康卡斯特 (CMCSA) 2021 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Comcast Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded. I will now turn the call over to Senior Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

女士們，先生們，早上好，歡迎參加康卡斯特 2021 年第三季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。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. I remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

現在讓我向您介紹幻燈片 2，其中包含我們的安全港免責聲明。我提醒您，本次電話會議可能包括受某些風險和不確定性影響的前瞻性陳述。

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.

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 had a wonderful third quarter across the entire company with 18% growth in adjusted EBITDA and 34% growth in adjusted EPS, and we generated $3.2 billion of free cash flow.

謝謝，Marci，大家早上好。我們在整個公司的第三季度表現出色，調整後 EBITDA 增長 18%，調整後每股收益增長 34%，我們產生了 32 億美元的自由現金流。

One of our goals in the past several years has been to return to a position of offensively investing in our existing businesses, paying a growing dividend and also buying back meaningful amounts of stock. So I'm pleased to report that we have now achieved all of that in this quarter, and we are back to our desired leverage ratios.

在過去幾年中，我們的目標之一是回到對現有業務進行進攻性投資、支付不斷增長的股息並回購大量股票的立場。所以我很高興地報告，我們現在已經在本季度實現了所有這些，並且我們回到了我們想要的槓桿比率。

Our Cable division continues to be a standout, delivering over 7% revenue growth and the fifth consecutive quarter of double-digit EBITDA growth up 10% fueled by our broadband business, which generated 300,000 net additions and contributed to a very healthy 255,000 net new customer relationships. Business services has emerged from the pandemic and was also a key driver of our results. And we believe this momentum will continue.

我們的有線電視部門繼續表現出色，收入增長超過 7%，在我們的寬帶業務推動下，連續第五個季度實現兩位數的 EBITDA 增長 10%，該業務產生了 300,000 個淨增量，並為非常健康的 255,000 個淨新客戶做出了貢獻關係。商業服務已經擺脫了大流行，也是我們業績的關鍵驅動力。我們相信這種勢頭將繼續下去。

Our success comes from our network advantage, innovative products and world-class operational capabilities, which enable us to provide an unparalleled experience. Just like in residential, we are proactively responding to the needs of our commercial customers and offering personalized solutions.

我們的成功來自於我們的網絡優勢、創新的產品和世界級的運營能力，這使我們能夠提供無與倫比的體驗。就像住宅一樣，我們積極響應商業客戶的需求並提供個性化的解決方案。

While small business has led our growth for the last decade, we are still significantly underpenetrated in the mid-market and enterprise segments. We see a lot of potential to take share in our large addressable market, which just got even bigger post our recent acquisition of Masergy, which builds on our strong offering of technology solutions. Masergy has become a leading provider to companies worldwide and unlocks a customer segment that we don't have today, particularly U.S.-based organizations with multi-site global operations.

雖然小企業在過去十年引領了我們的增長，但我們在中端市場和企業領域的滲透率仍然顯著不足。我們看到在我們龐大的潛在市場中佔有很大份額的潛力，在我們最近收購 Masergy 後變得更大，這建立在我們強大的技術解決方案產品的基礎上。 Masergy 已成為全球公司的領先供應商，並解鎖了我們今天沒有的客戶群，特別是在美國擁有多站點全球業務的組織。

Xfinity Mobile exceeded its prior record, adding 285,000 lines, the most in any quarter since launch. And we continue to evaluate ways we can accelerate this business even further as wireline and wireless connectivity services continue to converge.

Xfinity Mobile 超過了之前的記錄，增加了 285,000 條線路，是自推出以來的任何季度中最多的。隨著有線和無線連接服務不斷融合，我們將繼續評估我們可以進一步加速這項業務的方法。

We are looking at new exciting products and packaging that highlight how we're able to provide our customers with the best and most reliable broadband wherever they are or wherever they go and help them save money at the same time. And with only 6% penetration of our 32 million broadband customers, we have a long runway.

我們正在尋找新的令人興奮的產品和包裝，以突出我們如何能夠為我們的客戶提供最好和最可靠的寬帶，無論他們身在何處，無論他們走到哪裡，同時幫助他們節省資金。在我們的 3200 萬寬帶客戶中，只有 6% 的普及率，我們有很長的路要走。

Taking all of this together, we have an incredibly robust broadband business, and we've been adding over 1 million broadband customers each year for the past 20-plus years. And we continue to deepen these relationships by offering a fantastic and differentiated in-home experience with the fastest modem and gateway and the greatest WiFi coverage. We plan to continue our relentless focus on aggressively developing and improving our suite of products around connectivity.

綜上所述，我們擁有非常強大的寬帶業務，在過去的 20 多年中，我們每年新增超過 100 萬寬帶用戶。我們通過最快的調製解調器和網關以及最大的 WiFi 覆蓋範圍提供出色的差異化家庭體驗，繼續深化這些關係。我們計劃繼續不懈地專注於積極開發和改進我們圍繞連接的產品套件。

The foundation of all of this is our network. And we are currently in the process of deploying new technology, updating key infrastructure and accelerating virtualization across our footprint so that we can deliver even further enhancements fast and at scale to millions of customers. And we will continue to evaluate every opportunity we have to expand our passings, which will bring our amazing suite of products and services to many new homes and businesses.

這一切的基礎是我們的網絡。我們目前正在部署新技術、更新關鍵基礎設施並加速我們的整個足蹟的虛擬化，以便我們能夠快速、大規模地為數百萬客戶提供進一步的增強功能。我們將繼續評估我們必須擴大我們的通行證的每一個機會，這將為許多新家庭和企業帶來我們令人驚嘆的產品和服務套件。

All of Dave Watson and his team's superb execution is around decades of investment that has led to constant new product innovation, including this month's launch of XClass TV, an extension of our leadership in video aggregation. XClass is an innovative smart television powered by our global technology platform that brings the best of our company's entertainment operating system to consumers nationwide together with the option to use either Xfinity, Charter or other entertainment apps.

Dave Watson 和他的團隊的所有出色執行都來自於數十年的投資，這些投資導致了不斷的新產品創新，包括本月推出的 XClass TV，這是我們在視頻聚合領域領先地位的延伸。 XClass 是一款創新的智能電視，由我們的全球技術平台提供支持，將我們公司最好的娛樂操作系統帶給全國消費者，並可選擇使用 Xfinity、Charter 或其他娛樂應用程序。

At NBCUniversal, we continue to see great progress in each of our businesses, but I'd like to highlight our theme parks, especially Orlando, which just reported the most profitable quarter in its history despite having virtually no international guests due to COVID-related travel restraints.

在 NBCUniversal，我們的每項業務都繼續取得巨大進展，但我想強調我們的主題公園，尤其是奧蘭多，儘管由於與 COVID 相關的原因幾乎沒有國際客人，但它剛剛報告了其歷史上最賺錢的季度旅行限制。

In Hollywood, we continue to see recovery, and we had a very successful and exciting opening of Universal Beijing Resort on September 20th. I also look forward to COVID-related restrictions easing in Osaka, which could happen soon.

在好萊塢，我們繼續看到復蘇，我們在 9 月 20 日舉辦了非常成功和令人興奮的北京環球度假區開業典禮。我也期待大阪放鬆與 COVID 相關的限制，這可能很快就會發生。

Our Media business is also doing very well. We're benefiting from the many changes Jeff Shell and his team implemented starting in 2020 with new hires, different roles, fresh content and a more efficient operating structure. We're seeing the financial success in both our linear networks as well as Peacock, which has maintained its momentum. We have a new breakout hit with La Brea, which has been a contributor to NBC's overall audience lead this primetime season as well as the best-performing new show on Peacock.

我們的媒體業務也做得很好。 Jeff Shell 和他的團隊從 2020 年開始實施的許多變革，包括新員工、不同角色、新鮮內容和更高效的運營結構，這讓我們受益匪淺。我們在線性網絡和保持勢頭的 Peacock 都看到了財務上的成功。我們與 La Brea 取得了新的突破，它一直是 NBC 在本黃金時段的整體觀眾領先以及孔雀新節目中表現最好的一個貢獻者。

Sunday Night Football has returned with great momentum, which we're seeing across our platforms. And we're thrilled with the performance of our second Halloween installment, which generated more revenue in its opening weekend at the domestic box office than any other film this year with a day-and-date streaming release and is the one non-live event premier in Peacock's history.

週日晚上足球以強勁的勢頭回歸，我們在我們的平台上都看到了這一點。我們對萬聖節第二部的表現感到非常興奮，它在首映週末在國內票房產生的收入比今年任何其他具有當日流媒體發行的電影都要多，並且是一個非現場活動孔雀史上首屈一指。

We're also looking forward to extending our streaming platforms outside of the U.S. with Peacock launching on Sky next month and SkyShowtime in the works for mid-2022. At Sky, I want to re-emphasize how well we're performing in the U.K., which continues its growth trajectory in customer relationships led by record low churn.

我們也期待著將我們的流媒體平台擴展到美國以外的地區，Peacock 將於下個月在 Sky 上推出，SkyShowtime 將於 2022 年年中推出。在 Sky，我想再次強調我們在英國的表現如何，英國繼續其在客戶關係方面的增長軌跡，由創紀錄的低流失率引領。

We're also seeing great momentum in our broadband and mobile businesses. Earlier this month, Dana Strong and her team introduced Sky Glass in London, a premium all-in-one streaming television and multichannel subscription package that is so much more than just a stunning TV with amazing sound. It's an innovation platform that opens up a whole new world of entertainment for our customers and simplifies the experience so they can stream every channel, every show and every app in one easy-to-use interface. And already, the customer response has very much exceeded our initial expectations.

我們也看到我們的寬帶和移動業務發展勢頭良好。本月早些時候，Dana Strong 和她的團隊在倫敦推出了 Sky Glass，這是一款優質的一體化流媒體電視和多頻道訂閱套餐，它不僅僅是一台具有驚人聲音的令人驚嘆的電視。這是一個創新平台，為我們的客戶開闢了一個全新的娛樂世界並簡化了體驗，因此他們可以在一個易於使用的界面中流式傳輸每個頻道、每個節目和每個應用程序。而且，客戶的反應已經大大超出了我們最初的預期。

We're also incredibly proud that Sky Glass is the first TV to be certified carbon neutral. Sky has been leading all of Comcast with its sustainability goals and is the first media company in the U.K. to commit to being net carbon zero by 2030.

我們也非常自豪 Sky Glass 是第一台獲得碳中和認證的電視。 Sky 一直在引領康卡斯特的可持續發展目標，是英國第一家承諾到 2030 年實現淨碳零排放的媒體公司。

While Glass and XClass are distinct products with different monetization and distribution strategies, they extend our customer base beyond our previous capabilities. And they run off the same global technology platform. This allows us to quickly bring the best features to consumers across territories, segments and brands and on Comcast hardware and through our syndication partners.

雖然 Glass 和 XClass 是具有不同貨幣化和分銷策略的不同產品，但它們將我們的客戶群擴展到了我們以前的能力之外。他們在同一個全球技術平台上運行。這使我們能夠通過我們的聯合合作夥伴，在康卡斯特硬件上以及通過我們的聯合合作夥伴，快速為跨地區、細分市場和品牌的消費者帶來最佳功能。

I'm pleased to also announce today that Apple will bring Apple TV+ and the Apple TV app to our Xfinity and Sky customers on X1, Flex, XClass, Sky Glass and Sky Q devices. And Comcast is bringing the Xfinity Stream and Sky Go apps to Apple TV devices. We're working together with our partners to deliver the best apps and experiences on our platforms. And our teams are sharing capabilities and collaborating across the company, collectively drawing on our scale and leadership in broadband, aggregation and streaming to innovate and profitably serve new and existing customers.

我今天也很高興地宣布，Apple 將為 X1、Flex、XClass、Sky Glass 和 Sky Q 設備上的 Xfinity 和 Sky 客戶帶來 Apple TV+ 和 Apple TV 應用程序。 Comcast 正在將 Xfinity Stream 和 Sky Go 應用程序引入 Apple TV 設備。我們正在與我們的合作夥伴合作，在我們的平台上提供最好的應用程序和體驗。我們的團隊正在整個公司共享能力和協作，共同利用我們在寬帶、聚合和流媒體方面的規模和領導地位，以創新並為新老客戶提供盈利服務。

Looking ahead, I am excited about the opportunities we have to both invest in our business and return capital through buybacks and dividends all while maintaining leverage around current levels. And I believe we are extremely well-positioned to continue our track record of building long-term shareholder value.

展望未來，我很高興我們有機會投資於我們的業務並通過回購和分紅來回報資本，同時保持當前水平的槓桿率。而且我相信我們處於非常有利的位置，可以繼續我們建立長期股東價值的記錄。

So I'm pleased to now hand it over to Mike for more detail on this strong quarter.

因此，我很高興現在將其交給邁克，以獲取有關這個強勁季度的更多詳細信息。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our third quarter consolidated 2021 results. Revenue increased 19% to $30.3 billion. Adjusted EBITDA increased 18% to $9 billion. Adjusted EPS increased 34% to $0.87 per share. And finally, we generated $3.2 billion of free cash flow.

謝謝，布賴恩，大家早上好。我將從幻燈片 4 開始，介紹我們的 2021 年第三季度綜合業績。收入增長 19% 至 303 億美元。調整後 EBITDA 增長 18% 至 90 億美元。調整後每股收益增長 34% 至每股 0.87 美元。最後，我們產生了 32 億美元的自由現金流。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. Cable revenue increased 7.4% to $16.1 billion. EBITDA increased 10% to $7.1 billion, and net cash flow grew 16% to $5 billion.

現在讓我們看看我們的業務部門業績，從幻燈片 5 上的有線電視通信開始。有線電視收入增長 7.4% 至 161 億美元。 EBITDA 增長 10% 至 71 億美元，淨現金流增長 16% 至 50 億美元。

As a reminder, comparisons to last year were impacted by adjustments accrued for customer RSN fees. Excluding these adjustments, Cable Communications revenue increased 6.3% with no corresponding impact to EBITDA.

提醒一下，與去年的比較受到客戶 RSN 費用調整的影響。剔除這些調整，有線通信收入增長 6.3%，對 EBITDA 沒有相應影響。

We added 255,000 net new customer relationships in the quarter once again driven by broadband, where we added 300,000 net new residential and business customers. We continue to benefit from high levels of customer retention with broadband churn improving to the lowest rate for any third quarter on record.

在寬帶的推動下，我們在本季度新增了 255,000 個淨新客戶關係，其中我們新增了 300,000 個淨新住宅和商業客戶。我們繼續受益於高水平的客戶保留率，寬帶流失率降至有記錄以來第三季度的最低水平。

The strong level of net customer additions over the past year, including this third quarter, coupled with higher average revenue per customer, drove broadband revenue growth of 12%. This growth was about 1 point lower, excluding the RSN fee adjustments in last year's results.

過去一年（包括第三季度）的淨客戶增加水平強勁，加上每位客戶的平均收入增加，推動寬帶收入增長 12%。不包括去年業績中的 RSN 費用調整，這一增長下降了約 1 個百分點。

Wireless and business services also drove our strong Cable revenue growth. Wireless revenue grew 51% driven by growth in customer lines and higher device sales. Overall, we added 285,000 lines in the quarter, the best result since launching this business in 2017, bringing total mobile lines to 3.7 million.

無線和商業服務也推動了我們強勁的有線電視收入增長。受客戶線增長和設備銷售增加的推動，無線收入增長了 51%。總體而言，我們在本季度新增了 285,000 條線路，這是自 2017 年推出該業務以來的最佳成績，使移動線路總數達到 370 萬條。

Business services revenue increased 8.7%, reflecting an increase in rates and customers primarily driven by the continued improvement in small businesses. We added 18,000 net new customers in the quarter and 72,000 over the past year. We recently closed on our acquisition of Masergy, which enables us to offer a broader range of products and solutions to mid-market and enterprise customers and expands our market opportunity to customers with a global presence.

商業服務收入增長 8.7%，主要是由於小企業的持續改善推動了費率和客戶的增長。我們在本季度增加了 18,000 個淨新客戶，在過去一年增加了 72,000 個。我們最近完成了對 Masergy 的收購，這使我們能夠為中端市場和企業客戶提供更廣泛的產品和解決方案，並將我們的市場機會擴大到具有全球影響力的客戶。

Moving to video. Revenue increased 1.4% and was flat excluding the RSN fee adjustments in last year's third quarter driven by a residential rate increase at the beginning of the year, mostly offset by video subscriber net losses totaling 408,000 this quarter.

轉到視頻。收入增長 1.4%，不包括去年第三季度受年初住宅費率上漲推動的 RSN 費用調整持平，大部分被本季度總計 408,000 的視頻用戶淨損失所抵消。

Last, advertising revenue increased 4.6%, reflecting a strong overall market recovery compared to last year's third quarter, which was impacted by COVID, partially offset by lower political advertising. As a reminder, the fourth quarter year-over-year comparison will be impacted by record levels of political advertising last year.

最後，廣告收入增長了 4.6%，反映出與去年第三季度相比強勁的整體市場復甦，後者受到 COVID 的影響，部分被較低的政治廣告所抵消。提醒一下，第四季度的同比比較將受到去年創紀錄水平的政治廣告的影響。

Turning to expenses. Cable Communications third quarter expenses increased 5.3%. Programming expenses increased 7.6% mainly reflecting the comparison to last year, which benefited from RSN adjustments. Excluding these, programming expenses were up 2.8% as we begin to lap the large number of contract renewals that started to cycle through in 2020.

轉向開支。有線電視通信第三季度的開支增長了 5.3%。節目費用增加 7.6%，主要反映與去年相比，受益於 RSN 調整。不包括這些，隨著我們開始處理 2020 年開始循環的大量合同續簽，節目製作費用增長了 2.8%。

Nonprogramming expenses increased 3.9% and decreased 0.8% on a per relationship basis, reflecting our investment to drive growth in our core businesses, broadband, wireless and business services. This resulted in higher technical and product support and advertising, marketing and promotion expenses, which were partially offset by lower bad debt and customer service expense.

按關係計算，非編程費用增長 3.9%，下降 0.8%，反映了我們為推動核心業務、寬帶、無線和商業服務增長而進行的投資。這導致更高的技術和產品支持以及廣告、營銷和促銷費用，這部分被較低的壞賬和客戶服務費用所抵消。

Cable Communications EBITDA increased 10% to $7.1 billion, including a contribution of $51 million from our wireless business. Cable EBITDA margin reached 43.9%, reflecting 120 basis points of year-over-year improvement.

Cable Communications EBITDA 增長 10% 至 71 億美元，其中包括來自無線業務的 5100 萬美元貢獻。有線電視 EBITDA 利潤率達到 43.9%，同比提高 120 個基點。

While the RSN fee adjustments had no impact on EBITDA, they did impact margins last year. Excluding the RSN adjustment impact, our margin expanded 160 basis points year-over-year. Cable capital expenditures decreased 5.4%, resulting in CapEx intensity of 10.4%. But there is typically some choppiness in Cable CapEx from quarter-to-quarter mainly due to timing.

雖然 RSN 費用調整對 EBITDA 沒有影響，但它們確實影響了去年的利潤率。排除 RSN 調整影響，我們的利潤率同比增長 160 個基點。有線電視資本支出下降 5.4%，導致資本支出強度為 10.4%。但是，主要是由於時間安排，每個季度的有線電視資本支出通常會出現一些波動。

Now let's turn to Slide 6 for NBCUniversal. Starting with total NBCUniversal results, revenue increased 58% to $10 billion, and EBITDA increased 48% to $1.35 billion. Media revenue increased 48% to $6.8 billion, including $1.8 billion associated with the Tokyo Olympics. Excluding the Olympics, revenue increased 9.2% driven by higher distribution and advertising revenue.

現在讓我們轉到 NBCUniversal 的幻燈片 6。從 NBCUniversal 的總業績開始，收入增長 58% 至 100 億美元，EBITDA 增長 48% 至 13.5 億美元。媒體收入增長 48% 至 68 億美元，其中包括與東京奧運會相關的 18 億美元。不包括奧運會，收入增長 9.2%，主要受分銷和廣告收入增加的推動。

Distribution revenue increased over 12%, reflecting higher rates post the successful completion of several carriage renewals at the end of 2020 and a growing contribution from Peacock, partially offset by subscriber declines, which have been stable for the past few quarters. Advertising revenue increased 7.2%, reflecting an overall market recovery compared to last year, very strong demand and pricing for our ad inventory, a higher contribution from Peacock and a solid start to the new fall season, including strong NFL ratings, partially offset by the timing of sporting events compared to last year when several events had shifted from the second quarter to the third quarter.

分銷收入增長超過 12%，這反映了 2020 年底成功完成數次運輸續訂後費率的提高以及 Peacock 的貢獻增加，部分被過去幾個季度穩定的訂戶下降所抵消。廣告收入增長 7.2%，反映出與去年相比整體市場復甦、對我們的廣告庫存的需求和定價非常強勁、Peacock 的更高貢獻以及新秋季賽季的穩健開局，包括強勁的 NFL 收視率，部分抵消了與去年相比，體育賽事的時間安排與去年相比，當時有幾項賽事從第二季度轉移到了第三季度。

Media EBITDA increased 1.2% to $997 million, including results of Tokyo Olympics, the favorable comparison on the timing of other sporting events and Peacock losses that were impacted by higher costs associated with the day-and-date release of The Boss Baby: Family Business. As a reminder, our fourth quarter results will face a difficult comparison to last year due to higher costs associated with the timing of more sporting events at our regional sports network, an increase in our original entertainment as we continue to launch our fall season and the inclusion of our latest studio release Halloween Kills on Peacock.

媒體 EBITDA 增長 1.2% 至 9.97 億美元，包括東京奧運會的結果、對其他體育賽事時間安排的有利比較以及孔雀因與《老闆寶貝：家族企業》當天發布相關的更高成本而造成的損失.提醒一下，我們的第四季度業績將面臨與去年相比困難的局面，因為與我們的區域體育網絡中更多體育賽事的時間安排相關的成本更高，隨著我們繼續推出秋季賽季和包括我們最新的工作室發布的 Peacock 上的萬聖節殺戮。

Studios revenue increased 27% driven fairly equally by growth in theatrical and content licensing revenue. The increase in theatrical revenue reflected the continued success of F9 as well as several new releases, including The Boss Baby: Family Business, which was in theaters and on Peacock. In addition, content licensing revenue growth benefited from the delivery of content to our networks, Peacock and third parties. Studio EBITDA declined 47% to $179 million, driven by higher amortization of television and film production costs as we return to pre-COVID levels of production and investment in marketing and promotion to launch our new films.

受戲劇和內容許可收入增長的推動，工作室收入增長了 27%。影院收入的增長反映了 F9 的持續成功以及幾個新版本，包括在影院和孔雀上的 The Boss Baby: Family Business。此外，內容許可收入增長得益於向我們的網絡、Peacock 和第三方提供內容。工作室 EBITDA 下降 47% 至 1.79 億美元，這是由於隨著我們恢復到 COVID 之前的製作水平以及對營銷和推廣的投資以推出我們的新電影，電視和電影製作成本的攤銷增加。

Looking to the fourth quarter. EBITDA comparisons to last year will remain challenging in the short term as we launch new theatrical releases and ramp our TV productions, which had been impacted by the pandemic. Moving to Theme Parks. Revenue increased by $1.1 billion to $1.4 billion. And we generated EBITDA of $434 million, which included about $130 million of Universal Beijing pre-opening costs. This was our most profitable quarter since the pandemic began in the first quarter of 2020 driven by improved operating results at our U.S. parks, including strong domestic attendance and per caps that were above pre-pandemic levels.

展望第四季度。隨著我們推出新的戲劇版本並增加受大流行影響的電視製作，與去年的 EBITDA 比較在短期內仍將具有挑戰性。搬到主題公園。收入增加了 11 億美元，達到 14 億美元。我們產生了 4.34 億美元的 EBITDA，其中包括約 1.3 億美元的北京環球影城開業前成本。這是自 2020 年第一季度大流行開始以來我們最賺錢的季度，這得益於我們美國公園的經營業績改善，包括強勁的國內游客人數和高於大流行前水平的人均上限。

In fact, as Brian noted, Universal Orlando delivered its highest EBITDA for any quarter in its history. At Universal Studios Japan, results were challenging as we continue to operate under government capacity restrictions, keeping attendance below 2019 levels. Last, we opened Universal Beijing on September 20th, where the initial demand has been positive. While our parks offer a great experience year round, we expect some seasonality given Beijing's weather conditions with lower attendance in the fall and winter and more in spring and summer. So overall, on parks, we are encouraged by the continued recovery, but getting back to and then exceeding pre-pandemic levels of EBITDA will likely require an improvement in international visitation.

事實上，正如布賴恩所說，奧蘭多環球影業在其歷史上的任何一個季度都實現了最高的 EBITDA。日本環球影城的業績充滿挑戰，因為我們繼續在政府容量限制下運營，將上座率保持在 2019 年水平以下。最後，我們在 9 月 20 日開設了北京環球影城，最初的需求是積極的。雖然我們的公園全年都提供很棒的體驗，但鑑於北京的天氣條件，我們預計會有一定的季節性，秋季和冬季的遊客人數較少，而春季和夏季的遊客人數較多。因此，總體而言，在公園方面，我們對持續復甦感到鼓舞，但要回到並超過大流行前的 EBITDA 水平可能需要改善國際訪問量。

Now let's turn to Slide 7 for Sky, which I'll speak to on a constant currency basis. For the third quarter, Sky revenue was $5 billion and relatively consistent compared to last year. Direct-to-consumer revenue was also consistent with last year's results, primarily reflecting strong growth in the U.K. driven by continued growth in customer relationships and higher ARPU due to the positive impact of a rate increase earlier this year, higher mobile device sales and the continued turnaround in hospitality revenue as pubs and clubs come back. This was offset by a decrease in customer relationships and ARPU in Italy, mainly due to a negative impact from the reduction in broadcast rights to Serie A.

現在讓我們轉到 Sky 的幻燈片 7，我將在固定貨幣的基礎上進行討論。第三季度，Sky 收入為 50 億美元，與去年相比相對穩定。直接面向消費者的收入也與去年的結果一致，主要反映了英國的強勁增長，這主要得益於客戶關係的持續增長和由於今年早些時候利率上調、移動設備銷售增長和隨著酒吧和俱樂部的回歸，酒店收入持續好轉。這被意大利客戶關係和 ARPU 的下降所抵消，這主要是由於意甲轉播權減少的負面影響。

Sky's overall customer relationships declined 233,000 entirely driven by customer losses in Italy. Advertising revenue increased 16% with the results in the U.K. driving the bulk of the growth and reflecting the overall market recovery from COVID-19. This increase was offset by a 26% decline in content revenue driven by the change in sports licensing agreements in Italy and Germany as well as the timing of sports events compared to last year when several events had shifted from the second quarter to the third quarter due to COVID-19.

Sky 的整體客戶關係下降了 233,000 人，這完全是由於意大利的客戶流失。廣告收入增長了 16%，其中英國的業績推動了大部分增長，並反映了 COVID-19 的整體市場復甦。這一增長被意大利和德國體育許可協議的變化以及體育賽事的時間安排所導致的內容收入下降 26% 所抵消，去年有幾項賽事從第二季度轉移到了第三季度到 COVID-19。

Turning to our EBITDA results. During the quarter, there was a change in the way we amortize sports rights. This cost is now aligned more directly to when games are played, including when seasons begin and end. This resulted in a $130 million benefit in the third quarter, which will reverse in the fourth quarter. Going forward, this change will continue to impact the quarterly pattern of recognizing sports rights amortization costs, with expense higher in the first and fourth quarters and lower in the second and third quarters, but it should not impact our full year results. Overall, Sky's EBITDA increased 76%, reflecting this benefit as well as lower sports programming costs due to resets in our sports rights and the favorable comparison on the timing of sporting events.

轉向我們的 EBITDA 結果。在本季度，我們攤銷體育權利的方式發生了變化。這個成本現在更直接地與比賽的開始時間保持一致，包括賽季開始和結束的時間。這在第三季度帶來了 1.3 億美元的收益，這將在第四季度逆轉。展望未來，這一變化將繼續影響確認體育權利攤銷成本的季度模式，第一季度和第四季度費用較高，第二和第三季度費用較低，但不應影響我們的全年業績。總體而言，Sky 的 EBITDA 增長了 76%，這反映了這一優勢以及由於我們的體育權利重置和體育賽事時間安排的有利比較而降低了體育節目成本。

Before I comment on capital returns and balance sheet, let me make a comment on our Corporate and Other segment. As we've done in the past with other start-up activities, launch costs related to Sky Glass and XClass will be reported in our Corporate segment, which could become more meaningful beginning with this fourth quarter.

在我評論資本回報和資產負債表之前，讓我先評論一下我們的公司和其他部門。正如我們過去在其他啟動活動中所做的那樣，與 Sky Glass 和 XClass 相關的啟動成本將在我們的企業部門中報告，這可能從第四季度開始變得更有意義。

Now I'll wrap up with free cash flow and capital allocation on Slide 8. We generated $3.2 billion of free cash flow this quarter, including a $670 million benefit related to the tax impact of the bond exchange we completed in August. Consolidated total capital was $2.9 billion for the quarter. And as expected, net working capital increased, reflecting our broadcast of the Olympics as well as the continued post-COVID ramp of investment in studio content. Return of capital totaled $2.7 billion, including $1.2 billion of dividend payments and $1.5 billion of share repurchase activity.

現在我將在幻燈片 8 上結束自由現金流和資本分配。本季度我們產生了 32 億美元的自由現金流，其中包括與我們在 8 月完成的債券交易的稅收影響相關的 6.7 億美元收益。本季度合併總資本為 29 億美元。正如預期的那樣，淨營運資金增加了，這反映了我們對奧運會的轉播以及在 COVID 之後對工作室內容的持續投資。資本回報總額為 27 億美元，其中包括 12 億美元的股息支付和 15 億美元的股票回購活動。

Our net leverage at quarter end was 2.4x, which means we are now back at a level that is consistent with our existing ratings and reflects substantial progress in both debt reduction and a strong rebound in our businesses post the pandemic. From here, my expectation is that we keep our leverage ratio around where we currently are and continue to execute on our capital allocation priorities, which consists of maintaining a strong balance sheet, investing organically for profitable growth and returning capital to shareholders. Looking ahead, our buyback will be a function of that balance and excess free cash flow available for capital returns.

我們在季度末的淨槓桿率為 2.4 倍，這意味著我們現在回到了與我們現有評級一致的水平，反映了在減債方面取得了重大進展，並且在大流行後我們的業務強勁反彈。從這裡開始，我的期望是，我們將槓桿率保持在目前的水平，並繼續執行我們的資本配置優先事項，包括保持強勁的資產負債表、有機投資以實現盈利增長以及向股東返還資本。展望未來，我們的回購將取決於該餘額和可用於資本回報的超額自由現金流。

With that, I'll turn it back to Marci, who will lead the question-and-answer portion of the call.

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. Operator, let's open up the call for questions, please.

謝謝，邁克。接線員，讓我們打開電話提問吧。

(Operator Instructions) Our first question comes from Benjamin Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Benjamin Swinburne。

Maybe, Brian, starting with you. The Sky Glass, the move towards the Smart TV seems like a really interesting evolution of your product set, taking the business beyond your footprint, as you noted, in multiple markets. Can you just talk about some of the long-term vision of what that turns into for the company? Because it seems like it's a pretty significant opportunity as you've been limited essentially geographically in the past.

也許，布賴恩，從你開始。 Sky Glass，向智能電視的轉變似乎是您的產品系列的一次非常有趣的演變，正如您所指出的，業務超越了您在多個市場的足跡。你能談談公司的一些長期願景嗎？因為這似乎是一個非常重要的機會，因為您過去在地理上基本上受到限制。

And then, I guess, I have to come back, Mike, to your last comment there about leverage, just doing some quick math. I mean, you guys are run rating I guess, what, $5 billion of buybacks a year, looking at the second half. You've got a $4 billion or so dividend. You generate a lot more free cash flow than those 2 numbers. So to stay levered here, there's a lot of excess cash flow, which is obviously a nice problem to have. Anything else you would add in terms of how you stay at 2.5x, just given the strong free cash flow dynamics of the business, would be greatly appreciated.

然後，我想，邁克，我必須回到你上次關於槓桿的評論，只是做一些簡單的數學運算。我的意思是，你們的評級我猜，每年 50 億美元的回購，看下半年。你有 40 億美元左右的股息。你產生的自由現金流比這兩個數字多得多。因此，要在這裡保持槓桿作用，就會出現大量多餘的現金流，這顯然是一個不錯的問題。考慮到業務強勁的自由現金流動態，您將在如何保持 2.5 倍方面添加任何其他內容，將不勝感激。

Thank you, Ben. Let me start that if you look at where we are today, we -- the global technology platform, we do about 5 billion entertainment streams a week on 75 million devices. So we have a huge global scale. And one of the great things that we've been working on with Dana and Dave is having a global technology platform and working together on product innovation. So to specifically talk about the connected TV, streaming TV, which is what Sky Glass and XClass are really all about, I think it's a natural evolution. So I think it's a beginning of a logical extension.

謝謝你，本。讓我開始，如果你看看我們今天的情況，我們 - 全球技術平台，我們每週在 7500 萬台設備上播放大約 50 億次娛樂流。所以我們有一個巨大的全球規模。我們一直在與 Dana 和 Dave 合作的一件偉大的事情是擁有一個全球技術平台並在產品創新方面合作。因此，要專門談論聯網電視、流媒體電視，這就是 Sky Glass 和 XClass 的真正意義所在，我認為這是一種自然的演變。所以我認為這是一個邏輯擴展的開始。

And so I was in London for the launch of Sky Glass, and we've been working on it since the day we bought Sky, taken about 3 years to see it come to fruition. It's a really exciting product, just simplifies for the consumer so much. Dana can talk in a moment a little bit about it. It is a really breakthrough idea, I think, on how people buy it and pay for it.

所以我在倫敦參加了 Sky Glass 的發布，從我們購買 Sky 的那天起我們就一直在努力，花了大約 3 年的時間才看到它的實現。這是一個非常令人興奮的產品，只是為消費者簡化了很多。 Dana 可以稍後談一談。我認為，關於人們如何購買和支付它，這是一個非常具有突破性的想法。

But mostly, it's an embodiment of what we do well, which is aggregation, and that we're going to find a way for consumers to get to what they want faster, personalize it and have fun along the way. And then it's a platform for innovation on a go-forward basis for where we think television may evolve. And whether it's gaming, whether it's fitness, health care, education. And so having that be a part of your relationship with our company, I think, is novel territory for us to do R&D off of in the U.S. And finally, it allows us to take it all over Europe potentially, as you say, in and out of footprint.

但大多數情況下，它是我們做得好的體現，即聚合，我們將找到一種方法讓消費者更快地獲得他們想要的東西，個性化它並在此過程中獲得樂趣。然後它是一個創新平台，在我們認為電視可能會發展的地方向前發展。無論是遊戲，還是健身、醫療保健、教育。因此，我認為，讓這成為您與我們公司關係的一部分，對我們來說是在美國進行研發的新領域。最後，它使我們有可能將其帶到整個歐洲，正如您所說，在和超出足跡。

So we're starting in the U.K., but we have ambitions to expand quickly to other countries. And it's great for streamers and streaming services. So our importance to the streaming universe will continue to grow. And our relationship and certainly the Apple announcement today is the latest iteration of that. In the U.S., pretty much locked in sync with our Sky team is the XClass, and Dave can talk a little bit about that. But we look at the markets, there's different opportunities, different realities with our partnership with Hisense and with Walmart, where many Americans get their televisions.

所以我們從英國開始，但我們有野心迅速擴展到其他國家。它非常適合流媒體和流媒體服務。因此，我們對流媒體世界的重要性將繼續增長。我們的關係，當然還有今天的 Apple 公告，是其中的最新版本。在美國，與我們的 Sky 團隊幾乎同步的是 XClass，Dave 可以談一下。但我們著眼於市場，與海信和沃爾瑪的合作帶來了不同的機會和不同的現實，許多美國人在那裡購買電視。

And so we're excited to begin. And I think -- so different ends of the market perhaps. We'll look at this as learnings across the globe. And it follows right on the heels of X1, Q, Flex and the progress we've made on innovation. So I'm really excited by it, and I think it also shows the one company working well together. Let me start with Dana. Why don't you add a few thoughts on Sky Glass? And then, Dave, over to you, and then we'll get to the question on leverage with Mike.

所以我們很高興開始。而且我認為 - 也許市場的不同端。我們將把它看作是全球範圍內的學習。它緊隨 X1、Q、Flex 以及我們在創新方面取得的進展之後。所以我對此感到非常興奮，我認為這也表明一家公司合作良好。讓我從達納開始。您為什麼不對 Sky Glass 添加一些想法？然後，戴夫，交給你，然後我們將與邁克討論槓桿問題。

Thanks so much, Brian. I appreciate it. Sky Glass is our latest innovation for new streaming TV. And as it was touched on, this eliminates the need for a dish and a set-top box, which is really, really important in the go-forward. And we believe it's the smartest TV in the market.

非常感謝，布賴恩。我很感激。 Sky Glass 是我們針對新型流媒體電視的最新創新。正如它所提到的，這消除了對盤子和機頂盒的需求，這在前進中非常非常重要。我們相信它是市場上最智能的電視。

I can say based on our experience of product launches, the consumer reaction here has been fantastic. And I think that really starts with the product itself, which is quite innovative. We've changed the commercial model of the product to follow the approach of the mobile handset sales. So we've converted a large upfront payment to an affordable monthly payment with ownership, of course.

我可以說，根據我們的產品發布經驗，這裡的消費者反應非常好。我認為這真的是從產品本身開始的，這是非常創新的。我們改變了產品的商業模式，以跟隨手機銷售的方式。因此，當然，我們已經將大筆預付款轉換為負擔得起的每月付款。

It establishes a long-term relationship with the customer, as a result. And it really improves -- the product really improves our acquisition economics because it allows for self-installation, and there's no longer a need for a dish and a set-top box.

因此，它與客戶建立了長期的關係。它確實有所改進——該產品確實提高了我們的採購經濟性，因為它允許自行安裝，並且不再需要碟子和機頂盒。

I think another big part of the product innovation has been reducing the complexity of the purchase decision itself. So everything is inside, all of the highest specs. And the customer really only needs to choose the size, inclusive of the audio, which is truly fantastic all built in.

我認為產品創新的另一個重要部分是降低購買決策本身的複雜性。所以一切都在裡面，所有的最高規格。客戶真的只需要選擇尺寸，包括音頻，這真是太棒了。

And then the breakthrough in the experience, and that's where Sky really does shine is in the fully integrated product. So that interplay between linear, on-demand and app content, which can really enhance people's time spent viewing. So you're no longer coming in and out of apps, but the content is lifted up and able to toggle across content more easily, this is what kind of makes the product such a standout and I think is driving some of the consumer reaction that we've seen.

然後是體驗上的突破，這就是 Sky 真正閃耀的地方在於完全集成的產品。這樣線性、點播和應用內容之間的相互作用，可以真正提高人們的觀看時間。因此，您不再需要進出應用程序，而是提升內容並且能夠更輕鬆地切換內容，這就是使產品如此出色的原因，我認為正在推動一些消費者反應我們已經看到了。

As Brian touched on, we think Sky Glass gives us some interesting headroom. It opens up customers we haven't been able to reach before if they've been prohibited from having satellite dishes or didn't want them. It opens up customers who are more interested in streaming content. It opens up syndication opportunities for us.

正如 Brian 所說，我們認為 Sky Glass 為我們提供了一些有趣的空間。如果他們被禁止使用衛星天線或不想要它們，它會打開我們以前無法接觸到的客戶。它打開了對流媒體內容更感興趣的客戶。它為我們打開了聯合組織的機會。

And importantly, as Brian touched on, it opens up a lot of opportunity for both stickiness and potentially, new revenue areas when we think about things like watch together or fitness and health long, long term. We think that this is a platform for innovation and really, really just the beginning.

重要的是，正如布賴恩所說，當我們考慮一起觀看或長期、長期的健身和健康等事情時，它為粘性和潛在的新收入領域開闢了很多機會。我們認為這是一個創新平台，真的，真的只是一個開始。

And I think the compelling part about this is that all of the guts of this are exactly the same as all of the Comcast technology. So this is all built through the collaboration and enablement of Comcast. And so the synergies between this and some of the smart TV developments in the U.S. are huge synergies where the hardware, the software, the cloud services are almost entirely the same.

而且我認為這方面引人注目的部分是它的所有內容都與康卡斯特的所有技術完全相同。所以這一切都是通過康卡斯特的合作和支持而建立的。因此，這與美國的一些智能電視發展之間的協同作用是巨大的協同作用，硬件、軟件、雲服務幾乎完全相同。

This is Dave, Ben. So -- and I think Dana hit it, Brian hit it. It really is for XClass, we're not starting from scratch because of this constant focus around innovation and working with the Sky team, working together the Cable group. So we're excited about XClass. It's early days.

這是戴夫，本。所以 - 我認為 Dana 擊中了它，Brian 擊中了它。這真的是為了 XClass，我們不是從零開始，因為我們一直專注於創新，與 Sky 團隊合作，與 Cable 團隊合作。所以我們對 XClass 感到很興奮。現在還早。

But it is -- clearly, the smart TV is a really important device to get to. So we're able to take our software stack, working across the board and focus on the right segment that wants very little friction. It just wants the smart TV to work, and we're able to do 2 things: one, deliver the world-class UI. So great voice, great data integration, able to add things like the Charter app, our app on top of it. So we can -- there's a lot of flexibility that we have and the business model that we have. We can go to market with the TV manufacturers, the retailers in mind and pull it all together in a unique way because we're coming in a little bit later.

但它是——顯然，智能電視是一個非常重要的設備。因此，我們能夠利用我們的軟件堆棧，全面開展工作，並專注於需要很少摩擦的正確細分市場。它只是想讓智能電視工作，我們可以做兩件事：第一，提供世界級的用戶界面。如此出色的聲音，出色的數據集成，能夠添加諸如憲章應用程序之類的東西，我們的應用程序在其之上。所以我們可以 - 我們擁有很多靈活性和我們擁有的商業模式。我們可以與電視製造商、零售商一起進入市場，並以一種獨特的方式將它們整合在一起，因為我們會稍晚一點。

So it's a great product. We're very excited about it, within our footprint, outside. And we're able to position Peacock as a key part of the offering in a great way and within the UI. And so overall, very excited, early, but this is clearly a focus of ours.

所以這是一個很棒的產品。我們對此感到非常興奮，在我們的足蹟之內，在外面。我們能夠以一種很好的方式在 UI 中將 Peacock 定位為產品的關鍵部分。所以總的來說，很興奮，很早，但這顯然是我們的重點。

So Ben, it's Mike. So on capital allocation and leverage, so just to recap things, we ended at 2.4x leverage. So like I said earlier, I think we intend to stay around this level from here. So plus or minus, a tick or so because we're not trying to stick the landing each and every quarter on a specific number by any stretch.

所以本，是邁克。因此，在資本配置和槓桿方面，回顧一下，我們以 2.4 倍的槓桿率結束。所以就像我之前說的，我認為我們打算從這裡保持在這個水平。所以加或減，一個滴答聲左右，因為我們不會試圖將每個季度的著陸時間都固定在一個特定的數字上。

But that's right. I think the -- we've said all along that our businesses are healthy, as you're going to hear from all the operating executives here. They're all going to grow free cash flow over the long term. And that does create a big long-term picture for us that will put us in a great position to continue to maintain the strong balance sheet we have, continue to invest organically in the businesses and then return ample capital back to shareholders. And the performance of the business and the patterning of those investments are what will dictate the outcome. But it's -- we feel very good about being back at this place where that's what the picture looks like.

但這是正確的。我認為 - 我們一直說我們的業務是健康的，因為你會聽到這裡所有運營主管的聲音。從長遠來看，它們都將增加自由現金流。這確實為我們創造了一個長期的大圖景，這將使我們處於有利地位，可以繼續保持我們擁有的強勁資產負債表，繼續對業務進行有機投資，然後將充足的資本返還給股東。業務的表現和這些投資的模式將決定結果。但它 - 我們感覺非常好回到這個地方，這就是圖片的樣子。

Our next question comes from Doug Mitchelson from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

So I guess that leaves broadband for me. And so I think, Dave, in particular, Brian, I'm not sure if you have thoughts as well, there's just a lot of concerns in the marketplace by investors on fiber build-outs in fixed wireless. And then, of course, 3Q came in below 3Q '19.

所以我想這給我留下了寬帶。所以我認為，戴夫，特別是布萊恩，我不確定你是否也有想法，市場上投資者對固定無線中的光纖建設存在很多擔憂。然後，當然，第三季度低於 19 年第三季度。

And I think, Dave, a couple of questions. One is, what's the right baseline for growth in broadband net additions that investors should think about? I think during the pandemic, as we moved through a lot of us look at 2019 as a normal year pre-pandemic. It was a good year for you and the industry for broadband growth. So one, when you look forward, like what's the right baseline for growth that you measure your businesses on? And then secondarily, any thoughts on how momentum looks in 4Q and how you feel about competitive threats would be helpful.

我想，戴夫，有幾個問題。一是，投資者應該考慮的寬帶淨增加量增長的正確基準是什麼？我認為在大流行期間，我們中的許多人都將 2019 年視為大流行前的正常年份。對於您和行業來說，這是寬帶增長的好年頭。因此，當您展望未來時，您衡量業務的正確增長基準是什麼？其次，任何關於第四季度勢頭如何以及您對競爭威脅的看法的想法都會有所幫助。

You got it, Doug. So first off, as you said, we're still clearly in a fluid environment. To be clear though, the fundamentals of the business are very strong, and there's a really long runway of growth in broadband. So we haven't changed our feeling on that at all.

你明白了，道格。所以首先，正如你所說，我們顯然仍處於流動環境中。不過需要明確的是，該業務的基本面非常強勁，而且寬帶的增長空間確實很長。所以我們根本沒有改變我們對此的看法。

We have a terrific network. It's scaled, it's ubiquitous, and it continues to perform exceptionally well. And we're in a good position for the future. So we haven't changed our view on the long-term trajectory of the connectivity business. I'm just as confident and optimistic in the prospects for this business as I've ever been.

我們有一個很棒的網絡。它規模化、無處不在，並且繼續表現出色。我們在未來處於有利地位。因此，我們沒有改變對連接業務長期發展軌蹟的看法。我對這項業務的前景一如既往地充滿信心和樂觀。

So when you look at the whole year, I think it underscores the strength of broadband. Year-to-date, we've added over 1.1 million net additions, and we've been adding over 1 million broadband subscribers each year for the past 20 years.

因此，當您查看全年時，我認為它突顯了寬帶的實力。年初至今，我們淨增加了超過 110 萬，在過去 20 年中，我們每年增加超過 100 萬寬帶用戶。

And as you said, while the pace in Q3 was slower than we saw earlier in the year during the height of the pandemic, our broadband net adds are still very healthy, and our churn remains at record lows, certainly for a Q3. I think it's important to look at the current environment. And I think that points a little bit, Doug, to what you're talking about.

正如您所說，雖然第三季度的速度比我們在今年早些時候疫情最嚴重的時候看到的要慢，但我們的寬帶淨增加量仍然非常健康，而且我們的客戶流失率仍然處於創紀錄的低點，對於第三季度來說肯定如此。我認為看當前環境很重要。道格，我認為這有點說明你在說什麼。

And kind of just a couple of drivers to call out. One, when you look at the slowdown and Mike talked about this earlier, there have been a slowdown in connects across our footprint. And we look very closely at the move activity. There's more activity earlier in the year around moves, slower now. And certainly, the last couple of months below 2019 levels, in terms of moves. So a little bit less college student activity, not alarmingly so, but just a little bit less and just a little bit less switching activity overall.

並且只有幾個司機可以打電話。第一，當您看到放緩時，邁克早些時候談到了這一點，我們的足跡中的連接速度已經放緩。我們非常仔細地觀察移動活動。今年早些時候有更多的活動圍繞著移動，現在變慢了。當然，就走勢而言，過去幾個月低於 2019 年的水平。因此，大學生的活動少了一點，這並不令人擔憂，但總體而言，只是少了一點，而且只是少了一點切換活動。

I think if you look at other operators, everyone's churn is down. So that means just some less jump balls where we do well. I think the other thing to call out in terms of drivers, we're seeing less growth from the lower income segment. We're still adding customers in this segment, but not at the same rate as earlier. There are new government programs like EBB. We're seeing traditional wireless, not fixed wireless, but traditional wireless participate, and be very active in this program.

我想如果你看看其他運營商，每個人的流失率都在下降。所以這意味著我們做得好的地方少了一些跳球。我認為在驅動因素方面需要指出的另一件事是，我們看到低收入部分的增長放緩。我們仍在此細分市場中增加客戶，但速度與之前不同。有新的政府計劃，例如 EBB。我們看到傳統無線，不是固定無線，而是傳統無線參與，並且在這個計劃中非常活躍。

And last point on competition. Look, we take it all very seriously. And we've been in a very competitive situation for some time. Our focus has not wavered. We innovate. We deliver the best product for each segment. We break the market down in terms of segments, and we compete at a very local level. We have our granular view literally at the block level geographically and by each segment from HSD-only to multiple product households.

最後一點是關於競爭的。看，我們非常重視這一切。一段時間以來，我們一直處於競爭激烈的境地。我們的重點沒有動搖。我們創新。我們為每個細分市場提供最好的產品。我們根據細分市場細分市場，並在非常本地的層面上競爭。我們在地理上的塊級別以及從僅 HSD 到多個產品系列的每個細分市場都有我們的細粒度視圖。

So you add it all up, our churn remains at record lows, whether it's fiber, whether -- or not. And we look at our competitors' performance overall to ours historically and now, and I think this says it all.

所以你把它加起來，我們的流失率保持在創紀錄的低點，無論是纖維，是否 - 或者不是。我們從歷史和現在來看我們的競爭對手的整體表現，我認為這說明了一切。

So as for expectations for full year results, while current visibility and overall activity creates a little bit of modest risk, we still believe full year net adds will be around 2019 levels. So overall, when you look at this year, and you go back to 2019, 2019 was the second best year that we've had in well over a decade. It's just a terrific year. And so for us to be at that level and the consistency that we've had has been so strong, and you point to the fundamentals.

因此，對於全年業績的預期，雖然目前的能見度和整體活動產生了一些適度的風險，但我們仍然認為全年淨增加量將在 2019 年左右。所以總的來說，當你回顧今年並回到 2019 年時，2019 年是我們十多年來第二好的一年。這只是一個了不起的一年。因此，對於我們來說，達到那個水平並且我們所擁有的一致性非常強，你指出了基本面。

There are some things that we're on, but like always, you attack them, and you break them down. But I really like the fundamentals and the momentum that we have. So I think the runway is absolutely still there. And the last point is business services, a very important part of the connectivity story. And there, I love their momentum as well. So you add it all up, I like where we're at with connectivity.

我們正在處理一些事情，但像往常一樣，你攻擊它們，然後破壞它們。但我真的很喜歡我們擁有的基本面和動力。所以我認為跑道絕對還在那裡。最後一點是商業服務，這是連接故事中非常重要的一部分。在那裡，我也喜歡他們的勢頭。所以你把它加起來，我喜歡我們在連接方面所處的位置。

Our next question comes from Jonathan Chaplin with New Street.

我們的下一個問題來自新街的喬納森卓別林。

Dave, I'm wondering if I can follow up on that last question. The -- if the full year is around 2019 levels, it suggests that 4Q is a bit below where you were in 2019. Is it your sense that we sort of pulled growth from the fourth quarter into the -- earlier into the year and 2022 will be sort of back to that normal trend? Or do you think the slowdown that we're seeing in 4Q might continue into 2022?

戴夫，我想知道我是否可以跟進最後一個問題。 - 如果全年在 2019 年左右，這表明第四季度略低於 2019 年的水平。你是否覺得我們從第四季度拉到了今年早些時候和 2022 年的增長會恢復到正常的趨勢嗎？還是您認為我們在第四季度看到的放緩可能會持續到 2022 年？

And I recognize that it's difficult to have visibility given all of the sort of the puts and takes coming out of the pandemic. But any color around the progression of the trend would be, I think, would be really helpful to investors.

而且我認識到，鑑於大流行帶來的所有類型的看跌期權，很難獲得知名度。但我認為，圍繞趨勢進展的任何顏色都會對投資者真正有幫助。

Understood. As I mentioned around the visibility, so I wouldn't comment yet at this point on '22 other to say what I've already said around '19 being very strong and point back towards the fundamentals in terms of the trending around churn, the activity that we have. And so I think more to come later, but I think there's -- we have this consistent momentum.

明白了。正如我在能見度方面提到的那樣，所以我目前還不會評論 '22 其他人說我在 19 年左右已經說過的話非常強大，並指出圍繞流失趨勢的基本面，我們的活動。所以我認為以後會有更多，但我認為有 - 我們有這種一致的勢頭。

If you -- going back -- pointing back to over 1 million broadband net adds over a 20-year period just -- it speaks to the strength of the category. So overall views, long runway for growth, where we're at with penetration. We haven't changed our longer-term view of that.

如果您 - 回過頭來 - 指出在 20 年期間超過 100 萬的寬帶網絡增加 - 它說明了該類別的實力。所以總體觀點，增長的長跑道，我們在哪裡滲透。我們沒有改變我們對此的長期看法。

And just following on from that. It's presumably the low churn that you're seeing is feeding into the tremendous EBITDA growth that you're seeing in the Cable segment as well. If churn has to -- if churn for the industry has to recover for growth in broadband to recover, would that -- is there sort of an offset to growth in EBITDA than as we think -- as we look ahead as well?

並從那開始。大概是您看到的低流失率正在推動您在有線電視領域看到的巨大 EBITDA 增長。如果流失必須 - 如果行業流失必須恢復以恢復寬帶增長，那麼 - EBITDA 的增長是否會像我們想像的那樣抵消 - 正如我們展望的那樣？

I think the main point churn is already did a very good place. I think they're overall at record lows. So I think what we're dealing with is transactional activity, it's a little bit lighter on the connect side. So we're already in a good position. I think we have a balanced approach towards ARPU growth. We have a balanced approach towards customer share growth. So those fundamentals, I think, are consistent.

我覺得churn的重點是已經做了一個很不錯的地方。我認為它們總體上處於歷史低點。所以我認為我們正在處理的是事務活動，它在連接方面稍微輕鬆一些。所以我們已經處於一個很好的位置。我認為我們對 ARPU 增長採取了平衡的方法。我們對客戶份額增長採取平衡的方法。因此，我認為這些基本面是一致的。

That's the one point. I just -- this is Brian. I just want to add to Dave. I think, gave a very comprehensive and totally agree with the 2 questions that got asked, his answer. I think that, that last point I just want to underscore, which is we're -- the record low churn suggests, to me anyway, a very stable business. That's what's so great about the 32 million broadband customers that we have. We have a recurring business. So while maybe there was a pull forward, maybe there's a slowdown, time will tell as your question suggests.

這是一點。我只是——這是布賴恩。我只想添加到戴夫。我認為，給出了一個非常全面且完全同意提出的兩個問題，即他的回答。我認為，我只想強調的最後一點，那就是我們 - 創紀錄的低流失率表明，無論如何，對我來說，這是一個非常穩定的業務。這就是我們擁有的 3200 萬寬帶客戶的優勢所在。我們有一個經常性的業務。因此，雖然可能會出現拉動，也可能會出現放緩，但正如您的問題所暗示的那樣，時間會證明一切。

We're looking at how do we grow EBITDA, how do we grow margins, how do we maintain and offer more product connectivity, kind of the very first thing we talked about, what else can you do with broadband, what will broadband evolve to over the next 5, 10 years. So we're super focused on minute to minute, but we're also, I think Dave put in context just how good we feel and it's certainly business services, the same kind of innovation that we've been doing in residential we're doing in business services.

我們正在研究如何增加 EBITDA，我們如何增加利潤，我們如何維護和提供更多的產品連接，這是我們談論的第一件事，寬帶還能做什麼，寬帶將演變成什麼在接下來的 5、10 年內。所以我們非常專注於每一分鐘，但我們也，我認為戴夫把我們的感覺放在了上下文中，這當然是商業服務，就像我們在住宅領域所做的一樣創新從事商業服務。

And so it's not some change in market conditions that really we've all been reading about. While there may be coming and maybe there's some of that, I actually think it's personally the disruption from the pandemic, coupled with a large percentage of Americans have broadband. So the question for us going forward is how do we continue to grow the value of that broadband and obviously, therefore, grow the value to our shareholders.

所以這並不是我們一直在閱讀的市場條件的一些變化。雖然可能會出現，也許會有一些，但我個人認為這是大流行造成的破壞，再加上很大比例的美國人擁有寬帶。因此，我們未來的問題是我們如何繼續增加寬帶的價值，因此顯然如何增加對我們股東的價值。

Our next question is from Jessica Reif from BoA Securities.

我們的下一個問題來自 BoA Securities 的 Jessica Reif。

I guess a bigger picture question and then it's something really short. You look out towards next year, I mean, NBCU will clearly have a record year with the Olympics, Super Bowl, record upfront. Political looks like there's a lot of money being raised. Hopefully, we'll see a return of international theme park visitors, and movies seem to be stabilizing.

我想這是一個更大的問題，然後它真的很短。你期待明年，我的意思是，NBCU 顯然將在奧運會、超級碗、創紀錄的前期創造一個創紀錄的一年。政治看起來有很多錢正在籌集。希望我們會看到國際主題公園遊客的回歸，電影似乎正在穩定下來。

Sky, obviously, you've got this rollout of Sky Glass and Peacock and hopefully benefit from some of the past investments. And Cable, as you guys have just discussed, you're going out of footprint with XClass TV, which I'd love your comments, but it seems like it would benefit broadband, Peacock and advertising. Mobile is more aggressive.

Sky，顯然，您已經推出了 Sky Glass 和 Peacock，並希望從過去的一些投資中受益。還有有線電視，正如你們剛剛討論的那樣，XClass TV 已經超出了你的範圍，我很喜歡你的評論，但它似乎有利於寬帶、孔雀和廣告。移動端更具侵略性。

So with that long-winded introduction, just could you talk about your priorities for 2022 and beyond? How different will the business look over the next 3 to 5 years? And then the kind of quick short question is just on Peacock. You didn't mention anything about usage or monthly active accounts. So if you could give some color there.

因此，通過冗長的介紹，您能否談談您在 2022 年及以後的優先事項？未來 3 到 5 年，企業的面貌會有何不同？然後是關於孔雀的那種快速簡短的問題。您沒有提及任何有關使用情況或每月活躍帳戶的信息。所以如果你能在那裡給一些顏色。

Let me start. Thanks for -- you're all over the kind of sense of optimism that, at least, I think we all feel for the company, where I think we're one of the fortunate companies. We -- during the pandemic, we've talked in the past about how well I think we transition to work from home, customer care, continued productions. So as we come hopefully out of this in the U.S. and globally, where are we driving our company? And I think we ultimately go where the consumer wants to be. And we have products and different prices that allow customers to come to our company.

讓我開始吧。謝謝你——至少，我認為我們都對公司感到樂觀，我認為我們是幸運的公司之一。我們 - 在大流行期間，我們過去曾談到我認為我們從家庭、客戶服務和持續生產過渡到工作的情況如何。因此，當我們希望在美國和全球擺脫這種局面時，我們在哪裡推動我們的公司？我認為我們最終會去消費者想去的地方。我們有產品和不同的價格讓客戶來我們公司。

We're getting close to nearly 60 million customer relationships, I think, 57 million or 58 million global relationships. And these are $100 a month plus type relationships. And so we want to be the best leader, and that's why we're continuing the innovation. And then you add in theme parks, as you talked about, and the big events that people come to our company, whether they're advertisers or business partners.

我們正在接近近 6000 萬個客戶關係，我認為是 5700 萬或 5800 萬個全球關係。這些是每月 100 美元加上類型關係。所以我們想成為最好的領導者，這就是我們繼續創新的原因。然後你添加主題公園，正如你所說的，以及人們來我們公司的大型活動，無論他們是廣告商還是商業夥伴。

So I think that's all driven off a global technology platform, and that's where I think we have the real leadership. So -- and then I want to echo what Mike has said a couple of times. We feel like we're back in balance in our priorities, and that really puts us in a position to go forward to be disciplined in what we're doing, be a leader. And that's going to produce after all the many years that our company has been building these relationships around the world to produce a lot of free cash that will be returned to shareholders. But Jeff, why don't you go specifically to the Peacock and other NBC? We haven't heard from you yet. So maybe talk about the company in general.

所以我認為這一切都脫離了全球技術平台，我認為這就是我們擁有真正領導力的地方。所以——然後我想重複邁克說過幾次的話。我們覺得我們在優先事項上恢復了平衡，這確實使我們能夠繼續前進，在我們正在做的事情上保持自律，成為領導者。在我們公司多年來一直在世界各地建立這些關係以產生大量將返還給股東的自由現金之後，這將產生。但是傑夫，你為什麼不專門去孔雀和其他NBC？我們還沒有收到你的消息。因此，也許可以籠統地談論公司。

Yes. Thanks. Thanks, Brian, and thanks, Jessica. So everything on Peacock is heading in the right direction, and there's really nothing from a trajectory perspective that's any different than it was last quarter or the quarter before. All metrics are pointed up. Our usage continues to be great. Our mix of users continues to be great. We added a few million more subs, more MAAs, everything. Advertising, we -- in this quarter, we just at the tail end of the quarter, we started selling advertising beyond sponsorship of which in the fourth quarter, it's all beyond sponsorship. And that is going spectacularly well. So we're really pleased with Peacock. It's way ahead of where we expected to be at this point. And every month, every quarter, it gets further ahead. And as you were talking about the business overall for next year, I was getting excited because we're very excited about next year with everything that we've got coming across NBCUniversal from the Olympics to the Super Bowl to a spectacular movie slate to a very strong advertising business, ratings, our linear networks improving.

是的。謝謝。謝謝，布賴恩，謝謝，傑西卡。所以 Peacock 上的一切都朝著正確的方向發展，從軌蹟的角度來看，與上一季度或上一季度相比，確實沒有什麼不同。所有指標都指向上方。我們的使用量仍然很大。我們的用戶組合仍然很棒。我們增加了幾百萬個訂閱者，更多 MAA，一切。廣告，我們 - 在本季度，我們剛剛在本季度末，我們開始銷售超出贊助的廣告，在第四季度，這一切都超出了贊助。這進展非常順利。所以我們對 Peacock 非常滿意。這遠遠超出了我們目前的預期。每個月，每個季度，它都會進一步領先。當你談到明年的整體業務時，我很興奮，因為我們對明年的一切感到非常興奮，從奧運會到超級碗，從壯觀的電影片到非常強大的廣告業務，收視率，我們的線性網絡正在改善。

And I think Peacock -- I would add to that, that Peacock is doing really well right now without most of its programming strength. So if you look at the future, and you look at where we're headed with Peacock, we have -- because of the pandemic, we were behind on our original production. So we're going to start to see a ramp-up in originals on Peacock, which is very necessary to continue to grow to have successful and robust original programming. And we're excited about a lot of the things that we're making for the service.

我認為 Peacock - 我要補充一點，Peacock 現在做得非常好，但沒有它的大部分編程能力。因此，如果你展望未來，看看我們與 Peacock 一起前進的方向，我們有——由於大流行，我們在最初的生產方面落後了。因此，我們將開始看到 Peacock 原創作品的增加，這對於繼續發展以擁有成功和強大的原創節目非常必要。我們對我們為這項服務所做的許多事情感到興奮。

We decided to buy our first window as we talked about last call of our movies. So our Pay-One rights, so to speak. And the first movie in our Pay-One rights will hit Peacock in the first quarter, and then we'll have a steady supply of movies. We've seen across all streaming platforms that movies move the dial. They moved the dial for Peacock in this quarter with Boss Baby, recently with Halloween Kills, which, by the way, was a huge hit on the Peacock and a huge hit at the box office. So it shows that you can kind of play in 2 different markets.

當我們談到我們電影的最後一次通話時，我們決定購買我們的第一個窗口。所以我們的付費一權利，可以這麼說。我們付費版權的第一部電影將在第一季度上映 Peacock，然後我們將有穩定的電影供應。我們已經在所有流媒體平台上看到電影移動錶盤。他們在本季度與 Boss Baby 一起移動了 Peacock 的錶盤，最近與萬聖節殺戮一起移動，順便說一句，這對 Peacock 來說是一個巨大的成功，在票房上也是一個巨大的成功。所以它表明你可以在 2 個不同的市場上玩。

So we have all of our movies coming to Peacock, and we couldn't be more excited about where Peacock is. And we'll continue to invest behind that success. I think it's important to remember, too, that we launched just over a year ago. We launched in July of last year. So we've been a business for just over a year. We're already more than 1/3 of where Hulu is now, which is a service that's been more than decades in the making. So excited about the year overall in the company and really excited about where Peacock is going.

所以我們所有的電影都來到了孔雀，我們對孔雀的位置感到非常興奮。我們將繼續為這一成功進行投資。我認為同樣重要的是要記住，我們是在一年多前推出的。我們於去年七月推出。因此，我們開展業務僅一年多。我們已經是 Hulu 現在的 1/3 以上，這項服務已經醞釀了數十年。公司對這一年的整體表現感到非常興奮，並且對 Peacock 的發展方向感到非常興奮。

Our next question comes from Craig Moffett with MoffettNathanson.

我們的下一個問題來自 Craig Moffett 和 MoffettNathanson。

So I guess, having talked about broadband and some of the growth initiatives across the company, let's talk about wireless as the other big growth initiative. I guess, first, the way I would question sort of we've seen some data that suggests that your WiFi is offloading a lot more traffic than we would have expected from the contract. So that the gross margins of that business may be much more -- much higher than we had previously believed.

所以我想，在談到寬帶和整個公司的一些增長計劃之後，讓我們來談談無線作為另一個大的增長計劃。我想，首先，我會質疑的方式是，我們已經看到一些數據表明您的 WiFi 卸載的流量比我們從合同中預期的要多得多。因此，該業務的毛利率可能會比我們之前認為的要高得多。

It makes me wonder, what's the strategic goal for that business? Is it really to drive the business into being the largest, most profitable business it can be? Or is it still largely to reduce churn on broadband and think of it as more of a defensive product for protecting your existing business?

這讓我想知道，該業務的戰略目標是什麼？真的是在推動企業成為最大、最賺錢的企業嗎？還是主要是為了減少寬帶用戶的流失，並將其視為保護現有業務的防禦性產品？

And then if I could just squeeze in a second unrelated question. Can you just update us on your thoughts of Hulu, which, I guess, doesn't necessarily come up until 2024? But is there any opportunity that you might do something with Hulu sooner?

然後，如果我可以擠入第二個不相關的問題。您能否向我們介紹一下您對 Hulu 的看法，我猜這不一定要到 2024 年才會出現？但是有沒有機會讓你更早地對 Hulu 做點什麼？

Hey, Craig, Dave here. So let me start with wireless. So I don't think -- we really haven't changed our strategic imperative behind mobile. But most certainly, things have accelerated and that we are very focused on how we leverage mobile to support broadband.

嘿，克雷格，戴夫在這裡。所以讓我從無線開始。所以我不認為——我們真的沒有改變我們在移動背後的戰略要務。但可以肯定的是，事情正在加速發展，我們非常關注如何利用移動來支持寬帶。

Once we were successfully worked on the Verizon relationship and improved the MVNO relationship, we're able to go to market with and launching the new unlimited plans, combining that with By the Gig, just puts us in a unique position. So I think our goal is what we said earlier is to go faster and leverage mobile completely and everything that we do and how we surround broadband with a terrific product. I think it is profitable. It'll continue to be. I feel confident of that.

一旦我們成功地處理了 Verizon 關係並改善了 MVNO 關係，我們就能夠進入市場並推出新的無限計劃，將其與 By the Gig 相結合，讓我們處於一個獨特的位置。因此，我認為我們的目標是我們之前所說的更快並完全利用移動設備以及我們所做的一切以及我們如何用出色的產品圍繞寬帶。我認為這是有利可圖的。它會繼續存在。我對此充滿信心。

But the main focus is to drive broadband. And there are a couple of key things. One, it is -- it continues to support the broadband churn and pointing towards record low broadband overall churns. Mobile is just one piece of that. But it also drives consideration on the front end. So when things -- some -- the activity overall begins to tick back up, I think retail and mobile play a huge role. As you pointed out, I think the other key point is how do we leverage product integration with WiFi. We already do a great job, thus the -- every mobile device we contribute just a ton of broadband traffic through these mobile devices over our WiFi network, and it's part of our network.

但主要重點是推動寬帶。還有一些關鍵的事情。一是——它繼續支持寬帶流失，並指向創紀錄的低寬帶整體流失。手機只是其中的一部分。但它也推動了前端的考慮。因此，當事情——一些——整體活動開始回升時，我認為零售和移動將發揮巨大作用。正如您所指出的，我認為另一個關鍵點是我們如何利用產品與 WiFi 的集成。我們已經做得很好，因此——我們通過這些移動設備在我們的 WiFi 網絡上貢獻大量的寬帶流量，它是我們網絡的一部分。

So over time, we want to work hard on how do we integrate the experience and just do more so I think in the home and we'll be opportunistic outside the home. So I think it's -- we're accelerating mobile [in] every single sales channel, every marketing plan. And we'll continue to package mobile with broadband in unique ways going forward.

因此，隨著時間的推移，我們希望努力研究如何整合體驗並做得更多，這樣我認為在家裡，我們會在家庭外投機取巧。所以我認為是——我們正在加速移動 [in] 每一個銷售渠道，每一個營銷計劃。我們將繼續以獨特的方式將移動與寬帶結合起來。

Craig, it's Mike. So on Hulu, just tremendous increase in value there. Obviously, great business that's participating in one of the hottest areas of value, increased streaming. So we're happy to be along for that ride, obviously, while we set up our own thing in Peacock. In terms of the deal, it is a couple of years out. But remember, we kind of put this together a couple of years ago. And I'm certainly glad we didn't exit at the time 3 or so years ago. So like the deal we have, and I think we're always open for business. But it will be fine if we stay to the end because I expect value to keep increasing.

克雷格，是邁克。所以在 Hulu 上，那裡的價值只是巨大的增長。顯然，參與最熱門價值領域之一的偉大企業，增加了流媒體。因此，很明顯，我們很高興能參與這次旅行，同時我們在 Peacock 建立自己的東西。就交易而言，它已經過去了幾年。但是請記住，我們在幾年前就將其放在了一起。我當然很高興我們沒有在大約 3 年前退出。所以就像我們達成的交易一樣，我認為我們總是開放的。但如果我們堅持到最後就好了，因為我預計價值會不斷增加。

Our last question comes from Phil Cusick with JPMorgan.

我們的最後一個問題來自摩根大通的 Phil Cusick。

I want to ask a couple of follow-ups. First on the broadband trends. The last few quarters and in September, you've been pretty specific about how you thought the year would come in. Is there just less visibility today compared to where we were in September? And it sounds like this isn't a competition issue, just more of an underlying demand. How also does that make you think about price increases this year for broadband and video, with the pandemic still going on and the new FCC?

我想問幾個後續問題。首先是寬帶趨勢。在過去的幾個季度和 9 月，您一直非常具體地說明您對這一年的看法。與 9 月相比，今天的能見度是否較低？聽起來這不是競爭問題，更多的是潛在需求。這又如何讓你想到今年寬帶和視頻的價格上漲，而大流行仍在繼續，新的 FCC 也隨之而來？

And as well on the buyback. In the last cycle, you weren't really willing to borrow money to buy back stock, preferring to use cash flow and let leverage drift lower. It sounds like it's different this time. And is that driven by the stock price being really attractive where you really want to just keep that leverage in that sort of mid-2-ish range?

以及回購。在上一個週期中，你並不是真的願意借錢回購股票，而是更願意利用現金流，讓槓桿率下降。這次好像不一樣了。這是否是由於股價真的很有吸引力，你真的希望將槓桿率保持在那種 2-ish 的中間範圍內？

Well, Phil, let me start. It's Dave. Let me start with the broadband. So as I said, there is some limited visibility on what we've seen and obviously, an acceleration of activity earlier in the year that was more like '20, in the first part of '21. But primarily really on the connect side, and I think I walked through some of the drivers behind that. But again, pointing towards the whole year gives perspective on Q4 around the 2019 levels. Still I think the key is the overall churn level is just being where they're at, and I've talked about that.

好吧，菲爾，讓我開始吧。是戴夫。讓我從寬帶開始。因此，正如我所說，我們所看到的情況有限，顯然，今年早些時候活動的加速更像是在 20 年，在 21 年的第一部分。但主要是在連接方面，我想我走過了一些背後的驅動程序。但同樣，指向全年給出了對 2019 年第四季度水平的看法。我仍然認為關鍵是整體流失水平只是他們所處的位置，我已經談到了這一點。

Your point, our approach is to consistently focus on value and whether it's fiber or not. Our goal is constantly innovate, position the greatest network, I think, for today and tomorrow. And we're constantly adding speeds. We've improved coverage, great devices, the gateways, the pods, control improvements that we've had, streaming with the Flex, now XClass and mobile. We're surrounding broadband with products that eases some of the pressure around pricing when you can package with so many alternatives.

您的觀點是，我們的方法是始終關注價值以及它是否是纖維。我們的目標是不斷創新，為今天和明天定位最大的網絡。我們不斷提高速度。我們改進了覆蓋範圍、出色的設備、網關、吊艙、我們已經擁有的控制改進、使用 Flex 進行流式傳輸，現在是 XClass 和移動設備。當您可以打包這麼多替代品時，我們正在圍繞寬帶提供一些產品，這些產品可以減輕定價方面的壓力。

The other thing that we do is we provide multiple tiers of broadband. And we market -- we break down the broadband marketplace into segments. So we have a lot of choice out there. And so it is -- we go, and we consult with the prospects upfront and customers all the time what's best for them. And we put them in packages that work and that gives an opportunity to drive ARPU when you do it that way. So overall, the fundamentals, again, I talked about. And you look at the long-term runway of broadband and the consistency of how we performed. And to me, that's -- I think, points towards the future. So Brian?

我們做的另一件事是我們提供多層寬帶。我們進行市場營銷——我們將寬帶市場細分為多個細分市場。所以我們有很多選擇。所以它是 - 我們去，我們預先諮詢潛在客戶和客戶，什麼是最適合他們的。我們將它們放在有效的軟件包中，當你這樣做時，就有機會推動 ARPU。所以總的來說，我再次談到了基本面。你看看寬帶的長期發展和我們表現的一致性。對我來說，那是——我認為，指向未來。所以布賴恩？

Okay. Well, I think it's a perfect way to end the call, Phil, with your question. Let me again state that I think it was a great quarter. And one of the highlights of the quarter was returning after several years to what we have, our target leverage ratio, which Mike talked about.

好的。嗯，我認為這是結束電話的完美方式，菲爾，你的問題。讓我再次聲明，我認為這是一個很棒的季度。本季度的亮點之一是幾年後恢復到我們所擁有的目標槓桿率，邁克談到了這一點。

And so we sort of separate, at least I do in my mind, the borrowing from the buybacks. They're not linked the way you described. It may appear that way. And I just want to give a compliment to our treasury team, Jason Armstrong and the team. During the last 18 months, our balance sheet has now never been in a stronger position.

因此，至少在我看來，我們從回購中藉款是分開的。它們沒有按照您描述的方式鏈接。它可能看起來是這樣的。我只想對我們的財務團隊 Jason Armstrong 和團隊表示稱讚。在過去的 18 個月中，我們的資產負債表從未處於如此強勁的地位。

We've done some long-term rollovers and extensions at historically low rates. And so you put all that together with this operating performance, and it does get us back to where we wanted to be, which will then allow us to more aggressively take advantage of what a number of us believe is a great company. And therefore, you can put your own value on it as shareholders.

我們以歷史最低的利率進行了一些長期展期和延期。因此，您將所有這些與運營業績結合起來，它確實讓我們回到了我們想要的位置，這將使我們能夠更積極地利用我們許多人認為是一家偉大的公司。因此，您可以將自己的價值作為股東。

But we certainly are looking forward to buying back stock. And I think Mike described the logic well in the ratios. And all in all, a really great quarter. So thank you, team, and thanks for your support on the call to the shareholders. Marci, over to you.

但我們當然期待回購股票。而且我認為邁克在比率中很好地描述了邏輯。總而言之，一個非常棒的季度。因此，感謝您的團隊，並感謝您對股東電話會議的支持。瑪西，交給你了。

Thanks, Phil, and thank you, everyone, for joining us on our third quarter call. Have a great day.

謝謝菲爾，謝謝大家加入我們的第三季度電話會議。祝你有美好的一天。

Thanks, everybody.

謝謝大家。

There will be a replay available for today's call starting at 12:00 p.m. Eastern Standard Time. It will run through Thursday, November 4, at midnight Eastern Time. The dial-in number is (855) 859-2056, and the conference ID number is 4073347. A recording of this conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Standard Time today.

從下午 12:00 開始，今天的電話會議將重播。東部標準時間。它將持續到 11 月 4 日星期四東部時間午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 4073347。本次電話會議的錄音也將於下午 12:30 開始在公司網站上提供。今天東部標準時間。

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。