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

女士們、先生們，早安，歡迎參加康卡斯特2021年第二季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

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

現在我將把電話轉交給投資者關係高級副總裁馬西·瑞維克女士。請繼續，瑞維克女士。

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

謝謝接線員，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 將發表正式講話，Dave、Jeff 和 Dana 也將出席並回答問題。

Let me now refer you to Slide 2, which contains our safe harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedules for the reconciliations of these non-GAAP financial measures to GAAP.

現在請看投影片 2，其中包含我們的安全港免責聲明，並提醒您，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的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參閱我們的 8-K 表格和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的調整。

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

接下來，我將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. 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. This was fueled by our fantastic success in broadband.

謝謝瑪西，大家早安。我非常高興地向大家報告第二季度強勁的業績，其中有線電視業務表現尤為出色，實現了 11% 的收入增長和近 15% 的調整後 EBITDA 增長。這得歸功於我們在寬頻領域的巨大成功。

We added 354,000 broadband customers, an increase compared to both the same period last year and to 2019. And that drove 294,000 total customer relationship additions. These were the best broadband and customer relationship results we've had for any second quarter on record.

我們新增了 354,000 名寬頻用戶，與去年同期和 2019 年同期相比均有所成長。這促成了客戶關係總數增加 294,000 次。這是我們有史以來第二季在寬頻和客戶關係方面取得的最佳業績。

Our broadband connect activity is healthy, and churn improved for the 14th quarter in a row. In fact, we hit the lowest second quarter churn rate in our company's history. 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.

我們的寬頻連線活動狀況良好，用戶流失率連續第 14 季改善。事實上，我們實現了公司史上第二季最低的客戶流失率。根據我們上半年的業績，加上目前的發展趨勢，我們現在預計 2021 年寬頻淨新增用戶總數將比 2019 年成長 15% 左右。

We also added 280,000 wireless subscriber lines, the highest of any quarter since launch. And Xfinity Mobile is now a stand-alone, profitable business. We got here on time, if not a bit earlier than expected. 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. And this past April, we introduced a fabulous Unlimited family plan, which we just started offering to our small business customers as well.

我們也新增了 28 萬條無線用戶線路，這是自推出以來任何一個季度新增用戶數量最多的一次。如今，Xfinity Mobile 已成為一家獨立獲利的企業。我們準時到達，甚至比預期還要早。我們正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取得了成效，當時我們重新調整了銷售管道中無線業務的優先級，並將這項業務更充分地整合到我們的核心運營中。今年四月，我們推出了一款超棒的無限流量家庭套餐，現在我們也開始向我們的小型企業客戶提供這項服務。

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

因此，我對戴夫·沃森和他組建的團隊感到無比滿意，因為他們始終專注於連接性，而連接性從未像現在這樣重要。他們真正將客戶放在第一位，提供創新且差異化的產品和服務。而且，我們現在為我們覆蓋區域內幾乎所有 6000 萬個家庭和企業提供 1.2 Gbps 的下行頻寬，這在市場上相當獨特。

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. Currently, there are typically 25 connected devices in the home, with 8 active at any one time, and this increases every year. That drives in-home Wi-Fi usage to 15x that of wireless. Delivering huge amount of data at consistent speeds and reducing latency is what's powering our growth. And we're doing this in a cost-efficient way.

我們成功的基石是我們的網絡，我們不斷發展完善網絡，以便輕鬆應對容量增長、用戶增加以及客戶不斷變化的上網速度需求。目前，家中通常有 25 個連網設備，任何時候都有 8 個處於活動狀態，而且這個數字每年都在增加。這使得家庭 Wi-Fi 使用量達到無線網路的 15 倍。以穩定的速度傳輸海量數據並降低延遲是我們成長的動力。而我們正以經濟高效的方式做到這一點。

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. And the progress we've made is evident in our results. During the second quarter, total agent calls decreased by 10%, and total interactions were down by 7%. We also saw a 22% reduction in truck rolls, despite an over 5% increase in our customer base.

透過虛擬化我們的網絡，並結合我們的一系列數位化工具，我們不僅可以持續改善客戶體驗，還能發現更多節省成本的機會。我們的進步在成果中顯而易見。第二季度，客服人員總通話量下降了 10%，總互動量下降了 7%。儘管我們的客戶群成長了 5% 以上，但我們的卡車出車次數卻減少了 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. We see this transformation happening every day and continue to believe that this is ongoing for the foreseeable future.

展望未來，我想起了我們從寬頻發展初期就秉持的理念，那就是押注於矽谷和世界各地新興創業公司不斷湧現的新技術、設備和應用，這些技術、設備和應用需要隨著時間的推移利用更高的速度和容量。我們每天都能看到這種轉變，並且相信在可預見的未來，這種轉變會持續下去。

So what does that mean for our network? Well, since October of 2020, we've been trialing gig and multi-gig symmetrical speeds over our DOCSIS infrastructure to great success. 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. But the strategy for our network is to plan ahead. 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. Dave can provide more detail about the technological decisions we're making during the Q&A.

那麼這對我們的網路意味著什麼？自 2020 年 10 月以來，我們一直在 DOCSIS 基礎架構上試用千兆和多千兆對稱速度，並取得了巨大的成功。目前上行流量僅佔寬頻總使用量的不到 10%，即使在高峰期也是如此，因此我們還沒有真正意義上的消費者使用這項技術的能力。但我們網路的策略是提前規劃。我們正在投資建造能夠讓我們超越消費者所在的建築，而且我們可以在不影響我們目前所享有的資本密集度比率的情況下完成這一切。在問答環節，Dave 可以提供更多關於我們正在做出的技術決策的細節。

With Cable comprising roughly 70% of our consolidated EBITDA, broadband is a top strategic priority. And I could not be more pleased with the strength of this quarter and the first half of 2021.

有線電視業務約占我們合併 EBITDA 的 70%，因此寬頻是我們的首要策略重點。我對本季和 2021 年上半年的強勁業績感到無比滿意。

Looking at other parts of our business. For the first time since the pandemic, our Theme Parks returned nicely to profitability. 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.

審視我們業務的其他部分。自疫情爆發以來，我們的主題樂園首次恢復了盈利。奧蘭多引領了這一趨勢，我們看到國內需求強勁，無論是人均消費還是遊客數量都已恢復到 2019 年的水平，這比我預想的要快一些，儘管幾乎沒有國際遊客。

And in Hollywood, since restrictions have been lifted, attendance is growing week after week. We continue to see firsthand, the pent-up demand for high-quality entertainment and family fun outside of the home. And we remain incredibly bullish on our Theme Parks.

在好萊塢，隨著限制措施的解除，每週的觀眾人數都在增加。我們持續親眼目睹人們對高品質娛樂和家庭戶外活動的巨大需求。我們對我們的主題樂園依然充滿信心。

Our Studios business is also coming back. 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. Following Fast, we successfully released Boss Baby 2 and the latest installment of 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. We have a great slate ahead with Dear Evan Hansen in September, followed by a new Halloween in October. And we end the year with Sing 2.

我們的工作室業務也在復甦。我們已經恢復到疫情前的電視製作水平，並且對即將上映的電影非常樂觀，尤其是在《玩命關頭9》取得成功之後。該片上映首周在所有地區都名列票房榜首，迄今全球票房已達6億美元，仍是疫情開始以來美國票房最高的電影。繼《Fast》之後，我們成功推出了《寶貝老闆2》和最新一部《人類清除計畫》。在 7 月 4 日週末，我們包辦了國內票房前三名，這是自 1995 年以來任何一家電影公司首次取得這樣的成績。接下來我們將迎來一系列精彩的影片，9 月有《致艾文漢森》，10 月還有一部新的萬聖節電影。最後，我們以《歡樂好聲音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. Peacock adds to what we already offer. It's a great complement to our linear brands, which are successful in their own right. 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.

接下來，我們來談談我們的媒體和製作策略，整個公司都圍繞著一個目標：製作優質節目，然後透過全球最好的發行管道進行規模化和獲利。孔雀是我們現有產品和服務的補充。它與我們本身就很成功的線性品牌形成了很好的補充。這些平台共同構成了一個持續的內容和推廣循環，無縫地推動了我們整個生態系統的觀看量，提供了不同的切入點來吸引新觀眾，同時為現有觀眾提供更多他們喜歡的內容。

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

我們顯然正在充分利用我們媒體品牌的優勢，剛剛完成了我們歷史上最強勁的預售廣告活動，確保了我們所有產品組合的銷量和價格都實現了兩位數的成長。我很高興地宣布，截至本週，Peacock 的註冊用戶已達 5,400 萬，每月活躍用戶超過 2,000 萬。這比我們上次的報告高出 50%，主要受以下因素影響：《寶貝老闆 2》的同步上映；《死亡博士》的首映，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. 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.

第三季至今表現特別強勁，我們將努力維持客戶留存率並在此基礎上繼續發展，但我們也意​​識到不太可能再複製如此巨大的業績。但我們仍然對未來充滿信心，因為我們有很多強大的節目資源，例如更多優質原創節目；週一晚間橄欖球賽；北京奧運會；以及我們重新構想的動態「一次性付費」窗口，該窗口從 2022 年開始，將我們的電影在付費窗口的前 4 個月和後 4 個月獨家轉移到 Peacock 平台，而中間的 Amazon 10 個月（而中間的 Amazon 10 月獨家播放權。

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

透過在多個平台上展示內容，環球影業的電影將在串流生態系統中不斷更新。觀眾將有多個入口點可以消費我們的內容，我們將創造更多第三方收入，同時保留 Peacock 最有價值的窗口期。如您所見，我們已經成功轉型，想出了創造性的方法來滿足消費者的需求，在許多情況下，賺的錢甚至比以前更多。

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. 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. Premium TV churn is at record low levels. In streaming, we posted ARPU growth of over 20% for the fourth consecutive quarter. 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. In addition, Sky Mobile had the strongest second quarter activations on record with churn averaging 40% better than industry average.

儘管新冠疫情對我們的酒吧和俱樂部業務持續產生影響，但我們很高興天空電視台的收入已經恢復到新冠疫情前的水平。Sky 的業績主要由英國市場帶動，其營收和 EBITDA 都超過了 2019 年的水平，而且我們看到多個領域都呈現出成長勢頭。付費電視用戶流失率處於歷史低點。在串流媒體業務方面，我們連續第四個季度實現了超過 20% 的 ARPU 成長。在寬頻方面，我們剛剛推出了 500 兆的套餐，儘管本季價格上漲了 6%，但與 2020 年和 2019 年相比，我們的用戶流失率有所改善。此外，Sky Mobile 第二季的啟動量創歷史新高，用戶流失率比業界平均低 40%。

And today, we're announcing the debut of our international streaming strategy for Peacock. 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. The benefits of this launch are tremendous. 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.

今天，我們正式宣布Peacock國際串流媒體策略的首次亮相。今年晚些時候，我們將利用 Sky 的巨大規模和強大的品牌影響力，讓其遍布歐洲的 2000 萬用戶無需支付額外費用即可享受 Peacock 服務。此次發表會帶來巨大的好處。我們將釋放增量廣告收入，透過 Sky 在歐洲主要市場的成熟平台推出 Peacock 品牌和內容庫，並直接實現節目製作投資的獲利。

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. 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.

Peacock 決定成為 Xfinity 旗下 X1 和 Flex 平台在國內推出的主要租戶，這項決定是提升品牌知名度、擴大規模、增加用戶消費和推廣效果的關鍵驅動因素，我們認為 Sky 也擁有類似的機會。我們正在利用公司所有優秀的資源為世界各地的觀眾創造價值，我們期待與 Sky 市場以外的其他節目製作和發行合作夥伴最終達成協議。

So summing up, this was a fabulous quarter and a great first half of the year. I'm so pleased we are now in a position to buy back stock, which we will report on in Mike's section. This is a truly very special company, and I'm excited for the road ahead.

總而言之，這是一個精彩的季度，也是今年上半年的出色表現。我很高興我們現在有能力回購股票，我們將在麥克的專欄中對此進行報導。這是一家非常特別的公司，我對未來的發展道路感到興奮。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our second quarter consolidated 2021 results. Revenue increased 20% to $28.5 billion. Adjusted EBITDA increased 13% to $8.9 billion. Adjusted EPS increased 22% to $0.84 per share. And finally, we generated $4.8 billion of free cash flow.

謝謝你，布萊恩，大家早安。我將從第 4 張投影片開始，介紹我們 2021 年第二季的綜合業績。營收成長20%，達到285億美元。調整後 EBITDA 成長 13% 至 89 億美元。調整後每股收益成長 22% 至 0.84 美元。最後，我們創造了 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. As a reminder, last year's second quarter was most significantly impacted by COVID-19, including adjustments accrued for customer RSN fees. Excluding the impact of these RSN adjustments, Cable Communications revenue increased 9.3% with no corresponding impact to EBITDA.

現在讓我們來看看業務部門的業績，首先是第 5 頁的有線通訊業務。有線電視營收成長 11% 至 160 億美元，EBITDA 成長近 15% 至 71 億美元，淨現金流成長近 15% 至 50 億美元。提醒一下，去年第二季受 COVID-19 的影響最為嚴重，包括客戶 RSN 費用的調整。剔除這些 RSN 調整的影響，有線通訊收入成長了 9.3%，但對 EBITDA 沒有相應的影響。

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. 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. These strong results were driven by improved churn and healthy connects relative to both 2020 and 2019. And this was the lowest second quarter broadband churn on record. 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.

我們新增了 294,000 個淨客戶關係，比去年第二季成長了 35%，比 2019 年第二季成長了 93%。這是有史以​​來最好的第二季度，主要得益於寬頻業務的成長，我們新增了 35.4 萬個住宅和商業用戶，比去年第二季度增長了 10%，比 2019 年第二季度增長了 69%。與 2020 年和 2019 年相比，這些強勁的業績得益於客戶流失率的降低和健康連線數的增加。這是有史以​​來第二季寬頻用戶流失率最低的一次。展望未來，正如布萊恩之前提到的，基於我們上半年取得的強勁業績以及目前的趨勢，我們現在預計 2021 年寬頻淨新增用戶總數將比 2019 年的 140 萬淨新增用戶增長 15% 左右。

Broadband revenue increased 14% and grew 13%, excluding the RSN fee adjustments in last year's second quarter. These results were driven by strong growth in volume and rates. Wireless revenue grew 70% due to an increase in both customer lines and higher device sales. 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. 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.

寬頻收入成長了 14%，如果不包括去年第二季的 RSN 費用調整，則成長了 13%。這些業績主要得益於交易量和費率的強勁成長。由於客戶數量增加和設備銷售成長，無線業務收入增加了 70%。本季我們新增淨額 28 萬條線路，這是自 2017 年推出這項業務以來最好的成績，截至季末，我們的總線路數達到 340 萬條。我們新的無限流量套餐的初步結果令人鼓舞，該套餐顯著提高了無限流量連接數，並提升了整體流量。

Turning to video. 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. 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.

切換到影片。營收成長 2.6%，或 0.5%（不包括去年第二季 RSN 費用調整），反映出費率的健康成長，但大部分被淨視訊用戶流失 399,000 所抵銷。雖然年初的住宅用戶費率調整是費率上漲的主要原因，但我們認為這也是本季視訊用戶流失的原因之一。

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. 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.

商業服務收入成長了 10%，主要原因是費率上漲，但與去年相比，去年商業服務受到 COVID-19 的嚴重影響。過去一年，我們實現了反彈，利率回升，客戶成長強勁，本季新增淨客戶 17,000 人，過去一年新增淨客戶 70,000 人，這主要得益於小型企業業務的持續改善。

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. 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.

最後，廣告收入成長了 59%，反映出市場整體復甦，而去年由於 COVID-19 疫情，廣告商的支出減少。進入下半年，我們將面臨與去年同期相比的艱難局面，因為去年我們受益於強勁的政治廣告宣傳。

Turning to expenses. Cable Communications second quarter expenses increased 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. 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. For the full year, we continue to expect programming expense to increase at high single-digit levels.

接下來談談費用。有線通訊公司第二季支出成長了 8.2%。節目製作費用增加了 12%，如果排除 RSN 調整的影響，則比去年增長了 5%，這主要是由於 2020 年開始輪換的合約數量，以及現有協議中的年度遞增條款。展望第三季度，我們預計節目製作費用成長將達到較高的個位數水平，這主要是由於合約續約的持續影響，以及與去年第三季度相比，去年第三季度也受到了 RSN 費用調整的有利影響。我們預計全年節目製作費用將繼續以接近兩位數的幅度增長。

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. These higher expenses were partially offset by lower bad debt expense. These trends should continue in the third quarter.

由於技術和產品支援以及廣告、行銷和推廣支出增加，以推動我們核心寬頻和無線業務的成長，非程式支出增加了 5.7%，按每個客戶關係計算增加了 0.5%。這些增加的支出被較低的壞帳支出部分抵銷。這些趨勢預計將在第三季延續。

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 EBITDA margins reached 44.2%, reflecting 140 basis points of year-over-year improvement. While the RSN fee adjustments had no impact on EBITDA, they did impact margins last year. Excluding the RSN adjustment impact, margins expanded 200 basis points year-over-year. Cable capital expenditures increased 17%, resulting in CapEx intensity of 10.6%, up 50 basis points compared to last year. 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.

有線通訊業務的 EBITDA 成長近 15%，達到 71 億美元，其中包括無線業務貢獻的 6,800 萬美元，這是自推出以來最好的業績。有線電視業務 EBITDA 利潤率達到 44.2%，較去年同期成長 140 個基點。雖然 RSN 費用調整對 EBITDA 沒有影響，但去年確實對利潤率產生了影響。剔除 RSN 調整的影響，利潤率年增 200 個基點。有線電視資本支出增加了 17%，導致資本支出強度達到 10.6%，比去年增加了 50 個基點。這些成果的取得得益於可擴展基礎設施的增加，因為我們不斷提升網路容量，以及與寬頻相關的 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. And we expect to be at this level for the next few years.

正如布萊恩所提到的，我們決定加快 DOCSIS 的下一階段，採用成本效益極高的技術，從而保持我們在 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。我們預計未來幾年將維持這一水平。

Now let's turn to Slide 6 for NBCUniversal. Let's start with total NBCUniversal results. Revenue increased 39% to $8 billion, and EBITDA increased 13%, $1.6 billion. Media revenue increased 26%, driven by higher advertising, distribution and other revenue. Advertising revenue increased 33%, reflecting the timing of sports and overall market recovery compared to last year and the launch of Peacock. We had significantly more sporting events compared to last year when sports were paused, which benefited our advertising revenue. Excluding this benefit, advertising grew at mid-teens levels.

現在讓我們來看看NBC環球的第6張投影片。我們先來看看NBC環球的整體業績。營收成長 39% 至 80 億美元，EBITDA 成長 13% 至 16 億美元。媒體收入成長了 26%，主要得益於廣告、發行和其他收入的成長。廣告收入成長了 33%，這反映了體育賽事和整體市場相對於去年的復甦以及 Peacock 的推出。與去年體育賽事暫停期間相比，我們今年的體育賽事數量顯著增加，這有利於我們的廣告收入。剔除這項利多因素，廣告收入成長了十幾個百分點。

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

不包括影響去年業績的 RSN 費用調整，分銷收入成長了 19%，即接近兩位數。這一增長反映了 2020 年底成功完成幾項頻道續約後更高的費率，但部分被用戶數量的下降所抵消，而用戶數量的下降與上一年持平。

Media EBITDA declined 16% to $1.4 billion, including Peacock, which generated revenue of $122 million and an EBITDA loss of $363 million. 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. As a reminder, our third quarter Media results will be impacted by our broadcast of the Summer Olympics.

媒體業務的 EBITDA 下降了 16%，至 14 億美元，其中包括 Peacock，其營收為 1.22 億美元，EBITDA 虧損為 3.63 億美元。除Peacock外，媒體業務的EBITDA基本持平，這是由於本季體育賽事增加導致體育成本上升，與去年同期和2019年同期相比均有所增長。再次提醒，我們第三季的媒體業績將受到夏季奧運轉播的影響。

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. 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. 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.

工作室收入成長了 8.4%，這主要得益於影院收入的成長，反映了《玩命關頭 9》在戲院的成功，與去年相比，當時戲院主要因 COVID-19 疫情而關閉。由於與去年電影發行暫停相比，影院發行相關的支出增加，加上內容授權銷售的時間表以及與去年同期相比（包括與 Peacock 就我們最初推出該服務相關的交易），工作室 EBITDA 下降了 52%，至 1.56 億美元。下半年，隨著我們繼續推出新的院線電影並加大電視製作力度，與去年同期相比，EBITDA 將仍面臨挑戰。

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

主題樂園收入成長 9.58 億美元，達到 11 億美元，EBITDA 為 2.21 億美元，其中包括北京環球影城開業前約 1.5 億美元的成本。這是自 2020 年第一季疫情爆發以來，我們首次實現盈利，這主要得益於我們在奧蘭多環球影城度假村的強勁業績。儘管受新冠疫情相關的旅行限制影響，本季幾乎沒有國際遊客，但奧蘭多的需求異常強勁，6 月份的遊客人數超過了 2019 年的水平，人均增長也很強勁。6月10日，我們開放了以侏羅紀世界為主題的過山車“迅猛龍過山車”，並獲得了有史以來最高的遊客滿意度評分。

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. 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.

自 6 月中旬以來，好萊塢影城一直沒有限制客流量，需求強勁，這得益於 4 月「寵物當家」主題樂園的開放。我們樂觀地認為，國內公園的盈利能力正在恢復到歷史水平，但我們需要國際遊客的恢復，而這仍然取決於與新冠疫情相關的旅行限制的解除。

At our Japan park, results continue to be challenging. After closing in late April, we reopened on June 1 with capacity restrictions that are likely to remain in place through the summer. 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.

在日本的園區，成績依然不盡人意。在四月下旬關閉後，我們於 6 月 1 日重新開放，但客容量限制可能會持續到夏季。最後，由於我們正準備開設最新的主題樂園——北京環球影城，我們預計第三季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. For the second quarter, Sky revenue increased 15% to $5.2 billion, largely reflecting strong growth in our U.K. business. Direct-to-consumer revenue increased 7.7%, primarily reflecting higher average revenue per customer relationship. 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.

現在讓我們來看第 7 張投影片，關於 Sky，我將以固定匯率為基礎來講解。第二季度，Sky 的營收成長了 15%，達到 52 億美元，這主要反映了我們在英國業務的強勁成長。直接面向消費者的收入成長了 7.7%，主要反映了每位客戶關係的平均收入增加。英國的業績推動了大部分成長，並受益於與去年同期相比的業績成長（去年體育訂閱暫停，同時費率上漲），行動裝置銷量增加，以及隨著酒吧和俱樂部重新開放，飯店業收入改善。

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. As we have previously said, we have reset our football rights in Germany and Italy. As a result, we anticipate lower programming and production expense, along with continued customer losses in the third and fourth quarters. We believe this disciplined approach to sports-related cost is the right long-term financial decision for the business.

雖然英國的客戶關係有所增長，但整體客戶關係減少了 248,000，這主要是由於足球賽季結束前義大利和德國的客戶流失造成的。正如我們之前所說，我們已經重新調整了我們在德國和義大利的足球轉播權。因此，我們預計第三季和第四季的節目製作費用將降低，同時客戶流失也將持續。我們認為，這種對體育相關成本採取的嚴格控制方法，對公司而言是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. 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. These higher expenses were partially offset by lower entertainment costs due to production delays.

廣告收入成長了 79%，其中英國市場的業績推動了成長，反映了整個市場從 COVID-19 疫情中復甦，以及與去年體育賽事暫停期間相比，體育賽事數量的增加。天空電視台第二季 EBITDA 為 5.6 億美元，較去年同期下降 32%，主要原因是本季體育賽事增加導致體育版權攤提增加。由於製作延期，娛樂開支有所減少，部分抵消了這些增加的支出。

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. 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.

最後，我將在第 8 張投影片上介紹自由現金流和資本配置。本季自由現金流為 48 億美元，年減 20%，這主要是由於去年聯邦稅款的支付時間推遲到了第三季。雖然本季淨營運資本對自由現金流做出了積極貢獻，但我們仍然預計，由於內容投資增加以及奧運會轉播，淨營運資本將對我們的全年業績造成負面影響，並且高於 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. 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.

第二季度，包括資本支出、軟體和無形資產在內的綜合總資本增長了 5.2%，達到 28 億美元，這主要得益於有線電視業務的增長，但部分被 NBCU 業務的下降所抵消。我們現在預計全年資本將略高於 2020 年的水平，這反映了我們加速改進網路的計劃，正如我之前提到的那樣。

In the second quarter, our return of capital to shareholders included dividend payments totaling $1.2 billion, up 9.5% year-over-year. We also resumed our share repurchase activity late in the second quarter, totaling $500 million as of June 30. 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. 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.

第二季度，我們向股東返還的資本包括股息支付，總額達 12 億美元，年增 9.5%。我們在第二季末也恢復了股票回購活動，截至 6 月 30 日，回購總額達 5 億美元。正如之前所溝通的，我們打算維持歷史回購水平，直到達到我們預期的目標槓桿水平，我們目前預計該目標槓桿水平將在 2022 年的某個時候達到。隨著本季恢復股票回購，我們很高興能夠恢復長期以來平衡的資本配置方法，該方法包括保持強勁的資產負債表、進行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. I'll turn it back to Marci, who will lead the question-and-answer portion of the call.

感謝您今天上午參加我們的電話會議。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 the call for questions.

謝謝你，麥克。接線員，現在開始接受提問。

(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. Jeff, any discussion of the shape of park's profitability going forward? You've got Beijing shifting from preopening losses to opening. The U.S. is more fully opening. Japan, at some point, a little more fully opening. How do we think -- I know you gave the 3Q sort of onetime item for Beijing. As we get to 4Q, are the Beijing losses done? Is it an easy comp next year? How should we think about profitability overall?

本季我有幾個營運方面的問題需要解答。傑夫，有沒有討論過公園未來的獲利狀況？北京已從開市前的虧損狀態轉變為正式開市狀態。美國正逐步全面開放。日本在某個時候會更加全面地開放。我們如何看待——我知道你把北京的第三季作為一次性專案提交了出來。進入第四季度，北京的虧損是否已經結束？明年的比賽容易嗎？我們該如何看待整體獲利能力？

Dave, can you unpack the margin expansion for us in the quarter? It looks like advertising and wireless probably drove all of the margin expansion. When I think about the last few years, you've got a lot of margin expansion from leveraging non-programming costs. 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? Or is there other investments you're making that we should consider?

Dave，你能幫我們分析一下本季利潤率擴張的情況嗎？廣告和無線業務似乎推動了利潤率的全面成長。回顧過去幾年，透過有效利用非程式成本，利潤率得到了很大的提升。有線電視業務相對於去年第二季而言，是否出現了異常的同比數據，而這些數據將在接下來的幾個季度內到期，非節目製作業務的利潤率將恢復正常成長？或者您有其他值得我們考慮的投資項目嗎？

So should I take the first one? Yes. 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. 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. And you would expect those international visitors to pick up over time. In Hollywood we've only been open a couple of months, and we're already approaching our capacity. And we're excited about the next couple of months and Halloween Horror Nights.

那我該選第一個嗎？是的。所以關於公園方面，我們非常——首先，我想說我們不僅對本季的業績非常滿意，而且對我們開放的進展軌跡也非常滿意。正如麥克所說，從遊客數量來看，奧蘭多已經非常接近 2019 年的水平，儘管我們沒有任何國際遊客。隨著時間的推移，國際遊客數量預計會增加。我們在好萊塢的店才開了幾個月，就已經接近滿員了。我們對接下來的幾個月以及萬聖節恐怖之夜感到非常興奮。

So the domestic parks, obviously, with COVID, you just don't know. It's -- things could be lumpy. Things could be nonlinear. But so far, the trajectory is really good, and we expect that to continue. 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. And that, I think, is driving the confidence in coming to our parks.

所以，對於國內的公園來說，很明顯，由於新冠疫情的影響，情況就很難說了。情況可能會不太理想。事情可能並非線性發展。但就目前來看，發展勢頭非常好，我們預計這種情況會持續下去。我想說，我們最滿意的是，這些防疫措施奏效了，我們能夠保障人們的安全，並保障員工的安全，保障客人的安全。我認為，這正是人們信心倍增，願意來我們公園遊玩的原因。

Internationally, Brian and I actually were in Japan. And even though that country is a little bit behind as far as COVID, we've been able to get our park back open. We're open again with some capacity constraints. 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. And I'm very excited for that, not only in Japan, but for Epic Universe down the road and our other parks eventually. So Japan is behind, but feels like it's heading in the right direction. And so that's going to be great.

在國際方面，我和布萊恩當時實際上在日本。儘管那個國家在應對新冠疫情方面稍微落後，但我們已經能夠重新開放我們的公園。我們已重新開放，但接待能力有所限制。我們在那裡參觀了一個很棒的景點——任天堂主題樂園，這是我們在世界各地建造的最好的景點之一，足以與哈利波特主題樂園相媲美。我對此感到非常興奮，不僅在日本，還包括未來的 Epic Universe 以及我們最終的其他主題樂園。所以日本雖然落後了，但感覺正朝著正確的方向前進。那真是太好了。

And then lastly, with Beijing, we're ready to go in Beijing. The park's ready. It's awesome. It's our most technologically advanced park. 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. And that is somewhat indeterminate, but we expect that park to open in the next couple of months. And when it does open, as you mentioned, those pre-operating costs go away, and we start getting attendance in. So Beijing should be a good contributor to us remainder of the year when it opens and then on to next year. So overall, our Parks are on a good trajectory, and it's hard to see what happens with COVID, but we're pretty pleased. Dave?

最後，關於北京，我們已經準備好前往北京了。公園準備就緒。太棒了。這是我們技術最先進的園區。我們現在正在做的，是完成遊樂設施的最終審批以及您必須經歷的流程。具體時間尚不確定，但我們預計公園將在未來幾個月內開放。正如您所說，一旦開業，那些前期營運成本就會消失，我們就會開始有顧客光顧。所以北京在今年剩餘時間裡，以及明年，應該會為我們帶來不錯的收益。總的來說，我們的公園發展勢頭良好，雖然很難預測新冠疫情會如何發展，但我們對此相當滿意。戴夫？

Yes. So we've walked through a couple of things on margin in the quarter and looking forward. 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. 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. And starts with broadband. And both residential and commercial, both are -- just drive higher revenue. Both are margin accretive and just help us deploy digital solutions, in particular, in residential at a higher rate. So those fundamentals are -- continue to bring us to where we're at.

是的。所以我們已經討論了一些關於本季利潤率以及未來展望的事情。我們對自身在利潤率提升方面取得的進展感到非常滿意，並真正專注於基本面。因此，雖然一個季度內可能會有一些小的變化，但我們始終高度關注的是基本面。而這一切都始於寬頻。無論是住宅還是商業用途，都能帶來更高的收入。兩者都能提高利潤率，並有助於我們更快地部署數位化解決方案，尤其是在住宅領域。所以這些基本要素——繼續把我們帶到今天的位置。

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

正如您所說，隨著行動裝置規模的擴大，行動端也得到了改進，廣告方面也得到了改進，先進的廣告技術提供了支援。但主要重點在於連接性，以及在這個領域推動更多客戶關係，再加上數位化客戶體驗的改進，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. And this is despite an overall 5% increase in the customer base. So if you go back over time, this is just a continuation. 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%.

為了讓大家對本季的情況有個大致了解，我們的客服電話總數下降了 10%，互動總數下降了 7%，出車次數減少了 22%。儘管客戶群整體成長了 5%，但情況依然如此。所以，回顧過去，這只是歷史的延續。在過去的 5 年裡，我們不斷取得進步，減少了 37% 或近 1 億次呼叫，並將出車次數減少了 25%。

So Doug, it's been -- this is a real focus for us. 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. And we're doing it in a healthy and sustainable way. And so I like the road map that we have around digital tools and the experience. I like the run rate around connectivity. 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.

所以道格，這一直是——這是我們真正關注的重點。雖然我不認為我們下半年的利潤率會像上半年那樣快速成長，但我們目前的處境非常好。而且我們正在以健康且可持續的方式進行。所以我很欣賞我們圍繞數位工具和體驗所製定的路線圖。我喜歡這種圍繞連接性的運行速度。雖然我們將投資於商業服務、行動、銷售和行銷等領域，這些領域將有助於我們發展，但我們將繼續高度關注利潤率。

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

我只想重申這一點，正如戴夫所說，今年上半年利潤率大幅擴張，下半年增速會略有放緩，這背後是無線領域、寬頻和商業服務領域的巨大投資推動。所以這是非常健康的利潤率擴張，因為我們將資金重新投入未來的成長。

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

你的下一個問題將來自摩根士丹利的本·斯溫伯恩。

I wanted to ask actually also about Cable, and then I have a question for Brian sort of on M&A and strategic stuff. Mike and Dave, we're all trying to figure out what normal looks like as we hopefully emerge from the pandemic. And Mike, you've talked about bad debt being down. And I think like it continues to be a tailwind year-on-year. Do you have a sense of what sort of normal looks like as you think about OpEx? I mean you guys just sounded quite bullish on margins going forward. But there is some concern that as activity normalizes, that some costs come back in the business. I'm wondering if you could just tackle that.

我其實還想問問關於有線電視的事，然後我還有個關於併購和策略的問題想問布萊恩。麥克和戴夫，我們都在努力弄清楚，隨著疫情的結束，正常生活究竟是什麼樣子。麥克，你之前說過壞帳有下降。我認為這將繼續成為逐年增長的順風。您在思考營運支出時，對正常的營運支出狀態有什麼概念嗎？我的意思是，你們剛才聽起來對未來的利潤率相當樂觀。但有人擔心，隨著業務活動恢復正常，部分成本會重新回到企業。我想知道你是否能解決這個問題。

And the same thing for you, Dave. I mean churn, it sounds like it keeps coming down. Do we go back to normal churn from pre-COVID or not? 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.

戴夫，你也一樣。我的意思是，波動，聽起來好像一直在下降。我們是否會恢復到新冠疫情前的正常人員流動率？我不知道當你觀察自己足跡的不同地理位置時，你是否能感受到這一點，是否能從中發現什麼。

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

還有，布萊恩，我相信你也知道，關於康卡斯特收購多家不同企業的報道已經很多了。我想知道，既然您已經公佈了 Peacock 的部分國際戰略，那麼所有這些文章似乎都認為您在 NBC 的規模不足以實現您在串流媒體方面的戰略目標。我知道你不能談論併購，但我很想知道你是否可以談談你是否認為 NBC 具備在全球串流媒體領域實現其目標所需的條件。

So maybe I'll start, Ben. Thanks for the question. I'll -- I think on non-programming expenses, OpEx, we still expect low single-digit increases compared to 2019 for full year '21 here. So that's -- all the factors are embedded in there that Dave mentioned. And you're right, bad debt continues to run low.

那或許我該先開始了，本。謝謝你的提問。我認為，在非程式支出（營運支出）方面，我們預計 2021 年全年與 2019 年相比仍將維持個位數低成長。所以，戴夫提到的所有因素都包含在其中了。你說得對，壞帳持續走低。

I think giving a feel for what the second half looks like is the best I'll do at this stage. 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. 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. But I think that's the best sense for the second half of the year.

我認為現階段我能做的最好的事情就是讓大家大致了解下半場的走向。我認為我們正在——繼續做好所有基礎業務，推動業務向更數位化、更清潔、更低成本的營運模式發展。向寬頻、商業服務等高利潤產品轉型，正如戴夫所描述的那樣，我們將努力實現這些目標，我認為，無論營運環境最終走向何方，這些目標都將使我們受益。但我認為這是下半年最好的預測。

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. 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. But we'll see.

至於人員流動，我會讓戴夫來評論，但意思差不多，那就是我們拭目以待，看看正常狀態是什麼樣子。但我認為，我們在產品、網路、Flex、無線等方面的投資，以及我們所做的一切，至少在我看來，都對降低客戶流失率（與歷史水準相比）有一定的持續益處。但我們拭目以待。

Dave, over to you.

戴夫，該你了。

Thanks, Mike. 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. But we're reaching a level that we expected in terms of overall broadband churn performance. And this is -- it's the redefinition of great broadband, I think, that's helping deliver this -- some of this churn improvement.

謝謝你，麥克。是的，所以我們預計，隨著時間的推移，隨著進入第二季、第三季等階段，學生活動、搬遷活動、季節性因素等可能會影響學生流失率，情況會逐漸趨於正常化。但就整體寬頻用戶流失率而言，我們已經達到了預期水準。我認為，正是對優質寬頻的重新定義，才有助於實現這種用戶流失率的降低。

We have a fantastic network. We talked about it. Brian and Mike mentioned it. Continuing to invest in the network. We're going to stay ahead of the curve in terms of capacity, in usage. So a lot of focus around the network.

我們擁有一個非常棒的網路。我們討論過這件事。布萊恩和麥克都提到了這件事。繼續投資網路建設。我們將在產能和使用方面保持領先地位。因此，許多關注點都集中在網路方面。

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. And staying ahead of that curve is key. And then adding value extensions to broadband, like Mobile, like Flex that impact churn. 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.

此外，為了配合我們的裝置（即擴展器）的速度，在家中提供良好的 Wi-Fi 覆蓋範圍至關重要。而保持領先地位是關鍵。然後為寬頻業務增加增值擴展，例如行動業務、Flex 等，進而影響客戶流失率。因此，就我們而言，這還處於早期階段——這兩個類別都讓我們感到興奮，而且它們正在以積極的方式影響寬頻。

So can't give specific guidance in terms of where churn would go. But the fundamentals of -- and the focus around attracting healthy and keeping healthy customer relationships and connectivity is so key. So we're very excited about the prospects of Mobile and Flex impacting that over time.

因此，我無法就客戶流失的走向給予具體指引。但吸引和維持健康的客戶關係和聯繫的基本要素——以及重點——才是關鍵所在。因此，我們對行動和 Flex 技術未來可能產生的影響感到非常興奮。

And Ben, this is Brian. Let me start by saying I really love the company we've got. I can't imagine really a better quarter. It's an exceptional quarter. And I believe we have lots more organic growth ahead. And we have a very special, unique company, across distribution and content, working so well together. And you see that with Peacock and Sky and Peacock and Xfinity and even in our Olympics advertising. And we like -- and we are investing behind the businesses. So I don't think -- I think Mike Cavanagh has been very blunt that we don't need M&A. We have a majority broadband-centric company, and we like the mix.

本，這位是布萊恩。首先我想說，我真的很喜歡我們現在的這家公司。我實在想像不出還有比這更好的季度了。這是一個非同尋常的季度。我相信我們未來還有很大的自然成長空間。我們擁有一家非常特別、獨一無二的公司，在發行和內容方面都合作得非常出色。你可以在 Peacock 和 Sky、Peacock 和 Xfinity，甚至我們的奧運廣告中看到這一點。我們喜歡這些企業，並且正在投資支持它們。所以我認為——我認為麥克·卡瓦納已經非常直言不諱地表示，我們不需要併購。我們是一家以寬頻業務為主的公司，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. That's something you might talk to others and consider.

那麼，這至少會促使我們考慮什麼呢？那就是任何形式的合作，只要我們擁有獨特的特殊能力，就能在全球或國際範圍內提升我們的串流地位。這是你可以和別人討論並考慮的事情。

But as to your scale question, I really think it would -- we have all the parts. And Jeff, why don't you comment on that in just a second and maybe with some more specifics. 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. 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. So I really think our corporate focus is, as we've said many times, was to get back in balance on capital returns.

但就你問的規模問題而言，我真的認為可以——我們有所有部件。傑夫，你能否稍等片刻，就此發表一下看法，最好能提供一些更具體的資訊？但如果你看看 Peacock 本季的業績，你會發現，我們可能是成長最快的串流服務，90 天內成長了 50%。我們有一個只有一年歷史的品牌，它是美國新創立的品牌中排名第一或第二的品牌。所以，我認為我們公司的重點，正如我們多次說過的那樣，是重新實現資本回報的平衡。

I'm probably most pleased this quarter that we were able to get to that place, buy back stock, as Mike just talked about. So I do think we have the scale. I think we have an amazing company, and I feel fortunate with our position.

本季我最滿意的可能就是我們能夠實現回購股票的目標，就像麥克剛才提到的那樣。所以我認為我們已經具備了規模。我認為我們擁有一家非常棒的公司，我對我們目前的地位感到很幸運。

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

傑夫，你為什麼不多談談規模的問題？

Yes. Thanks, Brian. 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. One is the scale of the platform technologically. And as Brian just mentioned, we launched on the back of the Sky platform. And we've leveraged our Xfinity and Dave's team significantly. 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. 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.

是的。謝謝你，布萊恩。Ben，當你談到串流媒體和Peacock的規模時，為了更細緻地分析一下，規模其實包含3個要素。一是平台的技術規模。正如布萊恩剛才所提到的，我們藉助天空電視台的平台推出了產品。我們充分利用了 Xfinity 和 Dave 的團隊。所以我認為我們已經證明，如果沒有公司目前擁有的規模，我們永遠不可能在技術上取得成功，推出一個看起來很棒、運作良好的平台。該品牌規模龐大，因此我很高興地宣布 Peacock 將進入 2000 萬個 Sky 家庭用戶，最終，我們將把它推廣到全球各地。

Then the most important by far element of scale as far as streaming is content. And we are really at the beginning of our content rollout on Peacock. That's why this quarter's growth is really extraordinary. 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. And we had -- and we have obviously rolled into the Olympics here where we're halfway through the first week of the Olympics.

那麼，就串流媒體而言，規模最重要的因素無疑是內容。我們目前才剛開始在Peacock平台上推出內容。這就是為什麼本季的成長如此非凡的原因。因為在這個季度，布萊恩經歷了《寶貝老闆2》這部相當不錯的電影，以及《死亡醫生》這部真正優秀的劇情片。我們已經——而且顯然我們已經進入了奧運階段，現在奧運的第一周已經過了一半。

Looking forward, we -- as part of our plan, we have another Olympics. We have lots of original programming, which Mike mentioned. We're ramping our production right now on. And we'll be rolling out over the next year. Brian mentioned our movies. We have the -- what I think is one of the top studios in Hollywood, and we have lots of movies coming directly to Peacock. And eventually, we're going to have the Hulu content coming back.

展望未來，作為我們計劃的一部分，我們將再次舉辦奧運會。正如麥克提到的，我們有很多原創節目。我們正在加緊生產。我們將在未來一年內逐步推出。布萊恩提到了我們的電影。我們擁有——我認為是好萊塢頂尖的電影公司之一——而且我們有很多電影將直接在Peacock上線。最終，Hulu 的內容將會回歸。

So we have plenty of content coming. 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. 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.

所以我們有很多內容即將推出。本季的數據表明，當你把這些內容放到一個好的服務平台上時，你實際上可以在串流媒體領域獲得相當不錯的成長。所以就我個人而言，我認為我們從來不缺乏發展業務所需的資金。

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. We wouldn't have been able to do it if we didn't have a streaming service. 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. But because we did it with Peacock, we have full optionality going forward. Do we put the second and third movies direct on Peacock? Do we do something hybrid? We can really kind of adapt and be flexible based on how the market works.

最後，我想舉一個上週發生的完美例子：我們環球影業與Peacock合作，透過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。如果沒有串流媒體服務，我們根本無法做到這一點。我們基本上是憑藉我們工作室的實力獲得了版權，我們擁有傑森布魯姆，以及無與倫比的恐怖片資歷，還有唐娜蘭利和她的團隊的電影行銷能力。但因為我們與Peacock合作，所以我們未來擁有完全的選擇權。第二部和第三部電影直接在Peacock上線嗎？我們是否應該採取混合方案？我們可以根據市場運作進行靈活調整。

So we have the scale across our company to do things like that. And I don't think we're lacking for scale personally. I think we can achieve our success at Peacock without anything additional, and I think this quarter proved it.

因此，我們公司有足夠的規模來做這樣的事情。就我個人而言，我認為我們並不缺乏規模。我認為我們無需任何額外投入就能在Peacock取得成功，而本季的數據也證明了這一點。

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

你的下一個問題將來自美國銀行的傑西卡·雷夫·埃利希。

I have 2 questions directed to 2 people. Brian, first. I mean this is such a different call than a year ago. 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. So sitting here today, what do you think the biggest ongoing benefits will be from all the changes that have been implemented? And then what are your key longer-term goals from here? You've talked about the near-term goals.

我有兩個問題要問兩個人。布萊恩先來。我的意思是，這和一年前的情況截然不同。疫情過後，你們在有線電視、NBCU 和 Sky 等所有業務方面，無論在市場份額增長、利潤率還是新興業務的增長等方面，都比疫情前更加強大。那麼，今天就坐在這裡，您認為所有已實施的變革將帶來哪些最大的持續性益處？那麼，你接下來的長期目標是什麼呢？你已經談到近期目標了。

And then Jeff, I don't even know where to start because there's so much going on at NBCU. But can you give us a little more color on the upfront and the cross platform benefits? 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? 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. Do you still have that view? Like how do you think about this Olympics or the next one in terms of profitability?

至於傑夫，我甚至不知道該從何說起，因為NBC環球發生了很多事情。但您能否詳細介紹前期投入和跨平台優勢？或許我們可以更深入地了解 Peacock，在未來一年左右的時間裡，我們應該對國際推廣的增量成本以及內容增加抱有怎樣的預期？最後，你之前說過你預期這屆奧運會是最賺錢的，但你運氣不太好，我的意思是，新冠疫情有點惡化，運動員也遇到了一些問題。現在還這麼認為嗎？您如何看待本屆奧運或下一屆奧運的獲利前景？

For the observations because I would -- I share your view. It's been an extraordinary year. 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. And so I guess I'd start by saying the momentum, it's on us to keep this fabulous execution. Dave talked a lot about that focus.

因為我也有同樣的感受──我同意你的觀點。這是非同尋常的一年。首先，我為公司感到非常自豪，尤其是在我們的一些舉措上，例如我們承諾在 10 年內投入 10 億美元來彌合數位鴻溝，讓更多的人能夠負擔得起寬頻服務。所以我想首先要說的是，要保持這種勢頭，這取決於我們能否繼續保持這種出色的執行力。戴夫多次談到了這種專注。

I think what kind of gets lost perhaps a little bit in broadband is not just the consumer broadband, which clearly, record second quarter. Now saying again that this year, we expect mid-teens growth from 2019. I did not expect that 6 months ago.

我認為寬頻領域可能被忽視的一點不僅僅是消費者寬頻，儘管消費者寬頻在第二季明顯創下紀錄。現在再次重申，我們預計今年將比 2019 年實現 15% 左右的成長。六個月前我完全沒想到會這樣。

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. We've made a lot of changes. We've had some retirements and other things and the backfilling and moving executives, promoting executives. All that has put our team in an excellent place. We've learned how to work in a hybrid manner. And whatever comes next, I don't think this team will miss a beat. And so I thank them for their focus.

那麼，我們如何保持這種勢頭並在此基礎上發展呢？這歸根究底取決於優秀的產品、人脈、團隊和管理團隊。我們做了很多改變。我們有一些人退休了，還有其他一些變動，包括填補空缺、調動高階主管、提拔高階主管等等。這一切都讓我們的團隊處於非常有利的位置。我們已經學會如何以混合方式工作。無論接下來發生什麼，我認為這支球隊都不會受到影響。因此，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. 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. So Bill Stemper, who has run that business really since inception and has done an exceptional job. And we're trying to do that now at Sky and expand that market.

但當我思考寬頻時，我們真的很少談論商業服務，以至於無法從零起步，打造出一個價值 90 億美元的業務，而且市場份額為零，只朝著一個方向發展，並不斷擴大市場定義，從小規模市場擴展到中型市場，現在又擴展到真正的企業級市場。每隔幾週，我就會收到一封電子郵件，內容是關於我們剛剛首次贏得的某個大客戶，隨著時間的推移，這可能會帶來更大的業務量。所以，比爾·斯滕珀從公司創立之初就一直經營這家公司，而且做得非常出色。我們現在正努力在 Sky 做到這一點，並擴大這個市場。

And then, we've talked a little bit about wireless and mobile. 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. I think keeping our focus there.

然後，我們稍微聊了聊無線和行動通訊。我們已經真正轉型成為一個具有策略機會的公司，擁有極佳的客戶滿意度，與 Verizon 建立了良好的關係，這使我們能夠參與競爭並取得優異的成績，還能不斷創新等等。我認為我們應該繼續關注這一點。

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

因此，從長遠來看，我認為我們有機會見證直接面向消費者、數位化和運算能力等重要趨勢如何改變我們的生活方式，以及我們的公司將如何保持相關性並引領這種變革。我看了看科技公司的業績，發現這種趨勢正在加速發展。

So what are some of the takeaways? 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. I think digital advertising. We saw some of the results from the tech companies, and we look at our own, creating more inventory. So the strategy for Peacock for me feels really smart. We're creating more digital inventory. That's the Holy Grail of ads. That's why we're able to get a premium, and Jeff can talk about Olympics a bit. But in the big picture, we're reimagining how people consume. And that consumption is enabled by broadband and now enabled by Peacock and hope to do that in a more significant way.

那麼，我們能從中得出哪些結論呢？首先，我們的首要任務是成為推動網路創新、確保未來與今天一樣重要的推動者和關鍵機會。我認為是數位廣告。我們看到了一些科技公司的成果，我們也審視了自己的成果，增加了庫存。所以我覺得Peacock的策略非常明智。我們正在創建更多數位化庫存。那是廣告界的聖杯。這就是為什麼我們能夠獲得額外報酬，傑夫也能談談奧運的原因。但從宏觀角度來看，我們正在重新構想人們的消費方式。寬頻促成了這種消費，現在Peacock也促成了這種消費，我們希望以更重要的方式實現這一點。

And then retaining talent and being a company where people want to work, but at all levels of the company. And that's being reimagined in our society. And we read about it every day, how people have more choices and want more balance in their life.

然後留住人才，讓公司成為各層級員工都願意來工作的企業。而這正在我們的社會中被重新構想。我們每天都能看到這樣的報道：人們有了更多選擇，也希望生活能更加平衡。

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. 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. This company is well positioned, and I just really feel that way. So thanks for giving us a chance to ask that question. Pass it to you, Jeff?

解決這個問題，我們擁有一支才華橫溢的團隊來領導我們，我在此、在本季度以及今年上半年都衷心感謝他們。經歷了疫情之後，我們或許會感到，即使只剩下短暫的生命，也有機會成為一束真正的光。這家公司發展勢頭良好，我確實這麼覺得。感謝您給我們機會提出這個問題。傑夫，遞給你？

Jessica. Thanks, Brian. So on the upfront, let me take it kind of in order, Jessica, of how you asked the question. So on the upfront, I think we've been -- I think we've talked about that in the past. 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. 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. And particularly happy with both the volume on Peacock and the CPMs on Peacock. So that, we could not have been more pleased with how we did in the upfront.

傑西卡。謝謝你，布萊恩。潔西卡，首先，讓我按順序回答你提出的問題。所以，首先，我認為我們過去已經討論過這個問題了。正如布萊恩剛才提到的，我們平台的優勢，再加上琳達·亞卡里諾和她的團隊的方法，一個平台的方法，是應對這場炙手可熱的預售的完美方式。正如布萊恩和麥克所說，銷售和價格都將實現兩位數成長，我們將在未來幾年看到這些成果。尤其令我滿意的是Peacock的播放量和CPM。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. There is a lot going on at NBC. We're now fully distributed for Peacock, and that's going to have benefits as we roll out all our additional content.

至於Peacock，我應該提一下，我沒有提到的一件事是，我們本季也完成了與亞馬遜和三星的交易。NBC最近發生了很多事。我們現在已經全面涵蓋了Peacock平台，隨著我們推出所有其他內容，這將帶來許多好處。

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

我認為，我們應該看看我們目前的狀況，而且比我們預期的要好得多，因此我們可能會比過去適度增加投資。但正如我之前提到的，Peacock平台即將推出大量內容，所以它不必意義重大。

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. And you should tune in and watch tonight on NBC to see that, but exciting U.S. team. And we're not -- we've had some bad luck. But if you look at the product, it's fantastic. And it really is impossible. 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.

我想先說說Peacock平台，然後再聊聊奧運。在奧運第六天，我們從觀眾對奧運的觀看情況中學到了很多。為了不劇透，我只能說，就在上個小時發生了一件大冷門。今晚請鎖定NBC電視台觀看比賽，看看這支令人興奮的美國隊。我們並非如此——我們運氣不太好。但如果你仔細看看這款產品，你會發現它非常棒。這真的不可能。所以我想說的是，關於Peacock，我們將從本屆奧運中學到的東西，我們將帶到北京，改變產品，改變未來每屆奧運的服務，我們對此感到非常興奮。

It's impossible to understate the importance of the Olympics to NBCUniversal. It's not really financially. It's more operationally across the company. We have 4,000 people literally working on it. Brian and I were in Tokyo. I came back and saw our team in Connecticut. You have people, this is their life work. You go from room to room. You have experts on surfing and volleyball and gymnastics. 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. 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.

奧運對NBC環球的重要性怎麼強調都不為過。從經濟角度來說，這倒不是什麼大問題。這更體現在公司整體的營運層面。我們有4000人在從事這項工作。我和布萊恩當時在東京。我回到康乃狄克州，見到了我們的團隊。這些人，這是他們畢生的事業。你從一個房間走到另一個房間。你們有衝浪、排球和體操的專家。而且，要複製我們團隊的才能和經驗是非常困難的，而NBC每晚都會展現這一點。當然，奧運會也是展示我們平台實力的絕佳平台，它不僅涵蓋 NBCUniversal，還包括 Comcast、Xfinity 和 Sky。

So the Olympics, obviously, as you said, Jessica, we had a little bit of bad luck. There was a drumbeat of negativity. We got moved a year and no spectators. And that has resulted a little bit in linear ratings being probably less than we expected. But the flip side of that is the digital strength has kind of offset that. So when you look at what's happening with Peacock, that's directly related to the Olympics.

所以很顯然，正如你所說，傑西卡，我們在奧運會上運氣不太好。空氣中瀰漫著一股消極的氣氛。我們搬遷了一年，而且沒有觀眾。因此，線性評分可能略低於我們的預期。但另一方面，數位化優勢在某種程度上抵消了這種影響。所以，當你觀察Peacock的現狀時，你會發現這與奧運直接相關。

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. 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. 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.

總而言之，儘管遭遇了所有這些不幸，但我們仍然會在奧運會上獲利，對此我們非常高興，我們對產品也非常滿意。如果你每晚都收看，你會發現我們利用這個平台來宣傳公司正在做的其他所有事情，不僅是 NBCUniversal，還有 Comcast。所以，對於奧運會，我認為我們非常滿意，也為我們的團隊感到非常自豪，但我們還有很長的路要走。

Thanks, Jessica.

謝謝你，潔西卡。

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

你的下一個問題源自彼得·蘇皮諾與伯恩斯坦的對話。

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

我有一個關於貴公司聚合業務的問題。隨著 Flex 應用組合的不斷擴展，我想知道你們如何提高整體聚合方面的成長動能。那麼，向所有僅透過網路訂閱的用戶，甚至可能包括家中只有一台電視機上盒的視訊訂閱用戶，寄送 Flex 盒子是否有意義呢？這樣做是為了透過優質產品大幅擴大規模。

Well, I'll jump in on that one. This is Dave. So we are very excited about Flex. 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. 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. So they were generating about $2 of incremental revenue just on the pay per view, the rev share side of things. And advertising opportunities will be above that.

好，我也來參與一下。這是戴夫。所以我們對Flex感到非常興奮。目前尚處於早期階段，但我們已經部署了超過 380 萬個 Flex 盒子，其中約一半正在積極使用和參與。所以——以及我們繼續感到興奮的原因，這是一個非常棒的長期平台，正如我之前提到的，它正在幫助寬頻發展。所以，他們僅透過按次付費觀看和收入分成這部分就產生了大約 2 美元的額外收入。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. We absolutely include it as part of the broadband subscription. It's a key part now that with broadband, you get this great streaming platform. So we're doing that.

所以今天，就我們在足跡範圍內所做的事情而言，其中包含了您提到的一些內容。我們絕對將其包含在寬頻套餐中。現在有了寬頻，就能使用這個很棒的串流平台，這已經成為關鍵所在。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. So we have that. But we are not bashful about letting our customers -- broadband customers, in particular, that really important streaming segment, know that this is included.

如果您是傳統視訊用戶，我們有設備可以實現全屋 X1 體驗。所以我們有了這些。但我們毫不羞於讓我們的客戶——特別是寬頻客戶，也就是非常重要的串流媒體用戶群——知道這包含在內。

Outside of footprint, we are -- we have syndication partners that we're working with, Cox, the Canadian companies. And we continue to explore ways of doing that. And we think that it's a terrific long-term platform to tie together uniquely. The way that we do with the voice remote, it gives full capability. We've been investing in X1. We can leverage that platform.

除了我們的業務範圍之外，我們還有——我們正在與聯合發行合作夥伴、Cox 以及加拿大公司合作。我們將繼續探索實現這一目標的方法。我們認為這是一個絕佳的長期平台，可以將各方獨特地聯繫起來。我們採用的語音遙控方式，使其具備全部功能。我們一直在投資X1。我們可以利用這個平台。

So we do qualify. We ask the customer if they want it. And then we -- but we stay right on it and deliver a great service. And the feedback that we're getting and engagement is very strong. 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.

所以我們符合資格。我們會詢問顧客是否需要。然後我們——但我們會堅持不懈，提供優質的服務。我們收到的回饋和參與度都非常高。所以，這是當今寬頻發展中非常重要的一部分，我們將探索現有覆蓋範圍之外的機會，以及隨著時間的推移，如何做得更多。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

A couple on wireless. First, you're building momentum and growth in this business. Should we think of it as this is sort of the level based on essentially all stores and distribution channels open? Or are there more things you plan to do push this harder? And then second, did you register for the next wireless auction?

一對情侶正在使用無線網路。首先，你正在為這項業務累積勢頭並實現成長。我們是否可以將其理解為，這是在所有商店和分銷管道基本開放的情況下所達到的水平？或者你還有什麼計劃來加大力度推進這件事？其次，您是否已報名參加下一次無線設備拍賣會？

Phil, this is Dave. 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. Retail slowed things down. 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. 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. 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.

菲爾，這是戴夫。因此，在行動端的銷售動能方面，隨著我們度過了去年因疫情關閉的第一階段，發生了一件事。零售業拖慢了步伐。我們在去年下半年看到的情況一直延續到今年，那就是我們關注的每一個銷售管道。零售業已經復甦，但除此之外，我們還非常注重呼叫中心、優化行動端購買流程的數位工具以及我們的市場推廣方式。這——這已經是一個巨大的變化，我們以行動端為主導，並將行動端和寬頻打包在一起，這一點至關重要。

So those fundamentals have emerged and really an important part of our go-to-market strategy. 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. So -- and a lot of marketing investment around the mobile message. 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. So -- but I think that natural combination of broadband plus mobile will continue.

因此，這些基本要素已經顯現，並且是我們市場進入策略的重要組成部分。我們投資開發了各種工具，不僅是為了客戶，也是為了我們的代理商以及他們如何銷售行動應用，改善客戶體驗才是真正的關鍵。因此，圍繞著行動資訊投入了大量的行銷資金。如果你住在我們的業務覆蓋範圍內，並且正在觀看傑夫和他的團隊帶來的精彩奧運會報道，你一定會注意到我們非常非常專注於移動業務。所以——但我認為寬頻加行動網路的這種自然結合將會持續下去。

So the other big addition recently is clearly the Unlimited packages that we've rolled out, and that is adding to it. We've seen a nice shift in mix, and we continue to have By the Gig. But adding on Unlimited really closed and filled the gap that we had in our competitive portfolio. 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.

所以，最近新增的另一項重大舉措顯然是我們推出的無限流量套餐，這也為其增添了更多流量。我們看到組合發生了不錯的變化，而且我們繼續提供按場次付費的服務。但是，Unlimited 的加入真正填補了我們在競爭產品組合方面的空白。現在，我們為多線家庭提供極具吸引力的無限流量套餐，而且您仍然可以在按流量計費和無限流量之間自由組合，這使我們在業務覆蓋範圍內處於獨特的地位。

So like our momentum, the 280,000 lines was just terrific and set a record for us. But we're continuing to stay focused, and we see that this is a real opportunity for us going forward. So on the auction side, I think the last part...

就像我們的勢頭一樣，280,000 條訂單真是太棒了，為我們創造了紀錄。但我們會繼續保持專注，我們認為這對我們來說是一個真正的發展機會。所以就拍賣方面而言，我認為最後一部分…

Mike, why don't you answer that?

麥克，你為什麼不回答這個問題？

No comment on status for next auction. We take a look on occasion. We like our spectrum portfolio. It gives us optionality for offload. So we often take a look if the price is right, but no comment yet on where we stand with the next auction.

關於下次拍賣的安排，暫不作評論。我們偶爾會看一下。我們對我們的頻譜組合很滿意。它為我們提供了卸載的選擇空間。所以我們通常會看看價格是否合適，但對於下次拍賣我們持何立場，目前還不予置評。

Thanks, Phil.

謝謝你，菲爾。

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

你的最後一個問題來自 Craig Moffett 與 MoffettNathanson 的合作系列。

A question for Brian and Mike, if I could. 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. Can you just talk about sort of how high you're willing to go in terms of share repurchases? And I know you've always talked about keeping your powder dry for optionality. But it would seem like there's a lot of optionality there and room for a pretty significant increase in cash returns to shareholders.

如果可以的話，我想問布萊恩和麥克一個問題。鑑於你們目前的 EBITDA，你們未來幾年的自由現金流狀況已經超出預期，這表明，如果你們像之前所說的那樣將槓桿目標保持在 2.5 倍左右，那麼你們每年可能需要回購 200 億美元的股票才能維持槓桿不變。您能否談談貴公司願意在股票回購方面達到的最高水準？我知道你一直都說要留有餘地以備不時之需。但看起來這方面有許多選擇餘地，股東的現金回報還有很大的提升空間。

Craig, it's Mike. So I'd just say, first things first, we're happy with the first half of the year. We're happy that we're back in balance, starting to get the buyback going again. I think the way we'll look at it over time is not in terms of is there a dollar number. We're going to think about it in terms of we want to keep a strong balance sheet. So I think, think of us as wanting to be comfortably in the range of ratios that would support the single A rating. We want to make sure we're investing behind our businesses, primarily organically, but occasionally, tuck-in acquisitions or all that. You see that in the normal course all the time in our business.

克雷格，我是麥克。所以我想說，首先，我們對上半年的表現很滿意。我們很高興現在資金恢復平衡，回購計畫也開始重新啟動。我認為隨著時間的推移，我們看待這個問題的方式將不再是看它是否有具體的金額。我們將從保持穩健的資產負債表的角度來考慮這個問題。所以我認為，我們希望各項指標都能穩定在能夠支援單一 A 評級的範圍內。我們希望確保對自身業務進行投資，主要以有機成長為主，但偶爾也會進行一些補充性收購或其他類似舉措。在我們的業務中，這種情況經常發生。

And then capital return is the other leg of the stool. We've been -- this company has historically been very strong, and an important part of the priorities is to return capital. 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. 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. So I think we would continue to execute against that.

資本回報則是另一條支柱。我們公司一直以來——這家公司歷來實力雄厚，而資本回報是公司優先事項的重要組成部分。我們已經連續 13 年多提高了股息，是少數幾家能夠維持如此強勁且持續的股息成長水準的公司之一。回顧 NBC 交易和 Sky 交易之間的時期，透過股票回購和分紅返還給股東的自由現金流水準非常強勁。所以我認為我們會繼續執行這項措施。

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. We've got a level of working capital this year that we continue to expect will be higher than it was in 2019. That's mostly going to be hitting us in the second half of this year with Olympics and the ramping of content spend. But the dynamics of EBITDA growth and future prospects is as you described. So we'll take it a quarter at a time as -- and we'll talk more probably at the end of the year.

今年上半年——我想，也就是今年剩下的時間，我們暫時可以認為我們將繼續處於歷史高點。我們今年的營運資金水準預計仍將高於 2019 年的水準。這種情況主要會在今年下半年出現，屆時奧運和內容支出將大幅增加。但 EBITDA 成長的動態和未來前景正如您所描述的那樣。所以我們會按季度來處理——我們可能會在年底再詳細討論。

Thanks, Craig, and thank you all for joining us this morning. We hope you have a great rest of the summer, and stay safe.

謝謝克雷格，也謝謝各位今天早上收看我們的節目。祝您有個美好的夏天，注意安全。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time. It will run through Thursday, August 5 at midnight Eastern Time. The dial-in number is (855) 859-2056 and the conference ID number is 2883365. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today.

今天下午12點開始將提供電話會議的重播。美國東部時間。活動將持續到美國東部時間8月5日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 2883365。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部時間。

This concludes today's teleconference. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。