康卡斯特 (CMCSA) 2021 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that this conference call is being recorded.

各位女士、先生，早安，歡迎參加康卡斯特2021財年第一季財報電話會議。目前所有與會者均處於僅收聽模式。請注意，本次電話會議正在錄音。

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

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

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

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

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

現在請看投影片2，其中包含我們的安全港免責聲明。同時提醒各位，本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，本次會議中我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節情況。

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

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thanks, Marci, and good morning, everyone. We certainly got off to a great start this year. Our entire company performed well, and we once again had particularly strong results at Cable, which posted its third consecutive quarter of double-digit EBITDA growth, ninth consecutive quarter of double-digit net cash flow growth. We added 461,000 broadband customers, which drove 380,000 customer relationship additions. This is the best first quarter on record.

謝謝Marci，大家早安。今年我們開局非常順利。公司整體表現良好，有線電視業務再次取得尤為強勁的業績，連續第三個季度實現兩位數EBITDA成長，連續第九個季度實現兩位數淨現金流成長。我們新增了46.1萬寬頻用戶，因此帶來了38萬新增客戶關係。這是公司有史以來最好的第一季業績。

Our connect activity was healthy and broadband churn improved for the 13th quarter in a row, hitting our lowest churn rate in our company's history. I'm very proud of this quarter's results and our long record of growth, which I believe is a direct result of disciplined investment, fantastic innovation and consistent execution in a highly competitive market.

我們的連線活動表現良好，寬頻用戶流失率連續第13季改善，創下公司歷史最低水準。我對本季的業績以及我們長期以來的成長記錄感到非常自豪，我相信這直接得益於我們在競爭激烈的市場中堅持不懈的投資、卓越的創新和始終如一的執行。

This morning, I'd like to go a bit deeper in 2 areas: the robustness of our network in the U.S. and more broadly, how we positioned ourselves to successfully compete against alternative providers and technologies. We've spent nearly $30 billion in the last decade building an expansive fiber-dense network comprised of 191,000 route miles that carries an immense amount of traffic and has demonstrated extraordinary performance throughout the pandemic.

今天上午，我想深入探討兩個面向：一是我們在美國的網路穩健性，二是更廣泛意義上，我們如何定位自身以成功對抗其他供應商和技術。過去十年，我們投入近300億美元建設了一個覆蓋範圍廣、光纖密集的網絡，該網絡由19.1萬英里的線路組成，承載著巨大的流量，並在整個疫情期間展現了卓越的性能。

Under Tony Werner, our retiring Chief Technology Officer, we have consistently engineered our network to anticipate change. And during his 15-plus years at Comcast, he has helped transform us into a product and technology innovator and leader. Tony, we thank you.

在即將退休的技術長托尼沃納的領導下，我們始終致力於建立能夠應對未來變化的網路。在他為康卡斯特效力的15餘年間，他幫助我們轉型成為產品和技術創新的領導者。托尼，我們衷心感謝你。

He's being succeeded by Charlie Herrin. Many of you on this call are familiar with Charlie. He helped develop game-changing products, including scaling X1 and most recently led the successful effort to redefine how we interact with customers, which has resulted in significantly higher NPS scores and lower operating costs. Charlie, Dave and I have been fortunate to work together for 20 years.

接替他的是查理·赫林。在座的各位很多人都認識查理。他曾參與開發多款顛覆性產品，包括X1的規模化發展，最近還成功領導了重新定義客戶互動方式的工作，顯著提高了客戶淨推薦值（NPS），並降低了營運成本。查理、戴夫和我很榮幸能共事20年。

Under Dave and Tony, we've recruited the best engineering talent around the world and now are working as one global tech team to create platforms, apps and experiences that evolve the way people connect and consume entertainment. We've done all this while keeping the network our #1 priority.

在戴夫和東尼的領導下，我們招募了全球頂尖的工程人才，現在我們組成了一個全球技術團隊，致力於打造平台、應用和體驗，從而革新人們連結和消費娛樂的方式。同時，我們始終將網路建置放在首位。

We've introduced the xFi Advanced Gateway, the most powerful of its kind. Our highest users are connecting a wide variety of devices in the home and streaming multiple services simultaneously over Wi-Fi. Our xFi Pods integrate with Xfinity Gateways to form a mesh network that maximizes Wi-Fi coverage. All you do is plug one of these Pods into an outlet to get great coverage in every room.

我們推出了功能最強大的 xFi 高級網關。我們的頂級用戶在家中連接各種設備，並透過 Wi-Fi 同時流式傳輸多個服務。我們的 xFi 擴展器可與 Xfinity 網關集成，形成網狀網絡，最大限度地擴大 Wi-Fi 覆蓋範圍。您只需將其中一個擴展器插入電源插座，即可在每個房間中獲得出色的 Wi-Fi 覆蓋。

We provide our customers with what they need, which goes well beyond extraordinary connectivity and speed. Xfinity is the only broadband provider to offer advanced security for monitoring devices inside and soon outside of the home. We also uniquely provide our customers with a whole home speed test and enable parents to manage Internet time spent by streaming application.

我們為客戶提供的遠不止卓越的網路連線和速度。 Xfinity 是唯一提供進階安全保障的寬頻供應商，可監控室內外設備。我們也獨家為客戶提供全屋網路速度測試，並允許家長管理使用者使用串流應用程式的上網時間。

This is all backed by a network that is built to consistently deliver the fastest speeds and outperform well into the future with 2 major initiatives underway. The first is virtualizing our network by leveraging artificial intelligence and machine learning. We're taking functions that were once performed by thousands of large and expensive pieces of hardware and moving them into the cloud, which alone has reduced innovation cycles from years down to just months. We're also automating many of our core network functions so that we can deliver instant capacity as well as identify and fix network issues before they ever affect a customer.

這一切都歸功於我們精心打造的網絡，該網絡旨在持續提供最快的速度，並透過兩項重大舉措確保在未來很長一段時間內保持卓越性能。首先，我們正在利用人工智慧和機器學習技術實現網路虛擬化。我們將過去由數千台大型昂貴硬體設備執行的功能遷移到雲端，僅此一項就將創新週期從數年縮短至數月。此外，我們還在自動化許多核心網路功能，以便能夠即時擴展網路容量，並在網路問題影響客戶之前識別並修復它們。

Our second priority is further enhancing how we deliver our broadband product over our network. We currently offer downstream speeds of 1.2 gigs across our entire footprint using our DOCSIS 3.1 architecture and can increase upstream in a capital-efficient way. We're making great progress to deliver multi-gig symmetrical speeds.

我們的第二個重點是進一步提升我們透過網路交付寬頻產品的方式。目前，我們利用 DOCSIS 3.1 架構，在所有覆蓋區域提供 1.2 Gbps 的下行速度，並且可以以經濟高效的方式提升上行速度。我們在實現多千兆對稱速度方面取得了顯著進展。

In the last 6 months, we completed 2 important milestones on our road map. In October, we conducted a successful live test of 1.25 gig symmetrical speeds. And earlier this month, our engineers completed the first-ever live lab test of DOCSIS 4.0, which establishes a foundation for us to deliver multi-gigabit speeds over our existing network without the need for massive digging and construction projects.

過去六個月，我們完成了路線圖上的兩個重要里程碑。 10月份，我們成功進行了1.25Gbps對稱速率的現場測試。本月初，我們的工程師完成了DOCSIS 4.0的首次現場實驗室測試，這為我們在現有網路上實現多千兆速率奠定了基礎，而無需進行大規模的挖掘和建設專案。

Let me next talk about Xfinity Mobile where we're having great success. This past quarter, we reached breakeven on a stand-alone basis for the first time and added 278,000 mobile lines, the highest quarterly additions since launch. We just announced a new unlimited family plan, which can provide $600 in annual savings relative to other competitor family plans.

接下來我想談談Xfinity Mobile，我們在這方面取得了巨大成功。上個季度，我們首次實現了獨立營運的損益平衡，並新增了27.8萬條行動線路，這是自推出以來單季新增用戶數最高的一次。我們剛剛發布了一項新的無限流量家庭套餐，與競爭對手的家庭套餐相比，每年可節省高達600美元。

Now let's turn to Sky, which, despite renewed lockdowns in Europe, generated revenue growth and delivered the best first quarter customer relationships net additions in 6 years. I am particularly encouraged by our strong performance in the U.K.. Excluding pubs and clubs, which remain closed, U.K. direct-to-consumer revenue grew 8% over the first quarter 2020 and 11% relative to 2019.

現在我們來看看天空電視台（Sky）。儘管歐洲再次實施封鎖，但天空電視台依然實現了營收成長，並取得了六年來第一季最佳的客戶關係淨成長。我尤其對我們在英國的強勁表現感到鼓舞。剔除仍關閉的酒吧和俱樂部，英國直接面向消費者的營收較2020年第一季成長了8%，較2019年同期成長了11%。

Churn continued to trend down. 2/3 of our customer base in the U.K. now have Sky Q. We're seeing great acceleration in mobile. And we just launched Sky Connect, our B2B broadband service that leverages the expertise of Comcast Cable. Dana Strong is off to a great start and is syncing up more than ever with Comcast Cable and NBCUniversal so that together, we're all innovating more quickly, better serving our customers and viewers and increasing operating efficiencies.

用戶流失率持續下降。我們在英國的客戶群中，已有三分之二在使用Sky Q。行動業務成長迅猛。此外，我們剛剛推出了Sky Connect，這項B2B寬頻服務充分利用了康卡斯特有線電視的專業技術。 Dana Strong的加入取得了巨大成功，她與康卡斯特有線電視和NBC環球的合作也比以往任何時候都更加緊密，我們攜手並進，共同加快創新步伐，更好地服務客戶和觀眾，並提升營運效率。

We're also encouraged by the trends we're seeing across NBCU. Our Parks segment broke even, excluding Beijing, for the second consecutive quarter, driven by remarkable attendance at Universal Orlando. We can see firsthand the pent-up demand for high-quality entertainment and family fun outside of the home, and we remain incredibly bullish on the Parks business. While Osaka recently had to close temporarily, Universal Studios Hollywood reopened on April 16, the first time since the pandemic started. Our long-term excitement stems from the fact that we have a fabulous road map of new attractions and experiences awaiting guests as they safely return to our current parks.

我們對NBC環球集團的整體發展趨勢感到鼓舞。在環球影城奧蘭多客流量顯著成長的推動下，我們的主題樂園業務（不包括北京）連續第二季實現收支平衡。我們親眼目睹了人們對高品質娛樂和家庭戶外活動的強烈需求，因此我們對主題樂園業務依然充滿信心。雖然大阪環球影城近期不得不暫時關閉，但好萊塢環球影城已於4月16日重新開放，這是自疫情爆發以來的首次重新開幕。我們對未來充滿信心，因為我們已製定了一系列精彩的新景點和體驗計劃，等待遊客在安全返回現有樂園後盡情享受。

In NBCUniversal's Media segment under Jeff Shell and Mark Lazarus, we're starting to see the benefits of our new operating structure. Excluding Peacock, adjusted EBITDA increased 10% year-over-year. Our news content continues to experience tremendous momentum, and distribution revenue is trending above expectations, a testament to the strength of our linear brands. We're back in business on the studio side with more than 30 television series currently in production, and we're excited for our first big theatrical debut with Fast 9 launching in both the U.S. and China later in the second quarter.

在傑夫謝爾和馬克拉扎勒斯的領導下，NBC環球媒體部門的新營運架構開始顯現成效。剔除Peacock平台後，調整後EBITDA年增10%。我們的新聞內容持續保持強勁成長勢頭，發行收入也超乎預期，這充分證明了我們線性電視品牌的實力。工作室業務也已恢復，目前有超過30部電視劇正在製作中。此外，我們非常期待《玩命關頭9》的院線首映，該片將於第二季晚些時候在美國和中國同步上映。

We're also making great progress with Peacock, our premium ad-supported streaming service. Just 1 year post-launch, we've had 42 million sign-ups. Monthly users of the service are consuming nearly 20% more programming hours each month than our traditional audience on NBC. And we just crossed 1 billion total hours watched, nearly double our plan when we launched. This strength in users and engagement has enabled us to create additional advertising inventory outside of our initial partnership with CPMs at a material premium to linear prime time.

我們的付費廣告支援串流服務Peacock也取得了巨大進展。上線僅一年，註冊用戶就達到了4,200萬人。該服務的月活躍用戶每月觀看節目的時長比NBC的傳統觀眾高出近20%。總觀看時間也剛突破10億小時，幾乎是上線初計畫的兩倍。用戶數量和用戶參與度的強勁增長，使我們能夠在最初與CPM（每千次展示成本）合作夥伴的合作之外，以遠高於傳統黃金時段的溢價，創造更多廣告資源。

Key to Peacock's domestic success has been Xfinity with X1 and Flex driving subscriber acquisitions and healthy engagement. With Peacock, we've created great options for ourselves with several opportunities on the horizon. We've recently secured more original programming with creative partners like WWE and the NFL, providing a strong path to upsell into Peacock Premium. And as Peacock gained scale in the U.S., we see compelling ways we can expand internationally. We're looking to take advantage of the brand and scale of Sky across our European markets and potentially strike partnerships with local programmers and distributors in geographies where it makes sense. We plan to share more information on Peacock throughout this year.

Peacock在美國本土取得成功的關鍵在於Xfinity，其旗下的X1和Flex服務推動了用戶成長並提升了用戶參與度。憑藉Peacock，我們為自己創造了許多發展機遇，未來前景廣闊。近期，我們與WWE和NFL等創意合作夥伴達成了更多原創節目合作，為Peacock Premium的升級銷售鋪平了道路。隨著Peacock在美國規模的擴大，我們看到了拓展國際市場的巨大潛力。我們計劃利用Sky在歐洲市場的品牌影響力和規模優勢，並可能在合適的地區與當地的節目製作商和發行商建立合作關係。我們計劃在今年陸續發布更多關於Peacock的資訊。

So in summary, we're all very proud and encouraged by our first quarter results. This performance is a testament to the resilience and evolution of our company. Excellent execution of our growth initiatives, combined with tight cost control, brings us one step closer to our balance sheet goals. And I am eager to see us return to our historical practice of repurchasing shares starting in the second half of this year.

總而言之，我們對第一季的業績感到非常自豪和鼓舞。這一業績充分證明了我們公司的韌性和發展潛力。我們成長計畫的出色執行，加上嚴格的成本控制，使我們離資產負債表目標更近了一步。我期待著我們能在今年下半年恢復以往的股票回購計畫。

Lastly, I want to thank our team. Everyone across the company has continued to show up and innovate for our customers, audience, guests and each other. We were recently named as 1 of the top 5 big companies to work for in the U.S. and 1 of the top 10 inclusive companies in the U.K., a testament to the work and passion of our wonderful employees.

最後，我要感謝我們的團隊。公司的每位員工都始終盡心盡力，不斷創新，為我們的客戶、觀眾、嘉賓以及彼此創造價值。我們最近榮獲美國五大最佳雇主之一和英國十大最具包容性公司之一的稱號，這充分證明了我們優秀員工的辛勤付出和滿腔熱情。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our first quarter consolidated 2021 results. Revenue increased 2.2% to $27.2 billion. Adjusted EBITDA increased 3.5% to $8.4 billion. Adjusted EPS increased 7% to $0.76 per share. And finally, we generated $5.3 billion of free cash flow.

謝謝布萊恩，大家早安。我將從第四張投影片開始，介紹我們2021財年第一季的合併業績。營收成長2.2%至272億美元。調整後EBITDA成長3.5%至84億美元。調整後每股收益成長7%至0.76美元。最後，我們產生了53億美元的自由現金流。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. Cable revenue increased 5.9% to $15.8 billion. EBITDA increased 12% to $6.8 billion, and EBITDA less capital grew 16% to $5.1 billion.

現在讓我們來看看各業務部門的業績，首先是幻燈片5中的有線通訊業務。有線電視營收成長5.9%，達到158億美元。 EBITDA成長12%，達到68億美元，扣除資本支出後的EBITDA成長16%，達到51億美元。

We added 380,000 net new customer relationships, up 2.4% over last year's first quarter and up 27% over the first quarter of 2019. This was the best first quarter on record and was driven by broadband, where we added 461,000 net new residential and business customers, only slightly below last year's first quarter and 23% above the first quarter of 2019.

我們新增淨客戶關係 38 萬，較去年第一季成長 2.4%，較 2019 年第一季成長 27%。這是有史以​​來最好的第一季度，主要得益於寬頻業務的成長，我們新增了 46.1 萬住宅和商業用戶，僅略低於去年第一季度，比 2019 年第一季成長 23%。

We saw healthy connect activity, and this quarter marked the lowest broadband churn in our history. This positive momentum has continued into the second quarter. And from what we see today, we anticipate total broadband additions for the year to grow by mid-single-digit levels compared to 2019, which, aside from the extraordinary growth we had in an unusual 2020, was the best year in more than a decade.

我們看到了健康的連線活躍度，本季寬頻用戶流失率創歷史新低。這一積極勢頭延續到了第二季度。根據目前的情況，我們預計全年新增寬頻用戶總數將比2019年實現中等個位數成長。 2019年，儘管經歷了特殊的2020年，但依然是十多年來業績最好的一年。

The strong customer additions, coupled with ARPU growth of 4.4%, drove a 12% increase in broadband revenue for the first quarter, the largest driver of overall Cable revenue, and we expect this trend will continue.

強勁的客戶成長，加上 ARPU 成長 4.4%，推動第一季寬頻營收成長 12%，成為有線電視整體營收的最大驅動力，我們預期這一趨勢將持續下去。

We also saw an acceleration in both business services and wireless. Business services revenue increased 6.1% and delivered 11,000 net new customer additions, primarily driven by continued improvement in small business. Wireless revenue grew 50% due to an increase in both customer lines and higher device sales. We added 278,000 net new lines in the quarter, the best result since launching this business in 2017, bringing us to 3.1 million total lines as of quarter-end.

我們也看到企業服務和無線業務均實現了加速成長。企業服務收入成長6.1%，新增淨客戶1.1萬戶，主要得益於小型企業業務的持續改善。無線業務收入成長50%，主要得益於客戶線路數量和設備銷售的雙雙成長。本季新增淨線路27.8萬條，創下自2017年推出此業務以來的最佳業績，截至季末，總線路數達到310萬條。

Turning to video, revenue was consistent with the prior year, reflecting very healthy ARPU growth of 6.8%, offset by net video subscriber losses totaling 491,000, which we felt mostly on the connect side as residential churn improved year-over-year. We believe our residential rate adjustment at the beginning of the year was a significant contributor to both the ARPU increase and the video subscriber loss in the quarter, and we expect video losses in the second quarter will remain elevated.

視訊業務方面，營收與上年持平，ARPU值實現了6.8%的強勁成長，但淨流失的視訊用戶總數達到49.1萬，我們認為這主要歸因於連接方面的流失，因為住宅用戶的流失率同比有所改善。我們認為年初對住宅用戶費率的調整是本季ARPU值成長和視訊用戶流失的重要原因，預計第二季視訊用戶流失量仍將居高不下。

We currently anticipate Cable Communications revenue growth in the second quarter to accelerate by a few hundred basis points from the 5.9% we just reported, partly due to the comparison to last year's second quarter, which was most significantly impacted by COVID-19 as well as our focus on driving growth in our connectivity businesses.

我們目前預計，第二季有線通訊收入成長將比我們剛剛公佈的 5.9% 加速幾百個基點，部分原因是與去年第二季度相比，去年第二季度受 COVID-19 的影響最大，以及我們專注於推動連接業務的成長。

Turning to expenses. Cable Communications first quarter expenses increased 1.5%. Programming expenses were up 5.5%, primarily due to the number of contract renewals that started to cycle through in 2020, combined with annual escalators in existing agreements.

再來看費用。有線電視通訊公司第一季的費用增加了1.5%。節目製作費用增加了5.5%，這主要是由於2020年開始生效的大量合約續約，以及現有協議中年度費用遞增條款所致。

Looking to the second quarter, we expect programming expense growth to increase at low double-digit levels due to the continued impact of contract renewals as well as the comparison to last year's second quarter, which was favorably impacted by adjustments accrued for customer RSN fees. For the full year, we continue to expect programming expense to increase at high single-digit levels.

展望第二季度，我們預計節目製作費用增長將維持在較低的兩位數水平，這主要受合約續約持續影響，以及與去年同期相比有所下降（去年同期受益於客戶區域體育網絡費用的調整）。全年來看，我們仍然預期節目製作費用將維持在較高的個位數水準。

Non-programming expenses declined 1.1% on an absolute basis and 5.9% on a per-relationship basis, while our customer relationships grew 5% year-over-year. Non-programming expenses should increase at high single-digit rate in the second quarter due in part to the comparison to last year, which reflected the slowdown in business activity due to COVID-19 as well as our continued focus on driving growth in our core broadband and wireless businesses.

非節目製作費用絕對值下降了1.1%，以客戶關係計算下降了5.9%，而我們的客戶關係數量較去年同期增加了5%。由於去年同期業務活動因新冠疫情而放緩，以及我們持續專注於推動核心寬頻和無線業務成長，預計第二季非節目製作費用將以接近兩位數的速度成長。

Cable Communications EBITDA grew by 12% with margins reaching 43.2%, reflecting 250 basis points of year-over-year improvement. These results include the important milestone of our wireless business reaching breakeven for the first time since launch. Cable capital expenditures increased 8%, resulting in CapEx intensity of 8.7%, up slightly compared to last year and driven by a 23% increase in scalable infrastructure as we continue to invest to enhance the capacity of our network. This spending was partially offset by lower customer premise equipment and support.

有線通訊業務的息稅折舊攤銷前利潤 (EBITDA) 成長了 12%，利潤率達到 43.2%，較去年同期成長 250 個基點。這項業績包含了無線業務自成立以來首次實現損益平衡的重要里程碑。有線業務的資本支出成長了 8%，資本支出強度達到 8.7%，略高於去年同期水平，主要原因是可擴展基礎設施的投入增加了 23%，我們持續投資以提升網路容量。客戶終端設備和支援方面的支出減少部分抵消了這一增長。

Now let's turn to Slide 6 for NBCUniversal. As you know, we recently issued an 8-K with updated trending schedules and a new reporting format that reflects the way the business is now managed. We moved Peacock, which was previously reported in our corporate results, to NBCUniversal. And now we present NBCU in 3 business segments: Media, which combines our TV businesses and Peacock; Studios, which combines our film and television studio businesses; and Theme Parks. I will discuss today's results in this new format.

現在我們來看看關於NBC環球的第六張幻燈片。如您所知，我們最近發布了一份8-K文件，其中包含更新後的節目趨勢表和新的報告格式，以反映公司目前的營運管理方式。我們將先前在公司業績報告中披露的Peacock串流服務從NBC環球移至NBC環球。現在，我們將NBC環球的業務分為三個板塊：媒體（包含我們的電視業務和Peacock串流服務）、影視工作室（包含我們的電影和電視工作室業務）以及主題樂園。我將以這種新格式來講解今天的業績。

Let's start with total NBCUniversal results. Revenue decreased 9.1% to $7 billion, and EBITDA was down 12% to $1.5 billion. Media revenue increased 3.2%, driven by 9.1% growth in distribution revenue, which reflected higher rates post the successful completion of several carriage renewals at the end of 2020, partially offset by subscriber declines, which showed sequential improvement. Advertising revenue declined 3.4% as lower entertainment ratings and tough political comps were partially offset by more sports in the quarter, strength in news and the launch of Peacock.

我們先來看看NBC環球的整體業績。營收下降9.1%至70億美元，EBITDA下降12%至15億美元。媒體收入成長3.2%，主要得益於發行收入成長9.1%，這反映了2020年底成功完成多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，不過用戶數量的環比有所改善。廣告收入下降3.4%，娛樂節目收視率下滑和政治類節目收視率高企，但部分被本季體育節目增多、新聞節目表現強勁以及Peacock串流平台的推出所抵消。

Media EBITDA declined 3.7% when including Peacock, which generated revenue of $91 million and an EBITDA loss of $277 million. Excluding Peacock, Media EBITDA increased 10%, primarily driven by lower expenses, which was partly due to lower entertainment costs associated with fewer original hours aired and partly due to our new operating model. This year-over-year reduction more than offset higher sports costs resulting from additional events.

若計入Peacock，媒體業務的EBITDA下降了3.7%，Peacock的營收為9,100萬美元，但EBITDA虧損為2.77億美元。若不計入Peacock，媒體業務的EBITDA成長了10%，主要得益於支出減少，部分原因是原創節目播出時長減少導致娛樂成本降低，部分原因是採用了新的營運模式。這一同比降幅足以抵消因賽事增加而導致的體育賽事成本上升。

Looking to the second quarter, we expect healthy growth in distribution revenue to continue. We will have significantly more sporting events compared to last year, which should result in higher advertising revenue, but also a significant increase in sports-related programming and production costs.

展望第二季度，我們預期分銷收入將持續保持穩健成長。與去年相比，我們將迎來更多體育賽事，這將帶來更高的廣告收入，但同時也導致體育相關節目製作成本的大幅增加。

Studio revenue was flat compared to last year, primarily reflecting higher content licensing revenue, offset by lower theatrical revenue. Content licensing revenue increased 14%, primarily due to licensing deals, including The Office, which became exclusively available for streaming on Peacock this past January. Theatrical revenue decreased 88%, reflecting the deferral of theatrical releases due to COVID-19. Significantly fewer releases in the first quarter resulted in lower expenses, driving EBITDA growth of 66%.

與去年同期相比，工作室收入持平，主要原因是內容授權收入成長，但被院線收入下降所抵銷。內容授權收入成長14%，主要得益於授權協議，包括今年1月在Peacock平台獨家上線的《辦公室》。院線收入下降88%，反映了受新冠疫情影響，院線發行延期。第一季影片發行量大幅減少，導致支出降低，推動EBITDA成長66%。

We're excited to be releasing Fast 9 in theaters later in the second quarter, but we delayed the release of Minions 2 from July of this year to July of 2022, which will shift the profits from 2021 to 2022 as well, as we continue to manage our film slate to maximize value.

我們很高興能在第二季晚些時候在影院上映《玩命關頭9》，但我們將《小小兵2》的上映日期從今年7月推遲到2022年7月，這也將把2021年的利潤轉移到2022年，因為我們將繼續管理我們的電影計劃以最大化價值。

Theme Parks revenue decreased 33.1% in the quarter and generated an EBITDA loss of $61 million, which included $100 million of Universal Beijing preopening costs. These results reflect Universal Orlando Resort operating at limited capacity, but trends remain encouraging as attendance continues to rebound, and we've been at or near capacity limits through spring break. Hollywood remained closed during the quarter, but we recently opened at a 25% capacity limit and expect this to move higher by June 15.

本季主題樂園營收下降33.1%，EBITDA虧損6,100萬美元，其中包括北京環球影城1億美元的開幕前成本。這些業績反映了奧蘭多環球影城度假區目前受限營運的情況，但隨著客流量持續回升，整體趨勢依然令人鼓舞，春假期間我們的客流量一直接近或達到上限。好萊塢影城本季仍處於關閉狀態，但我們最近已以25%的客流量限制重新開放，預計到6月15日這一比例將進一步提高。

In Japan, we recently had to close our park temporarily due to rising COVID cases. But prior to this, we had seen strong demand. Looking ahead, we expect our EBITDA results to improve in the back half of the year as domestic attendance trends improve, and we remain on track to open our new park, Universal Beijing, this summer.

在日本，由於新冠病例激增，我們最近不得不暫時關閉園區。但在此之前，我們看到了強勁的需求。展望未來，隨著國內客流量趨勢的改善，我們預計下半年的息稅折舊攤銷前利潤（EBITDA）將有所提升，同時我們仍按計劃於今年夏季開放新的北京環球影城。

Now let's turn to Slide 7 for Sky, which I will speak to on a constant currency basis. For the first quarter, Sky revenue increased 2% to $5 billion, largely reflecting healthy growth in our U.K. business. Direct-to-consumer revenue increased 1.8%, with growth in the U.K. even stronger. This result was driven by higher average rates per customer and strong customer growth across all markets.

現在我們來看關於Sky的第七張投影片，我將以固定匯率為基礎來講解。第一季度，Sky的營收成長了2%，達到50億美元，這主要反映了我們在英國業務的穩健成長。直接面向消費者的收入成長了1.8%，其中英國市場的成長更為強勁。這一業績得益於每位客戶平均價格的提高以及所有市場客戶數量的強勁增長。

We generated 221,000 net customer additions, the best first quarter in 6 years, driven by streaming across our markets as well as steady momentum in mobile and broadband within the U.K.

我們新增淨客戶 22.1 萬，這是 6 年來最好的第一季業績，這得益於我們各個市場的串流媒體業務以及英國移動和寬頻業務的穩步增長勢頭。

Advertising revenue increased 3.4% as we continue to outperform the market, particularly in the U.K., where the ad market is rebounding more quickly than we expected, and we are driving growth through advanced advertising.

廣告收入成長了 3.4%，我們繼續跑贏市場，尤其是在英國，那裡的廣告市場復甦速度比我們預期的要快，我們正透過先進的廣告技術推動成長。

Sky generated $364 million in EBITDA in the first quarter. As expected, this reflects elevated expenses, including higher sports rights amortization resulting from more events in the current quarter as well as higher expenses associated with successfully growing our mobile and broadband businesses and investment in key growth initiatives, which now include Sky Connect, our recently launched commercial broadband business in the U.K.

Sky 第一季實現 3.64 億美元的 EBITDA。正如預期，這反映了支出增加，包括本季度體育賽事增多導致的體育版權攤銷增加，以及與成功發展移動和寬頻業務相關的支出增加，以及對關鍵增長計劃的投資，這些計劃現在包括我們最近在英國推出的商業寬頻業務 Sky Connect。

For the second quarter, we expect revenue growth to accelerate to low double-digit levels on a constant currency basis due to the comparison to last year's second quarter, which was the most impacted by COVID-19, as well as continued strength in our U.K. business. We also anticipate significantly higher sports rights amortization compared to last year when events were paused. As a result, we expect to generate a similar level of EBITDA in the second quarter as we did in the first quarter.

由於去年第二季受新冠疫情影響最為嚴重，加上英國業務持續強勁，我們預計第二季營收成長將加速至兩位數低點（以固定匯率計算）。此外，我們預計體育賽事版權攤提費用將較去年同期大幅增加（去年同期賽事暫停）。因此，我們預計第二季息稅折舊攤提前利潤（EBITDA）將與第一季持平。

We were recently outbid for some of the broadcast rights for Serie A in Italy as we stood firm in our disciplined approach to sports-related costs. We believe this was the right long-term financial decision, but we expect a reduction in programming and production expenses and a potential decline in customer relationships in Italy as a result. We continue to expect Sky EBITDA in the second half of this year to accelerate from first half levels, reflecting the benefits of a reset to major sports rights as well as a more efficient operating structure.

最近，由於我們堅持嚴格控制運動相關成本，我們在競標意甲聯賽部分轉播權時未能成功。我們相信這是正確的長期財務決策，但預計這將導致節目製作成本降低，並可能影響我們在義大利的客戶關係。我們仍然預期，今年下半年天空電視台的息稅折舊攤銷前利潤（EBITDA）將較上半年有所增長，這得益於主要體育賽事轉播權的調整以及更有效率的營運結構。

I'll wrap up with free cash flow and capital allocation on Slide 8. Free cash flow was $5.3 billion in the quarter, an increase of roughly 60% year-over-year, primarily due to an improvement in net working capital and higher EBITDA. Net working capital will continue to fluctuate on a quarterly basis, and we still expect the full year drag increase relative to 2019 due to an increase in content investments, our broadcast of the Olympics and the reversal of COVID-related one-time tax deferrals.

最後，我將在第8張投影片中介紹自由現金流和資本配置。本季自由現金流為53億美元，年增約60%，主要得益於淨營運資本的改善及EBITDA的成長。淨營運資本將繼續按季度波動，我們仍然預計全年業績將比2019年有所下滑，這主要是由於內容投資增加、奧運會轉播以及與新冠疫情相關的一次性稅收遞延的取消。

Consolidated total capital, which includes capital expenditures as well as software and intangibles, decreased 1.1% in the first quarter to $2.5 billion, reflecting a decline at NBCU, which was partially offset by increases at Sky and Cable.

第一季綜合總資本（包括資本支出以及軟體和無形資產）下降 1.1% 至 25 億美元，反映出 NBCU 的下降，但 Sky 和 ​​Cable 的成長部分抵消了這一下降。

We ended the first quarter with $104 billion of debt with a weighted average cost of 3.6% and a weighted average life of 14.5 years and net debt of $86 billion for a net debt-to-EBITDA ratio of 2.7x. Throughout the pandemic, we have maintained an elevated cash balance to fortify our liquidity position, and we ended the first quarter with $15 billion of cash and cash equivalents. We expect to gradually reduce our cash position by deploying excess cash towards debt reduction throughout the remainder of the year as our business operations continue to recover.

第一季末，我們的債務總額為1,040億美元，加權平均成本為3.6%，加權平均期限為14.5年；淨負債為860億美元，淨負債與EBITDA比率為2.7倍。在整個疫情期間，我們一直保持較高的現金儲備以增強流動性，第一季末我們持有現金及現金等價物150億美元。隨著業務營運的持續復甦，我們預計將在今年剩餘時間內逐步減少現金儲備，並將多餘的現金用於償還債務。

Finally, we remain committed 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 for a strong commitment to our recurring dividends and our expected return to share repurchases in the second half of this year.

最後，我們將繼續堅持我們長期以來平衡的資本配置方法，包括保持穩健的資產負債表，進行有機投資以實現盈利增長，並將資本返還給股東，以堅定地履行我們對經常性股息的承諾，並在今年下半年實現預期的股票回購。

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。接下來我將把發言權交還給馬爾西，她將主持問答環節。

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

謝謝，麥克。雷吉娜，現在開始接受提問吧。

(Operator Instructions) Our first question comes from the line of Jessica Reif Ehrlich with Bank of America Securities.

（操作員說明）我們的第一個問題來自美國銀行證券的傑西卡·雷夫·埃利希的電話。

The company clearly is on an upswing as we come out of COVID, and the leverage in the business is really apparent in the first quarter numbers. So I have a broad-based question that covers basically all the divisions.

隨著疫情逐漸消退，公司顯然正處於上升期，第一季的業績也充分體現了這一點。因此，我有一個涵蓋所有部門的廣泛問題。

In Cable, it feels like the beginning for advanced advertising. We're seeing strength still in broadband. The price decrease in mobile should drive market share. In NBCU, which seems like the division with the most upside coming out of COVID, I'm just -- I don't know if this is the year of peak losses for Peacock, but Theme Parks seem like they're on a 5-year growth trend, advertise -- production is coming back, et cetera. Sky, you can see the leverage.

在有線電視領域，感覺像是高級廣告的開端。寬頻業務依然強勁。移動價格的下降應該會推動市場份額的成長。 NBC環球似乎是受疫情影響最大的部門，我不知道今年Peacock的虧損是否會達到頂峰，但主題公園業務似乎正處於五年增長期，廣告業務也在復蘇，等等。天空電視台（Sky）的優勢顯而易見。

So my question finally is, where do you see the most leverage overall in each of the businesses? And can margins and free cash flow continue to improve?

所以我的最後一個問題是，您認為每個業務中最具槓桿效應的領域在哪裡？利潤率和自由現金流能否持續改善？

Well, thank you, Jessica, for those comments. Why don't we just go around the horn and why don't we just go from Dave to Dana to Jeff and everybody give a crack at their view of the business and a chance for them to introduce themselves on the call here.

好的，謝謝傑西卡的評論。不如我們輪流發言，從戴夫到達娜再到傑夫，讓每個人都說說他們對公司業務的看法，也讓他們有機會在電話會議上自我介紹一下。

Thank you, Jessica. This is Dave. Start with -- our focus continues to be maintaining momentum around the connectivity side of the business. So broadband, residential, commercial is enormously important and a great growth engine for us. So we're going to continue to enhance broadband, keep adding to it, speed, control, coverage and now streaming and, as you mentioned, mobile. So we're going to focus on accelerating mobile and just surrounding broadband with these products. So that's going to be -- that's our strategy. Nothing will shake that.

謝謝你，潔西卡。我是戴夫。首先，我們將繼續專注於保持業務連接方面的成長勢頭。寬頻，無論是住宅寬頻還是商業寬頻，都至關重要，是我們強大的成長引擎。因此，我們將繼續提升寬頻服務，不斷增強其速度、控制、覆蓋範圍，以及串流媒體和你提到的行動網路。我們將專注於加速行動網路的發展，並圍繞這些產品完善寬頻網路。這就是我們的戰略，不會改變。

And in terms of EBITDA, that we are -- we like our -- the recurring revenue aspect of the connectivity business, we like the margins that, that contributes towards. We're very focused on taking out the transactions that cause customer noise. And so focusing on digital, focusing on things like self-install kits, those -- all the things that we've been talking about will continue. So I feel very good about our position in the marketplace. So there's a lot of upside still in broadband, feel good about mobile and business services.

就 EBITDA 而言，我們非常看好連結業務的經常性收入，以及它所帶來的利潤率。我們致力於剔除那些會造成客戶困擾的交易。因此，我們將繼續專注於數位化，例如自助安裝套件等——所有這些我們一直在討論的方面。所以我對我們在市場上的地位感到非常滿意。寬頻領域仍然有很大的成長空間，我對行動和商業服務也充滿信心。

Jessica, this is Dana, following up from Dave's side. From the Sky angle, we're really, really happy with the fundamentals of the business. I think Q1 -- our Q1 results demonstrate the position that we're in, subscriber numbers the best, in fact, quarter 1 in about 6 years, churn is down, revenue is up. All of the fundamental factors of the business position us well to exit COVID.

潔西卡，我是達娜，代表戴夫跟進。從天空電視台的角度來看，我們對公司的基本面非常滿意。我認為第一季－我們第一季的業績充分體現了我們目前的處境：用戶數創下近六年來的最高紀錄，用戶流失率下降，收入成長。所有這些基本因素都讓我們能夠更好地應對新冠疫情帶來的影響。

To be more specific on your question in regards to where do we see the most leverage, if I had to boil it down, I would say the U.K. The U.K. is in an extraordinary position for growth. We've got a very diverse revenue base with DTH having its best performance in Q1 in 6 years. Streaming is going well. Mobile is going very well. Broadband is growing well with a lot of innovation potential. And so I think what we see in the U.K. is a lot of growth left in that business and a really solid business to build upon in the rest of the portfolio.

更具體地說明您關於「哪裡最具槓桿效應」的問題，如果非要我概括的話，我會說是英國。英國的成長潛力巨大。我們的收入來源非常多元化，其中直播衛星電視（DTH）在第一季的表現創下了六年來的新高。串流媒體業務發展良好。行動業務更是蓬勃發展。寬頻業務也在穩定成長，並蘊藏著巨大的創新潛力。因此，我認為英國市場仍有很大的成長空間，而且其業務基礎非常穩固，可以以此為基礎，在其他業務領域進一步拓展。

Jessica, this is Jeff. So there's a lot of different places I could pick and choose from across NBCUniversal, but let me just talk about 2 big points of leverage that I'm excited about. I think, first of all, as we've talked about in previous calls, we really adjusted our cost base across the entire company during the pandemic. We didn't do this just to cut cost. We obviously looked at where the business was going and changed our organization, particularly on the TV side. But I'm excited about the business being -- kind of adjusting the new cost base. And as we grow revenue side, that's going to help.

潔西卡，我是傑夫。 NBC環球有很多方面值得探討，但我只想重點談談我非常看好的兩個方面。首先，正如我們先前電話會議中所提到的，疫情期間我們對整個公司的成本結構進行了調整。我們這樣做並非僅僅為了削減成本。我們顯然是著眼於業務發展方向，並調整了組織架構，尤其是在電視業務方面。我很高興看到公司正在調整新的成本結構。隨著收入的成長，這將對我們大有裨益。

And then the obvious other one that really was affected and has been affected during the pandemic is our Parks business, which normally is a really, really great business. But obviously, during a pandemic when you're closed, it's not a good business. It's going to be choppy getting open again as things surge and come back and so forth, but it's hard not to get excited about our Parks business. The demand is there. We're seeing it in Orlando. We have no international travel yet, which is a significant part of the business. And we still are hitting capacity, the capacity we've set for ourselves based on safety protocols every day. Just reopened Hollywood, and we're seeing the same thing in Hollywood. Japan is obviously going back and forth, but we're excited long term about that park and then Beijing coming.

當然，疫情期間受影響最大的另一個顯而易見的業務就是我們的主題樂園業務，這通常是一個非常非常好的業務。但很顯然，在疫情期間，公園關閉，生意肯定不好。隨著疫情反复，重新開放的過程可能會比較艱難，但我們很難不對主題樂園業務感到興奮。需求依然存在。我們在奧蘭多就看到了這一點。我們目前還沒有國際旅行，而國際旅行是我們業務的重要組成部分。即便如此，我們每天仍然能夠達到我們根據安全規程設定的客流量上限。好萊塢主題樂園剛剛重新開放，我們也看到了同樣的情況。日本的情況顯然在反覆變化，但我們對日本主題樂園以及即將開放的北京主題樂園的長期前景感到興奮。

And the other thing that's happened during the pandemic is we've continued to build attractions. So we are hitting the return of the market with some pretty exciting attractions in each of our parks. We have Nintendo, which we think is one of the great attractions that we've ever built in Japan, will come in Beijing as well. We have, out in Los Angeles, our new Pets attraction. We're getting stellar reviews, and people love it.

疫情期間，我們也持續開發新的遊樂設施。因此，隨著市場復甦，我們每個樂園都推出了一些非常精彩的遊樂項目。例如任天堂主題樂園，我們認為這是我們在日本建造過的最棒的遊樂設施之一，它也將登陸北京。在洛杉磯，我們推出了全新的寵物主題樂園，反應極佳，深受遊客喜愛。

And then most excitingly to me, we have a new rollercoaster in Orlando called the VelociCoaster, a Jurassic rollercoaster, which I rode a couple of weeks ago. It is both spectacular and petrifying. And I think when we open that to the public in June, it's going to be another driver for our business. So I'm very excited about the Parks business, and it's the one business that's going to come back really strongly from the depths of the pandemic.

最令我興奮的是，奧蘭多新開了一座名為「迅猛龍過山車」（VelociCoaster）的侏羅紀主題過山車，我幾週前剛體驗過。它既壯觀又驚險。我認為，六月正式開幕後，它將成為我們業務的另一個成長動力。所以我對主題樂園業務充滿信心，它也是唯一一個能夠從疫情低谷中強勁復甦的產業。

And maybe -- it's Mike. I'll just jump in after the -- and put it all together because I think the ultimate question was, what happens with free cash flow over time? What's our confidence? And I think as we've been saying pre-COVID for a couple of years in my tenure, we've been investing in each -- we love our businesses. We've been investing so they stay relevant and strong years into the future. And while free cash flow is always lumpy as you're in different periods of time, we've been confident that we are going to grow free cash flow in the years ahead on a multiyear basis.

或許——是麥克。我稍後會插話——把所有內容整合起來，因為我認為最終的問題是，自由現金流會如何隨時間變化？我們的信心如何？我認為，正如我在疫情前幾年一直強調的那樣，我們一直在投資每一項業務——我們熱愛我們的業務。我們一直在投資，以確保它們在未來幾年保持競爭力並保持強勁勢頭。雖然自由現金流在不同的時期總是會有波動，但我們一直有信心在未來幾年內實現自由現金流的持續成長。

COVID got in the way, obviously, of that story, but that's, as you recall, what we felt pre-COVID. And I continue to feel that way as we sit here now. And as everybody just chimed in, I think we see the light at the end of the tunnel of COVID. And all of the earnings power of our businesses that we felt were there before COVID, I think these results say that they're still there and perhaps then some.

顯然，新冠疫情打亂了我們原本的計劃，但正如你所知，這正是我們在疫情爆發前所感受到的。而現在，我依然如此認為。正如大家剛才所說，我認為我們已經看到了疫情隧道盡頭的曙光。疫情爆發前我們企業所擁有的所有獲利能力，我認為這些業績表明，它們仍然存在，甚至可能更強。

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

你的下一個問題來自瑞士信貸的道格·米切爾森。

I guess I don't -- maybe these are 2 quick ones. But Dave, on your side, the new wireless pricing, does that suggest another investment round in wireless? Or would you just look at that as consistent with the focus on trying to drive share there? Ultimately, what's the wireless strategy? And what are you hoping the new pricing levels to accomplish?

我想我不太清楚——也許這兩個問題可以很快回答。不過戴夫，就你們而言，新的無線定價是否意味著無線業務將迎來新一輪融資？還是你認為這只是你們專注於提升無線市場佔有率的舉措？歸根究底，你們的無線策略是什麼？你們希望新的定價策略達到什麼目的？

And Jeff, just path for Peacock monetization with engagement coming in double expectations. My guess is you haven't seen much difference relative to your revenue expectations because of the limits on advertising. Can you just remind us when does that advertising inventory get opened up to new advertisers? And how will Peacock monetization progress from here?

傑夫，Peacock 的用戶參與度達到了預期的兩倍，這為它的獲利模式指明了方向。我猜想，由於廣告投放的限制，你目前的收入與預期並沒有太大差異。你能提醒我們一下，這些廣告位何時會開放給新的廣告主嗎？ Peacock 的獲利模式未來又將如何發展？

Doug, this is Dave. I'll start. So our wireless strategy has been very consistent also. And the new unlimited plans are an opportunity for us to improve that value proposition, still have By the Gig, now introducing unlimited, I don't -- it's not going to be a material shift in investment side. There'll be some, but not material. It's just a great addition to the portfolio.

道格，我是戴夫，我先來。我們的無線策略一直非常穩定。新的無限流量套餐讓我們有機會提升價值主張，我們仍然提供按流量計費的模式，現在又推出了無限流量套餐，我認為這不會對投資方面造成實質性的影響。會有一些調整，但不會很大。這只是對我們產品組合的一個很好的補充。

And this -- we've talked about it, it was important for us to accelerate. We think it's good for broadband. It is helping broadband. We see the results in terms of churn, and it's just a growth engine for us, period. So really happy about the 278,000 lines, the most line additions in a quarter since we launched. It grew revenue 50%, achieved profitability. So we're focused across the board in terms of everything that we said we wanted to do, and this is one piece of it.

這一點——我們之前也討論過——對我們來說，加速發展至關重要。我們認為這對寬頻發展有利，而且確實在推動寬頻發展。我們已經從用戶流失率方面看到了成效，它對我們來說就是一個強勁的成長引擎。所以，我們對新增27.8萬條線路感到非常高興，這是我們自推出服務以來單季新增線路數量最多的一次。它使收入增長了50%，並實現了盈利。因此，我們正全力以赴地推進我們先前承諾的所有目標，而這只是其中的一部分。

So focusing on every sales channel, and this is just going to be consistent with our approach. You'll probably see a bit more packaging with broadband and mobile, but that's not really different than anything that we've been talking about doing. So it's off -- it's early with the unlimited stuff, but it's -- we're very encouraged. And -- but we like our complete suite of products that we have in the marketplace.

所以，我們會關注所有銷售管道，這與我們一貫的策略是一致的。您可能會看到寬頻和行動套餐的組合銷售有所增加，但這與我們之前討論過的任何計劃並無本質區別。無限流量套餐目前還處於早期階段，但我們對此感到非常鼓舞。而且，我們對目前市面上的全套產品組合非常滿意。

Doug, this is Jeff. So let me just take the opportunity with your question to maybe spend a minute or 2 on Peacock and just provide a little bit more granularity and how we're doing more broadly than your question.

道格，我是傑夫。我想藉此機會，花一兩分鐘時間談談Peacock，更詳細地介紹一下我們目前的整體情況，而不僅僅是回答你的問題。

So first of all, we are very pleased with our steady growth on Peacock, and we're particularly pleased that we chose this business model, which is an ad-supported AVOD model for the business. It was the right decision to pursue that clearly for our company. Our revenue in that model is a mix of both subscription revenue and ad revenue. And if you actually break down what drives the ad revenue in the future, it's really 4 things we track. The first thing is sign-ups. I think Brian mentioned in his opening that we reached 42 million sign-ups. This is up 9 million from last quarter. And we're very pleased not just with that growth, but with the steady growth in that over time as we've added things.

首先，我們對Peacock的穩定成長感到非常滿意，尤其慶幸當初選擇了這種廣告支援的AVOD（廣告支援的視訊點播）模式。顯然，這對我們公司來說是正確的決定。在這種模式下，我們的收入由訂閱收入和廣告收入組成。如果深入分析未來廣告收入的驅動因素，我們會發現主要有四點需要關注。首先是註冊用戶數。我記得Brian在開場白中提到，我們的註冊用戶數達到了4,200萬，比上一季增加了900萬。我們不僅對這一成長感到滿意，更對隨著我們不斷增加新內容，註冊用戶數持續穩定成長感到欣慰。

The second metric is how many of those people who sign up use the service on a regular basis. We internally use a metric known as MAAs, which I think others in the industry also use, monthly active accounts. That's how many households actually use it monthly. It's either -- to be granular, it's either somebody who pays -- a household that pays a great subscription fee or somebody who uses it monthly. And by that basis, roughly 1/3 of our sign-ups are, by our metrics, MAAs. And that -- to put that into context, that is about 1/3 of where Hulu is today. We've only been national for less than a year, Hulu has been 13 years.

第二個指標是註冊用戶中有多少人會定期使用我們的服務。我們內部使用一個名為「每月活躍帳戶數」（MAA）的指標，我認為業內其他公司也在使用這個指標。它代表每月實際使用該服務的家庭數量。更具體地說，要么是付費用戶——支付高額訂閱費的家庭，要么是每月定期使用該服務的用戶。根據我們的指標，大約三分之一的註冊用戶是每月活躍帳戶數。為了便於理解，這大約相當於Hulu目前規模的三分之一。我們面向全國提供服務還不到一年，而Hulu已經運作了13年。

So we're very pleased with how that's grown steadily. And MAAs, the way we track them, actually kind of understate the engagement because there are many people who use it, but just not enough to be an MAA. If you actually made a quarterly assumption, then we'd be up to another 10 million above that number. So one of the upsides for us is converting those non-MAA sign-ups to MAAs, which we think we'll do over time.

所以，我們對用戶數量的穩定成長非常滿意。我們目前追蹤的MAA用戶數量實際上低估了實際參與度，因為雖然有很多用戶在使用，但人數還不足以成為MAA用戶。如果按季度計算，那麼實際用戶數量應該比這個數字高出1000萬。因此，對我們來說，一個優勢在於可以將那些非MAA註冊用戶轉化為MAA用戶，我們相信隨著時間的推移，我們能夠實現這一目標。

The third metric is usage, which is very strong, double our projections. And to put that in context, the peak -- an average Peacock MAA is using Peacock more than an average TV viewer is watching NBC. So we're very pleased with that.

第三項指標是使用率，表現非常強勁，是我們預期值的兩倍。為了更直觀地說明這一點，我們不妨看看峰值數據——Peacock MAA 的平均使用時間甚至超過了普通電視觀眾觀看 NBC 的時間。因此，我們對此非常滿意。

And then finally, how do we monetize those users and usage is the CPM, which gets to your question, we set out, as you mentioned, in the sponsorship model. So the vast majority of our revenue coming out was set up by 10 charter advertisers. But we actually are exceeding the guarantees that we made to those advertisers. So we are already, even this quarter, selling some of the excess inventory on a spot basis. And we're achieving CPMs that are equal or, in some cases, above what we're getting on NBC prime, which is our gold standard. That's very encouraging.

最後，如何實現使用者和使用量變現？關鍵在於每千次展示成本 (CPM)，這正好回答了您的問題。正如您所提到的，我們在贊助模式中已經實現了這一點。因此，我們絕大部分的收入都來自10家創始廣告商。但實際上，我們已經超過了對這些廣告商的承諾。即使在本季度，我們也已經開始以現貨形式出售部分剩餘廣告位。而且，我們的CPM已經達到甚至在某些情況下超過了我們在NBC黃金時段的CPM，而NBC黃金時段是我們衡量廣告效果的黃金標準。這非常令人鼓舞。

And to answer your question, in Q4 of this year, that's when the sponsorship deals roll off and we start selling all of our inventory on a spot basis, but we're in early stages of the upfront right now. So we're already starting to talk to advertisers about making upfront commitments that include Peacock.

至於你的問題，今年第四季贊助協議到期後，我們將開始以單次投放的方式出售所有廣告位，但目前我們正處於預售的早期階段。所以我們已經開始與廣告商洽談，討論包含Peacock在內的預售事宜。

Let me just mention one other thing. All of this success is without most of the programming that we anticipated. We anticipated launching with the Olympics. We have not had -- we have 2 Olympics in the next 7 months. We're going to do some pretty exciting things on Peacock with our Olympics programming. And then even though we're back in production, as Mike mentioned or Brian mentioned on 30 shows right now, most of those have not hit Peacock yet. So the strength of our original programming that we have planned to launch with is really coming in future quarters. So very encouraged by Peacock going forward, very steady growth so far, and we're confident about the future.

我還要補充一點。所有這些成功都是在沒有推出我們預期的大部分節目的情況下取得的。我們原本計劃在奧運期間上線Peacock平台。但實際上，未來7個月內我們將迎來兩屆奧運。我們將利用奧運節目在Peacock上推出一些非常精彩的內容。此外，儘管我們已經恢復製作，正如Mike或Brian提到的，目前有30個節目正在製作中，但其中大部分尚未在Peacock上線。因此，我們原計劃推出的原創節目的強大實力將在未來幾季逐步展現。我們對Peacock的未來充滿信心，目前為止，Peacock的成長非常穩定。

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

你的下一個問題來自摩根士丹利的 Ben Swinburne。

One on Cable, one on Sky. Maybe for Dave or Dave and Brian, thank you for the comments in the prepared remarks on the network. As you know, there's a lot of focus on symmetric offers, particularly in Washington. And I'm just wondering, from a business point of view, do you think there's real demand there? And what kind of time line should we be thinking about in terms of adding that capability or more of that capability to your network? And can you talk a little bit about what that might mean for capital intensity, which I'm sure is what most investors are focused on?

一個在有線電視上，一個在天空電視台。或許可以問問戴夫或戴夫和布萊恩，感謝你們在事先準備好的演講稿中對電視台的評價。如你所知，目前大家都很關注對稱式服務，尤其是在華盛頓。我想從商業角度來探討一下，你們認為這方面真的有需求嗎？在你們的電視台增加這項服務或更多類似服務方面，我們應該考慮怎樣的時間表？你們能否談談這會對資本密集度產生什麼影響？我相信這才是大多數投資者真正關注的。

And then for Dana, there's been an unbelievable amount of kind of tectonic shifts in the European sports landscape just this year. And you mentioned Sky -- Serie A. Can you just put all this in context? When you look at the Bundesliga deal, what we're reading about with the EPL, Serie A, is this helpful to Sky hitting its EBITDA targets of doubling over time? Or is this a headwind? Can you maybe just -- because these are obviously massive contracts. Could you just talk a little bit about the soccer background? That would be great for all of us.

對達娜來說，今年歐洲體育格局發生了翻天覆地的變化，簡直令人難以置信。你提到了天空電視台和義甲。你能把這一切放在一起分析嗎？看看天空電視台與德甲聯賽的合作，以及我們目前了解到的英超和意甲聯賽的情況，這對天空電視台實現其EBITDA翻倍的目標有幫助嗎？還是會成為一種阻力？鑑於這些合約金額龐大，你能不能簡單談談足球方面的背景？這對我們所有人都有好處。

Dave, why don't you talk a little bit about symmetrical?

戴夫，你為什麼不談對稱呢？

Sure. Ben, so this is a focus for us over the next several years. But overall, our approach, our strategy is to continue to enhance broadband completely in that you want to have the best overall speeds in the marketplace that go from to the house or the business, great Wi-Fi coverage within where people are, control streaming, now mobile is part of the overall solution and making it all seamless. So it's the overall experience that we're focusing on, but we continue to improve speeds along the way. 20 years in a row, constant increases in terms of speeds. And we address both downstream and upstream.

當然。本，這確實是我們未來幾年的重點。但總的來說，我們的策略是持續全面提升寬頻體驗，力求在市場上提供最佳的整體網速，無論是家庭還是企業，都能覆蓋到用戶所在區域，提供出色的Wi-Fi覆蓋，控制串流媒體播放，現在行動網路也已成為整體解決方案的一部分，我們將所有功能無縫銜接。因此，我們關注的是整體使用者體驗，同時也會持續提升網速。 20年來，我們的網速一直在穩定提升。我們同時關注下行和上行速度。

Let me put usage in perspective in terms of what we've seen pre-pandemic and most certainly through the pandemic where our network met the moment and then some. But putting usage in perspective, upstream is less than 1/10 of downstream. And so name the application, whether it's video streaming, whether it's gaming, host of education applications, our network has, I think, really stood up and as Brian talked about earlier.

讓我從疫情前以及疫情期間（我們的網路不僅應對了疫情，而且表現遠超預期）的使用情況來談談網路使用情況。但從使用情況來看，上行流量不到下行流量的十分之一。所以，無論是什麼應用，無論是視訊串流、遊戲還是各種教育應用，我認為我們的網路都表現出色，正如布萊恩之前提到的那樣。

And so while our competitors are spending heavily to try to catch up to us, we've already -- they're testing, we're not standing still. We've done 2 gigabits of download speed. We're testing symmetrical 1 gig. And so we have an architecture that I think is going to continue to put us in position to do it in an effective and a very efficient, capital-efficient way. So again, not standing still. So we feel very good about the long-term architecture because of DOCSIS. DOCSIS 3.1 that we have is a very -- is a strong road map that we can deliver.

因此，當我們的競爭對手投入巨資試圖追趕我們時，我們已經——他們還在測試，而我們並沒有停滯不前。我們已經實現了 2 Gbps 的下載速度。我們正在測試對稱 1 Gbps 的速度。我認為，我們擁有的架構將使我們能夠以高效且極具成本效益的方式持續發展。所以，我們並沒有停滯不前。我們對長期架構充滿信心，這得益於 DOCSIS。我們擁有的 DOCSIS 3.1 是一個非常強大的路線圖，我們能夠實現它。

And so right now, as we sit here, we have 1.2 gigabits deployed throughout our entire footprint. We've increased the upstream speed. And so over time, I think we can address symmetrical issues. But in the near term, the midterm, we are in a very good position. And I do not see an incremental need for upgrade in terms of capital. We constantly invest in the network. This is not something that just happened overnight. We invest all the time. And we're making our infrastructure more efficient as we virtualize things like CMTSs, and we're just taking cost out of how we deliver this. Couple that with the great DOCSIS standard, I think we're in a pretty good position.

所以現在，我們整個網路覆蓋範圍內已經部署了 1.2 Gbps 的頻寬。我們提高了上行速度。如此，我認為隨著時間的推移，我們可以解決對稱性問題。但在短期和中期內，我們的狀況非常良好。我認為在資金方面，我們不需要進行額外的升級。我們一直在持續投資網絡建設。這並非一朝一夕之功。我們一直在投入。透過虛擬化 CMTS 等設備，我們持續提高基礎架構效率，降低交付成本。再加上優秀的 DOCSIS 標準，我認為我們目前處於非常有利的地位。

So broadband, commercial and residential is growing. It's a great business. We're going to continue to strengthen our lead position. And I think it's going to continue to be a great return on investment for us. And if we decide to accelerate our plans, our CapEx intensity might be a little bit higher 1 year versus the other. But we're still going to be in the ballpark of what we've been doing, and it's just not going to be uptick by a material amount. So I feel very good about our position, and I really like our long-term road map.

所以，寬頻業務，無論是商業還是住宅，都在成長。這是一個前景廣闊的行業。我們將繼續鞏固我們的領先地位。我認為這將繼續為我們帶來豐厚的回報。如果我們決定加快發展計劃，那麼未來一年的資本支出強度可能會略高於前一年。但我們仍然會保持目前的水平，但增幅不會很大。因此，我對我們目前的狀況非常有信心，也非常看好我們的長期發展規劃。

And Ben, this is Dana. Good morning and thanks very much for your question. There has certainly been a lot of noise around sports and football in Europe over the past 4 or 6 weeks. But if you put it all into context, what I would say is that Sky has had a very good track record of renewing sports rights, and we're generally feeling good that, that track record will continue. With English Premier League, at the last renewal, we made a deliberate choice to reduce our investment by 15%, but we still secured an improved set of rights. In Bundesliga, for the upcoming season, we continue to hold all of the rights to the very best games, but we were able to secure a discount to our previous contract. And the Serie A, I think it just demonstrates that we will walk away when we feel the economics don't work.

我是達娜，本，早安，非常感謝你的提問。過去四到六週，歐洲的體育和足球界確實有很多傳聞。但如果把所有資訊放在一起分析，我想說的是，天空電視台在續簽體育賽事轉播權方面一直有著非常良好的記錄，我們總體上對這一記錄的延續充滿信心。就英超聯賽而言，在上一次續約時，我們特意減少了15%的投資，但仍然獲得了更優的轉播權。在德甲聯賽，下個賽季我們將繼續擁有所有頂級賽事的轉播權，並且成功爭取到了比之前合約更低的價格。至於意甲聯賽，我認為這恰恰表明，當我們認為經濟效益不佳時，我們會果斷放棄。

I think more importantly and to broaden the periscope a bit, I would underscore that Sky has been on a journey for over 15 years to really expand our value proposition beyond sport, and that's worked extraordinarily well. And I think it comes through in the performance of the business. The fundamentals are in the right place. Our customers are taking more products and services. Our viewing is up significantly on Sky channels. Our churn is significantly lower. Sky streaming is growing considerably, and the aggregation platform is really working, as Brian mentioned, with 2/3 of customers in the U.K.

我認為更重要的是，為了更全面地探討這個問題，我想強調的是，Sky 在過去 15 年裡一直在努力拓展其價值主張，使其不再局限於體育領域，而且這項努力取得了巨大的成功。我認為這體現在公司的業績上。公司的基本面已經走在正確的軌道上。我們的客戶正在購買更多產品和服務。 Sky 頻道的收視率顯著提升。客戶流失率也顯著降低。 Sky 串流業務正在快速成長，正如 Brian 所提到的，聚合平台也發揮了重要作用，在英國，我們擁有三分之二的客戶。

So I think we feel very, very comfortable that the business fundamentals are very well positioned across all of our markets. We really like the position that we're in, and we feel confident we can continue to build and grow on these fundamentals.

因此，我認為我們對公司在所有市場的業務基本面都非常有信心，它們都處於非常有利的地位。我們非常滿意目前的狀況，並且有信心能夠在此基礎上繼續發展壯大。

So I think the core of your question is, do we remain confident in our ambition to double the EBITDA over the next several years? And I would say, yes, we do remain confident in that ambition, and I would say that's based on confidence in a range of factors: strong bounce back that we're already seeing after the effects of COVID, our ability to continue to use the retail engine to drive the customer base and reduce churn through aggregation and our strategy for multiservice bundles, a very good disciplined cost focus. The team is executing very well. Secure content supply, and then really a diversification of that to our expansion into originals and exclusives has worked very well. And we still see a lot of strength in the U.K. growth opportunities. So all of that gives me a lot of confidence to say we're on track for our ambition of doubling EBITDA over the next several years. Thanks.

所以，我認為您問題的核心是，我們是否仍有信心在未來幾年內實現 EBITDA 翻倍的目標？我的回答是，是的，我們仍然有信心實現這一目標。這種信心源於一系列因素：我們已經看到新冠疫情影響後的強勁反彈；我們能夠繼續利用零售引擎來拓展客戶群，並透過聚合和多服務捆綁策略降低客戶流失率；以及我們嚴格控製成本。團隊的執行力非常出色。內容供應穩定，我們成功地將內容多元化，拓展到原創和獨家內容領域。我們仍然看到英國市場蘊藏著巨大的成長潛力。因此，所有這些因素都讓我非常有信心，我們正朝著未來幾年 EBITDA 翻番的目標穩步前進。謝謝。

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。

I guess a couple of follow-ups here. Brian, as Ben said, thanks for the detail on broadband. Clearly, it's not just about speed. It's interesting that when the market is worried about competition, you guys are raising the bar on yourself for adds. What's the mix of drivers that you see between strong market growth and share shifting?

我想這裡還有幾個後續問題。布萊恩，正如本所說，感謝你詳細介紹寬頻。顯然，這不僅僅是速度的問題。有趣的是，當市場擔憂競爭時，你們卻在廣告方面不斷提高標準。你們認為推動市場強勁成長和市佔率轉移的因素有哪些？

And then second, on mobile, it looks like you're hiring a lot of people in that business, probably getting ready for a network build. Can you expand on where that network effort is headed?

其次，在行動端方面，你們似乎正在大量招募員工，可能是在為建立網路做準備。能否詳細介紹一下這項網路建設的計畫方向？

So let me start. Dave, why don't you also feel free to jump in on -- I think Dave gave pretty complete answers on broadband. We do believe that by having the best product, and I think we have that, you're in the enviable position. And so we balance, constantly looking at new technologies where competitors might be coming. Over the last, I don't know, 15 years we've had lots and lots of fiber competition. We've had lots of overbuild competition, DSL competition. We've added 20 million broadband just in over a consistent period of time.

那麼，我先來。戴夫，你也來補充一下——我覺得戴夫對寬頻的回答已經很全面了。我們堅信，擁有最好的產品（我認為我們確實擁有最好的產品），就能讓我們處於非常有利的地位。因此，我們會持續關注新技術，以及競爭對手可能出現的領域，從而保持平衡。在過去的十五年裡，我們經歷了大量的光纖競爭，也經歷了大量的線路擴建競爭和DSL競爭。在這段時間裡，我們新增了兩千萬寬頻用戶。

And so I think we know how to compete. We go for market share, and we do that while we're able to increase the EBITDA and free cash flow from the business. We really focused on the business sector, haven't talked a lot about that today. They had a great quarter and real momentum. As all businesses are reopening, people are rethinking their relationships, and we have the latest, greatest, best technology. And you'll be hearing a lot more, I think, from our business services unit.

所以我覺得我們知道如何競爭。我們追求市場份額，同時也要提高業務的息稅折舊攤提前利潤（EBITDA）和自由現金流。我們今天主要專注於企業服務領域，但還沒怎麼談到這方面。他們上個季度業績出色，發展勢頭強勁。隨著各行各業陸續復工復產，人們開始重新思考彼此之間的關係，而我們擁有最新、最先進的技術。我想，你們很快就會聽到更多關於我們企業服務部門的消息。

In wireless, just to add to all the points Dave made about our focus on mobile, while, yes, we bought some spectrum and we'll be doing some trials to see how we can offload, and that really will prove to be a cost savings if we get it right in dense areas. That whole relationship requires a healthy partnership with a wireless MNO. And in the case of Verizon, we were really pleased with the partnership. We restructured it so that we're able to make these unlimited offerings in a way that continues our profitability march and real value for consumers and in a way that Verizon is happy that their network is getting used.

在無線通訊方面，正如戴夫所說，我們專注於行動業務。沒錯，我們確實購買了一些頻譜，並且會進行一些試驗來探索如何進行流量分流。如果我們能在人口密集區域成功實現這一點，確實可以節省成本。這一切都需要與無線行動網路營運商（MNO）建立健康的合作關係。就與Verizon的合作而言，我們非常滿意。我們調整了合作模式，以便能夠以既能持續盈利又能為消費者創造真正價值的方式提供無限流量套餐，同時也能讓Verizon樂於看到他們的網絡得到充分利用。

So good work to our team that worked hard and to Verizon's team who are bringing great new offerings to the market with Xfinity mobile. So net-net, I think both of those important 2 products, and we now bundle them together, put us in a position to continue to grow and be able to compete with where the world evolves itself.

所以，我要感謝我們團隊的辛勤付出，也要感謝Verizon團隊，他們透過Xfinity行動服務為市場帶來了卓越的新產品。總而言之，我認為這兩款重要的產品，現在我們將它們捆綁在一起，使我們能夠繼續發展壯大，並在世界不斷變化的環境中保持競爭力。

Your next question will come from the line of Craig Moffett with MoffettNathanson.

你的下一個問題將來自 Craig Moffett 和 MoffettNathanson 的行列。

A question for Dave, if I could, and 2 actually. First, can you talk about how your Cable segment is preparing for federal stimulus? And how you think that -- what impact that's likely to have on your business? Can you quantify at all what you expect to come from stimulus, including how many Essentials customers you have and whether you expect those customers to now generate higher ARPU under the stimulus plan?

如果可以的話，我想問Dave兩個問題。首先，您能否談談您的有線電視業務部門是如何應對聯邦刺激計劃的？您認為這會對您的業務產生什麼影響？您能否量化您預期刺激方案會帶來哪些影響，包括您有多少基本服務用戶，以及您是否預期這些用戶在刺激方案下會產生更高的每位用戶平均收入（ARPU）？

And then on the wireless business, I just want to drill down on a question that was asked before. With the new pricing, do you think that you can still be EBITDA positive in that business even with the new pricing, which presumably will mean at least somewhat lower ARPU going forward?

關於無線業務，我想深入探討一下之前有人問過的問題。在新定價策略下，您認為即使價格上漲，該業務的 EBITDA 還能為正嗎？畢竟，新的定價策略預計至少會略微降低 ARPU 值。

Well, thank you, Craig. So first, on stimulus, the -- there probably will be some non-pay benefit and that we -- there are a couple of different ways that could play out, but our voluntary churn and non-pay churn have been consistently been running low for the past year and had been trending lower pre-pandemic. So our earlier churn performance was regardless of when stimulus checks were received, but could be some -- a little bit of additional support around that. But I think you have to look at the longer-term trends. Our performance overall reflects what we've been talking about. We're building a great network and improving the products constantly. So I think there could be just a little bit of non-pay support. But again, we're already doing fairly well there.

好的，謝謝克雷格。首先，關於刺激計劃，可能會有一些非工資方面的優惠，這方面可能會有幾種不同的情況，但過去一年我們的自願離職率和非工資離職率一直很低，而且在疫情爆發前就呈下降趨勢。所以，我們之前的離職率表現與何時收到刺激支票無關，但可能會有一些額外的支持。但我認為必須著眼於長期趨勢。我們的整體業績反映了我們一直在談論的內容。我們正在建立一個強大的網絡，並不斷改進產品。所以我認為可能會有一些非工資方面的支持。但再次強調，我們在這方面已經做得相當好了。

In regards to wireless, I think in terms of EBITDA, the new pricing, yes, the way that we think about this, it's a long-term growth opportunity, certainly, for broadband. We've talked about it. But when you look at the overall marketplace, you feel -- we feel good about that we're -- we have a little over 3 million lines, less than 2 million customer relationships, mobile relationships out of a pool of 33 million customer relationships. So low penetration, lots of runway. So we always -- and take a look at any of our approaches to key categories, we take a very disciplined approach towards packaging and improving value.

就無線業務而言，我認為從 EBITDA 和新定價的角度來看，這無疑是一個長期的成長機會，尤其對於寬頻業務而言。我們之前也討論過這個問題。但從整體市場來看，我們——我們對此感到滿意——目前擁有略超過 300 萬條線路，不到 200 萬個客戶關係，而我們的客戶總數高達 3,300 萬條。因此，市場滲透率較低，發展空間龐大。所以，我們始終－看看我們對任何關鍵品類的策略，我們都採取非常嚴謹的方式來整合資源並提升價值。

And so, yes, we feel very good about unlimited as part of the portfolio and not changing the strategy or materially the results in terms of ARPU and mobile and the impact towards EBITDA. So overall, again, Brian mentioned it, we really appreciate the Verizon relationship. It's important for us. And I think we're good for them, very good for them. And it's -- so it's a good win-win for us to be able to add this new set of unlimited to an already strong portfolio. So feel good about our ability to continue to drive healthy EBITDA with it.

所以，是的，我們對將無限流量套餐納入產品組合感到非常滿意，並且認為這不會改變我們的策略，也不會對ARPU、行動業務以及EBITDA的影響產生實質影響。總而言之，正如Brian所提到的，我們非常重視與Verizon的合作關係。這對我們來說至關重要。而且我認為我們對他們來說也是好事，非常好。因此，能夠將這套新的無限流量套餐添加到我們原本就很強大的產品組合中，對我們來說是一個雙贏的局面。所以我們有信心能夠繼續透過這項服務實現健康的EBITDA成長。

Your next question will come from the line of John Hodulik with UBS.

你的下一個問題將來自瑞銀集團的約翰·霍杜利克。

A couple of follow-ups for Jeff. Jeff, lots of news in terms of sports rights in the U.S. as well with you guys adding WWE and the NFL deal and not renewing NHL and the shutdown of the NBC Sports Net. So can you talk about your strategy going forward and maybe what were some of the drivers of those decisions?

傑夫，還有幾個後續問題。傑夫，你們在美國體育轉播權方面也有很多新聞，例如你們拿下了WWE和NFL的轉播權，但不再續簽NHL的轉播權，以及關閉了NBC體育頻道。可以談談你們未來的策略嗎？以及做出這些決定的原因是什麼？

And then also back to Peacock, the big D2C platforms are obviously spending sort of multiples of what Peacock is on content. And what I realize, those are fundamentally different services. Should we expect the strategy to evolve over time with potentially further investment to capture growth and engagement? Or do you guys think you guys are fully capturing the opportunity at current levels?

再說回Peacock，那些大型D2C平台在內容上的投入顯然是Peacock的數倍。而且我意識到，這些平臺本質上是不同的服務。我們是否應該預期Peacock的策略會隨著時間推移而演變，並可能透過進一步投資來提升用戶成長和參與度？還是你們認為目前的投入水準已經充分掌握了機會？

Yes. Thanks, John. Let me take them in order. So first of all, we're really thrilled to continue our NFL relationship. That was an important one for us. The NFL really kind of encompasses what we want in sports rights. It is obviously very important for our traditional business, #1 show in prime time for over a decade. And with our Al and Cris and now Drew Brees and Mike Tirico and our talent, we're -- that is a very important tent-pole for our existing business.

是的，謝謝約翰。讓我按順序回答。首先，我們非常高興能持續與NFL合作。這對我們來說意義重大。 NFL的體育版權完全符合我們對體育賽事轉播權的期望。這對我們傳統的業務來說至關重要，畢竟它已經連續十多年穩居黃金時段收視率榜首。有了我們的艾爾·麥克唐納、克里斯·海姆斯沃斯，以及現在的德魯·布里斯、邁克·蒂里科和我們現有的人才，這無疑是我們現有業務的重要支柱。

At the same time, as the business evolves and moves to streaming and on-demand, that deal also gave us a lot of content that now we can use on Peacock and our other platforms, whether it's simulcast of games and exclusive games or additional rights to show highlights and other footage. It's really the perfect deal with the premier sport in the U.S. So that really is kind of our model. The Olympics is the same thing where we have rights to use content across multiple platforms. Same thing with golf, which is an important tent-pole for us.

同時，隨著業務發展並轉向串流媒體和點播，這項協議也為我們帶來了大量內容，現在我們可以在Peacock和其他平台上使用，無論是比賽的同步直播、獨家賽事，還是播放精彩集錦和其他片段的額外版權。這筆交易堪稱完美，因為它與美國最重要的體育賽事——奧運——有著密切的聯繫。這正是我們的模式。奧運也是如此，我們擁有在多個平台上使用相關內容的版權。高爾夫也是如此，它是我們重要的支柱項目。

And we'll continue to be aggressive and look for sports that not only we can get for a price that we think we can get a return on, but also properties where we can drive usage, both linear and digital. And WWE is kind of the perfect one on that where we were able to take a franchise that was already important to us on USA and our linear networks and extended across in the Peacock in a way that's been very successful. So we're thrilled with our portfolio now. We'll continue to be opportunistic. We'll find opportunities that match all those things.

我們將繼續保持積極進取的態度，尋找那些不僅價格合理、能夠帶來回報，而且能夠有效提升用戶使用率（包括傳統電視和數位平台）的體育賽事。 WWE 正是我們夢寐以求的理想之選。我們成功地將這個原本就對我們USA電視台和傳統電視網絡至關重要的品牌，拓展到了Peacock串流平台，並取得了巨大的成功。因此，我們對目前的投資組合非常滿意。我們將繼續抓住機遇，尋找符合所有這些條件的良機。

Turning to Peacock spending, I think it's important to recognize that we really have -- and Mark Lazarus has laid this out pretty well. We want to build our television business to match what consumers are doing. Consumers are watching content across a variety of different platforms, not just linear, not just streaming, but lots of different ways. And our spending really should be looked at in that context, not just what we're discretely spending on Peacock, but what we're spending across our whole portfolio. And when you look at that, we match up pretty well versus our competitors.

談到Peacock的支出，我認為必須認識到，我們確實——馬克·拉扎勒斯已經對此做了很好的闡述——希望我們的電視業務能夠與消費者的觀看習慣相匹配。消費者觀看內容的方式多種多樣，不僅限於傳統電視或串流媒體，而是涵蓋了許多其他平台。因此，我們應該在這個背景下審視我們的支出，不僅要關注我們在Peacock上的支出，還要關注我們在整個業務組合中的支出。從這個角度來看，我們與競爭對手相比，表現相當不錯。

And with Peacock, we actually don't, as I mentioned earlier, we don't even have the benefit of most of the spending that we had planned because of the production delays with COVID. So at the moment, we're pretty pleased with the content we have on Peacock and the content that's coming in future days. And as I said before, with the success of Peacock, and I think Brian mentioned in his opening, we have a lot of options going forward. And we'll continue to watch the way the world changes and how our product evolves, and we'll evaluate those options.

正如我之前提到的，由於新冠疫情導致的製作延誤，我們甚至無法像原計劃那樣投入大量資金用於Peacock平台。所以目前，我們對Peacock平台上的內容以及即將推出的內容都相當滿意。正如我之前所說，Peacock的成功，以及Brian在開場白中提到的，讓我們擁有了更多未來的選擇。我們將繼續關注世界的變化以及我們產品的演變，並對這些選擇進行評估。

Our final question comes from the line of Michael Rollins with Citi.

我們最後一個問題來自花旗銀行的麥可‧羅林斯。

Was curious if you could share how much of the programming spend within NBCU is exclusive to your platform, whether created by the studio, live sports, news? And where do you see that mix going over the next few years, especially as you look to expand the reach of the Peacock platform?

我想了解一下，NBCU的節目製作支出中，有多少是專門給你們平台的？包括工作室製作的節目、體育直播和新聞等。您認為未來幾年，尤其是在您們計劃擴大Peacock平台覆蓋範圍的情況下，這個比例會如何變化？

Yes, thanks. I would say, virtually, all of our programming -- the vast majority of our programming is exclusive. We -- that exclusivity of programming is very, very important to us. And it's not just the traditional exclusivity, whether it's an SNL or a drama, but it's the exclusivity of a Rachel Maddow every night on MSNBC or exclusivity of our various sports properties, most notably the Olympics. So exclusivity is critical when you look at programming, not just in NBC, but across some of the new digital platforms, too. I don't know if that answers your question, but virtually, all of our programming is.

是的，謝謝。我想說，我們幾乎所有的節目——絕大多數的節目——都是獨家播出的。節目的獨家性對我們來說非常非常重要。這不僅是指傳統的獨家播出，無論是《週六夜現場》還是電視劇，還包括每晚在MSNBC播出的瑞秋麥道（Rachel Maddow）節目的獨家性，以及我們各種體育賽事（尤其是奧運會）的獨家播出權。所以，獨家性對於節目製作至關重要，這不僅適用於NBC，也適用於一些新興的數位平台。我不知道這是否回答了你的問題，但實際上，我們所有的節目都是獨家播出的。

All right. Thanks, Mike, and I just want to thank all of you for joining us on our first quarter 2021 earnings call. We hope you all continue to stay healthy and safe.

好的。謝謝麥克，我也要感謝各位參加我們2021年第一季財報電話會議。希望大家都能繼續保持健康平安。

Thank you, everybody.

謝謝大家。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time. It will run through Thursday, May 6, at midnight Eastern Time. The dial-in number is (855) 859-2056, and the conference ID number is 5168008. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today.

今天電話會議的錄音回放將於美國東部時間中午12:00開始提供，持續到5月6日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為5168008。電話會議的錄音也將於今日美國東部時間下午12:30起在公司網站上提供。

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

今天的電話會議到此結束。感謝各位的參與。請各位斷開連接。