康卡斯特 (CMCSA) 2025 Q3 法說會逐字稿

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

女士們、先生們，早安，歡迎參加康卡斯特第三季財報電話會議。（操作員提示）請注意，本次電話會議正在錄音。現在我將把電話轉交給投資者關係執行副總裁馬西·瑞維克女士。請繼續，瑞維克女士。

Thank you, operator, and welcome, everyone. Joining us on today's call are Brian Roberts; Mike Cavanagh; Jason Armstrong; and Dave Watson.

謝謝接線員，歡迎各位。今天參加電話會議的有：布萊恩羅伯茲；麥克卡瓦納；傑森阿姆斯壯；以及戴夫沃森。

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.

現在請各位參閱本次電話會議簡報的第 2 張投影片，該投影片也可在我們的投資者關係網站上找到，其中包含我們的安全港免責聲明。本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性因素的影響。

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，我們將提及一些非GAAP財務指標。請參閱我們今天早上發布的 8-K 表格和趨勢表，以了解這些非 GAAP 財務指標與 GAAP 的調整。

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

這樣，我就把電話交給麥克了。

Good morning, everyone, and thanks for joining us. First, I'll start with the leadership news we announced earlier this morning, which is that Steve Croney will be elevated to CEO of our Connectivity & Platforms business at the beginning of 2026. And at that time, Dave Watson will become Vice Chairman of Comcast Corporation.

各位早安，感謝各位的收看。首先，我將從我們今天早上早些時候宣布的領導層消息開始，即 Steve Croney 將於 2026 年初晉升為我們連接與平台業務的執行長。屆時，戴夫·沃森將成為康卡斯特公司的副董事長。

This will be a well-earned and seamless transition for Steve, who has already made a significant impact as Chief Operating Officer leading the operational transformation of our C&P business over the past year. He has the full trust and confidence of our entire management team and is exactly the right person to take the business forward.

對史蒂夫來說，這將是一次實至名歸且平穩的過渡。在過去一年裡，他作為首席營運長領導了我們C&P業務的營運轉型，已經取得了顯著成就。他贏得了我們整個管理團隊的充分信任和信心，是帶領公司向前發展的最佳人選。

And I want to congratulate and thank Dave for his extraordinary leadership of the business for the past eight years. Over more than three decades Dave has been an integral part of building the best connectivity business in the industry.

我還要祝賀並感謝戴夫在過去八年中對公司的卓越領導。三十多年來，戴夫一直是打造業界最佳連結業務不可或缺的一部分。

The fact that Steve comes from inside the company also speaks to how thoughtfully Dave has developed the leaders in his organization. And I really look forward to continuing to partner with you, Dave, in your new role as Vice Chairman.

史蒂夫來自公司內部這一事實也說明了戴夫在培養公司領導者方面是多麼用心。戴夫，我非常期待在你擔任副董事長這一新職位後繼續與你合作。

Brian will have more to say about this leadership transition later in the call, but now let me get into the quarter. I have two topics to discuss, convergence and sports.

布萊恩稍後會在電話會議上詳細談談這次領導層更迭，但現在讓我先談談本季的情況。我有兩個話題要討論，融合和運動。

So starting with convergence, the broadband environment remains intensely competitive, which we do not expect to change anytime soon. Over time though, we believe that the vast majority of the broadband market will be comprised of two multi-gig symmetrical providers serving most addresses, and we aim to be a winner in this segment, with the rest of the market likely being served by capacity-limited alternatives.

因此，從融合的角度來看，寬頻環境仍然競爭激烈，我們預期這種情況短期內不會改變。但我們相信，隨著時間的推移，寬頻市場的絕大部分將由兩家提供多千兆對稱服務的供應商組成，為大多​​數地址提供服務，而我們的目標是成為這一領域的贏家，其餘市場可能會由容量有限的替代方案提供服務。

We've been seeing this end state begin to take shape. Fiber expansion continues at a steady pace; and as we've said before, we expect most of our footprint will eventually be overbuilt. At the same time, fixed wireless remains a durable competitor, serving price-sensitive segments with moderate performance needs.

我們已經看到這種最終狀態開始成形。光纖網路的擴張仍在穩步推進；正如我們之前所說，我們預計我們的大部分網路覆蓋最終都會被過度建設。同時，固定無線仍然是一個強大的競爭對手，服務於對價格敏感且性能需求適中的細分市場。

Against this backdrop, we have adapted our approach to compete more effectively for the long term. Our strategy rests upon three pillars: network, product, and customer experience.

在此背景下，我們調整了策略，以期在長期競爭中發揮更大的作用。我們的策略基於三大支柱：網路、產品和客戶體驗。

Our network is built to scale and now leverages AI end-to-end to optimize performance throughout the home. This enables best-in-class WiFi, which matters more than ever as usage continues to rise. We're seeing this on our network, where broadband-only customers average 800 gigs a month in the third quarter, up 9% year over year.

我們的網路旨在實現規模化，現在利用端到端的 AI 技術來優化整個家庭的效能。這實現了最佳的 WiFi 性能，隨著使用量的持續增長，這一點比以往任何時候都更加重要。我們在自己的網路中也看到了這種情況，第三季僅使用寬頻的用戶平均每月使用 800 GB 流量，比去年同期成長 9%。

In product, broadband, wireless, and our Entertainment OS operate as one system, integrated and designed for how customers actually connect. Taken together or individually, they deliver a seamless experience that differentiates us in the marketplace.

在產品方面，寬頻、無線和我們的娛樂作業系統作為一個系統運行，整合設計旨在滿足客戶實際的連接方式。無論是單獨使用還是組合使用，它們都能提供無縫體驗，使我們在市場中脫穎而出。

And finally, in customer experience, where we need to improve over the long term, our near-term focus is on price transparency and in making it easier to do business with us.

最後，在客戶體驗方面，我們需要長期改進，而近期重點是提高價格透明度，讓客戶更容易與我們開展業務。

With respect to these pillars, we made meaningful progress in the quarter. First, we streamlined our organizational structure to better align with our strategy. Steve has centralized key functions such as marketing, data science, and customer experience, and reduced management layers to sharpen local execution.

在這些支柱方面，我們本季取得了實質進展。首先，我們精簡了組織結構，使其更能與我們的策略保持一致。史蒂夫將行銷、數據科學和客戶體驗等關鍵職能集中化，並減少了管理層級，以加強本地執行力。

Second, we're pressing ahead on WiFi, an area where we are already recognized as a market leader. Strong, consistent WiFi remains the number one factor driving customer choice, and this is where we excel. OpenSignal recently ranked Xfinity the top provider in our footprint, outperforming Verizon, T-Mobile, and AT&T in reliability, download speeds, and streaming.

其次，我們正在大力推動 WiFi 業務，在這個領域我們已經被公認為市場領導者。穩定、強大的 WiFi 仍然是影響客戶選擇的首要因素，而這正是我們的優勢所在。OpenSignal 最近將 Xfinity 評為我們覆蓋區域內的最佳供應商，其可靠性、下載速度和串流播放效能均優於 Verizon、T-Mobile 和 AT&T。

This leadership comes from the technology behind our network, especially our gateways, which power the strength and consistency of the WiFi experience. During the third quarter, we began rolling out our most powerful gateway yet, the XB10, supporting multi-gig symmetrical speeds and up to 300 devices using AI to self-optimize network performance in real time.

這種領先地位源自於我們網路背後的技術，特別是我們的網關，它們為 WiFi 體驗的強度和穩定性提供了保障。第三季度，我們開始推出迄今為止功能最強大的網關 XB10，它支援多千兆對稱速度，並支援多達 300 台裝置使用 AI 即時自我優化網路效能。

With our new national pricing, gateways are included in every package, ensuring every customer receives our best technology and an integrated experience with mobile.

我們採用新的全國定價策略，每個套餐都包含網關，確保每位客戶都能獲得我們最好的技術和與行動裝置的整合體驗。

Third, we've accelerated momentum in wireless, now reaching more than 14% penetration of our broadband base and adding over 400,000 lines in the quarter, our best result yet. Xfinity Mobile is a standout growth engine for us. We're leaning in with sharper marketing, stronger brand awareness, and compelling offers like a free mobile line for one year.

第三，我們在無線領域的發展勢頭強勁，寬頻用戶滲透率已超過 14%，本季新增線路超過 40 萬條，這是我們迄今為止的最佳成績。Xfinity Mobile 是我們公司一個突出的成長引擎。我們正加強進行更精準的行銷，提高品牌知名度，並提供極具吸引力的優惠，例如贈送一年免費手機號碼。

This was also the first full quarter of our new Premium Unlimited plan designed for higher-value customers that delivers what they want at $40 per line on a two-line plan and the ability to upgrade devices twice a year with a guaranteed discount on a new phone. Our progress in mobile is clear, with meaningful product uptake, higher attachment rates across our broadband base, and growing recognition of Xfinity Mobile as a leader in value and performance.

這也是我們面向高價值客戶推出的全新高級無限流量套餐的第一個完整季度，該套餐以每條線路 40 美元的價格提供雙線套餐，並允許客戶每年兩次升級設備，且新手機保證享受折扣，滿足客戶的需求。我們在行動領域的進展顯而易見，產品銷售量顯著成長，寬頻用戶群的持股比例不斷提高，Xfinity Mobile 在價值和效能方面也越來越受到認可。

Fourth, video performance improved meaningfully this quarter with subscriber losses down more than 100,000 year-over-year, which is our best result in nearly five years. Churn is at record lows supported by our focus on delivering the right products for each customer segment. Our Entertainment OS continues to lead the market, enhanced by features like Multiview, which allows our customers to view several live events simultaneously.

第四，本季視訊業務表現顯著改善，用戶流失量年減超過 10 萬，這是我們近五年來取得的最佳成績。由於我們專注於為每個客戶群提供合適的產品，客戶流失率已降至歷史最低水準。我們的娛樂作業系統繼續引領市場，並憑藉多畫面等功能得到增強，使我們的客戶能夠同時觀看多個直播活動。

Fifth, we introduced a simpler, more transparent pricing model. As we detailed last quarter, we've moved to nationwide offers built around four clear speed tiers. Each plan includes our gateway, unlimited data, WiFi controls, and cyber protection at a lower everyday price, backed by a one- or five-year price guarantee. It's a more predictable experience for the customer and a clearer value proposition in the market.

第五，我們引入了更簡單、更透明的定價模式。正如我們在上個季度詳細介紹的那樣，我們已經轉向以四個清晰的速度等級為基礎的全國性優惠。每個套餐都包含我們的網關、無限流量、WiFi 控制和網路安全保護，價格更低，並提供一年或五年的價格保證。對於客戶而言，這是一種更可預測的體驗，在市場上也具有更清晰的價值主張。

And finally, we're taking meaningful steps to simplify the customer experience across all channels. Our new AI engine now supports agents, technicians, and customers through assisted chat, phone, our website, and our AI-enabled Xfinity Assistant platform.

最後，我們正在採取實際有效的措施，簡化所有管道的客戶體驗。我們全新的 AI 引擎現在可以透過輔助聊天、電話、我們的網站和我們支援 AI 的 Xfinity Assistant 平台為代理商、技術人員和客戶提供支援。

We also launched a program that connects customers to a live agent in seconds, which is now available to half of our customer base. It's still early, but we're moving fast and executing with focus towards a simpler, smarter, and more seamless customer experience.

我們還推出了一項計劃，讓客戶可以在幾秒鐘內與真人客服人員聯繫，目前已有半數客戶可以使用這項服務。現在還處於早期階段，但我們正在快速推進，並專注於打造更簡單、更聰明、更流暢的客戶體驗。

So taken together, these efforts mark tangible progress in what is an important shift to position our Connectivity business for future sustained growth. This is a deliberate investment phase, one that will take time and carry a cost as reflected in the 3.7% decline in Connectivity & Platforms EBITDA this quarter. And we expect this decline to build slightly over the next several quarters as we continue to invest in pricing, product, and customer experience.

綜上所述，這些努力標誌著我們在連結業務未來持續成長方面取得了實際進展，這是一個重要的轉變。這是一個深思熟慮的投資階段，需要時間，並且會產生成本，正如本季度連接與平台 EBITDA 下降 3.7% 所反映的那樣。我們預計，隨著我們繼續投資於定價、產品和客戶體驗，未來幾季這種下滑趨勢將略有加劇。

And my second topic is sports. Last week's NBA tip-off marked the start of one of the biggest stretches of live sports in our history and drew the largest audience for an NBA opening double header since 2010. We're in the heart of the NFL and college football seasons and in February, we'll have the Super Bowl, Winter Olympics, and NBA All-Star Weekend, followed by the World Cup on Telemundo in June.

我的第二個話題是體育。上週的 NBA 揭幕戰標誌著我們歷史上最大的體育賽事直播季之一的開始，並吸引了自 2010 年以來 NBA 開幕雙賽的最大觀眾群。現在正值 NFL 和大學橄欖球賽季的高峰期，2 月我們將迎來超級盃、冬季奧運和 NBA 全明星週末，6 月 Telemundo 將播出世界盃。

Sports remains a cornerstone of our Media business. The NBA's return to NBC and now Peacock, expands both our reach and our creative opportunities. Sunday Night Basketball launches in February, modeled after the success of Sunday Night Football, which has been the number one prime time show for 14 straight years and now averages roughly 25 million viewers.

體育仍然是我們媒體業務的基石。NBA重返NBC，現在又重返Peacock，這不僅擴大了我們的影響力，也拓展了我們的創作機會。《週日晚間籃球》將於 2 月開播，其模式效仿了《週日晚間橄欖球》的成功，後者已連續 14 年成為黃金時段收視率最高的節目，目前平均收視人數約為 2500 萬。

We're proud of the sports portfolio we've built. Each property adds value across our entire Media ecosystem, driving NBC's distribution, helping Peacock attract and retain subscribers, and powering our advertising business. And as audiences continue to shift from linear to streaming, the multiple benefits of sports becomes an even greater advantage.

我們為我們打造的運動投資組合感到自豪。每項資產都為我們整個媒體生態系統增添價值，推動 NBC 的發行，幫助 Peacock 吸引和留住用戶，並為我們的廣告業務提供動力。隨著觀眾不斷從傳統電視轉向串流媒體，體育的多重優勢變得更加顯著。

Live sports continue to deliver strong viewership and ad performance across broadcast and streaming, momentum at Peacock remains solid, and retention has held steady even after our $3 price increase. Running linear and streaming as one integrated Media business gives us real scale and flexibility.

體育賽事直播在廣播和串流平台的收視率和廣告效果持續強勁，Peacock 的發展勢頭依然穩健，即使在我們提價 3 美元之後，用戶留存率也保持穩定。將線性電視和串流媒體業務整合為統一的媒體業務，使我們能夠獲得真正的規模和靈活性。

It allows us to align programming, marketing promotion and monetization across NBC, Peacock, and our Studios. And as we near completion of the Versant spin, NBCUniversal's Media business will be more focused and well positioned to grow.

它使我們能夠協調 NBC、Peacock 和我們工作室的節目製作、市場推廣和盈利模式。隨著 Versant 分拆計畫接近完成，NBCUniversal 的媒體業務將更加專注，並處於更有利的發展地位。

So now let me turn it over to Jason to go over the third quarter results in more detail.

現在，我把麥克風交給傑森，讓他更詳細地分析第三季的比賽結果。

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.

謝謝你，麥克，大家早安。在詳細介紹我們的各項業務之前，讓我先對我們的綜合業績做一個高屋建瓴的概述。

Total company revenue declined about 3% year over year, primarily due to the tough comparison to last year's Paris Olympics. Excluding that impact, revenue increased nearly 3%, driven by strong performance across our six growth businesses, highlighted by nearly 20% growth in Theme Parks and 14% growth in domestic wireless.

公司總營收年減約 3%，主因是與去年巴黎奧運相比，業績較為慘淡。剔除此影響，營收成長近 3%，主要得益於我們六大成長業務的強勁表現，其中主題樂園業務成長近 20%，國內無線業務成長 14%。

EBITDA and adjusted EPS were both consistent with last year, while free cash flow increased 45% to $4.9 billion. We returned $2.8 billion to shareholders this quarter, including $1.5 billion in share repurchases and $1.2 billion in dividends, reflecting our ongoing commitment to disciplined capital allocation.

EBITDA 和調整後每股盈餘均與去年持平，而自由現金流成長 45% 至 49 億美元。本季我們向股東返還了 28 億美元，其中包括 15 億美元的股票回購和 12 億美元的股息，這體現了我們對嚴格資本配置的持續承諾。

Now turning to our businesses, starting with Connectivity & Platforms. The competitive environment for broadband remains intense. As we've highlighted, we've made a significant pivot in our go-to-market strategy this year, focused on simplifying pricing, improving transparency, and enhancing the customer experience.

現在轉向我們的業務，首先是連接與平台。寬頻市場的競爭環境仍十分激烈。正如我們所強調的，今年我們對市場進入策略進行了重大調整，重點是簡化定價、提高透明度和提升客戶體驗。

While it's still early, we're encouraged by what we're seeing in our broadband customer base: continued stabilization in voluntary churn, a healthy mix of customers opting into our five-year price guarantee, and nearly 40% of new connects choosing gig-plus speeds, which is up about 10 points from the start of the year.

雖然現在還為時過早，但我們對寬頻客戶群的情況感到鼓舞：自願流失率持續穩定，選擇五年價格保證的客戶比例健康，近 40% 的新連接用戶選擇千兆以上速度，比年初增長了約 10 個百分點。

We're also seeing higher utilization of our new packaging, including new everyday pricing in retention, helping transition more of the base into simplified market-based plans. And we continue to accelerate our wireless net additions this quarter to a new record high.

我們還看到，新包裝（包括新的日常定價）在客戶留存方面得到了更廣泛的應用，這有助於將更多基礎客戶過渡到簡化的市場化方案。本季度，我們的無線網路新增規模持續加速成長，創下歷史新高。

As we've said from the beginning, this pivot carries several costs, including rate reinvestment through pricing simplicity, which carries revenue dilution, as well as investment in customer experience, which carries additional operating costs.

正如我們從一開始就說過的那樣，這種轉型會帶來一些成本，包括透過簡化定價進行費率再投資（這會導致收入稀釋），以及對客戶體驗的投資（這會帶來額外的營運成本）。

This quarter is the first quarter where these impacts are reflected in our financial results. You see it in broadband ARPU growth dilution as well as elevated marketing, product, and customer service expense, all contributing to a 3.7% decline in EBITDA this quarter. As Mike mentioned, as these investments continue, we expect continued EBITDA pressure over the next several quarters until we lap this transition.

本季是這些影響首次反映在我們的財務表現中。寬頻 ARPU 成長放緩，以及行銷、產品和客戶服務費用上漲，都導致本季 EBITDA 下降 3.7%。正如麥克所提到的，隨著這些投資的繼續，我們預計在接下來的幾個季度裡，EBITDA 將持續承壓，直到我們度過這個過渡期。

On the other side of this, we're positioning ourselves for growth with a more durable broadband customer base on stable market-based rate plans, combined with a larger wireless base, that gives us a very strong hand in convergence, along with meaningful monetization upside as customers roll off promotions and we expand the relationship over time. All in, our converged product offerings provide customers with substantial savings versus comparable plans from telecom competitors.

另一方面，我們正在透過更穩定的寬頻客戶群和基於市場價格的穩定費率計劃，以及更大的無線客戶群，為成長做好準備。這使我們在融合方面擁有非常強大的優勢，並且隨著客戶促銷期的結束和我們隨著時間的推移擴大客戶關係，我們將獲得可觀的盈利增長空間。總而言之，我們融合的產品組合可為客戶節省大量費用，遠低於電信競爭對手的同類套餐。

Now let me get into some further details of the quarter. Broadband subscribers declined 104,000 in the quarter. We saw the typical seasonal benefit from back-to-school activity as well as the early traction from our new go-to-market initiatives, but this was more than offset by the continued intense competitive environment.

現在讓我進一步詳細介紹一下本季的情況。本季寬頻用戶減少了10.4萬。我們看到了返校季帶來的典型季節性收益，以及我們新的市場推廣措施帶來的早期成效，但這都被持續激烈的競爭環境所抵消。

The rollout of our new everyday pricing structure at the end of June, combined with the success of our free wireless line offer, caused a deceleration in our broadband ARPU growth, resulting in 2.6% growth this quarter. As we continue to transition customers to more consistent pricing and ramp up free wireless line additions, we expect ARPU growth to step down more than 1 point in the fourth quarter.

6 月底推出的新日常定價結構，加上免費無線線路優惠的成功，導致我們的寬頻 ARPU 成長放緩，本季成長 2.6%。隨著我們繼續引導客戶採用更統一的定價策略並增加免費無線線路，我們預計第四季度 ARPU 成長將下降超過 1 個百分點。

And we expect continued pressure on ARPU in early 2026 as our current plan is to not take a rate increase in broadband in the early part of next year.

我們預計 2026 年初 ARPU 將繼續面臨壓力，因為我們目前的計劃是在明年年初不提高寬頻價格。

As we've said, this pivot we are making will take time, but it sets the foundation for a far more stable broadband base in a more challenged competitive environment, and we're confident we're on the right path.

正如我們所說，我們正在進行的轉型需要時間，但它為在更具挑戰性的競爭環境中建立更穩定的寬頻基礎奠定了基礎，我們相信我們走在正確的道路上。

And while we invest to stabilize broadband, wireless is our core growth engine. On that note, convergence revenue grew 2.5%, supported by mid-teens growth in wireless. Wireless net additions hit a new record at 414,000, and nearly half of our residential postpaid phone connects came from customers taking a free line, which is a great way to bring new customers into the ecosystem.

在投資穩定寬頻的同時，無線網路是我們的核心成長引擎。在這方面，融合業務收入成長了 2.5%，無線業務實現了兩位數以上的成長。無線網路新增用戶達到 414,000 戶，創歷史新高；近一半的住宅後付費電話用戶是透過免費線路加入的，這是將新客戶引入生態系統的絕佳方式。

At the same time, we saw a strong uptake in our new Premium Unlimited plans, enhancing our position in the high-value postpaid market. Our total wireless lines are now approaching 9 million, with penetration of our broadband base surpassing 14%, and we're pleased with the momentum in wireless net additions.

同時，我們的新高級無限流量套餐也獲得了強勁的市場反響，鞏固了我們在高價值後付費市場的地位。目前我們的無線線路總數已接近 900 萬條，寬頻普及率超過 14%，我們對無線網路新增用戶的成長動能感到滿意。

Looking ahead, in the second half of next year, many of the free lines will come up for monetization. Our intention is to convert the majority to paying relationships, which should provide a significant tailwind to convergence revenue growth at that point.

展望未來，明年下半年，許多免費路線將開始商業化。我們的目標是將大部分客戶轉化為付費客戶，屆時這將為融合收入成長提供強勁的推動力。

Turning to Business Services, consistent with prior quarters, revenue was up 6% and EBITDA grew by nearly 5% in the quarter. In the SMB segment, we're seeing elevated competition, particularly from fixed wireless. Despite this, we still delivered modest revenue growth by driving ARPU higher through increased adoption of our advanced services like cybersecurity, cloud solutions, and Comcast Business Mobile.

再來看業務服務，與前幾季一致，本季營收成長了 6%，EBITDA 成長了近 5%。在中小企業市場，我們看到競爭加劇，尤其是來自固定無線網路的競爭。儘管如此，我們仍透過提高網路安全、雲端解決方案和 Comcast Business Mobile 等先進服務的普及率，推動 ARPU 值上升，從而實現了適度的收入成長。

Where we're seeing real momentum is in our Enterprise Solutions, which continues to be a key growth driver. These customers have more complex needs, and we're leaning into deepen relationships and expand our advanced solutions mix. It's a segment where we're investing, and we expect continued strong growth.

我們看到真正強勁的成長勢頭體現在企業解決方案領域，該領域仍然是關鍵的成長驅動力。這些客戶的需求更加複雜，我們正在努力深化與客戶的關係，並擴大我們的先進解決方案組合。這是我們正在投資的領域，我們預計它將持續強勁成長。

In Content & Experiences, there are a few items I'd like to highlight. At Parks, we delivered another strong quarter with revenue up 19% and EBITDA growth of 13%, benefiting from the first full quarter of Epic Universe. We're really pleased with the early results from Epic, which are driving higher per cap spending and attendance across the entirety of Universal Orlando.

在內容與體驗方面，我想重點介紹幾點。在 Parks 業務方面，我們迎來了一個強勁的季度，營收成長了 19%，EBITDA 成長了 13%，這得益於 Epic Universe 的第一個完整季度。我們對 Epic 的早期成果非常滿意，它推動了整個奧蘭多環球影城的人均消費和遊客數量成長。

We remain focused on expanding ride throughput as we build to run rate capacity and expect Epic to continue scaling over the next year with higher attendance, stronger per caps, and improved operating leverage.

我們將繼續專注於擴大遊樂設施吞吐量，以達到營運產能，並預計 Epic 將在未來一年內繼續擴大規模，提高客流量，增強人均收入，並改善營運槓桿。

At Studios, we had solid theatrical results led by the strong performance of Jurassic World Rebirth early in the quarter, which has grossed nearly $900 million in worldwide box office and pushed the franchise's cumulative total to $7 billion. While this success contributed to top line growth, Studios EBITDA was impacted by higher marketing spend tied to our larger film slate this year.

在電影公司，我們取得了穩健的戲院票房成績，這主要得益於本季初《侏羅紀世界：重生》的強勁表現，該片全球票房收入近 9 億美元，使該系列電影的累計票房達到 70 億美元。雖然這一成功促進了營收成長，但由於今年電影計畫更加龐大，行銷支出增加，工作室的 EBITDA 受到了影響。

Looking ahead, we're excited for a strong fourth quarter slate, including the highly anticipated release of Wicked: For Good, on November 21.

展望未來，我們對第四季度的強勁陣容感到興奮，其中包括備受期待的《Wicked: For Good》，該遊戲將於 11 月 21 日發布。

In Media, excluding the comparison to last year's Paris Olympics which generated $1.9 billion in incremental revenue, revenue increased a healthy 4%. And on the same basis, Peacock revenue grew at a mid-teens rate driven by strength in both advertising and distribution.

在媒體方面，如果排除與去年巴黎奧運（創造了 19 億美元的增量收入）的比較，收入將健康成長 4%。同樣，在廣告和發行雙雙強勁成長的推動下，Peacock 的營收也以 15% 左右的速度成長。

Advertising was up 2.6%, our best result year-to-date, fueled by sports with the strong return of Sunday Night Football. In fact, our 20th season is our highest grossing season to date. Distribution revenue grew 1.5%, supported by 25% growth at Peacock.

廣告收入成長了 2.6%，這是我們今年迄今為止的最佳成績，這主要得益於體育賽事，尤其是周日晚間橄欖球賽的強勁回歸。事實上，我們的第20季是我們迄今為止票房最高的一季。分銷收入成長了 1.5%，其中 Peacock 成長了 25%。

Overall Media EBITDA increased 28%, driven by nearly $220 million year-over-year improvement in Peacock losses, which landed at a loss of just over $200 million in the quarter. Peacock subscribers were flat this quarter as the strength of our content slate late in the quarter as well as our strategic distribution initiatives offset the impact of additional churn from our in-quarter $3 rate hike.

整體媒體業務 EBITDA 成長了 28%，這主要得益於 Peacock 虧損額年減近 2.2 億美元，該季度 Peacock 虧損額略高於 2 億美元。本季 Peacock 的訂閱用戶數量保持穩定，這得益於本季度末我們內容陣容的強勁表現以及我們的戰略性分發舉措，抵消了本季度 3 美元漲價帶來的額外用戶流失的影響。

Looking ahead, the NBA just premiered on NBC and Peacock last week and is off to a great start. While we expect a positive impact on advertising and distribution revenue, it also introduces a new expense. As we've said, we'll straight-line the amortization of these sports rights, which will create some upfront dilution, particularly in the first season, with the game counts driving quarterly realization of this expense.

展望未來，NBA上週剛在NBC和Peacock平台首播，開局非常順利。雖然我們預計這將對廣告和發行收入產生正面影響，但同時也帶來了一項新的支出。正如我們所說，我們將以直線攤銷的方式攤銷這些體育賽事版權，這將造成一些前期稀釋，尤其是在第一賽季，比賽場次將決定這筆費用的季度實現情況。

But over time, we'll offset this through advertising growth, a recent record upfront tied to sports, including the NBA, is a good indicator, and through subscriber acquisition and monetization across both linear and Peacock. We also expect to optimize NBCUniversal programming investment across sports, entertainment, and news.

但隨著時間的推移，我們將透過廣告成長來抵消這一影響。最近與體育賽事（包括 NBA）相關的創紀錄預售額就是一個很好的跡象。此外，我們還將透過線性電視和 Peacock 平台獲取訂閱用戶和實現盈利來抵消這一影響。我們也希望優化 NBCUniversal 在體育、娛樂和新聞領域的節目投資。

Now I'll wrap up with free cash flow and capital allocation. As I mentioned earlier, we generated $4.9 billion of free cash flow this quarter, up significantly year over year. And year to date, we have generated $14.9 billion in free cash flow.

最後，我將總結自由現金流和資本配置。正如我之前提到的，本季我們產生了 49 億美元的自由現金流，比去年同期大幅成長。今年迄今為止，我們已創造了 149 億美元的自由現金流。

The increase in the quarter was driven by a tailwind in cash taxes from the new legislation, along with favorable working capital timing, particularly around studio production spend, and the comparison to the Olympics.

本季成長主要得益於新立法帶來的現金稅收利好，以及有利的營運資金時機（尤其是在製片廠製作支出方面），還有與奧運的對比。

These benefits were partially offset by higher organic investment with total capital expenditures of $3.1 billion this quarter, reflecting increased spending in Connectivity & Platforms, where we're investing to pass more homes, to strengthen our broadband network, and to deploy our market-leading gateways into homes at a faster rate. Our gateway is now included in our broadband offers, which is a key part of our product strategy.

這些收益部分被更高的有機投資所抵消，本季度總資本支出為 31 億美元，反映出我們在連接和平台方面的支出增加，我們正在投資以覆蓋更多家庭，加強我們的寬頻網絡，並以更快的速度將我們市場領先的網關部署到家庭中。我們的網關現已包含在我們的寬頻套餐中，這是我們產品策略的關鍵部分。

On the Content & Experiences side, capital spending declined as we're past the construction on Epic that elevated capital spending last year. Through our investments and our significant pivot in broadband, we have maintained a healthy balance sheet, ending the quarter with net leverage at 2.3x. We also returned $2.8 billion to shareholders, including over $1.5 billion in share repurchases, contributing to a mid-single-digit year-over-year decline in our share count.

在內容和體驗方面，資本支出有所下降，因為我們已經完成了 Epic 的建設，而 Epic 的建設在去年推高了資本支出。透過我們的投資以及在寬頻領域的重大轉型，我們維持了健康的資產負債表，本季末淨槓桿比率為2.3倍。此外，我們也向股東返還了28億美元，其中包括超過15億美元的股票回購，這使得我們的流通股數量比去年同期下降了中等個位數。

As we look ahead to next year, our capital allocation strategy remains unchanged. Our priorities are to invest organically in our growth businesses, maintain a strong balance sheet, and return capital to shareholders. That formula has served us well and it will continue to guide our approach. At the same time, we'll stay disciplined and balanced as we move through this transition.

展望明年，我們的資本配置策略維持不變。我們的首要任務是增加對成長型業務的有機投資，維持穩健的資產負債表，並向股東返還資本。這一方法對我們非常有效，並將繼續指導我們的做法。同時，我們將保持自律和平衡，順利度過這段過渡時期。

We do have some near-term headwinds, namely the EBITDA impact from our broadband repositioning, the onboarding of NBA rights and the spinoff of Versant and its associated EBITDA and free cash flow. For those reasons, we reduced our quarterly buyback pacing a touch to $1.5 billion in the quarter.

我們確實面臨一些短期不利因素，即寬頻業務重新定位對 EBITDA 的影響、NBA 轉播權的引進以及 Versant 分拆及其相關的 EBITDA 和自由現金流。基於這些原因，我們將本季的股票回購規模略微下調至 15 億美元。

I'd point out that this remains one of the strongest absolute and percentage buybacks in our broader peer group. At the same time, our healthy dividend offers a yield that is multiple times the yield of the broader market. So, we believe we are balancing strong returns back to shareholders with significant reinvestment in our business, and doing so in the context of a balance sheet that provides cushion through any operating or macroeconomic environment.

我想指出的是，這仍然是我們更廣泛的同行群體中最強勁的絕對值和百分比回購之一。同時，我們豐厚的股息殖利率是整體市場報酬率的數倍。因此，我們相信，我們正在平衡股東的強勁回報和對業務的大量再投資，並且這樣做是在資產負債表能夠為任何經營或宏觀經濟環境提供緩衝的背景下進行的。

With that, let me turn it over to Brian for a few remarks.

接下來，我把麥克風交給布萊恩，請他簡單說幾句。

Thanks, Jason. Mike, as you referenced a moment ago, I want to talk about our recent leadership announcements. Let's start with you, Mike.

謝謝你，傑森。麥克，正如你剛才提到的，我想談談我們最近宣布的領導階層人事變動。先從你開始吧，麥克。

I could not be more thrilled to have you become our co-CEO. Working side by side for over a decade, you're an incredible partner. And now especially as we manage the pivot we're making to meet the moment in all of our businesses that you just laid out so well, you are critical to navigating our plan to achieve sustainable growth for the future.

我非常高興你能成為我們的聯合執行長。十多年來我們並肩工作，你是一位了不起的合作夥伴。尤其是在我們努力調整業務方向以應對您剛才精彩闡述的情況之際，您對於我們實現未來永續成長的計畫至關重要。

I'm also very excited and proud for you, Dave, to become Vice Chair, working with me, Steve and all the others on the strategic initiatives as we look forward. But as I step back and think about Comcast's culture, doing the right thing, caring about people, building something truly unique, so much of that started with my dad, but has actually been brought to life for decades now by you, Dave. So on behalf of thousands and thousands of employees, a huge thank you.

戴夫，我也為你感到非常興奮和自豪，你將擔任副主席，與我、史蒂夫以及其他所有人一起，共同推進我們未來的戰略舉措。但當我退後一步，思考康卡斯特的企業文化，做正確的事，關心員工，打造真正獨特的事物時，這一切很多都始於我的父親，但實際上，幾十年來，都是由你，戴夫，讓這一切成為現實。因此，我謹代表成千上萬的員工，向你們致上最誠摯的謝意。

And Steve, who's sitting right here, not going to speak today, we're going to start him next quarter, you have been off and running from day one when you became COO just under a year ago. All of the changes you're hearing about and have seen in our pricing, packaging, customer experience, and infusing AI across the connectivity businesses have been driven really by Steve and his energized team.

還有史蒂夫，他現在就坐在這裡，今天不會發言，我們打算下個季度讓他發言。自從不到一年前你擔任營運長以來，你就一直幹勁十足。你們聽到的和看到的我們在定價、包裝、客戶體驗以及將人工智慧融入互聯業務方面的所有變化，實際上都是由史蒂夫和他充滿活力的團隊推動的。

We're clearly at an inflection point in the industry and transformational moment in our company. And we now have a leadership team adding on to the great successes of the past that's leaning in to change and actionize all the plans you just heard about, and we're excited about the future.

我們顯然正處於產業的轉捩點，也是我們公司的轉型時刻。我們現在擁有一支領導團隊，他們在過去取得巨大成功的基礎上更進一步，積極推動變革，並將你們剛才聽到的所有計劃付諸實施，我們對未來充滿期待。

So before we get to Q&A, Mike, back to you for one last word.

在進入問答環節之前，麥克，請你最後再說一句話。

Thanks, Brian. I truly appreciate the confidence that you and the Board have in me, and I couldn't be more excited to become Co-CEO at such interesting times in our industries. I know that I, and I think I can speak for the next wave of leaders across the company, are very eager to meet these challenges.

謝謝你，布萊恩。我非常感謝您和董事會對我的信任，在這個行業充滿變革的時期擔任聯合首席執行官，我感到無比興奮。我知道，而且我認為我可以代表公司下一代領導者發言，我們都非常渴望迎接這些挑戰。

And we're very confident, I'm very confident, that we will drive value over the next several years on the back of the strength of our people, our business assets, and the strategies that we already have in flight. And we'll make whatever adjustments need to be made, but couldn't feel more excited and more confident.

我們非常有信心，我非常有信心，憑藉我們員工的實力、業務資產以及我們正在實施的策略，我們將在未來幾年創造價值。我們會做出必要的調整，但我們感到無比興奮和自信。

So with that, I look forward to diving into your questions. And back to you, Marci.

那麼，我期待著深入探討你們的問題。現在把鏡頭交還給你，瑪茜。

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

接線員，請開啟問答環節。

(Operator Instructions)

（操作說明）

Michael Rollins, Citibank.

麥可羅林斯，花旗銀行。

Congratulations, Mike, on being named co-CEO, and Dave becoming Vice Chair. Just a couple of questions, so first on broadband. Just curious if you could share some more context around the evolution of ARPU and what you're seeing in terms of customers migrating to the new plans and the opportunities to build better retention, but the cost of that coming through on the revenue side.

恭喜麥克被任命為聯合首席執行官，也祝賀戴夫成為副董事長。我問幾個問題，首先是關於寬頻的。我很好奇您能否分享更多關於 ARPU 演變的背景信息，以及您在客戶遷移到新套餐方面觀察到的情況，以及提高客戶留存率的機會，但這些舉措對收入方面的成本又是如何體現的。

And then on convergence, you referenced the 2.5% growth in the quarter. As you continue to market the new slate of offers and promotions, is there an anticipation that this rate of growth should improve over time? Thanks.

然後，在談到收斂時，你提到了該季度 2.5% 的成長。隨著您不斷推出新的優惠和促銷活動，您是否預期這種成長速度會隨著時間的推移而提高？謝謝。

Mike, this is Dave. So let me, if I could, just take a quick moment -- I appreciate your comments on Mike and I and Steve, but I do want to just take a brief moment to say what an incredible privilege it's been to help to lead this team in this business.

麥克，我是戴夫。所以，如果可以的話，請允許我佔用一點時間——我很感謝你們對我和邁克以及史蒂夫的評價，但我確實想花一點時間表達一下，能夠幫助領導這個團隊在這個行業中發展，對我來說是多麼巨大的榮幸。

Working alongside Brian, Mike, Jason, and the entire management team has truly been the highlight of my career. Very proud of the progress that we've made, Brian touched on some of that. But we've built a world-class network and the products that set the industry standard.

能與布萊恩、麥克、傑森以及整個管理團隊一起工作，真是我職業生涯中最精彩的部分。布萊恩對我們的進展感到非常自豪，並談到了其中的一些進展。但我們已經建立了世界一流的網路和樹立行業標準的產品。

And leaning in with new businesses and wireless and Comcast Business, which continue to create real momentum, I'm optimistic about the future. There's so much opportunity ahead as we bring our broadband, wireless, and entertainment products together, and we'll continue to innovate.

隨著新興企業、無線通訊和康卡斯特商業公司持續發展，並不斷創造真正的成長勢頭，我對未來充滿信心。我們將寬頻、無線和娛樂產品整合在一起，未來將迎來巨大的機遇，我們將繼續創新。

And that's why I'm so confident in Steve. As Brian said, Steve and his team are leading these big changes that we're rolling out. Steve is an exceptional leader; thoughtful, decisive, and focused on innovation, customer experience, and execution, qualities that will position us for success in the years ahead.

這就是我如此信任史蒂夫的原因。正如布萊恩所說，史蒂夫和他的團隊正在領導我們正在推行的這些重大變革。史蒂夫是一位傑出的領導者；他思維縝密、果斷決策，並專注於創新、客戶體驗和執行，這些品質將使我們在未來幾年取得成功。

I want to thank our teams across Comcast for their relentless focus and hard work every day. It's been an extraordinary journey, and I look forward to what's ahead for all of us.

我要感謝康卡斯特所有團隊每天堅持不懈的專注和辛勤工作。這是一段非凡的旅程，我期待著我們所有人未來共同的未來。

So, speaking of what's ahead, let me answer your question on the revenue side, on ARPU, and then hand it over to Jason to talk a little bit about convergence. So given the investments we're making, as we've said, it's unlikely that we'll be able to grow ARPU in 2026, especially in the early part of the year.

那麼，說到未來的發展方向，讓我先回答你關於收入方面（即每用戶平均收入）的問題，然後再把這個問題交給 Jason，讓他談談融合問題。鑑於我們正在進行的投資，正如我們所說，我們不太可能在 2026 年實現 ARPU 成長，尤其是在年初。

But part of it is, to your question, Mike, we're going to be very active, and we are active, migrating customers to the new pricing and packaging with lower EDPs, an all-in approach, and of course, all eligible for that free mobile line.

但部分原因在於，麥克，回答你的問題，我們將非常積極地，而且我們正在積極地，將客戶遷移到新的定價和套餐，降低 EDP，採用全包式方法，當然，所有客戶都有資格獲得免費手機線路。

So as Jason said, and you talked about the timing in Q4, and the current plan is to not take a rate increase in broadband in the early part of the year. But we're real confident that we can get back to ARPU growth as we migrate through and manage through the transition.

正如傑森所說，你也談到了第四季的時機，目前的計畫是今年年初不提高寬頻價格。但我們非常有信心，隨著我們逐步過渡並順利完成轉型，ARPU（每用戶平均收入）能夠恢復成長。

So, we are very focused on the tier mix and the higher packages. So we're being deliberate and focused to the base on how we're going to the customers and through multiple ways. And most certainly, as you brought out, retention is a key one. And so tons of value that we have with the free mobile line and the all-in approach that we have in the lower EDPs.

因此，我們非常關注套餐組合和更高檔次的套餐。因此，我們正在深思熟慮，並專注於如何透過多種方式接觸客戶。當然，正如你所指出的，留住人才至關重要。因此，我們透過免費移動線路和我們在較低 EDP 中採用的全包式方法，為客戶創造了巨大的價值。

In Q3, nearly half of our resi postpaid phone connects were free lines. So it's working, you saw it through the phone results. And it gives us longer-term growth potential as these migrate off and convert later on next year.

第三季度，我們近一半的住宅後付費電話連線都是免費線路。所以它奏效了，你從手機的結果也看到了。而且，隨著這些用戶在明年晚些時候遷移和轉化，這將為我們帶來更長期的成長潛力。

So, we're very focused to the base and will not be hesitant to move the customers to these new packages, and we'll take every appropriate opportunity to do that. No specifics in terms of the actual migration amounts, but our focus is long-term revenue growth, that's sustaining and continuing to work on the competitive landscape and getting customers into these packages. So that's the overall view in terms of our ARPU management.

因此，我們非常重視基礎客戶，會毫不猶豫地將客戶轉移到這些新套餐，並且我們會抓住一切合適的機會來實現這一點。目前還沒有具體的遷移數量，但我們的重點是長期收入成長，這意味著要維持並繼續努力改善競爭格局，讓客戶加入這些套餐。以上就是我們對ARPU管理的整體看法。

Yeah, Mike, let me -- maybe I'll put those two questions together, as Dave said, sort of the broader strategic framework, which is we're in a transition period, we're pivoting, but the mandate here is let's get to the other side as quickly as possible.

是的，麥克，讓我——也許我會把這兩個問題放在一起，就像戴夫說的那樣，放在更廣泛的戰略框架中，那就是我們正處於過渡期，我們正在轉型，但我們的任務是盡快渡過難關。

And Dave, Steve, and team are driving towards that. So that's the common thread. If you look at the repackaging we're doing, whether it's five-year price locks, whether it's free wireless lines, we're seeing good uptake. And we're moving the base along as quickly as possible and there's no mandate to slow that down. Instead, let's get to the other side.

戴夫、史蒂夫和他們的團隊正朝著這個方向努力。這就是共同點。如果你看看我們正在進行的重新包裝，無論是五年價格鎖定，還是免費無線線路，我們都看到了良好的市場反應。我們正在以最快的速度推進基地建設，沒有任何規定要求我們放慢速度。我們還是到另一邊去吧。

And so as you've seen, that's going to create a little bit of ARPU pressure. You saw that in the quarter. You'll see it again next quarter. We're not taking a broadband rate hike, at least in the early part of next year, so that will compound the pressure a little bit more. Saying that, we're adding a lot of wireless lines and we're adding free wireless lines.

所以正如你所看到的，這將給每位用戶平均收入帶來一些壓力。你在那一季裡看到了。下個季度你還會看到它。至少在明年年初，我們不會提高寬頻資費，所以這將進一步加劇壓力。也就是說，我們正在增加很多無線線路，而且我們還在增加免費無線線路。

So if you think about sort of the other side of this, vast majority of our base on super competitive broadband pricing where we're a lot more competitive than we used to be and wireless lines more broadly deployed in our base and a bunch of free lines that right now are diluting ARPU, but we are absorbing the cost for them.

所以，如果你從另一個角度來考慮這個問題，我們絕大多數用戶都基於極具競爭力的寬頻價格，我們現在的價格比以前更有競爭力，而且無線線路在我們的用戶群中也得到了更廣泛的部署，還有大量的免費線路，這些線路目前正在稀釋每用戶平均收入 (ARPU)，但我們正在承擔它們的成本。

We're proud of what we're seeing. We're actually seeing people activating. We're seeing them using the lines, which portends, I think, good things for the activation rates next year and our ability to translate those into paying lines. So what is a headwind right now in the form of wireless to our broadband ARPU becomes a tailwind. And so we're setting ourselves up for the other side, but there's going to be some near-term headwinds as we said.

我們為所看到的感到自豪。我們看到人們確實已經開始行動了。我們看到他們正在使用這些線路，我認為這預示著明年的啟動率會有好結果，並且我們有能力將這些線路轉化為付費線路。因此，目前對寬頻ARPU（每位使用者平均收入）構成不利影響的無線網絡，現在反而變成了有利因素。所以我們正在為下一個挑戰做好準備，但正如我們所說，短期內會面臨一些不利因素。

And I'll just add, long term, I completely agree with what Jason said, but this is Mike. We're encouraged when you look at how fiber pricing, broadband pricing is increasing across the industry. That's quite a good backdrop for where we're taking the business over the long term, as well as the continued data usage across our networks, which continued to grow this quarter, up 9% year over year.

我還要補充一點，從長遠來看，我完全同意傑森的說法，但這是麥克。看到光纖價格、寬頻價格在整個產業中不斷上漲，我們感到很受鼓舞。這為我們長期發展業務奠定了良好的基礎，同時，我們網路中的數據使用量也持續成長，本季年增 9%。

So continued strong growth in the use of the service. So good backdrop for, once we get to the other side, confidence that we'll have a revenue growth in the broadband business in the years ahead.

因此，該服務的使用量持續強勁成長。因此，一旦我們渡過難關，就有了良好的背景，我們有信心在未來幾年內實現寬頻業務的收入成長。

Operator, we're ready for the next question.

接線員，我們準備好回答下一個問題了。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I wanted to just ask a little bit more about the trajectory of C&P EBITDA next year. We obviously talked a lot about the ARPU side. Just on the OpEx side, could you talk a little bit about the investments that you're doing there, whether that be in CPE, sales and marketing, or customer service to support the reset here?

我想再了解C&P公司明年EBITDA的走勢。我們當然也詳細討論了許多關於ARPU（每位使用者平均收入）的內容。就營運支出方面而言，您能否談談您在這方面所做的投資，無論是在客戶設備、銷售和行銷，還是客戶服務方面，以支援此調整？

Sure. This is Dave. So we talked about, and Jason, Mike, myself, talked a little bit about the revenue approach being aggressive, deliberate on getting to new and existing customers, the new packaging and the simple, transparent approach that we have. So that has an investment attached to it.

當然。這是戴夫。所以我們進行了討論，傑森、麥克和我稍微討論了一下收入策略，即積極主動地爭取新舊客戶，以及新的包裝和我們簡單透明的方法。所以這其中牽涉到投資。

But in addition, we're also focused on making sure the Media supports the strategy, the marketing sales channels, everything, and the experience, in particular, is consistent with everything that we're doing. So we are investing in sales channels and in marketing.

此外，我們也致力於確保媒體支援策略、行銷銷售管道以及所有方面，特別是媒體體驗，與我們所做的一切保持一致。因此，我們正在投資銷售通路和行銷。

But the biggest impact where we will experience in terms of timing, is the things that we've already talked about in terms of free mobile line, the revenue investments that we're making – there's a ton of activity, but the marketing effort connected with the customer experience improvements, making sure that every tool, every aspect of the business is going to continue to improve, those are things that are just as important.

但就時間安排而言，我們將面臨的最大影響，是我們已經討論過的免費移動線路、我們正在進行的收入投資——有很多活動，但與客戶體驗改進相關的營銷工作，確保每個工具、業務的每個方面都能繼續改進，這些都同樣重要。

And I think along with that, just to round out the question and cost opportunities, I think we -- the team to their credit has been fairly aggressive in cost rationalization. You've seen that more recently with some realignment around divisional structures and cutting out layers in the company. So that continues at pace. A lot of that, though, obviously being reinvested in the pivot, which we think is the appropriate thing to do.

而且我認為，為了完善這個問題和成本機會，值得稱讚的是，我們的團隊在成本合理化方面一直相當積極。最近，公司內部進行了一些部門結構調整和裁員，這種情況越來越明顯。所以這種情況仍在快速持續。不過，其中許多資金顯然都重新投入了轉型中，我們認為這是應該做的。

Operator, next question, please.

接線員，請問下一個問題？

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

Two questions. First, Dave, I just want to say congratulations on an exceptionally successful and long run as President of the cable side of the business. Two questions, if I could. First, I have to ask about all the speculation about Warner Bros. Discovery.

兩個問題。首先，戴夫，我只想祝賀你作為有線電視業務總裁取得了非常成功且長久的成就。如果可以的話，我想問兩個問題。首先，我必須問問關於華納兄弟的所有猜測。發現。

So Brian, if you could just share any thoughts about how you think about those assets, the complementarity of those assets and whether or not, in this political environment, M&A of that kind is even possible. And then on the cable side of the business, I wonder if you could just talk about the transition at Verizon to Dan Schulman and whether you expect that to have any implications for the relationship you have with Verizon and the MVNO?

所以布萊恩，如果你能分享你對這些資產的看法，這些資產的互補性，以及在當前的政治環境下，這種併購是否可能，那就太好了。然後，關於有線電視業務方面，我想請您談談Verizon向Dan Schulman的過渡，以及您是否認為這會對您與Verizon和MVNO的關係產生任何影響？

Let me kick it over to Mike as co-CEO to answer those questions. But on the second one there, on Verizon, we wish him well and we have an important relationship with Verizon, and we are confident that we'll find ways to work together very successfully in the future. But Mike, why don't you take the --

讓我把這些問題交給聯合執行長麥克來回答。但對於第二個問題，也就是 Verizon，我們祝他一切順利，我們與 Verizon 有著重要的合作關係，我們相信未來我們會找到非常成功的合作方式。但是麥克，你為什麼不接受…--

Sure. Our Media M&A, or M&A generally, I mean, I think we've said repeatedly and I'll say it again, that the bar is very high for us to pursue any M&A transactions given how strongly we feel about the businesses we have, the strategies we're pursuing, and the opportunities we have ahead of us.

當然。對於我們的媒體併購，或者更廣泛地說，對於併購，我認為我們已經反复說過，而且我會再說一遍，鑑於我們對現有業務、正在推行的戰略以及未來機遇的信心，我們對任何併購交易的門檻都非常高。

So that continues to be an important anchor point for how we think about things. Second point I'd make is that you should expect us to look at things that are trading in the space around our industry. So it's our job to try to figure out if there's ways to add value.

所以，這仍然是我們思考問題的重要參考點。第二點是，你們應該期望我們專注於我們行業週邊領域的交易情況。所以我們的工作就是努力找出增加價值的方法。

But I would point out that with the kind of Versant spin, we've set NBC Media business up pairing Peacock on the streaming side with NBC Broadcast. You've seen lots of news lately about us attracting the NBA and Taylor Sheridan and the like over the long term, and you put that business alongside one of the finest Studio businesses in the industry and our Parks business, and I think the strategies we have are really sound and durable without M&A.

但我想指出的是，透過 Versant 的這種策略，我們已經為 NBC 媒體業務奠定了基礎，將 Peacock 串流服務與 NBC 廣播公司結合起來。最近有很多新聞報導我們長期吸引 NBA、泰勒·謝裡丹等人入駐，把這項業務和業內最優秀的影視公司之一以及我們的主題公園業務放在一起比較，我認為我們現有的戰略即使不進行併購也是非常穩健和持久的。

That said, the question about what's feasible to get any deals through, obviously, the fact that we've been taking the path of setting Versant up as our cable network business to pursue strategies that didn't fit inside the sort of the new NBC Media business, with great strength in assets and the cash flows they have with light leverage, and that is on track to happen, you can expect that any view we would have about other media assets that could be complementary to our existing Media business would be of the same sort.

也就是說，關於達成任何交易的可行性問題，顯然，我們一直在努力將 Versant 打造成我們的有線電視網絡業務，以推行一些不適合新 NBC 媒體業務的策略。 Versant 擁有強大的資產和現金流，槓桿率也很低，而且這項計劃正在按計劃進行。因此，我們可以預見，我們對其他可能與我們現有媒體業務互補的媒體資產的任何看法都將是類似的。

So in this case, it would be streaming assets and studio assets since there's no other parks assets out there, and that makes us such a unique company ourselves. So I think in light of that, what we'll be looking for and what we're going to look like post the Versant spin, I think more things are viable than maybe some of the public commentary that's out there.

所以，在這種情況下，我們將擁有串流媒體資產和工作室資產，因為市面上沒有其他公園資產，這也使我們自己成為一家非常獨特的公司。所以我認為，有鑑於此，在 Versant 事件之後，我們將要尋找什麼，以及我們將變成什麼樣子，我認為比目前一些公開評論所說的要多得多的可能性。

Thanks, Craig. Operator, next question, please.

謝謝你，克雷格。接線員，請問下一個問題？

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

I guess two questions. One, I wanted to get a sense a little bit of how you're thinking about the conversion of free wireless lines to pay next year. We've sort of seen this in others in the industry. But how are you guys just ensuring that the customer quality is there and making sure you're putting in kind of the right guardrails, so that when you get to that point a year from now, we see that nice uptick in convergence revenue growth?

我想問兩個問題。首先，我想了解您對明年將免費無線線路轉換為付費線路的看法。我們在業內其他一些公司也看到類似的情況。但你們是如何確保客戶品質，並確保設定正確的保障措施，以便一年後我們能看到融合收入的顯著成長呢？

And then, Jason, you mentioned a couple of things on Epic, focusing on expanding ride throughput, etcetera, operating leverage. Can you just talk a little bit more about what you were referring to there and kind of what we should expect as we move through 2026? Thanks so much.

然後，Jason，你提到了 Epic 的一些事情，重點是擴大遊樂設施吞吐量等等，營運槓桿。您能否再詳細談談您剛才提到的內容，以及我們進入 2026 年後應該期待些什麼？非常感謝。

Let me start, Ben, this is Dave on the wireless migration. So we've had solid momentum leading up to this quarter. We've been in 300,000-ish net new additions prior to launching the free line package. So we just stepped up to a nice level for the first time, a new record that we've all been talking about.

讓我先開始吧，本，我是戴夫，這裡是關於無線網路遷移的。因此，我們在本季之前一直保持著良好的發展勢頭。在推出免費線路方案之前，我們已經新增了約 30 萬個淨用戶。所以我們第一次達到了一個不錯的水平，創造了我們一直在談論的新紀錄。

I can't think of too many other things that are as important as making sure quality connects coming in, and there's going to be a real focus around making the transition to paid status for those free lines as they come off next year.

我覺得沒有什麼比確保高品質的連線更重要的了，明年我們將真正專注於讓那些免費線路過渡到付費狀態。

So we have a lot of experience with promotional activity, very accustomed to proactive and reactive approaches and we've watched it closely in the marketplace, those that have done this. So tried to learn quite a bit. But our focus has been and continues to be providing real choice in the marketplace. And we've been very consistent going after quality, high-end segments.

因此，我們在促銷活動方面有很多經驗，非常習慣於主動和被動的方法，我們密切關注市場上那些這樣做的人。所以我努力學習了很多。但我們一直以來的重點是，並將繼續是，在市場上提供真正的選擇。我們一直堅持不懈地追求高品質的高端市場。

We want to compete in every segment, and so whether it's broadband and mobile or broadband and other packages. And we've launched, for example, new high-end wireless tiers that have been really attractive in the marketplace. And so that's a good sign. We've seen these new wireless plans, our gig speeds, 4K, the ultra-high-def streaming capability, more WiFi hotspots, advanced spam call protection, and guaranteed device upgrade capabilities.

我們希望在每個領域都參與競爭，無論是寬頻和行動網絡，還是寬頻和其他套餐。例如，我們推出了新的高階無線套餐，這些套餐在市場上非常受歡迎。所以這是個好兆頭。我們已經見識了這些新的無線套餐、千兆速度、4K、超高清串流功能、更多 WiFi 熱點、高級垃圾電話防護以及設備升級保障。

So you can see our focus is to stay very much, and when we go after mobile relationships, we'll maintain the history that we have going after the best customers. And the experience itself, I think, is critical. And we continue to make sure people know we have the best along with great mobile service, great WiFi, and that it all comes together and converged in a way from a product experience that it really works in. So the migration activity next year, we will be all over. That will be an important part of our plan.

所以你可以看出，我們的重點是保持專注，當我們擴大行動端客戶關係時，我們會延續以往爭取最佳客戶的做法。我認為，體驗本身至關重要。我們將繼續確保人們知道我們擁有最好的行動服務和出色的 WiFi，並且所有這些都以真正有效的產品體驗的方式融合在一起。所以明年的遷徙活動將會非常頻繁，到處都會有我們的身影。這將是我們計劃的重要組成部分。

And Ben, it's Jason. Just rounding that on wireless. The steps we've taken this year, I think, broadly, were to get after two particular issues in our wireless space. So on the one hand, we've got 14% penetration of our broadband base. That's a lot of progress in seven years since launching wireless. So that's terrific. On the other hand, it's a captive base to sell into. So we all think our natural penetration over time is a lot higher than 14%.

還有本，我是傑森。只是簡單地把無線連線也算進去。我認為，我們今年採取的措施，總體而言，是為了解決無線領域的兩個具體問題。一方面，我們的寬頻普及率達到了 14%。自從推出無線服務以來，七年間取得了巨大的進步。那真是太棒了。另一方面，這是一個可以輕易推銷產品的固定客戶群。所以我們都認為，隨著時間的推移，我們的自然滲透率會遠高於 14%。

Two things related to that. Number one, an awareness issue in our base, which the solution for that is, if you don't know about us or don't trust the network, the product, etcetera because you haven't had any exposure to it, what better way to do that than a free line for a year? So that's designed to sort of push through that side.

與此相關的兩件事。第一，我們的用戶群存在認知度問題，解決辦法是：如果您不了解我們，或者因為沒有接觸過我們的網絡、產品等而不信任我們，那麼還有什麼比一年的免費線路更好的方法呢？所以它的設計目的就是為了突破那邊的防線。

And then the other, I think, critique was, can you really serve the high end? Historically, we launched on a By-the-Gig plan that was sort of our niche early on in the market, that's not a high-end plan. We've evolved since then and more recently, with the Premium Unlimited plan, exactly what Dave was talking about, that is a very competitive plan with high-end wireless. That is full data allotments, that is access to handset upgrades on a regular cycle. So very much looks like a typical high-end postpaid plan.

另一個批評意見是，你們真的能服務高端市場嗎？從歷史上看，我們最初是以按次計費的方式推出的，這算是我們早期在市場上的一個利基市場，這並不是一個高端計劃。從那時到現在，我們不斷發展，最近推出了高級無限流量套餐，這正是戴夫所說的，這是一個極具競爭力的高端無線套餐。這意味著享有全部數據流量，並且能夠定期獲得手機升級服務。看起來很像典型的高階後付費方案。

So rounding that out, I think we're kind of -- we're set to be much more competitive in wireless. This is an investment year, obviously, as we push free lines into the base, but this sets us up well beyond that.

綜上所述，我認為我們在無線領域將更具競爭力。顯然，今年是投資年，因為我們將免費線路推向了基礎，但這讓我們為未來打下了堅實的基礎。

And then on Parks, let me just step back on that. We had another strong quarter. Revenue is up 19% and EBITDA up 13% year over year, and that's, of course, driven by the first full quarter of Epic. Orlando, broadly, the full resort of Orlando is very strong. So we're very pleased.

至於公園，我還是先退一步說吧。我們又迎來了一個強勁的季度。營收年增 19%，EBITDA 年成長 13%，這當然是由 Epic 的第一個完整季度推動的。奧蘭多整體而言，整個奧蘭多度假區都非常強勁。我們非常高興。

The idea was to have Epic head us towards a weeklong vacation type of experience. And what we're seeing as Epic is now in the market is that it's driving higher per cap spending and attendance across the entirety of Universal Orlando. And one of the nice things is that lesser cannibalization of attendance from our two pre-existing parks than we had expected.

我們的想法是讓 Epic 帶領我們體驗為期一週的假期。我們看到，隨著 Epic Games 進入市場，它正在推動整個奧蘭多環球影城的人均消費和遊客數量成長。其中一個令人欣喜的方面是，它對我們原有兩個公園的客流量造成的蠶食比我們預期的要小。

In terms of Epic itself, our focus now is just driving increased ride capacity. It's a new park and very technologically advanced. So working on the labor and the kinks to drive it to full capacity. We've been holding back a little bit to make sure the experience is what we want it to be. So we expect it to fully scale up in the months ahead, and we'll really be driving higher attendance per caps and improved operating leverage, which is what Jason referred to as you look out over the next year plus.

就 Epic 本身而言，我們現在的重點是提高乘車容量。這是一個新建的公園，科技非常先進。所以，我們正在努力解決勞動力和各種技術難題，以使其發揮全部潛力。我們一直有所保留，以確保最終呈現的效果符合我們的期望。因此，我們預計未來幾個月內將全面擴大規模，我們將真正推動人均上座率的提高和營運槓桿的改善，正如傑森所說的，展望未來一年多的時間。

Thanks, Ben. Operator, next question, please.

謝謝你，本。接線員，請問下一個問題？

Jessica Reif, Bank of America.

傑西卡·雷夫，美國銀行。

Two things. Given the meaningful sports investment plus the overall content investment at Peacock, what are your plans to scale up, if any, globally? If you are, do you need to participate in M&A to actually do that? And if not, I know there was an earlier question, but what is your view on NBCU's competitive position if you don't participate since this seems like a moment in time?

兩件事。鑑於Peacock在體育領域的巨額投資以及整體內容投資，你們是否有在全球範圍內擴大規模的計劃？如果是這樣，你是否需要參與併購才能真正做到這一點？如果沒有，我知道之前有人問過這個問題，但如果您不參與，您如何看待 NBCU 的競爭地位？因為這似乎是一個特殊時期。

And then the second thing, if you could talk a little bit more -- in more detail about your advertising outlook. We saw Google had like really strong results yesterday. Maybe you could drill down a little bit on -- not that you're competing directly, but just what you're seeing in your various lines of business, both Cable and Media, and how the move towards programmatic might be affecting those businesses? Thank you.

其次，如果您能再詳細談談您的廣告概念就太好了。我們看到谷歌昨天的業績非常強勁。或許您可以深入探討一下——雖然你們並非直接競爭，但您是想談談您在有線電視和媒體等各個業務領域觀察到的情況，以及向程序化購買的轉變可能會如何影響這些業務？謝謝。

Sure. Well, on the first, I kind of said what there is to say about the business. I think NBC is -- just look at the partners we've attracted, and again, on the talent side from, Taylor Sheridan, Jason Blum, Chris Meledandri, Steven Spielberg, Jordan Peele, and others. I mean we just have a -- and Christopher Nolan, coming up. So obviously, Pay-One movies and originals are a piece of the pie of driving scale in Peacock.

當然。嗯，在第一天，我基本上把關於這個行業該說的都說了。我認為 NBC 就是這樣——看看我們吸引到的合作夥伴就知道了，再看看我們吸引到的人才，例如 Taylor Sheridan、Jason Blum、Chris Meledandri、Steven Spielberg、Jordan Peele 等等。我的意思是，我們接下來還有──克里斯多福諾蘭。顯然，付費電影和原創內容是推動 Peacock 規模擴張的重要因素之一。

And likewise, sports. Sports has been very successful for us. It's live as a lot of the coverages had, and it's hard to build the kind of portfolio that we have. So obviously, you have to pay the bill to meet the market. But beyond that, you have to produce it well.

體育也是如此。體育運動為我們帶來了巨大的成功。它和許多報道一樣都是即時進行的，而且很難建立出我們擁有的這種投資組合。所以很顯然，你必須支付相應的費用才能滿足市場需求。但除此之外，你還得把它做好。

And I think some of the -- and NBC Sports has just got a great tradition of working with partners. And so I think many partners look to us to broaden their reach, increase the brand of their own properties.

我認為其中一些因素——而且NBC體育一直以來都有與合作夥伴攜手共進的優良傳統。因此，我認為許多合作夥伴都希望藉助我們來擴大他們的影響力，並提升他們自身物業的品牌知名度。

And I think that's a durable advantage for NBC broadly, so I don't think M&A is necessary. And you think about the nature of sports is fundamentally market by market as opposed to global. We do have the Olympics, but those rights are in the US. So I think that's where I'll leave it on that front.

我認為這對NBC來說是一個持久的優勢，所以我認為沒有必要進行併購。你會覺得運動的本質是逐個市場進行的，而不是全球性的。我們確實有奧運的舉辦權，但這些權利在美國。所以我想我在這方面就說到這裡吧。

And on the advertising front, another strong quarter, we're up 3%, excluding last year's Olympics. And again, sports is a big driver. Sunday Night Football returned, 20th season, the highest grossing season to date. So we had a strong upfront, and we're using more and more programmatic and digital. And obviously, as we talked in prior calls, Peacock is up over 20% year over year in this past year's upfront, and that was one-third of NBC's total upfront commitments.

廣告方面，又是一個強勁的季度，我們成長了 3%，不包括去年的奧運。再次強調，體育運動是重要的驅動因素。週日晚間橄欖球賽回歸，迎來第20個賽季，也是迄今為止票房最高的賽季。所以我們前期投入很大，而且我們正在越來越多地使用程序化和數位化方式。顯然，正如我們在之前的電話會議中討論的那樣，Peacock 在過去一年的預售中同比增長超過 20%，佔 NBC 預售總額的三分之一。

So feel good that the balance between linear and digital, particularly as we look to what our portfolio is post Versant spin, is balanced and strong and benefits greatly from sports and the other properties, Pay-One window, and NBC content and originals in Peacock. Dave, I don't know if you want to add anything on the advertising side on cable. But I think there, it's sort of similar trends.

因此，令人欣慰的是，線性電視和數位電視之間的平衡，尤其是在我們審視 Versant 分拆後我們的投資組合時，是平衡且強大的，並且從體育和其他資產、付費窗口以及 Peacock 上的 NBC 內容和原創內容中受益匪淺。戴夫，我不知道你是否想在有線電視廣告方面增加任何內容。但我認為，那裡的趨勢也有些類似。

Very similar.

非常相似。

Operator, we have time for one last question.

操作員，我們還有最後一個問題。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great. Maybe a follow-up to a previous question. Is there evidence that wireless and convergence in general is lowering churn in the broadband base? And if we focus more just on the free line promotion, is that helping the overall trend as it relates to new connects?

偉大的。或許是對之前某個問題的後續。是否有證據顯示無線網路和融合技術整體上正在降低寬頻用戶流失率？如果我們只專注於免費線路促銷活動，這是否有助於新連結用戶的整體趨勢？

And then a second question on the business market. Business trends have held up pretty well, actually been pretty stable. And I realize you have the acquisition in there. But you guys gave a lot of forward comment on what I think related to the residential business, but how do you see competition shaping up in the business market? And can those business trends sort of remain pretty solid right now, as you look forward?

然後是關於商業市場的第二個問題。商業趨勢表現相當不錯，實際上相當穩定。我知道你們那邊有收購事宜。但是你們對我認為與住宅業務相關的方面提出了很多前瞻性的意見，那麼你們如何看待商業市場的競爭格局呢？展望未來，這些商業趨勢能否維持相對穩定？

Let me -- this is Dave. In terms of -- when we add wireless to the relationship, it's positive, the impact to churn. So it has been, continues to be. From the impact to the free line plan, part of the deliberate strategy that we have is really a longer-term bet. On the connect side, there's a little bit of an uptick of help, but it's really a longer-term bet around churn.

讓我來——這位是戴夫。就此而言－當我們在客戶關係中加入無線功能時，對客戶流失的影響是正面的。過去如此，現在依然如此。從影響到免費線路計劃，我們深思熟慮的策略之一實際上是一項長期投資。在連結方面，幫助有所增加，但這實際上是圍繞客戶流失率進行的長期投資。

Already, has been noted by Jason and Mike, that we're really encouraged by the early results. The fact that we have this step up to 400,000 is a real opportunity, not just in terms of relationships that we'll continue to build, but it's also an opportunity financially down the road as they convert. But it's the longer-term bet around churn, that's where the benefit is.

正如傑森和麥克所指出的，我們對目前的成果感到非常鼓舞。我們現在能達到 40 萬這個目標，這不僅意味著我們將繼續建立關係，也意味著隨著用戶轉化，未來在財務上也有機會。但真正的好處在於對客戶流失率的長期押注。

Business Services, it is competitive. There's more activity in fixed wireless as we've seen the telephone companies talk about that. There's a fair amount -- we have, I think, a really good portfolio though. We've done -- I think Ed Zimmermann and the team, and Steve driving that as well, $10 billion and growing in terms of mid-single digits, great margins, and a huge addressable marketplace at over $60 billion.

商業服務領域競爭激烈。固定無線領域更加活躍，我們已經看到電話公司在談論這方面的事情。數量相當可觀——我認為，我們的投資組合非常出色。我們已經實現了——我認為是 Ed Zimmermann 和他的團隊，以及 Steve 的推動——100 億美元的收入，並且以中等個位數的速度增長，利潤率很高，潛在市場規模超過 600 億美元。

So we've become a leader in the small business space. We are the challenger when it comes to mid-market and enterprise. And there's just upside as you look at how the strategy has come together around expanding relationships. But as importantly as anything, adding more capability and more value and the additional services. And we're just getting going in terms of mobile in Business Services.

因此，我們已成為小型企業領域的領導者。在中端市場和企業市場，我們是挑戰者。而且，從該策略如何圍繞拓展關係而展開來看，好處顯而易見。但更重要的是，增加更多功能、更多價值和額外服務。我們在行動商務服務方面才剛起步。

So we're thrilled to have a great relationship with Verizon as noted, but we're thrilled to have the new relationship with T-Mobile to be able to go after the Business Services side of things. Mobile is just one more great product to add to the portfolio around everything else that we're doing. So a lot of upside on the Business Services area.

如同先前所提到的，我們很高興與 Verizon 建立了良好的關係，但我們也很高興與 T-Mobile 建立新的關係，從而能夠進入商業服務領域。行動端只是我們眾多產品組合中又一個優秀的產品。因此，商業服務領域有很大的上漲空間。

Thanks, John, and thank you for everyone joining our call this morning.

謝謝約翰，也感謝今天早上所有參加我們電話會議的朋友們。

Thank you. That does conclude today's conference call. A replay of the call will be available 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。電話會議的錄音將於美國東部時間上午 11:30 起在 Comcast 投資者關係網站上提供。感謝您的參與。你們可以斷開連結了。