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.

早安，女士們先生們，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.

我現在將電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，瑞維克女士。

Thank you, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

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.

加入我們今天電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 Dave Watson。現在，我將向您推薦本次電話會議隨附簡報的幻燈片 2，該簡報也可以在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，在本次電話會議中，我們將提及某些非公認會計準則財務指標。請參閱我們今天早上早些時候發布的 8-K 和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的對帳。

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

這樣，我會將電話轉給麥克。

Thank you, Marci, and good morning, everyone.

謝謝你，馬西，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.

在將其交給 Jason 之前，我想先評論一下本季的三個關鍵要素。一、寬頻；二、公園；第三，NBA。首先是寬頻，過去幾季我們看到的競爭強度，尤其是對價格敏感的消費者市場的競爭強度基本上保持不變。但在此期間，我們的寬頻策略始終如一，我們對我們的計劃仍然充滿信心。我們致力於透過在速率和數量之間取得適當的平衡並嚴重依賴市場區隔來實現寬頻收入的健康成長，我稍後將談到這一點。

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 was no contracts or credit checks.

結果，第二季度 ARPU 成長了 3.6%，在我們 3% 至 4% 的歷史範圍內。儘管最近競爭激烈，但我們透過完善進入市場的方法來創造適合每個客戶生活方式和預算的選擇，從而保持了 3,200 萬寬頻客戶的市場領先基礎。多年來，在不同價值點提供具有靈活性和選擇的最佳產品一直為我們提供了極大的幫助，並且仍然是我們策略的核心。特別值得注意的是，本季度，我們推出了 NOW 產品套件，這些產品是高品質的網路、行動和串流電視產品，其設計非常簡單，具有有吸引力的全面定價，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 speed, and in-home Wi-Fi technology to capitalize on the Internet consumption trends we are seeing.

對於對價格敏感的群體，尤其是那些受政府 ACP 計畫結束影響的群體來說，這些都是不錯的選擇。雖然我們對針對價格敏感的細分市場提供的產品的增強感到滿意，但現實是，我們的絕大多數客戶群訂閱了更優質的產品，我們對我們相對於纖維的市場地位感到滿意，這是我們真正的長期產品長期競爭對手。我們正在投資額外的網路容量、多千兆速度和家庭 Wi-Fi 技術，以利用我們所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 1 gigabit or more.

我們監控的最重要的指標之一是流經網路的資料流量的大小。本季我們再次看到了兩位數的年增長，僅使用寬頻的家庭每月消耗的數據量超過 700 GB。我們的客戶繼續採用更快的速度，大約 70% 的住宅用戶接收的速度達到每秒 500 兆或更高，三分之一的速度達到 1 千兆或更高。

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. 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.

這些積極的消費趨勢發揮了我們的優勢，並且只會隨著體育直播向串流媒體的轉變而加速，串流娛樂與串流媒體娛樂一起占我們當今網路流量的近 70%。我對寬頻的最後一個想法是與行動裝置捆綁的重要性，90% 的 Xfinity 行動智慧型手機流量透過我們的 Wi-Fi 網路傳輸。

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 attached 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.

這兩種產品無縫協作，使我們的客戶從產品體驗和財務價值的角度受益。我們對本季無線業務的發展勢頭感到非常滿意，我們的線路新增數量再次超過 300,000，並且比去年同期大幅增長。我們新的融合產品帶來了更好的整體收益和認知度以及更高的多線附加費率，我們對一些與奧運會相關的新行動產品感到興奮，這些產品將在短短幾年內引入市場天。

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.

現在讓我們來看看與去年創紀錄的業績相比，我們的收入和 EBITDA 均出現下降的公園，其中三分之二的下降是由於國內公園的遊客人數減少所致。我們將此歸因於多種因素。首先是現在看來新冠疫情復甦的動力是我們之前沒有意識到的。我認為重要的是要放眼看看這個行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 rebound 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，導致需求激增，幫助我們在這兩年取得了創紀錄的業績。最近，由於美元走強，包括遊輪和國際旅遊在內的其他旅行選擇也經歷了需求激增，這導致我們公園的參觀率正常化。

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 are lapping of Super Nintendo World and 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.

影響我們國內公園遊客數量的第二個因素是我們對新景點的投資時機，在明年Epic 開幕之前，我們在佛羅裡達州的投資較少，並且正在圍攻超級任天堂世界，而好萊塢也給我們帶來了一些阻力。儘管公園業績低於我們今年的最初預期，但我們仍然認為公園對我們來說是一項出色的長期成長業務。我們對 Epic Universe 於 2025 年開放感到無比興奮，因為我們已經發布了有關 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一個 Epic Universe 預覽中心，人流和遊客熱情都達到了歷史最高水準。因此，我們期待 Epic Universe 在 2025 年開園後，透過增加遊客數量、延長參觀時間和提高人均消費來產生有意義的影響。

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.

最後說一下NBA。我們預計很快就會宣布我們與 NBA 之間的 11 年版權協議。我們認為匹配權的解決不會影響我們期望獲得的一攬子計劃。該套餐從2025、2026 賽季開始，包括NBC 和Peacock 每個常規賽季100 場NBA 比賽，這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轉播權協議下擁有的常規賽場次都要多。

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 likely off games on average each year than any other media partner. And excludes notably for Peacock will be approximately 50 national regular season and postseason games, including national Monday night games and doubleheaders.

對於季後賽，我們每年將在我們的國家平台上獨家舉辦第一輪和第二輪比賽，並在協議期限內舉辦六場NBA 分區決賽系列賽，平均每年比任何其他媒體合作夥伴更有可能在沒有比賽的情況下進行。值得注意的是，Peacock 不包括大約 50 場全國常規賽和季後賽比賽，包括全國週一晚上的比賽和雙打比賽。

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 we're starting in the spring of 2026 we'll have more than 50 WNBA regular season and first round of 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 套餐的其他內容包括每年的 NBA 全明星賽和每個賽季的全明星週六之夜。每個賽季的 NBA 揭幕戰雙賽、馬丁路德金恩 (MLK​​) 假期特別雙賽以及 Telemundo 上的精選 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，我們每個賽季將在 Peacock、NBC 和 USA 舉辦 50 多場 WNBA 常規賽和季後賽首輪比賽。我們還將進行比賽和七場 WNBA 分區半決賽以及三場 WNBA 決賽系列賽。

For USA basketball, we'll have the rights to USA men's and women's games leading up to the Olympics and Viva 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，我們將擁有奧運和 Viva 世界盃之前美國男子和女子比賽的轉播權。天空體育將在其市場上轉播 NBCUniversal 的所有 NBA 和 WNBA 比賽。最後，Xfinity 將成為 NBA 和 WNBA 在影片類別中的行銷合作夥伴。

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 NBAs pop culture appeal.

現在我想花點時間解釋為什麼我們如此興奮與 NBA 合作。首先，它吸引了廣泛、多元化、具有文化相關性的年輕觀眾，並進一步擴大了 NBCUniversal 在廣播和串流媒體領域的巨大影響力。這個新的粉絲群還將使我們能夠創造新的娛樂內容，這些內容將在籃球賽季之外發揮作用，並提供令人興奮的機會，利用 NBA 流行文化的吸引力進行配套節目和行銷合作。

Second, the nine months basketball season completes our year-round calendar for sports, which already includes the NFL, Olympics, Premier League, NACAR, 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，九個月的籃球賽季完善了我們全年的體育賽事，其中已經包括 NFL、奧運、英超聯賽、NACAR、PGA 巡迴賽、十大賽事和世界盃。我們的 NBA 套餐將確立 NBC 和 Peacock 週日、週一和週二晚上必須觀看的傳統。

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，我們擁有獨特的能力，可以透過多種方式為 NBA 帶來強大的價值。首先，透過銷售 NBA 廣告庫存包以及我們其餘的字幕節目來增加廣告銷售額。其次，透過線性和 Peacock 上的訂閱者獲取訂閱者並將其貨幣化。第三，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，證明了我們在體育和創新方面的廣度和卓越運營，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 和奧運的長期關係一樣，我們期待在未來幾十年裡將整個公司的力量支持與 NBA 的合作關係。

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.

在將其交給 Jason 之前，我想分享一個最後的想法。再過短短幾天，我們就有幸在巴黎舉行 2024 年奧運。自 1936 年我們首次在 NBC 電台報道這一歷史性賽事以來，這將是 NBCUniversal 作為美國轉播商舉辦的第 18 屆奧運會。這是我們公司最值得驕傲的時刻之一。我要感謝 3,000 名工作人員，他們努力為全國各地的觀眾帶來所有激動人心的動作和令人難以置信的故事。

Jason, over to you.

傑森，交給你了。

Thanks, Mike, and good morning, everybody.

謝謝，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.

我將從幻燈片 3 中的綜合業績開始。在這些業績中，我們的六大主要成長動力，包括住宅寬頻、無線商業服務連接、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。嗯，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成長。

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 Brothers 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，我們取得了歷史上最成功的季度影院業績之一，其中包括2023 年全球票房收入前五名的電影中的兩部：《超級瑪利歐兄弟》電影和《速度與激情》因此，本季產生了困難的比較。如果我們排除工作室的業績，總收入將與去年保持一致。

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 the 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.

EBITDA 總額穩定在 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平常現金稅的影響，現金稅比去年的水平增加了 20 億美元，並受到與我們的 Hulu 股份相關的稅款和其他稅務相關事項的影響。您可能還記得，去年年底我們收到了 Hulu 的最低底價。

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12 個月裡，我們的股票數量減少了6% 以上，調整後每股收益增長了7 %。

Now let's go through our business results starting on slide 4 with connectivity and platforms. As usual, I will refer to our year-over-year growth on a constant currency basis. Revenue for total connectivity and 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，讓我們從投影片 4 開始，透過連結和平台來回顧我們的業務成果。像往常一樣，我將提到我們在固定匯率基礎上的同比增長。連接和平台總收入穩定在 202 億美元，因為我們連接業務的強勁成長被視訊和語音收入的下降所抵消。住宅連線收入成長 6%，其中國內寬頻成長 3%，國內無線成長 17%，國際連線成長 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.

在國內寬頻方面，我們的營收成長再次受到強勁 ARPU 成長的推動，本季 ARPU 成長 3.6%，完全在我們的歷史範圍之內，因為我們的團隊繼續透過客戶細分有效平衡速率和流量。寬頻用戶的環境仍然競爭激烈，再加上第二季傳統的負面季節性因素，導致 12 萬用戶流失。

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，我想花一點時間討論 ACP。有據可查的是，政府於 6 月終止了對 ACP 計劃的所有資助。與我們正常促銷滾動的方法一致，我們在本季度初就積極主動地採取了這一行動，並與我們的 ACP 客戶群進行溝通，並將其中許多客戶遷移到不同的產品和價格水平。雖然這對本季的 ARPU 產生了一些影響，但我們仍然感到非常滿意，因為我們將在今年剩餘時間內保持在 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.

就訂戶而言，本季 ACP 結束的影響微乎其微。展望未來，我們預計大部分與 ACP 相關的訂戶活動將在第三季發生，包括與非付費客戶流失相關的損失。雖然現在評估全面影響還為時過早，但迄今為止從這些客戶那裡看到的反應讓我們感到鼓舞。在 ACP 之外，我們看到了相同水平的競爭強度，並預計季節性有利因素會抵消，因為第三季通常比第二季季節性更強。

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.

轉向國內無線，營收成長主要由服務收入推動，本季設備營收也出現小幅成長。客戶線路年增20%，總數達720萬條，其中本季新增32.2萬條。與前幾季相比，產品線增加的加速是由於 4 月份推出的新定價計劃取得了一些早期成功、目標多產品線客戶以及我們的買一送一產品線優惠的持續吸引力，您將我們將繼續測試新的方法，以利用我們在無線領域看到的重大機遇，包括提高國內住宅寬頻客戶群的滲透率（目前為12%），以及為每個帳戶銷售更多線路。

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.

無線仍然是我們的關鍵成長領域，我們在這一領域中取得了適當的平衡，為客戶提供卓越的價值，捆綁以增加我們在寬頻方面的機會，並繼續提高盈利能力。

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.

國際連線收入主要由寬頻推動，寬頻占我們國際營收的三分之二以上，並以中位數的速度成長，反映出 ARPU 的強勁成長。其餘部分是無線業務，由於線路增加和 ARPU 成長，無線業務有所成長，但由於手機銷售的變化，無線業務成長速度較低。商業服務連接收入成長 6%，反映出小型企業的穩定成長，以及中階市場和企業的成長更快。

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, SecurityEdge, 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.

雖然中小型企業市場仍然競爭激烈，但我們透過提供一流的產品和服務以及透過ARPU 成長來增加收入來積極競爭，這得益於更多產品的採用，這些產品擴大了我們與中小型企業客戶的關係，例如行動、SecurityEdge、Connection Pro 、Wi-Fi Pro 以及定向費率機會。在中端市場和企業層面，我們的收入成長主要是由客戶數量的增加所推動的，這是由我們在該領域進行的投資推動的，以建立銷售和履行以及擴大我們在託管服務、廣域網絡方面的能力和網路安全。

Finally, video and other revenue declined in the quarter. The high-single digit decline in our video revenue as 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，影片和其他收入在本季有所下降。由於客戶持續流失，加上國內 ARPU 成長較去年放緩，我們的影片收入出現高個位數下降。其他收入的下降主要反映了有線語音客戶的持續流失。

Connectivity and 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.

連接和平台 EBITDA 總額增長 1.6%，利潤率增長 90 個基點，反映出整體費用下降，這是由於持續向利潤率較高的連接業務的組合轉變以及持續的費用管理所推動。正如我之前在前幾個季度提到的那樣，值得注意的是，去年唯一有意義成長的費用項目是直接產品成本，它基於成功並與我們的連結業務的成長相關。

Breaking out our connectivity and 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.

進一步分析我們的連接和平台的 EBITDA 結果，住宅 EBITDA 成長了 1.1%，利潤率提高了 100 個基點，達到 39.9%。商業服務的 EBITDA 成長本季出現良好反彈，回到中個位數，而利潤率下降 70 個基點至 57%，這反映了我們為擴大中端市場和企業領域的銷售和履行而進行的投資。

Now let's turn to content and 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.

現在讓我們轉向幻燈片 5 上的內容和體驗。我將從主題樂園開始進一步詳細介紹這些結果。

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，三分之二的下降是由我們的國內公園造成的，原因是與去年相比，遊客數量減少，這主要反映了兩個因素：新冠疫情后需求正常化，以及我們國內景點的時間安排。

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.

這是與去年初好萊塢超級任天堂世界開幕取得巨大成功的第一個完整季度相比，去年第二季該公園創下了創紀錄的業績。自 2021 年為迎接 Epic Universe 而推出的 VelociCoaster 以來，我們還沒有在奧蘭多推出任何大型新景點，而我們原計劃今年開放該景點。

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，我們大阪園區的基本成長仍在繼續，但部分被外匯以及北京環球影城因當地宏觀經濟環境造成的疲軟所抵消。重申一下，我們對公園的長期發展軌跡非常樂觀。

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

除了史詩宇宙之外，我們還有一系列精彩的新景點和體驗即將推出，包括大阪的大金剛鄉村和好萊塢的速度與激情過山車，以及拉斯維加斯的環球恐怖片和即將到來的環球兒童度假村。

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 and 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 were 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.

現在讓我們轉向媒體，在 Peacock 的推動下，營收成長了 2%，EBITDA 成長了 9%。 Peacock 營收成長 28%，其中廣告成長 9%，分銷成長 61%，這得益於我們的付費用戶群年增 38% 至 3,300 萬。從環比來看，我們的訂戶數量相當穩定。正如我們在上次財報電話會議中指出的那樣，由於該季度缺乏新的主打內容，我們第二季度的重點是用戶保留。這一時機和內容也有助於減輕我們的開支，從而幫助 Peacock EBITDA 年增 3 億美元。我們對今年上半年媒體 EBITDA 的進展感到高興，成長了近 3%，因為 Peacock 的進步超過了我們電視網絡的壓力。

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 markets. Beginning in the third quarter, we are loaded with incremental content, including the Olympics, Sunday Night Football, which will have an additional game Poland in the third quarter as well as Peacock 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.

展望今年下半年，我們預計整體媒體 EBITDA 將繼續小幅增長，但受體育、娛樂發佈時間的推動，各季度之間的同比改善程度會有所不同。從第三季開始，我們將加載增量內容，包括奧運、週日晚間足球賽，第三季將有一場額外的波蘭比賽，以及來自巴西的 Peacock 獨家 NFL 比賽和十大聯盟的回歸。鑑於此內容的發佈時間，EBITDA 成長將偏向於第四季。

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 Brothers movie as well as Fast X.

在電影公司，營收下降了27%，EBITDA 下降了51%，這不僅反映了我們的電影上映時間，也反映了與去年第二季的艱難比較，去年第二季包括非常成功的《超級瑪利歐兄弟》電影和《玩命關頭》。

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.

我們已經說過，我們的電影片將集中在今年下半年，我們相信這將推動更好的同比表現。我們有了一個好的開始。 《神偷奶爸4》在本月初取得了出色的首映週末成績，使《神偷奶爸》系列電影成為歷史上第一部突破50 億美元大關的動畫系列電影，而《龍捲風》則在上週末取得了票房冠軍的良好開局。我們對即將推出的遊戲感到非常興奮，包括 9 月的《Wild Robot》和 11 月的《Wicked》。

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.

我將在投影片 6 中總結自由現金流和資本配置。總資本支出較去年下降 10%，支出為 34 億美元，反映出我們繼續進行大量投資來支持我們的成長動力，例如擴大我們的足跡並進一步加強我們的國內寬頻網路、擴大我們的串流業務以及支持Epic Universe 主題樂園在2025 年開放之前的持續建設。

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 dividend, 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.

轉向資本回報。本季，我們總共向股東返還 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，自三年前我們重新啟動回購計畫以來，我們已將股份數量減少了16%，並透過回購和股息相結合的方式向股東返還了近500 億美元，審慎平衡了我們在業務中所做的投資。

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

現在讓我把它交給布萊恩做一些結束語。

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。將所有內容聯繫在一起，麥克和傑森剛才所說的，隨著我們的結果繼續顯示，我真的相信我們正在非常好地應對競爭格局的變化，這是因為我們在整個公司擁有一支優秀的團隊，他們知道如何執行和創新。我們擁有與任何人競爭的規模、資產負債表和相關性。

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 part to hit the US market in decades with Epic Universe next year.

因此，如果您考慮我們正在採取哪些措施來實現成長，您會發現過去12 個月內，我們已經將寬頻網路擴展了120 萬個新家庭，這是公司歷史上最多的，而且我們計劃繼續這樣做。儘管本季度，我們對公園的長期發展仍持樂觀態度，並將於明年完成數十年來最大、技術最先進的主題部分的建設，以史詩宇宙的形式打入美國市場。

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，我們沒有參與收購內容公司的過程，而是主要關注NBA 等有機機會，這是全球最令人垂涎​​的體育特許經營權之一，這將有助於推動我們的成長未來。

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

那麼，讓我們把它交給Marci來回答你的問題。

Thanks, Brian.

謝謝，布萊恩。

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

接線員，我們已準備好撥打電話詢問問題。

(Operator instructions)

（操作員說明）

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，感謝您提供有關 NBA 合約的所有詳細資訊。感謝。

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 this, so I wanted to ask about that.

我想問一下公園和寬頻的問題。也許是傑森，用寬頻。您對 ACP 以及 Dave 和團隊的管理方式發表了一些評論。看起來進展順利。您似乎在暗示第三季的虧損可能會低於第二季。我不想在你嘴裡說話，但你談到了季節性的抵消。我只是想知道你們是否可以在第三季度重新審視一下你們如何從產品和營銷的角度來管理它，大概這就是我們可以在第三季度之後繼續前進的終點，我們可以把 ACP 拋在後面這個，所以我想問一下。

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.

然後在公園，謝謝你的所有顏色。當你們查看自己的起搏數據時，我想你們已經領先了幾個月，你們可以看到。您是否看到任何轉變，或者我們是否應該考慮該細分市場的逐年壓力，至少持續到今年年底並進入明年，因為我們為 Epic 做好了準備？如果能提供更多關於外觀的顏色，我們將不勝感激。

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 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 essential. And since 2011, we've connected millions in the largest most comprehensive private sector Internet adoption program in the country.

嘿，本，這是戴夫。我將首先介紹 ACP 部分。是的，我認為重要的是只介紹一點背景信息，然後我們將展望第三季度。正如我們之前所說，大多數已註冊的 ACP 客戶都已與我們合作，並且採用後付費方式。所以我認為記住這一點很重要。我們的策略是一致的。我們一直在尋求幫助 ACP 客戶透過各種選項保持聯繫，首先是網路必需品。自 2011 年以來，我們已經在該國最大、最全面的私營部門網路採用計畫中連接了數百萬人。

The good news is that our ACP customers are eligible to switch to our [IET] -- Internet essential 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 essential 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 客戶有資格切換到我們的 [IET]——我們擁有的網路基本層，我們有幾個。此外，我們還有 Xfinity Mobile，我們在這次過渡過程中提供了很好的優惠，幫助他們節省每月的帳單。網路基本客戶加上一級客戶可以使用 Xfinity Mobile 一年的免費線路，而添加 Xfinity Mobile 的 ACP 客戶可以額外獲得一年的免費無限線路。

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.

然後我們就開始使用 NOW 網路、NOW 移動。因此，沒有任何實質內容，但我認為這使我們在完成過渡時處於有利地位。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，為此做好了準備。在很多方面，這與我們幾十年來管理的促銷活動類似，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，從訂閱者的角度來看，我們在第二季度看到 ACP 的影響很小。展望未來，我們預期大部分 ACP 用戶相關活動將在第三季發生，包括與非付費客戶流失相關的損失。非常注重保留。現在還為時過早，但我們認為我們將看到的最大影響將是在非工資方面，因為我們剛剛進入非工資週期的開始。令人鼓舞的是，我們沒有看到這個群體有太多自願流失。

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——我們希望盡快克服 ACP 的影響。目前，我們計劃對第三季增量非付費活動進行儲備。但同樣，現在量化還為時過早，直到我們進一步經歷這個週期才知道。因此，我們有一個正常的斷開連接過程，我們管理了很長一段時間。再說一次，這就是我們已經經歷過的後付費領域。這就是我們的觀點。我認為這將主要發生在第三季度，但至少會受到自願流失的鼓勵。

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，我認為戴夫說得很完美。本，當你想到第三季時，我認為與我們在第二季度看到的情況類似，競爭環境仍然很激烈，但很穩定。不比我們過去幾季看到的情況更糟，也沒有更好。所以我認為這是起點。

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，這是我們確實獲得季節性順風的季度。同樣的事情在第二季度是逆風，在第三季基本上變成了順風。然後，ACP 與此相反，我們將看到影響，正如戴夫所說，其目的主要是透過我們已經看到的行動和我們將採取的儲備之間到第三季末的影響。因此，這就是我們必須確保我們執行得很好的事情。但正如戴夫所說，這方面的早期趨勢，無論是自願流失，還是我們迄今為止在無薪和圍繞無薪建立無薪和儲備方面看到的趨勢，都令人鼓舞。

Great. Then, Ben, it's Mike on Park. 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 finish, 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。那麼，本，這是公園裡的麥克。所以再次討論這個問題並理解這個問題。我認為我們在之前的評論中已經涵蓋了很多內容，但我將從 Brian 上次完成的地方開始，即我們對公園業務的長期發展軌跡感到非常興奮和充滿信心，特別是當我們看到明年的史詩宇宙真的看起來非常令人難以置信，好萊塢的其他景點將在今年下半年將過山車和大金剛國家帶到大阪，這兩個景點的時間待定。

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 lost customer in 2021.

但在短期內，我認為國內上座率挑戰是導致三分之二的較差比較的原因。造成這種情況的因素，實際上是我們談到的新冠疫情的提前，以及景點的時間安排，特別是在好萊塢、超級任天堂和佛羅裡達州，我們原本計劃今年開放Epic，但隨著新冠疫情的推動，它回來了，所以活動暫停了，自從 2021 年失去客戶以來，我們還沒有開始新的大型景點。

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

因此，我認為這些因素，儘管我們對下半年的好萊塢恐怖之夜感到興奮，並且有點過了[Wapping]，但我認為我們正在經歷的趨勢可能會繼續下去，直到我們明年某個時候開放 Epic。

Thanks, Ben.

謝謝，本。

Operator, next question, please.

接線員，請下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

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，我可以多講一點關於 ACP 的內容。麥克，您能否向我們提供有關逾期 30 天或 60 天的拖欠率的任何早期見解，以便我們了解未付款的情況。

And then presumably, there was some impact. Certainly, there was in the first quarter of just lower gross ads 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 ad category?

然後想必，產生了一些影響。當然，第一季該類別的廣告總收入有所下降，因為新的註冊被關閉，例如，過馬路的人會在舊地址丟失它，但無法在新地址獲取它一。您是否估計過 ACP 對總廣告類別的影響有多大？

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?

然後只有一個——簡單的內務問題。您通常會在腳本中報告電話會議的電纜裕量。我沒聽到。也許我錯過了，但我想知道您能否告訴我們本季的電纜利潤率是多少？

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

我會讓 Dave 處理 ACP 問題，Greg，是 Mike。

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 managed through based on due dates and voices and it goes anywhere from two to three months. There's nothing at this point to report on. At this stage, we will watch it closely. Other than to go back to what I said been very proactive and I think it were helped by experience in promotional roles and the fact that we tried 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.

因此，就拖欠率而言，您所看到的只是我們根據到期日期和聲音管理的正常流程，該流程的持續時間從兩到三個月不等。目前沒有什麼好報告的。現階段，我們將密切注意。除了回到我所說的非常積極主動之外，我認為這得益於促銷角色的經驗以及我們嘗試主動將客戶納入對他們有意義的套餐這一事實。因此，提前做了很多工作，但現階段什麼都沒有，隨著我們的進展，我們會得到更多。

In terms of the question in terms of lower gross ads 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.

就廣告對連線的總影響較低的問題而言，我們在第二季看到的情況並不重要。因此，就我們所說的事情而言，可能只是一點點，但這對第二季度並沒有產生實質影響，我們認為我們看到的大部分內容確實會出現在非付費方面，這將發生在第三季。

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 and 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。現在我將快速討論保證金問題。所以我想說，我們看待業務的方式實際上是跨連接和平台的。因此，以這種方式看待它並以這種方式管理業務，但如果你想以這種方式看待它，那麼如果你想以這種方式看待它，那麼要了解傳統電纜的利潤率，本季度的利潤率上升了110 個基點。營運改善確實強勁，達到 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 B side?

我能否再插話一下現在關於 BEAD 的想法以及我們是否會在 B 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 now tied to it. Nothing at this point would suggest we're going to be beyond near 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 forward. BEAD will be on a state-by-state basis.

BEAD，我們正在非常仔細地研究它。它將根據各州的情況制定。在很多情況下我們都持樂觀態度。但我們必須尋找現在與之相關的指導方針和具體細節。目前沒有任何跡象表明我們將超出我們已經給出的資本強度。我認為我們非常樂觀。 Brian 提到的一點是，我們在過去 12 個月內完成的 120 萬次工作令人震驚，而且機器確實在運作。所以我們傾向於繼續前進。 BEAD 將根據各州情況而定。

Operator, we are now ready for the next question.

接線員，我們現在準備好回答下一個問題。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃利希，美國銀行。

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

謝謝。我有一個 NBA 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.

你所概述的進入 NBA 的好處非常明顯，但它確實付出了巨大的代價。我希望您能向我們介紹您期望如何獲得積極的財務回報，並可能詳細說明孔雀將扮演什麼角色，因為那裡有明顯的好處。但它會如何影響——這項新協議如何影響包括一般娛樂在內的其他領域的節目支出。

And then as part of Peacock, maybe you could talk about like the stream saver, 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，也許您可以談論串流媒體保護程式、與 Netflix 和 Apple TV 的捆綁包以及您收到的回饋。然後是廣告。現在前期工作已經完成，也許你可以談談 - 一些關於你相對於其他人所擁有的獨特銷售位置以及定價的總體成交量，等等，你在整個市場中看到的是什麼？

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.

所以我認為在準備好的發言中基本上涵蓋了我想要涵蓋的以及現階段可以涵蓋的有關 NBA 的所有內容。顯然，當 NBA 發布最終公告時，那將是我們可以進一步深入探討的另一個時刻。但總的來說，正如我們大家所說，我們正在關注 NBA，因為一些與文化相關的優質內容、優秀的觀眾，為我們在 Peacock 和 NBC 的日曆年拓寬了視野。可以在其他節目中關注 NBA 的人口統計方面做很多事情。

So when you think about the business case for 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.

因此，當您考慮長期的商業案例時，當我們將媒體業務、廣播和孔雀作為一個整體進行管理時；我認為，我們有能力讓像 NBA 這樣的運動能夠透過我們現有的轉播業務達到目前為止的獨特影響力，並且正如我之前所說，使用孔雀的大量獨家比賽來推動出色的收購和孔雀。我們已經討論過使用 NBA。

And as we've talked about before, sports has been a great source of acquisition for us and 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.

正如我們之前談到的，運動一直是我們和 Peacock 的重要收購來源，也是消費者的重要價值來源。我們非常感興趣的是孔雀頻道上除體育以外的其他節目的體育觀眾的收視率有多麼重要。

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 will fill a few nights on NBC with this content versus other content.

因此，當你放眼觀察並思考我們正在努力做的事情的整體情況時，即將我們優秀的電視媒體資產帶入未來，我認為我們將 NBA 視為這個拼圖中的一個出色的部分，它將允許我們重新平衡其他領域的節目，顯然這將使NBC 的幾個晚上都充滿這些內容與其他內容。

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 of [1,000].

我們將用它來在 Peacock 進行收購支出，並在其他一些地方減倉。但 Peacock 的長期目標是提供體育、娛樂和新聞之間的平衡服務，因此我們的內容團隊現在非常關注新受眾以及我們將能夠採取哪些措施來推動娛樂內容憑藉與NBA緊密聯繫的優勢而進入受眾群體[1,000]。

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.

然後在廣告方面，第二季度相當不錯，只比第一季略有下降，但顯然，我們第一季的體育賽事比第二季要重得多。因此，我想說，經過調整，廣告市場仍然相當穩定。我們感覺下半年的情況非常好，奧運會將於本週五開始，選舉將在 NBC 和 Peacock 上播出。

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.

就前期而言，我們對結果感到滿意。我們的總銷售量將基本與去年持平，線性價格也是如此。我們再次為 Peacock 獲得了超過 10 億美元的預付款，去年整體成長良好。因此，如果你退後一步，我會說整個前期市場相當穩固。鑑於我們的資產實力，我們迅速採取行動，以確保我們獲得的數量。因此，鑑於這麼多新玩家的到來，尤其是在 AVOD 和 SVOD 領域，我們認為我們在這個更具挑戰性的前期工作中取得了成功。這是前期的報告，但我們正在向前邁進，感覺團隊做得非常好。

Thanks, Jessica.

謝謝，傑西卡。

Operator, next question, please.

接線員，請下一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

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?

也許在有線方面，視訊和無線方面的趨勢有所改善。在影片方面，是什麼推動了改進？您預計這種情況會持續下去嗎？您認為 NOW 品牌的推出有影響嗎？

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 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?

然後在無線領域，你們談論了一些新的定價和促銷，但你們認為你們完全從預付費方面的一些 ACP 損失中受益。 [我知道你們是否知道] 昨天 Verizon 宣布關閉 40 萬用戶。我認為我們會在其他無線公司中看到類似的情況。但您認為這種潛在成長是可持續的嗎？或者您認為 ACP 目前是否在某種程度上推動了成長？

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 study. It's still early, but has been helpful.

因此，就影片而言，正如傑森所說，我們的影片損失低於去年[此時]。我們今年的升息幅度確實比去年略低。對我們來說，影片領域的關鍵是將影片與寬頻結合起來，而影片在這方面確實有所幫助。我們在影片方面看到了積極的流失。圍繞 NOW TV 產品和 IP 重新構想視頻，這已經被研究過。雖然還為時過早，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 ads 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.

因此，我認為對於正確的視訊細分市場，我們提供了很多價值，並且我們繼續將其定位在寬頻方面，我認為非常好，但就我們擁有的一些費用和東西而言，仍然很困難。但我認為這對我們來說是一個重要的類別。因此，就行動端而言，NOW Mobile 目前還不重要，還為時過早。新定價計劃的早期成功推動了第一季的加速和線路廣告，現在確實具有競爭力，並且 4 月份推出的多線路定價，目標是一段時間。現在它正在擴大規模，並且確實受到了關注，以及為我們的基地提供的買一送一產品線。因此，無線是我們整體策略的重要組成部分和關鍵，目前其滲透率已達 12%。我們前面有很好的跑道。商務移動剛起步，在融合方面對我們來說處於有利位置。

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，就我們整個業務範圍內無處不在的優惠而言，我們處於獨特的地位，隨著奧運會的臨近，移動將成為首要和中心。我們將提供寬頻服務，行動裝置能夠將所有這些結合在一起。對此非常興奮。

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.

評論——只是 Verizon 解包所發生的事情的另一部分——我唯一要說的是，我認為我們的 ACP 客戶是後付費與預付費的一個重要區別，這是一個不同的區別團體，不一樣的動力。所以並不是真的——是的，我們剛開始開發我們的 NOW 產品，所以現在還處於非常非常早期的階段。對此感到興奮。我認為我們在一個非常好的時機引入它，但在現階段它並不重要。

Thanks, John.

謝謝，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 and 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?

我想對傑森來說，有兩個關於內容成本和連接業務的快速問題。他們的收入比我們的預期低很多。我想知道您是否能為我們提供更多關於推動這一趨勢的因素以及它的可持續性的資訊？

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.

今年迄今為止，我們的資本支出趨勢略低於指導值。我想知道這是否只是與時間有關，如果它在下半年出現的話。

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，我不確定你是否可以——我聽到你大聲而清晰地表達了你在 NBA 協議中可以做的事情。不過，我想知道您是否能為我們提供一些有關成本和收入時間安排的背景資訊。我認識到它是前瞻性的，但是什麼時候我們應該期望看到新合約的成本開始受到影響？謝謝。

Thanks, Jonathan.

謝謝，喬納森。

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

為什麼我不從資本支出開始，戴夫會考慮內容成本，然後麥克會考慮 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 experience aside, where we talked about, this is the final significant year of Epic spending and then we get relief beyond this.

因此，在資本支出方面，你是對的，今年我們出現了一些變化。我想說的是，相對於最初的指導，除了內容體驗之外，我們還提供了內容體驗，我們談到，這是 Epic 支出的最後一個重要年份，然後我們對此感到寬慰。

And then on the connectivity and platform 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.

然後在連接和平台方面，我認為這可能是您更多問題所在，我們在進入這一年時給出了資本強度範圍。我們也表示，就已通過的房屋而言，我們打算做超過 110 萬個。目前我們的趨勢顯然略高於這一點，但仍然對我們給出的資本強度範圍感到滿意。

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，今年內的設備採購存在一些時間方面的問題，我想說的是，我仍然對現有的資本密集度範圍感到滿意，並且在這範圍內，越來越多的房屋以非常高效的速度通過，我認為這證明了團隊的執行方式在這裡。

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.

所以就內容成本而言。所以這也跟時間有關。在體育方面，RSN 是眾所周知的事情，但還有其他與計時相關的事情。與程式設計合作夥伴簽訂的每份合約都不同，每種關係也不同。因此，不會詳細介紹，但關鍵在於我們要注重彈性，增加市場選擇。我們對視訊和寬頻市場進行細分，這對於我們在每個細分市場都具有競爭力非常重要。歸根結底，我們的重點是根據具體情況結合線性流考慮因素的價值，但此時主要與時間相關。

And Jonathan, it's Mike on NBA.

喬納森，我是 NBA 的麥克。

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 right 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.

我希望能早點，但合約要到 2025、2026 賽季才開始。因此，從 2025 年秋天開始，我們將開始承擔右側的費用。顯然，當我們開始看到 NBA 周圍訂閱者獲取的好處時，我們也會這樣做。

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.

這是布萊恩——只是想——也許是在邁克對 NBA 的開場評論中結束。事實並非如此——當內部有長期關係可供爭奪時，這樣的機會很少出現，我們會——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，我認為這就是我們能夠作為其他問題之一提出的支持和證明的價值。

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是我們經營媒體業務的方式。麥克用我們現有的資產（如 NBC）和不斷增長的資產（如 Peacock）創建了一個團隊，將它們組合在一起對於我們未來幾年的影響力、消費者訪問權和創新非常有吸引力。你會在奧運期間看到一些創新。 NBC 上會有很多內容，但 Peacock 上的內容要多得多，它考慮到了我們在觀看行為中看到的趨勢。所以這是一個非常激動人心的時刻，我想我們將在未來幾週內有更多的話要說。

Thanks, Jonathan.

謝謝，喬納森。

Operator, next question, please.

接線員，請下一個問題。

Michael Ng, Goldman Sachs.

邁克爾吳，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?

我只有兩份，一份是商業服務，一份是無線服務。首先是商業服務。我只是想知道您是否可以談談在艾德被任命為總裁後康卡斯特商業公司可能會發生的一些關鍵舉措或事情，以更積極地開拓中端市場或企業。您對中小企業內部的競爭有何看法？它只是固定無線還是還有更多？

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?

然後在無線方面，考慮到人工智慧智慧型手機和 iPhone 16 背後強大的潛在升級週期，我只是想知道您是否談論 Xfinity Mobile 策略，以從促銷行銷的角度利用這一點？您計劃在這個假期利用哪些槓桿來潛在地向無線領域傾斜，以幫助整個無線領域的寬頻業務？

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.

有幾件事。讓我從生意開始。正如你所說，它在小型企業類別中具有競爭力，在每個類別中都具有競爭力。但尤其是小型企業。當然，我們已經看到了一些固定無線設備，在 Verizon 的結果中看到，固定無線設備中有相當高的比例屬於小型企業。

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 end, small business area before getting into mid-market, we're doing a lot of product upgrades, adding value and speed, Wi-Fi, security.

我們仔細研究一下。我們非常關注我們的競爭策略，我們將不斷爭取份額，但我們也關注每個關係的收入。因此，最終，在進入中端市場之前，我們正在對小型業務領域進行大量產品升級，增加價值和速度、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.

我們在小型企業方面取得了良好的進展和收入重點。這對我們來說是一個巨大的機會，而且仍然是小型企業，但艾德已經介入了。我認為，當你看到 600 億美元的整體潛在市場時，確實存在一個獨特的機會，其中不到 20%，其中很大一部分將是中端市場和企業，除此之外，還有國際市場我們開始與Dana 和Sky 團隊進行良好的協調和合作。

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.

所以，是的，我們確實看到了中端市場和企業之間的良好關係成長。這就是起點。但除了我們所有的策略之外，我們還添加了更多產品，並在這些關係上附加了新產品，甚至超越了將連接納入全面託管關係的基礎。因此，艾德正在推動這一進程，我們在成長方面處於良好的競爭地位。我認為我們有能力在不斷增加的高端客戶群中提高 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 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，在升級的行動端，每個升級時刻也都密切關注這一刻。我們很樂觀。我們處於有利位置。我們有一個很棒的行動裝置以舊換新計劃，我們已經實施了一段時間了。除此之外，我們也以舊換新計畫的基礎提供補助。然後，當良好的升級時刻發生時，我們就會更換提供者。因此，在人員方面，我們擁有很高的核心價格，我們擁有良好的手機報價和良好的定位。因此，作為一家轉換提供者，我認為我們處於一個獨特的位置，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 will 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 to 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.

當你看到第三季度的樂觀情況時，與行動手機升級計劃一起進行的最重要的計劃之一將是奧運會，而奧運會對我們來說是一個展示最好寬頻的獨特機會，最好的移動服務產品，將這兩件事結合在一起，形成如此有吸引力的產品，最重要的是市場上最好的用戶介面，可以幫助你找到你想要的任何東西。對此我真的很興奮。在接下來的幾天裡尋找這個。但當這種情況發生時，移動將與寬頻一起成為前沿和中心。

Thanks, Mike.

謝謝，麥克。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，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.

因此，隨著中分流現已達到覆蓋範圍的 40% 以上，我只是想知道您是否對大部分寬頻傳輸何時會採用 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 and 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.

也許在此範圍內，您可以向我們更新光纖重疊的情況，而且當您完成今年早些時候制定的網路投資架構時，當您考慮資本強度和 C&P 下降時，我們將開始看到自由現金流增長帶來的好處。因此，我認為時間安排會非常有趣。

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.

那麼您如何考慮在 Peacock 上實現收支平衡呢？您談到媒體 EBITDA 在上半年和下半年的整體基礎上也有所成長。看來，如果孔雀的虧損繼續以這種速度改善，明年這個時候可能會接近收支平衡。但我知道 NBA 即將到來。所以只是想知道我們是否可以考慮這個基準。

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.

讓我開始，然後把它交給孔雀這邊。因此，我們目前的中期比例為 42%，預計到年底將達到 50%。到目前為止，DOCSIS 4.0 已在多個市場上推出，現在還為時過早，最終推出的細節還沒有確定，但它確實進展順利——許多新的足跡擴展超過 120 萬個在過去的12 個月裡，這個升級計畫進展順利，並且追蹤到了客戶所在的位置。

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 1 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.

我們穩定地專注於高端，我們看到的一件事是，我們擁有無處不在的最有效和高效的構建，解決速度、容量、覆蓋範圍的問題，它對我們有幫助，因為當我們這樣做時，請記住，我們正在虛擬化網路的大部分並避免未來的節點分裂。因此，它非常高效，幫助我們解決了 70% 的客戶使用 500 兆位元或更高頻寬的問題，三分之一的客戶使用 1 GB，而且它可能是目前最大的推動力之一。事實上，我們的網路消耗仍在以低兩位數的速度成長，而且不會停止。因此，我們正在製定一項出色的升級計劃。因此，我認為，這對我來說是我們確實擁有的一個巨大優勢。

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% or 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，我們現在已經過度建造了 50%。我們預計到 25 年底，這一比例將達到 60% 或更高。迄今為止，我們與光纖競爭已有 20 年的悠久歷史。因此，坦白說，我們確實認為光纖是我們關注的長期競爭對手，與固定無線和每個競爭對手激烈競爭，但我們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，就像我們的結果一樣，當你看到第三季時，你會感到鼓舞，樂觀的原因之一是自願流失繼續表現良好。我認為這是我們卓越的網路與更好的產品和對競爭的極度關注相結合。

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's 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.

我只想對資本密集度問題進行四捨五入，因為我認為其中包含一個長期資本密集度問題。如果你看看我們現在正在做的事情，你會發現中間分裂的道路，正如Dave 提到的，那裡取得了非常好的進展，啟動了DOCSIS 4.0，然後增加了120 萬戶家庭，這是我們過去12 個月的記錄並透過現有的資本密集度範圍來完成這一切，這是該行業中最低的一個。所以進展非常好。

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 get capital intensity because of that. If those have good returns and things we should be doing, we'd love to do more there.

當你考慮更長遠的問題時，很多人都在網路升級方面是否會出現下一個重大事件的背景下問這個問題。我們在中分和 DOCSIS 4.0 之間感覺非常舒服，這導致了多千兆對稱速度，這就是未來的網路。所以我們看不到下一件大事的到來。我想指出的一個領域是我們希望建造更多的房屋。我們已經將這一速度從過去幾年的 80 萬提高到現在的 120 萬。因此，我們不會獲得資本密集度。如果這些有良好的回報並且我們應該做的事情，我們很樂意在那裡做更多的事情。

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.

史蒂文，關於Peacock 和媒體EBITDA，我想你說過——無論如何，你沒聽錯，你沒聽錯，自從我開始做這件事以來，我一直在說，我並沒有真正獨立地看待Peacock。我的意思是，這是一個有趣的做法，我很高興分享我們在建造 Peacock 時所遭受的損失，但從戰略上講，如果不走這條路，現有的媒體業務就會呈下降趨勢。所以我認為我們多年來一直在思考這個問題。

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 NBAs once in a generation almost to get an opportunity like that.

我非常有信心，我們圍繞著 Peacock 在媒體業務中所做的事情、共同運營，將使我們走上優化業務的道路。正如你所說，我認為今年我們看到 Peacock 的成長，抵消了我們一些線性業務的下滑。這基本上是我希望看到的趨勢。正如布萊恩所說，事情總會有起起落落，有些人就像 NBA 世代幾乎只有一次這樣的機會。

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 where bringing the media business to a better future by investing behind Peacock and doing it together with all our assets, entertainment, sports and news has 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。我們接受它，但我認為這是這個想法的重要組成部分，即透過投資 Peacock 並與我們所有的資產、娛樂、體育和新聞一起將媒體業務帶向更美好的未來，這就是我們媒體業務的樣子是在未來。

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

嗯，謝謝大家。我想就是這樣。我偷了馬西的台詞。前進。

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

謝謝，史蒂夫。我們的第二季財報電話會議到此結束。感謝您加入我們。

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