康卡斯特 (CMCSA) 2021 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Second Quarter 2021 Earnings Conference Call.

女士們，先生們，早上好，歡迎參加康卡斯特 2021 年第二季度收益電話會議。

(Operator Instructions) Please note that this conference call is being recorded.

（操作員說明）請注意，此電話會議正在錄音中。

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

我現在將把電話轉給投資者關係高級副總裁 Marci Ryvicer 女士。

Please go ahead, Ms. Ryvicker.

請繼續，賴維克女士。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Dave Watson, Jeff Shell and Dana Strong.

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 and Mike will make formal remarks, while Dave, Jeff and Dana will also be available for Q&A.

Brian 和 Mike 將發表正式講話，而 Dave、Jeff 和 Dana 也將參加問答環節。

Let me now refer you to Slide 2, which contains our safe harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

現在讓我向您推薦幻燈片 2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包括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.

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。

Please see our 8-K and trending schedules for the reconciliations of these non-GAAP financial measures to GAAP.

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.

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。

Brian?

布賴恩？

Thanks, Marci, and good morning, everyone.

謝謝，Marci，大家早上好。

I'm really excited to report these strong second quarter results, which were highlighted by exceptional performance at Cable, delivering 11% revenue growth and a nearly 15% increase in adjusted EBITDA.

我真的很高興報告這些強勁的第二季度業績，其中突出顯示了 Cable 的出色表現，實現了 11% 的收入增長和近 15% 的調整後 EBITDA 增長。

This was fueled by our fantastic success in broadband.

這得益於我們在寬帶領域的巨大成功。

We added 354,000 broadband customers, an increase compared to both the same period last year and to 2019.

我們增加了 354,000 個寬帶用戶，與去年同期和 2019 年相比均有所增長。

And that drove 294,000 total customer relationship additions.

這推動了 294,000 個客戶關係的增加。

These were the best broadband and customer relationship results we've had for any second quarter on record.

這是我們有記錄以來第二季度取得的最好的寬帶和客戶關係結果。

Our broadband connect activity is healthy, and churn improved for the 14th quarter in a row.

我們的寬帶連接活動很健康，客戶流失率連續第 14 個季度有所改善。

In fact, we hit the lowest second quarter churn rate in our company's history.

事實上，我們達到了公司歷史上最低的第二季度客戶流失率。

Based on our first half results, combined with the strength we're seeing in current trends, we now expect total broadband net additions for 2021 to increase mid-teens relative to 2019.

根據我們上半年的業績，再加上我們在當前趨勢中看到的優勢，我們現在預計 2021 年的寬帶淨增加總量相對於 2019 年將增加 10 倍左右。

We also added 280,000 wireless subscriber lines, the highest of any quarter since launch.

我們還增加了 280,000 條無線用戶線路，是自推出以來任何季度的最高水平。

And Xfinity Mobile is now a stand-alone, profitable business.

Xfinity Mobile 現在是一個獨立的、有利可圖的業務。

We got here on time, if not a bit earlier than expected.

我們準時到達這裡，如果不是比預期的早一點的話。

And we are experiencing the fastest sales momentum we've ever had, a testament to the changes we implemented in the back half of last year when we reprioritized wireless across our sales channels and integrated this business more fully into our core operations.

我們正在經歷有史以來最快的銷售勢頭，這證明了我們在去年下半年實施的變革，當時我們在銷售渠道中重新確定了無線的優先級，並將這項業務更全面地整合到我們的核心業務中。

And this past April, we introduced a fabulous Unlimited family plan, which we just started offering to our small business customers as well.

去年四月，我們推出了一個很棒的 Unlimited 家庭計劃，我們也剛剛開始向我們的小型企業客戶提供該計劃。

So I couldn't be more pleased with Dave Watson and the team he has assembled as they have a relentless focus on connectivity, which has never been more important.

因此，我對 Dave Watson 和他組建的團隊感到非常滿意，因為他們一直專注於連接性，這從未像現在這樣重要。

They truly put the customer first, offering innovative and differentiated products and services.

他們真正把客戶放在第一位，提供創新和差異化的產品和服務。

And pretty unique to the market, we now offer 1.2 gigs of downstream to essentially all 60 million homes and businesses in our footprint.

而且對於市場來說非常獨特，我們現在為我們足跡中的所有 6000 萬戶家庭和企業提供 1.2 gigs 的下游服務。

The foundation of our success is our network, which we constantly evolve so that we can easily handle capacity growth, increase in subscribers and the changing usage patterns of our customers who continue to take faster speeds.

我們成功的基礎是我們的網絡，我們不斷發展，以便我們能夠輕鬆應對容量增長、訂戶增加以及不斷加快速度的客戶不斷變化的使用模式。

Currently, there are typically 25 connected devices in the home, with 8 active at any one time, and this increases every year.

目前，家庭中通常有 25 台聯網設備，任何時候都有 8 台處於活動狀態，並且每年都在增加。

That drives in-home Wi-Fi usage to 15x that of wireless.

這將家庭 Wi-Fi 的使用量提高到無線的 15 倍。

Delivering huge amount of data at consistent speeds and reducing latency is what's powering our growth.

以一致的速度交付大量數據並減少延遲是我們增長的動力。

And we're doing this in a cost-efficient way.

我們正在以一種具有成本效益的方式做到這一點。

Virtualizing our network, combined with our suite of digital tools, also allows us to continue to improve the customer experience while identifying additional cost savings.

虛擬化我們的網絡，結合我們的數字工具套件，還使我們能夠繼續改善客戶體驗，同時確定額外的成本節約。

And the progress we've made is evident in our results.

我們取得的進展在我們的結果中是顯而易見的。

During the second quarter, total agent calls decreased by 10%, and total interactions were down by 7%.

第二季度，座席呼叫總數下降了 10%，交互總數下降了 7%。

We also saw a 22% reduction in truck rolls, despite an over 5% increase in our customer base.

儘管我們的客戶群增加了 5% 以上，我們的上門服務也減少了 22%。

So as I look ahead, I think about our philosophy since the early days of broadband, which has been to bet on a never-ending cycle of new technologies, devices and applications that come from Silicon Valley and new start-ups everywhere that need to take advantage of greater speeds and capacity over time.

因此，當我展望未來時，我想到了自寬帶發展初期以來我們的理念，即押注來自矽谷的新技術、設備和應用程序的永無止境的循環，以及各地需要隨著時間的推移，利用更高的速度和容量。

We see this transformation happening every day and continue to believe that this is ongoing for the foreseeable future.

我們每天都看到這種轉變發生，並繼續相信這種轉變在可預見的未來會持續進行。

So what does that mean for our network?

那麼這對我們的網絡意味著什麼呢？

Well, since October of 2020, we've been trialing gig and multi-gig symmetrical speeds over our DOCSIS infrastructure to great success.

好吧，自 2020 年 10 月以來，我們一直在我們的 DOCSIS 基礎設施上試用 gig 和多 gig 對稱速度，並取得了巨大成功。

With upstream comprising today less than 10% of total broadband usage, even during a peak, we don't really have a consumer use case for this technology capability yet.

由於目前上游佔寬帶總使用量的不到 10%，即使是在高峰期，我們還沒有真正擁有這種技術能力的消費者用例。

But the strategy for our network is to plan ahead.

但我們網絡的策略是提前計劃。

We're investing in architecture that lets us go beyond where consumers are, and we can do all of this in a way that won't affect the capital intensity ratios we currently enjoy.

我們正在投資建築，讓我們超越消費者所在的地方，我們可以在不影響我們目前享有的資本密集度比率的情況下完成所有這些工作。

Dave can provide more detail about the technological decisions we're making during the Q&A.

Dave 可以提供有關我們在問答期間做出的技術決策的更多詳細信息。

With Cable comprising roughly 70% of our consolidated EBITDA, broadband is a top strategic priority.

有線電視約占我們合併 EBITDA 的 70%，寬帶是首要戰略重點。

And I could not be more pleased with the strength of this quarter and the first half of 2021.

我對本季度和 2021 年上半年的強勁表現感到非常滿意。

Looking at other parts of our business.

看看我們業務的其他部分。

For the first time since the pandemic, our Theme Parks returned nicely to profitability.

自大流行以來，我們的主題公園首次很好地恢復了盈利。

This was led by Orlando, where we've seen strong domestic demand in both per cap spending and in attendance, which returned to 2019 levels, somewhat faster than I thought might happen, despite virtually no international visitation.

這是由奧蘭多領導的，我們看到國內對人均消費和出席人數的需求強勁，恢復到 2019 年的水平，比我想像的要快一些，儘管幾乎沒有國際訪問。

And in Hollywood, since restrictions have been lifted, attendance is growing week after week.

而在好萊塢，由於取消了限制，出席人數每週都在增加。

We continue to see firsthand, the pent-up demand for high-quality entertainment and family fun outside of the home.

我們繼續親眼目睹對家庭以外的高質量娛樂和家庭娛樂的被壓抑的需求。

And we remain incredibly bullish on our Theme Parks.

我們仍然非常看好我們的主題公園。

Our Studios business is also coming back.

我們的工作室業務也正在回歸。

We've returned to pre-pandemic television production levels, and we're really optimistic about our upcoming films, especially after the success of Fast 9, which debuted at #1 in all territories at launch, and with $600 million of worldwide box office to date, remains the biggest U.S. film launch since the pandemic began.

我們已經恢復到大流行前的電視製作水平，我們對即將上映的電影非常樂觀，尤其是在《快 9》大獲成功之後，該片在上映時在所有地區均排名第一，全球票房達到 6 億美元迄今為止，它仍然是自大流行開始以來最大的美國電影發布會。

Following Fast, we successfully released Boss Baby 2 and the latest installment of Purge.

繼 Fast 之後，我們成功發布了 Boss Baby 2 和最新一期的 Purge。

And over the July 4 weekend, we had the top 3 films at the domestic box office, the first time that's happened for any studio since 1995.

在 7 月 4 日的周末，我們獲得了國內票房前三名的電影，這是自 1995 年以來任何電影公司的第一次。

We have a great slate ahead with Dear Evan Hansen in September, followed by a new Halloween in October.

我們將在 9 月與親愛的 Evan Hansen 合作，然後在 10 月迎來新的萬聖節。

And we end the year with Sing 2.

我們以 Sing 2 結束這一年。

Next, let's talk about our media and production strategy, which across the entire company, is aligned around one purpose: create premium programming which we can then scale and monetize for the very best global distribution outlets.

接下來，讓我們談談我們整個公司的媒體和製作戰略，它圍繞一個目標：創建優質節目，然後我們可以為最好的全球分銷渠道進行擴展和貨幣化。

Peacock adds to what we already offer.

孔雀增加了我們已經提供的服務。

It's a great complement to our linear brands, which are successful in their own right.

這是對我們的線性品牌的一個很好的補充，這些品牌本身就很成功。

And together, these platforms provide a continuous loop of content and promotion that seamlessly drive viewership across our ecosystem, offering a different access point to attract new audiences while giving existing viewers more of what they love.

這些平台共同提供了內容和推廣的連續循環，無縫推動整個生態系統的收視率，提供不同的訪問點來吸引新觀眾，同時為現有觀眾提供更多他們喜歡的東西。

We are clearly capitalizing on the strength of our media brands, having just completed the strongest advertising upfront in our history, securing double-digit increases in both volume and price across our entire portfolio.

我們顯然正在利用我們媒體品牌的實力，剛剛完成了我們歷史上最強大的廣告前期工作，確保我們整個產品組合的數量和價格都實現了兩位數的增長。

And I'm pleased to report that as of this week, Peacock has 54 million sign-ups and over 20 million monthly active accounts.

我很高興地報告，截至本週，Peacock 擁有 5400 萬註冊用戶和超過 2000 萬月活躍賬戶。

This is 50% higher than our last report, driven by a number of factors: the Day and Date release of Boss Baby 2; debut of Dr. Death, our most successful original to date; and the airing of the 2020 Tokyo Olympics.

這比我們上一份報告高出 50%，主要受以下因素的推動：Boss Baby 2 的日期和日期發布；死亡博士的首次亮相，這是我們迄今為止最成功的原創作品；以及2020年東京奧運會的播出。

The third quarter, thus far, has been a particularly strong period, and we will work hard to manage retention and grow from here, recognizing we are unlikely to replicate such tremendous performance.

到目前為止，第三季度是一個特別強勁的時期，我們將努力管理留存率並從這裡開始增長，因為我們認識到我們不太可能複制如此巨大的業績。

But we remain optimistic with a lot of programming strength ahead of us, such as more premium originals; Monday Night Football; the Beijing Olympics; and our reimagined dynamic Pay-One window, which starting in 2022, shifts our film titles to Peacock exclusively for the first and last 4-month segments in the Pay window, with Amazon Prime and Netflix sharing rights for the 10 months in between.

但我們仍然對未來的編程實力持樂觀態度，例如更多優質原創作品；週一晚上足球；北京奧運會；從 2022 年開始，我們重新構想的動態 Pay-One 窗口將我們的電影片名轉移到 Peacock，專門用於 Pay 窗口的前 4 個月和最後 4 個月，亞馬遜 Prime 和 Netflix 共享其間 10 個月的權利。

By showcasing content across multiple platforms, Universal films will constantly refresh across the streaming ecosystem.

通過跨多個平台展示內容，環球電影將在流媒體生態系統中不斷刷新。

Audiences will have multiple access points with which to consume our content, and we will generate more third-party revenue while retaining the most valuable window for Peacock.

觀眾將有多個訪問點來消費我們的內容，我們將產生更多的第三方收入，同時為 Peacock 保留最有價值的窗口。

So as you can see, we've successfully been able to pivot, coming up with creative ways to keep up with consumer demand and in many cases, making even more money than we did before.

正如你所看到的，我們已經成功地進行了轉型，想出了一些創造性的方法來滿足消費者的需求，並且在很多情況下，我們賺的錢比以前更多。

At Sky, we are pleased revenue is back to pre-COVID levels, despite the lingering impact that COVID continues to have on our pubs and clubs segment.

在 Sky，我們很高興收入恢復到 COVID 之前的水平，儘管 COVID 繼續對我們的酒吧和俱樂部部門產生揮之不去的影響。

Sky's results were led by the U.K. with revenue and EBITDA ahead of 2019, and we're seeing momentum across a number of areas.

Sky 的業績在 2019 年之前以英國的收入和 EBITDA 領先，我們在多個領域都看到了勢頭。

Premium TV churn is at record low levels.

優質電視的流失率處於創紀錄的低水平。

In streaming, we posted ARPU growth of over 20% for the fourth consecutive quarter.

在流媒體領域，我們連續第四個季度公佈了超過 20% 的 ARPU 增長。

And in broadband, where we just introduced our 500-meg offering, we experienced improved churn relative to both 2020 and 2019 despite a 6% price increase in the quarter.

在寬帶領域，我們剛剛推出了 500 兆的產品，儘管本季度價格上漲了 6%，但與 2020 年和 2019 年相比，我們的客戶流失率有所改善。

In addition, Sky Mobile had the strongest second quarter activations on record with churn averaging 40% better than industry average.

此外，Sky Mobile 的第二季度活躍度創下歷史新高，平均流失率比行業平均水平高 40%。

And today, we're announcing the debut of our international streaming strategy for Peacock.

今天，我們宣布推出 Peacock 國際流媒體戰略。

Later this year, we will leverage Sky's significant scale and powerful brand to include Peacock at no additional cost for its 20 million customers across Europe.

今年晚些時候，我們將利用 Sky 的龐大規模和強大的品牌，為其在歐洲的 2000 萬客戶免費提供 Peacock。

The benefits of this launch are tremendous.

這次發布的好處是巨大的。

We will unlock incremental advertising revenue, introduce the Peacock brand and content catalog via Sky's established platforms in key European markets and directly monetize our programming investments.

我們將釋放增量廣告收入，通過 Sky 在歐洲主要市場的成熟平台引入 Peacock 品牌和內容目錄，並直接將我們的節目投資貨幣化。

The decision to make Peacock the anchor tenant on Xfinity's X1 and Flex platforms for its domestic launch has been a key driver of brand awareness, scale, consumption and promotion, and we see a similar opportunity with Sky.

決定讓 Peacock 成為 Xfinity 的 X1 和 Flex 平台在國內推出的主力租戶，一直是品牌知名度、規模、消費和推廣的關鍵驅動因素，我們在 Sky 看到了類似的機會。

We're utilizing all the wonderful assets of our company to create value for audiences everywhere, and we look forward to finalizing agreements with other programming and distribution partners outside of our Sky markets.

我們正在利用我們公司的所有優秀資產為世界各地的觀眾創造價值，我們期待與天空市場之外的其他節目和發行合作夥伴達成最終協議。

So summing up, this was a fabulous quarter and a great first half of the year.

總而言之，這是一個美妙的季度，也是今年的上半年。

I'm so pleased we are now in a position to buy back stock, which we will report on in Mike's section.

我很高興我們現在能夠回購股票，我們將在邁克的部分報告。

This is a truly very special company, and I'm excited for the road ahead.

這是一家真正非常特別的公司，我對未來的道路感到興奮。

Mike, over to you.

邁克，交給你了。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

I'll begin on Slide 4 with our second quarter consolidated 2021 results.

我將從幻燈片 4 開始，介紹我們第二季度的 2021 年綜合業績。

Revenue increased 20% to $28.5 billion.

收入增長 20% 至 285 億美元。

Adjusted EBITDA increased 13% to $8.9 billion.

調整後 EBITDA 增長 13% 至 89 億美元。

Adjusted EPS increased 22% to $0.84 per share.

調整後每股收益增長 22% 至每股 0.84 美元。

And finally, we generated $4.8 billion of free cash flow.

最後，我們產生了 48 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 11% to $16 billion, EBITDA increased nearly 15% to $7.1 billion and net cash flow grew close to 15% to $5 billion.

現在讓我們轉向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 11% 至 160 億美元，EBITDA 增長近 15% 至 71 億美元，淨現金流增長近 15% 至 50 億美元。

As a reminder, last year's second quarter was most significantly impacted by COVID-19, including adjustments accrued for customer RSN fees.

提醒一下，去年第二季度受 COVID-19 影響最大，包括對客戶 RSN 費用的調整。

Excluding the impact of these RSN adjustments, Cable Communications revenue increased 9.3% with no corresponding impact to EBITDA.

排除這些 RSN 調整的影響，有線通信收入增長 9.3%，對 EBITDA 沒有相應影響。

We added 294,000 net new customer relationships, up 35% over last year's second quarter and up 93% over the second quarter of 2019.

我們新增了 294,000 個淨新客戶關係，比去年第二季度增長 35%，比 2019 年第二季度增長 93%。

This was the best second quarter on record and was driven by broadband, where we added 354,000 net new residential and business customers, up 10% over last year's second quarter and 69% above the second quarter of 2019.

這是有記錄以來最好的第二季度，並受到寬帶的推動，我們新增了 354,000 個淨新住宅和商業客戶，比去年第二季度增長 10%，比 2019 年第二季度增長 69%。

These strong results were driven by improved churn and healthy connects relative to both 2020 and 2019.

這些強勁的結果是由相對於 2020 年和 2019 年改善的客戶流失和健康連接推動的。

And this was the lowest second quarter broadband churn on record.

這是有記錄以來第二季度最低的寬帶流失率。

Looking ahead, as Brian mentioned earlier, based on our strong results through the first half of the year as well as current trends, we now expect total broadband net additions for 2021 to be up mid-teens from the 1.4 million net adds in 2019.

展望未來，正如布賴恩之前提到的，根據我們上半年的強勁業績以及當前趨勢，我們現在預計 2021 年的寬帶淨增加總量將比 2019 年的 140 萬淨增加量增加十幾倍。

Broadband revenue increased 14% and grew 13%, excluding the RSN fee adjustments in last year's second quarter.

寬帶收入增長 14%，增長 13%，不包括去年第二季度的 RSN 費用調整。

These results were driven by strong growth in volume and rates.

這些結果是由數量和費率的強勁增長推動的。

Wireless revenue grew 70% due to an increase in both customer lines and higher device sales.

由於客戶線的增加和設備銷售的增加，無線收入增長了 70%。

We added 280,000 net new lines in the quarter, the best result since launching this business in 2017, bringing us to 3.4 million total lines as of quarter end.

我們在本季度新增了 280,000 條新線路，這是自 2017 年推出這項業務以來的最佳成績，截至季度末，我們的線路總數達到 340 萬條。

We are encouraged by the initial results on our new Unlimited plan, which is driving a notable increase in Unlimited connects as well as a lift in overall volume.

我們對新的 Unlimited 計劃的初步結果感到鼓舞，該計劃推動了 Unlimited 連接的顯著增長以及總容量的提升。

Turning to video.

轉向視頻。

Revenue increased 2.6% or 0.5%, excluding the RSN fee adjustments in last year's second quarter, reflecting healthy growth in rates, mostly offset by net video subscriber losses totaling 399,000.

扣除去年第二季度的 RSN 費用調整後，收入增長 2.6% 或 0.5%，反映出費率的健康增長，大部分被總計 399,000 的淨視頻用戶損失所抵消。

While our residential rate adjustment at the beginning of the year was the primary driver of the increase in rates, we believe it was also a contributor to the video subscriber loss in the quarter.

雖然我們在年初的住宅費率調整是費率上漲的主要驅動力，但我們認為這也是本季度視頻用戶流失的一個原因。

Business services revenue increased 10%, primarily driven by higher rates though the comparison to last year when business services was significantly impacted by COVID-19.

商業服務收入增長了 10%，這主要是由於與去年商業服務受到 COVID-19 的顯著影響相比較高的利率。

Over the past year, we have bounced back, rates have recovered and customer growth is strong as we added 17,000 net new customers in the quarter and 70,000 over the past year, primarily driven by continued improvement in small business.

在過去的一年裡，我們已經反彈，利率已經恢復並且客戶增長強勁，因為我們在本季度增加了 17,000 名淨新客戶，在過去一年中增加了 70,000 名，主要受小企業持續改善的推動。

Last, advertising revenue increased 59%, reflecting an overall market recovery compared to last year when we experienced reduced spending from advertisers due to COVID-19.

最後，廣告收入增長了 59%，反映出與去年相比整體市場復甦，當時我們經歷了由於 COVID-19 導致廣告商支出減少。

As we move to the second half of the year, we will have difficult comparisons to last year when we benefited from strong political advertising.

隨著我們進入下半年，我們將很難與去年受益於強大的政治廣告相比。

Turning to expenses.

轉向開支。

Cable Communications second quarter expenses increased 8.2%.

有線電視通信第二季度的開支增長了 8.2%。

Programming expenses increased 12% and were up 5%, excluding the impact of RSN adjustments last year, primarily due to the number of contract renewals that started to cycle through in 2020, combined with annual escalators in existing agreements.

不計去年 RSN 調整的影響，主要是由於 2020 年開始循環續約的合同數量以及現有協議中的年度自動扶梯，編程費用增長了 12% 和 5%。

Looking to the third quarter, we expect programming expense growth to increase at high single-digit levels due to the continued impact of contract renewals as well as the comparison to last year's third quarter, which was also favorably impacted by RSN fee adjustments.

展望第三季度，由於合同續籤的持續影響以及與去年第三季度相比（也受到 RSN 費用調整的有利影響），我們預計節目費用增長將以高個位數增長。

For the full year, we continue to expect programming expense to increase at high single-digit levels.

全年，我們繼續預計節目費用將以個位數的高水平增長。

Nonprogramming expenses increased 5.7% or 0.5% on a per relationship basis due to higher technical and product support and advertising, marketing and promotion spend to drive growth in our core broadband and wireless businesses.

由於技術和產品支持以及廣告、營銷和促銷支出增加，以推動我們核心寬帶和無線業務的增長，非編程費用按每個關係計算增加了 5.7% 或 0.5%。

These higher expenses were partially offset by lower bad debt expense.

這些較高的費用被較低的壞賬費用部分抵消。

These trends should continue in the third quarter.

這些趨勢應該會在第三季度繼續。

Cable Communications EBITDA grew nearly 15% to $7.1 billion, including a contribution of $68 million from our wireless business, the best results since launch.

Cable Communications EBITDA 增長近 15%，達到 71 億美元，其中無線業務貢獻了 6800 萬美元，這是自推出以來的最佳業績。

Cable EBITDA margins reached 44.2%, reflecting 140 basis points of year-over-year improvement.

有線電視 EBITDA 利潤率達到 44.2%，同比提高 140 個基點。

While the RSN fee adjustments had no impact on EBITDA, they did impact margins last year.

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。

Excluding the RSN adjustment impact, margins expanded 200 basis points year-over-year.

排除 RSN 調整影響，利潤率同比增長 200 個基點。

Cable capital expenditures increased 17%, resulting in CapEx intensity of 10.6%, up 50 basis points compared to last year.

有線電視資本支出增加 17%，導致資本支出強度為 10.6%，比去年增加 50 個基點。

These results were driven by an increase in scalable infrastructure as we continue to enhance the capacity of our network as well as increases in broadband-related CPE and line extensions.

這些結果是由可擴展基礎設施的增加推動的，因為我們繼續提高網絡容量以及寬帶相關 CPE 和線路擴展的增加。

As Brian mentioned, we have decided to move a bit faster to the next phase of DOCSIS using very cost-effective technology, allowing us to maintain the CapEx intensity level we achieved in 2020, which was the lowest in our history.

正如布賴恩所提到的，我們決定使用極具成本效益的技術更快地進入 DOCSIS 的下一階段，從而使我們能夠保持 2020 年達到的資本支出強度水平，這是我們歷史上最低的水平。

And we expect to be at this level for the next few years.

我們預計未來幾年將保持在這個水平。

Now let's turn to Slide 6 for NBCUniversal.

現在讓我們轉到 NBCUniversal 的幻燈片 6。

Let's start with total NBCUniversal results.

讓我們從 NBCUniversal 的總結果開始。

Revenue increased 39% to $8 billion, and EBITDA increased 13%, $1.6 billion.

收入增長 39% 至 80 億美元，EBITDA 增長 13% 至 16 億美元。

Media revenue increased 26%, driven by higher advertising, distribution and other revenue.

在廣告、發行和其他收入增加的推動下，媒體收入增長了 26%。

Advertising revenue increased 33%, reflecting the timing of sports and overall market recovery compared to last year and the launch of Peacock.

廣告收入增長 33%，反映了與去年相比體育和整體市場復甦的時機以及 Peacock 的推出。

We had significantly more sporting events compared to last year when sports were paused, which benefited our advertising revenue.

與去年體育暫停時相比，我們舉辦了更多的體育賽事，這有利於我們的廣告收入。

Excluding this benefit, advertising grew at mid-teens levels.

不包括這個好處，廣告在十幾歲的時候增長。

Distribution revenue increased 19% or high single digits, excluding the RSN fee adjustments that impacted last year's results.

分銷收入增長了 19% 或高個位數，不包括影響去年業績的 RSN 費用調整。

This growth reflects higher rates post the successful completion of several carriage renewals at the end of 2020, partially offset by subscriber declines, which were sequentially flat.

這一增長反映了在 2020 年底成功完成了幾次運輸續訂後的較高費率，部分被訂戶下降所抵消，後者連續持平。

Media EBITDA declined 16% to $1.4 billion, including Peacock, which generated revenue of $122 million and an EBITDA loss of $363 million.

媒體 EBITDA 下降 16% 至 14 億美元，其中 Peacock 產生了 1.22 億美元的收入和 3.63 億美元的 EBITDA 虧損。

Excluding Peacock, Media EBITDA was essentially flat, driven by higher sports costs associated with the increase in sporting events this quarter compared to both last year and 2019.

不包括孔雀，媒體 EBITDA 基本持平，這是由於與去年和 2019 年相比，本季度體育賽事增加導致體育成本增加。

As a reminder, our third quarter Media results will be impacted by our broadcast of the Summer Olympics.

提醒一下，我們第三季度的媒體業績將受到夏季奧運會轉播的影響。

Studio revenue increased 8.4%, driven by higher theatrical revenue, reflecting the success of Fast 9 in theaters and compared to last year when theaters were mainly closed due to COVID-19.

工作室收入增長 8.4%，這是由於影院收入增加，這反映了 Fast 9 在影院的成功，而去年影院主要因 COVID-19 而關閉。

Studio EBITDA decreased 52% to $156 million as a result of higher expenses associated with our theatrical releases compared to last year when releases were paused, the timing of content licensing sales and the comparison to last year, which included transactions with Peacock related to our initial launch of the service.

工作室 EBITDA 下降 52% 至 1.56 億美元，原因是與去年暫停發行、內容許可銷售時間以及與去年比較（其中包括與 Peacock 與我們的初始交易相關的交易）相比，我們的影院發行相關費用增加啟動服務。

In the second half, EBITDA comparisons to last year will remain challenging as we continue to launch new theatrical releases and ramp our TV production.

下半年，隨著我們繼續推出新的戲劇版本並增加我們的電視製作，EBITDA 與去年的比較將仍然具有挑戰性。

Theme Parks revenue increased by $958 million to $1.1 billion and generated EBITDA of $221 million, which included about $150 million of Universal Beijing preopening costs.

主題公園的收入增加了 9.58 億美元，達到 11 億美元，產生了 2.21 億美元的 EBITDA，其中包括約 1.5 億美元的北京環球影城開業前成本。

This is the first profitable quarter we've had since the pandemic began in the first quarter of 2020 and was driven by strong results at our Universal Orlando Resort.

這是自 2020 年第一季度大流行開始以來我們第一個實現盈利的季度，這得益於我們奧蘭多環球影城度假村的強勁業績。

Orlando has had exceptionally strong demand, with June attendance exceeding 2019 levels as well as strong per cap growth, despite virtually no international guests during the quarter due to COVID-related travel constraints.

儘管由於與 COVID 相關的旅行限制，本季度幾乎沒有國際客人，但奧蘭多的需求異常強勁，6 月份的出勤人數超過了 2019 年的水平，並且人均收入增長強勁。

We opened our Jurassic World-themed roller coaster, the VelociCoaster, on June 10 with some of the highest guest satisfaction scores we've had.

6 月 10 日，我們以侏羅紀世界為主題的過山車 VelociCoaster 開放，獲得了我們所獲得的最高客戶滿意度分數。

Hollywood has been operating without capacity restriction since mid-June and has experienced strong demand, aided by the opening of our Secret Life of Pets attraction in April.

自 6 月中旬以來，好萊塢一直在無容量限制的情況下運營，並且在 4 月我們的“寵物秘密生活”景點開放的幫助下，需求強勁。

We're optimistic that our domestic parks are on a path to return to historic levels of profitability, but we need international visitation to resume, which remains dependent on COVID-related travel restrictions being lifted.

我們樂觀地認為，我們的國內公園正走上恢復歷史盈利水平的道路，但我們需要恢復國際訪問，這仍然取決於取消與 COVID 相關的旅行限制。

At our Japan park, results continue to be challenging.

在我們的日本公園，結果仍然充滿挑戰。

After closing in late April, we reopened on June 1 with capacity restrictions that are likely to remain in place through the summer.

在 4 月下旬關閉後，我們於 6 月 1 日重新開放，但容量限制可能會持續到整個夏天。

Last, as we prepare to open our newest park, Universal Beijing, we expect overall results will be negatively impacted by up to $250 million in the third quarter.

最後，當我們準備開放我們最新的公園北京環球影城時，我們預計第三季度的整體業績將受到高達 2.5 億美元的負面影響。

Now let's turn to Slide 7 for Sky, which I will speak to on a constant currency basis.

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。

For the second quarter, Sky revenue increased 15% to $5.2 billion, largely reflecting strong growth in our U.K. business.

第二季度，Sky 收入增長 15% 至 52 億美元，主要反映了我們英國業務的強勁增長。

Direct-to-consumer revenue increased 7.7%, primarily reflecting higher average revenue per customer relationship.

直接面向消費者的收入增長了 7.7%，主要反映了每個客戶關係的平均收入增加。

Results in the U.K. drove the bulk of the growth and benefited from the comparison to last year when sports subscriptions were paused as well as a rate increase, higher mobile device sales and improving hospitality revenue as pubs and clubs reopen.

英國的業績推動了大部分增長，並受益於與去年暫停體育訂閱以及費率上漲、移動設備銷售增加以及隨著酒吧和俱樂部重新開放而提高酒店收入的比較。

While customer relationships grew in the U.K., overall customer relationships declined 248,000, primarily driven by customer losses in Italy and Germany to the end of the football season.

雖然英國的客戶關係有所增長，但整體客戶關係下降了 248,000 人，這主要是由於意大利和德國的客戶流失至足球賽季結束。

As we have previously said, we have reset our football rights in Germany and Italy.

正如我們之前所說，我們已經重置了我們在德國和意大利的足球權利。

As a result, we anticipate lower programming and production expense, along with continued customer losses in the third and fourth quarters.

因此，我們預計第三和第四季度的編程和製作費用會降低，同時客戶將繼續流失。

We believe this disciplined approach to sports-related cost is the right long-term financial decision for the business.

我們相信，這種嚴格的體育相關成本方法是對企業正確的長期財務決策。

Advertising revenue increased 79% with results in the U.K. driving the growth and reflecting the overall market recovery from COVID-19 as well as an increase in the number of sporting events compared to last year when sports were paused.

廣告收入增長了 79%，英國的業績推動了增長，並反映了 COVID-19 的整體市場復甦以及與去年體育暫停時相比體育賽事數量的增加。

Sky generated $560 million in EBITDA, a 32% decline compared to last year's second quarter, primarily reflecting higher sports rights amortization related to more events in the current quarter.

Sky 產生了 5.6 億美元的 EBITDA，與去年第二季度相比下降了 32%，主要反映了與本季度更多賽事相關的更高的體育權利攤銷。

These higher expenses were partially offset by lower entertainment costs due to production delays.

由於生產延遲，娛樂成本降低，部分抵消了這些較高的費用。

I'll wrap up with free cash flow and capital allocation on Slide 8. Free cash flow was $4.8 billion in the quarter, a decrease of 20% year-over-year, largely due to the timing of last year's federal tax payments, which were deferred to the third quarter.

我將在幻燈片 8 上結束自由現金流和資本分配。本季度自由現金流為 48 億美元，同比下降 20%，主要是由於去年聯邦納稅的時間安排，即被推遲到第三季度。

While net working capital was a positive contribution to free cash flow in the quarter, we continue to expect it will be a negative drag on our full year results and higher compared to 2019 levels due to an increase in content investments and our broadcast of the Olympics.

雖然淨營運資本對本季度的自由現金流做出了積極貢獻，但我們繼續預計，由於內容投資的增加和我們對奧運會的轉播，這將對我們的全年業績產生負面拖累，並高於 2019 年的水平.

Consolidated total capital, which includes capital expenditures as well as software and intangibles, increased 5.2% in the second quarter to $2.8 billion, reflecting an increase at Cable, which was partially offset by a decline at NBCU.

包括資本支出以及軟件和無形資產在內的合併總資本在第二季度增長了 5.2%，達到 28 億美元，這反映了 Cable 的增長，但部分被 NBCU 的下降所抵消。

For the full year, we now expect capital to be slightly above 2020 levels, reflecting our plan, as I've previously mentioned, to accelerate enhancements to our network.

對於全年，我們現在預計資本將略高於 2020 年的水平，這反映了我們的計劃，正如我之前提到的，加速增強我們的網絡。

In the second quarter, our return of capital to shareholders included dividend payments totaling $1.2 billion, up 9.5% year-over-year.

第二季度，我們對股東的資本回報包括總計 12 億美元的股息支付，同比增長 9.5%。

We also resumed our share repurchase activity late in the second quarter, totaling $500 million as of June 30.

我們還在第二季度末恢復了股票回購活動，截至 6 月 30 日總計 5 億美元。

As previously communicated, we intend to stay at historical buyback levels until we reach our intended target leverage levels, which we currently expect to reach sometime in 2022.

如前所述，我們打算保持在歷史回購水平，直到我們達到我們目前預計在 2022 年某個時候達到的預期目標槓桿水平。

With our return to share repurchase in the quarter, we are happy to get back to our long-standing balanced approach to capital allocation, which consists of maintaining a strong balance sheet, investing organically for profitable growth and returning capital to shareholders.

隨著我們在本季度重返股票回購，我們很高興回到我們長期以來的平衡資本配置方法，其中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。

Thanks for joining us on the call this morning.

感謝您今天早上加入我們的電話會議。

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

我將把它轉回給 Marci，他將領導電話的問答部分。

Thanks, Mike.

謝謝，邁克。

Operator, let's open the call for questions.

接線員，讓我們打開問題的電話。

(Operator Instructions) Your first question will come from the line of Doug Mitchelson with Crédit Suisse.

（操作員說明）您的第一個問題將來自瑞士信貸的 Doug Mitchelson。

A couple of operating questions for me this quarter.

本季度我有幾個運營問題。

Jeff, any discussion of the shape of park's profitability going forward?

傑夫，有沒有關於公園未來盈利能力的討論？

You've got Beijing shifting from preopening losses to opening.

你讓北京從開業前的虧損轉向開業。

The U.S. is more fully opening.

美國更加全面開放。

Japan, at some point, a little more fully opening.

日本，在某個時候，會更加全面開放。

How do we think -- I know you gave the 3Q sort of onetime item for Beijing.

我們怎麼想——我知道你給北京的 3Q 那種一次性物品。

As we get to 4Q, are the Beijing losses done?

到了第四季度，北京的虧損結束了嗎？

Is it an easy comp next year?

明年的比賽容易嗎？

How should we think about profitability overall?

我們應該如何看待整體盈利能力？

Dave, can you unpack the margin expansion for us in the quarter?

戴夫，你能在本季度為我們解開利潤率擴張的包袱嗎？

It looks like advertising and wireless probably drove all of the margin expansion.

看起來廣告和無線可能推動了所有的利潤增長。

When I think about the last few years, you've got a lot of margin expansion from leveraging non-programming costs.

當我想到過去幾年時，你已經從利用非編程成本中獲得了很多利潤增長。

Was there just unusual year-over-year comps within the Cable business relative to 2Q of last year that expires over the next couple of quarters, and you get back to sort of normal margin expansion on non-programming line?

與去年第二季度相比，有線電視業務中是否存在不尋常的同比增長，在接下來的幾個季度到期，你又回到了非編程線路的正常利潤率擴張？

Or is there other investments you're making that we should consider?

或者您還有其他我們應該考慮的投資嗎？

So should I take the first one?

那我應該拿第一個嗎？

Yes.

是的。

So on the parks, we're very -- first of all, I would start by saying we're very pleased with not just the quarter, but the trajectory of how we're opening.

所以在公園裡，我們非常 - 首先，我首先要說的是，我們不僅對這個季度感到非常滿意，而且對我們開放的軌跡感到非常滿意。

As Mike went through, Orlando is, on attendance standpoint, pretty close to back where we were in 2019 even though we don't have any international visitors.

正如邁克所經歷的那樣，從出勤率的角度來看，奧蘭多非常接近我們在 2019 年的水平，儘管我們沒有任何國際訪客。

And you would expect those international visitors to pick up over time.

你會期望這些國際遊客會隨著時間的推移而回升。

In Hollywood we've only been open a couple of months, and we're already approaching our capacity.

在好萊塢，我們只開放了幾個月，而且我們已經接近我們的產能。

And we're excited about the next couple of months and Halloween Horror Nights.

我們對接下來的幾個月和萬聖節恐怖之夜感到興奮。

So the domestic parks, obviously, with COVID, you just don't know.

所以，很明顯，國內的公園，對於 COVID，你只是不知道。

It's -- things could be lumpy.

它是 - 事情可能是塊狀的。

Things could be nonlinear.

事情可能是非線性的。

But so far, the trajectory is really good, and we expect that to continue.

但到目前為止，發展軌跡非常好，我們預計這種情況會繼續下去。

And I would say the thing we're most pleased with is the protocols have worked, and we've been able to keep people safe and keep our workers safe and keep our guests safe.

我想說，我們最滿意的是協議已經奏效，我們已經能夠保證人們的安全，保證我們的工人安全，保證我們的客人安全。

And that, I think, is driving the confidence in coming to our parks.

我認為，這正在增強人們來我們公園的信心。

Internationally, Brian and I actually were in Japan.

在國際上，我和布萊恩實際上在日本。

And even though that country is a little bit behind as far as COVID, we've been able to get our park back open.

即使那個國家在 COVID 方面落後了一點，我們已經能夠讓我們的公園重新開放。

We're open again with some capacity constraints.

我們再次開放，但有一些容量限制。

We have a great attraction there that we were able to see, Nintendo, which is one of our best attractions that we've ever built anywhere in the world that rivals Harry Potter.

我們在那裡有一個很棒的景點，我們可以看到，任天堂，這是我們在世界任何地方建造的最好的景點之一，可以與哈利波特相媲美。

And I'm very excited for that, not only in Japan, but for Epic Universe down the road and our other parks eventually.

我對此感到非常興奮，不僅是在日本，而且對於未來的 Epic Universe 和我們的其他公園最終也是如此。

So Japan is behind, but feels like it's heading in the right direction.

所以日本落後了，但感覺它正朝著正確的方向前進。

And so that's going to be great.

所以這會很棒。

And then lastly, with Beijing, we're ready to go in Beijing.

最後，和北京一起，我們準備去北京。

The park's ready.

公園準備好了。

It's awesome.

這很棒。

It's our most technologically advanced park.

這是我們技術最先進的公園。

And we expect -- right now, what we're doing is going through the final approvals of rides and the process you have to go through.

我們期望 - 現在，我們正在做的是通過遊樂設施的最終批准以及您必須經歷的過程。

And that is somewhat indeterminate, but we expect that park to open in the next couple of months.

這有點不確定，但我們預計該公園將在未來幾個月內開放。

And when it does open, as you mentioned, those pre-operating costs go away, and we start getting attendance in.

正如你所提到的，當它確實開放時，這些前期運營成本就會消失，我們開始參與進來。

So Beijing should be a good contributor to us remainder of the year when it opens and then on to next year.

所以北京應該在今年剩餘時間里為我們做出貢獻，然後到明年。

So overall, our Parks are on a good trajectory, and it's hard to see what happens with COVID, but we're pretty pleased.

所以總的來說，我們的公園處於良好的軌道上，很難看到 COVID 會發生什麼，但我們很高興。

Dave?

戴夫？

Yes.

是的。

So we've walked through a couple of things on margin in the quarter and looking forward.

因此，我們在本季度的保證金上經歷了幾件事並展望未來。

It's -- we feel very good about our position on the progress that we continue to make on margin improvement, real focus around the fundamentals.

這是 - 我們對我們繼續在提高利潤率方面取得的進展感到非常滿意，真正關注基本面。

And so while there'll be some things within a quarter that move a little bit, the fundamentals are the things that we stay extremely focused on.

因此，雖然在一個季度內會有一些事情發生了一點變化，但基本面是我們一直非常關注的事情。

And starts with broadband.

並從寬帶開始。

And both residential and commercial, both are -- just drive higher revenue.

住宅和商業都 - 只是推動更高的收入。

Both are margin accretive and just help us deploy digital solutions, in particular, in residential at a higher rate.

兩者都可以增加利潤，只是幫助我們以更高的速度部署數字解決方案，特別是在住宅中。

So those fundamentals are -- continue to bring us to where we're at.

所以這些基本面是——繼續把我們帶到我們所處的位置。

As we scale mobile, as you said, there are improvements there, advertising as well with advanced advertising providing support.

正如您所說，隨著我們擴展移動設備，那裡有改進，廣告以及高級廣告提供支持。

But it's primarily the focus around connectivity and just driving more customer relationships there in that space, connected with the digital customer experience improvements, is such a win-win for the customer and for us.

但它主要關注的是連接性，只是在該領域推動更多的客戶關係，與數字客戶體驗的改進相關，這對客戶和我們來說都是雙贏的。

Just to provide perspective in the quarter, our total agent calls decreased by 10% with total interactions lower at 7%, and we saw a 22% reduction in truck rolls.

只是為了提供本季度的觀點，我們的總代理呼叫減少了 10%，總交互減少了 7%，我們看到上門服務減少了 22%。

And this is despite an overall 5% increase in the customer base.

儘管客戶群總體增長了 5%。

So if you go back over time, this is just a continuation.

因此，如果您隨著時間的推移返回，這只是一個延續。

Over the past 5 years, we've constantly made progress, taking 37% or almost 100 million calls out of the run rate and reduced truck rolls by 25%.

在過去的 5 年中，我們不斷取得進步，減少了 37% 或近 1 億個電話的運行率，並將上門服務減少了 25%。

So Doug, it's been -- this is a real focus for us.

所以道格，它一直是——這對我們來說是一個真正的焦點。

And while I don't think we'll grow the second half of the year margins at the same rate that we did the first half, we're in a really good place.

雖然我認為我們下半年的利潤率不會以與上半年相同的速度增長，但我們處於一個非常好的位置。

And we're doing it in a healthy and sustainable way.

我們正在以一種健康和可持續的方式來做這件事。

And so I like the road map that we have around digital tools and the experience.

所以我喜歡我們圍繞數字工具和體驗制定的路線圖。

I like the run rate around connectivity.

我喜歡圍繞連接的運行速度。

And while we'll invest in areas like business services, in mobile, sales and marketing, the things that are just going to help us grow, we're going to continue to stay extremely focused on margin.

雖然我們將投資於商業服務、移動、銷售和營銷等領域，這些領域只會幫助我們成長，但我們將繼續非常關注利潤。

And I'd just echo that point that in this great first half margin expansion, which, as Dave said, will ease a little bit in the second half of the year, there's tremendous investment behind wireless, behind advancing growth in broadband and business services.

我要重申這一點，在上半年利潤率的大幅增長中，正如戴夫所說，下半年將有所緩解，無線背後有巨大的投資，推動寬帶和商業服務的增長.

So it's really healthy margin expansion because we're putting the money back in to drive future growth.

因此，這是非常健康的利潤率擴張，因為我們將資金重新投入以推動未來的增長。

Your next question will come from the line of Ben Swinburne with Morgan Stanley.

您的下一個問題將來自摩根士丹利的 Ben Swinburne。

I wanted to ask actually also about Cable, and then I have a question for Brian sort of on M&A and strategic stuff.

我實際上也想問一下 Cable，然後我有一個關於併購和戰略問題的問題要問 Brian。

Mike and Dave, we're all trying to figure out what normal looks like as we hopefully emerge from the pandemic.

邁克和戴夫，我們都在試圖弄清楚我們希望從大流行中擺脫出來的正常情況。

And Mike, you've talked about bad debt being down.

邁克，你談到壞賬減少了。

And I think like it continues to be a tailwind year-on-year.

而且我認為它仍然是逐年順風。

Do you have a sense of what sort of normal looks like as you think about OpEx?

當您考慮 OpEx 時，您是否對正常情況有所了解？

I mean you guys just sounded quite bullish on margins going forward.

我的意思是你們聽起來很看好未來的利潤率。

But there is some concern that as activity normalizes, that some costs come back in the business.

但有人擔心，隨著活動的正常化，一些成本會回到業務中。

I'm wondering if you could just tackle that.

我想知道你是否可以解決這個問題。

And the same thing for you, Dave.

對你來說也是一樣，戴夫。

I mean churn, it sounds like it keeps coming down.

我的意思是流失，聽起來它一直在下降。

Do we go back to normal churn from pre-COVID or not?

我們是否會從 COVID 之前恢復到正常的流失率？

I don't know if you have any sense of that when you look at different geographies in your footprint, if you can glean anything there.

我不知道當您查看足跡中的不同地理區域時，您是否對此有任何感覺，是否可以在那裡收集到任何東西。

And then, Brian, I'm sure you know there's been lots of press articles on Comcast buying lots of different businesses.

然後，布萊恩，我相信你知道有很多關於康卡斯特購買許多不同業務的新聞文章。

And I'm wondering, now that you've laid out at least some of your Peacock international strategy, all these articles seem to assume that you don't have enough scale in NBC to achieve your strategic goals around streaming.

我想知道，既然您已經制定了至少一些 Peacock 國際戰略，所有這些文章似乎都假設您在 NBC 中沒有足夠的規模來實現您圍繞流媒體的戰略目標。

And I know you can't talk about M&A, but I wonder if you could just talk about whether you believe NBC has what it needs to do, what the company wanted to do on the streaming front globally.

我知道你不能談論併購，但我想知道你是否可以談談你是否相信 NBC 有它需要做的事情，該公司想在全球流媒體領域做些什麼。

So maybe I'll start, Ben.

所以也許我會開始，本。

Thanks for the question.

謝謝你的問題。

I'll -- I think on non-programming expenses, OpEx, we still expect low single-digit increases compared to 2019 for full year '21 here.

我會 - 我認為關於非編程費用，OpEx，我們仍然預計與 2019 年相比，21 年全年會有低個位數的增長。

So that's -- all the factors are embedded in there that Dave mentioned.

這就是——戴夫提到的所有因素都嵌入其中。

And you're right, bad debt continues to run low.

你是對的，壞賬繼續減少。

I think giving a feel for what the second half looks like is the best I'll do at this stage.

我認為在這個階段我會做的最好的事情就是感受下半場的樣子。

I think we are -- continue to do all of the things in the underlying business, move the business towards more digital sort of cleaner operations that are low cost.

我認為我們正在 - 繼續做基礎業務中的所有事情，將業務轉向成本更低的更數字化的清潔運營。

The move to the higher-margin products in broadband, business services, all the things Dave described are things we'll work on that will benefit us regardless, I think, of what the operating environment normalizes at.

轉向寬帶、商業服務等利潤率更高的產品，Dave 描述的所有事情都是我們將努力的事情，這將使我們受益，我認為，無論運營環境如何正常化。

But I think that's the best sense for the second half of the year.

但我認為這是下半年最好的感覺。

And I'll let Dave comment on churn, but it's a little bit of the same message, which is we'll see what normal looks like.

我會讓戴夫對流失發表評論，但它有點相同的信息，那就是我們會看到正常的樣子。

But I think the investments in products, the investment in network, the investments in Flex, wireless, you name it, all the things that we're doing I think are -- there is at least some element of sustained benefit to churn versus historical levels, at least in my mind.

但我認為對產品的投資、對網絡的投資、對 Flex 的投資、無線的投資，我認為我們正在做的所有事情都是——至少有一些持續收益的因素可以讓客戶流失而不是歷史客戶水平，至少在我看來。

But we'll see.

但我們會看到的。

Dave, over to you.

戴夫，交給你了。

Thanks, Mike.

謝謝，邁克。

Yes, so we expect, over time, to have a little bit more normalization as you go into quarters like Q2, like Q3 with student activity, move activity, seasonality that could impact the churn.

是的，所以我們預計，隨著時間的推移，當你進入像第二季度這樣的季度時，會有更多的正常化，比如第三季度的學生活動、搬家活動、可能影響流失的季節性。

But we're reaching a level that we expected in terms of overall broadband churn performance.

但就整體寬帶流失性能而言，我們正在達到我們預期的水平。

And this is -- it's the redefinition of great broadband, I think, that's helping deliver this -- some of this churn improvement.

這就是——我認為這是對偉大寬帶的重新定義，這有助於實現這一點——其中一些流失率的改善。

We have a fantastic network.

我們有一個很棒的網絡。

We talked about it.

我們談到了它。

Brian and Mike mentioned it.

布賴恩和邁克提到了它。

Continuing to invest in the network.

繼續投資網絡。

We're going to stay ahead of the curve in terms of capacity, in usage.

我們將在容量和使用方面保持領先。

So a lot of focus around the network.

所以很多人都關注網絡。

And then just to complement not just speed, but our devices, the pods, the ability to provide great Wi-Fi coverage inside the home is just so critical.

然後不僅是為了補充速度，而且我們的設備、吊艙、在家中提供出色 Wi-Fi 覆蓋的能力非常重要。

And staying ahead of that curve is key.

保持領先於這條曲線是關鍵。

And then adding value extensions to broadband, like Mobile, like Flex that impact churn.

然後為寬帶增加價值擴展，比如移動，比如 Flex，影響客戶流失。

And so these are early days for us in terms of as we -- both of those categories are exciting for us, but they're impacting broadband in a positive way.

因此，就我們而言，這對我們來說還處於早期階段——這兩個類別對我們來說都是令人興奮的，但它們正在以積極的方式影響寬帶。

So can't give specific guidance in terms of where churn would go.

因此無法就客戶流失的去向給出具體指導。

But the fundamentals of -- and the focus around attracting healthy and keeping healthy customer relationships and connectivity is so key.

但是，吸引健康的客戶關係和保持健康的客戶關係和連通性的基礎以及關注點非常關鍵。

So we're very excited about the prospects of Mobile and Flex impacting that over time.

因此，我們對隨著時間的推移影響 Mobile 和 Flex 的前景感到非常興奮。

And Ben, this is Brian.

還有本，這是布賴恩。

Let me start by saying I really love the company we've got.

首先讓我說我真的很喜歡我們的公司。

I can't imagine really a better quarter.

我無法想像一個更好的季度。

It's an exceptional quarter.

這是一個特殊的季度。

And I believe we have lots more organic growth ahead.

我相信我們還有更多的有機增長。

And we have a very special, unique company, across distribution and content, working so well together.

我們有一家非常特別、獨特的公司，在發行和內容方面，合作得非常好。

And you see that with Peacock and Sky and Peacock and Xfinity and even in our Olympics advertising.

你可以在 Peacock、Sky、Peacock 和 Xfinity 甚至在我們的奧運會廣告中看到這一點。

And we like -- and we are investing behind the businesses.

我們喜歡 - 我們正在投資這些業務。

So I don't think -- I think Mike Cavanagh has been very blunt that we don't need M&A.

所以我不認為——我認為 Mike Cavanagh 直言我們不需要併購。

We have a majority broadband-centric company, and we like the mix.

我們有一家以寬帶為中心的公司，我們喜歡這種組合。

So what might that drive us to consider at least, which is any kind of partnership where we have unique special capabilities that could lead in -- globally or internationally to enhancing our streaming position.

那麼，這可能促使我們至少考慮什麼，這是我們擁有獨特特殊能力的任何類型的合作夥伴關係，可以在全球或國際範圍內引領我們提高我們的流媒體地位。

That's something you might talk to others and consider.

這是您可能會與他人交談並考慮的事情。

But as to your scale question, I really think it would -- we have all the parts.

但至於你的規模問題，我真的認為它會——我們擁有所有的部分。

And Jeff, why don't you comment on that in just a second and maybe with some more specifics.

傑夫，你為什麼不馬上評論一下，也許還有更多的細節。

But if you look at the results of Peacock this quarter, again, we're probably -- we're the fastest-growing streaming service, 50% in 90 days.

但是，如果您再看一下 Peacock 本季度的業績，我們可能是——我們是增長最快的流媒體服務，在 90 天內增長了 50%。

We have a brand that's only a year old, and it's either the #1 or #2 new brand in America that's been created.

我們有一個只有一年曆史的品牌，它是美國排名第一或排名第二的新品牌。

So I really think our corporate focus is, as we've said many times, was to get back in balance on capital returns.

所以我真的認為，正如我們多次說過的那樣，我們的企業重點是恢復資本回報的平衡。

I'm probably most pleased this quarter that we were able to get to that place, buy back stock, as Mike just talked about.

正如邁克剛剛談到的那樣，本季度我可能最高興的是我們能夠到達那個地方，回購股票。

So I do think we have the scale.

所以我確實認為我們有規模。

I think we have an amazing company, and I feel fortunate with our position.

我認為我們有一家了不起的公司，我對我們的職位感到幸運。

Jeff, why don't you talk a little more about the scale?

傑夫，你為什麼不多談一下規模？

Yes.

是的。

Thanks, Brian.

謝謝，布賴恩。

Ben, when you talk about scale with respect to streaming and Peacock, just to get more granular for a second, there really are 3 elements of the scale.

Ben，當你談論關於流媒體和 Peacock 的規模時，為了更細化，規模確實有 3 個元素。

One is the scale of the platform technologically.

一是技術上平台的規模。

And as Brian just mentioned, we launched on the back of the Sky platform.

正如布賴恩剛剛提到的，我們是在 Sky 平台的背面推出的。

And we've leveraged our Xfinity and Dave's team significantly.

我們極大地利用了我們的 Xfinity 和 Dave 的團隊。

So I think we have proved that we would have never launched -- this success technologically with a platform that looks great and works without the scale that we have already at the company.

所以我認為我們已經證明了我們永遠不會推出——這種成功的技術是一個看起來很棒的平台，而且在沒有我們公司已經擁有的規模的情況下也能正常工作。

There is scale with respect to the brand, and that's why I'm thrilled with today's announcement that Peacock is going to be in 20 million Sky homes, and eventually, we'll roll it out across the globe.

這個品牌有一定的規模，這就是為什麼我對今天宣布 Peacock 將進入 2000 萬個 Sky 家庭感到興奮的原因，最終，我們將把它推廣到全球。

Then the most important by far element of scale as far as streaming is content.

那麼就流媒體而言，迄今為止最重要的規模元素是內容。

And we are really at the beginning of our content rollout on Peacock.

我們真的是在 Peacock 內容推出的開始階段。

That's why this quarter's growth is really extraordinary.

這就是為什麼本季度的增長非常驚人。

Because this quarter, as Brian went through, we had a pretty good movie with Boss Baby 2. We had our first real good drama with Dr. Death.

因為本季度，正如布賴恩所經歷的那樣，我們與 Boss Baby 2 合作了一部非常不錯的電影。我們與死亡博士合作了我們的第一部真正精彩的戲劇。

And we had -- and we have obviously rolled into the Olympics here where we're halfway through the first week of the Olympics.

我們已經 - 而且我們顯然已經在這裡參加了奧運會，我們在奧運會的第一周進行了一半。

Looking forward, we -- as part of our plan, we have another Olympics.

展望未來，我們——作為我們計劃的一部分，我們將舉辦另一屆奧運會。

We have lots of original programming, which Mike mentioned.

我們有很多原創節目，Mike 提到過。

We're ramping our production right now on.

我們現在正在增加產量。

And we'll be rolling out over the next year.

我們將在明年推出。

Brian mentioned our movies.

布賴恩提到了我們的電影。

We have the -- what I think is one of the top studios in Hollywood, and we have lots of movies coming directly to Peacock.

我們有——我認為是好萊塢頂級製片廠之一，我們有很多電影直接在 Peacock 上映。

And eventually, we're going to have the Hulu content coming back.

最終，我們將回歸 Hulu 內容。

So we have plenty of content coming.

所以我們有很多內容即將到來。

And this quarter showed that when you put that content on a service that's good, you can actually get pretty good growth in the streaming world.

本季度表明，當您將這些內容放在良好的服務上時，您實際上可以在流媒體世界中獲得相當不錯的增長。

And so personally, I don't think we've ever lacked for the capital to do what we needed to do to grow our business.

所以就個人而言，我認為我們從來沒有缺乏資金來做我們需要做的事情來發展我們的業務。

And what I'll end with is a perfect example that happened in the last week was we, at Universal, acquired the rights to the next 3 Exorcist movies in a pretty unique deal that was done in tandem with Peacock.

最後我要講的是上週發生的一個完美例子，我們在環球影業以一項非常獨特的交易獲得了接下來 3 部驅魔人電影的版權，該交易是與 Peacock 一起完成的。

We wouldn't have been able to do it if we didn't have a streaming service.

如果我們沒有流媒體服務，我們將無法做到這一點。

Where we basically got the rights on the back of the strength of our studio where we have Jason Blum and a horror pedigree that's unmatched and Donna Langley and her team's ability to market movies.

我們基本上憑藉我們工作室的實力獲得了權利，我們擁有傑森·布魯姆和無與倫比的恐怖血統，以及唐娜·蘭利和她的團隊推銷電影的能力。

But because we did it with Peacock, we have full optionality going forward.

但是因為我們是用 Peacock 做的，所以我們有完全的選擇權。

Do we put the second and third movies direct on Peacock?

我們把第二和第三部電影直接放在孔雀上嗎？

Do we do something hybrid?

我們做一些混合的事情嗎？

We can really kind of adapt and be flexible based on how the market works.

我們真的可以根據市場的運作方式進行調整和靈活調整。

So we have the scale across our company to do things like that.

所以我們在整個公司都有規模來做這樣的事情。

And I don't think we're lacking for scale personally.

而且我認為我們個人並不缺乏規模。

I think we can achieve our success at Peacock without anything additional, and I think this quarter proved it.

我認為我們可以在 Peacock 取得成功而無需任何額外的努力，我認為本季度證明了這一點。

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

您的下一個問題將來自美國銀行的 Jessica Reif Ehrlich。

I have 2 questions directed to 2 people.

我有 2 個問題針對 2 個人。

Brian, first.

布賴恩，第一個。

I mean this is such a different call than a year ago.

我的意思是，這與一年前的電話截然不同。

You've come out of the pandemic in a stronger position than you were even going in at really all of the businesses, Cable, NBCU and Sky, in every aspect, whether it's share gains, margin, growth in developing businesses, et cetera.

你從大流行中走出來的地位比你在有線電視、NBCU 和 Sky 的所有業務中都處於更有利的位置，無論是股票收益、利潤率、發展中業務的增長等等。

So sitting here today, what do you think the biggest ongoing benefits will be from all the changes that have been implemented?

那麼今天坐在這裡，您認為所有已實施的變化將帶來哪些最大的持續收益？

And then what are your key longer-term goals from here?

然後你從這裡開始的主要長期目標是什麼？

You've talked about the near-term goals.

你談到了近期目標。

And then Jeff, I don't even know where to start because there's so much going on at NBCU.

然後是傑夫，我什至不知道從哪裡開始，因為 NBCU 發生了很多事情。

But can you give us a little more color on the upfront and the cross platform benefits?

但是您能否在前期和跨平台優勢上給我們更多的色彩？

And maybe to drill down a little bit into Peacock, what should we be -- expect in the next year or so in terms of incremental cost for the international rollout as well as increased content?

也許要深入研究 Peacock，我們應該是什麼 - 預計明年左右國際推廣的增量成本以及增加的內容？

And then finally, you said in the past that you expect this Olympics to be the most profitable, but you've been hit with a little bit of bad luck, I mean, in terms of COVID getting a little bit worse and stuff going on with the athletes.

最後，您過去曾說過，您預計本屆奧運會將是最賺錢的，但您遇到了一點厄運，我的意思是，就 COVID 變得更糟和事情繼續發展而言與運動員。

Do you still have that view?

你還有這種看法嗎？

Like how do you think about this Olympics or the next one in terms of profitability?

比如您如何看待本屆奧運會或下一屆奧運會的盈利能力？

For the observations because I would -- I share your view.

對於觀察，因為我會 - 我同意你的觀點。

It's been an extraordinary year.

這是不平凡的一年。

I'm really proud of the company, first of all, on some of our initiatives, our commitment of $1 billion over 10 years to close the digital divide and have broadband be accessible and affordable for many more people.

我真的為這家公司感到自豪，首先，我們的一些舉措是我們承諾在 10 年內投入 10 億美元來縮小數字鴻溝，讓更多人可以使用和負擔得起寬帶。

And so I guess I'd start by saying the momentum, it's on us to keep this fabulous execution.

所以我想我會先說勢頭，保持這種出色的執行力是我們的責任。

Dave talked a lot about that focus.

戴夫談了很多關於這個重點的事情。

I think what kind of gets lost perhaps a little bit in broadband is not just the consumer broadband, which clearly, record second quarter.

我認為在寬帶方面可能有點迷失的不僅僅是消費寬帶，這顯然是第二季度的記錄。

Now saying again that this year, we expect mid-teens growth from 2019.

現在再次說，今年，我們預計從 2019 年開始會出現十幾歲的增長。

I did not expect that 6 months ago.

6個月前我沒想到。

So how do we keep that momentum and build on it, that comes down to great products and the network and a team and a management team.

那麼我們如何保持這種勢頭並以此為基礎，這歸結為偉大的產品、網絡、團隊和管理團隊。

We've made a lot of changes.

我們做了很多改變。

We've had some retirements and other things and the backfilling and moving executives, promoting executives.

我們有一些退休和其他事情，以及回填和調動高管，提拔高管。

All that has put our team in an excellent place.

所有這一切都使我們的團隊處於一個很好的位置。

We've learned how to work in a hybrid manner.

我們已經學會瞭如何以混合方式工作。

And whatever comes next, I don't think this team will miss a beat.

無論接下來發生什麼，我認為這支球隊不會錯過任何一個節拍。

And so I thank them for their focus.

所以我感謝他們的專注。

But as I think about broadband, we really don't talk about business services enough to have a $9 billion business from 0, built literally with 0 market share and growing only 1 direction and keep expanding the definition of that market from small, to medium, to now really enterprise.

但是當我想到寬帶時，我們真的沒有談論足夠的商業服務來擁有從 0 開始的 90 億美元業務，從字面上看，市場份額為 0，僅增長 1 個方向，並不斷將該市場的定義從小型擴展到中型，到現在真正的企業。

And every couple of weeks, I get an e-mail that talks about some major account that we've just won for the first time, and it could lead to way more volume over time.

每隔幾週，我就會收到一封電子郵件，其中談到我們剛剛贏得的一些主要客戶，隨著時間的推移，它可能會導致更多的交易量。

So Bill Stemper, who has run that business really since inception and has done an exceptional job.

所以比爾·斯坦珀（Bill Stemper）從一開始就真正經營著該業務，並且做得非常出色。

And we're trying to do that now at Sky and expand that market.

我們現在正試圖在 Sky 做到這一點並擴大該市場。

And then, we've talked a little bit about wireless and mobile.

然後，我們討論了一些關於無線和移動的內容。

And we've really pivoted to being a strategic opportunity with fantastic customer satisfaction ratings, a great relationship with Verizon that enables us now to compete and compete well and to innovate and so on and on.

我們已經真正轉向成為具有出色客戶滿意度評級的戰略機會，與Verizon的良好關係使我們現在能夠競爭和競爭以及創新等等。

I think keeping our focus there.

我想把我們的注意力集中在那裡。

So in the longer term, I think we have an opportunity to see the vital trend of direct-to-consumer, digitization, computing power evolving our -- the way we live, how relevant will our company remain and be and help lead that change.

因此，從長遠來看，我認為我們有機會看到直接面向消費者、數字化、計算能力的重要趨勢正在演變我們的生活方式，我們的公司將如何保持和成為並幫助引領這種變化.

And I look at the tech company results, and you just see this trend accelerating.

我看看科技公司的業績，你會看到這種趨勢在加速。

So what are some of the takeaways?

那麼有哪些要點呢？

Well, first of all, being an enabler and a critical opportunity to innovate our network to help be as relevant in the future as we are today is job one.

嗯，首先，成為創新網絡的推動者和關鍵機會，以幫助在未來與我們今天一樣具有相關性，這是一項工作。

I think digital advertising.

我認為是數字廣告。

We saw some of the results from the tech companies, and we look at our own, creating more inventory.

我們看到了科技公司的一些成果，我們也審視了自己的成果，創造了更多的庫存。

So the strategy for Peacock for me feels really smart.

所以我覺得 Peacock 的策略非常聰明。

We're creating more digital inventory.

我們正在創建更多的數字庫存。

That's the Holy Grail of ads.

這就是廣告的聖杯。

That's why we're able to get a premium, and Jeff can talk about Olympics a bit.

這就是為什麼我們能夠獲得溢價，傑夫可以談談奧運會。

But in the big picture, we're reimagining how people consume.

但總的來說，我們正在重新構想人們的消費方式。

And that consumption is enabled by broadband and now enabled by Peacock and hope to do that in a more significant way.

這種消費是由寬帶實現的，現在由 Peacock 實現，並希望以更重要的方式做到這一點。

And then retaining talent and being a company where people want to work, but at all levels of the company.

然後留住人才，成為人們想要工作的公司，但在公司的各個層面。

And that's being reimagined in our society.

這正在我們的社會中被重新構想。

And we read about it every day, how people have more choices and want more balance in their life.

我們每天都讀到它，人們如何擁有更多的選擇，並希望在生活中獲得更多的平衡。

Figuring that out, we have a talented team that is leading us and that I really want to thank here and at this quarter and this first half of the year.

弄清楚這一點，我們有一支才華橫溢的團隊正在領導我們，我真的要在這裡、在本季度和今年上半年感謝他們。

And coming through the pandemic, it feels like, hopefully, there's an opportunity to be a real light even if we have a few more moments.

在經歷了大流行之後，即使我們有更多的時間，也希望有機會成為真正的光明。

This company is well positioned, and I just really feel that way.

這家公司的定位很好，我真的有這種感覺。

So thanks for giving us a chance to ask that question.

感謝您給我們機會提出這個問題。

Pass it to you, Jeff?

把它傳給你，傑夫？

Jessica.

傑西卡。

Thanks, Brian.

謝謝，布賴恩。

So on the upfront, let me take it kind of in order, Jessica, of how you asked the question.

傑西卡，首先，讓我按順序說明你是如何提出這個問題的。

So on the upfront, I think we've been -- I think we've talked about that in the past.

所以在前期，我認為我們一直 - 我認為我們過去已經討論過這個問題。

It's, as Brian just mentioned, the strength of our platform, combined with Linda's -- Linda Yaccarino and her team's approach, one platform approach was the perfect way to approach this red-hot upfront.

正如 Brian 剛剛提到的，我們平台的優勢，結合 Linda 的 Linda Yaccarino 和她的團隊的方法，一個平台方法是處理這個炙手可熱的前期的完美方法。

And as Brian said and Mike said, double-digit increases in both volume and pricing, and we'll see those results in the years ahead.

正如布賴恩和邁克所說，銷量和價格都出現了兩位數的增長，我們將在未來幾年看到這些結果。

And particularly happy with both the volume on Peacock and the CPMs on Peacock.

對 Peacock 的音量和 Peacock 的每千次展示費用特別滿意。

So that, we could not have been more pleased with how we did in the upfront.

因此，我們對前期的表現非常滿意。

As far as Peacock, I should mention that one of the things I didn't talk about is we concluded our Amazon and Samsung deals this quarter too.

至於孔雀，我應該提到我沒有談論的一件事是我們在本季度也完成了亞馬遜和三星的交易。

There is a lot going on at NBC.

NBC 發生了很多事情。

We're now fully distributed for Peacock, and that's going to have benefits as we roll out all our additional content.

我們現在已為 Peacock 完全分發，隨著我們推出所有其他內容，這將帶來好處。

I would say that we look at where we are today, and being much further ahead than we expected to be at this point, we'll probably ramp up our investment modestly over what we've done in the past.

我想說的是，我們看看我們今天所處的位置，並且比我們目前預期的要領先得多，我們可能會在過去所做的事情上適度增加我們的投資。

But as I mentioned, we have so much content coming to Peacock that it doesn't have to be significant.

但正如我所提到的，我們有太多的內容來到 Peacock，它不一定很重要。

I will say with Peacock and then segue to the Olympics, we're learning a lot as consumption happens on the Olympics here at day 6. And not to ruin anybody tuning in, but we have a big upset just happened in the last hour.

我會說孔雀，然後繼續參加奧運會，我們學到了很多東西，因為奧運會在第 6 天發生了消費。不要毀了任何人的收視率，但我們在最後一個小時內發生了很大的不安。

And you should tune in and watch tonight on NBC to see that, but exciting U.S. team.

你應該收聽今晚在 NBC 上觀看的節目，看看那令人興奮的美國隊。

And we're not -- we've had some bad luck.

而且我們不是——我們運氣不好。

But if you look at the product, it's fantastic.

但是，如果您看一下產品，那就太棒了。

And it really is impossible.

這真的是不可能的。

And so what I would say is on Peacock, what we will learn in this Olympics, we will take to Beijing and change the product, change the offering in each Olympic out forward, and we're really excited about that.

所以我想說的是關於孔雀，我們將在本屆奧運會上學到什麼，我們將帶到北京並改變產品，改變每屆奧運會的產品，我們對此感到非常興奮。

It's impossible to understate the importance of the Olympics to NBCUniversal.

不可能低估奧運會對 NBCUniversal 的重要性。

It's not really financially.

這不是真正的財務。

It's more operationally across the company.

它在整個公司中更具運營性。

We have 4,000 people literally working on it.

我們實際上有 4,000 人在研究它。

Brian and I were in Tokyo.

布賴恩和我在東京。

I came back and saw our team in Connecticut.

我回來看到了我們在康涅狄格州的團隊。

You have people, this is their life work.

你有人，這是他們畢生的工作。

You go from room to room.

你從一個房間走到另一個房間。

You have experts on surfing and volleyball and gymnastics.

你有衝浪、排球和體操方面的專家。

And it's a -- it is an operation that would be very difficult to replicate the talent and the experience that our team brings to it, and they show it every night in NBC.

這是一個 - 這是一個很難復制我們團隊帶來的人才和經驗的操作，他們每天晚上都會在 NBC 上展示它。

And then of course, the Olympics are the perfect property to show the strength of our platform across not only NBCUniversal, but Comcast and Xfinity and Sky.

當然，奧運會是展示我們平台在 NBCUniversal、Comcast、Xfinity 和 Sky 上的實力的完美場所。

So the Olympics, obviously, as you said, Jessica, we had a little bit of bad luck.

所以奧運會，顯然，正如你所說，傑西卡，我們運氣有點差。

There was a drumbeat of negativity.

有一種消極的鼓聲。

We got moved a year and no spectators.

我們搬家了一年，沒有觀眾。

And that has resulted a little bit in linear ratings being probably less than we expected.

這導致線性評級可能低於我們的預期。

But the flip side of that is the digital strength has kind of offset that.

但另一方面是數字實力抵消了這一點。

So when you look at what's happening with Peacock, that's directly related to the Olympics.

所以當你看到孔雀發生的事情時，這與奧運會直接相關。

So net-net, with all this bad luck, we're going to be profitable on the Olympics, which we're very happy with, and we're very happy with the product.

所以net-net，運氣不好，我們將在奧運會上盈利，我們對此非常滿意，我們對產品非常滿意。

And then if you watch every night, you'll see we use this as a firehose to promote everything else we're doing at the company, not just across NBCUniversal but also Comcast.

然後，如果你每晚都看，你會發現我們用它作為消防水管來宣傳我們在公司所做的一切，不僅在 NBCUniversal 上，而且在 Comcast 上。

So the Olympics, I think we're very pleased with the Olympics and very proud of our team and got a ways to go here.

所以奧運會，我認為我們對奧運會非常滿意，為我們的團隊感到非常自豪，並且有辦法去這裡。

Thanks, Jessica.

謝謝，傑西卡。

Your next question comes from the line of Peter Supino with Bernstein.

您的下一個問題來自 Peter Supino 與 Bernstein 的對話。

I have a question about your aggregation business.

我有一個關於你的聚合業務的問題。

With Flex's expanding app portfolio, I wonder how you could increase your momentum in aggregation in general.

隨著 Flex 不斷擴大的應用程序組合，我想知道您如何才能總體上提高聚合勢頭。

And whether it would make sense to send Flex boxes to all of your Internet-only subs and maybe even video subs who only have one video box at home, again, in order to drastically increase your scale with a good product.

以及是否將 Flex 盒子發送給所有僅限互聯網的訂閱者，甚至可能甚至是家裡只有一個視頻盒子的視頻訂閱者，以便通過優質產品大幅增加您的規模。

Well, I'll jump in on that one.

好吧，我會加入那個。

This is Dave.

這是戴夫。

So we are very excited about Flex.

所以我們對 Flex 感到非常興奮。

Early -- still early days, but we have over 3.8 million Flex boxes deployed, and about half of those are being actively used and engaged.

早期——仍處於早期階段，但我們已經部署了超過 380 萬個 Flex 盒子，其中大約一半正在積極使用和參與。

So -- and the reasons why that we're -- we continue to be excited, it is a terrific long-term platform, but it is helping broadband, as I mentioned earlier.

所以 - 以及我們這樣做的原因 - 我們繼續感到興奮，這是一個了不起的長期平台，但正如我之前提到的，它正在幫助寬帶。

So they were generating about $2 of incremental revenue just on the pay per view, the rev share side of things.

因此，他們僅在按次付費（即收入份額方面）就產生了大約 2 美元的增量收入。

And advertising opportunities will be above that.

廣告機會將高於此。

So today, in terms of what we're doing within footprint, there are parts of what you mentioned.

所以今天，就我們在足跡範圍內所做的事情而言，您提到的部分內容。

We absolutely include it as part of the broadband subscription.

我們絕對將其作為寬帶訂閱的一部分。

It's a key part now that with broadband, you get this great streaming platform.

現在，通過寬帶，您可以獲得這個出色的流媒體平台，這是一個關鍵部分。

So we're doing that.

所以我們正在這樣做。

We have -- if you're a traditional video customer, we have devices that enable full home, the X1 experience throughout.

我們有——如果您是傳統的視頻客戶，我們有設備可以實現完整的家庭、X1 體驗。

So we have that.

所以我們有。

But we are not bashful about letting our customers -- broadband customers, in particular, that really important streaming segment, know that this is included.

但我們並不羞於讓我們的客戶——特別是寬帶客戶，真正重要的流媒體領域，知道這包括在內。

Outside of footprint, we are -- we have syndication partners that we're working with, Cox, the Canadian companies.

除了足蹟之外，我們還有與加拿大公司 Cox 合作的聯合合作夥伴。

And we continue to explore ways of doing that.

我們將繼續探索這樣做的方法。

And we think that it's a terrific long-term platform to tie together uniquely.

我們認為這是一個了不起的長期平台，可以獨特地結合在一起。

The way that we do with the voice remote, it gives full capability.

我們使用語音遙控器的方式，它提供了全部功能。

We've been investing in X1.

我們一直在投資 X1。

We can leverage that platform.

我們可以利用該平台。

So we do qualify.

所以我們確實有資格。

We ask the customer if they want it.

我們詢問客戶是否需要。

And then we -- but we stay right on it and deliver a great service.

然後我們 - 但我們堅持下去並提供優質的服務。

And the feedback that we're getting and engagement is very strong.

我們得到的反饋和參與度非常高。

So it's a really important part of broadband growth today, and we'll explore outside of footprint opportunities, ways of doing even more over time.

所以它是當今寬帶增長的一個非常重要的部分，我們將探索足蹟之外的機會，以及隨著時間的推移做更多事情的方法。

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

您的下一個問題來自摩根大通的 Phil Cusick。

A couple on wireless.

一對無線的。

First, you're building momentum and growth in this business.

首先，您正在為這項業務建立動力和增長。

Should we think of it as this is sort of the level based on essentially all stores and distribution channels open?

我們是否應該將其視為基於基本上所有商店和分銷渠道開放的級別？

Or are there more things you plan to do push this harder?

還是您打算做更多的事情來推動這一點？

And then second, did you register for the next wireless auction?

其次，您是否註冊了下一次無線拍賣？

Phil, this is Dave.

菲爾，這是戴夫。

So on the sales momentum side of mobile, one of the things that's happened as we got through the first pandemic phase that we did shut down last year.

因此，在移動設備的銷售勢頭方面，我們經歷了去年關閉的第一個大流行階段時發生的事情之一。

Retail slowed things down.

零售業放慢了速度。

And what we saw in the back half of last year just continued through this year, is every single sales channel, now we focused on.

我們在去年下半年看到的只是今年一直持續到現在，我們關注的是每一個銷售渠道。

Retail's back and -- but in addition to that, extremely focused on our call centers, the digital tools that optimize buy flows for mobile and how we go to market.

零售業又回來了——但除此之外，我們非常關注我們的呼叫中心、優化移動購買流程的數字工具以及我們如何進入市場。

It's -- that has been a huge change, just the fact that we lead with mobile is so key and mobile and broadband being a package.

這是 - 這是一個巨大的變化，只是我們在移動方面領先這一事實是如此關鍵，而移動和寬帶是一個組合。

So those fundamentals have emerged and really an important part of our go-to-market strategy.

因此，這些基本面已經出現，並且確實是我們進入市場戰略的重要組成部分。

We've invested in tools, not only for the customer but for our agents and how they sell mobile, just improving the experience for customers is really key.

我們投資了工具，不僅是為了客戶，也是為了我們的代理以及他們如何銷售移動設備，改善客戶體驗才是真正的關鍵。

So -- and a lot of marketing investment around the mobile message.

所以——以及圍繞移動消息的大量營銷投資。

If you live in our footprint and you're watching this great Olympics coverage that Jeff and the team are doing, you can't miss the fact that we are really, really focused around the mobile business.

如果您生活在我們的足跡中，並且正在觀看 Jeff 和他的團隊正在做的精彩的奧運會報導，那麼您就不會錯過這樣一個事實，即我們非常非常專注於移動業務。

So -- but I think that natural combination of broadband plus mobile will continue.

所以——但我認為寬帶和移動的自然結合將繼續下去。

So the other big addition recently is clearly the Unlimited packages that we've rolled out, and that is adding to it.

因此，最近的另一個重要補充顯然是我們推出的 Unlimited 包，並且正在增加它。

We've seen a nice shift in mix, and we continue to have By the Gig.

我們已經看到了組合的一個很好的轉變，我們繼續擁有 By the Gig。

But adding on Unlimited really closed and filled the gap that we had in our competitive portfolio.

但是添加 Unlimited 確實縮小並填補了我們在競爭產品組合中的空白。

So now with great Unlimited pricing for multiline kind of families, and you can mix and match still between By the Gig and Unlimited, we're in a unique position in our footprint.

因此，現在有了針對多線家庭的無限定價，您仍然可以在 By the Gig 和 Unlimited 之間進行混合和匹配，我們在我們的足跡中處於獨特的位置。

So like our momentum, the 280,000 lines was just terrific and set a record for us.

所以就像我們的勢頭一樣，280,000 行非常棒，為我們創造了記錄。

But we're continuing to stay focused, and we see that this is a real opportunity for us going forward.

但我們將繼續保持專注，我們看到這是我們前進的真正機會。

So on the auction side, I think the last part...

所以在拍賣方面，我認為最後一部分......

Mike, why don't you answer that?

邁克，你為什麼不回答這個問題？

No comment on status for next auction.

沒有評論下一次拍賣的狀態。

We take a look on occasion.

我們偶爾看看。

We like our spectrum portfolio.

我們喜歡我們的頻譜組合。

It gives us optionality for offload.

它為我們提供了卸載的選擇權。

So we often take a look if the price is right, but no comment yet on where we stand with the next auction.

所以我們經常看看價格是否合適，但我們對下一次拍賣的立場尚無評論。

Thanks, Phil.

謝謝，菲爾。

Your final question comes from the line of Craig Moffett with MoffettNathanson.

您的最後一個問題來自 Craig Moffett 和 MoffettNathanson。

A question for Brian and Mike, if I could.

如果可以的話，請向 Brian 和 Mike 提問。

The free cash flow profile that you guys have over the next few years that you're, just given the EBITDA today, you're already running ahead of, would suggest that if you keep your leverage target at something like 2.5x like you've talked about, you could be buying back $20 billion a year of stock just to keep your leverage constant.

你們未來幾年的自由現金流狀況，就今天的 EBITDA 而言，你們已經領先了，這表明如果你們像你們一樣將槓桿目標保持在 2.5 倍左右。已經說過，你可以每年回購 200 億美元的股票，只是為了保持你的槓桿不變。

Can you just talk about sort of how high you're willing to go in terms of share repurchases?

你能談談你在股票回購方面願意走多高嗎？

And I know you've always talked about keeping your powder dry for optionality.

而且我知道您一直在談論保持粉末乾燥以備不時之需。

But it would seem like there's a lot of optionality there and room for a pretty significant increase in cash returns to shareholders.

但似乎那裡有很多選擇餘地，股東的現金回報有顯著增加的空間。

Craig, it's Mike.

克雷格，是邁克。

So I'd just say, first things first, we're happy with the first half of the year.

所以我只想說，首先，我們對今年上半年感到滿意。

We're happy that we're back in balance, starting to get the buyback going again.

我們很高興我們恢復了平衡，開始重新開始回購。

I think the way we'll look at it over time is not in terms of is there a dollar number.

我認為隨著時間的推移，我們看待它的方式不是根據是否有美元數字。

We're going to think about it in terms of we want to keep a strong balance sheet.

我們將根據我們想要保持強大的資產負債表來考慮它。

So I think, think of us as wanting to be comfortably in the range of ratios that would support the single A rating.

所以我認為，認為我們希望能夠舒適地處於支持單一 A 評級的比率範圍內。

We want to make sure we're investing behind our businesses, primarily organically, but occasionally, tuck-in acquisitions or all that.

我們希望確保我們投資於我們的業務，主要是有機的，但偶爾也會進行收購或所有其他方面的投資。

You see that in the normal course all the time in our business.

在我們的業務中，您始終可以在正常過程中看到這一點。

And then capital return is the other leg of the stool.

然後資本回報是凳子的另一條腿。

We've been -- this company has historically been very strong, and an important part of the priorities is to return capital.

我們一直 - 這家公司在歷史上一直非常強大，優先事項的一個重要部分是返還資本。

We've increased the dividend for 13-plus years running and 1 of the few companies that have had as strong a level of consistent dividend increase.

我們已經連續 13 多年增加股息，並且是少數幾家股息持續增長強勁的公司之一。

And you look back between the time of the NBC deal and the Sky deal, the level of free cash flow that was returned to shareholders through buybacks and dividends combined was incredibly strong.

回顧 NBC 交易和 Sky 交易之間的時間，通過回購和股息合併返回給股東的自由現金流水平非常強勁。

So I think we would continue to execute against that.

因此，我認為我們將繼續執行此操作。

The first half of the year -- I guess, the remainder of this year, think of us as continuing to be at the historical levels for now.

今年上半年——我想，今年剩下的時間，我們認為我們目前仍處於歷史水平。

We've got a level of working capital this year that we continue to expect will be higher than it was in 2019.

我們今年的營運資金水平預計將高於 2019 年。

That's mostly going to be hitting us in the second half of this year with Olympics and the ramping of content spend.

隨著奧運會和內容支出的增加，這主要會在今年下半年打擊我們。

But the dynamics of EBITDA growth and future prospects is as you described.

但 EBITDA 增長的動態和未來前景正如您所描述的那樣。

So we'll take it a quarter at a time as -- and we'll talk more probably at the end of the year.

因此，我們將一次考慮一個季度 - 我們可能會在今年年底進行更多討論。

Thanks, Craig, and thank you all for joining us this morning.

謝謝，克雷格，謝謝大家今天早上加入我們。

We hope you have a great rest of the summer, and stay safe.

我們希望您在夏天過得愉快，並保持安全。

There will be a replay available of today's call starting at 12:00 p.m.

今天下午 12:00 開始將重播今天的電話會議。

Eastern Time.

東部時間。

It will run through Thursday, August 5 at midnight Eastern Time.

它將持續到東部時間 8 月 5 日星期四午夜。

The dial-in number is (855) 859-2056 and the conference ID number is 2883365.

撥入號碼為 (855) 859-2056，會議 ID 號碼為 2883365。

A recording of the conference call will also be available on the company's website beginning at 12:30 p.m.

電話會議的錄音也將從下午 12:30 開始在公司網站上提供。

Eastern Time today.

今天東部時間。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。