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.

女士們、先生們，早上好，歡迎參加康卡斯特 2024 年第四季和全年財報電話會議。

(Operator Instructions) Please note that this conference call is being recorded.

（操作員指示）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.

現在我將電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。

Please go ahead, Ms. Ryvicker.

請繼續，Ryvicker 女士。

Thank you, operator, and welcome everyone.

謝謝接線員，歡迎大家。

Joining us on today's call are Brian Roberts; Mike Cavanagh; Jason Armstrong; and Dave Watson.

參加今天電話會議的有 Brian Roberts；麥克·卡瓦納傑森·阿姆斯壯；和戴夫·沃森。

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.

現在，請您參閱本次電話會議簡報的第二張投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。

This conference call may include forward-looking statements, subject to certain risks and uncertainties.

本次電話會議可能包含前瞻性陳述，受一定風險及不確定性的影響。

In addition, during this call, we will refer to certain non-GAAP financial measures.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。

Please see our 8-K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP.

請參閱我們今天早上發布的 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.

說完這些，我將把電話轉給麥克。

Good morning everybody, and thanks for joining us.

大家早安，感謝大家的收看。

We are very proud that the company produced record revenue of $124 billion and record adjusted EBITDA of $38 billion in 2024.

我們非常自豪，公司在 2024 年創造了創紀錄的 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.

此外，我們的調整後每股收益成長了 9%，並產生了 125 億美元的大量自由現金流。

This is despite the intense competition and strategic challenges that we faced across our businesses.

儘管我們的業務面臨激烈的競爭和策略挑戰，但我們仍然取得了成功。

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.

尤其是在我們的住宅連接業務中，寬頻收入全年增長了3%，融合收入（我們將其定義為家庭寬頻和無線收入）增長了近5%，這在融合業務中名列前茅，儘管我們現有的寬頻領域的現狀，以及我們面臨的持續過度建設、固定無線擴張以及 ACP 計畫結束帶來的挑戰。

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.

正如您在我們的收益報告中看到的那樣，第四季度寬頻用戶淨增量為負 139,000，這是令人失望的，比我們在 12 月初預測的情況更糟。

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.

在問答環節時，戴夫將進行更詳細的討論，但簡而言之，在我們的業務範圍和客戶群體中，競爭條件仍然激烈、動態且多樣化。

And we see no signs of this changing in the near term.

而且我們沒有看到短期內發生改變的跡象。

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

戴夫在這種環境下並沒有坐以待斃，他將在稍後的電話會議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.

但我要明確指出的是，儘管需要適應不斷變化的競爭環境，但我們所有人都堅信我們的連結業務具有長期機會。

Zooming back out in 2024, we made substantial progress in each of our six growth businesses.

回顧 2024 年，我們的六大成長業務均取得了實質進展。

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

簡單來說，首先，正如我剛才提到的，住宅國內寬頻收入成長了 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，我們營收以中等幅度成長，新增了 120 萬條線路，到年底線路總數達到 780 萬條，寬頻客戶群滲透率達到 12%。

Third, we delivered strong results in Business Services, growing revenue and EBITDA at mid-single digit rates.

第三，我們在商業服務方面取得了強勁的業績，收入和 EBITDA 均以中等個位數成長。

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.

我們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，康卡斯特商業的收入接近 100 億美元，在美國潛在市場規模達 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 10 億美元的 Peacock EBITDA 損失改善，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，是我們的製片業務，我們在全球票房中排名第二，連續第三年位居第一或第二，我們的電視製片廠在播出季結束時擁有比任何一年都多的十佳電視劇。

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.

最後，在我們的目的地和體驗業務中，儘管在年中經歷了一些暫時的逆風，但我們在今年年底在全球各地的主題樂園業務都表現強勁。

Our teams stayed hard at work preparing for the opening of Epic Universe in May of this year.

我們的團隊一直在努力為今年 5 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，但讓我強調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.

首先是戴夫致力於推動寬頻和融合收入持續成長的行動計畫。

We will lean into wireless more than ever before.

我們將比以往更加依賴無線。

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.

我們是2.5倍寬頻規模的市場的挑戰者，採用不需要網路權衡的輕資本策略。

Wireless is a meaningful differentiator as our converged offers provide great savings to the consumer.

無線是一個有意義的差異化因素，因為我們的整合服務可以為消費者節省大量成本。

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.

因此，您將看到我們轉變策略，為新舊客戶提供更多更高層級的寬頻產品和行動產品。

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 網路功能，當Xfinity Mobile 客戶連接到我們的2,300 萬個Wi-Fi 熱點時，我們的網速將自動提升高達1G，這是全球最大、最快的Wi-Fi 網路。

Next, is our world class broadband network which consistently delivers peak performance even as Internet traffic increases at double digit rates.

其次，我們的世界一流的寬頻網路即使網路流量以兩位數的速度成長，也能始終提供最佳效能。

This fall alone, we saw NFL streaming and large game downloads drive the biggest consumption in Internet history.

光是今年秋季，我們就看到 NFL 串流媒體和大型遊戲下載推動了網路史上最大的消費。

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.

這些趨勢發揮了我們的優勢，因為我們擁有長期以最具成本效益的方式傳遞資料的最佳途徑。

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.

因此，當務之急是推動我們的寬頻網路升級，最終為我們服務的每個市場提供多千兆對稱速度，並在整個網路中融入人工智慧。

Project Genesis, as we call it, is making great progress.

我們稱之為「創世紀」計畫 (Project Genesis)，正在取得巨大進展。

Today, over 50% of our network is fully virtualized and we will reach about 70% by the end of this year.

今天，我們的網路有超過50％已經完全虛擬化，到今年年底將達到70％左右。

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，我們將在未來幾個月內，在升級後的市場推出新的定價和套餐，將無線和互聯網捆綁在一起，提供更快的上傳速度和簡化的全包定價，目標是消除與我們的客戶。

Finally, we are creating new products designed to appeal to our key customer segments and provide more flexibility with attractive pricing.

最後，我們正在創造新的產品，旨在吸引我們的關鍵客戶群，並以具有吸引力的定價提供更大的靈活性。

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.

其中一個例子就是我們上週剛宣布的體育和新聞電視套餐，它結合了最好的線性網路和 Peacock，價格與虛擬 MVPD 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，我們將繼續尋找這樣的套餐，以銷售更多的 Xfinity 網路並降低現有用戶的流失率，從而共同提高客戶終身價值。

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.

幫助戴夫完成所有這些優先事項的是史蒂夫·克羅尼 (Steve Croney)，他上個月被提升為連接與平台首席營運長。

His areas of responsibility are Comcast’s residential and commercial businesses including product strategy, sales and marketing, customer experience, field operations, and data analytics.

他的職責範圍是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。

Steve will serve as a catalyst as we push even harder for progress across the range of initiatives I just laid out.

史蒂夫將起到催化劑的作用，讓我們更加努力地推動我剛才列出的一系列舉措取得進展。

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.

現在轉向內容和體驗，第四季度的重大新聞是我們決定以免稅方式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，我們預計該交易將於年底完成。

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.

本月初，我們宣布了新公司未來高級領導團隊的關鍵任命，馬克·拉扎勒斯 (Mark Lazarus) 為首席執行官，阿南德·基尼 (Anand Kini) 為首席財務官兼首席營運官。

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.

SpinCo 是一家資本雄厚的獨立公司，擁有專注的管理團隊和強大的新聞、體育和類型娛樂產品組合，將在不斷變化的有線電視和數位媒體領域佔據領先地位。

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

重要的是，SpinCo 的成立將對我所稱的未來的 NBCUniversal 產生積極的催化劑作用。

First, let me define what that looks like.

首先，讓我定義一下它是什麼樣子的。

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.

當我們在 11 月宣布 SpinCo 時，我們還宣布了其餘 NBCU 媒體業務的重組，這些業務將共同運營，包括：NBC 廣播網絡和 NBC 體育，後者是 NFL、奧運會、英超聯賽、NASCAR 、高爾夫以及今年晚些時候的NBA，以及真人秀電視節目領導者Bravo，該節目是《比佛利嬌妻》和《甲板之下》等深受喜愛的系列節目的發源地。

Together, NBC and Bravo reach 100 million US households each month and help power Peacock.

NBC 和 Bravo 聯手每月覆蓋 1 億美國家庭，並為 Peacock 提供支援。

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.

還有 Peacock 本身，它在四年內建立了一個 3600 萬訂閱用戶群，並整合了原創節目、環球電影、獨家體育和新聞；以及美國領先的新聞機構 NBC News，以及美國頭號西班牙語內容巨頭 Telemundo 和我們的當地電台。

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.

我們的媒體業務目前專注於串流媒體和廣播，加上我們不斷發展的工作室、目的地和體驗業務，未來的 NBCU 將繼續成為全球最大的媒體公司之一，年收入近 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.

NBCU 將走上成長軌道，由我們世界一流的內容、技術、智慧財產權、資產和人才共同推動，作為一家綜合媒體公司，我們將齊心協力。

Our extraordinary Parks business and industry leading film and TV studios are already positioned for long term success.

我們非凡的公園業務和領先業界的電影和電視工作室已經為長期成功做好了準備。

Theme parks will be supercharged by the opening of Epic Universe, the most technologically advanced theme park ever.

有史以來技術最先進的主題樂園 Epic Universe 的開幕將為主題樂園帶來更強勁的動力。

And just last week, our film studio earned a total of 25 Oscar nominations, the most in the studio's history.

就在上週，我們電影製片廠共獲得 25 項奧斯卡提名，這是該製片廠歷史上最多的一次。

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.

此前，《魔法壞女巫》取得了巨大成功，全球票房超過 7 億美元，成為票房最高的百老匯音樂劇改編電影。

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.

總而言之，我想重申我們整個管理團隊對我們業務的信心，這使我們再次將股息提高每股 0.08 美元。

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.

透過支付股利和回購股票，自 2021 年恢復回購計畫以來，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.

雖然我們已經表明了對回報資本股東的承諾，但我們也明確表示，我們的首要任務是再投資，為收入成長做好準備，而且我們在六個關鍵成長動力方面始終如一地做到了這一點。

We expect this formula to guide us in 2025 and the years ahead.

我們期望這個公式能夠指導我們在 2025 年及未來幾年的發展。

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.

在將發言權交給傑森之前，我想最後說一句，我們向所有受到毀滅性山火影響的人們表示深切慰問。

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.

我對第一批救援人員和其他在前線的人員感到敬畏，也感謝我們在當地報道這場悲劇並分享重要訊息的新聞團隊，以及行動團隊和社區中所有團結起來支持人們的人。 。

Jason, over to you.

傑森，交給你了。

Thanks, Mike and thank you everyone for joining us.

謝謝，麥克，謝謝大家的加入我們。

I want to start with a high-level overview of our consolidated results.

首先，我想對我們的綜合業績做一個總體概述。

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 2%，我們的六大成長動力包括住宅寬頻、無線、商業服務連接、主題樂園、串流媒體和影城優質內容，均實現了中等個位數成長目前，該比例已占到我們總收入的近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.

據報道，我們第四季的 EBITDA 成長了 10%，達到 88 億美元，全年的 EBITDA 成長了 1%，達到 381 億美元。

Excluding severance and other in both years, EBITDA grew 8% in the quarter and 1% for the full year.

扣除兩年的遣散費和其他費用，本季的 EBITDA 增加了 8%，全年成長了 1%。

Adjusted EPS increased 14% to $0.96 in the fourth quarter and 9% to $4.33 for the full year.

第四季調整後每股收益成長 14% 至 0.96 美元，全年調整後每股收益成長 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.

我們本季創造了 33 億美元的自由現金流，全年創造了 125 億美元的自由現金流，其中 100% 以上返還給了股東，全年返還的資本為 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%.

現在，我想談談寬頻，本季我們失去了 139,000 名客戶，而我們的 ARPU 成長了 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%.

重要的是，我們的衡量標準是收入成長；就這一點而言，我們全年的寬頻收入成長了 3%，融合收入成長了 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.

到 2025 年，我們預計寬頻收入將繼續保持成長軌跡，融合收入的成長速度甚至將超過寬頻收入。

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.

我們短期內的觀點是，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產能。

Longer-term, our view is that we will face fiber as the primary competition in most of our footprint.

從長遠來看，我們認為，在我們的大部分業務範圍內，光纖將是主要競爭對手。

In effect, there will be two multi-gig symmetrical wires in the vast majority of homes that we serve.

實際上，我們服務的絕大多數家庭都會有兩條多千兆對稱電線。

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.

此外，還會有機會主義的、容量受限的競爭對手以固定無線甚至衛星的形式瓜分永久的市場。

That shouldn't be a surprise to anybody.

這對任何人來說都不應該感到驚訝。

That is, and has for quite a while now, been our view of the long-term structural and competitive characteristics of the broadband market.

這就是我們對寬頻市場長期結構和競爭特徵的看法，而且這種情況已經持續了相當長一段時間。

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.

順著這個思路，讓我提醒大家，我們已經與光纖競爭 20 多年了；在此期間，我們通常會看到一種重複的模式，即新光纖建設獲得早期的市場份額，然後在中長期內在供應商之間獲得相當平等的市場份額。

Despite the increased competition, these markets maintain strong ARPU characteristics in line with non-fiber markets.

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 ARPU 特徵。

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.

請記住，與光纖相比，過去的經驗是使用上一代有線網絡，當時光纖能夠發揮顯著的速度優勢。

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.

現在這種情況越來越不復存在，將來也不會再有這種情況，屆時我們雙方之間將存在多千兆對稱奇偶校驗；並將透過圍繞寬頻的所有領域進一步區分我們的產品，例如整個家庭覆蓋、控制、安全、聚合、最佳家庭 Wi-Fi 和無線附加價值。

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.

說到無線，我們在融合方面擁有令人難以置信的優勢，這得益於無處不在的寬頻網路、產品差異化以及可供所有客戶使用的極具競爭力的無線產品。

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.

事實上，從整合的角度來看，雖然我們是價值 800 億美元的美國住宅寬頻市場的主導者，但我們是規模更大、價值 2000 億美元的美國無線市場的挑戰者。

Wireless is an integral part of our broadband strategy.

無線是我們寬頻策略的一個組成部分。

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.

它可以減少客戶流失，是一個關鍵的收購工具，也是我們融合收入強勁增長的驅動力，我們的融合收入一直保持在中等個位數，處於我們電信同行和競爭對手的高端。

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.

我們的無線線路總數為 780 萬條，佔住宅寬頻客戶群的 12%，或佔總用戶數的 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.

最後，在商業服務方面，第四季、2024 年全年以及我們對 2025 年的展望都符合同一框架。

And that is within small and medium sized business segment, we're operating in the same competitive environment as residential broadband.

在中小型企業領域，我們處於與住宅寬頻相同的競爭環境。

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.

同樣，儘管競爭加劇，但由於我們先進服務套件的普及，我們與龐大客戶群的關係得到了深化，我們在這一領域仍實現了良好的收入成長。

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.

加上我們在大型企業和政府合約中看到的重大進展和收入成長，商業服務的整體類別一直以行業領先的中個位數增長，總收入基數接近 100 億美元，利潤率接近 57 % 截至年底。

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.

綜合上述因素，本季度，連接和平台收入與上年持平，因為連接業務 5% 的增長被視頻和其他業務的收入下降所抵消；而如果排除遣散費和其他費用，兩個期間的 EBITDA 則成長了 2%，利潤率又擴大了 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.

展望未來，我們打算傾向於無線領域，這意味著需要在該領域進行額外投資，但長期成長的整體框架保持不變。

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.

連接業務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創造了機會，這也是過去幾年推動我們業績成長的動力。 2025 年實現此目標。

In addition, we landed our Capex intensity at just over 10% in 2024 and expect to continue in and around this range for 2025.

此外，我們將 2024 年的資本支出強度定為略高於 10%，預計 2025 年將繼續維持在這個範圍內。

This all creates continued favorable characteristics for strong and growing net cash flow generation coming out of Connectivity & Platforms.

這一切都為連接和平台產生的強勁且不斷增長的淨現金流創造了持續有利的特徵。

In the Content & Experiences segment, I would frame the business as follows.

在內容和體驗部分，我將按以下方式建立業務。

In Parks, we're seeing some stabilization after a slowdown in the second and third quarters.

在帕克斯，我們看到在第二季和第三季放緩之後出現了一些穩定跡象。

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.

在調整約3500 萬美元的Epic 開業前成本後，第四季度的EBITDA 與去年同期持平，包括奧蘭多在內的大多數主題公園的遊客量趨勢都有所改善，為我們5 月份開設Epic Universe 奠定了堅實的基礎。

We couldn't be more excited for the launch of Epic.

我們對 Epic 的推出感到無比興奮。

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.

我們也明確表示，在此次開業之前我們將投入大量成本，其中絕大部分將在第一季到位。

In addition, we will have incremental domestic marketing spend as well as an impact from the tragic fires that have raged around Hollywood.

此外，我們將增加國內行銷支出，並受到好萊塢週邊悲慘火災的影響。

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.

我們的電影製片廠繼續表現出色，這是我們連續第三年位居全球票房前兩名。

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.

我們對 2025 年的電影計畫感到非常興奮，其中包括《馴龍高手》、《侏羅紀世界重生》和《邪惡：為善》等等。

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.

雖然我們預計影院上映和PVOD 將再次表現強勁，但考慮到2023 年編劇和演員罷工的影響，2025 年電影公司的EBITDA 增長將受到與電影片單增加相關的營銷費用增加以及前幾年結轉額減少的影響。

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.

在媒體方面，我們正成功轉向串流媒體，Peacock 全年營收強勁成長 46% 就是明證，推動 Peacock 的 EBITDA 虧損改善 10 億美元，我們預計 2025 年 Peacock 的 EBITDA 虧損將持續改善。

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.

我們對新的一年感到無比興奮，因為我們將歡迎 NBA 重返 NBC，並在今年晚些時候重返 Peacock。

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.

展望2024年，我們面臨著寬頻領域可能最具競爭力的環境，主題樂園出現了意外但顯著的暫時放緩，並對我們的關鍵成長計畫進行了重大投資。

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.

然而，總而言之，我們的調整後每股收益成長了近兩位數，並產生了 125 億美元的自由現金流，證明了我們業務的整體廣度和彈性。

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.

同時，我們保持了健康的資產負債表，年底的淨槓桿率為 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。

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.

自 2021 年我們重啟回購計畫以來，我們已減少了近 20% 的股票數量，並且看到了繼續實現這一軌蹟的巨大空間。

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

說完這些，讓我把電話轉給布萊恩。

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，我當然感到自豪，因為我們度過了60 年歷史上最好的一年，收入、EBITDA 和EPS 均創下歷史新高，同時還有可觀的自由現金流，同時還向股東返還瞭如此多的資本，而且我從未收取任何這是理所當然的。

Our team is executing in industries that are going through rapid and exciting transformation.

我們的團隊正在經歷快速且令人興奮的轉型的行業中工作。

And it's our founding principle to lean into that change and constantly look for new growth as we have always done.

我們的創始原則就是順應這種變化並不斷尋求新的成長，就像我們一直以來所做的那樣。

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.

我還喜歡退一步思考我們的資產，從擁有真正快速千兆速度互聯網的 6400 萬個家庭，到擁有數十萬英里光纖的強大主幹網，再到擁有空間、電力和連接齊全的本地數據中心。

Together, this network gives us a competitive advantage in the markets we serve.

總之，這個網絡為我們服務的市場帶來了競爭優勢。

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.

但同樣重要的是，在一個渴望連結性的世界中，我們確實處於良好的位置，可以獲得新的成長機會，而這種連結性將越來越多地受到人工智慧和邊緣運算的驅動。

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時，有很多值得興奮的事情，從我們最近收購的康卡斯特商業公司Nitel，到備受期待的Epic Universe 的推出，再到我們新的11 年期合同，將迎來NBA回到NBC，僅舉幾個例子。

We have a wonderful company, but nothing beats good execution.

我們有一家很棒的公司，但沒有什麼比良好的執行力更重要。

And as you heard, our team is already hard at work and energized for what lies ahead in 2025 and beyond.

正如您所聽到的，我們的團隊已經在努力工作，為 2025 年及以後的未來做好準備。

Marci, now over to you for Q&A.

Marci，現在輪到您進行問答了。

Thanks, Brian.

謝謝，布萊恩。

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

接線員，請讓我們開始問答環節。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

Thank you.

謝謝。

Good morning.

早安.

I want to come back to your comments on wireless.

我想回到你對無線的評論。

Obviously, you guys are excited about that opportunity and seem to be, I think you might use the word shifting strategies.

顯然，你們對這個機會感到興奮，而且似乎，我想你們可能會使用轉變策略這個詞。

Should we be expecting net adds to accelerate?

我們是否應該期待淨增量加速？

Is that what success looks like there?

這就是成功的樣子嗎？

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.

您還可以就傑森提到的投資以及消除手機、補貼等方面的摩擦提出更多評論嗎？

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?

我知道你談到了這一點，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，例如分拆後，圍繞體育和廣播，但從長遠來看，您如何看待我們過去認為的NBC 電視業務的成長機會？

Thanks so much.

非常感謝。

Hey, Ben, I'll start and then maybe Dave can chime in on wireless and Brian on media.

嘿，本，我先開始，然後也許戴夫可以談談無線問題，布萊恩可以談談媒體問題。

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.

我也想從這一點開始，但是就無線而言，是的，我認為我們很高興我們的普及率已經達到了 12％。

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.

我認為我們有一個非常好的機會，可以向消費者提供融合產品，為 6300 萬家庭提供最好的寬頻產品，同時能夠讓人們以最佳的網路和高性價比獲得手機。

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.

所以我們已經努力了幾年，我想我們喜歡我們所看到的，我們的目的是更加努力。

We've seen Charter try some things that we have watched and seen what they're doing.

我們看到 Charter 嘗試了一些我們觀察過的事情，也知道他們正在做什麼。

So I think pushing for more simplified bundles.

因此我認為應該推動更加簡化的捆綁。

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件事是，隨著我們推出網路升級，它將同時支援更強大的產品，更強大的跨移動和寬頻融合產品，同時解決摩擦點，使產品更加簡單以及我們透過寬頻和無線相結合的方式進入市場。

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.

我認為除此之外，我們還將嘗試吸引和滲透我們現有的客戶群，不僅僅是新客戶，特別是那些最有價值的無線客戶群。

So all that will have some impact on as we invest behind success.

所以，所有這些都會對我們投資成功產生一定的影響。

But that's -- and that's what Jason was referring to.

但這就是——這就是傑森所指的。

Dave, I don't know if you want to add anything to that.

戴夫，我不知道您是否想補充一些內容。

Yeah, Mike.

是的，麥克。

So we had certainly some success with our prior approach leading up to this moment with wireless and buy one get one.

因此，我們之前採用的無線和買一送一的方法確實取得了一些成功。

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.

這真是令人高興，但我們覺得現在是轉變策略以打包行動業務、將其納入更多更高層級的寬頻產品的正確時機。

This is a fundamental shift that will impact acquisition-base management and retention to be included.

這是一個根本性的轉變，將影響收購基礎管理和保留。

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.

因此包括行動業務，這一切都是為了 Mike 和 Jason 所談到的推動融合收入的總體目標。

And just to add one last thought on wireless.

最後再補充一點關於無線的想法。

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.

您知道，當我思考行業機會時，當他們從四個減少到三個時，這使得它成為一個價格往往會上漲的業務，這為像我們這樣的新進入者創造了更好的商業機會。

And so, all the dynamics would appear to make that a good growth for many, many years to come.

所以，所有的動態似乎將使未來許多年保持良好的成長勢頭。

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.

我認為對於媒體業務來說，這種宣傳非常有意義。 Peacock 上 98% 的收視率不包括旋轉網。

So they need their own direct to consumer digital initiatives and focus and investment.

因此，他們需要自己的直接面向消費者的數位化措施、重點和投資。

And I think Mark Lazarus and Anand Kini and the team are going to do a superb job.

我認為馬克·拉扎勒斯 (Mark Lazarus)、阿南德·基尼 (Anand Kini) 和團隊將會出色地完成工作。

And we're -- it'll take a little while to get that launch.

而且我們—需要一點時間才能發布。

But one of the things Mike did was begin to operate the company as if it's already happened.

但麥克所做的事情之一就是開始經營公司，就好像這件事已經發生了一樣。

So we've got a whole new team in the remaining media businesses.

因此，我們在剩餘的媒體業務中組建了一支全新的團隊。

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.

我們宣布的領導層已經到位並開始發揮作用，我們前幾天剛開會，他們有一個非常令人興奮的路線圖。

You know, it starts with Epic Universe, this May.

您知道，它將於今年 5 月從 Epic Universe 開始。

In the television business to your question, I think that the content we make works on Peacock.

在電視業務中，回答你的問題，我認為我們製作的內容在 Peacock 上是有效的。

We're also a provider to other platforms.

我們也是其他平台的提供者。

I think we sell content to every platform.

我認為我們向每個平台出售內容。

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.

我認為，如果能將 NBA 與奧運、週日橄欖球之夜、英超聯賽以及《豺狼之日》等節目結合起來，我們就有了一個叫做《美洲》的節目，它將在 NBC 播出。過去更多地使用NBC來驅動Peacock，反之亦然。

It's a very exciting business.

這是一項非常令人興奮的業務。

So Mike, do you want to add anything on that piece of the question?

那麼 Mike，你想就這個問題補充什麼嗎？

I think that it really -- and I agree with everything you said.

我認為確實如此——而且我同意你所說的一切。

I think it does two things.

我認為它有兩個作用。

One is, I think the assets that are going to SpinCo are strong as many of us have observed.

一是，我認為，正如我們許多人所觀察到的，SpinCo 所獲得的資產是強勁的。

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.

但事實上，正如布萊恩所提到的 98%，它們並不是我們所強調的 Peacock 以及 NBC 廣播的串流媒體未來不可或缺的一部分。

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.

因此，我認為這些資產將得到更好的管理，並且未來將有機會為我們的股東提供更好的優化，因為這些資產交到強大的領導團隊手中，布萊恩用輕債務和一定實力來描述。

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，這是一個管理層關注的領域——在我看來，這一直證明，當我們開始這項工作時，我們中的許多人都有很棒的想法，我認為馬克和阿南德已經提出了其他一些想法，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.

剩下的是唐娜·蘭利(Donna Langley) 和馬特·施特勞斯(Matt Strauss) 領導下的一支同樣專注的管理團隊，他們現在正在接管NBC 廣播資產和Bravo（布萊恩沒有提到後者），Bravo 是真人秀電視節目的領導者，這兩家公司都大幅增加了Peacock 本身還提供付費電影、體育節目等。

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以一種我認為不分離就不可能實現的方式整合在一起的機會，他們將創建一個跨編程的、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.

那麼，哪些內容可以透過完整的端到端視圖獲得批准，關於如何跨 NBC 廣播或 Bravo 或 Peacock 來回切換；進行真正端到端的投資，並坦率地精簡管理團隊，以便做出更快、更好的決策，以支持單一的、專注於串流媒體的、但又具有重要的線性元素的 Bravo 和 NBC，我想想我們一段時間以來一直在談論的事情，那就是我們實際上並沒有運行孔雀專用戰略。

We're running a broadcast plus streaming strategy and looking to optimize that over the years ahead.

我們正在實施廣播加串流媒體策略，並希望在未來幾年對其進行優化。

The last point I would make is Mike you have stepped into this, figured it out, execute extremely well.

我要說的最後一點是麥克，你已經踏入這個領域，解決了問題，並且執行得非常好。

There's more energy bounce to step in both parts of SpinCo and the remaining co.

有更多的能量反彈進入 SpinCo 的兩個部分和剩餘的公司。

So we're very excited and your leadership is noticed and appreciated.

因此我們非常興奮，您的領導力受到關注和讚賞。

Thanks, Ben.

謝謝，本。

Operator, next question, please.

接線員，請問下一個問題。

Craig Moffett, Moffett Nathanson.

克雷格·莫菲特、莫菲特·納森森。

Hi, thank you.

你好，謝謝。

Dave, staying with the broadband business for a minute.

戴夫，我們再談一下寬頻業務。

Can you talk about what you've learned in your Project Genesis market?

您能談談您在 Project Genesis 市場中所學到的東西嗎？

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.

正如你所說，現在傾向於透過行銷和推廣讓人們知道這一點，談談如果你願意的話會是什麼樣子，以及你期望在目前提供對稱寬頻服務的市場上會有什麼不同速度就像光纖一樣。

Got it.

知道了。

Hey, Craig.

嘿，克雷格。

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.

首先，我們對所學的知識感到滿意，因為就 Genesis 而言，我們的研究方向是正確的。第一階段已經完成了 50%，我們的進展非常順利。

A vast majority of the plant will have that, that mid-split side of things upgraded by the end of this year.

到今年年底，該工廠的絕大部分中部分割部分都將升級。

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.

所以，我們對它的運作感到滿意，我們對其架構、虛擬化元素的前景感到滿意，因此我們可以介紹 Mike 提到的有關我們如何日復一日地管理網路的所有內容。

It's efficient and effective as a network.

作為一個網絡，它是有效率且有效的。

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.

因此，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——這是一個快速實現無處不在的多千兆對稱的路線圖，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.

我們現在正進入第一階段，對工廠進行升級，以便能夠推出簡化的包裝，我認為這將對市場產生影響。

This will obviously have our best tiers of broadband.

這顯然將擁有我們最好的寬頻層級。

Mobile will be included.

其中包括移動設備。

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.

它確實簡化了並且減少了我們在市場上看到的許多痛點——包括一條更快捷的日常定價途徑。

So it is, I think, a really important moment for us.

所以我認為這對我們來說是一個非常重要的時刻。

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.

我們很高興有這個機會可以開始行動，並預計第二季我們將開始加強進行這項工作。

Dave, can you share any learnings for how competition is different in those places?

戴夫，您能分享一下這些地方的競爭有何不同嗎？

Or is it still too early because you haven't really launched the marketing around it yet?

還是說現在還為時過早，因為您還沒有真正啟動相關行銷活動？

Yeah, it is still too early, Craig.

是的，克雷格，現在還太早。

We'll launch the simplified -- the packaging side of things in the second quarter.

我們將在第二季推出簡化的包裝方面產品。

So what we have seen is that it's an important first step of upgrading speed capability.

因此，我們看到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.

並將其與家中的優質 Wi-Fi 結合。

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.

所以，這是一個很好的基本進步，但是在我們全面開展行銷之前，談論競爭轉變還為時過早。

Thanks, Craig.

謝謝，克雷格。

Operator, next question please.

接線員，請問下一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good morning.

嘿，早安。

Thank you for the question.

感謝您的提問。

I just have two.

我只有兩個。

First, on domestic broadband, could you just talk a little bit about the ARPU outlook?

首先，關於國內寬頻，您能否談談ARPU前景？

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?

考慮到沒有颶風返利等措施，以及今年年初實施的部分價格上調，我們是否應該預期 ARPU 成長將從現在開始加速？

And then for Jason, I was just wondering if you could talk about free cash flow for next year.

然後對於傑森，我只是想知道您是否可以談論明年的自由現金流。

Obviously, a few moving parts between cash taxes, the cash tax refund and Capex potentially coming down in C&E.

顯然，現金稅、現金退稅和資本支出之間的一些變動部分在 C&E 中可能會下降。

So any thoughts there would be great.

因此，任何想法都是很好的。

Thank you.

謝謝。

Michael, this is Dave.

邁克爾，這是戴夫。

Let me start with your point on ARPU.

讓我先從您關於 ARPU 的觀點開始。

So we expect continued healthy ARPU growth.

因此我們預計 ARPU 將持續健康成長。

Our overall focus is on broadband and convergence revenue growth.

我們整體的重點是寬頻和融合收入的成長。

That is the main point as Mike and Jason have called out.

這就是 Mike 和 Jason 指出的要點。

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.

好消息是，我們有不同的槓桿，並將繼續發揮作用，但前提是我們真正專注於最大化整體收入成長。

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.

因此，在動態環境中，我們需要利用這些槓桿，並做出正確的決策來優化這些槓桿，以實現更長期可持續的收入成長。

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.

正如我之前提到的，我們正在實施許多新方法，並且我們將繼續做出當前和長期的最佳決策。

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.

舉個例子，每當我們加速無線業務並在該領域加強推進時，我們都認為這是正確的、明智的、有競爭力的決定；我們可能沒有處於原來的範圍內，但我們仍然預期 ARPU 會非常健康。

Jason?

傑森？

Yes, Mike, thanks for the question.

是的，麥克，謝謝你的提問。

So let me round out free cash flow, maybe step back a little bit.

因此，讓我完善一下自由現金流，也許稍微退後一步。

We gave an outlook on the call for a number of different parts of the business.

我們對此次電話會議中的多個不同業務部分進行了展望。

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.

當您談到自由現金流時，我將引導您了解有關營運資本的觀點，也許還能全面了解資本支出，然後您還會提到現金稅。

So it starts with what's the underlying base.

所以一切都從底層基礎開始。

The underlying base is very healthy free cash flow generation.

其基礎是非常健康的自由現金流產生。

As you saw in 2024, we generated $12.5 billion.

正如你在 2024 年看到的，我們創造了 125 億美元的收入。

That's in the context of we did have a $2 billion one-time headwind that we called out in the second quarter.

這是我們在第二季確實遭遇了 20 億美元一次性逆風的背景下的。

So really, free cash flow was probably $2 billion ahead of that.

因此實際上，自由現金流可能提前了 20 億美元。

That's how we look at the baseline for 2024.

這就是我們對 2024 年基準的看法。

And then entering into 2025, you're right.

然後進入 2025 年，你是對的。

In the release today, we did talk about a tailwind to cash taxes in 2025.

在今天的發表會上，我們確實談到了 2025 年現金稅的順風趨勢。

That will be roughly a couple billion dollars.

這大約是幾十億美元。

So that's going to be a tailwind to us.

這對我們來說將是一個順風。

We'll be clear about that at the time, and I would view that as a one-time thing.

我們到時候會明確這一點，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.

但儘管如此，相對於 2024 年而言，現金稅的走向是有幫助的。

Working capital is another sort of key part to this.

營運資金是另一個關鍵部分。

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.

我認為我們——很難以完全的可見性和可預測性來指導，但我可以指出過去幾年的情況。 2024 年營運資金逆風約 15 億美元，2023 年約 20 億美元。

Those in rough terms are probably the right goalpost to think about for 2025.

這些粗略的條款可能是 2025 年需要考慮的正確目標。

And if you step back, the key things that caused working capital headwinds are attached to our growth businesses.

如果你退一步考慮，你會發現造成營運資金困難的關鍵因素與我們的成長業務有關。

It's handset subsidies.

這是手機補貼。

It's production around a lot of the streaming properties.

它是圍繞大量串流媒體屬性進行的製作。

It's sports rights.

這是體育權利。

So those are all still in place for 2025 and beyond.

因此這些在 2025 年及以後仍然有效。

So that's what that category will look like.

這就是該類別的樣子。

But hopefully, that helps there.

但希望這會有所幫助。

And then on capital intensity, we were clear about cable capital intensity.

然後關於資本密集度，我們清楚有線電視的資本密集度。

We landed the year at just over 10%.

我們今年的成長率剛過 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.

這是對 2025 年的展望，這是在新屋數量非常強勁的背景下，繼續積極推進新屋建設。

So we'll continue to invest pretty aggressively there but within that capital intensity envelope and feel comfortable about that.

因此，我們將繼續在那裡進行大力投資，但將在資本密集度範圍內進行，我們對此感到滿意。

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.

然後，在內容和體驗方面，您指出的很對，我們正接近 Epic 建設階段的尾聲。

And so we will get relief from that over the course of 2025.

因此，到 2025 年，我們將擺脫這一困境。

Thanks, Mike.

謝謝，麥克。

Operator, next question, please.

接線員，請問下一個問題。

Jonathan Chaplin, New Street Research.

喬納森·卓別林（Jonathan Chaplin），New Street Research。

Thanks guys, following up on the wireless commentary.

謝謝大家，繼續關注無線評論。

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.

我想知道您是否可以——即使在用戶成長相當強勁的情況下，本季的營收成長似乎也很強勁。

I'm wondering if you could help pull apart how much of that growth came from ARPU growth in wireless versus equipment revenue.

我想知道您是否可以幫助分析這種成長中有多少來自於無線和裝置收入的 ARPU 成長。

And then we've been hearing that the MVNO contract could be up for renewal this year.

然後我們聽說 MVNO 合約可能會在今年續約。

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.

我想知道您是否可以向我們介紹續約時您對定價的預期，以及它將如何影響無線業務的利潤率。

Thanks.

謝謝。

So, Jonathan, let me start with wireless growth and sort of I think your question really was sort of service versus equipment.

那麼，喬納森，讓我先從無線成長開始，我認為你的問題實際上是服務與設備的問題。

I would tell you, very healthy growth in wireless.

我想說的是，無線業務的成長非常健康。

We added 1.2 million subs year-over-year.

與去年同期相比，我們增加了 120 萬訂閱者。

That translated into mid-teens revenue growth.

這意味著收入實現了十五六%的增幅。

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.

如果以服務和設備來細分，服務收入成長也在這個範圍內。

Yeah, and, Jonathan, Dave.

是的，還有喬納森、戴夫。

There's no new news in terms of MVNO approach.

在 MVNO 方法方面尚無新消息。

We're pleased with our current position.

我們對目前的狀況很滿意。

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.

正如布萊恩所說，在市場已經整合的情況下，有線電視處於獨特的地位，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。

So we're -- no new news though at this point.

因此我們—目前還沒有新消息。

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.

而且我認為——麥克補充一下，我們現階段是一個規模可觀的合作夥伴，這一點很重要——而且我們並不是唯一在無線領域與我們合作的公司。

So I think that's different than the discussions from years past.

所以我認為這與過去幾年的討論不同。

Thanks, Jonathan.

謝謝，喬納森。

Operator, next question, please.

接線員，請問下一個問題。

Jessica Reif Ehrlich, Bank of America Securities.

美國銀行證券公司的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Oh, thank you.

哦，謝謝。

Maybe switching gears a little bit from the new strategy.

或許新戰略會稍微轉變一下方向。

Last quarter, you announced the restructuring, SpinCo, and maybe plans to consolidate on streaming.

上個季度，你們宣布了重組、SpinCo 以及整合串流媒體的計劃。

Can you give us any update?

您能提供我們最新消息嗎？

Do you think the market will consolidate in streaming?

您認為串流媒體市場將會整合嗎？

Any commentary for M&A in terms of cable?

有線電視方面的併購有何評論？

Will scale help your competitive position in broadband and wireless?

規模是否有助於提高您在寬頻和無線領域的競爭地位？

And I guess, media, are there any pieces that you think are still missing or you would benefit from scale?

我想，媒體，您認為還缺少什麼部分，或是規模能帶給您什麼好處？

And then on SpinCo, can you maybe discuss the strategy a little bit more?

那麼關於 SpinCo，您能否進一步討論一下該戰略？

You mentioned that -- you alluded to streaming, but is the focus going to be on sports, news, acquisitions, or cost cutting?

您提到過——您暗示了串流媒體，但重點是放在體育、新聞、收購還是削減成本上？

Sure, it's Mike.

當然，我是麥克。

I'll start and Brian can finish.

我來開始，布萊恩來結束。

I mean, just quickly on SpinCo, it's exactly as I said earlier.

我的意思是，快速談論 SpinCo，正如我之前所說的那樣。

I mean the assets that go into SpinCo are leaders in genre-based entertainment, sports, and news.

我的意思是，SpinCo 的資產是基於類型的娛樂、體育和新聞領域的領導者。

I think running those businesses well, which the team -- leadership team will do, is the job at hand.

我認為，經營好這些業務是團隊──領導團隊將會做的，是目前的工作。

And they're working together naming new leaders and putting together a strategy.

他們正在共同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.

因此，當他們準備好談論未來的策略時，我們就會回來。

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.

但我認為，他們肯定是一個獨立的、強大的企業集合，在未來許多年裡擁有強大的現金流創造能力、良好的市場地位，而且現在非常專注。

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.

因此，我認為我很樂觀，這為我們的股東創造了良好的機會，然而馬克和阿南德確實決定推進這項策略。

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.

對於我之前評論過的 NBCU 內部剩餘的媒體業務，我認為我們已經設定好了——除了我們自己的資產和我們自己的重點之外，我們不需要任何其他東西。

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，再次讓唐娜和馬特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NBC 資產的Peacock 串流媒體策略注入巨大的動力。

When you zoom -- would we be interested in partnerships?

當你放大時——我們對合作感興趣嗎？

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.

當然，正如我在上次財報電話會議上宣布的那樣，我們對於合作和捆綁的可能性持開放態度。

We'll consider anything.

我們會考慮任何事情。

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.

所以——但我認為合作關係的意義在於你能帶來什麼，讓我們的資產緊密中在強大的 Peacock 策略上，我認為，這能讓我們成為一個好的合作夥伴，任何可能或可能不會實現。

But if they don't come to pass, I think we're fine running what we have.

但如果這些目標沒有實現，我想我們可以維持現有的狀況。

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.

當你將業務範圍擴大到整個媒體或內容和體驗業務時，你會將這家新媒體公司與NBC、Peacock、Bravo 等公司放在一起，與一家領先的工作室業務放在一起，這家工作室業​​務的價值不斷增長，領導力不斷增強，並取得了持續的成功。以及今年和 2026 年即將推出的精彩作品；電視工作室業務現在將由Pearlena Igbokwe 負責，或者曾經由其負責，但隨著我們與Donna 一起推進節目製作決策，以及其他NBC 網絡等的業務，我認為這將為工作室的持續成功和增長奠定基礎。

And lastly, parks, which we talked about before.

最後，我們之前討論過的公園。

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.

因此，當您看看綜合媒體公司剩下的業務時，您會發現它是一家非常強大的企業，是全國乃至全世界最好的企業之一。

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.

我認為這對我們思考該領域的任何類型的併購是否會為我們帶來增值，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。

And that's the work we've been doing to sort of streamline our businesses.

這就是我們為了精簡業務所做的工作。

So we like what we have with or without anything inorganic.

因此，我們喜歡我們所擁有的東西，無論是否含有無機物。

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

這就是媒體方面的事情，布萊恩可以參與其中。

Look, I think that's a pretty -- very complete answer.

看，我認為這是一個非常完整的答案。

One just on SpinCo, I would say one of the two other points is that we have first mover.

僅就 SpinCo 而言，我想說的另外兩點之一是我們有先發優勢。

We've heard others now talking about perhaps similar idea of the same.

我們現在聽到其他人也在談論類似的想法。

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.

其次，我們將擁有——他們將擁有一份出色的資產負債表，這可能是許多人羨慕的對象，這將使他們能夠選擇在那裡採用什麼策略，傑西卡。

And I think we want to give them the time and space to figure that out.

我認為我們希望給他們時間和空間來解決這個問題。

And as Mike said, they'll be back and anxious to tell you that strategy.

正如麥克所說，他們會回來並急切地告訴你這個策略。

But I think that's not going to happen until later in the year.

但我認為這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.

我認為一般來說，你可以將你給媒體的答案應用到世界其他地方。

We're looking -- we always look at everything and think about everything.

我們正在觀察──我們總是觀察一切、思考一切。

I think that's our job as management.

我認為這是我們身為管理階層的職責。

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.

事實就是如此——但是我們的標準很高，我們不會經常做某事，而是根據情況來做出最好的判斷。

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.

今天坐在這裡，我們剛剛報告了 60 年來最好的一年，其中包括我們剛剛在電話會議上討論的各種事情，收入增長、EBITDA 增長、自由現金流。

Jason, a while ago, kind of created an algorithm goal for us, which is to take maybe slower EBITDA growth than historically.

不久前，傑森為我們創建了一個演算法目標，即 EBITDA 成長速度可能比歷史平均值要慢。

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.

但考慮到資本支出狀況和稅收狀況，你最終會得到自由現金流——你回購股票，最終會得到每股收益和每股自由現金流，這是一種可靠的表現，可以讓你達到9 %，我想您說過，成長率接近兩位數。

So that algorithm, something has to really help that algorithm accelerate.

所以該演算法，必須有某種東西真正幫助該演算法加速。

So I like what we've got, and I thought Mike's answer covered some of the specifics on the media side.

所以我喜歡我們所得到的，我認為麥克的回答涵蓋了媒體方面的一些具體內容。

Thanks, Jessica.

謝謝，傑西卡。

Operator, next question, please.

接線員，請問下一個問題。

John Hodulik, UBS.

瑞銀的 John Hodulik。

Great.

偉大的。

Maybe for Dave back on the broadband question.

也許戴夫會重新考慮寬頻問題。

Just the change you guys saw in December, was that -- do you think that was more from competition?

你們在 12 月看到的變化是——你認為這更多是來自競爭嗎？

And then if so, could you break it down?

如果是的話，你能將其分解嗎？

Or were you seeing more pressure from fiber to the home or fixed wireless?

或者您看到來自光纖到府或固定無線的更多壓力？

And you mentioned satellite for the first time.

這是您第一次提到衛星。

Are you actually seeing that now?

現在真的看到了嗎？

Or is just some expectation in the future?

還是只是對未來的一些期待？

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.

對傑森來說，過去幾年你們取得巨大成功的一件事就是提高了有線電視或連結方面的利潤率。

Does that equation still hold as we look forward considering the new strategy to combine broadband and wireless more aggressively?

當我們展望考慮更積極地結合寬頻和無線的新策略時，這個等式是否仍然成立？

Thanks.

謝謝。

Hey, John, this is Dave.

嘿，約翰，我是戴夫。

Let me start.

讓我開始吧。

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.

因此，正如麥克首先提到的，我們可能對 12 月本季早些時候看到的情況過於樂觀，尤其是在價格敏感的領域。

But the main point bringing us back up, it's intensely competitive in all segments.

但讓我們重新思考的重點是，各領域的競爭都非常激烈。

So it's little bit of a shift, but it's -- you have fixed wireless while it's leveled.

因此，這是一個小小的轉變，但是 - 在它被調平的同時，你已經修復了無線問題。

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

他們仍然在積極地行銷，而且光纖建設過度。

So that has continued.

這種情況一直持續著。

Hey, John, let me hit your questions on margins, which I think was in the C&P segment.

嘿，約翰，讓我來回答一下你關於利潤率的問題，我認為這是在C&P部分。

So we've had, obviously, a really good history of driving margin expansion.

因此，我們顯然在推動利潤率擴張方面有著非常好的記錄。

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.

造成這種情況的因素有很多，我認為正如我在前面所說的那樣，是業務的組合轉變，第一，我們的業務越來越多地轉向連通性，這是利潤率更高的業務。

Number two, it's sort of interactions, if you will, with the customer service interactions.

第二，如果你願意的話，這是一種與客戶服務互動的互動。

So whether that's truck rolls, incoming calls to our call centers.

無論是到府送貨，或是接到我們呼叫中心的電話。

We've given you stats historically about each one of those metrics being down 40% to 50% in the last five or six years.

我們為您提供了歷史統計數據，過去五、六年中每個指標都下降了 40％ 到 50％。

So the underpinnings of that continue.

因此其基礎仍將繼續存在。

As you saw, we expanded margins at a pretty healthy clip in 2024.

正如您所看到的，我們在 2024 年以相當健康的速度擴大了利潤率。

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.

正如我在先前的評論中所說，考慮到我們想要重新投資於包括無線在內的業務，我們預計今年的利潤率將繼續以略低的速度擴大。

But nonetheless, continued very healthy margins in an absolute sense where we're industry-leading.

但儘管如此，我們的利潤率仍然非常健康，絕對處於行業領先地位。

And then on a relative basis and the ability to grow, I think, continued momentum there.

然後，從相對基礎和成長能力來看，我認為，那裡的勢頭將繼續保持。

I would as we step back and look at the -- a couple of the architects in that business.

讓我們回顧一下，看看這個行業的幾位建築師。

We mentioned earlier and we put out a press release last week about Steve Croney taking on additional responsibilities.

我們之前提到過，上週我們也發布了一份新聞稿，關於史蒂夫·克羅尼將承擔更多職責。

He's been CFO of the C&P business for the last several years, incredible financial discipline across the organization.

過去幾年來，他一直擔任 C&P 業務的首席財務官，為整個組織樹立了令人難以置信的財務紀律。

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.

太棒了，他能夠展翅高飛，做更多的事情，並真正依靠戴夫在這次電話會議中概述的一些事情。

But kudos to him and the team for driving the type of margin expansion we've seen and expect to continue to see.

但值得稱讚的是，他和他的團隊推動了我們已經看到並預計將繼續看到的利潤率擴大。

And John, one more follow-up to your point on satellite, just to clarify.

約翰，關於你關於衛星的問題，我再問一個問題，只是為了澄清。

The two main ones are the ones I mentioned between fixed wireless and fiber.

其中主要的兩個就是我提到的固定無線和光纖。

Satellite, we see it's just been de minimis, has not been a material thing for us, not being dismissive of it, though.

我們認為衛星只是微不足道的東西，對我們來說並不是什麼重要的東西，但我們並不是對它不屑一顧。

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.

我們將密切關注，但我們發現它在農村地區更為活躍，而在郊區和城市地區目前並不那麼活躍。

Thanks, John.

謝謝，約翰。

Operator, next question, please.

接線員，請問下一個問題。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thank you.

謝謝。

I just wanted to go back to the broadband ARPU dynamics.

我只是想回到寬頻 ARPU 動態。

I think you said very healthy ARPU growth, but you do lean into mobile.

我認為您說過 ARPU 成長非常健康，但您確實傾向於行動領域。

What we've seen with some of your peers is there is some dilution to ARPU.

我們發現，你們的一些同行的 ARPU 有所下降。

You've historically managed this really strong 3% to 4% growth.

從歷史上看，你們已經實現了 3% 至 4% 的強勁成長。

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?

所以我想知道，隨著您轉向更多的融合捆綁，您是否會在 3% 到 4% 的增長範圍內稍微調整此策略？

And then on Peacock, thank you for the guidance for losses to improve.

然後關於孔雀，感謝您對損失改善的指導。

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.

我只是想知道，當 NBA 成本上線並推高營運支出時，今年下半年是否也會發生這種情況。

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?

我知道收入也會增加，但我只是想知道您是否認為 NBA 會對 2025 年的 Peacock EBITDA 產生積極影響？

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?

或者如果它有點逆風，然後有點像是離開 NBA，表面之下會發生很多改進？

Thank you.

謝謝。

Hey, Steven, this is Dave.

嘿，史蒂文，我是戴夫。

Let me start with ARPU and a couple of points on that.

讓我先從 ARPU 開始，並談談與此相關的幾點。

You did hit it that mobile is an important part of our future.

您確實指出了行動裝置是我們未來的重要組成部分。

It has been a great contributor for a long period of time, but we're excited about accelerating our focus.

它長期以來一直是一個偉大的貢獻者，但我們很高興能夠加速我們的關注。

And -- but there are a number of levers that we have when it comes to ARPU, and we'll manage all of them.

並且 — 但當談到 ARPU 時，我們有許多槓桿，我們會對它們全部進行管理。

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.

當我們推出這些新的包裝方法時，我們當然會關注所有細分市場，但這是在我們工廠升級之後，真正專注於高端市場，過去一直如此，將來也將繼續如此。

So that will certainly impact and leads us to our focus on continued healthy ARPU growth.

因此，這肯定會對我們產生影響，並促使我們專注於持續健康的 ARPU 成長。

But when you add mobile to your packages and the simple way that we're talking about, there could be some impact to ARPU.

但是當你將行動業務添加到你的套餐中，以及我們談論的簡單方式時，可能會對 ARPU 產生一些影響。

But we think the returns are terrific.

但我們認為回報是十分可觀的。

And for competitive reasons, it's absolutely the right thing to do over the long run.

出於競爭原因，從長遠來看，這絕對是正確的做法。

But we still are very, very focused on all levers that would contribute to ARPU.

但我們仍然非常非常關注所有能夠提高 ARPU 值的槓桿。

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.

我認為，沿著這個思路，我們已經非常清楚，對我們來說，北極星就是如何繼續以健康的速度增加寬頻收入。

And ultimately, how do you grow convergence revenue at an even better clip, right?

最終，您如何以更快的速度增加融合收入，對嗎？

So in the past year, we grew broadband revenue at 3%.

因此在過去的一年裡，我們的寬頻收入成長了 3%。

We grew convergence revenue at 5%.

我們的融合收入成長了 5%。

Interesting, if you stack us up versus peers and competitors, we realize there's a lot of focus on broadband sub trajectory.

有趣的是，如果將我們與同行和競爭對手進行比較，我們會發現大家非常關注寬頻子軌跡。

But if you step back, we are at or near industry-leading levels for convergence revenue growth.

但如果你退一步來看，我們的融合收入成長已經達到或接近業界領先水準。

So the focus here is continue that, find the levers we have to go push into that.

因此，這裡的重點是繼續這樣做，找到我們必須推動的槓桿。

It's not to say we can't have a strong broadband ARPU growth.

這並不是說我們不能實現寬頻 ARPU 的強勁成長。

We gave an outlook that broadband ARPU growth will continue to be healthy.

我們預計寬頻 ARPU 成長將持續保持健康。

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.

但當我們審視槓桿時，我們必須推動無線成長，推動寬頻持續成長，在市場上積極競爭，真正兌現戴夫所說的一切，特別是在第二季度，我們我們擁有很多槓桿，並且對於我們正在發展的目標有明確的北極星。

You know, one other thing that in terms of revenue, Jason hit it perfectly.

您知道，就收入而言，傑森做得非常完美。

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.

但我認為商業服務收入是一個巨大的機會，過去是、現在是、將來也是，總體而言，如果與我們的同行和競爭對手比較商業服務的成長情況，我們處於領先地位。

It's a $10 billion revenues, great margins, and we have consistently contributed revenue and EBITDA growth.

它的收入為 100 億美元，利潤率很高，而且我們持續貢獻收入和 EBITDA 成長。

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.

因此，就我們關注的整體收入而言，正如 Jason 所說，商業服務是我們工作中極為重要的一部分。

And Steven, on Peacock, thanks for the question there.

感謝孔雀隊的史蒂文提出這個問題。

I think we're looking forward to the NBA.

我想我們都對 NBA 充滿期待。

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.

這是一種巨大的收穫，我預計，到 2025 年，它將成為推動用戶成長的主要附加內容。

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.

所以就——我並不真的認為一半——而言，正如我所說，今年我們將看到孔雀收入和損失的改善。

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.

然後，隨著我們在今年下半年吸收 NBA，接下來會發生什麼——整個第一個賽季，加上我所描述的馬特和唐娜的管理層變動，再加上 SpinCo，我們’我們將通過一系列方法來吸收成本，這些成本將透過提高價格來增加，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將取代的節目，等等。

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——我會將 NBA 第一賽季全部奉獻給第二個賽季，然後我們才能使我們的業務正常化，以應對更高的開支。

And so, I think that's it, everybody.

所以，我想各位，就這樣吧。

I appreciate you guys spending the time with us this morning, and Happy New Year.

感謝你們今天早上與我們共度時光，祝大家新年快樂。

That concludes today's call.

今天的電話會議到此結束。

A replay of the call will be available starting at 11:30 AM Eastern Time today on Comcast Investor Relations website.

該電話會議的重播將於今天東部時間上午 11:30 開始在康卡斯特投資者關係網站上提供。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。