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.

早安，女士們先生們，歡迎參加康卡斯特第三季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。我現在將電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，瑞維克女士。

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

謝謝運營商，歡迎大家。參加今天電話會議的有布萊恩·羅伯茨 (Brian Roberts)、邁克·卡瓦納 (Mike Cavanagh)、賈森·阿姆斯特朗 (Jason Armstrong) 和戴夫·沃森 (Dave Watson)。

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.

我現在將向您推薦本次電話會議隨附簡報的幻燈片 2，該幻燈片也可以在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。

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

此外，在本次電話會議中，我們將提及某些非公認會計準則財務指標。請參閱我們今天早上早些時候發布的 8-K 和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的對帳。

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

這樣，我會將電話轉給麥克。

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.

大家早安，感謝您參加我們的第三季財報電話會議。對我們來說，這是另一個強勁的季度，調整後的 EBITDA 成長了 5%，調整後的每股盈餘成長了 13%。我們產生了 40 億美元的自由現金流，再加上我們對 Hulu 在不久的將來收益的預期，導致我們本季的股票回購額增加到 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.

我們穩定的業績是我們一貫經營公司方式的直接結果，我們專注於每項業務的運營和財務方面的行業領先業績，並結合長期以客戶為中心的決策方法-確保每個企業都能在未來獲勝。這一切都歸功於我們企業的投資理念，這種理念在不同的經濟和信貸週期，特別是在最近的全球大流行中保持一致。

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，我想重點介紹本季的 4 個領域，這些領域展示了這項策略的實施情況，然後將其交給 Jason 全面審查本季的結果。我想強調的第一個領域是住宅國內連接，在競爭激烈的寬頻市場中，我們對我們的表現和策略感到非常滿意。

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.

我們的寬頻網路提供了客戶體驗，該網路如今具有無處不在的千兆速度，並且正在通往無處不在的多千兆對稱速度，並通過我們與Verizon 的MVNO 以及我們自己的超過2000 萬個Wi-Fi 熱點網路提供的無線產品相結合，使我們能夠以與競爭對手相比最具成本效益和資本效率的方式為世界各地的所有客戶提供世界一流的家庭內外連接。

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.

我們的寬頻網路和產品領先地位持續推動住宅收入強勁成長，在 ARPU 3.9% 強勁成長的推動下，本季住宅收入成長了近 4%。我們對推動 ARPU 持續成長的能力充滿信心，因為我們專注於透過投資和創新不斷改善產品體驗，從而為客戶帶來更多價值。

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.

擁有真正卓越的網路體驗（體現在速度、可靠性、覆蓋範圍、安全性和延遲）對於所有家庭來說越來越重要，因為它帶來了消費者體驗。最近數據使用成長的最大催化劑之一是體育賽事觀眾加速轉向串流平台。

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.

將週四晚上的一場 NFL 比賽改為串流媒體播放，將我們寬頻網路上的數據使用高峰從週日晚上轉移到週四晚上。該遊戲約佔週四晚上所有網路流量的 25%。隨著體育向串流媒體的轉變的繼續，每個網路服務供應商，尤其是固定無線服務供應商，都將真正經受考驗。特別是一月份，NFL 季後賽將首次在串流媒體平台上獨家播出，這將是我們自己的 Peacock。

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.

我要強調的第二個項目是 Peacock，該公司在本季度增加了 400 萬付費用戶，收入比一年前增長了 60% 以上，並且自 2020 年推出以來 EBITDA 首次實現同比改善。我們報告了獨立的Peacock 指標，考慮到這一舉措的重要性，我們將其作為更廣泛的NBCU 媒體部門的一部分進行管理，其中包括廣播和有線網絡，以最好地利用我們為串流媒體領域帶來的優勢。

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.

自從我們因 Hulu 所有權變更而調整串流策略以來，我們在短短幾年內取得的進展仍然感到滿意。展望未來，我們將堅持我們的計劃，並仍然預計2023 年將是Peacock EBITDA 虧損的高峰年，儘管我們現在預計2023 年Peacock 的虧損將約為28 億美元，而我們最初的虧損預期為30 億美元。對於 2024 年，我們預計 EBITDA 將比 2023 年顯著改善。

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.

第三個值得強調的領域是我們的公園業務，其 EBITDA 創歷史新高，超過了我們在第二季度剛剛創下的紀錄。日本對任天堂和好萊塢的反應仍然非常好，我們非常高興很快就能將這種體驗帶到佛羅裡達州。上週我剛在奧蘭多與公園領導團隊一起審查了我們在拉斯維加斯的新萬聖節恐怖體驗和德克薩斯州弗里斯科兒童主題公園的計劃。我還花了幾個小時實地參觀了史詩宇宙公園，該公園正在深入建設中，簡直令人嘆為觀止。因此，由於我們第三季業績的強勁勢頭以及我們即將推出的產品，我對我們的公園業務感到非常興奮。

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.

最後要強調的領域是我們的工作室業務，今年票房收入排名前5 的影片中有3 部是《超級瑪利歐兄弟》、《玩命關頭10》以及現在的《奧本海默》，該片的票房收入超過9 億美元。第三季全球票房收入最高，成為有史以來票房最高的傳記電影。這是我們良好記錄的延續，自 2020 年以來，全球票房前 5 名的電影中至少有 2 部是我們的。我們相信這個產業的成功不是公式化的。這是一種植根於創造力和原創性的工藝。

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.

長期以來，我們一直致力於組建一支由最具創新性的電影製作人組成的團隊：克里斯諾蘭、克里斯梅勒丹德里、史蒂芬史匹柏、傑森布魯姆和喬丹皮爾等，這為我們在電影製片廠業務的未來奠定了良好的基礎。更廣泛地說，我們在過去的商業週期和疫情中始終如一的投資方法是我們今天成功的大部分原因。

We remain 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.

我們仍然堅定地支持我們的企業，即使是那些在那段時間遭受重創的企業。例如，在工作室，我們從未停止相信人們想要在劇院體驗偉大的電影，這種信念使我們能夠吸引像克里斯諾蘭這樣的新合作夥伴，他在《奧本海默》中製作了一部傑作。

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've 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，雖然我們的公園業務已關閉或容量有限，但我們繼續對現有公園進行大量投資，包括奧蘭多的 VelociCoaster；好萊塢《寵物當家》；以及我之前提到的洛杉磯和大阪的任天堂樂園，我們將在2025 年將Epic Universe 變為現實。我們強大的投資級資產負債表支持了這些投資，並使我們今天處於強大而令人羨慕的地位。現在，商業世界必須應對利率大幅上漲的壓力，鑑於我們的槓桿率較低且債務期限較長，我相信這將對我們產生不對稱的優勢。

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，我們已為超過 400 億美元或近 40% 的債務進行了再融資；將淨債務從 1,080 億美元減少到今天的 880 億美元；將淨槓桿率從 3.3 倍降低至 2.3 倍；將我們債務的平均壽命延長了 4 年多，達到 17 年，同時將我們債務的加權平均成本從 3.8% 降低到 3.6%。如今，我們97% 的債務是固定利率的，而2018 年底這一比例僅為82%。我們實現這一目標的同時，也向股東返還了450 億美元，其中包括透過股票回購獲得的240 億美元和210 億美元的股息。

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，我們處於一個很好的位置，特別是考慮到我們行業的競爭動態在這種長期較高的利率環境中可能如何演變。我預計，透過強而有力的執行、投資和創新，我們專注於打造長期市場領導者的企業，這將使我們成為為客戶、員工和股東提供服務的最強大的位置之一。

Jason, over to you.

傑森，交給你了。

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。我將帶您回顧我們強勁的第三季度，我們將從幻燈片 4 上的合併財務數據開始。

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%，達到 301 億美元，調整後 EBITDA 成長 5%，達到 100 億美元。我們的業績受到今年強調的 6 個關鍵成長領域的推動：我們的連接業務，包括住宅寬頻、無線和商業服務連接；我們的主題樂園；我們工作室中的串流媒體和優質內容。這些成長領域合計創造了本季公司總收入的一半以上，並且在過去 12 個月中以高單位數速度成長。

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上增加了利潤，加上嚴格的成本管理，推動了我們的 EBITDA 成長，並促使我們調整後的每股盈餘成長 13% 至 1.08 美元。最後，我們在本季創造了 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, start 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.

現在讓我們轉向我們的個人業務成果，從幻燈片 5 的連結和平台開始。提醒一下，我們最大的外匯風險是英鎊，較去年同期成長近 8%。因此，為了突顯業務的基本業績，我將參考以固定匯率計算的年增率。

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%.

連接和平台總收入持平，為 203 億美元。我們的核心連接業務（國內寬頻、國內無線、國際連接和商業服務連接）收入成長 7%，達到 110 億美元，而視訊、廣告和其他收入下降 6%，達到 100 億美元。我們專注於投資並推動高利潤業務的成長，同時透過嚴格的成本管理來保護面臨長期不利因素的業務的獲利能力。第三季連結和平台的利潤率擴大了 100 個基點，而我們的國內傳統有線電視業務的利潤率提高了 160 個基點，達到 46.6%，這凸顯了這一舉措正在發揮作用。

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.

更詳細地說，住宅連接收入成長了 7.5%，其中國內寬頻成長了 4%，國內無線成長了 16%，國際連線成長了 25%。商業服務連接收入成長了 5%。強勁的 ARPU 持續推動國內寬頻收入成長，成長 3.9%。我們致力於網路領先地位並在我們的業務範圍內無處不在地提供這種領先地位，使客戶能夠在我們的網路上做更多的事情。他們使用更多數據並以更快的速度連接更多設備，這為他們提供了不斷增加的價值，並鞏固了我們今年及以後提高 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，我們的住宅寬頻基數與去年同期相比都保持穩定，第三季自願流失率創歷史新低。儘管返校正如預期的那樣有利，但寬頻市場仍然競爭激烈，尤其是在低端市場。在本季度，我們進行了重新調整，取消了針對該細分市場的一些促銷優惠，以與我們積極競爭但在財務上嚴格遵守的策略保持一致。這意味著我們要在寬頻用戶成長和 ARPU 成長之間取得適當的平衡。

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.

隨著我們繼續保持這種平衡，我們預計ARPU 成長將保持強勁，成為我們寬頻收入成長的主要驅動力，與我們剛剛報告的第三季度的18,000 名用戶流失相比，第四季度的用戶流失預計會有所增加。我們預計用戶趨勢將隨著時間的推移而改善，因為我們仍然專注於網路和產品領先地位，並且我們看到了更大範圍擴張的好處。我們的住宅和企業數量年增 1.5%，達到 6,200 萬。我們正在努力實現或超過 2023 年通過的 100 萬套新住宅和企業的目標。這與 2022 年相比是實質性的進步，我們應該在 2024 年再次加快這一步伐。

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.

國內無線收入的成長得益於客戶線強勁勢頭推動的服務收入增加，客戶總數超過 600 萬，年增 130 萬戶，增幅 27%。這包括我們在本季剛剛新增的 294,000 行。我們繼續測試一些新的融合產品，隨著新 iPhone 的發布，這些產品應該會在第四季度加速產品線的增加。由於我們的國內住宅寬頻客戶帳戶的滲透率仍然只有 10% 左右，我們在無線領域擁有巨大的機會和漫長的發展道路。

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.

國際連線收入成長 25%，再創歷史新高，這得益於寬頻的穩定成長，其餘則由無線業務推動，反映出服務的健康成長和設備銷售季度的強勁成長。商業服務連接收入成長 5% 反映出企業和中端市場的強勁成長。我們連接業務的強勁收入成長被影片、廣告和其他收入的下降所抵消。影片收入下降是由於客戶持續流失造成的。其他收入的下降反映了有線語音的類似動態，廣告受到國內市場政治收入下降的影響，與去年相比，第四季將面臨更具挑戰性的情況。

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.

連接與平台的 EBITDA 總額成長 3%，達到 82 億美元，調整後利潤率成長 100 個基點，這再次受到向高利潤連接業務的混合轉型以及費用管理的推動。延續上半年的趨勢，除直接產品成本外，各項費用均較去年同期有所改善。這些都是基於成功的，並且與我們連接業務的成長息息相關。

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.

就我們的連結和平台 EBITDA 績效的突破而言，在我們有利的組合轉變的推動下，住宅 EBITDA 成長了 2.4%，利潤率提高了 110 個基點，達到 38.4%。雖然業務 EBITDA 成長了 3.6%，但 EBITDA 利潤率下降了 60 個基點至 57.5%，這反映出我們為推動中端市場和企業細分市場的成長而對銷售能力進行的投資。

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.

現在讓我們轉向幻燈片6 上的內容和體驗。內容和體驗收入增長1%，達到106 億美元，在公園創紀錄的業績以及Peacock EBITDA 虧損同比改善的推動下，EBITDA 增長10%，達到20 億美元。考慮到每個部分的結果，我將從媒體開始，它結合了我們的電視網絡和 Peacock，因為我們將其作為投資組合進行管理。由於 Peacock 的強勁成長抵消了我們線性網路的挑戰性表現，收入略有上升。進一步分析，國內廣告下降了 8%，反映出線性市場的疲軟，但部分被 Peacock 成長近 40% 的成長所抵消。隨著我們付費用戶群的不斷擴大，Peacock 訂閱收入成長了近 90%，國內發行量成長了 4%。

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.

截至本季末，Peacock 付費用戶數為 2,800 萬，而去年同期為 1,600 萬，本季淨增用戶為 400 萬。這一結果的推動因素是康卡斯特將免費捆綁訂閱用戶轉變為付費關係的持續成功，以及節目推動的有機增長，包括 NFL 賽季的開始和首次擁有十大聯盟以及《超級瑪利歐兄弟》。在我們的Pay-One 窗口中獨家登陸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.

媒體費用略有下降，反映出我們線性網路中有效的成本管理以及英超聯賽成本的時間安排，部分被孔雀費用的增加所抵消。這使得媒體 EBITDA 成長了 6.5%，我們的電視網絡 EBITDA 保持一致，並首次改善了 Peacock 的同比虧損。

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 Mike 指出的那樣，我們相信 Peacock 的財務表現將繼續改善，現在預計 2023 年全年虧損將約為 28 億美元，好於我們先前 30 億美元的預期。然而，請記住，在第四季度，我們預計我們的整體媒體EBITDA 結果將受到體育成本上升的影響，這反映了我們NFL 節目合約費率增長的整個季度，以及十大體育節目加入到我們的體育節目陣容中與去年相比，英超聯賽的成本更高，當時比賽因世界盃的時間而暫停了 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.

轉向工作室。奧本海默的戲劇表演十分出色，票房收入超過 9 億美元。這一成功，加上今年我們強大的電影陣容中的遺留影片帶來的積極效益，使 EBITDA 達到 4.29 億美元。雖然這與去年第三季的情況很不一樣，去年第三季是由《小小兵：格魯崛起》和《侏羅紀世界：統治》的強勁表現推動的，但它仍然是工作室歷史上EBITDA 最高的季度之一。

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.

主題樂園的收入成長了 17%，EBITDA 成長了 20%，達到 9.83 億美元，這是我們有記錄以來的最高 EBITDA 水準。新冠疫情過後，我們的國際公園繼續經歷良好的反彈。引領這一增長的是大阪，它受益於超級任天堂世界的強勁需求，而我們位於北京的樂園在遊客數量和人均支出增長的推動下，又創下了 EBITDA 記錄。

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，消費者對我們今年稍早開放的超級任天堂世界的積極反應推動了遊客人數和人均人數的強勁增長，幫助好萊塢實現了其歷史上最好的季度 EBITDA。在奧蘭多，我們的業績也很強勁，出席人數與 2019 年大流行前的水平相對一致，收入也大幅領先。

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，我將在投影片7 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，並在實現這一目標的同時吸收了集中在國內寬頻網路、足跡擴張、串流媒體方面的有意義的投資。和主題公園。

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.

由於資本支出增加，總資本支出增加了 16%，仍處於我們今年年初給出的指導範圍內，包括連接和平台，資本支出強度保持在 10% 左右，園區資本支出增加約 12 億美元與2022 年相比，全年資本支出略有下降。在連結和平台領域，本季資本支出略有下降至21 億美元，資本支出強度為10.3%。年比下降的原因是客戶端設備和支援資本支出減少，這遠遠抵消了我們為加速通過的家庭成長以及將我們的美國網路過渡到 DOCSIS 4.0 所做的投資。

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.

在公園的推動下，內容和體驗資本支出增加了 2.7 億美元，其中 Epic 佔本季支出成長的大部分。本季的營運資金相當中性，年比增加了近 10 億美元，其中一半以上的改善反映了編劇和演員罷工導致的停工期間的製作暫停。我們預計，隨著我們在本季將產量恢復到正常水平，營運資金的這種優勢將會逆轉。

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.

轉向資本回報和我們的資產負債表。我們在本季回購了價值 35 億美元的股票，季度運行率較上半年提高。此外，本季股利支付總額為 12 億美元，第三季資本回報總額為 47 億美元。本季結束時，我們的淨槓桿率為 2.3 倍，符合我們的目標槓桿率。

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

接下來，讓我將其交給 Marci 進行問答。

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

謝謝，傑森。接線員，請讓我們開始問答通話。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Two questions 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.

團隊有兩個關於有線業務或連接業務的問題。傑森，正如您所提到的，支出仍然是成長的良好推動力。我認為投資人關注的是你維持這種狀態的能力。您在連線方面的 EBITDA 成長一直在低至中個位數。

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.

作為一名司機，你能在接下來的幾年維持這個開支嗎？或者您需要加速收入成長嗎？也許只是談談你看到的公司未來的機會。

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.

然後我只是想知道，你在 iPhone 評論中稍微調侃了一下，但是在無線領域變得更加積極的思考過程是怎麼樣的？您想完全避免財務壓力嗎？因為它看起來像是無線的，而無線將寬頻成長提升到更高水平的潛力一定是你們正在考慮的事情。所以我很想聽聽您在這方面的考慮。

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.

是傑森。讓我從連結方面的利潤和費用問題開始。我認為你是對的，我們一直在不斷擴大利潤。其中很大一部分原因是，正如我們在前面的評論中提到的，我們又經歷了一個季度，其中每個費用項目都同比倒退或下降，這是直接網絡成本之外的積極因素。提醒一下，這些成本直接影響我們的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.

因此，當我們展望未來時，我認為結構是，您已經適當地闡述了這一點，我們的連接業務中有幾個收入成長驅動因素，即住宅寬頻、無線和商業服務。這些是所有連接和平台中利潤率較高的業務。因此，我們所看到和正在經歷的混合轉變，其中那些正在成長的企業與沒有成長的企業相比，對我們來說是一個有利的混合轉變，我們預計它將繼續是一個有利的混合轉變。因此，我會在費用和利潤方面尋找持續的機會。

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.

我想補充一下，麥克、本，另一方面，正如傑森所指出的，6 個成長驅動業務、有線電視，這些業務的組成部分都是高增量利潤、下一美元收入、非常高的增量利潤。但坦白說，正如我們所討論的，還有一些業務不屬於 6 個成長驅動因素，這些成長驅動因素正在被非常積極地管理，以持續尋找效率來抵消營收壓力。因此，我認為，我們有很多事情正在發生，這些都是持續提高利潤率的有利因素。

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 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.

這是戴夫。因此，正如傑森和麥克所說，當你談論營收利潤時，它確實開始了。因此，真正關注的是健康的總收入成長和連結性。所以我認為所有這些事情確實是可持續的。你會像我們一樣經歷競爭階段，但你仍然必須密切注意。我們相信，隨著時間的推移，除了推動良好、健康、遵守財務紀律的通話外，我們還將隨著時間的推移恢復用戶成長。所以我認為你把所有這些加起來。

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——這就是開始部分。那麼你關於行動裝置的問題，它是我們策略的重要組成部分。我們建立了業務，擁有穩定的業績，並堅信我們還有很長的路要走。我們正在做的事情之一隻是為了展示我們的重點，我們正在推出買一送一優惠。它在第三季末擴大了規模。它真正從第四季度開始。這是一個簡單、良好、可靠的產品，將帶來增值，並由此推動寬頻效益。

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.

我們從基地開始。這只是一個例子，在住宅和小型企業中，我認為隨著時間的推移，我們將繼續在行動領域非常積極。因此，行動裝置上還有很多事情要做，但我們受到鼓舞，並且非常喜歡前面的跑道。

Next question is coming from Craig Moffett from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

We 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.

事實上，我們去了一個不同的地方，Xumo，也許還有 Brian，如果你能從高層次的戰略角度談談這個問題的話。人們對串流媒體服務重新捆綁的前景進行了很多討論，這些服務在某些方面可能更接近我們過去在視訊世界中所擁有的東西。我想知道您是否可以稍微談談這一點，並談談 Xumo 如何融入其中，以及您是否認為 Xumo 有潛力真正成為您的連接和平台業務中有意義的一部分。

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 we'll 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。很好的問題。我們對 Xumo 以及我們現在與 Charter 共同取得的進步感到非常興奮。這是一個令人驚嘆的平台，始於 X1，但現在我們將出現在電視中，它將出現在設備中，並且它將遍布全國，坦白說，它將遍布全世界。它的核心和靈魂是我們的全球娛樂操作系統。其中包括 Sky、全加拿大、Cox 和我們現在逐步建立的許多其他分銷商，以幫助資助和幫助創新路線圖。

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？這真的就像你在建議，客戶真正想要什麼？他們想要一個偉大的平台，一個偉大的管道。他們想要自己客製化的世界級內容。他們希望有人能夠讓事情變得非常簡單，並在您在服務之間切換時完成繁重的工作。這就是我們在這個行業這麼多年真正建立我們公司的基礎。因此，我們從捆綁到重新捆綁、再捆綁、再捆綁，這多少有點諷刺。每個人都有不同的版本，而我們正處於某個時刻。但其中很大一部分是擁有一個現在整個產業都擁有的偉大平台。

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，所有使用這款手機但不住在康卡斯特市場（數量眾多）的人現在很快就能夠獲得這些產品，與語音遙控器交談，看看體驗有多麼美妙，無論您是否購買是否有電纜束。很重要的一點是，我們現在的大部分銷售只是寬頻。

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.

我們希望確保我們是最好的串流媒體聚合商，合乎邏輯的下一步是我們或其他人開始嘗試讓消費者更容易購買和更換套餐。因此，這是路線圖的重要組成部分。這是憲章公告中重要的一週。我確信他們也會在電話中談論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 Phil Cusick。

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?

戴夫的一對。戴夫，我想你說過你希望隨著時間的推移恢復寬頻成長。正如傑森所提到的，當你擴大正在建造的房屋數量時，我預計這可能是其中的一部分。但您能否談談您在第一季電話會議上提到的您開始的低端工作的貢獻。你們在這裡所做的逆轉以及最近來自光纖和固定無線的競爭的程度如何？其次，如果您能談談無線技術目前的狀況，費城的 CBRS 試驗進展如何。對於擴大這範圍的時機有什麼想法嗎？

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.

你明白了，菲爾。正如我們所說，每個人都已經看到，這是一個競爭相當激烈的環境。因此，當我們討論的一些宏觀問題繼續存在時。但正如您所提到的，我們也繼續看到光纖和固定無線覆蓋範圍的擴大。因此，我們已經經歷了幾個競爭週期，確實有許多新的足跡被添加。因此，我們確實從今年年初開始，在報價方面做了一些調整，真正更專注於低端市場。但我們的遊戲計畫的一部分是，我們將繼續投資於更好的網路、更好的產品，積極競爭，但我們將維持財務紀律，這意味著在平衡利率方面做出某些決定和體積。

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.

因此，上半年之後，我們確實決定取消一些更激進的優惠，這導致連線活動減少。這就是我們所發生的改變。我認為我們的自願流失率非常健康。其中的關鍵部分，仍在繼續。我們此時看到的真正問題是，當我們管理事物時，連結量較低。所以，但是淨淨，正如我們之前談到的那樣，我們正在增加收入，傑森和我都做到了。我們將重點放在收入成長的多個驅動因素。

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.

我們將在我們的劇本中，從頭到尾做出改變。那麼，關於無線，您的觀點是，我們正在繼續測試 CBRS 的滾降，我們加快了這方面的步伐，與 Charter 正在做的事情保持密切聯繫。我們在卸載流量方面看到了良好的進展，並受到了這個機會的鼓舞，因為您足跡中的一小部分地理區域就貢獻瞭如此多的無線流量。因此，如果我們選擇這樣做，我們就處於有利位置。但我們喜歡我們的現狀。在這方面沒有擴大規模的新消息，但我們處於有利地位。

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

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

I have 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2個主題。一個是體育，一個是廣告。我的意思是，在運動方面，這是內容的關鍵差異化因素。您能談談您的長期體育策略以及您認為未來體育將如何分佈嗎？我的意思是，您談到了更多直接面向消費者的內容。展望未來 3 到 5 年，線性將扮演什麼角色？

And how would you respond to the leagues, whether NBA or NFL, et cetera, 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 do you as a company/industry addressing that? How do you get dollars back?

您對聯盟（無論是 NBA 還是 NFL 等）投資 ESPN 有何反應？然後在廣告方面，有線電視和媒體領域似乎全面疲軟，我確信這與行業的其他領域是一致的。但數位產業似乎有實力，無論是Google還是Meta。作為一家公司/產業，您如何解決這個問題？怎麼拿回美元？

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. It'll be nothing like -- the same goes for, I think, NBC Sports, which is #1 show in television and Sunday Night Football.

好的。嗯，這是布萊恩。首先讓我把這個問題交給麥克，因為我認為你關於體育的行業問題非常深刻和重要。我認為我們公司在體育運動方面有著悠久、深厚、豐富的歷史，無論是公司的兩個部門。觀看 NFL 比賽或奧運會的最佳方式是使用我們的娛樂操作系統，我剛才在克雷格的問題中談到了這一點，您將在奧運會中看到這一點。我認為，這不會像 NBC Sports 那樣，它是電視節目和周日橄欖球之夜排名第一的節目。

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 where 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活動的文化，無論是肯塔基德比賽，還是在 NBC 上的收視率都比之前的任何平台都要高得多。現在有了 Peacock，我們擁有所有串流媒體服務中最多的體育賽事直播。我相信，當很多人了解到這一點時，他們都會感到驚訝，我相信情況確​​實如此。當我們舉辦英超聯賽、環法自行車賽、高爾夫或比通常在網路上持續時間更長的賽事時，我們就做出了這樣的承諾，在網路上，您需要更多的攝影機角度、更多的直播和更多的比賽。這使我們能夠在我們所談論的轉型中發揮重要作用。

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.

我們如何從類比轉向數位以幫助聯盟？所以，是的，我無法推測 ESPN 會發生什麼。但我可以推測的是，當我們與聯盟會面時（我們經常這樣做），我們認為我們具有某種獨特的能力，可以幫助現在與廣播和有線電視，特別是我們的廣播平台以及擁有強大的串流媒體獲得最大程度的參與關於我們所獲得的動力，這裡是一個超級季度的服務。其中很大一部分是由 Peacock 上的運動推動的。

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.

這樣你就可以回答你的廣告問題了，我會讓麥克稍微談談這個問題。但在最高層面上，我們正​​在 Peacock 上最相關的內容中創建數位功能。對我們來說，這看起來是一個非常成功的策略組合。

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.

我就補充一下。是麥克。我只想補充一點，對我們來說，在 Peacock 的串流背景下致力於體育運動的重要性和意義在於，我們能夠將我們的廣播公司 NBC 給派對帶來的巨大影響力結合起來，我認為我認為這是一個重要因素，而從長遠來看，體育運動將透過串流媒體獲得顯著體驗，我認為在很長一段時間內，你所看到的體育賽事轉播權的經濟性將得到廣播覆蓋範圍的大力支持我認為在很長一段時間內這將繼續成為整個圖景的重要組成部分。

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.

在廣告方面，傑西卡，我想說，總體而言，這與上季度的故事沒有太大區別。我想說，廣告市場仍然疲軟，儘管略有連續下降，但不一定會變得更糟，但同時也沒有變得更好。我們仍然認為這是由於當前經濟狀況普遍存在不確定性。我們所說的弱點或柔軟度尤其是在線性方面，而孔雀仍然非常強大。

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.

在這個季度進行了一些挑選。從 5% 減速到 [8%] 的原因是，零售和科技業略有下降，而汽車、製藥和消費品行業則上漲，這並不奇怪。娛樂業中比較獨特的一個方面是娛樂業，考慮到最近的陣容以及在其他地方投入了一些資金，串流媒體和廣告商的支出會減少一些。因此，我們相信，一旦罷工結束，其中一些將會恢復。

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.

當我們展望去年第四屆（聽不清楚）世界盃以及政治賽事時，第四季的基本廣告銷售將比去年第四季有所改善。就數字而言，我的意思是，我認為這就是為什麼一些科技競爭對手肯定會抓住機會在數位平台上將優質影片貨幣化。我認為這說明了為什麼我們認為 Peacock 對我們來說是一項重要舉措。我們對 Peacock 所取得的進展再次感到高興，目前訂閱人數已超過 2,800 萬，整體營收年增 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, may have found a great balance in how we're running the operation.

我想補充的最後一點是，我們非常興奮的體育運動最偉大的事情之一就是串流媒體體育賽事，以及這對戴夫剛才談到的我們的寬頻網路策略意味著什麼。我認為，戴夫和他的團隊可能在我們的運作方式上找到了很好的平衡。

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, again, is at the heart and soul of a lot of what we do.

但其中很大一部分是一種承諾和信念，即我們看到所有體育運動都在未來幾年（或者也許不是那麼多年）中找到一種方式，讓串流媒體變得越來越多。這將需要更多的頻寬，這將需要並為我們創造機會在市場上擁有優質的產品。這就是我們的策略。所以，回到你的第一個問題，體育真的是我們所做的許多事情的核心和靈魂。

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

我們的下一個問題來自高盛的布雷特·費爾德曼。

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.

我有兩個關於您的業務連接部分的問題。首先，您對您為更好地滿足企業客戶群而進行的投資發表了一些評論。我認為這個假設在歷史上一直存在，這不是您關注的焦點，因為提供演示服務通常需要您為位於您足跡之外的位置的客戶提供服務。所以我很想了解更多關於你們擴大規模的策略。我想知道這是否可能涉及對您所在地區之外的連接平台進行增量投資，無論是有機投資還是可能進行一些收購。

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，我希望您能為我們介紹一下業務部門對您在無線領域取得成功的貢獻程度的最新情況。這是你在住宅空間中看到的節奏嗎？還是你認為你在那裡有更多的機會？

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.

布雷特、戴夫.那麼就讓我開始吧。整體商業服務季度表現非常好。收入略有成長，反映出企業和中端市場的強勁成長。因此，我們一直非常注重發展所有類別。那麼，讓我提供一些關於銷售投資的觀點。一段時間以來，我們一直在與合作夥伴合作，尤其是收購 Masergy。我們一直在擴大我們的能力，進入其他領域。現在我們有機會在全球範圍內與客戶打交道。

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.

這裡的關鍵是無論客戶身在何處，都能夠滿足他們的需求。所以這項特殊的投資只是增加了一些人。我們在那裡建造的不是基礎設施。我們將利用我們現有的合作夥伴關係，但當然，我們將提供滿足客戶需求的產品，但銷售團隊和增加一些人員可以推動客戶所在地的中端市場和企業。

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.

但我們將繼續合作。我們與 Charter、Cox 和許多其他公司建立了良好的合作夥伴關係，我們將繼續這樣做。這並不是真正的基礎設施時刻。而就無線而言，它是商業服務中非常重要的一部分。顯然，這個階段以中小企業為中心，我們正在努力做到這一點。我們加快了這方面的步伐。目前它還不是整體移動活動的主要驅動力，但我們預計這一速度將會加快。這對我們來說很重要。

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 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.

當你談論商業服務時，布雷特，如果可以的話，讓我說最後一點。如果我在比爾·斯坦珀 (Bill Stemper) 轉任名譽主席時不向他表示感謝，那就是我的失職。長期以來，比爾一直是這項業務的出色隊友和推動者，比爾所做的偉大事情之一就是建立了一支世界一流的團隊。我認為他們在性能方面設定了標準。我們將繼續這樣做。該團隊的一員是一位出色的高管 Ed Zimmerman，他現在已經接手了為我們提供業務服務的工作。所以祝賀兩人。

Our next question is coming from John Hodulik from UBS.

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

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?

兩個，如果可以的話。首先，也許對戴夫來說。我能聽聽您對迪士尼續約憲章的看法嗎？您認為康卡斯特正朝這個方向發展嗎？或者，如果行業確實朝這個方向發展，您是否認為該行業和線性電視會受益？然後跟進您對寬頻方面的一些評論。你們正在推出 DOCSIS 4.0。您開始註冊客戶。我想，第一，您能否向我們介紹一下推出時間的最新情況？

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，您認為它更多的是 ARPU 機會還是子機會，即用戶成長機會？我想最後，您說低端寬頻市場的競爭更加激烈。有沒有什麼方法可以量化康卡斯特對低端市場的影響或寬頻低端市場有多大？

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。我認為麥克和布萊恩談論了迪士尼憲章。所以——對我來說，我認為這就是——他們提供了一個觀點。從我的角度來看，我認為每種情況都是獨一無二的。我認為由於我們擁有的平台以及我們作為一家公司從事串流媒體業務的事實，我們處於非常獨特的地位。但我們與內容提供者有著良好的關係，並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.

但這將根據具體情況而定，我們拭目以待。但其中很大一部分，我們討論的事情之一是價值，內容的價值以及模型如何演變，我們會弄清楚的。但我認為我們處於一個很好的位置，可以成為橋樑的建造者——考慮市場上的每一個選擇。就網路和 DOCSIS 而言，約翰，讓我為您介紹我們所處的位置。所以我們大約佔 30%，就中分線而言，我們真正專注於將 HFC 與光纖連接的無縫集成，明年我們將佔 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.

那麼 - 然後我們開始 - 您已經看到了公告，我們討論了 DOCSIS 的部署（聽不清楚）。因此，我們將繼續推動中分裂升級領域，DOCSIS 4.0 遵循中分裂軌跡。這就是我們的重點，持續的重點是為市場的發展方向提供領導力。

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'll 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.

之所以要回答你的問題，即我們在哪裡看到好處，那就是市場將繼續下去，無論是我們之前討論的體育討論，因為越來越多的事情可能開始進入串流媒體。在高峰時刻將會有更多的同時競爭，並且我們在網路中處於有利地位。因此，擁有更快的速度、大規模無處不在的網路覆蓋範圍、最高效的網路和有效交付的能力，我們今天獲得了 1G 客戶。我們 70% 的客戶擁有 400 兆或更高頻寬，我們了解事情的發展方向。

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。我認為隨著時間的推移，客戶關係將會變得越來越困難，因為一些競爭對手必須在網路方面進行權衡，尤其是在固定無線領域。所以對我來說，它既是速率又是數量。最後一點就在下端。低端市場有很多活動。我們在第一季確實做出了回應，但在下半年做出了調整。所以我想我談到了這一點。

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 the great content. And I think we're really well positioned to do that, and we're looking forward to executing upon that.

我只想說，關於憲章和迪士尼，我認為這是我回答的第一個問題，我們認為有一個——不是重複戴夫所說的，沒有一種方法適合所有人，非常高興，對雙方都感到高興公司認為他們想出了一些對消費者有利的東西。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來幫助我們的客戶擁有良好的網路、聚合內容並存取精彩的內容。我認為我們確實有能力做到這一點，並且我們期待著執行這一點。

Next question is coming from Jonathan Chaplin from New Street.

下一個問題來自新街的喬納森·卓別林。

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?

也許對戴夫來說，這只是菲爾的一個小問題。就 CBRS 試驗而言，您所看到的好處是您更熱衷於能夠卸載流量的成本方面嗎？或是還有產品優勢嗎？

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.

然後隨著 600 兆赫頻譜的出售，這是否表明您對擁有 600 兆赫茲之外的任何頻譜並不真正感興趣？或者是這樣的事情 - 抱歉，除了 CBRS 之外，您擁有的產品組合中是否有關於 600 兆赫的特定內容，使其成為非戰略性的？然後，如果您能為我們提供有關您的寬頻平均使用情況的快速更新信息，那也會很有幫助。

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。因此，就 CBRS 而言，正如我之前所說，我們已經就位。這對我們來說是一個選擇。我們處於有利位置。我們喜歡我們目前的交易，MVNO 輕資本方法，我們談論的一切都是一致的。

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.

但我們一直非常感興趣，CBRS 的好處在於成本方面。再次強調，如果您的 3% 的地理覆蓋範圍提供了 60% 的流量，那麼這是一個不錯的選擇，而且我們是否能弄清楚如何做到這一點。所以我們——這才是真正的推動力。

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—但我們一直非常關注如何打造更好的整體無線體驗。我認為，除了 CBRS 之外，我們還擁有強大的 Wi-Fi 功能，如果這是我們想做的事情的話。但 CBRS 的關鍵是，我們只想做好準備，並在沒有大量資本支出的情況下實現這一目標，以便能夠交付較小的地理區域。就 600 而言，這只是一個為我們地區以外的國家地區獲取價值的機會。這是有道理的——這對我們來說是一筆很好的交易，而不是我們要在我們的足跡之外建立的東西。

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

我們今天的最後一個問題來自富國銀行的史蒂文·卡霍爾。

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?

首先是住宅寬頻 ARPU。想知道您是否可以解開一點連續的變化。我知道主要的組成部分是從雙線模式到單線模式，以及分層和定價。因此，隨著速度的逐漸放緩，我們是否應該將其很大程度上歸因於您所看到的影片遺失速度的放緩或其中發生的其他情況？

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?

然後，布萊恩，您談到如何有效地去槓桿化資產負債表，在過去幾年中將資產負債表減少了整整一個週轉。此外，您的許多競爭對手，尤其是媒體方面的競爭對手，將面臨更大的挑戰。所以我知道你所做的任何事情都會受到紀律處分，但當你展望未來並考慮與一些沒有受到挑戰的公司（例如 Netflix、蘋果和亞馬遜）競爭時，你如何看待其中一些公司的可用性苦惱的內容創作者可能會在未來的某個時候出現？

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.

讓我開始吧，史蒂文。這是戴夫。就 ARPU 而言，最大的推動因素是今年上半年，我們的重點是，我們確實在今年上半年進行了調整，在低端市場更加激進。這導致了新客戶的混合變化，並導致 ARPU 成長減速，從先前的 4.5% 降至 3.9%。但 3.9% 的 ARPU 成長仍然非常強勁，這與我們的規劃和我們正在討論的內容一致。

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.

所以這確實是最大的驅動力。隨著時間的推移，有些人肯定會受益，NOW TV 的視訊業務表現稍好一些，已經開始加快步伐。對此非常滿意，但這主要是對低端產品的改進。順便說一句，當我們進行這些調整時，您不會看到從第三季到第四季的減速程度。所以——這主要是我談到的層級組合變化。

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。只要看看這裡的歷史背景，我們的寬頻 ARPU 通常在任何一年都會成長 3% 到 4%。今年前三個季度我們的營運一直處於最高水準。從長遠來看，您提到了其中的戰術組成部分，但實際上，我們希望看到寬頻使用量的增長。我們希望看到客戶將更多設備掛在網路上。我們希望看到他們採取更高的速度，而這正是他們正在做的。所以，這些是隨著時間的推移推動 ARPU 成長的基本支柱，而這正是我們所看到的。

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?

這是布萊恩。事實上，我會​​讓麥克回答，因為他在財務長的舊工作中做得非常出色，幫助我們將資產負債表置於令人羨慕的位置，正如他在開場白或關於債務期限和我們的一些利率的評論中所描述的那樣。生意興隆。本季是這一點的又一次體現。今年的開局非常棒。但是麥克，你為什麼不呢——因此，除了我們的計劃之外，做任何事情的門檻都很高。我們喜歡這家公司。但是麥克，為什麼不具體談談你對這個內容問題的想法呢？

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，布萊恩。所以我認為，如果你縮小範圍，這就是我之前所說的，史蒂文，這就是——我認為我們的財務狀況總體上是強勁的。想想我們從事的所有業務，我認為我們在客戶方面擁有領先地位，而且與您可以看到的任何同行相比，我們也擁有強勁的利潤率。再加上強勁的資產負債表，我認為該公司的財務狀況再好不過了。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。我認為我們不會給任何人任何季度來經營我們擁有的業務。

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 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，我們的首要任務是如何運用財務實力，這是非常具有策略意義的。因此，我認為我們會考慮我們所處的業務，並對它們進行適當的投資，以獲得回報和成長，並推動這些業務的長期成長。因此，傑森談到一半的公司收入強勁成長時的方式。我們正在努力尋找將資源投入到我們自己的業務中的方法。所以這是首要任務。

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，我們考慮任何無機物的門檻確實很高。但我們的工作就是關注這些事情。但如果你考慮所謂的潛在不良媒體資產，我不確定你指的是哪些資產，但其中許多資產規模很小，不會改變我們公司的宗旨。所以我認為我們的重點是整體情況，康卡斯特是什麼樣子，我們為我們擁有的公司感到自豪。

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。我要感謝大家加入我們。

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。將於今天東部時間上午 11:30 在康卡斯特投資者關係網站上重播此次電話會議。感謝您的參與。你們現在可以斷開連結了。