康卡斯特 (CMCSA) 2023 Q2 法說會逐字稿

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

早上好，女士們先生們，歡迎參加康卡斯特第二季度收益電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

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

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，瑞維克女士。

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

謝謝運營商，歡迎參加我們的 2023 年第二季度財報電話會議。您將首先聽到 Mike Cavanagh 和 Jason Armstrong 的發言，然後 Brian Roberts 和 Dave Watson 將加入我們並接受問答。

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.

現在，我將向您推薦本次電話會議隨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。

This conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP.

本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，在本次電話會議中，我們將提及某些非公認會計準則財務指標。請參閱我們今天上午早些時候發布的 8-K 和趨勢表，了解這些非 GAAP 財務指標與 GAAP 的對賬情況。

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

這樣，我會將電話轉給邁克。

Thanks, Marci, and good morning, everyone. I'm very pleased with our second quarter results, which, again, demonstrate that our focused efforts to invest and innovate in businesses that offer significant revenue growth, while we carefully manage the contiguous areas with structurally lower growth, is paying off.

謝謝，馬西，大家早上好。我對我們第二季度的業績感到非常滿意，這再次表明，我們對收入顯著增長的業務進行投資和創新的集中努力，同時我們仔細管理結構性增長較低的鄰近地區，正在得到回報。

Total revenue grew 2% and the six growth priority areas we have outlined: residential broadband, wireless, business services, theme parks, streaming and premium content creation in our studios, grew nearly 10% year-over-year and now represent 55% of total revenue. This revenue growth, combined with careful management of margins across all businesses, generated mid-single-digit EBITDA growth and double-digit earnings per share growth.

總收入增長了 2%，我們概述的六個增長優先領域：住宅寬帶、無線、商業服務、主題公園、流媒體和我們工作室的優質內容創作，同比增長近 10%，目前佔總收入的 55%總收入。這種收入增長，加上對所有業務利潤率的精心管理，實現了中個位數的 EBITDA 增長和兩位數的每股收益增長。

Looking further into the future, we expect to continue to drive significant growth in these areas and to continue to identify and invest in organic growth opportunities across our strong portfolio of businesses. We are also very clear-eyed about the challenges that we and our competitors face in other business lines and have established thoughtful plans, which will enable these businesses to continue to meaningfully contribute both financially and strategically.

展望未來，我們預計將繼續推動這些領域的顯著增長，並繼續在我們強大的業務組合中尋找和投資有機增長機會。我們也非常清楚我們和我們的競爭對手在其他業務領域面臨的挑戰，並製定了深思熟慮的計劃，這將使這些業務能夠繼續在財務和戰略上做出有意義的貢獻。

Importantly, the net effect of this approach is a path to sustained future revenue growth for the company in total, driving strong earnings and free cash flow growth from what I expect to be many years to come. Significantly, we have, by far, the strongest balance sheet among our core competitors, which allows us to continue to invest for growth, while returning substantial capital to shareholders through both dividends and buybacks, which will drive excellent free cash flow and earnings per share growth.

重要的是，這種方法的淨效應是為公司未來的總體收入持續增長提供一條道路，推動我預計未來多年的強勁盈利和自由現金流增長。值得注意的是，迄今為止，我們在核心競爭對手中擁有最強勁的資產負債表，這使我們能夠繼續投資以實現增長，同時通過股息和回購向股東返還大量資本，這將推動出色的自由現金流和每股收益生長。

Now let me call out a few highlights from the quarter. For the first time in the company's history, we generated over $10 billion in quarterly EBITDA. And while the diversification of our businesses means there were several significant contributors, I would highlight three that stand out to me in the quarter and reflect the consistency of our investments and the resulting durability of our growth profile.

現在讓我回顧一下本季度的一些亮點。在公司歷史上，我們的季度 EBITDA 首次超過 100 億美元。雖然我們業務的多元化意味著有幾個重要的貢獻者，但我想強調本季度對我來說最突出的三個貢獻者，它們反映了我們投資的一致性以及由此產生的增長狀況的持久性。

The first is broadband ARPU growth of 4.5%. Stepping back, I am confident we have a winning hand in convergence. We're the largest broadband provider with a high-quality, ubiquitous network and the most cost-efficient upgrade path to higher speeds. In addition, we can compete effectively in wireless with a capital-light approach and a very strong value proposition for our customers. We also have a long history of consistently surrounding our products with industry-leading features and capabilities, ranging from the coverage and control aspects of our WiFi experience, to content aggregation through our X1 and Flex platforms, which is how we have been able to achieve near record low levels of churn and grow ARPU consistently quarter after quarter.

首先是寬帶 ARPU 增長 4.5%。退一步來說，我相信我們在融合方面擁有勝利之手。我們是最大的寬帶提供商，擁有高質量、無處不在的網絡以及最具成本效益的更高速度升級路徑。此外，我們可以通過輕資本方式和為客戶提供非常強大的價值主張，在無線領域進行有效競爭。長期以來，我們一直致力於為我們的產品提供行業領先的特性和功能，從 WiFi 體驗的覆蓋和控制方面，到通過我們的 X1 和 Flex 平台進行內容聚合，這就是我們能夠實現的目標客戶流失率接近歷史最低水平，並且 ARPU 逐季持續增長。

This second quarter's 4.5% growth was no exception and is a testament to our ability to appropriately balance rate and volume to effectively segment the market and surround our broadband product with industry-leading products and capabilities. The broadband market remains highly competitive, but we have and will continue to invest to sustain our position as a market leader.

第二季度 4.5% 的增長也不例外，這證明了我們有能力適當平衡速率和數量，以有效細分市場，並以行業領先的產品和功能圍繞我們的寬帶產品。寬帶市場仍然競爭激烈，但我們已經並將繼續進行投資，以維持我們作為市場領導者的地位。

Second is our parks, which continues to be such a great story for us. Our teams have consistently introduced new and innovative attractions, leveraging both our owned or licensed IP. We opened Super Nintendo World at both Universal Hollywood in Japan, which helped drive the record results in the quarter.

其次是我們的公園，這對我們來說仍然是一個偉大的故事。我們的團隊利用我們擁有或許可的知識產權，不斷推出新的創新景點。我們在日本好萊塢環球影城開設了超級任天堂世界，這有助於推動本季度的創紀錄業績。

Later this summer, we will be opening a new Minion land in Orlando, and we look forward to Donkey Kong in Japan next year, as well as starting the previously announced kids theme park in Texas and the Halloween Horror experience in Las Vegas. And I couldn't be more excited about the opening of Epic Universe in Orlando in 2025.

今年夏天晚些時候，我們將在奧蘭多開設一個新的小黃人樂園，我們期待明年在日本推出《大金剛》，並在德克薩斯州推出之前宣布的兒童主題公園，並在拉斯維加斯推出萬聖節恐怖體驗。我對 2025 年在奧蘭多開幕的 Epic Universe 感到非常興奮。

Third is the strength of our film studios and in particular, our animation business. Super Mario Bros. crossed over $1.3 billion in worldwide box office to date making it the second highest grossing animated film ever. This is another incredible achievement by Illumination and Chris Meledandri.

第三是我們電影製片廠的實力，特別是我們的動畫業務。迄今為止，《超級馬里奧兄弟》的全球票房已超過 13 億美元，成為有史以來票房第二高的動畫電影。這是照明公司和 Chris Meledandri 的又一項令人難以置信的成就。

We also invest in successful franchises like FAST, highlighted by the successful launch of the latest installment with Fast 10 during the quarter. Of course, we just released Oppenheimer, which grows to about $180 million this past weekend, to a tremendous acclaim from critics and moviegoers alike. Oppenheimer is such a powerful and impactful movie, and we, at Comcast couldn't be more proud to work with Christopher Nolan to bring such an important movie to audiences globally.

我們還投資了像《FAST》這樣的成功特許經營權，本季度成功推出最新一期的《Fast 10》尤為突出。當然，我們剛剛上映了《奧本海默》，該片上週末的票房收入已增至約 1.8 億美元，獲得了評論家和電影觀眾的一致好評。 《奧本海默》是一部如此強大和有影響力的電影，康卡斯特非常自豪能夠與克里斯托弗·諾蘭合作，將如此重要的電影帶給全球觀眾。

We have the very best roster of creative partners, and these innovative filmmakers enable us to invest in a strategic slate, which is one of the keys to our continued box office success, where we remain #2 in box office year-to-date.

我們擁有最優秀的創意合作夥伴名單，這些創新的電影製作人使我們能夠投資於戰略名單，這是我們票房持續成功的關鍵之一，我們今年迄今為止仍然保持票房第二名。

All of these results and accomplishments from broadband differentiation, to studio leadership, to our part success are a function of our focused leadership team, commitment to innovation, strong balance sheet and disciplined approach to capital allocation.

從寬帶差異化到工作室領導力，再到我們的成功，所有這些成果和成就都是我們專注的領導團隊、對創新的承諾、強大的資產負債表和嚴格的資本分配方法的結果。

As I look at our company, I am extremely bullish on the durability of growth drivers we've invested in so consistently and in our continued ability to invest and deliver through a variety of businesses and economic cycles.

當我審視我們公司時，我非常看好我們持續投資的增長動力的持久性，以及我們在各種業務和經濟周期中持續投資和交付的能力。

This was also my first quarter with direct responsibility for NBCUniversal. As I observed in a note announcing some organizational changes a few weeks ago, NBCU is a very special place with tremendous opportunities ahead. I could not be more impressed with the depth of talent and particularly, with our leadership team. And I am very confident that the new streamlined organization we have just put in place and which has been very well received, will help us move even faster and make even better decisions.

這也是我直接負責 NBCUniversal 的第一個季度。正如我在幾週前宣布一些組織變革的說明中所觀察到的那樣，NBCU 是一個非常特殊的地方，未來蘊藏著巨大的機遇。我對人才的深度，尤其是我們的領導團隊印象深刻。我非常有信心，我們剛剛建立的新的精簡組織受到了廣泛好評，將幫助我們更快地行動並做出更好的決策。

As you know, NBCU operates a diverse array of businesses, each with leading market positions. In addition to film and parks, which I referenced earlier, we have the #1 TV portfolio by total audience, and our TV studio is award-winning and prolific. We're the #1 most watched news organization in the U.S., and sports continues to be a huge driver with the NFL, NASCAR, golf, Premier League, the World Cup on Telemundo, including the Women's World Cup going on right now, Big 10 starting this fall, and the Paris Olympics coming up next year.

如您所知，NBCU 經營多種業務，每項業務都處於領先的市場地位。除了我之前提到的電影和公園之外，我們還擁有觀眾總數排名第一的電視組合，而且我們的電視演播室屢獲殊榮且多產。我們是美國收視率排名第一的新聞機構，體育賽事仍然是一個巨大的推動力，包括 NFL、NASCAR、高爾夫、英超聯賽、Telemundo 世界杯，包括目前正在進行的女子世界杯，Big 10 從今年秋天開始，巴黎奧運會將於明年舉行。

I am also confident that we have the right strategy for the future. We produce premium content through our studios, distribute it through our TV networks, Peacock and third parties, and further monetize this content with our theme parks and consumer products.

我也相信我們對未來有正確的戰略。我們通過我們的工作室製作優質內容，通過我們的電視網絡、Peacock 和第三方分發，並通過我們的主題公園和消費產品進一步將這些內容貨幣化。

In streaming, we launched Peacock as an ad-supported model that is an extension of our existing business. We set out a plan, which we have adapted as needed, and Peacock is strong and growing. We gained 2 million paid subscribers in the second quarter, going from 22 million to 24 million paid subscribers. This growth was largely driven by conversion of Comcast subs to paying relationships, which started in June, and we're very pleased with the results so far.

在流媒體領域，我們推出了 Peacock 作為廣告支持的模型，這是我們現有業務的延伸。我們制定了一個計劃，並根據需要進行了調整，Peacock 變得強大且不斷成長。第二季度我們的付費訂閱用戶數量從 2200 萬增加到 2400 萬，達到 200 萬。這一增長主要是由康卡斯特訂閱者向付費關係的轉變推動的，這一轉變從六月開始，我們對迄今為止的結果非常滿意。

Without a doubt, consumer trends, such as cord cutting and new competitors, particularly from the technology sector, present challenges for us. And we are facing an uncertain macro environment, which continues to pressure linear advertising, but I firmly believe that we have the business strategy, management depth and financial strength to emerge as long-term winners and value creators as the landscape evolves at NBCUniversal and across the company.

毫無疑問，消費者趨勢，例如“掐線”和新的競爭對手，特別是來自技術領域的競爭對手，給我們帶來了挑戰。我們面臨著不確定的宏觀環境，這繼續給線性廣告帶來壓力，但我堅信，隨著 NBCUniversal 及整個行業的發展，我們擁有業務戰略、管理深度和財務實力，能夠成為長期贏家和價值創造者。公司。

Another challenge in the near term are the writers and actor strikes. We remain committed to reaching a fair deal as soon as possible so we can get back to doing what we do best, which is making great content together.

近期的另一個挑戰是編劇和演員的罷工。我們仍然致力於盡快達成公平協議，以便我們能夠重新做我們最擅長的事情，即共同製作精彩的內容。

With that, let me turn it over to Jason.

那麼，讓我把它交給傑森。

Thanks, Mike, and good morning, everyone. We had a really strong second quarter. And to take you through it, I'll start with our consolidated results on Slide 4.

謝謝邁克，大家早上好。我們的第二季度表現非常強勁。為了引導您完成整個過程，我將從幻燈片 4 上的綜合結果開始。

Revenue increased 2% to $30.5 billion, while adjusted EBITDA grew 4% to $10.2 billion, a record level, driven by continued operating leverage at our high-margin Connectivity & Platforms business as well as strong growth at studios and theme parks. We grew adjusted earnings per share by 12% to $1.13 and generated $3.4 billion of free cash flow, while returning $3.2 billion of capital to shareholders.

收入增長 2%，達到 305 億美元，調整後 EBITDA 增長 4%，達到 102 億美元，創歷史新高，這得益於我們高利潤的連接和平台業務的持續運營槓桿以及工作室和主題公園的強勁增長。調整後每股收益增長 12%，達到 1.13 美元，產生 34 億美元的自由現金流，同時向股東返還 32 億美元的資本。

Our healthy level of free cash flow in the quarter includes the significant investments we're making to support and grow our businesses in six key growth areas: our connectivity businesses, including residential broadband, wireless and business services connectivity, theme parks, streaming and premium content in our studios. Taken together, these areas generated more than half of our total company revenue in the quarter and grew nearly 10% year-over-year, consistent with the first quarter.

本季度我們健康的自由現金流水平包括我們為支持和發展我們在六個關鍵增長領域的業務而進行的重大投資：我們的連接業務，包括住宅寬帶、無線和商業服務連接、主題公園、流媒體和優質服務我們工作室的內容。總的來說，這些領域在本季度創造了我們公司總收入的一半以上，並且同比增長近 10%，與第一季度一致。

Now let's turn to our individual business results, starting on Slide 5, with Connectivity & Platforms. As I get into these results, I'll refer to year-over-year growth on a constant currency basis.

現在讓我們轉向我們的個人業務成果，從幻燈片 5 開始，包括連接和平台。當我了解這些結果時，我將參考按固定匯率計算的同比增長。

Revenue for total Connectivity & Platforms was flat at $20.4 billion. Our core connectivity businesses: domestic broadband, domestic wireless, international connectivity and business services connectivity, increased 7% to over $10 billion in revenue, while video advertising and other revenue declined 7% to $9.8 billion. Our strategy continues to incorporate a strong focus on investing in and driving growth in high-margin businesses, while protecting profitability in businesses with secular headwinds through disciplined cost management. This resulted in 170 basis points of margin expansion for Connectivity & Platforms in the second quarter, while margins for our domestic legacy cable business improved 240 basis points, reaching a record high of 47.3%.

連接和平台總收入持平，為 204 億美元。我們的核心連接業務：國內寬帶、國內無線、國際連接和商業服務連接，收入增長 7%，達到 100 億美元以上，而視頻廣告和其他收入下降 7%，達到 98 億美元。我們的戰略繼續重點關注高利潤業務的投資和推動增長，同時通過嚴格的成本管理來保護面臨長期不利因素的業務的盈利能力。這導致第二季度連接和平台的利潤率擴大了 170 個基點，而我們國內傳統有線業務的利潤率提高了 240 個基點，達到 47.3% 的歷史新高。

Diving deeper into the details. First, I'll unpack connectivity revenue growth. Residential connectivity revenue grew by 8%, reflecting 4% growth in domestic broadband, 20% growth in wireless and 26% growth in international, while revenue for business services connectivity grew 4%. Domestic broadband continued to be led by very strong ARPU growth, which increased 4.5% for the second consecutive quarter. As we have said before, our goal is to protect ARPU by retaining the appropriate balance between rate and volume and to serve our customers' constant demand for more from our network.

深入研究細節。首先，我將闡述連接收入的增長情況。住宅連接收入增長 8%，其中國內寬帶增長 4%，無線增長 20%，國際增長 26%，而商業服務連接收入增長 4%。國內寬帶繼續受到 ARPU 強勁增長的帶動，連續第二個季度增長 4.5%。正如我們之前所說，我們的目標是通過保持速率和流量之間的適當平衡來保護 ARPU，並滿足客戶對我們網絡的更多需求。

We continue to see the use cases for better and faster Internet increase. Demand for higher speeds is increasing, as is average network consumption and our customers are hanging more devices off our network in their homes. The average monthly data usage for a broadband customer that doesn't take video from us is nearly 700 gigabytes and continues to grow. In fact, this is nearly 70% more than the average usage from the comparable quarter in 2019 pre-pandemic.

我們不斷看到更好更快的互聯網用例的增長。對更高速度的需求不斷增加，平均網絡消耗也在增加，我們的客戶在家中將更多設備掛在我們的網絡上。不從我們這裡獲取視頻的寬帶客戶的平均每月數據使用量接近 700 GB，並且還在持續增長。事實上，這比 2019 年大流行前同期的平均使用量高出近 70%。

Additionally, nearly 3/4 of our broadband customers are now on speed plans of 400 megs and above. That's up from less than 50% last year and less than 20% in 2020. We plan for our network and product capabilities to stay far ahead of demand, so that we maintain our position as a market leader, delivering the best broadband possible. To that end, our transition to DOCSIS 4.0 is progressing well. We're more than halfway through the year and have implemented our mid-split technology to 25% of our footprint and are on target to complete 1/3 of this build by year-end, with the first commercial launch of DOCSIS 4.0 in just a few short months.

此外，我們近 3/4 的寬帶客戶現在採用 400 兆及以上的速度計劃。這一數字高於去年的不到 50%，到 2020 年將低於 20%。我們計劃讓我們的網絡和產品功能遠遠領先於需求，從而保持市場領導者的地位，提供盡可能最好的寬帶。為此，我們向 DOCSIS 4.0 的過渡進展順利。今年已過半，我們已在 25% 的足跡中實施了中分技術，併計劃在年底前完成這一建設的 1/3，並且 DOCSIS 4.0 的首次商業發布將在不久的將來完成。短短幾個月。

We're also hard at work when it comes to expanding our footprint. We've grown our homes and businesses passed by 1.5% year-over-year to $61.8 million and we are on pace to meet or exceed our goal of 1 million new homes and businesses passed for 2023, with future footprint expansion remaining a high priority.

我們也在努力擴大我們的足跡。我們的住宅和企業規模同比增長 1.5%，達到 6,180 萬美元，我們正在努力實現或超過 2023 年新建 100 萬戶住宅和企業的目標，未來的足跡擴張仍然是重中之重。

Growth in domestic wireless revenue was due to higher service revenue, driven by continued strong momentum in customer lines, which were up $1.4 million or 30% year-over-year, to $6 million in total, including the 316,000 lines we just added in the quarter. This marked the seventh consecutive quarter of more than 300,000 line additions.

國內無線收入的增長是由於服務收入的增加，這是由客戶線路持續強勁的勢頭推動的，客戶線路增長了 140 萬美元，同比增長 30%，達到 600 萬美元，其中包括我們剛剛在 2017 年新增的 316,000 條線路。四分之一。這標誌著連續第七個季度新增線路超過 30 萬條。

We continue testing some new converged offers in the quarter and we're encouraged by an increasing mix of new customers to Comcast, and we'll continue to experiment with different offers over time. With just 10% of our domestic residential broadband customers taking our mobile offering, we have a big opportunity and long runway ahead for growth in wireless.

我們在本季度繼續測試一些新的融合產品，康卡斯特新客戶數量的增加令我們深受鼓舞，並且隨著時間的推移，我們將繼續嘗試不同的產品。我們只有 10% 的國內住宅寬帶客戶使用我們的移動產品，因此我們在無線領域擁有巨大的機遇和漫長的發展道路。

International connectivity revenue grew to $1 billion, a record high and demonstrates the strength of the Sky brand and the ability to leverage a leadership position in video and extend that to connectivity with significant success. Broadband, which accounts for 2/3 of international connectivity revenue, continued to grow at a mid-teens level, benefiting from both an increase in customers and ARPU compared to a year ago. The remainder is wireless revenue, which tends to have more variable growth due to handsets, which contributed to the higher growth rate this quarter.

國際連接收入增長至 10 億美元，創歷史新高，展示了 Sky 品牌的實力以及利用視頻領域的領導地位並將其擴展到連接領域並取得巨大成功的能力。佔國際連接收入 2/3 的寬帶繼續以中位數水平增長，受益於客戶數量和 ARPU 較上年同期的增長。其餘的是無線收入，由於手機的推動，無線收入的增長往往具有更大的可變性，這促成了本季度較高的增長率。

Finally, on business services connectivity, revenue increased 4%, reflecting stronger growth in enterprise and mid-market and a slight deceleration in growth from small business, where we are seeing a bit of macroeconomic pressure. The strong revenue growth overall in our connectivity businesses was offset by declines in video due to customer losses since last year as well as declines in other revenue, reflecting similar dynamics in wireline voice.

最後，在商業服務連接方面，收入增長了 4%，反映出企業和中端市場增長強勁，而小型企業增長略有放緩，我們看到了一些宏觀經濟壓力。我們的連接業務整體強勁的收入增長被去年以來客戶流失導致的視頻業務下降以及其他收入下降所抵消，反映出有線語音業務的類似動態。

And finally, in advertising, which was impacted by lower political revenue in our domestic markets and the macro environment. Connectivity & Platforms total EBITDA increased 4% to $8.3 billion, and as I mentioned a moment ago, an adjusted margin that expanded 170 basis points. This is driven by the mix shift to our high-margin connectivity businesses, coupled with very strong expense management. In fact, every line of expense was down year-over-year, except direct product costs, which are success-based and directly associated with the significant growth in our connectivity businesses.

最後，在廣告方面，受到國內市場政治收入下降和宏觀環境的影響。連接和平台業務的 EBITDA 總額增長了 4%，達到 83 億美元，正如我剛才提到的，調整後的利潤率擴大了 170 個基點。這是由我們向高利潤連接業務的混合轉變以及非常強大的費用管理推動的。事實上，除了直接產品成本之外，每一項費用都同比下降，而直接產品成本是基於成功的，並且與我們連接業務的顯著增長直接相關。

Further unpacking our Connectivity & Platforms EBITDA results between residential and business, residential EBITDA grew 4%, with margin improving 180 basis points to reach 38.9%, again, highlighting our favorable mix shift, while business EBITDA grew 5%, with margin improving 40 basis points to reach 57.7%.

進一步分析住宅和商業之間的連接和平台 EBITDA 結果，住宅 EBITDA 增長 4%，利潤率提高 180 個基點，達到 38.9%，再次凸顯我們有利的組合轉變，而商業 EBITDA 增長 5%，利潤率提高 40 個基點點達到57.7%。

Now let's turn to Content & Experiences on Slide 6. Content & Experiences revenue increased 4% to $10.9 billion, and EBITDA increased 7.5% to $2.2 billion, driven by record results at Parks and strong growth at Studios, fueled by the success of Super Mario Bros. Taking a closer look at the results, our Media segment combines our TV networks and Peacock, matching our holistic approach to managing these businesses.

現在讓我們轉向幻燈片 6 上的內容和體驗。內容和體驗收入增長 4%，達到 109 億美元，EBITDA 增長 7.5%，達到 22 億美元，這得益於公園創紀錄的業績以及工作室的強勁增長，而《超級馬里奧》的成功也推動了這一增長。仔細看看結果，我們的媒體部門結合了我們的電視網絡和 Peacock，與我們管理這些業務的整體方法相匹配。

As viewership shifts to streaming, our dual revenue strategy at Peacock, where we're growing advertising and distribution revenue, is offsetting declines in linear revenue. At the same time, we are managing costs at our linear networks and reallocating some of these resources to Peacock, with the goal of maximizing profitability over the long term across our media portfolio. You see that in our media results this quarter with stable revenue as strong growth in Peacock offset the performance of our linear networks. Media EBITDA decreased 18%, which included a $651 million EBITDA loss at Peacock.

隨著收視率轉向流媒體，我們在 Peacock 的雙重收入策略（廣告和發行收入不斷增長）正在抵消線性收入的下降。與此同時，我們正在管理線性網絡的成本，並將其中一些資源重新分配給 Peacock，目標是在我們的媒體組合中實現長期盈利最大化。您可以在我們本季度的媒體業績中看到，收入穩定，因為 Peacock 的強勁增長抵消了我們線性網絡的表現。 Media EBITDA 下降 18%，其中 Peacock 的 EBITDA 損失為 6.51 億美元。

To get a little further into the details, domestic advertising declined 5%, with underlying trends consistent to prior quarters, reflecting continued softness in the overall market, partially offset by strong growth in advertising at Peacock, which increased over 75%, driven by strong demand. We expect these overall results in advertising to continue in the third quarter.

進一步了解細節，國內廣告下降了 5%，基本趨勢與前幾個季度一致，反映出整體市場持續疲軟，部分被 Peacock 廣告的強勁增長所抵消，在強勁的推動下，Peacock 的廣告增長超過 75%。要求。我們預計廣告領域的這些總體業績將在第三季度繼續下去。

Domestic distribution increased 2%, driven by Peacock distribution revenue growth of nearly 70%. Peacock paid subscribers landed at 24 million compared to 13 million a year ago, and 22 million at the end of the first quarter.

國內發行增長2%，帶動Peacock發行收入增長近70%。 Peacock 付費用戶數量從去年同期的 1300 萬降至 2400 萬，第一季度末為 2200 萬。

As Mike mentioned, in June, we began an effort to transition Comcast bundled subscribers who receive Peacock for free to a paid relationship. We've made some nice progress to date as the conversion activity drove Peacock's second quarter subscriber growth, and we're bullish on further increasing our Peacock subscriber base through the balance of 2023, driven by both our continued conversion efforts as well as strong programming in the second half.

正如邁克提到的，六月，我們開始努力將免費接收 Peacock 的康卡斯特捆綁訂閱者轉變為付費關係。迄今為止，我們已經取得了一些不錯的進展，因為轉換活動推動了 Peacock 第二季度的訂閱者增長，並且在我們持續的轉換努力和強大的節目製作的推動下，我們看好到 2023 年剩餘時間進一步增加我們的 Peacock 訂閱者基礎在下半場。

Some highlights include a strong lineup of movies exclusively on Peacock in our Pay-1 window, including Super Mario Bros., coming August 3, a day-and-date movie, Blumhouse Five Nights at Freddy's, coming at the end of October, and continued benefits from our next-day broadcast, Bravo content, along with a strong sports lineup, including Sunday Night Football and for the first time, Big Ten.

一些亮點包括我們的 Pay-1 窗口中孔雀獨家推出的強大電影陣容，包括 8 月 3 日上映的《超級馬里奧兄弟》、10 月底上映的日間電影《玩具熊的五夜后宮》以及繼續受益於我們的次日廣播、Bravo 內容以及強大的體育賽事陣容，包括週日晚間足球賽和首次舉辦的十大賽事。

Turning to Studios. We had a great quarter, driven by our film business, including the latest installment of the Fast franchise and the tremendous success of Super Mario Bros. While theatrical revenue growth was offset by lower content licensing at our television studios, due to the timing of when we deliver content, the momentum in our film business, led by the success of Mario, fueled nearly $260 million in year-over-year growth in Studio EBITDA.

轉向工作室。在我們的電影業務的推動下，我們度過了一個出色的季度，其中包括最新一期的《速度與激情》特許經營權以及《超級馬里奧兄弟》的巨大成功。雖然戲劇收入的增長被我們電視工作室內容許可的減少所抵消，因為時間安排我們提供內容，在《馬里奧》的成功帶動下，我們的電影業務勢頭強勁，推動 Studio EBITDA 實現近 2.6 億美元的同比增長。

At Theme Parks, revenue increased 22% and EBITDA increased 32% to $833 million, a record level. Our park in Hollywood continued its momentum from opening Super Nintendo World last quarter. The positive consumer reaction drove strong attendance and per cap growth, helping Hollywood to deliver its best quarterly EBITDA in its history. Our international parks are both experiencing nice rebounds post-COVID.

主題公園的收入增長了 22%，EBITDA 增長了 32%，達到 8.33 億美元，創歷史新高。我們位於好萊塢的公園延續了上季度超級任天堂世界開業以來的勢頭。消費者的積極反應推動了強勁的上座率和人均增長，幫助好萊塢實現了歷史上最好的季度 EBITDA。我們的國際公園在新冠疫情之後都經歷了良好的反彈。

Our park in Osaka delivered a record level of EBITDA for a second quarter as it continues to benefit from strong demand from Super Nintendo World. And our park in Beijing enjoyed its most profitable quarter to date, resulting in strong improvement compared to last year when the park was largely closed due to COVID.

我們位於大阪的樂園第二季度的 EBITDA 創歷史新高，因為它繼續受益於超級任天堂世界的強勁需求。我們位於北京的公園迎來了迄今為止利潤最高的季度，與去年因新冠疫情導致公園基本關閉時相比有了顯著改善。

In Orlando, our comparisons were impacted by unprecedented levels of visitation last year, but underlying momentum remains healthy as attendance was relatively in line with 2019 pre-pandemic levels, while revenue was substantially ahead of 2019 levels.

在奧蘭多，我們的比較受到去年空前的參觀人數的影響，但潛在的勢頭仍然健康，因為參觀人數與 2019 年大流行前的水平相對一致，而收入則大大高於 2019 年的水平。

I'll now wrap up with free cash flow and capital allocation on Slide 7. As I mentioned previously, we generated $3.4 billion in free cash flow this quarter and achieved this while absorbing meaningful investments in our network and theme parks. These investments drove a 20% increase in total capital spending, primarily driven by higher CapEx, which was consistent with the outlook that we provided on our last quarter call.

現在，我將在幻燈片 7 上介紹自由現金流和資本配置。正如我之前提到的，本季度我們產生了 34 億美元的自由現金流，並在實現這一目標的同時吸收了對我們的網絡和主題公園的有意義的投資。這些投資推動總資本支出增長 20%，主要是由於資本支出增加，這與我們在上一季度電話會議中提供的前景一致。

At Connectivity & Platforms, CapEx increased 11%, with CapEx intensity coming in at 10.4%, primarily driven by investments to accelerate our growth in homes passed as well as transition our U.S. network to DOCSIS 4.0. Content & Experiences CapEx increased by $344 million, driven by parks, with Epic accounting for the majority of this quarter's increase in spend.

在連接和平台方面，資本支出增長了 11%，資本支出強度達到 10.4%，這主要是由加速我們的家庭增長以及將我們的美國網絡過渡到 DOCSIS 4.0 的投資推動的。在公園的推動下，內容和體驗資本支出增加了 3.44 億美元，其中 Epic 佔本季度支出增長的大部分。

Turning to return of capital and our balance sheet. We repurchased $2 billion worth of shares in the quarter. In addition, dividend payments totaled $1.2 billion, for a total return of capital in the second quarter of $3.2 billion. We ended the quarter with net leverage at 2.4x, in line with our target leverage.

轉向資本回報和我們的資產負債表。我們在本季度回購了價值 20 億美元的股票。此外，股息支付總額為 12 億美元，第二季度資本回報總額為 32 億美元。本季度結束時，我們的淨槓桿率為 2.4 倍，符合我們的目標槓桿率。

With that, let me turn it over to Brian for a few words before we turn the call back to Marci.

就這樣，在我們把電話轉回給 Marci 之前，讓我把它轉給 Brian 幾句話。

Thanks, Jason. I'm really pleased with our team and this outstanding performance for the first half of the year. It was a terrific quarter on all the great metrics you've just articulated. So I'd like to just zoom out a bit.

謝謝，傑森。我對我們的團隊以及上半年的出色表現感到非常滿意。從您剛剛闡述的所有出色指標來看，這是一個非常棒的季度。所以我想縮小一點。

And probably what's most exciting is the hopefully, recurring and sustainable model that we're able to leverage our faster-growing businesses, which you laid out, to generate revenue growth for the entire company, and then we convert that all the way to free cash flow per share that accelerates with the strength of our company and our balance sheet. I really couldn't be more proud of the team, excited about the future.

也許最令人興奮的是希望、經常性和可持續的模式，我們能夠利用您所佈局的快速增長的業務，為整個公司帶來收入增長，然後我們將其一路免費轉換每股現金流隨著我們公司的實力和資產負債表而加速。我真的為這個團隊感到無比自豪，對未來感到興奮。

So Marci, let's turn it over to you for Q&A.

Marci，讓我們將其交給您進行問答。

Thanks, Brian. Operator, let's open up the call, please.

謝謝，布萊恩。接線員，請接通電話。

(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。

Question on broadband, and then one on NBC. Maybe for Mike and Dave. When you think about the converged offers you have in the market, I know you've been testing more of the investments in the network. Those tailwinds against sort of the headwinds around competition, housing, fixed wireless. When you put that all together, how are you feeling about the ability for the company to return to sort of consistent broadband customer growth, particularly when you look into maybe the seasonally stronger back half or into next year?

關於寬帶的問題，然後是 NBC 的問題。也許對於邁克和戴夫來說。當您考慮市場上的融合產品時，我知道您已經在網絡中測試了更多投資。這些順風與競爭、住房、固定無線等方面的逆風形成鮮明對比。當你把所有這些放在一起時，你對公司恢復寬帶客戶持續增長的能力有何感覺，特別是當你考慮季節性強勁的後半段或明年？

And then, Mike, you mentioned the strikes. There's a lot of different ways that those could impact your business, depending on how long it lasts, but I'm particularly interested in free cash flow for the company and also Peacock.

然後，邁克，你提到了罷工。這些影響您的業務的方式有很多不同，具體取決於業務持續的時間，但我對公司和 Peacock 的自由現金流特別感興趣。

There's a lot of expectations around Peacock profitability improving or losses coming down and continued growth. When you put the strike into context for us, how should we be thinking about the impact should this last longer than expected?

人們對孔雀盈利能力改善或虧損減少以及持續增長抱有很多期望。當您將罷工置於我們的背景中時，我們應該如何考慮如果罷工持續時間比預期更長，會產生什麼影響？

Ben, this is Dave. Let me start with broadband, and hand it over to Mike. I think when talking about this environment, you got to start where the market is and where the customer is going. And the customers continue to be highly engaged in multiple broadband applications, streaming, gaming, all trending up.

本，這是戴夫。讓我從寬帶開始，然後將其交給邁克。我認為在談論這種環境時，你必須從市場所在和客戶走向何方開始。客戶繼續高度參與多種寬帶應用、流媒體、遊戲，所有這些都呈上升趨勢。

And you look at the other thing that is happening, just an increasing number of simultaneous device usage that's happening in peak moments. And now we have over 1 billion connected devices, WiFi-connected devices to our network. So that's -- from an overall perspective, that's just very encouraging.

您會看到正在發生的另一件事，即高峰時刻同時使用的設備數量不斷增加。現在我們有超過 10 億台連接設備，通過 WiFi 連接的設備連接到我們的網絡。所以，從整體角度來看，這非常令人鼓舞。

And you look at the results, non-video broadband customers are doing more than 700 gigabytes per month. And you take one key area, one major streaming part of the business, and that's sports. And it starts with just making it really easy to find the sporting events. So great voice search that we have on our platform.

你看一下結果，非視頻寬帶客戶每月的流量超過 700 GB。你佔據了一個關鍵領域，業務的一個主要流媒體部分，那就是體育。首先要讓查找體育賽事變得非常容易。我們平台上的語音搜索非常出色。

Multiple ways to consume sports and linear: DVR, streaming, all seamlessly connected. And then, of course, comes when big sports moments happen, you want reliability, fast speeds, great coverage and capacity. And you look at just what happened Thursday Night Football, Messi and MLS. Peacock has a fantastic sports slate that will be streamed and consumed that way.

觀看體育和線性節目的多種方式：DVR、流媒體，全部無縫連接。當然，當重大體育賽事發生時，您需要可靠性、快速、大覆蓋範圍和容量。你看看周四足球之夜、梅西和美國職業足球大聯盟發生的事情。 Peacock 擁有精彩的體育賽事，將以這種方式進行流媒體播放和消費。

So you need great broadband to be able to back all of that up. And so I think that's a great driver over time. But in this environment, we are seeing continued lower move activity. Competition has still increased. And fixed wireless, you brought out there, they're still pressing. However, we are seeing some rational promotional activity. It's early, no changes to any trending. But when you see that in the competitive environment, that is encouraging.

因此，您需要強大的寬帶來支持所有這些。所以我認為隨著時間的推移，這是一個很好的驅動力。但在這種環境下，我們看到價格走勢持續走低。競爭仍然加劇。固定無線，你拿出來，他們仍然很緊迫。然而，我們看到一些理性的促銷活動。現在還早，任何趨勢都沒有變化。但當你在競爭環境中看到這一點時，這是令人鼓舞的。

Both voluntary and nonpaid churn remain below pre-pandemic levels, and that has continued. So our game plan in this environment is that we're going to invest in our network, we're going to focuse on upgrading and the mid-split, all that activity is on track, leading to 4.0, beginning the deployments and trialing activity starting at the end of the year. No change to our game plan.

自願和無償流失仍低於大流行前的水平，而且這種情況仍在繼續。因此，我們在這種環境下的遊戲計劃是，我們將投資我們的網絡，我們將專注於升級和中期分裂，所有活動都步入正軌，通向 4.0，開始部署和試驗活動從年底開始。我們的比賽計劃沒有改變。

And we're going to segment the base. And we've consistently focused on the starting point, high-end broadband activity in tiers. 1/3 of our customers are plus or 1 gig, and we've launched our new 2-gig service to 25% of our footprint. And overall, 75% of our customers are for 100 megabits or more.

我們要分割基地。我們一直專注於起點、分層的高端寬帶活動。我們 1/3 的客戶擁有超過 1 場演出，而我們已經推出了新的 2 場演出服務，覆蓋我們足蹟的 25%。總體而言，我們 75% 的客戶需要 100 兆或以上。

So we're going to continue to leverage mobile. We're going to press aggressively with mobile and even new broadband partners, like NOW TV, which is a great streaming video tier that showcases Peacock. And the net of this is a stable base, 32 million residential broadband customers and while protecting resi broadband ARPU growth.

因此，我們將繼續利用移動設備。我們將積極向移動甚至新的寬帶合作夥伴施壓，例如 NOW TV，這是一個展示 Peacock 的出色流媒體視頻層。而這個網是一個穩定的基礎，3200萬住宅寬帶用戶同時保障了resi寬帶ARPU的增長。

You saw us do that in Q2 at 4.5% ARPU growth. But in this environment, we're still competitive and lower activity. It's a period of flux. And in some quarters, we may report customer losses. That being said, to your question, we believe, over time, we will return to subscriber growth. And certainly, we're seeing more normalization back-to-school is going to happen in Q3. And most certainly, there's some seasonal normalization. But over time, I'm confident that we will be able to balance this formula of ARPU, focus and over time, getting back to the subscriber growth. Mike?

您看到我們在第二季度做到了這一點，ARPU 增長了 4.5%。但在這種環境下，我們仍然具有競爭力且活動較少。這是一個動蕩的時期。在某些季度，我們可能會報告客戶損失。話雖這麼說，對於你的問題，我們相信，隨著時間的推移，我們將恢復用戶增長。當然，我們看到第三季度將出現更多返校正常化。最肯定的是，存在一些季節性正常化。但隨著時間的推移，我相信我們將能夠平衡 ARPU、重點和隨著時間的推移恢復用戶增長的公式。麥克風？

Thanks, Dave. So I think I'd just add a point. If you look back at the first half of the year, what Dave and his team have been doing and continue to do in terms of setting the broadband business, which is obviously extremely important to the future of the company up for long-term success by continuing to improve our product, add innovation around its segment the base, extend the footprint, all the things that you want to see happen, while protecting pricing, are all outstanding work in a competitive moment in time.

謝謝，戴夫。所以我想我只想補充一點。如果你回顧今年上半年，Dave 和他的團隊在寬帶業務方面已經做了並將繼續做的事情，這顯然對公司未來取得長期成功極其重要。繼續改進我們的產品，圍繞其細分市場增加創新，擴大足跡，所有您希望看到發生的事情，同時保護價格，都是競爭時刻的出色工作。

But I think, as you know, we here and Dave and his team, in particular, are thinking what are the implications for the long term as we think about how to compete in the short term.

但我認為，正如你所知，我們在這裡，特別是戴夫和他的團隊，在考慮如何在短期內競爭的同時，也在思考這對長期的影響是什麼。

Going to your question on the NBC side on strikes, I'll just repeat what I said earlier, which is that we are committed to reaching a fair deal with the gilts as soon as possible. Beyond that, just say it's really for all involved in the industry broadly, a prolonged work stoppage. And the longer it goes, the worse it will be. It's, obviously, going to have a negative impact all around.

關於NBC方面關於罷工的問題，我只想重複我之前說過的話，那就是我們致力於盡快與英國國債達成公平協議。除此之外，我只想說，對於該行業的所有參與者來說，長期停工確實是一件好事。而且時間拖得越久，情況就會越糟。顯然，這會對各方產生負面影響。

To your question about free cash flow, nothing to quantify in the context of our company. I mean it's all manageable, but it will shift studio working capital out of the near term and into the future. So probably for 2023, a little bit of lower working capital, higher free cash flow and the flip side of that in 2024.

對於你關於自由現金流的問題，在我們公司的背景下沒有什麼可以量化的。我的意思是，這一切都是可控的，但它將把工作室的營運資金從短期轉移到未來。因此，到 2023 年，營運資本可能會稍微減少，自由現金流會增加，而到 2024 年，情況會有所不同。

As you look at Peacock, I wouldn't point out anything in particular related to strikes and its effect in 2023 or second half of the year. Obviously, the longer the strike, the more that could have an effect as you look into 2024 and beyond, and that would be for ourselves and others, obviously. So it's a level playing field.

當你看到 Peacock 時，我不會指出任何與罷工及其在 2023 年或下半年的影響特別相關的內容。顯然，罷工時間越長，展望 2024 年及以後，影響就越大，顯然這對我們自己和其他人來說都是如此。所以這是一個公平的競爭環境。

But just to comment on Peacock, in particular, in the second half, we've got a lot of strong content coming. So we've got NFL coming back. Obviously, then, on top of that, we have an exclusive NFL wild card game. We're going to have Big Ten for the first time, which is fantastic on Saturday nights. In movie slates, we've got Super Mario Bros coming to Peacock shortly. We've got Exorcist, Five Nights at Freddy's, as Jason pointed out, coming from Blumhouse. And then on TV side, some originals, including Continental, which is related to the John Wick franchise. So we feel very good about the strength of what we have coming in the second half of the year content-wise.

但僅就《孔雀》進行評論，特別是在後半部分，我們將提供很多強有力的內容。所以我們讓 NFL 回歸了。顯然，除此之外，我們還有一場獨家的 NFL 外卡比賽。我們將首次舉辦十大賽事，這在周六晚上非常棒。在電影名單中，《超級馬里奧兄弟》很快就會登陸《Peacock》。正如傑森指出的，我們有《驅魔人》、《玩具熊的五夜后宮》，來自布盧姆豪斯。然後在電視方面，有一些原創作品，包括與《疾速追殺》系列相關的大陸電視劇。因此，我們對今年下半年內容方面的實力感到非常滿意。

And then beyond that on Peacock, I think there will be a continuation of the good work that we've done inside the company to convert Comcast subscribers over to a paying subscriber status, which we're not quite halfway through that as we only got started in June on that score. So over the remainder of the year, that will also be happening.

除此之外，我認為我們將繼續在公司內部所做的出色工作，將康卡斯特訂戶轉變為付費訂戶狀態，我們還沒有完成一半，因為我們只得到了六月就開始了這一目標。因此，在今年剩餘的時間裡，這種情況也將發生。

So when you look at the doubling of Peacock subs year-over-year, and I'm optimistic about what the second half of the year brings, feel pretty good about Peacock.

因此，當你看到 Peacock 潛艇逐年翻倍時，我對下半年帶來的情況感到樂觀，對 Peacock 感覺非常好。

Your next question today is coming from Craig Moffett from MoffettNathanson.

今天你們的下一個問題來自 MoffettNathanson 的 Craig Moffett。

Two questions, if I could, regarding your wireless business. One, there's been some talk in the market as there was some discussion on the Verizon call yesterday. Sort of calling, if not fully into question, at least kind of raising some eyebrows with respect to the permanence of that contract.

如果可以的話，我有兩個關於您的無線業務的問題。第一，市場上有一些討論，因為昨天對 Verizon 電話會議進行了一些討論。即使沒有完全受到質疑，這也算是一種呼籲，至少讓人對該合同的永久性感到驚訝。

I'm just wondering if there is anything that you can say about the durability of that relationship and your confidence that, that is, in fact, an irrevocable contract? And then second, you've obviously now started to subsidize handsets more frequently in line with the way the whole market really operates. I wonder if you could just talk about that a bit and talk about your views on customer lifetime value that you're seeing with new customer acquisitions given the handset subsidies and expected churn?

我只是想知道對於這種關係的持久性以及您對事實上不可撤銷的合同的信心，您是否可以說些什麼？其次，您顯然現在已經開始根據整個市場的實際運作方式更頻繁地補貼手機。我想知道您是否可以簡單談談這一點，並談談您對客戶終身價值的看法，考慮到手機補貼和預期流失，您在新客戶獲取中看到了這一點？

Thanks, Craig. This is Dave. So let me start with the wireless MVNO question. And -- so let me start with -- we have a great MVNO and really like our approach towards the business from day 1 and continue to feel that way, and definitely think that cable is a material and really strong benefit to our partner. And so we have a good relationship with Verizon -- and -- so that continues.

謝謝，克雷格。這是戴夫。那麼讓我從無線 MVNO 問題開始。首先，讓我開始說，我們有一個很棒的 MVNO，並且非常喜歡我們從第一天起就開展業務的方法，並且繼續有這種感覺，並且絕對認為電纜對我們的合作夥伴來說是一種物質性的、真正強大的好處。因此，我們與 Verizon 有著良好的關係，並且這種關係會持續下去。

Really key is we have a perpetual access to all the services that we need from Verizon's network. So it's just straightforward. That's the way it is.

真正關鍵的是我們可以永久訪問 Verizon 網絡所需的所有服務。所以這很簡單。它就是這樣兒的。

So let me start with -- then let me go into the handset subsidy point. We go in and we go out in terms of different offers. So we've always consistently had promotions, and they come in different forms, can be in the form of gift cards, can be outright promotions that are discounts and, in some cases, a free device.

那麼讓我開始——然後讓我談談手機補貼問題。我們根據不同的報價進入和退出。因此，我們一直在進行促銷活動，它們有不同的形式，可以是禮品卡的形式，也可以是直接的折扣促銷，在某些情況下，還可以是免費設備。

But it's not every day. That's not part of our everyday game plan. We will go in and out with that. And we increasingly focus on higher-end mobile tiers, and we have a great slate there between by the gig, unlimited and premium unlimited. So we stay very focused on the core service offering and been very strong in terms of the really consistent performance in terms of wireless growth.

但這不是每天都有。這不是我們日常遊戲計劃的一部分。我們將以此進出。我們越來越關注高端移動領域，並且我們在演出、無限和高級無限之間有一個很好的選擇。因此，我們非常專注於核心服務產品，並且在無線增長方面的真正一致表現方面表現非常強勁。

We really like the long runway ahead that we have and things that we're just getting going in small business and wireless. But I think our core wireless pricing provides customers with the savings that help us compete against the telecom companies, like between 30% and 50% savings versus the telcos.

我們真的很喜歡我們擁有的漫長跑道以及我們剛剛在小型企業和無線領域開展的事情。但我認為我們的核心無線定價為客戶提供了節省，幫助我們與電信公司競爭，例如與電信公司相比節省 30% 到 50%。

And so we got a strong position partnering mobile with broadband, got great WiFi overlay and a strong MVNO, as I've said. So we like our capital-light approach. We like our core service offering approach, and it's been effective.

因此，正如我所說，我們在移動與寬帶合作方面擁有強大的地位，擁有出色的 WiFi 覆蓋和強大的 MVNO。所以我們喜歡我們的輕資本方法。我們喜歡我們的核心服務提供方法，而且它很有效。

Our next question is coming 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。

Disney has said that they're looking for potentially a partner to help them transition ESPN to a more direct-to-consumer model. You have a really big sports franchise as well.

迪士尼表示，他們正在尋找潛在的合作夥伴來幫助他們將 ESPN 轉變為更直接面向消費者的模式。你們還擁有一個非常大的體育特許經營權。

How are you thinking about further transitioning NBC Sports to a business that is mostly streaming? Is it something you think you would need to partner for? And maybe broadly speaking, do you think as sports businesses become more streaming-centric, there's an opportunity or need for consolidation among those platforms?

您如何考慮將 NBC Sports 進一步轉型為以流媒體為主的業務？您認為這是您需要合作的事情嗎？也許從廣義上講，您是否認為隨著體育業務變得更加以流媒體為中心，這些平台之間是否有機會或需要進行整合？

Thanks, Brett. It's Mike. So I've been asked about and read the speculation that, in some way, we might be interested in swapping businesses as part of what's going on in the sports space. And I would just say that, that's very improbable given the -- as you could imagine, there's tremendous issues around tax, minority shareholders, structuring generally.

謝謝，布雷特。是邁克。因此，我被問到並讀到了這樣的猜測：在某種程度上，我們可能有興趣交換業務，作為體育領域正在發生的事情的一部分。我只想說，這是非常不可能的，因為正如你可以想像的那樣，在稅收、少數股東和總體結構方面存在巨大的問題。

So I would put aside the idea that there's anything inorganic that is likely to happen around ESPN, in particular, which is what we've been asked about. When I think about our own sports business, I think we've got one of the best portfolios in sports, Sunday Night Football, Big Ten, EPL, NASCAR, WWE, Olympics next year, PGA.

所以我會把 ESPN 周圍可能發生的任何無機物的想法放在一邊，特別是我們被問到的問題。當我想到我們自己的體育業務時，我認為我們擁有體育領域最好的投資組合之一，週日晚間足球、十大、EPL、NASCAR、WWE、明年的奧運會、PGA。

So -- and we've got a very acclaimed group of people in terms of producing excellent content around those sports. So obviously, it makes us a really strong partner to leagues around the world. We're known for that, and I think we bring a lot to the table whenever there is a time, and that includes Sky Sports as well, obviously.

因此，我們有一群非常受好評的人，他們圍繞這些體育項目製作了優秀的內容。顯然，這使我們成為世界各地聯賽真正強大的合作夥伴。我們以此而聞名，我認為只要有時間，我們就會帶來很多東西，顯然也包括天空體育。

So that brings us to the table with more than money when it comes time for discussions around how rights owners want to create value for their participants. And I think we are doing a very good job, in my mind, of continuing to do that in a way that has tremendous reach, obviously, through NBC and the broadcast side.

因此，當我們討論版權所有者希望如何為參與者創造價值時，我們得到的不僅僅是金錢。我認為，在我看來，我們做得非常好，繼續以一種具有巨大影響力的方式繼續做到這一點，顯然，通過 NBC 和廣播方面。

We can leverage our cable nets, as we've done through -- in various sporting events using our cable nets. But really importantly is Peacock. And we looked at one of the great drivers of Peacock subscriber growth has been sports. And I think it adds to the value of the Peacock subscription, the fact that when we looked at the value of rights that are streamed inside Peacock, where it is and where it goes when you include the value of Olympics next year, it is very substantial and would alone represent a really good deal for the consumer just sports within Peacock. So I think that's how we see our evolution. We're in sports. We're going to continue to be in sports, and that's the game.

我們可以利用我們的電纜網，就像我們在各種體育賽事中使用我們的電纜網所做的那樣。但真正重要的是孔雀。我們研究了 Peacock 用戶增長的最大推動力之一是體育。我認為這增加了 Peacock 訂閱的價值，事實上，當我們查看 Peacock 內部流媒體轉播的權利的價值時，當你將明年奧運會的價值包括在內時，它在哪里以及它會去向哪裡，這是非常重要的。實質上，對於在 Peacock 中進行運動的消費者來說，這本身就是一筆非常划算的交易。所以我認為這就是我們看待進化的方式。我們參加的是體育運動。我們將繼續從事體育運動，這就是比賽。

Our next question is coming from Phil Cusick from JPMorgan.

我們的下一個問題來自摩根大通的菲爾·庫西克。

Lots to talk about. One follow-up on Brett. Do you think that you have the right sports rights mix? Or could you stretch your lead and Peacock's lead by taking more over time? And then second, could you dig into the strong Hollywood and the weaker Orlando numbers? So it looks like Orlando, just, in general, is a little bit softer year-over-year, but we have been thinking you had been taking share. Do you agree with that? And how do you see that going forward?

有很多話要說。布雷特的後續行動。您認為您擁有正確的體育版權組合嗎？或者，隨著時間的推移，您是否可以通過取得更多成績來擴大您和 Peacock 的領先優勢？其次，你能深入研究一下好萊塢的強勢和奧蘭多的弱勢嗎？所以看起來奧蘭多總體來說比去年同期稍微軟一些，但我們一直認為你已經佔據了份額。你同意嗎？您如何看待未來的發展？

So sports rights, going back to that last question for all the reasons, and I'll keep it shorter this time. We should -- we're always looking to see if there's ways to add more value to our business and likewise, work with partners. So obviously, NBA is coming up. That's a fantastic property. We don't necessarily need it given the portfolio we have, but given its strength and our historical involvement in the sport, is something I'd like to see us take a look at as for instance, but we'll see where that goes.

因此，出於各種原因，體育權利回到最後一個問題，這次我將保持簡短。我們應該——我們一直在尋找是否有辦法為我們的業務增加更多價值，同樣，與合作夥伴合作。很明顯，NBA即將到來。這是一個很棒的財產。考慮到我們擁有的產品組合，我們不一定需要它，但考慮到它的實力和我們對這項運動的歷史參與，我希望看到我們看看，但我們會看看它會走向何方。

And then on theme parks, we have, I think, one of the best quarters we've seen. Tremendous momentum in the overall portfolio. We feel very, very good about the parks business overall. Hollywood was a record on the back of Nintendo opening up. Japan doing well and a record as well there for second quarter and Beijing, highest level of profitability.

然後在主題公園方面，我認為我們擁有我們所見過的最好的區域之一。整體投資組合勢頭強勁。我們對整個公園業務感覺非常非常好。任天堂開放後，好萊塢創下了紀錄。日本表現良好，第二季度創歷史新高，北京則實現最高盈利水平。

In Orlando, it is really compares very well to pre-pandemic. We're obviously down on attendance, which was kind of unprecedented in the back of coming off COVID. So not surprised by that softening. That said, we're at levels of attendance and per caps being better so that overall, we feel good about what we're seeing in Orlando.

在奧蘭多，情況確實與大流行前相比非常好。我們的出席人數顯然有所下降，這在新冠疫情結束後是前所未有的。因此，對於這種軟化並不感到驚訝。也就是說，我們的出勤率和人均人數都更好，因此總體而言，我們對奧蘭多的情況感到滿意。

We have had, with a stronger dollar, still are seeing softness of international attendance, which continues to be about 30% lower than pre-pandemic levels. We expect that to sort of continue. And on the domestic side, it's just been a rebalancing with cruise lines back and people, the flip side of the dollar doing some international travel. It's the dynamics that you see in Orlando. We feel really good about what's going on there. And Brian, you going to jump in here?

儘管美元走強，國際遊客數量仍然疲軟，仍然比大流行前的水平低 30% 左右。我們預計這種情況會繼續下去。在國內方面，這只是郵輪公司和人員的再平衡，美元的另一面是進行一些國際旅行。這就是你在奧蘭多看到的動態。我們對那裡發生的事情感覺非常好。布萊恩，你要跳到這裡來嗎？

I just want to add that really bullish on the parks. It's one of the 6 areas Jason mentioned that we feel are the growth driver of the company in the years ahead. We were just down in Orlando, recently looking at Epic Universe progress, and it's spectacular.

我只想補充一點，我對公園非常看好。這是 Jason 提到的 6 個領域之一，我們認為這是公司未來幾年的增長動力。我們剛剛在奧蘭多，最近看到了《史詩宇宙》的進展，它非常壯觀。

What's coming in 2025, we have the two parks -- the smaller parks in Vegas and outside Dallas. So we're looking for growth in this area. We're pretty excited about the results that Jason and Mike have talked about, and I just draw your attention that the opportunity in Orlando with Epic is pretty massive, we believe.

2025 年，我們將擁有兩個公園——較小的公園位於維加斯和達拉斯郊外。所以我們正在尋找這個領域的增長。我們對 Jason 和 Mike 討論的結果感到非常興奮，我只是提請您注意，我們相信 Epic 在奧蘭多的機會非常巨大。

Our next question is coming from Jessica Reif Ehrilich from BofA Securities.

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

I have one maybe longer term and one near term. First, on content. You just announced a restructuring in your content area. And with the current strike, which is kind of reminiscent of the pandemic where all production is shut down, at least in the U.S., it seems like an opportune time to rethink your entire content strategy.

我有一個可能較長的期限和一個近期的期限。首先，關於內容。您剛剛宣布對內容領域進行重組。當前的罷工讓人想起所有製作都被關閉的大流行，至少在美國是這樣，現在似乎是重新考慮整個內容策略的好時機。

So are you thinking differently at all about how you produce, what you produce, what your costs are? And just anything you can say about how NBCU may change its approach to content in coming years.

那麼，您對生產方式、生產內容、成本的看法是否完全不同？關於 NBCU 在未來幾年如何改變其內容處理方式，您可以暢所欲言。

And then on advertising, the upfront, I guess, is still dragging on. Can you talk about what you're seeing with the strength and weakness? And where the dollars are being allocated to what platforms? And I think that Jason just said that Q3 advertising will be similar to Q2?

然後在廣告方面，我想，前期工作仍然在拖延。您能談談您所看到的優勢和劣勢嗎？資金被分配到哪些平台？我認為傑森剛剛說第三季度的廣告將與第二季度類似？

Good. So in terms of content, I'm really pleased with -- Jessica with the elevation of a couple of my partners at NBC. One of them being Donna Langley. He's one of the most respected people in Hollywood, along with -- we've got a great leader, Palenik Bakay, who runs our TV studios.

好的。因此，就內容而言，傑西卡對我在 NBC 的幾位合作夥伴的晉升感到非常滿意。唐娜·蘭利就是其中之一。他是好萊塢最受尊敬的人之一，我們還有一位偉大的領導者，帕萊尼克·巴凱 (Palenik Bakay)，他負責運營我們的電視工作室。

So I think giving them a sort of content vertical that's going to work closely with Mark Lazarus on the TV side and platform side and Caesar Conde on news and Telemundo, I think, is going to really make -- take advantage of the company that we have. We're going to, obviously, be very much focused on creating great content.

因此，我認為為他們提供一種垂直內容，將與電視方面和平台方面的馬克·拉扎勒斯（Mark Lazarus）以及新聞和 Telemundo 方面的凱撒·康德（Caesar Conde）密切合作，我認為，這將真正發揮作用——利用我們的公司有。顯然，我們將非常專注於創造精彩的內容。

But I don't -- we already do create great content. I think when you look at the movie slates we've had and the TV that we produce for ourselves and others. And I think that strategy is going to continue. We're not going to be creating content exclusively for ourselves, but I think it's a great advantage for our studios to actually have platforms that can take a substantial amount, though not all, of the content that we can create, which puts us in a great position to work with all sorts of talent and creators in Hollywood and elsewhere can come work with our great leadership in our studios, and we help bring their ideas to life.

但我不這麼認為——我們已經創造了很棒的內容。我想當你看看我們為自己和他人製作的電影和電視節目時。我認為這一戰略將繼續下去。我們不會專門為自己創建內容，但我認為對於我們的工作室來說，擁有一個可以吸收大量（儘管不是全部）我們可以創建的內容的平台是一個很大的優勢，這使我們能夠與好萊塢和其他地方的各種人才和創作者合作的絕佳位置可以與我們工作室的出色領導層合作，我們幫助他們將想法變為現實。

In terms of cost and strategy and so forth, that's a -- we will work in the context of the industry and the buyers and what they're looking for and be responsive to that. But I feel very, very good about the way our studio businesses are set up.

在成本和戰略等方面，我們將在行業和買家以及他們正在尋找的東西的背景下開展工作，並對此做出響應。但我對我們工作室業務的建立方式感覺非常非常好。

In terms of advertising, the market -- ad market softened versus last year. It stabilized as it came into this year and has stayed stable, and I think that would be on the back of just uncertainty -- economic uncertainty, about economic outlook looking forward. And I think Jason's comments are, we don't see that condition changing as we're looking into the third quarter and second half of the year.

在廣告方面，廣告市場與去年相比有所疲軟。今年進入穩定狀態並一直保持穩定，我認為這將是由於不確定性——經濟不確定性，以及未來經濟前景的不確定性。我認為傑森的評論是，在我們展望今年第三季度和下半年時，我們沒有看到這種情況發生變化。

As you know, I think we feel good about our upfronts. Despite those headwinds, our total cash and pricing levels were roughly in line with last year and really strong related to Peacock in particular. But a lot of that comes from the strength of our portfolio, as I've kind of mentioned earlier, where we see strength around Big Ten, Sunday Night Football, Peacock, One platform and the like, all things that are helping us out quite a bit.

如您所知，我認為我們對我們的前期工作感覺良好。儘管存在這些不利因素，我們的總現金和定價水平與去年大致一致，尤其與 Peacock 密切相關。但其中很大一部分來自於我們投資組合的實力，正如我之前提到的，我們看到了十大、週日晚間足球、孔雀、One platform 等方面的實力，所有這些都在幫助我們擺脫困境一點點。

Our next question comes from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Just two on the connectivity side of the business. Maybe first on the broadband ARPU, really strong at 4.5%. I was wondering if you could help us unpack that a little bit. Maybe what in there is price increase? How much do you think you're getting from customers up-tiering to faster speeds? And maybe what might be coming from cord cutting as some of your double-play video subs go to single-play Internet or Internet plus mobile bundles?

在業務的連接方面只有兩個。也許首先是寬帶 ARPU，非常強勁，達到 4.5%。我想知道你是否能幫我們解開這個謎團。也許其中有什麼價格上漲？您認為您從客戶升級到更快的速度中獲得了多少收益？當您的一些雙播放視頻訂閱者轉向單播放互聯網或互聯網+移動捆綁包時，剪線可能會帶來什麼？

And then on the international side, where revenue growth is really strong, can you just help us think through what kind of margin contribution you get on international? You talked about more handsets in the quarter. I'm guessing those are a little lower margin as is some of the U.K. connectivity stuff. But as we just think about that as a growth driver, how should we think about the margin or EBITDA contribution from international?

然後在國際方面，收入增長非常強勁，您能否幫助我們思考一下您在國際方面獲得的利潤貢獻是多少？您談到了本季度更多的手機。我猜這些利潤率和英國的一些連接產品一樣要低一些。但當我們只將其視為增長動力時，我們應該如何看待國際業務的利潤率或 EBITDA 貢獻？

Got it. So let me start with ARPU. And you hit on a couple of the key points. First off, pretty strong performance in the quarter. As we've said, we've seen 4.5%. And there are multiple drivers. There was a little bit more rate that we took early on, not widely different, but a little bit more than we did in the beginning of the year.

知道了。讓我從 ARPU 開始。您談到了幾個關鍵點。首先，本季度的表現相當強勁。正如我們所說，我們看到了 4.5%。並且有多個驅動程序。我們早期採取的利率稍高一些，差別不大，但比年初高了一點。

I think a critical one for us is tier mix. And we have 1/3 of our base, that's a gigabit plus, and that's 75%, 400 megabits are higher. That definitely impacts the overall ARPU. And I think one that's maybe not as understood as much as maybe as it should be, but we have a wonderful product called xFi Complete. 25% of our base has that.

我認為對我們來說最關鍵的是層級組合。我們有 1/3 的基礎，即千兆位以上，即 75%，400 兆位更高。這肯定會影響整體 ARPU。我認為這可能沒有得到應有的理解，但我們有一款很棒的產品，稱為 xFi Complete。我們 25% 的人都有這樣的經歷。

And let me take one second, describe what's in it. It's a gateway. It's a great gateway that's included in the tier, with a path to upgrading the gateway over time. You have an opportunity to do that in advanced security is included in that, unlimited is included in that, and then a coverage plan, making sure your whole house is covered.

讓我花一點時間描述一下其中的內容。這是一個網關。這是一個很棒的網關，包含在該層中，並且可以隨著時間的推移升級網關。您有機會做到這一點，其中包括高級安全性，其中包括無限制，然後是覆蓋計劃，確保您的整個房子都受到覆蓋。

So xFi Complete is a great tier, good value to customers, have 25% of the base. And then there's the bundled discount that you mentioned. When customers go to HSD only, you lose the bundle discount. And so all of those things factor in. So I think it's a positive that there are multiple drivers that are helping.

所以 xFi Complete 是一個很棒的層級，對客戶來說很有價值，擁有 25% 的基礎。還有你提到的捆綁折扣。當客戶只選擇 HSD 時，您將失去捆綁折扣。所以所有這些因素都在其中。所以我認為有多個驅動因素在提供幫助是積極的。

And the thing, Steven, that starts with is just where the market is going, and I mentioned that before. And you have this very stable group of customers and -- that are just using more. And over time, that continues to trend up. And we have this balance of a stable base and healthy ARPU growth.

史蒂文，首先要考慮的是市場的走向，我之前提到過。而且你有這個非常穩定的客戶群——他們只是使用更多。隨著時間的推移，這一趨勢繼續上升。我們在穩定的基礎和健康的 ARPU 增長之間取得了平衡。

On international connectivity and the margin side, so it's -- this is a great growth area for us. And you look at the -- from a revenue perspective, just starting with that because that impacts margin, the revenue increased 26% this quarter, as Jason said in the call. And the 2/3 of that revenue comes from broadband, which continues to grow at mid-teen level and was driven by a higher level of customers and ARPU compared to a year ago.

在國際連接和利潤方面，這對我們來說是一個巨大的增長領域。從收入的角度來看，正如傑森在電話會議中所說，因為這會影響利潤率，所以本季度的收入增長了 26%。其中 2/3 的收入來自寬帶，該收入繼續以中位數水平增長，並且受到與一年前相比更高水平的客戶和 ARPU 的推動。

Remaining 1/3 is wireless, which tends to have more variable growth quarter-to-quarter due to handsets. And so this is a solid quarter growth rate, and it will impact margins. So -- but normalizing for the mobile side of things, revenue growth, I think of maybe the right level to focus on is more closer to the 20% level for international connectivity.

剩下的 1/3 是無線領域，由於手機的原因，無線領域的季度增長往往存在更大的波動。因此，這是一個穩定的季度增長率，它將影響利潤率。所以，但對於移動方面的正常化，收入增長，我認為也許應該關注的正確水平更接近國際連接的 20% 水平。

So I think this is a strong part of the portfolio. And a definite contributor towards, as Jason has said, one of the main pillars of not only just domestic broadband and mobile, but also the international broadband and mobile. Jason?

所以我認為這是投資組合的重要組成部分。正如傑森所說，它不僅是國內寬帶和移動的主要支柱之一，也是國際寬帶和移動的主要支柱之一。傑森？

I think, Steven, important for us, as we came into this year with the resegmentation and how we sort of presented out to the world, this was an important category. So international connectivity, as we think about Sky and taking the brand name and reputation that they've sort of earned in video, and taking that into other products like broadband and wireless, the way they have, this quarter, $1 billion in revenue coming from connectivity internationally.

我認為，史蒂文，這對我們來說很重要，因為今年我們進行了重新細分，以及我們如何向世界展示，這是一個重要的類別。因此，國際連接，當我們考慮 Sky 時，將他們在視頻中贏得的品牌名稱和聲譽帶入寬帶和無線等其他產品中，他們本季度將實現 10 億美元的收入來自國際互聯互通。

So kudos to the team, and I think important that we've been able to highlight that to the Street.

感謝我們的團隊，我認為我們能夠向華爾街強調這一點很重要。

Our next question is coming from John Hodulik from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰·霍杜利克 (John Hodulik)。

Maybe a couple of questions on profitability. I think maybe for Jason. First, really impressive performance on the -- you have U.S. cable side, 240 bps, 47%. I mean how's the visibility into further margin expansion from here, especially given you've got a couple of mix shift issues, obviously, more broadband and less video, but also more wireless?

也許有幾個關於盈利能力的問題。我想也許是為了傑森。首先，在美國有線方面的性能確實令人印象深刻，240 bps，47%。我的意思是，從這裡進一步擴大利潤率的可見性如何，特別是考慮到您遇到了一些混合轉移問題，顯然，更多的寬帶和更少的視頻，但也更多的無線？

So anything you could tell us about the sort of outlook there. And then on the Peacock side, doing better in terms of losses there, is $3 billion losses for this year still the right number for Peacock? And anything you'd say about the sort of path to profitability beyond '23 would be great.

所以你可以告訴我們有關那裡的前景的任何信息。那麼Peacock方面，在虧損方面做得更好，今年30億美元的虧損對Peacock來說仍然是正確的數字嗎？關於 23 世紀之後的盈利之路，您所說的任何內容都很棒。

Yes. Thanks, John. Good question. So on mix and margins in the connectivity business, I think we've had a fairly consistent track record, if you look at the last several years, of margin expansion.

是的。謝謝，約翰。好問題。因此，在連接業務的組合和利潤方面，如果你看看過去幾年的利潤擴張情況，我認為我們擁有相當一致的記錄。

If you look at the core sort of legacy cable business, as we mentioned, this quarter, record margin over 47%. And the factors that have contributed to that historically are in place as we look forward.

如果你看看傳統有線電視業務的核心類型，正如我們提到的，本季度，創紀錄的利潤率超過 47%。正如我們所期待的那樣，歷史上促成這一情況的因素已經就位。

I think Mike's comments upfront about being able to grow revenue, being able to grow margins, that's a key part of it. So to your question specifically on connectivity, there is a mix shift going on when we talk about sort of the six key growth drivers across the company, three or sort of core connectivity growth drivers, whether it's broadband -- residential broadband, business services or wireless. This is an accretive mix shift for us as we think about the way the categories are sort of shifting and what's growing versus what's not growing.

我認為邁克預先關於能夠增加收入、能夠增加利潤的評論是其中的關鍵部分。因此，對於您特別關於連接的問題，當我們談論整個公司的六個關鍵增長驅動力時，就會發生混合轉變，其中三個或某種核心連接增長驅動力，無論是寬帶——住宅寬帶、商業服務還是寬帶——無線的。當我們思考品類的轉變方式以及哪些正在增長與哪些沒有增長時，這對我們來說是一種增值的混合轉變。

So I would look for more of the same. I think also importantly for the team, for the second consecutive quarter, every expense line in Connectivity & Platforms was down year-over-year, except for direct product costs, and those are the costs that directly support the Connectivity & Platforms revenue growth in the categories we talked about.

所以我會尋找更多相同的東西。我認為對於團隊來說也很重要的是，連續第二個季度，連接和平台的每項支出都同比下降，除了直接產品成本，這些成本直接支持連接和平台的收入增長我們討論過的類別。

So outlook for more of the same and continued margin expansion out of the business. I think on Peacock, you're right, we came into the year and gave guidance for roughly $3 billion in losses. No change to that. As you see, we're pacing to that over the first couple of quarters. We've got a lot of incremental content as we think in the back half of the year, as Mike said. So no change to that guidance.

因此，該業務的利潤前景將更加相似且持續擴張。我認為孔雀，你是對的，我們進入這一年並給出了大約 30 億美元損失的指導。對此沒有任何改變。正如您所看到的，我們在前幾個季度正朝著這個方向前進。正如邁克所說，我們認為下半年會有很多增量內容。因此該指導意見沒有改變。

Our next question is coming from BJ Giant from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 BJ Giant。

So I think Jason talked about future expansion of the footprint being a high priority and the bid dollars by state of being sort of allocated. Can you just talk about -- is that really going to be a big opportunity in terms of participating in that and driving that footprint?

因此，我認為傑森談到了未來的足跡擴張是一個高度優先事項，並且按州分配的投標金額。您能否談談——就參與並推動這一足跡而言，這真的是一個巨大的機會嗎？

This is Dave. Let me jump into that. So we operate in 39 states, where they're expected to be subsidy money. And we're actively engaged both at the federal and state government levels.

這是戴夫。讓我開始吧。因此，我們在 39 個州開展業務，預計這些州將獲得補貼。我們在聯邦和州政府層面積極參與。

So as the framework rules of bid participation are being developed, we're actively -- they're looking at it and working, I think, in a good way at all levels. So assuming satisfactory outcomes on the framework rules, we're going to be full participants in bidding where it is consistent with our business goals.

因此，隨著投標參與的框架規則的製定，我們正在積極地——他們正在研究它，並且我認為，在各個層面都以良好的方式開展工作。因此，假設框架規則取得令人滿意的結果，我們將充分參與符合我們業務目標的投標。

But it's too early in the process for us to comment on where we'll bid or the potential win rate. But we're active right now building out edge outs. As Jason has talked about, we're going to build out even before any bid activity. The bid activity, by the way, is really going to be more rules will come out and be clarified. This is a '25, '26 kind of an impact once it clears up.

但現在就我們對出價地點或潛在中標率發表評論還為時過早。但我們現在正在積極打造優勢。正如傑森所說，我們甚至會在任何投標活動之前就進行建設。順便說一句，投標活動確實會出台更多規則並予以澄清。一旦它消散，這就是 25、26 年的影響。

But in the meantime, we're actively edging out and looking at opportunities where it's a profitable return and aggressively pursuing it. So 1 million homes passed, we expect to build this year alone. So we're going to be aggressive in the meantime. But considering -- we'll stay closely at it. And assuming the satisfactory outcome, we will be a participant.

但與此同時，我們正在積極尋找能夠帶來盈利回報的機會，並積極追求它。因此，我們預計僅今年就將建造 100 萬套房屋。因此，我們將同時採取積極主動的態度。但考慮到——我們會密切關注它。假設結果令人滿意，我們將成為參與者。

Operator, we'll take our last question.

接線員，我們將回答最後一個問題。

Our last question today is coming from Jonathan Chaplin from New Street.

今天我們的最後一個問題來自新街的喬納森·卓別林。

Just to drill into broadband in a little bit more detail. The shift from 1Q to 2Q was quite different from what it has been, historically, in terms of broadband net adds. I'm wondering if you can give us just a little bit more color on how much of that was muted seasonality versus some of the initiatives that you guys have been pushing on the competitive front with low-end broadband offer and the wireless bundles.

只是為了更詳細地研究寬帶。就寬帶淨增量而言，從第一季度到第二季度的轉變與歷史上的情況有很大不同。我想知道您是否能為我們提供更多信息，說明其中有多少是淡季的影響，以及你們一直在低端寬帶產品和無線捆綁競爭方面推動的一些舉措。

And in that context, you mentioned that wireless is starting to have a bigger pull-through impact on your broadband subs. So there are more new to Comcast subs taking wireless. I'm wondering if you can give us a little bit more context around that?

在這種情況下，您提到無線技術開始對您的寬帶用戶產生更大的影響。因此，康卡斯特的子系統有更多新的無線技術。我想知道您能否為我們提供更多相關背景信息？

And then sorry to pile on, but one last one. On wireless, for Jason, when we look at Verizon's wholesale revenue, it seems to have flattened over the course of the last 3 quarters, which suggests that maybe you're getting some gross margin expansion in the wireless business. I'm wondering if that's accurate.

然後很抱歉又說了一堆，但最後一個。在無線業務方面，對於 Jason 來說，當我們觀察 Verizon 的批發收入時，它似乎在過去三個季度中趨於平緩，這表明無線業務的毛利率可能會有所增長。我想知道這是否準確。

So this is Dave. Let me start on the broadband part and a little bit on wireless. So as we saw, the base is stable, 32 million. And this is sequentially and year-over-year for this quarter. We also flagged -- we talked about this last quarter, we expected more normal seasonal activity so that net adds would be lower than Q1, but we also expected a more muted step down in net adds from Q1 to Q2.

這就是戴夫。讓我從寬帶部分開始，然後再談談無線部分。正如我們所見，基數穩定，為 3200 萬。這是本季度的連續和同比情況。我們還指出，我們在上個季度談到了這一點，我們預計季節性活動會更加正常，因此淨增量將低於第一季度，但我們也預計從第一季度到第二季度淨增量將出現更溫和的下降。

This is a combination lower overall move activity, the overall macro issues that we've experienced over the past year in the market. At the same time, we did, as you brought up, we go in and out in terms of offers. We had some offers really targeted in the multiple segments that we serve, more in the lower end. And we had some traction on some of that. So that did help. And so we'll continue to be opportunistic throughout the year.

這是整體移動活動較低的組合，也是我們過去一年在市場中經歷的整體宏觀問題的結果。與此同時，正如你提到的，我們在報價方面進進出出。我們提供了一些真正針對我們服務的多個細分市場的優惠，更多是針對低端市場。我們在其中一些方面取得了一些進展。所以這確實有幫助。因此，我們全年將繼續保持機會主義。

And we -- as I mentioned before, to your point on wireless, we absolutely, aggressively package mobile with broadband. And this is for new and existing customers. So mobile is a great extension of the relationship and a really profitable way to existing customers that are HSD only. So it's one of the key things that we do.

正如我之前提到的，就您在無線方面的觀點而言，我們絕對積極地將移動與寬帶打包在一起。這適用於新客戶和現有客戶。因此，移動是這種關係的一個很好的延伸，對於僅使用 HSD 的現有客戶來說，也是一種真正有利可圖的方式。所以這是我們所做的關鍵事情之一。

And I think over time, we're going to continue to stay focused on that. I think there's as much of an opportunity to grow the mobile business and really help broadband is going to the base as well as attracting new customers. So it's a double win from our perspective. Jason?

我認為隨著時間的推移，我們將繼續關注這一點。我認為發展移動業務的機會同樣多，真正有助於寬帶普及並吸引新客戶。所以從我們的角度來看，這是雙贏。傑森？

Yes. Just, Jonathan, thanks for the question on wireless. Can't speak to Verizon and their revenue trajectory. I know they've got a few different things in the wholesale revenue category beyond just cable. But I can't speak to obviously, the economics of our business. We're happy with it. We think it's good business for Verizon. That's sort of what they said yesterday, as they think about traffic and ways to fill up their network.

是的。只是，喬納森，謝謝你提出有關無線的問題。無法談論 Verizon 及其收入軌跡。我知道除了有線電視之外，他們在批發收入類別中還有一些不同的東西。但我顯然無法談論我們企業的經濟效益。我們對此很滿意。我們認為這對 Verizon 來說是一筆好生意。這就是他們昨天所說的，因為他們正在考慮流量和填滿網絡的方法。

But for us specifically, we've got a revenue stream coming in for customer from customers. We have a wholesale deal with Verizon to accommodate that traffic where there's outflows, but then we're also trying to offload as much traffic as we can on our own network.

但對於我們來說，我們從客戶那裡獲得了收入來源。我們與 Verizon 達成了批發協議，以容納流量流出的地方，但我們也試圖在我們自己的網絡上卸載盡可能多的流量。

We've got a fairly efficient acquisition vehicle and that a lot of this is just marketed to our own broadband subscribers. So in terms of acquisition costs, I think we're fairly efficient in the market. And then all the way down sort of closer to cash flow, this is a capital-light model, which we like. So I'll leave it there.

我們擁有相當有效的收購工具，其中很多只是向我們自己的寬帶用戶推銷。因此，就收購成本而言，我認為我們在市場上相當有效。然後一直向下接近現金流，這是我們喜歡的輕資本模型。所以我會把它留在那裡。

Thank you, Jonathan, and thank you, everyone, for joining us on our second quarter call.

謝謝喬納森，也謝謝大家參加我們的第二季度電話會議。

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

問答環節和今天的電話會議到此結束。電話會議重播將於東部時間今天上午 11:30 開始在康卡斯特投資者關係網站上播放。感謝您的參與。你們都可以斷開連接。