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，早上好，歡迎來到康卡斯特第一季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄製中。我現在將把電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，Ryvicker 女士。

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.

謝謝運營商，歡迎來到我們 2023 年第一季度的財報電話會議。您首先會聽到 Brian Roberts、Mike Cavanagh 和 Jason Armstrong 的聲音。然後 Dave Watson 將加入我們並進行問答。

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.

提醒一下，從第一季度開始，我們改變了圍繞 2 項主要業務的分部經營業績的呈現方式：連接與平台以及內容與體驗。有關更多詳細信息，請參閱我們於 3 月 13 日發布的 8-K，可在我們的投資者關係網站 www.cmcsa.com 上找到。

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.

我現在將向您推薦本次電話會議所附演示文稿的幻燈片 2，該幻燈片也可以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受某些風險和不確定因素影響的前瞻性陳述。

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，我們將參考某些非 GAAP 財務指標。請參閱我們今天上午早些時候發布的 8-K 和趨勢時間表，了解這些非 GAAP 財務措施與 GAAP 的對賬情況。

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

有了這個，我會把電話轉給布賴恩。

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，Marci，大家早上好。在我們進入本季度之前，讓我承認你們本週早些時候看到的消息。

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。但我們很幸運在 NBCUniversal 擁有一支出色且終身任職的領導團隊。你往下看，你會看到他們中的許多人在公司內領導他們的部門至少 10 年，並且是真正的業內最佳。

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. He'll work closely with each of the management team at NBCUniversal to continue our excellent momentum.

我們也很幸運，邁克·卡瓦納 (Mike Cavanagh) 掌舵了 NBCUniversal，同時還留任總裁。邁克是一位出色的執行官和運營商，你們中的許多人都非常了解。他將與 NBCUniversal 的每個管理團隊密切合作，以延續我們的良好勢頭。

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. 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.

Mike 將與 Jason Armstrong 一起領導這些收益電話會議。今天，您將從他們那裡聽到關於我們現在和長期的戰略重點和增長動力。 Jason 將詳細介紹第一季度的結果。 Dave Watson 和我來這裡是為了問答。稍後您會在電話會議中聽到更多關於我們的連接和平台業務的強勁勢頭。戴夫，感謝你今年有了一個良好的開端。

But 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.

但在我將其交給 Mike 之前，我只想分享一下我對我們最近表現的快速看法。這確實是一個強勁的季度，也是今年的開局，尤其是在宏觀環境持續動蕩的背景下。

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.

我們將調整後的 EBITDA 增長了 3%，將調整後的每股收益增長了 7%。此外，我們產生了 38 億美元的自由現金流，並向股東返還了 32 億美元的資本，同時繼續對一些重大舉措進行重要投資，這真實地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，有兩件事特別讓我印象深刻，我為此感到非常自豪。一是動畫業務。通過加強和結合我們在 Chris Meledandri 領導下的夢工廠和 Illumination 的能力，我們已經取得了巨大的成功，創造了全世界人們都知道和喜愛的特許經營權：神偷奶爸、史萊克、寵物、小黃人以及最近的穿靴子的貓和現在超級馬里奧兄弟，剛剛打破了多項記錄，包括有史以來全球最大的動畫電影首映。這些是我們多年前做出的成為動畫領導者的戰略決策的結果，以及即使在大流行最嚴重的時候我們也必須繼續投資於該業務的信念，這些信念現在顯然得到了回報。

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.

第二個是連接性和平台。我們在本季度取得的顯著利潤增長，加上國內住宅寬帶 ARPU 增長 4.5%，證明了在充滿挑戰的競爭環境中成功的紀律和卓越的管理。我們專注於提供卓越的體驗並為我們的客戶提供有利可圖的服務，這表明了這一點。

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

有了這個，現在讓我把電話交給邁克。

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。我們在 2023 年有了一個良好的開端，並為又一個強勁的一年做好了準備。我們在公司的各個層面都擁有令人驚嘆的人才和培養創造力和協作的 DNA，從而實現首屈一指的卓越運營。再加上我們在規模龐大且利潤豐厚的市場中處於領先地位，數千萬客戶每月向我們支付超過 100 美元，還有數億電視和流媒體觀眾，我們擁有極其健康的資產負債表，使我們能夠投資於我們所有的戰略機會並獲得豐厚的回報，同時也向股東返還可觀的資本。

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 the 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.

儘管我們對第一季度的業績感到滿意，但任何公司在一個季度的業績都只是長期戰略和計劃取得進展的里程碑。因此，在我們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增長的驅動因素以及我們將大部分時間和資源集中在哪裡。

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.

我將它們分為 4 個類別：住宅連通性、商業服務連通性、我們的主題公園和體驗以及我們的優質內容創作。我將從住宅連接開始，它由國內寬帶、國內無線和國際連接組成。

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.

寬帶是一項了不起的業務。這對消費者來說是一個很好的產品，而且需求還在持續增長。人們將越來越多的設備連接到我們的網絡，並且他們正在消耗大量數據。

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 1/3 of our customers at 1 gigabit or higher and nearly 3/4 at or above 400 megabits.

目前，不從我們那裡獲取視頻的寬帶客戶的平均每月數據使用量接近 700 GB。可靠性和速度的重要性也相應增加，大約 1/3 的客戶使用 1 吉位或更高，近 3/4 的客戶使用 400 兆或以上。

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.

對我們來說，消費者對寬帶體驗的期望已經很高，而且還在不斷提高，這是一個重要趨勢。雖然市場競爭激烈，因此在短期內增加訂閱者可能是一個挑戰，但我完全相信我們最終會恢復訂閱者增長。我們有最好的手來戰勝所有競爭技術，無論是光纖還是固定無線技術。

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.

我們將光纖視為我們的長期競爭對手。我們已經成功地與光纖競爭了大約 20 年，但在此期間仍然建立了 3200 萬寬帶客戶群。我們的戰略是擁有最強大的網絡，隨著我們過渡到 DOCSIS 4.0 並圍繞我們行業領先的寬帶體驗提供多種提供附加價值的服務，我們正在使網絡變得更好。

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包，其中包括基於資本輕型模型的出色無線產品，具有良好的經濟性和出色的 Wi-Fi。最近的競爭對手是固定無線，根據他們此時的需求，我們將其視為針對特定細分市場的不合標準和臨時解決方案。我們的方法是理性競爭。

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.

我們知道如何細分市場。我們的套餐可滿足需要最快速度和高級功能的客戶，以及更針對那些尋求以價值為導向的解決方案的客戶的套餐。

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.

我們在本季度嘗試了幾個針對這個低端的報價。我們對結果感到滿意，我們將繼續保持靈活，並在每個細分市場中做出有競爭力的反應。與此同時，隨著住宅連接市場和宏觀經濟環境的不斷發展，我們的重點將放在服務現有基礎上，增加寬帶 ARPU，提高我們在無線領域的滲透率，並進行積極投資，以我們歷史上最快的速度擴大我們的足跡.你看到我們在去年和第一季度都這樣做了，我預計這種趨勢會繼續下去。

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.

我們的第二個主要增長機會，即年收入接近 100 億美元的商業服務，正以中等個位數增長，新報告的利潤率略低於 60%，調整後的 EBITDA 增長處於高個位數範圍內。在這裡，與傳統的有線和無線提供商相比，我們先進且適應性強的網絡基礎設施也更適合為商業和政府場所提供服務。

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 billion 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，更有能力可靠且經濟高效地滿足客戶的需求。我們已經擁有超過 250 萬國內商業客戶，比任何其他競爭對手都多，我們的目標是在我們的足跡內創造 500 億美元的市場機會，以及我們現在可以通過利用我們的技術和合作夥伴以外的合作夥伴來追求 700 億至 1000 億美元的總市場機會我們的足跡。

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.

我們的第三個主要增長機會是利用我們自己的知識產權以及我們從其他人獲得許可並在我們的主題公園（如哈利波特或任天堂的馬里奧等角色）中獲得生命的特殊 IP 來創造體驗。我們的公園引起了客戶的共鳴，這一細分市場顯然正在蓬勃發展。日本已經捲土重來，北京在去年都在與 COVID 相關的限制下運營後恢復了盈利。

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.

而在國內方面，奧蘭多繼續表現不俗，好萊塢剛剛開張超級任天堂大獲成功。這種出色的表現讓我們更有信心，我們在新土地和景點上的投資也將產生豐厚的回報。

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.

我對即將發生的事情感到興奮：大金剛，另一個將於 2024 年在日本開放的任天堂樂園，2025 年在奧蘭多的 Epic Universe 以及我們最近宣布的較小的公園概念：拉斯維加斯的恐怖主題體驗和得克薩斯州的一個新公園，專為年輕客人及其家人設計。

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.

我們的第四個增長領域是內容，尤其是在流媒體方面。我們擁有數十年的標誌性電視電影庫。我們每年花費超過 200 億美元來製作和提供涵蓋體育、新聞、娛樂、戲劇和電影等各種類型的節目，這已成為所有媒體公司中覆蓋面最廣的。每個月有超過 1 億人參與我們的內容。

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.

在電影方面，我們去年憑藉《侏羅紀》、《小黃人》和《萬聖節》在全球票房排名第二。根據目前的路線，我們傾向於在 2023 年做得更好。我們以本壘打和驚人的勢頭開始了這一年，從穿靴子的貓的結轉，M3GAN 的成功和現在的超級馬里奧兄弟，它在僅 3 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。我們從事電影業務已有 100 年，令人興奮的是，我們能夠以多種方式在動畫及其他領域創造和貨幣化我們的整個電影名單，包括我們在電影窗口方面所做的創新變革.

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.

我們做出了將我們的 Pay-One 窗口放在 Peacock 上的戰略決定，這在去年年底真正開始了。我們現在擁有最強大的流媒體電影服務之一。我們在票房上的成功影響到了 Peacock，這被證明是一個成功的獲取和保留工具。

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.

除此之外，我們電視工作室的內容實力為 NBC 的內容提供了動力，並幫助我們多年來在所有 Dick Wolf 程序和 SNL 中排名第一，再加上 Bravo 上廣受歡迎的內容，這一切都歸功於 Peacock明天。再加上我們剛剛起步的原創節目，例如 Poker Face，該節目推出並立即登上了尼爾森美國流媒體原創列表的榜首。我們還會有更多。

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.

最重要的是，我們擁有令人難以置信的體育陣容，包括週日晚上足球賽、英超聯賽以及即將推出的 Big 10。我們相信我們為 Peacock 制定了正確的戰略，並且該戰略適合我們的優勢：具有雙重收入的優質內容流，包括廣告費和訂閱費。到目前為止，我們對我們的結果感到鼓舞，付費訂閱者和參與度增加到每個訂閱者每月大約 20 小時，推動了廣告收入的強勁增長。我們正在投資，但我們看到的結果讓我們相信，我們正走在正確的道路上，讓 Peacock 實現收支平衡並從那裡發展。

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.

縱觀我們整個組織，我想不出比這更有利的位置來將不斷增長的期望需求以及全球消費者不斷變化的習慣貨幣化。我們是最好的寬帶公司，擁有最好的內容，可以通過最好的分發和聚合平台訪問。

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.

我對我們所有的增長領域感到興奮。它們共同代表了我們的大部分收入和我們具有高增量利潤率的業務。因此，這些增長領域應該成為我們未來幾年財務業績的主要驅動力。

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

有了這個，我會把它交給傑森來談論這個季度。

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，邁克，大家早上好。 2 月下旬，我們宣布從本季度開始，我們將報告 2 個可報告業務部門的業績：連接與平台以及內容與體驗。更緊密地結合我們志同道合的業務反映了我們如何經營我們的公司，並突出了我們作為全球綜合內容分發公司的增長機會。我們還圍繞對我們的整體業績越來越重要的領域提供更多披露，即商業服務和孔雀。

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.

讓我們從幻燈片 4 上的第一季度綜合業績開始。由於與去年的冬季奧運會和超級碗的艱難對比以及外彙的負面影響，公司總收入為 297 億美元，下降了 4%，而我們的總公司調整了 EBITDA增長 3%，這要歸功於我們高利潤率的連接和平台業務的持續強勁運營槓桿。

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.

剔除冬奧會和超級碗的影響並按固定匯率調整後，公司總收入增長 1.5%。調整後每股收益增長 7% 至 0.92 美元，產生了 38 億美元的自由現金流，同時在第一季度向股東返還了 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.

此外，我們還進行了大量投資來支持和發展我們的業務，包括我們向 DOCSIS 4.0 的過渡和寬帶足跡擴展、Epic 的建設以及我們主題公園的新土地和景點的持續流動以及我們工作室的內容製作，這為孔雀提供了強大的第三方許可機會和真正成功的電影業務。綜合來看，這些投資領域在第一季度創造了公司總收入的一半以上，同比增長 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.

現在讓我們談談我們的業務成果。從連接性和平台的幻燈片 5 開始。提醒一下，我們最大的外匯敞口是英鎊，同比下跌超過 9%。因此，為了突出業務的潛在表現，我將以固定貨幣為基礎談談我們在連接和平台上的結果。

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 high-margin businesses while protecting profitability in businesses with secular headwinds through disciplined cost control.

本季度的收入持平，但這值得一提。我們的核心連接收入、住宅和商業收入增長超過 7% 至 100 億美元，而視頻、廣告和其他收入下降 7% 至 98 億美元。與去年同期相比，我們在連接性和平台方面的利潤率總體增長了 160 個基點。這反映了我們的戰略，即投資於高利潤業務並推動其增長，同時通過嚴格的成本控制來保護具有長期逆風的業務的盈利能力。

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.

更詳細地說，住宅連接收入增長了 8%，其中國內寬帶增長 5%，無線增長 27%，國際增長 18%。在商業服務連接方面，收入繼續以健康的中等個位數速度增長。

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帶客戶群在去年和本季度都保持穩定，流失率仍低於大流行前的水平。雖然我們在本季度末通過一些針對低端市場的報價取得了一些成功，但寬帶環境目前仍然具有高度競爭性，尤其是在低端市場。因此，我們仍然認為 2023 年對我們增加潛艇來說將是一個充滿挑戰的時期。

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.

我們的增長前景和戰略始終如一。我們將積極競爭，但會以財務自律的方式進行。雖然我們預計隨著時間的推移寬帶用戶將恢復增長，但在此期間以及長期內，我們將專注於保護和增長寬帶 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.

我們對本季度 ARPU 同比增長 4.5% 感到滿意。我們預計 2023 年收入將持續強勁增長，並預計 ARPU 將成為主要驅動力。

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.

國內無線收入的增長是由於客戶線路持續強勁勢頭推動的服務收入增加所致，客戶線路總數同比增長 140 萬或 32% 至 570 萬，其中包括我們剛剛添加的 355,000 條線路，這是創一季度新高。顯然需要一種能夠在家中和戶外提供可靠和快速速度的融合產品。我們非常有能力利用這一趨勢，並且有很長的增長空間，因為目前只有不到 10% 的寬帶賬戶使用我們的移動產品。

A new disclosure category for us is international connectivity. Roughly 2/3 of international connectivity revenue is broadband, growing at mid-teens levels. The remaining 1/3 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.

對我們來說，一個新的披露類別是國際連接。大約 2/3 的國際連接收入來自寬帶，並以十幾歲的水平增長。剩下的 1/3 是無線的，其中很大一部分來自設備銷售，因此往往會隨著設備發布的時間而波動。無線的其餘部分是服務收入，由於客戶線增加和 ARPU 的健康增長，該收入增長良好。

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增長被與去年相比客戶流失導致的視頻收入下降所抵消，其他收入反映了有線語音和廣告的類似動態，除了政治收入下降外，還受到艱難的宏觀環境的影響在我們的國內市場。

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，第一季度每個費用項目均有所下降，直接產品成本是成功的基礎，並與我們連接業務的顯著增長直接相關。團隊為實現可持續的運營效率而執行的強大執行力，加上我們高利潤連接業務的穩健增長，導致連接與平台 EBITDA 增長 4% 至 81 億美元。正如我剛才提到的，調整後的利潤率同比增長 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.

儘管我們的國際業務存在一些暫時的利潤逆風，但由於具有挑戰性的宏觀環境和體育頻道的節目製作成本較高，導致收入受到一些壓力，考慮到賽事的時間安排，今年的節目成本有所上升。

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高了 250 個基點，達到 46.5% 的歷史新高。我們在本季度增加了披露，並繼續細分住宅和商業服務之間的盈利能力。住宅連接和平台 EBITDA 增長 3%，利潤率提高 140 個基點，達到 37.8%，突顯出有利的收入組合轉變。

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.

商業服務連接性 EBITDA 增長 8%，利潤率擴大 150 個基點，達到 58.3%。多年來，我們一直在談論商業服務作為利潤增長的驅動力，我們很高興首次增加我們在這一領域的披露。我們本季度的業績和新的報告結構清楚地表明了這一點。這是一項在 2022 年產生了超過 50 億美元的 EBITDA 的業務，未來將實現大幅增長，並且應該對我們在連接和平台以及整體增長狀況做出重大貢獻。

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.

總結連接性和平台，我為團隊成功完成轉型感到自豪，在轉型中，我們管理具有長期逆風的企業，同時對具有明顯強勁收入增長和利潤特徵的其他企業進行投資.

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.

現在讓我們轉向幻燈片 6 上的內容和體驗。內容和體驗收入下降了近 10%，反映了與去年的艱難比較，其中包括我們媒體部門報告的冬季奧運會和超級碗的 15 億美元收入。 EBITDA 下降了 1%，因為公園第一季度創紀錄，而成功的電影名單推動的工作室強勁增長被計劃增加的孔雀投資以及較低的線性廣告銷售額所抵消。

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，媒體收入按報告基礎下降 21%，排除奧運會和超級碗後下降 2%，這主要是由於國內廣告下降 6%，反映出整體廣告市場的疲軟，該市場似乎已經趨於穩定，在一定程度上被孔雀廣告收入的強勁增長所抵消。當你排除奧運會和超級碗時，孔雀廣告增加了令人印象深刻的 90%。

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.

國內分銷收入下降了 8%，但不包括孔雀推動的奧運會增長了 4%，分銷收入增長了 83%。總體而言，Peacock 的收入增長了 45% 至 6.85 億美元，這得益於付費用戶的強勁增長，同比增長超過 60%，本季度末有近 2200 萬付費用戶，這標誌著我們的又一個了不起的里程碑擴展服務的路徑。

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.

我們對在孔雀看到的趨勢感到鼓舞。雖然我們已經證明特殊內容和去年年底世界杯等重大事件可以成為重要的收購驅動因素，但也許同樣甚至更重要的是在此類收購內容之後保持參與並實現保留。

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.

我們在第一季度看到了這一點。我們期待報告我們現在為 Peacock 提供的增強型披露的進一步動力，包括廣告和分銷之間的收入細分，以及編程和製作與營銷、促銷和其他方面分開的成本。

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.

我們在媒體披露中添加的另一個新類別是國際網絡。這主要是天空體育的分銷收入，本季度較低的個位數收入增長是由更高的分銷收入推動的，部分被外幣換算的負面影響所抵消。由於內容許可減少，其他收入下降了 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.

Media EBITDA 下降了 26%，其中 Peacock 的 EBITDA 損失為 7.04 億美元。我們將媒體視為一項業務。雖然我們降低了線性網絡的成本，但我們將其中一些資源重新分配給 Peacock，目標是在流媒體和線性網絡中實現短期和長期盈利能力最大化。我們繼續預計 Peacock 今年的虧損約為 30 億美元，我們認為這將是 Peacock 的虧損高峰，然後開始穩步改善。

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.

在 Studios，對於我們的電影來說，這是一個偉大的季度，由於第四季度末推出的《穿靴子的貓：最後的願望》的成功結轉以及 M3GAN 和可卡因熊。

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.

雖然收入增長部分被我們電視工作室較低的內容許可所抵消，但我們電影業務的發展勢頭推動工作室 EBITDA 增長 13%，其中還包括與 4 月 5 日發行的《超級馬里奧兄弟》相關的營銷和推廣費用，正在推動我們第二季度的強勁開局。

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.

在主題公園，收入增長 25%，EBITDA 增長 46% 至 6.58 億美元，這要歸功於 COVID 限制解除後的持續反彈以及我們在公園進行的重大投資的證明。雖然需求和財務業績全面強勁，但我們的國際公園推動了本季度的大部分增長。

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.

隨著日本不再受到 COVID 限制的影響，我們在大阪的公園繼續反彈。我們看到對我們於 2021 年初開放的超級任天堂世界的巨大需求。但鑑於與 COVID 相關的限制，許多人無法參觀公園。

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.

我們在北京的公園去年也受到了 COVID 相關限制的影響，現在正以非常健康的速度增長。北京表現出強勁的同比增長，儘管冬季季節性逆風正常，但該季度仍實現盈利。

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.

在國內方面，由於超級任天堂世界的成功開幕，好萊塢在第一季度取得了創紀錄的業績，而奧蘭多則繼續高於大流行前的水平。

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.

現在，我將在幻燈片 7 上以自由現金流和資本配置作為結尾。正如我之前提到的，我們本季度產生了 38 億美元的自由現金流，並且在吸收高水平的營運資本並對我們的網絡進行有意義的投資的同時實現了這一目標和主題公園。這些投資推動總資本支出增長 37%，這主要是由於資本支出增加所致。

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.

在連接與平台方面，資本支出增加了 30%，資本支出強度達到 9.7%，這主要是受進一步加強和擴展我們網絡的投資推動。 2022 年，連接與平台的資本支出強度為 10%。我們希望在 2023 年達到類似的水平，其中包括我們在年底為國內有線電視業務提供的先前指導，因為我們將繼續將我們的美國網絡過渡到 DOCSIS 4.0 並加速我們通過的家庭的增長。

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 CapEx 增加了 3.43 億美元，這是由主題公園推動的，Epic 佔本季度支出增長的大部分。正如我們在年終電話會議上指出的那樣，我們預計公園 2023 年的資本支出將增加約 12 億美元，在 2024 年保持高位，然後在 2025 年（我們開設 Epic 的那一年）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.

總結一下，由於這是我擔任首席財務官的第一季度，讓我重申一下我們的資本配置框架。首先是投資於我們業務的增長。我們今天討論了很多例子：Epic、我們的寬帶網絡、流媒體和聚合等等。

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.

其次是通過 2.4 倍左右的目標槓桿來保護我們的資產負債表頭寸。我們認為，這是一個最佳水平，可以在一個週期內保持廣泛而深入的資本市場准入，並謹慎地平衡提高槓桿股票回報的機會。

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.

三是向股東返還現金。我感到自豪的是，我們在過去 12 個月回購了 120 億美元的股票，其中包括本季度的 20 億美元，在此期間我們的股票數量減少了 7%，此外還有健康且不斷增長的股息，我們剛剛增加了超過一月份為 7%。

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

有了這個，我會把電話轉回 Marci 進行問答。馬爾奇？

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

謝謝，傑森。接線員，請打開問題電話。

(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 Ben Swinburne。

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。我不知道這是否適合邁克。邁克，當你看 NBCUniversal 時，當你看公園和你的工作室時，你可能會發現比以往任何時候都做得更好的企業。很明顯，媒體業務受到了很多干擾。

I'm just wondering, given the management chain 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.

我只是想知道，考慮到管理鍊和你更廣泛的角色，這是一個從成本結構的角度從戰略上、運營上重新審視該業務的機會，只是用新的眼光？我知道你顯然已經擔任總統並觀察了一段時間的業務。但鑑於 NBC 正在發生的一切，我只是想听聽你的想法。

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?

然後也許對於 Dave 來說，無線業務正在繼續擴展。您談到對融合產品的需求清晰而強勁。當您展望 23 世紀的剩餘時間以繼續加速該業務的增長時，您在這裡的抱負是什麼？你們如何有意義地提高寬帶基礎的普及率？

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.

本，是邁克。所以我會跳進去。謝謝你的問題。所以感謝評論。我來過這裡——很難相信它會在 2 週內到來，我會來這裡，2 或 3 週，作為 Brian 和領導團隊其他成員的合作夥伴 8 年。因此，我接觸所有這些事情是正確的，不僅僅是最近半年左右擔任總裁，而是自從我加入以來。

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.

因此，在考慮 NBC 的戰略時，我認為你應該考慮的方式是我們在包括 NBC 在內的所有業務中運作的方式，即戰略是由整個領導團隊制定的。 Brian 提到了我們在業務、公園、工作室、電視、流媒體服務、新聞、體育等各種領域擁有一支多麼出色的團隊。所以你可以想像那些領導團隊制定的戰略，顯然，與最終領導者一起，然後與布賴恩和我一起。

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.

因此，我們長期以來一直深入參與這些戰略的全部內容，並跟踪我們的進展情況。因此，雖然領導層發生意外變化是不幸的，但我會告訴你，事實並非如此——任何人都沒有理由認為我們會因此而重新審視戰略。這一切都是自己的。

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.

當我們周圍的環境發生變化時，我們顯然會做出反應。但正如您所指出的，該業務目前表現非常好。因此，對我來說，工作#1 就是解決問題並確保業務正常，NBCU 的業務領導者仍然專注於手頭的工作。我實際上感覺進入了最初的幾天，但一切都在進行中。坦率地說，我認為企業不會錯過任何一個節拍。有了這個，我會把它交給戴夫。

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。 Ben，所以在無線方面，無線仍然是我們整體戰略的關鍵部分。退後一步，我們真的很喜歡我們軌跡中的這一年的開始。本季度，我們創下了 355,000 條淨增線的第一季度新紀錄。因此，這使我們處於 570 萬行。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, unlimited tiers. And it gives us a strong -- real strong value proposition to all segments that we serve.

而且我們仍然不到 10% 的寬帶普及率，所以它讓我們有很長的路要走，並且你可以展望 23 年。但我們的戰略是非常關注我們的核心服務產品 By the Gig，我們仍然擁有和使用無限層級。它為我們服務的所有細分市場提供了強大的 - 真正強大的價值主張。

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，重要的是要注意，我們在進入市場、收購、基地管理和保留的各個方面都利用了移動設備。所以移動在所有 3 個方面都做得很好。但由於連接在整個週期中稍微軟一點，基礎管理非常強大，因為我們去現有客戶並為他們提供了一個很好的升級機會。

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是我們的核心服務，但我們確實在促銷方面進進出出，禮品卡，我們歷史上做過的一些設備補貼，真的沒有什麼不同。但我們也有 50 美元的組合寬帶和移動產品，這一切都有幫助。那裡有一點提升，並且向現有基地傳達了一個很有價值的信息。

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 us to consider long-term cost side with offloading traffic.

所以長期來看，不到 10% 的普及率，我們在無線領域的巨大收入池中有很大的上升空間，我認為，鑑於我們的寬帶網絡無處不在，我們的進入市場的機會無處不在，我們擁有獨特的地位在我們的足跡內。所以你看，住宅和商業都有好處。移動在國內和國際上都有優勢。我們有機會考慮卸載流量的長期成本方面。

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.

然後我們擁有現有的輕資本 MVNO，我們認為這很棒並且可以幫助我們在整個足跡範圍內競爭。然後最重要的是，我們有 Wi-Fi。這本身就是一個了不起的卸載機制。

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時，無論是地理上還是容量上，我們都可以在整個足跡中採用一種方法進入市場，而無線是該戰略的重要組成部分。所以我們會進進出出，但我們對我們的勢頭感到滿意。

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.

我們將與 MoffettNathanson 一起接受 Craig Moffett 的下一個問題。

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，有兩個問題。首先，你報告了你原來的國內有線電視業務的非常高的利潤率。我想知道您是否可以談談無線對這種改進的貢獻，無線在多大程度上抵消了客戶獲取成本或僅僅是毛利率，以及這對整體利潤率有何影響？

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?

然後在 NBCU 方面，NBA 季后賽的收視率非常高，並且有很多關於你對 NBA 的潛在興趣的討論。我想知道你是否可以稍微討論一下，也許只是談談體育在你推進孔雀和你的 NBC 業務時可能扮演什麼角色？

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。是傑森。讓我從保證金問題開始。之後我會把它交給戴夫進行一些跟進，然後再交給邁克關於 NBA 的問題。

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, margin's up 250 basis points to a record 46.5% strong margin performance.

因此，總體而言，對本季度的利潤率感到滿意。顯然，我們的連接利潤率同比增長了 160 個基點。我們已經說過，在國內有線電視業務中，利潤率上升了 250 個基點，達到創紀錄的 46.5% 的強勁利潤率表現。

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，當我們審視這方面的驅動因素時，第一，混合轉變，高利潤業務，即連接業務、寬帶、商業服務、該類別的無線業務，100 億美元的業務增長 7% ，它的利潤增加。除此之外，Dave 和團隊的費用管理非常強大。如果你查看直接產品成本之外的每個費用類別，這些費用是用於推動連接業務增長的成本，那麼每個類別都同比下降。

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.

所以我認為總體而言，利潤率表現非常強勁。當我們特別關注無線時，我會把它放在連接類別的大桶中。它顯然支持和增強寬帶，這是我們利潤率最高的產品之一。因此，無線是其中的一個貢獻者。

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.

克雷格，戴夫在這裡。所以它確實開始了——如果你看看國內利潤率，250 個基點和 46.5%，有很多東西。正如傑森所說，這一切都始於可增加利潤的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.

我認為我們會繼續受益。有——交易活動減少了。其中很多只是不斷關注客戶體驗並取消不必要的交易。那繼續。

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，並始終專注於固定成本。因此，我們從機會的角度審視業務的每個部分，以做好工作、保持競爭力、積極進取，同時也消除不必要的成本。

And then there's also -- one of the things I think the good 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.

然後還有——我認為 Cable 所做的一件好事，我們一直專注於康卡斯特，我們利用我們現有的網絡、我們強大的網絡和我們的運營能力來開展新的業務。商業服務就是一個很好的例子，但無線是另一個例子，我們現有的銷售渠道，我們現有的 MVNO-light 方式的能力，它只是 - 它是連接故事的重要組成部分。

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.

因此，我認為當我們可以利用我們的實力時我們會做得很好，而我們的實力將繼續是我們的網絡和我們已經完成的進入市場的方法，我認為，這些年來我們做得很好。但我們所做的一切，入站銷售，數字化，我們都利用無線。

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, [NB] Sports does a great job partnering with the leagues we partner with, broadcast, streaming and otherwise. So time will tell.

克雷格，是邁克。在 NBA 上，顯然是一個了不起的產品，季后賽也很棒。我認為談判就在那裡。這是一條出路。但顯然，[NB] Sports 與我們合作的聯盟、廣播、流媒體和其他方面的合作做得很好。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.

但是當我們看事情的時候，我們總是看一個整體的財務信封。我們想要擁有的整體體育權利的正確組合是什麼，並以一種方式做到這一點，正如我們和傑森之前所說的那樣，我們將線性、廣播和孔雀作為一項業務進行管理。這就是我們看待未來任何權利的方式。

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

我們的下一個問題來自 Doug Mitchelson 和 - 來自 Crédit Suisse。

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?

實際上有兩個問題要問戴夫。首先，在寬帶上。我很好奇，從競爭的角度和消費者健康的角度來看，自願和非自願流失的趨勢如何，以及基數對這個週期與之前週期的價格上漲有何反應？

And then secondly, I know it's relatively recent, but I'm just curious on the planned 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，我知道這是相對較新的，但我只是對 2 月份推出的 10G 計劃升級以及幻燈片中突出顯示的 40 個市場的進展感到好奇。市場上是否有任何關於網絡如何反應以及消費者在升級後如何反應的實踐經驗？

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.

好吧，謝謝，道格。所以從競爭和流失開始，總的來說，環境是——正如我提到的，總體交易活動仍然在下降。有兩部分。一個是你提出的，有 - 它仍然是非常激烈的競爭。這種情況已經有一段時間了。

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.

而且，只有更少的活動時間和更少的動作。因此，真正引人注目的是，與大流行前時期相比，我們的客戶流失率接近歷史最低水平。因此，就流失率而言，我們沒有看到競爭方面的任何實質性峰值。

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.

我們看到了連接方面的影響。因此，其中一些是交易活動，一些是競爭壓力，但在事物的連接方面更能感受到，而在視頻方面則更多，因為我們在這一方面的視頻附件較少。

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.

但是寬帶，你看看我們的寬帶基礎，我們有一個非常穩定的基礎，有 3200 萬住宅寬帶用戶。客戶流失，非常健康，而且肯定低於大流行前時期。

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。因此，雖然可以肯定——有固定無線、光纖組，但我們在所有層級和客戶流失方面繼續表現良好。所以它不是——我們還沒有看到與經濟有關的自願或無償的激增。

So -- but in terms of the network and the investments that we've made, we're 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 - 但就網絡和我們所做的投資而言，我們對我們的進展感到滿意。我們有大約 20% 的足跡已經圍繞多千兆能力進行了升級，我們有望在年底繼續將這一比例提高到 30% 以上，並為 DOCSIS 4 做好準備。在年底，我們將對其進行測試。我認為明年將是非常重要的一年。

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 the 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.

但在此過程中的每一步，我們都在提供更高的價值。這就是客戶越來越關注流媒體和遊戲的每一個應用程序的方向。你看看今天的客戶在哪裡，700 GB - 就純 HSD 消耗而言的千兆字節，像星期四晚上足球這樣的事件剛剛引起了飆升，然後昨天曼城對陣阿森納，孔雀，有一個偉大的英超聯賽聯賽，所以——在寬帶使用方面看到了一點點。

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.

所以會有更多這樣的事情。客戶將使用寬帶做更多，而不是更少。所以我認為這對我們的長期競爭很有幫助，我們將繼續成為每一個寬帶應用的冠軍。

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.

這是布萊恩。我只想補充一個想法。戴夫提出的最後一點，我認為你解釋得很出色。我只想強調我個人非常相信這一點，這就是讓我們處於有利地位的原因。

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.

如果你考慮更少的線性和更多的流媒體，這種趨勢會繼續嗎？絕對地。看起來非常非常有可能。誰最有能力提供越來越多的容量，這條通向 10G 的道路，我們擁有我們團隊創造的北極星。

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.

我們知道我們想在未來幾年為客戶帶來什麼。隨著越來越多的需求出現，我們將成為提供服務的網絡。因此，我們是所有連接的提供者，這是一個非常特別的地方。

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

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

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?

我有一個更大的 NBCU 問題和更小的電纜。但是邁克，你是康卡斯特的總裁和 NBCU 的負責人。所以 2 個巨大的工作。這是一個永久的解決方案嗎？

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 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?

與此同時，很明顯，自從你們十多年前收購 NBCU 以來，媒體格局發生了翻天覆地的變化。那麼，您能否應對周期性和長期挑戰以及機遇，包括但我當然不會將其局限於即將到來的 WGA 罷工、迪士尼與州長德桑蒂斯在佛羅里達州的戰鬥可能會影響環球主題公園、參與競爭所需的規模直接面向消費者和 Hulu 成果的範圍將對您的業務產生重大影響，無論是擴大規模還是現金流入？

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?

然後是較小的電纜問題，抱歉，視頻丟失正在加速。你有什麼觀點——這種趨勢會繼續嗎？或者是否有您期望的穩定性？

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，我是邁克。所以我會深入研究。我認為對這個問題的簡短回答是我認為——我介入監督 NBC 的方式是相當可持續的。為什麼我這麼說是因為作為總統，我已經在監督所有這一切，並與經營 NBC 業務、有線電視業務和企業領域的人員保持密切聯繫。

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了解我們在公司的所有席位都有高質量的運營商和領導者：費城、洛杉磯、紐約、奧蘭多等等。因此，雖然我必須更加努力和坦率地工作，但我有動力這樣做，因為我實際上期待花時間更接近 NBCU 業務，並花更多時間更深入地了解它們並與那裡的領導者在一起。坦率地說，因為我要在這裡待很長時間，所以我認為這對我有好處，從長遠來看對公司也有好處。

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.

因此，我根本不會制定任何時間表——除了確保業務正常運轉之外，沒有時間壓力去做任何事情——這就是他們現在正在做的事情，這就是我看到的繼續進行的事情。也許有一天，我們會認為有更好的方法來處理它，但無論如何我都不會遠離業務。不管結果如何，我都將擁有結果。所以我認為 - 認為我在那裡待了一段時間。

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 had nothing to do with the challenges for eyeballs and the movement of traditional television to different forms of consumer consumption.

就週期性與長期性以及我們正在處理的所有事情的洗衣清單而言，我會說所有這些都包含在我們的計劃中。當你想到我們的內容和體驗業務時，你就會想到我們的公園業務，它做得非常好，我們在這背後進行了巨大的增長投資。它與眼球的挑戰和傳統電視向不同形式的消費者消費的轉變無關。

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, some really good content coming later in the balance of the year.

所以把公園想像成——撇開它不談，這是一個非常有價值且不斷增長的行業。然後我認為在傳統電視業務中，我們 - 這就是我們 - 正是我們製作孔雀的原因。請記住，我們現在有 2200 萬訂閱者。去年結束時我們才 20 歲。去年第三季度結束時，我們才 15 歲。所以我認為我們真的很高興，因為我們在 2023 年的第一個季度保持了對產品的參與度、觀看時間等，並保持了非常低的流失率。展望未來，一些非常好的內容將在今年餘下時間推出。

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.

所以在軌道上，然後是一些。今年下半年，我們將有我們的職責來支付和康卡斯特客戶的到來。所以我認為我們對媒體業務方面的管理策略感到非常滿意。

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.

然後真的在工作室上，你看 - Brian 涵蓋了它，但你看看我們工作室的力量，包括電影和電視。他們非常強大，領導能力非常出色。還有——布賴恩提到了動畫，但我們已經在幾週內推出了 Fast 10。

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，而且還會有更多。所以我認為這也是，我認為，圍繞 Studios 的一種策略是——正如我們所說的那樣，我猜，我們一直保持不可知論，無論是使用這個詞，事情是否必須以我們的方式結束平台，孔雀或線性或其他人的。

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.

因此，我認為無論這些趨勢如何發展，事物的這一方面都有持久的價值。我會就此打住，改天再談一些細節。我不會談論 Hulu。在罷工方面，我們當然希望找到避免罷工的公平結果，這就是我們團隊的計劃。交給你了，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.

你說對了。傑西卡，戴夫在這裡。所以在視頻上，我們繼續細分市場。我們有很多選擇。但真正發展的要點是視頻附件已關閉。所以那裡 - 我們的費率方法是不補貼無利可圖的視頻關係。

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.

一段時間前，我已經開始預測關注整體關係和連接機會的事情是如何演變的。因此，最主要的——關鍵點之一是，為了確保人們理解，我們確實看到客戶放棄視頻的情況確實有所增加。

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.

但我們也看到了這些保留寬帶的客戶。因此，我們的完全斷開連接流失率、視頻和寬帶仍然處於創紀錄的低水平，並且自大流行前時期以來下降了近 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.

所以我們能夠管理整個週期。而且，還有一些我們將非常關注並基於該細分市場的視頻包裝。我們將努力奮鬥，無論是收購、基地管理還是保留。所以這對我們很重要，但我們已經找到了一種在財務上進行管理的方法。

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 evolve more towards streaming, I think we're in a great position there.

如果你看一下寬帶，最終結果是寬帶運行良好並且在基數方面保持穩定。因此，隨著事情繼續朝著流媒體發展，我認為我們在這方面處於有利地位。

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.

我們也投資了我們的平台。所以我們有 Flex 平台。我們有 X1 和與 Xumo 的新 Charter JV，我們對長期感覺很好。所以是的，視頻損失確實有所增加，但我們確實用一些我認為長期非常重要的平台關係來抵消它。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的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.

關於連接資本支出的兩部分問題。您似乎很滿意您可以在您之前談到的資本支出概況中繼續這種足跡擴張的步伐。當你擴大足跡時，你似乎對你所擁有的牽引力也很滿意。

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.

所以我很好奇你如何看待可能建設得更快的好處，無論是有機的還是你只是等待看看參與其中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.

然後我認為在過去，您提供了一些統計數據，說明您的客戶真正的移動流量中所佔的比例非常高，而這些流量發生在您的地理足蹟的很小一部分中。僅該數據點就意味著部署您自己的移動基礎設施並將其上網會帶來非常高的投資回報率。而且您顯然擁有執行此操作所需的所有資源，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?

我很好奇為什麼這還沒有發生？或者在什麼情況下，這可能成為連接業務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% capital intensity. That's flat year-over-year last year for Connectivity & Platforms. We rounded out the year at 10%. So flat year-over-year.

布雷特，是傑森。我將從資本支出問題開始，然後在移動卸載方面與 Dave 標記團隊。因此，在資本支出方面，我們將今年的資本密集度指導為 10%。連接和平台去年同比持平。我們以 10% 的價格結束了這一年。同比持平。

If you think about the big categories that sort of contribute to capital 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. That's an area where, obviously, we're doing a lot more in the next couple of years.

如果您考慮導致該業務資本密集度的大類別，那就是客戶端設備、可擴展的基礎設施和線路擴展。客戶前提設備實際上是我們從中得到一些緩解的領域。可擴展的基礎設施，這就是我們的 DOCSIS - 所以這基本上是我們正在增強功能的現有基礎設施。這就是 DOCSIS 4.0 和我們中間分裂的地方。顯然，在接下來的幾年裡，我們將在這個領域做更多的工作。

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 capital intensity year-over-year.

然後是線路擴展，我認為你做對了。這就是我們擴大足跡以服務新地區的地方，無論是住宅服務還是商業服務。其中，我們去年指導了 850,000 座新建築，今年增加到 100 萬座。因此，我們在那裡所做的工作增加了 20%，所有這些都考慮到了 - 與去年同期類似的資本密集度。

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.

因此，考慮到網絡周圍發生的一切，我認為我們實際上是在不同的層面上經營業務。我想你的問題是在我們研究一些即將推出的項目時做更多的事情，如果你看看以前的項目和我們在市場上的獨特優勢，我會退後一步說，當你看產品技術、管理和資本成本，這些應該為我們在新建或過度建設的經濟方面定義優勢。

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.

如果你看一下我們所處的經濟周期和低資本成本，它在上一個週期中有點低調，我們認為這創造了一個相當泡沫的資本市場環境，這導致許多公司盯著經濟暫時可能比長期更好，以及在我們看來，就過程而言，新的政府計劃有點不合時宜。

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.

所以它讓我們遠離了很多之前的項目。當我們展望未來資本市場活動，資本成本略有上升時，我認為一切都在發揮我們的優勢。所以今年 850,000 將增加到 100 萬，我們歡迎它可能隨著時間的推移而增加。

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 1 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...

是邁克。我只想補充一點，我們不希望將 11% 左右作為約束進行管理，而是 Jason 的觀點，我認為我們可以處理 100 萬，這很棒。我們在這方面看到了良好的經濟學，但如果有一天我們認為花更多的錢——增加傳球將是很好的回報，我們會很高興。所以...

And this is Dave. So Brett, we like the trajectory. Jason and Mike mentioned the 1 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.

這是戴夫。所以布雷特，我們喜歡這個軌跡。 Jason 和 Mike 提到了 100 萬。時間還早，但開局不錯。我對此感覺很好。實際上，這 3 個水桶，現有電纜足跡中的現有足跡，以及隨著住房和新建築方面的情況好轉，那麼我們就會在那裡，商業的超級建築，然後是這些優勢，這是一些地方的補貼在那裡。

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 - 我們感覺很好，非常專注。我們將採取有紀律的方法，這很好，我們在每一個機會方面都得到支持，我們會爭取的。而且 - 但我們期待歷史回報。

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.

在移動卸載方面，我們認為這可能是一個非常有趣且很好的機會，具體取決於情況。我們說過，我認為，60%，流量約占我們足蹟的 3%。那就是——我們一直在盯著它看。

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.

所以我們正在測試。我們有一個 - 我們與 Charter 攜手合作，從事情進展的角度來看其中的一些結果。我們確實擁有出色的輕資本 MVNO，為我們提供了很好的服務。我認為這對合作夥伴來說很好，對我們的長期發展也有好處。

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.

但我們將繼續關注卸載這些密集交通區域的邊際成本改進。所以我們會堅持下去，而且我們會——更多的事情會發生，但我們會在全年進行測試。

We'll go next to Phil Cusick with JPMorgan.

我們將與 JPMorgan 一起去 Phil Cusick。

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，兩個。也許首先跟進寬帶。傑森，你提到本季度末低端寬帶產品的成功。你如何看待這方面的回報？這是你計劃維持的東西嗎？我們應該如何考慮第二季度與典型季節性的影響？

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，您提到奧蘭多的趨勢高於 COVID 之前。能否談談近期國內公園的動向？有任何出勤班次或費用的跡象嗎？

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 turn, less the connect pressure that we've seen.

菲爾，戴夫。讓我從某種報價方法開始，然後是我們進入第二季度時的影響，只是提供整體觀點。但是當你退後一步時，我們仍然處於我提到的環境中，仍然是基礎，整體寬帶基礎在轉向方面非常穩定，減少了我們所看到的連接壓力。

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——但總的來說，與大流行前相比，這與更好的客戶流失有關。所以 - 但我們採取非常有紀律的方法。我們細分市場，我們進出報價。所以我們確實在市場上提供了一個報價，僅寬帶，25 美元，然後是 50 美元的移動組合。

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.

所以我們看到了上升趨勢。這是積極的。因此，這是我們在服務產品方面不斷進出的事情。我們也仍然非常專注，我們之前談到過高端，並且永遠不會忘記存在對基礎非常重要的混合層。

And so we're just focused on 1 gig, and we do -- with part of the segmentation approach is going to the marketplace and 1/3 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.

因此，我們只專注於 1 gig，我們確實這樣做了——部分細分方法將進入市場，我們 1/3 的客戶確實使用了 70——幾乎 75% 的客戶使用了 400 兆位，並且多於。所以最終會發生混合，這就是為什麼你在寬帶方面看到了相當不錯的 ARPU 增長。

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.

但我們會根據事物的情況進出報價。我們將靈活應對每一個細分市場。我認為在低端固定無線有更多的行動，而且這個提議對我們很有幫助。

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.

當您進入季節性並查看第二季度時，我們看到了典型的季節性，尤其是在佛羅里達等地區。所以你會看到從第一季度到第二季度的淨增加量下降。而且 - 但我認為你不能從歷史水平推斷出準確的表現。但從方向上講，第二季度的淨增加量會更低，所以要明確一點。

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.

Phil，只是為了解決有關寬帶的問題，因為這是一個很好的問題。在這種競爭環境中，我認為我們和團隊面臨的一個關鍵問題是，我們能否適當地劃分基地，以便在低端做出戰術性回應，同時又不擾亂更廣泛的基地。本季度我最為團隊感到自豪的一件事是 4.5% 的 ARPU 增長，我認為這確實說明了這一點。

And it's a nice feel 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.

在公園裡結束是一種很好的感覺，因為整體業務真的很搖擺，正如你所知道的那樣。這將是 - 如果我不首先指出國際方面的季度，我會失職。 USJ 的出勤率、人均收入和 EBITDA 均創歷史新高。那是自開業以來——第一季度。這是自 2001 年開業以來。

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，儘管是冬季，但我們在艱難的季節和有史以來最高的季度上座率中獲得了可觀的盈利。這就是國際方面。

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.

而在國內方面，事情繼續表現得非常好。好萊塢，我們開放了超級任天堂世界，因此在出色的賓客反饋的支持下，出席人數和人均上限遠遠超過去年和大流行前的水平。

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.

而在奧蘭多，本季度的成績非常可觀。如您所知，去年我們在 2019 年 COVID 之前就進行了前所未有的訪問。因此，正如預期的那樣，增長率有所放緩，但業績仍然穩健。再次向前的預訂看起來仍然穩固，與去年第一季度的模式類似。因此，到目前為止，當我們展望國內方面時，情況仍然看起來不錯。

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，感謝大家加入我們。

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。康卡斯特投資者關係網站將於東部時間今天上午 11 點 30 分開始重播電話會議。感謝您的參與。你們都可以斷開連接。