康卡斯特 (CMCSA) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's second quarter earnings conference call. Please note this conference call is being recorded.

女士們、先生們，早安，歡迎參加康卡斯特第二季財報電話會議。請注意，本次電話會議正在錄音。

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

現在我將把電話轉交給投資者關係執行副總裁馬西·瑞維克女士。請繼續，瑞維克女士。

Thank you, operator, and welcome, everyone.

謝謝接線員，歡迎各位。

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, which contains our Safe Harbor disclaimer. 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.

今天參加電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 Dave Watson。現在請各位參閱本次電話會議簡報的第 2 頁投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性因素的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參閱我們今天早上發布的 8-K 表格和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的調整。

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

這樣，我就把電話交給麥克了。

Thank you, Marci, and good morning, everyone.

謝謝你，瑪西，大家早安。

Before I hand it over to Jason, I'd like to comment on three key elements from the quarter. One, broadband; two, parks; and three, the NBA. So first is broadband, where the competitive intensity that we've seen for the past several quarters, and which is particularly felt in the market for price-conscious consumers, remains essentially unchanged. But throughout this period, our broadband strategy has been consistent and we remain confident in our plan. We are focused on generating healthy broadband revenue growth by striking the right balance between rate and volume and relying heavily on market segmentation that I will speak to in a minute.

在將發言權交給傑森之前，我想就本季的三個關鍵要素發表一下看法。第一，寬頻；第二，公園；第三，NBA。首先是寬頻市場，過去幾季以來我們所看到的競爭強度，尤其是在價格敏感型消費者市場中，基本上保持不變。但在此期間，我們的寬頻策略始終保持一致，我們對我們的計劃仍然充滿信心。我們致力於透過在費率和數量之間取得適當平衡，並大力依靠市場區隔（我稍後會談到這一點），來實現健康的寬頻收入成長。

As a result, in the second quarter, ARPU grew 3.6%, which was within our historical range of 3% to 4%. Despite the competitiveness of the recent past, we've maintained a market leading base of 32 million broadband customers by refining our go-to market approach to create options that fit each of our customers' lifestyles and budgets. Providing the best products with flexibility and choice at different value points has served us extremely well for many years and remains the core of our playbook. Of particular note, this quarter, we launched our suite of NOW products which are high-quality Internet, mobile, and streaming TV offerings designed to be incredibly simple with attractive all-in pricing with no contracts or credit checks.

因此，第二季度 ARPU 成長了 3.6%，這在我們 3% 到 4% 的歷史範圍內。儘管近來競爭激烈，但我們透過不斷改進市場策略，創造出適合每位客戶生活方式和預算的選擇，從而維持了3,200萬寬頻客戶的市場領先地位。多年來，在不同的價值點上提供靈活多樣的最佳產品一直對我們非常有效，並且仍然是我們策略的核心。尤其值得一提的是，本季我們推出了 NOW 系列產品，這些產品是高品質的網路、行動和串流電視服務，設計極其簡單，價格極具吸引力，而且無需合約或信用檢查。

These are great options for the price-conscious segment and especially for those impacted by the end of the government's ACP program. While we are pleased with our enhancement to our offerings for the price-conscious segment, the reality is that the vast majority of our customer base subscribes to more premium products, where we feel great about our market position relative to fiber which is our true, long-term competitor. We are investing in additional network capacity, multi-gig speeds, and in-home Wi-Fi technology to capitalize on the Internet consumption trends we are seeing.

對於注重價格的消費者來說，這些都是很好的選擇，尤其適合受到政府ACP計畫終止影響的人。雖然我們對提升面向價格敏感型客戶的產品感到滿意，但現實情況是，我們絕大多數客戶都訂閱了更高端的產品，我們對自身相對於光纖的市場地位感到非常滿意，光纖是我們真正的長期競爭對手。我們正在投資增加網路容量、提高多千兆速度，並推廣家庭 Wi-Fi 技術，以充分利用我們目前看到的網路消費趨勢。

One of the most important metrics we monitor is the magnitude of data traffic flowing across our network. And again, we saw double-digit year-over-year growth this quarter with broadband-only households consuming over 700 gigabytes of data each month. And our customers continued to take faster speeds with around 70% of our residential subscribers receiving speeds of 500 megabits per second or higher and one-third getting a gigabit or more.

我們監控的最重要指標之一是流經我們網路的資料流量規模。本季度，僅使用寬頻的家庭每月消耗超過 700 GB 的數據，比去年同期成長兩位數。我們的客戶繼續享受更快的網速，約 70% 的住宅用戶獲得了每秒 500 兆比特或更高的網速，三分之一的用戶獲得了每秒 1 千兆比特或更高的網速。

These positive consumer trends play to our strength and will only accelerate with the shift of live sports to streaming, which together with entertainment on streaming accounts for nearly 70% of our network traffic today.

這些正面的消費趨勢符合我們的優勢，隨著體育賽事直播向串流媒體的轉移，這種趨勢只會加速發展。目前，體育賽事直播和串流娛樂節目占我們網路流量的近 70%。

My final thought on broadband is the importance of bundling with mobile with 90% of Xfinity mobile smartphone traffic traveling over our Wi-Fi network. These two products work seamlessly together to benefit our customers from both the products experience and financial value standpoint. We are very pleased with the momentum we saw in wireless this quarter where our line additions were again above 300,000 and nicely up year over year. Our new converged offers resulted in better overall yield and awareness as well as higher multi-line attach rates, and we are excited for some of the new mobile offers tied to the Olympics, which will be introduced to the market in just a few days.

關於寬頻，我最後想說的是，將寬頻與行動網路捆綁銷售非常重要，因為 Xfinity 行動智慧型手機流量的 90% 都是透過我們的 Wi-Fi 網路傳輸的。這兩款產品完美配合，從產品體驗和經濟價值兩方面都為我們的客戶帶來益處。我們對本季無線業務的發展動能非常滿意，新增線路數量再次超過 30 萬條，且較去年同期成長顯著。我們新推出的融合產品帶來了更好的整體收益和知名度，以及更高的多線附加率，我們對一些與奧運相關的新行動產品感到興奮，這些產品將在幾天後推向市場。

Now let's turn to parks, where our results were down in both revenue and EBITDA when compared to last year's record performance with two-thirds of the decline driven by lower attendance at our domestic parks. We attribute this to a number of factors. First is what now appears to be a COVID recovery pull forward of a magnitude we hadn't previously appreciated. I think it's important to zoom out and look at how this business has trended over the past few years.

現在讓我們來看看公園業務，與去年創紀錄的業績相比，我們的收入和 EBITDA 均有所下降，其中三分之二的下降是由於國內公園的遊客數量減少所致。我們認為這是由多種因素造成的。首先，目前看來，新冠疫情後的復甦步伐比我們之前預想的要快得多。我認為有必要跳脫局部視角，看看這個產業在過去幾年的發展趨勢。

Going back to 2022 and 2023, parks were clearly the early beneficiaries of substantial rebounds in tourism and travel after the pandemic, resulting in a surge in demand that contributed to us reaching record results for both of those years. More recently, other travel options, including cruises and international tourism given the strength of the dollar, have experienced their own surge in demand, which cause visitation rates at our parks to normalize.

回顧 2022 年和 2023 年，公園顯然是疫情後旅遊業大幅反彈的早期受益者，由此導致的需求激增，使我們這兩年都取得了創紀錄的業績。最近，由於美元走強，包括郵輪和國際旅遊在內的其他旅遊選擇也經歷了需求激增，這使得我們公園的遊客數量恢復了正常水平。

The second factor affecting attendance at our domestic parks is the timing of our investments in new attractions, where we are light in Florida in advance of next year's opening of Epic, and our lapping of Super Nintendo World in Hollywood is creating some headwinds for us as well. While the parks results are below our original expectations for the year, we still view parks as a terrific long-term growth business for us. We couldn't be more excited about the opening of Epic Universe in 2025 as we've been releasing new details about Epic's five immersive worlds, the consumer reaction has been tremendous. And recently, we opened an Epic Universe preview center in Orlando and the foot traffic and guest enthusiasm have been off the charts. So we look forward to Epic Universe having a meaningful impact by driving incremental attendance, longer visits, and higher per cap spending once the park opens in 2025.

影響我們國內主題樂園客流量的第二個因素是我們對新景點的投資時機。在佛羅裡達州，由於明年 Epic 主題樂園即將開放，我們的投資力度不足；此外，我們在好萊塢的 Super Nintendo World 主題樂園的領先地位也給我們帶來了一些不利影響。雖然公園業務的業績低於我們今年的預期，但我們仍然認為公園業務對我們來說是一個絕佳的長期成長業務。我們對 Epic Universe 將於 2025 年開放感到無比興奮，隨著我們陸續發布有關 Epic 五個沉浸式世界的新細節，消費者的反應非常熱烈。最近，我們在奧蘭多開設了 Epic Universe 預覽中心，客流量和遊客熱情都非常高。因此，我們期待 Epic Universe 在 2025 年開業後，能夠透過增加遊客數量、延長遊客遊覽時間和提高人均消費額，產生有意義的影響。

Finally, let me talk about the NBA. Our expectation is that soon an 11-year rights deal between ourselves and the NBA will be announced. We don't believe that the resolution of matching rights will affect the package that we expect to be awarded. This package, which begins with the 2025-2026 season, includes, 100 NBA games each regular season across NBC and Peacock, which is more than any other media partner and more regular season games than each existing partner has under the current rights deal.

最後，我想談談NBA。我們預計不久後我們將與NBA宣布一項為期11年的版權協議。我們認為，配售權的解決不會影響我們預期獲得的配售方案。該轉播套餐從 2025-2026 賽季開始，包括 NBC 和 Peacock 每個常規賽季轉播 100 場 NBA 比賽，比任何其他媒體合作夥伴都多，也比每個現有合作夥伴在當前版權協議下所擁有的常規賽場次更多。

For playoffs, we will have first and second round games each year exclusively on our national platforms and six NBA conference final series over the course of the term of the deal, which is more playoff games on average each year than any other media partner. And exclusively for Peacock, will be approximately 50 national regular season and postseason games, including national Monday night games and doubleheaders.

對於季後賽，我們每年都會在我們的全國平台上獨家播出第一輪和第二輪比賽，並在協議有效期內播出六場NBA分區決賽系列賽，平均每年播出的季後賽比賽比任何其他媒體合作夥伴都多。Peacock 將獨家播出約 50 場全國常規賽和季後賽比賽，包括週一晚間的全國比賽和雙賽。

Additional elements of the NBA package include the annual NBA All-Star game and All-Star Saturday night each season. The season opening NBA tip-off doubleheader each season, a special double-header on the MLK holiday and select NBA games and every NBA All-Star game on Telemundo. Beyond the NBA itself, we're excited that our package includes WNBA where starting in the spring of 2026 we'll have more than 50 WNBA regular season and first round playoff games each season across Peacock, NBC, and USA. And we'll also have games and seven WNBA conference semifinals and three WNBA final series.

NBA套餐的其他組成部分包括每年一度的NBA全明星賽和每個賽季的全明星週六之夜。每季的NBA揭幕戰雙賽、馬丁路德金恩紀念日的特別雙賽以及Telemundo電視台播出的部分NBA比賽和每場NBA全明星賽。除了 NBA 本身之外，我們很高興我們的套餐還包括 WNBA，從 2026 年春季開始，我們將在 Peacock、NBC 和 USA 上每個賽季播出超過 50 場 WNBA 常規賽和季後賽首輪比賽。我們還將進行比賽，包括七場 WNBA 分區半決賽和三場 WNBA 總決賽。

For USA basketball, we'll have the rights to USA men's and women's games leading up to the Olympics and FIBA World Cup. Sky Sports will air all of NBCUniversal's NBA and WNBA games in its markets. And finally, Xfinity will be the NBA and WNBA's marketing partner in the video category.

對於美國籃球，我們將擁有美國男籃和女籃在奧運和國際籃總世界盃之前的所有比賽的轉播權。天空體育將在其市場播出NBC環球的所有NBA和WNBA比賽。最後，Xfinity 將成為 NBA 和 WNBA 在影片領域的行銷合作夥伴。

Now I'd like to take a moment to explain why we're so excited to partner with the NBA. First, it brings in a broad, diverse, and youthful audience that is culturally relevant and further expands NBCUniversal's tremendous reach across broadcast and streaming. This new fan base will also allow us to create new entertainment content that will work beyond the basketball season with exciting opportunities for companion programming and marketing collaborations that tap into the NBA’s pop culture appeal.

現在我想花點時間解釋一下為什麼我們如此興奮能與NBA合作。首先，它吸引了廣泛、多元且年輕的觀眾群體，具有文化相關性，並進一步擴大了 NBCUniversal 在廣播和串流媒體領域的巨大影響力。新的粉絲群也將使我們能夠創造新的娛樂內容，這些內容將在籃球賽季結束後繼續發揮作用，並為配套節目和行銷合作提供令人興奮的機會，從而利用 NBA 的流行文化吸引力。

Second, the nine-month basketball season completes our year-round calendar for sports, which already includes the NFL, Olympics, Premier League, NASCAR, PGA Tour, Big Ten, and World Cup. And our NBA package will establish must watch Sunday, Monday, and Tuesday night traditions on NBC and Peacock.

其次，長達九個月的籃球賽季完善了我們全年的體育賽事日程，此前我們已經安排了 NFL、奧運、英超聯賽、NASCAR、PGA 巡迴賽、十大聯盟和世界盃。我們的NBA賽事套餐將在NBC和Peacock平台上打造週日、週一和週二晚間不容錯過的傳統。

Third, we are uniquely able to drive strong value with the NBA in multiple ways. First, by growing ad sales by selling NBA ad inventory package with the rest of our marquee programming. Second, by acquiring and monetizing subscribers, both on linear and Peacock. And third, by optimizing NBCUniversal programming investment across sports, entertainment, and news. The NBA's decision to partner with us is a testament to our breadth and reach, our operational excellence in sports and innovation and our decades of experience delivering world-class content to consumers. Much like our long-standing relationships with the NFL and the Olympics, we look forward to putting the weight of our entire company behind our partnership with the NBA for decades to come.

第三，我們擁有獨特的優勢，能夠以多種方式為 NBA 創造巨大價值。首先，透過將 NBA 廣告資源包與我們其他重點節目一起銷售，來增加廣告銷售額。其次，透過獲取用戶並從中獲利，包括傳統電視和Peacock平台。第三，透過優化 NBCUniversal 在體育、娛樂和新聞領域的節目投資。NBA 決定與我們合作，證明了我們的廣度和影響力、我們在體育和創新方面的卓越營運能力，以及我們數十年來為消費者提供世界一流內容的經驗。就像我們與 NFL 和奧運的長期合作關係一樣，我們期待在未來幾十年裡，全力支持我們與 NBA 的合作。

Before I hand it over to Jason, I want to share one final thought. In just a few short days, we have the honor of kicking off the 2024 Olympic Games in Paris. This will be NBCUniversal's 18th Olympic Games as a US broadcaster dating back to 1936 when we first covered the historic event on NBC radio. It is one of the great moments of pride for our company. And I wanted to thank the 3,000 people working to bring all of the action, excitement and incredible stories to our viewers across the country.

在把稿子交給傑森之前，我想分享最後一點想法。再過幾天，我們將榮幸地在巴黎拉開2024年奧運的序幕。這將是 NBCUniversal 作為美國廣播公司轉播的第 18 屆奧運會，其歷史可以追溯到 1936 年，當時我們首次在 NBC 廣播電台報道了這一歷史性賽事。這是我們公司引以為傲的時刻之一。我還要感謝 3000 名工作人員，是他們為全國各地的觀眾帶來了精彩刺激的節目和令人難以置信的故事。

Jason, over to you.

傑森，該你了。

Thanks, Mike, and good morning, everybody.

謝謝你，麥克，大家早安。

I'll start with our consolidated results on slide 3. Total revenue decreased 2.7% to $29.7 billion. Within these results, our six major growth drivers, including residential broadband, wireless, business services connectivity, theme parks, streaming, and premium content at our studios generated over $16 billion in revenue - well over half of our total company revenue - and grew at a mid-single digit rate over the past 12 months.

我將首先從投影片 3 中的綜合結果開始。總收入下降2.7%，至297億美元。在這些業績中，我們的六大成長驅動因素，包括住宅寬頻、無線網路、商業服務連接、主題樂園、串流媒體和我們工作室的優質內容，創造了超過 160 億美元的收入——遠遠超過我們公司總收入的一半——並且在過去 12 個月中以中等個位數的速度增長。

Keep in mind that in the second quarter of last year, we had one of our most successful quarterly theatrical results in our history, which included two of 2023's top five grossing films at the worldwide box office, The Super Mario Bros. Movie and Fast X and as such, created a difficult comparison this quarter. If we exclude our studio results, total revenue would have been consistent with the prior year.

請記住，去年第二季度，我們取得了公司歷史上最成功的季度影院票房成績之一，其中包括 2023 年全球票房收入最高的五部電影中的兩部，《超級瑪利歐兄弟》。電影和《玩命關頭》系列電影因此在本季造成了難以比較的情況。如果排除工作室的業績，總收入將與前一年持平。

Total EBITDA was consistent at $10.2 billion and free cash flow was $1.3 billion. Free cash flow was impacted this quarter by higher than usual cash taxes, which were up $2 billion over last year's level and were impacted by a tax payment associated with our Hulu stake and other tax-related matters. As you'll recall, we received a minimum floor payment for Hulu at the end of last year.

總 EBITDA 穩定在 102 億美元，自由現金流為 13 億美元。本季自由現金流受到高於往常的現金稅的影響，比去年同期增加了 20 億美元，這主要是由於與我們持有的 Hulu 股份相關的稅款支付以及其他稅務相關事項造成的。您應該還記得，我們​​在去年年底收到了 Hulu 的最低付款。

During the second quarter, we returned $3.4 billion of capital to shareholders, including $2.2 billion in share repurchases and over the last 12 months, we have reduced our share count by over 6%, contributing to our adjusted EPS growth of 7%.

第二季度，我們向股東返還了 34 億美元的資本，其中包括 22 億美元的股票回購；在過去的 12 個月中，我們的股票數量減少了 6% 以上，這促成了我們調整後每股收益增長 7%。

Now let's go through our business results starting on slide 4 with Connectivity & Platforms. As usual, I will refer to our year-over-year growth on a constant currency basis. Revenue for total Connectivity & Platforms was consistent at $20.2 billion, as strong growth in our connectivity businesses was offset by declines in video and voice revenue. Residential connectivity revenue grew 6%, comprised of 3% growth in domestic broadband, 17% growth in domestic wireless, and 14% growth in international connectivity. Business Services Connectivity revenue also grew 6%.

現在讓我們從第 4 張投影片開始，逐一了解我們的業務成果，首先是「連結與平台」。照例，我將以固定匯率計算我們的年成長率。連接與平台業務總收入保持穩定在 202 億美元，連接業務的強勁成長被視訊和語音收入的下降所抵消。住宅連接收入成長了 6%，其中國內寬頻成長了 3%，國內無線成長了 17%，國際連線成長了 14%。商業服務連結收入也成長了 6%。

In domestic broadband, our revenue growth was again driven by strong ARPU growth, which increased 3.6% this quarter well within our historical range as our team continues to effectively balance rate and volume through customer segmentation. The environment for broadband subscribers remains intensely competitive, which when combined with traditional negative seasonality in the second quarter led to 120,000 subscriber losses.

在國內寬頻業務方面，我們的營收成長再次得益於強勁的 ARPU 成長，本季 ARPU 成長了 3.6%，完全在我們歷史範圍內，因為我們的團隊繼續透過客戶細分有效地平衡價格和流量。寬頻用戶市場競爭仍異常激烈，再加上第二季傳統的季節性不利因素，導致用戶流失 12 萬。

Related to this, I would like to spend a minute on ACP. It has been well documented that the government ended all funding for the ACP program in June. Consistent with our approach to normal promotional roll-offs, we were proactive and prepared for this action early in the quarter, communicating with our ACP customer base and migrating many of these customers to different products and price levels. While this had a bit of an impact on ARPU in the quarter, we still feel very comfortable that we will remain well within our historical 3% to 4% ARPU growth range for the remainder of the year.

與此相關，我想花一分鐘時間談談ACP。政府已於 6 月終止了對 ACP 計畫的所有資助，這一點已得到充分證實。與我們對正常促銷活動下架的做法一致，我們在本季度初就積極主動地為此行動做好了準備，與我們的 ACP 客戶群進行了溝通，並將其中許多客戶轉移到了不同​​的產品和價格級別。雖然這在本季度對 ARPU 產生了一些影響，但我們仍然非常有信心，在今年剩餘的時間裡，我們將保持在 3% 至 4% 的歷史 ARPU 成長範圍內。

In terms of subscribers, we saw minimal impact from the end of ACP this quarter. Looking ahead, we expect the bulk of our ACP-related subscriber activity to happen in the third quarter, including losses associated with non-pay churn. While it's too early to assess the full impact, we are encouraged with the response we see from these customers to date. Outside of ACP, we are seeing the same level of competitive intensity and expect an offset from seasonal tailwinds as the third quarter is typically a seasonally stronger quarter compared to the second.

就訂閱用戶而言，本季 ACP 的結束對用戶數量的影響微乎其微。展望未來，我們預期與 ACP 相關的用戶活動大部分將發生在第三季度，包括與非付費用戶流失相關的損失。雖然現在評估全部影響還為時過早，但我們對迄今為止從這些客戶那裡得到的回饋感到鼓舞。除了 ACP 之外，我們看到了相同的競爭強度，預計第三季（通常是比第二季更強勁的季度）的季節性利好因素會抵消這種競爭。

Turning to domestic wireless, revenue growth was mainly driven by service revenue with some modest growth in equipment revenue this quarter as well. Customer lines increased 20% year over year, reaching 7.2 million in total, including 322,000 line additions this quarter. The acceleration in line additions compared to the prior several quarters was driven by some early success with new pricing plans launched in April, targeted multi-line customers as well as continued traction with our buy-one-get-one line offer, and you will see us continue to test new ways to capitalize on the significant opportunities we see ahead for us in wireless in terms of both increasing the penetration of our domestic residential broadband customer base, which currently sits at 12% as well as selling additional lines per account.

國內無線業務方面，本季營收成長主要由服務收入推動，設備收入也略有成長。客戶線路年增 20%，總計達到 720 萬條，其中本季新增 32.2 萬條。與前幾季相比，新增線路數量的加速成長得益於4月份推出的新定價方案取得的初步成功、針對多線路客戶的精準行銷以及「買一送一」優惠活動的持續成功。我們將繼續測試新的方法，以掌握無線領域未來的巨大機遇，包括提高目前佔12%的國內住宅寬頻客戶滲透率，以及增加每個帳戶的線路數量。

Wireless continues to be a key growth area for us and one in which we are striking the right balance in delivering exceptional value to our customers, bundling to enhance our opportunities in broadband, and continuing to drive profitability higher.

無線業務仍然是我們重要的成長領域，我們在這個領域取得了適當的平衡，既為客戶提供卓越的價值，又透過捆綁銷售來增強我們在寬頻方面的機會，並不斷提高盈利能力。

International connectivity revenue was mainly driven by broadband which accounts for over two-thirds of our international revenue and grew at a mid-teens rate, reflecting strong ARPU growth. The remainder is wireless, which grew due to both additional lines and ARPU growth, but at a lower rate due to the variability in handset sales. Business Services Connectivity revenue growth of 6% reflects steady growth in small business with even faster growth in mid-market and enterprise.

國際連接收入主要由寬頻業務驅動，寬頻業務占我們國際收入的三分之二以上，並以兩位數以上的速度成長，反映出 ARPU 的強勁成長。其餘部分為無線業務，其成長得益於新增線路和每位用戶平均收入的成長，但由於手機銷售的波動性，成長速度較慢。商業服務連接收入成長 6%，反映出小型企業的穩定成長，而中型市場和大型企業的成長速度更快。

While the SMB market remains competitive, we are competing aggressively by delivering best-in-class products and services and growing revenue through ARPU growth, driven by higher adoption of additional products that expand our relationship with our SMB customers like mobile, Security Edge, Connection Pro, and Wi-Fi Pro as well as through targeted rate opportunities. At the mid-market and enterprise level, our revenue growth is primarily fueled by the increase in our customers, driven by the investments we have made in this space to build sales and fulfillment as well as expanding our capabilities in managed services, wide area networking, and cybersecurity.

儘管中小企業市場競爭仍然激烈，但我們正積極參與競爭，提供一流的產品和服務，並透過提高每用戶平均收入 (ARPU) 來增加收入，這得益於更多產品的採用，這些產品拓展了我們與中小企業客戶的關係，例如行動產品、安全邊緣產品、連接專業版產品和 Wi-Fi 專業版產品，以及有有針對性的費率機會。在中端市場和企業層面，我們的收入成長主要得益於客戶數量的增加，而客戶數量的增加則得益於我們在該領域進行的投資，以建立銷售和履行機制，以及擴展我們在託管服務、廣域網路和網路安全方面的能力。

Finally, video and other revenue declined in the quarter. The high-single digit decline in our video revenue is a function of continued customer losses, coupled with slower domestic ARPU growth versus last year. And the lower other revenue mainly reflects the continued customer losses in wireline voice.

最後，本季影片和其他收入均有所下降。我們的影片收入出現高個位數的下降，是由於客戶持續流失，以及國內每用戶平均收入成長速度較去年放緩所致。其他收入下降主要反映了固話業務持續流失客戶。

Connectivity & Platforms total EBITDA increased 1.6% with margin up 90 basis points, reflecting a decline in overall expenses, driven by the continued mix shift to our higher margin connectivity businesses, coupled with ongoing expense management. As I have previously mentioned in prior quarters and think is worth noting here is that the only expense line item that had a meaningful increase over the last year was direct product costs which are success based and tied to growth in our connectivity businesses.

連結與平台業務總 EBITDA 成長 1.6%，利潤率提高 90 個基點，反映出整體支出下降，這主要得益於我們持續向利潤率更高的連結業務轉型，以及持續的費用管理。正如我之前幾個季度提到的，而且我認為值得在此指出的是，過去一年中唯一出現顯著增長的支出項目是直接產品成本，這些成本與成功掛鉤，並與我們連接業務的增長息息相關。

Breaking out our Connectivity & Platform's EBITDA results further, residential EBITDA increased 1.1% with margins improving 100 basis points to 39.9%. And Business Services EBITDA growth rebounded nicely this quarter returning to a mid-single digit rate, while margin declined 70 basis points to 57%, reflecting the investments in sales and fulfillment we are making to scale in the mid-market and enterprise space.

進一步細分我們的連結與平台業務的 EBITDA 業績，住宅業務的 EBITDA 成長了 1.1%，利潤率提高了 100 個基點，達到 39.9%。本季業務服務 EBITDA 成長強勁反彈，恢復到個位數中段水平，而利潤率下降 70 個基點至 57%，這反映了我們為擴大在中端市場和企業領域的規模而對銷售和履行進行的投資。

Now let's turn to Content & Experiences on slide 5. Revenue decreased 7.5% to $10.1 billion and EBITDA decreased 11% to $1.9 billion. I'll detail these results further, starting with theme parks.

現在讓我們來看看第 5 張投影片的內容與體驗。營收下降 7.5% 至 101 億美元，EBITDA 下降 11% 至 19 億美元。我將進一步詳細介紹這些結果，首先從主題樂園開始。

Revenue decreased 11% and EBITDA declined 24% in the quarter compared to last year's record level for a second quarter. As Mike highlighted, two-thirds of the decline was driven by our domestic parks due to lower attendance compared to last year, largely reflecting two factors: normalization in demand post COVID, combined with the timing of our domestic attractions.

與去年第二季創紀錄的水平相比，本季營收下降了 11%，EBITDA 下降了 24%。正如麥克所強調的那樣，三分之二的下滑是由我們的國內公園造成的，因為與去年相比，遊客人數減少，這主要反映了兩個因素：新冠疫情后需求的正常化，以及我們國內景點的開放時間。

This is the first full quarter comparison to the highly successful opening of Super Nintendo World in Hollywood early last year, which drove that park's record results in the second quarter of last year. And we haven't launched a major new attraction in Orlando since VelociCoaster in 2021 in anticipation of Epic Universe, which we originally planned to open this year.

這是與去年年初好萊塢超級任天堂世界盛大開幕以來首次進行完整的季度比較，超級任天堂世界的開幕推動了該主題公園在去年第二季度創下歷史新高的業績。自 2021 年推出 VelociCoaster 以來，我們一直沒有在奧蘭多推出新的大型景點，而 Epic Universe 原本計劃於今年開放。

On the international side, underlying growth at our park in Osaka continues, partially offset by foreign currency as well as some softness at Universal Beijing due to the local macroeconomic environment. To reiterate, we couldn't be more bullish about the long-term trajectory of parks.

在國際方面，大阪環球影城的基本成長仍在繼續，但部分被外匯波動以及北京環球影城因當地宏觀經濟環境而出現的疲軟所抵消。再次重申，我們對公園的長期發展前景無比樂觀。

In addition to Epic Universe, we have a fantastic slate of new attractions and experiences on the horizon, Donkey Kong Country in Osaka and a Fast & Furious roller coaster in Hollywood as well as Universal Horror Unleashed in Las Vegas and our Universal Kids Resort coming to Texas.

除了 Epic Universe 之外，我們還有一系列精彩的新景點和體驗即將推出，包括大阪的 Donkey Kong Country、好萊塢的 Fast & Furious 過山車、拉斯維加斯的 Universal Horror Unleashed 以及即將在德克薩斯州推出的 Universal Kids Resort。

Now let's turn to media where revenue increased 2%, and EBITDA was up 9%, driven by Peacock. Peacock revenue grew 28% with 9% growth in advertising and 61% growth in distribution, driven by the 38% year-over-year increase in our paid subscriber base to 33 million. On a sequential basis, we held subscribers fairly steady. As we noted during our last earnings call, our focus in the second quarter was on subscriber retention due to the lack of new tentpole content in the quarter. This timing in content also contributed to some relief in our expenses, which helped drive year-over-year Peacock EBITDA improvement of $300 million. We are pleased with the progress we are making with media EBITDA for the first half of the year, up nearly 3% as the improvement at Peacock outweighed the pressure at our TV networks.

現在讓我們來看看媒體業務，該業務的收入成長了 2%，EBITDA 成長了 9%，這主要得益於 Peacock 的推動。Peacock 的營收成長了 28%，其中廣告收入成長了 9%，發行收入成長了 61%，這主要得益於付費用戶數量年增 38%，達到 3,300 萬。從週期來看，我們的訂閱用戶數量保持相對穩定。正如我們在上次財報電話會議上提到的那樣，由於第二季度缺乏新的重磅內容，我們第二季度的重點是用戶留存。內容發佈的時機也減輕了我們的一些開支，從而推動 Peacock 的 EBITDA 年成長 3 億美元。我們對今年上半年媒體業務 EBITDA 的進展感到滿意，成長了近 3%，Peacock 的改善抵消了電視網絡的壓力。

As we look to the second half of the year, we expect continued modest growth in overall media EBITDA, but with some variation in the degree of year-over-year improvement between the quarters, driven by the timing of sports, entertainment launches, and marketing. Beginning in the third quarter, we are loaded with incremental content, including the Olympics, Sunday Night Football, which will have an additional game fall into the third quarter as well as Peacock’s exclusive NFL game from Brazil and the return of Big Ten. Given the timing of this content, EBITDA growth will be skewed to the fourth quarter.

展望下半年，我們預期整體媒體 EBITDA 將繼續溫和成長，但各季度年增度將有所不同，這主要受體育賽事、娛樂節目推出和行銷時間安排的影響。從第三季開始，我們將推出大量新增內容，包括奧運、週日晚間橄欖球賽（第三季還將增加一場比賽）、Peacock 獨家轉播的巴西 NFL 比賽以及十大聯盟的回歸。鑑於此內容發布的時間，EBITDA 成長將偏向第四季度。

At studios, revenue decreased 27% and EBITDA decreased 51% reflecting both the timing of our film slate and a tough comparison relative to last year's second quarter, which included the tremendously successful Super Mario Bros. Movie as well as Fast X.

電影公司方面，營收下降了 27%，EBITDA 下降了 51%，這不僅反映了我們電影檔期的安排，也反映了與去年第二季相比的艱難比較，去年第二季包括了非常成功的《超級瑪利歐兄弟》。電影以及《玩命關頭X》。

We have said our film slate is weighted to the back half of the year, which we believe will drive better year-over-year performance. And we're off to a strong start. Despicable Me 4 had a terrific opening weekend earlier this month, making the Despicable Me series of movies the first animated franchise in history to cross the $5 billion mark and Twisters is off to a strong start landing at number one at the box office this past weekend. And we're excited about our upcoming titles, including Wild Robot in September and Wicked in November.

我們曾表示，我們的電影計畫主要集中在下半年，我們相信這將推動票房年增。我們開局強勁。《神偷奶爸4》在本月初的首周末取得了巨大的成功，使《神偷奶爸》系列電影成為史上第一個票房突破50億美元的動畫系列電影；而《龍捲風》也取得了強勁的開局，在上週末的票房榜上名列第一。我們對即將推出的遊戲感到興奮，包括 9 月的《狂野機器人》和 11 月的《邪惡》。

I'll wrap up with free cash flow and capital allocation on slide 6. As I mentioned earlier, we generated $1.3 billion in free cash flow this quarter, which includes a $2 billion increase in cash taxes over last year's level. Total capital spending declined 10% compared to last year with the $3.4 billion in spending, reflecting the significant investments we continue to make to support our growth drivers, such as 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 opening in 2025.

我將在第六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，本季我們產生了 13 億美元的自由現金流，其中包括比去年同期增加的 20 億美元現金稅。與去年相比，資本支出總額下降了 10%，支出為 34 億美元，這反映了我們為支持成長動力而持續進行的大量投資，例如擴大我們的業務範圍並進一步加強我們的國內寬頻網路、擴大我們的串流媒體業務，以及支持我們的 Epic Universe 主題樂園在 2025 年開業前的持續建設。

Turning to return of capital. For the quarter, we returned a total of $3.4 billion to shareholders. This includes share repurchases of $2.2 billion and dividend payments of $1.2 billion. Notably, since we restarted our buyback program just three years ago, we have reduced our share count by 16% and returned just under $50 billion to shareholders through a combination of buybacks and dividends, prudently balancing investments we've made in the business around our six core growth drivers, protecting a strong balance sheet and providing strong capital returns to shareholders.

轉而進行資本返還。本季度，我們共向股東返還了 34 億美元。其中包括22億美元的股票回購和12億美元的股利支付。值得注意的是，自從我們三年前重啟股票回購計劃以來，我們已經減少了 16% 的股份數量，並通過股票回購和分紅相結合的方式向股東返還了近 500 億美元，審慎地平衡了我們圍繞六大核心增長驅動因素對業務進行的投資，從而保護了強勁的資產負債表，並為股東提供了強勁的資本回報。

Now let me turn it over to Brian for some closing remarks.

現在我把麥克風交給布萊恩，讓他做些總結發言。

Brian?

布萊恩？

Thanks. And just to tie everything together, what Mike and Jason have just said, and as our results continue to show, I really believe we are dealing with a competitive landscape shifts exceptionally well, and that's because we have a great team across the company that knows how to execute and innovate. We have the scale, balance sheet, and relevancy to compete with anyone.

謝謝。最後總結一下，正如麥克和傑森剛才所說，而且我們的業績也持續表明，我真的相信我們能夠非常出色地應對競爭格局的變化，這是因為我們公司擁有一支優秀的團隊，他們知道如何執行和創新。我們擁有與任何公司競爭的規模、財務狀況和市場地位。

So if you think about what we're doing to position ourselves for growth, we've expanded our broadband network by 1.2 million new homes passed in the last 12 months, the most in the company's history and we plan to continue to do that. We're upbeat about the long term in parks despite this quarter and are about to finish building the biggest, most technologically advanced theme park to hit the US market in decades with Epic Universe next year.

所以，想想我們為了實現成長所做的努力，在過去的 12 個月裡，我們透過寬頻網路新增了 120 萬戶家庭用戶，這是公司歷史上最多的，我們計劃繼續這樣做。儘管本季業績不佳，但我們對公園的長期前景依然樂觀。明年，我們將建成數十年來美國市場上規模最大、技術最先進的主題樂園——Epic Universe。

And as you've seen recently, instead of engaging in a process to buy content companies, we have focused primarily on organic opportunities like the NBA, one of the most coveted sports franchises across the globe, which will help drive growth for us well into the future.

正如您最近所看到的，我們並沒有參與收購內容公司的過程，而是主要專注於像 NBA 這樣的自然成長機會。 NBA 是全球最令人垂涎​​的運動特許經營權之一，這將有助於推動我們在未來很長一段時間內的成長。

With that, let's hand it over to Marci to take your questions.

那麼，現在讓我們把麥克風交給瑪西，讓她來回答大家的問題。

Thanks, Brian.

謝謝你，布萊恩。

Operator, we are ready to open the line for questions please.

接線員，我們現在可以開通問答線了。

(Operator instructions)

（操作說明）

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Mike, thanks for all the detail on the NBA contract. Appreciate that.

麥克，謝謝你提供的關於NBA合約的所有細節。謝謝。

I wanted to ask about parks and broadband. Maybe Jason, on broadband. You made some comments about ACP and how Dave and the team are managing. It seems like it's going well. It seemed like you were implying third-quarter losses might be down from Q2. I don't want to put words in your mouth, but you talked about an offset around seasonality. I'm just wondering if maybe you could revisit that in a little bit about how you guys are managing it from a product and marketing point of view in the third quarter and presumably that's the end we can move upon beyond 3Q we can put ACP behind us, so I wanted to ask about that.

我想諮詢一下公園和寬頻網路的情況。或許是傑森，他用的是寬頻。你對ACP以及Dave和他的團隊的管理方式發表了一些評論。看起來一切進展順利。你似乎暗示第三季的虧損可能會比第二季減少。我不想替你說話，但你剛才提到了季節性因素的影響。我只是想問，你們能否稍微再談談第三季度你們在產品和營銷方面是如何應對的，而且第三季度之後我們就可以把ACP項目拋在腦後了，所以我才想問這個問題。

And then on parks, thank you for all the color. When you guys looked at your pacing data which I imagine you got months ahead of you that you can see. Is there any -- do you see any turn or should we be thinking about year-on-year pressure on this segment moving at least through the end of the year and into next year as we get ready for Epic? Any more color on what the outlook looks like would be appreciated.

還有公園，感謝你們帶來的所有色彩。你們查看了自己的配速數據，我想你們應該提前幾個月就拿到了這些數據。您認為市場會出現任何轉機嗎？或者我們應該考慮，至少在今年年底甚至明年，隨著 Epic 的到來，這個細分市場將面臨逐年遞減的壓力？如果能提供更多關於前景的資訊就更好了。

Thanks so much.

非常感謝。

Hey, Ben, this is Dave. I'm going to jump in a little bit on the ACP part first. So on -- yeah, I think it's important to just cover a little bit of context and then we'll get to the outlook and view of Q3. Most of the enrolled ACP customers, as we said before, have been with us and they are on a postpaid basis. So I think that's an important thing to remember. And our strategy has been consistent. We've been looking to help the ACP customers stay connected through a variety of options starting with Internet Essentials. And since 2011, we've connected millions in the largest most comprehensive private sector Internet adoption program in the country.

嘿，本，我是戴夫。我先簡單談談ACP部分。所以——是的，我認為有必要先介紹一下背景，然後再展望第三季。正如我們之前所說，大多數已註冊的 ACP 客戶都是我們的老客戶，而且他們都是後付費用戶。所以我覺得記住這一點很重要。我們的策略始終如一。我們一直在尋求各種方式來幫助 ACP 客戶保持網路連接，首先從 Internet Essentials 開始。自 2011 年以來，我們透過全國最大、最全面的私部門網路普及計劃，連結了數百萬用戶。

The good news is that our ACP customers are eligible to switch to our IE -- Internet Essentials tiers that we have, and we have a couple. In addition, we have Xfinity Mobile and we have good offers through this transition to help them save money on their monthly bills. The Internet Essentials customer plus tier, customers could take a free line of Xfinity Mobile for a year and ACP customers who add Xfinity Mobile can get an additional free unlimited line for a year.

好消息是，我們的 ACP 客戶可以改用我們提供的 IE（Internet Essentials）套餐，我們有好幾種套餐可供選擇。此外，我們還有 Xfinity Mobile，並且在此過渡期間，我們會提供優惠活動，幫助他們節省每月話費。Internet Essentials 客戶升級方案的客戶可以免費獲得一年的 Xfinity Mobile 服務，而增加 Xfinity Mobile 服務的 ACP 客戶可以額外獲得一年的免費無限流量服務。

So and then we just started with NOW Internet, NOW Mobile. And so nothing material on that, but I think it puts us in a good position as we complete the transition. As Jason said, we've spent a lot of time thinking about this, been very proactive, prepared for this. And in many ways, it's similar to the promotional roll activity that we've managed for decades so we're used to that.

於是，我們就開始了NOW Internet和NOW Mobile的業務拓展。所以這方面沒有什麼實質進展，但我認為這讓我們在完成過渡的過程中處於有利地位。正如傑森所說，我們花了很多時間思考這個問題，非常積極主動，並為此做好了準備。在很多方面，它與我們幾十年來一直在進行的促銷活動類似，所以我們已經習慣了。

From a subscriber viewpoint also as Jason said, we saw a minimal impact in ACP in Q2. Looking forward, we expect a bulk of the ACP subscriber-related activity to happen in the third quarter, including losses associated with non-pay churn. Very focused on retention. It's early, but the biggest impact, we think we're going to see will be on the non-pay side and as we're just getting into the beginning of the non-pay cycles. Encouragingly, we're not seeing much voluntary churn in this group.

正如Jason所說，從訂閱用戶的角度來看，我們在第二季度看到的ACP影響微乎其微。展望未來，我們預計大部分與 ACP 用戶相關的活動將在第三季發生，包括與非付費用戶流失相關的損失。非常注重客戶留存。現在下結論還為時過早，但我們認為最大的影響將體現在非薪酬方面，因為我們現在才剛進入非薪酬週期。令人欣慰的是，我們沒有看到這個群體出現太多自願的離職現象。

So our goal -- we'd like to get through the ACP impact as quickly as possible. Right now, we're planning to take a reserve on incremental non-pay activity in the third quarter. But again, it is too early to quantify and we just won't know until we're further through the cycle. So we have had a normal disconnect process that we manage for a long period of time. And again, this is the post-pay universe that we have managed through. So that is our view. I think it will be primarily within Q3 but encouraged by at least the voluntary churn aspect.

所以我們的目標是──我們希望能盡快度過ACP的影響期。目前，我們計劃為第三季新增的非工資活動提列準備金。但是，現在量化還為時過早，只有等到週期進一步發展後才能知道結果。因此，我們已經建立了一個正常的斷開連接流程，並且已經持續了很長時間。再說一遍，這就是我們已經適應的後付費時代。這就是我們的觀點。我認為主要會在第三季度實現，但至少自願離職率上升會起到促進作用。

Jason?

傑森？

Yeah, I think Dave said it perfectly. As you think about third quarter, Ben, I think unpacking it and similar to what we saw in the second quarter, the competitive environment remains intense, but it's stable. No worse, no better than we've seen over the past couple of quarters. So I think that's the starting point.

是的，我覺得戴夫說得非常到位。本，當你回顧第三季時，我認為分析一下，會發現與第二季類似，競爭環境依然激烈，但整體穩定。情況既沒有比過去幾季更糟，也沒有更好。所以我認為這就是起點。

Second, as we pointed out, it's the quarter where we do get seasonal tailwinds. The same things that were headwinds in the second quarter, largely become tailwinds in the third quarter. And then there's ACP that works against that where we will see an impact, as Dave said, the intention is to be largely through the impact by the end of the third quarter between actions we've seen and then a reserve we will take. And so that's the thing we have to make sure we're executing very well against. But as Dave said, the early trends on that, whether it's voluntary churn or trends we've seen so far in non-pay and building non-pay and reserves around that are encouraging.

其次，正如我們所指出的，這是一個能帶來季節性順風的季度。第二季的不利因素，在第三季大多變成了有利因素。此外，ACP 也會產生影響，正如戴夫所說，我們的目標是在第三季末之前基本上消除這種影響，這得益於我們已經採取的措施以及我們將要採取的準備金。所以，這就是我們必須確保在應對這種情況時做到非常出色的一點。但正如戴夫所說，無論是自願離職還是我們目前看到的非薪酬趨勢以及圍繞非薪酬和儲備金的建立，早期趨勢都令人鼓舞。

Great. Then, Ben, it's Mike on Parks. So to hit on that again and appreciate the question. I think we've covered a lot in the earlier remarks, but I'll start where Brian last finished, which is we couldn't be more excited about and confident in the long-term trajectory of the parks business, particularly as we look ahead to next year with Epic Universe which is truly looking -- truly unbelievable and then other attractions coming Hollywood is going to get a coaster and Donkey Kong Country into Osaka in the latter part of this year timing TBD on both of those.

偉大的。然後，本，是公園裡的麥克。所以，再次強調一下，感謝你的提問。我認為我們在之前的演講中已經涵蓋了很多內容，但我將從布萊恩上次結束的地方開始說起，那就是我們對主題公園業務的長期發展軌跡感到無比興奮和充滿信心，尤其是在展望明年即將開放的“史詩宇宙”（Epic Universe）時，它看起來真的——真的令人難以置信，還有其他景點即將開放，好萊塢將新增一個大火車，而“大金剛國”（Doncong）。

But in the near term, I think the domestic attendance challenge that was -- what drove two-thirds of the poor comparison. The factors causing that, which is really the COVID pull forward that we talked about and the timing of attractions, particularly in Hollywood, lapping Super Nintendo and in Florida, the fact that we originally planned to have Epic opened this year, but with COVID pushed it back and so have a lull in the action, we haven't started the new big attraction since VelociCoasterin 2021.

但就短期而言，我認為國內上座率的挑戰——這是導致兩分之二的糟糕成績的原因。造成這種情況的原因，實際上是我們之前討論過的 COVID 疫情帶來的提前開放，以及景點開放的時間安排，尤其是在好萊塢，超級任天堂遊戲機的開放時間被推遲了；而在佛羅裡達，我們原本計劃今年開放 Epic 過山車，但由於 COVID 疫情推遲了開放時間，導致活動陷入停滯，自 2021 年 VelociCoaster 開展山地車以來的大型景點還沒有啟動。

So as a result of that, I think the factors, even though we're excited about HalloweenHorror Nights in the second half of the year and a little bit of moving past the lapping, I think that the trends that we are experiencing likely continue till we get to Epic opening up sometime next year.

因此，我認為，儘管我們對下半年的萬聖節恐怖之夜感到興奮，並且希望能夠稍微擺脫之前的停滯狀態，但我認為我們正在經歷的趨勢可能會持續到明年某個時候 Epic 開幕為止。

Thanks, Ben.

謝謝你，本。

Operator, next question, please.

接線員，請問下一個問題？

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

A little bit more on ACP, if I could. Mike, could you just give us any early insight you've got on the delinquency rate for people that are 30 days or 60 days past due just so we can get a sense of what non-pays may look like.

如果可以的話，我想再多談談ACP。麥克，你能否提前透露逾期 30 天或 60 天的欠款率，以便我們了解一下不付款的情況？

And then presumably, there was some impact. Certainly, there was in the first quarter of just lower gross adds in the category because new enrollments were shut off and somebody moving across the street, for example, would lose it at their old address, but not be able to get it at their new one. Do you have any estimate for how much ACP impact there might have been in the gross add category?

然後，想必產生了一些影響。當然，第一季該類別新增用戶數量有所下降，因為新用戶註冊被關閉了，例如，有人搬到街對面，就會失去在舊地址的服務，但無法在新地址獲得服務。能否估算一下ACP對新增用戶總數的影響程度？

And then just one -- just simple housekeeping question. You typically report cable margins on the conference call in the script. I didn't hear it. Maybe I missed it, but I'm wondering if you could tell us what cable margins were in the quarter?

然後就一個問題——一個簡單的家務問題。通常情況下，你會在電話會議的腳本中報告電纜利潤率。我沒聽到。可能是我錯過了，但我很想知道您能否告知我們本季有線電視業務的利潤率是多少？

I'll let Dave handle the ACP question, Craig, it's Mike.

關於ACP的問題，就讓戴夫來處理吧，克雷格，我是麥克。

Hey, Craig, Dave.

嘿，克雷格，戴夫。

So in terms of delinquency rates, there's nothing you're watching is just we have a normal process that we manage through based on due dates and invoices and it goes anywhere from two to three months. There's nothing at this point to report on. At this stage, we watch it closely. Other than to go back to what I said been very proactive and I think it we’re helped by experience in promotional roles and the fact that we try to put customers into packages that made sense for them proactively. So there's a lot of work that went into that ahead of time, but nothing at this stage and we'll get more as we go.

所以就逾期率而言，你看到的只是我們根據到期日和發票進行管理的正常流程，通常需要兩到三個月的時間。目前沒有什麼好報告的。現階段，我們將密切注意。除了我之前提到的積極主動之外，我認為這得益於我們在促銷職位上的經驗，以及我們主動嘗試為客戶找到合適的套餐。所以之前做了很多準備工作，但目前還沒有任何進展，我們會隨著工作的進展取得更多成果。

In terms of the question in terms of lower gross adds impacts on connects, it was not material that we saw in Q2. So maybe just a little bit in terms of things that we said, but it wasn't a substantial impact in Q2, and we think the bulk of what we're seeing is really going to be on the non-pay side, which will occur in Q3.

至於新增用戶數量減少對 Connect 的影響，我們在第二季並沒有看到實質的影響。所以，就我們所說的那些事情而言，可能只有一點點影響，但這在第二季度並沒有造成實質性的影響，我們認為我們看到的大部分影響實際上將出現在非薪酬方面，這將在第三季度發生。

Hey, Craig. Now I will hit the margin question real quick. So I would say the way we're looking at the business is really across Connectivity & Platforms. So looking at it that way and managing the business that way, but to unpack it legacy cable margin if you wanted to look at it that way, the margin was up 110 basis points in the quarter. So really strong operating improvement to 48.4%.

嘿，克雷格。現在我快速地談談利潤率的問題。所以我認為，我們看待這項業務的方式實際上是從連接性和平台兩個方面來看的。所以，從這個角度來看，從這個角度管理業務，但如果你想從傳統有線電視利潤的角度來看，該季度利潤率上升了 110 個基點。因此，營運效率顯著提升至 48.4%。

Okay, thanks.

好的，謝謝。

Could I squeeze in one more just thinking is right now about BEAD and whether we might see more capital investment on the BEAD side?

我能否再補充一點？我現在正在思考 BEAD，以及我們是否會在 BEAD 方面看到更多的資本投資？

Yeah, this is Dave.

是的，這是戴夫。

BEAD, we're looking at it very closely. It is going to be worked out on a state-by-state basis. We're optimistic in a lot of cases. But we'll have to look for the guidelines and the specifics tied to it. Nothing at this point would suggest we're going to be beyond the capital intensity that we've already given out. I think we've -- we're optimistic. One of the points that Brian mentioned, the 1.2 million that we've done in the last 12 months is astounding and the machine is really going. So we're leaning in, going for it. BEAD will be on a state-by-state basis.

珠子，我們正在密切關注它。這將根據各州的具體情況逐一制定。在很多情況下，我們都持樂觀態度。但我們需要找出相關的指導方針和具體細節。目前沒有任何跡象顯示我們將超出我們已經投入的資本密集度。我認為我們——我們很樂觀。布萊恩提到的一點是，我們在過去 12 個月裡完成了 120 萬美元的業績，這令人震驚，機器運作得非常出色。所以我們要全力以赴，放手一搏。BEAD 將逐州實施。

Operator, we are now ready for the next question.

操作員，我們現在可以回答下一個問題了。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃爾利希，美國銀行。

Thank you. I have an NBA question and also one on advertising.

謝謝。我有一個關於NBA的問題，還有一個關於廣告的問題。

The benefits that you outlined pretty obvious of getting the NBA, but it does come at a significant price. I was hoping you could walk us through how you expect to make a positive financial return and maybe elaborate a little more on what role Peacock will play since there is a clear benefit there. But how does it affect -- how does this new deal impact programming spend for other areas including general entertainment.

你列舉的這些獲得 NBA 資格的好處顯而易見，但這確實需要付出相當大的代價。我希望您能詳細介紹一下您預計如何獲得正向財務回報，並能更詳細地說明Peacock將扮演什麼角色，因為這顯然會帶來好處。但是，這項新協議會對其他領域（包括一般娛樂節目）的節目製作支出產生怎樣的影響呢？

And then as part of Peacock, maybe you could talk about like the StreamSaver, the bundle with Netflix and Apple TV and the response you've had. And then on advertising. The upfront is now done, maybe you can talk about -- a little bit about the unique selling positions you've had relative to others and what the volume is overall on pricing, et cetera, what you're seeing in the overall market?

然後，作為 Peacock 的一部分，也許您可以談談 StreamSaver，也就是 Netflix 和 Apple TV 的捆綁套餐，以及您收到的回饋。然後是廣告方面。前期準備工作已經完成，也許您可以談談——相對於其他公司，您有哪些獨特的銷售優勢，以及整體銷售、定價等等，您在整體市場上看到了什麼？

So I think essentially covered everything that I wanted to cover and can cover at this stage on NBA in the prepared remarks. Obviously, when the NBA makes its ultimate announcements, that will be another moment where we can go deeper. But just to point generally, is that we are looking at the NBA as we all said as some of the premier content that is culturally relevant, excellent audience, widens out the calendar year for us across Peacock and NBC. Can do a lot with the demographics that follows the NBA around other programming.

所以我覺得，在準備好的演講稿中，我基本上已經涵蓋了我想談論和在這個階段能夠談的關於NBA的所有內容。顯然，當NBA做出最終決定時，我們將有機會進行更深入的探討。但總的來說，正如我們所說，我們將 NBA 視為一些具有文化相關性、擁有優秀觀眾群的頂級內容，這為我們 Peacock 和 NBC 拓展了全年的節目安排。利用 NBA 的觀眾群體特徵，可以對其他節目產生許多影響。

So when you think about the business case for it, when you look at the long term and as we are managing the media business- broadcast and Peacock - as one, I think the unique reach that we have an ability for a sport like the NBA to reach so far with our existing broadcast business and use, as I said earlier, plenty of exclusive games for Peacock to drive excellent acquisition and Peacock. And we've talked about for using NBA.

所以，當你考慮它的商業價值，當你著眼長遠，並且因為我們將媒體業務——廣播和Peacock——作為一個整體來管理時，我認為我們現有的廣播業務能夠讓NBA這樣的體育賽事觸及如此廣闊的範圍，而且正如我之前所說，我們還有很多Peacock的獨家比賽，這將極大地促進Peacock的用戶獲取和增長。我們已經討論過如何使用NBA。

And as we've talked about before, sports has been a great source of acquisition for us in Peacock and a great source of value to the consumer. What's very interesting to us is how significant the viewership is of sports viewers on Peacock of things other than sports.

正如我們之前討論過的，體育一直是Peacock獲取用戶的重要來源，也是消費者獲取價值的重要來源。我們非常感興趣的是，Peacock 上體育觀眾的收視率對體育以外的其他內容的影響有多麼顯著。

So when you take a zoom out and think about the total picture what we're trying to do, which is to bring our excellent TV media assets into the future, I think we view the NBA as a excellent piece in that puzzle and it will allow us to rebalance programming from other areas, obviously we’ll fill a few nights on NBC with this content versus other content.

所以，當我們放眼全局，思考我們正在努力做的事情——將我們優秀的電視媒體資源帶入未來——時，我認為我們把NBA視為這幅拼圖中一塊重要的拼圖，它將使我們能夠重新平衡其他領域的節目安排，顯然，我們會在NBC的幾個晚上用這些內容來填充，而不是其他內容。

And we will use this to do acquisition spend in Peacock and lighten up in some other places. But the long-term goal for Peacock is to have a service that is a balance of sports, entertainment, and news and so our content teams are now very focused on that new audience and what we're going to be able to do to drive entertainment content with the advantage of being linked closely to the NBA into the audience that follows it.

我們將利用這筆資金加大對Peacock的收購投入，並減少在其他一些領域的支出。但Peacock的長期目標是打造一個兼顧運動、娛樂和新聞的服務平台，因此我們的內容團隊現在非常關注這個新的受眾群體，以及我們將如何利用與NBA緊密聯繫的優勢，向NBA的粉絲群推送娛樂內容。

And then on advertising, so second quarter, pretty, only a slight step down from the first quarter but clearly, we had a much heavier load of sports in the first quarter than the second quarter. And so that adjusting for that, I'd say, again, the advertising market remains pretty stable. We feel very well positioned for the second half of the year with the Olympics coming up starting this Friday, elections, and a great slate of content coming to NBC and Peacock.

然後是廣告方面，第二季表現不錯，只比第一季略有下降，但顯然，我們在第一季的體育廣告投放量比第二季要大得多。因此，考慮到這些因素，我認為，廣告市場仍然相當穩定。我們感覺已經為下半年做好了充分準備，奧運會將於本週五開幕，還有選舉，以及NBC和Peacock即將推出的一系列精彩內容。

In terms of the upfront, we're pleased with our results. Total volume for us is going to be basically in line with last year, as is linear price. We got well over $1 billion in upfront volume for Peacock, again, which and nice growth overall we had last year. And so if you step back, I would say the overall upfront market was pretty solid. We moved quickly given our strength of our assets to secure the volume that we got. So we feel we were success in this more challenging upfront given the arrival of so many of the new players, especially in the AVOD and SVOD space. So that's the report on the upfronts, but we're moving forward and feel like the team did quite a good job.

就前期投入而言，我們對結果感到滿意。我們的總銷售量將與去年基本持平，線性價格也將與去年持平。Peacock 的預售額再次超過 10 億美元，加上去年整體的良好成長，我們今年的業績仍然不錯。所以從整體來看，預售市場相當穩健。憑藉我們雄厚的資產實力，我們迅速採取行動，確保了我們所獲得的交易量。鑑於眾多新玩家的加入，尤其是在 AVOD 和 SVOD 領域，我們認為我們在更具挑戰性的初期階段取得了成功。以上就是預售情況的報告，但我們正在向前推進，感覺團隊做得相當不錯。

Thanks, Jessica.

謝謝你，潔西卡。

Operator, next question, please.

接線員，請問下一個問題？

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Maybe on the cable side, a little bit better trends in both video and wireless. On the video side, what's driving the improvement there? Do you expect it to continue? And are you seeing any effects of the launch of the NOW brand?

或許在有線電視方面，視訊和無線傳輸方面都有一些好轉的趨勢。影片方面，是什麼因素推動了這方面的改進？你認為這種情況會持續下去嗎？您認為NOW品牌的推出產生了哪些影響？

And then in wireless, you guys talked about some new pricing and promotion, but you guys think you're benefiting at all from some of the ACP losses on the prepaid side. And I don’t know if you guys saw yesterday Verizon announced a big turned off 400,000 subscribers. I think we'll see something similar with the rest of the wireless companies. But do you think this underlying growth is sustainable? Or do you think that ACP is somehow boosting the growth at this point?

然後，在無線業務方面，你們談到了一些新的定價和促銷措施，但你們認為從預付費業務的 ACP 損失中能獲得任何好處嗎？我不知道你們有沒有看到，Verizon昨天宣布關閉了40萬用戶的服務。我認為其他無線電信業者也會出現類似的情況。但你認為這種潛在的成長是可持續的嗎？還是你認為ACP目前在某種程度上促成了成長？

Thanks.

謝謝。

So in terms of video, as Jason said, it's -- our video losses are lower than the ones that last year at this time. We did take a slightly less rate increase this year than last year. And the key for us in video is just positioning video with broadband and that video does help in that regard. We've seen positive churn in terms of video. Re-imagining video around the NOW TV product and IP and that has been steady. It's still early, but has been helpful.

所以就影片方面而言，正如傑森所說，我們的影片損失比去年同期要低。今年我們的利率漲幅比去年略低。對我們來說，影片的關鍵在於如何將影片與寬頻連接起來，而影片在這方面確實有所幫助。我們看到視訊用戶流失率呈現正面成長。圍繞 NOW TV 產品和 IP 重新構想視頻，這一進程一直很穩定。現在下結論還為時過早，但已經很有幫助了。

So video, I think for the right segment, we offer a lot of value and we continue to position it I think very well with broadband, but difficult and still in terms of some of the fees and things that we have. But I think an important category for us. So in terms of the mobile side, NOW Mobile is not material at this point, way too early. The acceleration and line adds over the Q1 driven by the early success of the new pricing plans, really competitive now and multi-line pricing, launched in April, targeted for a while. Now it's scaling and it's really gotten traction as well as the buy-one-get-one line offered to our base. So wireless is such an important part of our overall strategy and key that it's now 12% penetration. We've got great runway ahead. Business mobile is just getting going and it's a great position for us in terms of convergence.

所以，我認為對於合適的細分市場，我們在影片方面提供了很多價值，而且我認為我們繼續將其與寬頻很好地結合起來，但仍然存在一些困難，例如費用等等。但我認為這對我們來說是一個重要的類別。所以就行動端而言，NOW Mobile 目前還不成熟，時機還太早。第一季加速成長和產品線增加主要得益於新定價方案的早期成功，目前極具競爭力；此外，4 月推出的多線定價方案也是我們一段時間以來的目標。現在它正在擴大規模，並且已經獲得了真正的成功，我們向現有客戶推出的買一送一優惠活動也是如此。因此，無線技術是我們整體策略中非常重要的一部分，目前其滲透率已達 12%。我們前路一片光明。企業行動業務才剛起步，就融合而言，這對我們來說是一個絕佳的定位。

I think we're uniquely positioned in terms of ubiquitous offers across our entire footprint and mobile will be front and center as we approach the Olympics. And we will have a great offer with broadband, with mobile being able to tie all this together. So very excited with it.

我認為，我們在覆蓋整個業務範圍內提供無處不在的服務方面擁有獨特的優勢，而且隨著奧運會的臨近，行動端將成為我們關注的焦點。我們將提供極具吸引力的寬頻套餐，行動網路可以將所有這些服務整合在一起。我真的非常興奮。

The comment -- just one other part in terms of the -- what happened in terms of Verizon's unpacking that, the only thing I'll say is I think it's an important distinction that our ACP customers are postpaid versus their prepaid, it's a different group, a different dynamic. And so not really -- yeah, we're just getting going on our NOW products and so it's very, very early on. Excited about that. And I think we're introducing it at a very good moment, but it's not material at this stage.

關於 Verizon 的解讀——還有一點需要說明——我只想說，我認為一個重要的區別是，我們的 ACP 客戶是後付費用戶，而他們的客戶是預付費用戶，這是不同的群體，不同的動態。所以還不是——是的，我們才剛開始研發 NOW 產品，所以現在還處於非常非常早期的階段。對此我感到很興奮。我認為我們現在推出它的時機非常好，但目前它還不是實質內容。

Thanks, John.

謝謝你，約翰。

Operator, we're ready for the next question.

接線員，我們準備好回答下一個問題了。

Jonathan Chaplin, New Street.

喬納森卓別林，新街。

I guess for Jason, two quick ones on content costs in the connectivity business. They came in quite a bit lower than we expected. And I'm wondering if you can give us a little bit more color on what's driving the trend there and how sustainable it is?

我想問傑森兩個關於網路連線業務內容成本的問題。實際結果比我們預期的要低得多。我想請您詳細介紹一下推動這一趨勢的原因以及它的可持續性如何？

And then we're trending a little bit lower than guidance on CapEx so far this year. I'm wondering if that's just timing related if it picks up in the back half of the year.

而且，我們今年的資本支出趨勢略低於預期。我懷疑這是否只是時機問題，如果下半年情況好轉的話。

And then, Mike, I'm not sure if you could -- I heard you loud and clear on having said what you can on the NBA deal. I'm wondering if you can just give us a little bit of context around the timing of costs and revenues, though. When -- I recognize it's forward looking, but when do -- when should we expect to see the costs from the new contracts start to hit? Thank you.

然後，麥克，我不確定你是否能——我清楚地聽到你說你已經就NBA交易發表了你能說的那些話。我想請您簡單介紹一下成本和收入的時間安排。我知道這是展望未來的，但是——我們應該何時才能看到新合約的成本開始顯現？謝謝。

Thanks, Jonathan.

謝謝你，喬納森。

Why don't I start with CapEx, Dave will hit content cost, and then Mike with NBA.

我先從資本支出說起，Dave 負責內容成本，然後 Mike 負責 NBA。

So on CapEx, you're right, we've had some variability this year. I would say relative to the initial guidance, we gave both on the Content & Experiences side, where we talked about, this is the final significant year of Epic spending and then we get relief beyond this.

所以，關於資本支出，你說得對，我們今年的確遇到了一些波動。我想說，相對於我們最初給出的指導意見，無論是在內容還是體驗方面，我們都談到，這是 Epic 支出最後一個重要的年份，之後我們將獲得紓困。

And then on the Connectivity & Platforms side, which I think is probably where more of your question was, we gave a capital intensity envelope as we entered the year. We also said we intend to do 1.1 million-plus in terms of homes passed. We're obviously trending a little bit above that at this point, but still feel comfortable with the capital intensity envelope that we gave.

然後，在連結和平台方面（我認為這才是你更關心的問題），我們在年初時給出了資本密集度預算。我們也表示，我們計劃通過審批的房屋數量超過 110 萬套。目前我們的趨勢顯然略高於這個水平，但我們仍然對我們給出的資本密集度範圍感到滿意。

And so there are some timing aspects around equipment purchases within the year, I would say still feel comfortable with the existing capital intensity envelope and within that doing more and more homes passed at a really efficient rate I think that's a testament how the team is executing here.

因此，在年內購置設備方面存在一些時間安排方面的問題，我認為仍然對現有的資本密集度範圍感到滿意，並且在此範圍內以非常高效的速度通過越來越多的房屋審批，我認為這證明了團隊在這裡的執行力。

Hey, John -- Jonathan, Dave.

嘿，約翰——喬納森，戴夫。

So just on the content cost side, of things. So that's also timing related. We -- in the sports side, well known thing in terms of RSNs and but there are other timing-related things. Every contract with programming partners different every relationship is different. So won't go into the specifics, but it is key that we focus on for us flexibility, increasing market choice. We segment the marketplace, both video and broadband and together, and that is important that we're competitive in every segment. And at the end of the day, we're focusing on value combining linear streaming considerations on a case-by-case basis, but mostly at this point it is timing related.

所以，就內容成本方面而言。所以這也跟時機有關。在體育方面，RSN 是眾所周知的事情，但還有其他與時間相關的因素。與程式設計合作夥伴簽訂的每份合約都不同，每段合作關係也不同。因此，我不會深入探討具體細節，但對我們來說，關鍵在於專注於彈性，增加市場選擇。我們將市場細分，包括視訊和寬頻市場以及兩者兼而有之，這一點非常重要，因為我們需要在每個細分市場中保持競爭力。歸根究底，我們關注的是價值，並根據具體情況考慮線性串流媒體的因素，但目前主要還是與時間有關。

And Jonathan, it's Mike on NBA.

喬納森，我是NBA解說員麥克。

I wish it were sooner, but the contract doesn't start till the 2025-2026 season. So it's fall of 2025 that we would start to bear the expense of the rights side of it. And obviously, that is also as we build into that when we would begin to see the benefits of subscriber acquisition around the NBA.

我希望合約能早點生效，但是合約要到 2025-2026 賽季才開始。所以，到 2025 年秋季，我們將開始承擔右翼方面的費用。顯然，隨著我們逐步建立這個體系，我們將開始看到 NBA 用戶獲取帶來的好處。

And this is Brian -- just wanted to -- just close out perhaps at Mike's opening comments on the NBA. It doesn't -- opportunities like this come along very rarely when there's a long-term relationships up for grabs inside and we'll have -- when it gets all announced the detail that Mike described, we have probably more content than anybody, and it's all I think at a value that we'll be able to as one of the other questions asked support and demonstrate.

我是布萊恩——我只是想——或許可以以麥克對NBA的開場白作為結尾。並非如此——像這樣的機會非常難得，因為內部有長期合作關係可以建立，而且——當邁克描述的細節全部公佈時，我們可能比任何人都擁有更多的內容，而且我認為，正如其他問題所提出的那樣，我們能夠以這樣的價值來支持和證明這一點。

And one of our real advantages here is the way we're running the media business. And Mike created one group with our existing assets like NBC and our growing asset like Peacock and putting that together is very appealing for the reach, for the consumer access, for the innovation that we will have in the years ahead. And you'll see some of that innovation during the Olympics. There will be a lot of content on NBC but way more content on Peacock, and it allows for the trends that we're seeing in viewing behavior. So it's a very exciting moment, and I think we'll have more to say in the weeks ahead.

我們真正的優勢之一在於我們經營媒體業務的方式。麥克將我們現有的資產（如 NBC）和不斷增長的資產（如 Peacock）整合為一個集團，這樣做對於擴大覆蓋面、提升消費者獲取管道以及在未來幾年進行創新都非常有吸引力。在奧運期間，你會看到其中的一些創新。NBC 會有很多內容，但 Peacock 上的內容要多得多，這符合我們目前看到的觀看行為趨勢。所以這是一個非常激動人心的時刻，我想在接下來的幾周里我們會有更多消息要宣布。

Thanks, Jonathan.

謝謝你，喬納森。

Operator, next question, please.

接線員，請問下一個問題？

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I just have two, one on business services and one on wireless. First on business services. I was just wondering if you could talk about some of the key initiatives or things that might be changing at Comcast Business following Ed's appointment as President to more aggressively pursue the mid-market or enterprise. What are you seeing in terms of the competitive side within SMB? Is it just fixed wireless or is there more to that?

我只有兩個，一個是商務服務，一個是無線服務。首先是商務服務。我只是想問一下，在 Ed 被任命為總裁後，Comcast Business 有哪些關鍵舉措或變化，以更積極地開拓中端市場或企業市場，您能否談談這些舉措或變化。您認為中小企業內部的競爭格局如何？它只是固定的無線網絡，還是還有其他功能？

And then on wireless, given the strong potential upgrade cycle on the back of AI smartphones and iPhone 16, I was just wondering if you talk about the Xfinity Mobile strategy to capitalize on this from a promotional marketing perspective? What levers are you planning to pull this holiday to potentially lean into wireless to help the broadband business in wireless at large?

至於無線方面，考慮到人工智慧智慧型手機和 iPhone 16 帶來的強勁升級週期，我想知道您是否會從促銷行銷的角度談談 Xfinity Mobile 如何利用這一趨勢？您計劃在今年假期採取哪些措施，以期大力發展無線業務，從而幫助整個無線寬頻業務的發展？

Thanks.

謝謝。

So a couple of things. Let me start with business. As you said, it is competitive in the small business category, competitive in every category. But in particular, the small business one. There certainly is some fixed wireless that we've seen, saw it in the Verizon results, a pretty high percentage of the fixed wireless that are in the small business thing.

有兩件事。讓我先從正事說起。正如你所說，它在小型企業領域競爭激烈，在所有領域都競爭激烈。但尤其是小型企業那一個。我們確實看到了一些固定無線網絡，從 Verizon 的調查結果中也看到了這一點，小型企業中固定無線網絡的比例相當高。

We look at that closely. We are intensely focused on our competitive playbooks, and we're going to constantly compete for share, but we're also focused on revenue per relationship. And so in the small business area before getting into mid-market, we're doing a lot of product upgrades, adding value and speed, Wi-Fi, security.

我們會仔細研究這個問題。我們非常重視我們的競爭策略，我們將不斷爭奪市場份額，但我們也關注每次關係帶來的收入。因此，在進入中端市場之前，我們在小型企業領域進行了大量產品升級，增加了價值和速度、Wi-Fi 和安全性。

And we made good progress and revenue focus around in small business. And it's such a huge opportunity for us and still in terms of small business, but Ed has stepped right in. It's a terrific team in the business services group that he's working with. And there really is, I think, a unique opportunity when you look at the overall addressable market of $60 billion, less than 20% there and a huge chunk of this will be mid-market and enterprise and you add on top of that, international opportunities that we're beginning to coordinate and work well with Dana and the team at Sky.

我們在小型企業領域取得了良好的進展和收入成長。這對我們來說是一個巨大的機會，尤其對於小型企業而言，但艾德已經挺身而出。他所在的商務服務團隊非常出色。我認為，考慮到整體潛在市場規模為 600 億美元，而我們只佔其中不到 20% 的份額，而這其中很大一部分將是中端市場和企業市場，這確實是一個獨特的機會。此外，我們也開始與 Dana 和 Sky 團隊協調合作，共同掌握國際機會。

So yeah, we really are seeing nice relationship growth in mid-market and enterprise. That's the starting point. But in addition to like all of our strategies, we're adding more products and attaching new products on these relationships and going beyond, just connectivity into a full managed relationship basis. So Ed is driving that and we're in a good competitive position for growth. And I think we have a good ability to increase ARPU across an increasing higher end base of customers.

是的，我們確實看到中端市場和企業客戶關係發展良好。這是起點。但除了像我們所有的策略一樣，我們還在增加更多產品，並將新產品附加到這些關係上，並超越簡單的連接，發展成為完全管理的關係。所以艾德正在推動這件事，我們因此處於良好的競爭地位，有望實現成長。我認為我們有能力在不斷增長的高端客戶群中提高每用戶平均收入 (ARPU)。

So on the mobile side of upgrade, every single upgrade moment pay close attention to that one, too. And we're optimistic. We're in good position. We have a great trade-in program for mobile that we've had in place now for a while. And then in addition to that, we go in and out in terms of subsidies on top of that trade-in program. And then when good upgrade moments happen, we are the switching provider. So in people, we have great core rates and we have good handset offers and good position for it. So being a switching provider where -- I think we are -- I think in a unique position to really take advantage of that.

因此，在行動端升級時，每一次升級都要注意這一點。我們持樂觀態度。我們處境有利。我們有一個非常棒的手機以舊換新計劃，這項計劃已經實施了一段時間。除此之外，我們還會根據情況，在以舊換新計畫的基礎上，獲得補貼。當出現合適的升級時機時，我們就是切換服務提供者。所以，在用戶方面，我們擁有非常優惠的核心用戶費率，我們有不錯的手機優惠，並且佔據了有利地位。因此，作為一家交換服務提供者，我認為我們處於一個獨特的地位，可以真正利用這一點。

And when you look at things going into the optimism for Q3, one of the most important programs that we’ll do along with the handset upgrade initiative on mobile will be the Olympics and the Olympics are such a unique opportunity for us to showcase the best broadband, the best mobile service offering, combining those two things together in such an attractive offer on top of that is the greatest UI in the marketplace that helps you find whatever you want. So really excited about that. Look for that in the next couple of days. But mobile will be front and center along with broadband when that happens.

展望第三季的樂觀前景，除了手機升級計畫之外，我們將開展的最重要的項目之一就是奧運。奧運會為我們提供了一個絕佳的機會，可以展示我們最好的寬頻和最好的行動服務，並將這兩者結合起來，推出極具吸引力的優惠。此外，我們還擁有市場上最棒的使用者介面，可以幫助您找到任何您想要的東西。我真的非常興奮。預計未來幾天內就會有結果。但到那時，行動通訊和寬頻將並駕齊驅，成為關注的焦點。

Thanks, Mike.

謝謝你，麥克。

Operator, we have time for one last question.

操作員，我們還有最後一個問題。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

So with mid-splits now reaching over 40% of the footprint, I was just wondering if you have an updated outlook on when do you think you'll be at DOCSIS 4 for most of your broadband passings.

鑑於目前中分頻器已覆蓋超過 40% 的地區，我想知道您是否對何時才能實現大部分寬頻存取的 DOCSIS 4 有最新的展望。

And maybe within this, you could just update us on where fiber overlap is, but also as you get through this network investment architecture that you laid out earlier this year, when you think about the capital intensity in C&P coming down, we'll start to see that benefit in growing free cash flow. So timing on that, I think would be really interesting.

或許您可以在此基礎上，向我們介紹一下光纖重疊的情況，同時，隨著您今年早些時候提出的網路投資架構的推進，考慮到C&P的資本密集度下降，我們將開始看到自由現金流增長帶來的好處。所以，我覺得這件事發生的時間點會非常有趣。

And then how are you thinking about getting to just breakeven on Peacock? You talked about media EBITDA on a total basis growing in the first half and in the second half, too. It seems like if the Peacock losses keep getting better at this pace, it could be close to breakeven this time next year. But I know you've got NBA coming. So just wondering if we could think about that benchmark quite yet.

那麼，您打算如何實現Peacock的收支平衡呢？您提到媒體業務的 EBITDA 總額在上半年和下半年均實現了成長。如果孔雀隊的虧損繼續以目前的速度改善，那麼到明年這個時候，它或許就能接近損益平衡點了。但我知道你即將迎來NBA賽季。所以我想知道我們是否可以現在就考慮這個基準指標。

Thank you.

謝謝。

Let me start and then hand it over on the Peacock side. So we're 42% mid-split right now, and we expect to be 50% by year end. And the DOCSIS 4.0 that follows on multiple markets now so far, it's early, no specifics in terms of the final rollout on that, but it really is tracking very well on top of the -- a lot of new footprint expansions of 1.2 million over the last 12 months, this upgrade program is moving along very well, and it tracks to where the customers are.

讓我先開始，然後把麥克風交給孔雀隊。目前我們中期的市佔率為 42%，預計到年底將達到 50%。DOCSIS 4.0 目前已在多個市場推出，雖然還處於早期階段，最終推廣的具體細節尚不清楚，但其進展非常順利——在過去 12 個月中新增了 120 萬用戶，這項升級計劃進展非常順利，並且與客戶的需求緊密相關。

And our steady focus around the higher end and one of the things that we see, we have the most effective and efficient build that's ubiquitous that is addressing speed, capacity, coverage and it helps us because as we're doing this, remember, we're virtualizing huge parts of the network and avoiding future node splits. So it's very efficient and helping us with the 70% of our customers are 500 megabits or higher, a third are taking a gig, and it's tracking to maybe one of the biggest tailwinds that is out there. And that's the fact that our network consumption is still low-double digits increasing, and that's not stopping. And so we're putting ourselves in position with a great upgrade program. And so that, to me, is I think a great advantage that we do have.

我們始終專注於高端市場，我們看到，我們擁有最有效、最高效的構建方式，這種方式普遍適用於解決速度、容量和覆蓋範圍問題，這對我們很有幫助，因為在這樣做的時候，請記住，我們正在虛擬化網絡的大部分，並避免未來的節點拆分。所以它非常高效，對我們幫助很大，我們70%的客戶使用500兆位元或更高的速度，三分之一的客戶使用1G的速度，這可能是目前最大的利多因素之一。事實是，我們的網路流量消耗仍在以較低的兩位數成長，而且這種成長勢頭還沒有停止。因此，我們正在透過一項出色的升級計劃來為自己創造有利條件。所以，在我看來，這是我們擁有的巨大優勢。

In terms of competition, in terms of fiber, we are now 50% in terms of overbuilt. We expect by the end of '25 that will get to 60%. It will probably go higher than that. We have a long track record of competing against fiber 20 years at this point. So we do think fiber is quite frankly, the longer term competitor keeping our eye on, competing fiercely against fixed wireless and every competitor, but we anticipate where they're building, what they're doing, and keeping track of all of that.

就競爭而言，就光纖而言，我們現在的產能過剩了 50%。我們預計到 2025 年底，這一比例將達到 60%。它很可能會漲得更高。到目前為止，我們已經與光纖網路競爭了20年之久。所以坦白說，我們認為光纖是長期的競爭對手，我們一直在關注它，它與固定無線和其他所有競爭對手展開激烈的競爭，但我們會預測他們在哪裡建設，他們在做什麼，並追蹤所有這些。

So like our results and encouraged when you look going into Q3, one of the reasons of optimism is that voluntary churn that continues to perform very well. And I think it's our superior network combined with better products and extreme focus on competition.

因此，正如我們的業績所示，展望第三季度，令人鼓舞的是，樂觀的原因之一是自願流失率繼續表現良好。我認為這是我們卓越的網絡、更好的產品以及對競爭的極致關注共同造就的。

Hey, Steven.

嘿，史蒂文。

I would just round that out on the capital intensity question because I think embedded in that was a long-term capital intensity question. If you look at what we're doing now, the path towards mid-splits, which as Dave mentioned really good progress there that kicking off DOCSIS 4.0 and then adding 1.2 million homes passed, which is a record for us in the last 12 months and doing that all within through the existing capital intensity envelope, which is one of if not the lowest in the industry. So very good progress there.

我只想就資本密集度問題做個總結，因為我認為這其中蘊含著一個長期資本密集度問題。看看我們現在正在做的事情，以及我們向中分體式住宅發展的道路，正如戴夫提到的那樣，我們取得了非常好的進展，啟動了 DOCSIS 4.0，然後新增了 120 萬套住宅，這在過去 12 個月中是我們創下的紀錄，而且所有這些都是在現有的資本密集度範圍內完成的，這也是最低的之一。所以進展非常順利。

As you think about longer term, a lot of people asked this question in the context of is there the next big thing coming in terms of the network upgrade. We feel very comfortable between mid-splits and DOCSIS 4.0 that leading to multi-gig symmetrical speeds that that is the network for the future. So we don't see the next big thing coming. The one area that I'd point out we'd love to do more homes passed. We've accelerated the rate from 800,000 in the past couple of years up to now currently 1.2 million. We won't gate capital intensity because of that. If those have good returns and things we should be doing, we'd love to do more there.

從長遠來看，很多人都問過這個問題，即網路升級方面是否會有下一個重大變革。我們對介於中分頻和 DOCSIS 4.0 之間的方案感到非常滿意，這帶來了多千兆對稱速度，這才是未來的網路。所以我們看不到下一個重大事件的發生。我想指出的是，我們非常希望能夠建造更多房屋。過去幾年，我們的產量從 80 萬輛加快到目前的 120 萬輛。我們不會因此限制資本密集度。如果這些方面有好的回報，而且是我們應該做的，我們很樂意在這方面投入更多精力。

Steven, on Peacock and media EBITDA, I think you said -- you heard us right anyway, you heard me right, I've been talking since I've been doing this that I don't really look at Peacock standalone. I mean, it's an interesting exercise, and I'm happy to share the numbers of what the losses on Peacock as we're building it, but strategically to not pursue that path would leave the existing media business on a downward trend. So I think we are thinking about it over multiple years.

Steven，關於 Peacock 和媒體 EBITDA，我想你說過——不管怎樣，你沒聽錯，你沒聽錯，我從開始做這件事以來就一直在說，我並不真正把 Peacock 單獨看待。我的意思是，這是一個有趣的嘗試，我很樂意分享我們在建立 Peacock 過程中遇到的虧損數據，但從策略上講，如果不走這條路，現有的媒體業務將會走下坡路。所以我認為我們會用好幾年的時間來考慮這個問題。

I'm very confident that what we're doing around Peacock in the media business together, operating together, is going to put us on a path to optimize that business. And as you said, I think this is a year where we see the growth in Peacock, offsetting the decline in some of our linear businesses. And that's basically a trend I would expect to see carry forward. There's going to be ebbs and flows as Brian said, some like NBA is once in a generation almost to get an opportunity like that.

我非常有信心，我們圍繞著 Peacock 在媒體業務上所做的一切，以及我們共同的運營，將使我們走上優化這項業務的道路。正如你所說，我認為今年Peacock的成長將抵消我們一些傳統電視業務的下滑。而且，我預計這種趨勢還會持續下去。正如布萊恩所說，總會有起伏，有些機會像NBA一樣，幾乎是百年一遇。

So obviously, we'll make some adjustments and it might pause our trajectory of the year we take it onboard, but I think it's part and parcel of the idea that we’re bringing the media business to a better future by investing behind Peacock and doing it together with all our assets, entertainment, sports and news as what our media business will look to be in the future.

顯然，我們會做出一些調整，這可能會暫停我們今年的發展軌跡，但我認為這是我們將媒體業務帶向更美好未來的理念的一部分，即透過投資Peacock，並結合我們所有的資產，包括娛樂、體育和新聞，來打造我們媒體業務的未來。

Well, thank you, everybody. I think that's it. I stole Marci's line. Go ahead.

謝謝大家。我想就是這樣了。我偷了瑪茜的台詞。前進。

Thanks, Steve. That concludes our second quarter earnings call. Thanks for joining us.

謝謝你，史蒂夫。我們的第二季財報電話會議到此結束。謝謝您的參與。

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

謝謝。今天的問答環節和電話會議到此結束。今天上午 11:30（美國東部時間），您可以在康卡斯特的投資者關係網站上收聽電話會議的錄音回放。感謝您的參與。你們可以斷開連結了。