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.

女士們、先生們，早安，歡迎參加康卡斯特第一季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。現在我將把電話交給投資人關係執行副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

Thank you, operator, and welcome, everyone. Joining 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.

謝謝接線員，歡迎各位。今天參加電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 Dave Watson。現在請大家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。

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，會議期間我們將提及某些非公認會計準則（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。接下來，我將把電話會議交給Mike。

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Marci，大家早安。在競爭激烈且瞬息萬變的市場中，我們公司團隊整體表現非常出色。我們對當前及未來的競爭策略有著清晰的願景，並且高度重視執行。同樣重要的是，我們嚴謹的資本配置策略，加上穩健的資產負債表，使我們相對於同行而言擁有得天獨厚的優勢，能夠對六大規模化且多元化的成長業務進行積極且持續的投資，這六大業務分別是：住宅寬頻、無線通訊、商業服務、主題樂園、影視工作室和串流媒體。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，這些業務的收入較過去12個月實現了接近兩位數的成長。加之我們大規模的股票回購活動，使得我們實現了兩位數的調整後每股盈餘成長，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超過50%，每股自由現金流成長近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.

接下來，我將介紹第一季的一些亮點，首先是寬頻業務。寬頻市場競爭依然異常激烈，尤其是在價格敏感型消費者市場。我們繼續專注於細分市場，為客戶提供既符合其生活方式又符合其預算的選擇。重要的是，我們在每用戶平均收入 (ARPU) 和用戶數量之間取得了良好的平衡，這在第一季的業績中得到了充分體現。儘管用戶數量略有下降，但 ARPU 成長超過 4%，推動住宅寬頻收入實現了中等個位數的成長，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.

在我們3,200萬用戶群中，寬頻使用量持續呈現令人鼓舞的成長趨勢。網路使用量較去年同期成長兩位數，僅使用寬頻的家庭用戶每月數據使用量超過700GB，寬頻用戶對更快網路速度的需求也持續成長。目前，超過70%的住宅用戶網路速度達到或超過500Mbps，約有三分之一的用戶網路速度達到或超過1Gbps。

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，消費者對寬頻體驗（包括速度、可靠性、安全性和效能）的期望只會隨著時間的推移而不斷提高。因此，確保我們的網路升級始終領先於這些需求至關重要。我們的中型分路部署規模年增了一倍，目前已覆蓋40%的地區。我們正在增加投資，提升網路容量，並在所有服務區域實現多千兆對稱速度，這使我們能夠更好地掌握這些非常有利的消費趨勢。加之我們快速擴大網路覆蓋範圍，這將使我們能夠逐步提升市場份額，並最終實現寬頻用戶數量的成長。

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.

再來看看無線業務。我們的國內用戶數量年增 21%，接近 700 萬，但無線寬頻用戶在我們住宅寬頻用戶群的普及率仍然只有 11%，這意味著我們還有很大的成長空間。我們持續看到寬頻和行動業務捆綁銷售的優勢，不僅能降低客戶流失率，還能提升客戶終身價值。我們的客戶也能受益於我們覆蓋全美最大的 WiFi 網路。事實上，Xfinity Mobile 90% 的流量都是透過 WiFi 而非蜂巢式網路傳輸的，而且我們還在不斷增加新功能，進一步提升用戶體驗。最近的例子是我們推出了 WiFi Boost 服務，任何 Xfinity Mobile 用戶只要連接到我們遍布全國的 2300 萬個熱點，即可免費享受高達 1Gbps 的網速。

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.

在我們的連結與平台業務中，我們致力於為各個細分市場提供獲利服務，從追求功能齊全產品的優質傳統客戶到更注重價格的消費者。針對後者，我們推出了NOW，這是一個全新的品牌和產品組合，目標客戶是預付費用戶，提供高品質、低成本的網路、行動和串流電視產品，並採用簡單明了的全包定價模式。

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 Internet 和行動網路將對受 ACP 終止影響的美國人特別有幫助，為他們提供另一種經濟實惠、可靠的網路連線選擇，並補充我們的 Internet Essentials 計劃。我們向符合條件的家庭提供該計劃，這是我們長期致力於幫助縮小美國數位落差的一部分。

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%.

接下來談談內容與體驗，我們先從主題樂園說起。好萊塢和日本市場的需求依然強勁，超級任天堂世界的成功再次帶動了客流量和人均消費的穩定成長。乘著這股勢頭，我們將在今年稍後開放最新的任天堂主題樂園——大金剛國度，屆時日本超級任天堂世界的面積將擴大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.

接下來談談奧蘭多。第一季末，我們開始感受到客流量方面的一些壓力，這通常與市場上新景點的興衰有關。目前，我們正處於先前幾個季度新景點開放帶來的多年客流量激增期的尾聲，但我們對長期增長前景依然充滿信心，尤其是在展望明年即將開放的“史詩宇宙”（Epic Universe）主題樂園時。樂園擁有3間全新飯店和5個沉浸式主題世界，包含超過50個景點、娛樂、餐飲和購物體驗，將成為全球科技最先進的主題樂園。加上我們在奧蘭多現有的3個樂園，「史詩宇宙」將使我們能夠為更多遊客提供長達一週的度假體驗。

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 8 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.

說到電影公司，我們為我們的電影團隊感到無比自豪，我們最近榮膺全球票房第一的電影公司，並獲得8項奧斯卡金像獎，其中包括克里斯多福諾蘭執導的《奧本海默》榮獲的最佳影片獎。憑藉2023年的出色表現，本季我們電影公司的強勁勢頭得以延續，《功夫熊貓4》的上映全球票房已超過4.8億美元。我們還有一系列令人期待的影片即將上映。我們將連續第三年發行比其他主要電影公司都多的影片，其中包括：由瑞恩·高斯林和艾米莉·布朗特主演的動作驚悚片《特技替身》，將於今年5月上映；照明娛樂出品的動畫系列電影《神偷奶爸4》以及我們改編的《龍捲風》，這兩部影片都將於7月上映；還有神偷奶爸4》以及我們改編的《龍捲風》，這兩部影片都將於7月上映；還有神偷奶爸4年。

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.

最後，我們進入了媒體領域。我們成功地將線性電視和串流媒體業務整合為一個整體進行管理，為數千萬傳統付費電視用戶和串流媒體用戶提供多種互動方式，從而持續為我們的節目吸引大量觀眾。奧運、週日橄欖球之夜、十大聯盟等大型賽事，以及《週六夜現場》和《法律與秩序》等熱門娛樂節目，都擁有強勁的消費者需求，這使我們能夠更好地適應不斷變化的市場。

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 non-sports 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外卡賽在上個季度取得了巨大成功。我們新增的Peacock訂閱用戶數量和留存率都超出了預期。整體而言，用戶選擇留在我們平台是為了觀看各種各樣的內容，他們90%的時間都花在了觀看非體育節目上。這包括像《泰迪熊》（Ted）這樣的劇集和像《叛徒》（The Traitors）這樣的真人秀，這兩部劇都躋身尼爾森流媒體收視率前十名。此外，我們還有一系列屢獲殊榮的電影，例如2月份在Peacock獨家首映的《奧本海默》（Oppenheimer），該片在上線後的前7天內就成為了所有串流平台觀看次數最多的影片。

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 great value proposition that we should have some real pricing power over time.

顯然，Peacock 自四年前上線以來發展勢頭良好，付費用戶已達 3400 萬，年增長率達 1200 萬，平均每用戶收入 (ARPU) 為 10 美元。展望未來，我們的內容產品極具價值，隨著時間的推移，我們將擁有真正的定價權。

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，體育賽事在我們的媒體業務中也扮演著重要角色，今年尤其如此。繼五月的肯塔基德比大賽之後，今年夏天我們將迎來為期17晚的巴黎奧運。 NBC廣播網的節目時長超過了以往任何一屆奧運會，而Peacock串流平台也將提供超過5000小時的直播，預計本屆奧運會將創造史上最高的廣告收入，廣告銷售額已達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，橄欖球比賽將回歸，包括十大聯盟的比賽、週日晚間橄欖球賽以及 NFL 歷史上首次在聖保羅舉行的周五晚間揭幕戰，這些比賽都將在 Peacock 獨家播出。

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.

最後，我要說的是，我為公司各團隊的工作感到非常自豪。我們齊心協力，以最高標準執行各項任務，並在充滿挑戰和瞬息萬變的市場中為未來的發展做好準備。傑森，接下來就交給你了。

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。我先從第四張投影片上的合併業績開始。總收入成長1%，達到301億美元。其中，我們的六大成長引擎貢獻了近170億美元的收入，超過公司總收入的一半，並且在過去12個月中再次保持了穩定且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%.

雖然息稅折舊攤銷前利潤 (EBITDA) 與去年同期持平，為 94 億美元，但我們本季創造了 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。過去 12 個月，我們的流通股數量減少了近 6%，這促成了本季調整後每股盈餘 (EPS) 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.

現在讓我們來看看我們的業務業績，首先從第5頁的「連結與平台」業務開始。請注意，我們最大的外匯風險敞口是英鎊，其年比上漲了4%。因此，為了突顯「連結與平台」業務的實際表現，我將照例以固定匯率計算的年增速來呈現。

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%.

連接與平台業務總收入持平於203億美元，主要得益於連接業務收入的強勁增長，但視頻業務收入的下滑抵消了這一增長。住宅連接業務收入成長7%，其中國內寬頻業務成長4%，國內無線業務成長13%，國際連結業務成長19%；而商業服務連結業務收入成長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.

在家庭寬頻業務方面，我們的營收成長主要得益於強勁的ARPU值，ARPU值成長了4.2%，略高於歷史預期。我們的團隊在客戶細分方面做得非常出色，同時兼顧了價格和用戶數量。我們對3,200萬用戶的正向消費行為趨勢感到鼓舞。

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 tiers of 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.

頻寬需求和用戶參與度都在快速成長，我們絕大多數客戶目前都使用500兆位元或更高的網路速度，並且越來越多地採用xFi Complete等高級服務方案。但正如Mike所說，市場競爭依然非常激烈。繼2023年第四季流失3.4萬用戶之後，我們在第一季又流失了6.5萬用戶。

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.

就目前情況來看，我們認為這種趨勢短期內不會有所改善。鑑於ACP計畫即將結束（該計畫的資金僅能維持到4月份，5月份的資金也僅能部分維持），我們預期用戶流失率可能會上升。我們將與ACP用戶保持密切溝通，並繼續努力透過各種方式幫助這部分用戶保持網路連線。正如Mike所描述的，無論是我們廣受好評的Internet Essentials計劃，還是我們新推出的預付費NOW服務，我們都將盡力提供協助。

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，我想提醒各位，第二季通常會受到季節性因素的影響。雖然市場競爭激烈，尤其是在價格驅動型細分市場，但我們將繼續積極參與競爭，同時保持財務平衡，並期望透過提高每位用戶平均收入（ARPU）來推動寬頻收入的健康成長。我們預計，即使在完成ACP過渡期間，ARPU仍將維持在3%至4%的歷史成長區間內。

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 new pricing plans targeted at multi-line customers, the new NOW Mobile product as well as our Buy 1, Get 1 line offer.

再來看國內無線業務。營收成長13%，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數量年增21%，本季末客戶總數達到690萬，其中包括本季新增的28.9萬條線路。我們持續在市場上測試新的產品和服務，包括近期針對多線路客戶推出的新定價方案、全新的NOW Mobile產品以及「買一送一」優惠活動。

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.

我們持續看到無線領域的巨大發展機遇，可望進一步提升目前國內住宅寬頻用戶滲透率（11%），並增加每戶的線路數量。國際連線收入反映了寬頻收入的強勁成長，這主要得益於穩健的ARPU成長以及無線業務的成長，無線業務的成長得益於新增用戶線路和更高的ARPU。

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 we'll 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.

在企業服務連接方面，我們實現了 5% 的收入成長，這主要得益於小型企業 ARPU 的提升，以及面向中型市場和大型企業的客戶數量和解決方案的全面增長。中小企業市場競爭日益激烈，但我們將積極捍衛自身地位。與本季類似，我們將透過提高 ARPU 來推動營收成長，這主要得益於 Mobile、Security Edge、Connection Pro 和 WiFi Pro 等更多產品的普及，以及我們針對特定費率策略的推出。

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，我們在中端市場和企業市場的發展勢頭持續增強，我們在託管服務、廣域網路和網路安全方面的能力不斷提升，贏得了越來越多的客戶，並擴大了與現有客戶的關係。

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.

我們連接業務的強勁成長被視訊和其他收入的下滑所抵消。影片收入下滑是由於客戶持續流失以及國內ARPU成長速度較去年放緩所致，而其他收入的下降則反映了固話語音業務客戶持續流失。正如我之前提到的，連結與平台業務的總EBITDA成長了1.3%，利潤率為50個基點，這反映了整體支出的下降，而這主要得益於業務結構向高利潤率的連結業務轉移，以及我們持續關注費用控制。

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升，但由於部分費用從資本化軟體費用重新歸類為營運費用，我們的國際業務受到了影響，導致與去年同期相比業績較為艱難。預計這種情況將持續到今年年底，屆時我們將逐漸擺脫這種變化的影響。

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.

需要指出的是，如果沒有這項調整，第一季的 EBITDA 成長率將高出約 1 個百分點，利潤率提升幅度將高出約 50 個基點。雖然這項調整增加了本季的營運支出，但連結與平台業務的資本支出相應減少，最終對淨現金流的影響為中性，本季淨現金流成長了 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.

我們進一步細分了連結與平台業務的 EBITDA 績效。住宅業務 EBITDA 成長 1.1%，利潤率提升 60 個基點至 38.3%。而商業服務業務 EBITDA 成長低於我們通常的個位數中段水平，為 2.6%，利潤率下降 160 個基點至 56.7%。這些業績包含了我們在企業領域的重大投資，包括為推動未來收入成長而進行的銷售和交付方面的投入。商業服務業務的年度 EBITDA 超過 50 億美元，利潤率有所提升，我們預計它將繼續成為今年及未來長期連接與平台業務整體成長的重要貢獻者。

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.

現在我們來看看投影片6的內容與體驗部分。整體而言，營收成長1%至104億美元，而EBITDA下降7%至15億美元。讓我們仔細看看具體情況。首先是主題樂園業務。該季度營收成長2%，而EBITDA下降4%。這些業績反映了匯率的負面影響，因為日圓兌美元匯率目前處於34年來的低點。

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.

若剔除匯率影響，調整後的績效顯示，樂園營收較去年同期成長5%，EBITDA與去年同期持平。大阪樂園實現了強勁的潛在成長，這主要得益於超級任天堂世界帶來的持續需求。此外，儘管好萊塢樂園的超級任天堂世界在本季開業時間較早，但我們依然看到了成長勢頭。

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.

北京的業績在通常的淡季季度中相對平穩，奧蘭多的業績低於去年同期，但仍大致與疫情前水準持平。我們看到，疫情初期空前的客流量有所回落，我們認為這主要是由於新景點的開放時間以及來自其他娛樂場所（尤其是郵輪）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.

在包括電視網絡和Peacock在內的媒體業務方面，營收成長了4%，其中Peacock強勁成長54%，足以抵消線性網路個位數的下滑。發行收入成長7%，主要得益於Peacock的貢獻，其訂閱營收成長了68%，這主要得益於付費用戶數量年增55%，達到3,400萬，其中包括第一季新增的300萬用戶。

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的發展軌跡非常滿意。年初，我們成功舉辦了一場NFL外卡賽，付費用戶數也因此大幅成長。但更重要的是，我們豐富的內容組合有效地實現了使用者獲取、留存和互動。本季度，我們在各類內容方面都取得了成功，包括像《奧本海默》（Oppenheimer）這樣進入“付費一小時”窗口期的影片——該片是Peacock歷史上觀看次數最多的“付費一小時”影片；以及《守望塵世》（The Holdovers），還有《叛徒》系列（The Traed）也取得了幾部成功，例如《蘋果》永不落季（The Never）。

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，我們將繼續專注於用戶留存，尤其是在第二季。展望下半年，我們將推出大量以吸引用戶觀看為導向的內容。這與Peacock的歷史趨勢一致，預計今年夏季奧運會、秋季NFL和十大聯盟的回歸，以及持續上線付費點播電影和即將推出的原創內容，都將推動我們的成長。

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 的廣告收入強勁增長，但被線性網路廣告收入的下降所抵消。媒體業務 EBITDA 下降 6%，反映出線性網路收入面臨壓力，但 Peacock EBITDA 虧損同比持續改善（即使計入了外卡版權成本）部分抵消了這一影響。我們預計，未來幾季 Peacock 的年比改善幅度將更大。

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.

在影業方面，7%的收入下降反映了內容授權收入的減少，這主要受到電影授權業務相關交付時間的影響。不過，由於《功夫熊貓4》本季票房表現強勁，戲院收入略有成長，部分抵銷了這一影響。影業的EBITDA下降了12%，這反映了與去年同期電影陣容相比的業績下滑，其中包括票房大賣的續訂影片《穿靴子的貓：最後的願望》，以及電影授權交易時間表等因素的影響。

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.

現在我將在第7張投影片上總結自由現金流和資本配置。正如我之前提到的，本季我們創造了45億美元的自由現金流，即便在我們持續進行大量投資以支持成長動力的情況下，我們依然實現了這一目標。具體而言，本季我們33億美元的總資本支出涵蓋了我們擴大業務版圖、進一步加強國內寬頻網路、拓展串流媒體業務以及支持Epic Universe主題樂園的持續建設（該主題樂園預計將於2025年開放）等方面的投入。此外，本季營運資本支出為9.4億美元，較去年同期顯著改善，這很大程度上是由於時間因素所致。

Turning to return of 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%.

接下來談談資本返還。本季，我們共向股東返還了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。過去12個月，我們透過股票回購和股利支付累計向股東返還了超過160億美元的資本，使我們的流通股數量減少了近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金的形式，將近 170 億美元重新投入到我們的業務中，謹慎而持續地平衡了對業務增長的再投資、向股東返還大量資本，並且憑藉非常強勁的資產負債表，在各種經營環境下都能保持這種一致性。

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

現在我把問答環節交給瑪西。

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

謝謝，傑森。接線員，現在開始問答環節。

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

（操作員說明）我們今天的第一個問題來自摩根士丹利的本·斯溫伯恩。

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 ACP transition, just given, obviously, the subsidies going away.

想問有線電視的Dave兩個問題。能否從更宏觀的角度談談客戶細分，特別是你們在預付費和NOW品牌方面的新舉措，以及你們提升網速的措施，並分析這些舉措對業務的長期影響？另外，考慮到補貼即將取消，你們如何在ACP過渡期間實現ARPU（每位用戶平均收入）在歷史範圍內的成長？能否再詳細解釋一下？

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?

然後我想問Jason。我們預計今年的EBITDA和自由現金流都會成長。你們第一季的自由現金流表現不錯。我想，我原本也預期股票回購會較去年同期成長。正如你在最後一張投影片中指出的，過去12個月的回購額為115億美元，第一季只有25億美元。所以看起來增速放緩。因此，我想問您能否就此發表一下看法，或者說，今年在Comcast的資本配置槓桿計算方面，我們是否應該考慮哪些變化？

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。那麼，讓我先從市場區隔和更多NOW的背景資訊談起。回顧一下，我們的市場區隔策略至關重要。它始終以高端和傳統寬頻用戶為起點。我們專注於此，並投資於更好的網路和產品，旨在為高端用戶群提供更優質的服務。

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 pudding 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.

我們始終致力於在所有細分市場中保持競爭力。深入分析後，我們發現寬頻發展的關鍵在於提升用戶參與度。因此，我們的重點是繼續提供多千兆對稱寬頻服務，並朝著這個目標不斷努力。同時，我們也致力於為各種網路使用者提供多樣化的選擇。從細分市場的數據來看，我們70%的高速寬頻用戶都能享受到500兆位元/秒或更高的網速，三分之一的住宅用戶則享受到了千兆以上的服務，這足以證明我們的努力沒有白費。

[There is] start there and the focus on 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.

我們一開始就專注於高端市場。但目前低端市場競爭非常激烈。我們在這個領域的競爭力還不夠強。我們擁有優秀的產品和多種選擇，但尤其是在預付費領域，我們認為還有進步空間。

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 improved 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 no credit checks. It's easy.

所以，NOW 應運而生。 NOW 由三個部分組成。第一部分是預付費寬頻，順便一提，我們推出預付費寬頻已經有一段時間了。我們只是進一步提升了它的價值主張。所以這是預付費寬頻的全新升級版。第二部分是預付費 NOW 行動服務，這是一項全新的服務，我們認為它定位為固定無線網路的替代方案，市場需求旺盛。 NOW 行動服務的重點在於無需信用審查，非常方便。

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.

它沒有合約，而且價格親民。所以，就價格競爭力而言，並沒有太大的變化。目前，我們正在推出NOW，顯然，它是ACP及其未來發展方向的一個不錯的替代方案。現在談論任何進展還為時過早，但我們對NOW產品在收入受限市場中的定位非常滿意。 NOW TV已經推出一段時間了，並且取得了一定的市場反應。所以它是一個獨立的產品套件。我對此感到非常滿意。

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（每用戶平均收入）方面，我們一直保持優勢。長期以來，我們一直在平衡ARPU成長和市場佔有率。因此，我們對本季的表現感到滿意，ARPU成長強勁，達到4.2%，略高於以往3%至4%的區間。毋庸置疑，這是一個競爭非常激烈的市場，而我們認為，我們在市場份額和費率方面找到了合適的平衡點。我們的策略是合理的費率成長。團隊出色地完成了這項工作，最終的費率收益率略微超出了我們的預期。

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，並針對每個細分市場量身打造產品策略。所以，一切都從我之前提到的高端市場開始，我們非常重視這個市場，也取得了我之前提到的成果。這就是起點。但從我們長期以來的定價和包裝策略來看，我們將力求在每個細分市場中佔有一席之地。而且，我們非常關注市場的發展方向，並確保隨著整體使用量的成長，我們能夠長期保持領先地位。

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，這才是關鍵。整體寬頻消費量實現了兩位數的成長。我們擁有大量客戶，他們對我們高端產品組合表現出濃厚的興趣，而且我們擁有覆蓋廣泛、可靠且強大的網絡，能夠滿足各個細分市場的需求，並能流暢運行各種應用。因此，我對ARPU（每位使用者平均收入）感到滿意。我認為我們能夠順利度過ACP（年度用戶成長計畫）的難關，並對我們先前給予的3%到4%的歷史成長預期充滿信心。

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.

我是布萊恩。我只想強調一下戴夫剛才提到的最後一點。當我們用更長遠的視角來看待問題時——我希望公司也能這樣做——就會發現，就在昨天，我們還在內部審視我們的技術路線圖，並看到了一些創新的演示。想想未來5到10年，寬頻究竟能為消費者和企業帶來哪些幫助，真是令人振奮。在某些方面，這簡直難以想像。雖然現在有很多關於人工智慧的討論，但娛樂業、體育業、醫療保健業以及我們尚未提及的領域，都在發生翻天覆地的變化。

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.

所以我們的策略其實很簡單。有了NOW，這個NOW策略就能讓消費者享受極為便捷的預付費服務，一切都觸手可及。但我們的主要策略始終是：提供市場上最優質的產品、卓越的服務和持續的創新，並以穩健的資本投入來實現這一切，確保我們的投資始終如一，並符合我們之前討論過的各項準則。

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?

所有這些都在發生，而且我們在這方面取得了巨大進展。如果非要我選一個本季最讓我興奮的數字，那就是每戶家庭比特數的兩位數增長，這表明無論是在遊戲、多流播放還是其他任何方面，網絡使用量都在不斷增長。此外，高清畫質也不斷提升，隨著時間的推移，清晰度也不斷提高。希望所有這些都能有所幫助，我們對團隊的執行情況非常滿意。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，太好了，謝謝。 Ben，最後再補充一點，你之前問的關於ARPU的問題，以及你如何看待ACP週期並對ARPU成長充滿信心。我認為這些觀點都很有道理。首先，我們看到用戶使用量持續快速成長。這意味著消費者獲得的價值更高。這總體上對ARPU成長是一個利好因素。我認為第二點是Dave提到的市場區隔。我們發現，在部分使用者群體中，也就是注重性價比的使用者群體，競爭非常激烈。細分市場可以防止這種競爭蔓延到其他用戶群體。團隊在這方面做得很好。

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.

最後我想指出的是，正如我們之前所說，ACP 的客戶群大約有 140 萬，我們需要妥善管理這些客戶。但這與——如果你想想戴夫和他的團隊是如何運作的——促銷期結束的情況非常相似。我們每季都要處理這個問題：如何處理正在享受促銷優惠的客戶群，將他們過渡到新的資費方案，並留住他們？這正是有線電視業務的本質。

On buybacks, Ben, 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.

關於股票回購，Ben，我想回顧一下過去幾年的情況。我們一直奉行非常一致的資本配置策略，首先將資金再投資於自身業務，其次才是保護資產負債表。我們非常滿意目前的信用評級，正如你所看到的，我們致力於實現與該信用評級相關的各項指標。正如你所指出的，我們去年的自由現金流非常強勁，預計今年也將維持類似水準。正如你所說，這為我們進行大規模的股票回購活動提供了可能。自2021年重啟股票回購以來，我們已經回購了超過15%的股份。如果你回顧去年，我們回購了超過6%的股份。這兩個指標都非常強勁。

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，我們在第三季就明確表示要加快股票回購計劃，因為我們預期會收到Hulu的最低收益，而這筆款項在去年年底到帳。雖然這筆款項是在今年收到全額收益之前支付的，但我們去年確實收到了最低收益，因此在第三季和第四季加快了股票回購，總額達到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，我先接一下剛才關於我們資本配置思維是否有改變的問題。我認為傑森和他的團隊正在延續一個非常優秀的傳統。我在這裡工作快十年了。我認為，我們應該把累積的資金投入到各個業務中，首先也是最重要的，是把這些資金再投資到業務中，著眼於未來發展，關注那些預期回報可觀的項目。無論是公園業務、寬頻網路、串流媒體服務，或是其他任何領域的創新，都應該如此。

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，在我們公司，思考如何明智地進行未來投資，同時保持穩健的資產負債表，這已經深深融入我們的基因。我們對目前的資產負債表結構非常滿意。在經歷產業長期變革和顛覆性挑戰時，我們穩健的資產負債表讓我們能夠安心入睡，並繼續進行早期的投資。此外，管理團隊對這兩點展現出極大的熱情，我們也這樣做也是為了帶給股東豐厚的資本回報。很少有公司像我們一樣如此重視這三項優先事項。我可以保證，展望未來十年，我們將繼續秉持這個理念。

Your next question is coming from Craig Moffett from MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 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?

關於寬頻，我有兩個問題。首先，您提到您的寬頻業務——或者抱歉，是您的無線業務——是如何幫助降低寬頻用戶流失率的。我想請您再詳細談談這方面。首先，您能否提供一些數據，說明當客戶將寬頻和無線服務捆綁在一起時，流失率會降低多少？

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，您如何看待無線網路？對您來說，它是一個獨立的業務嗎？還是僅服務寬頻用戶流失？然後，我想問一下，您能否——也許是我沒聽清楚——傑森，我想您提到了國內有線電視業務的利潤率。但我可能沒聽清楚具體數字。您能否再重複一遍？

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。我先說說無線網絡，然後把話題交給傑森和其他人。我想說的是──無線網路是我們整體策略中不可或缺的一部分。具體到你的問題，我們一直認為無線網路的主要價值在於它與寬頻的結合。它為寬頻增添了價值，使其更加完善。我們可能沒有具體說明無線網路在降低客戶流失率的優勢，但我們確實看到了這一點。無論是在客戶獲取方面，無線網路都與寬頻緊密相連；無論是基礎架構升級，或是客戶留存，無線網路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.

所以這是一個關鍵的成長機會。同時，這款產品的邊際經濟效益也非常強勁。擁有這樣的優勢固然是好事，但我們的市場策略是將其與寬頻和包裝相結合。因此，它的表現非常出色。我們對在市場上的穩定性感到滿意，也樂見未來發展前景廣闊——目前滲透率僅11%左右，但用戶已達700萬。所以我非常看好我們面前的機會。對我們而言，我們一直在不斷改進無線技術，探索如何將其與寬頻連接以及如何更好地利用它。

So we have, for example, new pricing plans. Our new mobile plans 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 WiFi, 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，我們推出了新的定價方案。我們新的行動套餐真正瞄準了多線路客戶。對此我們感到非常興奮。新的行動產品和細分市場，我們已經在預付費領域討論過了。針對該細分市場，我們推出了買一送一的基礎套裝活動。所以幾乎每個細分市場都有相對應的活動。然後，我們剛剛宣布，行動客戶可以接入公共 Wi-Fi 熱點，並盡可能地提升網路速度，充分利用 Wi-Fi 與行動網路的互補優勢。所以，我認為我們已經證明了我們在這個行業深耕，我們熱愛這個行業，而且——但它對我們策略的核心無疑是它對寬頻的長期影響。傑森？

Craig, so on margins, we said overall Connectivity & Platforms margins were up 50 basis points and said domestic was an even greater increase. The domestic was up 70 basis points 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 non-growth 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，我們之前說過，整體連結與平台業務的利潤率提高了50個基點，國內業務的增幅更大。國內業務的利潤率年增了70個基點，延續了我們業務結構轉移到高利潤率業務的策略。我們的連線業務成長速度超過了非成長型的視訊業務。正如我們之前所說，這對我們來說是一個有利的利潤率權衡，而且從歷史數據來看，營運效率也得到了提升。我想我們在上次電話會議上提到過一個數據，我再重申一下：過去六年裡，我們減少了50%的現場服務，減少了40%的客戶互動。因此，我們在成本效率方面取得了顯著進展。克雷格，國內業務的利潤率確實提高了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的傑西卡·雷夫·埃利希。

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NBC環球和康卡斯特有線電視的問題。主題樂園顯然是你們的成長支柱之一，能否透露一下未來五年你們的預期投資水準？當然，Epic Games肯定會參與其中，所以投資額會略高一些。但你們還有其他新建主題樂園，同時也投資現有主題樂園。主題樂園的投資報酬率與其他業務相比有何不同？另外，關於NBC環球，你們是否應該或正在考慮投資其他領域，例如電子遊戲？

And then on Cable, on Comcast Cable. Just a question on your programming expense or programming contracts. Presumably, you have MFNs, 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?

然後是關於有線電視，特別是康卡斯特有線電視。我有個關於你們節目製作費用或節目合約的問題。你們應該要有最惠國待遇（MFN），我想你們一直都有。當一些重要的節目合約與其他發行商簽訂時，我們應該如何看待這些合約對康卡斯特有線電視節目製作費用的影響？

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 Horror 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，我是麥克。關於主題樂園，正如我們之前所說，2024年，NBC環球旗下主題樂園和整體的資本支出將維持在2023年的水平，也就是高位。 2025年，隨著Epic主題樂園的開放，資本支出將開始下降。之後，隨著好萊塢恐怖之夜和我們之前提到的位於德克薩斯州弗里斯科的兒童主題公園的調整，資本支出將恢復到更正常的水平。但正如我們所說，這些項目的規模和體積雖然無法與Epic這樣的大型主題公園相提並論，但我們目前擁有的主題公園數量確實比五年前要多。

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.

所以你說得對，主題樂園資本運作的一部分就是持續投資現有園區內的新景點。因此，到了2026年，你會看到我們逐漸進入一個新的穩定狀態，其中也包括繼續嘗試一些新的概念。當然，從長遠來看，我們希望能夠提出一些更大規模的資本投入方案，但這就是我們目前的計畫。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，我們認為回報非常可觀。每次批准新建主題樂園時，我們都會仔細評估這一點。我們看重的是回報的長期穩定性。我們和另一家優秀的公司是打造此類主題樂園體驗的全球領導者。疫情過後，我們主題樂園的反應非常熱烈。因此，我們認為，這種高水準的現場娛樂場所，將在未來很長一段時間內成為公司媒體和娛樂業務的堅實支柱。

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.

至於其他領域，我認為我們在主題樂園和體驗項目上的成功，為我們提供了許多機會，讓我們思考遊戲以及其他與現場娛樂相關的、能夠貫穿我們業務的領域。所以我們會進行各種嘗試和探索，看看是否有絕佳的機會，這是我們的職責所在，但今天沒有什麼可以公佈的。

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。關於你們提出的續約問題以及我們的觀點，是的，我們認為沒有統一的方案──我們會具體問題具體分析。但仔細想想，我們會從三個主要方面評估每個續訂案例。首先，是相對於內容的整體成本；其次，是在瞬息萬變的環境中所需的彈性；最後，是整體的消費者價值。我們會關注目前正在發生的重大轉變，即線性電視和串流媒體之間的轉變。我們認為，在內容提供者和發行商之間創造雙贏機會方面，我們可以發揮獨特的作用。

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，能夠很好地處理與視訊相關的一切，包括線性頻道、點播、DVR 和串流媒體。我們已經在這個平台上進行串流媒體打包一段時間了。因此，當出現這些問題時，我們可以建造橋樑。而且，我們的目標始終是尋找雙贏的機會，我們會仔細審查每一份續約合同，這就是我們評估每一份合約的方式。

Our next question is coming from John Hodulik from UBS.

下一個問題來自瑞銀集團的約翰‧霍杜利克。

Two, if I could, 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.

第二個問題，如果可以的話，我想先問傑森。我剛完成ACP專案。鑑於你們今年開局強勁，ARPU值也很高，即使ACP計畫取消，你們認為能否維持國內有線電視業務的EBITDA全年持平或成長？這是第一個問題。

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?

或許對戴夫來說，無線營運商們肯定是在商討在企業市場固定無線領域更大的策略佈局。我知道你們在事先準備好的演講稿中對企業市場發表了一些強烈的評論。但是，你們是否開始看到固定無線業務的出現，導致低端市場競爭加劇？

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，讓我來談談國內或有線電視業務的 EBITDA，以及全年的 C&P EBITDA。正如你所說，市場競爭很激烈。我們即將面臨 ACP 的挑戰。同時，我想特別談談寬頻業務。我們已經看到，在價格和用戶數量之間，用戶數量顯然面臨一些壓力。但本季 ARPU 成長了 4.2%，我們預計全年仍將保持 3% 或 4% 的成長。因此，我們仍然認為寬頻收入成長有利好因素。本季我們實現了 3.9% 的成長。

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.

我們正在發展企業服務和無線業務，並抵消視訊和其他收入的下滑。但從整體來看，這是一個利潤率提升的組合調整。我之前也提到過，公司推行了一些費用控制舉措，並嚴格控製成本，減少業務量，這也帶來了一定的利好。因此，在不給予具體的 EBITDA 成長預期的情況下，我會介紹一下構成要素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。關於ACP，我再補充一下傑森剛才的觀點。記住，我認為這一點非常重要。我們一直在進行市場細分，而且我認為我們在互聯網基礎服務方面擁有行業領先的平台已經超過十年了。所以我們非常熟悉這個領域的細分，也非常了解推廣角色和類似這樣的重要時刻。因此，特別是與此相關的ARPU值，我們對3%到4%的歷史範圍感到非常滿意。我們一直以來都採取這種策略。

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.

關於您提出的商業服務問題，約翰，毫無疑問，中小企業市場競爭日益激烈，固定無線網路是其中的一部分。正如您在結果中所看到的，現在有三個固定無線網路競爭對手。這麼多競爭對手同時湧入市場，必然會產生影響力。我們在中小企業市場看到了這一點，而且這種情況在中小企業市場尤其突出。但我們的策略始終是兼顧市場佔有率和整體費率，我們擁有一系列優秀的產品。我們在商業服務、中端市場和企業級市場都設有多個細分領域，這在很大程度上抵消了上述影響，而且我們還有完善的產品路線圖。

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.

但當您感受到競爭壓力時，我認為非常重要的一點是，對於中小企業而言，我們產品和商業服務的可靠性和普及性至關重要。對於企業來說，他們需要全天候運營，始終保持在線狀態。因此，服務必須可靠。我認為，隨著時間的推移，我們將繼續強調這一點，並且——我們不會為了降低成本而將折扣降到零。我們將提供更好的產品，並圍繞這些產品配備對企業客戶真正有意義的功能。但我們會確保客戶了解，我們提供的可靠性和普及性是獨一無二的，並且與固定無線網路截然不同。

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.

布萊恩，再說一遍，就像我們在住宅市場討論的那樣，我們目前才剛起步的長期機會在於大型企業和中型企業。想想網路安全、資料可靠性以及企業的消費行為，再想想你自己的企業，想想這些因素可能會如何引導他們使用新工具、影片等等，你肯定希望擁有最好的網路。我們在這方面擁有一支非常優秀的團隊和清晰的路線圖。所以，我們一方面在某個領域面臨挑戰，一方面又在其他領域擁有巨大的機遇，長遠來看，我對目前的狀況非常滿意。

Our 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 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?

或許我們先來談談寬頻趨勢。我認為你們至少在過去18個月裡一直在推行線路擴展戰略，而且這一戰略還會繼續下去。那麼，隨著你們在市場上增加線路，寬頻新增用戶數量是否也開始成長呢？如果真是這樣，能否透露一下停用用戶未來的去向？我記得你們一直認為光纖才是更大的競爭威脅。那麼，這是否有助於我們理解新增使用者數量和淨新增使用者數量之間的差異呢？

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.

另外，關於Peacock平台，您提到如何在一些大型體育賽事間隙留住訂閱用戶，而且Peacock上也有很多精彩的電影內容。我想知道您對原創內容和原創內容投入的容忍度如何，以及我們如何看待Peacock上的原創內容，例如，是否考慮過長期的收支平衡目標。

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，我是戴夫。我先從佔地面積說起，然後再談談競爭對手的看法。就整體佔地面積擴張而言，我們每季新增的通道絕大多數都是在現有範圍內進行的擴建。其餘的成長主要來自我們向鄰近區域的自然擴張。此外，還有一些政府補貼的建設項目，雖然佔比很小，但也不斷成長。所以，我們其實是從這三個不同的面向來考慮的。

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.

所以現在還處於早期階段，但我們非常注重紀律。我們會逐一評估每個網路建設專案的風險調整後效益。通常情況下，儘管邊緣化專案會隨著業務成長而增加，但它們通常位於我們目前服務的地理市場之間，有時甚至位於這些市場之間。因此，展望未來，我們預期這些邊緣化計畫將繼續為我們未來的總通過量做出貢獻。至於您提到的具體數字，我們不予透露。

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，這些領先專案的市場滲透率將達到非常高的水平。所以，專案啟動速度很快，我們對收益也很滿意。這是一個非常嚴謹的過程。我們關注的是收益。然後，當我們談到競爭和市場環境時，讓我先回顧一下，總的來說，這是一個競爭非常激烈的環境，而且過去幾年一直如此。

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 laid it out, that our long-term game plan is to focus on a better network, ubiquitous network, better products.

所以情況有所改善。現在，有三家固定無線網路競爭對手幾乎同時進入市場，再加上光纖網絡，我們大約一半的覆蓋區域都面臨著某種形式的光纖競爭，競爭環境非常激烈。但我們已經做出了調整。我們與光纖競爭對手抗衡已經超過15年了。我們一直在調整策略。我認為，我們在正面交鋒中做得非常好——正如布萊恩所闡述的，我們的長期策略是專注於建立更好的網路、覆蓋範圍更廣的網路以及更好的產品。

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.

與其盲目追求銷量，不如用更優質的產品組合來支撐它。我們曾經與光纖網路競爭，他們一度大幅下沉市場，變得理性起來。我們經歷過不同的市場週期。所以我認為我們已經做出了調整，並證明我們在這個領域完全可以獨當一面。我們現在看到的是，市場低端市場的競爭更加激烈。

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.

這就是我們進行市場區隔的原因。這就是我們採取這些措施的原因，但我們始終沒有忘記，我們將擁有比市場上任何其他公司更好的產品。更好的網絡，以及與之配套的更先進的設備，最終——隨著我們實現多千兆對稱網路——這將至關重要。我們的目標是讓每個應用程式都能無所不在地運作。所以，競爭環境非常激烈，但我認為我們有獨特的差異化優勢。

And so on Peacock. I mean we're very pleased as we -- 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.

Peacock的情況也是如此。正如我和Jason之前所說，我們非常滿意，上個季度末我們的訂閱用戶達到了3350萬，而這距離我們成立已經過去了三年半。現在，我們真正看到了這種將娛樂和體育結合的服務模式正在發揮成效。

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.

正如我們一開始所說，這很大程度上反映了我們自身的優勢——就像一面鏡子，映照出NBC環球本身的優勢。特別是本季度，開局的季後賽外卡賽帶來了遠超預期的大量新用戶。用戶留存率也高於預期。這顯然非常棒，體育賽事擁有強大的凝聚力，能夠將觀眾聚集在一起，並讓他們保持忠誠，這都得益於我們在體育領域的實力。

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.

但仔細回想接下來的幾週，你會發現我們所有非體育類節目的收視率都創下了歷史新高。事實上，本季我們推出了迄今為止最成功的原創劇集《泰迪熊》，取得了我們所有原創劇集中最輝煌的成績。此外，我們在Peacock平台上的真人秀《叛徒2》也在今年早些時候躋身尼爾森串流收視率前十名。

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's sports, it's originals, it's 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投資組合中的這兩個部分——也就是各個組成部分——彼此之間配合得很好。顯然，我們電影工作室的實力也不容小覷，我們之前和奧本海默以及《Holdovers》討論過，而且未來幾個季度還將推出《功夫熊貓4》。這無疑是我們投資組合的另一個強大助力。因此，我認為大家可以期待我們在體育賽事、原創內容、NBC隔天播出內容、片庫以及付費電影方面採取非常全面的策略。所有這些內容都將融入我們認為最具性價比的串流媒體服務中，並最終在串流媒體市場中佔據獨特的地位。

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.

回顧年初，我們將繼續努力維持訂閱用戶數量的成長。第二季的內容更新頻率會稍微降低。但展望年中，我們將迎來奧運。緊隨其後的是NFL、十大聯盟的回歸，以及我們在巴西聖保羅舉辦的獨家NFL比賽。此外，還有一系列精彩的電影上映：《特技替身》、《龍捲風》、《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，我們對正在做的事情和正在做的進展感到非常滿意，這與我們之前對Peacock的描述非常一致：充分利用NBC環球的優勢，並將我們現有的優勢和資產帶入數位化未來。這是我們六大成長驅動力之一，很高興有機會就此發表一些看法。

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

謝謝，史蒂夫。接線員，我們還有最後一個問題。

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

今天最後一個問題來自新街的喬納森·查普林。

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 adds 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?

給Dave和Jason各一個問題。 Dave，先拋開寬頻市場日益激烈的競爭不談，我想聽聽你對整體市場趨勢的看法。我們統計了本季的新增用戶，發現目前的情況大約只有往年第一季產業平均值的一半。所有公司的新增用戶都在下降。我想知道你認為造成這種情況的原因是什麼？

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，Jason，關於細分市場策略。去年你們針對低端市場推出了一些產品，但後來因為擔心蠶食市場而被撤回了。我想知道你們是如何調整 NOW 的策略，以避免這種蠶食效應的。

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。首先，我想從整體上談談寬頻市場，包括整個市場狀況和一些觀點。寬頻市場整體仍在成長，雖然成長可能比去年和前年有所放緩，但2024年及以後仍將保持相當可觀的淨新增用戶量。不過，除此之外，我認為你們也明白我的意思。我們之前討論過的所有問題，我們認為正確的看待方式是：我們既要保持自身優勢，又要負責任地發展合作關係，同時還要關注市場的發展方向以及寬頻的實際應用方式。

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 [500] (corrected by company after the call) 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.

正如我們之前討論過的，寬頻產品本身的實用性只會不斷提升。因此，從整個產業的健康狀況來看，不僅要關注用戶關係，還要關注整體使用量和流量消耗。就我們而言，用戶使用量實現了兩位數的成長。僅使用寬頻的用戶每月數據使用量超過 700 GB。超過 70% 的用戶使用 500 Mbps 或更高的網速（該公司在電話會議後進行了更正），近三分之一的用戶使用 1 Gbps 的網速。從長遠來看，這些都是非常積極的趨勢，也讓我們對未來的投資充滿信心，正如 Brian 所說，我們將繼續投資於更優質的網路和更好的客戶體驗。

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.

所以，從整體來看，正如我們之前討論的，競爭非常激烈。還有一點要考慮，在某些情況下，尤其是在特定細分市場，有些人可能會重新回歸純行動網絡，這種情況確實會發生。因此，影響因素有很多。但總的來說，就寬頻這一品類及其成長潛力而言，我對寬頻市場相當樂觀。

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，我先來說說市場細分，戴夫可能也想補充幾句。關於NOW，我認為它有趣且令人興奮的地方在於，它是一種專門的側翼品牌策略。過去我們也推出預付費產品，但只是把它們零散地融入我們現有的產品組合中。而NOW則是更專注、更具品牌特色的策略。

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.

順便一提，Sky 在英國市場的品牌推廣效果非常好。事實上，品牌名稱就是由此而來。所以我們預計這次推廣活動會有一定的迴響。我想指出的是——如果你看看我們的目標客戶群，我們會發現我們提供 100 兆的套餐，售價 30 美元。這個價格包含稅金和設備。我們還有 200 兆的套餐，售價 45 美元，同樣包含所有費用，與固定無線網路相比非常有競爭力，對吧？固定無線網路的價格在這個範圍內，可能略高一些，但不如我們的套餐可靠且覆蓋範圍廣。

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，我補充一下，喬納森。不過話說回來，我們做預付費寬頻已經好幾年了。只是我們需要更新一下，讓它更有競爭力。預付費行動業務是新的，NOW TV 也相對較新。但我們採取的是細分市場策略。仔細想想──一切都取決於價格，其實很簡單。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，沒有信用審查，客戶可以隨時在線註冊、暫停或取消。這是一款非常簡單易用的產品，但功能相對精簡，因為我們將重點放在功能齊全的高階產品上。我們將繼續這樣做。但這款產品讓我們擁有了一個品牌，一套產品組合，使我們能夠清楚地定義細分市場，並進行有效的管理。

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

謝謝喬納森，我們也要感謝今天早上所有參加電話會議的人。

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。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。