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，早安，歡迎參加康卡斯特2022年第二季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。

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

現在我將把電話交給投資人關係執行副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

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

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

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

現在請看投影片2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節情況。

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

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thanks, Marci, and 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.

本季我們的各項財務業績再次表現強勁。第二季合併營收成長5%，調整後EBITDA成長10%，調整後每股盈餘成長20%。同時，我們持續投資自身業務，並向股東返還了大量資本。

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.

具體而言，本季我們回購了價值30億美元的股票，使今年迄今的股票回購總額達到60億美元。我們繼續保持穩健的股息支付，並擁有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以創新為導向的長期策略在有線電視業務中取得了成效，該業務的息稅折舊攤銷前利潤 (EBITDA) 增長了 5%，利潤率同比增長了 70 個基點。事實上，本季我們的 EBITDA 利潤率達到了近 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.

過去12個月，我們新增了近80萬寬頻用戶，但最近這一成長速度有所放緩。第二季度，我們的寬頻用戶新增量持平。我想深入探討一下這方面的情況。當然，寬頻用戶新增量主要取決於用戶流失率和新用戶開通量。雖然用戶流失率遠低於2019年的水平，但新用戶開通量也低於我們通常在第二季看到的水平。

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.

我們認為這主要是由三個因素造成的。首先是搬遷活動。正如我們之前討論過的，我們業務覆蓋範圍內的搬遷活動顯著放緩，第二季度比2019年同期下降了12%，是疫情爆發以來的最低水平。儘管我們在新客戶獲取機會中的勝率仍然很高，但搬遷活動的放緩導致此類機會減少。而這對我們的總連結數產生了最大的影響。

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.

第二類趨勢是部分疫情期間趨勢的逆轉。疫情期間，許多客戶，尤其是低收入客戶，為了優化家庭網路解決方案，紛紛選擇開通寬頻服務。這為我們提供了在住宅寬頻市場佔據更大份額的絕佳機會。事實上，在疫情爆發的第一年，我們的新增客戶數量比以往的年均成長率高出近50%，即增加了60萬名客戶。

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.

在疫情發展的現階段，隨著消費者行為開始恢復到疫情前的模式，這些機會逐漸減少。我們也看到，行動端替代消費的現像有所恢復。

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，疫情期間的季節性模式與以往大不相同。這種情況在第二季開始逐漸恢復正常，導致季節性脫節現像比前兩年更為嚴重。

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.

最後一個因素是競爭加劇。固定無線網路是市場上的新興力量。雖然長期來看可能存在諸多限制，但目前無線網路的過剩容量為注重性價比的客戶創造了一個我們認為的短期機會。我們尚未發現固定無線網路對客戶流失率有任何明顯影響，但其早期成長似乎是導致我們連線活躍度下降的另一個原因。此外，我們在越來越多的服務覆蓋區域內與光纖網路競爭。

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.

儘管有這些產業及宏觀經濟方面的因素，我們依然充滿信心。數十年來，我們不斷投資創新，打造了一家能夠適應當前環境並取得成功的企業。我們堅信，住宅寬頻用戶數量將會回升。

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.

我們打算如何實現這個目標？我們正努力擴大商業版圖，充分利用現有市場中住房和商業的成長，加速向新領域擴張。同時，我們也積極爭取政府補貼。

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，我們將繼續積極爭取市場佔有率。我們提供以創新和差異化為核心的卓越產品。同時，我們透過將寬頻與行動和彈性服務捆綁銷售，不斷提升寬頻的價值。我們在向 DOCSIS 4.0 網路轉型方面取得了顯著進展，這為我們提供了清晰的路徑，使我們能夠以比競爭對手更快的速度和更低的成本，大規模地實現多千兆對稱速度，所有這一切都在我們之前概述的資本支出水平之內。

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.

我對我們僅憑現有用戶群就能推動營收和 EBITDA 成長的能力充滿信心，坦白說，我對此感到非常興奮。我們一直保持著強勁且穩定的 ARPU 成長，因為我們不斷為客戶創造巨大價值並提升客戶體驗。我們的利潤率在業界名列前茅，凸顯了我們業務的穩定性和營運槓桿效應、收入來源的多元化以及有線電視業務其他重要成長驅動因素的強勁實力。

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

尤其值得一提的是，商業服務和無線業務一直是Cable公司財務實力的兩大重要貢獻者，而且這兩個領域都有很大的發展空間。

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.

商業服務業務又迎來了一個強勁的季度營收成長。短短十多年間，我們已將這項高利潤業務的年營收成長至近100億美元，光是過去12個月就新增了近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.

在無線業務方面，我們本季新增了31.7萬用戶，同樣，過去12個月的增量收入也超過了7億美元。然而，我們目前的住宅寬頻用戶滲透率僅8%，這只是冰山一角。

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.

最後總結有線電視方面，我們目前面臨一些獨特的挑戰，但用戶遷移活動應該會逐漸恢復正常，行動網路的普及最終也會趨於穩定。我們認為，固定無線網路固有的效能和容量限制會大幅降低使用給定頻譜資源的網路使用者數量，這自然會限制其在業界的整體滲透率。

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，我們提供的多千兆速度網絡，以及我們提供的其他特性和功能，將使我們的寬頻體驗在長期內超越所有競爭對手。同時，我們將繼續保持一貫的嚴謹作風。我堅信，我們能夠在用戶成長和長期獲利之間找到最佳平衡。我們都堅信，我們在這個行業擁有非常光明的前景。

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.

接下來談談NBC環球。我們本季業績非常強勁，EBITDA年增20%。我們的主題樂園業務延續了強勁勢頭，連續第二個季度創下EBITDA新高。而且，這還是在北京樂園關閉近兩個月，貢獻甚微的情況下取得的。國內樂園的客流量和人均消費額均高於疫情前水準。我們正全力推進史詩宇宙主題樂園的建造。我對這座樂園將為遊客帶來全新體驗，為公司帶來更多成長空間感到無比興奮。

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 的業務仍然非常健康。我們剛剛完成了公司歷史上最高的預售收入，這充分證明了我們優質的內容、卓越的團隊以及我們透過 One Platform 平台提供的獨特數據和技術創新。今年，我們獲得了超過 70 億美元的預售承諾，其中包括在 Peacock 平台上的 10 億美元，是 2021/2022 季的兩倍，同時定價也十分穩健。

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.

在電影公司方面，《侏羅紀世界》、《小小兵》和《黑手機》的成功證明，優質內容能吸引大量觀眾。此外，我們對新的電影發行窗口期非常滿意，包括PVOD（付費點播）和Peacock平台提前上線付費1點播服務，這些舉措擴大了我們電影的受眾群體，也使我們的電影公司業務更有價值。

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Peacock而言，提前觀看環球影業的優質影片已被證明是提升用戶獲取和參與度的有效途徑。正如我們在上次電話會議上討論的那樣，Peacock第一季表現強勁，這得益於一系列精彩的節目，包括超級碗和奧運會。考慮到我們內容庫的正常波動，我們很高興第二季度在美國的行動應用訪問量（MAA）和付費用戶數（1300萬）保持相對穩定，符合預期。我們期待秋季檔的強勁增長，屆時我們將獨家擁有Hulu的次日直播權，並能充分利用“付費首播窗口期”，推出《侏羅紀公園》和《小黃人》等多部熱門影片。此外，我們還將播出週日晚間橄欖球賽、英超聯賽、世界盃以及更多原創內容。

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，儘管宏觀環境日益艱難，但我們營運良好，第二季EBITDA創歷史新高。我們在英國的營收和EBITDA都實現成長，英國是我們最大的歐洲市場，也是我們未來成長的主要驅動力。

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.

值得一提的是，我們尤其欣喜地看到消費者對Glass的正面反響，這使得Sky在第二季成為超高清電視銷售第三大的品牌。此外，我們也創下了英超決賽日收視率的歷史新高，市佔率達到30%。同時，我們在義大利和德國採取的嚴謹的體育賽事版權策略也取得了成效，這兩個市場的EBITDA均實現了同比增長。

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24個月，儘管充滿不確定性，但我們表現出色，並在關鍵舉措方面持續取得進展。我們的有線電視業務在實現穩健營收成長的同時，也取得了業界最高的利潤率之一。 NBC環球和天空電視台展現了強大的韌性，儘管面臨疫情帶來的獨特挑戰，但仍在持續復甦。

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。我們向股東返還了創紀錄的資本，資產負債表狀況良好。此外，我們也持續投資於具有策略意義的成長機遇，包括提升世界級的寬頻網路、擴大Xfinity Mobile的規模、增強企業服務能力、推出Peacock、完成北京環球影城專案以及啟動Epic專案的建設等等。

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

憑藉著充裕的現金流和強大的創新基礎，康卡斯特的處境非常有利。麥克，接下來由你發言。

Thanks, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

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.

我將從第4張投影片開始，介紹我們2022年第二季的合併財務表現。營收成長5.1%至300億美元。調整後EBITDA成長10%至98億美元。調整後每股收益成長20%至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.

現在我們來看各業務部門的業績，首先是幻燈片5中的有線通訊業務。有線電視業務營收成長3.7%，達到166億美元。 EBITDA成長5.3%，達到74億美元。有線電視業務的EBITDA利潤率年增70個基點，達到創紀錄的44.9%，淨現金流成長4.4%，達到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.

與去年同期相比，客戶關係數量增加了59.1萬，但環比減少了2.8萬，這反映出在當前營運環境下，新客戶連接數量有所下降，但較低的客戶流失率部分抵消了這一影響，該流失率仍遠低於2019年的水平。我們致力於提供卓越的客戶體驗，並在客戶生命週期中實現客戶關係的利潤。在這方面，本季每個客戶關係的EBITDA成長了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.

現在讓我們來更詳細地討論一下有線電視業務的財務狀況。有線電視業務收入成長3.7%，主要得益於寬頻、商業服務、無線和廣告收入的成長，但部分被視訊和語音收入的下降所抵銷。寬頻收入成長6.8%，這反映了平均每用戶收入（ARPU）成長3.6%以及住宅用戶數量較去年同期有所增長。過去12個月，住宅及商業用戶淨增加77.5萬，第二季業績與去年持平。

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.

第二季的趨勢基本上延續到了第三季初，連線量依然疲軟，而客戶流失率仍接近歷史最低水準。這導致本季迄今流失了約3萬名客戶。

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 月通常是季度中業務量最少的月份。絕大多數季度連接活動都集中在 8 月和 9 月，這主要得益於返校季的到來。雖然我們對返校季的良好發展前景持樂觀態度，但短期前景仍然難以預測。更重要的是，我們相信，即使過了這段時期，我們的寬頻速度、可靠性、覆蓋範圍和控制功能仍將使我們繼續保持一流產品的地位，從而能夠長期維護並發展我們 3,200 萬寬頻用戶群。

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.

不計入去年第四季初完成的對Masergy的收購，商業服務收入成長了10%，約合6%。這一穩健的內生成長得益於每位客戶平均費率的提高以及客戶群的擴大，客戶數量較去年同期增長了5.4萬人，其中第二季度新增1萬人。

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.

轉向無線業務。營收成長30%，主要得益於服務收入的成長，而服務收入的成長又得益於客戶數量的增加。整體而言，我們與去年同期相比新增了120萬條用戶線路，其中本季新增31.7萬條線路，創下有史以來第二季淨增線路數的最高紀錄。

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.

廣告收入成長了 10%，主要得益於政治廣告收入以及我們先進的廣告業務 FreeWheel 和串流媒體業務 Xumo 的強勁成長，但部分被我們本地核心廣告業務的下滑所抵消。

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.

再次提醒大家，Xumo 在本季為我們貢獻了約 20% 的廣告成長，現在已成為我們與 Charter 合資企業的一部分，從第三季開始，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.

視訊業務收入下降 2.4%，主要原因是客戶淨流失 180 萬（與去年同期相比），其中本季淨流失 52.1 萬，部分被今年年初住宅用戶費率上漲帶來的 7% 的 ARPU 成長所抵銷。

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%，主要反映出客戶流失總數為 902,000 人，與去年同期相比，其中包括本季淨流失的 286,000 人，這反映了我們將重點轉向將寬頻與無線服務捆綁在一起。

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.

接下來談談費用。有線通訊公司第二季費用成長2.5%。節目製作費用下降1.6%，主要反映出視訊用戶數量同比下降，但部分被更高的合約費率所抵消。非節目製作費用成長5.2%，主要原因是無線業務成長、近期收購Masergy的相關費用以及壞帳增加（由於我們已恢復到更正常的水平，且與去年同期較低的水平相比有所增加）。這些成本的增加部分被客戶服務費用的下降所抵消，這反映出業務活動水準的下降以及客戶體驗提升措施的改善。

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.

最後總結有線電視業務，我們對 EBITDA 成長 5.3% 以及創紀錄的 EBITDA 利潤率感到非常滿意。儘管我們優先增加對網路的投資，資本支出強度接近 11%，但我們仍然創造了可觀的淨現金流。我們相信，有線電視業務持續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.

現在我們來看NBC環球的第六張幻燈片。首先來看NBC環球的整體業績，營收成長19%至94億美元，EBITDA成長19.5%至19億美元。媒體營收成長3.6%至53億美元，主要得益於Peacock的強勁表現，其營收達4.44億美元，比去年同期成長超過3.5倍。

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.

分銷收入成長了 8.4%，這反映了 Peacock 的成長，付費用戶數量較去年有所增加，以及我們網路的成長，因為更高的合約費率僅部分被線性用戶數量的下降所抵消。

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.

由於收視率下降以及與去年同期相比的基數較高（去年我們播出的體育賽事和NHL比賽數量較多，而我們目前已失去NHL的轉播權），廣告收入下降了1.3%。 Peacock平台貢獻的成長和更高的定價部分抵消了這一影響。若不計入體育賽事播出時間和NHL的影響，廣告收入本應達到個位數低成長。

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.

第二季媒體業務的 EBITDA 下降 2.9% 至 13 億美元，其中包括 Peacock 平台 4.67 億美元的 EBITDA 虧損。若不計入 Peacock 的虧損，媒體業務的 EBITDA 增長近 4%，主要得益於體育賽事數量較去年同期減少以及 NHL 賽季缺席，從而降低了相關體育成本。

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.

我們仍然預期Peacock全年的EBITDA虧損約為25億美元。然而，考慮到內容上線的時間安排，我們預計下半年虧損會更大，尤其是在第四季。

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.

接下來是電影公司。營收成長33%，達到30億美元，主要得益於戲院票房和內容授權收入的成長。戲院票房收入較去年同期成長近三倍，主要得益於影片發行數量的增加以及這些影片的成功，其中包括《侏羅紀世界：統治》的出色表現。

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.

內容授權收入成長19%，主要得益於電視節目授權業務的成長，因為製作水準已恢復到疫情前水準。由於本季內容授權和院線收入增加，導致節目製作成本上升，以及為迎接6月下旬和7月上映的多部影片（包括票房大賣的《小黃人大眼萌：格魯的崛起》、《黑電話》和《不》）而增加的營銷成本，本季EBITDA下降1.55億美元至盈虧平衡。

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，主題樂園業務收入成長65%，達到18億美元。儘管北京環球影城因新冠疫情相關限制措施在第二季度大部分時間關閉，但我們仍實現了6.32億美元的EBITDA，創下歷年第二季新高。與去年同期相比，這些業績有了顯著改善。去年同期，好萊塢樂園營運能力有限，日本樂園也部分關閉。

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.

我們在美國各主題樂園的需求和 EBITDA 持續強勁成長，遊客人數和消費額均高於 2019 年水準。其中，奧蘭多環球影城的 EBITDA 創下歷年新高，好萊塢環球影城的第二季 EBITDA 也創下歷史新高。自 3 月底解除客流限制以來，日本環球影城也呈現良好反彈勢頭，遊客人數增幅創下疫情爆發以來的最高水準。我們預計，這種成長勢頭將持續下去。

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.

北京環球影城關閉約兩個月後於六月底重新開放，導致園區本季出現EBITDA虧損。然而，與去年同期開業前的成本相比，這仍然是一個財務上的改善。自園區重新開放以來，儘管受到客流量限制和偵測要求的影響，但整體趨勢仍然良好。雖然新冠疫情仍然是我們必須管控的風險，尤其是在亞洲地區，但我們對主題樂園業務的短期和長期前景仍然保持樂觀。

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.

現在我們來看關於天空電視台的第七張投影片，我將以固定匯率為基礎來講解。第二季度，天空電視台的營收下降了3.5%，至45億美元，原因是英國市場的個位數低成長被義大利和德國市場的業績所抵消，我們在這兩個市場繼續進行體育賽事版權的調整。

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了 2.4%，反映出每個客戶關係的平均收入保持不變，但與去年相比，客戶關係有所減少，包括本季度流失了 255,000 名客戶，這部分反映了與足球賽季結束相關的正常客戶流失，以及歐洲消費者面臨的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.

由於酒吧和俱樂部從疫情中復甦，視頻收入增加，帶動了英國直接面向消費者的收入增長，本季度實現了個位數低增長，無線和寬頻收入也有所增長。然而，由於意甲轉播權的調整，義大利的收入下降，幾乎完全抵消了英國的這一成長。

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.

在天空電視台的其他收入來源中，受義大利和德國的重組和體育賽事授權協議的影響，內容收入下降了16%。廣告收入下降了3.1%，儘管宏觀經濟環境艱難，但英國和德國的成長被義大利的下滑所抵消。

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.

再來看 EBITDA。 Sky 的 EBITDA 成長了 71%，達到 8.63 億美元，這反映了我們在英國的強勁成長，以及德國和義大利業績的改善，這主要得益於體育節目製作成本的降低，因為我們的體育版權進行了調整。

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.

再次提醒，即將到來的世界盃將在第四季度舉行，這是該賽事首次與國家聯賽的常規賽賽程衝突。為了配合世界杯，包括英超在內的各國足球聯賽將在第三季度提前1至2週開始新賽季，然後在第四季度暫停4週的比賽，以迎接世界杯的到來。因此，與去年相比，我們將在第三季承擔更高的體育賽事攤銷費用，第四季費用將有所下降，而明年上半年費用將再次上升。

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.

現在我將在第8張投影片上總結自由現金流和資本配置。本季我們產生了32億美元的自由現金流。 27.5億美元的現金稅款包含一些項目，使我們的稅款比正常水準高出約6億美元。

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.

綜合總資本成長12%，主要得益於奧蘭多Epic Universe影城建設的顯著進展，以及有線電視業務因線路延伸和可擴展基礎設施投資而增加的資本支出，但部分被Sky業務的下降所抵消。我們預計，隨著未來幾年寬頻網路升級和向DOCSIS 4.0過渡，有線電視業務的資本支出強度將保持在11%左右；NBC環球的資本支出預計將年增約10億美元，主要得益於Epic影城的建設。根據我們上半年的報告，這意味著下半年總資本將比上半年增加約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筆金額，這反映了內容創作的持續成長以及年度體育版權付款的時間安排。

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.

關於資本配置，本季我們回購了價值30億美元的股票。此外，股利支付總額為12億美元，第二季總資本回報為42億美元。本季末，我們的淨槓桿率為2.3倍，符合我們未來將槓桿率維持在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.

那麼，感謝各位今天上午參加我們的電話會議。接下來我將把發言權交還給馬爾西，她將主持問答環節。

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

謝謝，麥克。接線員，現在開始問答環節。

(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本·斯溫伯恩。

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?

或許我想先問布萊恩一個策略性問題，然後再問傑夫一個後續問題。布萊恩，在市場低迷的情況下，你們的資產負債表和現金流狀況確實是公司的一大優勢，也為公司創造了機會。說實話，鑑於寬頻成長放緩、串流媒體未來前景不明朗，以及一些媒體報道康卡斯特正在考慮調整策略結構，我想請您談談你們的業務組合，以及您對公司成長機會和創造價值的信心程度。您是否正在考慮如何充分利用資產負債表來改變現狀，或是抓住過去兩年可能沒有出現的市場機會？

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.

傑夫，關於主題樂園業務，我想，根據今天早上公佈的GDP數據，我們正式進入了衰退期，但主題樂園業務似乎並未受到影響。那麼，您能否談談您對今年下半年以及明年在美國和海外市場的前景展望？您是否有信心在宏觀經濟疲軟的情況下，繼續保持主題樂園業務的業績成長？

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。我覺得我最後想說的剛好跟你說的有關。我認為我們現在處境非常好。我們公司擁有前所未有的現金流和規模——我們作為一個整體，實力雄厚。我們合作得非常出色。

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.

我們一直在思考這是否是公司最具競爭力的策略，而我認為是的。如果你看看第二季度再次湧現的所有多元化增長動力，無論是接近歷史最高水平的無線網絡新增用戶，還是重回高個位數增長的商業服務，以及你提到的國內主題公園遊客人數新紀錄，都印證了這一點。

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.

過去幾年寬頻領域的發展，我們當然還會繼續討論，但Peacock在短短幾年內新增近300萬用戶，付費用戶從0增長到1300萬，這無疑是一項了不起的成就，也是收視率最高的廣播電視網絡。我認為公司各部門在如此特殊的時期都做得非常出色。

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.

順便一提，我們財務部門趁著利率低迷的時候進行了調整，基本上把整個資產負債表重新定價，使其平均期限約為18年，利率也處於歷史低點。所以我認為我們能夠向股東返還資本。我認為這才是我們工作的重點，而且我認為我們本季再次做到了。

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，從現金流和規模的策略角度來看，我們的目標非常高。所以我認為我們目前實力雄厚。我們擁有許多多元化業務，每個業務都有自己的發展規劃。今天我們肯定會談到其中的一些業務。但最大的幾個業務運作得非常出色。我們很多業務都迎來了新的領導階層，我對那些能夠實現10% EBITDA成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，布萊恩。本，我就簡單說說公園方面的狀況。很顯然，公園業務歷來都受到宏觀趨勢的影響，而且沒有理由認為未來不會如此。就我們目前的業務而言，從數據和業績來看，我們還沒有看到這種趨勢。如果你仔細觀察一下——儘管我們的國內國際遊客數量只有歷史水平的一半左右，但我們仍然取得了這些成績。所以我們預計隨著時間的推移，國際遊客數量會回升到應有的水平。

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。疫情期間我們也一直在建造新的景點。布萊恩在開幕式上提到了Epic。這些景點也一直在運作。

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.

國際方面，日本經濟每季都在穩步改善，雖然尚未恢復到疫情前的水平，但整體趨勢非常良好。北京本季三個月中有兩個月處於關閉狀態，第三個月重新開放後，經濟表現非常出色，遠超預期，儘管仍存在一些新冠疫情限制措施。

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——所有這些國際業績顯然都受到強勢美元的影響，這對我們來說是一個不利因素。因此，我認為我們對旗下公園的前景非常樂觀，並且相信儘管我們可能面臨一些宏觀挑戰，但未來仍有很大的成長空間。只是我們目前還沒有看到這些挑戰。

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

下一個問題將來自摩根大通的菲爾·庫西克。

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.

我想深入了解您在有線電視行業的推廣力度和競爭情況。我們注意到有些推廣活動相當激進，但很難判斷這些活動是局部性的還是普遍存在的。

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?

你們現在的平均推廣力道比一年前大嗎？考慮到固定無線網路的滲透率會有上限，當你們與無線網路競爭時，在價格上採取反制措施是否明智？還是應該放任其發展，讓它搶走客戶？你們是如何應對這種情況的？

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，我是戴夫。讓我來談談競爭格局和推廣力道這兩個面向。首先，我快速談談驅動因素，因為我認為這有助於理解整個情況。布萊恩提到，自2020年3月以來，我們已經新增了300萬寬頻用戶。

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，你會看到一些數據，像是搬家活動，6月份是疫情爆發以來的最低水平，行動端替代率確實推動了300萬用戶的流失，這其中既有激增，也有季節性因素。像佛羅裡達州這樣的地區，我們在2021年實際上增加了客戶，這在以前是很少見的。而本季度，我們在佛羅裡達州的客戶數量卻出現了負成長。

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，把所有這些因素綜合起來，我認為我們必須從全局角度來看這個問題。這很大程度上決定了我們的競爭策略。但我們始終以高度緊迫感來應對競爭。我們面臨本地競爭，也面臨全國性的大規模競爭。當然，固定無線網路是最新出現的競爭領域。

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帶來壓力的發布階段。我們已經在前端看到了這一點。正如布萊恩所說，這影響了連接數。但我們沒有看到用戶流失率上升。因此，我們的策略是細分市場，針對每個細分市場，提供卓越的價值，充分發揮我們現有的網路優勢，並在每個細分市場中展開激烈的競爭。我們一直這樣做，並將繼續這樣做。

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.

行動端是我們真正可以繼續保持積極進取的領域，我們也一直在這樣做。我認為第二季度行動端的業績非常強勁。隨著我們將行動端整合到每個銷售管道，我認為我們還有更大的提升空間。因此，請期待我們繼續積極優化各個細分市場，並充分利用行動端的優勢。

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.

我們不會一味追求低價。我們會採取平衡的策略，在每個細分市場中展開激烈競爭，但我們擁有強大的網路、卓越的創新能力以及市面上最好的WiFi網關設備。我們將充分發揮自身優勢，在各個環節做到最好。

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，綜合考慮所有這些因素，我們可以長期有效地控制促銷力度。我們會不斷改進我們的競爭策略，但絕不會為了追求折扣而降低價格。

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.

行動端是一項極具價值的補充，我們將繼續致力於此。我認為，這次變革的一個特殊之處在於行動端的激增，以及無線通訊的回歸，我們將繼續充分利用最佳的寬頻網路和行動通訊技術。

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.

順便一提，關注Ookla數據的朋友應該知道，我們掌握了Ookla提供的行動服務數據，Xfinity Mobile是目前速度最快的行動服務供應商。我們會充分利用這項優勢，將最佳網路與最佳行動服務結合，並持續這樣做。但促銷力道不會有太大變化。

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

接下來的問題將來自 MoffettNathanson 公司的 Craig Moffett。

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?

我想請您談談寬頻，我們不妨再聊一會兒，您能否深入探討您觀察到的地域分佈模式？您剛才提到了固定無線網路。主要銷售固定無線網路的公司，如T-Mobile和Verizon，其市場主要集中在農村地區。您認為固定無線網路在哪些地區構成最強勁的競爭？光纖網路在哪些地區構成最強勁的競爭？光纖網路的競爭格局又是怎麼樣的呢？

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.

嗯，克雷格，其實我先來說說光纖。我們在光纖方面已經投入了很長時間。在過去的15年裡，我們的光纖覆蓋率從0%飆升至40%。所以，我們對光纖的分佈非常清楚，目前光纖網路遍布各地，由多家光纖供應商提供。值得注意的是，無論是光纖或其他形式的競爭，我們在所有地理區域都保持著成長。

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.

你說的固定無線網路方面確實存在兩方面的情況。第一，他們正在增加一些小型企業用戶，可能是新的用戶群體，甚至可能正在透過小型企業拓展市場，我會密切關注這一點。

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.

他們更偏向農村地區，我們一直在關注這一點。但這種情況其實普遍存在。當有人像這樣大規模地開展業務時，在啟動階段，你會發現這種情況在各地都有出現。

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.

但再次強調，這裡的差異在於我們的用戶流失率與過去光纖網路時期相比並沒有上升。我們目前沒有看到這種情況。我們看到連接數略有壓力，而且這種壓力分佈比較廣泛，這表明主要驅動因素還是我之前提到的那些：用戶遷移活動和行動搜尋。這才是關鍵所在。我們會密切注意。我們的一大優勢在於本地競爭。我們會非常細緻地分析本地市場，並密切注意這種情況。所以你的觀點很有道理。

Our next question comes from Doug Mitchelson from Credit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森。

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.

我只是好奇團隊裡有沒有人對他們觀察到的宏觀趨勢有其他想法，無論是廣告、應收帳款週轉天數、壞賬，還是所有業務方面的情況。

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?

此外，戴夫，展望有線電視業務的未來，如果您提到的那些因素導致寬頻成長持續放緩，這可能意味著收入成長也會略有放緩。您在製定未來業務預算時，是否會設定特定的利潤率目標，以便隨著收入下降而降低投資營運支出水準？或者，如果寬頻成長放緩導致收入略有下降，您打算如何管理未來的業務？

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.

好了，我是Mike，我是Doug。我先插一句。我認為總體而言，我們並沒有看到經濟放緩的跡象。 Dave可以就消費者方面的支付情況發表一些看法或補充。 Jeff可以就廣告方面發表意見，但與你們看到的一些評論相比，我認為我們能夠應對一些宏觀因素對消費者和我們支出基礎成本的影響。

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.

布萊恩已經提到了利率方面的問題，他提到的利率水準下，85%是固定利率。至於我們的支出，只有很小一部分是能源相關的，例如燃料或運輸車輛。其他方面，例如勞動力等等，我們和其他公司一樣面臨壓力。但我認為我們知道如何應對這類挑戰。所以，展望下半年，我認為宏觀經濟不會是特別大的問題。接下來讓傑夫補充一下。

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，我只是想——謝謝，麥克。道格，我還要補充一點，廣告市場波動很大。我的意思是，我想我們上次也說過。市場依然波動，散戶市場較去年同期下滑。不過，具體情況因細分市場而異。有些細分市場表現較好，有些則較差。

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.

正如布萊恩在開場白中所說，我們剛剛結束了預售。預售比我們預期的要好得多。當然，正如我所說，過程中肯定會有一些小插曲，但並沒有什麼特別嚴重的問題。

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.

我再補充一點，戴夫可以接著說。我的意思是，當我們——在所有業務領域，包括預算編制等等——我們的工作和思考方式都是真正著眼於長期優化。

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，你們最後會看到我們做的是——這又回到了我們穩健的資產負債表和強勁的現金流上——我們不會裁員。我們會在經濟形勢嚴峻時精簡一些不必要的開支，但我們在考慮投資重點時會著眼於長遠，這些投資對於推動未來的成長至關重要。

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.

所以幸運的是，我們現在的情況是不必為此做出犧牲。但這並不意味著不會有戰術調整和預算緊縮，接下來就交給戴夫來談談。

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，麥克。道格，展望未來，就我們目前的情況來看，我認為，這無疑指向了我們的發展計畫。單就寬頻而言，我們的ARPU（每位使用者平均收入）成長非常強勁，達到了3.6%，其中一半是價格上漲帶來的，另一半則得益於我們對套餐組合的最佳化管理。

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，關鍵在於──你要看整體關係的穩固程度，我們擁有3,200萬寬頻用戶關係，以及管理這些關係的能力，並專注於發揮網路和產品的優勢。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.

我們有很多可以重點關注的槓桿。我們之前也討論過促銷力度，但我們會把客戶分成合適的細分市場。我們一直都會對市場進行細分，以後也會繼續這樣做。

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，我們也可以關注有線電視領域的多個成長點，例如布萊恩提到的商業服務、行動領域以及視訊平台。我認為，視訊平臺本身也是一個成長點。

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，我們將持續管理好寬頻業務關係，並保持競爭力。但我認為，我們將繼續專注於我們的網路和產品優勢。這將有助於我們專注於市場上的定價策略。

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

下一個問題來自美國銀行證券的傑西卡·雷夫·埃爾利希。

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.

我只是想盡可能深入地了解廣告業的情況。傑夫，我不確定「波動劇烈」具體指的是什麼。你能否簡單說明散點圖的漲跌幅度，以及政治前景？還有，關於有線電視，如果有人能談談那裡的廣告情況就太好了。

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一開始就採取了差異化的AVOD策略，現在我們看到很多其他公司都在跟進。顯然，廣告庫存會增加，但這究竟是好事還是壞事？這意味著會有更多廣告商湧入嗎？如果真的有更多廣告商湧入，Peacock會搶佔數位電視的市佔率嗎？還是會從傳統電視轉移市場佔有率？您能就AVOD方面提供一些見解嗎？

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。我說的「波動」是指——它並非整體下滑或上漲。所以，如果你看一下我們的業務，首先，正如邁克在開場白中提到的，如果剔除去年NHL季後賽的影響，我們本季度的業績實際上是增長的，我認為這比目前為止公佈業績的其他一些公司要好。所以，年成長是一個相當不錯的消息。

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.

如果你看看我們目前在散戶市場，也就是預售市場看到的情況，你會發現像汽車行業這樣的板塊有所下滑，但這與通用汽車昨天的財報顯示的情況有關——由於庫存車輛不足，他們自然也就減少了廣告投放。這就是汽車業廣告支出下降的原因。而醫藥板塊的預售市場則大幅上漲，因為FDA過去幾年未核准的藥物積壓在等待審批階段。

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.

我說的波動是指，各板塊的情況都不一樣，有漲有跌，並沒有整體上的大幅漲跌。

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.

關於Peacock，我們進入市場前就已經做了充分的市場研究。我們認為我們選擇了正確的商業策略，這其實是我們現有業務的延伸，而不是基於訂閱和廣告雙收入來源的新業務。我認為大家都在朝著這個方向發展，這本身就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.

就整體廣告業務而言，無論是傳統電視還是Peacock平台，我們都是最大的廣告商之一，廣告支出超過100億美元。因此，目前這種規模的衝擊，我們預計不會對我們的產品和銷售方式產生任何實質影響。恰恰相反，我們的規模優勢只會越來越大。

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.

然後您剛才提到了隔壁的政治新聞。我們確實——我們不想過早下結論，但我們預計即將到來的政治季會非常活躍。我認為，就我們公司整體而言，不僅僅是我們的線性電視業務，還包括我們的地方電視台、Dave's 業務和有線電視業務，我們現在擁有獨特的優勢，再加上 Peacock 的加入，我們可以充分利用候選人想要投放廣告的管道和方式。因此，除了我們整個公司的廣告投入之外，我們預計 Peacock 在今年秋季也會取得非常可觀的成效。

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

戴夫，我不知道你還有什麼要補充的嗎？

No, I totally agree with that.

不，我完全同意。

Our next question comes from Brett Feldman from Goldman Sachs.

下一個問題來自高盛的布雷特·費爾德曼。

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.

我打算就之前提出的一個問題做個後續回答。關於資本配置和併購，我們總是會遇到這類問題。而且，這些討論似乎總是集中在你可能想在媒體領域做些什麼，或者不想做些什麼。

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.

但貴公司的大部分收益和現金流仍來自有線通訊業務，而市場環境惡化可能會導致該產業的資產價值下降。我們已經看到了這種情況。

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.

您是否有興趣增加對電信領域的可支配資金？也就是說，如果市場上有合適的有線電視資產或光纖資產出售，您是否有興趣收購？或收購一些能夠從基礎設施角度支援您行動業務的資產？我覺得我們已經很久沒有了解您對這方面的興趣了，看看您是否會抓住機會進行投資。

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.

那麼，關於主題樂園，我還有一個問題。顯然，人均收入的強勁成長是本季出色財務表現的重要因素。但我認為，第二季初和季末的經濟環境截然不同。所以我很好奇，在最近幾週，您是否觀察到主題樂園的消費模式出現了任何顯著變化？

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。麥克，你或者戴夫，或許可以插句話。我是布萊恩。我們從事的傳播產業——這絕對是我的根基所在——我非常認同。我們最近收購的Masergy公司，我們稱之為「補充性收購」。它隸屬於我們的商業服務集團，目前發展勢頭良好，正如你所說，它增強了我們的業務能力。

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...

我覺得這可能是我們更關注的重點，即如何尋找新的收入來源和成長途徑，以及如何透過那些已經創辦或發展過公司的人，利用他們擁有的資源，更快地擴大規模。這一直是個不錯的模式。所以Dave的團隊、Mike和業務拓展團隊一直在關注這一點。你們還有什麼補充嗎？我覺得這已經很不錯了…

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.

沒什麼——一切都在掌控之中。我覺得就像布萊恩說的，標準總是很高。但我認為我們會專注於像Masergy這樣的小型項目，甚至更小的項目，並且持續不斷地嘗試提升能力、進行創新，並將其推廣到Cable的整個業務範圍內。

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.

而且，很多內容都包含在內，像是技術路線圖、影片聚合、寬頻等等，這些都是和Sky共享的。所以當我們考慮這個問題時，實際上是把這兩個業務放在一起考慮。

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。第一，就像Masergy一樣，這是一個很好的例子。這是一個成長的機會。中端市場和企業市場是我們最重要的領域之一，這是一個很好的例子，說明在這個領域做出正確的投資是正確的。而且，它開局非常順利。

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 團隊和我們的業務服務團隊合作非常出色，完全達到了我們在整合初期所期望的效果。

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。這是另一個絕佳的成長機會。擁有這樣一個規模化的平台，投資於其未來，我認為是正確的選擇。我們將繼續尋找這樣的機會。

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。不過，我再補充一下──布雷特，你剛才說的是人均消費。我認為疫情期間帶給我們的驚喜之一就是人均消費的強勁成長。通常情況下，國際遊客在哈利波特魔杖之類的東西上的花費比國內遊客要多。但我們看到，疫情過後，國內遊客的人均消費成長速度驚人。而且，從上一季到下一季，這種成長勢頭依然強勁。

Our next question comes from Jonathan Chaplin from New Street.

下一個問題來自新街的喬納森·查普林。

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?

所以你過去一直願意使用超過2.4倍的槓桿。感覺目前市場並沒有充分認可你對有線電視業務以及這些資產組合的長期潛力。我想知道現在是不是利用這種潛力的好時機。你沒有進一步提高槓桿併回購更多股票的原因是不是僅僅因為宏觀環境？是宏觀經濟的不確定性讓你在槓桿方面有所顧慮？

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.

差不多吧，喬納森。我是麥克。我的意思是，我們考慮的是我們業務和經濟的長期週期。而且，我們一直認為，透過我們選擇追求的槓桿率或評級來衡量，保持穩健的資產負債表才是正確的資產負債表管理方式。

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.

我認為布萊恩談過，其他人也觀察到過，我們有能力大力投資於自身業務，保持穩健的資產負債表，向股東返還大量資本，並透過再投資來持續推動未來成長。在當前市場充滿不確定性的時期，我認為很多公司都希望自己擁有這些特質。所以我們對此心知肚明。

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.

儘管如此，我們在資本回報方面一直很積極，今年迄今已回購了60億美元的股票，並連續第14年提高股利。這得歸功於今年上半年非常強勁的財務業績。

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.

我希望，透過這次電話會議，大家能夠感受到我們對下半年 EBITDA 表現非常樂觀。所以——這就是我們的想法。我們不會——我個人也不會——去改變我們的槓桿率和資產負債表結構，因為目前的結構設計已經足夠應對各種不同的經濟週期。

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

最後一個問題將由瑞銀集團的約翰·霍杜利克提出。

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?

我只是想就一些高速數據競爭的評論做個後續討論，也許是問Dave的。您能否簡單介紹一下目前光纖重疊的情況，以及過去12個月來情況發生了哪些變化？

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.

關於ARPU（每個用戶平均收入），我認為之前對費率和分級組合的一些評論很有見地。您認為—我知道，戴夫，您說過不會為了重新加速用戶成長而盲目追求費率。但考慮到競爭格局的變化，您是否仍然認為您擁有和以前一樣的定價權？這是A部分。

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，關於套餐組合，特別是考慮到消費者面臨的壓力，您是否看到升級套餐的趨勢有任何變化，以及消費者可能會為了節省寬頻費用而選擇降級套餐的潛在跡象？

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。約翰，就市場和定價的整體策略而言，我們一直以來都對市場進行細分。我們長期以來一直這樣做。因此，在當前環境下，我們並沒有發生劇烈的變化。

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.

行動裝置替代確實存在這個問題。我認為這主要集中在低階市場，所以——但我們一直積極參與，也推出過像「網路基礎服務」這樣優秀的計劃，因此我們並沒有看到真正的轉變。我們一直以來都會根據市場狀況調整策略，並提供不同的競爭解決方案。

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.

說到光纖業務，我們已經達到了40%。這就是我們目前的水平。這是一個穩定成長的過程，雖然早期成長迅速。我們已經非常適應這種局面，並且與所有光纖營運商展開了激烈的競爭，所以預計不會有任何變化。

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.

你看看電信業的業績就知道了──業績本身就說明了一切。所以，在這個競爭激烈的領域，我們一直採取一貫的策略，並且不會改變我們的進取精神，我們的策略始終是基於細分市場，提供最佳網絡和最佳產品，並以此作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。我們的通話到此結束，感謝各位的參與。

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。今天的電話會議錄音將於美國東部時間上午 11:30 開始提供，持續到美國東部時間 8 月 4 日星期四上午 11:00。撥入號碼為 (719) 457-0820，會議 ID 為 1292809。電話會議的錄音也將於今天美國東部時間上午 11:30 起在公司網站上提供。

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。您可以斷開連線了。