康卡斯特 (CMCSA) 2026 Q2 法說會逐字稿

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

各位女士、先生，早安，歡迎參加康卡斯特（Comcast）第二季財報電話會議。（接線員指示）請注意，本次電話會議將被錄音。

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

現在我將把電話交給執行副總裁、投資人關係主管 Marci Ryvicker 女士。Ryvicker 女士，請開始。

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

謝謝接線員，並歡迎各位。今天與會的有 Brian Roberts、Mike Cavanagh、Jason Armstrong 以及 Steve Croney。現在請各位翻到本次電話會議隨附簡報的第 2 頁；該簡報亦可於我們的投資人關係網站取得，其中包含我們的安全港聲明。

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

本次電話會議可能包含前瞻性陳述，並受若干風險與不確定性影響。此外，在本次會議中，我們將提及若干非 GAAP 財務衡量指標。請參閱我們今早稍早發布的 8-K 與趨勢明細表（trending schedule），以了解這些非 GAAP 財務衡量指標與 GAAP 之間的調節。

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

接下來，我把電話交給 Brian。

Good morning and thanks, Marci.

早安，謝謝你，Marci。

Before Mike and Jason take you through the quarter, I'd like to spend a few minutes on the separation we announced three weeks ago. Since then, we've talked with our key constituencies, employees at every level and most of our key partners, and the reaction has been overwhelmingly positive. I feel more positive and energized today than I was on the day we announced it.

在 Mike 和 Jason 帶各位回顧本季之前，我想先花幾分鐘談談我們三週前宣布的分拆。自那之後，我們已與主要利害關係人、各層級員工以及多數重要合作夥伴溝通，回饋幾乎一面倒地正面。我今天的正向感受與能量，比我們宣布當天更強。

What's come through most clearly is renewed conviction in both businesses. There's real excitement about taking two exceptional companies and giving each the focus and agility to win in markets that are changing fast. We've also spent time with leaders across media and tech, and we've come away more optimistic than ever about the next wave of innovation.

最清楚傳達出來的一點，是市場對兩項業務的信心再度提升。把兩家卓越的公司分開，讓各自擁有更聚焦與更敏捷的能力，以在快速變動的市場中勝出，這件事令人非常振奮。我們也與媒體與科技領域的領導者交流，並因此對下一波創新更為樂觀。

One thing is clear, AI and the coming generation of technology will demand more data, more bandwidth, lower latency and smarter networks and platforms. They’ll bring together connectivity, entertainment and new experiences in ways we are only beginning to see. That is exactly where Comcast is built to lead. The market is moving to our strengths and winning now is about focus, speed, and relentless execution.

有一點很明確：AI 與即將到來的新一代科技將需要更多資料、更多頻寬、更低延遲，以及更智慧的網路與平台。它們將以我們才剛開始看見的方式，把連線、娛樂與新體驗融合在一起。這正是 Comcast 最有能力領先的領域。市場正朝向我們的優勢移動，而當下的勝出關鍵在於聚焦、速度與不懈的執行。

That's also why this is the right time for Michael Angelakis to return. He's been welcomed back with tremendous enthusiasm and confidence. He has deep relationships across the industry, he knows this company and his return will help accelerate the work Steve and the team already have underway.

這也是為什麼現在是 Michael Angelakis 回歸的最佳時機。大家以極大的熱情與信心歡迎他回來。他在產業內擁有深厚的人脈關係，也熟悉這家公司；他的回歸將有助於加速 Steve 與團隊已在推進的工作。

Wireless is a great proof point of what this team can do. In the second quarter, we crossed 10 million lines for the first time, a meaningful milestone that's just 7% penetration of the total addressable lines in our footprint and perhaps a new way to look at the wireless opportunity and the significant runway we have ahead. We're building this business on top of a deep customer base, leadership in Wi-Fi, strong wireless partnerships and products that are already in tens of millions of homes and businesses.

無線業務是這個團隊能力的絕佳例證。在第二季，我們的線路數首次突破 1,000 萬條，這是一個重要里程碑；而在我們覆蓋範圍內的可服務總線路（total addressable lines）中，這僅約 7% 的滲透率，也許提供了一個看待無線機會與我們未來龐大成長空間（runway）的新角度。我們是在深厚的客戶基礎、Wi‑Fi 領導地位、強健的無線合作夥伴關係，以及已進入數千萬家庭與企業的產品之上，打造這項業務。

On the media and entertainment side with NBCUniversal, and Sky, we're equally excited about the next chapter. The strength of these businesses isn't just the world-class assets we own, it's the role we play as a trusted partner to talent, creators, sports leagues, and platforms throughout the industry.

在媒體與娛樂方面，包含 NBCUniversal 與 Sky，我們同樣對下一個篇章感到振奮。這些業務的強項不僅在於我們擁有的世界級資產，也在於我們在整個產業中，作為人才、創作者、體育聯盟與各平台可信賴夥伴所扮演的角色。

In just six years, we've built Peacock into a streaming business with real scale in the US. We've added 2 million paid subscribers in each of the last two quarters, had our biggest viewership month ever in June and reached profitability. All anchored by what NBCUniversal does best, premium entertainment, live sports, news, and extraordinary storytelling. With the combined reach of NBC, Peacock, Telemundo, Bravo, Sky, and possibly ITV and the many relationships we've built with partners across tech and streaming, we will be well positioned as an independent media company to drive engagement and growth.

短短六年內，我們已將 Peacock 打造成在美國具備實質規模的串流業務。過去兩個季度，我們每季都新增 200 萬名付費訂戶；6 月創下史上最高的收視月份，並達成獲利。這一切都以 NBCUniversal 最擅長的內容為核心：高品質娛樂、現場體育、新聞，以及卓越的敘事能力。憑藉 NBC、Peacock、Telemundo、Bravo、Sky 的合併觸及，以及可能納入的 ITV，並結合我們與科技與串流領域合作夥伴建立的眾多關係，作為一家獨立媒體公司，我們將具備良好定位以推動互動與成長。

And when you look at things like the amazing and recent success of The Odyssey and Christopher Nolan, and the strength of our film slate, it underscores that creativity and collaboration with the world's best talent. And that all remains at the heart of what makes this company so special.

而當你看到《The Odyssey》與 Christopher Nolan 近期令人驚豔的成功，以及我們片單（film slate）的強勁表現，這更凸顯了創意，以及與全球頂尖人才的合作。而這些始終是讓這家公司如此特別的核心所在。

That is why I feel so energized. We've spent years investing to build these two great companies, each with distinct world-class assets and leaders I trust deeply. This structure gives both companies the freedom to pursue the priorities that matter most to their futures. There's a lot of work ahead and we're moving with real urgency.

這也是我感到如此振奮的原因。多年來，我們持續投資打造這兩家優秀的公司；它們各自擁有獨特的世界級資產，以及我深度信任的領導團隊。這樣的架構讓兩家公司都能更自由地追求對其未來最重要的優先事項。前方仍有大量工作要做，我們正以高度急迫感推進。

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

接下來，我把電話交給 Mike。

Thanks, Brian, I'll just add a few additional comments on the separation before turning to some highlights of the quarter. When we made the announcement, we were clear about the core assets that would sit within each company. With that foundation in place, we are off and running on the work to finalize the remaining details and move towards execution with the goal of completing the separation in approximately one year.

謝謝，Brian。在談本季重點之前，我先就分拆再補充幾點。我們宣布時已清楚說明，哪些核心資產將分別歸屬於各公司。在此基礎之上，我們已全面展開工作，以敲定其餘細節並邁向執行，目標是在約一年內完成分拆。

Over the next several months, our teams will continue working through the items that naturally come with a transaction of this scale. A key part of our work is on the balance sheet and capital structure as our intention is to set both companies up with strong investment grade profiles and the financial strength and flexibility to pursue their respective growth strategies.

在接下來幾個月，我們的團隊將持續處理這類規模交易所自然伴隨的各項事項。我們工作的關鍵部分之一，是資產負債表與資本結構；我們的意圖是讓兩家公司都具備強健的投資級評等輪廓（investment grade profiles），以及足以支持各自成長策略的財務實力與彈性。

With that, I'll turn to highlights of the second quarter, starting with Connectivity and Platforms where results were broadly in line with our prior commentary. We are well into the deliberate broadband pivot that began almost a year ago. That pivot has included significant changes in pricing and packaging to make our value proposition clearer and more predictable.

接著我談第二季重點，先從「連線與平台」（Connectivity and Platforms）開始；其結果大致符合我們先前的評論。我們正在深入推進近一年前開始的寬頻策略轉向（broadband pivot）。這項轉向包含在定價與方案組合上做出重大調整，以讓我們的價值主張更清晰且更可預期。

Continued investment in a simpler, more seamless customer experience and a more aggressive push into wireless, both through free lines to build awareness in the market and through the launch of our Premium Unlimited plans. These actions are intended to address the areas we need to improve while leaning on the structural advantages we already have, a scaled network, industry leading Wi-Fi and a capital-efficient mobile platform.

我們也持續投資於更簡化、更無縫的客戶體驗，並更積極推進無線業務：一方面透過免費線路提升市場認知，另一方面推出我們的 Premium Unlimited 方案。這些行動旨在改善我們需要加強的面向，同時倚重我們既有的結構性優勢：具規模的網路、業界領先的 Wi‑Fi，以及資本效率高的行動平台。

While this pivot comes with investment that is weighing on financial results in the near term, we are making real progress against the objectives we set out, which are to build a durable converged customer base, deepen our relationships and transform the experience so as to position this business for long-term growth. And we are pleased with the progress we are making.

雖然這次轉向需要投入資源，短期內對財務結果造成壓力，但我們在既定目標上已取得實質進展：建立可長可久的融合型（converged）客戶基礎、深化客戶關係，並改造整體體驗，以使這項業務具備長期成長的定位。我們對目前的進展感到滿意。

Broadband subscriber losses in the second quarter improved year-over-year. We also continue to see year-over-year gains in our net promoter scores, which is an important signal that our moves in pricing, packaging, and experience are resonating with customers.

第二季寬頻訂戶流失較去年同期有所改善。我們也持續看到淨推薦值（Net Promoter Score, NPS）年對年提升；這是一個重要訊號，顯示我們在定價、方案組合與體驗上的調整正與客戶產生共鳴。

Wireless is becoming a more meaningful growth engine for us. We just had our best quarter ever with 448,000 net line additions, our second consecutive record quarter, supported by stronger gross additions and improved churn even as the initial cohort of free lines began rolling into the paid base. Year-to-date, net line additions are up 25%, and importantly, we are seeing positive early traction converting those free lines into paid wireless relationships, which reinforces the value customers are seeing in our products and which will support better monetization as we move through the year.

無線業務正逐漸成為對我們更具意義的成長引擎。我們剛創下史上最佳單季表現，淨新增44.8萬條線路，連續第二季刷新紀錄；在總新增更強、流失率改善的支撐下，即便最初一批免費線路開始轉入付費用戶基礎，表現仍然亮眼。年初至今，淨新增線路數成長25%；更重要的是，我們已看到將這些免費線路轉換為付費無線關係的早期正向動能，這再次印證客戶在我們產品中所感受到的價值，並將在今年推進過程中支持更好的變現能力。

We are also extending that same convergence opportunity into Business Services. This quarter, we went live with our T-Mobile MVNO partnership for business customers, and the early signs are encouraging. We expect activity to ramp as we move into the latter part of the year. Separately, we continue to win significant new contracts in Enterprise, which reinforces the strength of our position as the fastest growing enterprise provider in the market.

我們也正把同樣的融合（convergence）機會延伸到商業服務領域。本季我們針對企業客戶正式上線與T-Mobile的MVNO合作夥伴關係，初步跡象令人鼓舞。我們預期隨著進入今年下半年，相關活動將加速升溫。此外，我們在企業（Enterprise）市場持續贏得重要新合約，進一步強化我們作為市場上成長最快的企業服務供應商之地位。

So while the environment remains highly competitive, we like the progress we are making on the things we can control. Wireless is scaling quickly. Enterprise continues to gain momentum and the work underway across pricing and the overall experience is strengthening the foundation for a converged valuable customer base over time.

因此，儘管外部環境仍高度競爭，我們對於在可控事項上的進展感到滿意。無線業務正在快速擴張規模。企業業務持續累積動能，而我們在定價與整體體驗上的各項工作，正逐步強化基礎，長期將形成一個融合且具價值的客戶基礎。

Turning to Content and Experiences, the Media segment had a strong quarter, generating mid-single digit EBITDA growth with Peacock delivering meaningful profitability for the first time, even as we absorb the final quarter of the first full year of our NBA contract. That performance reinforces the value of NBC, Telemundo, Bravo, and Peacock together as one integrated media business with continued opportunity to drive stronger engagement, advertising, and profitability into the future.

接著談內容與體驗（Content and Experiences）。媒體（Media）部門本季表現強勁，EBITDA實現中個位數成長；Peacock首次交出具實質意義的獲利能力，即便我們仍在吸收NBA合約第一個完整年度的最後一季成本。這樣的表現再次印證NBC、Telemundo、Bravo與Peacock整合為單一一體化媒體業務的價值，未來仍有機會持續提升互動、廣告表現與獲利能力。

Peacock added another 2 million paid subscribers in the quarter, bringing us to 48 million paid subscribers and have its biggest viewership month ever in June, fueled by the World Cup and Love Island. That builds on the 2 million subscribers added in the first quarter around Legendary February and is important evidence that we are managing event-driven churn effectively by bringing users in around major moments and keeping them engaged with the broader content slate.

Peacock本季再新增200萬名付費訂戶，使付費訂戶總數達4,800萬；6月也創下史上最高單月收視，受世界盃與《Love Island》帶動。這延續了第一季在「傳奇二月（Legendary February）」期間新增200萬訂戶的成果，並提供重要證據顯示：我們能有效管理事件驅動型流失（event-driven churn），在重大時刻吸引用戶進來，並透過更廣泛的內容陣容維持其黏著度。

The NBA, Love Island, and the World Cup are all contributing to strong engagement and robust ad sales across both linear and streaming. The World Cup has been terrific for us, delivering the biggest Spanish-language sporting event in US media history and record engagement for Telemundo and Peacock. And Love Island has been the number 1 overall streaming title in the US this summer.

NBA、《Love Island》以及世界盃，正共同推動線性電視與串流兩端的高互動度與強勁廣告銷售。世界盃對我們而言表現極佳，帶來美國媒體史上規模最大的西班牙語體育賽事，並為Telemundo與Peacock創下互動度新高。而《Love Island》則是今年夏天美國整體串流平台排名第1的內容。

Our Studios business is having a great year with momentum across franchises, animation, originals, and specialty titles. In the second quarter, Super Mario Galaxy and Minions & Monsters extended the strength of our animation slate, with Minions & Monsters taking the Minions franchise to $6 billion globally and further extending its position as the highest grossing animated franchise of all time.

我們的影業（Studios）業務今年表現非常出色，在系列作品、動畫、原創與小眾／專業類型片（specialty titles）等方面皆具動能。第二季，《Super Mario Galaxy》與《Minions & Monsters》延續我們動畫片單的強勢；其中《Minions & Monsters》推動「小小兵」系列全球累計票房達60億美元，並進一步鞏固其作為史上票房最高動畫系列的地位。

Focus had a standout performance with Obsession, which crossed $400 million worldwide and became its top-performing film ever, while Disclosure Day delivered Steven Spielberg's biggest original opening to date. And just last week, The Odyssey became one of the defining theatrical events of the year, reinforcing the power of our creative partnerships and ambitious storytelling, with The Odyssey becoming Nolan's biggest global opening of all time.

Focus憑藉《Obsession》交出亮眼成績，全球票房突破4億美元，成為其史上表現最佳的電影；同時《Disclosure Day》創下史蒂芬・史匹柏（Steven Spielberg）原創作品迄今最大的開片成績。而就在上週，《The Odyssey》成為今年最具代表性的院線事件之一，彰顯我們創意合作夥伴關係與宏大敘事的力量；《The Odyssey》也成為諾蘭（Nolan）史上最大的全球開片。

Turning to Parks, the operating environment has softened more than we anticipated. Unpacking this by geography, in Orlando, Epic Universe continues to perform well and is delivering the strong guest response we expected. At the same time, attendance across the broader Orlando market began to soften in June, and that trend has continued into the third quarter. We believe there are some temporary factors at work, including higher fuel prices and weaker consumer sentiment, but we are watching these trends closely.

接著談主題樂園（Parks）。營運環境的轉弱幅度超出我們預期。按地區拆解，在奧蘭多，Epic Universe持續表現良好，並帶來我們預期的強勁遊客回饋。同時，奧蘭多更廣泛市場的入園人次自6月起開始走弱，且此趨勢延續至第三季。我們認為其中存在一些短期因素，包括燃油價格較高與消費者信心轉弱，但我們正密切關注這些趨勢。

Internationally, Osaka continues to be affected by China-related travel restrictions while Beijing is operating against a challenging macroeconomic backdrop. Despite these near-term pressures, our outlook for the long-term opportunity in Parks is unchanged. We have great brands, great locations, and a proven playbook for investing behind attractions and experiences that create real consumer demand and strong returns. With Universal Kids Resort now open in Frisco and our UK park moving toward construction, we continue to see a long runway for growth.

在國際市場方面，大阪仍受與中國相關的旅遊限制影響，而北京則在具挑戰性的總體經濟背景下營運。儘管面臨這些短期壓力，我們對主題樂園長期機會的展望不變。我們擁有優秀的品牌、優越的地點，以及一套經驗證的投資方法，能在景點與體驗上投入，創造真實的消費者需求與強勁回報。隨著Universal Kids Resort已在Frisco開幕，以及我們的英國園區正邁向動工，我們仍看見長期且充足的成長跑道。

Before I hand it over to Jason, I want to touch on Sky's proposed acquisition of ITV's Media and Entertainment business, which will strengthen Sky's long-term position in the UK. The transaction brings together two of the UK's most trusted media businesses, pairing Sky's premium content, connectivity, and sports leadership with ITV, which reaches 40 million people in the UK every week and serves more than 16.5 million digital users. The transaction will enhance Sky's streaming and advertising capabilities, create meaningful operating efficiencies and broaden the opportunities to grow customer relationships.

在交棒給Jason之前，我想談一下Sky擬收購ITV媒體與娛樂（Media and Entertainment）業務的交易，該交易將強化Sky在英國的長期競爭地位。此交易將英國兩家最受信賴的媒體企業結合在一起，把Sky的優質內容、連網能力與體育領導地位，與ITV結合；ITV每週在英國觸及4,000萬人，並服務超過1,650萬名數位用戶。該交易將提升Sky的串流與廣告能力，創造具實質意義的營運效率，並擴大深化客戶關係的成長機會。

So with that, let me turn it over to Jason to go through the financial results in more detail.

那麼，接下來我把時間交給Jason，請他更詳細說明財務結果。

Thanks, Mike, and good morning, everyone. Let me start with a high-level overview of our consolidated results and then get into more detail on our businesses. Before I begin, I want to note this morning we issued updated pro forma trending schedules to reflect the removal of Sky Germany from our consolidated results following the sale of that business on May 31st.

謝謝你，Mike，各位早安。我先從合併（consolidated）業績的高層次概覽開始，接著再更深入說明各項業務。在開始之前，我想先說明：今天早上我們已發布更新後的備考（pro forma）趨勢表，以反映Sky Germany在5月31日出售後，已自我們合併報表中移除。

For context, Sky Germany generated over $2 billion in annual revenue but had an immaterial EBITDA contribution and had previously been reflected within Corporate and other. As a result, all year-over-year comparisons in my remarks today will be presented on a pro forma basis.

作為背景，Sky Germany年營收超過20億美元，但對EBITDA的貢獻不具重大性（immaterial），且先前列示於「公司及其他（Corporate and other）」之中。因此，我今天談到的所有年對年比較，將以備考（pro forma）基礎呈現。

In the second quarter, revenue increased 5% in part benefiting from Telemundo and Peacock's successful airing of the FIFA World Cup. Adjusted EBITDA declined 5%, reflecting pressure from two areas. In Connectivity and Platforms, as we have discussed, we are investing behind the go-to-market pivot we began last year with a focus on simpler pricing and packaging and an improved customer experience. And in Content and Experiences, we are still in the first year of the NBA rights cycle, and absorbing the full cost of that contract, while the revenue opportunity builds over time. Adjusted earnings per share were $1.04 and we generated $4.6 billion of free cash flow in the quarter, of which we returned $2.1 billion to shareholders, including $900 million in share repurchases.

第二季營收成長5%，部分受惠於Telemundo與Peacock成功轉播FIFA世界盃。調整後EBITDA下滑5%，主要反映兩個面向的壓力。在連網與平台（Connectivity and Platforms）方面，如同我們先前所討論，我們正投入資源支持去年啟動的市場策略轉向（go-to-market pivot），聚焦於更簡化的定價與方案組合，以及更佳的客戶體驗。而在內容與體驗（Content and Experiences）方面，我們仍處於NBA轉播權週期的第一年，正在吸收該合約的全額成本，而相關營收機會將隨時間逐步建立。調整後每股盈餘為1.04美元；本季我們產生46億美元自由現金流，其中回饋股東21億美元，包括9億美元的庫藏股回購。

Now turning to our businesses, starting with Connectivity and Platforms. We are almost a year into this go-to-market transition, so let me start with where we stand before moving to this quarter's specific results. The broadband market remains highly competitive. Fiber continues to expand, fixed wireless remains aggressive, satellite is emerging as another alternative, and convergence-based promotional activity remains elevated across the industry. We are operating under the assumption that the market will remain intensely competitive.

接著看各項業務，先從連網與平台（Connectivity and Platforms）開始。我們進行這次市場策略轉型已將近一年，因此我先說明目前所處位置，再進入本季的具體結果。寬頻市場仍高度競爭。光纖持續擴張、固定無線仍具攻勢、衛星正成為另一種替代方案，而以融合（convergence）為基礎的促銷活動在全產業仍維持高檔。我們的營運假設是：市場將持續處於高度激烈的競爭狀態。

Against that backdrop at the end of the second quarter of last year, we made a deliberate shift in how we go-to-market to compete more effectively in a competitive environment increasingly defined by convergence. Since then, we have focused on simplifying pricing, improving transparency, streamlining the customer experience, investing in our best-in-class network and products, and leaning further into wireless, including through our free wireless offer.

在此背景下，於去年第二季末，我們刻意調整了市場進入（go-to-market）方式，以在日益由融合（convergence）所定義的競爭環境中更有效地競爭。自那時起，我們聚焦於簡化定價、提升透明度、精簡客戶體驗、投資於我們同級最佳的網路與產品，並進一步加碼無線業務，包括透過我們的免費無線方案。

We continue to see encouraging signs from these actions. Broadband losses improved versus last year, customers continue to migrate to higher tier plans with about 45% of our base now on gig-plus tiers, wireless net additions reached a new record, and NPS improved again year-over-year, reflecting better customer perception of our service experience.

我們持續從這些行動中看到令人鼓舞的跡象。寬頻流失較去年改善，客戶持續移轉至更高階方案，目前約45%的用戶基礎已在gig-plus等級；無線淨新增達到新的紀錄；而NPS亦再度年增改善，反映客戶對我們服務體驗的觀感提升。

At the same time, we have been transparent that this pivot comes with investment. We made several deliberate choices this year to reposition the business for stronger, long-term performance. We did not take a broadband rate increase, and we've been migrating customers into simplified pricing with lower everyday price points. At the same time, we continue to see strong adoption of free wireless lines, which is initially dilutive to broadband ARPU. As a result, broadband ARPU declined 3.8% in the quarter.

同時，我們也透明地說明，這次轉向需要投入資本與費用。今年我們做出數項刻意的選擇，以重新定位業務，追求更強勁的長期表現。我們沒有調升寬頻費率，並持續將客戶移轉至簡化定價、較低的日常價格水準。同時，我們也持續看到免費無線門號的強勁採用，但這在初期會稀釋寬頻ARPU。因此，本季寬頻ARPU下滑3.8%。

Additionally, we continue to invest in the customer experience and go-to-market capabilities needed to support this broader shift which contributed to a 5.8% decline in Connectivity and Platforms EBITDA. These results are consistent with our remarks on last quarter's earnings call, where we previewed incremental pressure on both ARPU and EBITDA growth.

此外，我們持續投資於客戶體驗與支援此更廣泛轉型所需的市場進入能力，這也導致Connectivity and Platforms EBITDA下滑5.8%。這些結果與我們在上季財報電話會議中的說法一致，當時我們已預告ARPU與EBITDA成長將面臨額外壓力。

At the same time, we indicated that trends should improve beyond the second quarter as we lap the initial go-to-market investments and as free wireless lines convert into paying relationships in greater volumes. That remains our expectation, and we expect modest improvements starting in the third quarter.

同時，我們也指出，隨著我們度過初期市場進入投資的比較基期，以及免費無線門號以更大規模轉換為付費關係，第二季之後的趨勢應會改善。這仍是我們的預期，並預計自第三季起出現溫和改善。

Looking ahead, and as we have highlighted before, consumers are increasingly choosing converged broadband and wireless offerings. We believe we have a strong position to compete in convergence. We have the largest converged footprint offering gig-plus broadband and wireless ubiquitously. And our product experience continues to receive external validation.

展望未來，且如我們先前所強調，消費者正日益選擇融合式的寬頻與無線方案。我們相信自己在融合競爭中具備強勢地位。我們擁有最大的融合覆蓋範圍，能在各地普遍提供gig-plus寬頻與無線服務。而我們的產品體驗也持續獲得外部肯定。

Opensignal has consistently ranked our Wi-Fi number 1 in our footprint. And in its first US, Converged Experience report, Xfinity ranked number 1 nationally in two of three categories measured, Converged to Consistent Quality, which assesses reliability across the combined network, and Converged Download Speed.

Opensignal一貫將我們覆蓋範圍內的Wi‑Fi評為第1名。此外，在其首份美國《融合體驗》報告中，Xfinity在三項衡量指標中的兩項全國排名第1：融合一致品質（Converged to Consistent Quality，用以評估整合網路的可靠性）以及融合下載速度（Converged Download Speed）。

This reinforces why convergence ARPA is an important metric for how we think about running the business. Broadband remains the anchor product, but the value of the relationship expands meaningfully when we add wireless. At roughly $85, our convergence ARPA remains well below levels reported by telecom competitors, which highlights the long runway and opportunity we have ahead of us, particularly as we stabilize broadband and continue to scale wireless.

這也強化了為何融合ARPA是我們思考如何經營業務的重要指標。寬頻仍是核心（anchor）產品，但當我們加入無線服務後，客戶關係的價值會顯著擴大。以約85美元計，我們的融合ARPA仍明顯低於電信同業所揭露的水準，凸顯我們仍有很長的成長跑道與機會，特別是在我們穩定寬頻並持續擴大無線規模之際。

With that outline of strategic priorities, let's get into more detail of the quarter starting with broadband. Broadband subscriber losses improved by 34,000 year-over-year to a loss of 167,000. That improvement reflects continued traction from our new go-to-market strategy even as we continue to operate in a highly competitive environment across our footprint.

在上述策略重點的框架下，讓我們從寬頻開始，更深入說明本季表現。寬頻用戶流失年減34,000，至流失167,000。這項改善反映我們新的市場進入策略持續取得進展，儘管我們在覆蓋範圍內仍處於高度競爭的環境。

Broadband ARPU declined 3.8%. As I said earlier, we expect to see modest improvement as we anniversary the launch of the go-to-market strategy and as free wireless lines begin converting into paid relationships in greater volume as we exit this year.

寬頻ARPU下滑3.8%。如我先前所述，隨著我們迎來市場進入策略上線的周年比較基期，以及免費無線門號在今年結束前以更大規模開始轉換為付費關係，我們預期將看到溫和改善。

Turning to convergence, convergence revenue declined 3.2%, and convergence ARPA declined 1.5%, reflecting the pressure on broadband revenue, partially offset by 14% growth in wireless service revenue. Wireless had another very strong quarter. We added 448,000 net lines, that's our best quarter on record, with roughly half of our residential postpaid phone connects coming from customers taking a free line.

轉向融合業務，融合營收下滑3.2%，融合ARPA下滑1.5%，反映寬頻營收承壓，但部分被無線服務營收成長14%所抵銷。無線業務本季再度表現非常強勁。我們淨新增448,000條門號，創下歷來最佳單季紀錄；其中約一半的住宅後付費手機新連線來自選擇免費門號的客戶。

We are actively leaning into this opportunity. The free line offer is doing what we intended, it's building awareness, it's driving attachment, and it's expanding the base of customers we can convert into paying wireless relationships over time. Most importantly, this is a product that provides real value across a range of customer segments. We compete effectively in value-oriented segments with substantial savings offered relative to competitor offerings. And we are also gaining traction in the higher value segment of the wireless market.

我們正積極把握這個機會。免費門號方案達成了我們原先的目的：提升認知、帶動綁定（attachment），並擴大可隨時間轉換為付費無線關係的客戶基礎。最重要的是，這是一項能為不同客群帶來實質價值的產品。相較競品方案，我們提供可觀的節省，使我們在重視性價比的客群中具備有效競爭力。同時，我們也在無線市場的高價值客群中取得進展。

In fact, premium unlimited plans accounted for roughly 30% of postpaid phone connects, demonstrating that we are now competing very effectively in a segment of the market that carries higher expectations around network quality and data allotments, as well as handset availability and refreshment. We ended the quarter with 10.2 million total lines, representing 17% penetration of our domestic residential broadband customer base, but only 7% penetration of the total wireless line opportunity in our footprint.

事實上，高階不限量方案約占後付費手機新連線的30%，顯示我們如今在一個對網路品質與數據配額、以及手機供應與換機（refreshment）有更高期待的市場區隔中，已具備非常強的競爭力。本季末我們的總門號數達1,020萬，約占我們美國住宅寬頻客戶基礎的17%滲透率，但在我們覆蓋範圍內的整體無線門號機會中，滲透率僅7%。

Looking ahead, as free wireless lines come up for monetization, we are managing those customers with a clear life cycle approach focused on usage, engagement, retention, and the overall product experience. Early free line conversion cohorts are tracking in line with our expectations, and we continue to expect a significant majority of these customers to convert to paid relationships as roll-offs accelerate in the second half of the year. Over time, that should provide a real tailwind to convergence revenue and ARPA growth.

展望未來，隨著免費無線門號進入變現階段，我們將以清晰的生命週期管理方式來經營這些客戶，聚焦於使用量、互動度、留存，以及整體產品體驗。早期免費門號轉換批次（cohorts）的表現符合我們的預期；隨著下半年到期/退訂（roll-offs）加速，我們仍預期其中絕大多數客戶將轉為付費關係。長期而言，這應可為融合營收與ARPA成長帶來實質順風。

Turning to Business Services, revenue grew 3.7% and EBITDA increased 5.0%. Both benefited from a non-recurring item related to a long-term fiber lease renewal. Excluding that benefit, underlying growth in both revenue and EBITDA was just under 3%. That's consistent with the trend we have seen over the past year after adjusting for the Nitel acquisition which we have now lapped.

轉向商業服務（Business Services），營收成長3.7%，EBITDA成長5.0%。兩者皆受惠於一項與長期光纖租賃續約相關的非經常性項目。若排除該項效益，營收與EBITDA的基本面成長皆略低於3%。這與我們過去一年所見的趨勢一致（在調整我們已完成比較基期的Nitel併購影響後）。

Growth continues to be driven by strong momentum in enterprise solutions, where we are seeing demand from larger customers with more complex connectivity, security, and managed services needs. Importantly, the mix shift towards advanced solutions continues to scale. Three years ago, for every dollar of connectivity we sold, we sold about $0.20 of advanced solutions. Today, that figure is closer to $0.70, underscoring the increasing value we are delivering to customers.

成長持續由企業解決方案（enterprise solutions）的強勁動能所驅動；我們看到來自更大型客戶的需求增加，這些客戶在連線、資安與代管服務方面有更複雜的需求。重要的是，朝向進階解決方案的組合轉移（mix shift）仍在持續擴大規模。三年前，我們每賣出1美元的連線服務，大約能賣出0.20美元的進階解決方案。如今，該數字更接近0.70美元，凸顯我們為客戶交付的價值正持續提升。

At SMB, competition remains elevated, but we continue to drive ARPU growth by deepening relationships through a strong mix of advanced solutions. We also recently launched our T-Mobile MVNO, adding expanded business mobile capabilities and another differentiated product to the portfolio as we compete for business customers across every segment of the market.

在中小企業（SMB）市場，競爭仍然激烈，但我們透過進階解決方案的強勁組合，持續深化客戶關係以推動ARPU成長。我們近期也推出了T-Mobile MVNO，新增更完整的企業行動通訊能力，並為產品組合增添另一項差異化產品，使我們能在市場各個區隔中競逐企業客戶。

Moving to Content and Experiences, there are a few items I'd like to highlight. At Theme Parks, revenue increased 3% while EBITDA declined 5%. The EBITDA decline was primarily driven by continued pressure at our Osaka park, where China-related travel restrictions are still impacting attendance. That pressure was partially offset by growth at our US parks.

轉到內容與體驗（Content and Experiences），有幾點我想特別強調。在主題樂園方面，營收成長3%，而EBITDA下滑5%。EBITDA下滑主要是因為我們大阪園區持續承受壓力，與中國相關的旅遊限制仍在影響入園人次。這些壓力部分被我們美國園區的成長所抵銷。

In Orlando, revenue and EBITDA grew as we compared to the partial opening period of Epic in last year's second quarter. That said, growth in Orlando came in below our expectations as attendance began to soften in June and has remained pressured into the third quarter. And at Hollywood, results improved as we began to lap the initial pressure we experienced last year, though we do not expect a more meaningful improvement until the new Fast and Furious roller coaster opens later this year.

在奧蘭多，營收與EBITDA成長，因為我們是與去年第二季Epic部分開放期間相比。不過，奧蘭多的成長低於我們的預期，因為6月起入園人次開始走弱，且壓力延續到第三季。而在好萊塢，隨著我們開始度過去年初期所經歷的壓力，表現有所改善；但我們預期要到今年稍晚全新的《玩命關頭》雲霄飛車開幕後，才會有更顯著的改善。

Turning to Media, we achieved an important milestone as Peacock reached profitability for the first time generating $189 million of EBITDA in the quarter. This reflects the strategy we have been executing for several years. Building Peacock around a dual revenue model supported by a broad content mix across sports, next-day NBC and Bravo, film, originals, news, library, and major events.

轉到媒體（Media），我們達成一個重要里程碑：Peacock首次實現獲利，本季EBITDA達1.89億美元。這反映了我們多年來一直在執行的策略。以雙重營收模式打造Peacock，並以涵蓋體育、NBC與Bravo次日播出內容、電影、原創、新聞、片庫以及大型活動等多元內容組合來支撐。

Peacock was also a primary driver of overall Media results, with Media revenue increasing 25% and EBITDA increasing 4%, even as we absorbed first year NBA rights costs. Digging into Peacock specifically, revenue increased 54%, driven by strong growth in both distribution and advertising revenue. Distribution revenue grew over 50% with paid subscribers up 7 million year-over-year and 2 million sequentially, reaching 48 million. And advertising revenue increased nearly 70%, fueled by multiple drivers with notable callouts, including the simulcast of Telemundo's FIFA World Cup, the NBA Playoffs, and the latest season of Love Island.

Peacock也是整體媒體業務表現的主要推動力；媒體營收成長25%，EBITDA成長4%，即便我們吸收了NBA轉播權首年的成本。聚焦Peacock本身，營收成長54%，主要由發行（distribution）與廣告營收的強勁成長所帶動。發行營收成長逾50%，付費訂戶年增700萬、季增200萬，達到4,800萬。廣告營收成長近70%，由多項因素推動，特別值得一提的包括Telemundo的FIFA世界盃同步轉播、NBA季後賽，以及最新一季《Love Island》。

At Studios, we had another strong quarter with revenue increasing 25% and EBITDA increasing $141 million year-over-year. Results were driven by recent theatrical releases, including The Super Mario Galaxy Movie, Obsession, and the international distribution of Michael. As always, Studios will have some quarter-to-quarter volatility based on theatrical release timing and licensing activity, but this quarter was another good example of the breadth of the portfolio with strength across franchise animation, specialty titles, filmmaker-driven projects, and international distribution.

在影業（Studios）方面，我們再度交出強勁的一季，營收成長25%，EBITDA年增1.41億美元。表現主要由近期院線上映作品帶動，包括《超級瑪利歐銀河電影》（The Super Mario Galaxy Movie）、《Obsession》，以及《Michael》的國際發行。一如既往，影業的季度表現會因院線上映時點與授權活動而有一定波動；但本季再次展現我們投資組合的廣度，在系列動畫、專業類型片、導演主導專案與國際發行等面向皆有亮點。

Now let me wrap up with free cash flow and capital allocation. In the second quarter we generated $4.6 billion of free cash flow, underscoring the strength of our businesses, even as we make meaningful investments that I've highlighted. This quarter we returned $2.1 billion to shareholders, including $900 million in share repurchases.

最後我以自由現金流與資本配置作結。第二季我們創造了46億美元的自由現金流，凸顯我們業務的強勁實力，即便我們也在進行我先前提到的重大投資。本季我們向股東回饋21億美元，其中包含9億美元的庫藏股回購。

As we recently announced on our separation call, we did pause share repurchases as of July 1st, and expect to remain paused through our separation. Our priority is to ensure both businesses are well capitalized with favorable investment grade ratings to provide both the financial foundation to pursue their respective growth strategies.

如同我們近期在分拆（separation）電話會議中宣布的，我們自7月1日起暫停股票回購，並預期在分拆完成前將維持暫停。我們的優先事項是確保兩家公司都具備充足資本，並維持有利的投資級評等，為各自的成長策略提供財務基礎。

Now I'll turn it over to Marci, who will moderate the questions we collected from the analyst community in advance of today's call. Marci?

接下來我把時間交給Marci，她將主持我們在今天電話會議前向分析師社群預先蒐集的提問。Marci？

Thanks, Jason. We're going to start with broadband. The first question comes from John Hodulik of UBS. Can you discuss the competitive dynamics in the broadband market?

謝謝你，Jason。我們先從寬頻開始。第一個問題來自UBS的John Hodulik。你能談談寬頻市場的競爭態勢嗎？

Perfect. John, I appreciate the question. Competition remains intense, and we are operating under the assumption that the market will become increasingly competitive. And that's through continued fiber expansion, aggressiveness will remain in fixed wireless. And although not meaningful to us now, satellite is emerging as another competitor in that space. We've also seen the promotional intensity increase in some markets, and some of the behavior has been irrational. But six months in, so I'm really focused on transforming the company and a testament to the team, we're doing a great job. We're off to a great start. We have a long way to go.

很好。John，謝謝你的提問。競爭仍然非常激烈，我們的營運假設是市場將變得愈來愈競爭。這包括光纖持續擴張，以及固定無線（fixed wireless）仍會保持進取。此外，雖然目前對我們而言影響不大，但衛星也正成為該領域的另一個競爭者。我們也看到部分市場的促銷強度提高，而且有些行為並不理性。不過我上任六個月以來，我真正專注的是公司轉型；也要肯定團隊，我們做得非常好。我們有一個很好的開始。但我們還有很長的路要走。

But foundationally, nothing beats a wire into the home with differentiated, reliable Wi-Fi and great customer experience. And our recent organizational changes have streamlined our structure, our national pricing and packaging construct has simplified our go-to-market approach, and we're more effectively using our data and analytics to improve our effectiveness as well. And what that's enabled is greater agility. It's improved our time to market and our reaction time to competitive changes and enable us to respond in much more targeted ways, maintaining our discipline.

但從根本來看，沒有什麼能勝過一條有線連到家中，並提供差異化、可靠的Wi‑Fi與優質的客戶體驗。我們近期的組織調整精簡了架構；全國一致的定價與方案設計簡化了我們的上市策略；同時我們也更有效地運用數據與分析來提升成效。而這些讓我們具備更高的敏捷性。它改善了我們的上市速度與對競爭變化的反應時間，並使我們能以更具針對性的方式回應，同時維持紀律。

Most importantly, though, we remain focused on the end state and that's two multi-scale -- multi-gig scaled competitors of our -- multi-gig scaled pipes to the home, and we are one of those. Additionally, fixed wireless and satellite will remain competitive as well in that space. But we feel real good in that marketplace. Our converged offerings provide a significant advantage, and we really like our challenger position when it comes to that. We recently crossed the 10-million-line mark, and we like -- and we also had record setting mobile line net adds in the quarter. With the 7% penetration overall, we feel really good. We have a converged ARPA of $85, which is significantly below competition, and this provides a long runway for us ahead.

但最重要的是，我們仍聚焦於最終格局：家用端將有兩個具規模的多Gbps（multi-gig）競爭者——提供多Gbps等級的到戶管線，而我們就是其中之一。此外，固定無線與衛星在該領域也將持續具競爭力。但我們對這個市場的前景感到非常有信心。我們的融合式（converged）產品提供顯著優勢，而我們也很喜歡自己作為挑戰者（challenger）的定位。我們最近跨越了1,000萬條線的里程碑，而且本季行動線路淨增也創下紀錄。整體滲透率達7%，我們感覺非常好。我們的融合ARPA為85美元，顯著低於競爭對手，這也為我們提供了很長的成長跑道。

Great. We got a bunch on satellite and specifically Starlink. So, there's a two-parter. The first from Craig Moffett at MoffettNathanson. There is a robust debate as to whether Starlink broadband is purely a rural solution or whether it's fixed wireless 2.0, how do you see it?

很好。我們收到很多關於衛星、特別是Starlink的問題。所以這是一個兩段式問題。第一個來自MoffettNathanson的Craig Moffett。市場上對於Starlink寬頻究竟只是鄉村解決方案，還是固定無線2.0有很熱烈的辯論，你怎麼看？

And then the second part comes from Vikash at New Street. There's been a lot of chatter around Starlink exploring potential partnerships with both broadband and wireless operators. Is that something you would be interested in?

第二部分來自New Street的Vikash。近期有很多討論指出Starlink正在探索與寬頻與無線營運商的潛在合作夥伴關係。這是你們會有興趣的事情嗎？

So it's Jason. Let me take that one, and thanks Craig, and Vikash for the questions. I know this has certainly been topical in particular since the IPO in the last couple of months. So on Starlink specifically, I would say right now, we currently are not seeing them as a meaningful competitive factor in our markets, but saying that we don't take any comfort in that. We're not complacent. We fully expect to see them more as more of a competitor over time.

我是Jason。我來回答這題，也謝謝Craig與Vikash的提問。我知道這個議題最近幾個月確實很受關注，尤其是在過去一兩個月的IPO之後。就Starlink而言，我會說目前我們並未在自身市場中把他們視為具重大影響的競爭因素，但這並不代表我們因此感到安心。我們不會自滿。我們完全預期，隨著時間推移，他們會愈來愈像是一個競爭者。

I think if you look at their trajectory in terms of capacity that they're bringing online, which is-- I think everybody is pretty well versed in at this point, they're going to have significant capacity increases coming years, particularly expect to see them more in rural and underserved areas. I think that's a core target market for them. And I think that's realistic that we're going to see the competitor in those markets.

我認為如果你看他們在上線產能方面的發展軌跡——我想大家到目前為止都相當熟悉——未來幾年他們的產能將會大幅提升，尤其預期會在農村與服務不足地區看到更多佈建。我認為那是他們的核心目標市場。而且我認為我們確實會在那些市場看到競爭對手，這是合理的。

I think as we step back, how effective they are or anyone else is in taking share from us, we have a good degree of control over. There's a new competitive category. It used to be fiber and now it's become fixed wireless in parts of our market, it will increasingly become satellite. So the question, is how do we position for that, how do we address any vulnerabilities that we have from a competitive standpoint. And as we stack up the sort of network product and experience categories that we've talked about before, let me start with network.

我認為退一步看，他們或其他任何人從我們這裡搶占份額的效果如何，我們其實有相當程度的掌控力。出現了一個新的競爭類別。過去是光纖，現在在我們市場的部分地區變成了固定無線，未來也將愈來愈多地變成衛星。所以問題在於，我們要如何因應定位，如何從競爭角度處理我們可能存在的任何弱點。當我們把之前談過的網路、產品與體驗等類別逐一對照時，先從網路談起。

Our starting point is a terrific one on network. Nothing beats a wire into the home. That's exactly what Steve just said. That's firmly what we believe here. We're going to be one off two wires into the home. If you look at the long-term end state, our path on that wire is a multi-gig symmetrical path, our network is an active network all the way into the home. There's some debate about this as to whether that's more costly to run. I would tell you, it's a little bit more costly to run. We actually love the fact that it's active all the way into the home.

我們在網路方面的起點非常出色。沒有什麼能勝過一條線直接拉進家裡。這正是Steve剛剛說的。這也是我們在這裡堅定相信的。我們將會是進入家中的兩條線路之一。如果你看長期的最終狀態，我們在那條線路上的路徑是多Gbps對稱的路徑，我們的網路是一路到家中都採用主動式網路。對於這點是否更昂貴，外界有些爭論。我會告訴你，營運成本確實稍微高一些。但我們其實很喜歡它一路到家中都是主動式的這個特性。

In an AI-driven world, having active components from a head end to node to amps all the way into customer premise equipment, we actually think will be a big advantage in the long term. So we're very comfortable with where we are in network. On product, we consistently rate really strong. Wi-Fi liability, which is a core metric around product. How do your devices do once they're in the home, connected to a great network.

在一個由AI驅動的世界裡，從機房端到節點、到放大器，一直到客戶端設備（CPE）都具備主動元件，我們認為長期來看會是一個很大的優勢。所以我們對自身的網路位置非常有信心。在產品方面，我們的評分一向非常強。Wi‑Fi可靠性（這是產品的一項核心指標）。也就是你的裝置進到家裡、連上優質網路之後，表現如何。

Wi-Fi reliability we're at the top in our footprint. And so, I would say that's an advantage. We actually think we can press as we take a look at the pipeline of what we can go attach to our product in the home, exciting things coming down the map and a great position to sort of build from.

在我們的覆蓋範圍內，Wi‑Fi可靠性我們名列前茅。所以我會說這是一項優勢。而且當我們檢視未來可以在家中端附加到我們產品上的各種方案管線時，我們認為還能進一步加速推進；接下來會有令人振奮的事情陸續推出，我們也處於一個很好的位置可以在此基礎上持續發展。

The opening that we've seen for competitors, this was true largely at fixed wireless, has been around our experience. I think we've been very transparent. Steve, this is sort of mission number 1 for him is how do you go attack and address any of the gaps we've seen on the customer experience side that's been lack of pricing transparency. It's been customer service that hasn't been a strong suit of ours and things that we've been just maniacal in the last 6 to 12 months of being very honest with ourselves about and getting after.

我們看到競爭對手的切入點——這在固定無線上尤其明顯——主要是在我們的體驗面。我想我們一直非常透明。Steve，這算是他的第一號任務：如何去攻克並補上我們在客戶體驗端看到的缺口，包括價格透明度不足。也包括客戶服務一直不是我們的強項；過去6到12個月我們對這些問題非常執著地、也非常誠實地自我檢視並積極改善。

So I would step back and say whether it's fixed wireless, fiber, satellite, all these are in a sort of a new-ish competitive category. The priority for us is the same. And that's how you create an experience sort of holistically across network, product and customer service that best insulates you, and that's fully within our control. It's why we're making the investments we're making.

所以我會退一步說，不論是固定無線、光纖或衛星，這些都屬於一種相對較新的競爭類別。對我們而言優先順序是一樣的。也就是如何在網路、產品與客戶服務三方面，整體性地打造一個最能保護你、最能隔絕競爭衝擊的體驗，而這完全在我們的掌控之內。這也是我們之所以進行這些投資的原因。

Vikash, if I just get to your question quickly on potential partnerships. You mentioned Starlink, I would also broaden that one out, though. We've got a long history in the connectivity business of partnerships, whether that's multiple MVNOs at this point, deep syndication relationships across the cable industry, and that's a global cable industry. We've got companies to syndicate our products all over the globe. So a deep history here. So we'll certainly explore ways to create value, whether that's Starlink or others, where we can serve our customers better and differently.

Vikash，如果我快速回到你關於潛在合作夥伴的問題。你提到Starlink，但我也想把範圍再擴大一些。我們在連線業務上有很長的合作歷史，不論是目前多個MVNO、在有線電視產業中的深度聯合銷售（syndication）關係，而且那是全球性的有線電視產業。我們有公司在全球各地聯合銷售我們的產品。所以我們在這方面有深厚的歷史。因此我們當然會探索創造價值的方法，不論是Starlink或其他夥伴，只要能讓我們以更好、不同的方式服務客戶。

By the way, I'd also point out, we actually already do work with Starlink. We have a partnership within Comcast Business, combining our managed connectivity portfolio with their satellite capabilities for enterprise customers.

順帶一提，我也要指出，我們其實已經在與Starlink合作。我們在Comcast Business之下有一項合作，將我們的託管式連線（managed connectivity）產品組合與他們的衛星能力結合，服務企業客戶。

Great. We're going to move to wireless. We've got a bunch of questions. We're going to take one from Peter Supino at Wolfe Research. Can you talk about your mobile strategy as it relates to converting paid lines and driving premium uptake in the second half of 2026?

很好。我們接下來轉到無線業務。我們收到很多問題。我們先請Wolfe Research的Peter Supino提問一題。你能談談你們的行動策略，尤其是與付費門號轉換，以及在2026年下半年推動高階方案採用（premium uptake）之間的關聯嗎？

Got it. So wireless remains a major growth opportunity for us. And as I mentioned, about 7% penetration to the overall addressable market, and we're well positioned to take advantage of the opportunity. Our competitive strengths include two strong MVNOs, one residential, one business, and we're just activating the business MVNO now.

了解。所以無線對我們而言仍然是一個主要的成長機會。如我提到的，我們在整體可服務市場的滲透率約7%，而我們具備良好條件把握這個機會。我們的競爭優勢包括兩個強勁的MVNO，一個面向住宅客戶、一個面向企業客戶，而我們現在正啟動企業MVNO。

We have 65 million converged passings that enable 1-gig-plus speeds as well as a mobile service. We have the nation's largest Wi-Fi network. We're currently offloading about 90% of our traffic. And that, along with our lower acquisition costs, has provided a great cost structure, and we've been able to offer our customers a great value proposition that significantly undercuts the competition.

我們有6,500萬個融合覆蓋點（converged passings），可提供1Gbps以上速度，同時也能提供行動服務。我們擁有全國最大的Wi‑Fi網路。目前我們約有90%的流量在做卸載（offloading）。再加上我們較低的獲客成本，形成了很好的成本結構，使我們能為客戶提供極具吸引力的價值主張，價格明顯低於競爭對手。

And we've rallied the organization around convergence. And in turn, we have seen increased mobile attach rate, both to new customers as well as to our base. And the free line offer strategy is working exceptionally well. We're driving awareness and we're enabling our customers to trial the prompt.

而且我們已讓整個組織聚焦在融合（convergence）策略上。因此，我們看到行動綁附率（mobile attach rate）提升，不論是新客戶或既有客戶基礎皆然。而免費門號（free line）優惠策略的成效非常好。我們正在提升市場認知，也讓客戶能夠試用這項方案。

In parallel, we've significantly improved our customer life cycle management, and that begins with the activation process, through usage, through device upgrades, additional mobile line attach, and premium sell-in. And what we've seen in this quarter, about one-third of our mobile line connects came from existing mobile customers adding an additional line.

同時，我們也大幅改善了客戶生命週期管理，而這從啟用流程開始，延伸到使用階段、裝置升級、加掛額外行動門號，以及高階方案銷售導入（premium sell-in）。而我們在本季看到，約三分之一的行動門號新增連線，來自既有行動客戶再加辦一條額外門號。

Additionally, our premium mobile adoption continues to strengthen, and we're now exceeding 30% sell-in. And as a result, the significant majority of our free line roll-off customers are converting from free to paid as expected. And a few of those characteristics of the customers is usage is consistent as customers convert to paid. We see porting as comparable customers who paid from day one, and our overall churn rate in mobile is down even though we're rolling and accelerating the free line roll-off. So the free line offering is strengthening our customer relationships supporting the long-term value of our converged strategy.

此外，我們的高階行動方案採用率持續走強，目前sell-in已超過30%。因此，絕大多數免費門號到期（roll-off）的客戶，正如預期般從免費轉為付費。而這些客戶的一些特徵包括：在轉為付費後，使用量維持一致。我們看到攜碼（porting）表現與從第一天就付費的客戶相當；而即使我們正在推進並加速免費門號到期，整體行動流失率（churn）仍在下降。因此，免費門號方案正在強化我們的客戶關係，並支撐我們融合策略的長期價值。

Great. We got a bunch of the C&P financials. So we'll take one from Steve Cahall of Wells Fargo. Prior communication has been for broadband ARPU and C&P EBITDA pressure to begin to abate by the second half of this year. This is due to comping both free mobile lines that roll-to-pay as well as heavier marketing spend. Is this still the outlook?

很好。我們收到了很多關於 C&P 的財務問題。所以我們先請 Wells Fargo 的 Steve Cahall 提問。先前的溝通是，寬頻 ARPU 與 C&P EBITDA 的壓力預期會在今年下半年開始緩解。這是因為比較基期將同時涵蓋免費行動線路轉為付費（roll-to-pay）以及較高的行銷支出。這個展望仍然不變嗎？

Yeah. Thanks, Steve. This is Jason. So let me just step back and what led us down a path that would have created EBITDA declines as you saw this quarter, just as a reminder and then help that frame sort of the path forward. A year ago, we obviously started to prioritize new go-to-market, simple and transparent pricing. Along with that, we sort of made the determination to be much more aggressive in wireless, both to build awareness in the value segment. And then on the higher end with the premium unlimited plans that Steve mentioned. So really getting after it from a pricing perspective, that's caused, obviously, some dilution on broadband ARPU.

是的。謝謝你，Steve。我是 Jason。我先退一步說明一下，提醒大家我們當初是什麼因素讓 EBITDA 走上你們在本季看到的下滑路徑，然後再用這個脈絡來框定接下來的前進方向。一年前，我們顯然開始優先推動新的市場進入策略（go-to-market），採用簡單且透明的定價。同時，我們也做出決定，在無線業務上要更積極，一方面在價值型市場提升認知度。另一方面，在較高端推出 Steve 提到的高階不限量方案。因此從定價角度來看，我們確實加大力道，這也顯然造成了寬頻 ARPU 的一些稀釋。

Second was investing in both current and future customer experience, as Steve has mentioned, and then doubling down to ensure both our network and product offerings remain best-in-class. So those all created a little bit of pressure, obviously, as you've seen stemming from broadband ARPU and ultimately manifesting into declining EBITDA, which you saw this quarter at 5.8%. I think from here, if you use those same factors and say, what improves, what gives us confidence in saying modest improvement in the third quarter, you take each one of those.

第二個因素是投資於現有與未來的客戶體驗，如 Steve 所提到的，並且加碼投入以確保我們的網路與產品供給維持同級最佳（best-in-class）。因此，正如你們所看到的，這些因素都帶來了一些壓力，源自寬頻 ARPU，最終反映為 EBITDA 下滑，你們在本季看到下滑 5.8%。我認為從現在開始，如果沿用同樣的因素來看，問「哪些會改善、哪些讓我們有信心在第三季出現溫和改善」，就可以逐一拆解。

We decided last year, obviously, on free wireless, we're going to start to monetize those lines. And as Steve mentioned, we're seeing really good progress on conversion of free line into paid line, and that was a year's journey with the customer making sure they were activating, making sure they were engaging, making sure usage was driven higher, and there was a seamless handoff where a customer actually saw value in the wireless plan.

我們去年顯然已決定，對於免費無線服務，我們將開始把這些線路變現。如 Steve 所說，我們看到免費線路轉為付費線路的進展非常好；這是一段為期一年的客戶旅程，確保他們完成啟用、確保他們持續互動、確保使用量提升，並且在無縫銜接下，讓客戶確實在無線方案中看到價值。

And so I think we're early stages of having early cohorts roll off and into paying relationships, but we like what we're seeing. The vast majority are actually converting. So I think that's one thing that starts to create a tailwind. The second thing is just we're going to start to lap some of the early investments in customer experience. That's not to say we're all the way there. We're certainly not. We've got more investments to make, but we will start to lap some of the early costs. I think those two things help out.

因此我認為我們正處於早期階段，開始看到早期批次（cohorts）到期並轉入付費關係，但我們喜歡目前看到的結果。絕大多數實際上都在轉換。所以我認為這是開始形成順風的一個因素。第二個因素是，我們將開始進入「攤提/跨越」一些早期在客戶體驗上的投資期（lap）。這並不是說我們已經完全到位。我們當然還沒有。我們還有更多投資要做，但我們會開始跨越部分早期成本的比較基期。我認為這兩點會有所幫助。

I think -- but getting away from quarter-to-quarter, our focus is how can we return the business to growth over the longer term. And as we step back and look at some of the broader secular factors, A, traffic demand on broadband continues to grow at a rapid pace. The secular is sort of in your favor. Wireless, we continue to think we have a big right to play. As we said early on, 7% penetrated across our homes passed with an incredible product offering that's a great value for the customer. So that's the largest end market of anything around us, and we've got an incredible right to play there.

不過——如果不把焦點放在逐季波動，我們的重點是如何在更長期把業務帶回成長。當我們退一步看一些更廣泛的長期結構性因素（secular factors），第一，寬頻的流量需求仍以很快的速度成長。這種長期趨勢基本上是站在你這邊的。無線方面，我們仍然認為我們有很大的參與空間（right to play）。如我們一開始所說，在我們覆蓋到的住戶中，目前滲透率為 7%，而我們提供的是對客戶而言非常超值的優異產品。因此那是我們周邊所有業務中最大的終端市場，而我們在那裡擁有非常強的參與正當性與能力。

And then I just finally mentioned business services, which hasn't come up yet, but growing at a roughly 3% rate with an enormous amount of room to run in particular, in enterprise and being the fastest-growing provider right now. All gives us optimism on the longer-term question about how you rebounded growth.

最後我再提一下商業服務（business services），目前還沒被問到，但其成長率約 3%，而且仍有非常大的成長空間，特別是在企業客戶（enterprise）領域；我們目前也是成長最快的供應商。這些都讓我們對於「如何讓成長反彈」這個長期問題保持樂觀。

This is Brian. Let me just jump in speaking of longer term. If you look even longer than just a couple of quarters, what's actually happening from the consumer with their broadband and what is likely to be the most likely scenario for the future, I come away encouraged, I think we're going to be well positioned. This quarter, broadband downstream traffic was up the same as in the past couple of quarters, about 10%. But the upstream traffic was 2.5x that volume growth. And that's being driven I think by rapidly changing AI queries.

我是 Brian。我補充一下，既然談到更長期。如果你把時間拉得比幾個季度更長，看看消費者在寬頻使用上實際發生了什麼，以及未來最可能的情境是什麼，我的結論是受到鼓舞的；我認為我們會處於很好的位置。本季，寬頻下行流量的增幅與過去幾季相同，約 10%。但上行流量的增幅是其 2.5 倍。我認為這是由快速變化的 AI 查詢所驅動。

And if you roll that forward, and with the innovation, the speed of change, and all the different applications that are going to bolt on to this new capability in society, our roadmap, which is baked into our plans is to have multi-gig symmetrical, low-latency network, which Steve talked about, with intelligence and that network that improves the experience that differentiates us from every other network. And I think we will be one of the winners in this new world being driven by this rapid technological change. So our network is robust and ready for the next generation and that gives me great confidence and excitement.

如果把這個趨勢往前推進，再加上創新、變化速度，以及各種將會附加在這項社會新能力上的應用，我們的路線圖——也已納入我們的計畫——是打造多 Gig 對稱、低延遲的網路（如 Steve 所談），並在網路中加入智慧化能力，以改善體驗，形成與其他所有網路的差異化。我認為在這個由快速技術變革所驅動的新世界裡，我們會是贏家之一。因此我們的網路強健且已為下一代做好準備，這讓我非常有信心，也很期待。

Great. Now I'm going to move to C&E. We have a general one from Jessica Reif Ehrlich of Bank of America. You clearly have an extremely valuable collection of assets at NBCUniversal, at a time the media industry continues to consolidate as it competes against larger global platforms. Do you believe NBCU has sufficient scale to compete and grow on its own or as part of the rationale for separation to give it the currency and flexibility to participate in further consolidation?

很好。接下來我會轉到 C&E。我們有一個一般性問題，來自美國銀行（Bank of America）的 Jessica Reif Ehrlich。在媒體產業持續整併、並與更大型的全球平台競爭之際，你們在 NBCUniversal 擁有一組顯然極具價值的資產組合。你是否認為 NBCU 具備足夠規模，能夠以自身之力競爭並成長？或者分拆的理由之一，是為了讓它擁有「交易貨幣」（currency）與彈性，以參與進一步的整併？

Thanks, Jessica. It's Mike. I love the way you asked the question or framed it. We agree. This is an extremely valuable collection of assets at NBC. And we think that separating the business, setting it up on its own is going to give it the focus and opportunity and platform to invest behind the growth opportunities that it has in its own businesses and the spaces around these businesses that offer growth and where the business has the right to play.

謝謝你，Jessica。我是 Mike。我很喜歡你提問的方式與框架。我們同意。NBC 的這組資產確實非常有價值。我們認為把這項業務分拆、讓它獨立運作，將賦予它更聚焦的資源與機會，以及一個能夠在其自身業務的成長機會、以及這些業務周邊具備成長性且公司有參與優勢（right to play）的領域上加大投資的平台。

I think larger consolidation and the implications of that, we've been competing against these players -- all these players in these businesses for many years. And when you really look at what the business as it stands today has accomplished, I do believe that NBCUniversal and Sky do have the heft and the relationships and the operational capabilities to continue to be a major player as an independent, as Brian talked about earlier, player in the media space that's in a great position to partner with others.

至於更大規模的整併及其影響，我們多年來一直在這些業務中與這些玩家——所有這些玩家——競爭。當你真正去看這家公司以目前樣貌所達成的成果時，我確實相信 NBCUniversal 與 Sky 具備足夠的體量（heft）、關係網與營運能力，能夠持續作為獨立的主要玩家；如 Brian 先前所說，也能在媒體領域處於非常有利的位置，與他人合作。

When you really go down to a little more detail on why that is. It is the strength of this portfolio. We've got NBC and Telemundo on the broadcast side, incredible reach provided by those assets. Peacock, we'll spend more time talking about that, but it's -- in six years, as Brian said, has gotten to an incredible scale at a pace that we're very proud of and very much dovetails with the strategy for how we build and program NBC itself.

如果再更細一點看為什麼會是這樣。關鍵在於這個投資組合的強度。在廣播端，我們有 NBC 與 Telemundo，這些資產帶來了驚人的觸及範圍。Peacock，我們之後會花更多時間談，但——如 Brian 所說——在六年內就以我們非常自豪的速度達到驚人的規模，而且與我們打造與編排 NBC 本身的策略高度契合。

Bravo, NBC Sports, NBC News, Universal film when we talked about the great success of this year-to-date and in the years of the recent past, along with the TV studios. And then finally, parks -- destinations and experiences where we're one of two of the scale and scope that -- in a great business; and finally, Sky.

Bravo、NBC Sports、NBC News、Universal 影業，當我們談到今年迄今以及過去幾年近期的巨大成功時，連同電視製作工作室一起。最後是樂園——目的地與體驗，我們是其中兩家在規模與廣度上具備那樣能力的業者之一——這是一門很棒的生意；最後還有 Sky。

And we really look at them, each of them are competing really well against their natural competitors and produce great results. NBC, we talk about it all the time, reaches over 100 million households per quarter with linear and Peacock, that's 80% of the US. Legendary February, you remember, we reached 225 million Americans across the Olympics, Super Bowl, NBA All-Star. We're the most watched prime time broadcast network for the 2025, 2026 season. And on and on in film studios and the like.

而我們確實這樣看待它們：每一項都在與其天然競爭對手的競爭中表現得非常好，並產出很棒的成果。NBC 我們一直在談，它透過傳統線性電視與 Peacock，每季觸及超過 1 億戶家庭，這相當於美國的 80%。你還記得那個傳奇的二月，我們透過奧運、超級盃、NBA 全明星賽，觸及了 2.25 億美國人。我們是 2025、2026 季度收視最高的黃金時段無線電視網。以及電影製作工作室等等，還有更多。

So I think we do definitely have the scale that is needed to compete. I'll go back to sports for a second or go to sports. There, I think it's good evidence of what it means to have the capability set that our teams have, which is just a microcosm of what is true across all of our premium content creation, not just sports. It's relationships with the creators. So in that case, our relationships with our leagues go way beyond our financial terms of our deals.

所以我認為，我們確實具備競爭所需的規模。我再回到體育一下，或談體育。在那裡，我認為這很好地證明了我們團隊所具備的能力組合意味著什麼；而這只是我們所有高端內容創作（不僅是體育）的縮影。這包括與創作者的關係。因此在那個案例中，我們與各聯盟的關係遠遠超出交易的財務條款。

We've built very long-standing relationships that are growing their audiences, elevate the presentation of their sports for the long term and expand the value of the rights, frankly. And then we do that through the world-class production that we were known for, great distribution across both broadcast and streaming and the ability to reach fans at scale. We've had partnerships that go 40 years with the Olympics, long standing relationships with the Premier League, Sunday Night Football, the best show on television, et cetera, et cetera.

我們建立了非常長期且持續深化的合作關係，能夠擴大他們的觀眾群、長期提升其賽事呈現，坦白說，也擴大了轉播權的價值。而我們透過我們聞名的世界級製作、橫跨無線與串流的優秀發行，以及以規模觸及球迷的能力來做到這一點。我們與奧運有長達 40 年的合作夥伴關係，與英超、週日夜間美式足球（電視上最棒的節目）等也有長期關係，等等等等。

So I think the point is that we do feel really good about the business that we have. We do think that these assets are incredibly valuable. We love the fact that they operate well together. Studios creating IP that then feeds Peacock and Parks extending the reach of content for the -- or the reach of Peacock and NBC, and back and forth. So it's a great, virtuous circle in parts of this business. And I think one thing to add that Brian may want to pile on, I think as an independent, we take all these great assets, and we are willing to partner with others.

所以我認為重點是，我們對現有的業務感到非常滿意。我們也認為這些資產極其有價值。我們很喜歡它們能夠彼此良好協同運作。工作室創造 IP，進而供給 Peacock；樂園延伸內容的觸及——或延伸 Peacock 與 NBC 的觸及，彼此相互促進。因此在這門生意的某些部分，這是一個很棒的良性循環。另外我想補充一點，Brian 可能也會再補充：作為一家獨立公司，我們擁有這些很棒的資產，也願意與他人合作。

So other strategies are a little more walled gardens. Our approach is to build great businesses that serve our own platforms, but look for opportunities to partner, bundle and exhibit other people's IP in our parks and create IP in our studios that go to other platforms. I think that's a good strategy for the collection of assets we have and I think presents a path for growth in this business over time. So we're excited about what we have ahead.

所以其他策略更像是「圍牆花園」。我們的方法是打造能服務自有平台的優秀業務，同時尋找合作、捆綁，以及在我們的樂園展示他人 IP 的機會；也在我們的工作室創造能走向其他平台的 IP。我認為，對我們這組資產而言，這是個好策略，也為這門生意隨時間推進提供了成長路徑。所以我們對未來感到興奮。

Look, Mike, Brian here. I think you perfectly covered why there's so much excitement both in the company and from people to partner with us. And we're unique in being independent. We don't have any other agenda other than to do the things you just laid out perfectly, which is partner well and to bring to life people's dreams and content and sporting events and the like. And so we just came from one of the conferences and there's just great ideas, and I'm excited about the road ahead to expand the partnerships we've already got.

你看，Mike，我是 Brian。我認為你已經非常完整地說明了，為什麼公司內部以及想與我們合作的人都如此興奮。而我們的獨特之處在於我們是獨立的。除了把你剛才完美列出的事情做好之外，我們沒有其他議程——也就是好好合作，把人們的夢想、內容、體育賽事等等具體實現。所以我們剛從其中一個會議回來，裡面有很多很棒的想法；我也對未來的道路感到興奮，將擴大我們既有的合作夥伴關係。

I have a multi-parter on Parks. This is a combination of Mike Ng from Goldman Sachs and Kutgun Maral from Evercore. Can you expand on the domestic softness you saw in June? What drove the shift in consumer behavior and what read do you have on third quarter trends? How much of the softness was attendance versus per cap spending? And can you separate the trends at Epic from those at the other Orlando parks?

我有一個關於樂園的多段式問題。這是高盛的 Mike Ng 與 Evercore 的 Kutgun Maral 的綜合提問。你能否進一步說明你們在 6 月看到的美國國內需求走弱？是什麼驅動了消費者行為的轉變？你們對第三季趨勢有什麼判讀？走弱中有多少來自入園人次（attendance），又有多少來自人均消費（per cap spending）？另外，你能否把 Epic 的趨勢與奧蘭多其他樂園的趨勢分開說明？

And then a follow-up from John Hodulik of UBS. In your view, how would you characterize the underlying value drivers in the overall parks business?

接著是 UBS 的 John Hodulik 的追問。在你看來，你會如何描述整體樂園業務的底層價值驅動因素？

Sure. Thanks. It's a lot there. Thanks to all three of you for the questions. So in Orlando, really, the softness that we're seeing affecting this quarter that continues as we look into June is essentially weakness in attendance. And that, we believe, is driven by some weakness in consumer sentiment and higher travel costs affecting demand.

好的。謝謝。內容很多。也謝謝你們三位的提問。所以在奧蘭多，我們看到的疲弱在本季造成影響，並且在我們觀察 6 月時仍在延續，主要是入園人次走弱。而我們認為，這是由於消費者信心偏弱，以及更高的旅行成本影響需求所致。

Not something that we think is a -- while we see it continuing into the third quarter, not something that we think is a permanent change in the outlook at all because we continue to see continued consumer appeal and satisfaction in all the things we look at as it relates to the excitement that people have about our parks. And we've seen some of this before.

這不是我們認為會——雖然我們看到它延續到第三季——但我們完全不認為這是對前景的永久性改變，因為就人們對我們樂園的興奮程度而言，我們在所有觀察指標上仍持續看到消費者吸引力與滿意度。而且我們以前也見過類似情況。

So when you have a great product like we have, we fully expect that once economic conditions and consumer demand sizes for us that we'll be getting that attendance back and thrilling our fans in these parks because they are such good businesses and good experiences, and we're proud of the product. Specifically on Epic, we continue to see it doing what we wanted it to do. It's delivering against our expectations. Guest response continues to be strong. It's driving higher per capita spend and strengthening broader Orlando is making it a true multi-destination resort. So we're not seeing anything that causes us to feel at all disappointed in the performance of Epic. It's an overall demand drop that's hitting Orlando broadly. So that's the point on Epic.

所以當你擁有像我們這樣很棒的產品時，我們完全預期，一旦經濟狀況與消費者需求對我們更有利，我們就會把入園人次帶回來，並在這些樂園中讓粉絲感到興奮，因為它們是非常好的生意與體驗，我們也以這個產品為傲。具體到 Epic，我們持續看到它正在做到我們希望它做到的事。它的表現符合我們的預期。旅客回饋持續強勁。它帶動更高的人均消費，並強化整體奧蘭多，使其成為真正的多目的地度假區。因此，我們沒有看到任何讓我們對 Epic 的表現感到失望的地方。這是整體需求下滑，廣泛影響奧蘭多。所以這就是關於 Epic 的重點。

And then, John, to your question, we think that this is -- and I said it in the earlier question, we're in a unique position with the capabilities and experience of the leadership team of Mark Woodbury and others creating these parks over the last quarter century and more, it is a long-cycle business. We're, again, one of two players. We feel very confident that in the long-term opportunity and the fact that we have a great road map over the long term to continue investing behind this team and in future opportunities like the UK park and other things that are down the road for us.

然後 John，針對你的問題，我們認為——我在前一個問題也提到——我們處於一個獨特的位置：Mark Woodbury 等人所帶領的管理團隊在過去四分之一個世紀甚至更久的時間裡打造這些樂園，具備相應的能力與經驗；這是一門長週期的生意。我們同樣是兩大玩家之一。我們對長期機會非常有信心，也相信我們有一個很棒的長期路線圖，能持續在這個團隊背後投入，並投資於像英國樂園等未來機會，以及其他在更遠期的計畫。

So when we look at that, we're obviously looking at long-term expectations for demand, what consumers are looking for. And we learned from the investments we've made and the great technological advances we've made as we release new parks like Epic. We bring that into the future and continue to build this business as a very long cycle but special business for us and have a lot of confidence in it.

因此當我們這樣看待時，我們顯然是在看長期的需求預期、消費者在尋找什麼。而我們也從既有投資以及在推出像 Epic 這樣的新樂園時所取得的重大技術進步中學到很多。我們會把這些帶入未來，並持續把這門生意打造為一個週期很長、但對我們而言很特別的業務，我們對此非常有信心。

So with that, I'll turn it back to you, Marci.

那麼就到這裡，我把時間交回給你，Marci。

Great. Next is Peacock. This question is coming from Kutgun Maral of Evercore. Peacock reaching profitability was important milestone this quarter. Does that represent durable profitability inflection or can seasonality and event timing push Peacock back into losses during the second half or in future periods?

很好。下一題是 Peacock。這個問題來自 Evercore 的 Kutgun Maral。Peacock 在本季達到獲利是一個重要里程碑。這是否代表可持續的獲利拐點，還是季節性與事件時點可能在下半年或未來期間讓 Peacock 再度轉為虧損？

So thanks, Kutgun. I mean I think it is a very -- it's a milestone event. We feel great about -- we talked about approachability this quarter. And then for all the reasons mentioned earlier, it was strongly profitable, nearly $200 million of profits in Peacock for the quarter. And it does reflect the progress we've made in scaling the business. We talked earlier about adding the subscribers in the earlier part of the year with Legendary February and yet holding on and doing a good job exposing people to other content and then adding more as we hit the season with World Cup on Telemundo, Spanish-language and Love Island.

謝謝你，Kutgun。我的意思是，我認為這是一個非常——是一個里程碑事件。我們對——我們談到本季的可負擔性（approachability）。而且基於前面提到的所有原因，Peacock 本季獲利表現非常強勁，單季接近 2 億美元的利潤。這也反映了我們在擴大業務規模方面取得的進展。我們先前談到，在年初透過「Legendary February」增加訂戶，同時仍能維持並做好讓用戶接觸其他內容的工作，接著在賽季到來時，隨著 Telemundo 的世界盃（西語內容）以及《Love Island》再進一步增加。

So we think the -- we're achieving the scale and the service that we'd hope to be and good work by the team over the last six years. The drivers we talked about are pretty broad-based. It was a strong content calendar. We had the playoffs -- NBA Playoffs first time, great post-season, which we benefited from again, Love Island, World Cup, next-day NBC and Bravo programming and the rest that's in there help really support strong engagement, really good subscriber trends, great advertising demand and thus, overall monetization.

因此我們認為——我們正在達到我們所期望的規模與服務水準，這是團隊過去六年努力的成果。我們談到的驅動因素相當廣泛。內容檔期很強。我們有季後賽——NBA 季後賽首次上線，精彩的季後賽，我們也再次受惠；還有《Love Island》、世界盃、NBC 與 Bravo 的隔日播（next-day）節目，以及其他內容，確實支撐了強勁的互動參與度、非常好的訂戶趨勢、強勁的廣告需求，因此整體變現能力也提升。

So I think the factors at work and managing the Peacock business alongside the other assets in the Media segment, which we've long talked about as being the real objective, not Peacock profitability onto itself are paying off. And as to Peacock profitability itself, we do expect it to continue to improve on an annual basis, but profitability is going to vary quarter-by-quarter, just based on the timing of sports schedules and other content hitting one quarter versus another. But I think of it more of it as an annual -- think of it on an annual basis rather than the lumpiness quarter-by-quarter. And it's been improving steadily, and we see that continuing to be the case. Thanks for the question.

所以我認為，這些因素在發揮作用；同時，將 Peacock 業務與媒體部門的其他資產一併管理——我們長期以來談到的真正目標並不是讓 Peacock 單獨獲利——現在正在產生效果。至於 Peacock 本身的獲利，我們確實預期其按年度基礎將持續改善，但獲利會在季度之間有所波動，主要取決於體育賽程與其他內容落在某一季或另一季的時點。但我更傾向把它視為年度表現——以年度為基礎來看，而不是看季度間的起伏。而且它一直在穩步改善，我們也預期這種情況會持續。謝謝你的提問。

Great. Now this last question is on the separation. It comes from Sebastiano Petti from JPMorgan. Can you provide more detail on target leverage and dividend policy for each of the two standalone companies and when investors should expect an exchange ratio and an updated capital return framework?

很好。接下來最後一題是關於分拆。問題來自 JPMorgan 的 Sebastiano Petti。你們能否提供更多細節，說明兩家獨立公司各自的目標槓桿水準與股利政策，以及投資人何時可期待換股比率與更新後的資本回饋架構？

Hey, it's Jason. Thanks Sebastiano. So nothing to add relative to what we said three weeks ago upon announcement, which is we'll take the coming months, obviously, to work through capital allocation, capital structure policies. But stepping back, the clear goal here was to create two-scaled and focused industry leaders to put strong leadership in place, to create the two with strong investment-grade balance sheets and really the ability to go invest and pursue growth agenda. So nothing to add from that.

嗨，我是 Jason。謝謝你，Sebastiano。所以相較於我們三週前在宣布時所說的，目前沒有補充；也就是說，接下來幾個月我們顯然會就資本配置、資本結構政策進行推進與規劃。但退一步來看，這裡明確的目標是打造兩家具規模且聚焦的產業領導者，配置強而有力的領導團隊，並讓兩家公司都擁有強健的投資等級資產負債表，以及真正能夠投入資本、推動並追求成長議程的能力。所以除此之外沒有要補充的。

It's Mike. I think I'll just wrap it up. Thanks for the call today. And just going back to some of the points Brian made at the beginning, we feel -- the separation, there's a lot of excitement about creating two exceptional companies with the great leadership teams that we have across the two businesses, giving focus and agility to win in markets that are changing fast. So that's how we feel sitting here today.

我是 Mike。我想我就做個總結。謝謝大家今天的電話會議。回到 Brian 一開始提到的一些重點，我們覺得——對於分拆，我們對打造兩家卓越公司感到非常振奮；我們在兩項業務中都擁有優秀的領導團隊，能帶來更聚焦與更敏捷的能力，以在快速變化的市場中勝出。這就是我們此刻的感受。

As you look at the quarter, really proud of the progress we're making on the strategic pivot and broadband that Steve spoke about. It's gaining traction, and we're happy there. Quite happy with the significant growth in wireless, best quarter on record as again, Brian and Steve covered. And then Enterprise, again, another star in the connectivity business that's really performing well for us.

回顧本季，我們對在策略轉向以及 Steve 所談到的寬頻方面所取得的進展感到非常自豪。這項策略正在獲得動能，我們對此很滿意。我們也對無線業務的顯著成長感到相當滿意，這是創紀錄的最佳季度，正如 Brian 和 Steve 再次所說明的。另外企業業務（Enterprise）方面，同樣是連接（connectivity）業務中的另一個亮點，對我們而言表現非常出色。

Integrated media strategy, I just talked about, mid-single-digit EBITDA growth overall, even with the quarter -- the last quarter of the first year of the NBA and Peacock continuing to scale. Studios, an absolutely great year with Super Mario Galaxy, Minions & Monsters, Obsession and of course, Odyssey. And then finally, Parks, our view that the softness we're seeing is not something that dims our view of the long-term health of the business. So I think that's a good wrap-up of what we've seen this quarter. Thanks, everybody, for calling in, and we look forward to talking to you soon.

整合式媒體策略，我剛剛也談到，整體 EBITDA 呈現中個位數成長，即便本季——是 NBA 第一年的最後一季，同時 Peacock 仍在持續擴張規模。影業（Studios）方面，今年表現非常出色，有《Super Mario Galaxy》、《Minions & Monsters》、《Obsession》，當然還有《Odyssey》。最後是樂園（Parks），我們認為目前看到的疲軟並不會削弱我們對該業務長期健康狀況的看法。所以我想這就是對本季所見情況的一個很好的總結。謝謝各位來電參與，我們期待很快再與各位交流。

Thank you all for joining us.

感謝各位加入我們。

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

謝謝。今天電話會議的問答環節到此結束。本次會議的重播將於今日美東時間上午 11:30 起在 Comcast 投資人關係網站提供。感謝各位參與。各位現在可以掛線。