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，早安，歡迎參加康卡斯特2022年第四季及全年財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。

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

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

Thank you, operator, and welcome, everyone. 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，歡迎各位。今天早上參加電話會議的有布萊恩·羅伯茨、邁克·卡瓦納和傑森·阿姆斯特朗，戴夫·沃森、傑夫·謝爾和達娜·斯特朗也參與了會議。布萊恩和麥克將作正式致辭，戴夫、傑夫和達娜也將回答問題。

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

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

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

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thanks, Marci, and 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，大家早安。我為我們團隊在2022年的出色表現感到非常自豪。我們實現了公司史上最高的營收、調整後EBITDA和調整後每股盈餘。同時，我們透過連續第15年提高的經常性股利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。同時，我們也加快了對關鍵成長項目的投資，這些項目都取得了顯著進展，特別是我們正在向10G過渡的寬頻網絡，以及Xfinity Mobile、Peacock和我們的主題樂園。

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.

我將這一切成功歸功於我們公司全體員工的卓越才能，他們通力合作，確保我們不斷發展創新，從而讓客戶在每一次互動中都能獲得最佳體驗。此外，我們穩健的資產負債表也是我們脫穎而出的關鍵因素。再加上我們上個季度採取的成本控制措施，無論宏觀環境如何變化，我們都能保持良好的業績。

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.

我想先談談有線電視業務。我們全年和第四季度的財務表現都證實了這一點：我們在住宅寬頻的費率和用戶數量之間取得了恰當的平衡，併計劃在2023年繼續保持這一平衡；Xfinity Mobile和Comcast業務仍然是強勁的增長動力；我們成功地找到了降低成本以提高效率和投資未來發展之間的最佳平衡點。我們始終致力於提供最佳的產品和體驗，而這最終取決於我們是否擁有容量最大、最可靠、最高效的寬頻網路。

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 as 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 的演進，以及我們透過 DOCSIS 4.0 實現這一目標的獨特方式，將為我們遍布全球的客戶帶來巨大的益處，因為他們都將能夠接入一個圍繞多千兆對稱速度構建的完整生態系統，部分客戶最早可在今年享受到這項服務。這對公司和我們的投資者來說也意義非凡，因為我們向虛擬的、基於軟體的網路轉型——融合了卓越的人工智慧功能——不僅將在營運和資本支出方面帶來切實的好處，而且還將使我們能夠以前所未有的速度進行創新，從而鞏固我們在寬頻領域的領先地位。鑑於速度和使用量需求必將持續成長，這一點至關重要。

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，我們今天仍然可以看到這種趨勢。我們僅使用住宅寬頻服務的用戶每月數據使用量接近700GB。而使用我們千兆寬頻產品的用戶現在約占我們寬頻用戶總數的三分之一。

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.

除了從現有客戶群中創造更多價值，並進一步擴大我們目前覆蓋的家庭和企業用戶群之外，另一個絕佳的機會是將我們的網路擴展到美國境內那些目前無法接收我們服務的家庭和企業。為此，我們在2022年將覆蓋範圍擴大了1.4%，即84萬次，並預計在2023年加速增長，目標是在保持與2022年相同資本支出水平的同時，新增約100萬次覆蓋，到年底覆蓋範圍將接近6250萬次。我們採取了穩健的策略，只會進軍那些能帶來與我們以往業績相近回報的領域。

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.

無線業務在我們有線電視的整體策略中扮演著至關重要的角色，也是我們持續表現優異的領域。上個季度，淨新增線路數量再創新高，短短五年內，我們的線路總數就突破了500萬條。目前，我們住宅寬頻用戶的滲透率僅為9%，這意味著我們擁有龐大的發展空間。此外，我們才剛開始向商業用戶提供無線服務，這再次印證了我們如何向現有企業客戶群銷售更多產品。結合我們的寬頻網路、WiFi覆蓋範圍和行動虛擬網路營運商（MVNO）與Verizon的合作，我們在融合市場中佔據了絕對優勢。我們採用輕資產策略，無需在客戶或網路方面做出任何妥協，這使我們比競爭對手更具優勢。

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NBC環球，我們看到Peacock和Parks的發展勢頭強勁。而且，在整個NBC環球，我們的IP也確實引起了廣泛關注。 2022年，我們以一系列強勁的影片，包括《侏羅紀公園》、《小小兵》、《不，是嗎？ 》、《天堂之票》、《穿靴子的貓》、《黑電話》和《萬聖節》，在全球票房排名第二。這些影片透過我們的「一次性付費」窗口和部分同步上映，在Peacock上也取得了巨大的成功。我們的票房動能延續到了第一季度，《M3GAN》也取得了不錯的成績。總而言之，我們擁有非常強大的電影陣容。

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 年底付費用戶超過 2,000 萬，是年初的兩倍多；光是第四季就新增了超過 500 萬名付費用戶。我們的成功是多方共同推動的，這不僅得益於我剛才提到的幾部影片，也得益於世界盃、NFL、英超等體育賽事，以及多部原創劇集和我們獨家播出的 NBC 和 Bravo 的次日直播。展望未來，根據我們目前的經驗，我們預期用戶成長速度將與內容發佈節奏保持一致，而內容發布主要集中在 2023 年下半年。同時，我們也持續看到用戶參與度、用戶流失率和每用戶平均收入 (ARPU) 的正面趨勢。

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.

馬克伍德伯里擔任主題樂園業務執行長的第一年成績斐然，上個季度我們創下了多項新紀錄。整個業務板塊第四季EBITDA創歷史新高，其中奧蘭多和好萊塢的業績尤為突出；日本的EBITDA表現更是達到了2019年以來的最佳水準。這主要得益於三大主題樂園的客流量均遠超疫情前水準。儘管北京主題樂園在2022年的客流量受到新冠疫情的顯著影響，但我們在新的一年開始就看到了令人振奮的需求成長。

Given the excellent returns we have generated to date, we continue to seek ways to expand our Parks and 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.

鑑於我們迄今為止的卓越收益，我們將繼續尋求拓展旗下主題樂園的途徑。我非常興奮地宣布，我們近期將推出兩項擴建計畫：一是位於達拉斯附近、專為年輕觀眾打造的首個環球影城主題樂園；二是拉斯維加斯首個全年開放的恐怖娛樂體驗計畫。這些項目將以創新方式充分利用我們豐富的智慧財產權，包括來自夢工廠和照明娛樂的智慧財產權，同時拓展我們的品牌影響力，這兩項計畫都將有助於推動我們所有主題樂園的成長。

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.

在線性視訊業務方面，我們透過嚴格控製成本來應對用戶流失。我們將繼續投資全球技術平台，未來幾週和幾個月內，您將看到我們發布的一系列公告。例如，2023年，我們將為Sky Glass、Xfinity、X1、Flex、Xumo以及我們在美國和國際上的合作夥伴推出統一的全球使用者介面。屆時，全球所有娛樂用戶都將獲得同樣榮獲艾美獎的語音控制體驗。這種規模化不僅能提升我們的營運效率，還能讓我們在與經銷商、OEM廠商、節目製作商、應用程式開發商和演藝人員的溝通中佔據優勢。

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，我們正努力應對歐洲宏觀經濟的挑戰，同時始終專注於客戶留存，並持續為客戶提供最佳的娛樂和網路連線體驗。我們已經取得了一些令人鼓舞的成果。在英國，Sky Glass擁有最暢銷的超高清電視型號；Sky Mobile是成長最快的行動電信商，用戶數量已超過300萬；我們正在縮小與目前排名第一的寬頻營運商之間的差距，Sky Broadband的用戶數量現已超過650萬。

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.

綜上所述，我們持續強勁的財務業績、健康的資產負債表以及創紀錄的股東資本回報率，充分體現了我們公司龐大的規模、強大的能力和優秀的人才儲備，使我們能夠成功執行長期成長策略。我堅信我們正走在正確的道路上，並且擁有一支優秀的團隊，能夠抓住眾多機遇，克服前進道路上的任何挑戰。

So before handing over the call, I want to congratulate Jason Armstrong, recently promoted to Chief Financial Officer, succeeding Mike Cavanagh. I could not 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.

在把電話交給您之前，我想祝賀傑森·阿姆斯特朗（Jason Armstrong）最近晉升為首席財務官，接替邁克·卡瓦納（Mike Cavanagh）。我對領導團隊的能力充滿信心，相信他們能夠繼續帶領公司前進，為股東創造更多價值。麥克，接下來交給你。

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，大家早安。首先，我想說，過去七年多來，我一直很榮幸能擔任康卡斯特的財務長。我為傑森能接任我的職位感到無比自豪，因為我知道，有了傑森，我們公司的財務領導權就掌握在經驗豐富、技術精湛的專家手中。由於傑森是在新年伊始才正式接任財務長一職，所以本次電話會議中關於財務長的部分將由我來負責，並在四月份的第一季電話會議上交給傑森。

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.

現在我將從第4頁和第5頁開始討論我們2022年的合併財務表現。第四季營收成長略低於1%，達306億美元；全年營收成長4.3%，達1,214億美元。第四季調整後EBITDA下降4.9%，至80億美元；全年調整後EBITDA成長5%，至365億美元。季度業績包含了我們各業務部門提列的遣散費，總計6.38億美元，比上年同期增加5.41億美元。剔除此部分成長後，第四季調整後EBITDA成長1.5%，全年成長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.

第四季調整後每股盈餘成長6.5%至0.82美元，全年成長13%至3.64美元。第四季自由現金流為13億美元，全年自由現金流為126億美元。這段期間，我們消化了對Peacock和主題樂園的額外投資，以及隨著疫情後內容創作恢復正常而增加的營運資本。

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%.

現在我們來看各業務板塊的業績，首先是幻燈片6中的有線通訊業務。有線電視業務營收成長1.4%，達到166億美元。息稅折舊攤銷前利潤（EBITDA）成長1.5%，達到72億美元，EBITDA利潤率年增10個基點，達43.5%。這些業績包含了3.45億美元的遣散費，比去年第四季增加了3.05億美元。剔除遣散費後，有線電視業務的EBITDA成長5.8%，EBITDA利潤率提升190個基點，創下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.

這些強勁的業績也包含了颶風伊恩對佛羅裡達州西南部的影響，颶風導致我們在該市場服務的許多房屋遭受損失或嚴重損壞。若不計颶風的影響，我們的寬頻用戶數量本應增加約4,000戶，而實際流失用戶為26,000戶。我們估計，客戶流失量本應為約36,000個，而實際流失客戶為71,000個。整體而言，我們第四季的寬頻用戶業績與前兩季基本持平，新用戶連線數量有所下降，但流失率遠低於2019年的水準。

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.

現在讓我們來更詳細地討論一下有線電視業務的財務狀況。有線電視收入成長1.4%，主要得益於寬頻、無線、商業服務和廣告收入的成長，但部分被視訊和語音收入的下降所抵銷。寬頻收入成長5.4%，主要得益於平均每用戶收入（ARPU）的成長以及與去年相比客戶群的擴大。扣除去年部分與新冠疫情相關的客戶抵扣額後，寬頻ARPU年增3.8%。這種內生性ARPU成長與我們過去幾季的成長情況類似，符合我們的策略。

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.

我們致力於透過不斷增加功能、服務和價值來優化客戶關係，從而提供最佳的寬頻體驗，這已經並將繼續推動寬頻用戶平均收入 (ARPU) 的成長。本季成長的要素包括提高資費、將更多客戶升級到更高套餐以及其他服務。我們預計，2023 年 ARPU 成長仍將是推動我們住宅寬頻收入成長的主要動力。

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.

無線業務收入成長25%，主要得益於服務收入的成長，而服務收入的成長又得益於客戶數量的增加。 2022年，我們新增了130萬條用戶線路，其中第四季新增36.5萬條，創下歷史單季淨增用戶數的最高紀錄。

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.

商業服務收入成長4.6%，其中包括Masergy在本季和去年同期的業績，因為我們在本季初完成了這項收購。收入成長主要受費率成長的推動，包括客戶選擇更快的資料傳輸速度、我們先進產品的額外銷售率提高以及部分服務費率的上調。

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.

廣告收入成長9.1%，主要得益於強勁的政治廣告收入，但部分被已併入我們與Charter合資企業Xumo的廣告收入所抵銷。剔除這些因素後，有線電視廣告收入下降1.6%，反映出我們本地核心廣告業務的下滑，但部分被我們高端廣告業務的穩健成長所抵消。

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.

影片收入下降了 5.6%，主要原因是客戶淨流失，但由於我們在 2022 年初實施了住宅用戶費率上調，ARPU 成長了 5.8%，部分抵消了影片收入的下降。最後，語音收入下降了 13%，主要反映了客戶年比流失。

Turning to expenses. Cable Communications fourth quarter expenses increased 1.4%, reflecting higher non-programming 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. Non-programming 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.

接下來談談費用。有線通訊公司第四季費用成長1.4%，主要反映出非節目製作費用增加，其中包括3.05億美元的遣散費成長，部分被節目製作費用下降所抵銷。節目製作費用下降5.9%，主要反映出視訊用戶同比下降，部分被更高的合約費率所抵消。非節目製作費用（同樣包括3.05億美元的遣散費成長）成長5.6%。剔除遣散費後，這些費用與去年同期持平，反映出隨著我們恢復到疫情前水平，壞帳有所增加，以及無線業務成長帶動了技術和產品支援費用的增加。這些成長被行銷推廣和客戶服務費用的下降所抵消，原因是業務活動減少、營運效率提高以及我們持續改善客戶體驗。

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.

我們專注於發展高利潤率的連結業務，同時致力於提高營運效率和控製成本，這推動了2022年EBITDA的強勁成長和利潤率的提升。剔除較高的遣散費支出後，我們全年EBITDA成長5.7%，EBITDA利潤率提升110個基點至44.8%。我們相信，我們嚴謹的業務運作方式，包括本季成本削減措施帶來的效益，將使我們能夠在2023年及以後實現更高的獲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.

現在我們來看NBC環球的第七張幻燈片。首先來看NBC環球的整體業績，第四季營收成長5.9%至99億美元，EBITDA下降36%至8.17億美元，其中包括本季1.82億美元的遣散費支出。剔除遣散費後，EBITDA下降22%。媒體營收成長2.6%至60億美元，主要得益於Peacock的營收成長，其營收幾乎翻了一番，達到6.6億美元，以及Telemundo對世界盃的轉播。

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.

廣告收入成長4%，主要得益於世界盃帶來的2.63億美元增量收入，以及Peacock平台的強勁成長和政治廣告的良好貢獻，但部分被傳統電視廣告的下滑所抵消。若剔除世界盃的影響，廣告收入下降5.6%，反映整體廣告市場的疲軟態勢。

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.

分銷收入成長了 3.8%，這反映了 Peacock 的成長，付費用戶數量較去年翻了一番以上，以及我們網路合約費率的提高，但部分被線性用戶數量的下降所抵消。

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.

第四季媒體業務的 EBITDA 為 1.32 億美元，其中 Peacock 虧損 9.78 億美元，主要反映了新內容的成本，例如我們獨家次日播出的節目和 Bravo 頻道的內容、我們強大的付費點播節目陣容，以及與萬聖節同期上映的節目，如《萬聖節結束》（Halloween Ends）、NFL、NFL、英超聯賽和英超聯賽）。 Peacock 全年 EBITDA 虧損 25 億美元，與我們一年前的預期一致。我們預計 Peacock 的 2023 年虧損將小幅增加至約 30 億美元。

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Peacock的虧損將在2023年達到頂峰，之後將穩步改善。剔除Peacock後，第四季媒體業務的EBITDA下降了13%，這反映出儘管世界盃轉播成本較高，但營收下降且支出基本上持平。展望第一季度，儘管我們仍將專注於成本控制，但我們預計剔除Peacock後，媒體業務的基本EBITDA將繼續受到旗下線性網路營收壓力的影響。

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.

轉至影業，營收成長13%至27億美元，主要得益於內容授權和院線收入的成長。內容授權收入成長16%，主要得益於上期影片的收益、電影窗口期的加速以及電視授權業務的穩健成長。院線收入成長47%，主要歸功於近期上映影片的成功，包括《天堂之票》、《穿靴子的貓》、《暴力之夜》和《萬聖節結束》。本季EBITDA成長1.09億美元至1.6億美元，反映了營收的成長，但部分被行銷和推廣費用的增加所抵消，這反映了本季院線影片的規模和上映時間，以及相應的節目製作成本的增加。

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.

主題樂園業務方面，營收成長12%至21億美元，EBITDA成長16%至7.82億美元，創下第四季EBITDA歷史新高。這項業績主要得益於美國和日本樂園的成長，但部分被北京樂園的業績所抵消，北京樂園受到新冠疫情相關限制措施的負面影響。在美國，樂園需求持續強勁，遊客人數和消費額均較去年同期成長，奧蘭多和好萊塢的第四季EBITDA均創歷史新高。日本環球影城自3月底解除客流限制以來持續復甦，本季EBITDA也實現了強勁的年成長。

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.

現在我們來看看關於Sky的第八張幻燈片。由於美元走強，匯率變動對報告績效產生了顯著影響，但我將以固定匯率為基礎來分析Sky的表現。第四季度，Sky的營收與去年同期相比基本持平，為44億美元。直接面向消費者的收入也與去年同期持平，這主要得益於英國無線和寬頻收入的成長，但卻被德國和義大利的下滑所抵銷。

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.

本季度，我們新增了12.9萬個客戶關係，英國、義大利和德國三大市場均實現淨成長。這些淨成長主要得益於串流媒體、寬頻和無線用戶的增加，反映了我們團隊在歐洲充滿挑戰的宏觀經濟環境下所展現的卓越執行力。

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.

以上構成了Sky的其他收入來源。內容收入成長6.5%，主要得益於娛樂內容的授權收入。廣告收入下降9.6%，主要原因是英國市場收入減少，反映了世界盃的舉辦時間和宏觀經濟環境的影響。

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.

接下來來看EBITDA。 Sky的EBITDA下降15%至3.4億美元，其中包括8,900萬美元的遣散費，比去年第四季高出5,300萬美元。若不計遣散費，EBITDA較去年同期下降2%，主要原因是直接網路成本增加（主要由住宅移動和寬頻業務的成長推動）以及其他費用增加。這些增加大部分被節目製作成本的降低所抵消，因為第四季度有4週的英超聯賽因世界盃而暫停，體育節目的播出時間也相應調整。然而，由於賽季延長以及先前暫停的比賽陸續恢復，2023年上半年的體育賽事費用將會更高。

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.

現在我將在第 9 張投影片上總結自由現金流和資本配置。正如我之前提到的，2022 年，我們產生了約 126 億美元的自由現金流，同時吸收了對 Peacock 和主題樂園的增加投資，以及隨著 COVID 後內容創作正常化而增加的營運資本。

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成長14.2%，即17億美元，達到138億美元，主要得益於NBC環球和有線電視業務支出增加，但部分被天空電視台（Sky）的支出減少所抵銷。有線電視業務總資本支出成長8.3%，即6.95億美元，資本支出強度為11.4%，主要用於進一步加強和擴展網路。我們預計2023年資本支出強度將維持在11%左右，與2022年水準相近，因為我們的目標是加快家庭用戶成長，達到約100萬戶，並在未來幾年內繼續將整個寬頻網路過渡到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.

NBC環球的總資本支出增加了14億美元，其中主題樂園資本支出增加了11億美元，包括Epic主題樂園約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主題樂園等新景點的持續投資。 2023年，隨著我們繼續建造計畫於2025年開放的Epic主題樂園，並啟動先前宣布的園區擴建項目，我們預計主題樂園資本支出將比去年增加約12億美元。

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.

開發這些擴展項目所需的投資遠不如Epic或北京環球影城那樣規模龐大，反而使我們能夠充分利用現有的巨大市場機遇，並可作為未來主題樂園實現更高成長的典範。本年度營運資金為30億美元，較前一年增加15億美元，反映新冠疫情後內容創作投資的加速成長。

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.

再來看資本配置。我們年底的淨槓桿率為2.4倍，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。 2023年，我們預計將繼續維持在當前水準附近的槓桿率，我認為這將有助於我們持續獲得強勁的資本回報。

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美元至1.16美元，這是我們連續第15年提高股息。這反映了我們長期以來均衡的資本配置政策。我們致力於對業務進行有機投資，同時保持穩健的資產負債表，並向股東返還相當可觀的資本。

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 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道格·米切爾森。

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?

布萊恩，還有麥克，順便祝賀你們晉升為總裁。傑森，也祝賀你擔任財務長。布萊恩、麥克，新年伊始，我想請你們談談公司未來的發展願景，以及你們如何看待公司未來的發展。投資人當然關心公司如何應對有線寬頻競爭、連結融合以及媒體流方面的挑戰，以及你們是否看到了公司值得關注的成長機會，這些機會可能會影響資本配置。那麼，你們將如何應對這些挑戰和機會？公司未來3到5年的發展方向為何？

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。我是麥克。那我先說說，布萊恩如果願意的話可以補充。那麼，展望未來幾年，我認為思考這個問題需要我們反思目前的處境。展望2022年，我們取得了非常出色的營運業績，這要歸功於公司各個層級的營運人員，是他們創造瞭如此佳績，包括創紀錄的營收和調整後EBITDA。這從根本上來說，是日常營運中卓越的管理紀律、營運紀律和財務紀律的體現。

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?"

從更宏觀的角度來看，這些業績讓我們得以實現創紀錄的資本回報，高達177億美元。我認為，我們擁有業界最強勁的資產負債表，槓桿比率僅2.4倍。因此，這兩方面因素都處於良好平衡狀態，使我們能夠著手解決您真正的問題，即“我們的機會是什麼？我們面臨哪些挑戰？我們是否擁有應對這些挑戰的資源？”

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，正如你們在電話會議中聽到的，我再簡單回顧一下：我們有很多優質的自主投資項目，旨在應對我們目前看到的各種機會和挑戰。當然，如果出現其他項目，我們會像往常一樣積極跟進。就拿網路建設來說，戴夫可以補充一些內容，但我們正在朝著10G邁進。正如我們之前討論過的，DOCSIS 4.0將以非常經濟的方式，在短短幾年內為我們建立一個上下行對稱的網路。我們將在今年底開始部署這項技術。因此，我認為我們的目標是打造業內最佳的網絡，並圍繞該網絡提供大量的服務，例如WiFi、Flex等，正如你們之前聽到我們提到的。

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.

您聽過我們的技術平台嗎？布萊恩也提到過。我們將打造一個全球統一的技術平台，整合英國 Glass 的開發、美國的 X1 系統以及我們在 Peacock 平台上的所有工作，最終形成一個可擴展的全球技術平台，我們可以將其應用於多種場景。例如，您也知道我們與 Charter 合作的 Xumo 項目，旨在將這項功能擴展到我們業務範圍之外。

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，在有線電視方面，我想說無線業務。我們在無線領域已經耕耘了五年，目前擁有五百萬條線路。我們一路以來都進行了投資，而且還在持續投入中。但我們採取的是輕資產模式。我認為這套整體策略非常適合我們未來推動有線電視業務成長。因此，我建議大家期待我們繼續沿著這些方向發展。

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Peacock絕對是公司最適合的策略。傑夫也多次說過，我們不會參與別人的決策。我們在NBC和有線電視網絡方面擁有非常出色的業務。我們投入大量資金製作內容，隨著觀眾的注意力轉向串流平台，我們也積極地將部分內容遷移到Peacock。我們對目前的營運模式很滿意，付費用戶數量從去年的不到1000萬增加到2000萬，成績斐然。我們預計明年將是該領域投資的巔峰之年。但是，我們將繼續推進這項計劃。

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，我想提一下主題樂園。任天堂主題樂園將於二月在好萊塢開幕。我們正在加緊建造位於奧蘭多的史詩宇宙主題樂園，預計2025年開業，這將是一個規模宏大的主題樂園。正如我之前所說，我們將在今年和2024年增加投入，力爭在史詩宇宙開幕前達到頂峰。此外，我們還將利用現有的優質產品，結合一些新思路和創新理念，在達拉斯打造一個規模較小的兒童主題樂園，並在拉斯維加斯推出好萊塢恐怖之夜。

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?

所以這些都是大型投資計劃，旨在解決我認為我們各個業務領域面臨的所有問題。因此，我認為我們已做好充分準備，繼續以內生式投資為主，並在未來幾年推動各業務的成長。當然，我們也需要考慮外延式成長。但正如我之前所說，我們的標準非常高。我們的職責是確保我們專注於內生式成長的機會並有效執行，我認為我們做到了。布萊恩，你還有什麼要補充的嗎？

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，我明白了為什麼您是這份工作的最佳人選。您的回答非常精彩，涵蓋了公司的許多願景。所以，我盡量避免重複，甚至想從更宏觀的角度出發，從您剛才提到的內容中挑選兩個主題，思考一下公司的願景，以及兩大發展趨勢。一方面是寬頻領域的競爭現狀（我相信戴夫會在一些問題中談到這一點），另一方面是更長遠的發展趨勢，即消費者的使用需求可能會發生怎樣的變化，以及我們在願景方面押注的是什麼。另一個趨勢是串流媒體的融合，以及我們目前處於這一發展階段的哪個階段。

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 and 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?

所以，想想麥克提到的10G計劃，它實際上是為了擴大我們的領先優勢，清晰且有力地向消費者解釋，並為他們提供產品，並能夠為居民——包括消費者和企業——打造品牌，讓他們知道我們擁有他們想要的東西，如果你依賴、需要並享受寬頻以及我們正在進行的投資，以及寬頻的普及性。如果你看看寬頻的使用情況，我們在準備好的演講稿中引用了一些數據，但即使只是看看周四晚上NFL在亞馬遜上的直播，也會產生大量的寬頻使用量。未來這種情況會是更多還是更少？如今美國有多少人透過這種方式消費？ 5年、10年後又會是什麼樣子？

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充分利用這些宏觀趨勢的公司。串流媒體領域也是如此。 Peacock 的成功，離不開 NBCUniversal、Comcast 和 Sky 團隊的通力合作，他們在短短一年內就讓我們擁有了超過 2000 萬的付費用戶，而且未來還有更大的發展空間。每月只需​​ 5 美元，就能享受從世界盃到週日橄欖球之夜，從精彩電影到 NBC 隔天重播節目，以及我們所有的有線電視內容和原創內容，絕對物超所值。消費者們也正逐漸意識到這一點。

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——我同意麥克的說法，我認為我們目前處於非常有利的地位。我認為我們將繼續實現內生式成長，並展現出保持資產負債表穩健和向股東返還資本的能力。在2022年，我們很好地做到了這一點，也希望今年能再次做到。

Our next question comes from Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的本·斯溫伯恩。

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?

我想問傑夫關於NBC的前景，包括您在2023年看到的一些關鍵趨勢，以及更長遠的未來。我的意思是，我記得NBC在2019年的EBITDA超過了85億美元。考慮到Peacock的虧損以及媒體業務面臨的壓力，我認為2023年的EBITDA可能會比2022年下降。能否談談NBC環球的長期發展機會？您認為在合理的投資期間內，NBC環球的EBITDA能否恢復到先前的水準？鑑於目前宏觀經濟情勢的種種擔憂，您對廣告和公園等業務有何看法？

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?

然後我還有一個關於現金流的問題想問麥克。你提到2022年淨營運資本拖累達30億美元。如果你對2023年的情況有任何了解，能否提供一些資訊？

Hey 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 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.

嗨，本，我是傑夫。我先開始，然後交給麥克。我們對NBC未來的成長前景非常樂觀。具體來說，我們的內容業務在上個季度表現出色，而且目前正處於前所未有的最佳狀態。我們的電影工作室今年開局良好，未來的片單也相當不錯。我們的電視業務——尤其是製片廠——也發展得很好。所以，我們的內容業務目前表現優異，未來還會持續成長。

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.

布萊恩和麥克都談到了主題樂園業務，對我們來說，這個業務從未如此出色。去年我們創下了業績紀錄。由於我們目前發展勢頭強勁，美國市場的成長速度可能會略有放緩，但我們看到——我們在第四季度在日本站穩了腳跟。基於任天堂主題樂園的經營，日本市場將會持續成長。北京市場在第三季度基本上實現了盈利，但在第四季度受到新冠疫情的影響，今年年初經濟重啟後，即使天氣不佳，也表現良好。所以我認為我們的主題樂園業務未來還有很大的成長空間。正如麥克和布萊恩所說，我們正在加大對主題公園業務的投資。所以這兩個業務都非常出色。

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 -- 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.

正如布萊恩剛才精彩闡述的那樣，在媒體板塊，我們決定投資Peacock。鑑於我們目前的處境，很明顯，我們選擇了正確的商業模式。而且，我之前提到的內容優勢——正是這種優勢使我們的線性電視網絡幾十年來穩居榜首——也正在Peacock上帶來回報。所以，我們進行了這項投資。從一開始我們就明確表示，我們將看到投資回報。基於我們目前的狀況，我認為我們現在對此更有信心。我們進行這項投資的另一個目的是為了讓媒體板塊逐步恢復成長，我們現在對此的信心比一兩年前更強。成長終將到來。而具體時間取決於宏觀經濟情勢，例如廣告市場何時復甦，以及我們線性電視業務未來的下滑趨勢。當然，我們也會繼續削減線性電視板塊的成本，以維持利潤率。

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.

因此，我對NBC環球未來的成長前景非常有信心，尤其是在我們今年取得如此進展之後。至於媒體業務板塊，如果我們不認為Peacock最終會帶動整個板塊的成長，我們就不會投資它。

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，本，關於營運資金，我們一年前就說過，由於新冠疫情造成的干擾，內容創作難以恢復正常水平，營運資金將會飆升至高於往常的水平。所以預計營運資金會從2022年的水準回落。具體數字很難預測，但我認為我們已經過了高峰。

Our next question comes from Craig Moffett with MoffettNathanson.

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

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?

恭喜你們兩位，Mike 和 Jason。我的問題是關於利潤率的。就有線電視業務而言，我認為目前大多數人都清楚，寬頻成長會提高利潤率，而視訊業務的下滑也會提高利潤率。隨著無線業務的份額越來越大，從長遠來看，這些因素會如何影響利潤率？無線業務的成長速度（無論它對利潤率的貢獻如何）是否有可能帶動有線電視業務利潤率的成長？

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。我認為好消息是我們擁有豐富的業務機會和業務線。正如你所說，我們在寬頻領域實力雄厚，不僅擁有穩固的寬頻合作關係，而且有能力以健康的方式推動營收成長。因此，我相信住宅寬頻將繼續提升收入和利潤率。而商業服務則是一個真正的長期機會。過去如此，將來亦然。所以，當你審視包括行動業務在內的總收入和利潤率時，我認為這是一個好兆頭——儘管視訊業務成長放緩，但它仍然有助於提高利潤率。

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.

第二點顯然是支出。除了較低的業務活動水平，我們始終專注於兩大核心業務：交易活動和用戶體驗的提升，這些都極大地推動了自助安裝和幫助用戶獨立解決問題的應用程式等功能；以及成本控制，包括固定成本和持續成本。我認為，所有這些因素都表明，這並非曇花一現。長期以來，我們在利潤率方面一直穩步前進。因此，我認為我們仍有充足的發展空間。

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

下一個問題來自美國銀行證券的傑西卡·雷夫·埃爾利希。

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NBC環球的話題，主要有兩個面向。關於主題樂園，你們計劃在美國建造三個主題樂園。能談談全球規劃嗎？消費高峰會在2024年嗎？我記得麥克剛才好像是這麼說的。再說Peacock串流平台，聽起來今年虧損會最大。你們預計什麼時候能達到損益兩平？能談談長期獲利潛力嗎？例如你們預期利潤率是多少？

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，總而言之，您能否談談您對收購的興趣？麥克提到了內部收購和非內部收購。我只是想知道，WWE顯然是待售的。他們擁有知識產權。今年我們是否會看到更多媒體整合？

(technical difficulty)

（技術難題）

Jessica, sorry about that. We're back.

潔西卡，抱歉。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？我還以為是我問的呢。所以我想再問一次NBC環球。你們計劃在美國建造三個主題樂園。我想知道你們有沒有全球擴張的計畫。聽麥克說，消費高峰期好像是2024年。我想確認一下。還有，關於Peacock，聽起來今年虧損會最大。你能說說你們預計什麼時候能達到損益平衡，以及你們對Peacock的長期獲利潛力或利潤率有什麼看法嗎？

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，麥克再次提到了有機成長和無機成長。所以我很好奇你們對收購的興趣如何，無論是像WWE這樣的公司還是IP。今年我們是否最終會看到媒體產業的整合？

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。抱歉耽擱了。我是傑夫。首先，我想談談公園業務。鑑於我們公園業務的良好表現，我們一直在尋求對公園進行投資。在疫情期間，我們的市佔率有所提升，成長也相當穩健。我們——這是我們想要投入資金的業務。正如布萊恩所說，我們對Epic計畫非常興奮。它正在蓬勃發展，前景一片光明，我們選擇此時投資可謂恰逢其時。但我們始終希望在國內外都有投資項目。

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.

我們在達拉斯打造的這個項目，是專為年輕受眾設計的，投資也相對較少。如果成功（我們對此非常有信心），這個概念可以推廣到世界各地，即使有些地方可能不適合像奧蘭多或北京那樣的大型主題公園，但它可以支持其他類型的項目。所以我們對這個項目充滿期待。此外，拉斯維加斯的萬聖節恐怖之夜體驗也讓我非常興奮，它也可以推廣到世界各地。因此，我們不僅關注國內市場，也著眼於國際擴張，目前已經有許多市場正在考慮中。這些市場並非都適合建造大型主題樂園，我們會針對不同的市場探索不同的專案概念。

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.

至於消費高峰期，我認為Epic，我們預計今年的消費高峰期可能會到來，儘管2023年和2024年的消費水平應該差不多，因為我們會在2025年初開業前逐步減少消費。以上就是關於主題樂園的情況。

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.

就Peacock而言，我們對目前的發展軌跡非常樂觀。我們的投資金額完全符合預期，付費用戶數更是遠超預期，無疑會帶來回報。正如Mike或Brian在開場白中提到的，我們將在今年達到支出峰值，之後將穩定成長。如果我們看不到Peacock的投資能帶來長期的回報，我們就不會進行這項投資。正如我之前所說，我現在更有信心我們能夠實現這一目標。僅Peacock一項投資以及整個媒體業務板塊都將獲得豐厚的回報。

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.

根據我們目前的進展，我越來越確信我們選擇了正確的商業模式，我們的投資也適合這項業務。所以，麥克，我不知道你是否想談談收購的事。

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，傑夫也可以參與。我的意思是，關於媒體整合，我們拭目以待。但我認為——回到我們之前的討論，我們有一套完善的計劃來投資我們自己的業務。所以，任何我們會考慮的事情，我們都會進行深入的討論，因為考慮這些事情是我們的責任。我們的優先考慮必須是投資於我們自己能夠掌控、經營、了解自身業務、擁有發展勢頭且不會出現意外情況的業務。所以就像我說的，對於任何非內生性收購的機會，我們都會認真討論，相對於我們投資自身業務的選擇，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.

我還要補充一點，我們一直在尋找能夠增強我們業務的補充性收購，我舉兩個例子。我們收購了夢工廠。我們之前也討論過這件事，自收購以來，收益一直在穩步增長。最近上映的《穿靴子的貓》票房大賣，標誌著我們重返史瑞克宇宙，也讓這筆收購顯得格外划算。此外，我們也一直在投資布倫屋影業。我們是傑森·布倫的合作夥伴。本月，我們推出了一部大賣的電影《M3GAN》，這部電影正是出自這項投資。所以，我們一直在尋找那些不涉及產業整合的補充性收購。

Our next question comes from Brett Feldman with Goldman Sachs.

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?

去年晚些時候，您曾指出，基於市場狀況，寬頻用戶規模不太可能出現顯著變化，至少在一段時間內會保持穩定。而我們在您第四季的業績報告中也確實看到了這個趨勢。我希望您能提供一些最新資訊。您如何看待當前的市場狀況？您是否看到了任何利多因素？您是否需要市場狀況顯著改善才能實現更永續的寬頻淨增用戶成長？或者您認為，無論市場環境如何，您目前採取的一些措施是否足以讓您在今年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.

Brett，我是Dave。首先，我想談談你關於整體環境的第一點，以及我們在寬頻領域的表現。從第四季開始，顯然，排除颶風的影響，我們報告的寬頻淨新增用戶為4000戶。過去幾個季度，這一數字一直保持穩定，反映了用戶搬遷活動減少和競爭加劇的持續影響。但不同之處在於，用戶流失率接近歷史最低水準。

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 non-pay 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，目前的環境與之前類似。宏觀層面，用戶流失率依然低迷。競爭依然非常激烈，我們看到非付費用戶活動和流失率正在逐漸恢復正常。因此，目前新增用戶仍面臨挑戰。然而，正如我們在2022年創紀錄的營收、調整後EBITDA和利潤率所表明的那樣，我們的商業模式是成功的。我們致力於提升營收、EBITDA和現金流，而不是僅僅追求用戶數量。

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，您可以看看我們的ARPU成長情況，我們一直在維護客戶關係，但就寬頻而言，我們的ARPU成長了3.8%。因此，我們正在保護ARPU成長，不斷增加價值，投資我們的網絡，所有這些都在我們之前討論過的範圍內。正如Brian所說，從現有客戶群來看，結果顯示，我們只有三分之一的寬頻客戶使用了我們的千兆+產品。而三年前，這個比例僅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, we're going to do both. We're going to balance rate and volume.

所以你要看用戶使用情況，也要看長遠發展機會。正如布萊恩所說，即使只是增加幾場體育賽事的串流播放，都表明我們需要更好的寬頻服務。正如我之前所說，從我們目前的競爭狀況來看，這種情況還會持續下去。但我認為我們會專注於我們強大的、覆蓋廣泛的網絡，並繼續加大投入。我們會不斷細分市場，針對每個競爭對手製定應對策略。所以我認為市場環境雖然類似，但我們非常注重提升業績。我們會兼顧速度和流量兩方面。

Our next question comes from Michael Rollins with Citi.

下一個問題來自花旗銀行的麥可‧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榮升新職。如果可以的話，我想問兩個問題。首先，關於Xumo平台，能否介紹一下目前的進展情況，以及未來一到兩年內需要關注的關鍵節點？其次，關於你們在2022年底採取的成本削減和效率提升措施，我們該如何看待年度成本節約的潛力？

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?

讓我先說，麥可。這位是戴夫。我先來說說Xumo。現在還處於非常早期的階段。我們對這個機會感到非常興奮。早期的討論很積極，而且有很多合作夥伴。所以我們對與Charter的合作感到興奮。但是——就Xumo而言，目前還處於非常早期的階段。敬請期待更多消息，我們隨時會向您報告最新進展。麥克？

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，關於我們今年採取的成本控制措施，實際上是為了讓我們的業務做好準備，從而推動業績成長，我們也對前景做出了一些說明。我們不提供業績指引，但我認為應該把所有這些因素都考慮在內，包括傑夫、戴夫和我迄今為止在電話會議上給出的展望，即有線電視業務利潤率和 EBITDA 持續增長的機會，以及傑夫剛才提到的媒體業務的所有內容，包括園區增長、工作室增長，以及媒體業務中線性電視與 Peacock 平台之間的淨增長動態。

Our next question comes from Phil Cusick from JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

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?

如果可以的話，我想問兩個後續問題。您之前關於擴大寬頻覆蓋範圍和推進寬頻建設的立場沒有改變。未來的BEAD資金或州政府補貼是否會進一步加速這一進程？還是您認為每年100萬用戶的目標就是一個合適的數字？

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?

傑夫，自從你12月初發表評論以來，廣告趨勢方面有什麼最新進展嗎？最後，我想請教一下，你們能否談談本季5億美元的遣散費？是否還會有更多？麥克，我聽你說過有線電視的利潤率應該會繼續保持在高水準。你預計未來成本會受到怎樣的影響？

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.

菲爾，我先來，我是戴夫，我們來談談場地擴張的預期。進展相當穩定。 2021年，通行量為81.3萬輛。 2022年，也就是去年，通行量為84萬輛，進展良好，符合我們的預期。我們預計2023年通行量將加速成長，達到100萬輛左右。顯然，機會仍然在於現有場地和住宅項目，以及我們稱之為商業成長的超大型建築，這些項目都仍然存在。我們對此感到非常興奮。這些仍然是場地擴張的主要部分。新增項目將是我們一直在討論的鄉村邊緣地帶，這些項目的建設速度將會加快。

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，我們對此感到非常興奮。我們將全力以赴。我們認為，就早期階段而言，我們在獲得撥款和在這些社區取得的成果方面做得很好。但我們將採取非常嚴謹的方法，並力求實現與歷史水準相近的回報。所以——而且我認為——無論是網路升級還是覆蓋範圍擴展，我們仍然完全按照之前所說的目標進行，回到2021年，有線電視資本支出強度約為11%。因此，我們對這兩個領域都感到非常興奮，包括我們如何進行升級，以及我們優雅的升級路徑和覆蓋範圍擴展。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，也謝謝菲爾。關於廣告市場，我認為在先前的電話會議中，廣告市場——廣告市場——在過去一年持續惡化。感覺像是11月底12月初觸底。實際上，從那以後，情況並沒有變得更糟，甚至可能略有好轉。我會用「疲軟」來形容它。市場中有些部分錶現確實很好，例如醫藥、娛樂和旅遊業都非常火爆。但也有一些部分市場感覺不太明朗。科技、汽車和金融服務等產業都很疲軟。感覺這種疲軟與其說是因為企業經營不善，不如說是因為宏觀經濟的不確定性。我的意思是，我們誰也不知道經濟會走向何方，我認為這些領域的廣告商都在觀望。即使他們投放廣告，也比平常晚了些。

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，我認為我們比同行略勝一籌，原因有二。首先，Peacock 的成長確實有助於抵消線性成長的疲軟，這對我們來說是件好事。其次，我們在數據和衡量方面投入大量資金，而且我們擁有最優秀的團隊。這些都起到了很大的幫助。總而言之，我認為廣告市場目前已經趨於穩定。我們預計今年上半年市場仍將疲軟，之後才會復甦。但宏觀經濟情勢瞬息萬變，誰也無法預料未來走向。

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，菲爾、麥克，我們來談談宏觀層面。我的意思是，展望2023年，和許多企業一樣，由於環境的不確定性，我們採取了——我來告訴你我們在遣散方面做了什麼。我們為全公司員工提供了自願退休計劃，這是我們定期開展的一項舉措，其好處顯而易見，它能為年輕人才提供更多機會，而且在某些特定業務領域，我們採取了一些戰略措施，以確保在充滿不確定性的時期盡可能高效地運營。所以，在邁入2023年之際，我們已經落實了所有這些措施。現在，這些都已成為過去。

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

接下來，我們將回答瑞銀集團的約翰‧霍杜利克提出的問題。

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.

也許我想問Dave幾個關於無線和視訊方面的問題。關於無線，你提到了9%的滲透率。我的意思是，你認為向這個滲透率的人群銷售無線服務對寬頻用戶群產生了正面影響嗎？你打算繼續加大投入嗎？我覺得你們並沒有把無線業務看成一個獨立的利潤來源，而是把它當作寬頻業務的補充。這種情況不太可能改變嗎？這是第一個問題。

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，你也談到了向企業客戶銷售產品。在這方面有什麼進展嗎？或者說，這個領域有哪些機會？最後，關於視訊業務的虧損，情況比我們預期的略好。在銷售精簡套餐方面，有什麼不同嗎？或者我們應該如何預測2023年的發展趨勢？

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。所以，當我們審視無線網路時，它本身確實是一個很好的成長機會。但正如你所提到的，真正的核心機會在於寬頻，包括住宅和商業寬頻。看看這個機會，看看我們的發展路線圖，麥克說我們剛剛突破了500萬條路線。但我們的計算方式是，如果把商業關係也算進去，我們已經擁有3,400萬個寬頻客戶關係。再看看其他競爭對手的線路數量，以及他們每個客戶關係對應的線路數量，從長遠來看，我們面臨的機會大約是8000萬條線路。

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，我們在行動業務方面度過了一個強勁的季度，勢頭良好。這種勢頭一直在增長，並將繼續保持下去。因此，我們擁有良好的發展前景。我們非常看好自身的市場地位。我們喜歡以核心服務產品為基礎，採用輕資產模式，提供千兆計費、無限流量、不同等級的無限流量套餐，並充分利用一流的Wi-Fi服務。因此，我們的行動業務策略實際上是為寬頻提供支援。我們看到了持續的正面成果。將寬頻與行動服務打包銷售，可以降低用戶流失率。因此，我們將繼續——這是我們核心策略的一部分——這樣做，並利用我們在無線領域激烈的市場競爭優勢。對於那些提供不同類型服務的供應商，我們也會提供自備設備（BYOD）服務。因此，我們在這方面取得了非常好的平衡。行動業務的商業服務也剛起步。我們對此感到興奮，雖然目前還處於早期階段，但進展良好。

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.

在影片領域，情況比較複雜，前端附加率較低確實是主要驅動因素之一。但從用戶流失率來看，情況有所改善，而且在影片方面持續改善。目前，視訊和寬頻的結合使用，即完全斷網流失率，比疫情前的2019年水準下降了20%以上。因此，我們對市場進行了細分。影片是我們產品組合的重要組成部分。我們將繼續在各個細分市場進行推廣。總而言之，這就是視訊領域的整體情況。

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

謝謝約翰，也謝謝各位參加我們的電話會議。

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。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。