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，早安，歡迎參加康卡斯特2021財年第三季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。現在我將把電話交給投資者關係高級副總裁瑪西·瑞維克女士。瑞維克女士，請開始。

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. I remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

現在請看第二張投影片，其中包含我們的安全港免責聲明。我提醒各位，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。

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，我們將提及一些非公認會計準則（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 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，大家早安。我們公司第三季整體業績非常出色，調整後EBITDA成長18%，調整後每股盈餘成長34%，並創造了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.

過去幾年，我們的目標之一是重新採取積極主動的投資策略，投資現有業務，提高股息支付率，並回購大量股票。我很高興地宣布，本季我們已經實現了所有這些目標，槓桿率也恢復到了我們預期的水平。

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.

我們的有線電視業務持續表現突出，營收成長超過7%，並連續第五個季度實現兩位數EBITDA成長，增幅達10%。這主要得益於寬頻業務的強勁成長，新增用戶30萬，並促成了25.5萬個淨新增客戶關係，業績十分穩健。企業服務業務已從疫情中復甦，也是我們業績成長的關鍵驅動力。我們相信這一成長動能將持續下去。

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.

我們的成功源自於我們的網路優勢、創新產品和世界一流的營運能力，這些優勢使我們能夠提供無與倫比的體驗。正如在住宅領域一樣，我們積極回應商業客戶的需求，並提供個人化的解決方案。

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.

過去十年，小型企業一直是我們成長的主要驅動力，但我們在中端市場和大型企業市場的滲透率仍然很低。我們看到了在龐大的潛在市場中佔據更多份額的巨大潛力，而近期收購Masergy後，這一市場規模更是進一步擴大，這進一步增強了我們強大的技術解決方案實力。 Masergy已成為全球領先的企業供應商，為我們開拓了目前尚未涵蓋的客戶群，特別是那些總部位於美國、在全球擁有多個營運點的企業。

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 創下歷史新高，新增 28.5 萬條線路，是自推出以來單季新增線路數量最多的一次。隨著有線和無線連接服務的不斷融合，我們將繼續評估如何進一步加速這項業務的發展。

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.

我們正在研發令人興奮的新產品和包裝，旨在突出我們如何為客戶提供最佳、最可靠的寬頻服務，無論他們身在何處，都能幫助他們節省開支。目前，我們3,200萬寬頻用戶中只有6%實現了網路覆蓋，這意味著我們還有很長的發展道路。

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，我們擁有極為強大的寬頻業務，過去20多年來，我們每年新增寬頻用戶超過100萬。我們不斷深化與客戶的關係，提供卓越且差異化的家庭體驗，包括最快的數據機和網關以及最廣泛的Wi-Fi覆蓋範圍。我們將繼續不懈地專注於積極開發和改進我們的連結產品組合。

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.

這一切的基礎就是我們的網路。目前，我們正在部署新技術、更新關鍵基礎架構並加速推進虛擬化，以便能夠快速、大規模地為數百萬客戶提供更多增強功能。我們將繼續評估每一個拓展服務範圍的機會，將我們卓越的產品和服務帶給更多家庭和企業。

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.

戴夫沃森及其團隊的卓越執行力源於數十年的投資，這些投資促成了持續不斷的新產品創新，包括本月推出的XClass電視，這進一步鞏固了我們在視訊聚合領域的領先地位。 XClass是一款創新智慧電視，搭載我們全球技術平台，將公司一流的娛樂作業系統帶給全國各地的消費者，並可選擇使用Xfinity、Charter或其他娛樂應用程式。

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，我們各項業務都持續取得巨大進步，但我尤其想重點介紹我們的主題公園，特別是奧蘭多主題公園，儘管由於新冠疫情相關的旅行限制，幾乎沒有國際遊客，但該主題公園剛剛公佈了其歷史上盈利最高的季度。

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.

好萊塢持續復甦，北京環球影城於9月20日盛大開幕，取得了巨大成功。我也期待大阪的疫情相關限制措施能盡快放寬。

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.

我們的媒體業務也發展得非常出色。自2020年以來，傑夫·謝爾及其團隊實施了多項改革，包括招募新員工、調整職位、推出全新內容以及建立更有效率的營運結構，這些改革都讓我們受益匪淺。無論是我們的傳統電視網還是Peacock串流平台，都取得了顯著的財務成功，Peacock的成長動能也一直保持良好。我們新推出的熱門影集《拉布雷亞》（La Brea）不僅協助NBC在本黃金時段收視率領先，也是Peacock平台上表現最佳的新劇。

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.

週日晚間橄欖球賽強勢回歸，我們在各個平台上都看到了這一點。同時，我們也對第二部《萬聖節》電影的表現感到非常興奮，該片首周末在美國國內票房收入超過了今年所有同步上線串流平台的影片，也是Peacock史上唯一一部非直播首映的影片。

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.

我們也期待將我們的串流平台拓展到美國以外的地區，Peacock將於下個月在Sky上線，SkyShowtime也正在籌備中，預計2022年中期推出。在Sky，我想再次強調我們在英國的出色表現，我們在英國的客戶關係持續成長，這主要得益於創紀錄的低客戶流失率。

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.

我們的寬頻和行動業務也發展勢頭強勁。本月初，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串流電視和多頻道訂閱套餐，它遠不止是一台擁有出色音質的精美電視。它是一個創新平台，為我們的客戶開啟了一個全新的娛樂世界，並簡化了用戶體驗，讓他們可以在一個易於使用的介面上觀看所有頻道、所有節目和所有應用程式。目前，客戶的反應已經遠遠超出了我們的預期。

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.

我們無比自豪地宣布，Sky Glass是首款獲得碳中和認證的電視產品。 Sky在永續發展目標方面一直引領著康卡斯特集團，並且是英國首家承諾在2030年前實現淨零碳排放的媒體公司。

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 是兩款不同的產品，擁有不同的獲利模式和分銷策略，但它們都拓展了我們的客戶群體，超越了我們以往的服務能力。而且，它們都基於同一個全球技術平台運作。這使我們能夠迅速地將最佳功能帶給不同地區、不同細分市場、不同品牌的消費者，無論是在 Comcast 的硬體設備上，還是透過我們的分銷合作夥伴。

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.

今天我很高興地宣布，Apple 將為 Xfinity 和 Sky 的用戶在 X1、Flex、XClass、Sky Glass 和 Sky Q 裝置上帶來 Apple TV+ 和 Apple TV 應用程式。 Comcast 也將把 Xfinity Stream 和 Sky Go 應用程式帶到 Apple TV 裝置。我們正與合作夥伴攜手，致力於在我們的平台上提供最佳的應用和體驗。我們的團隊正在共享資源，在公司內部合作，充分利用我們在寬頻、聚合和串流媒體領域的規模優勢和領先地位，不斷創新，為新舊客戶提供獲利服務。

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，我們擁有許多機遇，既可以投資於自身業務，又可以透過股票回購和分紅來回報資本，同時還能將槓桿率維持在目前的水平附近，我對此感到非常興奮。我相信，我們完全有能力繼續保持為股東創造長期價值的良好記錄。

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

所以我很高興現在把麥克風交給麥克，讓他詳細介紹這個強勁的季度。

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.

謝謝布萊恩，大家早安。我將從第四張投影片開始，介紹我們2021財年第三季的合併業績。營收成長19%至303億美元。調整後EBITDA成長18%至90億美元。調整後每股收益成長34%至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.

現在讓我們來看看各業務部門的業績，首先是幻燈片5中的有線通訊業務。有線電視營收成長7.4%，達到161億美元。 EBITDA成長10%，達到71億美元，淨現金流成長16%，達到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.

需要提醒的是，與去年同期相比，由於提列了客戶區域體育網路（RSN）費用，因此數據有所調整。剔除這些調整後，有線通訊收入增加了6.3%，而息稅折舊攤提前利潤（EBITDA）則不受影響。

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.

本季我們新增了25.5萬個淨客戶關係，這主要得益於寬頻業務的成長，其中新增住宅和商業用戶達30萬。我們持續受惠於高客戶留存率，寬頻用戶流失率降至有紀錄以來第三季的最低水準。

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）強勁的淨新增用戶數，加上每位用戶平均收入的提高，推動寬頻收入成長了12%。若不計入去年業績中的區域體育網絡費用調整，這一增長率將比預期低約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有線電視業務的強勁成長。無線業務收入成長了51%，主要得益於用戶數量增加和設備銷售提升。本季我們新增了28.5萬條線路，這是自2017年推出該業務以來的最佳業績，使行動線路總數達到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.

商業服務收入成長8.7%，主要得益於小型企業業務持續改善，因而帶動了費率和客戶數量的成長。本季新增淨客戶18,000家，過去一年新增淨客戶72,000家。我們近期完成了Masergy的收購，這使我們能夠為中型市場和企業客戶提供更廣泛的產品和解決方案，並拓展了我們面向全球客戶的市場機會。

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.

轉向視訊業務。營收成長了 1.4%，與去年第三季持平，但不包括 RSN 費用調整的影響（去年第三季受年初住宅用戶費率上漲的影響），這主要被本季視訊用戶淨流失 40.8 萬所抵消。

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，廣告營收成長4.6%，反映出整體市場較去年第三季強勁復甦。去年第三季受新冠疫情影響，但部分被政治廣告收入下降所抵銷。需要注意的是，由於去年政治廣告收入創歷史新高，第四季年比數據將受到影響。

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.

接下來談談費用。有線電視通訊公司第三季費用成長了5.3%。節目製作費用增加了7.6%，主要反映了與去年同期相比的成長，去年受益於區域體育網絡（RSN）的調整。剔除這些調整後，節目製作費用增加了2.8%，因為我們開始逐步消化2020年開始生效的大量合約續約的影響。

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.

非程式支出成長了3.9%，以客戶關係計算則下降了0.8%，這反映了我們為推動核心業務（寬頻、無線和商業服務）成長而進行的投資。這導致技術和產品支援以及廣告、行銷和推廣支出增加，但部分被壞帳和客戶服務支出的減少所抵消。

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.

有線通訊業務的息稅折舊攤銷前利潤 (EBITDA) 成長 10% 至 71 億美元，其中包括無線業務貢獻的 5,100 萬美元。有線業務的 EBITDA 利潤率達到 43.9%，較去年同期成長 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.

雖然區域體育網絡（RSN）費用調整對息稅折舊攤提前利潤（EBITDA）沒有影響，但去年確實影響了利潤率。剔除RSN調整的影響後，我們的利潤率年增了160個基點。有線電視資本支出下降了5.4%，導致資本支出強度為10.4%。但有線電視資本支出通常會因時間因素而出現季度波動。

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.

現在我們來看NBC環球的第六張幻燈片。首先來看NBC環球的整體業績，營收成長58%至100億美元，EBITDA成長48%至13.5億美元。媒體營收成長48%至68億美元，其中包括與東京奧運相關的18億美元收入。剔除奧運收入，營收成長9.2%，主要得益於發行和廣告收入的成長。

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.

發行收入成長超過12%，主要得益於2020年底成功完成多項轉播續約後更高的費率，以及Peacock貢獻的增長，但部分被用戶數量下降所抵消，而用戶數量在過去幾個季度一直保持穩定。廣告收入成長7.2%，反映出整體市場較去年有所復甦，廣告庫存需求強勁且定價合理，Peacock貢獻增加，以及秋季新一季開局良好（包括NFL收視率強勁），但部分被體育賽事時間安排所抵消，去年部分賽事從第二季度移至第三季度。

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.

媒體業務 EBITDA 成長 1.2% 至 9.97 億美元，其中包括東京奧運的收益、其他體育賽事檔期帶來的有利基數效應，以及 Peacock 平台因《寶貝老闆：家族企業》同步上線而產生的較高成本。需要提醒的是，由於區域體育網絡更多體育賽事檔期帶來的較高成本、秋季檔期原創娛樂節目的增加以及 Peacock 平台最新上線影片《萬聖節殺戮》的推出，我們第四季度的業績將面臨與去年同期業績的較大基數效應。

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.

工作室收入成長27%，主要得益於院線收入和內容授權收入的均衡成長。院線收入的成長反映了《玩命關頭9》的持續成功以及多部新片的上映，其中包括同時在戲院和Peacock平台播出的《寶貝老闆：家族企業》。此外，內容授權收入的成長也得益於向我們旗下頻道、Peacock平台以及第三方提供的內容。工作室EBITDA下降47%至1.79億美元，主要原因是隨著我們恢復到疫情前的製作水平，電視和電影製作成本攤銷增加，以及為新片上市而加大營銷和推廣投入。

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。由於我們將推出新的院線電影並加速電視製作進度（先前受疫情影響），短期內與去年同期相比，EBITDA仍將面臨挑戰。主題樂園方面，營收成長11億美元至14億美元。我們實現了4.34億美元的EBITDA，其中包括北京環球影城約1.3億美元的開幕前成本。這是自2020年第一季疫情爆發以來，我們獲利最高的一個季度，主要得益於美國主題樂園營運業績的改善，包括強勁的國內客流量和高於疫情前水準的人均消費。

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，正如布萊恩所指出的，奧蘭多環球影城實現了歷史上最高的季度EBITDA。日本環球影城則面臨挑戰，因為我們仍在政府的客流量限制下運營，客流量低於2019年的水平。最後，北京環球影城於9月20日開業，初期需求表現良好。雖然我們的樂園全年都能提供精彩的體驗，但考慮到北京的氣候條件，我們預期客流量會受到季節性影響，秋冬季客流量較低，春季和夏季客流量較高。因此，總體而言，我們對樂園的持續復甦感到鼓舞，但要恢復到甚至超過疫情前的EBITDA水平，可能需要國際遊客數量的增長。

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.

現在我們來看關於天空電視台（Sky）的第七張幻燈片，我將以固定匯率為基礎進行講解。第三季度，天空電視台的營收為50億美元，與去年同期相比基本持平。直接面向消費者的收入也與去年同期業績基本一致，這主要得益於英國市場的強勁成長。英國市場的成長動力來自客戶關係的持續改善，以及今年稍早價格上漲帶來的正面影響，包括行動裝置銷售的成長，以及隨著酒吧和俱樂部重新開放，餐飲業收入的持續回升。然而，義大利市場的客戶關係和平均每用戶收入（ARPU）有所下降，這主要是由於意甲轉播權的減少所造成的負面影響，從而抵消了部分增長。

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.

天空電視台整體客戶數量減少了23.3萬，全部原因是義大利客戶的流失。廣告收入成長了16%，其中英國市場的業績貢獻了大部分成長，反映了市場從新冠疫情的整體復甦。然而，由於義大利和德國體育賽事授權協議的變化，以及受新冠疫情影響，部分賽事從第二季度推遲到第三季度，導致內容收入下降了26%，抵消了廣告收入的成長。

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.

接下來談談我們的 EBITDA 業績。本季度，我們調整了體育賽事轉播權攤銷方式。現在，這項成本與比賽時間（包括賽季的開始和結束時間）更加直接地掛鉤。這在第三季帶來了 1.3 億美元的收益，但這一收益將在第四季度被抵消。展望未來，這項調整將繼續影響體育賽事轉播權攤銷成本的季度確認模式，第一季和第四季的支出將較高，第二季和第三季的支出將較低，但這應該不會影響我們全年的業績。總體而言，Sky 的 EBITDA 成長了 76%，這反映了上述收益，以及由於體育賽事轉播權重置和賽事時間安排的有利基數效應而導致的體育節目製作成本降低。

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.

在評論資本回報和資產負債表之前，我想先談談我們的「公司及其他」板塊。正如我們過去對其他新創公司所做的那樣，與Sky Glass和XClass相關的啟動成本將計入「公司」板塊，從第四季度開始，該板塊的指標可能會變得更有意義。

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.

現在我將在第8張投影片上總結自由現金流和資本配置。本季我們產生了32億美元的自由現金流，其中包括8月完成的債券置換交易帶來的6.7億美元稅收收益。本季合併總資本為29億美元。如預期，淨營運資本增加，反映了我們對奧運的轉播以及疫情後持續加強對工作室內容的投資。資本返還總額為27億美元，其中包括12億美元的股利支付和15億美元的股票回購。

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.

截至季末，我們的淨槓桿率為2.4倍，這意味著我們目前的槓桿率已恢復到與現有評級相符的水平，反映出我們在降低債務和疫情後業務強勁反彈方面均取得了顯著進展。展望未來，我預計我們將保持目前的槓桿率水平，並繼續執行我們的資本配置優先事項，包括維持穩健的資產負債表、進行內生性投資以實現盈利增長以及向股東返還資本。展望未來，我們的股票回購計畫將取決於上述平衡以及可用於資本回報的剩餘自由現金流。

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

接下來，我將把發言權交還給馬西，她將主持電話會議的問答環節。

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

謝謝，麥克。接線員，現在開始接受提問。

(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本傑明·斯溫伯恩。

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.

或許，布萊恩，我們可以先從你開始談。 Sky Glass，也就是向智慧電視的轉型，看起來確實是你們產品線的一次非常有趣的演變，正如你所說，它將業務拓展到多個市場，超越了你們目前的地域限制。能否談談公司未來的發展願景？因為這似乎是一個非常重要的機遇，畢竟你們過去在地域上一直受到限制。

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，麥克，我得回到你剛才關於槓桿率的評論，我來簡單算一下。我的意思是，你們預計下半年每年回購50億美元左右的股票。你們還有大約40億美元的股息。你們產生的自由現金流遠遠超過這兩個數字。所以，為了維持目前的槓桿水平，你們擁有大量的盈餘現金流，這顯然是個甜蜜的煩惱。鑑於公司強勁的自由現金流，你還有什麼其他建議可以補充，解釋一下你們是如何將槓桿率維持在2.5倍的嗎？非常感謝。

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。首先，如果我們看看我們目前的狀況，我們——這個全球技術平台——每週在7500萬台設備上處理大約50億次娛樂串流媒體。所以我們擁有巨大的全球規模。我們和達娜以及戴夫一直在努力打造的全球技術平台，以及我們共同致力於產品創新，是我們所取得的重要成就。具體來說，說到連網電視和串流電視，也就是Sky Glass和XClass的核心所在，我認為這是一種自然而然的演進，也是一個合乎邏輯的延伸的開端。

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，我當時在倫敦參加Sky Glass的發表會。自從我們收購Sky以來，我們就一直在研發這款產品，歷時三年左右才最終實現。這是一款非常令人興奮的產品，它大大簡化了消費者的使用體驗。 Dana稍後可以簡單介紹一下。我認為，這在人們購買和支付方式上確實是一個突破性的創新。

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.

但最重要的是，它體現了我們的優勢——聚合，我們將找到一種方法，讓消費者更快找到他們想要的東西，實現個人化體驗，並在過程中獲得樂趣。此外，它也是一個面向未來的創新平台，我們認為電視產業未來可能會朝著這個方向發展，無論是遊戲、健身、醫療保健或教育。因此，我認為，將它納入您與我們公司的合作關係，對於我們在美國進行研發而言，是一個全新的領域。最後，正如您所說，它使我們能夠將這項技術推廣到整個歐洲，無論我們是否已經擁有現有業務。

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.

所以我們先從英國起步，但我們雄心勃勃地計劃迅速拓展到其他國家。這對串流媒體用戶和串流媒體服務來說都是好事。因此，我們在串流媒體領域的重要性將持續成長。我們與蘋果的合作關係，尤其是今天蘋果的公告，正是這種合作關係的最新體現。在美國，XClass 與我們的 Sky 團隊幾乎完全同步，Dave 可以就此談談。但我們也會關注各個市場，我們與海信和沃爾瑪的合作面臨不同的機會和挑戰，因為許多美國人都是在沃爾瑪購買電視的。

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.

所以我們很高興即將開始。我認為——或許會涉及市場的不同領域。我們會把這看作是全球範圍內的經驗總結。而且，它緊隨 X1、Q、Flex 以及我們在創新方面的進展之後。所以我對此感到非常興奮，我認為這也展現了我們公司內部的良好協作。首先請 Dana 談談 Sky Glass，能否也分享一下你的看法？然後，Dave，接下來請你發言，之後我們再和 Mike 討論槓桿效應的問題。

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，布萊恩。我感激不盡。 Sky Glass 是我們最新的串流電視創新產品。正如之前提到的，它無需衛星天線和機上盒，這在未來發展中至關重要。我們相信它是市面上最聰明的電視。

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.

根據我們以往的產品發表經驗，我可以肯定地說，消費者對這款產品的反應非常棒。我認為這首先要歸功於產品本身，它確實非常創新。我們改變了產品的商業模式，使其與手機銷售模式相呼應。也就是說，我們將原本的大筆預付款改為價格合理的月供，當然，最終用戶仍然可以擁有產品的所有權。

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合作關係。而且，該產品確實提高了我們的獲客效益，因為它允許客戶自行安裝，不再需要衛星天線和機上盒。

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亮點在於降低了購買決策的複雜性。所有功能都整合在機身內部，並擁有最高規格的配置。顧客只需選擇尺寸，包括內建的音訊設備，音訊效果確實非常出色。

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.

而體驗上的突破，也是Sky真正脫穎而出的地方，在於其完全整合的產品。線性頻道、點播內容和應用程式內容之間的互動，能夠顯著提升使用者的觀看體驗。用戶無需再頻繁地在應用程式之間切換，所有內容都集中在一個平台上，可以更輕鬆地切換。這正是Sky產品如此出眾的原因，也是我們所看到的消費者正向迴響的驅動因素。

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.

正如布萊恩所提到的，我們認為Sky Glass為我們提供了很大的發展空間。它讓我們能夠觸及先前因種種原因無法安裝衛星天線或不願安裝而無法接觸到的客戶群。它也讓我們能夠接觸到對串流媒體內容更感興趣的客戶群，並為我們帶來新的內容分發機會。

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.

更重要的是，正如布萊恩所提到的，從長遠來看，這為增強用戶黏性以及潛在的新收入來源開闢了許多機會，例如用戶共同觀看手錶或健身和健康等領域。我們認為這是一個創新平台，而這只是個開始。

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.

我認為最引人注目的是，它的核心技術與康卡斯特（Comcast）的所有技術完全相同。這完全是在康卡斯特的合作與支持下實現的。因此，它與美國一些智慧電視的發展之間存在巨大的協同效應，因為硬體、軟體和雲端服務幾乎完全相同。

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，我是本。所以——我覺得達娜說得對，布萊恩也說得對。對於XClass來說，我們並非從零開始，因為我們一直專注於創新，並與Sky團隊和有線電視集團緊密合作。所以我們對XClass充滿信心。現在還處於早期階段。

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.

但很顯然，智慧電視是一個非常重要的設備。因此，我們可以全面整合我們的軟體棧，專注於那些希望使用體驗盡可能流暢的用戶群。他們只需要智慧電視能夠正常運作，而我們能夠做到兩件事：第一，提供世界一流的使用者介面。卓越的語音功能、強大的數據集成，以及能夠添加Charter應用程式和我們自己的應用程式等功能。因此，我們擁有很大的靈活性和商業模式。我們可以與電視製造商和零售商合作，以一種獨特的方式將所有要素整合起來，因為我們進入這個市場的時間稍晚。

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.

所以這是一款很棒的產品。無論是在我們現有業務範圍內還是外部，我們都對它感到非常興奮。我們能夠以絕佳的方式將Peacock定位為產品組合的關鍵組成部分，並將其融入使用者介面中。總而言之，我們非常興奮，雖然現在還處於早期階段，但這顯然是我們工作的重點。

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.

我是麥克，本。關於資本配置和槓桿，我簡單總結一下，我們最終的槓桿率為2.4倍。就像我之前說的，我認為我們打算繼續保持在這個水平附近。上下浮動一點，因為我們並不追求每季都精準地達到某個特定數字。

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.

沒錯。我認為——正如各位營運主管即將提到的那樣，我們一直強調公司業務狀況良好。從長遠來看，所有業務的自由現金流都將持續成長。這為我們描繪了一幅宏偉的長期藍圖，使我們能夠繼續保持強勁的資產負債表，持續進行業務的有機成長投資，並向股東返還充足的資本。最終結果將取決於業務表現和投資模式。但我們對目前的前景感到非常滿意。

Our next question comes from Doug Mitchelson from Credit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森。

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.

所以我想我接下來要關注的就是寬頻了。戴夫，尤其是布萊恩，我不知道你們有沒有類似的看法，目前市場上的投資人對固定無線網路的光纖建設有很多擔憂。當然，第三季的業績也低於2019年第三季。

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.

戴夫，我想問幾個問題。首先，投資人應該關注寬頻淨新增用戶成長的合理基準線是什麼？我認為，在疫情期間，隨著我們逐漸走出困境，很多人都把2019年視為疫情前的正常年份。對你和整個產業來說，那一年寬頻成長勢頭良好。所以，展望未來，你認為衡量業務成長的合理基準線是什麼？其次，你對第四季的成長動能有何看法？你如何看待競爭威脅？這些都將有助於我們更好地理解市場。

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.

你說得對，道格。首先，正如你所說，我們目前所處的環境仍然瞬息萬變。但要先明確的是，公司的基本面非常強勁，寬頻業務還有很長的成長空間。所以我們對這一點的看法絲毫沒有改變。

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.

我們擁有一個非常出色的網路。它規模龐大、覆蓋廣泛，而且性能始終卓越。我們為未來發展做好了充分準備。因此，我們對連結業務的長期發展軌跡的看法並沒有改變。我對這項業務的前景依然充滿信心和樂觀。

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.

所以，縱觀全年，我認為這凸顯了寬頻的強勁勢頭。今年迄今，我們新增了超過110萬用戶，而且在過去20年中，我們每年都新增超過100萬寬頻用戶。

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.

正如你所說，雖然第三季的成長速度比年初疫情高峰期有所放緩，但我們的寬頻淨新增用戶數依然非常健康，用戶流失率也保持在歷史低位，這在第三季度尤為難得。我認為關注當前的市場環境非常重要。道格，我覺得這在某種程度上印證了你剛才的觀點。

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.

還有幾個主要因素需要指出。首先，正如麥克之前提到的，我們業務覆蓋範圍內的連接量有所放緩。我們密切關注搬家活動。年初搬家活動比較活躍，現在減少。而且，過去幾個月的搬家量明顯低於2019年的水準。因此，大學生的搬家活動略有減少，雖然不令人擔憂，但整體而言，轉學活動也略有減少。

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.

我認為，如果你看看其他業者，你會發現大家的客戶流失率都在下降。這意味著我們只需要在一些我們擅長的領域減少一些波動。另外，就成長驅動因素而言，我們看到低收入群體的成長有所放緩。我們仍在增加這個族群的客戶，但成長率不如以前。政府推出了一些新的項目，例如EBB。我們看到一些傳統的無線營運商（不是固定無線營運商）積極參與這個專案。

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.

關於競爭的最後一點。我們非常重視競爭，而且我們一直處於競爭激烈的環境中。但我們始終專注於創新，力求為每個細分市場提供最佳產品。我們將市場細分，並在非常具體的區域層級競爭。我們對市場有著細緻入微的洞察，從僅使用高速柴油的家庭到擁有多種產品的家庭，我們都能精確到街區層級。

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.

綜上所述，無論是否使用光纖，我們的客戶流失率都保持在歷史最低水準。我們比較了競爭對手過去和現在的整體表現，我認為這足以說明一切。

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.

所以，對於全年業績預期，儘管目前的市場前景和整體活動帶來了一些輕微的風險，但我們仍然相信全年淨新增客戶數將與2019年持平。總的來說，回顧今年，再看看2019年，2019年是我們十多年來業績第二好的一年，非常出色。我們能夠達到這樣的水平，並且保持如此強勁的穩定性，這都歸功於我們穩健的基本面。

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.

我們目前有一些工作要做，但和以往一樣，我們需要逐一攻克它們，逐一擊破。但我非常看好我們目前的基本面和發展動能。所以我認為，我們的發展空間依然非常充足。最後一點是商業服務，這是互聯互通發展中非常重要的一環。在這方面，我也非常看好它的發展勢頭。總而言之，我對我們目前在互聯互通領域的發展狀況感到滿意。

Our next question comes from Jonathan Chaplin with New Street.

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

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，我想就你最後一個問題再問一句。如果全年整體水準與2019年持平，那就意味著第四季略低於2019年的水準。你是否覺得我們把原本應該在第四季實現的成長提前到了年初，而2022年會恢復到正常的成長趨勢？或者你認為我們在第四季看到的這種放緩趨勢可能會持續到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.

我明白，鑑於疫情帶來的各種利弊波動，很難看清市場走向。但我認為，任何關於趨勢發展走向的信息，對投資者來說都將非常有幫助。

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。正如我之前提到的，關於可見性，我現在還不想對2022年發表評論，只想重申我之前對2019年表現非常強勁的看法，並強調基本面，例如客戶流失率和我們目前的活躍度。所以我認為之後會有更多消息，但我認為我們目前保持著這種持續的成長勢頭。

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.

回顧過去20年，寬頻淨增用戶超過100萬，足以說明寬頻產業的強勁動能。因此，整體而言，寬頻市場仍有很長的成長空間，目前的滲透率也證明了這一點。我們對寬頻市場的長期發展前景依然保持著信心。

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?

接著剛才的話題。想必您看到的低客戶流失率也促成了有線電視業務板塊EBITDA的強勁成長。如果整個產業的客戶流失率必須回升，寬頻業務才能實現復甦，那麼，展望未來，EBITDA的成長是否會受到某種程度的抵銷？

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.

我認為客戶流失率已經控制得非常好了，整體而言處於歷史低點。所以我覺得我們現在主要關注的是交易活動，連結方面的波動相對較小。因此，我們目前處於有利地位。我認為我們在提高每用戶平均收入 (ARPU) 和提升客戶份額方面都採取了平衡的策略。所以這些基本面我認為是穩定的。

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.

這就是我想說的一點。我是布萊恩，我想補充戴夫的觀點。我認為他對之前提出的兩個問題給出了非常全面且完全贊同的答案。我想強調最後一點，那就是我們——創紀錄的低流失率表明，至少在我看來，這是一個非常穩定的業務。我們擁有3,200萬寬頻用戶，這正是我們業務的強大之處。我們擁有穩定的客戶群。所以，儘管可能出現了提前付款的情況，也可能出現了放緩，但正如你的問題所暗示的，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.

我們正在研究如何提高 EBITDA，如何提高利潤率，如何維持並提供更多產品連接，這幾乎是我們首先討論的問題：寬頻還能做什麼，未來 5 到 10 年寬頻將如何發展。所以我們非常關注當下，但同時，我認為戴夫也指出了我們目前的良好狀態，而且我們在商業服務領域所做的創新，與我們在住宅領域所做的創新如出一轍。

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，這並非我們一直在關注的市場環境變化。雖然這種改變或許終將到來，也可能確實存在，但我個人認為，真正的原因是疫情帶來的衝擊，再加上美國寬頻普及率很高。因此，我們未來面臨的問題是如何持續提升寬頻的價值，進而為股東創造更多價值。

Our next question is from Jessica Reif from BoA Securities.

下一個問題來自美國銀行證券的傑西卡·雷夫。

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.

我想先問一個更宏觀的問題，然後再簡單說說。展望明年，NBC環球顯然會迎來創紀錄的一年，因為有奧運、超級盃，預售收入也創下新高。政治方面似乎也在籌集大量資金。希望國際主題樂園遊客能夠回歸，電影市場也趨於穩定。

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.

天空電視台（Sky）顯然推出了Sky Glass和Peacock，希望能從過去的投資中獲益。有線電視方面，正如你們剛才討論的，你們正在透過XClass TV拓展業務範圍，我很想聽聽你們的看法，但這似乎有利於寬頻、Peacock和廣告業務。行動端方面則更具進取心。

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.

說了這麼多，您能否談談2022年及以後的工作重點？未來3到5年，公司業務會有哪些變化？還有一個簡短的問題，是關於Peacock的。您沒有提到用戶使用量或每月活躍帳戶數，能否詳細說說？

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.

讓我先說。謝謝大家——你們展現出的那種樂觀精神，至少我認為我們所有人都對公司抱持這種感覺，我認為我們是幸運的公司之一。在疫情期間，我們之前也討論過，我認為我們是如何很好地過渡到居家辦公、客戶服務和持續生產的。所以，隨著我們預計在美國乃至全球走出疫情，我們將把公司引向何方？我認為最終我們會朝著消費者想要的方向發展。我們擁有豐富的產品和多樣化的價格，能夠滿足不同客戶的需求。

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.

我們即將擁有近6,000萬名客戶關係，我想應該是5700萬或5800萬個全球客戶關係。這些都是每月消費超過100美元的客戶關係。因此，我們希望成為產業領導者，這也是我們不斷創新的原因。此外，正如您所提到的，主題樂園以及人們前來我們公司參加的大型活動，無論是廣告商還是商業夥伴，也都是我們重要的客戶群。

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源自於一個全球技術平台，而這正是我認為我們真正擁有領先地位的地方。接下來——我想再次強調麥克之前說過幾次的話。我們感覺到我們的各項優先事項又重新達到了平衡，這讓我們能夠更加自律地開展工作，成為行業領導者。經過我們公司多年來在全球範圍內建立的各種關係，這將產生大量的自由現金流，最終回饋給股東。傑夫，為什麼不專門談談Peacock和其他NBC相關內容呢？我們還沒聽到你有提到。所以，或許你可以談談公司的整體狀況。

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。謝謝布萊恩，也謝謝潔西卡。 Peacock 的一切都在朝著正確的方向發展，從發展軌跡來看，與上個季度或上個季度相比，並沒有什麼不同。所有指標都在上升。我們的用戶使用率持續走高，用戶組成也持續良好。我們新增了幾百萬訂閱用戶，MAA（媒體訪問量）也有所增加，一切都在好轉。廣告方面，我們—就在本季末，我們開始銷售贊助以外的廣告，而到了第四季度，我們將完全擺脫贊助。這方面的進展非常順利。所以我們對 Peacock 的表現非常滿意。它遠遠超出了我們目前的預期。而且每個月、每季，它都在不斷進步。當你談到明年整體業務發展時，我感到非常興奮，因為我們對明年NBC環球的所有項目都感到非常興奮，從奧運會到超級碗，再到精彩的電影計劃、非常強勁的廣告業務、收視率，以及我們不斷提升的線性電視網絡。

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.

而且我認為Peacock——我還要補充一點——目前在大部分節目製作力量都缺失的情況下，依然發展得非常出色。展望未來，看看Peacock的發展方向，由於疫情的影響，我們的原創節目製作進度有所落後。因此，我們將開始逐步增加Peacock的原創節目數量，這對於我們持續發展並擁有成功且強大的原創節目陣容至關重要。我們對正在為這項服務製作的許多內容感到非常興奮。

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.

我們決定購買首批影片的播放權，也就是所謂的「一次性付費播放權」。首部「一次性付費播放權」影片將於第一季登陸Peacock平台，之後我們將持續供應影片。我們看到，在所有串流平台上，電影都能有效提升用戶量。本季度，《寶貝老闆》和最近的《萬聖節殺戮》都為Peacock帶來了顯著的提升。順便一提，《萬聖節殺戮》在Peacock和票房上都取得了巨大成功。這表明，我們可以同時在兩個不同的市場開展業務。

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會在Peacock上線，我們對Peacock的發展前景感到無比興奮。我們將繼續加大投入，鞏固這項成功。我認為同樣重要的是要記住，我們上線至今才一年多。我們去年7月正式上線。所以我們營運至今才一年多。我們已經達到了Hulu目前規模的三分之一以上，而Hulu可是醞釀了幾十年才建成的服務。我對公司今年的整體表現感到非常滿意，也對Peacock的未來發展充滿信心。

Our next question comes from Craig Moffett with MoffettNathanson.

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

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.

既然我們已經討論了寬頻和公司的一些成長舉措，那麼接下來就讓我們談談無線網絡，這是另一個重要的成長舉措。首先，我想問的是，我們看到一些數據顯示，WiFi 的流量分流遠遠超出合約預期。因此，這項業務的毛利率可能遠高於我們先前的預期。

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?

這讓我不禁思考，這家企業的策略目標是什麼？真的是要把公司發展成規模最大、利潤最高的企業嗎？還是仍主要致力於降低寬頻用戶流失率，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?

最後，我能否再問一個不相關的問題？能否談談您對 Hulu 的看法？我想，這可能要到 2024 年才會被提上日程。但您有沒有可能提前與 Hulu 開展合作？

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.

嗨，克雷格，我是戴夫。那我們先從無線業務說起。我認為－我們並沒有真正改變行動業務的策略重點。但可以肯定的是，行動業務的發展速度加快了，我們目前非常關注如何利用行動技術來支援寬頻業務。

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.

我們成功改善了與Verizon的合作關係，並提升了與虛擬運營商（MVNO）的關係後，便能夠推出全新的無限流量套餐，並結合按流量計費模式，這使我們處於獨特的市場地位。因此，我認為我們的目標正如之前所說，是加快發展速度，充分利用行動網絡，以及我們所做的一切，並圍繞寬頻打造卓越的產品。我認為這是有利可圖的，而且會持續獲利。對此我充滿信心。

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.

但主要目標是推動寬頻發展。這其中有兩個關鍵點。首先，寬頻持續保持成長勢頭，並有望創下寬頻整體流失率新低。行動端只是其中的一部分，但它也能促進前端使用者的考量。因此，當整體市場活動開始回升時，我認為零售和行動端將發揮至關重要的作用。正如您所指出的，我認為另一個關鍵點是如何將產品與 Wi-Fi 整合。我們在這方面已經做得非常出色，因此，每台行動裝置都會透過我們的 Wi-Fi 網路貢獻大量的寬頻流量，而這本身就是我們網路的一部分。

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.

所以隨著時間的推移，我們希望努力整合使用者體驗，並在家庭領域投入更多精力，同時也能抓住機會拓展家庭以外的領域。我認為，我們正在加速行動端在所有銷售管道和行銷計劃中的應用。未來，我們將繼續以獨特的方式將行動端與寬頻服務結合。

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，我是麥克。 Hulu 的價值成長非常驚人。顯然，這是一家很棒的公司，參與了串流媒體價值成長最快的領域之一。所以，我們很高興能參與其中，當然，同時，我們也在 Peacock 上打造自己的平台。至於這筆交易，還有幾年時間。但別忘了，我們幾年前就著手準備了。我很高興我們當時沒有退出，大概是三年前吧。所以，就像我們目前的合作一樣，我認為我們始終對合作持開放態度。如果我們能堅持到最後，那就太好了，因為我預期它的價值會持續成長。

Our last question comes from Phil Cusick with JPMorgan.

最後一個問題來自摩根大通的菲爾·庫西克。

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。首先是關於寬頻趨勢。過去幾季以及9月份，您對今年的市場走勢預測都相當具體。與9月相比，現在的市場前景是否更不明朗了？聽起來這並非競爭問題，而是潛在需求所致。考慮到疫情仍在持續以及FCC新規的出台，您如何看待今年寬頻和視訊價格的上漲？

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?

還有股票回購方面。在上一個週期，您不太願意借錢回購股票，而是傾向於使用現金流量並降低槓桿率。聽起來這次情況有所不同。這是因為股價確實很有魅力，所以您才想把槓桿率維持在2左右的區間嗎？

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.

好的，菲爾，我先來。我是戴夫。我們先從寬頻說起。正如我剛才所說，目前我們所看到的市場情況還比較有限，但顯然，今年年初到2021年初，市場活動有所加速，更像是2020年的水平。但主要集中在連接方面，我想我已經解釋過一些背後的驅動因素。不過，從全年來看，第四季的情況與2019年的水準大致相當。我認為關鍵在於整體用戶流失率目前處於什麼水平，這一點我也已經談到了。

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.

你說得對，我們的策略是始終專注於價值，無論是否使用光纖。我們的目標是不斷創新，打造我認為面向現在和未來的最佳網路。我們也在不斷提升網路速度。我們改進了網路覆蓋，推出了優質的設備，包括網關、擴展器、控制功能，以及透過 Flex、XClass 和行動裝置實現的串流媒體播放。我們圍繞著寬頻產品打造了一系列產品組合，讓用戶能夠以更優惠的價格享受更多服務，從而減輕價格壓力。

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提供多層次的寬頻服務。我們進行行銷——我們將寬頻市場細分為不同的部分。因此，我們有很多選擇。所以，我們會事先與潛在客戶和現有客戶溝通，了解什麼最適合他們。我們會提供他們合適的套餐，這樣就能提高每位用戶平均收入（ARPU）。總而言之，我剛才又提到了基本面。你要看寬頻的長期發展前景以及我們業績的穩定性。對我來說，我認為這預示著未來。那麼，布萊恩？

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。菲爾，我覺得用你的問題來結束這通通話再適合不過了。我再次重申，我認為這個季度業績非常出色。本季的一大亮點是，時隔數年，我們的槓桿率終於回到了目標水平，麥克也提到了這一點。

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.

所以，至少在我看來，我們把借款和股票回購區分開來。它們不像你描述的那樣有關聯。也許表面上看起來是這樣。我還要特別表揚一下我們的財務團隊，傑森阿姆斯壯和他的團隊。在過去的18個月裡，我們的資產負債表從未如此穩健。

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.

我們以歷史低利率進行了一些長期展期和延期。綜合所有這些因素以及我們目前的營運業績，這確實使我們重回正軌，從而使我們能夠更積極地利用我們許多人認為的這家優秀公司的優勢。因此，作為股東，您可以自行評估其價值。

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。我認為麥克在分析各項比率時很好地解釋了其中的邏輯。總而言之，這是一個非常棒的季度。所以，謝謝各位團隊成員，也謝謝你們在股東電話會議上的支持。瑪西，接下來就交給你了。

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

謝謝菲爾，也謝謝各位參加我們第三季電話會議。祝大家今天過得愉快。

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.

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，持續到11月4日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為4073347。本次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。