視的附屬機構數量和轉播數量看起來都相當不錯。那麼，關於訂閱用戶成長趨勢，有什麼具體資訊嗎？

And then just a broad question on net neutrality and the reversal of Title II. Is there anything different that's going to be done now, given that's probably not an overhang anymore on the broadband side of the business? Thank you.

然後，還有一個關於網路中立性和第二章修正案的廣泛問題。鑑於寬頻業務方面可能不再存在這種不利因素，現在會採取什麼不同的措施嗎？謝謝。

So I think when you're thinking about the virtual MVPDs or MVPD changes in general, from an NBCUniversal perspective, we're really talking about tenths of a percentage point. We're not talking about major, major changes. And the virtual MVPDs are accelerating as more of them get into the business, and their business grows; some of them are accelerating. But it's a relatively minor effect across the board for NBCUniversal. And if you look at the last two or three quarters, you'll see changes in the tenths of a percentage point, but not percentage changes overall.

所以我覺得，從 NBCUniversal 的角度來看，當我們考慮虛擬 MVPD 或 MVPD 的整體變化時，我們實際上談論的是十分之一個百分點。我們說的不是重大變革。隨著越來越多的虛擬多頻道視訊節目分銷商進入這個行業，他們的業務也在不斷增長；其中一些正在加速發展。但對NBC環球來說，這總體上影響相對較小。如果你看一下最近兩三個季度，你會發現變化幅度只有十分之一個百分點，但整體上並沒有百分比變化。

I think we've said that we support a free and open Internet, and we have been committed to enforceable open Internet protections. We just thought Title II was unnecessary to guarantee consumers that open Internet. So, we believe Congress will hopefully now act to put some enduring side of enforceable open Internet productions that can no longer get revisited and reversed with different administrations.

我認為我們已經說過我們支持自由開放的互聯網，並且我們一直致力於可執行的開放互聯網保護措施。我們只是認為第二章沒有必要保障消費者享有開放的網路。因此，我們相信國會現在有望採取行動，制定一些持久有效的開放網路產品強制執行措施，使其不再能被不同的政府重新審視和推翻。

So, I do think it gave us the confidence to make the statement that over the next five years, we're going to have significant investment in our economy to the tune of at least $50 billion. So, we're moving forward, investing and innovating, and I think we look forward to someday putting this conversation behind us for everybody's sake.

所以，我認為這給了我們信心，讓我們能夠宣布，在未來五年內，我們將對經濟進行至少 500 億美元的重大投資。所以，我們正在向前邁進，進行投資和創新，我想我們期待有一天能為了大家的利益而結束這場爭論。

Thanks so much.

非常感謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

I just had a question for Mr. Burke. I guess if you guys do do M&A, I hope everyone remembers how almost universally negative they were on the NBCU acquisition when you did it. Because when I look at my numbers, back in 2010 it was about 20% of your EBITDA, and NBCU has made up almost 50% of the EBITDA dollar change for the last seven years.

我有個問題想問伯克先生。我想，如果你們真的要進行併購，我希望大家都能記住，當初你們收購NBCU時，幾乎所有人都持否定態度。因為當我查看我的數據時，在 2010 年，這大約佔你們 EBITDA 的 20%，而 NBCU 在過去七年中幾乎佔 EBITDA 美元變化的 50%。

And I think we all understand you've done a great job on a number of fronts -- parks, studio, Telemundo, retrans. My question is what levers do you see left? In other words, are there still big levers that you see over the next two or three years? Or do you think NBCU's growth will begin to more closely resemble the industry's growth? Thank you.

我想我們都明白你在很多方面都做得非常出色——公園、工作室、Telemundo、轉播。我的問題是，你還剩下哪些槓桿？換句話說，您認為未來兩三年還有哪些重要的槓桿因素？或者你認為NBCU的成長速度會開始更接近整個產業的成長速度嗎？謝謝。

Well, I think we still have a lot of opportunity. And it's very, very hard to predict. When we bought the company seven years ago, I think the operating cash flow was about $3.5 billion. And I think in this past year, it was about $8.2 billion. And we never dreamt seven or eight years ago that we would get that kind of growth. We saw opportunity, but we weren't articulate about the degree of that opportunity. And it's equally difficult as you look into the future, but I think we have a lot of opportunity still.

我認為我們仍然有很多機會。而且這很難預測。七年前我們收購這家公司時，我認為其營運現金流約為 35 億美元。我認為去年這個數字約為 82 億美元。七、八年前，我們做夢也沒想到會達到這樣的成長。我們看到了機會，但我們並不清楚這個機會的程度。展望未來同樣充滿挑戰，但我認為我們仍然有很多機會。

If you look at MSNBC beating CNN almost every night, and beating Fox many nights, Fox News, and the fact that MSNBC makes a fraction of what CNN and Fox News make. If you look at Telemundo beating Univision last year in prime time, and Univision making a lot more money than Telemundo.

如果你看看 MSNBC 幾乎每晚都贏過 CNN，很多晚上​​也贏過福克斯新聞，以及 MSNBC 的收入只有 CNN 和福克斯新聞收入的一小部分這一事實。如果你看看 Telemundo 去年在黃金時段的收視率，你會發現 Univision 比 Telemundo 賺的錢多得多。

If you look at our theme parks, which are fantastic, and every time we open new attractions we're seeing very, very substantial jumps in attendance, and we have room for thousands more hotel rooms. If you look really across the board, I think we still have a lot of opportunity.

看看我們的主題樂園，它們非常棒，每次我們開放新的景點，都會看到遊客數量大幅增長，而且我們還有空間容納數千間酒店客房。如果從各個方面來看，我認為我們仍然有很多機會。

The fact of the matter is NBC prime time has gone from fourth to first, and you can't be any better than first. And Universal Pictures has had two out of the three biggest years in its history, in the last three years. So trees don't grow to the sky, but we still have a lot of opportunities. I think we have a great management team. We're allocating capital in a very rational way. We have a great culture. Everybody works together with Symphony, so I'm optimistic we can continue to grow, and we still have lots and lots of opportunities.

事實是，NBC黃金時段的收視率已經從第四名躍升至第一名，而第一名已經是最好的了。而環球影業在過去三年中取得了其歷史上最輝煌的三年中的兩年票房。所以樹木雖然長不到天上，但我們還是有很多機會。我認為我們擁有一支優秀的管理團隊。我們的資本配置方式非常理性。我們擁有優秀的文化。大家和交響樂團一起努力，所以我樂觀地認為我們可以繼續發展壯大，我們還有很多很多機會。

Thank you.

謝謝。

Brett Feldman, Goldman Sachs.

Brett Feldman，高盛集團。

And just to follow up a little bit more on Xfinity Mobile, Mike mentioned that the EBITDA losses here, I think, were a little greater than you had initially thought, and there's going to be some incremental drag in 2018. It sounds like from his comments that the key variable there is just higher customer growth, and, therefore, higher customer acquisition costs. And I just want to confirm that that's the right way of understanding that.

關於 Xfinity Mobile，我再補充一點，Mike 提到，這裡的 EBITDA 虧損可能比你最初預想的要大一些，而且 2018 年還會出現一些額外的拖累。從他的評論來看，關鍵變數似乎是更高的客戶成長率，因此，更高的客戶獲取成本。我只是想確認一下，這種理解方式是否正確。

And then you got to over 380,000 subs with pretty narrow and targeted distribution. I was hoping maybe you could just expand upon what your plans are for this year, particularly on the distribution standpoint, in order to make sure you're able to keep that momentum going. Thanks.

然後，你的訂閱用戶就超過了 38 萬，而且傳播範圍相當窄，目標明確。我希望您能詳細介紹您今年的計劃，特別是分銷方面的計劃，以確保您能夠保持這種勢頭。謝謝。

Brett, it's Mike. So I'll start, and hand it over to Dave. So on this year's drag, I'd say it's in line with what we had expected; maybe a touch higher, but not meaningfully so. And, yes, what happens next year will very much be a function of the hoped-for ramping up of subscriber acquisitions, which obviously until we get to a level of stability at a higher level than this, you'll be having increasing drag. But that's a good thing as we're growing a business that we think is going to be very valuable to the overall economics of the customer relationship.

布雷特，我是麥克。那我先開始，然後交給戴夫。所以就今年的成績而言，我認為它符合我們的預期；可能略高一些，但差異不大。是的，明年的發展很大程度上取決於用戶獲取量能否如預期般增長，顯然，在我們達到比現在更高的穩定水平之前，增長阻力會越來越大。但這是一件好事，因為我們正在發展一項我們認為對客戶關係的整體經濟效益非常有價值的業務。

So from a distribution standpoint, one of the things we talked about early on was our focus around digital, and having a great digital experience and through the sales process, through onboarding. And so that's working. We're real pleased with digital as a channel.

因此，從分銷的角度來看，我們早期討論的一件事就是我們專注於數位化，以及如何在銷售流程和客戶導入過程中提供出色的數位體驗。所以，這個方法奏效了。我們對數位管道的表現非常滿意。

I mentioned retail, our existing retail locations; don't feel like we need to go a lot bigger. We have a long-term good plan. But we're introducing mobile into existing retail and we're having success there. It's early, but I think 2018 is a year of scaled operations around the retail experience.

我提到了零售業，我們現有的零售門市；感覺我們不需要擴大規模。我們有一個長遠的良好計劃。但我們正在將行動端引入現有零售模式，並且取得了成功。現在下結論還為時過早，但我認為 2018 年是圍繞零售體驗進行規模化運營的一年。

And then last but not least is the introducing it, which we've done into our traditional inbound call centers, which always do a good job with products. So I think you piece all these things together, there's upside an opportunity as we expand distribution and mobile.

最後但同樣重要的是，我們將其引入到我們傳統的呼入式呼叫中心，這些中心在產品方面做得很好。所以我覺得把所有這些因素綜合起來看，隨著我們擴大分銷管道和行動端，就會有上升的機會。

Thanks. One quick question. I know you are targeting your existing base with this product. Are you finding that when you bring new customer relationships on, you are able to attach mobile, out of the box?

謝謝。問個問題。我知道你們這款產品的目標客群是現有客戶。您是否發現，在拓展新客戶關係時，您可以直接將行動裝置連結到其中？

We're as you just -- maybe you heard, we just announced bring your own device. Nice new addition, so too early to give too much color on that. But it's a real opportunity both for existing customer and new customers, being able to come in, bring their device, and talk about transitioning over.

我們就像你們剛才聽到的——也許你們已經聽說了，我們剛剛宣布了自帶設備辦公政策。這是個不錯的新成員，但現在談論它還為時過早。但這對現有客戶和新客戶來說都是一個真正的機會，他們可以帶著自己的設備前來，討論如何過渡到新系統。

So we're focused on a balanced approach to existing customers, but also more and more be reaching out to new customers. And we'll talk about then the other lines of business in addition to not just mobile.

因此，我們專注於對現有客戶採取平衡的方法，同時也會越來越多地接觸新客戶。然後我們也會討論除了行動業務之外的其他業務線。

Great. Thanks for taking the questions.

偉大的。謝謝您回答問題。

Thank you all.

謝謝大家。

Okay. Thank you, everyone, for joining us this morning. We'll end the call there.

好的。謝謝大家今天早上收看我們的節目。通話到此結束。

Regina, back to you.

雷吉娜，把鏡頭還給你。

There will be a replay available of today's call starting at 12:00 PM Eastern time. It will run through Wednesday, January 31, at midnight Eastern time. The dial-in number is 855-859-2056, and the conference ID number is 4695509. A recording of the conference call will also be available on the Company's website beginning at 12:30 PM Eastern time today.

今天下午12點（美國東部時間）起，將提供本次電話會議的錄音重播。活動將持續到美國東部時間1月31日星期三午夜。撥入號碼為 855-859-2056，會議 ID 號碼為 4695509。本次電話會議的錄音將於今天美國東部時間下午 12:30 起在公司網站上提供。

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

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。