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，早安，歡迎參加康卡斯特2022年第三季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。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。

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. 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.

現在請看投影片2，其中包含我們的安全港免責聲明。我提醒各位，本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，在本次會議中，我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，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 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，大家早安。我為公司和本季的業績感到非常自豪。我們公佈的調整後EBITDA成長6%，調整後每股盈餘成長10%，自由現金流顯著成長，同時我們也在投資未來，並向股東返還了創紀錄的資本。今天強勁的財務表現證明了我們專注於透過創新推動獲利成長的決心，也體現了我們員工的專業。我相信，我們正在齊心協力，以最高水準執行各項工作。

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.

我特別要公開感謝我們在佛羅裡達州的所有團隊成員，以及過去幾週前往佛羅裡達州的同事。他們不辭辛勞地幫助受颶風伊恩影響的客戶，即便他們中的許多人本身也遭受了損失。這場風暴破壞性極大，對我們來說尤其如此，因為我們是受災地區的主要有線電視營運商，預計約有一半的佛羅裡達州傳統季節性客戶受到影響。

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.

深入分析第三季業績，有線通訊業務再次展現了該業務令人矚目的穩定性，息稅折舊攤銷前利潤 (EBITDA) 增長 5%，利潤率同比增長 120 個基點，達到 45.1%，創歷史新高。儘管我們仍面臨著搬家活動低迷和新進者競爭加劇的挑戰，但令人欣喜的是，返校季帶來了一定的利好，第三季末新增寬頻用戶 1.4 萬戶。

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.

我們有線電視業務的營收成長主要來自四個面向：住宅寬頻用戶數、住宅寬頻每用戶平均收入（ARPU）、無線服務和商業服務。雖然我們預計住宅寬頻用戶數量目前不會成為主要成長動力，但我們預計其他三個方面將保持穩健成長，從而在可預見的未來繼續推動有線電視業務取得強勁的財務業績。

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.

我的信心源自於我們始終能夠在銷售量和獲利能力之間取得平衡。我們積極參與市場競爭，同時專注於投資和管理業務，以實現長期獲利成長，而本季的業績也充分證明了這一點。我們擁有獨特的競爭優勢，這不僅體現在快速穩定的出貨速度上。我們致力於為用戶提供差異化且卓越的家庭體驗，這正是我們平均每用戶收入（ARPU）成長的基石。

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，我們為每個房間提供可靠的WiFi覆蓋、設備控制和網路安全功能，以及世界一流的娛樂平台，此外還有Xfinity Mobile等其他配套解決方案，進一步提升了我們寬頻產品的價值和實用性。隨著我們不斷改進網絡，所有這些服務都將更加完善，我們正取得顯著進展。

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.

本季度，我們宣布已開始推出多千兆下載速度，同時上傳速度提高 5 到 10 倍，我們預計到今年年底，這項服務將在我們 20% 的覆蓋範圍內提供，到 2025 年底，將在我們絕大部分覆蓋範圍內提供。

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.

在此基礎上，我們正​​在完善 10G 的核心技術基礎，並向基於雲端的虛擬化網路過渡，同時朝著 DOCSIS 4.0 邁進，這將使我們能夠從明年下半年開始為客戶提供多千兆對稱速度。

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，憑藉我們高容量的網路、差異化的寬頻體驗以及卓越的無線虛擬網路營運商 (MVNO) 服務，康卡斯特在提供強大且無處不在的家庭和行動連線方面佔據了致勝優勢。而且，這一切都無需做出任何妥協，隨著人們數據消耗量和整體期望值的不斷提高，這一點將變得愈發重要。

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，我們未訂閱傳統視訊服務的寬頻用戶每月數據使用量已接近 650 GB，而這只是目前的數據。我們在無線業務方面做得非常出色。我們仍處於拓展這一領域的早期成長階段，但已經取得了顯著的成功。

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.

我們新增了33.3萬條無線線路，創下季度新高。今天上午，我們宣布Xfinity Mobile線路數量已超過500萬條，而這只是個開始。總而言之，我們對有線電視業務的強勁財務表現感到滿意。我們對長期穩定的網路連結需求和自身的競爭優勢充滿信心，並對未來的成長充滿信心。

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.

儘管去年東京奧運帶來了巨大的業績成長，NBC環球依然保持了強勁的成長勢頭，EBITDA成長了25%。我們的主題樂園業務表現尤為突出，在包括北京在內的所有地區的推動下，創下了季度EBITDA歷史新高。北京主題樂園自去年9月盛大開幕以來首次獲利。種種跡象表明，我們在疫情期間的投資正在持續產生回報。

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.

我們在日本推出了超級任天堂世界，在奧蘭多推出了迅猛龍過山車，在好萊塢推出了寵物機密，我們的創新步伐從未停止。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年在日本新增一個任天堂主題園區－大金剛主題園區。我尤其期待2025年夏季開幕的史詩宇宙主題樂園，它將把奧蘭多環球影城打造成一個可以玩上一週的旅遊勝地。

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.

得益於《侏羅紀世界》、《小小兵》、《黑電話》和《不》等片領銜的暑期檔票房大賣，影業也表現出色。我們的領導力正在引領產業變革。我們靈活的窗口期策略提升了影業的整體獲利能力，同時也對Peacock產生了顯著的正面影響，Peacock剛開始受益於我們新的「一次性付費」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.

第三季末，Peacock在美國擁有超過1500萬活躍用戶。除了這1,500萬用戶外，Peacock還有約1,400萬捆綁用戶和免費用戶，每月活躍帳戶總數約3,000萬。 Peacock已成為市場上最具性價比的串流媒體服務，為用戶提供大量優質內容，涵蓋電影、電視娛樂、體育和新聞，並提供英語和西班牙語版本。每月僅需5美元，每小時廣告時間不到5分鐘，性價比極高。

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，用戶可以觀看各大聯賽和賽事的直播，包括NFL（週日晚間橄欖球賽）、MLB、英超聯賽、聖母大學橄欖球賽、2023年起播出的十大聯盟比賽以及WWE；還有眾多頂級賽事，例如超級碗、奧運會、法國網球賽、美國網球公開賽、環法自行車賽、三冠王賽事，以及今年的世界盃。此外，我們還提供其他擁有許多熱情粉絲的運動項目的精彩內容，例如印地賽車、超級越野摩托車賽和田徑比賽。

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.

我們看到隔天播出的節目收視率顯著提升，這些節目終於完全由我們獨家製作。今年剩餘時間以及2023年，我們將推出一系列備受期待的原創節目，均出自知名創作團隊之手，包括《伴郎》、《戴維斯夫人》、《撲克臉》等等。 Peacock雖然上線僅兩年多，但已成為我們業務組合的重要組成部分，也反映了我們對媒體業務的整體營運模式。

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.

換個話題，眾所周知，英國和其他歐洲市場都受到了烏克蘭衝突的不利影響，能源成本上升、利率上升、整體通膨加劇以及匯率波動。本季度，有鑑於此，天空電視台提列了一筆非現金費用，麥克稍後會詳細解釋。

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.

在當前經濟情勢變化給該地區普通消費者帶來壓力的情況下，我們的Sky團隊正努力工作。我們始終專注於客戶留存，並致力於提供最佳的娛樂和網路連線體驗及價值，這促成了我們收購Sky以來最高的季度客戶成長，其中寬頻和無線業務也取得了良好的發展勢頭。

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.

我們密切注意客戶流失情況，並意識到隨著客戶應對當前不穩定和通膨環境，ARPU（每用戶平均收入）未來可能會受到影響。我們正透過多種措施有效應對，並維持成本結構的穩健。過去兩年，我們已對大部分主要體育賽事轉播權進行了調整，並正在多個領域尋求進一步提高效率。

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，從公司整體來看，我們所有人都在關注經濟學家和其他專家對歐洲某些議題可能如何影響美國的看法。雖然我們當然無法免受潛在的宏觀經濟逆風的影響，但我堅信，相對於我們的同行和大多數其他公司而言，康卡斯特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.

我們在規模龐大且利潤豐厚的市場中處於領先地位，穩健的資產負債表和充裕的自由現金流使我們能夠持續投資於策略舉措，同時向股東返還大量資本。我們每年發放近50億美元的股息，截至第三季末，我們已回購了價值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.

我們擁有一家優秀的企業，以及一支卓越的團隊。本月初，我們宣布提拔麥克·卡瓦納 (Mike Cavanagh) 為總裁。在過去的七年中，麥克是一位傑出的領導者、合作夥伴和朋友，我們雙方都致力於繼續創新，發展壯大這家優秀的公司，為我們所有的員工、客戶和賓客創造更美好的未來。

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

所以我很榮幸能把它交給麥克。

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.

謝謝布萊恩。我期待著新的角色。這對我來說是莫大的榮幸，也感謝你和董事會一直以來對我的信任。我很高興能與參加這次電話會議的各位領導者——達娜、戴夫和傑夫，以及我們所有的同事們一起，把握康卡斯特未來發展的巨大機會。

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%.

現在我將從第四張投影片開始，介紹我們2022年第三季的合併財務表現。營收下降1.5%至298億美元，反映了與去年同期相比的下滑。去年同期業績受到東京夏季奧運會以及美元走強導致Sky和國際主題樂園匯率波動的影響。剔除上述兩項因素後，我們的營收年增約7%。調整後的EBITDA成長5.9%至95億美元，以固定匯率計算，成長約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%.

我們創造了34億美元的自由現金流，但每股虧損1.05美元，主要受到Sky減損支出的影響。我們每年第三​​季都會對公司商譽進行測試。英國和其他歐洲市場充滿挑戰的經濟環境導致年度減損分析中使用的折現率大幅上升，並降低了Sky未來現金流的預期。因此，我們提列了與Sky商譽和無形資產相關的86億美元的減損支出。經調整後，每股收益成長10%至0.96美元。以固定匯率計算，經調整後的每股盈餘成長約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.

現在我們來看業務板塊的業績，首先是幻燈片5中的有線通訊業務。有線業務收入成長2.6%，達到165億美元，主要得益於住宅寬頻用戶數和費率的提高，以及商業服務、無線和廣告業務的成長。這些業務的強勁成長被視訊和語音業務收入的下降部分抵消。客戶關係總數較去年同期增加31.5萬，但較第三季較上季減少2.1萬。

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.

深入分析細節，首先來看我們的營收成長驅動因素。寬頻營收成長5.7%，主要得益於平均每用戶收入（ARPU）和用戶群較去年同期成長。寬頻ARPU年增3.7%，與第二季的成長率持平。我們預計，在短期內，ARPU成長仍將是推動住宅寬頻營收成長的主要動力。

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.

無線業務收入成長31%，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成長。過去一年，我們新增了130萬條用戶線路，其中本季新增33.3萬條，創下單季淨增用戶數的最高紀錄，也是連續第四個季淨增用戶數超過30萬條。

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.

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9.4%，約佔5%。這一穩健的內生成長主要得益於ARPU值和客戶群的成長。我們多元化的客戶群，包括中小企業、中型企業和大型企業，均保持了良好的表現。本季的內生成長主要得益於客戶組合向更高資料傳輸速度的轉變、高級服務銷售額的成長、費率上調以及客戶群的擴大。

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.

廣告收入成長7.2%，主要得益於政治廣告和我們的高端廣告業務FreeWheel的成長，但部分被本地核心廣告業務的下滑以及串流媒體業務Xumo的退出所抵消。正如我們先前宣布的，Xumo現已成為我們與Charter合資企業的一部分，相關業績將在「公司及其他」項下報告。

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Xumo的影響，有線電視廣告收入將成長12%。部分抵銷這些收入成長的是影片收入，下降了4.4%，主要原因是用戶淨流失，但年初居民用戶費率上調帶來的6%平均每用戶收入成長部分抵銷了這一降幅。最後，語音收入下降了12.5%，主要反映了用戶較去年同期流失的情況。

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.

再來看費用方面。有線通訊公司第三季費用成長0.5%，主要由於非節目費用增加，但大部分被節目費用下降所抵銷。節目費用下降2.8%，主要由於視訊用戶同比下降，但部分被更高的合約費率所抵消。

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.

非程式支出成長了 2.5%，這主要是由於壞帳增加導致其他支出成長，與去年相比，壞帳增加反映出支出已恢復到較為正常的水平；此外，無線業務的成長以及收購 Masergy 也導致技術和產品支援支出增加。

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.

這些較高的成本部分被廣告、行銷和推廣費用的下降所抵消，部分原因是與去年相比，去年的支出包括部分奧運贊助費用以及較低的業務活動水平。較低的業務活動水平，加上我們持續改善客戶體驗，也促成了客戶服務費用的下降。

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.

本季有線電視業務的 EBITDA 成長 5.4% 至 75 億美元，EBITDA 利潤率年增 120 個基點，達到創紀錄的 45.1%。以客戶關係計算，由於我們專注於在客戶關係的整個生命週期中實現盈利，EBITDA 也成長了 4%。

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.

在加入NBC環球之前，颶風伊恩影響了我們在佛羅裡達州西南部的營運區域，導致我們的有線電視網絡中斷和損壞，目前我們的有線電視團隊仍在進行修復工作。許多客戶的住宅和商業場所都遭受了嚴重損壞或損毀。雖然颶風並未直接影響我們第三季的業績，但我們預期第四季業績將受到影響，包括寬頻用戶的淨流失。

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.

現在我們來看NBC環球的第六張幻燈片，首先是NBC環球的整體業績。營收下降4.3%至96億美元，這反映了與去年同期相比的業績下滑，去年同期包含了東京奧運帶來的18億美元收入，該收入已計入媒體業務板塊。 EBITDA成長24.6%至17億美元。媒體業務營收下降23%至52億美元，同樣反映了與去年東京奧運相關收入的年減。剔除奧運營收後，媒體業務營收成長4.4%，主要得益於Peacock平台營收5.06億美元，較去年同期成長超過一倍。

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.

發行收入成長4.6%，主要得益於Peacock付費用戶數量較去年有所增長，以及旗下各網絡合約費率上漲，但部分被線性電視用戶數量環比加速下滑所抵消。廣告收入成長4.7%，主要得益於Peacock的強勁成長，但部分被線性電視廣告收入的下滑所抵消。

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.

第三季媒體業務EBITDA下降41.5%至5.83億美元，其中包括Peacock平台6.14億美元的EBITDA虧損。我們仍然預期Peacock全年EBITDA虧損約25億美元，第四季的虧損反映了新內容的成本。剔除Peacock後，第三季媒體業務EBITDA下降21%，反映了去年東京奧運帶來的業績基數效應以及線性電視網收入壓力。

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Peacock以外的媒體成長將受到付費電視用戶逐漸減少以及廣告市場惡化的影響，這反映了更廣泛的經濟不確定性以及與Telemundo轉播世界盃相關的更高成本。

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.

轉至影業。營收成長31%至32億美元，主要得益於強勁的院線發行和內容授權收入。院線發行收入較去年翻了一番以上，這主要得益於我們夏季檔影片的成功，包括《侏羅紀世界3：統治》、《小小兵：格魯的崛起》、《黑電話》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，內容授權收入成長17%，主要得益於我們上一季影片的收益、電影窗口期的加速以及電視授權業務的穩健成長。本季EBITDA成長3.58億美元至5.37億美元，主要反映了戲院和內容授權收入的成長，但部分被相應的節目製作成本上升以及第二季產生的電影行銷費用在第三季攤銷所抵銷。

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，主題樂園業務方面，營收成長42%至21億美元，EBITDA成長89%至8.19億美元，創歷史新高。這些業績得益於旗下各樂園的成長。北京環球影城自開業以來首次獲利，而去年第三季則計入了1.3億美元的開幕前成本。

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.

在美國，我們的主題樂園持續保持強勁的需求，遊客人數和消費額均較去年同期成長。事實上，奧蘭多環球影城創下新紀錄，儘管因颶風伊恩關閉了兩天，第三季仍實現了最高的息稅折舊攤銷前利潤（EBITDA）。日本環球影城自3月底解除客流量限制以來，持續復甦，與去年同期相比，當時樂園在更嚴格的疫情管控措施下運作。

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.

現在我們來看關於Sky的第七張幻燈片。正如我之前所說，由於美元走強，我們的報告績效受到了匯率折算的顯著影響，但我將以固定匯率為基礎來分析Sky的績效。第三季度，Sky的營收與去年同期持平，為43億美元，英國市場的個位數低成長基本上被義大利和德國市場收入的下降所抵消。

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.

與去年同期相比，直接面向消費者的收入保持穩定，其中英國市場寬頻和無線業務收入成長推動了低個位數成長，但義大利和德國市場則出現下滑，部分抵銷了這一成長。從客戶數量來看，本季我們新增了32萬個客戶關係，英國、義大利和德國三個地區的客戶數量都有所成長。

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.

這些新增用戶主要來自串流媒體用戶，這得益於獨家內容的上線時間和足球賽季（包括英超聯賽）的提前開賽，以配合第四季度世界盃的舉辦。我們預計第四季不會出現類似規模的新增用戶。

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 的其他收入中，內容收入成長了 6.4%，這主要得益於我們娛樂內容的授權；廣告收入下降了 1.6%，其中義大利的收入下降，而英國和德國的收入相對持平，這反映了宏觀環境的艱難。

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.

再來看息稅折舊攤提前利潤（EBITDA）。天空電視台的EBITDA下降15.5%至7.01億美元，主要反映了體育賽事成本的時間安排，這再次是由於足球賽季提前開始，以及為了配合第四季度世界盃的賽程安排，比賽被推遲到第三季度。雖然這項調整將使第四季的體育賽事成本受益，因為有4週的比賽暫停，但業績也將受到歐洲嚴峻經濟環境的影響。此外，由於賽季延長以及剩餘暫停比賽的進行，2023年上半年的比賽場次增加，我們將面臨更高的運動賽事成本。

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34億美元的自由現金流。由於NBC環球和有線電視業務支出增加，合併總資本增加了24%，但部分被天空電視台的支出減少所抵銷。 NBC環球業務的成長主要得益於主題樂園資本支出的增加，因為我們持續投資於景點建設，並在奧蘭多史詩宇宙樂園的建設方面取得了顯著進展。

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17%，由於時間因素，資本支出強度為12.2%。年初至今，有線電視資本支出強度為10.4%，我們仍預期全年有線電視資本支出強度將維持在11%左右。第三季營運資本為10億美元，反映了內容創作的持續成長以及年度體育賽事版權付款的時間安排。

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下推動長期成長。因此，我們預計將在第四季度提列遣散費和其他與成本削減相關的費用，以期在2023年及以後採取的費用削減措施能夠帶來收益。

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.

最後談談資本配置。上個月，我們將股票回購授權額度從100億美元提高到200億美元，本季我們回購了價值35億美元的股票。此外，第三季共發放12億美元，資本總回報達47億美元。本季末，我們的淨槓桿率為2.3倍，符合我們先前對槓桿率維持在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 with 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。

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.

Brian，鑑於資本成本大幅上升，我很想聽聽你對資本配置的看法，因為投資人非常關注你們在業務中哪些方面進行了重大投資。

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.

鑑於我們目前的情況以及我們未來可能面臨的一些宏觀經濟問題，您如何看待包括併購在內的優先事項？另外，您在準備好的演講稿中提到的一項重大宣布是關於圍繞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?

所以我很想聽聽Dave的意見，你們未來幾年要達成目標需要哪些資金？這會增加資本支出嗎？是否有理由加快資金投入，以幫助企業在市場中更好地脫穎而出？或者，您認為未來幾年升級到DOCSIS 4.0會對企業帶來哪些好處？

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。我先說幾句，然後把話題交給麥克。鑑於他現在的新工作，我希望他能多幫我解決一些資本配置的問題。但我認為，就併購而言，目前的門檻已經達到了前所未有的高度。顯然，資本成本上升了，我們認為我們的股票很有吸引力，所以正如麥克剛才所說，我們增加了股票回購。

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.

我們在本季採取的行動以及董事會授權中都已宣布了這些事項。所以我們對這些機會感到非常滿意，可以好好檢視公司，但我們也真的很喜歡我們現有的公司。麥克，你來談談吧？戴夫可以講講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。那麼，我想先退一步，從我們如何創造資本的角度來思考我們如何運用資本。如果你看一下這個季度，你會發現我們在有線電視業務中實現了創紀錄的45%的利潤率。主題樂園業務和電影製片廠業務的利潤也都創下了歷史新高，這裡僅舉幾個例子。

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.

這些都是我們投入大量精力、努力和資金到業務的結果。所以，當我們談到我們的成功模式時，始終著眼於在現有業務中創造成長機會，以便我們能夠有效利用資金，並在未來憑藉過去的投資獲得如今這樣的成果。

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，目前的首要任務是投資網絡建設。我會讓Dave詳細闡述這一點，但我們已經有了很好的方案，可以在合理的時間範圍內，以合理的成本，透過DOCSIS 4.0實現對稱的多千兆網絡，這在我們之前討論的11%左右的資本支出強度範圍內。我們的主題樂園計畫Epic Universe正在順利推進中。我們也投資了串流平台Peacock，Jeff會詳細介紹。

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.

所以我們很高興能夠首先將資金重新投入到我們的業務中，以期在未來幾年取得優異的業績。這就是你看到的良性循環。所以第一步，就是將資金重新投入業務。

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，保持穩健的資產負債表。我們常被問到這個問題。但我認為，考慮到我們所處的環境，我們很自豪能夠擁有業內最好、最穩健的資產負債表，毋庸置疑。所以，我認為這是第二點。

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?

第三點，我對布萊恩提到的結果非常滿意：今年迄今已回購95億美元股票，全年股息年化支出約50億美元。過去幾年，我們一直被問到：我們是否真的致力於此？當我們回到槓桿目標時，我們是否能夠——我們是否真的致力於向股東返還資本？

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.

我們一直強調，重返巔峰是我們的首要任務，但必須遵循我剛才描述的模式。所以我希望大家都能相信，我們理解這個模式，你們也理解。

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.

展望未來的資本回報，我認為我們將像過去一樣，繼續以槓桿率為指導。我們將把槓桿率維持在2.4倍左右，同時進行我剛才提到的所有工作，這將為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.

至於併購方面，我們很滿意目前的業務。考慮到我們業務中蘊藏的各種機會以及目前的股價，我認為我們會非常專注於這些機會，正如我剛才所說。接下來，我會把DOCSIS 4.0的主題交給Dave。

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，麥克。我們一直以來的策略之一就是持續投資網絡建設。我認為我們的網路是我們的核心優勢之一。我們擁有廣泛的網絡，並為各個用戶群提供完善的寬頻套餐。就像我們剛剛宣布的那樣，我們為2000萬用戶升級了網速，而且我們一直在持續這樣做。

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，我們目前的舉措——這是一份非常好的路線圖——從我們之前討論過的DOCSIS中分割畫面功能開始，並逐步過渡到DOCSIS 4.0。此外，我們也將積極主動地增加傳輸量。因此，我們預計寬頻將實現長期成長，每個細分領域都將迎來真正的機會。

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，在分頻網路方面，我們目前正在推廣，提供多Gbps的下載速度和200至300Mbps的上傳速度，比我們目前的上傳速度快10倍。到今年年底，分頻網路將覆蓋我們20%的網路區域，到2025年底，將覆蓋我們絕大多數的網路區域。

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.

在此基礎上，正如Mike所提到的，DOCSIS 4.0將於2023年下半年上市，提供多千兆對稱傳輸速度。我們絕大部分網路覆蓋區域將於2025年開始升級。所有這些升級的資本支出強度約為11%，並且我們能夠透過虛擬化網路的關鍵部分來實現。這是我們發展路線圖的一部分。

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，我認為我們將制定出最有效、最高效的網路方案。同時，我們也會盡量減少所需的CPE（客戶端設備）更換次數，無論是視訊機上盒還是網關，這樣我們就能專注於有效率地服務每一個用戶群。

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——雖然現在還處於早期階段，但我們確實很喜歡這樣做帶來的客戶體驗提升。這確實是一個高效且有效的路線圖。我們對能夠提供無所不在的服務感到非常滿意。順便說一句，我認為我們客戶流失率接近歷史最低水準的一個重要原因是我們的網路非常穩固。

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。

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?

給麥克一個，給戴夫一個。恭喜麥克升職。關於颶風對第四季寬頻用戶淨流失的影響，能否提供一些關於颶風影響程度的估算或背景資訊？如果我沒理解錯的話，如果沒有颶風的影響，第四季寬頻用戶淨增應該是正數吧？

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，Dave，我想就Ben提出的DOCSIS 4.0問題再補充一點。我很好奇，您如何闡述基於DOCSIS 4.0的網路或節點與基於光纖的網路或節點相比的最終狀態？關於DOCSIS在速度和延遲方面是否能夠完全具有競爭力，尤其是在消費者感知方面，目前存在著許多爭議。此外，在推動這些升級的過程中，相較於您目前的營運情況，我們還應該考慮升級後的設備有哪些其他優勢？

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。我請戴夫來詳細說。他的團隊在西南佛羅裡達地區恢復網路方面做得非常出色。那些都是我們的市場。就像布萊恩之前說的，我們的工廠受災最嚴重。

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.

受影響的房屋數量將達到數萬戶，但我們仍在統計無法恢復供電的住宅數量，我們會在本季度統計完畢後告知您具體數字。您可以回顧以往颶風造成的損失，通常也是數萬戶。

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。我再補充一下麥克剛才關於颶風的發言。真是太棒了。我們的團隊成員在應對這種突發情況時表現得非常出色。這簡直令人難以置信。我認為這充分體現了我們的經營理念。我們的業務非常注重在地化，我們的團隊成員就生活和工作在我們服務的社區。因此，即使在某些情況下，他們自己也需要處理緊急情況，他們也能幾乎立即投入工作。

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工作。這對我們在佛羅裡達州的影響範圍相當大。單從季節性影響來看，這場颶風影響了我們大約一半的季節性業務。所以，正如麥克所提到的，從整體來看，這場颶風對寬頻網路的影響是負面的。

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.

但從業務本身來看，我認為我們和第三季的情況大致相同。這方面的狀況也類似。就光纖和DOCSIS而言——就我們州而言，我認為我們已經擁有DOCSIS的所有優勢，這得益於我們制定的發展路線圖。就客戶體驗而言，就對稱的多千兆速度和我們制定的發展路線圖而言，我真的看不到什麼不同。

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.

順便一提，我們目前在網路中部署了大量光纖。借助這種架構，我們能夠靈活地將光纖接入網絡，直接為多住戶單元 (MDU) 提供服務。因此，DOCSIS 架構賦予了我們極大的靈活性，可以根據需要將光纖鋪設得更深。事實上，我們目前已經提供了相當數量的光纖。

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.

但我們其實沒必要這麼做。正如我之前提到的，Doug，這可以最大限度地減少大量資本支出的變更。而且——我真的很喜歡我們最終實現多千兆對稱寬頻的路線圖。在我看來，這讓我們能夠輕鬆達成目標，並且以一種普適的方式實現，而其他網路供應商卻必須選擇性地覆蓋特定社群。我們用我們現有的所有寬頻等級服務於每個社區。

Our next question comes from Craig Moffett from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 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.

我們來聊聊無線網路吧。有報導稱，你們一直在積極部署架設式小型基地台來分流網路流量。我想請您談談目前為止在流量分流的經驗。目前主要還是在WiFi環境下進行。

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?

但您認為可以分流多少流量？除了CBRS策略之外，是否有可能透過取得一些自己的中頻段頻譜來分流更多流量？您認為這項業務最終的利潤率會是多少？

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.

嗨，克雷格，戴夫。首先，我想談談我們目前在行動領域的發展狀況，以及頻譜方面的情況。我們對行動領域的成長動能非常滿意。顯然，我們剛剛創下了淨新增用戶數的新紀錄。因此，我們很滿意我們輕資產的營運模式。我們對目前的市場地位、我們的競爭優勢以及我們圍繞寬頻業務所做的努力感到滿意。在行動領域，我們可以主動出擊。而且，我們還可以把行動業務與商業服務打包銷售。

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目前已進入行動市場，而且——雖然還處於早期階段——已經取得了巨大的成功。因此，當我們將按流量計費模式與我們全新的無限流量套餐相結合，並與電話公司進行比較時，在某些情況下，我們可以幫助客戶節省高達 50% 的費用。所以，我們目前在行動領域擁有強大的競爭力。

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，我們非常滿意我們目前的狀況，以及我們輕資產的營運模式。我們確實認為，在高流量服務區域提供更優質的5G連線是一個非常好的潛在機會。所以我們一直都善於把握機會。如今，WiFi是我們網路管理的重要組成部分。目前大部分流量都透過WiFi傳輸。因此，我們認為頻譜資源，無論是CBRS或600兆赫茲頻譜，都是一個很好的發展機會。

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.

所以目前沒什麼新消息可說，我們確實在進行測試。之前我們也討論過這個問題。我們正與Charter公司緊密合作，模擬這些高密度交通區域的潛力以及可能節省的費用。但就具體的建模機會而言，目前還沒有什麼新進展，Craig。不過，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.

下一個問題來自高盛的布雷特·費爾德曼。

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?

您在事先準備好的發言稿中提到，目前您預期寬頻ARPU成長將是整體寬頻收入成長的主要驅動力。但您確實遭到了一些投資者的質疑。他們認為，在通膨環境下，市場競爭更加激烈，家庭預算也面臨許多其他壓力。那麼，是什麼讓您有信心維持ARPU的成長呢？您認為成長將主要透過提高費率、追加銷售還是其他方式實現？

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.

問得好。部分原因在於我們的業績。看看我們在競爭非常激烈的環境中所取得的持續表現就知道了。我們長期以來一直面臨著非常激烈的競爭。光纖網路建設過度建設率已經超過40%，而且還有新的競爭對手進入市場。因此，我們能夠——我認為我們業績良好，並且在市場份額和ARPU（每用戶平均收入）方面保持均衡發展的部分原因在於，我們服務於所有細分市場，並且我們針對每個細分市場都進行了細分。

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.

第三季我們的ARPU成長了3.7%，這是一個健康的成長點。我們認為，優化套餐組合是重要的機會。首先，我們會考慮僅提供高速寬頻服務，然後調整套餐組合。此外，我們也會利用行動業務來提升價值，並專注於寬頻ARPU。我們對價格採取非常平衡的策略。我們確實會進行價格調整，但會妥善處理。

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.

我們一直以來都專注於客戶細分——細分既是我們獲客計畫的一部分，也是客戶留存計畫的一部分。我們按細分市場建立客戶留存模型，我認為我們在所有這些方面都做得非常嚴謹。因此，這為我們提供了一個機會，既能提升市場份額，又能平衡每用戶平均收入（ARPU）的成長。

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.

我們在這方面已經耕耘很久了。我們預期競爭會非常激烈。但是，我們也著眼於我們利用移動和其他服務的發展路線圖。因此，我們對目前的情況感到滿意。我們一直以來都對每位使用者平均收入 (ARPU) 和市佔率採取平衡的策略。

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，從長遠來看，我仍然認為寬頻至關重要。它是我們社會中一個非常重要且充滿活力的組成部分，而且它一直在變化，人們想要最好的。而最好的就是體驗。它包括速度、創新和服務，這正是我們真正關注的重點，也是我們一直以來努力的方向。我認為這正是我們今天能夠保持領先的原因，我們也希望繼續保持下去。

Our next question comes from Michael Rollins from Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

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?

就有線電視業務而言，如果觀察視訊收入的成長速度，您認為目前視訊用戶流失的速度會繼續保持嗎？您所經歷的視訊業務損失有多少僅僅是由於客戶消費偏好的改變，而與價格調整措施（旨在抵消更高的節目製作成本）帶來的彈性相比，又有多少是實際損失？

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.

我先來。我是Dave。我預計影片的性質會繼續改變。我們早就預料到了這一點，也一直在關注。我們成功地應對了這些變化，並專注於寬頻、商業服務和行動活動等多個成長驅動因素。但我們也把影片視為一個廣闊的平台機會。所以，沒錯，視訊的動態特性確實為較成熟的視訊服務帶來了壓力，但我們也透過Flex抵消了很大一部分影響。

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.

我們已投資開發智慧電視功能。與Charter的合資企業是一個機會。因此，我們將影片視為一個長期的平台機遇，我們將繼續專注於此。我認為這將平衡兩者。我們之前也遇到過類似的情況，我認為這次不會改變。

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

下一個問題來自美國銀行證券的傑西卡·雷夫·埃利希。

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，一個關於有線電視，一個關於NBC環球。關於有線電視，您剛才提到，大概九年前您推出了康卡斯特科技中心。您能否談談您在將康卡斯特打造成為領先的創新中心方面取得的進展，以及您對康卡斯特定位的看法——我記得您曾將其描述為媒體和技術的獨特交叉領域——隨著時間的推移，這種看法發生了哪些變化或演變？

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?

至於NBC環球，我真不敢相信你們居然還沒收到問題。 Peacock的長期發展願景是什麼？比如說，未來3到4年，甚至5年，你們覺得它會發展成什麼樣子？還有，關於主題樂園，你們能談談預訂情況和曝光度嗎？國際遊客現在開始回歸了嗎？

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，我們接受提問——我是傑夫，我是傑西卡。我本來希望不接受提問，所以你們打破了我的慣例。不過，我們接下來會稍微倒序進行。首先，主題樂園業務方面，第三季創下歷史新高，北京主題樂園也實現了有史以來第一個季度獲利。儘管其他經濟領域存在不確定性，但就我們目前的業績、實際表現以及未來的預訂情況而言，主題樂園業務目前並未受到任何影響。

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.

佛羅裡達州表現非常強勁。好萊塢也表現非常強勁。日本市場在本季末也表現得相當出色。這聽起來有點反常理，但部分原因在於布萊恩在開場白中提到的投資確實取得了成效。因此，主題樂園業務非常強勁，我們目前沒有看到任何疲軟跡象。

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.

至於Peacock，我們的長期願景是讓它成為我們整體媒體業務的平衡力量。我們一直以來都強調，我們在串流媒體領域的策略與Netflix和Disney+等一些高階SVOD平台有所不同。我們將其視為我們業務的一部分，並作為一個整體進行管理。我們作為一個整體來制定節目製作決策，並作為一個整體來銷售廣告。

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.

隨著觀眾從傳統電視轉向Peacock平台，我們希望Peacock能夠發展到一定規模，從而平衡我們業務的運營，以應對消費者和廣告商情緒的變化。我們對本季的業績非常滿意，用戶數量超過1500萬，這與我們建立這項業務的預期目標完全一致。

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，不如你先講創新，我最後再補充？我覺得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。這個設施——雖然不是唯一因素，但它是我們思考長期成長和創新方式的重要組成部分。而且，當你想到那裡的團隊時，你會發現它從文化上改變了公司，我認為，它讓多個團隊聚集在一起，共同開展令人興奮、足以改變行業的專案。

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.

如果你看看視頻，我們——之前的問題，從線性視頻傳輸系統到基於多種設備的廣泛平台，這種創新是由那邊的團隊實現的，他們能夠改變寬頻，整合 WiFi，並為住宅和商業服務提供服務，能夠提供領先的網關設備，我之前提到的從中間分割到 DOCSIS 4.0 的路線圖也是在那裡實現的。

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，團隊也在努力改變客戶體驗，他們非常注重數位化，致力於幫助客戶透過任何裝置完成所有操作。他們著眼於物聯網的發展方向，希望能夠將所有設備和攝影機連接起來。這些團隊正專注於探索這方面的可能性。因此，就我們目前的工作而言，這確實具有顛覆性的意義。

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.

我只想簡單補充一點，疫情過後，走進科技中心，看到大家重返工作崗位，那種活力和熱情真的令人振奮。但我認為我們是一家獨特的媒體和科技公司，我們專注於這個領域。我們認為——競爭格局已經改變了。西岸的科技公司也加入了競爭，而我們一直在尋求擴大規模。

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.

我認為在過去的 12 個月裡，我們在語音遙控器等領域取得了真正的進步。對於擁有該遙控器的用戶來說，無論你是用它來觀看串流媒體服務還是視訊套餐，現在都可以用它來做其他事情，例如查找你的帳戶等等，語音功能已經深深地嵌入到我們 Sky Glass 全球所有產品中。

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.

現在，包括與Sky達成的新Charter協議、先前與Cox以及所有加拿大營運商的合作，實際上都構成了創新路線圖。我認為，展望公司未來，這正是Mike所說的，投資與回報良性循環持續發展的動力所在。

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，我們都非常關注當前的經濟狀況和我們所處的世界，但我們是一家非常獨特的公司。我認為，未來讓公司更獨特的關鍵在於不斷嘗試創新。很高興你問了這個問題。

Our next question comes from Philip Cusick with JPMorgan.

下一個問題來自摩根大通的菲利普‧庫西克。

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.

麥克，再次祝賀你。我們之前有點繞彎子，但布萊恩，我想問你對視頻生態系統的看法，因為我們看到它正呈線性下滑趨勢。 Peacock確實在發展，但Comcast、Charter，還有Cox的用戶現在都能免費使用這項服務了。

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?

那麼，布萊恩，或許你可以談談視訊生態系統的發展方向，以及公司如何調整獲利模式。傑夫，請你提醒我們一下，Peacock 的成功標準是什麼，包括付費訂閱用戶和每月活躍用戶數，以及你們如何平衡整體的媒體商業模式。這樣說可以嗎？

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.

非常公平。我想先由我來，然後讓我的同事們也發言。我們公司目前的管理方式，幾年前我們就說過，這是一種轉變，因為我們預見到改變即將到來。所以我們努力從客戶和消費者的角度來思考問題。

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.

我們已經學到了一些東西——至少我認為我一直試圖從他人的成功經驗中學習，並秉持這種心態。很多消費者不想要大型影片套餐。那又怎樣呢？我們可以與之對抗，也可以試著接受它。

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.

所以，我們在寬頻領域的領先地位，就是我們嘗試擁抱寬頻的第一個例證。早在幾年前，我們就把Netflix上線到X1裝置上了。我認為，在康卡斯特的用戶群中，透過X1觀看Netflix的用戶比其他任何裝置都多。我覺得這種情況現在依然如此。戴夫，你可以就此發表一下看法。

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.

我們的語音遙控器整合了Netflix的所有內容，之後又陸續整合了其他許多平台的內容。我們不妨直接來看看最近與蘋果的合作。我認為我們在消費級裝置上與Apple TV+的整合是目前全球最佳的。在NBC環球的內容方面，這項變革使我們能夠為Netflix、亞馬遜、蘋果以及其他眾多平台製作內容。

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三分之一的股份。所以當我們收購這家公司時，我們所有的內容——大部分內容——都已承諾在Hulu上線。正如我們之前討論過的，這種關係已經發生了變化，現在很多內容都回歸了Peacock。 Peacock上線至今不過幾年，卻取得了巨大的成功，本季業績也十分亮眼。在我看來，我要祝賀NBC環球和Peacock團隊在本季取得的佳績。

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.

由於我們起步時間不同，而且以廣告為中心，面向消費者，成本較低，所以我們制定了不同的模式。因此，我們再次從消費者的角度出發思考：我們如何融入市場？我們如何以獲利且長期創造價值的方式做到這一點？所以，您在本季看到的業績，我的意思是，如果您回顧去年，您會發現去年是康卡斯特成立60年來EBITDA和EPS最高的一年。而且我們今年的業績有望超過去年。

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.

所以我認為我們擁有一個不錯的模式，但這一切都始於從客戶的角度思考。隨著視訊領域的轉變，我們現在實際上已經做到了相對中立。消費者喜歡什麼，我們就想提供什麼。如果他們現在使用我們的行動產品，他們就能獲得更高的價值。如果他們使用Peacock，即使他們的觀看方式發生了改變，他們也能與NBC保持更緊密的聯繫。所以我認為，我們在這個瞬息萬變的世界中採取了一個非常獨特的主動出擊策略，這種策略持續為公司帶來豐厚的回報。

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。布萊恩，菲爾，讓我插一句，回答你們關於Peacock的問題。如果我們從宏觀角度審視NBC環球的業務，就會發現我們的核心業務是內容製作。單就本季而言，這是電影史上最成功、最獲利的季度，我們認為目前我們的電影業務無人能及。我們的電視業務也實現了顯著成長。正如布萊恩所說，除了我們自己，我們也向其他公司銷售內容。

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，體育部門也表現出色。所以，如果你想——如果你擁有一個優秀的內容業務，最大化收益的方法就是擁有能夠讓你靈活地將內容發佈到自有平台並進行遷移的平台，從而最大限度地提高內容的成功率。多年來，我們一直都擁有這樣的平台。那麼，當你審視Peacock時，成功的定義是什麼？實際上包含兩點。

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.

一方面，我們可以利用我剛才提到的生態系統，為自己的平台增添一項功能，從而更靈活地最大化內容回報。這體現在兩個方面：一是讓影集或電影更有可能成為熱門，二是讓內容能靈活地在不同的平台上播放，從而獲得更高的收益。我們希望將Peacock打造成為一個規模龐大、相對獨立的平台，無論內容是在傳統電視上播放還是在Peacock上播放，都能獲得最佳的回報。我們認為我們正朝著這個目標穩步前進。

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.

第二種方法就是看待任何投資的傳統方式，那就是我們對Peacock投入了大量資金，我們認為它終將達到獲利水平，從而產生投資回報，為股東創造價值。本季業績讓我們更加確信，我們正朝著這個方向前進。所以，這其實就是兩種衡量標準。

Our next question comes from John Hodulik from UBS.

我們的下一個問題來自瑞銀集團的約翰‧霍杜利克。

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.

這或許是戴夫在有線電視領域的最後一篇報導了。企業市場無疑已成為該領域收入成長的主要驅動力之一，而且聽起來你們在小型、中型和大型企業市場都取得了不俗的成績。

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，能否就這些市場的滲透率做一些評論，讓我們了解你們還有多少發展空間？還有，能否就該業務板塊的盈利能力與有線電視業務的其他部分相比，進行一些評論？

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，你看，正如布萊恩所提到的，我們公司的核心成長動力之一是商業服務。很高興你問到這個問題，因為團隊在這方面做得非常好。從商業服務的表現來看，我們超越了所有競爭對手和同業。這確實是我們團隊長期穩定且非常亮眼的表現。比爾·斯滕珀和他的團隊真的做得非常棒。

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，並且擁有巨大的成長潛力。因此，利潤率很高。但看看我們覆蓋的潛在市場，我們服務的市佔率還不到500億美元潛在市場的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，具體來說，對於中小企業用戶，我們——除了市場份額，我們非常重視這一點，但我們也非常重視與之前在住宅領域討論過的ARPU（每用戶平均收入）相對應的指標。我們同時關注市場份額和收入，並利用WiFi、小型企業客戶的增強型WiFi、無線倒車攝影機、安防以及現在的行動業務。因此，我們擁有強大的產品組合來與電信公司競爭，而這種策略行之有效。所以，我們採取的是非常平衡的成長策略。

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.

在中端市場和大型企業中，這是一個重要的長期成長機會。在這些市場中，更複雜的應用，例如 SD-WAN、增強型安全性和 UCaaS（高級統一訊息服務），都至關重要。 Masergy 的加入非常棒，它不僅為我們帶來了國際規模，還能在某些應用方面提供幫助。具體細節就不多說了，但它確實是我們業務中非常重要的一部分，而且他們做得非常好。

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

謝謝你，約翰。也感謝各位今天早上收看我們的節目。

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。會議錄音將於美國東部時間今天上午 11:30 起在康卡斯特投資者關係網站上提供。感謝各位的參與。各位可以斷開連接了。