康卡斯特 (CMCSA) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

早安，女士們、先生們，歡迎參加康卡斯特 2023 年第四季和全年財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

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

我現在將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 us on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong and Dave Watson.

謝謝運營商，歡迎大家。加入我們今天電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 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 and which contains our safe harbor disclaimer. This conference call may include forward-looking statements subject to certain risks and uncertainties.

現在，我將向您推薦本次電話會議隨附簡報的投影片 2，該投影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。

Thanks, Marci, and good morning, everyone. We're less than a month into the new year, and 2024 is already off to a great start. Two weeks ago, our entire company came together to make history: shattering records with the first exclusively streamed NFL Wildcard game on Peacock. Nearly 23 million viewers watched the Kansas City Chiefs take on the Miami Dolphins, consuming 30% of all Internet traffic in the U.S. and setting a new record in total U.S. Internet traffic for any night.

謝謝，馬西，大家早安。距離新年還有不到一個月的時間，2024 年已經有了一個好的開始。兩週前，我們整個公司齊心協力創造了歷史：在 Peacock 上首次獨家直播 NFL Wildcard 比賽，打破了記錄。近 2300 萬觀眾觀看了堪薩斯城酋長隊 (Kansas City Chiefs) 對陣邁阿密海豚隊 (Miami Dolphins) 的比賽，消耗了美國所有互聯網流量的 30%，創下了美國每晚互聯網總流量的新紀錄。

Our investment in the network and our technology platforms built over decades enabled us to shine, delivering a seamless experience on the Internet and Peacock demonstrating that our company is in an excellent position to win in this era of high bandwidth consumption.

我們對網路的投資和數十年來建立的技術平台使我們能夠大放異彩，在互聯網上提供無縫體驗，Peacock 表明我們公司在這個高頻寬消耗的時代處於致勝的有利位置。

Also, Universal Pictures' Oppenheimer picked up 5 Golden Globe awards, including Best Picture, Best Director, Best Actor, Best Supporting Actor and Best Original Score. So with 2024 off to a terrific start, let's look back at 2023, where we produced consistently strong financial results and continue to execute against our long-term strategy.

此外，環球影業的奧本海默還包辦了最佳影片、最佳導演、最佳男主角、最佳男配角和最佳原創配樂等 5 項金球獎。因此，在 2024 年有了一個出色的開局之後，讓我們回顧一下 2023 年，我們取得了持續強勁的財務業績，並繼續執行我們的長期策略。

We positioned our company to benefit from a significant number of scaled and diversified growth opportunities that are margin-accretive, namely Residential Broadband, Mobile, Business Services, Theme Parks, Studios and Peacock. In aggregate, our revenue in these businesses grew 8% in 2023 and comprised 55% of our total revenue for the year.

我們將公司定位為受益於大量可增加利潤的規模化和多元化成長機會，即住宅寬頻、移動、商業服務、主題樂園、工作室和孔雀。總的來說，我們在這些業務上的收入在 2023 年成長了 8%，占我們當年總收入的 55%。

Our healthy cash flow generation and strong balance sheet have enabled the organic investment that fuels these businesses and at the same time, fund substantial capital return, including significant share repurchases. All of this has translated into excellent financial performance.

我們健康的現金流產生和強勁的資產負債表使有機投資成為可能，為這些業務提供動力，同時為大量資本回報提供資金，包括大量股票回購。所有這些都轉化為出色的財務表現。

For the third consecutive year, we generated the highest revenue, adjusted EBITDA, and adjusted EPS in our company's history.

我們連續第三年創造了公司歷史上最高的收入、調整後 EBITDA 和調整後每股收益。

Now let's go deeper on some of the important achievements during the year. I'm really proud of the progress we've made in our connectivity businesses. We maintained a strong trajectory in Xfinity Mobile, increasing our subscriber lines by 24% and total domestic wireless revenue by nearly 20%.

現在讓我們深入了解這一年中的一些重要成就。我對我們在連接業務方面取得的進步感到非常自豪。我們在 Xfinity Mobile 方面保持了強勁的發展勢頭，我們的用戶數量增加了 24%，國內無線總收入增加了近 20%。

We also performed well in our Business Services segment, which grew full year revenue and EBITDA by nearly 5% with margins approaching 60%. And we exceeded our goal of adding over 1 million new homes and businesses passed and expect to do at or above this level in 2024.

我們的商業服務部門也表現出色，全年營收和 EBITDA 成長了近 5%，利潤率接近 60%。我們超越了新增超過 100 萬套新住宅和企業的目標，並預計在 2024 年達到或超過這一水平。

Our domestic broadband business remains strong. We kept our very large and healthy base of subscribers flat while growing residential ARPU 3.9%, the high end of our historical range, driving solid EBITDA growth in Connectivity & Platforms and expanding margins to around 40% on an underlying basis.

我們的國內寬頻業務依然強勁。我們保持了龐大且健康的用戶基礎不變，同時住宅 ARPU 成長了 3.9%，這是我們歷史範圍的高端，推動了連接和平台的 EBITDA 穩健成長，並將基本利潤率擴大到 40% 左右。

We achieved all of this despite an intensely competitive environment. And as I look back on 2023, I am confident that our strategy combined with excellent execution sets us up extremely well to navigate the road ahead.

儘管競爭激烈，我們還是實現了這一切。當我回顧 2023 年時，我相信我們的策略與出色的執行力相結合，使我們能夠很好地駕馭未來的道路。

While the competitive environment is likely to remain at these levels for a period of time, broadband is still a very large, healthy and profitable market. And the consumption trends that we're seeing are encouraging for the future.

儘管競爭環境可能會在一段時間內保持在這樣的水平，但寬頻仍然是一個非常龐大、健康且有利可圖的市場。我們看到的消費趨勢對未來來說是令人鼓舞的。

Customers are connecting more devices in their homes and are using them for applications that require more capacity, faster speeds, and lower latency. Our fiber-deep and capital-efficient network is more than ready to meet this demand with 100,000 miles of fiber and a clear path to offering multi-gigabit symmetrical speeds ubiquitously across our entire footprint with DOCSIS 4.0.

客戶在家中連接更多設備，並將它們用於需要更大容量、更快速度和更低延遲的應用程式。我們的光纖深度和資本效率高的網路已經準備好滿足這一需求，擁有100,000 英里的光纖和一條清晰的路徑，透過DOCSIS 4.0 在我們的整個覆蓋範圍內提供無處不在的多千兆位元對稱速度。

I'd like to spend a minute briefly addressing the government's Affordable Connectivity Program. First, it's important to note that we built on our decade-long history in digital equity to effectively participate in ACP and have successfully leveraged to the National Verifier Program in the process.

我想花一點時間簡單談談政府的平價連接計劃。首先，值得注意的是，我們在數位資產領域長達十年的歷史基礎上有效參與了 ACP，並在此過程中成功利用了國家驗證者計劃。

While we hope that the White House and Congress renew this funding and keep these important resources available to the many people and households who have relied upon this program to stay digitally connected, we have already begun to communicate with ACP participants. And we'll provide a range of options, including our highly successful Internet Essentials program in the event that funding is discontinued.

雖然我們希望白宮和國會續訂這筆資金，並將這些重要資源提供給依賴該計劃保持數位連接的許多人和家庭，但我們已經開始與 ACP 參與者進行溝通。我們將提供一系列選擇，包括在資金中斷的情況下我們非常成功的 Internet Essentials 計劃。

Shifting to Content & Experiences, we've positioned ourselves to drive long-term profitable growth. Over the span of decades, we've built a remarkable portfolio of iconic content and strong franchises in both film and television, including live sports, news and entertainment.

轉向內容和體驗，我們將自己定位為推動長期獲利成長。幾十年來，我們在電影和電視領域建立了一系列出色的標誌性內容和強大的特許經營權，包括體育直播、新聞和娛樂。

Our market-leading businesses have tremendous reach and continue to perform and execute collaboratively, playing to our strengths by leveraging our IP and our incredible partners.

我們市場領先的業務擁有巨大的影響力，並繼續協作執行和執行，透過利用我們的智慧財產權和令人難以置信的合作夥伴發揮我們的優勢。

Let's start with our Studio Group, where we hit a major milestone ranking as the #1 studio in film by worldwide box office with hits such as Super Mario Bros., Oppenheimer, Fast X and Five Nights at Freddy's. We are proud to work alongside our creative partners like Christopher Nolan, Chris Meledandri and Jason Blum, who are innovative industry leaders to develop content that continues to delight audiences.

讓我們從我們的工作室集團開始，我們憑藉《超級瑪利歐兄弟》、《奧本海默》、《玩命關頭》和《玩具熊的五夜後宮》等熱門影片，創下了全球票房排名第一的電影工作室的重要里程碑。我們很榮幸能與克里斯多福諾蘭(Christopher Nolan)、克里斯梅勒丹德里(Chris Meledandri) 和賈森布魯姆(Jason Blum) 等創意合作夥伴合作，他們都是創新產業的領導者，致力於發展持續取悅觀眾的內容。

And I'm really excited about another fantastic film slate in 2024 with the latest installment of Kung Fu Panda in March along with Despicable Me and Twisters in July and Wicked slated for November, which will also benefit Peacock as these films and many others enter the Pay-One window.

我對2024 年的另一部精彩電影感到非常興奮，其中包括3 月份的最新一期《功夫熊貓》、7 月份的《神偷奶爸》和《龍捲風》以及11 月份的《魔法壞女巫》，這也將使孔雀受益，因為這些電影和許多其他電影將進入一付一窗口。

At the same time, our Media segment continues to deliver, reaching over 100 million households every quarter with leading sports, news and entertainment. We have the #1 most watched news organization in the U.S., and Sunday Night Football is pacing to be the most watched Prime time show for an unprecedented 13th consecutive year.

同時，我們的媒體部門繼續提供服務，每季為超過 1 億家庭提供領先的體育、新聞和娛樂內容。我們擁有全美收視率排名第一的新聞機構，《週日橄欖球之夜》正史無前例地連續 13 年成為收視率最高的黃金時段節目。

Peacock continued to be the fastest-growing streamer in the U.S., a result of our holistic business model, which leverages all of our brands to serve a broad range of viewers by providing them with options to match their evolving habits. In the short period of time since we launched in 2020, we've seen strong momentum, ending the year at 31 million paid subscribers at a $10 ARPU supported by healthy trends in both engagement and churn and I'm excited for 2024.

Peacock 仍然是美國成長最快的串流媒體，這是我們整體業務模式的結果，該模式利用我們所有的品牌為廣大觀眾提供服務，為他們提供符合他們不斷變化的習慣的選擇。自2020 年推出以來的短時間內，我們看到了強勁的勢頭，在參與度和流失率方面的健康趨勢的支持下，截至年底付費用戶數量達到3100 萬，ARPU 為10 美元，我對2024 年感到興奮。

We started with a successful Wildcard game, which will soon be followed by Oppenheimer coming exclusively to Peacock and a full slate of both new and returning originals such as Ted, Peacock's most watched original title, additional Pay-One movies and the Summer Olympics later this year. These next Olympic Games promised to be nothing short of spectacular with the return of fans this time to Paris, one of the most beautiful cities in the world.

我們從一場成功的通配符遊戲開始，不久之後，奧本海默將專門為Peacock 推出，以及一整套新的和回歸的原創作品，例如Peacock 觀看次數最多的原創作品《Ted》、其他Pay-One電影以及今年晚些時候的夏季奧運會。年。隨著球迷們這次回到世界上最美麗的城市之一巴黎，下一屆奧運會一定會非常壯觀。

With the NBC Broadcast Network airing more content than ever before and Peacock as the streaming home for all games, NBCUniversal would be the most comprehensive Olympic destination in U.S. media history, with Xfinity once again playing a huge role in delivering each game on our entertainment OS platform, which is now also available to charter customers through Xumo.

隨著NBC 廣播網絡播出的內容比以往任何時候都多，並且Peacock 成為所有比賽的串流主頁，NBCUniversal 將成為美國媒體歷史上最全面的奧運會目的地，而Xfinity 再次在我們的娛樂操作系統上提供每場比賽方面發揮著巨大作用平台，現在也可以透過 Xumo 向包機客戶開放。

At Parks, we achieved record high revenue and EBITDA in 2023 and have exciting new attractions and experiences in the years ahead. We'll open Donkey Kong, another Nintendo-themed land next year in Osaka, which will expand Super Nintendo World by another 70%. We expect continuation of the strong trends in Hollywood also driven by Super Nintendo World. And we'll see the completion of Epic Universe, our fourth gate in Orlando, prior to its grand opening in 2025.

在公園，我們在 2023 年實現了創紀錄的收入和 EBITDA，並在未來幾年擁有令人興奮的新景點和體驗。明年我們將在大阪開設另一個任天堂主題樂園“大金剛”，超級任天堂世界將再擴大 70%。我們預計好萊塢的強勁趨勢將在超級任天堂世界的推動下繼續下去。我們將在 2025 年盛大開幕之前，見證我們在奧蘭多的第四個大門 Epic Universe 的竣工。

In summary, we are very pleased with all that we have achieved in 2023. We have incredible teams in each of our businesses and have executed against our plan exceptionally well, delivering very strong EBITDA, EPS, and free cash flow.

總而言之，我們對2023 年所取得的一切成就感到非常滿意。我們的每項業務都擁有令人難以置信的團隊，並且非常出色地執行了我們的計劃，實現了非常強勁的EBITDA、EPS 和自由現金流。

Going forward, our highest priority is to continue our strong operational performance, enabled by the investments we are making in our 6 key growth areas, fueling their growth and further improving the profile of our business mix. The strength and stability of our company, including our balance sheet, enables us to make these investments while also providing our shareholders with substantial capital returns.

展望未來，我們的首要任務是繼續保持強勁的營運業績，這得益於我們在 6 個關鍵成長領域的投資，推動它們的成長並進一步改善我們的業務組合狀況。我們公司的實力和穩定性，包括我們的資產負債表，使我們能夠進行這些投資，同時也為我們的股東提供可觀的資本回報。

Since we started buying back stock in late May of 2021, we have repurchased approximately 15% of our total shares outstanding. And with today's announcement, we've now increased our annualized dividend by 150% since I joined the company in 2015.

自 2021 年 5 月下旬開始回購股票以來，我們已回購了已發行股票總數的約 15%。透過今天的公告，自我 2015 年加入公司以來，我們的年化股利現已增加了 150%。

Putting it all together, our strategy is working, and we see many years ahead that this formula will continue to deliver for our company and shareholders.

總而言之，我們的策略正在發揮作用，我們預計未來很多年，而這個模式將繼續為我們的公司和股東帶來好處。

Jason, over to you.

傑森，交給你了。

Thanks, Mike, and good morning, everyone. I'll begin on Slides 4 and 5 with our consolidated results. Total revenue increased 2% to $31.3 billion for the fourth quarter and was consistent at $121.6 billion for the full year.

謝謝麥克，大家早安。我將從幻燈片 4 和 5 開始展示我們的綜合結果。第四季總營收成長 2%，達到 313 億美元，全年維持在 1,216 億美元。

On a reported basis, EBITDA was consistent at $8 billion for the fourth quarter and up 3% to $37.6 billion for the full year. Our EBITDA results include severance and other in this quarter as well as in last year's fourth quarter. Excluding these items totaling $527 million this quarter and $638 million in last year's quarter, adjusted EBITDA decreased 1% in the fourth quarter and remained at 3% growth for the full year.

根據報告，第四季 EBITDA 穩定在 80 億美元，全年成長 3% 至 376 億美元。我們的 EBITDA 業績包括本季以及去年第四季的遣散費和其他費用。剔除本季總計 5.27 億美元和去年季度總計 6.38 億美元的這些項目，調整後 EBITDA 第四季下降 1%，全年仍保持 3% 的成長。

Adjusted EPS was up 2% to $0.84 a share for the fourth quarter and increased 9% to $3.98 for the full year. We generated $1.7 billion of free cash flow for the quarter and $13 billion for the full year, which translates into $3.13 in free cash flow per share, which was up 10% year-over-year. And we returned over 100% of this to shareholders with $4.7 billion of capital returned to shareholders in the quarter and $15.8 billion for the full year.

第四季調整後每股收益成長 2%，至每股 0.84 美元；全年調整後每股收益成長 9%，至 3.98 美元。我們本季產生了 17 億美元的自由現金流，全年產生了 130 億美元的自由現金流，相當於每股自由現金流 3.13 美元，比去年同期成長 10%。我們將其中 100% 以上返還給股東，本季返還給股東的資本為 47 億美元，全年返還給股東的資本為 158 億美元。

Our strong level of free cash flow includes the significant investments we're making to support and grow our business in 6 broad and diversified growth categories, including Residential Broadband, Wireless and Business Services Connectivity along with Theme Parks, Streaming and Premium content at our Studios. Taken together, these growth areas generated more than half of our total company revenue and grew at a high single-digit rate during the quarter and for the full year.

我們強勁的自由現金流水平包括我們為支持和發展我們在6 個廣泛且多元化的增長類別中的業務而進行的重大投資，包括住宅寬頻、無線和商業服務連接以及主題公園、串流媒體和我們工作室的優質內容。總的來說，這些成長領域創造了我們公司總收入的一半以上，並在本季和全年以高個位數的速度成長。

Now let's turn to our business results, starting on Slide 6 with Connectivity & Platforms. As a reminder, our largest foreign exchange exposure is to the British pound, which was up nearly 6% year-over-year. As usual, in order to highlight the underlying performance of the Connectivity & Platforms business, I will refer to year-over-year growth on a constant currency basis.

現在讓我們轉向我們的業務成果，從幻燈片 6 的連接和平台開始。提醒一下，我們最大的外匯風險是英鎊，較去年同期成長近 6%。像往常一樣，為了突顯連結和平台業務的基本業績，我將提及以固定匯率計算的年成長。

Revenue for total Connectivity & Platforms was flat at $20.4 billion. Unpacking that, revenue in our core connectivity business, domestic broadband, domestic wireless, international connectivity and Business Services Connectivity, increased 7% to $11 billion, while video, advertising and other revenue declined 8% to $9 billion.

連接和平台總收入持平，為 204 億美元。綜上所述，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）的收入增長了7%，達到110 億美元，而視訊、廣告和其他收入下降了8%，達到90億美元。

Our strategy is to invest to drive growth in our core connectivity businesses, while at the same time, carefully managing businesses that are important but face secular headwinds. On balance, this is a favorable mix shift for the profitability of our overall Connectivity & Platforms segment as reflected in our results.

我們的策略是投資推動核心連結業務的成長，同時謹慎管理重要但面臨長期阻力的業務。總的來說，這對我們整個連接和平台部門的盈利能力來說是一個有利的組合轉變，正如我們的業績所反映的那樣。

EBITDA for total Connectivity & Platforms increased 3% with EBITDA margins improving 130 basis points year-over-year. This includes severance and other of $422 million in the quarter and $456 million of charges in last year's fourth quarter. Excluding these items in both periods, EBITDA increased 2% to $8 billion, and EBITDA margins improved by 110 basis points.

整個連接和平台的 EBITDA 成長了 3%，EBITDA 利潤率比去年同期提高了 130 個基點。其中包括本季 4.22 億美元的遣散費和其他費用以及去年第四季的 4.56 億美元費用。剔除這些項目，兩個時期的 EBITDA 成長了 2%，達到 80 億美元，EBITDA 利潤率提高了 110 個基點。

Margins for our domestic legacy cable business improved 70 basis points to 46.2%.

我們國內傳統電纜業務的利潤率提高了 70 個基點，達到 46.2%。

In terms of how our underlying performance in Connectivity & Platforms breaks out between residential and business on the same basis, excluding severance and other from both periods, residential EBITDA grew 2% with margins improving 120 basis points, and business services EBITDA increased 5% with margins nearly unchanged at an impressive 57%.

就我們在住宅和企業連接和平台方面的基本業績如何在相同基礎上突破而言（不包括兩個時期的遣散費和其他費用），住宅EBITDA 增長了2%，利潤率提高了120 個基點，商業服務EBITDA 成長了5%，利潤率提高了2%。利潤率幾乎保持不變，為令人印象深刻的 57%。

Now let's get further into the details, starting with our connectivity growth drivers. Residential connectivity revenue grew 7% driven by 4% growth in domestic broadband, 15% growth in domestic wireless, and 19% growth in international connectivity, while Business Services Connectivity revenue grew 6%.

現在，讓我們從連結成長驅動因素開始進一步了解細節。在國內寬頻成長 4%、國內無線成長 15% 和國際連線成長 19% 的推動下，住宅連線收入成長了 7%，而商業服務連線收入成長了 6%。

Domestic broadband was once again driven by very strong ARPU growth of 3.9% for the quarter and for the year, landing at the high end of our historical 3% to 4% range, while our base of 32 million broadband subscribers remained stable over the past year, including the 34,000 subscriber loss this quarter.

國內寬頻再次受到本季和全年 ARPU 3.9% 強勁增長的推動，達到了 3% 至 4% 歷史範圍的高端，而我們 3200 萬寬頻用戶的基礎在過去保持穩定年，包括本季度34,000 名用戶流失。

We remain focused on competing aggressively but in a financially balanced way as evidenced by this quarter and past year's results. With the broadband marketplace remaining extremely competitive, we will continue to manage this balance and expect ARPU growth will remain strong within our historical range and continue to be the driver of our residential broadband revenue growth in 2024.

我們仍然專注於積極競爭，但要以財務平衡的方式進行競爭，本季和去年的業績就證明了這一點。由於寬頻市場仍然極具競爭性，我們將繼續保持這種平衡，並預計 ARPU 成長將在我們的歷史範圍內保持強勁，並繼續成為 2024 年住宅寬頻收入成長的驅動力。

While we do not expect subscriber trends to improve in the coming quarters, we do expect them to improve over time. At the macro level, customers are consuming more, connecting more devices in their homes and are using them for applications that collectively require even faster speeds, lower latency and higher reliability over time.

雖然我們預計訂戶趨勢在未來幾季不會有所改善，但我們確實預計它們會隨著時間的推移而改善。從宏觀層面來看，客戶的消費量正在增加，在家中連接的設備也越來越多，隨著時間的推移，它們將用於共同需要更快速度、更低延遲和更高可靠性的應用程式.

These secular trends are all moving in our favor, and we believe our marginal cost to add capacity to our network is unrivaled. This is why we are investing in our fiber-fed network to further increase capacity and offer multi-gig symmetrical speeds ubiquitously across our footprint and ensure that we stay way ahead of consumer demand with the best broadband offering and experience.

這些長期趨勢都對我們有利，我們相信增加網路容量的邊際成本是無與倫比的。這就是為什麼我們投資光纖饋送網絡，以進一步提高容量，並在我們的足跡中提供無處不在的多千兆對稱速度，並確保我們以最佳的寬頻產品和體驗遠遠領先於消費者的需求。

We have deployed mid-splits to about 35% of our footprint and expect that to reach around 50% by the end of 2024. On the back of this, we launched our first DOCSIS 4.0 market during the fourth quarter, and we'll continue to launch additional markets this year.

我們已經部署了約 35% 的足跡，預計到 2024 年底將達到 50% 左右。在此基礎上，我們在第四季度推出了第一個 DOCSIS 4.0 市場，我們將繼續今年將推出更多市場。

We are focused on what we can control. That means segmenting our customer base by offering our customers the right price, including value options at different speed tiers and driving ARPU ahead in an environment where broadband subscriber growth remains challenged. And we're doing this in the context of aggressive network upgrades and expansion, putting us in a great position to eventually return to subscriber growth.

我們專注於我們可以控制的事情。這意味著透過為客戶提供合適的價格（包括不同速度等級的價值選擇）來細分我們的客戶群，並在寬頻用戶成長仍面臨挑戰的環境中推動 ARPU 的成長。我們是在積極的網路升級和擴張的背景下做到這一點的，這使我們處於最終恢復用戶成長的有利位置。

Speaking of network expansion, we exceeded our goal of passing 1 million new homes and businesses in 2023, landing at nearly 1.1 million. And we plan to replicate this in 2024 with this level or potentially even greater footprint expansion.

說到網路擴張，我們超越了 2023 年新建住宅和企業數量超過 100 萬個的目標，達到近 110 萬個。我們計劃在 2024 年以這一水平或可能更大的足跡擴張來複製這一點。

Switching to Wireless. We had a great milestone, eclipsing $1 billion in quarterly revenue for the first time this quarter with the year-over-year increase due to higher service revenue driven by continued strong momentum in customer lines, which were up 1.3 million or 24% year-over-year to 6.5 million in total. This includes 310,000 lines we just added in the quarter. We've had a healthy run rate, generating around 300,000 net additional lines per quarter for the last 2 years.

切換到無線。我們實現了一個偉大的里程碑，本季營收首次突破 10 億美元，年成長，這是由於客戶線持續強勁勢頭推動服務收入增加，同比增長 130 萬或 24%。總數較上年增加至650 萬。這包括我們在本季度剛剛添加的 310,000 行。我們的運作率良好，過去 2 年每季新增約 30 萬條線路。

And we're consistently in the market testing new offers, and we'll continue to do that throughout the coming year with the goal that some of these offers will translate into accelerated line additions as the year progresses. With only 11% penetration of our domestic residential broadband customer accounts, we still have a big opportunity and a long runway ahead for growth in Wireless.

我們一直在市場上測試新的產品，我們將在來年繼續這樣做，目標是隨著時間的推移，其中一些產品將轉化為加速的產品線添加。儘管我們的國內住宅寬頻客戶帳戶滲透率僅為 11%，但我們在無線領域仍有巨大的機會和漫長的發展道路。

International connectivity revenue increased 19% driven by steady mid-teens growth in broadband along with strong growth in wireless, which had healthy growth in both device sales and service revenue.

國際連線收入成長了 19%，這得益於寬頻的穩定成長以及無線業務的強勁成長，無線業務的設備銷售和服務收入均實現健康成長。

Finally, Business Services Connectivity revenue increased 6% driven by consistent growth in our small business category as we grew ARPU through rate and higher penetration of additional products like SecurityEdge and from strong growth in mid-market and enterprise.

最後，商業服務連接收入成長了6%，這得益於我們的小型企業類別的持續成長，因為我們透過SecurityEdge 等其他產品的比率和更高的滲透率提高了ARPU，以及中端市場和企業的強勁增長。

The revenue growth in our connectivity businesses was offset by declines in video, advertising and other revenue. The video revenue decline was driven by continued customer losses. The lower other revenue reflects similar dynamics in wireline voice. And advertising was impacted by a tough comparison to last year, which benefited from higher political revenue in our domestic markets.

我們連接業務的收入成長被影片、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。與去年相比，廣告受到了嚴峻的影響，這得益於我們國內市場較高的政治收入。

As I mentioned earlier, excluding severance and other, Connectivity & Platforms total EBITDA increased 2% with adjusted margin up 110 basis points. To unpack this improvement, the main driver is the mix shift to our high-margin connectivity businesses, a transition you've seen for the last few years and that we expect to continue.

正如我之前提到的，不包括遣散費和其他費用，連接與平台業務的 EBITDA 總額增長了 2%，調整後利潤率增長了 110 個基點。為了實現這一改進，主要驅動力是向高利潤連接業務的混合轉型，這是您在過去幾年中看到的轉變，我們預計將繼續下去。

In addition to the mix shift, we are benefiting from ongoing cost discipline. For every quarter this year, including the fourth quarter, 5 out of 6 categories of expenses we report have decreased. The only category that grew is direct product costs, which are success-based and directly associated with the significant growth in our connectivity businesses.

除了組合轉變之外，我們還受益於持續的成本控制。今年每個季度，包括第四季度，我們報告的 6 類支出中有 5 類有所下降。唯一成長的類別是直接產品成本，它是基於成功的，與我們連接業務的顯著成長直接相關。

In addition, we continue to get more efficient with better tools and technology. Compared to 2017, we reduced our domestic truck rolls by nearly 50%. And customer interactions are down nearly 40% even while we increased our domestic relationships by nearly 5 million over this same time period.

此外，我們繼續透過更好的工具和技術來提高效率。與 2017 年相比，我們的國內上車量減少了近 50%。儘管我們同期的國內關係增加了近 500 萬，但客戶互動卻下降了近 40%。

The investment we were making in our network, including virtualization and using technology to enhance the customer experience, not only makes us more competitive, it makes us more cost efficient. Together, the mix shift, the cost discipline and the technology advances we've made in customer service are all structural, and we expect them to continue, positioning us to drive higher profitability and further margin expansion in 2024 and for the foreseeable future.

我們對網路的投資，包括虛擬化和使用科技來增強客戶體驗，不僅使我們更具競爭力，而且使我們更具成本效益。總而言之，我們在客戶服務方面取得的組合轉變、成本控制和技術進步都是結構性的，我們預計這些進步將繼續下去，使我們能夠在2024 年和可預見的未來推動更高的盈利能力和進一步的利潤率擴張。

Now let's turn to Content & Experiences on Slide 7. Revenue increased 6% to $11.5 billion, and EBITDA increased 2% to $932 million. Excluding severance of $101 million this quarter and $186 million in last year's fourth quarter, adjusted EBITDA decreased 6%, reflecting a decrease in Media, partially offset by strong growth of Studios and record results at Parks.

現在讓我們轉向幻燈片 7 上的內容和體驗。營收成長 6%，達到 115 億美元，EBITDA 成長 2%，達到 9.32 億美元。不包括本季 1.01 億美元和去年第四季 1.86 億美元的遣散費，調整後 EBITDA 下降 6%，反映出媒體業務的下降，但部分被工作室的強勁增長和公園創紀錄的業績所抵消。

Now let's take a closer look at Content & Experiences, starting with Media. Media revenue increased 3% driven by strong growth at Peacock, which was up 57% and similar to wireless, crossed the $1 billion in quarterly revenue mark for the first time.

現在讓我們從媒體開始仔細研究內容和體驗。在 Peacock 強勁成長的推動下，媒體營收成長了 3%，成長了 57%，與無線業務類似，季度營收首次突破 10 億美元大關。

Domestic distribution increased 9% driven by Peacock subscription revenue growth of 88%, fueled by the continuation of solid growth in our paid subscriber base. We ended the quarter with 31 million Peacock paid subscribers, up 10 million over the past year, including 3 million net additions in the quarter driven by sports, including the NFL and the Big 10; and movies, notably the day-and-date movie Five Nights at Freddy's and a variety of originals and other entertainment programming.

Peacock 訂閱營收成長 88%，而付費用戶群持續穩健成長，推動國內發行量成長 9%。截至本季末，我們的 Peacock 付費訂戶數量為 3,100 萬，比去年增加了 1,000 萬，其中本季因體育賽事（包括 NFL 和 Big 10）而淨增加了 300 萬；和電影，尤其是日間電影《玩具熊的五夜後宮》以及各種原創節目和其他娛樂節目。

International networks revenue, which is mainly distribution revenue for Sky Sports, increased 17% primarily due to the increase in sports content this year as well as the positive impact of foreign currency translation. And finally, domestic advertising declined 7% due to a tough comparison to last year, which included a significant incremental contribution in advertising from Telemundo's broadcast of the FIFA World Cup.

國際網路收入（主要是天空體育的發行收入）成長了 17%，主要是由於今年體育內容的增加以及外幣換算的正面影響。最後，由於與去年相比，國內廣告下降了 7%，其中包括來自 Telemundo 轉播 FIFA 世界盃的廣告的顯著增量貢獻。

Excluding the World Cup, advertising increased nearly 3% driven by strong Peacock advertising and from our strong sports lineup. Peacock advertising increased 50%, again excluding the World Cup, and hit an all-time high.

不包括世界杯，在孔雀廣告和我們強大的體育陣容的推動下，廣告增長了近 3%。孔雀廣告成長了50%，再次排除世界杯，創下歷史新高。

Media EBITDA decreased 50% mainly due to higher sports costs, reflecting a full quarter of the contractual rate increase in our NFL programming, the addition of Big 10 to our sports programming lineup this year and higher Premier League costs compared to last year when games were paused for 4 weeks to accommodate the timing of the World Cup.

媒體EBITDA 下降50%，主要是由於體育成本上升，反映了我們NFL 節目合約費率增長的整整一個季​​度、今年我們的體育節目陣容中增加了Big 10 以及與去年比賽時相比英超聯賽成本更高。為了適應世界盃的時間，暫停了 4 週。

At Peacock, EBITDA losses continue to moderate in the fourth quarter with nice year-over-year improvement resulting in full year losses for Peacock of $2.7 billion, which was slightly better than the expectation we had previously communicated. 2023 marked the peak in annual losses at Peacock. And for 2024, we expect to show meaningful improvement in losses versus 2023.

Peacock 的 EBITDA 虧損在第四季度繼續放緩，同比改善良好，導致 Peacock 全年虧損 27 億美元，略好於我們先前傳達的預期。 2023 年是 Peacock 年度虧損的頂峰。與 2023 年相比，我們預計 2024 年的損失將出現有意義的改善。

Turning to Studios. Revenue increased 4% driven by theatrical revenue growth of 59% due to our performance at the box office this quarter with Five Nights at Freddy's, Trolls Band Together, the Exorcist and Migration. In fact, Five Nights at Freddy's was the highest grossing horror film of 2023 and also set a record on Peacock as the most watched title of all time in the first 5 days of its release. In addition to the films this quarter, we benefited from prior period titles moving through profitable licensing windows, driving EBITDA growth of 83% to $308 million.

轉向工作室。由於本季《玩具熊的五夜後宮》、《魔髮精靈》、《驅魔人》和《大遷徙》的票房表現，戲院收入成長了 59%，導致營收成長了 4%。事實上，《玩具熊的五夜後宮》是 2023 年票房最高的恐怖片，也創下了《孔雀》上映前 5 天內觀看次數最多的影片的紀錄。除了本季的電影外，我們還受益於前期影片透過有利可圖的許可窗口，推動 EBITDA 成長 83% 至 3.08 億美元。

At Theme Parks, revenue increased 12%, and EBITDA also increased 12% to $872 million for the quarter. These strong results were again driven by growth at our international parks, especially as Osaka continues to benefit from strong demand from Super Nintendo World, driving higher attendance and per cap spending relative to both last year and pre-pandemic levels.

該季度主題樂園的營收成長了 12%，EBITDA 也成長了 12%，達到 8.72 億美元。這些強勁的業績再次受到我們國際公園成長的推動，特別是大阪繼續受益於超級任天堂世界的強勁需求，推動遊客數量和人均支出較去年和大流行前的水平更高。

In Hollywood, we also continue to benefit from the positive consumer reaction to Super Nintendo World, which opened earlier in 2023, driving strong attendance and growth in per caps and resulting in Hollywood's best fourth quarter EBITDA in its history. In Orlando, our results were also strong with attendance in line with 2019 pre-pandemic levels and revenue substantially ahead.

在好萊塢，我們也繼續受益於消費者對 2023 年初開業的超級任天堂世界的積極反應，推動了強勁的上座率和人均人數增長，並實現了好萊塢歷史上最好的第四季度 EBITDA。在奧蘭多，我們的業績也很強勁，出席人數與 2019 年大流行前的水平一致，收入也大幅領先。

Now I'll wrap up with free cash flow and capital allocation on Slide 8. As I mentioned previously, we generated $1.7 billion in free cash flow this quarter and $13 billion for the year. And we achieved this while absorbing meaningful capital investments to expand our footprint and further strengthen our domestic broadband network, scale our streaming business and support the continued build of our Epic Universe Park ahead of its 2025 opening.

現在我將在幻燈片 8 上介紹自由現金流和資本配置。正如我之前提到的，我們本季產生了 17 億美元的自由現金流，全年產生了 130 億美元。我們實現了這一目標，同時吸收了有意義的資本投資，以擴大我們的足跡，進一步加強我們的國內寬頻網絡，擴大我們的串流媒體業務，並支持我們的史詩宇宙公園在2025 年開業之前的持續建設。

As a result, total capital spending increased 13% for the year driven by higher CapEx. At Connectivity & Platforms, CapEx increased 1.5% for the full year with CapEx intensity coming in at 10.1% primarily driven by investments to further strengthen and extend our network. In 2024, we expect CapEx intensity to be in the same range as we continue to transition our U.S. network to DOCSIS 4.0 and accelerate our growth in homes passed.

因此，在資本支出增加的推動下，今年總資本支出增加了 13%。在連結和平台方面，全年資本支出增加了 1.5%，資本支出強度達到 10.1%，這主要是由進一步加強和擴展我們網路的投資所推動的。到 2024 年，隨著我們繼續將美國網路過渡到 DOCSIS 4.0 並加速我們通過的家庭數量的增長，我們預計資本支出強度將處於同一範圍內。

I'll just note that while our CapEx intensity at Connectivity & Platforms has been at around 10% for the past few years, this is not a specific internal target for us. Rather, it's an output. Our teams are going as fast as possible. However, if, for example, we have an opportunity to accelerate further our growth in homes passed at accretive economics, then we'd welcome that opportunity. But right now, the envelope has been right around 10%, and we're very happy with the pace that we're on and the progress we're making.

我只想指出，雖然過去幾年我們在連結和平台方面的資本支出強度一直在 10% 左右，但這並不是我們的具體內部目標。相反，它是一個輸出。我們的團隊正在盡可能快地前進。然而，例如，如果我們有機會進一步加速我們在增值經濟學中通過的房屋的成長，那麼我們會歡迎這個機會。但目前，上限一直在 10% 左右，我們對目前的步伐和所取得的進展感到非常滿意。

Content & Experiences' CapEx increased by $1.2 billion for the full year driven by Parks with Epic accounting for the majority of the increase in spend. In 2024, we expect Parks' CapEx to remain elevated and then decrease in 2025 when we open Epic.

在公園的推動下，內容與體驗的資本支出全年增加了 12 億美元，其中 Epic 佔了支出成長的大部分。 2024 年，我們預計 Parks 的資本支出將保持在較高水平，然後在 2025 年開設 Epic 時下降。

Working capital was $2 billion for the year, which was better than we expected, improving $1 billion over last year's level. Our 2023 results included benefits from the pause in production during the work stoppages associated with the writers' and actors' strikes during the year.

全年營運資本為 20 億美元，優於我們的預期，比去年的水準提高了 10 億美元。我們 2023 年的業績包括因年內編劇和演員罷工導致停工期間生產暫停所帶來的收益。

Turning to return of capital and our balance sheet. For the full year, we returned a total of $15.8 billion to shareholders. This includes share repurchases of $11 billion, including $3.5 billion in the fourth quarter.

轉向資本回報和我們的資產負債表。全年，我們總共向股東返還 158 億美元。其中包括 110 億美元的股票回購，其中第四季的 35 億美元。

In addition, dividend payments totaled $4.8 billion. As we announced this morning, we are raising our dividend by $0.08 a share to $1.24 per share. That's our 16th consecutive annual increase.

此外，股息支付總額為48億美元。正如我們今天早上宣布的那樣，我們將每股股息提高 0.08 美元，至每股 1.24 美元。這是我們連續第 16 年成長。

We ended the year with net leverage of 2.3x, in line with our target leverage of around 2.4x. And we expect to remain at this target level in 2024.

年末我們的淨槓桿率為 2.3 倍，與我們約 2.4 倍的目標槓桿率一致。我們預計 2024 年將維持在這一目標水準。

Wrapping up, we had a very solid quarter and a great year. And we're focused on continuing to execute our long-term growth strategy, supported by our balanced and disciplined approach to capital allocation. I'm proud of the steady and consistent framework, which guides our decision-making. We're going to invest aggressively for organic growth across our 6 key areas. We'll protect our balance sheet and cash flow position and return capital to shareholders.

總而言之，我們度過了一個非常充實的季度和美好的一年。我們專注於繼續執行我們的長期成長策略，並以平衡和嚴格的資本配置方法為支援。我對指導我們決策的穩定一致的框架感到自豪。我們將積極投資以實現 6 個關鍵領域的有機成長。我們將保護我們的資產負債表和現金流狀況並將資本返還給股東。

Now I'll turn it over to Brian for a few remarks before we turn to Q&A.

現在，在我們進行問答之前，我將把它交給 Brian 做一些評論。

Thanks, Jason, and good morning, everyone. I'd like to emphasize a couple of points. As I think about the year, it's hard not to be really proud of what we've accomplished. 2023 was the best financial year in our 60-year history, and we already have nice momentum in 2024.

謝謝傑森，大家早安。我想強調幾點。當我回顧這一年時，很難不為我們所取得的成就感到自豪。 2023 年是我們 60 年歷史上最好的財務年度，我們在 2024 年已經有了良好的勢頭。

As Mike and Jason just outlined, we have a unique company that is incredibly well positioned. We always try to think about and invest for the long term particularly across the 6 key growth drivers.

正如麥克和傑森剛剛概述的那樣，我們擁有一家獨特的公司，定位非常優越。我們始終嘗試著眼長遠並進行投資，尤其是在六大關鍵成長動力方面。

What's also important is that in 2023 alone, we returned $16 billion in capital to our shareholders. And as you just heard, it's the 16th straight year that we just raised our dividend. That's consistency.

同樣重要的是，光是 2023 年，我們就向股東返還了 160 億美元的資本。正如您剛才所聽到的，這是我們連續第 16 年提高股息。這就是一致性。

So when you put this all together, we have a great team. That's always most important to me, and we're making the right adjustments to our businesses to position us to win, grow and continue to return capital to shareholders.

因此，當你把所有這些放在一起時，我們就擁有了一支出色的團隊。這對我來說始終是最重要的，我們正在對我們的業務進行正確的調整，以使我們能夠獲勝、發展並繼續向股東返還資本。

And while there may be speculation of what we could do next, I'd like you to hear it directly from me. I love the company we have. So the bar continues to be even higher for us to do anything other than the plan you heard today. I want to thank all our employees for a great 2023 as they continue to execute at the highest level.

雖然可能有人猜測我們下一步可以做什麼，但我希望您能直接從我這裡聽到。我喜歡我們的公司。因此，除了您今天聽到的計劃之外，我們採取任何行動的門檻仍然更高。我要感謝我們所有的員工，感謝他們繼續以最高水準執行任務，並祝他們度過了美好的 2023 年。

With that, let me hand it over to Marci to take all your questions.

那麼，讓我把它交給 Marci 來回答你們所有的問題。

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

謝謝，布萊恩。接線員，請讓我們開始問答通話。

(Operator Instructions) Our first question is coming 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。

I wanted to ask you guys about broadband and separately about Peacock. I guess, Jason, you talked about and Mike talked about sort of the consumer trends that you think play to your strengths. But you guys are doing a lot at the network level, including in '24. You talked about your converged offers that you're testing and maybe getting more aggressive.

我想向你們詢問有關寬頻的問題以及有關 Peacock 的問題。我想，傑森，你和麥克都談到了你認為可以發揮你的優勢的消費趨勢。但你們在網路層面做了很多工作，包括 24 年。您談到了您正在測試的融合產品，並且可能會變得更加積極。

I know you're not going to put a timeline on it, but can you talk a little bit about the opportunity to reaccelerate broadband customer trends, because the product you are bringing to the marketplace is seemingly getting better even this year. And I realize you're talking long term, but I just wanted to hear more from you on the things you're doing in the business and product today and how that may or may not translate into better trends on the customer front over the course of the next kind of 12 to 24 months.

我知道您不會為此設定時間表，但您能否談談重新加速寬頻客戶趨勢的機會，因為即使今年您推向市場的產品似乎也在變得更好。我知道你在談論長期目標，但我只是想聽聽你更多關於你今天在業務和產品中所做的事情，以及這些事情在整個過程中可能會或可能不會轉化為更好的客戶趨勢下一種12 至24 個月。

And then on Peacock, I guess maybe for Mike, how much more investment does this business need? I think you guys had talked a while ago about getting to $5 billion of programming investment.

然後在 Peacock 上，我想也許對 Mike 來說，這項業務還需要多少投資？我想你們不久前已經討論過要獲得 50 億美元的程式投資。

If you look at the fourth quarter anyway, you're basically there now. We got good revenue momentum. I'm trying to think about the path to getting this business to breakeven. So I'd love to hear what you think the business needs in terms of incremental investment from here.

無論如何，如果你看看第四季度，你現在基本上就到了。我們獲得了良好的收入動能。我正在嘗試思考如何讓這家企業達到損益平衡。因此，我很想聽聽您認為企業在增量投資方面需要什麼。

Ben, this is Dave. Let me start with broadband and then hand it over to Mike and Jason. But on broadband, as Mike and Jason said, the environment pretty much remains the same. There's still -- the macro activity moves are down. And -- but to your point, it is intensely competitive, especially the difference that has kind of been there in this particular competitive cycle. It's especially in the lower-income segment.

本，這是戴夫。讓我從寬頻開始，然後將其交給麥克和傑森。但正如麥克和傑森所說，在寬頻上，環境幾乎保持不變。宏觀活動仍然在下降。而且 - 但就你而言，競爭非常激烈，尤其是在這個特定的競爭週期中存在的差異。尤其是在低收入群體中。

So the result of it is the main driver, customer activity continues to be lower connects as churn remains near record lows. And despite this, we're striking, I think, the right balance between customer growth and ARPU.

因此，其結果是主要驅動因素，客戶活動持續下降，因為客戶流失率仍接近歷史低點。儘管如此，我認為我們還是在客戶成長和 ARPU 之間取得了適當的平衡。

We kept our sub base relatively flat and grew ARPU 3.9% for the quarter and the year. And so we're also growing C&P EBITDA and expanding margins. So competitive cycles like this one, we've been through many. And this -- what makes -- what happens during some of these cycles, there's new footprint, the competitive footprint, some unique discounting occurs.

我們保持子基數相對平穩，本季和全年 ARPU 成長 3.9%。因此，我們的 C&P EBITDA 也在不斷成長，利潤率也不斷擴大。像這樣的競爭週期，我們已經經歷過很多次了。這——是什麼造成——在這些週期中發生的事情，有新的足跡、競爭足跡、一些獨特的折扣發生。

I think fiber is a pretty good example of one that we went through years ago and continue to have. There's pressure on net adds as you go through the initial phase of the cycle. But we evolved our approach, and we have and continue to compete very well against fiber. So I think this cycle is headlined by fixed wireless and really the emphasis on more of the lower-income segment.

我認為纖維是我們多年前經歷過並繼續擁有的一個很好的例子。當你經歷週期的初始階段時，淨增加會面臨壓力。但我們改進了我們的方法，並且我們已經並將繼續與光纖競爭。因此，我認為這個週期的主角是固定無線，並且真正強調更多的低收入群體。

They added new footprint. There's some offer pressure, but we have continued to adapt. The keys for us through this cycle is to continue to build better products and from the network to the WiFi experience.

他們增加了新的足跡。雖然存在一些報價壓力，但我們仍在繼續適應。我們度過這個週期的關鍵是繼續打造更好的產品，從網路到 WiFi 體驗。

And the network investments that we're making are very consistent, and we've laid it out. Mid-splits, we're pleased with our progress. We're finishing '23, 33% upgraded. We'll be around 50% by year-end '24, and we've started to employ 4.0 and our path towards symmetrical service offerings.

我們正在進行的網路投資非常一致，並且我們已經對其進行了佈局。中期，我們對自己的進步感到滿意。我們即將完成 23 年，升級了 33%。到 24 年底，我們的比例將達到 50% 左右，並且我們已經開始採用 4.0 以及我們通往對稱服務產品的道路。

So this is all due to where we believe strongly the market is going. And the market is going to have more devices that will be used and be hung on the network, and there will be more usage and engagement.

所以這都是因為我們深信市場的發展方向。市場將有更多的設備被使用並掛在網路上，並且會有更多的使用和參與。

So that -- for the long run, we want to be in a position to compete as things shift. We're going to compete in a segmented way for every segment, and we'll be aggressive in each one. But we don't expect subscriber trends to improve over the coming quarters, but we do expect to grow over time. So we will compete aggressively, and be in position when the macro environment shifts. And as we see with fixed wireless that there's an opportunity and will be an opportunity to get more win backs, we want to be in position for that as well.

因此，從長遠來看，我們希望能夠隨著情勢的變化而競爭。我們將以分段的方式針對每個細分市場進行競爭，並且我們將在每個細分市場上積極進取。但我們預計訂戶趨勢在未來幾季不會有所改善，但我們確實預計會隨著時間的推移而成長。因此，我們將積極競爭，並在宏觀環境變化時佔據有利位置。正如我們在固定無線領域看到的那樣，有機會並將有機會獲得更多贏回，我們也希望為此做好準備。

So -- and throughout it all, we're going to protect the healthy base of 32 million broadband customers managing rate and volume throughout.

因此，在整個過程中，我們將保護 3,200 萬寬頻客戶的健康基礎，管理整個過程中的速率和流量。

It's Mike, Ben. So thanks for the question on Peacock. I'll just kind of expand a little bit on the question but get to it in terms of where we see programming going in the end.

是麥克，本。感謝您提出有關孔雀的問題。我將稍微擴展一下這個問題，但從我們看到編程最終的走向來討論它。

So you got to say we couldn't be prouder of what we accomplished with Peacock in 2023. So to end the year with paying subs at 31 million, up 50% year-over-year, and that's only 3 years in. We're achieving a level of scale with paying subs that's about 60% of the level of the streamers that have been out there for many years, domestically Netflix. And we're holding a very strong ARPU at $10 per sub.

所以你必須說，我們對 2023 年 Peacock 所取得的成就感到非常自豪。因此，到了年底，付費訂閱人數達到 3100 萬，同比增長 50%，而這僅僅 3 年時間。我們付費訂閱者的規模水平約為國內Netflix 多年來已經存在的串流媒體水準的60%。我們的 ARPU 非常強勁，為每子 10 美元。

So while it's not the scale we ultimately plan to get to, I got to say the team has done a fantastic job when a lots questioned can we even get this far. So from here, it's really a matter of continuing to execute against the strategy that's gotten us here.

因此，雖然這不是我們最終計劃達到的規模，但我不得不說，當很多人質疑我們能否走到這一步時，我們的團隊做得非常出色。因此，從這裡開始，真正的問題是繼續執行使我們走到今天的策略。

And that is expected, as we said earlier, to drive improvement in Peacock's bottom line from the peak losses that we saw in 2023. And we really think about what that strategy is, it's to manage Peacock and our linear TV businesses as one.

正如我們之前所說，這預計將推動 Peacock 的利潤從 2023 年的峰值虧損中得到改善。我們真正思考的策略是什麼，它將 Peacock 和我們的線性電視業務作為一個整體進行管理。

The strategy really is to leverage the great relevant content properties we have both at NBC, which is news and sports and entertainment, obviously, Bravo and some of the other assets we have in the Cable business and Universal with the Pay-One window.

該策略實際上是利用我們在 NBC 擁有的重要相關內容資產，包括新聞、體育和娛樂，顯然還有 Bravo 以及我們在有線電視業務和環球影業的 Pay-One 窗口中擁有的一些其他資產。

So when you put it all together, continuing to execute against that, we're going to look to get more scale. And the things we're doing are both to drive more scale, more subs but also get more engagement with the subs we have and drive improvements in churn, which we've been pretty pleased with.

因此，當你將所有這些放在一起並繼續執行時，我們將尋求更大的規模。我們正在做的事情既是為了推動更大的規模、更多的訂閱者，也是為了讓我們擁有的訂閱者有更多的參與度，並推動客戶流失率的改進，我們對此感到非常滿意。

So ultimately, your question, where are we relative to -- leveling off a little bit of the growth rate of programming spend as we get to this level is clearly part of the improvement in Peacock losses standalone that will be a factor as we see continued strong growth on the revenue side, given the higher level of subs and the expectation for continuing to add.

因此，最終，你的問題是，當我們達到這個水平時，我們相對於什麼而言，使節目支出的增長率趨於平穩，顯然是孔雀損失獨立改善的一部分，這將是我們繼續看到的一個因素鑑於潛艇數量的增加以及對繼續增加的預期，收入方面的強勁增長。

But again, I would just say I'm less focused on what standalone Peacock losses are doing than I am on doing what's right for the long term for the totality of the Media business, which is linear and streaming. I think we've navigated a very good path for us. So really pleased with what we've done.

但我想說的是，我不太關注單獨的孔雀損失正在做什麼，而是專注於為整個媒體業務（線性和串流媒體）的長期發展做正確的事情。我認為我們已經走出了一條非常好的道路。對我們所做的事情非常滿意。

Next question is coming from Craig Moffett from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

I wonder if you could do an early postmortem on the Chiefs-Dolphins playoff game. What kind of subscription growth it drove at Peacock and what kind of early churn impact you've had on that? And I know there was some chatter that you guys tried to play down about whether that amount of traffic load on the Internet would have some impact on fixed wireless, but I'm wondering if you just have any observations about how other platforms handle the kind of volume that, that game drove in terms of traffic.

我想知道你是否可以對酋長隊與海豚隊的季後賽比賽進行早期事後分析。它為 Peacock 帶來了怎樣的訂閱成長，以及您對此產生了怎樣的早期流失影響？我知道你們試圖淡化一些關於互聯網上的流量負載是否會對固定無線產生一些影響的爭論，但我想知道你們是否對其他平台如何處理這種情況有任何觀察該遊戲帶來的流量。

Craig, it's Mike. I'll start, and Dave can chime in if you like. So -- but as we said earlier, we couldn't be more pleased with the way we performed in the Wildcard game. It was the biggest livestream event in U.S. history, which is no small feat to have performed so seamlessly, which really highlights what we've done in Dave's business on the broadband side and the technology platforms that we've built and have talked about repeatedly that are supporting Peacock, Sky, and our Xfinity products and now Xumo.

克雷格，是麥克。我先開始，如果你願意，戴夫也可以插嘴。所以——但正如我們之前所說，我們對我們在通配符遊戲中的表現感到非常滿意。這是美國歷史上規模最大的直播活動，能夠如此無縫地進行並不是一件小事，這確實凸顯了我們在戴夫的業務中在寬頻方面所做的工作以及我們已經構建並反复談論的技術平台支援 Peacock、Sky 和我們的 Xfinity 產品，現在支援 Xumo。

So I think we've built tremendous advantage and are always looking for ways to -- we're very happy to see the impact on our broadband usage, regardless of what it means for other ways of getting the platform across. We couldn't be happier that it's -- that it worked well and performed really well with that many concurrent streams.

因此，我認為我們已經建立了巨大的優勢，並且一直在尋找方法——我們很高興看到這對我們的寬頻使用產生的影響，無論這對平台的其他方式意味著什麼。我們非常高興它運行良好，並且在許多並發流中表現得非常好。

But what -- in terms of adding subs, we would expect to see -- we're not going to comment on it today, but we would expect to see increase in paid subs. We're focused now on retention of the subs that came in right around the game.

但是，在增加訂閱者方面，我們預計會看到什麼——我們今天不會對此發表評論，但我們預計會看到付費訂閱者的增加。我們現在的重點是保留在比賽中登場的替補。

What's important is it's both the subs that came in during the game and the engagement of the people that were already on the platform. So engagement and retention is really going to be focused on what's coming next.

重要的是遊戲期間加入的替補以及已經在平台上的人員的參與。因此，參與度和保留率實際上將集中在接下來發生的事情上。

And we teased a lot of that, including Oppenheimer coming to the platform on February 16. We have Summer Olympics coming. And now that we're post strikes, you'll see a number of Peacock originals and additional movies from Pay-One window that we've got with Universal.

我們取笑了很多這樣的事情，包括 2 月 16 日奧本海默登上講台。夏季奧運會即將到來。現在，我們已經罷工了，您將在 Pay-One 窗口中看到許多 Peacock 原創電影和我們與環球影業合作的其他電影。

But really, when I think about it, it's at the scale we've gotten to, what's important is to keep people engaged with the platform, and all the content that's there, not the Wildcard game onto itself. So the job always was to get more people in the door and get everybody that's already in the door reengaged with the platform around that game and then try to continue to drive engagement afterwards.

但實際上，當我想到這一點時，我們已經達到了這樣的規模，重要的是讓人們參與平台以及其中的所有內容，而不是通配符遊戲本身。因此，工作始終是讓更多的人加入進來，讓已經進來的每個人重新參與遊戲的平台，然後嘗試繼續提高參與度。

And happy to report that we've seen record levels of hours viewed in the days that have followed the Wildcard game itself, including launching Ted, our new comedy series. That's been the most watched original series for Peacock in its first 7 days yet on the platform, which speaks to the benefit of getting that much engagement at the moment we're launching that.

很高興地向您報告，在《通配符》遊戲推出後的幾天裡，我們的觀看時長達到了創紀錄的水平，包括推出我們的新喜劇系列《泰迪熊》。這是《Peacock》在平台上播出的前 7 天內收視率最高的原創劇集，這說明了我們推出該劇時獲得如此多參與度的好處。

And likewise, the second season of the reality show "Traders" premiered right afterwards. And it's also the biggest original reality season launch for us through its first 4 days on the platform. So I think that's the way I look at the total picture there. Brian, I think you want to chime in.

同樣，真人秀《操盤手》第二季也在隨後首播。這也是我們在平台上推出的前 4 天最大的原創真人秀節目。所以我認為這就是我看待整體情況的方式。布萊恩，我想你想插話一下。

I just want to say that we thank the NFL for having the confidence in picking our total company to carry this out. And the entire industry cooperated and participated, and it was a very proud moment for I think U.S. Internet in history, worked flawlessly and I think is just another proof point of all the investments that have been made. And thank you again. We'll see how the results all turn out, but we're really, really pleased.

我只想說，我們感謝 NFL 有信心選擇我們整個公司來執行這項任務。整個行業合作並參與，我認為美國互聯網歷史上是一個非常值得驕傲的時刻，運行完美，我認為這是所有投資的另一個證明。再次感謝您。我們將看看結果如何，但我們真的非常非常高興。

Next question today is coming from Jessica Reif Ehrlich from Bank of America Securities.

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

It's a 2-parter. As Brian just said, you have a unique mix of assets. So can you talk a little bit about your longer-term video strategy from all sides of the company from both cable and NBCU, meaning do you have any plans to take Peacock global? Your recent Paramount affiliate renewal deal kind of seems like status quo.

這是2人組。正如布萊恩剛才所說，你擁有獨特的資產組合。那麼，您能否從公司各個方面（包括有線電視和 NBCU）談談您的長期視訊策略，即您是否有計劃將 Peacock 推向全球？您最近的派拉蒙附屬公司續約協議似乎維持現狀。

And then a separate question. You kind of just touched a little bit on Epic. It's only 1 year away. Can you give us some color on size and scope and how differentiated the offering will be?

然後是一個單獨的問題。你剛剛接觸了一點 Epic。只剩下1年時間了。您能為我們介紹一下產品的規模和範圍以及產品的差異化程度嗎？

Jessica, thanks. So on Peacock and in particular, let's take video in a couple of pieces. So on our streaming ambitions, clearly, we viewed it, and we've talked about it for a long time. We want our existing Media assets to have a strong future in a world where consumer behavior is taking people more to streaming because that's the way they want to experience it.

傑西卡，謝謝。因此，特別是在 Peacock 上，讓我們將影片分成幾段。因此，很明顯，關於我們的串流媒體雄心，我們已經看到了它，並且我們已經討論了很長時間。我們希望我們現有的媒體資產在一個消費者行為更多地吸引人們串流媒體的世界中擁有光明的未來，因為這是他們想要的體驗方式。

So our strength, obviously, in video distribution from the NBC side has been U.S.-focused. And I think we are focused on -- very focused on getting domestic scale. What we've done internationally and what we might do 1 day is a separate story. But for now, we've been focused on making sure through partnerships, JVs, whether it's Sky Showtime, whether it's Peacock-type content that makes its way onto Sky platforms, we've got a venture partner in MultiChoice in Africa.

因此，顯然，我們在 NBC 方面的視訊分發方面的優勢主要集中在美國。我認為我們的重點是──非常注重擴大國內規模。我們在國際上所做的事情以及我們一天可能會做的事情是一個單獨的故事。但目前，我們一直專注於透過合作夥伴關係、合資企業，無論是 Sky Showtime，還是進入 Sky 平台的孔雀式內容，確保我們在非洲的 MultiChoice 擁有風險合作夥伴。

So we're looking for ways and sort of a rational approach economically to scale up Peacock domestically while not giving up too much in terms of economics. A lot people talk about us having global scale. We want to win here first and get to the place we need to go, and that's really where we're most focused.

因此，我們正在尋找經濟上合理的方法和方法來擴大孔雀在國內的規模，同時又不會在經濟方面放棄太多。很多人都在談論我們擁有全球規模。我們希望首先在這裡獲勝並到達我們需要去的地方，這確實是我們最關注的地方。

In terms of what's happening on the domestic side through video distribution, I think we're -- continue to be a big player in the space with our own content from NBC but also as I think the best partner, given the scale of our reach in broadband for both traditional linear but at the same time, streaming partners, we've seen a lot of progress and a lot of collaboration with players and partners that want to reach the kind of customer base we have with our broadband customer base, the natural point of engagement with them, aggregating content and acquiring new content if they don't have it through Xumo, X1 and the platform that Dave and team have built, I think we're really well positioned to play a part in that as well.

就透過視訊分發在國內發生的事情而言，我認為我們將繼續成為該領域的重要參與者，擁有 NBC 自己的內容，並考慮到我們的影響力規模，我認為我們也是最好的合作夥伴在寬頻方面，無論是傳統的線性電視還是串流媒體合作夥伴，我們都看到了很多進步，並與希望達到我們寬頻客戶群所擁有的客戶群的玩家和合作夥伴進行了大量合作，與他們接觸的自然點，聚合內容並獲取新內容（如果他們沒有透過Xumo、X1 以及Dave 和團隊構建的平台獲得新內容），我認為我們也確實有能力在這方面發揮作用。

Jessica, this is Dave. I can just would add, when you think about the overall video approach, it's linear, streaming, on-demand. You sell DVR, it's all of them, that I think we are in a unique position to be able to tie together.

潔西卡，這是戴夫。我可以補充一點，當你考慮整體視訊方法時，它是線性的、串流媒體的、點播的。你賣的是 DVR，我認為我們處於一個獨特的位置，能夠將它們結合在一起。

And back to the Wildcard game, it's an example of great broadband being able to handle it. And at the same time, what's really important in video is the experience matters. The experience get connected to the overall network performance is so critical, finding what you want easily and simply and being able to engage. So the platforms that we've built over time, starting with X1, now Xumo, very important to us in the long run.

回到通配符遊戲，這是出色的寬頻能夠處理它的一個例子。同時，影片中真正重要的是體驗。與整體網路效能相關的體驗非常重要，輕鬆簡單地找到您想要的內容並能夠參與其中。因此，我們隨著時間的推移構建的平台，從 X1 開始，現在是 Xumo，從長遠來看對我們非常重要。

One thing I would add, it's Brian, on Epic, just to touch on that part of the question. It's completely original. It's maybe the most exciting project I've seen since we bought NBCUniversal getting built. I think it's the first new entire theme park in decades in the U.S. And we're so excited.

我要補充的一件事是，Epic 的 Brian，只是為了觸及問題的這一部分。這是完全原創的。這可能是自我們收購 NBCUniversal 以來我見過的最令人興奮的項目。我認為這是美國幾十年來第一個全新的主題樂園，我們非常興奮。

We're taking the Board of Directors to see the construction in the next couple of weeks, which is something we don't -- haven't ever done before. So I think you all want to be there.

我們將在接下來的幾週內帶領董事會查看施工情況，這是我們以前從未做過的事情。所以我想你們都想參加。

Sometime, I think, '23 and '24 are the peak CapEx years for the construction. We expect to open in '25. And I give Mark Woodbury and the entire team at Universal incredible kudos to coordinate something of the scale and magnitude that's being built.

有時，我認為「23 年」和「24 年」是建立資本支出的高峰年。我們預計將於 25 年開業。我對馬克·伍德伯里（Mark Woodbury）和環球影業的整個團隊表示崇高的敬意，因為他們協調了正在建設的規模和規模。

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 questions, if I could. First, on the ACP commentary. I think you guys had to contact ACP subscribers this week. I mean, any way you could quantify the size of the base or maybe the financial impact? And should we see anything in this quarter? Or is it really sounds like if it doesn't get renewed that we really expect for, say, second quarter?

如果可以的話，有兩個問題。首先，關於ACP的評論。我想你們這週必須聯絡 ACP 訂閱者。我的意思是，有什麼方法可以量化基地的規模或財務影響嗎？我們應該在本季看到什麼嗎？或者聽起來，如果它沒有像我們真正期望的那樣得到更新，比如說第二季度？

And then over on the Media side, it looks like you guys saw some real ad strength. So just any commentary on what you're seeing in the ad market. It looks like if you sort of look at core advertising, it was actually up this year. I'm wondering if that's just strength in NFL and maybe Big 10 or just what you -- some of the underlying factors are there would be great.

然後在媒體方面，看起來你們看到了一些真正的廣告力量。所以只是對你在廣告市場上看到的任何評論。如果你看一下核心廣告，你會發現今年的廣告其實有增加。我想知道這是否只是 NFL 的實力，也許是 Big 10 的實力，或者只是你的——一些潛在因素會很棒。

John, this is Dave. Let me start with ACP to specifically answer your question. We have 1.4 million customers that have benefited from this program, which we obtained through the National Verifier Program. So feel good about the credentials of these customers.

約翰，這是戴夫。我先從ACP開始具體回答你的問題。我們有 140 萬客戶從該計劃中受益，這是我們透過國家驗證者計劃獲得的。因此，請對這些客戶的信譽感到滿意。

Most of these customers in this customer base were already our customers prior to the ACP program. Been very consistent on this, we want the program to continue. But I think we're very well positioned to support these customers if it does not.

該客戶群中的大多數客戶在 ACP 計劃之前就已經是我們的客戶。在這一點上我們非常一致，我們希望該計劃能夠繼續下去。但我認為，如果沒有，我們完全有能力為這些客戶提供支援。

We have a good business and model in place and a history with knowing how to segment our customer base and have products and packages at a variety of price points to serve our customers well, including well over for a decade that would include Internet Essentials. So we -- this -- we'll evaluate this as it plays out, may be a risk, but one we feel is very manageable for us given how we work with this program and how we manage our customer base in general.

我們擁有良好的業務和模式，並且擁有了解如何細分客戶群的歷史，並以各種價位提供產品和套餐來為我們的客戶提供良好的服務，其中包括互聯網必需品在內的十多年。所以我們——這個——我們將在它發揮作用時對其進行評估，這可能是一種風險，但考慮到我們如何使用該計劃以及我們如何管理我們的客戶群，我們認為這對我們來說是非常可控的。

And John, it's Mike. On the advertising side. I'd say that the ad market, we have seen it remain stable and definitely pleased with our performance in the fourth quarter. When you exclude 2022 World Cup and normalize for that, we did grow ad revenue even with the difficult comparison to last year's political quarter.

約翰，是麥克。在廣告方面。我想說的是，我們看到廣告市場保持穩定，並且對我們第四季的表現非常滿意。當您排除 2022 年世界盃並將其正常化時，即使與去年的政治季度進行了艱難的比較，我們的廣告收入確實有所增長。

So we are seeing a few encouraging signs like stabilization across most categories. CPG and retail too that improved in particular. We're not seeing any pressure -- any real pressure on cancellations from last year's upfronts, which is good. And scatter premiums are pretty healthy, double-digit increase is what we've seen recently.

因此，我們看到了一些令人鼓舞的跡象，例如大多數類別的穩定性。 CPG 和零售業的改善也尤其明顯。我們沒有看到任何壓力——去年的預付款取消帶來任何真正的壓力，這很好。分散保費非常健康，我們最近看到了兩位數的成長。

But I would say that it's too early to say that there is a sustainable rebound going on. Too much remains uncertain on the macro side, and we're heading into a period for us at least that has less sports programming in the early part of the year.

但我想說，現在說正在出現可持續的反彈還為時過早。宏觀方面仍然存在太多不確定性，我們正進入一個至少在今年年初體育節目較少的時期。

So but regardless of the full year ahead, whether the environment macro-wise gets better from here or it doesn't, we feel like we're well positioned with our must-see tent poles, which include, obviously, the Olympics coming up, the elections. And then going back to the real points of now being much more scaled at Peacock, we're seeing nice progress on the capacity and inventory that we have there. So those are the dynamics I think we're seeing in advertising.

因此，無論未來一年如何，無論宏觀環境是否從現在開始變得更好，我們都覺得我們已經做好了準備，我們的必看帳篷桿，其中顯然包括即將到來的奧運會，選舉。然後回到 Peacock 現在規模更大的真正問題，我們看到我們在那裡的產能和庫存取得了很好的進展。我認為這些就是我們在廣告中看到的動態。

Next question is coming from Jonathan Chaplin from New Street Research.

下一個問題來自新街研究公司的喬納森·卓別林。

Two for Jason. You mentioned that if you saw opportunities to expand your footprint with good economics, you'd do it in a heartbeat. Is -- are you referring to the opportunity in BEAD? And is that something that you expect to potentially hit sort of later this year? Or is that more of a 2025 impact?

傑森的兩個。您提到，如果您看到有機會以良好的經濟效益擴大您的足跡，您將毫不猶豫地這樣做。您指的是 BEAD 的機會​​嗎？您預計今年稍後可能會出現這種情況嗎？或者說這對 2025 年的影響更大？

And then on repurchases, we saw the reauthorization of $15 billion. You're going at a pace of $3.5 billion a quarter at the moment. Should we expect that to continue through 2024?

然後在回購方面，我們看到了 150 億美元的重新授權。目前，您的支出速度為每季 35 億美元。我們是否應該期望這種情況持續到 2024 年？

Thanks, Jonathan. Let me take them in reverse order and then potentially tag team with David, if he wants to on the footprint side. So buybacks, you're right, we reauthorized or re-upped this morning for $15 billion. Never meant to be guidance when we do this, but nonetheless, healthy reauthorization saying that.

謝謝，喬納森。讓我以相反的順序排列它們，然後可能與大衛一起標記團隊，如果他想在足跡方面的話。所以回購，你是對的，我們今天早上重新授權或增加了 150 億美元。當我們這樣做時，從來沒有打算提供指導，但儘管如此，這是健康的重新授權。

I think the formula that's been in place for very strong capital returns, yes, continues to be in place. I think we're comfortably within our leverage range, as I stated, which is right around 2.4x, continue to generate very strong free cash flow.

我認為，實現非常強勁資本回報的公式，是的，仍然有效。我認為，正如我所說，我們的槓桿率範圍正好在 2.4 倍左右，我們可以輕鬆地繼續產生非常強勁的自由現金流。

And if you look at the recent history since mid-'21 since we started buying back or we started the buyback program, we've bought back 15% of our stock in that time frame, so a very good metric there. So more capital returns to continue.

如果你看看自 21 年中期以來我們開始回購或啟動回購計畫以來的最近歷史，我們在這段時間內回購了 15% 的股票，所以這是一個非常好的指標。所以更多的資本回報才能繼續。

I feel very good about the trajectory into 2024. I think on the footprint side, we've been very clear that to the extent, first and foremost, as we talk about capital intensity in Dave's world, right around 10%. It's been there for the last couple of years. The expectation is that it will be there again in 2024, but we've also been very clear that, that's not necessarily a constraint on the business. To the extent we can move faster, we'll do that, and we'd like to.

我對 2024 年的發展軌跡感覺非常好。我認為在足跡方面，我們非常清楚，首先也是最重要的是，當我們談論 Dave 世界的資本密集度時，約為 10%。過去幾年它一直存在。預計它會在 2024 年再次出現，但我們也非常清楚，這不一定是對業務的限制。只要我們能加快步伐，我們就會這麼做，而且我們願意這麼做。

I think as you look at the past couple of years on homes passed, we did 850,000 homes passed in 2022. We were able to accelerate that in 2023 up to 1.1 million, and we gave guidance this morning for 1.1 million or slightly higher for next year. So we think we can further accelerate that.

我認為，當你看看過去幾年的房屋過戶情況時，我們在2022 年完成了850,000 戶房屋過戶。我們能夠在2023 年將這一數字加快到110 萬戶，今天早上我們給出的指導值為110 萬戶或略高一些。年。所以我們認為我們可以進一步加速這一進程。

Most of that in terms of the guide for 2024 is self-funded, but we have been making our way into the ARPA programs and had some success there. To the extent we're successful with BEAD, and I think we certainly expect to be, that would be more 2025 and beyond.

2024 年指南中的大部分資金都是自籌資金，但我們一直在進入 ARPA 專案並取得了一些成功。就我們 BEAD 的成功而言，我認為我們當然期望如此，那會在 2025 年甚至更長的時間。

This is Dave. I would only add that when you do these programs, we have started and we are aggressively pursuing opportunities, as Jason said, this stage, mostly self-funded, but we are working with the local governments on programs like ARPA and others. But we are going for opportunities where it makes sense.

這是戴夫。我只想補充一點，當你做這些項目時，我們已經開始，我們正在積極尋求機會，正如 Jason 所說，現階段，大部分是自籌資金，但我們正在與地方政府合作開展 ARPA 等項目。但我們正在尋找有意義的機會。

The great part and a little bit what Brian mentioned right from the get-go, there's just been terrific execution as we scaled operationally getting ready for this. So the 1.1 million that we did this past year, looking to do that or more into '24, we are on it. And this is a real opportunity for us.

最重要的是，布萊恩從一開始就提到了一點，當我們在營運上擴大規模並為此做好準備時，我們執行得非常出色。因此，我們去年做了 110 萬次，希望在 24 年做到這一點或更多，我們正在努力。這對我們來說是一個真正的機會。

Having said that, the nature of these projects, it takes a while to build them up and then driving penetration. And I would look for more of the benefit in '25. BEAD, we plan to participate where it is consistent with our business goals, but the process, quite frankly, would be to still in flux.

話雖如此，根據這些項目的性質，需要一段時間來建立它們並推動滲透。我會在 25 年尋求更多的好處。 BEAD，我們計劃參與符合我們業務目標的活動，但坦白說，這個過程仍然在不斷變化。

Next question is coming from Steven Cahall from Wells Fargo.

下一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe first, I was wondering if you could expand on your Xfinity Mobile plans for 2024. One of your peers has been more promotional. I think that's something you've kept an eye on, and we saw you get a bit more promotional last year with the iPhone deal.

也許首先，我想知道您是否可以擴展 2024 年的 Xfinity Mobile 計劃。您的一位同行進行了更多促銷。我認為這是您一直在關注的事情，我們去年看到您透過 iPhone 促銷獲得了更多的促銷。

You also talked about broadband ARPU being the biggest driver of broadband revenue, and I know that can suffer on a GAAP basis if you do lean into mobile. So I would love to just hear more about how you're thinking about the broadband and mobile strategies coming together.

您還談到寬頻 ARPU 是寬頻收入的最大推動力，我知道如果您確實傾向於行動業務，那麼按照 GAAP 計算，寬頻 ARPU 可能會受到影響。因此，我很想多了解您如何考慮寬頻和行動策略的結合。

And then, Jason, just the severance that you took in the quarter, the lion's share fell at Connectivity & Platforms. How should we think about the benefits to OpEx in 2024? You said 5 out of the 6 buckets decreased last year. So maybe you can give us a bit of a view of what non-programming OpEx looks like for Connectivity & Platforms this year.

然後，傑森，僅是您在本季度領取的遣散費，連接和平台的最大份額就下降了。我們該如何看待 2024 年營運支出的好處？你說去年6個桶子裡有5個減少了。因此，也許您可以讓我們了解今年連接和平台的非編程營運支出是什麼樣子。

Steven, this is Dave. Let me start with wireless. And so I think we've been consistent on this one, too. The wireless is one of the key long-term growth drivers for us. It's been pointed out, it's been the 6 that the team has talked about, and it is absolutely a great companion to broadband. It has a good standalone economics and a great runway ahead for penetration mobile to the broadband base.

史蒂文，這是戴夫。讓我從無線開始。所以我認為我們在這一點上也一直保持一致。無線是我們長期成長的關鍵驅動力之一。有人指出，團隊所談論的就是6，它絕對是寬頻的絕佳伴侶。它具有良好的獨立經濟效益，並且在行動裝置滲透到寬頻基礎方面擁有廣闊的前景。

So it's performing well. Our domestic revenue was up over 15%. We have over 6 million lines, including the 310,000 that we added in the quarter, and we're only at 11% penetration, as Jason said, to the broadband base. So a lot of runway ahead.

所以它的表現很好。我們的國內收入成長了 15% 以上。我們擁有超過 600 萬條線路，包括本季新增的 31 萬條線路，但正如傑森所說，我們的寬頻基礎滲透率僅為 11%。所以前面還有很多跑道。

And it is absolutely a key part of all our go-to-market activity, whether it's acquisition, base management, upgrade activity to the base. As you've noted, Steven, we have been very focused on upgrade activity and retention.

它絕對是我們所有進入市場活動的關鍵部分，無論是收購、基地管理、基地升級活動。正如您所指出的，史蒂文，我們一直非常關注升級活動和保留。

So our results have been consistent right around 300,000 lines per quarter, pretty healthy run rate for a considerable period of time. Having said that, I think we can improve on these results. We are consistently in the market trying new offers, both in terms of broadband and mobile together, and we segment the opportunity.

因此，我們的結果一直穩定在每季 30 萬條線左右，在相當長的一段時間內保持著相當健康的運行率。話雖如此，我認為我們可以改進這些結果。我們一直在市場上嘗試新的產品，包括寬頻和行動方面的產品，並細分機會。

And so we do have unique opportunities that we evaluate. And we continue to be hopeful that some of these offers will accelerate our line additions over time and as the year progresses. So we have a great road map in terms of innovation and offers between WiFi and mobile. And we want to leverage both and continue to build a better product and service.

因此，我們確實有我們評估的獨特機會。我們仍然希望，隨著時間的推移和今年的進展，其中一些優惠將加速我們的產品線增加。因此，我們在 WiFi 和移動之間的創新和服務方面擁有出色的路線圖。我們希望利用兩者並繼續打造​​更好的產品和服務。

Our mobile service, our core service offering delivers better value day in, day out. We really like though our approach, capital-light approach with the MVNO. And I think we're in a great position to win in conversion.

我們的行動服務是我們的核心服務，日復一日地提供更好的價值。我們真的很喜歡我們的 MVNO 輕資本方法。我認為我們處於贏得轉化的有利位置。

So I think we have a leg up on the competition with this capital-light strategy that does and it have to involve customer and/or network trade-offs. So we'll continue to be opportunistic in evaluating progress, but I think there's upside.

因此，我認為我們在這種輕資本策略的競爭中佔據優勢，而且它必須涉及客戶和/或網路的權衡。因此，我們將繼續機會主義地評估進展，但我認為還有好處。

And Steven, let me just round that out quickly, because part of the question was seemed like, are we governing wireless at all as it relates to broadband ARPU growth and GAAP realization of broadband ARPU growth. The 2 are not connected. We will do what's right for the business, first and foremost. To the extent we're finding ways to accelerate wireless. And I think we'll have opportunity to do that and not be held back by what it means for broadband ARPU. Although we do see, just to reiterate, broadband ARPU growth in both the fourth quarter and for the full year, 3.9%, high end of our historical range of 3% to 4%. And we guided to the coming year to sort of still be in that range of 3% to 4%, so consistent and strong ARPU growth.

史蒂文，讓我快速解決這個問題，因為問題的一部分似乎是，我們是否對無線進行管理，因為它與寬頻 ARPU 成長和寬頻 ARPU 成長的 GAAP 實作有關。 2個沒有連接。我們將首先做對業務有利的事情。在某種程度上，我們正​​在尋找加速無線的方法。我認為我們將有機會做到這一點，而不會因為它對寬頻 ARPU 的影響而受到阻礙。儘管我們確實看到，但重申一下，第四季和全年的寬頻 ARPU 成長率均為 3.9%，是我們歷史範圍 3% 至 4% 的高端。我們預計來年仍將保持在 3% 至 4% 的範圍內，因此 ARPU 成長將持續強勁。

And on the severance question, as we step back, we're focused on investing capital and resources in our key growth areas. We've identified 6 key growth areas where investments in OpEx are being directed while managing carefully businesses that are important to us that face secular headwinds.

關於遣散費問題，當我們退後一步時，我們專注於在關鍵成長領域投資資本和資源。我們確定了 6 個關鍵成長領域，在這些領域進行營運支出投資，同時謹慎管理對我們來說很重要但面臨長期阻力的業務。

And so I think you saw that in the fourth quarter with severance actions. We took these actions to get ahead and position ourselves for continued transitions in these businesses in 2024 and beyond.

所以我認為你在第四季的遣散行動中看到了這一點。我們採取這些行動是為了取得領先，並為 2024 年及以後這些業務的持續轉型做好準備。

I would point out, you mentioned Connectivity & Platforms specifically. That's where the bigger severance charges were. You're right, 5 out of 6 categories of expense were down year-over-year in 2023.

我想指出，您特別提到了連接和平台。這就是遣散費較高的地方。你是對的，2023 年 6 類費用中有 5 類比下降。

These types of actions in transitioning our business and managing the expense base are a big part of that. And if you look at margin expansion, which we've seen for a long period of time in the C&P business and gave an outlook that we expect to continue that. This is all part of that taking action to sort of get ahead of these transitions.

這些類型的業務轉型和管理費用基礎的行動是其中的重要組成部分。如果你看看利潤率的擴張，我們在 C&P 業務中已經看到了很長一段時間，我們預計這種情況將持續下去。這都是採取行動以提前實現這些轉變的一部分。

I will point out what we also said in the prepared remarks, if you look back in the last 6 years, we've taken 50% of our truck rolls out of the system. So truck rolls versus 2017 are down 50% so cut in half. And transactional volumes, if you will, our interactions are down 40%. So pretty significant expense opportunities relative to that, that we see continuing as well.

我要指出的是，我們在準備好的發言中也說過，如果你回顧過去 6 年，我們已經將 50% 的卡車運輸量從系統中剔除。因此，與 2017 年相比，上門服務量下降了 50%，因此減少了一半。如果你願意的話，我們的交易量也下降了 40%。與此相關的相當大的支出機會，我們認為也將持續下去。

Our final question today is coming from Sebastiano Petti from JPMorgan.

我們今天的最後一個問題來自摩根大通的塞巴斯蒂亞諾·佩蒂。

Just want to see if you could provide additional color on perhaps the Content & Experiences segment CapEx expectations as we look beyond kind of Epic. I think, Jason, you did say in '25 capital intensity in Content & Experiences should tick down as the Epic build finishes.

只是想看看您是否可以在內容和體驗部分的資本支出預期上提供額外的信息，因為我們的目光超出了史詩般的範圍。我想，傑森，你確實說過，在 25 年，內容和體驗的資本強度應該會隨著史詩構建的完成而下降。

But as we think about your plans for regional parks in the U.S., headlines about a U.K. park construction perhaps over the next several years as well. Any color on how we should be thinking about? Is there a Parks CapEx holiday for a reacceleration?

但當我們考慮你們在美國建立地區公園的計劃時，有關英國公園建設的頭條新聞可能也會在未來幾年內出現。我們該如何思考有什麼顏色嗎？公園是否有資本支出假期以重新加速？

And then just a housekeeping question on Peacock. Obviously, very strong net adds inside of 2023. Mike, you did say that you do expect sub growth that to kind of continue. But could you perhaps quantify what the benefit of the conversion from Comcast bundle subs from free to paid was within the year and as we're kind of thinking about organic or underlying growth that will benefit from the NFL playoff game, Oppenheimer, and some of the other stuff you kind of listed up?

然後是關於孔雀的家政問題。顯然，2023 年的淨成長非常強勁。麥克，您確實說過，您確實預計這種成長會持續下去。但是，您能否量化康卡斯特捆綁訂閱從免費到付費的轉變在一年內帶來的好處，因為我們正在考慮有機或潛在的增長，這將受益於NFL 季後賽、奧本海默和一些你列出的其他東西？

Sure. So on Parks, it's as Jason said, we are going to remain at the elevated level around Epic with the 2 expansion parks, Hollywood Horror Nights and the Universal Kids in Frisco, Texas, underway at this stage. So we'll remain elevated in 2024. And then as we come to completion of Epic in 2025, rolling into 2025, we'll ease off from there.

當然。因此，在公園方面，正如傑森所說，我們將保持在Epic 周圍的較高水平，現階段正在進行兩個擴展公園，即好萊塢恐怖之夜和德克薩斯州弗里斯科的環球兒童公園。因此，我們將在 2024 年保持較高的水平。然後，當我們在 2025 年完成 Epic 時，進入 2025 年，我們將從那裡放鬆下來。

I think the easing off is, yes, I wouldn't necessarily call it a holiday so much as we'll much like we talked about adding additional passings in cable. If we see these projects pencil out for good return, we'd be excited in the years that follow.

我認為放鬆是，是的，我不一定稱之為假期，因為我們很喜歡我們談論在電纜中添加額外的通道。如果我們看到這些項目取得良好回報，我們會在接下來的幾年裡感到興奮。

I can't predict when to continue to give the Parks and Experiences business whatever capital it requires. But right now, with the visibility we have for what's in the pipeline, what Jason described as a trajectory, is the right trajectory.

我無法預測何時繼續向公園和體驗業務提供所需的任何資本。但現在，隨著我們對管道中的內容的了解，賈森所描述的軌跡是正確的軌跡。

And then on Peacock, I think we did a good job converting our Comcast free subs to paid subs, and they're now rolling into after a few months of -- at a lower price or rolling into the full price. So I think we did a great job across the company on executing that.

然後在 Peacock 上，我認為我們在將康卡斯特免費訂閱服務轉變為付費訂閱服務方面做得很好，幾個月後他們現在以較低的價格或全價訂閱。所以我認為我們整個公司在執行這一點方面做得很好。

Thanks, Sebastiano. That concludes our call. We appreciate all of you joining us this morning.

謝謝，塞巴斯蒂亞諾。我們的通話到此結束。我們感謝大家今天早上加入我們。

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

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