康卡斯特 (CMCSA) 2023 Q1 法說會逐字稿

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

女士們、先生們，早安，歡迎參加康卡斯特第一季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。現在我將把電話交給投資人關係執行副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

Thank you, operator, and welcome to our first quarter 2023 earnings call. You'll first hear from Brian Roberts, Mike Cavanagh and Jason Armstrong. Then, Dave Watson will join us and be available for Q&A.

謝謝接線員，歡迎參加我們2023年第一季財報電話會議。首先，您將聽到Brian Roberts、Mike Cavanagh和Jason Armstrong的發言。之後，Dave Watson將加入我們，並回答大家的問題。

As a reminder, beginning this first quarter, we have changed our presentation of segment operating results around 2 primary businesses: Connectivity & Platforms and Content & Experiences. For additional details, please refer to our 8-K issued on March 13, which can be found on our Investor Relations website at www.cmcsa.com.

再次提醒，自本季度起，我們調整了分部經營業績的列報方式，主要圍繞兩大業務板塊展開：連結與平台以及內容與體驗。更多詳情，請參閱我們於3月13日發布的8-K表格，該表格可在我們投資者關係網站www.cmcsa.com上查閱。

I will now refer you to Slide 2 of the presentation accompanying this call, which can also be found on our Investor Relations website and which contains our safe harbor disclaimer. This conference call may include forward-looking statements subject to certain risks and uncertainties.

現在請各位參閱本次電話會議簡報的第二張投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性因素的影響。

In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP.

此外，在本次電話會議中，我們將提及一些非公認會計準則（非GAAP）財務指標。請參閱我們今天稍早發布的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節表。

With that, I'll turn the call over to Brian.

接下來，我將把電話交給布萊恩。

Thanks, Marci, and good morning, everyone. Before we get in the quarter, let me just acknowledge the news that you all saw earlier this week.

謝謝瑪西，大家早安。在正式開始本季之前，我想先回顧一下大家本週早些時候看到的新聞。

Obviously, a tough moment. But we are so fortunate to have a fabulous and tenured leadership team at NBCUniversal. You go down the list, you'll see many of them have been leading their divisions within the company for at least 10 years and are truly the best in the business.

顯然，這是一個艱難的時刻。但我們非常幸運，NBC環球擁有一支卓越且經驗豐富的領導團隊。你仔細看看他們的名單，你會發現他們中的許多人已經在公司各自部門擔任領導職務至少10年，是業界真正的精英。

We're also lucky to have Mike Cavanagh step in at the helm at NBCUniversal while also remaining President. Mike is a fantastic executive and operator - that many of you know well - and he'll work closely with each of the management team at NBCUniversal to continue our excellent momentum.

我們非常榮幸地宣布，麥克·卡瓦納將接任NBC環球的執行長一職，同時繼續擔任總裁。麥克是一位傑出的管理者和經營者——相信你們中的許多人都對他非常了解——他將與NBC環球的每位管理團隊成員緊密合作，以保持我們目前的良好發展勢頭。

Mike, alongside with Jason Armstrong, will lead these earnings calls on a go-forward basis. Today, you'll hear from them about our strategic focus and drivers of growth -now and over the long-term. And Jason will go into much greater details on the first quarter results. Dave Watson and I are here for Q&A. You'll hear a lot more about the great momentum of our Connectivity & Platforms businesses later in the call. Dave, thanks for getting off to a great start this year.

今後，Mike 將與 Jason Armstrong 一起主持這些財報電話會議。今天，他們將介紹我們的策略重點和成長驅動因素——包括當前和長期成長。 Jason 也將詳細闡述第一季的業績。我和 Dave Watson 將進行問答環節。稍後，您將聽到更多關於我們連接與平台業務強勁發展勢頭的信息。 Dave，謝謝你今年開局出色。

So, before I hand it over to Mike, I just want to share my quick perspective on our recent performance. This really was a strong quarter and start to the year, especially within the context of what continues to be a choppy macro environment.

所以，在把發言權交給麥克之前，我想先簡單談談我對我們近期業績的看法。這確實是一個強勁的季度，也是今年的一個好開局，尤其是在宏觀經濟環境持續動盪的情況下。

We grew adjusted EBITDA by 3% and adjusted EPS by 7%. In addition, we generated $3.8 billion of free cash flow and returned $3.2 billion of capital to shareholders all while continuing to invest, importantly, in a number of major initiatives, which is a real testament to our very healthy balance sheet.

我們調整後的 EBITDA 成長了 3%，調整後的每股盈餘成長了 7%。此外，我們創造了 38 億美元的自由現金流，並向股東返還了 32 億美元的資本，同時也持續投資於多項重大舉措，這充分證明了我們非常健康的資產負債表。

Two things amongst many highlights in particular that stand out for me, and I'm really proud of. One is the animation business. By strengthening and combining our capabilities across DreamWorks and Illumination, led by Chris Meledandri, we've had tremendous success creating franchises that people know and love all over the world: Despicable Me, Shrek, Pets, Minions and more recently, Puss in Boots and now Super Mario Bros., which just broke a number of records, including the biggest worldwide opening of any animated film all time. These are the results of the strategic decision we made years ago to become a leader in animation and the conviction we've had to continue to invest in the business even during the depths of the pandemic, which are now clearly paying off.

在眾多亮點中，有兩件事尤其令我印象深刻，也讓我倍感自豪。其一是動畫業務。在克里斯·梅勒丹德里的領導下，我們整合了夢工廠和照明娛樂的資源，並不斷強化自身實力，成功打造了眾多風靡全球的經典動畫系列，例如《神偷奶爸》、《怪物史萊克》、《愛寵大機密》、《小小兵》，以及最近的電影史上《奪世界》和《超級足球》的《超級足球俱樂部》，其中包括全球最大的票房電影。這些成就源自於我們多​​年前做出的策略決策——成為動畫產業的領導者，以及我們即使在疫情最嚴峻的時期也堅持投資動畫業務的堅定信念，而如今這些努力已初見成效。

The second is Connectivity & Platforms. The significant margin expansion that we achieved this quarter, coupled with the 4.5% ARPU growth in domestic residential broadband, demonstrates successful discipline and excellent management in a challenging competitive environment. We're focused on delivering a superior experience and profitably serving our customers, and it shows.

第二點是連結與平台。本季我們實現了顯著的利潤率提升，加上家庭寬頻ARPU成長4.5%，這體現了我們在充滿挑戰的競爭環境中，憑藉嚴格的紀律和卓越的管理能力所取得的成功。我們致力於為客戶提供卓越的體驗和獲利服務，而這些成果也已初見成效。

And with that, let me now hand the call over to Mike.

那麼，現在讓我把電話交給麥克。

Thanks, Brian. We had a great start to 2023 and have set ourselves up for another strong year. We have amazing talent at all levels of our company and DNA that fosters creativity and collaboration, resulting in operational excellence that is second to none. Couple that with our position as a scaled leader in very large and profitable markets with tens of millions of customers paying us over $100 per month, as well as hundreds of millions of TV and streaming viewers. And we have an extremely healthy balance sheet, enabling us to invest in all of our strategic opportunities and for great returns while also returning a healthy amount of capital to shareholders.

謝謝布萊恩。 2023年開局良好，我們已為另一個強勁的年份奠定了基礎。我們公司各個層級都擁有傑出的人才，公司基因中蘊含著促進創新和協作的理念，從而造就了首屈一指的卓越營運。此外，我們在規模龐大且利潤豐厚的市場中佔據領先地位，擁有數千萬每月付費超過100美元的客戶，以及數億電視和串流媒體觀眾。我們擁有極其健康的資產負債表，這使我們能夠投資所有策略機會並獲得豐厚回報，同時也能為股東帶來可觀的資本回報。

As pleased as we are with our results in the first quarter, any company's performance in a quarter is just a milestone of progress against a longer-term strategy and plan. And so, before we dive deeper into the details of the last few months, I'd like to spend a few minutes talking about the drivers of our growth over the longer-term and where we're focusing most of our time and resources.

儘管我們對第一季的業績感到滿意，但任何公司一個季度的表現都只是朝著長期策略和計劃邁出的一個里程碑。因此，在深入探討過去幾個月的細節之前，我想花幾分鐘時間談談我們長期成長的驅動因素，以及我們目前投入最多時間和資源的領域。

I put these in 4 buckets: residential connectivity, business services connectivity, our theme parks and experiences and our premium content creation. I'll start with residential connectivity, which is comprised of domestic broadband, domestic wireless and international connectivity.

我將這些業務分為四類：住宅網路連結、商業服務網路連結、主題樂園及體驗項目以及優質內容創作。首先是住宅網路連接，它包括國內寬頻、國內無線網路和國際網路連接。

Broadband is a fantastic business. It's a great product for the consumer, and demand continues to rise. People are connecting more and more devices to our network, and they're consuming a tremendous amount of data.

寬頻業務前景廣闊。它對消費者來說是一款非常棒的產品，而且需求還在持續成長。人們將越來越多的設備連接到我們的網絡，他們消耗的數據量也極為龐大。

Right now, the average monthly data usage for a broadband customer that doesn't take video from us is nearly 700 gigabytes. And there is a related increase in the importance of reliability and speed with roughly one-third of our customers at 1 gigabit or higher and nearly three quarters at or above 400 megabits.

目前，不使用我們視訊服務的寬頻用戶平均每月數據使用量接近700GB。同時，可靠性和速度的重要性也日益凸顯，我們約有三分之一的用戶使用1Gbps或更高的網速，近四分之三的用戶使用400Mbps或更高的網速。

For us, the consumers' already high and increasing level of expectation for their broadband experience is an important trend. And while the marketplace is competitive such that adding subs in the near term is likely to be a challenge, I fully expect we will eventually return to subscriber growth. We have the best hand out there to win against all the competing technologies, whether it's fiber or fixed wireless.

對我們而言，消費者對寬頻體驗日益增長的期望值是一個重要的趨勢。雖然市場競爭激烈，短期內增加用戶數量可能面臨挑戰，但我完全相信我們最終會恢復用戶成長。無論面對光纖或固定無線網絡，我們都擁有戰勝所有競爭技術的最佳優勢。

We view fiber as our long-term competitor. We have been successfully competing against fiber for about 20 years, yet still built a base of 32 million broadband customers over this time period. Our strategy is to have the most robust network, which we're making even better as we transition to DOCSIS 4.0 and surrounding our industry-leading broadband experience with multiple services that provide additional value.

我們視光纖為長期競爭對手。過去20年來，我們一直在與光纖展開激烈的競爭，並在此期間累積了3,200萬寬頻用戶。我們的策略是打造最強大的網絡，並透過向DOCSIS 4.0過渡，進一步提升網路效能，同時圍繞我們業界領先的寬頻體驗，提供多種增值服務。

And now, we have the ability to offer the consumer a converged connectivity package that includes a great wireless product, based on a capital-light model with favorable economics combined with excellent Wi-Fi. A more recent competitor is fixed wireless, which we view as a substandard and temporary solution for a certain segment based on their needs at this moment in time. Our approach is to compete rationally.

現在，我們有能力為消費者提供融合連接方案，其中包括一款基於輕量資產模式、經濟效益顯著且Wi-Fi性能卓越的無線產品。固定無線網路是近期興起的競爭對手，但我們認為它目前僅能滿足部分用戶的需求，是次要且臨時的解決方案。我們的策略是理性競爭。

We know how to segment the market. We have packages that cater to customers who want the very fastest speeds and premium features and others that are more targeted to those looking for value-oriented solutions.

我們深諳市場區隔之道。我們提供的套餐既有滿足追求極致速度和高級功能客戶的，也有更注重性價比的套餐，以滿足客戶的需求。

We trialed a couple of offers targeted to this lower end during the quarter. We were pleased with the results, and we'll continue to remain nimble and respond competitively in each segment. In the meantime, as the residential connectivity market and macroeconomic environment continue to evolve, our focus will be on serving our existing base, growing broadband ARPU, increasing our penetration in wireless and making proactive investments to expand our footprint at the fastest pace in our history. You saw us do this all of last year and in the first quarter, and I expect this trend to continue.

本季我們試行了幾項針對低端市場的優惠活動。我們對結果感到滿意，並將繼續保持靈活，在各個細分市場中做出具有競爭力的回應。同時，隨著住宅網路連接市場和宏觀經濟環境的不斷變化，我們將專注於服務現有客戶群，提升寬頻用戶平均收入（ARPU），擴大無線網路覆蓋率，並積極投資以史上最快的速度拓展業務版圖。正如您去年全年和今年第一季所見，我預計這一趨勢將繼續保持。

Our second major growth opportunity- business services, which is approaching $10 billion in annual revenue, is growing at mid-single digits with newly reported margins just shy of 60% and delivering adjusted EBITDA growth in the high single-digit range. Here too, our advanced and adaptable network infrastructure is much better suited to serving commercial and government locations compared to the legacy wireline and wireless providers.

我們的第二個主要成長機會－商業服務，年收入已接近100億美元，正以中等個位數的速度成長，最新公佈的利潤率接近60%，調整後EBITDA成長率也達到了較高的個位數。同樣，與傳統的有線和無線營運商相比，我們先進且適應性強的網路基礎設施更適合服務商業和政府機構。

We move fast and are more capable of reliably and cost effectively meeting our customers' needs. We already have over 2.5 million domestic business customers, more than any other competitor and are targeting a $50 billion market opportunity within our footprint and a $70 to $100 billion total market opportunity that we can now go after by leveraging our technology and partners outside of our footprint.

我們行動迅速，更有能力以更可靠、更有經濟的方式滿足客戶需求。我們已擁有超過250萬家國內企業客戶，數量超過其他任何競爭對手。我們瞄準的是我們現有業務覆蓋範圍內500億美元的市場機遇，以及透過利用我們的技術和合作夥伴，我們現在可以開拓的700億至1000億美元的全球市場機會。

Our third major growth opportunity is in creating experiences from our own intellectual property as well as special IP that we license from others and bring to life at our theme parks like Harry Potter or Nintendo's characters like Mario. Our parks are resonating with our customers, and this segment is clearly on a roll. Japan has come roaring back, and Beijing returned to profitability following last year when both were operating under COVID-related restrictions.

我們的第三個主要成長機會在於利用我們自己的智慧財產權以及我們從其他公司獲得授權的特殊智慧財產權，創造獨特的體驗，並將這些體驗融入我們的主題樂園中，例如哈利波特系列或任天堂的馬裡奧等角色。我們的主題樂園深受顧客喜愛，這項業務部門顯然正在蓬勃發展。日本市場已經強勁復甦，北京市場在經歷了去年受新冠疫情相關限制措施影響的低迷營運後，也恢復了盈利。

And on the domestic side, Orlando continues to do well; and Hollywood just opened Super Nintendo World with great success. This outstanding performance provides us with even more confidence that the investments we are making in new lands and attractions will also generate strong returns.

在國內市場，奧蘭多持續表現良好；好萊塢的超級任天堂世界也取得了巨大成功。這些卓越的表現讓我們更加確信，我們對新園區和新景點的投資也將帶來豐厚的回報。

And I'm excited for what's to come: Donkey Kong, another Nintendo land to open in Japan in 2024, Epic Universe in Orlando in 2025, as well as the smaller park concepts that we recently announced: a horror-themed experience in Las Vegas and a new park in Texas that's specifically designed for younger guests and their families.

我對未來充滿期待：2024 年將在日本開設的 Donkey Kong 主題樂園、2025 年在奧蘭多開設的 Epic Universe 主題樂園，以及我們最近宣布的規模較小的主題公園項目：拉斯維加斯的恐怖主題體驗樂園和德克薩斯州專為年輕遊客及其家庭設計的新樂園。

Our fourth growth area is content and especially on the streaming side. We have a decades-deep library of iconic films in television. And we spend over $20 billion each year to produce and provide programming that spans every genre: sports, news, entertainment, dramas and film, which has resulted in the broadest reach of any media company. Over 100 million people engage with our content every month.

我們的第四個成長領域是內容，尤其是串流媒體方面。我們擁有數十年來累積的經典電視影片庫。我們每年投入超過200億美元用於製作和提供涵蓋體育、新聞、娛樂、劇情和電影等各個類型的節目，這使我們擁有了所有媒體公司中最廣泛的覆蓋面。每月有超過1億人觀看我們的內容。

In film, we were #2 in the worldwide box office last year with Jurassic, Minions and Halloween. And based on the current course, we are trending to do even better in 2023. We've started the year off with home runs and terrific momentum, carryover from Puss in Boots, the success from M3GAN and now Super Mario Bros., which in just 3 weekends has already crossed $875 million at the global box office.

去年，憑藉《侏羅紀公園》、《小小兵》和《月光光心慌張》，我們在電影票房方面名列全球第二。而且，以目前的動能來看，我們2023年可望取得更好的成績。今年開局我們勢頭強勁，佳作不斷，這得益於《穿靴子的貓》的成功、《M3GAN》的佳績，以及如今《超級瑪利歐兄弟》的成功——該片上映僅三個週末，全球票房就已突破8.75億美元。

We're really proud of our animation business. We've been in the movie business for 100 years, and it's exciting how we've been able to create and monetize our entire movie slate in animation and beyond and in so many ways, including the innovative changes we've made in movie windowing.

我們為我們的動畫業務感到非常自豪。我們從事電影行業已有100年，令人興奮的是，我們能夠以多種方式創作並實現我們所有電影項目（包括動畫及其他類型）的盈利，其中包括我們在電影窗口期方面所做的創新性變革。

We made the strategic decision to put our Pay-One window on Peacock, which really kicked in at the end of last year. We now have one of the most robust movie offerings on streaming. The hits we have at the box office roll on to Peacock, and this is proving to be both a successful acquisition and retention tool.

我們做出了將「一次性付費」窗口期設在Peacock上的策略決策，這項措施在去年底真正奏效。如今，我們擁有串流平台上最豐富的電影片庫之一。我們在票房大賣的影片也會上線Peacock，事實證明，這既是有效的用戶獲取方式，也是有效的用戶留存策略。

Add to that the strength of content from our TV studio, which powers the content on NBC and helped make us #1 for many years from all the Dick Wolf procedurals and SNL coupled with highly popular content on Bravo, this all goes to Peacock the next day. Add to this our originals, where we were just getting started, shows like Poker Face, which launched and immediately landed near the top of Nielsen's U.S. streaming original list. And we have lots more coming.

再加上我們電視工作室的強大內容實力——它為NBC提供內容支持，憑藉迪克·沃爾夫的警匪劇和《週六夜現場》等節目，以及Bravo電視台的熱門內容，多年來一直穩居收視率榜首——所有這些內容第二天都會上線Peacock平台。此外，我們還有原創影集，像是《撲克臉》，這部劇一推出便迅速躋身尼爾森美國串流原創影集排行榜前列。而且，我們還有更多精彩內容即將推出。

On top of all of this, we have an incredible lineup of sports, Sunday Night Football, Premier League, and soon Big 10. We believe we have the right strategy for Peacock and one that's suited to our strengths: premium content with a dual revenue stream, both advertising and subscription fees. And we're encouraged by our results so far, growing paid subscribers and engagement levels to roughly 20 hours per subscriber per month, fueling strong growth in advertising revenues. We're investing, but the results we are seeing give us confidence that we are on the right path for Peacock to breakeven and grow from there.

除此之外，我們還擁有精彩的運動賽事陣容，包括週日晚間橄欖球賽、英超聯賽，以及即將推出的十大聯盟賽事。我們相信，我們為Peacock制定的策略是正確的，並且能夠充分發揮我們的優勢：提供優質內容，並實現廣告和訂閱收入的雙重獲利模式。到目前為止，我們的業績令人鼓舞，付費用戶數量和用戶參與度均有所增長，平均每位用戶每月觀看時長約為20小時，這有力地推動了廣告收入的強勁增長。我們正在進行投資，但目前的成果讓我們相信，Peacock正走在正確的道路上，能夠實現收支平衡並在此基礎上不斷發展壯大。

Looking across our entire organization, I couldn't think of a more advantageous position to be in to monetize the increasing expectations demand as well as the changing habits of the global consumer. We're the best broadband company with the best content that can be accessed over the best distribution and aggregation platforms.

縱觀整個公司，我認為沒有比這更有利的地位來把握全球消費者日益增長的期望需求和不斷變化的消費習慣帶來的商機了。我們是業內頂尖的寬頻公司，擁有最優質的內容，並且可以透過一流的分發和聚合平台存取。

I'm excited about all of our areas of growth. Together, they represent the majority of our revenue and our businesses with high incremental margins. As a result, these growth areas should become the dominant driver of our financial results for years to come.

我對我們所有成長領域都感到非常興奮。這些領域合計貢獻了我們大部分的收入，並且擁有很高的增量利潤率。因此，這些成長領域預計將在未來幾年成為我們財務表現的主要驅動力。

With that, I'll hand it over to Jason to talk about the quarter.

接下來，我將把發言權交給傑森，讓他來談談本季的情況。

Thanks, Mike, and good morning everyone. In late February, we announced that, starting this quarter, we will be reporting our results in 2 reportable business units: Connectivity & Platforms and Content & Experiences. More closely align our like-minded businesses reflect how we run our company and highlight our opportunities for growth as a globally integrated content distribution company. We're also providing more disclosure around areas that have become increasingly important to our overall results, namely business services and Peacock.

謝謝Mike，大家早安。二月底，我們宣布從本季開始，我們將以兩個可報告的業務部門來揭露業績：連結與平台以及內容與體驗。更緊密地整合理念相近的業務，體現了我們公司的運作方式，並突顯了我們作為一家全球一體化內容分發公司所面臨的成長機會。此外，我們還將揭露更多對整體業績日益重要的領域信息，即商業服務和Peacock平台。

Let's start with our consolidated first quarter results on Slide 4. Total company revenue of $29.7 billion declined 4% due to the tough comparison to last year's Winter Olympics and Super Bowl as well as the negative impact of foreign currency, while our total company adjusted EBITDA grew 3% thanks to continued strong operating leverage at our high-margin Connectivity & Platforms business.

讓我們從投影片 4 的合併第一季業績開始。由於去年冬季奧運和超級盃的強勁表現以及外匯的負面影響，公司總收入下降了 4%，達到 297 億美元；而由於高利潤率的連接與平台業務持續強勁的營運槓桿作用，公司調整後 EBITDA 增長了 3%。

Excluding the impacts of the Winter Olympics and Super Bowl and adjusting for constant currency, total company revenue increased 1.5%. We grew adjusted earnings per share by 7% to $0.92 and generated $3.8 billion of free cash flow while returning $3.2 billion of capital to shareholders in the first quarter.

剔除冬季奧運和超級盃的影響，並以固定匯率調整後，公司總營收成長1.5%。經調整後的每股盈餘成長7%至0.92美元，第一季創造38億美元的自由現金流，同時向股東返還了32億美元的資本。

This is in addition to significant investments to support and grow our businesses, including our transition to DOCSIS 4.0 and footprint expansion in broadband, the construction of Epic as well as consistent flow of new lands and attractions at our theme parks and content production at our studios, which feeds into Peacock, a robust third-party licensing opportunity and a really successful film business. When taken together, these investment areas generated over half of total company revenue in the first quarter, with growth of 10% year-over-year.

除了這些，我們還進行了大量投資以支持和發展我們的業務，包括向 DOCSIS 4.0 的過渡和寬頻覆蓋範圍的擴大、Epic 的建設、主題公園新園區和​​新景點的持續開發以及工作室的內容製作（這些內容最終匯入 Peacock 串流平台）、強大的第三方授權業務以及非常成功的電影業務。這些投資領域合計在第一季貢獻了公司總收入的一半以上，年增 10%。

Now let's turn to our business results. Starting on Slide 5 with Connectivity & Platforms. As a reminder, our largest foreign exchange exposure is the British pound, which was down over 9% year-over-year. So, in order to highlight the underlying performance of the business, I'll speak to our results at Connectivity & Platforms on a constant currency basis.

現在我們來看業務業績。首先從第5頁投影片中的「連結與平台」業務開始。提醒一下，我們最大的外匯風險敞口是英鎊，其年減超過9%。因此，為了突顯業務的實際表現，我將以固定匯率為基礎來介紹「連結與平台」業務的績效。

Revenue was flat this quarter, but this is worth unpacking. Our core connectivity revenues, residential and business, grew over 7% to $10 billion, while video, advertising and other revenues declined 7% to $9.8 billion. Year-over-year, we generated 160 basis points of margin expansion for Connectivity & Platforms on a total basis. This is reflective of our strategy of investing in and driving growth in highmargin businesses while protecting profitability in businesses with secular headwinds through disciplined cost control.

本季營收持平，但值得深入分析。我們的核心連結業務（包括住宅和商業連接）營收成長超過7%，達到100億美元，而影片、廣告和其他業務營收則下降7%，至98億美元。與去年同期相比，連結與平台業務的總利潤率提升了160個基點。這反映了我們的策略：一方面投資並推動高利潤業務的成長，另一方面透過嚴格的成本控制來保障面臨長期不利因素的業務的獲利能力。

To get into more detail, residential connectivity revenue grew by 8% with 5% growth in domestic broadband, 27% growth in wireless and 18% growth in international. In business services connectivity, revenue continued to grow at a healthy, mid-single-digit pace.

具體而言，住宅連接業務收入成長了8%，其中國內寬頻成長5%，無線網路成長27%，國際業務成長18%。商業服務連結業務收入持續保持穩健的中個位數成長。

Our domestic residential broadband customer base this quarter remained stable over both the last year and in the quarter with churn remaining below pre-pandemic levels. While we had some success towards the end of the quarter with a couple of offers targeting the lower end of the market, the broadband environment remains highly competitive right now, particularly at the lower end. And as such, our view remains that 2023 will be a challenging period for us to add subs.

本季度，我們的國內住宅寬頻用戶數量與去年同期及本季相比均保持穩定，用戶流失率也低於疫情前水準。儘管我們在本季末針對低端市場推出了一些優惠活動並取得了一定的成效，但目前的寬頻市場競爭依然非常激烈，尤其是在低端市場。因此，我們仍然認為2023年新增用戶將面臨挑戰。

Our outlook for growth and our strategy has been consistent. We will compete aggressively but do so in a financially disciplined way. While we expect to return to growth in broadband subscribers over time, during this interim period, as well as over the longer term, we will focus on protecting and growing broadband ARPU.

我們對成長的預期和策略始終如一。我們將積極參與競爭，但會嚴格遵守財務紀律。雖然我們預計寬頻用戶數量最終會恢復成長，但在過渡期以及長期來看，我們將專注於保護和提升寬頻用戶平均收入（ARPU）。

And we're pleased with the 4.5% year-over-year increase in ARPU in the quarter. We expect continued strong revenue growth over the course of 2023 and expect ARPU will be the primary driver.

我們對本季ARPU年增4.5%感到滿意。我們預計2023年全年營收將持續保持強勁成長，而ARPU將是主要驅動力。

Growth in domestic wireless revenue was a function of higher service revenue, driven by continued strong momentum in customer lines, which are up 1.4 million or 32% year-over-year to 5.7 million in total, including the 355,000 lines we just added, which was a record high for a first quarter. There is clearly demand for a converged offering that delivers reliable and fast speeds both in and out of the home. We are extremely well positioned to take advantage of this trend and have a long runway for growth as less than 10% of our broadband accounts currently take our mobile offering.

國內無線業務收入的成長主要得益於服務收入的提高，而服務收入的提高又得益於客戶線路的持續強勁成長動能。客戶線路數量年增140萬條，增幅達32%，總計達到570萬條，其中包括我們剛剛新增的35.5萬條線路，創下第一季新高。顯然，市場對能夠提供可靠、快速的家庭內外融合服務有著強烈的需求。我們已做好充分準備，把握這一趨勢，並擁有巨大的成長空間，因為目前只有不到10%的寬頻用戶使用我們的行動服務。

A new disclosure category for us is international connectivity. Roughly two-thirds of international connectivity revenue is broadband, growing at mid-teens levels. The remaining one-third is wireless, of which a big portion comes from device sales and therefore, tends to fluctuate with the timing of device launches. The rest of wireless is service revenue, which is growing nicely due to additional customer lines and healthy ARPU growth.

我們新增了一個揭露類別：國際連結業務。國際連結業務收入中約三分之二來自寬頻，成長率維持在15%左右。剩餘的三分之一來自無線網絡，其中很大一部分來自設備銷售，因此往往會隨著設備發佈時間的波動而波動。無線網路業務的其餘部分是服務收入，由於新增用戶線路和每用戶平均收入（ARPU）的穩健成長，這部分收入也呈現良好成長動能。

The strong revenue growth in our connectivity businesses was offset by declines in video due to customer losses relative to last year, in other revenue, reflecting similar dynamics in wireline voice and in advertising, which was impacted by a tough macro environment in addition to lower political revenue in our domestic markets.

我們連接業務的強勁收入成長被視訊業務的下滑所抵消，視訊業務的下滑是由於客戶數量較去年有所減少；其他收入也出現了下滑，這反映了有線語音和廣告業務的類似情況，後者除了受到國內市場政治收入下降的影響外，還受到嚴峻的宏觀環境的影響。

On the expense side, every expense line item declined in the first quarter with the exception of direct product costs, which are success-based and directly associated with the significant growth in our connectivity businesses. The strong execution by the team to deliver sustainable operating efficiencies, coupled with solid growth in our high-margin connectivity businesses, resulted in Connectivity & Platforms EBITDA growth of 4% to $8.1 billion. And as I mentioned a moment ago, an adjusted margin expanding 160 basis points year-over-year.

在費用方面，除直接產品成本外，第一季所有費用項目均有所下降。直接產品成本與績效掛鉤，並與我們連結業務的顯著成長直接相關。團隊高效執行，實現了可持續的營運效率提升，加之高利潤率連接業務的穩健增長，使得連接與平台業務的 EBITDA 增長 4%，達到 81 億美元。正如我剛才提到的，調整後的利潤率年增了 160 個基點。

And that is despite some temporary margin headwinds in our international business associated with some pressure on revenue due to a challenging macro environment and higher programming costs for sports channels, which were up this year given the timing of events.

儘管國際業務面臨一些暫時的利潤率逆風，例如由於宏觀環境充滿挑戰以及體育頻道節目製作成本上升（鑑於賽事時間安排，今年的體育頻道節目製作成本有所上漲），導致收入受到一定壓力，但我們仍然取得了這樣的成績。

Margin for our domestic legacy Cable business improved 250 basis points, reaching a record high of 46.5%. We've added disclosure this quarter and going forward to break down profitability between residential and business services. Residential Connectivity & Platforms EBITDA grew 3% with margin improving 140 basis points to reach 37.8%, highlighting favorable revenue mix shifts.

我們國內傳統有線電視業務的利潤率提升了250個基點，達到創紀錄的46.5%。本季度及未來，我們將增加披露信息，以細分住宅和商業服務的盈利能力。住宅連結及平台業務的EBITDA成長了3%，利潤率提升了140個基點，達到37.8%，凸顯了有利的收入結構調整。

Business services connectivity EBITDA grew 8%, with margin expanding 150 basis points to reach 58.3%. Over the years we've talked about business services as a driver of margin accretive growth, and we're excited to augment our disclosure in this area for the first time. Our results in the quarter and our new reporting structure clearly show that. This is a business that generated over $5 billion of EBITDA in 2022 with substantial growth ahead and should be a material contributor to our growth profile in Connectivity & Platforms and overall.

商業服務連結業務的 EBITDA 成長了 8%，利潤率提升了 150 個基點，達到 58.3%。多年來，我們一直強調商業服務是利潤率成長的驅動力，我們很高興首次在此領域加強資訊揭露。本季業績和新的報告結構清晰地印證了這一點。該業務在 2022 年創造了超過 50 億美元的 EBITDA，未來成長潛力巨大，並將成為我們連接與平台業務以及整體成長的重要貢獻者。

Wrapping up on Connectivity & Platforms, I'm proud of the team successfully navigating a transition in which we're managing businesses that have secular headwinds with an appropriately high level of cost discipline, while investing in others that clearly have strong revenue growth and margin characteristics.

在總結連結與平台業務時，我為團隊成功完成轉型而感到自豪，我們既要管理那些面臨長期不利因素的業務，又要保持適當的成本控制水平，同時還要投資那些顯然具有強勁收入增長和利潤率特徵的業務。

Now let's turn to Content & Experiences on Slide 6. Content & Experiences revenue decreased nearly 10%, reflecting the difficult comparison to last year, which included $1.5 billion of revenue from the Winter Olympics and the Super Bowl reported in our Media segment. And EBITDA decreased 1% as a record first quarter at parks and strong studio growth driven by a successful film slate was offset by the planned increase in our Peacock investment as well as lower linear advertising sales.

現在我們來看幻燈片6中的「內容與體驗」部分。 「內容與體驗」收入下降了近10%，反映出與去年同期相比的基數較高，去年同期包括冬季奧運會和超級盃帶來的15億美元收入，這些收入已計入我們的媒體業務板塊。此外，由於主題樂園第一季業績創下歷史新高，以及電影上映計畫帶來的強勁工作室成長，部分被計畫增加的Peacock投資以及線性廣告銷售額的下降所抵消，導致EBITDA下降了1%。

Unpacking these results further, Media revenue decreased 21% on an as-reported basis and 2% when excluding the Olympics and Super Bowl primarily due to a 6% decline in domestic advertising, reflecting softness in the overall ad market, which appears to have stabilized, offset somewhat by strong growth in Peacock advertising revenue. When you exclude Olympics and Super Bowl, Peacock advertising increased an impressive 90%.

進一步分析這些結果，媒體收入按報告數據計算下降了21%，剔除奧運會和超級碗後下降了2%，主要原因是國內廣告收入下降了6%，反映出整體廣告市場疲軟，不過目前市場似乎已經企穩，Peacock廣告收入的強勁增長在一定程度上抵消了這一影響。在剔除奧運和超級盃後，Peacock廣告收入實現了驚人的90%的成長。

Domestic distribution revenue decreased 8% but was up 4% excluding the Olympics driven by Peacock with distribution revenue up 83%. In total, Peacock revenue increased by 45% to $685 million, led by strong growth in paid subscribers, which were up over 60% year-over-year, ending the quarter with nearly 22 million paid subs, which marked another terrific milestone on our path to scaling the service.

國內發行收入下降了 8%，但若不計奧運會的影響，則增長了 4%，這主要得益於 Peacock 平台發行收入增長了 83%。 Peacock 平台總收入成長了 45%，達到 6.85 億美元，這主要得益於付費用戶的強勁增長，付費用戶同比增長超過 60%，季度末付費用戶接近 2200 萬，這標誌著我們在擴大服務規模的道路上又邁出了重要一步。

We're encouraged with the trends we're seeing at Peacock. While we've proven that special content and major events like the World Cup at the end of last year can be significant acquisition drivers, perhaps equally, or even more important, is sustaining engagement following this type of acquisition content and delivering on retention.

我們對Peacock目前的發展趨勢感到鼓舞。雖然我們已經證明，特別內容和像去年底世界盃這樣的大型賽事可以顯著提升用戶獲取量，但或許同樣重要，甚至更為重要的是，如何在這些內容之後保持用戶參與度，並提高用戶留存率。

We saw that in the first quarter. And we look forward to reporting further momentum in the enhanced disclosures we're now providing for Peacock, including the revenue breakdown between advertising and distribution and costs separated by programming and production versus marketing, promotion and other.

我們在第一季就看到了這一點。我們期待在Peacock平台提供更完善的資訊揭露後，能夠進一步推動這一成長勢頭，包括廣告和發行之間的收入細分，以及按節目製作、行銷、推廣和其他成本劃分的成本明細。

Another new category that we added to our Media disclosure is international networks. This is mainly distribution revenue for Sky Sports, and the low single-digit revenue increase in the quarter was driven by higher distribution revenue, partially offset by the negative impact of foreign currency translation. Other revenue decreased 21% due to lower content licensing.

我們在媒體揭露中新增了國際網路這個類別。這主要指天空體育的發行收入，本季收入實現了個位數低成長，主要得益於發行收入的增加，但部分被外幣折算的負面影響所抵消。其他收入則因內容授權收入下降而減少了21%。

Media EBITDA decreased 26%, including a $704 million EBITDA loss at Peacock. We view Media as one business. And while we have made cost reductions at our linear networks, we reallocated some of these resources to Peacock with the goal of maximizing profitability over the short and long term across streaming and linear. We continue to expect Peacock losses for the year to be around $3 billion, which we believe will be peak losses for Peacock and then begin to steadily improve.

媒體業務的 EBITDA 下降了 26%，其中包括 Peacock 7.04 億美元的 EBITDA 虧損。我們將媒體業務視為一個整體。雖然我們削減了線性電視網絡的成本，但我們也將部分資源重新分配給了 Peacock，目標是在串流媒體和線性電視業務的短期和長期內實現盈利最大化。我們仍然預計 Peacock 全年的虧損約為 30 億美元，我們認為這將是 Peacock 虧損的峰值，之後將開始穩步改善。

At Studios, this was a great quarter for our film slate with strong theatrical revenue growth driven by the successful carryover from Puss in Boots: The Last Wish, which launched at the end of the fourth quarter, as well as new releases such as M3GAN and Cocaine Bear.

對於電影公司而言，本季我們的電影片單表現出色，戲院收入強勁成長，這主要得益於第四季末上映的《穿靴子的貓：最後的願望》的成功延續，以及《M3GAN》和《可卡因熊》等新片的上映。

While revenue growth was partially offset by lower content licensing at our television studios, the momentum in our film business drove a 13% increase in Studio EBITDA, which also included marketing and promotion expense associated with the April 5 release of Super Mario Bros., which is fueling a strong start to our second quarter.

雖然電視工作室的內容授權收入下降部分抵消了收入增長，但電影業務的強勁勢頭推動工作室 EBITDA 增長了 13%，其中還包括與 4 月 5 日上映的《超級馬裡奧兄弟》相關的營銷和推廣費用，這為我們第二季度的強勁開局奠定了基礎。

At Theme Parks, revenue grew 25% and EBITDA 46% to $658 million, thanks to a continued rebound following the lift of COVID restrictions and a testament to the significant investments we've made at our parks. While demand and financial results were strong across the board, our international parks drove most of the growth this quarter.

主題樂園業務方面，營收成長25%，EBITDA成長46%至6.58億美元，這得益於新冠疫情限制措施解除後的持續復甦，也證明了我們對旗下公園的大量投資卓有成效。儘管整體需求和財務業績表現強勁，但本季大部分成長來自我們的國際主題樂園。

With Japan no longer impacted by COVID restrictions, our park in Osaka continued to rebound. And we are seeing significant demand for Super Nintendo World, which we opened in early 2021, but given the COVID-related restrictions that were in place, many people couldn't visit the park.

隨著日本不再受新冠疫情限制措施的影響，我們在大阪的樂園持續復甦。我們看到，超級任天堂世界的需求也十分旺盛。樂園於2021年初開業，但由於當時的新冠疫情限制措施，許多人無法前往參觀。

Our park in Beijing was also impacted by COVID-related restrictions last year and is now growing at a very healthy rate. Beijing showed strong year-over-year improvement and was profitable in the quarter despite normal winter seasonal headwinds.

我們在北京的園區去年也受到了新冠疫情相關限制措施的影響，但現在正以非常健康的速度發展。儘管面臨冬季正常的季節性不利因素，北京園區仍實現了強勁的同比增長，並在本季度實現了盈利。

On the domestic side, Hollywood enjoyed record first quarter results due to the very successful opening of Super Nintendo World, while Orlando continues to trend above pre-pandemic levels.

國內方面，由於超級任天堂世界 (Super Nintendo World) 的成功開業，好萊塢第一季業績創下歷史新高，而奧蘭多則繼續保持高於疫情前水平的增長勢頭。

I'll now wrap up with free cash flow and capital allocation on Slide 7. As I mentioned previously, we generated $3.8 billion in free cash flow this quarter and achieved this while absorbing a high level of working capital and making meaningful investments in our network and theme parks. These investments drove a 37% increase in total capital spending, primarily driven by higher CapEx.

接下來，我將在第7張投影片上總結自由現金流和資本配置部分。正如我之前提到的，本季我們創造了38億美元的自由現金流，同時我們也吸收了大量的營運資本，並對我們的網路和主題樂園進行了重要的投資。這些投資推動了總資本支出成長37%，主要原因是資本支出增加。

At Connectivity & Platforms, CapEx increased 30% with CapEx intensity coming in at 9.7% primarily driven by investments to further strengthen and extend our network. In 2022, CapEx intensity at Connectivity & Platforms was 10%. And we expect to achieve a similar level in 2023, which is inclusive of the prior guidance we provided for our domestic Cable business at year-end as we continue to transition our U.S. network to DOCSIS 4.0 as well as accelerate our growth in homes passed.

在連結與平台業務方面，資本支出成長了30%，資本支出強度為9.7%，主要得益於為進一步加強和擴展網路而進行的投資。 2022年，連結與平台業務的資本支出強度為10%。我們預計2023年將達到類似的水平，這其中包含了我們在年底對國內有線電視業務的預期，因為我們將繼續推進美國網絡向DOCSIS 4.0的過渡，並加速家庭用戶覆蓋範圍的增長。

Content & Experiences CapEx increased by $343 million driven by parks with Epic accounting for the majority of this quarter's increase in spend. As we noted on our year-end call, we expect park's CapEx in 2023 to increase by around $1.2 billion, remain elevated in 2024 and then decrease in 2025, the year we open Epic.

內容與體驗資本支出增加了3.43億美元，主要得益於主題樂園的投入，其中Epic主題樂園貢獻了本季支出成長的大部分。正如我們在年終電話會議上所提到的，我們預計2023年主題樂園的資本支出將增加約12億美元，2024年將保持高位，然後在2025年（Epic主題樂園開業之年）有所下降。

Wrapping up, since this is my first quarter as CFO, let me reiterate our capital allocation framework. First is to invest for growth in our businesses. We've talked through many examples today: Epic, our broadband network, streaming and aggregation to name a few.

最後，由於這是我擔任財務長的第一個季度，我想重申我們的資本配置框架。首先是投資於業務成長。今天我們已經討論了很多例子：例如Epic、我們的寬頻網路、串流媒體和聚合業務等等。

Second is to protect our balance sheet position with targeted leverage of around 2.4x. This is an optimal level, we believe, to maintain broad and deep capital markets access through a cycle, balanced prudently with the opportunity for enhanced levered equity returns.

其次，我們計劃透過約2.4倍的目標槓桿率來保護我們的資產負債表狀況。我們認為，這是一個最佳水平，既能在一個週期內保持廣泛而深入的資本市場准入，又能審慎地兼顧提高槓桿股權回報的機會。

Third is to return cash to shareholders. I'm proud that we bought back $12 billion of stock in the last 12 months, including $2 billion this quarter, shrinking our share count by 7% in that time frame in addition to a healthy and growing dividend, which we just increased by over 7% in January.

第三點是向股東返還現金。我很自豪，在過去12個月裡，我們回購了價值120億美元的股票，其中包括本季的20億美元，在此期間，我們的流通股數量減少了7%。此外，我們也維持了穩健成長的股息，並在今年1月將股息提高了7%以上。

With that, I'll turn the call back to Marci for Q&A. Marci?

那麼，我將把電話轉回給瑪西，讓她回答問題。瑪西？

Thanks, Jason. Operator, let's open up the call for questions, please.

謝謝，傑森。接線員，現在開始接受提問。

(Operator Instructions) Our first question comes from Ben Swinburne from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的本·斯溫伯恩。

Two questions, one on NBC and one on wireless. I don't know if this is probably for Mike. Mike, when you look at NBCUniversal, you got probably businesses that are doing better than ever when you look at parks and your studio. And obviously, there's a lot of disruption in the Media business.

兩個問題，一個關於NBC，一個關於無線電視。我不知道這是否應該問麥克。麥克，你看看NBC環球，你會發現，無論是主題樂園還是影城，它們的業績都比以往任何時候都好。當然，媒體產業也面臨巨大的變革。

I'm just wondering, given the management change and sort of your broader role, is this an opportunity to revisit that business strategically, operationally from a cost structure point of view, just with fresh eyes? I realize you've been obviously President and watching that business for some time. But I just wanted to hear your thoughts just given all that's going on at NBC.

鑑於管理層變動以及您職責範圍的擴大，我想請教一下，這是否是一個契機，讓您以全新的視角，從戰略、運營和成本結構的角度重新審視這項業務？我知道您擔任總裁已經有一段時間了，也一直在關注這項業務。但鑑於NBC目前面臨的種種挑戰，我還是想聽聽您的看法。

And then maybe for Dave, the wireless business is continuing to scale. You talked about demand for converged offers being clear and strong. What are your ambitions here as you look through the rest of '23 to continue to accelerate the growth in that business? How do you guys drive that penetration of your broadband base meaningfully higher?

或許對戴夫來說，無線業務正在持續擴張。你提到市場對融合解決方案的需求非常明確且強勁。展望2023年剩餘時間，你們的目標是什麼？如何才能顯著提高寬頻用戶滲透率？

Ben, it's Mike. So I'll jump in. Thanks for the question. So appreciate the comment. I have been here -- it's hard to believe it's going to be in 2 weeks, I'll have been here, 2 or 3 weeks, 8 years as partner to Brian and the rest of the leadership team. So it is correct that I've been close to all these things, not just recently as President for the last half year or so but really since I joined.

我是本，我是麥克。那我就插一句。謝謝你的提問，也非常感謝你的評論。我在這裡——難以置信，再過兩週，我就在這裡待了八年了，作為布萊恩和其他領導團隊成員的伙伴。所以，我確實一直密切參與所有這些事務，不僅僅是在最近半年左右擔任總裁期間，而是自從我加入公司以來就一直如此。

So in thinking about the strategies of NBC, I would think the way you should think about it is the way we operate across the businesses, including NBC, is that the strategies were developed by the entire leadership team. Brian mentioned how great a team we have across a diverse collection of business, parks, studios, TV, streaming services, news, sports. So you can imagine that strategy put together by those teams of leaders, obviously, in conjunction with the ultimate leader and then with Brian and myself.

所以，在思考NBC的策略時，我認為你應該這樣理解：我們所有業務部門（包括NBC）的營運模式是，所有策略都是由整個領導團隊共同製定的。布萊恩提到過，我們擁有一支非常優秀的團隊，涵蓋了業務、園區、工作室、電視、串流服務、新聞和體育等多個領域。你可以想像，這些策略是由各個領導團隊共同製定的，當然，最終決策者是布萊恩和我。

So we've been deeply involved for a long, long time in what those strategies are all about and in tracking how we're doing. So while it's unfortunate to have an unexpected change in leadership, I would tell you, it is not -- there is no reason for anyone to think that we're going to be revisiting strategy as a result of that. It's all by itself.

所以，我們長期以來一直深入參與這些策略的發展和實施，並追蹤執行情況。因此，雖然領導階層發生意外變動令人遺憾，但我可以告訴大家，沒有任何理由認為我們會因此而重新審視策略。一切都只是偶然。

We'll obviously react as the environment around us changes. But as you pointed out, the business is performing really well right now. So job #1 for me is to just settle things down and make sure the business is and the business leaders at NBCU remain focused on the job at hand. And I feel actually into the first several days of this, but that's well underway. And I frankly don't think the business is going to miss a beat. With that, I'll hand it over to Dave.

我們當然會根據周遭環境的變化做出反應。但正如您所指出的，目前公司業務表現非常出色。因此，我的首要任務是穩定局面，確保公司和NBC環球的領導層繼續專注於手邊的工作。雖然我感覺自己已經進入了最初的幾天，但這項工作進展順利。坦白說，我認為公司業務不會受到任何影響。接下來，我將把發言權交給戴夫。

Thank you Mike. Ben, So on wireless, wireless continues to be a key part of our overall strategy. Stepping back for a second, we really like the start to the year in our trajectory. This quarter, we set another first quarter record in net line additions of 355,000. And so this puts us at the 5.7 million line. So a good start to the year.

謝謝邁克。本，關於無線業務，無線業務仍然是我們整體策略的關鍵組成部分。回顧一下，我們對今年的發展動能非常滿意。本季，我們新增淨線路35.5萬條，再次刷新了第一季的紀錄。這使我們的總線路數達到了570萬條。所以，今年開局不錯。

And we're still less than 10% penetrated to broadband, so it gives us a long runway ahead and to your point of looking out to '23. But our strategy is to focus very much on our core service offerings of By-the- Gig, which we still have and use, and unlimited tiers. And it gives us a strong -- real strong value proposition to all segments that we serve.

目前寬頻普及率仍不足10%，這意味著我們還有很長的發展道路，正如您所說，展望2023年也指日可待。但我們的策略是專注於發展我們的核心服務，包括按流量計費（我們仍然提供並繼續使用）和無限流量套餐。這為我們服務的所有客戶群提供了極具競爭力的價值主張。

So it's important to note that we leverage mobile in all aspects of how we go to market, in acquisition, base management and retention. So mobile does very well in all 3. But as connects are a little bit softer through the cycle, base management has been very strong as we go to existing customers and provide a great upgrade opportunity for them.

因此，值得注意的是，我們在市場拓展的各個方面都充分利用了行動端，包括客戶獲取、客戶群管理和客戶留存。行動端在這三個方面都表現出色。但由於客戶轉換率在週期中略有下降，客戶群管理策略則非常強勁，因為我們能夠觸及現有客戶，並為他們提供絕佳的升級機會。

So our pricing focus is our core services, but we do go in and out in terms of promotions, with gift cards, some device subsidies that we've historically done, really no different there. But we also had a $50 combined broadband, mobile offering that all helped. There was a little bit of a lift there and a great value message to the existing base.

所以，我們的定價重點在於核心服務，但我們也會不時推出一些促銷活動，像是禮品卡、設備補貼等等，這些我們以前也做過，這次也沒什麼變化。此外，我們還推出了50美元的寬頻和行動套餐，這些都起到了一定的促進作用。這個套餐確實帶來了一些銷售提升，也向現有客戶傳遞了極具性價比的訊息。

So long term, less than 10% penetration, a lot of upside for us in wireless in a large revenue pool that we have, I think, a unique position given our broadband network is ubiquitous, our go-to-market mobile opportunity is ubiquitous within our footprint. And so you look at it, there's upside in residential and commercial. There's a domestic and international upside with mobile. There's an opportunity for us to consider long-term cost side with offloading traffic.

所以從長遠來看，即使無線市場滲透率低於10%，我們仍然擁有巨大的成長潛力，因為我們擁有龐大的收入池。我認為，鑑於我們的寬頻網路覆蓋範圍廣泛，行動市場在我們現有服務範圍內也具有覆蓋面廣的優勢，我們擁有獨特的市場地位。因此，無論是在住宅還是商業領域，我們都存在著成長空間。行動業務在國內和國際市場也同樣具有成長潛力。此外，我們還有機會透過分流流量來降低長期成本。

And then we have our existing capital-light MVNO, which we think is great and helps us compete footprint-wide. And then on top of all of that, we have Wi-Fi. That is just a terrific offload mechanism in and of itself.

此外，我們還有現有的輕資產虛擬業者（MVNO），我們認為這非常棒，有助於我們在整個服務區域內保持競爭力。除此之外，我們還有Wi-Fi。 Wi-Fi本身就是一種非常優秀的流量分流機制。

So as our competitors face trade-offs and whether it's geographic or capacity, we can go to market with one approach across our entire footprint, and wireless is a big part of that strategy. So we'll go in and out with offers, but we feel good about our momentum.

因此，當我們的競爭對手面臨權衡取捨，無論是地理還是容量方面，我們都可以採用統一的市場策略來覆蓋所有業務區域，而無線業務正是這項策略的重要組成部分。我們會根據市場狀況靈活調整優惠活動，但我們對目前的成長動能充滿信心。

Thanks, Ben. Operator, next question please.

謝謝，本。接線員，請問下一個問題？

We'll take our next question from Craig Moffett with MoffettNathanson.

接下來，我們將接受 Craig Moffett 和 MoffettNathanson 的提問。

Two questions if I could. First, you reported really exceptional margins in what would have been your old domestic Cable business. I'm wondering if you could just talk about the contribution to that improvement from wireless, the extent to which wireless is either offsetting the customer acquisition cost or just the gross margin rate and how that's impacting margins overall?

如果可以的話，我想問兩個問題。首先，您報告稱，您原先的國內有線電視業務利潤率非常出色。我想請您談談無線業務對利潤率提升的貢獻，無線業務在多大程度上抵銷了獲客成本或提高了毛利率，以及這些因素對整體利潤率的影響？

And then on the NBCU side, the NBA playoffs have had exceptionally good ratings, and there's been a lot of talk about your potential interest in the NBA. I wonder if you could just discuss that a bit, and maybe just talk about what role sports might play as you go forward with Peacock and your NBC business?

另外，NBC環球方面，NBA季後賽的收視率非常高，關於您可能對NBA感興趣的傳聞也很多。我想請您談談這方面，以及在您推進Peacock和NBC業務的過程中，體育可能會扮演怎樣的角色？

Thanks, Craig. It's Jason. Let me start with the margin question. I'll turn it over to Dave after that for some follow-up and then over to Mike on the NBA question.

謝謝，克雷格。我是傑森。我先來回答關於邊際收益的問題。之後我會把問題交給戴夫，讓他補充一些內容，然後再把NBA的問題交給麥克。

So on margins overall, pleased with the quarter. Obviously, we grew connectivity margins broadly by 160 basis points year-over-year. We've said in the domestic Cable business, margins up 250 basis points to a record 46.5% strong margin performance.

總體而言，我對本季的利潤率感到滿意。顯然，我們的連結業務利潤率年增了160個基點。正如我們之前所說，國內有線電視業務的利潤率成長了250個基點，達到了創紀錄的46.5%。

I think when we look at the drivers of that, number one, mix shift, high-margin businesses, i.e., the connectivity businesses, broadband, business services, wireless sort of in that category, a $10 billion book of business growing at 7%, and it's margin accretive. In addition to that, really strong expense management by Dave and the team. If you look at every expense category outside of direct product costs, which are the costs that go into feed the connectivity business growth, every single category down year-over-year.

我認為，要分析推動這一成長的因素，首先是業務結構轉變，高利潤業務，例如連接業務、寬頻、商業服務、無線網路等，這些業務規模達100億美元，成長率達7%，利潤率也隨之提升。除此之外，Dave和他的團隊在成本控制方面也做得非常好。如果你查看直接產品成本（即用於支援連接業務成長的成本）之外的所有其他成本類別，你會發現每個類別的成本都比去年同期下降了。

So I think really strong performance on margins in general. As we look at wireless, in particular, I'd put it in the broad bucket of the connectivity category. It obviously supports and augments broadband, which is one of our, if not the highest margin products. And so wireless is a contributor to that.

所以我認為整體利潤率表現非常強勁。就無線業務而言，我會將其歸類為連接性這一大類。它顯然支持並增強了寬頻業務，而寬頻業務是我們利潤率最高的產品之一，甚至可以說是利潤率最高的產品。因此，無線業務對寬頻業務的利潤率做出了貢獻。

Craig, Dave here. So it does start -- if you look at the domestic margins, the 250 basis points and the 46.5%, there's a host of things. It all starts, as Jason said, with margin-accretive connectivity businesses, both residential and commercial.

我是戴夫，克雷格。所以，事情的確是從這裡開始的──如果你看國內利潤率，250個基點和46.5%，就會發現其中有很多因素。正如傑森所說，這一切都始於能夠提升利潤率的連結業務，包括住宅和商業連接業務。

I think that we continue to benefit. There are -- transactional activity is lowered. A lot of this is just constantly being focused on the customer experience and taking out unnecessary transactions. That continues.

我認為我們持續受益。交易活動有所減少。這很大程度上歸功於我們始終專注於提升客戶體驗，並減少不必要的交易。這項工作仍在繼續。

But we're also very disciplined and stay focused on fixed costs. So that we look at every part of the business in terms of opportunities to do a good job, be competitive, be aggressive, but also take out unnecessary costs.

但我們也非常自律，始終專注於固定成本。因此，我們會審視業務的每個環節，尋找做好工作、保持競爭力、積極進取的機會，同時也會削減不必要的成本。

And then, there's also -- one of the things I think the great things that Cable does and we've been focused at Comcast is we leverage our existing network, our great network and our operational capabilities to do new lines of business. Business services is a great example of that, but wireless is another one, of which our existing sales channels, our existing capabilities in an MVNO-light way, it just -- it's a big part of the connectivity story.

此外，我認為有線電視的優勢之一，也是康卡斯特一直以來的重點，就是充分利用我們現有的網路——我們強大的網路和營運能力——來拓展新的業務領域。商業服務就是一個很好的例子，無線業務也是。我們現有的銷售管道和能力，以一種輕量級的行動虛擬網路營運商（MVNO）模式，在無線連接方面發揮著至關重要的作用。

So I think we do well when we can leverage our strength, and our strength there will continue to be our network and our go-to-market approaches that we've done, I think, a pretty good job over the years. But everything we do, inbound sales, digital, we leverage wireless.

所以我認為，當我們能夠發揮自身優勢時，我們就能做得很好。而我們的優勢將繼續體現在我們的網路和市場推廣策略上，我認為這些年來我們在這方面做得相當不錯。但我們所做的一切，無論是入站銷售還是數位化行銷，我們都充分利用了無線技術。

And Craig, it's Mike. On NBA, obviously a tremendous product, and the playoffs are great. I think the negotiation is there. That's a ways out. But obviously, NBC Sports does a great job partnering with the leagues we partner with, broadcast, streaming and otherwise. So time will tell.

克雷格，我是麥克。關於NBA，顯然它是一個非常優秀的節目，季後賽也很精彩。我認為談判還在進行中。不過，這還有一段時間。但很明顯，NBC體育在與我們合作的聯盟的合作方面做得非常出色，無論是在轉播、串流媒體還是其他方面。所以，時間會證明一切。

But as we look at things, we always look at a overall financial envelope. What's the right portfolio of overall sports rights we want to have and do that in a way that, as we've said and Jason said earlier, we manage linear, broadcast and Peacock as one business. So that's the way we would look at any of the rights that are out there in the future.

但當我們審視各項事務時，我們始終會著眼於整體財務狀況。我們需要建立一個合適的體育賽事版權組合，並像我們之前和傑森所說的那樣，將線性電視、廣播和Peacock平台作為一個整體來管理。這就是我們未來看待任何潛在版權的方式。

Our next question comes from Doug Mitchelson with -- from Crédit Suisse.

我們的下一個問題來自瑞士信貸的道格·米切爾森。

Two questions for Dave actually. First, on broadband. I'm just curious, both from a competition standpoint and a health of the consumer viewpoint, how voluntary and involuntary churn are trending and how the base reacted to the price increase this cycle versus prior cycles?

我其實有兩個問題想問Dave。第一個是關於寬頻的。我很好奇，從競爭和消費者健康兩個角度來看，使用者主動流失和非主動流失的趨勢如何？以及使用者群體對本輪價格上漲的反應與以往週期相比有何不同？

And then secondly, I know it's relatively recent, but I'm just curious on the plan upgrades with 10G launched in February and progress in 40 markets that was highlighted in the slide show. If there's any kind of practical experience in the marketplace as to how the network is reacting and how the consumer is reacting post upgrades?

其次，我知道這件事發生的時間比較近，但我很好奇2月份推出的10G套餐升級計劃，以及幻燈片中提到的在40個市場取得的進展。市場上是否有任何關於網路響應和消費者在升級後反應的實際經驗？

Well, thanks, Doug. So starting with competition and churn, so overall, the environment is -- there's still, as I mentioned, overall transactional activity in general is down. There's 2 parts of that. One is as you brought up, there's -- it continues to be pretty intense competitively. That's been the case for a while.

好的，謝謝，道格。先說說競爭和客戶流失，總的來說，目前的市場環境——正如我剛才提到的，整體交易活動仍然在下降。這其中包含兩個面向。一方面，正如你所提到的，競爭依然非常激烈。這種情況已經持續了一段時間。

But also, there's just less activity period with less moves. And so the thing that it really stands out continues to be the case that our churn is near record lows in terms of compared to pre-pandemic periods. So we're not seeing, in terms of churn, any material spikes when it comes to competition.

但同時，活躍期也縮短了，交易次數也減少了。因此，最顯著的一點是，與疫情前相比，我們的客戶流失率接近歷史最低水準。所以，就客戶流失率而言，我們沒有看到任何明顯的競爭高峰。

We are seeing an impact in terms of connects. And so some of that is a transactional activity, some of it is competitive pressure, but it's more felt on the connect side of things and a little bit more on video as we have less video attachment on that side.

我們看到連接數受到了影響。其中一些是交易活動造成的，有些是競爭壓力造成的，但這種影響在連接方面更為明顯，在視訊方面也略微明顯一些，因為我們視訊附件的使用量減少了。

But broadband, you look at our broadband base, we have a very stable base, 32 million residential broadband customers. Churn, very healthy and certainly lower than pre-pandemic period times.

但寬頻方面，看看我們的寬頻用戶基礎，我們擁有非常穩定的用戶基礎，3200萬家庭寬頻用戶。用戶流失率非常健康，肯定低於疫情前的水平。

We watch the competitive landscape every day. And so while certain -- theres fixed wireless, the fiber group, but we continue to fare well in terms of kind of all tiers and in terms of churn. So it's not -- we haven't seen a spike in voluntary or the nonpay in regards to the economy.

我們每天都在關注競爭格局。雖然固定無線網路和光纖網路確實構成了一定的競爭壓力，但我們在各個層級和客戶流失率方面都保持著良好的表現。因此，我們沒有看到經濟狀況導致自願退訂或未付費用戶激增的情況。

So -- but in terms of the network and the investments that we've made, real pleased with our progress. We have about 20% of our footprint we've upgraded around the multi-gig capabilities that we have on track to continue that to over 30% come year-end and setting ourselves up very nicely for DOCSIS 4. At the end of the year, we'll be testing it. And I think next year will be a pretty big year for that.

所以——就網路和我們已進行的投資而言，我對目前的進展非常滿意。我們已經升級了約20%的覆蓋區域，使其具備多千兆網路能力，並且我們正按計劃推進，爭取在年底前將這一比例提升至30%以上，為DOCSIS 4的部署做好充分準備。年底我們將進行測試。我認為明年將是DOCSIS 4部署的關鍵一年。

But every step of the way, we're delivering increased value. And it's where the customer is going in terms of the increased focus, every application of streaming, of gaming. And you look at where the customer is today, the 700 gigabits -- gigabytes in terms of HSD-only consumption, events like Thursday Night Football that just caused a spike and then yesterday that Man City against Arsenal, Peacock, having a great Premier League match so that -- see a little bit of a bump in terms of broadband usage.

但我們每一步都在不斷提升價值。客戶的需求也在不斷增長，他們越來越關注串流媒體和遊戲等各種應用。看看客戶現在的狀況，僅高速互聯網的流量消耗就達到了700千兆字節，像週四晚間足球賽這樣的活動引發了流量激增，昨天曼城對陣阿森納的英超比賽，Peacock平台也進行了精彩的直播，這些都帶動了寬頻使用量的增長。

So there's going to be more of that. The customer is going to do more with broadband, not less. And so I think that serves us well long term competitively, and we'll continue to be a champion of every single broadband great application as they come along.

所以這種情況會越來越普遍。顧客對寬頻的使用量會越來越多，而不是越來越少。我認為這對我們長遠的競爭優勢非常有利，我們將繼續支持每項優秀的寬頻應用。

This is Brian. I just want to add one thought. The last point Dave made, I think you did a fabulous job explaining it. I just want to underscore how much I personally believe that, that's what makes us in a great position.

我是布萊恩。我只想補充一點。戴夫剛才提到的最後一點，我覺得你解釋得非常精彩。我只想強調我個人對此深信不疑，正是這一點讓我們處於非常有利的地位。

If you think about less linear and more streaming, is that trend going to continue? Absolutely. It seems very, very likely. And who is best positioned to provide more and more capacity, and this path to 10G, we have a north star that we -- the team has created.

如果考慮到線性內容減少、串流內容增加的趨勢，這種趨勢會持續下去嗎？當然會。而且可能性非常大。至於誰最有能力提供不斷增長的容量，以及通往 10G 的道路，我們團隊已經制定了一個明確的目標。

We know what we want to bring to customers over the next several years. And as more and more needs come about, we're going to be the network there to deliver. So we're the provider of all that connectivity is a really special place to be.

我們知道未來幾年要為客戶帶來什麼。隨著需求的不斷湧現，我們將成為滿足這些需求的網路供應商。因此，作為所有這些連接的提供者，我們感到非常榮幸。

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。

I have a bigger NBCU question and smaller cable. But Mike, you're the President of Comcast and the Head of NBCU, so 2 giant jobs. Is this a permanent solution?

我還有一個關於NBC環球（NBCU）的大問題，關於有線電視的小問題。但麥克，你是康卡斯特（Comcast）的總裁兼NBC環球的負責人，身兼兩職，責任重大。這真的是個長久之計嗎？

And in the meantime, obviously, the media landscape has changed drastically since you guys bought NBCU over a decade ago. So can you address the cyclical and secular challenges as well as opportunities, including, but I'm certainly not limiting it to a pending WGA strike, Disney's battle in Florida with Governor DeSantis and how that might affect Universal theme parks, the scale needed to compete in direct-to-consumer and the range of Hulu outcomes that would significantly affect your business, whether it's scaling up or cash coming in the door?

同時，很顯然，自從你們十多年前收購NBC環球以來，媒體格局已經發生了翻天覆地的變化。那麼，你們能否談談週期性和長期性的挑戰和機遇，包括但不限於即將到來的美國編劇工會罷工、迪士尼與佛羅裡達州州長德桑蒂斯之間的爭端及其對環球影城主題公園的影響、直接面向消費者市場所需的規模，以及Hulu的各種結果（無論是規模擴張還是現金流入）將對你們的業務產生重大影響？

And then the smaller cable question, sorry, is the video loss is accelerating. Do you have a point of view -- does this trend continue? Or is there a level of stability that you expect?

還有一個關於有線電視的小問題，抱歉，就是視訊訊號損失是否正在加劇。您對此有何看法—這種趨勢會持續下去嗎？還是說您認為訊號會穩定在一個一定的範圍內？

Okay, Jessica, it's Mike. So I'll dive in. I think the short answer to the question is that I think what -- the way me stepping in to oversee NBC is quite sustainable. And why I say that is as President, I was already overseeing all of this and close to the people that run the NBC businesses and the Cable businesses and the corporate areas.

好的，傑西卡，我是麥克。那我就直接回答了。我認為這個問題的簡短答案是，我認為我接管NBC的方式是相當可持續的。我這麼說的原因是，身為總裁，我已經負責所有這些工作，並且與NBC各業務部門、有線電視業務部門以及公司總部的管理人員保持著密切聯繫。

And I think what's really important to understand is that we've got high-quality operators and leaders in all of the seats around the company: Philadelphia, L.A., New York, Orlando and so forth. So while I'll have to work a little harder and frankly, I'm energized to do so because I look forward actually to spending time getting closer to the NBCU businesses and spending more time deeper in them and with the leaders there. And frankly, since I'm going to be here for a long time, I actually think that's good for me and good for the company over the long term.

我認為真正重要的是要明白，我們公司各部門都擁有高素質的營運人員和領導者，包括費城、洛杉磯、紐約、奧蘭多等等。所以，雖然我需要更加努力，但坦白說，我對此充滿熱情，因為我期待著能更深入地了解NBC環球的各個業務，並與那裡的領導者進行更深入的交流。坦白說，既然我會在這裡待很長時間，我認為這對我個人和公司的長遠發展都是有益的。

So I would put no timetable at all on -- no time pressure to do anything other than make sure the businesses hum, which they're -- that's what they're doing right now, and that's what I see continuing. And maybe someday, we'll think there's a better way to approach it, but I'll never be moving far away from the businesses no matter what. And I'm going to own the outcome anyway it turns out. So I think -- think of me as being there for a while.

所以我完全不會設定任何時間表——不會給自己任何時間壓力，除了確保業務正常運作之外。而它們現在確實運作良好，而且我認為這種情況會持續下去。也許有一天，我們會想到更好的方法，但我無論如何都不會遠離這些業務。而且無論結果如何，我都會承擔責任。所以，我想──你們可以把我當成長期合作夥伴。

In terms of the cyclical versus secular and the laundry list there of all the things we're dealing with, I'd say all that's embedded in the plans that we have. When you think about our Content & Experiences businesses, you think about our Parks business, which is just doing tremendously well, and we've got tremendous growth investments behind that. And it is nothing to do with the challenges for eyeballs and the movement of traditional television to different forms of consumer consumption.

至於週期性因素與長期因素，以及我們正在處理的許多問題，我認為所有這些都已納入我們的計劃之中。說到我們的內容與體驗業務，就不得不提我們的主題樂園業務，它目前發展勢頭強勁，而且我們為此投入了大量成長資金。這與觀眾注意力分散以及傳統電視向其他消費形式的轉變無關。

So think of parks as -- put it aside, it is an incredibly valuable and growing business. And then I think in the traditional TV businesses, we're -- that's why we're -- exactly why we're doing Peacock. And remember, we're at 22 million subs now. We were 20 when we ended last year. We were 15 when we ended the third quarter of last year. So I think we're really pleased as we're 1 quarter into 2023 to have held level of engagement in the product, hours watched and so forth and kept churn very low as we look ahead to some really good content coming later in the balance of the year.

所以，先別管公園的事，它本身就是一個極具價值且不斷成長的產業。至於傳統電視業務，我認為我們——這正是我們推出Peacock的原因。別忘了，我們現在有2200萬訂閱用戶。去年年底我們只有2000萬，去年第三季末只有1500萬。所以，在2023年第一個季度，我們能夠保持用戶對產品的參與度、觀看時間等等，並且保持極低的流失率，我們感到非常滿意。展望未來，我們將在今年稍後推出一些非常優質的內容。

So on track, and then some. We'll have our role to pay and Comcast customers coming over to and more the second half of the year. So I think we feel really good about the strategy of how we're managing on the Media business side.

所以一切都在按計劃進行，甚至超出了預期。我們將負責支付給 Comcast 的客戶，下半年將有更多客戶加入我們。因此，我認為我們對媒體業務方面的管理策略非常有信心。

And then really on Studios, you look at -- Brian covered it, but you look at the power of our Studios, both film and television. And they're incredibly strong, and leadership is excellent. And the -- Brian mentioned animation, but we've got Fast 10 coming out in a couple of weeks.

說到工作室，布萊恩已經提到了，我們工作室的實力，包括電影和電視工作室，都非常強大，領導層也十分出色。布萊恩也提到了動畫，不過我們還有《玩命關頭10》將在幾週後上映。

We've had great hits on the television side and more to come. So I think that's also, I think, a strategy around Studios that is -- and we've stayed, as we've said, agnostic, I guess, to whether it's the word to use, whether things need to necessarily end on our platforms, Peacock or linear or someone else's.

我們在電視方面取得了巨大的成功，未來還會有更多佳作問世。所以我覺得，這也是工作室的一項策略——正如我們所說，我們一直保持中立態度，不去糾結是否應該用“中立”這個詞，也不去糾結節目是否一定要在我們的平台（Peacock、傳統電視或其他平台）上結束。

So I think there's durable value in that side of things sort of no matter how some of these trends work out. And I'll leave it at that and talk more some other day about some of the details. I'm not going to talk about Hulu. And on strikes, we certainly hope that we find an equitable outcome that avoids a strike, and that's what our team is planning for. Over to you, Dave.

所以我認為，無論這些趨勢最終如何發展，這方面都具有持久的價值。我就先說到這裡，以後有機會再詳細談談。我不會談論Hulu。至於罷工，我們當然希望找到一個公平的解決方案，避免罷工，這也是我們團隊正在做的準備。接下來交給你，戴夫。

You got it. Jessica, Dave here. So on video, we continue to segment the marketplace. We have a lot of options. But the main point that has really developed is the video attachment being down. And so there -- and our rate approach is to not subsidize unprofitable video relationships.

明白了。我是潔西卡，我是戴夫。關於視頻，我們繼續細分市場。我們有很多選擇。但真正出現的主要問題是視訊附件的下架。因此，我們的定價策略是不補貼不獲利的視訊合作關係。

And I've shifted some time ago anticipating how things evolve that are focusing on the overall relationship and the connectivity opportunity. So the main -- one of the key points, though, that to make sure that folks understand, we did see, certainly an uptick in customers dropping video.

而且，我之前就調整了策略，開始關注整體關係和連結機遇，並預見事態的發展趨勢。所以，最主要的一點——也是最關鍵的一點——是，為了確保大家理解，我們確實看到，客戶放棄視訊服務的情況有所增加。

But we've also seen these customers that are retaining broadband. And so our full disconnect churn, video and broadband, remains at record low levels and is down nearly 25% since the pre-pandemic period.

但我們也看到有些客戶仍然保留了寬頻服務。因此，我們的整體斷網流失率（包括視訊和寬頻服務）仍處於歷史低點，比疫情前下降了近25%。

So we're able to have managed through the cycle. And still, there's some video packaging that we're going to be very focused on and based on the segment. And we'll fight hard, whether it's acquisition, base management, or retention. So it's important to us, but we have figured out a way to manage it financially.

所以我們成功度過了這個週期。即便如此，我們仍會專注於一些影片內容的整合，並根據細分市場進行調整。無論是在用戶獲取、用戶群維護或用戶留存方面，我們都會全力以赴。這對我們來說至關重要，而且我們已經找到了財務上的應對之策。

And if you look at broadband, the net result is broadband is faring well and holding the line in terms of the base. And so as things continue to go and evolve more towards streaming, I think we're in a great position there.

如果你觀察寬頻市場，最終結果顯示寬頻發展良好，用戶基數保持穩定。因此，隨著行業不斷發展並向串流媒體方向轉型，我認為我們在這方面處於非常有利的地位。

And we also have invested in our platforms. So we have the platforms of Flex, we have X1, and the new Charter JV with Xumo that we feel great about long term. So yes, the video losses did a bit of an uptick, but we did offset it with some of these platform relationships that I think long term are going to be very important.

我們也對自身平台進行了投資。我們擁有Flex平台、X1平台，以及與Xumo成立的Charter合資企業，我們對此合資企業的長期發展前景充滿信心。因此，視訊業務的損失確實有所增加，但我們透過這些平台合作關係彌補了損失，我認為這些合作關係在長期發展中將至關重要。

Our next question comes from Brett Feldman from Goldman Sachs.

下一個問題來自高盛的布雷特·費爾德曼。

Sort of a 2-part question about connectivity CapEx. You seem pretty comfortable that you can continue this pace of footprint expansion within that CapEx profile you previously talked about. You also seem pretty happy with the traction you're having as you broaden the footprint.

關於網路連線方面的資本支出，這個問題可以分為兩個部分。您似乎很有信心，能夠在先前提到的資本支出範圍內繼續保持目前的業務擴張速度。同時，您也對業務擴張過程中所取得的進展感到滿意。

So I'm curious how you think about the merits of maybe building even faster, whether that's organically or if you would simply be waiting to see whether it makes sense to participate in some of these government subsidy programs.

所以我很好奇，您如何看待加快建設速度的利弊，無論是自然發展還是觀望參與一些政府補貼計劃是否有意義。

And then I think in the past, you provided some statistics about this enormously high share of your customers' true mobile traffic that happens in a very small portion of your geographic footprint. And that data point alone would imply that there's a very high ROI associated with deploying your own mobile infrastructure and bringing that on net. And you obviously have all the resources you need to do that, including spectrum.

而且，我認為您之前曾提供過一些統計數據，表明您客戶的真實移動流量中有極高的比例都集中在您地理覆蓋範圍內的一小部分區域。僅憑這一點就足以說明，部署您自己的行動基礎設施並將其納入網絡，能夠帶來非常高的投資回報。顯然，您擁有實現這一目標所需的所有資源，包括頻譜。

I'm curious why that hasn't happened yet? Or what would be the circumstances under which that could become a really attractive use of incremental capital investment in the connectivity business?

我很好奇為什麼這種情況還沒發生？或者說，在什麼情況下，這會成為連結業務中增量資本投資真正有吸引力的用途？

Brett, it's Jason. I'll start out with the CapEx question and then tag team with Dave on mobile offloading. So on CapEx, we guided for the year to 10% CapEx intensity. That's flat year-over-year last year for Connectivity & Platforms. We rounded out the year at 10%, so flat year-over-year.

Brett，我是Jason。我先回答資本支出方面的問題，然後再和Dave一起談談行動端業務拆分。關於資本支出，我們今年的預期資本支出強度為10%。這和去年連結與平台業務的資本支出強度持平。我們最終以10%的資本支出強度結束了這一年，與去年持平。

If you think about the big categories that sort of contribute to CapEx intensity in that business, it's customer premise equipment, scalable infrastructure and line extensions. Customer premise equipment is actually an area we're getting some relief from. Scalable infrastructure, that's where our DOCSIS -- so that's basically existing infrastructure where we're augmenting capabilities. That's where DOCSIS 4.0 and our mid-splits sit. That's an area where, obviously, we're doing a lot more in the next couple of years.

仔細想想，該業務中導致資本支出強度大幅增加的幾個主要類別是客戶終端設備、可擴展基礎設施和產品線擴展。客戶終端設備方面的支出實際上有所緩解。在可擴展基礎設施方面，我們主要關注的是DOCSIS——也就是在現有基礎設施的基礎上進行功能增強。 DOCSIS 4.0和我們的中型分頻器就屬於這個範疇。顯然，未來幾年我們將在這個領域投入更多精力。

And then line extensions, I think you got it right. That's where we're extending our footprint to go serve new geographies, whether it's residential or business services. Within that, we've guided for the year 850,000 new builds last year, goes up to 1 million this year. So that's a 20% increase in what we're doing there, all accommodated for -- with similar CapEx intensity year-over-year.

至於線路延伸，我想你理解得對。這指的是我們拓展業務範圍，服務新的地區，無論是住宅或商業服務。在這方面，我們預計去年的新建案數為 85 萬套，今年將增加至 100 萬套。這意味著我們在這一領域的業務量成長了 20%，而且所有新增項目都已安排妥當——資本支出強度與去年基本持平。

So I think we're really operating the business at a different level, given everything that's going on surrounding the network. I think to your question on doing even more as we look at some of the programs that are coming our way, if you look at prior programs and sort of our distinct advantages in the market, I would step back and say, as you look at product technology, management and cost of capital, those are things that should define an advantage for us in economics of new builds or overbuilds.

所以我覺得，鑑於網路營運的方方面面，我們的業務營運水準確實提升到了一個全新的高度。至於你問的，隨著一些專案的推進，我們是否會做得更多。回顧我們先前的專案以及我們在市場上的獨特優勢，我會退一步說，從產品技術、管理和資本成本來看，這些因素應該能夠決定我們在新建或改建專案方面的經濟效益。

It was a little bit muted in the prior cycle if you look at sort of the economic cycle we were in and low cost of capital, which created, we think, a pretty frothy capital markets environment, which led a lot of companies to stare at economics that may have been better temporarily than they might be over the longer term as well as newer government programs that were sort of, in our view, unseasoned in terms of the process.

在上一輪週期中，如果我們回顧一下我們所處的經濟週期和低資本成本，就會發現情況略顯平淡。我們認為，這造成了相當泡沫化的資本市場環境，導致許多公司關注的經濟狀況可能只是暫時的，而不是長期的。此外，一些新的政府項目，在我們看來，在流程方面還不夠成熟。

So it kept us out of -- lot of the prior programs. As we look at this going forward with capital markets activity, cost of capital going up a little bit, I think everything sort of plays to our strengths. So the 850,000 going to 1 million this year, we'd welcome it probably going higher over time.

所以它讓我們免於參與之前的許多項目。展望未來，隨著資本市場活動的增加和資本成本的略微上升，我認為一切都有利於我們的優勢。因此，今年從85萬增加到100萬，我們非常歡迎它隨著時間的推移而繼續增長。

It's Mike. I would just add in that we're not looking to manage within the around 11% as a constraint, but rather to Jason's point, I think we can handle going to the million, which is great. And we see good economics in that, but would welcome it if the day came along that we thought spending more would -- on incremental passings would be good return. So...

我是麥克。我補充一點，我們並非將控制在11%左右作為限制條件，而是像傑森說的那樣，我認為我們可以承受達到100萬美元的支出，這很棒。我們認為這樣做在經濟上是合理的，但如果有一天我們認為增加支出——尤其是在增加死亡人數方面——能帶來良好的回報，我們也樂於接受。所以…

And this is Dave. So Brett, we like the trajectory. Jason and Mike mentioned the million. It's early, but off to a good start. I feel good about that. And really, the 3 buckets, the existing footprint within existing cable footprint and as things pick up in terms of housing and new construction, then we'll be right there, the hyper builds for commercial and then these edge outs, which is where some of the subsidies are there.

這位是戴夫。布雷特，我們很看好這個發展趨勢。傑森和麥克提到了那一百萬美元。現在還處於早期階段，但開局不錯。我對此感到滿意。實際上，這三個面向分別是：現有有線電視覆蓋範圍內的現有網絡，隨著住房和新建項目的增加，我們將緊隨其後；商業用超大型建築；以及一些邊緣地帶，這些地方可以獲得一些補貼。

So we're -- we feel good about it, very focused. And we'll take a disciplined approach, and it's been great, the support that we have in terms of every opportunity, we'll go for it. And -- but we'll expect historical returns.

所以我們感覺很好，目標也很明確。我們會採取嚴謹的態度，而且一直以來都得到了很好的支持，我們會抓住每一個機會。當然，我們也會期待獲得歷史性的回報。

On the mobile offload, we think this is a really interesting and good opportunity potentially based on how things are. We've said, I think, 60%, the traffic around 3% of our footprint. And that is -- we're staring at that constantly.

關於行動端流量分流，我們認為這是一個非常有趣且潛在的好機會，具體情況目前來看是這樣。我們之前說過，大約 60% 的流量都來自行動端，而行動端流量僅占我們總流量的 3% 左右。我們一直在密切關注這一點。

So we're testing. We have a -- we go arm in arm with Charter looking at some of these results in terms of how things are going. We do have a fantastic capital-light MVNO that serves us very well. I think great for the partner, good for us long term.

所以我們正在進行測試。我們和Charter密切合作，共同觀察測試結果，看看進展如何。我們確實有一個非常棒的輕資產MVNO（行動虛擬網路營運商），它為我們提供了很好的服務。我認為這對合作夥伴來說是好事，從長遠來看，對我們也有好處。

But we'll continue to stare at the marginal cost improvements of offloading these dense traffic areas. So we're staying on it, and we'll -- more to come on that, but we'll be testing that throughout the year.

但我們會繼續關注透過分流這些交通密集區域來降低成本的邊際效益。所以我們會堅持下去，而且——稍後會有更多消息——我們會全年進行測試。

We'll go next to Phil Cusick with JPMorgan.

接下來我們連線摩根大通的菲爾·庫西克。

Two if I can. Maybe first following up on broadband. Jason, you mentioned success from a low-end broadband product at the end of the quarter. How do you see the return on that? And is it something you plan to sustain? How should we think about the impact in the second quarter versus typical seasonality?

如果可以的話，我想談兩個問題。或許可以先跟進一下寬頻方面的狀況。傑森，你提到上個季度末一款低端寬頻產品取得了成功。你如何看待它的回報？你打算繼續保持這種勢頭嗎？我們應該如何看待第二季受到的影響，以及它與正常季節性因素之間的關係？

And then second, you mentioned that Orlando is trending above pre-COVID. Can you talk about recent trends in the domestic parks? Any indication of attendance shifts or costs?

其次，您提到奧蘭多的客流量已經超過了疫情前水準。能談談美國國內其他主題樂園的近期趨勢嗎？客流量或成本方面是否有任何變化跡象？

Phil, Dave. Let me start with kind of the offer approach and then the impact as we go into Q2, just providing overall perspective. But when you take a step back, we are still in the environment that I've mentioned, still the base, overall broadband base very stable in terms of the churn, less the connect pressure that we've seen.

菲爾，戴夫。我先談談目前的方案，然後再談談第二季的影響，提供一些整體觀點。但總的來說，我們仍然處於我剛才提到的那種環境下，寬頻用戶基數依然非常穩定，用戶流失率很低，連線壓力也比之前小了許多。

So -- but the overall, it's tied to a better churn than where we were pre-pandemic. So -- but we take a very disciplined approach. We segment the market, and we go in and out with offers. So we did have an offer that was available in the marketplace where, for broadband only, at $25 and then a $50 combined mobile.

所以——但整體而言，與疫情前相比，用戶流失率有所下降。因此——我們採取了非常嚴謹的方法。我們將市場細分，並根據情況推出不同的優惠活動。例如，我們之前推出過一項優惠活動，寬頻套餐價格為 25 美元，行動套餐價格為 50 美元。

And so we saw an uptick. It was positive. And so it's something that we constantly are doing coming in and out in terms of service offerings. We also remain very focused, what we talked about earlier around the high-end and never losing sight that there's a mix of tiers that are really important to the base.

因此，我們看到了成長。這是個正面的訊號。所以，在服務產品方面，我們一直持續進行調整和更新。同時，我們也始終非常關注高端市場，正如我們之前提到的，並且始終牢記各個層級的服務對基礎客戶群的重要性。

And so we're just focused on 1 gig, and we do -- with part of the segmentation approach is going to the marketplace and one-third of our customers do take that 70 -- almost 75% of our customers take 400 megabits and above. So there's a blend that ends up happening, and that's why you saw a pretty good ARPU growth in terms of broadband.

所以我們只專注於1Gbps的寬頻，而且——我們採取的部分細分策略是進入市場——我們三分之一的客戶選擇了1Gbps的寬頻，而我們近75%的客戶選擇了400Mbps及以上的寬頻。因此，最終形成了一種混合模式，這就是為什麼寬頻用戶的平均每用戶收入（ARPU）成長相當可觀的原因。

But we'll go in and out with offers in terms of things. We'll be nimble, respond competitively to every single segment. I think there's more action with fixed wireless on the low end and that -- the offer served us well.

但我們會根據市場狀況彈性調整優惠活動。我們會保持靈活，對每個細分市場都做出具有競爭力的反應。我認為低階固定無線網路市場更有發展空間，而且——之前的優惠活動效果不錯。

As you go into seasonality and you look at the second quarter, we are seeing typical seasonality, especially in regions like Florida. So you're going to see a step down in net adds from Q1 to Q2. And -- but I don't think you can extrapolate exact performance from historical levels. But directionally, net adds will be lower in Q2, so just to be clear.

考慮到季節性因素，我們來看第二季度，會發現典型的季節性波動，尤其是在佛羅裡達州等地區。因此，淨新增用戶數會從第一季到第二季下降。當然，我認為不能僅憑歷史數據來精確預測未來的績效。但總的來說，第二季的淨新增用戶數會減少，這一點需要明確說明。

Just to round out the question on broadband, Phil, because it's a good one. In this type of competitive environment, I think one of the key questions for us and the team is can we segment the base appropriately to sort of tactically respond at the low end but without disrupting the broader base. And one of the things I'm most proud of this quarter from the team is 4.5% ARPU growth, which I think really points to that.

菲爾，關於寬頻的問題問得很好，我想再補充一點。在這種競爭激烈的環境下，我認為我們和團隊面臨的關鍵問題之一是，我們能否對用戶群體進行適當的細分，以便在不影響整體用戶群的情況下，有針對性地應對低端市場。本季團隊的成果中，我最引以為傲的是4.5%的平均每用戶收入（ARPU）成長，我認為這充分體現了這一點。

And it's nice, Phil, to finish on parks because the business overall is really rocking, as you can tell. It would be -- I'd be remiss in not calling out, first, the quarter that the international side had. USJ had all-time highs for attendance, per caps revenue and EBITDA. And that's since it opened -- for a first quarter. That's since it opened in 2001.

菲爾，很高興最後能聊聊主題樂園，因為如你所見，整體業務發展勢頭強勁。首先，我必須特別提一下國際業務在本季的表現。日本環球影城（USJ）的客流量、人均收入和EBITDA均創歷史新高。而且這僅僅是自2001年開業以來的第一個季度。

And likewise, in China, we generated significant profitability in a tougher season and the highest ever quarterly attendance despite it being wintertime. So that's the international side.

同樣，在中國，儘管正值冬季，我們在較為艱難的季節也實現了可觀的盈利，並創下了季度客流量歷史新高。以上就是國際業務方面的情況。

And on the domestic side, things continue to perform really well. Hollywood, we have Super Nintendo World open, so driving really strong attendance and per caps that are way ahead of last year and pre-pandemic levels on the back of excellent guest feedback.

國內方面，業績持續強勁。好萊塢的超級任天堂世界已經開放，憑藉良好的遊客回饋，客流量和人均收入都遠超過去年同期和疫情前水準。

And in Orlando, really solid results in the quarter. We had, as you know, unprecedented visitation last year way ahead of 2019 pre-COVID. So as expected, growth rates have slowed down, but performance continues to be solid. And go-forward booking again still looks solid, similar pattern to Q1 of last year. So, so far, things continue to look good as we look ahead in the domestic side.

奧蘭多本季業績非常穩健。如您所知，去年遊客數量空前，遠超2019年疫情前的水平。因此，如預期，成長率有所放緩，但整體表現依然強勁。未來的預訂情況也依然良好，與去年第一季的情況類似。所以，就目前而言，國內市場前景依然樂觀。

Thanks, Phil. That concludes our earnings call, and thank you all for joining us.

謝謝菲爾。我們的財報電話會議到此結束，感謝各位的參與。

Thanks, everybody. Thank you.

謝謝大家。謝謝。

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

問答環節和今天的電話會議到此結束。會議錄音將於美國東部時間今天上午 11:30 起在康卡斯特投資者關係網站上提供。感謝各位的參與。各位可以斷開連接了。