康卡斯特 (CMCSA) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast’s fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded. I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

女士們、先生們，早安，歡迎參加康卡斯特2024年第四季及全年財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。現在我將把電話轉交給投資者關係執行副總裁馬西·瑞維克女士。請繼續，瑞維克女士。

Thank you, operator, and welcome everyone. 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.

謝謝接線員，歡迎各位。今天參加電話會議的有：布萊恩羅伯茲；麥克卡瓦納；傑森阿姆斯壯；以及戴夫沃森。現在請各位參閱本次電話會議簡報的第 2 張投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含前瞻性陳述，但這些陳述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，我們將提及一些非GAAP財務指標。請參閱我們今天早上發布的 8-K 表格和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的調整。

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

這樣，我就把電話交給麥克了。

Good morning everybody, and thanks for joining us. We are very proud that the company produced record revenue of $124 billion and record adjusted EBITDA of $38 billion in 2024.

各位早安，感謝各位的收看。我們非常自豪地宣布，公司在 2024 年實現了創紀錄的 1240 億美元收入和創紀錄的 380 億美元調整後 EBITDA。

In addition, we grew Adjusted EPS by 9% and generated substantial free cash flow of $12.5 billion. This is despite the intense competition and strategic challenges that we faced across our businesses. And in our Residential Connectivity business in particular, broadband revenue grew 3% for the year and convergence revenue, which we define as domestic broadband and wireless revenue, grew nearly 5%, which is among the best performance across the converged players, despite our incumbent status in broadband, and as we faced continued overbuilding, fixed wireless expansion, and the challenges associated with the end of the ACP program.

此外，我們調整後每股收益成長了 9%，並產生了 125 億美元的巨額自由現金流。儘管我們在各個業務領域都面臨著激烈的競爭和策略挑戰，但我們依然取得了這樣的成就。尤其是在我們的住宅連接業務方面，寬頻收入全年增長了 3%，融合收入（我們將其定義為國內寬頻和無線收入）增長了近 5%，儘管我們在寬頻領域佔據主導地位，並且面臨著持續的過度建設、固定無線擴展以及與 ACP 計劃結束相關的挑戰，但這仍然是融合運營商中表現最好的之一。

As you've already seen in our earnings release, net broadband subscriber additions were negative 139,000 in the fourth quarter, which is disappointing, and worse than what we indicated in early December. Dave will discuss in more detail when we get to Q&A, but in short, competitive conditions remain intense, dynamic, and varied across our footprint and customer segments. And we see no signs of this changing in the near term.

正如您在我們的收益報告中已經看到的，第四季度寬頻用戶淨增為負 13.9 萬，這令人失望，比我們在 12 月初預測的還要糟糕。戴夫將在問答環節進行更詳細的討論，但簡而言之，在我們業務範圍和客戶群中，競爭環境依然激烈、瞬息萬變且多種多樣。而且我們看不到這種情況在短期內會有任何改變的跡象。

Dave is not sitting still in this environment, and he will discuss later in the call, the actions that his team has underway.

在這種環境下，戴夫並沒有坐以待斃，他將在稍後的通話中討論他的團隊正在採取的行動。

But let me be clear that all of us continue to strongly believe in the long-term opportunity for our connectivity business despite the need to adjust to the ever-evolving competitive environment. Zooming back out in 2024, we made substantial progress in each of our six growth businesses.

但我要明確指出，儘管需要適應不斷變化的競爭環境，我們所有人仍然堅信我們的連結業務擁有長期的發展機會。展望 2024 年，我們在六個成長型業務領域都取得了實質進展。

To run through each one briefly, first, residential domestic broadband revenue grew 3%, as I just mentioned.

簡單回顧一下，首先，正如我剛才提到的，住宅家庭寬頻收入增加了 3%。

Second, in wireless, revenue grew at a mid-teens rate, and we added another 1.2 million lines, taking us to 7.8 million as of year-end and to 12% penetration of our broadband customer base.

其次，在無線業務方面，營收以兩位數中段的速度成長，我們新增了 120 萬條線路，截至年底達到 780 萬條線路，寬頻客戶滲透率達到 12%。

Third, we delivered strong results in Business Services, growing revenue and EBITDA at mid-single digit rates. And we continue to identify new growth opportunities like our recently announced plans to acquire Nitel, which will enhance our capabilities to serve multisite enterprise and midmarket businesses.

第三，我們在業務服務方面取得了強勁的業績，營收和 EBITDA 均實現了中等個位數的成長。我們將繼續尋找新的成長機會，例如我們最近宣布的收購 Nitel 的計劃，這將增強我們為多站點企業和中型市場企業提供服務的能力。

Today, Comcast Business is nearly $10 billion in revenue and in a $60 billion addressable market in the US.

如今，康卡斯特商業公司的營收接近 100 億美元，在美國的潛在市場規模達 600 億美元。

Fourth, in streaming, we achieved a $1 billion improvement in Peacock EBITDA losses and delivered on the promise of streaming with the excellent execution of the Paris Olympics.

第四，在串流媒體方面，我們實現了 Peacock EBITDA 虧損減少 10 億美元，並透過巴黎奧運的出色執行兌現了串流媒體的承諾。

Fifth, is our studio business, where we ranked second in global box office, making it the third year in a row where we've been either number one or number two and our TV studios ended the broadcast season with more top 10 series than any other studio.

第五，是我們的影視製作業務，我們在全球票房排名第二，連續第三年位列第一或第二，而且我們的電視工作室在本季播出的十大熱門劇集數量也超過了其他任何工作室。

And finally, in our Destinations and Experiences business, we finished the year strong across our parks globally after having experienced some temporary headwinds in the middle of the year. Our teams stayed hard at work preparing for the opening of Epic Universe in May of this year.

最後，在我們的目的地和體驗業務方面，儘管年中遇到了一些暫時的不利因素，但我們在全球各地的公園都取得了強勁的業績，為這一年畫上了圓滿的句號。我們的團隊一直努力工作，為今年五月Epic Universe的開幕做準備。

Now turning to 2025, our plans call for us to make progress on all of these fronts again, but let me highlight two areas for deeper commentary.

現在展望 2025 年，我們的計劃要求我們在所有這些方面再次取得進展，但我想重點介紹兩個領域，以便進行更深入的評論。

First is Dave's action plan behind the commitment to drive continued growth in broadband and convergence revenue. We will lean into wireless more than ever before. We are the challenger in a market that is 2.5 times the size of broadband with a capital-light strategy that does not require network tradeoffs.

首先是戴夫為推動寬頻和融合收入持續成長而製定的行動計畫。我們將比以往任何時候都更加重視無線技術。我們是挑戰者，進入規模是寬頻市場 2.5 倍的市場，我們採用輕資本策略，無需在網路方面做出妥協。

Wireless is a meaningful differentiator as our converged offers provide great savings to the consumer. And so, you will see us shift our strategy to package mobile with more of our higher tier broadband products both for new and many of our existing customers.

無線服務是一項重要的差異化優勢，因為我們提供的融合套餐能為消費者節省大量費用。因此，您將會看到我們調整策略，將行動業務與更多高端寬頻產品打包銷售，面向新客戶和許多現有客戶。

In addition, we will be capitalizing on our broadband and Wi-Fi network capabilities by automatically boosting the speeds of Xfinity Mobile customers by up to 1 gig whenever they connect to our 23 million Wi-Fi hotspots, which is the largest and fastest Wi-Fi network in North America.

此外，我們將充分利用我們的寬頻和 Wi-Fi 網路能力，在 Xfinity Mobile 用戶連接到我們北美最大、最快的 2,300 萬個 Wi-Fi 熱點時，自動將他們的網路速度提升至 1 Gbps。

Next, is our world class broadband network which consistently delivers peak performance even as Internet traffic increases at double digit rates. This fall alone, we saw NFL streaming and large game downloads drive the biggest consumption in Internet history. These trends play to our strengths as we have the best path to deliver data in the most cost-efficient way over the long term.

其次，我們擁有世界一流的寬頻網絡，即使互聯網流量以兩位數的速度成長，也能持續提供最佳效能。光是今年秋季，我們就看到 NFL 的串流播放和大型比賽的下載推動了網路史上最大的消費量。這些趨勢符合我們的優勢，因為我們擁有從長遠來看以最具成本效益的方式提供數據的最佳途徑。

So a top priority is driving our broadband network upgrade that will ultimately deliver multi gigabit symmetrical speeds across every market we serve and incorporate AI throughout our entire network. Project Genesis, as we call it, is making great progress. Today, over 50% of our network is fully virtualized and we will reach about 70% by the end of this year.

因此，首要任務是推動我們的寬頻網路升級，最終在我們服務的每個市場實現多千兆對稱速度，並將人工智慧融入我們的整個網路中。我們稱之為「創世紀計畫」的計畫正在取得巨大進展。目前，我們超過 50% 的網路已完全虛擬化，到今年年底，我們將達到約 70%。

Now that we are more than halfway through, we will be introducing new pricing and packaging in the upgraded markets in the coming months that will bundle wireless and Internet with faster upload speeds and simplified all-in pricing with the goal of removing points of friction with our customers.

現在我們已經完成了一半以上，在接下來的幾個月裡，我們將在升級後的市場推出新的定價和套餐，將無線和互聯網與更快的上傳速度和簡化的全包定價捆綁在一起，目標是消除與客戶之間的摩擦點。

Finally, we are creating new products designed to appeal to our key customer segments and provide more flexibility with attractive pricing. One example is our Sports and News TV package announced just last week that combines the best linear networks along with Peacock at a price that is competitive against virtual MVPDs.

最後，我們正在開發旨在吸引我們主要客戶群的新產品，並以具有吸引力的價格提供更大的靈活性。例如，我們上週剛宣布推出的體育和新聞電視套餐，將最好的線性電視網絡與 Peacock 結合起來，價格與虛擬 MVPD 相比具有競爭力。

We know sports fans want, and need great broadband, and we will continue to look for packages like these to sell more Xfinity Internet and to lower churn for existing subscribers which together increase customer lifetime value.

我們知道運動迷想要並且需要優質的寬頻服務，我們將繼續尋找類似的套餐來銷售更多 Xfinity 網路服務，並降低現有用戶的流失率，從而提高客戶的終身價值。

Helping Dave across all of these priorities will be Steve Croney, who, in the past month was promoted to Chief Operating Officer of Connectivity & Platforms. His areas of responsibility are Comcast’s residential and commercial businesses including product strategy, sales and marketing, customer experience, field operations, and data analytics. Steve will serve as a catalyst as we push even harder for progress across the range of initiatives I just laid out.

協助戴夫處理所有這些優先事項的是史蒂夫·克羅尼，他上個月被提升為連接與平台首席營運長。他的職責範圍涵蓋康卡斯特的住宅和商業業務，包括產品策略、銷售和行銷、客戶體驗、現場營運和數據分析。史蒂夫將起到催化劑的作用，推動我們在我剛才提到的各項舉措中更加努力地取得進展。

Now moving to Content and Experiences, the big news of the fourth quarter was our decision to spin off a strong portfolio of cable television networks and digital assets to our shareholders in a tax-free transaction that we estimate will be completed at the end of the year.

現在來說說內容和體驗方面，第四季度最大的新聞是我們決定將強大的有線電視網絡和數位資產組合分拆給我們的股東，這是一項免稅交易，我們預計該交易將在年底完成。

Earlier this month, we announced key appointments to the future senior leadership team for this new company with Mark Lazarus as CEO and Anand Kini as CFO and Chief Operating Officer. As a well-capitalized, independent company with a focused management team and strong portfolio of news, sports, and genre-based entertainment, SpinCo will be well positioned to lead in the changing cable and digital media landscape.

本月初，我們宣布了這家新公司未來高級領導團隊的關鍵人事任命，馬克·拉扎勒斯擔任首席執行官，阿南德·基尼擔任首席財務官兼首席營運官。SpinCo 是一家資金雄厚、獨立營運的公司，擁有專注的管理團隊和強大的新聞、體育和類型娛樂節目組合，因此它將在不斷變化的有線電視和數位媒體格局中佔據領先地位。

Importantly, the creation of SpinCo will be a positive catalyst for what I've been calling future NBCUniversal.

重要的是，SpinCo 的成立將成為我所說的未來 NBCUniversal 的積極催化劑。

First, let me define what that looks like. When we announced SpinCo in November, we also announced the restructuring of the remaining NBCU media businesses which will operate together and consist of: The NBC broadcast network with NBC Sports, which is the home of the NFL, the Olympics, the Premier League, NASCAR, Golf, and later this year, the NBA, and Bravo, which is a leader in reality television and home of beloved franchises including The Real Housewives and Below Deck. Together, NBC and Bravo reach 100 million US households each month and help power Peacock.

首先，讓我來定義一下它是什麼樣子。我們在 11 月宣布成立 SpinCo 時，也宣布了對剩餘的 NBCU 媒體業務進行重組，這些業務將共同運營，包括：NBC 廣播電視網及其旗下的 NBC 體育頻道（擁有 NFL、奧運會、英超聯賽、NASCAR、高爾夫以及今年晚些時候的 NBA 的轉播權）和 Bravo 電視台（真人秀電視節目的領導者，擁有《真正的電視節目》。NBC 和 Bravo 每月共同覆蓋 1 億美國家庭，並為 Peacock 提供強大的支持。

Then there's Peacock itself, which in four years has built a base of 36 million subscribers, and integrates original programming, Universal films, and exclusive sports, and news; as well as NBC News, the leading News organization in the United States, plus Telemundo, America's number one Spanish-language content powerhouse and our local stations.

此外還有 Peacock 本身，它在四年內建立了 3600 萬訂閱用戶群，整合了原創節目、環球影業電影、獨家體育賽事和新聞；以及美國領先的新聞機構 NBC 新聞、美國排名第一的西班牙語內容巨頭 Telemundo 以及我們的地方電視台。

With our media business now focused on streaming and broadcast, alongside our growing Studios and Destinations and Experiences businesses, the future NBCU will continue to be one of the largest media companies in the world with nearly $40 billion in annual revenue.

隨著我們的媒體業務現在專注於串流媒體和廣播，以及我們不斷發展的工作室、目的地和體驗業務，未來的 NBCU 將繼續成為世界上最大的媒體公司之一，年收入接近 400 億美元。

NBCU will be on a growth trajectory, fueled by our world class content, technology, IP, properties, and talent, all working in concert with each other as an integrated media company. Our extraordinary Parks business and industry leading film and TV studios are already positioned for long term success.

NBCU 將走上成長軌道，這得益於我們世界一流的內容、技術、智慧財產權、資產和人才，所有這些都將協同運作，成為一家綜合媒體公司。我們卓越的公園業務和領先業界的電影電視工作室已經為長期成功奠定了基礎。

Theme parks will be supercharged by the opening of Epic Universe, the most technologically advanced theme park ever. And just last week, our film studio earned a total of 25 Oscar nominations, the most in the studio's history. This is on the heels of a hugely successful run for Wicked, which, at over $700 million at the global box office, has become the highest grossing film based on a Broadway musical.

隨著科技最先進的主題樂園——史詩宇宙的開放，主題樂園產業將迎來蓬勃發展。就在上週，我們的電影製片廠獲得了 25 項奧斯卡提名，創下了製片廠歷史上的最高紀錄。此前，《魔法壞女巫》取得了巨大的成功，全球票房超過 7 億美元，成為根據百老匯音樂劇改編的電影中票房最高的。

So to wrap up, I want to reiterate the confidence that our entire management team has in our business, allowing us to again raise our dividend by a healthy $0.08 per share. Through our dividend payments and share repurchases, we have now returned more than $55 billion to shareholders since 2021, when we resumed our buyback program.

最後，我想重申我們整個管理團隊對我們業務的信心，這使我們能夠再次將股息提高每股 0.08 美元。自 2021 年我們恢復股票回購計畫以來，透過股利和股票回購，我們已向股東返還了超過 550 億美元。

And while we've demonstrated our commitment to returning capital shareholders, we've been transparent that our first priority is to reinvest to set ourselves up for revenue growth, and we've done so consistently across six key growth drivers. We expect this formula to guide us in 2025 and the years ahead.

雖然我們已經展現了對股東回報資本的承諾，但我們也一直坦誠地表示，我們的首要任務是再投資，為收入成長做好準備，並且我們已經在六個關鍵成長驅動因素方面持續這樣做。我們希望這項原則能引導我們走向2025年及未來。

Before I turn it over to Jason, I'd like to close by saying that our hearts go out to everyone impacted by the devastating wildfires. I am in awe of the first responders and others on the frontlines and grateful to our news teams on-the-ground covering this tragedy and sharing vital information, as well as the operations teams and everyone in the community who have rallied to support people in this difficult time.

在把發言權交給傑森之前，我想最後說一句，我們向所有受毀滅性山火影響的人們致以最深切的慰問。我由衷敬佩奮戰在一線的急救人員和其他工作人員，感謝現場新聞團隊報道這場悲劇並分享重要信息，也感謝行動團隊和社區中所有在這個艱難時刻團結起來支持人們的人。

Jason, over to you.

傑森，該你了。

Thanks, Mike and thank you everyone for joining us. I want to start with a high-level overview of our consolidated results.

謝謝麥克，也謝謝大家的參與。我想先對我們的綜合業績做一個高層次的概述。

Total revenue grew 2% for both the fourth quarter and the full year, with our six major growth drivers including residential broadband, wireless, business services connectivity, theme parks, streaming, and premium content in our studios, increasing at a mid-single digit rate and now comprising close to 60% of our total revenue.

第四季和全年總收入均成長了 2%，其中六大成長驅動因素包括住宅寬頻、無線、商業服務連線、主題樂園、串流媒體和工作室的優質內容，這些因素均以中等個位數的速度成長，目前已占我們總收入的近 60%。

On a reported basis, we grew EBITDA 10% to $8.8 billion for the fourth quarter and 1% to $38.1 billion for the full year. Excluding severance and other in both years, EBITDA grew 8% in the quarter and 1% for the full year. Adjusted EPS increased 14% to $0.96 in the fourth quarter and 9% to $4.33 for the full year.

根據報告數據，我們第四季 EBITDA 成長 10% 至 88 億美元，全年 EBITDA 成長 1% 至 381 億美元。剔除遣散費和其他費用後，本季 EBITDA 成長 8%，全年成長 1%。第四季調整後每股收益成長 14% 至 0.96 美元，全年成長 9% 至 4.33 美元。

We generated $3.3 billion of free cash flow for the quarter and $12.5 billion for the full year, returning over 100% of this to shareholders, with $13.5 billion of capital returned for the full year.

本季我們產生了 33 億美元的自由現金流，全年產生了 125 億美元的自由現金流，並將其中超過 100% 的資金返還給了股東，全年返還的資本達 135 億美元。

Now, I'd like to touch on broadband, where we lost 139,000 customers in the quarter, while we grew ARPU by 3.1%. Importantly, our measuring stick is revenue growth; and on that score, for the full year, we grew broadband revenue 3% and convergence revenue by 5%. And into 2025, we expect broadband revenue to continue on a growth trajectory with convergence revenue again growing at an even faster pace than broadband revenue.

現在，我想談談寬頻業務，本季我們流失了 139,000 名客戶，但 ARPU 成長了 3.1%。重要的是，我們的衡量標準是收入成長；就此而言，全年寬頻收入成長了 3%，融合收入成長了 5%。我們預計到 2025 年，寬頻收入將繼續保持成長勢頭，融合收入的成長速度甚至會超過寬頻收入。

Our view over the near term is that fiber operators will continue to overbuild us, and fixed wireless operators will continue to sell into remaining excess capacity. Longer-term, our view is that we will face fiber as the primary competition in most of our footprint. In effect, there will be two multi-gig symmetrical wires in the vast majority of homes that we serve. In addition, there will be opportunistic, capacity-constrained competitors carving out a permanent part of the market in the form of fixed wireless and likely satellite as well.

我們認為，短期內光纖營運商將繼續過度建設，而固定無線營運商將繼續出售剩餘的過剩容量。從長遠來看，我們認為在我們業務覆蓋的大部分地區，光纖將是我們面臨的主要競爭對手。實際上，在我們服務的絕大多數家庭中，將會有兩條多千兆對稱線路。此外，一些機會主義的、產能受限的競爭對手將以固定無線和衛星的形式，在市場中佔據永久份額。

That shouldn't be a surprise to anybody. That is, and has for quite a while now, been our view of the long-term structural and competitive characteristics of the broadband market. Along those lines, let me remind you that we've competed against fiber for over 20 years; and during this time, we have generally seen a repeated pattern where new fiber builds gain early market share wins and then settle into fairly equal market share amongst providers over the medium to longer-term.

這應該不會讓任何人感到意外。也就是說，而且這種看法已經持續了相當長一段時間，那就是我們對寬頻市場長期結構和競爭特徵的看法。說到這裡，我想提醒大家，我們與光纖競爭已經超過 20 年了；在此期間，我們通常看到一種反覆出現的模式，即新建光纖網路在早期獲得市場份額，然後在中長期內，各供應商之間的市場份額趨於相當均衡。

Despite the increased competition, these markets maintain strong ARPU characteristics in line with non-fiber markets. Keep in mind that this past experience versus fiber was with prior generation cable networks, where fiber was able to market a significant speed advantage. That's increasingly not the case now and will not be the case in the future, where multi-gig symmetrical parity will exist among both of us; and will further differentiate our offering with everything that we surround around broadband, like whole home coverage, control, security, aggregation, best-in-home Wi-Fi, and added value in wireless.

儘管競爭加劇，這些市場仍保持著與非光纖市場一致的強勁的ARPU（每用戶平均收入）特徵。請記住，過去與光纖的對比經驗是上一代有線網絡，當時光纖能夠提供顯著的速度優勢。現在這種情況越來越不復存在，將來也不會再如此，屆時我們雙方都將擁有多千兆對稱的頻寬；這將進一步使我們的產品與我們圍繞寬頻提供的所有服務區分開來，例如全屋覆蓋、控制、安全、聚合、最佳家庭 Wi-Fi 以及無線增值服務。

Speaking of wireless, we have an incredible hand in convergence underpinned by a ubiquitous broadband network, product differentiation, and a super competitive wireless product available to all of our customers. In fact, in convergence terms, while we are the incumbent in the $80 billion US residential broadband market, we are the challenger in the far larger $200 billion US wireless market.

說到無線技術，我們在融合領域擁有巨大的優勢，這得益於無所不在的寬頻網路、產品差異化以及面向所有客戶極具競爭力的無線產品。事實上，從融合的角度來看，雖然我們在價值 800 億美元的美國住宅寬頻市場佔據主導地位，但在規模更大的 2000 億美元的美國無線市場中，我們卻是挑戰者。

Wireless is an integral part of our broadband strategy. It reduces churn and is a key acquisition tool and a driver of our strong convergence revenue growth, which has been in the mid-single digits, and at the high end of our telecom peers and competitors. And with 7.8 million total wireless lines, which is 12% penetration of our residential broadband customer base, or around 6% of our total passings, we have a long runway ahead.

無線網路是我們寬頻策略不可或缺的一部分。它降低了客戶流失率，是重要的客戶獲取工具，也是我們強勁融合收入成長的驅動力，我們的收入成長一直保持在中等個位數水平，並且處於電信同行和競爭對手的高端水平。目前無線線路總數為 780 萬條，占我們住宅寬頻用戶群的 12%，或占我們總用戶數的 6% 左右，我們還有很長的路要走。

Finally, on business services, the fourth quarter, the full year of 2024 and our outlook for 2025 all fit within the same framework. And that is within small and medium sized business segment, we're operating in the same competitive environment as residential broadband. And similarly, despite the elevated competition, we are delivering nice revenue growth in this segment driven by higher adoption of our suite of advanced services that deepens the relationship with our large base of customers. Add in significant progress and revenue growth we're seeing across larger enterprise and government contracts and the overall category of business services has been growing at an industry leading mid-single digit range with a total revenue base approaching $10 billion and a margin at nearly 57% as of year-end.

最後，關於商業服務，2024 年第四季、全年以及我們對 2025 年的展望都符合同一框架。而且，在中小企業領域，我們面臨的競爭環境與住宅寬頻市場相同。同樣地，儘管競爭加劇，但由於我們一系列先進服務的採用率提高，加深了我們與龐大客戶群的關係，我們在該領域實現了良好的收入成長。再加上我們在大型企業和政府合約方面看到的顯著進展和收入成長，整個商業服務類別一直以行業領先的中個位數增長，截至年底，總收入基數接近 100 億美元，利潤率接近 57%。

Putting this all together, in the quarter, Connectivity & Platforms revenue remained consistent with the prior year as 5% growth in our Connectivity businesses was offset by revenue declines in video and other; while EBITDA grew 2% and margins expanded by another 80 basis points when excluding severance and other in both periods.

綜上所述，本季連結與平台業務收入與上年同期持平，連結業務 5% 的成長被視訊和其他業務收入的下降所抵消；而 EBITDA 成長了 2%，如果排除遣散費和其他費用，兩個時期的利潤率又提高了 80 個基點。

Looking ahead, we intend to lean into wireless, which means additional investment there, but the overall framework for growth over the long term remains the same. A mix shift driven by continued strong growth in our Connectivity businesses, which creates opportunity for further margin expansion, the same dynamics that have driven our results for the past several years and we still believe we can deliver that in 2025 despite certain higher areas of investment.

展望未來，我們計劃加大對無線領域的投入，這意味著需要追加投資，但長期成長的整體框架保持不變。連接業務的持續強勁成長推動了業務組合的轉變，這為進一步擴大利潤率創造了機會。過去幾年，正是這種動力推動了我們的業績，儘管某些領域的投資額較高，我們仍然相信我們能夠在 2025 年實現這一目標。

In addition, we landed our Capex intensity at just over 10% in 2024 and expect to continue in and around this range for 2025. This all creates continued favorable characteristics for strong and growing net cash flow generation coming out of Connectivity & Platforms.

此外，我們預計 2024 年資本支出強度將略高於 10%，並預計 2025 年將繼續維持在此範圍內。所有這些都為連接與平台業務持續產生強勁且不斷增長的淨現金流創造了有利條件。

In the Content & Experiences segment, I would frame the business as follows. In Parks, we're seeing some stabilization after a slowdown in the second and third quarters. Adjusted for Epic pre-opening costs of around $35 million, EBITDA in the fourth quarter was flat year over year with attendance trends improving across most of our Parks including Orlando, solidifying the foundation for our opening of Epic Universe in May.

在內容與體驗部分，我會這樣描述業務。公園方面，在第二季和第三季成長放緩之後，我們看到市場出現了一些穩定跡象。在扣除 Epic Universe 開業前約 3500 萬美元的成本後，第四季度 EBITDA 與去年同期持平，包括奧蘭多在內的大多數公園的客流量趨勢都有所改善，這為我們 5 月份 Epic Universe 的開業奠定了堅實的基礎。

We couldn't be more excited for the launch of Epic. We've also been clear we will have significant costs leading up to this opening, with over $100 million or the vast majority landing in the first quarter. In addition, we will have incremental domestic marketing spend as well as an impact from the tragic fires that have raged around Hollywood.

我們對Epic的發布感到無比興奮。我們也明確表示，開業前我們將產生巨額成本，其中超過 1 億美元或絕大部分將在第一季產生。此外，我們還將增加國內行銷支出，同時也受到好萊塢附近發生的悲慘火災的影響。

Our Studios continue to deliver as this was the third straight year in which we've been in the top two in global box office. And we are excited about the 2025 slate, which includes How To Train Your Dragon, Jurassic World Rebirth, and Wicked: For Good, just to name a few. While we expect another strong theatrical and PVOD run, Studio EBITDA growth will be impacted in 2025 by higher marketing expenses tied to a larger film slate and lower carryover from prior years given the Writers and Actors strikes in 2023.

我們的電影公司持續保持著強勁的勢頭，這已經是我們連續第三年位居全球票房前兩名了。我們對 2025 年的片單感到非常興奮，其中包括《馴龍高手》、《侏羅紀世界：重生》和《邪惡：為了正義》，僅舉幾例。雖然我們預計該片將在影院和 PVOD 平台再次取得強勁的票房表現，但由於 2023 年編劇和演員罷工導致電影計劃擴大，營銷費用增加，以及往年結餘減少，2025 年工作室的 EBITDA 增長將受到影響。

In Media, we are making a successful pivot to streaming, as evidenced by Peacock's strong revenue growth of 46% for the full year, driving a $1 billion improvement in Peacock's EBITDA loss, and we expect to make continued improvement in Peacock EBITDA losses in 2025. We couldn't be more excited for the year ahead, as we welcome the NBA back to NBC and also on Peacock later this year.

在媒體領域，我們正成功地向串流媒體轉型，Peacock全年強勁的營收成長46%就證明了這一點，這使得Peacock的EBITDA虧損減少了10億美元，我們預計Peacock的EBITDA虧損將在2025年繼續改善。我們對即將到來的一年感到無比興奮，因為我們歡迎 NBA 重返 NBC，並且今年晚些時候也會在 Peacock 上播出。

To put 2024 in perspective, we dealt with potentially the most competitive environment we’ve faced in broadband, saw an unexpected but significant temporary slowdown in theme parks, and made major investments in our key growth initiatives. Yet, when you sum it all up, we grew Adjusted EPS nearly double-digits and generated $12.5 billion in free cash flow, speaking to the overall breadth and resilience of our business.

為了更好地理解 2024 年，我們應對了寬頻領域可能最具競爭力的環境，主題樂園出現了意想不到但影響深遠的暫時性放緩，並且對關鍵成長計畫進行了重大投資。然而，總而言之，我們調整後的每股盈餘實現了近兩位數的成長，並產生了 125 億美元的自由現金流，這體現了我們業務的整體廣度和韌性。

At the same time, we maintained a healthy balance sheet, ending the year with net leverage at 2.3x while returning $13.5 billion to shareholders, including over $8.5 billion in share repurchases. Since we restarted our buyback program in 2021, we’ve reduced our share count by nearly 20% and see significant room to continue to deliver on this trajectory.

同時，我們保持了健康的資產負債表，年底淨槓桿率為 2.3 倍，同時向股東返還了 135 億美元，其中包括超過 85 億美元的股票回購。自 2021 年重啟股票回購計畫以來，我們的股票數量已減少了近 20%，我們看到了繼續保持這一成長勢頭的巨大空間。

With that, let me turn the call over to Brian.

那麼，我把電話交給布萊恩吧。

Hearing all of that, I'm certainly proud that we had the best year in our 60-year history with record revenue, EBITDA, and EPS along with significant free cash flow all while returning so much capital to shareholders and I never take any of that for granted.

聽到這些，我當然感到非常自豪，因為我們取得了公司 60 年曆史上最好的一年，收入、EBITDA 和每股收益均創歷史新高，同時自由現金流也十分可觀，並且向股東返還了大量資本，我永遠不會把這一切視為理所當然。

Our team is executing in industries that are going through rapid and exciting transformation. And it's our founding principle to lean into that change and constantly look for new growth as we have always done.

我們的團隊正在經歷快速而令人興奮的變革的行業中執行專案。而我們創立的原則就是擁抱變化，並像以往一樣不斷尋求新的發展。

I also like to step back and think about our assets from our 64 million homes passed with really fast gig speed internet to our robust backbone with hundreds of thousands of miles of fiber, localized data centers complete with space, power, and connectivity.

我也喜歡退後一步，思考一下我們的資產，從我們6400萬戶家庭接入的超高速千兆互聯網，到我們強大的骨幹網，擁有數十萬英里的光纖，以及配備空間、電力和連接設施的本地數據中心。

Together, this network gives us a competitive advantage in the markets we serve. But also, importantly positions us really well for new growth opportunities in a world hungry for connectivity that will be increasingly driven by AI and edge computing.

共同建構的這個網絡使我們在所服務的市場中擁有競爭優勢。但更重要的是，這讓我們在當今這個對互聯互通日益渴望、並將由人工智慧和邊緣運算驅動的世界中，能夠更好地掌握新的成長機會。

So as we turn the page to the coming year, there's a lot to be excited about starting with our most recent Comcast Business acquisition of Nitel, the launch of Epic Universe, much awaited, and our new 11-year deal that will welcome the NBA back to NBC, just to name a few.

因此，當我們翻開新的一頁，迎接新的一年時，有很多令人興奮的事情，例如我們最近收購了康卡斯特商業公司Nitel，備受期待的Epic Universe即將推出，以及我們與NBC達成的為期11年的新協議，該協議將使NBA重返NBC，這只是其中的幾個例子。

We have a wonderful company, but nothing beats good execution. And as you heard, our team is already hard at work and energized for what lies ahead in 2025 and beyond.

我們擁有一家很棒的公司，但沒有什麼比得上好的執行力。正如你所聽到的，我們的團隊已經開始努力工作，並為2025年及以後的發展充滿熱情。

Marci, now over to you for Q&A.

瑪西，現在輪到你來回答問題了。

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

謝謝你，布萊恩。接線員，請開啟問答環節。

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

謝謝。現在開始問答環節。（操作說明）

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you. Good morning. I want to come back to your comments on wireless. Obviously, you guys are excited about that opportunity and seem to be, I think you might use the word shifting strategies. Should we be expecting net adds to accelerate? Is that what success looks like there? And any more comments you can give around the investments that Jason mentioned and kind of removing friction thinking about things like handset, subsidies, et cetera.

謝謝。早安.我想回到你關於無線網路的評論。顯然，你們對這個機會感到興奮，而且似乎正在——我想你們可能會用「轉變策略」這個詞來形容。我們是否應該預期淨新增數量會加速成長？這就是那裡的成功嗎？關於Jason提到的投資以及如何消除諸如手機、補貼等問題上的摩擦，您還有什麼其他意見嗎？

And then I know you talked about it, but I don't know if Brian's willing to comment on just the vision for NBC's media business, sort of post the spin-off, kind of wrapped in sports and broadcast, but like longer term, how do you think about the growth opportunities for what we used to think about is kind of the television business at NBC? Thanks so much.

我知道你之前也談過，但我不知道布萊恩是否願意就NBC媒體業務的願景發表評論，也就是在分拆之後，圍繞體育和廣播展開的長期發展，你如何看待我們過去認為的NBC電視業務的增長機會？非常感謝。

Hey, Ben, I'll start and then maybe Dave can chime in on wireless and Brian on media. I'd like to start on that one too, but so on wireless, yeah, I think we're pleased that we've gotten to 12% penetration. I think we have a very good hand as you think about offering a converged offering to consumers with the best broadband product out there across 63 million homes together with the ability to put a mobile phone in people's hands with a good value on the best network with the best devices.

嘿，本，我先開始，然後戴夫可以就無線方面發表意見，布萊恩可以就媒體方面發表意見。我也想開始研究這個問題，但就無線網路而言，是的，我認為我們很高興已經達到了 12% 的滲透率。我認為我們擁有非常有利的優勢，可以向消費者提供融合產品，包括覆蓋 6300 萬個家庭的最佳寬頻產品，以及透過最佳網路和最佳設備以優惠的價格將手機送到人們手中。

So we've been at it for a few years, and I think we like what we see, and our intention is to push harder. We've seen Charter try some things that we have watched and seen what they're doing. So I think pushing for more simplified bundles.

我們已經為此努力了幾年，我認為我們對目前的成果感到滿意，我們的目標是更加努力。我們看到Charter公司嘗試了一些事情，我們也觀察並看到了他們在做什麼。所以我認為應該推動推出更簡化的軟體包。

One thing we talked about in the earlier comments is how as we've rolled out our network upgrades, it's going to both enable stronger products, a stronger converged product across mobile and broadband together with the friction points is putting some more simplicity in the offers themselves and the way we go to market with broadband and wireless together.

我們在先前的評論中談到的一點是，隨著我們推出網路升級，這將既能帶來更強大的產品，又能帶來更強大的行動和寬頻融合產品，同時還能解決摩擦點，使產品本身以及我們向市場推出寬頻和無線產品的方式更加簡單。

And I think in addition to that, we're going to be looking at trying to attach and penetrate our existing base of customers, not just new customers, but especially those in our highest value wireless cohorts. So all that will have some impact on as we invest behind success. But that's -- and that's what Jason was referring to. Dave, I don't know if you want to add anything to that.

我認為除此之外，我們還將著眼於如何維繫和滲透我們現有的客戶群，不僅僅是新客戶，尤其是那些在我們最有價值的無線用戶群中。因此，所有這些都會對我們為成功而進行的投資產生一定影響。但那是──那正是傑森所指的。戴夫，我不知道你是否還有什麼要補充的。

Yeah, Mike. So we had certainly some success with our prior approach leading up to this moment with wireless and buy one get one. It's been a pretty -- we were pleased with that, but felt it was the right moment to shift strategy to package mobile, you know, rate and included with into more of our higher tier broadband products.

是的，麥克。所以，在此之前，我們透過無線和買一送一等策略確實取得了一些成功。一直以來，我們都對這個結果感到滿意，但覺得現在是時候轉變策略，將行動服務打包，並將其包含在我們更多更高端的寬頻產品中。

This is a fundamental shift that will impact acquisition-base management and retention to be included. So included mobile and it's all towards the effort that both Mike and Jason have talked about our overall goal of driving converged revenue.

這是一個根本性的轉變，將對收購基礎管理和客戶維繫產生影響。因此，行動端也包含在內，這一切都是為了實現Mike和Jason所說的推動融合收入的總體目標。

And just to add one last thought on wireless. You know, as I think about the industry opportunity when they went from four to three, that makes it a business where you tend to see price go up and that creates a better business opportunity for a new entrant like ourselves. And so, all the dynamics would appear to make that a good growth for many, many years to come.

關於無線網絡，我最後再補充一點。你知道，當我思考產業機會時，當他們從四家公司減少到三家時，這使得價格往往會上漲，這為像我們這樣的新進入者創造了更好的商機。因此，所有因素似乎都預示著未來很多年都將保持良好的成長動能。

I think for the media business, the spin, I just want to echo that I think makes a lot of sense. 98% of the viewing on Peacock does not include the spun networks. So they need their own direct to consumer digital initiatives and focus and investment. And I think Mark Lazarus and Anand Kini and the team are going to do a superb job. And we're -- it'll take a little while to get that launch. But one of the things Mike did was begin to operate the company as if it's already happened.

我認為就媒體產業而言，這種宣傳策略——我只想重申一下，我認為這很有道理。 Peacock 平台上 98% 的觀看量並不包括那些包裝好的頻道。因此，他們需要建立自己的直接面向消費者的數位化策略、重點和投資。我認為馬克·拉扎勒斯、阿南德·基尼和他們的團隊將會做得非常出色。我們需要一段時間才能完成發布。但麥克採取的措施之一就是開始像一切已經發生一樣來經營公司。

So we've got a whole new team in the remaining media businesses. And the leadership that we've announced is in place and functioning and we were just meeting the other day, and they have a pretty exciting roadmap. You know, it starts with Epic Universe, this May. In the television business to your question, I think that the content we make works on Peacock. We're also a provider to other platforms.

因此，我們在剩餘的媒體業務中組建了一支全新的團隊。我們已經宣布了領導團隊，他們正在發揮作用，前幾天我們還開了個會，他們制定了一個非常令人振奮的路線圖。你知道，一切都將從今年五月的Epic Universe開始。至於你問的電視產業方面的問題，我認為我們製作的內容在Peacock平台上是行得通的。我們也是其他平台的供應商。

I think we sell content to every platform. And I think with the addition of something like the NBA combined with the Olympics, combined with Sunday Night Football, combined with Premier League and then shows like Day of the Jackal, we have something called The Americas coming up, which will be on NBC, and using NBC to drive Peacock and vice versa more than maybe we have in the past. It's a very exciting business. So Mike, do you want to add anything on that piece of the question?

我認為我們向所有平台銷售內容。我認為，如果將 NBA、奧運會、週日晚間橄欖球賽、英超聯賽以及《豺狼之日》等節目結合起來，我們就能在 NBC 上推出名為“美洲”的節目，並利用 NBC 來推動 Peacock 的發展，反之亦然，這可能比我們過去做得更多。這是一個非常令人興奮的行業。麥克，關於這個問題，你還有什麼要補充的嗎？

I think that it really -- and I agree with everything you said. I think it does two things. One is, I think the assets that are going to SpinCo are strong as many of us have observed. But the fact of the matter as Brian called out the 98% quote, they weren't integral to the emphasis we've put on Peacock and a streaming future for NBC broadcast in particular.

我覺得確實如此——我完全同意你說的話。我認為它有兩個作用。第一，我認為分拆給 SpinCo 的資產實力雄厚，正如我們許多人所觀察到的。但正如布萊恩指出的98%的說法，事實是，他們對於我們重視Peacock以及NBC廣播的串流媒體未來而言，並非至關重要。

And so, I think those assets are going to be better managed and have opportunities in the future that are better optimized for our shareholders by putting them in the hands of the strong leadership team, Brian described with light debt and sort of strength. So that is an area getting management focus -- has always proven to me to be, well, there's great ideas that many of us had as we got this started and I think Mark and Anand have come up with several others and it's more to come.

因此，我認為，將這些資產交給強大的領導團隊管理，能夠更好地管理這些資產，並在未來為我們的股東創造更多機會，以實現更佳的收益。布萊恩形容這些資產負債輕，實力雄厚。所以，這是管理層關注的領域——在我看來，它一直證明，嗯，在我們開始做這件事的時候，我們很多人都有很多好點子，我認為馬克和阿南德又提出了幾個其他的想法，而且未來還會有更多。

What it leaves is an equally focused management team under Donna Langley and Matt Strauss that are now taking the NBC broadcast assets together with Bravo, which Brian didn't mention, sort of the leader in reality television, both of which feed substantially the viewing in Peacock itself along with pay one movies, sports, and the like.

這使得唐娜·蘭利和馬特·施特勞斯領導的管理團隊更加專注，他們現在正接管 NBC 的廣播資產以及 Bravo（布萊恩沒有提及，Bravo 可以說是真人秀領域的領導者），這兩家公司都為 Peacock 本身以及付費電影、體育賽事等提供了大量的觀看量。

And I think the opportunity that that team sees in bringing together in a way that I don't think would be possible without separating the two different businesses, they'll create a, cohesive management team across programming.

我認為，該團隊看到了將兩個不同的業務部門整合起來的機會，如果不將這兩個部門分開，這種整合是不可能實現的。他們將創建一個跨程式設計的、具有凝聚力的管理團隊。

So what content gets green lit with a complete end-to-end view about how you could window across NBC broadcast or Bravo or Peacock and back and forth; make investments that are really end-to-end and get their management teams streamlined frankly so that quicker, better decisions get made in support of a singular remaining, streaming focused but with an important linear elements to it in terms of Bravo and NBC that I think opens what we've been talking about for a while, which is that we're not really running a Peacock-only strategy. We're running a broadcast plus streaming strategy and looking to optimize that over the years ahead.

所以，哪些內容能夠獲得批准，需要對如何在 NBC 廣播、Bravo 或 Peacock 等平台之間來回切換進行完整的端到端視角；進行真正端到端的投資，並精簡他們的管理團隊，以便更快、更好地做出決策，從而支持一個單一的、以流媒體為中心的平台，但同時也保留 Bravo 和 NBC 等重要的線性元素。我認為這開啟了我們一直在討論的話題，那就是我們實際上並沒有隻執行 Peacock 的策略。我們採用廣播加串流媒體的策略，並希望在未來幾年內持續優化這項策略。

The last point I would make is Mike you have stepped into this, figured it out, execute extremely well. There's more energy bounce to step in both parts of SpinCo and the remaining co. So we're very excited and your leadership is noticed and appreciated.

最後我想說的是，麥克，你已經接手這項工作，並且找到了解決辦法，執行得非常出色。SpinCo 和剩餘公司兩部分都還有更大的能量反彈空間。我們感到非常興奮，您的領導能力得到了認可和讚賞。

Thanks, Ben. Operator, next question, please.

謝謝你，本。接線員，請問下一個問題？

Craig Moffett, Moffett Nathanson.

克雷格·莫菲特，莫菲特·納坦森。

Hi, thank you. Dave, staying with the broadband business for a minute. Can you talk about what you've learned in your Project Genesis market? As the -- and you talked about now leaning into marketing and promotion around letting people know that that's done, talk about what that looks like if you would and what you expect will be different in the markets where you now have a symmetrical broadband offering with speeds that are sort of fiber like if you would.

您好，謝謝。戴夫，我們再來聊聊寬頻業務。您能談談您在Project Genesis市場中學到了什麼嗎？正如您剛才提到的，現在要加強行銷和推廣，讓人們知道這件事已經完成。請談談如果您要這樣做，會是什麼樣子，以及您預計在現在提供速度堪比光纖的對稱寬頻服務的市場中會有哪些不同。

Got it. Hey, Craig. So you know, first off, what we're pleased with what we're learning is we're right on track in terms of Genesis. 50% of the first phase completed and we're moving at a very good clip. A vast majority of the plant will have that, that mid-split side of things upgraded by the end of this year. So, we're pleased with it operationally, we're pleased with the architecture, the promise of virtualizing elements of it, so we can introduce all the things that Mike mentioned in regards to how we manage the network day in day out. It's efficient and effective as a network. So we made significant progress and, but maybe the biggest point to what we're saying today is we're certainly -- this is a fast roadmap to ubiquitous multi-gig symmetrical, but we're not waiting.

知道了。嘿，克雷格。首先，我們很高興地看到，就Genesis專案而言，我們進展順利。第一階段已經完成了50%，而且我們正以非常快的速度推進。到今年年底，工廠的大部分區域，也就是中間分割部分的區域，都將完成升級改造。所以，我們對它的運作情況很滿意，對它的架構很滿意，也對虛擬化元素的前景很滿意，這樣我們就可以引入 Mike 提到的所有關於我們如何日常管理網路的內容。作為一個網絡，它是高效且有效。所以我們取得了重大進展，但也許我們今天所說的最重要的一點是，我們當然——這是通往普遍多千兆對稱網路的快速路線圖，但我們不會等待。

We are moving now on the first phase as we upgrade the plant to be able to introduce the simplified packaging that I think will make a difference in the marketplace. This will obviously have our best tiers of broadband. Mobile will be included. It's really simplified and reducing a lot of the pain points that we've seen in the marketplace just -- so including a faster path to everyday pricing.

我們現在正著手進行第一階段的工廠升級改造，以便推出簡化的包裝，我認為這將在市場上產生影響。這顯然會提供我們最好的寬頻服務。手機將包含在內。它確實簡化了流程，減少了我們在市場上看到的許多痛點——包括更快地實現日常定價。

So it is, I think, a really important moment for us. We're pleased about this opportunity to be able to get going and expect second quarter that we would begin to put the pedal down on that effort.

所以，我認為這對我們來說是一個非常重要的時刻。我們很高興能有這個機會開始行動，並預計在第二季我們將開始加強推進這項工作。

Dave, can you share any learnings for how competition is different in those places? Or is it still too early because you haven't really launched the marketing around it yet?

戴夫，你能分享一下你在那些地方的競爭格局有何不同方面有哪些經驗嗎？或者說現在還為時過早，因為你們還沒有真正開始圍繞它進行市場推廣？

Yeah, it is still too early, Craig. We'll launch the simplified -- the packaging side of things in the second quarter. So what we have seen is that it's an important first step of upgrading speed capability.

是的，克雷格，現在還太早了。我們將在第二季推出簡化版——也就是包裝上的改進。因此，我們看到的是，這是提升速度能力的重要第一步。

And you combine that with great Wi-Fi in the home. So it's a good fundamental step forward, but it's too early to talk about the competitive shift until we get the full marketing going.

再加上家中良好的Wi-Fi訊號。所以這是一個很好的基礎性進步，但在全面開展行銷之前，談論競爭格局的轉變還為時過早。

Thanks, Craig. Operator, next question please.

謝謝你，克雷格。操作員，請問下一個問題？

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hey, good morning. Thank you for the question. I just have two. First, on domestic broadband, could you just talk a little bit about the ARPU outlook? Should we expect ARPU growth to accelerate from here, just given the absence of things like hurricane rebates and some of the price increases implemented at the beginning of this year?

嘿，早安。謝謝你的提問。我只有兩個。首先，關於家庭寬頻，您能否簡單談談ARPU（每位用戶平均收入）的前景？考慮到沒有颶風補貼以及今年年初實施的一些價格上漲措施，我們是否應該預期 ARPU 成長將從此加速？

And then for Jason, I was just wondering if you could talk about free cash flow for next year. Obviously, a few moving parts between cash taxes, the cash tax refund and Capex potentially coming down in C&E. So any thoughts there would be great. Thank you.

然後，Jason，我想問問你明年的自由現金流狀況。顯然，現金稅、現金退稅和資本支出可能下降之間存在一些變動因素。所以，大家有什麼想法嗎？謝謝。

Michael, this is Dave. Let me start with your point on ARPU. So we expect continued healthy ARPU growth. Our overall focus is on broadband and convergence revenue growth. That is the main point as Mike and Jason have called out.

邁克爾，這是戴夫。讓我先回應一下你關於ARPU（每位使用者平均收入）的觀點。因此，我們預計ARPU值將持續健康成長。我們整體的關注重點是寬頻和融合業務的收入成長。正如麥克和傑森所指出的那樣，這正是問題的關鍵。

And the good news is there are different levers we have and will continue to pull, but in the context of how we really are focused on maximizing overall revenue growth. So in a dynamic environment, we've got those levers to pull, and we will make the right decisions to optimize the levers to build longer-term sustainable revenue growth.

好消息是，我們擁有並將繼續運用各種手段，但這一切都是為了最大限度地提高整體收入成長。因此，在瞬息萬變的環境中，我們擁有各種手段，我們將做出正確的決定，優化這些手段，以實現更長期的永續收入成長。

So as I mentioned before, we are implementing a number of new approaches, and we'll continue to make the best decisions for now and in the long-term. So to give you an example, whenever we accelerate wireless and pushing harder there, we think it's the right, smart, competitive decision; we may not be right within the range that we have been, but still expect ARPU to be very healthy. Jason?

正如我之前提到的，我們正在實施一些新的方法，我們將繼續做出對現在和長遠最好的決定。舉個例子來說，每當我們加速無線業務發展並加大投入時，我們認為這是一個正確、明智且具有競爭力的決定；我們可能沒有達到我們一直以來所達到的水平，但仍然期望 ARPU 能夠保持非常健康的水平。傑森？

Yes, Mike, thanks for the question. So let me round out free cash flow, maybe step back a little bit. We gave an outlook on the call for a number of different parts of the business. As you get down to free cash flow, I'll step you through views on working capital, maybe complete the picture on Capex, and then you mentioned cash tax as well.

是的，麥克，謝謝你的提問。那麼，讓我來總結一下自由現金流，或許可以稍微退後一步。我們對此次業務的多個不同部門的電話會議進行了展望。當你談到自由現金流時，我會逐步向你介紹營運資本方面的觀點，或許還能完善資本支出方面的情況，然後你也提到了現金稅。

So it starts with what's the underlying base. The underlying base is very healthy free cash flow generation. As you saw in 2024, we generated $12.5 billion. That's in the context of we did have a $2 billion one-time headwind that we called out in the second quarter. So really, free cash flow was probably $2 billion ahead of that.

所以一切都從其基本基礎開始。其根本優勢在於非常健康的自由現金流產生能力。正如你們在2024年看到的，我們創造了125億美元的收入。這是在我們第二季度曾經提到的20億美元一次性不利因素的背景下發生的。所以實際上，自由現金流可能比這高出 20 億美元。

That's how we look at the baseline for 2024. And then entering into 2025, you're right. In the release today, we did talk about a tailwind to cash taxes in 2025. That will be roughly a couple billion dollars. So that's going to be a tailwind to us. We'll be clear about that at the time, and I would view that as a one-time thing.

這就是我們對 2024 年基準線的看法。進入 2025 年，你說得對。在今天發布的新聞稿中，我們確實談到了 2025 年現金稅收的利多因素。那大約是幾十億美元。所以這對我們來說是個利好因素。到時候我們會把事情說清楚，而且我認為這只是一次性的事情。

But nonetheless, helpful relative to 2024 where cash taxes went the other way.

但即便如此，與 2024 年現金稅收政策的相反情況相比，這仍然是有益的。

Working capital is another sort of key part to this. I think we're -- it's tough to guide with total visibility and predictability, but I would point you to the last couple of years. 2024 working capital headwind was about $1.5 billion, 2023 was roughly $2 billion. Those in rough terms are probably the right goalpost to think about for 2025.

營運資金是另一個關鍵因素。我認為——雖然很難完全預測未來，但我可以參考過去幾年的情況。 2024年營運資金面臨的阻力約15億美元，2023年約20億美元。從大致意義上講，這些可能是 2025 年應該考慮的正確目標。

And if you step back, the key things that caused working capital headwinds are attached to our growth businesses. It's handset subsidies. It's production around a lot of the streaming properties. It's sports rights. So those are all still in place for 2025 and beyond.

而從更宏觀的角度來看，導致營運資金面臨困境的關鍵因素都與我們的成長型業務息息相關。這是手機補貼。這是圍繞著許多串流媒體平台進行的製作。這是體育賽事轉播權。所以這些措施在2025年及以後仍然有效。

So that's what that category will look like. But hopefully, that helps there. And then on capital intensity, we were clear about cable capital intensity. We landed the year at just over 10%. That's the outlook for 2025, and that's in the context of very strong new homes passed continue to really be aggressive in passing a new home formation. So we'll continue to invest pretty aggressively there but within that capital intensity envelope and feel comfortable about that.

這就是該類別的具體內容。但願這能有所幫助。關於資本密集度，我們對電纜資本密集度有明確的認知。我們最終年終成績略高於 10%。這就是 2025 年的展望，而且是在新建住宅項目持續強勁增長的背景下，政府在新建住宅項目方面仍然非常積極。因此，我們將繼續在該領域進行相當積極的投資，但會控制在資本密集度範圍內，對此我們感到放心。

And then on the Content & Experiences side, you're right to point out, we are nearing the tail end of the Epic sort of construction phase. And so we will get relief from that over the course of 2025.

而在內容和體驗方面，您指出得對，我們即將完成史詩級建設階段的尾聲。因此，我們將在 2025 年期間緩解這一問題。

Thanks, Mike. Operator, next question, please.

謝謝你，麥克。接線員，請問下一個問題？

Jonathan Chaplin, New Street Research.

喬納森‧查普林，新街研究公司。

Thanks guys, following up on the wireless commentary. I'm wondering if you can just -- it looks like revenue growth was strong this quarter even in the context of pretty strong subscriber growth. I'm wondering if you could help pull apart how much of that growth came from ARPU growth in wireless versus equipment revenue.

謝謝各位，繼續關注無線解說。我想知道您是否可以—即使在用戶成長非常強勁的情況下，本季的營收成長看起來也很強勁。我想請您幫忙分析一下，無線業務的ARPU成長和設備收入的成長分別佔多大比例。

And then we've been hearing that the MVNO contract could be up for renewal this year. I'm wondering if you could give us some context for what you expect in pricing when that renewal does come up and how it might impact margins in the wireless business. Thanks.

然後我們也聽說，MVNO 合約可能在今年到期需要續約。我想請您介紹一下，當續約臨近時，您對價格的預期會是什麼樣的，以及這可能會對無線業務的利潤率產生怎樣的影響。謝謝。

So, Jonathan, let me start with wireless growth and sort of I think your question really was sort of service versus equipment. I would tell you, very healthy growth in wireless. We added 1.2 million subs year-over-year. That translated into mid-teens revenue growth. And if you were to break it down in terms of service versus equipment, service revenue growth was sort of right in that range as well.

喬納森，那麼，讓我先談談無線技術的成長，我認為你的問題實際上是關於服務與設備的問題。我可以告訴你，無線通訊領域發展非常健康。我們較去年同期成長了120萬訂閱用戶。這意味著營收成長了兩位數以上。如果以服務收入與設備收入來細分，服務收入的成長也大致在這個範圍內。

Yeah, and, Jonathan, Dave. There's no new news in terms of MVNO approach. We're pleased with our current position. And as Brian opened up, where the marketplace has consolidated, cable is in a unique position to be able to drive real value, not only for us but for our partner. So we're -- no new news though at this point.

是的，還有喬納森，戴夫。MVNO（行動虛擬網路營運商）策略方面沒有什麼新消息。我們對目前的狀況感到滿意。正如布萊恩所言，在市場整合的情況下，有線電視處於一個獨特的地位，能夠創造真正的價值，不僅對我們，而且對我們的合作夥伴也是如此。所以目前還沒有什麼新消息。

And I think -- Mike just adding in, and we're a sizable partner at this stage, which is important as you think about the -- and we're not the only one in the partnership with -- on wireless. So I think that's different than the discussions from years past.

而且我認為——麥克補充一下，我們目前是一個相當重要的合作夥伴，這一點很重要，因為——而且我們並不是無線領域唯一的合作夥伴。所以我認為這與往年的討論有所不同。

Thanks, Jonathan. Operator, next question, please.

謝謝你，喬納森。接線員，請問下一個問題？

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃爾利希，美國銀行證券。

Oh, thank you. Maybe switching gears a little bit from the new strategy. Last quarter, you announced the restructuring, SpinCo, and maybe plans to consolidate on streaming. Can you give us any update? Do you think the market will consolidate in streaming? Any commentary for M&A in terms of cable?

哦，謝謝。或許需要稍微調整一下新策略。上個季度，你們宣布了重組計劃、SpinCo計劃，以及可能整合串流媒體業務的計劃。請問有什麼最新進展嗎？你認為串流媒體市場會整合嗎？關於有線電視產業的併購，您有什麼看法？

Will scale help your competitive position in broadband and wireless? And I guess, media, are there any pieces that you think are still missing or you would benefit from scale? And then on SpinCo, can you maybe discuss the strategy a little bit more? You mentioned that -- you alluded to streaming, but is the focus going to be on sports, news, acquisitions, or cost cutting?

規模化能否提升您在寬頻和無線通訊領域的競爭地位？我想，媒體朋友們，你們覺得還有哪些方面缺失，或是你們希望擴大規模？那麼關於SpinCo，您能否再詳細談談其戰略？你提到了這一點——你暗示了串流媒體，但重點會放在體育、新聞、收購還是削減成本上？

Sure, it's Mike. I'll start and Brian can finish. I mean, just quickly on SpinCo, it's exactly as I said earlier. I mean the assets that go into SpinCo are leaders in genre-based entertainment, sports, and news. I think running those businesses well, which the team -- leadership team will do, is the job at hand. And they're working together naming new leaders and putting together a strategy.

沒錯，是麥克。我先開始，布萊恩來完成。我的意思是，簡單來說，關於 SpinCo，它和我之前說的一模一樣。我的意思是，SpinCo 旗下的資產都是類型娛樂、體育和新聞領域的領導者。我認為，團隊──領導團隊──將要完成的任務，就是把這些業務經營好。他們正在共同努力，任命新的領導人，並制定策略。

So when they're ready to talk about what their strategy will be at some point down the road, we'll come back. But I think the idea certainly is that they're a freestanding, strong collection of businesses, with lots of cash flow generation capability for many years to come, good market positions, and now great focus.

所以，當他們準備好在未來的某個時候討論他們的策略時，我們會再回來。但我認為，他們的理念肯定是，他們是一組獨立、實力雄厚的企業，在未來很多年裡都有很強的現金流產生能力，擁有良好的市場地位，現在又有了明確的發展方向。

So I think I'm optimistic that, that creates good opportunities for our shareholders however Mark and Anand really decide to take that strategy forward. For the remaining media business inside NBCU that I commented on earlier, I think it's set up to -- we're not looking to need anything other than our own assets and our own focus.

所以我認為，無論馬克和阿南德最終決定如何推進這項策略，這都將為我們的股東創造良好的機會。對於我之前提到的 NBCU 內部剩餘的媒體業務，我認為它的架構是——我們不需要除了我們自己的資產和我們自己的專注之外的任何東西。

So getting, again, Donna and Matt aligned with the teams underneath and combining the assets that we have today that I mentioned earlier into a new media group is, I think, creates great fuel for the streaming strategy that is Peacock for those NBC assets.

因此，再次讓 Donna 和 Matt 與下屬團隊保持一致，並將我們今天擁有的資產（我之前提到的）整合到一個新的媒體集團中，我認為這將為 Peacock 的串流策略（針對 NBC 的這些資產）提供強大的動力。

When you zoom -- would we be interested in partnerships? Absolutely, we'll have -- we're wide open to, as I said, when we announced on the last earnings call, openness to possibilities of partnerships, bundling. We'll consider anything.

當您進行 Zoom 會議時—我們是否有興趣進行合作？當然，我們會——正如我在上次財報電話會議上宣布的那樣，我們對合作、捆綁銷售的可能性持開放態度。我們會考慮任何方案。

So -- but I think the point of it in partnerships is what do you bring to the table and getting our assets very tightly focused around a strong strategy for Peacock, I think, enables us to be a good partner, any partnerships that may or may not come to pass. But if they don't come to pass, I think we're fine running what we have.

所以——但我認為合作的關鍵在於你能帶來什麼，而將我們的資產緊密地圍繞Peacock的強大策略進行整合，我認為，這使我們能夠成為一個好的合作夥伴，無論合作最終是否能夠實現。但如果這些設想沒有實現，我認為我們目前的營運狀況也還可以。

When you expand more widely to the whole media or Content & Experiences business, you put that new media company with NBC, Peacock, Bravo and the like alongside a leading studio business that is a grower in high value and great leadership and sustained success over the past several years; and great slates coming in this year and 2026; and a TV studios business that will now be under Pearlena Igbokwe, or had been, but along with other NBC network and the like as we go forward for programming decisions along with Donna, I think that sets the studios up for sustained success and growth.

當你將業務範圍更廣泛地擴展到整個媒體或內容與體驗業務時，你會把這家擁有 NBC、Peacock、Bravo 等頻道的新媒體公司，與一家在過去幾年中持續增長、價值高、領導力強且取得持續成功的領先製片公司，以及今年和 2026 年即將推出的優秀節目單，與一家現在由一家現在由她與一家現在由 Pearbokwe 製片公司領導的優秀節目單，與一家現在由 Donna 電視網以及其他電視網（CNN）領導電視網絡領導者，以及 NBC 的電視網絡以及其他電視網以及其他電視網（CNN）領導電視網絡領導者，以及 NBC 的電視網絡以及其他電視網（CNN）領導電視網絡以及其他電視網（CNN）領導者，以及 NBC 的電視網絡以及其他電視網（CNN）領導。一起制定節目製作決策，我認為這將為製片公司的持續成功和成長奠定基礎。

And lastly, parks, which we talked about before. So when you look at the -- what remains in the aggregate media company, it's a strong, strong business, one of the best in the country, if not the world. And I think it sets a very high bar for thinking about whether any kind of M&A in that space would be accretive to us versus just running the businesses we have. And that's the work we've been doing to sort of streamline our businesses. So we like what we have with or without anything inorganic.

最後，還有我們之前討論過的公園。所以，當你審視這家聚合媒體公司剩下的部分時，你會發現它是一家非常強大的企業，即使不是世界上最好的企業，也是全國最好的企業之一。我認為這為思考該領域的任何併購是否能為我們帶來收益，而不是僅僅經營我們現有的業務，設定了一個非常高的標準。這就是我們一直在努力的方向，目的是精簡我們的業務。所以無論有沒有添加任何無機物，我們都喜歡我們現在擁有的東西。

So that's the media side, and Brian can come in on top of that.

以上是媒體方面的情況，布萊恩可以在此基礎上加入。

Look, I think that's a pretty -- very complete answer. One just on SpinCo, I would say one of the two other points is that we have first mover. We've heard others now talking about perhaps similar idea of the same.

你看，我覺得這個回答相當——非常完整。就 SpinCo 而言，我認為另外兩點之一是我們擁有先發優勢。我們現在也聽到其他人談論過類似的想法。

And secondly, we're going to have -- they're going to have a great balance sheet, probably the envy of many, which will allow them to have the pick of what strategy, Jessica, to employ there. And I think we want to give them the time and space to figure that out.

其次，他們將擁有——他們將擁有非常出色的資產負債表，可能會讓許多人羨慕，這將使他們能夠自由選擇在那裡採用哪種策略，傑西卡。我認為我們應該給他們時間和空間去弄清楚這個問題。

And as Mike said, they'll be back and anxious to tell you that strategy. But I think that's not going to happen until later in the year.

正如麥克所說，他們會回來並急於告訴你他們的策略。但我認為這種情況要到今年晚些時候才會發生。

And I think just generally, you can apply the answer you gave to media on the rest of the world. We're looking -- we always look at everything and think about everything. I think that's our job as management. That's been -- but we have a high bar, and we don't do things very often and look at the situations and make the best judgment you can.

而且我認為，總的來說，你對媒體的回答也可以應用在世界其他地區。我們正在觀察──我們總是觀察一切，思考一切。我認為這是我們管理階層的職責。確實如此——但我們的標準很高，我們不會經常做某件事，我們會仔細觀察情況，並做出最好的判斷。

Sitting here today, we just reported with the best year in 60 years with all the various things we've just been talking about on the call, revenue growth, EBITDA growth, free cash flow. Jason, a while ago, kind of created an algorithm goal for us, which is to take maybe slower EBITDA growth than historically.

今天我們在這裡，剛剛公佈了60年來最好的一年，這得益於我們剛才在電話會議上討論的各種因素，包括收入增長、EBITDA增長和自由現金流。不久前，Jason 為我們設定了一個演算法目標，那就是 EBITDA 成長速度可能比歷史上的速度慢一些。

But given the Capex profile, tax profile, you end up with a free cash flow with -- you're buying back stock, you end up with an EPS and free cash flow per share kind of reliable performance that gets you to the kind of 9%, I think you said, growth kind of close to double digits. So that algorithm, something has to really help that algorithm accelerate. So I like what we've got, and I thought Mike's answer covered some of the specifics on the media side.

但考慮到資本支出情況和稅收情況，你最終會獲得自由現金流——你回購股票，最終會獲得每股收益和每股自由現金流的可靠業績，從而達到你所說的 9% 左右的增長，接近兩位數。所以，必須有某種東西來幫助這個演算法加速運行。所以我很滿意我們目前的情況，而且我認為麥克的回答涵蓋了媒體方面的一些具體細節。

Thanks, Jessica. Operator, next question, please.

謝謝你，潔西卡。接線員，請問下一個問題？

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great. Maybe for Dave back on the broadband question. Just the change you guys saw in December, was that -- do you think that was more from competition? And then if so, could you break it down? Or were you seeing more pressure from fiber to the home or fixed wireless?

偉大的。或許戴夫可以就寬頻問題再做進一步解釋。你們在12月份看到的這種變化，你們認為這更多是競爭造成的嗎？如果是這樣，你能詳細解釋一下嗎？還是您認為光纖到府或固定無線網路帶來的壓力較大？

And you mentioned satellite for the first time. Are you actually seeing that now? Or is just some expectation in the future?

你第一次提到了衛星。現在真的看到了嗎？還是只是對未來的某種期待？

And then for Jason, one of the things where you guys have been very successful over the last few years is improving margins in cable or on the connectivity side. Does that equation still hold as we look forward considering the new strategy to combine broadband and wireless more aggressively? Thanks.

對 Jason 來說，你們在過去幾年裡取得巨大成功的一點是提高了有線電視或連結方面的利潤率。展望未來，考慮到將寬頻和無線網路更積極結合的新策略，這個等式是否仍然成立？謝謝。

Hey, John, this is Dave. Let me start. So as Mike led off with right away, we may have been a little too optimistic with what we're seeing and more in the price-conscious segment in an earlier part of the quarter in December. But the main point bringing us back up, it's intensely competitive in all segments. So it's little bit of a shift, but it's -- you have fixed wireless while it's leveled.

嘿，約翰，我是戴夫。我先開始。正如麥克一開始就指出的那樣，我們可能對12月份季度初的價格敏感型市場所看到的情況過於樂觀了。但最關鍵的一點是，各領域的競爭都非常激烈。所以這有點變化，但是——在保持水平的同時，你擁有固定的無線網路。

They're still out there aggressively marketing, and you got fiber that's overbuilding. So that has continued.

他們仍在積極進行市場推廣，而且光纖網路建設過度。這種情況一直持續至今。

Hey, John, let me hit your questions on margins, which I think was in the C&P segment. So we've had, obviously, a really good history of driving margin expansion.

嘿，約翰，讓我來回答你關於利潤率的問題，我認為那是在 C&P 部分。顯然，我們在推動利潤率擴張方面一直有著非常良好的記錄。

The things that broadly contribute to that, and I think as I said in the upfront remarks are mix shift in the business, number one, more and more of our business moving to connectivity, which is a higher-margin business. Number two, it's sort of interactions, if you will, with the customer service interactions. So whether that's truck rolls, incoming calls to our call centers. We've given you stats historically about each one of those metrics being down 40% to 50% in the last five or six years.

造成這種情況的主要原因，正如我在開場白中所說，是業務結構的變化，第一，我們越來越多的業務轉向連接領域，這是一個利潤更高的業務。第二點，如果你願意的話，它指的是與顧客服務的互動。所以無論是卡車出動還是呼叫中心接到的電話。我們已經提供了歷史統計數據，顯示在過去五、六年裡，這些指標每一項都下降了 40% 到 50%。

So the underpinnings of that continue. As you saw, we expanded margins at a pretty healthy clip in 2024. As I said in the earlier remarks, we expect to continue to be able to expand margins maybe at a slightly lower rate this year, given the investments we want to make back into the business, including wireless. But nonetheless, continued very healthy margins in an absolute sense where we're industry-leading.

所以，這種基礎依然存在。正如你所看到的，我們在 2024 年以相當健康的速度擴大了利潤率。正如我之前所說，考慮到我們希望將資金重新投入到業務中，包括無線業務，我們預計今年利潤率可能會以略低的速度繼續擴大。但即便如此，我們的利潤率仍然非常健康，絕對值處於業界領先地位。

And then on a relative basis and the ability to grow, I think, continued momentum there. I would as we step back and look at the -- a couple of the architects in that business.

從相對角度和成長能力來看，我認為這種勢頭會持續下去。當我們退後一步，審視一下這個行業的幾位建築師時，我會這樣想。

We mentioned earlier and we put out a press release last week about Steve Croney taking on additional responsibilities. He's been CFO of the C&P business for the last several years, incredible financial discipline across the organization. So great that he's able to spread his wings and do more and really lean on some of the things that Dave has outlined here on this call. But kudos to him and the team for driving the type of margin expansion we've seen and expect to continue to see.

我們之前提到過，並且上週也發布了一份新聞稿，宣布史蒂夫·克羅尼將承擔更多職責。過去幾年他一直擔任 C&P 業務的首席財務官，在整個組織中展現了令人難以置信的財務紀律。太好了，他能夠展翅高飛，做更多的事情，並且真正依靠戴夫在這次通話中概述的一些事情。但值得稱讚的是他和他的團隊，他們推動了我們已經看到並期望繼續看到的利潤率擴張。

And John, one more follow-up to your point on satellite, just to clarify. The two main ones are the ones I mentioned between fixed wireless and fiber. Satellite, we see it's just been de minimis, has not been a material thing for us, not being dismissive of it, though. We're going to watch it very closely, but we see it being more active in rural areas and not so much in suburban, urban areas at this point at all.

約翰，關於衛星的問題，我再補充一點，以便澄清。我之前提到的固定無線網路和光纖網路就是其中兩個主要的選擇。衛星對我們來說只是微不足道的，並不是什麼實質的東西，當然，我並不是輕視它。我們會密切關注，但目前來看，它在農村地區更為活躍，而在郊區和城市地區則不太活躍。

Thanks, John. Operator, next question, please.

謝謝你，約翰。接線員，請問下一個問題？

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

Thank you. I just wanted to go back to the broadband ARPU dynamics. I think you said very healthy ARPU growth, but you do lean into mobile. What we've seen with some of your peers is there is some dilution to ARPU. You've historically managed this really strong 3% to 4% growth. So just wondering if you're shifting that strategy a little bit around that 3% to 4% growth as you move into more of the converged bundle?

謝謝。我只是想回到寬頻ARPU的動態變化上來。我認為你說過A​​RPU成長非常健康，但你們確實更專注於行動端。我們從你們的一些同行看到，ARPU（每個用戶平均收入）有所下降。你們歷來都保持著3%到4%的強勁成長。所以我想知道，隨著你們更多地轉向融合產品組合，是否會對3%到4%的成長目標進行一些調整？

And then on Peacock, thank you for the guidance for losses to improve. I'm just wondering if that's true in the second half of the year as well when the NBA costs come online and push Opex higher. I know revenue is going to step up, too, but just trying to figure out if you think the NBA will be positive to Peacock EBITDA in 2025? Or if it's a bit of a headwind and then kind of ex NBA, there's a lot of improvements going on beneath the surface? Thank you.

還有，感謝Peacock提供的如何減少損失的指導。我只是想知道，下半年NBA比賽費用上線並推高營運支出時，這種情況是否仍然成立。我知道營收也會成長，但我只是想弄清楚，你認為NBA在2025年是否會對Peacock的EBITDA產生正面影響？或者，如果遇到一些逆風，就像前NBA球員那樣，表面之下其實有很多改進正在進行中？謝謝。

Hey, Steven, this is Dave. Let me start with ARPU and a couple of points on that. You did hit it that mobile is an important part of our future. It has been a great contributor for a long period of time, but we're excited about accelerating our focus.

嘿，史蒂文，我是戴夫。讓我先從ARPU（每位使用者平均收入）說起，並談談這方面的幾點。你說的沒錯，行動裝置是我們未來發展的重要組成部分。它長期以來一直是我們的重要貢獻者，但我們很高興能夠加快對它的關注。

And -- but there are a number of levers that we have when it comes to ARPU, and we'll manage all of them. And as we roll out these new -- the new packaging approach, we're certainly focused on all segments, but this is following upgrades to our plant and really focused, hyper-focused on the high end, always have been and will continue to be.

但是，在提高每位用戶平均收入 (ARPU) 方面，我們有很多方法，我們會充分利用這些方法。隨著我們推出這些新的包裝方式，我們當然會關注所有細分市場，但這得益於我們工廠的升級改造，而且我們真正專注於高端市場，過去如此，將來也必將如此。

So that will certainly impact and leads us to our focus on continued healthy ARPU growth. But when you add mobile to your packages and the simple way that we're talking about, there could be some impact to ARPU. But we think the returns are terrific. And for competitive reasons, it's absolutely the right thing to do over the long run. But we still are very, very focused on all levers that would contribute to ARPU.

因此，這肯定會對我們持續保持健康的ARPU成長產生影響，並促使我們更加關注ARPU的持續健康成長。但是，當你在套餐中添加行動服務，並且採用我們所說的這種簡單方法時，可能會對 ARPU 產生一些影響。但我們認為回報非常可觀。從競爭角度來看，從長遠來看，這絕對是正確的做法。但我們仍然非常非常關注所有能夠提高每位用戶平均收入 (ARPU) 的因素。

And I think along those lines, we've been very clear as it relates to north star for us is how you continue to grow broadband revenue at a healthy clip. And ultimately, how do you grow convergence revenue at an even better clip, right?

我認為，就這一點而言，我們已經非常明確地表明，我們的北極星目標是如何繼續以健康的步伐成長寬頻收入。最終，如何才能更快實現融合收入的成長？

So in the past year, we grew broadband revenue at 3%. We grew convergence revenue at 5%. Interesting, if you stack us up versus peers and competitors, we realize there's a lot of focus on broadband sub trajectory. But if you step back, we are at or near industry-leading levels for convergence revenue growth.

因此，在過去一年中，我們的寬頻收入成長了 3%。我們的融合業務收入成長了 5%。有趣的是，如果我們把和同業及競爭對手放在一起比較，就會發現大家都很關注寬頻細分領域。但從更宏觀的角度來看，我們在融合收入成長方面已經達到或接近行業領先水準。

So the focus here is continue that, find the levers we have to go push into that. It's not to say we can't have a strong broadband ARPU growth. We gave an outlook that broadband ARPU growth will continue to be healthy.

所以，這裡的重點是繼續這樣做，找到我們可以推動這件事發生的槓桿。這並不是說我們不能實現寬頻用戶平均收入的強勁成長。我們預測寬頻ARPU（每用戶平均收入）將持續保持健康成長。

But as we look at the levers, we have to go drive wireless growth, to drive continued broadband growth, to compete aggressively in the markets and really deliver on everything Dave said he's coming to market with, in particular, in the second quarter, we got a lot of levers, and we have a clear north star around what we're growing.

但當我們審視各種槓桿時，我們必須推動無線業務成長，推動寬頻業務持續成長，在市場上積極競爭，真正兌現戴夫所說的所有承諾，尤其是在第二季度，我們有很多槓桿，並且我們有一個清晰的目標，那就是我們正在發展什麼。

You know, one other thing that in terms of revenue, Jason hit it perfectly. But I would offer Business Services revenue is a tremendous opportunity, has been, will be, where overall, we're a leader when you compare Business Services growth in terms of our peers and our competitors. It's a $10 billion revenues, great margins, and we have consistently contributed revenue and EBITDA growth. So going right to Jason's point in terms of our focus on overall revenue, Business Services is an enormously important part of what we do.

你知道，就收入而言，傑森還有一點做得非常好。但我認為，商業服務收入是一個巨大的機遇，過去是，未來也是。總體而言，與同業和競爭對手相比，我們在商業服務成長方面處於領先地位。公司營收達 100 億美元，利潤率很高，我們一直持續貢獻營收和 EBITDA 的成長。所以，直接回到 Jason 的觀點，就我們對整體收入的關注而言，業務服務是我們工作中極為重要的一環。

And Steven, on Peacock, thanks for the question there. I think we're looking forward to the NBA. It was a big kind of get, and it's going to be the major additive content that will drive -- be the driver of subscriber growth, I would expect, in 2025 for us.

還有，Steven，感謝你在Peacock上提出的問題。我想我們都很期待NBA的到來。這是一個很大的收穫，而且它將成為推動我們2025年用戶成長的主要新增內容——我預計它將成為用戶成長的驅動力。

So in terms of -- I don't really think about halves as a -- what we'll see this year is, as I said, improvement in Peacock revenues and losses. And then as we absorb NBA in the second half of the year, what will happen then is over the remainder of that -- the full first season together with the seasoning of the management changes with Matt and Donna that I described plus SpinCo, we'll be working through a whole bunch of ways in which we absorb the cost that will step up through price increases, shifting ad sales to higher value content that the NBA brings and repositioning some of the programming that the NBA will displace, sort of all the things we talked about.

所以就——我並不真的把半年看作一個整體——正如我所說，我們今年將會看到Peacock的收入和虧損有所改善。然後，隨著我們在下半年全面接管 NBA，接下來在剩下的時間裡——也就是完整的第一個賽季，加上我之前提到的 Matt 和 Donna 的管理層變動以及 SpinCo 的調整——我們將努力尋找各種方法來應對價格上漲帶來的成本增加，將廣告銷售轉移到 NBA 帶來的更高價值的內容上，並重新定位一些 NBA 將取代我們的節目，總之就是我們之前討論的所有事情。

But that will take -- I would give us the full first season of NBA into the second season before we sort of normalize our business to handle the higher expense there.

但這需要——我建議我們先經歷完整的NBA第一季到第二季，然後再讓我們的業務正常化，以應對更高的開支。

And so, I think that's it, everybody. I appreciate you guys spending the time with us this morning, and Happy New Year.

好了，我想就到此為止了，各位。感謝各位今天早上抽空陪伴我們，新年快樂！

That concludes today's 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.

今天的電話會議到此結束。今天上午 11:30（美國東部時間），您可以在 Comcast 投資者關係網站上收聽本次電話會議的錄音回放。感謝您的參與。你們可以斷開連結了。