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.

女士們，先生們，早上好，歡迎參加康卡斯特 2021 年第一季度收益電話會議。此時，所有參與者都處於只聽模式。請注意，本次電話會議正在錄音中。

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

我現在將把電話轉給投資者關係高級副總裁 Marci Ryvicker 女士。請繼續，賴維克女士。

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

謝謝運營商，歡迎大家。加入我今天上午的電話會議的還有 Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Dana Strong。 Brian 和 Mike 將發表正式講話，而 Dave、Jeff 和 Dana 也將參加問答環節。

Let me now refer you to Slide 2, which contains our safe harbor disclaimer, 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.

現在讓我向您推薦幻燈片 2，其中包含我們的安全港免責聲明，並提醒您，本次電話會議可能包括受某些風險和不確定性影響的前瞻性陳述。此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。請參閱我們的 8-K 和趨勢時間表，了解這些非 GAAP 財務指標與 GAAP 的對賬情況。

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

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。布賴恩？

Thanks, Marci, and good morning, everyone. We 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，大家早上好。我們今年的開局當然很好。我們整個公司表現良好，我們在 Cable 再次取得特別強勁的業績，連續第三個季度實現兩位數的 EBITDA 增長，連續第九個季度實現兩位數的淨現金流增長。我們增加了 461,000 個寬帶客戶，推動了 380,000 個客戶關係的增加。這是有記錄以來最好的第一季度。

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.

我們的連接活動很健康，寬帶流失率連續第 13 個季度有所改善，達到了我們公司歷史上最低的流失率。我對本季度的業績和我們長期的增長記錄感到非常自豪，我相信這是在競爭激烈的市場中嚴格的投資、出色的創新和始終如一的執行的直接結果。

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.

今天早上，我想深入探討兩個領域：我們在美國的網絡的穩健性，以及更廣泛地說，我們如何定位自己以成功與替代供應商和技術競爭。在過去的十年中，我們花費了近 300 億美元來建設一個由 191,000 英里的路由組成的廣闊的光纖密集網絡，該網絡承載著巨大的流量，並在整個大流行期間表現出非凡的性能。

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.

在即將退休的首席技術官 Tony Werner 的領導下，我們始終如一地設計我們的網絡以預測變化。在 Comcast 的 15 多年裡，他幫助我們將我們轉變為產品和技術的創新者和領導者。托尼，我們謝謝你。

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.

查理赫林接替他的職位。本次電話會議中的許多人都熟悉查理。他幫助開發了改變遊戲規則的產品，包括擴展 X1，並且最近成功地重新定義了我們與客戶互動的方式，從而顯著提高了 NPS 分數並降低了運營成本。查理、戴夫和我有幸一起工作了 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 Dave 和 Tony 的帶領下，我們已經在全球招募了最優秀的工程人才，現在正作為一個全球技術團隊合作創建平台、應用程序和體驗，從而改變人們連接和消費娛樂的方式。我們已經完成了這一切，同時將網絡作為我們的第一要務。

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.

我們推出了同類產品中功能最強大的 xFi 高級網關。我們的最高用戶正在家庭中連接各種設備，並通過 Wi-Fi 同時流式傳輸多種服務。我們的 xFi Pod 與 Xfinity 網關集成，形成一個網狀網絡，最大限度地擴大 Wi-Fi 覆蓋範圍。您只需將其中一個 Pod 插入電源插座，即可在每個房間內獲得良好的覆蓋範圍。

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.

我們為客戶提供他們需要的東西，這遠遠超出了非凡的連接性和速度。 Xfinity 是唯一一家為家庭內外的監控設備提供高級安全性的寬帶提供商。我們還獨特地為我們的客戶提供了一個完整的家庭速度測試，並使父母能夠管理流媒體應用程序所花費的互聯網時間。

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.

這一切都得到了一個網絡的支持，該網絡旨在始終如一地提供最快的速度，並在未來表現出色，目前正在進行兩項主要舉措。首先是通過利用人工智能和機器學習來虛擬化我們的網絡。我們將曾經由數千個大型且昂貴的硬件執行的功能轉移到雲中，僅此一項就將創新周期從幾年縮短到幾個月。我們還實現了許多核心網絡功能的自動化，以便我們能夠提供即時容量，並在網絡問題影響客戶之前識別和修復它們。

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.

我們的第二個優先事項是進一步增強我們通過網絡提供寬帶產品的方式。我們目前使用我們的 DOCSIS 3.1 架構在我們的整個足跡中提供 1.2 gig 的下游速度，並且可以以一種資本有效的方式提高上游速度。我們在提供多千兆對稱速度方面取得了很大進展。

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.

在過去的 6 個月中，我們完成了路線圖上的 2 個重要里程碑。 10 月，我們成功進行了 1.25 gig 對稱速度的現場測試。本月早些時候，我們的工程師完成了 DOCSIS 4.0 的首次現場實驗室測試，這為我們在現有網絡上提供數千兆位速度奠定了基礎，而無需進行大規模的挖掘和建設項目。

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.

接下來讓我談談我們取得巨大成功的 Xfinity Mobile。在過去的這個季度，我們首次實現了單機盈虧平衡，新增了 278,000 條移動線路，這是自推出以來的最高季度新增量。我們剛剛宣布了一項新的無限家庭計劃，與其他競爭對手的家庭計劃相比，該計劃每年可節省 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.

現在讓我們轉向 Sky，儘管歐洲重新實施了封鎖，但它創造了收入增長，並實現了 6 年來最好的第一季度客戶關係淨增加。我對我們在英國的強勁表現感到特別鼓舞。不包括仍然關閉的酒吧和俱樂部，英國直接面向消費者的收入在 2020 年第一季度增長了 8%，相對於 2019 年增長了 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.

流失率繼續呈下降趨勢。我們在英國 2/3 的客戶群現在擁有 Sky Q。我們看到移動設備的發展速度非常快。我們剛剛推出了 Sky Connect，這是我們利用 Comcast Cable 專業知識的 B2B 寬帶服務。 Dana Strong 有了一個良好的開端，並且比以往任何時候都更加與 Comcast Cable 和 NBCUniversal 同步，這樣我們就可以更快地進行創新，更好地為我們的客戶和觀眾服務，並提高運營效率。

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.

我們也對我們在 NBCU 看到的趨勢感到鼓舞。由於奧蘭多環球影城的觀眾人數眾多，我們的公園部門（不包括北京）連續第二個季度實現收支平衡。我們可以直接看到人們對家庭以外的高質量娛樂和家庭娛樂的被壓抑的需求，我們仍然非常看好公園業務。雖然大阪最近不得不暫時關閉，但好萊塢環球影城於 4 月 16 日重新開放，這是自大流行開始以來的首次。我們的長期興奮源於這樣一個事實，即我們有一個很棒的路線圖，其中包含新的景點和體驗，等待客人安全返回我們目前的公園。

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 Jeff Shell 和 Mark Lazarus 領導下的 NBCUniversal 媒體部門，我們開始看到新運營結構的好處。不包括孔雀，調整後的 EBITDA 同比增長 10%。我們的新聞內容繼續經歷巨大的發展勢頭，發行收入的趨勢超出預期，這證明了我們線性品牌的實力。我們在工作室方面恢復了業務，目前正在製作 30 多部電視連續劇，我們對第二季度晚些時候在美國和中國推出的 Fast 9 的首次大型劇場首演感到興奮。

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.

我們的高級廣告支持流媒體服務 Peacock 也取得了很大進展。僅在發布後 1 年，我們就有 4200 萬註冊。該服務的每月用戶每月花費的節目時間比我們在 NBC 上的傳統觀眾多出近 20%。我們的總觀看時長剛剛超過 10 億小時，幾乎是我們推出時計劃的兩倍。這種用戶和參與度的優勢使我們能夠在與 CPM 的初始合作夥伴關係之外以相對於線性黃金時段的實質性溢價創建額外的廣告庫存。

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 在國內取得成功的關鍵是 Xfinity 與 X1 和 Flex 推動了用戶獲取和健康參與。借助 Peacock，我們為自己創造了絕佳的選擇，即將出現多個機會。我們最近與 WWE 和 NFL 等創意合作夥伴獲得了更多原創節目，為向 Peacock Premium 追加銷售提供了強有力的途徑。隨著 Peacock 在美國的規模不斷擴大，我們看到了令人信服的國際擴張方式。我們希望在我們的歐洲市場利用 Sky 的品牌和規模，並可能在有意義的地區與當地程序員和分銷商建立合作夥伴關係。我們計劃在今年全年分享更多關於孔雀的信息。

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，我們對第一季度的業績感到非常自豪和鼓舞。這種表現證明了我們公司的彈性和發展。我們的增長計劃的出色執行，加上嚴格的成本控制，使我們離我們的資產負債表目標更近了一步。我渴望看到我們從今年下半年開始回到我們回購股票的歷史慣例。

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。整個公司的每個人都繼續為我們的客戶、觀眾、客人和彼此展示和創新。我們最近被評為美國最適合工作的 5 家大公司之一和英國十大包容性公司之一，這證明了我們優秀員工的工作和熱情。

Mike, over to you.

邁克，交給你了。

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，布賴恩，大家早上好。我將從幻燈片 4 開始，介紹我們 2021 年第一季度的綜合業績。收入增長 2.2% 至 272 億美元。調整後 EBITDA 增長 3.5% 至 84 億美元。調整後每股收益增長 7% 至每股 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.

現在讓我們轉向我們的業務部門業績，從幻燈片 5 上的有線電視通信開始。有線電視收入增長 5.9% 至 158 億美元。 EBITDA 增長 12% 至 68 億美元，扣除資本後的 EBITDA 增長 16% 至 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.

我們新增了 380,000 個淨新客戶關係，比去年第一季度增長 2.4%，比 2019 年第一季度增長 27%。這是有記錄以來最好的第一季度，受寬帶驅動，我們新增了 461,000 個新住宅和商業客戶客戶，僅略低於去年第一季度，比 2019 年第一季度高 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接活動，本季度標誌著我們歷史上最低的寬帶流失率。這種積極勢頭一直持續到第二季度。從我們今天看到的情況來看，我們預計與 2019 年相比，今年的寬帶總增加量將增長中個位數水平，除了我們在不尋常的 2020 年實現的非凡增長之外，2020 年是超過 1 年以來最好的一年十年。

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.

強勁的客戶增加，加上 4.4% 的 ARPU 增長，推動第一季度寬帶收入增長 12%，成為有線電視總收入的最大推動力，我們預計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.

我們還看到了商業服務和無線領域的加速發展。商業服務收入增長 6.1%，淨新增客戶 11,000 個，主要受小型企業持續改善的推動。由於客戶線的增加和設備銷售的增加，無線收入增長了 50%。我們在本季度新增了 278,000 條新線路，這是自 2017 年推出這項業務以來的最佳成績，截至季度末，我們的線路總數達到 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.

就視頻而言，收入與上一年保持一致，反映出非常健康的 ARPU 增長 6.8%，被總計 491,000 的淨視頻用戶損失所抵消，我們認為這主要是在連接方面，因為住宅流失率同比有所改善。我們認為，我們在年初的住宅費率調整是該季度 ARPU 增加和視頻用戶流失的重要原因，我們預計第二季度的視頻流失率將保持較高水平。

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度有線通信收入增長將比我們剛剛報告的 5.9% 加快幾百個基點，部分原因是與去年第二季度相比，後者受 COVID-19 以及我們專注於推動連接業務的增長。

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.

轉向開支。有線電視通信第一季度的開支增長了 1.5%。編程費用增長 5.5%，主要是由於 2020 年開始循環的合同續簽數量，以及現有協議中的年度自動扶梯。

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，由於合同續籤的持續影響以及與去年第二季度的比較，我們預計節目費用增長將以兩位數的低水平增長，這受到客戶 RSN 費用調整的有利影響。全年，我們繼續預計節目費用將以個位數的高水平增長。

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.

非編程費用絕對下降 1.1%，每個關係下降 5.9%，而我們的客戶關係同比增長 5%。與去年相比，第二季度的非編程費用應以高個位數的速度增長，這反映了由於 COVID-19 導致的業務活動放緩以及我們繼續專注於推動核心業務的增長寬帶和無線業務。

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.

Cable Communications EBITDA 增長 12%，利潤率達到 43.2%，同比提高 250 個基點。這些成果包括我們無線業務自推出以來首次達到盈虧平衡的重要里程碑。有線資本支出增加 8%，導致資本支出強度為 8.7%，與去年相比略有上升，並且由於我們繼續投資以提高網絡容量，可擴展基礎設施增加了 23%。這一支出被較低的客戶前提設備和支持部分抵消。

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.

現在讓我們轉到 NBCUniversal 的幻燈片 6。如您所知，我們最近發布了一份 8-K，其中包含更新的趨勢時間表和反映企業現在管理方式的新報告格式。我們將之前在公司業績中報告的 Peacock 轉移到了 NBCUniversal。現在我們將 NBCU 呈現在 3 個業務領域：媒體，結合了我們的電視業務和 Peacock；工作室，結合了我們的電影和電視工作室業務；和主題公園。我將以這種新格式討論今天的結果。

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.

讓我們從 NBCUniversal 的總結果開始。收入下降 9.1% 至 70 億美元，EBITDA 下降 12% 至 15 億美元。媒體收入增長 3.2%，受分銷收入增長 9.1% 的推動，這反映了 2020 年底成功完成數次運輸續訂後的較高費率，部分被訂戶下降所抵消，顯示出環比改善。廣告收入下降 3.4%，因為較低的娛樂收視率和艱難的政治競爭被本季度更多的體育運動、新聞的強勢和 Peacock 的推出部分抵消。

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.

包括 Peacock 在內的 Media EBITDA 下降了 3.7%，該公司產生了 9100 萬美元的收入和 2.77 億美元的 EBITDA 虧損。不包括孔雀，媒體 EBITDA 增長 10%，主要是由於費用減少，部分原因是娛樂成本降低，原始播出時間減少，部分原因是我們的新運營模式。這一同比下降足以抵消因額外賽事而導致的更高體育成本。

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，我們預計分銷收入將繼續健康增長。與去年相比，我們將舉辦更多的體育賽事，這將帶來更高的廣告收入，但與體育相關的節目和製作成本也會顯著增加。

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%.

工作室收入與去年持平，主要反映內容許可收入增加，但被影院收入減少所抵消。內容許可收入增長了 14%，這主要是由於許可交易，包括去年 1 月在 Peacock 上獨家提供流媒體的 The Office。影院收入下降了 88%，這反映了由於 COVID-19 導致影院上映的推遲。第一季度的發布顯著減少導致費用降低，推動 EBITDA 增長 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度晚些時候在影院上映 Fast 9，但我們將 Minions 2 的發布從今年 7 月推遲到 2022 年 7 月，這也將把利潤從 2021 年轉移到 2022 年，因為我們繼續管理我們的電影片單以實現價值最大化。

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.

本季度主題公園收入下降 33.1%，產生 6100 萬美元的 EBITDA 虧損，其中包括 1 億美元的北京環球影業開業前成本。這些結果反映了奧蘭多環球影城度假村的客流量有限，但隨著客流量持續反彈，趨勢仍然令人鼓舞，而且我們在春假期間一直處於或接近客流量限制。好萊塢在本季度仍然關閉，但我們最近以 25% 的容量限制開放，預計到 6 月 15 日這一數字會更高。

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 COVID 病例不斷增加，我們最近不得不暫時關閉公園。但在此之前，我們看到了強勁的需求。展望未來，我們預計下半年的 EBITDA 業績將隨著國內游客趨勢的改善而有所改善，而且我們仍有望在今年夏天開放我們的新公園——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.

現在讓我們轉到 Sky 的幻燈片 7，我將在固定貨幣的基礎上進行討論。第一季度，Sky 收入增長 2% 至 50 億美元，主要反映了我們英國業務的健康增長。直接面向消費者的收入增長了 1.8%，英國的增長更為強勁。這一結果是由更高的每位客戶平均費率和所有市場的強勁客戶增長推動的。

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.

我們創造了 221,000 個淨客戶增加，這是 6 年來最好的第一季度，這得益於我們市場的流媒體以及英國境內移動和寬帶的穩定發展勢頭。

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.

廣告收入增長 3.4%，因為我們繼續跑贏市場，特別是在英國，廣告市場的反彈速度比我們預期的要快，我們正在通過先進的廣告推動增長。

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 第一季度的 EBITDA 為 3.64 億美元。正如預期的那樣，這反映了支出增加，包括本季度更多活動導致的更高的體育權利攤銷，以及與成功發展我們的移動和寬帶業務以及對關鍵增長計劃的投資相關的更高支出，其中包括我們最近的 Sky Connect在英國推出商業寬帶業務

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.

對於第二季度，由於與去年第二季度（受 COVID-19 影響最大）相比，以及我們在英國的持續強勢，我們預計收入增長將在固定貨幣基礎上加速至兩位數的低水平。商業。我們還預計，與去年賽事暫停時相比，體育權利攤銷會顯著增加。因此，我們預計第二季度的 EBITDA 水平與第一季度相似。

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.

我們最近在意大利獲得了一些意甲轉播權，因為我們堅持以嚴格的方式處理與體育相關的費用。我們認為這是正確的長期財務決策，但我們預計節目和製作費用會減少，因此意大利的客戶關係可能會下降。我們繼續預計今年下半年 Sky EBITDA 將比上半年水平加速，這反映了重設主要體育權利的好處以及更高效的運營結構。

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.

我將在幻燈片 8 上結束自由現金流和資本分配。本季度自由現金流為 53 億美元，同比增長約 60%，主要是由於淨營運資本的改善和更高的 EBITDA .淨營運資金將繼續按季度波動，由於內容投資的增加、我們對奧運會的轉播以及與 COVID 相關的一次性稅收延期的逆轉，我們仍預計相對於 2019 年全年的拖累增加。

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.

包括資本支出以及軟件和無形資產在內的合併總資本在第一季度下降了 1.1% 至 25 億美元，這反映了 NBCU 的下降，部分被 Sky and Cable 的增長所抵消。

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.

第一季度末，我們的債務為 1040 億美元，加權平均成本為 3.6%，加權平均壽命為 14.5 年，淨債務為 860 億美元，淨債務與 EBITDA 的比率為 2.7 倍。在整個大流行期間，我們一直保持較高的現金餘額以加強我們的流動性頭寸，我們在第一季度結束時擁有 150 億美元的現金和現金等價物。隨著我們的業務運營繼續復甦，我們預計將通過在今年剩餘時間內將多餘的現金用於減少債務來逐步減少我們的現金頭寸。

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，我們仍然致力於我們長期以來的平衡資本配置方法，包括維持強勁的資產負債表、有機投資以實現盈利增長以及向股東返還資本以堅定承諾我們的經常性股息和我們預期的股票回購回報今年下半年。

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.

感謝您今天早上加入我們的電話會議。我將把它轉回給 Marci，他將領導電話的問答部分。

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

謝謝，邁克。里賈納，讓我們開始提問吧。

(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公司的 Jessica Reif Ehrlich。

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.

隨著我們從 COVID 中走出來，該公司顯然處於上升階段，並且在第一季度的數據中，該業務的影響力非常明顯。所以我有一個基礎廣泛的問題，基本上涵蓋了所有部門。

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，感覺就像是高級廣告的開始。我們看到寬帶仍然有實力。手機價格下降應該會推動市場份額。在 NBCU，這似乎是從 COVID 中獲得最大收益的部門，我只是 - 我不知道這是否是 Peacock 虧損高峰的一年，但主題公園似乎處於 5 -年增長趨勢，廣告 - 生產正在恢復，等等。天空，你可以看到槓桿。

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?

所以我最後的問題是，你認為每個企業的總體影響力在哪裡？利潤率和自由現金流能否繼續改善？

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.

好吧，謝謝你，傑西卡，你的評論。為什麼我們不直接轉角，為什麼不直接從 Dave 到 Dana 再到 Jeff，每個人都對他們的業務看法發表意見，並有機會在電話會議上介紹自己。

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，傑西卡。這是戴夫。首先——我們的重點繼續保持圍繞業務連接方面的勢頭。所以寬帶、住宅、商業對我們來說非常重要，也是一個巨大的增長引擎。因此，我們將繼續增強寬帶，不斷增加它的速度、控制、覆蓋範圍和現在的流媒體，正如你提到的，移動。因此，我們將專注於通過這些產品加速移動和圍繞寬帶。所以這將是 - 這就是我們的策略。沒有什麼能動搖它。

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，我們是——我們喜歡我們的——連接業務的經常性收入方面，我們喜歡它帶來的利潤率。我們非常專注於消除引起客戶噪音的交易。因此，專注於數字化，專注於自我安裝套件之類的東西——我們一直在談論的所有事情都將繼續下去。所以我對我們在市場上的地位感覺很好。所以寬帶仍然有很多好處，對移動和商業服務感覺很好。

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.

傑西卡，這是戴娜，從戴夫那邊跟進。從天空的角度來看，我們對業務的基本面非常非常滿意。我認為第一季度 - 我們的第一季度業績證明了我們所處的位置，訂戶數量最好，事實上，大約 6 年的第一季度，客戶流失率下降，收入上升。業務的所有基本因素都使我們能夠很好地退出 COVID。

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.

為了更具體地回答您關於我們在哪裡看到最大槓桿的問題，如果我不得不歸結為英國，我會說英國在增長方面處於非同尋常的位置。我們有一個非常多樣化的收入基礎，DTH 在 6 年來的第一季度表現最好。流媒體進展順利。移動進展順利。寬帶發展良好，具有很大的創新潛力。因此，我認為我們在英國看到的是該業務的大量增長，以及在其他投資組合中建立的非常穩固的業務。

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.

傑西卡，這是傑夫。因此，我可以從 NBCUniversal 中挑選很多不同的地方，但讓我談談我很興奮的 2 大優勢。我認為，首先，正如我們在之前的電話會議中談到的那樣，在大流行期間，我們確實調整了整個公司的成本基礎。我們這樣做不僅僅是為了降低成本。我們顯然關注了業務的發展方向並改變了我們的組織，特別是在電視方面。但我對這項業務感到興奮——調整新的成本基礎。隨著我們收入方面的增長，這將有所幫助。

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.

然後在大流行期間真正受到影響並受到影響的另一個明顯是我們的公園業務，這通常是一項非常非常棒的業務。但顯然，在大流行期間，當您關閉時，這不是一件好事。隨著事情的激增和反復等等，再次開放將會變得波濤洶湧，但很難不對我們的公園業務感到興奮。需求就在那裡。我們在奧蘭多看到了它。我們還沒有國際旅行，這是業務的重要組成部分。而且我們仍在達到容量，我們每天根據安全協議為自己設定的容量。好萊塢剛剛重新開放，我們在好萊塢也看到了同樣的事情。日本顯然是來來回回的，但我們對那個公園和北京的到來感到長期興奮。

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.

大流行期間發生的另一件事是我們繼續建造景點。因此，我們在每個公園都推出了一些非常令人興奮的景點，以迎接市場的回歸。我們有任天堂，我們認為這是我們在日本建造的最吸引人的地方之一，它也將來到北京。我們在洛杉磯有新的寵物景點。我們得到了好評，人們喜歡它。

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.

然後最讓我興奮的是，我們在奧蘭多有一個新的過山車，叫做 VelociCoaster，一個侏羅紀過山車，我幾週前騎過。它既壯觀又令人震驚。我認為當我們在 6 月向公眾開放時，它將成為我們業務的另一個驅動力。因此，我對 Parks 業務感到非常興奮，這是一項將從大流行的深處真正強勢回歸的業務。

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.

也許——是邁克。我會在之後加入 - 並將它們放在一起，因為我認為最終的問題是，隨著時間的推移，自由現金流會發生什麼？我們的信心是什麼？而且我認為，正如我們在我任職期間的幾年裡所說的那樣，我們一直在投資每一個——我們熱愛我們的業務。我們一直在投資，以便它們在未來保持相關和強勁的幾年。儘管自由現金流在不同時期總是不穩定的，但我們一直相信，未來幾年我們將在多年的基礎上增加自由現金流。

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，COVID 阻礙了那個故事，但正如你所記得的，這就是我們在 COVID 之前的感受。當我們現在坐在這裡時，我仍然有這種感覺。當每個人都加入進來時，我認為我們看到了 COVID 隧道盡頭的曙光。在 COVID 之前，我們認為我們業務的所有盈利能力都存在，我認為這些結果表明它們仍然存在，也許還有一些。

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

您的下一個問題來自瑞士信貸的 Doug Mitchelson。

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?

我想我沒有——也許這是兩個快速的。但是戴夫，就你而言，新的無線定價是否意味著對無線的另一輪投資？或者你會認為這與試圖在那裡推動分享的重點一致嗎？最終，什麼是無線戰略？您希望新的定價水平實現什麼？

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?

而傑夫，正是 Peacock 貨幣化的途徑，參與度倍增。我的猜測是，由於廣告的限制，相對於您的收入預期，您並沒有看到太大的差異。您能否提醒我們廣告資源何時向新廣告商開放？孔雀貨幣化將如何從這裡取得進展？

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，這是戴夫。我會開始的。所以我們的無線策略也非常一致。新的無限計劃是我們改善價值主張的機會，仍然有 By the Gig，現在引入無限，我不 - 這不會是投資方面的重大轉變。會有一些，但不是實質性的。這只是對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——我們已經討論過了，加速對我們來說很重要。我們認為這對寬帶有好處。它正在幫助寬帶。我們看到了客戶流失方面的結果，這對我們來說只是一個增長引擎。對 278,000 條線路感到非常高興，這是我們推出以來一個季度中新增線路最多的一次。它的收入增長了 50%，實現了盈利。因此，我們全面關注我們所說的我們想做的一切，這就是其中的一部分。

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.

因此，專注於每個銷售渠道，這將與我們的方法保持一致。您可能會看到更多的寬帶和移動包裝，但這與我們一直在談論的任何事情並沒有什麼不同。所以它已經關閉 - 無限的東西還為時過早，但它 - 我們非常受到鼓舞。而且 - 但我們喜歡我們在市場上擁有的全套產品。

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，這是傑夫。因此，讓我利用您的問題的機會，花一兩分鐘討論 Peacock，並提供更多的粒度以及我們如何比您的問題更廣泛地開展工作。

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.

所以首先，我們對 Peacock 的穩定增長感到非常滿意，我們特別高興我們選擇了這種商業模式，這是一種廣告支持的 AVOD 模式。為我們公司明確地追求這一點是正確的決定。我們在該模型中的收入是訂閱收入和廣告收入的混合。如果你真的分解了未來推動廣告收入的因素，我們跟踪的確實是 4 件事。第一件事是註冊。我認為布賴恩在開幕式中提到我們的註冊人數達到了 4200 萬。這比上一季度增加了 900 萬。我們不僅對這種增長感到非常滿意，而且對隨著時間的推移隨著我們添加的東西而穩步增長感到高興。

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.

第二個指標是有多少註冊用戶定期使用該服務。我們在內部使用稱為 MAA 的指標，我認為業內其他人也使用該指標，每月活躍賬戶。這就是每月實際使用它的家庭數量。它要么是 - 細化，要么是付費的人 - 一個支付高額訂閱費的家庭，要么是每月使用它的人。在此基礎上，根據我們的指標，我們大約 1/3 的註冊是 MAA。那 - 把它放在上下文中，這大約是 Hulu 今天的 1/3。我們全國才不到一年，Hulu已經13年了。

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.

所以我們對它的穩步增長感到非常滿意。 MAA，我們跟踪他們的方式，實際上有點低估了參與度，因為有很多人使用它，但不足以成為 MAA。如果你真的做了一個季度的假設，那麼我們將比這個數字多出 1000 萬。因此，對我們來說，其中一個好處是將那些非 MAA 註冊轉換為 MAA，我們認為隨著時間的推移我們會這樣做。

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.

第三個指標是使用率，它非常強大，是我們預測的兩倍。把它放在上下文中，峰值 - 一個普通的 Peacock MAA 使用 Peacock 的次數超過了普通電視觀眾觀看 NBC 的次數。所以我們對此非常滿意。

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，我們如何通過這些用戶和使用量獲利，這是 CPM，正如您所提到的，我們在讚助模式中提出了您的問題。因此，我們的絕大部分收入都是由 10 個特許廣告商建立的。但我們實際上超出了我們對那些廣告商做出的保證。因此，即使在本季度，我們也已經在現貨銷售一些多餘的庫存。我們正在實現相同的每千次展示費用，或者在某些情況下，高於我們在 NBC prime 上獲得的每千次展示費用，這是我們的黃金標準。這是非常令人鼓舞的。

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.

為了回答你的問題，在今年第四季度，贊助交易開始，我們開始在現貨基礎上出售所有庫存，但我們現在處於前期的早期階段。因此，我們已經開始與廣告商討論做出包括 Peacock 在內的前期承諾。

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.

讓我再提一件事。所有這些成功都沒有我們預期的大部分編程。我們預計與奧運會一起推出。我們還沒有——我們在接下來的 7 個月內舉辦了 2 屆奧運會。我們將通過我們的奧運會節目在 Peacock 上做一些非常令人興奮的事情。然後，即使我們重新投入生產，正如邁克提到的或布賴恩在 30 場演出中提到的那樣，其中大多數還沒有打孔雀。因此，我們計劃推出的原創節目的實力將在未來幾個季度真正到來。孔雀的前進非常鼓舞人心，到目前為止增長非常穩定，我們對未來充滿信心。

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

您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?

一個在電纜上，一個在天空上。也許對於 Dave 或 Dave 和 Brian，感謝您在網絡上準備好的評論中的評論。如您所知，對稱報價非常受關注，尤其是在華盛頓。我只是想知道，從商業的角度來看，你認為那裡有真正的需求嗎？在向您的網絡添加該功能或更多該功能方面，我們應該考慮什麼樣的時間線？您能否談談這對資本密集度可能意味著什麼，我敢肯定這是大多數投資者關注的重點？

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.

然後對於 Dana 來說，就在今年，歐洲體育界發生了令人難以置信的構造變化。你提到了天空——意甲。你能把這一切放在上下文中嗎？當您查看德甲的交易時，我們正在閱讀與 EPL、意甲有關的內容，這是否有助於 Sky 實現其 EBITDA 隨著時間的推移翻倍的目標？或者這是逆風？你能不能——因為這些顯然是巨額合同。你能談談足球背景嗎？這對我們所有人來說都很棒。

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

戴夫，你為什麼不談談對稱？

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。 Ben，所以這是我們未來幾年的重點。但總的來說，我們的方法、我們的策略是繼續完全增強寬帶，因為您希望在市場上擁有從房屋或企業到最佳的整體速度，在人們所在的地方提供良好的 Wi-Fi 覆蓋，控制流媒體，現在移動設備已成為整體解決方案的一部分，並使其無縫銜接。所以這是我們關注的整體體驗，但我們會繼續提高速度。連續 20 年，速度不斷提高。我們同時處理下游和上游。

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.

讓我根據我們在大流行前看到的情況來看待使用情況，最肯定是通過我們的網絡遇到的那一刻和之後的大流行。但從使用角度來看，上游不到下游的 1/10。所以命名應用程序，無論是視頻流、遊戲還是教育應用程序，我認為我們的網絡已經真正站起來了，正如 Brian 之前所說的那樣。

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，當我們的競爭對手花費巨資試圖趕上我們時，我們已經——他們正在測試，我們並沒有停滯不前。我們已經完成了 2 GB 的下載速度。我們正在測試對稱 1 gig。所以我們有一個架構，我認為它將繼續使我們能夠以一種有效且非常高效、資本高效的方式來完成它。再說一次，不要站著不動。因此，由於 DOCSIS，我們對長期架構感到非常滿意。我們擁有的 DOCSIS 3.1 是一個非常強大的路線圖，我們可以提供。

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，當我們坐在這裡時，我們在整個足跡中部署了 1.2 Gb。我們提高了上行速度。因此，隨著時間的推移，我認為我們可以解決對稱問題。但在近期，中期，我們處於非常有利的位置。而且我認為資本方面的升級需求不會增加。我們不斷投資於網絡。這不是一夜之間發生的事情。我們一直在投資。我們正在使我們的基礎設施更加高效，因為我們虛擬化了 CMTS 之類的東西，我們只是從我們如何交付它的方式中扣除了成本。再加上出色的 DOCSIS 標準，我認為我們處於非常有利的位置。

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.

所以寬帶、商業和住宅正在增長。這是一項偉大的事業。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巨大的投資回報。如果我們決定加快我們的計劃，我們的資本支出強度可能會比另一年高一點。但我們仍將處於我們一直在做的事情的大致範圍內，而且不會大幅增加。所以我對我們的立場感覺很好，我真的很喜歡我們的長期路線圖。

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.

還有本，這是達娜。早上好，非常感謝您的提問。在過去的 4 或 6 週內，歐洲的體育和足球領域肯定有很多噪音。但如果你把這一切都放在上下文中，我想說的是天空在續簽體育權利方面有著非常好的記錄，我們總體上感覺很好，這種記錄將繼續下去。對於英超聯賽，在上次續約時，我們故意選擇減少 15% 的投資，但我們仍然獲得了一套改進的權利。在德甲，在即將到來的賽季中，我們繼續擁有最好的比賽的所有權利，但我們能夠獲得與之前合同相比的折扣。而意甲聯賽，我認為這只是表明，當我們覺得經濟行不通時，我們會走開。

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，為了擴大潛望鏡，我要強調，Sky 在超過 15 年的旅程中一直在努力將我們的價值主張真正擴展到運動之外，而且效果非常好。我認為這體現在業務表現中。基本面是在正確的地方。我們的客戶正在接受更多的產品和服務。我們在天空頻道的收視率顯著提高。我們的流失率顯著降低。天空流媒體正在大幅增長，聚合平台確實在運作，正如布賴恩所說，英國有 2/3 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，我認為我們對我們所有市場的業務基本面都處於非常有利的位置感到非常非常自在。我們真的很喜歡我們所處的位置，我們相信我們可以繼續在這些基礎上建立和發展。

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.

所以我認為你問題的核心是，我們是否對未來幾年將 EBITDA 翻倍的雄心抱有信心？我會說，是的，我們確實對這一雄心充滿信心，我會說這是基於對一系列因素的信心：在 COVID 的影響之後我們已經看到的強勁反彈，我們繼續使用的能力零售引擎通過聚合和我們的多服務捆綁戰略來推動客戶群並減少客戶流失，這是一個非常有紀律的成本重點。團隊執行得非常好。確保內容供應，然後真正將其多元化到我們向原創和獨家的擴張，效果非常好。而且我們仍然看到英國的增長機會很大。因此，所有這一切都讓我有很大的信心說，我們有望在未來幾年實現 EBITDA 翻番的雄心。謝謝。

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

您的下一個問題來自摩根大通的 Phil Cusick。

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?

我想這裡有幾個後續行動。正如本所說，布賴恩感謝有關寬帶的詳細信息。顯然，這不僅僅是關於速度。有趣的是，當市場擔心競爭時，你們正在提高自己的門檻。您認為強勁的市場增長和份額轉移之間的驅動因素是什麼？

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，在移動設備上，看起來您在該業務中僱用了很多人，可能正在為網絡構建做好準備。您能否詳細說明該網絡的發展方向？

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.

那麼讓我開始吧。戴夫，你為什麼不隨意加入——我認為戴夫在寬帶上給出了相當完整的答案。我們確實相信，通過擁有最好的產品，我認為我們擁有這一點，您將處於令人羨慕的位置。因此，我們保持平衡，不斷關注競爭對手可能出現的新技術。過去，我不知道，15 年來，我們進行了很多很多的纖維競爭。我們有很多過度建設的競爭，DSL 競爭。僅在一段時間內，我們就增加了 2000 萬個寬帶。

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.

所以我認為我們知道如何競爭。我們追求市場份額，我們這樣做的同時我們能夠增加 EBITDA 和來自業務的自由現金流。我們真的專注於商業領域，今天沒有談論太多。他們有一個偉大的季度和真正的勢頭。隨著所有企業的重新開業，人們正在重新思考他們的關係，我們擁有最新、最偉大、最好的技術。我想，你會從我們的業務服務部門聽到更多。

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.

在無線領域，只是為了補充 Dave 關於我們專注於移動的所有觀點，同時，是的，我們購買了一些頻譜，我們將進行一些試驗，看看我們如何能夠卸載，這確實會被證明是成本如果我們在密集的地區做對了，就可以節省。整個關係需要與無線 MNO 建立健康的伙伴關係。就 Verizon 而言，我們對這種合作關係感到非常滿意。我們對其進行了重組，以便我們能夠以繼續我們的盈利能力和為消費者帶來真正價值的方式提供這些無限的產品，並且以 Verizon 對他們的網絡得到使用感到高興的方式。

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.

非常感謝我們辛勤工作的團隊以及 Verizon 的團隊，他們通過 Xfinity 移動為市場帶來了出色的新產品。所以 net-net，我認為這兩個重要的產品，我們現在將它們捆綁在一起，使我們能夠繼續發展並能夠與世界自身發展的地方競爭。

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

您的下一個問題將來自 Craig Moffett 和 MoffettNathanson。

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，給 Dave 一個問題，實際上是 2 個。首先，你能談談你的有線電視部門是如何為聯邦刺激做準備的嗎？以及您的看法——這可能對您的業務產生什麼影響？您能否量化您對刺激計劃的期望，包括您擁有多少 Essentials 客戶，以及您是否希望這些客戶現在在刺激計劃下產生更高的 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?

然後在無線業務上，我只想深入研究之前提出的一個問題。採用新定價，您認為即使採用新定價，您仍可以在該業務中保持 EBITDA 為正，這可能意味著未來的 ARPU 至少會有所降低？

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.

好吧，謝謝你，克雷格。因此，首先，在刺激方面，可能會有一些無薪福利，而且我們有幾種不同的方式可以發揮作用，但我們的自願流失和無薪流失一直很低在過去的一年中，大流行前一直呈下降趨勢。因此，我們早期的流失表現與何時收到刺激檢查無關，但可能是一些 - 一些額外的支持。但我認為你必須著眼於長期趨勢。我們的整體表現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。所以我認為可能只有一點點無償支持。但同樣，我們已經在這方面做得很好。

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.

關於無線，我認為就 EBITDA 而言，新定價，是的，我們認為這是一個長期的增長機會，當然，對於寬帶而言。我們已經談過了。但是，當您查看整個市場時，您會感覺——我們對此感到滿意——我們有超過 300 萬條線路、不到 200 萬條客戶關係、3300 萬客戶關係池中的移動關係.如此低的滲透率，很多跑道。所以我們總是 - 看看我們對關鍵類別的任何方法，我們對包裝和提高價值採取非常嚴格的方法。

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.

因此，是的，我們對無限作為投資組合的一部分感到非常滿意，並且不會改變策略或實質上改變 ARPU 和移動方面的結果以及對 EBITDA 的影響。所以總的來說，布賴恩再次提到它，我們非常感謝與威瑞森的關係。這對我們很重要。我認為我們對他們有好處，對他們非常好。它是 - 所以我們能夠將這套新的無限添加到已經強大的投資組合中，這是一個很好的雙贏。因此，我們對我們繼續推動健康的 EBITDA 的能力感到滿意。

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

您的下一個問題將來自瑞銀的 John Hodulik。

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?

傑夫的一些後續行動。傑夫，很多關於美國體育權利的新聞，以及你們加入 WWE 和 NFL 的交易，而不是續簽 NHL 和關閉 NBC 體育網。那麼你能談談你的未來戰略嗎？也許這些決定的驅動因素是什麼？

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?

然後再回到 Peacock，大型 D2C 平台顯然在內容上的花費是 Peacock 的幾倍。我意識到，這些是根本不同的服務。我們是否應該期望該戰略隨著時間的推移而發展，並可能進一步投資以獲取增長和參與？還是你們認為你們在目前的水平上充分抓住了機會？

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。讓我把它們按順序排列。所以首先，我們真的很高興能繼續我們的 NFL 關係。那對我們來說很重要。 NFL 確實包含了我們想要的體育權利。這顯然對我們的傳統業務非常重要，十多年來在黃金時段排名第一。憑藉我們的 Al 和 Cris，以及現在的 Drew Brees 和 Mike Tirico 以及我們的人才，我們 - 這是我們現有業務的一個非常重要的支柱。

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流媒體和點播，這筆交易還為我們提供了很多內容，現在我們可以在 Peacock 和我們的其他平台上使用，無論是遊戲和獨家遊戲的聯播還是額外的權利顯示亮點和其他鏡頭。這確實是與美國首屈一指的運動的完美交易。所以這確實是我們的模式。奧運會與我們有權跨多個平台使用內容的情況相同。高爾夫也是如此，這對我們來說是一個重要的支柱。

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.

我們將繼續積極進取，尋找不僅可以以我們認為可以獲得回報的價格獲得的運動，而且還可以尋找可以推動使用的屬性，包括線性和數字。 WWE 是一個完美的遊戲，我們能夠在美國和我們的線性網絡中獲得對我們來說已經很重要的特許經營權，並以非常成功的方式擴展到孔雀。所以我們現在對我們的投資組合感到興奮。我們將繼續投機取巧。我們會找到與所有這些相匹配的機會。

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.

談到孔雀支出，我認為重要的是要認識到我們確實擁有——馬克拉撒路已經很好地闡述了這一點。我們希望建立我們的電視業務以匹配消費者正在做的事情。消費者正在通過各種不同的平台觀看內容，不僅僅是線性的，不僅僅是流媒體，還有很多不同的方式。我們的支出真的應該在這種情況下看待，不僅僅是我們在 Peacock 上的離散支出，而是我們在整個投資組合中的支出。當您看到這一點時，我們與競爭對手的匹配度非常好。

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.

而對於 Peacock，我們實際上並沒有，正如我之前提到的，由於 COVID 的生產延遲，我們甚至沒有從我們計劃的大部分支出中受益。所以目前，我們對 Peacock 上的內容以及未來幾天即將推出的內容感到非常滿意。正如我之前所說，隨著 Peacock 的成功，我認為 Brian 在開場時提到，我們有很多未來的選擇。我們將繼續關注世界變化的方式以及我們的產品如何發展，我們將評估這些選項。

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

我們的最後一個問題來自花旗銀行的邁克爾·羅林斯 (Michael Rollins)。

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?

想知道您是否可以分享 NBCU 內有多少節目支出是您的平台獨有的，無論是由工作室、體育直播還是新聞創建？在接下來的幾年裡，您認為這種組合會走向何方，尤其是當您希望擴大 Peacock 平台的覆蓋範圍時？

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.

是啊謝謝。我想說，實際上，我們所有的節目——我們的絕大多數節目都是排他的。我們——編程的排他性對我們來說非常非常重要。這不僅僅是傳統的排他性，無論是 SNL 還是戲劇，而是每晚在 MSNBC 上的 Rachel Maddow 的排他性或我們各種體育資產的排他性，尤其是奧運會。因此，當您查看節目時，排他性至關重要，不僅在 NBC，而且在一些新的數字平台上也是如此。我不知道這是否能回答你的問題，但實際上，我們所有的編程都是如此。

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，邁克，我只想感謝大家加入我們的 2021 年第一季度財報電話會議。我們希望大家繼續保持健康和安全。

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.

今天下午 12:00 開始將重播今天的電話會議。東部時間。它將持續到美國東部時間 5 月 6 日星期四午夜。撥入號碼是 (855) 859-2056，會議 ID 號碼是 5168008。電話會議的錄音也將於下午 12:30 開始在公司網站上提供。今天東部時間。

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

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連接。