康卡斯特 (CMCSA) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Comcast Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded. I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

女士們，先生們，早上好，歡迎參加康卡斯特 2022 年第三季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。我現在將把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. I 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.

現在讓我向您介紹幻燈片 2，其中包含我們的安全港免責聲明。我提醒您，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 good morning, everyone. I'm really proud of the company and our results this quarter. We are reporting adjusted EBITDA growth of 6%, adjusted EPS growth of 10% and significant free cash flow while also investing in our future and returning a record high amount of capital to our shareholders. The strong financials today are a testament to our focus on driving profitable growth through innovation as well as a reflection on the professionalism of our employees. Together, I believe we are collaborating and executing at the highest levels.

謝謝，Marci，大家早上好。我為公司和我們本季度的業績感到非常自豪。我們報告調整後的 EBITDA 增長 6%，調整後的每股收益增長 10% 和大量的自由現金流，同時還投資於我們的未來並向我們的股東返還創紀錄的高額資本。今天強勁的財務狀況證明了我們專注於通過創新推動盈利增長，也反映了我們員工的專業精神。我相信我們一起在最高水平上進行合作和執行。

I especially want to recognize and publicly thank all of our teammates in Florida as well as those who traveled to Florida over the last several weeks. They worked tirelessly to assist customers who were impacted by Hurricane Ian, even while many of these employees had their own losses. This was a devastating storm, particularly for us, as we are the primary cable operator in most of the areas where it hit, and we expect this affected about half of our traditional Florida seasonal customers.

我特別想承認並公開感謝我們在佛羅里達州的所有隊友以及過去幾週前往佛羅里達州的人。他們不知疲倦地努力幫助受颶風伊恩影響的客戶，即使這些員工中的許多人都有自己的損失。這是一場毀滅性的風暴，尤其是對我們來說，因為我們是受災地區的主要有線電視運營商，我們預計這會影響到我們佛羅里達州大約一半的傳統季節性客戶。

Digging into the third quarter, our results at Cable Communications, again, underscore the impressive consistency in this business with 5% EBITDA growth and 120 basis points of year-over-year margin expansion, bringing us to 45.1%, our highest margin on record. While we are still in a challenging environment in terms of depressed move activity and increased competition from new entrants, we were pleased to see that back-to-school provided a tailwind, and we ended the third quarter with 14,000 net new broadband subscribers.

深入研究第三季度，我們在 Cable Communications 的業績再次強調了該業務令人印象深刻的一致性，EBITDA 增長 5%，利潤率同比增長 120 個基點，使我們達到 45.1%，這是我們有記錄以來的最高利潤率.儘管在搬遷活動低迷和來自新進入者的競爭加劇方面，我們仍處於充滿挑戰的環境中，但我們很高興看到返校提供了順風，我們在第三季度結束時擁有 14,000 名淨新寬帶用戶。

There have been 4 primary drivers of revenue growth at our Cable segment: residential broadband units, residential broadband ARPU, wireless and business services. And while we don't anticipate residential broadband units to be a significant driver for now, we expect to maintain healthy growth in the other 3, leading to continued strong financial performance at Cable for the foreseeable future.

我們的有線電視部門有 4 個主要收入增長驅動因素：住宅寬帶單元、住宅寬帶 ARPU、無線和商業服務。雖然我們目前預計住宅寬帶單位不會成為重要推動力，但我們預計其他三個單位將保持健康增長，從而在可預見的未來使 Cable 的財務表現持續強勁。

My confidence stems from the fact that we have always been able to strike the right balance between units and profitability. We compete aggressively while also staying focused on investing in and managing the business to deliver long-term profitable growth, which is exactly what this quarter has shown. We have a distinct competitive advantage that goes beyond just fast and consistent speeds. We provide a differentiated and superior experience within the home, which is the foundation of our ARPU growth.

我的信心源於我們始終能夠在單位和盈利能力之間取得適當平衡的事實。我們積極競爭，同時也專注於投資和管理業務以實現長期盈利增長，這正是本季度所展示的。我們擁有明顯的競爭優勢，不僅限於快速和一致的速度。我們在家中提供差異化和卓越的體驗，這是我們 ARPU 增長的基礎。

For example, we offer reliable WiFi coverage in every room, device control and cybersecurity features and a world-class entertainment platform as well as other complementary solutions like Xfinity Mobile that increase the value and utility of our broadband product even more. All of this is only getting better as we further improve our network, and we're making great progress.

例如，我們在每個房間提供可靠的 WiFi 覆蓋、設備控制和網絡安全功能、世界一流的娛樂平台以及 Xfinity Mobile 等其他補充解決方案，這些解決方案進一步提高了我們寬帶產品的價值和實用性。隨著我們進一步改善我們的網絡，所有這一切只會變得更好，而且我們正在取得很大進展。

During the quarter, we announced that we have begun to roll out multi-gig download speeds combined with up to 5 to 10x faster upload speeds, and we expect to have this available at 20% of our footprint by the end of this year and to the vast majority of our footprint by the end of 2025.

在本季度，我們宣布我們已經開始推出多千兆下載速度以及高達 5 到 10 倍的上傳速度，我們預計到今年年底，我們的足跡將達到 20%，並且到 2025 年底，我們的絕大部分足跡。

Directly on the back of this, we're completing the core technical foundation for 10G, and we're transitioning to a cloud-based virtualized network as we work towards DOCSIS 4.0, which will enable us to deliver multi-gig symmetrical speeds to customers beginning in the back half of next year.

直接在此基礎上，我們正在完成 10G 的核心技術基礎，並且我們正在過渡到基於雲的虛擬化網絡，同時我們正在努力實現 DOCSIS 4.0，這將使我們能夠為客戶提供多千兆對稱速度從明年下半年開始。

Looking further ahead, the combination of our high-capacity network, differentiated broadband experience and our terrific MVNO in wireless puts Comcast in a winning position to offer in-home and mobile connectivity that is both robust and ubiquitous. And it doesn't involve trade-offs, which is going to become even more important as people's level of data consumption and overall expectations continue to rise over time.

展望未來，我們的高容量網絡、差異化寬帶體驗和我們出色的無線 MVNO 相結合，使康卡斯特在提供強大且無處不在的家庭和移動連接方面處於領先地位。而且它不涉及取捨，隨著人們的數據消費水平和整體預期隨著時間的推移不斷上升，這將變得更加重要。

On average, our broadband customers who don't subscribe to traditional video from us are already using nearly 650 gigabytes of data per month, and that's just today. We are doing a fantastic job leveraging our wireless business. We're still in the very early growth phase in penetrating this segment, and we're having a lot of success.

平均而言，不訂閱我們傳統視頻的寬帶客戶每月已經使用近 650 GB 的數據，而這只是今天。我們在利用我們的無線業務方面做得非常出色。我們仍處於滲透這一領域的早期增長階段，我們取得了很大的成功。

We added 333,000 wireless lines, the most of any quarter to date, and this morning, we announced that we now have over 5 million Xfinity Mobile lines, and we're just getting started. So summing up, we're pleased with our strong financial performance at Cable. We're encouraged by the long-term trends in demand for connectivity and our competitive advantages, and we're confident in our future growth.

我們增加了 333,000 條無線線路，是迄今為止任何季度中最多的，今天早上，我們宣布我們現在擁有超過 500 萬條 Xfinity Mobile 線路，我們才剛剛開始。綜上所述，我們對 Cable 的強勁財務表現感到滿意。我們對連接需求的長期趨勢和我們的競爭優勢感到鼓舞，我們對未來的增長充滿信心。

At NBCUniversal, we saw some great momentum with EBITDA growth of 25% despite the tough comparison to the Tokyo Olympics last year. Our Park segment continues to be a real standout, generating the highest quarterly EBITDA on record driven by growth at each of our geographies, including Beijing, which hit profitability for the first time since the grand opening last September. We're seeing clear evidence that the investments we made throughout the pandemic continue to pay off.

在 NBCUniversal，儘管與去年的東京奧運會相比，我們看到了 EBITDA 增長 25% 的強勁勢頭。我們的公園業務仍然是一個真正的佼佼者，在我們每個地區（包括北京）的增長推動下，創造了有記錄以來最高的季度 EBITDA，這是自去年 9 月盛大開業以來首次實現盈利。我們看到明確的證據表明，我們在整個大流行期間所做的投資繼續獲得回報。

We launched Super Nintendo World in Japan, the VelociCoaster in Orlando, Secret Life of Pets in Hollywood, and our drumbeat of innovation goes on. For example, Super Nintendo World will open in Hollywood early next year. We're adding another Nintendo-themed area, Donkey Kong, to Japan in 2024, and I'm especially excited for Epic Universe to open in the summer of 2025, which will transform Universal Orlando into a weeklong destination.

我們在日本推出了 Super Nintendo World，在奧蘭多推出了 VelociCoaster，在好萊塢推出了《寵物的秘密生活》，我們的創新鼓點還在繼續。例如，超級任天堂世界將於明年初在好萊塢開幕。我們將在 2024 年在日本增加另一個以任天堂為主題的區域，大金剛，我對 Epic Universe 在 2025 年夏天開放感到特別興奮，這將使奧蘭多環球影城變成一個為期一周的目的地。

Studios also performed exceptionally well, resulting from a huge summer box office led by Jurassic World, Minions, Black Phone and Nope. Our leadership is driving change in the industry. Our flexible windowing strategy has enhanced the overall profitability of our Studios business, and it's also had a significant positive carryover to Peacock, which just started to benefit from our new Pay-One agreement.

工作室的表現也異常出色，這得益於侏羅紀世界、小黃人、黑色電話和 Nope 領銜的夏季票房。我們的領導地位正在推動行業變革。我們靈活的窗口策略提高了我們工作室業務的整體盈利能力，而且它還對 Peacock 產生了顯著的積極影響，它剛剛開始受益於我們新的 Pay-One 協議。

At the end of the third quarter, Peacock had more than 15 million highly engaged subscribers in the U.S. On top of that 15 million, Peacock also had approximately 14 million bundled and free users totaling around 30 million monthly active accounts. Peacock has become the best streaming value in the market, providing customers with a massive premium content offering across movies, TV entertainment, sports and news in English and in Spanish. And with less than 5 minutes of ads per hour for just $5 per month, it is really a great value.

截至第三季度末，Peacock 在美國擁有超過 1500 萬高度參與的訂戶。除了這 1500 萬之外，Peacock 還擁有大約 1400 萬捆綁和免費用戶，每月活躍帳戶總計約 3000 萬。 Peacock 已成為市場上最好的流媒體價值，為客戶提供包括電影、電視娛樂、體育和英語和西班牙語新聞在內的大量優質內容。每小時只需不到 5 分鐘的廣告，每月只需 5 美元，這真是物超所值。

Our sports content is unmatched, with customers enjoying live coverage of the biggest leagues and events, including the NFL with Sunday Night Football, MLB, Premier League, Notre Dame, Big Ten starting in 2023 as well as the WWE; and marquee events, including Super Bowl and Olympics, French Open, U.S. Open, Tour de France, Triple Crown and later this year, the World Cup. We also provide the best of other sports with very passionate fan communities, including IndyCar, Supercross and track and field.

我們的體育內容無與倫比，客戶可以享受最大的聯賽和賽事的現場報導，包括 NFL 週日晚足球、MLB、英超聯賽、聖母大學、從 2023 年開始的十大聯賽以及 WWE；和大型賽事，包括超級碗和奧運會、法國公開賽、美國公開賽、環法自行車賽、三冠王以及今年晚些時候的世界杯。我們還通過非常熱情的粉絲社區提供其他運動中最好的，包括 IndyCar、Supercross 和田徑。

We're seeing a nice uplift from our next-day broadcast, which, at last, are exclusively ours. And coming up through the rest of this year and into 2023 is a strong slate of highly anticipated originals from proven creators, including The Best Man, Mrs. Davis, Poker Face and others. While it only launched a little over 2 years ago, Peacock is already an important part of our portfolio and reflects how we're running our Media business holistically.

我們從第二天的廣播中看到了一個很好的提升，最後，這完全是我們的。從今年剩餘時間到 2023 年，來自久經考驗的創作者（包括 The Best Man、Mrs. Davis、Poker Face 等）備受期待的原創作品將陸續登場。雖然它僅在 2 年多前推出，但 Peacock 已經是我們產品組合的重要組成部分，並反映了我們如何從整體上運營我們的媒體業務。

Switching gears, the U.K. and other European markets have been adversely affected by the Ukraine conflict, as we all know, higher energy costs, higher interest rates, higher overall inflation and currency headwinds. This quarter, we took a noncash charge as a result of all of this at Sky based on this environment, which Mike will talk a bit more about.

眾所周知，烏克蘭衝突對英國和其他歐洲市場產生了不利影響，包括更高的能源成本、更高的利率、更高的整體通脹和貨幣逆風。本季度，基於這種環境，我們在 Sky 收取了非現金費用，邁克將對此進行更多討論。

Our Sky team is working hard amidst this changing economic backdrop that's putting pressure on the average customer in the region. We remain focused on customer retention as well as providing the best experience and value in entertainment and connectivity, which contributed to the highest quarterly customer growth since we've owned Sky, including some nice momentum in our broadband and wireless business.

在這種不斷變化的經濟背景下，我們的 Sky 團隊正在努力工作，這給該地區的普通客戶帶來了壓力。我們仍然專注於客戶保留以及在娛樂和連接方面提供最佳體驗和價值，這促成了自我們擁有 Sky 以來最高的季度客戶增長，包括我們的寬帶和無線業務的一些良好勢頭。

We are keeping an eye on churn and acknowledge that ARPU may be affected in the future as customers deal with this unstable and inflationary environment. We are successfully managing through a variety of measures, and we remain disciplined on our cost structure. We reset the majority of our major sports rights within the last 2 years and are looking for more efficiencies in a number of areas.

我們正在密切關注客戶流失，並承認隨著客戶應對這種不穩定和通貨膨脹的環境，ARPU 可能會在未來受到影響。我們通過各種措施成功地進行管理，並且我們在成本結構上保持自律。我們在過去 2 年內重置了我們的大部分主要體育權利，並正在尋求在多個領域提高效率。

So looking at the company as a whole, all of us are paying attention to economists' and other experts' view about how some of these issues in Europe may come to the U.S. And while we are certainly not immune to potential macroeconomic headwinds, I firmly believe that Comcast is in a very strong position relative to our peers and most other companies.

因此，從整個公司的角度來看，我們所有人都在關注經濟學家和其他專家對歐洲這些問題中的一些可能如何影響美國的看法。雖然我們當然不能倖免於潛在的宏觀經濟逆風，但我堅信相信康卡斯特相對於我們的同行和大多數其他公司處於非常有利的地位。

We are a leader in very large and highly profitable markets, and our healthy balance sheet and substantial free cash flow generation enable us to continue to invest organically in our strategic initiatives while simultaneously returning a substantial amount of capital to our shareholders. We pay nearly $5 billion in dividends per year, and we bought back $9.5 billion of our shares year-to-date through the third quarter.

我們是超大型和高利潤市場的領導者，我們健康的資產負債表和大量的自由現金流使我們能夠繼續有機地投資於我們的戰略計劃，同時向股東返還大量資本。我們每年支付近 50 億美元的股息，從年初至今到第三季度，我們回購了 95 億美元的股票。

We have a great business, including a fantastic team. Earlier this month, we announced that we promoted Mike Cavanagh to President. For the past 7 years, Mike has been an incredible leader, partner and friend, and we are both very focused on continuing to innovate and grow this wonderful company for all our employees, customers and guests.

我們擁有出色的業務，包括一支出色的團隊。本月早些時候，我們宣布將 Mike Cavanagh 提升為總裁。在過去的 7 年裡，邁克一直是一位令人難以置信的領導者、合作夥伴和朋友，我們都非常專注於為我們所有的員工、客戶和客人繼續創新和發展這家出色的公司。

So it's my pleasure to hand it over to Mike.

所以我很高興把它交給邁克。

Thanks, Brian. I look forward to the new role. It's quite an honor, and I appreciate the trust that you and the Board continue to have in me. I'm excited to work with the leaders on this call, Dana, Dave and Jeff, and all of our colleagues to take advantage of the great opportunities for Comcast's future.

謝謝，布賴恩。我期待新角色。這是我的榮幸，我感謝您和董事會繼續對我的信任。我很高興能與本次電話會議的領導人 Dana、Dave 和 Jeff 以及我們所有的同事合作，利用康卡斯特未來的巨大機遇。

So now I'll begin on Slide 4 with our third quarter consolidated 2022 financial results. Revenue decreased 1.5% to $29.8 billion, reflecting the comparison to last year's quarter, which included the Tokyo Summer Olympics as well as a headwind from currency translation at Sky and our international theme parks due to the strengthening dollar. After adjusting for both of these items, our revenue was up about 7% year-over-year. Adjusted EBITDA increased 5.9% to $9.5 billion and on a constant currency basis, increased about 8%.

所以現在我將從幻燈片 4 開始，介紹我們第三季度的 2022 年合併財務業績。收入下降 1.5% 至 298 億美元，與去年第四季度相比，其中包括東京夏季奧運會以及由於美元走強導致 Sky 和我們的國際主題公園的貨幣換算帶來的不利影響。在對這兩個項目進行調整後，我們的收入同比增長了約 7%。調整後 EBITDA 增長 5.9% 至 95 億美元，按固定匯率計算，增長約 8%。

We generated $3.4 billion of free cash flow, and we reported an EPS loss of $1.05 per share, which was mainly impacted by an impairment charge at Sky. We test goodwill annually across the company in the third quarter. Challenging economic conditions in the U.K. and other European markets have resulted in a significant increase in discount rates used in the annual impairment analysis and reduced estimated future cash flows at Sky. As a result, we have taken an impairment charge related to Sky goodwill and intangible assets totaling $8.6 billion. On an adjusted basis, EPS increased 10% to $0.96 per share. And on a constant currency basis, adjusted EPS increased about 12%.

我們產生了 34 億美元的自由現金流，我們報告每股收益虧損 1.05 美元，這主要是受到 Sky 減值費用的影響。我們在第三季度每年對整個公司的商譽進行測試。英國和其他歐洲市場具有挑戰性的經濟狀況導致年度減值分析中使用的貼現率顯著增加，並減少了 Sky 的估計未來現金流量。因此，我們對 Sky 商譽和無形資產計提了總計 86 億美元的減值費用。經調整後，每股收益增長 10% 至 0.96 美元。在固定貨幣基礎上，調整後的每股收益增長了約 12%。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. Cable revenue increased 2.6% to $16.5 billion driven by higher rate and volume in residential broadband as well as growth in business services, wireless and advertising. The strong growth in these businesses was partially offset by lower revenue in video and voice. Total customer relationships were up 315,000 compared to last year and down 21,000 sequentially in the third quarter.

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。由於住宅寬帶的費率和數量增加以及商業服務、無線和廣告的增長，有線電視收入增長了 2.6% 至 165 億美元。這些業務的強勁增長被視頻和語音收入的下降部分抵消。與去年相比，總客戶關係增加了 315,000 人，第三季度環比減少了 21,000 人。

Diving further into the details, first, our revenue growth drivers. Broadband revenue increased 5.7%, driven by growth in ARPU and in our customer base compared to last year. Broadband ARPU increased 3.7% year-over-year, consistent with the growth rate in the second quarter. We expect ARPU growth will continue to be the primary driver of our residential broadband revenue growth in the near term.

首先，我們的收入增長驅動力進一步深入細節。寬帶收入增長 5.7%，受 ARPU 和我們客戶群與去年相比增長的推動。寬帶 ARPU 同比增長 3.7%，與第二季度的增長率一致。我們預計 ARPU 增長將在短期內繼續成為我們住宅寬帶收入增長的主要驅動力。

Wireless revenue increased 31% mainly driven by service revenue, which was fueled by growth in customer lines. We added 1.3 million lines over the last year, including 333,000 lines in the quarter, which is our highest number of net additions for any quarter on record and marks the fourth consecutive quarter of adding more than 300,000 lines.

無線收入增長了 31%，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。去年我們增加了 130 萬行，其中本季度增加了 333,000 行，這是我們有記錄以來任何季度淨增加的最高數量，也是連續第四個季度增加超過 300,000 行。

Business services revenue increased 9.4% or approximately 5%, 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 both ARPU and our customer base. We continue to see healthy performance across our diverse customer segments, including SMB, mid-market and enterprise, with this quarter's organic growth driven by a mix shift to higher data speeds and increased sales of our advanced services as well as rate increases and growth in our customer base.

商業服務收入增長 9.4% 或約 5%，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 ARPU 和我們客戶群的增長推動的。我們繼續在包括中小企業、中型市場和企業在內的不同客戶群中看到健康的表現，本季度的有機增長是由向更高數據速度的混合轉變和我們先進服務的銷售增加以及費率增長和增長推動的我們的客戶群。

Advertising revenue increased 7.2% primarily driven by [political] and our advanced advertising business, FreeWheel, partially offset by a decline in our local core advertising business and the absence of our streaming business, Xumo. As we previously announced, Xumo is now part of our joint venture with Charter, with those results reported in Corporate and Other.

廣告收入增長 7.2%，主要受 [政治] 和我們先進的廣告業務 FreeWheel 的推動，部分被我們本地核心廣告業務的下降和我們的流媒體業務 Xumo 的缺席所抵消。正如我們之前宣布的那樣，Xumo 現在是我們與 Charter 合資企業的一部分，這些結果在 Corporate 和 Other 中報告。

If we exclude the impact of Xumo, cable advertising revenue would have increased 12%. Partially offsetting the growth from these revenue drivers was video revenue, which declined 4.4%, driven by year-over-year customer net losses partially offset by 6% ARPU growth due to a residential rate increase at the beginning of this year. And last, voice revenue declined 12.5%, primarily reflecting year-over-year customer losses.

如果排除虛無的影響，有線電視廣告收入將增長 12%。部分抵消了這些收入驅動因素的增長是視頻收入下降了 4.4%，原因是同比客戶淨損失部分被今年年初住宅費率上漲導致的 6% 的 ARPU 增長所抵消。最後，語音收入下降了 12.5%，主要反映了同比客戶流失。

Turning to expenses. Cable Communications third quarter expenses increased 0.5%, reflecting higher nonprogramming expenses, mostly offset by lower programming expenses. Programming expenses decreased 2.8%, reflecting the year-over-year decline in video customers partially offset by higher contractual rates.

轉向開支。有線電視通信第三季度支出增長 0.5%，反映非節目支出增加，大部分被節目支出減少所抵消。節目費用下降 2.8%，反映出視頻客戶的同比下降部分被較高的合同費率所抵消。

Nonprogramming expenses increased 2.5% driven by growth in other expenses due to an increase in bad debt compared to last year, reflecting a return to more normalized levels and increased technical and product support expenses driven by growth in our wireless business as well as the addition of Masergy.

與去年相比，壞賬增加導致其他費用增長，非編程費用增長 2.5%，反映出我們的無線業務增長推動技術和產品支持費用恢復到更正常的水平，以及增加魔法師。

These higher costs were partially offset by a decline in advertising, marketing and promotion expenses partly due to the comparison to last year, which included some Olympic sponsorship spending as well as lower activity levels. The lower activity levels, coupled with the improvements we continue to make in our customer experience, also contributed to the decrease in customer service expenses.

這些較高的成本被廣告、營銷和促銷費用的下降部分抵消，部分原因是與去年相比，其中包括一些奧運會贊助支出以及較低的活動水平。較低的活動水平，加上我們繼續改善客戶體驗，也有助於減少客戶服務費用。

Cable EBITDA increased 5.4% to $7.5 billion in the quarter with Cable EBITDA margins improving 120 basis points year-over-year, reaching a record high of 45.1%. And on a per customer relationship basis, we grew EBITDA 4% as we focus on monetizing these relationships over their lifetime.

本季度有線電視 EBITDA 增長 5.4% 至 75 億美元，有線電視 EBITDA 利潤率同比提高 120 個基點，達到 45.1% 的歷史新高。在每個客戶關係的基礎上，我們的 EBITDA 增長了 4%，因為我們專注於在他們的生命週期內將這些關係貨幣化。

Before moving to NBCUniversal, Hurricane Ian has impacted our footprint in Southwest Florida, causing outages and damage to our cable network that our cable team is still repairing. Many of our customers' homes and commercial locations were severely damaged or destroyed. While our third quarter results were not impacted by the storm, we expect to report an impact in the fourth quarter, including net losses of broadband customers.

在搬到 NBCUniversal 之前，颶風伊恩已經影響了我們在佛羅里達州西南部的足跡，導致我們的有線電視團隊仍在維修的有線電視網絡出現中斷和損壞。我們的許多客戶的住宅和商業場所都遭到嚴重破壞或毀壞。雖然我們的第三季度業績沒有受到風暴的影響，但我們預計將在第四季度報告影響，包括寬帶客戶的淨損失。

Now let's turn to Slide 6 for NBCUniversal, starting with total NBCUniversal results. Revenue decreased 4.3% to $9.6 billion, reflecting the difficult comparison to last year, which included $1.8 billion from the Tokyo Olympics included in our Media segment. EBITDA increased 24.6% to $1.7 billion. Media revenue decreased 23% to $5.2 billion, again reflecting the comparison to the revenue associated with the Tokyo Olympics last year. Excluding the Olympics, Media revenue increased 4.4%, driven by Peacock with revenue of $506 million, which more than doubled compared to last year.

現在讓我們轉到 NBCUniversal 的幻燈片 6，從 NBCUniversal 的總結果開始。收入下降 4.3% 至 96 億美元，與去年相比困難重重，其中包括來自我們媒體部門的東京奧運會的 18 億美元。 EBITDA 增長 24.6% 至 17 億美元。媒體收入下降 23% 至 52 億美元，再次反映與去年東京奧運會相關收入的比較。不包括奧運會，媒體收入增長 4.4%，其中 Peacock 的收入為 5.06 億美元，比去年翻了一番還多。

Distribution revenue increased 4.6%, reflecting growth at Peacock driven by increases in paid subscribers compared to last year as well as higher contractual rates at our networks partially offset by linear subscriber declines that accelerated sequentially. Advertising revenue increased 4.7%, reflecting strong increases from Peacock partially offset by a decline in linear advertising.

分銷收入增長 4.6%，反映出 Peacock 的增長是由付費用戶與去年相比增加以及我們網絡更高的合同費率部分被連續加速的線性用戶下降所抵消。廣告收入增長 4.7%，反映出 Peacock 的強勁增長部分被線性廣告的下降所抵消。

Media EBITDA decreased 41.5% to $583 million in the third quarter, including a $614 million EBITDA loss at Peacock. We continue to expect Peacock's EBITDA loss will be roughly $2.5 billion for the year with the fourth quarter's loss reflecting the cost of new content. Excluding Peacock, Media EBITDA in the third quarter decreased 21%, reflecting the difficult comparison to last year's Tokyo Olympics as well as revenue pressure at our linear networks.

第三季度媒體 EBITDA 下降 41.5% 至 5.83 億美元，其中 Peacock 的 EBITDA 虧損為 6.14 億美元。我們繼續預計 Peacock 全年的 EBITDA 虧損約為 25 億美元，其中第四季度的虧損反映了新內容的成本。不包括孔雀，第三季度媒體 EBITDA 下降 21%，反映出與去年東京奧運會的難以比較以及我們線性網絡的收入壓力。

Looking to the fourth quarter, we expect Media growth ex Peacock to be impacted by a gradual acceleration in pay TV cord cutting as well as some deterioration in the ad market, reflecting broader economic uncertainty as well as higher costs associated with the broadcast of the World Cup on Telemundo.

展望第四季度，我們預計除 Peacock 外的媒體增長將受到付費電視線切割逐漸加速以及廣告市場出現一些惡化的影響，這反映出更廣泛的經濟不確定性以及與世界廣播相關的更高成本Telemundo 杯。

Moving to Studios. Revenue increased 31% to $3.2 billion driven by strong theatrical and content licensing revenue. Theatrical revenue more than doubled compared to last year, driven by the success of our summer film slate, including Jurassic World: Dominion, Minions: The Rise of Gru, Black Phone and Nope.

搬到工作室。在強勁的戲劇和內容許可收入的推動下，收入增長了 31% 至 32 億美元。與去年相比，影院收入翻了一番以上，這得益於我們夏季電影的成功，包括侏羅紀世界：統治、小黃人：格魯的崛起、黑色電話和不。

In addition, content licensing was up 17%, driven by the benefit of our carryover titles and the acceleration in film windows as well as healthy growth in television licensing. EBITDA increased $358 million to $537 million for the quarter primarily reflecting the higher theatrical and content licensing revenue partially offset by the corresponding higher programming and production costs and also the benefit of the timing of marketing costs that we incurred in the second quarter for films in the third quarter.

此外，內容授權增長了 17%，這得益於我們的結轉標題、電影窗口的加速以及電視授權的健康增長。本季度 EBITDA 增加 3.58 億美元至 5.37 億美元，主要反映了較高的戲劇和內容許可收入部分抵消了相應較高的節目和製作成本，以及我們在第二季度為電影產生的營銷成本時機的好處第三季度。

Last, at Theme Parks, revenue increased 42% to $2.1 billion, and EBITDA increased 89% to $819 million, our highest level of EBITDA on record. These results were driven by growth at each of our parks. At Universal Beijing, we had our first profitable quarter since opening compared to the third quarter last year when it incurred $130 million of preopening costs.

最後，在主題公園，收入增長 42% 至 21 億美元，EBITDA 增長 89% 至 8.19 億美元，這是我們有記錄以來的最高 EBITDA 水平。這些結果是由我們每個公園的增長推動的。北京環球影業自開業以來的第一個季度實現盈利，而去年第三季度則產生了 1.3 億美元的開業前成本。

At our U.S. parks, we continue to see strong demand with attendance and guest spending increasing year-over-year. In fact, Orlando broke a new record, delivering its highest level of EBITDA for a third quarter despite the park being closed for 2 days due to Hurricane Ian. Universal Japan continues to rebound since capacity restrictions were lifted at the end of March and compared to last year when the park operated under more strict COVID-related controls.

在我們的美國公園，我們繼續看到強勁的需求，參觀人數和遊客支出逐年增加。事實上，奧蘭多打破了一項新紀錄，儘管公園因伊恩颶風而關閉了 2 天，但第三季度的 EBITDA 仍創下最高水平。自 3 月底取消容量限制以來，與去年公園在更嚴格的 COVID 相關控制下運營時相比，日本環球影業繼續反彈。

Now let's turn to Slide 7 for Sky. As I said earlier, our reported results were meaningfully impacted from the currency translation due to the strengthening dollar, but I will speak to Sky's results on a constant currency basis. For the third quarter, Sky revenue was consistent compared to last year at $4.3 billion as low single-digit growth in the U.K. was mostly offset by lower revenue in Italy and Germany.

現在讓我們轉到 Sky 的幻燈片 7。正如我之前所說，由於美元走強，我們報告的結果受到貨幣換算的重大影響，但我將在固定貨幣基礎上談論 Sky 的結果。第三季度，Sky 的收入與去年同期持平，為 43 億美元，因為英國的低個位數增長大部分被意大利和德國的收入下降所抵消。

Direct-to-consumer revenue was also consistent compared to last year, reflecting low single-digit growth in the U.K. driven by broadband and wireless revenue, offset by declines in Italy and Germany. On a customer basis, we added 320,000 customer relationships in the quarter with positive additions across all 3 territories: the U.K., Italy and Germany.

與去年相比，直接面向消費者的收入也與去年保持一致，這反映出在寬帶和無線收入的推動下，英國的低個位數增長被意大利和德國的下降所抵消。在客戶的基礎上，我們在本季度增加了 320,000 個客戶關係，並在所有 3 個地區都有積極的增加：英國、意大利和德國。

These net additions were driven by streaming customers due to the timing of unique content and the early start of football seasons, including the EPL, to accommodate the timing of the World Cup in the fourth quarter. We do not expect a similar level of additions in the fourth quarter.

由於獨特內容的時間安排以及包括 EPL 在內的足球賽季提前開始，以適應第四季度世界杯的時間安排，這些淨增加是由流媒體客戶推動的。我們預計第四季度不會出現類似水平的增加。

Rounding out the rest of revenue at Sky, content revenue increased 6.4% driven by licensing our entertainment content, and advertising revenue decreased 1.6% with lower revenue in Italy and relatively flat revenue in the U.K. and Germany, reflecting the difficult macro environment.

在 Sky 的其餘收入中，內容收入增長了 6.4%，這是由於我們的娛樂內容授權，廣告收入下降了 1.6%，意大利的收入下降，英國和德國的收入相對持平，反映了艱難的宏觀環境。

Turning to EBITDA. Sky's EBITDA decreased 15.5% to $701 million, primarily reflecting the timing of sports costs, again, due to the early start of the football seasons and the shift of matches into the third quarter to accommodate the timing of the World Cup in the fourth quarter. While this shift will benefit sports costs in the fourth quarter as 4 weeks of games are paused, results will also be impacted by the challenging economic environment in Europe, and we will incur higher sports costs in the first half of 2023, reflecting the higher number of games as the season is extended and the remainder of the paused games are played.

轉向 EBITDA。 Sky 的 EBITDA 下降 15.5% 至 7.01 億美元，這主要反映了體育成本的時間安排，這也是由於足球賽季提前開始以及比賽轉移到第三季度以適應第四季度世界杯的時間安排。雖然由於停賽 4 週，這一轉變將有利於第四季度的體育成本，但結果也將受到歐洲充滿挑戰的經濟環境的影響，我們將在 2023 年上半年承擔更高的體育成本，這反映了更高的數字隨著賽季的延長和剩餘的暫停比賽的比賽。

Now I'll wrap up with free cash flow and capital allocation on Slide 8. We generated $3.4 billion of free cash flow this quarter. Consolidated total capital increased 24% due to increased spending at NBCUniversal and Cable partially offset by a decrease at Sky. The increase at NBCUniversal was driven by higher CapEx at parks as we continue to invest in attractions and make significant progress in building Epic Universe in Orlando.

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 34 億美元的自由現金流。由於 NBCUniversal 和 Cable 的支出增加，合併總資本增加了 24%，部分被 Sky 的減少所抵消。 NBCUniversal 的增長受到公園資本支出增加的推動，因為我們繼續投資景點並在奧蘭多建設 Epic Universe 方面取得重大進展。

Cable capital spending increased 17% with CapEx intensity coming in at 12.2% due to timing. On a year-to-date basis, Cable CapEx intensity was 10.4%, and we continue to expect Cable CapEx intensity to be around 11% for the year. Working capital was $1 billion for the third quarter, reflecting the continued ramp in content creation and the timing of annual sports rights payments.

有線電視資本支出增加了 17%，資本支出強度因時間原因達到 12.2%。年初至今，有線電視資本支出強度為 10.4%，我們繼續預計今年有線電視資本支出強度將在 11% 左右。第三季度的營運資金為 10 億美元，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。

As we enter the fourth quarter and look to our year ahead, we remain focused on driving long-term growth during an increasingly challenged economic environment. As a result, we expect we'll be taking severance and other cost reduction-related charges in the fourth quarter in anticipation of expense reduction actions that will provide benefits in 2023 and beyond.

隨著我們進入第四季度並展望未來一年，我們將繼續專注於在日益嚴峻的經濟環境中推動長期增長。因此，我們預計我們將在第四季度收取遣散費和其他與降低成本相關的費用，以預計將在 2023 年及以後提供收益的費用削減行動。

Wrapping up with capital allocation. Last month, we increased our buyback authorization to $20 billion, up from $10 billion, and during the quarter, we repurchased $3.5 billion worth of our shares. In addition, dividend payments totaled $1.2 billion for a total return of capital in the third quarter of $4.7 billion. We ended the quarter with net leverage at 2.3x, in line with our expectations for leverage to remain around 2.4x.

結束資本配置。上個月，我們將回購授權從 100 億美元增加到 200 億美元，並且在本季度，我們回購了價值 35 億美元的股票。此外，股息支付總額為 12 億美元，第三季度總資本回報為 47 億美元。我們在本季度末的淨槓桿率為 2.3 倍，符合我們對槓桿率保持在 2.4 倍左右的預期。

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.

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 with 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。

Brian, I'd love to hear from you how you're thinking about capital allocation, given just we've had this significant increase in cost of capital, and investors are highly focused on where you guys are making your big bets in the business.

布賴恩，我很想听聽你對資本配置的看法，因為我們的資本成本顯著增加，而且投資者高度關注你們在業務中的大賭注.

How are you thinking about priorities, including M&A, just given the backdrop we're in right now and some of the macro concerns we see ahead of us? And along those lines, one of the big announcements you guys and you talked about in your prepared remarks is into the cable network around DOCSIS 4.

鑑於我們目前所處的背景以及我們看到的一些宏觀問題，您如何看待優先事項，包括併購？沿著這些思路，你們和你們在準備好的評論中談到的一個重大公告是圍繞 DOCSIS 4 的有線電視網絡。

So I'd love to hear from Dave sort of what are the capital needs to get where you want to go over the next few years? Is that going to drive up CapEx? Is there an argument to spend the money faster to help the business differentiate better in the market? Or how do you think about the benefits to the business from getting to DOCSIS 4.0 over the next few years?

所以我很想听聽戴夫的意見，在接下來的幾年裡，要達到你想去的地方需要多少資金？這會推高資本支出嗎？是否有理由更快地花錢以幫助企業更好地在市場上脫穎而出？或者您如何看待未來幾年使用 DOCSIS 4.0 對企業的好處？

Thanks, Ben. Let me just start and then kick it to Mike. Given his new job, I'm looking for him to help on those capital allocation questions quite a bit. But I think the bar is the highest it's been in terms of M&A. Obviously, cost of capital has gone up, and we think our stock is attractive and have increased the buyback as Mike just said.

謝謝，本。讓我開始，然後踢給邁克。鑑於他的新工作，我正在尋找他在這些資本分配問題上提供相當多的幫助。但我認為，就併購而言，門檻是最高的。顯然，資本成本上升了，我們認為我們的股票很有吸引力，並且正如邁克剛才所說的那樣增加了回購。

We announced both in actions this quarter and in our Board authorization. So we feel really great about that opportunities to look at things, but we really like the company we've got. Mike, why don't you do that? Dave can talk about DOCSIS 4.

我們在本季度的行動和董事會授權中都宣布了這一消息。因此，我們對有機會看待事物感到非常高興，但我們真的很喜歡我們擁有的公司。邁克，你為什麼不這樣做？ Dave 可以談論 DOCSIS 4。

Sure, Ben. Thanks. So I'd just step back a little bit and think about what we do with capital through the lens of start with how we generate capital. So if you look at this quarter, you see we had record margins in the Cable business, 45%. We had record profits in the Theme Parks business and record profits in the Studio businesses, so just to call out a few examples.

當然，本。謝謝。所以我會稍微退後一步，從我們如何產生資本的角度考慮我們如何處理資本。因此，如果您查看本季度，您會發現有線電視業務的利潤率達到創紀錄的 45%。我們在主題公園業務中獲得了創紀錄的利潤，在工作室業務中獲得了創紀錄的利潤，因此僅舉幾個例子。

And those are the result of us putting tremendous energy and effort and capital back in our businesses. So when we talk about the formula that we've got, it's always with the view to have growth opportunities in our existing businesses so we can put capital to work and in the future, get the kind of results we've had now on the back of the investments that we have had in the past.

這些都是我們將巨大的精力、努力和資本重新投入到我們的業務中的結果。因此，當我們談論我們所擁有的公式時，總是著眼於在我們現有的業務中獲得增長機會，這樣我們就可以將資金投入工作，並在未來獲得我們現在在支持我們過去的投資。

So priority 1 right now is to invest in the network. I'll let Dave expand on that, but we've got a great path to symmetrical multi-gig through DOCSIS 4.0 in a reasonable time frame at reasonable cost inside the envelope that we talked about of about 11% CapEx intensity. We've got Theme Parks with Epic Universe well underway. We've got investment in streaming with Peacock that Jeff will talk about.

所以現在的首要任務是投資網絡。我將讓 Dave 對此進行擴展，但我們已經通過 DOCSIS 4.0 在合理的時間範圍內以合理的成本在我們談到的大約 11% 資本支出強度的信封內獲得了一條通往對稱多演出的好途徑。我們的 Epic Universe 主題公園正在順利進行中。我們已經投資了傑夫將談到的 Peacock 流媒體。

So we're excited about putting money, first and foremost, back into our businesses to drive great results for years to come. And so that's the virtuous cycle that you see. So that's step one, put money back in the business.

因此，我們很高興能夠首先將資金投入到我們的業務中，以在未來幾年取得巨大的成果。這就是你看到的良性循環。所以這是第一步，把錢重新投入到業務中。

Two, keep a strong balance sheet. We get asked a lot about that. But I think when you look at the environment we're in, I think we're happy to have what I would say is the best, strongest balance sheet in the business, period. So I think that's piece 2.

第二，保持強勁的資產負債表。我們經常被問到這個問題。但我認為，當您查看我們所處的環境時，我認為我們很高興擁有我所說的業務中最好、最強大的資產負債表。所以我認為這是第 2 部分。

And then piece 3, and I'm very happy with the results Brian talked about, $9.5 billion of buybacks year-to-date, $5 billion-ish run rate of dividends for the year. We were asked the questions over the last several years, are we committed? And when we got back to leverage targets, would we be able to -- would we be committed, are we committed to returning capital to shareholders?

然後是第 3 部分，我對布賴恩談到的結果感到非常滿意，今年迄今回購了 95 億美元，今年的股息率達到了 50 億美元。在過去的幾年裡，我們被問到了這些問題，我們承諾了嗎？當我們回到槓桿目標時，我們是否能夠——我們是否會承諾，我們是否承諾將資本返還給股東？

And we said all along that it was our highest priority to get back to that place but to do it in the context of the formula I just described. So I think hopefully, everybody has confidence that we understand that formula and you all understand that formula.

我們一直說，回到那個地方是我們的首要任務，但要根據我剛才描述的公式來做。所以我認為，希望每個人都相信我們理解這個公式，你們都理解這個公式。

So as you look ahead on capital return, I think we're going to be guided as we've been in the recent past by our leverage. We'll stay around 2.4x leverage while doing all the things I just described, and that will dictate ample amount of return to shareholders. So that's that.

因此，當您展望資本回報時，我認為我們將像過去一樣受到我們槓桿作用的指導。在做我剛才描述的所有事情時，我們將保持在 2.4 倍左右的槓桿率，這將決定給股東帶來充足的回報。就是這樣。

And then I think on the M&A side of things, it's -- we like the business we have. With all the opportunities we have in the businesses and the stock where it is, I see us very focused on the opportunities in the business and as I just described. So I'll give Dave -- it over to Dave for DOCSIS 4.0.

然後我認為在併購方面，我們喜歡我們擁有的業務。憑藉我們在業務中擁有的所有機會及其所在的股票，我看到我們非常關注業務中的機會，正如我剛才所描述的那樣。所以我會把Dave 交給Dave 來處理DOCSIS 4.0。

Thanks, Mike. So one of our game plans have always been to consistently invest in the network. I think our network is one of our core strengths. We have this ubiquitous footprint, and we serve every segment with, I think, a great round of broadband tiers. And we're able to do things like we just announced, the 20 million customers just had a speed upgrade, and we've been doing this consistently.

謝謝，邁克。因此，我們的遊戲計劃之一一直是持續投資於網絡。我認為我們的網絡是我們的核心優勢之一。我們擁有無處不在的足跡，我們為每個細分市場提供服務，我認為，我們提供了一輪很棒的寬帶層。而且我們能夠做我們剛剛宣布的事情，2000 萬客戶剛剛升級了速度，我們一直在這樣做。

So the initiatives that we have are -- it's a great road map, starting with what we've talked about mid-split capability in DOCSIS, and that rolls to DOCSIS 4.0. And also, we're going to play offense to just adding more passing. So we're anticipating longer-term growth in broadband, real opportunities in every segment.

所以我們的舉措是——這是一個很棒的路線圖，從我們談到的 DOCSIS 中的中間拆分功能開始，然後滾動到 DOCSIS 4.0。而且，我們將在增加更多傳球的同時進行進攻。因此，我們期待寬帶的長期增長，每個領域都有真正的機會。

And so in terms of mid-splits, we're rolling it out right now, delivering multi-gig download speeds and upload speeds that are on 200 to 300 megabits, which is up to 10x faster than our current upload speed. So will be deployed to 20% of our footprint by the end of this year and will be, by the end of '25, it will be serving the vast majority of our footprint with mid-split.

因此，就中分割而言，我們現在正在推出它，提供 200 到 300 兆比特的多千兆下載速度和上傳速度，這比我們當前的上傳速度快 10 倍。因此，到今年年底將部署到我們 20% 的足跡，到 25 年底，它將為我們絕大多數的足跡提供服務。

And then on the back of this, to DOCSIS 4.0, will be in the market in the second half of '23 with multi-gig symmetrical speeds, as Mike mentioned. And the vast majority of our footprint will begin the process in '25. So we do all of this with the CapEx intensity of around 11%, and we're able to do this as we virtualize key parts of the network. It's part of the road map to be able to do this.

然後在這背後，DOCSIS 4.0 將在 23 年下半年以多千兆對稱速度上市，正如 Mike 提到的那樣。我們的大部分足跡將在 25 年開始這一過程。因此，我們以大約 11% 的資本支出強度來完成所有這些工作，並且我們能夠在虛擬化網絡的關鍵部分時做到這一點。這是能夠做到這一點的路線圖的一部分。

So we'll have the most effective and efficient, I think, game plan in regards to the network. And we're also going to limit the amount of CPE change-outs that are required, whether it's video set-top boxes, gateways, we're able to just focus on serving every segment effectively and efficiently.

因此，我認為我們將製定關於網絡的最有效和最高效的遊戲計劃。我們還將限制所需的 CPE 更換數量，無論是視頻機頂盒、網關，我們都能夠專注於有效和高效地服務每個細分市場。

So -- and what we're seeing, it's early, but we really like the customer experience benefits as we do this. But it's a really effective, very efficient road map. We're real pleased with our position to serve ubiquitously. I think -- by the way, one of the big reasons why we have a near-record low churn, because our network is so solid.

所以 - 我們所看到的還為時過早，但我們真的很喜歡這樣做的客戶體驗優勢。但這是一個非常有效、非常有效的路線圖。我們對我們無處不在的服務感到非常滿意。我認為 - 順便說一句，我們的客戶流失率接近創紀錄的低水平的重要原因之一，因為我們的網絡非常穩固。

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。

One for Mike, one for Dave. Congrats, Mike, on the promotion. On the hurricane commentary for the 4Q net losses of broadband customers, is there any sizing or context for how big the hurricane impact might be? And whether ex hurricane, there would have been positive broadband net adds for 4Q, if I heard your comment correctly?

一份給邁克，一份給戴夫。恭喜邁克，升職。關於第 4 季度寬帶客戶淨損失的颶風評論，是否有任何關於颶風影響可能有多大的規模或背景？如果我沒聽錯你的評論，是否前颶風，第四季度的寬帶淨增加會有所增加？

And then for Dave, I just wanted to follow up on DOCSIS 4.0 from Ben's question. I'm just curious, how would you articulate the end state for DOCSIS 4.0-based network or node versus a fiber-based one? There's a lot of debate as to whether DOCSIS will be fully competitive on speeds and latency, particularly from a consumer perception basis. And is there any other benefits to an upgraded plant that we should consider relative to your operations today as you push forward these upgrades?

然後對於 Dave，我只想從 Ben 的問題跟進 DOCSIS 4.0。我只是好奇，您將如何闡明基於 DOCSIS 4.0 的網絡或節點與基於光纖的網絡或節點的最終狀態？關於 DOCSIS 是否會在速度和延遲方面完全具有競爭力存在很多爭論，尤其是從消費者感知的角度來看。在您推進這些升級時，相對於您今天的運營，我們應該考慮升級後的工廠是否有任何其他好處？

Thanks, Doug. I'll let Dave really chime in. It's his team that's doing amazing work to get the network back up in Southwest Florida. Those are our markets. They were -- like Brian said earlier, our plant was the one hit hardest.

謝謝，道格。我會讓 Dave 真正加入進來。正是他的團隊正在為在佛羅里達州西南部恢復網絡而做著驚人的工作。這些是我們的市場。他們——就像布賴恩之前所說的那樣，我們的工廠是受災最嚴重的工廠。

It will be in the tens of thousands, but we're still working on the numbers in terms of homes that -- residences that won't turn back on, but we'll tell you what the number is when we get through it during the course of this quarter. And you can look back at some hurricane experiences. It's typically tens and tens of thousands.

數以萬計，但我們仍在研究房屋的數量——那些不會重新開啟的住宅，但我們會告訴你這個數字是多少，當我們在本季度的課程。你可以回顧一些颶風的經歷。它通常是數万和數万。

Hey, Doug. So piggyback on what Mike was saying in regards to the hurricane. Really remarkable. We have just amazing teammates that respond to these moments. It's just incredible. I think it's a testament to how we run the business. We run it very locally, and so our teammates live and work in these communities which we serve. And so they were positioned to get to work almost immediately even when, in some cases, they're personally dealing with situations.

嘿，道格。所以背負了邁克關於颶風的言論。真是了不起。我們有出色的隊友來回應這些時刻。這太不可思議了。我認為這證明了我們如何經營業務。我們在本地運行它，所以我們的隊友在我們服務的這些社區生活和工作。因此，即使在某些情況下，他們親自處理情況時，他們也幾乎可以立即開始工作。

So we started rebuilding and repairing right away. It's a pretty big area of impact for us in Florida. In terms of just sizing it seasonally, it's about half of our seasonal activity that was impacted by this hurricane. So when you look at it, I think Mike mentioned in terms of the overall impact on subs with -- have that kind of impact that will be negative in terms of broadband.

所以我們立即開始重建和修復。這對佛羅里達州的我們來說是一個相當大的影響領域。就季節性而言，大約有一半的季節性活動受到了這場颶風的影響。因此，當您查看它時，我認為邁克提到了對潛艇的整體影響——在寬帶方面具有負面影響。

But when you look at the underlying business, I think we're around the same as where we were in Q3. The conditions are similar in that regard. So in terms of fiber, in terms of DOCSIS that -- in state, I think we have all the benefits of DOCSIS, the road map that we have. And in terms of the customer experience in terms of multi-gig speeds that are symmetrical and the road map that we have, I don't really see a difference.

但是，當您查看基礎業務時，我認為我們與第三季度的情況大致相同。在這方麵條件相似。因此，就光纖而言，就 DOCSIS 而言，我認為我們擁有 DOCSIS 的所有好處，即我們擁有的路線圖。在對稱的多千兆速度和我們擁有的路線圖方面的客戶體驗方面，我並沒有真正看到差異。

And by the way, we build a lot of fiber into our network today. And we were able, with this architecture, to feather in fiber to be able to serve MDUs directly where needed. And so we just have the flexibility within DOCSIS to pull fiber deeper as needed. And so we actually provide a significant amount of fiber today already.

順便說一句，我們今天在我們的網絡中構建了很多光纖。通過這種架構，我們能夠在需要時直接為 MDU 提供光纖服務。因此，我們只需在 DOCSIS 中靈活地根據需要將光纖拉得更深。所以我們今天實際上已經提供了大量的纖維。

But we really don't need to. It minimizes, as I mentioned, Doug, earlier the need to change out a bunch of CapEx. And -- but I really like the road map to get to multi-gig symmetrical over the long run. And to me, that puts us right there, and do it in a ubiquitous way where other network providers are having to pick and choose how they get to certain communities. We serve every community with every tier of broadband that we have.

但我們真的不需要。正如我之前提到的，Doug 可以最大限度地減少更換一堆資本支出的需要。而且——但我真的很喜歡從長遠來看實現多演出對稱的路線圖。對我來說，這讓我們就在那裡，並以一種無處不在的方式做到這一點，其他網絡提供商不得不選擇他們如何進入某些社區。我們為每個社區提供我們擁有的每一層寬帶。

Our next question comes from Craig Moffett from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Craig Moffett。

Let's talk about wireless, if we could a bit. There have been reports that you've been pretty aggressively deploying strand-mounted small cells to offload traffic. I'm wondering if you could just talk a little bit about your experience thus far with traffic offload. It's still today mostly on WiFi.

如果可以的話，讓我們談談無線。有報導稱，您一直在非常積極地部署絞接式小型蜂窩來卸載流量。我想知道您是否可以談談您迄今為止在流量卸載方面的經驗。今天仍然主要使用WiFi。

But what you're thinking in terms of how much traffic can be offloaded, and is there the potential for something broader than just the CBRS strategy with getting some of your own mid-band spectrum to try to offload significantly more traffic? And just what do you think the margins of that business could ultimately look like?

但是您在考慮可以卸載多少流量，是否有可能比 CBRS 策略更廣泛，讓您自己的一些中頻頻譜嘗試卸載更多的流量？您認為該業務的利潤最終會是什麼樣子？

Hey, Craig, Dave. So let me start with where we're at right now with mobile, and I'll talk about spectrum. We really like our trajectory in mobile. Obviously, we had a record-setting net add quarter. And so we like our capital-light approach. We like our position, what we're able to do competitively, how we surround broadband. With mobile, we get to play offense. And we also get to package mobile with business services.

嘿，克雷格，戴夫。因此，讓我從我們現在在移動方面所處的位置開始，我將談談頻譜。我們真的很喜歡我們在移動領域的發展軌跡。顯然，我們有一個創紀錄的淨增季度。所以我們喜歡我們的輕資本方法。我們喜歡我們的位置，我們能夠做的有競爭力的事情，我們如何圍繞寬帶。有了手機，我們就可以進攻了。我們還可以將移動設備與商業服務打包在一起。

Business services in small business is in the market now with mobile and having -- it's early, but having great success out of the gates with that. So when you combine By the Gig with new unlimited pricing that we have and then compare it against the telephone companies, we can help customers save up to 50% in some cases. So it's -- we're well positioned to compete with mobile today.

小型企業的商業服務現在已經在市場上使用移動設備並擁有 - 這還為時過早，但已經取得了巨大的成功。因此，當您將 By the Gig 與我們擁有的新的無限定價相結合，然後將其與電話公司進行比較時，我們可以幫助客戶在某些情況下節省高達 50% 的費用。所以它 - 我們已經準備好與今天的移動設備競爭。

But -- and as I said, so we really like our position, the capital light that we have. But we do view providing enhanced 5G connectivity in service areas where we have a high concentration of traffic as a very good potential opportunity. So we've always been opportunistic. Today, WiFi is a part of how we look at managing our network. Most of the traffic goes over WiFi today. So we look at the spectrum, whether it's CBRS or 600 megahertz spectrum as a good opportunity.

但是 - 正如我所說，所以我們真的很喜歡我們的職位，我們擁有的資本之光。但我們確實認為，在流量高度集中的服務區域提供增強的 5G 連接是一個非常好的潛在機會。所以我們一直都是機會主義的。今天，WiFi 是我們管理網絡的一部分。今天的大部分流量都通過 WiFi 傳輸。所以我們看頻譜，無論是 CBRS 還是 600 兆赫頻譜，都是一個很好的機會。

So there's nothing new really to talk about, but we're testing. And we've talked about that before. We're working closely with Charter on modeling out the potential in these high dense traffic areas and what the savings could be. But no new news at this point, Craig, in terms of specific modeling opportunities. But we do look at it as a potential opportunity down the road.

所以沒有什麼新的東西可以談論，但我們正在測試。我們之前已經討論過這個問題。我們正在與Charter 密切合作，模擬這些高密度交通區域的潛力以及可以節省的成本。但就具體的建模機會而言，克雷格目前沒有新消息。但我們確實將其視為未來的潛在機會。

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。

So you mentioned during your prepared remarks that for now, you would expect that broadband ARPU growth would be the primary driver of overall broadband revenue growth. You've definitely gotten a little pushback from investors on that. They look at a more competitive market and households having lots of other pressures in their budgets in an inflationary environment. And so what gives you confidence that you can sustain a profile of ARPU growth? How do you think that's going to break down between rate increases or upselling or maybe something else?

因此，您在準備好的講話中提到，就目前而言，您預計寬帶 ARPU 的增長將是整體寬帶收入增長的主要驅動力。你肯定在這方面受到了投資者的一點反對。他們著眼於競爭更加激烈的市場，以及在通脹環境中的預算中存在許多其他壓力的家庭。那麼，是什麼讓您有信心維持 ARPU 增長的狀況呢？你認為這將如何在加息或追加銷售或其他事情之間分解？

Well, good question. And part of it is our results. You look at our results consistently that we've had in a very competitive environment. We've been dealing with very intense competitive activity for a long time now. We've had fiber overbuild now just over 40%, new competitive entrants. And so we've been able to -- and part of the reason why I think we do perform well and we have a balanced approach in terms of share and ARPU is we serve every segment, and we break it down by every segment.

嗯，好問題。其中一部分是我們的結果。您始終如一地看待我們在競爭激烈的環境中所取得的結果。很長一段時間以來，我們一直在處理非常激烈的競爭活動。我們的光纖過度建設現在剛剛超過 40%，新的競爭進入者。所以我們已經能夠 - 我認為我們表現良好並且我們在份額和 ARPU 方面採取平衡的方法的部分原因是我們為每個細分市場提供服務，並且我們按每個細分市場對其進行細分。

So we had healthy ARPU growth of 3.7% in Q3, and we look at the opportunities to focus on tier mix as an opportunity. So starting with HSD-only and then how we package. And we surround again, we leverage mobile to do some of the lifting in terms of value and focusing on broadband ARPU there. We take a very balanced approach towards rates. We do have rate increases that we manage through.

因此，我們在第三季度實現了 3.7% 的健康 ARPU 增長，我們將專注於層級組合的機會視為機會。因此，從僅 HSD 開始，然後是我們如何打包。我們再次圍繞著，我們利用移動來提升價值，並專注於那裡的寬帶 ARPU。我們對利率採取非常平衡的方法。我們確實有可以通過的加息。

And we've had -- segmentation is part of our acquisition plan, but it's also part of our retention plan. We model out retention opportunities by segment, and so we've been very disciplined, I think, in terms of all these things. And so it's an opportunity for us to drive both share and balance ARPU growth.

我們已經 - 細分是我們收購計劃的一部分，但它也是我們保留計劃的一部分。我們按細分為保留機會建模，因此我認為，在所有這些方面，我們都非常自律。因此，這是我們推動份額和平衡 ARPU 增長的機會。

We've been doing it over a very long time. And we anticipate competition to be very substantial. And -- but we also look at the road map that we have in being able to leverage mobile and other services. And so we like our position. We've always taken a balanced approach towards ARPU and share.

我們已經做了很長時間了。我們預計競爭將非常激烈。而且——但我們也關注我們能夠利用移動和其他服務的路線圖。所以我們喜歡我們的立場。我們一直對 ARPU 和份額採取平衡的態度。

And just one other point to add, long term or longer term, I continue to believe broadband is so critical. It's such an important dynamic part of our society, and it's changing all the time, and people want the best. And the best is experience. It's speed, it's innovation, it's service, and that's what we're really focused on, and we've been that way. And I think it's why we have the #1 position today, and we want to retain that.

還有一點要補充，長期或長期，我仍然相信寬帶是如此重要。這是我們社會中如此重要的動態部分，它一直在變化，人們想要最好的。最好的就是經驗。速度、創新、服務，這才是我們真正關注的重點，我們一直都是這樣。我認為這就是我們今天擁有第一名的原因，我們希望保持這一地位。

Our next question comes from Michael Rollins from Citi.

我們的下一個問題來自花旗的 Michael Rollins。

Just sticking in the Cable business. If you look at the pace of video revenue, would you expect the current pace of video cord cutting to continue at this level? And how much of the video losses that you're experiencing are simply a function of changing customer preferences for consumption relative to the elasticity from the pricing initiatives to offset the higher programming costs?

只是堅持有線電視業務。如果你看視頻收入的速度，你會預計目前視頻線切割的速度會繼續保持這個水平嗎？您所遇到的視頻損失有多少僅僅是因為改變了客戶的消費偏好，相對於定價計劃的彈性來抵消更高的節目成本？

I'll start. This is Dave. The -- I anticipate the changing nature of video to continue. We've anticipated it. We've looked at this. We've been able to manage through it and the focus on multiple growth drivers for us in terms of broadband, business services, mobile events. But we also have looked at video as a broad platform opportunity. So yes, we've had the fluid nature of video putting pressure on the more mature tiers of video service, but we've also offset a substantial part of that through Flex.

我會開始的。這是戴夫。 - 我預計視頻的變化性質將繼續下去。我們已經預料到了。我們已經看過了。我們已經能夠通過它進行管理，並在寬帶、商業服務、移動活動方面為我們提供多種增長驅動力。但我們也將視頻視為一個廣泛的平台機會。所以是的，我們已經擁有視頻的流動性給更成熟的視頻服務層帶來壓力，但我們也通過 Flex 抵消了很大一部分壓力。

We've invested in the ability to do smart TV things. The joint venture with Charter is an opportunity. So we view video as an opportunity long term as a platform, so we will continue to focus on that. And I think that will balance both things. But we've navigated through, I think, this before, but I don't see it changing.

我們已經投資於做智能電視的能力。與Charter的合資企業是一個機會。因此，我們將視頻視為長期平台的機會，因此我們將繼續關注這一點。我認為這將平衡這兩件事。但我認為，我們之前已經解決了這個問題，但我認為它沒有改變。

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

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

Questions, one on Cable and one on NBCU. On Cable, you talked like, I guess, it was about 9 years ago when you introduced or announced the Comcast Technology Center. Can you talk about the progress you've made in making Comcast a leading hub of innovation and how your view of Comcast's position, I think you called it like unique cross-section of media and technology. How has that changed over time or evolved?

問題，一個在有線電視上，一個在 NBCU 上。在有線電視上，你說的好像，我猜，大約是 9 年前，當你介紹或宣布康卡斯特技術中心時。您能否談談您在使康卡斯特成為領先的創新中心方面取得的進展以及您對康卡斯特地位的看法，我認為您將其稱為獨特的媒體和技術橫截面。隨著時間的推移，它是如何變化或演變的？

And then on NBCU, I can't believe you haven't gotten questions, really. But what are the long-term aspirations for Peacock, let's say, over the next 3 to 4, 5 years, what do you think it will look like? And can you talk about on Theme Parks, the advanced bookings or visibility? Are international visitors coming back yet?

然後在 NBCU，我不敢相信你沒有收到問題，真的。但是 Peacock 的長期願望是什麼，比如說，在接下來的 3 到 4、5 年，你認為它會是什麼樣子？你能談談主題公園、提前預訂或知名度嗎？國際遊客回來了嗎？

Yes. We'll take it -- this is Jeff, Jessica. I was hoping to get no questions, so you broke my streak here. But we're going to do it in reverse order a little bit here. So in the Theme Park business, record quarter in the third quarter, first quarter ever profitability in Beijing. And despite the economic uncertainty that you see elsewhere in the economy, we're seeing no effects of that right now in the Theme Parks even in terms of our performance, our actual performance or our bookings going forward.

是的。我們會接受的——這是傑夫，傑西卡。我希望沒有問題，所以你在這裡打破了我的連勝紀錄。但是我們將在這里以相反的順序進行操作。所以在主題公園業務方面，第三季度創季度記錄，第一季度在北京實現盈利。儘管您在經濟的其他地方看到了經濟不確定性，但我們目前在主題公園中沒有看到這種影響，即使就我們的表現、實際表現或我們未來的預訂而言也是如此。

Florida is really strong. Hollywood is really strong. Japan really ended the quarter pretty strong. So it kind of defies logic a little bit, but part of it is based on the investments Brian outlined in his opening were really paying off. So the Theme Park business is really strong, and we're seeing no weakness there.

佛羅里達真的很強大。好萊塢真的很強大。日本確實在本季度結束時表現強勁。所以這有點違背邏輯，但部分原因是布賴恩在開幕式中概述的投資確實得到了回報。所以主題公園業務真的很強大，我們沒有看到任何弱點。

As far as Peacock, our long-term aspirations on Peacock is for it to be -- to balance out our overall Media business. I think we've said all along that we -- our strategy in streaming is different than some of the premium SVOD players like Netflix and Disney+. We view it as a part of our business. We manage it as one. We make decisions on programming as one. We sell advertising across the business as one.

就 Peacock 而言，我們對 Peacock 的長期願望是——平衡我們的整體媒體業務。我想我們一直都在說，我們的流媒體戰略與 Netflix 和 Disney+ 等一些優質的 SVOD 播放器不同。我們將其視為我們業務的一部分。我們將其作為一個整體進行管理。我們將編程作為一個整體做出決定。我們將整個企業的廣告作為一個整體進行銷售。

And as viewership shifts from linear to Peacock, we want Peacock to get to a level and a scale that causes our business to be balanced as consumer sentiments and advertiser sentiments change. And very pleased with our performance in this quarter, over 15 million, and we're right on track for what we expected to do as we've built that business.

隨著收視率從線性轉變為 Peacock，我們希望 Peacock 達到一個水平和規模，使我們的業務隨著消費者情緒和廣告商情緒的變化而保持平衡。並且對我們在本季度超過 1500 萬的業績感到非常滿意，而且我們正朝著我們在建立該業務時預期要做的事情走上正軌。

Okay. Dave, why don't you start on innovation, and I'll add at the end? I think it's a great question.

好的。戴夫，你為什麼不從創新開始，我會在最後補充？我認為這是一個很好的問題。

Yes, it is, Jessica. So this is -- this facility is a big part, not the only part, but a big part of how we think about long-term growth and innovation. And so it really -- when you think about the teams over there, it culturally has changed the company, I think, in terms of getting multiple groups, multiple teams together to work on exciting projects that literally changes categories.

是的，傑西卡。所以這是 - 這個設施是一個重要的部分，不是唯一的部分，而是我們如何看待長期增長和創新的重要部分。所以真的 - 當你想到那裡的團隊時，它在文化上改變了公司，我認為，就讓多個團隊、多個團隊一起致力於令人興奮的項目而言，這些項目確實改變了類別。

And if you look at video, what we -- the question before, you go from the linear video delivery system to a broad-based platform on multiple devices, this innovation happened with teams over there, being able to change broadband and to tie in WiFi and to be able to do it for residential and business services and being able to deliver leading gateway devices, and the road map that I talked about from mid-split to DOCSIS 4.0 happened over there.

如果你看視頻，我們之前的問題，你從線性視頻傳輸系統到基於多種設備的廣泛平台，這種創新發生在那邊的團隊，能夠改變寬帶並配合WiFi 並且能夠為住宅和商業服務做到這一點，並能夠提供領先的網關設備，我談到的從中間分裂到 DOCSIS 4.0 的路線圖發生在那裡。

In addition, the teams are changing the customer experience there as well and very focused on digital and what is possible to be able to help customers do everything over any device. And so you look at where things are going, the Internet of Things, being able -- devices and cameras being able to tie everything together. This is where these teams are focused on what's possible. So it really has been game changing in terms of what we've been doing.

此外，這些團隊也在改變那裡的客戶體驗，並且非常關注數字化以及能夠幫助客戶在任何設備上完成所有事情的可能性。所以你看看事情的發展方向，物聯網，能夠 - 設備和相機能夠將一切聯繫在一起。這就是這些團隊專注於可能的地方。因此，就我們一直在做的事情而言，它確實在改變遊戲規則。

I'll just quickly add that post the pandemic, it's pretty exciting to walk through the technology center and see people back at work and the energy and buzz. But I think of ourselves as a unique media and technology company, and we're focused on this sector. We view -- the competition has changed. It includes the tech companies on the West Coast, and we have been looking to add to that scale.

我將在大流行之後快速補充一下，走過技術中心並看到人們重返工作崗位以及精力充沛和嗡嗡聲，真是令人興奮。但我認為自己是一家獨特的媒體和技術公司，我們專注於這個領域。我們認為——競爭已經改變。它包括西海岸的科技公司，我們一直在尋求擴大這一規模。

And I think we made real progress in the last 12 months for things like our voice remote, which for those who have it, whether you're using it for a streaming service or for a video bundle, were to now do other things and look up your account and many other aspects of how voice is deeply embedded in all of our products on Sky Glass globally.

而且我認為我們在過去 12 個月中在語音遙控器等方面取得了真正的進展，對於那些擁有它的人來說，無論你是將它用於流媒體服務還是視頻包，現在都可以做其他事情並看看增加您的帳戶以及語音如何在全球 Sky Glass 上深深嵌入我們所有產品的許多其他方面。

We now have, between Sky, the new Charter arrangement, previous deals with Cox and all of the Canadian operators, are virtually all a road map for innovation. And I think as we look forward to the company, that's what's going to keep powering what Mike was talking about, the virtuous cycle of investment and return.

我們現在擁有，在 Sky 之間，新的包機安排、之前與 Cox 和所有加拿大運營商的交易，幾乎都是創新的路線圖。我認為，當我們期待公司時，這將繼續推動邁克所說的，投資和回報的良性循環。

So we're all mindful of the economy and the world that we live in, but we have a pretty unique company. And this is a big part of what I think will make it more unique in the future is to continue to try to innovate. So glad you asked that question.

所以我們都關注我們生活的經濟和世界，但我們有一家非常獨特的公司。這是我認為在未來讓它變得更加獨特的很大一部分，那就是繼續嘗試創新。很高興你問了這個問題。

Our next question comes from Philip Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Philip Cusick。

Mike, congratulations again. We've danced around it a little bit, but Brian, I want to ask about your sort of vision of the video ecosystem because we see this linear acceleration to the downside. Peacock is growing, but Comcast and Charter and I think Cox customers get that for free now.

邁克，再次祝賀你。我們已經圍繞它跳舞了一點，但是布賴恩，我想問一下你對視頻生態系統的看法，因為我們看到這種線性加速下降。 Peacock 正在成長，但 Comcast 和 Charter 以及我認為 Cox 的客戶現在可以免費獲得它。

And so maybe, Brian, talk about where the video ecosystem is growing and how the company shifts the way you make money there. And Jeff, remind us what success is in Peacock paying subs and MAUs over time, and how you sort of balance that Media business model overall. Is that fair?

所以也許，布賴恩，談談視頻生態系統的發展方向以及公司如何改變你在那裡賺錢的方式。傑夫，提醒我們，隨著時間的推移，Peacock 支付訂閱用戶和 MAU 的成功是什麼，以及你如何平衡媒體商業模式的整體。這公平嗎？

Very fair. I think let me just start, and I'll let my colleagues join in. The way we're trying to manage the company, and we said this several years ago, which was a shift, was we saw a change coming. And we tried to think like a customer and think like the consumer.

很公平。我想讓我開始吧，我會讓我的同事加入。我們試圖管理公司的方式，我們幾年前就說過，這是一個轉變，是我們看到了變化的到來。我們試圖像客戶一樣思考，像消費者一樣思考。

And we've learned -- I at least think I've tried to learn from other's successes with that mentality. And the consumers, many consumers didn't want the big video package. And so what -- we can fight that or we can try to embrace it.

我們已經學到了——我至少認為我已經嘗試以這種心態從其他人的成功中學習。而消費者，很多消費者並不想要大視頻包。那又怎樣——我們可以與之抗爭，或者我們可以嘗試接受它。

And so our leadership in broadband was the first evidence of, okay, let's try to embrace it. Let's put Netflix on X1 going back several years. And more people, I think, in a Comcast market view Netflix via X1 than any other device. I think that's still relatively true. Dave, you can comment on that.

因此，我們在寬帶領域的領先地位是第一個證明，好吧，讓我們嘗試接受它。讓我們將 Netflix 放在 X1 上，可以追溯到幾年前。我認為，在康卡斯特市場上，通過 X1 觀看 Netflix 的人比任何其他設備都多。我認為這仍然是相對正確的。戴夫，你可以對此發表評論。

Our voice remote integrated all of Netflix's content, and along came many others. Let's just jump to Apple most recently. I think we have the best integration in the world of Apple TV+ on our consumer devices. Over on the content side at NBCUniversal, that change allowed us to create content for Netflix or Amazon or Apple, and many others.

我們的語音遙控器集成了 Netflix 的所有內容，還有許多其他內容。讓我們跳到最近的蘋果。我認為我們在消費類設備上擁有世界上最好的 Apple TV+ 集成。在 NBCUniversal 的內容方面，這種變化使我們能夠為 Netflix、亞馬遜或蘋果以及許多其他公司創建內容。

We own 1/3 of Hulu. So when we bought the company, all of our content was committed to Hulu in the streaming -- much of our content. As we've discussed that relationship's changed, and much of it is now back on Peacock. And Peacock has only been out there for a couple of years, and super successful and a great quarter, and congratulations to all of NBCUniversal and the Peacock team for the results this quarter, in my opinion.

我們擁有 Hulu 的 1/3。因此，當我們收購這家公司時，我們所有的內容都致力於流媒體中的 Hulu——我們的大部分內容。正如我們所討論的那樣，這種關係發生了變化，現在大部分都回到了孔雀身上。在我看來，Peacock 只出現了幾年，並且非常成功和偉大的季度，並祝賀 NBCUniversal 和 Peacock 團隊在本季度取得的成果。

And we came up with a different model since we were starting at a different time and ad-centric low cost to the consumer. So again, it's back thinking from the consumer's perspective, how do we fit in and how do we do so on a profitable long-term value-creating way? And so the results you're seeing this quarter, I mean, if you look at last year, last year was our best year in EBITDA and our best year in EPS in the 60 years Comcast has been in business. And we're on pace to do better in this year than last year.

我們想出了一個不同的模型，因為我們從不同的時間開始，並且以廣告為中心，為消費者提供了低成本。因此，再次從消費者的角度思考，我們如何適應以及如何以有利可圖的長期價值創造方式做到這一點？所以你在本季度看到的結果，我的意思是，如果你看看去年，去年是我們 EBITDA 最好的一年，也是康卡斯特 60 年來每股收益最好的一年。而且我們今年的表現比去年更好。

So I think we have a good model, but it starts with thinking from the customer. And so the shift in video, we got to a place where we're actually somewhat indifferent. What the consumer prefers, we want to be for the customer. And then if they're now taking our mobile product, they're getting an even better value. And if they're taking Peacock, they're getting an even continued relationship with NBC if they've changed how they're consuming. So I think we're in a very unique playing offense in a very changing world in a way that continues to yield great results for the company.

所以我認為我們有一個很好的模型，但它始於客戶的思考。所以視頻的轉變，我們到了一個我們實際上有點無動於衷的地方。消費者喜歡什麼，我們想為客戶服務。然後，如果他們現在使用我們的移動產品，他們將獲得更高的價值。如果他們選擇 Peacock，如果他們改變了他們的消費方式，他們將與 NBC 保持持續的關係。因此，我認為在一個瞬息萬變的世界中，我們處於一種非常獨特的進攻方式中，這種方式將繼續為公司帶來巨大的成果。

Yes. So let me jump in, Brian, and Phil, take your question on Peacock. So if you kind of go to 30,000 feet and look at the NBCUniversal business, the business at our core is producing content. And if you look at this quarter alone, most successful, profitable quarter in the history of the movie business, we think our movie business is second to none right now. Our TV business has expanded dramatically. We sell, as Brian said, to others in addition to ourselves.

是的。所以讓我跳進去，布萊恩和菲爾，回答你關於孔雀的問題。因此，如果你走到 30,000 英尺高處看看 NBCUniversal 的業務，我們的核心業務就是製作內容。如果你只看這個季度，這是電影業務歷史上最成功、最賺錢的季度，我們認為我們的電影業務現在是首屈一指的。我們的電視業務大幅擴張。正如布賴恩所說，除了我們自己，我們還向其他人出售。

Our news division, second to none, and our sports division is doing really great. And so if you want to -- if you have a great content business, the way you maximize your returns is having platforms where you can have the flexibility to put your content on your own platforms and move it around to give your content the best chance of success. And we've had that over the years. So when you look at Peacock, what is the definition of success? It's really 2 things.

我們的新聞部門首屈一指，我們的體育部門做得非常好。因此，如果你想——如果你有一個偉大的內容業務，你最大化回報的方式是擁有平台，你可以靈活地將你的內容放在你自己的平台上並移動它，為你的內容提供最好的機會的成功。多年來，我們已經做到了這一點。那麼當你看孔雀時，成功的定義是什麼？這真的是2件事。

One is taking that ecosystem that I just talked about and giving yourself an addition to your platform, which allows you more flexibility to maximize the return of your content, both in terms of allowing it -- a show to have a better chance of being a hit or a movie to have a better return when you can move it around and have the right platform for the right piece of content. So we want to get Peacock to a scale where we're fairly indifferent between content going on linear and content going on Peacock and having the best platform out there. And we think we're well on our way to that.

一個是採用我剛剛談到的那個生態系統，並為您的平台添加一個附加功能，這使您可以更靈活地最大化您的內容的回報，無論是在允許它 - 一個節目有更好的機會成為當您可以移動它並為正確的內容提供正確的平台時，熱門或電影可以獲得更好的回報。因此，我們想讓 Peacock 達到一個規模，在這種規模下，我們對線性內容和 Peacock 上的內容並擁有最好的平台完全無動於衷。我們認為我們正在朝著這個目標邁進。

The second is just the traditional way you look at any investment, which is that we're investing a lot of money in Peacock, and we view the fact that it's going to get to a level of profitability that will generate a return on that investment that will add value to shareholders, and this quarter makes us more confident that we're along that trajectory. So those are really the 2 measures.

第二種是您看待任何投資的傳統方式，即我們在 Peacock 上投資了大量資金，我們認為它將達到一定的盈利水平，從而產生投資回報這將為股東增加價值，本季度讓我們更有信心沿著這條軌跡前進。因此，這實際上是 2 項措施。

Our next question comes from John Hodulik from UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Maybe last one for Dave back on the Cable side. The business market certainly emerged as one of the drivers of revenue growth in that segment, and it sounds like you guys are having some real successes across small, medium and enterprise markets.

也許是戴夫在有線電視方面的最後一個。商業市場無疑成為該領域收入增長的驅動力之一，聽起來你們在中小型和企業市場上取得了一些真正的成功。

I mean, just any commentary on sort of penetration levels in those markets, give us a sense of how much runway you have? And then commentary on sort of the profitability of that business segment versus, say, the rest of the Cable business?

我的意思是，只要對這些市場的滲透水平進行任何評論，就可以讓我們了解您擁有多少跑道？然後評論該業務部門的盈利能力與其他有線電視業務的對比？

Hey, John, so look, we -- as Brian mentioned, one of the core growth drivers for us is business services. I'm really glad you asked about it because the team is doing an outstanding job. When you look at our performance in business services, we outperformed all competitors and peers. It really is a very interesting long-term consistent performance from our group. Bill Stemper and the team have really done a terrific job.

嘿，約翰，看，我們 - 正如布賴恩所提到的，我們的核心增長動力之一是商業服務。我真的很高興你問到這個問題，因為團隊做得非常出色。當您查看我們在商業服務方面的表現時，我們的表現優於所有競爭對手和同行。這確實是我們團隊非常有趣的長期一致表現。 Bill Stemper 和團隊確實做得非常出色。

And we're generating now approaching $10 billion in annual revenue and have a great opportunity to grow further. So it's high margins, and you look at the addressable marketplace, we're serving less than -- we have less than 20% share of our addressable marketplace of $50 billion in our footprint.

我們現在的年收入接近 100 億美元，並且有進一步增長的絕佳機會。所以它的利潤率很高，你看看目標市場，我們的服務少於 - 在我們的足跡中，我們在 500 億美元的目標市場中所佔的份額不到 20%。

So you break it down, SMB, we are -- along with share, and very focused on that, but we're also very focused on the corollary to what we talked about early in residential is ARPU. And we focus both share and revenue and with WiFi, enhanced WiFi for small business customers, wireless backup cameras, security and now mobile. So we have a strong portfolio to go up against the telephone companies with, and it's working. So very balanced approach towards growth.

所以你把它分解一下，SMB，我們和份額一樣，非常關注這一點，但我們也非常關注我們在住宅早期談到的 ARPU 的必然結果。我們同時關注份額和收入，並專注於 WiFi、針對小型企業客戶的增強型 WiFi、無線備用攝像頭、安全性和現在的移動設備。因此，我們有一個強大的產品組合可以與電話公司抗衡，而且它正在發揮作用。所以非常平衡的增長方式。

In mid-market and enterprise, it is a key long-term growth opportunity. And there, it's more sophisticated applications like SD-WAN, enhanced security and UCaaS, the advanced unified messaging. And Masergy has just been a terrific addition, giving us international scale and being able to help us with certain applications. So no specifics beyond that, but it really is a very important part of our business, and they're doing a terrific job.

在中端市場和企業中，這是一個關鍵的長期增長機會。在那裡，它是更複雜的應用程序，如 SD-WAN、增強的安全性和 UCaaS、高級統一消息傳遞。 Masergy 剛剛成為一個了不起的補充，為我們提供了國際規模，並能夠幫助我們完成某些應用程序。所以除此之外沒有任何細節，但這確實是我們業務中非常重要的一部分，他們做得非常好。

Thanks, John. And thank you, everyone, for joining us this morning.

謝謝，約翰。感謝大家今天早上加入我們。

That concludes the question-and-answer session and today's conference call. A replay of the call will be available starting at 11:30 a.m. Eastern Time today on Comcast Investor Relations website. Thank you for participating. You may all disconnect.

問答環節和今天的電話會議到此結束。康卡斯特投資者關係網站將於東部時間今天上午 11:30 開始重播電話會議。感謝您的參與。你們都可以斷開連接。