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.

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

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

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

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

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

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

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

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

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

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

這樣，我就把電話交給麥克了。

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Marci，大家早安。新年才過去不到一個月，2024年就已經開局不錯。兩週前，我們公司全體員工齊心協力，共同創造了歷史：在Peacock平台上獨家直播了首場NFL外卡賽，打破了多項紀錄。近2300萬觀眾觀看了堪薩斯城酋長隊對陣邁阿密海豚隊的比賽，消耗了美國30%的網路流量，並創下了美國單日網路流量的新紀錄。

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.

數十年來，我們對網路和技術平台的投入使我們脫穎而出，在網路和Peacock上提供了無縫體驗，這表明我們公司在這個高頻寬消耗時代處於極佳的競爭優勢。

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》獲得五項金球獎，包括最佳影片、最佳導演、最佳男主角、最佳男配角和最佳原創配樂。 2024年開局良好，讓我們回顧一下2023年，我們取得了持續強勁的財務業績，並繼續推進我們的長期策略。

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.

我們已做好充分準備，掌握眾多規模化、多元化的成長機會，這些機會均能提升利潤率，包括住宅寬頻、行動通訊、商業服務、主題樂園、影視工作室和Peacock串流服務。 2023年，這些業務的總收入成長了8%，佔全年總收入的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.

我們健康的現金流和穩健的資產負債表，為這些業務的有機成長提供了動力，同時也為包括大規模股票回購在內的豐厚資本回報提供了資金。所有這些都轉化為卓越的財務表現。

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營收、調整後 EBITDA 和調整後每股盈餘。

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%.

現在讓我們深入探討今年取得的一些重要成就。我為我們在網路連接業務方面取得的進展感到非常自豪。 Xfinity Mobile 維持了強勁的成長勢頭，用戶數量成長了 24%，國內無線業務總收入成長了近 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.

我們在商業服務領域也表現出色，全年營收和 EBITDA 成長近 5%，利潤率接近 60%。我們超額完成了新增 100 多萬套住宅和商業房地產的目標，預計 2024 年將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。我們維持了龐大且健康的訂戶基數，同時住宅用戶平均收入成長了3.9%，達到歷史預期範圍的高端，推動了連接與平台業務的EBITDA穩健成長，並將基礎利潤率提升至約40%。

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.

儘管面臨極其激烈的競爭環境，我們依然取得了所有成就。展望2023年，我堅信，我們的策略與卓越的執行力結合，將使我們能夠從容應對未來的挑戰。

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.

儘管競爭環境可能在一段時間內維持在目前的水平，但寬頻市場仍然非常龐大、健康且利潤豐厚。我們目前看到的消費趨勢也預示著未來前景光明。

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.

客戶在家中連接的設備越來越多，這些設備也被用於對容量、速度和延遲要求更高的應用場景。我們擁有光纖覆蓋範圍廣、資本效率高的網絡，完全能夠滿足這些需求。我們擁有 10 萬英里的光纖網絡，並已做好充分準備，透過 DOCSIS 4.0 技術，在我們覆蓋的所有區域內提供千兆對稱高速網路。

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「經濟實惠的網路連線計畫」（Affordable Connectivity Program，簡稱ACP）。首先，需要指出的是，我們憑藉過去十年在數位公平領域累積的經驗，有效地參與了ACP，並在這一過程中成功地利用了國家驗證計劃（National Verifier Program）。

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.

我們希望白宮和國會能夠續簽這項撥款，確保許多依賴該計畫保持網路連結的個人和家庭能夠繼續獲得這些重要資源。同時，我們已經開始與ACP計畫的參與者溝通。如果撥款終止，我們將提供一系列替代方案，包括我們非常成功的「網路基礎服務」（Internet Essentials）專案。

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.

轉型至內容與體驗領域，我們已做好準備，推動長期獲利成長。數十年來，我們在電影、電視、體育賽事直播、新聞和娛樂節目等領域，打造了一系列標誌性內容和強大的品牌系列。

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，並且透過利用我們的智慧財產權和我們優秀的合作夥伴，發揮自身優勢，持續開展合作並取得良好業績。

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.

讓我們先從我們的工作室集團說起。我們取得了重大里程碑式的成就，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，我們榮登全球票房最高的電影工作室寶座。我們很榮幸能與克里斯多福諾蘭、克里斯梅勒丹德利和傑森布魯姆等創意夥伴攜手合作，他們都是業界創新領導人物，共同打造持續為觀眾帶來歡樂的內容。

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 年的另一批精彩電影陣容感到非常興奮，其中包括 3 月上映的《功夫熊貓》最新一部，7 月上映的《卑鄙的我》和《龍捲風》，以及 11 月上映的《魔法壞女巫》。這些電影以及許多其他電影都將進入一次性付費觀看窗口，這將使 Peacock 受益。

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，我們的媒體業務持續保持強勁勢頭，每季透過領先的體育、新聞和娛樂節目覆蓋超過1億個家庭。我們擁有全美收視率最高的新聞機構，而《週日橄欖球之夜》有望連續第13年蟬聯黃金時段收視率最高的節目，這在歷史上尚屬首次。

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 持續保持著美國成長最快的串流平台地位，這得益於我們整合旗下所有品牌、提供符合用戶不斷變化的觀看習慣的多元化選擇的整體商業模式。自 2020 年上線以來，我們在短短時間內就取得了強勁的成長勢頭，年底付費用戶達到 3,100 萬，平均每用戶收入 (ARPU) 為 10 美元，這得益於用戶參與度和流失率的良好成長趨勢。我對 2024 年充滿期待。

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.

我們以一場成功的「外卡賽」拉開序幕，緊隨其後的是Peacock獨家播出的《奧本海默》，以及一系列全新和回歸的原創內容，例如Peacock最受歡迎的原創劇集《泰迪熊》，還有更多付費電影，以及今年晚些時候的夏季奧運會。即將到來的奧運會注定精彩紛呈，屆時觀眾們將重返賽場，而這次的舉辦地是世界上最美麗的城市之一——巴黎。

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.

NBC 廣播網播出的內容比以往任何時候都多，而 Peacock 則作為所有比賽的串流媒體平台，NBCUniversal 將成為美國媒體史上最全面的奧運目的地，Xfinity 再次發揮了巨大作用，在我們的娛樂操作系統平台上提供每場比賽，現在包機用戶也可以透過 Xumo 使用該平台。

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.

在主題樂園方面，我們在2023年實現了創紀錄的收入和EBITDA，未來幾年也將推出令人興奮的全新景點和體驗。明年，我們將在大阪開設另一個任天堂主題樂園——大金剛主題樂園，將使超級任天堂世界面積擴大70%。我們預期好萊塢主題樂園也將延續強勁的成長勢頭，這也得益於超級任天堂世界的推動。此外，我們將在2025年盛大開幕前，見證奧蘭多第四座主題樂園－史詩宇宙的完工。

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年所取得的所有成就感到非常滿意。我們每個業務部門都擁有優秀的團隊，並且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，這得益於我們在六大關鍵成長領域的投資，這些投資將推動這些領域的成長，並進一步優化我們的業務組合。公司實力雄厚、營運穩健，包括良好的資產負債表，使我們能夠進行這些投資，同時也能為股東帶來豐厚的資本回報。

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，我們已回購了約15%的流通股總數。加上今天的公告，自2015年我加入公司以來，我們的年度股息已經增加了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.

綜上所述，我們的策略正在奏效，我們預計在未來很多年裡，這個模式將繼續為公司和股東帶來收益。

Jason, over to you.

傑森，該你了。

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。我將從第4頁和第5頁開始，介紹我們的合併績效。第四季總營收成長2%，達313億美元，全年總營收與上年持平，為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.

根據報告數據，第四季 EBITDA 為 80 億美元，全年成長 3% 至 376 億美元。本季及去年同期，我們的 EBITDA 業績均包含遣散費及其他項目。若剔除本季總計 5.27 億美元及去年同期總計 6.38 億美元的這些項目，調整後 EBITDA 在第四季下降 1%，全年仍維持 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.

第四季調整後每股盈餘成長2%至0.84美元，全年成長9%至3.98美元。本季自由現金流為17億美元，全年自由現金流為130億美元，相當於每股3.13美元，較去年同期成長10%。我們已將超過100%的自由現金流返還給股東，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得益於我們為支持和發展六大多元化成長領域的業務而進行的大量投資，這些領域包括住宅寬頻、無線和商業服務連接，以及主題樂園、串流媒體和工作室的優質內容。這些成長領域合計貢獻了公司總收入的一半以上，並在本季度和全年均保持了較高的個位數成長率。

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.

現在讓我們來看看業務業績，首先從第6頁的「連結與平台」業務開始。需要提醒的是，我們最大的外匯風險敞口是英鎊，其年增近6%。像往常一樣，為了突顯「連結與平台」業務的實際表現，我將以固定匯率計算年增速。

Revenue for total Connectivity & Platforms was flat at $20.4 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.

連接與平台業務總收入持平，為 204 億美元。其中，核心連接業務（包括國內寬頻、國內無線、國際連接和商業服務連接）收入成長 7%，達到 110 億美元；而視訊、廣告和其他業務收入下降 8%，至 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.

我們的策略是增加對核心連結業務的投資，以推動其成長，同時謹慎管理那些重要但面臨長期不利因素的業務。整體而言，這種業務結構調整有利於提升我們整體連結與平台業務板塊的獲利能力，這已體現在我們的業績中。

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.

連結與平台業務的息稅折舊攤銷前利潤 (EBITDA) 較去年同期成長 3%，EBITDA 利潤率較去年同期成長 130 個基點。這其中包括本季 4.22 億美元的遣散費及其他費用，以及去年同期 4.56 億美元的支出。若剔除上述項目，兩季的 EBITDA 均成長 2% 至 80 億美元，EBITDA 利潤率提升 110 個基點。

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

我們國內傳統有線電視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%.

就連結與平台業務在住宅和商業領域的基本業績而言，在排除兩個時期內的遣散費和其他費用後，住宅業務的 EBITDA 增長了 2%，利潤率提高了 120 個基點；商業服務業務的 EBITDA 增長了 5%，利潤率幾乎保持不變，達到了令人矚目的 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%.

現在讓我們更深入了解細節，首先來看連結業務成長的驅動因素。住宅連接業務收入增長了 7%，其中國內寬頻增長了 4%，國內無線增長了 15%，國際連接業務增長了 19%；而商業服務連接業務收入增長了 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.

國內寬頻業務再次強勁成長，本季和全年平均每用戶營收 (ARPU) 均成長 3.9%，達到我們歷史上 3% 至 4% 區間的上限。同時，我們 3,200 萬寬頻用戶基數在過去一年中保持穩定，包括本季流失的 34,000 名用戶。

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.

我們將繼續積極參與市場競爭，同時保持財務平衡，本季和去年的業績都證明了這一點。鑑於寬頻市場競爭依然異常激烈，我們將繼續維持這種平衡，並預期ARPU成長將維持在歷史範圍內，並繼續成為2024年住宅寬頻收入成長的主要驅動力。

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.

雖然我們預計未來幾季用戶成長趨勢不會改善，但我們預計隨著時間的推移，用戶成長趨勢會有所改善。從宏觀層面來看，用戶消費量增加，家中連接的設備也越來越多，他們使用這些設備運行的應用程式也越來越需要更快的速度、更低的延遲和更高的可靠性。

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，我們擴容網路的邊際成本是無與倫比的。因此，我們正在投資光纖網絡，以進一步提升網路容量，並在我們覆蓋範圍內普遍提供多千兆對稱速度，確保我們始終以最佳的寬頻產品和服務體驗，遙遙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.

我們已在約 35% 的覆蓋範圍內部署了中分頻網絡，預計到 2024 年底這一比例將達到 50% 左右。在此基礎上，我們在第四季推出了首個 DOCSIS 4.0 市場，今年我們將繼續推出更多市場。

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.

我們專注於我們能夠掌控的方面。這意味著透過提供適當的價格來細分客戶群體，包括不同速度等級的超值套餐，並在寬頻用戶成長仍面臨挑戰的環境下提升每位用戶平均收入 (ARPU)。同時，我們也積極進行網路升級和擴容，這使我們能夠更好地為最終恢復用戶成長做好準備。

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.

說到網路擴展，我們超額完成了2023年新增100萬戶家庭和企業用戶的目標，實際覆蓋近110萬戶。我們計劃在2024年保持這一水平，甚至可能實現更大的覆蓋範圍擴展。

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.

轉向無線業務。本季我們取得了重大里程碑式的成就，季度營收首度突破10億美元大關。年成長主要得益於服務收入的成長，而服務收入的成長又得益於客戶線路持續強勁的成長動能。客戶線路數量年增130萬，增幅達24%，總用戶數達650萬。這其中包括本季新增的31萬條線路。過去兩年，我們一直保持著穩健的成長速度，每季淨增加約30萬條路線。

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優惠活動，並將在未來一年繼續這樣做，目標是隨著時間的推移，其中一些優惠活動能夠轉化為更快的用戶成長。目前，我們的家庭寬頻用戶滲透率僅為11%，這意味著我們在無線業務方面仍然擁有巨大的發展機會和廣闊的成長空間。

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.

國際連接業務收入成長了 19%，這主要得益於寬頻業務的穩定成長（兩位數以上），以及無線業務的強勁成長，其中無線業務的設備銷售和服務收入均實現了健康成長。

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 Security Edge and from strong growth in mid-market and enterprise.

最後，由於小型企業類別的持續成長（透過提高安全邊緣等附加產品的費率和滲透率，以及中端市場和企業市場的強勁成長，ARPU 也隨之成長），商業服務連線收入成長了 6%。

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滑所抵消。影片收入下滑主要是因為客戶持續流失。其他收入的下降也反映了固話語音業務的類似情況。而廣告收入則受到去年同期基數的影響，去年得益於國內市場政治廣告收入的成長。

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，剔除遣散費和其他支出後，連接與平台業務的總 EBITDA 成長了 2%，調整後利潤率提高了 110 個基點。要分析這一成長，主要驅動因素是我們業務結構向高利潤率的連接業務轉變，這種轉變在過去幾年中已經出現，我們預計還將繼續。

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.

除了業務結構調整外，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，我們報告的六大類費用中有五類有所下降。唯一成長的類別是直接產品成本，與績效掛鉤，並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，我們不斷利用更先進的工具和技術來提高效率。與 2017 年相比，我們的國內卡車出遊次數減少了近 50%。儘管同期我們在國內的客戶關係增加了近 500 萬，但客戶互動次數卻減少了近 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（包括虛擬化和技術應用）的投資，不僅提升了我們的競爭力，也提高了成本效益。產品組合的調整、成本控制以及我們在客戶服務方面取得的技術進步，都是結構性變革，我們預計這些變革將持續下去，從而使我們能夠在2024年及可預見的未來實現更高的盈利能力和利潤率的進一步提升。

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.

現在我們來看看投影片7中的內容與體驗部分。營收成長6%至115億美元，EBITDA成長2%至9.32億美元。若不計入本季1.01億美元的遣散費和去年第四季1.86億美元的遣散費，調整後的EBITDA下降6%，主要原因是媒體業務下滑，但部分被工作室的強勁增長和主題公園的創紀錄業績所抵消。

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.

現在讓我們更詳細地了解內容與體驗，先來看看媒體業務。媒體業務收入成長了3%，這主要得益於Peacock的強勁成長，其增幅高達57%，與無線業務類似，首次突破了10億美元的季度收入大關。

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.

國內發行收入成長9%，主要得益於Peacock訂閱營收成長88%，而付費用戶數的持續穩健成長又推動了這一成長。本季末，Peacock付費用戶總數達到3,100萬，較去年同期成長1,000萬，其中本季淨增300萬用戶，主要成長動力來自體育賽事（包括NFL和Big Ten聯盟）以及電影，尤其是同步上映的電影《玩具熊的五夜後宮》以及各種原創內容和其他娛樂節目。

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（主要為天空體育的發行收入）成長了17%，主要得益於今年體育內容的增加以及外匯折算帶來的正面影響。最後，由於與去年同期相比基數較高，國內廣告收入下降了7%，去年同期Telemundo轉播的FIFA世界盃廣告收入貢獻顯著。

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.

剔除世界盃的影響，廣告收入成長近3%，這主要得益於Peacock平台強勁的廣告投放以及我們強大的體育賽事陣容。 Peacock平台的廣告收入成長了50%（同樣剔除世界盃的影響），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.

媒體業務 EBITDA 下降 50%，主要原因是體育賽事成本上升，這反映了 NFL 節目合約費率上漲了整整一個季​​度，今年體育節目陣容中增加了 Big 10 聯賽，以及英超聯賽成本比去年更高，因為去年比賽暫停了 4 週以配合世界盃的賽程安排。

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第四季EBITDA虧損持續收窄，年比改善顯著，全年虧損額為27億美元，略優於我們先前的預期。 Peacock的年度虧損高峰出現在2023年。我們預計2024年的虧損額將較2023年大幅改善。

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.

再來看工作室業務。由於本季《玩具熊的五夜後宮》、《魔髮精靈2：聯合起來》、《驅魔人》和《遷徙》等電影在票房上的出色表現，影院收入增長了59%，帶動了營收增長4%。事實上，《玩具熊的五夜後宮》是2023年票房最高的恐怖電影，並在Peacock平台上創下了上映前5天觀看次數最多的紀錄。除了本季的影片外，我們也受惠於上一季影片進入獲利的授權窗口期，推動EBITDA成長83%，達到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.

主題樂園業務方面，營收成長12%，息稅折舊攤提前利潤（EBITDA）也成長12%，達到8.72億美元。這些強勁的業績再次得益於國際樂園的成長，尤其是大阪樂園，由於超級任天堂世界持續受到強勁需求的推動，客流量和人均消費額均高於去年同期和疫情前水準。

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，我們持續受益於消費者對超級任天堂世界（Super Nintendo World）的正面回應。該主題樂園於2023年初開業，帶動了強勁的客流量和人均客流量的成長，並最終使好萊塢第四季的EBITDA創下歷史新高。在奧蘭多，我們的業績同樣強勁，客流量與2019年疫情前的水準持平，營收則大幅成長。

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.

現在我將在第8張投影片上總結自由現金流和資本配置。正如我之前提到的，本季我們創造了17億美元的自由現金流，全年累積自由現金流達130億美元。同時，我們也進行了大量的資本投資，用於擴大業務版圖、進一步加強國內寬頻網路、拓展串流媒體業務，並支持Epic Universe主題樂園的持續建設，該樂園預計將於2025年開放。

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，受資本支出增加的推動，全年總資本支出增加了13%。在連結與平台業務方面，全年資本支出成長了1.5%，資本支出強度為10.1%，主要原因是為進一步加強和擴展我們的網路而進行的投資。我們預計，2024年資本支出強度將與此持平，因為我們將繼續推進美國網路向DOCSIS 4.0的過渡，並加速家庭覆蓋率的成長。

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.

我想指出的是，雖然過去幾年我們在連結與平台業務的資本支出強度一直維持在10%左右，但這並非我們設定的具體內部目標，而是實際產出。我們的團隊正在盡最大努力推進專案。當然，如果例如我們有機會進一步加速那些已實現增值收益的家庭用戶成長，我們也會非常歡迎。但就目前而言，10%左右的投入規模已經相當不錯，我們對目前的進度和所取得的進展都非常滿意。

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.

內容與體驗部門的資本支出全年增加了12億美元，主要得益於主題樂園業務的成長，其中Epic主題樂園貢獻了大部分成長。我們預計2024年主題樂園的資本支出將保持高位，然後在2025年Epic主題樂園開業後有所下降。

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.

本年度營運資金為20億美元，優於預期，較上年增加10億美元。 2023年的業績包含了因編劇和演員罷工導致的停工而帶來的收益。

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.

接下來談談資本返還和我們的資產負債表。全年來看，我們共向股東返還了158億美元。其中包括110億美元的股票回購，其中第四季回購了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，股利支付總額達48億美元。正如我們今天上午宣布的那樣，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年提高股利。

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.

我們年底的淨槓桿率為2.3倍，符合我們設定的2.4倍左右的目標槓桿率。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.

綜上所述，我們本季業績穩健，全年表現優異。我們將繼續專注於執行長期成長策略，並輔以平衡且嚴謹的資本配置策略。我為我們穩健一致的決策框架感到自豪。我們將大力投資六大關鍵領域的內生成長。我們將維護資產負債表和現金流狀況，並向股東返還資本。

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

現在我把麥克風交給布萊恩，請他簡單說幾句，之後我們再進入問答環節。

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。回顧這一年，我們所取得的成就讓我感到無比自豪。 2023年是我們60年歷史上業績最好的一年，而且我們在2024年也已經展現出良好的發展勢頭。

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.

正如麥克和傑森剛才提到的，我們是一家獨具特色、發展前景極佳的公司。我們始終著眼長遠，並致力於長期投資，尤其是在六大關鍵成長驅動因素方面。

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。正如您剛才聽到的，這已經是我們連續第16年提高股息了。這就是穩定性。

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.

綜上所述，我們擁有一支優秀的團隊。這對我來說始終是最重要的，我們正在對業務進行正確的調整，以幫助我們贏得勝利、實現成長並持續為股東創造回報。

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.

雖然大家可能對我們下一步的計畫有所猜測，但我希望你們能直接從我這裡聽到答案。我熱愛我們公司。因此，我們制定的計劃與你們今天聽到的計劃相比，標準會更高。我要感謝所有員工，感謝他們在2023年所做的卓越貢獻，他們始終保持最高水準的工作。

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

那麼，接下來就交給瑪西來回答大家的問題吧。

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

謝謝，布萊恩。接線員，現在開始問答環節。

(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本·斯溫伯恩。

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.

我想問你們關於寬頻的問題，還有關於Peacock的單獨問題。 Jason，你和Mike都談到了你們認為能發揮自身優勢的消費趨勢。但你們在網路層面也做了很多工作，包括2024年的計畫。你們提到了正在測試的融合套餐，而且可能會推出更積極的推廣方案。

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.

我知道您不會給出具體時間表，但您能否談談如何重新加速寬頻用戶成長趨勢？因為您推向市場的產品似乎今年也不斷在改進。我知道您著眼於長遠，但我只是想更多地了解您目前在業務和產品方面所做的工作，以及這些工作在未來12到24個月內能否轉化為更好的用戶成長趨勢。

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.

至於Peacock，我想Mike可能會問，這個行業還需要多少投資？我記得你們之前討論過要達到50億美元的節目製作投資目標。

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.

至少從第四季來看，我們基本上已經實現了目標。我們的營收成長勢頭良好。我正在思考如何讓公司達到損益兩平。所以我很想聽聽您認為公司接下來還需要哪些方面的額外投資。

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，我是戴夫。我先說說寬頻，然後把麥克風交給麥克和傑森。關於寬頻，正如麥克和傑森所說，市場環境基本上保持不變。宏觀經濟活動仍低迷。而且，正如你所說，競爭非常激烈，尤其是在當前的競爭週期中，這種差異尤其明顯。低收入群體的情況尤其如此。

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，客戶活躍度持續下降，客戶流失率也接近歷史最低水準。儘管如此，我認為我們已在客戶成長和每用戶平均收入 (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.

我們的用戶基數保持相對穩定，季度和年度平均每用戶收入 (ARPU) 均成長了 3.9%。因此，我們的 C&P EBITDA 也在成長，利潤率也在擴大。像這樣的競爭週期，我們已經經歷過很多次了。而這些週期中出現的情況——例如新的市場佈局、競爭格局的形成，以及一些獨特的折扣策略——正是決定性因素。

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.

我認為光纖就是一個很好的例子，我們幾年前經歷過，現在仍然在經歷。在周期初期，淨新增用戶會面臨壓力。但我們不斷改進策略，過去和現在都與光纖保持著非常良好的競爭關係。所以我認為本輪週期的主角是固定無線網絡，尤其關注低收入族群。

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.

他們擴大了業務覆蓋範圍。雖然面臨一些競爭壓力，但我們一直在不斷調整應對。在這個週期中，我們成功的關鍵在於持續打造更優質的產品，從網路到WiFi體驗，力求完美。

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 deploy 4.0 and our path towards symmetrical service offerings.

我們持續不斷地進行網路投資，並且已經制定了詳細的計劃。截至年中，我們對目前的進展感到滿意。 2023年底，我們已完成33%的網路升級。預計到2024年底，升級率將達到50%左右。我們已經開始部署4.0版本，並朝著對稱服務模式邁進。

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.

這一切都源自於我們對市場發展方向的堅定信念。未來市場上將有更多設備投入使用並連接到網絡，用戶使用率和參與度也會更高。

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，我們希望能夠隨著市場變化保持競爭力。我們將針對每個細分市場採取分階段的競爭策略，並在每個細分市場中採取積極進取的態度。我們預計未來幾季用戶成長趨勢不會改善，但我們預期用戶數量會隨著時間的推移而成長。因此，我們將積極參與競爭，並在宏觀環境變化時做好準備。正如我們在固定無線領域所看到的，存在著並將繼續存在著贏回更多用戶的機會，我們也希望能夠抓住這個機會。

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

所以——在整個過程中，我們將保護 3,200 萬寬頻用戶的健康基礎，並始終控制費率和流量。

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.

我是Mike，Ben。感謝你提出的關於Peacock的問題。我會稍微展開一下，談談我們對程式設計最終發展方向的看法。

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 ex-Netflix. And we're holding a very strong ARPU at $10 per sub.

所以，我們不得不說，我們對Peacock在2023年所取得的成就感到無比自豪。年底付費用戶達到3,100萬，年增50%，而這僅僅是三年時間。我們的付費用戶規模已經達到了國內除Netflix以外那些經營多年的串流平台的60%左右。而且，我們的每位用戶平均收入（ARPU）也維持在10美元的強勁水準。

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.

所以，雖然這並非我們最終計劃達到的規模，但我必須說，在許多人質疑我們能否走到這一步的情況下，團隊的表現非常出色。因此，接下來，關鍵在於繼續執行讓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，這有望改善Peacock的獲利狀況，使其擺脫2023年出現的虧損高峰。我們認真思考過這項策略，那就是將Peacock和我們的線性電視業務作為一個整體來管理。

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.

我們的策略是充分利用我們在 NBC（新聞、體育和娛樂）、Bravo 以及我們在有線電視業務和環球影業的付費窗口期所擁有的優質相關內容資產。

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.

所以，綜合所有因素，繼續執行這些策略，我們將尋求擴大規模。我們正在採取的措施既是為了擴大規模、增加訂閱用戶，也是為了提高現有訂閱用戶的參與度，並降低用戶流失率，而我們對這方面的進展相當滿意。

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.

所以最終，你的問題是，我們相對於…處於什麼位置——隨著我們達到這個水平，節目支出增長率略有放緩，這顯然是Peacock虧損單獨改善的一部分，鑑於訂閱用戶數量較高，並且預計會繼續增加，收入方面將持續強勁增長，這將是一個因素。

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.

但我想再次強調，我更關注的不是Peacock獨立業務的虧損具體造成的影響，而是媒體業務整體（包括傳統電視和串流媒體）的長期發展，並做出正確的決策。我認為我們已經找到了一條非常正確的道路，對我們所做的一切感到非常滿意。

Next question is coming from Craig Moffett from MoffettNathanson.

下一個問題來自 MoffettNathanson 公司的 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.

我想請您就酋長隊對海豚隊的季後賽做個初步的分析。這場比賽為Peacock帶來了怎樣的訂閱成長？早期用戶流失又如何？我知道之前有一些關於如此巨大的網路流量是否會對固定無線網路造成影響的討論，你們試圖淡化這個問題，但我很想知道你們能否就其他平台如何處理這場比賽帶來的流量高峰提供一些觀察。

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，我是麥克。我先來，戴夫如果想的話可以插話。正如我們之前所說，我們對在Wildcard比賽中的表現非常滿意。這是美國史上規模最大的直播賽事，能夠如此流暢地完成絕非易事，這充分體現了我們在戴夫的公司寬頻業務方面所做的工作，以及我們構建並反复提及的、支持Peacock、Sky、我們的Xfinity產品以及現在的Xumo的技術平台。

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.

所以我認為我們已經建立了巨大的優勢，並且一直在尋找方法——我們非常高興看到它對寬頻使用的影響，無論這對平台的其他傳輸方式意味著什麼。我們無比欣慰的是，它在如此多的並發流下運行良好，性能卓越。

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.

但就新增訂閱用戶而言，我們預期付費訂閱用戶會有所成長——今天我們不方便置評。我們目前的重點是留住那些在遊戲發售前後加入的訂閱用戶。

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，既包括比賽期間新加入的訂閱用戶，也包括平台現有用戶的參與度。因此，用戶參與度和留存率的重點將真正放在接下來的發展上。

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.

我們已經預告了很多內容，包括奧本海默將於2月16日登陸平台。夏季奧運也即將到來。現在罷工已經結束，您將會看到許多Peacock原創劇集，以及我們與環球影業合作推出的「一次性付費」窗口的更多影片。

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.

但仔細想想，就我們目前的規模而言，重要的是要讓用戶持續關注平台及其所有內容，而不僅僅是Wildcard遊戲本身。所以我們的工作始終是吸引更多用戶加入，並讓所有現有用戶圍繞這款遊戲重新參與平台互動中，然後在遊戲結束後繼續提升用戶參與度。

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.

令人欣喜的是，在「Wildcard」遊戲結束後的幾天裡，包括我們新推出的喜劇影集《泰迪熊》在內，我們的觀看時間都創下了歷史新高。該劇在Peacock平台上線後的前7天內，觀看時長達到了平台歷史最高水平，這充分說明了在我們推出這部劇的時機獲得如此高的關注度是多麼重要。

And likewise, the second season of the reality show "Traitors" 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《叛徒》第二季也緊接著首播。而且，就上線前四天而言，它也是我們平台上原創真人秀節目中收視率最高的。所以，這就是我對整體情況的看法。布萊恩，我想你也想說說你的看法。

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，我們非常感謝NFL對我們公司的信任，選擇我們整個公司來執行這項工作。整個產業都給予了合作和參與，我認為這對美國網路來說是一個非常值得驕傲的時刻，整個過程完美無瑕，我認為這再次證明了我們之前的所有投資都是值得的。再次感謝大家。我們會拭目以待最終結果，但我們真的非常滿意。

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的傑西卡·雷夫·埃利希。

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.

這是一個分為兩個部分的問題。正如布萊恩剛才所說，你們擁有獨特的資產組合。那麼，能否從公司各個方面，包括有線電視和NBC環球，談談你們的長期視訊策略？也就是說，你們是否有計劃將Peacock推向全球？你們最近與派拉蒙的續約協議似乎只是維持現狀。

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?

還有一個問題。您剛才稍微提到了Epic Games。它還有一年就要上線了。能詳細介紹一下它的規模、範圍以及產品差異化優勢嗎？

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。關於Peacock，特別是影片方面，我們分成幾個部分來談談。關於我們的串流媒體策略，顯然，我們已經考慮過，也討論過很久了。我們希望我們現有的媒體資產在未來能夠繼續保持強勁的發展勢頭，因為消費者的行為正逐漸將他們轉向串流媒體，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.

顯然，NBC在影片發行方面的優勢一直集中在美國。我認為我們目前非常專注於擴大國內市場規模。我們在國際上所取得的成就以及未來可能的發展方向是另一個議題。但就目前而言，我們一直致力於透過合作和合資企業，確保無論是Sky Showtime，或是Peacock類型的內容登陸Sky平台，都能在非洲找到像MultiChoice這樣的創投夥伴。

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.

所以，我們正在尋找方法，並希望在經濟上採取合理的策略，在不犧牲太多經濟效益的前提下，擴大Peacock在國內的規模。很多人都在談論我們能否實現全球規模化。我們希望先在國內市場取得成功，達到我們想要的目標，這才是我們目前最關注的重點。

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.

就國內錄影帶發行方面的情況而言，我認為我們——憑藉NBC的自有內容，繼續在這個領域扮演重要角色。同時，我認為我們也是最佳合作夥伴，因為我們在寬頻領域擁有龐大的覆蓋範圍，既包括傳統線性電視，也包括串流媒體合作夥伴。我們看到，與那些希望觸及我們寬頻用戶群的玩家和合作夥伴之間取得了長足的進步，並開展了大量的合作。我們與這些用戶群的自然互動點在於聚合內容，並透過Xumo、X1以及Dave和他的團隊創建的平台來獲取他們沒有的新內容。我認為我們在這方面也處於非常有利的地位。

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，我是戴夫。我只想補充一點，當你考慮整體視訊策略時，你會發現它包括線性播放、串流媒體和點播。你銷售DVR，所有這些都包含在內，我認為我們擁有獨特的優勢，能夠將它們整合起來。

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 Wildcard 遊戲，它正是寬頻網路能夠流暢運作的絕佳例證。同時，視訊體驗至關重要。這種體驗與整體網路效能息息相關，使用者需要能夠輕鬆便捷地找到所需內容並進行互動。因此，我們歷年來建構的平台，從 X1 到現在的 Xumo，對我們長遠發展都至關重要。

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.

我還要補充一點，是布萊恩在Epic專案上做的，就這個問題而言，這完全是原創的。這可能是我自收購NBC環球以來見過的最令人興奮的項目。我認為它是美國幾十年來第一個全新的完整主題樂園。我們對此感到非常興奮。

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.

接下來幾週，我們將帶董事會成員去視察施工現場，這是我們以前從未做過的事。所以我想你們都應該去看看。

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.

我認為，2023年和2024年是該計畫建設資本支出最高的兩年。我們預計將於2025年開業。我由衷地讚賞馬克·伍德伯里和環球影城的整個團隊，他們協調完成瞭如此規模龐大的建設項目。

Our next question is coming from John Hodulik from UBS.

下一個問題來自瑞銀集團的約翰‧霍杜利克。

Two 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，我想問兩個問題。首先是關於ACP的評論。我想你們這週應該聯絡了ACP的訂閱用戶。我的意思是，你們能否量化一下訂閱用戶基數或財務影響？我們這季度能看到什麼改變嗎？或者說，如果續約失敗，我們是不是真的要等到第二季才能看到效果？

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.

媒體方面，你們似乎看到了廣告市場的強勁成長。所以，能否就你們目前看到的廣告市場狀況談談看法？看起來，如果只看核心廣告，今年確實有所成長。我想知道這只是NFL和十大聯盟的強勁表現，還是說還有其他一些潛在因素的影響？

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，我是戴夫。讓我先從ACP入手，具體回答你的問題。我們有140萬客戶受益於這個項目，這是我們透過國家驗證計畫獲得的。所以，你可以完全放心這些客戶的資格。

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.

這部分客戶群中的大多數在ACP專案實施前就已經是我們的客戶了。我們一直都希望這個計畫能夠持續下去。但如果專案最終無法實施，我相信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.

我們擁有完善的業務模式，並且過往經驗表明，我們懂得如何細分客戶群體，並提供不同價位的產品和套餐，從而更好地服務客戶，包括在過去十多年裡，我們一直致力於提供互聯網基礎服務。因此，我們會根據實際情況評估此事，這或許存在風險，但鑑於我們與該專案的合作方式以及我們整體的客戶管理能力，我們認為這種風險完全可以控制。

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，我是麥克。關於廣告方面，我認為廣告市場整體保持穩定，我們對第四季的業績非常滿意。如果排除2022年世界盃的影響，並進行調整，即使與去年同期因政治事件而大幅下滑，我們的廣告收入仍然實現了增長。

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，例如大多數品類都趨於穩定。消費品和零售業的情況尤其好轉。我們沒有看到任何壓力——沒有看到去年預售季的取消訂單帶來任何真正的壓力，這是個好消息。而且，零散溢價也相當健康，我們最近看到兩位數的成長。

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.

但我認為現在就斷言經濟正在可持續復甦還為時過早。宏觀層面仍有太多不確定因素，而且至少對我們來說，今年年初的體育賽事將會減少。

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.

所以，無論未來一年整體環境如何，無論宏觀經濟環境是否會好轉，我們都認為我們憑藉幾項重磅內容佔據了有利位置，這些內容包括即將到來的奧運會和選舉。回到Peacock平台規模擴大的真正原因，我們在容量和庫存方面都取得了顯著進展。以上就是我認為目前廣告市場的發展動態。

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·查普林。

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?

給傑森兩個問題。你提到過，如果看到有利可圖的擴張機會，你會毫不猶豫地抓住。你指的是BEAD的機會嗎？你預計今年稍後就能實現嗎？還是說要到2025年才會產生影響力？

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?

在股票回購方面，我們看到了150億美元的重新授權。目前你們的回購速度是每季35億美元。我們是否可以預期這種速度會持續到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。我先倒序回答這些問題，然後如果大衛願意的話，我們可能會合作討論一下業務規模方面的問題。關於股票回購，你說得對，我們今天早上重新授權或追加了150億美元的回購計畫。我們這樣做並非旨在提供業績指引，但無論如何，這都是一筆健康的重新授權。

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，目前行之有效的獲利模式依然有效，能夠帶來非常強勁的資本回報。正如我之前提到的，我們的槓桿率目前穩定在2.4倍左右，並且能夠持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.

如果你回顧一下自2021年中期我們開始股票回購或啟動股票回購計畫以來的近期歷史，我們會發現，在此期間我們已經回購了15%的股票，這是一個非常好的指標。因此，我們將繼續進行更多的資本回報。

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 CapEx 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年的發展軌跡感到非常樂觀。就業務規模而言，我們已經非常明確地表示，首先，正如我們在Dave的理論中提到的資本支出強度，大約在10%左右。過去幾年一直保持在這個水平。預計2024年也將維持在這個水平，但我們也明確表示，這並不一定會限制業務發展。只要我們能夠加快步伐，我們就會這樣做，而且我們也樂意這樣做。

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，回顧過去幾年房屋審批情況，我們在2022年完成了85萬套房屋的批准。 2023年，我們成功將這一數字提高到110萬套，今天早上我們也給出了明年110萬套或略高的預期。因此，我們認為我們能夠進一步加快這一進程。

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 年指南的大部分資金來自我們自身，但我們一直在努力爭取進入 ARPA 項目，並取得了一些成功。如果我們在 BEAD 專案上也能取得成功（我認為我們肯定會成功），那將主要發生在 2025 年及以後。

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.

我是戴夫。我只想補充一點，正如傑森所說，我們已經啟動了這些項目，並且正在積極尋求各種機會。目前階段，這些項目主要依靠自籌資金，但我們也與地方政府合作一些項目，例如ARPA等。總之，我們會選擇那些真正適合的項目。

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.

最棒的是，正如布萊恩一開始就提到的，我們在營運規模擴張方面執行得非常出色，為這次活動做好了充分準備。去年我們完成了110萬美元的銷售額，我們計劃在2024年達到甚至超過這個數字，我們正在朝著這個目標努力。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，這些項目的性質決定了它們需要一段時間來發展壯大，然後才能推動市場滲透。我預計在2025年才能看到更多收益。至於BEAD，我們計劃在符合我們業務目標的情況下參與，但坦白說，具體流程仍處於不斷變化之中。

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·卡哈爾。

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.

首先，我想請您詳細介紹一下2024年Xfinity Mobile的計畫。您的同業最近促銷力道更大。我想您也一直在關注這一點，而且我們看到您去年在iPhone促銷活動中也加大了力度。

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.

您也提到寬頻ARPU是寬頻ARPU是寬頻收入的最大驅動力，我知道如果過度依賴行動業務，按照GAAP準則計算，寬頻ARPU可能會受到影響。所以我很想聽聽您是如何考慮將寬頻和行動業務策略結合起來的。

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.

傑森，你這季拿到的遣散費，大部分都落在了連結與平台部門。我們該如何看待這筆錢對2024年營運支出的影響？你提到去年六個支出類別中有五個都減少了。那麼，你能不能為我們介紹一下今年連結與平台部門的非程式營運支出狀況？

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，我是戴夫。我先來說說無線業務。我認為我們在這方面一直堅持立場。無線業務是我們長期成長的關鍵驅動力之一。正如之前提到的，團隊也一直在討論無線業務，它絕對是寬頻業務的絕佳補充。無線業務本身就具有良好的經濟效益，在行動網路滲透到寬頻用戶群方面，未來還有很大的發展空間。

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.

所以它的表現不錯。我們的國內收入成長超過15%。我們擁有超過600萬條線路，包括本季新增的31萬條，但正如傑森所說，我們的寬頻滲透率僅為11%。因此，未來仍有很大的發展空間。

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.

而且，這絕對是我們所有市場推廣活動的關鍵組成部分，無論是客戶獲取、客戶群管理或客戶升級。正如您所指出的，史蒂文，我們一直非常注重客戶升級和客戶留存。

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，我們的業績一直穩定在每季30萬條線路左右，在相當長的一段時間內保持著相當健康的成長率。儘管如此，我認為我們仍有提升空間。我們一直在市場上不斷嘗試新的產品和服務，包括寬頻和行動業務，我們也在進行細分市場調查。

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，我們確實擁有一些獨特的機遇，我們正在對此進行評估。我們仍然希望，隨著時間的推移，其中一些優惠活動能夠加速我們產品線的擴展。我們在Wi-Fi和行動網路的創新與產品組合方面製定了清晰的路線圖。我們希望充分利用這兩方面的優勢，不斷打造更優質的產品和服務。

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，我們的核心服務，日復一日地提供更佳的價值。我們非常滿意我們採用的輕資產模式，即虛擬營運商模式。我認為我們在轉換率方面處於非常有利的地位。

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.

所以我認為，憑藉這種輕資產策略，我們在競爭中佔據優勢，因為這種策略必然需要在客戶和/或網路方面做出權衡。因此，我們將繼續抓住機會評估進展，但我認為還有上升空間。

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，讓我快速總結一下，因為問題的一部分似乎是，我們是否在控制無線業務，以及它與寬頻ARPU成長和GAAP下寬頻ARPU成長之間的關係。這兩者之間沒有關聯。我們會先做對業務有利的事。我們會盡力尋找加速無線業務發展的方法。我認為我們有機會做到這一點，而不會因為寬頻ARPU成長的影響而裹足不前。不過，我們再次重申，第四季和全年寬頻ARPU成長率均為3.9%，處於我們歷史預期3%至4%區間的高端。我們預計明年仍將維持在3%至4%的區間內，因此ARPU成長將保持穩定強勁。

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.

至於遣散問題，我們回顧過去，正專注於將資金和資源投入關鍵成長領域。我們已經確定了六個關鍵成長領域，並將營運支出的投資重點放在這些領域，同時謹慎管理那些對我們至關重要但面臨長期不利因素的業務。

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.

所以我認為你們在第四季的裁員措施中看到了這一點。我們採取這些措施是為了搶佔先機，為這些業務在2024年及以後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.

我想指出的是，您特別提到了「連結與平台」部門。這部分支出佔了很大比例。您說得對，2023年六大支出類別中有五大類別較去年同期下降。

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.

在業務轉型和成本控制方面，這類措施至關重要。此外，我們在C&P業務中長期保持利潤率成長，並且預計這一趨勢將持續下去。所有這些都是為了更好地應對轉型而採取的行動。

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.

我還要指出我們在事先準備好的發言稿中也提到的內容：回顧過去六年，我們已經減少了50%的車輛出勤次數。也就是說，與2017年相比，車輛出勤次數下降了50%，減少了一半。交易量方面，我們的互動量也下降了40%。因此，相對於這些方面而言，我們擁有相當大的成本削減空間，而且我們預計這一趨勢還將持續下去。

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

今天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.

我想請您就內容與體驗板塊的資本支出預期提供一些補充信息，尤其是在我們展望“史詩級”項目之後。傑森，我記得您在2025年說過，隨著「史詩級」專案的完成，內容與體驗板塊的資本密集度應該會逐漸下降。

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?

但當我們思考您在美國的區域公園規劃時，也注意到未來幾年英國可能也會有公園建設計畫。您能否就此提供一些建議？是否有公園資本支出方面的優惠政策以加快建設步伐？

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Peacock的一個例行問題。顯然，2023年淨新增用戶非常強勁。 Mike，你之前說過你預期用戶成長會持續下去。但是，你能否量化一下，Comcast捆綁套餐用戶從免費轉為付費用戶在一年內帶來的收益，以及NFL季後賽、奧本海默事件和你提到的其他一些因素將如何促進自然增長或潛在增長？

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。關於主題樂園，正如傑森所說，我們會繼續保持高水準的開發，圍繞著Epic主題樂園，同時推進兩個擴建計畫——好萊塢恐怖之夜和位於德州弗里斯科的環球影城兒童樂園——目前這兩個計畫都在建設中。所以，2024年我們會繼續保持高水準。然後，隨著Epic主題樂園在2025年竣工，我們會逐步放慢開發速度。

I think the easing off is, yes, I wouldn't necessarily call it a holiday so much as we'll much likely 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.

我認為這種放緩，與其說是假期，不如說是我們更可能討論在有線電視上增加更多轉播權的問題。如果這些項目最終能帶來良好的回報，我們對未來幾年的發展感到興奮。

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.

我無法預測何時才能繼續為主題樂園及體驗業務提供所需的資金。但就目前而言，根據我們對未來規劃的了解，正如傑森所描述的發展軌跡，這才是正確的方向。

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.

至於Peacock平台，我認為我們成功地將Comcast的免費用戶轉化為付費用戶，幾個月後，他們正逐步過渡到付費模式——要么以較低的價格，要么過渡到全價。所以我認為我們公司在執行這項任務方面做得非常出色。

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。感謝各位今天上午的參與。

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。會議錄音將於美國東部時間今天上午 11:30 起在康卡斯特投資者關係網站上提供。感謝各位的參與。各位可以斷開連接了。