康卡斯特 (CMCSA) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning, and welcome to the Comcast First Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，感謝你們的耐心等待。早安，歡迎參加康卡斯特2020年第一季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。

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

現在我將把會議交給投資者關係高級副總裁馬西·瑞維克女士。請繼續。

Thank you, operator, and welcome, everyone, to our first quarter 2020 earnings call. Joining me are Brian Roberts, Mike Cavanagh, Dave Watson, Jeff Shell and Jeremy Darroch.

謝謝接線員，歡迎各位參加我們2020年第一季財報電話會議。與我一同參與的還有布萊恩·羅伯茲、麥克·卡瓦納、戴夫·沃森、傑夫·謝爾和傑瑞米·達羅克。

Given these extraordinary times, we have slightly changed the format of this morning's call. Brian and Mike will spend a bit more time than usual in their prepared remarks to provide as much color and visibility as possible on all of our businesses as well as update you on how we are managing our customers and employees through COVID-19. We'll then use the time remaining to answer as many analyst questions as we can.

鑑於目前的特殊情況，我們對今天上午的電話會議形式稍作調整。Brian 和 Mike 將在準備好的演講稿中花費比平常更多的時間，盡可能詳細地介紹我們所有的業務，並向大家匯報我們在 COVID-19 疫情期間如何管理我們的客戶和員工。接下來，我們將利用剩餘時間盡可能回答分析師提出的問題。

Before we begin, I 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.

在開始之前，請您參閱第 2 張投影片，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前瞻性陳述，這些陳述受某些風險和不確定性的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關非GAAP財務指標與GAAP的調節情況，請參閱我們的8-K表格和趨勢表。

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

於是，我把電話轉給了布萊恩羅伯茲。布萊恩？

Thank you, Marci, and good morning, everyone. These are truly extraordinary times. And on behalf of all of us at Comcast, our hearts go out to everyone who has been impacted by this terrible disease. I'd like to echo our thanks to the thousands of heroes on the front lines.

謝謝你，瑪西，大家早安。這真是一個非同尋常的時代。康卡斯特全體員工向所有受此可怕疾病影響的人們致以最深切的慰問。我謹代表全體人員，向奮戰在前線的數千名英雄致以衷心的感謝。

Society today is being challenged like never before in our lifetime; and I couldn't be more proud of our company, our employees and our leadership teams across Comcast Cable, NBCUniversal and Sky for making a lot of tough, fair and, I believe, best decisions for our customers and our organization. I truly believe that when we look back at this unprecedented time, we will be reminded of the strength of our employees, the resilience of our business and the important role our services played in our customers' lives.

當今社會正面臨前所未有的挑戰；我為我們公司、我們的員工以及康卡斯特有線電視、NBC環球和天空電視台的領導團隊感到無比自豪，他們為我們的客戶和公司做出了許多艱難、公平且我認為是最佳的決定。我堅信，當我們回顧這段前所未有的時期時，我們會想起員工的力量、我們企業的韌性以及我們的服務在客戶生活中發揮的重要作用。

COVID-19 has created a tremendous amount of uncertainty and financial strain for people and businesses around the globe. Every company is different, and few are immune to this dynamic. Comcast is no exception. We have businesses like broadband - which had the best first quarter net add in 12 years and continued its sales momentum in April - and then we have businesses like theme parks as well as television and film production, which will be under substantial duress because we must shelter-in-place.

新冠疫情給全球各地的人們和企業帶來了巨大的不確定性和經濟壓力。每家公司的情況都不一樣，很少有公司能夠免受這種動態的影響。康卡斯特也不例外。我們有像寬頻這樣的行業——其第一季淨增用戶數創下 12 年來的最高紀錄，並在 4 月繼續保持銷售勢頭——還有像主題公園以及電視和電影製作這樣的行業，由於我們必須居家隔離，這些行業將面臨巨大的壓力。

On today's call, we will discuss our first quarter performance and provide as much information as we can about the future.

在今天的電話會議上，我們將討論我們第一季的業績，並盡可能提供有關未來的資訊。

But perhaps the most important thing we can do, is give you a sense for the guiding principles we are using to run our business during this pandemic and share some of the important decisions we've made to help move our company forward.

但或許我們能做的最重要的事情，是讓您了解我們在疫情期間經營業務所遵循的指導原則，並分享我們為推動公司發展所做的一些重要決定。

First, how are we supporting our most important asset, our people? We saw the virus in China and then in Italy and Europe, and it gave us a real sense of urgency as to how quickly decisions had to be made and required us to change procedures almost instantaneously across the globe to get ahead of this crisis. It is this global perspective that has helped us immensely as you will hear.

首先，我們如何支持我們最重要的資產──員工？我們在中國、義大利和歐洲都看到了這種病毒，這讓我們真正感受到必須迅速做出決定的緊迫性，並要求我們幾乎立即在全球範圍內改變程序，以搶佔先機應對這場危機。正如你將聽到的，正是這種全球視野對我們幫助極大。

The first thing we needed to do was protect our employees, especially on the frontlines. So for those working in news, managing our network and ensuring that our customers maintain vital connectivity, we've taken many safety precautions to keep them and our customers safe.

我們首先需要做的就是保護我們的員工，尤其是那些在前線工作的員工。因此，對於那些從事新聞工作、管理我們的網路以及確保我們的客戶保持重要連線的人來說，我們採取了許多安全預防措施來保障他們和我們客戶的安全。

At the same time, we've successfully moved tens of thousands of employees across Comcast Cable, NBCUniversal and Sky to a work-from-home environment. Most impressive has been our ability to shift thousands of call center representatives at Comcast and Sky to working remotely in a matter of days and weeks.

同時，我們已成功將 Comcast Cable、NBCUniversal 和 Sky 的數萬名員工轉移到居家辦公環境。最令人印象深刻的是，我們能夠在短短幾天或幾週內，就讓 Comcast 和 Sky 的數千名呼叫中心代表轉為遠端辦公。

In fact, over 95% of our U.S. call center employees are now serving customers from their homes, and I'm not sure that's ever been achieved before. We've been doing this now for about 45 days since the second week of the crisis, an extraordinary feat. Our digital tools have been instrumental during this time of need. Usage of our xFi digital app is up 60%, and we're seeing a 20-point increase in customer satisfaction when they use our digital tools to activate their internet service. Use of our AI-powered Xfinity Assistant is also up 445% - it's clear that our multiyear investment in digital and AI has prepared us for this crisis, and I could not be prouder of the work of our teams.

事實上，我們美國呼叫中心超過 95% 的員工現在都在家中為客戶提供服務，我不確定以前是否實現過這種情況。自危機爆發第二週以來，我們已經這樣做了大約 45 天，這是一項非凡的成就。在危難之際，我們的數位化工具發揮了至關重要的作用。我們的 xFi 數位應用程式的使用率提高了 60%，當客戶使用我們的數位工具啟動網路服務時，客戶滿意度提高了 20 個百分點。我們人工智慧助理 Xfinity Assistant 的使用率也成長了 445%——顯然，我們多年來在數位化和人工智慧領域的投資已經讓我們為這場危機做好了準備，我為我們團隊的工作感到無比自豪。

For our employees who are not able to work because operations have been closed or severely impacted, we've differentiated ourselves by committing $500 million in direct support to help bridge this moment. Our employees have shown us that they are among the most engaged in the country, and we want to do what we can to support them during this crisis.

對於因營運關閉或受到嚴重影響而無法工作的員工，我們做出了與眾不同的舉措，承諾提供 5 億美元的直接支持，幫助他們渡過難關。我們的員工已經向我們證明，他們是全國最敬業的員工之一，我們希望盡我們所能在這個危機時期支持他們。

Our second guiding principle is to serve our customers and continue to innovate at a time when they need us most. This starts with Xfinity Internet. In the face of COVID-19, we quickly agreed to continue service for customers facing economic hardship, committing to the FCC's Keep Americans Connected Pledge and going further to ensure that all our customers stay informed, engaged and in touch.

我們的第二個指導原則是，在客戶最需要我們的時候，竭誠為他們服務，並不斷創新。這一切都始於Xfinity網路。面對新冠疫情，我們迅速同意繼續為面臨經濟困難的客戶提供服務，履行聯邦通信委員會的“保持美國人互聯互通承諾”，並進一步確保所有客戶都能及時了解信息、積極參與並保持聯繫。

We are not disconnecting internet or voice services for failure to pay. We are also offering new Internet Essentials customers 2 free months of service, providing free Xfinity WiFi access by opening our public hotspots and giving all customers unlimited data for no extra charge; and permanently increasing the speed of our low-cost Internet Essentials service.

我們不會因為未繳費而斷開網路或語音服務。我們也為新加入 Internet Essentials 的用戶提供 2 個月的免費服務，開放公共熱點，提供免費的 Xfinity WiFi 接入，並為所有用戶提供無限流量，無需額外付費；同時，我們還將永久提高低成本 Internet Essentials 服務的速度。

Through all of this, the company is working overtime to ensure that our world-class network and services have the capacity they need to keep Americans productive, informed and entertained during this difficult time. At both NBCUniversal and Sky News, we seamlessly moved to production in home, working 24/7 to keep viewers informed. Sky's riveting documentary, Coronavirus: Inside the RedZone, taped from inside the hospitals of Italy, is an example of an incredible investigative look at what's happening in one of the hardest hit regions and countries. It's prominently featured along with other virus-related content on our X1 and Flex boxes, which you can pull up by just saying "coronavirus" into your voice remote.

在此期間，公司正加班加點地工作，以確保我們世界一流的網路和服務擁有足夠的容量，讓美國民眾在這個艱難時期保持高效工作、獲取資訊和享受娛樂。NBC環球和天空新聞都迅速過渡到居家製作模式，全天候24小時不間斷工作，確保觀眾能隨時了解最新資訊。天空電視台製作的引人入勝的紀錄片《冠狀病毒：紅色區域內幕》在義大利的醫院內部拍攝，是對受災最嚴重的地區和國家之一的疫情現狀進行深入調查的典範。它與其他病毒相關內容一起醒目地出現在我們的 X1 和 Flex 機上盒上，您只需對著語音遙控器說「冠狀病毒」即可調出這些內容。

In the U.S., we responded quickly as theaters shut down, bringing several of our movies, including Trolls: World Tour, to customers' homes. And we swiftly re-dated Fast 9 and Minions to next year to give us a strong theatrical slate in' 21. While this certainly wasn't our plan, there may not have been a better time to launch our free ad-supported streaming product, Peacock, for Xfinity customers. Now it's only been 3 weeks, but what I can tell you is we're already pacing ahead of our internal forecast on monthly active users and in time spent viewing; and we're still on track to launch Peacock nationally in July.

在美國，隨著戲院關閉，我們迅速做出反應，將包括《魔髮精靈2：世界之旅》在內的多部電影帶到了顧客家中。我們迅速將《玩命關頭9》和《小小兵》的上映日期改到明年，以便在 2021 年擁有強大的院線電影陣容。雖然這肯定不是我們的計劃，但對於 Xfinity 用戶來說，現在可能是推出我們免費的廣告支援串流產品 Peacock 的最佳時機。雖然只有 3 週時間，但我可以告訴大家的是，我們在每月活躍用戶數和觀看時長方面已經超過了內部預測；而且我們仍然預計在 7 月份在全國範圍內推出 Peacock。

Moving to our third principle - our balanced efforts to successfully navigate through the crisis while simultaneously thinking about how to emerge with an even stronger future. We don't know when we will be through the worst; nor do we know the shape of the global economic recovery, but we are not sitting still. Company-wide, we are using this moment to step back and are looking at our organizational structure and costs.

接下來是我們的第三個原則──我們在努力成功渡過危機的同時，也在思考如何才能擁有更強大的未來。我們不知道何時才能度過最糟糕的時期；我們也不知道全球經濟復甦的形態如何，但我們不會坐以待斃。公司上下正利用這段時間回顧過去，檢視我們的組織結構和成本。

To that end, I'm grateful to have as my partner and Chief Financial Officer Mike Cavanagh, who helped JPMorgan successfully endure the worst of the financial crisis and emerged stronger than ever in '08/'09 as their CFO.

為此，我非常感謝我的合作夥伴兼首席財務官邁克·卡瓦納，他幫助摩根大通成功度過了金融危機最嚴重的時期，並在 2008/2009 年以首席財務官的身份使摩根大通比以往任何時候都更加強大。

Mike and I lead our global leadership calls - where we meet virtually with our teams frequently, collectively sharing best practices, making real-time decisions across the entire organization. Our strategy has not changed, but our pace and tactics are being reprioritized so that we can emerge quickly as industry leaders across each of our businesses.

我和麥克主持我們的全球領導電話會議——我們經常與團隊進行線上會議，共同分享最佳實踐，並在整個組織內做出即時決策。我們的策略沒有改變，但我們的步伐和策略正在重新調整，以便我們能夠在各個業務領域迅速成為行業領導者。

We've also enhanced our already strong balance sheet by accessing the debt market - and we currently sit with over $15 billion of liquidity, putting us in an even better position.

我們也透過進入債務市場增強了我們原本就非常強勁的資產負債表——目前我們擁有超過 150 億美元的流動資金，這使我們處於更有利的地位。

At this point, I want to touch on some of the specific issues important to many of you on this call.

在此，我想談談對本次通話中的許多人來說都很重要的一些具體問題。

First is broadband. Our network is operating incredibly well, and we stress-test it with 700,000 diagnostic speed tests on most days. As you know, our cable business comprises roughly 70% of our consolidated EBITDA - driven primarily by our connectivity businesses. While we have limited access to people's homes as we shelter in place, we continue to connect customers with our newly implemented drop-and-go strategy, and we've had tremendous success with our self-install kits, which are especially easy for broadband. In fact, we had our best first quarter high-speed data net additions in 12 years of 477,000 - excluding any free Internet Essentials customers - and that's up 27% year-over-year.

首先是寬頻。我們的網路運作狀況非常好，我們幾乎每天都會進行 70 萬次診斷速度測試來對其進行壓力測試。如您所知，我們的有線電視業務約占我們合併 EBITDA 的 70%，這主要得益於我們的連線業務。雖然由於居家隔離，我們進入人們家中的機會有限，但我們仍然透過新實施的即插即用策略繼續為客戶提供服務，而且我們的自助安裝套件取得了巨大的成功，尤其適用於寬頻安裝。事實上，我們第一季高速數據網路新增用戶數達到了 47.7 萬，創下 12 年來的最高紀錄（不包括任何免費的 Internet Essentials 用戶），比去年同期成長 27%。

Our engineers have done a wonderful job in creating and maintaining a network flexible enough to allow so many of us to learn and work at home. We've seen an unprecedented shift in network use, with a 33% increase in upstream traffic. Yet, our network continues to perform exceedingly well. And if you're interested, you can go to our corporate website to read more about our network performance and some amazing stats. In fact, it is tough to fathom what would have happened if this virus struck just 5 years ago. The investments we have been making in our broadband products and network every single year are paying off - better than almost anywhere in the world, and we will continue to innovate and invest in our network as we had always planned.

我們的工程師們出色地創建和維護了一個足夠靈活的網絡，使我們能夠中的許多人在家學習和工作。我們看到網路使用方式發生了前所未有的轉變，上行流量增加了 33%。然而，我們的網路效能依然非常出色。如果您有興趣，可以訪問我們的公司網站，以了解更多關於我們網路效能和一些驚人統計數據的資訊。事實上，很難想像如果這種病毒在5年前爆發會發生什麼事。我們每年對寬頻產品和網路的投資都獲得了回報——比世界上幾乎任何地方都好，我們將繼續按照我們一直計劃的那樣，對我們的網路進行創新和投資。

Second, I want to touch on theme parks. As of today, our theme parks remain closed, resulting in substantial operating losses, which Mike will detail. We have also delayed construction of the fourth gate in Orlando; and Super Nintendo World Japan is likely to open a few months past our original expectation.

其次，我想談談主題樂園。截至今日，我們的主題樂園仍然關閉，導致巨額營運虧損，麥克將詳細介紹情況。我們也推遲了奧蘭多第四座大門的建設；日本超級任天堂世界可能會比我們最初的預期晚幾個月開放。

But there is no doubt that our theme parks will re-open, and when they do, I believe we'll benefit from strong pent-up demand. We love these businesses. They have been one of our fastest growing for the last 10 years. They are extremely profitable, historically resilient and enjoy high barriers to entry. Our talented parks team is taking the right near-term steps to control costs while remaining laser-focused on putting in place the appropriate protocols, technology and infrastructure so that when we do re-open, our parks are safe and feel that way to consumers. And while we don't know when that will be in the U.S., I'm heartened by what we're seeing in China, where we have been building a magnificent park in Beijing. As we all know, the first case of COVID occurred in China right around the Chinese New Year. Going into that holiday, we had 12,000 construction workers going full bore. But as a result of the virus, that number soon went to 0. As of today, we now have over 15,000 construction workers back at our site, even more than before the virus started. I was part of a group that recently spoke with Mike Hightower, a 40-year parks veteran, who is the head of construction living in Beijing. And he reports we have a safe working environment with many protocols in place. I'm pleased to announce we expect to be open amazingly on time and on budget in 2021. Beijing may be different, but perhaps it shows the arc of this crisis.

但毫無疑問，我們的主題樂園將會重新開放，我相信屆時我們將受益於強勁的積壓需求。我們喜歡這些企業。在過去的10年裡，他們一直是我們成長最快的公司之一。它們利潤極為豐厚，歷來具有很強的韌性，准入門檻很高。我們才華橫溢的公園團隊正在採取正確的近期措施來控製成本，同時繼續專注於建立適當的規程、技術和基礎設施，以便在我們重新開放時，我們的公園是安全的，並且讓消費者感受到這一點。雖然我們不知道美國何時才能實現這一點，但我對我們在中國看到的情況感到鼓舞，我們在北京建造了一座宏偉的公園。眾所周知，新冠肺炎首例病例就發生在春節前後。假期來臨之際，我們有 12,000 名建築工人全力以赴地施工。但由於疫情的影響，這個數字很快就降到了0。截至目前，我們工地已有超過15,000名建築工人復工，甚至比疫情爆發前還要多。我曾參與一個小組，最近與擁有 40 年公園工作經驗的資深人士、現任北京建築主管 Mike Hightower 進行了交談。他表示，我們擁有安全的工作環境，並制定了許多規章制度。我很高興地宣布，我們預計將在 2021 年按時按預算順利開業。北京的情況或許有所不同，但這或許能展現這場危機的走向。

My third topic is sports, which have been postponed across the globe, creating significant timing impacts on financial results and forecasts. We absolutely believe that sports will come back, and when they do, there's bound to be so much excitement and enthusiasm which may resonate even more than before, regardless as to whether or not stadiums are filled with fans. Bringing these stories to the world is what our sports teams do best.

我的第三個主題是體育賽事，全球各地的體育賽事都被推遲，對財務業績和預測造成了重大的時間影響。我們堅信體育賽事終將回歸，屆時必定會掀起巨大的熱潮，甚至可能比以往更加熱烈，無論體育場是否座無虛席。將這些故事帶給全世界正是我們運動隊伍的強項。

Given how the sports programming business works in Europe, the postponement of so many games has been a material event, with many customers pausing their sports subscriptions. I have reason to be optimistic as many European teams are already back practicing, and we have hoped that they resume play as early as May. Perhaps this will be the playbook the rest of the world uses and allows us to have conversations with our partners as we constructively work together to find solutions to bring sports back.

鑑於歐洲體育節目製作行業的運作方式，如此多的比賽延期是一件影響重大的事件，許多客戶暫停了他們的體育訂閱。我有理由保持樂觀，因為許多歐洲球隊已經恢復訓練，我們也希望他們最早能在五月恢復比賽。或許這將成為世界其他國家效仿的策略，使我們能夠與合作夥伴進行對話，共同努力尋找讓運動回歸的解決方案。

Fourth, this crisis has shined a bright light on just how much video consumption is evolving. And while such change is disruptive to parts of the company, it reminds us how well we are positioned overall given our strength in broadband, our innovation in streaming products such as Peacock and Flex and our diversification of world-class content across NBCUniversal and Sky. Great content is more valuable than ever even while technology disrupts.

第四，這場危機充分展現了錄像消費方式正在發生多麼巨大的變化。雖然這種變化會對公司的部分業務造成乾擾，但它提醒我們，鑑於我們在寬頻領域的優勢、在Peacock和Flex等串流媒體產品方面的創新以及NBC環球和天空電視台世界一流內容的多元化，我們整體上處於多麼有利的地位。即使科技帶來顛覆性變革，優質內容也比以往任何時候都更有價值。

In both good times and bad, I think about my father, Ralph, who, 57 years ago, built this company to be vibrant, relevant and attract the best talent to work for us while creating long-term value for shareholders. Ralph was truly the most optimistic man I've ever known, and at the same time, he lived through some of the worst events like the Great Depression and World War II, which instilled in him the need to be prepared for anything.

無論順境逆境，我都會想起我的父親拉爾夫。 57 年前，他創立了這家公司，使其充滿活力、與時俱進，吸引最優秀的人才為我們工作，同時為股東創造長期價值。拉爾夫是我認識的最樂觀的人，同時，他也經歷了像大蕭條和第二次世界大戰這樣最糟糕的事件，這讓他明白要時刻做好準備應對任何事情。

And Ralph's views are deep in my DNA and throughout all of Comcast, and that means having a very healthy balance sheet, a strong portfolio of complementary best-in-class assets; good sense to always take care of your people and a belief that scale really matters - particularly in difficult times. Pulling all of this together requires an entrepreneurial, global leadership team able to pivot at a moment's notice.

拉爾夫的觀點深深融入了我的血液，也貫穿了整個康卡斯特，這意味著要擁有非常健康的資產負債表，強大的互補型一流資產組合；始終關懷員工的明智之舉，以及規模至關重要的信念——尤其是在困難時期。要將這一切整合起來，需要一個具有企業家精神、全球化的領導團隊，能夠隨時做出調整。

We are working really hard to find a safe path back while we continue to operate and serve our customers every day.

我們正在努力尋找一條安全的復工之路，同時繼續每天為我們的客戶提供服務。

Mike will now take you through our first quarter financial results, which, under these circumstances, I feel were quite strong. Mike?

接下來，Mike 將為大家介紹我們第一季的財務業績，在目前情況下，我認為業績相當強勁。麥克風？

Thanks, Brian, and good morning, everyone. I first want to echo Brian's sentiments on the terrible impact COVID-19 is having on society, and I sincerely wish all of you well in these very difficult times.

謝謝你，布萊恩，大家早安。首先，我想同意布萊恩關於新冠肺炎疫情對社會造成嚴重影響的看法，並真誠地祝福大家在這些艱難時期一切安好。

Now I'll review our first quarter 2020 results in which the effects of COVID-19 only impacted us toward the end of the quarter. As a result, I'll try where possible to offer some commentary on the current conditions in our businesses, but please understand that circumstances are changing rapidly in this environment, making it impossible to offer anything but highly caveated commentary. That said, I'll do my best to be as informative as possible and get at the many questions I know you have for us.

現在我將回顧我們 2020 年第一季的業績，其中 COVID-19 的影響僅在季度末才對我們產生影響。因此，我會盡可能對我們業務的現狀發表一些評論，但請理解，當前情況變化迅速，因此我只能發表一些非常謹慎的評論。話雖如此，我還是會盡我所能提供盡可能多的信息，並解答你們可能提出的許多問題。

Beginning on Slide 5 with our consolidated results. Revenue decreased 0.9% to $26.6 billion. Adjusted EBITDA decreased 4.9% to $8.1 billion. Free cash flow generated in the quarter was $3.3 billion and adjusted earnings per share decreased 6.6% to $0.71. First quarter financials generally reflected strong results in cable, which were more than offset by NBCUniversal and Sky.

從第 5 張投影片開始，展示我們的綜合結果。營收下降0.9%至266億美元。調整後 EBITDA 下降 4.9% 至 81 億美元。本季產生的自由現金流為 33 億美元，調整後每股收益下降 6.6% 至 0.71 美元。第一季財務數據總體上反映了有線電視業務的強勁表現，但NBC環球和天空電視台的業績抵消了這一影響。

Now I'll unpack the consolidated results at the business segment level, and let's begin with Cable Communications on Slide 6. For the first quarter, Cable revenue increased 4.5% to $14.9 billion. EBITDA increased 6.1% to $6.1 billion and EBITDA less capital increased 10% to $4.5 billion.

現在我將依業務部門層級分析合併業績，我們先從第 6 頁的有線通訊業務開始。第一季度，有線業務收入成長 4.5%，達到 149 億美元。EBITDA 成長 6.1% 至 61 億美元，扣除資本支出後的 EBITDA 成長 10% 至 45 億美元。

We generated 371,000 customer relationship net additions in the quarter, a 24% increase year-over-year and the best first quarter on record with strength driven by our high-margin connectivity businesses. Together, residential high-speed internet and business services generated 477,000 broadband customer net additions excluding customers getting free Internet Essentials and high-risk customers who continue to receive services following nonpayment. The 477,000 net additions reflect a 27% year-over-year increase and marks the best quarterly net adds we've had in 12 years and the lowest quarterly churn on record.

本季我們新增客戶關係37.1萬，年成長24%，創歷史最佳第一季紀錄，這主要得益於我們高利潤率的連結業務的強勁表現。住宅高速網路和商業服務合計新增寬頻用戶 477,000 戶，不包括獲得免費網路基礎服務的用戶和欠費後仍繼續享受服務的高風險用戶。477,000 淨新增用戶反映出年增 27%，這是 12 年來我們取得的最佳季度淨新增用戶數，也是有記錄以來最低的季度流失率。

High-speed internet revenue increased 9.3% to $5 billion, driven by these strong customer additions and ARPU growth of 3.6%.

高速網路營收成長 9.3% 至 50 億美元，主要得益於強勁的客戶成長和 ARPU 成長 3.6%。

Business Services revenue grew 8% to $2 billion, and revenue per business customer relationship increased 4.1%.

商業服務收入成長 8% 至 20 億美元，每個企業客戶關係的收入成長 4.1%。

Turning to video. Revenue was flat in the quarter at $5.6 billion with very healthy ARPU growth of 4.1% offset by video subscriber losses which totaled 409,000. We believe our residential rate adjustment at the beginning of the year was a significant contributor to both the ARPU increase and the video subscriber loss in the quarter.

切換到影片。本季營收持平於 56 億美元，ARPU 成長非常健康，達到 4.1%，但視訊用戶流失 40.9 萬，抵銷了這一成長。我們認為年初的住宅用戶費率調整是導致本季每用戶平均收入 (ARPU) 成長和視訊用戶流失的重要因素。

Wireless revenue increased 52% to $343 million, driven by 216,000 additional lines bringing us to 2.3 million total lines.

無線業務收入成長 52% 至 3.43 億美元，這主要得益於新增 21.6 萬條線路，使總線路數達到 230 萬條。

Advertising revenue in the quarter was flat at $557 million. Excluding political, core advertising was down 4.6%.

本季廣告收入持平，為 5.57 億美元。剔除政治廣告後，核心廣告下降了 4.6%。

Turning to expenses. Cable Communications first quarter expenses increased 3.4% driven primarily by non-programming expenses, which increased 4.5% in part due to COVID-19 customer-facing employee pay increases and bad debt expense, which increased about 40% to $156 million in the quarter, including an increase in the reserve due to COVID 19.

接下來談談費用。有線通訊公司第一季支出成長 3.4%，主要受非節目支出成長 4.5% 的影響，部分原因是 COVID-19 導致面向客戶的員工薪資上漲；此外，壞帳支出成長約 40%，達到 1.56 億美元，其中包括因 COVID-19 而增加的準備金。

For the quarter, Cable Communications EBITDA grew by 6.1% and margins reached 40.7%, reflecting 60 basis points of year-over-year improvement.

本季度，有線通訊公司的 EBITDA 成長了 6.1%，利潤率達到 40.7%，年比提高了 60 個基點。

Cable capital expenditures decreased 6.9%, resulting in CapEx intensity of 8.5%, down 100 basis points year-over-year. Declines in the quarter were across CPE, line extensions and support capital, partly offset by an 8.3% increase in scalable infrastructure.

有線電視資本支出減少了 6.9%，導致資本支出強度為 8.5%，較去年同期下降 100 個基點。本季 CPE、線路延伸和支援資本均出現下滑，但可擴展基礎設施成長 8.3% 部分抵銷了這些下滑。

So now I'll touch on what we are currently experiencing in Cable Communications in the second quarter with a reminder of the earlier caveat on the rapidly changing environment.

現在我將談談我們在第二季有線通訊領域所面臨的情況，並再次提醒大家注意之前提到的環境快速變化的問題。

Residential high-speed data net adds are off to a solid start in April. The residential high-speed data revenue growth rate is expected to ease off modestly due to our proactive response to COVID-19, specifically our Keep Americans Connected Pledge, which we recently extended to June 30. We expect to see Business Services revenue growth moderate to low single-digit year-over-year levels for the second quarter, resulting from the net effect of COVID-19 economic pressures affecting our business customer base with some customers having paused service during lockdowns while others are requesting higher-tiered Internet service as they remain open, often in a remote fashion, which makes their high-speed data service all the more important to them.

4月份，住宅高速數據網路新增用戶數量開局良好。由於我們積極應對 COVID-19，特別是我們最近將「保持美國人互聯互通承諾」延長至 6 月 30 日，預計住宅高速數據收入增長率將略有放緩。我們預計第二季度商業服務收入同比增長將達到中等至較低的個位數水平，這是由於 COVID-19 疫情帶來的經濟壓力對我們的企業客戶群產生了淨影響，一些客戶在封鎖期間暫停了服務，而另一些客戶則要求更高等級的互聯網服務，因為他們仍在營業，而且通常是以遠程營業方式，這使得高速數據服務對他們來說變得更加重要。

On the video side, I mentioned earlier that our first quarter net losses were 409,000, which were 288,000 higher than our net losses during the same period last year. We don't see video trends changing as we begin the second quarter, and so we could see a similar year-over-year increase in the number of video customer net losses in the second quarter, likely still a reflection of our beginning-of-year rate increase as well as changing consumer preferences and economic stress.

在影片方面，我之前提到過，我們第一季的淨虧損為 409,000，比去年同期淨虧損高出 288,000。進入第二季度，我們預計視訊趨勢不會發生變化，因此我們可能會看到第二季度視訊用戶淨流失數量同比增加，這可能仍然反映了我們年初的漲價以及消費者偏好和經濟壓力的變化。

COVID-19 began to impact cable advertising at the end of the first quarter, and we expect advertising to be down significantly in the second quarter.

COVID-19 疫情在第一季末開始影響有線電視廣告，我們預計第二季廣告收入將大幅下降。

Turning to our outlook for expenses and margins.

接下來，我們來看看費用和利潤率的前景。

For programming costs, we continue to expect increases in the second half of 2020 as a result of anticipated programming renewals. We continue to approach programming renewals with a high level of discipline, and we expect sports and other programming to eventually return, driving viewership and overall engagement.

由於預計節目續訂，我們預計 2020 年下半年節目製作成本將繼續增加。我們將繼續以高度自律的態度對待節目續訂事宜，並期待體育賽事和其他節目最終能夠回歸，從而提升收視率和整體參與度。

For non-programming costs, we expect to continue to bear for a period of time both COVID-related operating expenses, specifically wage increases for our frontline employees; and elevated levels of bad debt expense. Such expenses are expected to be more than offset by expense declines related to slowdown in activity in some aspects of our business and ongoing cost discipline. Taking all this together, we expect to meet our original full year cable EBITDA margin outlook of up to 50 basis points of year-over-year margin expansion.

對於非程式成本，我們預計將在一段時間內繼續承擔與 COVID 相關的營運費用，特別是前線員工的薪資成長；以及較高的壞帳支出。預計這些支出將被業務某些方面活動放緩帶來的支出下降以及持續的成本控制所抵消。綜合以上因素，我們預計能夠實現全年有線電視業務 EBITDA 利潤率的預期目標，即同比增長高達 50 個基點。

We also expect to meet our full year CapEx intensity outlook for approximately 50 basis points of year-over-year improvement, driven by an increase in network investment offset by declines in CPE, line extensions and support capital.

我們也預計，全年資本支出強度將實現年比改善約 50 個基點，這主要得益於網路投資的增加，但同時也被 CPE、線路延伸和支援資本的下降所抵銷。

Now I'll turn to NBCUniversal's results on Slide 7. Revenue declined 7% to $7.7 billion and EBITDA was down 25.3% to $1.7 billion, reflecting a challenging film comparison, which was expected, as well as the impact of theme park and theater closures directly resulting from COVID-19.

現在我將來看幻燈片 7 中 NBCUniversal 的表現。營收下降 7% 至 77 億美元，EBITDA 下降 25.3% 至 17 億美元，這反映了電影業務同比基數較高（這也在預料之中），以及 COVID-19 直接導致的主題樂園和劇院關閉的影響。

Cable Networks revenue was flat at $2.9 billion and EBITDA was down 1.2% to $1.2 billion. While content licensing and other revenue was strong, up 13% due to the timing of certain SVOD deliverables in addition to a healthy contribution from our digital businesses. Distribution revenue declined by 1.5%, resulting from the expected lack of programming renewals, combined with accelerated subscriber losses. Advertising revenue declined 2.2%.

有線電視網路營收持平於 29 億美元，EBITDA 下降 1.2% 至 12 億美元。由於某些 SVOD 交付時間以及數位業務的良好貢獻，內容授權和其他收入表現強勁，成長了 13%。由於預期節目續訂不足以及用戶流失加速，發行收入下降了 1.5%。廣告收入下降了2.2%。

Turning to Broadcast. Revenue was up 8.8% in the first quarter to $2.7 billion as a result of strong content licensing and retrans. While EBITDA was up 30% to $501 million driven by this strong revenue growth as well as the benefit of an industry accounting change related to how content is amortized. Advertising revenue was flat.

轉向廣播。由於內容授權和轉播業務強勁成長，第一季營收成長 8.8%，達到 27 億美元。EBITDA 成長 30% 至 5.01 億美元，這得益於強勁的收入成長以及與內容攤銷方式相關的行業會計變更帶來的好處。廣告收入持平。

Taking the television businesses together, advertising results at both cable networks and broadcast were impacted at the end of the first quarter due to the postponement of sports resulting from COVID-19. Looking ahead, we anticipate advertising revenue will materially weaken from the first quarter due to the continued postponement of sports as well as the shape of the economic recovery as it reopens from COVID-19 shutdowns.

綜合來看，由於 COVID-19 疫情導致體育賽事延期，第一季末有線電視網絡和廣播電視的廣告業績均受到影響。展望未來，我們預計由於體育賽事持續延期以及經濟從 COVID-19 疫情封鎖中重新開放後復甦的形態，廣告收入將比第一季大幅下降。

Somewhat offsetting the advertising declines in the second quarter will be lower sports rights amortization given we amortize those rights during the period in which games air.

第二季廣告收入的下降將在一定程度上被體育賽事版權攤銷的減少所抵消，因為我們是在比賽播出期間攤提這些版權的。

As already announced, the summer Olympic games have been moved to 2021, and we remind you that we expect no financial loss in 2020 for this delay. As a result of this change in Olympics timing, in addition to accelerated subscriber losses, we now expect distribution revenue in the Cable Network segment to decline low single-digit percentages for the full year.

正如先前宣布的那樣，夏季奧運會已推遲到 2021 年舉行，我們在此提醒您，我們預計此次延期不會在 2020 年造成任何經濟損失。由於奧運時間的改變，加上用戶流失加速，我們現在預計有線電視網路部門的發行收入將全年下降個位數百分比。

Film revenue in the first quarter declined by 22.5% to $1.4 billion, and EBITDA declined by 71% to $106 million partly due to challenging comparisons to How to Train Your Dragon and The Grinch, further aggravated by exhibitor closings. In response to these shutdowns, we immediately and proactively moved our theatrical films to a premium video on-demand service. While we're very pleased with the PVOD success, the particular circumstances of each film are unique and we will determine our future distribution approach on a title-by-title basis.

第一季電影營收下降 22.5% 至 14 億美元，EBITDA 下降 71% 至 1.06 億美元，部分原因是與《馴龍高手》和《綠毛怪格林奇》的票房比較面臨挑戰，再加上戲院關閉，情況進一步惡化。為了因應這些停擺，我們立即主動將院線電影轉移到高級視訊點播服務平台。雖然我們對PVOD的成功感到非常滿意，但每部電影的具體情況都是獨特的，我們將根據每部電影的具體情況來決定未來的發行方式。

Looking forward, we anticipate film revenue and EBITDA to decline substantially, particularly in the second and third quarters, as a result of moving our 2 most highly anticipated feature films, the next installment of Fast and Furious as well as Minions 2, to 2021.

展望未來，我們預計電影收入和 EBITDA 將大幅下降，尤其是在第二季度和第三季度，這是因為我們將兩部最受期待的電影——《玩命關頭》的下一部以及《小小兵2》——推遲到 2021 年上映。

Theme parks revenue in the first quarter declined 32% to $869 million and EBITDA declined 85% to $76 million due in part to lingering softness in Japan prior to COVID-19, which was subsequently aggravated by the closures of Universal Studios Japan on February 29, Universal Studios Hollywood on March 14 and Universal Orlando Resort on March 16, all a direct result of COVID-19.

第一季主題樂園營收下降 32% 至 8.69 億美元，EBITDA 下降 85% 至 7,600 萬美元，部分原因是 COVID-19 疫情爆發前日本市場持續疲軟，隨後日本環球影城於 2 月 29 日、好萊塢環球影城於 3 月 14 日、奧蘭多影城於 2 月 29 日、好萊塢環球影城於 3 月 14 日影城、奧蘭多影城於 3 月 29 日關閉軟影城於 3 月 14 日影城、奧蘭多大疫情在 3 月之前加劇了這一點

At this point, all of our theme parks are closed, and we do not know when they will re-open. To help you understand the impact of park closures, were the parks to remain closed the entirety of the second quarter, we would expect to incur an EBITDA loss at parks of roughly $500 million in the quarter. The parks team is balancing near-term financial discipline with maximizing the long-term value of this business, and this is a dynamic effort on their part as the situation continues to develop.

目前，我們所有的主題樂園都已關閉，我們不知道它們何時會重新開放。為了幫助您了解公園關閉的影響，如果公園在整個第二季度保持關閉狀態，我們預計該季度公園的 EBITDA 虧損將達到約 5 億美元。公園團隊正在努力平衡近期的財務紀律與最大化這項業務的長期價值，隨著情況的不斷發展，這是他們正在做出的積極努力。

We remain very confident that the parks business will generate healthy returns over the long term. Nonetheless, we have decided to pause construction of Orlando's fourth gate or Epic Universe at this early stage while we focus on the immediate challenges that COVID-19 presents, while the final stages of work continue in full force for Super Nintendo World Japan, which is expected to open later this year; and Universal Beijing, which remains on schedule to open in 2021.

我們仍然非常有信心，從長遠來看，公園業務將帶來可觀的回報。儘管如此，我們還是決定在現階段暫停奧蘭多第四座主題樂園或史詩宇宙的建設，以便集中精力應對 COVID-19 帶來的直接挑戰；與此同時，預計將於今年晚些時候開業的日本超級任天堂世界和仍計劃於 2021 年開業的北京環球影城的最後階段工作正在全力進行中。

Now let's move on to Sky results on Slide 8. 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.

現在讓我們來看看第 8 張幻燈片上的 Sky 業績。提醒一下，我將以固定匯率為基礎來討論 Sky 的成長率，這與我們在收益報告中反映的情況一致。

For the first quarter 2020, Sky revenue decreased 3.7% to $4.5 billion and EBITDA declined 15% to $551 million.

2020 年第一季度，Sky 的營收下降 3.7% 至 45 億美元，EBITDA 下降 15% 至 5.51 億美元。

COVID-19 has resulted in the postponement of many sporting events throughout our Sky markets, which started to impact our results in the second half of the quarter. This postponement was the primary driver of the 1.9% decline in direct-to-consumer revenue and 10.5% decline in content revenue. Advertising revenue also decreased by 11.6% due to overall market weakness, which was exacerbated by COVID-19, as well as continuation of the unfavorable impact from a change in legislation related to gambling advertisements in the U.K. and Italy, which we expect to lap in the third quarter.

COVID-19 疫情導致我們在 Sky 市場舉辦的許多體育賽事被推遲，這從本季度下半段開始影響了我們的業績。此次延期是導致直接面向消費者的收入下降 1.9% 和內容收入下降 10.5% 的主要原因。由於整體市場疲軟，廣告收入也下降了 11.6%，而 COVID-19 疫情加劇了這一疲軟局面。此外，英國和義大利有關賭博廣告的立法變更帶來的不利影響仍在持續，我們預計這種影響將在第三季結束。

Given the significant revenue associated with Sky Sports and the fact that sports packages are sold separately, the complete shutdown of sports presents a unique risk of customer attrition, if unaddressed. In light of that challenge, our approach has been to allow our customers to pause their sports-related subscription payments during this time, which mitigates the risk of customer disconnects and keeps us in control of turning this revenue stream back on when sports return.

鑑於天空體育頻道帶來的巨額收入，以及體育套餐是單獨出售的，如果體育賽事全面停擺無法解決，將會造成獨特的客戶流失風險。鑑於這項挑戰，我們的做法是允許客戶在此期間暫停與體育相關的訂閱付款，這樣可以降低客戶斷網的風險，並使我們能夠在體育賽事恢復時重新開啟這一收入來源。

As we look to the rest of the year, we do anticipate, based on reports coming out of each country, that most major sports will return to complete their current seasons, although at different times for different sports across the Sky markets.

展望今年的剩餘時間，根據各國發布的報告，我們預計大多數主要體育賽事都將恢復進行，以完成當前的賽季，儘管在天空電視台的各個市場，不同體育項目的恢復時間會有所不同。

In terms of financial impact, due to the significant pause in sports revenue impacting our residential, commercial and wholesale revenue, the deferral of sports rights cost amortization into the quarter when games are played as well as the headwinds we face with advertising revenue due to the economic pressures of the current environment, we expect Sky EBITDA for the second and third quarters combined to decline roughly 60% year-over-year. Between the second and third quarters, the split in results is difficult to predict since it is very sensitive to the proportion of the remainder of season play between the 2 quarters in each market, hence the commentary on the second and third quarters combined.

就財務影響而言，由於體育賽事收入的大幅停滯影響了我們的住宅、商業和批發收入，體育賽事版權成本攤銷推遲到比賽舉辦的季度，以及由於當前經濟環境的壓力，我們在廣告收入方面面臨不利影響，我們預計 Sky 第二季度和第三季度的 EBITDA 合計將同比下降約 60%。第二季和第三季之間的結果很難預測，因為它對每個市場中剩餘賽季比賽在兩個季度之間的比例非常敏感，因此評論將第二季和第三季合併在一起。

While the impact on Sky due to the shutdown of sports is significant and unfortunate, our approach to customer retention gives us confidence that when sports return for their new seasons later in the year, the Sky Sports business will snap back as well.

雖然體育賽事停擺對 Sky 造成了重大且不幸的影響，但我們採取的客戶維繫措施讓我們有信心，當體育賽事在今年晚些時候恢復新賽季時，Sky Sports 的業務也會迅速恢復。

In terms of Sky's 2020 investment agenda, which includes Sky Q acceleration and the launch of broadband in Italy, COVID-19 will cause some delays in execution but we still expect to complete them in due course given their very healthy returns.

就 Sky 2020 年的投資計劃而言，其中包括加速 Sky Q 的發展和在義大利推出寬頻服務，COVID-19 將導致執行方面出現一些延誤，但鑑於其非常可觀的回報，我們仍然預計會在適當的時候完成這些計劃。

Fortunately, the impact of COVID-19 on global sports and, therefore, on Sky feels to us to be finite. Sky is a strong business with 24 million customers paying us over $50 per month. And we firmly believe the return to a normalized sports schedule and an end to shelter in place should enable Sky to capitalize on its leading products and brands so as to return to its trajectory of long-term growth.

幸運的是，我們認為 COVID-19 對全球體育以及天空電視台的影響是有限的。Sky是一家實力雄厚的公司，擁有2,400萬每月支付我們超過50美元的客戶。我們堅信，隨著體育賽事恢復正常日程，居家隔離措施結束，天空電視台將能夠充分利用其領先的產品和品牌，從而重回長期增長軌道。

Wrapping up on Slide 9 with free cash flow and capital allocation. Free cash flow was $3.3 billion in the quarter, and we paid $977 million in dividends.

第 9 頁總結了自由現金流和資本配置。本季自由現金流為 33 億美元，我們支付了 9.77 億美元的股息。

Consolidated total capital, which includes CapEx as well as software and intangibles, decreased 5.3% in the first quarter to $2.5 billion driven by declines across all of our businesses, and we now anticipate a modest year-over-year decline for the full year. We anticipate working capital to be roughly in line with last year, with declines at NBCU and Sky resulting from delays in content production and sports programming, offset by an increase in Cable.

包括資本支出、軟體和無形資產在內的綜合總資本在第一季下降了 5.3%，至 25 億美元，這是由於我們所有業務的下滑所致。我們現在預計全年同比將出現小幅下降。我們預計營運資金將與去年大致持平，NBCU 和 Sky 的資金下降是由於內容製作和體育節目製作的延遲，但有線電視的資金成長抵消了這一影響。

We expect the significant disruption from COVID-19 on EBITDA at NBCU and Sky to pressure our leverage ratio until the affected portions of those businesses have returned and ramped back up. As a result, we no longer expect to resume share repurchases in 2021.

我們預計 COVID-19 對 NBCU 和 Sky 的 EBITDA 造成的重大干擾將對我們的槓桿率構成壓力，直到這些業務受影響的部分恢復並重新加速運轉為止。因此，我們預計2021年將不再恢復股票回購。

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

最後，我們將繼續堅持長期以來的均衡資本配置方法，即保持穩健的資產負債表，進行有機增長投資，並通過對經常性股息的堅定承諾以及最終恢復股票回購來向股東返還資本。

So with that, I'll turn it back to Marci who I welcome to the Comcast team. She couldn't have joined at a more interesting time, and it's clear that we are very lucky to have her onboard.

那麼，接下來我將把鏡頭交還給馬西，歡迎她加入康卡斯特團隊。她加入的時機再好不過了，很顯然我們非常幸運能有她加入。

Thanks, Mike. Carmen, let's open up the call for Q&A, please.

謝謝你，麥克。卡門，我們現在開始問答環節吧。

(Operator Instructions) Your first question will come from the line of Benjamin Swinburne with Morgan Stanley.

（操作員說明）您的第一個問題將來自摩根士丹利的本傑明·斯溫伯恩。

Two questions. Realizing these are unprecedented times, I'm curious if you could talk about some of the maybe longer-term structural changes you expect to come out of this across your businesses. Obviously, a lot of this stuff is temporary. But as you step back from the day-to-day managing of the company, what are you seeing in terms of opportunities or changes you make to how you invest in the business and sort of your priorities for the company? Be interested in your thoughts there.

兩個問題。鑑於目前情況前所未有，我很想知道您能否談談您預計貴公司業務可能會因此而產生的一些長期結構性變化。顯然，很多東西都是暫時的。但是，當你從公司的日常管理中抽身出來後，你看到了哪些機會，或者你會對公司投資方式和優先事項做出哪些改變？我很好奇你的想法。

And then, second, along the lines of sort of structural changes and opportunities to test new models, without getting into the controversy around Trolls: World Tour, I'd love to just hear how you're thinking about the film business in a post-COVID world because the numbers out of that one film seem pretty interesting. Curious on your conclusions on sort of what you take from that experiment, so to speak, and how you address the theatrical business longer term.

其次，關於結構性改變和測試新模式的機會，暫且不談《魔髮精靈2：世界巡迴演唱會》的爭議，我很想聽聽你對後疫情時代電影產業的看法，因為這部電影的數據似乎很有意思。我很想知道你從這個實驗中得出了什麼結論，以及你如何看待戲劇產業的長期發展。

Okay. Well, this is Brian. Let me begin and pass off to some of my colleagues to help with those questions. I think that the long-term priorities of the company are -- we're looking at this whole pandemic in sort of phases. First phase is how do you stay operating and give customers great service, protect your employees, some of the things I said in my opening remarks. I think the second phase is where we're all hoping that we're getting into right now, and you're maybe a bit ahead of us, is getting back into some form of going to the office, some form of normalcy. And then the third is kind of probably where your question is headed, what you see on the "other side." And a lot depends on how that second phase really pans out.

好的。這位是布萊恩。讓我先開始，然後請我的同事來幫忙回答這些問題。我認為公司的長期優先事項是──我們正在分階段地看待這場疫情。第一階段是如何維持營運並為客戶提供優質服務，保護員工，這些都是我在開場白中提到的。我認為我們現在都希望進入第二階段，而你們可能比我們走得更遠一些，那就是恢復某種形式的上班生活，某種形式的正常生活。第三個問題可能正是你問題的最終答案，也就是你看到的「另一邊」是什麼樣子。而這很大程度取決於第二階段的最終結果如何。

I think for me, the priorities have sharpened our focus on taking advantage of the disruptions and where can we re-examine whether it's cost structures, revenue opportunities, innovation and -- in each of our businesses. Starting with broadband -- maybe we start with Dave. Why don't you take a crack at that answer? And then Jeff, why don't you talk about the film business?

我認為，對我而言，這些優先事項讓我們更專注於利用變革帶來的機遇，以及我們可以在哪些方面重新審視成本結構、收入機會、創新——在我們各自的業務中。從寬頻說起——或許我們可以從戴夫開始。為什麼不嘗試回答這個問題呢？那麼傑夫，你為什麼不談談電影業呢？

Thanks, Brian. So there -- I think there are a handful of things certainly broadband-related when you think about structural opportunities going forward. But even before that, I'd start with the amazing work that the team did in taking 90% of our call center agents and getting them to work from home. So whether or not that stays at that level, we don't know. We'll figure out the right balance going forward. But there has to be a structural benefit in being able to figure that out very quickly and effectively.

謝謝你，布萊恩。所以，我認為在考慮未來的結構性機會時，肯定有一些事情與寬頻相關。但即便在此之前，我首先要讚揚團隊所做的出色工作，他們讓 90% 的呼叫中心客服人員在家工作。所以，這個數字是否會維持在這個水平，我們還不得而知。我們會找到未來合適的平衡點。但能夠快速有效地弄清楚這一點，必然會帶來結構性的好處。

I think from a broadband standpoint, the process -- we had already been investing strong product road map around self-install capability, but we've enhanced it with the drop-and-go capability. We leave the SIK kit, provide telephonic and chat support, and those are going to be benefits that I think we'll have going forward. And most certainly, as Brian talked about, our digital tools, a very strong road map there between xFi, My Account and the Xfinity Assistant, the chat capability, these things are game changers and provided, I think, a nice uptick during this period, but I think a lot of that will be sustainable.

我認為從寬頻的角度來看，這個過程——我們已經圍繞自助安裝功能投入了大量資源，制定了強大的產品路線圖，但我們透過即插即用功能增強了它。我們會留下 SIK 套件，提供電話和聊天支持，我認為這些將是我們未來能夠享受的好處。當然，正如布萊恩所說，我們的數位工具，包括 xFi、我的帳戶和 Xfinity 助手，以及聊天功能，這些都具有非常強大的發展路線圖，它們改變了遊戲規則，我認為，它們在這個時期帶來了不錯的增長，而且我認為其中很多都是可持續的。

Before, Jeff, you pop in, I want to welcome you to this call, obviously, under tremendous unique circumstances. But you've been with us forever, listened in on a lot of these calls. But come at it with both your maybe broader view of life and specifically, the film question.

傑夫，在你進來之前，我想歡迎你參加這次通話，顯然，這是在非常特殊的情況下。但你一直陪伴著我們，旁聽過很多次這樣的通話。但請帶著你對生活的更廣闊視角，以及對這部電影的具體看法來看這個問題。

Yes. So thank you, Brian. I will just echo, Brian, what you just said. I've been in the company for a long time and been in a lot of our businesses, and it's an honor to run this. And I think, longer term, as we come out of this, we couldn't be better positioned. So I'm happy to be here and happy to be part of this team.

是的。所以，謝謝你，布萊恩。布萊恩，我只想重複你剛才說的話。我在公司工作了很長一段時間，參與過我們許多業務，能夠管理這個部門是我的榮幸。而且我認為，從長遠來看，當我們走出困境時，我們已經處於非常有利的地位。所以我很高興來到這裡，也很高興能成為這個團隊的一員。

So Ben, on the PVOD question, I spent a big chunk of the last decade in the film business, and there's no question that theatrical is someday again going to be the central element to our business and the film business, which is how people made their movies and how they expect their movies to be seen. But the flip side is the majority of movies, whether we like it or not, are being consumed at home, and it's not realistic to assume that we're not going to change -- that this part of the business isn't going to change like all parts of the business is going to change.

所以本，關於PVOD的問題，我過去十年的大部分時間都待在電影行業，毫無疑問，影院放映總有一天會再次成為我們行業和電影行業的核心要素，人們就是透過影院放映來製作電影，也是他們希望自己的電影被觀看的方式。但另一方面，不管我們喜歡與否，大多數電影都是在家裡觀看的，認為這種現像不會改變是不切實際的——認為電影業的這一部分不會像其他行業一樣改變。

So as you mentioned, we're in a current unprecedented environment. We had a number of films, including Trolls, that were ready to go, that we had worked very hard on and invested a lot of money in. We really had a choice. Do we delay those movies to a time when we think the theaters are going to be back open again? We did that with Fast and Minions. Do we sell them or move them to streaming? Some of our other competitors have done that. Or do we try something new to preserve kind of the premium nature of movies? And that's how we came up with the PVOD offering.

正如您所提到的，我們目前正處於前所未有的環境中。我們有好幾部電影都已經準備就緒，包括《魔髮精靈》，我們為此付出了很多心血，也投入了許多資金。我們當時確實有選擇。我們是否應該推遲這些電影的上映時間，直到我們認為電影院重新開放為止？我們用《玩命關頭》和《小小兵》做到了這一點。我們是賣掉它們還是把它們轉移到串流平台？我們的一些其他競爭對手也這樣做了。或者我們嘗試一些新的方法來保持電影的優質特性？這就是我們推出PVOD服務的由來。

And I couldn't be -- first of all, I would say I couldn't be more pleased with Donna Langley and her team, how they executed. The numbers, as you mentioned, are really interesting. It provided consumers with a product that they desperately needed at home, particularly if you have a bunch of 7-year-olds and 5-year-olds running around. And it was good for our employees. We kept them working on something. And it gave us an ability to make some money on something that we're proud of.

首先，我必須說，我對唐娜·蘭利和她的團隊的執行方式非常滿意。正如你所說，這些數字確實很有趣。它為消費者提供了一款他們在家中急需的產品，尤其是有7歲和5歲孩子在家跑來跑去的時候。這對我們的員工來說是件好事。我們讓他們一直做些事。它讓我們能夠透過自己引以為傲的事物來賺錢。

The question is when we come out of this, what is going to be the model? And I would expect that consumers are going to return to the theaters, and we will be a part of that. And I also would expect that PVOD is going to be part of that offering. In some way, it's not going to be replacement, but it's going to be a complementary element, and we're just going to have to see how long that takes and where that takes us.

問題是，當我們走出困境時，將會採取什麼樣的模式？我預期消費者將會重返電影院，而我們也將成為其中的一份子。而且我認為PVOD（付費點播）也將是該服務的一部分。從某種意義上說，它不會取代現有的東西，而會成為一種補充，我們只需要看看這需要多長時間，以及它會把我們帶到何處。

Thanks, Ben.

謝謝你，本。

Your next question is from the line of Jessica Reif with Bank of America Securities.

您的下一個問題來自美國銀行證券的傑西卡·雷夫。

Your next question will be from Doug Mitchelson with Crédit Suisse.

下一個問題將來自瑞士信貸的道格·米切爾森。

I guess first question would be on sports. Investors have a lot of questions on sports, in particular whether you have to pay the leagues and whether you have to pay the sports networks when they do not have sports on the air. And I think regional networks -- sports networks are well understood. So the investor focus is on national sports networks. I know these are a sensitive sort of subject area, but any commentary around that? Obviously, the Olympics are also already understood.

我想第一個問題應該會是關於體育的。投資者對體育有很多疑問，特別是是否需要向聯賽付費，以及在體育電視台沒有播出體育賽事時是否需要向其付費。我認為區域性網絡——尤其是體育網絡——已經得到了很好的理解。因此，投資者的關注點在於國家體育網絡。我知道這是一個比較敏感的話題，但大家有什麼看法嗎？顯然，奧運的意義也已經眾所周知了。

And then I think -- I have a question on wireless actually, which is with T-Mo and Sprint getting approved and closing another viable MVNO partner, obviously very different from what your Sprint MVNO could have offered. To the extent you were trying to improve on your Verizon MVNO terms, DISH is starting early efforts to build out, CBRS and C-band auctions are coming up, it feels like the company has some important decisions to make on wireless strategy this year. I'm wondering if this crisis has impacted those decisions at all, whether there's an increased bar for cost of capital internally or based on how you see customers using wireless during this crisis and its relative importance to Comcast.

然後我想——我其實有個關於無線技術的問題，那就是 T-Mobile 和 Sprint 獲得了批准，並關閉了另一個可行的 MVNO 合作夥伴，這顯然與你們的 Sprint MVNO 能夠提供的服務非常不同。就你試圖改善與 Verizon MVNO 的條款而言，DISH 已經開始著手早期建設，CBRS 和 C 頻段拍賣即將到來，感覺該公司今年在無線戰略方面有一些重要的決定要做。我想知道這場危機是否對這些決定產生了任何影響，例如內部資本成本門檻是否提高，或者是否基於您認為客戶在這場危機期間如何使用無線網路以及無線網路對康卡斯特的相對重要性而提高了資本成本門檻。

Well, let me start, Doug. On sports, depending on which part of the ecosystem you're in, as you said, regional, national, U.S. or international, there's not a connection necessarily to all the contracts all synced in one way or the same. They're all very individual. And based on the nature of the season versus the playoffs, it obviously gets even more complicated.

好，讓我先來，道格。在體育領域，正如你所說，根據你所處的生態系統的哪個部分，地區性、國家性、美國性或國際性，所有合約不一定都以某種方式或相同方式同步。他們都非常有個性。而且，考慮到常規賽和季後賽的性質不同，情況顯然會變得更加複雜。

So our focus at the moment is trying to work with each of our various leagues, where, I think, ultimately, the answers to some of these questions reside. The leagues have to decide are they going to be playing, what happens to the future if they're just starting a season or the current one that got disrupted. And as I said, I think we're seeing encouraging movement all over the world, including in the U.S. And so I think it's very much top of mind.

因此，我們目前的重點是努力與我們各個聯盟合作，我認為，最終，其中一些問題的答案就在那裡。各聯盟必須決定是否繼續比賽，如果是剛開始的新賽季或是目前中斷的賽季，未來將會如何發展。正如我所說，我認為我們看到世界各地，包括美國，都在出現令人鼓舞的進展。所以我認為這是大家非常關心的問題。

We -- if we are able to get clarification, then we can give that to our customers. It works differently in Europe than it does in the U.S. So I don't know that we have any more to add to the information that we gave in the remarks, but our main focus and hope is that there's an awful lot of effort being spent to get back quickly and safely, and I'm hopeful that that's going to happen.

如果我們能夠獲得澄清，那麼我們就可以將其提供給我們的客戶。歐洲的情況與美國不同。因此，我不知道我們是否還有什麼可以補充的，但我們的主要關注點和希望是，各方正在付出巨大的努力，以盡快安全地恢復正常生活，我希望這種情況能夠發生。

But Dave, why don't you talk about anything else on sports but particularly maybe on wireless?

但是戴夫，為什麼你不談談體育方面的其他事情，特別是關於無線通訊的話題呢？

I think you covered it well in sports. On wireless, Doug, we continue to like our current approach. Even in this moment, we see that all the major areas that we've been focused on around broadband churn -- yes, there'll be a little bit of impact on retail through this period, but between Bring Your Own Device, new device launches, we continue to be real pleased with the trajectory of the wireless business.

我覺得你在體育部分報道得很好。道格，關於無線技術，我們仍然喜歡我們目前的方法。即使在目前，我們看到我們一直在關注的寬頻用戶流失的所有主要領域——是的，在此期間零售業會受到一些影響，但從自帶設備 (BYOD) 和新設備發布來看，我們對無線業務的發展軌跡仍然非常滿意。

As to opportunities, spectrum and/or the relationship, we like our relationship, current one that we have. We're always going to be staring at ways of making improvements to it over time, but the fundamentals are very good. And in regards to spectrum, nothing new to report. We will be opportunistic if it makes sense to our business. Overall, the third objective is to be profitable at scale, and we feel very comfortable with where we're going.

至於機會、發展空間和/或關係，我們喜歡我們目前的關係。隨著時間的推移，我們總是會想辦法對其進行改進，但它的基本面非常好。至於頻譜方面，沒有什麼新的消息要報告。如果對公司業務有利，我們會抓住機會。總的來說，第三個目標是實現規模化獲利，我們對目前的發展方向感到非常滿意。

Thanks, Doug.

謝謝你，道格。

And we have Jessica Reif with Bank of America Securities.

我們現在連線的是美國銀行證券的傑西卡·雷夫。

Sorry, I think the operator disconnected me. So I apologize if this question was asked. But on -- I know -- I came back on something with sports, but Sky and NBCU are still paying for sports. And obviously, there's nothing on. So I'm just wondering how you're thinking about contracts as they come up. What will you get in return? How does this position you for the next round?

抱歉，我覺得接線生把我的線斷開了。如果這個問題之前有人問過，我深感抱歉。但是——我知道——我又回到了體育方面，但天空電視台和NBC環球仍在為體育賽事付費。顯然，現在什麼都沒有。所以我想知道您在處理合約時是如何考慮的。你將會得到什麼回報？這對你下一輪的情況有何影響？

On Peacock, you said it was a great start for the first 3 weeks. Can you give us color on what you're seeing? And why not change rollout plans? I mean all the elements seem to be in place for a direct-to-consumer service in this environment, everyone's home. And given the targeted advertising, it just seems like the perfect opportunity.

在Peacock平台上，你說過前三週的開局很棒。能詳細描述一下你看到的情況嗎？為什麼不更改推廣計劃呢？我的意思是，在這種人人都待在家裡的環境下，所有直接面對消費者的服務要素似乎都已具備。鑑於這種定向廣告策略，這似乎是一個絕佳的機會。

And finally, I'm not sure if maybe we missed this, but have you said -- I haven't seen much on costs going forward. Do you feel like your businesses are rightsized for the current environment? And what's going on affects so many of NBCU businesses, theme parks, film, TV, et cetera.

最後，我不確定我們是否遺漏了這一點，但您是否說過——我還沒有看到太多關於未來成本的資訊。您認為貴公司的業務規模是否適合目前的市場環境？而目前的狀況影響了NBCU的眾多業務，包括主題樂園、電影、電視等等。

So let me -- Jessica, welcome back to the call. We did talk about sports a little bit. So -- but let me ask Jeremy -- since Sky Sports is a separate subscription, for those that aren't familiar with it, it's a different business approach. And people have paused the subscription, which is, I think, a very intelligent approach. And what we're seeing there is -- let me ask Jeremy to talk about that.

那麼，讓我來——傑西卡，歡迎回到通話中。我們確實聊了一會兒體育。所以——但我想問傑里米——由於天空體育是單獨的訂閱服務，對於那些不熟悉它的人來說，它的商業模式有所不同。人們已經暫停了訂閱，我認為這是一個非常明智的做法。我們看到的情況是——讓我請傑里米談談這一點。

And then why don't we take your 2 questions on Peacock and costs in general, which I think are -- and ask Jeff to comment when Jeremy's finished.

那麼，我們不妨先回答你關於Peacock和費用方面的兩個問題，我認為——等Jeremy說完後，請Jeff發表一下看法。

Thanks, Brian. Yes. So we've broadly stepped into sports customers, as Brian said, and have paused many of our sports customers' subscriptions. We unbundled sports. So we thought that was a very sensible way to manage in an environment where essentially the sports season's gone away for now. That, of course, means that the level of cancellations we've had in sports is de minimis. So we think that positions us well to bring customers back when the sports season resumes.

謝謝你，布萊恩。是的。正如布萊恩所說，我們已經廣泛介入體育客戶群，並暫停了許多體育客戶的訂閱服務。我們把體育運動分拆開來。因此，我們認為在運動賽季暫時告一段落的當下，這是一種非常明智的管理方式。當然，這意味著體育賽事的取消數量微乎其微。因此，我們認為這使我們能夠更好地在體育賽季恢復時吸引顧客回歸。

In terms of negotiations with sports rights holders, we are talking pretty much to everybody at the moment. That covers a range of things, but firstly, how do we get sports back, which I think is in everybody's interest. So we're working with rights holders, with governments around what we can do to create a safe environment so that sports can come back. The assumption is that sports does come -- start to come back over the summer, as Mike talked about.

就與體育版權持有者的談判而言，我們目前幾乎與所有人都在進行洽談。這涵蓋了許多方面，但首先，我們如何讓體育賽事恢復進行？我認為這符合每個人的利益。因此，我們正在與版權所有者和政府合作，探討如何創造一個安全的環境，使體育賽事能夠回歸。人們普遍認為，體育賽事會在夏季開始恢復，就像麥克所說的那樣。

And then in terms of the future on sports renegotiations and new contracts, I mean, the principle is that our -- my approach doesn't need to change because we start with value, and the value that we see, we bid against that value in a disciplined way. One of the advantages I think about the way sports are sold in Europe is that, typically, we're on shorter cycles. The average cycle will be 3, perhaps 4 years. So that does give us the opportunity. While we think there's some form of reset that's required and we see a different -- we take a different view in terms of value to get, by the way, obviously, we'll -- we're thinking about that all the time but particularly at the moment, and we'll reflect that in due course.

至於體育合約重新談判和新合約的未來，我的意思是，原則是——我的方法不需要改變，因為我們從價值出發，根據我們看到的價值，我們以嚴謹的方式進行競價。我認為歐洲體育賽事銷售方式的優點之一是，我們的賽事週期通常較短。平均週期為 3 年，或許 4 年。所以這確實給了我們機會。雖然我們認為需要某種形式的重置，而且我們看到了不同的——順便說一句，我們對價值的看法不同，顯然，我們一直在思考這個問題，尤其是在目前，我們會在適當的時候反映這一點。

Jeff, why don't you take Peacock?

傑夫，你為什麼不選孔雀呢？

Yes. Let me jump in. Jessica, let me take Peacock and then go to costs. So on Peacock, it's very early, Jessica. We're 3 weeks in or so -- not even 3 weeks in, so I'm reticent to make any conclusions.

是的。我也來插一句。潔西卡，讓我先拿下孔雀，再去討論成本。所以，在Peacock平台上，現在還很早，Jessica。現在才過了三週左右——甚至還不到三週，所以我不願妄下任何結論。

But our goals on launching first with Comcast were twofold: one, get the product right technically; and two, learn some things about how people are using it so when we roll it out nationally we can go out with the best product. The early results, as I said, it's a couple of weeks in, but they're very, very encouraging, particularly the amount of time that each person is spending on the platform. We have -- our product is a very, very deep offering. We didn't launch with a lot of our splashy originals because of COVID but we have so much on there that people are getting on there and they're spending a lot more time than we had originally anticipated, which is great news.

但我們首先與 Comcast 合作推出產品的目標有兩個：一是確保產品在技術上正確無誤；二是了解人們如何使用該產品，以便在全國推廣時，我們能夠提供最好的產品。正如我所說，初步結果雖然才過了幾週，但非常非常令人鼓舞，特別是每個人在平台上花費的時間。我們的產品－我們的產品系列非常非常豐富。由於新冠疫情，我們沒能推出很多引人注目的原創內容，但我們平台上的內容非常豐富，人們上線後花費的時間也比我們最初預期的要多得多，這是個好消息。

So why not pull it up and launch it earlier? We're in a marathon, not a sprint. We're not -- we have an ad-supported service. We don't see the value -- we're not trying to gain subscribers. And we want to make sure the product is right before we launch in July. So this is kind of a measured strategy on our part, and I think it's the right strategy for Peacock. And we're very encouraged and even more optimistic on it long term.

那為什麼不提前啟動呢？我們是在跑馬拉松，而不是短跑。我們不是－我們採用的是廣告支援型服務。我們看不到這樣做的價值——我們並不想獲得訂閱用戶。我們希望確保產品在7月上市前一切就緒。所以這是我們採取的一種審慎策略，我認為這對Peacock來說是正確的策略。我們深受鼓舞，並且對它的長期發展前景更加樂觀。

On costs -- the question about whether we're rightsized on costs given where the environment is headed, the answer is probably no, and we're addressing that pretty aggressively. We're trying to be thoughtful within our business though, and there's obviously a couple of different kinds of businesses. One business is -- there are businesses like the theme park business where the revenue has just shut off and we have to address our costs, but we're going to come back at some point. There, we have cut a significant amount of our costs and can flex even further down if this goes longer and deeper than we see right now. And then elsewhere in our business where we're seeing both short-term and structural declines, I think what we're trying to do is address our cost base in a way that comes out of this in a different way, that we look like a different company and we can shift our business as we adjust our cost base. But we're spending a lot of time on our cost base. And certainly, over the next weeks and months, we'll make pretty significant adjustments there across our business.

關於成本－考慮到環境的發展方向，我們的成本規模是否合適，答案可能是否定的，我們正在積極地解決這個問題。不過，我們在經營過程中也盡量做到深思熟慮，顯然企業也有幾種不同的類型。其中一個產業是——像主題樂園這樣的產業，收入已經完全停止，我們必須解決成本問題，但我們總有一天會恢復的。我們已經大幅削減了成本，如果疫情持續時間更長、影響更嚴重，我們還可以進一步降低成本。而在我們業務的其他方面，我們看到了短期和結構性的下滑，我認為我們正在努力以一種不同的方式解決我們的成本基礎問題，使我們看起來像一家不同的公司，並且隨著我們調整成本基礎，我們可以轉變我們的業務。但我們花了很多時間研究成本基礎。當然，在接下來的幾週和幾個月裡，我們將對公司的各個方面進行相當大的調整。

Thanks, Jessica.

謝謝你，潔西卡。

Your next question is 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 may. One, on the cable side of the business, what are you seeing with respect to small/medium business in your business services segment? And how should we think about the exposure of that segment in particular to the crisis? Have share shifts continued? And is that perhaps enough to offset the pressure that those businesses are likely to be feeling.

恕我冒昧，請容許我問兩個問題。第一，就有線電視業務而言，您在商業服務領域中看到了中小企業的哪些情況？那麼，我們該如何看待這群人在危機中所受到的影響呢？股份變動是否仍在繼續？這是否足以抵銷這些企業可能感受到的壓力？

And then in the Sky business, if you -- part of the strategy, I think, for that business has always been to try to grow the OTT platform in Europe given the strength of that brand. Is there a way that you can accelerate that transition now just given that they're experiencing a lot of the same lockdowns that we are here to try to sort of build the lifeboat, if you will, for the traditional distribution business?

而在 Sky 的業務中，我認為，該業務策略的一部分始終是利用品牌的強大實力，努力在歐洲發展 OTT 平台。鑑於他們現在也面臨著和我們一樣的封鎖，我們能否想辦法加快這種轉型，為傳統分銷業務打造一條「救生艇」呢？

And actually, if I could squeeze in just one simpler and more technical question on theme parks. Just can you give us an idea of what the breakeven occupancy or attendance rate would have to be when you re-open in order to be profitable?

實際上，如果我能擠出時間問一個關於主題樂園的更簡單、更技術性的問題就好了。您能否大概估算一下，重新開業後，要達到損益平衡的入住率或客流量，才能獲利？

Okay. That has touched on all parts of the company. So why don't we start with you, Dave, on SMB and Business Services, and we'll go over to Jeremy. And then maybe, Mike, you take the parks question, if you want, or Jeff.

好的。這影響到了公司的各個部門。那麼，我們先從你，戴夫，談談中小企業和商業服務，然後再請傑里米談談。然後，麥克，如果你願意的話，你可以回答關於公園的問題，或者傑夫也可以。

Got it, Brian. Craig, so this -- what we're experiencing right now is primarily, as you noted, an SMB issue. In a number of businesses where -- Mike mentioned earlier, where we've paused their accounts, there's no question there's been an uptick, an increase. But the rate of that increase is declining. And so you take that, it's not a huge number but it's -- we're working with our clients to stay very focused on that. There will be some impact for sure as we go into Q2.

明白了，布萊恩。Craig，所以——正如你所指出的，我們現在遇到的問題主要是中小企業的問題。在一些企業中——正如邁克之前提到的，我們暫停了他們的帳戶——毫無疑問，他們的業務量有所上升，有所增加。但這種成長速度正在下降。所以，雖然這個數字不大，但我們正在與客戶合作，密切關注這一點。進入第二季度肯定會受到一些影響。

But overall, to counter, as you referenced, in SMB, we're still the challenger with around 40% or so penetration. So there -- the fundamentals of SMB are still very good, and there's penetration upside. We're going to go after it. And we still are getting a fair amount of connect business even during this period.

但總的來說，正如您所提到的，在中小企業市場，我們仍然是挑戰者，滲透率約為 40%。所以說，中小企業的基本面依然很好，市場滲透率還有進步空間。我們要去爭取。即使在此期間，我們仍然獲得了相當可觀的網路連接業務。

So our team's on it. We've had to re-deploy folks. People that were out working in communities are now doing -- driving demand in other ways. And it's -- and we're getting some effective responses. So we'll stay on that.

所以我們的團隊正在著手處理。我們不得不重新部署人員。原本在社區工作的人們現在正在以其他方式推動需求。而且——我們也得到了一些有效的回饋。所以我們會繼續關注這一點。

I think that last point before I turn it over is, over the last decade plus since launching, we started off with SMB, still the primary part of our business. But we have most definitely materially diversified to midsized and enterprise business now. So these segments are really important for us right now, will be in the future. That's where most of the penetration upside is.

我認為在把話題轉交給別人之前，最後一點是，自公司成立以來的十多年裡，我們最初是從中小企業起步的，這仍然是我們業務的主要部分。但我們現在無疑已經實現了實質多元化，拓展至中型企業和大型企業市場。所以這些部分對我們來說現在非常重要，未來也會非常重要。大部分滲透率提升空間就在這裡。

So really proud of our -- Bill Stemper, the Business Services team, great local operations that have moved on a dime to handle a lot of this at this moment, but we certainly are planning for multiple scenarios. We'll work with our small business clients. We want to be a partner with them, getting them through it. And so

我真的為我們的比爾·斯滕珀、業務服務團隊以及優秀的本地運營團隊感到驕傲，他們迅速行動起來，處理了目前很多事情，但我們當然也在為多種情況做準備。我們將與小型企業客戶合作。我們希望成為他們的夥伴，幫助他們度過難關。所以

I'm optimistic coming out of it, and we'll be there for them when that happens.

我對未來充滿信心，到時候我們會支持他們。

Thanks. Jeremy here jumping in. The answer is yes, Craig. It will form a bigger part of our mix. It's another string to our bow, if you like. But we'll do that in complement to our main services as well.

謝謝。傑里米插話。答案是肯定的，克雷格。它將成為我們產品組合中更重要的組成部分。如果你願意的話，這算是我們的另一項技能吧。但我們會將這些服務作為我們主要服務的補充。

Sky Q, which had been a priority for us, as you know, going into this year, one of the slightly frustrating things as it was going really very well at the start of the year, slightly had to take a step back because of the crisis. But it reminds me of the strength of our platform. But we can push hard on OTT, all of our streaming services. We're already providing Sky Q directly over fiber in Italy. And all of these provide us with good alternatives and different ways to get to customers in this environment.

如你所知，Sky Q 一直是我們今年的優先事項，但令人略感沮喪的是，由於疫情危機，它年初發展得非常順利，不得不稍微退後一步。但這讓我意識到我們平台的強大。但我們可以大力發展OTT，也就是我們所有的串流服務。我們目前已經在義大利透過光纖直接提供 Sky Q 服務。所有這些都為我們提供了很好的替代方案和不同的途徑，讓我們能夠在這種環境下接觸到客戶。

And lastly, it's Mike on your parks question, Craig. It's something well short of typical. Seasonally through the year, we're operating at typical seasonal levels, which are, for the most part of the year, well below full capacity anyway. And so then versus typical, I would guess that we're breaking even and certainly when we get to sort of 50% of typical, which will be well below capacity on average.

最後，我是麥克，回答你關於公園的問題，克雷格。這完全不符合常規。從全年各季節來看，我們的營運水準都處於典型的季節性水平，而一年中的大部分時間，我們的營運水準都遠低於滿載運作水準。因此，與正常情況相比，我估計我們能勉強收支平衡，而且肯定要等到達到正常水平的 50% 左右才能實現，這將會遠低於平均產能。

And I think another point would just be versus the number I gave for $500 million in second quarter loss if the parks are closed for the full quarter, as Jeff said, if they're closed longer, there's ability to flex and do more and change that long-term rate if we're staying closed. But on the other side of that, if we open and have lower attendance, at the lower end -- because our priority is going to be to make the parks safe, and so we're not going to push for attendance. But at pretty low levels of return attendance as things ramp up, we'll be in better shape than were the parks to be closed.

我認為另一點是，正如傑夫所說，如果公園整個季度都關閉，第二季度將損失 5 億美元，而如果公園關閉時間更長，我們就有能力靈活應對，採取更多措施，改變長期虧損率。但另一方面，如果我們開放後客流量較低，因為我們的首要任務是確保園區安全，所以我們不會追求客流量。但隨著旅遊業的復甦，即使遊客數量仍然處於較低水平，我們也比公園關閉的情況要好得多。

Thanks, Craig.

謝謝你，克雷格。

Your next question is from the line of Philip Cusick with JPMorgan.

你的下一個問題來自摩根大通的菲利普‧庫西克。

Number one, can you think through the puts and takes to cash flow this year versus last? I know there's a lot of differences between the timing of cash going out the door and some of the amortization, especially at NBC.

首先，可以仔細分析今年與去年相比，哪些投資或支出會影響現金流嗎？我知道現金流出的時間和一些攤銷的時間之間存在著許多差異，尤其是在 NBC。

And then second, Comcast is taking pride in keeping leverage low to take advantage of disruption opportunities. I understand not buying stock next year, but would you consider buying assets if things come to market at distressed levels? Or is delevering from here still your top priority?

其次，康卡斯特以保持較低的槓桿率來抓住顛覆性機會而自豪。我理解明年不買股票的想法，但如果資產以極低的價格上市，你會考慮買嗎？或者，從目前的情況來看，降低槓桿率仍然是您的首要任務？

So I'll take that. It's Mike, Phil. So in terms of puts and takes on cash, as I said, for total capital spend, we've got -- we're down 5%, 5.2% in the first quarter with declines across all businesses. And I think the natural -- that will naturally be where we expect the full year to be, which would be sort of modestly down in 2020 versus 2019 across all of our businesses for the host of reasons, some things just getting slowed down, some things getting paused like Epic Universe. So in any event, total capital is down modestly for the year.

那我就接受吧。我是麥克，菲爾。所以就現金的買賣而言，正如我所說，就總資本支出而言，我們第一季下降了 5% 到 5.2%，所有業務都出現了下降。我認為，自然而然地，我們預計全年業績將比 2019 年略有下降，原因有很多，有些業務進展放緩，有些業務暫停，例如 Epic Universe。總之，今年的總資本略有下降。

And then on working capital, it's the toughest one to predict, lots of volatility and unpredictability in it. But that said, my commentary there was that we'd expect to be roughly flat for the full company, best I can tell as we're sitting here now. And that's really on the back of increases that we'll see in the cable business this year. We got an extra payroll period. We'll do political ads in the fourth quarter that don't get paid until the -- until we're in the first quarter '21, et cetera. So -- and then just a little bit of expected slowdown in consumer payment is why working capital will be up year-over-year in Cable, and that offsets declines at NBCU and Sky, which is caused by slowdown in production typically in the TV and film businesses and a little bit of impact on sports.

至於營運資金，這是最難預測的，波動性和不可預測性都很大。但即便如此，我當時的評論是，就我們目前所見，我們預計整個公司的業績將大致持平。這主要是由於今年有線電視業務的成長所致。我們獲得了額外的工資發放週期。我們將在第四季度投放政治廣告，但這些廣告要到 2021 年第一季才能獲得報酬，等等。因此，消費者支付略有放緩是導致有線電視營運資本同比上升的原因，這抵消了 NBCU 和 Sky 的下降，而 NBCU 和 Sky 的下降通常是由於電視和電影行業的製作放緩以及體育賽事受到的輕微影響造成的。

But I'd caveat that one. As we continue conversations with -- especially with sports-related partners like the Olympics, et cetera, those numbers could change over the course of the year. But those are the various puts and takes.

但我得補充一點。隨著我們繼續與各方進行對話——特別是與奧運會等體育相關合作夥伴的對話，這些數字可能會在一年中發生變化。但這就是各種各樣的付出和回報。

And then on leverage ratio, it's important to us that we get back to the leverage ratio commitments we gave to the rating agency. That continues to be a top priority. I think obviously we're going to be delayed in getting there because of the pressure on EBITDA that comes from COVID particularly related to parks. So it will take time for those to ramp back up.

至於槓桿率，對我們來說，重要的是要回到我們向評級機構所做的槓桿率承諾。這仍然是重中之重。我認為很明顯，由於新冠疫情給 EBITDA 帶來的壓力，特別是與公園相關的壓力，我們實現目標的時間將會推遲。所以這些都需要時間才能恢復正常運作。

And I think our focus -- as Brian said, we've got lots of opportunity in our existing businesses, and that will be priority #2. And I would never say we wouldn't be taking a look at things that are sort of inorganic opportunities but the bar would be pretty high.

我認為我們的重點——正如布萊恩所說，我們在現有業務中有很多機會，這將是第二優先事項。我絕對不會說我們不會考慮一些非有機成長的機會，但門檻會很高。

Yes. I just would only add that -- definitely that last part, our focus is the businesses we've got. We feel we're in a wonderful position. Again, as I think about the timetable, we know parks are going to re-open and we know sports is going to get back. So these are a temporary hit. And I think being home and watching sports, I think, is pretty safe bet that's going to return pretty quickly to a great business.

是的。我只想補充一點——尤其是最後一點，我們的重點是我們現有的業務。我們覺得自己處境非常好。再說，當我思考時間表時，我們知道公園將會重新開放，我們也知道體育賽事將會恢復。所以這些只是暫時的打擊。我認為待在家裡看體育比賽，很有可能很快就會讓運動產業重回正軌。

And then I look at the majority of the company being broadband in people's homes and people who are spending more time in their homes, and that's not going to change quickly. And that's a great opportunity to develop new products and relationships and deepen those relationships. So as we've looked at it, as we talked as a team, I don't think we would trade positions with anybody. We like our company. We like our hand, and we're going to be focused on improving from here.

然後我發現，公司的大部分業務都是為人們提供家庭寬頻服務，而人們待在家裡的時間也越來越長，這種情況不會很快改變。這是一個開發新產品、建立新關係並加深現有關係的絕佳機會。所以，經過我們團隊的討論和分析，我認為我們不會和任何人交換職位。我們喜歡我們公司。我們對自己目前的情況感到滿意，接下來我們將專注於提升自身實力。

Thanks, Phil.

謝謝你，菲爾。

The last question will come from the line of John Hodulik with UBS.

最後一個問題將來自瑞銀集團的約翰·霍杜利克。

Okay. Great. Following up on those latest comments on high-speed data. Obviously, great numbers even without Connect America and the free subs. Can you talk a little bit about the strength there in terms of is it share gains given the ease of self-installation? Or are you guys seeing penetration gains in sort of wiring up what were previously wireless-only customers, given the need for the work-from-home environment?

好的。偉大的。關於高速數據的最新評論，我接著說一下。顯然，即使沒有 Connect America 和免費訂閱，用戶數量也非常可觀。您能否談談，考慮到自助安裝的便利性，這種模式是否能帶來市場佔有率的成長？或者，鑑於居家辦公環境的需求，你們是否發現，透過某種方式將以前只使用無線網路的客戶也接入有線網絡，從而提高了滲透率？

And then I think you guys gave some sub guidance on the video side and some revenue guidance on the high-speed data side. But can you talk about how you expect the sub trends to sort of play out through the course of the year and whether you think the trends you're seeing now are sort of more related to the outbreak or could you see some secular strength and some follow-through given the demand for connectivity?

然後，我認為你們在影片方面給出了一些子業務方面的指導，在高速數據方面給出了一些收入方面的指導。但您能否談談您預計這些子趨勢將在今年如何發展，以及您認為目前看到的趨勢是否與疫情爆發有關，或者考慮到對網路連接的需求，您是否會看到一些長期趨勢和後續發展？

So I'll start. Dave, I think you can help on that. But I think the -- we think we have a superior product, and we've been investing in our network. We've had a focus -- we've seen a shift coming in customers' behaviors. We saw this and really put our emphasis on innovating in broadband, whether it's speed, coverage, control of various things that xFi stands for the brand itself. And I think a lot of this was happening before there was COVID, and the momentum has been terrific.

那我先來。戴夫，我覺得你能幫上忙。但我認為——我們認為我們擁有更優質的產品，而且我們一直在投資我們的人脈。我們一直關注著──我們已經看到顧客行為正在轉變。我們看到了這一點，並真正將重點放在寬頻創新上，無論是速度、覆蓋範圍，還是對 xFi 品牌本身所代表的各種事物的控制。我認為很多這樣的事情在新冠疫情之前就已經發生了，而且發展勢頭非常強勁。

And Dave and his team, I think, are really, really all over it, and we're very pleased, both from product side, service side and marketing and consumer perception.

我認為戴夫和他的團隊真的非常非常投入，我們對此非常滿意，無論是從產品方面、服務方面，還是從行銷和消費者認知方面都是如此。

And so why wouldn't this be continued at some level? You then have to put that in the face of huge economic shifts in the country and just temper in that regard as to we don't know what the economic outlook looks and the slope of recovery. But in terms of focus, I don't think there's a better focus that we could be having than Dave and the team's. So Dave, why don't you talk a little more about that?

那麼，為什麼不能在某種程度上繼續下去呢？然後，你必須考慮到國家巨大的經濟變化，並在這方面保持謹慎，因為我們不知道經濟前景如何，也不知道復甦的步伐如何。但就專注度而言，我認為我們不可能比戴夫和他的團隊擁有更好的專注度了。戴夫，你為什麼不多談談這方面呢？

Thanks, Brian and John. So as Brian said, this has been our top priority, continues to be our top priority going forward. And our mission has been to redefine what great broadband is, and Brian hit it. It's -- we're investing, and we have a really great product road map that really hits on all of it, speed, coverage control and now streaming with the addition of Flex and all the content that comes with it. So in this moment, robust, reliable network that can consistently handle this uptick in data consumption as well as all the devices with the WiFi coverage in the home.

謝謝布萊恩和約翰。正如布萊恩所說，這一直是我們的首要任務，並將繼續是我們的首要任務。我們的使命是重新定義優質寬頻，而布萊恩做到了。我們正在進行投資，我們有一個非常棒的產品路線圖，它真正涵蓋了所有方面，包括速度、覆蓋範圍控制，以及現在透過添加 Flex 和所有相關內容實現的串流媒體播放。因此，目前我們需要一個強大可靠的網絡，能夠持續應對數據消耗量的激增，並為家中所有有 WiFi 覆蓋的設備提供支援。

We've invested and built the network that can stand up to this moment, and it's going to be important going forward. So -- and we're not standing still, but we're going to continue to improve the value of broadband. And I mentioned introducing Flex that comes with our -- included in our broadband service, and this is focused for the broadband-only segment. And Jeff mentioned Peacock already. This comes with -- Peacock comes with Flex. High levels of engagement with content, it's a great video addition to the broadband service.

我們已經投入資金並建立了能夠應對當前情況的網絡，這對未來至關重要。所以——我們不會停滯不前，而是會繼續提升寬頻的價值。我之前提到過，我們將推出 Flex 服務，該服務包含在我們的寬頻服務中，主要針對僅使用寬頻的使用者群體。傑夫已經提到了Peacock。Peacock 隨附 Flex。內容互動性強，是寬頻服務的絕佳影片補充。

So -- but to your main point, John, even in this environment, you have lower move activity that's suppressing some of the activity, but there are many sources of new broadband share opportunity. And we continue to compete for share from the primary competitors. That's a big source of business even right now, that we take share from folks, we just have a better product and that's proven out and people need it right now, and we'll continue to.

所以——但回到你的主要觀點，約翰，即使在這種環境下，搬家活動減少抑制了一些活動，但仍然有很多新的寬頻共享機會來源。我們將繼續與主要競爭對手爭奪市場份額。即使現在，這也是我們重要的業務來源，我們從其他廠商手中搶佔市場份額，因為我們的產品更好，而且已經過驗證，人們現在需要它，我們將繼續這樣做。

There's still a lot of DSL. There's some nevers, never broadbands out there. You had mentioned mobile-only. People are finding you need broadband. And I think once they experience what xFi is, we're optimistic about them staying with it. So along with historic record churn, I think we're proving right now that we can attract new business for broadband as we go forward.

DSL網路仍然很普及。有些寬頻服務是絕對不可能實現的。您之前提到過僅限行動端。人們發現你需要寬頻。我認為一旦他們體驗到 xFi 的功能，我們樂觀地認為他們會繼續使用它。因此，除了創紀錄的客戶流失率之外，我認為我們現在正在證明，隨著我們繼續前進，我們可以吸引新的寬頻業務。

So you look at the 477,000 in Q1 that we feel -- we took out -- there's no Internet Essentials in that number. There's appropriate reserve that we took out for bad debt projections. It's not material in Q1, but we took it. And we think that going forward, April, as Mike mentioned, is a very good start. It's impossible to say how things are going to play out through the quarter. But the fundamentals and the momentum that we have, I think we've proven that we can drive connects and that we have -- we'll maintain solid churn. So I'm optimistic about our momentum as we go into the rest of the year.

所以你看第一季的 477,000，我們認為——我們已經剔除了——這個數字裡沒有 Internet Essentials。我們已為壞帳預測預留了適當的準備金。雖然這並非第一季的重要事項，但我們還是接受了。我們認為，正如麥克所提到的，四月是一個非常好的開始。無法預測本季事態將如何發展。但就我們擁有的基本面和發展勢頭而言，我認為我們已經證明我們可以推動連接，而且我們也確實做到了——我們將保持穩定的客戶轉換率。因此，我對我們今年剩餘時間的發展勢頭持樂觀態度。

Thanks, John. So that concludes our first quarter 2020 earnings call. Thank you all for joining us this morning, and please stay safe.

謝謝你，約翰。至此，我們2020年第一季財報電話會議結束。感謝各位今天上午的參與，請注意安全。

Thanks, everybody.

謝謝大家。

Thank you. There will be a replay available of today's call starting at 12:00 p.m. Eastern standard time and will run through Thursday, May 7 at midnight Eastern standard time. The dial-in number is (855) 859-2056, and the conference ID number is 9334849. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern standard time today.

謝謝。今天下午12點開始將提供電話會議的重播。活動從美國東部標準時間開始，一直持續到美國東部標準時間 5 月 7 日星期四午夜。撥入號碼為 (855) 859-2056，會議 ID 號碼為 9334849。會議錄音將於下午 12:30 起在公司網站上提供。今天是美國東部標準時間。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。