康卡斯特 (CMCSA) 2022 Q4 法說會逐字稿

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

女士們先生們，早上好，歡迎來到康卡斯特的第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意，此電話會議正在錄製中。

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

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，Ryvicker 女士。

Thank you, operator, and welcome, everyone. On this morning's call are Brian Roberts, Mike Cavanagh and Jason Armstrong, who are also joined by 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，歡迎大家。參加今天上午電話會議的有布賴恩·羅伯茨、邁克·卡瓦納和傑森·阿姆斯特朗，戴夫·沃森、傑夫·謝爾和達納·斯特朗也參加了會議。 Brian 和 Mike 將發表正式講話，而 Dave、Jeff 和 Dana 也將參與問答環節。

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

現在讓我向您介紹幻燈片 2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包含受某些風險和不確定因素影響的前瞻性陳述。此外，在本次電話會議中，我們將參考某些非 GAAP 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。布萊恩？

Thanks, Marci, and good morning, everyone. I'm really proud of how our team executed throughout 2022. We achieved the highest levels of revenue, adjusted EBITDA and adjusted EPS in our company's history. And we returned a record $17.7 billion of capital to shareholders through both our recurring dividend, which we just increased for the 15th consecutive year, and robust share repurchase activity. We did all this while accelerating investment in key growth initiatives, which are showing great progress, particularly our broadband network as we transition to 10G but also in Xfinity Mobile, Peacock and our theme parks.

謝謝，Marci，大家早上好。我為我們團隊在整個 2022 年的表現感到非常自豪。我們實現了公司歷史上最高水平的收入、調整後 EBITDA 和調整後每股收益。我們通過剛剛連續第 15 年增加的經常性股息和強勁的股票回購活動，向股東返還了創紀錄的 177 億美元資本。我們在做這一切的同時加快了對關鍵增長計劃的投資，這些計劃顯示出巨大的進步，特別是我們向 10G 過渡時的寬帶網絡，還有 Xfinity Mobile、Peacock 和我們的主題公園。

I attribute all this success to the incredible talent across our organization who work collaboratively to ensure we are constantly evolving and innovating so that our customers have the absolute best experience with us at every point of interaction. What also sets us apart is our very strong balance sheet, which, when combined with the cost actions we have taken this past quarter, position us to perform well no matter what the macro environment might bring.

我將所有這些成功歸功於我們組織中令人難以置信的人才，他們協同工作以確保我們不斷發展和創新，以便我們的客戶在與我們的每一個互動點上都能獲得絕對最佳的體驗。讓我們與眾不同的是我們非常強大的資產負債表，再加上我們在上個季度採取的成本行動，無論宏觀環境如何，我們都能表現良好。

I want to start with Cable, where our financial performance both for the year and the fourth quarter confirm that we are striking the right balance between rate and volume in residential broadband, and we plan to continue to do so in 2023, that Xfinity Mobile and Comcast business remain strong growth drivers and that we have successfully identified the appropriate mix between cutting costs to drive efficiencies and investing for our future. We have always maintained an intense focus on providing the absolute best products and experiences, which comes down to having the highest capacity, most reliable and most efficient broadband network.

我想從有線電視開始，我們今年和第四季度的財務業績證實我們在住宅寬帶的費率和數量之間取得了適當的平衡，我們計劃在 2023 年繼續這樣做，Xfinity Mobile 和康卡斯特業務仍然是強勁的增長動力，我們已經成功地確定了削減成本以提高效率和為我們的未來投資之間的適當組合。我們始終專注於提供絕對最佳的產品和體驗，歸結為擁有最高容量、最可靠和最高效的寬帶網絡。

Our evolution to 10G and the unique way we are pursuing this through DOCSIS 4.0 is a huge benefit for our customers across the entire footprint that they will all have access to an entire ecosystem built around multi-gigabit symmetrical speeds, some as early as this year. It's also great for the company and our investors as our transition to a virtual software-based network infused with the marvelous AI capabilities will not only provide tangible benefits when it comes to operating and capital expenses, but it will enable us to innovate faster than ever before, solidifying our leadership position in broadband, which is extremely important given what is certain to be continued increases in demand for both speed and usage.

我們向 10G 的發展以及我們通過 DOCSIS 4.0 追求這一目標的獨特方式對我們整個足蹟的客戶來說是一個巨大的好處，他們都將能夠訪問圍繞數千兆位對稱速度構建的整個生態系統，有些早在今年.這對公司和我們的投資者也有好處，因為我們過渡到基於軟件的虛擬網絡並註入了出色的 AI 功能，這不僅會在運營和資本支出方面帶來實實在在的好處，而且將使我們能夠比以往更快地進行創新之前，鞏固我們在寬帶領域的領導地位，鑑於對速度和使用的需求肯定會持續增長，這一點非常重要。

In fact, we continue to see signs of this today. Our residential broadband-only customers are now consuming nearly 700 gigabytes of data every month, and customers on our Gigabit Plus products now comprise roughly 1/3 of our broadband subscribers.

事實上，我們今天繼續看到這種跡象。我們僅使用住宅寬帶的客戶現在每個月消耗近 700 GB 的數據，而我們的 Gigabit Plus 產品的客戶現在約占我們寬帶用戶的 1/3。

In addition to creating more value from our current customer base and further penetrating the total homes and businesses that we pass today, another great opportunity is for us to extend our networks to homes and businesses in the U.S. that do not have the ability to receive our services. To that end, we increased our passings by 1.4% or 840,000 in 2022, and we expect to accelerate in 2023, where we are aiming to add around 1 million while still maintaining the same CapEx intensity level we achieved in 2022, reaching nearly 62.5 million by the end of the year. We are taking a disciplined approach, and we'll only pursue those areas that have a return profile similar to what we have been able to historically achieve.

除了從我們當前的客戶群中創造更多價值並進一步滲透到我們今天經過的所有家庭和企業之外，另一個很好的機會是我們將我們的網絡擴展到美國的家庭和企業，這些家庭和企業無法接收我們的服務服務。為此，我們在 2022 年增加了 1.4% 或 840,000 人次，我們預計 2023 年會加速，我們的目標是增加約 100 萬人次，同時仍保持與 2022 年相同的資本支出強度水平，達到近 6250 萬人次到今年年底。我們正在採取一種有紀律的方法，我們只會追求那些回報率與我們過去能夠實現的目標相似的領域。

Wireless is playing an integral part of our overall strategy at Cable, and it's an area where we continue to shine. This past quarter was another record in net line additions, bringing us to over 5 million total lines in just 5 years. With only 9% penetration of our current base of residential broadband customers, we have plenty of runway ahead. And we're just getting started in offering wireless to our commercial segment, which is another great example of how we are selling more products into our existing base of business customers. When you combine our broadband network, WiFi overlay and MVNO with Verizon, we are in the best position to win in convergence. We have a leg up on our competitors with a capital-light strategy that does not involve customer or network trade-offs.

無線在我們有線的整體戰略中扮演著不可或缺的角色，這是我們繼續大放異彩的領域。上個季度的淨線路增加量再創新高，使我們在短短 5 年內總線路數超過 500 萬條。我們目前的住宅寬帶客戶群只有 9% 的滲透率，我們還有很多跑道。我們剛剛開始向我們的商業部門提供無線服務，這是我們如何向現有的商業客戶群銷售更多產品的另一個很好的例子。當您將我們的寬帶網絡、WiFi 覆蓋和 MVNO 與 Verizon 結合時，我們最有可能在融合中取勝。我們採用不涉及客戶或網絡權衡的輕資本戰略，比我們的競爭對手更有優勢。

At NBCUniversal, we are seeing some great momentum in Peacock and parks. And across all of NBCUniversal, our intellectual property is really resonating. We had the #2 studio in terms of worldwide box office in 2022, fueled by a strong slate, including Jurassic, Minions, Nope, Ticket to Paradise, Puss in Boots, Black Phone, Halloween, which have also had great carryover success to Peacock through our Pay-One window and select day-and-date releases. And our box office momentum continued into the first quarter with M3GAN. So all in all, a really strong film slate.

在 NBCUniversal，我們看到 Peacock 和公園的巨大發展勢頭。在整個 NBCUniversal，我們的知識產權確實引起了共鳴。在包括《侏羅紀》、《小黃人》、《不》、《天堂的門票》、《穿靴子的貓》、《黑色手機》、《萬聖節》在內的強勢片單的推動下，我們在 2022 年的全球票房排名第二，這些影片也取得了巨大的成功，並成功地移植到了孔雀通過我們的 Pay-One 窗口並選擇當日發布。憑藉 M3GAN，我們的票房勢頭一直持續到第一季度。總而言之，這是一部非常強大的電影。

Peacock ended the year with over 20 million paying subscribers, more than double where we started. And we added over 5 million paid subscribers in the fourth quarter alone. Our success was broad-based, fueled by some of the films I just mentioned but also sporting events like the World Cup, NFL, Premier League, several new originals and our exclusive next-day broadcast of NBC and Bravo. Looking ahead and based on our experience to date, we expect our subscriber cadence will follow our content launches, which fall more heavily in the second half of '23. And we continue to see positive trends in engagement, churn and ARPU.

Peacock 在這一年結束時擁有超過 2000 萬付費用戶，是我們開始時的兩倍多。僅在第四季度，我們就增加了超過 500 萬付費用戶。我們的成功是廣泛的，得益於我剛才提到的一些電影，還有世界杯、美國國家橄欖球聯盟、英超聯賽等體育賽事、幾部新原創作品以及我們在次日獨家播出的 NBC 和 Bravo。展望未來，根據我們迄今為止的經驗，我們預計我們的訂閱者節奏將跟隨我們的內容髮布，內容髮佈在 23 年下半年下降得更多。我們繼續看到參與度、流失率和 ARPU 方面的積極趨勢。

Mark Woodbury had a fabulous first year as our CEO of the parks business, and we hit a number of new records this past quarter. It was the highest fourth quarter EBITDA for the entire segment led by Orlando and Hollywood, and Japan had the best EBITDA performance since 2019. This was driven by attendance that far surpassed pre-pandemic levels at all 3 parks. And while attendance at our park in Beijing was significantly impacted by COVID in 2022, we are seeing some exciting demand to start the year.

馬克伍德伯里 (Mark Woodbury) 在擔任公園業務首席執行官的第一年表現出色，我們在上個季度創下了多項新紀錄。這是以奧蘭多和好萊塢為首的整個細分市場第四季度最高的 EBITDA，而日本的 EBITDA 表現是自 2019 年以來最好的。這是由於所有 3 個公園的遊客人數都遠遠超過了大流行前的水平。雖然 2022 年我們北京公園的遊客量受到 COVID 的顯著影響，但我們在年初看到了一些令人興奮的需求。

Given the excellent returns we have generated to date, we continue to seek ways to expand our parks. I'm really excited about our 2 recently announced extensions: the first Universal Park designed specifically for younger audiences near Dallas and the first year-round horror entertainment experience in Las Vegas. These are new innovative ways to utilize our substantial IP, including from DreamWorks and Illumination, while also extending our brand, both of which should help fuel growth in all of our parks.

鑑於我們迄今取得的豐厚回報，我們將繼續尋找擴建公園的方法。我對我們最近宣布的 2 個擴展感到非常興奮：第一個專為達拉斯附近的年輕觀眾設計的環球公園和拉斯維加斯的第一個全年恐怖娛樂體驗。這些都是利用我們豐富的知識產權（包括來自夢工廠和照明公司的知識產權）的創新方式，同時也擴展了我們的品牌，這兩者都將有助於推動我們所有公園的增長。

In our linear video business, we are managing subscriber declines by taking a disciplined approach to our cost base. We are continuing to invest in our global technology platform, and you will see a number of announcements from us in the weeks and months ahead. For example, in 2023, we will launch one global user interface for Sky Glass, Xfinity, X1, Flex, Xumo and our U.S. and international partners. Every entertainment customer around the world will get the same Emmy Award-winning voice controlled experience. This scale not only brings us operational efficiencies, but it also puts us in the enviable position when it comes to conversations with distributors, OEMs, programmers, app developers and talent.

在我們的線性視頻業務中，我們通過對成本基礎採取嚴格的方法來管理訂戶下降。我們將繼續投資於我們的全球技術平台，您將在未來數周和數月內看到我們發布的一系列公告。例如，在 2023 年，我們將為 Sky Glass、Xfinity、X1、Flex、Xumo 以及我們的美國和國際合作夥伴推出一個全球用戶界面。世界各地的每一位娛樂客戶都將獲得同樣獲得艾美獎的語音控制體驗。這種規模不僅為我們帶來了運營效率，而且在與分銷商、原始設備製造商、程序員、應用程序開發人員和人才的對話中，也讓我們處於令人羨慕的位置。

At Sky, we are managing through the macroeconomic challenges in Europe while staying intensely focused on retention and continuing to provide our customers with the best entertainment and connectivity experiences. We're seeing some encouraging results. In the U.K., Sky Glass had the top-selling UHD TV model. Sky Mobile is the fastest-growing mobile provider, surpassing 3 million lines, and we are narrowing the gap between us and the current #1 broadband provider with Sky Broadband now sitting at over 6.5 million subscribers.

在 Sky，我們正在應對歐洲的宏觀經濟挑戰，同時密切關注留存率，並繼續為我們的客戶提供最佳的娛樂和連接體驗。我們看到了一些令人鼓舞的結果。在英國，Sky Glass 擁有最暢銷的超高清電視型號。 Sky Mobile 是增長最快的移動提供商，超過 300 萬條線路，我們正在縮小我們與目前排名第一的寬帶提供商之間的差距，Sky Broadband 現在擁有超過 650 萬用戶。

Wrapping up, our consistently strong financial performance, healthy balance sheet and record high return of capital to shareholders underscore how the scale, capabilities and talent across our company enable us to successfully execute our long-term growth strategy. I'm convinced we are on the right path and that we have the right team to capture our many opportunities and overcome whatever challenges happen along the way.

總而言之，我們持續強勁的財務業績、健康的資產負債表和創紀錄的高股東資本回報率突顯了我們公司的規模、能力和人才如何使我們能夠成功執行我們的長期增長戰略。我相信我們走在正確的道路上，我們擁有合適的團隊來抓住我們的許多機會並克服沿途發生的任何挑戰。

So before handing over the call, I want to congratulate Jason Armstrong, recently promoted to Chief Financial Officer, succeeding Mike Cavanagh. I cannot be more confident in the leadership team's ability to continue to drive us forward and create more value for our shareholders. Mike, over to you.

因此，在接電話之前，我要祝賀 Jason Armstrong，他最近晉升為首席財務官，接替 Mike Cavanagh。我對領導團隊繼續推動我們前進並為股東創造更多價值的能力充滿信心。邁克，交給你了。

Thanks, Brian, and good morning, everyone. First, I'd like to just say that it's been a pleasure serving as CFO of Comcast for the last 7-plus years. And I couldn't be prouder to have Jason be my successor, knowing that with Jason, the financial leadership of our company is in proven and expert hands. Since Jason didn't take over as CFO until early in the new year, I will handle the CFO portion of this call and hand it over to Jason for the first quarter call in April.

謝謝，布萊恩，大家早上好。首先，我想說的是，在過去 7 年多的時間裡，我很高興擔任康卡斯特的首席財務官。我為 Jason 成為我的繼任者感到無比自豪，因為我知道有了 Jason，我們公司的財務領導層將掌握在久經考驗的專家手中。由於 Jason 直到新年伊始才接任首席財務官一職，我將處理本次電話會議的 CFO 部分，並將其移交給 Jason 進行四月份的第一季度電話會議。

So now I'll begin on Slides 4 and 5 to discuss our consolidated 2022 financial results. Revenue increased just under 1% to $30.6 billion for the fourth quarter and 4.3% to $121.4 billion for the full year. Adjusted EBITDA decreased 4.9% to $8 billion for the fourth quarter and increased 5% to $36.5 billion for the full year. The quarterly results include severance expenses booked in each of our businesses totaling $638 million, which is $541 million higher than the prior year period. Excluding this increase, adjusted EBITDA increased 1.5% in the fourth quarter and 6.6% for the full year.

所以現在我將從幻燈片 4 和 5 開始討論我們 2022 年的綜合財務業績。第四季度收入增長略低於 1% 至 306 億美元，全年收入增長 4.3% 至 1214 億美元。調整後的 EBITDA 第四季度下降 4.9% 至 80 億美元，全年增長 5% 至 365 億美元。季度業績包括我們每項業務的遣散費總計 6.38 億美元，比上年同期增加 5.41 億美元。排除這一增長，第四季度調整後的 EBITDA 增長 1.5%，全年增長 6.6%。

Adjusted EPS increased 6.5% to $0.82 a share for the fourth quarter and 13% to $3.64 for the full year. And we generated $1.3 billion of free cash flow for the fourth quarter and $12.6 billion for the full year while absorbing increased investments in Peacock and Theme Parks as well as higher working capital as content creation normalizes post COVID.

調整後每股收益第四季度增長 6.5% 至每股 0.82 美元，全年增長 13% 至 3.64 美元。我們在第四季度產生了 13 億美元的自由現金流，全年產生了 126 億美元的自由現金流，同時吸收了對孔雀和主題公園的更多投資，以及隨著 COVID 後內容創作正常化而增加的營運資金。

Now let's turn to our business segment results, starting with Cable Communications on Slide 6. Cable revenue increased 1.4% to $16.6 billion. EBITDA increased 1.5% to $7.2 billion, and Cable EBITDA margins improved 10 basis points year-over-year to 43.5%. These results include $345 million of severance expense, which is $305 million higher compared to last year's fourth quarter. Excluding severance, Cable EBITDA increased 5.8%, and Cable EBITDA margin improved by 190 basis points to a record high of 45.3%.

現在讓我們來看看我們的業務部門業績，從幻燈片 6 上的有線通信開始。有線收入增長 1.4% 至 166 億美元。 EBITDA 增長 1.5% 至 72 億美元，電纜 EBITDA 利潤率同比增長 10 個基點至 43.5%。這些業績包括 3.45 億美元的遣散費，與去年第四季度相比增加了 3.05 億美元。不計遣散費，Cable EBITDA 增長 5.8%，Cable EBITDA 利潤率提高 190 個基點，達到 45.3% 的歷史新高。

These strong results also included the impact of Hurricane Ian in Southwest Florida, which resulted in the loss or severe damage to many homes we serve in this market. Excluding the hurricane impacts, we would have added approximately 4,000 broadband customers versus the 26,000 loss we reported. And we estimate that we would have lost approximately 36,000 customer relationships versus the 71,000 we reported. Overall, our broadband customer results in the fourth quarter were fairly consistent with the prior 2 quarters, reflecting lower levels of new customer connections, offset by churn, which remained well below 2019 levels.

這些強勁的業績還包括颶風伊恩對佛羅里達州西南部的影響，這導致我們在這個市場上服務的許多房屋損失或嚴重受損。排除颶風影響，我們將增加大約 4,000 名寬帶客戶，而我們報告的損失為 26,000 名。我們估計我們將失去大約 36,000 個客戶關係，而我們報告的是 71,000 個。總體而言，我們第四季度的寬帶客戶業績與前兩個季度相當一致，反映出新客戶連接水平較低，但被流失所抵消，流失率仍遠低於 2019 年的水平。

Now let's discuss Cable financials in more detail. Cable revenue growth of 1.4% was driven by higher broadband, wireless, business services and advertising revenue, partially offset by lower video and voice revenue. Broadband revenue increased 5.4% driven by growth in ARPU and in our customer base when compared to last year. Broadband ARPU increased 3.8% year-over-year when adjusting for some COVID-related customer credits last year. This organic ARPU growth is similar to the growth we've generated over the last couple of quarters and is consistent with our strategy.

現在讓我們更詳細地討論 Cable 的財務狀況。有線收入增長 1.4%，這是由更高的寬帶、無線、商業服務和廣告收入推動的，部分被較低的視頻和語音收入所抵消。與去年相比，寬帶收入在 ARPU 和我們的客戶群增長的推動下增長了 5.4%。去年，在對一些與 COVID 相關的客戶信用進行調整後，寬帶 ARPU 同比增長 3.8%。這種有機 ARPU 增長類似於我們在過去幾個季度產生的增長，並且與我們的戰略一致。

We are focused on optimizing our customer relationships by consistently adding more capabilities, services and value so as to provide the best broadband experience, which has and should continue to deliver broadband ARPU growth. The elements of growth this quarter include increased rate, attaching more customers to higher tiers as well as other services. We expect ARPU growth will continue to be the primary driver of our residential broadband revenue growth in 2023.

我們專注於通過不斷增加更多功能、服務和價值來優化我們的客戶關係，以提供最佳的寬帶體驗，這已經並將繼續推動寬帶 ARPU 的增長。本季度的增長要素包括利率提高、將更多客戶附加到更高級別以及其他服務。我們預計 ARPU 增長將繼續成為我們 2023 年住宅寬帶收入增長的主要驅動力。

Wireless revenue increased 25% mainly driven by service revenue, which was fueled by growth in customer lines. We added 1.3 million lines in 2022, including 365,000 lines in the fourth quarter, which is our highest number of net additions for any quarter on record.

無線收入增長了 25%，主要受服務收入的推動，而服務收入是由客戶線的增長推動的。我們在 2022 年增加了 130 萬行，其中第四季度增加了 365,000 行，這是我們有記錄以來任何季度的最高淨增加數。

Business services revenue increased 4.6%, which includes the results of Masergy in both this quarter and in the prior year period as we lapped the closing of this acquisition at the beginning of the quarter. Revenue growth was primarily driven by rate, including customers taking faster data speeds, higher attach rates of our advanced products and rate increases on some of our services.

商業服務收入增長 4.6%，其中包括 Masergy 在本季度和去年同期的業績，因為我們在本季度初完成了此次收購。收入增長主要是由速率推動的，包括客戶採用更快的數據速度、我們先進產品的更高附加速率以及我們某些服務的速率增加。

Advertising revenue increased 9.1%, driven by strong political revenue, partially offset by the absence of advertising revenue that is now part of Xumo, our joint venture with Charter. Adjusting for those items, Cable advertising revenue decreased 1.6%, reflecting a decline in our local core advertising business, partially offset by solid growth at our advanced advertising business.

廣告收入增長 9.1%，受強勁的政治收入推動，部分被廣告收入的缺失所抵消，後者現在是我們與 Charter 的合資企業 Xumo 的一部分。調整這些項目後，有線廣告收入下降 1.6%，反映出我們本地核心廣告業務的下滑，部分被我們先進廣告業務的穩健增長所抵消。

Video revenue declined 5.6%, driven by year-over-year customer net losses, partially offset by ARPU growth of 5.8% due to a residential rate increase we implemented at the beginning of 2022. And last, voice revenue declined 13%, primarily reflecting year-over-year customer losses.

視頻收入下降 5.6%，受客戶同比淨虧損的推動，部分被 ARPU 增長 5.8% 所抵消，原因是我們在 2022 年初實施了住宅費率上調。最後，語音收入下降了 13%，主要反映同比客戶流失。

Turning to expenses. Cable Communications fourth quarter expenses increased 1.4%, reflecting higher nonprogramming expenses, which included the $305 million in higher severance costs, partially offset by lower programming expenses. Programming expenses decreased 5.9%, reflecting the year-over-year decline in video customers, partially offset by higher contractual rates. Nonprogramming expenses, which again include $305 million in higher severance costs, increased 5.6%. Excluding severance, these expenses were flat compared to last year, reflecting an increase in bad debt as we returned to more normalized pre-pandemic levels and increased technical and product support expenses driven by growth in our wireless business. These were offset by a decline in marketing and promotion and customer service expenses due to lower activity levels, efficiencies in running the business and improvements we continue to make in our customer experience.

談到開支。 Cable Communications 第四季度支出增長 1.4%，反映出較高的非節目支出，其中包括 3.05 億美元的較高遣散費，部分被較低的節目支出所抵消。節目費用下降 5.9%，反映了視頻客戶的同比下降，部分被較高的合同費率所抵消。非編程費用增加了 5.6%，其中再次包括 3.05 億美元的較高遣散費。不包括遣散費，這些費用與去年持平，反映出隨著我們恢復到更正常的大流行前水平以及無線業務增長推動的技術和產品支持費用增加，壞賬增加。由於活動水平降低、業務運營效率提高以及我們繼續改善客戶體驗，營銷和促銷以及客戶服務費用的下降抵消了這些影響。

Our focus on growing our high-margin connectivity businesses, coupled with our focus on increasing operating efficiency and cost controls, drove strong EBITDA growth and margin expansion in 2022. Excluding the higher severance expense, we grew full year EBITDA by 5.7% and increased EBITDA margins by 110 basis points to 44.8%. We believe that our disciplined approach to running the business, including the benefits from our cost reduction efforts this quarter, position us to drive higher profitability and further expand margins both in 2023 and thereafter.

我們專注於發展我們的高利潤連接業務，加上我們專注於提高運營效率和成本控制，推動了 2022 年 EBITDA 的強勁增長和利潤率擴張。排除較高的遣散費，我們全年 EBITDA 增長了 5.7%，EBITDA 增長利潤率上升 110 個基點至 44.8%。我們相信，我們嚴格的業務運營方式，包括本季度我們削減成本的努力所帶來的好處，將使我們能夠在 2023 年及之後推動更高的盈利能力並進一步擴大利潤率。

Now let's turn to Slide 7 for NBCUniversal. Starting with total NBCUniversal results, fourth quarter revenue increased 5.9% to $9.9 billion, and EBITDA decreased 36% to $817 million, including $182 million of severance expense in the quarter. Excluding severance, EBITDA decreased 22%. Media revenue increased 2.6% to $6 billion, mainly driven by Peacock, which nearly doubled its revenue to $660 million and Telemundo's broadcast of the World Cup.

現在讓我們轉到 NBCUniversal 的幻燈片 7。從 NBCUniversal 的總業績開始，第四季度收入增長 5.9% 至 99 億美元，EBITDA 下降 36% 至 8.17 億美元，其中包括本季度 1.82 億美元的遣散費。不包括遣散費，EBITDA 下降了 22%。媒體收入增長 2.6% 至 60 億美元，主要受 Peacock 和 Telemundo 轉播世界杯的推動，Peacock 的收入幾乎翻了一番，達到 6.6 億美元。

Advertising revenue increased 4%, reflecting an incremental $263 million from the World Cup as well as strong growth at Peacock and a healthy contribution of political advertising, partially offset by a decline in linear advertising. If we exclude the World Cup, advertising revenue declined 5.6%, reflecting softening in the overall advertising market.

廣告收入增長 4%，反映了世界杯帶來的 2.63 億美元增量以及 Peacock 的強勁增長和政治廣告的健康貢獻，部分被線性廣告的下降所抵消。如果我們排除世界杯，廣告收入下降了 5.6%，反映了整體廣告市場的疲軟。

Distribution revenue increased 3.8%, reflecting growth at Peacock driven by increases in paid subscribers, which more than doubled compared to last year as well as higher contractual rates at our networks, partially offset by linear subscriber declines.

分銷收入增長 3.8%，反映了 Peacock 的增長是由付費用戶增加推動的，付費用戶比去年增加了一倍多，而且我們網絡的合同費率更高，部分被線性用戶下降所抵消。

Media EBITDA was $132 million in the fourth quarter including a $978 million EBITDA loss at Peacock, reflecting the cost of new content such as our exclusive next-day broadcast and Bravo content, our robust lineup of Pay-One titles, day-and-date releases like Halloween Ends, NFL, Premier League and the World Cup. Peacock's full year EBITDA loss of $2.5 billion was in line with the outlook we provided a year ago. And for 2023, we expect Peacock losses to be up modestly to around $3 billion.

Media 第四季度的 EBITDA 為 1.32 億美元，其中包括 Peacock 的 9.78 億美元 EBITDA 虧損，這反映了新內容的成本，例如我們的獨家次日廣播和 Bravo 內容、我們強大的付費節目陣容、日間和日期萬聖節結束、美國國家橄欖球聯盟、英超聯賽和世界杯等賽事。 Peacock 全年 25 億美元的 EBITDA 虧損與我們一年前提供的展望一致。到 2023 年，我們預計 Peacock 的虧損將小幅上升至 30 億美元左右。

As we've said previously, we believe 2023 will be peak losses for Peacock and, from there, steadily improve. Excluding Peacock, Media EBITDA in the fourth quarter decreased 13%, reflecting the lower revenue and fairly flat expenses despite the higher costs associated with broadcasting the World Cup. Looking to the first quarter, while we remain focused on managing costs, we expect underlying Media EBITDA, excluding Peacock, to continue to be impacted by the top line pressures at our linear networks.

正如我們之前所說，我們認為 2023 年將是 Peacock 的虧損高峰期，並從那時起穩步改善。不包括 Peacock，Media 第四季度的 EBITDA 下降了 13%，反映出儘管與轉播世界杯相關的成本較高，但收入較低且支出相當平穩。展望第一季度，雖然我們仍然專注於管理成本，但我們預計基礎媒體 EBITDA（不包括 Peacock）將繼續受到線性網絡收入壓力的影響。

Moving to Studios. Revenue increased 13% to $2.7 billion driven by growth in content licensing and theatrical revenue. Content licensing was up 16% driven by the benefit of our carryover titles and the acceleration in film windows as well as healthy growth in television licensing. Theatrical revenue increased 47% due to the success of recent releases, including Ticket to Paradise, Puss in Boots, Violent Night and Halloween Ends. EBITDA increased $109 million to $160 million for the quarter, reflecting the higher revenue, partially offset by an increase in marketing and promotion expense, reflecting the size and timing of this quarter's theatrical slate as well as the corresponding higher programming and production costs.

搬到工作室。受內容許可和影院收入增長的推動，收入增長 13% 至 27 億美元。內容許可增長了 16%，這得益於我們的結轉遊戲和電影窗口的加速以及電視許可的健康增長。由於最近上映的影片的成功，包括《天堂的門票》、《穿靴子的貓》、《暴力之夜》和《萬聖節的盡頭》，影院收入增長了 47%。本季度 EBITDA 增加 1.09 億美元至 1.6 億美元，反映出收入增加，部分被營銷和推廣費用的增加所抵消，這反映出本季度院線的規模和時間安排以及相應的更高的節目製作和製作成本。

At Theme Parks, revenue increased 12% to $2.1 billion, while EBITDA increased 16% to $782 million, our highest level of EBITDA on record for a fourth quarter. These results were driven by growth at our parks in the U.S. and Japan, partially offset by our park in Beijing, which was negatively impacted by COVID-related restrictions. At our U.S. parks, we continue to see strong demand with attendance and guest spending up year-over-year and with Orlando and Hollywood both delivering record high EBITDA for a fourth quarter. Universal Japan continued to rebound since capacity restrictions were lifted at the end of March and delivered strong year-over-year EBITDA growth in the quarter.

在主題公園，收入增長 12% 至 21 億美元，而 EBITDA 增長 16% 至 7.82 億美元，這是我們第四季度的最高 EBITDA 水平。這些結果是由我們在美國和日本的公園的增長推動的，部分被我們在北京的公園所抵消，後者受到 COVID 相關限制的負面影響。在我們的美國公園，我們繼續看到強勁的需求，遊客人數和遊客支出同比增長，奧蘭多和好萊塢都在第四季度創下歷史新高的 EBITDA。自 3 月底取消產能限制以來，環球日本繼續反彈，並在本季度實現了強勁的 EBITDA 同比增長。

Now let's turn to Slide 8 for Sky. Reported results were meaningfully impacted by currency translation due to the strengthening dollar, but I will speak to Sky's results on a constant currency basis. For the fourth quarter, Sky revenue was relatively consistent compared to last year at $4.4 billion. Direct-to-consumer revenue was also consistent compared to last year, reflecting growth in the U.K. driven by wireless and broadband revenue, offset by declines in Germany and Italy.

現在讓我們轉到 Sky 的幻燈片 8。由於美元走強，報告的結果受到貨幣換算的顯著影響，但我將在固定貨幣基礎上談論 Sky 的結果。第四季度，Sky 收入與去年同期相比相對穩定，為 44 億美元。與去年相比，直接面向消費者的收入也保持一致，反映出英國的增長受到無線和寬帶收入的推動，被德國和意大利的下滑所抵消。

On a customer basis, we added 129,000 customer relationships in the quarter with positive additions across all 3 territories, the U.K., Italy and Germany. These net additions were driven by streaming, broadband and wireless customer additions and reflect our team's strong execution in a challenging macroeconomic environment across Europe.

在客戶基礎上，我們在本季度增加了 129,000 個客戶關係，在所有 3 個地區（英國、意大利和德國）都有積極的增加。這些淨增加是由流媒體、寬帶和無線客戶增加推動的，反映了我們團隊在歐洲充滿挑戰的宏觀經濟環境中的強大執行力。

Rounding out the rest of Sky revenue. Content revenue increased 6.5% driven by licensing our entertainment content. And advertising revenue decreased 9.6% primarily driven by lower revenue in the U.K., reflecting the timing of the World Cup and the macro environment.

將其餘的 Sky 收入四捨五入。在許可我們的娛樂內容的推動下，內容收入增長了 6.5%。廣告收入下降 9.6%，主要受英國收入下降的影響，反映了世界杯的時間和宏觀環境。

Turning to EBITDA. Sky's EBITDA decreased 15% to $340 million, including $89 million of severance expense, which is $53 million higher compared to last year's fourth quarter. Excluding severance, EBITDA declined 2% compared to last year, reflecting an increase in direct network costs driven by growth in our residential mobile and broadband businesses and higher other expenses, which were mostly offset by lower programming costs due to the timing of sports programming as 4 weeks of EPL games were paused during the fourth quarter to accommodate the World Cup. However, 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 games which were paused are now played.

轉向 EBITDA。 Sky 的 EBITDA 下降 15% 至 3.4 億美元，其中包括 8900 萬美元的遣散費，與去年第四季度相比增加了 5300 萬美元。不包括遣散費，EBITDA 與去年相比下降了 2%，反映出我們的住宅移動和寬帶業務的增長推動了直接網絡成本的增加以及其他費用的增加，這些費用大部分被由於體育節目的時間安排而導致的節目成本降低所抵消4 週的 EPL 比賽在第四節暫停，以適應世界杯。然而，我們將在 2023 年上半年產生更高的體育成本，這反映出隨著賽季的延長以及暫停的剩餘比賽現在進行的比賽數量增加。

Now I'll wrap up with free cash flow and capital allocation on Slide 9. As I mentioned previously, in 2022, we generated around $12.6 billion in free cash flow while absorbing increased investments in Peacock and Theme Parks as well as higher working capital as content creation normalizes post COVID.

現在，我將在幻燈片 9 上以自由現金流和資本配置作為結尾。正如我之前提到的，在 2022 年，我們產生了大約 126 億美元的自由現金流，同時吸收了對孔雀和主題公園的更多投資以及更高的營運資本內容創建使 COVID 後正常化。

Full year consolidated total capital investment increased 14.2% or $1.7 billion to $13.8 billion due to increased spending at NBCUniversal and Cable, partially offset by a decrease at Sky. At Cable, total capital spending increased 8.3% or $695 million with CapEx intensity coming in at 11.4%, primarily driven by investments to further strengthen and extend our network. In 2023, we expect CapEx intensity to stay at around 11%, similar to 2022 levels as we aim to accelerate our homes passed growth to about 1 million and continue to transition our entire broadband network to DOCSIS 4.0 over the next few years.

全年合併總資本投資增長 14.2% 或 17 億美元，達到 138 億美元，原因是 NBCUniversal 和 Cable 的支出增加，部分被 Sky 的支出減少所抵消。在 Cable，總資本支出增長了 8.3% 或 6.95 億美元，資本支出強度達到 11.4%，這主要是受進一步加強和擴展我們網絡的投資推動。到 2023 年，我們預計資本支出強度將保持在 11% 左右，與 2022 年的水平相似，因為我們的目標是將我們的家庭增長速度加快到約 100 萬，並在未來幾年繼續將我們的整個寬帶網絡過渡到 DOCSIS 4.0。

NBCUniversal total capital spending increased $1.4 billion driven by Parks CapEx increasing $1.1 billion, of which Epic was around $800 million and reflects our continued investment in new attractions like Super Nintendo World at Hollywood and Donkey Kong at Japan. In 2023, we expect Parks CapEx to increase by around $1.2 billion over last year as we continue to build Epic, which we plan to open in 2025 and begin work on our recently announced park extensions mentioned earlier.

NBCUniversal 的總資本支出增加了 14 億美元，原因是 Parks CapEx 增加了 11 億美元，其中 Epic 約為 8 億美元，這反映了我們對好萊塢超級任天堂世界和日本大金剛等新景點的持續投資。到 2023 年，隨著我們繼續建設 Epic，我們預計公園資本支出將比去年增加約 12 億美元，我們計劃在 2025 年開放 Epic，並開始進行我們最近宣布的公園擴建項目。

The required investment to develop these extensions is nowhere near the scale of Epic or Universal Beijing but rather enable us to leverage our already large market opportunity and can serve as a model that contributes to even higher growth at Theme Parks in the future. Working capital was $3 billion for the year, a $1.5 billion increase over last year's level, reflecting a post-COVID ramp of investment in content creation.

開發這些擴展所需的投資遠不及 Epic 或北京環球影城的規模，而是使我們能夠利用我們已經巨大的市場機會，並可以作為一個模型，為未來主題公園的更高增長做出貢獻。當年的營運資金為 30 億美元，比去年增加 15 億美元，反映了 COVID 後對內容創作的投資激增。

Turning to capital allocation. We ended the year with net leverage at 2.4x and returned a total of $17.7 billion to shareholders, including $4.7 billion in dividend payments and $13 billion in share repurchases. For 2023, we expect to continue to maintain leverage at around current levels, which I expect will support continued strong capital returns.

轉向資本配置。我們以 2.4 倍的淨槓桿率結束了這一年，共向股東返還了 177 億美元，其中包括 47 億美元的股息支付和 130 億美元的股票回購。到 2023 年，我們預計槓桿率將繼續維持在當前水平左右，我預計這將支持持續強勁的資本回報。

As we announced this morning, we are raising the dividend by $0.08 a share to $1.16 per share, our 15th consecutive annual increase. This reflects our long-standing balanced capital allocation policy. We're committed to investing organically in the businesses while maintaining a strong balance sheet and also returning a very healthy amount of capital to shareholders.

正如我們今天上午宣布的那樣，我們將每股股息提高 0.08 美元，達到每股 1.16 美元，這是我們連續第 15 年增加股息。這反映了我們長期以來的平衡資本配置政策。我們致力於對業務進行有機投資，同時保持強勁的資產負債表，並向股東返還大量資本。

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。我會把它轉回 Marci，他將主持電話的問答部分。

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

謝謝，邁克。接線員，請打開問答環節。

(Operator Instructions) Our first question comes from Doug Mitchelson with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Doug Mitchelson。

Brian and Mike as well, given your promotion to President, congratulations on that, by the way. And Jason, congratulations on the CFO role. Brian, Mike, since we're turning to a new calendar year, I wanted to ask for an updated vision for the company and how you see the company evolving over time. As part of that, investors are certainly interested how the company best addresses cable broadband competition and connectivity convergence and media streaming challenges and whether you see notable growth opportunities for the company that would shift allocation of capital as well. So how do you address the challenges and opportunities? And how does the company evolve over the next 3 to 5 years?

Brian 和 Mike，順便說一下，鑑於你們晉升為總裁，對此表示祝賀。傑森，恭喜你擔任首席財務官一職。布賴恩、邁克，由於我們即將迎來新的日曆年，我想問一下公司的最新願景，以及你們如何看待公司隨著時間的推移而發展。作為其中的一部分，投資者當然對公司如何最好地應對有線寬帶競爭、連接融合和媒體流挑戰感興趣，以及你是否看到公司顯著的增長機會也會改變資本配置。那麼，您如何應對挑戰和機遇？公司在未來 3 到 5 年內將如何發展？

Thanks, Doug. It's Mike. So maybe I'll take a first crack, and then Brian can pile on if he likes. So vision in the next few years, it's -- I think how you think about that requires a little bit of a reflection of where we stand at the moment. So if I look at 2022 and you really reflect on what are truly excellent operating results, so kudos to the people running the businesses deep down into the organization to produce the kind of results we had, record revenues and record adjusted EBITDA. And that's fundamentally great management discipline, operating discipline, financial discipline in the day-to-day.

謝謝，道格。是邁克。所以也許我會先嘗試一下，然後 Brian 可以根據需要繼續進行。因此，未來幾年的願景是——我認為你對此的看法需要對我們目前所處的位置進行一些反思。因此，如果我回顧 2022 年，你真的會反思什麼是真正出色的經營業績，那麼對那些深入組織經營業務的人表示敬意，他們產生了我們所擁有的那種結果，創紀錄的收入和創紀錄的調整後 EBITDA。從根本上說，這是日常的管理紀律、運營紀律和財務紀律。

When you zoom out a little bit, it puts us in a position where we are returning record capital on the back of those results, $17.7 billion. We have, I would say, the strongest balance sheet in our industry at 2.4x leverage. So it allows us the opportunity, both of those things in good balance, to then go at your real question, which is what is our opportunity, what are our challenges and do we have the resources to go after them.

當你稍微縮小一點時，它使我們處於一個位置，在這些結果的支持下，我們正在返還創紀錄的資本，177 億美元。我想說，我們擁有業內最強大的資產負債表，槓桿率為 2.4 倍。因此，它讓我們有機會，在這兩方面保持良好的平衡，然後回答你真正的問題，即我們的機會是什麼，我們的挑戰是什麼，我們是否有資源去追求它們。

And so I'd say there, you heard it in the call, but I'll recount them, we've got an excellent number of organic investments that are going after all the opportunities and challenges that we currently see. Obviously, as others emerge, we'll go after it the way we usually do. But those are -- you take the network, and Dave can pile in, but we're on a path to 10G. So DOCSIS 4.0 is going to get us, as we've talked about, in a very capital-efficient way to a network that's going to have symmetrical upstream and downstream in a few short years. We're going to start rolling that out at the back end of this year. So I think our commitment is to have the best network out there and to put a tremendous amount of services surrounding that network, whether it be WiFi or Flex and the like, as you've heard us talk about before.

所以我要說的是，你在電話中聽到了，但我會重新計算它們，我們有大量的有機投資正在追趕我們目前看到的所有機遇和挑戰。顯然，隨著其他人的出現，我們會像往常一樣去追求它。但那些是——你拿下網絡，Dave 可以加入，但我們正在通往 10G 的道路上。因此，正如我們所討論的那樣，DOCSIS 4.0 將以一種非常具有資本效率的方式讓我們在短短幾年內獲得一個具有對稱上游和下游的網絡。我們將在今年年底開始推出它。所以我認為我們的承諾是擁有最好的網絡，並圍繞該網絡提供大量服務，無論是 WiFi 還是 Flex 等，正如您之前聽到我們談論的那樣。

You heard about the tech platform. Brian mentioned it. We're going to get to a single global tech platform, integrating all of the build of Glass in the U.K., X1 here in the U.S., what we do in Peacock, behind a single, scaled global tech platform that we can use in many ways. You know about the Xumo partnership that we have with Charter, for example, to take that capability outside of our footprint.

您聽說過技術平台。布賴恩提到過。我們將建立一個單一的全球技術平台，整合英國 Glass 的所有構建，美國這裡的 X1，我們在 Peacock 所做的一切，在一個單一的、規模化的全球技術平台之後，我們可以在許多地方使用方法。你知道我們與 Charter 建立的 Xumo 合作夥伴關係，例如，將這種能力帶到我們的足蹟之外。

And then finally, on the Cable side, I'd say wireless. Wireless, we've been at it for 5 years, have 5 million lines now. We put the investment in along the way, and we continue to do it. But it's a capital-light approach. And I think that totality is a great set of strategies for how we're going to drive growth in the Cable business looking ahead. And so I'd say, expect us to continue to keep driving along those lines.

最後，在有線方面，我會說無線。無線，我們已經做了 5 年，現在有 500 萬條線路。我們一路投入投資，並繼續這樣做。但這是一種輕資本方法。而且我認為整體是一套很好的戰略，我們將如何推動未來有線電視業務的增長。所以我想說，希望我們繼續沿著這些路線前進。

On the Media side, we think Peacock is absolutely the right strategy for our company. And Jeff has repeatedly said, we're not going to play somebody else's hand. We have an excellent business in NBC and our cable networks. We spend quite a bit of money creating content, and so migrating some of that content as eyeballs move to a more streaming universe. We like what we're doing, and we had a phenomenal year getting paid subs to 20 million paid subs from less than 10 million a year ago. And we see this coming year as the peak year in investment there. But we'll keep on that plan.

在媒體方面，我們認為孔雀絕對是我們公司的正確戰略。傑夫一再說過，我們不會玩別人的手。我們在 NBC 和我們的有線網絡中擁有出色的業務。我們花了很多錢來創建內容，因此隨著眼球轉移到更多的流媒體世界，我們遷移了一些內容。我們喜歡我們正在做的事情，我們在這一年取得了非凡的成就，付費訂閱人數從一年前的不到 1000 萬增加到 2000 萬。我們將明年視為那裡投資的高峰年。但我們會繼續執行該計劃。

And then finally, I'll mention parks. Parks, we've got Nintendo opening in Hollywood in February. We're ramping the build of what's going to be a phenomenal theme park, Epic universe in Orlando, opening in 2025. And as I said earlier, we'll increase our spend this year and '24 to sort of peak levels there ahead of that opening. And then we're leveraging the great product that we have with some new ideas, some innovation around that with a kids-based theme park, smaller scale in Dallas and Hollywood Horror Nights in Las Vegas.

最後，我會提到公園。帕克斯，任天堂將於 2 月在好萊塢上映。我們正在加緊建造將於 2025 年在奧蘭多開放的非凡主題公園 Epic Universe。正如我之前所說，我們將增加今年和 24 年的支出，使其提前達到峰值水平那個開口。然後我們利用我們擁有的偉大產品和一些新想法，一些圍繞兒童主題公園的創新，達拉斯的小規模和拉斯維加斯的好萊塢恐怖之夜。

So these are big investment agendas that go at all the issues that I think are out there across our different businesses. So I think we're well positioned to continue to drive primarily an organic investment agenda and drive growth across our businesses in the years ahead. Obviously, it's our job to consider inorganic things as they come up. But as I've said before, the bar is very high. It's our job to make sure that we are looking at organic opportunities and executing well against them, and I think we are. So Brian, you got anything to add?

因此，這些是針對我認為存在於我們不同業務中的所有問題的大型投資議程。因此，我認為我們有能力在未來幾年繼續主要推動有機投資議程並推動我們業務的增長。顯然，我們的工作是在無機物出現時對其進行考慮。但正如我之前所說，門檻非常高。我們的工作是確保我們正在尋找有機機會並很好地應對這些機會，我認為我們是。那麼布賴恩，你有什麼要補充的嗎？

First of all, I could see why you're the right person for the job. That was a fantastic answer and covered a lot of the vision of the company. So I'm going to try not to be at all repetitive and maybe even zoom out further with the lens and say what are -- just pick 2 themes of what you just talked about and say, think about the vision of the company, what are the 2 big trends. It's what's happening in broadband both as a competitive reality, and I'm sure Dave will get into that with some of the questions, but then longer term, what's likely to happen to consumers' needs for usage, what are we making our bets on in that vision question. And the other is the convergence to streaming and where are we in that journey.

首先，我明白為什麼你是這份工作的合適人選。這是一個很棒的答案，涵蓋了公司的很多願景。因此，我將嘗試完全不重複，甚至可能會進一步縮小鏡頭並說出什麼是 - 只需選擇您剛才談到的兩個主題並說，想想公司的願景，什麼是兩大趨勢。這就是寬帶正在發生的競爭現實，我相信戴夫會提出一些問題，但從長遠來看，消費者的使用需求可能會發生什麼，我們將賭注押在什麼上在那個願景問題中。另一個是流媒體的融合以及我們在那個旅程中的位置。

So if you think about the 10G initiative Mike talked about, it's really to widen our lead, to clearly and demonstrably explain to consumers and give them a product and be able to brand it for residents -- consumers and businesses that we have something you want to have if you rely on a need and enjoy broadband and the investments we're making, the ubiquitous nature of it. And if you look at broadband usage, and we cited some stats in the prepared remarks, but if you just look at even Thursday night and the NFL being on Amazon, that creates a lot of broadband usage. And is there going to be more of that in the future or less of that in the future? And what percentage of America today consumes that way? And what will it look like 5, 10 years from now?

因此，如果你想想 Mike 談到的 10G 計劃，它真的是為了擴大我們的領先優勢，向消費者清楚地、可證明地解釋並向他們提供產品，並能夠為居民——消費者和企業樹立品牌，我們有你想要的東西如果您依賴於需求並享受寬帶和我們正在進行的投資，那麼它無處不在。如果你看看寬帶的使用情況，我們在準備好的評論中引用了一些統計數據，但如果你只看周四晚上和 NFL 在亞馬遜上的使用情況，就會產生大量的寬帶使用。將來會增加還是減少？今天有多少美國人以這種方式消費？ 5 年、10 年後會是什麼樣子？

And so we want to be a company that is uniquely positioned to capitalize on these macro changing trends. And the same goes in streaming. And Peacock, with just my kudos to the team at the whole of NBCUniversal and Comcast and Sky working together, have put us in a double in 1 year to 20 million-plus paying customers, in addition to what lies ahead. It's the best bargain. For $5 a month, you get everything from the World Cup to Sunday Night Football, to incredible movies to incredible next-day NBC, to all our cable content, original content. And consumers are finding that.

因此，我們希望成為一家能夠利用這些宏觀變化趨勢的獨特定位的公司。流媒體也是如此。 Peacock，我對整個 NBCUniversal 團隊以及 Comcast 和 Sky 的合作表示敬意，使我們在 1 年內翻了一番，達到 2000 萬以上的付費客戶，此外還有未來。這是最好的交易。每月支付 5 美元，您可以獲得從世界杯到週日橄欖球之夜、精彩電影到精彩的次日 NBC，再到我們所有的有線內容和原創內容。消費者正在發現這一點。

So I think our company -- I echo what Mike said, I think we're extremely well positioned. And I think we'll continue to grow organically and [show] an ability to keep the balance sheet strong and return capital to shareholders. And those -- finding that balance, we did it really well in 2022, and we hope to do it again.

所以我認為我們公司——我贊同邁克所說的，我認為我們的定位非常好。而且我認為我們將繼續有機增長並[展示]保持資產負債表強勁並將資本返還給股東的能力。而那些 - 找到平衡，我們在 2022 年做得非常好，我們希望再次這樣做。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

I wanted to ask Jeff about the NBC outlook, both sort of some of the key trends you're seeing in '23 but also longer term. I mean, I think the business did over $8.5 billion of EBITDA back in 2019. I think '23 will probably be down from '22 just given the Peacock losses and the pressure on the Media business. But can you just talk about your long-term opportunity at the NBCUniversal? Do you think you can climb back to those EBITDA levels over any sort of reasonable investment horizon? And what are you -- how are you feeling about sort of things like advertising and parks sitting here today given all the macro concerns?

我想問 Jeff 關於 NBC 的前景，既有你在 23 年看到的一些主要趨勢，也有更長期的趨勢。我的意思是，我認為該業務在 2019 年的 EBITDA 超過 85 億美元。考慮到 Peacock 的虧損和媒體業務的壓力，我認為 23 年可能會低於 22 年。但是你能談談你在 NBCUniversal 的長期機會嗎？您認為您可以在任何合理的投資期限內重新回到這些 EBITDA 水平嗎？考慮到所有宏觀問題，您對今天坐在這裡的廣告和公園之類的事情有何看法？

And then I just had one question for Mike on cash flow. You mentioned the $3 billion net working capital drag in '22. Any help on that for 2023, if you have any visibility there?

然後我有一個關於現金流的問題要問邁克。你在 22 年提到了 30 億美元的淨營運資金拖累。如果您在那裡有任何知名度，對 2023 年有什麼幫助嗎？

Ben, this is Jeff. I'll start and then hand it over to Mike. So we feel really good about NBC's growth trajectory going forward. If you kind of break it down, our content businesses has had a great quarter and is doing -- have never been better than they are right now. Our movie studio, we're off to a great start this year. The slate going forward is really good. Our TV businesses -- studios are great. So our content business is doing great, and that's a business that should grow over time.

本，這是傑夫。我會開始，然後交給 Mike。因此，我們對 NBC 未來的增長軌跡感到非常滿意。如果你把它分解一下，我們的內容業務有一個很好的季度並且正在做 - 從來沒有比現在更好。我們的電影製片廠今年開局不錯。前進的石板真的很好。我們的電視業務——工作室很棒。所以我們的內容業務做得很好，這是一個應該隨著時間的推移而增長的業務。

The parks business, Brian and Mike both talked about the parks business, it's never been better for us. We had a record year last year. Trajectory is going to slow a little bit in the U.S. just because we are doing so well, but we're seeing -- we found our footing in Japan in the fourth quarter. That's going to grow based on the Nintendo attraction there. And Beijing, which really had -- kind of got to profitability in the third quarter, suffered from COVID in the fourth quarter, first couple of weeks of this year with the economy opening up there, is really doing well even with poor weather. So I think our parks business has a lot of growth ahead. And as Mike talked about and Brian talked about, we're investing in it. So those 2 businesses are great.

公園業務，Brian 和 Mike 都談到了公園業務，這對我們來說從來沒有這麼好過。去年我們創下了紀錄。軌跡在美國會稍微放慢一點，因為我們做得很好，但我們看到——我們在第四季度在日本站穩了腳跟。這將根據任天堂在那裡的吸引力而增長。北京確實在第三季度實現了盈利，但在第四季度遭受了 COVID 的影響，今年頭幾週，隨著經濟在那裡開放，即使天氣惡劣，也確實表現良好。所以我認為我們的公園業務未來會有很大的增長。正如邁克和布賴恩所說，我們正在投資它。所以這兩家公司都很棒。

The Media segment, as Brian just went through very well, we made a decision to invest in Peacock. It's very clear that we picked the right business model at this point, given where we are. And it's very clear that the content strength that I talked about, which has led to our linear networks being #1 for decades, is paying off on Peacock. So what -- when -- we were going to grow -- we've made that investment. We've been clear from the start that we're going to see a return on investment. I think we feel better on that now based on where we are. And we also made that investment to return the Media segment to growth over time, which we feel even more confident today than we did maybe a year or 2 ago. Then that's going to happen. And the timing of that really is up to macro conditions, how -- when does the ad market recover, how -- what our linear decline is going forward. And then, of course, we continue to cut costs in the linear segment to maintain our margins.

媒體部分，由於 Brian 的表現非常好，我們決定投資 Peacock。很明顯，鑑於我們所處的位置，我們此時選擇了正確的商業模式。很明顯，我談到的內容強度，導致我們的線性網絡幾十年來一直排名第一，正在孔雀身上得到回報。那麼——什麼時候——我們要增長——我們已經進行了投資。我們從一開始就很清楚，我們將看到投資回報。我認為我們現在根據我們所處的位置感覺更好。我們還進行了這項投資，以使媒體部門隨著時間的推移恢復增長，與一兩年前相比，我們今天對此更有信心。然後就會發生這種情況。而這真的取決於宏觀條件，廣告市場如何 - 何時復蘇，如何 - 我們的線性下降將如何發展。然後，當然，我們繼續削減線性部分的成本以維持我們的利潤率。

So I'm pretty confident that we have a lot of growth ahead in NBCUniversal, particularly after the progress we've made this year. And the Media segment, we wouldn't be investing in Peacock if we didn't think it was going to return the segment to growth over time.

所以我非常有信心，我們在 NBCUniversal 的未來會有很大的增長，尤其是在我們今年取得進展之後。在媒體領域，如果我們認為孔雀不會隨著時間的推移恢復增長，我們就不會投資孔雀。

And then, Ben, the -- on working capital, we said a year ago that it was going to be spiked to a higher than typical run rate level just on the back of the disruptions caused by COVID in getting content creation in the phase we're in up to normalized levels. So expect to just ease back off of the levels we saw in 2022. It's a hard number to predict, but I think we are past peak there.

然後，Ben，關於營運資金，我們一年前說過，由於 COVID 在我們階段的內容創建過程中造成的中斷，營運資金將飆升至高於典型的運行率水平達到正常水平。因此，預計會從我們在 2022 年看到的水平回落。這是一個很難預測的數字，但我認為我們已經過了那裡的峰值。

Our next question comes from Craig Moffett with MoffettNathanson.

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

Congratulations to both of you, Mike and Jason. The question I have is on margins. As I think about the Cable segment, I think most people at this point are aware of the puts and takes where growing broadband, it raises margins, losing video raises margins. As you think about wireless now sort of accounting for a larger and larger piece of the pie, how do those pieces fit together as sort of a longer-term outlook for margins? Is it possible for the growth rate of wireless at whatever margin it sort of contributes to keep margins growing in the Cable business?

祝賀你們倆，邁克和傑森。我的問題是邊緣問題。當我想到有線電視部門時，我認為大多數人此時都知道增長寬帶的地方，它提高了利潤率，失去視頻提高了利潤率。當您考慮無線現在在某種程度上佔據了越來越大的一塊餡餅時，這些部分如何組合在一起作為一種長期的利潤率前景？無線業務的增長率是否有可能在某種程度上有助於保持有線業務的利潤率增長？

Craig, Dave. So I think the good news is we have a great portfolio of opportunities and business lines. So as you said, we have real strength in broadband and not only just solid broadband relationships but the ability to drive revenue in a healthy way. So resi broadband, I believe, will continue to be accretive not just revenue but margin. And business services is a real long-term opportunity. It has been, will continue to be. So when you look at top line margin impact, including mobile, I think it's a good -- and video slowing down, on the top line, it contributes towards margin.

克雷格，戴夫。所以我認為好消息是我們擁有大量的機會和業務線。因此，正如您所說，我們在寬帶方面擁有真正的實力，不僅是穩固的寬帶關係，而且有能力以健康的方式推動收入。因此，我相信，resi 寬帶不僅會繼續增加收入，還會增加利潤。商業服務是一個真正的長期機會。過去是，將來也會是。因此，當您查看包括移動在內的頂線利潤率影響時，我認為這是一個很好的 - 視頻放緩，在頂線上，它有助於提高利潤率。

The second thing clearly are the expenses. And just lower activity levels, our constant focus around the 2 big buckets of the transactional activity, the experience improvements that we have that really drive things like self-install and the apps that help people resolve issues independently and then our focus around cost, just fixed cost, ongoing. And so that -- all those things, I think, shows that it's not a singular moment. This has been steady progress over a long period of time around margin. So I think we still have a good runway.

第二件事顯然是費用。只是降低活動水平，我們一直關注交易活動的兩大領域，我們所擁有的體驗改進真正推動了自我安裝和幫助人們獨立解決問題的應用程序，然後我們關注成本，只是固定成本，持續。因此——我認為，所有這些都表明這不是一個單一的時刻。在很長一段時間內，這一直是圍繞保證金穩步取得的進展。所以我認為我們仍然有一條很好的跑道。

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

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

Going back to NBCU of kind of 2 topics. On Theme Parks, you've got 3 parks planned for the U.S. Can you talk about global plans? And is peak spend in '24? I think that's what Mike just said. And then on Peacock, it sounds like this year will be peak losses. When do you expect breakeven? And can you talk about long-term profit potential, like what margins would you look for?

回到 NBCU 的 2 個主題。在主題公園方面，您為美國規劃了 3 個公園。您能談談全球計劃嗎？ 24 年是消費高峰期嗎？我想這就是 Mike 剛才所說的。然後在 Peacock 上，聽起來今年將是虧損的高峰期。您預計何時收支平衡？你能談談長期的盈利潛力嗎，比如你會尋找什麼樣的利潤率？

And then finally, kind of all around, can you just talk about your appetite for acquisitions? Mike said organic and nonorganic. I'm just wondering WWE is obviously for sale. There's IP. Is this the year we finally see some more media consolidation?

最後，您能談談您對收購的興趣嗎？邁克說有機和非有機。我只是想知道 WWE 顯然是在出售。有知識產權。今年是我們終於看到更多媒體整合的一年嗎？

(technical difficulty)

（技術難度）

Jessica, sorry about that. We're back.

傑西卡，對不起。我們回來了。

Did you hear my question? I thought it was me. So I just wanted to go back to NBCU. You've got 3 parks planned for the U.S. I'm just wondering if you have any global plans. And it sounds like from what Mike said that peak spend will be in '24. I just wanted to clarify that. And on Peacock, it sounds like this year will be peak losses. Can you talk about like when you expect breakeven and what you think about the long-term profit potential or margins there?

你聽到我的問題了嗎？我以為是我。所以我只想回到 NBCU。你已經為美國規劃了 3 個公園。我只是想知道你是否有任何全球計劃。從 Mike 的說法來看，支出高峰將出現在 24 年。我只是想澄清一下。而在孔雀，聽起來今年將是虧損的高峰期。您能否談談您預期收支平衡的時間以及您對那裡的長期利潤潛力或利潤率的看法？

And then finally, Mike again said organic and inorganic growth. So I'm just wondering what your appetite is for acquisitions, whether it's something like WWE or IP. Like is this the year we finally see media consolidation?

最後，邁克再次提到有機和無機增長。所以我只是想知道你對收購的興趣是什麼，無論是 WWE 還是 IP。今年是我們終於看到媒體整合的一年嗎？

Thanks, Jessica. Sorry about the delay here. So let me -- this is Jeff. So let me start with parks. So parks, we are always looking to invest in our parks, given how well we've done. And during the pandemic, we took share. We've had pretty solid growth. And we -- it's a business that we want to deploy capital to. We -- as Brian said, we're really excited about Epic. It's coming out of the ground. It looks great, and our timing couldn't be better for that. But we always want to have things that we're investing in, both domestically and internationally.

謝謝，傑西卡。很抱歉在這裡耽擱了。所以讓我——這是傑夫。所以讓我從公園開始。所以公園，我們一直在尋求投資我們的公園，因為我們做得很好。在大流行期間，我們分享了。我們的增長非常穩健。而我們 - 這是我們想要部署資本的業務。我們——正如布賴恩所說，我們對 Epic 感到非常興奮。它從地下冒出來。它看起來很棒，我們的時機再好不過了。但我們總是希望在國內和國際上擁有我們正在投資的東西。

The concept that we're going to build in Dallas, which is a -- designed for a younger audience, less investment, if it's successful, which we're pretty confident it will be, is a concept that will work in a lot of places around the world that may not support a full-scale theme park like we have in Orlando or Beijing. But it could support something else. So that -- we're excited about that concept. And then the Halloween Horror Nights experience in Vegas, which I'm really excited about, could also be expanded to a number of different places around the world. So we're definitely having our eye towards places expanding internationally and not just domestically with a number of markets kind of on the docket. And they won't all be places for a big, giant primary theme park, that we might look at different concepts for different markets.

我們將在達拉斯建立的概念，這是一個 - 專為年輕觀眾設計，投資較少，如果成功，我們非常有信心，這個概念將在很多地方發揮作用世界各地可能不支持像我們在奧蘭多或北京那樣的大型主題公園。但它可以支持其他東西。所以——我們對這個概念感到興奮。然後我非常興奮的拉斯維加斯萬聖節恐怖之夜體驗也可以擴展到世界各地的許多不同地方。因此，我們肯定將目光投向了國際擴張的地方，而不僅僅是國內有許多市場在案。而且它們不會都是一個巨大的主要主題公園的地方，我們可能會針對不同的市場考慮不同的概念。

And as far as peak spending, I think Epic, I think we expect our peak spend probably to be this year, although '23 and '24 will be comparable as we ramp down at the beginning of '25 prior to opening. So that's the parks.

至於峰值支出，我認為 Epic，我認為我們預計我們的峰值支出可能會在今年，儘管 '23 和 '24 將具有可比性，因為我們在開放前的 '25 年初開始下降。這就是公園。

Peacock, we are -- could not be more positive about our trajectory so far. We're right where we expected to be as far as investment, and we're well above where we expected to be as far as paid subs, which was going to pay off. We will hit our peak spend, as I think Mike or Brian said in the opening, this year and then improve steadily from there. And we wouldn't be making the investment if we didn't see the investment in Peacock alone delivering return over time, as I said in my prior answer that I'm more confident now that we're going to get to that. And it's going to be a good return just on that investment alone and the overall Media segment.

孔雀，我們是 - 到目前為止，我們對我們的軌跡沒有比這更積極的了。就投資而言，我們的預期是正確的，而且我們遠高於我們預期的付費訂閱，這將得到回報。正如我認為 Mike 或 Brian 在開幕式上所說的那樣，今年我們將達到我們的最高支出，然後從那裡穩步提高。如果我們沒有看到對孔雀的投資隨著時間的推移帶來回報，我們就不會進行投資，正如我在之前的回答中所說的那樣，我現在更有信心我們會做到這一點。單單這項投資和整個媒體領域就將獲得豐厚的回報。

And based on how we're doing so far, I'm more and more confident that we made the right choice of business model and that our investment is appropriate for that business. So I don't know, Mike, if you want to talk about acquisitions.

根據我們目前的表現，我越來越相信我們做出了正確的商業模式選擇，並且我們的投資適合該業務。所以我不知道，邁克，你是否想談談收購。

Yes. Consolidation, and Jeff can pile in, too, I mean, I think when it comes to media consolidation, we'll see what happens. But I think go back to the earlier discussion, we've got a robust set of plans to invest in our own businesses. So anything that we would look at, and it's our job to consider things, we have healthy discussions. And our bias has to be investing behind our businesses themselves where we control, operate, know what we're doing, have momentum, no surprises. So like I said, the -- across any inorganic opportunity, we're going to put ourselves through the real discussion, is it worth it relative to the choices we have to invest in our own business, like Jeff just described.

是的。整合，傑夫也可以加入，我的意思是，我認為在媒體整合方面，我們將拭目以待。但我想回到之前的討論，我們有一套強有力的計劃來投資我們自己的業務。因此，對於我們要考慮的任何事情，考慮事情是我們的工作，我們都會進行健康的討論。我們的偏見必須投資於我們控制、運營、知道我們在做什麼、有動力、沒有意外的企業本身。所以就像我說的那樣——在任何無機機會中，我們都會讓自己經歷真正的討論，相對於我們必須投資於我們自己的業務的選擇，它是否值得，就像傑夫剛才描述的那樣。

And I would just add that we're always looking for bolt-on acquisitions that bolster our business, and I'll give 2 examples. We bought DreamWorks. We talked about that in the past, and it's been paying off steadily since our acquisition. And just now with Puss in Boots, which is a big hit at the box office and really our entry back into the Shrek universe, continues to make that acquisition look really favorable. And we've invested in our Blumhouse investment over time. We're a partner with Jason Blum. And we have a big hit, M3GAN, this month, which is coming out of that investment. So we're always looking at bolt-on acquisitions [that] don't necessarily involve big industry consolidation questions.

我只想補充一點，我們一直在尋找可以增強我們業務的補強收購，我將舉兩個例子。我們買了夢工廠。我們過去談過這個，自從我們被收購以來，它一直在穩步取得回報。就在現在，《穿靴子的貓》在票房上大獲成功，實際上我們又回到了史萊克的世界，繼續讓這次收購看起來非常受歡迎。隨著時間的推移，我們已經投資了我們的 Blumhouse 投資。我們是 Jason Blum 的合作夥伴。本月我們有一個巨大的成功，M3GAN，它來自那項投資。因此，我們一直在尋找不一定涉及大型行業整合問題的補強收購。

Our next question comes from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特費爾德曼。

So later last year, one of the points you had made was just sort of based on market conditions, it was unlikely that you were going to see your broadband subscriber base really change in size, so basically stayed pretty flat for at least some period of time. And we saw effectively that trend in your fourth quarter results. I was hoping you can give us an update. How would you frame market conditions right now? Are you seeing any tailwinds begin to emerge? And do you need a meaningful improvement in market conditions to get back to more sustainably positive broadband net adds? Or do you think some of the steps you've been taking position you to accomplish that at some point this year regardless of the backdrop?

所以去年晚些時候，你提出的其中一個觀點只是基於市場情況，你不太可能看到你的寬帶用戶群規模真正發生變化，所以至少在一段時間內基本上保持平穩時間。我們在你們第四季度的業績中有效地看到了這一趨勢。我希望你能給我們更新。您現在如何構建市場狀況？您是否看到任何順風開始出現？您是否需要對市場條件進行有意義的改善才能恢復到更可持續的積極寬帶淨增加？或者您是否認為無論背景如何，您一直在採取的一些步驟可以讓您在今年的某個時候實現這一目標？

Brett, Dave here. So let me start with kind of your first point on the overall environment and pointing towards our results in broadband. So starting with Q4, clearly, excluding the impact of the hurricane, we reported net adds -- broadband net adds of 4,000. And this has been consistent, consistent the last couple of quarters, reflecting the continued impact of lower move activity, increased competition. But what's different has been the near record low churn.

布雷特，戴夫在這裡。因此，讓我從您關於整體環境的第一點開始，並指出我們在寬帶方面的成果。因此，從第四季度開始，很明顯，排除颶風的影響，我們報告了淨增加——寬帶淨增加 4,000。這在過去幾個季度一直保持一致，反映出移動活動減少、競爭加劇的持續影響。但不同的是，客戶流失率接近歷史最低水平。

So this -- the current environment is similar. Macro -- the macro environment still reflects depressed move activity. Competition continues to be very strong, and we're seeing some normalization in nonpay activity and churn. So it remains a challenging environment to add subscribers right now. However, as our record high revenue, adjusted EBITDA and margins in 2022 show, we have a successful model. We're driving revenue, EBITDA and cash flow rather than just chasing units.

所以這--當前的環境是相似的。宏觀——宏觀環境仍然反映出低迷的移動活動。競爭仍然非常激烈，我們看到非付費活動和流失率有所正常化。因此，現在增加訂閱者仍然是一個充滿挑戰的環境。然而，正如我們 2022 年創紀錄的高收入、調整後的 EBITDA 和利潤率所顯示的那樣，我們擁有一個成功的模式。我們正在推動收入、EBITDA 和現金流，而不僅僅是追逐單位。

And so you look at our ARPU growth, holding the line on the relationships, but our ARPU growth was 3.8% in terms of broadband. So we're protecting ARPU growth, constantly adding more value, investing in our network, all within the parameters that we've talked about. And so -- and it -- results within the mix of the base is showing, as Brian said, you have 1/3 of our customers, broadband customers that get our Gigabit Plus products. So this is only just 5% of that number just 3 years ago.

所以你看看我們的 ARPU 增長，堅持關係，但我們的 ARPU 增長在寬帶方面為 3.8%。因此，我們正在保護 ARPU 增長，不斷增加更多價值，投資於我們的網絡，所有這些都在我們討論過的參數範圍內。因此，正如 Brian 所說，基礎組合中的結果顯示，您有 1/3 的客戶，寬帶客戶獲得了我們的 Gigabit Plus 產品。所以這只是 3 年前這個數字的 5%。

So you look at usage. You look at the entire long-term opportunity. I think as Brian said, whether it's a couple more sporting events that go towards streaming, it just points towards you need better broadband. So from our competitive situation that we see, as I said, it's going to continue. But I think we're going to focus on our great network, ubiquitous network. We're going to continue to invest in that. We will constantly segment the marketplace and address each competitor. And so I think it's similar environment, but we're very focused on being in a position to drive results. But yes, we're going to do both. We're going to balance rate and volume.

所以你看看用法。你著眼於整個長期機會。我認為正如 Brian 所說，無論是更多的體育賽事轉向流媒體，它只是表明您需要更好的寬帶。因此，正如我所說，從我們的競爭形勢來看，它將繼續下去。但我認為我們將專注於我們偉大的網絡，無處不在的網絡。我們將繼續投資於此。我們將不斷細分市場並應對每個競爭對手。所以我認為這是相似的環境，但我們非常專注於能夠推動結果。但是，是的，我們將兩者兼顧。我們要平衡速度和數量。

Our next question comes from Michael Rollins with Citi.

我們的下一個問題來自花旗的邁克爾羅林斯。

Congrats to Mike and Jason on your new roles. Just 2 topics, if I could. First, on the Xumo platform, if you can give us an update on how that's progressing and maybe some of the milestones to watch as you look out over the next 1 to 2 years. And then on the cost-cutting and efficiency actions that you took exiting 2022, how should we think about the annual cost savings opportunity?

祝賀 Mike 和 Jason 擔任新角色。如果可以的話，只有 2 個主題。首先，在 Xumo 平台上，您能否向我們介紹一下進展情況，以及您在未來 1 到 2 年內可能需要關注的一些里程碑。然後關於您在 2022 年之後採取的削減成本和提高效率的行動，我們應該如何考慮年度成本節約機會？

Let me start, Michael. This is Dave. I'll start with Xumo. It's really early. Excited about the opportunity. Early discussions are positive and just a variety of partners. So we're excited about the relationship with Charter. And so -- but it's really early at this point in terms of Xumo. But expect more to come, and we'll keep you posted along the way. Mike?

讓我開始吧，邁克爾。這是戴夫。我先從許墨說起。真的很早。對這個機會感到興奮。早期的討論是積極的，只是各種合作夥伴。因此，我們對與 Charter 的關係感到興奮。所以——但就 Xumo 而言，現在還為時過早。但期待更多，我們會隨時通知您。麥克風？

And Michael, on the cost actions we took in the course of the year, it's really to get our businesses set up to drive the results that we gave some commentary on the outlook. We don't give guidance, but I think consider it all factored into the outlooks that Jeff, Dave and I have given thus far on the call, which is, again, continued opportunity for expanding margins and growth in EBITDA in the Cable business and everything Jeff just described on the Media side, including growth in parks, growth in studios and the net dynamics with linear versus Peacock in the Media side.

邁克爾，關於我們在這一年中採取的成本行動，這真的是為了讓我們的業務建立起來以推動我們對前景發表一些評論的結果。我們不提供指導，但我認為將這一切考慮到傑夫、戴夫和我迄今為止在電話會議上給出的展望中，這再次是有線業務擴大利潤率和 EBITDA 增長的持續機會，以及Jeff 剛剛在媒體方面描述的一切，包括公園的增長、工作室的增長以及 linear 與 Peacock 在媒體方面的淨動態。

Our next question comes from Phil Cusick from JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

Two follow-ups, if I can. Your tone around new footprint expansion and broadband efforts, there's no change. Does BEAD funding or state subsidies going forward accelerate that further? Or do you think the $1 million annually is the right figure to think about going forward?

兩次跟進，如果可以的話。你圍繞新足跡擴張和寬帶努力的基調沒有改變。未來的 BEAD 資助或國家補貼會進一步加速嗎？還是您認為每年 100 萬美元是考慮前進的正確數字？

For Jeff, any update on trends in advertising since your comments in early December? And then finally, I wonder if you guys can talk about the $500 million in severance this quarter. Is there more to come? And Mike, I heard you say that margins in Cable should continue to be higher. What impact do you expect on cost going forward?

對於 Jeff，自您在 12 月初發表評論以來，廣告趨勢有何最新進展？最後，我想知道你們能否談談本季度 5 億美元的遣散費。還有更多嗎？邁克，我聽說你說電纜的利潤率應該繼續更高。您預計未來成本會受到什麼影響？

Let me start, Phil, this is Dave, and talk about the footprint expansion expectations. So pretty steady progress. If you look at '21, did 813,000. In '22, last year, did 840,000, so good progress and in line with our expectations. And we do expect to accelerate in '23. So there's an opportunity to do around 1 million passings. And so the opportunity clearly is still within footprint and residential, also hyperbuilds we call the commercial growth, those all still exist. We're excited about that. And that's the majority still of the footprint expansion. The newer ones will be the rural edge-outs that we've been talking about, and that will begin to pick up the pace.

讓我開始吧，菲爾，我是戴夫，談談足跡擴張的期望。所以相當穩定的進步。如果你看看 21 年，做了 813,000 次。 22 年，去年做了 840,000，進展非常好，符合我們的預期。我們確實希望在 23 年加速。所以有機會進行大約 100 萬次傳球。因此，機會顯然仍然存在於足跡和住宅中，也存在於我們稱之為商業增長的超級建築中，這些都仍然存在。我們對此感到興奮。這仍然是足跡擴張的大部分。較新的將是我們一直在談論的農村邊緣地區，並且將開始加快步伐。

Having said that, we're excited about it. We're going to lean in. We think we're doing well early stage in terms of the grants and the wins around these communities. But we're going to take a very disciplined approach, and we're going to go after returns that are similar to historic levels as we do that. So -- and we're -- I think all of the -- whether it's the network upgrades, the footprint expansions, we're still right on target with what we said and going back to '21 in being around 11% Cable CapEx intensity. So very excited about both of those areas, how we upgrade, the elegant path to upgrade and the footprint expansion. Jeff?

話雖如此，我們對此感到興奮。我們將向前傾斜。我們認為我們在這些社區的贈款和勝利方面做得很好。但我們將採取非常有紀律的方法，我們將在這樣做時追求與歷史水平相似的回報。所以——我們——我認為所有的——無論是網絡升級，足跡擴張，我們仍然按照我們所說的目標實現目標，回到 21 年，電纜資本支出約為 11%強度。對這兩個領域非常興奮，我們如何升級，升級的優雅路徑和足跡擴展。傑夫？

Yes. Thanks, Dave, and thanks, Phil. So on the ad market, I think in prior calls, the market -- the ad market steadily worsened over the course of last year. It kind of feels like it bottomed out around late November, early December. And really since then, it hasn't gotten worse and maybe even a little bit better. I'd describe it really as shallow. There's parts of the market that are actually doing really well, pharma, entertainment. Travel is on fire. There's parts of the market that feels uncertain. Tech, auto, financial services, all are weak. It feels like the weakness is due less to businesses not doing well and more to just macro uncertainty. I mean, none of us really know where the economy is headed, and I think some advertisers in those segments are really holding back. And when they do advertise, they're coming in later than usual.

是的。謝謝，戴夫，謝謝，菲爾。因此，在廣告市場上，我認為在之前的電話會議中，廣告市場在去年穩步惡化。感覺像是在 11 月底、12 月初觸底反彈。從那以後，情況並沒有變得更糟，甚至可能好一點點。我會形容它真的很膚淺。市場的某些部分實際上做得很好，製藥，娛樂。旅行著火了。市場的某些部分感覺不確定。科技、汽車、金融服務都表現不佳。感覺疲軟不是因為企業表現不佳，而是因為宏觀不確定性。我的意思是，我們都不知道經濟將走向何方，而且我認為這些領域的一些廣告商確實在退縮。當他們做廣告時，他們來得比平時晚。

So I think we have -- we're doing a little bit better than our peers for a couple of reasons. One is Peacock's growth is really helping to offset the linear weakness, which is fortuitous for us. And I think, secondly, we've made big investments in data and measurement, and we have the best team. And that's really helping. But I guess I would just summarize it by saying the ad market feels to me like it stabilized a bit. And we're assuming it's going to stay weak for the first half of this year and then recover. But who really knows based on the macro economy?

所以我認為我們有 - 由於幾個原因，我們比同行做得更好。一是孔雀的增長確實有助於抵消線性弱點，這對我們來說是偶然的。我認為，其次，我們在數據和測量方面進行了大量投資，我們擁有最好的團隊。這真的很有幫助。但我想我只是總結一下，我覺得廣告市場有點穩定了。我們假設它會在今年上半年保持疲軟，然後復蘇。但誰真正知道基於宏觀經濟？

And then, Phil, Mike, so just picking up on macro. I mean, looking into 2023, as many businesses, just the uncertainty about the environment, we took -- I'll tell you what we did on severance. We offered voluntary retirement across the company, something we do on a periodic basis, which has its benefits, obviously, of giving more opportunities for younger talent anyway as well as some of the tactical situations we have in select businesses to just make sure we're as efficient as we can be heading into uncertain times. So we've executed against all of these things as we roll into 2023. So it's behind us.

然後，Phil、Mike，所以只是關注宏觀。我的意思是，展望 2023 年，許多企業，只是環境的不確定性，我們採取了 - 我會告訴你我們在遣散費方面做了什麼。我們在全公司範圍內提供自願退休，這是我們定期做的事情，這顯然有好處，無論如何都可以為年輕人才提供更多機會，以及我們在特定業務中的一些戰術情況，以確保我們“我們在進入不確定時期時盡可能高效。因此，隨著我們進入 2023 年，我們已經對所有這些事情進行了處理。所以它已經過去了。

We'll take our next question from John Hodulik with UBS.

我們將接受來自瑞銀的 John Hodulik 的下一個問題。

Maybe a couple of questions for Dave on wireless and on video. On wireless, you talked about the 9% penetration. I mean, are you seeing the positive impact on the broadband base from selling wireless into that? And then do you expect to continue to lean in? I think you guys don't really look at that as a separate profit pool but just as sort of supporting the broadband business. And is that unlikely to change? That's number one.

也許有幾個關於無線和視頻的問題要問 Dave。在無線方面，您談到了 9% 的普及率。我的意思是，您是否看到將無線銷售到其中對寬帶基礎的積極影響？然後你希望繼續靠攏嗎？我認為你們並沒有真正將其視為一個單獨的利潤池，而是將其視為對寬帶業務的支持。這不太可能改變嗎？這是第一。

You also, Dave, talked about selling into the business segment. Just anything you're sort of -- any color on how you're doing that or what that opportunity is? And then lastly, on video losses, just they were little better than we expected. Anything different there in terms of maybe selling of skinny bundles or how we should expect that to trend as we look into '23?

戴夫，你也談到了銷售業務部門。只是任何你喜歡的東西——你是如何做的或那個機會是什麼的任何顏色？最後，在視頻損失方面，它們比我們預期的要好一點。在銷售瘦包方面有什麼不同，或者在我們研究 23 年時我們應該如何期待這種趨勢？

Sure, John. So when we look at wireless, we actually do, it's a nice growth opportunity in and of itself. But the core real opportunity is to surround broadband, both residentially and commercially, as you brought up. You look at the opportunity, the road map, and Mike said, we just crossed the 5 million lines. But the way we look at it, when you include business relationships, we had 34 million broadband relationships. And you look at the amount of lines that the other competitors do, their lines per relationship, we're talking about an opportunity that's around 80 million lines over the long run.

當然，約翰。因此，當我們著眼於無線業務時，我們實際上是這樣做的，它本身就是一個很好的增長機會。但真正的核心機會是圍繞住宅和商業寬帶，正如你所提出的那樣。你看看機會，路線圖，Mike 說，我們剛剛突破了 500 萬行。但我們看待它的方式，當你包括業務關係時，我們有 3400 萬個寬帶關係。你看看其他競爭對手的台詞數量，他們每段關係的台詞數，從長遠來看，我們談論的是大約 8000 萬台詞的機會。

So we had a strong quarter in mobile, really strong quarter, good momentum. This has been building, will continue. So it's a good runway. We really like our position. We like the core service offerings approach, the capital-light approach, by the gig, unlimited, different tiers of unlimited and then really leveraging best-in-class WiFi. So the mobile game plan is really to support broadband. We do see continued positive results. When you package the broadband with mobile, there is a churn benefit to that. And so we'll continue to really -- that's our -- part of our core strategy is to do that and leverage as a feisty competitive marketplace in wireless. For those that are offering different kinds of offers, we'll be there with bring your own device as well. So we got a really good balance towards it. And business services is just getting going in mobile. We're excited about that, and there -- it's early but good progress.

所以我們在移動領域有一個強勁的季度，非常強勁的季度，良好的勢頭。這一直在建設，將繼續下去。所以這是一個很好的跑道。我們真的很喜歡我們的位置。我們喜歡核心服務產品方法、輕資本方法、零工、無限、不同層級的無限，然後真正利用一流的 WiFi。所以手機遊戲計劃真的是要支持寬帶。我們確實看到持續的積極成果。當您將寬帶與移動設備打包在一起時，會帶來流失的好處。因此，我們將繼續——這就是我們的——我們核心戰略的一部分就是這樣做，並利用無線領域的競爭激烈的市場。對於那些提供不同種類優惠的人，我們也會帶上您自己的設備。所以我們在這方面取得了很好的平衡。商業服務在移動領域才剛剛起步。我們對此感到興奮，而且 - 這是早期但良好的進展。

In video, it's a combination, just less attach rate on the front end that is really one of the main drivers. But when you look at churn, churn is better, and it continues to improve and -- on the video side. And when you look at the combination of video and broadband right now, that combination of full disconnect churn, it's down over 20% against the -- since the pre-pandemic 2019 level. So we segment the marketplace. Video is an important part of the portfolio. We'll continue to market it where it makes sense per segment. But overall, that's the story around video.

在視頻中，它是一個組合，只是前端的附加率較低，這是真正的主要驅動因素之一。但是當你看流失率時，流失率更好，而且它會繼續改善——在視頻方面。當你現在看視頻和寬帶的組合時，這種完全斷開連接的組合，比 2019 年大流行前的水平下降了 20% 以上。所以我們細分市場。視頻是產品組合的重要組成部分。我們將繼續在每個細分市場都有意義的地方進行營銷。但總的來說，這就是視頻的故事。

Thanks, John, and thanks, everyone, for joining our call.

謝謝約翰，也謝謝大家加入我們的電話會議。

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's 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。電話重播將於東部時間今天上午 11:30 開始在康卡斯特的投資者關係網站上提供。感謝您的參與。你們都可以斷開連接。