康卡斯特 (CMCSA) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們，先生們，早上好，歡迎參加康卡斯特 2021 年第四季度和全年收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。

I will now turn the call over to Senior Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

我現在將把電話轉給投資者關係高級副總裁 Marci Ryvicer 女士。請繼續，賴維克女士。

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Dave Watson, Jeff Shell and Dana Strong. Brian and Mike will make formal remarks, while Dave, Jeff and Dana will also be available for Q&A.

謝謝運營商，歡迎大家。加入我今天上午的電話會議的還有 Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Dana Strong。 Brian 和 Mike 將發表正式講話，而 Dave、Jeff 和 Dana 也將參加問答環節。

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. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedules for the reconciliations of these non-GAAP financial measures to GAAP.

現在讓我向您推薦幻燈片 2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包括前瞻性陳述，但會受到某些風險和不確定性的影響。此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。請參閱我們的 8-K 和趨勢時間表，了解這些非 GAAP 財務指標與 GAAP 的對賬情況。

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

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。布賴恩？

Thanks, Marci, and good morning, everyone. We just reported a strong fourth quarter to end a year that hit a number of important financial milestones. In 2021, we generated record high revenue, EBITDA, adjusted EPS and free cash flow, with contributions coming from across the company. These results reflect our resilience, strategic decision-making and disciplined approach to capital allocation, which is driven by a relentless focus on growth and creating long-term value.

謝謝，Marci，大家早上好。我們剛剛報告了強勁的第四季度到年底，達到了許多重要的財務里程碑。 2021 年，我們創造了創紀錄的高收入、EBITDA、調整後的每股收益和自由現金流，整個公司都做出了貢獻。這些結果反映了我們的彈性、戰略決策和嚴格的資本配置方法，這是由對增長和創造長期價值的不懈關注所驅動的。

I am incredibly proud of how we've navigated through the past 2 years amid the unique and ongoing challenges posed by the global pandemic. We've been able to quickly pivot, when necessary, in order to continue offering world-class connectivity, entertainment and experiences while simultaneously prioritizing the health and well-being of our customers, guests and employees.

在全球大流行帶來的獨特而持續的挑戰中，我為我們在過去兩年中如何度過難關感到無比自豪。我們能夠在必要時迅速調整，以繼續提供世界一流的連接、娛樂和體驗，同時優先考慮我們客戶、客人和員工的健康和福祉。

So now turning to the specifics. Our broadband-centric businesses, residential, business services and wireless, helped drive 11% adjusted EBITDA growth and 190 basis points of organic margin expansion in Cable. And while the quarterly cadence may have come in differently than we expected, we added 1.1 million customer relationships and 1.3 million net broadband subscribers, bringing total customer relationships to 34.2 million and total broadband subscribers to 31.9 million as of year-end.

所以現在轉向細節。我們以寬帶為中心的業務、住宅、商業服務和無線，幫助推動了 11% 的調整後 EBITDA 增長和 190 個基點的有機利潤率增長。雖然季度節奏可能與我們預期的不同，但我們增加了 110 萬客戶關係和 130 萬淨寬帶用戶，截至年底，客戶關係總數達到 3420 萬，寬帶用戶總數達到 3190 萬。

In wireless, our unique and recently enhanced relationship with Verizon enabled us to bring a more competitive offering for our wireless customers. That also improved the economics for us, resulting in our largest annual growth in wireless lines yet, while reaching profitability on a stand-alone basis for the first time since launch.

在無線領域，我們與 Verizon 的獨特且最近加強的關係使我們能夠為我們的無線客戶帶來更具競爭力的產品。這也改善了我們的經濟性，使我們的無線線路實現了迄今為止最大的年度增長，同時自推出以來首次實現獨立盈利。

The recovery to our Theme Parks is truly remarkable. We just reported the most profitable fourth quarter on record with demand especially high in Orlando, which had the best quarter in the company's history for any quarter. I'm even more excited for our newest theme park, Epic Universe, which is in construction as we speak. Hollywood and Osaka are also on a great trajectory. And we just opened Universal Beijing, which will provide a more meaningful contribution in the years to come.

我們主題公園的恢復確實令人矚目。我們剛剛報告了有記錄以來最賺錢的第四季度，奧蘭多的需求尤其高，這是該公司歷史上任何季度中最好的季度。我對我們最新的主題公園 Epic Universe 感到更加興奮，正如我們所說，它正在建設中。好萊塢和大阪的發展軌跡也很好。我們剛剛開設了北京環球影城，它將在未來幾年做出更有意義的貢獻。

We also accomplished a lot on the content side. We are back to normalized levels of programming and production at both NBCU and Sky. We successfully renewed a number of sports rights agreements, including the NFL, Bundesliga, PGA Tour, Premier League and others, which provides us great visibility for the next several years. And we're monetizing IP through creative new windows. I'll share more detail on Peacock in a bit, but 2021 was a fantastic year for our fast-growing streaming service, which has outperformed our high expectations.

我們在內容方面也取得了很多成就。我們在 NBCU 和 Sky 都恢復了正常的節目和製作水平。我們成功續簽了多項體育版權協議，包括 NFL、德甲、美巡賽、英超等，這為我們在未來幾年提供了巨大的知名度。我們正在通過創造性的新窗口將 IP 貨幣化。稍後我將分享有關 Peacock 的更多詳細信息，但對於我們快速增長的流媒體服務而言，2021 年是美妙的一年，它的表現超出了我們的高預期。

At Sky, our U.K. businesses maintained wonderful momentum with very strong trends across all metrics, including customer relationships, ARPU and churn, and fueling Sky's full year EBITDA growth of 10%. Germany is showing signs of a successful recovery. And in Italy, we're managing the impact of the transition in our sports rights even better than we had expected.

在 Sky，我們的英國業務保持了良好的發展勢頭，在包括客戶關係、ARPU 和客戶流失率在內的所有指標上都呈現出非常強勁的趨勢，並推動 Sky 全年 EBITDA 增長 10%。德國正顯示出成功復甦的跡象。在意大利，我們對體育權利過渡所產生的影響進行了管理，甚至比我們預期的還要好。

Finally, on 2021, I'd like to highlight the strength of our balance sheet and the increase in the amount of capital we returned to shareholders. We hit our leverage goals a bit earlier than we had anticipated during the pandemic, which enabled us to repurchase $4 billion of stock, the majority completed in the back half of the year. And including our dividend, we returned a total of $8.5 billion, more than double that of 2020.

最後，在 2021 年，我想強調我們資產負債表的實力以及我們返還給股東的資本金額的增加。我們比我們在大流行期間的預期更早地達到了我們的槓桿目標，這使我們能夠回購 40 億美元的股票，其中大部分是在今年下半年完成的。包括我們的股息，我們總共返還了 85 億美元，是 2020 年的兩倍多。

Now let me discuss our priorities for 2022. First is broadband, which is a healthy, scaled business with a structurally advantageous financial profile defined by high operating leverage and margin accretion. We believe that the broadband market conditions in 2022 will continue to be impacted by COVID. And within this environment, we will strike the right balance between subscriber acquisition against a large and expanding addressable market as well as long-term profitable growth.

現在讓我討論一下我們 2022 年的優先事項。首先是寬帶，這是一項健康的、規模化的業務，具有結構上有利的財務狀況，由高運營槓桿和利潤增長定義。我們認為，2022 年的寬帶市場狀況將繼續受到 COVID 的影響。在這種環境下，我們將在用戶獲取與龐大且不斷擴大的潛在市場以及長期盈利增長之間取得適當的平衡。

On that front, we will evaluate every opportunity to increase our serviceable passings even more so than we have in the past. We will take advantage of the natural progression of new household and business formation as well as the potential subsidies from the federal, state and local governments to expand into unserved areas.

在這方面，我們將評估每一個機會，以比過去更多地增加我們的有效傳球。我們將利用新家庭和企業形成的自然發展，以及聯邦、州和地方政府的潛在補貼，向未得到服務的地區擴張。

We also aggressively compete for market share through our strategy of bundling products around broadband so that every customer in every segment has plenty of choice at the right price. Convergence with Xfinity Mobile will play a big role in terms of marketing, how our sales force operates, packaging and the overall interface we have with our customers. Scaling this business is a key focus for us in '22 and beyond.

我們還通過圍繞寬帶捆綁產品的戰略積極競爭市場份額，以便每個細分市場的每個客戶都能以合適的價格獲得大量選擇。與 Xfinity Mobile 的融合將在營銷、我們的銷售團隊如何運作、包裝以及我們與客戶的整體界面方面發揮重要作用。擴展這項業務是我們在 22 年及以後的重點。

And we will do everything we can to continue to improve the experience for our customers and maintain the high levels of retention that started well before the pandemic. Our AI technologies and digital service tools enable us to resolve issues without a call or visit. In fact, this past quarter, total calls handled by our agents decreased 18% year-over-year, and truck rolls declined by 16%, while we continue to grow our customer base and increase our NPS scores.

我們將盡一切努力繼續改善客戶體驗，並保持在大流行之前就開始的高水平保留。我們的人工智能技術和數字服務工具使我們能夠在沒有電話或訪問的情況下解決問題。事實上，在上個季度，我們的座席處理的總呼叫量同比下降了 18%，上門服務量下降了 16%，同時我們繼續擴大客戶群並提高 NPS 分數。

Broadband connectivity has never been as important as it is now to all of us, and people increasingly expect more than just speed. They also want innovative products that are easy to use and consistent and reliable service throughout their home. That's what we deliver.

寬帶連接對我們所有人來說從未像現在這樣重要，人們對速度的期望越來越高。他們還需要易於使用的創新產品，以及在家中提供一致和可靠的服務。這就是我們提供的。

We have an incredible network, but what differentiates us even more is the ecosystem we've built around this network. We've spent the last several years developing the right processes, finding the right technology and hiring the right people so that we can execute at great scale.

我們有一個令人難以置信的網絡，但讓我們更加與眾不同的是我們圍繞這個網絡建立的生態系統。在過去的幾年裡，我們一直在開發正確的流程、尋找正確的技術並僱用合適的人員，以便我們能夠大規模執行。

I'll share a couple of tangible examples that illustrate this. We are moving aggressively on a path to 10G while maintaining our level of CapEx intensity. It's still early, but we already are out in the marketplace with our new technology and higher upload speeds in some of the markets. And we will continue to expand this in 2022 and beyond.

我將分享幾個具體的例子來說明這一點。在保持資本支出強度水平的同時，我們正在積極朝著 10G 邁進。現在還為時過早，但我們已經憑藉我們的新技術和更高的上傳速度在某些市場推出了市場。我們將在 2022 年及以後繼續擴大這一範圍。

We also just launched the first WiFi 6E gateway, truly the first DOCSIS 4.0 device with the capability of delivering multi-gigabit speed. Our goal is to continue to innovate on top of this and further widen the gap between the in-home experience that we offer versus any of the competition.

我們還剛剛推出了第一款 WiFi 6E 網關，真正意義上的第一款能夠提供數千兆位速度的 DOCSIS 4.0 設備。我們的目標是在此基礎上繼續創新，並進一步擴大我們提供的家庭體驗與任何競爭對手之間的差距。

Priority #2 is Peacock. Premium video consumption continues to increase across the industry, currently approaching 600 billion hours per year in the U.S., up from 350 billion hours annually in the broadcast-led era of the early 1990s. We've also seen that the average household spend on video continues to grow by over 10% since 2014 alone, which is constantly expanding the addressable market.

優先級#2 是孔雀。整個行業的優質視頻消費量持續增長，目前在美國每年接近 6000 億小時，高於 1990 年代初期以廣播為主導的時代的每年 3500 億小時。我們還看到，僅自 2014 年以來，家庭在視頻上的平均支出就持續增長 10% 以上，這正在不斷擴大潛在市場。

NBCUniversal has played a significant part in this ecosystem, ranking as the #1 TV portfolio audience and #2 film business in box office with incredible engagement. Today, NBCU reaches over 100 million U.S. households, which is nearly 80% of the population, every quarter. Of that 100 million, Nielsen reports that nearly 60 million households watch at least 10 hours of our content every single month. That's more households than our competitors in both linear TV and streaming.

NBCUniversal 在這個生態系統中發揮了重要作用，以令人難以置信的參與度在票房中排名第一的電視組合觀眾和排名第二的電影業務。如今，NBCU 每季度覆蓋超過 1 億個美國家庭，佔人口的近 80%。尼爾森報告稱，在這 1 億人中，近 6000 萬個家庭每個月至少觀看我們 10 小時的內容。在線性電視和流媒體領域，這比我們的競爭對手多。

When we introduced Peacock to you back in early 2020, our vision was to launch a streaming service that offers premium content and is supported primarily by advertising. What we've learned so far is that we started with the right business model. With over 300 million hours of content consumed on Peacock per month, the engagement with our platform has proven extremely valuable to advertisers. We also realized the importance of diversity when it comes to genres, and so we added sports. We introduced early-access movies, and we started ramping up some originals.

當我們在 2020 年初向您介紹 Peacock 時，我們的願景是推出一項提供優質內容並主要由廣告支持的流媒體服務。到目前為止，我們了解到的是，我們從正確的商業模式開始。每月在 Peacock 上消耗的內容超過 3 億小時，事實證明，與我們平台的互動對廣告商非常有價值。我們也意識到多樣性在體裁方面的重要性，因此我們增加了運動。我們推出了搶先體驗電影，並開始增加一些原創電影。

Behind these investments, we found ourselves well on our way to exceeding the MAA and revenue targets we initially discussed. In fact, at the end of 2021, we had 24.5 million monthly active accounts in the U.S. or about 75% of the guidance we have provided for 2024. Within these 24.5 million MAAs are over 9 million paid subscribers approaching $10 in paid ARPU, which includes the advertising.

在這些投資的背後，我們發現自己正在超越我們最初討論的 MAA 和收入目標。事實上，到 2021 年底，我們在美國擁有 2450 萬個月活躍賬戶，約占我們為 2024 年提供的指導的 75%。在這 2450 萬個 MAA 中，超過 900 萬付費用戶的付費 ARPU 接近 10 美元，這包括廣告。

And that is without much focus on paid subscriber growth. We have another 7 million highly engaged bundled subscribers from Xfinity and other top distributors, who use Peacock every single month and currently receive Peacock Premium at no extra cost. We expect strong conversion of this group to paid subscribers over time.

這並沒有過多關注付費用戶的增長。我們還有來自 Xfinity 和其他頂級分銷商的另外 700 萬高度參與的捆綁訂戶，他們每個月都使用 Peacock，目前免費獲得 Peacock Premium。我們預計隨著時間的推移，這一群體將強勁地轉化為付費用戶。

We've accomplished all of this despite our movies and NBC content still premiering on other streaming services through the end of 2021, including HBO and Hulu, and with the majority of our best content still to come. We just started, including the NFL, our Pay-One movie deal kicks in this year, and we have a growing number of originals in the pipeline.

儘管到 2021 年底，我們的電影和 NBC 內容仍在其他流媒體服務（包括 HBO 和 Hulu）上首映，但我們已經完成了所有這一切，而且我們的大部分最佳內容仍未到來。我們剛剛開始，包括 NFL，我們的 Pay-One 電影交易在今年開始，我們有越來越多的原創作品正在籌備中。

Our research indicates that 80% of consumers prefer an ad-supported service over a higher-cost, ad-free SVOD offering. We see this in our customer mix, with the vast majority of our paid subscribers choosing the $5 paid AVOD tier over the $10 tier without ads. You combine this with the fact that our paid subscribers have much lower churn and significantly higher engagement.

我們的研究表明，80% 的消費者更喜歡廣告支持的服務，而不是成本更高、無廣告的 SVOD 服務。我們在我們的客戶組合中看到了這一點，我們的絕大多數付費訂閱者選擇了 5 美元的付費 AVOD 層，而不是 10 美元的無廣告層。您將這一點與我們的付費訂戶流失率低得多且參與度顯著提高的事實相結合。

And we think the most valuable end state for Peacock is to have 2 revenue streams. And so while we will continue to leverage the more than $20 billion of programming spend we already have across NBCU and Sky, we are committed to reallocating and increasing investment on top of this to drive further growth in paid subscribers, which we believe is the right path to creating long-term value.

我們認為 Peacock 最有價值的最終狀態是擁有 2 個收入來源。因此，儘管我們將繼續利用我們在 NBCU 和 Sky 已經擁有的超過 200 億美元的節目支出，但我們致力於在此基礎上重新分配和增加投資，以推動付費訂戶的進一步增長，我們認為這是正確的創造長期價值的途徑。

I couldn't be more excited about the momentum we are seeing with Peacock in the U.S. as well as the international opportunities ahead. In late 2021, we introduced Peacock on Sky in the U.K. and Ireland. Then earlier this week, we announced the rollout of Germany and Austria. And plans are in place for our own SkyShowtime joint venture to launch later this year.

我對我們在美國看到 Peacock 的勢頭以及未來的國際機遇感到非常興奮。 2021 年底，我們在英國和愛爾蘭推出了 Peacock on Sky。然後本週早些時候，我們宣布推出德國和奧地利。我們計劃在今年晚些時候推出我們自己的 SkyShowtime 合資企業。

Next, our company's third priority for 2022 is to monetize and expand the reach of our proprietary global technology platform and our addressable customer base. In October, we launched Sky Glass in the U.K. and XClass in the U.S., both built upon our investments in X1, Flex and Sky Q. This year, we'll continue to evolve this strategy to incorporate more markets, additional partners and new distribution outlets. I look forward to updating you on our progress.

接下來，我們公司 2022 年的第三個優先事項是貨幣化並擴大我們專有的全球技術平台和可尋址客戶群的覆蓋範圍。 10 月，我們在 X1、Flex 和 Sky Q 的投資基礎上在英國推出了 Sky Glass 和在美國推出了 XClass。今年，我們將繼續發展這一戰略，以納入更多市場、更多合作夥伴和新的分銷渠道網點。我期待著向您通報我們的進展。

Our fourth priority is to continue to have a positive impact on society and the communities we serve. A big part of that work is our commitment to DE&I and digital equity. A decade ago, we created Internet Essentials, which has become the nation's largest low-income broadband adoption program. And we have recently expanded our efforts with the launch of Lift Zones, where we brought free WiFi to more than 1,000 community centers around the country. These are just 2 examples of how our teams have come together to help connect more people to the tools and resources they need to succeed in a digital world.

我們的第四個優先事項是繼續對社會和我們所服務的社區產生積極影響。這項工作的很大一部分是我們對 DE&I 和數字資產的承諾。十年前，我們創建了 Internet Essentials，它已成為美國最大的低收入寬帶採用計劃。我們最近擴大了我們的努力，推出了 Lift Zones，為全國 1,000 多個社區中心提供免費 WiFi。這些只是我們的團隊如何齊心協力幫助更多人獲得在數字世界中取得成功所需的工具和資源的兩個例子。

So I am really proud of our many accomplishments in 2021 and extremely optimistic about the opportunities that lie ahead for our company. I firmly believe that our integrated strategy with the assets, capabilities and talent we have today will continue to drive growth across our businesses and create long-term shareholder value.

因此，我為我們在 2021 年取得的許多成就感到非常自豪，並對我們公司面臨的機遇極為樂觀。我堅信，我們今天擁有的資產、能力和人才的綜合戰略將繼續推動我們業務的增長，並為股東創造長期價值。

Mike?

麥克風？

Thanks, Brian, and good morning, everyone. I'll begin on Slides 4 and 5 with our consolidated 2021 financial results. Revenue increased 9.5% to $30.3 billion for the fourth quarter and 12% to $116.4 billion for the full year. Adjusted EBITDA increased 17% to $8.4 billion for the fourth quarter and 13% to $34.7 billion for the full year. Adjusted EPS increased 38% to $0.77 per share for the fourth quarter and 24% to $3.23 for the full year.

謝謝，布賴恩，大家早上好。我將從幻燈片 4 和 5 開始，介紹我們 2021 年的綜合財務業績。第四季度收入增長 9.5% 至 303 億美元，全年增長 12% 至 1164 億美元。第四季度調整後 EBITDA 增長 17% 至 84 億美元，全年增長 13% 至 347 億美元。第四季度調整後每股收益增長 38% 至每股 0.77 美元，全年增長 24% 至 3.23 美元。

And we generated $3.8 billion of free cash flow for the fourth quarter and $17.1 billion for the year on a reported basis, which includes a $1.3 billion benefit related to the tax impact of the bond exchange we completed in August, $620 million of which fell in the fourth quarter as well as roughly $1 billion from returns on investing activities, most of which occurred in the fourth quarter. Excluding these items, free cash flow was $14.8 billion for the year.

根據報告，我們第四季度產生了 38 億美元的自由現金流，全年產生了 171 億美元，其中包括與我們在 8 月完成的債券交換的稅收影響相關的 13 億美元收益，其中 6.2 億美元下降了第四季度以及大約 10 億美元的投資活動回報，其中大部分發生在第四季度。不包括這些項目，當年的自由現金流為 148 億美元。

Now let's turn to our business segment results, starting with Cable Communications on Slide 6. For the fourth quarter, Cable revenue increased 4.5% to $16.4 billion, EBITDA increased 7.8% to $7.1 billion and net cash flow grew 9.2% to $4.5 billion.

現在讓我們轉向我們的業務部門業績，從幻燈片 6 上的有線電視通信開始。第四季度，有線電視收入增長 4.5% 至 164 億美元，EBITDA 增長 7.8% 至 71 億美元，淨現金流增長 9.2% 至 45 億美元。

For the full year, we grew customer relationships by 1.1 million, with 169,000 net additions in the fourth quarter. Overall, customer growth continues to be driven by broadband, where we added 1.3 million net new residential and business customers for the year and 212,000 in the fourth quarter. Our net adds this quarter reflect the continuation of lower overall marketplace activity, particularly move activity, compared to historical trends.

全年，我們的客戶關係增加了 110 萬，第四季度淨增加了 169,000。總體而言，寬帶業務繼續推動客戶增長，全年新增住宅和商業客戶 130 萬戶，第四季度新增 212,000 戶。與歷史趨勢相比，我們本季度的淨增長反映了整體市場活動的持續下降，尤其是搬家活動。

While this resulted in lower connect volumes, it also contributed to high levels of customer retention, with broadband churn improving to the lowest rate for any fourth quarter on record. Broadband was also the largest contributor to our Cable revenue growth, with broadband revenue increasing 8.5% in the quarter, driven by the strong net additions over the past year as well as healthy growth in average revenue per customer.

雖然這導致連接量減少，但它也促進了高水平的客戶保留，寬帶流失率提高到有記錄以來第四季度的最低水平。寬帶也是我們有線電視收入增長的最大貢獻者，在過去一年強勁的淨增長以及每位客戶平均收入的健康增長的推動下，本季度寬帶收入增長了 8.5%。

Moving to wireless. Revenue increased 40%, driven by growth in customer lines and higher device sales. Overall, we added 1.2 million lines for the year and 312,000 lines in the quarter, the best results since launching this business in 2017, bringing total mobile lines to 4 million.

轉向無線。受客戶線增長和設備銷售增加的推動，收入增長了 40%。總體而言，我們全年新增 120 萬條線路，本季度新增 312,000 條線路，這是自 2017 年推出該業務以來的最佳業績，使移動線路總數達到 400 萬條。

As Brian noted, over the past year, we have made tremendous strides fully integrating wireless into our core Cable operations, achieving stand-alone profitability of $157 million this year. Now that we've crossed strongly into profitability and the business is deeply integrated into our core Cable operations, we won't be disclosing stand-alone wireless EBITDA going forward.

正如布賴恩所指出的，在過去的一年裡，我們在將無線完全整合到我們的核心有線電視業務中取得了巨大的進步，今年實現了 1.57 億美元的獨立盈利能力。既然我們已經實現了盈利能力，並且該業務已深度整合到我們的核心有線電視業務中，我們將不會披露未來獨立的無線 EBITDA。

Business services revenue increased 11.5% or approximately 7%, excluding the acquisition of Masergy, which closed at the beginning of the fourth quarter. Our strong organic results were driven by customers taking faster data speeds, higher attach rates of our advanced products and rate increases on some of our services as well as the continued growth in our customer base, which grew by 63,000 net new customers over the past year, with 17,000 additions in the fourth quarter.

商業服務收入增長 11.5% 或約 7%，不包括在第四季度初完成的對 Masergy 的收購。我們強勁的有機業績是由客戶採用更快的數據速度、我們先進產品的更高附加率和我們的一些服務的費率增加以及我們客戶群的持續增長（在過去一年增加了 63,000 個淨新客戶）推動的，第四季度增加了 17,000 個。

For video, revenue declined 1.2%, driven by customer net losses totaling 1.7 million over the past year, including 373,000 in the fourth quarter, partially offset by higher average revenue per customer. This higher revenue per customer was driven by the residential rate adjustment we implemented at the beginning of 2021, which, we believe, was also a driver of video subscriber losses. We implemented a similar rate increase earlier this month, so we expect this trend to continue throughout 2022.

視頻方面，收入下降 1.2%，原因是去年客戶淨損失總計 170 萬，其中第四季度為 373,000，部分被每位客戶平均收入的增加所抵消。每位客戶的更高收入是由我們在 2021 年初實施的住宅費率調整推動的，我們認為這也是視頻用戶流失的一個驅動因素。我們本月早些時候實施了類似的加息，因此我們預計這一趨勢將持續到 2022 年。

Last, advertising revenue decreased 12.5%, reflecting lower political advertising compared to record levels in last year's fourth quarter. Excluding political, advertising was up 9%, with modest growth in core and double-digit growth in advanced advertising.

最後，廣告收入下降了 12.5%，反映出與去年第四季度的創紀錄水平相比，政治廣告有所下降。不包括政治因素，廣告增長 9%，核心廣告溫和增長，高級廣告實現兩位數增長。

Turning to expenses. Cable Communications fourth quarter expenses increased 2%. Programming expenses decreased 1.2%, reflecting a decline in video customers, partially offset by higher rates. As we enter 2022, programming expenses should reflect the benefit of fewer contract renewals, combined with the impact from our anticipated decline in overall video customers.

轉向開支。有線通信第四季度的開支增長了 2%。節目費用下降 1.2%，反映了視頻客戶的下降，部分被更高的費率所抵消。隨著我們進入 2022 年，節目費用應反映合同續簽減少的好處，以及我們預期的整體視頻客戶下降的影響。

Nonprogramming expenses increased 4.1% and were flat on a per relationship basis, reflecting investment to drive organic growth in the business as well as the expenses related to our recent acquisition of Masergy. The primary driver of the year-over-year change was technical and product support, which increased about 10%, largely related to growth in our wireless business and was partially offset by lower bad debt and customer service expense.

非程序費用增長 4.1%，在每個關係的基礎上持平，反映了推動業務有機增長的投資以及與我們最近收購 Masergy 相關的費用。同比變化的主要驅動因素是技術和產品支持，增長了約 10%，這主要與我們的無線業務增長有關，但部分被壞賬和客戶服務費用的減少所抵消。

Cable Communications EBITDA increased 7.8% to $7.1 billion for the fourth quarter. And Cable EBITDA margin reached 43.4%, reflecting 130 basis points of year-over-year improvement. We believe we are striking the right balance by continuing to invest in our growth businesses, which are driving the top line and proving to be a great return for us, while, at the same time, continuing to increase our operating efficiency and take unnecessary costs out of the business.

第四季度有線通信 EBITDA 增長 7.8% 至 71 億美元。有線電視 EBITDA 利潤率達到 43.4%，同比提高 130 個基點。我們相信，通過繼續投資於我們的成長型業務，我們正在取得適當的平衡，這些業務正在推動收入增長並證明對我們來說是一個巨大的回報，同時繼續提高我們的運營效率並承擔不必要的成本出了生意。

All of this together should enable us to drive higher profitability and expand margins, both in 2022 and thereafter. Cable capital expenditures increased 3.7% in the quarter and 4.9% for the year, resulting in CapEx intensity of 10.8%, our lowest full year on record and essentially in line with 2020's 11%, driven by lower spending on customer premise equipment and support capital, partially offset by higher spending on scalable infrastructure and line extensions.

所有這一切將使我們能夠在 2022 年及之後推動更高的盈利能力並擴大利潤率。本季度有線電視資本支出增長 3.7%，全年增長 4.9%，導致資本支出強度為 10.8%，為有記錄以來的最低全年，與 2020 年的 11% 基本持平，這主要是由於客戶端設備和支持資本支出減少，部分被可擴展基礎設施和線路擴展的更高支出所抵消。

As we noted on our call in July, we expect our Cable CapEx intensity will remain around 11% for the next few years as we continue to increase the number of homes and businesses that we pass and accelerate our investment in the technology that will enhance the overall capacity of our network, both downstream and upstream. This is a direct step to DOCSIS 4.0, which allows for multi-gig symmetrical speeds essentially with a software update, providing very little to no disruption to the home in a very capital-efficient way.

正如我們在 7 月份的電話會議上指出的那樣，我們預計未來幾年我們的有線電視資本支出強度將保持在 11% 左右，因為我們將繼續增加我們通過的家庭和企業的數量，並加快我們對技術的投資，這將增強我們網絡的整體容量，包括下游和上游。這是向 DOCSIS 4.0 邁出的直接一步，它允許通過軟件更新實現多千兆對稱速度，以非常節省資金的方式對家庭提供極少甚至沒有乾擾。

Now let's turn to Slide 7 for NBCUniversal. Starting with total NBCUniversal results, revenue increased 26% to $9.3 billion and EBITDA decreased 6.8% to $1.3 billion. Media revenue increased 8.4% to $5.8 billion, driven by higher distribution and advertising revenue, with a significant contribution from Peacock.

現在讓我們轉到 NBCUniversal 的幻燈片 7。從 NBCUniversal 的總業績開始，收入增長 26% 至 93 億美元，EBITDA 下降 6.8% 至 13 億美元。媒體收入增長 8.4% 至 58 億美元，主要受分銷和廣告收入增加的推動，其中 Peacock 貢獻顯著。

Distribution revenue increased 12%, reflecting higher rates post the successful completion of several carriage renewals at the end of 2020 and a growing contribution from Peacock due to our growth in paid subscribers, partially offset by subscriber declines at our networks. As a reminder, beginning in the first quarter of 2022, we will lap these carriage renewals.

分銷收入增長了 12%，這反映了 2020 年底成功完成數次運輸續訂後的較高費率，以及由於我們的付費用戶增長而導致 Peacock 的貢獻增加，部分被我們網絡的用戶下降所抵消。提醒一下，從 2022 年第一季度開始，我們將進行這些車廂更新。

Advertising revenue increased 6%, reflecting higher pricing, which benefited from our strong upfront, and a growing contribution from Peacock, which was only partially offset by ratings declines and a difficult comparison to record levels of political advertising at our local stations in last year's fourth quarter.

廣告收入增長 6%，這反映了更高的定價，這得益於我們強勁的預付款，以及 Peacock 的貢獻不斷增長，這僅被收視率下降和難以與去年第四屆本地電台創紀錄水平的政治廣告進行比較而部分抵消25美分硬幣。

Media EBITDA decreased 49% to $721 million in the fourth quarter, including a $559 million EBITDA loss at Peacock. Excluding Peacock, Media EBITDA decreased 24%, reflecting higher costs associated with more sporting events at our regional sports networks compared to last year when the NBA and NHL delayed the start of their seasons due to COVID-19, as well as higher television programming and marketing costs, driven by the return of our full schedule compared to last year when our schedule was impacted by COVID-19. This difficult cost comparison will continue in the first quarter.

第四季度媒體 EBITDA 下降 49% 至 7.21 億美元，其中 Peacock 的 EBITDA 虧損 5.59 億美元。不包括 Peacock，媒體 EBITDA 下降了 24%，這與去年 NBA 和 NHL 由於 COVID-19 以及更高的電視節目和與去年我們的日程受到 COVID-19 影響時相比，我們的全部日程恢復了，這推動了營銷成本。這種艱難的成本比較將在第一季度繼續進行。

Before moving on, I want to build on Brian's comments regarding Peacock. In 2021, Peacock generated revenue of nearly $800 million and an EBITDA loss of $1.7 billion, which includes content spend of over $1.5 billion.

在繼續之前，我想以布賴恩關於孔雀的評論為基礎。 2021 年，Peacock 創造了近 8 億美元的收入和 17 億美元的 EBITDA 虧損，其中包括超過 15 億美元的內容支出。

Even with a relatively limited programming slate, we've achieved a level of success in MAAs, paid subs and engagement that is driving our decision to double our content spend on Peacock in 2022 to over $3 billion with the goal of ramping domestic content spend to $5 billion over the next couple of years, some of which will be incremental and some of which will be a reallocation from linear programming. For 2022, while we expect a significant step-up in revenue, the incremental investment we are spending in both content and marketing and service will likely result in an EBITDA loss of roughly $2.5 billion.

即使節目安排相對有限，我們在 MAA、付費訂閱和參與方面也取得了一定程度的成功，這促使我們決定在 2022 年將 Peacock 的內容支出翻一番，達到 30 億美元以上，目標是將國內內容支出增加到未來幾年 50 億美元，其中一些將是增量的，其中一些將是線性規劃的重新分配。到 2022 年，雖然我們預計收入將大幅增長，但我們在內容、營銷和服務方面的增量投資可能會導致 EBITDA 損失約 25 億美元。

While the timing of when Peacock breaks even may be pushed out from where we originally expected, we believe pursuing a dual revenue stream is the right strategy to create long-term value. And given the strength in our Theme Parks and high-margin linear businesses, the good news is that we will fund this pivot out of NBCUniversal's cash flows.

雖然 Peacock 收支平衡的時間可能會超出我們最初的預期，但我們認為追求雙重收入來源是創造長期價值的正確策略。鑑於我們的主題公園和高利潤線性業務的實力，好消息是我們將從 NBCUniversal 的現金流中為這一支點提供資金。

Moving next to Studios. Revenue increased 36% to $2.4 billion, but EBITDA declined 34% to $51 million. This decline was driven by the timing of our film slate, partially offset by growth in TV content licensing.

搬到工作室旁邊。收入增長 36% 至 24 億美元，但 EBITDA 下降 34% 至 5100 萬美元。這一下降是由我們的電影上映時間推動的，部分被電視內容許可的增長所抵消。

Film has a multiyear business model, with titles monetized over time as they transition through different theatrical and licensing windows. As a result of pausing film releases in 2020 during the pandemic, we had fewer new titles come into the licensing window in the fourth quarter compared to a year ago.

電影有一個多年的商業模式，隨著時間的推移，它們會通過不同的影院和許可窗口轉換成貨幣。由於在大流行期間暫停了 2020 年的電影發行，與一年前相比，我們在第四季度進入許可窗口的新影片數量減少了。

And at the same time, marketing costs were higher as we released Sing 2 and Halloween Kills in theaters. This impact of fewer carryover titles and higher year-over-year marketing costs associated with more theatrical releases will begin to diminish as we move forward but will continue to pressure EBITDA growth for the next few quarters.

同時，隨著我們在影院上映《歌唱 2》和《萬聖節殺戮》，營銷成本也更高。隨著我們向前邁進，結轉頭銜減少以及與更多影院上映相關的同比營銷成本增加的影響將開始減弱，但將繼續對未來幾個季度的 EBITDA 增長造成壓力。

Last, at Theme Parks, revenue increased by $1.2 billion to $1.9 billion. And we generated EBITDA of $674 million, which was our highest on record for any fourth quarter, driven by strong momentum in the U.S. and Japan. At our U.S. parks, we benefited from strong domestic attendance and per caps that were above pre-pandemic levels. At Universal Studios Japan, we saw improved attendance levels as government-mandated capacity restrictions were eased during the quarter.

最後，主題公園的收入增加了 12 億美元，達到 19 億美元。在美國和日本強勁勢頭的推動下，我們產生了 6.74 億美元的 EBITDA，這是我們第四季度的最高記錄。在我們的美國公園，我們受益於強勁的國內上座率和高於大流行前水平的人均上限。在日本環球影城，我們看到由於政府規定的容量限制在本季度放寬，上座率有所提高。

At our newly opened park, Universal Beijing, we are pleased with our first full quarter of operations, where the level of demand from our guests was high, but overall attendance was impacted by COVID-related restrictions. Despite that, Beijing's EBITDA was essentially breakeven in the quarter, and we anticipate modest profitability in our first full year of operation in 2022. For total Theme Parks, while we have been very pleased with the pace of our recovery, particularly in the U.S., we recognize that the business is subject to variability related to the pandemic, which tends to be more pronounced at our international parks.

在我們新開的公園北京環球影城，我們對第一個完整季度的運營感到滿意，我們的客人的需求水平很高，但總體上座率受到了與 COVID 相關的限制的影響。儘管如此，北京的 EBITDA 在本季度基本實現盈虧平衡，我們預計 2022 年運營的第一個全年將實現適度盈利。對於整個主題公園，雖然我們對我們的複蘇步伐感到非常滿意，尤其是在美國，我們認識到，該業務會受到與大流行相關的變化的影響，這種變化在我們的國際公園往往更為明顯。

Now let's turn to Slide 8 for Sky, which I'll speak to on a constant currency basis. For the fourth quarter, Sky revenue decreased 2.5% to $5.1 billion as solid growth in the U.K. was offset by our results in Italy, where we continue to transition through the change to our Serie A broadcast rights.

現在讓我們轉到 Sky 的幻燈片 8，我將在固定貨幣的基礎上進行討論。第四季度，Sky 收入下降 2.5% 至 51 億美元，原因是英國的穩健增長被我們在意大利的業績所抵消，我們在意大利繼續通過改變意甲轉播權進行過渡。

Direct-to-consumer revenue decreased 1%, reflecting a modest decline in average revenue per customer relationship and overall customer relationship additions of 61,000 in the fourth quarter. This gain mostly came from a meaningful increase in streaming subscribers, primarily driven by seasonally strong entertainment content as well as a widely viewed sports schedule. The higher level of streaming additions in the quarter more than offset the level of customer losses we experienced in Italy, which were also better than we had anticipated.

直接面向消費者的收入下降了 1%，這反映了第四季度每個客戶關係的平均收入和整體客戶關係增加 61,000 個的適度下降。這一增長主要來自流媒體訂閱者的顯著增長，主要是受季節性強勁的娛樂內容以及廣泛觀看的體育賽事時間表的推動。本季度更高水平的流媒體增加抵消了我們在意大利經歷的客戶損失水平，這也好於我們的預期。

In the U.K., direct-to-consumer revenue increased mid-single digits, driven by continued healthy customer additions, supported by record-low churn and higher average revenue per customer. Revenue growth benefited from growth in broadband and wireless, streaming and hospitality as pubs and clubs revenue has recovered back to 2019 levels. This was offset by a decrease in customer relationships and average revenue per customer in Italy, both mainly due to the change in our Serie A broadcast rights.

在英國，直接面向消費者的收入增長了中個位數，這得益於持續健康的客戶增加，以及創紀錄的低流失率和更高的每位客戶平均收入。隨著酒吧和俱樂部的收入恢復到 2019 年的水平，收入增長受益於寬帶和無線、流媒體和酒店業的增長。這被意大利客戶關係和每位客戶平均收入的下降所抵消，這兩者都主要是由於我們的意甲轉播權的變化。

Rounding out the rest of revenue, content revenue declined 23%, driven by the change in sports licensing agreements in Italy and Germany. And advertising revenue increased 1%, with healthy growth in the U.K. and Germany mostly offset by a decline in Italy.

由於意大利和德國體育許可協議的變化，內容收入下降了 23%。廣告收入增長 1%，英國和德國的健康增長大部分被意大利的下降所抵消。

Turning to our EBITDA results. Sky's EBITDA increased 188% to $464 million, driven by our strong performance in the U.K. and improvements in Germany and Italy. Overall, the results reflect lower sports programming costs due to resets in our sports rights, partially offset by a change in sports rights amortization, which resulted in an increase of $130 million.

轉向我們的 EBITDA 結果。由於我們在英國的強勁表現以及德國和意大利的改善，Sky 的 EBITDA 增長了 188% 至 4.64 億美元。總體而言，結果反映了由於我們的體育權利重置導致體育節目成本降低，部分被體育權利攤銷的變化所抵消，這導致增加了 1.3 億美元。

As a reminder, we announced this change last quarter. It did not impact our full year results, but it does impact the quarterly pattern of recognizing sports rights amortization costs, with expenses higher in the first and fourth quarters and lower in the second and third quarters.

提醒一下，我們在上個季度宣布了這一變化。它沒有影響我們的全年業績，但確實影響了確認體育權利攤銷成本的季度模式，第一和第四季度的費用較高，第二和第三季度的費用較低。

I'll wrap up with free cash flow and capital allocation on Slide 9. As I mentioned previously, in 2021, we generated around $15 billion in organic free cash flow, excluding the items I referred to earlier. Consolidated total capital increased 3.6% to $12.1 billion, largely driven by higher investment on our broadband network.

我將在幻燈片 9 上結束自由現金流和資本分配。正如我之前提到的，在 2021 年，我們產生了約 150 億美元的有機自由現金流，不包括我之前提到的項目。合併總資本增長 3.6% 至 121 億美元，主要受我們寬帶網絡投資增加的推動。

Looking ahead to 2022, we expect Cable CapEx intensity to stay around 11% and NBCUniversal CapEx related to the construction of Epic Universe to be up around $1 billion. Working capital was $1.5 billion for the year, a $1.3 billion increase over last year's level, reflecting a post-COVID ramp of investment in studio content and our broadcast of the Summer Olympics, but less than we originally expected, largely due to the timing of content spend at both NBCUniversal and Sky and a faster-than-expected recovery of Theme Parks.

展望 2022 年，我們預計有線電視資本支出強度將保持在 11% 左右，而與 Epic Universe 建設相關的 NBCUniversal 資本支出將增加約 10 億美元。全年營運資金為 15 億美元，比去年的水平增加 13 億美元，這反映了疫情后對工作室內容和我們夏季奧運會轉播的投資增加，但低於我們最初的預期，主要是由於時間安排NBCUniversal 和 Sky 的內容支出以及主題公園的恢復速度快於預期。

Turning to capital allocation. We ended the year with net leverage at 2.4x and returned a total of $8.5 billion to shareholders, including $4.5 billion in dividend payments and $4 billion in share repurchases. For 2022, as I said previously, we expect to continue to maintain leverage at around current levels, which I expect will support continued strong capital returns.

轉向資本配置。我們以 2.4 倍的淨槓桿率結束了這一年，向股東返還了 85 億美元，其中包括 45 億美元的股息支付和 40 億美元的股票回購。正如我之前所說，對於 2022 年，我們預計將繼續將槓桿率維持在當前水平附近，我預計這將支持持續強勁的資本回報。

As we announced this morning, we are raising the dividend by $0.08 to $1.08 per share, our 14th consecutive annual increase. And our Board of Directors has increased our share repurchase authorization to $10 billion. This capital allocation policy will allow us to maintain the balance we've talked about, investing organically in the businesses, maintaining a strong balance sheet and returning capital to shareholders.

正如我們今天早上宣布的那樣，我們將股息提高 0.08 美元至每股 1.08 美元，這是我們連續第 14 年增加股息。我們的董事會已將我們的股票回購授權增加到 100 億美元。這種資本分配政策將使我們能夠保持我們所討論的平衡，對業務進行有機投資，保持強勁的資產負債表並向股東返還資本。

So thanks for joining us on the call this morning. With that, I'll turn it back to Marci, who will lead the question-and-answer portion of the call.

感謝您今天早上加入我們的電話會議。有了這個，我將把它轉回給 Marci，他將領導電話的問答部分。

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

謝謝，邁克。里賈納，讓我們打開問答電話吧。

(Operator Instructions) Your first question comes from the line of Ben Swinburne with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Ben Swinburne。

I'd like to ask a question about the sort of first 2 priorities, Brian, that you laid out at the top. So on broadband, you talked about a balance between volume and rate. Obviously, the environment is tricky right now.

我想問一個關於前兩個優先事項的問題，Brian，你在頂部列出。所以在寬帶上，你談到了數量和速率之間的平衡。顯然，現在的環境很棘手。

And maybe, Dave, you could talk a little bit about your philosophy on pricing, bundling with wireless, whether there's an opportunity to sort of let wireless pull broadband through, and how you think that sort of segmentation activity can help net adds? And any expectations we should have about net adds for '22 would be helpful.

也許，戴夫，你可以談談你的定價理念，與無線捆綁，是否有機會讓無線拉寬帶，以及你認為這種細分活動如何幫助網絡增加？我們應該對 '22 的淨增加有任何期望都會有所幫助。

And then, I think, for Jeff, obviously, after Netflix last week, the market's view on streaming has cooled a bit. No surprise. You guys seem to be pacing on ARPU well ahead of where you thought back when Steve presented the thesis a couple of years ago. Can you put sort of the business plan in front of us a little bit more so we can understand the incremental investment, the kind of returns you expect? And how does this translate into sort of growth for NBC, the company, over time, so we can get a little more context around your decision to step in this much.

然後，我認為，對於傑夫來說，顯然，在上週 Netflix 之後，市場對流媒體的看法有所降溫。沒有驚喜。你們似乎在 ARPU 上的步伐遠遠超過了幾年前史蒂夫提出論文時的想法。你能把一些商業計劃放在我們面前，讓我們了解增量投資，你期望的回報嗎？隨著時間的推移，這如何轉化為 NBC 公司的增長，所以我們可以了解更多關於你決定介入的背景信息。

Thanks so much. So I think demand -- let me just start higher level with what I think our principles are, and then Dave can get into the specifics of some of the more detail of that question. For broadband, just -- demand just keeps going up. That's the importance of the product. And I think we're incredibly well positioned to service our customers and monetize on the investments that we want to make.

非常感謝。所以我認為需求——讓我從我認為我們的原則的更高層次開始，然後戴夫可以進入該問題的一些更詳細的細節。對於寬帶，需求一直在上升。這就是產品的重要性。而且我認為我們在服務客戶和通過我們想要進行的投資中獲利方面處於非常有利的地位。

And the industry penetration has continued to expand. But despite that, we think we have a long runway for growth. We still believe, with about 50% penetration in our footprint, that, that leaves us with the long part of the field to keep going.

行業滲透率不斷擴大。但儘管如此，我們認為我們的增長之路還很長。我們仍然相信，在我們的足跡滲透率約為 50% 的情況下，這讓我們在很長一段時間內繼續前進。

And we also are expanding the field because we're able to grow the footprint and grow the addressable market, as I talked about, given extensions and government subsidies and some of the investments by the government in broadband. And we're going to evaluate every opportunity we have to accelerate our passings.

正如我所說，鑑於擴展和政府補貼以及政府在寬帶方面的一些投資，我們也正在擴大該領域，因為我們能夠擴大足跡並擴大潛在市場。我們將評估我們必須加速傳球的每一個機會。

So from here, I expect the growth is going to be fueled by the strength of the network, focused on innovation and product differentiation. We're going to continue to improve our products to be best-in-class, increase our speeds and always enhance the customer experience.

因此，從這裡開始，我預計增長將受到網絡實力的推動，專注於創新和產品差異化。我們將繼續改進我們的產品，使其成為一流的產品，提高我們的速度並始終提升客戶體驗。

And so our ability to compete and segment the customers and do it throughout the entire market, not just regionally, I think these are all the advantages we've got and why I think we're going to keep growing. But Dave, why don't you go into some of the pricing and volume and some of the questions that Ben asked?

因此，我們有能力競爭和細分客戶，並在整個市場上做到這一點，而不僅僅是區域，我認為這些都是我們所擁有的優勢，也是我認為我們將繼續增長的原因。但是戴夫，你為什麼不討論一些定價和數量以及本提出的一些問題呢？

Sure. Ben, so let me start with trends. So you asked about that, and so we're seeing a lot of the same trends we experienced at the end of last year, with connect activity remaining lower than what we experienced towards the end of last year. And one of key drivers -- other than seasonality just not being as normal, one of the key drivers of this is lower move activity. And when you look at external move data, which we track very closely compared to '19, this move data tracks fairly closely to our connect indexing.

當然。 Ben，讓我從趨勢開始。所以你問了這個問題，所以我們看到了很多與去年年底相同的趨勢，連接活動仍然低於去年年底的水平。關鍵驅動因素之一——除了季節性不正常之外，其中一個關鍵驅動因素是較低的移動活動。當您查看與 '19 相比我們非常密切跟踪的外部移動數據時，此移動數據與我們的連接索引非常接近。

So -- however, in terms of trending, the great news is churn. Churn is at record lows and continues to get better. So one other thing in terms of trending is our focus we talked about. We go after every segment, and we're going to also make sure we're competitive in the income-constrained segment. So it's early. But I think we've done a nice job marketing the benefits of the new ACP program. So in terms of trending, that's where things stand right now.

所以——然而，就趨勢而言，好消息是流失。流失率處於創紀錄的低點，並繼續好轉。因此，就趨勢而言，另一件事是我們談到的重點。我們追求每個細分市場，我們還將確保我們在收入受限的細分市場中具有競爭力。所以還早。但我認為我們在營銷新 ACP 計劃的好處方面做得很好。所以就趨勢而言，這就是現在的情況。

Mobile, I think it's a very good point and totally agree. Our mobile is key for us, in and of itself, is a great growth opportunity, but it's also very important to broadband. We talked a lot about broadband churn benefits. That continues, but we want to bring mobile value to every segment in every offer.

移動，我認為這是一個很好的觀點，完全同意。我們的手機對我們來說是關鍵，它本身就是一個巨大的增長機會，但它對寬帶也非常重要。我們談了很多關於寬帶流失的好處。這種情況仍在繼續，但我們希望為每個報價的每個細分市場帶來移動價值。

So as we segment the marketplace in broadband, whether it's a stand-alone broadband relationship, which is fine, but we're going to talk about broadband and mobile. And every single product and offer construct, we will deliver that. And we're simplifying and converging mobile offers just to make sure every single sales channel is optimized to deliver on these offer constructs. So look more in '22, but more of that as we go throughout the year.

因此，當我們對寬帶市場進行細分時，無論是獨立的寬帶關係，這都很好，但我們將討論寬帶和移動。每一個產品和報價結構，我們都會提供。我們正在簡化和融合移動優惠，以確保每個銷售渠道都經過優化以提供這些優惠結構。因此，請在 22 年多看一些，但隨著我們全年的發展，會更多。

And then last but not least is pricing. In terms of broadband, we've had a very consistent approach to broadband pricing. We've been competing for a long time and in all sorts of different competitive environments. And we focus on different levels of broadband speeds. We focus on innovation and surrounding broadband with product enhancements that are embedded within broadband like Flex. You get security, coverage, great gateway devices.

最後但並非最不重要的是定價。在寬帶方面，我們對寬帶定價採取了非常一致的方法。我們已經在各種不同的競爭環境中競爭了很長時間。我們專注於不同級別的寬帶速度。我們專注於創新和圍繞寬帶，並通過嵌入在像 Flex 這樣的寬帶中的產品增強功能。您可以獲得安全性、覆蓋範圍和出色的網關設備。

We just tested a device that points towards longer term, where we can deliver 4 gigabits in this trial symmetrically up and down. So we have a long road map of innovation that we feel very good about that will eventually go into pricing. So -- but our general approach is a holistic one in that we are not -- we focus on every single product area, but it's the total bill that we look at. And so that is our main focus, leveraging speed tiers, taking always a look at the total customer bill.

我們剛剛測試了一個指向更長期的設備，我們可以在這個試驗中上下對稱地提供 4 Gb。所以我們有一個很長的創新路線圖，我們對此感覺非常好，最終會進入定價。所以 - 但我們的一般方法是一種整體方法，因為我們不是 - 我們專注於每一個產品領域，但這是我們關注的總賬單。這就是我們的主要關注點，利用速度層，始終查看總客戶賬單。

And from that perspective, we're a little bit lighter on broadband the last couple of years, including this year. And as in video, we take a little bit more in video because of the carriage renewals. You can see our pricing approach as we balance, just to your initial point, share and rate. We think we have a good formula. We've been competing like this for some time, and we feel good about this approach going forward.

從這個角度來看，在過去的幾年裡，包括今年，我們在寬帶上的使用稍微少了一點。和在視頻中一樣，由於車廂更新，我們在視頻中拍攝了更多內容。當我們平衡時，您可以看到我們的定價方法，只是到您的初始點、份額和費率。我們認為我們有一個很好的公式。我們已經像這樣競爭了一段時間，我們對這種方法的前進感到滿意。

Ben, it's Jeff. So let me just give a little bit more color on Peacock. So going back to when we did our Investor Day, which was just over 2 years ago, we believe that the best model for us was an ad-supported model. And we plan to offer, and we did offer, back at that point when we launched 3 different ways to get Peacock: a free AVOD-supported model; a light -- $4.99 light advertising-supported dual revenue stream model with some more premium content; and then we offer -- also offer a $9.99 SVOD product.

本，我是傑夫。所以讓我給孔雀多一點顏色。因此，回到兩年前我們舉辦投資者日的時候，我們認為對我們來說最好的模式是廣告支持的模式。我們計劃提供，而且我們確實提供了，當時我們推出了 3 種不同的方式來獲取 Peacock：支持 AVOD 的免費模型；輕量級——4.99 美元的輕量級廣告支持雙收入流模式，包含更多優質內容；然後我們提供 - 還提供 9.99 美元的 SVOD 產品。

At the time, we believed that the free AVOD product would kind of be our most popular and our leading product. What we found is that consumers are voting with their feet. And the vast majority of them are choosing the middle model, the $4.99 model, with more premium content and a light ad load, an ad load that's much lighter than linear and much lighter than some of our competitors. And that's resulted in some of the numbers that Brian and Mike laid out.

當時，我們相信免費的 AVOD 產品會成為我們最受歡迎和領先的產品。我們發現，消費者正在用腳投票。他們中的絕大多數都選擇了中間模型，即 4.99 美元的模型，具有更多的優質內容和少量的廣告負載，這種廣告負載比線性廣告負載輕得多，也比我們的一些競爭對手輕得多。這導致了布賴恩和邁克列出的一些數字。

Our MAAs are 24.5, which is 75% of the way that -- to where we thought we'd be in '24 back then. We haven't really focused on paid subscribers, and we're already over 9 million people paying us real money. And when you add the fact that in Comcast territory and some other of our distributors, we offer this premium product bundled for free. And over time, those will convert to pay. That's a pretty favorable model.

我們的 MAA 是 24.5，這是我們當時認為的 24 年的 75%。我們並沒有真正關注付費用戶，而且我們已經有超過 900 萬人付給我們真錢。當您添加這樣一個事實時，在康卡斯特地區和我們的其他一些分銷商中，我們免費提供捆綁的這種優質產品。隨著時間的推移，這些將轉化為支付。這是一個非常有利的模型。

And our ARPU has resulted in -- has responded. I think in our Investor Day, we expected to get to $6 to $7 in ARPU, and we're already approaching $10, as Mike said in his comments. So this is really favorable for us. And what we've done is we've invested behind this, as Brian said.

我們的 ARPU 已經導致 - 已經響應。正如邁克在評論中所說，我認為在我們的投資者日，我們預計 ARPU 將達到 6 到 7 美元，而我們已經接近 10 美元。所以這對我們來說真的很有利。正如布賴恩所說，我們所做的就是為此進行了投資。

So we've put some more money into bringing our content back, our Pay-One movies especially from HBO, which are going to be coming back later this year. And that's resulting in the greater investment and the greater losses that were laid out, but we think also greater returns because this model, this dual revenue stream model, really mirrors our existing business. And we think that the peak investment year will probably be '23 based on our plans. And then the revenue growth will overtake the investment growth, and we'll start turning positive.

因此，我們投入了更多資金來恢復我們的內容，尤其是來自 HBO 的付費電影，這些電影將在今年晚些時候回歸。這導致了更大的投資和更大的損失，但我們認為回報也更大，因為這種模式，這種雙重收入流模式，真正反映了我們現有的業務。根據我們的計劃，我們認為投資高峰年可能是 23 年。然後收入增長將超過投資增長，我們將開始轉正。

The most important thing to keep in mind is that we're playing really a different game than our competitors. We really believe that Peacock is not a separate business for us. It's an extension of our existing business, dual revenue stream. We are organized in our television business so that we run all of them together as one business. We program together as one business, picking the right model for each of our pieces of content that maximizes that.

要記住的最重要的事情是，我們正在玩與我們的競爭對手完全不同的遊戲。我們真的相信 Peacock 對我們來說不是一個獨立的業務。這是我們現有業務的延伸，雙重收入來源。我們在電視業務中進行了組織，因此我們將所有這些業務作為一項業務共同運營。我們作為一項業務一起進行編程，為我們的每一個內容選擇正確的模型，以最大限度地提高這一點。

And we think, over time, that's not just going to lead to good growth on Peacock, but it's going to lead to our TV business once we hit that peak investment period on Peacock returning to growth overall. So that we're -- as Brian said in the outset, we're #1 on NBC, we're #1 on news. We're -- our Studio is really strong.

我們認為，隨著時間的推移，這不僅會導致 Peacock 的良好增長，而且一旦我們達到 Peacock 整體恢復增長的投資高峰期，這將導致我們的電視業務。所以我們 - 正如布賴恩在一開始所說的那樣，我們在 NBC 上排名第一，我們在新聞方面排名第一。我們——我們的工作室真的很強大。

We have, in my opinion, the top content company in the world. And we're using that strength, along with our business model, to really play a different game in streaming than everybody else is. And we're really pleased with our performance so far.

在我看來，我們擁有世界頂級的內容公司。我們正在利用這種優勢以及我們的商業模式，在流媒體領域真正玩出與其他人不同的遊戲。到目前為止，我們對我們的表現感到非常滿意。

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

您的下一個問題來自摩根大通的 Phil Cusick。

So one follow-up and then a separate question. First, on the Peacock side, I think you have an opportunity to pull content back from Hulu this year. Does it make sense to do some of that as part of this Peacock investment? Or is this more organic?

所以一個跟進，然後一個單獨的問題。首先，在 Peacock 方面，我認為你今年有機會從 Hulu 中撤回內容。作為孔雀投資的一部分，這樣做是否有意義？或者這更有機？

And then second, on capital return, you have a $10 billion buyback authorization. Do you think that's a good guide for 2022? Or do you think it could be substantially different just given what you've outlined today?

其次，在資本回報方面，你有 100 億美元的回購授權。您認為這是 2022 年的好指南嗎？或者你認為僅僅考慮到你今天所概述的內容，它可能會有很大的不同？

Jeff, why don't you start with the Hulu question?

傑夫，你為什麼不從 Hulu 的問題開始？

Yes. Thanks for the question. So obviously, much of our strong NBC content, as Brian mentioned, premieres on Hulu. And over time, we'd like to bring that back to Peacock. But any discussions that we're having with Hulu or we'll have with Hulu we're really not going to comment on. So there's nothing really to report at this time. Mike?

是的。謝謝你的問題。很明顯，正如布賴恩提到的，我們強大的 NBC 內容中的大部分內容都是在 Hulu 上首映的。隨著時間的推移，我們想把它帶回孔雀。但是，我們與 Hulu 進行的任何討論，或者我們將與 Hulu 進行的任何討論，我們都不會發表評論。所以目前沒有什麼要報告的。麥克風？

Thanks, Jeff. So Phil, so on capital return, I would not take the authorization of $10 billion as a guide of anything, not trying to send a signal there. That's the level that the Board last authorized. We used some of that up, and we wanted to top it up as we started the year. And as you know, it's easy for us to go back when called for and quickly get greater authorization.

謝謝，傑夫。所以菲爾，所以關於資本回報，我不會將 100 億美元的授權作為任何事情的指導，也不會試圖在那裡發出信號。這是董事會上次授權的級別。我們使用了其中的一些，我們想在今年開始時補充它。如您所知，我們很容易在需要時返回並迅速獲得更大的授權。

So what I'd tell you to think about as we talk about capital return and buybacks is Brian and I and all of us here have been talking about our excitement and the imperative of getting back into balance, where strong capital turn through dividends and buybacks, which has been a hallmark of this company over decades and decades, would be back on the table, along with keeping the balance sheet strong and obviously prioritizing making high-returning investments in our business, which we talked a lot about what's going on, on that side on the call earlier.

因此，當我們談論資本回報和回購時，我要告訴你考慮的是布萊恩和我以及在座的所有人都在談論我們的興奮和恢復平衡的必要性，強勁的資本通過股息和回購轉向幾十年來一直是這家公司的標誌，它將重新回到桌面上，同時保持資產負債表強勁，顯然優先考慮對我們的業務進行高回報的投資，我們談了很多關於正在發生的事情，在那之前的電話上。

So I think it sets us up to be at the place we're at now back in balance, with leverage at 2.4. And I would point everybody not to a number I expect us to buy back, but rather the leverage level that I expect us to stay at, which is around this level of 2.4x.

所以我認為它使我們處於我們現在恢復平衡的位置，槓桿率為 2.4。而且我會指出每個人不是我希望我們回購的數字，而是我希望我們保持的槓桿水平，大約是 2.4 倍的水平。

I think that is going to set this company up for, in 2022 and beyond, very strong capital returns. And the number you guys all come up with is really just a function of doing your model for your own growth. I think we're going to grow EBITDA, but there's a variety of views there.

我認為這將使這家公司在 2022 年及以後獲得非常強勁的資本回報。你們提出的數字實際上只是為自己的成長而做模型的一個函數。我認為我們將增加 EBITDA，但那裡有各種各樣的觀點。

And I think we enumerated a lot of the areas from Epic, the park in -- theme park in Orlando to Jeff's commentary and my commentary on the expected losses of Peacock as we invest there. Yet that's to be funded out of cash flows that the business itself, NBC Media, will generate. So we think that's a very thoughtful way of funding the pivot to future growth in the Media side, to name just a few.

我認為我們列舉了很多領域，從奧蘭多的主題公園 Epic 到 Jeff 的評論以及我對 Peacock 的預期損失的評論，因為我們在那裡投資。然而，這筆資金將來自業務本身（NBC Media）將產生的現金流。因此，我們認為這是一種非常周到的方式，可以為媒體方面的未來增長提供資金支持，僅舉幾例。

So -- and obviously, CapEx intensity of Cable, maintaining at around the 11% level, I think, is an important element for people to think about, with Dave having talked 6 months ago on this call about what he wanted to do to drive towards DOCSIS 4.0, which, I think, sets our network up for the future. So that's what I got for you on capital return. Hopefully, it hits it all for everybody.

所以——很明顯，我認為，有線電視的資本支出強度保持在 11% 左右，這是人們需要考慮的一個重要因素，戴夫在 6 個月前的電話會議上談到了他想做什麼來推動DOCSIS 4.0，我認為，它為我們的未來網絡奠定了基礎。這就是我為你得到的資本回報。希望它對每個人都有幫助。

If I can follow-up on one thing. You mentioned that working capital was a little lower in 2022 than -- for '21 than you expected. How should we think about '22 versus '21?

如果我能跟進一件事。您提到 2022 年的營運資金比您預期的 21 年略低。我們應該如何看待'22與'21？

You know, I could make a quip, but your guess is good as mine. But really, it's a hard number to forecast. It goes -- obviously, as we get back post-COVID and ramp up some production, I might tell you to expect it to trend a little bit higher than it was and get back more towards 2019. But I said that last year, and it didn't happen.

你知道，我可以開玩笑，但你的猜測和我的一樣好。但實際上，這是一個很難預測的數字。它繼續 - 顯然，隨著我們在 COVID 後恢復並增加一些產量，我可能會告訴你預計它的趨勢會比以前高一點，並在 2019 年恢復得更多。但我去年說過，而且它沒有發生。

So I will leave it to the point that it's a number that's -- we're -- obviously, when we spend money on working capital, we're expecting to get a good return. But I think somewhere in the range of where it's been last year. The range would be where we were last year or higher up to where we were in '19 pre-COVID. But I'm not in a position to give you a prediction other than to give you some color.

所以我會說這是一個數字——我們是——顯然，當我們把錢花在營運資金上時，我們期望獲得良好的回報。但我認為在去年的某個範圍內。該範圍將是我們去年的水平或更高的水平，直到我們在 19 年新冠疫情之前的水平。但除了給你一些顏色之外，我無法給你一個預測。

Your next question comes from the line of Doug Mitchelson with Credit Suisse.

您的下一個問題來自瑞士信貸的 Doug Mitchelson。

One for Brian, one for Dave. Brian, on connected TV, what should we expect the next few years as guidepost for what you would consider success with your connected TV efforts? And now that you have some learnings -- early learnings with Sky Glass and XClass TV, do you have all the assets you need to be as successful in CTV as you would like to be?

一份給布萊恩，一份給戴夫。布賴恩，關於聯網電視，我們應該期待未來幾年作為您認為聯網電視成功的指南嗎？現在您已經學習了一些知識——Sky Glass 和 XClass TV 的早期學習，您是否擁有在 CTV 中取得成功所需的所有資產？

Dave, on the wireless side, AT&T indicated yesterday what investors already thought, which is that the overheated wireless market net adds would slow in 2022. How does that dynamic -- or would that dynamic, a slowing wireless market, impact the pace of net adds and promotional strategy for Comcast?

戴夫，在無線方面，AT&T 昨天表示了投資者已經想到的，即過熱的無線市場淨增加量將在 2022 年放緩。這種動態——或者說這種動態，一個正在放緩的無線市場，會如何影響淨增長速度？康卡斯特的增加和促銷策略？

And sorry, Dave, as part of that, now that you've reached full year profitability in that business, should we think the strategy going forward is to sort of invest in customer acquisition and sort of maintain breakeven or slight profitability? Or even though you're not reporting any more, should we expect margins to continue to improve on the wireless side of the Cable business?

抱歉，戴夫，作為其中的一部分，既然您已經在該業務中實現了全年盈利，我們是否應該認為未來的戰略是在客戶獲取上進行投資並保持盈虧平衡或輕微盈利？或者即使您不再報告，我們是否應該期望有線電視業務無線方面的利潤率繼續提高？

Okay. There's a lot in there. And Dana, I may come to you in a moment -- or just to comment a little bit about connected and our early days of Sky Glass and just maybe, in general, how you see it sets us up for the future.

好的。裡面有很多。還有 Dana，我可能會馬上來找你 - 或者只是對 Connected 和我們早期的 Sky Glass 發表評論，也許，總的來說，你如何看待它為我們的未來奠定了基礎。

But I think that's the big picture answer that I would give, Doug, is that we see people connecting to our network in a variety of ways in the future. And different generations of customers have different needs. So from the great new WiFi device that Dave just talked about to what we can do with a new platform, whether that gets you into telemedicine, gaming, education, above and beyond all the entertainment that -- and news that we're doing today.

但我認為這是我要給出的總體答案，道格，我們會看到人們在未來以各種方式連接到我們的網絡。並且不同代的客戶有不同的需求。因此，從 Dave 剛剛談到的出色的新 WiFi 設備到我們可以使用新平台做什麼，無論是讓您進入遠程醫療、遊戲、教育，還是超越所有娛樂——以及我們今天正在做的新聞.

And so when you play with Sky Glass or a connected television, you see the potential opening up. It also creates the potential for partnerships with companies that want to use that platform, want to extend their own products to different ways. So it creates relevancy for us with consumers. And our early learnings have been, I think, pretty spectacular.

因此，當您使用 Sky Glass 或聯網電視時，您會看到潛在的開放。它還創造了與希望使用該平台、希望將自己的產品擴展到不同方式的公司建立合作夥伴關係的潛力。因此，它為我們與消費者創造了相關性。我認為，我們早期的學習非常出色。

So Dana, why don't you take a minute and just -- what you'll hear about Sky Glass also can relate to eventually XClass TVs. But Dana, over to you.

所以 Dana，你為什麼不花一點時間——你將聽到的關於 Sky Glass 的內容也可能與最終的 XClass 電視有關。但是達納，交給你了。

Thanks, Brian, and thanks, Doug, for the question. We appreciate it very much. I'll just start by saying really pleased, 12 months in, with how Sky performed in 2021. And I'd like to highlight landing EBITDA at a 10% growth rate, really underpinned by the U.K., which continues to perform very well, with growth in EBITDA, revenue and customers and a good turn as we head out of COVID here. And we also have made the adjustment in our sports rights strategy very successfully in Italy and Germany, with both entities outperforming our expectations.

謝謝布賴恩，謝謝道格的問題。我們非常感謝。我首先要說的是，12 個月後，Sky 在 2021 年的表現非常高興。我想強調的是，EBITDA 以 10% 的增長率實現了增長，這真的得到了英國的支持，它繼續表現良好，隨著 EBITDA、收入和客戶的增長，以及我們在這裡走出 COVID 的良好轉折。我們在意大利和德國也非常成功地調整了我們的體育版權戰略，這兩個實體的表現都超出了我們的預期。

So I would say overall confidence in the Sky business as we walk into 2022 is feeling very good, feeling very confident about our growth prospects. And part of that also leads me to Glass because Glass is -- this will be our first full year in Glass. We launched in the fourth quarter last year just before. We're really excited about it because it opens up new headroom for us.

所以我想說，當我們進入 2022 年時，對 Sky 業務的整體信心感覺非常好，對我們的增長前景充滿信心。其中一部分也將我引向了 Glass，因為 Glass 是——這將是我們在 Glass 的第一個全年。我們在去年第四季度剛剛推出。我們對此感到非常興奮，因為它為我們開闢了新的空間。

So what I mean by that is, first, it opens up new customer segments as we move into an IP-based service. So it gives us the opportunity to sell to customers that previously couldn't have the service because they weren't allowed DISH's. It opens up new customers who are more streaming-focused and value-conscious customers.

所以我的意思是，首先，隨著我們轉向基於 IP 的服務，它開闢了新的客戶群。因此，它讓我們有機會向以前因為不允許使用 DISH 而無法獲得該服務的客戶進行銷售。它開闢了更多關注流媒體和注重價值的新客戶。

As we convert the cost of the TV into a monthly low-cost price point, like the mobile phone model, it opens up new value-conscious segments for us. And it's important to kind of say that this is a really good retention product as it's a 48- -- 24-, 48-month contract. It also appeals to existing customers, and it really deepens our relationship with them. So we're feeling really good about how it appeals to new customer segments and shores up existing customers.

當我們將電視的成本轉換為每月的低成本價格點時，就像手機型號一樣，它為我們開闢了新的價值意識細分市場。重要的是要說這是一個非常好的保留產品，因為它是一個 48--- 24-， 48 個月的合同。它也吸引了現有客戶，它確實加深了我們與他們的關係。因此，我們對它如何吸引新的客戶群並支持現有客戶感到非常滿意。

The second big source of value for us is it's a new ability to make a margin on equipment. So that's a new headroom for us.

對我們來說，第二大價值來源是它是一種在設備上賺取利潤的新能力。所以這對我們來說是一個新的空間。

And the third area for us, and Brian referenced this, is a new platform. And what we mean by that is a new platform for innovation, for future services. So whether that's syndication to new markets like our Foxtel deal in Australia or new services like fitness, watch together games and other things we've got in the hopper, we're feeling like this becomes a continuous source for innovation to either drive retention or launch into new revenue streams, depending on what the service is.

對我們來說，第三個領域，Brian 提到的，是一個新平台。我們的意思是一個新的創新平台，用於未來的服務。因此，無論是與我們在澳大利亞的 Foxtel 交易這樣的新市場聯合，還是像健身、一起觀看比賽以及我們在料斗中獲得的其他新服務，我們都覺得這將成為創新的持續來源，以提高保留率或啟動新的收入來源，具體取決於服務是什麼。

We're off to a strong start. So we've got a great reaction from the market. In the launch phase, we focused on our existing customer base, our most loyal customers, as we always do on Sky. We're really excited as we head into quarter 1 to open it up to general market more so and really start to step on the pedal.

我們有了一個良好的開端。所以我們從市場上得到了很好的反應。在發布階段，我們專注於我們現有的客戶群，我們最忠實的客戶，就像我們在 Sky 上所做的那樣。當我們進入第一季度以向一般市場開放更多並真正開始踩踏板時，我們真的很興奮。

So for us, as we enter into 2022, we really feel that Sky is in a strong position. We think that Glass is really off to a strong start. We're feeling good across all of our products and markets. And we think Glass is a really important growth opportunity for the organization for all the reasons we just touched on. Brian?

所以對我們來說，當我們進入 2022 年時，我們真的覺得 Sky 處於強勢地位。我們認為 Glass 確實有一個良好的開端。我們對所有產品和市場都感覺良好。出於我們剛剛提到的所有原因，我們認為 Glass 對組織來說是一個非常重要的增長機會。布賴恩？

Go ahead, Dave.

去吧，戴夫。

Thank you, Doug. A couple of things, and just following quickly on Dana's point. We're very excited, the Cable Group in the U.S., to focus in on that global tech stack and being able to pull off connected devices. And over time, we'll be opportunistic with what Dana is doing and that we're leveraging our organizations just brought over from Sky, working both with Sky and with cable Fraser Stirling that's looking across at all product innovation and now not only video, but also broadband.

謝謝你，道格。有幾件事，然後快速跟進 Dana 的觀點。我們很高興，美國的 Cable Group 能夠專注於全球技術堆棧並能夠推出連接設備。隨著時間的推移，我們將對 Dana 正在做的事情投機取巧，我們正在利用我們剛剛從 Sky 帶來的組織，與 Sky 和有線電視 Fraser Stirling 合作，他們著眼於所有產品創新，而不僅僅是視頻，還要寬帶。

And that global tech stack is really important for us, XClass TV. It's early, but every single aggregation point will be converged over time. So I think that's a real leverage opportunity.

這個全球技術堆棧對我們 XClass TV 非常重要。現在還為時過早，但每個聚合點都會隨著時間的推移而收斂。所以我認為這是一個真正的槓桿機會。

On your point on wireless, I think the biggest thing, Doug, is that there's just so much upside for us. The way we look at it, every single broadband home is an opportunity. And every single broadband home should have at least a couple of lines.

關於無線的觀點，Doug，我認為最重要的事情是我們有很大的優勢。在我們看來，每一個寬帶家庭都是一個機會。每個寬帶家庭都應該至少有幾條線路。

So to me, the addressable market expands. And as we continue to build out and add more homes, just more opportunities. So we go after a converged approach with broadband and mobile. And it's a real opportunity to drive share. In and of itself, mobile is a great product. But when you add it together, it just gives value to every single segment that's unique to us that we can do differently.

所以對我來說，潛在市場擴大了。隨著我們繼續建造和增加更多的房屋，更多的機會。因此，我們追求寬帶和移動的融合方法。這是推動份額的真正機會。手機本身就是一個很棒的產品。但是，當您將它們加在一起時，它只會為我們獨特的每個細分市場賦予價值，我們可以做不同的事情。

So to me, '22 is a year of optimizing that. As I mentioned earlier that we're going to take every single sales channel, simplify the go-to-market approach with mobile included for every segment, whether it's income constrained right on up, there'll be a mobile component in everything that we do.

所以對我來說，22 年是優化它的一年。正如我之前提到的，我們將採用每一個銷售渠道，簡化進入市場的方法，每個細分市場都包含移動設備，無論收入是否受到限制，我們的所有產品都將包含移動組件做。

So I think that's just a really big opportunity over time. And you look at it from an operational standpoint, one bill, one app, converged features in and out, leveraging WiFi, there's a lot of opportunities for us in mobile. And by the way, we just launched it in business services and small business, and we're having great early success there. So mobile, I think, will impact just about everything we do.

所以我認為隨著時間的推移，這只是一個非常大的機會。你從運營的角度來看，一張賬單，一個應用程序，融合功能進出，利用 WiFi，我們在移動領域有很多機會。順便說一句，我們剛剛在商業服務和小型企業中推出了它，我們在那裡取得了巨大的早期成功。所以移動，我認為，將影響我們所做的一切。

One last thing, just a quick clarification for folks. When I was talking about trending, it was -- I was talking about not the last quarter, of course, I meant worse than 2019, 2020, but just to clarify that.

最後一件事，只是對人們的快速澄清。當我談論趨勢時，我指的不是最後一個季度，當然，我的意思是比 2019 年、2020 年更糟糕，只是為了澄清這一點。

Your next question will come from the line of Jessica Reif Ehrlich with Bank of America Securities.

您的下一個問題將來自美國銀行證券公司的 Jessica Reif Ehrlich。

I have 2 NBCU questions. First, Theme Parks is a division, which seems to have the most upside for the company. And once demand turns, it tends to be just like a pent-up demand for years. So can you give us some color on like what the underlying -- what's going on underneath the surface? Are international visitors coming back yet? How much more leverage do you think you'll have in the Parks? And what's the timing of the Epic Universe opening?

我有 2 個 NBCU 問題。首先，主題公園是一個部門，似乎對公司來說是最大的優勢。一旦需求轉變，它往往就像多年來被壓抑的需求一樣。所以你能給我們一些顏色，比如底層 - 表面下發生了什麼？國際遊客回來了嗎？你認為你在公園裡還有多少籌碼？史詩宇宙的開放時間是什麼時候？

And then the second question, I just want to do a follow-up -- ask a follow-up on Peacock. You came -- as you guys said, you came out of the gate with a different strategy, but a lot has happened in the last 2 years with increasing global competition.

然後是第二個問題，我只想做一個跟進——問一個關於 Peacock 的跟進。你們來了——正如你們所說，你們以不同的策略走出大門，但在過去的兩年裡，隨著全球競爭的加劇，發生了很多事情。

So can you just talk about your longer-term goals? Do you want to be a global platform? You seem more focused on profit and subs versus some of your competitors. How do you think about -- I guess, Jeff said that you're managing the television business as one unit. So how do you think about differentiating content among your different TV businesses?

那麼你能談談你的長期目標嗎？你想成為一個全球平台嗎？與您的一些競爭對手相比，您似乎更關注利潤和訂閱量。你怎麼看——我猜，傑夫說你將電視業務作為一個整體來管理。那麼，您如何看待在不同電視業務之間區分內容？

Thanks, Jessica. So let me take those kind of in order. So first of all, it's impossible not just to be excited about our Theme Park business. We had a great year. We had a great fourth quarter, as Brian mentioned, in really across all the metrics of that business.

謝謝，傑西卡。因此，讓我按順序進行這些操作。因此，首先，不可能僅僅對我們的主題公園業務感到興奮。我們度過了美好的一年。正如布賴恩所說，我們在該業務的所有指標上都表現出色。

We haven't seen any impact of Omicron in Florida, for example, and very limited impacts, which would seem to be past in Hollywood and Japan. So everything is kind of going in the right direction. And even as we start the first quarter, continuing in that direction.

例如，我們還沒有看到 Omicron 在佛羅里達州的任何影響，而且影響非常有限，這在好萊塢和日本似乎已經過去。所以一切都在朝著正確的方向發展。甚至在我們開始第一季度的時候，繼續朝著這個方向發展。

I think part of that, by the way, is because we continued to invest in our attractions during the pandemic, as Brian also mentioned, with VelociCoaster in Orlando and Pets in Hollywood and Nintendo, which is doing really well in Japan, has led that park to rebound really, really quickly. So all signs are pointed up in our Theme Park business. And I agree with you, we have a lot of growth ahead.

順便說一句，我認為部分原因是因為我們在大流行期間繼續投資於我們的景點，正如布賴恩也提到的那樣，奧蘭多的 VelociCoaster 和好萊塢的 Pets 以及在日本做得很好的任天堂導致了這一點公園反彈真的，真的很快。因此，我們的主題公園業務中的所有跡像都指向了。我同意你的看法，我們還有很大的增長空間。

Our international visitation has not returned to what it was historically would be. In Florida, we generally are in the low 30s. Right now, we're just above 20, with most of that visitation now coming from the U.K. and Europe. Latin America hasn't returned yet. So we have upside there as people continue to increase travel.

我們的國際訪問並沒有恢復到歷史上的樣子。在佛羅里達州，我們通常處於 30 歲以下。現在，我們剛剛超過 20 歲，其中大部分訪問現在來自英國和歐洲。拉丁美洲還沒有回來。因此，隨著人們繼續增加旅行，我們有上行空間。

And we're also, I should mention, very happy with Beijing, which is open. People love the park. And when travel opens up in China after the Olympics, we are really optimistic of that park long term. So everything is going well, and they're trending in the right direction.

我應該提一下，我們對開放的北京也很滿意。人們喜歡公園。當奧運會結束後中國旅遊開放時，我們對這個公園的長期前景非常樂觀。所以一切都很順利，而且他們正朝著正確的方向發展。

Epic is full steam ahead. We're -- I was down there a couple of weeks ago and the construction is going really well. And I think we've said this in the past, but we expect that park to open in '25, and certainly in time for the summer of '25. And we'll be back to you and everybody when we get more granular on the date.

Epic 正在全力以赴。我們——幾週前我在那兒，施工進展順利。我想我們過去已經說過了，但我們預計該公園將在 25 年開放，並且肯定會在 25 年夏天開放。當我們更詳細地確定日期時，我們會回复您和所有人。

Yes. Just on that point, if I look back over COVID, one of the things I wish we could redo was slowing down Epic because I agree with your -- both what Jeff's saying and with your point, Jess. This is a business that if you build wonderful attractions, there is pent-up demand. And we're going to make a fabulous park at Epic, and we're full steam -- we're going as fast as we can now to make up for lost time.

是的。就在這一點上，如果我回顧 COVID，我希望我們可以重做的一件事就是放慢 Epic 的速度，因為我同意你的 - 傑夫所說的和你的觀點，傑西。這是一項如果您建立精彩的景點，就會有被壓抑的需求的業務。我們將在 Epic 建造一個絕妙的公園，而且我們正全力以赴——我們正在盡可能快地彌補失去的時間。

Yes. Turning to Peacock. So let me just first say that we believe, as everybody else does, that you need global scale, ultimately, to compete in the streaming business. That is clear, both in terms of your content spend and your technology and brand spend. Like everything else, we're taking a little bit different approach than everybody else.

是的。轉向孔雀。所以我首先要說的是，我們相信，就像其他人一樣，你最終需要全球規模才能在流媒體業務中競爭。就您的內容支出以及您的技術和品牌支出而言，這一點很清楚。像其他一切一樣，我們採取的方法與其他人略有不同。

First of all, if you look at where we are today, just like Comcast put their shoulder into Peacock domestically to get us where we are. Without Sky, we would have been in a much different place. With Sky, which has launched Peacock in the U.K. and Germany, thanks Dana, and is launching in Italy later this year, combined with the SkyShowtime joint venture that we have, we believe those -- all of those territories get us with the U.S. to 70% of the overall streaming market. Because remember, you can't launch streaming in places like China. There's parts of the world that just doesn't work.

首先，如果你看看我們今天的位置，就像康卡斯特在國內把他們的肩膀放在孔雀身上，讓我們達到現在的位置。如果沒有 Sky，我們的處境就會大不相同。 Sky 已在英國和德國推出 Peacock，感謝 Dana，並於今年晚些時候在意大利推出，再加上我們擁有的 SkyShowtime 合資企業，我們相信這些 - 所有這些地區都讓我們與美國合作整個流媒體市場的 70%。因為記住，你不能在中國這樣的地方推出流媒體。世界上有些地方是行不通的。

So the real question is how we get to the next 30%, and we're going to be disciplined about it. We're going to look to partnerships and really on a bespoke country-by-country basis of how we expand internationally. And we're going to get to global scale, but we're going to look to do it really probably in a more measured country-by-country way and optimistic that we can get there.

所以真正的問題是我們如何達到下一個 30%，我們將對此進行自律。我們將尋求合作夥伴關係，並真正根據我們如何在國際上擴展的定制國家。而且我們將達到全球規模，但我們將真正可能以一種更謹慎的國家/地區方式進行，並且樂觀地認為我們可以到達那裡。

And then lastly, your question on content is an interesting one. We believe very strongly that windows matter in the content business. Windows matter in the movie business. Windows matter in the TV business. When you take a piece of content and you put it on different platforms, sometimes you get a new user base, which then feeds into demand back in your original platform.

最後，您關於內容的問題很有趣。我們堅信窗口在內容業務中很重要。 Windows 在電影行業很重要。 Windows 在電視業務中很重要。當您將一段內容放到不同的平台上時，有時您會獲得一個新的用戶群，然後這些用戶群會反饋回您的原始平台中的需求。

And we're going to use the strength of our platform to optimize across each piece of content and give each piece of content the biggest chance of success. So it's not really a science. It's more of an art where we think content can work.

我們將利用我們平台的優勢來優化每條內容，並為每條內容提供最大的成功機會。所以這不是一門真正的科學。這更像是一門我們認為內容可以發揮作用的藝術。

And you'll see content from us going across multiple platforms in multiple ways. And we'll really look at it for each piece of content, whether we think it can drive Peacock subscription, which will start on Peacock, or whether we think it can drive reach and will start in NBC or some of our linear platforms. So hopefully, that answers your question.

您會看到我們的內容以多種方式跨越多個平台。我們將真正關注每條內容的內容，無論我們是否認為它可以推動 Peacock 訂閱，這將從 Peacock 開始，或者我們是否認為它可以擴大影響範圍並將在 NBC 或我們的一些線性平台開始。所以希望這能回答你的問題。

Our final question will come from the line of Craig Moffett with MoffettNathanson.

我們的最後一個問題將來自 Craig Moffett 和 MoffettNathanson。

This is Jay Li on for Craig Moffett. On broadband, could you talk a little bit about what you're seeing competitively in the market, whether it's fixed wireless or fiber?

這是 Craig Moffett 的 Jay Li。在寬帶方面，您能否談談您在市場上看到的競爭優勢，無論是固定無線還是光纖？

And then in the context of share buybacks, can you give any color on the expectation of Peacock content spend in terms of incremental versus reallocation that you mentioned earlier in the call? And then it sounds like you're doing a bit more edge out on the Cable side and any impacts in terms of pace and impact on CapEx there as well.

然後在股票回購的背景下，您能否就您之前在電話會議中提到的增量與重新分配方面對 Peacock 內容支出的預期給出任何顏色？然後聽起來你在有線電視方面做得更多，並且在節奏和對資本支出方面的影響方面也有任何影響。

Yes, it's Mike on the last 2. Peacock, we kind of covered the color there. The expectation that losses this year with the investment net of what gets reallocated via Peacock, loss of $2.5 billion is the likely number, we think. And then on Cable, the 11% CapEx intensity that we talked about is all-in for the -- all the initiatives Dave described.

是的，最後 2 名是邁克。孔雀，我們有點掩蓋了那裡的顏色。我們認為，預計今年通過 Peacock 重新分配的投資淨損失 25 億美元是可能的數字。然後在有線電視上，我們談到的 11% 的資本支出強度完全適用於戴夫描述的所有舉措。

So on competition, really, hasn't been a notable shift in the competitive environment from either fiber or fixed wireless. Still very competitive, plenty of activity going on in terms of overbuild. And we've been at it for quite a while. And by the way, including fixed wireless, where the earliest market launches, we -- it's almost 3 years since we've competed against those early launches in fixed wireless.

因此，在競爭方面，無論是光纖還是固定無線，競爭環境實際上都沒有顯著轉變。仍然非常有競爭力，在過度建設方面正在進行大量活動。我們已經做了很長一段時間了。順便說一句，包括最早推出市場的固定無線，我們 - 與那些早期推出的固定無線競爭已經快 3 年了。

So -- our game plan is to anticipate where and how competition happens. We have a constantly evolving playbook, and we're -- the key point is we're growing penetration where we compete against both fiber and nonfiber.

所以——我們的遊戲計劃是預測競爭發生的地點和方式。我們有一個不斷發展的劇本，我們 - 關鍵是我們正在與光纖和非光纖競爭的滲透率不斷提高。

So we take it seriously. It's -- we look at each one of the areas, all the varieties of overbuild fiber and fixed wireless. And our goal and the game plan is to focus on our ubiquitous network advantage that we have, not looking at our competitors so often at a very local level have to make trade-offs on their network decisions.

所以我們認真對待。這是 - 我們查看每個領域，所有種類的過度構建光纖和固定無線。我們的目標和遊戲計劃是專注於我們擁有的無處不在的網絡優勢，而不是經常在非常本地的層面上關注我們的競爭對手，不得不在他們的網絡決策上做出權衡。

Our DOCSIS 4.0, DOCSIS game plan is a very robust one, puts us in position to deliver capacity and speeds on every application that's out there. Our goal has always been, I mentioned earlier, to develop a better product and deliver it. That's very different from our competitors where you just add value and now including mobile. But we just have a different broadband product that's better in terms of overall speed and coverage and WiFi.

我們的 DOCSIS 4.0，DOCSIS 遊戲計劃是一個非常強大的計劃，使我們能夠為現有的每個應用程序提供容量和速度。我之前提到過，我們的目標一直是開發更好的產品並交付它。這與我們的競爭對手非常不同，我們的競爭對手只是增加價值，現在包括移動設備。但我們只是有一種不同的寬帶產品，它在整體速度和覆蓋範圍以及 WiFi 方面更好。

When you pull it all together, the net of that is a ubiquitous, better product. And we're delivering more passings. And so as competition talks about that, we're adding passings and did a really nice job the last handful of years, and we'll continue to do that. So our goal is to stay ahead of every single application that's out there and deliver the best broadband service, and we feel like we're in a good position.

當你把它們放在一起時，它的網絡是一個無處不在的、更好的產品。我們正在提供更多的傳球。因此，當比賽談到這一點時，我們正在增加傳球，並且在過去的幾年裡做得非常好，我們將繼續這樣做。因此，我們的目標是領先於現有的每一個應用程序並提供最好的寬帶服務，我們覺得我們處於有利位置。

Great. That will conclude our fourth quarter 2021 earnings call. Thank you, everyone, for joining us.

偉大的。這將結束我們的 2021 年第四季度財報電話會議。謝謝大家加入我們。

Thanks, everybody.

謝謝大家。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time and will run through Thursday, February 3, at midnight Eastern Time. The dial-in number is (855) 859-2056, and the conference ID number is 2698862. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today.

今天下午 12:00 開始將重播今天的電話會議。東部時間將持續到東部時間 2 月 3 日星期四午夜。撥入號碼是 (855) 859-2056，會議 ID 號碼是 2698862。電話會議的錄音也將於下午 12:30 開始在公司網站上提供。今天東部時間。

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。你們都可以斷開連接。