康卡斯特 (CMCSA) 2020 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) 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 2020 年第四季度和全年收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。

I will now turn the call over to Senior Vice President, Investor Relations, Ms. Marci Ryvicker. 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 Ryvicer 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 Jeremy Darroch. Brian and Mike will make formal remarks and Dave, Jeff and Jeremy 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有：Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Jeremy Darroch。 Brian 和 Mike 將發表正式講話，Dave、Jeff 和 Jeremy 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. I'm really proud of our fourth quarter results and look forward to giving you a glimpse of what we're focused on and excited about once we come out of this pandemic.

謝謝，Marci，大家早上好。我為我們第四季度的業績感到非常自豪，並期待在我們擺脫這種流行病後讓您了解我們所關注和興奮的事情。

Our most recent performance was highlighted by Cable, which grew EBITDA by over 12% and net cash flow by 26%. These are the best results of the year and of any fourth quarter in over a decade. We also have good news to share on our parks segment, which reached breakeven, excluding Beijing, even with Hollywood being closed.

Cable 公司最近的表現突出了我們的業績，該公司的 EBITDA 增長了 12% 以上，淨現金流增長了 26%。這些是今年和十多年來任何第四季度的最佳業績。我們也有好消息要分享我們的公園部分，即使在好萊塢關閉的情況下，該部分也達到了盈虧平衡，不包括北京。

Our premium ad-supported streaming service, Peacock, now has 33 million sign-ups within just 6 months of its nationwide launch. And encouragingly, Sky's customer and revenue base essentially returned to pre-COVID levels this past quarter. Clearly, our company is strong, a testament to the tough decisions made by our leadership team and the excellent execution and coordination by our dedicated employees.

我們的優質廣告支持流媒體服務 Peacock 在全國推出後僅 6 個月內就擁有 3300 萬註冊用戶。令人鼓舞的是，Sky 的客戶和收入基礎在上個季度基本恢復到 COVID 之前的水平。顯然，我們公司很強大，這證明了我們領導團隊做出的艱難決定以及我們敬業的員工出色的執行和協調。

Looking back over the whole year. 2020 was one of the most uncertain and challenging periods that any of us can remember. But we rose to the occasion, ensuring the safety and protection of our employees, providing customers with unparalleled service and innovative products that they relied on more than ever, strengthening our investment-grade balance sheet and continuing to invest for long-term growth and success.

回顧一整年。 2020 年是我們所有人都記得的最不確定和最具挑戰性的時期之一。但我們迎難而上，確保員工的安全和保護，為客戶提供他們比以往任何時候都更依賴的無與倫比的服務和創新產品，加強我們的投資級資產負債表，並繼續投資以實現長期增長和成功.

This year's Cable results were nothing short of exceptional, hitting a number of company records. We generated 2 million net broadband additions for the year and 538,000 for the fourth quarter, reaching record-low churn. High-speed internet drove our highest-ever full year net customer relationship additions of 1.6 million, bringing us to 33 million total customer relationships. Yet with just only 50% penetration of our footprint, there remains plenty of opportunity for future growth. We also delivered outstanding EBITDA growth of nearly 9% and cash flow growth of 16% for all of 2020.

今年的有線電視業績非常出色，創下了多項公司記錄。全年淨寬帶新增 200 萬，第四季度新增 538,000，客戶流失率創歷史新低。高速互聯網推動了我們有史以來最高的全年淨客戶關係增加 160 萬，使我們的客戶關係總數達到 3300 萬。然而，由於我們的足跡只有 50% 的滲透率，未來的增長仍有很多機會。我們還在 2020 年全年實現了近 9% 的出色 EBITDA 增長和 16% 的現金流增長。

Broadband is the cornerstone of what we do, powered by our robust, flexible and reliable network. And the many years of investments we've made have been on full display. We've continued to enhance our market-leading competitive position while keeping people connected, protected, informed and entertained by proactively managing our network, increasing broadband speeds, expanding our Internet Essentials program for low-income households, providing payment plans for customers struggling the most and offering Peacock and Flex for free.

寬帶是我們工作的基石，由我們強大、靈活和可靠的網絡提供支持。我們多年的投資已經得到充分展示。我們通過主動管理我們的網絡、提高寬帶速度、為低收入家庭擴展我們的 Internet Essentials 計劃、為苦苦掙扎的客戶提供付款計劃，繼續增強我們市場領先的競爭地位，同時讓人們保持聯繫、保護、知情和娛樂。大多數並免費提供 Peacock 和 Flex。

This pandemic has forced us to rethink the way we operate and service our customers. Immediately, we moved all of our care reps to work remotely from home, which has gone so well that we're leaning towards embracing this model permanently. In addition, we promoted further adoption of our digital self-help tools, such as Xfinity Assistant, which are available 24/7. We also expanded our self-installation eligibility. And now over 2/3 of our customers are connecting to our services this way.

這場大流行迫使我們重新思考我們運營和服務客戶的方式。立即，我們將所有護理代表轉移到在家遠程工作，進展順利，我們傾向於永久採用這種模式。此外，我們還推動進一步採用我們的數字自助工具，例如 24/7 全天候可用的 Xfinity Assistant。我們還擴大了自行安裝的資格。現在，超過 2/3 的客戶通過這種方式連接到我們的服務。

We are working hard with our communications and marketing efforts to enhance awareness of all we have to offer, which enables us to take cost out of the business while delivering a better experience for our customers. In fact, in the past 12 months, we've reduced agent-handled calls by over 16 million and truck rolls by 1.6 million, all while adding the more than 1.5 million net new customer relationships.

我們正在努力進行溝通和營銷工作，以提高對我們所提供的一切的認識，這使我們能夠在為客戶提供更好體驗的同時降低業務成本。事實上，在過去的 12 個月中，我們減少了超過 1600 萬個座席處理的呼叫和 160 萬個上門服務，同時增加了超過 150 萬個淨新客戶關係。

Our efforts to reduce costs have been extremely successful. But what's even more exciting are the investments we're making to grow the overall business. A great example is Flex, which is offered to all of our broadband-only customers for free so that they can connect seamlessly to the streaming services they love. Within the first half of this year, Flex, along with X1, will be carrying all of the top streaming apps in the United States. We just added HBO Max. We'll be adding Disney+ in the near future. And we have many more on the road map. Flex has been a major win for us, and we continue to have really high hopes.

我們降低成本的努力非常成功。但更令人興奮的是我們為發展整體業務所做的投資。一個很好的例子是 Flex，它免費提供給我們所有僅使用寬帶的客戶，以便他們可以無縫連接到他們喜歡的流媒體服務。今年上半年，Flex 將與 X1 一起承載美國所有頂級流媒體應用程序。我們剛剛添加了 HBO Max。我們將在不久的將來添加 Disney+。我們的路線圖還有更多。 Flex 對我們來說是一次重大勝利，我們仍然寄予厚望。

Xfinity Mobile just came off a strong fourth quarter with nice sequential improvement in customer additions, resulting from a number of significant changes as we fully integrated mobile into our core cable operations and reprioritized our sales channels. We're really excited for 2021 as we've recently expanded parts of our MVNO agreement with Verizon that will enable us to improve our range of offerings and acquire more customers more profitably. As we said from the beginning, an MVNO-led, capital-light wireless model is the right one for us and has even more strategic opportunity in the years ahead.

Xfinity Mobile 剛剛結束了強勁的第四季度，客戶增加量有了很好的連續改善，這是由於我們將移動設備完全整合到我們的核心有線電視業務中並重新確定了我們的銷售渠道的優先順序而發生了一些重大變化。我們對 2021 年感到非常興奮，因為我們最近擴展了與 Verizon 的部分 MVNO 協議，這將使我們能夠改進我們的產品範圍並以更高的利潤獲得更多客戶。正如我們從一開始就說過的，以 MVNO 為主導、資本輕的無線模式是適合我們的，並且在未來幾年內具有更大的戰略機遇。

Business services came back faster than we expected. This quarter, we added 26,000 net new customers and generated revenue growth of 4.8%, the highest we've seen since the pandemic began. With less than 20% share of an approximately $50 billion total addressable commercial market in our footprint, we saw plenty of runway. So all in all, Cable had a fantastic 2020. And we look forward to a very strong 2021 and beyond.

商業服務的恢復速度比我們預期的要快。本季度，我們新增了 26,000 名淨新客戶，收入增長 4.8%，是自大流行開始以來的最高水平。在我們的足跡中，大約 500 億美元的總可尋址商業市場的份額不到 20%，我們看到了大量的跑道。總而言之，Cable 的 2020 年表現出色。我們期待 2021 年及以後的強勁表現。

While the global pandemic has had a more significant impact on NBCUniversal, we took advantage of this moment to make a number of changes in both management and operations that sets us up for success. The most notable example is the reorganization of our cable networks and broadcast television businesses, which are now combined, along with Peacock, in a structure meant to drive long-term cost efficiencies and revenue opportunities. We finished the year having renewed a number of carriage agreements with many of our valuable distribution partners, putting us in a position of strength as we enter 2021.

儘管全球大流行對 NBCUniversal 產生了更重大的影響，但我們利用這一時機在管理和運營方面進行了許多變革，為我們的成功奠定了基礎。最顯著的例子是我們的有線電視網絡和廣播電視業務的重組，這些業務現在與 Peacock 一起合併成一個旨在推動長期成本效率和收入機會的結構。今年年底，我們與許多重要的分銷合作夥伴續簽了多項運輸協議，使我們在進入 2021 年時處於優勢地位。

Peacock has had an exceptional start, exceeding all of our internal targets. This premium hybrid AVOD service, which has a light ad load and is unlike any other, offers a breadth of content that appeals to just about every demographic at an unbeatable consumer value, much of it for free. Momentum has further accelerated with the addition of The Office, which we own and began streaming exclusively on Peacock as of January 1.

Peacock 有一個非凡的開端，超過了我們所有的內部目標。這種優質的混合 AVOD 服務具有輕量級的廣告負載且與眾不同，它提供了廣泛的內容，以無與倫比的消費者價值吸引了幾乎所有人群，其中大部分是免費的。隨著我們擁有並於 1 月 1 日開始在 Peacock 上獨家播放的 The Office 的加入，勢頭進一步加快。

Not only is The Office driving incremental users, but these viewers are naturally finding and watching other programs on this platform, like Parks and Rec; Yellowstone; our latest original, Saved by the Bell; mega-hit movies from Universal and other studios; and sporting events such as the Premier League, golf and even an NFL Wild Card game. And earlier this week, we announced that Modern Family will be coming to Peacock next month, followed by the WWE in March.

The Office 不僅推動了用戶的增加，而且這些觀眾自然而然地在這個平台上尋找和觀看其他節目，比如 Parks 和 Rec；黃石;我們最新的原創作品，由貝爾拯救；環球影業和其他電影公司的大熱電影；以及體育賽事，例如英超聯賽、高爾夫甚至 NFL 外卡賽。本週早些時候，我們宣布摩登家庭將在下個月來到 Peacock，隨後是三月的 WWE。

In film, our decision to release our titles direct-to-consumer via premium video on-demand when theaters were forced to close, has proven to be profitable and the right move for us. While we look forward to when we can enjoy the theatrical release of many franchise films, such as Fast 9 and the next Minions and Jurassic World, we will lean into what has become a successful hybrid distribution model.

在電影方面，當影院被迫關閉時，我們決定通過優質視頻點播直接面向消費者發布我們的影片，這被證明是有利可圖的，對我們來說是正確的舉措。雖然我們期待著何時可以享受許多特許經營電影的影院上映，例如 Fast 9 和下一個小黃人與侏羅紀世界，但我們將傾向於成功的混合發行模式。

COVID had the most direct impact on our theme parks, which were either closed or running at limited capacity for the bulk of 2020. But I'm pleased with how quickly we were able to reopen Orlando and Osaka while ensuring the safety of our staff and guests. We continue to provide an amazing entertainment experience, And our guests are responding, as confirmed by our steadily increased attendance and our most recent financial results. What we saw this fourth quarter, especially in Orlando, gives us even more conviction in the momentum that our theme parks will experience when we reach a sustainable recovery. We may experience some near-term setbacks with the most recent pickup in COVID cases. But I am optimistic as ever about the long-term trajectory of this very special business.

COVID 對我們的主題公園產生了最直接的影響，這些主題公園在 2020 年的大部分時間裡要么關閉，要么以有限的容量運行。但我很高興我們能夠以多快的速度重新開放奧蘭多和大阪，同時確保我們員工的安全和客人。我們將繼續提供令人驚嘆的娛樂體驗，而我們的客人正在做出回應，我們穩步增加的出席人數和我們最近的財務業績證實了這一點。我們在第四季度看到的情況，尤其是在奧蘭多，讓我們更加堅信當我們實現可持續復甦時，我們的主題公園將經歷的勢頭。隨著最近 COVID 病例的增加，我們可能會在短期內遇到一些挫折。但我對這個非常特殊的業務的長期發展軌跡一如既往地樂觀。

Sky had a strong and encouraging fourth quarter. We added net new customers in every market, bringing our customer base essentially back to pre-COVID levels. The same can be said for revenue, which was essentially flat from what we generated in the fourth quarter of 2019. And we continue to make meaningful progress on our strategic initiatives. Sky Q, which integrates streaming, has surpassed 60% penetration in the U.K. and is poised to continue with recent additions of Disney+, discovery+ and Amazon Prime Video. We're really pleased with the success of Sky Originals, which contributed to the 20% increase in viewership on our Sky Entertainment channels during the fourth quarter and all of 2020, reaffirming our commitment to creating Sky Studios and expanding original programming.

天空的第四季度表現強勁且令人鼓舞。我們在每個市場都增加了淨新客戶，使我們的客戶群基本上恢復到 COVID 之前的水平。收入也是如此，與我們在 2019 年第四季度產生的收入基本持平。我們繼續在戰略計劃上取得有意義的進展。整合流媒體的 Sky Q 在英國的滲透率已超過 60%，並準備繼續添加最近添加的 Disney+、discovery+ 和 Amazon Prime Video。我們對 Sky Originals 的成功感到非常高興，這使我們的 Sky Entertainment 頻道在第四季度和 2020 年全年的收視率增加了 20%，重申了我們對創建 Sky Studios 和擴大原創節目的承諾。

While the recent wave of COVID infections and related lockdowns across Europe are once again creating disruption, we are implementing the same protocols and procedures that worked the first time around with confidence of a similar pattern as this latest lockdown recedes. We really look forward to the second half of this year when we will also start to see the benefits from the reset of major sports rights contracts and cost savings that should result from a new, leaner operating model. And we're still on plan to double 2020 EBITDA over the next several years, as Jeremy recently laid out.

儘管歐洲最近一波 COVID 感染和相關的封鎖再次造成混亂，但我們正在實施與第一次相同的協議和程序，並相信隨著最新的封鎖消退，會有類似的模式。我們真的很期待今年下半年，屆時我們也將開始看到重設主要體育版權合同的好處，以及新的、更精簡的運營模式應該帶來的成本節約。正如傑里米最近提出的那樣，我們仍計劃在未來幾年內將 2020 年 EBITDA 翻一番。

Speaking of Jeremy, I want to thank him for his exceptional leadership of Sky and for his partnership since the acquisition. He and the team have established a unique world-class brand and a strong, well-run business that's now fully integrated. I'm thrilled for Dana Strong, who has now taken over as CEO of Sky. Many of you on this call have met with Dana since she joined our Cable business as Head of Consumer Services back in 2018. She is an accomplished executive with a wonderful ability to transform, inspire and drive positive change. And on top of all that, she also has over 20 years of international experience with nearly half of it spent in Europe.

說到 Jeremy，我要感謝他對 Sky 的出色領導以及自收購以來的合作夥伴關係。他和他的團隊已經建立了一個獨特的世界級品牌和一個強大、運行良好的業務，現在已經完全整合。我為現在接任 Sky 首席執行官的 Dana Strong 感到興奮。自從 Dana 於 2018 年加入我們的有線電視業務並擔任消費者服務主管以來，本次電話會議中的許多人都與她會面。她是一位出色的高管，具有轉變、激發和推動積極變革的出色能力。最重要的是，她還擁有 20 多年的國際經驗，其中近一半在歐洲度過。

2021 offers a lot of promise for Comcast and hopefully for the entire world. While the first half will be more challenged than the second due to the most recent strain of COVID, we're really encouraged by the promise of a vaccine, which is the first step in putting the parts of our business that have been most impacted back on a path toward growth. This optimism is shared by our Board of Directors, which this morning announced an increase in our dividend for the 13th consecutive year. I'm also pleased that it's now our expectation that we will return to repurchasing shares in the back half of this year.

2021 年為康卡斯特提供了很多希望，並希望為整個世界帶來希望。雖然由於最近的 COVID 毒株，上半年將比下半年面臨更大的挑戰，但我們對疫苗的承諾感到非常鼓舞，這是讓我們受影響最大的業務部分恢復的第一步走上成長之路。我們的董事會也持同樣的樂觀態度，今天上午宣布連續第 13 年增加我們的股息。我也很高興現在我們期望我們將在今年下半年重新回購股票。

While 2020 was not what any of us had imagined a year ago at this time, our execution, cooperation and fast decision-making enabled all parts of Comcast, NBCUniversal and Sky to respond and manage through a difficult environment remarkably well. I'm truly proud of what we have accomplished. And our fourth quarter shows just how well this company is positioned to succeed.

雖然 2020 年不是我們任何人在一年前的這個時候所想像的，但我們的執行、合作和快速決策使 Comcast、NBCUniversal 和 Sky 的所有部分都能夠非常出色地應對和管理困難的環境。我真的為我們所取得的成就感到自豪。我們的第四季度顯示了這家公司的成功定位。

Mike, over to you.

邁克，交給你了。

Thanks, Brian, and good morning, everyone. Now I'll review our fourth quarter 2020 results and make some comments on current conditions and, where possible, on the year ahead.

謝謝，布賴恩，大家早上好。現在，我將回顧我們 2020 年第四季度的業績，並對當前狀況以及在可能的情況下對未來一年發表一些評論。

Let's begin on Slides 4 and 5 with our consolidated results. Revenue declined 2.4% to $27.7 billion for the fourth quarter and 4.9% to $103.6 billion for the full year.

讓我們從幻燈片 4 和 5 開始，看看我們的綜合結果。第四季度收入下降 2.4% 至 277 億美元，全年收入下降 4.9% 至 1036 億美元。

Adjusted EBITDA declined 15% to $7.2 billion for the fourth quarter and 10% to $30.8 billion for the full year. COVID-related severance and restructuring charges were $590 million in the fourth quarter and $828 million for the full year as we took actions to position our businesses for success in a post-COVID world. The Corporate and Other segment includes these charges and also includes Peacock for its launch year. For 2020, Peacock generated revenue of over $100 million while EBITDA losses approached $700 million. We continue to expect that EBITDA losses for 2020 and 2021 combined for Peacock will total roughly $2 billion.

第四季度調整後 EBITDA 下降 15% 至 72 億美元，全年下降 10% 至 308 億美元。與 COVID 相關的遣散費和重組費用在第四季度為 5.9 億美元，全年為 8.28 億美元，因為我們採取了行動，使我們的業務在後 COVID 世界中取得成功。企業和其他部門包括這些費用，還包括推出年份的 Peacock。 2020 年，Peacock 的收入超過 1 億美元，而 EBITDA 虧損接近 7 億美元。我們繼續預計 Peacock 2020 年和 2021 年的 EBITDA 虧損合計約為 20 億美元。

Adjusted earnings per share declined 29% to $0.56 for the quarter and 17% to $2.61 for the year. Finally, free cash flow was $1.7 billion in the quarter and $13.3 billion for the full year, reflecting the decline in EBITDA and the benefit from a reduction in working capital and capital expenditures, in part due to the pandemic.

本季度調整後每股收益下降 29% 至 0.56 美元，全年下降 17% 至 2.61 美元。最後，本季度的自由現金流為 17 億美元，全年為 133 億美元，這反映了 EBITDA 的下降以及營運資本和資本支出減少的好處，部分原因是大流行。

Now let's review our business segments, starting with Cable Communications on Slide 6. For the fourth quarter, Cable Communications revenue increased 6.3% while EBITDA increased 12% and adjusted EBITDA less capital grew 26%. For the full year, we grew customer relationships by 1.6 million, a 41% increase year-over-year with 455,000 net additions in the fourth quarter, driven by high-speed Internet, where we added 2 million net new residential and business customers this year and 538,000 in the fourth quarter. These record customer additions were the primary driver of our high-speed Internet revenue growth of 13% for the quarter and 10% for the full year.

現在讓我們回顧一下我們的業務部門，從幻燈片 6 上的有線電視通信開始。第四季度，有線電視通信收入增長了 6.3%，而 EBITDA 增長了 12%，調整後的 EBITDA 減去資本增長了 26%。全年，我們的客戶關係增加了 160 萬，同比增長 41%，在高速互聯網的推動下，第四季度淨增加了 455,000 家，其中我們新增了 200 萬戶住宅和商業客戶。年和第四季度的538,000。這些創紀錄的客戶增加是我們高速互聯網收入在本季度和全年分別增長 13% 和 10% 的主要驅動力。

Other revenue highlights include acceleration in both business services and wireless. Business services posted 4.8% revenue growth and 26,000 net new customer additions, primarily driven by improvement in small businesses. Wireless revenue grew 36% with 246,000 net new lines in the quarter, bringing us to 2.8 million total lines at year-end.

其他收入亮點包括商業服務和無線業務的加速發展。商業服務收入增長 4.8%，淨新增客戶 26,000 人，主要受小企業改善的推動。本季度無線收入增長 36%，淨新增線路 246,000 條，使我們在年底達到 280 萬條線路。

Wireless is a strategic priority for us and should accelerate on the back of several actions we have taken. First, we've expanded our Verizon MVNO agreement. Second, we fully integrated mobile into our core operations. And third, we've refined our marketing and activated all of our sales channels. And we're seeing a nice lift in our retail stores, which are now fully open.

無線對我們來說是一個戰略重點，應該在我們採取的幾項行動的支持下加速。首先，我們擴展了我們的 Verizon MVNO 協議。其次，我們將移動完全融入我們的核心業務。第三，我們完善了我們的營銷，激活了我們所有的銷售渠道。而且我們的零售店現在已經完全開放，我們看到了不錯的提升。

For video, revenue declined 0.7% with higher rates implemented in the beginning of 2020 more than offset by subscriber declines, including a 248,000 net loss in customers this quarter. And advertising revenue increased 34% year-over-year or 2.2%, excluding political, which almost doubled what we had generated in the last presidential election cycle in 2016.

視頻方面，由於 2020 年初實施的更高費率，收入下降了 0.7%，但被訂戶下降所抵消，其中包括本季度淨損失 248,000 名客戶。廣告收入同比增長 34% 或 2.2%，不包括政治，這幾乎是我們在 2016 年上一次總統選舉週期中產生的收入的兩倍。

Turning to expenses. Cable Communications fourth quarter expenses increased 2.4%. Programming expenses were up 7.2% primarily due to the number of contract renewals that started to cycle through in 2020, combined with annual escalators in existing agreements. Non-programming expenses declined slightly, reflecting lower technical and product support and customer service costs, which were partially offset by higher advertising, marketing and promotion spend to drive top line growth and higher expenses associated with the increased political advertising activity this quarter. Non-programming expenses per customer relationship decreased 5.1% despite our record customer growth.

轉向開支。有線通信第四季度的開支增長了 2.4%。編程費用增長 7.2%，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。非節目費用略有下降，反映了技術和產品支持以及客戶服務成本的下降，但部分被廣告、營銷和促銷支出增加以推動收入增長以及與本季度政治廣告活動增加相關的費用增加所抵消。儘管我們的客戶增長創紀錄，但每個客戶關係的非編程費用下降了 5.1%。

Cable Communications EBITDA grew by 12% in the quarter and 8.6% for the full year, with margins reaching 42.1%, an improvement of 170 basis points, excluding the RSN adjustments that impacted results earlier in the year.

有線電視通信 EBITDA 本季度增長 12%，全年增長 8.6%，利潤率達到 42.1%，提高 170 個基點，不包括今年早些時候影響業績的 RSN 調整。

Cable capital expenditures decreased 1.1% resulting in CapEx intensity of 13.5%. For the full year, capital expenditures declined 4.4%, resulting in CapEx intensity of 11%, our lowest full year on record and an improvement of 100 basis points year-over-year, exclusive of RSN adjustments, driven by lower spending on customer premise equipment and support capital, partially offset by higher spending on scalable infrastructure, which was driven by our ongoing investment to enhance the capacity of our network to support increased data usage.

有線電視資本支出下降 1.1%，導致資本支出強度為 13.5%。全年，資本支出下降 4.4%，導致資本支出強度為 11%，這是我們有記錄以來的最低全年，同比增長 100 個基點，不包括 RSN 調整，這是由於客戶前提支出減少設備和支持資金，部分被可擴展基礎設施的更高支出所抵消，這是由我們持續投資以提高我們的網絡容量以支持增加的數據使用的驅動。

Turning to the current environment. High-speed internet customer additions remain healthy. And we have all the pieces in place for 2021 to be a very strong year. We also have to remember that 2020 was exceptional on many accounts. And because of that, we view 2019, which was also very strong for us, as the more appropriate year against which to benchmark our performance.

轉向當前環境。高速互聯網客戶增加保持健康。我們已經為 2021 年做好了準備，這將是非常強勁的一年。我們還必須記住，2020 年在許多方面都非常出色。正因為如此，我們認為 2019 年對我們來說也非常強勁，作為衡量我們業績的更合適的年份。

Turning to video. We expect the higher video rates we implemented at the beginning of this year, resulting from our current programming renewal cycle, to drive video sub losses back to the levels we had experienced in the first half of 2020. Our video strategy is centered on profitability. We do not chase unprofitable video subscribers as we can now offer Flex for free to those who prefer a streaming-only entertainment option.

轉向視頻。我們預計，由於我們當前的節目更新周期，我們在今年年初實施的更高視頻費率將推動視頻子損失回到我們在 2020 年上半年經歷的水平。我們的視頻戰略以盈利能力為中心。我們不會追逐無利可圖的視頻訂閱者，因為我們現在可以免費向那些喜歡純流媒體娛樂選項的人提供 Flex。

Looking to the full year. We expect Cable Communications revenue growth to exceed the 3.4% we just reported for 2020 as we remain focused on driving our connectivity businesses with better year-over-year comparisons in the first half. We expect programming expense growth to increase at high single-digit levels similar to the fourth quarter as programming carriage renewals roll through in 2021, but programming expense growth is expected to moderate in 2022 and thereafter.

展望全年。我們預計有線電視通信收入增長將超過我們剛剛報告的 2020 年的 3.4%，因為我們仍然專注於推動我們的連接業務，並在上半年實現更好的同比比較。我們預計，隨著 2021 年節目運輸續訂的推進，節目費用增長將以類似於第四季度的高個位數增長，但預計節目費用增長將在 2022 年及之後放緩。

Non-programming operating expense growth should normalize at a low single-digit increase to 2019 levels as we support the higher level of customer relationships and accelerate growth in our wireless business, which we expect will achieve stand-alone profitability in 2021.

由於我們支持更高水平的客戶關係並加速我們的無線業務增長，我們預計無線業務將在 2021 年實現獨立盈利，因此非編程運營費用增長應以低個位數增長正常化至 2019 年水平。

With our consistent discipline on expenses and capital investment, coupled with the trends at work as we remain focused on connectivity, we are confident in our ability to increase profitability, expand margins and improve CapEx intensity both in 2021 and thereafter.

憑藉我們對費用和資本投資的一貫紀律，加上我們仍然專注於連接性的工作趨勢，我們對在 2021 年及之後提高盈利能力、擴大利潤率和改善資本支出強度的能力充滿信心。

Now let's turn to Slide 7 for NBCUniversal. For the fourth quarter, NBCUniversal revenue decreased 18% to $7.5 billion and EBITDA decreased 21% to $1.6 billion.

現在讓我們轉到 NBCUniversal 的幻燈片 7。第四季度，NBCUniversal 收入下降 18% 至 75 億美元，EBITDA 下降 21% 至 16 億美元。

Cable Networks revenue was down 6.4% in the fourth quarter, driven by a 38% decline in content licensing and other revenue, while distribution revenue was flat compared to a year ago, reflecting the absence of carriage renewals, combined with modest sequential improvement in subscriber losses. The delay to the start of the NBA and NHL seasons had a negative impact on our advertising revenue, which declined 4.2%, while the related shift of sports rights amortization out of the quarter was a benefit to the EBITDA, which grew 22% year-over-year.

由於內容許可和其他收入下降 38%，有線電視網絡第四季度的收入下降了 6.4%，而分銷收入與去年同期持平，這反映了沒有續訂服務，以及訂戶的適度連續增長損失。 NBA 和 NHL 賽季開始的延遲對我們的廣告收入產生了負面影響，下降了 4.2%，而相關的體育權利攤銷在本季度之外的轉移對 EBITDA 有利，同比增長 22%-超過一年。

For the full year, Cable Networks EBITDA increased 4% primarily driven by the sports-related impacts of COVID. Fewer sporting events in 2020 contributed to lower distribution and advertising revenue as well as lower programming and production expenses of $655 million year-over-year. Seasons were shortened earlier in the year and current seasons were delayed, pushing a number of events and the related rights amortization costs for 2021.

全年，Cable Networks EBITDA 增長 4%，主要受 COVID 與體育相關的影響。 2020 年體育賽事減少導致發行和廣告收入減少，節目和製作費用同比減少 6.55 億美元。今年早些時候季節被縮短，當前季節被推遲，推高了 2021 年的一些事件和相關權利攤銷成本。

Looking to 2021, we expect healthy distribution revenue growth as a result of recent successful carriage renewals. We also currently expect significantly more sporting events compared to 2020, which should result in higher advertising revenue but also a significant increase in sports-related programming and production costs, equating to a low double-digit decline in Cable Networks EBITDA this year.

展望 2021 年，我們預計由於最近成功的運輸續約，分銷收入將實現健康增長。我們目前還預計，與 2020 年相比，體育賽事將顯著增加，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，相當於今年有線電視網絡 EBITDA 出現兩位數的低位下降。

Turning to Broadcast. Revenue decreased 12% in the fourth quarter due to a 39% decline in content licensing and a 9.6% decline in advertising revenue, partially offset by another quarter of double-digit increases in retransmission consent fees. The content licensing revenue declines at both Broadcast and Cable Networks were timing-related as sales to streaming platforms, including Peacock, were more heavily concentrated in the first 9 months of the year. We also had a difficult comparison to a significant library deal in last year's fourth quarter. The decline in advertising revenue was driven by lower ratings, partly due to the delayed launch of our fall season. This was somewhat offset by record levels of political advertising at our local stations. The lower revenues were partially offset by a decline in operating costs, reflecting lower content licensing and a delay in production due to COVID-19, resulting in a decline of 24% to $356 million in Broadcast EBITDA.

轉向廣播。由於內容許可下降 39% 和廣告收入下降 9.6%，第四季度收入下降 12%，部分被轉播許可費另一個季度的兩位數增長所抵消。廣播和有線電視網絡的內容許可收入下降與時間有關，因為包括 Peacock 在內的流媒體平台的銷售更多地集中在今年前 9 個月。我們也很難將其與去年第四季度的一項重大圖書館交易進行比較。廣告收入的下降是由於收視率下降，部分原因是我們的秋季推出延遲。這在一定程度上被我們當地電視台創紀錄的政治廣告水平所抵消。較低的收入被運營成本的下降部分抵消，這反映了由於 COVID-19 導致的內容許可減少和製作延遲，導致廣播 EBITDA 下降 24% 至 3.56 億美元。

Filmed Entertainment revenue declined 8.3% and EBITDA increased 65% to $151 million for the fourth quarter. Theatrical revenue declined 70% due to theaters being either closed or operating at limited capacity while content and licensing increased 23%, driven by PVOD. Expenses were significantly lower due to fewer releases as a result of COVID-19. In 2021, we hope to debut a number of our franchise films in theaters, such as Fast 9 and Minions 2. But the situation remains fluid, and we are still adjusting our 2021 slate to maximize value as evidenced by our recent decision to push back the release of Boss Baby 2 from March to September.

第四季度電影娛樂收入下降 8.3%，EBITDA 增長 65% 至 1.51 億美元。由於影院關閉或容量有限，影院收入下降了 70%，而在 PVOD 的推動下，內容和許可增長了 23%。由於 COVID-19 導致發行量減少，費用顯著降低。 2021 年，我們希望在影院上映我們的多部特許經營電影，例如 Fast 9 和 Minions 2。但情況仍然不穩定，我們仍在調整 2021 年的計劃以實現價值最大化，我們最近決定推遲上映就證明了這一點Boss Baby 2 於 3 月至 9 月發布。

Theme Parks revenue was $579 million in the quarter with an EBITDA loss of $15 million. These results reflect Universal Orlando Resort and Universal Studios Japan operating at limited capacity while Hollywood remains closed. Results also include $45 million of Universal Beijing preopening costs. For 2021, keep in mind that the first quarter tends to be seasonally light in terms of attendance. And we also expect an increased COVID impact, given new restrictions in Japan, which have also caused us to delay the opening of Super Nintendo World. We are pleased that Universal Beijing remains set to open this summer with preopening costs ramping to $300 million in the first half of this year.

本季度主題公園收入為 5.79 億美元，EBITDA 虧損 1500 萬美元。這些結果反映了奧蘭多環球影城和日本環球影城的運營能力有限，而好萊塢仍然關閉。結果還包括 4500 萬美元的北京環球影城開業前費用。對於 2021 年，請記住，就出席人數而言，第一季度往往是季節性的。鑑於日本的新限制，我們還預計 COVID 影響會增加，這也導致我們推遲了超級任天堂世界的開放。我們很高興北京環球影城仍將在今年夏天開業，今年上半年開業前的成本將攀升至 3 億美元。

One last item I'd like to highlight. We will be changing the way we report for NBCUniversal starting in the first quarter of 2021 with the largest impact being to our television businesses as we combine Cable Networks and Broadcast into one segment along with Peacock.

我想強調的最後一項。我們將從 2021 年第一季度開始改變我們為 NBCUniversal 報告的方式，最大的影響是我們的電視業務，因為我們將有線電視網絡和廣播與 Peacock 合併為一個部分。

Now let's turn to Slide 8 for Sky, which I'll speak to on a constant currency basis. Sky revenue for the fourth quarter declined 0.9% to $5.2 billion, reflecting a 2.8% decline in direct-to-consumer revenue, driven mostly by our hospitality or pubs and clubs segment, which was challenged by additional COVID-related lockdowns during the quarter. Excluding hospitality, direct-to-consumer revenue was essentially flat year-over-year with solid low single-digit growth in the U.K. Somewhat offsetting the decline in direct-to-consumer revenue was a 10% increase in content revenue as we monetized our original programming while advertising revenue grew 3.9% as Sky outperformed a challenged advertising market helped by a strong performance in the U.K.

現在讓我們轉到 Sky 的幻燈片 8，我將在固定貨幣的基礎上進行討論。 Sky 第四季度的收入下降了 0.9% 至 52 億美元，這反映了直接面向消費者的收入下降了 2.8%，這主要是由我們的酒店或酒吧和俱樂部部門推動的，該部門在本季度受到了與 COVID 相關的額外封鎖的挑戰。不包括酒店服務，直接面向消費者的收入與去年同期基本持平，英國的單位數增長穩健。在某種程度上抵消了直接面向消費者收入的下降，因為我們將我們的貨幣化了，內容收入增長了 10%原創節目，而廣告收入增長 3.9%，因為 Sky 在英國強勁表現的幫助下超越了充滿挑戰的廣告市場。

Sky added 244,000 net new customers in the quarter, bringing us essentially back to pre-COVID levels of total customer relationships with additions in all markets, driven by a very healthy streaming business. We've also seen strong uptake in our broadband and mobile products in the U.K.

Sky 在本季度新增了 244,000 名淨新客戶，在非常健康的流媒體業務的推動下，我們在所有市場的客戶關係總量基本回到了 COVID 之前的水平。我們還看到我們的寬帶和移動產品在英國的強勁增長。

Sky EBITDA was $139 million as the fourth quarter was impacted by a number of expense items, such as incremental sports rights amortization related to the shift of sporting events that have been delayed as a result of COVID-19, higher investments in entertainment programming, costs related to the launch of our new Sky channels last May as well as higher marketing spend to promote strategic initiatives, such as Sky Q, growth in our mobile product in the U.K. and broadband in Italy.

Sky EBITDA 為 1.39 億美元，因為第四季度受到許多費用項目的影響，例如與因 COVID-19 而推遲的體育賽事轉移相關的增量體育權利攤銷、娛樂節目投資增加、成本與我們去年 5 月推出的新 Sky 頻道以及更高的營銷支出相關，以促進戰略舉措，例如 Sky Q、我們在英國的移動產品的增長和意大利的寬帶。

Looking ahead, we would characterize 2021 as a tale of 2 halves. The first half is under pressure due to the recent increase in COVID-related restrictions to the extreme levels we experienced at the beginning of the pandemic. With the government mandating the closure of pubs and clubs as well as many retail outlets, we are experiencing weakness in hospitality and advertising, and we now expect Sky's first quarter revenue to decline slightly year-over-year. We also expect first half expenses to be elevated when compared to 2020 as higher sports rights amortization resulting from sporting events being postponed from 2020 to 2021 will be with us through the second quarter. In non-sports-related costs, we will see an increase as we grow broadband and mobile in the U.K., broadband in Italy and launch the SMB business in the U.K. later this quarter.

展望未來，我們將 2021 年描述為一個兩半的故事。由於最近與 COVID 相關的限制增加到我們在大流行開始時經歷的極端水平，上半年面臨壓力。隨著政府強制關閉酒吧和俱樂部以及許多零售店，我們的酒店和廣告業務正在疲軟，我們現在預計 Sky 的第一季度收入將同比略有下降。我們還預計，與 2020 年相比，上半年費用將增加，因為體育賽事從 2020 年推遲到 2021 年導致的更高的體育權利攤銷將持續到第二季度。在非體育相關成本方面，我們將看到隨著我們在英國發展寬帶和移動、意大利寬帶以及本季度晚些時候在英國推出 SMB 業務而增加。

In the second half of '21, we expect a quick recovery in hospitality and advertising revenue once these latest restrictions are lifted and an acceleration in EBITDA growth from the tailwinds related to our major sports rights resets and more efficient operating structure.

在 21 年下半年，我們預計一旦取消這些最新限制，以及與我們的主要體育權利重置和更高效的運營結構相關的順風，EBITDA 增長將加速，酒店和廣告收入將迅速恢復。

I'll wrap up with free cash flow and capital allocation on Slide 9. We generated $13.3 billion in free cash flow and paid $4.1 billion in dividends to our shareholders in 2020. Consolidated total capital, which includes CapEx as well as software and intangibles, decreased 6.4% for the year to $11.6 billion while working capital improved by $2.2 billion to a decline of $178 million for the full year, both reflecting an impact from COVID. Looking to 2021, we anticipate total capital will remain relatively flat to 2020 levels while the working capital drag will increase relative to the levels we saw in 2019, which is the more appropriate comparison 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 9 上結束自由現金流和資本分配。我們在 2020 年產生了 133 億美元的自由現金流，並向我們的股東支付了 41 億美元的股息。合併總資本，包括資本支出以及軟件和無形資產，全年減少 6.4% 至 116 億美元，而營運資金增加 22 億美元至全年減少 1.78 億美元，均反映了 COVID 的影響。展望 2021 年，我們預計總資本將與 2020 年水平保持相對平穩，而營運資本拖累將相對於我們在 2019 年看到的水平增加，由於內容投資增加，這是更合適的比較，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。

Turning to capital allocation. Our strategy has always been a balance of several important priorities: maintaining a strong balance sheet, investing in profitable organic growth and returning capital to shareholders.

轉向資本配置。我們的戰略一直是平衡幾個重要的優先事項：保持強勁的資產負債表、投資於可盈利的有機增長以及向股東返還資本。

First, on our balance sheet, we've made great progress reducing net debt from $108 billion post the Sky acquisition at the end of 2018 to $90 billion at the end of 2020.

首先，在我們的資產負債表上，我們在將淨債務從 2018 年底收購 Sky 後的 1080 億美元減少到 2020 年底的 900 億美元方面取得了巨大進展。

Second, we remain focused on organic investment in our businesses to grow the long-term earnings power of the company, including our CapEx investment in broadband and parks and continued investment behind other growth initiatives where we see strong return on investments, such as Xfinity Mobile, Peacock, Flex, Sky Q and broadband in Italy.

其次，我們仍然專注於對我們的業務進行有機投資，以提高公司的長期盈利能力，包括我們對寬帶和公園的資本支出投資，以及我們認為投資回報強勁的其他增長計劃背後的持續投資，例如 Xfinity Mobile 、Peacock、Flex、Sky Q 和意大利的寬帶。

Third, we are committed to returning capital to shareholders through dividends and buybacks. And we have a proven track record. We have increased our dividend 13 years in a row at a 17% CAGR, significantly in excess of the S&P over that same time period. In addition, we have a demonstrated history of buying back stock, having reduced our share count by nearly 20% between the NBCUniversal and Sky acquisitions.

第三，我們致力於通過分紅和回購向股東返還資本。我們有良好的業績記錄。我們以 17% 的複合年增長率連續 13 年增加股息，顯著超過同期的標準普爾指數。此外，我們有回購股票的歷史證明，在 NBCUniversal 和 Sky 收購之間，我們的股票數量減少了近 20%。

In 2021, we believe we will be able to return to our historical practice of returning ample capital to our shareholders. We are again raising the dividend by $0.08 a share to $1 per share. And we are planning to return to buying back our stock. As Brian mentioned, our hope is to start in the back half of this year gradually ramping up to historical levels while we continue to pace towards hitting our intended target leverage levels, which we currently expect to reach by year-end 2022. The specific timing and magnitude of our buyback activity will be subject to improvement in our businesses most impacted by the pandemic and the implications related to potential changes in tax policy.

2021年，我們相信我們將能夠回歸我們向股東返還充足資本的歷史慣例。我們再次將股息從每股 0.08 美元提高到每股 1 美元。我們正計劃重新回購我們的股票。正如布賴恩所說，我們希望在今年下半年開始逐步提高到歷史水平，同時繼續朝著我們目前預計到 2022 年底達到的預期目標槓桿水平邁進。具體時間我們的回購活動的規模和規模將取決於受疫情影響最大的業務的改善以及與稅收政策潛在變化相關的影響。

So thanks for joining us on the call this morning, and I'll now hand it back to Marci to handle Q&A.

感謝您今天早上加入我們的電話會議，我現在將其交給 Marci 處理問答。

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 Ben Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

One for, I guess, Brian and Dave on Cable and then one for Jeff on NBC. So obviously, really strong customer metrics in 2020, particularly on the broadband side. And I was curious, when you look at what transpired last year in terms of the increased demand for the product and also how you guys operated the business, what are the things that you think are COVID-specific versus durable? I mean I know you talked about 2019 as the benchmark year. But as we think about the longer term, how do you look at last year's performance and some of the specific drivers in terms of their durability beyond the pandemic?

我猜，一份是給有線電視的布賴恩和戴夫，然後是給 NBC 的傑夫。很明顯，2020 年的客戶指標非常強勁，尤其是在寬帶方面。我很好奇，當您查看去年對產品的需求增加以及你們如何經營業務時發生了什麼，您認為哪些是 COVID 特有的而不是耐用的？我的意思是我知道你談到 2019 年是基準年。但從長遠來看，您如何看待去年的表現以及一些特定驅動因素在大流行之後的持久性方面？

And then for Jeff, you guys laid out, and I realize this is prior to your elevation as CEO, I think, 30 million to 35 million active accounts on Peacock by '24. I know sign-ups and active accounts are different metrics, but it seems like you're nicely ahead of that trajectory. Can you just sort of reframe the opportunity with Peacock for us today versus kind of the initial outlook? And when might revenues become kind of material to NBC for that business?

然後對於傑夫，你們提出了，我意識到這是在你升任首席執行官之前，我認為，到 24 年，Peacock 的活躍賬戶將達到 3000 萬到 3500 萬。我知道註冊和活躍帳戶是不同的指標，但您似乎遠遠領先於該軌跡。您能否為我們今天重新定義 Peacock 的機會，而不是最初的前景？什麼時候收入可能會成為 NBC 對該業務的一種材料？

Well, Ben, this is Dave. I'll kick off on the Cable side. I think it starts with the main point that we've had great momentum in broadband for many quarters now, well before COVID. So there's been real strength in the category for us. And I think we point towards the fundamentals of broadband. And the fundamentals have been very consistent for us. And it starts with the market. The market is growing. We're taking share. And the sources are geographic all over the country where we serve and across the board competitively with DSL sources, telco, wired, wireless and other competitors.

嗯，本，這是戴夫。我將從有線電視方面開始。我認為這首先要從一個要點開始，即我們現在在寬帶領域已經有了很大的發展勢頭，早在 COVID 之前。所以對我們來說，這個類別有真正的實力。我認為我們指向寬帶的基本原理。基本面對我們來說非常一致。它從市場開始。市場正在增長。我們正在分擔。資源分佈在我們服務的全國各地，與 DSL 資源、電信、有線、無線和其他競爭對手全面競爭。

So I think while there in '20, truly an exceptional year for performance, and as Brian said, I think the right way of looking at '20, you've got to look at the full year results. And when you do that, the 2 million net customer additions, it really is extraordinary. The fundamentals that we see going forward, low churn, we compete well on the front end because we've consistently invested in the best network in the marketplace, I think. That is ubiquitous. We deliver the best overall service, redefined the category in speed, coverage, control and now streaming. And so you add up all those things, I think you -- it points towards strong organic growth.

所以我認為在 20 年，對於表現來說確實是非凡的一年，正如布賴恩所說，我認為看待 20 年的正確方式是，你必須看看全年的業績。當你這樣做時，淨增加 200 萬客戶，這真的很了不起。我們看到的基本面，低流失率，我們在前端競爭很好，因為我們一直投資於市場上最好的網絡，我認為。那是無處不在的。我們提供最好的整體服務，重新定義速度、覆蓋範圍、控制和現在的流媒體類別。所以你把所有這些東西加起來，我想你——它指向強勁的有機增長。

But as you look to next year, as Mike said, we do have a healthy start to the year. We're really encouraged to -- at what we're seeing right out of the gates. But I do think 2020, as everybody went home and there's just a lot more in a short period of time, folks that were working from home, schooling from home, I think there is -- that's a unique moment. But I think the fundamentals continue. We have penetration upside. There's growth opportunities that we believe strongly. I think '19 was a very strong year, too, by the way. I think that is the right one to look at as the best benchmark on a go-forward basis.

但正如邁克所說，展望明年，我們確實有一個健康的開端。我們真的很受鼓舞——在我們看到的大門外。但我確實認為 2020 年，因為每個人都回家了，而且在很短的時間內還有更多的人在家工作，在家上學，我認為這是一個獨特的時刻。但我認為基本面仍在繼續。我們有滲透優勢。我們堅信存在增長機會。順便說一句，我認為 19 年也是非常強勁的一年。我認為這是在前進的基礎上將其視為最佳基準的正確方法。

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

我們的下一個問題將來自美國銀行的 Jessica Reif Ehrlich。

Hey, Ben. So Peacock obviously is a -- is primarily an AVOD service. And we have a number of metrics. The one that we -- that Brian and Mike talked about today is sign-ups, which we've said every quarter, which we reached 33 million this week. People sign up, then they use it actively and then the usage per user, that drives the amount of hours that we sell in advertising. And we were up significantly over all of our metrics versus what we anticipated going into the business. We're only -- we launched this on Comcast just over 9 months ago and nationally just over 6 months ago. So we're at the very beginning of this business.

嘿，本。所以 Peacock 顯然是一個——主要是一個 AVOD 服務。我們有許多指標。我們——布賴恩和邁克今天談到的一個是註冊，我們每個季度都說過，本週我們達到了 3300 萬。人們註冊，然後他們積極使用它，然後是每個用戶的使用量，這推動了我們在廣告中銷售的小時數。與我們預期的業務相比，我們的所有指標都顯著上升。我們只是 - 我們在 9 個多月前在康卡斯特和全國 6 個多月前推出了這個。因此，我們正處於這項業務的起步階段。

But we're very confident, based on the small amount of time, that the business model is exactly the right business model. People are signing up. They're using it more than we expected. And advertisers are very interested in buying it. So this steady growth is very promising for us. And we don't have anything to reframe at this point. But I think that the performance, that is much better than we expected, gives us a lot of optionality going forward. But we're just going to continue to drive this business model now and focus on the advertising revenue.

但我們非常有信心，基於少量的時間，商業模式正是正確的商業模式。人們正在報名。他們使用它的次數超出了我們的預期。廣告商非常有興趣購買它。所以這種穩定的增長對我們來說是非常有希望的。在這一點上，我們沒有任何需要重構的東西。但我認為，比我們預期的要好得多的表現給了我們很多未來的選擇餘地。但我們現在將繼續推動這種商業模式並專注於廣告收入。

Our next question is from the line of Jessica Reif Ehrlich with Bank of America.

我們的下一個問題來自美國銀行的 Jessica Reif Ehrlich。

I also have two questions. First, on NBCU, can you talk about kind of the time frame and where you'll see the benefits of the restructuring? And within that, like what is the long-term view of Cable Networks? Will it all eventually be in Peacock? And on the Cable side, several of you mentioned, I think, Brian -- I think all of you mentioned the benefits of the new Verizon MVNO deal. Where will that show up? Will it be in revenue, additional services? What's the time frame for that as well?

我也有兩個問題。首先，在 NBCU，你能談談時間框架以及你會在哪裡看到重組的好處嗎？在此範圍內，有線電視網絡的長期觀點是什麼？這一切最終會在孔雀中嗎？在有線電視方面，你們中的一些人提到了，我想，布賴恩——我想你們都提到了新的 Verizon MVNO 交易的好處。那會出現在哪裡？會是收入，附加服務嗎？那還有什麼時間框架？

Jeff, do you want to start?

傑夫，你想開始嗎？

Yes. Thanks, Brian. Jessica, so we view, obviously, our television business as a whole. As Mike says, we're going to redo how we report starting next quarter. And we view the whole television business as a whole. And while our restructuring definitely took a lot of cost out of the business, but you're starting to see in the numbers, the real purpose of it was to allow us to grow it in the future and really run it as one business. So Cable Networks, obviously, are a big part of the business. They're still the biggest EBITDA driver. And I don't expect that to change anytime in the near future.

是的。謝謝，布賴恩。傑西卡，所以我們顯然將我們的電視業務視為一個整體。正如邁克所說，我們將從下個季度開始重做我們的報告方式。我們將整個電視業務視為一個整體。雖然我們的重組確實從業務中花費了很多成本，但你開始從數字中看到，它的真正目的是讓我們在未來發展它並真正將它作為一項業務來運營。因此，有線電視網絡顯然是業務的重要組成部分。他們仍然是最大的 EBITDA 驅動因素。而且我不認為在不久的將來會改變。

But we're looking at the 2 revenue streams of the business, it's subscription and advertising, as one business, Broadcast, Cable and Peacock, and we're programming it as such. We're selling it to advertisers as one platform as such. And so I think, over time, it will be harder and harder to distinguish between the profitability of Cable Networks and the rest of our television business because we're looking at it as one business. But the restructuring allows us to run it like that. And we think that, that's going to allow us to really grow the business over time.

但我們正在關注業務的兩個收入來源，即訂閱和廣告，作為一個業務，廣播、有線電視和孔雀，我們正在對其進行編程。我們將其作為一個平台出售給廣告商。所以我認為，隨著時間的推移，將有線電視網絡的盈利能力與我們其他電視業務的盈利能力區分開來將越來越難，因為我們將其視為一項業務。但是重組允許我們這樣運行它。我們認為，這將使我們能夠隨著時間的推移真正發展業務。

Dave, do you want to chip in on wireless?

戴夫，你想加入無線網絡嗎？

Yes. Jessica, so the -- we've been really pleased with the relationship with Verizon. We've had a great partnership and glad that one important aspect of things is that improved MVNO. Brian mentioned the capital-light approach is working for us. We think it's going to work in the future. So I think as a starting point certainly will enable us to amplify what we're already doing, really push towards a range of offers to keep us very competitive. We continue to grab, switch and share in the mobile space.

是的。傑西卡，所以我們對與 Verizon 的關係感到非常滿意。我們建立了良好的合作夥伴關係，並且很高興事情的一個重要方面是改進了 MVNO。布賴恩提到輕資本的方法對我們有用。我們認為它會在未來發揮作用。因此，我認為作為一個起點，我們肯定能夠擴大我們已經在做的事情，真正推動一系列報價，以保持我們的競爭力。我們繼續在移動領域搶奪、切換和分享。

But you back up for a second, and we're just -- overall, we have been pleased and we're very optimistic about the mobile business and what it will do, in particular, continues to perform very well for broadband retention. And so we're committed to accelerating growth in mobile, and we mentioned this last time. And while the MVNO enhancement is a nice step forward, there are a lot of other things that we're doing like, really going after every single sales channel that we have.

但是您稍等片刻，我們只是 - 總體而言，我們很高興並且我們對移動業務非常樂觀，特別是它將繼續在寬帶保留方面表現良好。因此，我們致力於加速移動領域的發展，我們上次提到了這一點。雖然 MVNO 增強是向前邁出的一大步，但我們正在做很多其他的事情，比如真正針對我們擁有的每一個銷售渠道。

We reopened retail in a safe mode, new safety protocols. And every single sales channel, whether it's digital, call centers, you name it, we're really focusing on mobile. So we're also leaning into 5G. We'll participate very much in 5G. And we're featuring mobile in packaging with broadband, leading in some cases. When there's a new product NPI, whether it's Apple, Samsung, we use that moment to literally lead with mobile. So I think, overall, we're really pleased. And I think it -- we feel good about the runway.

我們以安全模式和新的安全協議重新開放零售。每一個銷售渠道，無論是數字渠道、呼叫中心等等，我們都專注於移動。所以我們也傾向於5G。我們會非常積極地參與 5G。我們在寬帶包裝中採用移動設備，在某些情況下處於領先地位。當有新產品 NPI 出現時，無論是蘋果還是三星，我們都會利用那一刻真正引領移動。所以我認為，總的來說，我們真的很高興。我認為——我們對跑道感覺很好。

I would also point towards our overarching plan that, one, we have access to, I think, the country's best network with Verizon and so talked about that. I think we also are leveraging -- continue to leverage WiFi. And we've always uniquely provided a great experience, not just in the home. We're improving things outside in the public area. And then over time, I think the other key thing, too, is being able to add a third layer, which could be our own targeted wireless infrastructure, which we might use to supplement the Verizon network and really go after the high dense usage areas from spectrum that we've already acquired. So I think all these factors point towards, I think, a unique opportunity for us.

我還要指出我們的總體計劃，第一，我認為，我們可以使用 Verizon 訪問該國最好的網絡，因此談到了這一點。我認為我們也在利用——繼續利用 WiFi。而且我們始終以獨特的方式提供出色的體驗，而不僅僅是在家中。我們正在改善公共區域以外的東西。然後隨著時間的推移，我認為另一個關鍵的事情也是能夠添加第三層，這可能是我們自己的目標無線基礎設施，我們可能會用它來補充 Verizon 網絡並真正關注高密度使用區域從我們已經獲得的頻譜。所以我認為所有這些因素都指向，我認為，對我們來說，這是一個獨特的機會。

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。

If I could just follow up on wireless, when you said that you can improve the range of offerings to more customers as part of the new MVNO, can you address business customers now with your wireless service? And perhaps you could before, but any clarification on that? And what are the new offerings and what are the new customers that you can address as a result of the changes to the MVNO? And then Brian, not to put you on the spot, but any thoughts on the Olympics and its likelihood and potential benefit to Peacock or the rest of the operations?

如果我可以跟進無線，當您說作為新 MVNO 的一部分您可以改善向更多客戶提供的產品範圍時，您現在可以使用您的無線服務來解決商業客戶嗎？也許你以前可以，但對此有任何澄清嗎？由於 MVNO 的變化，您可以解決哪些新產品和哪些新客戶？然後是布賴恩，不是讓你當場，而是對奧運會及其對孔雀或其他行動的可能性和潛在好處有什麼想法？

Well, I think on the wireless question, I think this is the beginning of the year, so I think we'll have more to report as the year goes on with -- to follow up on what Dave just said. But we -- including some offerings to businesses. But we're -- kind of it's early in the year, so stay tuned. But I think what we wanted to convey today is that the piece parts are in place and that we have momentum and it's a strategic part of our bundle, as Dave just said, in terms of reducing churn and also driving us toward breakeven and profitability. And this was -- these were important elements to get right. So I would say more to follow. And the question about Olympics is what? Will it happen? Or be a bit more specific, if you don't mind, Doug.

嗯，我認為關於無線問題，我認為這是今年的開始，所以我認為隨著時間的推移，我們將有更多的報告 - 跟進戴夫剛剛所說的內容。但是我們 - 包括向企業提供的一些產品。但我們 - 有點像今年年初，所以請繼續關注。但我認為我們今天想要傳達的是，零件已經到位，我們有動力，這是我們捆綁的戰略部分，正如戴夫剛才所說，在減少客戶流失以及推動我們實現盈虧平衡和盈利方面。這是 - 這些是正確的重要元素。所以我會說更多。關於奧運會的問題是什麼？會發生嗎？或者更具體一點，如果你不介意的話，道格。

Yes. Sorry, Brian. I guess there's some concern out there as to whether or not the Olympics will happen. And I know it's sort of important for driving your businesses. And it was something you're excited about in terms of marketing Peacock last year. And as you think of the step forward in Peacock and had some initial success, how do you think about using Olympics as a vehicle to drive usage and awareness of Peacock?

是的。對不起，布賴恩。我想人們對奧運會是否會舉行有些擔憂。我知道這對於推動您的業務很重要。就去年營銷 Peacock 而言，這是你感到興奮的事情。當您想到 Peacock 向前邁出的一步並取得了一些初步成功時，您如何看待將奧運會作為推動 Peacock 使用和意識的工具？

Yes. Understood. Well, first of all, I want to echo what Jeff said, really pleased with how fast Peacock has exceeded this year, even without the Olympics that we had hoped for and that was going to be the big launch moment. So I think the team is doing an outstanding job and giving us the fast start that I think everyone would want to have and even better than that, perhaps. So that gives us just great expectation for the future. So sitting here today, I believe there will be an Olympics. I hope there will be an Olympics, and I think that's our best intelligence at this time, and we're excited about that.

是的。明白了。嗯，首先，我想附和 Jeff 所說的話，對 Peacock 今年的超速速度感到非常高興，即使沒有我們所希望的奧運會，那將是重要的發佈時刻。所以我認為團隊做得非常出色，並為我們提供了我認為每個人都希望擁有的快速啟動，甚至可能比這更好。所以這讓我們對未來充滿了期待。所以今天坐在這裡，我相信會有奧運會。我希望有奧運會，我認為這是我們目前最好的情報，我們對此感到興奮。

I think it can be done in a variety of ways as we've seen sporting events all over the world take place from Premier League to the NFL and many others with limited spectators, no spectators or wherever the world may be in Japan in July, that will be up to the country and host committee. If in the event it doesn't happen, we have another Olympics coming in Beijing 7 months later or so. So I don't know, Jeff, whether you want to add anything to that. But we're very hopeful and believe that they'll find a way to safely and successfully have the Olympics, which for us is a television event and would be an amazing moment for the world to come back together post what we've all globally been through, which is so unprecedented. So we're super hopeful and optimistic.

我認為這可以通過多種方式來完成，因為我們已經看到世界各地的體育賽事從英超聯賽到 NFL 以及許多其他觀眾有限、沒有觀眾或世界各地可能在 7 月在日本的任何地方舉行的體育賽事，這將取決於國家和東道委員會。如果它沒有發生，我們將在 7 個月後在北京舉行另一場奧運會。所以我不知道，Jeff，你是否想添加任何內容。但我們充滿希望，並相信他們會找到安全成功舉辦奧運會的方法，這對我們來說是一場電視盛事，對於全世界重新聚首發布我們在全球範圍內所做的事情來說，這將是一個了不起的時刻經歷過，這是前所未有的。所以我們充滿希望和樂觀。

Yes, I guess...

是的，我猜...

Go ahead, Jeff.

繼續，傑夫。

No, I was just going to add to what Brian said. I think advertisers also are optimistic that the Olympics are coming. We continue to pace. I think last earnings call, I said we were up over where we were a year ago, when we thought the Olympics would be a year ago. That gap has grown even further as advertisers kind of jumped in to buy. So we're -- anything can happen in this COVID world. We don't know what's going to happen. But we're pretty confident the Olympics is going to happen and advertisers are kind of jumping in and agreeing with Brian's sentiments.

不，我只是想補充一下布賴恩所說的話。我認為廣告商也對奧運會即將到來感到樂觀。我們繼續步伐。我想上次財報電話會議，我說我們比一年前的水平還要高，當時我們認為奧運會會是一年前。隨著廣告商開始購買，這種差距進一步擴大。所以我們 - 在這個 COVID 世界中，任何事情都可能發生。我們不知道會發生什麼。但我們非常有信心奧運會即將舉行，廣告商們也紛紛加入並同意布賴恩的觀點。

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。

Thanks for the buyback commentary. Should we still look at 2.5x trailing 12-month EBITDA as the test for buybacks? And can you remind us what the year-end '22 target is? And then Mike, to confirm your comments on margins and capital intensity, I think you're guiding to Cable margins and capital intensity improvements versus 2020 but not giving a level. I assume that's against reported numbers despite all the moving pieces. Can you give us any sort of direction on that level? And why not guide this year versus previous years?

感謝您的回購評論。我們是否仍應將 2.5 倍的過去 12 個月 EBITDA 視為回購的測試？你能提醒我們22年年底的目標是什麼嗎？然後邁克，為了確認您對利潤率和資本密集度的評論，我認為您正在指導有線電視利潤率和資本密集度與 2020 年相比有所改善，但沒有給出一個水平。我認為這與報告的數字相反，儘管有所有的移動部分。你能給我們在那個層面上的任何方向嗎？為什麼不引導今年與往年相比呢？

Sure, Phil, it's Mike. And Dave -- I'll do the second one first. I think Dave gave plenty of color in terms of -- as well as, I think, in the earlier comments about the activities of the Cable division in terms of focus on expenses, locking in programming renewals, which -- and just driving the business towards connectivity and wireless towards profitability. All those factors come together. And when you look at the long-term trajectory of the business, including our comment, is that we are confident in our ability to increase profitability, expand margins and improve capital intensity, not just in 2021, and that is versus reported 2020 numbers to your question, but really thereafter.

當然，菲爾，是邁克。還有戴夫——我會先做第二個。我認為戴夫在 - 以及我認為之前關於有線電視部門活動的評論中，在關注費用、鎖定節目更新方面給予了很多色彩，這 - 並且只是推動了業務走向連接和無線走向盈利。所有這些因素結合在一起。當您查看業務的長期發展軌跡（包括我們的評論）時，我們對提高盈利能力、擴大利潤率和提高資本密集度的能力充滿信心，而不僅僅是在 2021 年，這與報告的 2020 年數字相比你的問題，但之後真的。

I mean I think the business is set up for that for the long-term horizon beyond just the year ahead. So calling out specific numbers, I think, is of less utility, frankly, than giving you the broad backdrop that gives you the long-term lens through which you can judge all those pieces. But we're quite confident that all those things coming together, expense discipline and efficiency on the capital side, combined with innovation and focus on connectivity, allows us to give that outlook that -- of improving margins and capital intensity looking out ahead. In terms of -- Dave, I don't know if you have anything to add there?

我的意思是，我認為該業務是為未來一年之外的長期視野而建立的。因此，坦率地說，我認為，說出具體數字的用處不如給你一個廣泛的背景，讓你有一個長期的鏡頭，你可以通過它來判斷所有這些片段。但我們非常有信心，所有這些因素結合在一起，資本方面的費用紀律和效率，再加上創新和對連通性的關注，使我們能夠展望未來——提高利潤率和資本密集度。關於-- 戴夫，我不知道你有什麼要補充的嗎？

Yes. I think the focus of us really going after margin, capital intensity improvements, that's not going to stop. It starts with connectivity and building customer relationships in a profitable way, managing this video transition like we're doing and extreme focus around expenses that we, in a healthy way, Mike talked about it, Brian talked about it, just taken a lot of transactions out. Our digital focus and self-install kits, these are things that I think are very durable that will go beyond this -- what we're dealing with in this environment.

是的。我認為我們真正關注的是利潤率、資本密集度的提高，這不會停止。它從連接性和以盈利的方式建立客戶關係開始，像我們正在做的那樣管理這個視頻轉換，並以一種健康的方式極度關注我們的費用，邁克談到了它，布賴恩談到了它，只是花了很多時間交易出去。我們的數字焦點和自安裝套件，這些都是我認為非常耐用的東西，它們將超越這一點——我們在這種環境中正在處理的東西。

I think we've learned a ton and we'll continue to operate the business in a unique way. So I think you look towards those kinds of activities, the amount of SIK today, 2/3 of the transactions that connects are that way and then 3/4 of our digital-capable transactions are being completed through our digital tools. We're going to continue to focus on all those things that just drive non-programming cost. And so we'll stay focused on all of that.

我認為我們已經學到了很多，我們將繼續以獨特的方式經營業務。所以我認為你關注那些類型的活動，今天的 SIK 數量，2/3 的連接交易都是這樣，然後我們 3/4 的數字化交易是通過我們的數字工具完成的。我們將繼續關注那些只會增加非編程成本的事情。因此，我們將繼續專注於所有這些。

And then just elaborating, I think earlier comments really covered it all on buybacks, but I'll just expand a bit. I mean, obviously, we've been talking, Brian and I and the team, for a while about our desire to get back into the historical balance on capital allocation, which, as you know, is keeping the balance sheet strong, making healthy investments in the organic growth across our businesses, which I think from listening to the call today, anyone would, I hope, gather that we continue to be very much leaning into doing that where we see returns and opportunity to make investments in these businesses for growth, and then get back to our balance with complete capital return. It's the 13th year we've increased the dividend. But we turned off buybacks for a while and want to return to being in that portion of the return element as well.

然後只是詳細說明，我認為之前的評論確實涵蓋了回購的所有內容，但我會稍微擴展一下。我的意思是，很明顯，我們一直在談論，布賴恩和我以及團隊，我們希望回到資本配置的歷史平衡，正如你所知，這正在保持資產負債表強勁，使健康對我們業務的有機增長進行投資，我認為從今天的電話會議中，我希望任何人都會聚集到我們繼續非常傾向於這樣做，因為我們看到了對這些業務進行投資的回報和機會增長，然後以完全的資本回報回到我們的平衡。這是我們增加股息的第 13 年。但我們暫時關閉了回購，並希望也能回到回報元素的那一部分。

So as I said, we're pleased with where the balance sheet is. We've gotten net debt down to $90 billion from $108 billion after Sky. Just the evidence that we're seeing in parks in the fourth quarter, we were breakeven ex the Beijing pre-operating cost, even with Hollywood closed and even with the capacity constraints, just gives us a high degree of confidence that when people can return to travel on the other side of vaccinations outpacing the virus that we're going to see the COVID-impacted EBITDA businesses snap back to historical levels.

正如我所說，我們對資產負債表的位置感到滿意。在 Sky 之後，我們的淨債務從 1080 億美元降至 900 億美元。只是我們在第四季度在公園看到的證據，即使在好萊塢關閉和容量限制的情況下，我們在北京的前期運營成本之前也是盈虧平衡的，這給了我們高度的信心，即人們什麼時候可以返回在疫苗接種速度超過病毒的另一邊旅行，我們將看到受 COVID 影響的 EBITDA 業務迅速回到歷史水平。

To your point, it's going to take 12 months for it to run through and get a full -- and get it fully back. Hence, our point that in the second half of this year, we'd expect to see the beginnings of that. And rather than wait for a full 12 months, we'll start -- we hope and plan to begin our buyback at that moment. We'll keep it at the historical level, call it, as much as $5 billion, ramp-up to that, and probably stay there until we actually get to the definition that you called out with -- on a 12-month trailing basis to get to around or just inside 2.5x. And I expect that to happen by the end of 2022.

就您而言，它需要 12 個月的時間才能完成並完全恢復 - 並完全恢復。因此，我們的觀點是，在今年下半年，我們預計會看到這種情況的開始。而不是等待整整 12 個月，我們將開始 - 我們希望併計劃在那一刻開始我們的回購。我們會將其保持在歷史水平，將其稱為 50 億美元，然後逐步增加，並且可能會一直保持在那裡，直到我們真正達到您提出的定義——在 12 個月的跟踪基礎上達到 2.5 倍左右或剛好在 2.5 倍以內。我預計這將在 2022 年底發生。

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

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

Two questions if I could. First, Brian, you talked a little bit about how pleased you are with Flex. We certainly get more questions about it from our clients now than had been the case with a lot of enthusiasm for what Flex could become. So I wonder if you could just expand on Flex a little bit and talk about what your hopes and expectations are for Flex. And could you grow that into a national product that is widely distributed or even a global product that's widely distributed as an aggregator platform?

如果可以的話，有兩個問題。首先，Brian，您談到了您對 Flex 的滿意程度。我們現在從客戶那裡收到的關於它的問題肯定比以前對 Flex 可能成為的事情充滿熱情的情況要多。所以我想知道您是否可以稍微擴展一下 Flex 並談談您對 Flex 的希望和期望。您能否將其發展為廣泛分佈的國家產品，甚至作為聚合平台廣泛分佈的全球產品？

And then with respect to wireless, I wonder if you could just update us on your thinking about the CBRS spectrum now that we're out of the CBRS quiet period and what you might do now with strand-mounted small cells for traffic offload, whether you're testing that in any markets or how much traffic you expect you might be able to offload from the MVNO agreement.

然後關於無線，我想知道您是否可以向我們介紹您對 CBRS 頻譜的看法，因為我們已經走出了 CBRS 的安靜期，以及您現在可以使用鍊式小型基站來進行流量卸載，是否您正在測試任何市場或您希望從 MVNO 協議中卸載多少流量。

Dave, why don't you take the second one first about wireless and CBRS? I don't know if there's anything to add at this moment. But -- and if we're -- if you want to, feel free to talk about that.

戴夫，你為什麼不先看第二個關於無線和 CBRS 的內容？不知道現在有沒有什麼要補充的。但是 - 如果我們是 - 如果你願意，請隨時談論。

Well, Craig, we have...

好吧，克雷格，我們有...

But if you want to start on Flex, that's fine, and I can follow you, so we can do both.

但如果你想從 Flex 開始，那很好，我可以跟著你，所以我們可以同時做。

Yes. Well, let me touch on the first one then and go into CBRS. But on Flex, starting, Craig, with the -- our current strategy just a little bit, that we're -- we package it with broadband, another great way of surrounding broadband with products that drive better retention outcomes. And that's -- it's working. It's working very well. So we target it to the streaming segment and give the customer a great experience with the X1 voice and all the apps. So we've got tons of apps. We'll have just about everything, pleased with the Peacock performance for sure, all the other apps that we've launched, including HBO Max and soon to be later on this quarter, Disney.

是的。好吧，讓我談談第一個然後進入 CBRS。但是在 Flex 上，首先是 Craig，我們目前的戰略只是一點點，我們是 - 我們將其與寬帶打包在一起，這是另一種圍繞寬帶的好方法，產品可以帶來更好的保留結果。這就是 - 它正在工作。它工作得很好。因此，我們將其定位於流媒體領域，並通過 X1 語音和所有應用程序為客戶提供出色的體驗。所以我們有大量的應用程序。我們將擁有幾乎所有東西，肯定對 Peacock 的表現感到滿意，我們推出的所有其他應用程序，包括 HBO Max 以及本季度晚些時候即將推出的迪士尼。

I think today, it is more targeted. But as you mentioned, I really do think the next phase that we're working on and developing for and turning our innovation focus is that this is a long-term platform opportunity for us. And an aspect of the company that we have, called Xumo, that I think you all didn't know that, that's one piece of being able to drive -- help drive advertising. We can participate in revenue in the app splits that we get. And so we think of this with scale.

我認為今天，它更有針對性。但正如你所提到的，我確實認為我們正在努力和開發的下一階段以及將我們的創新重點轉向這對我們來說是一個長期的平台機會。我們擁有的公司的一個方面，叫做 Xumo，我想你們都不知道，這是能夠推動的一部分——幫助推動廣告。我們可以在我們獲得的應用拆分中參與收入。因此，我們以規模來考慮這一點。

And as you build a common software stack that includes Sky, do it together, which we're already working on, and then you have opportunities and -- which we've talked about going to smart TVs but really leveraging unique scale internationally that we can have, whether it's a device or whether it's a software solution. But I think these are the things that we'll look at. Right now, it's working great within footprint, but we're building out plans beyond that.

當你構建一個包含 Sky 的通用軟件堆棧時，一起做，我們已經在努力，然後你就有機會 - 我們已經討論過智能電視，但真正利用我們在國際上的獨特規模可以擁有，無論是設備還是軟件解決方案。但我認為這些是我們要看的東西。目前，它在足跡範圍內運行良好，但我們正在製定超出此範圍的計劃。

Hang on 1 second. Let me just add to that then that the whole articulation of the company's strategy with broadband and aggregation into streaming, I think, is embodied inside Flex. So Peacock's success very much partially due to the early success to what Flex can do for broadband customers. And we're seeing other programmers are approaching us with their content and seeing what both the X1 platform and the Peacock platform and this Flex platform can do for them. So that's led us to looking at what Dave was just talking about, what are other opportunities that are in -- that could be taking advantage of the scale on this platform and the ability to bundle things that way. And I think we'll have more to talk about throughout the year.

等待 1 秒。讓我補充一點，我認為公司將寬帶和聚合到流媒體的戰略的整個表述都體現在 Flex 內部。因此，Peacock 的成功在很大程度上歸功於 Flex 為寬帶客戶所做的早期成功。我們看到其他程序員正在向我們提供他們的內容，看看 X1 平台和 Peacock 平台以及這個 Flex 平台可以為他們做什麼。所以這讓我們看看戴夫剛剛在說什麼，還有哪些其他機會——這可能是利用這個平台上的規模以及以這種方式捆綁事物的能力。而且我認為我們全年都會有更多的話題要討論。

Same sort of answer on the wireless question. I think we're set up for future opportunities with some of the investments we've made and some of our early success. So I share your clients' enthusiasm. I think the product is going to continue to improve. We'll have some more updates on that as we go along. But I'm very encouraged as well. And I think the team that created Flex has done a great service for the company. Keep going, Dave.

關於無線問題的相同答案。我認為我們已經為未來的機會做好了準備，我們已經進行了一些投資，並取得了一些早期的成功。所以我分享你的客戶的熱情。我認為產品將繼續改進。隨著我們的進展，我們將對此進行更多更新。但我也很受鼓舞。我認為創建 Flex 的團隊為公司提供了出色的服務。繼續前進，戴夫。

I think the only other point on wireless, Brian and Craig, would be we are looking at and working on development plans around the targeted use of the CBRS spectrum in dense, high-usage areas and how we could offload traffic, have the experience be terrific in doing so. So nothing more really to come at this point. This is a multiyear effort. So -- but a lot of focus is on it right now.

我認為關於無線的另一點，Brian 和 Craig，將是我們正在研究並製定圍繞在密集、高使用率區域有針對性地使用 CBRS 頻譜以及我們如何分流流量的開發計劃，有經驗這樣做很棒。所以在這一點上真的沒有更多的東西了。這是多年的努力。所以——但現在很多注意力都集中在它上面。

Your next question comes from the line of Brett Feldman with Goldman Sachs.

您的下一個問題來自 Brett Feldman 與 Goldman Sachs 的對話。

And if you don't mind, I'm actually just going to follow up on Phil's question. So Mike, when you were responding to his question on the buybacks, you talked about ramping back up towards the historical level of $5 billion a year until you get back to sort of that long-term leverage target of about 2.5 turns. But if I think longer term, if you were to sort of remain at your historical buyback pace, you would probably continue to delever, and I think actually quite rapidly.

如果你不介意，我實際上只是要跟進菲爾的問題。所以邁克，當你回答他關於回購的問題時，你談到了要回到每年 50 億美元的歷史水平，直到你回到大約 2.5 轉的長期槓桿目標。但如果我認為從長遠來看，如果你要保持歷史回購速度，你可能會繼續去槓桿化，我認為實際上相當迅速。

Historically, you've tended to redeploy that excess liquidity into your strategic M&A program. And so the question is how do you think about the medium- to long-term importance of preserving dry powder for that type of flexibility versus whether your current asset portfolio is sufficiently well suited to meet your long-term operating targets?

從歷史上看，您傾向於將多餘的流動性重新部署到您的戰略併購計劃中。因此，問題是您如何看待保留乾粉以實現這種靈活性的中長期重要性，以及您當前的資產組合是否足以滿足您的長期運營目標？

Well, sure. Brian can obviously chime in. But I think we feel very good about the collection of businesses that we have, how they fit together, how the -- how Sky has enabled, together with Cable and NBC, things that -- our advances in the 3 pillars that Brian described, broadband, streaming and aggregation. So I won't repeat too many of those proof points of what we are as a company. But we'll always look at M&A. But I don't think there's any doubt that we are very pleased and don't see any strategic gaps in the portfolio that we have. So we'll talk about it when we get to the 2.5x. But I wouldn't suggest that beyond that stage, we would just delever. I mean we get inside that number. And from there, we'll have options. And we'll discuss it with folks as we get there. But it's -- that's where we stand today. Brian, anything else you want to add?

嗯，當然。布賴恩顯然可以加入。但我認為我們對我們擁有的業務集合感覺非常好，它們如何組合在一起，天空如何 - 如何與有線電視和 NBC 一起實現 - 我們在Brian 描述的 3 個支柱，寬帶、流媒體和聚合。因此，我不會重複太多關於我們作為一家公司的證明點。但我們將始終關注併購。但我認為毫無疑問，我們非常高興並且在我們擁有的投資組合中看不到任何戰略差距。因此，當我們達到 2.5 倍時，我們將討論它。但我不建議在那個階段之後，我們只是去槓桿化。我的意思是我們進入那個數字。從那裡，我們將有選擇。當我們到達那裡時，我們將與人們討論它。但這就是我們今天的立場。布賴恩，你還有什麼要補充的嗎？

Yes. I would just add two other things. I think it's an important moment for us with -- today in getting to a point that we feel the businesses are healthy, that we can see, we believe and we hope, obviously, things can change with progress with the vaccinations and the impaired businesses really having a road map to full recovery and beyond. And so getting back in balance with, as Mike described earlier, I think, is really important, something that I certainly really have wanted us to get to.

是的。我只想添加另外兩件事。我認為這對我們來說是一個重要的時刻——今天我們認為企業是健康的，我們可以看到，我們相信並且我們希望，顯然，隨著疫苗接種和受損企業的進展，事情會發生變化真的有一個完全恢復和超越的路線圖。因此，正如邁克之前所描述的，我認為恢復平衡非常重要，這是我當然真的希望我們做到的。

Second, we've also said that we like the mix of businesses. Roughly 70% of the company, being broadband-centric, is -- proved to be a really successful model. And we've had 10 wonderful years of growth of NBCUniversal. And last year was the only exception to that. So we expect great growth in all our businesses. But having a mix with -- where the businesses can work together, but having majority of the company being broadband-centric has worked really well for us.

其次，我們也說過我們喜歡業務的組合。大約 70% 的公司以寬帶為中心，被證明是一個非常成功的模式。我們已經經歷了 NBCUniversal 的 10 年精彩成長。去年是唯一的例外。因此，我們期望我們所有的業務都有很大的增長。但是混合在一起——企業可以一起工作，但讓大部分公司以寬帶為中心對我們來說效果很好。

So I think it's a -- we're very pleased with the company we've got. We've got great scale. We've got momentum. That's where our focus is at. And the main priority was today to get to this announcement of our expectations and then go ahead and hopefully see the world go in the right direction here and continue on the path we're on and get to the execution of that later in this year, so an important step today.

所以我認為這是 - 我們對我們擁有的公司感到非常滿意。我們的規模很大。我們有動力。這就是我們的重點所在。今天的主要優先事項是宣布我們的期望，然後繼續前進，希望看到世界在這裡朝著正確的方向前進，繼續我們正在走的道路，並在今年晚些時候實現這一目標，所以今天是重要的一步。

Our final question will come from the line of John Hodulik with UBS.

我們的最後一個問題將來自瑞銀的 John Hodulik。

Two quick ones, I think. Maybe, first, a follow-up for Jeff on Peacock. Can you give us a sense of what content is resonating? And any color you have on engagement or ARPU or pay subs? And should we expect more spending on sports rights for the platform, following up on the WWE deal? And then maybe for Brian, just thoughts on how the regulatory backdrop will evolve. And is there any concern that net neutrality will emerge as a new policy bill?

兩個快的，我想。也許，首先，傑夫對孔雀的後續行動。你能告訴我們哪些內容引起了共鳴嗎？你在參與度、ARPU 或付費訂閱上有什麼顏色嗎？我們是否應該期待在平台的體育轉播權上花費更多，以跟進 WWE 的交易？然後也許對布賴恩來說，只是想一下監管背景將如何演變。是否有人擔心網絡中立性將成為一項新的政策法案？

Jeff, why don't you go first?

傑夫，你為什麼不先走？

Yes. Yes. It's Jeff. So it's -- obviously, let me start with The Office. So The Office, we have The Office as of January 1. We've had it now for almost a month, very pleased with how it's doing. Our usage among our customers are actually higher than we think the usage was amongst Netflix customers. And more importantly, what's happening is we're seeing that people who are watching The Office on Peacock are watching lots of our other comedies. So it's really driving Parks and Rec and really driving Brooklyn Nine-Nine, amongst others. So there's kind of an ecosystem effect.

是的。是的。是傑夫。所以——顯然，讓我從辦公室開始。所以辦公室，我們從 1 月 1 日起就擁有了辦公室。我們已經擁有它將近一個月了，對它的表現非常滿意。我們在客戶中的使用量實際上比我們認為在 Netflix 客戶中的使用量要高。更重要的是，正在發生的事情是我們看到正在觀看孔雀辦公室的人們正在觀看我們的許多其他喜劇。所以它真的是在駕駛 Parks and Rec，真的是在駕駛布魯克林九九，等等。所以有一種生態系統效應。

We've talked in previous quarters about how EPL has really worked for us, English Premier League, and how those viewers also came in to our surprise, a much greater percentage of them, then turned and watched other things like Yellowstone and our comedies. So we believe there's kind of an ecosystem here, like the whole world of broadcast, where people will -- we can cross-promote people into different things. And that certainly seems to be working and The Office has really worked.

我們在前幾個季度談到了 EPL 如何真正為我們服務，英超聯賽，以及這些觀眾如何也讓我們感到驚訝，他們中的比例要高得多，然後轉身觀看黃石公園和我們的喜劇之類的其他東西。所以我們相信這裡有一個生態系統，就像整個廣播世界一樣，人們會在這裡——我們可以交叉促進人們進入不同的領域。這當然似乎奏效了，而且辦公室確實奏效了。

WWE is kind of a perfect property for us because it allows us to, number one, thousands of hours of programming that were behind a paywall that we'll now put on the free service of Peacock, which will not only enhance the brand of WWE, but we can monetize in advertising. We get the events that were behind a paywall that used to be pay per view can drive our $4.99 premium version of Peacock.

WWE 對我們來說是一個完美的資產，因為它讓我們能夠，第一，數千小時的節目，這些節目是在付費牆後面，我們現在將免費提供 Peacock 服務，這不僅會提升 WWE 的品牌，但我們可以通過廣告獲利。我們得到了過去按次付費的付費牆背後的事件可以推動我們 4.99 美元的 Peacock 高級版。

And then remember, we have a big investment in WWE at USA on our linear networks. And so this kind of particularly fits into our model of operating the business as a whole and cross-promoting and selling advertising clients one platform, one solution, as Linda calls it. So I think the model that we've constructed here to really kind of leverage our existing linear businesses and drive advertising is working. And I think comedy, sports, two of the success stories certainly so far.

然後請記住，我們在線性網絡上對美國的 WWE 進行了大量投資。因此，這種模式特別適合我們將業務作為一個整體運營並交叉推廣和向廣告客戶銷售一個平台、一個解決方案的模式，正如 Linda 所說的那樣。因此，我認為我們在這裡構建的模型能夠真正利用我們現有的線性業務並推動廣告投放。我認為喜劇，體育，到目前為止肯定有兩個成功的故事。

Okay. And I know we'll be having this conversation about the new administration government. So let me just quickly say I don't think there's anything new. We've managed successfully to work with different administrations with different regulatory perspectives around the broadband business. And -- but our view is obviously strongly felt that the long-standing light touch regulation has worked since President Clinton created that classification and hence reduces regulatory risk for investors and allows the company to invest more and that paid dividends unbelievably well during COVID.

好的。我知道我們將就新政府進行這次對話。所以讓我快速說我不認為有什麼新東西。我們已經成功地與對寬帶業務有不同監管觀點的不同主管部門合作。而且——但我們的觀點顯然強烈認為，自克林頓總統創建該分類以來，長期以來的輕觸監管已經奏效，從而降低了投資者的監管風險，並允許公司進行更多投資，並且在 COVID 期間支付的股息令人難以置信。

And we were never asked to down-res any services. And content providers and consumers really benefited. And that wasn't universally the case around the globe with different broadband regimes. But we do believe in net neutrality and have -- we're not going to discriminate, block, throttle on some of the other principles that we've committed to. And so if there's a way to find a way to codify that and perhaps put this issue in a permanent, more consistent place, that's certainly a possibility.

我們從未被要求降低任何服務的分辨率。內容提供商和消費者真正受益。在全球範圍內，不同寬帶制度的情況並非普遍如此。但我們確實相信網絡中立性，並且我們不會歧視、阻止、扼殺我們承諾的其他一些原則。因此，如果有一種方法可以找到一種方法來編纂該問題，並可能將這個問題放在一個永久的、更一致的地方，那肯定是有可能的。

I would like to just end the call by introducing Dana Strong just for a moment, who's taken over Sky just the last couple of weeks. Starting next call, Dana will be available to talk about Sky in great detail. But Dana, I didn't want this moment to pass without congratulating you and just introducing you to the group here to say just a few words.

我想通過介紹一下 Dana Strong 來結束通話，他在過去幾週接管了 Sky。從下一次電話會議開始，Dana 將可以非常詳細地談論 Sky。但是Dana，我不想在沒有恭喜你的情況下度過這一刻，只是把你介紹給這裡的小組，只是說幾句話。

Thanks so much, Brian. It's great to have the opportunity to say a quick hello to everyone. Looking forward to talking with you in future quarters, as Brian mentioned. Maybe for now, let me just briefly say that having spent the past few weeks in the U.K., I'm extremely confident about the exciting opportunities ahead for Sky.

非常感謝，布賴恩。很高興有機會向大家打個招呼。正如布賴恩所說，期待在未來幾個季度與您交談。也許現在，讓我簡單地說一下，在過去的幾周里，我在英國度過了，我對 Sky 未來的激動人心的機會非常有信心。

When Brian called me, I knew this was an opportunity I couldn't pass up because I've always had great admiration for Sky. Having worked in Europe as long as I have, Brian mentioned that before, sometimes competing and partnering with Sky across those many years, I think I'm in the position to truly appreciate the unique market position that Sky holds in its iconic brand. And I just have to say that Jeremy has built an incredible organization, an amazing breadth of assets and a fantastic team. And I couldn't be more excited about leading Sky in this next chapter.

當 Brian 打電話給我時，我知道這是一個我不能放棄的機會，因為我一直對 Sky 非常欽佩。我在歐洲工作了這麼久，Brian 之前提到過，在這些年裡有時與 Sky 競爭和合作，我認為我能夠真正欣賞 Sky 在其標誌性品牌中所擁有的獨特市場地位。我只想說，傑里米建立了一個令人難以置信的組織、驚人的資產範圍和一支出色的團隊。我對在下一章中領導 Sky 感到無比興奮。

So Brian, we'll look forward to talking more about it in future calls. And back to you.

所以布賴恩，我們期待在未來的電話會議中更多地談論它。回到你身邊。

Thank you. And Jeremy, thank you as well. And I know you'll be guiding us here through the rest of this year as well. But both of you are going to be a great team. That wraps it up for me. Marci, do you have anything else?

謝謝你。還有傑里米，也謝謝你。我知道你也會在今年餘下的時間裡指導我們。但你們倆都將成為一支偉大的球隊。這為我結束了。瑪西，你還有什麼事嗎？

I just want to thank everyone for joining us on our fourth quarter and full year 2020 earnings call. We hope you stay healthy and safe.

我只想感謝大家加入我們的 2020 年第四季度和全年財報電話會議。我們希望您保持健康和安全。

Thanks, 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, February 4, at midnight Eastern Time. The dial-in number is (855) 859-2056 and the conference ID number is 7964167. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

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 2 月 4 日星期四午夜。撥入號碼是 (855) 859-2056，會議 ID 號碼是 7964167。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。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。