康卡斯特 (CMCSA) 2023 Q3 法說會逐字稿

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

女士們、先生們，早安，歡迎參加康卡斯特第三季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。現在我將把電話交給投資人關係執行副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

Thank you, operator, and welcome, everyone. Joining me on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong and Dave Watson.

謝謝接線員，歡迎各位。今天和我一起參加電話會議的有布萊恩羅伯茲、麥克卡瓦納、傑森阿姆斯壯和戴夫沃森。

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

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

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

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

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

這樣，我就把電話交給麥克了。

Good morning, everyone, and thanks for joining our third quarter earnings call. It was another strong quarter for us with adjusted EBITDA up 5% and adjusted EPS up 13%. We generated $4 billion in free cash flow, which, combined with our expectation of Hulu proceeds in the near future, contributed to a pickup in our share repurchases to $3.5 billion in the quarter.

各位早安，感謝各位參加我們的第三季財報電話會議。本季業績依然強勁，調整後EBITDA成長5%，調整後每股收益成長13%。我們創造了40億美元的自由現金流，加上我們預期近期將收到Hulu的收購款項，促使本季股票回購規模擴大至35億美元。

Our steady performance has been a direct result of how we've always run our company, which is with a focus on industry-leading performance, both operationally and financially in each of our businesses combined with a long-term customer-centric approach to decision-making that ensures each business is positioned to win in the future. This has all been facilitated by philosophy of investment in our businesses that has remained consistent through different economic and credit cycles and particularly through the recent global pandemic.

我們穩健的業績直接源自於我們一貫的公司營運方式，即專注於在營運和財務方面追求業界領先的績效，並堅持以客戶為中心的長期決策策略，確保每項業務都能在未來取得成功。這一切都得益於我們始終如一的業務投資理念，這一理念在不同的經濟和信貸週期中，尤其是在近期全球疫情期間，都未曾動搖。

Now I'd like to highlight 4 areas in the quarter that show how this strategy is playing out before handing it over to Jason to review this quarter's results in full. The first area I'd like to highlight is residential domestic connectivity, where we are very pleased with our performance and strategy as we navigate a highly competitive broadband marketplace.

現在，我想重點介紹本季四個方面，以展現這項策略的實施情況，然後再將本季業績的全面分析交給Jason。首先我想重點介紹的是住宅家庭網路連接，我們對自身的績效和策略非常滿意，尤其是在競爭激烈的寬頻市場中。

The customer experience provided by our broadband network, which has ubiquitously available gig speeds today and is on a path to ubiquitous multi-gigabit symmetrical speeds combined with our wireless offerings through our MVNO with Verizon and our own network of over 20 million Wi-Fi hotspots, enables us to provide world-class connectivity, both in and out of the home, to all of our customers everywhere in the most cost-effective and capital-efficient manner versus our competition.

我們寬頻網路提供的客戶體驗，目前已實現千兆速度的普及，並正朝著多千兆對稱速度的普及邁進；結合我們透過與 Verizon 合作的 MVNO 提供的無線服務以及我們擁有的超過 2000 萬個 Wi-Fi 熱點的自有網絡，使我們能夠以最具成本效益和資本效率的方式，為所有客戶提供世界一流的連接，無論我們還是一流的資本，都優於所有客戶在家中。

Our broadband network and product leadership continue to drive strong residential revenue growth, which was up nearly 4% this quarter, fueled by very strong ARPU growth of 3.9%. We're confident in our ability to drive continued ARPU growth because of our focus on constantly improving the product experience through investment and innovation, thus delivering more value to our customers.

我們的寬頻網路及產品領先優勢持續推動住宅業務營收強勁成長，本季成長近4%，主要得益於ARPU值3.9%的強勁成長。我們對持續提升ARPU值充滿信心，因為我們專注於透過投資和創新不斷改善產品體驗，從而為客戶創造更多價值。

Having a truly excellent Internet experience as reflected in speed, reliability, coverage, security and latency, is constantly increasing in importance to all households as a result of the consumer experiences it enables. One of the biggest catalysts for recent growth in data usage is the accelerating transition of sports viewership to streaming platforms.

真正卓越的網路體驗，包括速度、可靠性、覆蓋範圍、安全性和低延遲，對於所有家庭而言都日益重要，因為它能夠顯著提升消費者的體驗。近期數據使用量成長的最大推動因素之一是體育賽事觀看方式加速轉移到串流媒體平台。

The switch of a single Thursday night NFL game to streaming moves peak data usage on our broadband network from Sunday night to Thursday night. And that game comprises roughly 25% of all Internet traffic on Thursday nights. Every Internet service provider, fixed wireless in particular, will really be put to the test as this transition of sports to streaming continues, especially come January, when, for the first time ever, an NFL playoff game will be aired exclusively on a streaming platform, which will be our very own Peacock.

一場週四晚間NFL比賽轉為串流媒體播出，將寬頻網路的數據使用高峰期從週日晚間轉移到了周四晚間。而這場比賽的流量約佔週四晚間所有網路流量的25%。隨著體育賽事向串流媒體的持續轉型，所有網路服務供應商，尤其是固定無線網路供應商，都將面臨嚴峻考驗，尤其是在明年一月，屆時NFL季後賽將首次在串流平台Peacock上獨家播出。

The second item I'll highlight is Peacock, which added 4 million paying subscribers during the quarter, saw greater than 60% revenue growth versus a year ago, and had the first year-over-year improvement in EBITDA since our launch in 2020. While we report stand-alone Peacock metrics, given the significance of this initiative, we manage it as part of the broader NBCU Media segment, which includes the broadcast and cable networks to best leverage the advantages we bring to the streaming landscape.

第二點要重點介紹的是Peacock，該平臺本季新增400萬付費用戶，營收年增超過60%，並且自2020年推出以來首次實現EBITDA年成長。雖然我們會單獨報告Peacock的各項指標，但鑑於這項計劃的重要性，我們將其納入NBCU媒體集團的整體管理體系中，該集團旗下還包括廣播電視和有線電視網絡，以便更好地發揮我們在串流媒體領域的優勢。

We continue to be pleased with our progress in the few short years since we've pivoted our streaming strategy as a result of the ownership changes at Hulu. Looking ahead, we are sticking to our plans and still expect 2023 to be the peak year of EBITDA losses for Peacock, though we are now expecting 2023 Peacock losses to come in around $2.8 billion versus our original $3 billion loss outlook, and for 2024 we expect to show meaningful EBITDA improvement over 2023.

自從Hulu所有權變更以來，我們調整了串流媒體策略，並在短短幾年內取得了顯著進展，對此我們感到非常滿意。展望未來，我們將繼續堅持既定計劃，並預計2023年將是Peacock EBITDA虧損最嚴重的一年。不過，我們現在預計Peacock 2023年的虧損金額約為28億美元，低於先前預測的30億美元。我們預計2024年的EBITDA將較2023年有顯著改善。

The third area to highlight is our Parks business, which generated a record-high level of EBITDA, surpassing the previous record that we just set in the second quarter. The reaction to Nintendo and Hollywood in Japan continues to be fantastic, and we are very excited about bringing the experience to Florida soon. I was just in Orlando with the Parks leadership team last week, reviewing our plans for the new Halloween Horror experience in Las Vegas and kids' theme park in Frisco, Texas. I also spent a few hours on a site tour of the Epic Universe Park, which is deep in construction and is simply breathtaking. So, thanks to the momentum of our third quarter results and what we have in the pipeline, I could not be more excited about our parks business.

第三個重點是我們的樂園業務，該業務創造了歷史新高的EBITDA，超過了我們剛剛在第二季創下的紀錄。任天堂和好萊塢主題樂園在日本的反應依然非常熱烈，我們非常興奮能盡快將這種體驗帶到佛羅裡達州。上週，我剛和樂園管理團隊一起去了奧蘭多，審查了我們在拉斯維加斯打造的全新萬聖節恐怖體驗以及在德克薩斯州弗里斯科打造的兒童主題樂園的計劃。我還花了幾個小時參觀了正在緊鑼密鼓建設中的Epic Universe主題樂園，它真是令人嘆為觀止。因此，憑藉第三季強勁的業績勢頭以及我們正在籌備的項目，我對我們的樂園業務充滿信心。

The final area to highlight is our Studios business, which is having a great year with 3 of the top 5 box office hits for the year so far in Super Mario Bros., Fast 10 and now, Oppenheimer, which grossed more than $900 million in worldwide box office in the third quarter and became the highest grossing biopic of all time. This is a continuation of our solid track record where since 2020, we've had at least 2 of the top 5 movies in worldwide box office. We believe that success in this business is not formulaic it's a craft rooted in creativity and originality.

最後要重點介紹的是我們的影業業務，今年表現非常出色，迄今為止，《超級瑪利歐兄弟》、《玩命關頭10》以及最新上映的《奧本海默》三部影片均躋身年度票房前五名。 《奧本海默》第三季全球票房突破9億美元，成為史上票房最高的傳記電影。這延續了我們一貫的強勁勢頭，自2020年以來，我們每年至少有兩部影片位居全球票房前五名。我們堅信，在這個行業，成功並非一成不變，而是一門植根於創造力和原創性的技能。

We've long focused on assembling a team of the most innovative filmmakers: Chris Nolan, Chris Meledandri, Steven Spielberg, Jason Blum and Jordan Peele, to name a few, which positions us very well for the future in the Studios business. More broadly, it is our consistent investment approach through past business cycles and the pandemic that is the reason for much of the success we're experiencing today.

我們一直致力於組建一支最具創新精神的電影製作團隊，例如克里斯多福諾蘭、克里斯梅勒丹德利、史蒂芬史匹柏、傑森布魯姆和喬丹皮爾等等，這使我們在未來的電影製片業務中佔據了非常有利的地位。更廣泛地說，我們過去在各個商業週期和疫情期間始終如一的投資策略，正是我們今天取得巨大成功的關鍵。

We remained steadfast in supporting our businesses, even those that were hit hard during that time period. For example, in Studios, we never stopped believing that people want to experience great films in theaters, and that conviction enabled us to attract new partners like Chris Nolan, who made a masterpiece in Oppenheimer.

我們始終堅定不移地支持旗下業務，即使是那些在那段時期遭受重創的業務也不例外。例如，在電影公司，我們始終堅信觀眾渴望在戲院欣賞精彩影片，而正是這種信念讓我們吸引了像克里斯多福諾蘭這樣的新合作夥伴，他執導的《奧本海默》堪稱傑作。

Similarly, while our Parks business was closed or at limited capacity, we continue to invest heavily in our existing parks, including the VelociCoaster in Orlando, Secret Life of Pets in Hollywood, and the Nintendo lands I have mentioned earlier in Los Angeles and Osaka, and we will be bringing Epic Universe to life in 2025. Our strong investment-grade balance sheet enabled these investments and puts us in a strong and enviable position today. Now the business world must deal with the pressures of much higher interest rates, which I believe will asymmetrically advantage us, given our low leverage and the long duration of our debt.

同樣，雖然我們的主題公園業務暫時關閉或限制運營，但我們仍在持續大力投資現有公園，包括奧蘭多的VelociCoaster過山車、好萊塢的《寵物當家》主題公園，以及我之前提到的位於洛杉磯和大阪的任天堂主題樂園。此外，我們也將在2025年推出Epic Universe主題樂園。我們穩健的投資等級資產負債表為這些投資提供了保障，也使我們如今處於有利地位。現在，整個商業世界都面臨著利率大幅上升的壓力，但我相信，鑑於我們較低的槓桿率和較長的債務期限，這將對我們產生不對稱優勢。

Since the end of 2018, we have refinanced over $40 billion or nearly 40% of our debt obligations, reduced net debt from $108 billion to $88 billion today, lowered net leverage by a full turn from 3.3x to 2.3x, increased the average life of our debt by more than 4 years to 17 years, while reducing the weighted average cost of our debt to 3.6% from 3.8%. Today, 97% of our debt is at fixed rates compared to just 82% at the end of 2018. We accomplished this while at the same time returning $45 billion to shareholders, including $24 billion via share repurchases and $21 billion in dividends.

自2018年底以來，我們已完成超過400億美元的債務再融資，約占我們債務總額的40%；淨債務從1080億美元降至目前的880億美元；淨槓桿率從3.3倍降至2.3倍，整整降低了一個數量級；債務平均期限延長了4年多，達到17年；同時，債務平均成本從3.3.3。目前，我們97%的債務採用固定利率，而2018年底這一比例僅為82%。同時，我們也向股東返還了450億美元，包括透過股票回購返還的240億美元和派發的210億美元股利。

To sum up, we're in a great place, especially given how the competitive dynamics in our industry might evolve in this 'higher-for-longer' interest rate environment. I expect that our focus on building businesses that are market leaders for the long term through strong execution, investment and innovation will keep us in one of the strongest positions to perform for our customers, employees and shareholders.

總而言之，我們目前處境優越，尤其是在當前「高利率持續更長時間」的環境下，我們所在產業的競爭格局可能會發生怎樣的變化。我預計，我們專注於透過強有力的執行、投資和創新，打造長期市場領導企業，這將使我們始終處於最有利的地位，從而更好地為客戶、員工和股東創造價值。

Jason, over to you.

傑森，該你了。

Thanks, Mike, and good morning, everyone. I'll take you through our strong third quarter, and we'll begin with our consolidated financials on Slide 4.

謝謝麥克，大家早安。接下來我將為大家介紹我們強勁的第三季業績，首先請先看第四張投影片上的合併財務報表。

Revenue increased 1% to $30.1 billion, while adjusted EBITDA grew 5% to $10 billion. Our results were driven by 6 key growth areas we have highlighted this year: our connectivity businesses, including residential broadband, wireless and business services connectivity, our theme parks, streaming and premium content in our studios. Together, these growth areas generated more than half of our total company revenue in the quarter and grew at a high single-digit rate over the past 12 months.

營收成長1%至301億美元，調整後EBITDA成長5%至100億美元。我們的業績主要得益於今年重點發展的六大關鍵成長領域：包括住宅寬頻、無線和商業服務連接在內的連接業務、主題樂園、串流媒體以及工作室的優質內容。這些成長領域在本季貢獻了公司總營收的一半以上，並在過去12個月中保持了接近兩位數的成長率。

The growth in these areas, which on the whole are margin accretive, coupled with disciplined cost management, drove our EBITDA growth and contributed to our adjusted earnings per share increasing 13% to $1.08. Last, we generated $4 billion of free cash flow while returning $4.7 billion of capital to shareholders in the quarter.

這些領域的成長（總體而言，這些領域都能​​提升利潤率）加上嚴格的成本控制，推動了我們的 EBITDA 成長，並使調整後每股收益成長 13% 至 1.08 美元。最後，本季我們創造了 40 億美元的自由現金流，同時向股東返還了 47 億美元的資本。

Now let's turn to our individual business results, starting on Slide 5 with Connectivity & Platforms. As a reminder, our largest foreign exchange exposure is the British pound, which was up nearly 8% year-over-year. So, in order to highlight the underlying performance of the business, I will 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頁的「連結與平台」業務開始。需要提醒的是，我們最大的外匯風險敞口是英鎊，其年增近8%。因此，為了更清楚地展現業務的實際表現，我將以固定匯率計算年增速。

Revenue for total Connectivity & Platforms was flat at $20.3 billion. Our core connectivity businesses, domestic broadband, domestic wireless, international connectivity and business services connectivity, increased 7% to $11 billion in revenue while video, advertising and other revenue declined 6% to $10 billion of revenue. We're focused on investing in and driving growth in high-margin businesses, while protecting profitability in businesses with secular headwinds through disciplined cost management. And it's working, underscored by the 100 basis points of margin expansion for Connectivity & Platforms in the third quarter, while margins for our domestic legacy cable business improved 160 basis points to 46.6%.

連接與平台業務總收入持平，為203億美元。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，營收成長7%至110億美元，而影片、廣告和其他業務收入下降6%至100億美元。我們專注於投資並推動高利潤率業務的成長，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。這項策略正在奏效，第三季連結與平台業務的利潤率提升了100個基點，而國內傳統有線電視業務的利潤率也提升了160個基點至46.6%，充分證明了這一點。

Getting more into the details, residential connectivity revenue was up 7.5%, reflecting 4% growth in domestic broadband, 16% growth in domestic wireless and 25% growth in international connectivity. Business services connectivity revenue was up 5%. Domestic broadband revenue growth continued to be driven by very strong ARPU, which grew 3.9%. Our commitment to network leadership and delivering it ubiquitously across our footprint enables customers to do more on our network. They're using more data and connecting more devices at faster speeds, which provides them with increasing value and underpins our ability to drive ARPU higher this year and beyond.

具體而言，住宅連線收入成長7.5%，其中國內寬頻成長4%，國內無線網路成長16%，國際連線成長25%。商業服務連結收入成長5%。國內寬頻收入的成長持續得益於強勁的ARPU（每用戶平均收入）成長3.9%。我們致力於保持網路領先地位，並在覆蓋範圍內提供全方位的網路服務，使客戶能夠在我們的網路上實現更多功能。他們使用更多的數據，連接更多的設備，速度也更快，這為他們帶來了更高的價值，也鞏固了我們今年及未來持續提升ARPU的能力。

At the same time, our residential broadband base remained stable, both on a year-over-year and sequential basis with voluntary churn at record low levels for the third quarter. While back-to-school was a tailwind as expected, the broadband market remains highly competitive, particularly at the lower end. During the quarter, we recalibrated by pulling back on some of our promotional offers targeting this segment to remain consistent with our strategy of competing aggressively but in a financially disciplined way. This means striking what we believe to be the appropriate balance between broadband subscriber growth and ARPU growth.

同時，我們的住宅寬頻用戶基數保持穩定，較去年同期和季比均保持穩定，第三季用戶自願流失率創歷史新低。儘管返校季如預期帶來了一定的利好，但寬頻市場競爭仍然激烈，尤其是在低端市場。本季度，我們調整了策略，減少了針對該細分市場的部分促銷活動，以符合我們積極競爭但財務穩健的策略。這意味著我們需要在寬頻用戶成長和每用戶平均收入（ARPU）成長之間找到我們認為合適的平衡點。

And as we continue to manage this balance, we expect ARPU growth to remain strong and our primary driver of broadband revenue growth, with somewhat higher subscriber losses expected in the fourth quarter compared to the 18,000 loss we just reported in the third quarter. We expect subscriber trends to improve over time as we remain focused on network and product leadership and also as we see the benefits of greater footprint expansion. We've grown our homes and businesses passed by 1.5% year-over-year to 62 million. And we're on pace to meet or exceed our goal of 1 million new homes and businesses passed for 2023. This is a material step up from 2022, and we should accelerate this again in 2024.

在我們繼續努力平衡各方利益的同時，我們預計ARPU（每位用戶平均收入）成長將保持強勁，並繼續作為寬頻收入成長的主要驅動力。預計第四季用戶流失量將略高於第三季報告的1.8萬用戶流失量。我們預計，隨著我們持續專注於網路和產品領先地位，以及覆蓋範圍擴大帶來的益處，用戶流失趨勢將逐步改善。我們已覆蓋的家庭和企業用戶較去年同期成長1.5%，達到6,200萬人。我們預計將實現或超過2023年新增100萬個家庭和企業用戶的目標。這比2022年有了顯著提升，我們預計2024年將進一步加快這一進程。

Domestic wireless revenue increased due to higher service revenue driven by strong momentum in customer lines, which were up 1.3 million or 27% year-over-year to over 6 million in total. This includes 294,000 lines we just added in the quarter. We continue to test some new converged offers, which, along with the new iPhone launch, should translate into accelerated line additions in the fourth quarter. With still only about 10% penetration of our domestic residential broadband customer accounts, we have a big opportunity and long runway ahead for growth in wireless.

國內無線業務收入成長主要得益於服務收入的提升，而服務收入的成長又得益於客戶線路數量的強勁成長動能。客戶線路數量年增130萬條，增幅達27%，總數超過600萬條。這其中包括本季新增的29.4萬條線路。我們正持續測試一些新的融合套餐，這些套餐加上新iPhone的發布，預計在第四季度加速新增線路數量。目前，我們的國內住宅寬頻客戶滲透率僅約為10%，這意味著我們在無線業務方面擁有巨大的成長潛力和廣闊的發展前景。

International connectivity revenue increased 25% to another record high, driven by steady mid-teens growth in broadband with the remainder driven by wireless, reflecting healthy growth in services and a particularly strong quarter of device sales. The 5% growth in business services connectivity revenue reflects stronger growth in enterprise and mid-market. The strong revenue growth in our connectivity businesses was offset by declines in video, advertising and other revenue. Video revenue decline was driven by continued customer losses. The lower other revenue reflects similar dynamics in wireline voice, and advertising was impacted by lower political revenue in our domestic markets, which in the fourth quarter will face an even more challenging comparison to last year.

國際連接業務收入成長25%，再創新高，主要得益於寬頻業務持續兩位數成長，其餘部分則由無線業務推動，反映出服務業務的穩健成長以及設備銷售在本季度表現尤為強勁。企業服務連結業務收入成長5%，反映出企業和中階市場業務的強勁成長。連接業務的強勁成長被影片、廣告和其他收入的下滑所抵消。影片收入下滑是因為客戶持續流失。其他收入的下降反映了固話語音業務的類似情況，而廣告收入則受到國內市場政治廣告收入下降的影響，第四季度國內市場將面臨比去年同期更為嚴峻的業績挑戰。

Connectivity & Platform's total EBITDA increased 3% to $8.2 billion with adjusted margin up 100 basis points, again, driven by the mix shift to our high-margin connectivity businesses, coupled with expense management. Continuing the trends seen in the first half of the year, every line item of expense improved year-over-year except for direct product costs. These are success-based and tied to the growth in our connectivity businesses.

連接與平台業務的總 EBITDA 成長 3% 至 82 億美元，調整後利潤率提升 100 個基點，這再次得益於業務結構向高利潤率的連接業務轉型，以及成本控制的優化。延續上半年的趨勢，除直接產品成本外，所有費用項目均實現年比改善。這些改善與連結業務的成功密切相關。

In terms of the breakout in our Connectivity & Platforms EBITDA results, residential EBITDA grew 2.4% with margin improving 110 basis points to reach 38.4% driven by our favorable mix shift. While business EBITDA increased 3.6%, EBITDA margin declined 60 basis points to 57.5%, reflecting investments we're making in sales capacity to drive growth in the mid-market and enterprise segments.

從連結與平台業務的 EBITDA 績效來看，住宅業務 EBITDA 成長 2.4%，利潤率提升 110 個基點至 38.4%，主要得益於我們有利的產品組合調整。雖然企業業務 EBITDA 成長 3.6%，但 EBITDA 利潤率下降 60 個基點至 57.5%，這反映出我們正在加大銷售能力投入，以推動中端市場和企業級市場的成長。

Now let's turn to Content & Experiences on Slide 6. Content & Experiences revenue increased 1% to $10.6 billion, and EBITDA increased 10% to $2 billion driven by record results at Parks as well as an improvement in year-over-year Peacock EBITDA losses. Looking at the results of each segment, I'll start with Media, which combines our TV networks and Peacock, given we manage this as one portfolio. Revenue was slightly higher as strong growth in Peacock offset the challenging performance at our linear networks. Unpacking that further, domestic advertising declined 8%, reflecting softness in the linear market, partially offset by growth at Peacock, which increased nearly 40%. Domestic distribution increased 4% driven by Peacock subscription revenue growth of nearly 90% as we continue to grow our paid subscriber base.

現在我們來看幻燈片6中的「內容與體驗」部分。 「內容與體驗」營收成長1%至106億美元，EBITDA成長10%至20億美元，主要得益於Parks業務的創紀錄業績以及Peacock EBITDA年比虧損的改善。接下來，我們將逐一分析各業務板塊的績效。首先來看「媒體」板塊，涵蓋了我們的電視網絡和Peacock，因為我們將其作為一個整體進行管理。由於Peacock的強勁成長抵消了線性網路業務的疲軟表現，該板塊的營收略有成長。進一步分析，國內廣告收入下降了8%，反映出線性市場的疲軟，但Peacock近40%的成長部分抵消了這一影響。國內發行收入成長了4%，這主要得益於Peacock訂閱收入近90%的成長，因為我們的付費用戶群持續成長。

We ended the quarter with 28 million Peacock paid subscribers compared to 16 million a year ago with 4 million net additions in the quarter. This result was driven by continued success in converting free Comcast bundled subscribers to a paid relationship as well as organic growth driven by programming, including the start of the NFL season and having the Big Ten for the first time, as well as Super Mario Bros. landing exclusively on Peacock in our Pay-One window.

本季末，Peacock付費用戶達2800萬，而去年同期為1600萬，本季淨增加400萬。這項成就主要得益於我們持續成功地將Comcast套裝套裝的免費用戶轉化為付費用戶，以及節目內容帶來的自然成長，包括NFL賽季的開播、首次引進Big Ten聯盟賽事，以及《超級瑪利歐兄弟》在我們的「一次性付費」時段獨家登陸Peacock。

Media expenses were slightly lower, reflecting effective cost management in our linear networks and the timing of Premier League costs, partially offset by higher Peacock expenses. This resulted in a 6.5% increase in Media EBITDA with consistent EBITDA at our TV networks and improved year-over-year Peacock losses for the first time.

媒體支出略有下降，這反映了我們在線性電視網絡方面有效的成本控制以及英超聯賽費用的合理支出時間，但部分被Peacock平台較高的支出所抵消。這使得媒體業務的EBITDA成長了6.5%，電視網絡的EBITDA保持穩定，並且Peacock平台的虧損額首次出現同比改善。

As Mike noted, we believe Peacock's financial performance will continue to improve and now expect full year 2023 losses will come in at around $2.8 billion, better than our previous outlook of $3 billion. However, keep in mind that in the fourth quarter, we expect our overall Media EBITDA results to be impacted by higher sports costs, reflecting a full quarter of the contractual rate increase in our NFL programming, the addition of Big Ten to our sports programming lineup and higher Premier League costs compared to last year when games were paused for 4 weeks to accommodate the timing of the World Cup.

正如麥克所指出的，我們相信Peacock的財務表現將持續改善，目前預計2023年全年虧損約28億美元，好於我們先前預測的30億美元。然而，需要注意的是，我們預計第四季度整體媒體EBITDA業績將受到體育賽事成本上漲的影響，這主要反映了NFL節目合約價格上漲一個季度、新增十大聯盟（Big Ten）以及英超聯賽成本較去年有所增加（去年英超聯賽因世界盃賽程暫停了4週）。

Turning to Studios. Oppenheimer had a strong theatrical performance, delivering over $900 million at the box office. This success, coupled with the positive benefits from carryover titles from our strong film slate this year, resulted in EBITDA of $429 million. While this is a tough comparison to last year's third quarter, which was driven by the strong performance of both Minions: The Rise of Gru and Jurassic World: Dominion, it still ranks as one of the highest EBITDA quarters in the history of Studios.

再來看電影公司。奧本海默影業的院線表現強勁，票房收入超過9億美元。這項成功，加上今年強勁影片陣容帶來的票房成長，最終實現了4.29億美元的息稅折舊攤提前利潤（EBITDA）。雖然與去年第三季相比，由於《小小兵：格魯的崛起》和《侏羅紀世界3：統治》的出色表現，這一數字略顯遜色，但仍然是奧本海默影業歷史上最高的季度息稅折舊攤提前利潤之一。

At Theme Parks, revenue increased 17%, and EBITDA increased 20% to $983 million, our highest level of EBITDA on record. Our international parks continue to experience nice rebounds post COVID. Leading this growth was Osaka, which benefited from strong demand from Super Nintendo World, and our park in Beijing achieved another EBITDA record, driven by increases in attendance and per capita spending.

主題樂園業務方面，營收成長17%，EBITDA成長20%至9.83億美元，創歷史新高。我們的國際樂園在疫情後持續呈現良好復甦勢頭。大阪樂園引領了這一成長，這主要得益於超級任天堂世界的強勁需求；北京樂園也再創EBITDA新高，這主要得益於遊客人數和人均消費的增長。

In Hollywood, the positive consumer reaction to Super Nintendo World, which we opened earlier this year, drove strong attendance and per cap growth, helping Hollywood to deliver its best quarterly EBITDA in its history. In Orlando, our results were also strong with attendance relatively in line with 2019 pre-pandemic levels and revenue substantially ahead.

在好萊塢，我們今年稍早開業的超級任天堂世界受到了消費者的積極反響，帶動了客流量和人均客流量的強勁增長，幫助好萊塢實現了有史以來最佳的季度 EBITDA。在奧蘭多，我們的業績同樣表現強勁，客流量基本上與 2019 年疫情前的水平持平，而收入則大幅增長。

I'll now wrap up with free cash flow and capital allocation on Slide 7. As I mentioned previously, we generated $4 billion in free cash flow this quarter and achieved this while absorbing meaningful investments concentrated in our domestic broadband network, footprint expansion, streaming and theme parks.

現在我將在第 7 張投影片上總結自由現金流和資本配置。正如我之前提到的，本季我們產生了 40 億美元的自由現金流，並且在進行了大量投資的同時實現了這一目標，這些投資主要集中在我們的國內寬頻網路、業務拓展、串流媒體和主題樂園領域。

Total capital spending increased 16% driven by higher CapEx, which remains within the envelope of the guidance we gave at the beginning of this year, including Connectivity & Platforms CapEx intensity to remain at around 10% and Parks CapEx to increase by around $1.2 billion for the full year compared to 2022. At Connectivity & Platforms, CapEx in the quarter decreased slightly to $2.1 billion with CapEx intensity coming in at 10.3%. The year-over-year decline was due to lower spending in customer premise equipment and support capital, which more than offset the investments we are making to accelerate our growth in homes passed, as well as to transition our U.S. network to DOCSIS 4.0.

受資本支出增加的推動，總資本支出增加了16%，但仍在年初我們給出的預期範圍內。其中，連接與平台業務的資本支出強度將維持在10%左右，而園區業務的資本支出預計全年將比2022年增加約12億美元。連結與平台業務方面，本季資本支出略為下降至21億美元，資本支出強度為10.3%。年比下降的原因是客戶終端設備和支援資本支出減少，這抵消了我們為加速家庭覆蓋率成長以及將美國網路過渡到DOCSIS 4.0而進行的投資。

Content & Experiences CapEx increased by $270 million, driven by parks, with Epic accounting for the majority of this quarter's increase in spend. Working capital was fairly neutral in the quarter and improved by nearly $1 billion year-over-year with more than half of this improvement reflecting the pause in production during the work stoppages associated with the writers' and actors' strikes. We expect this benefit in working capital to reverse as we ramp up to our normal levels of production in the quarters.

內容與體驗資本支出增加了 2.7 億美元，主要得益於主題樂園的運營，其中 Epic Games 貢獻了本季支出成長的大部分。本季營運資本基本持平，年增近 10 億美元，其中超過一半的成長反映了編劇和演員罷工期間停工對生產的正面影響。我們預計，隨著各季度生產水準的逐步恢復，營運資本的這一成長將會逆轉。

Turning to return of capital and our balance sheet. We repurchased $3.5 billion worth of our shares in the quarter, a step-up in our quarterly run rate relative to the first half of the year. In addition, dividend payments totaled $1.2 billion in the quarter for a total return of capital in the third quarter of $4.7 billion. We ended the quarter with net leverage of 2.3x, in line with our target leverage.

接下來談談資本返還和資產負債表。本季我們回購了價值35億美元的股票，季度回購速度較上半年提升。此外，本季股利支付總額為12億美元，第三季總資本返還額達47億美元。本季末，我們的淨槓桿率為2.3倍，符合目標槓桿率。

With that, let me turn it over to Marci for Q&A.

接下來，我將把問答環節交給瑪西。

Thanks, Jason. Operator, let's open the call for Q&A, please.

謝謝，傑森。接線員，現在開始問答環節。

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

（操作員說明）我們的第一個問題來自摩根士丹利的本·斯溫伯恩。

Two questions for the team on the cable business or connectivity business. Jason, as you mentioned, expenses continue to be a nice tailwind for growth. I think investors are focused on your ability to sustain that. You've been delivering kind of low to mid-single-digit EBITDA growth in connectivity.

關於有線電視業務或網路連線業務，我有兩個問題想請教團隊。 Jason，正如你所說，支出持續成長，這無疑是一個利好因素。我認為投資人關注的焦點在於你們能否維持這種成長動能。你們在網路連線業務方面一直保持著個位數低至中等的 EBITDA 成長。

Can you keep this up with expenses as a driver over the next couple of years? Or do you need revenue to accelerate? Maybe just talk about the opportunity you see ahead for the company.

未來幾年，你覺得你能維持目前的營運成本嗎？還是需要公司增加收入？或許你可以談談你認為公司未來的發展機會。

And then I'm just wondering, you teased it a little bit with the iPhone commentary, but what's the thought process around getting more aggressive in wireless? Do you want to avoid pressuring financials at all? Because it would seem like wireless and the potential for wireless to bring broadband growth up to higher levels has got to be something you guys are thinking about. So I'd love to just hear your considerations on that front.

然後，我想問一下，您在談到iPhone時稍微提到了這一點，那麼對於在無線領域採取更積極的策略，你們的想法是什麼？你們是否想完全避免對財務狀況帶來壓力？因為無線業務以及無線技術推動寬頻成長的潛力，應該是你們正在考慮的重點。所以我很想聽聽你們在這方面的想法。

It's Jason. Let me start with the margin and expense question on the connectivity side. I think you're right, we've been sort of consistently expanding margins. A large part of that is we had yet another quarter, as we mentioned in the upfront remarks, where every expense line item went backwards or declined year-over-year, which is a positive outside of direct network costs. And just as a reminder, those are costs that directly feed into our key growth businesses like broadband and wireless.

我是傑森。首先，我想談談連結業務方面的利潤率和成本問題。我認為你說得對，我們的利潤率一直在穩步提升。這很大程度上是因為，正如我們在開場白中提到的，我們又一個季度所有支出項目都同比下降，除了直接網絡成本之外，這無疑是個好消息。再次提醒大家，這些直接成本都投入在我們寬頻和無線等關鍵成長業務。

So as we look forward, I think the construct is and you sort of laid this out appropriately, we've got several revenue growth drivers within our connectivity business, namely residential broadband, wireless and business services. And those are the higher-margin businesses within all Connectivity & Platforms. So the mix shift that we're seeing and undergoing where those are the businesses that are growing against businesses that are not growing has been a favorable mix shift for us, and we expect it to continue to be a favorable mix shift. So I'd look for continued opportunities in both expense and margin.

展望未來，我認為正如您剛才恰當地闡述的那樣，我們的連接業務擁有幾個營收成長驅動因素，即住宅寬頻、無線和商業服務。這些業務也是連結與平台業務中利潤率最高的。我們目前看到的業務結構轉變，即成長型業務與成長型業務的對比，對我們來說是一個有利的轉變，我們預計這種有利的轉變將持續下去。因此，我認為在成本和利潤率方面都存在著持續的機會。

And I would just add -- it's Mike, Ben, that on the other -- as Jason has pointed out, the 6 growth driver businesses, the cable -- components of that are all high incremental margin, next dollar revenue, very high incremental margin. But there's also the businesses that are -- as we've talked about, are not in the 6 growth drivers that are being managed pretty aggressively, frankly, for continued ways to find efficiencies to offset the pressures on the top line. So, we've got multiple things going on that, I think, are the tailwinds for continued ability to drive margins.

我還要補充一點──麥克、本，另一方面──正如傑森指出的，六大成長驅動業務，包括有線電視業務──這些業務的增量利潤率都很高，每增加一美元的收入，增量利潤率都非常高。但還有一些業務——正如我們之前討論過的——並不屬於這六大成長驅動業務之列，坦白說，我們也在積極管理這些業務，不斷尋找提高效率的方法，以抵消營收壓力。所以，我認為，我們目前有多方面因素在起作用，這些因素將為我們持續提升利潤率提供助力。

This is Dave. So -- and as both Jason and Mike said, it does start when you talk about margins with the top line. And so there's real focus around healthy ARPU, total revenue growth, and connectivity. So, all those things really, I think, are sustainable. And you go through a competitive phase like we are, but you've still got to keep your eye on the ball. And we believe that over time, in addition to driving good, healthy, making financially disciplined calls along the way, we will return to subscriber growth over time. And so I think you add all that up.

我是戴夫。正如傑森和麥克所說，一切都始於談到營收與利潤率之間的關係。因此，我們真正關注的是健康的每位使用者平均收入（ARPU）、總收入成長和網路連線。我認為，所有這些都是可持續的。我們會經歷像現在這樣的競爭階段，但仍要保持專注。我們相信，隨著時間的推移，除了持續做出穩健的財務決策外，我們最終會恢復用戶成長。我認為，把所有這些因素加起來，就能下結論。

It's -- that's the beginning part. Then your question on mobile, it's such an important part of our strategy. It has been -- we built up the business, had consistent performance and believe strongly we had a long runway ahead. And one of the things that we're doing just to showcase kind of the focus for us is we are rolling out a buy one, get one offer. It scaled up at the very end of Q3. It's really kicking off in earnest in Q4. It's a straightforward, good, solid offer that will be accretive and will drive broadband benefits in doing so.

這是——這是開頭部分。接下來是關於行動端的問題，它在我們策略中至關重要。我們一直在努力發展行動業務，保持穩定的業績，並且堅信未來還有很長的發展空間。為了展現我們對行動端的重視，我們正在推出買一送一的優惠活動。這項活動在第三季末開始逐步擴大規模，並將於第四季全面啟動。這是一項簡單明了、實際有效的優惠，不僅能提升公司業績，還能促進寬頻業務的發展。

We're starting with the base. And that's -- but it's just an example that in both residential and in small business, we'll continue to be very, I think, very aggressive in mobile over time. So a lot more to come on mobile, but we're encouraged and really like the runway ahead.

我們先從基礎做起。這只是一個例子，說明無論是在住宅領域還是小型企業領域，我們都將繼續在行動端保持非常積極的發展態勢。所以，行動端還有很多後續動作，我們對此充滿信心，也對未來的發展前景充滿信心。

Next question is coming from Craig Moffett from MoffettNathanson.

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

Want to go to a different place, actually, Xumo and maybe, Brian, if you could talk a little bit about this from a high level kind of strategic point of view. There's been a lot of talk about the prospect for streaming services being rebundled into something that maybe is, in some ways, closer to what we used to have in the video world. I wonder if you could just talk about that a little bit and talk about how Xumo might fit into that and whether you think Xumo has the potential to actually become a meaningful part of your Connectivity & Platforms business.

實際上，我想換個話題，Xumo，還有Brian，你們能否從策略層面談談這個問題？最近有很多關於串流媒體服務可能被重新整合，最終演變成某種更接近我們過去視訊體驗的模式的討論。我想請你們談談這方面，以及Xumo如何融入其中，你們是否認為Xumo有潛力成為你們連結與平台業務的重要組成部分。

Thank you. Great question. We're really excited about Xumo and the progress that we've made, that we're making together now with Charter. And it's an amazing platform that started with X1, but now will be in televisions, it will be in devices, and it will be all over the nation and, frankly, all over the world. The heart and soul of it is our entertainment operating system, which is global. That includes Sky, all of Canada, Cox and a number of other distributors that we've now gradually build up to all be helping to finance and help the innovation road map.

謝謝。問得好。我們對Xumo以及我們的進展感到非常興奮，尤其是我們目前與Charter的合作。這是一個非常棒的平台，它最初以X1起步，但現在將涵蓋電視、各種設備，遍及全美乃至全球。它的核心是我們的全球娛樂作業系統。這其中包括Sky、加拿大全境、Cox以及我們正在逐步建立的其他一些經銷商，他們都在為我們的創新路線圖提供資金支持。

So, what is that innovation road map? It's really like you're suggesting, what do customers really want? They want a great platform, a great pipe. They want world-class content that they customize. And they want someone to make it really simple for them and do the heavy lifting as you bounce in between services. And that is what we really built our company on, all these years in this industry on. So, it is somewhat ironic that we've unbundled to rebundle, to unbundle, to rebundle. And everybody has a different version of that, and we're at a moment in time. But a lot of it is having one great platform that now the entire industry has.

那麼，創新路線圖是什麼呢？就像您剛才說的，客戶真正想要的是什麼？他們想要一個強大的平台，一條暢通無阻的管道。他們想要世界一流的、可自訂的內容。他們希望有人能讓他們輕鬆上手，並在他們切換服務時承擔繁重的工作。而這正是我們公司多年來在這個產業賴以生存的根本。所以，有點諷刺的是，我們經歷了分割重組，然後再分割重組。每個人都有不同的版本，我們正處於一個特殊的歷史時期。但關鍵在於擁有一個整個產業都擁有的強大平台。

And thankfully, all of you on this phone who do not live in a Comcast market, which is many, are now soon going to be able to get these products, talk to your voice remote and see how fantastic the experience is, whether you buy the cable bundle or not. And that's a big point that is most of our sales now are broadband only.

值得慶幸的是，所有不在康卡斯特服務覆蓋範圍內的各位（人數眾多），很快就能體驗到這些產品，使用語音遙控器，感受一下美妙的服務，無論您是否購買有線電視套餐。而這一點至關重要，因為我們目前的銷售主要集中在寬頻業務。

We want to make sure we are the best aggregator for streaming, and a logical next step will be us or others beginning to try to make it even easier for consumers to purchase and to switch packages. So, it's an important part of the road map. And this was a big week in the Charter announcement. And I'm sure in their call that they'll talk about their commitment to the JV as well.

我們希望確保自己成為最佳的串流聚合平台，而合乎邏輯的下一步就是我們或其他公司開始努力讓消費者更容易購買和切換套餐。因此，這是我們發展路線圖的重要組成部分。 Charter 本週發布了一系列重要公告。我相信他們在電話會議上也會談到他們對合資企業的承諾。

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。

A couple for Dave. Dave, I think you said that you expect to get back to broadband growth over time. And as you expand the number of houses that you're building, as Jason mentioned, I expect that, that's probably part of it. But can you talk about the contribution of that low-end effort that you started, you mentioned on the first quarter call. And the level of reversal that you're doing here as well as recent competition from fiber and fixed wireless? And then second, if you can just talk about where wireless is right now, how the CBRS trials are going in Philadelphia. And any thoughts on timing to expand that?

給Dave幾個問題。 Dave，我記得你說過你預計寬頻成長會隨著時間的推移而恢復。正如Jason所提到的，隨著你建造的房屋數量增加，我認為這可能也是原因之一。但是，你能談談你在第一季電話會議上提到的那項低端業務的貢獻嗎？以及你目前在這方面所做的努力，還有來自光纖和固定無線網路的競爭情況？其次，可以談談目前無線網路的現況嗎？費城的CBRS試驗進展如何？你對何時擴大CBRS覆蓋範圍有什麼想法？

You got it, Phil. So as we've said, and it's -- everybody has seen, it's a pretty competitive environment. And so when you -- we have some continuation of some of the macro issues that we talked about. But we've also, as you brought up, we've also continued to see the expansion of both fiber and fixed wireless footprint. So we've gone through several competitive cycles where there's -- it's really noted by a lot of new footprint that's been added. And so we did start in the beginning of the year, made some adjustments in terms of offers that were really focused more on the lower end of the market. But part of our game plan is we're going to continue to invest in a better network, better products, going to compete aggressively, but we're going to maintain financial discipline, and that means making certain decisions when it comes to balancing rate and volume.

你說得對，菲爾。正如我們之前所說，而且大家都看到了，市場競爭非常激烈。所以，我們之前討論的一些宏觀問題仍然存在。但正如你所提到的，我們也看到光纖和固定無線網路的覆蓋範圍持續擴大。我們經歷了幾個競爭週期，新增的覆蓋範圍非常顯著。年初的時候，我們對產品做了一些調整，更專注於低端市場。但我們策略的一部分是，我們將繼續投資建立更好的網路和產品，積極參與競爭，但同時也要保持財務紀律，這意味著在平衡價格和用戶數量方面要做出一些必要的決策。

So, after the first half, we did make the decision to pull back on some of our more aggressive offers, which resulted in lower connect activity. So that is the changes that we've had. I think our voluntary churn rate is very healthy. Key part of that, that's continued. And the real issue that we see at this point is as we managed things, is just lower connect volume. So -- but net-net, we're growing revenue as we talked about earlier, Jason did and I did. And we're going to focus on multiple drivers of revenue growth.

所以，上半年結束後，我們決定縮減一些比較激進的推廣活動，這導致連線活躍度下降。這就是我們所做的調整。我認為我們的自願流失率非常健康，而且這項優勢一直維持至今。目前我們看到的真正問題是，隨著我們採取的措施，連接量有所下降。但總的來說，正如我們之前討論過的，Jason 和我都提到過，我們的收入正在成長。我們將專注於多種收入成長驅動因素。

And we'll make -- in our playbook, we make changes throughout. So that -- and then to wireless, your point, we are continuing to test in terms of the CBRS roll-offs, where we picked up the pace on that, staying close to what Charter is doing. We've seen good progress in the ability to offload traffic and encouraged by the opportunity, in terms of just such a small geographic part of your footprint contribute so much volume of wireless traffic. So we are in position, if we so choose to do it. But we like our -- where we're at with that. No new news in terms of scaling up on that point, but we're in a good position.

我們會根據實際情況隨時調整策略。至於無線方面，正如您所說，我們正在繼續測試CBRS的逐步淘汰，並加快了步伐，並與Charter的做法保持密切聯繫。我們在流量分流方面取得了顯著進展，並且對這一機會感到鼓舞，因為你們覆蓋區域內如此小的地理區域就能貢獻如此巨大的無線流量。所以，如果我們選擇這樣做，我們已經準備好了。但我們對目前的進展感到滿意。在擴大規模方面沒有新的消息，但我們處於有利地位。

Our next question is from Jessica Reif Ehrlich from Bank of America Securities.

下一個問題來自美國銀行證券的傑西卡·雷夫·埃利希。

I have 2 topics. One is sports, and one's advertising. On sports, I mean, it's such a key differentiator in content. Can you just talk about your longer-term sports strategy and how you believe sports will be distributed in the future? I mean, you talked about more going direct to consumer. What role will linear play as we look ahead 3 to 5 years?

我有兩個話題。一個是體育，一個是廣告。說到體育，它在內容領域是一個至關重要的差異化因素。您能否談談您的長期運動策略，以及您認為未來體育內容的傳播方式？您提到要更多地直接面向消費者。展望未來三到五年，傳統電視頻道將扮演怎樣的角色？

And how would you respond to the leagues, whether NBA or NFL, etcetera, investing in ESPN? And then on advertising, there seems to be weakness across the board, Cable and Media, which is in line, I'm sure, with the rest of the industry. But there seems to be strength in the industry in digital, whether it's Google, Meta. How --you as a company/industry addressing that? How do you get dollars back?

那麼，對於NBA、NFL等聯盟投資ESPN，您會如何反應？廣告方面，似乎整體疲軟，有線電視和媒體廣告也面臨同樣的問題，我相信這與其他行業的情況一致。但數位媒體領域，如Google和Meta，似乎表現強勁。作為一家公司/整個行業，您將如何應對這種情況？如何才能挽回損失？

Okay. Well, this is Brian. Let me start and kick it over to Mike because I think your industry question on sports is really profound and important. I think our company has had a long, deep, rich history in sports, both parts of the company. The best way to consume an NFL game or the Olympics is to have our entertainment operating system, I just talked about in Craig's question and the -- you'll see that in the Olympics. They'll be nothing like it -- the same goes for, I think, NBC Sports, which is #1 show in television and Sunday Night Football.

好的。我是布萊恩。我先開始，然後把話題交給麥克，因為我覺得你對運動產業的提問非常深刻且重要。我認為我們公司在體育領域有著悠久、深厚且豐富的歷史，公司的兩個部門都是如此。觀看NFL比賽或奧運會的最佳方式就是使用我們的娛樂操作系統，我剛才在克雷格的問題中提到過——你會在奧運會上看到這一點。奧運的體驗將截然不同——我認為NBC體育頻道也是如此，它是電視收視率最高的節目，還有周日晚間橄欖球賽。

We've got a great team and a culture of big events, whether it goes from the Kentucky Derby, which the ratings are much higher when it's been on NBC than any previous platform and then on and on. And with Peacock now, we have the most live sports of any of the streaming services. And I believe that that's a surprise to many people when they learn that, and I believe that to be the case. And that's a commitment we made when we had things like English Premier League or Tour de France or golf or events that went on for longer periods of time than were typically on a network or you wanted more camera angles or more feeds and more games. And that sets us up for being relevant in the transition that we're all talking about.

我們擁有一支優秀的團隊和舉辦大型賽事的文化，例如肯塔基德比大賽，它在NBC的收視率遠高於以往任何平台，等等。現在有了Peacock，我們擁有所有串流媒體服務中最多的體育直播內容。我相信很多人知道這一點時都會感到驚訝，而且我相信事實的確如此。我們之所以做出這樣的承諾，是因為我們擁有像英超聯賽、環法自行車賽、高爾夫等賽事，這些賽事的時長通常比電視網播出的要長，而且需要更多的拍攝角度、更多的信號源和更多的比賽。這讓我們能夠在大家都在談論的轉型時期保持競爭力。

How do we go from analog to digital in a way that helps the leagues? And so yes, I can't speculate on what might happen to ESPN. But what I could speculate is as we meet with the leagues, which we do frequently, we think we present a somewhat unique ability to help get the maximum engagement now with broadcast and cable and particularly, our broadcast platform as well as having a robust streaming service in a super quarter here regarding the kind of momentum that we've garnered. A lot of that is driven by sports on Peacock.

我們如何以對聯盟有利的方式從模擬過渡到數位？所以，是的，我無法預測ESPN的未來走向。但我可以推測的是，在我們與各聯盟頻繁的會面中，我們認為我們擁有某種獨特的能力，能夠最大限度地提升聯盟在廣播和有線電視，特別是我們的廣播平台以及強大的串流媒體服務方面的參與度。鑑於我們在這個超級季度所取得的良好勢頭，這其中很大一部分要歸功於Peacock上的體育賽事。

And that sets you up to answer your advertising question, which I'll let Mike go into a bit. But at the highest level, we're creating the digital capability on Peacock in the most relevant content. That looks like a very winning combination for us as a strategy.

這樣就能回答你的廣告問題了，這個問題我稍後會交給麥克詳細講解。但從最根本的層面來說，我們正在Peacock平台上打造最相關的數位化內容。就我們的策略而言，這看起來是一個非常成功的組合。

I'll just add on that. It's Mike. I'll just add that the importance and the significance of us being committed to sports in the streaming context of Peacock is, for us, combined with the ability to bring the big reach that our broadcaster, NBC, brings to the party, which I think is an important element of while sports over the long term, I think, are going to be experienced significantly through streaming, I think for a long time, the economics of the sports rights that you see is going to be substantially supported by broadcast reach that I think for a long time is going to continue to be a significant part of the picture.

我再補充一點。我是麥克。我想說的是，我們致力於在Peacock串流平台上推廣體育賽事的重要性，在於我們能夠借助NBC強大的覆蓋範圍。我認為，雖然從長遠來看，體育賽事將主要透過串流平台呈現，但很長一段時間內，體育賽事版權的經濟效益仍將主要依賴電視轉播的覆蓋範圍，我認為電視轉播在很長一段時間內仍將是體育賽事的重要組成部分。

In terms of advertising, I'd say, Jessica, that overall, it's not a big difference in story than last quarter. I'd say the ad market has remained soft, hasn't necessarily gotten worse despite a little bit of sequential decline, but it hasn't gotten better at the same time. And that's -- we still continue to think it's due to the general uncertainty about economic conditions that are out there. The kind of weakness that we're talking about or the softness is particularly on the linear side, while Peacock has remained very strong.

傑西卡，就廣告而言，我認為總體上與上個季度相比並沒有太大變化。廣告市場依然疲軟，儘管環比略有下滑，但總體而言並沒有惡化，只是沒有好轉。我們仍然認為這是由於當前經濟狀況的不確定性所造成的。我們所說的疲軟主要體現在傳統電視方面，而Peacock平台則保持了強勁的勢頭。

Picking at this quarter a little bit. The deceleration from 5% to 8% contributing factor there, which is little idiosyncratic is while the retail and tech sectors were down a little bit, whereas auto and pharma and consumer products were up. The one that was down that's a little unique in idiosyncratic is entertainment, where you had streamer spending a little less, together with advertisers, given the strikes looking at what the lineups were in the recent past and putting some money in other places. So, some of that will revert, we believe, once strikes are over.

稍微分析一下本季的情況。增速從5%放緩至8%，這其中的一個比較特殊的原因是，零售和科技板塊略有下滑，而汽車、醫藥和消費品板塊則有所增長。在下滑的板塊中，娛樂板塊的情況比較特殊，串流平台和廣告商都減少了支出，因為罷工影響了近期的節目安排，廣告商將部分資金投入了其他領域。因此，我們相信，一旦罷工結束，部分情況將會好轉。

And as we look to the fourth (inaudible) last year's World Cup as well as political, that underlying ad sales will be an improvement in this fourth quarter versus last year's fourth quarter. And as far as digital, I mean, I think that's why there's definitely the opportunity that some tech competitors are capturing to get premium video monetized in digital platforms. And I think that speaks to why we consider Peacock to be an important initiative for us. And we're pleased again with the progress we're making in Peacock, which is now north of 28 million subs and strong overall, 60% revenue growth year-over-year.

展望去年的世界盃以及政治領域，我們預計今年第四季的廣告銷售額將比去年同期有所成長。至於數位領域，我認為這正是部分科技競爭對手抓住機遇，在數位平台上實現優質視訊變現的原因。這也解釋了為什麼我們將Peacock視為一項重要的舉措。我們對Peacock的進展感到欣慰，目前其訂閱用戶已超過2800萬，整體表現強勁，較去年同期成長60%。

One last point that I just wanted to add that one of the great things about sports that we're very excited about is streaming sports and what that means for our broadband network strategy that Dave was just talking about. And Dave and the team, I think, have found a great balance in how we're running the operation.

最後我想補充一點，體育賽事最令人興奮的一點就是體育賽事直播，以及它對我們寬頻網路策略的意義，正如戴夫剛才所提到的。我認為戴夫和他的團隊在營運方面找到了很好的平衡。

But a big part of that is a commitment and a belief that we see all sports finding a way over the next many years, or maybe not so many years, to be more and more streamed. And that's going to require more bandwidth, and that's going to require and create an opportunity for us to have the superior product in the market. So that's our strategy. And so sports really, back to your first question, Jessica, is at the heart and soul of a lot of what we do.

但其中重要的一部分在於我們的承諾和信念：在未來幾年，或許在更短的時間內，所有體育賽事都會找到越來越普及的串流媒體播放方式。這將需要更大的頻寬，也為我們創造機會，讓我們在市場上提供更優質的產品。這就是我們的戰略。所以，回到你的第一個問題，傑西卡，體育確實是我們很多工作的核心。

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。

I got 2 questions about your business connectivity segment. The first is you made some comments about investments you're making to better address the enterprise customer demographic. I think the assumption has been historically, it's not been a focus for you because serving that demo generally requires you to serve customers with locations outside your footprint. So I was curious to hear a little more about your strategy for scaling up there. And I'm wondering whether that might involve making incremental investments in your connectivity platform outside of your region, either organically or potentially making some acquisitions.

關於貴公司的企業連結業務，我有兩個問題。首先，您提到正在加大投資，以便更好地服務企業客戶群。我猜想，以往大家可能認為貴公司並未將企業客戶群作為重點，因為服務這類客戶通常需要涵蓋您現有業務範圍之外的客戶。因此，我很想了解貴公司在企業客戶拓展方面的策略。我想知道，這是否意味著貴公司會在您所在區域之外，透過自身發展或收購的方式，逐步增加對連接平台的投資。

And then second, I was hoping you can give us an update on the extent to which the business segment is contributing to your success in wireless. Is it kind of pacing what you're seeing in the residential space? Or do you think you have more opportunity there?

其次，我希望您能介紹一下業務板塊對無線業務成功的貢獻程度。它是否與住宅領域的成長速度持平？或者您認為住宅領域還有更大的發展空間？

Brett, Dave. So let me start. The overall business services had a very good quarter. Revenue accelerated a little, reflecting stronger growth in enterprise and mid-market. So, we've been very focused on growing all categories. So, your point on the sales investment, let me provide some context. We have been, for some time, working with partners and most certainly with the acquisition of Masergy. We've been expanding our capability to go into other areas. And now we have global opportunity to be able to handle customers.

Brett，Dave。那麼，我先來。整體業務服務部門本季表現非常出色。營收略有加速成長，反映出企業和中階市場業務的強勁成長。因此，我們一直致力於所有業務類別的成長。關於您提到的銷售投資，我先解釋一下背景。一段時間以來，我們一直在與合作夥伴攜手，尤其是在收購Masergy之後。我們一直在拓展自身能力，進軍其他領域。現在，我們擁有了服務全球客戶的機會。

The key here is to be able to take care of customers' needs wherever they are. So, this particular investment is just adding some folks. It's not infrastructure that we're building out there. We will leverage the partnerships that we have, but certainly, we'll deliver products that meets the customers' needs out, but it's sales force and adding some people that can drive mid-market and enterprise where the customers' locations are.

關鍵在於無論客戶身在何處，我們都能滿足他們的需求。因此，這項投資只是增加一些人手，而不是建造基礎設施。我們會充分利用現有的合作關係，當然，我們也會提供滿足客戶需求的產品，但重點在於銷售團隊，我們需要增加一些能夠拓展中端市場和企業客戶的人員，讓他們能夠深入客戶所在地。

But we'll continue to partner. We've got great partnerships with Charter, Cox, many others, and we'll continue to do that. It's not really an infrastructure moment. And in terms of wireless, it's a very important part of business services. And it's -- clearly, this phase is centered on SMB, and we're getting going on that. We picked up the pace on that. It's not a major driver yet in overall mobile activity at this point, but we expect that pace to pick up. That is an important one for us.

但我們會繼續合作。我們與Charter、Cox以及其他許多公司都建立了良好的合作關係，我們將繼續維持這種合作關係。這並非一個基礎建設的關鍵時刻。就無線業務而言，它是商業服務中非常重要的一部分。顯然，這一階段的重點是中小企業，我們正在積極推動這方面的工作。我們已經加快了步伐。目前，它還不是整體行動業務的主要驅動力，但我們預計這一速度將會加快。這對我們來說至關重要。

And let me -- just one last point if I could, Brett, while you're talking about business services. I'd be remiss if I didn't thank Bill Stemper as he transitions to Chairman Emeritus. Bill has been a spectacular teammate and driver of this business over a long stretch really -- and one of the great things that Bill did is build a world-class team. I think they've set the bar in terms of performance. We continue to do that. And part of that team is a wonderful executive, Ed Zimmerman, who has now taken over the -- running business services for us. So, congratulations to both.

布雷特，既然你談到了業務服務，那我就再補充一點。比爾·斯滕珀即將卸任名譽主席，我必須向他表示感謝。比爾長期以來都是我們傑出的團隊成員和業務推動者，他最偉大的成就之一就是打造了一支世界一流的團隊。我認為他們在業績方面樹立了標竿。我們將繼續保持這一優勢。這支團隊中還有一位非常優秀的管理者，艾德‧齊默曼，他現在接手了我們的業務服務部門。所以，祝賀他們兩位。

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。

Two, if I could. First of all, and maybe for Dave. Can I just get your thoughts on the Charter approach to the Disney renewal? Do you see Comcast heading in that direction? Or do you see benefits for the industry and for linear TV, if the industry does move in that direction? And then following up on some of your comments on the broadband side. You guys are rolling out DOCSIS 4.0. You're starting to sign up customers. I guess, one, could you just update us on the timing of that rollout?

如果可以的話，我想問兩個問題。首先，也許是為了Dave。我想聽聽您對Charter在迪士尼續約問題上的做法有何看法？您認為Comcast會效仿嗎？或者，如果整個產業都朝著這個方向發展，您認為這對整個產業和傳統電視有什麼好處？其次，我想就您之前提到的寬頻方面的問題做個後續。你們正在推廣DOCSIS 4.0，也開始招攬使用者了。我想問的是，您能否簡單介紹一下推廣的具體時間安排？

And two, do you see it more as an ARPU opportunity or a sub opportunity, subscriber growth opportunity? I guess lastly on that, you said there's more competition at the low end of the broadband market. Is there any way you could quantify either Comcast exposure to the low end or how big the low end of the market in broadband is?

第二，您認為這更多的是提高每位用戶平均收入 (ARPU) 的機會，還是增加訂閱用戶的機會？最後一點，您提到低端寬頻市場的競爭更加激烈。您能否量化一下康卡斯特在低端市場的份額，或是低端寬頻市場的規模？

Thank you, John. I think Mike and Brian talked about Charter Disney. So that -- to me, I think that is the -- they provided a point of view. From my perspective, I think every situation is unique. I think we are in a very unique position because of the platform that we have and the fact that we are in the streaming business as a company. But we have great relationships with content providers, and we have a way of figuring things out.

謝謝你，約翰。我想麥克和布萊恩談了Charter Disney。所以——對我來說，我認為他們提供了一個視角。從我的角度來看，我認為每種情況都是獨一無二的。我認為我們處於一個非常獨特的地位，因為我們擁有這樣的平台，而且我們是一家串流媒體公司。但我們與內容提供者保持良好的關係，而且我們有辦法解決問題。

But it will be case by case as they come up, and we'll see. But a big part of it, one of the things we talked about is value, value of the content and how that model evolves, we'll figure it out. But I think we are in a good position to be a bridge builder as we go -- consider each one of these options in the marketplace. In terms of the network and DOCSIS, let me give you a sense, John, where we're at. So we're about 30% and that -- in terms of mid splits and really focused on this seamless integration that connects HFC to fiber, and we'll be at 40% next year.

但具體情況具體分析，我們會根據實際情況再做決定。不過，我們之前討論過的一個重要面向是價值，內容的價值以及這種模式的演變，我們會找到答案。我認為我們目前處於有利地位，可以成為搭建橋樑的橋樑——我們會考慮市場上的每一種選擇。至於網路和DOCSIS，約翰，讓我給你簡單介紹一下我們目前的進展。我們目前的市佔率約為30%——這主要體現在中間部分的整合上，我們真正專注於將HFC與光纖無縫連接起來，明年我們將達到40%。

So -- and then we started -- you've seen the announcement and we talked about the deployment of DOCSIS (inaudible). And so we're going to continue to drive the mid split upgrade areas, the DOCSIS 4.0 follows that mid split trajectory. And that is the -- our focus -- continued focus is just providing leadership of where the market is going.

所以——然後我們開始了——你們已經看到了公告，我們也討論了DOCSIS的部署（聽不清楚）。因此，我們將繼續推動中型網路升級，DOCSIS 4.0也遵循了這一中型網路發展軌跡。而這正是──我們持續關注的重點──引領市場發展方向。

The reason why, to answer your question in terms of where do we see the benefits, it's that point that the market is going to continue whether it's the sports discussion we talked about earlier as more and more things start to perhaps go to streaming. There will be more simultaneous contention at peak moments, and we're in a great position with the network. So having that -- the ability to have faster speeds, ubiquitous network coverage at scale, the most efficient network and effectively delivering, we got customers that are 1 gig today. 70% of our customers are 400 megabits or higher, and we see where things are going.

至於您問的“我們能從中獲益在哪裡”，原因在於市場將會持續發展，就像我們之前討論的體育賽事一樣，越來越多的內容可能會轉向串流媒體。尖峰時段的並發競爭將會更加激烈，而我們的網路優勢讓我們佔據了有利地位。我們擁有更快的速度、覆蓋範圍廣、效率極高的網路以及高效的交付能力，目前已有部分客戶使用1Gbps的頻寬，70%的客戶使用400Mbps或更高的頻寬，我們預見了未來的發展趨勢。

So, I think the answer is both. I think over time, it's customer relationships as it's going to become increasingly harder for some of the competition to keep up in terms of they have to make network trade-offs and fixed wireless, in particular. And so that to me, it's both rate and volume. And the last point is just on the lower end. There was a lot of activity in the lower end. We did respond in the first quarter but made adjustments for the second half. So that I think I talked about that.

所以，我認為答案是兩者兼具。隨著時間的推移，客戶關係將變得越來越重要，因為一些競爭對手將越來越難以跟上，他們必須在網路方面做出權衡，尤其是在固定無線網路方面。因此，對我來說，速率和數量都至關重要。最後一點是關於低端市場。低端市場非常活躍。我們在第一季做出了應對，但在下半年進行了調整。我想我已經談到了這一點。

And I would just say on the Charter and Disney, what I think it was in sort of the first question I answered, we think there's a -- not to echo what Dave said, not one size fits all, very glad, happy for both companies that they figured something out, good for consumers. Each situation is slightly different. What I think is important for us is finding a way to help our customers have a great network, aggregate that content and have access to that great content. And I think we're really well positioned to do that, and we're looking forward to executing upon that.

關於Charter和迪士尼，我想說的是，就像我在回答第一個問題時提到的那樣，我們認為——雖然我不想重複Dave的話——沒有一成不變的模式，但我很高興，也為這兩家公司找到了解決方案而感到高興，這對消費者來說是好事。每種情況都略有不同。我認為對我們來說重要的是找到一種方法，幫助我們的客戶擁有一個強大的網絡，聚合這些內容，並讓他們能夠存取這些優質內容。我認為我們在這方面擁有得天獨厚的優勢，我們期待著付諸行動。

Next question is coming from Jonathan Chaplin from New Street.

下一個問題來自新街的喬納森·查普林。

Maybe for Dave, just a small question following on from Phil's. The -- in terms of the CBRS trials, is the benefit that you're seeing there that you're sort of more enthusiastic about primarily on the cost side from being able to offload traffic? Or is there a product benefit as well?

也許戴夫可以問個小問題，這是菲爾問題之後的後續問題。 ——就CBRS試驗而言，您認為最讓您感到興奮的益處主要是成本方面的，例如能夠分流流量嗎？還是說產品本身也有優勢？

And then with the sale of the 600 megahertz spectrum, does that sort of suggest that you're not really interested in owning any spectrum besides 600 megahertz? Or was this sort of something -- sorry, besides CBRS, was there something specific about 600 megahertz in the portfolio that you had, that made it nonstrategic? And then if you can give us just a quick update on where your sort of average usage is on broadband, that would be helpful as well.

那麼，出售600兆赫頻譜是否意味著您對除600兆赫以外的任何頻譜都不感興趣？或者說，除了CBRS之外，600兆赫頻譜在您的投資組合中是否還有其他特殊原因，導致它不屬於戰略範疇？另外，如果您能簡單介紹一下您目前的寬頻平均使用情況，那就太好了。

Thank you, Jonathan. So, in terms of CBRS, it's what I said before that we're in position. It's an option for us. We're in a good position. We like our -- where we're at with our current deal, the MVNO capital-light approach, everything that we talked about is consistent.

謝謝你，喬納森。關於CBRS，正如我之前所說，我們已經準備好了。這對我們來說是一個選擇。我們處境很好。我們對目前的協議、MVNO輕資產模式以及我們之前討論的所有內容都很滿意。

But we've always been very interested, and the benefit of CBRS is on the cost side. And that if you have, again, 3% of your geographic footprint that's delivering 60% of the traffic, that's a good option and if we can figure out how to do that. So we're -- that's what's really driving it.

但我們一直對此非常感興趣，CBRS 的優勢在於成本面。如果 3% 的地理覆蓋範圍就能帶來 60% 的流量，那將是一個不錯的選擇，前提是我們能找到實作方法。所以，這才是真正推動我們這麼做的原因。

And -- but we've always been very focused on how to build a better overall wireless experience. We have, I think, great Wi-Fi capability in addition to CBRS, if that is something that we want to do. But the key for CBRS is that we just want to be in position and doing it without a massive amount of CapEx to be able to deliver that smaller geographic area. And in regards to 600, it's just -- it was an opportunity to get value for areas of the country outside of our areas. And it just made sense to -- it was a good transaction for us and not something that we're going to build outside of our footprint.

而且—但我們一直非常專注於如何打造更優質的整體無線體驗。我認為，除了CBRS之外，我們還擁有強大的Wi-Fi能力，如果需要的話。但CBRS的關鍵在於，我們希望能夠在不投入巨額資本支出的情況下，涵蓋較小的地理區域。至於600MHz頻段，這為我們提供了一個機會，讓我們能夠為覆蓋範圍之外的地區帶來價值。這筆交易對我們來說很划算，而且我們不會在我們現有覆蓋範圍之外建造類似的設施。

Our final question today is coming from Steven Cahall from Wells Fargo.

今天最後一個問題來自富國銀行的史蒂文·卡哈爾。

So just first on the residential broadband ARPU. Wondering if you could unpack a little bit of the sequential change. I know the big components are double-play going to single play from cord cutting as well as just tiering and pricing. So with a little bit of slowdown sequentially, should we attribute a lot of that to the slowdown in video losses that you saw or anything else going on in there?

首先，關於住宅寬頻的ARPU（每用戶平均收入）。我想請您詳細解釋一下這種週期性變化的原因。我知道主要因素包括用戶從雙軌制服務轉向單軌制服務（例如剪線族放棄有線電視），以及分級定價。如果整體成長速度有所放緩，這主要是由於您觀察到的視訊訊號遺失減少所造成的，還是另有其他因素？

And then, Brian, you talked a lot about how effectively you've deleveraged the balance sheet, taking it down by a full turn over the last couple of years. Also, that a lot of your competitors, especially on the Media side, are going to be more challenged. So, I know you'll be disciplined in anything you do, but as you look ahead and think about competing against some companies that aren't challenged like Netflix and Apple and Amazon, how do you think about some of the availability of some of those distressed content creators that might be out there at some future point?

布萊恩，你之前多次提到你如何有效地降低了資產負債表的槓桿率，在過去幾年裡槓桿率下降了整整一個百分點。你也提到你的許多競爭對手，尤其是在媒體領域的競爭對手，將會面臨更大的挑戰。我知道你做任何事都會非常嚴謹，但展望未來，當你想到要與像Netflix、蘋果和亞馬遜這樣沒有面臨挑戰的公司競爭時，你如何看待未來某些陷入困境的內容創作者的湧入？

Let me start, Steven. This is Dave. The biggest driver in terms of ARPU was that the first half of the year, our focus, we did make adjustments in that first part of the year being a little bit more aggressive in the lower end. This resulted in a mix shift among new customers that were coming on, and this caused the deceleration in ARPU growth from the -- where we were before 4.5% to 3.9%. But 3.9% still very strong ARPU growth, and consistent with our planning and what we were talking about.

史蒂文，我先來。我是戴夫。 ARPU（每位用戶平均收入）成長的最大驅動因素是，今年上半年，也就是我們的重點時期，我們做了一些調整，在低階市場採取了更積極的策略。這導致新客戶組成發生變化，進而造成ARPU成長速度從先前的4.5%放緩至3.9%。但3.9%的ARPU成長仍然非常強勁，與我們的計劃和預期相符。

So that was really the biggest driver. Some certainly benefit over time, a little bit better performance in the video business with NOW TV, which has begun to pick up the pace. So pleased with that, but it was mostly that refinement of the lower-end offers. And you're not going to see that, by the way, that level of deceleration from Q3 to Q4 as we made those adjustments. So that -- it's mostly the tier-mix change that I talked about.

所以這才是真正的主要驅動因素。隨著時間的推移，視訊業務（尤其是NOW TV）的表現確實有所提升，成長速度也開始加快，這當然會帶來一些好處。對此我感到很滿意，但主要還是得益於我們對低階產品的優化。順便說一句，由於我們進行了這些調整，所以你不會再看到第三季到第四季之間出現那種程度的成長放緩。所以，這——主要還是我之前提到的產品層級結構調整。

Steven, I would add on to that. Just if you look at the historical context here, we've typically grown broadband ARPU 3% to 4% in any given year. We've been operating at the very high end of that for the first 3 quarters of this year. Things that contribute to that over the long term, you mentioned sort of the tactical components of that, but really, really, we want to see broadband usage growth. We want to see customers hanging more devices off their network. We want to see them taking higher speeds, and that's exactly what they're doing. So that's -- those are sort of the foundational pillars to driving ARPU growth over time, and that's exactly what we're seeing.

史蒂文，我想補充一點。回顧歷史數據，我們通常每年的寬頻ARPU成長率在3%到4%之間。今年前三個季度，我們的成長率一直保持在非常高的水平。你剛才提到了一些長期影響ARPU成長的策略性因素，但實際上，我們真正希望看到的是寬頻使用量的成長。我們希望看到用戶將更多設備連接到他們的網路上，我們希望看到他們選擇更高的網速，而他們也確實在這樣做。這些是推動ARPU長期成長的基石，而我們也正在見證這些成長。

This is Brian. I actually will let Mike answer because he did such a great job in his old job as CFO in helping put our balance sheet in this enviable position that he described in his opening or comments about how long the debt is and some of the interest rates. We have a great business, this quarter is another demonstration of it. The start to the year is fantastic. But Mike, why don't you -- so therefore, the bar is very high to do anything other than the plan we've got. And we like the company. But Mike, why don't you go into your thoughts on that content question specifically?

我是布萊恩。其實我還是讓麥克來回答吧，因為他之前擔任財務長時做得非常出色，幫助我們把資產負債表調整到了他開場白中提到的那種令人羨慕的水平，也就是債務期限和利率方面的情況。我們的業務很棒，這個季度再次證明了這一點。今年的開局非常出色。但是麥克，你為什麼不——所以，除了我們現有的計劃之外，其他任何事情的門檻都非常高。我們很喜歡這家公司。但是麥克，你為什麼不具體談談你對這個問題的看法呢？

Sure. Thanks, Brian. So, I think if you zoom out, it's much of what I said earlier, Steven, which is the -- I think the strength of our financial position broadly. You think about across all the businesses we're in, I think of us as having leading positions for the customer, but also strong margins benchmarked against any peer you can look at. That, together with a strong balance sheet, I think the company couldn't be in better shape financially. And I think on the execution side, Dave and his team and the NBC team that works with me are -- they know what they're doing. And I think we're not giving anybody any quarter in terms of operating the businesses we have.

當然。謝謝你，布萊恩。所以，我覺得從宏觀角度來看，這和我之前說的差不多，史蒂文，那就是──我認為我們整體的財務狀況非常穩健。想想我們涉足的所有業務，我認為我們在客戶方面都處於領先地位，而且與任何同行相比，我們的利潤率也非常高。再加上我們穩健的資產負債表，我認為公司目前的財務狀況再好不過了。而且我認為在執行方面，戴夫和他的團隊，以及與我合作的NBC團隊——他們知道自己在做什麼。我認為我們在經營現有業務方面，沒有給任何人任何喘息的機會。

Our priorities, though, in how to use that financial strength is very strategic. So, I think we think about the businesses we're in, and investing in them appropriately for return and growth and drive growth in those businesses over the long term. Hence, the way Jason talks about the half the company that's got strong revenue growth. We're trying to find ways to put resources into our own businesses. So that's the priority.

不過，我們如何運用這種財務優勢，重點在於策略層面。我認為，我們會認真考慮我們所涉足的業務，並對其進行適當的投資，以實現回報和成長，從而推動這些業務的長期發展。因此，傑森才會提到公司有一半的業務實現了強勁的營收成長。我們正在努力尋找方法，將資源投入到我們自身的業務中。這就是我們的首要任務。

As Brian said, the bar is really high for us to consider anything inorganic. But it's our job to look at these things. But if you think about the what you call the potentially distressed media assets, I'm not sure which ones you're referring to, but many of them are pretty small and wouldn't change the arc of what our company is all about. So, I think our focus is on the total picture, what Comcast looks like and we're proud of the company we have.

正如布萊恩所說，我們對任何非有機成長的收購都設定了非常高的標準。但檢視這些也是我們的職責所在。至於你所說的那些可能陷入困境的媒體資產，我不太確定你指的是哪些，但其中許多規模都很小，不會改變我們公司的整體發展方向。所以，我認為我們關注的是整體，是康卡斯特的整體面貌，我們為我們擁有的這家公司感到自豪。

Thanks, Steve. That concludes our call. I want to thank everyone for joining us.

謝謝史蒂夫。我們的通話到此結束。感謝各位的參與。

Thank you. That does conclude today's 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 for today on Comcast Investor Relations website. Thank you for participating. You may now all disconnect.

謝謝。今天的問答環節和電話會議到此結束。今天上午11:30（美國東部時間），您可以在康卡斯特投資者關係網站上收聽電話會議錄音。感謝您的參與。現在您可以斷開連線了。