康卡斯特 (CMCSA) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded. I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

女士們、先生們，早安，歡迎參加康卡斯特2022年第一季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。現在我將把電話交給投資人關係執行副總裁瑪西‧瑞維克女士。瑞維克女士，請開始吧。

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Dave Watson, Jeff Shell and Dana Strong. Brian and Mike will make formal remarks while Dave, Jeff and Dana will also be available for Q&A.

謝謝接線員，歡迎各位。今天早上和我一起參加電話會議的有：Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Dana Strong。 Brian 和 Mike 將作正式致辭，Dave、Jeff 和 Dana 也將回答大家的問題。

Let me now refer you to Slide 2, which contains our safe harbor disclaimer and remind you that 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 schedules for the reconciliations of these non-GAAP financial measures to GAAP.

現在請看投影片2，其中包含我們的安全港免責聲明。請注意，本次電話會議可能包含前瞻性陳述，這些陳述受某些風險和不確定性因素的影響。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。請參閱我們的8-K表格和趨勢分析表，以了解這些非GAAP財務指標與GAAP的調節情況。

With that, let me turn the call over to Brian Roberts for his comments. Brian?

那麼，現在我把電話交給布萊恩羅伯茨，請他發表評論。布萊恩？

Thanks, Marci, and good morning, everyone. 2022 is off to a great start. Each of our businesses posted healthy growth in adjusted EBITDA, contributing to a double-digit increase in adjusted EPS as well as significant free cash flow generation in the quarter. And we achieved all of this while continuing to invest in our businesses for the long term, while also increasing our return of capital to shareholders.

謝謝Marci，大家早安。 2022年開局良好。我們旗下所有業務的調整後EBITDA均達到穩健成長，推動調整後每股盈餘（EPS）達到兩位數成長，並在本季產生了可觀的自由現金流。同時，我們持續對業務進行長期投資，並持續提高股東回報，最終取得了這些成就。

Our company has been at the forefront of innovation in connectivity and also in content. We have built a leading global technology platform, which today delivers 5 billion entertainment streams a week and 40 million voice commands a day across Comcast, Sky and our current syndication partners.

我們公司一直走在連結和內容創新的前端。我們打造了全球領先的技術平台，如今每週透過 Comcast、Sky 以及我們現有的內容分發合作夥伴提供 50 億次娛樂串流媒體播放和每天 4000 萬條語音指令。

Yesterday's announcement highlights the value of what we've created. As you probably are aware, we formed a joint venture with Charter to offer our award-winning, voice-controlled streaming platform across the United States, starting with Flex and XClass TV, and to further develop this technology. Not only will we bring these products to millions of more customers, but we'll open the door to brandnew revenue opportunities. And when you combine Charter's footprint with our current syndication partners in both the U.S. and Canada, our retail distribution through Walmart and Sky, which essentially runs off the same technology, we now have a truly global platform.

昨天的公告凸顯了我們所創造的價值。正如您可能已經了解的，我們與Charter成立了一家合資企業，旨在將我們屢獲殊榮的語音控制串流平台推廣至全美，首先推出Flex和XClass TV，並進一步開發這項技術。我們不僅會將這些產品帶給數百萬用戶，還會開啟全新的收入來源。此外，結合Charter在美國和加拿大的現有分銷合作夥伴，以及我們透過沃爾瑪和Sky等零售通路進行的分銷（這些通路本質上都基於相同的技術），我們現在擁有一個真正的全球平台。

This joint venture is a win-win. Consumers will get our proven world-class user and search experiences, simple content navigation and more choice in the streaming marketplace. App developers, retailers and hardware manufacturers will have access to 1 platform and 1 set of standards to quickly deploy their offerings across the U.S. And we'll be able to share in the investment and innovate alongside a partner we know well.

這項合資計劃可謂雙贏。消費者將獲得我們久經考驗的世界級用戶體驗和搜尋體驗、便利的內容導航以及更豐富的串流媒體選擇。應用開發者、零售商和硬體製造商將能夠使用相同平台和同一套標準，從而在美國快速部署他們的產品。而我們也能與我們熟識的合作夥伴共同投資並進行創新。

Comcast and Charter have a track record of coming together to bring new products and technologies to consumers. Most notably, our mobile operating partnership from 2018 enabled both companies to bring greater value and a better experience that people love. The result is a more competitive wireless marketplace, and the service that we provide has been rated #1 in customer satisfaction against all other mobile providers.

康卡斯特和Charter一直以來都致力於攜手為消費者帶來新產品和新技術。尤其值得一提的是，我們自2018年起建立的行動營運合作關係，使兩家公司能夠為用戶提供更大的價值和更優質的體驗，深受用戶喜愛。這項合作催生了更具競爭力的無線市場，而我們提供的服務在客戶滿意度方面也位居所有行動營運商之首。

Peacock also benefits from this joint venture as it will be deeply integrated into the platform the way it is on X1 and Flex today, which will help expand Peacock's customer base more quickly and drive higher engagement resulting in greater monetization for NBCUniversal. And we are doing all of this in the context of the investments we have already made in our technology and within the guidelines we've provided on our last earnings call, with respect to our plans for programming investment.

Peacock也將從這項合資企業中受益，因為它將像目前在X1和Flex上一樣深度整合到該平台中，這將有助於Peacock更快地擴大用戶群，提高用戶參與度，從而為NBC環球帶來更高的收益。而這一切都是在我們已經對技術進行投資的背景下進行的，並且符合我們在上次財報電話會議上提出的關於節目投資計劃的指導方針。

So let's come back to our achievements in the first quarter. Starting with broadband. We measure our success based on customer and financial metrics. And while we continue to compete aggressively in the current environment, we are striking what I believe to be the right balance between customer acquisition and long-term profitable growth. You can see with our first quarter results, where we added 194,000 customer relationships and 262,000 broadband subscribers. While on the financial side, Cable generated 5% revenue and 6.5% adjusted EBITDA growth, with 44% adjusted EBITDA margins.

讓我們回顧一下第一季的業績。首先來看寬頻業務。我們以客戶和財務指標來衡量成功。儘管我們在當前環境下仍保持著激烈的競爭，但我認為我們正在客戶獲取和長期獲利成長之間取得最佳平衡。從第一季的業績可以看出，我們新增了19.4萬個客戶關係和26.2萬寬頻用戶。財務方面，有線電視業務的營收成長了5%，調整後EBITDA成長了6.5%，調整後EBITDA利潤率為44%。

Our distinct competitive advantage stems from our network, which has a level of flexibility that enables fast innovation and will be further enhanced through virtualization, an important stepping stone in our ultimate evolution to DOCSIS 4.0. Our path to ubiquitous, multi-gig, symmetrical speed is well underway. And in the next several years, when you collectively include Charter and Cox, the cable industry will be positioned to offer multi-gig, symmetrical speeds to over 100 million homes throughout the United States over essentially the same DOCSIS 4.0 infrastructure. None of our competitors can say the same thing.

我們獨特的競爭優勢源於我們的網絡，該網絡具有高度靈活性，能夠實現快速創新，並將透過虛擬化技術進一步增強，這是我們最終邁向 DOCSIS 4.0 的重要一步。我們實現普及、多千兆、對稱速度的目標正在穩步推進。未來幾年，如果將 Charter 和 Cox 也納入其中，有線電視產業將能夠透過基本相同的 DOCSIS 4.0 基礎設施，為全美超過 1 億個家庭提供多千兆、對稱速度的網路服務。我們的任何競爭對手都無法做到這一點。

For years, we focused on not only having a modern high-capacity network, but importantly, we've also focused on providing our customers with cutting-edge technology in their homes to ensure that they have the best experience, which is a combination of fast speeds, whole home coverage, cybersecurity and control, together with fantastic streaming capabilities.

多年來，我們不僅致力於打造現代化的高容量網絡，更重要的是，我們還致力於為客戶提供家庭尖端技術，以確保他們獲得最佳體驗，這包括高速網絡、全屋覆蓋、網絡安全和控制，以及出色的流媒體功能。

During the quarter, we performed a number of successful tests on 10G equipment, and we launched our newest and most powerful xFi gateway, which increases bandwidth in the home by 3x and is the only modem that can support multi-gig symmetrical speeds to date.

本季度，我們對 10G 設備進行了多次成功的測試，並推出了我們最新、最強大的 xFi 網關，該網關可將家庭頻寬提高 3 倍，並且是迄今為止唯一能夠支援多千兆對稱速度的調製解調器。

We're also enhancing the value of Xfinity broadband by bundling with mobile, offering our customers the convenience of one relationship for all their connectivity at a tremendous value. This contributed to even further improvement in broadband retention and our best quarter ever for Xfinity Mobile in terms of line net additions.

我們也透過將寬頻與行動服務捆綁銷售，提升了Xfinity寬頻的價值，讓客戶能夠以極具競爭力的價格，在一個平台上享受所有網路連線服務。這有助於進一步提高寬頻用戶留存率，並使我們Xfinity行動線路新增用戶數創下歷史新高。

We have a great wireless business and MVNO partner in Verizon and have opportunities to further improve our economics at Xfinity Mobile longer term. For example, our testing of deploying spectrum to potentially offload wireless traffic is progressing nicely. During the quarter, we turned up our first 5G radios, and we'll be launching an employee field test in June. Stepping back, the underlying theme in all of this and the core of our strategy is that we put the customer first, which drives our strong financial results. The investments we have made and continue to make are expressly meant to enhance the experience of every person that is connected to our products and services. To that end, we just had the highest level of customer satisfaction we have ever seen for a first quarter. And we maintained our positive trend in reducing both agent handle interactions and truck rolls, which declined 19% and 17%, respectively.

我們在無線業務和行動虛擬網路營運商 (MVNO) 合作夥伴 Verizon 方面擁有強大的實力，並且有機會在 Xfinity Mobile 實現長期盈利能力的提升。例如，我們正在測試部署頻譜以分流無線流量，目前進展順利。本季度，我們啟用了首批 5G 無線電模組，並將於 6 月啟動員工現場測試。總而言之，所有這些措施的根本主題和我們策略的核心是客戶至上，這正是我們強勁財務表現的驅動力。我們已經並將繼續進行的投資，旨在提升每位使用我們產品和服務的使用者體驗。為此，我們剛剛實現了有史以來第一季最高的客戶滿意度。同時，我們持續保持降低客服人員互動次數和上門服務次數的正面趨勢，這兩項指標分別下降了 19% 和 17%。

So let's switch to NBCUniversal. We had a lot of exciting things happen during the first quarter. For the first time in our history, we aired both the Super Bowl and the Olympics in the same week, affirming our expertise in production. During that period, I went to our facility in Stamford, Connecticut. I have to say, I was so impressed by the hard work and the entire team working 24/7 around the clock, working with Beijing, while being in Connecticut, providing a seamless broadcast for the Olympics. We sent some of our equipment to China when we thought our broadcast operations would be there, and on the fly, we had to figure out new ways to air this special event and not have the consumer know that was happening. Amazing how well the team managed the complexity, delivered an unbelievably high-quality product to hundreds of millions of viewers. And I think this will help innovate sports productions for years to come.

現在我們來談談NBC環球。第一季我們取得了許多令人振奮的成就。我們歷史上首次在同一周同時播出了超級盃和奧運會，這充分證明了我們在製作方面的專業實力。那段時間，我去了位於康乃狄克州斯坦福的NBC環球總部。我必須說，整個團隊的辛勤付出給我留下了深刻的印象。他們日夜不停地工作，與北京方面保持密切聯繫，同時又身處康乃狄克州，最終為奧運提供了流暢的轉播。我們原本以為轉播團隊會在中國辦公，結果卻不得不臨時將部分設備運往中國。我們必須迅速找到新的播出方式，並且不能讓觀眾察覺任何變故。令人驚嘆的是，團隊出色地應對瞭如此複雜的局面，為數億觀眾呈現了令人難以置信的高品質節目。我相信，這將有助於未來幾年體育賽事製作的創新發展。

We learned a lot about streaming from the last Olympics. And so when it came to Beijing, we provided a much improved experience on Peacock, which shared every single event for the first time, driving significant engagement. Really was an exceptional quarter overall for Peacock, with other big sporting events and content launches, including the Super Bowl, the debut of Bel-Air, our most successful original to date, and the day-and-date release of Marry Me. Importantly, retention on our service after airing all of this special content in such a concentrated period of time was well above our expectation. We added 4 million paid subscribers to end the first quarter with over 13 million paid subscribers and 28 million monthly active accounts in the U.S. And we've seen a 25% increase in hours of engagement year-over-year. Given the natural ebbs and flows of our content slate, we do not anticipate seeing this type of growth every quarter. We just expanded our total paid subscribers by over 40%. So we expect more modest subscriber gains until we get to the back half of this year.

我們從上屆奧運中學到了很多關於串流媒體播放的經驗。因此，在北京奧運期間，我們在Peacock平台上提供了更優質的體驗，首次全程直播了所有賽事，顯著提升了用戶參與度。對於Peacock來說，這確實是一個非凡的季度，我們不僅播出了其他大型體育賽事，還推出了包括超級碗、我們迄今為止最成功的原創劇集《貝萊爾》（Bel-Air）首播以及電影《嫁給我》（Marry Me）同步上線在內的多部精彩內容。更重要的是，在如此短的時間內播出如此多的特別內容後，我們的用戶留存率遠超預期。第一季末，我們新增了400萬付費用戶，在美國的付費用戶總數超過1300萬，每月活躍帳戶數達到2800萬。此外，我們的用戶觀看時長也較去年同期成長了25%。考慮到我們內容安排的自然波動，我們預計不會每季都實現如此高的成長。我們的付費用戶總數剛剛增加了40%以上。因此，我們預計在今年下半年之前，用戶成長速度將較為溫和。

Our fourth quarter should be fantastic with sporting events such as Sunday Night Football, Premier League and the World Cup; a pay one availability of top universal titles like 'Minions: Rise of Gru and Jurassic World: Dominion; original series such as Vampire Academy; and for the first time, starting this fall, Peacock will be the exclusive home of the next-day NBC broadcast. Our streaming strategy is differentiated, unique, because Peacock is a natural extension of our existing video businesses with 2 revenue streams and full integration across every aspect, whether it's programming, cross-promotion or advertising. Peacock builds audiences, extends our reach and creates new consumer experiences within our ecosystem, which should enable video to be a major long-term growth driver for NBCUniversal.

第四季預計將非常精彩，屆時將播出諸如週日晚間橄欖球賽、英超聯賽和世界盃等體育賽事；用戶還可以一次性付費觀看《小黃人大眼萌：格魯的崛起》和《侏羅紀世界3：統治》等熱門環球影業影片；此外，還有《獨家吸血鬼學院》等原創劇集；而且從今年秋季開始，Peacock 播出的節目 NBC 次日。我們的串流媒體策略獨樹一幟，因為 Peacock 是我們現有視訊業務的自然延伸，擁有雙收入來源，並在節目製作、交叉推廣和廣告等各個方面實現了全面整合。 Peacock 能夠拓展受眾群體，擴大我們的覆蓋範圍，並在我們的生態系統中創造全新的消費者體驗，這將使視訊業務成為 NBCUniversal 長期成長的主要驅動力。

Finally, the business we haven't talked enough about is Theme Parks, where the recovery continues to be fantastic. I'm particularly excited about the new attractions that we opened during the pandemic, that many of our guests are now able to experience for the first time, like Super Nintendo World in Japan, the amazing VelociCoaster in Orlando; Pets in Hollywood, and of course, Universal Beijing. Our investments are significantly expanding the potential of our Theme Parks business, which will remain an important and exciting growth engine for years to come.

最後，我們還沒充分談及主題樂園業務，而該業務的復甦勢頭依然強勁。我特別興奮的是，我們在疫情期間開放了一些新景點，許多遊客現在都能首次體驗到這些項目，例如日本的超級任天堂世界、奧蘭多令人驚嘆的VelociCoaster過山車、好萊塢的寵物樂園，當然還有北京環球影城。我們的投資正在顯著提升主題樂園業務的潛力，它將在未來幾年繼續成為我們重要且充滿活力的成長引擎。

So Comcast is truly in a unique position of growing EBITDA, generating a robust level of free cash flow while making important organic investments in long-term growth initiatives, and also increasing our return of capital to shareholders, which totaled $4.2 billion this quarter through a combination of $3 billion in buybacks and $1.2 billion in dividends, the largest return of capital for any quarter in our history.

因此，康卡斯特目前處於一個獨特的地位，它既能實現 EBITDA 的成長，又能產生強勁的自由現金流，同時還能對長期成長計畫進行重要的內生性投資，並增加對股東的資本回報。本季度，透過 30 億美元的股票回購和 12 億美元的股息，股東資本回報總額達到 42 億美元，這是我們歷史上任何一個季度最高的資本回報。

So off to a great start in the first quarter, and I'd like to now hand it over to Mike.

第一節比賽開局不錯，現在我想把麥克風交給麥克。

Thanks, Brian, and good morning, everyone. I'll begin on Slide 4 with our first quarter consolidated 2022 financial results. Revenue increased 14% to $31 billion, adjusted EBITDA increased 9% to $9.2 billion, adjusted EPS increased 13% to $0.86 per share, and finally, we generated $4.8 billion of free cash flow.

謝謝布萊恩，大家早安。我將從第四張投影片開始，介紹我們2022年第一季的合併財務表現。營收成長14%至310億美元，調整後EBITDA成長9%至92億美元，調整後每股盈餘成長13%至0.86美元，最後，我們產生了48億美元的自由現金流。

Now let's turn to our business segment results, starting with Cable Communications on Slide 5. Cable revenue increased 4.7% to $16.5 billion, adjusted EBITDA increased 6.5% to $7.3 billion and net cash flow grew 8.3% to $5.6 billion. We grew customer relationships by 913,000 over the past 12 months with 194,000 net additions in the first quarter. Overall, customer growth was driven by broadband, where we added 1.1 million net new residential and business customers over the past 12 months and 262,000 in the first quarter. This quarter's results reflect continued low move-related activity compared to historical levels as well as an uptick in the level of competitive activity resulting in lower connect volumes. At the same time, we continue to experience very high levels of customer retention, with this quarter's results yielding the lowest churn rate for any quarter on record. In fact, we had fewer customers disconnect this quarter than the first quarter of 2019 despite a customer base that is almost 17% larger.

現在讓我們來看看各業務板塊的業績，首先是幻燈片5中的有線通訊業務。有線電視業務營收成長4.7%至165億美元，調整後EBITDA成長6.5%至73億美元，淨現金流成長8.3%至56億美元。過去12個月，我們新增客戶91.3萬，其中第一季淨增加19.4萬。整體而言，客戶成長主要由寬頻業務推動，過去12個月我們新增住宅和商業用戶110萬，第一季新增26.2萬。本季業績反映出與歷史水準相比，用戶搬遷活動持續低迷，以及競爭加劇導致連結量下降。同時，我們持續保持極高的客戶留存率，本季客戶流失率創歷史新低。事實上，儘管客戶數量比 2019 年第一季增加了近 17%，但本季斷線的客戶數量卻比 2019 年第一季要少。

Throughout the pandemic, we have offered a variety of programs to help our customers stay connected. Some of our customers that participated received our services for free and, therefore, were not included in our subscriber totals. At year-end, we ended these COVID-related programs, triggering a benefit in the first quarter. We estimate this change accounted for about 1/3 of our first quarter net additions with such benefit contained to the first quarter.

疫情期間，我們推出了一系列項目，幫助客戶保持聯繫。部分參與專案的客戶免費享受了我們的服務，因此未計入用戶總數。年底，我們結束了這些與新冠疫情相關的項目，從而在第一季產生了收益。我們估計，這項變更約佔第一季淨新增用戶的三分之一，且該收益僅限於第一季。

Moving to the financials. Cable's revenue growth of 4.7% was driven by broadband, business services, wireless and advertising revenue, partially offset by lower video and voice revenue. Broadband revenue increased 8%, driven by strong customer additions over the past 12 months and nearly 4% growth in average revenue per customer in the quarter.

接下來是財務數據。有線電視業務營收成長4.7%，主要得益於寬頻、商業服務、無線和廣告收入的成長，但部分被視訊和語音收入的下降所抵銷。寬頻業務營收成長8%，這主要得益於過去12個月的強勁用戶成長以及本季每用戶平均營收近4%的成長。

Business Services revenue increased 10.6% or approximately 6%, excluding the acquisition of Masergy, which closed at the beginning of last year's fourth quarter. This healthy organic growth was driven by increases in both average rates per customer and in our customer base, which grew by 61,000 over the past 12 months with 9,000 additions in the first quarter.

不計入去年第四季初完成的對Masergy的收購，業務服務收入成長了10.6%，約合6%。這一穩健的內生成長得益於客戶平均費率和客戶群的成長，過去12個月客戶數量增加了6.1萬，其中第一季新增9,000。

Moving to Wireless. Revenue increased 32%, mainly driven by service revenue, which was fueled by growth in customer lines. Overall, we added 1.2 million lines over the past 12 months, including 318,000 lines in the quarter, which, for the fifth consecutive quarter, was our best result since launching this business in 2017.

轉向無線業務。營收成長32%，主要得益於服務收入的成長，而服務收入的成長又得益於客戶數量的增加。過去12個月，我們新增了120萬條用戶線路，其中本季新增31.8萬條，這是我們自2017年推出該業務以來連續第五個季度取得最佳業績。

Advertising revenue increased 8.6%, reflecting higher political and double-digit growth in Xumo and advanced advertising. For video, revenue declined 1.5%, driven by customer net losses totaling 1.7 million over the past 12 months, including 512,000 in the quarter, partially offset by higher average revenue per customer due to a residential rate increase at the beginning of this year.

廣告收入成長8.6%，主要得益於政治廣告投放量增加以及Xumo和高級廣告業務的兩位數成長。視訊業務收入下降1.5%，主要原因是過去12個月淨流失用戶170萬，其中本季流失51.2萬，部分被年初住宅用戶費率上調帶來的用戶平均收入成長所抵銷。

Last, voice revenue declined 9.8%, primarily reflecting customer losses totaling 725,000 over the past 12 months, including 282,000 net losses in the quarter and reflects our shift to more converged broadband mobile offers.

最後，語音收入下降了 9.8%，主要反映了過去 12 個月內客戶流失總計 725,000 人，其中包括本季淨流失 282,000 人，這反映了我們向更融合的寬頻行動服務轉型。

Turning to expenses. Cable Communications' first quarter expenses increased 3.3%. Programming expenses decreased 1.1%, reflecting a decline in video customers, partially offset by higher rates. Nonprogramming expenses increased 6.3%, reflecting investments in our growth businesses, including Broadband, Wireless and Business Services; expenses related to our recent acquisition of Masergy; as well as an increase in other expenses, primarily due to bad debt returning to more normalized levels. These higher costs were partially offset by a decline in customer service expenses, reflecting lower activity levels in the business as well as improvement in customer experience initiatives.

再來看費用方面。有線通訊公司第一季費用成長了3.3%。節目製作費用下降了1.1%，主要反映出視訊用戶數量的減少，但部分被更高的費率所抵消。非節目製作費用增加了6.3%，主要反映了對成長型業務的投資，包括寬頻、無線和商業服務；與近期收購Masergy相關的費用；以及其他費用的增加，這主要是由於壞帳恢復到較為正常的水平。這些成本的增加部分被客戶服務費用的下降所抵消，這反映了業務活動的減少以及客戶體驗提升措施的改善。

Cable Communications' EBITDA increased 6.5% to $7.3 billion for the quarter and Cable EBITDA margin reached 44%, reflecting 80 basis points of year-over-year improvement. We believe we are striking the right balance by continuing to invest in our growth businesses, which are driving the top line and proving to be a great return for us, while at the same time, continuing to increase our operating efficiency and remove unnecessary costs.

有線通訊業務本季EBITDA成長6.5%至73億美元，EBITDA利潤率達44%，較去年同期成長80個基點。我們相信，我們透過持續投資於成長型業務（這些業務不僅推動了營收成長，也為我們帶來了豐厚的回報），同時不斷提高營運效率並削減不必要的成本，從而實現了最佳平衡。

Now let's turn to Slide 6 for NBCUniversal. Starting with total NBCUniversal results. Revenue increased 47% to $10.3 billion and EBITDA increased 7.4% to $1.6 billion. Media revenue increased 36% to $6.9 billion, including Peacock revenue, which grew more than 5x year-over-year to $472 million in the quarter. As Brian noted earlier, we aired both the Olympics and Super Bowl, which together contributed an incremental $1.5 billion to Media revenue. Excluding these events, Media revenue increased 6.9%, driven by both higher distribution and advertising revenue.

現在我們來看NBC環球的第六張幻燈片。首先是NBC環球的整體表現。營收成長47%至103億美元，EBITDA成長7.4%至16億美元。媒體收入成長36%至69億美元，其中包括Peacock的收入，該收入年增超過5倍，本季達到4.72億美元。正如Brian之前提到的，我們播出了奧運和超級碗，這兩場賽事共為媒體收入貢獻了15億美元的增量。剔除這些賽事，媒體收入成長6.9%，主要得益於發行和廣告收入的成長。

Distribution revenue, excluding the contribution from the Olympics, increased 8.5%, reflecting growth at Peacock driven by increases in paid subscribers as well as our networks, reflecting higher contractual rates, partially offset by linear subscriber declines. Advertising revenue, excluding contributions from the Olympics and Super Bowl, increased 4%, reflecting higher pricing and a growing contribution from Peacock, which was partially offset by linear ratings declines.

剔除奧運貢獻後，發行收入成長8.5%，主要得益於Peacock付費用戶成長以及旗下各頻道（受合約費率上漲影響）的成長，但部分被傳統電視用戶下降所抵消。剔除奧運和超級盃貢獻後，廣告收入成長4%，主要得益於價格上漲以及Peacock貢獻的成長，但部分被傳統電視收視率下降所抵消。

Media EBITDA decreased 21% to $1.2 billion in the first quarter, including a $456 million EBITDA loss at Peacock. Excluding Peacock, Media EBITDA decreased 7.7%, reflecting higher programming and production costs associated with our broadcast of the Beijing Olympics and Super Bowl as well as higher costs driven by the return of our full primetime schedule compared to last year when our schedule was impacted by COVID-19. We continue to expect Peacock's EBITDA loss will be roughly $2.5 billion for the year. However, taking into consideration the timing of content launches, consistent with what Brian mentioned, we would expect losses to be higher in the second half of the year.

第一季媒體業務的 EBITDA 下降 21% 至 12 億美元，其中包括 Peacock 平台 4.56 億美元的 EBITDA 虧損。若不計入 Peacock 的虧損，媒體業務的 EBITDA 下降 7.7%，這反映出與北京奧運會和超級碗轉播相關的節目製作成本上升，以及與去年受新冠疫情影響而導致的黃金時段節目全面恢復後成本增加。我們仍預期 Peacock 全年的 EBITDA 虧損約為 25 億美元。然而，考慮到內容上線的時間安排（正如 Brian 所提到的），我們預計下半年的虧損將會更大。

Moving next to Studios. Revenues increased 15% to $2.8 billion, driven by higher content licensing and theatrical revenue, but EBITDA declined 51% to $245 million. The decline in EBITDA primarily reflects a difficult comparison to last year's first quarter, which benefited from a licensing deal with Peacock, including exclusive streaming rights for The Office, with an offsetting adjustment reflected in NBCUniversal's eliminations. The remainder of the EBITDA decline reflects higher marketing costs ahead of numerous film releases planned for the second quarter, including Jurassic World: Dominion, Ambulance and Bad Guys.

接下來是影業。營收成長15%至28億美元，主要得益於內容授權和院線收入的成長，但EBITDA下降51%至2.45億美元。 EBITDA下降的主要原因是與去年第一季相比基數較高，去年同期受益於與Peacock達成的授權協議，包括《辦公室》（The Office）的獨家串流播放權，但NBC環球的抵銷調整抵消了部分收益。 EBITDA下降的其餘部分則反映了第二季多部影片上映前行銷成本的增加，這些影片包括《侏羅紀世界：統治》（Jurassic World: Dominion）、《救護車》（Ambulance）和《壞傢伙們》（Bad Guys）。

Last, at Theme Parks, revenue increased by $941 million to $1.6 billion, and we generated EBITDA of $451 million, reflecting improved results at each of our parks compared to last year when Orlando and Japan were operating at limited capacity and Hollywood was closed due to COVID-19. We continue to see exceptional demand at our domestic parks. Attendance was back to prepandemic levels, and we had strong growth in per caps, with Orlando generating its highest EBITDA on record for our first quarter.

最後，主題樂園業務方面，營收成長9.41億美元，達到16億美元，息稅折舊攤提前利潤（EBITDA）為4.51億美元。與去年同期相比，我們旗下各主題樂園的業績均有所提升。去年同期，奧蘭多和日本主題樂園因疫情限制客流量，好萊塢主題樂園則因疫情關閉。我們持續看到國內主題樂園需求旺盛。遊客人數已恢復至疫情前水平，人均客流量也實現了強勁增長，其中奧蘭多主題公園第一季的息稅折舊攤銷前利潤更是創歷史新高。

COVID impacts in the quarter were more pronounced internationally. Universal Studios Japan's results were impacted by capacity restrictions, which were in place for most of the first quarter. These restrictions were lifted at the end of March. And over the last month, we have seen a very strong rebound with attendance currently above prepandemic levels. At Universal Beijing, which opened in September of last year, demand from our guests was high, but overall attendance was impacted by COVID and related travel restrictions. Despite that, Beijing only contributed a slight EBITDA loss in the quarter.

本季新冠疫情對國際市場的影響更為顯著。日本環球影城的業績受到客流量限制的影響，這項限制措施在第一季的大部分時間都有效。這些限制措施已於3月底解除。過去一個月，我們看到客流量強勁反彈，目前已超過疫情前的水平。北京環球影城去年9月開業，遊客需求旺盛，但整體客流量受到新冠疫情及相關旅遊限制的影響。儘管如此，北京環球影城本季僅略微虧損了EBITDA。

Now let's turn to Slide 7 for Sky, which I will speak to on a constant currency basis. For the first quarter, Sky revenue of $4.8 billion was consistent with the same period last year as solid growth in the U.K. was offset by our results in Italy, where we continue to transition through the reset in our Serie A broadcast rights, which we won't begin to lap until the back half of this year. Direct-to-consumer revenue was also consistent year-over-year, reflecting growth in the U.K., where we continue to have healthy customer additions and grew direct-to-consumer revenue by mid-single digits, driven by an increase in video revenue, including higher revenue from pubs and clubs, streaming and premium TV as well as healthy increases in broadband and wireless revenue.

現在我們來看投影片7，關於Sky的業績，我將以固定匯率為基礎來講解。第一季度，Sky的營收為48億美元，與去年同期持平。英國市場的穩健成長被義大利市場的業績所抵消，我們在義大利的意甲轉播權調整仍在進行中，預計要到今年下半年才能完成。直接面向消費者的收入也與去年同期持平，這反映了英國市場的成長。在英國，我們持續保持健康的客戶成長，直接面向消費者的收入實現了中等個位數的成長，這主要得益於視訊收入的成長，包括來自酒吧和俱樂部、串流媒體和付費電視的收入增加，以及寬頻和無線收入的穩健成長。

This growth in the U.K. was mainly offset by lower revenue in Italy, where we continue to experience both customer losses and lower direct-to-consumer revenue, primarily due to the reset in our Serie A broadcast rights. Rounding out the rest of revenue at Sky, content revenue declined 14%, driven by the reset in sports licensing agreements in Italy and Germany. And advertising revenue increased 7.9% with healthy growth in the U.K., partially offset by a decline in Italy.

英國市場的成長主要被義大利市場收入的下降所抵消。我們在義大利持續面臨客戶流失和直接面向消費者收入下降的雙重困境，這主要是由於意甲轉播權的調整。在天空電視台的其他收入來源中，內容收入下降了14%，主要原因是義大利和德國體育賽事授權協議的調整。廣告收入成長了7.9%，其中英國市場成長強勁，但部分被義大利市場的下滑所抵銷。

Turning to EBITDA, Sky's EBITDA increased 71% to $622 million driven by our strong performance in the U.K. and improved results in Italy and Germany, where we benefited from lower sports programming costs due to resets in our sports rights.

從 EBITDA 來看，Sky 的 EBITDA 成長了 71%，達到 6.22 億美元，主要得益於我們在英國的強勁表現，以及在義大利和德國業績的改善。在義大利和德國，由於體育版權的重置，我們的體育節目製作成本降低，並從中受益。

Next, I'll discuss free cash flow and capital allocation on Slide 8. As I mentioned earlier, we generated $4.8 billion in free cash flow this quarter. Consolidated total capital increased 1.1%, reflecting increases at NBCU due to ramping construction at Epic Universe, a decrease at Sky and a relatively flat capital spending at Cable due to timing. For the year, we continue to expect Cable CapEx intensity to stay around 11% as we increase investment in our broadband network, and NBCUniversal CapEx related to the construction of EPIC universe to be up around $1 billion year-over-year.

接下來，我將在第8張投影片中討論自由現金流和資本配置。正如我之前提到的，本季我們產生了48億美元的自由現金流。合併總資本增加了1.1%，這主要反映了NBC環球因Epic Universe建設加速而增加的資本支出、Sky的資本支出減少以及有線電視業務因時間安排而相對持平。展望全年，我們預計有線電視業務的資本支出強度將維持在11%左右，因為我們將加大對寬頻網路的投資；而NBC環球與Epic Universe建設相關的資本支出將年增約10億美元。

Turning to capital allocation, as of today, we have repurchased $4 billion worth of our shares year-to-date, including $3 billion in the first quarter. In addition, dividend payments totaled $1.2 billion for a total return of capital in the first quarter of $4.2 billion.

就資本配置而言，截至今日，我們今年迄今已回購價值40億美元的股票，其中第一季回購了30億美元。此外，第一季共支付股利12億美元，資本總回報達42億美元。

And before I wrap up, I also want to spend a minute on the macro environment since inflation and interest rates are topical right now. There are certain areas of expense across each of our businesses that are impacted by inflation. Like other companies in our space, we're not entirely insulated from that. However, the overall impact to our financials has been limited. Overall energy costs make up about 1% of our total company's operating expenses. Also, we are more than offsetting any pressure on wages and other areas of expense through the continuing efforts to implement operational efficiencies, helping us protect the healthy margins across our businesses.

在結束之前，我還想花一點時間談談宏觀環境，因為通貨膨脹和利率目前是熱門話題。我們各項業務的某些支出領域都受到通貨膨脹的影響。和其他同行業的公司一樣，我們也無法完全免受其影響。然而，通貨膨脹對我們財務狀況的整體影響有限。能源成本約占公司總營運支出的1%。此外，我們透過持續努力提高營運效率，有效抵銷了薪資和其他支出領域的壓力，從而幫助我們維持了各項業務的健康利潤率。

Lastly, our balance sheet is very well-positioned with about 95% of our debt based on fixed rates, a debt portfolio with a weighted average time to maturity of approximately 18 years and a weighted average interest rate of 3.47%. We ended the quarter with net leverage at 2.3x and still expect to remain around 2.4x leverage going forward.

最後，我們的資產負債表狀況非常良好，約95%的債務為固定利率，債務組合的加權平均到期時間約為18年，加權平均利率為3.47%。本季末，我們的淨槓桿率為2.3倍，預計未來仍將維持在2.4倍左右。

So with that, thanks for joining us on the call this morning. I'll turn it back to Marci, who will lead the question-and-answer portion of the call.

那麼，感謝各位今天上午參加我們的電話會議。接下來我將把發言權交還給馬爾西，她將主持問答環節。

Thanks, Mike. Operator, let's open the call for questions, please.

謝謝，麥克。接線員，現在開始接受提問。

(Operator Instructions) Our first question comes from Ben Swinburne from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的本·斯溫伯恩。

Brian, could you talk a little bit about your decision to create this joint venture with Charter versus sort of going at it, just Comcast alone? It seems like aggregation is a huge opportunity, but JVs can be tricky to operate. How do you set it up for success? And is there a way to frame the benefit to Comcast over the next couple of years as this JV sort of goes to market more aggressively next year?

布萊恩，可以談談你為什麼決定與Charter成立合資企業，而不是單獨由Comcast單幹嗎？聚合業務似乎是一個巨大的機遇，但合資企業的營運可能很棘手。你如何確保合資企業成功？未來幾年，隨著這家合資企業明年更積極拓展市場，Comcast又能從中獲得哪些好處？

And then, Dave, on broadband, I think this is the first quarter you sort of highlighted incremental competitive pressure on gross adds. Was there a change in the quarter? And can you just talk about sort of how you're thinking about customer segmentation, if there's any change to your appetite to take rate in order to sort of manage through the competitive environment.

戴夫，關於寬頻，我想這是你第一次在這個季度強調新增用戶面臨的競爭壓力。這個季度情況有變化嗎？你能否談談你如何看待顧客細分，以及為了因應競爭環境，你的使用者成長速度是否有所調整？

So let me start, and thanks, Ben. Look, I think that working with Charter, first of all, they bring terrific markets that we don't operate in. And so taking from the perspective of people who might want to take advantage of our platform that we will together have created, will create and roll out. Whether that's a hardware company, a software company or some new creation, they're going to want national scale and frankly, an international platform.

那麼，讓我先開始吧，謝謝本。首先，我認為與Charter合作，他們能為我們帶來我們目前尚未涉足的優質市場。其次，從那些可能想要利用我們共同創建並推廣的平台的人的角度來看，無論是硬體公司、軟體公司還是其他新興企業，他們都需要全國規模，坦白說，他們想要的是一個國際化的平台。

That's who the competitive set is, and being able to enable people's businesses to ride on those platforms and create value for our shareholders and Charter shareholders, I think, is the big picture. We've done this work with Charter before. When you go to your question about joint ventures versus doing it alone, obviously, there's pros and cons, but when another party brings something you don't have, that makes it a pro. We've done this successfully, maybe highlight the Mobile business that we both have now jumped started very successfully and was -- is one a real standout this quarter with our best net add quarter.

這就是我們的競爭對手，而能夠幫助人們的企業借助這些平台發展，並為我們的股東和Charter的股東創造價值，我認為這才是關鍵所在。我們之前就和Charter合作過。至於你問的合資企業和獨立運營哪個更好，顯然各有利弊，但當另一方能帶來你所不具備的優勢時，那就是優勢所在。我們已經成功地做到了這一點，例如我們雙方都成功啟動的行動業務，該業務在本季度表現尤為突出，實現了我們有史以來最佳的淨增長。

Business services. As we go upmarket to -- ultimately to the enterprise market and to large organizations, it was important that we find ways to have one-stop shopping for those companies. That's -- we've successfully done that with Charter and others. Advertising, same thing with local JVs and national JVs to be able to deliver to advertisers. So we have a long history of successfully finding ways to be catalysts for growth.

商業服務。隨著我們逐步拓展高端市場，最終目標是企業市場和大型機構，為這些公司提供一站式服務至關重要。我們已經成功地與Charter等公司實現了這一點。廣告方面，我們也透過本地合資企業和全國性合資企業為廣告商提供服務。因此，我們擁有豐富的經驗，能夠有效地推動業務成長。

And then finally, a point that's a little longer than 2 years, but one of the great things about our industry over the last several decades is how we keep reinventing the businesses we're in. And it's pretty important, I think, to continue to find new growth avenues. And so I look at our innovation that we've been doing at Comcast and now with Sky on a global basis to being able to continue to invest to have the reach and to have a continued hope for new revenue sources in the years ahead, these are the kind of steps you have to make now to make -- to see those dividends down the road. Dave?

最後，我想說一點，雖然時間跨度超過兩年，但過去幾十年來我們這個行業最棒的一點就是我們不斷地重塑自身業務。我認為，持續尋找新的成長途徑至關重要。因此，我認為，我們在康卡斯特（Comcast）以及現在在全球範圍內與天空電視台（Sky）合作進行的創新，以及我們能夠持續投資以擴大覆蓋範圍並在未來幾年持續尋找新的收入來源，這些都是我們現在必須採取的措施，才能在未來看到回報。戴夫？

Just a quick comment on that. I think we are -- as Brian said, we're really excited about this partnership and being able to leverage a decade-plus of innovation around the tech platform. And we're already performing very well.

關於這一點，我簡單說幾句。正如布萊恩所說，我們對這次合作感到非常興奮，能夠利用我們十多年來在科技平台上的創新成果。而且，我們目前的業績已經非常出色。

Just to put things in perspective, we do with -- you combine everything that we do with Sky across our entire portfolio. We do 5 billion streams a week of the streaming content. And voice remote commands, we do 40 million voice commands a day. So it's just we have a wonderful platform. Now we have a wonderful partner, as Brian said, being able to pull things off with. And now I think the scale matters. So excited about the future of that.

為了讓大家更清楚地了解情況，我們——把我們與Sky合作的所有業務加起來——每週串流內容播放量高達50億次。語音遙控方面，我們每天處理4000萬條語音指令。所以我們擁有一個非常棒的平台。正如Brian所說，我們現在又有了一個非常棒的合作夥伴，能夠攜手共進。我認為規模至關重要。我對未來充滿期待。

So to your question on competition and just a couple of things. Yes, we have been in a competitive environment, going up against a variety of different service providers for quite a while. We've seen it and anticipate this when they launch. You have good visibility towards new footprint and launches. So there's been multiple cycles that we have competed in and gone everywhere from low-end pricing with DSL or DSL-like competitors to fiber launches in over 15 years now of fiber activity.

關於您提出的競爭問題，我只想簡單說幾點。是的，我們一直處於競爭激烈的環境中，與各種不同的服務提供者競爭已有相當長一段時間了。我們目睹了這種情況，並且能夠預見他們推出新服務時的競爭態勢。我們對新的服務覆蓋範圍和上線計劃有著清晰的了解。在過去的15年裡，我們經歷了多個競爭週期，從與DSL或類似DSL的競爭對手進行低端定價，到推出光纖網絡，我們涉足了各種領域。

So we think that the main thing that we're dealing with right now in this cycle, while there has definitely been an uptick in competitive activity with launches that have happened over -- throughout the last couple of years of new footprint, new launches between fiber and fixed wireless, the main thing in this case is our churn is at record lows. And it has been decreasing churn activity for over a long period of time, and it has continued. So this last quarter, it's record low quarter for any quarter.

所以我們認為，目前這個週期中我們面臨的主要問題是，儘管過去幾年光纖和固定無線網路的新覆蓋範圍和新服務推出確實加劇了競爭，但關鍵在於我們的客戶流失率處於歷史低點。而且，客戶流失率已經持續下降了很長一段時間，而且還在持續下降。上個季度更是創下了歷季以來的新低點。

So -- but having said that, we take it seriously, the competition. When you look at the amount of footprint that has continued over the last year-plus. And with fixed wireless and fiber, we have a real game plan that we've had and added to over time, where we've segment the marketplace; we compete at a very granular basis going where there's new launches and focus on leveraging every product that we have; and most certainly, we're playing offense with Mobile. So we have great broadband, and it kind of goes towards pricing that when we segment the marketplace, we have granular approaches towards competing and then being able to have multiple tiers of great broadband, and really focus on the strength of our network that is ubiquitous.

所以——但話說回來，我們非常重視競爭。看看過去一年多來我們持續擴大的網路覆蓋範圍就知道了。在固定無線和光纖方面，我們制定了一套切實可行的策略，並隨著時間的推移不斷改進。我們對市場進行了細分；我們採取非常精細的競爭策略，專注於新產品的發布，並充分利用我們現有的每一款產品；當然，我們在行動領域也採取了積極的進攻策略。我們擁有卓越的寬頻服務，這在一定程度上影響了我們的定價策略。當我們細分市場時，我們採取了精細化的競爭策略，從而能夠提供多層次的優質寬頻服務，並真正專注於我們覆蓋廣泛的強大網路。

We compete everywhere and have a multiple -- a variety of broadband packages, and we're not going to have trade-offs in the marketplace where it's a time-of-day trade-offs, geographic trade-offs and where they're at or not at or perhaps even peak-moment trade-offs. So we have a ubiquitous, consistent, great network that we'll go to market with that we have.

我們面對所有市場競爭，提供多種寬頻套餐，不會像其他市場一樣，因時段、地理、網路覆蓋範圍或尖峰時段等因素而做出取捨。我們擁有覆蓋廣泛、穩定可靠且卓越的網絡，並將以此為賣點進軍市場。

And so yes, there's been most certainly an uptick in competitive performance, and we see that. We've anticipated it. But the main issues we believe are the macro issues that are move activities down, that has continued. And we have seen actually, in our footprint, the move activity in March was actually less -- continued to be less move activity change of address in March than it was in February. So we think those are the macro issues are the primary things. And in this cycle, we're well-positioned to compete, and we're going to compete aggressively.

所以，沒錯，競爭確實有所加劇，我們也看到了這一點，並且預料到了。但我們認為主要問題在於宏觀層面，即搬遷活動持續減少。事實上，在我們業務涵蓋的區域內，3月的搬遷活動（地址變更）比2月減少。因此，我們認為這些宏觀層面的問題是主要因素。在這個週期中，我們已做好充分準備參與競爭，並將積極展開競爭。

The next question comes from Doug Mitchelson with Credit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森。

I've got one for Dave, one for Jeff. Dave, how do you see wireless pricing and execution evolving? You're offering a pretty good deal for customers, even though your phone subsidies aren't as great as the big 3? But as you scale the business as you start to offload traffic, you're going to have more room, which you either drop to the bottom line or invest in scaling wireless more quickly. And given the broadband pressures you all discussed on the call, I'm just curious whether you think you get more aggressive investing in customer growth. And is there more ways for you to ramp customer growth even from these high levels? Or should rethink about it more as a driving profitability for the division? And then Jeff, sort of the obvious question, just any streaming strategy, we think, post-Netflix.

我有兩個問題，一個問Dave，一個問Jeff。 Dave，你覺得無線定價和執行方式會如何演變？你們為客戶提供的價格相當不錯，即使你們的手機補貼不如三大業者那麼高。但隨著業務規模的擴大，流量開始分流，你們會有更多空間，要麼降低成本，要麼加大對無線業務的投入，加快擴張。考慮到你們在電話會議上討論的寬頻壓力，我很好奇你們是否會加大對客戶成長的投資。即使在目前客戶數量已經很高的情況下，你們還有什麼方法可以進一步提升客戶成長嗎？或者你們應該重新思考，將客戶成長更多地視為推動部門獲利的關鍵因素？ Jeff，這個問題可能有點老生常談，我們覺得在Netflix之後，串流策略會如何發展？

Let me start, Doug, on Mobile. So I start with -- it was a great quarter, it's had another record in terms of mobile lines. So we absolutely believe our strategy and focus on accelerating growth in wireless is indeed working. And so over the last couple of years, we have evolved our approach, including expanding the MVNO agreement, worked on that, and that's been, I think, a boost. And we're fully integrating Mobile and one of the most important things into everything we do at Cable. We're leaning in on marketing. We're playing offense with Mobile in terms of how we talk about it, attracting new customers in consideration and with our customer base. So every single sales channel has been activated at this point.

道格，我先來說說行動業務。首先，這個季度業績非常出色，行動線路數量再次創下新紀錄。因此，我們堅信，我們專注於加速無線業務成長的策略確實奏效。過去幾年，我們不斷改進策略，包括擴大行動虛擬網路營運商（MVNO）協定的覆蓋範圍，我認為這起到了推動作用。我們正在將行動業務全面整合到有線電視業務的各個環節，並將其作為最重要的組成部分之一。我們加強了行銷力度，在行動業務的宣傳推廣方面採取積極主動的策略，吸引新客戶，並充分利用現有客戶群。目前，我們已經啟動了所有銷售管道。

So yes, this year, we're going to continue to make adjustments with Mobile. We're leveraging the -- still the new unlimited pricing. We have a great mix between that and by the gig. And we're converging broadband with Mobile. And when you take both, there's just more value for the customer. And we think that this converged packaging approach, really putting the emphasis in terms of service value, is the key.

是的，今年我們將繼續調整行動業務。我們將繼續推行新的無限流量套餐。我們目前提供無限流量和按流量計費兩種模式，並實現了兩者的完美結合。同時，我們也在將寬頻與行動業務融合。當兩者結合使用時，客戶就能獲得更高的價值。我們認為，這種融合套餐模式，真正強調服務價值，才是關鍵。

We come in and out of offers, and there will be, in any given moment where the new product introduction, an offer, a promotional offer around gift cards and different things that we do on handsets. But the main point for us, and I think it's proven with our results having good success that this works, is not to put the emphasis necessarily on the handset. So leaning in, see it in the results. And we also do a nice job with bring your own device and just have launched small business and Business Services. So a lot of runway left, I think, in Mobile.

我們會不時推出各種優惠活動，任何時候都會有新產品發布、促銷活動、禮品卡優惠以及其他針對手機的推廣活動。但對我們來說，關鍵在於（我認為我們所取得的成功也證明了這一點），我們不一定要把重點放在手機本身。所以，我們並沒有全力以赴，這一點可以從我們的業績看出。此外，我們在自備設備辦公室（BYOD）方面也做得不錯，而且最近還推出了小型企業和企業服務。因此，我認為移動領域還有很大的發展空間。

And in your point on the offload opportunity down the road, we already have a great network. And the great network, combined with the MVNO with Verizon, I think, is working. And for the majority of our footprint, this capital-light approach to Wireless is the right approach. We continue to be opportunistic, though, and we're prepared. We're doing technical trials and leveraging our spectrum in the offload traffic in high-dense areas, where that makes financial sense.

關於您提到的未來流量分流機會，我們已經擁有一個非常優秀的網路。我認為，這個優秀的網絡，再加上與Verizon的MVNO合作，正在發揮積極作用。對於我們大部分覆蓋區域而言，這種輕資產的無線營運模式是正確的。當然，我們也會繼續抓住機遇，也做好了準備。我們正在進行技術試驗，並在高密度區域利用頻譜資源分流流量，前提是這樣做在經濟上是合理的。

And so we're running trials, optimizing the approach and turned up our first -- as Brian said, first 5G radios at the beginning of February, employee trials are underway. So we'll be ready when and if this makes sense. But we are in a good position, and we'll just be opportunistic as we look at that down the road. So like our position, like the runway, plenty of upside. Jeff?

所以我們正在進行試驗，優化方案，並像布萊恩說的那樣，在二月初推出了首批5G無線電設備，員工試用正在進行中。所以，如果時機合適，我們會做好準備。但我們目前處境良好，未來我們會抓住機會。就像我們目前的狀況，就像跑道一樣，未來發展空間巨大。傑夫？

Thanks, Dave. Doug. So we've said from the beginning since we launched Peacock that we're taking a different approach than most of the other people in the streaming business. We don't view Peacock really as a separate distinct business. We think it's an extension of our existing TV business, and we manage it that way. That's how we set up our business. That's how we program it. That's how we sell advertising across both linear and Peacock.

謝謝，戴夫。道格。自從我們推出Peacock以來，我們就一直強調，我們採取的策略與大多數串流媒體公司不同。我們並不把Peacock視為一個獨立的業務。我們認為它是我們現有電視業務的延伸，我們也以這種方式進行管理。這就是我們建構業務的方式，也是我們制定節目內容的方式，更是我們透過傳統電視和Peacock平台銷售廣告的方式。

And I think that, that strategy is working. We had an exceptional quarter this quarter. We're very pleased with how we're ramping. We're pleased how we're ramping revenue. We're pleased with how we're ramping paid subs. We're very pleased with engagement, which was up this quarter. It's going to be, obviously, choppy depending on what programming comes in, what time. But I think our business model is clearly the right business model. Our approach, by the way, internationally, we're taking a different approach too, much more measured approach. We're focusing on Sky markets. And in non-Sky markets, we're looking for partnerships and unique ways to enter the market. So our business strategy is great for us. It's working. We're happy with the quarter. We're happy with how the business is scaling. And I think the noise in the rest of the Streaming business really, if anything, just validates where we're going.

我認為，我們的策略正在奏效。本季我們取得了卓越的成績。我們對業務成長速度非常滿意，包括收入成長、付費用戶成長以及用戶參與度（本季有所提升）。當然，節目內容和播出時間可能會帶來一些波動，但我認為我們的商業模式顯然是正確的。順便一提，我們在國際市場也採取了不同的策略，更加穩健。我們專注於Sky市場，而在非Sky市場，我們則尋求合作夥伴關係和獨特的市場進入方式。因此，我們的商業策略對我們來說非常有效，並且行之有效。我們對本季的業績以及業務的規模擴張感到滿意。我認為，其他串流媒體產業的種種爭議，恰恰印證了我們前進的方向。

I would also say that we've shown, as we ramp the business, that we're willing to be flexible and change our business model. As we see things evolve, we've shifted more towards a paid AVOD model when we saw that success early on. So obviously, as things change in the streaming market, we'll continue to evaluate and shift. But right now, we're really happy with our business model and how we're performing.

我想說的是，隨著業務的逐步拓展，我們也展現了靈活應變、調整商業模式的意願。隨著市場的發展，我們逐漸轉向付費AVOD模式，並在早期就看到了這種模式的成功。顯然，隨著串流媒體市場的變化，我們會持續評估並做出相應的調整。但就目前而言，我們對自身的商業模式和業績表現都非常滿意。

Our next question comes from Phil Cusick with JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

A follow-up and a question, if I can. So first, can we talk about anything to help us with recent trends in broadband and your thoughts on seasonality going forward into what used to be a weaker second quarter? I'm curious how many free customers didn't convert at the end of '21? And could that be part of what's been feeding the fixed wireless ecosystem? And then second on leverage. Not to be nitpicky, but leverages has continued down now 2.3x. You said you did $1 billion in April. But at this level on the stock, does it make sense to really accelerate that?

如果可以的話，我想問一個後續問題。首先，我們能否談談寬頻領域的最新趨勢，以及您對未來季節性因素的看法，尤其是在以往第二季通常較為疲軟的情況下？我很好奇2021年底有多少免費用戶沒有轉為付費用戶？這是否是推動固定無線生態系發展的原因之一？其次，關於槓桿率。我並非吹毛求疵，但槓桿率目前已持續下降至2.3倍。您提到4月的營收達到了10億美元。但就目前的股價而言，現在加速成長是否合理？

Maybe I'll jump in and just -- Dave just commented on competition and our approach in the market. In terms of the backward-looking stuff, I think we called out that the -- you should think about the normalized level of net adds in the first quarter at about a healthy 180,000. We had a transition impact in the net subs added in the first quarter just as we ended the COVID programs where people would come on, in some cases, free. But you recall what we did during COVID, we wanted to be conservative but appropriate in how we counted subs. So wherever we brought in a sub under some form of COVID relief program with the goal of keeping the population connected, to the extent it was free, we were clear we were not going to count them until they ended being on a free program and then started paying.

也許我可以插一句——戴夫剛才談到了市場競爭和我們的策略。就回顧過去的情況而言，我認為我們之前提到過——你應該看看第一季淨新增用戶數的正常水平，大約是18萬，相當可觀。第一季淨新增用戶數受到一些過渡性影響，因為我們結束了新冠疫情相關的項目，這些項目允許一些人免費加入。但你應該記得我們在疫情期間的做法，我們希望在統計用戶數量時既保守又恰當。因此，無論我們是透過某種新冠疫情救助計畫（旨在幫助人們保持網路連線）引入的用戶，只要是免費的，我們都會明確表示，只有在他們結束免費專案並開始付費後，才會將他們計入用戶數。

So consistently throughout COVID, that's the way we did it, and that's the way we ended it. So as the quarter last year ended, we put a stop to those programs. So the only -- the third that came in, in this quarter of folks that were free in the last quarter came on as free but began paying us. So I don't think we have any negative impact going forward. It's simply that there won't be any ongoing roll forward into the second quarter. It's all kind of cleans itself out in this first quarter.

所以，在整個新冠疫情期間，我們一直都是這麼做的，最後也是這樣結束的。去年第一季末，我們就停止了這些項目。因此，本季新增的三分之一用戶，也就是上季免費加入的用戶，後來開始付費。所以我認為，這不會對未來造成任何負面影響。只是不會有任何延續到第二季​​的情況。所有問題都會在第一季解決。

And the point I'd like to make just on the quality of the approach that we took is that you can sort of see that in the conservative way we counted subs throughout, allow -- the evidence of that quality is both the record low churn that we've demonstrated that Dave already commented on, together with the growth in ARPU throughout the period pre-, during and post-COVID. So I think really the point was just to make it clear that the COVID promotions came to end, and it just had a positive onetime impact in this quarter as you transition back to pre- COVID normal ways of counting subs.

我想強調的是我們採取的方法的品質。您可以看到，我們一直以來都採用保守的訂閱用戶統計方式，而這種方法的品質體現在我們創紀錄的低流失率上（戴夫已經提到過這一點），以及疫情前後ARPU（每用戶平均收入）的成長。所以，我認為重點在於明確疫情期間的促銷活動已經結束，並且隨著我們恢復到疫情前的正常訂閱用戶統計方式，本季度只產生了一次性的積極影響。

Let me -- and Mike said it perfectly. I think that one other point Phil, to your thing is that we have consistently segmented the marketplace and that we have had great offers in multiple segments and low-income constrained segments. We've done it for a long period of time. So everything that Mike said, but we're comfortable in terms of working with customers always. We always do that. So if there's -- if we have roll-offs and things like that, we've been doing this for a long period of time.

讓我說——麥克說得非常到位。菲爾，關於你提到的問題，我認為還有一點需要補充：我們一直以來都對市場進行細分，並在多個細分市場，包括低收入群體中，提供極具吸引力的產品和服務。我們長期以來一直這樣做。所以，麥克說的都對，但我們始終樂於與客戶合作。我們一直都是這樣做的。因此，如果出現—例如客戶流失之類的情況，我們長期以來都處理得非常得心應手。

So the only other thing in seasonality. I think there will be ongoing normalization around things like -- example is Florida. People will leave, what we're seeing just leaving a little bit early. And so that is going to happen over time, won't be a sudden onetime moment in seasonality, but it will just continue, we believe, to get back to some normal trending and student activity as well, so that's it. Mike, do you want to add?

所以，季節性方面唯一需要注意的就是這一點了。我認為像佛羅裡達州這樣的情況會逐漸恢復正常——例如人們會離開，我們現在看到的只是稍微提前了一些。這種情況會隨著時間的推移而發生，不會是季節性因素導致的突然事件，而是會持續下去，我們相信最終會恢復到正常的趨勢，學生的活動也會恢復正常。就是這樣。麥克，你還有什麼要補充的嗎？

And then back on buybacks. So I think we're pleased, as we said as we -- almost a year ago now are coming up on a year ago this quarter, when we got our leverage back where we wanted to the commitments to the rating we like and strength of balance sheet that we're glad to be back. And so this quarter, between buybacks of $3 billion and dividends of $1.2 billion, we were -- had a record quarter in the company's history in terms of dollars of capital return. So I think we're certainly informed as we go forward by where leverage is. And the fact that we ticked down a touch, I wouldn't put anything into that. It's a big -- there's a lot of moving parts as we forecast. And so we're going to stay around 2.4x, but around 2.4x, it could be 2.3x, it could be 2.5x, I would say we're sticking with -- we like leverage around that 2.4x level And obviously, we're partially informed as well by where the stock is. And so that gives us capacity. We stepped it up a little bit in the tail end of the last quarter. And as I said on the remarks, we continued at that pace doing another $1 billion so far in the second quarter.

然後我們又回到了股票回購的話題。正如我們之前所說，我們對此感到滿意——差不多一年前，也就是本季度，我們把槓桿率恢復到了我們預期的水平，這符合我們對評級的承諾，而且我們很高興看到資產負債表的穩健性。因此，本季度，我們透過30億美元的股票回購和12億美元的股息，實現了公司歷史上最高的季度資本回報。所以，我認為槓桿率的現狀無疑地對我們未來的發展起了指導作用。至於槓桿率略微下降，我不會對此過度解讀。正如我們預測的那樣，這是一個很大的變數。因此，我們將繼續把槓桿率維持在2.4倍左右，但也可能在2.3倍或2.5倍左右，我認為我們會堅持下去——我們喜歡2.4倍左右的槓桿率。當然，股價的走勢也在某種程度上影響著我們的決策。因此，這為我們提供了產能。我們在上一季末略微加快了產能。正如我剛才所說，我們保持了這一速度，第二季迄今又完成了10億美元的業務。

So the one thing I would just add -- this is Brian, is something that I'm proud of that I think we -- if you look for one of our goals is to grow your businesses. Every one of our businesses just reported that, think about the future by investing. And so we're -- whether it's the JV or the broadband investments, the Peacock investments, things we're doing at Sky. Buying back stock, increasing the dividend, we're doing all those things simultaneously. And I think that is something that differentiates us.

所以，我還要補充一點——我是布萊恩——我認為我們引以為傲的一點是，我們的目標之一就是發展業務。我們所有業務部門都剛發布了報告，強調要透過投資來展望未來。因此，無論是合資企業、寬頻投資、Peacock投資，或是我們在Sky所做的一切，例如回購股票、提高股息，我們都在同步進行。我認為這正是我們與眾不同之處。

Our next question is from Jessica Reif Ehrlich with BofA Securities.

下一個問題來自美國銀行證券的傑西卡·雷夫·埃爾利希。

Brian, you just said the company needs to reinvent or yourself or you do reinvent yourself, which you've done consistently over the years. So going back to video, how do you see video evolving for the company? If you take a holistic view, the legacy business is shrinking faster than I believe it ever has and the competitive landscape, obviously, is changing a lot. How do you think about repositioning your assets, whether it's from Cable to content? Do you need to increase your presence in news, sports, international, et cetera? And then, Jeff, international visitation, I think, is still pretty low. What is it normally and what is it now?

布萊恩，你剛才說公司需要轉型，或者說你需要轉型，而你這些年來也一直在轉型。那麼回到影片方面，你認為視訊業務對公司的發展有何影響？從整體來看，傳統業務的萎縮速度比以往任何時候都快，競爭格局顯然也正在發生巨大變化。你如何看待重新定位公司資產，例如從有線電視轉向內容？公司是否需要增加在新聞、體育、國際等領域的投入？還有，傑夫，我認為國際訪問量仍然很低。通常情況下是多少？現在又是多少？

Well, let me start, Jessica. Nice to hear your voice. I think we have a -- we've anticipated the changes in video pretty well. And on the one side, I think part of NBC's media results are that the decline is actually less because there are new ways for people to get video. And from the Cable side, we have our highest margins, our best quarter in EBITDA and revenues, and the companies continue to grow because we pivoted the strategy.

好的，潔西卡，我先來。很高興聽到你的聲音。我認為我們對影片領域的變革已經做出了相當不錯的預判。一方面，我認為NBC媒體業績的部分原因在於，由於人們有了更多獲取影片的途徑，其下滑幅度實際上有所收窄。另一方面，在有線電視方面，我們實現了最高的利潤率，EBITDA和營收也創下了歷史新高，而且由於我們調整了策略，公司仍在持續成長。

So -- and our satisfaction scores are at all-time highs. So we're giving customers choices, and we found a way to get ourselves to a place of unique and in difference, so that we're not trying to push something on to a customer that perhaps, it is a rock up a hill that we don't want to have to do. So that strategy has worked for us. So as I think forward, I think we believe aggregation is a real opportunity on to see customers who have now so many more choices. And there's -- they just want to get to the content they want really fast and in a seamless way and somebody who makes it work for them. And we're seeing viewing patterns change.

所以——我們的客戶滿意度分數達到了歷史新高。我們為客戶提供了多種選擇，並且找到了一種獨特且與眾不同的方法，這樣我們就不會強行向客戶推銷我們不想推銷的東西，就像強行舉起一塊巨石一樣。這種策略對我們來說非常有效。展望未來，我認為聚合是一個真正的機遇，因為客戶現在擁有了更多選擇。他們只想快速、無縫地獲取自己想要的內容，並且希望有人能幫助他們實現這一點。我們看到用戶的觀看習慣正在改變。

And we were just talking before the call about one of our shows on NBC at Peacock, The Thing About Pam. Not only that come out of the dateline franchise inside the NBC IP kind of redefined video, if you will, out of the News business and the Dateline franchise. The first airing, if you just went off a traditional television rating, you might have one conclusion. And as you've watched the show grow, now with on-demand, with Peacock and with NBC Dateline Special, and you put all that together, the show's really successful. So having a company that can do all those things across both on all of the platforms NBCUniversal has, has positioned us.

通話前，我們還在聊我們在NBC旗下Peacock平台播出的節目《潘姆的秘密》（The Thing About Pam）。這檔節目不僅源自NBC的《Dateline》系列，可以說是重新定義了影片內容，擺脫了新聞業的束縛，也突破了《Dateline》系列的限制。如果僅憑傳統的電視收視率來判斷首播結果，你可能會得出某種結論。但隨著節目的發展，如今有了點播服務、Peacock平台以及NBC Dateline Special特別節目，所有這些加起來，這檔節目取得了巨大的成功。因此，我們擁有一家能夠跨NBC環球旗下所有平台進行全方位營運的公司，這讓我們佔據了有利地位。

So I think we now take that, those kind of examples and figure out how, in this new partnership with Charter and across the NBC portfolio, and we find a way to continue to innovate and be relevant to the next generation and existing generation of television viewers. So I'm -- and then you put in place what Sky is doing with Sky Glass, and you see how it can be integrated into without any box right into your television, and that's what XClass can be. So I don't know, I think it's a pretty exciting road map ahead, definitely some change, and that's what I think our company has been pretty good at navigating. Jeff?

所以我覺得我們現在應該要參考這些例子，思考如何在與Charter以及NBC旗下所有頻道建立新的合作關係，找到持續創新、與新一代和現有電視觀眾保持聯繫的方法。例如，Sky的Sky Glass服務無需任何機上盒就能直接整合到電視中，這就是XClass的潛力所在。所以我覺得，未來的發展路線圖非常令人振奮，肯定會有一些變化，而我認為我們公司在這方面做得相當不錯。傑夫？

Yes, Jessica. So our Theme Park business, as you can see in the numbers, is absolutely performing great. And with that is your question, is the international visitation in our domestic parks is less than half of what it would normally be this time of the year for Orlando and California. And even given that our bookings going forward, looking at the summer, are at historic high levels.

是的，傑西卡。正如你從數據中看到的，我們的主題樂園業務表現非常出色。至於你的問題，我們國內主題樂園的國際遊客數量是否只有往年同期（奧蘭多和加州）的一半不到？即便如此，我們夏季的預訂量也達到了歷史新高。

And the one thing I would also add is while Japan doesn't have the same international visitation as Orlando, it does have international visitation and it is also seeing almost no international visitation. And it is returning to pre-pandemic levels without that international visitation, too, in Osaka. So we're very excited about our Theme Parks going forward.

我還要補充一點，雖然日本的國際遊客數量不如奧蘭多那麼多，但日本也有國際遊客，目前幾乎沒有國際遊客。大阪在沒有國際遊客的情況下，旅遊業也正在恢復到疫情前的水準。所以我們對未來主題樂園的發展前景非常樂觀。

And one of the things to note is we've invested in our attractions all during the pandemic. So international visitors who have delayed coming to our parks have a lot to experience when they -- when travel starts picking up. So we couldn't be more confident about it.

值得一提的是，我們在疫情期間一直持續投資興建遊樂設施。因此，那些因疫情而推遲前來我們樂園的國際遊客，在旅遊業復甦後將會有許多精彩體驗。對此，我們充滿信心。

Our next question comes from Craig Moffett with MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 Craig Moffett。

I want to stay with the broadband theme for a moment. You talked about the run rate absent the free customers converting would have been around 180,000. Can you talk about the market growth aspect of that, new household formation and in particular, sort of what you're seeing in your edge-outs and the pace at which you can extend your edge-outs to try to expand the footprint a little faster? And how much sort of -- I guess, how much of a floor you think that can put on your broadband growth rate going forward?

我想再談談寬頻這個話題。您提到，如果不考慮免費用戶轉化，年新增用戶數大約是18萬。您能否談談市場成長方面的情況，例如新家庭的組建，特別是您在邊緣擴展方面觀察到的情況，以及您擴展邊緣擴展的速度，以便更快地擴大覆蓋範圍？您認為這對未來的寬頻成長率有多大的限製作用？

Yes. Craig, this is Dave. So yes, on the front end in terms of the real trending of household formations, the thing that we're looking at is literally the change of address data that we stay focused on. And that's what has continued to tick down and even went further down in our footprint in March. So -- and we think there's an impact of household formation as well. So it is a good point in terms of footprint. We're very focused on our opportunities. And I think we've been pretty consistent with one new component to it, of the 3 main areas of opportunity.

是的，克雷格，我是戴夫。是的，就家庭組成的實際趨勢而言，我們關注的重點是地址變更資料。而這正是我們3月業務覆蓋範圍內持續下降甚至進一步下降的指標。所以——我們認為家庭組成也會產生影響。因此，就業務覆蓋範圍而言，這是一個重要的方面。我們非常關注自身的發展機會。我認為，在三大主要機會領域中，我們一直堅持不懈地推動一項新的措施。

One is just expanding footprint within our -- the traditional cable areas that we serve, and that's high amounts of residential, single-family MDUs and some commercial within our footprint. There's been some starts and some pauses within that in terms of new construction. But in general, we think over time, that works its way, will continue to pick back up. And the second thing are proactive builds, we call hyperbuilds, which is mostly commercial, but will drag in some opportunities in terms of MDUs and some resi.

一方面，我們正在擴大服務範圍，涵蓋我們傳統的有線電視服務區域，其中包括大量住宅、獨棟多戶住宅以及部分商業建築。在新項目方面，我們經歷了一些起步和停滯。但總的來說，我們認為隨著時間的推移，情況會逐漸好轉，並繼續回升。另一方面，我們積極推進一些建設項目，我們稱之為“超大型建設項目”，這些項目主要以商業為主，但也會帶動一些多戶住宅和部分住宅的建設。

And the third one is rural edge-outs. And those are the things that we've been focused on. Now there are opportunities to really play offense. And with the -- there are great programs that are available, federal and state, the subsidies that are available. And we're actively evaluating various potential opportunities and submitted a lot of applications where we've determined that this is going to provide a reasonable and economical way for us to serve these new areas. And so it's early, way early on these things, but we're having success, and we're getting some wins on these programs.

第三個面向是農村邊緣地區。這些正是我們一直在關注的重點。現在，我們有機會真正地積極行動。聯邦和州政府都提供了許多優秀的計畫和補助。我們正在積極評估各種潛在的機會，並提交了大量申請，因為我們認為這將為我們提供一種合理且經濟的方式來服務這些新地區。所以，現在還處於早期階段，但我們已經取得了一些成功，並在這些專案中取得了一些成果。

So I think, yes, this is going to be a constant focus for us to look for opportunities. We want to be the trusted partner for communities, and I think it will be competitive. A lot of people will be looking for these subsidies. But we're going to edge-out our properties and look to build out. When you look at a number, we did last year in '21, approximately a little over 800,000 new passings that we built. I think a safe way to look at it is we're at a minimum, we're going to shoot for that again. And hopefully, we'll have upside on that.

所以我認為，是的，這將是我們持續關注的重點，我們會努力尋找機會。我們希望成為社區值得信賴的合作夥伴，我認為這將是一個競爭激烈的領域。很多人都會尋求這些補貼。但我們會努力提升現有物業的檔次，並尋求進一步的開發。去年（2021年），我們新增了約80萬多條通行車道。我認為，保守估計，這只是一個最低目標，我們將繼續努力實現這個目標。而且，我們希望能夠超越這個目標。

Our next question comes from Brett Feldman with Goldman Sachs.

下一個問題來自高盛的布雷特·費爾德曼。

I'm actually going to follow up on the comments that Jeff was making earlier on the Parks. You noted that you're seeing great performance in Orlando and per caps up considerably. First, I was wondering if you might be willing to quantify that, the extent to which your per caps are stronger now relative to where they had been prior to the pandemic. And then bigger picture, Disney has spent a lot of time talking about steps they've taken over the last 2 years to position their Parks business to have a higher yield as we fully emerge from the pandemic. I was hoping maybe you could just elaborate a bit on some of the things you've done. You mentioned you've invested in new attractions. But are there other steps you've taken over the last 2 years or so that would lead you to believe that this improvement in per caps has a degree of durability to it, such that you will indeed be operating a higher-yielding business yourself whenever we're fully out of this?

我其實想就傑夫之前關於主題樂園的評論做個後續探討。您提到奧蘭多的業績非常出色，人均收入也大幅提升。首先，我想請您量化一下，目前的人均所得比起疫情前究竟提升了多少。其次，從更宏觀的角度來看，迪士尼過去兩年一直在強調他們為提升主題樂園業務收益所採取的措施，以確保疫情結束後業務能夠獲得更高的回報。我希望您能詳細闡述您採取的措施。您提到您投資了新的遊樂設施。但是，在過去兩年左右的時間裡，您是否還採取了其他措施，讓您相信人均收入的提升具有一定的可持續性，從而確保在疫情完全結束後，您能夠真正運營一個收益更高的業務？

Yes. Thanks, Brett. So I don't think I mentioned per caps. Our per caps actually are up from before the pandemic, but I was talking about attendance and mix of attendance. But the main thing we've done during the pandemic in our theme parks is we've continued to invest in them. So we added major attractions in all of our parks. We didn't really slow it down much during the pandemic. So VelociCoaster, our new rollercoaster in Orlando, has been just phenomenally successful. We added Nintendo in Japan, which is showing real strength, and we're really excited that we're going to be bringing that to Hollywood next year and then ultimately to Orlando. We added a Pets attraction in Hollywood.

是的，謝謝，布雷特。我想我之前沒提到人均客流量。實際上，我們的人均客流量比疫情前有所成長，但我當時說的是客流量和客流量組成。不過，疫情期間我們在主題樂園方面做的主要事情就是持續投資。我們在所有園區都新增了大型遊樂設施。疫情期間，我們並沒有大幅放緩投資步伐。例如，我們在奧蘭多新建的雲霄飛車「迅猛龍雲霄飛車」（VelociCoaster）就取得了巨大的成功。我們在日本新增了任天堂主題樂園，目前營運勢頭強勁，我們非常高興明年能把它帶到好萊塢，最終也會帶到奧蘭多。我們在好萊塢也新增了一個寵物主題樂園。

And of course, the biggest thing we're doing is we're building a new park, Epic Universe, down in Orlando, which is going to continue to add to our length of stay, and it's going to be anchored by that Nintendo land that I mentioned before, but also some of our other key attractions. So yes, our per caps are up. Yes, we cut costs in the business, which we've been pretty open about. But the main thing we did was continue to invest because we see -- we really are optimistic about that growth in that business going forward.

當然，我們目前最重要的項目是在奧蘭多建造一座新的主題樂園——史詩宇宙（Epic Universe），這將進一步延長遊客的停留時間。它以我之前提到的任天堂主題樂園為核心，同時也包含我們其他一些重要的景點。所以，是的，我們的人均收入有所成長。沒錯，我們也削減了營運成本，這一點我們一直都公開透明。但我們最重要的舉措是持續投資，因為我們對未來的業務成長充滿信心。

And your last question is from John Hodulik with UBS.

最後一個問題來自瑞銀集團的約翰‧霍杜利克。

Good. Maybe 2 quick ones. First for Brian. Obviously, a lot of dislocations in the market and a lot of media stocks have been under pressure, especially in the last couple of weeks. Can you give us a sense of how you're viewing sort of M&A opportunities? As was said in the previous question, you guys have always taken the opportunities to reposition the company as necessary. Do you see accretive value-creating opportunities in the market sort of more so now than maybe 6 months ago? That's number one.

好的。也許可以問兩個簡短的問題。首先問布萊恩。顯然，市場出現了許多動盪，許多媒體股都承受著壓力，尤其是在過去幾週。您能否談談您如何看待併購機會？正如上一個問題中提到的，你們一直以來都會抓住機會，並在必要時重新定位公司。您認為現在市場上是否有比六個月前更多的增值機會？這是第一個問題。

And then for Jeff, on Peacock. I guess, is the slowdown in net adds you guys are calling out just a function of coming off the Super Bowl and the Olympics? And then any impact from -- the strategy I hadn't heard before about putting the NBC broadcast on Peacock next day, any impact to your retransmission agreements as a result of that move?

然後是傑夫關於Peacock的問題。我想，你們提到的淨新增用戶放緩只是因為超級盃和奧運之後嗎？還有，我之前沒聽過的，把NBC的轉播放在Peacock第二天播出的策略，會不會對你們的轉播協議產生影響？

Thank you, John. No, I don't think there's any new things to report today. I think we're here to really focus on a great quarter and a great start to the year. Obviously, the strategy, I think Jeff said it well, that we employed and goes back a number of years that we just -- we have a company that has a lot of opportunities around the world. And I think we are pretty focused on those opportunities. You're always going to look at new things and changes in the situation, just as Jeff also said. But the main focus, and you take something like your last point on the Olympics, I used the one example on a television show. I just can't emphasize, even though the Olympics were really challenged and maybe weren't what we all had hoped for when we bought years ago with all the political activity around the world. The team, the storytelling, the heroic athletes, this company can do things no other company can do to present that using new technologies. And I think that's what puts us in a very special place. Jeff?

謝謝你，約翰。不，我覺得今天沒有什麼新消息要回報。我們今天主要關注的是我們出色的季度業績和良好的開局。顯然，正如傑夫所說，我們採取的策略可以追溯到幾年前，那就是——我們公司在全球擁有很多機會。我認為我們非常專注於這些機會。正如傑夫所說，你總是會關注新的事物和情況的變化。但主要關注點，例如你剛才提到的奧運會，我舉了一個電視節目的例子。我必須強調，儘管奧運會確實面臨諸多挑戰，而且由於世界各地政治局勢動盪，可能並沒有達到我們多年前收購時的預期，但團隊、故事講述、英雄運動員，我們公司能夠利用新技術，以其他公司無法做到的方式呈現這些內容。我認為這正是我們與眾不同之處。傑夫？

Yes. Just adding more color to Peacock. So our 4 big programming areas, and we've said this before, are sports movies; leveraging the strength of our movie studio, which is really strong; linear programming, as Brian talked about, with The Thing About Pam leveraging our linear programming on a nonlinear basis; and then originals. And so the first quarter was really the first time we employed some of those. So we had the Super Bowl and Olympics in the same week, as Brian mentioned at the top. And we also took advantage of that audience by putting a movie, Marry Me, on Valentine's Day, right in the middle of that. So we had 3 segments.

是的。我們只是想為Peacock平台增添更多色彩。我們之前也提到過，我們的四大節目類型是：體育電影；充分利用我們實力雄厚的電影工作室；線性節目，就像Brian提到的，比如《帕姆的秘密》這部劇就巧妙地運用了非線性模式；以及原創節目。第一季是我們首次嘗試運用這些模式。正如Brian開頭提到的，我們把超級盃和奧運安排在同一週播出。我們也利用這部分觀眾，在情人節當天播出了電影《嫁給我》，正好穿插在兩季賽事之間。所以我們一共安排了三個時段。

What was really encouraging about that is not only did we obviously add the subs we've talked about, the 4 million paid subs, but we -- 2 things. Number one, we didn't churn out of those subs. We maintained those subs as you saw in the quarter end numbers. And the second thing is we used all that audience to promote the first original that we really were high on, which was Bel-Air, and we had our first real hit from an original perspective.

真正令人鼓舞的是，我們不僅新增了先前提到的400萬名付費用戶，還有兩點。第一，這些用戶並沒有流失。正如你在季度末數據中看到的那樣，我們保持了這些用戶的數量。第二，我們利用所有這些用戶來推廣我們非常看好的首部原創劇集《貝萊爾》，而這部劇也成為了我們原創劇集中的首部真正意義上的熱門作品。

So the last piece of our programming strategy, which we really haven't employed yet, is the next-day programming from NBC, not just NBC, by the way, but Bravo and our cable networks as well. That programming, to your question, it currently exists, but it's on Hulu as part of our Hulu deal. And as part of our termination at the end of last year, we're bringing all of that programming from Hulu back to Peacock starting in September. There's no impact on retrans because it's the same programming that's already out there. But instead of going to Hulu and seeing The Voice the next day or Real Housewives the next day, now you'll be able to see it exclusively on Peacock starting in September, and we're pretty excited about it.

所以，我們節目策略的最後一部分，也是我們尚未真正實施的部分，就是NBC的隔天節目，順便一提，不只是NBC，還有Bravo和我們旗下的有線電視網。至於你問的，這些節目目前確實存在，但根據我們與Hulu的合作協議，它們在Hulu上播出。作為去年底終止合作協議的一部分，我們將從9月開始把所有這些Hulu上的節目重新搬回Peacock。由於這些節目本身就已播出，所以不會影響重播。但從9月開始，你無需再去Hulu觀看第二天播出的《美國之聲》或《真正的家庭主婦》，而是可以直接在Peacock上觀看，我們對此感到非常興奮。

Thanks, John, and that will end our First Quarter 2022 Earnings Call. I want to thank everyone for joining us.

謝謝約翰，我們的2022年第一季財報電話會議到此結束。感謝各位的參與。

Thank you. We have no further questions at this time. There will be a replay available of today's call starting at 12:00 p.m. Eastern. It will run through Thursday, May 5, at midnight Eastern time. The dial-in number is (855) 859-2056 and the conference ID number is 5683886. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

謝謝。目前我們沒有其他問題。今天的電話會議錄音將於美國東部時間中午12:00開始提供，並持續到5月5日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為5683886。電話會議錄音也將於今日美國東部時間下午12:30起在公司網站上提供。今天的電話會議到此結束。感謝各位的參與。請各位斷開連接。