康卡斯特 (CMCSA) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast third quarter earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.

早安，女士們先生們，歡迎參加康卡斯特第三季財報電話會議。 （操作員說明）請注意，本次電話會議正在錄音。

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. Joining us on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong, and Dave Watson. I will now refer you to slide 2 of the presentation accompanying this call, which can also be found on our investor relations website, and which contains our Safe Harbor disclaimer. This conference call may include forward-looking statements, subject to certain risks and uncertainties.

謝謝運營商，歡迎大家。加入我們今天電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 Dave Watson。現在，我將向您推薦本次電話會議隨附的簡報的幻燈片 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前瞻性陳述，但存在一定的風險和不確定性。

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

此外，在本次電話會議中，我們將提及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。

Thanks, Marci, and good morning. Before I hand it over to Jason, I'll touch on a few topics that are top of mind for me as we report our third-quarter results and head into the home stretch of 2024. First is convergence, second is Epic Universe, and third is media.

謝謝，瑪西，早安。在將其交給 Jason 之前，我將談談在我們報告第三季業績並進入 2024 年衝刺階段時我最關心的幾個主題。

On convergence, which we define as the combination of ubiquitous highspeed internet along with wireless phone. By that definition, we are positioned to win. And that is because today, we have 63 million homes and businesses already able to receive gig-plus broadband speed, and we also offer wireless service everywhere we provide broadband. This reach far exceeds the fiber footprints of the largest three telecom companies combined, and our footprint is growing at a rapid pace.

關於融合，我們將其定義為無所不在的高速網路與無線電話的結合。根據這個定義，我們有能力獲勝。這是因為今天，我們有 6,300 萬個家庭和企業已經能夠獲得千兆以上的寬頻速度，而且我們還在提供寬頻的任何地方提供無線服務。這項覆蓋範圍遠遠超過了三大電信公司光纖足跡的總和，而且我們的足跡正在快速成長。

In fact, we've extended our network to more than 1.2 million additional homes and businesses over the last 12 months, a 50%-plus increase over what we were able to do just two years ago. So even accounting for the announced fiber buildout plans of those three wireless companies, we expect to maintain this lead well into the future.

事實上，在過去 12 個月裡，我們已將網路擴展到超過 120 萬個家庭和企業，比兩年前增加了 50% 以上。因此，即使考慮到這三家無線公司宣布的光纖建設計劃，我們預計在未來很長一段時間內仍將保持這一領先地位。

Broadband usage is skyrocketing. Our broadband-only customers are heavy data users, averaging 700 gigabytes per month. And we want it that way, because our existing network can handle significant increases in bandwidth consumption at a very low marginal cost.

寬頻使用量正在激增。我們的純寬頻客戶是大量數據用戶，平均每月 700 GB。我們希望如此，因為我們現有的網路可以以非常低的邊際成本處理頻寬消耗的顯著增加。

In addition, we're on a path over the next few years to being able to deliver multi-gigabit symmetrical speeds, which will be competitive with any technology out there. The other side of our converged offering is Xfinity Mobile, which matches the capabilities of any wireless network in America.

此外，我們將在未來幾年內提​​供數千兆位元對稱速度，這將與現有的任何技術競爭。我們融合產品的另一面是 Xfinity Mobile，它與美國任何無線網路的功能相符。

We bundle Xfinity Mobile with our best-in-class broadband service everywhere we compete, at a price that offers great savings to the consumer. And when combined with broadband, our wireless offering both improves churn and increases overall customer satisfaction.

我們在任何競爭的地方都將 Xfinity Mobile 與一流的寬頻服務捆綁在一起，價格可以為消費者節省大量費用。當與寬頻結合時，我們的無線產品既可以改善客戶流失率，又可以提高整體客戶滿意度。

We also look for opportunities to enhance our converged experience; an example being a new feature we are rolling out now called WiFi Boost, which automatically increases Xfinity Mobile customer speeds up to 1 gig on our WiFi network, which is also the largest in the nation.

我們也尋找機會增強我們的融合體驗；一個例子是我們現在推出的一項名為 WiFi Boost 的新功能，它會自動將 Xfinity Mobile 客戶在我們的 WiFi 網路上的速度提高到 1 gig，該網路也是全國最大的。

To close out these comments on convergence, it's important to note that our strategy is proving out in financial performance. Our domestic broadband plus wireless revenue has been growing at 5%, which consistently leads the industry when you look across our competitors.

為了結束這些關於融合的評論，重要的是要注意我們的策略正在財務表現中得到證明。我們國內的寬頻+無線收入一直以5%的速度成長，縱觀我們的競爭對手，這一直處於行業領先地位。

The second topic I want to touch on is Epic Universe, which will be the most groundbreaking park ever introduced in the United States. We recently announced that Epic will open on May 22 of 2025 and have also started to activate our sales and marketing plans, including the sale of vacation packages that provide the opportunity to visit Epic, which we expect to be in very high demand.

我想談的第二個主題是史詩宇宙，這將是美國有史以來最具開創性的樂園。我們最近宣布 Epic 將於 2025 年 5 月 22 日開業，並開始啟動我們的銷售和行銷計劃，包括銷售提供參觀 Epic 機會的度假套餐，我們預計該套餐的需求量將會非常大。

This park will offer a level of immersion that is unmatched, transporting guests to expansive worlds featuring more than 50 awe-inspiring attractions, entertainment, dining, and shopping experiences. Once Epic opens, Universal Orlando will be transformed into a week's-long vacation, offering four theme parks, a city-walk, dining, retail, and entertainment district, and 11 hotels.

公園將提供無與倫比的沉浸感，將遊客帶入擁有 50 多個令人驚嘆的景點、娛樂、餐飲和購物體驗的廣闊世界。 Epic 開幕後，奧蘭多環球影城將轉變為為期一週的假期，提供四個主題樂園、城市步道、餐飲、零售和娛樂區以及 11 間飯店。

Epic will build on everything we've excelled at in the present and in the past, and make it even better by infusing iconic storytelling with cutting-edge technology in five fully-themed worlds, each one telling a fantastic story based on world-renowned movies and literature such as Dark Universe, which capitalizes on our Universal Monster franchise, Isle of Berk, which brings DreamWorks' How to Train Your Dragon to life. There is the wizarding world of Harry Potter, Ministry of Magic, as well as SUPER NINTENDO WORLD, and all of these are connected by Celestial Park, a world in and of itself. We could not be more excited for what's ahead of us with Epic, and our entire destination and experiences business.

Epic 將建立在我們現在和過去所擅長的一切基礎上，並透過在五個全主題世界中融入標誌性的故事講述和尖端技術來使其變得更好，每個世界都講述一個基於世界知名精彩的故事電影和文學作品，例如《黑暗宇宙》，它利用了我們的環球怪獸系列；《伯克島》，它使夢工廠的《馴龍高手》栩栩如生。這裡有哈利波特的魔法世界、魔法部、還有超級任天堂世界，所有這些都由天界公園連結起來，這本身就是一個世界。我們對 Epic 以及我們整個目的地和體驗業務的未來感到無比興奮。

Finally, let me talk about media, where the truly outstanding and universally praised production of the Paris Olympics demonstrated the power of NBC broadcast and Peacock. We brought new relevance and excitement to the Olympics by flawlessly presenting the biggest and most complex Olympic games in history, dominating television, streaming, news, and social media for 17 straight days.

最後說一下媒體，巴黎奧運真正出色、廣受讚譽的製作展現了NBC轉播和Peacock的力量。我們完美地呈現了歷史上最大、最複雜的奧運會，連續 17 天佔據電視、串流媒體、新聞和社交媒體的主導地位，為奧運會帶來了新的相關性和興奮點。

Daily viewership averaged over 30 million across our platforms; an increase of 80% compared to the prior Summer Olympics in 2021. And Peacock streamed 23.5 billion minutes, up 40% from all prior summer and Winter Olympics combined; all of this leading to a record-high $1.9 billion of incremental Olympics revenue in our media segment this third quarter.

我們的平台日均觀看人數超過 3,000 萬人；與 2021 年夏季奧運會相比，增長了 80%。所有這些使得我們第三季媒體部門的奧運收入增量達到創紀錄的 19 億美元。

We achieved this result by leaning in with the full symphony of Comcast NBCUniversal playing together and a big bet on new ideas and innovation that paid off. We are all very grateful to our NBC sports team and look forward to them bringing the lessons learned and momentum to our entire sports portfolio, especially as we begin to prepare for the relaunch of our partnership with the NBA, starting with the 2025-2026 season.

我們透過康卡斯特 NBCUniversal 的完整交響曲的共同演奏以及對新想法和創新的巨大押注取得了這一成果。我們都非常感謝 NBC 體育團隊，並期待他們為我們的整個體育項目帶來經驗教訓和動力，特別是當我們開始準備從 2025-2026 賽季開始重新啟動與 NBA 的合作夥伴關係時。

The regular and post-season NBA games across both NBC and Peacock, in addition to a number of exclusive Peacock games, will bring in broad and diverse audiences, allowing us to also 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.

NBC 和 Peacock 的常規賽和季後 NBA 比賽，以及一些獨家 Peacock 比賽，將吸引廣泛且多樣化的觀眾，使我們能夠創造新的娛樂內容，在籃球賽季之外提供令人興奮的機會針對利用NBA流行文化吸引力的配套節目和行銷合作。

Before I hand it over to Jason, let me talk about our recent execution against an outlook for our capital allocation priorities, which are threefold: to maintain a very strong balance sheet, which we feel great about given the industry low leverage we maintain; to return significant capital to our shareholders, which we have done consistently since we reinstated our buyback program in May 2021, and have since returned $50 billion of capital equaling 100% of our free cash flow and reducing our share count by 20%; and third, to invest in our growth businesses both organically and inorganically.

在我把它交給傑森之前，讓我談談我們最近對資本配置優先事項前景的執行情況，這有三個方面：保持非常強勁的資產負債表，鑑於我們維持行業低槓桿率，我們對此感到非常高興；向股東返還大量資本，自2021 年5 月恢復回購計畫以來，我們一直這樣做，並已返還500 億美元資本，相當於我們自由現金流的100%，並將我們的股份數量減少了20% ；第三，有機和無機地投資我們的成長型業務。

Organically, we've invested heavily in our growth businesses including the upgrade of our broadband network to a ubiquitous 1 gig speeds and counting; the incubation, launch, and success of our wireless and business services units; the investment in Peacock and our studios; and the creation of the Epic Universe theme park, to name just a few.

從有機方面來說，我們對成長型業務進行了大量投資，包括將寬頻網路升級到無處不在的 1 gig 速度並不斷增加；我們的無線和商業服務部門的孵化、啟動和成功；對 Peacock 和我們工作室的投資；以及史詩宇宙主題樂園的創建等等。

And while we remain most focused on driving our growth businesses, we also look to maximize the significant legacy value in our portfolio of more mature businesses. As you know, we chose not to participate in the M&A process around Paramount in the earlier part of this year. But we would consider partnerships in streaming despite their complexities.

雖然我們仍然最專注於推動業務成長，但我們也希望最大限度地發揮更成熟業務組合中的重要遺產價值。如你所知，今年早些時候我們選擇不參與派拉蒙的併購過程。但我們會考慮在串流媒體領域建立合作夥伴關係，儘管它們很複雜。

And like many of our peers in media, we are experiencing the effects of the transition in our video businesses and have been studying the best path forward for these assets. To that end, we are now exploring whether creating a new well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders. We are not ready to talk about any specifics yet, but we'll be back to you as and when we reach firm conclusions.

與許多媒體同行一樣，我們正在經歷視訊業務轉型的影響，並一直在研究這些資產的最佳前進道路。為此，我們現在正在探索創建一家由我們的股東擁有並由我們強大的有線網絡組合組成的資本充足的新公司是否將使他們能夠利用不斷變化的媒體格局中的機會並為我們的股東創造價值。我們還沒有準備好談論任何細節，但當我們得出明確的結論時，我們會回覆您。

And to sum it up, we are very proud of the job we've done on the capital allocation front over the past few years, and we are highly motivated to maintain the same level of discipline.

總而言之，我們對過去幾年在資本配置方面所做的工作感到非常自豪，我們非常有動力保持同樣的紀律程度。

With that, it's over to you, Jason.

至此，一切就交給你了，傑森。

Thanks, Mike, and good morning, everybody. I'll start with our consolidated results, on slide 3.

謝謝，麥克，大家早安。我將從幻燈片 3 上的綜合結果開始。

Total revenue increased 6.5% to $32.1 billion, benefiting from NBCUniversal's highly successful airing of the Paris Olympics. Excluding the Olympics, our revenue was relatively flat year-over-year. Our six major growth drivers including residential broadband, wireless, business services connectivity, theme parks, streaming, and premium content in our studios generated nearly $18 billion in revenue; well over half of our total company revenue, and grew 9% in the quarter and at a mid-single digit rate over the past 12 months.

由於 NBCUniversal 對巴黎奧運的成功轉播，總收入成長了 6.5%，達到 321 億美元。不包括奧運會，我們的收入同比相對持平。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，創造了近 180 億美元的收入；遠遠超過我們公司總收入的一半，本季度增長了 9%，並且在過去 12 個月中以中個位數的速度增長。

Total EBITDA decreased 2% to $9.70 billion, while we generated free cash flow of $3.4 billion during the third quarter and returned $3.2 billion of capital to shareholders, including $2 billion in share repurchases. Over the last 12 months, we've reduced our share count by 6%, contributing to our adjusted EPS growth in the quarter of 3%.

EBITDA 總額下降 2%，至 97 億美元，而第三季我們產生了 34 億美元的自由現金流，並向股東返還了 32 億美元的資本，其中包括 20 億美元的股票回購。在過去 12 個月中，我們的股份數量減少了 6%，導致本季調整後每股收益成長 3%。

Let's dive deeper into our results for the third quarter, 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 year over year at $20.3 billion, reflecting strong growth in our connectivity businesses and political advertising, offset by declines in video and voice revenue, as well as nonpolitical advertising in our domestic and international markets.

讓我們從幻燈片 4 的連結和平台開始，更深入地了解第三季的業績。像往常一樣，我將提到我們在固定匯率基礎上的同比增長。連接和平台總收入同比保持在 203 億美元，反映出我們的連接業務和政治廣告的強勁增長，但被視頻和語音收入以及國內和國際市場的非政治廣告收入的下降所抵消。

Residential connectivity revenue grew 5%, comprised of 3% growth in domestic broadband, 19% growth in domestic wireless, and 8% growth in international connectivity. Business services connectivity revenue also grew 5%.

住宅連線收入成長 5%，其中國內寬頻成長 3%，國內無線成長 19%，國際連線成長 8%。商業服務連結收入也成長了 5%。

In domestic broadband, our revenue growth was driven by ARPU growth of 3.6%, another strong result in the context of a continued competitive backdrop. Our team continues to effectively balance rate and volume through customer segmentation.

在國內寬頻方面，我們的營收成長是由 ARPU 成長 3.6% 推動的，這是在持續競爭背景下的另一個強勁業績。我們的團隊繼續透過客戶細分有效地平衡價格和數量。

In terms of broadband subscribers, we reported a net loss of 87,000 in the quarter, which included an estimated net impact of 96,000 associated with the end of ACP. Excluding this ACP-related subscriber loss, we would have reported positive 9,000 broadband net additions in the third quarter.

就寬頻用戶而言，我們報告本季淨流失 87,000 名用戶，其中包括與 ACP 結束相關的估計淨影響 96,000 名。如果排除與 ACP 相關的用戶流失，我們將報告第三季寬頻淨增數為 9,000。

Before I cover ACP in more detail, I want to spend a moment addressing the quarter's underlying results in broadband. Keep in mind that in the third quarter, we typically benefit from seasonal tailwinds due to back-to-school activity. And this year was no different as we performed very well in that category. In addition, we believe we also benefited to some extent from a competitor's work stoppage as well as from leveraging the Olympics by investing in incremental nationwide brand marketing behind our Olympic-related offers.

在更詳細地介紹 ACP 之前，我想花點時間討論本季寬頻的基本結果。請記住，在第三季度，我們通常會受益於返校活動帶來的季節性順風。今年也不例外，我們在該類別中表現非常出色。此外，我們相信，我們也在一定程度上受益於競爭對手的停工，以及透過投資於奧運相關產品背後的增量全國品牌行銷來利用奧運。

Now let me cover ACP. As I mentioned, we had 96,000 losses related to ACP in the quarter. That's roughly one-third direct losses we experienced in the quarter and the other two-thirds reflects a reserve we took for the number of subscribers that we predict will turn in the coming months due to a non-pay or delinquency status.

現在讓我介紹 ACP。正如我所提到的，本季我們有 96,000 筆與 ACP 相關的損失。這大約是我們在本季度經歷的直接損失的三分之一，另外三分之二反映了我們對訂戶數量的保留，我們預計這些訂戶數量將在未來幾個月內因未付費或拖欠狀態而轉變。

Turning to domestic wireless. Revenue growth was mainly driven by service revenue, fueled by strong growth in customer lines, which were up over 1.2 million or 20% year over year, reaching 7.5 million in total, including 319,000 line additions this quarter. Importantly, our wireless customers are also broadband customers, and when bundled together, drive overall customer relationship ARPU growth, churn benefits for broadband, and higher profitability.

轉向國內無線。營收成長主要由服務營收推動，客戶線路強勁成長，年增超過120萬戶，增幅20%，總數達750萬戶，其中本季新增31.9萬戶。重要的是，我們的無線客戶也是寬頻客戶，當捆綁在一起時，可以推動整體客戶關係 ARPU 成長、寬頻流失效益和更高的獲利能力。

With wireless penetration at 12% of our broadband subscriber base, we have a very long runway for growth. We're pleased with our strategy and we'll continue to test new converged offers to capitalize on the significant opportunities we see ahead of us in wireless, including both increasing the penetration of our domestic residential broadband customer base, as well as selling additional lines per account.

我們的寬頻用戶群的無線普及率為 12%，我們的成長空間還很長。我們對我們的策略感到滿意，我們將繼續測試新的融合產品，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，以及銷售額外的線路每個帳戶。

And just to reiterate what Mike mentioned, we have an incredible hand to play in convergence. We currently have an offering for gig-plus speeds and wireless available ubiquitously to our footprint of 63 million homes and businesses today. And by ubiquitous, I mean, we are not making any network tradeoffs and every customer gets access to the same offerings.

重申一下麥克提到的，我們在融合方面擁有令人難以置信的優勢。目前，我們為 6,300 萬個家庭和企業提供無所不在的超千兆速度和無線服務。我所說的無所不在，是指我們不會進行任何網路權衡，每個客戶都可以存取相同的產品。

We believe we have a leadership position in convergence, and we think we can sustain that. We're on a clear path to offer multi-gig symmetrical speeds and we'll continue to grow our footprint, projecting to add over 1.2 million new homes passed this year.

我們相信我們在融合方面處於領先地位，我們認為我們可以維持這一地位。我們正在一條明確的道路上提供多千兆對稱速度，並且我們將繼續擴大我們的足跡，預計今年將增加超過 120 萬套新住宅。

International connectivity revenue growth of 8% was driven by broadband, reflecting strong ARPU growth, and in wireless, healthy service revenue growth was offset by lower device revenue. Business services connectivity, revenue growth of 5% reflects steady growth in small business, and even faster growth in enterprise.

國際連接收入成長 8% 是由寬頻推動的，反映出 ARPU 的強勁成長，而在無線領域，健康的服務收入成長被設備收入的下降所抵消。商業服務連結性收入成長5%反映了小型企業的穩定成長，以及企業的更快成長。

In small business, it continues to be a competitive market, but we are growing revenue with ARPU growth driven by higher adoption of a suite of additional products that expand our relationship with our SMB customers. At the enterprise level, we are taking share and continue to scale this business. In advertising, growth of 2% reflects stronger political revenue this quarter, partially offset by lower nonpolitical domestic and international advertising revenue.

在小型企業中，這仍然是一個競爭激烈的市場，但我們的收入隨著每用戶平均收入(ARPU) 的增長而增長，這得益於一系列附加產品的採用率的提高，這些產品擴大了我們與中小型企業客戶的關係。在企業層面，我們正在佔據份額並繼續擴大這項業務。在廣告方面，2% 的成長反映了本季政治收入的成長，但部分被國內和國際非政治廣告收入的下降所抵消。

Finally, video and other revenue declined in the quarter. The 7% 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 continued customer losses in wireline voice.

最後，影片和其他收入在本季度有所下降。我們的影片收入下降 7%，是由於客戶持續流失以及國內 ARPU 成長較去年放緩所致。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 platform's total EBITDA was consistent year over year, at $8.3 billion, with margins up 50 basis points, reflecting a decline in overall expenses driven by the continued mix shift to our higher margin connectivity businesses, and ongoing expense management, partially offset by an increase in marketing and promotion expense, driven by our incremental brand marketing investment during the Paris Olympics.

連接和平台的EBITDA 總額與去年同期持平，為83 億美元，利潤率增長50 個基點，反映出由於持續向利潤率較高的連接業務的組合轉型以及持續的費用管理，整體費用有所下降，但部分被巴黎奧運期間我們增量的品牌行銷投資推動了行銷和促銷費用的增加。

Breaking out our connectivity and platforms' EBITDA results further, residential EBITDA was consistent with margins improving 40 basis points to 38.6%. And business services EBITDA growth was at a mid single-digit rate with margins fairly stable at 57.4%.

進一步分析我們的連接和平台的 EBITDA 結果，住宅 EBITDA 與利潤率提高 40 個基點至 38.6% 一致。商業服務 EBITDA 成長率為中等個位數，利潤率相當穩定，為 57.4%。

Rounding out connectivity and platforms, I'd note that our business continues to evolve as the mix shifts towards our connectivity growth drivers. As such, you've seen us take some cost reduction actions in our fourth quarter for the past several years. We expect to take similar actions again this fourth quarter at about an equal magnitude to last year.

在連接和平台方面，我要指出的是，隨著組合轉向我們的連接成長驅動力，我們的業務不斷發展。因此，您已經看到我們在過去幾年的第四季採取了一些成本削減措施。我們預計第四季將再次採取與去年同等規模的類似行動。

Now let's turn to content and experiences on slide 5. Revenue increased 19% to $12.6 billion and EBITDA decreased 9% to $1.8 billion. At theme parks, revenue decreased 5%, and EBITDA declined 14% in the quarter compared to last year's all-time record high.

現在讓我們轉向幻燈片 5 上的內容和體驗。與去年的歷史新高相比，主題樂園的營收下降了 5%，本季 EBITDA 下降了 14%。

The majority of the decline was driven by lower attendance at our domestic parks when compared to last year. As we've highlighted, our view is there was both a pull forward of demand that we clearly saw in 2022 and 2023, which were record years for the theme parks and beyond our expectations, as well as the new attraction pipeline, which is light this year, but building towards a substantial pipeline next year.

下降的主要原因是與去年相比，我們國內公園的遊客人數減少。正如我們所強調的，我們的觀點是，我們在2022 年和2023 年清楚地看到了需求的拉動，這對主題公園來說是創紀錄的年份，超出了我們的預期，而且新的景點管道也很輕。

We think these factors will likely be in place until the second quarter of next year, which is both when we start to lap the pressure we saw this year and the launch of Epic Universe.

我們認為這些因素可能會持續到明年第二季度，屆時我們將開始承受今年的壓力，並推出《史詩宇宙》。

Looking ahead, we couldn't be more excited about Epic Universe, and how it will transform Universal Orlando into a weeklong destination. And as we gear up for the May 2025 opening, we expect to incur preopening costs of about $150 million in total over the fourth quarter this year and the first quarter next year. We remain bullish about the long-term trajectory of parks.

展望未來，我們對 Epic Universe 以及它將如何將奧蘭多環球影城轉變為為期一周的目的地感到無比興奮。隨著我們為 2025 年 5 月開業做準備，我們預計今年第四季和明年第一季總共會產生約 1.5 億美元的開業前成本。我們仍然看好公園的長期發展軌跡。

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 rollercoaster in Hollywood, as well as Universal Horror Unleashed in Vegas and our Universal Kids' Resort coming to Texas.

除了史詩宇宙之外，我們還將推出一系列精彩的新景點和體驗。大阪的大金剛鄉村、好萊塢的速度與激情過山車、維加斯的環球恐怖片以及即將來到德克薩斯州的環球兒童度假村。

Now let's turn to media, where revenue increased 37% to $8.2 billion including the strong results from the Paris Olympics, which generated $1.9 billion in revenue, a record level for any Olympics. Strength in the Olympics was mainly driven by a record $1.4 billion in advertising revenue, with Peacock contributing over $300 million of that.

現在讓我們轉向媒體，收入成長了 37%，達到 82 億美元，其中包括巴黎奧運會的強勁業績，該項目創造了 19 億美元的收入，創歷屆奧運會的創紀錄水平。奧運的強勢主要得益於創紀錄的 14 億美元廣告收入，其中 Peacock 貢獻了超過 3 億美元。

Excluding the Olympics, total advertising revenue was flat year over year, as the overall market remained stable, while total media revenue increased 5%, driven by an exceptional quarter for Peacock. Revenue growth for Peacock was 82% and still a very robust, greater than 40% excluding the Olympics.

不包括奧運會，廣告總收入同比持平，因為整體市場保持穩定，而媒體總收入在 Peacock 季度表現出色的推動下增長了 5%。 Peacock 的營收成長了 82%，而且仍然非常強勁，不包括奧運的話，營收成長超過 40%。

This was also a strong quarter for Peacock paid subscribers, as we added 3 million net new additions driven not only by the Olympics, but also the return of the NFL, including our Peacock exclusive NFL game from Brazil, the return of the Big Ten, and several entertainment hits during the quarter including Love Island, Bel Air, and Fight Night.

對於Peacock 付費用戶來說，這個季度也表現強勁，我們淨新增300 萬用戶，這不僅是由奧運會推動的，而且還受NFL 回歸的推動，其中包括來自巴西的Peacock 獨家NFL 比賽、十大聯盟的回歸、本季還有幾部熱門娛樂節目，包括《Love Island》、《Bel Air》和《Fight Night》。

Looking ahead, we will continue to be focused on strong revenue growth and improving profitability at Peacock, in the broader context of expected revenue and profit growth across the entire media segment. Media EBITDA in the quarter declined 10% to $650 million.

展望未來，在整個媒體領域預期收入和利潤成長的更廣泛背景下，我們將繼續關注孔雀的強勁收入成長和提高獲利能力。該季度媒體 EBITDA 下降 10%，至 6.5 億美元。

But this was largely timing-related as a profitable Olympics was offset by higher expenses due to the timing of other sports, including two additional NFL games in the quarter, an additional Sunday Night Football game, and Peacock's exclusive game from Brazil.

但這在很大程度上與時間安排有關，因為盈利的奧運會被其他體育項目時間表帶來的較高費用所抵消，包括本季度額外的兩場NFL 比賽、額外的周日晚間橄欖球比賽以及孔雀在巴西的獨家比賽。

At studios, revenue increased 12% and EBITDA increased 9% driven by the success of our film slate, including Despicable Me 4, as well as Twisters. Year-to-date, we have three of the top-10 box office titles, including Twisters, Kung Fu Panda 4, and Despicable Me 4, which has already grossed nearly $1 billion, and it's the first animated franchise in the industry to surpass $5 billion in global box office.

在電影公司（包括《神偷奶爸 4》和《龍捲風》）的成功推動下，電影公司的營收成長了 12%，EBITDA 成長了 9%。今年迄今為止，我們佔據了票房前10 名的三部作品，包括《龍捲風》、《功夫熊貓4》和《神偷奶爸4》，後者的票房收入已接近10 億美元，並且是業界第一部超過《神偷奶爸》的動畫系列電影。

Looking to the fourth quarter, Wild Robot debuted in September to terrific reviews and has had nice success at the box office, a great achievement for original animation, and we are particularly excited about Wicked opening in November. I'll wrap up with free cash flow and capital allocation on slide 6.

展望第四季度，《狂野機器人》於九月首映，好評如潮，票房也取得了不錯的成績，這對於原創動畫來說是一個巨大的成就，我們對十一月上映的《魔法壞女巫》感到特別興奮。我將在投影片 6 中介紹自由現金流和資本配置。

As I mentioned earlier, we generated $3.4 billion in free cash flow this quarter and achieved this even with significant organic investment. The $3.6 billion in total capital expenditures this quarter reflects spending to bolster our six key growth areas and most significantly, our efforts in expanding our connectivity footprint through accelerating homes passed, and further strengthening our domestic broadband network, and the continued buildout of our Epic Universe Theme Park ahead of its opening in May of 2025.

正如我之前提到的，我們本季產生了 34 億美元的自由現金流，即使有大量的有機投資也實現了這一目標。本季36 億美元的總資本支出反映了支持我們的六個關鍵成長領域的支出，最重要的是，我們透過加快入戶速度、進一步加強我們的國內寬頻網路以及持續建造我們的Epic Universe 來擴大我們的連結足跡。

Turning to return of capital, we returned a total of $3.2 billion to shareholders in the quarter including share repurchases of $2 billion and dividend payments of $1.2 billion. In fact, our share count has been consistently shrinking mid-single-digits on an annual basis for the past several years. We've been straightforward and consistent in our priorities around investing in our six key growth drivers, protecting our strong balance sheet and returning a significant amount of capital to the shareholders. This quarter is yet another example of that.

談到資本回報，本季我們總共向股東回報了 32 億美元，其中包括 20 億美元的股票回購和 12 億美元的股息支付。事實上，過去幾年我們的股票數量每年都在持續減少中個位數。我們在投資六大關鍵成長動力、保護我們強勁的資產負債表以及向股東返還大量資本方面的優先事項一直是直截了當且一致的。本季是另一個例子。

Now let's turn it back to Marci for Q&A. Marci?

現在讓我們將其轉回 Marci 進行問答。馬西？

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

謝謝，傑森。操作員。請讓我們開始問答電話。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Thanks. Good morning. Mike, just coming back to your comments on strategic reviews on the media side, which obviously are quite interesting. Can you talk a little bit about the assets you're looking at in this portfolio review? It sounded like domestic cable networks, but you also mentioned streaming.

謝謝。早安.麥克，剛才回到您對媒體方面的策略審查的評論，這顯然非常有趣。您能談談您在本次投資組合審查中關注的資產嗎？聽起來像是國內有線電視網絡，但你也提到了串流媒體。

And in particular around your point about complexity, trying to think about the ability or challenges of separating Peacock from your Linear Networks. Maybe it's not as complex as I'm thinking, but operationally, how do you think through the pieces? And do those assets need to travel together or perhaps not?

特別是圍繞您關於複雜性的觀點，試著思考將 Peacock 與線性網路分開的能力或挑戰。也許它沒有我想像的那麼複雜，但是從操作上來說，你是如何思考這些碎片的？這些資產是否需要一起運送？

And then for either Dave or Jason, just would love to hear how you guys are thinking about the fourth quarter broadband subscribers. Do you think you can be -- can grow again in Q4, given normal seasonality and other factors as we move beyond ACP? Thanks so much.

對於戴夫或傑森來說，他們很想聽聽你們對第四季寬頻用戶的看法。考慮到正常的季節性和其他因素，隨著我們超越 ACP，您認為您可以在第四季度再次成長嗎？非常感謝。

Thanks, Ben. It's Mike. So let me be clear and just for everybody that may be just picking up on this, I want to be clear about what I said, is that we're going to commence a study of whether there is a good idea in the idea of creating a new well-capitalized company that would go to our shareholders, existing shareholders of -- comprised of our cable portfolio networks. So that's the group. It's -- I'm not talking about Peacock or broadcast. So that's what I said before.

謝謝，本。是麥克。因此，讓我澄清一下，對於每個可能剛剛注意到這一點的人，我想澄清我所說的是，我們將開始一項研究，看看創建這個想法是否有一個好主意。新公司將歸我們的股東所有，現有股東由我們的有線電視投資組合網絡組成。這就是這個團體。我不是說孔雀或廣播。這就是我之前所說的。

And I think the questions about how to do it are the reason we're announcing here, that we want to study it. There are a lot of questions to which we don't have answers so we want to do the work, and we want to do the work with transparency around it so that as rumors fly and the like, we expect that. But we want our shareholders to understand what we're willing to look at.

我認為關於如何做到這一點的問題是我們在這裡宣布我們想要研究它的原因。有很多問題我們沒有答案，所以我們想要進行這項工作，並且我們希望以透明的方式開展工作，這樣當謠言四起時，我們就可以預料到這一點。但我們希望我們的股東了解我們願意專注於什麼。

And that's in the context of broader we look at a lot of things. And I do think in a moment of a lot of transition in the industries we're part of, I think we've got a very strong hand given the strength of the businesses. We just went through all of them with third quarter results, and I think I'm proud of every part of it. And I think the idea of playing some offense when you combine the balance sheet strength that we have, the assets we have, and the management team we have, there may be some smart things to do, and we want to study that.

這是在更廣泛的背景下我們看待很多事情。我確實認為，在我們所屬產業發生大量轉型的時刻，考慮到企業的實力，我認為我們擁有非常強大的實力。我們剛剛完成了所有這些工作並得出了第三季的業績，我想我對其中的每一部分都感到自豪。我認為，當你將我們擁有的資產負債表實力、我們擁有的資產以及我們擁有的管理團隊結合起來時，採取一些進攻的想法，可能會有一些明智的事情要做，我們想要研究這一點。

Okay. Ben, this is Dave. Let me go into broadband. I think before getting to Q4, I think providing just a little bit of context on Q3 is important and -- starts with the underlying market that remains competitively intense. So that hasn't changed. It continues. But we are pleased with our overall performance in Q3, and it was driven at the very top level with very good execution on the fundamentals.

好的。本，這是戴夫。讓我來談談寬頻。我認為在進入第四季度之前，我認為提供一些有關第三季度的背景資訊很重要，並且從競爭仍然激烈的基礎市場開始。所以這並沒有改變。它還在繼續。但我們對第三季的整體表現感到滿意，它是在最高水準上推動的，並且在基本面方面執行得非常好。

But as Jason said, there are three factors that were unique to Q3: one is back-to-school, always a contributor to Q3. We did perform well this Q3, and did around the same level as last year in back-to-school activity. So that's number one.

但正如傑森所說，第三季有三個獨特的因素：一是返校，始終是第三季的貢獻者。我們在第三季確實表現良好，在返校活動中與去年的水平大致相同。所以這是第一。

Number two, the Olympics; not only good for NBC, good for cable and connectivity and platforms. So we did invest in, I think, a really effective go-to-market plan; strong offers, good product positioning. And the Olympics provide perhaps the best showcase for us to talk about what's fully capable, end-to-end with great content being easy and simple to access. And people are highly engaged and so it was an overall good plan, but that drove consideration unique to that time frame.

第二，奧運；不僅有利於 NBC，也有利於有線電視、連結和平台。所以我認為我們確實投資了一個真正有效的上市計劃；強大的優惠，良好的產品定位。奧運會也許為我們提供了最好的展示機會，讓我們能夠端到端地討論什麼是完全有能力的，並且可以輕鬆訪問的精彩內容。人們高度參與，因此這是一個總體上好的計劃，但這推動了該時間範圍內獨特的考慮。

And the third one was the AT&T labor work stoppage. It was limited to part of the footprint. And it was, I think, about a 30-day thing. Not a major driver, but it did have an impact. So if you exclude the incremental benefits of the Olympics and the competitor's work stoppage as well as the ACP impact, while it is tough to completely pinpoint, our best estimate is HSD subs would have been slightly worse than last year's Q3.

第三個是AT&T工人停工。它僅限於部分足跡。我想，這大約是 30 天的事。雖然不是主要驅動因素，但確實產生了影響。因此，如果排除奧運帶來的增量效益、競爭對手停工以及 ACP 的影響，雖然很難完全確定，但我們最好的估計是 HSD 潛艇的表現會比去年第三季度稍差。

So then you shift to Q4, to your question. Let me remind you and everyone, first off, we had two hurricanes impact some of our cable systems. And while we're still assessing the impact, from what we can see today, the potential impact looks like it could be really significantly less than the impact from Hurricane Ian in 2022 in terms of both subscriber and financial impacts. But we don't have an exact number to share at this moment. But there will be some impact tied to the two hurricanes.

那你就轉向第四個問題，回答你的問題。讓我提醒大家，首先，兩場颶風影響了我們的一些有線電視系統。雖然我們仍在評估其影響，但從我們今天所看到的情況來看，就訂戶和財務影響而言，潛在影響可能確實比 2022 年伊恩颶風的影響要小得多。但目前我們沒有確切的數字可以分享。但這將會產生一些與兩場颶風有關的影響。

Also, in Q4, while the return of seasonals to the Southeast usually provides a good tailwind, not like back-to-school, but still a nice impact. We'll have to see what the potential impact we see with this activity due to the hurricanes.

此外，在第四季度，雖然東南部季節的回歸通常會提供良好的順風，不像返校，但仍然會產生不錯的影響。我們必須看看颶風對這項活動有何潛在影響。

So going to Q4, the underlying environment remains the same, very competitive. But remind you also that we expect churn to continue to remain low levels as we focus on retention channel management, our segmented approach and leveraging offers and product packaging, with mobile being front and center, but leveraging everything, including new video products like NOW TV, NOW Latino and StreamSaver, all surrounding broadband with good value.

因此，進入第四季度，基本環境保持不變，競爭非常激烈。但也要提醒您，我們預期客戶流失率將繼續保持在較低水平，因為我們專注於保留通路管理、細分方法以及利用優惠和產品包裝，以行動裝置為前沿和中心，但充分利用一切，包括NOW TV 等新視訊產品、NOW Latino 和 StreamSaver，所有周邊寬頻都具有良好的價值。

And at the same time, we're introducing -- we're excited about AI and what we can do in every single sales channel, including retention. So we're rolling that out. But the last point to remind you, Q4 doesn't have back-to-school. So that's where we're at, and perspective in Q4.

同時，我們對人工智慧以及我們在每個銷售管道中可以做的事情（包括保留）感到興奮。所以我們正在推出它。但最後一點要提醒大家的是，第四季沒有返校。這就是我們對第四季的現狀和看法。

Thanks very much.

非常感謝。

Thanks, Ben. Operator, we'll take the next question.

謝謝，本。接線員，我們將回答下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內桑森。

Hi, thank you. Two questions, if I could. Let me start on the theme park side. As you look forward to Epic for next year, first, how do we think about the capacity of Epic? And how do you think about balancing the potential demand in terms of volume versus perhaps trying to more significantly price it so that you get a better experience with lower crowds? I'm just wondering how you think about that balance.

你好，謝謝。如果可以的話，有兩個問題。讓我從主題公園方面開始。當你對明年的Epic充滿期待時，首先我們如何看待Epic的容量？您如何考慮在數量方面平衡潛在需求，或嘗試更大幅度地定價，以便在較少的人群中獲得更好的體驗？我只是想知道你如何看待這種平衡。

And then a housekeeping question, by the way, is are you seeing -- you mentioned $150 million of cost expected in Q4. Should we -- was there anything in Q3 that we should be aware of in terms of Epic anticipation costs?

順便說一句，一個內務管理問題是，您提到第四季度預計成本為 1.5 億美元。我們是否應該——在第三季的史詩預期成本方面有什麼我們應該注意的嗎？

And then on the cable side, if I could just squeeze in one more. How are you thinking about BEAD at the moment? And at the rate that you're expanding the footprint, should we expect any significant capital intensity changes as you have now a little more insight about the BEAD program and what you might do in rural markets?

然後在電纜一側，如果我能再擠一根的話。您現在對 BEAD 有什麼看法？按照你們擴大足跡的速度，我們是否應該預期資本密集度會發生重大變化，因為你們現在對 BEAD 計劃以及你們可能在農村市場做什麼有了更多的了解？

Hey Craig, let me just hit your quick question on just the preopening costs around Epic. So for third quarter, minimal cost there, I'd say, in the range of $20 million or so in terms of preopening costs. We did say, just to clarify your comment, you said $150 million for fourth quarter. What I said in my prepared remarks was $150 million in preopening costs split between the fourth quarter and the first quarter. I think between the two, it will be more weighted towards the first quarter.

嘿，克雷格，讓我簡單回答一下您關於 Epic 開業前費用的快速問題。因此，我想說，第三季的開業前成本最低，約為 2000 萬美元左右。我們確實說過，只是為了澄清您的評論，您說第四季為 1.5 億美元。我在準備好的發言中所說的是第四季和第一季分攤的開業前成本為 1.5 億美元。我認為在兩者之間，第一季的比重會更大。

Yeah, Craig. This is Mike. So on Epic, like I said, we couldn't be more excited. It is our most ambitious parks experience we've ever put together, right? So it will warrant a premium and -- think about ticket pricing at a premium level, but consistent with the market in Orlando. But I think the way to think about how we're going to manage it, and we started this with we want to drive Orlando.

是的，克雷格。這是麥克。因此，正如我所說，對於 Epic，我們感到非常興奮。這是我們有史以來最雄心勃勃的公園體驗，對吧？因此，它將保證溢價，並考慮溢價水平的門票定價，但與奧蘭多的市場一致。但我認為我們要考慮如何管理它，我們從想要推動奧蘭多開始。

We've got now the -- one of the -- in addition to being what it is, a stand-alone park that's going to be magnificent, it transforms Universal Orlando into a weeks' long vacation with the other existing parks. So I think we'll look at it through the lens of how to optimize the totality of our Orlando footprint while making sure the park-goer experience is a great experience for Epic, which we on itself priced at a premium.

我們現在擁有了——其中之一——除了它本身的樣子之外，一個宏偉的獨立公園，它把奧蘭多環球影城變成了與其他現有公園一起為期一周的長假。因此，我認為我們將從如何優化奧蘭多足跡的整體角度來看待這個問題，同時確保公園遊客的體驗對 Epic 來說是一次很棒的體驗，而我們本身定價就很高。

We are seeing great demand in the early days since we announced that May 22 next year is opening day, and we'll be putting together a lot of NBCUniversal Symphony effort to now raise awareness of the park, as you see in the months and months ahead and leading up to opening day.

自從我們宣布明年5 月22 日為開放日以來，我們在早期就看到了巨大的需求，我們將與NBC 環球交響樂團一起努力，以提高人們對公園的認識，正如您在接下來的幾個月中所看到的並在開幕日之前進行。

Hi Craig, you got Dave here. So on BEAD, obviously, the process is ongoing. And to the extent we are successful, and we will -- we're looking at it and planning around it. I think we certainly expect to be there. This is more of a 2025 and beyond, the opportunity. So this is -- we are active in federal, really the state level, a lot of the states have offices of broadband established to look at this. The rules are being finalized as we speak.

嗨，克雷格，戴夫來了。顯然，在 BEAD 上，這個過程正在進行中。就我們成功而言，我們將會——我們正在研究它並圍繞它進行規劃。我想我們當然希望能夠在那裡。這更像是 2025 年及以後的機會。所以，我們在聯邦層面，其實是州層級都很活躍，很多州都設立了寬頻辦公室來關注這個問題。截至我們發言時，規則正在最終確定。

And assuming the final state BEAD participation rules allow for rational private sector investment and do not impose price controls or other things that exceed the statute, we will -- we do plan to participate with reasonable conditions. So and always -- as long as they're just consistent with our business goals. So we have tight thresholds.

假設最終的 BEAD 參與規則允許合理的私營部門投資，並且不實行價格管製或其他超出法規的措施，我們確實計劃以合理的條件參與。所以並且始終如此——只要它們與我們的業務目標一致。所以我們有嚴格的門檻。

We use a lot of financial discipline around these things. And it's too early to really comment in terms of how much activity. But we do not -- as we anticipate the activity here, we do not anticipate any change to CapEx intensity from what we can see. So as always, if there are unique opportunities that fit within our financial returns, then we'll always evaluate that.

我們在這些事情上運用了大量的財務紀律。現在就活動量進行真正評論還為時過早。但我們並不——正如我們預期的那樣，從我們所看到的情況來看，我們預計資本支出強度不會發生任何變化。因此，一如既往，如果有適合我們財務回報的獨特機會，那麼我們將始終對其進行評估。

Hey Craig, let me broaden that out to footprint expansion in general and just our philosophy there. We've obviously accelerated our footprint expansion a couple of years ago. If you rewind the clock, we were at 800,000 homes passed per year. Dave and team has nicely driven that 1.2 million homes and pacing towards that this year.

嘿克雷格，讓我將其擴展到一般的足跡擴展以及我們的理念。幾年前，我們顯然加快了足跡擴張。如果倒回時鐘，每年有 80 萬個家庭經過。 Dave 和他的團隊今年已經很好地推動了 120 萬戶住房的建設，並朝著這個目標邁進。

What underpins that view and how we're underwriting it, because obviously, we're putting capital towards it, is a view of structural competitive environment over the long term. And from our perspective, as we see it, the two key competitors, as you look at it this past year, fixed wireless has obviously taken its toll. We think that's a market that's going to continue to exist, continue to be around.

支撐這一觀點以及我們如何承保這一觀點的是對長期結構性競爭環境的看法，因為顯然我們正在為此投入資本。從我們的角度來看，正如我們所看到的，兩個主要競爭對手，正如你在過去一年中看到的那樣，固定無線顯然已經造成了損失。我們認為這個市場將繼續存在，繼續存在。

But it's for the value-conscious consumer. It has carved out a niche in the market that whether it's 10%, 15%, I'm not sure we've got a crystal ball, but it is a niche. Fiber, as we've said, is the real long-term competitor. That's an entity that's been building out against us for almost 20 years at this point. It's been a steady increase in our footprint right now. We're about 50% overbuilt. We would tell you that will go higher. Obviously, the carriers have announced plans to take that higher.

但這是針對注重價值的消費者。它在市場上開闢了一個利基市場，無論是10%還是15%，我不確定我們是否有水晶球，但它是一個利基市場。正如我們所說，纖維是真正的長期競爭對手。近 20 年來，這個實體一直在對抗我們。目前我們的足跡正在穩定增加。我們大約有 50% 過度建設。我們會告訴你，會更高。顯然，營運商已經宣布了提高這一水平的計劃。

So we expect it to go higher, and we expect to see competition across the majority of our footprint including two wires, one of which is ours, which is currently a gig-plus, and we'll go to multi-gig symmetrical through how we're investing; and the others of which is fiber. But the long-term view is, we've competed against fiber for almost two decades at this point. So we are seasoned in competing against fiber and we know exactly what fiber markets look like.

因此，我們預計它會走得更高，並且我們預計會看到我們大部分足蹟的競爭，包括兩根電線，其中一根是我們的，目前是千兆加，我們將通過如何實現多千兆對稱我們正在投資；其他的是纖維。但從長遠來看，我們與光纖的競爭已經將近二十年了。因此，我們在與纖維的競爭中經驗豐富，而且我們確切地知道纖維市場是什麼樣的。

So if you go back and look at some of the early fiber markets and tenure markets where we've had a chance to see the competitive progression, what you see is initial uptake. And then you see the competitive environment leveling out, and you see relatively even share between us and fiber. We see ARPUs in those markets that are very consistent with our overall ARPU.

因此，如果您回顧一些早期的光纖市場和保有權市場，我們有機會看到競爭的進展，您看到的是最初的採用。然後你會看到競爭環境趨於平穩，你會看到我們和光纖之間的份額相對均勻。我們發現這些市場的 ARPU 與我們的整體 ARPU 非常一致。

So when you think about a long term, how do you invest against this, are you comfortable taking your footprint expansion to a greater level, these are all things that underpin our current investment and future investment.

因此，當你從長遠考慮時，你如何對此進行投資，你是否願意將你的足跡擴展到更高的水平，這些都是支撐我們當前投資和未來投資的因素。

Thanks. That's really helpful, Jason.

謝謝。這真的很有幫助，傑森。

Thanks, Craig. Operator, next question please.

謝謝，克雷格。接線員，請下一個問題。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hi, good morning. I just have two, one housekeeping one. Just on the Olympics, encouraging to see the record $1.9 billion of revenue. I was just wondering if you could comment on profitability as well. And any way to better think about the potential uplift from Olympics on broadband net adds?

嗨，早安。我只有兩個，一個是家事的，一個是。就在奧運期間，我們看到創紀錄的 19 億美元收入，這令人鼓舞。我只是想知道您是否也可以評論一下盈利能力。有什麼方法可以更好地考慮奧運對寬頻網路增加的潛在提升？

And then second, I wanted to ask about video. You had very good video net adds performance in the quarter as well as on programming costs. Anything that you would call out there that may be improving the trends within video? Thank you.

其次，我想詢問有關影片的問題。你們的視訊網路在本季提高了效能，並降低了節目成本。您認為有什麼可以改善影片趨勢的嗎？謝謝。

Thanks, Michael. It's Mike. So just on the Olympics, as I said earlier, we couldn't be more proud of what our teams accomplished across the whole company on the Olympics. So we are cautiously optimistic going into the games that they would perform well, given all the effort we put in and Paris as a backdrop. But viewership ad sales exceeded our expectations and the games were profitable. I won't go into the level of profitability, but profitable games for us.

謝謝，麥可。是麥克。因此，正如我之前所說，就奧運會而言，我們對整個公司的團隊在奧運會上的成就感到非常自豪。因此，考慮到我們付出的所有努力以及以巴黎為背景的比賽，我們對比賽表現持謹慎樂觀的態度。但收視率廣告銷售額超出了我們的預期，遊戲也獲利了。我不會討論獲利水平，而是討論對我們來說有利可圖的遊戲。

And so we walk away from it very excited as we look forward to future Olympics from here. Because it was a spell leading up to Paris, where prior Olympics, for a variety of reasons, had not performed as well as we had hoped. So I think there's an incredible amount of energy and excitement as we look ahead to LA and beyond and Milan in between.

因此，我們離開時非常興奮，因為我們期待未來的奧運會。因為那是巴黎奧運之前的一段時間，之前的奧運因為各種原因，表現沒有我們希望的那麼好。因此，我認為，當我們展望洛杉磯及其他地區以及其間的米蘭時，我們會充滿令人難以置信的活力和興奮。

And so I know Brian wants to jump in here.

所以我知道布萊恩想加入這裡。

I just want to add, it was probably the proudest moment that I can think of since we've owned NBCUniversal or certainly right up there, just a tremendous team effort. Technologically what Peacock pulled off and Xfinity, with a combination of using just every athlete, every sport, every country, you could search in many different ways, the social media impact with celebrity, the quality, the two broadcasts in prime time and just really bringing the whole country and nation into the drama, the ratings, and the ability to use that platform, as we said, for things such as broadband growth but also awareness for everything from Wicked to Epic to new shows being launched and many other initiatives in the company.

我只是想補充一點，這可能是自我們擁有 NBCUniversal 以來我能想到的最自豪的時刻，當然，這也是我們團隊的巨大努力。從技術上講，Peacock 和Xfinity 所取得的成果，結合了每位運動員、每項運動、每個國家，您可以透過多種不同的方式進行搜尋、社群媒體對名人的影響、品質、黃金時段的兩場廣播，而且真的正如我們所說，將整個國家和民族帶入戲劇、收視率以及使用該平台的能力，例如寬頻增長，以及對從《邪惡》到《史詩》到正在推出的新節目以及許多其他舉措的認識。

So one of the proudest moments. We really look forward to LA in four years. We've got Milan in between, and then we go on from there. So it's a great partnership. And kudos to Molly Solomon and many, many, many other people who had made that broadcast happen and Rick at NBC Sports and many others. Dave?

這是最自豪的時刻之一。我們真的很期待四年後的洛杉磯。我們中間有米蘭，然後我們從那裡繼續。所以這是一個很好的合作關係。感謝莫莉·所羅門 (Molly Solomon) 和許許多多促成這次廣播的人，還有 NBC Sports 的里克 (Rick) 和許多其他人。戴夫？

Thank you, Brian. Michael, so two things. One, as Brian just said, it really was a great moment. So -- and again, unique to Q3 with the media investment behind it and just the overall go-to-market plan. And one of the things that we look at is just the engagement. And with such a -- you have a unique position of streaming and all the other content of how it's delivered, it was a significant Internet moment, quite frankly, in that we are right there and positioned to be able to deliver at all.

謝謝你，布萊恩。邁克爾，有兩件事。第一，正如布萊恩剛才所說，這確實是一個偉大的時刻。因此，這也是第三季的獨特之處，背後有媒體投資和整體上市計劃。我們關注的事情之一就是參與度。有了這樣的——你就擁有了串流媒體和所有其他內容的獨特交付方式，坦白說，這是一個重要的網路時刻，因為我們就在那裡，並且有能力交付。

So -- and just in a really simple and easy way. The way the Peacock team did it, it was just great. And so -- but we don't have a specific number in terms of broadband impact, but it was a contributor to Q3 for sure. In video, there are two primary drivers as we look at video. Obviously, still in the negative terrain but an improvement. And one, that there's churn. And we have seen churn continue to stabilize and has been stabilizing for a while. And we look at things that -- and break it down.

所以——而且只是以一種非常簡單和容易的方式。 Peacock 團隊的做法非常棒。所以 - 但我們沒有寬頻影響方面的具體數字，但它肯定是第三季的貢獻者。在影片領域，我們觀察影片時有兩個主要驅動因素。顯然，仍然處於負面狀態，但有所改善。第一，存在客戶流失。我們看到客戶流失率持續穩定，並且已經穩定了一段時間。我們會專注於一些事情，然後將其分解。

Most certainly, when we introduced mobile into the mix, mobile helps and there's churn reduction there. So surrounding our broadband with the right package, the right segment, it does help video. So -- and then when you have engagement levels, like you see with the Olympics, then that helps. But churn has been a driver, improvement in churn in video.

毫無疑問，當我們將移動設備引入其中時，行動裝置會有所幫助，並且會減少客戶流失。因此，用正確的套餐、正確的細分來圍繞我們的寬頻，它確實有助於影片。所以，當你有參與度時，就像你在奧運會上看到的那樣，這就會有所幫助。但流失率一直是個驅動因素，影片中流失率的改善。

The second side of it are connects. And we've seen on the connect side, it's the NOW portfolio that has helped. NOW TV, NOW Latino, these are products that we segment, use it surgically, and have helped video. And it's a nice way to reimagine the platform to be able to deliver good content for the right segment.

它的第二面是連結的。我們已經看到，在連接方面，NOW 產品組合起到了幫助作用。 NOW TV、NOW Latino，這些是我們細分的產品，如外科手術般使用它，並幫助影片。這是重新構想平台的好方法，使其能夠為正確的細分市場提供優質內容。

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。

Great. Thanks. Two, if I could. I guess, first, following up on Jason's comments, we're definitely getting a better picture of what the competitive fiber footprint is going to look like in the US over the next five years. And I think Jason's comments addressed the impact on subs. But maybe for Dave, can you talk a little bit about the impact on ARPU and pricing power when a new fiber provider opens in an Xfinity market?

偉大的。謝謝。兩個，如果可以的話。我想，首先，根據 Jason 的評論，我們肯定會更了解未來五年美國競爭性光纖足跡的情況。我認為傑森的評論解決了對潛艇的影響。但也許 Dave 能談談當新的光纖供應商在 Xfinity 市場開業時對 ARPU 和定價能力的影響嗎？

And then secondly, I guess, for Jason, I realize we're probably early in what might be a longer process. But maybe at a high level, can you help us -- can you maybe frame the potential change in the growth rate of the remaining Comcast assets that you may see, if you guys -- if you do move ahead with the spin of the cable nets? What bump in terms of the growth rate are we looking at here? Thanks.

其次，我想，對於傑森來說，我意識到我們可能處於一個可能更長的過程的早期階段。但也許在高水準上，你們能幫助我們嗎——你們能否框架一下你們可能會看到的康卡斯特剩餘資產增長率的潛在變化——如果你們確實繼續推進有線電視的發展網？我們在這裡看到的成長率是什麼？謝謝。

John, this is Dave. Let me start with the fiber impact on ARPU, just a general impact. When -- there are two things that we look at and we've been balancing throughout: market share and rate. So when fiber comes into one of the markets, and been dealing with it for two decades, so we have a pretty good track record in terms of when this happens, how it happens. But we do see that there is an impact on penetration levels, so on the market share side.

約翰，這是戴夫。讓我從光纖對 ARPU 的影響開始，這只是一般性影響。當——有兩件事我們會關注並且我們一直在平衡：市場份額和費率。因此，當光纖進入其中一個市場並與之打交道已有二十年之久，因此我們在這種情況何時發生、如何發生方面擁有相當好的記錄。但我們確實看到滲透程度受到影響，市場佔有率也受到影響。

But we compete aggressively, have a very strong playbook that has evolved over time, and then share does eventually even out between the two of us. So when you look at the healthy ARPU levels that are really no different, quite frankly, in terms of fiber versus non-fiber markets, and it goes to our playbook in terms of segmentation.

但我們積極競爭，有一個非常強大的劇本，隨著時間的推移而發展，然後分享最終在我們兩個之間平衡。因此，坦白說，當您查看健康的 ARPU 水平時，就光纖市場與非光纖市場而言，實際上沒有什麼不同，並且它在細分方面符合我們的策略。

And the focus that Jason talked about with the core network and the fact that we start at the premium levels job one is delivering the best Internet experience that it's not -- it's speed, multi-gig, but it's everything that we do and how we compete around coverage, capacity, latency, all these things we deliver and critically, the best WiFi in the marketplace with the great gateway device. And that is how content is really delivered in people's homes and businesses.

Jason 談到的核心網絡的重點以及我們從高級工作開始的事實之一是提供最佳的互聯網體驗，它不是 - 它是速度，多千兆，但它是我們所做的一切以及我們如何圍繞覆蓋範圍、容量、延遲以及我們提供的所有這些內容展開競爭，最重要的是，我們提供市場上最好的WiFi 和出色的網關設備。這就是內容在人們的家庭和企業中的真正傳遞方式。

So great WiFi has helped, I think. And we look at solid churn rates, but ARPU is really no different as we've seen as things level out.

我認為很棒的 WiFi 很有幫助。我們關注的是穩定的客戶流失率，但隨著情況趨於平穩，ARPU 值實際上並沒有什麼不同。

And John, it's Mike. On the question about the potential for a spin and impact on revenue, I would just say I don't want to get ahead of ourselves. Obviously, we do anything like that, it will have an impact on the consolidated company. But I think the point that we'd make is that it doesn't change the fact that within the business today, we've got six growth drivers that represent more than half of our revenues that are growing this quarter at 9% or so and on a trailing basis been in that high single digits, sometimes 10%.

約翰，是麥克。關於旋轉的可能性和對收入的影響的問題，我只想說我不想超越自己。顯然，我們做類似的事情，都會對合併後的公司產生影響。但我認為我們要指出的一點是，這並沒有改變這樣一個事實：在當今的業務中，我們有六大增長動力，占我們收入的一半以上，本季度的增長率為 9% 左右而且從追踪數據來看，這數字一直維持在較高的個位數，有時甚至達到10%。

So the company is transforming itself to a top line growing company as our mix changes. Whether we do something like a spin or not, I'd focus everybody on what the underlying is.

因此，隨著我們的組合發生變化，該公司正在將自己轉型為一家營收不斷成長的公司。無論我們是否做旋轉之類的事情，我都會讓每個人都專注於底層是什麼。

Thanks, John. Operator, next question, please.

謝謝，約翰。接線員，請下一個問題。

Jessica Reif Cohen, Bank of America Securities.

傑西卡·賴夫·科恩，美國銀行證券公司。

So of course, one on NBC and one on cable. NBC is actually a multi-parter. There's just a lot going on there in coming years. So just kind of maybe a follow-up on Epic. But can you kind of give us some color on your thoughts on what -- how it will impact the bottom line over the next three to five years? Obviously, you'll take share in Orlando. It's a big market. But how do you think about it impacting the bottom line?

當然，一部在 NBC 播出，一部在有線電視上播出。 NBC其實是一個多方合作的機構。未來幾年將會發生很多事情。所以這可能是 Epic 的後續。但您能否告訴我們一些您的想法，它將如何影響未來三到五年的利潤？顯然，你會在奧蘭多分享。這是一個很大的市場。但您如何看待它對利潤的影響？

On NBA, can you talk a little bit about monetization? Obviously, there's a big increased investment. But you mentioned something interesting on the call that there's an opportunity outside of the regular season, and of course, it will be NBC and Peacock.

關於NBA，您能談談貨幣化嗎？顯然，投資大幅增加。但你在電話中提到了一些有趣的事情，即常規賽之外還有一個機會，當然，是 NBC 和 Peacock。

And then finally, one last question on this potential spin-out. Can you just talk about the thought process? Is it -- do you view it as a roll-up vehicle for the industry? And then on cable, it's kind of a video question, but we see Charter signing agreements with all of the streaming platforms you included. And you've taken a very different approach. Can you just maybe discuss how your video offering will evolve over time?

最後，關於這個潛在的分拆的最後一個問題。能簡單談談思考過程嗎？您是否認為它是該行業的一種捲起式工具？然後在有線電視上，這是一個視訊問題，但我們看到憲章與您所包含的所有串流平台簽署了協議。你採取了非常不同的方法。您能否討論一下您的視訊產品將如何隨著時間的推移而發展？

So Jessica, it's Mike. I'll hit these quick. I mean, I think the Epic is, as we said, in the near term going to have the $150 million of preopening costs, and then it will open midway through the year. So it will be accretive to the parks' P&L next year. And then obviously, beyond that, we hope it does all the things I said earlier in terms of driving the week's long experience in getting a nice return on the capital put against Epic and the entirety of what we have in the ground in Orlando period. 11 hotels, the multiple parks. It is something that we feel very confident about in the long term. But I won't give particular guidance on that front.

潔西卡，是麥克。我會很快擊中這些。我的意思是，我認為，正如我們所說，Epic 近期將花費 1.5 億美元的開業前費用，然後將在今年中期開業。因此，明年公園的損益將會增加。顯然，除此之外，我們希望它能夠實現我之前所說的所有事情，推動本週的長期經驗，在對抗 Epic 的資本以及我們在奧蘭多時期的全部基礎上獲得良好的回報。 11家飯店，多個公園。從長遠來看，我們對此非常有信心。但我不會在這方面給予具體指導。

NBA, I think you should think about that as a -- it's a long term -- over the long term, we expect the NBA to be something that adds value to our company broadly, particularly in the media segment. It's going to help broadcast and benefit from broadcast. We obviously saw that during the Olympics, the interplay of broadcast and streaming for sports and the technology for some audiences of what you can do on the streaming side and the reach that broadcast has.

NBA，我認為你應該將其視為長期目標，從長遠來看，我們期望 NBA 能夠為我們公司廣泛增加價值，特別是在媒體領域。它將有助於廣播並從廣播中受益。我們顯然在奧運會期間看到了體育賽事廣播和串流媒體的相互作用，以及一些觀眾在串流媒體方面可以做什麼以及廣播所具有的影響力的技術。

So I think when you think about how it will play into the two audiences, streaming and traditional, which are frankly very different, and there was great viewing of the Olympics on linear despite the unbelievable production in Peacock. So I think we feel really well balanced between the broadcast side and the Peacock side.

因此，我認為當你考慮到它將如何吸引串流媒體和傳統這兩種觀眾時，坦白說，這兩種觀眾非常不同，儘管《孔雀》的製作令人難以置信，但線性觀看奧運的效果卻很不錯。所以我認為我們在廣播方面和孔雀方面之間感覺非常平衡。

And then the point for Peacock, NBA makes us -- NBC makes us a year-long sports destination. So I think that's something that we think is very helpful over the long term as we think about churn as something that needs to be managed a little more carefully, a little differently in the streaming world than the linear world.

對於 Peacock 來說，重點是 NBA 讓我們——NBC 讓我們成為了全年的運動目的地。因此，我認為從長遠來看，這是非常有幫助的，因為我們認為流失是需要更仔細管理的事情，在串流媒體世界中與線性世界略有不同。

And then the point you're really getting at is -- that we've talked about before, is the NBA will bring a younger, more diverse audience. And I think as you bring an audience into a platform like NBC and Peacock, Donna Langley and -- [Brockway] and the team at our studios have the chance to think about how to tap into that audience, together with the talent, frankly, that comes from the NBA themselves. And so I think that was the point I was making on that.

然後你真正要表達的一點是——我們之前討論過，NBA 將帶來更年輕、更多樣化的觀眾。我認為，當你將觀眾帶入像 NBC 和 Peacock 這樣的平台時，唐娜·蘭利 (Donna Langley) 和我們工作室的團隊就有機會思考如何吸引觀眾以及人才，坦率地說，這來自NBA 本身。所以我認為這就是我的觀點。

On the spin, really nothing more to say than what I said earlier. These are all the questions that we're going to go off and think about. We think there could be an opportunity to place some offense, like I said, and we'll be back. But that is the thinking. We think we have great assets and a great balance sheet and that's the thinking.

關於旋轉，除了我之前所說的之外，真的沒什麼好說的了。這些都是我們要思考的問題。我們認為可能有機會發動一些進攻，就像我說的，我們會回來的。但這就是想法。我們認為我們擁有大量資產和良好的資產負債表，這就是我們的想法。

And on Charter, before -- and I'll hand it over to Dave on his side. But just a comment for the NBC side on distribution. Obviously, it's a key revenue stream for any media business. And I got to say, we're very pleased that we've now completed 10 renewals in the past 15 months, most recently Charter and Hulu. And it's a mix of both traditional and streaming distributors. And so that just speaks to the power of the content we have and our ability to work with a very important distribution partners, who themselves have different business priorities and objectives from one to the next. So we're really pleased with that.

在《憲章》之前，我會將其交給他這邊的戴夫。但這只是 NBC 方面對發行的評論。顯然，這是任何媒體業務的關鍵收入來源。我必須說，我們非常高興我們在過去 15 個月內完成了 10 次續約，最近一次是 Charter 和 Hulu。它是傳統發行商和串流媒體發行商的混合體。因此，這恰恰說明了我們擁有的內容的力量以及我們與非常重要的發行合作夥伴合作的能力，這些合作夥伴本身有不同的業務優先事項和目標。所以我們對此非常滿意。

We're in the middle of -- last one for this year is coming up in a few days, which is DIRECTV. We're in constructive dialogue with folks over there and hope to finish up that negotiation shortly without disruption, just like the rest of the ones we've done in the last bunch of years. And all that adds to just a certain stability and strength of the revenue stream in our business.

我們正處於今年最後一個節目的中間，幾天后即將推出，那就是 DIRECTV。我們正在與那裡的人們進行建設性對話，並希望能夠在不中斷的情況下盡快完成談判，就像我們過去幾年所做的其他談判一樣。所有這些都增加了我們業務收入流的某種穩定性和實力。

Jessica, this is Dave. So on the -- in terms of our video strategy, the overall -- one of the core operating principles that we've had for a long time, we talked about it quite a bit across all of our products, is segmenting the marketplace to give consumers what they want at the right price and the right package. So no surprise that video follows that. And with a very strong focus on connectivity, how do we surround connectivity with the right package offerings? And that is fundamental to how we look at it.

潔西卡，這是戴夫。因此，就我們的視訊策略而言，總體而言，我們長期以來一直堅持的核心運營原則之一，我們在所有產品中都談到了很多，即將市場細分為以合適的價格和合適的包裝為消費者提供他們想要的東西。因此，影片緊隨其後也就不足為奇了。由於非常關注連接性，我們如何透過正確的套餐產品來圍繞連接性提供服務？這是我們看待它的基礎。

Now having said that, I think the Charter Group does really smart things, and we pay attention to everything that they do. And if there's opportunities, then we always evaluate. But if you break it down further, we all -- we look at the experience that the customer has, we look at choice and ultimately by segment, the value, those three things.

話雖如此，我認為特許集團做了非常聰明的事情，我們專注於他們所做的一切。如果有機會，我們總是會進行評估。但如果你進一步細分，我們都會專注於客戶的體驗，我們會專注於選擇，最終會按細分市場、價值和這三件事來考慮。

And you look at experience, with our -- because we've invested over a very long period of time and a great platform, we talked about it with the Olympics, but it could be Sunday Night Football, it could be you name it, Premier League Soccer. We have a unique platform to deliver video content. So then you have choice, you have value.

你看看我們的經驗，因為我們已經投資了很長一段時間，建立了一個很棒的平台，我們在奧運會上談論過它，但它可能是周日足球之夜，也可能是你能想到的，英超足球聯賽。我們擁有獨特的平台來提供影片內容。那你就有了選擇，你就有了價值。

And a good example of an extension of this is StreamSaver. And StreamSaver for us is an example of choice that we have to try to deliver customers. Could be broadband only to -- on top of an existing video package. But StreamSaver is a great example of taking the advertising tiers, Netflix, Peacock and obviously, Apple TV, putting it together at a great consumer price point, not subsidizing. It's profitable and it makes a lot of sense. So I think it's an example of good video choice, and that is -- look for more of that from us over time.

StreamSaver 就是一個很好的擴充範例。 StreamSaver 對我們來說是一個我們必須嘗試為客戶提供的選擇範例。寬頻只能用於現有視訊包之上。但 StreamSaver 是一個很好的例子，它將廣告層、Netflix、Peacock 以及顯然還有 Apple TV 結合在一起，以很高的消費者價格點將其組合在一起，而不是提供補貼。這是有利可圖的，而且很有意義。所以我認為這是一個很好的影片選擇的例子，那就是——隨著時間的推移，我們會提供更多這樣的影片。

Jonathan Chaplin, New Street.

喬納森卓別林，《新街》。

I'm wondering, so CapEx year-to-date is running a little bit below the 10% in connectivity & platforms that you would expect at the beginning of the year. Should we anticipate a big catch-up in 4Q?

我想知道，今年迄今為止的連結和平台資本支出略低於您年初預期的 10%。我們是否應該預期第四季會大幅追趕？

And then I'm wondering if you can give us a quick update on where you are with the upgrade of the cable plant, where you expect to be at the end of the year. Are you moving through that at the pace that you anticipated? Or as you've gained more clarity on the sort of evolution of the competitive dynamics, is that maybe not quite as urgent as initially anticipated?

然後我想知道您是否可以向我們快速介紹一下您在電纜廠升級方面的進展情況以及您預計在今年年底的情況。您是否正在以您預期的速度進行？或者，當您對競爭動態的演變有了更清晰的認識後，這是否可能不像最初預期的那麼緊迫？

And then on the footprint expansion, Jason, you mentioned this is sort of part of the -- really your competitive strategy. Are you expanding your footprint? If I think about the difference between the 800,000 that you were at and the 1.2 million that you're at now, is that incremental piece mostly in rural markets where you don't expect to have fiber competition?

然後，關於足跡擴張，傑森，您提到這實際上是您的競爭策略的一部分。您正在擴大您的足跡嗎？如果我考慮一下您之前的 80 萬和現在的 120 萬之間的差異，那麼增量部分是否主要發生在您不希望出現光纖競爭的農村市場？

Thanks, Jonathan. Let me take the first couple and hand it to Dave on footprint. So on CapEx and capital intensity, yes, we came into the year and said similar capital intensity to last year. Obviously, the pacing to the first three quarters is sort of on that track, maybe on the low end. But I would point you to -- just stepping back, we're not using capital intensity as sort of a gating factor.

謝謝，喬納森。讓我把第一對夫婦帶到足跡上交給戴夫。因此，就資本支出和資本強度而言，是的，我們進入這一年並表示資本強度與去年相似。顯然，前三個季度的節奏是在這條軌道上的，也許是在低端。但我想指出的是──退一步來說，我們並沒有將資本密集度當作限制因素。

We are coming into this saying, what amount do we want to -- what can we upgrade by both in terms of network upgrade and then footprint expansion? What makes logical sense? How fast can the engineers move? And so we -- that is largely going to dictate our pacing. So I wouldn't change the guidance for the full year, which implies a little bit of a catch-up in the fourth quarter.

我們正在說，我們想要達到什麼程度——在網路升級和占地面積擴展方面我們可以升級什麼？什麼有邏輯意義？工程師的行動速度有多快？所以我們——這在很大程度上將決定我們的節奏。因此，我不會改變全年的指導，這意味著第四季會有所趕上。

On the upgrade of the cable plant, I would say, as you step back, our network upgrade is on plan. We think we have a cost-effective strategy that gets us faster speeds across the entire footprint. As I mentioned earlier, we are ubiquitous at a gig now. That's very important from a marketing perspective as you think more broadly about convergence. We've said we think we have the largest convergence footprint. But importantly, we can do things from a ubiquitous perspective, ubiquitous speeds plus ubiquitous wireless on top of it.

關於有線電視設備的升級，我想說，當你退後一步時，我們的網路升級正在計劃中。我們認為我們有一個具有成本效益的策略，可以讓我們在整個足跡上獲得更快的速度。正如我之前提到的，我們現在在演出中無處不在。從行銷角度來看，當您更廣泛地思考融合時，這一點非常重要。我們說過我們認為我們擁有最大的融合足跡。但重要的是，我們可以從無所不在的角度、無所不在的速度加上無所不在的無線技術來做事。

So we've got a good path there, gig now and then headed to multi-gig over time. We've got a plan to get there today. Roughly half our footprint is updated with the mid-split technology, which was sort of foundational in that effort. We expect to actually be through the vast majority of that effort by the end of next year. And then DOCSIS 4.0 sort of rides right on the back of that.

所以我們已經有了一條很好的道路，現在是演出，然後隨著時間的推移走向多演出。我們計劃今天就到達那裡。我們大約一半的足跡是透過中分技術進行更新的，這是這項工作的基礎。我們預計到明年年底將完成大部分工作。 DOCSIS 4.0 正是在此基礎上發展起來的。

Yes. Jonathan, just in terms of the operational planning around it, so as Jason just said and talking about it, we have the fundamental path that's being built, one half and then going to the vast majority by the end of next year in terms of mid-split. And then on the heels of that will be the DOCSIS 4.0. So it's a clear path to the strong ubiquitous product offering. And for us, it's an operational than getting all the components, getting everything ready, everything from SIKs to you name it. We get all these pieces pulled together and then we go.

是的。喬納森，就圍繞它的運營規劃而言，正如傑森剛才所說和談論的那樣，我們正在構建基本路徑，一半，然後到明年年底中期達到絕大多數-分裂。緊隨其後的是 DOCSIS 4.0。因此，這是一條通往強大、無所不在的產品供應的清晰途徑。對我們來說，這比獲取所有組件、準備好一切（從 SIK 到您能想到的一切）更重要。我們把所有這些碎片整合在一起，然後我們就出發了。

So we have a really good plan. We are definitely on track and really like the road map to where we stand. We're ahead of every single application in terms of broadband capability. And so -- and even, I think, doing a better job in things like WiFi, as I mentioned earlier. So we're in good position with the network plan.

所以我們有一個非常好的計劃。我們絕對走在正軌上，並且非常喜歡我們目前所處位置的路線圖。我們在寬頻能力方面領先於每一個應用程式。因此，我認為，正如我之前提到的，在 WiFi 等方面做得更好。所以我們的網路計劃處於有利位置。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

A couple of media questions. So first, you made the interesting Paramount streaming call out. I was just wondering, since you were both excluded from the [venue] initiative, if there's any intentionality there that we can think about in terms of potential bundle that you might have mentioned? It seems like it would be pretty sizable in terms of sports rights, movie, and TV library. So anything you could expand on there in terms of whether you're just looking at a bundle? Something that's more of a deeper integration for the customer, that would be interesting.

問幾個媒體問題。首先，您發出了有趣的派拉蒙串流媒體電話。我只是想知道，既然你們都被排除在[場地]倡議之外，那麼我們是否可以考慮你們可能提到的潛在捆綁包的意圖？就體育版權、電影和電視庫而言，它似乎相當龐大。那麼，無論您是否只是在看捆綁包，您都可以在那裡擴展什麼？為客戶提供更深入的集成，這會很有趣。

And then a related question kind of tying a lot of these things together. I thought it was interesting how you called out the Olympics as one of the drivers of the broadband strength in the quarter. We don't often think about content as a driver of broadband subscriber acquisitions. Is that something that you think could be happening more in the future? Did that inform your decision on the NBA rights? And is that one of the reasons that you also want to keep the growth media assets together with your connectivity business longer term? Thank you.

然後一個相關的問題將很多這些事情連結在一起。我認為您如何將奧運會稱為本季寬頻實力的推動因素之一，這很有趣。我們通常不會將內容視為寬頻用戶獲取的驅動力。您認為這種情況未來可能會發生更多嗎？這是否影響了您對 NBA 權利的決定？這也是您希望將成長型媒體資產與您的連結業務長期保持在一起的原因之一？謝謝。

Steven, it's Mike. So on streaming partnerships, I think we are open to having discussions. But as I said, exploring the idea, I think you put it in context. The bar is really high for whole company media type of acquisitions. That's why what I paired together and the answer is streaming partnerships could be interesting. Details matter one to the next to the next. So my only point is we're open to them. But they are very complicated, and they could vary in form.

史蒂文，是麥克。因此，關於串流媒體合作夥伴關係，我認為我們願意進行討論。但正如我所說，在探索這個想法時，我認為你把它放在了上下文中。對於整個公司的媒體類型收購來說，門檻確實很高。這就是為什麼我的配對和答案是串流媒體合作夥伴關係可能會很有趣。細節逐一重要。所以我唯一的觀點是我們對他們持開放態度。但它們非常複雜，而且形式可能各不相同。

We like what we've got very much. So it would just be as and when a good idea comes along, we're just open to it. That's point one. And two was the other side of it, is cable networks, which we talked about earlier.

我們非常喜歡我們所擁有的。因此，當一個好主意出現時，我們就會對此持開放態度。這是第一點。另一方面是有線網絡，我們之前談過。

On Olympics and broadband, I think -- and Dave can chime in here, but I think the whole company looks through symphony and otherwise to say what makes us a unique place and how do we drive value for our company across all swim lanes, especially around something like the Olympics, but not only that. And when you look at what happens through X1 in terms of presentation of content, it's not just ours. But clearly, it's ours when it's the Olympics. And we have all the power of the technology to do what we did with them.

關於奧運和寬頻，我認為戴夫可以在這裡插話，但我認為整個公司都會透過交響樂和其他方式來表達是什麼讓我們成為一個獨特的地方，以及我們如何在所有泳道上為我們的公司帶來價值，特別是圍繞奧運會之類的事情，但不僅限於此。當您觀察 X1 在內容呈現方面所發生的情況時，您會發現這不僅僅是我們的。但顯然，當奧運會到來時，它就是我們的。我們擁有所有的技術力量來完成我們用它們所做的事情。

But it carries over to how we present other streaming services or integrate other content or navigate through that content with the X1 remote. I do think great content does feed into the thinking of why our company is one company, but I'll let Dave and Brian chime in.

但它延續到了我們如何呈現其他串流媒體服務或整合其他內容或使用 X1 遙控器瀏覽該內容。我確實認為精彩的內容確實可以讓人思考為什麼我們的公司是一家公司，但我會讓戴夫和布萊恩插話。

Just jump in for a second and say that last part you made is what I think makes our company pretty special and different. In the Olympics -- during the Olympics, I believe, and Dave tell me -- correct me if this is not right. In many, many of our Xfinity markets, the viewing of Olympics content in those households was, in many cases, double what the national averages were for the same content. So the ability for consumers to easily navigate, find what they want, be marketed to, we do it for others, we do it for big moments in the company.

請插話一下，我認為您製作的最後一部分使我們公司變得非常特別和與眾不同。在奧運期間——我相信在奧運期間，戴夫告訴我——如果這不對，請糾正我。在我們的許多 Xfinity 市場中，這些家庭對奧運內容的觀看次數在許多情況下是全國平均觀看相同內容的兩倍。因此，消費者能夠輕鬆導航，找到他們想要的東西，進行行銷，我們為其他人做這件事，我們為公司的重要時刻做這件事。

And we're getting better at that all the time. And a seamless way to log in once to Peacock and also the Xfinity apps that they had, the Stream app, it's all getting better every year that we -- and that platform, which a lot of it we call the entertainment operating system, we now syndicate. We partner with Xumo, Sky all over Canada. So it's a big strategic asset that you saw a great quarter, and really proud of the company.

我們在這方面一直做得越來越好。無縫登入一次 Peacock 以及他們擁有的 Xfinity 應用程式、Stream 應用程序，每年都在變得更好，我們——還有那個平台，我們稱之為娛樂操作系統，我們現在辛迪加。我們在加拿大各地與Xumo、Sky 合作。因此，這是一項重要的策略資產，您看到了一個出色的季度，並且為公司感到非常自豪。

No question. And Brian nailed it. It really -- for us, that experience is so key and look for us to do more, to your question. We are -- if there's a big sports moment, I think people want to work with us. We love doing it. We make it simple and easy to find what you want in the moment. And then -- and the Sky team does an excellent job of bringing shows to life. And there's unique shows that they do, and we've taken that playbook to the US. So when there's a big moment in entertainment in any form, look for us to continue to do it.

毫無疑問。布萊恩成功了。對我們來說，這種經驗確實非常重要，希望我們針對您的問題做更多的事情。我們 - 如果有重要的體育時刻，我認為人們想與我們合作。我們喜歡這樣做。我們讓您輕鬆輕鬆地找到您當下想要的東西。然後，天空團隊在將節目栩栩如生方面做得非常出色。他們有一些獨特的表演，我們已經把這個劇本帶到了美國。因此，當任何形式的娛樂活動出現重大時刻時，請期待我們繼續這樣做。

Thanks, Steve. That concludes our call. Thank you all for joining us this morning.

謝謝，史蒂夫。我們的通話到此結束。感謝大家今天早上加入我們。

Thank you. This concludes the call. A replay of the call will be available starting at 11:30 AM Eastern Time today on Comcast Investor Relations website. Thank you for participating. You may all disconnect.

謝謝。通話就此結束。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。