康卡斯特 (CMCSA) 2026 Q3 法說會逐字稿

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

各位女士、各位先生，早安，歡迎參加康卡斯特（Comcast）第三季財報電話會議。(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、投資人關係部門的 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.

謝謝接線員，也歡迎各位。今天與會的有 Brian Roberts、Mike Cavanagh、Jason Armstrong，以及 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.

我現在請各位參考本次電話會議隨附簡報的第 2 頁投影片；該簡報亦可在我們的投資人關係網站上找到，其中包含我們的「安全港」免責聲明。

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，並受某些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。關於這些非 GAAP 財務衡量指標與 GAAP 之間的調節，請參閱我們今天稍早發布的 8-K 與趨勢明細表（trending schedule）。

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

接下來，我把電話交給 Mike。

Thanks, Marci, and good morning, everyone. Let me start with an update on the separation of NBCUniversal and Sky.

謝謝你，Marci，各位早安。我先從 NBCUniversal 與 Sky 分拆的最新進度談起。

We are on track to complete the transaction by the middle of next year and are well into the execution phase, which includes building the stand-alone public company infrastructure, and I'm pleased that Chris Halpin has joined us as NBCUniversal's CFO as we announced earlier in the quarter.

我們正按計畫在明年年中前完成這筆交易，目前已深入執行階段，其中包括建立獨立上市公司的基礎架構；同時我也很高興，如同我們在本季稍早宣布的，Chris Halpin 已加入我們，擔任 NBCUniversal 的財務長（CFO）。

While there is still significant work ahead, we have a clear path to completion and remain focused on creating two companies with the strategic flexibility, financial strength and leadership to compete and grow independently. And we have tremendous confidence in the future of both companies. Each has significant structural advantages, a strong competitive position and substantial opportunities for long-term growth and value creation. I want to spend a few minutes highlighting what gives us that confidence.

雖然前方仍有大量工作要完成，但我們有清晰的完成路徑，並持續專注於打造兩家在策略彈性、財務實力與領導力方面都具備條件、能夠各自獨立競爭與成長的公司。我們對兩家公司的未來都充滿信心。兩者皆具備顯著的結構性優勢、強健的競爭地位，以及可觀的長期成長與價值創造機會。我想花幾分鐘說明是什麼讓我們有這樣的信心。

At Comcast, we have been operating in an intensely competitive environment for some time. Fixed wireless remains aggressive and continues to take share, while fiber construction remains elevated with pockets of irrational pricing and promotional activity. And while satellite is not yet a material factor, we recognize the importance of anticipating emerging forms of competition and positioning our business to respond as the market evolves.

在 Comcast，我們已在高度競爭的環境中運作一段時間。固定無線（fixed wireless）仍然相當積極並持續搶占市占；同時光纖建設仍維持高檔，部分區域出現不理性的定價與促銷活動。此外，雖然衛星目前尚未成為重大因素，但我們理解提前預判新興競爭型態的重要性，並在市場演變時讓我們的業務能夠因應。

This quarter's financial results reflect the significant investments we're making to strengthen our competitive position, including fundamental changes to our pricing, packaging, and overall customer proposition. These investments are creating near-term financial pressure, but we believe they're necessary to strengthen customer relationships and position the business for return to growth over the long-term.

本季的財務結果反映出我們為強化競爭地位所進行的重大投資，包括對定價、方案組合（packaging）以及整體客戶價值主張的根本性調整。這些投資在短期內帶來財務壓力，但我們相信它們對於強化客戶關係、並使業務在長期重回成長軌道是必要的。

Importantly, we have a set of structural advantages that are difficult to replicate. Our focus is on fully capitalizing on these strengths through better execution and improved customer experience and a more agile operating model.

重要的是，我們擁有一系列難以複製的結構性優勢。我們的重點是透過更佳的執行力、改善的客戶體驗，以及更敏捷的營運模式，充分發揮這些優勢。

Our capital-efficient network is the foundation of our best-in-class Wi-Fi experience and the products and services we build around it. That leadership continues to be validated by independent third-party testing with Xfinity ranked number one nationally for consistent quality, download speed and video experience and recognized for the most reliable Wi-Fi in our footprint.

我們資本效率高的網路是我們同級最佳 Wi‑Fi 體驗，以及我們圍繞其所打造的產品與服務之基礎。這項領先地位持續獲得獨立第三方測試驗證：Xfinity 在全美於一致性品質、下載速度與影音體驗方面排名第一，並被認可為在我們覆蓋範圍內最可靠的 Wi‑Fi。

We're extending that leadership through network virtualization and upgrades to multi-gigabit symmetrical speeds, delivering even greater capacity, speed, and reliability at attractive economics. We're bringing the same commitment to excellence to the customer experience. The changes we've made are simplifying how customers interact with us and making it easier to do business with Comcast. We're seeing encouraging results with NPS improving both sequentially and year-over-year.

我們正透過網路虛擬化以及升級至多 Gig 對稱速率來延伸這項領先地位，以具吸引力的經濟效益提供更高的容量、速度與可靠性。我們也以同樣追求卓越的承諾投入客戶體驗。我們所做的改變正在簡化客戶與我們互動的方式，讓與 Comcast 往來更容易。我們看到令人鼓舞的成果，NPS 無論較前一季或較去年同期皆有所改善。

As we build on this progress by delivering greater value and a more seamless experience, we believe we can better translate our product advantages into stronger customer loyalty and retention. Wireless gives us a powerful competitive advantage in a market substantially larger than broadband.

隨著我們在此進展上持續深化、提供更高價值與更無縫的體驗，我們相信能更有效地把產品優勢轉化為更強的客戶忠誠度與留存。無線業務在一個規模遠大於寬頻的市場中，為我們帶來強而有力的競爭優勢。

We are the challenger with a capital-light model that avoids the spectrum and network costs of traditional wireless operators while leveraging our broadband and Wi-Fi leadership to deliver compelling value. And with approximately 90% of Xfinity Mobile traffic traveling over Wi-Fi, we're able to leverage our existing infrastructure to deliver a great wireless product at highly attractive economics.

我們以輕資本（capital-light）模式作為挑戰者，避免傳統無線營運商的頻譜與網路成本，同時運用我們在寬頻與 Wi‑Fi 的領先地位提供具吸引力的價值。且由於約 90% 的 Xfinity Mobile 流量是透過 Wi‑Fi 傳輸，我們得以運用既有基礎設施，以極具吸引力的經濟效益提供優質的無線產品。

Importantly, convergence also strengthens our core broadband business by deepening customer relationships, reducing churn and increasing customer lifetime value. And we're able to generate an attractive return across both businesses without meaningful incremental capital investment. We believe we have the best hand in convergence with significant opportunity to expand our position in wireless.

重要的是，融合（convergence）也透過加深客戶關係、降低流失率並提升客戶終身價值，來強化我們的核心寬頻業務。而且我們能在兩項業務上都取得具吸引力的報酬，且不需要有意義的額外資本投入。我們相信在融合方面我們握有最佳牌面，並有顯著機會擴大我們在無線領域的地位。

And in Business Services, we have built a highly profitable business generating nearly $6 billion annually in EBITDA with substantial opportunity ahead, particularly in enterprise, where we're taking share in a market dominated by legacy providers by delivering more flexible, integrated solutions to increasingly complex customer needs. Our network and established small business presence provide a strong foundation, but our talented sales force is a real differentiator.

在商業服務（Business Services）方面，我們已建立一個高度獲利的業務，每年創造接近 60 億美元的 EBITDA，且前方仍有龐大機會，尤其是在企業市場（enterprise）。我們透過提供更具彈性、整合式的解決方案來滿足日益複雜的客戶需求，正在由傳統供應商主導的市場中搶占市占。我們的網路與既有的小型企業布局提供了堅實基礎，但我們優秀的銷售團隊才是真正的差異化優勢。

Combined with our expanding portfolio of advanced networking, security, and managed solutions, we're deepening customer relationships, capturing more of their technology spending, and extending our reach well beyond our network footprint. We're already seeing the results with solid enterprise revenue growth and increasing adoption of advanced services.

再加上我們持續擴大的先進網路、資安與代管解決方案（managed solutions）產品組合，我們正加深客戶關係、取得更多其科技支出，並將觸角延伸至遠超出我們網路覆蓋範圍之外。我們已看到成果：企業營收穩健成長，且先進服務的採用率持續提升。

But these advantages alone aren't enough. The competitive environment demands that we execute at a higher level, move faster, and operate more efficiently. That's exactly where the team, working closely with Michael Angelakis as he prepares to become Comcast CEO next year is focused.

但僅有這些優勢仍不夠。競爭環境要求我們以更高水準執行、更快行動，並更有效率地營運。這正是團隊目前的聚焦所在；團隊也正與 Michael Angelakis 密切合作，因他正準備於明年出任 Comcast 執行長（CEO）。

We're taking decisive steps to change how we operate, structurally improve our cost base, and create greater capacity to invest in growth. Building on the organizational changes Steve has made, including strategic external hires, we've embarked on the most significant operating and cost transformation in our company's history, with an opportunity we believe will ultimately amount to billions of dollars over time.

我們正採取果斷措施，改變我們的營運方式、從結構上改善成本基礎，並創造更大的能力以投資成長。在 Steve 已推動的組織調整（包括策略性的外部延攬）基礎上，我們已展開公司史上最重大的營運與成本轉型；我們相信，隨時間推進，其機會最終將累積至數十億美元規模。

This goes well beyond cost savings. We're challenging established ways of working and redesigning how we make decisions, allocate resources and run the business to create a more agile, efficient organization that can compete more effectively and invest more decisively in growth.

這遠不只是節省成本。我們正在挑戰既有的工作方式，並重新設計我們如何做決策、配置資源與經營業務，以打造更敏捷、更有效率的組織，使我們能更有效地競爭，並更果斷地投資成長。

Taken together, these advantages and the significant changes underway give us confidence in Comcast's ability to compete more effectively and create meaningful value for shareholders.

綜合而言，這些優勢以及正在進行的重大變革，讓我們對 Comcast 更有效競爭並為股東創造有意義價值的能力充滿信心。

Turning to Content & Experiences, we're equally confident in the future of NBCUniversal and Sky. We have an exceptional portfolio of businesses, a strong competitive position and significant opportunities for long-term growth and value creation, and there are several reasons why we believe we are so well positioned.

接著談內容與體驗（Content & Experiences），我們對 NBCUniversal 與 Sky 的未來同樣充滿信心。我們擁有卓越的業務組合、強健的競爭地位，以及顯著的長期成長與價值創造機會；而我們之所以認為自身處於極佳位置，有幾個原因。

First, we operate an integrated model across some of the most attractive and fastest growing segments of media and entertainment. At the center, are our industry-leading film and television studios, home to iconic franchises that fuel creativity and innovation across our businesses. We're also one of only two globally scaled theme park businesses, welcoming millions of guests annually and bringing our stories and franchises to life through immersive experiences.

第一，我們在媒體與娛樂中一些最具吸引力且成長最快的領域，採取整合式營運模式。核心是我們業界領先的電影與電視製片廠，擁有具代表性的系列作品（franchises），為我們各項業務注入創意與創新動能。我們也是全球僅有兩家具規模的主題樂園業者之一，每年迎接數以百萬計的遊客，並透過沉浸式體驗讓我們的故事與系列作品栩栩如生。

Our media business, anchored by NBC and Peacock, reaches more than 100 million US households each quarter while Sky extends our scale internationally through a leading European media platform with deep direct-to-consumer relationships and premium sports, news and entertainment offerings, further strengthened by the proposed acquisition of ITV.

我們的媒體業務以 NBC 與 Peacock 為核心，每季觸及超過 1 億個美國家庭；同時 Sky 透過領先的歐洲媒體平台、深厚的直面消費者（direct-to-consumer）關係，以及優質的體育、新聞與娛樂內容供給，將我們的規模延伸至國際市場；而擬議收購 ITV 也將進一步強化這些優勢。

Finally and importantly, we also have limited exposure to areas facing greater secular pressure, including linear pay-TV networks.

最後且同樣重要的是，我們在面臨較大長期結構性壓力的領域（包括線性付費電視網路）之曝險也相對有限。

Second, we are a natural home for the world's best creators, talent, IP, and fandoms. We attract the world's leading creators and storytellers. Across film and television, we've built an extraordinary collection of enduring franchises from Jurassic, Despicable Me and Minions, Shrek, and Fast and Furious, to Law & Order, One Chicago, Love Island, and Dateline.

第二，我們是全球最優秀的創作者、人才、智慧財產（IP）與粉絲社群（fandoms）的天然歸屬。我們吸引世界頂尖的創作者與說書人。在電影與電視領域，我們打造了非凡且歷久彌新的系列作品組合，從《侏羅紀》、《神偷奶爸》與《小小兵》、《史瑞克》與《玩命關頭》，到《法網遊龍》、《One Chicago》、《Love Island》以及《Dateline》。

This extends to live programming. We have one of the strongest sports portfolios in the industry, including the NFL, NBA and WNBA, MLB, Big Ten, Olympics and Premier League.

這也延伸到現場節目。我們擁有業界最強大的體育內容組合之一，包括 NFL、NBA 與 WNBA、MLB、十大聯盟（Big Ten）、奧運以及英超。

Beyond sports, iconic live events such as Saturday Night Live, The Macy's Thanksgiving Day Parade, and Bravo signature programming bring audiences together at scale. Creators, talent, and partners choose to work with us because they understand and value our ability to develop IP, build fandoms, and extend successful franchises across film, television, streaming, live programming, and theme parks.

除了體育之外，《週六夜現場》（Saturday Night Live）、梅西百貨感恩節大遊行（The Macy's Thanksgiving Day Parade）以及 Bravo 的招牌節目等具代表性的現場活動，也能以規模化方式凝聚觀眾。創作者、藝人與合作夥伴選擇與我們合作，是因為他們理解並重視我們開發 IP、建立粉絲社群，並將成功的系列作品延伸至電影、電視、串流、現場節目與主題樂園的能力。

Third, our open architecture approach is a real competitive advantage. Fragmentation and diversity are the reality of the media and entertainment landscape, no one company can serve every consumer with everything. In that context, we believe being a closed shop or walled garden serves both the company and consumers poorly. Our core strategy is to combine our exceptional content and distribution with select partners and third-party IP to reach audiences wherever they choose to engage.

第三，我們的開放式架構策略是真正的競爭優勢。媒體與娛樂產業的現實是高度碎片化且多元，沒有任何一家公司能以所有內容服務每一位消費者。在此背景下，我們認為採取封閉式經營或「圍牆花園」模式，對公司與消費者都不利。我們的核心策略是結合我們卓越的內容與發行能力，並與精選合作夥伴及第三方 IP 合作，在受眾選擇互動的任何地方觸及他們。

You can see this in our recently announced bundle with YouTube, which will expand Peacock's reach and accessibility while introducing our content and brands to a new and younger audience. It's also reflected in our theme park partnerships with franchises like Nintendo, Pokémon and Harry Potter, where we bring some of the world's most beloved IP to life through immersive experiences.

你可以從我們近期宣布與 YouTube 的綑綁方案中看到這一點，該方案將擴大 Peacock 的觸及範圍與可近性，同時把我們的內容與品牌介紹給更新、更年輕的受眾。這也反映在我們與任天堂、寶可夢（Pokémon）與哈利波特等系列的主題樂園合作夥伴關係上，我們透過沉浸式體驗，讓全球最受喜愛的一些 IP 栩栩如生。

Finally, we intend to enter this next chapter with a strong investment-grade balance sheet enabling continued investment in our brands, content, technology and experiences while preserving the financial capacity to capitalize on future opportunities.

最後，我們打算以強健、具投資等級的資產負債表迎接下一個篇章，使我們得以持續投資於品牌、內容、技術與體驗，同時保有把握未來機會所需的財務能力。

Combined with our diversified revenue streams across advertising, subscriptions, licensing and experiences, we believe we are positioned to drive long-term growth and value creation.

再加上我們在廣告、訂閱、授權與體驗等多元化收入來源，我們相信自身已具備推動長期成長與價值創造的有利位置。

Now reflecting on this quarter, in Media, Peacock was profitable for the second consecutive quarter and ended the period with 48 million subscribers. We also delivered the highest rated Spanish-language World Cup in US history across Telemundo and Peacock. In Studios, Universal reached another significant milestone this quarter, becoming the first studio this year to surpass $5 billion at the global box office, led by an exceptional slate that included The Odyssey, which became the highest grossing film in the studio's history.

回顧本季，在媒體業務方面，Peacock 連續第二季實現獲利，期末訂戶達 4,800 萬。我們也透過 Telemundo 與 Peacock，交出美國史上收視最高的西班牙語世界盃轉播成績。在影業（Studios）方面，環球影業本季達成另一項重要里程碑，成為今年首家全球票房突破 50 億美元的片廠；其亮眼片單由《The Odyssey》領軍，該片成為該片廠史上票房最高的電影。

Finally, in Parks, we remain confident in the long-term outlook for this business. Our powerful IP differentiated attractions and world-class destinations position us well for long-term growth. While we continue to see near-term demand pressure across portions of the parks business, including in Orlando and certain international markets, we view these trends as temporary rather than structural due to the confluence of a few factors.

最後，在樂園業務方面，我們對該業務的長期前景仍具信心。我們以強大 IP 打造的差異化遊樂設施與世界級目的地，使我們在長期成長上具備良好定位。儘管我們仍看到樂園業務部分領域的短期需求壓力，包括奧蘭多與某些國際市場，但我們認為在多項因素交織下，這些趨勢屬於暫時性而非結構性。

In addition to the macroeconomic and geopolitical headwinds we have referenced in the past, we believe two other factors have contributed to this recent softness.

除了我們過去提及的總體經濟與地緣政治逆風之外，我們認為另有兩項因素也導致近期的疲弱。

First, we believe competitors were quicker to anticipate and recognize softness in demand and adapt their marketing strategies. And second, we continue to work through capacity challenges and ride throughput at Epic given the complexities of opening the most technologically advanced theme park ever built.

第一，我們認為競爭對手更快預判並察覺需求轉弱，並調整其行銷策略。第二，鑑於打造史上技術最先進主題樂園的開園複雜性，我們仍在處理 Epic 的容量挑戰與遊樂設施吞吐量問題。

We are taking action to address both of these challenges. Additionally, we are investing in our management team. Earlier this month, we announced a new Chief Brand & Commercial Officer, Luc Bondar, who joins from United Airlines and started this week, and we just announced that Randy Culbertson, who until recently served as NBCUniversal's CFO, will also be joining Universal Destinations & Experiences as Chief Business Officer.

我們正採取行動解決這兩項挑戰。此外，我們也在投資管理團隊。本月稍早，我們宣布任命新的品牌與商務長（Chief Brand & Commercial Officer）Luc Bondar，他自聯合航空加入並於本週到任；我們也剛宣布，近期卸任 NBCUniversal 財務長（CFO）的 Randy Culbertson，亦將加入 Universal Destinations & Experiences 擔任商務長（Chief Business Officer）。

The fundamentals of the business remain strong. In Orlando, attendance, guest spending and overall financial performance remain materially above where they were two years ago and guest satisfaction continues to rise.

該業務的基本面仍然強勁。在奧蘭多，入園人次、旅客消費與整體財務表現仍顯著高於兩年前的水準，且旅客滿意度持續上升。

Looking ahead, we expect performance to strengthen as we move through 2027 with a return to growth in the second half of the year. While the path may not be linear, particularly given the broader operating environment, we remain confident in the underlying strength of the business. And in closing, as we prepare for our next chapter as an independent public company, we believe NBCUniversal is exceptionally well positioned for long-term growth and value creation.

展望未來，我們預期隨著進入 2027 年，表現將逐步轉強，並在下半年恢復成長。雖然成長路徑可能不會是線性的，特別是在更廣泛的營運環境影響下，但我們仍對該業務的內在韌性充滿信心。最後，隨著我們準備以獨立上市公司的身分邁入下一個篇章，我們相信 NBCUniversal 在長期成長與價值創造方面具備極佳定位。

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

接下來我把時間交給 Jason。

Thanks, Mike, and good morning, everyone. I'll start with an overview of our consolidated results before turning to the performance of our businesses.

謝謝你，Mike，各位早安。我將先概述我們的合併業績，接著再談各項業務的表現。

On a pro forma basis, third-quarter revenue was flat, while adjusted EBITDA increased approximately 1%. The adjusted earnings per share were $1.07, and we generated a strong $4.2 billion in free cash flow in the quarter.

以擬制（pro forma）基礎計算，第三季營收持平，而調整後 EBITDA 約成長 1%。調整後每股盈餘為 1.07 美元，本季我們也創造了強勁的 42 億美元自由現金流。

Let me now get into more detail on our businesses, starting with Connectivity and Platforms. Mike outlined the scale of the transformation ahead and the significant opportunity we see to strengthen our competitive position and unlock the full potential of this business.

接下來我將更深入說明各項業務，先從連線與平台（Connectivity and Platforms）開始。Mike 已概述前方轉型的規模，以及我們所看到、可強化競爭地位並釋放該業務全部潛力的重大機會。

I want to build on that by highlighting three priorities where we're taking decisive action to change how we operate, structurally improve our cost base and create greater capacity to invest in growth.

我想在此基礎上，強調三項優先事項：我們正果斷採取行動，改變營運方式、從結構上改善成本基礎，並創造更大的投資成長能力。

First, we are fundamentally redesigning our organization. We've already made important leadership changes across customer experience, growth, and marketing. We're simplifying our organizational structure to move faster, improve execution and operate more efficiently. As part of this transformation, we do expect to take a significant charge in the fourth quarter. I'll have more on that in a minute.

第一，我們正在從根本上重新設計組織。我們已在客戶體驗、成長與行銷等領域完成重要的領導層調整。我們正簡化組織架構，以加快速度、提升執行力並更有效率地營運。作為此轉型的一部分，我們預期第四季將認列一筆可觀的一次性費用。我稍後會再補充說明。

Second, we're accelerating our technology transformation, product innovation, and AI adoption. We're bringing in new technology leadership to increase the pace of innovation. AI is already embedded across our network to optimize performance, and we're expanding its application across customer experience through partnerships with Sierra and Cresta. These capabilities are central to our new operating model, enabling us to bring products to market faster, simplifying customer interactions and deliver a better experience more efficiently.

第二，我們正加速技術轉型、產品創新與 AI 導入。我們引進新的技術領導團隊，以提升創新速度。AI 已嵌入我們的網路中以最佳化效能，我們也透過與 Sierra 與 Cresta 的合作，擴大其在客戶體驗上的應用。這些能力是我們新營運模式的核心，使我們能更快將產品推向市場、簡化客戶互動，並以更高效率提供更好的體驗。

We've already reduced customer service contact rates by roughly 20% and eliminated more than 30 million service interactions year-to-date versus the prior year. And as personal AI agents reshape how consumers discover, purchase, and manage services we're positioning Comcast to capitalize on that shift. In a consumer agentic world, it's logical that differentiation is a key to success, and we've got a culture of innovation pointed at just that.

我們已將客服聯繫率降低約 20%，且截至目前為止，相較去年已減少超過 3,000 萬次服務互動。隨著個人 AI 代理重塑消費者探索、購買與管理服務的方式，我們正讓 Comcast 具備把握此一轉變的能力。在以消費者代理（agentic）為核心的世界中，差異化是成功關鍵合乎邏輯，而我們擁有以創新為導向、正朝此目標前進的文化。

Third, we're sharpening our focus on retention, delivering more value and giving customers more reasons to stay with us. We've reduced historical pain points around promotional pricing expirations. We've invested to increase awareness of our wireless product and now we'll push wireless relationships even deeper.

第三，我們正更聚焦於留存（retention），提供更多價值，並給客戶更多理由持續與我們合作。我們已降低過去在促銷價格到期方面的痛點。我們已投資提升市場對我們無線產品的認知，接下來也將把無線關係推得更深。

Our free line strategy has been a key tool in building awareness, but we're now positioned to push further on multiline customers, premium plans, and new device offerings, which meaningfully reduce churn and strengthen the overall relationship. And we'll continue to innovate with new products and features like Xfinity Shield, which we launched this quarter.

我們的「免費門號」策略一直是建立認知的關鍵工具，但我們現在已具備條件，進一步推動多門號客戶、進階方案與新裝置產品，這些措施能顯著降低流失率並強化整體客戶關係。我們也將持續以新產品與功能創新，例如本季推出的 Xfinity Shield。

We see home security, protection and cyber as a category we can reposition for the benefit of the broader relationship. While significant work remains, we're confident these actions will strengthen our competitive position, improve operating efficiency and unlock greater earnings and cash flow potential for the long term.

我們認為居家安全、防護與資安是一個可重新定位的品類，能讓更廣泛的客戶關係受益。儘管仍有大量工作要完成，我們有信心這些行動將強化我們的競爭地位、提升營運效率，並在長期釋放更大的獲利與現金流潛力。

Between the internal and external changes that are underway, it is our intention to provide more context early next year with Michael Angelakis joining us at that point to discuss in detail.

在內外部變革同步推進之際，我們的計畫是在明年初提供更多背景說明，屆時 Michael Angelakis 也將加入我們，並就相關內容進行更詳細的討論。

Now let me turn to the results of the quarter. Our performance continues to reflect the financial impact of the go-to-market changes we've made over the past year, including simpler pricing and packaging, an improved customer experience and deeper convergence through wireless. As expected, these investments continued to pressure near-term financial results with revenue declining 2.6% and EBITDA declining 4.4%. But as the quarter demonstrated, we're beginning to see modest improvement as we lap our initial investments and convert free wireless lines into paid relationships.

現在讓我轉到本季的業績。我們的表現持續反映過去一年我們所推動的市場進入策略（go-to-market）調整所帶來的財務影響，包括更簡化的定價與方案組合、更佳的客戶體驗，以及透過無線業務帶來更深度的融合。如預期，這些投資持續對短期財務結果造成壓力，營收下滑2.6%，EBITDA下滑4.4%。但如本季所示，隨著我們逐步跨越初期投資期，並將免費無線門號轉為付費關係，我們開始看到些許改善。

In the third quarter, year-over-year declines in convergence ARPA and broadband ARPU narrowed sequentially by 100 and 90 basis points, respectively, while the Connectivity and Platforms EBITDA decline narrowed by 140 basis points. We're also seeing encouraging operational indicators. NPS improved again year-over-year, reflecting stronger customer perceptions of our service experience, and approximately 45% of our broadband base is now on gig-plus speed tiers, up nearly 10 percentage points from a year ago.

第三季，融合ARPA與寬頻ARPU的年對年降幅分別較前一季收斂100與90個基點，而Connectivity and Platforms的EBITDA降幅收斂140個基點。我們也看到令人鼓舞的營運指標。NPS年對年再次改善，反映客戶對我們服務體驗的觀感更強；且目前約45%的寬頻用戶已升級至gig-plus速率等級，較一年前提高近10個百分點。

Looking ahead, we expect further slight improvement in these underlying financial trends in the fourth quarter even as we continue migrating broadband customers to our new pricing and packaging and offering free wireless lines. Convergence remains central to our strategy with a focus on increasing wireless penetration to grow the value of our broadband relationships.

展望未來，即使我們持續將寬頻客戶遷移至新的定價與方案組合並提供免費無線門號，我們預期第四季這些基礎財務趨勢仍將進一步小幅改善。融合仍是我們策略的核心，重點在於提升無線滲透率，以提高寬頻關係的價值。

Convergence revenue and ARPA remain key measures of our progress. In the quarter, convergence revenue declined 2% and convergence ARPA declined 0.5%, reflecting continued pressure on broadband revenue, partially offset by nearly 15% growth in wireless service revenue.

融合營收與ARPA仍是衡量我們進展的關鍵指標。本季融合營收下滑2%，融合ARPA下滑0.5%，反映寬頻營收持續承壓，但部分被無線服務營收近15%的成長所抵銷。

Turning to customer trends, we lost 144,000 broadband subscribers and added 368,000 net wireless lines in the quarter. As Mike highlighted, competition remains intense with particularly aggressive fiber promotions in certain markets during the quarter. At the same time, we had a higher than typical volume of customers facing pricing transitions across our legacy broadband customer base. Together, these dynamics contributed to higher churn and year-over-year pressure on both broadband and wireless subscriber trends.

談到客戶趨勢，本季我們流失14.4萬名寬頻用戶，並新增36.8萬條無線淨增門號。如Mike所強調，競爭仍然激烈，且本季在部分市場出現特別積極的光纖促銷。同時，在我們既有寬頻客戶群中，面臨價格轉換的客戶量也高於一般水準。這些因素共同推升退租率（churn），並對寬頻與無線用戶趨勢造成年對年壓力。

In response, as I mentioned earlier, we've been refining our offers and retention strategies to better manage these transitions and strengthen customer retention. On wireless, we're continuing to make progress converting free lines into paying relationships and moving customers towards higher-value plans.

因此，如我先前提到的，我們一直在精進產品方案與留存策略，以更好地管理這些轉換並強化客戶留存。在無線方面，我們持續推進將免費門號轉為付費關係，並引導客戶升級至更高價值的方案。

Approximately half of our residential postpaid phone connects continued to come from customers taking a free line, and we're now converting 70% of those free lines into paying relationships. This is an important validation of our strategy to build wireless awareness, move customers into paying relationships and drive upsell into multiline and premium wireless.

我們住宅後付費手機新增連線中，約有一半仍來自選擇免費門號的客戶，而我們目前已將其中70%的免費門號轉為付費關係。這是對我們策略的重要驗證：建立無線認知、將客戶導入付費關係，並推動加購至多門號與高階無線方案。

On that note, we're also seeing encouraging progress at the premium end of the market. Premium unlimited plans represented approximately 40% of our postpaid phone connects, up from 30% last quarter, and premium customers now account for roughly 25% of our phone base. This improving mix, combined with our opportunity to add more lines per household, positions us to deepen customer relationships and support convergence ARPA growth over time.

同時，我們也在市場高端區隔看到令人鼓舞的進展。高階不限量方案約占我們後付費手機新增連線的40%，高於上季的30%；而高階客戶目前約占我們手機用戶基礎的25%。這種組合改善，加上我們每戶可增加更多門號的機會，使我們能深化客戶關係，並在時間推移下支持融合ARPA成長。

We ended the quarter with 10.6 million total wireless lines, up 18% year-over-year and 40% over two years. That represents nearly 18% penetration of our residential broadband base and approximately 7% of the total addressable wireless lines in our footprint.

本季末我們的無線總門號達1,060萬條，年對年成長18%，兩年累計成長40%。這相當於我們住宅寬頻用戶基礎約18%的滲透率，亦約占我們覆蓋範圍內可服務無線門號總量的7%。

Turning to Business Services, revenue increased 2.7% and EBITDA grew 1.7%. In small business, revenue was essentially flat. And while we are seeing ongoing competitive pressure, we are offsetting this through uptake of additional products and services, including mobile, Wireless Connect for backup connectivity and security solutions like SecurityEdge, together, helping us increase the value of our existing customer relationships. Enterprise Solutions remains the primary growth driver within business services, supported by healthy demand for advanced connectivity, managed networking, and security solutions.

接著談商業服務（Business Services），營收成長2.7%，EBITDA成長1.7%。在小型企業方面，營收基本持平。儘管我們仍面臨持續的競爭壓力，但我們透過更多產品與服務的採用來抵銷，包括行動服務、用於備援連線的Wireless Connect，以及如SecurityEdge等資安解決方案；這些共同協助我們提升既有客戶關係的價值。企業解決方案（Enterprise Solutions）仍是商業服務內的主要成長動能，並受惠於先進連線、託管網路與資安解決方案的健康需求。

Moving to Content & Experiences, there are a few items I'd like to highlight. Starting with Media, revenue increased 13% and EBITDA grew more than $500 million to $769 million, driven by strong growth at Peacock. The World Cup on Telemundo and Peacock aired across both second and third quarters and generated incremental advertising of $224 million in the third quarter and $664 million in total.

轉到內容與體驗（Content & Experiences），有幾點我想特別強調。先從媒體（Media）開始，營收成長13%，EBITDA增加超過5億美元至7.69億美元，主要由Peacock的強勁成長帶動。Telemundo與Peacock播出的世界盃橫跨第二季與第三季，第三季帶來2.24億美元的增量廣告收入，合計總增量為6.64億美元。

Peacock was the primary driver of Media results, delivering its second consecutive quarter of profitability with $261 million of EBITDA, a $478 million improvement year-over-year. Peacock revenue increased 34%, reflecting strong growth in both distribution and advertising.

Peacock是媒體業績的主要推動力，連續第二季實現獲利，EBITDA為2.61億美元，年對年改善4.78億美元。Peacock營收成長34%，反映發行與廣告兩方面的強勁成長。

Distribution revenue increased 44%, driven by higher sub fees and growth in paid subscribers, which increased by 7 million year-over-year.

發行營收成長44%，主要受更高的訂閱費（sub fees）以及付費訂戶成長所帶動，付費訂戶年對年增加700萬。

Importantly, paid subscribers remained stable sequentially, demonstrating strong retention, even as we began implementing a price increase earlier in the quarter. And advertising revenue grew 23%, driven by the FIFA World Cup, Love Island, which was the number one streaming show this summer and Five-Star Weekend, our top scripted series.

重要的是，付費訂戶數較前一季維持穩定，展現強勁留存，即使我們在本季較早時開始實施漲價。而廣告營收成長23%，主要由FIFA世界盃、《Love Island》（今夏串流收視第一的節目）以及《Five-Star Weekend》（我們表現最佳的劇情影集）所帶動。

At Studios, revenue declined 1%, reflecting the timing of lower-margin television licensing deals. However, theatrical revenue increased 77%, contributing to 19% growth in Studios EBITDA. Our film slate delivered exceptional results led by Christopher Nolan's The Odyssey, which generated $1.8 billion in worldwide box office to become Universal's biggest film ever; and Obsession, which set a new box office record for Focus Features and became the top grossing original film of 2026.

在影業（Studios）方面，營收下滑1%，反映低毛利電視授權交易時點的影響。然而，院線營收成長77%，帶動影業EBITDA成長19%。我們的片單表現卓越，主要由克里斯多福・諾蘭的《The Odyssey》領軍，全球票房達18億美元，成為環球影業史上最賣座電影；以及《Obsession》，創下Focus Features新的票房紀錄，並成為2026年票房最高的原創電影。

Turning to Theme Parks. Revenue declined 4% and EBITDA declined 17%, primarily reflecting continued pressure in Orlando and Japan. In Orlando, the softness that began in June continued through the third quarter and was the primary driver of weaker financial results. And in Japan, China-related travel restrictions continue to weigh on attendance and financial performance.

接著談主題樂園（Theme Parks）。營收下滑4%，EBITDA下滑17%，主要反映奧蘭多與日本持續承壓。在奧蘭多，自6月開始的疲弱態勢延續至第三季，是財務表現轉弱的主要原因。在日本，與中國相關的旅遊限制仍持續壓抑入園人次與財務表現。

Looking ahead, we expect to begin lapping the initial pressure in Japan in the fourth quarter, while Hollywood should benefit from the recent opening of the new Fast and Furious coaster. However, softer demand and difficult comparisons in Orlando are expected to remain headwinds to overall theme park results in the fourth quarter.

展望未來，我們預期第四季將開始跨越日本初期壓力的比較基期，而好萊塢園區則可受惠於近期新開幕的《玩命關頭》雲霄飛車。然而，奧蘭多需求偏弱與艱難的比較基期，預期仍將在第四季對整體主題樂園業績構成逆風。

Now let me wrap up with free cash flow and capital allocation. But before I do that, as I said earlier, we expect to have a significant charge in the fourth quarter related mostly to our transformation efforts, and I would quantify that at over $1 billion.

最後我以自由現金流與資本配置作結。但在此之前，如我先前所說，我們預期第四季將認列一筆與轉型工作主要相關的重大費用，我會將其量化為超過10億美元。

In the quarter, we delivered $4.2 billion of free cash flow, reflecting the underlying strength and cash-generating capacity of our businesses as well as favorable timing impacts that we expect to reverse in the fourth quarter. We paid $1.2 billion in dividends to shareholders. As previously announced, we paused our share repurchases as of July 1 and expect that pause to remain in place at least through the separation, as we ensure both businesses are positioned with strong balance sheets and investment-grade ratings.

本季我們創造42億美元的自由現金流，反映我們各項業務的基本面強勁與現金創造能力，以及有利的時點因素；我們預期這些時點因素將在第四季反轉。我們向股東支付12億美元股利。如先前公告，我們自7月1日起暫停庫藏股回購，並預期至少在分拆完成前維持暫停，以確保兩家公司都具備強健的資產負債表與投資級評等。

Our priority is to provide the financial flexibility for both companies to pursue their respective growth strategies for the long term.

我們的優先事項，是提供兩家公司在長期上各自推動成長策略所需的財務彈性。

With that, let me turn it back to Marci for Q&A. Marci?

接下來我把時間交回給Marci進行問答。Marci？

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

謝謝，Jason。接線員，請開放問答。

Thank you. We'll now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Craig Moffett, MoffettNathanson

Craig Moffett，MoffettNathanson

A question for Jason, I guess. Jason, about a month ago, you talked about irrational competition. You mentioned it a short time ago in your prepared remarks as well. In -- just in the past, I guess, two weeks or so, we've seen AT&T raise prices pretty considerably. We've seen just about everybody now start to raise prices in broadband. I know it's very early days.

我想這題是問 Jason 的。Jason，大約一個月前你談到非理性競爭。你剛才在事先準備的發言中也提到了一下。在——就最近我想大概過去兩週左右，我們看到 AT&T 相當明顯地調漲價格。我們也看到幾乎所有業者現在都開始在寬頻上調價。我知道現在還很早。

But have those price changes that have happened in the market had any impact yet on the kind of results that you're seeing as the competition, I guess, to use your words, maybe becomes a little less irrational?

但市場上已經發生的這些價格變動，是否已經對你們所看到的結果產生任何影響？也就是說，依你用的說法，競爭是否開始變得沒那麼非理性？

Thanks, Craig. It's Jason. I'll start and Steve can chime in as well. I think if you rewind the clock, that's right, we were at a conference in September and highlighted what we thought was some irrational competition that we started to see at the end of the second quarter, saw it sort of consistently through the third quarter. And I would tell you there's still pockets of it out there, certainly in the fourth quarter.

謝謝你，Craig。我是 Jason。我先回答，Steve 也可以補充。我想如果把時間往回拉，沒錯，我們在 9 月的一場會議上強調，我們在第二季末開始看到一些我們認為是非理性競爭的現象，並且在第三季持續出現。我會說，外面仍然有一些這樣的口袋區域，第四季當然也有。

I would generally characterize -- the environment is -- it's been competitive all year. It's been more competitive in the second half than it had been in the first half for sure. As we step back, the irrational comment was we know what the cost of building fiber is. We obviously do a lot of overbuilding and deploy a lot of this ourselves.

我大致會這樣形容——整體環境——今年一整年都很競爭。下半年確實比上半年更競爭。回到「非理性」的評論，我們知道建置光纖的成本是多少。我們顯然也做了很多重複建設（overbuilding），並且自己部署了大量這類網路。

So it's $1,500 plus per home, getting more expensive with construction costs up as you get into more suburban and rural areas, that the underlying cost structure of deploying fiber going up, against what we saw as $30 to $40 pricing in specific markets in the third quarter.

所以每戶成本在 1,500 美元以上；隨著施工成本上升、你進入更郊區與鄉村地區時會更貴。也就是說，部署光纖的底層成本結構在上升，但我們在第三季於特定市場看到的定價卻是 30 到 40 美元。

As we look at the return profile of that, to us, that is irrational competition. A lot of people have asked us the subsequent question on our wireless strategy and sort of pointed the finger back at us and said, "Well, you guys are offering free wireless lines, isn't that irrational?"

從那樣的報酬輪廓來看，對我們而言，那就是非理性競爭。很多人接著問我們無線策略的問題，並把矛頭指向我們，說：「你們提供免費無線門號，這不也是非理性嗎？」

I would just point out, we actually think we're competing very rationally in wireless. When we offer a free wireless line it is against zero capital deployed. We don't have spectrum. We don't have towers. Our model is an MVNO model. To the extent people are using our network, engaging with us, they're converting into paying subscribers within a year to a very rational price point, we think. And then our goal is obviously to upsell them over time.

我只想指出，我們其實認為我們在無線上的競爭非常理性。當我們提供一條免費無線門號時，對應的是零資本投入。我們沒有頻譜。我們沒有基地台。我們的模式是 MVNO 模式。只要用戶使用我們的網路、與我們互動，他們會在一年內轉為付費訂戶，且我們認為那是一個非常理性的價格點。然後我們的目標當然是隨時間推進進行加值銷售（upsell）。

So I won't call the last couple of weeks is a real change in trend. I think it continues to be very competitive, but Steve can fill in some of the details as well.

所以我不會說過去幾週出現了真正的趨勢改變。我認為競爭仍然非常激烈，不過 Steve 也可以補充一些細節。

Yes, as we really assess the marketplace, we maintain that gig pricing at $30 to $40, in some cases even less, it's going to be really hard to sustain. So as we assess the overall environment, we're going to continue to compete aggressively, but we're going to compete with discipline and really focus on differentiating our products, adding values through deepening our customer relationships and continuing to provide a great customer experience so we're not giving our customers a reason to leave.

是的，當我們真正評估市場時，我們仍然認為每 Gbps（gig）定價在 30 到 40 美元、某些情況甚至更低，將會非常難以長期維持。因此在評估整體環境時，我們會持續積極競爭，但會有紀律地競爭，並真正聚焦在產品差異化，透過深化客戶關係來增加價值，並持續提供很棒的客戶體驗，讓客戶沒有離開的理由。

Michael Rollins, Citi.

Michael Rollins，花旗。

So keeping on the theme of broadband and convergence, curious, as you're at an 18% penetration of your residential broadband customers, is there a tipping point that we should all keep in mind that you can get to where that then starts to show meaningfully better performance in converged revenue and particularly in broadband as you keep building that scale of the bundle?

延續寬頻與融合（convergence）的主題，我想請教：你們住宅寬頻客戶的滲透率目前是 18%，是否存在一個我們應該留意的臨界點——當你們達到那個水準後，融合收入的表現、特別是寬頻的表現，會開始顯著變得更好，因為你們持續把組合包（bundle）的規模做大？

Yes. So I'll jump in there. We feel mobile remains a tremendous growth opportunity for us. It's a capital-light model, leverages our existing customer broadband base. We have Wi-Fi leadership that helps with the offload, which enables us to create a great value proposition that's resonating with our customers, as you stated, at 18% penetration, 7% of lines, there's a huge upside there.

是的，我來回答。我們認為行動業務對我們而言仍是非常巨大的成長機會。這是一個資本較輕（capital-light）的模式，能槓桿我們既有的寬頻客戶基礎。我們在 Wi‑Fi 上具領先地位，有助於分流（offload），使我們能打造一個很有吸引力、且正在引起客戶共鳴的價值主張；如你所說，目前滲透率 18%、線數占比 7%，上行空間非常大。

But similar to broadband, it remains competitive, that marketplace. And we saw switching activity slow down a bit in the quarter with some of the new product offerings in the marketplace, some of the new converged offerings in the marketplace. But that being said, we still added close to 370,000 lines, and in 2026, it will be our best mobile line net add year in the company's history.

但和寬頻類似，那個市場仍然競爭激烈。本季我們看到攜碼/轉換（switching）活動稍微放緩，原因是市場上出現一些新的產品方案，以及一些新的融合方案。不過即便如此，我們仍新增了接近 37 萬條線，而且在 2026 年，這將會是公司史上行動線數淨增（net add）表現最好的一年。

Now we look at it strategically how we're attacking the market, our free wireless offer has delivered on the intended objectives. First and foremost, it rallied the organization and really focused the organization on mobile and the value of convergence. Secondarily, it increased awareness with our customer base, which was hugely important, and that has since driven adoption and expanded the wireless space.

現在從策略面來看我們如何進攻市場，我們的免費無線方案已達成原先設定的目標。第一也是最重要的，它凝聚了組織，並讓整個組織真正聚焦在行動業務與融合的價值。第二，它提升了我們在既有客戶群中的認知度，這非常重要，而這也進一步帶動採用並擴大了無線業務版圖。

And the great news is 70% of those customers are rolling to paid. And when we look at the dynamic of those customers, porting is very similar to a paid customer, usage is similar to a paid customer. Our premium mix is actually a bit higher in that free line base as we really leaned into the premium segment. Average lines per account are a bit less, but the good news there is we continue to see those lines per account increase over time. So really, really pleased with that strategy.

而好消息是，其中 70% 的客戶會轉為付費。當我們看這些客戶的動態，攜碼行為與付費客戶非常相近，用量也與付費客戶相近。由於我們大力切入高階（premium）客群，免費線用戶的高階方案占比其實略高。每戶平均線數略少，但好消息是，我們持續看到每戶線數隨時間增加。所以我們對這個策略非常、非常滿意。

Then as I touched on leaning into the premium strategy, if you go back a year or so ago, we weren't even competing in that marketplace. We're now connecting at about 40% attach and 25% of our base has a premium product, and that's really improving the quality of our mobile customer base, which is great. And now we're really focusing on investing in multiline attach and further deepening our relationships, which is hugely important to us. So I think, once again, back to that 7% number, we have a long runway ahead of us and we really like the benefits we see in the broadband base when we do attach mobile.

接著如我提到的、我們加大高階策略投入，如果回到大約一年前，我們甚至沒有在那個市場競爭。現在我們的綁定（attach）率約 40%，而我們的客戶基礎中有 25% 使用高階產品，這確實提升了我們行動客群的品質，這很棒。而現在我們真正聚焦在投資多門號綁定（multiline attach），並進一步深化關係，這對我們非常重要。所以我想再次回到那個 7% 的數字，我們還有很長的成長跑道，而且當我們在寬頻客群上綁定行動服務時，我們非常喜歡所看到的效益。

John Hodulik, UBS.

John Hodulik，瑞銀。

Maybe a couple of questions on Peacock for Mike. Obviously, strong profitability this quarter. Do you expect that to continue on a quarterly basis going forward? Anything you can tell us about sort of longer-term target margins? And then should we see an uptick in the overall profitability of the Peacock business when the YouTube agreement kicks in early next year?

我想問 Mike 幾個關於 Peacock 的問題。本季獲利能力顯然很強。你預期未來每一季都能持續這樣的表現嗎？你能否談談較長期的目標利潤率大概會是什麼？另外，當 YouTube 的協議在明年初生效時，我們是否應該看到 Peacock 業務整體獲利能力有所提升？

Thanks, John. So we're very pleased, obviously, with what we've been seeing of late with Peacock, holding our subs at 48 million this quarter. As Jason said, that's on the back of a successfully landed price increase that was so far successfully landed in the late in the summer and another profitable quarter. I think the quarters ahead are you get lumpy depending on when rights kick in for different properties.

謝謝你，John。我們當然對近期 Peacock 的表現非常滿意，本季訂戶維持在 4,800 萬。如 Jason 所說，這是建立在一次成功落地的漲價之上——那次漲價在夏末推出，到目前為止落地順利——以及又一個獲利的季度。我認為接下來幾季會比較不均勻（lumpy），取決於不同內容資產的權利何時開始生效。

So not so much focused on profitability quarter-by-quarter, but I think if you start looking back prospective years on an annual basis on a look forward or look back basis, I expect us to continue to drive profitability in the business. For all the reasons we've been focused on and talking about, it's a great value, it's got an unbelievable portfolio of sports and successful path on bringing in Pay-1 movies from Universal plus library plus originals. It's a formula that we like what we see.

因此我們不會那麼聚焦於逐季的獲利表現；但如果你把視角拉長，以年度為單位、以前瞻或回顧的角度來看，我預期我們會持續推動這項業務的獲利能力。原因就是我們一直聚焦並談到的那些：它的價值很高，擁有令人難以置信的體育內容組合，並且在引進 Universal 的 Pay-1 電影、加上片庫與自製內容方面有成功的路徑。這是一套我們喜歡、且對目前所見感到滿意的公式。

It works in concert with what we're doing at NBC and Universal Studios, so it's a strategy that works well for us. And I think the thing that you mentioned separately was YouTube. So let me just come back to the states that we've been through, I think we just passed our sixth anniversary of Peacock and we did quite a good job, I would say, in the early years, focusing on building primarily direct-to-consumer customer base at high ARPUs. And that's been what you can see when you look at our results versus others.

它與我們在 NBC 與環球影城正在做的事情相輔相成，因此這是一個非常適合我們的策略。我想你另外提到的是 YouTube。所以讓我回到我們一路走來的階段：我想我們剛剛度過 Peacock 的第六個周年，我會說在早期幾年，我們做得相當不錯，重點放在以較高 ARPU 建立以直面消費者（DTC）為主的客戶基礎。而這一點，當你把我們的結果與其他人相比時，就能看得出來。

We always thought there would be a point, and we're at that point recently where being bundling with others was going to be a part of the strategy for Peacock. And it goes back to my earlier comments about being open architecture and working with other partners in the ecosystem in a variety of different ways. And certainly, having Peacock bundled with others is part of that.

我們一直認為會有一個時間點，而最近我們正處在那個時間點：與其他方進行捆綁將會成為 Peacock 策略的一部分。這也回到我先前提到的，我們採取開放式架構，並以多種不同方式與生態系中的其他夥伴合作。當然，讓 Peacock 與其他方捆綁就是其中一部分。

You've seen us do things with Apple, Amazon and Walmart, working on things with other bundles with others, but let me talk about YouTube for a second, which is going to be a bundled offering of YouTube Premium with Peacock, another step in this strategy I just described.

你已經看到我們與 Apple、Amazon 和 Walmart 的合作，也在推動與其他方的各種捆綁方案；但讓我先談一下 YouTube，這將是把 YouTube Premium 與 Peacock 捆綁在一起的方案，是我剛才描述的策略的又一步。

And what makes YouTube particularly attractive is that we’ve already had a significant amount of NBC clips and content consumed there. So there's an awareness of that, but those viewers are typically, while familiar with our brands and franchises, they're not currently Peacock subscribers. So this bundle will give us another opportunity to reach a younger and incremental audience and in concert with the YouTube main fandoms drive greater engagement around our content.

而讓 YouTube 特別有吸引力的是，我們的 NBC 片段與內容早已在那裡被大量觀看與消費。因此市場對此已有認知；但這些觀眾通常雖然熟悉我們的品牌與系列作品（franchises），目前卻不是 Peacock 訂戶。所以這個捆綁方案將讓我們有另一個機會觸及更年輕、增量的受眾，並與 YouTube 的主要粉絲社群協同，帶動圍繞我們內容的更高互動度。

So it's -- we feel very good about the strategy there. And with YouTube as well, there was more to it than just the bundle with Peacock, we extended our linear portfolio distribution deal with YouTube TV, expanded some aspects of our advertising relationships with them and are looking at some international opportunities as well.

所以——我們對那裡的策略感到非常有信心。另外，與 YouTube 的合作也不僅僅是 Peacock 的捆綁：我們延長了與 YouTube TV 的線性內容組合（linear portfolio）發行/分銷協議，擴大了與他們在廣告合作上的一些面向，也在評估一些國際機會。

So we're very excited about the relationship with YouTube, and we'll talk more as we get into the New Year, when we start to get ready to talk to investors about our excitement for the new NBCUniversal. But yes, to your point, I think we would -- we are interested in doing this with others as well.

因此我們對與 YouTube 的關係感到非常興奮；等到進入新的一年、我們開始準備與投資人談論全新 NBCUniversal 的亮點時，我們也會分享更多。但沒錯，回到你的觀點，我想我們——我們也有興趣與其他方做同樣的事情。

Different bundles will be different for different types of partners but we're looking to do exactly what I said, which is make them additive to the business we've already built, be careful about cannibalization of our existing business and come up with win-win solutions given the power of our content that's embedded in Peacock. And that's resonating well in the marketplace.

不同的捆綁方案會因合作夥伴類型而異，但我們希望做到我剛才說的：讓它們對我們既有建立的業務是增量加成，謹慎避免對現有業務造成蠶食，並在 Peacock 所承載的強大內容優勢下，提出雙贏的解決方案。而這在市場上反應良好。

Jessica Reif Ehrlich, Bank of America.

Jessica Reif Ehrlich，美國銀行。

I guess just maybe staying on NBCU but moving on to advertising. Can you give us an update on what you're seeing in the overall market? Any flow-through benefits from the World Cup? And just a follow-up on Peacock. I ask this question every quarter, but do you feel like you have enough scale and are there any other -- you've obviously just talked through the YouTube Premium bundle. Any thoughts on other partnerships or bundling, which seems like the direction the industry has headed anyway?

我想也許先繼續談 NBCU，但轉到廣告。你能否更新一下你們在整體市場看到的情況？世界盃是否帶來任何流量外溢（flow-through）的效益？另外再追問 Peacock。我每季都問這個問題：你覺得你們的規模已經足夠了嗎？以及還有沒有其他——你們剛剛已經談到 YouTube Premium 的捆綁。對於其他合作或捆綁有什麼想法嗎？看起來這本來就是產業發展的方向。

Jessica, so on advertising, I'd say the environment when you normalized for World Cup and game counts in this quarter versus others say that the overall environment is stable, relatively stable and mix in categories with some tech growth offsetting weakness in consumer-driven categories. But overall, pretty stable and strength, obviously, around live programming and sports and so our portfolio performs very well in that regard.

Jessica，關於廣告，我會說如果把世界盃與本季相較其他季度的賽事場次差異做了常態化調整，整體環境是穩定的、相對穩定；品類組合方面，一些科技類成長抵消了以消費者驅動品類的疲弱。但整體而言相當穩定；而且顯然在直播節目與體育賽事方面表現強勁，因此我們的內容組合在這方面表現非常好。

I mean in terms of scale, I think as I just commented on Peacock, we have a strategy of bundling with others as well as building and investing in our own direct consumer. And that's working, and we are open to doing more of the same and it's key to the fundamental strategy of the new NBCUniversal. But when you ask the question of do we have scale. I mean, I'd like to just make the point that we have scale, as I talked about last time and earlier in these remarks.

至於規模，我想正如我剛才對 Peacock 的評論，我們的策略是：一方面與其他方進行捆綁，另一方面持續建立並投資我們自有的直面消費者業務。這個策略正在奏效，我們也願意做更多同類型的事情，而且這是全新 NBCUniversal 基本策略的關鍵。但當你問我們是否有規模時——我的意思是，我想強調我們是有規模的，正如我上次以及在剛才的發言中提到的。

When you think about scale in terms of our position in businesses, we are the number two player, or one of two in the global theme parks business. Obviously, one of the best film studios in the world, consistently in the top three, and a fundamentally strong position in sports, both at NBC Sports, as we mentioned earlier, in Sky Sports, a leading brand in reality with Bravo and like I said earlier, limited exposure to areas facing the greatest secular pressure, which is pay-TV networks.

當你從我們在各項業務中的地位來看規模，我們是全球主題樂園業務的第二大玩家，或兩大玩家之一。顯然，我們擁有全球最優秀的電影製片廠之一，長期穩居前三；在體育方面也有根本性的強勢地位——無論是我們先前提到的 NBC Sports，或是 Sky Sports；在實境內容領域，Bravo 是領先品牌；而且如我先前所說，我們在面臨最大結構性壓力的領域——付費電視網路（pay-TV networks）——曝險有限。

And I would add to that, a very outstanding and stable leadership team. So I think we have the ingredients we need to pursue a strategy of growth and investing in what NBCUniversal and Sky together are going to be once we complete the spin.

我還要補充一點：我們有一支非常出色且穩定的領導團隊。因此我認為，當我們完成分拆（spin）後，NBCUniversal 與 Sky 合在一起將成為什麼樣子——我們已具備推動成長策略並投入投資所需的要素。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I was hoping to get more color on the operating and cost transformation plan. I know it's early days but is there anything more you can share on how we should think about the financial implications beyond the Q4 charge, especially as we look to 2027 operating EBITDA and free cash flow trends.

我希望能更深入了解營運與成本轉型計畫。我知道現在還在早期階段，但除了第四季的一次性費用（charge）之外，你是否能分享更多，讓我們理解其財務影響，特別是當我們觀察到 2027 年營運 EBITDA 與自由現金流的趨勢時？

And importantly, I know this is not just a cost cut exercise it's a reshaping of how you operate with the goal to reinvest in the business. So what can these reinvestments look like? Will this be about driving growth in areas like mobile or edge compute or maybe helping to reshape your ongoing go-to-market evolution, including maybe pricing constructs that impact ARPU? Thank you.

而且很重要的是，我知道這不只是削減成本，而是重塑你們的營運方式，目標是把資源再投資回業務。那麼這些再投資可能會長什麼樣子？會是推動像行動（mobile）或邊緣運算（edge compute）等領域的成長，或是協助重塑你們持續演進的市場進入策略（go-to-market），包括可能影響 ARPU 的定價架構嗎？謝謝。

I'll start. And I think you answered a lot of the question in your question, there are a lot of things we're focused on. So you're spot on. So what we said is we'll take a $1 billion-plus charge in the fourth quarter. That is to get ahead of cost actions that will facilitate sort of a fast start into 2027 as we get into some of these initiatives. But you're right to sort of more broadly frame this as a transformation exercise. We don't look at it as a cost-cutting exercise.

我先開始。我想你在提問時其實已經回答了很多，因為我們聚焦的事情很多。所以你說得很到位。我們說過，第四季會計提超過 10 億美元的一次性費用。這是為了提前推動成本行動，讓我們在推進部分計畫時，能在邁向 2027 年時有一個相對快速的起步。但你說得對，應該更廣泛地把這視為一個轉型工程。我們不把它看作單純的削減成本。

This is the ability to simplify in order to move faster, to be more nimble in decision-making and I think really create capacity to invest for growth, whether it's the knowns, you talked about it, Steve talked about it. Pushing into wireless, we've had the free line strategy, we're going to increasingly push into premium. We see a place for us in multi-line. So I think that's a big opportunity.

這是透過簡化來加快速度、讓決策更靈活的能力；我認為更重要的是，真正創造出可用於成長投資的容量——不論是已知的方向，你提到了，Steve 也提到了。例如向無線業務（wireless）推進：我們有免費門號（free line）策略，接下來會更積極推動高端（premium）。我們也看到我們在多門號（multi-line）方面有立足之地。所以我認為那是一個很大的機會。

Business services, which we haven't talked about. We've had a history of pushing into additional markets through advanced services and adjacent products across a continually expanding base. There's more opportunities to do that. So freeing up capacity to do more of that.

商業服務（business services），我們還沒談到。我們過去一直透過先進服務與相鄰產品，在持續擴大的客戶基礎上推進到更多市場。這方面還有更多機會可以做。因此，釋放出更多資源容量來做更多這類事情。

And then there's the other, perhaps more speculative things the things we got to go take our shot at and see what's real over time and have some growth drivers that are in addition to sort of what I just laid out. So you mentioned edge compute. That's a very good one. We're staring at that right now. We've got 1,400 sort of head ends out there. We've got 250 megawatts of capacity. We've got space, power, cooling, and capabilities along with high-density networks going into every one of these. So we think that's a big opportunity. I wouldn't put that in front of you super near-term. But that's one thing we're investing in, obviously, to see what the opportunity is long term.

接著還有另一類、可能更偏推測性的事情——也就是我們必須去嘗試、去押注，並在時間推移中驗證哪些是真實可行的，同時也能帶來一些額外的成長驅動因素，超出我剛才所概述的那些。所以你提到邊緣運算。那是一個非常好的例子。我們現在正密切關注這件事。我們在外面大約有1,400個所謂的headend（前端機房）。我們有250兆瓦的容量。我們具備空間、電力、冷卻，以及相關能力，並且每一個據點都接入高密度網路。所以我們認為那是一個很大的機會。我不會把它描述成非常近期就會發生的事情。但這顯然是我們正在投資的一個方向，用來觀察長期的機會在哪裡。

So as we think about all these, that's the opportunity around transformation, and it's obviously sort of strengthening our competitive position. It is unlocking greater earnings and cash flow potential for the long term at its core, but namely in the form of growth.

因此，當我們思考所有這些時，這就是轉型所帶來的機會，而這也顯然是在強化我們的競爭地位。其核心是在長期解鎖更高的獲利與現金流潛力，但主要體現在成長的形式上。

Sean Diffley, Morgan Stanley.

Sean Diffley，摩根士丹利。

Two, if I may. First, I wanted to hear how you're thinking about your overall pricing power in broadband? And do you think the rise of AI agents like Muse could potentially impact the connectivity sector. Do you think it could be a deflationary force or an opportunity for you on both the customer acquisition and retention front?

如果可以的話，我有兩個問題。第一個，我想聽聽你們如何看待寬頻業務整體的定價能力？另外，你是否認為像Muse這類AI代理（AI agents）的興起，可能會影響連線（connectivity）產業？你覺得它會成為一股通縮力量，還是會在客戶獲取與留存兩方面為你們帶來機會？

And then separate question. Would you ever consider doing a wholesale partnership with a satellite player leveraging your CBRS spectrum and Wi-Fi? Or do you think that would be too great of a risk to enable a potentially disruptive competitor down the line? Thanks.

然後是另一個獨立問題。你們是否曾考慮與衛星業者做批發型合作，利用你們的CBRS頻譜與Wi‑Fi？或者你認為那樣的風險太大，可能會在未來扶植出一個具顛覆性的競爭對手？謝謝。

Thanks, Sean. Let me start with pricing power sort of related to AI in an agentic world. Steve will pile on to that. And then I think Steve will take the partnerships question, as you mentioned, with satellite. So AI, we've -- obviously, there's been a lot of noise of this in the past months. It was coming at some point. It seems to have arrived. I think as you step back, there's sort of two layers of consideration in a consumer agentic world.

謝謝你，Sean。我先從定價能力、以及在代理式（agentic）世界中與AI相關的部分談起。Steve會再補充。然後如你所提到的，我想Steve也會回答與衛星相關的合作夥伴問題。關於AI——很明顯，過去幾個月有很多雜音。它本來就會在某個時間點到來。看起來它已經到來了。我認為如果你退一步看，在消費者代理式世界裡，大致有兩個層面的考量。

And the first is you have a product that consumers are using or engaging with less, and hence, the question might be, are they getting value? An AI agent might point that out and say, are you getting the right value? Do you still want the service? Or do you want to pay or could you pay less for the service? I think the connectivity industry, in general, is pretty well positioned there.

第一個層面是：你有一個產品，消費者使用或互動的頻率變少，因此問題可能會變成——他們是否仍然獲得價值？AI代理可能會點出這件事並問：你得到的價值是否正確？你還想要這項服務嗎？或者你是否想付費、或能否用更低的價格取得這項服務？我認為整體而言，連線產業在這方面的定位相當不錯。

So if you look at rates of usage, broadband usage up 10% year-over-year pretty consistently that could be poised to accelerate more in an agentic world. We're actually really well positioned for that. By the way, the industry is pretty well positioned.

如果你看使用率，寬頻使用量年增約10%，而且相當穩定；在代理式世界裡，這個增速可能還會進一步加快。我們其實在這方面的定位非常好。順帶一提，整個產業的定位也相當好。

If you look at the number of devices in particular that are hung off a local broadband network continues to move higher and higher every year. So the first principle and first question in a consumer agentic world are customers getting more and more value out of your core product? Are they engaging with you more year-over-year? Are they using you more? The industry checks the box pretty well on that.

如果你特別看連到本地寬頻網路上的裝置數量，每年都在持續攀升。所以在消費者代理式世界裡，第一個原則、第一個問題是：客戶是否從你的核心產品中獲得越來越多的價值？他們是否年復一年與你互動更多？是否使用你更多？在這點上，這個產業的表現相當符合要求。

The second layer of consideration, I would argue, is probably within your product category, where are you on the scale of commoditization or do you have forms of differentiation that increasingly protects you against this question.

我認為第二個層面的考量，可能是在你的產品類別之內：你在商品化（commoditization）的尺度上處於什麼位置？或者你是否具備某些差異化形式，能日益保護你免於面對這類問題。

And so I think as you think about the things we've said over the course of the past year in terms of the transformation efforts, we are leaning heavily into the customer experience, right, whether that was addressing pain points and the pricing and packaging in addition to how do we lean into additional drivers of growth over time, where do we actually think we can differentiate, right?

因此，當你回顧我們在過去一年談到的轉型工作時，我們非常著重在客戶體驗上，對吧——不論是解決痛點、調整定價與方案包裝，還是思考我們如何在時間推移中導入額外的成長驅動因素；我們究竟在哪些地方認為自己能夠做出差異化，對吧？

Wireless is a good one we offload at a higher rate, increasingly penetrate multi-lines. We do think we can reinvent as I mentioned, the home security, home protection category. So all these things offer layers of differentiation, hence protection, in a consumer agentic world. But there's also ways we can play offense, right?

無線是一個很好的例子——我們以更高的比例做卸載（offload），並且逐步提高多門號滲透率。我們也確實認為，如我提到的，我們可以重新定義家庭安防、家庭防護這個品類。所以這些事情都提供了差異化的層次，因而在消費者代理式世界裡形成保護。但同時也有我們可以主動進攻的方式，對吧？

So if you look at where wireless is a great example. I think anybody looking to save money on their bill and agentic world would likely point them to us in our territory. So there's ways we can play offense. But we're doing a lot on the ground. I would invite Steve to kind of comment sort of tactically everything we're doing in an AI world.

如果你看無線，這就是一個很好的例子。我認為在代理式世界裡，任何想要節省帳單費用的人，在我們的服務區域內，AI代理很可能會把他們導向我們。所以我們有方式可以主動出擊。但我們在第一線也做了很多事情。我想請Steve從戰術層面評論一下，在AI世界裡我們正在做的各項工作。

Absolutely. And then you touched on the foundational elements, Jason, primary focus deepening the customer relationships, simplifying our interactions, and improving the customer experience, not giving them a reason to leave. But if you jump in tactically, we've launched an agentic front end from Cresta for our assisted channels, which is really helping us effectively manage bot to human interactions and over time, also in partnership with Sierra, bot-to-bot interactions and all this is supported by our personalized data models and offer recommendation engine, which really enables us to differentiate treatments, depending on the type of transaction and the specific customer.

當然。而且你已經提到基礎要素了，Jason：主要重點是深化客戶關係、簡化互動流程、並改善客戶體驗，不給他們離開的理由。但如果從戰術層面切入，我們已經在輔助式通路（assisted channels）推出由Cresta提供的代理式前端（agentic front end），這確實在幫助我們有效管理從機器人到真人的互動；並且隨著時間推進，也會與Sierra合作，推動機器人對機器人（bot-to-bot）的互動。而這一切都由我們的個人化資料模型與方案推薦引擎所支援，使我們能依交易類型與特定客戶，提供差異化的處理方式。

And on top of that, additionally, we joined the recently announced personal Agent protocol group, and this was led by Sierra and Meta, and that's to develop standards for personal agents interacting with businesses, providing additional visibility and control. So we're really leaning into this and we think we're well positioned as this continues to progress over time.

此外，我們也加入了近期宣布的個人代理協定（personal Agent protocol）工作小組，這是由Sierra與Meta主導，目的是制定個人代理與企業互動的標準，提供更多可視性與控制權。所以我們正積極投入，我們也認為隨著這件事持續發展，我們的定位會很有利。

And then to your second part of your question, today, we do partner with Starlink today in Comcast business. We combine our connected managed connectivity portfolio with their satellite capabilities for our enterprise customers. And overall, we're very pleased with our MVNO partners, Verizon, T-Mobile, they're great. But as we've always shown, we're open to strategic discussions and partnerships that make sense for us.

至於你問題的第二部分，目前我們在Comcast Business確實已經與Starlink合作。我們把自身的連線與託管式連線（managed connectivity）產品組合，與他們的衛星能力結合，提供給企業客戶。整體而言，我們對MVNO合作夥伴——Verizon、T-Mobile——非常滿意，他們很棒。但如同我們一貫的立場，只要符合我們的利益，我們也願意就具策略性的討論與合作夥伴關係保持開放。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I'll ask a couple about parks. First, it was encouraging to hear about Park's performance expected to strengthen throughout 2027. Just in terms of some of the factors that you called out on the Orlando side, when do you think we could see Orlando trends begin to improve? Will we have to wait until the lapping of those initial headwinds in June of 2027. And then anything you could share as it relates to kind of in-state, out-of-state, and international patrons to Orlando.

我想問幾個關於主題樂園的問題。首先，聽到樂園業務表現預期會一路增強到2027年，令人鼓舞。就你提到奧蘭多端的一些因素而言，你認為我們何時能看到奧蘭多的趨勢開始改善？我們是否必須等到2027年6月、那些最初逆風因素完成同比基期（lapping）之後？另外，關於奧蘭多的州內、州外以及國際遊客結構，你是否能分享一些資訊？

And then second, just on Hollywood, maybe just philosophically, like how do you usually think about the ROIs for new attractions like the fast coaster. Is that a capacity expansion and attendance opportunity? Is that a pricing opportunity? Just would love some thoughts around that. Thank you very much.

第二個問題是關於好萊塢園區。也許從理念上來說，你們通常如何看待像快速雲霄飛車（fast coaster）這類新設施的投資報酬率（ROI）？那是容量擴張與提升入園人次的機會嗎？還是定價的機會？很希望聽聽你對此的想法。非常感謝。

Sure. Thanks, Michael. So I said a lot of this earlier but let me add a little color. I think the -- we've seen the combination of macro effects in Orlando now -- economic softness that we talked about previously and sort of the lapping of the opening of Epic in 2025 around June of this year.

好的，謝謝你，Michael。我先前已經談了不少，但我再補充一些細節。我認為——我們現在在奧蘭多看到的是宏觀因素的組合影響——也就是我們之前談到的經濟走弱，以及今年6月左右、2025年Epic開幕所帶來影響的同比基期消退（lapping）。

So I think in Orlando, I'd expect to see the softness there, just trend similarly at least next quarter and in the year -- the first half of next year and start to lap from there. We're not complacent about that. We're focused on the things we can control. So we've got a new head of marketing. So we're going to bring some promotional and product packages into the market, three park passes and the like, really focus on meeting investment on high return opportunities to get people into our collection of parks in Orlando.

所以我認為在奧蘭多，我預期那裡會出現疲軟，至少在下一季以及今年——明年上半年會以類似趨勢延續，之後開始進入可比基期（lap）。我們不會因此自滿。我們專注在我們能掌控的事情上。因此我們任命了新的行銷主管。所以我們將把一些促銷與產品套票帶入市場，例如三園通行證等，並真正聚焦於在高報酬機會上投入資金，以吸引人們來到我們在奧蘭多的園區組合。

Operationally, we're doing a lot of work. The team is doing well to make progress on Epic capacity, which is another item I talked about earlier to get reliability of attractions and availability, throughput, load times. That's a combination of just getting the tech settled down, getting the staff trained to load and unload at the right speed and the like, things that are just a challenge, a particular challenge given the sophistication of that park.

在營運面，我們正在做大量工作。團隊在提升 Epic 的產能方面進展良好，這也是我先前提到的另一項重點，目標是提升設施的可靠性與可用性，包括吞吐量、載客時間、上下客時間等。這需要多方面配合：讓技術穩定下來、訓練員工以正確速度進行上下客等；由於該園區的高度複雜性，這些確實是挑戰，且是特別大的挑戰。

But we are going to continue to invest behind long-term growth in Orlando. Next year, we'll have fast attraction coming into the -- not Epic, but the other parks. So the whole campus will be an investment area for the future, the team's got lots of ideas, and it's an important market for us, and we'll be there when you step back and look at Orlando on a two-year period, we've got an attendance, per cap spending, overall financial performance. They're all materially above where they were a couple of years ago and guest satisfaction continues to be strong.

但我們將持續投入奧蘭多的長期成長。明年，我們會在——不是 Epic，而是在其他園區——引進快速型的遊樂設施。因此整個園區群都將是面向未來的投資重點；團隊有很多想法，這對我們而言是重要市場。當你拉長到兩年的期間回頭看奧蘭多，我們的入園人次、人均消費、整體財務表現都顯著高於兩年前的水準，而旅客滿意度也持續強勁。

So before I go into California, I mean, the point is we invest with a long -- these are long-duration assets. We're going to have these for decades and decades and decades. So once you're in one, you then move to what brings incremental attendance, refreshes the attendance that you're going to have, takes you above the baseline that you would otherwise have without that investment.

所以在我談加州之前，我的重點是：我們以長期視角投資——這些都是長年期資產。我們會持有這些資產數十年、數十年、再數十年。因此一旦你完成一項投資，接下來就要思考什麼能帶來增量入園人次、讓既有入園人次煥新，並把你推升到若沒有該投資本來會有的基準之上。

And that's where something like the coaster in Hollywood comes into -- which I think is there's a natural level of what you'd call sort of I think of maintenance capital expenditure for parks you've already built. You see us and competitors that are good at this business do the same and you factor all that into your ROI calculations to make sure that you're getting the lift and it could be a combination of pricing and attendance that you model out against what you hope to do.

而這正是像好萊塢的雲霄飛車這類項目所扮演的角色——我認為對於已建成的園區，會有一個自然的、可稱為維護性資本支出（maintenance capex）的水準。你會看到我們以及在這個產業做得好的競爭對手都採取相同做法；你也會把這些都納入投資報酬率（ROI）計算，以確保能帶來提升，而這個提升可能是定價與入園人次的組合，你會把它們建模，對照你希望達成的目標。

And that coaster is fantastic, and we'll be bringing a version of it to Orlando and satisfaction on that is some of the best we've seen in any attraction we have opened anywhere.

那座雲霄飛車非常棒，我們也會把它的一個版本帶到奧蘭多；而在該設施上的滿意度，是我們在任何地點開幕的任何設施中所見過最好的水準之一。

Thanks, Mike. Operator, we have time for one last question.

謝謝你，Mike。接線員，我們還有時間再問最後一個問題。

Sebastiano Petti, JPMorgan.

JPMorgan 的 Sebastiano Petti。

Just a quick follow-up. Jason, in your prepared remarks, you talked about I think there's a higher than typical volume of customers facing transition. Can you maybe just help unpack what that is -- does that pertain to the legacy customers? Is that new pricing and packaging customers? I just wanted to kind of double click on that.

簡單追問一下。Jason，在你準備好的發言中，你提到我想是「面臨轉換的客戶量高於典型水準」。你能否幫忙拆解一下那是什麼——這是指既有（legacy）客戶嗎？還是指採用新定價與新套裝方案的客戶？我只是想更深入釐清一下。

Yes. Thanks, Sebastiano. I'll start, and Steve can chime in as well. But what we're referring to their it's largely two-year sort of promotional roll-off, which would refer back to our legacy base. I think I highlighted that in the script, that has been a pain point for us.

是的。謝謝你，Sebastiano。我先回答，Steve 也可以補充。我們所指的主要是為期兩年的促銷到期（roll-off），這會回溯到我們的既有客群基礎。我想我在講稿裡有提到，這一直是我們的痛點。

Obviously, we have in the last year and going forward, it's going to be on us to figure out how to increasingly inoculate that part of the base and make sure our customers aren't rolling off step-ups. I think we've done a better job on that, but there's more to come. And so I highlighted that this quarter is we had an unusually high volume of those rolling off in addition to what I've highlighted before, which is a very competitive environment with pretty aggressive pricing activity in the third quarter.

顯然，在過去一年以及未來，如何逐步提高對這部分客群的「免疫力」，並確保客戶不會在升級優惠（step-ups）到期後流失，將是我們必須解決的課題。我認為我們在這方面做得更好了，但後續還有更多工作要做。因此我在本季特別指出：除了我先前提到的因素之外——也就是第三季競爭環境非常激烈、定價動作相當積極——本季到期流失的量也異常偏高。

I think you covered it, Jason.

我想你已經說得很完整了，Jason。

Thanks, Sebastiano. Brian is here, so I'm going to hand it to him for a few comments before we end the call.

謝謝你，Sebastiano。Brian 也在現場，所以在結束電話會議前，我把時間交給他補充幾點。

Let me just say, I think the team is doing a great job. Really there's an energy and excitement with the proposed separation in both organizations. You've heard a lot of the plans today. I think we're on track and we spent years building these businesses. And as the industry transforms itself, we're meeting the moment. And I think you've heard really good plans. The transformation plan really is underway.

我先說，我認為團隊做得非常好。擬議分拆讓兩個組織都充滿能量與興奮感。你們今天也聽到了很多計畫。我認為我們進度如期，而且我們花了多年打造這些業務。隨著產業自我轉型，我們正迎向這個關鍵時刻。我想你們也聽到了非常好的計畫。轉型計畫確實已經在推進中。

You can see it in broadband, while the market is super competitive, we're -- we've got, I think a very intelligent remaking of our relationship with our customers, using technology to our advantage, having the best products, and having a workforce that knows we're investing behind the business.

你可以在寬頻業務看到這點：儘管市場競爭極其激烈，我們——我認為我們正以非常聰明的方式重塑與客戶的關係，善用科技優勢，提供最好的產品，並打造一支清楚知道我們正在加碼投資於業務的團隊。

And you look at the results in wireless, having our best year, having a plan again in the future to now go to with only 7% of the lines, how do we rethink and now that we have 10 million plus relationships and lines, how do we really step on the pedal there? Business Services continues to be something we excel at and we've got a large market, differentiated from a lot of other companies in that regard with a great margin.

再看無線業務，我們迎來表現最好的一年；而且我們也有未來的計畫：目前我們只擁有 7% 的線路，我們要如何重新思考？現在我們已經有超過 1,000 萬的關係與線路，我們要如何在那裡真正加大油門？商業服務（Business Services）仍是我們擅長的領域；我們擁有龐大的市場，且在這方面相較許多其他公司具備差異化優勢，並且有很好的利潤率。

Over at NBCUniversal, Mike has laid out, really pleased with Peacock, what we've accomplished, excited about what we described with our open architecture and some of the relationships we're going to be able to have really gives us a unique place in the market working with hopefully everybody or many companies and a trusted partner.

在 NBCUniversal 這邊，Mike 已經說明了：我們對 Peacock 的成果非常滿意；也對我們所描述的開放式架構以及我們將能建立的一些合作關係感到興奮，這讓我們在市場上擁有獨特定位——希望能與所有人或許多公司合作，並成為值得信賴的夥伴。

Just the other night, we launched the NBA season, and I think we had the highest ratings of any NBA opening night in their history with the way NBC Sports goes about and does these things. And of course, The Odyssey and the global box office success this year. And in parks, we're one of two with so many ideas that the team, when we go there and talk to them of what could happen over the next many years with the great Universal brand and attractions and creativity in the pipeline. So lots to do.

就在前幾晚，我們啟動了 NBA 賽季，我認為以 NBC Sports 的運作方式來看，我們創下了 NBA 歷史上開幕夜最高收視。當然還有《The Odyssey》以及今年在全球票房上的成功。至於主題樂園，我們是僅有的兩家之一，擁有如此多的構想；當我們去那裡與團隊交流時，他們談到未來多年可能發生的事——憑藉強大的 Universal 品牌、設施，以及創意管線中的內容。所以還有很多事要做。

We have a discipline to our balance sheet and want to meet the moment head on and want to thank the teams for what they've accomplished this quarter and look forward to doing it again.

我們對資產負債表保持紀律，並希望正面迎戰這個關鍵時刻；也要感謝各團隊在本季所完成的成果，並期待再接再厲。

Thank you for joining us, everyone.

感謝各位加入我們。

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

謝謝。今天的電話會議到此結束。本次會議的重播將於今日美東時間 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。