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，早安，歡迎參加康卡斯特2021財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, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

現在我將把電話轉交給投資人關係資深副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

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.

謝謝接線員，歡迎各位。今天早上和我一起參加電話會議的有：Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Dana Strong。 Brian 和 Mike 將作正式致辭，Dave、Jeff 和 Dana 也將回答問題。

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.

現在請看投影片2，其中包含我們的安全港免責聲明。請注意，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因素的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節情況。

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

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

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，大家早安。我們剛剛公佈了強勁的第四季業績，為這一年畫下了圓滿的句點。這一年我們實現了多項重要的財務里程碑。 2021年，我們創造了營收、EBITDA、調整後每股盈餘和自由現金流的歷史新高，這得益於公司各部門的共同貢獻。這些業績反映了我們的韌性、策略決策和嚴謹的資本配置方法，而這一切都源自於我們對成長和創造長期價值的不懈追求。

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.

我為我們過去兩年在全球疫情帶來的獨特且持續的挑戰中所取得的成就感到無比自豪。我們能夠根據需要迅速調整策略，從而在繼續提供世界一流的網路連接、娛樂和體驗的同時，始終將客戶、賓客和員工的健康與福祉放在首位。

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.

現在來看具體情況。我們以寬頻為中心的業務，包括住宅、商業服務和無線網絡，推動了有線電視業務調整後 EBITDA 成長 11%，有機利潤率提升 190 個基點。雖然季度業績的公佈節奏可能與預期有所不同，但我們新增了 110 萬客戶關係和 130 萬淨寬頻用戶，截至年底，客戶關係總數達到 3,420 萬，寬頻用戶總數達到 3,190 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.

在無線業務方面，我們與Verizon獨特且近期加強的合作關係，使我們能夠為無線客戶提供更具競爭力的產品和服務。這也改善了我們的獲利狀況，使我們的無線線路數量實現了迄今為止最大的年度增長，並自成立以來首次實現了獨立盈利。

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.

我們主題樂園的復甦勢頭確實令人矚目。我們剛剛公佈了有史以來盈利最高的第四季度業績，其中奧蘭多的需求尤為強勁，創下了公司歷史上所有季度中的最佳業績。我尤其對我們最新的主題樂園——環球影​​城（Epic Universe）感到興奮，它目前正在建設中。好萊塢和大阪的環球影城也發展勢頭良好。此外，我們剛開幕的北京環球影城將在未來幾年做出更重要的貢獻。

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豐碩成果。 NBCU和Sky的節目製作和播出量都已恢復正常水準。我們成功續簽了多項體育賽事版權協議，包括NFL、德甲、PGA巡迴賽、英超聯賽等，這為我們未來幾年的發展提供了極大的保障。此外，我們也正在透過創新管道實現IP的商業價值。稍後我會詳細介紹Peacock，但2021年對於我們這項快速發展的串流媒體服務來說是碩果累累的一年，其表現遠超預期。

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，我們英國的業務維持了強勁的成長勢頭，所有指標均呈現非常顯著的上升趨勢，包括客戶關係、每用戶平均收入（ARPU）和客戶流失率，推動Sky全年EBITDA成長10%。德國市場也展現出復甦的跡象。而在義大利，我們對體育賽事轉播權過渡期的影響控制得比預期還要好。

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，我想重點介紹我們穩健的資產負債表以及我們向股東返還的資本金額的成長。在疫情期間，我們比預期提前實現了槓桿目標，這使我們能夠回購40億美元的股票，其中大部分在下半年完成。加上股息，我們總共回饋了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.

現在讓我談談我們2022年的工作重點。首先是寬頻業務，這是一個健康且規模可觀的業務，其財務結構優勢顯著，體現在高營運槓桿和利潤率成長。我們認為，2022年寬頻市場狀況將持續受到新冠疫情的影響。在這種環境下，我們將努力在用戶獲取、龐大且不斷成長的潛在市場以及長期獲利成長之間取得平衡。

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，我們將評估一切機會，力求比以往更努力增加服務通行能力。我們將充分利用新家庭和新企業成立的自然成長勢頭，以及聯邦、州和地方政府可能提供的補貼，將服務擴展到尚未涵蓋的地區。

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.

我們也積極透過寬頻產品捆綁銷售策略來爭取市場份額，確保每個細分市場的每個客戶都能以合適的價格獲得豐富的選擇。與 Xfinity Mobile 的整合將在行銷、銷售團隊運作、產品包裝以及我們與客戶的整體互動方面發揮重要作用。擴大這項業務規模是我們 2022 年及以後的重點工作。

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.

我們將竭盡所能，持續提升顧客體驗，並維持疫情前就已實現的高客戶留存率。我們的人工智慧技術和數位化服務工具使我們能夠在無需電話或上門的情況下解決問題。事實上，上個季度，我們客服人員處理的電話總數年減了18%，上門服務次數下降了16%，同時，我們的客戶群持續成長，淨推薦值（NPS）也持續提升。

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.

對我們所有人來說，寬頻連線的重要性前所未有，人們的需求也日益增長，不再只滿足於速度。他們也希望獲得易於使用、創新性強的產品，以及覆蓋全屋的穩定可靠的服務。而這正是我們所提供的。

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.

我們擁有強大的網絡，但真正讓我們脫穎而出的是我們圍繞這個網絡構建的生態系統。過去幾年，我們致力於開發合適的流程、尋找合適的技術並招募合適的人才，從而實現大規模的營運。

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。我們正積極推動10G網路建設，同時維持目前的資本支出水準。雖然現在還處於早期階段，但我們已經在部分市場推出了新技術和更高的上傳速度。我們將在2022年及以後繼續擴大這一規模。

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.

我們也推出了首款 WiFi 6E 網關，這是首款真正意義上支援 DOCSIS 4.0 且能夠提供多千兆速度的裝置。我們的目標是在此基礎上繼續創新，進一步擴大我們提供的家庭網路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.

第二大重點是Peacock。整個產業的付費視訊消費量持續成長，目前美國每年的付費視訊消費時間已接近6000億小時，遠高於上世紀90年代初以廣播為主導的時代每年3500億小時的水平。我們也發現，光是自2014年以來，美國家庭在影片上的平均支出就持續成長了10%以上，這不斷擴大了潛在市場。

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.

NBC環球在這一生態系統中扮演著舉足輕重的角色，其電視節目收視率位居全美第一，電影票房排名第二，用戶參與度極高。如今，NBC環球每季覆蓋超過1億美國家庭，幾乎占美國人口的80%。尼爾森報告顯示，在這1億個家庭中，有近6,000萬個家庭每月觀看NBC環球的內容至少10小時。這一數字超過了我們在傳統電視和串流媒體領域的競爭對手。

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.

2020年初，我們向大家推出Peacock時，我們的願景是打造一個提供優質內容、主要依賴廣告獲利的串流服務。目前來看，我們的商業模式是正確的。 Peacock每月用戶觀看時長超過3億小時，證明用戶對我們平台的參與度對廣告商而言具有巨大價值。我們也意識到內容類型多樣性的重要性，因此我們增加了體育內容。我們推出了電影搶先看服務，並開始大力發展原創內容。

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.

在這些投資的推動下，我們發現自己正朝著超越最初設定的每月活躍帳戶數和營收目標穩步邁進。事實上，截至2021年底，我們在美國擁有2,450萬月活躍帳戶，約占我們2024年預期目標的75%。在這2450萬月活躍帳戶中，超過900萬是付費用戶，他們的平均每用戶收入（ARPU）接近10美元，其中包括廣告收入。

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.

而且我們並沒有過多關注付費用戶成長。我們還有來自 Xfinity 和其他頂級經銷商的 700 萬高活躍度捆綁用戶，他們每月都使用 Peacock，目前可以免費享受 Peacock Premium 服務。我們預計隨著時間的推移，這部分用戶將大幅轉化為付費用戶。

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.

儘管我們的電影和NBC內容在2021年底前仍將在其他串流媒體服務平台（包括HBO和Hulu）上首播，而且我們的大部分優質內容尚未推出，但我們依然取得了這些成就。我們才剛起步，包括NFL賽事，我們的「一次性付費」電影協議也將於今年生效，而且我們還有越來越多的原創內容正在籌備中。

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% 的消費者更傾向於選擇廣告支援型服務，而不是價格較高的無廣告 SVOD 服務。這一點在我們的客戶組成中也得到了體現：絕大多​​數付費用戶選擇的是 5 美元的付費 AVOD 套餐，而不是 10 美元的無廣告套餐。此外，我們的付費用戶流失率更低，用戶參與度也更高。

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最理想的最終狀態是擁有兩個收入來源。因此，在繼續利用NBCU和Sky旗下超過200億美元的節目製作支出的同時，我們也致力於在此基礎上重新分配和增加投資，以推動付費用戶數量的進一步增長。我們相信，這才是創造長期價值的正確途徑。

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.

我為Peacock在美國取得的良好勢頭以及未來的國際機會感到無比興奮。 2021年底，我們在英國和愛爾蘭的Sky平台上推出了Peacock。本週早些時候，我們宣布了德國和奧地利的上線計畫。此外，我們與Sky Showtime的合資企業也已製定計劃，將於今年稍後推出。

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年的第三項重點工作是實現我們專有的全球技術平台及其目標客戶群的商業化並擴大其覆蓋範圍。 10月份，我們在英國推出了Sky Glass，在美國推出了XClass，這兩項服務都是基於我們對X1、Flex和Sky Q的投資。今年，我們將持續完善這項策略，拓展更多市場，引進更多合作夥伴和新的通路。期待向您報告我們的進展。

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.

我們的第四項優先事項是繼續對社會和我們服務的社區產生積極影響。這項工作的重要組成部分是我們對多元化、公平性和包容性 (DE&I) 以及數位公平的承諾。十年前，我們創建了「網路基礎服務」(Internet Essentials) 項目，該項目現已成為全美規模最大的低收入家庭寬頻普及計畫。最近，我們又推出了「提升區」(Lift Zones) 項目，進一步擴大了我們的工作範圍，為全國 1000 多個社區中心提供免費 WiFi。以上僅是我們團隊齊心協力幫助更多人獲得在數位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年所取得的許多成就感到無比自豪，並對公司未來的發展機會充滿信心。我深信，憑藉我們現有的資產、能力和人才，我們整合後的策略將繼續推動各項業務的成長，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.

謝謝布萊恩，大家早安。我將從第4頁和第5頁開始，介紹我們2021年的合併財務表現。第四季營收成長9.5%至303億美元，全年營收成長12%至1164億美元。第四季調整後EBITDA成長17%至84億美元，全年調整後EBITDA成長13%至347億美元。第四季調整後每股盈餘成長38%至0.77美元，全年調整後每股盈餘成長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.

我們第四季創造了38億美元的自由現金流，全年按報告數據計算為171億美元，其中包括8月完成的債券置換交易帶來的13億美元稅務收益（其中6.2億美元計入第四季度），以及約10億美元的投資活動收益（大部分也發生在第四季度）。剔除這些項目後，全年自由現金流為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.

現在讓我們來看看各業務部門的業績，首先是第 6 頁的有線通訊業務。第四季度，有線業務營收成長 4.5% 至 164 億美元，EBITDA 成長 7.8% 至 71 億美元，淨現金流成長 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.

全年來看，我們的客戶關係新增110萬，其中第四季淨增加16.9萬。整體而言，客戶成長仍主要由寬頻業務驅動，全年新增住宅及商業用戶130萬，第四季新增21.2萬。本季淨增用戶反映了整體市場活動（尤其是搬遷活動）較歷史趨勢持續走低。

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.

雖然這導致連線量下降，但也提高了客戶留存率，寬頻用戶流失率降至有史以來第四季最低水準。寬頻業務也是我們有線電視營收成長的最大貢獻者，本季寬頻營收成長了8.5%，這主要得益於過去一年強勁的淨新增用戶以及每用戶平均收入的健康成長。

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.

向無線業務轉型。營收成長40%，主要得益於用戶數量成長和設備銷售提升。全年新增120萬條用戶線路，本季新增31.2萬條，創下自2017年推出此業務以來的最佳業績，使行動用戶總數達到400萬。

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.

正如布萊恩所指出的，過去一年，我們在將無線業務全面整合到核心有線電視業務方面取得了巨大進展，今年實現了1.57億美元的獨立盈利。鑑於我們已實現強勁盈利，且該業務已深度融入核心有線電視業務，我們將不再披露獨立的無線業務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.

不計入第四季初完成的Masergy的收購，商業服務收入成長11.5%，約7%。強勁的內生性成長主要得益於客戶對更快資料傳輸速度的需求、我們先進產品更高的附加率、部分服務價格的上漲，以及客戶群的持續成長。過去一年，我們淨增客戶6.3萬戶，其中第四季新增1.7萬戶。

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.

視訊業務收入下降1.2%，主要原因是過去一年淨流失用戶170萬，其中第四季流失37.3萬，但部分被每位用戶平均收入的成長所抵銷。每用戶平均收入的成長主要得益於我們在2021年初實施的住宅用戶費率調整，我們認為，此次調整也是導致視訊用戶流失的原因之一。本月初我們再次實施了類似的費率上調，因此預計這一趨勢將在2022年持續。

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%，反映出政治廣告支出較去年第四季的創紀錄水準下降。剔除政治廣告支出後，廣告收入成長了9%，其中核心廣告成長溫和，而高階廣告則達到了兩位數成長。

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.

接下來談談費用。有線電視通訊公司第四季費用增加了2%。節目製作費用下降了1.2%，這反映出視訊用戶數量的下降，但部分被更高的費率所抵消。進入2022年，節目製作費用應該會因合約續約數量減少而有所下降，同時也會受到我們預期視訊用戶總數下降的影響。

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.

非程式費用成長4.1%，以客戶關係計算基本持平，這反映了為推動業務內生成長而進行的投資，以及與近期收購Masergy相關的費用。年比變化的主要驅動因素是技術和產品支持，該支出成長約10%，主要與無線業務的成長有關，但部分被壞帳和客戶服務費用的下降所抵消。

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.

第四季有線通訊業務的 EBITDA 成長 7.8%，達到 71 億美元。有線業務的 EBITDA 利潤率達到 43.4%，較去年同期成長 130 個基點。我們相信，我們透過持續投資於成長型業務（這些業務不僅推動了營收成長，也為我們帶來了豐厚的回報），同時不斷提高營運效率並削減不必要的成本，從而實現了最佳平衡。

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.

所有這些因素加在一起，應該能夠幫助我們在2022年及以後提高獲利能力並擴大利潤率。有線電視資本支出在本季度增長了3.7%，全年增長了4.9%，使得資本支出強度達到10.8%，這是我們有史以來最低的全年水平，與2020年的11%基本持平。這主要是由於客戶終端設備和支援資本支出減少，但部分被可擴展基礎設施和線路擴展的支出增加所抵消。

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月份的電話會議上提到的，我們預計未來幾年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網路覆蓋的家庭和企業數量，並加快對提升網路整體容量（包括下行和上行）的技術投資。這是邁向DOCSIS 4.0的直接一步，DOCSIS 4.0只需一次軟體更新即可實現多千兆對稱速度，對家庭用戶的影響微乎其微，且成本非常低。

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.

現在我們來看NBC環球的第七張幻燈片。首先來看NBC環球的整體業績，營收成長26%至93億美元，EBITDA下降6.8%至13億美元。媒體營收成長8.4%至58億美元，主要得益於發行和廣告收入的成長，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.

分銷收入成長了12%，這主要得益於2020年底成功完成多項頻道續約後更高的費率，以及Peacock付費用戶增長帶來的收入貢獻增加，但部分被旗下其他網絡用戶數量的下降所抵消。需要提醒的是，從2022年第一季開始，這些頻道續約將不再生效。

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.

廣告收入成長了 6%，這反映了更高的定價，而定價的提高得益於我們強勁的預售業績，以及 Peacock 貢獻的增長，但收視率的下降以及與去年第四季度地方電視台創紀錄的政治廣告水平相比，這一增長只能部分抵消。

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.

第四季媒體業務EBITDA下降49%至7.21億美元，其中包括Peacock平台5.59億美元的EBITDA虧損。若不計入Peacock，媒體業務EBITDA下降24%，這反映出與去年相比，由於NBA和NHL因新冠疫情推遲賽季，我們區域體育網絡的體育賽事數量增加，相關成本上升；此外，由於我們恢復了全部節目安排，電視節目製作和營銷成本也隨之增加，而去年我們的節目安排受到新冠疫情的影響。這種成本較去年同期上升的局面將持續到第一季。

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.

在繼續討論之前，我想補充布萊恩關於Peacock的評論。 2021年，Peacock的營收接近8億美元，但EBITDA虧損17億美元，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.

即使節目內容相對有限，我們在媒體授權協議 (MAA)、付費訂閱用戶和用戶參與度方面也取得了顯著成功，這促使我們決定在 2022 年將 Peacock 的內容投入翻一番，達到 30 億美元以上，併計劃在未來幾年內將國內內容投入至 50 億美元。其中一部分是新增投入，一部分將從傳統線性節目中重新分配。 2022 年，雖然我們預計營收將大幅成長，但我們在內容、行銷和服務方面的新增投資可能會導致約 25 億美元的 EBITDA 虧損。

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.

儘管Peacock實現損益平衡的時間可能會比我們最初預期的要晚一些，但我們相信，追求雙收入來源是創造長期價值的正確策略。鑑於我們在主題樂園和高利潤率線性電視業務方面的優勢，好消息是，我們將利用NBC環球的現金流來為這項轉型提供資金。

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.

接下來是影業業務。營收成長36%至24億美元，但EBITDA下降34%至5,100萬美元。這一下降主要受電影上映檔期的影響，但部分被電視內容授權業務的成長所抵消。

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.

電影的商業模式是多年期的，影片會隨著時間推移，經歷不同的院線發行和版權許可窗口期，逐步實現盈利。由於2020年疫情期間電影發行暫停，第四季度進入版權許可窗口期的新片數量較去年同期減少。

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，由於《歡樂好聲音2》和《萬聖節殺戮》在戲院上映，行銷成本也隨之增加。隨著影片上映場次增多，以及與戲院上映影片數量相關的行銷成本逐漸上升，這種影響會逐漸減弱，但在未來幾季仍將對息稅折舊攤提前利潤（EBITDA）成長構成壓力。

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，主題樂園業務收入成長12億美元至19億美元。我們實現了6.74億美元的EBITDA，創下歷年第四季新高，這主要得益於美國和日本市場的強勁成長動能。在美國，我們受惠於國內客流量的強勁成長，人均客流量也高於疫情前水準。在日本環球影城，隨著政府本季逐步放寬客流量限制，客流量也得到了提升。

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.

在我們新開幕的北京環球影城，我們對首個完整營運季度的業績感到滿意。儘管遊客需求旺盛，但受新冠疫情相關限制措施的影響，整體客流量下降。即便如此，北京環球影城本季的息稅折舊攤提前利潤（EBITDA）基本上達到損益平衡，我們預計在2022年首個完整營運年度將適度獲利。就整個主題樂園業務而言，我們對復甦的步伐感到非常滿意，尤其是在美國市場。但我們也意​​識到，業務會受到疫情相關因素的影響，而這種影響在國際主題樂園中往往更為顯著。

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.

現在我們來看幻燈片8，關於天空電視台（Sky）的情況，我將以固定匯率為基礎來講解。第四季度，天空電視台的營收下降了2.5%，至51億美元，原因是英國市場的穩健成長被義大利市場的業績所抵消，我們在義大利的意甲聯賽轉播權變更仍在進行中。

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%，反映出每位客戶關係的平均收入略有下降，且第四季度新增客戶關係總數為6.1萬。這一成長主要得益於串流訂閱用戶的顯著成長，而這主要得益於季節性強勁的娛樂內容以及廣受歡迎的體育賽事。本季串流媒體新增用戶數量的成長足以抵銷我們在義大利遭遇的客戶流失，而義大利的客戶流失情況也比預期好。

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實現了中等個位數的成長，這主要得益於持續健康的客戶成長，以及創紀錄的低客戶流失率和更高的平均客戶收入。寬頻和無線、串流媒體以及飯店餐飲業務的成長推動了收入成長，酒吧和俱樂部的收入已恢復到2019年的水平。然而，義大利客戶關係和平均客戶收入的下降抵消了部分成長，這主要是由於意甲轉播權的變更所致。

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.

在其他收入方面，內容收入下降了23%，主要原因是義大利和德國體育授權協議的變化。廣告收入成長了1%，英國和德國的強勁成長基本上被義大利的下滑所抵銷。

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.

接下來來看看我們的 EBITDA 業績。 Sky 的 EBITDA 成長了 188%，達到 4.64 億美元，這主要得益於我們在英國的強勁表現以及德國和義大利業務的改善。總體而言，業績反映了體育節目製作成本的降低，這主要歸功於體育版權的重置，但部分被體育版權攤銷的變化所抵消，後者導致攤銷成本增加了 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.

再次提醒，我們上個季度已宣布了這項變更。此變更並未影響我們全年的業績，但會影響體育版權攤銷成本的季度確認模式，第一季和第四季的費用較高，第二季和第三季的費用較低。

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.

最後，我將在第9張投影片上介紹自由現金流和資本配置。正如我之前提到的，2021年，我們產生了約150億美元的內生性自由現金流，不包括我之前提到的項目。合併總資本成長3.6%至121億美元，主要得益於我們對寬頻網路投資的增加。

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，我們預期有線電視資本支出強度將維持在11%左右，而NBC環球用於建設Epic Universe的資本支出將增加約10億美元。全年營運資本為15億美元，較上年增加13億美元，這反映了疫情後對工作室內容和夏季奧運會轉播的投資增加，但低於我們最初的預期，這主要是由於NBC環球和Sky的內容支出時間安排以及主題公園業務復甦速度快於預期。

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.

再來說說資本配置。我們年底的淨槓桿率為2.4倍，共向股東返還了85億美元，其中包括45億美元的股利支付和40億美元的股票回購。正如我之前所說，我們預計2022年將繼續維持在當前水準附近的槓桿率，我認為這將有助於我們繼續保持強勁的資本回報。

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.

正如我們今天上午宣布的那樣，我們將每股股息提高0.08美元至1.08美元，這是我們連續第14年提高股息。同時，董事會已將股票回購授權額度提高至100億美元。這項資本配置政策將使我們能夠保持先前所討論的平衡，即對業務進行有機投資，保持穩健的資產負債表，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.

感謝各位今天上午參加我們的電話會議。接下來，我將把發言權交還給馬西，由她來主持問答環節。

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

謝謝，麥克。雷吉娜，我們開始問答環節吧。

(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.

布萊恩，我想問一個關於你一開始提出的前兩項優先事項的問題。關於寬頻，你談到了流量和速率之間的平衡。顯然，目前的情況很複雜。

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.

戴夫，或許你可以談談你的定價理念，例如與無線服務捆綁銷售，是否有可能透過無線服務帶動寬頻業務成長，以及你認為這種細分策略如何能促進淨新增用戶？另外，你對2022年的淨新增用戶有什麼預期也請分享一下。

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，對傑夫來說，很顯然，在上週Netflix事件之後，市場對串流媒體的看法有所降溫。這並不奇怪。你們的ARPU（每位使用者平均收入）似乎遠遠超過了幾年前史蒂夫提出這個理論時的預期。你們能否更詳細地介紹一下商業計劃，以便我們了解新增投資以及你們預期的回報？隨著時間的推移，這將如何轉化為NBC公司的成長？這樣我們才能更理解你們決定如此大舉介入的原因。

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。關於需求，我想先從更高的層面談談我們的原則，然後戴夫可以進一步闡述這個問題的具體細節。就寬頻而言，需求一直持續成長。這就是我們產品的重要性。我認為我們擁有得天獨厚的優勢，能夠更好地服務客戶，並實現我們投資的獲利目標。

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.

產業滲透率持續擴大。儘管如此，我們認為成長空間依然巨大。我們仍然相信，目前我們在市場覆蓋範圍內的滲透率約為50%，這意味著我們仍有很大的發展空間。

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.

而且，正如我剛才提到的，由於政府的延期撥款、補貼以及對寬頻的一些投資，我們能夠擴大業務範圍和目標市場，因此我們也在拓展業務領域。我們將評估每一個能夠加快業務拓展速度的機會。

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，我預計未來的成長將主要得益於強大的網絡，以及對創新和產品差異化的重視。我們將持續改進產品，力求一流，提升速度，並持續增強客戶體驗。

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，我們有能力在整個市場（而不僅僅是區域市場）進行競爭和客戶細分，我認為這些都是我們的優勢，也是我們能夠持續成長的原因。戴夫，你能不能談談定價、銷售以及本提出的一些問題？

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.

好的。本，那我先來說說趨勢。你問到了這一點，我們看到很多趨勢與去年年底的情況類似，連接活動仍然低於去年年底的水平。除了季節性因素不如往年正常之外，造成這種情況的關鍵原因是流動性下降。我們密切關注外部流動性數據（與2019年相比），這些數據與我們的連接指數相當吻合。

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——不過，就趨勢而言，好消息是客戶流失率。流失率已降至歷史新低，且持續改善。另外，就趨勢而言，還有一點值得關注，那就是我們之前提到的重點。我們瞄準了所有細分市場，並且會確保在收入受限的細分市場也保持競爭力。現在還處於早期階段，但我認為我們在推廣新的ACP計劃的優勢方面做得很好。所以，就目前的趨勢而言，情況就是這樣。

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.

移動端，我認為這是一個非常重要的方面，我完全同意。行動端對我們來說至關重要，它本身就是一個巨大的成長機會，而且對寬頻業務也同樣重要。我們之前多次討論過行動端在降低寬頻用戶流失率的優勢。這一點會持續保持，但我們希望在每項產品和服務中，都能為每個細分市場帶來行動端的價值。

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，當我們對寬頻市場進行細分時，無論是獨立的寬頻服務（這當然很好），還是我們將要討論的寬頻和行動業務，我們都會確保每種產品和服務組合都能滿足需求。我們正在簡化和整合行動產品和服務，以確保每個銷售管道都能最佳化，從而更好地交付這些產品和服務組合。敬請期待2022年，以及我們全年持續更新的相關內容。

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，也是非常重要的一點，就是價格。在寬頻定價方面，我們一直秉持著非常一致的策略。我們長期以來一直在各種不同的競爭環境中奮戰。我們專注於不同速度等級的寬頻服務，致力於創新，並透過嵌入式產品增強功能（例如 Flex）來提升寬頻體驗。您將獲得安全保障、覆蓋範圍廣、性能卓越的網關設備。

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.

我們剛剛測試了一款設備，它預示著更長遠的未來，在這次試驗中，我們可以實現上下行對稱的 4Gbps 速度。因此，我們擁有一個充滿信心的長期創新路線圖，最終這些創新成果將應用於定價。我們的整體方法是整體性的，也就是說，我們不會只關注每個產品領域，而是著眼於整體帳單。因此，我們的主要關注點在於利用速度等級，並始終關注客戶的整體帳單。

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，過去幾年，包括今年在內，我們在寬頻方面的投入有所減少。而影片方面，由於續約，我們的投入略有增加。正如您最初提到的，我們的定價策略是在份額和費率之間取得平衡。我們認為我們找到了一個不錯的方案。我們一直以來都採用這種競爭策略，並且對未來的發展充滿信心。

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.

我是傑夫，本。讓我再詳細介紹一下Peacock。回顧我們兩年前舉辦的投資者日，當時我們認為最適合我們的模式是廣告支援模式。我們計劃提供（實際上也確實提供了）三種不同的Peacock訂閱方式：一種是免費的AVOD（廣告支援視訊點播）模式；一種是價格為4.99美元的輕量級廣告支援雙收入模式，包含一些優質內容；此外，我們還提供價格為9.99美元的SVOD（訂閱視訊點播）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，我們認為免費的AVOD產品會成為我們最受歡迎、領先的產品。但我們發現，消費者用腳投票。絕大多數消費者選擇了中間價位的4.99美元模式，這種模式提供更多優質內容，廣告量也更少，遠低於傳統線性電視的廣告量，也遠低於一些競爭對手。這導致了布萊恩和麥克列出的部分數據。

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（平均用戶數）是24.5，已經完成了我們當初預期2024年目標的75%。我們並沒有真正專注於付費用戶，但現在已經有超過900萬用戶付費了。此外，在康卡斯特（Comcast）和其他一些經銷商的覆蓋區域，我們也免費提供這款高級產品。隨著時間的推移，這些用戶最終都會轉化為付費用戶。這確實是一個非常有利的模式。

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（每用戶平均收入）已經取得了顯著成效。正如Mike在演講中所說，在投資者日當天，我們預計ARPU會達到6到7美元，而現在我們已經接近10美元了。這對我們來說非常有利。正如Brian所說，我們已經為此投入了大量資金。

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，特別是來自HBO的付費電影，這些電影將於今年晚些時候回歸。這導致了更大的投資和更大的虧損，但我們認為也會有更大的回報，因為這種雙收入來源模式與我們現有的業務模式非常契合。根據我們的計劃，我們認為投資高峰期可能在2023年。屆時，收入成長將超過投資成長，我們將開始獲利。

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.

最重要的是要記住，我們和競爭對手的策略截然不同。我們堅信，Peacock 對我們來說並非一項獨立的業務，而是我們現有業務的延伸，構成了雙重收入來源。我們的電視業務組織架構是將所有業務整合為一個整體來運作。我們統一進行節目製作，為每部內容選擇最適合的模式，以達到收益最大化。

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，這不僅會促進Peacock的良好成長，而且一旦Peacock的投資高峰期過去，我們的電視業務整體也將恢復成長。正如布萊恩一開始所說，我們在NBC排名第一，新聞節目也排名第一。我們的工作室實力非常強勁。

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，我們擁有全球頂尖的內容公司。我們正利用這項優勢，結合我們的商業模式，在串流媒體領域開創一條與眾不同的道路。我們對目前的表現非常滿意。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

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，我還有一個後續問題和一個單獨的問題。首先，關於Peacock平台，我認為你們今年有機會從Hulu收回一些內容。把這些內容納入Peacock的投資計畫中是否合理？還是說這更多是自然而然發生的？

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，關於資本回報，你們有100億美元的股票回購授權。您認為這能作為2022年的參考嗎？或者，鑑於您今天所概述的內容，您認為情況可能會有很大不同？

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

傑夫，為什麼不先回答關於 Hulu 的問題呢？

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，謝謝你的提問。正如布萊恩所提到的，我們NBC的許多優質內容都在Hulu首播。隨著時間的推移，我們希望能把這些內容重新帶回Peacock平台。但是，我們目前與Hulu的任何討論，或者將來與Hulu的任何討論，我們都不會發表評論。所以，目前沒有什麼可以透露的。麥克？

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。菲爾，關於資本回報，我不會把100億美元的授權額度當作任何參考，我無意傳遞任何訊號。那是董事會上次授權的額度。我們已經用掉了一部分，所以年初的時候想補充一些。你也知道，如果需要，我們可以很方便地再次申請更高的授權。

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.

所以，在討論資本回報和股票回購時，我想讓大家思考的是，我和布萊恩以及我們所有人一直在談論我們對恢復平衡的興奮之情，以及通過分紅和股票回購實現強勁資本週轉的必要性——這幾十年來一直是這家公司的標誌——將重新回到正軌，同時保持資產負債表的穩健，併優先考慮對我們業務進行高回報

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.

所以我認為這讓我們回到了目前的平衡狀態，槓桿率為 2.4。我想提醒大家的不是我預期我們會回購多少，而是我預期我們會維持的槓桿水平，也就是 2.4 倍左右。

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.

我認為這將為公司在2022年及以後獲得非常強勁的資本回報奠定基礎。你們最終得出的數字其實只是基於你們各自的成長模型。我認為我們的EBITDA將會成長，但對此大家的看法不盡相同。

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.

我認為我們已經列舉了很多方面，從奧蘭多的Epic主題公園，到傑夫和我之前對Peacock預期虧損的評論，因為我們一直在投資Peacock。然而，這些投資將由NBC Media本身產生的現金流來提供資金。因此，我們認為這是一種非常周全的融資方式，可以為媒體業務的未來成長轉型提供資金，以上僅列舉部分內容。

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——顯然，有線電視的資本支出強度維持在11%左右，我認為這是大家需要考慮的重要因素。戴夫六個月前在電話會議上談到了他想如何推進DOCSIS 4.0的升級，我認為這將為我們的網路未來發展奠定基礎。以上就是我總結的資本回報狀況。希望對大家都有幫助。

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?

如果我能再追問一個問題的話。您提到2022年的營運資金比您預期的2021年略低。我們該如何看待2022年和2021年的情況呢？

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。說真的，這個數字很難預測。顯然，隨著疫情後我們恢復生產，產量逐步提高，我可能會預測這個數字會比之前略高一些，更接近2019年的水平。但我去年也這麼說過，結果並沒有發生。

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.

所以我就說到這裡吧，這個數字——很顯然，當我們把錢花在營運資金上時，我們期望獲得良好的回報。但我認為它會和去年差不多，或者更高，甚至可能達到2019年新冠疫情前的水平。但我目前無法給出具體的預測，只能提供一些背景資訊。

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

你的下一個問題來自瑞士信貸的道格·米切爾森。

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?

給布萊恩一個問題，給戴夫一個問題。布萊恩，關於連網電視，您認為未來幾年連網電視的發展方向是什麼？您認為怎樣的成功標準才算成功？現在您已經累積了一些經驗——例如從Sky Glass和XClass TV專案中獲得的早期經驗——您是否具備在連網電視領域取得預期成功所需的所有資源？

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，在無線業務方面，AT&T昨天表示，投資人先前已經預料到的情況是，過熱的無線市場淨新增用戶數將在2022年放緩。這種動態——或者說，無線市場放緩的動態——將如何影響康卡斯特的淨新增用戶數和促銷策略？

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，既然你們這項業務已經實現了全年盈利，我們是否應該認為未來的戰略是加大客戶獲取投入，並維持收支平衡或略微盈利？或者，即使你們不再發布相關報告，我們是否應該預期有線電視業務無線部分的利潤率會繼續提高？

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。這裡面有很多內容。達娜，我可能一會兒會找你聊聊——或者只是想簡單談談互聯互通以及我們Sky Glass的早期發展，以及你認為它對我們未來發展有何影響。

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，道格，從宏觀角度來看，我們預見到未來人們會以各種方式連結到我們的網路。不同世代的客戶有不同的需求。所以，從戴夫剛才提到的全新WiFi設備，到我們利用新平台所能做的事情，無論是遠距醫療、遊戲、教育，還是我們今天所提供的娛樂和新聞，都將涵蓋更多領域。

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.

所以，當你體驗 Sky Glass 或連網電視時，你會發現它蘊藏著無限的潛力。這也為那些希望利用該平台、拓展自身產品線的公司創造了合作機會。因此，它提升了我們與消費者之間的關聯性。我認為，我們早期的經驗非常出色。

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.

所以達娜，你不妨花點時間想想——你接下來要講的關於Sky Glass的內容，最終也會與XClass電視連結起來。達娜，現在輪到你了。

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Brian和Doug的提問，我們非常感謝。首先，我想說，在過去12個月裡，我對Sky在2021年的表現非常滿意。尤其值得一提的是，我們實現了10%的EBITDA成長率，這主要得益於英國市場的強勁表現。英國市場持續保持良好的業績，EBITDA、收入和客戶數量均有所增長，隨著疫情逐漸消退，英國市場也迎來了良好的轉機。此外，我們在義大利和德國的體育賽事版權策略調整也取得了巨大成功，這兩個地區的業績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.

因此，我認為我們對Sky的業務整體信心十足，對2022年的成長前景非常樂觀。這其中也包括Glass平台，因為今年將是我們使用Glass平台的第一個完整年度。我們於去年第四季正式上線。我們對此感到非常興奮，因為它為我們開闢了新的發展空間。

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.

我的意思是，首先，隨著我們轉向基於IP的服務，這將開拓新的客戶群。這讓我們有機會向以前因為沒有DISH衛星電視而無法享受這項服務的客戶銷售產品。這吸引了更多注重串流媒體播放和性價比的新客戶。

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.

當我們把電視機的成本轉化為類似手機模式的低月租價格時，就能開拓新的注重性價比的客戶群。而且，值得一提的是，這款產品非常有利於顧客留存，因為它採用的是48個月（24個月或48個月）的合約模式。它不僅能吸引現有客戶，也能加深我們與他們的關係。因此，我們對這款產品在吸引新客戶群和鞏固現有客戶方面的表現感到非常滿意。

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，第二個重要的價值來源是它讓我們在設備上獲得利潤。這為我們開啟了新的發展空間。

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.

第三個方面，布萊恩也提到了，就是打造一個全新的平台。我們指的是一個用於創新和未來服務的新平台。無論是像我們在澳洲與Foxtel達成的合作那樣拓展到新市場，還是像健身、一起看遊戲等我們正在籌備的新服務，我們都認為這將成為一個持續創新的源泉，根據服務的具體內容，既可以提高用戶留存率，也可以開闢新的收入來源。

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.

我們開局強勁，市場反應熱烈。在推廣階段，我們一如既往地專注於現有客戶群，也就是我們最忠實的客戶。進入第一季度，我們非常興奮地準備向更廣泛的市場開放，並真正開始加速發展。

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，進入2022年，我們感覺Sky目前處於非常有利的地位。我們認為Glass也開局強勁。我們對所有產品和市場都充滿信心。而且，我們認為Glass對於公司來說是一個非常重要的成長機遇，原因我們剛才已經提到了。布萊恩？

Go ahead, Dave.

請繼續，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Doug。還有幾點要補充，也簡單說Dana的觀點。我們美國有線電視集團非常興奮，能夠專注於全球技術架構，並成功實現連網設備。隨著時間的推移，我們將抓住Dana正在做的事情，並充分利用我們從Sky帶來的資源，與Sky以及有線電視公司Fraser Stirling合作，共同推進所有產品創新，現在不僅包括視頻，還包括寬頻。

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.

對我們XClass TV來說，這套全球技術架構至關重要。雖然現在還處於早期階段，但隨著時間的推移，所有的聚合點都會融合在一起。所以我認為這是一個真正的勝利機會。

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.

關於你提到的無線網絡，道格，我認為最重要的是，它對我們來說蘊藏著巨大的發展潛力。在我們看來，每個寬頻家庭都是一個機會。而且每個寬頻家庭都應該至少擁有兩條線路。

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.

所以在我看來，潛在市場正在擴大。隨著我們不斷建造和增加住宅，機會也越來越多。因此，我們採取寬頻和行動融合的策略。這確實是一個提升市場佔有率的絕佳機會。移動本身就是一個很棒的產品。但當兩者結合起來時，它能為我們獨特的每個細分市場創造價值，讓我們能夠以不同的方式提供服務。

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，2022年是優化這個策略的一年。正如我之前提到的，我們將優化每一個銷售管道，簡化市場推廣策略，並將行動端納入每個細分市場，無論收入水平高低，我們所做的一切都將包含行動端元素。

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.

所以我認為這從長遠來看是一個巨大的機會。從營運角度來看，一張帳單、一個應用程式、內外功能整合、利用WiFi，行動領域為我們提供了許多機會。順便一提，我們剛剛在企業服務和小型企業領域推出了這項服務，並且取得了不錯的初步成功。因此，我認為行動技術將影響我們業務的方方面面。

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.

最後還有一件事，簡單澄清一下。我之前說的趨勢──當然不是指上個季度，我指的是比2019年、2020年更糟的情況，但還是要澄清一下。

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

你的下一個問題將來自美國銀行證券的傑西卡·雷夫·埃利希。

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?

我有兩個關於NBC環球的問題。首先，主題樂園業務似乎是公司最具成長潛力的部門。一旦需求回升，往往會像被壓抑多年的需求一樣持續下去。所以，能否詳細解釋一下背後的原因？國際遊客是否已經開始回歸？您認為在主題樂園方面還能有多少更大的話語權？還有，Epic Universe主題樂園的開幕時間是什麼時候？

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.

第二個問題，我想追問關於Peacock的狀況。正如你們所說，你們一開始就採取了不同的策略，但過去兩年隨著全球競爭的加劇，很多事情都改變了。

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，您能談談您的長期目標嗎？您想成為一個全球平台嗎？與一些競爭對手相比，您似乎更注重利潤和訂閱用戶。您是如何考慮的——我猜傑夫說過，你們將電視業務作為一個整體來管理。那麼，您是如何考慮在不同的電視業務之間實現內容差異化的呢？

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。那我按順序回答一下。首先，我們主題樂園業務的表現令人振奮，這真的讓人感到興奮。我們今年業績斐然，正如布萊恩所提到的，第四季各項指標都非常出色。

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，我們在佛羅裡達州沒有看到奧密克戎的影響，在好萊塢和日本的影響力也非常有限，而且似乎已經過去。所以一切都在朝著正確的方向發展。即使進入第一季度，我們也將繼續朝著這個方向前進。

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，我認為部分原因是我們在疫情期間持續投資於我們的遊樂設施，正如布萊恩所提到的，例如奧蘭多的VelociCoaster、好萊塢的寵物樂園，還有在日本表現非常出色的任天堂主題樂園，這些都帶動了該樂園的快速復甦。所以，我們的主題樂園事業前景一片光明。我也同意你的看法，我們未來還有很大的成長空間。

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.

我們的國際遊客數量尚未恢復到歷史水平。在佛羅裡達州，我們通常的國際遊客數量在30人左右。目前，我們只有20人左右，而且大部分遊客來自英國和歐洲。拉丁美洲的遊客數量尚未恢復。因此，隨著人們旅行的持續增加，我們在拉丁美洲的遊客數量還有成長空間。

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.

另外，我還想提一下，我們對北京的開放非常滿意。人們很喜歡這個公園。奧運會後，隨著中國旅遊業的逐步開放，我們對這個公園的長期發展前景非常樂觀。所以一切進展順利，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 Games 的建設正在全力進行中。幾週前我去過那裡，施工進度非常順利。我們之前也說過，預計這座主題樂園將於 2025 年開放，肯定會在 2025 年夏季前完工。一旦確定了更具體的日期，我們會立即通知大家。

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。說到這一點，如果回顧新冠疫情期間的情況，我希望我們能重新來過的事情之一就是放慢Epic的建設速度，因為我同意你的觀點——傑夫說的和你的觀點都一樣，傑西。在這個行業，如果你建造了精彩的景點，就會產生巨大的潛在需求。我們將在Epic打造一個超棒的樂園，而且我們正在全力以赴——我們現在正以最快的速度彌補失去的時間。

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。接下來談談Peacock。首先我想說的是，我們和大家一樣認為，要想在串流媒體產業競爭，最終需要全球規模。這一點毋庸置疑，無論是在內容投入、技術投入或品牌投入方面都是如此。和其他所有事情一樣，我們採取的方法也與其他公司略有不同。

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，看看我們今天的處境，就像康卡斯特（Comcast）在美國本土大力推廣Peacock，才讓我們走到今天這一步。如果沒有天空電視台（Sky），我們的處境會完全不同。天空電視台已經在英國和德國推出了Peacock（感謝達娜），並將在今年稍後在義大利上線。再加上我們與天空電視台的合資企業SkyShowtime，我們相信這些地區——包括美國在內——將使我們佔據全球串流媒體市場70%的份額。因為別忘了，你不可能在中國這樣的地方推出串流服務。世界上有些地方就是行不通。

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.

所以真正的問題在於我們如何實現接下來的30%成長，我們會對此保持謹慎。我們會尋求合作夥伴關係，並根據每個國家的具體情況制定個人化的國際擴張策略。我們的目標是實現全球規模，但我們會採取更穩健的、逐個國家推進的方式，並且對最終目標充滿信心。

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，在內容產業，平台至關重要。電影業如此，電視業亦然。當您將一部作品放到不同的平台上時，有時會獲得新的用戶群體，而這些用戶反過來又會增加您原始平台的需求。

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.

我們將利用平台優勢，優化每一條內容，讓每一條內容都擁有最大的成功機會。所以這與其說是一門科學，不如說是一門藝術，我們憑經驗判斷哪些內容能夠奏效。

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.

你會看到我們的內容以多種方式在多個平台上發布。我們會認真評估每個內容，判斷它是否能促進Peacock的訂閱量成長（Peacock會率先推出），或者是否能擴大受眾範圍（NBC或其他線性平台會率先推出）。希望這能解答你的疑問。

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

我們最後一個問題將來自 Craig Moffett 和 MoffettNathanson 的連線。

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?

這裡是Jay Li，代Craig Moffett提問。關於寬頻，您能否談談目前在市場上看到的競爭情況，無論是固定無線網路還是光纖網路？

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.

那麼，關於股票回購，您能否詳細說明您對Peacock內容支出的預期，特別是您之前在電話會議中提到的增量支出和重新分配支出？另外，聽起來您似乎在增加對有線電視業務的投入，這會對投入速度和資本支出產生什麼影響？

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，最後兩點是Mike說的。關於Peacock，我們之前已經大致討論過了。預計今年扣除透過Peacock重新分配的投資後，虧損額將達到25億美元，我們認為這應該是比較合理的數字。至於有線電視，我們之前提到的11%的資本支出強度，指的是Dave所描述的所有項目的全部支出。

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.

所以就競爭而言，無論是光纖或固定無線，競爭環境其實並沒有顯著變化。競爭依然非常激烈，過度建設方面也十分活躍。我們已經在這個領域耕耘了相當長一段時間。順便一提，包括固定無線在內，也就是最早推出的市場領域，我們——距離我們上次與那些最早推出的固定無線產品競爭已經過去了近三年。

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——我們的策略是預測競爭發生的地點和方式。我們有一套不斷完善的策略，關鍵在於我們正在擴大滲透率，無論競爭對手是光纖還是非光纖網路。

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.

所以我們非常重視這個問題。我們會仔細檢視每個區域，包括各種類型的光纖網路和固定無線網路。我們的目標和策略是專注於我們無所不在的網路優勢，而不是過度關注競爭對手在局部層面的網路決策，讓他們不得不做出權衡取捨。

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 策略非常穩健，能夠為所有應用提供所需的容量和速度。正如我之前提到的，我們的目標始終是開發並交付更好的產品。這與我們的競爭對手截然不同，他們只是簡單地增加產品價值，現在也包括行動網路。但我們提供的寬頻產品在整體速度、覆蓋範圍和 Wi-Fi 方面都更勝一籌。

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.

綜合所有因素，最終我們將獲得一款普及且更優質的產品。而且，我們的傳輸速度也越來越快。當競爭對手還在討論這個問題時，我們卻在不斷增加傳輸速度，過去幾年我們在這方面做得非常出色，而且我們將繼續保持這種勢頭。因此，我們的目標是始終領先所有現有應用，並提供最佳的寬頻服務，我們相信我們目前處於有利地位。

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

好的。我們的2021年第四季財報電話會議到此結束。感謝各位的參與。

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.

今天電話會議的錄音回放將於美國東部時間中午12:00開始提供，持續至2月3日（星期四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為2698862。電話會議的錄音也將於今日美國東部時間下午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。感謝各位的參與。請各位斷開連接。