康卡斯特 (CMCSA) 2025 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Comcast's fourth-quarter and full-year 2025 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2025年第四季及全年財報電話會議。（操作員提示）請注意，本次電話會議正在錄音。

I will now turn the call over to Executive Vice President of Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

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 Steve Croney.

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；以及史蒂夫克羅尼。

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 Brian.

接下來，我將把電話交給布萊恩。

Good morning, everyone and thanks for joining us. Before I turn the call over to Mike and Jason to walk you through our results, I want to take a moment to say a few words about the team and the year ahead. We're at an inflection point, both in our industry and at Comcast. The business is changing rapidly, competition has never been more intense, and the choices we're making right now matter.

各位早安，感謝各位的收看。在將電話交給麥克和傑森向大家介紹我們的比賽結果之前，我想花一點時間談談球隊和未來一年的計劃。我們正處於一個轉折點，無論是在我們所在的行業還是在康卡斯特公司。商業環境瞬息萬變，競爭空前激烈，我們現在所做的選擇至關重要。

I feel very good about how we're positioned, and it really starts with our leadership. Steve Croney joins us for the first time on this call today. From day one running this business, he's challenged long held assumptions and moved quickly to reset priorities around actions that will drive growth. We spent time last week at Steve's leadership meeting where he brought together the entire team following a major reorganization. And coming out of that, my confidence has only increased.

我對我們目前的處境感到非常滿意，而這一切都始於我們的領導階層。史蒂夫·克羅尼今天首次參加我們的電話會議。從他接手這家公司的第一天起，他就挑戰了長期以來人們的固有觀念，並迅速調整優先事項，圍繞著能夠推動成長的行動展開。上週我們參加了史蒂夫的領導層會議，會上他召集了整個團隊，此前團隊進行了重大重組。經歷那件事之後，我的自信心反而增強了。

There's a clear sense of focus and urgency. Everyone understands the priorities and is moving with speed and purpose. I think you'll enjoy meeting Steve today for those that don't know him.

目標明確，緊迫感十足。每個人都清楚優先事項，並且正在快速、有目標地推進工作。我想今天和史蒂夫見面，對於還不認識他的人來說，一定會很開心。

And as Mike starts this year as Co-CEO, I could not be more excited about him stepping into his role. We've worked side by side for a long time, and he brings an exceptional combination of strategic clarity and operating discipline. As we continue to pivot the company towards our six growth drivers, Mike is leading the strategy and execution of that shift.

今年麥克將擔任聯合首席執行官，我對他履新感到無比興奮。我們並肩工作了很長一段時間，他兼具卓越的策略洞察力和執行紀律。隨著我們繼續推動公司朝著六大成長驅動因素發展，Mike 正在領導這項轉變的策略和執行。

As we look ahead to the upcoming Winter Olympics, we're excited about the prospects for Team USA, but more importantly, we're reminded of the power of shared moments to bring people together across the globe.

展望即將到來的冬季奧運會，我們對美國隊的前景感到興奮，但更重要的是，我們再次感受到共同經歷的力量，它將世界各地的人們團結在一起。

Like so many, I'm heartbroken by the tragic events of recent weeks, and our thoughts are with the families and communities that have been deeply impacted. In a time of profound division, we hope the Olympic Games can offer a moment of connection for our country and for people everywhere.

和許多人一樣，我對最近幾週發生的悲劇事件感到心碎，我們與那些深受影響的家庭和社區同在。在當今社會存在深刻分歧的時代，我們希望奧運會能為我們的國家和世界各地的人們提供一個聯繫的機會。

Now I'd like to turn it over to you, Mike.

現在我想把機會交給你，麥克。

Thanks Brian. 2025 was a year of meaningful progress for us. We moved with urgency to make decisive management, operational, and structural changes, resetting how we run our businesses and how we compete all with a clear focus on positioning the company for sustained growth.

謝謝布萊恩。 2025年對我們來說是取得意義重大進展的一年。我們迅速採取行動，進行果斷的管理、營運和結構變革，重新調整我們的業務運作方式和競爭方式，所有這些都明確聚焦於使公司持續成長。

A key step in that effort was appointing Steve Croney as CEO of Connectivity and Platforms, and I couldn't be more pleased to have him leading that business. Under Steve's leadership, we've made the most significant go-to market shift in our company's history. We've simplified our broadband offering by moving away from short-term promotions toward a clear, transparent value proposition.

這項工作的關鍵一步是任命史蒂夫·克羅尼擔任連接與平台業務的首席執行官，我非常高興能由他來領導這項業務。在史蒂夫的領導下，我們實現了公司史上最重大的市場進入策略轉變。我們簡化了寬頻服務，摒棄了短期促銷活動，轉而提供清晰透明的價值主張。

Customers now choose from four nationwide speed tiers with straightforward all-in pricing that includes our best-in-class gateway and unlimited data, along with a five-year price guarantee that brings predictability and removes long-standing complexity from the category.

現在，客戶可以從四個全國性的速度等級中進行選擇，價格簡單明了，包含我們一流的網關和無限流量，以及五年的價格保證，這帶來了可預測性，並消除了該類別中長期存在的複雜性。

We also strengthened our wireless approach with new offers tailored to different customer segments from Premium Unlimited plans for higher value households to a 12-month free-line promotion designed to increase mobile awareness and attachment. At the same time, we began to simplify the overall customer experience with faster access to live agents, easier digital buy-flows and activation, and same day delivery.

我們還加強了無線業務策略，推出了針對不同客戶群量身定制的新優惠，從面向高價值家庭的高級無限流量套餐，到旨在提高行動意識和用戶依從性的 12 個月免費線路促銷活動。同時，我們開始簡化整體客戶體驗，包括更快地聯繫到線上客服人員、更便利的數位購買流程和啟動方式，以及當日送達服務。

Those changes are beginning to show up in customer behavior. Voluntary churn continues to trend lower, NPS is moving in the right direction, adoption of the five-year price guarantee remains strong, and gig speed sell-in has improved meaningfully, with approximately 40% of the base on gig-plus tiers.

這些變化開始在消費者行為中顯現出來。自願流失率持續下降，NPS 正朝著正確的方向發展，五年價格保證的採用率依然強勁，零速度銷售情況顯著改善，約 40% 的用戶已達到零速度以上等級。

We've also expanded the use of simplified market-based pricing and retention, including broader deployment of new everyday pricing. Refreshed packaging is driving higher Xfinity Gateway attachment, enabling a more differentiated in-home experience with better streaming performance and lower latency.

我們也擴大了簡化的市場定價和客戶留存策略的使用範圍，包括更廣泛地部署新的日常定價。煥然一新的包裝設計提升了 Xfinity Gateway 的安裝率，從而帶來更優質的串流媒體效能和更低的延遲，實現更差異化的家庭體驗。

Turning to wireless, I'm pleased to share that we've modernized our MVNO partnership with Verizon, supporting continued profitable growth for Comcast, Charter and Verizon. With these enhancements, we have an even stronger relationship with Verizon to enable our customers to have a world-class experience.

談到無線業務，我很高興地宣布，我們已與 Verizon 實現了 MVNO 合作關係的現代化，這將支持 Comcast、Charter 和 Verizon 持續盈利增長。透過這些改進，我們與 Verizon 的關係更加牢固，使我們的客戶能夠獲得世界一流的體驗。

With the addition of T-Mobile as a network partner for our business customers later in the year, we continue to have a capital efficient mobile platform with a cost structure that supports a durable and growing convergence value proposition for our customers. Wireless continues to be a powerful driver of that Convergence Strategy, and 2025 was our strongest year yet.

今年晚些時候，隨著 T-Mobile 成為我們企業客戶的網路合作夥伴，我們將繼續擁有資本高效的行動平台，其成本結構能夠為我們的客戶提供持久且不斷增長的整合價值主張。無線技術仍然是融合策略的強大驅動力，而 2025 年是我們迄今為止表現最強勁的一年。

We added approximately 1.5 million net lines, ending the year with over 9 million total lines and roughly 15% penetration of our residential broadband base. That performance reinforces wireless as a key growth engine for the company, while also strengthening customer relationships and lifetime value across our connectivity portfolio.

我們新增了約 150 萬條淨線路，到年底總線路數超過 900 萬條，住宅寬頻普及率約 15%。這項業績鞏固了無線技術作為公司關鍵成長引擎的地位，同時也加強了我們整個連結產品組合的客戶關係和終身價值。

Even as wireless competition intensifies, our broadband scale, industry leading Wi-Fi, and improving offers position us well to grow wireless profitably while maintaining a disciplined, long-term approach.

即使無線競爭日益激烈，我們憑藉寬頻規模、業界領先的 Wi-Fi 和不斷改進的產品，在保持嚴謹的長期發展策略的同時，也能實現無線業務的獲利成長。

And finally, we continue to make substantial progress on our network upgrade with roughly 60% of the footprint now transitioned to mid-split spectrum and a virtualized architecture. We're already seeing benefits from greater automation and the deployment of AI across the network to optimize the end-to-end customer experience.

最後，我們的網路升級工作持續取得實質進展，目前約 60% 的網路覆蓋範圍已過渡到中分頻譜和虛擬化架構。我們已經看到，透過提高自動化程度和在整個網路中部署人工智慧來優化端到端的客戶體驗，從而帶來了許多好處。

Our investments are delivering tangible operating benefits, including a 20% reduction in trouble calls and a 35% reduction in repair minutes where we've deployed FDX technology. 2025 also marked great progress across Content and Experiences. At Parks, the opening of Epic Universe is already acting as a catalyst across Orlando, driving longer stays, higher per cap spending, and increased demand across our parks and hotels, reinforcing the attractive returns we see from continued investment in this business.

我們的投資正在帶來實際的營運效益，包括故障呼叫量減少 20%，以及在部署 FDX 技術的區域維修時間減少 35%。 2025 年，我們在內容和體驗方面也取得了顯著進展。在主題樂園方面，Epic Universe 的開幕已經對整個奧蘭多起到了催化劑的作用，推動了遊客停留時間延長、人均消費增加，並提高了我們各個主題公園和酒店的需求，從而鞏固了我們從持續投資這項業務中獲得的豐厚回報。

In Media, we've made meaningful progress at Peacock, improving EBITDA losses by approximately $700 million for the year, and we're pleased with the successful launch of the NBA on NBC and Peacock late in the year, which is delivering strong viewership while expanding reach and engagement across our platforms. We strengthened our content pipeline with a long-term creative partnership with Taylor Sheridan, adding premium, franchise scale film and television IP.

在媒體方面，我們在Peacock上取得了實質進展，使本年度的EBITDA虧損減少了約7億美元。我們很高興在年底成功推出了NBA on NBC和Peacock，這不僅帶來了強勁的收視率，還擴大了我們各個平台的覆蓋範圍和參與度。我們與 Taylor Sheridan 建立了長期的創意合作夥伴關係，加強了我們的內容管道，增加了優質的、具有特許經營規模的電影和電視 IP。

And finally, we've completed the spin of Versant Media, creating a focused, well-capitalized public company while enabling NBCUniversal to concentrate on driving profitability in our media business, powered by best-in-class live sports, entertainment, and news across NBC, Peacock, and Bravo.

最後，我們完成了 Versant Media 的分拆，創建了一家專注且資金雄厚的上市公司，同時使 NBCUniversal 能夠專注於推動媒體業務的盈利能力，這得益於 NBC、Peacock 和 Bravo 上一流的現場體育、娛樂和新聞節目。

Looking ahead, 2026 is about building on the changes we made in 2025 and advancing the next phase of our plan centered on levers that matter most. Our priorities in Connectivity and Platforms are clear: position the business for a return to growth, deepen convergence through wireless, and fully leverage our network leadership across residential and business services.

展望未來，2026 年我們將鞏固 2025 年所做的改變，並推進我們計畫的下一階段，並專注於最重要的槓桿。我們在連接和平台方面的優先事項很明確：使業務恢復成長，透過無線技術深化融合，並充分發揮我們在住宅和商業服務領域的網路領先地位。

This will be the largest broadband investment year in our history, focused squarely on customer experience and simplification, with the goal of migrating the majority of residential broadband customers to our new simplified pricing and packaging by year-end.

這將是我們史上寬頻投資規模最大的一年，重點在於提升客戶體驗和簡化流程，目標是在年底前將大部分住宅寬頻客戶遷移到我們新的簡化定價和套餐方案。

In wireless, we expect a meaningful portion of customers currently taking a free line to transition to paid relationships in the second half of the year as engagement deepens and customers experience the value of the product, consistent with the progression we've seen over time. We'll further simplify activation and service interactions with a focus on reducing call-ins, improving first contact resolution, and shortening speed to service.

在無線領域，我們預計，隨著用戶參與度的加深和用戶體驗到產品的價值，目前使用免費線路的用戶中相當一部分將在下半年轉為付費用戶，這與我們一直以來所看到的趨勢一致。我們將進一步簡化啟動和服務交互，重點是減少來電次數、提高首次聯繫解決率和縮短服務回應速度。

We'll also lean into our network leadership as we complete upgrades across most of the footprint and start marketing multi-gigabit symmetrical speeds and their differentiated capabilities, creating opportunities to move customers into higher value tiers over time.

我們還將發揮我們在網路領域的領導地位，完成大部分網路區域的升級，並開始推廣多千兆對稱速度及其差異化功能，從而創造機會，隨著時間的推移將客戶引導至更高價值的套餐。

And in Comcast Business, we'll remain focused on stabilizing small business while accelerating growth in mid-market and enterprise where demand for advanced, secure, and scalable connectivity continues to increase. 2026 will also be a defining year for Content and Experiences. It marks NBC's 100th anniversary, a century of leadership in broadcast and live storytelling, and a year in which NBCUniversal will deliver roughly 40% of the industry's major live events, bringing the biggest moments in media to audiences at scale.

在康卡斯特商業業務方面，我們將繼續專注於穩定小型企業業務，同時加速中型市場和大型企業的成長，因為這些市場對先進、安全且可擴展的連接需求持續成長。 2026年也將是內容與體驗業務的關鍵一年。今年是NBC成立100週年，標誌著NBC在廣播和現場故事講述領域一個世紀的領導地位，也是NBC環球將播出業內約40%的重大現場活動的一年，將媒體界最重大的時刻大規模地帶給觀眾。

Sports remains one of our most durable strengths with the full breadth of that portfolio on display, beginning with Legendary February featuring the Super Bowl on NBC and Peacock, followed by the Winter Olympics in Milan and the NBA All-Star Game, all sold out. Later in the year, Major League Baseball returns to NBC and Peacock under a new agreement, followed by the World Cup on Telemundo. And at Peacock, we expect another year of meaningful EBITDA improvement as we continue progressing toward breakeven, even as we absorb the NBA rights.

體育賽事仍然是我們最持久的優勢之一，我們全面展示了體育賽事組合，從傳奇二月開始，包括 NBC 和 Peacock 播出的超級碗，隨後是米蘭冬季奧運會和 NBA 全明星賽，所有賽事均已售罄。今年晚些時候，美國職棒大聯盟將根據一項新協議重返 NBC 和 Peacock 頻道播出，隨後世界盃將在 Telemundo 頻道播出。在 Peacock，我們預計隨著我們繼續朝著盈虧平衡點邁進，即使我們吸收了 NBA 的轉播權，EBITDA 也將在接下來的一年裡實現顯著改善。

Our Studios slate remains exceptional, led by The Odyssey from Christopher Nolan, The Super Mario Galaxy movie, and Minions 3 from Chris Meledandri, and Disclosure Day from Steven Spielberg.

我們的工作室片段依然非常出色，領銜的是克里斯多福諾蘭的《奧德賽》、克里斯梅勒丹德利的《超級瑪利歐銀河》和《小小兵3》，以及史蒂芬史匹柏的《桃色交易日》。

At Parks, 2026 marks the first full year of Epic Universe alongside the opening of Universal Kids Resort in Frisco, Texas, the debut of our first outdoor roller coaster at Universal Studios Hollywood, and groundbreaking on our new Universal resort in the UK.

2026 年是環球影城主題樂園 Epic Universe 開業的第一年，同時德州弗里斯科的環球兒童度假村也將開業，好萊塢環球影城的首個戶外雲霄飛車也將首次亮相，我們在英國的新環球度假村也將破土動工。

So to wrap up, my focus remains squarely on growth. We've been consistent in investing behind the six growth engines that define our future, while protecting one of the strongest balance sheets in the industry and returning substantial capital to shareholders. We like the position of both of our major businesses.

總而言之，我的重心仍然完全放在成長上。我們一直堅持投資於定義我們未來的六大成長引擎，同時保持著業內最強勁的資產負債表之一，並向股東返還了大量資本。我們對旗下兩大業務的現況感到滿意。

Our broadband network and products are best-in-class. Our customer experience keeps improving, and as the market shifts to multi-gigabit symmetrical speeds, we're well positioned to grow. We have the best hand in convergence, combining broadband leadership with a differentiated capital-light mobile business. And we're the market leader with small businesses and the fastest growing provider in mid-market and enterprise.

我們的寬頻網路和產品都是一流的。我們的客戶體驗不斷提升，隨著市場向多千兆對稱速度轉型，我們已做好充分準備實現成長。我們在融合領域擁有最佳優勢，將寬頻領域的領先地位與差異化的輕資本行動業務結合。我們在小型企業市場處於領先地位，在中型市場和企業市場成長速度最快。

On the Media side, we operate world-class Theme Parks and Studios, and we're scaling a streaming platform that runs in concert with our television business, delivering unmatched sports, news, and entertainment. Taken together, we feel very good about where we're positioned with the right assets, the right strategy, and the financial strength to perform through cycles and create long-term value.

在媒體方面，我們經營著世界一流的主題樂園和工作室，並且正在擴展一個與我們的電視業務協同運作的串流平台，提供無與倫比的體育、新聞和娛樂內容。綜上所述，我們對自己目前的處境感到非常滿意，我們擁有合適的資產、正確的策略以及足夠的財務實力來應對週期性波動並創造長期價值。

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

接下來，我將把麥克風交給傑森。

Thanks, Mike, and good morning, everyone. I'll start with a high-level overview of our consolidated results and then get into more detail on our businesses.

謝謝你，麥克，大家早安。我會先概述我們的合併業績，然後再詳細介紹我們的各項業務。

Total company revenue grew 1% in the fourth quarter, benefiting from strength across our six growth businesses, which collectively represents 60% of our revenue and grew at a mid-single-digit rate. Notably, Theme Parks, Peacock, and Domestic Wireless, three of our six key growth drivers, each grew revenue right around 20%.

第四季公司總營收成長 1%，這得益於我們六大成長業務的強勁表現，這些業務合計占公司收入的 60%，並以中等個位數的速度成長。值得注意的是，主題樂園、Peacock 和國內無線業務（我們六大關鍵成長驅動因素中的三個）的收入均成長了約 20%。

As we've previewed, we are in an investment period. We're pivoting in the broadband business through changes to packaging and pricing and significant investments in the customer experience, all designed to stabilize our base and subsequently grow revenue in the category again. We are also absorbing the full cost of the first year of the new NBA contract in our Content and Experiences segment and expect that to scale over time.

正如我們之前預告的，我們正處於投資期。我們正在透過改變套餐和定價方式以及對客戶體驗進行大量投資來轉型寬頻業務，所有這些舉措都是為了穩定我們的客戶基礎，並隨後再次提高該類別的收入。我們也承擔了NBA新合約第一年的全部成本，這些成本將計入我們的內容和體驗部門，預計隨著時間的推移，這一比例將不斷擴大。

As a result, adjusted EBITDA in the quarter declined 10%, and adjusted earnings per share declined 12%. We generated $4.4 billion of free cash flow in the quarter, which includes about $2 billion of a cash tax benefit related to an internal corporate reorganization. Recall, we received the P&L benefit associated with this in last year's fourth quarter, and at the time mentioned that the cash benefit from this would occur in 2025. So this quarter's free cash flow includes the benefit of that. Finally, during the quarter we returned $2.7 billion to shareholders, including $1.5 billion in share repurchases.

因此，本季調整後的 EBITDA 下降了 10%，調整後的每股盈餘下降了 12%。本季我們產生了 44 億美元的自由現金流，其中包括與內部公司重組相關的約 20 億美元的現金稅收優惠。回想一下，我們在去年第四季收到了與此相關的損益收益，當時我們提到，由此產生的現金收益將在 2025 年實現。因此，本季的自由現金流包含了這部分收益。最後，本季我們向股東返還了 27 億美元，其中包括 15 億美元的股票回購。

Now turning to our businesses, starting with Connectivity and Platforms. The competitive environment for broadband remains intense, similar to prior quarters, while we saw wireless competition step up towards the end of the fourth quarter. Against that backdrop, we continue to advance our new go-to market strategy we launched earlier this year. While it's still early, we remain encouraged by what we're seeing, including lower voluntary churn, strong adoption of our five-year price guarantee, a significant improvement in take rates of gig plus speeds, and continued uptake of free wireless lines.

現在轉向我們的業務，首先是連接和平台。與前幾季類似，寬頻市場的競爭環境仍然激烈，而無線市場的競爭在第四季末有所加劇。在此背景下，我們將繼續推動今年稍早推出的新市場進入策略。雖然現在還為時過早，但我們對目前的情況感到鼓舞，包括自願流失率降低、五年價格保證得到廣泛認可、千兆以上速度套餐的普及率顯著提高，以及免費無線線路的持續普及。

We remain focused on transitioning the majority of our customer base to simplified, market-based pricing plans. And importantly, prioritizing getting to the other side of this transition as quickly as possible. As we have highlighted, this pivot comes with an investment. That includes rate reinvestment through simplified broadband pricing and offering free wireless lines which impact near-term revenue, as well as higher operating costs tied to customer experience initiatives.

我們將繼續致力於將大部分客戶群過渡到簡化的、基於市場的定價方案。更重要的是，要盡快度過這個過渡期。正如我們所強調的，這種轉型需要投資。這包括透過簡化寬頻定價和提供免費無線線路進行費率再投資，這會影響近期收入，以及與客戶體驗計劃相關的更高營運成本。

These dynamics were reflected in the quarter through dilution to broadband ARPU growth and elevated marketing, product, and customer service expenses, contributing to the 4.5% decline in Connectivity and Platforms EBITDA. As we have said before, as we continue to invest through this transition, we expect incremental EBITDA pressure over the next couple of quarters until we begin to lap these initial investments in the second half of 2026.

這些動態反映在本季度，寬頻 ARPU 成長放緩，行銷、產品和客戶服務費用上漲，導致連線和平台 EBITDA 下降 4.5%。正如我們之前所說，隨著我們繼續投資以完成這項轉型，我們預計在接下來的幾個季度裡，EBITDA 將面臨逐步增加的壓力，直到我們在 2026 年下半年開始收回這些初始投資。

As we move past this investment period, we will have the vast majority of our base on new pricing and packaging for broadband. We'll have a much higher percentage of our customers on gig plus speed plans, which are substantially differentiated from fixed wireless and satellite offerings, and we'll have a large base of free wireless customers moving into paying relationships with us, all tailwinds to our business at that point, which will better position us for long-term growth.

隨著我們度過這段投資期，我們的大部分客戶將基於新的寬頻定價和套餐。我們將有更高比例的客戶選擇千兆及以上速度的套餐，這與固定無線和衛星套餐有很大的不同；同時，我們將擁有大量免費無線客戶轉為付費用戶，所有這些都將對我們的業務發展起到積極作用，從而更好地促進我們的長期增長。

Now let me get into some more details of the quarter starting with broadband. Subscriber losses were 181,000 as the early traction we're seeing from our new initiatives was more than offset by continued competitive intensity. Broadband ARPU grew 1.1%, slight growth but consistent with the deceleration that we had previewed, reflecting our new go-to-market pricing, including lower everyday pricing, and strong adoption of free wireless lines.

現在讓我更詳細地介紹一下本季的情況，首先從寬頻說起。由於我們新措施的早期成效被持續激烈的競爭所抵消，用戶流失量達 18.1 萬。寬頻 ARPU 成長了 1.1%，雖然成長幅度不大，但與我們先前預測的成長放緩趨勢一致，這反映了我們新的市場定價策略，包括降低日常價格，以及免費無線線路的大力推廣。

Looking ahead, we expect further ARPU pressure for the next couple of quarters, driven by the absence of a rate increase, the impact from free wireless lines, and the ongoing migration of our base to simplified pricing.

展望未來，我們預計未來幾季 ARPU 將面臨進一步壓力，主要原因是沒有漲價、免費無線線路的影響以及我們用戶群持續向簡化定價模式遷移。

At the same time, convergence revenue grew 2% in the quarter, driven by 18% growth in wireless. We added 364,000 wireless lines, and similar to last quarter, nearly half of our residential postpaid connects came from customers taking a free line. Our free line strategy is a logical and importantly, a rational competitive approach from us. It adds value to our core broadband product, builds familiarity in a tough to penetrate wireless market, and we'll convert to a paying relationship after one year, in a product category where we are firmly profitable and one which delivers strong bundling benefits to our core broadband business.

同時，融合業務收入在本季成長了 2%，其中無線業務成長了 18%。我們新增了 364,000 條無線線路，與上一季類似，我們近一半的住宅後付費用戶都是透過免費線路接入的用戶。我們的免費線路策略是我們採取的一種合乎邏輯且非常重要的理性的競爭策略。它為我們的核心寬頻產品增添了價值，在難以滲透的無線市場中建立了知名度，一年後我們將轉為付費合作關係。在這個我們獲利穩定的產品類別中，該產品能為我們的核心寬頻業務帶來強大的捆綁收益。

We also continue to see a strong uptake of our Premium Unlimited plans, further strengthening our position in the higher value postpaid market. In total, we now have over 9 million wireless lines with penetration of our residential broadband base above 15%. While the wireless environment has become more competitive, we remain confident in our strategy.

我們的高級無限流量套餐也持續受到熱烈歡迎，進一步鞏固了我們在高價值後付費市場的地位。目前，我們總共擁有超過 900 萬條無線線路，住宅寬頻普及率超過 15%。儘管無線領域的競爭日趨激烈，但我們對我們的策略仍然充滿信心。

Our converged offerings continue to deliver meaningful savings versus comparable plans from our competitors, reinforcing the value proposition we deliver to our customers. Looking ahead to the second half of 2026, we expect to convert the vast majority of free lines into paying relationships, which in turn should provide a meaningful tailwind to convergence revenue growth.

與競爭對手的同類方案相比，我們的融合產品持續為客戶節省大量成本，鞏固了我們為客戶提供的價值主張。展望 2026 年下半年，我們預計將把絕大多數免費線路轉化為付費關係，這反過來應該會為融合收入成長提供顯著的推動力。

Turning to Business Services, revenue increased 6% and EBITDA grew 3% in the quarter. Results continue to reflect the dynamic we've been seeing for several quarters with modest revenue growth in our small and medium business segment and strong momentum at our enterprise solutions business.

再來看商業服務，本季營收成長了 6%，EBITDA 成長了 3%。業績繼續反映出我們幾季以來所看到的動態，即中小企業部門的營收成長較為溫和，而企業解決方案業務則保持強勁勢頭。

In SMB, competitive intensity remains elevated, particularly from fixed wireless, but we're driving higher ARPU through increased adoption of advanced services including cybersecurity and Comcast Business Mobile. Enterprise Solutions continues to gain traction as we expand our customer base and deepen our relationships. This remains an area of investment and an important growth driver going forward. In addition, in 2026, we look forward to expanding our business mobile relationships through our T-Mobile MVNO.

在中小企業領域，競爭仍然激烈，尤其是來自固定無線領域的競爭，但我們正在透過提高網路安全和 Comcast Business Mobile 等高級服務的採用率來推動更高的 ARPU 值。隨著客戶群的擴大和合作關係的加深，企業解決方案業務持續獲得發展動力。這仍然是一個值得投資的領域，也是未來重要的成長動力。此外，我們期待在 2026 年透過我們的 T-Mobile MVNO 拓展我們的企業行動業務關係。

In Content and Experiences, there are a few items I'd like to highlight. At Theme Parks, we delivered another strong set of results with growth accelerating in the fourth quarter. Revenue increased 22% and EBITDA grew 24%, with EBITDA crossing the $1 billion level for the first time. This performance was driven by strong results at Universal Orlando. We're really pleased with what we're seeing from Epic, which continues to drive higher per cap spending and attendance across the entirety of the resort.

在內容和體驗方面，我想重點介紹幾點。在主題樂園業務方面，我們再次取得了強勁的業績，第四季成長速度加快。營收成長 22%，EBITDA 成長 24%，EBITDA 首次突破 10 億美元大關。這項業績主要得益於奧蘭多環球影城的出色表現。我們對 Epic 的表現非常滿意，它持續推動整個度假村的人均消費和客流量成長。

While we're not yet operating at full run rate capacity, we've made meaningful progress expanding ride throughput, and we remain focused on scaling further over the next several quarters with higher attendance, stronger per caps, and additional operating leverage over time.

雖然我們尚未達到滿載運轉，但我們在擴大遊樂設施吞吐量方面取得了實質進展，我們將繼續專注於在接下來的幾個季度中進一步擴大規模，提高客流量，增強人均收入，並隨著時間的推移增加營運槓桿。

At Studios, we've had great success with the Wicked franchise, which has now grossed well over $1 billion worldwide. Our overall results reflect tough comparisons to last year's film slate, the timing of content licensing deals, and higher marketing spend associated with the higher volume of films this year.

在 Studios，我們憑藉《魔法壞女巫》系列電影取得了巨大的成功，該系列電影的全球票房現已超過 10 億美元。我們的整體業績反映了與去年電影檔期的嚴峻對比、內容授權協議的時機以及與今年電影數量增加相關的更高行銷支出。

Turning to Media, we successfully completed our spin of Versant on January 2nd, after the quarter closed, so our fourth quarter results still reflect a full quarter of ownership. We will provide pro forma trending schedules excluding Versant ahead of our first quarter earnings to help with comparability in forecasting as we go forward.

再來看媒體業務，我們在季度結束後的 1 月 2 日成功完成了對 Versant 的分拆，因此我們的第四季度業績仍然反映了完整的季度所有權。我們將在第一季財報發布前提供不包括 Versant 的模擬趨勢表，以便在未來的預測中提高可比性。

Media revenue increased 6% in the fourth quarter, primarily driven by Peacock. Peacock revenue grew more than 20% to a record $1.6 billion, supported by strong distribution revenue growth of over 30%, as paid subscribers increased 8 million year over year and 3 million sequentially, reaching 44 million as of December 31st. Advertising revenue at Peacock grew nearly 20%, benefiting from our strong sports lineup, including the premiere of the NBA and the timing of the exclusive NFL game this quarter.

第四季媒體營收成長了 6%，主要得益於 Peacock 的推動。Peacock 的營收成長超過 20%，達到創紀錄的 16 億美元，這得益於超過 30% 的強勁發行收入成長。付費用戶年增 800 萬，季增 300 萬，截至 12 月 31 日達到 4,400 萬。由於我們強大的體育賽事陣容，包括本季NBA的首播和NFL獨家比賽的播出時間，Peacock的廣告收入增長了近20%。

Total advertising increased 1.5% with strong underlying demand driven by a record upfront, continued strength from Sunday Night Football, which delivered the most watched season in its history, and the launch of the NBA this quarter, partially offset by lower political advertising compared to last year.

在創紀錄的預售額、週日晚間橄欖球賽持續強勁的收視表現（該賽季創下歷史最高收視率）以及本季度NBA的開賽等強勁潛在需求的推動下，廣告總額增長了1.5%，但與去年相比，政治廣告的減少部分抵消了這一增長。

Media EBITDA declined in the quarter, primarily reflecting the addition of NBA rights. As we've discussed, we are straight lining the amortization of these sports rights, which creates upfront EBITDA dilution, particularly in the first season, with game counts driving the quarterly realization of this expense. While the fourth quarter represented about 25% of our total games for the season, the first quarter will be the peak volume period with roughly 50% of our games played, which will also result in peak EBITDA dilution.

本季媒體業務 EBITDA 下降，主要原因是新增了 NBA 轉播權。正如我們討論過的，我們採用直線攤銷方式來攤銷這些體育賽事版權，這會造成前期 EBITDA 稀釋，尤其是在第一賽季，比賽場次決定了這項費用的季度實現情況。雖然第四季約占我們賽季總比賽場次的 25%，但第一季將是比賽場次最多的時期，約占我們賽季總比賽場次的 50%，這也將導致 EBITDA 稀釋達到高峰。

Over time, we expect to offset this impact through advertising growth and subscriber acquisition and monetization across both Linear and Peacock. At Peacock, while losses came in at $552 million for the quarter, reflecting the addition of NBA rights and our exclusive NFL game, full year Peacock losses improved over $700 million year over year. Peacock has reached meaningful scale and continues to demonstrate improving monetization, giving us confidence in our ability to absorb near-term investments, including the first full year of the NBA, and in 2026, we expect Peacock losses to meaningfully improve again.

隨著時間的推移，我們預計透過Linear和Peacock的廣告成長、用戶獲取和獲利，可以抵消這種影響。Peacock 平臺本季虧損 5.52 億美元，這反映了 NBA 版權和獨家 NFL 比賽的增加，但 Peacock 全年虧損同比減少了 7 億美元以上。Peacock 已經達到了相當可觀的規模，並且持續展現出不斷提高的盈利能力，這讓我們有信心吸收近期投資，包括 NBA 的第一個完整賽季。我們預計，到 2026 年，Peacock 的虧損將再次顯著改善。

I'll wrap up with free cash flow and capital allocation. For the full year, we generated $19.2 billion of free cash flow, up significantly year over year and the highest year on record. We benefited in 2025 from lower cash taxes, favorable working capital comparisons, particularly related to studio production spend, and lower capital spending.

最後，我將談談自由現金流和資本配置。全年來看，我們創造了 192 億美元的自由現金流，比前一年大幅成長，創歷史新高。2025 年，我們受益於較低的現金稅、有利的營運資本比較（特別是與工作室製作支出相關的營運資本比較）以及較低的資本支出。

As we look towards 2026, it's important to note that one-time cash tax benefits in 2025, including the $2 billion mentioned up front, will not recur. In addition, recall, we said the benefits from new tax legislation would average about $1 billion per year for the next five years. The timing of those benefits are lumpy. We saw an outsized benefit in 2025 and expect the benefit to be significantly lower in 2026.

展望 2026 年，需要注意的是，2025 年的一次性現金稅收優惠（包括前面提到的 20 億美元）將不會再次出現。此外，請記住，我們曾說過，未來五年，新稅收立法帶來的收益平均每年約為 10 億美元。這些福利發放的時間並不穩定。我們在 2025 年看到了巨大的收益，預計 2026 年的收益將大幅下降。

Finally, as you can see from their filings, the Versant spin-off removes a significant pool of cash flow from our operations. Total capital spending in 2025, inclusive of CapEx and capitalized software and intangibles, declined 5% to $14.4 billion. This includes a 17% decline to $3.6 billion in Content and Experiences, driven by lower investment at Theme Parks following the completion of Epic Universe earlier this year, alongside relatively consistent capital spending of $10.5 billion at Connectivity & Platforms.

最後，正如您從他們的文件中看到的那樣，Versant 的分拆使我們的營運損失了大量現金流。2025 年總資本支出（包括資本支出和資本化的軟體和無形資產）下降 5% 至 144 億美元。其中包括內容和體驗方面的支出下降 17% 至 36 億美元，這是由於今年早些時候 Epic Universe 主題公園建成後，主題公園的投資減少所致；此外，連接和平台方面的資本支出相對穩定，為 105 億美元。

Looking ahead to 2026, we expect total capital spending to be relatively similar to 2025, with spending at both C&P and C&E remaining relatively consistent year over year.

展望 2026 年，我們預期總資本支出將與 2025 年大致相似，C&P 和 C&E 的支出將維持相對穩定的年際變化。

Turning to leverage, our balance sheet remains incredibly strong, ending the year with net leverage at 2.3 times. As you know, the Versant spin was capitalized in a way that positioned them for success with low leverage and ample liquidity. As a result, our leverage ratios will increase slightly on the back of the spin-off. Our intention will be to migrate back to the 2025 ending leverage of 2.3 times.

從槓桿率來看，我們的資產負債表依然非常強勁，年底淨槓桿率為 2.3 倍。如您所知，Versant 的分拆融資方式使其能夠以低槓桿率和充足的流動性獲得成功。因此，分拆後我們的槓桿率將略有上升。我們的目標是恢復到 2025 年底的 2.3 倍槓桿率。

On capital returns in 2025, we returned nearly $12 billion to shareholders, including nearly $7 billion in share repurchases, resulting in a mid-single-digit year over year reduction in our share count. Consistent with what we articulated at a conference last month, we are maintaining our annual dividend at its current level of $1.32 per share.

2025 年，我們在資本回報方面向股東返還了近 120 億美元，其中包括近 70 億美元的股票回購，導致我們的股票數量比去年同期減少了中等個位數。正如我們上個月在會議上闡述的那樣，我們將維持每股 1.32 美元的年度股息水準。

In addition, our shareholders received a dividend in kind through the distribution of Versant shares, and now we'll be able to participate directly in Versant's capital allocation priorities, including dividends. As a result, our investors should see higher total dividends in 2026, marking our 18th consecutive year of dividend growth.

此外，我們的股東透過 Versant 股份的分配獲得了實體股息，現在我們將能夠直接參與 Versant 的資本配置優先事項，包括股息分配。因此，我們的投資者應該會在 2026 年看到更高的總股息，這將標誌著我們連續第 18 年實現股息成長。

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. This formula has served us well and will continue to guide our approach.

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。

With that, before turning back to Marci for Q&A, let me welcome Steve Croney as this is his first earnings call, and turn it over to him for a few opening remarks. Steve?

接下來，在把時間交還給 Marci 進行問答環節之前，請允許我歡迎 Steve Croney，因為這是他第一次參加財報電話會議，並請他做幾句開場白。史蒂夫？

Thanks, Jason. I appreciate it, and it's great to be on the call, and I look forward to getting to know those of you I've yet to meet.

謝謝你，傑森。非常感謝，很高興能參加這次電話會議，我期待著認識各位我還沒見過面的朋友。

As Brian and Mike have outlined, we've been moving with urgency on a number of important changes across the business, and the team is focused and aligned on executing against the plan. When I think about what success looks like, it starts with being honest with ourselves and clearly defining our reality. The market is going to remain intensely competitive. Success isn't about waiting for the environment to change. It's about how we perform inside of that environment.

正如布萊恩和麥克所概述的那樣，我們一直在緊急推進公司內部的多項重要變革，團隊也正集中精力，齊心協力地執行該計劃。當我思考成功是什麼樣子時，我認為首先要對自己誠實，並清楚地定義我們所處的現實。市場競爭將持續激烈。成功並非等待環境改變。關鍵在於我們如何在這種環境下表現。

We're executing against a clear actionable plan to change the trajectory of the business. We are focused on simplifying how we operate, eliminating redundancy, and aligning the entire team around a single set of growth objectives, all of which are centered around improving our competitiveness in the marketplace. A lot of the progress Mike outlined on pricing, mobile penetration, network modernization and the customer experience is exactly what this plan is designed to deliver. Fewer distractions, clearer ownership and accountability, and much better execution.

我們正在執行一項清晰可行的計劃，以改變公司的發展軌跡。我們致力於簡化營運方式，消除冗餘，並使整個團隊圍繞一套統一的成長目標開展工作，所有這些都是為了提高我們在市場上的競爭力。麥克概述的在定價、行動普及率、網路現代化和客戶體驗方面的許多進展，正是該計劃旨在實現的。幹擾更少，責任歸屬更清晰，執行力更強。

From there we stay focused on our core pillars. First is the network, which remains our foundation. We offer gig internet and wireless to 65 million homes, the largest converged network in the country. Our job is to stay well ahead of demand on speed, performance, and capacity. Usage continues to grow at double-digit rates, and as competition intensifies, a scalable, reliable, and increasingly intelligent network will become an even more important competitive advantage.

我們將繼續專注於我們的核心支柱。首先是網絡，它仍然是我們的基礎。我們為 6,500 萬戶家庭提供千兆互聯網和無線網絡，這是全國最大的融合網絡。我們的工作就是始終在速度、效能和容量方面遠遠領先需求。使用量持續以兩位數的速度成長，隨著競爭加劇，可擴展、可靠且日益智慧化的網路將成為更重要的競爭優勢。

Second is the product. This is where we have our clearest differentiation. Customers make decisions based on the quality and reliability of their Wi-Fi, and our Wi-Fi reliability ranks number one in our footprint based on independent open signal testing. We have a Wi-Fi centered strategy designed to reliably support hundreds of connected devices and deliver a seamless experience in and out of the home. Mobile then builds naturally on this foundation. When customers take mobile with broadband, lifetime value increases substantially, and those customers are more meaningfully loyal.

其次是產品。這是我們之間最明顯的差異。客戶會根據 Wi-Fi 的品質和可靠性做出決定，而根據獨立的開放訊號測試，我們的 Wi-Fi 可靠性在我們覆蓋範圍內排名第一。我們制定了以 Wi-Fi 為中心的策略，旨在可靠地支援數百台連網設備，並在家庭內外提供無縫體驗。行動端自然而然地在此基礎上發展起來。當客戶將行動寬頻與寬頻結合使用時，客戶的終身價值將大幅提高，而且這些客戶的忠誠度也會更高。

Third is the customer experience, which is our biggest opportunity by far. We must make it easier to do business with us and build a more loyal customer base through greater price transparency, more simplicity, fewer friction points, and consistently getting it right the first interaction.

第三點是客戶體驗，這是我們迄今為止最大的機會。我們必須讓與我們做生意變得更容易，並透過提高價格透明度、簡化流程、減少摩擦點以及始終在第一次互動中就做到正確來建立更忠誠的客戶群。

And importantly, the same operating model applies to Comcast Business, where we are accelerating growth in enterprise while continuing to lead in SMB, with a clear shift towards advanced multi-product solutions. When we get these three critical pieces right, I am determined to improve our broadband performance year over year in the near term, return to revenue and EBITDA growth, drive higher mobile penetration, and create much better customer outcomes which include higher relationship and transactional net promoter scores, lower effort, and stronger loyalty.

更重要的是，同樣的營運模式也適用於 Comcast Business，我們在企業領域加速成長，同時繼續在中小企業領域保持領先地位，並明顯轉向先進的多產品解決方案。當我們把這三個關鍵環節做好之後，我決心在短期內逐年提高我們的寬頻效能，恢復收入和 EBITDA 成長，推動更高的行動普及率，並創造更好的客戶體驗，包括更高的關係和交易淨推薦值、更低的客戶投入和更強的客戶忠誠度。

All of this is within our control. It doesn't assume relief in the competitive environment, and it doesn't rely on any one lever. It's about executing better. With the industry's best products, a differentiated Wi-Fi first experience, and a unified team focused on growth.

這一切都在我們的掌控之中。它並沒有假定競爭環境會有所緩解，也不依賴任何單一手段。關鍵在於更好地執行。擁有業界最好的產品、差異化的 Wi-Fi 優先體驗以及專注於成長的統一團隊。

And with that, back to you Marci for Q&A.

那麼，接下來交給馬西，請她回答問題。

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

謝謝你，史蒂夫。接線員，請開啟問答環節。

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

謝謝。現在開始問答環節。（操作說明）

Mike Rollins, Citi.

麥克羅林斯，花旗銀行。

Thanks, good morning. If I could dig into the broadband side of the business for a moment. First, in terms of moving from more localized rate plan management to national, can you give us an update in terms of what you're seeing on both the intake and retention of customers?

謝謝，早安。如果我能稍微深入了解一下公司的寬頻業務就好了。首先，關於從本地化費率計劃管理轉向全國性管理，您能否向我們介紹您在客戶獲取和留存方面看到的最新情況？

And then secondly, can you discuss more of a wireless opportunity, and in terms of the converged bundle with the free line promotion, if there's an opportunity to further accelerate, quarterly wireless net adds. Thanks.

其次，您能否進一步討論一下無線業務的機會，以及與免費線路促銷活動相結合的融合套餐，看看是否有機會進一步加快季度無線網路新增用戶數。謝謝。

Thanks Mike for the question. I appreciate that. So let me start with broadband. So as it was highlighted in the opening, it's our largest go-to-market shift in the company's history. And on top of the go-to-market shift we are investing across marketing, product differentiation, and the customer experience, and we are encouraged by what we're seeing early. We've seen year over year improvement in voluntary churn. We've seen an active migration of the base to more simplified, transparent pricing which has long-term benefits.

謝謝麥克的提問。我很感激。那麼，就讓我先從寬頻說起。正如開篇所強調的，這是公司史上規模最大的市場策略轉變。除了市場策略的轉變，我們也在行銷、產品差異化和客戶體驗方面進行投資，我們對目前看到的成果感到鼓舞。我們看到自願離職率逐年下降。我們已經看到用戶群體正在積極向更簡化、更透明的定價模式遷移，這將帶來長遠的好處。

We have a strong adoption of the five-year price guarantee, further stabilizing the base, and we're seeing continued mixed shift toward our gig plus tiers, which is a clear differentiator from fixed wireless and satellite. And on top of that, even though we have the national price points, we still keep flexibility market by market, and we have a data-led approach, and we look at that, so we look at the competitive intensity, and we will adapt, staying within the structure that we have, we will adapt our pricing accordingly, as we approach that.

五年價格保證得到了廣泛認可，進一步穩定了用戶基礎，並且我們看到用戶持續向千兆及以上套餐轉變，這與固定無線和衛星網路形成了明顯的區別。此外，儘管我們有全國統一的價格點，但我們仍然保持因地制宜的靈活性，我們採用數據驅動的方法，我們會關注競爭強度，並在現有結構內，根據競爭情況相應地調整價格。

So in reference to mobile, just a huge opportunity in mobile, 65 million passings as I highlighted earlier. So we're really excited about the opportunity there and it's one of the largest and fastest growing markets, $200 billion TAM, and we strongly believe we have the right to compete and win in that marketplace.

所以就行動端而言，行動端蘊藏著巨大的機遇，正如我之前強調的那樣，行動端用戶數量已達 6,500 萬。因此，我們對在那裡的機會感到非常興奮，它是規模最大、成長最快的市場之一，市場規模達 2000 億美元，我們堅信我們有能力在這個市場中競爭並取得成功。

And customers are responding to the value. We did see competition intensify a bit in the fourth quarter, but we still had our best year ever in 2025 with wireless net additions. And another positive is in the back half of the year about 50% of our residential postpaid phone connects were free lines which created a meaningful monetization opportunity as we move forward.

顧客也對這種價值做出了正面回應。第四季我們確實看到競爭加劇，但2025年無線網路新增用戶數量仍然是我們有史以來最好的一年。另一個積極的方面是，今年下半年我們住宅後付費電話連接中約有 50% 是免費線路，這為我們未來的發展創造了有意義的盈利機會。

Additionally, we have strong early results in our Premium Unlimited tier that we launched this year, expands our reach into the higher end of the market. Enabling gig download speeds, 4K streaming, and guaranteed device upgrades, all at a price that is well below the market. Additionally, we have a structural advantage when it comes to mobile. 90% of Xfinity Mobile traffic is offloaded on our own network, and we have lower acquisition costs by selling into our existing broadband base. So you take all that together, we're 15% penetrated today. We have a long runway ahead of us.

此外，我們今年推出的 Premium Unlimited 套餐也取得了強勁的早期成果，擴大了我們在高端市場的覆蓋範圍。提供千兆下載速度、4K 串流媒體播放和設備升級保障，所有這些都以遠低於市價的價格提供。此外，我們在行動領域擁有結構性優勢。 Xfinity Mobile 90% 的流量都透過我們自己的網路分流，而且由於我們擁有龐大的寬頻用戶群，獲客成本更低。綜合所有因素，我們目前的滲透率是 15%。我們還有很長的路要走。

Thanks, Mike. Operator next question, please.

謝謝你，麥克。操作員，請問下一個問題。

Craig Moffet, MoffettNathanson.

Craig Moffet，MoffettNathanson。

Hi, two questions if I could. First, Brian, I wonder if you could just reflect a bit on the process that we've seen play out with Paramount and Netflix and Warner Bros. Discovery. And how you think that sort of shapes your thinking about Peacock with respect to scale or partnerships and what have you.

您好，請問兩個問題。首先，布萊恩，我想請你稍微回顧一下我們看到的派拉蒙、Netflix 和華納兄弟之間的合作過程。發現。你的想法會影響你對Peacock在規模、合作關係等方面的看法。

And then second, Mike, if you could just quickly return to what you said in your prepared remarks about the modernization of the contract with Verizon, I wonder if you could just put some meat on the bones for us with respect to the MVNO agreement as to what might have changed.

其次，麥克，如果你能快速回到你準備好的關於與 Verizon 簽訂的合約現代化的發言稿中提到的內容，我想知道你是否可以就 MVNO 協議為我們詳細說明一下可能發生了哪些變化。

Okay, thanks Craig. Let me start and kick it over to Mike and feel free to talk on either subject. I don't think we have too much to add on the Verizon piece, that we just covered. But in terms of Warner Bros., I mean, what can you say? It's still, underway, obviously, but I think we saw an opportunity to see if we could build value for the Comcast shareholders, looking at their international reach would have been additive, but once it looked like, all cash, we were just not interested in these values stretching our balance sheet to do something like that.

好的，謝謝你，克雷格。我先開始，然後把話題交給麥克，你可以隨意談論任何一個話題。關於Verizon那部分，我們剛才已經講過了，我覺得沒什麼好補充的了。但就華納兄弟而言，還能說些什麼呢？顯然，這件事仍在進行中，但我認為我們看到了一個機會，看看能否為康卡斯特的股東創造價值。考慮到他們的國際影響力，這本可以帶來額外的收益，但一旦看起來一切都是現金，我們就對這些價值不感興趣，也不想為了做這樣的事情而過度擴張我們的資產負債表。

So I don't know how much more we can say except that it forced us in the journey to really take a good look at what we have and what we're building and I'll let Mike expand a little bit on this, but I think it's done a super job. The businesses that we would have contributed in a very creative structure putting the two companies together is post the Versant spin, and they're trying to do the same thing with their cable nets that we've already done.

所以我不知道我們還能說什麼，除了它迫使我們認真審視我們所擁有的和我們正在構建的東西之外，我會讓邁克再詳細闡述一下，但我認為它做得非常出色。我們原本打算以非常有創意的方式將兩家公司合併，而 Versant 分拆後，他們也正試圖用他們的有線電視網絡做我們已經做過的事情。

We have a wonderful Studios business as you just heard in the opening creating franchises. 2026 should be a great year for the film business. We're excited with a number of the films coming out. Off of that business, we do Studios in the television business which is feeding Peacock. Your question on Peacock, I think we made a lot of progress in 2025 and are getting there and there is an integrated media business that is profitable, that has got a lot of sports.

正如您剛才在開場白中聽到的，我們擁有一個非常成功的電影製片廠業務，致力於打造系列電影。 2026年對於電影產業來說應該是輝煌的一年。我們對即將上映的多部電影感到興奮。基於這項業務，我們涉足電視行業的製片廠，為Peacock提供資金。關於Peacock的問題，我認為我們在2025年取得了很大進展，正在朝著目標邁進，並且已經建立了一個盈利的、擁有大量體育內容的綜合媒體業務。

It's got, someday Taylor Sheridan, today it's got great pay-one movies and wonderful shows, All Her Fault, Love Island, really some breakthrough content in 2025 with more coming with, now the Olympics, the Super Bowl, the World Cup, and the NBA.

它有，將來會有泰勒謝裡丹，現在有很棒的付費電影和精彩的節目，像是《都是她的錯》、《愛情島》，2025年真的會有一些突破性的內容，隨著奧運、超級盃、世界盃和NBA的到來，還會有更多。

So I just think we came to this late because of our Hulu one-third ownership which we have been able to monetize and, and so finally, is the Theme Park business and so all three of those businesses put us in a very different kind of business than perhaps what you're witnessing with Paramount Netflix and Warner Bros. and what their ambitions may be.

所以我認為我們走到今天這一步比較晚，是因為我們擁有 Hulu 三分之一的股份，我們已經能夠將其變現，最後，還有主題公園業務，這三項業務使我們進入了一種與派拉蒙、Netflix 和華納兄弟的業務類型截然不同的領域，也與他們的雄心壯誌有所不同。

So I think when we sat and looked at our businesses we're very confident and comfortable that we're in the right part of the industry. We have separated the businesses that have more strategic issues that have to get resolved with the cable nets and Mark Lazarus is off to a great start trying to do that with Versant.

所以我覺得，當我們坐下來審視自己的業務時，我們非常有信心和把握，我們正處於行業中的正確位置。我們已經將那些有更多戰略問題需要透過有線電視網絡解決的業務分開了，而馬克·拉扎勒斯在與 Versant 合作解決這個問題方面已經取得了很好的開端。

And so I think we take a wait and see. It has stirred the pot. I would end with this one thought. A lot of companies are, what does this mean to me? And there's a lot of conversations on whether, there are opportunities to build value, and we're always open to that. So we're looking at ways to creatively compete, succeed, and go into a part of the business that perhaps is not the same as everybody else, and I think we're doing a great job of that.

所以我覺得我們應該要靜觀其變。它攪動了局勢。最後，我想說一點。很多公司都是這樣，這對我來說意味著什麼？關於是否存在創造價值的機會，我們有許多討論，而我們始終對此持開放態度。所以我們正在探索如何創造性地參與競爭、取得成功，並進入一個可能與其他人不同的業務領域，我認為我們在這方面做得非常出色。

Mike, you want to expand on that at all?

麥克，你想再詳細說嗎？

Yeah, I think you said it well, Brian, but I'll just add that the Versant spin did leave us, by design, with the three growth businesses that Brian described within NBC. And I think it's a microcosm of really across the whole company. My focus over the last 18 months has really been to make sure the management teams and leaders in all of our businesses are properly focused on dealing with the challenges that some of the legacy businesses within our mix have and not let that take away from the focus of putting resources and energy and ambition behind those parts of the business that have growth opportunities and that's been the focus.

是的，布萊恩，我覺得你說得很好，但我還要補充一點，Versant 的分拆確實有意地保留了布萊恩在 NBC 內部描述的那三個增長型業務。我認為這其實是整個公司的縮影。過去 18 個月，我的重點一直是確保我們所有業務的管理團隊和領導者能夠正確專注於應對我們組合中一些傳統業務所面臨的挑戰，並且不會讓這些挑戰分散我們對那些具有增長機會的業務部分的關注，這才是重點。

And I think you see with Versant set off on their course. I think the remaining businesses of NBC, we're focused on driving top-line growth and then converting that into the bottom line as time passes and you see that happening.

我認為你可以看到 Versant 已經走上了他們的道路。我認為NBC的其他業務，我們專注於推動營收成長，然後隨著時間的推移，將其轉化為利潤，你會看到這種情況正在發生。

I think one other thing I would add on that score is it's competitive as Steve said we're operating in very competitive markets across all the businesses, and one other area of focus for me, Steve, and others across the business is to make sure that in these competitive times, we make sure to take advantage of all the opportunities we have across the businesses.

關於這一點，我想補充一點，正如史蒂夫所說，競爭非常激烈。我們所有業務都在競爭非常激烈的市場中運作。我和史蒂夫以及公司其他同事的另一個重點是，確保在這種競爭激烈的時期，我們能夠充分利用所有業務機會。

Not that we weren't on that previously, but I would say the energy of making sure that we're using all parts of the company to help the business we've been very strong at this broader notion called symphony over time, but I think we've gotten a lot more tactical in the last six, nine months, on a week in week out basis with a real cadence around what can NBC be doing to help the connectivity business and likewise what the connectivity business, for example can be doing to help Peacock. So I think there's opportunities ahead of us to make sure we execute that at a high level. So I think that's what I would add on the NBC side of it all.

並不是說我們之前沒有這樣做，但我想說，確保我們利用公司所有部門的力量來幫助業務發展，我們一直以來都非常重視這個叫做“交響樂”的更廣泛的概念，但我認為在過去的六到九個月裡，我們變得更加註重戰術，每週都圍繞著NBC可以做些什麼來幫助連接業務，以及連接業務（例如）可以做些什麼來幫助Peacock，形成了一個真正的節奏業務（例如）可以做些什麼來幫助連接業務。所以我認為我們面前有很多機會，可以確保我們高水準地執行這項任務。所以，我想這就是我想在NBC方面補充的內容。

Going to Verizon, not much to add there. We amended the long-standing agreement, the partnership we have. It's a good arrangement for all parties involved. It's modernized and it's a foundation for mutual profitable growth as we continue to build the business together. So as you zoom out, I think what is important to us, going back to my comments just now, is that we take advantage of the opportunity that you and others have pointed out that we have in connectivity.

轉投Verizon，沒什麼好補充的。我們修改了我們之間長期存在的合作關係。這對各方來說都是一個不錯的安排。它實現了現代化，並為我們繼續共同發展業務、實現互利共贏奠定了基礎。所以，從更宏觀的角度來看，我認為，回到我剛才的評論，對我們來說重要的是，我們要利用你和其他人指出的我們在互聯互通方面所擁有的機會。

I think we have a right to win. We're across 65 million homes with gig plus speeds, broadband on a path to multi-gig symmetrical and we can today sell gig speed plus mobile plans with the best devices across a leading network and that is a real opportunity for us to execute against and so our agreements allow us to, and we feel confident that we're well positioned with the extension of the agreements to continue to do that.

我認為我們有權贏。我們已為 6500 萬個家庭提供千兆以上的網速，寬頻正在向多千兆對稱寬頻邁進，如今我們能夠通過領先的網絡，使用最好的設備銷售千兆以上的移動套餐，這對我們來說是一個真正的機遇，我們的協議允許我們這樣做，我們相信，隨著協議的延長，我們已做好充分準備繼續這樣做。

Thanks Craig. Operator, next question, please.

謝謝你，克雷格。接線員，請問下一個問題？

Jessica Reif, BofA Securities.

傑西卡·雷夫，美國銀行證券。

Thank you. Maybe continuing with the theme of potential consolidation, can you step back and talk about how you're thinking about your asset portfolio over the next 12 to 24 months or longer, and what would need to change for you to consider a different structural approach to the media assets to recognize the value and potentially strategic flexibility because for the first time in a really long time there are clear values for different parts of the media business versus the current conglomerate multiple that you're unfortunately getting.

謝謝。或許可以繼續探討潛在的整合問題，您能否回顧一下，在未來 12 到 24 個月或更長時間內，您是如何考慮您的資產組合的？為了認識到媒體資產的價值和潛在的策略彈性，您需要做出哪些改變？因為很長一段時間以來，媒體業務的不同部分首次展現出清晰的價值，而您目前不幸地得到的卻是集團估值倍數。

And other areas of the business that are scaling up, so it's, how do you think about the next couple of years and then just drilling down to Peacock for a second. You have 44 million subs now and just wondering what the levers are to narrow the losses, is it pricing, is it ad loads, CPMs? Do you manage to turn around sports, seasonality? What are the milestones that we can look for to, for Peacock to actually get to break even and sustain profitability?

以及其他正在擴大規模的業務領域，所以，您如何看待未來幾年？然後我們再深入探討一下 Peacock。您現在擁有 4,400 萬訂閱用戶，想知道有哪些方法可以減少損失，是定價、廣告投放量還是 CPM？你能扭轉運動的季節性趨勢嗎？Peacock要實現收支平衡並保持盈利，我們需要關注哪些里程碑？

Sure, so it's Mike. I'll jump in there. So I think the, piling onto what Brian and I had just said, I think I'd add to it that we don't really see that there's strategic advantage or making NBCUniversal stronger by separating it from the cable side of the house or putting it outside of Comcast, so start there. So the advantages we have, it's sitting inside the company, it doesn't get stronger by being smaller as a standalone entity is our view. What our view is, as I just said, is create value by executing against the plans we have.

沒錯，是麥克。我來加入。所以，我想補充一下我和布萊恩剛才說的，我們並不認為將 NBCUniversal 從有線電視業務中分離出來或從 Comcast 中剝離出來，能夠帶來戰略優勢或使其變得更強大，所以就從這裡開始吧。所以，我們認為，我們的優勢在於它位於公司內部，作為一個獨立實體，規模較小並不會讓它變得更強大。正如我剛才所說，我們的觀點是透過執行我們所製定的計劃來創造價值。

And the second part of your question, I think one of the big ones, I don't think there's any doubts about the strength and value creation opportunity that we have in parks. We're leaning in heavily to that. I don't think we need anything more than just the team we have and the resources that we can put behind it, very much the same in the studio business, and so the real work to do is on the media side, execute now post Versant on the integrated domestic strategy to have a broadcast business aligned with a streaming business in Peacock that adds to it, the pay one movie windows from our Studios as well as the strong sports news and entertainment that goes along with it to drive Peacock towards profitability, which, as Jason said earlier, we made great strides in 2025, and we'll do the same in 2026.

至於你問題的第二部分，我認為也是最重要的部分之一，我認為公園所擁有的實力和價值創造機會是毋庸置疑的。我們正大力推進這一點。我認為我們只需要現有的團隊和我們能夠投入的資源就足夠了，電影公司的情況也大致如此。因此，真正的工作在於媒體方面，在Versant之後，現在要執行整合國內戰略，使廣播業務與Peacock串流媒體業務保持一致，並利用我們電影公司的付費電影窗口以及與之相關的強大的體育新聞和娛樂內容，推動Peacock實現盈利。正如Jason之前所說，我們在2025年取得了巨大進展，我們將在2026年繼續保持這一勢頭。

When it comes to the path to doing that and particularly the NBA side of it all, I think what you're seeing is, the strength of the content, especially new content is price increases. So we successfully took a $3 price increase late summer, and held the full year growth that we've seen in subscribers. You see it in advertising with growth there and for the note on the NBA, we've seen really nice success in the NBA thus far with adding something like 170 advertisers in the NBA, great demand.

就實現這一目標的途徑，特別是NBA方面，我認為你看到的是，內容的強度，尤其是新內容的強度，導致了價格上漲。因此，我們在夏末成功地將價格提高了 3 美元，並保持了全年訂閱用戶數量的成長。你在廣告領域可以看到成長，就NBA而言，到目前為止，我們在NBA取得了非常好的成功，NBA新增了約170家廣告商，需求很大。

20% of those advertisers are new and basically sold out on our NBA season, so we feel very good on that score. And then as time passes over several years, 2025 to 2028 as our affiliate deals renew, as opposed to they don't accelerate simply because we took on new content. So we will see that revenue stream build and those multiple levers are the levers that over the period of time ahead bring Peacock to profitability in the overall media segment to sustainable profitability alongside parks and studios.

這些廣告主中有 20% 是新客戶，而且我們 NBA 賽季的廣告位基本上已經售罄，所以我們對這方面非常滿意。然後，隨著時間的推移，從 2025 年到 2028 年，我們的聯盟行銷協議會續簽，而不是僅僅因為我們增加了新的內容，協議就會加速成長。因此，我們將看到收入來源不斷增長，而這些多重槓桿將在未來一段時間內使 Peacock 在整個媒體領域盈利，並與主題公園和工作室一起實現可持續盈利。

Thanks, Jessica. Operator, next question please.

謝謝你，潔西卡。操作員，請問下一個問題？

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great, thanks. Maybe, quick one for Steve. Can you talk about the competitive environment in high speed data and just sort of how that's evolved over the last several months? Mike mentioned at our conference you guys are seeing more competition on the fiber side. Just want to get a sense for whether or not that's continued into January.

太好了，謝謝。或許，給史蒂夫快速解答。您能否談談高速資料領域的競爭環境，以及過去幾個月來這種競爭環境的演變？麥克在我們的會議上提到，你們在光纖領域面臨越來越激烈的競爭。只是想了解一下這種情況是否持續到一月。

And then, maybe for Jason, you referred to the biggest year for investment in the broadband business, and it sounds like you're pointing to sort of incrementally accelerating declines in the first half with C&P EBITDA. Are you suggesting or do you guys model out that those declines will improve in the second half of this year, or that we could actually get to EBITDA growth and when do you guys expect that to happen? Thanks.

然後，也許對 Jason 來說，你指的是寬頻業務投資最大的一年，聽起來你似乎在指出 C&P EBITDA 在上半年出現了逐步加速下滑的趨勢。你們是認為還是透過模型預測，這些下滑趨勢會在今年下半年有所改善，或者我們實際上可以實現 EBITDA 成長？你們預計這種情況何時會發生？謝謝。

John, great to hear from you. So in reference to the competitive environment, in the fourth quarter, we did see a more competitive environment from fiber, and that remains. It's just, I think we assume that's going to happen continually as we go forward, as I already mentioned. From fixed wireless perspective, they are pretty consistent and we're seeing stability there and I think as we're all aware the mobile environment got significantly more competitive within the quarter. So as discussed, we built the plan assuming the environment stays the same and we'll continue to operate accordingly. Jason?

約翰，很高興收到你的來信。因此，就競爭環境而言，在第四季度，我們確實看到了光纖領域中更激烈的競爭環境，這種情況仍然存在。我認為，正如我之前提到的，我們應該假設這種情況會持續下去。從固定無線角度來看，它們的表現相當穩定，我們看到了這種穩定性。而且我認為，正如我們都知道的那樣，行動環境在本季變得更加競爭激烈。正如我們所討論的那樣，我們制定該計劃的前提是環境保持不變，我們將繼續按照此前提開展工作。傑森？

Yeah, John, I'll take your question on EBITDA and just sort of the pacing through the year. I think you're right. In our upfront remarks we talked about sort of the fourth quarter and into the first half of next year, that's going to be a period sort of characterized by incremental investment, which obviously we've talked about to feed some of several of the initiatives Steve has walked you through.

好的，約翰，我會回答你關於 EBITDA 以及全年發展節奏的問題。我覺得你說得對。在開場白中，我們談到了第四季度以及明年上半年，那段時間的特點是逐步增加投資，顯然，我們已經討論過，這些投資將用於支持史蒂夫向大家介紹的幾項舉措。

We did not take a rate hike, at least in the first part of this year in broadband, so that's going to impact ARPU as we said over the first couple quarters. As we look to the back half of the year and really sort of zooming out, we will have a far greater percentage of our base and well over 50% and creeping into sort of the vast majority on new pricing and packaging, which is really sort of the intention here, really stabilize the base, create durable pricing and packaging, and really sort of lock it down from a churn perspective and create monetization mechanisms on top of that, so wireless being the biggest one.

我們沒有提高寬頻價格，至少今年上半年沒有，所以正如我們之前所說，這將對前幾季的 ARPU 產生影響。展望下半年，從更長遠的角度來看，我們將有更大比例的用戶群（超過 50%）採用新的定價和包裝方案，而這一比例將接近絕大多數。這正是我們的目標：穩定用戶群，制定持久的定價和包裝方案，從降低用戶流失率的角度真正鎖定用戶，並在此基礎上建立盈利機制，其中無線業務是最重要的。

We sort of came into this year saying, much like we did at the end of last year, Steve and team focused on how do you go accelerate wireless, and part of this was the low to mid tiers of the market, we had a little bit of an awareness issue. We went after that with free lines, come try us for a year, and hopefully we can monetize it after that and move you into a paying relationship. I think we've got great confidence that the vast majority of our lines will move into a paying relationship.

今年年初，我們和去年年底一樣，史蒂夫和他的團隊專注於如何加速無線技術的發展，其中一部分原因是市場中低端市場存在一些認知度問題。我們採取了免費線路的策略，邀請您試用一年，希望之後能夠實現盈利，並最終讓您成為付費用戶。我認為我們非常有信心，絕大多數用戶最終都會轉為付費用戶。

And then we took on the high end with the Premium Unlimited plans that Steve has mentioned. We're off to a great start with those and having a lot of success. So as you look at the back half of the year, I think one of the things that gives us confidence is A, we start to lap some of the incremental investments we made starting in the second half of 2025, and B, we'll get into monetization of what is probably the biggest vehicle we have out there, which is free wireless lines moving into paying relationships. So I'll stop short of giving a full EBITDA guide, I would tell you in the back half of the year we'd expect improvement.

然後，我們推出了史蒂夫提到的高級無限流量套餐，進軍高端市場。我們在這方面開局良好，並且取得了巨大的成功。所以展望下半年，我認為讓我們充滿信心的原因之一是：A，從 2025 年下半年開始，我們將開始逐步收回一些新增投資；B，我們將開始實現我們目前最大的業務——免費無線線路向付費關係的轉變——的盈利。因此，我不會給出完整的 EBITDA 指引，但我可以告訴大家，我們預計下半年情況會有所改善。

Thanks, John. Operator, we're ready for the next question.

謝謝你，約翰。接線員，我們準備好回答下一個問題了。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great, thanks for taking the question. I was hoping to dig in on the Theme Parks. Can you expand on the trends that you're seeing there and outlook for the business? Epic seems to be delivering on what you had hoped for in terms of driving higher per caps and attendance across Orlando. You touched on this a bit earlier, but perhaps you can discuss the operational or financial priorities for its second year and whether you're seeing any shifts in competitive posture in that market. And any more color on your broader parks portfolio would be appreciated as well. Thank you.

太好了，謝謝你回答這個問題。我原本希望深入研究主題樂園。您能否詳細介紹一下您觀察到的趨勢以及對該行業的未來前景的看法？就提高奧蘭多地區的客流量和上座率而言，Epic 似乎正在實現你所期望的目標。您之前稍微提到過這一點，但或許您可以討論一下公司第二年的營運或財務重點，以及您是否看到該市場競爭格局發生了任何變化。如果您能提供更多關於您公園相關作品的信息，我們將不勝感激。謝謝。

Kutgun, it's Mike. So I think we couldn't be more pleased with Epic. It was a big swing, as everybody knows, the biggest park open in the country and maybe beyond the world in 25 years. Lots of excellent technology. The theming is incredible. So to sit here and look back on the achievement that the team made of getting it successfully opened and ramping it with more ramp still to go as we head into 2026 and by the end, I think of this coming year, I think we'll be fully ramped up in that park, but I think you said it well and it was in in my earlier remarks.

Kutgun，我是Mike。所以我覺得我們對Epic的表現非常滿意。眾所周知，這是一次巨大的變革，也是25年來全國乃至全世界最大的公園。很多優秀的技術。主題設計太棒了。所以，坐在這裡回顧團隊的成就，成功地開放了它，並且隨著我們邁向 2026 年，還有更多的工作要做。到年底，我認為，就明年而言，我們將全面提升該公園的運作能力。但我認為你做得很好，我在之前的演講中也提到過這一點。

The point of it was to lift all of Orlando and that's in fact, what it's done. So when you level the whole thing up, having taken this fourth quarter that we just ended and the first time the park's business has crossed $1 billion of EBITDA in a quarter is a great achievement. We've had a phenomenal year with Epic and I think the plans continue to invest behind that park in the fullness of time, but I think this year is the year where we continue to drive the original agenda, which is to fill up our hotels, which is the case.

其目的是為了振興整個奧蘭多，而事實上，它也確實做到了。所以，從整體來看，剛結束的第四季度，公園業務首次在一個季度內 EBITDA 超過 10 億美元，這是一個巨大的成就。我們與 Epic 合作度過了精彩的一年，我認為未來會繼續加大對該公園的投資，但今年我們將繼續推進最初的計劃，那就是提高酒店入住率，而目前我們也確實做到了。

We added 2,000 rooms. Our average daily rate in the hotels in Orlando is up 20% and occupancy up 3%. So we feel great. It's a continuation in the near term. More broadly in parks, as you know last year we secured and have recently got the national level approvals for our park in the UK. We'll be opening the kids' park in Frisco, Texas, later this year.

我們新增了2000間客房。奧蘭多飯店的平均每日房價上漲了 20%，入住率上漲了 3%。我們感覺很棒。短期內，這種情況會持續下去。更廣泛地說，就公園而言，正如您所知，去年我們獲得了英國公園的國家級批准，最近又獲得了國家級批准。今年晚些時候，我們將在德克薩斯州弗里斯科開設兒童公園。

Japan delivered its second best EBITDA year in the history of our business. So there's a lot to feel good about. A great team under Mark Woodbury, plenty of enthusiasm to keep building behind the successes that we've seen. But going back to the top, I think when you have a moment like the ambition of opening Epic and succeed, I think it makes us all feel good about the future of the business ahead of us.

日本市場實現了公司歷史上第二好的 EBITDA 業績。所以有很多值得感到欣慰的事。在馬克·伍德伯里的帶領下，我們擁有一支優秀的團隊，他們充滿熱情，希望在已取得的成功基礎上繼續發展壯大。但回到最初的話題，我認為當你擁有像創辦 Epic 這樣雄心勃勃的目標並取得成功時，這會讓我們所有人對公司未來的發展充滿信心。

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

謝謝，Kutgun。接線員，請問我們最後一個問題是什麼？

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hi, good morning, thank you for squeezing me in. First, just on the comments around the broadband investments this year, I was just wondering if you could just expand on that a little bit more, is that more in kind of customer relationships and pricing? Is that more on the CapEx side. And then, relatedly, I wanted to ask if there was a shift in posture in terms of pursuing some of these Premium Unlimited plans, it just feels like a good opportunity to lean into some of the potential jump balls over the next year or two, just given the Apple, iPhone cycle. So just would love your thoughts there. Thank you.

你好，早安，謝謝你抽出時間陪我。首先，關於今年寬頻投資的評論，我想請您再詳細解釋一下，這是否與客戶關係和定價有關更多？這比較屬於資本支出方面。另外，我還想問一下，在推行這些高級無限流量套餐方面，你們的態度是否有所轉變？考慮到蘋果和 iPhone 的週期，這似乎是一個很好的機會，可以抓住未來一兩年內可能出現的一些重大機會。所以很想聽聽你的想法。謝謝。

So yeah, in reference to broadband, I'd say, leans much heavier into our go-to-market pricing strategy. As we look at it we did a few things, we simplified it considerably as we've discussed down to four tiers. We're all inclusive now with those tiers. One positive in being all inclusive is we have more customers taking our gateways which we believe are best in class and they'll get the feature benefits of that over time.

所以，就寬頻而言，我認為，它更側重於我們的市場定價策略。我們審視了一下，做了一些事情，正如我們討論的那樣，我們大大簡化了它，將其簡化為四個層級。現在這些分級制度涵蓋了所有情況。全包式服務的一個好處是，越來越多的客戶選擇使用我們的網關，我們相信這些網關是同類產品中最好的，隨著時間的推移，他們將獲得這些網關帶來的功能優勢。

But a big part of the investment is around migrating our base into the new pricing and package in a simplified way. So we're managing through that now and as Jason highlighted a little bit earlier, we'll see the heavy majority of our customers in the new pricing and packaging.

但這項投資的很大一部分是圍繞著以簡化的方式將我們的用戶群遷移到新的定價和套餐。所以我們現在正在應對這個問題，正如傑森之前所強調的那樣，我們將看到絕大多數客戶接受新的定價和包裝。

Additionally, we did lower our everyday prices which makes us much more competitive in the marketplace and for those customers who may have a promo role it's much more manageable now. And then the biggest driver is the free wireless line and important we lean into that space, big market ahead of us as I mentioned.

此外，我們還降低了日常價格，這使我們在市場上更具競爭力，對於那些可能承擔促銷角色的客戶來說，現在也變得更容易管理了。而最大的驅動力是免費無線線路，重要的是我們要重視這個領域，正如我所提到的，我們面前還有很大的市場。

Substantial improvement in CLV there and greater loyalty from those customers that have both products that are converged households. So we'll continue to lean into that and push forward. That's the bulk of the investment that we're making around broadband.

CLV 顯著提高，同時擁有兩種產品的融合家庭的客戶忠誠度也更高。所以我們會繼續朝著這個方向努力，並且向前邁進。這就是我們在寬頻領域進行的大部分投資。

I do think that, that is the case, investment, it's less the capital side where our network has been steadily doing what we need to do. The investment language is about putting more value to the customer and getting them on new pricing and packaging in a variety of ways that's just seen through EBITDA.

我確實認為，情況確實如此，投資方面，與其說是資本方面的問題，不如說是我們的網路一直在穩定地做著我們需要做的事情。投資理念是為客戶創造更多價值，並透過各種方式讓他們接受新的定價和包裝，而這些都只能透過 EBITDA 來體現。

And I think on the premium side, I do think that that is, and as Jason said in his remarks earlier, getting more exposure to our broader base through exposure to the free line for one year is a strategy to get breadth of exposure, but our ambition is to be a leading provider competing against all segments and so the launch of Premium Unlimited has been directly targeted at being relevant in that space versus our earliest offers of by the gig which targeted or succeeded in a different segment. So we're pleased with what we're seeing and it gives us the opportunity, as you suggest to think about where and when to lean in further.

我認為在高端服務方面，正如傑森之前所說，透過一年的免費線路來擴大我們的客戶群，是一種擴大客戶覆蓋範圍的策略。但我們的目標是成為與所有細分市場競爭的領先供應商，因此推出 Premium Unlimited 服務直接瞄準了該領域，而我們早期的按流量計費服務則瞄準了另一個細分市場並取得了成功。所以我們對目前的情況感到滿意，正如您所建議的，這給了我們一個機會去思考在哪些方面以及何時進一步加大投入。

Just would end by saying that, I hope you feel like I do that there's a bounce and an energy with the new team, and I think, Steve, good luck. We're all counting on you, and I think you're off to a great start.

最後我想說的是，我希望你跟我一樣，覺得新團隊充滿活力和幹勁。史蒂夫，祝你好運。我們都非常依賴你，我認為你開局很棒。

That concludes our fourth quarter earnings call. Thank you all for joining us.

我們的第四季財報電話會議到此結束。感謝各位的參與。

Thank you. That does conclude today's conference call. A replay of the call will be available starting today 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。從今天美國東部時間上午 11:30 開始，您可以在 Comcast 投資者關係網站上收聽電話會議的錄音。感謝您的參與。你們可以斷開連結了。