康卡斯特 (CMCSA) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Comcast Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們，先生們，早上好，歡迎參加康卡斯特 2022 年第二季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。

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

我現在想將電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，賴維克女士。

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

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

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

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

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

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。布賴恩？

Thanks, Marci, and hello, everyone.

謝謝，Marci，大家好。

Our financial results were very strong across the board once again this quarter. We grew second quarter consolidated revenue by 5%, adjusted EBITDA by 10% and adjusted EPS by 20%. We accomplished this while continuing to invest in our businesses and return significant capital to shareholders.

本季度我們的財務業績再次全面強勁。我們第二季度的綜合收入增長了 5%，調整後的 EBITDA 增長了 10%，調整後的每股收益增長了 20%。我們在繼續投資於我們的業務並向股東返還大量資本的同時實現了這一目標。

Specifically, we bought back $3 billion worth of our stock in the quarter, bringing our total to $6 billion year-to-date. And we continue to have a healthy dividend and one of the strongest balance sheets in the industry.

具體來說，我們在本季度回購了價值 30 億美元的股票，使我們今年迄今的總額達到 60 億美元。我們繼續擁有健康的股息和業內最強勁的資產負債表之一。

Our prudent financial management and long-term innovation-based strategy are paying off in Cable, which posted 5% growth in EBITDA and 70 basis points of year-over-year margin expansion. In fact, our EBITDA margin reached a record high of nearly 45% this quarter.

我們審慎的財務管理和基於創新的長期戰略正在為 Cable 帶來回報，其 EBITDA 增長 5%，利潤率同比增長 70 個基點。事實上，我們的 EBITDA 利潤率在本季度達到了近 45% 的歷史新高。

While we've added nearly 800,000 broadband subscribers in the past 12 months, more recently, that pace has slowed. And we posted flat broadband subscriber additions in the second quarter. I'd like to dig into what we are seeing in that area. Broadband additions, of course, are basically a function of churn and connect activity. While churn remains well below 2019, connect activity was also lower than what we generally see in the second quarter.

雖然我們在過去 12 個月中增加了近 800,000 名寬帶用戶，但最近這一速度有所放緩。我們在第二季度公佈了固定寬帶用戶的增加。我想深入了解我們在該領域看到的情況。當然，寬帶添加基本上是流失和連接活動的功能。雖然流失率仍遠低於 2019 年，但連接活動也低於我們在第二季度普遍看到的水平。

We believe this is primarily the result of 3 factors. The first category is move activity. As we've discussed for some time now, there's been a dramatic slowdown in moves across our footprint with the second quarter below 2019 by 12% and the lowest we've experienced since the pandemic began. Our win share of new customer acquisition opportunities remains high, but the slowdown in moves has resulted in fewer of these jump balls. And this has had the largest impact on our gross connects.

我們認為這主要是三個因素的結果。第一類是移動活動。正如我們一段時間以來所討論的那樣，我們的足跡急劇放緩，第二季度比 2019 年低 12%，是自大流行開始以來我們所經歷的最低水平。我們在新客戶獲取機會中的獲勝份額仍然很高，但動作放緩導致這些跳球減少。這對我們的總連接產生了最大的影響。

The second category is a reversal of some pandemic trends. During the pandemic, many customers, particularly at lower income levels, sought to optimize home-based solutions by adding broadband. This presented us with significant opportunity to take more share in residential broadband. In fact, in the first year of the pandemic, we added nearly 50% or 600,000 more customers than our prior annual average growth.

第二類是一些流行趨勢的逆轉。在大流行期間，許多客戶，尤其是收入較低的客戶，尋求通過增加寬帶來優化基於家庭的解決方案。這為我們提供了在住宅寬帶中佔據更多份額的重要機會。事實上，在大流行的第一年，我們增加了近 50% 或 600,000 個客戶，這比我們之前的年平均增長速度要高。

At this stage in the pandemic, those opportunities have waned as consumer behavior has begun to return to pre-pandemic patterns. And we have also seen some give back to a normalization of mobile substitution.

在大流行的現階段，隨著消費者行為開始恢復大流行前的模式，這些機會已經減弱。我們還看到一些人回歸到移動替代的正常化。

In addition, during the pandemic, seasonality patterns were very different than what we had seen historically. And this really began to also normalize in this second quarter, causing more seasonal disconnects that did not occur at typical levels in the prior 2 years.

此外，在大流行期間，季節性模式與我們在歷史上看到的非常不同。這在第二季度也真正開始正常化，導致更多的季節性脫節，這在前兩年的典型水平上沒有發生。

The last bucket is increased competition. Fixed wireless is a new entrant in the marketplace. And while there are likely to be significant long-term limitations, today's excess capacity in wireless networks is creating what we believe to be a temporary opportunity targeted at value-oriented customers. We are not seeing fixed wireless have any discernible impact on our churn but its early growth appears to be another contributor to our lower connect activity. In addition, we continue to compete against fiber in an increasing percentage of our footprint.

最後一個桶是競爭加劇。固定無線是市場的新進入者。雖然可能存在重大的長期限制，但今天無線網絡的過剩容量正在創造我們認為針對價值導向客戶的臨時機會。我們沒有看到固定無線對我們的流失有任何明顯的影響，但它的早期增長似乎是我們連接活動減少的另一個因素。此外，我們繼續在越來越多的足跡中與纖維競爭。

Notwithstanding these industry and mostly macro-related factors, we remain extremely confident. We have spent decades investing and innovating to build a business that is well positioned to succeed in the environment we're seeing. And we certainly expect a return to residential broadband subscriber additions.

儘管存在這些行業和主要與宏觀相關的因素，我們仍然非常有信心。我們花了數十年的時間進行投資和創新，以建立一個能夠在我們所看到的環境中取得成功的企業。我們當然希望住宅寬帶用戶增加。

How do we plan to do that? Well, we are working hard to expand our footprint, taking advantage of growth in housing and businesses in our current markets, accelerating edge outs into new areas. And we are playing offense when it comes to government subsidies.

我們打算如何做到這一點？好吧，我們正在努力擴大我們的足跡，利用我們當前市場的住房和業務增長，加速向新領域的優勢。在政府補貼方面，我們正在進攻。

Next, we will continue to aggressively compete for market share. We offer a superior product focused on innovation and differentiation. And we continue to increase the value of broadband by bundling it with Mobile and Flex. And we are making great progress in our network transition to DOCSIS 4.0, which gives us a clear path to reaching multi-gigabit symmetrical speeds at scale faster and at a lower cost relative to our competitors, all within the CapEx intensity levels we have previously outlined.

接下來，我們將繼續積極爭奪市場份額。我們提供專注於創新和差異化的卓越產品。我們通過將寬帶與 Mobile 和 Flex 捆綁在一起，繼續增加寬帶的價值。我們在向 DOCSIS 4.0 的網絡過渡方面取得了巨大進展，這為我們提供了一條清晰的道路，可以在我們之前概述的資本支出強度水平範圍內以更快的速度和更低的成本實現多千兆對稱速度.

I'm also confident and frankly, more excited in our ability to drive revenue and EBITDA growth even through our existing subscriber base alone. We've had a history of generating strong and steady ARPU growth as we continue to add tremendous value and improvement to the customer experience. Our margins are some of the highest in the industry, which highlights the stability and operating leverage of our business, the diversification of our revenue streams and the strength of our other important growth drivers at Cable.

即使僅通過我們現有的用戶群，我也對我們推動收入和 EBITDA 增長的能力充滿信心和坦率地說，更加興奮。隨著我們繼續為客戶體驗增加巨大的價值和改善，我們擁有實現強勁而穩定的 ARPU 增長的歷史。我們的利潤率是業內最高的，這突出了我們業務的穩定性和經營槓桿、我們收入來源的多元化以及我們在 Cable 的其他重要增長動力的實力。

In particular, business services and wireless have been 2 substantial contributors to Cable's financial strength, and each still has lots of runway ahead.

特別是，商業服務和無線一直是有線電視財務實力的兩個重要貢獻者，並且每個人都有很多發展空間。

Business services had another strong quarter of revenue growth. And in just over a decade, we've grown this to nearly $10 billion in high-margin annual revenue, including the addition of almost $1 billion in the last 12 months alone.

商業服務收入增長強勁的一個季度。在短短十多年的時間裡，我們的高利潤年收入已增長到近 100 億美元，僅在過去 12 個月內就增加了近 10 億美元。

In wireless, we added 317,000 customers this quarter and similarly, have added over $700 million in incremental revenue in the past 12 months. And we've barely scratched the surface of the opportunity here at only 8% penetration of our residential broadband customers.

在無線領域，我們本季度增加了 317,000 名客戶，同樣，在過去 12 個月中增加了超過 7 億美元的收入。而且，我們的住宅寬帶客戶只有 8% 的滲透率，我們幾乎沒有抓住機會的表面。

Wrapping up on Cable, we are in a unique environment with some headwinds, but move activity should return to some level of normalcy, mobile substitution will eventually stabilize. And we believe fixed wireless has inherent performance and capacity limitations that sharply limit the number of people on a network using a given amount of spectrum, which should provide a natural cap on their overall industry penetration.

結束有線電視，我們處於一個獨特的環境中，有一些阻力，但移動活動應該會恢復到一定程度的正常水平，移動替代最終會穩定下來。而且我們認為，固定無線具有固有的性能和容量限制，會極大地限制使用給定頻譜的網絡上的人數，這應該為其整體行業滲透率提供自然上限。

Moreover, we believe that our path to deliver multi-gigabit speeds together with the other features and functionality we offer will make our broadband experience superior to any of our competitors over the long term. In the meantime, we will maintain the discipline we've always had. And I am confident that we will strike the right balance between subscriber acquisition and long-term profitability. And we all believe we have a very bright future in this business.

此外，我們相信，我們提供數千兆位速度的途徑以及我們提供的其他特性和功能將使我們的寬帶體驗在長期內優於我們的任何競爭對手。與此同時，我們將保持我們一貫的紀律。我相信我們將在用戶獲取和長期盈利能力之間取得適當的平衡。我們都相信我們在這項業務中擁有非常光明的未來。

Moving to NBCUniversal. We had a very strong quarter with EBITDA growth of 20% year-over-year. Our parks segment continued its momentum, generating record EBITDA for a second quarter. And this is without much contribution from Beijing, which was closed for nearly 2 months. Domestic park attendance and per caps continue to be above pre-pandemic levels. And we are moving full steam ahead in building Epic Universe. I could not be more excited for how this park will bring new experiences to our visitors and additional runway for growth.

搬到NBC環球。我們有一個非常強勁的季度，EBITDA 同比增長 20%。我們的公園部門繼續保持增長勢頭，第二季度創造了創紀錄的 EBITDA。而這與閉館近2個月的北京並沒有太大的貢獻。國內公園的遊客人數和人均上限繼續高於大流行前的水平。我們正在全力打造史詩宇宙。我對這個公園將如何為我們的遊客帶來新的體驗和額外的增長跑道感到非常興奮。

NBCU Media remains a very healthy business. We just completed the highest grossing upfront in our history, a testament to our content and a superb team, and the unique data and technology innovation we deliver through One Platform. This year, we secured more than $7 billion in commitments, including $1 billion at Peacock, double what we did in the 2021/ 2022 season, along with strong pricing.

NBCU Media 仍然是一個非常健康的業務。我們剛剛完成了歷史上最高的預付款，證明了我們的內容和一流的團隊，以及我們通過 One Platform 提供的獨特數據和技術創新。今年，我們獲得了超過 70 億美元的承諾，其中包括 Peacock 的 10 億美元，是我們在 2021/ 2022 賽季的兩倍，而且定價強勁。

In Studios, our success with Jurassic World, Minions and Black Phone demonstrates that great content attracts massive audiences. In addition, we are very pleased with our new film windowing, including PVOD and an accelerated Pay 1 availability on Peacock, which have expanded the audience for our films and made our studio business even more valuable.

在工作室，我們在侏羅紀世界、小黃人和黑手機方面的成功表明，出色的內容吸引了大量觀眾。此外，我們對我們的新電影窗口期感到非常滿意，包括 PVOD 和 Peacock 上的 Pay 1 加速可用性，這擴大了我們電影的觀眾並使我們的工作室業務更加有價值。

For Peacock, early access to premium Universal films is a proven driver of subscriber acquisition and engagement. As we discussed during our last call, Peacock had a very strong first quarter driven by a variety of extraordinary programming, including the Super Bowl and Olympics. Given the normal ebbs and flows of our content slate, we were pleased to have stayed relatively flat for the second quarter at 27 million MAAs and 13 million paid subscribers in the U.S., in line with our expectations. And we look forward to a very strong fall when next-day broadcast becomes exclusively ours from Hulu, and we'll be able to take full advantage of our Pay 1 window with a number of big movies like Jurassic and Minions. We'll also have Sunday Night Football, Premier League, the World Cup and more originals.

對於 Peacock 而言，早期獲得優質的環球電影是獲得訂戶和參與的公認驅動力。正如我們在上次電話會議中所討論的那樣，孔雀第一季度的表現非常強勁，這得益於包括超級碗和奧運會在內的各種非凡節目。鑑於我們內容的正常起伏，我們很高興第二季度保持相對平穩，美國的 MAA 為 2700 萬，付費用戶為 1300 萬，符合我們的預期。我們期待在 Hulu 的次日播出成為我們的獨家播送時，我們將能夠在《侏羅紀》和《小黃人》等一些大電影中充分利用我們的付費 1 窗口。我們還將有周日晚上足球、英超聯賽、世界杯和更多原創節目。

At Sky, we are operating well in an increasingly difficult macro environment, reporting our highest ever second quarter EBITDA. We grew revenue and EBITDA in the U.K., which is our largest European market and the primary driver of our future growth.

在 Sky，我們在日益困難的宏觀環境中經營良好，報告了有史以來最高的第二季度 EBITDA。我們在英國增加了收入和 EBITDA，這是我們最大的歐洲市場，也是我們未來增長的主要驅動力。

Calling out a couple of highlights, we are particularly pleased with the consumer response to Glass, which resulted in Sky being the third largest Ultra High-Definition television selling brand in the second quarter. And we also recorded our highest ever Premier League final day viewership, taking 30% audience share. In addition, we're seeing the benefit of our disciplined approach to sports rights in both Italy and Germany, where EBITDA also improved year-over-year.

提到幾個亮點，我們對消費者對 Glass 的反應特別滿意，這導致 Sky 在第二季度成為第三大超高清電視銷售品牌。我們還創下了有史以來最高的英超聯賽決賽收視率，佔據了 30% 的觀眾份額。此外，我們在意大利和德國都看到了我們對體育權利的嚴格處理所帶來的好處，這兩個國家的 EBITDA 也同比有所改善。

In reflecting on the last 24 months, which has been wrought with uncertainty, we have performed extremely well and continue to make progress against key initiatives. Our Cable business has achieved some of the highest margins in the industry while also delivering healthy top line growth. At NBCUniversal and Sky, they have shown resilience and continue to recover despite unique challenges from the pandemic.

回顧過去充滿不確定性的 24 個月，我們的表現非常出色，並繼續在關鍵舉措方面取得進展。我們的有線電視業務取得了業內最高的利潤率，同時也實現了健康的收入增長。在 NBCUniversal 和 Sky，儘管大流行帶來了獨特的挑戰，他們仍表現出韌性並繼續恢復。

Together, we've generated nearly $30 billion in free cash flow. We're returning a record amount of capital to shareholders, and our balance sheet is in a great place. We have also continued to invest in strategically important growth opportunities, including enhancing our world-class broadband network, scaling Xfinity Mobile, increasing our capabilities at business services, launching Peacock, completing Universal Beijing and starting construction at Epic, just to name a few.

我們共同創造了近 300 億美元的自由現金流。我們正在向股東返還創紀錄的資本，我們的資產負債表狀況良好。我們還繼續投資於具有戰略意義的重要增長機會，包括增強我們的世界級寬帶網絡、擴展 Xfinity Mobile、提高我們在商業服務方面的能力、推出 Peacock、完成北京環球影城和在 Epic 開始建設等等。

With substantial cash flow generation and a strong foundation for innovation, Comcast is in a wonderful position. Mike, over to you.

憑藉可觀的現金流和強大的創新基礎，康卡斯特處於有利地位。邁克，交給你了。

Thanks, Brian, and good morning, everyone.

謝謝，布賴恩，大家早上好。

I'll begin on Slide 4 with our second quarter consolidated 2022 financial results. Revenue increased 5.1% to $30 billion. Adjusted EBITDA increased 10% to $9.8 billion. Adjusted EPS increased 20% to $1.01 per share. And finally, we generated $3.2 billion of free cash flow.

我將從幻燈片 4 開始，介紹我們第二季度的 2022 年合併財務業績。收入增長 5.1% 至 300 億美元。調整後 EBITDA 增長 10% 至 98 億美元。調整後每股收益增長 20% 至每股 1.01 美元。最後，我們產生了 32 億美元的自由現金流。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. Cable revenue increased 3.7% to $16.6 billion. EBITDA increased 5.3% to $7.4 billion. Cable EBITDA margins improved 70 basis points year-over-year, reaching a record high margin of 44.9%, and net cash flow grew 4.4% to $5.3 billion.

現在讓我們看看我們的業務部門業績，從幻燈片 5 上的有線電視通信開始。有線電視收入增長 3.7% 至 166 億美元。 EBITDA 增長 5.3% 至 74 億美元。有線電視 EBITDA 利潤率同比提高 70 個基點，達到創紀錄的 44.9% 的利潤率，淨現金流增長 4.4% 至 53 億美元。

Customer relationships are up 591,000 compared to last year and down 28,000 sequentially in the second quarter, reflecting lower levels of new customer connections given the current operating environment, partially offset by low levels of churn, which remains well below 2019 levels. We are focused on delivering an excellent customer experience and monetizing our customer relationships over their lifetime. And in that regard, EBITDA per customer relationship grew by 3% in the quarter.

與去年相比，客戶關係增加了 591,000 人，第二季度環比減少了 28,000 人，這反映了在當前運營環境下新客戶聯繫水平較低，部分被低水平的客戶流失所抵消，該水平仍遠低於 2019 年的水平。我們專注於提供卓越的客戶體驗，並在客戶的整個生命週期中通過我們的客戶關係獲利。在這方面，本季度每個客戶關係的 EBITDA 增長了 3%。

Now let's discuss Cable financials in more detail. Cable revenue growth of 3.7% was driven by broadband, business services, wireless and advertising revenue, partially offset by lower video and voice revenue. Broadband revenue increased 6.8%, reflecting an increase of 3.6% in ARPU and growth in our residential customer base compared to last year. Net residential and business customers increased by 775,000 over the past 12 months with flat results in the second quarter.

現在讓我們更詳細地討論有線電視的財務狀況。有線收入增長 3.7% 是由寬帶、商業服務、無線和廣告收入推動的，但部分被視頻和語音收入的下降所抵消。與去年相比，寬帶收入增長 6.8%，反映了 ARPU 和住宅客戶群的增長 3.6%。過去 12 個月淨住宅和商業客戶增加了 775,000 人，第二季度業績持平。

The trends that we saw through the second quarter have largely continued into the early parts of the third quarter with connects remaining soft, while churn is still near all-time lows. This has resulted in a quarter-to-date loss of roughly 30,000 customers.

我們在第二季度看到的趨勢在很大程度上一直持續到第三季度初，連接仍然疲軟，而流失率仍接近歷史低點。這導致本季度迄今損失了大約 30,000 名客戶。

July is typically the weakest month of the quarter. And the vast majority of quarterly connect activity is weighted towards August and September, which is helped by back-to-school activity. While we're optimistic that we will have a healthy back-to-school season, short-term visibility remains low. And more importantly, beyond this temporary period, we are confident that our broadband speeds, reliability, coverage and control features continue to position us as the best-in-class product for our customers, allowing us to protect and grow our 32 million broadband customer base over time.

7 月通常是本季度最疲軟的月份。絕大多數季度連接活動都集中在 8 月和 9 月，這得益於返校活動。雖然我們樂觀地認為我們將有一個健康的返校季，但短期能見度仍然很低。更重要的是，在這個臨時時期之後，我們相信我們的寬帶速度、可靠性、覆蓋和控制功能將繼續將我們定位為客戶的一流產品，使我們能夠保護和發展我們的 3200 萬寬帶客戶隨著時間的推移。

Business services revenue increased 10% or approximately 6%, excluding the acquisition of Masergy, which closed at the beginning of last year's fourth quarter. This healthy organic growth was driven by increases in average rates per customer and in our customer base, which grew by 54,000 compared to last year with 10,000 additions in the second quarter.

商業服務收入增長 10% 或約 6%，不包括去年第四季度初完成的對 Masergy 的收購。這種健康的有機增長是由每位客戶的平均費率和我們的客戶群的增長推動的，與去年相比，第二季度增加了 10,000 人，增加了 54,000 人。

Moving to wireless. Revenue increased 30% mainly driven by service revenue, which was fueled by growth in customer lines. Overall, we added 1.2 million lines compared to last year, including 317,000 lines in the quarter, which was our highest net additions for any second quarter on record.

轉向無線。收入增長 30% 主要受服務收入的推動，而服務收入則受到客戶線增長的推動。總體而言，與去年相比，我們增加了 120 萬條線路，其中本季度增加了 317,000 條線路，這是我們有記錄以來第二季度的最高淨增加量。

Advertising revenue increased 10% mainly fueled by political revenue as well as strong growth at both our advanced advertising business, FreeWheel, and at our streaming business, Xumo, which was partially offset by a decline in our local core advertising business.

廣告收入增長 10%，主要得益於政治收入以及我們先進的廣告業務 FreeWheel 和我們的流媒體業務 Xumo 的強勁增長，這部分被我們本地核心廣告業務的下降所抵消。

As a reminder, Xumo, which contributed about 20% of our advertising growth this quarter, is now part of our Charter JV and beginning in the third quarter will no longer be reported in our Cable results.

提醒一下，本季度貢獻了我們約 20% 的廣告增長的 Xumo 現在是我們特許合資企業的一部分，並且從第三季度開始將不再在我們的有線電視業績中報告。

For video, revenue declined 2.4% driven by customer net losses totaling 1.8 million compared to last year, including 521,000 net losses in the quarter, partially offset by 7% ARPU growth due to a residential rate increase at the beginning of this year.

視頻方面，由於客戶淨虧損總計 180 萬，與去年相比，收入下降了 2.4%，其中本季度淨虧損 521,000，部分被今年年初住宅費率上漲導致的 7% 的 ARPU 增長所抵消。

Last, voice revenue declined 12% primarily reflecting customer losses totaling 902,000 compared to last year, including 286,000 net losses in the quarter and reflects our shift in focus to bundling broadband with wireless.

最後，語音收入下降了 12%，主要反映了與去年相比總計 902,000 名客戶損失，其中本季度淨損失 286,000 名，這反映了我們將重點轉向捆綁寬帶與無線。

Turning to expenses. Cable Communications second quarter expenses increased 2.5%. Programming expenses decreased 1.6%, reflecting the year-over-year decline in video customers, partially offset by higher contractual rates. Nonprogramming expenses increased 5.2% driven by growth in our wireless business, expenses related to our recent acquisition of Masergy and an increase in bad debt as we return to more normalized levels and compare to lower levels last year. These higher costs were partially offset by a decline in customer service expenses, reflecting lower activity levels in the business as well as improvement in customer experience initiatives.

轉向開支。有線通信第二季度的開支增長了 2.5%。節目費用下降 1.6%，反映了視頻客戶的同比下降，部分被較高的合同費率所抵消。由於我們的無線業務增長、與我們最近收購 Masergy 相關的費用以及隨著我們回到更正常的水平並與去年的較低水平相比而增加的壞賬，非編程費用增長了 5.2%。這些較高的成本被客戶服務費用的下降部分抵消，反映了業務活動水平的降低以及客戶體驗計劃的改善。

Wrapping up on Cable, we are very pleased with the 5.3% increase in EBITDA and record EBITDA margins. Even as we prioritize increasing investment in our network with CapEx intensity at nearly 11%, we generated a significant level of net cash flow. And we believe our ability to continue to generate strong and growing net cash flow out of the Cable business is sustainable.

結束有線電視，我們對 EBITDA 增長 5.3% 和創紀錄的 EBITDA 利潤率感到非常滿意。即使我們優先考慮增加對我們網絡的投資，資本支出強度接近 11%，我們也產生了顯著水平的淨現金流。我們相信，我們繼續從有線電視業務中產生強勁且不斷增長的淨現金流的能力是可持續的。

Now let's turn to Slide 6 for NBCUniversal. Starting with total NBCUniversal results, revenue increased 19% to $9.4 billion, and EBITDA increased 19.5% to $1.9 billion. Media revenue increased 3.6% to $5.3 billion driven by Peacock with revenue of $444 million, which is more than 3.5x higher compared to last year.

現在讓我們轉到 NBCUniversal 的幻燈片 6。從 NBCUniversal 的總業績開始，收入增長 19% 至 94 億美元，EBITDA 增長 19.5% 至 19 億美元。在 Peacock 的推動下，媒體收入增長 3.6% 至 53 億美元，收入為 4.44 億美元，比去年高出 3.5 倍以上。

Distribution revenue increased 8.4%, reflecting growth at Peacock driven by increases in paid subscribers compared to last year and growth at our networks as higher contractual rates were only partially offset by linear subscriber declines.

分銷收入增長 8.4%，反映了 Peacock 的增長是由付費用戶與去年相比的增長推動的，以及我們網絡的增長，因為較高的合同費率僅部分被線性用戶下降所抵消。

Advertising revenue decreased 1.3% due to linear rating declines and a difficult comparison to last year when we had a higher number of sporting events and NHL, which we no longer have rights to, partially offset by a growing contribution from Peacock and higher pricing. Excluding the impact of sports timing and NHL, advertising would have grown low single digits.

廣告收入下降 1.3%，原因是收視率直線下降，並且與去年相比，我們不再擁有更多體育賽事和 NHL 的權利，但部分被 Peacock 貢獻的增長和更高的定價所抵消。排除體育計時和 NHL 的影響，廣告將增長低個位數。

Media EBITDA decreased 2.9% to $1.3 billion in the second quarter, including a $467 million EBITDA loss at Peacock. Excluding Peacock, Media EBITDA increased nearly 4% driven by a decrease in sports costs associated with a lower number of events compared to last year and the absence of the NHL.

媒體 EBITDA 第二季度下降 2.9% 至 13 億美元，其中 Peacock 的 EBITDA 虧損 4.67 億美元。不包括孔雀，媒體 EBITDA 增長了近 4%，這是由於與去年相比，賽事數量減少以及 NHL 的缺席導致體育成本下降。

We continue to expect Peacock's EBITDA loss will be roughly $2.5 billion for the year. However, taking into consideration the timing of content launches, we expect losses to be higher in the second half, especially in the fourth quarter.

我們繼續預計 Peacock 全年的 EBITDA 虧損約為 25 億美元。但是，考慮到內容髮布的時間，我們預計下半年的虧損會更高，尤其是第四季度。

Moving next to Studios. Revenue increased 33% to $3 billion driven by higher theatrical and content licensing revenue. Theatrical revenue nearly tripled compared to last year's results driven by an increase in the number of releases as well as the success of these films, including the outstanding results of Jurassic World: Dominion.

搬到工作室旁邊。由於戲劇和內容許可收入的增加，收入增長了 33% 至 30 億美元。由於發行數量的增加以及這些電影的成功，包括《侏羅紀世界：統治》的出色成績，影院收入與去年的業績相比幾乎翻了三倍。

Content licensing revenue was up 19%, mainly driven by growth in TV licensing as production has returned to pre-pandemic levels. EBITDA decreased $155 million to breakeven for the quarter driven by an increase in programming and production costs associated with the higher content licensing and theatrical revenue in the current quarter as well as an increase in marketing costs ahead of several film releases in late June and in July, including the very successful release of Minions: The Rise of Gru, Black Phone and Nope.

內容授權收入增長 19%，主要是由於電視授權的增長，因為生產已恢復到大流行前的水平。本季度 EBITDA 減少 1.55 億美元以實現盈虧平衡，原因是本季度內容許可和戲劇收入增加導致節目和製作成本增加，以及 6 月底和 7 月多部電影上映前的營銷成本增加，包括非常成功的 Minions：The Rise of Gru、Black Phone 和 Nope。

Last, at Theme Parks, revenue increased 65% to $1.8 billion. And we generated EBITDA of $632 million, which was a record level for any second quarter even though Universal Beijing was closed for most of the quarter due to COVID-related restrictions. These results show strong improvement compared to last year when Hollywood was operating at limited capacity and Japan was closed for part of the quarter.

最後，主題公園的收入增長了 65%，達到 18 億美元。我們產生了 6.32 億美元的 EBITDA，這是任何第二季度的創紀錄水平，儘管由於與 COVID 相關的限制，北京環球影業在本季度的大部分時間都關閉了。與去年好萊塢產能有限且日本在本季度部分時間關閉時相比，這些結果顯示出顯著改善。

We continued to see strong demand and EBITDA growth at our U.S. parks, where attendance and guest spending has been above 2019 levels with Orlando delivering its highest level of EBITDA for any quarter and Hollywood experiencing its best second quarter EBITDA on record. Universal Japan has shown a nice rebound since capacity restrictions were lifted at the end of March with attendance having its strongest improvement since the pandemic. And we expect momentum will build over the long term.

我們繼續看到我們美國公園的強勁需求和 EBITDA 增長，這裡的出勤率和賓客支出一直高於 2019 年的水平，奧蘭多的 EBITDA 達到了任何季度的最高水平，而好萊塢的第二季度 EBITDA 則創下歷史新高。自 3 月底取消運力限制以來，日本環球影業表現出良好的反彈，出勤率出現了自大流行以來的最強勁增長。我們預計勢頭將長期建立。

Universal Beijing was closed for about 2 months and reopened at the end of June, resulting in an EBITDA loss at that park this quarter. However, this was still a financial improvement compared to the level of preopening costs we incurred in the same period last year. Since reopening the park, the trends have been positive despite capacity restrictions and testing requirements. While COVID remains a risk we must manage, particularly in Asia, we remain bullish on the parks business, both in the near and long term.

北京環球影城關閉了大約 2 個月，並於 6 月底重新開放，導致該公園本季度的 EBITDA 虧損。然而，與我們去年同期的開業前成本水平相比，這仍然是財務上的改善。自公園重新開放以來，儘管有容量限制和測試要求，但趨勢一直是積極的。儘管 COVID 仍然是我們必須管理的風險，尤其是在亞洲，但我們仍然看好公園業務，無論是近期還是長期。

Now let's turn to Slide 7 for Sky, which I'll speak to on a constant currency basis. For the second quarter, Sky revenue decreased 3.5% to $4.5 billion as low single-digit growth in the U.K. was more than offset by our results in Italy and Germany, where we continued to transition through resets in our sports rights.

現在讓我們轉到 Sky 的幻燈片 7，我將在固定貨幣的基礎上進行討論。第二季度，Sky 收入下降 3.5% 至 45 億美元，原因是英國的低個位數增長被我們在意大利和德國的業績所抵消，我們繼續通過重置我們的體育權利來過渡。

Direct-to-consumer revenue decreased 2.4%, reflecting consistent average revenue per customer relationship and a decline in customer relationships compared to last year, including customer losses in the quarter of 255,000, which partially reflects normal customer churn associated with the end of the football season as well as an increasingly challenging macroeconomic environment for consumers across Europe.

直接面向消費者的收入下降 2.4%，反映了與去年相比，每個客戶關係的平均收入和客戶關係的下降，包括 255,000 個季度的客戶損失，這部分反映了與足球結束相關的正常客戶流失季節以及對歐洲消費者而言日益嚴峻的宏觀經濟環境。

Direct-to-consumer revenue in the U.K. increased low single digits in the quarter due to an increase in video revenue primarily driven by higher revenue from pubs and clubs as they recover from the pandemic as well as increases in wireless and broadband revenue. This growth in the U.K. was more than offset primarily by a decrease in revenue in Italy due to the reset in our Serie A broadcast rights.

英國直接面向消費者的收入在本季度增長了低個位數，這是由於視頻收入的增長，主要是由於酒吧和俱樂部從大流行中恢復過來的收入增加，以及無線和寬帶收入的增加。由於我們意甲轉播權的重置，英國的這一增長主要被意大利收入的減少所抵消。

Rounding out the rest of revenue at Sky, content revenue declined 16% driven by the reset and sports licensing agreements in Italy and Germany. And advertising revenue decreased 3.1% with growth in the U.K. and Germany despite the difficult macro environment more than offset by a decline in Italy.

在天空的其餘收入中，由於意大利和德國的重置和體育許可協議，內容收入下降了 16%。儘管宏觀環境艱難，但隨著英國和德國的增長，廣告收入下降了 3.1%，這被意大利的下降所抵消。

Turning to EBITDA. Sky's EBITDA increased 71% to $863 million, reflecting our strong growth in the U.K. and improved results in Germany and Italy mainly driven by lower sports programming and production costs due to resets in our sports rights.

轉向 EBITDA。 Sky 的 EBITDA 增長 71% 至 8.63 億美元，反映了我們在英國的強勁增長以及德國和意大利的業績改善，主要是由於我們的體育權利重置導致體育節目和製作成本降低。

As a reminder, the upcoming World Cup will take place in the fourth quarter, which is the first time this event has taken place during National League's regular season schedules. To accommodate this, national soccer leagues, including the EPL, will start the new season 1 to 2 weeks earlier in the third quarter and then take a pause for a period of 4 game weeks in the fourth quarter while the World Cup is played. As a result, compared to last year, we will incur higher sports programming amortization in the third quarter with lower levels in the fourth quarter and higher again in the first half of next year.

提醒一下，即將到來的世界杯將在第四季度舉行，這是該賽事首次在國家聯賽常規賽賽程中舉行。為了適應這種情況，包括 EPL 在內的國家足球聯賽將在第三節提前 1 到 2 週開始新賽季，然後在第四節舉行世界杯期間暫停 4 場比賽。因此，與去年相比，我們將在第三季度產生較高的體育節目攤銷，第四季度的水平較低，明年上半年將再次較高。

Now I'll wrap up with free cash flow and capital allocation on Slide 8. We generated $3.2 billion of free cash flow this quarter. Cash taxes of $2.75 billion included some items that drove us above the normal run rate by roughly $600 million.

現在我將在幻燈片 8 上結束自由現金流和資本分配。本季度我們產生了 32 億美元的自由現金流。 27.5 億美元的現金稅包括一些使我們比正常運行率高出約 6 億美元的項目。

Consolidated total capital increased 12%, reflecting significant progress in building Epic Universe in Orlando, higher capital spending at Cable driven by investments in line extensions and scalable infrastructure, partially offset by a decrease at Sky. For the year, we continue to expect Cable CapEx intensity to stay around 11% as we work towards enhancing and transitioning our broadband network to DOCSIS 4.0 in the next several years and NBCUniversal CapEx to be up around $1 billion year-over-year driven by the construction of Epic. Based on what we reported in the first 6 months of the year, that means total capital should be about $2.5 billion higher in the second half of the year compared to the first half.

合併總資本增長 12%，反映出在奧蘭多建設 Epic Universe 方面取得了重大進展，Cable 的資本支出因線路延伸和可擴展基礎設施的投資而增加，部分被 Sky 的下降所抵消。對於這一年，我們繼續預計有線電視資本支出強度將保持在 11% 左右，因為我們將在未來幾年內努力增強我們的寬帶網絡並將其過渡到 DOCSIS 4.0，而 NBCUniversal 資本支出將同比增長約 10 億美元。史詩的建設。根據我們今年前 6 個月的報告，這意味著今年下半年的總資本應該比上半年高出約 25 億美元。

Working capital was $1.7 billion for the first half of 2022 and is likely to be slightly below this amount in the second half of the year, reflecting the continued ramp in content creation and the timing of annual sports rights payments.

2022 年上半年的營運資金為 17 億美元，下半年可能會略低於這一數額，這反映了內容創作的持續增長和年度體育版權支付的時間安排。

Turning to capital allocation. We repurchased $3 billion worth of our shares in the quarter. In addition, dividend payments totaled $1.2 billion for a total return of capital in the second quarter of $4.2 billion. We ended the quarter with net leverage at 2.3x, in line with our expectations for leverage to remain around 2.4x going forward.

轉向資本配置。我們在本季度回購了價值 30 億美元的股票。此外，第二季度的股息支付總額為 12 億美元，資本回報總額為 42 億美元。我們在本季度末的淨槓桿率為 2.3 倍，符合我們對未來槓桿率保持在 2.4 倍左右的預期。

So with that, thanks for joining us on the call this morning. I'll turn it back to Marci, who will lead the question-and-answer portion of the call.

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

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

謝謝，邁克。接線員，讓我們打開問答電話吧。

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

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

Maybe just a strategic question for Brian, and then I wanted to ask a follow-up to Jeff. Brian, your balance sheet and cash flow generation is a real asset in markets that are tough and creates opportunity for the company. And honestly, in the backdrop of broadband slowing and concerns around the future of streaming and also some press reports about Comcast considering different strategic structure, just wondering if you could talk about the portfolio and how your level of confidence that you've got growth opportunities and the opportunity to create value and if you're thinking about ways to deploy that balance sheet at capacity to change things or take advantage of opportunities in the market that may be there for you now that weren't there maybe over the last 2 years?

也許對布賴恩來說只是一個戰略問題，然後我想問傑夫的後續問題。布賴恩，您的資產負債表和現金流量在艱難的市場中是一項真正的資產，並為公司創造了機會。老實說，在寬帶放緩和對流媒體未來的擔憂以及一些關於康卡斯特考慮不同戰略結構的新聞報導的背景下，只是想知道您是否可以談論投資組合以及您對獲得增長機會的信心程度和創造價值的機會，如果您正在考慮如何部署資產負債表以改變事物或利用市場上可能存在的機會，而這些機會可能在過去 2 年中不存在?

And then, Jeff, just on the parks business, I guess, with the GDP result this morning, we're officially in a recession, but it doesn't sound like that's the case at the Theme Park business. So can you talk a little bit about your visibility into the second half of the year and into next year, both in the U.S. and overseas and whether you have confidence you can continue to kind of deliver these record results at the Theme Park business despite what seems to be a weakening macro.

然後，傑夫，我想，就公園業務而言，根據今天早上的 GDP 結果，我們正式陷入衰退，但主題公園業務聽起來並非如此。那麼，您能否談談您在美國和海外的下半年和明年的知名度，以及您是否有信心繼續在主題公園業務中取得這些創紀錄的業績，儘管似乎是一個弱化的宏觀。

Thanks, Ben. I think what I was trying to say at the end of my remarks was cutting right at your point. I think we are in a fabulous place. We have kind of unprecedented cash flow and scale by our -- what we've got as one company. We're working really well together.

謝謝，本。我認為我在發言結束時想說的是切中了你的觀點。我認為我們在一個很棒的地方。作為一家公司，我們擁有前所未有的現金流和規模。我們合作得非常好。

We always think about whether this is the competitive right set for the company, and I feel it is. If you look at all the broad diversified growth drivers that came out here again in the second quarter, whether it's wireless net adds at a record -- near record levels or the business service growth back to high single digits, the new attendance records to your question about Theme Parks domestically.

我們總是考慮這是否是公司的競爭權利，我覺得是。如果你看看第二季度再次出現的所有廣泛的多元化增長驅動因素，無論是無線網絡的增長創紀錄——接近創紀錄水平，還是業務服務增長回到高個位數，你的新出勤記錄關於國內主題公園的問題。

The last couple of years in broadband, obviously, we'll talk, I'm sure, some more here about that, but adding almost 3 million customers, going from 0 to 13 million paid subs in a couple of years at Peacock is a great achievement and the highest rated broadcast network. I think all parts of the company are really doing a great job in some interesting times.

很明顯，過去幾年在寬帶領域，我敢肯定，我們會在這裡討論更多內容，但是增加近 300 萬客戶，幾年內 Peacock 的付費用戶從 0 增加到 1300 萬是偉大的成就和收視率最高的廣播網絡。我認為公司的所有部門在一些有趣的時期都做得很好。

By the way, our treasury department went out while interest rates were low, and we've basically repriced the whole balance sheet for something on the order of 18 years average maturity at record low rates. So I feel we are able to return capital to shareholders. I think that's been the real focus, and I think we did it again this quarter.

順便說一句，我們的財政部在利率低的時候就退出了，我們基本上以創紀錄的低利率將整個資產負債表重新定價為大約 18 年平均到期日。所以我覺得我們能夠將資本返還給股東。我認為這是真正的重點，我認為我們本季度再次這樣做了。

Our bar is, therefore, very high to -- as we look at things from that -- through that strategic lens of our cash flow and scale. So I think we feel really strong. I think we have so many diversified businesses that are each has its own game plan. And we'll talk, I'm sure, a little bit about some of them today. But the biggest ones are really well run. We've got some new leadership in a number of cases, and I'm really pleased with the company that could post 10% EBITDA growth.

因此，從我們的現金流和規模的戰略視角來看，我們的門檻非常高。所以我認為我們感覺非常強大。我認為我們有這麼多多元化的業務，每個業務都有自己的遊戲計劃。我敢肯定，我們今天會談談其中的一些。但是最大的那些運行得很好。在許多情況下，我們有了一些新的領導，我對這家可以實現 10% EBITDA 增長的公司感到非常滿意。

Thanks, Brian. Ben, I'll just take the parks one really quickly. So obviously, the parks business historically has been subject to macro trends, and there's no reason to think that, that won't be the case in the future. When we look at our business, we're just not seeing it yet in our numbers and our performance. And if you kind of look at the -- we're putting up these numbers despite the fact that our international visitation domestically is about half of what it has historically been. So we expect that to increase over time back to where it should be.

謝謝，布賴恩。本，我很快就去公園一趟。很明顯，公園業務在歷史上一直受宏觀趨勢的影響，沒有理由認為未來不會如此。當我們審視我們的業務時，我們只是還沒有從我們的數字和業績中看到它。如果你看一下 - 儘管我們在國內的國際訪問量大約是歷史的一半，但我們仍在提供這些數字。因此，我們預計隨著時間的推移會增加回到應有的水平。

We have a lot of attractions. We continued building attractions during the pandemic. Brian talked about Epic in the opening. We have those attractions continuing.

我們有很多景點。在大流行期間，我們繼續建設景點。布賴恩在開場時談到了史詩。我們繼續保持這些吸引力。

Internationally, Japan has been steadily improving quarter-to-quarter-to-quarter, still not back to where it was pre pandemic, but the trend line is really good. And Beijing, which was closed 2 of the 3 months of this quarter, opened in the third month and is doing really well, much better than we expected despite COVID constraints still on capacity.

在國際上，日本逐季穩步改善，仍未回到大流行前的水平，但趨勢線確實不錯。北京在本季度 3 個月中的 2 個月關閉，在第三個月開放，並且表現非常好，儘管 COVID 仍然限制產能，但比我們預期的要好得多。

So -- and all that international performance is subject, obviously, to the strong dollar, and that is a headwind for us. So I think we feel really good about the parks and feel like there's a lot of growth ahead of us despite what could be macro challenges that we could or might face. We're just not seeing it yet.

所以——顯然，所有國際表現都受到強勢美元的影響，這對我們來說是一個逆風。所以我認為我們對公園感覺非常好，並且感覺我們面前有很多增長，儘管我們可能面臨或可能面臨的宏觀挑戰。我們只是還沒有看到它。

And our next question will come from Phil Cusick from JPMorgan.

我們的下一個問題將來自摩根大通的 Phil Cusick。

I wonder if we can dig in to the level of your promotion and competition in the Cable business. We've anecdotally seen some pretty aggressive promotions. It's hard to tell whether those are sort of limited or widespread.

我想知道我們是否可以深入了解您在有線電視業務中的晉升和競爭水平。有趣的是，我們已經看到了一些非常激進的促銷活動。很難說這些是有限的還是普遍的。

Are you pushing harder on average than you were a year ago? And when you compete with wireless since you expect fixed wireless to have a cap on penetration, does it make sense to push back with that on price? Or do you sort of just let it come in and take those customers? How do you address that?

你平均比一年前更努力了嗎？當您與無線競爭時，因為您希望固定無線的滲透率有上限，那麼在價格上推後是否有意義？還是您只是讓它進來並吸引那些客戶？你如何解決這個問題？

Phil, this is Dave. Let me go into both of that, the competitive landscape and the promotional intensity. So let me start with the drivers very quickly because I think that sets it up and Brian mentioned, since March of '20, we've added 3 million broadband customers to this point.

菲爾，這是戴夫。讓我談談這兩個方面，競爭格局和促銷強度。所以讓我很快從驅動程序開始，因為我認為這設置了它，Brian 提到，自 20 年 3 月以來，我們已經增加了 300 萬寬帶用戶。

And so you look at things like the move activity, June being the lowest level since this whole -- happened, mobile substitution really driving that 3 million with the surge and seasonality, places like Florida that in 2021 we actually gained customers, which we normally don't. And this quarter, we went negative in Florida.

所以你看看移動活動之類的事情，6 月是自整個事件以來的最低水平——移動替代確實推動了 300 萬的激增和季節性，像佛羅里達這樣的地方，在 2021 年我們實際上獲得了客戶，我們通常不。而本季度，我們在佛羅里達州的業績為負。

So you put all that together, we have to, I think, put that in perspective. And that determines a lot of the competitive planning. But we've always approached competition with a tremendous sense of urgency. We have local competition. We have large national scaled competition. And most certainly, fixed wireless is the newest one.

所以你把所有這些放在一起，我認為，我們必須正確看待它。這決定了很多競爭計劃。但我們總是以極大的緊迫感來應對競爭。我們有本地競爭。我們有大型的全國性比賽。可以肯定的是，固定無線是最新的。

And you go through a launch phase that typically adds pressure. And we are seeing that on the front end. As Brian said, it's impacting connects. We do not see it in churn. So our approach is to segment the marketplace, go after each segment, provide great value, really lean into the network benefits that we have and compete fiercely for each segment. We've always done that, and we'll continue to do that.

你會經歷一個通常會增加壓力的啟動階段。我們在前端看到了這一點。正如布賴恩所說，它正在影響連接。我們沒有在客戶流失中看到它。所以我們的方法是細分市場，追求每個細分市場，提供巨大的價值，真正依靠我們擁有的網絡優勢，並為每個細分市場展開激烈競爭。我們一直這樣做，我們將繼續這樣做。

Mobile is an area where we really can continue to be aggressive. We've been doing that. I think the results were very strong in the second quarter in terms of mobile. I think there's more that we can do as we integrate mobile into every single sales channel. So look for us to continue to be aggressive in regards to how we package each segment and leverage mobile.

移動是我們真正可以繼續積極進取的領域。我們一直在這樣做。我認為第二季度在移動方面的業績非常強勁。我認為隨著我們將移動設備集成到每個銷售渠道中，我們可以做的還有更多。因此，請期待我們在如何打包每個細分市場和利用移動設備方面繼續積極進取。

What we won't do is chase pricing down to the bottom. So we're going to have a good balanced approach towards competing fiercely for each segment, but we have a great network. We have great innovation. We have the best WiFi gateway device that's out there. We're going to leverage our strengths in every part of what we do.

我們不會做的是把價格追到底。因此，我們將採用一種平衡的方法來為每個細分市場進行激烈競爭，但我們有一個很好的網絡。我們有很大的創新。我們擁有目前最好的 WiFi 網關設備。我們將在我們所做的每一部分中利用我們的優勢。

And so with all of those things, you manage the promotional intensity for the long run. But we continue to evolve our competitive playbook all the time. But you won't see us go down and chase discounting.

因此，通過所有這些事情，從長遠來看，您可以管理促銷強度。但我們一直在不斷發展我們的競爭策略。但你不會看到我們倒下並追逐折扣。

Mobile is a great addition adding value, and look for us to continue to do that. And I think one of the unusual moments part of this is with the mobile surge, with wireless-only coming back, look for us to continue to leverage the best broadband network with the best mobile.

移動是一個很好的附加值，期待我們繼續這樣做。我認為其中一個不尋常的時刻是移動激增，只有無線功能回歸，期待我們繼續利用最好的移動設備利用最好的寬帶網絡。

And by the way, for those that are paying attention to Ookla stuff, we have the data from Ookla in terms of mobile service, and Xfinity Mobile is the fastest overall mobile service provider. So look for us to leverage that. We'll combine the best network with best mobile service, and we'll continue to do that. But there won't be a dramatic shift in promotional intensity.

順便說一句，對於那些關注 Ookla 的人來說，我們有來自 Ookla 的移動服務數據，而 Xfinity Mobile 是最快的整體移動服務提供商。因此，請期待我們利用這一點。我們將把最好的網絡與最好的移動服務結合起來，我們將繼續這樣做。但促銷力度不會發生巨大變化。

And our next question will come from Craig Moffett with MoffettNathanson.

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

I wonder if you could, let's stay with the topic of broadband for a minute, if you could dive into the patterns that you're seeing geographically. You talked about fixed wireless. The companies that are selling it primarily, T-Mobile and Verizon, are skewing rural. Where are you seeing the competition from fixed wireless most strongly? And where are you seeing the competition from fiber most strongly? And what does that fiber competition look like?

我想知道您是否可以，讓我們停留一分鐘的寬帶主題，如果您可以深入了解您在地理上看到的模式。你談到了固定無線。主要銷售它的公司 T-Mobile 和 Verizon 正在向農村傾斜。您認為來自固定無線的競爭最激烈的地方在哪裡？您認為來自光纖的競爭最激烈的地方在哪裡？光纖競爭是什麼樣的？

Well, actually, let me start with fiber, Craig. And there, we've been at it for a long period of time. We've gone from 0 to -- over a 15-year period from 0% to 40% overbuild. And so that is -- we have good visibility to where fiber is, and that's all over the place at this point between multiple fiber providers. And important to note whether it's fiber or any other form of competition, we're growing in every single geographic area.

好吧，實際上，讓我從纖維開始，克雷格。在那裡，我們已經做了很長一段時間了。我們已經從 0 到 - 在 15 年的時間裡從 0% 到 40% 過度建設。所以這就是 - 我們對光纖的位置有很好的了解，而且在這一點上，在多個光纖供應商之間到處都是。重要的是要注意無論是光纖還是任何其他形式的競爭，我們都在每個地理區域都在增長。

With fixed wireless, you're right in that there appears to be 2 things. One, they are adding some small business, new, maybe even expanding the marketplace a bit with small business, watching that closely.

使用固定無線，你是對的，似乎有兩件事。一，他們正在增加一些新的小企業，甚至可能通過小企業擴大市場，密切關注。

They're a little bit more rural, which we have been watching. But it's kind of across the board. When you have, again, this launch phase of somebody doing it at scale like this, you see it a little bit all over.

我們一直在關注他們的鄉村風格。但這有點全面。當你再次看到有人像這樣大規模地做這個發布階段時，你會看到它有點完結了。

But again, the difference here is our churn versus fiber back in the day where we saw churn go up. We're not seeing that here. We are seeing a little bit of pressure on connects, and it's kind of all over, which points towards more of the main drivers being what I mentioned earlier. It's the move activity plus the mobile search. So that is really the key thing. But we watch it. One of our great strengths is local competition. We stay on it in a very granular basis. We watch this very closely. So your point is a good one.

但同樣，這裡的區別在於我們看到流失率上升的那一天，我們的流失率與纖維之間的區別。我們在這裡沒有看到。我們在連接上看到了一點壓力，而且它已經結束了，這表明更多的主要驅動因素是我之前提到的。這是移動活動加上移動搜索。所以這真的是關鍵。但我們看著它。我們的一大優勢是本地競爭。我們堅持非常細化。我們密切關注這一點。所以你的觀點很好。

Our next question comes from Doug Mitchelson from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

I'm just curious if anyone on the team has any other thoughts on what they're seeing in terms of macro trends, whether it's advertising or days outstanding or bad debt or sort of across all the businesses.

我只是好奇團隊中的任何人是否對他們所看到的宏觀趨勢有任何其他想法，無論是廣告還是未償還的天數或壞賬或所有業務的某種形式。

But also, Dave, for you, as we look forward in Cable, if you're going through a sustained period of slower broadband growth due to the factors you've outlined, that potentially means a little bit slower revenue growth. Are you -- as you budget this business on a go-forward basis, are you budgeted to hit a particular margin goal, so investment OpEx levels would come down as revenue comes down? Or how do you think about managing the business on a go-forward basis if there is a little bit of a revenue slowdown given the slower broadband growth?

而且，戴夫，對你來說，正如我們在有線電視節目中所期待的那樣，如果由於你所概述的因素，你正在經歷一段持續放緩的寬帶增長時期，這可能意味著收入增長會稍微放緩。您是否 - 在您對這項業務進行預算時，您是否預算達到特定的利潤目標，因此投資運營支出水平會隨著收入的下降而下降？或者，如果寬帶增長放緩，收入略有放緩，您如何看待未來的業務管理？

So it's Mike, Doug. I'll jump in. I think across the board, we're generally -- we're not seeing slowdown. Dave can comment or add on payments on the consumer side. And I'll let Jeff comment on advertising, but versus some of the commentary you've seen, I think we're able to deal with some of the macro stuff impact on consumer and impact on cost in our expense base.

所以是邁克，道格。我會加入。我認為全面來說，我們一般 - 我們沒有看到放緩。 Dave 可以評論或添加消費者方面的付款。我會讓傑夫對廣告發表評論，但與你看到的一些評論相比，我認為我們能夠處理一些宏觀因素對消費者的影響以及對我們費用基礎成本的影響。

Brian already mentioned the interest rate side of it, and 85% fixed at the grade levels we -- he mentioned. And then on our expense base, very small part of it is energy related through fuel or rolling trucks. Others -- other areas, labor and the like, we have pressures like all others. But I think we know how to manage our way through these kind of challenges. So I wouldn't call out as we look to the second half of the year that macro is a particularly big issue. I'll let Jeff jump in.

布賴恩已經提到了利率方面，85% 固定在我們 - 他提到的年級水平上。然後在我們的費用基礎上，其中很小一部分是通過燃料或滾動卡車與能源相關的。其他——其他領域、勞動力等，我們和其他人一樣有壓力。但我認為我們知道如何應對這些挑戰。因此，當我們展望下半年時，我不會說宏觀是一個特別大的問題。我會讓傑夫加入。

Yes. So I just -- thanks, Mike. I would just add, Doug, that in the advertising market, the advertising market is choppy. I mean, I think we said that last time. It continues to be choppy, down year-on-year in the scatter market. It's really segment by segment-based though. Some segments are doing better. Some segments are doing worse.

是的。所以我只是 - 謝謝，邁克。道格，我只想補充一點，在廣告市場中，廣告市場是波濤洶湧的。我的意思是，我想我們上次說過。散佈市場繼續波動，同比下降。不過，它實際上是逐段分段的。一些細分市場表現更好。一些細分市場的表現更差。

And we just finished the upfront, as Brian said in his opening. And the upfront was way better than we expected. So definitely some, as I said, choppiness, but nothing really that dramatic.

正如布賴恩在開場時所說，我們剛剛完成了前期工作。前期比我們預期的要好得多。所以肯定有些，正如我所說，波濤洶湧，但沒有什麼戲劇性的。

And I'll just jump in one more time, and Dave can follow up. But I mean, when we -- across all the businesses, budget exercise and the like, I mean, our job and the way we think about it is to really think about optimizing for the long term.

我會再插一次，戴夫可以跟進。但我的意思是，當我們 - 在所有業務、預算活動等方面，我的意思是，我們的工作以及我們思考它的方式是真正考慮長期優化。

So last thing you're going to see us doing is -- and it goes back to the strength of balance sheet, strength of cash flow, we won't be cutting muscle. We're focused on in tougher times trimming some fat, but it will be very, very long-term minded in how we think about investment priorities, which are substantial to drive future growth.

所以你會看到我們做的最後一件事是——它可以追溯到資產負債表的實力，現金流的實力，我們不會削減肌肉。我們專注於在艱難時期削減一些脂肪，但在我們如何考慮投資優先事項時，這將是非常非常長期的，這對於推動未來的增長至關重要。

And so fortunately, we're in a position where we don't have to sacrifice that. That doesn't mean there won't be tactical adjustments and belt tightening, but I'll throw it over to Dave.

幸運的是，我們處於不必犧牲這一點的位置。這並不意味著不會有戰術調整和勒緊腰帶，但我會把它交給戴夫。

Thanks, Mike. Doug, so on looking forward, certainly where we're at right now, I think, points towards the game plan. We had -- in broadband alone, we had really healthy ARPU growth, 3.6%, half being rate-driven, the other half just how we manage tier mix.

謝謝，邁克。道格，等等，我認為，當然，我們現在所處的位置指向遊戲計劃。我們有 - 僅在寬帶方面，我們的 ARPU 增長非常健康，為 3.6%，其中一半是費率驅動的，另一半是我們管理層級組合的方式。

So I think there's -- you look at the overall strength of total relationships, 32 million broadband relationships that we have and the ability to manage through that and focusing on the strengths of the network, the strengths of the product. We'll continue to do that.

所以我認為有 - 你看看總關係的整體實力，我們擁有的 3200 萬個寬帶關係以及通過這些關係進行管理的能力，並專注於網絡的優勢和產品的優勢。我們將繼續這樣做。

We have a lot of levers that we'll focus on. And again, we talked about promotional intensity, but we're going to put customers in the right segment. We always segment the marketplace. We'll continue to do that.

我們有很多我們將重點關注的槓桿。再一次，我們談到了促銷力度，但我們要把客戶放在正確的細分市場。我們總是細分市場。我們將繼續這樣做。

And so you also look at multiple growth areas that we have in Cable where business services, Brian talked about that, is a growth opportunity. Mobile is a growth opportunity. The platform even for video, I feel, is a growth opportunity.

因此，您還可以查看我們在 Cable 的多個增長領域，Brian 談到，商業服務是一個增長機會。移動是一個增長機會。我覺得，即使是視頻平台，也是一個增長機會。

So we will consistently manage and be competitive with the broadband relationships. But I think we'll continue to focus on our network and the product advantages that we have. And that will help us focus on the pricing approach that we have in the marketplace.

因此，我們將始終如一地管理寬帶關係並保持競爭力。但我認為我們將繼續專注於我們的網絡和我們擁有的產品優勢。這將幫助我們專注於我們在市場上的定價方法。

Our next question comes from Jessica Reif Ehrlich from BofA Securities.

我們的下一個問題來自美國銀行證券的 Jessica Reif Ehrlich。

I just wanted to drill down, if possible, on advertising. Jeff, I'm not sure what choppy means. Could you give us any color on kind of magnitude up or down in scatter, outlook for political? And then on Cable, if anyone can comment what's going on in advertising there.

如果可能的話，我只是想深入研究一下廣告。傑夫，我不確定波濤洶湧是什麼意思。你能給我們任何關於分散程度上下的顏色，政治前景嗎？然後在有線電視上，如果有人可以評論那裡的廣告情況。

But more importantly, Peacock came out of the gate with a differentiated strategy on AVOD, and now you're seeing a slew of other companies following. Obviously, inventory will go up, but is that positive or negative? Meaning will more advertisers come in? And if they do, are you taking share from digital? Or is it a share shift from linear? Just any color you can give us on AVOD would be great.

但更重要的是，Peacock 以差異化的 AVOD 戰略走出了大門，現在你看到一大批其他公司紛紛效仿。顯然，庫存會增加，但這是積極的還是消極的？意味著會有更多的廣告商進來嗎？如果他們這樣做了，您是否從數字媒體中分一杯羹？還是從線性份額轉移？您可以在 AVOD 上給我們的任何顏色都很棒。

Yes, Jessica, thanks. So what I mean by choppy is that there is -- it's not a broad decline or increase. So if you look at our business, first of all, in the quarter, as Mike said in the opening, if you take out the NHL playoffs from last year, we were actually up in the quarter, which I think is better than some of the other companies that have reported so far. So up year-on-year is a pretty good thing.

是的，傑西卡，謝謝。所以我所說的波濤洶湧的意思是存在 - 它不是廣泛的下降或上升。所以如果你看看我們的業務，首先，正如邁克在開場時所說的那樣，如果你從去年的 NHL 季后賽中剔除，我們實際上在本季度有所上升，我認為這比一些迄今為止報告的其他公司。因此，同比增長是一件非常好的事情。

And if you look at kind of what we're seeing in the scatter market, what we saw in the upfront, you have things like auto, which is down, but that's related to the fact that -- you saw in GM's earnings yesterday is you just don't have a lot of cars on lots. Therefore, they're not advertising. So that's why their advertising's down there. And then pharma in the upfront was up significantly as you have a backlog of drugs that weren't approved in the last couple of years by the FDA are expected to be approved.

如果你看看我們在分散市場上看到的，我們在前期看到的，你有像汽車這樣的東西，它在下跌，但這與你昨天在通用汽車的收益中看到的事實有關你只是沒有很多車。因此，它們不是廣告。所以這就是為什麼他們的廣告在那裡。然後，由於您有積壓的藥物在過去幾年中未獲得 FDA 批准，因此前期的製藥公司有望獲得批准。

So what I mean by choppy is just segment by segment, different things are going on, both up and down. And there's no kind of macro overall ups and downs.

所以我所說的波濤洶湧只是一段一段一段的一段一段一段一段一段一段的旅程，不同的事情正在發生，無論是向上還是向下。並且沒有任何宏觀的整體起伏。

On Peacock, look, we had the benefit of studying the market before we came in. And we think we picked the right business strategy, which is kind of an extension of our existing business, not a new business based on dual revenue stream of subscription and advertising. And I think everybody kind of moving in that direction is the validation of that business model.

在 Peacock，您看，我們在進入之前就研究了市場。而且我們認為我們選擇了正確的業務戰略，這是我們現有業務的延伸，而不是基於訂閱雙重收入流的新業務和廣告。我認為每個人都朝著這個方向前進是對這種商業模式的驗證。

And as far as advertising in general, our business, linear and Peacock, we're one of the largest advertisers out there, over $10 billion of advertising. So people coming in at the levels they are coming in, we don't expect it to have any material impact on what we sell and how we do it. If anything, our scale gives us an increasing advantage.

就一般廣告而言，我們的業務，線性和孔雀，我們是最大的廣告商之一，超過 100 億美元的廣告。因此，人們以他們進入的水平進入，我們預計它不會對我們銷售的產品和我們的銷售方式產生任何實質性影響。如果有的話，我們的規模給我們帶來了越來越大的優勢。

And then you mentioned political in the next door. We do -- we don't want to count our chickens before they hatch, but we expect a pretty strong political kind of season coming up. And I think our company, speaking now broadly, the entire company, not just our linear businesses, but our local TV stations and Dave's business and Cable, we're kind of uniquely positioned and now with Peacock to take advantage of whatever a candidate wants to advertise and where. So we expect some pretty strong results from Peacock in the coming fall in addition to the advertising across our whole company.

然後你在隔壁提到政治。我們這樣做了——我們不想在孵化之前數數我們的雞，但我們預計會有一個非常強大的政治季節即將到來。而且我認為我們公司，現在廣泛地說，整個公司，不僅僅是我們的線性業務，還有我們當地的電視台和戴夫的業務和有線電視，我們處於獨特的位置，現在與孔雀一起利用候選人想要的任何東西在哪裡做廣告。因此，除了我們整個公司的廣告外，我們預計 Peacock 在即將到來的秋季會取得相當強勁的業績。

I don't know, Dave, if you want to add anything?

我不知道，戴夫，你想補充什麼嗎？

No, I totally agree with that.

不，我完全同意這一點。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

I'm going to follow up on one of the questions that was asked earlier. You always kind of get these questions around capital allocation and M&A. And it seems like those discussions always seem to focus on what you may or may not want to do in the media space.

我將跟進之前提出的問題之一。關於資本配置和併購，你總是會遇到這些問題。似乎這些討論似乎總是集中在你可能想或不想在媒體領域做的事情上。

But you still generate the large majority of your earnings and cash flow out of your Cable Communications segment, and a harder backdrop may make asset values in that sector come down. We've already seen that.

但您的大部分收入和現金流仍來自有線通信部門，更艱難的背景可能會導致該部門的資產價值下降。我們已經看到了。

What is your appetite for maybe increasing your discretionary capital into telecom? Meaning would you be interested in buying more cable assets if they were available or fiber assets if they were available or things that would support your mobile business from an infrastructure standpoint? I just feel like it's been a while since we've taken your temperature on whether that could be something you'd be interested in doing opportunistically.

您對增加您對電信的可支配資本的興趣是什麼？這意味著您是否有興趣購買更多可用的有線資產或購買更多的光纖資產（如果可用）或從基礎設施的角度支持您的移動業務的東西？我只是覺得已經有一段時間了，因為我們已經對你的溫度進行了評估，這是否可能是你有興趣做的事情。

And then just a question on the parks. Obviously, the strength in per caps was an important part of what contributed to the outstanding financial performance in the quarter. But beginning of 2Q and the end of 2Q, I think, were very different economic environments. So I'm just curious whether you've seen any notable shifts in spending patterns at the parks in the more recent weeks.

然後只是關於公園的問題。顯然，人均資本實力是本季度出色財務業績的重要組成部分。但我認為，第二季度的開始和第二季度的結束是非常不同的經濟環境。所以我很好奇你是否在最近幾週看到公園消費模式的任何顯著變化。

Yes. Mike, you may want to jump in on this or Dave. This is Brian. The -- absolutely like the communications business that we're in, that's certainly my roots in life. And the most recent acquisition we made, we call these kind of tuck-in acquisitions, would be Masergy. And that's in the business services group, and it's off to a really good start and allows us, just like you said, more capabilities.

是的。邁克，你可能想加入這個或戴夫。這是布萊恩。 - 絕對就像我們從事的通信業務一樣，這當然是我生活的根源。而我們最近進行的收購，我們稱之為這種整合收購，將是 Masergy。那是在業務服務組中，這是一個非常好的開始，就像你說的那樣，讓我們擁有更多的能力。

I think that's probably more what our focus is, how do we look for new revenue sources and new growth avenues and through people who've either started a company or built a company have something that we can then scale faster. And that's been a good pattern. So Dave's team looks at that all the time, Mike and the business development team. So you guys want to add to that? I think it's pretty...

我認為這可能更多的是我們的重點，我們如何尋找新的收入來源和新的增長途徑，通過創辦公司或建立公司的人，我們可以更快地擴大規模。這是一個很好的模式。因此，Dave 的團隊、Mike 和業務開發團隊一直在關注這一點。所以你們想補充一下嗎？我覺得挺好看的...

Nothing -- it's all inbounds. I think as Brian said, the bar is always high. But I think we look at smaller stuff like Masergy and even smaller, and there's a steady diet of trying to add capability, innovation and scale it up across the whole footprint of Cable.

什麼都沒有——都是入站的。我認為正如布賴恩所說，標準總是很高。但我認為我們關注的是像 Masergy 甚至更小的東西，並且有一個穩定的飲食，試圖增加能力、創新並在 Cable 的整個足跡上擴大規模。

And a lot of it is inclusive of, remember, the road map for tech, video aggregation, broadband and the like is shared with Sky. And so when we look at that question, we're really looking across both of those businesses together.

請記住，其中很多內容包括與 Sky 共享的技術、視頻聚合、寬帶等路線圖。因此，當我們看到這個問題時，我們真的是在同時審視這兩個業務。

Two things. One, just following on Masergy, it is a great example. It's an opportunity to grow. It's one of our most important areas, mid-market and enterprise as an example of making the right kind of bet on that. And it's off to a really good start.

兩件事情。一，就在Masergy之後，這是一個很好的例子。這是一個成長的機會。這是我們最重要的領域之一，中端市場和企業是在這方面做出正確賭注的一個例子。這是一個非常好的開始。

The teams are working really well together, Masergy, our business services teams, and doing exactly what we'd hoped for in the early days of integration.

Masergy，我們的業務服務團隊，這些團隊合作得非常好，並且完全按照我們在集成早期所希望的那樣工作。

Second point is AppCo, the joint venture with Charter. Another great example of an opportunity to grow. And having a scaled platform like that, investing in that future, I think, is the right kind of bet to make. We'll continue to look for those opportunities.

第二點是與Charter的合資企業AppCo。另一個成長機會的好例子。我認為，擁有這樣一個規模化的平台，投資於未來是正確的選擇。我們將繼續尋找這些機會。

Yes. But just following up on the -- Brett, the last thing you said, the per cap. So I think one of the surprises coming out of the pandemic for us has been the strength of per cap spending. Normally, people who come in from international spend more on Harry Potter wands and so forth than people domestically. And we've seen domestic per cap speed just tremendous coming out of the pandemic. And we've seen no weakness in that coming out of the quarter into the next quarter.

是的。但只是跟進-- Brett，你說的最後一件事，每帽。因此，我認為大流行給我們帶來的驚喜之一就是人均支出的強度。通常，來自國際的人在哈利波特魔杖等上的花費比國內的人多。我們已經看到國內人均速度在大流行中出現了巨大的變化。從本季度到下一季度，我們沒有看到任何弱點。

Our next question comes from Jonathan Chaplin from New Street.

我們的下一個問題來自新街的喬納森卓別林。

So you've been willing to run leverage higher than 2.4x in the past. It feels like at this point, the market isn't giving you full credit for the strength that you see longer term in the Cable business and in this combination of assets. And I'm wondering if now is a great time to sort of take advantage of that. Would the reason for not pushing leverage higher and buying back more of your stock just be the macro environment? Is that what's sort of holding you back on leverage is macro uncertainty?

因此，您過去一直願意使用高於 2.4 倍的槓桿。感覺在這一點上，市場並沒有完全相信你在有線電視業務和這種資產組合中看到的長期實力。我想知道現在是否是利用這一點的好時機。不推高槓桿並回購更多股票的原因僅僅是宏觀環境嗎？是宏觀不確定性阻礙你使用槓桿嗎？

More or less, yes, Jonathan. It's Mike. So I mean, I think we think about long-term cycles that are around our businesses and the economy. And I mean, it's been our view that having a strong balance sheet defined by the leverage or the ratings we've chosen to seek is the right way to run the balance sheet.

或多或少，是的，喬納森。是邁克。所以我的意思是，我認為我們會考慮圍繞我們的業務和經濟的長期週期。我的意思是，我們認為擁有由槓桿或我們選擇尋求的評級定義的強大資產負債表是運行資產負債表的正確方式。

And I think Brian talked about and others have observed that together with the ability to invest heavily in our businesses, maintain a strong balance sheet, return lots of capital to shareholders and keep driving future growth by investing back in the businesses is a formula that in times like these with uncertain markets, I think there's a lot of companies out there that wish they had those characteristics. So it's not lost on us.

我認為布賴恩談到和其他人已經觀察到，除了能夠對我們的業務進行大量投資、保持強勁的資產負債表、向股東返還大量資本以及通過重新投資業務來推動未來增長之外，這是一個公式，在在這樣的市場不確定的時代，我認為有很多公司希望他們擁有這些特徵。所以它並沒有迷失在我們身上。

But nonetheless, we've been active in capital return, $6 billion of buybacks in the year-to-date, 14th year in a row of raising the dividend. That's on the back of really strong financials in the first half of the year.

但儘管如此，我們一直在積極進行資本回報，今年迄今已回購 60 億美元，連續第 14 年提高股息。這是在今年上半年財務狀況非常強勁的背景下。

And I think, hopefully, the takeaway from this call is our feeling comes through that we feel very good about the EBITDA strength coming into the second half of the year. So -- but that's how we think about it. We wouldn't -- I wouldn't be reacting to change our leverage and balance sheet design because it's really designed to take us through many different kinds of cycles.

我認為，希望這次電話會議的收穫是我們的感覺是，我們對進入下半年的 EBITDA 實力感到非常好。所以——但這就是我們的想法。我們不會——我不會對改變我們的槓桿和資產負債表設計做出反應，因為它真的旨在讓我們經歷許多不同類型的周期。

And that last question will come from John Hodulik from UBS.

最後一個問題將來自瑞銀的 John Hodulik。

Just following up on some of the commentary on high-speed data competition, maybe for Dave. Can you give us a sense on what the fiber overlap is these days and maybe how that's changed over the last 12 months?

只是跟進一些關於高速數據競爭的評論，也許是為了戴夫。您能否讓我們了解一下這些天的光纖重疊情況，以及在過去 12 個月中這種情況發生了怎樣的變化？

And then on the ARPU, I thought there was some good commentary about rate and tier mix. Are you seeing any -- I mean, I know, Dave, you said you wouldn't chase rate to reaccelerate growth on the sub side. But do you still think you have the same pricing power that you've had, given the changes in competition? That's A.

然後在 ARPU 上，我認為關於費率和層級組合有一些很好的評論。你看到了嗎——我的意思是，我知道，戴夫，你說過你不會追逐利率來重新加速次級市場的增長。但是，考慮到競爭的變化，您是否仍然認為您擁有與以往相同的定價能力？那是一個。

And then B, on the tier mix, have you seen any -- especially given the pressure that the consumer is seeing, have you seen any change in trends in terms of up-tiering and potential signs that consumers may look to save money on broadband and down tier?

然後 B，在層級組合上，您是否看到任何 - 特別是考慮到消費者所面臨的壓力，您是否看到升級趨勢方面的任何變化以及消費者可能希望在寬帶上省錢的潛在跡象和下層？

Yes. So John, on the overall approach towards the marketplace and pricing, really, we've always segmented the marketplace. So we've done that over a long period of time. So there's not a dramatic shift in the current environment.

是的。所以約翰，關於市場和定價的整體方法，真的，我們一直在細分市場。所以我們已經做了很長一段時間。因此，目前的環境並沒有發生巨大的變化。

There certainly is with mobile substitution. I think that skews more lower end, and so -- but we've always participated and had great programs like Internet Essentials, and so we don't see a real shift. We've always gone in and out in terms of our approaches towards offers and have different competitive answers.

當然有移動替代。我認為這更偏向低端，所以 - 但我們一直參與並擁有像 Internet Essentials 這樣的偉大項目，所以我們看不到真正的轉變。我們總是在對待報價的方法方面進進出出，並有不同的競爭答案。

And when you look at the fiber, we've gone -- we're at 40%. That's where we are at right now. It's been the steady build that surged early on. We're quite used to it and compete very aggressively against all of the fiber group and don't really see a change.

當你查看纖維時，我們已經消失了——我們已經達到了 40%。這就是我們現在所處的位置。這是早期飆升的穩定構建。我們已經習慣了，並且非常積極地與所有光纖組競爭，並沒有真正看到變化。

You look at the telco results, not -- it speaks for themselves. So we're -- that competitive area, we've had a consistent approach and won't change our aggressiveness, which has always been segment-based, best network, best products and let that be the main driver of our competitive playbook.

你看的是電信公司的結果，而不是——它不言自明。所以我們是——那個競爭領域，我們有一個一致的方法，不會改變我們的進取心，它一直是基於細分的，最好的網絡，最好的產品，讓它成為我們競爭策略的主要驅動力。

Thanks, John. That will end our call, and thank you, everyone, for joining us.

謝謝，約翰。這將結束我們的通話，感謝大家加入我們。

Thanks, everybody.

謝謝大家。

We have no further questions at this time. There will be a replay available of today's call starting at 11:30 a.m. Eastern Time. It will run through Thursday, August 4 at 11 a.m. Eastern Time. The dial-in number is (719) 457-0820, and the conference ID number is 1292809. A recording of the conference call will also be available on the company's website beginning at 11:30 a.m. Eastern Time today.

目前我們沒有其他問題。從東部時間上午 11:30 開始，將重播今天的電話會議。它將持續到東部時間 8 月 4 日星期四上午 11 點。撥入號碼是 (719) 457-0820，會議 ID 號碼是 1292809。電話會議的錄音也將在東部時間今天上午 11:30 開始在公司網站上提供。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。