康卡斯特 (CMCSA) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Comcast's second-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二季財報電話會議。（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.

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。

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.

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受一定風險及不確定性影響的前瞻性陳述。

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 thanks for joining us. Before I hand it to Jason, I want to talk about three things that are particularly significant this quarter related to several of the strategic priorities of the company.

大家早安，感謝大家的參與。在將其交給傑森之前，我想談談本季與公司幾項策略重點相關的三件特別重要的事情。

First is our broadband business, where we continue to roll out our new go-to-market strategy in a highly competitive environment. Second is our theme parks, where we successfully opened Epic Universe in Orlando, one of the largest and most ambitious projects in our history. And third is our media segment where our extraordinary mix of live events, sports, and entertainment across NBC and Peacock led to a record breaking upfront as we continue to execute on our strategy of running NBCUniversal's linear and streaming assets as one holistic media business.

首先是我們的寬頻業務，我們在競爭激烈的環境中持續推出新的市場進入策略。第二個是我們的主題樂園，我們在奧蘭多成功開設了Epic Universe，這是我們史上最大、最雄心勃勃的計畫之一。第三是我們的媒體部門，我們在 NBC 和 Peacock 上將現場活動、體育和娛樂進行了非凡的組合，帶來了破紀錄的預付款，我們繼續執行將 NBCUniversal 的線性和串流媒體資產作為一個整體媒體業務來運營的策略。

So, let me start with broadband. We've taken a hard look at what it takes to compete and win, and we start with great confidence that our products and network are marketplace leaders. That includes our AI-powered entertainment OS, the most intelligent Wi-Fi network in the country, and a mobile service delivering the fastest speeds in our footprint. We're proud that we've re-energized a culture that drives innovation, one that continues to set our products and services apart.

那麼，讓我從寬頻開始。我們認真研究了競爭和取勝的條件，並且滿懷信心地認為我們的產品和人脈是市場領導者。其中包括我們基於人工智慧的娛樂作業系統、全國最聰明的 Wi-Fi 網路以及我們覆蓋範圍內最快的行動服務。我們很自豪能夠重新激發推動創新的文化，這種文化將繼續使我們的產品和服務脫穎而出。

Building on that foundation, we took several important steps this quarter to strengthen our position. Our goal for all the actions we've taken is to build a loyal customer base that churns less and values our services more by one, delivering simple, predictable, and transparent pricing; and two, making it easier than ever to do business with us.

在此基礎上，本季我們採取了幾項重要措施來鞏固我們的地位。我們採取的所有行動的目標是建立一個忠誠的客戶群，減少客戶流失，更加重視我們的服務，一是提供簡單、可預測和透明的定價；二是使與我們開展業務比以往任何時候都更容易。

Specifically, we've realigned our pricing strategy around seven main elements. First, we've moved from local offers to a consistent national pricing structure. Second, we simplified our broadband offering with four flagship speed tiers.

具體來說，我們圍繞著七個主要要素重新調整了定價策略。首先，我們已經從本地報價轉向一致的全國定價結構。其次，我們透過四個旗艦速度等級簡化了寬頻服務。

Third, everything is included. All packages come with unlimited data and our advanced gateways, which deliver the fastest, most reliable Wi-Fi experience, enable the connection of hundreds of devices, provide low-lag internet for gaming and streaming, and feature advanced Wi-Fi controls and cybersecurity protection.

第三，一切都包括。所有套餐都提供無限數據和我們先進的網關，可提供最快、最可靠的 Wi-Fi 體驗，支援數百台設備的連接，為遊戲和串流媒體提供低延遲互聯網，並具有先進的 Wi-Fi 控制和網路安全保護。

Fourth, we've lowered everyday pricing. Fifth, we introduced both 1-year and 5-year price guarantees without contracts to give customers more choice and certainty. Sixth, we're including a free Xfinity Mobile line for one year for all new and existing customers. And finally, we introduced our premium unlimited mobile plan which includes 4K Ultra-HD streaming, expanded mobile hotspot usage, and device upgrades.

第四，我們降低了日常價格。第五，我們推出了無需簽訂合約的 1 年和 5 年價格保證，為客戶提供更多選擇和確定性。第六，我們為所有新舊客戶提供一年免費的 Xfinity Mobile 線路。最後，我們推出了高級無限行動計劃，其中包括 4K 超高清串流媒體、擴展的行動熱點使用和設備升級。

But in addition to pricing changes, we focused on making it easier to do business with us. We are incredibly focused on reducing friction across all of our channels, dotcom, phone, chat, and our app, and making every customer interaction an excellent and personalized experience.

但除了價格變化之外，我們還致力於讓與我們做生意變得更容易。我們非常注重減少所有管道、網路、電話、聊天和應用程式之間的摩擦，並使每次客戶互動都成為一種卓越且個人化的體驗。

For instance, we recently improved our digital buy flow by removing five steps, making the purchase process faster and easier, which has already driven more than a 20% improvement in purchase conversion rates. We also recently upgraded the operating system that manages our customer interactions to Google's AI platform, which will significantly improve our digital experience and route customers quickly to the support they need, providing our teams with full visibility into each customer interaction.

例如，我們最近透過減少五個步驟來改善了我們的數位購買流程，使購買過程更快、更容易，這已經使購買轉換率提高了 20% 以上。我們最近還將管理客戶互動的作業系統升級到 Google 的 AI 平台，這將顯著改善我們的數位體驗，並快速引導客戶獲得他們需要的支持，讓我們的團隊能夠全面了解每次客戶互動。

Together, these changes we are making in pricing transparency and ease of doing business are starting to drive the results and customer behavior we are aiming for. Customers are responding to the simplicity and power of these changes, with roughly half of our eligible new customer connects choosing our 5-year price guarantee this quarter.

總而言之，我們在定價透明度和營商便利性方面所做的這些改變開始推動我們所追求的結果和客戶行為。客戶對這些變化的簡單性和強大功能做出了積極的反應，本季大約有一半符合條件的新客戶選擇了我們的 5 年價格保證。

We also posted a 20% increase in the percentage of new customers taking gig plus speeds, which lifted our overall speed tier mix and helped drive higher connect ARPU. And we're also seeing stabilization and voluntary churn and overall connect activity in broadband.

我們還發現使用千兆以上速度的新客戶比例增加了 20%，這提升了我們的整體速度等級組合，並有助於提高連接 ARPU。我們也看到寬頻的穩定、自願流失和整體連接活動。

Momentum is building in wireless as well. Our free line offer and solid uptake in our new premium unlimited plans help drive our best quarter ever with 378,000 new lines added, bringing Xfinity Mobile to 14% penetration of our residential broadband base and still leaving us with plenty of room to run.

無線領域的發展動能也正在增強。我們提供免費線路以及新優質無限流量套餐的穩步增長，助力我們創造了有史以來最好的季度業績，新增了 378,000 條線路，使 Xfinity Mobile 在我們的住宅寬頻基數中的滲透率達到 14%，並且仍為我們留下了充足的發展空間。

Before we leave broadband, I want to highlight a recent deal on the Comcast business side that strengthens our go-to-market approach for that customer base. Just last week, we announced a new MVNO agreement with T-Mobile in partnership with Charter. This new agreement pairs our industry-leading broadband and Wi-Fi with T-Mobile's 5G network to expand our mobile product offer to business customers as a fully integrated solution. We are pleased to work with T-Mobile in this initiative and continue to value our strong partnership with Verizon.

在我們離開寬頻之前，我想強調康卡斯特業務方面最近的一項交易，該交易加強了我們針對該客戶群的行銷策略。就在上週，我們宣布與 T-Mobile 和 Charter 達成新的 MVNO 協議。這項新協議將我們業界領先的寬頻和 Wi-Fi 與 T-Mobile 的 5G 網路相結合，以將我們的行動產品作為完全整合的解決方案擴展給商業客戶。我們很高興與 T-Mobile 合作開展這項計劃，並繼續重視與 Verizon 的牢固合作關係。

So the net of this is, while it's still early days, we like what we are seeing in our broadband business, giving us confidence in the changes that we've made and what's still ahead. We're executing on a connectivity strategy that fully plays to our strengths in broadband, Wi-Fi and convergence leveraging the largest gig speed broadband and mobile converge footprint in the country that serves both residential and business customer segments, and a best-in-class in-home experience through our advanced Xfinity Wi-Fi gateway. With our go-to-market strategy in place and execution improving, we're well positioned to lead in convergence.

因此，儘管現在還處於早期階段，但我們對寬頻業務的現狀感到滿意，這讓我們對已經做出的改變以及未來的發展充滿信心。我們正在實施一項連接策略，充分發揮我們在寬頻、Wi-Fi 和融合方面的優勢，利用全國最大的千兆寬頻和行動整合覆蓋範圍，服務於住宅和商業客戶群，並透過我們先進的 Xfinity Wi-Fi 網關提供一流的家庭體驗。隨著我們的市場進入策略的實施和執行的不斷改進，我們已準備好引領融合。

Turning to Parks, we are extremely proud of the successful opening of Epic Universe in May. We're pleased with the early results as Epic is already driving higher per-cap spending and attendance across the entirety of Universal Orlando Resort, with strong food and merchandise sales and minimal impact on attendance at Universal Studios Florida and Islands of Adventure.

談到公園，我們對 Epic Universe 於 5 月的成功開放感到非常自豪。我們對早期結果感到滿意，因為 Epic 已經推動整個奧蘭多環球影城度假村的人均消費和遊客人數增加，食品和商品銷售強勁，對佛羅裡達環球影城和冒險島的遊客人數影響甚微。

Epic is the most technologically advanced park we've ever built, and we are getting high praise for the innovative attractions, immersive environments, three new on-site hotels, and our strong food and merchandise offering. As expected, our near-term focus is on expanding ride throughput to reduce early attendance constraints. Epic is trending in line with our expectations and well on its way to transforming Universal Orlando into a true week-long destination.

Epic 是我們建造過的技術最先進的公園，其創新的景點、沉浸式環境、三家新的現場酒店以及我們強大的食品和商品供應都獲得了高度讚譽。正如預期的那樣，我們近期的重點是擴大乘車吞吐量，以減少早期上座率的限制。Epic 的發展趨勢符合我們的預期，並且正在順利將奧蘭多環球影城打造成一個真正的為期一周的旅遊目的地。

Beyond Orlando, we're executing against a strong pipeline of new opportunities to serve more guests. Universal Horror Unleashed opens in Las Vegas next month, and we're developing a second year-round horror experience in Chicago, tapping into one of the country's top tourist markets.

除了奧蘭多之外，我們還在積極尋找新的發展機會，為更多的客人提供服務。環球恐怖主題樂園將於下個月在拉斯維加斯上映，我們正在芝加哥開發第二個全年恐怖體驗，進軍美國最大的旅遊市場之一。

In addition, in Texas, our Universal Kids Resort is moving towards a 2026 opening. And we're continuing the planning process for our new park outside of London, slated to open in 2031. These projects reflect our long-term strategy to expand reach, enter new markets, and broaden the appeal of our parks portfolio.

此外，在德州，我們的環球兒童度假村預計將於 2026 年開幕。我們正在繼續規劃倫敦郊區的新公園，預計 2031 年開放。這些項目體現了我們擴大影響力、進入新市場和增強公園組合吸引力的長期策略。

Turning to Media, our world-class combination of entertainment content and live sports and events continues to drive results across NBC and Peacock. We just closed our most successful Upfront ever, with record total sales and our largest sports commitments to date. Peacock was a standout, up more than 20% year over year and representing over a third of NBCUniversal's total volume.

談到媒體，我們世界一流的娛樂內容和現場體育賽事及活動組合繼續推動 NBC 和 Peacock 的表現。我們剛剛完成了迄今為止最成功的 Upfront 交易，創下了總銷售額的新高，並取得了迄今為止最大的體育承諾。Peacock 表現突出，年成長超過 20%，佔 NBCUniversal 總銷量的三分之一以上。

Our Upfront results reflect our unparalleled 2026 line-up of tentpole events, starting with the Milan-Cortina Olympics, Super Bowl LX, and the NBA All-Star Game in February, the FIFA World Cup on Telemundo in June, and the elections and BravoCon in November, along with a robust slate of entertainment and sports content throughout the year.

我們的 Upfront 結果反映了我們無與倫比的 2026 年重頭戲陣容，從 2 月份的米蘭科爾蒂納奧運會、超級碗 LX 和 NBA 全明星賽，到 6 月份在 Telemundo 舉行的 FIFA 世界杯，再到 11 月份的選舉和 BravoCon，以及全年豐富的娛樂和體育內容。

We also expect to build on the momentum we are seeing in our entertainment content. Love Island USA, which appeared exclusively on Peacock, was the top-streaming reality series for the entirety of its season 7 run. It attracted a significant number of first-time subscribers. And importantly, two-thirds of those new paying customers went on to engage with additional content, driving a lift in overall consumption across the platform.

我們也希望繼續鞏固我們在娛樂內容領域所看到的勢頭。《愛情島美國》 (Love Island USA) 在 Peacock 獨家播出，是第七季播出期間收視率最高的真人秀系列。它吸引了大量首次訂閱者。重要的是，三分之二的新付費客戶繼續體驗其他內容，從而推動了整個平台整體消費的成長。

Peacock continues to differentiate itself with one of the most robust live sports offerings of any streamer, and that position will only strengthen with the addition of NBA coverage this fall. In fact, in 2026, Peacock will stream more live sports hours than any other streaming entertainment service. Add to that Pay-One films from our top-performing studios, original series, next day NBC and Bravo content, news, and a full entertainment library, and Peacock continues to deliver significant value.

Peacock 繼續憑藉其在所有串流媒體中最為強大的體育賽事直播服務脫穎而出，而隨著今年秋季 NBA 賽事報道的加入，這一地位將更加鞏固。事實上，到 2026 年，Peacock 直播的體育賽事時長將比任何其他串流娛樂服務都要長。除此之外，還有來自我們頂級工作室的 Pay-One 電影、原創劇集、隔天 NBC 和 Bravo 內容、新聞和完整的娛樂庫，Peacock 繼續提供巨大的價值。

To better reflect this premium content, we recently announced a $3 price increase rolling out in July for new subscribers and in late August for existing ones. The impact of this price increase, combined with the strong Upfront results I just discussed, help position us in the fourth quarter as we launch the NBA and take on higher sports program expenses particularly in the first year of the NBA contract when we absorb the full impact of adding these new rights.

為了更好地體現這些優質內容，我們最近宣布，新訂戶的價格將於 7 月上漲 3 美元，現有訂戶的價格將於 8 月底上漲。這次漲價的影響，加上我剛才討論的強勁的前期業績，有助於我們在第四季度推出 NBA 並承擔更高的體育項目費用，特別是在 NBA 合約的第一年，屆時我們將吸收增加這些新權利的全部影響。

So to wrap up across the company, we're executing with focus, simplifying how we operate, and leaning into areas where we have real competitive advantages. And we're doing it while maintaining a strong balance sheet and returning meaningful capital to shareholders. We feel great about the momentum we're building and confident in our ability to create long-term value.

因此，從整個公司來看，我們正在集中精力執行，簡化營運方式，並傾向於我們真正具有競爭優勢的領域。我們在實現這一目標的同時，也維持了強勁的資產負債表，並向股東返還了可觀的資本。我們對我們正在建立的勢頭感到非常高興，並對我們創造長期價值的能力充滿信心。

With that, I'll turn it over to Jason.

說完這些，我就把麥克風交給傑森。

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 increased 2%, benefiting from our core six growth drivers, three of which are organized under connectivity including Broadband, Wireless, and Business Services, and three of which are in Content and Experiences, including Parks, Streaming, and Studios. Collectively, these businesses represent nearly 60% of our total revenue and grew at a high-single-digit rate 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。綜合收入成長 2%，受益於我們六大核心成長動力，其中三個屬於連結性領域，包括寬頻、無線和商業服務，三個屬於內容和體驗領域，包括公園、串流媒體和工作室。總的來說，這些業務占我們總收入的近 60%，並且本季實現了高個位數的成長。

As you fast forward a couple of years, between continued investment in sustaining strong growth in these businesses and actions we are taking on other areas, including our announced spin-off of our linear cable networks into Versant and a recently announced sale of another one of our businesses, our exposure to these growth areas will be closer to 70% of our total revenue, which is fundamental to our path to re-accelerating total company revenue growth.

快進幾年，在繼續投資維持這些業務的強勁增長和我們在其他領域採取的行動之間，包括我們宣布將線性有線網絡分拆到 Versant 以及最近宣佈出售我們的另一項業務，我們對這些增長領域的投入將接近我們總收入的 70%，這對於我們重新加速公司總收入增長至關重要。

EBITDA grew 1% this quarter. Adjusted EPS grew 3% to $1.25, and we generated $4.5 billion of free cash flow while returning $2.9 billion to shareholders, including $1.7 billion in share repurchases.

本季 EBITDA 成長 1%。調整後的每股盈餘成長 3% 至 1.25 美元，我們產生了 45 億美元的自由現金流，同時向股東返還 29 億美元，其中包括 17 億美元的股票回購。

Now turning to our businesses, starting with Connectivity and Platforms. Beginning with broadband, the competitive environment remains intense as we had previewed and when combined with the typical negative seasonality in the second quarter, resulted in 226,000 subscriber losses.

現在轉向我們的業務，從連接和平台開始。從寬頻開始，競爭環境仍然激烈，正如我們預測的那樣，再加上第二季度典型的負面季節性因素，導致 226,000 名用戶流失。

But as Mike described, we are encouraged by the early reaction to our new go-to-market initiatives as we started to see some early signs of stabilization in both connect activity and voluntary churn. Notably, during the quarter, we saw roughly half of our eligible new customer connects select our 5-year price guarantee, opting to pay more upfront for longer-term consistency.

但正如麥克所描述的，我們對新上市措施的早期反應感到鼓舞，因為我們開始看到連接活動和自願流失都出現一些穩定的早期跡象。值得注意的是，在本季度，我們發現大約一半符合資格的新客戶選擇了我們的 5 年價格保證，選擇預先支付更多費用以確保長期一致性。

In addition, we've seen a 20% increase in the share of new connects choosing our premium gig plus speeds. This contributed to broadband ARPU growth in the quarter of 3.5%. Looking ahead, we continue to expect healthy broadband ARPU growth over the balance of the year, although the rollout of our new everyday pricing structure at the end of the second quarter is expected to moderate ARPU growth in the near term as we begin transitioning customers to more consistent and predictable pricing. This includes the continued offer of a free wireless line for a year to both new and existing broadband customers.

此外，我們發現選擇我們的高級千兆以上速度的新連接比例增加了 20%。這有助於本季寬頻 ARPU 成長 3.5%。展望未來，我們仍然預計寬頻 ARPU 將在今年餘下時間裡保持健康成長，儘管我們在第二季末推出的新的日常定價結構預計會在短期內減緩 ARPU 的成長，因為我們開始向客戶過渡到更一致和可預測的定價。其中包括繼續向新舊寬頻客戶提供一年的免費無線線路。

Convergence revenue sustained healthy growth as well, up 3.7% in the quarter, supported by high-teens growth in wireless revenue. Fueled by the strength of our Xfinity Mobile product and compelling go-to-market initiatives, including our promotion offering a free mobile line and our recently introduced premium unlimited plan, we accelerated net line additions to 378,000 in the quarter, a new high water mark for wireless net additions for our company.

融合收入也維持了健康成長，本季成長了 3.7%，這得益於無線收入的高成長。由於我們 Xfinity Mobile 產品的強勁表現和引人注目的市場推廣舉措，包括提供免費移動線路的促銷活動和我們最近推出的高級無限流量套餐，我們在本季度將網絡線路新增數量加速至 378,000 條，創下了公司無線網絡新增數量的新高。

Our wireless lines have now reached 8.5 million, and penetration of 14% of our residential broadband customer base, a rate that demonstrates both our success in entrenching our product as a competitive offering in the wireless industry, but also that highlights the tremendous runway we have ahead. So we're pleased with the results in the quarter and expect continued acceleration in the pace of net additions in the coming quarters.

我們的無線線路現已達到 850 萬條，滲透率達到 14% 的住宅寬頻客戶群，這一速度不僅證明了我們成功地將我們的產品確立為無線行業的競爭產品，也凸顯了我們未來的巨大發展空間。因此，我們對本季的業績感到滿意，並預計未來幾季淨增速度將繼續加快。

Turning to Business Services, revenue increased 6%, and EBITDA grew nearly 5%. Our results this quarter include the acquisition of Nitel, which closed in early April. Nitel contributed a few hundred basis points to revenue growth and about 100 basis points to EBITDA growth. And we expect a similar positive impact for the next few quarters until we anniversary this deal next year.

談到商業服務，營收成長了 6%，EBITDA 成長了近 5%。我們本季的業績包括對 Nitel 的收購，該收購於 4 月初完成。Nitel 為營收成長貢獻了幾百個基點，為 EBITDA 成長貢獻了約 100 個基點。我們預計，在接下來的幾個季度中，直到明年我們紀念這筆交易，也會產生類似的正面影響。

Our strong performance continues to reflect the same framework we've seen for the last several quarters, including solid growth in SMB and even stronger growth in our enterprise solutions business. At SMB, despite increased competitive intensity, we continue to generate healthy revenue growth by driving higher adoption of our suite of advanced services, including cybersecurity and Comcast Business Mobile.

我們的強勁表現繼續反映了我們在過去幾季中看到的相同框架，包括中小企業的穩健成長以及企業解決方案業務的更強勁成長。在 SMB 領域，儘管競爭日益激烈，我們仍透過推動網路安全和康卡斯特商業行動等一系列先進服務的採用，繼續實現健康的收入成長。

In our enterprise solutions business, we continue to see strong momentum. This growing segment of our customer base has more complex needs ranging from cybersecurity to multi-location connectivity. And they value integrated solutions and service reliability. These are areas where we continue to invest and lead.

在我們的企業解決方案業務中，我們持續看到強勁的發展勢頭。我們客戶群中不斷成長的這群人有著更複雜的需求，從網路安全到多地點連結。他們重視整合解決方案和服務可靠性。這些是我們持續投資和引領的領域。

Connectivity remains the core of our business, and we continue to see a meaningful shift in advanced solutions. Three years ago, for every dollar of connectivity sold, we sold $0.20 of advanced solutions. Today that figure has grown to approximately $0.50, underscoring the increasing value we're delivering to customers and reinforcing our competitive position.

連接仍然是我們業務的核心，我們繼續看到先進解決方案的重大轉變。三年前，我們每銷售一美元的連結產品，就會銷售價值 0.20 美元的先進解決方案。如今，這一數字已增長至約 0.50 美元，凸顯了我們為客戶提供的價值不斷增加，並增強了我們的競爭地位。

Putting all of this together, EBITDA was flat in the quarter, consistent with comments we made last quarter that our new go-to-market strategy would impact our ability to grow EBITDA this year. We still believe that to be true as our investment in our operational pivot will ramp over the remaining quarters of 2025.

綜合以上所有因素，本季的 EBITDA 持平，這與我們上個季度的評論一致，即我們的新市場進入策略將影響我們今年成長 EBITDA 的能力。我們仍然相信這是真的，因為我們對營運樞紐的投資將在 2025 年剩餘的幾個季度內增加。

On the other side of this, these actions will position us well for long-term convergence revenue growth with a more durable customer base on market-based rate plans with long-term price stability and a discounted wireless offering with broader exposure across our base, giving us a large revenue and profit pool to unlock over time.

另一方面，這些舉措將使我們在長期融合收入成長方面處於有利地位，透過基於市場、具有長期價格穩定性的資費計劃和在我們整個客戶群中享有更廣泛覆蓋的折扣無線服務，我們能夠擁有更持久的客戶群，隨著時間的推移，我們將獲得巨大的收入和利潤池。

In Content and Experiences, there are several key items I'd like to highlight. At Parks, revenue increased 19% this quarter, driven by the successful opening of Epic Universe on May 22nd, while EBITDA growth was limited to 4% due to soft opening costs at the new park.

在內容和體驗方面，我想強調幾個關鍵點。在主題樂園方面，本季營收成長了 19%，這得益於 Epic Universe 於 5 月 22 日的成功開業，而 EBITDA 成長則因新主題樂園的試營運成本而僅限於 4%。

As Mike mentioned, we're really happy with the consumer response and we’re pleased with how Epic is contributing to the overall Universal Orlando guest experience and performance. We expect Epic to continue to scale over the course of the year, with higher attendance and per caps as well as significantly improved operating leverage.

正如 Mike 所提到的，我們對消費者的反應感到非常高興，我們對 Epic 為奧蘭多環球影城的整體遊客體驗和表現所做的貢獻感到非常滿意。我們預計 Epic 將在年內繼續擴大規模，提高出席人數和人均人數，並顯著提高營運槓桿。

More broadly, performance at our International Parks remains strong, however we do continue to experience pressure in Hollywood, and we think it will be a couple more quarters until we lap that.

更廣泛地說，我們國際公園的表現依然強勁，但我們在好萊塢仍然面臨壓力，我們認為還需要幾個季度才能突破這種壓力。

Turning to Studios, we saw a strong performance from the successful theatrical launch of How to Train Your Dragon on June 13th, which has grossed over $600 million in worldwide box office year to date, driving this franchise past the $2 billion mark. This success was followed by the July 2 opening of Jurassic World Rebirth, which is the seventh installment of our $6 billion franchise and has already surpassed $700 million in worldwide box office this month.

談到電影製片廠，我們看到《馴龍高手》於 6 月 13 日成功上映，表現強勁，今年迄今為止全球票房收入已超過 6 億美元，使該系列電影的票房突破 20 億美元大關。繼此成功之後，7 月 2 日上映的《侏羅紀世界：重生》也取得了成功，它是我們耗資 60 億美元的系列電影的第七部，本月全球票房已超過 7 億美元。

While the benefit of Jurassic's theatrical performance would land in the third quarter, the investment to launch two of our three tentpole releases back-to-back impacted our second-quarter results and profitability. In addition to Jurassic, we look forward to several more releases in the third quarter, including The Bad Guys 2; Nobody 2; Downton Abbey: The Grand Finale; HIM; and Gabby's Dollhouse: The Movie.

雖然《侏羅紀世界》上映帶來的收益將在第三季度顯現，但連續推出三部主打影片中的兩部的投資影響了我們第二季度的業績和盈利能力。除了《侏羅紀世界》，我們也期待第三季上映的更多影片，包括《壞傢伙們 2》、《無名小卒 2》、《唐頓莊園：盛大結局》、《他》以及《蓋比的娃娃屋：電影版》。

In Media, total Advertising revenue was down 7% in part due to the volume and timing of sports content, as well as tough political comparisons. Excluding this, advertising was down low-single-digits.

在媒體領域，廣告總收入下降了 7%，部分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，廣告收入下降了個位數。

As a reminder, for us, the second quarter has historically lacked tentpole sports. So we've been more susceptible to fluctuations in general entertainment ratings. We look forward to that changing next year with the launch of the NBA.

提醒一下，對我們來說，第二季歷來缺乏重頭戲體育賽事。因此，我們更容易受到一般娛樂收視率波動的影響。我們期待明年隨著 NBA 的推出，這種情況會有所改變。

Looking ahead to the third quarter, we will have a tough comparison to the very successful Paris Olympics, but feel well positioned over the next year given our strong line-up of content, including the NBA premiering in the fourth quarter and the Winter Olympics and Super Bowl in the first quarter of 2026, all of which contributed to record Upfront results that Mike highlighted earlier.

展望第三季度，我們將很難將其與非常成功的巴黎奧運會進行比較，但考慮到我們強大的內容陣容，包括第四季度的 NBA 首映以及 2026 年第一季度的冬季奧運會和超級碗，我們對明年的前景感到十分樂觀，所有這些都為 Mike 之前強調的創紀錄的 Upfront 業績做出了貢獻。

Our overall media results this quarter were driven by the continued meaningful progress we are making in our pivot to streaming. Peacock delivered double-digit revenue growth and a nearly $250 million year-over-year improvement in EBITDA losses, which landed at $100 million this quarter. Despite second quarter being a seasonally light sports quarter, we held paid subscribers steady at 41 million, driven in part by the wildly popular new season of Love Island USA.

本季我們整體媒體表現的推動力來自於我們在串流轉型過程中持續取得的有意義的進展。Peacock 實現了兩位數的營收成長，EBITDA 虧損年增了近 2.5 億美元，本季為 1 億美元。儘管第二季度是體育賽事淡季，但我們的付費訂閱用戶數量仍穩定在 4,100 萬，部分原因是《愛情島美國版》新一季的火爆。

Before wrapping up on capital allocation, let me start by spending a minute on the impact of the corporate tax provisions in the recently enacted tax legislation. The legislation restores 100% bonus depreciation, reinstating full expensing for property acquired and placed in service after January 19th of this year, and restores immediate deductibility for domestic R&D expenses.

在結束資本配置之前，我先花一點時間來討論最近頒布的稅法中的公司稅條款的影響。該立法恢復了 100% 的獎金折舊，恢復了今年 1 月 19 日之後購置並投入使用的財產的全額費用化，並恢復了國內研發費用的立即扣除。

So how does this impact us? We are a leader in US infrastructure investment. We're a leader in domestic content production, and we're a leader in the domestic experiences category. In fact, we have the nation's largest broadband network and are extending our network by adding 1.2 million passings a year. We've just debuted the largest and most sophisticated theme park built in the US in decades. We are leaders in entertainment programming and production, with our film studio consistently ranked number one or number two in worldwide box office. And we are number two in domestic sports programming and the home to many of the top sports in the US like the NFL, the Olympics, the World Cup, Golf, and will soon add the NBA.

那麼這對我們有何影響？我們是美國基礎建設投資的領導者。我們是國內內容製作領域的領導者，也是國內體驗領域的領導者。事實上，我們擁有全國最大的寬頻網絡，並且每年新增 120 萬用戶，以擴展我們的網路。我們剛剛推出了美國幾十年來最大、最先進的主題樂園。我們是娛樂節目製作的領導者，我們的電影工作室在全球票房中一直名列第一或第二。我們在國內體育節目方面排名第二，並且是美國許多頂級體育賽事的舉辦地，例如 NFL、奧運、世界盃、高爾夫，並且很快還將增加 NBA。

As a result of all of that, there are several things in the legislation that benefit us. And we estimate on average roughly $1 billion in annual cash tax benefit for the next several years, with much of the benefit relating to infrastructure investments.

綜上所述，該立法中有幾項內容對我們有利。我們估計，未來幾年平均每年的現金稅收優惠約為 10 億美元，其中大部分優惠與基礎設施投資有關。

In broadband, we've said for some time now that we expect in the vast majority of our domestic footprint, there will effectively be two multi-gig symmetrical wires running into the home. And that's exactly what we've been preparing for by further strengthening and extending our network and innovating to differentiate the in-home Wi-Fi experience we deliver. The change in tax legislation provides a tailwind to that strategy and further supports our US investment, benefiting the company, our customers, and the communities we serve all across the country.

在寬頻方面，我們已經說過一段時間了，我們預計在我們絕大多數的家庭網路中，實際上將會有兩條多千兆對稱線路進入家庭。這正是我們一直在準備的，透過進一步加強和擴展我們的網絡，並進行創新來提供差異化的家庭 Wi-Fi 體驗。稅收立法的變化為該策略提供了順風，並進一步支持了我們在美國的投資，使公司、我們的客戶以及我們在全國各地服務的社區受益。

So, our expectation is that this legislation helps fuel the capital allocation formula that's been successful for us, which starts with reinvesting in our businesses, prioritizing a strong balance sheet, and strong returns of capital to our shareholders through dividends and share buybacks. We've been shrinking our share count by mid-single-digits on an annual basis for the past several years, and we expect to continue to do that as part of a robust and balanced capital allocation framework.

因此，我們期望這項立法有助於推動我們成功的資本配置公式，該公式首先對我們的業務進行再投資，優先考慮強勁的資產負債表，並透過股息和股票回購為股東帶來豐厚的資本回報。過去幾年來，我們每年都以中等個位數的速度減少股票數量，並且我們預計作為穩健、均衡的資本配置框架的一部分，我們將繼續這樣做。

With that, let me turn it back over to Marci.

說完這些，讓我把話題轉回給 Marci。

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'll 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）

Michael Rollins, Citibank.

花旗銀行的麥可‧羅林斯。

Thanks, and good morning. First, on broadband, you mentioned the early reaction that you've seen from the adjustments to your go-to-market. Curious if you'd give some more details on that, on the competitive landscape and how that influences the pace over which you'd expect to improve quarterly broadband performance going forward.

謝謝，早安。首先，關於寬頻，您提到了從市場調整中看到的早期反應。我很好奇您是否能提供一些關於競爭格局的更多細節，以及競爭格局如何影響您預期未來季度寬頻效能改善的速度。

Hey, Mike. This is Dave. So starting with the competitive landscape, it remains intense, as we've noted. Fixed wireless remains very active in the marketplace. Fiber competitors continue to build more passings. So that certainly hasn't changed in terms of the landscape. From our perspective, we want to make these changes that will help our competitive position, leverage our strengths, but change the experience side of things to address some of the pain points that we've talked about.

嘿，麥克。這是戴夫。因此，正如我們所注意到的，從競爭格局來看，競爭仍然十分激烈。固定無線在市場上仍然非常活躍。光纖競爭對手持續創造更多紀錄。所以從景觀來看肯定沒有改變。從我們的角度來看，我們希望做出這些改變，以增強我們的競爭地位，發揮我們的優勢，但改變事物的體驗方面，以解決我們談到的一些痛點。

So, while it remains intense, the changes -- what doesn't change is our tremendous sense of urgency around getting to the other side, around whether it's all-in pricing, whether with the -- leveraging the gateway included, unlimited, the free mobile line -- that's part of it, the lowering everyday pricing, the 5-year price guarantee -- that's key, and all the customer experience changes. Those things are underway.

因此，儘管情況依然嚴峻，但變化——不變的是我們對到達彼岸的強烈緊迫感，無論是全包定價，還是利用包含的網關、無限制、免費移動線路——這是其中的一部分，降低日常價格，5 年價格保證——這是關鍵，所有客戶體驗都會發生變化。這些事情正在進行中。

We're real early to comment in terms of any impact at this point other than to say, as Jason brought up that the early connect activity, very encouraging. Half of the eligible new customer connects selected the 5-year price guarantee. And we saw a 20% increase in the share of new connects choosing the premium gig speed. So like the early results, but we're moving with a lot of speed. And like the early results.

我們現在還不能就任何影響發表評論，但正如傑森所提到的，早期的連結活動非常令人鼓舞。一半符合資格的新客戶選擇了 5 年價格保證。我們發現選擇優質千兆速度的新連線份額增加了 20%。所以就像早期的結果一樣，但我們正在快速前進。並且喜歡早期的結果。

Mike, it's Mike. I'll just jump in and echo -- and kudos to Dave and Steve and team, the urgency with which they're going after the competitive environment is really strong and impressive. So thanks to that team for that.

麥克，我是麥克。我只是想附和——向戴夫、史蒂夫和團隊表示敬意，他們在競爭環境中所表現出的緊迫感非常強烈，令人印象深刻。所以，感謝這個團隊。

But I think to answer your question as well, all the tools of the go-to-market changes that I went through, the seven of them, plus the various attack on any element of customer friction in the experience of engaging with us, whether that's through VRUs or dotcom channels or sales channels or otherwise, there's a lot going on. And I think all that is in the market.

但我想回答你的問題，我經歷過的所有進入市場變革的工具，其中七個，加上對與我們互動的過程中任何客戶摩擦因素的各種攻擊，無論是透過 VRU 還是網路管道或銷售管道或其他方式，都有很多事情發生。我認為所有這些都在市場上。

So as we engage with customers, whether they're at a promo role moment or a new customer coming in the door or just a normal customer interaction, I think there's a lot of -- all the things we talked about are at work. And I think it's a mode of continuous improvement throughout the business. When new things pop up, we're going to be doing new things to address the competitive situation with a view that, obviously, this is a hugely important business.

因此，當我們與客戶互動時，無論他們處於促銷角色時刻，還是新客戶進門，或者只是正常的客戶互動，我認為有很多 - 我們談論的所有事情都在起作用。我認為這是整個業務持續改進的一種模式。當新事物出現時，我們將會採取新措施來應對競爭情勢，顯然，這是一項非常重要的業務。

And I think the goal of it all is to position the broadband customer base to really the connectivity customer base in a way that we've got a very loyal, satisfied, experiencing the value of our products with greater stickiness, lower churn, and exposed to our mobile product, which we think drives a lot of value. And I think that's going to set us up well for the long-term competitive dynamics that Jason described just a moment ago of having two lines into each home in the marketplace over the long term. So I think bringing great products, great service, and a great network to bear on all that, wrapped in all the things that Dave and Steve are doing is the plan of attack.

我認為這一切的目標是將寬頻客戶群定位到真正的連結客戶群，這樣我們就能擁有非常忠誠、滿意的客戶群，他們能夠以更高的黏性、更低的客戶流失率體驗我們產品的價值，並接觸到我們的行動產品，我們認為這能帶來很多價值。我認為這將為我們長期的競爭動態奠定良好的基礎，正如傑森剛才所描述的那樣，長期而言，市場上每個家庭都有兩條生產線。因此，我認為，將優質的產品、優質的服務和強大的網絡融入戴夫和史蒂夫所做的所有事情中，這就是進攻計劃。

Thanks, Mike. Operator, we will take our next question, please.

謝謝，麥克。接線員，請回答我們的下一個問題。

Craig Moffett, MoffettNathanson.

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

Hi. Thank you. Let me stay with broadband, if I could. Charter called out involuntary disconnects. There's non-pay disconnects as one of the headwinds. I wonder if you're seeing any of the same thing, which I suspect would point to some continuation of the market impact of discontinuing the ACP program.

你好。謝謝。如果可以的話，請讓我繼續使用寬頻。查特呼籲非自願斷線。其中一個不利因素是未支付斷電。我想知道您是否看到了同樣的情況，我懷疑這表明停止 ACP 計劃對市場的影響會持續存在。

And then if I think about Project Genesis and where you are with your network upgrades, have you seen any material differences in the way you're competing in Project Genesis markets where you're finished versus where you're not finished yet? What kind of market impact is that having?

然後，如果我考慮創世紀計畫以及你們的網路升級情況，你們在已經完成的創世紀計畫市場和尚未完成的創世紀計畫市場中的競爭方式是否存在實質差異？這會產生什麼樣的市場影響？

Craig, this is Dave. So non-pay, from our perspective, we've seen a slight uptick at this point, balanced by, as Jason and Mike said, that both going into Q2 relative to Q1 on connects and voluntary churn, we saw a stabilization. There was a slight uptick in non-pay but not material.

克雷格，這是戴夫。因此，從我們的角度來看，非付費用戶目前出現了小幅上漲，但正如 Jason 和 Mike 所說，相對於第一季而言，進入第二季後，無論是連線數還是自願流失率，我們都看到了穩定。拖欠工資的情況略有增加，但並不嚴重。

So on Genesis, the great part, as Mike talked about the network, you have to put in perspective, we have invested pretty consistently over a long period of time, mid splits and other things that put us in a great position. I mean, today, we have gig plus speeds everywhere. And so our ability to compete -- for all segments, we're in a really good position to do that.

因此，關於 Genesis，最棒的部分是，正如 Mike 談到網路時所說，你必須客觀看待，我們在很長一段時間內保持相當持續的投資，中期分割和其他事情使我們處於有利地位。我的意思是，今天我們到處都有千兆以上的速度。因此，我們的競爭能力——對於所有領域，我們都處於非常有利的地位。

And so in terms of the upgrades, we're on track. We're ahead of plan actually. And we are motoring very quickly on the next phase, which is going to the DOCSIS 4.0.

因此，就升級而言，我們的進展順利。事實上我們已經提前完成了計劃。我們正在快速推進下一階段，即進入 DOCSIS 4.0。

So we're in good shape. We're competing with the strength of the network. And one addition I would add to -- when we talk about our network, a huge part of our point of differentiation is Wi-Fi, that you have to include Wi-Fi in it. And our definition of great Wi-Fi is Wi-Fi that matches the capability of your network. So great coverage, great speeds, and intelligence that can manage just lots of devices. So overall, when you step back, I think our network position is very strong.

所以我們的狀態很好。我們正在與網路的力量競爭。我想補充一點——當我們談論我們的網路時，我們的一大差異點是 Wi-Fi，你必須將 Wi-Fi 納入。我們對優質 Wi-Fi 的定義是與您的網路功能相符的 Wi-Fi。覆蓋範圍廣、速度快，並且能夠管理大量設備。所以總的來說，我認為我們的網路地位非常強大。

Next question, please.

請回答下一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey. Good morning. Thanks for the question. I just have two on broadband. First on pricing, I was just wondering if you could talk a little bit about this concept of everyday pricing as a potential drag to ARPU growth. How many of your broadband customers are on pricing that are above those headline everyday price rates today? I'm just trying to understand how long these ARPU headwinds may persist.

嘿。早安.謝謝你的提問。我的寬頻只有兩個。首先關於定價，我想知道您是否可以稍微談一下日常定價這一概念，因為它可能會阻礙 ARPU 的成長。您的寬頻客戶中有多少人的收費標準高於當今的日常價格？我只是想了解這些 ARPU 不利因素可能會持續多久。

And then second, I was just wondering if you could talk about whether we're back to seasonal on domestic broadband net adds. Could we see improving net additions next quarter just given back to school? Thank you.

其次，我想知道您是否可以談談國內寬頻淨增量是否又回到了季節性。我們是否可以看到下個季度淨增量的改善？謝謝。

Hey, Michael. So in terms of everyday pricing, our focus is to get rolling in the early-stage part of this, in terms of impact, is connects, and we've talked about the connect early-stage results, that's pretty encouraging -- half of the eligible customers are taking it. But we won't be bashful in terms of making it available to the existing base the right packages that make sense for them.

嘿，麥可。因此，就日常定價而言，我們的重點是啟動早期階段，就影響而言，就是連接，我們已經討論過連接早期階段的結果，這是非常令人鼓舞的——一半符合條件的客戶都在使用它。但我們不會羞於提供現有使用者適合他們需求的正確方案。

So I won't give detail in terms of the level of customers at this point. But we're going to be very disciplined with a lot of purpose around making sure whether it's base management or in retention that all of our packages will be made available to them.

因此，目前我不會提供有關客戶等級的細節。但我們將非常嚴格，有目的地確保無論是基礎管理還是保留，我們所有的軟體包都將可供他們使用。

So we'll be pretty aggressive. As Mike said, the more we put into these longer-term packages, again, if they are willing to pay a little bit more upfront and to have that stability, that's good news for us. And they have all the capability of the products and with an eye towards churn improvement. So it's going to be an aggressive broad-based plan, connects, base management and retention and full use of these new go-to-market tactics.

所以我們會非常積極。正如麥克所說，我們在這些長期計劃中投入的越多，如果他們願意預先支付更多費用並獲得穩定性，這對我們來說是個好消息。他們擁有產品的所有功能，並專注於改善客戶流失。因此，這將是一個積極的、廣泛的計劃，連接、基礎管理和保留以及充分利用這些新的市場進入策略。

On the seasonal trends, I think there's been a steady movement towards more seasonal activity that we have seen over time. So yes, Q3 is always a pretty big back-to-school period. And we are, as always, aggressively positioned to go after that. And there are seasonal trends that just happened in Q2 that we talked about, but I think there's movements towards more predictable seasonal trends that we had previously seen.

就季節性趨勢而言，我認為隨著時間的推移，我們看到了向更多季節性活動穩步發展的趨勢。所以是的，第三季始終是一個相當重要的返校時期。我們將一如既往地積極努力，實現這一目標。我們談到了第二季度剛出現的季節性趨勢，但我認為目前的趨勢正朝著我們之前看到的更可預測的季節性趨勢發展。

Yeah. Hey, Michael, it's Jason. Just to round out the ARPU question. So as we said in the upfront remarks, 3.5% growth this quarter, we expect it to moderate in the next couple of quarters as we migrate more customers onto new pricing with the goal being it takes several quarters to do this. But if you fast forward a year or two years out, we've got a substantial portion of our base migrated onto new packaging. We gave a guide that said we still expected healthy ARPU growth in this timeframe but moderated a little bit from where we are right now.

是的。嘿，邁克爾，我是傑森。只是為了完善 ARPU 問題。因此，正如我們在前期發言中所說的那樣，本季的成長率為 3.5%，我們預計未來幾個季度的成長速度將會放緩，因為我們將讓更多客戶轉向新的定價，而這需要幾個季度的時間才能實現。但如果你快轉一兩年，我們會發現我們基地的很大一部分已經遷移到新的包裝上。我們給出的指導表明，我們仍然預計在此時間範圍內 ARPU 會實現健康成長，但與目前的水平相比會略有放緩。

Thanks, Mike. Operator, next question, please.

謝謝，麥克。接線員，請問下一個問題。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Good morning. Jason, you called out 3.7%, I think, convergence revenue growth, which is a nice way to kind of cut through all the GAAP allocations. When you look at the business in the back half, should we expect any movement up or down in that when you sort of think about the volume improvements in mobile offset by your ARPU commentary? I was also curious if you had a cash tax number or help for 2025. Given all the changes, that would be helpful.

早安.傑森，我認為你提到的融合收入成長是 3.7%，這是削減所有 GAAP 分配的好方法。當您查看下半年的業務時，如果您認為行動業務量的增加會被您的 ARPU 評論所抵消，我們是否應該預期會出現上升或下降的走勢？我還想知道您是否有 2025 年的現金稅號或幫助。考慮到所有的變化，這將會很有幫助。

And then for Mike, just on Peacock, you got a lot going on in that business. You're going to have a lot of revenue coming in with that price increase and the upfront but also the NBA. Just can you talk a little bit about how you see the rest of the year playing out for that business just as we think about all those moving pieces? Thanks a lot.

對麥克來說，就孔雀而言，你在這個行業中有很多事情要做。隨著價格上漲和預付款的支付，以及 NBA 的收入也會增加。當我們考慮所有這些變動因素時，您能否稍微談談您對今年剩餘時間該業務發展的看法？多謝。

Several questions there, Ben. Let me start with cash taxes. So we said $1 billion a year on average for the next several years as a result of substantial domestic infrastructure investments we make. We are exactly the type of company this benefits because of the type of investments we're making. I'd look for that to be roughly that number in 2025, not something we're going to kind of continue to guide on. But as you look to set expectations for 2025, that's probably about the right number.

有幾個問題，本。我先從現金稅開始。因此，我們表示，透過對國內基礎設施進行大量投資，未來幾年平均每年將獲得 10 億美元。我們正是因進行此類投資而受益的公司。我預計到 2025 年這個數字將大致如此，我們不會繼續以此為指導。但當你展望 2025 年的期望時，這可能是正確的數字。

On convergence revenue, maybe I'll tag team with Dave a little bit. But as you look at this quarter, 3.7% growth, I think what we're setting ourselves up for, again if you fast forward, is a base that's repackaged on the broadband side and a base of wireless business that's larger than it otherwise would be because we've exposed our product to more and more customers and have the ability to grow off of this when customers roll off the free line. These are customers -- a lot of whom we necessarily wouldn't have attracted under legacy pricing and packaging. And now we have the opportunity to attract -- expose them to our product and then price them in a year from now when we roll off. So a real opportunity there in the interim.

在融合收入方面，也許我會和戴夫稍微合作一下。但當你看到本季 3.7% 的成長率時，我想，如果你再快轉一下，我們就會發現，寬頻方面的基數已經重新包裝，無線業務的基礎也比原本要大，因為我們已經將我們的產品展示給越來越多的客戶，並且有能力在客戶放棄免費線路時實現增長。這些客戶中有很多是我們如果採用傳統的定價和包裝方式肯定無法吸引的。現在我們有機會吸引他們——向他們展示我們的產品，然後在一年後我們推出產品時為他們定價。因此，這段期間確實存在一個機會。

Again I think you're going to see a little bit of pressure on the convergence revenue metric. As we said, ARPU growth moderates a little bit in the next couple of quarters. In wireless, we've got a portion of our base that's coming in on free line, which moderates that metric as well, but all in the process of setting ourselves up for the one-year, two-year mark, where we can reaccelerate.

我再次認為，你會看到融合收入指標面臨一點壓力。正如我們所說，ARPU 成長在接下來的幾季中會略有放緩。在無線領域，我們有一部分用戶是透過免費線路接入的，這也對無線業務的成長速度有一定影響，但這一切都是為了在一年或兩年後重新加速發展。

This is Brian. I just want to -- just on the cash tax point, just use it as an opportunity just to say that any policy that encourages American investment really lines up extremely well with everything we've done since the founding of the company. So for decades, we've been investing mostly here in America, building the biggest broadband network, opening theme parks, high-skilled workforce, and we believe where technology is headed, especially with AI and all the different connectivity uses to reshape our society in everything we do, that we are in a great position to continue to lead and invest in the nation's broadband fiber Internet infrastructure as we always have done. So I think it leads to the cash tax question that we are going to be able to take advantage of that policy in a way that's great for our customers.

這是布萊恩。我只是想——就現金稅這一點而言，我只是藉此機會說一下，任何鼓勵美國投資的政策都與我們自公司成立以來所做的一切非常吻合。因此，幾十年來，我們主要在美國進行投資，建立最大的寬頻網絡，開設主題公園，培養高技能勞動力，並且我們相信技術的發展方向，特別是人工智慧和所有不同的連接用途，將在我們所做的每一件事中重塑我們的社會，我們處於有利地位，可以像往常一樣繼續領導和投資國家寬頻光纖互聯網基礎設施。所以我認為這引出了現金稅問題，我們將能夠以對我們的客戶有利的方式利用這項政策。

Okay. Thanks, Ben. It's Mike. So we do have a lot going on in Peacock and NBC. So let me just step back and kind of cover some ground here. So really happy with what the team has been doing.

好的。謝謝，本。我是麥克。因此我們在 Peacock 和 NBC 確實有很多事情要做。因此，讓我退一步來談談這裡的情況。我對團隊所做的一切感到非常高興。

When you take NBC -- and needless to say, we'll get to parks at some point, but really great things going on in the parks business. The studio business has been a top-of-the-class performer. So alongside that is really our media businesses, where, obviously, there's a lot of challenges in the ecosystem. But we took on the challenge and opportunity of creating a streaming service in Peacock. And I'm proud to say that we see very strong continued momentum there.

當你接管 NBC 時——不用說，我們最終會在某個時候進入公園，但公園業務確實發生了許多偉大的事情。工作室業務一直表現一流。除此之外，我們的媒體業務生態系統顯然也面臨許多挑戰。但我們接受了在 Peacock 中創建串流媒體服務的挑戰和機會。我很自豪地說，我們看到那裡持續強勁的發展勢頭。

Second quarter, we saw revenues again up nicely into the double digits, 18%; as Jason mentioned, the $250 million year-over-year improvement in EBITDA to a loss of $100 million. But it's really when you look ahead now a couple of quarters down the road, after the Versant spin, we'll then have a media business made up of NBC broadcast, Bravo, Telemundo, as well as Peacock that really are completely symbiotic, leveraging the strengths of the entertainment business, which is both scripted and reality entertainment as well as sports and news. And in addition, obviously, our pay-one movies.

第二季度，我們的營收再次大幅成長，達到兩位數，即 18%；正如 Jason 所提到的，EBITDA 同比去年同期改善了 2.5 億美元，虧損則減少了 1 億美元。但實際上，當你展望未來幾季時，在 Versant 分拆之後，我們將擁有一個由 NBC 廣播、Bravo、Telemundo 以及 Peacock 組成的媒體業務，它們實際上是完全共生的，利用娛樂業務的優勢，既包括劇本娛樂和真人娛樂，也包括體育和新聞。此外，顯然還有我們的付費電影。

So that new NBC media segment, I think, is really strategically well positioned to continue to compete on the back of -- we're going to have our 100th anniversary of NBC next year. It's a business that's been around a long, long time, has an unbelievable amount of advantages. So having a strategy for the future that is going to serve customers in a digital way through Peacock that wasn't the case a mere four, five years ago, I'm really glad we've got the business set up the way it's set up.

因此，我認為，NBC 的新媒體部門確實具有良好的戰略地位，能夠繼續競爭——明年我們將迎來 NBC 成立 100 週年。這是一項已經存在很長時間的業務，擁有令人難以置信的眾多優勢。因此，我們制定了未來策略，即透過 Peacock 以數位化方式為客戶提供服務，而這在四、五年前還不是這樣，我很高興我們按照現在的方式建立了業務。

So when you look now ahead to what's coming from the moment where we're now launching into bringing the NBA back to NBC, which everyone here is extremely excited about and I think the people at the NBA as well, there's lots of great ideas for that. But that will start in the fall and go obviously heavily into the first half of next year.

因此，當你現在展望從我們現在開始將 NBA 帶回 NBC 的那一刻起會發生什麼時，這裡的每個人都對此感到非常興奮，而且我認為 NBA 的人也對此有很多很棒的想法。但這將於秋季開始，並顯然會持續到明年上半年。

It will be -- the positives needless to say are it's going to give us a full year of sports programming. So the point Jason made earlier about the dearth of sports in our second quarter won't be the case next year.

毫無疑問，它的積極意義在於它將為我們提供一整年的體育節目。因此，傑森之前提到的我們第二季度體育賽事缺乏的情況明年將不會再出現。

And obviously, it's a sport that is hugely culturally relevant. So there's a lot of thinking going on in our entertainment side of how to build things beyond sports around the new audience.

顯然，這是一項與文化息息相關的運動。因此，我們在娛樂方面正在積極思考如何圍繞新觀眾打造體育以外的內容。

So we've talked about all the reasons we like the NBA so much before. But it's a big investment. So when the -- in this first season, we will take a full year's worth of cost amortization related to the business, and that largely starts in the first quarter.

我們之前已經討論過我們如此喜歡 NBA 的所有原因。但這是一筆很大的投資。因此，在第一個季度，我們將進行與業務相關的全年成本攤銷，這主要從第一季開始。

I'll make a note that we'll do our accounting for that where we are going to be essentially straight-lining the 11-year contract, whereas our cash costs are substantially lower in the early years. So we'll have a big working capital benefit that I'll be calling out in the first couple of years of the contract. But put that to the side.

我要指出的是，我們將對此進行會計處理，基本上按照直線法計算 11 年期合同，而我們的現金成本在早期要低得多。因此，我們將獲得巨大的營運資金效益，我將在合約的頭幾年呼籲這一點。但先把這個放在一邊。

On the revenue side, that's the cost on the revenue side. Obviously, we're taking a big price increase that was in effect already for new Peacock subscribers and will be in effect for existing at the end of August. So that's one element.

從收入方面來說，這就是收入的成本。顯然，我們將大幅提高價格，這項措施已對新的 Peacock 用戶生效，並將於 8 月底對現有用戶生效。這是一個要素。

I talked in the earlier remarks about the incredibly strong sports upfront. So I think a big piece of that is having the NBA in there, so that's delivered strongly. And over time, we'll have -- the next few years, we'll have the opportunity to drive Peacock subscribers higher as we leverage NBA and other content, and the continuation of consumer trends moving from the linear ecosystem to the streaming ecosystem, continues. We'll have our various distribution deals over several years, call it, three or so, reset and capture more revenues on that side. And over multiple years, we'll have the chance to rebalance various programming commitments for Peacock and NBC at large.

我在之前的評論中談到了前期極其強大的體育運動。所以我認為這其中很大一部分原因是 NBA 的參與，因此其影響力非常大。隨著時間的推移，在接下來的幾年裡，我們將有機會利用 NBA 和其他內容來提高 Peacock 的訂閱用戶數量，而消費者趨勢也將從線性生態系統轉向串流生態系統。我們將在未來幾年，也就是三年左右的時間內達成各種分銷協議，重新設定並獲得更多收入。在未來幾年內，我們將有機會重新平衡 Peacock 和 NBC 的各種節目製作承諾。

So that's the dynamics. I won't give you any particular second-half forecast. But as you look through the next year, we're onboarding all of that, and I look forward to -- when we're here in a year from now with one season under our belt and lapping that year, I think the business of media at NBC is set up for -- to be well positioned for growth from there post-Versant and post-NBA and with the scaled Peacock that it now is.

這就是動態。我不會給你任何具體的下半年預測。但當你展望明年時，我們會把所有這些都納入其中，我期待著——當我們一年後在這裡，完成一個賽季並超越那一年時，我認為 NBC 的媒體業務已經做好了準備——在 Versant 和 NBA 之後以及在 Peacock 擴大規模的情況下，為增長做好準備。

And I think the last point is it's also a set of properties and assets that is going to be extremely attractive to the consumer and very well designed to participate in any of the possible re-bundling of and reaggregation of streaming services. So I think the team has accomplished a whole lot in these media businesses over the last few years. So proud of the work that everybody at NBC has done.

我認為最後一點是，它也是一組對消費者極具吸引力的屬性和資產，並且非常適合參與任何可能的串流媒體服務的重新捆綁和重新聚合。所以我認為該團隊在過去幾年中在這些媒體業務上取得了巨大成就。我為 NBC 每個人所做的工作感到驕傲。

Thanks, Ben. Operator, we'll take our next question, please.

謝謝，本。接線員，請回答我們的下一個問題。

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)。

Thank you. I guess it's time to get to parks. Could you maybe give us some more color on what you're seeing in the market dynamics in Orlando? Whether it's overall market growth -- you mentioned that you're not seeing that much cannibalization in your own parks. And maybe kind of ultimate operating leverage and how you see CapEx flowing through. You have great IP, but ultimately, you'll add more.

謝謝。我想該去公園了。您能否向我們詳細介紹一下您所看到的奧蘭多市場動態？無論是整體市場的成長——您提到您沒有看到自己的公園出現那麼多的蠶食現象。也許是最終的經營槓桿以及您如何看待資本支出的流動。您擁有出色的 IP，但最終，您會添加更多。

And then maybe just stepping back, like a broader question for Brian. As you look out over the next couple of years, there's been so much going on in all of your businesses. What do you view as the most underappreciated growth levers for Comcast as a whole?

然後也許只是退一步，就像向布萊恩提出一個更廣泛的問題。展望未來幾年，你會發現，你們的所有業務都發生了許多變化。您認為康卡斯特整體上最被低估的成長槓桿是什麼？

And then, sorry, but Mike, a follow-up, you mentioned NBA, the costs kick in Q1. Why not Q4 of '25?

然後，抱歉，但麥克，接下來的問題，你提到了 NBA，成本在第一季開始。為什麼不是 25 年第四季？

Okay. It's Mike. So thanks. I misspoke. It does kick in as the season starts. So it kicks in in the fourth quarter; it goes through the full season. So sorry for that.

好的。我是麥克。所以謝謝。我說錯了。隨著賽季的開始，它確實開始發揮作用。所以它從第四季度開始；並持續整個賽季。對此我深感抱歉。

In terms of Orlando, I think the -- between ourselves and the other parks business that's there, it's a very strong destination for consumers coming to market. And with both businesses investing heavily, I think that's going to continue to be the case to the benefit of everyone in the market.

就奧蘭多而言，我認為——我們和那裡的其他公園企業之間，對於消費者來說，這是一個非常強大的市場目的地。由於兩家公司都投入巨資，我認為這種情況將會持續下去，對市場上的每個人都有好處。

What we're focused on, obviously, is Epic, which is new to market. And as I said in the prepared remarks, we're really pleased with what we're seeing in terms of revenues in Orlando year over year coming in across -- when you look at the parks altogether, much higher per caps, and that's driven by getting people there for the wonderful experience that is Epic.

顯然，我們關注的是新上市的 Epic。正如我在準備好的發言中所說的那樣，我們對奧蘭多公園逐年的收入感到非常高興——如果從整體來看，人均收入要高得多，這是因為人們來這裡是為了享受 Epic 的美妙體驗。

So I think as we look to the second half of the year, you'll see just in terms of operating leverage, I think things are on track with Epic and Orlando for us. And operating leverage will be improved simply due to the roll-off of sort of the soft opening that we kind of lap versus the first quarter, which was a short period of Epic being fully opened. So that's Orlando.

因此，我認為，當我們展望下半年時，您會看到，僅從營運槓桿的角度來看，Epic 和 Orlando 的情況對我們來說都是正常的。並且，由於試營運期的結束，營運槓桿將會提高，這與第一季相比有所重疊，而第一季是 Epic 全面開幕的短暫時期。這就是奧蘭多。

Jessica, thanks. I think it's an important question and the kind of lens that I think is important to look a little longer. I think, a bunch of things that are energizing for why perhaps we’re underappreciated in terms of growth possibilities.

傑西卡，謝謝。我認為這是一個重要的問題，而且我認為用更長遠的眼光來看這個問題也很重要。我認為，有很多事情可以解釋為什麼我們的成長潛力沒有被充分重視。

Previously, we've articulated six growth businesses. So I won't rearticulate all of them. A lot of that's around broadband, both residential and business services. And we're -- I think we've reenergized the culture around here to focus on how to deliver innovation. We're pivoting, our products are exciting, the pivot with wireless being a really leading part of the bundle for all customers and being more transparent and customer-focused. That's a great mandate.

此前，我們曾闡述六大成長業務。所以我不會重新闡述所有這些。其中許多涉及寬頻，包括住宅和商業服務。而且我們——我認為我們已經重新激發了這裡的文化，並專注於如何實現創新。我們正在轉型，我們的產品令人興奮，無線轉型是所有客戶捆綁服務中真正主要的一部分，並且更加透明和以客戶為中心。這是一個偉大的使命。

And the way we tell that story to the consumer with some of the team that we're assembling, I think you're going to see that really resonate. I'm very excited at the work that's being done.

而且，透過我們組建的團隊向消費者講述這個故事的方式，我想你會看到它確實引起了共鳴。我對正在進行的工作感到非常興奮。

As I look a little bit also with the Versant spin -- and you'll have a chance to hear from Mark Lazarus and Anand Kini over time about that before the end of the year -- it really does do a great thing for the growth businesses, those six businesses that today are about -- they were 50%. Now they're up to 60%, post the spin they become 65% of our revenues and in just a couple of years after that, if the trends continue, it would be 70%.

當我稍微看一下 Versant 的旋轉時——您將有機會在年底之前聽到 Mark Lazarus 和 Anand Kini 對此的看法——它確實為成長型企業帶來了巨大的好處，今天的這六家企業——它們的增長率約為 50%。現在，這一比例已上升至 60%，分拆後，這一比例將占我們收入的 65%，如果這一趨勢持續下去，幾年後，這一比例將達到 70%。

So all of a sudden, it's a very different narrative, where half your company is declining and half of your company is growing to where 70% of your company is growing. And each of those businesses has a runway of growth that you're excited by. And so I think we're a unique company.

所以突然之間，情況就變得非常不同了，一半的公司在衰退，另一半的公司正在成長，甚至有 70% 的公司在成長。每項業務都有一條令您興奮的成長道路。所以我認為我們是一家獨特的公司。

A number of you were at Epic Universe; not many companies on the planet could take the decade it took to build the maybe the finest theme park in the world. And we're looking forward to doing that over time in the London area.

你們中的許多人都曾在 Epic Universe 工作；世界上沒有多少公司能夠花費十年時間建造出世界上最好的主題樂園。我們期待在倫敦地區開展這項工作。

We've got some smaller ventures that are opening this summer in Las Vegas, and we just announced Chicago, and with Kids in Texas and Horror. We've got films. We've got Peacock. So I see so much excitement in our company, and I look forward to the day where the story is a little simpler. And I think that that’s happening organically -- with what we just talked about. So very bullish, and I think the best is coming. So that's my thoughts.

今年夏天，我們將在拉斯維加斯開設一些規模較小的影院，並且剛剛宣布將在芝加哥開設影院，同時還將在德克薩斯州開設兒童影院和恐怖影院。我們有電影。我們有孔雀。所以我在我們公司看到瞭如此多的激動人心的事情，我期待著有一天故事會變得更簡單一些。我認為，這是自然而然發生的——正如我們剛才所討論的。所以非常樂觀，我認為最好的事情即將到來。這就是我的想法。

Thanks, Jessica. Operator, next question, please.

謝謝，傑西卡。接線員，請問下一個問題。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great. Thank you for taking the question. I want to ask about M&A. There's been a fair amount of deal-making across your peers, particularly on the communications side. Comcast has a long history of M&A though I realize it's a nuanced regulatory backdrop at the moment. So how should we think about your interest level for potential acquisitions beyond some of the tuck-ins that you continue to make on Business Services?

偉大的。感謝您回答這個問題。我想問一下關於併購的問題。您的同行之間已經達成了相當多的交易，特別是在通訊方面。康卡斯特有著悠久的併購歷史，儘管我意識到目前的監管背景有些微妙。那麼，除了您在商業服務領域繼續進行的一些收購之外，我們應該如何看待您對潛在收購的興趣程度？

And maybe relatedly, I know it's maybe too early to talk about the path ahead at Versant, but whatever you could share on its inorganic opportunities as well would be very helpful ahead of the expected spin later this year. Thank you.

也許與此相關的是，我知道現在談論 Versant 未來的道路可能還為時過早，但無論您能否分享其無機機會，都將在今年晚些時候預期分拆之前非常有幫助。謝謝。

Well, let me -- before we get to M&A, let me -- this is Brian, and Mike can cover this as well. But I really think something we did this quarter that Dave touched on is -- and the team, is T-Mobile and Business Services. Business Services now is about 25% of our connectivity business. It's a $10 billion part of the company. We've been making smaller organic growth and acquisitions and M&A as you heard.

好吧，在我們討論併購之前，讓我先來談談布萊恩 (Brian)，麥克 (Mike) 也可以負責這個主題。但我確實認為我們本季所做的事情，戴夫提到的是——以及團隊，是 T-Mobile 和商業服務。目前，商業服務約占我們連結業務的 25%。這是該公司價值 100 億美元的一部分。正如您所聽到的，我們一直在進行小規模的有機成長、收購和併購。

We now connect more small businesses than anyone else in the country, and we see strong traction with larger enterprises. So it was very important for us to be able to use mobile in our relationships in the mid-market to win more share. And the relationship with T-Mobile allows us to now do that in ways that we haven't been able to offer before. So it's strategic and I think will be, hopefully, a great partnership, and we're all very excited to get started.

現在，我們連接的小型企業比國內任何其他公司都多，我們看到大型企業也表現出強勁的吸引力。因此，對於我們來說，能夠在中端市場關係中使用行動裝置來贏得更多份額非常重要。與 T-Mobile 的合作使我們能夠以以前無法提供的方式做到這一點。所以這是具有戰略意義的，我認為這將是一次偉大的合作，我們都非常興奮能夠開始這段合作。

We also have a really important relationship and a terrific relationship with Verizon, with our MVNO there. And along with that deal with T-Mobile, we feel good about the capital-light approach to wireless. The foundation of wireless strategy -- as Dave was talking about, is Wi-Fi. And today, we carry -- about 90% of all of our traffic is going over Wi-Fi. I think when people hear that they're kind of stunned.

我們與 Verizon 以及我們的 MVNO 也保持著非常重要且極好的關係。加上與 T-Mobile 達成的協議，我們對無線領域的輕資本做法感到滿意。正如戴夫所說，無線策略的基礎是 Wi-Fi。今天，我們的大約 90% 的流量都是透過 Wi-Fi 傳輸的。我想當人們聽到這個消息時都會感到震驚。

And Wi-Fi works better when you're close to a wire. And we can marry a network together better than anyone. And I think now our customers are going to benefit from two national and two great national 5G networks.

當你靠近電線時，Wi-Fi 的效果會更好。我們可以比任何人都更好地將網路結合起來。我認為現在我們的客戶將受益於兩個國家級和兩個偉大的國家級 5G 網路。

So M&A, kick it over to you, Mike, but really excited with the progress we've been able to strategically make with smaller acquisitions and with innovative partnerships.

因此，併購，交給你了，麥克，但我們對透過小規模收購和創新合作取得的策略進展感到非常興奮。

So on M&A, I think these are comments that are consistent with what you've heard from us before. I think it starts with -- obviously, it's our job to consider things, think about things, look at what could be coming around the corner and with discipline to evaluate anything that does come along. So not speaking other than in a general way about that, you could assume that the cadence of what we do is to give a lot of thought to what inorganically could be value-creating.

因此，關於併購，我認為這些評論與您之前聽到的一致。我認為首先要考慮的是——顯然，我們的工作是考慮事情、思考事情、看看可能會發生什麼，並有紀律地評估所發生的任何事情。因此，除了一般性地談論這一點之外，您可以假設我們所做的節奏是充分考慮無機事物可以創造價值的東西。

But I think we said before and continue to say that the bar is really high because I think, particularly when you look at the moment in time we are with a lot of transitions that are, I feel, being well executed in our businesses, that we have plenty of opportunity to create value by running what we have really well and making growth investments either directly in businesses or the tuck-in kind of acquisitions that give us capabilities in places like Business Services, as you've seen us do. So I think that's what you can count on us for.

但我認為我們之前就說過，並且會繼續說，門檻真的很高，因為我認為，特別是當你看到我們正處於許多轉型時期的時候，我覺得我們的業務正在很好地執行，我們有足夠的機會通過經營好我們現有的業務並進行增長投資來創造價值，無論是直接在業務上，還是通過補充性收購，讓我們在商業服務等領域擁有的能力，正如你所看到的能力。所以我認為您可以信賴我們。

And when it comes to the other side of the equation, just thinking about the portfolio and what fits for what we're doing and what might be a better allocation of capital for our shareholders, I mean that's where Versant comes in. Versant, to your question, I think everything is tracking really nicely to have Versant launch at the beginning of next year, end of this year into next year, great leadership team, lots of energy. The work is well underway.

而當談到等式的另一邊時，只要考慮投資組合以及什麼適合我們正在做的事情，以及什麼可能為我們的股東提供更好的資本配置，我的意思是這就是 Versant 發揮作用的地方。Versant，關於您的問題，我認為一切都進展順利，Versant 將於明年年初、今年年底或明年推出，擁有優秀的領導團隊和充沛的精力。工作正在順利進行中。

I think they will hit the ground running. I won't steal their thunder on their strategies and the like, but they've been at it since the day we announced, as you recall. I made the changes to everyone's responsibility. So effectively, we've had a team focused on the future of Versant and the present of Versant from that moment almost a year ago now.

我認為他們會立即採取行動。我不會在他們的策略等方面搶他們的風頭，但你還記得，自從我們宣布的那天起，他們就一直在這樣做。我對每個人的職責做出了改變。因此，從大約一年前的那一刻起，我們就有一個團隊專注於 Versant 的未來和 Versant 的現在。

So I think that -- but that is also a -- changes the dynamics for a use of capital. They generate a lot of cash, but now they're going to have that cash to put into a future for those businesses. And obviously, for the remaining businesses, there will be a revenue growth accretion and more focus on, say, the remaining NBC that I described earlier. So I think that -- we sold a business in Germany that was part of Sky.

所以我認為——這也是——改變資本使用動態。他們創造了大量現金，但現在他們要用這些現金來投資這些企業的未來。顯然，對於剩餘的業務，收入將會成長，並且會更加關注我之前描述的剩餘的 NBC。所以我認為——我們出售了 Sky 在德國的一家企業。

So I think M&A is a two-sided equation. And I think we're doing a nice job thinking about the balance across the whole footprint of things that we could do inorganically. But again, the bar is super high because we want to operate and take advantage of our management energies applied against the big gears that we have to improve the businesses that we currently own and operate.

所以我認為併購是一個雙面方程式。我認為我們在思考我們可以無機完成的所有事情的整個足跡的平衡方面做得很好。但是，再次強調，標準非常高，因為我們希望運作並利用我們的管理能量來改善我們目前擁有和經營的業務。

Thanks, Kutgun. Operator, we'll take our last question, please.

謝謝，Kutgun。接線員，請回答我們的最後一個問題。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Great. Thank you for fitting me in. Maybe first a follow-up on Brian's comments on the business market for Dave. It looks like you guys are seeing some additional pressure on subs there. Can you talk about the competitive market you're seeing in that segment?

偉大的。謝謝你幫我安排。也許首先要跟進布萊恩對戴夫商業市場的評論。看起來你們看到那裡的潛艇面臨一些額外的壓力。您能談談您在該領域看到的競爭市場嗎？

And as it relates to the T-Mobile MVNO, you've got 14% penetration on the resi side. Do you expect the penetration of mobile into the business segment to sort of follow a similar slope?

就 T-Mobile MVNO 而言，其住宅滲透率為 14%。您是否預期行動裝置在商業領域的滲透率也會遵循類似的趨勢？

And then for Jason, on the $1 billion in cash tax savings, can you talk a little bit about what you see in terms of CapEx trends maybe on the cable side, or are there opportunities to deploy additional capital maybe for further footprint expansion? And then how should we think of the CapEx as it relates to the parks, especially with all the new projects you guys have laid out. Thanks.

然後對於 Jason，關於 10 億美元現金稅收節省，您能否談談您對有線電視方面的資本支出趨勢的看法，或者是否有機會部署額外資本以進一步擴大覆蓋範圍？那麼，我們應該如何看待與公園相關的資本支出，尤其是你們已經規劃的所有新項目。謝謝。

So this is Dave. Let me start with the Business Services follow-up. So there are a couple of huge categories for us within Business Services, as you know.

這就是戴夫。讓我先談談業務服務的後續事宜。如您所知，我們的商業服務領域有幾個大類別。

On the competitive side that you mentioned, it's been this way the last several quarters. In SMB, we are the market share leader. There's increased competition. We see some certainly with fixed wireless. Fixed wireless at this point, not really affecting our high-end part of SMB. And so, with the -- the core mid-market and certainly enterprise, gives real value, and the reliability, the multi-product solutions that we have -- and we have a balanced approach towards growing revenue and relationships across the board.

就您提到的競爭方面而言，過去幾個季度的情況一直如此。在中小企業領域，我們是市場佔有率的領導者。競爭日益激烈。我們確實看到一些固定無線設備。此時已修復無線問題，不會真正影響我們的 SMB 高階部分。因此，憑藉核心中端市場和企業，我們提供真正的價值、可靠性和多產品解決方案，並且我們採取平衡的方法來全面增加收入和建立關係。

So it's a little bit more competitive in the SMB side. Mid-market and enterprise, though, strong momentum. And as Mike mentioned, the integration of Nitel is well underway and adding capabilities of aggregation in the US, and further the network aggregation expanding sales channels, broadening of the product portfolio, in particular, advanced security.

因此，中小企業方面的競爭更加激烈。不過，中階市場和企業發展勢頭強勁。正如 Mike 所提到的，Nitel 的整合正在順利進行中，並增加了在美國的聚合能力，進一步擴大了網路聚合，擴大了銷售管道，拓寬了產品組合，特別是先進的安全性。

And then as you mentioned, mobile. So mobile, as Brian mentioned, the relationship, we've got a great one with Verizon on resi. There is a really important one with T-Mobile and business. So it's early stage. It comes at a really good time for us to kick start a higher gear for our Business Services team and including mobile, a big part of how they compete. So more to come on that.

然後正如您所提到的，移動。正如 Brian 所提到的那樣，在行動領域，我們與 Verizon 在住宅領域建立了良好的關係。T-Mobile 和企業之間存在著非常重要的關係。所以現在還處於早期階段。這對我們來說是一個非常好的時機，可以讓我們的業務服務團隊進入更高的階段，其中包括行動領域，這是他們競爭的重要組成部分。對此我們還有更多內容。

Hey, John. On the CapEx side related to any sort of cash tax release that we've articulated, let me step back on infrastructure as a category. A few of you have asked sort of questions related to this. But we are building out 1.2 million homes per year. We've done that; on pace to do that this year; did this last year.

嘿，約翰。在與我們所闡述的任何形式的現金稅收釋放相關的資本支出方面，讓我先回顧一下基礎設施這個類別。你們中有幾個人問過與此相關的問題。但我們每年要建造120萬套住房。我們已經做到了這一點；今年我們將按計劃做到這一點；去年我們也做到了這一點。

If you really step back, this is a validation of how we see ultimately the market for broadband, right? And we're in a competitive period right now. Not sure we expect that to change. Fiber will continue to be built out against us. Fixed wireless is going to continue to have sort of a niche it carves out in the value-conscious world.

如果你真的退一步來看，這驗證了我們最終如何看待寬頻市場，對嗎？我們現在正處於競爭時期。我們不確定這種情況是否會改變。光纖將繼續在不利於我們的條件下建造。固定無線將繼續在註重價值的世界中佔有一席之地。

When we build new homes, though, it is against the framework that the competition of the future will involve two wires coming into the vast majority of the territory that we serve in addition to fixed wireless having carved out a more permanent niche in the market. Despite that, we feel very comfortable competing in that sort of environment.

然而，當我們建造新房子時，我們面臨的框架是，未來的競爭將涉及兩條線路進入我們所服務的絕大多數地區，此外固定無線網已經在市場上佔據了更永久的利基市場。儘管如此，我們在這樣的環境中競爭感覺非常舒適。

And so as we look to invest, you can -- you look at the cash tax profile, the changes that sort of dictates in terms of return profiles around investment, I would tell you it strengthens the case on the infrastructure side. So I would look for us to continue to be very aggressive in building out new homes, very aggressive in infrastructure investments to support the Genesis investment around mid-splits, DOCSIS 4.0, and how quickly we upgrade the network.

因此，當我們考慮投資時，您可以 - 查看現金稅收狀況，這些變化決定了投資回報狀況，我會告訴您，它加強了基礎設施方面的情況。因此，我希望我們能夠繼續積極建造新房，積極進行基礎設施投資，以支援圍繞中分體、DOCSIS 4.0 的 Genesis 投資，以及我們升級網路的速度。

So I think as I said in my prepared remarks, any incremental cash will fit into our traditional framework, which is, number one, investing in our businesses. And on the infrastructure side, this new legislation is a tailwind to that.

因此，我認為，正如我在準備好的演講中所說的那樣，任何增量現金都將適合我們的傳統框架，即，首先，投資於我們的業務。在基礎設施方面，這項新立法對此起到了推動作用。

On the parks side, I think as we've articulated before, you've called it right in your research, we've got a little bit of a break here post Epic. So obviously, we had substantial investments going to Epic that was a big new launch. We'll trail down off of that for, call it, a couple of years.

在公園方面，我想正如我們之前所闡述的，您在研究中說得對，在 Epic 之後，我們在這裡得到了一點休息。顯然，我們向 Epic 投入了大量資金，這是一個重大的新產品。我們將在接下來的幾年逐步實現這一目標。

We still have, obviously, a lot of investment going on in parks, including the smaller parks we've talked about. That will sort of fill a little bit of the void, but nonetheless, will trend down for a couple of years. And then we'll ramp back up as we approach the park in London, but I'd look for that to be a couple of years from now.

顯然，我們仍在對公園進行大量投資，包括我們談到的小型公園。這在某種程度上可以填補一點空白，但儘管如此，未來幾年仍將呈下降趨勢。然後，當我們接近倫敦公園時，我們會重新加大力度，但我認為這還需要幾年時間。

Thanks, John, and thank you, all, for joining us this morning.

謝謝，約翰，也謝謝大家今天早上加入我們。

Thank you. That does conclude today's conference call. A replay of the call will be available today starting at 11:30 AM Eastern Time 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。