康卡斯特 (CMCSA) 2025 Q1 法說會逐字稿

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

女士們、先生們，早安，歡迎參加康卡斯特第一季財報電話會議。（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. Please go ahead, Ms. Ryvicker.

現在我將電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，Ryvicker 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，歡迎大家。參加今天電話會議的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 和 Dave Watson。現在，請您參閱本次電話會議簡報的第二張投影片，該投影片也可以在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含前瞻性陳述，受一定風險和不確定性的影響。

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，我們將參考某些非公認會計準則財務指標。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, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

Before Jason gets into the details of our first-quarter results, I would like to spend some time on three topics that are top of mind: Convergence, Business Services, and Theme Parks. And let me lead into those by anchoring the discussion in the two overarching elements of the management team's approach to running the company.

在傑森詳細介紹我們的第一季業績之前，我想花一些時間討論人們最關注的三個主題：融合、商業服務和主題樂園。讓我先從管理團隊經營公司方法的兩個主要要素入手，來引導大家討論這些問題。

First is that we are focused on shifting our business mix toward growth by investing in six areas where we're extremely well positioned. Residential broadband, wireless, business services, theme parks, streaming, and premium content in our studios. And we're seeing the effects of this strategy build as time passes.

首先，我們致力於透過投資我們佔據優勢的六個領域，實現業務組合向成長的轉變。我們的工作室提供住宅寬頻、無線、商業服務、主題樂園、串流媒體和優質內容。隨著時間的推移，我們看到這項策略的效果正在顯現。

In this quarter, these six businesses represented 60% of total revenues helping drive 2% EBITDA growth, 5% adjusted EPS growth, and $5.4 billion of free cash flow.

本季度，這六項業務佔總收入的 60%，推動 2% 的 EBITDA 成長、5% 的調整後每股收益成長和 54 億美元的自由現金流。

And second is our proven commitment to our capital allocation strategy which balances robust, disciplined investment in these growth areas, the protection of one of the strongest balance sheets, if not the strongest balance sheet in the industry; and the return of substantial capital to the shareholders.

第二是我們對資本配置策略的承諾，該策略平衡了對這些成長領域的穩健、有紀律的投資，保護了最強的資產負債表之一（如果不是業內最強的資產負債表）；並向股東返還了大量資本。

Together, our steady shift in business mix to a diverse group of growth areas combined with our strong balance sheet allows for steady execution against our strategy even as the level of uncertainty in consumer and capital markets has meaningfully increased in the past several months.

總而言之，我們的業務組合穩步轉向多元化的成長領域，再加上我們強勁的資產負債表，即使過去幾個月消費者和資本市場的不確定性水平顯著增加，我們仍能穩步執行我們的策略。

While we don't see any noteworthy evidence of economic challenges for the year thus far, the odds have increased that challenges may be approaching, but we are well positioned to handle whatever lies ahead.

雖然到目前為止，我們還沒有看到任何值得注意的證據表明今年將面臨經濟挑戰，但挑戰即將來臨的可能性增加，但我們已準備好應對未來的一切挑戰。

Now let me hit the areas I'd like to comment on more deeply, starting with convergence, where, as we've consistently highlighted, we are structurally positioned to win. Today, we are the only operator offering gig internet and gig wireless ubiquitously to 64 million homes and businesses across 39 states, giving us the largest converged footprint in the country.

現在，讓我更深入地談談我想評論的領域，首先是融合，正如我們一直強調的那樣，我們在結構上已經做好了獲勝的準備。如今，我們是唯一一家為 39 個州的 6,400 萬個家庭和企業提供千兆網路和千兆無線服務的營運商，這為我們帶來了全國最大的融合覆蓋範圍。

When you look at just the geographic markets we serve, our gig capable converged footprint is more than double our competitors combined. And as we've discussed before, our network upgrade plans will ensure that our network leadership and product capability remain ahead of the competition.

如果只看我們所服務的地理市場，我們的千兆融合覆蓋範圍是我們競爭對手總和的兩倍以上。正如我們之前討論過的，我們的網路升級計劃將確保我們的網路領導地位和產品能力保持領先於競爭對手。

But the true measure of a customer's connectivity experience lies in its performance within their home. And that is where we excel, given our superior WiFi. Reliable connectivity throughout the home continues to be ranked as the most critical element influencing customers' choice of broadband service. And we lead the industry in delivering this experience.

但衡量客戶連線體驗的真正標準是其在家中的表現。而這正是我們的優勢所在，因為我們擁有卓越的 WiFi。整個家庭的可靠連線仍然被列為影響客戶選擇寬頻服務的最重要因素。我們在提供這種體驗方面處於行業領先地位。

In fact, the latest fixed broadband report by OpenSignal ranks us highest in reliability in our footprint. And we continue to make this WiFi experience even better, an example being the recent launch of our most powerful gateway yet, the XB10, which enables industry-leading multi-gigabit symmetrical throughput and supports up to 300 connected devices with increased speeds and reduced latency.

事實上，OpenSignal 的最新固定寬頻報告將我們的可靠性評為最高。我們將繼續改善這種 WiFi 體驗，例如最近推出的迄今為止功能最強大的網關 XB10，它可實現業界領先的多千兆對稱吞吐量，並支援多達 300 台連接設備，同時提高速度並降低延遲。

And the importance of WiFi extends to our mobile service as well, as 90% of all mobile data, whether in or out of the home, travels over WiFi, giving us another clear advantage. We have the largest and fastest Wi-Fi network in the nation that delivers unique benefits to our customers with features like WiFi PowerBoost, which automatically upgrades Xfinity mobile devices to gigabit speed whenever customers are connected to one of our 23 million hotspots, regardless of their subscribed internet speed.

WiFi 的重要性也延伸到了我們的行動服務，因為 90% 的行動數據（無論是在家還是在外）都是透過 WiFi 傳輸的，這給了我們另一個明顯的優勢。我們擁有全國最大、最快的 Wi-Fi 網絡，透過 WiFi PowerBoost 等功能為我們的客戶提供獨特的優勢，當客戶連接到我們的 2300 萬個熱點之一時，無論他們訂閱的互聯網速度如何，該功能都會自動將 Xfinity 行動裝置升級到千兆速度。

This feature helped us earn the distinction of being the fastest mobile provider according to Ookla's January 2025 Speed Intelligence Report. However, and this is a big however, in this intensely competitive environment, we are not winning in the marketplace in a way that is commensurate with the strength of the network and connectivity products that I just described.

根據 Ookla 2025 年 1 月速度情報報告，此功能幫助我們贏得了最快行動供應商的頭銜。然而，這是一個很大的問題，在這種激烈的競爭環境中，我們在市場上的勝利並沒有達到與我剛才描述的網路和連接產品的實力相稱的程度。

Dave and his team have worked hard to understand the reasons for this disconnect and have identified two primary causes. One is price transparency and predictability, and the other is the level of ease of doing business with us. The good news is that both are fixable, and we are already underway with execution plans to address these challenges.

Dave 和他的團隊努力了解這種脫節的原因，並確定了兩個主要原因。一是價格透明度和可預測性，二是與我們做生意的便利程度。好消息是，這兩個問題都是可以解決的，而且我們已經在製定應對這些挑戰的執行計劃。

First, our organizational changes. Steve Croney, who Dave appointed as Chief Operating Officer of Connectivity & Platforms, is driving the changes in our go-to-market strategy and other operational improvements with the highest urgency.

首先，我們的組織變革。史蒂夫·克羅尼 (Steve Croney) 被戴夫任命為連接與平台首席營運官，他正在以最高的緊迫性推動我們的市場進入策略和其他營運改進的變化。

One of his first priorities was to recruit a growth-focused leader, and we announced the hiring of Jon Gieselman to the newly created position of Chief Growth Officer of our domestic residential business. With decades of experience at Apple, Expedia, and DirecTV, managing world-class brands in highly competitive markets, Jon is a fantastic addition to the team, and we're excited for him to join later this month.

他的首要任務之一是招募一位注重成長的領導者，我們宣布聘請 Jon Gieselman 擔任新設立的國內住宅業務首席成長長。Jon 擁有在 Apple、Expedia 和 DirecTV 工作數十年的經驗，在競爭激烈的市場中管理世界級品牌，他是團隊的絕佳補充，我們很高興他將於本月晚些時候加入。

Second, we are simplifying our pricing construct to make our price-to-value proposition clearer to consumers across all broadband segments. Just last week, we introduced our first-ever nationwide price guarantee for broadband that includes Xfinity's best-in-class gateway and unlimited data for one simple monthly price that is locked in for five years with no annual contract required.

其次，我們正在簡化定價結構，以便所有寬頻領域的消費者更清楚地了解我們的價格價值主張。就在上週，我們推出了第一個全國性的寬頻價格保證，其中包括 Xfinity 一流的網關和無限流量，只需支付一個簡單的月費，即可鎖定五年，無需簽訂年度合約。

Customers who sign up for this plan also have the option to add a free mobile line for one year. And we are not done, providing more value to our customers with less complexity and friction is a top priority, and you will see our go-to-market approach continue to evolve over the coming months.

簽署此計劃的客戶還可以選擇添加一年的免費行動線路。我們還沒有完成，以更少的複雜性和摩擦為客戶提供更多的價值是我們的首要任務，您將看到我們的行銷方法在未來幾個月繼續發展。

Third, we are driving growth in Xfinity Mobile. The benefits are clear as we see an 80% improvement in customer lifetime value when we add wireless service to our broadband-only customer relationships. We started prioritizing mobile attachment towards the end of the first quarter, offering one unlimited line free for 12 months for all new and existing broadband customers who take our traditional and premium level products.

第三，我們正在推動 Xfinity Mobile 的成長。當我們在僅寬頻的客戶關係中添加無線服務時，我們看到客戶終身價值提高了 80%，其好處是顯而易見的。我們在第一季末開始優先考慮行動配件，為所有使用我們傳統和高級產品的新老寬頻客戶提供 12 個月的免費無限線路。

This resulted in the best quarter of new wireless net editions in two years, bringing our total wireless lines to 8.1 million. And last week we introduced our first-ever Premium Unlimited wireless plan delivering gigabit speeds with 4K ultra high-definition streaming, more WiFi hotspot data, advanced spam call protection, and a guaranteed device upgrade.

這導致新無線網路版本數量達到兩年來最好的季度，使我們的無線線路總數達到 810 萬條。上週，我們推出了首個 Premium Unlimited 無線計劃，該計劃可提供千兆速度、4K 超高清串流媒體、更多 WiFi 熱點數據、高級垃圾電話保護以及保證的設備升級。

And with mobile penetration at only 13% of our residential broadband customer base, we have plenty of runway ahead to leverage wireless as a key component of our connectivity bundle with our industry-leading broadband product.

由於行動普及率僅占我們住宅寬頻客戶群的 13%，我們擁有充足的空間來利用無線作為我們行業領先的寬頻產品連接包的關鍵組成部分。

And while we are glad to be underway with a refreshed approach to the market, we anticipate that it will take several quarters for a new approach to gain traction and impact the business in a meaningful way.

雖然我們很高興能夠以全新的方式進入市場，但我們預計新方法需要幾季才能獲得吸引力並對業務產生有意義的影響。

My second topic is Business Services, which has tremendous momentum and now accounts for almost 25% of the revenues of our entire connectivity business. We built Business Services, which is now approaching a $10 billion dollar revenue generator from the ground up and have consistently outperformed peers with mid-single digit revenue and EBITDA growth and with margins in the high 50% range.

我的第二個主題是商業服務，它發展勢頭強勁，目前占我們整個連接業務收入的近 25%。我們建立了商業服務部門，該部門目前已從零開始實現接近 100 億美元的收入，並且一直以中等個位數的收入和 EBITDA 成長率以及 50% 以上的利潤率領先於同業。

Within the small and medium sized business segment, we are the market leader and have done a phenomenal job at deepening customer relationships. We've consistently grown ARPU in the mid-single digits for the last few years, with over half our small business relationships purchasing more than two products.

在中小型企業領域，我們是市場領導者，在深化客戶關係方面做得非常出色。在過去幾年裡，我們的 ARPU 一直以中等個位數成長，超過一半的小型企業客戶購買了兩種以上的產品。

We remain excited about the opportunity to continue advanced product sell-in, including our cybersecurity services and Comcast Business mobile.

我們仍然對繼續銷售先進產品的機會感到興奮，包括我們的網路安全服務和康卡斯特商業行動。

Within the Enterprise Solutions segment, we are capitalizing on the significant opportunity to increase our market share and grow customer relationships. We've consistently grown sales and revenue in this segment in the high single digits. Today our largest enterprise customers purchase over seven products from us.

在企業解決方案領域，我們正在利用重大機會來增加我們的市場份額並發展客戶關係。我們該領域的銷售額和收入一直保持高個位數成長。如今，我們最大的企業客戶從我們這裡購買了七種以上的產品。

Connectivity is always going to be the core driver of our business. However, three years ago, for every $1 of connectivity we sold in the enterprise segment, we sold $0.20 of advanced solutions. Today, for every $1 of connectivity services, we sell approximately $0.50 of advanced services, further solidifying our right to win in the market and providing more value to customers.

連結永遠是我們業務的核心驅動力。然而，三年前，我們在企業領域每銷售 1 美元的連接產品，就會銷售 0.20 美元的先進解決方案。如今，我們每銷售1美元的連接服務，就能銷售約0.50美元的高級服務，這進一步鞏固了我們在市場上的獲勝優勢，並為客戶提供了更多價值。

We've done this through a mix of organic investment and M&A. The Masergy deal advanced our secure networking and global capabilities, and a Nitel acquisition, which closed on April 1, builds upon this playbook providing enhanced network aggregation capabilities, increases our channel presence, and provides more robust enterprise solutions.

我們透過有機投資和併購相結合的方式實現了這一目標。Masergy 交易提升了我們的安全網路和全球能力，而 4 月 1 日完成的 Nitel 收購則在此基礎上提供了增強的網路聚合能力、擴大了我們的通路影響力並提供了更強大的企業解決方案。

My third and final topic is Theme Parks, which have been on an incredible growth trajectory, having generated $3 billion of EBITDA in 2024, up from around $1 billion 10 years ago as a result of significant investment in the business, along with the excellent execution by the team leading Universal Destinations & Experiences.

我的第三個也是最後一個主題是主題樂園，它一直處於令人難以置信的成長軌跡，由於對該業務的大量投資，以及環球目的地與體驗團隊的出色執行，2024 年的息稅折舊攤銷前利潤 (EBITDA) 已從 10 年前的 10 億美元左右增長至 30 億美元。

And now we are just four weeks away from the May 22nd grand opening of Epic Universe, our most ambitious and technologically advanced theme park to date with iconic IP from Harry Potter, DreamWorks' How to Train Your Dragon, Horror with Dark Universe, and Super Nintendo World.

現在距離 5 月 22 日 Epic Universe 盛大開幕僅剩四周時間，這是我們迄今為止最雄心勃勃、技術最先進的主題公園，擁有哈利波特、夢工廠的《馴龍記》、黑暗宇宙的恐怖和超級任天堂世界等標誌性 IP。

Epic Universe doubles the size of our park footprint in Orlando, transforming our collection of resorts into a weeklong vacation destination.

Epic Universe 將我們在奧蘭多的園區擴大了一倍，將我們的度假村系列改造成為為期一週的度假勝地。

We have seen strong demand since launching Epic ticket sales in the fourth quarter of 2024, and the most recent reaction to early previews has been nothing short of phenomenal, with thousands of media stories, social posts, and fan reviews characterizing Epic as having groundbreaking creativity and taking immersive entertainment to a whole new level.

自 2024 年第四季啟動 Epic 門票銷售以來，我們看到了強勁的需求，而最近對早期預覽的反響更是驚人，成千上萬的媒體報道、社交帖子和粉絲評論都認為 Epic 具有突破性的創造力，並將沉浸式娛樂提升到一個全新的水平。

Beyond Epic, we're continuing to grow our parks business across the United States, starting with Universal Horror Unleashed, our first permanent year-round horror entertainment experience opening in Las Vegas this August, and in 2026, we will debut our first ever Universal Kids Resort in Frisco, Texas.

除了 Epic 之外，我們還將繼續在美國拓展主題公園業務，首先是今年 8 月在拉斯維加斯開業的首個永久性全年恐怖娛樂體驗“環球恐怖釋放”，2026 年，我們將在德克薩斯州弗里斯科開設首個環球兒童度假村。

And earlier this month, we announced plans to build our first-ever Universal theme park and resort in Europe, with construction starting in 2026 and grand openings scheduled for 2031. This park and resort will be located in Bedford, England, right outside London.

本月初，我們宣布了在歐洲建造首個環球主題公園和度假村的計劃，該工程將於 2026 年開始，預計於 2031 年盛大開幕。公園和度假村將位於英國貝德福德，就在倫敦郊區。

The United Kingdom is an incredibly attractive market with its large population, a strong tourism industry, favorable transportation infrastructure, and close proximity to the rest of Europe, especially considering the announced expansion plans at nearby Luton Airport.

英國是一個極具吸引力的市場，它人口眾多，旅遊業強勁，交通基礎設施便利，而且與歐洲其他國家距離較近，尤其是考慮到附近盧頓機場已宣布的擴建計劃。

All these factors make this location an ideal one for Universal theme park and resort expansion into the European market.

所有這些因素使得該地點成為環球主題公園和度假村進軍歐洲市場的理想地點。

So those are some of my thoughts to frame today's call, and I will now turn the call over to Jason to provide a detailed overview of our first-quarter results.

這些就是我在今天的電話會議上提出的一些想法，現在我將把電話交給傑森，讓他詳細概述我們的第一季業績。

Thanks, Mike, and good morning, everyone. Let me start with a high-level overview of our consolidated results before getting into more detail on our businesses. Consolidated revenue was in line with last year's first quarter. We've been clear and consistent that we're investing behind six major growth drivers, and these six grew to mid-single-digit rate and represented close to 60% of our total revenue in the quarter. EBITDA grew 2% this quarter.

謝謝，麥克，大家早安。在詳細介紹我們的業務之前，讓我先對我們的綜合業績進行概述。合併收入與去年第一季持平。我們一直明確且一致地表示，我們正在投資六大成長動力，這六大成長動力的成長率達到中等個位數，佔本季總收入的近 60%。本季 EBITDA 成長 2%。

Adjusted EPS grew 5% to $1.09. And we generated $5.4 billion of free cash flow and grew free cash flow per share by 26%, while returning $3.2 billion to shareholders, including $2 billion in share repurchases.

調整後每股收益成長5%，達到1.09美元。我們創造了54億美元的自由現金流，每股自由現金流成長了26%，同時向股東返還了32億美元，其中包括20億美元的股票回購。

Now turning to our businesses and starting with Connectivity & Platforms. I'd like to start with broadband, where the competitive environment remains intense. While we continue to see muted connect activity, we also saw a slight uptick in churn off of record low levels. This contributed to the loss of 199,000 customers in the quarter, while broadband ARPU grew 3.3% leading to growth in broadband revenue of 1.7%.

現在轉向我們的業務並從連接和平台開始。我想先從寬頻開始，該領域的競爭環境依然十分激烈。雖然我們繼續看到連接活動低迷，但我們也看到流失率從歷史最低水平略有上升。這導致本季流失了 199,000 名客戶，而寬頻 ARPU 成長了 3.3%，帶動寬頻收入成長了 1.7%。

As Mike mentioned, we feel great about our network position. Simply put, we compete really well against any technology out there. We feel equally great about our position in the home, where our WiFi coverage and control is second to none.

正如麥克所提到的，我們對我們的網路地位感到非常滿意。簡而言之，我們能夠與任何現有的技術進行良好的競爭。我們對自己在家中的位置感覺同樣很好，我們的 WiFi 覆蓋範圍和控制是首屈一指的。

And we're addressing current customer pain points and investing in go-to-market with a focus on pricing transparency and simplicity, a unified national approach and more products translating into more value for our customers. This will require investment in the form of already launched long-term all-inclusive price guarantees and other actions we will take in the coming months.

我們正在解決當前客戶的痛點，並投資於行銷，重點關注定價透明度和簡單性、統一的全國方法以及更多產品，為我們的客戶帶來更多價值。這將需要以已經推出的長期全包價格保證的形式進行投資，以及我們將在未來幾個月採取的其他行動。

Over time, this will help us mitigate customer churn from promotional roll-offs and better insulate our customer base.

隨著時間的推移，這將幫助我們減輕促銷活動造成的客戶流失，並更好地保護我們的客戶群。

On convergence, we said we would lean into wireless, and the repositioning of our offers during the first quarter were evident in our results. We accelerated wireless net line additions to 323,000 in the quarter, both an improvement year-over-year and sequentially, bringing our total wireless lines to 8.1 million. And with penetration at just 13% of our residential broadband customer base, we have significant runway for growth and expect continued momentum in subscriber growth in the coming quarters.

在融合方面，我們表示將傾向於無線，並且我們在第一季對產品的重新定位已在我們的業績中得到明顯體現。本季度，我們加快了無線網路線路的增加速度，至 323,000 條，年比和環比都有所改善，使我們的無線線路總數達到 810 萬條。由於我們的住宅寬頻客戶群的普及率僅為 13%，我們擁有龐大的成長空間，並預計未來幾季用戶成長動能將持續維持。

Wireless plays a growing role in deepening customer relationships and reducing churn. And the structure of our wireless business with a strong MVNO partnership, industry-leading offloading onto WiFi, and an advantage in customer acquisition as we target our existing base, provides us solid profitability in wireless and the option to reinvest some of this profit as we lean in and accelerate the growth of our wireless customer base even more.

無線技術在深化客戶關係和減少客戶流失方面發揮越來越重要的作用。我們的無線業務結構包括強大的 MVNO 合作夥伴關係、業界領先的 WiFi 卸載以及針對現有客戶群的客戶獲取優勢，這為我們在無線領域提供了穩固的盈利能力，並讓我們能夠選擇將部分利潤進行再投資，以進一步加速無線客戶群的增長。

At Business Services, both revenue and EBITDA grew roughly 4%. We have a leadership position amongst our peers when it comes to growth in this segment. And our strong performance this quarter was again driven by the framework that we've been operating in for some time. While we're experiencing an elevated level of competition in SMB, we continue to generate healthy revenue growth by driving higher adoption of our suite of advanced services, which deepens the relationship with our large base of customers.

在商業服務方面，營收和 EBITDA 均成長了約 4%。就該領域的成長而言，我們在同行中處於領先地位。我們本季的強勁表現再次受到我們一段時間以來一直在運作的框架的推動。雖然我們在中小企業領域面臨著越來越激烈的競爭，但我們透過推動更廣泛地採用我們的先進服務套件來繼續實現健康的收入成長，這加深了我們與廣大客戶群的關係。

Our Enterprise segment is an even stronger contributor to growth, and one in which we are just scratching the surface. Earlier this month, we closed on our acquisition of Nitel. This is a great tuck-in acquisition that strengthens our ability to deliver advanced, reliable connectivity solutions enhancing Comcast Business' competitiveness in the managed services space.

我們的企業部門對成長的貢獻更大，而我們在該領域才剛剛起步。本月初，我們完成了對 Nitel 的收購。這是一次出色的補充收購，增強了我們提供先進、可靠的連接解決方案的能力，並提高了康卡斯特商業在託管服務領域的競爭力。

Nitel's network aggregation capabilities and network-as-a-service offerings, broaden our ability to service our customers and their indirect channel distribution strategy magnifies our mid-market and enterprise presence. Our results in the second quarter will include Nitel, which we expect will add a few hundred basis points of revenue growth to business services with a minimal impact on EBITDA growth in the near term.

Nitel 的網路聚合功能和網路即服務產品拓寬了我們為客戶提供服務的能力，其間接通路分銷策略擴大了我們在中端市場和企業中的影響力。我們第二季的業績將包括 Nitel，我們預計它將為商業服務帶來數百個基點的營收成長，而對短期內 EBITDA 成長的影響卻微乎其微。

Putting all this together, overall Connectivity & Platforms revenue in the quarter remained consistent with the prior year as 4% growth in our connectivity businesses, including residential broadband and wireless together with Business Services was offset by revenue declines in video, advertising, and other. EBITDA grew 1.5% in the quarter, while margins expanded by 80 basis points, reflecting the growth and continued benefit from our mix shift to our connectivity businesses as well as our ongoing focus on operating efficiency.

綜合上述因素，本季整體連接和平台收入與上年持平，因為我們的連接業務（包括住宅寬頻和無線以及商業服務）增長了 4%，但被視訊、廣告和其他業務的收入下降所抵消。本季 EBITDA 成長了 1.5%，利潤率擴大了 80 個基點，反映了我們向連接業務組合轉變以及我們對營運效率的持續關注所帶來的成長和持續收益。

In Content & Experiences, there are several key items I would like to highlight. At parks, we're really looking forward to Epic Universe. All of the earlier reviews have been spectacular, and we're incredibly excited for the transformation Epic will bring to visitors in the Orlando market. As we gear up for the May 22 opening, we incurred incremental costs which landed at about $100 million in the first quarter. This is in line with what we had previously communicated.

在內容和體驗方面，我想強調幾個關鍵項目。在公園裡，我們真的很期待 Epic Universe。所有先前的評論都是非常精彩的，我們對 Epic 將為奧蘭多市場的遊客帶來的改變感到無比興奮。在我們為 5 月 22 日的開業做準備時，我們產生了增量成本，第一季的成本約為 1 億美元。這與我們之前傳達的訊息一致。

Looking past these pre-opening costs, underlying results in the quarter indicated stable trends in Orlando, giving us confidence that we are entering the Epic launch from a position of strength.

撇開這些開業前的成本，本季的基本業績顯示奧蘭多的趨勢穩定，這讓我們有信心以強勁的勢頭推出 Epic 酒店。

In addition, performance at our International parks remained strong and within our expectations, but we are seeing softness in Hollywood due to the aftermath of the wildfires and our proximity to these areas, which impacted our results in the first quarter, and we expect the recovery at Universal Hollywood to be a gradual one.

此外，我們國際主題樂園的表現依然強勁，符合我們的預期，但由於野火的後果以及我們靠近這些地區，我們看到好萊塢的業績疲軟，這影響了我們第一季的業績，我們預計環球好萊塢的復甦將是漸進的。

Turning to Studios, results this quarter were driven by the strong carryover success of Wicked. After an impressive theatrical run, Wicked continued to deliver great results in premium window sales and became Peacock's most watched Pay-One movie. Looking ahead, we are excited to launch two of our three tentpole releases back-to-back in the coming months. First up is How to Train Your Dragon on June 13, followed by Jurassic World Rebirth on July 2.

談到電影工作室，本季的業績主要得益於《魔法壞女巫》的強勁成功。在令人印象深刻的影院上映之後，《魔法壞女巫》繼續在高級窗口銷售中取得優異成績，並成為 Peacock 觀看人數最多的付費電影。展望未來，我們很高興能在未來幾個月內連續推出三部重磅作品中的兩部。首先是 6 月 13 日上映的《馴龍高手》，然後是 7 月 2 日上映的《侏羅紀世界：重生》。

In Media, total advertising revenue was down 7%, mainly due to the volume and timing of sports content, along with tough political comparisons. Excluding this, advertising was relatively flat. While we have not yet seen any impacts from the current macroeconomic uncertainty, advertising is the category that has shown the most economic related cyclicality in our business historically.

在媒體領域，總廣告收入下降了 7%，主要原因是體育內容的數量和時間，以及艱難的政治比較。除此之外，廣告業務相對平穩。雖然我們尚未看到當前宏觀經濟不確定性的任何影響，但從歷史上看，廣告是我們業務中與經濟週期性最強的類別。

However, for the upfront and for the balance of the year, we feel well positioned in the market as we capitalize on the NBA launching in the fourth quarter, a healthy Peacock subscriber base, and a strong content offering across entertainment and news. Our overall media results this quarter were powered by the meaningful progress we are making in our pivot to streaming.

然而，就前期和今年餘下的時間而言，我們感覺在市場上佔據了有利地位，因為我們可以利用第四季度推出的 NBA、健康的 Peacock 用戶群以及娛樂和新聞領域強大的內容。本季我們整體媒體表現的動力來自於我們在串流媒體轉型方面取得的重大進展。

Peacock delivered double-digit revenue growth and a more than $400 million year-over-year improvement in EBITDA losses. In part, due to lower expenses compared to last year when we streamed the exclusive NFL wildcard game but also driven by the improved monetization of Peacock paid subscribers.

Peacock 實現了兩位數的營收成長，EBITDA 虧損年增超過 4 億美元。部分原因是因為與去年我們直播獨家 NFL 外卡賽相比費用有所降低，同時也得益於 Peacock 付費用戶的貨幣化提高。

We ended the quarter at 41 million paid subscribers with net additions in the quarter, driven by the entitlements from the Charter bundle we introduced at the end of the quarter. When we launched Peacock in 2020, we anticipated that bundling would become an important piece of the streaming ecosystem, so we pursued a content strategy that would appeal to a broad audience.

本季結束時，我們的付費用戶數量為 4,100 萬，本季淨增，這得益於我們在本季末推出的 Charter 套餐權益。當我們在 2020 年推出 Peacock 時，我們預計捆綁銷售將成為串流媒體生態系統的重要組成部分，因此我們推行了一種能夠吸引廣泛受眾的內容策略。

In addition to our Pay-One films coming from our Studios, over 80,000 hours of entertainment content, including originals and next-day air content from NBC Broadcast and Bravo, a critical piece of that strategy is our focus on sports. Today, we offer more premium sports than any other streaming service, including the NFL, the Olympics, Premier League, Kentucky Derby, Big Ten, and then starting this fall, we look forward to adding the NBA.

除了來自我們工作室的 Pay-One 電影、超過 80,000 小時的娛樂內容（包括來自 NBC 廣播公司和 Bravo 的原創內容和隔天播出內容）之外，該策略的關鍵部分是我們對體育的關注。如今，我們提供的優質體育賽事比任何其他串流媒體服務都要多，包括 NFL、奧運會、英超聯賽、肯塔基賽馬會、十大聯盟，並且從今年秋季開始，我們期待增加 NBA。

Summing it all up, our capital allocation priorities are centered on reinvesting around growth in six key categories and consistently returning significant capital to shareholders, including $13.1 billion returned over the past 12 months. And we're in an incredibly strong position to successfully execute on tough decisions we're making in the face of elevated competition in certain areas.

總而言之，我們的資本配置重點是圍繞六個關鍵類別的成長進行再投資，並持續向股東返還大量資本，包括過去 12 個月返還的 131 億美元。面對某些領域日益激烈的競爭，我們擁有極為強大的實力，能夠成功執行我們所做的艱難決策。

We've been clear on the benefits of a strong balance sheet, cash flow and diversification, allowing us to invest consistently through various credit cycles, the pandemic, and importantly, macroeconomic cycles, where we are broadly insulated and positioned to play offense.

我們清楚地認識到強勁的資產負債表、現金流和多元化的優勢，這使我們能夠在各種信貸週期、疫情以及重要的宏觀經濟週期中持續投資，在這些週期中，我們基本上處於隔離狀態並處於進攻地位。

Our results in the first quarter underscore the success and the consistency of our strategy. We generated $5.4 billion in free cash flow while investing $2.9 billion in capital back into our businesses. At the same time, we maintained a healthy balance sheet, ending the quarter with net leverage at 2.3 times, while returning $3.2 billion to shareholders, including $2 billion in share repurchases.

我們第一季的業績凸顯了我們策略的成功和一致性。我們產生了 54 億美元的自由現金流，同時將 29 億美元的資本重新投資於我們的業務。同時，我們保持了健康的資產負債表，本季末淨槓桿率為 2.3 倍，同時向股東返還 32 億美元，其中包括 20 億美元的股票回購。

Marci, now over to you for Q&A.

Marci，現在輪到你進行問答了。

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

謝謝，傑森。接線員，請讓我們開始問答環節。

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

謝謝。我們現在開始問答環節。（操作員指示）

Craig Moffett, MoffettNathanson.

克雷格·莫菲特（Craig Moffett），MoffettNathanson。

Two questions, if I could. First, maybe thinking about the theme parks business a little bit. Mike, maybe -- could you just dig in a little bit more to what you're seeing now? We've seen some very significant drops in international travel to the United States, for example, and some anti-American sentiment even affecting travel patterns. I'm wondering if you can just share what you're seeing with respect to the theme parks and how you think that might impact the 2025 results even with Epic?

如果可以的話，我有兩個問題。首先，也許可以稍微考慮一下主題樂園業務。麥克，也許——你能否更深入地了解一下你現在看到的情況？例如，我們看到前往美國的國際旅遊數量大幅下降，一些反美情緒甚至影響了旅遊模式。我想知道您是否可以分享您對主題樂園的看法，以及您認為這可能會對 2025 年的結果產生什麼影響，即使是對 Epic 來說也是如此？

And then for the broadband and wireless bundles that you're offering today, it's a question that everybody has been focused on, on the wireless side. You guys are subsidizing handsets. If the price of handsets rises significantly with tariffs, would it be -- your anticipation that you would increase your subsidies accordingly? Or would you expect to pass those higher costs on to customers?

對於您今天提供的寬頻和無線套餐，這是無線方面每個人都關注的問題。你們正在為手機提供補貼。如果手機價格隨著關稅大幅上漲，您是否預期會隨之增加補貼？或者您希望將這些更高的成本轉嫁給客戶？

Hey, Craig, so it's Mike. I'll start on parks and then hand it over to Dave. So on theme parks, our first quarter results continued to be stable in Florida. We had preopening expenses for Epic Universe. But excluding that underlying trend stable in Orlando, and what we're seeing for advanced bookings, both ticket sales and hotel bookings are strong for the overall parks and for Epic.

嘿，克雷格，我是麥克。我將從公園開始，然後將其交給戴夫。因此，就主題樂園而言，我們在佛羅裡達州的第一季業績持續保持穩定。我們為 Epic Universe 支付了開業前的費用。但除了奧蘭多穩定的潛在趨勢以及我們所看到的提前預訂情況外，整個公園和 Epic 的門票銷售和酒店預訂都很強勁。

So while I see the same headlines you're sort of seeing about airlines and the like, some of that might be outside the window of our booking windows. But what we're seeing continues to be tracking well. And to your point, some of that is definitely related to the excitement about Epic without a doubt, which -- where reviews and preopening buzz is very strong. And again, ticket sales and advanced plans are a little ahead of our expectations. And so we feel right now, what we see is continued steadiness in the backdrop for parks.

因此，雖然我看到的有關航空公司等的標題與您看到的相同，但其中一些可能不在我們的預訂窗口範圍內。但我們觀察到的情況持續良好發展。正如您所說，這其中肯定與人們對 Epic 的興奮有關，Epic 的評論和開業前的宣傳非常熱烈。再次，門票銷售和提前計劃略超出了我們的預期。所以我們現在感覺到，我們看到的是公園背景的持續穩定性。

I think one thing that you have to -- our domestic parks do draw a lot of folks from the US and a lot of folks from markets in the South, in the case of Florida that are not necessarily hopping on planes to get there. So there may be a delayed effect between what the airlines are starting to report on and what we see. But like I said, no real sign of that in our business as we sit here now.

我認為有一件事你必須知道——我們的國內公園確實吸引了大量來自美國的遊客，以及大量來自南方市場的遊客，就佛羅裡達州而言，他們不一定要乘飛機來這裡。因此，航空公司開始報告的情況和我們看到的情況之間可能存在延遲效應。但就像我說的，就目前而言，我們的業務中還沒有出現這樣的真正跡象。

And then in L.A., it's all related to getting L.A. back to having the tourism industry broadly recovered after the wildfires. And I think the whole market is continuing to see, people staying away a little bit more than I think the leadership in L.A. broadly or us as a park owner in that market would like it to be. But -- so that's domestic parks. And international trends for Japan and Beijing stable as well.

在洛杉磯，這一切都與讓洛杉磯的旅遊業在山火之後全面恢復有關。我認為整個市場仍在繼續，人們的遠離程度比洛杉磯領導層或我們作為該市場公園所有者所希望的要高一些。但是——那是國內公園。日本和北京的國際趨勢也穩定。

Hey, Craig. Dave. So in wireless and how it's positioned within packaging bundling, let me start with -- we are a challenger. It's good to be a challenger in any environment, including this one, in particular, as I think customers are looking for savings.

嘿，克雷格。戴夫。因此，在無線領域以及它在捆綁銷售中的定位方面，首先我要說的是——我們是一個挑戰者。在任何環境下，成為挑戰者都是一件好事，尤其是在這種環境下，因為我認為客戶正在尋求節省。

And we have a -- I think we're in a great position and a really important part of our convergence and packaging approach, wireless is a huge piece of it. And we just -- our new offers at the end of Q1, part of that are having one unlimited line free for 12 months in all new and existing broadband customers and taking traditional premium level products.

我認為我們處於非常有利的地位，無線是我們的融合和包裝方法中非常重要的一部分。我們在第一季末推出了新的優惠，其中包括為所有新舊寬頻客戶提供 12 個月的免費無限線路，並提供傳統的高級產品。

So it's resulted in a great quarter to start with. We're rolling here, and we expect continued acceleration in coming quarters with it. So we're leveraging WiFi. It's a different experience, with PowerBoost and many other things that Mike and Jason talked about. So, when it comes to the overall marketplace, the other good part of wireless is source of business in that we're upgrading the overall base of customers broadband into wireless.

因此，這是一個非常好的季度開局。我們正處於這一階段，預計未來幾季將繼續加速發展。因此我們利用 WiFi。這是一種不同的體驗，具有 PowerBoost 以及 Mike 和 Jason 談到的許多其他事情。因此，就整個市場而言，無線的另一個好處是業務來源，因為我們正在將整個客戶群從寬頻升級為無線。

The wireless base itself, they're upgrading. And we're a great choice for bring your own device. And so that is an option for us. And all throughout this, we want to be where the customer is, and that's where we're constantly focused on that. So when it comes to macroeconomic and other issues, we have figured it out, whether it's competitive intensity, we think we'll manage through it, and we have good offers on devices.

他們正在升級無線基地臺本身。如果您攜帶自己的設備，我們是您的最佳選擇。所以這對我們來說是一個選擇。在整個過程中，我們希望與客戶同在，這也是我們始終關注的重點。因此，當談到宏觀經濟和其他問題時，我們已經弄清楚了，無論是競爭強度，我們都認為我們會解決它，並且我們在設備上有很好的報價。

We'll see how things go, but our core service offerings provide substantial value, and that is our focus, and we'll continue to be that.

我們將觀察事情的進展，但我們的核心服務產品提供了巨大的價值，這是我們的重點，我們將繼續這樣做。

Jonathan Chaplin, New Street Research.

喬納森·卓別林（Jonathan Chaplin），新街研究公司（New Street Research）。

Just one question for me. I'd love to get a sense in your project Genesis markets to what extent you're seeing benefits in terms of stronger gross adds from the ability to offer faster speeds, lower churn, better ARPU, improved OpEx, et cetera?

我只有一個問題。我很想了解一下，在您的 Genesis 市場專案中，透過提供更快的速度、更低的客戶流失率、更好的 ARPU、改進的 OpEx 等，您在多大程度上看到了更強勁的總增加量方面的益處？

Well, it's an important part of our upgrade initiative, and it's helped us. I think a core piece of our strategy is constant innovation and upgrades to existing services. And so it has resulted in upstream speeds, downstream speed increases.

嗯，這是我們升級計劃的重要組成部分，它對我們有幫助。我認為我們策略的核心部分是不斷創新和升級現有服務。因此就導致了上行速度、下行速度的增加。

And so that has been an important part of our positioning for near term and long term. It's still -- as we have a substantial part of our market that has already reached this point, our main focus as I zoom out just a bit more in terms of broadband is really addressing the key pain points that both Mike and Jason talked about, that's where the focus is.

因此，這是我們近期和長期定位的重要組成部分。由於我們的市場中很大一部分已經達到了這一點，因此，當我從寬頻角度進一步縮小範圍時，我們的主要關注點實際上是解決 Mike 和 Jason 談到的關鍵痛點，這就是重點所在。

The good news is, as you look at things in our network, Genesis being a big part of it, positions us quite well. But broadband customers with us more broadly across the industry are just doing more. And that's why we continue to invest in the services for the long term. Bandwidth consumption continues to be robust.

好消息是，當你查看我們的網路時，Genesis 是其中的重要組成部分，這為我們提供了良好的定位。但整個產業中與我們合作的寬頻客戶做得更多。這就是我們繼續長期投資於服務的原因。頻寬消耗持續強勁。

It was up 10% per subscriber last quarter. More devices are being connected per household and every secular trend in that respect is positive. So that's a great starting point. And however, the thing that we've seen and what we're trying to address, we believe there's been just a durable change in the competitive intensity, already intense but continues to be so.

上個季度，每位用戶的成長率為 10%。每個家庭連接的設備越來越多，這方面的長期趨勢都是正面的。這是一個很好的起點。然而，就我們所看到的情況以及我們試圖解決的問題而言，我們相信競爭強度已經發生了持久的變化，這種變化已經很激烈，但還會繼續下去。

We're really well positioned with our network, Genesis, a piece of it and our products, but the pain points and pricing transparency and the simplicity and ease of doing business with us, and that's what we're responding to and maybe one of the main points is with the price lock, equipment inclusions, all-in pricing around that, free mobile lines and some other things that we have coming.

我們的網路、Genesis 以及我們的產品確實處於非常有利的地位，但痛點和定價透明度以及與我們開展業務的簡單性和便利性正是我們所回應的，也許其中一個主要點是價格鎖定、設備包含、圍繞這些的全包定價、免費移動線路以及我們即將推出的一些其他東西。

So that's our focus around and the reason why we're optimistic about where network consumption is going. But nothing specific at this moment in terms of any of the churn benefits related to just Genesis. I think the pain points over time that we're addressing with the new go-to-market approach will be where the benefits will come from.

這就是我們的關注點，也是我們對網路消費未來走向樂觀態度的原因。但目前還沒有任何與 Genesis 相關的客戶流失效益的具體資訊。我認為，隨著時間的推移，我們採用新的行銷方法所解決的痛點將會帶來效益。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just have two as well. First on broadband ARPU, it's encouraging to see the 3.3% growth in the quarter. I was just wondering if you could talk about some of the drivers there? And then longer term, as you talk about these go-to-market changes, the five-year price lock, could you just talk about your outlook for what -- for the 3% to 4% longer-term domestic broadband ARPU growth? Like what's your commitment level there? And how will some of the new pricing and packaging change this, if at all?

我也只有兩個。首先就寬頻 ARPU 而言，本季 3.3% 的成長率令人鼓舞。我只是想知道您是否可以談論那裡的一些驅動程式？那麼從長遠來看，當您談到這些市場進入變化、五年價格鎖定時，您能否談談您對長期國內寬頻 ARPU 成長 3% 至 4% 的展望？你在那裡的承諾程度如何？那麼，新的定價和包裝將如何改變這種狀況？

Hey, Michael. This is Dave. So as I mentioned before, what we're trying to do really focus on the pain points in this market. And with the five-year price lock, mobile inclusion and simplicity of packaging multiple products together, we can execute this tactically, surgically. Do not view it as a broad repricing of our base.

嘿，麥可。這是戴夫。正如我之前提到的，我們真正想要做的就是關注這個市場的痛點。透過五年價格鎖定、行動包容性和將多種產品打包在一起的簡單性，我們可以策略性地、精確地執行這一目標。不要將其視為對我們基礎的廣泛重新定價。

We think we can still drive healthy broadband ARPU growth, but these initiatives will require some investment, which in turn will impact our ability to grow EBITDA in the near future, but we view the impact as very manageable. Most important to us is what sits on the other side and how quickly we can get there. And that is a customer base with less pricing friction, even more stickiness, and a huge lever in wireless with our mobile product exposed to a much larger segment of our base and the ability to migrate this space into a still below market rate that has a lot of upside potential.

我們認為我們仍然可以推動寬頻 ARPU 的健康成長，但這些舉措將需要一些投資，這反過來會影響我們在不久的將來增加 EBITDA 的能力，但我們認為這種影響是非常可控的。對我們來說最重要的是彼岸是什麼，以及我們能多快到達那裡。這是一個定價摩擦更少、黏性更強的客戶群，並且在無線領域擁有巨大的槓桿作用，我們的行動產品可以接觸到我們客戶群中更大的一部分，並且能夠將這個領域遷移到仍然低於市場價格的水平，這具有很大的上行潛力。

So we're using this as a moment to get away from a model that at least partially relied on deep discounting upfront, but then increasingly results in untenable increases after promotional periods. And we'll have customers that have long-term certainty on pricing over time that is competitive with market rates, which means they're more satisfied, churn at a lower rate, and carry much higher customer lifetime value.

因此，我們利用這個機會擺脫這種模式，這種模式至少部分依賴前期大幅折扣，但在促銷期過後卻導致難以維持的價格上漲。我們將擁有對價格具有長期確定性的、與市場價格具有競爭力的客戶，這意味著他們更加滿意，流失率更低，並且客戶終身價值更高。

And with this, we'll have plenty of room to grow with our customers as they do more on our broadband network and engage more with us in wireless and other offerings. As a company, we've navigated plenty of changes before. This is the right change for our business in this moment and going forward, and it's a change we can navigate in a very prudent way.

這樣，隨著客戶在我們的寬頻網路上做更多的事情，並在無線和其他產品方面與我們進行更多互動，我們將擁有足夠的空間與客戶共同成長。作為一家公司，我們之前已經經歷過很多變化。這對我們目前和未來的業務來說是正確的改變，而且我們可以以非常謹慎的方式應對這項改變。

Michael Rollins, Citi Bank.

花旗銀行的麥可‧羅林斯。

Two questions as well for me. So first on broadband. Just curious if you could discuss how much of the recent losses may be a function of slower industry growth given the maturation of the category relative to changes in market share? And if you're seeing differences in performance where you're in markets that have had fiber for some time versus those markets where fiber is just getting introduced?

我也有兩個問題。首先是寬頻。我只是好奇，您是否可以討論一下，考慮到該類別相對於市場份額變化的成熟度，最近的損失有多少可能是由於行業增長放緩造成的？您是否發現，已經使用光纖一段時間的市場與剛引入光纖的市場在性能上有差異？

And then second, on the mobile side, for the mobile gross adds, just curious if you're seeing a mix shift in terms of the percent that come from existing broadband customers versus new broadband customers and how you expect the new promotions to influence that? Thanks.

其次，在行動方面，對於行動總增加量，我很好奇您是否看到來自現有寬頻客戶與新寬頻客戶的百分比發生了變化，以及您預計新的促銷活動會對此產生什麼影響？謝謝。

Hey, Michael. So let me start with broadband, I'll get to mobile. The competitive environment remains intense, as we've talked about. It's -- you got three national providers, fixed wireless. Their net adds have stabilized looks like in general, but they're still marketing very aggressively. And as you mentioned, fiber continues to overbuild.

嘿，麥可。讓我先從寬頻開始，然後再講移動。正如我們所討論的，競爭環境依然激烈。它是——您有三個國家供應商，固定無線。他們的淨增值看起來總體上已經穩定下來，但他們仍在非常積極地進行行銷。正如您所提到的，光纖持續過剩。

So we're dealing with that overbuild. Overall, we continue to see the impact of this muted connect activity. As Jason noted, did see a slight uptick in churn this quarter compared to the record low levels over the last few years, with churn still below pre-pandemic levels.

所以我們正在處理過度建設的問題。總體而言，我們繼續看到這種沉默連結活動的影響。正如傑森所指出的，與過去幾年的歷史最低水準相比，本季的客戶流失率確實略有上升，但仍低於疫情前的水平。

The churn increase was relatively broad-based, though, as we saw it across our footprint and in all segments of product mixes, but with a little more in mobile substitution impact this quarter. So -- as that thus resulting in our actions and the game plan that we have to address are competitiveness and simplifying our go-to-market approach and leveraging mobile even more aggressively than we've historically done.

然而，客戶流失率的成長相對廣泛，正如我們在整個業務範圍和所有產品組合領域所看到的那樣，但本季行動替代的影響略大一些。因此，我們必須採取行動並製定計劃，以解決競爭力問題，簡化我們的市場進入方式，並比以往更加積極地利用行動裝置。

We've had success, some success with buy one, get one. This new mobile offering and including in a package and as simple the way that we have, I think, is just going to add a lot of value and provide long-term opportunities in a healthy, healthy way in terms of roll-offs of mobile after that first year. So competitive issues are across the board.

我們透過買一送一的策略取得了一些成功。我認為，這種新的行動產品和包含在套餐中的簡單方式將在第一年之後的行動業務推廣方面增加很多價值，並以健康的方式提供長期機會。因此競爭問題是普遍存在的。

In mobile, it's -- we've seen, in terms of the mix, a healthy customer base upgrade mix where we have a large upside, percent of our customers, broadband customers that don't have our mobile product yet, we see that as a huge opportunity over time. That has been our focus of upgrade, but we're also competing fiercely for new customers, and we're well positioned with bring your own device.

在行動領域，就組合而言，我們已經看到了健康的客戶群升級組合，我們有很大的優勢，我們的客戶中有百分之幾，寬頻客戶還沒有我們的行動產品，我們認為這是一個巨大的機會。這一直是我們升級的重點，但我們也在激烈地爭奪新客戶，我們在自備設備方面處於有利地位。

And these new packages are, I think, very -- going to be very appealing certainly with the one year included and not asking the customer, it's included as part of the package. So the other thing, too, just to make sure everyone reminding people, we just announced this that we've rolled out a new set of premium plans in mobile.

我認為這些新套餐非常有吸引力，因為其中包含一年的服務，而且不要求客戶支付，它已包含在套餐中。另外，為了確保每個人都能提醒大家，我們剛剛宣布，我們已經在行動領域推出了一套新的高級計畫。

We're interested in every segment, and we'll compete for customers and broadband, mobile packaging, but the new premium mobile offerings, we think, will help us compete a little bit more effectively in the premium higher end as well. So really good news on that, really encouraged. It's only been a week or so since we've done it.

我們對每個領域都感興趣，我們將爭奪客戶、寬頻和行動套餐，但我們認為，新的優質行動產品也將幫助我們在高端市場更有效地競爭。這確實是個好消息，令人鼓舞。我們做這件事才一週左右的時間。

But that would be, I think, a good option for our base. It would be a good option for existing mobile customers and will help us compete for new prospects.

但我認為這對我們的基地來說是一個不錯的選擇。對於現有的行動客戶來說，這是一個不錯的選擇，並將幫助我們爭奪新的客戶。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Curious if you guys have any update for us on how to think about Peacock losses over the rest of this year. Obviously, Q1 big improvement year-over-year. Some of that might be timing, but it would be helpful if you could give us a little bit of an outlook for that business over the rest of 2025. And then kind of sticking with the theme on the pivot in the cable business or connectivity business, Jason, you mentioned the word investment a couple of times.

好奇你們是否能告訴我們如何看待今年剩餘時間孔雀的損失。顯然，第一季同比有很大改善。其中一些可能是時間問題，但如果您能為我們提供 2025 年剩餘時間該業務的展望，將會很有幫助。然後繼續討論有線電視業務或連結業務的重點，傑森，你幾次提到了投資這個詞。

I think Dave, you did too in one of your answers. We've sort of been accustomed to watching Comcast execute with sort of a priority or focus on ARPU growth, margin expansion. And obviously, we've seen the subscriber numbers come in light over the last year or so.

我認為戴夫，你在你的一個回答中也這樣做了。我們已經習慣看到康卡斯特優先執行或關注 ARPU 成長、利潤率擴張。顯然，在過去一年左右的時間裡，我們已經看到用戶數量增加。

What would you tell us to think about at least over the next few quarters as you roll out these plans? It seems like you're already starting to see some wireless momentum and maybe there's some EBITDA pressure. But I just thought it could give you an opportunity to maybe give us a little more help on how the rest of the year looks as you sort of pivot the model in the business. Thanks a lot.

當您推出這些計劃時，您會告訴我們至少在接下來的幾季中要考慮什麼？看起來你已經開始看到一些無線發展勢頭，並且可能存在一些 EBITDA 壓力。但我只是認為它可以給你一個機會，也許在你調整業務模式時，為我們提供更多關於今年剩餘時間的安排的幫助。多謝。

Ben, it's Mike. So I'll hit Peacock. I think Jason covered a bunch of this, and you touched on it yourself, but I think looking at what Peacock is and what we've accomplished, continued strong revenue growth, so up 16% on revenues year-over-year. That's on the back of better monetization of subscribers. We took a price increase last year that stuck but obviously translates into impact on subscriber growth. We've obviously taken in the Charter subs.

本，我是麥克。所以我要打孔雀。我認為 Jason 已經涵蓋了很多這方面的內容，你自己也提到了這一點，但我認為看看 Peacock 是什麼以及我們所取得的成就，收入繼續保持強勁增長，因此收入同比增長 16%。這是由於訂戶的貨幣化程度提高所致。我們去年提高了價格，雖然這項措施一直有效，但顯然對用戶成長產生了影響。我們顯然已經接收了憲章潛艇。

So overall, we're scaling up the business, and we're monetizing it well. And then -- so that drove the $400 million of EBITDA growth together with the move of -- or the absence of the NFL wildcard game. So I think it shows the power of the team that's running Peacock and all of us have been focused on it, is to keep driving towards improved monetization and build a product that we started late, but we started in 2020 with a view that we'll pursue a content strategy that builds on the strengths of NBCUniversal broadly. So we've got 80,000 hours of entertainment, including our Pay-One movies, Next Day NBC, Peacock Originals, Bravo, and Library.

總體而言，我們正在擴大業務規模，並且能夠很好地將其貨幣化。然後 — — 因此，這推動了 4 億美元的 EBITDA 成長，同時也推動了 — — 或者說取消了 NFL 外卡賽。因此，我認為這展示了營運 Peacock 的團隊的力量，我們所有人都一直專注於此，那就是繼續努力提高貨幣化水平，打造一款我們起步較晚的產品，但我們從 2020 年開始就著眼於推行以 NBCUniversal 的優勢為基礎的內容戰略。因此，我們擁有 80,000 小時的娛樂內容，包括 Pay-One 電影、Next Day NBC、Peacock Originals、Bravo 和 Library。

But as we look ahead, we've got NBA coming and sports has been a very key driver of Peacock with NFL, the Olympics, Premier League, the Derby coming up this weekend, I think, Big 10. And that's been important acquiring new subs, getting engagement with our subs and leading to engagement in non-sports content.

但展望未來，我們將迎來 NBA，運動一直是孔雀計劃的關鍵推動力，包括 NFL、奧運、英超聯賽、本週末即將舉行的德比大戰，還有十大聯盟。這對於吸引新訂閱者、與訂閱者互動以及吸引他們參與非體育內容至關重要。

So we continue to think that acquiring the rights to bring the NBA back to NBC and Peacock is a big deal. It's a big accomplishment, a big moment. The team is working very hard to make sure not just within sports, but across entertainment as well with the new audience that we'll bring in to over the years ahead, and we have it for 11 years, make sure that we use NBA as a launch pad to further scale Peacock and further monetize it.

因此，我們仍然認為，獲得將 NBA 帶回 NBC 和 Peacock 的權利是一件大事。這是一個偉大的成就，一個偉大的時刻。團隊正在非常努力地工作，以確保不僅在體育領域，而且在娛樂領域，以及未來幾年我們將吸引的新觀眾，我們已經擁有 11 年了，確保我們利用 NBA 作為發射台，進一步擴大 Peacock 的規模並進一步使其貨幣化。

So I won't specifically talk about second half of this year or next year, but I do think expect Peacock to be on a continuing trend of driving towards improved monetization, bigger scale and therefore, declining losses over time.

因此，我不會具體談論今年下半年或明年，但我確實認為 Peacock 將繼續朝著提高貨幣化、擴大規模的方向發展，從而隨著時間的推移減少損失。

So that's the -- and you zoom back out, and you put Peacock alongside the non-SpinCo media assets where they're hand in glove in terms of the skills, the DNA, and the legacy together with the rights across entertainment, news, sports, reality, and the like. And I think it's a business that will have some durability to and an ability to manage as one complete business over time. But I think expect us to continue to look to see improving trends in Peacock as time passes.

所以這就是——如果你把視野放遠，你就會把 Peacock 與非 SpinCo 媒體資產放在一起，它們在技能、DNA 和遺產方面緊密相連，並擁有娛樂、新聞、體育、現實等各方面的權利。我認為這項業務將具有一定的持久性，並且能夠隨著時間的推移作為一個完整的業務進行管理。但我認為，隨著時間的推移，我們將繼續看到 Peacock 的改善趨勢。

Hey, Ben, let me hit the ARPU and profitability question. So taking my cue from Dave and a lot of what he said already. As he said, expect healthy broadband ARPU growth this year. That's what we said in the fourth quarter call, we continue to believe that, but I think the real focus is setting ourselves up for long-term convergence positioning and revenue growth. And I think that's a lot of what you're seeing at this point.

嘿，本，讓我來談談 ARPU 和盈利能力的問題。因此，我聽了戴夫的暗示以及他已經說過的許多話。正如他所說，預計今年寬頻 ARPU 將實現健康成長。這就是我們在第四季度電話會議上所說的，我們仍然相信這一點，但我認為真正的重點是為長期融合定位和收入成長做好準備。我認為這就是您現在所看到的大部分內容。

So the wireless opportunity plays a big role in that. If you think about our ability to accelerate wireless, which we did in the quarter and expect to continue to do over the course of the year, we're putting in place an expansion of how we're thinking about wireless and extension of this into the base. 13% of our base has exposure to wireless right now. It's a fantastic product. So we want more of our base to have it.

因此無線機會在其中發揮重要作用。如果你考慮我們加速無線業務的能力，我們在本季度已經做到了這一點，並且預計在今年繼續這樣做，我們正在擴大我們對無線業務的思考方式，並將其擴展到基層。目前，我們 13% 的基層用戶已經接觸到無線業務。這是一個非常棒的產品。所以我們希望更多的基地能夠擁有它。

And if you think about the pricing leverage we're going to have over time, as you get to the one-year mark and the two-year mark and free one-year promotional customers roll into a paying relationship, that, by the way, is still at a substantial discount to where market rates are.

如果你考慮到我們隨著時間的推移將擁有的定價槓桿，當你達到一年期和兩年期，並且免費的一年期促銷客戶轉為付費關係時，順便說一句，這仍然比市場價格有大幅折扣。

So if they have exposure to our product, they like our product, and then all of a sudden start paying for it, but at rates that are substantially lower than they can get elsewhere. We think that's a very good trade-off and provides for upside in the future as it relates to how we monetize convergence relationships. I think on the broadband side, Dave pointed to it, as we look at the competitive environment, fiber is what it is.

因此，如果他們接觸到我們的產品，他們就會喜歡我們的產品，然後突然開始付費，但價格卻比其他地方低得多。我們認為這是一種非常好的權衡，並且為未來如何將融合關係貨幣化提供了優勢。我認為在寬頻方面，戴夫指出，當我們觀察競爭環境時，光纖就是如此。

It continues to creep into our footprint at 3% to 4% per year. That's no change from what we've seen in the past several years. We expect that to continue. But we've competed against fiber for 20-plus years at this point. And it's a very predictable pattern that we haven't really seen changing.

它繼續以每年 3% 到 4% 的速度侵蝕我們的足跡。這與我們過去幾年看到的情況沒有什麼改變。我們預計這種情況將會持續下去。但到目前為止，我們已經與光纖競爭了 20 多年。這是一個非常可預測的模式，我們還沒有看到它改變。

It's sort of a pattern where the first three years, there's significant market share gain, then it levels out and the patterns we see in those markets, whether it's our own ARPU, churn rates, margins, et cetera, very much resemble our broader base. So it's a segment we know how to compete well against. I would tell you that the newer competitor in the last few years has obviously been fixed wireless. They're adding 1 million subscribers per quarter. So that's sort of the competitive intensity that we're seeing that's sort of incremental.

這是一種模式，在前三年，市場佔有率顯著成長，然後趨於平穩，我們在這些市場中看到的模式，無論是我們自己的 ARPU、客戶流失率、利潤率等等，都非常類似於我們的更廣泛的基礎。因此，我們知道如何在該領域展開良好競爭。我想告訴你，過去幾年較新的競爭對手顯然是固定無線。他們每季增加 100 萬訂閱用戶。這就是我們所看到的競爭強度的逐漸增強。

We are competing aggressively with it. But if you think about the areas where fixed wireless has performed well, they're not leading with network, they're not leading with speed, they're not leading necessarily within home coverage, but they have a pricing construct in terms of simplicity and ease of doing business that has resonated. That's exactly what we're going after, right? And that's exactly what the changes in the last couple of months have been and you'll see incremental changes from us going forward. So that's the investment activity we're talking about.

我們正在與其展開激烈競爭。但是，如果你考慮一下固定無線表現良好的領域，你會發現它們並不是在網絡方面領先，也不是在速度方面領先，也不一定在家庭覆蓋方面領先，但它們在簡單性和易於開展業務方面的定價結構引起了共鳴。這正是我們所追求的，對嗎？這正是過去幾個月所發生的變化，未來您將會看到我們不斷做出的改變。這就是我們所談論的投資活動。

Dave put some context around that and said, yes, obviously, this is going to make it more difficult to grow EBITDA this year. We effectively said that last quarter. I think that's where expectations are for us already. But the other side of this, when we get through it is really what we're positioning ourselves for, which is customers that are a heck of a lot more durable. They're on price plans that are sort of at market rates with long-term contractual guarantees and then a discounted wireless offering that's more broadly exposed to our base, gives us a heck of a pricing lever over time.

戴夫對此進行了一些說明並表示，是的，顯然，這將使今年的 EBITDA 成長變得更加困難。我們上個季度確實說過這一點。我想這就是人們對我們的期望。但另一方面，當我們度過難關時，我們真正要定位的是那些更持久的客戶。他們採用的價格計劃與市場價格差不多，有長期合約保障，然後還有折扣無線服務，可以更廣泛地覆蓋我們的用戶群，從長遠來看，這給了我們很大的定價槓桿。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

A couple of questions on media. A couple of quarters ago, you said you were open to streaming consolidation. Can you give us your updated thoughts on that? And maybe an update on timing of the cable SpinCo? You also announced this park in the UK and other parks in the US. Could you talk about how you're thinking about theme parks long-term as you expand into new markets?

關於媒體的幾個問題。幾個季度前，您曾表示願意接受串流媒體整合。您能告訴我們您對此的最新想法嗎？或許可以更新一下電纜 SpinCo 的時間安排？您也宣布了在英國建立這個公園以及在美國建立其他公園。能否談談在拓展新市場時對主題樂園的長期看法？

And I guess, finally, I think Jason mentioned that obviously, the industry, not just you is very vulnerable to this lack of visibility and changing economic environment. Can you just talk about anything different that you're doing in your upfront approach? You've mentioned NBA several times as a big driver for advertising.

最後，我想 Jason 提到，顯然，不只是你，整個產業都很容易受到這種缺乏可見性和不斷變化的經濟環境的影響。您能否談談您在前期方法中所做的不同的事情？您曾多次提到 NBA 是廣告業的一大推動力。

But maybe talk about NBA overall, like clearly, you'll benefit on advertising, and it's a positive for Peacock longer term. What -- can you help us frame the financial impact as these costs go up? Is there an affiliate fee increase that goes along with it? Thank you.

但也許從整體上談論 NBA，很明顯，你會從廣告中受益，這對 Peacock 的長期發展是有利的。您能幫助我們了解這些成本上升所帶來的財務影響嗎？聯盟費用是否會隨之增加？謝謝。

So there's a bunch there. Let me kind of tick through those. It's Mike, Jessica. So partnerships on Peacock, I think the point of my earlier commentary on Peacock and what we've built, I think it is fair to say that the broad audience appeal at Peacock with everything I described our Pay-One movies, NBC next-day content, Bravo, the Library, Sports, including NBA, NFL, and the like makes it a strong element of any future consumer bundle, whether that be through bundles or partnerships. So point is, we're doing our thing to make Peacock what we think will be strong in the marketplace.

所以那裡有一堆。讓我來仔細檢查一下這些。我是麥克，傑西卡。因此，我認為 Peacock 上的合作夥伴關係，也就是我之前對 Peacock 的評論以及我們所構建的內容的重點，我認為可以公平地說，Peacock 的廣泛受眾吸引力，包括我所描述的 Pay-One 電影、NBC 次日內容、Bravo、圖書館、體育，包括 NBA、NFL 等，使其成為任何未來消費者捆綁包的重要組合部分，無論是捆綁式或捆綁式。所以重點是，我們正在盡我們所能，讓 Peacock 成為市場上的強者。

And if opportunities come along to partner up in bundles or otherwise, we'll be happy to consider those things if they make sense, but there's no news to report on that front. SpinCo, your second one, SpinCo continues to -- no change in our expectation of timing around the end of the year.

如果有機會以捆綁或其他方式合作，我們會很樂意考慮這些事情，如果它們有意義的話，但這方面還沒有新聞可以報道。SpinCo，您的第二個，SpinCo 繼續 - 我們對年底前後時間的預期沒有變化。

I think UK parks, I just spent time answering another question, so I won't repeat myself, but I think we feel very strongly that the returns that we're getting, given our position and strength in the parks business as we know it today, gives us the right and the opportunity to deploy capital in smaller opportunities, which are the Horror Experience that will open in Vegas this year and the kids park in Frisco, Texas, next year.

我認為英國的公園，我只是花時間回答了另一個問題，所以我不會重複，但我認為我們非常強烈地感覺到，鑑於我們今天在公園業務中的地位和實力，我們所獲得的回報使我們有權利和機會將資本投入到較小的機會中，這些機會包括今年將在拉斯維加斯開放的恐怖體驗和明年在德克薩斯州弗里斯科開放的兒童公園。

But we've looked around the world. We're always looking for ways to put capital to work in our growth businesses. And the UK opportunity came along, and we feel quite good about the prospects there.

但我們已經放眼世界。我們一直在尋找將資本投入到我們成長型業務的方法。英國的機會來了，我們對那裡的前景感到非常樂觀。

But I think to answer the broad question, which is what's our plan for the parks business, I think the plan is to keep driving growth in a business that we think we're one of two players in a market that is within media not at all exposed to the shift in time on screens from one venue to another. I mean, live experiences, park's experiences have been thrilling to people, and we think we lean into that and continue to do so.

但我認為，要回答這個寬泛的問題，即我們對公園業務的計劃是什麼，我認為計劃是繼續推動業務增長，我們認為我們是媒體市場中兩家完全不受屏幕從一個場館到另一個場館的時間轉變影響的參與者之一。我的意思是，現場體驗、公園的體驗讓人們感到興奮，我們認為我們會傾向於這一點並繼續這樣做。

And then finally, upfront, industry vulnerability, nothing really to add there. I think we had all things considered, ad revenue was flat in the first quarter when you adjust for timing of sports and political. And so impacts aren't yet really seen of the uncertainty that we're observing in the markets. But it may well be coming. So I think we're -- we've got a great team led by Mark Marshall running ad sales.

最後，關於產業脆弱性，其實沒什麼好補充的。我認為我們已經考慮了所有因素，如果根據體育和政治因素調整時間，第一季的廣告收入將持平。因此，我們在市場上觀察到的不確定性的影響尚未真正顯現。但它很可能即將到來。所以我認為我們——我們擁有一支由馬克馬歇爾 (Mark Marshall) 領導的優秀團隊負責廣告銷售。

I think we're coming up with new products, new ways to leverage all the assets of NBCUniversal as we go into the marketplace. And then our content, all of it, but inclusive of the new content from NBA is going to be a key anchor of what we do -- what we look to do around the upfronts. And then more broadly, as the future rolls in and we look to monetize Peacock and NBC and Bravo, the stronger the portfolio, the more we deserve to command in all forms of revenue monetization but no news to point to there today.

我認為，我們正在推出新產品，以新的方式利用 NBCUniversal 的所有資產進入市場。然後，我們的所有內容，包括來自 NBA 的新內容，將成為我們所做工作的關鍵支柱——我們希望在前期做的事情。更廣泛地說，隨著未來的發展，我們希望將 Peacock、NBC 和 Bravo 貨幣化，投資組合越強大，我們就越有資格在所有形式的收入貨幣化中佔據主導地位，但今天還沒有任何新聞可以指出這一點。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Maybe back to Dave on broadband. I'm just wondering if the churn commentary that you guys talked about in the quarter and maybe what you're seeing in business, is there any sense that, that could be driven by the slowing macro environment outside of what you may be seeing on the media side.

也許可以回到寬頻上的戴夫。我只是想知道，你們在本季談到的客戶流失評論，以及你們在業務中看到的情況，是否有可能受到媒體方面之外的宏觀環境放緩的影響。

Because it doesn't seem like the competitive environment really changed that dramatically as it went from sort of fourth quarter to first quarter. And then digging in a little bit on the business side, is it just small business where you guys are seeing the relationship trends get worse?

因為從第四季到第一季，競爭環境似乎並沒有太大的變化。然後深入研究商業方面，你們是否只看到小企業之間的關係趨勢變得更糟？

Are you seeing anything on the government side? And can you talk a little bit about your government exposure after Verizon actually called out a little bit of weakness on the government side, given what's going on spending there? Thanks.

您在政府方面看到什麼了嗎？在 Verizon 確實指出政府方面存在一些弱點之後，考慮到政府支出的情況，您能否談談您在政府方面的風險敞口？謝謝。

This is Dave. So you have talked about competition a lot. The one thing I'll just highlight, the difference is an uptick a little bit in mobile substitution. That's really Mike and Jason talked about the fiber continued, three national -- the fixed wireless stable, but still marketing very aggressively. So I think that mobile substitution is the only difference, and it's just an uptick there.

這是戴夫。您多次談論競爭。我要強調的一點是，差異在於移動替代略有上升。這確實是麥克和傑森談論的光纖，三個國家——固定無線穩定，但行銷仍然非常積極。所以我認為行動替代是唯一的區別，而且它只是一個上升趨勢。

It is in Business Services, I'd say it was certainly a small business. There's pressure there in terms of relationships. But our strategy is broad-based in terms of revenue generation in every relationship and even small business, we're adding a lot of products and services to those relationships, really encouraged by that.

它屬於商業服務業，我想說它肯定是一家小企業。在人際關係方面存在壓力。但我們的策略是廣泛的，涉及每種關係中的創收，甚至是小型企業，我們都為這些關係增加了許多產品和服務，這確實令人鼓舞。

And our focus has continued to shift, having done a nice job on -- in small business to mid and enterprise customers, and that's where we're getting just a lot of traction as we provide complete answers for our customers in those segments as we do connectivity to advanced services and adding a new part of the company Nitel, which is great. So we're very excited about that, but the pressure is in small business.

我們的重點一直在不斷轉移，我們在小型企業到中型企業客戶方面做得很好，這就是我們獲得巨大發展的領域，因為我們為這些領域的客戶提供了完整的答案，因為我們實現了與高級服務的連接，並增加了 Nitel 公司的新部分，這很棒。因此我們對此感到非常興奮，但壓力來自於小型企業。

Thanks, John. That will be our last question from the analyst community. I want to now hand the call over to Brian for some closing remarks.

謝謝，約翰。這是分析師群體提出的最後一個問題。現在我想將電話交給布萊恩，讓他發表一些結束語。

So listening to all this, let me first comment on broadband and just add my own view where we're clearly facing some challenges. But as you've heard, with a lot of passion. The team has a sense of urgency and energy and focus to getting customer pain points resolved.

聽完這些，讓我先對寬頻發表評論，並補充我自己的看法，我們顯然面臨一些挑戰。但正如你所聽到的，我們充滿熱情。團隊具有緊迫感和活力，並專注於解決客戶痛點。

And while this may take a little time to fully take hold, our history of operational execution success would tell you that while sometimes we may not move first, once we get in motion, we do it extremely well. We have real momentum in wireless and the path to continue to accelerate that.

雖然這可能需要一點時間才能完全生效，但我們成功的營運執行歷史會告訴你，雖然有時我們可能不會先採取行動，但一旦我們開始行動，我們就會做得非常好。我們在無線領域擁有真正的發展勢頭，並將繼續加速這一發展。

And as we've seen in the market, once it gets moving, it will allow more creativity in marketing. And we have an industry-leading growth in Business Services at scale and our investments to expand the opportunities and grow into new categories and make it a $60 billion addressable market, very excited about that.

正如我們在市場上看到的那樣，一旦它開始運作，它將為行銷帶來更多的創造力。我們在商業服務領域實現了領先業界的規模成長，並且我們投入了大量資金來擴大機遇，拓展新的類別，使其成為一個價值 600 億美元的潛在市場，我們對此感到非常興奮。

And parks, I don't want to belate it, but I just would invite all of you to come visit Epic soon. Bring your family. I think you're in for a great experience. And later this year, on the content side, we have a terrific movie slate, including Jurassic and Wicked, amazing sports with the NBA, as we just talked about, but also, we broadcast the Super Bowl, the Winter Olympics right at the same time, and the World Cup, which puts us in a very enviable position.

至於公園，我不想拖延，但我只是想邀請大家盡快來參觀 Epic。帶上你的家人。我想你將會獲得一次很棒的經驗。今年晚些時候，在內容方面，我們有一系列精彩的電影，包括《侏羅紀世界》和《魔法壞女巫》，還有我們剛才提到的 NBA 等精彩的體育賽事，此外，我們還將同時播出超級碗、冬季奧運會和世界杯，這讓我們處於非常令人羨慕的地位。

I really like our strategy, our balance sheet strength, regardless of global uncertainty, I feel we have a fantastic and unique company and I'm quite optimistic. Thanks, everybody.

我真的很喜歡我們的策略、我們的資產負債表實力，無論全球不確定性如何，我都覺得我們擁有一家出色而獨特的公司，而且我非常樂觀。謝謝大家。

Thank you, everybody, for joining us.

謝謝大家加入我們。

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

謝謝。今天的電話會議到此結束。該電話會議的重播將於今天美國東部時間上午 11:30 開始在康卡斯特投資者關係網站上提供。感謝您的參與。你們都可以斷開連線。