康卡斯特 (CMCSA) 2024 Q1 法說會逐字稿

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

早安，女士們先生們，歡迎參加康卡斯特第一季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。現在我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. 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.

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。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。

This conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedule issued earlier this morning, for the reconciliations of these non-GAAP financial measures to GAAP. With that, I'll turn the call over to Mike.

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。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。這樣，我會將電話轉給麥克。

Thanks, Marci, and good morning, everyone. Across the company, our team is managing extremely well in a highly competitive and evolving marketplace. We have a clear vision for how we are going to compete now and into the future, combined with a sharp focus on execution. Equally important, our disciplined capital allocation strategy, coupled with our strong balance sheet, puts us in an enviable position relative to our peers to invest organically and aggressively in our 6 scaled and diverse growth businesses namely: Residential Broadband, Wireless, Business Services, Theme Parks, Studios and Streaming. These businesses comprise more than 55% of the company's total revenue today, and that proportion will only grow over time.

謝謝，馬西，大家早安。在整個公司範圍內，我們的團隊在競爭激烈且不斷發展的市場中管理得非常出色。我們對於現在和未來如何競爭有著清晰的願景，同時高度重視執行力。同樣重要的是，我們嚴格的資本配置策略，加上我們強大的資產負債表，使我們相對於同行處於令人羨慕的地位，能夠對我們的6 個規模化和多樣化的增長業務進行有機和積極的投資，即：住宅寬頻、無線、商業服務、主題樂園、工作室和串流媒體。這些業務目前占公司總收入的 55% 以上，而且這一比例只會隨著時間的推移而成長。

In the first quarter, these businesses generated a high single-digit increase in revenue on a trailing 12-month basis. And when combined with our substantial share repurchase activity, enabled us to deliver double-digit adjusted EPS growth as well as significant growth in free cash flow per share. In fact, since 2018, we grew adjusted EPS over 50% and free cash flow per share nearly 25%.

第一季度，這些業務的收入在過去 12 個月內實現了高個位數成長。與我們大量的股票回購活動相結合，使我們能夠實現兩位數的調整後每股收益成長以及每股自由現金流的顯著成長。事實上，自 2018 年以來，我們的調整後每股盈餘成長了 50% 以上，每股自由現金流成長了近 25%。

Now for some of the highlights of the first quarter, I'll start with Broadband. The broadband market remains extremely competitive, particularly within the market for more price-conscious consumers. We continue to be intensely focused on segmentation, providing customers with options that meet both their lifestyle and budget. Importantly, we are striking the right balance between ARPU and subscribers, which is clearly reflected in our first quarter results, where despite modest subscriber losses, ARPU grew over 4%, driving mid-single-digit growth in residential broadband revenue to over $6.5 billion.

現在，我將從寬頻開始介紹第一季的一些亮點。寬頻市場仍然競爭激烈，特別是對價格更加敏感的消費者市場。我們繼續專注於細分，為客戶提供既滿足他們的生活方式又滿足預算的選擇。重要的是，我們在ARPU 和用戶之間取得了適當的平衡，這在我們第一季度的業績中得到了明確的體現，儘管用戶損失不大，但ARPU 增長了4% 以上，推動住宅寬頻收入實現中個位數成長，達到65 億美元以上。

We continue to see extremely encouraging broadband consumption trends across our base of 32 million customers. Usage on our network rose double digits year-over-year with broadband-only households consuming over 700 gigabytes of data each month, and our broadband customers continue to value faster speeds. Today, over 70% of our residential subscribers receive speeds of 500 megabits per second or higher and around 1/3 are getting a gig or more.

我們繼續看到我們 3,200 萬客戶群中極其令人鼓舞的寬頻消費趨勢。我們的網路使用量年增兩位數，僅使用寬頻的家庭每月消耗超過 700 GB 的數據，而我們的寬頻客戶繼續重視更快的速度。如今，超過 70% 的住宅用戶的速度達到每秒 500 兆或更高，大約 1/3 的用戶獲得了演出或更高的速度。

We believe that consumers' expectations for their broadband experience in terms of speed, reliability, security and performance will only increase over time. It is extremely important to us that our network upgrades stay well ahead of this demand, our deployment of mid splits doubled year-over-year and now reach 40% of the footprint. The investments we are making to increase capacity and incorporate multi-gigabit symmetrical speeds everywhere we offer service put us in a great position to capitalize on these very favorable consumer trends. And when combined with our rapid footprint expansion, set us up to gain market share and return to broadband subscriber growth over time.

我們相信，隨著時間的推移，消費者對寬頻體驗在速度、可靠性、安全性和效能方面的期望只會越來越高。對我們來說極為重要的是，我們的網路升級遠遠領先於這項需求，我們的中分路部署年比翻了一番，目前已達到覆蓋範圍的 40%。我們為增加容量並在我們提供服務的所有地方採用多千兆位對稱速度而進行的投資使我們處於有利的地位，可以利用這些非常有利的消費趨勢。結合我們快速的覆蓋範圍擴張，我們將能夠獲得市場份額，並隨著時間的推移恢復寬頻用戶的成長。

Turning to wireless. We increased our domestic customer lines by 21% year-over-year to nearly $7 million, yet with wireless penetration of our residential broadband customer base still only 11%, we have plenty of room to grow. We continue to see the benefit of bundling broadband and mobile, which decreases churn and improves customer lifetime value. Our customers also benefit by being connected to our WiFi network, which is the largest in the nation. In fact, 90% of all Xfinity Mobile traffic is delivered over WiFi, not cellular, and we are constantly adding new features to further differentiate the experience. The most recent example is our introduction of WiFi Boost, which enables any Xfinity Mobile customer to experience speeds of up to 1 gig whenever they connect to our 23 million hotspots at no additional cost.

轉向無線。我們的國內客戶線年增了 21%，達到近 700 萬美元，但由於我們的住宅寬頻客戶群的無線滲透率仍然只有 11%，我們還有很大的成長空間。我們繼續看到寬頻和行動捆綁的好處，它可以減少客戶流失並提高客戶終身價值。我們的客戶還可以透過連接到我們全國最大的 WiFi 網路而受益。事實上，90% 的 Xfinity Mobile 流量是透過 WiFi 而不是蜂窩網路傳輸的，我們不斷添加新功能以進一步差異化體驗。最近的例子是我們推出的 WiFi Boost，它使任何 Xfinity Mobile 客戶在連接到我們的 2300 萬個熱點時都可以體驗高達 1 GB 的速度，而無需額外付費。

Across our Connectivity & Platforms business, we're focused on profitably serving each segment of the market from our premium and traditional customers who want fully featured products to more price-driven consumers. With regard to the latter, we are introducing NOW, a new brand and product portfolio targeting the prepaid market that delivers high-quality, low-cost Internet, mobile and streaming TV products with simple all-in pricing.

在我們的連接和平台業務中，我們專注於為各個細分市場提供盈利服務，從需要功能齊全的產品的高端和傳統客戶到更多受價格驅動的消費者。對於後者，我們正在推出NOW，這是一個針對預付費市場的新品牌和產品組合，以簡單的總價提供高品質、低成本的網路、行動和串流電視產品。

NOW Internet and mobile will be particularly helpful to those Americans impacted by the end of ACP, bringing them another option for affordable, reliable connectivity and supplementing our Internet Essentials program, which we offer to eligible households as part of our long-standing commitment to help close the digital divide in America.

NOW 網路和行動裝置將對那些受ACP 結束影響的美國人特別有幫助，為他們提供負擔得起的、可靠的連接的另一種選擇，並補充我們的互聯網基本計劃，我們向符合條件的家庭提供該計劃，作為我們長期承諾的一部分，以幫助他們縮小美國的數位落差。

Turning to Content & Experiences. Let's start with parks. We continue to see strong underlying demand in both Hollywood and Japan, where healthy attendance and per cap levels were once again driven by the success of Super Nintendo World. Building on our momentum, later this year, we're opening our newest Nintendo-themed land, Donkey Kong Country, which will increase the size of Super Nintendo World in Japan by 70%.

轉向內容和體驗。讓我們從公園開始。我們繼續看到好萊塢和日本強勁的潛在需求，超級任天堂世界的成功再次推動了健康的上座率和人均水準。憑藉我們的勢頭，今年晚些時候，我們將開放最新的任天堂主題樂園“Donkey Kong Country”，這將使日本超級任天堂世界的規模擴大 70%。

Switching gears to Orlando. We started to feel some pressure on attendance levels late in the first quarter, which tends to occur in tandem with the ebbs and flows of new attractions in the market. Right now, we happen to be lapping the multiyear surge in attendance from our opening of new attractions in prior periods, but we remain confident about our longer-term growth opportunities, especially as we look ahead to next year with the opening of Epic Universe. With 3 new hotels and 5 immersive worlds featuring more than 50 attractions, entertainment, dining and shopping experiences, it will be the most technologically advanced park in the world. Together with our 3 current gates in Orlando, Epic will enable us to offer a full week's vacation experience to even more guests.

切換到奧蘭多。我們從第一季末開始感受到遊客量的一些壓力，這往往與市場上新景點的潮起潮落同時發生。目前，我們正經歷著前期新景點開放帶來的多年來遊客數量激增的情況，但我們對長期增長機會仍然充滿信心，特別是當我們展望明年史詩宇宙的開放時。擁有 3 家新酒店和 5 個沉浸式世界，擁有 50 多個景點、娛樂、餐飲和購物體驗，它將成為世界上技術最先進的公園。加上我們目前在奧蘭多的 3 個登機口，Epic 將使我們能夠為更多客人提供整整一周的度假體驗。

Moving to Studios. We're incredibly proud of our film team and our recent ranking as the #1 global studio by worldwide box office and winner of Academy Awards, including Best Picture for Christopher Nolan's Oppenheimer. On the back of our fantastic performance in 2023, the power of our studios continued this quarter with the theatrical release of Kung Fu Panda 4, which has grossed over $480 million in worldwide box office to date. And we have an exciting slate still ahead. For the third year in a row, we'll release more movies than any other major studio with The Fall Guy, an action thriller starring Ryan Gosling and Emily Blunt coming this May; Despicable Me 4, Illumination's newest installment of this highest grossing animated franchise as well as our adaptation of Twisters, both debuting in July; and Wicked, one of the most highly anticipated movies of 2024 coming in November.

搬到工作室。我們為我們的電影團隊以及最近在全球票房排名第一的全球工作室和奧斯卡金像獎得主（包括克里斯多福諾蘭的奧本海默的最佳影片獎）感到無比自豪。在 2023 年取得出色表現的基礎上，我們工作室的力量在本季度繼續保持強勁勢頭，《功夫熊貓 4》在院線上映，迄今為止，該片全球票房收入已超過 4.8 億美元。我們還有令人興奮的事情等著我們。我們將連續第三年推出比其他主要電影公司都多的電影，其中包括將於今年 5 月上映的由瑞恩·高斯林和艾米莉·布朗特主演的動作驚悚片《替罪羊》； 《卑鄙的我 4》是照明娛樂公司這部票房最高的動畫系列的最新作品，也是我們改編的《龍捲風》，均於 7 月首映； 《魔法壞女巫》（Wicked），2024 年最受期待的電影之一，將於 11 月上映。

Finally in media. We are successfully managing the segment as one business across linear and streaming, by providing the tens of millions of traditional pay TV subscribers as well as streamers with choice in how they engage with us, we continue to generate significant audience for our programming. Big events like the Olympics, Sunday Night Football, Big Ten; top entertainment shows like Saturday Night Live and Law & Order, with strong consumer demand for our content, we're well positioned to evolve with the changing market.

終於在媒體上。我們成功地將這個細分市場作為跨線性和串流媒體的一項業務進行管理，透過為數千萬傳統付費電視訂戶和串流媒體提供與我們互動的選擇，我們繼續為我們的節目吸引大量觀眾。奧運、週日晚間足球賽、十大賽事等大型賽事；諸如《週六夜現場》和《法律與秩序》等頂級娛樂節目，以及消費者對我們內容的強烈需求，我們已做好準備，能夠隨著不斷變化的市場而發展。

Our exclusively streamed NFL Wild Card game was a big success this past quarter. We added and then retained even more new Peacock subscribers than we expected. Overall, people are staying with us to engage in a broad range of content, spending 90% of their time on the platform viewing nonsports programming. This includes scripted shows like Ted and reality shows like The Traitors, both of which ranked within Nielsen's streaming top 10. And our award-winning collection of films like Oppenheimer, which premiered exclusively on Peacock in February and was the most watched film across all streaming in its first 7 days on the platform.

我們獨家直播的 NFL 外卡比賽在上個季度取得了巨大成功。我們增加並保留了比我們預期更多的新 Peacock 訂閱者。整體而言，人們在我們這裡參與廣泛的內容，90% 的時間都花在平台上觀看非體育節目。其中包括《泰迪熊》等劇本節目和《叛徒》等真人秀節目，兩者均名列尼爾森流媒體前10 名。 還有我們屢獲殊榮的電影集，如《奧本海默》，該片於2 月在Peacock 上獨家首映，是所有串流媒體中觀看次數最多的電影在平台上線的前 7 天。

Clearly, Peacock has been on a great trajectory since our launch 4 years ago, where 34 million paid subscribers having grown 12 million year-over-year and at a $10 ARPU. Looking ahead, our content offering provides such a great value proposition that we should have some real pricing power over time.

顯然，自 4 年前推出以來，Peacock 一直走在良好的軌道上，付費用戶數量已達 3,400 萬，年成長 1,200 萬，每位用戶平均收入 (ARPU) 為 10 美元。展望未來，我們的內容提供瞭如此巨大的價值主張，隨著時間的推移，我們應該擁有一些真正的定價能力。

Of course, sports also play an important role in our media business, and that's especially true this year. Following the Kentucky Derby in May, we'll have the Paris Olympics for 17 nights this summer. With more programming hours on the NBC Broadcast Network than any previous Olympics and over 5,000 hours of live coverage on Peacock, the games are on track to generate the most advertising revenue in history with $1.2 billion in ad sales commitments.

當然，體育在我們的媒體業務中也發揮著重要作用，今年尤其如此。繼五月的肯塔基德比之後，今年夏天我們將舉辦為期 17 晚的巴黎奧運會。 NBC 廣播網絡的節目時長比以往任何一屆奧運會都要長，Peacock 的現場報道時間也超過 5,000 小時，奧運會預計將創造歷史上最多的廣告收入，廣告銷售承諾將達到 12 億美元。

Right after the Olympics, we have the return of football with Big Ten, Sunday Night Football and the NFL's first-ever Friday night opening game from São Paulo, streaming exclusively on Peacock.

奧運會結束後，我們將迎來十大橄欖球賽、週日橄欖球之夜以及 NFL 在聖保羅舉行的首場週五晚上揭幕戰（由 Peacock 獨家直播）的回歸。

So wrapping up, I'm really proud of the work that our teams across the company are doing. Together, we're executing at the highest level and positioning ourselves for growth in a challenging and dynamic marketplace. So Jason, over to you.

總而言之，我對整個公司的團隊所做的工作感到非常自豪。我們共同以最高水準執行，並為自己在充滿挑戰和動態的市場中的成長做好準備。傑森，交給你了。

Thanks, Mike, and good morning, everyone. I'll start with our consolidated results on Slide 4. Total revenue increased 1% to $30.1 billion. And within this, our 6 major growth drivers generated nearly $17 billion in revenue, well over half of total company revenue and once again have shown steady and consistent growth at a high single-digit rate over the past 12 months.

謝謝麥克，大家早安。我將從幻燈片 4 上的綜合業績開始。其中，我們的 6 個主要成長動力創造了近 170 億美元的收入，遠遠超過公司總收入的一半，並且在過去 12 個月中再次顯示出穩定、持續的高個位數成長。

While EBITDA was in line with prior year's level at $9.4 billion, we generated a high level of free cash flow this quarter at $4.5 billion, and we returned $3.6 billion of capital to shareholders, including $2.4 billion in share repurchases. And over the last 12 months, we have reduced our share count by nearly 6%, contributing to our adjusted EPS growth in the quarter of 14%.

雖然 EBITDA 與上年水準一致，為 94 億美元，但本季我們產生了 45 億美元的高水準自由現金流，並向股東返還了 36 億美元的資本，其中包括 24 億美元的股票回購。在過去 12 個月中，我們的股份數量減少了近 6%，導致本季調整後每股收益成長 14%。

Now let's go through our business results, starting on Slide 5 with Connectivity & Platforms. Note that our largest foreign exchange exposure is to the British pound, which was up 4% year-over-year. So 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，讓我們從投影片 5 的連結和平台開始，回顧一下我們的業務成果。請注意，我們最大的外匯敞口是英鎊，年增 4%。因此，像往常一樣，為了突出連接和平台業務的基本業績，我將提及以固定匯率計算的同比增長。

Revenue for total Connectivity & Platforms was flat at $20.3 billion, reflecting strong growth in connectivity revenues, offset mainly by declines in video revenue. Residential Connectivity revenue grew 7%, driven by 4% growth in domestic broadband, 13% growth in domestic wireless and 19% growth in international connectivity, while Business Services Connectivity revenue grew 5%.

連接和平台總收入持平，為 203 億美元，反映出連接收入的強勁增長，但主要被視訊收入的下降所抵消。受國內寬頻成長 4%、國內無線成長 13% 和國際連線成長 19% 的推動，住宅連線收入成長 7%，而商業服務連線收入成長 5%。

In domestic broadband, our revenue growth was driven by very strong ARPU, which increased 4.2% and came in a bit above our historical range. Our team is doing an excellent job of customer segmentation while balancing rate and volume. And we are encouraged by the positive consumer behavior trends we see in our base of 32 million customers.

在國內寬頻方面，我們的營收成長是由非常強勁的 ARPU 推動的，ARPU 成長了 4.2%，略高於我們的歷史範圍。我們的團隊在平衡價格和數量的同時，在客戶細分方面做得非常出色。我們對 3,200 萬客戶群中正向的消費者行為趨勢感到鼓舞。

Bandwidth requirements and engagement are increasing at a rapid clip while the vast majority of our customers are now on speeds of 500 megabits or higher, and adopting advanced tier as a service like xFi complete at a higher rate. But as Mike mentioned, it continues to be a very competitive environment. And we lost 65,000 subscribers in the first quarter, following a loss of 34,000 subscribers in the fourth quarter of 2023.

頻寬需求和參與度正在快速成長，而我們的絕大多數客戶現在的速度都達到 500 兆或更高，並以更高的速率採用 xFi 等高級層即服務。但正如麥克所提到的，這仍然是一個競爭非常激烈的環境。繼 2023 年第四季失去 34,000 名訂閱者之後，我們在第一季失去了 65,000 名訂閱者。

As we sit here right now, we do not see this trend improving in the near term. We expect churn could be elevated given the end of ACP, which is only fully funded through April and partially funded through May. We remain in constant communication with our ACP customers and we'll continue to be diligent in helping this customer segment stay connected through various options. Whether that's our successful Internet Essentials program or our new prepaid NOW offerings, as Mike described.

當我們現在坐在這裡時，我們認為這種趨勢短期內不會改善。我們預計，鑑於 ACP 的結束，客戶流失率可能會上升，該計劃僅在 4 月之前獲得全額資助，在 5 月之前獲得部分資助。我們與 ACP 客戶保持持續溝通，並將繼續努力透過各種選項來幫助該客戶群保持聯繫。正如麥克所描述的，無論是我們成功的 Internet Essentials 計劃還是我們新的預付費 NOW 產品。

In addition, I want to remind you that the second quarter also tends to experience seasonal headwinds. While it's a competitive market, especially for the price-driven segment, we will continue to compete aggressively, yet in a financially balanced way and expect to drive healthy broadband revenue growth through growth in ARPU, which we expect to remain well within our historical range of 3% to 4% growth even as we manage through the ACP transition.

此外，我想提醒大家，第二季也往往會遇到季節性逆風。雖然這是一個競爭激烈的市場，特別是對於價格驅動的細分市場，但我們將繼續以財務平衡的方式積極競爭，並期望透過ARPU 的成長推動寬頻收入的健康成長，我們預計ARPU 將保持在我們的歷史範圍內即使我們成功完成 ACP 轉型，仍將實現 3% 至 4% 的成長。

Turning to domestic wireless. Revenue growth of 13% was due to higher service revenue, driven by a 21% year-over-year increase in our customer lines, ending the quarter at $6.9 million in total, including the 289,000 lines we just added in the quarter. We are consistently in the marketplace testing new offers, including some recent pricing plans targeted at multiline customers, the new NOW Mobile product as well as our Buy 1, Get 1 line offer.

轉向國內無線。營收成長 13% 是由於服務收入增加，而我們的客戶線路年增 21%，本季末客戶線路總額達到 690 萬美元，其中包括我們在本季度剛剛添加的 289,000 條線路。我們不斷在市場上測試新優惠，包括最近針對多線客戶的一些定價計劃、新的 NOW Mobile 產品以及我們的買 1 送 1 線優惠。

We continue to see significant opportunity in wireless to increase the penetration of our domestic residential broadband customer base, which currently sits at 11% and to sell additional lines per account. International connectivity revenue reflects strong growth in broadband revenue, driven by solid ARPU growth as well as growth in wireless due to additional customer lines and also higher ARPU.

我們繼續看到無線領域的巨大機會，可以提高國內住宅寬頻客戶群的滲透率（目前為 11%），並為每個帳戶銷售更多線路。國際連接收入反映了寬頻收入的強勁增長，這是由於 ARPU 的穩健增長以及由於客戶線增加和 ARPU 的提高而導致的無線業務增長所推動的。

For business services connectivity, we generated 5% revenue growth driven by higher ARPU in small business and broader growth in both customers and additional solutions for mid-market and enterprise. The SMB market has gotten more competitive but will aggressively defend our position. And similar to this quarter, we'll grow revenue by increasing ARPU, driven by higher adoption of additional products like Mobile, Security Edge, Connection Pro and WiFi Pro and through targeted rate opportunities.

對於商業服務連接，我們實現了 5% 的收入成長，這得益於小型企業 ARPU 的提高以及客戶以及中端市場和企業其他解決方案的更廣泛增長。中小企業市場的競爭變得更加激烈，但我們將積極捍衛我們的地位。與本季度類似，我們將透過增加 ARPU 來增加收入，這得益於 Mobile、Security Edge、Connection Pro 和 WiFi Pro 等其他產品的更高採用率以及目標費率機會。

Meanwhile, our momentum continues to build in mid-market and enterprise as our expanding capabilities in managed services, wide area networking and cybersecurity have led to increasing customer wins and the expansion of existing relationships.

同時，隨著我們在託管服務、廣域網路和網路安全方面不斷擴大的能力，我們在中端市場和企業的勢頭繼續增強，從而贏得了更多的客戶並擴大了現有關係。

The strong growth in our Connectivity businesses was offset by a decline in video and other revenue. The decline in our video revenue was driven by continued customer losses and slower domestic ARPU growth versus last year, and the lower Other revenue reflects continued customer losses in wireline voice. As I mentioned earlier, Connectivity & Platforms total EBITDA increased 1.3% with margin of 50 basis points, reflecting a decline in overall expenses driven by the mix shift to our high-margin connectivity businesses, combined with a continued focus on expense management.

我們的連接業務的強勁成長被視訊和其他收入的下降所抵消。我們的視訊收入下降是由於客戶持續流失以及國內 ARPU 成長較去年放緩，而其他收入的下降反映了有線語音客戶的持續流失。正如我之前提到的，連接和平台總 EBITDA 增長了 1.3%，利潤率為 50 個基點，反映出我們向高利潤連接業務的混合轉型以及對費用管理的持續關注所推動的總體費用下降。

While margins for our domestic legacy cable business improved even more, our international business was impacted by a reclassification of some expense from capitalized software to operating expenses, creating a tough comparison to last year. We will see a similar trend until we start to lap this change at the end of this year.

雖然我們國內傳統有線電視業務的利潤率進一步提高，但我們的國際業務受到了將一些費用從資本化軟體重新分類為營運費用的影響，與去年相比，情況很艱難。在今年年底我們開始經歷這項變化之前，我們將看到類似的趨勢。

I'll note that absent this change, EBITDA growth in the first quarter would have been about 1 point higher, and our margin improvement would have been about 50 basis points higher. While this change increased our operating expenses this quarter, there was an offsetting decline in Connectivity & Platforms capital, resulting in a neutral impact on net cash flow, which was up 5% this quarter.

我要指出的是，如果沒有這項變化，第一季的 EBITDA 成長將提高約 1 個百分點，我們的利潤率改善將提高約 50 個基點。雖然這項變更增加了我們本季的營運費用，但連接和平台資本的下降抵消了這一影響，對淨現金流產生了中性影響，本季淨現金流增加了 5%。

Breaking out our Connectivity & Platforms EBITDA results further. Residential EBITDA grew 1.1% with margins improving 60 basis points to 38.3%. And Business Services EBITDA growth was lower than our typical mid-single-digit level at 2.6% with margins declining 160 basis points to 56.7%. These results include significant investments in the enterprise space, including in sales and fulfillment that we are making to drive future revenue growth. Business Services generates well over $5 billion in annual EBITDA, which is margin accretive, and we expect it to continue to be a material contributor to overall connectivity and platforms growth this year and over the longer term.

進一步公佈我們的連接和平台 EBITDA 業績。住宅 EBITDA 成長 1.1%，利潤率提高 60 個基點至 38.3%。商業服務 EBITDA 成長率低於我們典型的中個位數水準（2.6%），利潤率下降 160 個基點至 56.7%。這些成果包括對企業領域的重大投資，包括我們為推動未來收入成長而進行的銷售和履行方面的投資。商業服務每年產生超過 50 億美元的 EBITDA，這可以增加利潤，我們預計它將繼續為今年和長期的整體連接和平台成長做出重大貢獻。

Now let's turn to Content & Experiences on Slide 6. Overall, revenue increased 1% to $10.4 billion and EBITDA decreased 7% to $1.5 billion. Let's take a closer look at the details. Starting with Theme Parks. Revenue increased 2%, while EBITDA decreased 4% for the quarter. These results reflect the negative impact of currency as the Japanese yen is at a 34-year low against the dollar.

現在讓我們轉向投影片 6 上的內容和體驗。讓我們仔細看看細節。從主題樂園開始。該季度營收成長 2%，而 EBITDA 下降 4%。這些結果反映了日圓兌美元匯率跌至 34 年來的最低點所帶來的貨幣負面影響。

Adjusting the results to exclude the impact of foreign currency, Parks' revenue would have increased 5% and EBITDA would have been flat compared to last year's first quarter. We had strong underlying growth at our park in Osaka, which continues to benefit from demand for Super Nintendo World. We're also seeing growth in Hollywood despite lapping the opening of Super Nintendo World in that park during the quarter.

調整結果以排除外匯影響後，Parks 的營收將成長 5%，而 EBITDA 與去年第一季持平。我們位於大阪的公園擁有強勁的潛在成長，該公園繼續受益於超級任天堂世界的需求。儘管好萊塢超級任天堂世界在本季開業，但我們也看到了好萊塢的成長。

Beijing results were relatively flat in what is typically a seasonally light quarter, and Orlando results were below last year, but still roughly in line with pre-pandemic levels. We are seeing some pullback from the unprecedented attendance we realized immediately after the pandemic, which we believe is driven by the timing of new attraction openings and some increased competition from other entertainment venues, notably cruises.

北京的業績在通常季節性淡季的季度中相對持平，奧蘭多的業績低於去年，但仍大致與大流行前的水平一致。我們看到疫情爆發後空前的遊客人數有所回落，我們認為這是由於新景點開放的時間以及其他娛樂場所（尤其是遊輪）的競爭加劇所致。

At Media, which includes our TV Networks and Peacock, revenue increased 4% as Peacock's strong growth of 54% more than offset a low single-digit decline at our linear networks. Distribution revenue growth of 7% was driven by Peacock with subscription revenue growth of 68%, powered by the 55% year-over-year increase in our paid subscriber base to 34 million including 3 million net adds in the first quarter.

Media（包括我們的電視網絡和 Peacock）收入增長了 4%，Peacock 54% 的強勁增長抵消了我們線性網絡的個位數低幅下滑。 Peacock 推動分銷收入成長 7%，訂閱收入成長 68%，這得益於我們的付費用戶群年增 55%，達到 3,400 萬，其中第一季淨增 300 萬。

We are really pleased with Peacock's trajectory. We started the year with an incredibly successful NFL Wild Card game, which resulted in a nice lift to paid subs. But even more important was how our broad content offering enabled strong consumer acquisition, retention and engagement. We've had success across a broad range of content during the quarter, including films moving into our Pay-One window like Oppenheimer, the most watched Pay-One film in Peacock's history; and The Holdovers, as well as successful originals, including Apples Never Fall, Ted and the second season of The Traitors.

我們對 Peacock 的軌跡非常滿意。我們以一場非常成功的 NFL 外卡比賽開始了這一年，這使得付費替補人數大幅增加。但更重要的是我們提供的廣泛內容如何實現強大的消費者獲取、保留和參與。本季度，我們在廣泛的內容方面取得了成功，包括進入我們的 Pay-One 窗口的電影，例如《奧本海默》（Oppenheimer），這是 Peacock 歷史上收視率最高的 Pay-One 電影；和 The Holdovers，以及成功的原創作品，包括 Apples Never Fall、Ted 和 The Traitors 第二季。

Looking ahead, we'll continue to be focused on retention, particularly in the second quarter as we look forward to the second half of the year, we will have a substantial amount of acquisition-oriented content lined up. This is consistent with Peacock's historical trends, and this year is expected to be driven by the Olympics this summer and the NFL and Big Ten returning in the fall, in addition to the steady stream of films landing in our Pay-One window as well as upcoming originals.

展望未來，我們將繼續專注於保留，特別是在第二季度，因為我們期待下半年，我們將有大量以收購為導向的內容。這與 Peacock 的歷史趨勢一致，今年預計將受到今年夏天奧運會、NFL 和 Big Ten 秋季回歸的推動，此外還有源源不斷的電影登陸我們的 Pay-One 窗口以及即將推出的原創作品。

Finally, domestic advertising revenue was flat in the quarter, reflecting a stable overall market with strong advertising growth at Peacock, offset by lower advertising revenue at our linear networks. Media EBITDA decreased 6%, reflecting the revenue pressure on our linear networks, partially offset by continued year-over-year improvement in Peacock EBITDA losses even with the addition of the wildcard rights costs. And we expect to see, on average, even better year-over-year improvement for Peacock in the coming quarters.

最後，本季國內廣告收入持平，反映出整體市場穩定，Peacock 的廣告成長強勁，但被我們線性網路的廣告收入下降所抵消。媒體 EBITDA 下降 6%，反映了我們線性網路的收入壓力，儘管加上了通配符版權成本，但 Peacock EBITDA 虧損的同比持續改善部分抵消了這一壓力。平均而言，我們預計孔雀在未來幾季將實現更好的同比改善。

At Studios, the revenue decline of 7% reflects lower content licensing, which was impacted by the timing of deliverables related to our film licensing business, which was partially offset by a modest increase in theatrical revenue, driven by the strong performance of Kung Fu Panda 4 at the box office this quarter. Studio's EBITDA declined 12%, reflecting the difficult comparison to last year's film slate, including the highly successful carryover title, Puss in Boots: The Last Wish and the timing of licensing deals at film.

在工作室，收入下降7% 反映出內容許可減少，這受到與電影許可業務相關的交付時間的影響，而《功夫熊貓》的強勁表現推動了院線收入的小幅增長，部分抵消了這一影響。製片廠的 EBITDA 下降了 12%，反映了與去年的電影名單的艱難比較，包括非常成功的延續作品《穿靴子的貓：最後的願望》以及電影許可交易的時機。

Now I'll wrap up with free cash flow and capital allocation on Slide 7. As I mentioned previously, we generated $4.5 billion in free cash flow this quarter, and we achieved this even with the significant investments we continue to make to support our growth drivers. Specifically, our $3.3 billion in total capital spending this quarter incorporates our efforts in expanding our footprint and further strengthening our domestic broadband network, scaling our streaming business and supporting the continued build of our Epic Universe Theme Park ahead of its 2025 opening. And working capital was a $940 million drag for the quarter, a significant improvement over last year, a lot of which is timing related.

現在，我將在幻燈片7 上介紹自由現金流和資本配置。也實現了這個目標司機。具體來說，我們本季33 億美元的總資本支出包括我們在擴大業務範圍、進一步加強國內寬頻網路、擴大串流媒體業務以及支持Epic Universe 主題樂園在2025 年開業之前的持續建設方面所做的努力。本季營運資金拖累了 9.4 億美元，比去年有了顯著改善，其中很大一部分與時間有關。

Turning to return on capital. For the quarter, we returned a total of $3.6 billion to shareholders, an increase of 13% year-over-year. This includes share repurchases of $2.4 billion and dividend payments of $1.2 billion. Putting it all together in the last 12 months, we've returned over $16 billion in capital to shareholders between share repurchases and dividends, reducing our share count by nearly 6%.

轉向資本報酬率。本季度，我們總共向股東返還 36 億美元，年增 13%。其中包括 24 億美元的股票回購和 12 億美元的股利支付。在過去 12 個月裡，我們透過股票回購和股利向股東返還了超過 160 億美元的資本，使我們的股票數量減少了近 6%。

At the same time, we invested nearly $17 billion back into our businesses in the form of capital and working capital, carefully and consistently balancing reinvesting in our businesses for growth, returning significant capital to shareholders and doing so with a very strong balance sheet, which facilitates this consistency through a variety of operating environments.

同時，我們以資本和營運資本的形式向我們的業務投資了近170 億美元，謹慎而持續地平衡對業務增長的再投資，向股東返還大量資本，並通過非常強大的資產負債表來實現這一目標。

Now let me turn it over to Marci for Q&A.

現在讓我把它交給 Marci 進行問答。

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

謝謝，傑森。接線員，請打開電話問答。

(Operator Instructions) Our first question today is coming from Ben Swinburne from Morgan Stanley.

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

Two questions maybe for Dave on the Cable side. Could you talk maybe bigger picture about customer segmentation, particularly some of the new efforts around prepaid and the NOW brand as well as some of the speed boost you've done, and just how you think about that impacting the business over time? And then if you're willing to give us a little more on how you are able to deliver ARPU growth within the historical range through the CP transition, just given, obviously, the subsidies going away.

也許有兩個問題要問有線電視方面的戴夫。您能否談談有關客戶細分的更宏觀的情況，特別是圍繞預付費和NOW 品牌所做的一些新努力以及您所做的一些速度提升，以及您如何看待隨著時間的推移這對業務的影響？然後，如果您願意向我們提供更多有關如何透過 CP 轉型實現 ARPU 在歷史範圍內增長的信息，顯然，在補貼取消的情況下。

And then I think for Jason. We expect EBITDA growth this year, free cash flow growth this year. You guys had a nice free cash flow, first quarter. I guess, I would have expected buybacks to grow as well year-on-year. And as you point out on that last slide, trailing 12 months, $11.5 billion, $2.5 billion in the first quarter. So it looks like it's slowing a bit. So just wondering if you could comment or if there's anything that's changed on sort of the capital allocation leverage math that we should be thinking about with Comcast this year?

然後我想到傑森。我們預計今年 EBITDA 成長，自由現金流成長。第一季你們的自由現金流不錯。我想，我預計回購也會比去年同期成長。正如您在最後一張投影片中指出的那樣，過去 12 個月的收入為 115 億美元，第一季為 25 億美元。所以看起來速度有點慢了。因此，我想知道您是否可以發表評論，或者我們今年應該與康卡斯特一起考慮的資本配置槓桿數學方面是否有任何變化？

Ben, Dave. So let me start with segmentation and a little bit more context on NOW. So stepping back, our segmentation strategy is really key. It starts with the beginning point always for us is premium and traditional broadband customers. We've focused there and invested in terms of better network, better products around providing a better service for the premium segment.

本、戴夫.因此，讓我從細分開始，並介紹一些有關 NOW 的背景資訊。所以退一步來說，我們的細分策略確實很關鍵。我們的起點始終是優質和傳統寬頻客戶。我們專注於此，並投資更好的網路、更好的產品，為高端市場提供更好的服務。

We have consistently competed for all segments. And as we break it down, we've focused where we think the main point is where broadband is going. And broadband is going is the engagement. And so our focus is to continue to deliver multi-gig symmetrical and build towards that point. And do this for a variety of Internet options. And the proof is in the footing in terms of segmentation in that 70% of our HSD-only customers receive speeds of 500 megabits per second or higher and 1/3 of our customers -- resi customers receive gig plus. So it never has been one-size-fits-all.

我們始終如一地參與所有細分市場的競爭。當我們對其進行分解時，我們將重點放在我們認為的重點是寬頻的發展方向。寬頻的發展取決於參與度。因此，我們的重點是繼續提供多演出對稱性並朝著這一目標邁進。並對各種互聯網選項執行此操作。證據就在於細分方面的基礎，即我們 70% 的僅使用 HSD 的客戶可以獲得每秒 500 兆或更高的速度，而 1/3 的客戶（即 resi 客戶）可以獲得 gig plus。所以它從來都不是一刀切的。

[There is] start there and the focus of premium. But there is currently a lot of activity at the low end of the market. And we've not been as competitive in this space. We've had great products and several options, but we -- in the prepaid area, in particular, we believe there is an opportunity to improve our effectiveness there.

[有]從那裡開始，重點是溢價。但目前低端市場有很多活動。我們在這個領域還沒有那麼有競爭力。我們擁有出色的產品和多種選擇，但特別是在預付費領域，我們相信有機會提高我們的效率。

And so thus NOW. And NOW, there are 3 components of NOW. One is prepaid broadband, which, by the way we've had prepaid broadband for some time. We've just approved upon the value proposition there. So it's a NEW prepaid broadband update. And second, we have prepaid NOW mobile, which is new and then we feel that it's positioned for an alternative to fixed wireless and just a lot of activity there. The focus there is there are no credit checks. It's easy.

現在也是如此。 NOW 有 3 個組成部分。一種是預付費寬頻，順便說一下，我們使用預付費寬頻已經有一段時間了。我們剛剛批准了那裡的價值主張。所以這是一個新的預付費寬頻更新。其次，我們有預付費 NOW 行動設備，這是一種新產品，我們認為它是固定無線網路的替代品，而且那裡有很多活動。重點是沒有信用檢查。這很容易。

It's no contract and on an everyday price point. So not a lot of movement in terms of just a competitive value-based price point. At the time we're doing NOW, obviously, it's a good alternative to ACP and where that goes. So early to talk about any progress but we're real pleased with the positioning of the NOW product for the income-constrained segment of the market. We've had NOW TV for some time and traction there. So it's a stand-alone product suite. I feel very good about that.

這不是合同，而且是按日常價格點計算的。因此，就基於競爭價值的價格點而言，並沒有太多變動。顯然，目前我們正在做的事情是 ACP 的一個很好的替代方案以及它的發展方向。現在談論任何進展還為時過早，但我們對 NOW 產品針對收入有限的市場部分的定位感到非常滿意。我們擁有 NOW TV 已經有一段時間了，並且在那裡很受歡迎。所以它是一個獨立的產品套件。我對此感覺很好。

On ARPU, this is a strength that we've had. We've been balancing ARPU growth, along with share volume for a very long time. So we feel good about this quarter, came in very strong at 4.2% and a bit above the historical 3% to 4% range. It's a very competitive marketplace, to say the least, and we're just striking the right balance, we think, in volume and rate. And our approach is reasonable rate increase. The teams have managed this well leading to rate yield results that exceeded our expectations a bit.

在 ARPU 方面，這是我們的優勢。很長一段時間以來，我們一直在平衡 ARPU 成長和份額數量。因此，我們對本季感覺良好，成長率非常強勁，達到 4.2%，略高於歷史 3% 至 4% 的範圍。至少可以說，這是一個競爭非常激烈的市場，我們認為，我們只是在數量和速度方面取得了適當的平衡。我們的做法是合理升息。這些團隊管理得很好，導致收益率結果略超出了我們的預期。

But also it goes back to the first point. We're segmenting the marketplace and tailoring product approaches that meet each specific segment. So it starts with the high end that I've talked about and very focused there and the results that I've talked about. So that's the starting point. But when you look at our long-standing approach to pricing and packaging, we're going to compete for every segment. And it's really focused, though, where the market is going and making sure that in the long run as the overall usage goes up.

但這又回到了第一點。我們正在細分市場並定制適合每個特定細分市場的產品方法。因此，它從我談到的高端以及我談到的結果開始。這就是起點。但當你看看我們長期以來的定價和包裝方法時，你會發現我們將在每個細分市場中競爭。不過，它確實關注市場的發展方向，並確保從長遠來看，隨著整體使用量的上升。

And to me, that is the main point. You have double-digit increases in terms of overall broadband consumption. You have lots of customers, a lot of interest in our high end of our portfolio and strength in a ubiquitous, reliable, great network that can stand up for every segment, but power through every application that is there. So I think for us, pleased with ARPU. And I think we can muscle through this ACP thing and feel good about the guidance that we've been giving at 3% to 4% historical range.

對我來說，這是重點。整體寬頻消耗量出現了兩位數的成長。您有很多客戶，對我們的高端產品組合很感興趣，並且擁有無處不在、可靠、強大的網絡，可以支援每個細分市場，但可以為每個應用程式提供支援。所以我認為對我們來說，對 ARPU 感到滿意。我認為我們可以克服 ACP 的問題，並對我們在 3% 至 4% 的歷史範圍內給予的指導感到滿意。

This is Brian. I just want to just underscore that last point that Dave was making. As you look with a longer lens, which I -- hopefully, the company tries to do, there's -- and we -- just even yesterday, we're looking at our technology road map internally and seeing some demonstrations of innovation. It's inspiring and exciting to think about what broadband will actually help you do in the next 5, 10 years as a consumer and as a business. And it's kind of in some levels, unimaginable. A lot of discussion about AI but so much happening in the entertainment sector, sports sector and also in the health care sector, and then things we're not even talking about.

這是布萊恩。我只想強調戴夫提出的最後一點。當你用更長的鏡頭觀察時，我——希望公司試圖這樣做，就在昨天，我們正在內部審視我們的技術路線圖，並看到一些創新的演示。思考寬頻將在未來 5 到 10 年內作為消費者和企業實際幫助您做什麼，是令人鼓舞和興奮的。在某些層面上這是難以想的。關於人工智慧的討論很多，但在娛樂領域、體育領域以及醫療保健領域發生了很多事情，還有一些我們甚至沒有談論的事情。

And so our strategy is pretty simple. But having NOW, this NOW strategy to help consumers with are super easy-on, it's all there in a prepaid market. But the main strategy has always been to have the superior product in the market with fantastic service and constant innovation and do it in a capital way where our investment is consistent and within the guidelines that we've previously talked about.

所以我們的策略非常簡單。但有了 NOW，這種幫助消費者的 NOW 策略就變得超級簡單，這一切都存在於預付費市場中。但主要策略始終是在市場上擁有優質的產品、優質的服務和不斷的創新，並以資本方式實現這一目標，使我們的投資保持一致並符合我們之前討論過的指導方針。

All that's happening, and we're making great inroads on that. And if I had to pick one number this quarter that excites me, it was a double-digit growth of bits per home, which is showing that usage for whatever it is, gaming, multi streams, whatever. And then the actual high definition becoming even higher definition over time with the quality of the picture. So hopefully, all that's useful, and we're pretty pleased with how the team is executing. Jason?

所有這一切都在發生，我們正在這方面取得巨大進展。如果我必須在本季度選出一個令我興奮的數字，那就是每個家庭的比特數增長了兩位數，這表明了無論是什麼，遊戲，多流，等等的使用情況。然後，隨著時間的推移，隨著影像品質的提高，實際的高清會變得更高。希望這一切都是有用的，我們對團隊的執行方式非常滿意。傑森？

Yes. Great. Thanks. So just to round that out, Ben, just you think your question specifically on ARPU and how do you go through the ACP cycle and have confidence in ARPU growth. I think all these points are relevant and valid. Number one, we continue to see usage grow at a rapid rate. So the value that the consumer is getting is higher. That's a tailwind in general for ARPU growth. I think number two is segmentation that Dave's talked about. We see a lot of competition in a certain segment of our base, the value-conscious segment of our base. The segmentation allows you to keep that from seeping into other segments of the base. And the team has done a nice job executing there.

是的。偉大的。謝謝。 Ben，為了完善這一點，請您特別考慮一下您關於 ARPU 的問題，以及您如何經歷 ACP 週期並對 ARPU 成長充滿信心。我認為所有這些觀點都是相關且有效的。第一，我們持續看到使用量快速成長。所以消費者獲得的價值更高。這總體上是 ARPU 成長的推動力。我認為第二點是戴夫談到的細分。我們看到我們基地的某個部分存在著許多競爭，即我們基地中具有價值意識的部分。分段可以防止其滲透到底座的其他部分。團隊在那裡執行得很好。

Final thing I'd point out is as we said, ACP customers have got about 1.4 million in our base that we'll need to manage through. This is very similar, though, to -- if you think about how this business is wired, Dave and his team, it's promotional roll-offs. This is something we're dealing with every single quarter, how do you navigate a base of customers that's on promotion and roll them into new rate plans and keep them as customers? So this is very much what the Cable business is wired to do.

我要指出的最後一件事是，正如我們所說，我們需要管理約 140 萬 ACP 客戶。不過，戴夫和他的團隊如果考慮這項業務的運作方式，這與促銷滾滾非常相似。這是我們每個季度都要處理的問題，您如何引導正在促銷的客戶群並將他們納入新的費率計劃並保留他們作為客戶？因此，這正是有線電視業務要做的事。

On buyback spend, I would go back and over the last few years. We've had a very consistent capital allocation strategy starting with reinvesting in our business, layered into protecting the balance sheet. We really like our current credit rating and have committed to metrics that are associated with the credit rating as you've seen. And as you point out, very strong free cash flow last year and expectation for similar this year. As you mentioned, allows for substantial share repurchase activity. So since we restarted the buyback in 2021, we bought back over 15% of our share count. If you look at the last year, we bought back over 6% of our share count. So both very strong metrics.

關於回購支出，我會回顧過去幾年的狀況。我們有一個非常一致的資本配置策略，從對我們業務的再投資開始，分層保護資產負債表。我們非常喜歡我們目前的信用評級，並致力於與信用評級相關的指標，正如您所看到的。正如您所指出的，去年的自由現金流非常強勁，今年的預期也類似。正如您所提到的，允許大量的股票回購活動。因此，自從我們在 2021 年重新啟動回購以來，我們回購了超過 15% 的股份。如果你看看去年，我們回購了超過 6% 的股票。所以這兩個指標都非常強大。

I would point out the tail end of last year, we were pretty clear in the third quarter that we were going to accelerate the buyback, anticipating minimum floor Hulu proceeds, which came in at the very end of last year. And that's in advance of more full proceeds for full value this year, but we did get a minimum floor payment last year and hence, accelerated the buyback in 3Q and 4Q to $3.5 billion.

我想指出的是，去年年底，我們在第三季就非常明確地表示，我們將加速回購，預計去年年底的 Hulu 收益將達到最低底線。這比今年的全額收益提前，但去年我們確實獲得了最低底線付款，因此，我們在第三季和第四季加速回購至 35 億美元。

And Ben, I'll just come in on the back of the question about any changes in how we think about capital allocation. I think Jason and team are carrying on a phenomenal tradition. I've been here now close to 10 years. And I think the idea of taking our well-generated capital across our businesses, and first and foremost, investing them back in the business with a very long-term view of what the future can be, where there's expected return. Whether that's the Parks business, whether that's the broadband network, whether that's streaming, whether it's just broad innovation.

本，我將回答有關我們對資本配置的看法是否發生任何變化的問題。我認為傑森和他的團隊正在繼承一項非凡的傳統。我來這裡已經快10年了。我認為，我們的想法是，將我們良好產生的資本用於我們的業務，首先，也是最重要的是，以對未來和預期回報的長遠眼光將它們投資回業務。無論是公園業務、寬頻網路、串流媒體或廣泛的創新。

I think it's in our DNA at this place to try to figure out ways to invest wisely for the future, while at the same time, maintaining a very strong balance sheet and we like the way the balance sheet is set up. When you go through these long arcs of change across industries with disruption, it allows you to sleep better at night knowing the strength of balance sheet we have and allows us to continue making those earlier investments. And then so to do those 2 things together with the very substantial interest on the part of the management team and the facts that we've done it to just get lots of capital return to shareholders. Not many companies are inclined to manage those 3 priorities as much as we are. And I can commit that that's where our head is as we look forward to the next 10 years ahead.

我認為我們這個地方的基因是試圖找出為未來進行明智投資的方法，同時保持非常強大的資產負債表，我們喜歡資產負債表的建立方式。當您經歷這些跨行業的長期變化和破壞時，它可以讓您在晚上睡得更好，了解我們擁有的資產負債表的實力，並使我們能夠繼續進行那些早期的投資。然後，要做這兩件事，再加上管理團隊的巨大興趣，以及我們這樣做只是為了為股東帶來大量資本回報的事實。沒有多少公司像我們一樣傾向於管理這三個優先事項。我可以保證，這就是我們展望未來 10 年的想法。

Your next question is coming from Craig Moffett from MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Craig Moffett。

Two questions about broadband, if I could. First, you talked about how your broadband business -- or sorry, your wireless business is helping broadband churn. I wonder if you could just talk a little bit more about that. How you -- first, can you put some numbers around the churn reduction that you see when a customer bundles broadband and wireless together?

如果可以的話，有兩個關於寬頻的問題。首先，您談到了您的寬頻業務——或者抱歉，您的無線業務如何幫助寬頻流失。我想知道你能否再多談談這一點。首先，當客戶將寬頻和無線捆綁在一起時，您能提供一些關於客戶流失率減少的數字嗎？

But more importantly, how do you think about wireless? Is it a stand-alone business to you? Or is it really in service of broadband churn? And then I wonder if you could -- maybe I was just -- I missed it. But Jason, I think you mentioned the margins for this domestic Cable-only business. But I think I may have missed the number. I wonder if you could just repeat that for us.

但更重要的是，您如何看待無線？這對您來說是一項獨立的業務嗎？或者它真的在為寬頻流失服務嗎？然後我想知道你是否可以——也許我只是——我錯過了。但是傑森，我想你提到了這種國內有線電視業務的利潤。但我想我可能錯過了這個號碼。我想知道你是否可以為我們重複一遍。

Craig, Dave. Let me start with wireless and then hand it over to Jason and folks. But let me -- wireless is an absolute integral part of our overall strategy. And specifically to your question, we've always thought the main value for us, wireless is connected with broadband. And that it adds -- it surrounds broadband with value. I think we don't give specifics on exactly the churn benefits, but we do see it. And whether it's acquisition-oriented, connected to broadband; whether it's base management upgrading; whether it's retention, wireless plays a role in all of them.

克雷格、戴夫.讓我從無線開始，然後將其交給 Jason 和其他人。但讓我說一下——無線是我們整體策略中絕對不可或缺的一部分。具體到你的問題，我們一直認為無線對我們的主要價值是與寬頻連線。它還補充說——它為寬頻帶來了價值。我認為我們沒有具體說明流失的好處，但我們確實看到了。以及是否以獲取為導向，連接到寬頻；是否為基礎管理升級；無論是留存率，無線技術都在其中扮演重要角色。

So it's a key growth opportunity. But it's also -- it's a product where our marginal economics are strong. So it's good to have that, but it's -- the way we go to market, it's connected to broadband and it's connected to packaging. So it's performing well. We like our consistency in the marketplace and love the fact that we have a good runway ahead only about 11% penetrated, now 7 million lines. And so I really like the opportunity in front of us. And for us, we've constantly been evolving our approach towards wireless and how we connect it with broadband and how we use it.

因此，這是一個關鍵的成長機會。但這也是我們邊際經濟效益強勁的產品。因此，擁有這一點很好，但我們進入市場的方式是，它與寬頻相連，與包裝相連。所以它的表現很好。我們喜歡我們在市場上的一致性，也喜歡這樣一個事實：我們擁有良好的發展前景，只有大約 11% 的滲透率，現在有 700 萬條線路。所以我真的很喜歡我們面前的機會。對我們來說，我們一直在不斷發展我們的無線方法、如何將其與寬頻連接以及如何使用它。

So we have, for example, new pricing plans. Our new mobile plants that are really targeting multiline customers excited about that. The new mobile product and segmentation. We've already talked about that in the prepaid area. And for that segment, we've had a Buy 1, Get 1 program for the base. So almost every single segment. And then just announced, the WiFi boost for our mobile customers being able to open up the public. The WiFis, hotspots and open it up as fast as devices can go and leveraging WiFi complement to mobile. So I think we've demonstrated that we're in this business, we love this business, and it's -- but it is definitely the core part of our strategy is how it impacts broadband over the long run. Jason?

例如，我們有新的定價計劃。我們的新移動工廠真正針對的是多線客戶，對此感到興奮。新的行動產品和細分。我們已經在預付費領域討論過這一點。對於該細分市場，我們為基礎制定了買 1，送 1 計劃。所以幾乎每一個片段。然後剛剛宣布，我們的行動客戶能夠向公眾開放 WiFi 功能。 WiFi、熱點並以設備運行的速度盡可能快地打開，並利用 WiFi 對行動裝置進行補充。因此，我認為我們已經證明我們從事這項業務，我們熱愛這項業務，但它絕對是我們策略的核心部分，即它如何影響寬頻的長期發展。傑森？

Craig, so on margins, we said overall connectivity and platforms margins were up 50 basis points and said domestic was an even greater increase. The domestic was up 70 basis year-over-year, sort of continuing the formula of a mix shift in our business to higher-margin businesses. Our connectivity businesses are growing faster than our nongrowth video businesses. So that's a margin favorable trade-off for us as we said historically and then operating efficiencies in the business. I think we gave a stat last call that I'd reiterate, we've taken 50% of our truck rolls out of the system in the last 6 years. We've taken 40% of customer interactions out of the system in the last 6 years. So lot of good progress on expense efficiency. But Craig, the domestic margin's up 70 basis points.

克雷格，關於利潤率，我們表示整體連接和平台利潤率上升了 50 個基點，並表示國內增幅更大。國內業務較去年同期成長了 70 個基點，這有點延續了我們業務向利潤率更高業務的混合轉型模式。我們的連接業務的成長速度快於非成長視訊業務。因此，正如我們歷史上所說，這對我們來說是一個有利的利潤權衡，然後是業務的營運效率。我想我們在最後一次電話會議上給出了一個統計數據，我要重申一下，在過去 6 年裡，我們已經將 50% 的卡車運輸從系統中剔除。在過去 6 年裡，我們已經將 40% 的客戶互動從系統中剔除。在費用效率方面取得了很大的進步。但克雷格表示，國內利潤率上升了 70 個基點。

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

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

I have a question on NBCU and also on Comcast Cable. On the Theme Parks, which is clearly one of your growth pillars, can you give us the investment levels you expect over the next 5 years? Obviously, Epic will be in there, so it will be a little elevated. But you have other new parks and you're also investing in the existing parks. And how different is the return on invested capital for Theme Parks versus your other businesses? And then one more on NBCU, are there other areas that NBCU should or you're thinking about investing in like video games?

我有一個關於 NBCU 和 Comcast Cable 的問題。主題樂園顯然是你們的成長支柱之一，您能否告訴我們你們預計未來 5 年的投資水準？顯然，Epic 會在那裡，所以它會有點高。但是你有其他新的公園，你也在投資現有的公園。主題樂園的投資報酬率與其他業務有何不同？還有一個關於 NBCU 的問題，NBCU 是否應該或您正在考慮投資其他領域，例如視頻遊戲？

And then on Cable, on Comcast Cable. Just a question on your programming expense or programming contracts. Presumably, you have MSMs, I think you've always had them. How should we think about the impact on Comcast Cable programming expenses as some major programming contracts come up with other distributors?

然後是有線電視，康卡斯特有線電視。只是關於您的編程費用或編程合約的問題。想必，你們都有男男性接觸者，我想你們一直都有。當一些主要節目合約與其他發行商簽訂時，我們應該如何考慮對康卡斯特有線電視節目費用的影響？

Jessica, it's Mike. So on parks, as we've said, this is a year in 2024, where CapEx in parks and at NBCUniversal overall will sustain at the level it was in '23. So it remain elevated. In '25, when we open Epic, it will begin to step down. And then after that, it will return to a more normal level with adjustments for the Hollywood Hard Nights and the Kids park in Frisco, Texas that we've talked about. But those, as we've said, are not of the same size and scale as a large park like Epic but we do have a bigger footprint of parks than we did, say, 5 years ago.

潔西卡，是麥克。因此，在公園方面，正如我們所說，今年是 2024 年，公園和 NBCUniversal 的資本支出總體將維持在 23 年的水平。所以它仍然保持在高位。 25年，當我們打開Epic時，它就會開始走下坡。之後，隨著我們討論過的好萊塢艱難之夜和德克薩斯州弗里斯科兒童公園的調整，它將恢復到更正常的水平。但正如我們所說，這些公園的規模和規模與 Epic 這樣的大型公園不同，但我們的公園佔地面積確實比 5 年前更大。

So you're right, part of the part of the capital equation for parks is to continue to invest in new attractions within existing parks. So again, once we get to '26, you'll see us easing into a new steady state that does include continued experimentation with some of our alternative concepts. And then certainly, we hope over the longer term to come up with some ideas for bigger deployments of capital, but that's what we have in our plans as we sit here right now. But we love the business.

所以你是對的，公園資本方程式的一部分是繼續投資現有公園內的新景點。因此，一旦我們進入 26 年，您將看到我們逐漸進入一個新的穩定狀態，其中確實包括繼續試驗我們的一些替代概念。當然，我們希望從長遠來看能夠提出一些更大規模資本部署的想法，但這就是我們現在坐在這裡的計劃中的內容。但我們熱愛這個行業。

And to the question of returns, we think the returns are very strong. We take a careful look at that every time we're greenlighting a new park. And I think we like the stability of the long-term nature of the return. It's us and one other great company that are world leaders in that level of park experience. The response to our parks has been phenomenal coming out of COVID. And so we see that being a place, live entertainment at the level we're talking about, being just a strong pillar of the media and entertainment side of the company for a long time ahead.

至於回報問題，我們認為回報非常強勁。每次我們為新公園開綠燈時，我們都會仔細考慮這一點。我認為我們喜歡回報的長期性的穩定性。我們和另一家偉大的公司在該級別的公園體驗方面處於世界領先地位。新冠疫情期間，我們公園的反應非常熱烈。因此，我們認為，作為一個我們正在談論的水平的現場娛樂場所，在未來很長一段時間內將成為公司媒體和娛樂的強大支柱。

And then in terms of other areas. I think the success that we've had across parks and experiences are -- lead us to plenty of opportunities to think about gaming and other areas around live entertainment that go around and cross between our businesses. So we experiment with things and we look, and it's our job to see if there are great opportunities to do that, but nothing to report today.

然後是其他方面。我認為我們在公園和體驗方面的成功讓我們有很多機會思考遊戲和現場娛樂的其他領域，這些領域在我們的業務之間循環和交叉。因此，我們進行實驗並觀察，我們的工作是看看是否有很好的機會這樣做，但今天沒有什麼可報告的。

Jessica, Dave. Just so on your question on renewals and our point of view. Yes, look, from our view, there's not a single approach towards -- we handle it on a case-by-case basis. When you step back for a second though, we evaluate each one in 3 primary areas. One, the overall cost relative to the content, flexibility that's required in a very fast-changing environment and the overall consumer value. And so -- and we're going to look at this significant transition that has been going on. We'll continue to go on between linear and streaming. And so that is something that we think we can play a unique role in, in terms of win-win opportunities between the content providers and distribution.

潔西卡、戴夫.以上就是您關於續約的問題和我們的觀點。是的，從我們的角度來看，沒有單一的方法——我們會根據具體情況進行處理。不過，當您退後一步時，我們會從 3 個主要領域對每項進行評估。第一，相對於內容的整體成本、快速變化的環境所需的靈活性以及整體消費者價值。因此，我們將關注正在發生的這一重大轉變。我們將繼續在線上性和串流之間進行。因此，我們認為我們可以在內容提供者和發行商之間的雙贏機會方面發揮獨特的作用。

And for us, we have a unique platform that is positioned well to be able to do -- handle everything that video can handle, linear channels, on-demand, DVR and streaming. We've been doing streaming packaging on the platform for some period of time. So we can build bridges as these things come up. And -- but our goal consistently has been to find win-win opportunities as we examine each and every specific renewal, but that's how we'll evaluate each one.

對我們來說，我們擁有一個獨特的平台，能夠很好地處理影片可以處理的一切，線性頻道、點播、DVR 和串流媒體。我們在平台上做串流媒體打包已經有一段時間了。因此，當這些事情出現時，我們可以建造橋樑。而且——但我們的目標始終是在審查每一項具體續約時尋找雙贏的機會，但這就是我們評估每一項的方式。

Our next question is coming from John Hodulik from UBS.

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

Two, if I could, maybe first for Jason. Just finishing up on ACP. Given the strong start you guys had to the year and the strong ARPU, do you guys think that you can keep domestic cable EBITDA flat to up for the year even with ACP going away? That's first.

兩個，如果可以的話，也許第一個給傑森。剛剛完成 ACP。考慮到你們今年的強勁開局和強勁的 ARPU，你們認為即使 ACP 取消，今年國內有線電視 EBITDA 也能保持持平嗎？這是第一名。

And then maybe for Dave, the wireless companies are definitely talking at sort of bigger game on fixed wireless in the business market. I know you guys had some sort of strong comments in the prepared remarks about the business market. But are you starting to see some increasing competition leak in at the low end because of fixed wireless?

也許對戴夫來說，無線公司肯定正在談論商業市場上固定無線的更大遊戲。我知道你們在準備好的商業市場的評論中發表了一些強烈的評論。但是，您是否開始看到由於固定無線而在低端市場出現了一些日益激烈的競爭？

Yes, John, let me hit domestic or Cable EBITDA, C&P EBITDA over the course of the year. So I think as you mentioned, it's competitive market. We've got ACP coming our way. At the same time, the balance, I think about broadband specifically. The balance between rate and volume we've seen, obviously, a little bit of pressure on volume. But 4.2% ARPU growth in the quarter, an outlook for -- we continue to stay at 3% or 4% during the year. So we still think there's tailwinds for broadband revenue growth. We had 3.9% this quarter.

是的，約翰，讓我談談這一年中的國內或有線 EBITDA、C&P EBITDA。所以我認為正如你所提到的，這是一個競爭激烈的市場。 ACP 即將到來。同時，在平衡方面，我特別考慮了寬頻。我們已經看到了速率和交易量之間的平衡，顯然，交易量受到了一點壓力。但本季 ARPU 成長 4.2%，我們全年將繼續保持在 3% 或 4% 的水平。因此，我們仍然認為寬頻收入成長有推動力。本季我們的成長率為 3.9%。

We're growing business Services, we're growing Wireless, and we're offsetting video and other revenue declines. But at the total level, that's a margin accretive mix shift. I'd go back to what I've said before on some of the expense initiatives across the company and being very disciplined, taking volumes out of the system and that's providing a tailwind as well. So without giving specific guidance for EBITDA growth, I would give you the components and our confidence in them.

我們正在發展業務服務，我們正在發展無線業務，我們正在抵消視訊和其他收入的下降。但從整體水準來看，這是一種利潤成長的混合轉變。我會回到我之前所說的關於整個公司的一些費用計劃，並且非常自律，從系統中減少數量，這也提供了順風。因此，在沒有給出 EBITDA 成長的具體指導的情況下，我會向您提供組成部分以及我們對它們的信心。

John, Dave. So just a follow-on to Jason's point in terms of ACP. Remember, I think a really important point. We've been segmenting the marketplace, and I think we've had the industry-leading platform in terms of Internet Essentials for a very long time so a decade-plus. So we are familiar with the segmentation in this area and we're very familiar in terms of promo roles and bigger moments like this. So I -- because of that, in particular, the ARPU point that's connected to it is we feel pretty good about the historical range of 3% to 4%. So -- but we've had a long-standing approach towards this.

約翰、戴夫.這只是 Jason 在 ACP 方面的觀點的後續。請記住，我認為非常重要的一點。我們一直在細分市場，我認為我們在互聯網基礎設施方面已經擁有業界領先的平台十多年了。因此，我們熟悉這一領域的細分，並且我們非常熟悉促銷角色和類似這樣的重大時刻。因此，特別是因為與此相關的 ARPU 點，我們對 3% 到 4% 的歷史範圍感到非常滿意。所以——但我們對此有一個長期的方法。

On your question around business services, there's no question, John, that we -- the SMB market has become a bit more competitive and fixed wireless is a part of that. So they are -- you've seen it in the results. We now have 3 fixed wireless competitors that are in it. When you have that much all at once, there's some impact. So we're seeing it in SMB. It's unique to SMB. But our game plan consistently has been to focus on both the share and the overall -- the rate and we have a great slate of products. We have multiple segments within Business Services, mid-market and enterprise that offset a lot of this and great product road maps that have.

關於您關於商業服務的問題，約翰，毫無疑問，我們－中小企業市場的競爭變得更加激烈，固定無線是其中的一部分。所以他們是——你已經在結果中看到了。我們現在有 3 個固定無線競爭對手。當你一次擁有這麼多時，就會產生一些影響。所以我們在中小企業中看到了這一點。這是中小企業獨有的。但我們的策略始終是專注於份額和整體——比率，而且我們擁有大量的產品。我們在商業服務、中端市場和企業領域有多個細分市場，抵消了許多這一點以及現有的出色產品路線圖。

But really important point as you feel competitive pressure, I think it's important to keep in mind, uniquely to SMB that reliability and ubiquity of our products and business services is really key here. For businesses, they get 24/7. They're always on. It has to work. I think over time, we will continue to press that point and have -- we're not going to chase things down to zero in terms of discounting. We're going to offer better products and surround those products with features that make sense for business customers. But we will make sure that customers know the reliability and ubiquity of what we do is unique and different than fixed wireless.

但真正重要的一點是，當您感受到競爭壓力時，我認為重要的是要記住，對於中小型企業來說，我們產品和業務服務的可靠性和普遍性確實是關鍵。對於企業來說，他們可以享受 24/7 的服務。它們始終在線。它必須起作用。我認為隨著時間的推移，我們將繼續堅持這一點，並且我們不會在折扣方面將事情降至零。我們將提供更好的產品，並為這些產品提供對商業客戶有意義的功能。但我們將確保客戶知道我們所做的事情的可靠性和普遍性是獨特的，並且與固定無線不同。

And just -- Brian. One -- just again, just as we talked about in the residential market, the long-term opportunity where we're only just getting started is that large enterprise and medium-sized business. And as you think about cybersecurity and other data reliability and just consumption behavior of businesses and think of your own businesses and where that might lead to the use of new tools and video and everything else, you want to have the best network. And once again, we have a really exciting team and road map on that front. So again, we're battling the reality in one segment with great opportunity in others and long-term love our situation.

只是——布萊恩。一，正如我們在住宅市場中談到的，我們剛開始的長期機會是大型企業和中型企業。當您考慮網路安全和其他資料可靠性以及企業的消費行為並考慮您自己的企業以及這可能導致使用新工具和影片以及其他一切時，您希望擁有最好的網路。再一次，我們在這方面擁有一支非常令人興奮的團隊和路線圖。因此，我們再次在一個領域與現實作鬥爭，而在其他領域卻有巨大的機會，並且長期熱愛我們的處境。

Our next question is coming from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe first just on broadband trends. I think you've been pursuing a line extension strategy for, at least, 18 months and that will continue. So is it correct to assume that your gross adds on broadband are starting to pick up just as you add more passings in the market? And if that's true, can you give us any color on within the deactivations where they're headed? I think you've always said that you view fiber as the bigger competitive threat. And so does that kind of help us understand what's going on between gross adds and net adds?

也許首先是寬頻趨勢。我認為你們推行產品線延伸策略至少已經有 18 個月了，而且這種情況還會持續下去。那麼，當您在市場上增加更多的通行證時，假設您的寬頻總增加量開始回升，是否正確？如果這是真的，你能給我們透露一下他們的停用計劃的進展嗎？我想您總是說您將光纖視為更大的競爭威脅。那麼這是否可以幫助我們了解總增加和淨增加之間發生了什麼？

And then separately on Peacock. You talked about retaining subs between some of your big marquee sporting events and you've got a lot of great film on Peacock as well. I'm wondering what your tolerance is for original content and original content spend and how we think about originals on Peacock maybe, vis-a-vis, a long-term breakeven goal.

然後分別上孔雀。您談到了在一些大型體育賽事之間保留替補的問題，而且您也有很多關於孔雀的精彩影片。我想知道您對原創內容和原創內容支出的容忍度如何，以及我們如何看待 Peacock 上的原創內容，也許是一個長期的損益平衡目標。

Steven, this is Dave. Let me start with footprint and then go to competition views. So let me -- in terms of overall footprint expansion, the vast majority of our new passings each quarter are fill-ins within our existing footprint. The balance of the growth is mostly from our organic edge-outs into adjacent areas. And so with some government subsidized builds representing a much smaller, albeit increasing portion. So it's really the kind of 3 different components of it that we're looking at.

史蒂文，這是戴夫。讓我從足跡開始，然後談談競爭觀點。因此，就整體足跡擴張而言，我們每季新增的絕大多數都是在現有足跡範圍內填補的。成長的平衡主要來自於我們向鄰近領域的有機邊緣擴張。因此，一些政府補貼的建築所佔的比例雖然增加，但卻小得多。所以我們正在研究的實際上是它的 3 個不同組成部分。

And so it's still early and -- but we are very disciplined. We evaluate the risk adjusted returns of each -- one of these network builds on a case-by-case basis. And generally, though the edge outs as that will increase, they're adjacent, sometimes located in between geographic markets that we currently serve. So looking ahead, we expect these edge out projects to continue to contribute to the future growth in our total passings. And we don't give -- to your question, the specific numbers on this.

所以現在還為時過早，但我們非常有紀律。我們評估每個網路的風險調整回報——其中一個網路是根據具體情況建立的。一般來說，雖然邊緣會增加，但它們是相鄰的，有時位於我們目前服務的地理市場之間。因此，展望未來，我們預計這些優勢項目將繼續為我們未來總通行量的成長做出貢獻。對於你的問題，我們沒有給出具體數字。

I could tell you that we're going to reach very healthy penetration levels in a few years on these edge out projects. So the ramp-ups happen pretty quickly, and we're pleased with the returns though. So pretty disciplined process. We look on the returns. And then as you shift towards the competition, the environment, let me back up and just its overall -- it's a very intense competitive environment that is very consistent the last several years.

我可以告訴你，幾年後我們將在這些邊緣項目上達到非常健康的滲透水平。因此，成長速度很快，而且我們對回報感到滿意。非常有紀律的過程。我們看的是回報。然後，當你轉向競爭、環境時，讓我回顧一下整體情況——這是一個非常激烈的競爭環境，在過去幾年中一直非常穩定。

And so it's picked up a bit. And when you have, again, 3 fixed wireless competitors coming in pretty much at the same time and you have the fiber level, about half of our footprint now has fiber competition of some form and it's an intense competitive environment. But we have adjusted. We've been going up against fiber competition now for over 15 years. And it is -- we've made adjustments. We've done, I think, very well in going toe-to-toe for the -- exactly as Brian laided out, that our long-term game plan is to focus on a better network, ubiquitous network, better products.

所以它有所上升。當你再次看到 3 個固定無線競爭對手幾乎同時出現並且你擁有光纖等級時，我們大約一半的足跡現在面臨著某種形式的光纖競爭，這是一個激烈的競爭環境。但我們已經調整了。 15 年來，我們一直在與光纖競爭。我們已經做出了調整。我認為，我們在針鋒相對方面做得非常好——正如布萊恩所闡述的那樣，我們的長期計劃是專注於更好的網絡、無處不在的網絡和更好的產品。

Surround it with the full portfolio of better products and not chase units just for the sake of it. And we've had moments going up against fiber where they've gone way down market. They've become rational. We've had different cycles. And so I think we've made adjustments and we have proven that we more than hold our own in that footprint. What we're seeing now is kind of an intense -- more intense competitive focus around the lower end of the market.

用更好的產品的完整組合來包圍它，而不是僅僅為了它而追逐單位。我們也曾遇到與光纖競爭的時候，但光纖的市佔率已經大幅下降。他們變得理性了。我們經歷過不同的週期。所以我認為我們已經做出了調整，我們已經證明我們不僅能保持自己的足跡。我們現在看到的是圍繞低端市場的激烈競爭。

And that's why we're segmenting. That's why we're doing what we're doing, never losing sight though. That we're going to have a better product than anybody in the marketplace. The better network and backing it up with better devices, that can eventually -- as we get to multi-gig symmetrical. And that's the key. Every single application ubiquitously delivered, that's our focus. So it's a tough competitive environment but I think we have a unique differentiated approach.

這就是我們進行細分的原因。這就是為什麼我們正在做我們正在做的事情，但從未失去目光。我們將擁有比市場上任何人更好的產品。更好的網路並用更好的設備支援它，最終可以實現——當我們達到多千兆對稱時。這就是關鍵。無所不在地交付的每一個應用程式都是我們的重點。因此，這是一個艱難的競爭環境，但我認為我們有獨特的差異化方法。

And so on Peacock. I mean we're very pleased as we split -- both Jason and I said earlier, with a quarter where we ended at 33.5 million subs, 3.5 years in. We are at a place now where we really are seeing traction in our approach to providing a service for consumers that is a combination of both entertainment and sports and how those 2 go together.

孔雀等等。我的意思是，我們對分手感到非常高興——傑森和我之前都說過，3.5 年後，我們在一個季度的訂閱人數達到了3350 萬。 。

Very much a reflection, as we said from the beginning, of our -- a mirror image of what we see as our strengths at NBCUniversal itself. And so when you look at this quarter in particular, you end up with a start with a Wild Card game that brought in a tremendous number of subs ahead of where we expected it to be. And then retention, that was ahead of where we expected it to be. And so that's obviously great and the power of sports to bring audiences together and will stay committed because of our strength in sports.

正如我們從一開始就說過的，這很大程度上反映了我們在 NBCUniversal 本身的優勢。因此，當您特別關注本季時，您最終會發現外卡遊戲一開始就帶來了大量替補，超出了我們的預期。然後是保留率，這超出了我們的預期。因此，這顯然是偉大的，體育的力量將觀眾聚集在一起，並且由於我們在體育方面的實力而保持承諾。

But when you really reflect on what then happened in the weeks that followed our viewing was the record highs across all parts of our non-sports portfolio. And in fact in the quarter, we launched our biggest original, Ted, to the greatest success of any of the originals we've ever launched. And Traitors 2, our reality series on Peacock, both of those were in the Nielsen Top 10 streaming in the earlier part of the year.

但當你真正反思我們觀看後幾週內發生的事情時，我們的非體育投資組合的所有部分都創下了歷史新高。事實上，在本季度，我們推出了最大的原創作品《Ted》，在我們推出的所有原創作品中取得了最大的成功。還有我們的《Peacock》真人秀節目《叛徒 2》，這兩部劇都躋身今年早些時候的尼爾森流媒體播放排行榜前 10 名。

So I think we see the 2 -- the parts of the portfolio interplaying well with each other. And obviously, the strength of our movie studio, which we talked about earlier with Oppenheimer and Holdovers and now coming up in future quarters, Kung Fu Panda 4. That is another great source of strength into our portfolio. So I think you can expect to see us having a very broad approach to it' sports, it' originals, it' next-day airing of NBC content, it's our library, and it's our Pay-1 movies. All those things going into a service that we think is one of the best values in streaming and a very distinct place over time in the streaming marketplace for consumers.

所以我認為我們看到了這兩個部分——投資組合的各個部分相互作用良好。顯然，我們電影工作室的實力，我們之前與 Oppenheimer 和 Holdovers 討論過，現在將在未來幾季推出《功夫熊貓 4》。因此，我認為您可以期待看到我們對體育、原創內容、隔天播出的 NBC 內容、我們的圖書館以及我們的 Pay-1 電影採取非常廣泛的態度。所有這些都融入我們認為是串流媒體中最具價值的服務之一，隨著時間的推移，它在消費者的串流媒體市場中佔據了非常獨特的地位。

And when you look ahead from where we started the year, we are now in continue to focus hard on retaining the growth in subs we had. Second quarter will be a little lighter in terms of the cadence of our content. But when you look to the middle of the year, we've got Olympics. Right after that, we've got the return of NFL, Big Ten and our exclusive NFL game in São Paulo, Brazil, along with the tremendous movie slate: Fall Guy, Twisters, Despicable Me 4, in addition to Kung Fu Panda 4.

當你從今年年初的情況展望未來時，我們現在將繼續努力保持潛艇數量的成長。第二季我們內容的節奏會稍微輕鬆一點。但當你展望年中時，我們將迎來奧運。緊接著，《NFL》、《Big Ten》和我們在巴西聖保羅獨家舉辦的 NFL 比賽將回歸，還有精彩的電影：《Fall Guy》、《Twisters》、《神偷奶爸 4》以及《功夫熊貓》 4.

And so we feel great about what we're doing and the progress we're making, and it's very consistent with the way we've described Peacock as taking advantage of what makes us great at NBCUniversal to begin with, and taking our existing strengths and assets into a digital future. So that's -- and it's one of our 6 big growth drivers, so glad to get a chance to comment on it.

因此，我們對我們正在做的事情和正在取得的進展感到非常滿意，這與我們描述 Peacock 的方式非常一致，即利用我們在 NBCUniversal 的優勢，並利用我們現有的優勢和資產進入數位化未來。這就是——這是我們的六大成長動力之一，很高興有機會對此發表評論。

Thanks, Steve. Operator, we have time for one last question.

謝謝，史蒂夫。接線員，我們還有時間回答最後一個問題。

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

我們今天的最後一個問題來自新街的喬納森·卓別林。

One for Dave and one for Jason. Dave, taking a step back from the sort of the increased competitive intensity you're seeing in the broadband market, I would love your perspectives on how the overall market is trending. As we tally up all the ads from the quarter, it looks like we're sort of trending to somewhere around half of what we normally see for the industry in the first quarter. Everybody's adds are down. And I'm wondering if you've got any thoughts as to what might be driving that?

一份給戴夫，一份給傑森。戴夫，從您在寬頻市場中看到的競爭強度的加劇退後一步，我很想聽聽您對整個市場趨勢的看法。當我們統計本季的所有廣告時，看起來我們的趨勢似乎是第一季該行業通常看到的一半左右。大家的加分都下降了。我想知道您是否有什麼想法是什麼推動了這種情況？

And then, Jason, on the segmentation strategy. You hit the low end of the market with some offers last year and then pulled back because you're worried about cannibalization. I'm wondering how the NOW -- you've sort of structured NOW differently so you don't end up seeing that cannibalization impact.

然後，傑森，關於細分策略。去年，您向低端市場提出了一些報價，然後由於擔心蠶食市場而被撤回。我想知道現在——你現在的結構是如何不同的，這樣你最終就不會看到蠶食的影響。

Jonathan, Dave. Let me start with the broadband in its entirety, the whole market and a viewpoint. So let me begin with the broadband market as a whole is still growing, maybe at a slower pace than it was last year and the year before, but there's still going to be a pretty healthy amount of net adds in 2024 and likely beyond. The right way, though, in addition to that, I think you got it. Everything we've talked about before, the right way we think to look about it is it's holding our own, growing relationships responsibly, but it's also where the market is going and how broadband is being used.

喬納森、戴夫.讓我從整個寬頻、整個市場和一個觀點開始。首先，我首先要說的是，整個寬頻市場仍在成長，成長可能比去年和前年慢，但 2024 年及以後可能仍將出現相當可觀的淨成長量。不過，除此之外，正確的方法，我想你已經明白了。我們之前討論過的一切，我們認為正確的看待它的方式是，負責任地維護我們自己的、發展的關係，但這也是市場的發展方向以及寬頻的使用方式。

And that -- as we've talked about the utility of the broadband product itself is only going up. So when you look at the health of the entire category, it's the relationships, but it's also the overall usage and consumption. And for us, you can see usage is up double digits. Broadband-only subs using over 700 gigabytes of data a month. Over 70% of our subscriber base is on speed tiers of 50 megs or more, nearly 1/3 of our customers are on 1 gig. Those are great trends for us over the long term and gives us the great confidence as we're investing, continuing to invest in a better network and a better customer experience, as Brian has said.

正如我們所討論的那樣，寬頻產品本身的效用只會上升。因此，當您查看整個類別的健康狀況時，不僅是關係，而且是整體使用和消費。對於我們來說，您可以看到使用量增加了兩位數。僅寬頻用戶每月使用超過 700 GB 的數據。我們超過 70% 的用戶群使用 50 兆或以上的速度等級，近 1/3 的客戶使用 1 GB。正如布萊恩所說，這些對我們來說是長期的大趨勢，並在我們投資、繼續投資更好的網路和更好的客戶體驗時給我們很大的信心。

So when you look at things, I think it's clearly competitive as we've talked about. One other factor that enters into it, in some cases, in certain segments. There are some people that revert back to mobile-only, that can happen. So there's a variety of factors that could enter into it. But overall, as a category and a growth opportunity, quite optimistic about broadband.

因此，當你審視事物時，我認為正如我們所討論的那樣，它顯然具有競爭力。在某些情況下，在某些細分市場中，還有另一個因素會影響其中。有些人會恢復到僅使用行動設備，這是可能發生的。因此，有多種因素可能會影響其中。但整體而言，作為一個品類和一個成長機會，寬頻相當樂觀。

Jonathan, let me start on segmentation and Dave probably wants to chime in as well. So on NOW, I think what's interesting and exciting about it is it's a dedicated sort of flanker brand strategy. We've had prepaid offers in the past sort of wedged into our existing portfolio. This is a more dedicated and branded strategy around it.

喬納森，讓我從細分開始，戴夫可能也想插嘴。所以現在，我認為有趣和令人興奮的是它是一種專門的側翼品牌策略。過去，我們已經將預付費優惠納入了我們現有的投資組合中。這是圍繞它的更專注和品牌化的策略。

By the way, the branding around this has worked very well in our U.K. market for Sky. It's actually where the brand name came from. And so we expect this to have some resonance. I would point out the -- if you look at where it's sort of targeted, we've got 100 meg offer for $30. It's inclusive of taxes, fees and equipment. We've got a $45 offering that's 200 megs and inclusive as well, very competitive versus fixed wireless, right? That is in this range, maybe slightly higher without the same reliability and ubiquity that we have.

順便說一句，圍繞這一點的品牌在我們的英國天空電視台市場上效果很好。這其實是品牌名稱的由來。因此我們希望這能引起一些共鳴。我想指出的是——如果你看看它的目標是什麼，我們會以 30 美元的價格提供 100 兆兆的報價。它包括稅費、費用和設備。我們提供了 45 美元的產品，容量為 200 兆兆，並且具有包容性，與固定無線相比非常有競爭力，對嗎？在這個範圍內，如果沒有我們擁有的相同可靠性和普遍性，可能會稍微高一點。

Yes. Just adding on to that, Jonathan. But again, we've been doing prepaid broadband for a while, years. And it's just we needed to refresh it, needed to update it and put it in a more competitive position. The prepaid mobile is new, and NOW TV is relatively new. But it's a segmented approach. And if you think about -- it's all in pricing, it's very simple. It's really easy.

是的。只是補充一點，喬納森。但同樣，我們做預付費寬頻已經有一段時間了，很多年了。只是我們需要更新它，需要更新它並使其處於更具競爭力的地位。預付費手機是新的，NOW TV 也相對較新。但這是一種分段方法。如果你想一想——這一切都在於定價，這非常簡單。這真的很容易。

There's no contracts, no credit checks, customers can sign up, pause, cancel online, anytime. It's a very straightforward -- but feature-light product as we keep our focus on the high end in terms of fully featured things. We'll continue to do that. But this just gives us a brand, gives us a product suite to be able to clearly and define segmentation in a way that we can manage through.

沒有合同，沒有信用檢查，客戶可以隨時在線註冊、暫停、取消。這是一款非常簡單但功能較少的產品，因為我們將重點放在功能齊全的高端產品上。我們將繼續這樣做。但這只是給了我們一個品牌，給了我們一個產品套件，使我們能夠以我們可以管理的方式清晰地定義細分。

Thanks, Jonathan, and we want to thank everyone on the call for joining us this morning.

謝謝喬納森，我們要感謝今天早上參加我們電話會議的所有人。

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。