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，早上好，歡迎參加康卡斯特 2022 年第一季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄音中。我現在將把電話轉給投資者關係執行副總裁 Marci Ryvicker 女士。請繼續，賴維克女士。

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.

謝謝運營商，歡迎大家。加入我今天上午的電話會議的還有 Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Dana Strong。 Brian 和 Mike 將發表正式講話，而 Dave、Jeff 和 Dana 也將參加問答環節。

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.

現在讓我向您推薦幻燈片 2，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包括前瞻性陳述，但會受到某些風險和不確定性的影響。此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。請參閱我們的 8-K 和趨勢時間表，了解這些非 GAAP 財務指標與 GAAP 的對賬情況。

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

有了這個，讓我把電話轉給布賴恩·羅伯茨徵求他的意見。布賴恩？

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，大家早上好。 2022 年開了個好頭。我們的每項業務都實現了調整後 EBITDA 的健康增長，促成了調整後每股收益的兩位數增長以及本季度顯著的自由現金流產生。我們實現了所有這一切，同時繼續長期投資於我們的業務，同時也增加了我們對股東的資本回報。

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.

我們公司一直處於連接和內容創新的最前沿。我們已經建立了一個領先的全球技術平台，如今該平台每週通過 Comcast、Sky 和我們當前的聯合合作夥伴提供 50 億條娛樂流和每天 4000 萬條語音命令。

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.

昨天的公告突出了我們所創造的價值。您可能知道，我們與 Charter 成立了一家合資企業，以在美國提供我們屢獲殊榮的語音控制流媒體平台，從 Flex 和 XClass TV 開始，並進一步開發這項技術。我們不僅將這些產品帶給數百萬更多的客戶，而且我們將為全新的收入機會打開大門。當您將 Charter 的足跡與我們目前在美國和加拿大的聯合合作夥伴、我們通過沃爾瑪和 Sky 進行的零售分銷（基本上使用相同的技術）結合起來時，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.

這種合資是雙贏的。消費者將獲得我們久經考驗的世界級用戶和搜索體驗、簡單的內容導航以及流媒體市場的更多選擇。應用程序開發商、零售商和硬件製造商將可以使用 1 個平台和 1 套標準，以便在美國快速部署他們的產品。我們將能夠與我們熟悉的合作夥伴分享投資和創新。

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.

康卡斯特和查特在共同為消費者帶來新產品和技術方面有著良好的記錄。最值得注意的是，我們從 2018 年開始的移動運營合作夥伴關係使兩家公司能夠帶來更大的價值和人們喜愛的更好體驗。結果是一個更具競爭力的無線市場，我們提供的服務在所有其他移動提供商的客戶滿意度方面都被評為第一。

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 也從這家合資企業中受益，因為它將像今天在 X1 和 Flex 上一樣深度集成到平台中，這將有助於更快地擴大 Peacock 的客戶群並推動更高的參與度，從而為 NBCUniversal 帶來更大的貨幣化。在我們已經對我們的技術進行的投資以及我們在上次財報電話會議上提供的關於我們的編程投資計劃的指導方針內，我們正在做這一切。

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.

那麼讓我們回到我們在第一季度取得的成就。從寬帶開始。我們根據客戶和財務指標衡量我們的成功。雖然我們在當前環境中繼續積極競爭，但我們正在實現我認為在客戶獲取和長期盈利增長之間的正確平衡。您可以從我們第一季度的業績中看到，我們增加了 194,000 個客戶關係和 262,000 個寬帶用戶。在財務方面，Cable 產生了 5% 的收入和 6.5% 的調整後 EBITDA 增長，調整後的 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，它具有一定程度的靈活性，可實現快速創新，並將通過虛擬化得到進一步增強，這是我們最終向 DOCSIS 4.0 演進的重要墊腳石。我們通向無處不在、多演出、對稱速度的道路正在順利進行。在接下來的幾年中，當您將 Charter 和 Cox 共同納入時，有線電視行業將定位為通過基本相同的 DOCSIS 4.0 基礎設施為美國超過 1 億戶家庭提供多千兆、對稱速度。我們的競爭對手都不能說同樣的話。

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，我們不僅專注於擁有現代化的大容量網絡，更重要的是，我們還專注於為我們的客戶在家中提供尖端技術，以確保他們擁有最佳體驗，這結合了快速的速度、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.

在本季度，我們對 10G 設備進行了多次成功測試，並推出了我們最新、最強大的 xFi 網關，它將家庭帶寬增加了 3 倍，是迄今為止唯一可以支持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.

我們還通過與移動設備捆綁來提高 Xfinity 寬帶的價值，以巨大的價值為我們的客戶提供一種關係的便利性，以實現他們的所有連接。這有助於進一步提高寬帶保留率，並在線路淨增加方面為 Xfinity Mobile 提供有史以來最好的季度。

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 Verizon 擁有出色的無線業務和 MVNO 合作夥伴，並且有機會在 Xfinity Mobile 長期進一步提高我們的經濟效益。例如，我們對部署頻譜以潛在地卸載無線流量的測試進展順利。在本季度，我們推出了第一款 5G 無線電，我們將在 6 月啟動員工現場測試。退一步說，所有這一切的基本主題和我們戰略的核心是我們將客戶放在首位，這推動了我們強勁的財務業績。我們已經進行和繼續進行的投資明確旨在增強與我們的產品和服務相關的每個人的體驗。為此，我們剛剛在第一季度獲得了有史以來最高水平的客戶滿意度。我們在減少代理處理交互和上門服務方面保持了積極趨勢，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.

所以讓我們切換到 NBCUniversal。我們在第一季度發生了很多令人興奮的事情。我們歷史上第一次在同一周播出超級碗和奧運會，肯定了我們在製作方面的專業知識。在那段時間裡，我去了我們在康涅狄格州斯坦福德的工廠。不得不說，整個團隊的辛勤工作和24/7全天候工作，與北京一起工作，在康涅狄格州為奧運會提供無縫轉播，給我留下了深刻的印象。當我們認為我們的廣播業務會在那裡時，我們將我們的一些設備發送到中國，並且在飛行中，我們必須想出新的方式來播放這個特殊事件，並且不讓消費者知道正在發生的事情。令人驚訝的是，該團隊管理複雜性的能力如何，為數億觀眾提供了令人難以置信的高質量產品。我認為這將有助於在未來幾年創新體育製作。

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.

我們從上屆奧運會中學到了很多關於流媒體的知識。因此，當談到北京時，我們在 Peacock 上提供了大大改進的體驗，它首次分享了每一個活動，推動了顯著的參與度。對於 Peacock 來說，確實是一個特殊的季度，其他大型體育賽事和內容髮布，包括超級碗，Bel-Air 的首次亮相，我們迄今為止最成功的原創作品，以及 Marry Me 的每日發布。重要的是，在如此集中的時間內播出所有這些特殊內容後，我們的服務留存率遠高於我們的預期。到第一季度末，我們增加了 400 萬付費用戶，在美國擁有超過 1300 萬付費用戶和 2800 萬月活躍賬戶。我們看到參與小時數同比增長 25%。鑑於我們內容的自然潮起潮落，我們預計不會在每個季度看到這種類型的增長。我們剛剛將付費用戶總數擴大了 40% 以上。因此，我們預計在今年下半年之前，用戶將獲得更溫和的增長。

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.

我們的第四節應該會有精彩的體育賽事，如周日晚上足球、英超聯賽和世界杯；付費獲得頂級通用標題，例如“小黃人：格魯的崛起”和“侏羅紀世界：統治”；吸血鬼學院等原創系列；從今年秋天開始，孔雀將首次成為 NBC 次日廣播的獨家主播。我們的流媒體戰略是差異化的、獨特的，因為 Peacock 是我們現有視頻業務的自然延伸，具有 2 個收入來源，並且在各個方面都完全整合，無論是節目製作、交叉推廣還是廣告。 Peacock 在我們的生態系統中建立觀眾、擴展我們的影響力並創造新的消費者體驗，這將使視頻成為 NBCUniversal 的主要長期增長動力。

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，我們談論得不夠多的業務是主題公園，那裡的複蘇繼續令人驚嘆。我對我們在大流行期間開放的新景點感到特別興奮，我們的許多客人現在能夠第一次體驗這些景點，例如日本的超級任天堂世界、奧蘭多令人驚嘆的 VelociCoaster；好萊塢的寵物，當然還有北京環球影城。我們的投資正在顯著擴大我們主題公園業務的潛力，這在未來幾年仍將是一個重要且令人興奮的增長引擎。

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，康卡斯特在 EBITDA 增長方面確實處於獨特的地位，產生了強勁的自由現金流，同時對長期增長計劃進行了重要的有機投資，並增加了我們對股東的資本回報，本季度總計 42 億美元。 30 億美元的回購和 12 億美元的股息相結合，是我們歷史上任何季度的最大資本回報。

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

所以在第一季度有了一個良好的開端，我現在想把它交給邁克。

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，布賴恩，大家早上好。我將從幻燈片 4 開始，介紹我們第一季度的 2022 年合併財務業績。收入增長 14% 至 310 億美元，調整後 EBITDA 增長 9% 至 92 億美元，調整後每股收益增長 13% 至每股 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.

現在讓我們轉向我們的業務部門業績，從幻燈片 5 上的有線電視通信開始。有線電視收入增長 4.7% 至 165 億美元，調整後 EBITDA 增長 6.5% 至 73 億美元，淨現金流增長 8.3% 至 56 億美元。在過去的 12 個月中，我們的客戶關係增加了 913,000 個，第一季度淨增加了 194,000 個。總體而言，客戶增長由寬帶推動，過去 12 個月淨新增住宅和商業客戶 110 萬，第一季度增加 262,000。本季度的結果反映了與歷史水平相比，與移動相關的活動持續較低，以及競爭活動水平的上升導致連接量減少。與此同時，我們繼續體驗到非常高的客戶保留率，本季度的結果產生了有史以來最低的客戶流失率。事實上，儘管客戶群增加了近 17%，但與 2019 年第一季度相比，我們本季度斷開連接的客戶更少。

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.

在整個大流行期間，我們提供了各種計劃來幫助我們的客戶保持聯繫。我們的一些參與客戶免費獲得了我們的服務，因此不包括在我們的訂戶總數中。年底，我們結束了這些與 COVID 相關的計劃，在第一季度產生了收益。我們估計這種變化約占我們第一季度淨增加的 1/3，而這種好處包含在第一季度。

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.

轉向財務。有線電視的收入增長 4.7% 是由寬帶、商業服務、無線和廣告收入推動的，但部分被視頻和語音收入的下降所抵消。寬帶收入增長了 8%，這得益於過去 12 個月的強勁客戶增長以及本季度每位客戶的平均收入增長近 4%。

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.

商業服務收入增長 10.6% 或約 6%，不包括去年第四季度初完成的對 Masergy 的收購。這種健康的有機增長是由每位客戶的平均費率和我們的客戶群的增長推動的，在過去的 12 個月中增加了 61,000 人，第一季度增加了 9,000 人。

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。收入增長 32%，主要受服務收入的推動，而服務收入受客戶線增長的推動。總體而言，我們在過去 12 個月增加了 120 萬條線路，其中本季度增加了 318,000 條線路，這是我們自 2017 年推出這項業務以來連續第五個季度取得的最佳成績。

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.

廣告收入增長 8.6%，反映了虛無和高級廣告的更高政治和兩位數增長。視頻方面，收入下降 1.5%，原因是過去 12 個月客戶淨損失總計 170 萬，其中本季度為 512,000，部分被今年年初住宅費率上漲導致的每位客戶平均收入增加所抵消。

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 個月共損失 725,000 名客戶，其中本季度淨損失 282,000 名，反映了我們轉向更融合的寬帶移動產品。

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.

轉向開支。 Cable Communications 第一季度的開支增長了 3.3%。節目費用下降 1.1%，反映了視頻客戶的減少，部分被較高的費率所抵消。非編程費用增長 6.3%，反映了對我們增長業務的投資，包括寬帶、無線和商業服務；與我們最近收購 Masergy 相關的費用；以及其他費用的增加，主要是由於壞賬恢復到更加正常的水平。這些較高的成本被客戶服務費用的下降部分抵消，反映了業務活動水平的降低以及客戶體驗計劃的改善。

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.

Cable Communications 本季度的 EBITDA 增長 6.5% 至 73 億美元，Cable EBITDA 利潤率達到 44%，同比增長 80 個基點。我們相信，通過繼續投資於我們的增長業務，我們正在取得適當的平衡，這些業務正在推動收入增長並證明對我們來說是一個巨大的回報，同時繼續提高我們的運營效率並消除不必要的成本。

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.

現在讓我們轉到 NBCUniversal 的幻燈片 6。從 NBCUniversal 的總成績開始。收入增長 47% 至 103 億美元，EBITDA 增長 7.4% 至 16 億美元。媒體收入增長 36%，達到 69 億美元，其中 Peacock 收入在本季度同比增長超過 5 倍，達到 4.72 億美元。正如布賴恩之前提到的，我們同時播出了奧運會和超級碗，它們共同為媒體收入貢獻了 15 億美元的增量。剔除這些事件，媒體收入增長了 6.9%，這得益於較高的發行和廣告收入。

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.

分銷收入（不包括奧運會的貢獻）增長 8.5%，反映出 Peacock 的增長是由付費用戶和我們的網絡增加推動的，反映出更高的合同費率，部分被線性用戶下降所抵消。廣告收入（不包括奧運會和超級碗的貢獻）增長了 4%，這反映了更高的定價和 Peacock 的貢獻增加，這部分被線性收視率下降所抵消。

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.

媒體 EBITDA 第一季度下降 21% 至 12 億美元，其中 Peacock 的 EBITDA 虧損 4.56 億美元。不包括孔雀，媒體 EBITDA 下降 7.7%，反映了與我們的北京奧運會和超級碗轉播相關的節目和製作成本增加，以及與去年我們的時間表受到影響2019冠狀病毒病。我們繼續預計 Peacock 全年的 EBITDA 虧損約為 25 億美元。然而，考慮到內容髮布的時間，與布萊恩所說的一致，我們預計下半年的虧損會更高。

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.

搬到工作室旁邊。由於內容許可和影院收入增加，收入增長 15% 至 28 億美元，但 EBITDA 下降 51% 至 2.45 億美元。 EBITDA 的下降主要反映了與去年第一季度的艱難比較，後者受益於與 Peacock 的許可協議，包括 The Office 的獨家流媒體權利，抵消調整反映在 NBCUniversal 的淘汰中。 EBITDA 下降的其餘部分反映了在計劃於第二季度上映的眾多電影之前較高的營銷成本，包括侏羅紀世界：統治、救護車和壞人。

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，在主題公園，收入增加了 9.41 億美元，達到 16 億美元，我們產生了 4.51 億美元的 EBITDA，這反映了與去年奧蘭多和日本的運營能力有限以及好萊塢因2019冠狀病毒病。我們繼續看到國內公園的異常需求。出勤率恢復到大流行前的水平，我們的人均收入強勁增長，奧蘭多在第一季度創造了有記錄以來的最高 EBITDA。

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.

本季度的 COVID 影響在國際上更為明顯。日本環球影城的業績受到產能限制的影響，第一季度的大部分時間都實施了產能限制。這些限制已於 3 月底解除。在過去的一個月裡，我們看到了非常強勁的反彈，目前上座率高於大流行前的水平。在去年 9 月開業的北京環球影城，我們客人的需求很高，但總體上座率受到 COVID 和相關旅行限制的影響。儘管如此，北京在本季度僅貢獻了輕微的 EBITDA 虧損。

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.

現在讓我們轉到 Sky 的幻燈片 7，我將在固定貨幣的基礎上進行討論。第一季度，Sky 的 48 億美元收入與去年同期持平，因為英國的穩健增長被我們在意大利的業績所抵消，我們在意大利繼續通過重置意甲轉播權進行過渡，我們贏得了直到今年下半年才開始跑圈。直接面向消費者的收入也與去年同期保持一致，這反映了英國的增長，在視頻收入增長的推動下，我們繼續擁有健康的客戶增加，直接面向消費者的收入增長了中個位數，包括來自酒吧和俱樂部、流媒體和優質電視的更高收入，以及寬帶和無線收入的健康增長。

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.

英國的這一增長主要被意大利收入的下降所抵消，我們繼續經歷客戶流失和直接面向消費者的收入下降，這主要是由於我們的意甲轉播權的重置。在天空的其餘收入中，內容收入下降了 14%，這是由於意大利和德國體育許可協議的重置。英國的廣告收入增長了 7.9%，部分被意大利的下降所抵消。

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.

談到 EBITDA，Sky 的 EBITDA 增長了 71%，達到 6.22 億美元，這得益於我們在英國的強勁表現以及意大利和德國的業績改善，由於我們的體育權利重置，我們受益於較低的體育節目成本。

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，我將在幻燈片 8 上討論自由現金流和資本分配。正如我之前提到的，我們本季度產生了 48 億美元的自由現金流。綜合總資本增長 1.1%，這反映了 NBCU 的增長是由於 Epic Universe 的建設增加、Sky 的減少以及 Cable 的資本支出因時間安排而相對持平。今年，隨著我們增加對寬帶網絡的投資，我們繼續預計有線電視資本支出強度將保持在 11% 左右，而與 EPIC 宇宙建設相關的 NBCUniversal 資本支出將同比增長約 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.

談到資本配置，截至今天，我們已經回購了價值 40 億美元的股票，其中包括第一季度的 30 億美元。此外，第一季度的股息支付總額為 12 億美元，資本回報總額為 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，我還想花一分鐘時間了解一下宏觀環境，因為通脹和利率現在是熱門話題。我們每項業務的某些費用領域都受到通貨膨脹的影響。與我們所在領域的其他公司一樣，我們並非完全不受此影響。然而，對我們財務的整體影響是有限的。總體能源成本約占我們公司總運營費用的 1%。此外，我們通過繼續努力提高運營效率來抵消工資和其他費用領域的任何壓力，幫助我們保護整個業務的健康利潤率。

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，我們的資產負債表處於非常有利的位置，大約 95% 的債務基於固定利率，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%。我們以 2.3 倍的淨槓桿率結束本季度，預計未來仍將保持在 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.

因此，感謝您今天早上加入我們的電話會議。我將把它轉回給 Marci，他將領導電話的問答部分。

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

謝謝，邁克。接線員，讓我們打開電話提問吧。

(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 Ben Swinburne。

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?

布賴恩，你能談談你決定與查特建立這家合資企業的決定，而不是獨自去康卡斯特嗎？似乎聚合是一個巨大的機會，但合資企業可能很難操作。您如何設置成功？隨著這種合資企業明年更積極地進入市場，有沒有辦法在接下來的幾年里為康卡斯特帶來好處？

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.

然後，戴夫，在寬帶方面，我認為這是您在第一季度強調對總增加量的增量競爭壓力。本季度有變化嗎？您能否談談您對客戶細分的看法，如果您對費率的胃口有任何變化，以便在競爭環境中進行管理。

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.

那麼讓我開始吧，謝謝，本。看，我認為與Charter合作，首先，他們帶來了我們沒有經營的極好的市場。因此，從可能想要利用我們將共同創建的平台的人們的角度來看，將會創建並推出。無論是硬件公司、軟件公司還是一些新創公司，他們都想要一個全國性的規模，坦率地說，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.

這就是競爭者，我認為，能夠讓人們的企業在這些平台上駕馭並為我們的股東和憲章股東創造價值是大局。我們之前已經與Charter 一起完成了這項工作。當你談到關於合資企業與單獨經營的問題時，顯然有利有弊，但當另一方帶來你沒有的東西時，這使它成為有利的。我們已經成功地做到了這一點，也許突出了我們現在已經開始非常成功地開始的移動業務，並且是本季度真正的佼佼者，擁有我們最好的淨增加季度。

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。當我們進入高端市場時——最終進入企業市場和大型組織，重要的是我們要找到為這些公司提供一站式購物的方法。那是——我們已經與Charter 和其他人一起成功地做到了這一點。廣告，與本地合資企業和國家合資企業一樣，能夠交付給廣告商。因此，我們在成功尋找成為增長催化劑的方法方面有著悠久的歷史。

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，這一點比 2 年多一點，但在過去的幾十年裡，我們行業的一件偉大的事情是我們如何不斷重塑我們所從事的業務。我認為，繼續下去是非常重要的尋找新的增長途徑。因此，我著眼於我們在 Comcast 以及現在與 Sky 在全球範圍內所做的創新，以便能夠繼續投資以擴大影響力，並在未來幾年對新的收入來源抱有持續的希望，這些是您現在必須採取的步驟 - 看到這些紅利。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.

只是對此的快速評論。我認為我們 - 正如布賴恩所說，我們對這種合作夥伴關係以及能夠利用圍繞技術平台十多年的創新感到非常興奮。我們已經表現得非常好。

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.

只是為了正確看待事物，我們使用 - 您將我們與 Sky 所做的一切結合到我們的整個產品組合中。我們每周處理 50 億次流媒體內容。還有語音遠程命令，我們每天要執行 4000 萬條語音命令。所以這只是我們有一個很棒的平台。正如布賴恩所說，現在我們有了一個出色的合作夥伴，能夠順利完成任務。現在我認為規模很重要。對它的未來感到非常興奮。

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.

所以關於你的競爭問題和一些事情。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商競爭已經有一段時間了。我們已經看到它並在它們發佈時預料到了這一點。您對新的足跡和發布有很好的了解。因此，在過去 15 年多的光纖活動中，我們經歷了多個週期，從與 DSL 或類似 DSL 的競爭對手的低端定價到光纖發布，我們已經參與了多個週期。

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.

因此，我們認為我們現在在這個週期中處理的主要問題是，雖然競爭活動肯定會增加，但發布已經結束——在過去幾年的新足跡、新發布之間光纖和固定無線，在這種情況下主要是我們的客戶流失率處於歷史最低水平。很長一段時間以來，它一直在減少流失活動，並且還在繼續。因此，最後一個季度，它是任何季度的創紀錄低點。

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 - 但話雖如此，我們還是認真對待比賽。當您查看過去一年多的足跡數量時。有了固定的無線和光纖，我們有了一個真正的遊戲計劃，隨著時間的推移我們已經有了並增加了，我們已經細分了市場；我們在有新產品發布的地方進行非常精細的競爭，並專注於利用我們擁有的每一種產品；毫無疑問，我們正在使用 Mobile 進行進攻。因此，我們擁有出色的寬帶，而且當我們細分市場時，我們有細粒度的方法來競爭，然後能夠擁有多層優質寬帶，並真正專注於我們無處不在的網絡的實力.

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.

我們在任何地方都在競爭，並且有多種寬帶套餐，我們不會在市場上進行權衡，因為這是一天中的時間權衡、地理權衡以及它們在哪裡在或不在或什至可能是高峰時刻的權衡。所以我們有一個無處不在的、一致的、偉大的網絡，我們將用我們擁有的這個網絡進入市場。

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，是的，競爭表現肯定有所提升，我們看到了這一點。我們已經預料到了。但我們認為的主要問題是宏觀問題，即降低活動，並且仍在繼續。實際上，我們已經看到，在我們的足跡中，3 月份的搬遷活動實際上比 2 月份要少 - 3 月份的搬遷活動地址更改仍然少於 2 月份。所以我們認為這些是宏觀問題，是首要的事情。在這個週期中，我們處於競爭的有利位置，我們將積極競爭。

The next question comes from Doug Mitchelson with Credit Suisse.

下一個問題來自瑞士信貸的 Doug Mitchelson。

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.

我有一份給戴夫，一份給傑夫。戴夫，您如何看待無線定價和執行的演變？即使您的電話補貼不如三大巨頭，您也為客戶提供了相當不錯的優惠？但是，當您開始卸載流量並擴展業務時，您將擁有更多空間，您要么降到底線，要么投資於更快地擴展無線網絡。考慮到你們在電話會議上討論的寬帶壓力，我只是好奇你是否認為你會更積極地投資於客戶增長。即使從這些高水平，您是否還有更多方法可以促進客戶增長？還是應該重新考慮將其更多地視為該部門的盈利能力？然後是傑夫，這是一個顯而易見的問題，我們認為，任何流媒體策略，都是在 Netflix 之後。

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.

讓我開始吧，Doug，在 Mobile 上。所以我開始 - 這是一個很棒的季度，它在移動線路方面又創下了記錄。因此，我們絕對相信我們的戰略和專注於加速無線增長的工作確實奏效。所以在過去的幾年裡，我們已經改進了我們的方法，包括擴大 MVNO 協議，並為此努力，我認為這是一種推動。我們正在將移動和最重要的事情之一完全整合到我們在 Cable 所做的一切中。我們靠的是營銷。就我們談論它的方式、吸引新客戶的考慮以及我們的客戶群而言，我們正在對 Mobile 發起攻擊。因此，此時每個銷售渠道都已激活。

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.

所以是的，今年，我們將繼續對 Mobile 進行調整。我們正在利用 - 仍然是新的無限定價。我們在這和演出之間有很好的結合。我們正在將寬帶與移動融合。當你兩者兼而有之時，客戶就會獲得更多價值。我們認為這種融合的包裝方法，真正強調服務價值，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.

我們進進出出，並且在任何特定時刻都會有新產品介紹、報價、圍繞禮品卡的促銷優惠以及我們在手機上做的不同事情。但對我們來說，主要的一點，我認為我們的結果已經證明了這種方法的成功，並不是把重點放在手機上。如此傾身，在結果中看到它。我們在自帶設備方面也做得很好，剛剛推出了小型企業和商業服務。因此，我認為在 Mobile 中留下了很多跑道。

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.

在您關於卸載機會的觀點中，我們已經擁有一個很棒的網絡。我認為，偉大的網絡與 Verizon 的 MVNO 相結合，正在發揮作用。對於我們的大部分業務，這種輕資本的無線方法是正確的方法。不過，我們繼續投機取巧，我們已做好準備。我們正在進行技術試驗，並在高密度區域的卸載流量中利用我們的頻譜，這在經濟上是有意義的。

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?

因此，我們正在進行試驗，優化方法並推出了我們的第一個——正如布賴恩所說，2 月初的第一批 5G 無線電，員工試驗正在進行中。因此，如果這有意義，我們將做好準備。但我們處於有利地位，我們會在未來看到這種情況時投機取巧。所以就像我們的位置一樣，就像跑道一樣，有很多上升空間。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。因此，自從我們推出 Peacock 以來，我們從一開始就說過，我們正在採取與流媒體業務中的大多數其他人不同的方法。我們並不認為 Peacock 真的是一個獨立的獨立企業。我們認為這是我們現有電視業務的延伸，並且我們以這種方式進行管理。這就是我們建立業務的方式。我們就是這樣編程的。這就是我們銷售線性廣告和孔雀廣告的方式。

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，這種策略正在奏效。本季度我們有一個特殊的季度。我們對我們的爬坡方式感到非常滿意。我們很高興我們如何增加收入。我們對增加付費訂閱者的方式感到滿意。我們對本季度的參與度感到非常滿意。顯然，這將是不穩定的，具體取決於節目的內容和時間。但我認為我們的商業模式顯然是正確的商業模式。順便說一句，我們的方法在國際上也採取了不同的方法，更加謹慎的方法。我們專注於天空市場。在非 Sky 市場，我們正在尋找合作夥伴和進入市場的獨特方式。因此，我們的業務戰略對我們來說非常棒。它正在工作。我們對這個季度感到滿意。我們對業務的擴展方式感到滿意。而且我認為其他流媒體業務的噪音真的（如果有的話）只是驗證了我們要去的地方。

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.

我還要說，隨著業務的發展，我們已經表明，我們願意靈活地改變我們的業務模式。隨著我們看到事情的發展，當我們早期看到成功時，我們已經更多地轉向付費 AVOD 模式。顯然，隨著流媒體市場的變化，我們將繼續評估和轉變。但是現在，我們對我們的商業模式和我們的表現非常滿意。

Our next question comes from Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

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，一個跟進和一個問題。因此，首先，我們能否談談任何有助於我們了解寬帶最近趨勢的事情以及您對過去第二季度疲軟的季節性因素的看法？我很好奇 21 年底有多少免費客戶沒有轉化？這可能是固定無線生態系統的一部分嗎？然後是槓桿。不要吹毛求疵，但槓桿現在繼續下降 2.3 倍。你說你在 4 月份做了 10 億美元。但在股票的這個水平上，真的加速它有意義嗎？

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.

也許我會跳進去，只是——戴夫剛剛評論了競爭和我們在市場上的方法。就向後看的東西而言，我認為我們已經指出——你應該考慮一下第一季度淨增加的標準化水平，大約是健康的 180,000。正如我們結束了人們可以免費參加的 COVID 計劃一樣，我們對第一季度增加的淨訂閱人數產生了過渡影響。但是您還記得我們在 COVID 期間所做的事情，我們希望保守但適當地計算潛艇人數。因此，無論我們在某種形式的 COVID 救濟計劃下引入了一個潛艇，目的是讓人們保持聯繫，只要它是免費的，我們很清楚，在他們結束免費項目之前，我們不會計算他們，然後開始付款。

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.

因此，在整個 COVID 中始終如一，這就是我們這樣做的方式，也是我們結束它的方式。因此，隨著去年季度結束，我們停止了這些計劃。因此，唯一的第三個進來的人，在上個季度免費的這一季度中，雖然是免費的，但開始向我們付款。所以我認為我們對未來沒有任何負面影響。只是不會有任何持續的滾動到第二季度。在第一季度，這一切都在自我清理。

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.

我想就我們採用的方法的質量提出一點是，你可以看到，以保守的方式，我們從頭到尾計算了潛艇，允許 - 這種質量的證據是創紀錄的低流失率我們已經證明戴夫已經評論過，以及在 COVID 之前、期間和之後期間 ARPU 的增長。因此，我認為真正的重點是明確表明 COVID 促銷活動已經結束，當您過渡到 COVID 之前的正常計算訂閱人數時，它在本季度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——邁克說得很好。我認為菲爾的另一點是，我們一直在細分市場，並且我們在多個細分市場和低收入受限細分市場提供了很好的優惠。我們已經做了很長一段時間了。所以邁克所說的一切，但我們總是很樂意與客戶合作。我們總是這樣做。所以如果有 - 如果我們有滾降和類似的事情，我們已經這樣做了很長一段時間。

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?

所以唯一的另一件事是季節性。我認為圍繞諸如佛羅里達之類的事情將會持續正常化。人們會離開，我們所看到的只是稍早離開。所以這會隨著時間的推移而發生，不會是季節性的突然時刻，但我們相信，它會繼續恢復到一些正常的趨勢和學生活動，就是這樣。邁克，你要添加嗎？

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.

然後回到回購。因此，我認為我們很高興，正如我們所說的那樣 - 幾乎一年前現在正在一年前的本季度出現，當時我們的槓桿率回到了我們希望對我們喜歡的評級和實力的承諾的地方我們很高興回來的資產負債表。因此，本季度，在 30 億美元的回購和 12 億美元的股息之間，就資本回報美元而言，我們是公司歷史上創紀錄的一個季度。因此，我認為我們在前進時肯定會了解槓桿的位置。事實上，我們點了一個觸摸，我不會把任何東西放進去。這是一個很大的 - 正如我們預測的那樣，有很多活動部件。因此，我們將保持在 2.4 倍左右，但在 2.4 倍左右，可能是 2.3 倍，可能是 2.5 倍，我想說我們會堅持——我們喜歡 2.4 倍左右的槓桿率 顯然，我們也部分了解庫存的位置。所以這給了我們能力。我們在上個季度的尾聲稍微提高了一點。正如我在評論中所說的那樣，我們在第二季度到目前為止繼續以這種速度再做 10 億美元。

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.

所以我要補充的一件事 - 這是布賴恩，我認為我們為之感到自豪 - 如果您尋找我們的目標之一就是發展您的業務。我們的每一項業務都剛剛報告說，通過投資思考未來。所以我們 - 無論是合資企業還是寬帶投資，孔雀投資，我們在 Sky 所做的事情。回購股票，增加股息，我們同時做所有這些事情。我認為這是我們與眾不同的地方。

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

我們的下一個問題來自美國銀行證券的 Jessica Reif Ehrlich。

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?

布賴恩，你剛剛說公司需要重塑自己，或者你確實需要重塑自己，這些年來你一直在這樣做。回到視頻，您如何看待公司的視頻發展？如果你從整體上看，傳統業務的萎縮速度比我想像的要快，而且競爭格局顯然正在發生很大變化。您如何看待重新定位您的資產，無論是從有線電視到內容？您是否需要增加您在新聞、體育、國際等方面的影響力？然後，傑夫，我認為國際訪問量仍然很低。通常是什麼，現在是什麼？

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.

好吧，讓我開始吧，傑西卡。很高興聽到你的聲音。我認為我們有一個 - 我們已經很好地預測了視頻的變化。一方面，我認為 NBC 的媒體結果的一部分是下降實際上更少，因為人們有新的方式來獲取視頻。從有線電視方面來看，我們的利潤率最高，EBITDA 和收入最好的季度，而且公司繼續增長，因為我們調整了戰略。

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——我們的滿意度得分創歷史新高。因此，我們為客戶提供選擇，我們找到了一種方法讓自己進入一個獨特而與眾不同的地方，這樣我們就不會試圖將某些東西強加給客戶，這也許是一座山上的石頭，我們不想做。所以這個策略對我們很有效。因此，當我向前思考時，我認為我們相信聚合是一個真正的機會，可以看到現在有更多選擇的客戶。還有——他們只是想以一種非常快速、無縫的方式獲得他們想要的內容，並且有人讓它為他們工作。我們看到觀看模式發生了變化。

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.

我們只是在電話會議前談論我們在 NBC 在 Peacock 的一個節目，關於 Pam 的事。不僅來自 NBC IP 類型的重新定義視頻中的日期線特許經營權，如果你願意的話，還來自新聞業務和日期線特許經營權。第一次播出，如果你剛剛脫離了傳統的電視收視率，你可能會有一個結論。當你看到節目成長時，現在有了點播、孔雀和 NBC Dateline Special，你把所有這些放在一起，這個節目真的很成功。因此，擁有一家可以在 NBCUniversal 擁有的所有平台上做所有這些事情的公司，已經定位了我們。

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?

所以我認為我們現在採取了這些例子，並弄清楚如何在與憲章和整個 NBC 投資組合的新合作夥伴關係中，找到一種繼續創新並與下一代和現有電視相關的方法觀眾。所以我 - 然後你把 Sky 用 Sky Glass 做的事情落實到位，你會看到它是如何在沒有任何盒子的情況下直接集成到你的電視中的，這就是 XClass 可以做到的。所以我不知道，我認為這是一個非常令人興奮的未來路線圖，肯定會發生一些變化，這就是我認為我們公司一直非常擅長的導航。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。因此，正如您在數字中看到的那樣，我們的主題公園業務絕對錶現出色。你的問題是，我們國內公園的國際訪問量是否不到奧蘭多和加利福尼亞一年中這個時候正常情況的一半。即使考慮到我們未來的預訂量，展望夏季，也處於歷史最高水平。

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.

我還要補充的一件事是，雖然日本沒有奧蘭多那樣的國際訪問量，但它確實有國際訪問量，而且幾乎沒有國際訪問量。在沒有國際訪問的情況下，它也在大阪恢復到大流行前的水平。因此，我們對未來的主題公園感到非常興奮。

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.

需要注意的一件事是，在大流行期間，我們一直在投資我們的景點。因此，延遲來我們公園的國際遊客在旅行開始時會有很多體驗。所以我們對此再自信不過了。

Our next question comes from Craig Moffett with MoffettNathanson.

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

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?

我想暫時停留在寬帶主題上。您談到了沒有免費客戶轉換的運行率約為 180,000。您能否談談其中的市場增長方面，新家庭的形成，特別是您在優勢中看到的內容以及您可以擴大優勢以嘗試擴大足蹟的速度快點？有多少——我猜，你認為可以提高你的寬帶增長率的底線是多少？

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，這是戴夫。所以，是的，就家庭形成的真實趨勢而言，我們正在關注的實際上是我們一直關注的地址數據的變化。這就是我們在三月份的足跡持續下降甚至進一步下降的原因。所以 - 我們認為家庭形成也會產生影響。因此，就足跡而言，這是一個很好的觀點。我們非常關注我們的機會。而且我認為我們在三個主要機會領域中的一個新組成部分非常一致。

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.

一個是在我們服務的傳統電纜區域內擴大足跡，這是我們足跡內的大量住宅、單戶 MDU 和一些商業。在新建築方面有一些開始和一些停頓。但總的來說，我們認為隨著時間的推移，它會繼續回升。第二件事是主動構建，我們稱之為超構建，它主要是商業化的，但會在 MDU 和一些資源方面帶來一些機會。

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.

第三個是農村邊緣化。這些是我們一直關注的事情。現在有機會真正進攻。隨著 - 有可用的偉大計劃，聯邦和州，可用的補貼。我們正在積極評估各種潛在機會，並提交了大量申請，我們確定這將為我們服務這些新領域提供一種合理且經濟的方式。所以現在做這些事情還為時過早，但我們取得了成功，並且我們在這些項目上取得了一些勝利。

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，這將成為我們尋找機會的持續關注點。我們希望成為社區值得信賴的合作夥伴，我認為這將具有競爭力。很多人會尋找這些補貼。但我們將淘汰我們的財產並尋求擴建。當你看一個數字時，我們去年在 21 年做了，我們建造了大約 800,000 個新通道。我認為一個安全的方式來看待它是我們至少，我們將再次為此而努力。希望我們能在這方面有所收穫。

Our next question comes from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

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?

實際上，我將跟進 Jeff 早些時候對公園的評論。您注意到您在奧蘭多看到了出色的表現，並且每次上限都顯著提高。首先，我想知道您是否願意量化這一點，即您現在的人均上限相對於大流行之前的水平在多大程度上更強。然後從更大的角度來看，迪士尼花了很多時間談論他們在過去 2 年中採取的措施，以使他們的公園業務在我們完全擺脫大流行時獲得更高的收益。我希望也許您可以詳細說明您所做的一些事情。你提到你已經投資了新的景點。但是，在過去 2 年左右的時間裡，您是否採取了其他措施，讓您相信這種人均上限的改進具有一定程度的持久性，這樣您就確實會在任何時候自己經營一個收益更高的業務我們完全擺脫了這個？

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。所以我認為我沒有提到每個上限。我們的人均上限實際上比大流行之前有所上升，但我說的是出勤率和出勤率混合。但是，在大流行期間，我們在主題公園所做的主要事情是我們繼續對它們進行投資。因此，我們在所有公園中都添加了主要景點。在大流行期間，我們並沒有真正放慢速度。因此，我們在奧蘭多的新過山車 VelociCoaster 取得了驚人的成功。我們在日本加入了任天堂，這顯示了真正的實力，我們真的很興奮明年我們將把它帶到好萊塢，然後最終帶到奧蘭多。我們在好萊塢增加了一個寵物景點。

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，我們正在做的最重要的事情是我們正在奧蘭多建造一個新的公園，史詩宇宙，這將繼續增加我們的逗留時間，它將以任天堂的土地為基礎我之前提到的，還有我們的其他一些主要景點。所以是的，我們的人均上限提高了。是的，我們削減了業務成本，我們對此非常開放。但我們所做的主要事情是繼續投資，因為我們看到 - 我們真的對該業務的未來增長持樂觀態度。

And your last question is from John Hodulik with UBS.

您的最後一個問題來自瑞銀的 John Hodulik。

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2個快速的。首先是布萊恩。顯然，市場上的許多錯位和許多媒體股都面臨壓力，尤其是在過去幾週。您能否告訴我們您如何看待併購機會？正如上一個問題所說，你們總是抓住機會在必要時重新定位公司。與 6 個月前相比，您現在是否看到市場上更多的增值機會？那是第一名。

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，關於孔雀。我想，你們所說的網速增長放緩僅僅是超級碗和奧運會的結果嗎？然後任何影響——我以前從未聽說過的關於第二天將 NBC 廣播放在 Peacock 上的策略，對你的轉播協議有什麼影響嗎？

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，我認為今天沒有任何新內容要報告。我認為我們在這裡真正專注於一個偉大的季度和今年的一個良好開端。顯然，我認為 Jeff 說得很好的策略是，我們僱用並追溯到幾年前，我們只是 - 我們擁有一家在全球擁有很多機會的公司。我認為我們非常關注這些機會。正如傑夫所說，你總是會看到新的事物和情況的變化。但主要的焦點，就像你在奧運會上的最後一點，我在電視節目中舉了一個例子。我無法強調，儘管奧運會確實受到了挑戰，而且也許不是我們多年前在全球所有政治活動中購買時所希望的。團隊，講故事，英勇的運動員，這家公司可以做其他公司無法做到的事情，以使用新技術來展示這一點。我認為這就是讓我們處於一個非常特別的地方的原因。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。只是為孔雀添加更多顏色。所以我們的四大節目領域，我們之前已經說過，是體育電影；利用我們電影製片廠的實力，真的很強大；正如布賴恩所說，線性規劃，關於帕姆的事在非線性基礎上利用了我們的線性規劃；然後是原件。所以第一季度真的是我們第一次使用其中的一些。所以我們在同一周舉行了超級碗和奧運會，正如布賴恩在頂部提到的那樣。我們還利用了觀眾的優勢，在情人節的中間放了一部電影《嫁給我》。所以我們有3個部分。

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，我們不僅顯然添加了我們討論過的訂閱者，400 萬付費訂閱者，而且我們 - 兩件事。第一，我們沒有從這些潛艇中大量生產出來。正如您在季度末數字中看到的那樣，我們維護了這些潛艇。第二件事是我們利用所有的觀眾來宣傳我們真正高度重視的第一部原創作品，那就是 Bel-Air，我們從原創的角度獲得了第一部真正的成功。

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.

因此，我們還沒有真正採用的節目策略的最後一部分是來自 NBC 的次日節目，順便說一句，不僅僅是 NBC，還有 Bravo 和我們的有線電視網絡。對於您的問題，該編程目前存在，但作為我們 Hulu 交易的一部分，它在 Hulu 上。作為我們去年年底終止的一部分，我們將從 9 月開始將所有這些節目從 Hulu 帶回 Peacock。對 retrans 沒有影響，因為它與已經存在的程序相同。但是，與其去 Hulu 並在第二天看到 The Voice 或真正的家庭主婦，現在您將能夠從 9 月開始在 Peacock 上獨家看到它，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，這將結束我們的 2022 年第一季度收益電話會議。我要感謝大家加入我們。

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.

謝謝你。目前我們沒有其他問題。今天下午 12:00 開始將重播今天的電話會議。東。它將持續到美國東部時間 5 月 5 日星期四午夜。撥入號碼是 (855) 859-2056，會議 ID 號碼是 5683886。電話會議的錄音也將於下午 12:30 開始在公司網站上提供。今日東方。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連接。