康卡斯特 (CMCSA) 2020 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Second 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年第二季財報電話會議。 （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 to provide a detailed review of our results and answer analysts' questions are Brian Roberts and Mike Cavanagh as well as Dave Watson, Jeff Shell and Jeremy Darroch.

謝謝接線員，歡迎各位。今天早上和我一起參加電話會議，詳細回顧公司業績並回答分析師提問的有Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell和Jeremy Darroch。

Let me first 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 refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

首先，請您參閱投影片2，其中包含我們的安全港免責聲明。同時提醒您，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表格與趨勢分析表，以了解非GAAP財務指標與GAAP財務指標的調節。

With that, I'll turn the call over to Brian Roberts. Brian?

那麼，我就把電話交給布萊恩羅伯茲吧。布萊恩？

Thanks, Marci. I'd like to start by wishing all of you well, and I hope that you are safe and settled in for what feels like a new normal... at least for the balance of this year. While none of us has a perfect crystal ball and we don't know the path this virus might take, I could really not be prouder of how our teams across Comcast Cable, NBCUniversal and Sky are together managing our business. The response has been extraordinarily fast and effective.

謝謝，瑪西。首先，祝福大家一切安好，希望你們都能平安適應這種「新常態」……至少在今年餘下的時間裡是如此。雖然我們誰也無法預知疫情的走向，但我為康卡斯特有線電視、NBC環球和天空電視台的團隊齊心協力應對疫情所取得的成就感到無比自豪。他們的反應迅速而有效。

Our products and brands continue to resonate strongly with our customers across all segments and all geographies. This, combined with the unwavering efforts of our employees, produce second quarter financials that highlight the strength and resilience of our company.

我們的產品和品牌持續受到各領域、各地區客戶的強烈歡迎。加之全體員工的不懈努力，使得第二季的財務表現充分展現了公司的實力和韌性。

It starts with Xfinity, the core of the company, whose fantastic results continue to be fueled by our best-in-class broadband business, which experienced record low churn for yet another quarter while connects remained healthy. The consistency of these results confirm that our strategy and corresponding investments are working. We offer differentiated products and services, and a fantastic customer experience, all of which we are delivering even more efficiently.

一切始於公司的核心業務Xfinity，其卓越的業績持續得益於我們一流的寬頻業務。該業務連續第二季創下客戶流失率新低的紀錄，同時連線數也保持健康成長。這些績效的持續性證實了我們的策略和相應的投資正在發揮作用。我們提供差異化的產品和服務，以及卓越的客戶體驗，並且我們正在以更高的效率交付所有這些產品和服務。

Considering that NBCU and Sky are facing certain pressures that are momentary and unique to some of their businesses, I think we are performing incredibly well. Despite theme park and theater closures and most sports having been paused, we continue to transact. And more importantly, we are innovating as we position these businesses for continued market leadership and the return to strong, long-term growth.

考慮到NBC環球和天空電視台目前面臨著一些暫時的、且僅限於其部分業務的特殊壓力，我認為我們的表現非常出色。儘管主題樂園和劇院關閉，大多數體育賽事也已暫停，但我們仍在繼續開展業務。更重要的是，我們正在進行創新，以確保這些業務繼續保持市場領先地位，並恢復強勁的長期成長。

From a broader perspective, Comcast is truly in an enviable position. We have an amazing portfolio of companies that are each successfully taking advantage of the evolving ecosystem, and together, creating complementary capabilities, technology platform and a global footprint. All of this is led by our extremely flexible and robust broadband network, which is the foundation of our connectivity-centric relationship with residential and commercial customers and heavily supports our other services, including video aggregation and mobile.

從更廣闊的視角來看，康卡斯特確實處於令人羨慕的地位。我們擁有眾多優秀的公司，它們都在成功地利用不斷發展的生態系統，並攜手打造互補的能力、技術平台和全球佈局。所有這些都得益於我們極其靈活且強大的寬頻網絡，它是我們與住宅和商業客戶建立以連接為中心的關係的基礎，並為我們的其他服務（包括視訊聚合和行動服務）提供了強有力的支持。

With NBCU and Sky, we have some of the most valuable global content, whether it's news, entertainment or sports. And we are leaning into streaming. This starts with what is now our valuable 1/3rd ownership position in Hulu and is enhanced with Peacock, our own ad-supported service whose nation-wide launch earlier this month exceeded our high expectations. In fact, as of today, we already have 10 million sign-ups. With these and many other drivers of growth, I am so excited about where we are headed.

憑藉NBC環球和天空電視台，我們擁有全球最有價值的內容，涵蓋新聞、娛樂和體育等領域。我們正在大力拓展串流媒體業務。首先，我們持有Hulu三分之一的股份，為我們帶來了寶貴的收益。此外，我們也推出了Peacock，一項我們自主研發的廣告支援型串流服務。 Peacock於本月初在全美範圍內上線，其表現遠超預期。事實上，截至今日，我們的註冊用戶已達1000萬人。憑藉這些以及其他許多成長動力，我對我們未來的發展前景充滿信心。

While our second quarter results were better than we previously forecasted, the reality is they only represent a 90-day snapshot. In the months ahead, there's going to be a lot of noise, if you will, in the quarterly numbers, which will not be unique to Comcast. As usual, we will continue to be transparent so as to help you navigate the near-term complexities of our business. But we also want to provide a deeper understanding into what I believe is the underlying strength of our company and how we're managing each business for the long term beyond the effects of COVID.

雖然我們第二季的業績好於先前的預期，但實際上，這只是反映了過去90天的情況。未來幾個月，季度數據可能會出現許多波動，這種情況並非康卡斯特獨有。我們將一如既往地保持透明，幫助您應對我們業務近期面臨的複雜挑戰。同時，我們也希望讓您更深入了解我認為我們公司真正的實力所在，以及我們如何管理各項業務，以應對新冠疫情帶來的長期影響。

For that reason, we have changed the format of this call and have asked Dave, Jeff and Jeremy to comment in more detail about their plans for the future, specifically how they intend to tackle both the different challenges and opportunities that lie ahead. They will then be followed by Mike, who will take you through our second quarter results.

因此，我們調整了本次電話會議的形式，並邀請Dave、Jeff和Jeremy詳細闡述他們未來的計劃，特別是他們打算如何應對未來面臨的各種挑戰和機會。之後，Mike將為大家介紹我們第二季的業績。

As you'll hear, we're playing offense, working together like never before and using our combined capabilities, our scale, our brands, our talent, our technology and our investment-grade balance sheet to ensure that we remain a leader in our markets and that we deliver superior long-term value for our shareholders.

正如您將聽到的，我們正在採取進攻策略，以前所未有的方式共同努力，利用我們綜合的能力、規模、品牌、人才、技術和投資級資產負債表，確保我們繼續保持市場領先地位，並為股東創造卓越的長期價值。

With that, I'd like to start with Dave.

那麼，我想先從戴夫開始。

Thank you, Brian, and good morning, everyone. First of all, I am extremely proud of the entire team and how we're working together to handle the pandemic. Our employees have been nothing short of remarkable, moving quickly and effectively to a new way of working, and we continue to execute at the highest level. The investments we made over the years, particularly in broadband, are proving themselves out, whether it's the network, which is performing extremely well when reliability is even more important; or our digital tools, which have been instrumental during this time of need.

謝謝布萊恩，大家早安。首先，我為整個團隊以及我們齊心協力應對疫情的方式感到無比自豪。我們的員工表現卓越，迅速且有效率地適應了新的工作方式，並且我們始終保持著最高水準的執行力。多年來，我們在寬頻方面的投入正在發揮積極作用，無論是網路本身（在可靠性至關重要的時期表現極其出色），還是我們的數位化工具（在當前情況下發揮了關鍵作用），都證明了這一點。

Our focus remains on broadband as we continue to keep people connected and informed, as evidenced by our 323,000 high-speed internet customer additions this quarter. This was the best second quarter in 13 years. It does not even include over 600,000 additional high-risk or free Internet Essentials customers that still receive our service but were not included in reported results. We'll only count these customers once they are in paid status.

我們仍專注於寬頻業務，致力於保障用戶連接網路、獲取信息，本季新增32.3萬高速網路用戶便是最好的證明。這是13年來第二季業績最好的一次。這還不包括超過60萬高風險或免費的「網路基礎服務」用戶，雖然仍在享受我們的服務，但並未計入已公佈的業績。我們將僅在這些用戶付費後才將其納入統計數據。

We are committed to finding new ways to help all of our customers, especially those hardest hit during these challenging times. We extended our 60-day free Internet Essentials offer, and we are keeping our 1.5 million out-of-home, public WiFi hotspots available for free through the end of this year. In addition, our assistance programs allow us to work closely with those customers having trouble paying their bills. We're pleased with how all of this is going and believe our approach has been the right one for us and for our customers.

我們致力於尋找新的方法來幫助所有客戶，尤其是在這段充滿挑戰的時期中受影響最嚴重的客戶。我們延長了60天的免費網路服務，並將150萬個戶外公共WiFi熱點免費開放至今年底。此外，我們的援助計劃使我們能夠與那些難以支付帳單的客戶密切合作。我們對目前的進展感到滿意，並相信我們採取的措施對我們和我們的客戶來說都是正確的。

COVID-19 is, of course, having a significant impact on small and medium businesses as well, but we've seen some modestly positive trends, especially in terms of new connects as markets open up across our footprint. Throughout it all, we kept our focus on how to position our businesses to win for the long term. We're excited for the future, and we will come out of this even stronger.

當然，新冠疫情也對中小企業造成了重大影響，但我們也看到了一些正面的趨勢，尤其是在我們業務覆蓋區域內，隨著市場逐步開放，我們獲得了更多新的客戶。在這個過程中，我們始終專注於如何讓我們的業務在長期發展中取得成功。我們對未來充滿信心，相信我們能夠從這場疫情中變得更強大。

Let me outline our top 3 areas of focus right now. Our #1 priority remains broadband. With only 50% of the homes and businesses in our footprint taking our data products, there is plenty of room for growth as we continue to gain share of an expanding market. We are optimistic about the runway ahead, and we will continue to invest in our broadband network to ensure we have great reliability as well as product innovation. It's much more than speed. Our customers find value in our gateways, the management and control that xFi enables, coverage with our xFi pods and most recently, Flex. We took the creative energy that we focused on video and have applied it to broadband. We've got the best product and best innovation engine out there, and we're leaning in. We're also very focused on customer retention, and our churn remains at all-time lows. With new products like Mobile and Flex, we give our customers additional opportunities to find even more value in our data service and drive retention to record levels.

讓我先概述一下我們目前的三大重點領域。寬頻仍然是我們的首要任務。在我們覆蓋範圍內，只有 50% 的家庭和企業在使用我們的數據產品，這意味著隨著我們不斷擴大市場份額，未來將有很大的成長空間。我們對未來的發展前景充滿信心，並將繼續投資於寬頻網絡，以確保卓越的可靠性和產品創新。這遠不止速度那麼簡單。我們的客戶從我們的網關、xFi 的管理和控制功能、xFi Pod 的覆蓋範圍以及最近推出的 Flex 中獲益匪淺。我們將先前在視訊領域投入的創新精力運用到了寬頻領域。我們擁有業內最佳的產品和創新引擎，並且正在全力以赴。我們也非常重視客戶留存，目前客戶流失率處於歷史最低水準。透過 Mobile 和 Flex 等新產品，我們為客戶提供了更多機會，讓他們能夠從我們的數據服務中獲得更多價值，並將客戶留存率提升至歷史新高。

Additionally, on the connectivity side, we feel very good about the future growth and business services. We're taking care of our existing customers and continue to take share. We're still the challenger-- with a great product set, marketing and sales strategy and customer care, we are in a great position to win.

此外，在連結性方面，我們對未來的成長和商業服務充滿信心。我們始終用心服務現有客戶，並不斷擴大市場份額。我們仍然是挑戰者——憑藉卓越的產品組合、行銷和銷售策略以及優質的客戶服務，我們完全有能力贏得市場。

Second, we will continue to lean into our digital applications and raise awareness with our customers. We had been on a great path, but with the current environment, this gave us an opportunity to accelerate that. We integrated our Xfinity Assistant into Help & Support online, built new capabilities and entry points across the unassisted ecosystem, and the result of our efforts is that consumer awareness and use of our digital applications are at all-time highs and are having a meaningful impact on the business, driving record achievements across many key operating metrics, including customer call-in rates, digital interactions and churn, to name a few. In fact, we've seen more than a 15% increase in the percentage of transactions that we can complete digitally.

其次，我們將持續大力發展數位化應用，並提升客戶的認知度。我們先前的發展勢頭良好，而當前的情況為我們提供了加速發展的契機。我們將 Xfinity Assistant 整合到線上幫助與支援平台，並在自助服務生態系統中建立了新的功能和入口。這些努力的成果是，消費者對我們數位化應用的認知度和使用率都達到了歷史新高，並對業務產生了顯著影響，推動了多項關鍵營運指標的創紀錄增長，例如客戶來電率、數位互動和客戶流失率等等。事實上，我們數位化交易完成率的成長超過 15%。

I'm also particularly pleased with the progress we've made in our NPS scores, which have seen a dramatic improvement over the last few months and well exceeded our own aggressive targets, hitting our highest scores in the company's history. The incredible acceleration we drove in the last few months has set us up very well for the future and put us far ahead of our plan. This transformation will allow us to continue to take unnecessary costs out of the business while delivering a better experience for our customers.

我尤其對我們在淨推薦值 (NPS) 方面取得的進展感到欣慰。過去幾個月，我們的 NPS 評分顯著提升，遠超我們設定的宏偉目標，創下公司歷史新高。過去幾個月的快速發展為我們未來的發展奠定了堅實的基礎，也使我們遠遠領先既定計畫。此次轉型將使我們能夠繼續削減不必要的成本，同時為客戶提供更優質的體驗。

Third, video is still a core product and component of our packaging, and its platform is strategically important to us. We will continue to evolve our strategy around video, but our goal is to always enhance the long-term value of the customer relationship. Some customer segments, that is done with a great video package at a great value with X1, voice remote and all of the innovation we put into making that a great product. But we're not subsidizing video for those that don't value it from us. We are very focused on maximizing the EBITDA per customer relationship and lifetime value of each customer. For others, that means offering them the best broadband service with the Flex platform, so they have the brains and power behind X1 to navigate the streaming video they choose. In both cases, we're adding to the customer experience, helping reduce churn on the broadband product and cementing a deeper relationship. The launch of Peacock and Hulu on X1 and Flex as well as Sling on Flex are all part of doing just that: enhancing the value through our technology and bringing choice to our customers.

第三，影片仍然是我們產品組合的核心組成部分，其平台對我們具有重要的策略意義。我們將繼續完善視訊策略，但我們的目標始終是提升客戶關係的長期價值。對於部分客戶群，我們透過X1、語音遙控器以及我們為打造卓越產品而投入的所有創新技術，提供物超所值的優質視訊套餐。但我們不會為那些不重視視訊服務的客戶補貼視訊費用。我們專注於最大化每位客戶關係的EBITDA和終身價值。對於其他客戶，這意味著透過Flex平台為他們提供最佳寬頻服務，讓他們能夠利用X1的強大功能輕鬆駕馭他們選擇的串流影片。無論哪種情況，我們都在提升客戶體驗，協助降低寬頻產品的客戶流失率，並鞏固更深層的客戶關係。在X1和Flex上推出Peacock和Hulu，以及在Flex上推出Sling，都是為了實現這一目標：透過我們的技術提升價值，並為客戶提供更多選擇。

Mike will go through the more detailed financial results, but from what I see today, the trends at work as we remain focused on connectivity and not chasing unprofitable video, together with a consistent discipline on expenses, to be confident in our long-term ability to drive margins higher. Margins may ebb and flow depending on programming renewal cycles, but the factors at play are all moving in the right direction. At the same time, I don't see any changes in the capex intensity trajectory even as we continue to innovate and make the appropriate high-return investments in our network. We have proven once again how important that investment is. Our network rose to the challenge of the surge in traffic this spring. And we will continue to invest to stay ahead of demand and differentiate our services.

麥克將詳細介紹財務業績，但就我目前所見，我們專注於網路連線而非盲目追求無利可圖的視訊業務，並始終嚴格控制支出，這些趨勢讓我們有信心長期提升利潤率。利潤率可能會隨著節目續約週期而波動，但所有相關因素都在朝著正確的方向發展。同時，即使我們不斷創新並對網路進行必要的、高回報的投資，我認為資本支出強度也不會改變。我們已經再次證明了這項投資的重要性。今年春季，我們的網路成功應對了流量激增的挑戰。我們將繼續投資，以保持領先於市場需求，並打造差異化服務。

With that, I turn the call over to Jeff.

於是，我把電話轉給了傑夫。

Thanks, Dave. The effect of the pandemic have obviously influenced every single business at NBCUniversal, but given the circumstances, I'm pleased with our results for the second quarter. At the moment, NBCUniversal is really the tale of 3 cities, with Parks, Film and Television all facing very different and unique challenges.

謝謝，戴夫。疫情的影響顯然波及了NBC環球的每項業務，但考慮到目前的情況，我對第二季的業績感到滿意。目前，NBC環球的情況可謂是“三城記”，主題樂園、電影和電視三大業務部門都面臨著截然不同的獨特挑戰。

Let me briefly comment on each one. Starting with theme parks, where the financial impact has been the most significant and immediate and the operational challenge is the most daunting. As you know, by March, we had shut down all of our theme parks along with the construction of our theme park in Beijing a month earlier. Our talented team, working with local government authorities, have been working hard to get us back open. We were able to resume construction in Beijing in April, and remarkably, we remain on budget and on track to open in mid-2021. In Florida, we opened in early June with industry-leading protocols in place at significantly reduced capacity. And in Japan, we opened with similar protocols and capacity a few days later. While attendance in both locations is much lower than our typical summer levels, we are still doing better financially than if we were closed. And even more importantly, our guest satisfaction scores are at record highs. Unfortunately, a park here in California remains closed with no timetable at the moment to reopen. As is typical in past downturns, the road back will be gradual and bumpy, but I'm confident that this business will return to its historical levels of financial performance. In the meantime, we are continually adjusting our cost base and capital spend, including pausing development of our Epic Universe project in Florida, for example, until the future becomes more certain.

讓我簡要地談談每一項。首先是主題樂園，財務影響最為顯著且直接，營運挑戰也最為艱鉅。如您所知，到三月份，我們關閉了所有主題樂園，包括一個月前在北京新建的主題樂園。我們才華橫溢的團隊與當地政府部門密切合作，並一直在努力恢復營運。四月份，我們在北京恢復了建設，令人欣喜的是，我們仍然在預算範圍內，並預計在2021年年中開業。在佛羅裡達州，我們在六月初重新開放，並採取了業界領先的防疫措施，但客流量大幅減少。幾天后，我們在日本也以類似的防疫措施和客流量限制重新開放。雖然這兩個地方的客流量都遠低於往年夏季的水平，但我們的財務狀況仍然比關閉時要好。更重要的是，我們的遊客滿意度達到了歷史新高。遺憾的是，我們在加州的一個主題樂園目前仍然關閉，尚未確定重新開放的時間表。正如以往經濟低迷時期一樣，復甦之路將是一個漸進且坎坷的過程，但我相信公司最終會恢復到以往的財務表現水準。同時，我們正在不斷調整成本結構和資本支出，例如，暫停我們在佛羅裡達州的「史詩宇宙」項目開發，直到未來情況更加明朗。

Now let me turn to our film business. In some ways, the film business has been impacted as dramatically as our theme park business as we completely shut down production and stopped releasing films in March. Due to the timing of revenue and expenses in the film business, however, the financial effects are not as immediate. In fact, since we are not spending as much money on production or marketing and continue to enjoy revenues from past years' slates, the immediate financial impact is actually positive. But obviously, making and releasing films is our lifeblood, so it's anything but positive, and the negative financial effects will be felt in coming years particularly 2021.

現在我想談談我們的電影業務。在某些方面，電影業務受到的衝擊與我們的主題公園業務一樣巨大，因為我們在三月完全停止了電影製作和發行。然而，由於電影業務的收入和支出時間安排不同，財務影響並沒有那麼立竿見影。事實上，由於我們在製作和行銷方面的支出減少了，並且繼續享受往年電影的收益，因此短期內的財務影響實際上是正面的。但顯然，電影的製作和發行是我們的命脈，所以這絕非好事，負面的財務影響將在未來幾年，特別是2021年顯現出來。

Fortunately, our strong management team in film has been pioneers in getting our production up and running again. We started several films, including Jurassic World in the U.K. in the past few weeks and continue full steam ahead on our important animation slate. And of course, they've also been pioneers in pursuing new distribution models. Our release of Trolls World Tour and King of Staten Island and other titles on premium video-on-demand exceeded our expectations and had a significant positive impact in the quarter, and led to our groundbreaking partnership that we signed with AMC earlier this week. We've always believed that PVOD can be a complement rather than a replacement for a robust theatrical release, and I commend Adam Aron at AMC for his vision that together, we can build a new, more attractive business model for us both.

幸運的是，我們強大的電影管理團隊在重啟製作方面發揮了先鋒作用。過去幾週，我們在英國啟動了包括《侏羅紀世界》在內的多部影片的拍攝，並正全力推動我們重要的動畫計畫。當然，他們也是探索新型發行模式的先驅。我們透過付費點播平台發行的《魔髮精靈2：世界之旅》、《史泰登島之王》以及其他影片的業績超出預期，對本季度產生了顯著的積極影響，並促成了我們本週早些時候與AMC簽署的開創性合作協議。我們始終認為，付費點播可以作為院線發行的補充而非替代，我讚賞AMC的亞當·阿倫的遠見卓識，他相信我們可以攜手打造一個對雙方都更具吸引力的全新商業模式。

Finally, let me spend a few minutes on our television and streaming businesses. As you can see in our results, even though scripted television production ceased in March similar to film, our talented alternative and late night teams have continued to find ways of getting us fresh content. While the advertising market was hit hard, it is coming back more rapidly than we anticipated, and the upfront is now in full swing. We believe we can get our scripted production going again later this summer, and when combined with sports that are returning, we will have a full schedule of fresh and compelling programming on our various platforms in the fall.

最後，我想花幾分鐘時間談談我們的電視和串流媒體業務。正如您從我們的業績報告中看到的，儘管劇本類電視節目的製作像電影一樣在三月停擺，但我們才華橫溢的另類節目和深夜節目團隊一直在努力尋找新的內容來源。雖然廣告市場遭受重創，但其復甦速度超出預期，預售活動也已全面展開。我們相信，今年夏末我們可以重啟劇本類節目的製作，再加上體育賽事的回歸，我們將在秋季於各個平台上推出一系列精彩紛呈的全新節目。

Our news group, now under the leadership of Cesar Conde, has been a real source of pride for us in the past few months. Our networks, not just NBC, MSNBC and CNBC but also Telemundo and our local stations, have not only generated strong ratings but have provided a critical lifeline to our viewers isolated at home. I want to thank our brave journalists who report from the office and out in the field.

在過去幾個月裡，我們新聞團隊在塞薩爾·孔德的領導下取得了令人驕傲的成績。我們的電視網，不僅包括NBC、MSNBC和CNBC，還包括Telemundo和我們的當地電視台，不僅收視率強勁，而且為居家隔離的觀眾提供了至關重要的資訊支援。我要感謝我們勇敢的記者們，感謝他們在辦公室和外地為大家帶來報道。

Finally, it is said that prices fees tend to accelerate and exacerbate trends that are already happening. And that is certainly true in the television business, where viewership is rapidly shifting from linear to non-linear. A few months ago, we combined our television and streaming businesses under Mark Lazarus, which will allow us to more rapidly shift our resources and investment from linear to streaming. Mark is finalizing a new structure that will demonstrate the unique way we intend to manage this business going forward. We will announce the structure soon.

最後，有人說價格和費用往往會加速並加劇現有的趨勢。這在電視產業尤其如此，觀眾的觀賞習慣正迅速從線性電視轉向非線性電視。幾個月前，我們已將電視和串流媒體業務合併，由馬克·拉扎勒斯 (Mark Lazarus) 領導，這將使我們能夠更快地將資源和投資從線性電視轉移到串流媒體。馬克正在敲定一項新的組織架構，該架構將展現我們未來管理這項業務的獨特方式。我們將很快公佈該架構。

The most important development for NBCUniversal in the second quarter was our launch of Peacock, and we could not be more pleased. We launched it in Comcast homes back in April and nation-wide 2 weeks ago, and we have already surpassed 10 million sign-ups. Not only are more people signing up than we projected, but they are watching more frequently and engaging much longer than we projected. The technology has worked seamlessly, and the service is improving on a daily basis. With much of our strong programming coming in January, including the exclusive rights to The Office, we feel very encouraged.

NBC環球第二季最重要的進展莫過於Peacock串流平台的上線，我們對此感到無比欣喜。 Peacock於今年4月在康卡斯特（Comcast）用戶家中率先推出，兩週前正式上線全美，目前註冊用戶已突破1000萬。不僅註冊用戶數量超出預期，觀看頻率和觀看時間也遠超預期。該平台技術運作流暢，服務也在日新月異地不斷改進。明年1月，我們將推出許多精彩節目，包括《辦公室》（The Office）的獨家播放權，讓我們倍感振奮。

So I obviously didn't expect my first six months on the job to be anything like this, with basically the whole company working from home and large parts of our business not operating. But if there is a silver lining, it has been in the performance of our talented leadership team who, from the beginning, made the difficult and bold decisions required by this unprecedented time. As a result of their work, I'm confident we will come out the other side of this positioned very strongly.

顯然，我沒想到上任後的頭六個月會是這樣的局面：公司幾乎所有人都居家辦公，很多業務都停擺了。但如果有什麼值得欣慰的地方，那就是我們才華洋溢的領導團隊的表現。從一開始，他們就果斷地做出了應對這一前所未有的挑戰所需的艱難而大膽的決策。正因為有了他們的努力，我相信我們最終能夠以非常強大的姿態走出困境。

Now let me turn it over to Jeremy.

現在我把麥克風交給傑瑞米。

Thank you, Jeff. Now at Sky, COVID-19 has certainly posed near-term challenges to our business with the delay of sports, pressure on DTC sales and a tough macro environment for advertising. But the strategies we've implemented to manage through the crisis have proved incredibly successful. We worked with our customers, pausing subscriptions where it made the most sense, especially for those on sports products that tend be sold separately. And this resulted in retention of 99% of our total customers and over 95% of our sports base.

謝謝你，傑夫。在天空電視台，新冠疫情確實為我們的業務帶來了短期挑戰，包括體育賽事延期、直接面向消費者的銷售壓力以及廣告業整體環境的嚴峻。但我們為應對危機而採取的策略已被證明非常成功。我們與客戶密切合作，在最合適的情況下暫停訂閱，特別是那些通常單獨銷售的體育產品。最終，我們保留了99%的客戶，以及超過95%的體育用戶。

Customer loyalty throughout the quarter remained at record levels and viewership on Sky's own branded channels was significant-- as Sky Cinema, Sky basic channels and Sky News increased 29% year-on-year, and were ahead of free-to-air and partner channels in Sky homes. And as sports returned to screen, we've achieved some of the highest viewing levels we've seen in 10 years, especially in football.

本季顧客忠誠度持續維持在歷史高位，Sky自有品牌頻道的收視率也十分可觀——Sky Cinema、Sky基礎頻道和Sky News的收視率年增29%，在Sky用戶中領先免費頻道和合作夥伴頻道。隨著體育賽事重返螢幕，我們取得了近十年來最高的收視率，尤其是在足球方面。

We're also reducing operating expenses, while still maintaining good momentum in our key initiative, such as Sky Q, which is now in close to 50% of customers' homes or over 10 percentage points higher year-on-year, and the successful launch of Sky Broadband in Italy, utilizing Comcast's xFi technology.

我們也在降低營運成本，同時保持著關鍵舉措的良好勢頭，例如 Sky Q，目前已覆蓋近 50% 的客戶家庭，比上年同期增長超過 10 個百分點；以及在意大利成功推出 Sky Broadband，該寬頻採用了 Comcast 的 xFi 技術。

We closed the quarter much stronger than we started, with employees both in corporate and in the field returning to work safely and DTC sales starting to improve. Sports package upgrades are on track with our plan, and we are outperforming in non-linear advertising. We continue to face near-term COVID-related challenges as the linear TV advertising market remains depressed. The pub and club sector is slow to recover. We are working closely with our customers, and we're encouraged by consistent month-to-month improvement in that segment.

本季末業績遠超年初，公司及第一線員工均已安全復工，直接面向消費者的銷售也開始回升。運動套餐升級計畫進展順利，非線性廣告業務表現優異。然而，由於線性電視廣告市場持續低迷，我們仍面臨新冠疫情相關的短期挑戰。酒吧和俱樂部產業的復甦較為緩慢。我們正與客戶緊密合作，並對該領域持續的每月成長感到鼓舞。

We're operating well throughout the period. And as we continue on this path to recovery, we've got one priority. That's to grow our revenue base to restart sustained growth. And to do that, we'll focus on building our trading momentum across both TV and communications. We'll continue to deliver our strategic plan to Sky Q, Sky Studio and Broadband in Italy. We'll lower cost through restructuring of our operating model, and we'll close the remaining contract renewals due this year in line with or even ahead of our plan.

在此期間，我們的營運狀況良好。隨著我們繼續走上復甦之路，我們的首要任務是擴大收入基礎，以重啟持續成長。為此，我們將專注於提升電視和通訊業務的交易動能。我們將繼續推動以義大利Sky Q、Sky Studio和寬頻業務的策略計畫。我們將透過重組營運模式來降低成本，並按計劃甚至提前完成今年剩餘的續約合約。

We are also implementing a new leaner operating model for the business, which will be more centrally led. Now all of this will be anchored by our business in the U.K. that will come from a combination of growth in our existing direct-to-consumer brands as well as new market opportunities.

我們也正在推行更精簡、更集中化的全新營運模式。所有這些都將以我們在英國的業務為基礎，而英國業務的成長將源自於現有直銷品牌的拓展以及新市場的機會。

In the U.K., our Sky TV business remains very healthy as we offer the strongest aggregation platform, the best range of content and the most innovative and flexible product experience in the market. In addition, our NOW TV streaming business is well set to continue to deliver strong growth by adding new Pay TV customers as well as increasingly upselling more content tiers to our existing base.

在英國，我們的Sky TV業務仍然保持強勁成長勢頭，因為我們提供市場上最強大的聚合平台、最豐富的節目內容以及最具創新性和靈活性的產品體驗。此外，我們的NOW TV串流業務也蓄勢待發，預計將持續保持強勁成長，不僅新增付費電視用戶，還將持續向現有用戶升級銷售更多內容套餐。

Sky Broadband, which is already the #2 ISP in the U.K., has significant opportunity for continued growth through our network partnerships and strong brand over the coming years. Our newest business, Sky Mobile, is now EBITDA positive only three years after launch, and we expect to increase profitability as we continue to scale.

Sky Broadband目前已是英國排名第二的網路服務供應商，憑藉我們強大的網路合作夥伴關係和品牌優勢，未來幾年將擁有巨大的持續成長潛力。我們最新的業務Sky Mobile在推出僅三年後就實現了EBITDA盈利，我們預計隨著業務規模的不斷擴大，盈利能力將進一步提升。

Later this year, we'll debut our broadband product to businesses in the U.K. ahead of a full launch in 2021. Now we have zero share of this adjacent $15 billion addressable market. We already have got strong brand recognition, and we're fully leveraging the talent, experience and other capabilities of Comcast's successful Business Services division.

今年晚些時候，我們將率先在英國面向企業推出寬頻產品，並於2021年全面上市。目前，我們在這個價值150億美元的潛在市場中尚屬零份額。我們已經擁有強大的品牌知名度，並且正在充分利用康卡斯特旗下成功的商業服務部門的人才、經驗和其他資源。

In Continental Europe, our markets remain less developed, but with strong growth potential, and where we have good market positions. In both Germany and Italy, we will significantly broaden our offering of pay content by rolling out the channel portfolio that's been developed in the U.K. The rollout of broadband in Italy, benefiting from the xFi product ecosystem from Comcast, will provide a strong standalone profit opportunity as well as leveraging our ability to cross-sell and bundle all of our TV services more effectively in this market, of course, underpinned by the trusted Sky brand. We've already achieved good success with this approach in the U.K.

在歐洲大陸，我們的市場發展程度尚不高，但成長潛力巨大，且我們已佔據良好的市場地位。在德國和義大利，我們將大幅拓展付費內容，推出在英國開發的頻道組合。在義大利，借助康卡斯特的xFi產品生態系統，寬頻服務的推廣將帶來強勁的獨立盈利機會，同時也將提升我們在該市場交叉銷售和捆綁所有電視服務的能力——當然，這一切都離不開值得信賴的Sky品牌的支持。我們在英國已經憑藉這種策略取得了良好的成效。

And across all of our markets, we are executing a range of opportunities to increase our efficiency and control costs while continuing to enhance our products and services, especially as part of the broader Comcast group. Our U.K. business will continue its disciplined cost strategy, We've held SG&A flat from the past 5 years and will advance further into automation, digital and advanced analytics. Alongside this, we are rightsizing what has proved to be too high a cost base in sport, that has not been supported by the growth we've seen in subscribers. We'll be more selective with the sport we buy and don't buy, for example, adding exclusive Formula 1 in Germany, which will unlock a new segment of sports fans that we haven't previously served.

在所有市場，我們都在積極掌握各種機遇，提升效率、控製成本，同時不斷改進產品和服務，尤其是在康卡斯特集團旗下。英國業務將繼續奉行嚴格的成本控制策略。過去五年，我們一直保持銷售、管理及行政費用不變，並將進一步推進自動化、數位化和進階分析。同時，我們正在調整體育業務的成本結構，因為該業務成本過高，與用戶成長不成正比。我們將更加謹慎地選擇購買和不購買的體育賽事，例如，在德國獨家引進一級方程式賽車，這將開拓我們此前未曾覆蓋的新體育迷群體。

Recently, we concluded important new agreements with Discovery and Sony at attractive terms, we renewed our Bundesliga contract at materially lower cost, we launched new Sky entertainment channels to strong customer approval, and we introduced simplified packaging and pricing in Germany. All of these will deliver important benefits to the business longer term.

近期，我們與Discovery和索尼達成了多項重要的全新合作協議，條款極具吸引力；我們以更低的成本續簽了德甲聯賽的轉播合約；我們推出了全新的Sky娛樂頻道，並獲得了用戶的一致好評；此外，我們在德國還簡化了套餐和定價流程。所有這些舉措都將為公司帶來長遠的效益。

In total, the significant operational changes we have on board, combined with what is an already extremely strong brand and market position, should in 2020 put us on a path to more than double our EBITDA over the next several years. We don't expect to get that overnight, but our goals are all based on opportunities that are already either in market today or are already well advanced, whether that be in product development, content creation or organizational change. Sky is well-positioned, and we're looking forward to executing on the opportunity we have before us.

總而言之，我們正在推行的重大營運變革，加上我們已有的強大品牌和市場地位，應該能夠使我們在2020年走上未來幾年EBITDA翻番的目標。我們並不指望一夜之間就能實現這一目標，但我們的所有目標都基於目前已在市場上或已取得顯著進展的機遇，無論是在產品開發、內容創作還是組織變革方面。 Sky已做好充分準備，我們期待著把握眼前的機會。

With that, I'll turn the call over to Mike.

這樣，我就把電話交給麥克了。

Thanks, Jeremy, and good morning, everyone. Now I'll review our second quarter 2020 results and offer some commentary on the current conditions in our businesses, with the caveat that circumstances around us remain fluid, and therefore, our outlook is subject to change at any time.

謝謝傑里米，大家早安。現在我將回顧我們2020年第二季的業績，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，我們的展望隨時都可能改變。

Beginning on Slide 4 with our consolidated results. Revenue decreased 11.7% to $23.7 billion. Adjusted EBITDA decreased 9.1% to $7.9 billion. Free cash flow generated in the quarter was $6 billion, and adjusted earnings per share decreased 11.5% to $0.69. Second quarter financials reflected strong results in cable, which were more than offset by declines at NBCUniversal as well as an increase in Corporate and Other losses due to Peacock costs and severance and restructuring costs related to organizational changes at NBCUniversal and an increase in Eliminations due to the licensing of content between NBCUniversal and Peacock. Excluding the severance and restructuring costs, consolidated adjusted EBITDA would have declined in the mid-single-digit range.

從投影片4開始，我們來看合併業績。營收下降11.7%至237億美元。調整後EBITDA下降9.1%至79億美元。本季產生的自由現金流為60億美元，調整後每股盈餘下降11.5%至0.69美元。第二季財務表現反映了有線電視業務的強勁表現，但被NBC環球的下滑以及因Peacock成本、NBC環球組織架構調整相關的遣散費和重組成本導致的「公司及其他」虧損增加所抵消，此外，由於NBC環球與Peacock之間的內容授權，抵消項目也有所增加。若不計入遣散費和重組成本，合併調整後EBITDA的降幅將為個位數中段。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. For the second quarter, Cable revenue was relatively flat at $14.4 billion, while EBITDA increased 5.5% to $6.2 billion and EBITDA less capital increased 11% to $4.4 billion. Cable Communications revenue was impacted by adjustments accrued for customer RSN fees. Excluding the impact of accrued customer RSN fee adjustments, Cable Communications revenue would have risen by 1.4% with no corresponding impact to EBITDA. We generated 217,000 customer relationship net additions in the quarter, a 43% increase year-over-year and the best second quarter on record with strength driven by our high-margin connectivity businesses. Together, residential High-Speed Internet and Business Services generated 323,000 broadband customer net additions, which excludes over 600,000 additional high-risk or free Internet Essentials customers that still receive our services and marks the best second quarter result in 13 years. High-Speed Internet revenue increased 7.2% to $5 billion. Excluding the impact of accrued RSN fee adjustments for the customers taking bundled services, High-Speed Internet revenue would have been up close to 9%. Business Services revenue grew 3.6% to $2 billion despite a 24,000 net loss in customer relationships this quarter, which was within our expectations of the impact from COVID-19.

現在讓我們來看看各業務部門的業績，首先是幻燈片5中的有線通訊業務。第二季度，有線通訊業務收入基本持平，為144億美元，而EBITDA成長5.5%至62億美元，扣除資本支出後的EBITDA成長11%至44億美元。有線通訊業務收入受到客戶區域體育網路（RSN）費用調整的影響。若不計入客戶RSN費用調整的影響，有線通訊業務收入將成長1.4%，EBITDA不會受到相應影響。本季我們新增客戶關係淨增加21.7萬，較去年同期成長43%，創史上最佳第二季業績，主要得益於我們高利潤率的連結業務。住宅高速網路與商業服務合計新增寬頻客戶淨增32.3萬，不包括超過60萬仍在使用我們服務的其他高風險或免費網路基礎服務（Internet Essentials）客戶，創下13年來最佳第二季業績。高速網路收入成長7.2%，達到50億美元。若不計入捆綁服務客戶的應計區域體育網絡（RSN）費用調整的影響，高速互聯網收入的增幅將接近9%。儘管本季客戶關係淨減少2.4萬個，但商業服務收入仍成長3.6%，達到20億美元，符合我們對新冠疫情影響的預期。

Turning to video. Revenue declined 3.2% to $5.4 billion, with higher rates more than offset by a 477,000 loss in video subscribers. Excluding accrued RSN fee adjustments, video revenue would have declined by 1.2% and video ARPU would have grown by 4.1% year-over-year.

影片業務方面，營收下降3.2%至54億美元，儘管單價上漲，但影片用戶減少47.7萬，抵銷了部分成長。若不計入已計入的區域體育網路（RSN）費用調整，視訊收入將年減1.2%，而視訊用戶平均收入（ARPU）將年增4.1%。

Wireless revenue increased 33.9% to $326 million driven by 126,000 additional lines, resulting in 2.4 million total lines as of quarter-end. These results reflect the significant impact of our decision to close the majority of our retail stores during the second quarter in the interest of keeping our customers and employees safe. Advertising revenue decreased 30% to $428 million, reflecting reduced advertiser spend due to COVID-19.

無線業務收入成長33.9%至3.26億美元，主要得益於新增12.6萬條線路，截至季末，總線路數達到240萬條。這項業績反映了我們為保障客戶和員工安全而於第二季關閉大部分零售門市的決定所帶來的顯著影響。廣告收入下降30%至4.28億美元，主因是新冠疫情影響，廣告商支出減少。

Turning to expenses. Cable Communications second quarter expenses decreased 4%, with programming expenses down 5% primarily as a result of the accrued RSN fee adjustment. Without these adjustments, programming expenses would have increased by 1.5%. Non-programming expenses declined 3.4% due to a slowdown in business activity directly resulting from COVID, in addition to the implementation of longer-term cost efficiencies. Cable Communications EBITDA grew by 5.5% and margin reached 42.8%, reflecting 230 basis points of year-over-year improvement. While accrued RSN fee adjustments had no impact on EBITDA, they did impact our margins. Excluding the impact of accrued RSN fee adjustments, margins would have expanded by 170 basis points year-over-year.

再來看費用方面。有線電視通訊公司第二季費用下降了4%，其中節目製作費用下降了5%，主要原因是應計區域體育網絡（RSN）費用調整。若不計入這些調整，節目製作費用將成長1.5%。非節目製作費用下降了3.4%，主要是由於新冠疫情直接導致業務活動放緩，以及實施了長期成本效益措施。有線電視通訊公司的息稅折舊攤提前利潤（EBITDA）成長了5.5%，利潤率達到42.8%，較去年同期成長230個基點。雖然應計RSN費用調整對EBITDA沒有影響，但確實影響了利潤率。若不計入應計RSN費用調整的影響，利潤率將年增170個基點。

Cable capital expenditures decreased 8.9%, resulting in CapEx intensity of 10.1%, an improvement of 90 basis points year-over-year driven by lower spending on customer premise equipment, partially offset by higher spending on scalable infrastructure, which continues to increase due to our ongoing investment in the network.

有線電視資本支出減少了 8.9%，導致資本支出強度為 10.1%，年比改善了 90 個基點，這主要得益於客戶終端設備支出的減少，但部分被可擴展基礎設施支出的增加所抵消，而由於我們對網路的持續投資，可擴展基礎設施的支出仍在增加。

I'll now touch a bit on what we're seeing so far in the third quarter. We are very pleased that residential high-speed data net adds are off to a solid start in July. We expect residential High-Speed Internet revenue growth to accelerate from that of the second quarter as we benefit from the high subscriber contribution we experienced in the first half of the year, combined with a lesser impact from our proactive response to COVID-19. While we anticipate third quarter business services revenue growth will moderate as a result of the subscriber losses we experienced in the second quarter, we are already seeing sequential albeit modest improvement in net additions.

接下來，我將簡單介紹一下第三季至今的情況。我們非常高興地看到，7月住宅高速資料淨新增用戶數量開局良好。我們預計，由於上半年用戶數量的增長以及我們積極應對新冠疫情的影響較小，住宅高速互聯網收入增長將較第二季度有所加速。雖然我們預計，由於第二季用戶流失，第三季企業服務收入成長將放緩，但淨新增用戶數量已出現環比小幅成長。

On the video side, we expect subscriber net losses in the third quarter to be somewhat similar to what we saw in the second quarter resulting primarily from lower connects due to a combination of several factors, such as the lingering effects of the rate increases we took at the beginning of this year, the overall economic pressures resulting from COVID-19 and our limited ability to perform in-home installations.

在影片方面，我們預計第三季的用戶淨流失量將與第二季的情況大致相同，這主要是由於多種因素共同作用導致連接數下降，例如今年年初提價的持續影響、新冠疫情帶來的整體經濟壓力以及我們上門安裝能力的有限性。

Turning to our outlook for expenses and margins: For programming costs, we continue to expect underlying increases in the second half of 2020 as a result of anticipated programming renewals, which will be somewhat offset by potential additional RSN fee adjustments in the third quarter. I remind you that accrued RSN fee adjustments should have no impact on our overall EBITDA results. For non-programming costs, we expect year-over-year declines to moderate in the second half of the year as business activity starts to pick up.

接下來談談我們對費用和利潤率的展望：節目製作成本方面，我們預計2020年下半年基本成本將有所增長，這主要得益於預期中的節目續約，但第三季度可能出現的額外區域體育網絡（RSN）費用調整將在一定程度上抵消這一增長。需要提醒的是，已提列的RSN費用調整不會對我們的整體EBITDA績效產生影響。非節目製作成本方面，我們預計隨著業務活動的逐步恢復，下半年同比降幅將有所收窄。

Given our first half results, combined with our outlook for the back half of this year, we now expect full year Cable EBITDA margins to improve by up to 100 basis points year-over-year versus our prior guidance of up to 50 basis points of year-over-year improvement. We also expect our full year CapEx intensity to improve by up to 100 basis points year-over-year versus our prior guidance of approximately 50 basis points of improvement.

鑑於上半年的業績表現，結合我們對下半年的展望，我們現在預計全年有線電視業務的 EBITDA 利潤率將同比增長至多 100 個基點，高於此前預期的同比增長至多 50 個基點。同時，我們也預期全年資本支出強度將年增至多 100 個基點，高於先前預期的約 50 個基點。

Now I'll turn to NBCUniversal's results on Slide 6. Revenue for the second quarter declined 25.4% to $6.1 billion, while EBITDA was down 29.5% to $1.6 billion. Cable Networks revenue was down 15% to $2.5 billion as a 15% decline in distribution revenue and a 27% decline in advertising revenue was somewhat offset by a 23% increase in content licensing and other, which includes transactions with Peacock. Distribution revenue was adversely impacted by accrued RSN fee adjustments. Without such adjustments, distribution revenue would have declined in the low-single-digit range. Second quarter Cable Networks EBITDA grew 3.5% primarily due to the shift of sports rights amortization costs into the third quarter.

現在我將來看幻燈片6中NBC環球的業績。第二季營收下降25.4%至61億美元，EBITDA下降29.5%至16億美元。有線電視網絡營收下降15%至25億美元，其中發行收入下降15%，廣告收入下降27%，但內容授權和其他收入（包括與Peacock的交易）增長23%，部分抵消了上述降幅。發行收入受到應計區域體育網（RSN）費用調整的不利影響。如果沒有這些調整，發行收入的降幅將僅為個位數。第二季有線電視網EBITDA成長3.5%，主因是體育賽事版權攤提成本轉入第三季。

Turning to Broadcast, revenue declined 1.6% to $2.4 billion as the 28% decline in advertising revenue more than offset the 9.2% growth in distribution and other, which was driven by retrans, and the 59% growth in content licensing, which again includes transactions with Peacock. Second quarter Broadcast EBITDA grew 20% as declines across the majority of our cost base related to the general slowdown in business activity and specific savings initiatives were able to fully offset the lower revenue.

轉至廣播業務，營收下降1.6%至24億美元，廣告收入下降28%，抵銷了分銷及其他收入9.2%的成長（主要得益於轉播業務）以及內容授權收入59%的成長（其中也包括與Peacock的交易）。第二季廣播業務EBITDA成長20%，主要得益於與整體業務放緩相關的成本基礎下降以及各項節約措施，這些措施足以抵銷收入下降的影響。

Film revenue in the second quarter declined 18% due to the closure of theaters and cinemas throughout the pandemic, which was partially offset by about 20% growth in content licensing due to the success of our PVOD titles. Film EBITDA for the quarter grew 25% primarily due to lower advertising, marketing and promotion expense.

受疫情期間影院關閉的影響，第二季電影收入下降了18%，但部分被內容授權收入約20%的成長所抵消，這主要得益於我們PVOD影片的成功。該季度電影業務EBITDA成長了25%，主要原因是廣告、行銷和推廣費用下降。

Theme parks generated revenue of $87 million and an EBITDA loss of $399 million. Late in the quarter, both Universal Orlando Resort and Universal Studios Japan reopened with the appropriate safety protocols and associated attendance restrictions, while Universal Studios Hollywood remains closed.

主題樂園營收為 8,700 萬美元，EBITDA 虧損為 3.99 億美元。本季末，奧蘭多環球影城和日本環球影城在採取了相應的安全措施和入園人數限制後重新開放，而好萊塢環球影城仍處於關閉狀態。

Now let's move to Sky results on Slide 7. As a reminder, I will be referring to Sky's growth rates on a constant currency basis, consistent with what's reflected in our earnings release. For the second quarter, Sky revenue decreased 12.9% to $4.1 billion, while EBITDA was relatively flat at $749 million. As expected, our results were impacted by the postponement of a significant number of sporting events. This postponement was the primary driver of the 6.7% decline in direct-to-consumer revenue and a 36% decline in content revenue. Additionally, the lack of sports on the air contributed to the 41% decline in advertising revenue, which was also impacted by a weak macro environment as well as the change in legislation relating to gambling advertisement in the U.K. and Italy - which we will begin to lap in the third quarter.

現在我們來看幻燈片7中的Sky業績。提醒一下，我將以固定匯率計算Sky的成長率，這與我們的獲利報告中的數據一致。第二季度，Sky的營收下降了12.9%，至41億美元，而EBITDA基本上持平，為7.49億美元。正如預期，我們的業績受到了大量體育賽事延期的影響。賽事延期是導致直接面向消費者收入下降6.7%和內容收入下降36%的主要原因。此外，體育賽事的減少也導致廣告收入下降了41%，廣告收入的下降也受到疲軟的宏觀經濟環境以及英國和義大利博彩廣告相關法律法規變化的影響——這些變化將在第三季開始顯現。

Looking ahead, customer trends are improving as home installation activity has restarted and sports have returned. And as Jeremy mentioned, we were able to successfully retain the vast majority of our total customer base, including those who take sports. That said, we continue to monitor the overall linear TV advertising market in our pubs and club sector, which are likely to remain under pressure for the remainder of this year. We continue to experience a shifting of sporting events, both football and non-football, that it's likely to create near term volatility in our quarterly results particularly on the cost side. While we expect revenue declines to moderate as we move through the year, sports rights amortization will be highest in quarters that air the most events. Given a slightly later return of European football than we originally expected, and the shift of other sports programming later into the year, we now expect that the majority of the expense impact will occur over the next 2 quarters. Importantly, we were able to secure rebates related to this disruption to our sports programming, which we will benefit from over several years. We have also resumed the investment activity that had paused as a result of COVID-19, such as acceleration of Sky Q, the launch of broadband in Italy, and expansion of our Sky entertainment channels. Based on our current visibility, we now expect Sky EBITDA for the third and fourth quarters combined to decline roughly 60% year-over-year with a more significant decline in the fourth quarter.

展望未來，隨著家庭安裝活動的重啟和體育賽事的回歸，客戶趨勢正在改善。正如傑里米所提到的，我們成功留住了絕大多數客戶，包括那些觀看體育節目的客戶。儘管如此，我們仍將持續關注酒吧和俱樂部等場所的整體線性電視廣告市場，預計今年剩餘時間裡，這些市場仍將面臨壓力。我們持續感受到體育賽事（包括足球和非足球賽事）的播出安排不斷變化，這可能會在短期內造成季度業績波動，尤其是在成本方面。雖然我們預計隨著時間的推移，營收下滑幅度將有所緩和，但體育賽事轉播權攤銷將在播出賽事最多的季度達到最高。鑑於歐洲足球賽事的回歸時間略晚於預期，以及其他體育節目播出時間的推遲，我們現在預計大部分支出影響將在未來兩個季度出現。值得一提的是，我們已成功獲得與此次體育節目播出中斷相關的退款，這將使我們在未來幾年受益。我們也恢復了因新冠疫情而暫停的投資活動，例如加速推進Sky Q項目、在義大利推出寬頻服務以及拓展Sky娛樂頻道。根據我們目前的預測，我們預計Sky第三季和第四季的EBITDA合計將年減約60%，其中第四季的降幅將更為顯著。

Wrapping up on Slide 8 with free cash flow and capital allocation. Free cash flow was $6 billion in the quarter, an increase of 40.5% or $1.7 billion. The year-over-year comparison is affected by the COVID-19-related delay in tax payments from the second quarter to the third quarter of 2020. Consolidated total capital, which includes capex as well as software and intangibles, decreased 4.2% in the second quarter to $2.7 billion primarily driven by declines at Cable as well as at NBCU.

投影片8最後總結了自由現金流和資本配置。本季自由現金流為60億美元，年增40.5%，即17億美元。由於2020年第二季至第三季因新冠疫情導致稅款繳納延遲，年比數據下降。合併總資本（包括資本支出、軟體和無形資產）在第二季下降4.2%至27億美元，主因有線電視業務和NBC環球的表現下滑。

Finally, we continue to remain committed to our longstanding balanced capital allocation approach of maintaining a strong balance sheet, investing organically for profitable growth and returning capital to shareholders through a strong commitment to our recurring dividend and eventual return to share repurchases.

最後，我們將繼續堅持我們長期以來的均衡資本配置方法，即保持穩健的資產負債表，進行有機投資以實現盈利增長，並通過對經常性股息的堅定承諾和最終的股票回購來回報股東的資本。

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. Dorothy, let's open up the call for Q&A, please.

謝謝，麥克。多蘿西，我們現在開始問答環節吧。

(Operator Instructions) Our first question comes from the line of Ben Swinburne from Morgan Stanley.

（操作說明）我們的第一個問題來自摩根士丹利的本·斯溫伯恩。

Two questions. Dave, you talked about more than just speed being a driver for the data success. So I wanted to ask particularly about Flex because it's sort of an interesting product that leverages both your investments in connectivity and video. What is that product doing in the market today? Anything you could share with us? What does that business look like to you over the course of time? What's sort of the road map to make that a more substantial driver of the overall business?

兩個問題。 Dave，你剛剛提到，數據業務的成功不僅取決於速度。所以我特別想問Flex，因為它是一款很有趣的產品，它充分利用了你們在連結和影片方面的投資。這款產品目前在市場上的表現如何？有什麼可以跟我們分享的嗎？長遠來看，你們對這項業務的發展前景有何展望？你們的計畫是什麼，才能讓它成為整體業務更重要的驅動力？

And then for Jeff. What are the implications of this premium video-on-demand agreement with AMC? And what I mean by that is, obviously, it's helpful during the COVID period to have this flexibility. But is this a big benefit to the film business in NBC long-term? And do you need more than just the U.S. and AMC to make it -- to maximize the benefits?

那麼，對於傑夫來說，與AMC達成的這項高級視訊點播協議意味著什麼？我的意思是，顯然，在新冠疫情期間，這種彈性很有幫助。但從長遠來看，這對NBC的電影業務來說是巨大的好處嗎？除了美國和AMC之外，還需要其他因素才能最大限度地發揮其效益嗎？

Ben, this is Dave. I'll start off and then hand it over to Jeff. So as you said, the broadband -- we think we've redefined what great broadband is, and it goes beyond speed. And it's helped our momentum, I think, quite a bit. For many quarters now, we've grown. And as everything has changed here -- the fundamentals, I think, of this repositioning of the category that hasn't changed. So we're -- the market is growing. We're taking share across the board. And in addition to speed, we're very focused on coverage, control, and as you said, now with streaming and Flex. So we made it simple, a very straightforward value proposition with Flex included with the broadband relationship. And we're using it, again, to remind everyone, in a targeted basis to go after the streaming segment. But we're not bashful about leading with it to this segment. So it is very much part of the broadband experience.

本，我是戴夫。我先來，然後把麥克風交給傑夫。正如你所說，寬頻——我們認為我們已經重新定義了優質寬頻的含義，它不僅僅關乎速度。我認為這極大地推動了我們的發展勢頭。過去幾個季度，我們的業績持續成長。儘管一切都在變化——但我認為，重新定位這一品類的基本原則並沒有改變。所以，市場正在成長。我們正在全面提升市場佔有率。除了速度之外，我們還非常注重覆蓋範圍、控制權，正如你所說，現在還包括串流媒體和Flex服務。我們簡化了流程，將Flex服務納入寬頻套餐中，從而提供了一個非常直接的價值主張。我們再次強調，要有針對性地拓展串流媒體市場。但我們並不羞於將Flex作為串流媒體用戶的首選方案。因此，它已成為寬頻體驗的重要組成部分。

And it's still early, but as I said in my earlier comments that it really does -- it's a result of the innovation around X1, with all the capability: the voice remote, the metadata integration that takes all of these different apps and combines them and makes it easier for the consumer. So it's early, so we're not giving out the specifics in terms of the actual monthly users, but I would tell you, it's very encouraging. Customer feedback just in terms of the experience has been really strong. And so we look at this as a very broad platform that helps this particular segment as we segment the different base.

現在還處於早期階段，但正如我之前所說，這確實是X1創新成果的體現，它擁有許多強大功能：語音遙控、元數據集成，能夠整合各種不同的應用程序，讓用戶使用起來更加便捷。由於目前還處於早期階段，我們暫時不會透露特定的每月活躍用戶數量，但我可以肯定地說，數據非常令人鼓舞。使用者回饋，尤其是使用者體驗方面，都非常出色。因此，我們將其視為一個覆蓋面廣的平台，能夠幫助我們細分不同的使用者群體。

So I think it's a catalyst for broadband. We designed it to, I think, help broadband retention. Early results point towards that. And we do think the way that we define success over time will be engaged Flex users, people that are just on it and using it. And for those customers that are very active, the consumption is very good on this platform and will act as a substantial offset to some of the video losses. So we're real pleased with the start of Flex. More to come over time.

所以我認為它能促進寬頻發展。我們設計它的初衷就是為了幫助用戶留住寬頻用戶。初步結果也印證了這一點。我們認為，從長遠來看，Flex 的成功標準在於其活躍用戶數量，也就是持續使用 Flex 的用戶。對於那些非常活躍的用戶來說，他們在 Flex 平台上的流量消耗非常高，這將有效彌補部分影片流量的損失。因此，我們對 Flex 的開局非常滿意。未來還會有更多驚喜。

Thanks, Dave. Let me jump in on the question on the AMC deal, Ben. So a couple of implications. I think long-term, the -- we've always believed that there is a segment of the population out there, a growing segment of the population out there that just doesn't go to movie theaters. And this structure with AMC allows us to take advantage of people who do go to movie theaters, 17 days of exclusivity at minimum for theaters. But very soon after in the same marketing window, we can tap into that very large audience that doesn't go to movie theaters and right now is just going to SVOD to watch movies. So -- and that's within the kind of the marketing window of the giant marketing we spend traditionally on movies that go to theatrical.

謝謝，戴夫。本，關於AMC的合作，我想插。這其中有幾個影響。從長遠來看，我們一直認為，有一部分人，而且這部分人還在持續成長，根本不去電影院。與AMC的合作模式讓我們充分利用那些會去電影院的觀眾，至少確保17天的戲院獨家放映。但很快，在同樣的行銷窗口期內，我們就能觸及到那龐大的、不去電影院、現在只透過SVOD（訂閱視訊點播）觀看電影的觀眾群。所以，這完全在我們傳統上用於院線電影的大規模行銷窗口期內。

So we think the structure allows us to tap into that incremental revenue stream, allowing AMC to share in a little bit and other exhibitors, and at the same time, preserve that theatrical window, which is so critical to the film business. As you mentioned, it's U.S. only, although we have a deal with AMC to look into other international territories. And obviously, this is going to be a territory by territory type of look at this. We still need theatrical and need different business models in other markets.

所以我們認為這個結構能夠讓我們利用這部分新增收入，讓AMC和其他戲院都能從中分一杯羹，同時又能保留對電影產業至關重要的院線窗口期。正如您所說，目前僅限於美國，不過我們已與AMC達成協議，探討在其他國際地區開展業務的可能性。顯然，這需要逐個地區進行評估。我們仍然需要院線發行，並且在其他市場需要不同的商業模式。

Shorter term, one of the implications of this, I'm hoping, is that we currently are stuck in a bit of a chicken-and-the-egg situation in the theatrical business, where movie studios like ours don't want to release movies into theaters when we will have only a smattering of theaters open. We need a pretty robust amount of theaters open to justify our spend. But the flip side exhibitors can't open a bunch of theaters that they don't have any new movies to put in. Old library movies are not going to drive people to movie theaters. So we think this model will actually allow movies to come back to theaters when it's safe a lot more quickly than they would have in the current environment. So those are just some implications.

短期來看，我希望，這帶來的一個影響是，我們目前在電影業陷入了一個先有雞還是先有蛋的困境：像我們這樣的電影公司不願在只有少數影院開放的情況下發行電影。我們需要相當數量的戲院開放才能證明我們的投入是合理的。但另一方面，如果戲院沒有新片上映，他們也無法開放大量戲院。老片庫裡的影片無法吸引觀眾走進電影院。因此，我們認為這種模式實際上可以讓電影在安全的情況下比在當前環境下更快地重返影院。以上只是部分影響。

I just want to add one thing. This is Brian. But I think you were touching on, obviously, a critical set of subjects here. The company is really trying to lean into streaming. And we are, I think, somewhat uniquely positioned to do this in ways different. Obviously, we're a very EBITDA-focused company, and there are other ways to build new businesses and enhance our strong cash flows.

我只想補充一點。我是布萊恩。但我認為你剛才顯然觸及了一些關鍵問題。公司確實在努力拓展串流媒體業務。而且我認為，我們在這方面擁有獨特的優勢，可以採取一些與眾不同的方式。當然，我們是一家非常注重 EBITDA 的公司，但我們還有其他途徑來拓展新業務，並增強我們強勁的現金流。

And so if you look at what you just heard, Flex is all about helping broadband, but we've been able to put Peacock as a very important part of it. Now we're going to have more streaming of films. We use NOW TV, a technology from Sky and they're already streaming relationships. So we want to remain relevant to customers so that user interface, part of the answer on Flex, allows you to stream across many properties that aren't Comcast content or NBCUniversal or Sky content. It's, we think, the best interface around. And that same team is -- part of that team is helping build Peacock with Matt Strauss and other people.

所以，正如你剛才聽到的，Flex 的核心在於助力寬頻發展，而我們已將 Peacock 打造成其中至關重要的一部分。現在，我們將提供更多電影串流服務。我們採用的是 NOW TV，這是 Sky 的技術，他們本身就擁有豐富的串流資源。因此，我們希望與客戶保持緊密聯繫，而 Flex 的使用者介面正是解決方案之一，它允許使用者存取眾多非 Comcast、NBCUniversal 或 Sky 的內容平台。我們認為，這是目前最好的介面。此外，團隊的部分成員，包括 Matt Strauss 和其他成員，也正在參與 Peacock 的開發。

So I'm pretty excited that as the world is transitioning, broadband is the center of making a lot of that possible. And now we can bolt on a whole bunch of content and interfaces and hopefully do that in a way that customers really enjoy, and that's what's been happening so far.

所以，我非常興奮，因為隨著世界轉型，寬頻正成為實現這一切的核心。現在我們可以添加大量內容和介面，並希望以一種客戶真正喜歡的方式來實現這一點，而這正是目前為止正在發生的事情。

Our next question comes from Doug Mitchelson from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的道格·米切爾森。

A question for Dave and Jeff as well. Dave, on the 600,000 subscribers that were at risk or free Internet Essentials customers. I'm trying to understand how much of that was 2Q activity versus that bucket at the end of March already having some customers in it, because it certainly looked like a strong 2Q quarter, and maybe it was even stronger if a lot of that 600,000 was potential 2Q activity.

還有一個問題想問Dave和Jeff。 Dave，關於那60萬面臨流失風險或享受免費網路服務的用戶，我想弄清楚其中有多少是第二季度的新用戶，又有多少是3月底就已經有部分用戶加入的。因為第二季看起來確實很強勁，如果這60萬用戶中有很多是潛在的第二季用戶，那麼實際業績可能會更出色。

And then for Jeff, I wanted to follow up further on PVOD. Obviously, a hot topic today. Does a new, more attractive business model for Universal, if you're able to get the rest of the theater companies on board, mean you'll make more movies for theatrical release or just make more money on the same number of movies that you're releasing and sort of lock in your business model and your incentive to invest what you invest in movies? And any further thoughts on the 17-day window? I think that's what surprised a lot of folks. I think a lot of us were focused on a 30-day window. Are you confident that the theater business will be healthy enough to provide your movies, particularly your blockbusters, enough distribution in the future given the risk on a 17-day window pushing a lot of movie viewing to in-home?

然後，我想就PVOD（付費點播）問題再追問傑夫。顯然，這在今天是個熱門話題。如果環球影業能夠說服其他院線公司加入，那麼這種新的、更具吸引力的商業模式，是否意味著你們會製作更多院線電影，還是僅僅在現有發行數量的基礎上賺取更多利潤，從而鎖定現有商業模式和電影投資的動力？關於17天窗口期，您還有什麼看法？我覺得這一點讓很多人感到意外。我們很多人都關注的是30天窗口期。考慮到17天窗口期可能導致大量觀眾轉向家庭觀影，您是否相信未來院線業務能夠保持足夠的健康發展，為您們的電影，尤其是大片，提供足夠的發行管道？

Doug, Dave. I'll start and hand it over to Jeff. So the 600,000 customers reflects a combination of free Internet Essentials customers and a reserve that we set up for the high-risk customers that are in a non-pay status but are still receiving service. So there -- to answer your question, there was -- some of that happened in Q1. It rolled into Q2 and probably a bit more in Q2 than Q1 for sure. And to clarify what we said and Mike said earlier in the remarks, we're only going to count these customers when they convert to paying status. So we have a very good operational plan. We're going to constantly work with customers throughout, including these customers. So it's early to predict the conversion rate, but that's just a little bit more perspective on that base.

道格，戴夫。我先開始，然後交給傑夫。這60萬用戶包括免費的「網路基礎服務」用戶，以及我們為那些目前處於非付費狀態但仍在使用服務的高風險用戶預留的名額。回答你的問題，確實有部分用戶在第一季就出現了這種情況，延續到了第二季度，而且第二季度的用戶數量肯定比第一季要多一些。為了澄清我們之前和麥克在演講中提到的內容，我們只會統計那些轉為付費用戶的用戶。我們制定了非常完善的營運計劃，並將持續與所有用戶保持溝通，包括這些用戶。現在預測轉換率還為時過早，但這能讓我們更全面地了解情況。

It's Mike. I'll just jump in, Doug. I think that number, the 600, was, call it roughly 1/3 the size at the beginning of the quarter.

我是麥克。道格，我插一句。我認為那個數字，600，大約是本季初的三分之一。

Let me jump in. This is Jeff. Yes, let me jump in on PVOD, Doug. So what was happening to the movies, movies are obviously critical across our whole distribution channel. Movie consumption on Peacock, for example, has been higher than we thought it would be and really across all of our platforms. So as things transition, as Brian talked about, the streaming, movies are life. But the problem is that over the last couple of years, it's been more increasingly difficult to generate the same returns over the first couple of windows, and that has put a lot of pressure on our model.

讓我插一句。我是傑夫。好的，道格，讓我來談談PVOD（付費點播）。電影市場的情況如何？顯然，電影在我們整個發行管道中都至關重要。例如，Peacock上的電影消費量就高於我們的預期，實際上，我們所有平台上的電影消費量都高於預期。正如布萊恩所說，隨著串流媒體的興起，電影仍然是人們生活的一部分。但問題在於，在過去幾年裡，想要在上映初期就獲得同樣的收益變得越來越難，這給我們的商業模式帶來了極大的壓力。

So I -- we believe that this new model in the U.S. and hopefully other places will restore some of those economics for us to allow us to probably not make more movies but to keep our production levels the same as they've been in the past. While at the same time -- remember, AMC and hopefully other exhibitors will be sharing in the new revenue stream, which will hopefully keep their business a little healthier because they're under a lot of stress right now.

所以，我們相信，美國以及其他地區的這種新模式能夠幫助我們恢復一些經濟效益，讓我們或許無法製作更多電影，但至少可以維持與以往相同的製作水準。同時，別忘了，AMC以及其他戲院也將分享這筆新的收入，這有望讓他們的經營狀況好轉一些，因為他們目前面臨著巨大的壓力。

And on the 17 days, that is -- 17 days is -- means the Monday after the third weekend is when movies will be available on PVOD at a minimum. It's important to remember that, that's a minimum. So I fully anticipate some movies will stay in theaters exclusively a lot longer than 17 days if we're having a good theatrical run. And some movies, for example, King of Staten Island with Judd Apatow is a perfect example of the kind of movie that can thrive in this kind of model because it would do well theatrically. But for most people, watching it at home is another option, and that would be a movie that 17 days, probably a normal time, would be the right period of time. So 17 days is just the minimum, and we can toggle that based on the type of movie.

17天，指的是上映第三個週末後的星期一，電影至少會在PVOD平台上架。記住，這只是最短期限。如果票房表現良好，我完全預料到一些電影在戲院獨家上映的時間會遠遠超過17天。例如，賈德阿帕圖執導的《史泰登島之王》就是一個很好的例子，它非常適合這種模式，因為它在戲院也能取得不錯的票房成績。但對大多數人來說，在家觀看也是一種選擇，而對於這類電影來說，17天——這或許是一個正常的上映週期——就比較合適了。所以，17天只是一個最短期限，我們可以根據電影類型來調整。

Our next question comes from Jessica Reif Ehrlich with Bank of America Securities.

下一個問題來自美國銀行證券的傑西卡·雷夫·埃利希。

If I could, for Jeff, Jeremy and maybe Brian. So Jeff, with Peacock successfully launching without the Olympics, can you talk about how you guys will -- how you will use the Olympics next year to help Peacock?

如果可以的話，我想為傑夫、傑瑞米，或許還有布萊恩說。傑夫，Peacock在沒有奧運的情況下成功上線，你能談談你們明年將如何利用奧運來幫助Peacock嗎？

On the AMC deal, just one last question. How does that change the longer-term windowing for films? Like when will they come to Peacock? And do you have any change in the losses of $2 billion over the first 2 years?

關於AMC的交易，最後一個問題。這會對電影的長期發行窗口期產生什麼影響？例如，電影什麼時候會在Peacock上線？還有，你們對前兩年20億美元的虧損有什麼看法？

And then moving on to Jeremy. You mentioned TV production plans. There seems like there's been a lot of activity at Sky. Can you just talk about kind of your longer-term goals? And do you need to buy, or can you just build it internally?

接下來是傑里米的問題。你提到了電視節目製作計劃。看來天空電視台最近動作頻傳。能談談你們的長期目標嗎？你們需要收購，還是可以內部開發？

And finally, Brian, sorry for some of the questions, but organizational changes were mentioned in 2 of your 3 divisions. Is there anything that you think you need from a corporate perspective? Any areas that you need to pivot in the business? COVID-19 seems to be a great time to just look strategically about where the business should go over the longer term and how you can change it.

最後，布萊恩，很抱歉問了這麼多問題，但你們三個部門中有兩個提到了組織架構調整。從公司層級來看，你覺得需要做些什麼調整嗎？業務方面有哪些需要轉型的地方？新冠疫情似乎是個絕佳的時機，讓我們從策略角度審視公司長遠發展方向以及如何進行變革。

Jessica, this is Jeff. I'll start and maybe hand it over. So the Olympics right now is a bit of a bummer because we would be in Tokyo right now under normal circumstances. So it's a total bummer for our company that we don't have the Olympics right now. But for Peacock, it's a bit of a silver lining for next year. And you got to remember, not only will we have the Olympics in the summer of '21 in Tokyo, but then we'll have the Winter Olympics 7 months later in Beijing. So we have two Olympics. And Mark Lazarus and the people back in their team are currently working on lots of different things that we can do to innovate on those Olympics and use the Peacock product, which by then will be even more distributed to do some really innovative and cool things on the Olympics, so in addition to promoting it, obviously. So I actually am very excited. And I think with Peacock's successful launch this year without the Olympics, having the Olympics back-to-back next year and early '22 is really great for Peacock.

潔西卡，我是傑夫。我先開始，然後可能就交棒給你了。現在奧運有點讓人失望，因為正常情況下我們現在應該在東京。所以對我們公司來說，沒能舉辦奧運真是太遺憾了。但對Peacock來說，這倒也算是明年的好消息。你要記住，我們不僅會在2021年夏天在東京舉辦奧運會，7個月後還會在北京舉辦冬季奧運。所以我們有兩屆奧運。馬克·拉扎勒斯和他的團隊目前正在研究許多不同的方案，希望能利用Peacock的產品，在奧運期間進行創新，實現一些真正創新且酷炫的功能。到那時，Peacock的產品將會更加普及，我們可以利用這些功能在奧運會上做一些真正酷炫的事情，當然，除了推廣之外。所以我真的很興奮。我認為，Peacock 今年在沒有奧運會的情況下成功推出，明年和 2022 年初連續舉辦奧運會對 Peacock 來說真的是一件好事。

Just on your other question on Peacock. We don't anticipate, whether Peacock or otherwise, windows changing down the line after this kind of theatrical PVOD window. And I think that the Peacock losses that I think Mike has outlined in the previous earnings call are -- were right exactly within that range. So we don't anticipate anything different in the next 2 years.

關於您提出的Peacock的另一個問題，我們預計，無論是Peacock還是其他平台，在目前的院線PVOD窗口期結束後，發行窗口期都不會改變。而且我認為，Mike在上次財報電話會議上提到的Peacock虧損情況，剛好在這個範圍內。因此，我們預計未來兩年內情況不會有任何改變。

Over to Dave or Jeremy now.

現在請戴夫或傑瑞米發言。

Yes, I'll jump in. So Jessica, yes, in terms of TV production, if you -- if you talk to a typical Sky customer, he will tell you 3 things. They'll say, "I'll rely on Sky to make all the free content that's available in Europe just better than anywhere else and just make that whole experience better," which is what we do. "The second thing I'll rely on Sky to do is to scour the world, get more than their fair share of the very best content internationally and bring that to me." And then thirdly, and this is becoming more and more important, "I want Sky to create unique European content and stories that's unique to my market or to Europe and to make that exclusive to its own platform." That's what they get Sky for. And sometimes that can be local sport. But increasingly, it's now becoming our own produced local entertainment, which is why we think Sky Studios is so important.

是的，我來補充一下。潔西卡，就電視製作而言，如果你和典型的Sky用戶交談，他會告訴你三件事。他們會說：「我會依靠Sky把歐洲所有免費的內容做得比其他任何地方都好，讓整個觀看體驗都更上一層樓。」而這正是我們所做的。 「第二件事是，我會依靠Sky在全球範圍內搜尋，獲取遠超其應得份額的國際頂級內容，並將它們帶給我。」第三點，也是越來越重要的一點，「我希望Sky能夠創作出獨特的歐洲內容和故事，這些內容和故事是專為我的市場或整個歐洲量身打造的，並且只在Sky平台上播出。有時，這些內容可能是本地體育賽事。但現在，越來越多的是我們自己製作的本地娛樂節目，這也是我們認為Sky Studios如此重要的原因。

And of course, from a business model point of view, we can play tunes on that or we can decide relatively where we shift investment over time to optimize both the customer experience but also our financial returns. So I'm very confident we've got all the capabilities required to build that ourselves. I think being part of the group and being alongside NBCU and Jeff's team really caught the bottoms up, and we're starting to accelerate how we work together. But I think we've got all of the factors of production in place, and we'll just intend to do more. Over time, as we start to pivot away from other content, we'll invest more in our own originated content, but that will be financially enhancing as we do that.

當然，從商業模式的角度來看，我們可以靈活調整，也可以隨著時間的推移，相對地決定將投資轉移到哪些方面，以優化客戶體驗和財務回報。所以我非常有信心，我們具備自主建構這一切所需的所有能力。我認為，加入這個集團，與NBC環球和傑夫的團隊並肩作戰，真正讓我們踏入正軌，我們也開始加速合作。我認為我們已經具備了所有必要的製作要素，並且我們計劃做得更多。隨著時間的推移，當我們開始減少對其他內容的依賴，增加對原創內容的投資時，這將帶來財務上的提升。

Okay. And finally on that question, I'm really pleased with, first of all, Mike's leadership during this -- and the team that reports to him and many others at corporate for how well we've handled all the uncertainties. And our balance sheet strength and liquidity are -- really, really speak for themselves, and I'm very satisfied there.

好的。最後，關於這個問題，首先，我非常滿意麥克在這段時間的領導能力——以及他領導的團隊和公司其他許多同事，他們出色地應對了所有不確定因素。我們的資產負債表實力和流動性——真的，無需贅言，我對此非常滿意。

I think the restructuring that you're hearing about is about the businesses, as Jeff and Jeremy both talked about. I think to reinforce how well our broadband business is performing and the cable company, we're always looking at can we reduce expenses and can we be more efficient in how we run the company. That's definitely always top of mind, but I think we have all the parts. I think we're taking advantage of this transition. Some parts of it are uncomfortable, for sure. But for the most part, our company is getting better. And I think, going to be one of the -- emerges one of the winners of the new age. And a lot of that is giving customers more flexibility to do and see what they want. And as Jeremy just said, this is happening all over the world. And I'm really pleased with how well it's been put together. And we wanted everybody on this call to hear even more detail from the three operating businesses so you can see how well they're working together and how they're tackling the challenges ahead at corporate, we're helping create the environment for that to happen. I hope that answers your question.

我認為你們聽到的重組指的是各個業務部門的重組，正如傑夫和傑里米剛才提到的那樣。為了強調我們寬頻業務和有線電視業務的良好表現，我們一直在思考如何降低成本，如何提高公司營運效率。這始終是我們關注的重點，而且我認為我們已經具備了所有必要的條件。我認為我們正在充分利用這次轉型。當然，轉型過程中有些環節會讓人感到不適。但總的來說，我們公司正在變得更好。我認為，我們將會成為新時代的贏家之一。這很大程度得益於我們給予客戶更大的彈性，讓他們能夠隨心所欲地選擇自己想要的服務。正如傑里米剛才所說，這種情況正在世界各地發生。我對目前的重組工作進展感到非常滿意。我們希望參加這次電話會議的每個人都能聽到來自三大營運業務部門的更多細節，以便大家了解它們是如何協同合作的，以及它們是如何應對公司未來面臨的挑戰的。我們正在努力創造一個有利於這種合作的環境。希望我的回答能解答你的疑問。

Our next question comes from Craig Moffett from Moffett.

我們的下一個問題來自 Moffett 公司的 Craig Moffett。

Two questions, if I could, both on the cable side. First, I'm sure you saw that Charter announced that they would participate in the RDOF auctions. I wonder if you could just talk about is there any appeal to you of participating in the -- either the RDOF auctions as a way to expand your rural footprint or simply just doing more edge out to grow your subscriber base or your footprint faster?

如果可以的話，我想問兩個問題，都跟有線電視方面有關。首先，我相信您已經看到Charter宣布他們將參與RDOF拍賣。我想請您談談，對您而言，參與RDOF拍賣——無論是為了擴大農村地區的覆蓋範圍，還是僅僅為了更快地增加用戶數量或擴大覆蓋範圍——是否有任何吸引力？

And then second, I wonder, would you just drill in a bit to the Business Services segment and share with us some of what's going on with respect to volumes? And in particular, are the -- is the - what's going on with respect to customer bankruptcies versus fewer new share gains? And then what's going on with pricing? Just to get a sense of the Commercial segment and what we have to look forward to.

其次，我想請您深入探討商業服務板塊，並和我們分享一下該板塊在業務量方面的情況。特別是，客戶破產狀況與新增市佔率減少之間的關係如何？定價方面又有什麼變化？我們只是想了解商業板塊的現狀以及未來的發展趨勢。

Craig, Dave here. So I think as people know, we decided not to participate in this round of the rural digital opportunity fund. And the main reason was in this round, there are relatively few adjacent rural areas to offset the additional regulatory costs associated with the auction, including submitting to ETC status in any states where bids are successful. So -- however, at the same time, we continue to pursue, as you mentioned, the edge expansion to new areas. If you go back and you look at expansion, which includes edge extensions but also areas --pockets within our footprint, we've increased more than 2 million passings. And so that's resulted in -- it's helping us with customer relationship growth and a number of things. So we're very focused on the logical, efficient expansions. We'll continue to address opportunities in rural as they come up over time.

我是戴夫，克雷格。我想大家都知道，我們決定不參與本輪農村數位機會基金的競標。主要原因是，本輪競標中，週邊農村地區相對較少，難以抵銷競標帶來的額外監管成本，包括在任何中標州申請ETC認證。不過，正如你所提到的，我們仍在繼續拓展邊緣網絡，覆蓋新的區域。回顧我們的擴張計劃，包括邊緣網路的擴展以及我們現有網路覆蓋範圍內的其他區域，我們已經增加了超過200萬次的通行量。這有助於我們提升客戶關係，並帶來許多其他好處。因此，我們非常注重合理且有效率的擴張。未來，我們將繼續關注農村地區出現的各種機會。

So in Business Services, switching gears there, we are seeing encouraging trends, as mentioned earlier, and small business, particularly in the states that have reopened. The customer losses that we incurred in Q2 were absolutely within our expectations. And the good news is that the level of losses has moderated and connects are rebounding. So it's a -- overall, we are encouraged with the current activity. And when you break it down a little bit further and you look at, well, what segments within SMB are impacted, you have bars and restaurants that were part of the mix, but they're not the majority, not close to the majority. We have a very -- Bill Stemper and his team have done a really nice job over the years, building a robust, diverse, small business customer base.

所以，在商業服務方面，正如之前提到的，我們看到了一些令人鼓舞的趨勢，尤其是在已經重新開放的州，小型企業的情況更是如此。我們在第二季遭受的客戶流失完全在預期之內。好消息是，流失程度已經緩解，客戶數量正在回升。因此，總的來說，我們對目前的市場活動感到鼓舞。如果我們進一步細分，看看中小企業中哪些細分領域受到了影響，就會發現酒吧和餐廳也受到了影響，但它們並非主流，遠非主流。多年來，比爾·斯滕珀和他的團隊在建立一個強大而多元化的小型企業客戶群方面做得非常出色。

So as people come back, I think we're really well positioned. We have local operations, the region level, that are ready to help our clients out. And so we'll cut across the board. So it's -- we're still the challenger. As I said before, we're going to help customers when they come back. And again, that connect level of activity is what we're focused on.

所以隨著人們回歸，我認為我們已經做好了充分的準備。我們在本地和區域層面都設有營運機構，隨時準備為客戶提供協助。因此，我們將全面覆蓋各個方面。所以，我們仍然是挑戰者。正如我之前所說，我們將幫助客戶回歸。再次強調，我們關注的重點是維持這種連結層面的活躍度。

And we do think, just to clarify, that the subscriber losses that we incurred during the second quarter will have a more meaningful impact on the financials as we move to the back half of the year. And as Mike mentioned earlier, revenue is likely to moderate a little bit from the growth we saw in Q2. But we're really pleased with the rebound in connects.

需要澄清的是，我們認為第二季的用戶流失將在下半年對財務狀況產生更顯著的影響。正如麥克之前提到的，收入成長可能會比第二季度略有放緩。但我們對連線數的反彈感到非常滿意。

Our next question comes from Phil Cusick with JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

Mike, can you talk more about how we should think about sports and RSN amortization in the third quarter across the business, including why the RSN holdbacks impacted broadband ARPU? We've had some questions here. And you mentioned 3Q as well. Why shouldn't all that flow back in the third quarter?

麥克，你能詳細談談我們應該如何看待第三季體育和區域體育網絡（RSN）攤銷對整個業務的影響嗎？包括RSN攤銷為何會影響寬頻ARPU？我們收到了一些相關問題。你也提到了第三季。為什麼所有這些影響不應該在第三季體現出來？

And then for Peacock, can you put the 10 million subs into context? What does that mean for MAUs? And how should we think about licensing in broadcast and cable nets going forward as it relates to Peacock?

那麼對於Peacock來說，您能否解釋一下1000萬訂閱用戶意味著什麼？這對每月活躍用戶數（MAU）意味著什麼？未來我們該如何看待廣播和有線電視網絡的授權問題，尤其是在Peacock方面？

I'll start, then the others can just chime in. So I'll take the sports in two different pieces. Just on the RSN impact, so we expect that we'll be getting some monies back from some of the sports leagues based on games played or not played in the U.S. And when that does happen, we -- as we've said, we'll pass that back along to customers. So we've accrued for that on the revenue line, not billing people, and we'll get that back on the expense line. But I think the question that's coming in is why does that affect high-speed data revenue growth rates, which we said adjusted for that are up 9% versus the printed number. And that's simply accounting revenue recognition rules that when you have products sold in a bundle, there's a formula relative to sort of list price that has to flow through into revenue attribution. I don't love it, but it's the rules we live by consistently. So the fact that we have some RSN rebates coming is what's driving that. So hopefully, we can take that off-line for anybody that wants more details on that. But that's simply a revenue recognition item.

我先來，其他人可以補充。體育方面的內容我分成兩部分來說。先說說區域體育網絡（RSN）的影響。我們預計會從一些體育聯盟獲得一些退款，具體金額取決於比賽是否在美國舉行。正如我們之前所說，一旦退款到賬，我們會把這部分錢還給客戶。我們已經在收入項下提列了這部分費用，但還沒有向客戶收費，這部分費用會在支出項下收回。但我認為大家最關心的問題是，為什麼這會影響高速數據收入的成長率？我們之前說過，經過調整後，高速數據收入比公佈的數字成長了9%。這其實是會計收入確認規則的問題。當產品捆綁銷售時，會有一個基於標價的公式，用於計算收入歸屬。我並不喜歡這個規則，但這是我們一直以來都必須遵守的。所以，我們即將收到一些RSN的退款，這正是造成這種情況的原因。所以，希望我們可以把這個問題線下解決，方便想了解更多細節的人。但這只是一個收入確認項目。

And then on sports amortization. As we said in both NBC and Sky, both impacted by recognizing sports rights amortization expense when events or games are played. And so in the case of Sky, the start of the games and the proportion of games pushed a little bit back into the third and fourth quarter relative to what we expected 90 days ago, and some of the new season games will spill into 2021, against which, we have a little bit of rebate expense. But that's -- the reason for the combined down 60% for Sky EBITDA in the third and fourth quarter is really the movement of football. But then you think about golf and Formula 1 and all the other events. It's going to be a packed third and fourth quarter, so expense will follow that. And basically, the same is true for NBC.

接下來是體育賽事攤提。正如我們在NBC和Sky的案例中提到的，兩家公司都受到體育賽事轉播權攤銷費用確認的影響，該費用會在賽事或比賽進行時確認。就Sky而言，比賽的開始時間和比賽比例相比90天前的預期略有推遲，推遲到了第三季度和第四季度，而且一些新賽季的比賽會延續到2021年，因此我們需要支付一些退款費用。但Sky第三季和第四季EBITDA合計下降60%的主要原因是足球賽事的安排。此外，還有高爾夫、F1以及其他所有賽事。第三季和第四季將會非常繁忙，因此費用也會隨之增加。基本上，NBC的情況也類似。

And then on Peacock, I'll let Jeff comment further. But as you said, we're encouraged by the number of people we have, in my language, giving Peacock a try or taste. I mean the way we'll measure users over the long term is monthly active users. So these are sign-ups. So in due course, we'll start giving you some color on the activation side. But I think pretty much against every measure that we look at, sign-ups, usage, et cetera, it's running ahead of what we had hoped for in early days.

關於Peacock，我讓Jeff來進一步解釋。正如你所說，我們很高興看到有這麼多人（用我的話說）正在嘗試或體驗Peacock。我們衡量用戶長期發展的標準是每月活躍用戶數，也就是註冊用戶數。所以，我們會適時公佈用戶啟動方面的數據。但我認為，就我們關注的各項指標而言，包括註冊用戶數、使用率等等，Peacock的表現都超出了我們早期的預期。

Yes, Phil. Yes, yes. So thanks, Mike. I don't have anything to add on the RSN side. On the Peacock side, Phil, it's confusing because it's different in the ad-supported world obviously than the SVOD world. And there's really three different metrics: there's sign-ups, there's monthly active accounts, and there's monthly active users. I have seen people use all of them. Monthly active account is obviously household, whereas users, sometimes there's more than 1 user per household.

是的，菲爾。是的，是的。謝謝你，麥克。關於區域體育網絡（RSN）方面，我沒什麼要補充的。菲爾，關於Peacock這邊，情況比較複雜，因為它在廣告支援的世界裡顯然和訂閱隨選視訊（SVOD）的世界不一樣。實際上有三個不同的指標：註冊用戶數、每月活躍帳戶數和每月活躍用戶數。我見過有人使用所有這些指標。月活躍帳戶數顯然是指一個家庭，而用戶數，有時一個家庭可能有不只一個用戶。

The guidance we gave at the Investor Day was monthly active accounts, MAAs. And the 10 million we're talking about today is sign-ups. And the way sign-ups kind of convert to MAAs is how many people come back and how long do they use it? And since a lot of our users are in the last couple of weeks, as we've rolled out nationally, it's too early to actually convert that, but as Mike said, across the board were better than expectations. We didn't expect this many sign-ups. We didn't expect people to come back as frequently as they're coming back. And we didn't expect people to watch as long as they're watching once they come back. So we're very encouraged. It's early days, but we're very encouraged as we look forward on our Investor Day guidance.

我們在投資者日上給出的指導意見是每月活躍帳戶數（MAA）。而我們今天提到的1000萬指的是註冊用戶數。註冊用戶數轉換為每月活躍帳戶數的關鍵在於有多少用戶會再次訪問，以及他們使用平台的時間有多長。由於我們的大部分用戶都是在過去幾週內註冊的，因為我們剛剛在全國範圍內推廣，所以現在判斷轉換率還為時過早。但正如Mike所說，總體而言，我們的表現超出了預期。我們沒想到會有這麼多註冊用戶，也沒想到用戶會如此頻繁地訪問平台，更沒想到用戶一旦回來就會持續觀看這麼長時間。因此，我們感到非常鼓舞。現在還處於早期階段，但我們對投資者日的業績展望充滿信心。

Our final question comes from John Hodulik from UBS.

最後一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. Maybe first for Dave on the cable margin side. Obviously, great leverage on the non-programming costs. It sounds like there's some cross currents there related to COVID. Should we expect some of the benefits that you've seen to continue and maybe even some acceleration as you get some of those efficiencies that you talked about?

太好了。這或許是戴夫在有線電視利潤上的首個突破。顯然，他在非節目成本方面擁有巨大的槓桿作用。聽起來，這其中似乎存在一些與新冠疫情相關的複雜因素。我們是否可以預期，您所看到的某些收益將會持續，甚至隨著您提到的那些效率提升措施的實施，收益還會加速成長？

And then maybe over to Flex. You guys obviously talked about adding Sling TV to the package there. Do you still plan to add other virtual MVPDs? And given that's the cost or price differential versus the traditional product, do you expect over time that the availability of these services to add pressure to the traditional video product?

然後或許可以考慮Flex。你們之前討論過將Sling TV加入套餐。你們是否仍計劃增加其他虛擬多頻道視訊節目分銷商（MVPD）？考慮到虛擬產品與傳統產品的成本或價格差異，你們是否預期隨著時間的推移，這些服務的普及會對傳統視訊產品構成壓力？

John, so on the margin side, the non-programming OpEx, we're really -- the fundamentals have not shifted. There has been an acceleration, for sure, during the COVID period and where there's just a lot of different approaches towards digital and things like self-install kit, the tools that we're using that are going to, I think, be long-lasting for us. We've learned a lot. Our field teams have done an extraordinary job in terms of the deployment of the new protocols and the approaches.

約翰，就利潤方面而言，也就是非程式營運支出，我們的基本面其實並沒有改變。當然，在新冠疫情期間，數位轉型速度肯定加快了，出現了許多不同的方法，例如自助式安裝工具包等等。我認為，我們正在使用的這些工具將會長期為我們服務。我們從中獲益良多。我們的現場團隊在部署新協議和方法方面做得非常出色。

So I think what -- we're seeing an ongoing, we saw it before COVID, reduction and reduction in transactional activity as we started digital some time ago. And so this is an acceleration of all of that. So we're going to continue to prioritize the network and key innovation efforts around digital. So I think that in terms of how you look at margin, I think there's still upside. And so we see a moment in time where there's an acceleration. You can't comment completely on the future exactly where that will go. But I think the learnings will serve us well, and we're just going to keep at it. And as much noise that we could take out of the system and just taking out unnecessary transactions, I think that is one of the fundamental keys that are -- is toward margin.

所以我認為，我們看到的是——在新冠疫情之前，隨著我們一段時間前開始數位轉型，交易活動一直在持續減少。而現在，這一切都只是加速了。因此，我們將繼續優先發展網絡，並圍繞數位化開展關鍵創新工作。我認為，就利潤率而言，仍然存在成長空間。我們正處於一個加速發展的時期。你無法完全預測未來會如何發展。但我認為，這些經驗教訓將對我們大有裨益，我們將繼續努力。盡可能減少系統中的噪音，剔除不必要的交易，我認為這是提高利潤率的關鍵。

In regards to the second point on Flex and Sling, let me again remind you and everyone that Flex, in and of itself, again comes with broadband. We're going after the streaming segment. We use it in a targeted way to go after these customers. So I think there's a fair amount of activity that the streaming segment has, that they're looking at a bunch of options. We want to give customers more choice. And so our goal is to provide the best video experience. I think we are uniquely positioned to participate, as Brian said, in the streaming world. Great broadband with Peacock but others like Sling and that -- I think that this is the first one. We'll evaluate on a case-by-case basis the other virtual operators, and we'll see how that goes. But we're going to continue to be clear to -- we're going to invest in X1. We look at X1 and Flex as a very broad video platform that for today, I think, helps us compete, as I said, with certain video segments with X1, and most certainly, the streaming segment with broadband and Flex and partners like Sling and many others. We've added Hulu. We've added a whole bunch of people. We look forward to adding CBS All Access, HBO Max later that we talked about. So we're going to have a wide variety of partners that will be on Flex and X1. And for us, yes, we're going to break down the segments, and they'll be very focused on providing the best video and broadband platform experience in the market.

關於Flex和Sling的第二點，我想再次提醒大家，Flex本身就包含寬頻服務。我們的目標是串流媒體市場，我們將有針對性地利用Flex來吸引這些用戶。我認為串流媒體市場非常活躍，用戶正在考慮多種選擇。我們希望為客戶提供更多選擇。因此，我們的目標是提供最佳的視訊體驗。正如Brian所說，我認為我們在串流媒體領域擁有獨特的優勢。 Peacock提供優質的寬頻服務，而像Sling這樣的其他服務——我認為Peacock是第一個。我們會逐一評估其他虛擬營運商，看看情況如何。但我們將繼續明確表示－我們將繼續投資X1。我們認為 X1 和 Flex 是一個非常全面的視訊平台。就目前而言，我認為它能幫助我們在某些​​視訊領域競爭，正如我之前所說，X1 可以幫助我們與競爭對手一較高下；而寬頻和 Flex 以及 Sling 等眾多合作夥伴在串流媒體領域也絕對具有競爭力。我們已經新增了 Hulu，還有很多其他合作夥伴。我們期待著之後能加入 CBS All Access 和 HBO Max，正如我們之前提到的。所以，Flex 和 X1 將擁有許多合作夥伴。對我們而言，是的，我們會細分市場，專注於提供市場上最佳的視訊和寬頻平台體驗。

I just want to just add that I hope you've enjoyed the format of this call, particularly at this time. We wanted to talk about not only the 90 days but really how we're running the company. I couldn't be more pleased with the team and the progress. And we're also -- things we didn't touch on were some of our social commitments. There's a lot of just quality to thought that has gone into how do you handle pandemics such as this and how do you position the company for the future and try to do the right thing in the moment.

我只想補充一點，希望您喜歡這次電話會議的形式，尤其是在這個特殊時期。我們不僅想討論過去90天的情況，更想探討公司目前的營運狀況。我對團隊和所取得的進展感到非常滿意。此外，我們還有一些其他方面——我們這次沒有談到——例如我們的一些社會責任。在如何應對類似這樣的疫情，如何為公司的未來發展做好準備，以及如何在當下做出正確的選擇方面，我們投入了大量的思考。

So thanks for your support and the questions, and we're available to do follow-up. Marci, back to you.

感謝大家的支持與提問，我們隨時可以提供後續服務。瑪西，把麥克風交還給你。

Thanks, everyone. That concludes our second quarter 2020 earnings call. Thank you for joining us, and we wish you all well.

謝謝大家。我們的2020年第二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。

Thanks.

謝謝。

There will be a replay of today's call starting at 12:00 p.m. Eastern Standard Time. It will run through Thursday, August 6, at midnight Eastern time. The dial-in number is (855) 859-2056, and the conference ID number is 5765399. A recording of the conference call will also be available on the company's website beginning at 2:30 p.m. Eastern Standard Time today.

今天電話會議的錄音將於美國東部時間中午12:00開始重播，持續到8月6日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為5765399。電話會議的錄音也將於今日美國東部時間下午2:30起在公司網站上提供。

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

今天的電話會議到此結束。感謝各位的參與。現在大家可以斷開連線了。