康卡斯特 (CMCSA) 2020 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，早安，歡迎參加康卡斯特2020年第三季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。

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

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

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

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

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

現在請看投影片2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包含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，我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節情況。

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

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thanks, Marci, and good morning, everyone. We are nearly 8 months into this pandemic. And despite many harsh realities, I could not be more pleased and proud of how our team has worked together across the company to find safe and creative solutions to successfully operate in this environment.

謝謝Marci，大家早安。這場疫情已經持續了近8個月。儘管面臨諸多嚴峻挑戰，但我對我們團隊在公司內部通力合作，找到安全且富有創意的解決方案，從而在這種環境下成功運營感到無比欣慰和自豪。

We are executing at the highest level and perhaps most importantly, accelerating innovation to drive long-term future growth. We remain intensely focused on our top 3 strategic priorities of expanding and leading with broadband, aggregation and streaming, all of which are underpinned by strong content creation, distribution and technology. Each business is increasingly complementing, reinforcing and driving value for the others while enabling us to offer seamless and bundled experiences to all our customers.

我們正以最高標準執行各項工作，更重要的是，我們正在加速創新，以推動未來的長期成長。我們始終專注於三大策略重點：拓展並引領寬頻、聚合和串流媒體業務，而這一切都以強大的內容創作、分發和技術為支撐。各項業務日益互補、相互促進，並為其他業務創造價值，同時使我們能夠為所有客戶提供無縫銜接的整體體驗。

For example, this quarter, we added a record number of new customer relationships and high-speed internet subscribers, and sign-ups for Peacock have grown to nearly 22 million as of today. It is clear that Peacock's results are enhanced by the placement and distribution it gets through our broadband service, and adding Peacock to broadband is resulting in significant improvement in both churn and gross adds as Peacock is continuously cited as a differentiating factor at the point of sale for Xfinity broadband products. None of this could have been achieved without the technology stack that we have through Sky.

例如，本季我們新增了創紀錄的客戶關係和高速網路使用者數量，截至目前，Peacock 的註冊用戶已接近 2,200 萬人。顯然，Peacock 的業績得益於其透過我們的寬頻服務獲得的推廣和分銷，而將 Peacock 添加到寬頻服務中也顯著改善了用戶流失率和新增用戶數量，因為 Peacock 一直被視為 Xfinity 寬頻產品銷售點的差異化優勢。如果沒有 Sky 提供的技術支持，這一切都無法實現。

Focusing now on our top strategic priority, broadband. The success we've experienced to date has been driven by years of investment, combined with our leading scale. We engage with 56 million high-value households and businesses globally. These subscribers give us a stronger starting point in direct-to-consumer relationships, particularly with broadband.

現在，我們將重點放在最重要的策略重點——寬頻業務。我們迄今為止的成功，得益於多年的投資以及我們領先的規模優勢。我們在全球擁有5600萬高價值家庭和企業用戶。這些用戶為我們與消費者建立更牢固的直接聯繫奠定了基礎，尤其是在寬頻領域。

Our connections at the point of sale provide us with a distinct advantage as this is the moment when customers really contemplate their aggregation and streaming options. We have the best broadband network in the U.S., perhaps in the world, buoyed by a completely integrated consumer experience with the widest array of products that go beyond just speed.

我們在銷售點建立的連結為我們帶來了顯著優勢，因為此時客戶會真正考慮他們的聚合和串流媒體選項。我們擁有美國乃至全球最好的寬頻網絡，並憑藉著完全整合的客戶體驗和種類繁多的產品（遠不止速度）而脫穎而出。

We offer coverage, control and an unprecedented level of flexibility. With our broadband service, you get your choice of entertainment over your preferred distribution method, whether it's the industry-leading video bundle with X1 or the highest quality streaming product with Flex, both powered by the same platform and technology, the same award-winning voice remote and the same cloud-based software.

我們提供覆蓋範圍廣、控制靈活且前所未有的服務。透過我們的寬頻服務，您可以選擇自己喜歡的娛樂內容和傳輸方式，無論是業界領先的 X1 視訊套餐，還是 Flex 的高品質串流媒體產品，兩者都基於同一平台和技術，配備屢獲殊榮的語音遙控器和雲端軟體。

With Xfinity Internet, you can opt for Xfinity Mobile, a great value wireless service hosted by Verizon, now inclusive of nationwide 5G and augmented by our own WiFi network, the largest in the U.S. And we have the ability to evolve this offering over time should we choose to include our own wireless network or cellular infrastructure to generate even greater profitability in the most highly trafficked mobile areas. It is this unique combination of broadband products and services that led to this quarter's 556,000 net new customer relationships and 633,000 net new high-speed internet subscribers, both the best quarterly record in our company's history.

使用 Xfinity Internet，您可以選擇 Xfinity Mobile，這是一項由 Verizon 提供的超值無線服務，現已覆蓋全美 5G 網絡，並由我們自有的全美最大 WiFi 網路提供支援。未來，我們還可以根據需要升級此服務，例如在行動流量最大的區域部署我們自己的無線網路或蜂窩基礎設施，從而獲得更高的獲利能力。正是這種獨特的寬頻產品和服務組合，使得本季新增客戶關係 55.6 萬，新增高速網路用戶 63.3 萬，這兩項數據均創下公司歷史最佳季度紀錄。

In the U.K., customer relationships now stand at over 13 million, a figure that's been steadily growing, driven by our exclusive content and experience that cements our video relationship with customers, a differentiated broadband service as the #2 provider and increasing wireless penetration. It's a winning formula for other markets that we will look to replicate.

在英國，我們的客戶關係已超過1300萬，並且這一數字一直在穩步增長。這得益於我們獨家的內容和體驗，這些內容和體驗鞏固了我們與客戶的視訊關係；此外，我們作為排名第二的寬頻供應商，提供差異化的寬頻服務；以及無線網路普及率的不斷提高。這套成功的模式也適用於其他市場，我們將努力將其複製到其他市場。

Moving to our second strategic priority, aggregation. Whether it's a pay TV video bundle or a streaming solution for the home, entertainment remains an important consideration for new and existing broadband customers. X1 and Sky Q are the world's leading platforms for aggregating broadcast, sports and streaming services. Flex provides that same experience to those customers who prefer streaming-only video, included for free with Xfinity Internet.

接下來是我們的第二個策略重點：內容聚合。無論是付費電視套餐還是家庭串流解決方案，娛樂對於新舊寬頻用戶來說始終是重要的考量。 X1 和 Sky Q 是全球領先的廣播、體育和串流服務聚合平台。 Flex 則為那些偏好純串流影片的使用者提供相同的體驗，並且包含在 Xfinity Internet 服務中，無需額外付費。

We've developed the best operating system for your entertainment experience, controlled by one global voice remote, enabling 15 billion commands in 5 languages annually. Our expertise, our technology and the tremendous amount of R&D continue to push us forward with opportunities to generate new revenue streams and areas of monetization, which sets us on an even stronger path towards long-term growth.

我們開發了最優質的娛樂作業系統，可透過一個全球通用的語音遙控器進行控制，每年可處理 5 種語言的 150 億條指令。憑藉我們的專業知識、先進技術和大量的研發投入，我們不斷開拓新的收入來源和獲利領域，從而走上更穩健的長期成長之路。

The goal of our common tech stack is to build once and deploy as many times in as many markets and in as many ways as possible on our network or through wholesale distribution. We've already experienced great success with our current X1 syndication model. White labeling our software and technology gives us a significant revenue stream that boasts healthy margins and even more important, more scale for our platform. We look forward to expanding this expertise to other distributors and believe that an even larger nationwide and potentially international syndication model will create new opportunities in this rapidly changing ecosystem that will create value for our company and our shareholders.

我們通用技術堆疊的目標是實現一次構建，即可在我們的網路或批發分銷管道上，以盡可能多的方式在盡可能多的市場中多次部署。我們目前的 X1 聯合發行模式已取得巨大成功。透過白標方式提供我們的軟體和技術，我們獲得了可觀的收入來源，不僅利潤豐厚，更重要的是，還擴大了平台的規模。我們期待將這項專業知識推廣到其他經銷商，並相信更大規模的全國乃至國際聯合發行模式將在這個快速變化的生態系統中創造新的機遇，從而為公司和股東創造價值。

Our third strategic priority is streaming, which not only provides us with another increasingly important way to reach our viewers and monetize our content, but it also drives demand for higher speeds and more reliable broadband and differentiates and improves the economics of aggregation. Peacock, our premium ad-supported video on-demand service, is the right streaming strategy at the right time. After launching nationwide just this past July, we are excited to already have nearly 22 million Peacock sign-ups to date and have exceeded all of our internal engagement metrics, even without having the benefit of the 2020 Olympics.

我們的第三個策略重點是串流媒體，它不僅為我們提供了一種日益重要的途徑來觸及觀眾並實現內容變現，而且還推動了對更高速度和更可靠寬頻的需求，並提升了聚合業務的經濟效益。我們的付費廣告支援型視訊隨選服務 Peacock 正是在此時推出的恰當的串流策略。 Peacock 於今年 7 月在全美範圍內上線，至今已擁有近 2200 萬註冊用戶，並且即便沒有 2020 年奧運會的助力，也已超出所有內部用戶參與度指標，我們對此感到非常興奮。

Going out with free allowed us to grow quickly with a very low cost per acquisition and significantly less marketing spend than other new streaming services. We've also been able to effectively leverage our expansive high-quality library and over $20 billion of annual content spend that supports our existing media businesses for Peacock and enhance it with targeted incremental investment in additional streaming IP.

免費上線策略讓我們得以快速成長，獲客成本極低，行銷支出也遠低於其他新興串流服務。此外，我們還有效地利用了龐大的優質內容庫和每年超過200億美元的內容支出，這些資金不僅支持著Peacock現有的媒體業務，還透過對其他串流媒體IP的定向增值投資進一步增強了其影響力。

Xfinity has been a significant contributor to Peacock's success, driving awareness and usage through bundling with X1 and Flex. In fact, Peacock was the #1 app on Flex and the #3 app on X1 for the month of September when measured by reach. We're also leaning into Flex, which increases the lifetime value of our broadband customers as we see churn improve by 15% to 20% for new customers that engage with the platform. Since adding Flex is a video option, we've seen our entertainment relationships increase. In fact, the growth in the Flex monthly active user base, which now sits at over 1 million, more than offset the decline in the number of our traditional pay-TV video subscribers for the past 2 quarters.

Xfinity 對 Peacock 的成功做出了重大貢獻，透過與 X1 和 Flex 的捆綁銷售，顯著提升了 Peacock 的知名度和使用率。事實上，以覆蓋率計算，Peacock 在 9 月是 Flex 上排名第一的應用，在 X1 上排名第三。我們也大力推廣 Flex，這提高了寬頻客戶的終身價值，因為我們發現，對於使用該平台的新客戶而言，流失率降低了 15% 到 20%。自從將 Flex 作為視訊選項推出以來，我們的娛樂業務關係也得到了加強。事實上，Flex 的每月活躍用戶數成長（目前已超過 100 萬）已完全抵消了過去兩個季度傳統付費電視視訊用戶數量的下降。

Reaching these 3 strategic objectives takes focus and discipline, and we have both. We are realigning our cost structure across our company and making the appropriate level of investment in the right initiatives so as to fuel long-term growth and enable us to effectively compete in an evolving global marketplace.

要實現這三大策略目標需要專注和自律，而我們兩者兼具。我們正在調整公司整體成本結構，並對正確的專案進行適度投資，以推動長期成長，並使我們能夠在不斷變化的全球市場中有效競爭。

Turning from our long-term strategy, I'd like to highlight our third quarter results, which I am quite proud of in light of the challenges we have faced with COVID. In Cable, our revenue growth accelerated, and we generated an impressive 10.5% increase in EBITDA.

撇開長期策略不談，我想重點介紹一下我們第三季的業績，考慮到我們面臨的新冠疫情挑戰，我對這一業績感到非常自豪。在有線電視業務方面，我們的營收成長加速，EBITDA 也實現了令人矚目的 10.5% 的成長。

We have been incredibly successful in identifying long-term cost efficiencies. In fact, with our self-install offerings and digital tools, customers can do virtually everything they want or need to without picking up the phone or requiring a truck roll. But we're also investing for growth with the goal of increasing awareness of our ever-improving Xfinity brand, promoting and advancing our leading broadband position and accelerating our mobile and business segments.

我們在提升長期成本效益方面取得了顯著成效。事實上，透過我們的自助安裝服務和數位化工具，客戶幾乎可以完成所有他們想要或需要的操作，無需打電話或預約上門服務。同時，我們也加大投資以促進成長，旨在提升我們不斷完善的 Xfinity 品牌知名度，鞏固和鞏固我們領先的寬頻市場地位，並加速行動和企業業務的發展。

At NBCUniversal, the team has done a really creative and impressive job of navigating through an incredible amount of uncertainty, and I'm pleased to report that some businesses are steadily recovering. Given the resumption of both sports and content production. Where we continue to see the most pressure from COVID is in our theme parks, which were the single biggest drag in the quarter. In fact, excluding this segment, NBCUniversal EBITDA would have grown by 9% year-over-year.

在NBC環球，團隊在應對巨大的不確定性方面展現出了極強的創造力和令人印象深刻的能力，我很高興地報告，部分業務正在穩步復甦，這得益於體育賽事和內容製作的恢復。我們仍然看到新冠疫情對主題樂園業務造成了最大的壓力，這也是本季業績的最大拖累因素。事實上，如果剔除這項業務，NBC環球的EBITDA本來可以年增9%。

While it will take some time for the parks to return to historical levels, we have made substantial progress. Universal Orlando and Osaka are operating at limited but growing attendance. And while we don't know when Hollywood might reopen, we remain very bullish on the parks long term. I am very excited for next year's launch of our, frankly, incredible new theme park in Beijing.

雖然各主題樂園的客流量恢復到歷史水準還需要一段時間，但我們已經取得了顯著進展。奧蘭多環球影城和大阪環球影城目前都在有限度地開放，但客流量正在穩定成長。雖然我們尚不清楚好萊塢環球影城何時能夠重新開放，但我們對主題樂園的長期前景依然非常​​樂觀。我非常期待明年我們在北京推出的全新主題樂園，坦白說，它絕對令人嘆為觀止。

Early in the third quarter, we announced a completely new structure for our television businesses, enabling us to realign how we invest in the creation, production and distribution of world-class content. In essence, we've done away with the concept of creating a piece of work for a specific network. Our priority is to invest in and create the absolute best content and ensure that we maximize monetization by choosing the most effective method of distribution, whether it's broadcast, cable networks, Peacock, sales to a third party or some combination of all 4.

第三季初，我們宣布了電視業務的全新架構，這使我們能夠重新調整對世界級內容創作、製作和發行的投資方式。本質上，我們摒棄了為特定電視台製作節目的模式。我們的首要任務是投資並創造絕對一流的內容，並透過選擇最有效的發行方式（無論是廣播、有線電視網絡、Peacock平台、出售給第三方，還是這四種方式的某種組合）來確保實現收益最大化。

Last, we're closing in on 2 years since we bought Sky so I thought I would spend a moment providing some context on the progress we see to date. The U.K., which is by far the largest component of Sky EBITDA, has proven to be a strong business that has generated high single-digit EBITDA growth over the 2-year span when adjusting for the momentary impacts of COVID, anchored by growth in both our customer base and revenue per customer relationship. Our U.K. customers continue to do more with us as evidenced by our higher penetration in broadband, in wireless and in the Q Box, all of which solidify us as the home of aggregation and streaming and which sets us up nicely for continued growth.

最後，我們收購Sky至今已近兩年，因此我想花點時間簡要介紹一下我們迄今為止的進展。英國業務是Sky EBITDA的最大組成部分，事實證明，英國市場表現強勁，在過去兩年中，即使剔除新冠疫情的短期影響，其EBITDA仍實現了接近兩位數的增長，這主要得益於客戶群和每位客戶關係收入的增長。英國客戶在我們平台上的使用量持續成長，寬頻、無線網路和Q Box的滲透率不斷提高便是最好的證明。所有這些都鞏固了我們作為聚合和串流媒體服務中心的地位，並為我們未來的持續成長奠定了堅實的基礎。

What we see in the U.K. guides our thinking on the prospects for what Germany and Italy could each become. In both markets, we have a leading brand name and customer proposition in video supported by significant scale. While it may take time, we are on a path to replicate the U.K. playbook and took an important step toward this in Italy with our recent launch of broadband. We also have fairly immediate opportunities to improve our cost structure as we move to centralize our organizational efforts across our markets and as we have begun to reset many of our largest sports rights in Continental Europe, which should provide hundreds of millions of dollars in annual savings.

我們在英國的成功經驗指導著我們對德國和義大利未來發展的思考。在這兩個市場，我們都擁有領先的視訊品牌和客戶價值主張，並擁有顯著的規模優勢。雖然這可能需要一些時間，但我們正努力複製英國的成功模式，而最近在義大利推出的寬頻服務標誌著我們朝著這個目標邁出了重要一步。此外，隨著我們逐步整合各市場的組織資源，以及我們開始重新調整在歐洲大陸的多項大型體育賽事版權，我們也擁有了優化成本結構的直接機會，預計每年可節省數億美元。

As Jeremy highlighted recently, we are confident in our ability to double EBITDA at Sky over the next several years. And importantly, Sky fits right in with our broader company priorities, playing a big role in strengthening our tech stack for aggregation and in content solutions across all of NBCU and cable.

正如傑里米最近強調的那樣，我們有信心在未來幾年內將Sky的EBITDA翻一番。更重要的是，Sky與我們公司的整體策略規劃高度契合，在增強我們用於聚合和內容解決方案的技術架構方面發揮著重要作用，這些解決方案涵蓋NBCU和有線電視的所有業務。

When you put it all together and look at the first 9 months of the year, it was certainly not the year we all would have expected. We've executed extremely well. We've taken advantage of the favorable interest rate environment to enhance our balance sheet and liquidity, and we remain committed to getting leverage where it needs to be so that we can return to buying back stock.

綜合來看今年前九個月的情況，這絕對不是我們所有人預期的一年。我們的執行力非常出色。我們利用有利的利率環境改善了資產負債表和流動性，並且我們將繼續致力於將槓桿率調整到所需水平，以便能夠恢復股票回購。

All in all, this was a really strong quarter, and Mike will now take you through our results in greater detail.

總而言之，這是一個非常強勁的季度，接下來麥克將更詳細地向大家介紹我們的業績。

Thanks, Brian, and good morning, everyone. Now I'll review our third quarter 2020 results and offer some commentary on the current conditions in our businesses, caveating that circumstances around us remain fluid, and therefore, our outlook is subject to change.

謝謝布萊恩，大家早安。現在我將回顧我們2020年第三季的業績，並就我們目前的業務狀況做一些評論。需要說明的是，我們所處的環境仍然瞬息萬變，因此，我們的展望可能會有所調整。

Beginning on Slide 6 with our consolidated third quarter results. Consolidated revenue declined 4.8% year-over-year to $25.5 billion while adjusted EBITDA was down 11% to $7.6 billion and adjusted EPS fell 18% to $0.65 per share, all a result of the lingering effects of COVID-19. Free cash flow of $2.3 billion was up 10.5%, benefiting from the positive year-over-year change in net working capital due to COVID at both NBCU and Sky, half of which resulted from the timing of when sports rights payments were made versus when sports actually aired and half of which resulted from a slower ramp in content production. We expect this trend to reverse starting in the fourth quarter and continue into next year as our businesses continue to recover from COVID.

從投影片6開始，我們公佈了第三季合併業績。合併營收年減4.8%至255億美元，調整後EBITDA下降11%至76億美元，調整後每股盈餘下降18%至0.65美元，以上皆受新冠疫情持續影響。自由現金流為23億美元，年增10.5%，得益於NBC環球和天空電視台因新冠疫情導致的淨營運資本年增。其中一半是因為體育賽事版權付款時間與實際播出時間有差異，另一半則是因為內容製作成長放緩。我們預計，隨著業務持續從新冠疫情中復甦，這一趨勢將從第四季度開始逆轉，並持續到明年。

Before moving to segment results, I'll remind you that corporate and other losses have continued to increase as a result of our focus on the successful positioning of Peacock. We have also incurred COVID-related severance and restructuring charges totaling $239 million year-to-date. We expect to incur an additional charge that is approximately double this amount in this year's fourth quarter as we continue to align the cost structure across all of our businesses.

在介紹各業務板塊業績之前，我想提醒各位，由於我們專注於成功定位Peacock，公司及其他方面的虧損持續增加。此外，我們今年迄今已提列了與新冠疫情相關的遣散費和重組費用，總額達2.39億美元。隨著我們繼續調整所有業務的成本結構，預計今年第四季將產生約兩倍於此的額外費用。

Now let's turn to our business segment results, starting with Cable Communications on Slide 7. For the third quarter, Cable Communications revenue increased 2.9% while EBITDA increased 10.5%. Revenue this quarter was once again impacted by adjustments for customer RSN fees. Excluding these adjustments, overall Cable revenue would have risen by 3.9% with no corresponding impact to EBITDA.

現在我們來看業務分部的業績，首先是幻燈片7中的有線通訊業務。第三季度，有線通訊業務的營收成長了2.9%，EBITDA成長了10.5%。本季營收再次受到客戶區域體育網（RSN）費用調整的影響。剔除這些調整後，有線通訊業務的整體營收將成長3.9%，而EBITDA不會受到相應影響。

As Brian mentioned, we generated 556,000 customer relationship net additions, the best quarterly result on record, driven by high-speed Internet, where we added 633,000 net new residential and business customers, also the best quarterly results on record. Underlying net additions were similar to last year's third quarter, and we were able to successfully convert some customers to paid status that continue to receive our service but were not included in our second quarter results. Roughly 1/3 of those customers converted to paid status were free Internet Essentials customers while the remaining 2/3 were high-risk customers who have begun paying their balances and returned their full service after being on our assistance plan. Going forward, we do not expect the impact of converting free Internet Essentials and high-risk customers to paid status to be as significant.

正如布萊恩所提到的，我們實現了55.6萬新增客戶關係，創下季度最佳業績，這主要得益於高速互聯網業務的強勁增長，我們新增了63.3萬住宅和商業用戶，同樣創下季度最佳業績。基礎淨新增客戶數與去年第三季基本持平，我們成功地將部分繼續使用我們服務但未計入第二季業績的客戶轉為付費用戶。這些轉為付費用戶中，約三分之一是免費的「網路基礎服務」用戶，其餘三分之二是高風險用戶，他們在接受我們的援助計劃後開始支付欠款並恢復了全部服務。展望未來，我們預計將免費的「網路基礎服務」用戶和高風險用戶轉為付費用戶的影響不會像現在這樣顯著。

High-speed internet revenue grew 10% including RSN fee adjustments and grew just over 11% excluding those adjustments. Remember, RSN fee adjustments are allocated to those customers taking bundled services according to their stand-alone market prices.

高速網路收入在計入區域體育網路（RSN）費用調整後成長了10%，在不計入這些調整後成長了略高於11%。請注意，RSN費用調整是根據各服務單獨市場價格分配給購買捆綁服務的客戶。

The strength in high-speed internet is coming from a number of areas. One, we continue to take share of an expanding market as evidenced by an increase in our broadband penetration. 51% of homes and businesses in our footprint are now taking our HSD product, up 240 basis points versus a year ago. Two, our investment in our network and product differentiation is resonating in the market. Whether it's our best-in-class gateway or control and security through xFi, it's not just about speed. Three, we are seeing higher take rates of our entertainment product with the addition of Flex, which continues to have a significant positive impact on churn and therefore, customer lifetime value. And four, we also continue to drive connects by expanding our network through line extensions.

高速網路的優勢源自於多個面向。首先，我們持續擴大市場份額，寬頻普及率的提升便是最好的證明。在我們服務覆蓋範圍內，已有 51% 的家庭和企業用戶選擇使用我們的高速網路產品，較去年同期成長 240 個基點。其次，我們對網路和產品差異化的投入正在市場中產生正面影響。無論是我們一流的網關，還是透過 xFi 實現的控制和安全功能，速度都至關重要。第三，隨著 Flex 的加入，我們的娛樂產品用戶採納率顯著提升，持續對降低客戶流失率、進而提升客戶終身價值產生正面影響。第四，我們也透過線路擴展不斷拓展網絡，持續推動連線成長。

Business services revenue grew 4% as we returned to a net gain of 17,000 customer relationships this quarter.

本季度，隨著我們淨增加 17,000 個客戶關係，業務服務收入成長了 4%。

And turning to video, revenue declined 2.1% with accrued RSN fee adjustments having an adverse impact of 130 basis points. We lost 273,000 net video customers this quarter, which reflects modest improvement in our underlying video losses compared to the second quarter and the benefit of converting some of the previously high-risk customers to paid status.

視訊業務方面，收入下降2.1%，其中區域體育網絡（RSN）費用調整造成了130個基點的負面影響。本季我們淨流失了27.3萬視訊用戶，反映出與第二季相比，我們視訊業務的潛在流失情況略有改善，同時也得益於部分先前風險較高的用戶轉化為付費用戶。

Wireless revenue increased 23%, driven by 187,000 additional lines, resulting in 2.6 million total lines at quarter end. Our wireless business continued to be impacted by our decision to keep some of our retail stores closed for most of the quarter, especially in areas where COVID cases remained high. That said, the vast majority of our retail stores are now open, and we have put a number of plans in place to accelerate growth in this business.

無線業務營收成長23%，主要得益於新增18.7萬條線路，季末總線路數達到260萬條。由於我們決定在本季大部分時間繼續關閉部分零售門市，尤其是在新冠疫情仍然嚴重的地區，我們的無線業務持續受到影響。不過，目前我們絕大多數零售門市已經恢復營業，我們已製定多項計畫來加速該業務的成長。

Advertising revenue increased 12% year-over-year due to strong political advertising, which was up 70% over what we had generated in the last presidential election in 2016. Core advertising excluding political was down 6.8% year-over-year, a significant improvement relative to last quarter with better trends across most categories. We also saw some benefit from the clustering of sports programming that began to air in the third quarter.

由於政治廣告的強勁表現，廣告收入年增12%，比2016年上次總統大選期間的廣告收入成長了70%。剔除政治廣告後的核心廣告收入較去年同期下降6.8%，但與上一季相比有了顯著改善，大多數類別的趨勢都更加樂觀。此外，第三季開始播出的體育節目集中播出也帶來了一定的收益。

Turning to expenses. Cable Communications third quarter expenses decreased 2.2% with programming expenses down 0.6% primarily as a result of the accrued RSN fee adjustment. Without this adjustment, programming expense would have increased by 4%. Non-programming expenses declined 3.2%, primarily as a result of curtailed advertising, marketing and promotion spend as well as lower technical and product support primarily due to a COVID-related slowdown in business activities. We are also continuing to find better and more efficient ways to do business, particularly through our digital tools and interactions.

再來看費用方面。有線電視通訊公司第三季費用下降2.2%，其中節目製作費用下降0.6%，主要原因是應計區域體育網絡（RSN）費用的調整。若不計入此項調整，節目製作費用將成長4%。非節目製作費用下降3.2%，主要原因是廣告、行銷和推廣支出減少，以及技術和產品支援支出降低，而這主要是由於新冠疫情導致的業務活動放緩。我們也不斷探索更有效率的業務運作方式，尤其是在數位化工具和互動方面。

Cable Communications EBITDA grew by 10.5%, and margin reached 42.7%, reflecting 290 basis points of year-over-year improvement. While accrued RSN fee adjustments had no impact on EBITDA, they did have a positive contribution to margin of roughly 40 basis points. Cable capital expenditures decreased 2.5%, resulting in a CapEx intensity of 11.8%, an improvement of 60 basis points year-over-year, driven by lower spending on customer premise equipment and support capital partially offset by higher spending on scalable infrastructure, which continues to increase due to our ongoing investment in the network.

有線通訊業務的息稅折舊攤銷前利潤 (EBITDA) 成長了 10.5%，利潤率達到 42.7%，較去年同期成長 290 個基點。雖然應計區域體育網絡 (RSN) 費用調整對 EBITDA 沒有影響，但對利潤率的貢獻約為 40 個基點。有線業務的資本支出下降了 2.5%，資本支出強度降至 11.8%，年增 60 個基點，這主要得益於客戶終端設備和支援資本支出的減少，但部分被可擴展基礎設施支出的增加所抵消。由於我們對網路的持續投資，可擴展基礎設施支出持續成長。

I'll now touch a bit on what we're seeing so far and what we expect in the fourth quarter. For high-speed internet, underlying subscriber trends remain healthy, and we currently expect revenue growth to accelerate from the third quarter, driven by this year's strong subscriber growth combined with higher ARPU resulting from an increase in the uptake of some of our higher-margin products, such as modems and xFi pods, in addition to better Xfinity assistance program cure rates.

接下來，我將簡要介紹我們目前觀察到的情況以及對第四季的預期。高速網路方面，用戶成長趨勢依然穩健，我們預期營收成長將從第三季開始加速，這主要得益於今年強勁的用戶成長，以及高利潤產品（例如調變解調器和xFi擴充器）銷售成長帶來的ARPU值提升，此外，Xfinity援助計畫的解決率也有所提高。

While we are pleased to see a continuation of net new customers in our business segment, we do not expect revenue growth to accelerate in the near term given the COVID subscriber impact we saw earlier in the year as well as the longer sales cycles associated with the recovery we are seeing with our mid-market and enterprise customers. That said, we remain optimistic on the long-term prospects across all of our business segments. We remain the challenger with the highest quality offerings at lower price points than our competitors. On the video side, we expect fourth quarter video losses to be similar to the third quarter levels, reflecting modest improvements to our underlying trends and just like with high-speed data, a less significant impact from converting customers to paid status.

儘管我們很高興看到業務板塊新增客戶數量持續成長，但鑑於年初新冠疫情對用戶數量的影響，以及中端市場和企業客戶復甦帶來的較長銷售週期，我們預計短期內收入成長不會加速。即便如此，我們對所有業務部門的長期前景依然保持樂觀。我們將繼續以低於競爭對手的價格提供最高品質的產品和服務，保持挑戰者的姿態。在視訊業務方面，我們預計第四季度視訊業務的虧損將與第三季度持平，這反映出我們基本趨勢的溫和改善，並且與高速數據業務一樣，用戶付費轉換帶來的影響較小。

When it comes to our outlook for expenses and margins, commensurate with the sequential acceleration in the underlying revenue growth that we anticipate for the fourth quarter, we expect non-programming OpEx to be flat to slightly up, reflecting our aggressive focus on maintaining strong connect activity by returning to home installs, increasing our marketing spend to defend our strong position and further accelerating our mobile and SMB businesses. That said, we continue to make significant inroads with implementation of the long-term cost efficiencies we had identified earlier this year, which puts our overall expense base in a very good position as we enter 2021.

展望支出和利潤率，鑑於我們預計第四季度基礎收入成長將環比加速，我們預計非程式營運支出將持平或略有成長。這反映了我們積極致力於透過恢復家庭安裝來維持強勁的客戶連接，增加行銷支出以鞏固現有優勢，並進一步加速行動和中小企業業務的發展。同時，我們繼續在落實今年稍早確定的長期成本效益措施方面取得顯著進展，這使得我們在進入2021年之際，整體支出基礎處於非常有利的位置。

We expect programming costs to be up mid- to high single digits in the fourth quarter given scheduled programming renewals, and we do not anticipate additional RSN fee adjustments. Given what we have seen through the first 9 months of the year, combined with our outlook for the fourth quarter, we now expect Cable EBITDA margins to exceed our prior guidance of up to 100 basis points year-over-year improvement by a healthy amount, both with and without the RSN fee adjustments while CapEx intensity is still expected to improve by up to 100 basis points year-over-year.

鑑於已安排的節目續訂，我們預計第四季度節目製作成本將成長中高個位數，且我們預計不會有額外的區域體育頻道（RSN）費用調整。根據今年前九個月的觀察結果，結合我們對第四季度的展望，我們現在預計有線電視業務的EBITDA利潤率將比我們先前預測的同比增長100個基點以上，且增幅可觀，無論是否計入RSN費用調整，同時資本支出強度預計仍將同比增長100個基點。

Next, let's turn to Slide 8 for NBCUniversal. For the third quarter, NBCUniversal revenue decreased 19% to $6.7 billion while EBITDA decreased 39% to $1.3 billion. The majority of the revenue and substantially all of the EBITDA decline came from our Theme Parks business as Hollywood remains closed and both Orlando and Osaka are open to limited attendance as a direct result of COVID-19.

接下來，我們來看看NBC環球的第八張投影片。第三季度，NBC環球的營收下降19%至67億美元，EBITDA下降39%至13億美元。營收下降的大部分以及EBITDA的幾乎全部下降都來自我們的主題公園業務，因為好萊塢仍然關閉，而奧蘭多和大阪的主題公園也因新冠疫情的影響而限制了遊客人數。

Starting with the TV businesses. Cable Networks revenue was down 1.3%, driven the declines in distribution and advertising revenue offset by an increase in content licensing and other. The distribution revenue decline of 3.8% resulted from a slight acceleration in subscriber declines, less rate benefit due to the absence of programming renewals and a nearly 200 basis point impact from accrued RSN fee adjustments. Advertising revenue was down 2.1%, a significant improvement compared to the second quarter as we benefited from the broadcast of rescheduled sporting events, which is not expected to recur in the fourth quarter. Cable Networks EBITDA decreased 8.9% due to higher programming and production expenses driven by the shift of sports rights amortization costs into the third quarter.

首先來看電視業務。有線電視網絡收入下降1.3%，主要原因是發行和廣告收入下滑，但內容授權和其他收入的成長部分抵消了這一降幅。發行收入下降3.8%，原因是用戶流失速度略有加快、節目續訂減少導致價格收益降低，以及區域體育網絡（RSN）費用調整帶來的近200個基點的影響。廣告收入下降2.1%，較第二季度有顯著改善，這得益於重新安排的體育賽事播出，但預計第四季度不會再出現這種情況。有線電視網EBITDA下降8.9%，原因是節目製作和播出費用增加，而體育賽事版權攤提成本則計入第三季。

Turning to Broadcast, revenue increased 8.3%, driven by 66% growth in content licensing sales and continued growth in retransmission consent fees partially offset by a decline in advertising. While advertising improved significantly compared to the second quarter, Broadcast did not benefit as much from the shift of sports as rescheduled sporting events were basically offset by canceled events as well as fewer NFL games relative to last year. After recognizing a significant increase in content licensing revenue year-to-date at both Broadcast and Cable Networks, we expect a double-digit decline in the fourth quarter due to the timing of our sales to streaming platforms, which were more heavily concentrated in the first 9 months of the year, combined with the difficult comparison to a significant library deal in last year's fourth quarter. Broadcast EBITDA increased 29% due to higher revenue as well as lower programming and marketing costs associated with the delayed start of our new fall season, which were somewhat offset by higher programming expenses related to content sales.

轉至廣播業務，營收成長8.3%，主要得益於內容授權銷售額成長66%以及轉播授權費的持續成長，但部分被廣告收入的下降所抵銷。儘管廣告收入較第二季度顯著改善，但廣播業務並未從體育賽事的調整中獲益，因為重新安排的體育賽事基本上被取消的賽事以及NFL比賽場次較去年減少所抵消。鑑於廣播和有線電視網絡的內容授權收入年初至今均大幅增長，我們預計第四季度將出現兩位數的下滑，原因是我們向串流媒體平台的銷售主要集中在今年前9個月，加上去年第四季度與去年同期達成的一項重要的內容庫交易帶來的業績對比不佳。廣播業務的EBITDA成長29%，主要得益於收入成長以及與秋季新節目季延遲開播相關的節目製作和行銷成本降低，但這些成長被內容銷售相關的節目製作費用增加所部分抵消。

Filmed Entertainment revenue declined 25% year-on-year with theatrical revenue down 95%, reflecting theater closures as a result of COVID-19 partially offset by a 15% increase in content licensing revenue as well as a 49% increase in home entertainment revenue due to Trolls World Tour. Filmed Entertainment EBITDA increased 53% as lower revenue was more than offset by lower operating costs related to less spending on current period releases as a result of COVID-19. While we have pushed the majority of our movies late to 2021, we are looking forward to the release of The Croods: A New Age in theaters and a subsequent PVOD release later in the quarter.

影視娛樂業務收入較去年同期下降25%，其中院線收入下降95%，主要受新冠疫情導致的戲院關閉影響。但內容授權收入成長15%，以及《魔髮精靈2：世界巡迴》帶來的家庭娛樂收入成長49%，部分抵銷了院線收入的下滑。由於新冠疫情導致當期影片發行支出減少，營運成本降低，影視娛樂業務的EBITDA成長53%，營收下降的影響被營運成本的降低所抵銷。雖然我們已將大部分影片的上映日期推遲至2021年晚些時候，但我們期待《瘋狂原始人2：新紀元》在本季晚些時候登陸院線，並隨後上線PVOD平台。

Theme Parks revenue was $311 million in the quarter with an EBITDA loss of $203 million due to Universal Orlando Resort and Universal Studios Japan operating at limited capacity while Universal Studios Hollywood remained closed as a result of COVID-19. This quarter's EBITDA included roughly $20 million of pre-opening costs related to our theme park in Beijing, which remains on schedule to open by the summer of 2021. We anticipate cumulative pre-opening costs to be roughly $400 million with approximately $100 million falling in 2020 and $300 million in the first half of 2021. We continue to see improvement in underlying trends and expect the Theme Parks business to breakeven at some point in 2021, independent of what occurs with Universal Studios Hollywood.

本季主題樂園營收為3.11億美元，但由於奧蘭多環球影城和日本環球影城營運能力受限，而好萊塢環球影城因新冠疫情持續關閉，導致息稅折舊攤銷前利潤（EBITDA）虧損2.03億美元。本季EBITDA包含約2,000萬美元的北京主題樂園開幕前成本，該樂園目前仍按計畫於2021年夏季開幕。我們預計累計開業前成本約為4億美元，其中約1億美元將於2020年發生，3億美元將於2021年上半年發生。我們持續看到基本面改善，並預期主題樂園業務將在2021年某個時間點實現損益平衡，而這與好萊塢環球影城的運作無關。

Next, let's turn to Slide 9 for Sky, which I will speak to on a constant-currency basis. Revenue for the third quarter was even with the prior year as we were seeing the benefits of a very healthy underlying business in the U.K., combined with the return of major sporting events, primarily European football, that have been previously postponed. Content revenue was up 17.5%, driven by higher wholesale revenue from sports programming while direct-to-consumer and advertising revenue showed significant sequential improvements, each down 1% year-on-year. On the advertising side, we outperformed the European marketplace, which was down about 10%, as we benefited from strong advanced advertising and rescheduled sporting events that were previously postponed due to COVID-19.

接下來，我們來看第九張投影片，關於天空電視台（Sky）的業績，我將以固定匯率為基礎來講解。第三季營收與去年同期持平，得益於英國市場穩健的基本面，以及先前因疫情延後的大型運動賽事（主要是歐洲足球賽事）的回歸。內容收入成長了17.5%，主要由體育節目批發收入的成長推動；而直接面向消費者的收入和廣告收入環比均有顯著改善，但同比均下降了1%。廣告方面，我們的表現優於歐洲市場（歐洲市場整體下滑約10%），這得益於強勁的預售廣告以及此前因新冠疫情推遲的體育賽事的重新安排。

In addition to sports, overall Sky Entertainment viewing was up double digits, partly aided by the addition of our new branded channels, including Sky Comedy, which launched in January; and Sky Documentaries, Sky History and Sky Nature, which launched in May. The significant sequential improvement in direct-to-consumer revenue resulted from the return of sports and a healthy underlying trend in the U.K., which experienced a gain of 51,000 customer net relationships and low single-digit ARPU growth. This strong performance was driven by our strategy to be the best TV aggregation platform in the market; record-low TV churn; and continued growth in streaming, broadband and mobile customers.

除了體育賽事之外，Sky Entertainment 的整體收視率也實現了兩位數的成長，這部分得益於我們新增的品牌頻道，包括1月份推出的 Sky Comedy 頻道，以及5月份推出的 Sky Documentaries、Sky History 和 Sky Nature 頻道。直接面向消費者的收入環比顯著成長，主要得益於體育賽事的回歸以及英國市場穩健的成長動能。英國市場新增了5.1萬個客戶關係，平均每用戶收入 (ARPU) 也實現了低個位數成長。這項強勁的業績得益於我們致力於成為市場上最佳電視聚合平台的策略；創紀錄的低電視用戶流失率；以及串流媒體、寬頻和行動用戶的持續成長。

Our large resilient Sky TV base continues to benefit from the deployment of our more advanced Sky Q product. Overall, Sky Q penetration is at 51% of households while U.K. penetration has reached 58%, up 13 percentage points year-over-year.

我們龐大且穩定的Sky TV用戶群持續受益於我們更先進的Sky Q產品的部署。整體而言，Sky Q的家庭普及率已達51%，而英國的普及率已達58%，較去年同期成長13個百分點。

We are also pleased with the results at NOW TV, which is positioned for a different market segment. ARPU is increasing as this growing customer base continues to take more packs on average, underscored by a 60% increase in the uptake of our highest priced sports pack. While revenue from our hospitality business, the pubs and clubs that receive our Sky TV service, remains pressured, we have seen weekly revenue back to 70% of historical levels versus 25% at the start of the quarter.

我們對NOW TV的業績也感到滿意，該平檯面向不同的市場細分。隨著用戶群的不斷增長，用戶平均購買的套餐數量也隨之增加，其中價格最高的體育套餐銷量增長了60%，這充分體現了這一點。雖然來自餐飲業務（即使用我們Sky TV服務的酒吧和​​俱樂部）的收入仍面臨壓力，但每週收入已恢復到歷史水準的70%，而本季初僅為25%。

Italy and Germany remain a bit more challenged. In Germany, we made changes to our pricing and packaging earlier in the quarter. While we are pleased with the positive customer response, this will pressure ARPU in the near term as we focus on growing market share and reducing churn. In Italy, our results showed meaningful sequential improvement, but we continue to be impacted by a tough macro environment. We are encouraged by positive momentum in Italy broadband post its mid-June launch. Customer additions are beating our initial expectations with satisfaction scores at high levels.

義大利和德國市場仍面臨一些挑戰。在德國，我們在本季初調整了定價和套餐。雖然我們對客戶的正面回饋感到欣慰，但由於我們將專注於擴大市場份額和降低客戶流失率，短期內這將對每位用戶平均收入 (ARPU) 構成壓力。在義大利，我們的業績季比顯著改善，但仍受到嚴峻宏觀環境的影響。義大利寬頻業務在六月中旬推出後呈現積極成長勢頭，這令我們倍感鼓舞。新增客戶數量超出預期，客戶滿意度也維持在高水準。

EBITDA for the third quarter was down roughly 45% as flat revenue was offset by an increase in programming and production costs, primarily as a result of the postponement of European football events, which moved from the second quarter into the third as a result of COVID-19. Looking ahead, we continue to expect third quarter and fourth quarter EBITDA combined to be down roughly 60%, with the fourth quarter impacted by the later return of the current season of European football, the shift of other sports programming to the fourth quarter, investments in original programming and higher costs associated with the launch of our new U.K. entertainment channels.

第三季EBITDA下降約45%，營收持平被節目製作成本的增加所抵消，這主要是由於受新冠疫情影響，歐洲足球賽事從第二季推遲到第三季所致。展望未來，我們仍預期第三季和第四季EBITDA合計將下降約60%，其中第四季受到以下因素的影響：本賽季歐洲足球賽事回歸時間推遲、其他體育節目推遲到第四季度播出、原創節目投資以及推出英國新娛樂頻道的相關成本增加。

Wrapping up on Slide 10 with free cash flow and capital allocation. Free cash flow was $2.3 billion in the quarter, an increase of 10.5% year-over-year. Consolidated total capital, which includes CapEx as well as software and intangibles, decreased 5.8% in the third quarter to $2.9 billion, primarily driven by declines at NBCU, particularly parks; as well as at Cable.

第10頁投影片總結了自由現金流和資本配置。本季自由現金流為23億美元，年增10.5%。包括資本支出、軟體和無形資產在內的合併總資本在第三季下降5.8%至29億美元，主要原因是NBC環球（尤其是主題樂園業務）以及有線電視業務的下滑。

During the quarter and year-to-date, we refinanced $5.9 billion and $15.8 billion of debt, respectively, ending the third quarter with a weighted average cost of debt of 3.6%. Finally, we remain committed to our long-standing balanced approach to capital allocation, maintaining a strong balance sheet, investing organically for profitable growth and returning capital to shareholders through a strong commitment to our recurring dividends and eventual return to share repurchases.

本季及年初至今，我們分別完成了59億美元和158億美元的債務再融資，第三季末加權平均債務成本為3.6%。最後，我們將繼續秉持長期以來平衡的資本配置策略，保持穩健的資產負債表，透過內生性投資實現獲利成長，並透過堅定不移地派發經常性股利和最終恢復股票回購來回饋股東。

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

接下來，我將把發言權交還給馬西，她將主持電話會議的問答環節。

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

謝謝，麥克。雷吉娜，現在開始接受提問吧。

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

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

First, Brian, could you talk a little bit about how you -- your vision of how you best monetize being an aggregator across a variety of media, traditional TV, streaming video, apps, et cetera, outside of just being the broadband provider? And what are other ways you're considering to help monetize your position at the center of the consumer in the living room?

首先，布萊恩，你能否談談你——你認為除了寬頻供應商之外，如何才能最好地實現跨媒體聚合（包括傳統電視、串流媒體影片、應用程式等）的盈利？你還在考慮哪些其他方式來幫助你在客廳消費者中心地位上獲利？

And then on NBCU, it was surprising actually that you had a good -- you mentioned in the press release that you had positive upfront, given ratings weakness across the board for the whole industry as well as lack of production. So can you talk about some of the drivers there? Can streaming make up for the weakness in ratings? It's clear Q4 will be weak, but what do you see beyond that?

至於NBCU，考慮到整個行業的收視率普遍疲軟以及節目製作不足，你們的預售業績居然不錯，這著實令人驚訝——你在新聞稿中提到過。那麼，你能談談其中的一些驅動因素嗎？串流媒體能否彌補收視率的下滑？很明顯，第四季業績會比較疲軟，但你對之後的發展有何看法？

Okay. There's a lot in there, Jessica. Let me start with the aggregation and broadband question and then let Jeff and others talk about the upfront.

好的，傑西卡，內容很多。我先從聚合和寬頻問題談起，然後讓傑夫和其他人談談預付費問題。

So look, we think we have this 3-pronged strategy that complements each other, works together and basically ends up giving customers the best product regardless of what segment they're in, and broadband is definitely a central element of that. But aggregation in this world, as we know, is consumers, that you want to flip back and forth between one streaming service, another streaming service, live television, YouTube, whatever it may be, and finding a way to have our entertainment platform and our voice commands, whether it's in a smart TV, whether it's in a box and whether that is in, frankly, the U.S. or in the rest of the world and in other providers.

所以你看，我們認為我們擁有一個三管齊下的策略，這三者相輔相成，協同運作，最終能夠為客戶提供最佳產品，無論他們屬於哪個細分市場，而寬頻無疑是其中的核心要素。但我們都知道，在當今世界，聚合意味著消費者希望在不同的串流媒體服務、直播電視、YouTube 等等之間來回切換，而我們需要找到一種方法，讓我們的娛樂平台和語音控制功能能夠應用於智慧電視、機上盒等設備，無論是在美國還是在世界其他地區，無論是透過其他服務提供者。

And so we've made great progress with aggregation in this quarter and in this year. Name the service and you'll see that it's now either on the road map or very much being used. Whether it's NBC-driven content with Peacock, we've now shown that we can market and make aware for our customers great shows like Yellowstone that you may not have found on a different network that all of a sudden has zoomed to the top. And that's before we get additional content like The Office, the Olympics and what have you.

因此，本季和今年我們在內容聚合方面取得了巨大進展。隨便說出一項服務名稱，您都會發現它要么已經列入開發計劃，要么正在被廣泛使用。無論是NBC主導的Peacock內容，我們現在已經證明，我們可以向我們的客戶推廣和推送像《黃石》這樣精彩的劇集，這些劇集您可能在其他電視台找不到，但卻突然間迅速躥紅。而這還不包括像《辦公室》、奧運等其他內容。

And so putting it all together, we see the tech companies and others with ambitions on having a relationship with our high-value customers, our 56 million high-value customers, and aggregation. And who can do that the best with a voice and just say the words -- I was literally watching last night a Prime show, switched to Netflix and then went back to NBC all with just one click and with my voice. And so the innovation that our team has done, the seamless integration, working with the various content providers, we've made tremendous stride.

綜上所述，我們看到科技公司和其他一些公司都渴望與我們5,600萬高價值客戶建立聯繫，並實現內容聚合。而誰能最有效地利用語音控制來實現這一點呢？ ——我昨晚就親身經歷了這樣的過程：先是觀看亞馬遜Prime的節目，然後切換到Netflix，接著又切回NBC，所有操作都只需點擊一下，而且完全依靠語音即可完成。因此，我們團隊的創新、無縫整合以及與各內容提供者的合作，都取得了巨大的進步。

Jeff, do you want to talk a little bit about -- and therefore -- I'm sorry, to close out on monetization of that. We've seen a number of ways that leads right into advertising because it's an ability to not only give you a good experience and charge through our subscription fees depending on what level of service it is, but in the case of Flex, whether it's lower churn for our broadband, whether it's additional advertising with Xumo and on smart television platforms and other things we have on our road map, which are very exciting to continue to take these tools and find new ways to give them to customers and thereby create additional value for the shareholders.

傑夫，你想稍微談談——因此——抱歉，最後我想談談它的盈利模式。我們已經看到很多方法可以直接轉換為廣告收入，因為它不僅能讓你獲得良好的體驗，還能根據服務等級透過訂閱費用收費。就 Flex 而言，無論是降低寬頻用戶流失率，還是透過 Xumo 和智慧電視平台投放更多廣告，以及我們路線圖上的其他項目，都讓我們非常興奮，我們將繼續利用這些工具，尋找新的方式將它們提供給客戶，從而為股東創造更多價值。

Jeff, do you want to talk about the upfront?

傑夫，你想談談預付款的事嗎？

Yes. Thanks, Brian, and thanks, Jessica. So obviously, the upfront was a very unusual upfront this year, Jessica. I mean we didn't think a couple of months ago, there was even going to be an upfront this year. And the fact that there was one and it ended up being relatively normal and much stronger than we expected was really good news for the whole business.

是的。謝謝布萊恩，也謝謝潔西卡。傑西卡，很顯然，今年的預售會非常不尋常。我的意思是，幾個月前我們甚至沒想過今年會有預售會。而它最終得以舉辦，並且表現相對正常，甚至比我們預期的還要強勁，這對整個公司來說都是個好消息。

We ended up kind of slightly up on price, which was we expected to be way down on price. We ended up slightly up on price, slightly down on volume. And as you mentioned, the big impact on advertising really is the ratings. And the ratings is not just us but everybody because we stopped production. We would normally have kind of our fall schedule in high gear right now. And we're just starting those shows, and we don't have a lot of new content. So that's what's driving kind of the advertising choppiness and declines.

我們最終的價格略有上漲，而我們原本預期價格會大幅下降。最終價格略有上漲，銷量略有下降。正如您所說，對廣告影響最大的因素是收視率。收視率下降不僅影響我們，而是影響到所有人，因為我們停止了製作。通常情況下，我們現在正處於秋季節目製作的高峰期。而現在我們才剛開始這些節目，而且我們沒有太多新內容。這就是導致廣告收入波動和下滑的原因。

The flip side of that is it creates scarcity in the market. So the market actually is pretty strong because if you have less rating points, you have more demand. And a couple of the moves that we've made were kind of perfect timing. Peacock -- we've talk about Peacock is an ad-driven platform, gives us an opportunity to sell where others don't really sell, and we launched right into the strength of that scarcity.

另一方面，這也造成了市場稀缺性。所以市場其實相當強勁，因為分數越低，需求就越高。我們採取的一些措施時機把握得恰到好處。 Peacock－我們之前說過，Peacock是一個廣告驅動型平台，它讓我們有機會在其他平台無法觸及的地方進行銷售，而我們正是利用了這種稀缺性優勢才得以推出。

And then we also kind of consolidated all of our advertising under Linda Yaccarino and our one platform approach. And we think that was also perfect timing because it gives us the opportunity to kind of sell and address that scarcity across multiple platforms. So obviously, a much smaller upfront than the past but much better than we expected.

然後，我們也把所有廣告業務整合到了琳達·亞卡里諾 (Linda Yaccarino) 的統一平台策略下。我們認為時機也恰到好處，因為這讓我們有機會在多個平台上銷售產品，並解決產品稀缺的問題。所以，預售規模顯然比以往小得多，但比我們預期的要好得多。

Our next question will come from the line of Doug Mitchelson with Crédit Suisse.

下一個問題將來自瑞士信貸的道格·米切爾森。

Doug, you may be on mute.

道格，你可能處於靜音狀態。

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

我們的下一個問題將來自摩根士丹利的本·斯溫伯恩。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. Great. I guess 2 questions on Cable or maybe just broadly on entertainment for either Brian or Dave.

好的，太好了。我想問布萊恩或戴夫兩個關於有線電視或其他娛樂的問題。

I'm wondering if you think about the video business evolving from what you've been selling for decades, a package of linear networks, to a bundle of apps where you're basically taking a distribution fee against what the consumer pays rather than earning a margin on a bundle. And if you do, what does that mean for the business and sort of how you think about investing in products and capital allocation, et cetera? It would seem like a possible future in the not-too-distant future across Comcast and Sky.

我想知道您是否認為視訊業務正在從您幾十年來一直銷售的線性頻道套餐，演變成應用程式捆綁包，屆時您基本上是從消費者支付的費用中抽取分銷費，而不是從捆綁包中賺取利潤。如果您認為會這樣，這對業務意味著什麼？您會如何考慮產品投資和資本配置等等？這似乎是康卡斯特和天空電視台在不久的將來可能會出現的未來趨勢。

And then for Jeff, there's a lot going on at NBC, to put it mildly. I'm just wondering if you could talk high level about what you're trying to accomplish organizationally from a restructuring point of view, how we should measure your success. And in particular, you mentioned in the prepared remarks -- or Mike did that you think the parks will breakeven at some point next year. Just maybe -- that's a pretty interesting comment in the context of all the uncertainty. If you could just talk a little bit more about that, it would be helpful.

至於傑夫，NBC那邊有很多事情要處理，說得委婉點兒。我想請您從組織架構重組的角度，大致談談您正在努力實現的目標，以及我們應該如何衡量您的成功。特別是，您在準備好的演講稿中提到——或者說是麥克提到的——您認為主題公園明年某個時候會實現收支平衡。考慮到目前種種不確定因素，這確實是一個很有趣的說法。如果您能再詳細談談這方面，那就太好了。

Well, why don't I help organize that -- this answer because I think you touched on a little bit of everybody and give some of the folks a chance to talk about the quarter. So why don't we start with Dave to talk about video packaging.

嗯，不如我來幫忙組織一下——這個回答是因為我覺得你剛才已經跟每個人都談到了一些，也想給一些人一個機會來談談這個季度的情況。那麼，我們先讓戴夫談談視訊包裝。

I would just add that I think we've seen this shift coming. I think Dave and the team have done an outstanding job of having a connectivity platform and thinking of it that way so that we're ready for that shift. I don't think it will be all or nothing. I think it's been highlighted here during COVID and people being at home as much. But fortunately, we were ready for that.

我想補充一點，我認為我們已經預見到這種轉變的到來。戴夫和他的團隊在建立連接平台方面做得非常出色，並且從一開始就考慮到了這一點，讓我們為這種轉變做好了準備。我認為這不會是非此即彼的轉變。我認為在新冠疫情期間，人們居家時間增多，這一點就更加凸顯了。但幸運的是，我們已經為此做好了準備。

I think Jeremy could talk a little about kind of some of the different trends in Europe and how Sky is preparing for that bundle of app world, as you called it. And you're right, the economics change depending on what -- and we want to get ourselves to a position of indifference where the consumer is driving, not the company, and the consumer decides where they want to rest and what package they want. And the company finds itself in a -- in having the best product and a good set of economics. We may always have a preference over one versus the other naturally, but we want you to be satisfied as a consumer and make our long-term growth happen.

我認為傑里米可以談談歐洲的一些不同趨勢，以及天空電視台如何應對你所謂的「應用程式捆綁」時代。你說得對，經濟效益會隨著各種因素而變化——我們希望最終達到一種「中立」的狀態，讓消費者而非公司主導一切，由消費者決定他們想在哪裡休息以及選擇哪種套餐。這樣一來，公司就能擁有最好的產品和合理的經濟效益。我們自然會在某些方面有所偏好，但我們希望您作為消費者感到滿意，從而實現我們的長期成長。

And then, obviously, Jeff can talk a little bit -- and Mike, if you want, on the -- on all the definition of success, which I think is a great way to look at NBC. But Dave, why don't you take it off?

然後，顯然，傑夫可以稍微談談——麥克，如果你願意的話，也可以談談——關於成功的定義，我認為這是看待NBC的一個很棒的角度。但是戴夫，為什麼不脫掉上衣呢？

Thanks, Brian. Ben, so I think, clearly, the video marketplace is almost every day evolving. From our perspective, we have invested in a video -- broad video platform capability that I think gives us a lot of options and can give customers a lot of choice. So we want to deliver to the customer what they want in a video experience.

謝謝，布萊恩。本，我認為很明顯，視訊市場幾乎每天都在變化。從我們的角度來看，我們已經投資建造了一個功能強大的視訊平台，我認為這為我們提供了豐富的選擇，也能為客戶提供豐富的選擇。因此，我們希望為客戶提供他們想要的視訊體驗。

So we segment the marketplace. We break it down. We've been doing that for some time. And as Brian said, we anticipated a lot of these changes. So for customers that want the full experience, that want all the channels, that want video on demand, DVR capability and apps and as Brian talked about, the ability to seamlessly connect all of that, we have X1.

所以我們將市場細分，把它分解開來。我們這樣做已經有一段時間了。正如布萊恩所說，我們預料到了很多這樣的改變。因此，對於那些想要完整體驗、想要所有頻道、想要視訊點播、DVR功能和應用程序，以及像布萊恩提到的那樣，想要無縫連接所有這些功能的客戶，我們有X1。

We also now, I think, are very uniquely positioned to go after the streaming segment with Flex. And the best example, I think, of our position in the marketplace with video, when you combine it with broadband, we're surrounding broadband with a lot of video capability. And with streaming and Peacock, we're giving them the best of aggregation, great streaming options. So we're going to break down the marketplace, continue to compete and deliver to customers what they want.

我認為，我們現在憑藉Flex在串流媒體領域擁有非常獨特的優勢。要說我們在視訊市場的地位，最好的例子就是將視訊與寬頻結合，我們就能為寬頻用戶提供強大的視訊功能。而透過串流媒體和Peacock平台，我們為使用者提供最佳的聚合服務和豐富的串流媒體選擇。因此，我們將打破市場格局，持續競爭，並為客戶提供他們想要的服務。

So I think that will continue. We're -- we feel that this is a sustained competitive difference that we have, and we'll go to where the customer wants to go. And in terms of whether it's a more profitable outcome for us, then we'll be indifferent. If they want streaming capability with Flex, we're going to be right there to deliver that.

所以我認為這種情況會持續下去。我們－我們認為這是我們持續的競爭優勢，我們會迎合客戶的需求。至於這是否能為我們帶來更多利潤，我們也不在乎。如果他們想要Flex的串流功能，我們會立即提供。

And maybe -- it's Jeremy here. Maybe I'll just chip in on Sky. I think -- I mean I often think of it -- I would split it to sort of supply side relationships and then consumer side service.

或許——我是傑瑞米。或許我會對天空電視台（Sky）發表一些看法。我想──我是說，我常常會想──我會把它分成供應方關係和消費者方服務兩部分。

And so I think on supply side, where we see central step into that world, a good example would be, for example, Disney, where we took a very high fixed cost long-term contract and effectively turned that into an app. We've taken that cost out of our P&L and then getting a margin by selling Disney+ through Sky, and then we give you something similar with Netflix, of course. And then we can take that money and let it course through the P&L or reinvest some of it in an area like Sky Studios, where we can then scale up our own originated content, which improves the customer experience and of course, is more variable and differentiates as well.

所以我認為，在供應端，也就是我們進入這個領域的關鍵一步，一個很好的例子就是迪士尼。我們簽了一份固定成本很高的長期合同，然後有效地將其轉化為一個應用程式。我們從損益表中剔除了這部分成本，並透過Sky銷售Disney+來獲得利潤。當然，我們透過Netflix也提供類似的服務。然後，我們可以將這些資金用於其他用途，或將其部分再投資到像Sky Studios這樣的領域，從而擴大我們原創內容的規模，這不僅能改善用戶體驗，而且內容更加多樣化，也更具差異化。

But when you get to the consumer side, really, there's virtually no change to the experience. Because consumers want to continue to get all that Comcast content through the Sky user interface, we can deep link into apps, bring customers back efficiently to the Sky interface. It's very, very easy to move around. As Brian said, with the growth and development in voice, that's just becoming easier every day.

但就消費者而言，體驗實際上幾乎沒有任何變化。因為消費者希望繼續透過 Sky 用戶介面獲取所有 Comcast 的內容，我們可以深度連結到應用程序，高效地將用戶引導回 Sky 介面。操作非常便捷。正如 Brian 所說，隨著語音技術的成長和發展，這一點每天都在變得更加容易。

So actually, we think we can complement the user experience very much and actually get a much more flexible and more valuable set of cost structures. And then we can think of NOW TV as an addendum to that, in a way, just to target an additional part of the market that's using many of those Comcast relationships and allows us just to get to more customers in a different way. So that's sort of how we think about bringing all of that together.

所以，我們認為我們能夠大幅提升使用者體驗，並獲得更靈活、更有價值的成本結構。某種程度上，我們可以把 NOW TV 看作是這個理念的補充，旨在觸達更多利用 Comcast 現有資源的潛在客戶，從而以不同的方式接觸到更多用戶。這就是我們整合所有這些要素的想法。

Brian, you want me to jump in? This is Jeff.

布萊恩，你想讓我插話嗎？我是傑夫。

Sure.

當然。

Okay. So Ben, thanks for the question. A lot in your question, so I'll try to just hit it really quickly.

好的。本，謝謝你的提問。你的問題內容很多，所以我盡量長話短說。

But first of all, just working backwards, definition of success. There is a lot going on in NBCUniversal. I really don't think the definition of success is any different than it's ever been. Our job is to be profitable, generate cash flow and generate long-term value for the company, and that's how we're kind of thinking about everything. And it's obviously a very changing world, so you have to be nimble in doing that. But the measures of that are the same measures as they've always been in our view.

但首先，讓我們先反向思考一下成功的定義。 NBC環球有很多事情正在發生。我真的認為成功的定義和以往並沒有什麼不同。我們的工作是獲利、創造現金流並為公司創造長期價值，這就是我們思考一切的起點。顯然，這是一個瞬息萬變的世界，所以我們必須靈活應對。但在我們看來，衡量成功的標準和以往一樣。

And organizationally, I really think we're kind of through the execution of most of our restructuring. The costs will hit over the next kind of 12 months. There's about 1/3 of them in this quarter, and then by middle of next year, we're kind of through the majority of them.

從組織架構來看，我認為我們的大部分重組工作基本上已經完成。相關成本將在未來12個月左右開始顯現。大約三分之一的成本將在本季產生，到明年年中，大部分成本將受到控制。

And they're designed for 2 things. One, we have an obligation as our revenue moves down to adjust our cost base, which I'm proud of our team for doing across our whole company. But more importantly, we really realigned our TV organization under Mark Lazarus.

這些措施旨在實現兩個目標。首先，隨著收入下降，我們有義務調整成本結構，我為我們團隊在整個公司範圍內所做的努力感到自豪。但更重要的是，在馬克·拉扎勒斯的領導下，我們對電視業務部門進行了徹底的重組。

It used to be in the TV world, you were very vertically oriented by network, and you would say, "Oh, I need a show for this time period." You go out and get a show for that time period. And every network kind of had their management team and staff.

過去電視產業的發展模式非常垂直，主要由電視台主導。你會說：「哦，我需要一個適合這個時段的節目。」然後你就去找適合那個時段的節目。每個電視台都有自己的管理團隊和工作人員。

We've realigned kind of dramatically so that everything is one management group in the TV business under 2 great executives, Frances Berwick and Susan Rovner who just joined us. And the idea now is to find great content and use our platform, which is, in many ways, better than anybody else's platform with all of our networks not just linearly but Peacock, take a great platform and really maximize the value of it. And I'm very excited about it. It does result in a lot less cost, but I think, more importantly, it sets us up to grow as the world changes.

我們已經進行了大幅的重組，現在電視業務的所有業務都由一個管理團隊負責，由兩位優秀的管理者——弗朗西絲·伯威克和蘇珊·羅夫納——領導，她們剛剛加入我們。現在的理念是尋找優質內容，並充分利用我們的平台。在很多方面，我們的平台都優於其他任何平台，我們不僅擁有傳統的電視網絡，還有Peacock串流服務。我們要充分利用這個優秀的平台，真正實現其價值最大化。我對此感到非常興奮。雖然這確實能大幅降低成本，但我認為更重要的是，它讓我們能夠隨著世界的變化而成長。

Turning to parks very quickly. Parks are -- obviously, it's a very -- parks are a great business, by the way. When the world returns and people get sick of being in their house, I really feel that parks are going to be a very strong business. Nobody can tell the pace of how that's going to go given what's happening.

很快就來說說公園吧。公園——很顯然——公園生意非常好。順便說一句，當世界恢復正常，人們厭倦了待在家裡的時候，我真的覺得公園會成為非常強勁的生意。鑑於目前的情況，誰也無法預測這種情況會如何發展。

But so far, we're rebounding fairly nicely in Florida and Japan where we're open. Our first priority always has been, always will be the safety of our guests and our employees. And I'm proud of Tom Williams and the team there that they've actually had a set of protocols that has resulted in us being open without any problem, whether it's guests or employees. And who knows how the future will bring, but the rebound is happening nicely. And if it continues in this way, we do expect, as Brian said in the opening, to hit breakeven, if not more, at some time in '21.

但就目前而言，我們在佛羅裡達和日本的業務復甦情況相當不錯，這兩個地方我們都已恢復營業。我們始終並將永遠把顧客和員工的安全放在首位。我為湯姆威廉斯和他的團隊感到驕傲，他們制定了一套完善的防疫措施，確保我們能夠順利營業，並保障顧客和員工的安全。未來會如何發展，誰也無法預料，但目前的復甦勢頭良好。如果這種勢頭能夠持續下去，正如布萊恩在開場白中所說，我們預計在2021年某個時候能夠實現收支平衡，甚至可能實現盈利。

Ben, to Jeff's point, it is obviously a statement about breakeven subject to how COVID evolves. But if it stays on sort of the trend that we've been seeing through this winter into next year, we would hope at some point to get there.

本，正如傑夫所說，這顯然是關於盈虧平衡點的說法，這還要取決於新冠疫情的發展。但如果疫情能維持今年冬天以來到明年這段時間的趨勢，我們希望最終能達到損益平衡。

And then just circling back to your first question, Ben. I think there's no question that when you really look at the fact that -- and Brian said it earlier, that with 56 million relationships around the globe, as we've talked about, in the highest wallet markets for subscription services, whether they be broadband or OTT, video, entertainment of any sort, we're at the point of sale when people are choosing their broadband provider, where they're providing what we think are the options anyway for the best aggregation services with or without our own video packages. And if you'll think about it from the perspective of anybody trying to launch a video streaming platform, we represent 56 million homes, where you want to be on our platform and it's worth it to share economics for us to promote and allow.

回到你的第一個問題，Ben。我認為毫無疑問，當你真正審視這個事實——正如Brian之前所說——我們在全球擁有5600萬個用戶關係，正如我們之前討論過的，在訂閱服務（無論是寬頻、OTT、視頻還是其他任何類型的娛樂）消費最高的市場，我們正處於用戶選擇寬頻提供商的銷售點，而這些提供商本身就提供了我們認為無論我們自己的數據套餐，是否包含我們自己的視頻套餐。如果你從任何想要推出視訊串流平台的人的角度來看，我們代表著5600萬個家庭，你肯定希望這些家庭加入我們的平台，而且為了推廣和允許他們使用我們的平台，與我們共享經濟效益是值得的。

And I think -- and that's what we already experienced today. So there's no reason that wouldn't be a way of the future -- not the only way but a way of the future. And I think it just is even kind of more evident that the power of the platforms with the customers that we have allows for the kind of launch the Peacock had. I don't think it's a mistake or that it -- that, that relates -- that 22 million sign-ups does definitely relate, at this stage, to us having the relationship with the customer through broadband and our aggregation products.

我認為——而且我們今天已經親身經歷了這一點——這完全有可能成為未來的發展方向——雖然不是唯一方向，但絕對是未來的發展方向之一。我認為，我們平台及其客戶群的強大影響力，使得Peacock的成功發布更加顯而易見。我不認為這是一個錯誤，或者說，2200萬的註冊用戶數量，在現階段，絕對與我們透過寬頻和聚合產品與客戶建立的聯繫密切相關。

Thanks, Ben. I think we got them all.

謝謝，本。我想我們都找到了。

Our next question is from Doug Mitchelson with Crédit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森。

One topic for Brian, one for Dave. Brian, one thing that seemed new to me this quarter was your comment on licensing the Comcast tech stack internationally. And I think I heard some optimism regarding getting to nationwide in the U.S. Can you help us understand potential timing or the impediments to new wholesale deals, particularly overseas?

布萊恩和戴夫各談一個話題。布萊恩，這季我印像比較深刻的一點是，你提到了康卡斯特技術堆疊的國際授權。我還聽到了一些關於在美國實現全國範圍授權的樂觀聲音。你能幫我們分析潛在的時間節點，或者說達成新的批發協議，特別是海外協議，可能的障礙嗎？

And you mentioned scale benefits beyond the healthy margins you get from licensing. And I'm curious how you'd articulate those scale benefits of expanding that platform?

您提到了除了授權帶來的豐厚利潤之外，規模效益也很重要。我很想知道您會如何闡述擴展該平台所帶來的這些規模效益？

And if I could, for Dave, regarding wireless. Mike mentioned the company put in place a number of plans to accelerate in this business. If you wouldn't mind sharing some of those plans and why now, why leaning into that business at this point in time and if that means anything about timing for breakeven for EBITDA and free cash flow for wireless, that would be helpful.

如果可以的話，我想替Dave問一下關於無線業務的問題。 Mike提到公司製定了一系列計畫來加速這項業務的發展。如果您不介意分享這些計劃，以及為什麼選擇現在，為什麼在這個時間點大力發展這項業務，還有這是否會影響無線業務的EBITDA盈虧平衡點和自由現金流的實現時間，那就太好了。

Great. I'm glad you figured out your tech issues.

太好了。很高興你解決了技術問題。

I don't want to suggest that there's any new news regarding the U.S. in terms of X1 licensing. What I think we are referring to is -- or what I'd like to refer to is just what it does when we do license others, and we're in conversations all the time with companies, and the success that, that business has had, which we haven't talked about very much on these calls. It's gotten to a pretty good size, and it has a very healthy margin. And there's a lot of Canadian companies, Cox in the U.S.

我並不想暗示美國在X1授權上有什麼新消息。我想我們指的是——或者說我想說的是——當我們向其他公司授權時，我們一直在與它們洽談，而這項業務取得了成功，儘管我們在之前的電話會議上很少談到這一點。這項業務規模已經相當可觀，利潤率也非常健康。而且，有很多加拿大公司，還有美國的Cox公司。

And the area that we've been focusing on is drawing Sky and Xfinity closer together into one global tech stack, which then opens up the opportunity to do this now not just in North America but also starting with Sky. And we're on a number of common architectures, and I think you will see in the future products roll out as a result of our ability to do that and conversations that are being had to be able to now take that conversation more broadly.

我們一直致力於將Sky和Xfinity整合到一個全球技術棧中，這不僅為我們在北美，而且從Sky開始，創造了實現這一目標的機會。我們正在採用多種通用架構，我相信未來您將會看到相關產品的推出，這得益於我們在這方面的能力以及目前正在進行的對話，以便將對話範圍擴大到更廣泛的領域。

I think the most significant benefit, it certainly is the money that it brings in. But what that allows us to do in terms of scale is -- so we talked a lot about video here. We pivoted a lot of our innovation to broadband in the last 2, 3, 4 years. And we saw this transformation coming. We saw how important broadband was going to become and even further become and reinvent itself over and over again. To have the best broadband quarter in the company's history, sitting here in 2020, when it's a 20-year-old product, give or take, is a pretty dramatic and amazing statement, in my opinion. And that's because we've kept reinvesting in what is broadband and what can it be and going to WiFi when that did not exist to now integrating that into your streaming, your aggregation, the things we've been talking about this morning.

我認為最重要的好處當然是它帶來的利益。但它在規模上的優勢在於——我們剛才也談到了很多關於影片的內容。在過去的兩三年裡，我們將許多創新重點轉移到了寬頻領域。我們預見了這種轉變。我們預見了寬頻的重要性，而且它會不斷發展壯大，並不斷自我革新。在2020年，寬頻業務取得了公司歷史上最好的季度業績，要知道寬頻產品已經有大約20年的歷史了，在我看來，這絕對是一個令人矚目的成就。這是因為我們持續不斷地投資於寬頻的本質及其未來發展方向，從最初尚未出現的Wi-Fi時代就開始涉足，到如今將其整合到串流媒體、聚合等我們今天早上討論的領域。

So having the scale and the quality of talent on a global basis to be able to recruit the best engineers, when, again, we see a number of other companies wanting to enter this space and/or lead expanding, not shrinking, is I think the greatest achievement. And I give credit that we are expanding our footprint synthetically, if you will, through some of these other relationships with companies who want to take all of our products, whatever they can become, and they've done that. And I think we've given them a great experience for their customers, and they've been super supportive of our technology team. Dave?

因此，我們擁有全球範圍內的人才規模和質量，能夠招募到最優秀的工程師。同時，我們看到許多其他公司也想進入這個領域，並且正在擴張而不是萎縮，我認為這是最大的成就。而且，我認為我們正在透過與一些公司建立合作關係，以一種「合成」的方式擴大我們的商業版圖。這些公司希望採用我們所有的產品，無論這些產品最終會發展成什麼樣子，而他們也確實做到了。我認為我們為他們的客戶提供了絕佳的體驗，他們也對我們的技術團隊給予了極大的支持。戴夫？

Thanks, Brian. Doug, so just one other comment on the Flex side of things with our partners. So we have a really solid syndication business, great distribution partners in the U.S., Canada, looking elsewhere. And Flex most certainly is on the road map for all of our partners so -- and gives us the option of being able to work with device participants, smart TV folks and others to be able to have it be a software solution. So we'll look at all options going forward.

謝謝，布萊恩。道格，關於Flex方面，我還有一點要補充，我們和合作夥伴的情況是這樣的。我們擁有非常穩固的聯合發行業務，在美國和加拿大都有優秀的發行合作夥伴，我們也正在關注其他地區。 Flex肯定在我們所有合作夥伴的發展規劃中——它讓我們能夠與設備用戶、智慧電視用戶以及其他相關方合作，將其打造為軟體解決方案。所以，我們會認真考慮所有可能的方案。

In wireless, so we're -- in general, we're pleased with where we are. And many quarters in a row, we're delivering a material amount of the net adds in our footprint, and so we're on track. Having said that, with retail, we chose to shut down the retail stores in a good chunk of the country. That did have an impact. We've reopened them, as Mike said.

在無線業務方面，總的來說，我們對目前的狀況感到滿意。而且，我們連續多個季度都在現有覆蓋區域內實現了可觀的淨新增用戶，因此我們正按計劃推進。話雖如此，在零售業務方面，我們選擇關閉了全國大部分地區的零售門市。這確實造成了一些影響。正如麥克所說，我們已經重新開放了這些門市。

And we really feel that we're committed to accelerating the wireless business. It's a really important product for us going forward. And it's -- we'll be focused not just on retail. We think digital still has great promise. And we're already seeing, as we put our shoulder to bringing things back, some real early-stage success in terms of what mobile can do. The results, again, still relatively early, but we really like the retention benefits to broadband as we package them with it. A lot of options. We do triple play with mobile now. We used to package just with broadband, very focused across all of our sales channels.

我們真心致力於加速無線業務的發展。對我們而言，無線業務是未來發展中至關重要的產品。而且，我們不僅會關注零售通路，我們認為數位化仍然擁有巨大的潛力。隨著我們全力以赴地重振業務，行動業務的早期發展已經初見成效。當然，目前的結果還處於早期階段，但我們非常看好寬頻與行動業務捆綁銷售所帶來的用戶留存優勢。現在，我們提供多種選擇，包括行動、寬頻和三網融合服務。過去，我們只提供寬頻捆綁服務，並專注於所有銷售管道。

And it really comes down to, I mean, the 3 things that we're focused on. One is that we have access to a really great network with Verizon. We have the ability to cut across all technologies, including 5G. So we'll give the customers what they want there.

歸根結底，我們主要關註三件事。第一，我們擁有Verizon提供的優質網路。我們能夠相容於所有技術，包括5G。因此，我們將為客戶提供他們想要的服務。

We can leverage our own investment in the home with WiFi. Outside the home, we have -- most of the broadband -- the cellphone, smartphone traffic goes over our WiFi network. So it's a great combination of the 2. And then over time, I think we're going to be uniquely positioned to leverage the potential for building out, in dense pockets, wireless capability to give us a more efficient way of delivering mobile.

我們可以利用家中現有的WiFi投資。在家庭之外，大部分寬頻——包括手機和智慧型手機流量——都透過我們的WiFi網路傳輸。因此，這是兩者的完美結合。隨著時間的推移，我認為我們將擁有獨特的優勢，能夠充分利用在人口密集區域部署無線網路的潛力，從而更有效率地提供行動通訊服務。

So -- but overall, we think that this is an important opportunity for us long term, still feel that way, right on track with where we want to be. We want to be a little bit more aggressive, and that's on the road map.

所以——但總的來說，我們認為這對我們來說是一個重要的長期機遇，我們仍然這麼認為，我們正朝著既定目標穩步前進。我們希望採取更積極進取的態度，這已經列入了我們的發展規劃。

Thanks, Doug.

謝謝你，道格。

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

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

Two questions, if I could. Just, I guess, the most obvious and pressing one is where do you think all the broadband subscribers are coming from? I think as great as your results were, they're even more surprising in that AT&T and Verizon also both posted better-than-expected results. So we're obviously seeing enormous market expansion. I'm just wondering what your sense is of how much of that is pull forward and where the subs are coming from.

如果可以的話，我想問兩個問題。首先，也是最顯而易見、最迫切的問題是，您認為所有寬頻用戶都來自哪裡？我認為，儘管你們的業績非常出色，但更令人驚訝的是，AT&T 和 Verizon 的業績也都超出了預期。顯然，我們正目睹市場的巨大擴張。我只是想知道，您認為其中有多少是提前成長，以及這些用戶究竟來自哪裡。

And then on the wireless side of the business, I wonder if you could just talk a little bit about what you see and expect to see in the iPhone cycle given the promotionality that we've seen from, in particular, AT&T. What does that look like for you in the fourth quarter in terms of your customer acquisition costs?

然後，關於無線業務方面，我想請您談談您對iPhone週期的看法，特別是考慮到我們看到的AT&T等公司的促銷活動。就您而言，第四季的客戶獲取成本會受到怎樣的影響？

Well, Craig, Dave here. So in broadband, let me start with what we've been seeing. We've been seeing consistent momentum for a while. Well before COVID, it's been rock solid in terms of this momentum.

克雷格，我是戴夫。關於寬頻，我先說說我們目前的狀況。一段時間以來，寬頻發展一直保持著穩定的成長動能。早在新冠疫情之前，這種成長動能就非常強勁。

This is our focus. We every day wake up thinking about how we -- as Brian mentioned, we innovate, go to market. So this is -- and we're talking about a marketplace and perhaps speaks to across the board, as all boats rise. But the market's growing. It continues to grow. And you look at our position at 51% penetration, there's upside, a lot of upside.

這就是我們的重點。我們每天醒來都在思考如何——正如布萊恩所提到的——進行創新，如何開拓市場。所以，我們現在談論的是市場，這或許也適用於整個產業，畢竟大家都從中受益。市場正在成長，而且還在持續成長。看看我們目前51%的市場滲透率，還有很大的上升空間。

So I look at where it comes from, and the good news is it's been relatively consistent. Maybe a few new opportunities entered the picture through the COVID period, but it's across the board in terms of where we're taking share on the front end. Combining that with record churn, it results in the net adds. But we're taking share from telco wired participants, DSL, MDU competitors, mobile providers. So it's kind of across the board in many different segments.

所以我分析了成長的來源，好消息是它一直相對穩定。或許在新冠疫情期間出現了一些新的機遇，但就前端市場份額而言，我們的成長是全方位的。再加上創紀錄的客戶流失率，最終帶來了淨成長。我們從電信業者的有線網路用戶、DSL用戶、多用戶單元（MDU）競爭對手以及行動電信商手中奪取了市場份額。因此，在許多不同的細分市場，我們的成長都是全方位的。

So a lot of opportunity in the formula, Craig, is, I think, a consistent one. We look to have a sustained competitive difference by delivering just a better product in the marketplace, better speed, better coverage, better future capability and now with streaming and then you combine that with Peacock and other apps, by the way, all the other apps that come connected by Flex, I think, this is a really good long-term competitive formula. So it's across the board. There's upside, good runway for broadband, I believe, going forward.

克雷格，我認為這個模式蘊藏著很多機會，而且它始終如一。我們希望透過在市場上提供更好的產品——更快的速度、更廣的覆蓋範圍、更強的未來功能，以及現在的串流媒體服務，來保持持續的競爭優勢。再加上Peacock和其他應用程式（順便一提，Flex連接的所有應用程式），我認為這是一個非常好的長期競爭模式。所以它涵蓋了所有方面。我相信，寬頻未來發展前景廣闊。

In regards to wireless and Apple, we're excited about their product launches. We're well positioned with 5G. And so as that begins to take off, the early feedback we're getting from prospects and customers, existing customers is very solid. So we get prepared just like everyone else, all the other carriers in terms of these launches, work very closely with Apple, but we have a full supply chain plan, go-to-market approach. And so we're optimistic about it. It's happening a little later in this year than last year, but that's okay. That will just be a nice opportunity for later on in the quarter into next year.

關於無線業務和蘋果公司，我們對他們的產品發布感到非常興奮。我們在5G領域佔據了有利地位。隨著5G的逐步普及，我們從潛在客戶、現有客戶和潛在客戶獲得的早期回饋都非常正面。因此，我們和其他業者一樣，為這些產品的發布做好了充分的準備，與蘋果公司密切合作，並制定了完整的供應鏈計畫和市場推廣策略。所以我們對此充滿信心。雖然今年的發佈時間比去年稍晚一些，但這沒關係。這反而為我們明年稍晚的銷售提供了一個很好的機會。

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

你的下一個問題來自摩根大通的菲爾·庫西克。

Brian, real quick, to follow up on your wireless comments. You spent $400 million on an auction recently, and both you and Dave have mentioned options to build in wireless. Can you explain on your plans or maybe timing for building your own cellular network?

布萊恩，我快速地跟進一下你之前關於無線網路的評論。你們最近花了4億美元進行拍賣，你和戴夫都提到過建造無線網路的方案。你能解釋一下你們的計劃，或者說說建造自有蜂窩網絡的具體時間安排嗎？

And then, Mike, can you give us an update on how the conversations are with rating agencies on leverage? It seems like if they look at things on a trailing basis, it could be some time before you get below the 2.5 turn target. But if they consider an LQA basis, we could get there in 2021 if parks are breakeven. What do you see there?

麥克，你能給我們更新一下與評級機構就槓桿率問題的溝通進度嗎？如果他們仍然採用歷史績效基準，那麼槓桿率要降至2.5倍以下的目標可能還需要一段時間。但如果他們採用LQA基準，而園區能夠達到損益平衡，那麼我們或許能在2021年達到目標。你對此有何看法？

So let me -- on wireless, let me have Dave comment a little further, but I don't think we have any new news today on that question. We are trying to build optionality from a cost basis. It really won't affect the product you receive. We hope that it would be -- you wouldn't know the difference but what network you're on. We just want to have the best value with the best service.

關於無線網絡，我請Dave再補充幾句，但今天我們在這方面沒有什麼新的進展。我們正在努力從成本角度出發，提供更多選擇。這不會影響您最終獲得的產品。我們希望您除了使用哪個網路之外，感覺不到任何差異。我們只想提供性價比最高的產品和服務。

And we now have 5G right at the same time as everybody who is a network operator. And so that's how we've thought ahead, I guess, is the best way for me to answer that question. When we did the original MVNO relationship, we thought about things like what new technologies might come in the future. And in this opportunity to -- and we have to respect that some of the auctions rules require us not to comment on things. So we just look at it as creating options for the future for the company when they have a value -- net value add to all of us, the shareholders.

現在，我們和所有網路營運商一樣，都擁有了5G網路。我想，這就是我們前瞻性思考的方式，也是我回答這個問題的最佳方式。當我們最初建立虛擬營運商（MVNO）合作關係時，我們就考慮過未來可能出現的新技術。在這個機會中——我們必須尊重一些拍賣規則，這些規則要求我們不予置評——我們只是將其視為為公司未來創造更多選擇，從而為我們所有股東創造淨價值。

Dave, does that sound right to you?

戴夫，你覺得這樣對嗎？

No, absolutely, Brian. I think Phil, the main point is we really like our current position. We have a go-to-market. We're still unique in that, and the other cable partner, Charter, does the same thing, where you have by the gig, good unlimited options. So we like our current position.

不，當然，布萊恩。菲爾，我認為關鍵在於我們非常滿意目前的市場地位。我們有自己的市場策略。在這方面，我們仍然獨樹一幟，而另一家有線電視合作夥伴Charter也提供類似的服務，按千兆計費，以及不錯的無限流量套餐。所以我們對目前的市場地位很滿意。

And as you look to the future -- as we look to the future with the spectrum, then you have an opportunity to look at dense pockets of usage and then just build a more efficient long-term delivery system. So we'll -- we don't have to rush to do that. We're going to -- we're looking at it from an engineering perspective, and we'll be opportunistic down the road. But right now, we really like our current position.

展望未來—當我們展望頻譜的未來時，我們有機會專注於高密度使用區域，然後建立更有效率的長期交付系統。所以我們不必急於求成。我們會從工程角度來考慮，未來也會抓住機會。但就目前而言，我們對現狀非常滿意。

And Phil, it's Mike. On the other question, I mean, I think, obviously, as we've said before, we're very committed to the commitments that we made to the rating agencies and therefore, to the bondholders who support the balance sheet. So it's our highest priority to get ourselves delevered consistent with those commitments and then get ourselves back to balanced capital allocation, which were eager to have that include buybacks, as we've been talking about, no doubt.

菲爾，我是麥克。關於另一個問題，我的意思是，顯然，正如我們之前所說，我們非常重視對評級機構以及支撐我們資產負債表的債券持有人的承諾。因此，我們的首要任務是按照這些承諾降低槓桿率，然後恢復平衡的資本配置，而我們一直渴望透過回購債券來實現這一目標。

I'd say it's premature to talk about where -- both the topic you raised and other ways to think about -- how to think about our ability to support the debt through the lens of a rating agency is stuff that we'll talk about with them as we see COVID make a turn and the businesses that are hurt on the EBITDA front really make their turn. And until then, it'd be premature to make any further comments.

我認為現在討論這個問題還為時過早——無論是您提出的這個話題，還是其他一些思考方式——比如如何通過評級機構的視角來評估我們償還債務的能力，這些問題我們都會等到疫情形勢好轉，那些受疫情影響、EBITDA業績下滑的企業真正開始復蘇之後再與他們討論。在此之前，發表任何進一步評論都為時過早。

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

你的最後一個問題將來自瑞銀集團的約翰·霍杜利克。

Obviously, solid growth in Peacock this quarter. Is there anything you could tell us about usage or maybe daily average users or maybe the number of premiums versus free subs? And then what content is resonating with viewers? Is it sports or entertainment or some of the originals or library? Anything you could tell us there would be great.

顯然，Peacock本季實現了穩健成長。您能否透露一些關於用戶使用情況的信息，例如日均用戶數、付費用戶與免費用戶的比例？此外，哪些內容最受觀眾歡迎？是體育賽事、娛樂節目、原創內容還是經典影集？如果您能提供任何相關信息，我們將不勝感激。

And then more broadly, and I guess this is for Jeff or Brian, do you guys believe that NBC has the scale to compete effectively in a D2C centric world, obviously, with the likes of Netflix, Amazon and Disney? if you could talk about that, that would be great.

更廣泛地說，我想這個問題應該問傑夫或布萊恩，你們認為NBC是否有足夠的規模在以D2C為中心的商業環境中與Netflix、亞馬遜和迪士尼等公司有效競爭？如果你們能談談這方面，那就太好了。

Yes. Thanks, John. This is Jeff. I'll jump into that. So clearly, we -- I think we talked about the 22 million sign-ups, which is great and way ahead of where we thought we'd be.

是的。謝謝，約翰。我是傑夫。我來說說。很明顯，我們——我想我們之前討論過2200萬註冊用戶，這很棒，遠遠超出了我們的預期。

If you look at -- you just mentioned kind of the -- generally, the majority of our advertising -- of our revenue is advertising, and there's 3 metrics that really go into it. It's how many people sign up. It's how many of them use it regularly. We track kind of MAAs and -- monthly active accounts and then how often they use it, what the engagement is. And those 22 million obviously serve as the top of the funnel, and we're way ahead on the other 2 of what we projected to be. And that obviously then translates to revenue. So couldn't be more pleased with where we are.

如果你看一下——你剛才也提到了——一般來說，我們的大部分收入都來自廣告，而廣告收入主要取決於三個指標。一是註冊用戶數量，二是經常使用的用戶數。我們會追蹤月活躍用戶數（MAA），以及他們的使用頻率和互動。這2200萬用戶顯然構成了我們銷售漏斗的頂端，而我們在其他兩項指標上也遠遠超出了預期。這自然會轉化為實際收入。所以我們對目前的狀況非常滿意。

And we're just seeing the effects of the Roku deal, by the way, just kicking in. So we have lots of growth coming in amongst Roku customers going forward because we're just seeing the very beginnings of that effect on us. So couldn't be more pleased.

順便說一句，我們現在才剛開始感受到Roku交易的影響。未來Roku用戶數將大幅成長，因為我們才剛開始感受到這筆交易帶來的影響。對此我們感到無比欣喜。

The content that's resonating, it really is interesting. It's kind of across the board. I mean obviously, Premier League soccer has been an interesting driver for us. Some of our topical stuff, some of our NBC News product has been resonating. Brian mentioned some of the shows that we're able to get from other people that they didn't necessarily discover on other platforms. Like Yellowstone and recently, Mr. Mercedes are resonating.

真正引起共鳴的內容很有意思，而且涵蓋範圍很廣。當然，英超聯賽一直是推動我們內容成長的重要因素。我們的一些時事報道，以及NBC新聞的一些節目也引起了觀眾的共鳴。布萊恩提到，我們從其他平台獲得了一些觀眾可能沒有發現的節目，例如《黃石》和最近的《梅賽德斯先生》，這些節目都很受歡迎。

But I think that, in general, if you look at the usage, the fact that we have such a deep library of familiar stuff, it's kind of the opposite of Quibi. We have stuff people are -- want to watch. They want to rewatch 30 Rock. They want to watch Dick Wolf's library. It's really kind of across the board and very broad-based.

但我認為，總的來說，如果你觀察一下用戶的使用情況，你會發現我們擁有如此豐富的經典內容庫，這和 Quibi 正好相反。我們這裡有人們想看的東西。他們想重溫《我為喜劇狂》（30 Rock），他們想看迪克·沃爾夫（Dick Wolf）的作品。我們的內容涵蓋面很廣，受眾群非常廣泛。

And with most of our programming strength coming in future quarters, we're really very optimistic. We don't even get The Office, which is still amongst Netflix top shows, until January exclusively. And then with the Olympics behind, in fact, 2 Olympics behind it to add to our sports strength, we're very, very, very optimistic on how the content is resonating.

鑑於我們的大部分節目內容都將在未來幾季推出，我們真的非常樂觀。就連目前仍名列Netflix熱門影集的《辦公室》也要到明年一月才會獨家上線。此外，隨著奧運的結束——實際上是兩屆奧運會的結束——我們的體育內容實力將進一步增強，我們對這些內容的反應非常非常樂觀。

Just more broadly on direct to consumer, we have a -- I do think we have the scale as a company to more than compete. I think we have the best platform. We have a content machine second to none across our company. And then when you think about direct to consumer across our broader company, it's not just Peacock, but Comcast and Sky both have deep, broad customer relationships.

更廣泛地說，就直接面向消費者而言，我認為我們公司擁有足夠的規模，完全可以與之競爭。我認為我們擁有最好的平台。我們公司擁有首屈一指的內容製作能力。而且，當我們考慮整個公司的直接面向消費者業務時，不僅僅是Peacock，Comcast和Sky也都擁有深厚的客戶關係。

And that was -- by the way, we took advantage of both when we launched Peacock, not just using Sky's expertise to have a product that looks good and works really well, but also using Comcast's strength on the X1 platform and Flex to really drive Peacock when we launched. But more broadly across the company, we have things like Fandango and Rotten Tomatoes and lots of different ways that we reach customers directly. So we think -- I think we have more than an upscale both in our content and across the broader company and the way that we reach consumers.

順便一提，我們在推出Peacock時充分利用了這兩方面的優勢。我們不僅借助Sky的專業技術打造出畫面精美、運作流暢的產品，還借助Comcast在X1平台和Flex方面的優勢，在Peacock上線之初就大力推廣。此外，在整個公司範圍內，我們還擁有Fandango和爛番茄等平台，以及許多其他直接接觸用戶的管道。因此，我們認為，無論是在內容方面，還是在整個公司範圍內，以及在觸達消費者的方式上，我們都擁有了顯著的提升。

So I don't know, Brian, if you want to add anything.

所以，布萊恩，我不知道你是否還有什麼要補充的。

No, I think that's an excellent answer and a good way to end the call. I think going back to a question that was asked earlier: What's your definition of success? I think you've just laid out, Jeff. It's looking across the whole company. And Peacock is a fantastic example of just in this -- just from quarter-to-quarter, amazing progress, and it's helping all parts of the company and their road maps ahead. So it's just one example. Really good quarter, and we look forward to giving you more engagement stats in everything else as we go.

不，我認為這是一個非常好的回答，也是一個不錯的結束通話的方式。我想回到之前提出的問題：您對成功的定義是什麼？傑夫，我認為您剛才已經闡述過了。成功需要從整個公司的角度來看。 Peacock 就是一個很好的例子——僅就季度業績而言，就取得了驚人的進步，並且它對公司的各個部門及其未來的發展規劃都起到了積極作用。這只是一個例子。這個季度業績確實非常出色，我們期待在接下來的時間裡，為您提供更多其他方面的用戶參與度數據。

My -- there's a race on, and we did really well in the last 90 days, in the last 180 days in that race by the strategy that has been laid out here, which offer a lot less money and a lot less risk to our core company, changing the financial characteristics and yet giving us that potential to now have many customers having the Peacock app signed up. What can we do to get that engagement and usage up? That's over the next 10 years and life over the long term of once you get that real estate.

我的天——一場競賽正在進行中，在過去的90天，甚至過去180天裡，我們憑藉著這裡制定的戰略，在這場競賽中表現出色。這個策略投入的資金更少，風險也更低，它改變了公司的財務狀況，卻讓我們擁有了讓眾多用戶註冊Peacock應用程式的潛力。我們該如何提高用戶參與度和使用率呢？這關乎未來十年，也關乎我們獲得這塊「地產」後的長期發展。

So we're going to continue that race, and we've got some great content ahead to get people who have yet to try Peacock play with it. And when you get there, it's got to work really well. And that's where that experience from Sky and X1 and doing user interfaces paid off. So we'll keep focused on it.

所以我們會繼續這場競賽，我們準備了一些精彩的內容，讓那些還沒體驗過Peacock的用戶能夠盡情體驗。當用戶真正使用Peacock時，它必須運行流暢。而我們在Sky和X1累積的經驗，以及使用者介面方面的開發，正是在這方面發揮了重要作用。因此，我們將繼續專注於此。

And thanks for all the questions and the conversation. Marci, back to you.

感謝大家提出的所有問題和參與討論。瑪西，現在輪到你了。

Thanks. Thanks, John. So that concludes our third quarter 2020 earnings call. Thank you for joining us, and we wish all of you well.

謝謝。謝謝約翰。我們的2020年第三季財報電話會議到此結束。感謝各位的參與，祝福大家一切順利。

There will be a replay available of today's call starting at 12:00 p.m. Eastern time. It will run through Thursday, November 5 at midnight Eastern time. The dial-in number is (855) 859-2056, and the conference ID number is 3090648. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern time today.

今天電話會議的錄音回放將於美國東部時間中午12:00開始提供，持續到11月5日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為3090648。電話會議的錄音也將於今日美國東部時間下午12:30起在公司網站上提供。

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

今天的電話會議到此結束。感謝各位的參與。請各位斷開連接。