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.

女士們、先生們，早安，歡迎參加康卡斯特第二季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。

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

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

Thank you, operator, and welcome 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.

謝謝接線員，歡迎參加我們2023年第二季財報電話會議。首先，您將聽到Mike Cavanagh和Jason Armstrong的發言，之後Brian Roberts和Dave Watson將加入我們，並回答您的問題。

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.

現在請各位參閱本次電話會議簡報的第 2 張投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。

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前瞻性陳述，這些陳述受某些風險和不確定性因素的影響。此外，在本次會議中，我們將提及某些非公認會計準則（非GAAP）財務指標。請參閱我們今天稍早發布的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節表。

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

這樣，我就把電話交給麥克了。

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Marci，大家早安。我對我們第二季的業績非常滿意，這再次證明，我們專注於投資和創新那些能夠帶來顯著營收成長的業務，同時謹慎管理那些成長相對緩慢的相鄰領域，這一策略正在取得成效。

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.

總營收成長2%，我們重點關注的六大成長領域——住宅寬頻、無線網路、商業服務、主題樂園、串流媒體以及工作室的優質內容創作——年增近10%，目前佔總營收的55%。這一收入成長，加上對所有業務利潤率的謹慎管理，實現了中等個位數的EBITDA成長和兩位數的每股盈餘成長。

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，我們預計將繼續在這些領域實現顯著成長，並繼續在我們強大的業務組合中尋找和投資內生成長機會。同時，我們也清醒地認識到自身及競爭對手在其他業務領域面臨的挑戰，並制定了周密的計劃，以確保這些業務能夠繼續在財務和戰略層面做出重要貢獻。

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 - for 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，這種策略的最終效果是為公司未來的整體營收持續成長鋪平道路，從而推動強勁的獲利和自由現金流成長——我預計這種成長勢頭將持續多年。值得一提的是，我們擁有核心競爭對手中最強勁的資產負債表，這使我們能夠繼續投資於成長，同時透過分紅和股票回購向股東返還大量資本，這將推動自由現金流和每股盈餘的顯著成長。

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.

現在我想重點介紹本季的一些亮點。公司歷史上首次實現了季度 EBITDA 超過 100 億美元。雖然業務多元化意味著有多個重要因素做出了貢獻，但我重點要強調本季中三個最突出的方面，它們體現了我們投資的持續性和由此帶來的成長勢頭。

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.

首先是寬頻ARPU成長4.5%。總的來說，我相信我們在融合領域擁有致勝優勢。我們是最大的寬頻供應商，擁有高品質、覆蓋廣泛的網絡，以及最具成本效益的高速升級方案。此外，憑藉輕資產營運模式和極具競爭力的客戶價值主張，我們能夠在無線領域有效競爭。我們長期以來致力於為產品配備業界領先的功能和特性，從WiFi體驗的覆蓋範圍和控制，到透過X1和Flex平台進行的內容聚合，無不體現著這一點。正是這些優勢，使我們得以將客戶流失率降至歷史最低水平，並實現ARPU的持續成長。

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4.5%的成長也不例外，證明了我們能夠適當地平衡價格和銷量，有效地細分市場，並以業界領先的產品和技術為我們的寬頻產品提供強有力的支援。寬頻市場競爭仍然激烈，但我們已經並將繼續投資，以保持我們的市場領導地位。

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 and Japan, which helped drive the record results in the quarter.

其次是我們的樂園，這方面一直表現出色。我們的團隊不斷推出創新景點，充分利用我們自有或授權的智慧財產權。我們在好萊塢環球影城和日本環球影城都開設了超級任天堂世界，這助力我們本季業績創下歷史新高。

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新的小小兵主題樂園；我們期待明年在日本推出大金剛主題樂園；此外，我們還將啟動先前宣布的德州兒童主題樂園計畫以及拉斯維加斯的萬聖節恐怖體驗計畫。我對2025年奧蘭多史詩宇宙主題樂園的開幕感到無比興奮。

Third is the strength of our film studios, and in particular our animation business. Super Mario Brothers 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.

第三點是我們電影工作室的實力，尤其是我們的動畫業務。 《超級瑪利歐兄弟》迄今全球票房超過13億美元，成為史上票房第二高的動畫電影。這是照明娛樂和克里斯梅勒丹德利取得的另一項驚人成就。

We also invest in successful franchises like FAST, highlighted by the successful launch of the latest installment with Fast X during the quarter. Of course, we just released Oppenheimer, which grossed about $180 million this past weekend, to a tremendous acclaim from critics and movie goers 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.

我們也投資像《玩命關頭》這樣的成功系列電影，本季最新一部《玩命關頭X》的成功上映就是最好的例子。當然，我們剛發行了《奧本海默》，該片上週末票房收入約1.8億美元，並獲得了影評人和觀眾的一致好評。 《奧本海默》是一部極具震撼力和影響力的電影，我們康卡斯特公司非常榮幸能與克里斯多福諾蘭合作，將這部意義非凡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陣容，這些富有創新精神的電影製作人使我們能夠投資於戰略性影片計劃，這是我們持續票房成功的關鍵之一，我們今年的票房一直位居第二。

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.

從寬頻差異化到工作室領導地位，再到我們在零件方面的成功，所有這些成果和成就都得益於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謹的資本配置方法。

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.

展望公司發展，我對我們持續投資的成長驅動因素的持久性以及我們在各種業務和經濟週期中持續投資和交付的能力都非常樂觀。

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NBC環球的第一季。正如我在幾週前宣布組織架構調整的一份文件中所述，NBC環球是一個非常特別的地方，擁有巨大的發展機會。我對公司人才濟濟，尤其是領導團隊的實力印象深刻。我非常有信心，我們剛建立並廣受好評的全新精簡組織架構，將幫助我們更快前進，做出更明智的決策。

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，NBC環球旗下擁有眾多業務，每家業務都佔據市場領先地位。除了我之前提到的電影和主題樂園業務外，我們還擁有收視率最高的電視節目組合，我們的電視工作室屢獲殊榮，節目製作豐富。我們是美國收視率最高的新聞社。體育賽事也持續為我們帶來巨大的收益，包括NFL、NASCAR、高爾夫、英超聯賽、Telemundo電視台轉播的世界盃（包括正在進行的女足世界盃）、今年秋季即將開賽的十大聯盟（Big Ten）以及明年即將到來的巴黎奧運。

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.

我也相信我們有正確的未來策略。我們透過旗下工作室製作優質內容，透過我們的電視網絡、Peacock平台和第三方管道進行分發，並透過我們的主題樂園和消費品進一步實現這些內容的獲利。

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.

在串流媒體領域，我們推出了Peacock，這是一個廣告支援的模式，是我們現有業務的延伸。我們制定了一項計劃，並根據需要進行了調整，Peacock目前發展勢頭強勁，持續成長。第二季度，我們新增了200萬名付費用戶，付費用戶總數從2,200萬增加到2,400萬。這項成長主要得益於Comcast用戶向付費用戶的轉化，轉化工作從6月開始，我們對目前的成果非常滿意。

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，例如用戶取消有線電視訂閱以及新競爭對手（尤其是來自科技領域的競爭對手）的湧現，都給我們帶來了挑戰。此外，我們也面臨不確定的宏觀環境，這持續對傳統廣告造成壓力。但我堅信，憑藉我們強大的商業策略、深厚的管理實力和雄厚的財力，我們能夠隨著NBC環球乃至整個公司格局的演變，最終成為長期的贏家和價值創造者。

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.

近期面臨的另一個主要挑戰是編劇和演員的罷工。我們仍然致力於盡快達成公平的協議，以便我們能夠重新投入我們最擅長的工作中，那就是共同創作優質內容。

With that, let me turn it over to Jason.

接下來，我將把麥克風交給傑森。

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.

謝謝麥克，大家早安。我們第二季的業績非常強勁。為了向大家詳細介紹，我將從第四張投影片上的合併業績開始。

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.

營收成長2%至305億美元，調整後EBITDA成長4%至102億美元，創歷史新高，主要得益於高利潤率的連結與平台業務持續的營運槓桿效應，以及影視工作室和主題樂園業務的強勁成長。調整後每股盈餘成長12%至1.13美元，自由現金流達34億美元，同時向股東返還了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.

本季我們健康的自由現金流水準得益於我們為支持和發展六大關鍵成長領域的業務而進行的大量投資：我們的連接業務（包括住宅寬頻、無線和商業服務連接）、主題樂園、串流媒體以及我們工作室的優質內容。這些領域合計在本季貢獻了公司總營收的一半以上，年增近10%，與第一季持平。

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.

現在我們來看各個業務部門的業績，先從第5張投影片中的「連結與平台」業務開始。在介紹這些業績時，我將使用以固定匯率計算的年增速。

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%.

連接與平台業務總收入持平，為204億美元。我們的核心連接業務——包括國內寬頻、國內無線、國際連接和商業服務連接——收入增長7%，超過100億美元，而視頻廣告和其他收入下降7%，至98億美元。我們的策略持續著重投資並推動高利潤業務的成長，同時透過嚴格的成本管理，保障面臨長期不利因素業務的獲利能力。這使得連結與平台業務第二季的利潤率提升了170個基點，而國內傳統有線電視業務的利潤率提升了240個基點，達到創紀錄的47.3%。

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.

讓我們深入探討細節。首先，我將分析連結服務收入的成長情況。住宅連線服務收入成長了 8%，其中國內寬頻成長 4%，無線成長 20%，國際成長 26%；而商業服務連線服務收入成長了 4%。國內寬頻業務持續由強勁的 ARPU 成長帶動，ARPU 連續第二季成長 4.5%。正如我們之前所說，我們的目標是透過保持價格和流量之間的適當平衡來保障 ARPU，並滿足客戶對我們網路不斷增長的需求。

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.

我們持續看到對更快更好互聯網的需求不斷增長。用戶對更高網路速度的需求日益增加，平均網路流量消耗也在上升，我們的客戶在家中連接更多裝置連接到我們的網路。對於不使用我們視訊服務的寬頻用戶而言，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 年疫情前同期平均使用量增加了近 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，我們近四分之三的寬頻用戶目前都使用400兆及以上的網速套餐。這一比例高於去年的不到50%，2020年更是不到20%。我們計劃確保網路和產品能力始終遠超市場需求，從而保持市場領先地位，提供最佳寬頻服務。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%的覆蓋範圍內部署了中分頻技術，並預計在年底前完成三分之一的部署，DOCSIS 4.0的首次商業發布也將在短短幾個月內完成。

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.

我們在擴大業務範圍方面也正努力推動。我們已通過的住宅和商業建築數量年增1.5%，達到6,180萬套，並有望實現或超過2023年新增100萬套住宅和商業建築的目標，未來業務範圍的擴大仍是我們的首要任務。

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.

國內無線業務收入成長主要得益於服務收入的提高，而服務收入的提高又得益於客戶線路的持續強勁成長動能。客戶線路數量年增140萬條，增幅達30%，總用戶數達600萬條，其中包括本季新增的31.6萬條線路。這標誌著我們連續第七個季度新增用戶超過30萬條。

We continued 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.

本季我們繼續測試了一些新的融合套餐，並對康卡斯特新客戶群構成日益多元化感到鼓舞，我們將繼續嘗試不同的套餐組合。目前，只有10%的家庭寬頻用戶使用我們的行動服務，這意味著我們在無線業務方面擁有巨大的發展機會和廣闊的成長空間。

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.

國際網路連結收入成長至10億美元，創歷史新高，這充分展現了Sky品牌的強大實力，以及其在視訊領域的領先地位並成功拓展至網路連接領域的卓越能力。寬頻業務佔國際網路連線收入的三分之二，持續維持15%左右的成長率，這得益於用戶數量和每用戶平均收入（ARPU）較去年同期均有所成長。剩餘部分為無線業務收入，由於手機銷售的波動性較大，本季無線業務的成長率也相對較高。

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，在商業服務連結方面，營收成長了4%，反映出企業和中端市場成長強勁，而小型企業成長略有放緩，我們目前看到小型企業受到一些宏觀經濟壓力的影響。連接業務整體的強勁收入成長被視訊業務的下滑所抵消，視訊業務下滑是由於自去年以來客戶流失造成的，其他收入的下滑也反映了固話語音業務的類似情況。

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，廣告業務受到國內市場政治收入下降和宏觀環境的影響。連接與平台業務的總 EBITDA 成長 4% 至 83 億美元，正如我剛才提到的，調整後的利潤率提高了 170 個基點。這主要得益於業務結構向高利潤率的連結業務轉型，以及我們強而有力的費用控制。事實上，除直接產品成本外，所有費用項目均較去年同期下降。直接產品成本與績效掛鉤，並與我們連結業務的顯著成長直接相關。

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%.

進一步分析我們連接與平台業務的住宅和商業 EBITDA 業績，住宅 EBITDA 增長 4%，利潤率提高 180 個基點至 38.9%，再次凸顯了我們有利的組合轉變；而商業 EBITDA 增長 5%，利潤率提高 40 個基點至 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 Brothers. Taking a closer look at the results, our Media segment combines our TV networks and Peacock, matching our holistic approach to managing these businesses.

現在我們來看看投影片6中的內容與體驗部分。內容與體驗業務收入成長4%至109億美元，EBITDA成長7.5%至22億美元，主要得益於主題樂園業務的創紀錄業績以及工作室業務的強勁成長，而工作室業務的成長又得益於《超級瑪利歐兄弟》的成功。仔細分析業績，我們的媒體業務板塊整合了電視網絡和Peacock串流服務，這反映了我們對這些業務的整體管理方法。

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.

隨著觀眾轉向串流媒體，我們在Peacock平台採取的雙收入策略——廣告和發行收入雙雙成長——正在抵消傳統電視收入的下滑。同時，我們也在控制傳統電視網絡的成本，並將部分資源重新分配給Peacock，目標是實現媒體組合長期獲利能力的最大化。本季媒體業務業績反映了這一點：營收保持穩定，Peacock的強勁成長抵消了傳統電視網絡的業績下滑。媒體業務的EBITDA下降了18%，其中包括Peacock 6.51億美元的EBITDA虧損。

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.

具體來說，國內廣告收入下降了5%，基本趨勢與前幾季一致，反映出整體市場持續疲軟。不過，Peacock平台的廣告收入強勁成長，部分抵銷了國內廣告收入的下滑。 Peacock平台的廣告收入成長超過75%，主要得益於強勁的需求。我們預計第三季廣告市場的整體表現將延續這一趨勢。

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.

國內發行量成長了 2%，主要得益於 Peacock 發行收入成長近 70%。 Peacock 付費用戶數達到 2,400 萬，而去年同期為 1,300 萬，第一季末為 2,200 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.

正如麥克所提到的，我們在六月開始著手將透過 Comcast 捆綁套餐免費觀看 Peacock 的用戶過渡到付費用戶。迄今為止，我們取得了一些不錯的進展，這一轉變推動了 Peacock 第二季的用戶成長。我們預計，在持續的轉變努力以及下半年精彩節目的推動下，Peacock 的用戶數量將在 2023 年剩餘時間內進一步增長。

Some highlights include a strong lineup of movies exclusively on Peacock in our Pay-1 window, including Super Mario Brothers, 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.

亮點包括：Peacock 獨家付費一小時時段的一系列精彩電影，例如 8 月 3 日上映的《超級瑪利歐兄弟》；10 月底上映的同步上映電影《布倫屋的五夜後宮》；以及我們隔天播出、Bravo 內容等持續福利，還有強大的體育賽事陣容，包括週日晚間橄欖球賽和首次播出的十大橄欖球聯盟賽事。

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 Brothers. 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.

再來看看影業。本季我們表現出色，這主要得益於電影業務的強勁成長，包括《玩命關頭》系列的最新作品以及《超級瑪利歐兄弟》的巨大成功。儘管由於內容交付時間的原因，電視工作室的內容授權收入有所下降，抵消了部分院線收入的增長，但《超級瑪利歐兄弟》的成功帶動了電影業務的強勁勢頭，推動影業息稅折舊攤銷前利潤（EBITDA）同比增長近2.6億美元。

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.

主題樂園方面，營收成長22%，EBITDA成長32%至8.33億美元，創歷史新高。好萊塢主題樂園延續了上個季度超級任天堂世界開幕以來的良好勢頭。消費者積極的市場反應推動了客流量和人均收入的強勁成長，助力好萊塢主題樂園實現了史上最佳季度EBITDA。我們的國際主題樂園在疫情後也都呈現良好的復甦勢頭。

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.

大阪樂園第二季EBITDA創歷史新高，持續受惠於超級任天堂世界帶來的強勁需求。北京樂園也迎來了迄今為止獲利最高的一個季度，與去年因新冠疫情而大部分時間關閉的情況相比，業績有了顯著提升。

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，由於去年遊客數量空前，我們的比較數據受到了影響，但基本勢頭依然良好，遊客數量與 2019 年疫情前的水平基本持平，而收入則大幅高於 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.

接下來，我將在第7張投影片上總結自由現金流和資本配置的內容。正如我之前提到的，本季我們創造了34億美元的自由現金流，並且是在對我們的網路和主題樂園進行了大量投資的情況下實現的。這些投資推動了總資本支出成長20%，主要原因是資本支出增加，這與我們上季電話會議的預期一致。

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.

在連結與平台方面，資本支出增加了 11%，資本支出強度為 10.4%，主要原因是投資加速了家庭用戶數量的成長，以及將我們的美國網路過渡到 DOCSIS 4.0。內容與體驗的資本支出增加了 3.44 億美元，主要由園區計畫推動，其中 Epic 佔本季支出成長的大部分。

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.

關於資本返還和資產負債表，本季我們回購了價值20億美元的股票。此外，股利支付總額為12億美元，第二季資本回饋總額為32億美元。本季末，我們的淨槓桿率為2.4倍，符合目標槓桿率。

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

接下來，我把麥克風交給布萊恩，讓他說幾句，然後再把電話轉回給瑪西。

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。我對我們團隊以及上半年的出色表現非常滿意。正如你剛才提到的，這確實是一個非常棒的季度，各項指標都表現出色。所以，我想稍微概括一下。

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.

最令人興奮的或許是我們能夠利用您剛才提到的快速成長業務，打造一個可持續的、可重複利用的模式，從而為整個公司創造營收成長，並最終轉化為每股自由現金流，隨著公司實力和資產負債表的穩健發展而加速成長。我為團隊感到無比自豪，也對未來充滿信心。

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

那麼，馬西，現在就交給你回答問題。

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本·斯溫伯恩。

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?

先問一個關於寬頻的問題，然後再問一個關於NBC的問題。也許可以問問Mike和Dave。考慮到你們在市場上提供的融合服務，我知道你們一直在測試更多網路投資。這些利多因素抵消了競爭、住房和固定無線網路等方面的不利因素。綜合所有因素，您如何看待公司能否恢復穩定的寬頻用戶成長，尤其是在考慮到下半年或明年這個季節性成長旺季？

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.

麥克，你剛才提到了罷工。罷工會以多種方式影響你的業務，取決於罷工持續時間，但我特別關注公司和Peacock的自由現金流。

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?

外界對Peacock的獲利能力提升、虧損減少、持續成長寄予厚望。考慮到此次罷工的背景，如果罷工持續時間超出預期，我們該如何看待其影響？

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，我是戴夫。我先來說說寬頻，然後把麥克風交給麥克。我覺得談到寬頻環境，首先要了解市場現況和顧客需求。客戶對各種寬頻應用的需求持續成長，例如串流媒體、遊戲等等，而且這些應用程式都在蓬勃發展。

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.

而且，你還要關注另一個正在發生的事情，那就是高峰時段同時使用的設備數量不斷增加。現在，我們的網路中已有超過10億台連網設備，也就是透過WiFi連接的設備。所以，從整體來看，這確實非常令人鼓舞。

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，非視訊寬頻用戶每月流量使用量超過700GB。我們以一個關鍵領域，一個主要的串流業務板塊——體育賽事為例。而這一切都始於讓使用者輕鬆找到體育賽事。因此，我們平台上的語音搜尋功能非常出色。

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.

觀看體育賽事和傳統電視節目的方式多種多樣：DVR、串流媒體，所有功能無縫連接。當然，當重大體育賽事發生時，您需要的是可靠性、快速的傳輸速度、全面的覆蓋範圍和充足的容量。看看週四晚上的橄欖球賽、梅西和美國職業足球大聯盟（MLS）就知道了。 Peacock 擁有精彩紛呈的體育賽事陣容，可以透過這種方式進行串流和觀看。

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.

所以你需要優質的寬頻才能支撐所有這些功能。我認為從長遠來看，寬頻是重要的驅動因素。但在當前環境下，我們看到用戶遷移活動持續低迷。競爭依然激烈。固定無線網絡，正如你之前提到的，他們仍在施壓。不過，我們也看到了一些合理的促銷活動。現在還處於早期階段，任何趨勢都還沒有改變。但在競爭如此激烈的環境下，看到這種情況令人鼓舞。

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 focus 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.

無論是自願流失或非付費流失，都仍低於疫情前水平，而且這一趨勢仍在持續。因此，我們目前的策略是，我們將加大對網路的投入，專注於升級和中期拆分，所有這些工作都在按計劃進行，最終目標是推出 4.0 版本，並於年底開始部署和試用。我們的策略沒有改變。

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 400 megabits or more.

我們將對用戶群體進行細分。我們一直專注於入門級用戶，即分層級的高階寬頻服務。我們三分之一的客戶使用1Gbps或以上的寬頻，並且我們已在25%的覆蓋區域推出了新的2Gbps服務。整體而言，我們75%的客戶使用400Mbps或以上的寬頻。

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，我們將繼續利用行動端。我們將大力拓展行動裝置業務，並積極與新的寬頻合作夥伴合作，例如 NOW TV，它提供優質的串流影音服務，並展示了 Peacock 平台。最終，我們將擁有一個穩定的基礎，3,200 萬個家庭寬頻用戶，同時也能維持家庭寬頻 ARPU 的成長。

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?

您在第二季看到了我們4.5%的ARPU成長。但在當前環境下，我們仍保持競爭力，但業務活動減少。這是一個充滿變數的時期。在某些季度，我們可能會出現客戶流失。話雖如此，回到您的問題，我們相信隨著時間的推移，用戶成長將會恢復。當然，我們看到隨著第三季返校季的到來，業務將逐漸恢復正常。而且，季節性因素肯定會帶來一些影響。但我相信，隨著時間的推移，我們能夠平衡ARPU、業務重點和用戶成長之間的關係，最終實現用戶成長。 Mike？

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。我想補充一點。回顧上半年，戴夫和他的團隊在寬頻業務方面所做的工作，以及他們持續推動的寬頻業務發展，對於公司未來的長期成功至關重要。他們不斷改進產品，圍繞現有細分市場進行創新，擴大業務覆蓋範圍，所有這些都是為了實現公司長遠發展的目標，同時也要保持價格穩定。在競爭如此激烈的當下，他們的工作非常出色。

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，在思考如何在短期內參與競爭的同時，也在思考這對長期發展有何影響。

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 guilds 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.

關於您提出的NBC方面罷工問題，我只想重申我之前說過的話，那就是我們致力於盡快與工會達成公平的協議。除此之外，我想說的是，對於整個行業的所有參與者來說，這實際上是一場曠日持久的停工。而且，停工時間越長，情況就越糟。顯然，這將對各方面都產生負面影響。

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.

關於您提到的自由現金流問題，就我們公司而言，目前無法量化。我的意思是，一切都在可控範圍內，但這會將工作室的營運資金從近期轉移到未來。因此，2023年營運資金可能會略有下降，自由現金流會略有上升，而2024年情況則相反。

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.

就Peacock而言，我不會特別指出罷工及其對2023年或下半年的影響。顯然，罷工持續時間越長，對2024年及以後的影響就越大，這不僅對我們自身，對其他公司都是如此。所以，目前來看，各方競爭環境是公平的。

But 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 Brothers 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.

但就Peacock而言，尤其是在下半年，我們準備了許多精彩的內容。首先是NFL回歸。除此之外，我們還有一場獨家NFL外卡賽。我們將首次播出Big Ten聯賽，這在周六晚上絕對是精彩的。電影方面，《超級瑪利歐兄弟》即將登陸Peacock。正如Jason所提到的，Blumhouse出品的《驅魔人》和《玩具熊的五夜後宮》也將上線。電視劇方面，我們也會推出一些原創影集，包括《疾速追殺》系列相關的《大陸飯店》。因此，我們對下半年的內容陣容非常有信心。

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.

此外，關於Peacock平台，我認為我們會繼續推進公司內部在將Comcast用戶轉化為付費用戶方面所做的出色工作。這項工作我們目前還未完成一半，因為我們六月才開始著手這項工作。所以，在今年剩餘的時間裡，這項工作也會繼續進行。

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.

所以，當你看到 Peacock 的訂閱用戶數量同比增長一倍，並且我對下半年的發展前景持樂觀態度時，我對 Peacock 的前景感到非常樂觀。

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

今天下一個問題來自 MoffettNathanson 公司的 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.

關於貴公司的無線業務，我有兩個問題。首先，昨天Verizon的電話會議上也討論了這個問題，市場對此有一些討論。有人質疑（即便沒有完全質疑）該合約的永久性，至少也引起了一些人的注意。

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?

我想問一下，您對這段合作關係的持久性以及您是否確信這是一份不可撤銷的合約有什麼看法？其次，顯然您現在已經開始更頻繁地補貼手機，這與整個市場的運作方式相符。我想請您談談這方面，以及考慮到手機補貼和預期客戶流失率，您對新客戶獲取的客戶終身價值有何看法？

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。我是戴夫。那麼，我先來回答關於無線虛擬營運商（MVNO）的問題。首先，我們擁有一家非常優秀的MVNO合作夥伴，從​​一開始就非常認可我們的業務模式，並且一直保持著這種理念。我們堅信，有線電視網絡對我們的合作夥伴來說是一項實質的、非常重要的優勢。我們與Verizon保持著良好的合作關係，這種關係仍在繼續。

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.

關鍵在於我們可以持續不斷地從Verizon的網路存取我們所需的所有服務。就這麼簡單，就是這樣。

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，讓我先從手機補貼開始。我們有很多不同的優惠活動。我們一直以來都有各種促銷活動，形式多種多樣，可以是禮品卡，也可以是直接的折扣，在某些情況下，甚至還會贈送免費手機。

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.

但這種情況並非每天都會發生。這並非我們日常計劃的一部分。我們會視情況靈活調整。我們越來越專注於高階行動套餐，在千兆無限流量套餐和高級無限流量套餐之間，我們擁有一系列優秀的產品。因此，我們始終專注於核心服務，並在無線業務成長方面保持了非常強勁的持續表現。

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.

我們非常看好未來的發展前景，以及我們在小型企業和無線領域剛起步的業務。但我認為，我們的核心無線定價策略能夠為客戶節省開支，幫助我們與電信公司競爭，例如，與電信公司相比，客戶可以節省 30% 到 50% 的費用。

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，正如我之前所說，我們憑藉行動網路與寬頻的強強聯合，以及出色的WiFi覆蓋範圍和強大的虛擬營運商（MVNO）服務，佔據了有利地位。我們喜歡這種輕資產營運模式，也喜歡我們核心服務的產品模式，而且這種模式行之有效。

Our next question is coming from Brett Feldman from Goldman Sachs.

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.

迪士尼曾表示，他們正在尋找潛在的合作夥伴，以幫助ESPN轉型為更直接面向消費者的模式。你們也擁有一個非常龐大的運動品牌。

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?

您如何看待NBC體育進一步轉型為以串流媒體為主的業務？您認為這是否需要合作夥伴？或許更廣泛地說，您認為隨著體育業務越來越以串流媒體為中心，這些平台之間是否存在整合的機會或必要性？

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。我是麥克。有人問過我，我也看到一些猜測，說我們可能會對體育領域的業務互換感興趣。我想說的是，考慮到稅務、少數股東權益以及整體架構等方面存在的巨大問題，這種可能性非常小。

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，我會先排除ESPN周圍可能會出現任何非自然因素影響的想法，尤其是我們被問到的這個問題。就我們自身的運動業務而言，我認為我們擁有體育界最優秀的資產組合之一，包括週日晚間橄欖球賽、十大聯盟、英超聯賽、納斯卡賽車、世界摔跤娛樂、明年的奧運會以及PGA巡迴賽。

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.

所以——我們擁有一支在體育內容製作方面備受讚譽的團隊。顯然，這使我們成為世界各地聯賽的強大合作夥伴。我們以這一點而聞名，而且我認為無論何時，我們都能帶來很多價值，這當然也包括天空體育。

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，在討論版權所有者如何為參與者創造價值時，我們需要考慮的不僅僅是金錢。我認為我們在這方面做得非常好，在我看來，我們透過NBC和廣播管道，以一種影響深遠的方式繼續做到這一點。

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.

我們可以充分利用我們的有線電視網絡，就像我們過去在各種體育賽事中所做的那樣。但真正重要的是Peacock。我們發現，推動Peacock用戶成長的一大動力就是體育賽事。我認為這提升了Peacock訂閱的價值。當我們審視Peacock平台內串流媒體播放的版權價值時，會發現它非常可觀，而且如果算上明年奧運會的價值，其價值將更加巨大。光是體育賽事一項，對消費者來說就非常划算。所以，這就是我們對自身發展的規劃。我們身處體育領域，並將繼續深耕體育，這就是我們的遊戲規則。

Our next question is coming from Phil Cusick from JPMorgan.

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?

有很多話題要聊。關於布雷特，我還有一個後續問題。你覺得你們目前的運動賽事轉播權組合合適嗎？或者，你們能否透過逐步增加轉播權來擴大你們和Peacock的領先優勢？其次，你們能否深入分析好萊塢強勁的收視率和奧蘭多疲軟的收視率？看起來奧蘭多整體的收視率比去年同期略有下降，但我們一直認為你們一直在擴大市場份額。你同意這種說法嗎？你對未來的發展有何看法？

So sports rights, going back to that last question for all the reasons I said, 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.

所以，關於體育賽事版權，回到我剛才提到的問題，原因我之前也說過，這次我就長話短說。我們應該——我們一直在尋找能夠為我們的業務增加更多價值的方法，同時也尋求與合作夥伴的合作。顯然，NBA 就是一個很好的例子。這是一個非常棒的品牌。考慮到我們現有的資產組合，我們不一定非要擁有它，但鑑於它的實力以及我們過去在體育領域的投入，我希望我們能認真考慮一下，比如……但具體情況還要看情況發展。

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.

至於主題樂園業務，我認為我們迎來了有史以來最好的一個季度。整體業務組合勢頭強勁。我們對主題樂園業務的整體前景非常樂觀。好萊塢主題樂園在任天堂重新開放的帶動下創下了紀錄。日本主題樂園也表現出色，第二季同樣創下紀錄，而北京主題樂園的獲利能力達到了歷史最高水準。

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.

奧蘭多的情況與疫情前相比確實好得多。當然，客流量有所下降，這在疫情後恢復期是前所未有的。所以客流量的下滑並不令人意外。即便如此，我們的客流量和人均消費水準都比疫情前有所提高，因此總體而言，我們對奧蘭多的現狀感到滿意。

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，但國際遊客數量仍疲軟，比疫情前水準低了約30%。我們預計這種情況還會持續。國內方面，隨著郵輪公司恢復運營，以及人們因美元走強而進行一些國際旅行，市場正在重新平衡。奧蘭多的情況就是如此。我們對那裡的發展前景非常樂觀。布萊恩，你接下來要說說你的看法嗎？

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——我們非常看好主題樂園。在傑森提到的六個領域中，我們認為主題樂園是公司未來幾年成長的主要驅動力之一。我們最近剛去過奧蘭多，考察了史詩宇宙主題樂園的建設進度，那裡的景象令人嘆為觀止。

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，我們將在拉斯維加斯和達拉斯郊外分別興建兩座規模較小的主題樂園。因此，我們正尋求在這一領域實現成長。我們對Jason和Mike所提到的成果感到非常興奮，我還要強調一點，我們認為，Epic Games在奧蘭多的發展機會非常巨大。

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

下一個問題來自美國銀行證券的傑西卡·雷夫·埃里利希。

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.

我有一個可能比較長遠的建議，還有一個近期的建議。首先是內容方面。你們剛剛宣布了內容部門的重組計畫。鑑於目前的罷工情況，這有點像疫情期間所有生產活動都停擺的情況（至少在美國是這樣），現在似乎是重新思考你們整體內容戰略的好時機。

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，您在製作方式、製作內容以及成本方面是否有任何新的思考？您能否談談NBCU未來幾年在內容製作方面可能會有哪些變化？

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?

至於廣告方面，預售似乎還在拖延中。您能談談您觀察到的優點和缺點嗎？以及資金都分配到了哪些平台？我記得傑森剛才說過，第三季的廣告狀況會和第二季類似，是嗎？

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. She's one of the most respected people in Hollywood, along with -- we've got a great leader, Pearlena Igbokwe, who runs our TV studios.

很好。就內容方面而言，我真的很高興——傑西卡，還有我在NBC的幾位同事的晉升。其中一位是唐娜·蘭利。她是好萊塢最受尊敬的人之一，此外，我們還有一位很棒的領導者，珀琳娜·伊格博克韋，她負責經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 Cesar 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.

所以我認為，給他們一個內容垂直領域，讓他們與電視和平台方面的馬克·拉扎勒斯以及新聞和 Telemundo 的塞薩爾·孔德緊密合作，我認為這將真正發揮我們公司現有資源的優勢。顯然，我們將非常專注於創作優質內容。

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.

但我認為──我們已經在創作優質內容了。看看我們之前的電影計劃，以及我們為自己和其他方製作的電視節目就知道了。而且我認為這種策略將會持續下去。我們不會只為自己創作內容，但我認為，對於我們的工作室來說，擁有一個能夠承載我們大部分（雖然不是全部）創作內容的平台是一個巨大的優勢。這讓我們能夠與好萊塢及其他地區的各種人才和創作者合作，讓他們有機會與我們工作室的優秀領導團隊一起工作，我們將幫助他們把想法變成現實。

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.

至於成本、策略等等方面，我們會根據行業現狀、買家需求以及他們的想法來制定策略並做出相應調整。但我對我們工作室目前的營運模式感到非常滿意。

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.

就廣告市場而言，與去年相比有所疲軟。今年年初以來，市場趨於穩定，並一直保持穩定。我認為這主要是由於經濟前景的不確定性所造成的。我認為傑森的觀點是，展望第三季和下半年，我們預計這種情況不會改變。

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，我們對預售情況感到滿意。儘管面臨一些不利因素，我們的現金總額和定價水準與去年基本持平，尤其是Peacock平台表現非常強勁。正如我之前提到的，這很大程度上得益於我們強大的產品組合，例如Big Ten、週日晚間橄欖球賽、Peacock、One平台等等，這些都對我們大有裨益。

Our next question comes from Steven Cahall from Wells Fargo.

下一個問題來自富國銀行的史蒂文·卡哈爾。

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?

關於網路連線方面的業務，我想問兩點。首先是寬頻ARPU值，高達4.5%，表現非常強勁。我想請您幫我們詳細分析一下。其中有多少是價格上漲帶來的效益？您認為客戶升級到更高網路速度能帶來多少收益？還有，隨著一些雙碟視訊用戶轉而選擇單碟網路或網路+手機套餐，這又會帶來多少收益？

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?

在國際業務方面，營收成長非常強勁，您能否幫我們分析國際業務的利潤貢獻？您提到本季手機銷量增加。我猜想，手機業務的利潤率會略低一些，英國的一些網路連線業務也是如此。但如果我們把國際業務視為成長動力，那麼我們應該如何看待其對利潤率或 EBITDA 的貢獻呢？

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.

明白了。那我就先說說ARPU（每位用戶平均收入）。您剛才提到了幾個關鍵點。首先，本季表現相當強勁。正如我們之前所說，成長了4.5%。這其中有很多因素。年初的時候我們採取的利率略高一些，雖然差異不大，但確實比年初略高。

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，關鍵在於網路套餐的組合。我們有三分之一的用戶使用千兆以上網絡，佔比高達75%，而400兆網路的用戶則更高。這無疑會影響整體的ARPU值。另外，我認為還有一點可能沒有得到應有的重視，那就是我們一款名為xFi Complete的優秀產品。我們25%的用戶都在使用這款產品。

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，介紹一下它所包含的內容。它是一個網關。這是一個功能強大的網關，包含在套餐內，並且可以隨著時間的推移進行升級。高級安全功能、無限流量以及覆蓋範圍計劃都包含在內，確保您的整個房屋都得到覆蓋。

So xFi Complete is a great tier, good value to customers, at 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 套餐性價比很高，價格僅為基本套餐的 25%。此外，還有您提到的捆綁折扣。如果顧客只選擇 HSD 套餐，則無法享有捆綁折扣。所有這些因素都會影響最終價格。因此，我認為多種因素共同作用是件好事。

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，關鍵在於市場走向，我之前也提到過。你擁有一群非常穩定的客戶群，他們的消費量正在不斷成長。隨著時間的推移，這種成長趨勢還會持續下去。我們實現了穩定的基礎和健康的ARPU成長之間的平衡。

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-teens level and was driven by a higher level of customers and ARPU compared to a year ago.

就國際連結和利潤率而言，這對我們來說是一個巨大的成長領域。從收入角度來看，首先來看收入，因為這會影響利潤率。正如傑森在電話會議中所說，本季營收成長了26%。其中三分之二的收入來自寬頻業務，寬頻業務持續維持15%左右的成長，這主要得益於用戶數量和每用戶平均收入（ARPU）較去年同期有所提高。

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.

剩餘的三分之一是無線業務，由於手機銷售的影響，其季度成長往往波動較大。因此，這是一個穩健的季度成長率，並將對利潤率產生影響。所以——但考慮到行動業務的因素，我認為國際連結業務的營收成長應該更接近20%的水準。

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中非常重要的一部分。正如傑森所說，它不僅對國內寬頻和行動業務，而且對國際寬頻和行動業務的主要支柱之一都做出了重要貢獻。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，對我們來說，今年重新劃分市場以及向世界展示產品時，國際連結業務是一個重要的類別。想想天空電視台，看看他們如何利用在視訊領域累積的品牌知名度和聲譽，將其拓展到寬頻和無線等其他產品領域。就拿他們來說，本季來自國際連結業務的收入就達到了10億美元。

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

所以要向團隊致敬，我認為我們能夠向華爾街強調這一點非常重要。

Our next question is coming from John Hodulik from UBS.

下一個問題來自瑞銀集團的約翰‧霍杜利克。

Maybe a couple of questions on profitability. I think maybe for Jason. First, really impressive performance on the 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?

或許可以問幾個關於獲利能力的問題。我覺得應該問Jason。首先，有線電視業務的表現確實非常出色，240bps，47%。我的意思是，從現在開始，利潤率還有提升空間嗎？尤其考慮到你們目前面臨的一些業務結構調整問題，例如寬頻業務增加、視訊業務減少，以及無線業務增加等等。

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，能否談談這方面的前景？另外，Peacock方面，雖然虧損情況有所好轉，但今年30億美元的虧損額對Peacock來說是否仍然合理？能否談談2023年後的獲利路徑？

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。問得好。關於連結業務的產品組合和利潤率，我認為，如果你看看過去幾年的情況，你會發現我們一直保持著相當穩定的利潤率成長記錄。

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.

正如我們之前提到的，如果我們看一下核心的傳統有線電視業務，本季利潤率創下歷史新高，超過 47%。而過去促成這結果的因素，展望未來依然存在。

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.

我認為麥克之前提到的能夠提高營收和利潤率是關鍵。至於你提到的連接性問題，我們公司正在經歷一個組合轉變，這體現在我們關注的六大關鍵成長驅動因素中，其中三大核心連接性成長驅動因素包括寬頻（住宅寬頻）、商業服務和無線網路。這種組合轉變對我們來說是有利的，因為我們需要重新審視各個業務類別的變化，以及哪些業務正在成長，哪些業務成長停滯。

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.

因此，我希望看到類似的趨勢繼續下去。我認為對團隊而言同樣重要的是，連續第二個季度，連接與平台業務的所有支出項目（除直接產品成本外）均同比下降，而這些直接產品成本正是支撐我們之前討論過的連接與平台業務各類別收入增長的關鍵所在。

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.

所以，我們預期業務前景與目前情況類似，利潤率也會持續提升。關於Peacock，你說得對，我們年初給的虧損預期約為30億美元，這個預期沒有改變。正如你所看到的，前幾季我們正朝著這個方向發展。正如Mike所說，我們預計下半年會推出大量新增內容，所以這個預期沒有改變。

Our next question is coming from Vijay Jayant from Evercore ISI.

下一個問題來自 Evercore ISI 的 Vijay Jayant。

So I think Jason talked about future expansion of the footprint being a high priority and the BEAD 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?

所以我覺得傑森有提到過，未來擴大業務範圍是重中之重，而且各州會分配BEAD資金。您能否談談——就參與其中並推動業務範圍擴大而言，這真的會是一個很大的機會嗎？

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.

我是戴夫。讓我來介紹一下。我們在39個州開展業務，這些州都預期會提供補貼資金。我們積極與聯邦和州政府層級溝通。

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，在製定投標參與框架規則的同時，我們也積極參與——我認為各層面都在以積極的方式進行研究和工作。假設框架規則最終能夠令人滿意，我們將會在符合我們業務目標的範圍內全面參與投標。

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 BEAD activity. The BEAD 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.

但現在談論我們的競標地點或潛在的中標率還為時過早。不過，我們目前正在積極建構優勢。正如傑森所說，我們會在任何BEAD活動之前就開始建造。順便一提，BEAD活動實際上是指更多規則的出台和澄清。一旦這些規則明朗化，其影響將在2025年、2026年左右顯現。

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 stare closely at it. And assuming the satisfactory outcome, we will be a participant.

但同時，我們正在積極尋找有利可圖的投資機會，並全力以赴地前進。例如，我們預計今年就能建造100萬套房屋。所以，我們目前會採取積極的策略。但我們會密切關注市場動態。如果結果令人滿意，我們將會參與其中。

Operator, we'll take our last question.

接線員，我們來回答最後一個問題。

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

今天最後一個問題來自新街的喬納森·查普林。

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.

我想更詳細地探討一下寬頻業務。從第一季到第二季度，寬頻淨新增用戶數量的變化與以往截然不同。我想請您詳細說明一下，這種變化有多少是受季節性因素影響，又有多少是貴公司在低端寬頻套餐和無線捆綁套餐等競爭性舉措所致。

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?

在這種背景下，您提到無線網路對寬頻用戶的影響越來越大。也就是說，越來越多的康卡斯特新用戶開始選擇無線網路。我想請您詳細解釋一下這方面的情況？

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.

抱歉再多問一個問題。關於無線業務，Jason，我們來看Verizon的批發收入，似乎在過去三個季度趨於平穩，這或許意味著無線業務的毛利率有所提升。我想知道這個判斷是否準確。

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.

我是戴夫。我先從寬頻部分說起，再簡單介紹一下無線網路。如我們所見，用戶基數保持穩定，為3200萬。這是本季環比和年比數據。我們也曾指出——上個季度我們討論過——我們預計季節性活動會更加正常，因此淨新增用戶數會低於第一季度，但我們也預計淨新增用戶數從第一季到第二季度的降幅會更加溫和。

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.

這主要是由於整體市場活動減少，以及過去一年來我們所經歷的宏觀市場問題所造成的。同時，正如您所提到的，我們也一直在調整產品策略。我們針對所服務的多個細分市場，特別是低端市場，推出了一些精準的優惠活動，並且取得了一定的成效。這些措施確實有所幫助。因此，我們將繼續在今年保持積極掌握市場機會的態度。

And we -- as I mentioned before, to your point on wireless, we absolutely, aggressively packaged 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，關於無線連接，我們確實大力推廣行動寬頻與寬頻的捆綁銷售。這適用於新舊客戶。因此，行動業務是客戶關係的良好延伸，也是為僅使用高速寬頻的現有客戶提供的真正獲利途徑。所以，這是我們重點關注的業務之一。

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，我們會繼續專注於此。我認為發展行動業務並真正幫助寬頻發展——既要覆蓋現有用戶，又要吸引新客戶——都蘊藏著巨大的機會。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 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。喬納森，謝謝你問關於無線業務的問題。我不太了解Verizon及其營收成長情況。我知道除了有線電視之外，他們的批發業務還有其他一些收入來源。但我可以談談我們公司本身的經濟狀況。我們對目前的狀況很滿意。我們認為這對Verizon來說是一筆不錯的生意。他們昨天也表達了類似的觀點，他們正在考慮流量問題以及如何更好地利用網路。

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.

但就我們而言，我們主要的收入來源是來自客戶的流量。我們與Verizon簽訂了批發協議，以處理流量外流的問題，但同時我們也在努力將盡可能多的流量轉移到我們自己的網路上。

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.

我們擁有相當高效的獲客管道，而且許多產品都直接向我們自己的寬頻用戶銷售。因此，就獲客成本而言，我認為我們在市場上相當有效率。此外，從現金流的角度來看，這是一種輕資產模式，我們很喜歡這種模式。我就說到這裡吧。

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

謝謝喬納森，也謝謝各位參加我們第二季的電話會議。

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

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