Comcast Corp (CMCSV) 2020 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded.

女士們、先生們，早安，歡迎參加康卡斯特2020年第四季及全年財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。

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

現在我將把電話轉交給投資人關係資深副總裁瑪西‧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 Jeremy Darroch. Brian and Mike will make formal remarks and Dave, Jeff and Jeremy will also be available for Q&A.

謝謝接線員，歡迎各位。今天早上參加電話會議的有：Brian Roberts、Mike Cavanagh、Dave Watson、Jeff Shell 和 Jeremy Darroch。 Brian 和 Mike 將作正式致辭，Dave、Jeff 和 Jeremy 也將回答問題。

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。同時提醒各位，本次電話會議可能包含受某些風險和不確定性影響的前瞻性陳述。此外，本次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. I'm really proud of our fourth quarter results and look forward to giving you a glimpse of what we're focused on and excited about once we come out of this pandemic.

謝謝Marci，大家早安。我為我們第四季的業績感到非常自豪，並期待著疫情結束後，能和大家分享我們正在關注和著手的專案。

Our most recent performance was highlighted by Cable, which grew EBITDA by over 12% and net cash flow by 26%. These are the best results of the year and of any fourth quarter in over a decade. We also have good news to share on our parks segment, which reached breakeven, excluding Beijing, even with Hollywood being closed.

我們最近的業績亮點是有線電視業務，其息稅折舊攤提前利潤 (EBITDA) 成長超過 12%，淨現金流成長 26%。這是今年以來以及十多年來第四季的最佳業績。此外，我們的主題樂園業務也傳來好消息，即使好萊塢影城關閉，除北京以外，這項業務也實現了盈虧平衡。

Our premium ad-supported streaming service, Peacock, now has 33 million sign-ups within just 6 months of its nationwide launch. And encouragingly, Sky's customer and revenue base essentially returned to pre-COVID levels this past quarter. Clearly, our company is strong, a testament to the tough decisions made by our leadership team and the excellent execution and coordination by our dedicated employees.

我們的付費廣告支援型串流服務Peacock在全國推出僅6個月，註冊用戶就已達3,300萬人。令人鼓舞的是，Sky的客戶數量和收入在上個季度基本上恢復到疫情前的水平。顯然，我們公司實力雄厚，證明了我們領導團隊所做的艱難決策，以及我們敬業的員工們出色的執行力和協調能力。

Looking back over the whole year. 2020 was one of the most uncertain and challenging periods that any of us can remember. But we rose to the occasion, ensuring the safety and protection of our employees, providing customers with unparalleled service and innovative products that they relied on more than ever, strengthening our investment-grade balance sheet and continuing to invest for long-term growth and success.

回顧過去一年，2020年是我們記憶中最充滿不確定性和挑戰的時期之一。但我們迎難而上，確保員工的安全，為客戶提供他們比以往任何時候都更加信賴的卓越服務和創新產品，鞏固了我們投資級的資產負債表，並持續投資以實現長期增長和成功。

This year's Cable results were nothing short of exceptional, hitting a number of company records. We generated 2 million net broadband additions for the year and 538,000 for the fourth quarter, reaching record-low churn. High-speed internet drove our highest-ever full year net customer relationship additions of 1.6 million, bringing us to 33 million total customer relationships. Yet with just only 50% penetration of our footprint, there remains plenty of opportunity for future growth. We also delivered outstanding EBITDA growth of nearly 9% and cash flow growth of 16% for all of 2020.

今年有線電視業務的業績堪稱卓越，創下多項公司紀錄。全年新增寬頻用戶200萬，第四季新增53.8萬，用戶流失率也創下歷史新低。高速網路業務推動全年新增客戶關係數量達到160萬，創歷史新高，使我們的客戶關係總數達到3,300萬。然而，由於我們的網路覆蓋率僅達到50%，未來仍有龐大的成長空間。此外，2020年全年我們的EBITDA成長近9%，現金流成長16%，表現同樣優異。

Broadband is the cornerstone of what we do, powered by our robust, flexible and reliable network. And the many years of investments we've made have been on full display. We've continued to enhance our market-leading competitive position while keeping people connected, protected, informed and entertained by proactively managing our network, increasing broadband speeds, expanding our Internet Essentials program for low-income households, providing payment plans for customers struggling the most and offering Peacock and Flex for free.

寬頻是我們業務的基石，而我們強大、靈活且可靠的網路正是其堅實的基礎。多年來，我們持續投入，成果斐然。我們持續鞏固市場領先的競爭地位，並透過積極管理網路、提升寬頻速度、擴大面向低收入家庭的「網路基礎服務」計畫、為最困難的客戶提供分期付款方案以及免費提供Peacock和Flex服務，確保用戶始終保持連線、安全、獲取資訊並享受娛樂。

This pandemic has forced us to rethink the way we operate and service our customers. Immediately, we moved all of our care reps to work remotely from home, which has gone so well that we're leaning towards embracing this model permanently. In addition, we promoted further adoption of our digital self-help tools, such as Xfinity Assistant, which are available 24/7. We also expanded our self-installation eligibility. And now over 2/3 of our customers are connecting to our services this way.

這場疫情迫使我們重新思考營運方式以及服務客戶的方式。我們立即安排所有客服代表遠距居家辦公，效果顯著，因此我們傾向於永久採用這種模式。此外，我們也大力推廣全天候可用的自助服務工具，例如 Xfinity Assistant。同時，我們也擴大了自助安裝服務的適用範圍。現在，超過三分之二的客戶都透過這種方式連接了我們的服務。

We are working hard with our communications and marketing efforts to enhance awareness of all we have to offer, which enables us to take cost out of the business while delivering a better experience for our customers. In fact, in the past 12 months, we've reduced agent-handled calls by over 16 million and truck rolls by 1.6 million, all while adding the more than 1.5 million net new customer relationships.

我們正努力透過溝通和行銷，提升客戶對我們所有產品和服務的認知度，從而在降低營運成本的同時，為客戶提供更優質的體驗。事實上，在過去的12個月裡，我們減少了超過1,600萬通人工客服電話和160萬次上門服務，同時也新增了超過150萬個淨客戶關係。

Our efforts to reduce costs have been extremely successful. But what's even more exciting are the investments we're making to grow the overall business. A great example is Flex, which is offered to all of our broadband-only customers for free so that they can connect seamlessly to the streaming services they love. Within the first half of this year, Flex, along with X1, will be carrying all of the top streaming apps in the United States. We just added HBO Max. We'll be adding Disney+ in the near future. And we have many more on the road map. Flex has been a major win for us, and we continue to have really high hopes.

我們降低成本的努力取得了巨大成功。但更令人振奮的是，我們正在加大投資，以促進整體業務成長。 Flex 就是一個很好的例子，我們免費向所有僅訂購寬頻服務的用戶提供這項服務，讓他們可以無縫連接到自己喜愛的串流服務。今年上半年，Flex 將與 X1 一起，提供美國所有主流串流媒體應用。我們剛剛上線了 HBO Max，不久的將來還會上線 Disney+。此外，我們還有更多計劃正在籌備中。 Flex 的成功對我們來說意義重大，我們對它的未來充滿信心。

Xfinity Mobile just came off a strong fourth quarter with nice sequential improvement in customer additions, resulting from a number of significant changes as we fully integrated mobile into our core cable operations and reprioritized our sales channels. We're really excited for 2021 as we've recently expanded parts of our MVNO agreement with Verizon that will enable us to improve our range of offerings and acquire more customers more profitably. As we said from the beginning, an MVNO-led, capital-light wireless model is the right one for us and has even more strategic opportunity in the years ahead.

Xfinity Mobile剛結束了一個強勁的第四季度，新增客戶數量環比顯著增長，這得益於我們一系列重大變革，包括將行動業務全面整合到核心有線電視業務中，以及重新調整銷售管道的優先級。我們對2021年充滿期待，因為我們近期擴大了與Verizon的MVNO（行動虛擬網路營運商）協議的部分內容，這將使我們能夠豐富產品和服務範圍，並以更有效率的方式獲取更多客戶。正如我們一開始所說，以MVNO為主導、輕資產的無線模式最適合我們，並且在未來幾年擁有更大的策略機會。

Business services came back faster than we expected. This quarter, we added 26,000 net new customers and generated revenue growth of 4.8%, the highest we've seen since the pandemic began. With less than 20% share of an approximately $50 billion total addressable commercial market in our footprint, we saw plenty of runway. So all in all, Cable had a fantastic 2020. And we look forward to a very strong 2021 and beyond.

商業服務復甦速度超乎預期。本季，我們新增淨客戶2.6萬戶，營收成長4.8%，創下疫情爆發以來的最高紀錄。在我們業務覆蓋範圍內，商業市場總規模約為500億美元，而我們的市佔率不足20%，因此我們看到了龐大的發展空間。總而言之，Cable在2020年取得了輝煌的成績。我們期待2021年及以後能再創佳績。

While the global pandemic has had a more significant impact on NBCUniversal, we took advantage of this moment to make a number of changes in both management and operations that sets us up for success. The most notable example is the reorganization of our cable networks and broadcast television businesses, which are now combined, along with Peacock, in a structure meant to drive long-term cost efficiencies and revenue opportunities. We finished the year having renewed a number of carriage agreements with many of our valuable distribution partners, putting us in a position of strength as we enter 2021.

儘管全球疫情對NBC環球的影響更為顯著，但我們藉此機會對管理和營運進行了一系列調整，為未來的成功奠定了基礎。其中最顯著的例子是對有線電視網絡和廣播電視業務的重組，這些業務現已與Peacock合併，旨在提升長期成本效益並增加收入。年底，我們與眾多重要的分銷合作夥伴續簽了多項傳輸協議，這使我們在進入2021年時佔據了有利地位。

Peacock has had an exceptional start, exceeding all of our internal targets. This premium hybrid AVOD service, which has a light ad load and is unlike any other, offers a breadth of content that appeals to just about every demographic at an unbeatable consumer value, much of it for free. Momentum has further accelerated with the addition of The Office, which we own and began streaming exclusively on Peacock as of January 1.

Peacock 的開局堪稱驚艷，遠遠超越我們所有內部目標。這款優質的混合廣告支援的隨選視訊 (AVOD) 服務，廣告量極低，獨樹一幟，提供涵蓋幾乎所有受眾群體的豐富內容，且極具性價比，其中許多內容更是免費。隨著我們擁有的熱門影集《辦公室》(The Office) 的加入，Peacock 的發展勢頭更加強勁。該劇已於 1 月 1 日起在 Peacock 獨家播出。

Not only is The Office driving incremental users, but these viewers are naturally finding and watching other programs on this platform, like Parks and Rec; Yellowstone; our latest original, Saved by the Bell; mega-hit movies from Universal and other studios; and sporting events such as the Premier League, golf and even an NFL Wild Card game. And earlier this week, we announced that Modern Family will be coming to Peacock next month, followed by the WWE in March.

《辦公室》不僅帶來了新增用戶，而且這些觀眾自然而然地還會在這個平台上找到並觀看其他節目，例如《公園與遊憩》、《黃石》、《我們最新的原創劇集《Saved by the Bell》、《環球影業和其他電影公司的熱門電影》，以及英超聯賽、高爾夫甚至NFL外卡賽等體育賽事。本週早些時候，我們宣布《摩登家庭》將於下個月登陸Peacock，隨後WWE將於3月上線。

In film, our decision to release our titles direct-to-consumer via premium video on-demand when theaters were forced to close, has proven to be profitable and the right move for us. While we look forward to when we can enjoy the theatrical release of many franchise films, such as Fast 9 and the next Minions and Jurassic World, we will lean into what has become a successful hybrid distribution model.

在電影方面，在戲院被迫關閉期間，我們決定透過付費視訊點播平台直接面向消費者發行影片，事實證明，這項策略既獲利又明智。我們期待《玩命關頭9》、《小小兵》和《侏羅紀世界》等眾多系列電影能夠早日重返戲院，但在此之前，我們將繼續推進這種行之有效的混合發行模式。

COVID had the most direct impact on our theme parks, which were either closed or running at limited capacity for the bulk of 2020. But I'm pleased with how quickly we were able to reopen Orlando and Osaka while ensuring the safety of our staff and guests. We continue to provide an amazing entertainment experience, And our guests are responding, as confirmed by our steadily increased attendance and our most recent financial results. What we saw this fourth quarter, especially in Orlando, gives us even more conviction in the momentum that our theme parks will experience when we reach a sustainable recovery. We may experience some near-term setbacks with the most recent pickup in COVID cases. But I am optimistic as ever about the long-term trajectory of this very special business.

新冠疫情對我們的主題樂園造成了最直接的影響，2020 年的大部分時間裡，它們要么關閉，要么以有限的客流量運作。但我很高興我們能夠迅速重新開放奧蘭多和大阪的主題樂園，同時確保員工和遊客的安全。我們將持續提供精彩的娛樂體驗，而遊客的正面回饋也印證了我們客流量的穩定成長和最新的財務表現。第四季度，尤其是在奧蘭多，我們所看到的景象讓我們更加堅信，一旦實現可持續復甦，我們的主題樂園將擁有強勁的發展勢頭。儘管近期新冠病例的增加可能會給我們帶來一些短期挫折，但我對這個特殊行業的長期發展前景仍然充滿信心。

Sky had a strong and encouraging fourth quarter. We added net new customers in every market, bringing our customer base essentially back to pre-COVID levels. The same can be said for revenue, which was essentially flat from what we generated in the fourth quarter of 2019. And we continue to make meaningful progress on our strategic initiatives. Sky Q, which integrates streaming, has surpassed 60% penetration in the U.K. and is poised to continue with recent additions of Disney+, discovery+ and Amazon Prime Video. We're really pleased with the success of Sky Originals, which contributed to the 20% increase in viewership on our Sky Entertainment channels during the fourth quarter and all of 2020, reaffirming our commitment to creating Sky Studios and expanding original programming.

Sky第四季業績強勁且令人鼓舞。我們在所有市場都實現了淨新增客戶，客戶群基本上恢復到疫情前水準。營收方面也基本持平，與2019年第四季基本持平。此外，我們在策略性舉措方面也持續取得顯著進展。整合串流媒體服務的Sky Q在英國的滲透率已超過60%，並有望隨著Disney+、Discovery+和Amazon Prime Video的加入而持續保持成長勢頭。 Sky Originals的成功令我們倍感欣喜，它推動了Sky Entertainment頻道在第四季度以及2020年全年的收視率增長20%，這再次印證了我們致力於打造Sky Studios並拓展原創節目的決心。

While the recent wave of COVID infections and related lockdowns across Europe are once again creating disruption, we are implementing the same protocols and procedures that worked the first time around with confidence of a similar pattern as this latest lockdown recedes. We really look forward to the second half of this year when we will also start to see the benefits from the reset of major sports rights contracts and cost savings that should result from a new, leaner operating model. And we're still on plan to double 2020 EBITDA over the next several years, as Jeremy recently laid out.

儘管近期歐洲各地新冠疫情的爆發和相關的封鎖措施再次造成了混亂，但我們仍將沿用上次行之有效的方案和流程，並相信隨著此次封鎖的解除，情況會再次好轉。我們非常期待今年下半年，屆時我們將開始看到主要體育賽事版權合約重組帶來的益處，以及新的精簡營運模式所帶來的成本節約。正如傑里米最近闡述的那樣，我們仍將按計劃在未來幾年內實現2020年息稅折舊攤銷前利潤（EBITDA）翻番的目標。

Speaking of Jeremy, I want to thank him for his exceptional leadership of Sky and for his partnership since the acquisition. He and the team have established a unique world-class brand and a strong, well-run business that's now fully integrated. I'm thrilled for Dana Strong, who has now taken over as CEO of Sky. Many of you on this call have met with Dana since she joined our Cable business as Head of Consumer Services back in 2018. She is an accomplished executive with a wonderful ability to transform, inspire and drive positive change. And on top of all that, she also has over 20 years of international experience with nearly half of it spent in Europe.

說到傑里米，我要感謝他對天空電視台的卓越領導，以及自收購以來他給予的鼎力支持。他和他的團隊打造了一個獨一無二的世界級品牌，以及一個強大且運作良好的業務，如今已全面整合。我為達娜·斯特朗感到無比高興，她現在已接任天空電視台執行長。在座的各位中，許多人都曾與達娜有過接觸，她於2018年加入我們的有線電視業務，擔任消費者服務主管。她是一位傑出的主管，擁有卓越的變革能力，能夠激勵人心，推動正向改變。此外，她還擁有超過20年的國際經驗，其中近一半的時間都在歐洲度過。

2021 offers a lot of promise for Comcast and hopefully for the entire world. While the first half will be more challenged than the second due to the most recent strain of COVID, we're really encouraged by the promise of a vaccine, which is the first step in putting the parts of our business that have been most impacted back on a path toward growth. This optimism is shared by our Board of Directors, which this morning announced an increase in our dividend for the 13th consecutive year. I'm also pleased that it's now our expectation that we will return to repurchasing shares in the back half of this year.

2021年對康卡斯特來說充滿希望，對全世界來說也是如此。儘管由於新冠疫情的最新變種，上半年將比下半年面臨更多挑戰，但我們對疫苗的研發進展充滿信心，這是讓受影響最大的業務部門重回成長軌道的第一步。我們的董事會也抱持同樣的樂觀態度，並於今天上午宣布連續第13年提高股利。此外，我很高興地宣布，我們預計將在今年下半年恢復股票回購計畫。

While 2020 was not what any of us had imagined a year ago at this time, our execution, cooperation and fast decision-making enabled all parts of Comcast, NBCUniversal and Sky to respond and manage through a difficult environment remarkably well. I'm truly proud of what we have accomplished. And our fourth quarter shows just how well this company is positioned to succeed.

雖然2020年的情況與我們一年前此刻的設想截然不同，但我們高效的執行力、精誠合作和快速決策，使得康卡斯特、NBC環球和天空電視台的各個部門都能出色地應對並克服重重困難。我為我們所取得的成就感到無比自豪。而我們第四季的業績也充分展現了公司為成功所做的巨大貢獻。

Mike, over to you.

麥克，該你了。

Thanks, Brian, and good morning, everyone. Now I'll review our fourth quarter 2020 results and make some comments on current conditions and, where possible, on the year ahead.

謝謝布萊恩，大家早安。現在我將回顧我們2020年第四季的業績，並對當前狀況以及未來一年的計劃做一些評論。

Let's begin on Slides 4 and 5 with our consolidated results. Revenue declined 2.4% to $27.7 billion for the fourth quarter and 4.9% to $103.6 billion for the full year.

讓我們從第4頁和第5頁的合併業績開始。第四季營收下降2.4%至277億美元，全年營收下降4.9%至1036億美元。

Adjusted EBITDA declined 15% to $7.2 billion for the fourth quarter and 10% to $30.8 billion for the full year. COVID-related severance and restructuring charges were $590 million in the fourth quarter and $828 million for the full year as we took actions to position our businesses for success in a post-COVID world. The Corporate and Other segment includes these charges and also includes Peacock for its launch year. For 2020, Peacock generated revenue of over $100 million while EBITDA losses approached $700 million. We continue to expect that EBITDA losses for 2020 and 2021 combined for Peacock will total roughly $2 billion.

經調整後的EBITDA第四季下降15%至72億美元，全年下降10%至308億美元。由於我們採取措施使業務在後疫情時代取得成功，第四季度和全年分別計入了5.9億美元和8.28億美元的與新冠疫情相關的遣散費和重組費用。 「公司及其他」分部包含了這些費用，也包含了Peacock上線當年的表現。 2020年，Peacock的營收超過1億美元，但EBITDA虧損接近7億美元。我們仍預期Peacock 2020年和2021年的EBITDA虧損總額約為20億美元。

Adjusted earnings per share declined 29% to $0.56 for the quarter and 17% to $2.61 for the year. Finally, free cash flow was $1.7 billion in the quarter and $13.3 billion for the full year, reflecting the decline in EBITDA and the benefit from a reduction in working capital and capital expenditures, in part due to the pandemic.

經調整後，本季每股收益下降29%至0.56美元，全年下降17%至2.61美元。此外，本季自由現金流為17億美元，全年自由現金流為133億美元，反映了EBITDA的下降以及營運資本和資本支出減少的收益，部分原因是受疫情影響。

Now let's review our business segments, starting with Cable Communications on Slide 6. For the fourth quarter, Cable Communications revenue increased 6.3% while EBITDA increased 12% and adjusted EBITDA less capital grew 26%. For the full year, we grew customer relationships by 1.6 million, a 41% increase year-over-year with 455,000 net additions in the fourth quarter, driven by high-speed Internet, where we added 2 million net new residential and business customers this year and 538,000 in the fourth quarter. These record customer additions were the primary driver of our high-speed Internet revenue growth of 13% for the quarter and 10% for the full year.

現在讓我們回顧一下我們的業務板塊，首先是幻燈片6中的有線通訊業務。第四季度，有線通訊業務的營收成長了6.3%，EBITDA成長了12%，扣除資本支出後的調整後EBITDA成長了26%。全年來看，我們的客戶關係增加了160萬，年成長41%，其中第四季淨增加45.5萬，主要得益於高速網路業務的成長。今年以來，我們新增了200萬住宅和商業用戶，其中第四季新增53.8萬。這些創紀錄的客戶成長是推動我們高速網路業務營收成長的主要因素，第四季營收成長了13%，全年營收成長了10%。

Other revenue highlights include acceleration in both business services and wireless. Business services posted 4.8% revenue growth and 26,000 net new customer additions, primarily driven by improvement in small businesses. Wireless revenue grew 36% with 246,000 net new lines in the quarter, bringing us to 2.8 million total lines at year-end.

其他營收亮點包括企業服務和無線業務的加速成長。企業服務營收成長4.8%，新增淨客戶2.6萬戶，主要得益於小型企業業務的改善。無線業務營收成長36%，本季新增淨線路24.6萬條，使全年線路總數達到280萬條。

Wireless is a strategic priority for us and should accelerate on the back of several actions we have taken. First, we've expanded our Verizon MVNO agreement. Second, we fully integrated mobile into our core operations. And third, we've refined our marketing and activated all of our sales channels. And we're seeing a nice lift in our retail stores, which are now fully open.

無線業務是我們的策略重點，我們已採取多項舉措，推動其加速發展。首先，我們擴大了與Verizon的MVNO合作協議。其次，我們將行動業務全面整合到核心營運中。第三，我們優化了行銷策略，並啟動了所有銷售管道。此外，我們零售門市的業績也顯著提升，目前所有門市均已全面恢復營業。

For video, revenue declined 0.7% with higher rates implemented in the beginning of 2020 more than offset by subscriber declines, including a 248,000 net loss in customers this quarter. And advertising revenue increased 34% year-over-year or 2.2%, excluding political, which almost doubled what we had generated in the last presidential election cycle in 2016.

視訊業務收入下降0.7%，2020年初實施的更高費率被用戶流失所抵消，本季淨流失用戶達24.8萬。廣告收入年增34%，若不計政治廣告，則成長2.2%，幾乎是2016年總統大選週期收入的兩倍。

Turning to expenses. Cable Communications fourth quarter expenses increased 2.4%. Programming expenses were up 7.2% primarily due to the number of contract renewals that started to cycle through in 2020, combined with annual escalators in existing agreements. Non-programming expenses declined slightly, reflecting lower technical and product support and customer service costs, which were partially offset by higher advertising, marketing and promotion spend to drive top line growth and higher expenses associated with the increased political advertising activity this quarter. Non-programming expenses per customer relationship decreased 5.1% despite our record customer growth.

再來看費用方面。有線電視通訊公司第四季費用成長2.4%。節目製作費用增加7.2%，主要原因是2020年開始生效的合約續約數量較多，以及現有協議中年度遞增條款的影響。非節目製作費用略有下降，反映出技術和產品支援以及客戶服務成本的降低，但部分被更高的廣告、行銷和推廣支出所抵消，這些支出旨在推動營收成長，以及本季政治廣告活動增加帶來的相關費用上升。儘管客戶數量創歷史新高，但每位客戶的非節目製作費用仍下降了5.1%。

Cable Communications EBITDA grew by 12% in the quarter and 8.6% for the full year, with margins reaching 42.1%, an improvement of 170 basis points, excluding the RSN adjustments that impacted results earlier in the year.

有線通訊業務的 EBITDA 在本季成長了 12%，全年成長了 8.6%，利潤率達到 42.1%，提高了 170 個基點（不包括年初影響業績的 RSN 調整）。

Cable capital expenditures decreased 1.1% resulting in CapEx intensity of 13.5%. For the full year, capital expenditures declined 4.4%, resulting in CapEx intensity of 11%, our lowest full year on record and an improvement of 100 basis points year-over-year, exclusive of RSN adjustments, driven by lower spending on customer premise equipment and support capital, partially offset by higher spending on scalable infrastructure, which was driven by our ongoing investment to enhance the capacity of our network to support increased data usage.

有線電視資本支出下降 1.1%，導致資本支出強度為 13.5%。全年來看，資本支出下降 4.4%，導致資本支出強度為 11%，這是我們有史以來最低的全年水平，與上年相比改善了 100 個基點（不包括 RSN 調整），這主要得益於客戶終端設備和支持資本支出的減少，但部分被可擴展基礎設施支出的增加所抵消，而後者是由於我們持續增長的數據以增強網絡增長。

Turning to the current environment. High-speed internet customer additions remain healthy. And we have all the pieces in place for 2021 to be a very strong year. We also have to remember that 2020 was exceptional on many accounts. And because of that, we view 2019, which was also very strong for us, as the more appropriate year against which to benchmark our performance.

展望當前情勢，高速網路用戶成長依然穩健。我們已做好充分準備，迎接2021年的強勁成長。同時，我們也必須意識到，2020年在許多方面都屬於特殊情況。因此，我們認為2019年——同樣表現強勁——才是衡量我們業績的更合適基準。

Turning to video. We expect the higher video rates we implemented at the beginning of this year, resulting from our current programming renewal cycle, to drive video sub losses back to the levels we had experienced in the first half of 2020. Our video strategy is centered on profitability. We do not chase unprofitable video subscribers as we can now offer Flex for free to those who prefer a streaming-only entertainment option.

接下來談談視訊業務。我們預計，由於目前的節目續訂週期，年初實施的較高視訊訂閱費率將使視訊訂閱用戶流失情況回落至2020年上半年的水平。我們的視訊策略以盈利為中心。我們不會追逐那些不獲利的影片訂閱用戶，因為我們現在可以為那些只喜歡串流媒體娛樂的用戶免費提供Flex服務。

Looking to the full year. We expect Cable Communications revenue growth to exceed the 3.4% we just reported for 2020 as we remain focused on driving our connectivity businesses with better year-over-year comparisons in the first half. We expect programming expense growth to increase at high single-digit levels similar to the fourth quarter as programming carriage renewals roll through in 2021, but programming expense growth is expected to moderate in 2022 and thereafter.

展望全年。我們預期有線通訊業務的營收成長將超過2020年3.4%的成長速度，因為我們將繼續專注於推動連結業務的發展，力爭在上半年實現更好的同比業績。我們預計節目製作費用增長將與第四季度類似，保持較高的個位數水平，因為隨著2021年節目續約的完成，但預計2022年及以後節目製作費用的增長速度將有所放緩。

Non-programming operating expense growth should normalize at a low single-digit increase to 2019 levels as we support the higher level of customer relationships and accelerate growth in our wireless business, which we expect will achieve stand-alone profitability in 2021.

隨著我們支援更高水準的客戶關係並加速無線業務的成長，非程式營運費用成長應會恢復正常，達到 2019 年的低個位數成長水平，我們預計無線業務將在 2021 年實現獨立獲利。

With our consistent discipline on expenses and capital investment, coupled with the trends at work as we remain focused on connectivity, we are confident in our ability to increase profitability, expand margins and improve CapEx intensity both in 2021 and thereafter.

憑藉我們對支出和資本投資的一貫嚴格控制，以及我們持續專注於互聯互通的發展趨勢，我們有信心在 2021 年及以後提高盈利能力、擴大利潤率並提高資本支出強度。

Now let's turn to Slide 7 for NBCUniversal. For the fourth quarter, NBCUniversal revenue decreased 18% to $7.5 billion and EBITDA decreased 21% to $1.6 billion.

現在我們來看NBC環球的第七張幻燈片。第四季度，NBC環球的營收下降了18%，至75億美元；EBITDA下降了21%，至16億美元。

Cable Networks revenue was down 6.4% in the fourth quarter, driven by a 38% decline in content licensing and other revenue, while distribution revenue was flat compared to a year ago, reflecting the absence of carriage renewals, combined with modest sequential improvement in subscriber losses. The delay to the start of the NBA and NHL seasons had a negative impact on our advertising revenue, which declined 4.2%, while the related shift of sports rights amortization out of the quarter was a benefit to the EBITDA, which grew 22% year-over-year.

第四季有線電視網路營收下降6.4%，主要原因是內容授權和其他收入下降38%；而發行收入與去年同期持平，反映出沒有續約，以及用戶流失情況較上季略有改善。 NBA和NHL賽季的延遲對我們的廣告收入產生了負面影響，導致廣告收入下降4.2%；而相關的體育賽事版權攤銷費用從本季度轉移出去，則有利於EBITDA增長，EBITDA同比增長22%。

For the full year, Cable Networks EBITDA increased 4% primarily driven by the sports-related impacts of COVID. Fewer sporting events in 2020 contributed to lower distribution and advertising revenue as well as lower programming and production expenses of $655 million year-over-year. Seasons were shortened earlier in the year and current seasons were delayed, pushing a number of events and the related rights amortization costs for 2021.

全年來看，有線電視網路業務的息稅折舊攤提前利潤 (EBITDA) 成長了 4%，主要受新冠疫情對體育賽事的影響。 2020 年體育賽事數量減少，導致發行和廣告收入下降，節目製作和播出費用也比去年同期減少了 6.55 億美元。年初賽季縮短，而當季賽事也被推遲，使得部分賽事及其相關版權攤銷成本推遲至 2021 年。

Looking to 2021, we expect healthy distribution revenue growth as a result of recent successful carriage renewals. We also currently expect significantly more sporting events compared to 2020, which should result in higher advertising revenue but also a significant increase in sports-related programming and production costs, equating to a low double-digit decline in Cable Networks EBITDA this year.

展望2021年，我們預期由於近期成功的續約，分銷收入將穩健成長。同時，我們預期體育賽事數量將較2020年大幅增加，這將帶來更高的廣告收入，但也會導致體育相關節目製作成本顯著上升，從而導致今年有線電視網絡EBITDA出現兩位數的下滑。

Turning to Broadcast. Revenue decreased 12% in the fourth quarter due to a 39% decline in content licensing and a 9.6% decline in advertising revenue, partially offset by another quarter of double-digit increases in retransmission consent fees. The content licensing revenue declines at both Broadcast and Cable Networks were timing-related as sales to streaming platforms, including Peacock, were more heavily concentrated in the first 9 months of the year. We also had a difficult comparison to a significant library deal in last year's fourth quarter. The decline in advertising revenue was driven by lower ratings, partly due to the delayed launch of our fall season. This was somewhat offset by record levels of political advertising at our local stations. The lower revenues were partially offset by a decline in operating costs, reflecting lower content licensing and a delay in production due to COVID-19, resulting in a decline of 24% to $356 million in Broadcast EBITDA.

再來看廣播業務。第四季營收下降12%，主要原因是內容授權收入下降39%，廣告收入下降9.6%，但部分被轉播授權費連續第二季兩位數成長所抵銷。廣播和有線電視網絡的內容授權收入下降與時間有關，因為包括Peacock在內的串流媒體平台的銷售主要集中在今年前9個月。此外，由於去年第四季達成了一項重要的內容庫交易，因此我們面臨著較大的同比影響。廣告收入下降主要是因為收視率降低，部分原因是秋季節目的延遲播出。不過，本地電視台創紀錄的政治廣告收入在某種程度上抵消了這種影響。收入下降的部分原因在於營運成本的降低，這反映了內容授權收入的減少以及受新冠疫情影響導致的製作延誤，最終導致廣播業務的EBITDA下降24%至3.56億美元。

Filmed Entertainment revenue declined 8.3% and EBITDA increased 65% to $151 million for the fourth quarter. Theatrical revenue declined 70% due to theaters being either closed or operating at limited capacity while content and licensing increased 23%, driven by PVOD. Expenses were significantly lower due to fewer releases as a result of COVID-19. In 2021, we hope to debut a number of our franchise films in theaters, such as Fast 9 and Minions 2. But the situation remains fluid, and we are still adjusting our 2021 slate to maximize value as evidenced by our recent decision to push back the release of Boss Baby 2 from March to September.

第四季，影視娛樂收入下降8.3%，EBITDA成長65%至1.51億美元。由於影院關閉或限流，院線收入下降70%；內容和授權收入成長23%，主要得益於付費隨選（PVOD）業務。受新冠疫情影響，影片發行數量減少，導致支出大幅下降。 2021年，我們希望在戲院上映多部系列電影，例如《玩命關頭9》和《小小兵2》。但目前情況仍不明朗，我們仍在調整2021年的影片計畫以最大化收益，例如我們最近決定將《寶貝老闆2》的上映日期從3月推遲到9月。

Theme Parks revenue was $579 million in the quarter with an EBITDA loss of $15 million. These results reflect Universal Orlando Resort and Universal Studios Japan operating at limited capacity while Hollywood remains closed. Results also include $45 million of Universal Beijing preopening costs. For 2021, keep in mind that the first quarter tends to be seasonally light in terms of attendance. And we also expect an increased COVID impact, given new restrictions in Japan, which have also caused us to delay the opening of Super Nintendo World. We are pleased that Universal Beijing remains set to open this summer with preopening costs ramping to $300 million in the first half of this year.

本季主題樂園營收為5.79億美元，EBITDA虧損1,500萬美元。這些業績反映了奧蘭多環球影城和日本環球影城在好萊塢影城仍處於關閉狀態的情況下，以有限的客流量運作。業績還包括北京環球影城4500萬美元的開幕前成本。 2021年第一季通常客流量較低，需要注意。此外，鑑於日本新的防疫限制措施，我們預計新冠疫情的影響將進一步加劇，這也導致我們推遲了超級任天堂世界的開幕。我們很高興北京環球影城仍計劃於今年夏季開業，預計今年上半年開業前成本將增至3億美元。

One last item I'd like to highlight. We will be changing the way we report for NBCUniversal starting in the first quarter of 2021 with the largest impact being to our television businesses as we combine Cable Networks and Broadcast into one segment along with Peacock.

最後還有一點要強調。從2021年第一季開始，我們將改變NBC環球的財務報告方式，其中影響最大的是我們的電視業務，因為我們將把有線電視網絡、廣播電視和Peacock合併為一個部門。

Now let's turn to Slide 8 for Sky, which I'll speak to on a constant currency basis. Sky revenue for the fourth quarter declined 0.9% to $5.2 billion, reflecting a 2.8% decline in direct-to-consumer revenue, driven mostly by our hospitality or pubs and clubs segment, which was challenged by additional COVID-related lockdowns during the quarter. Excluding hospitality, direct-to-consumer revenue was essentially flat year-over-year with solid low single-digit growth in the U.K. Somewhat offsetting the decline in direct-to-consumer revenue was a 10% increase in content revenue as we monetized our original programming while advertising revenue grew 3.9% as Sky outperformed a challenged advertising market helped by a strong performance in the U.K.

現在我們來看Sky的第八張投影片，我將以固定匯率為基礎來講解。 Sky第四季營收下降0.9%至52億美元，其中直接面向消費者的收入下降2.8%，這主要是由於我們的餐飲或酒吧俱樂部業務受到本季新冠疫情相關封鎖措施的衝擊。剔除餐飲業務後，直接面向消費者的收入與去年同期基本持平，英國市場實現了穩健的低個位數成長。內容收入成長10%，在一定程度上抵消了直接面向消費者收入的下降，這得益於我們原創節目的商業化；廣告收入增長3.9%，Sky在英國市場強勁表現的推動下，在充滿挑戰的廣告市場中脫穎而出。

Sky added 244,000 net new customers in the quarter, bringing us essentially back to pre-COVID levels of total customer relationships with additions in all markets, driven by a very healthy streaming business. We've also seen strong uptake in our broadband and mobile products in the U.K.

本季 Sky 新增淨用戶 24.4 萬，使我們的客戶總數基本恢復到疫情前水平，所有市場均實現成長，這主要得益於穩健的串流媒體業務。此外，我們在英國的寬頻和行動產品也獲得了強勁成長。

Sky EBITDA was $139 million as the fourth quarter was impacted by a number of expense items, such as incremental sports rights amortization related to the shift of sporting events that have been delayed as a result of COVID-19, higher investments in entertainment programming, costs related to the launch of our new Sky channels last May as well as higher marketing spend to promote strategic initiatives, such as Sky Q, growth in our mobile product in the U.K. and broadband in Italy.

由於受到多項支出項目的影響，Sky 第四季度的 EBITDA 為 1.39 億美元，例如因 COVID-19 疫情導致體育賽事延期而產生的體育版權攤銷增加、娛樂節目投資增加、去年 5 月推出新 Sky 頻道的相關成本以及為推廣 Sky Q 等戰略舉措、英國移​​動產品增長和意大利寬頻業務而增加的營銷支出。

Looking ahead, we would characterize 2021 as a tale of 2 halves. The first half is under pressure due to the recent increase in COVID-related restrictions to the extreme levels we experienced at the beginning of the pandemic. With the government mandating the closure of pubs and clubs as well as many retail outlets, we are experiencing weakness in hospitality and advertising, and we now expect Sky's first quarter revenue to decline slightly year-over-year. We also expect first half expenses to be elevated when compared to 2020 as higher sports rights amortization resulting from sporting events being postponed from 2020 to 2021 will be with us through the second quarter. In non-sports-related costs, we will see an increase as we grow broadband and mobile in the U.K., broadband in Italy and launch the SMB business in the U.K. later this quarter.

展望未來，我們將2021年概括為截然不同的兩部分。由於近期新冠疫情相關限制措施升級至疫情初期的極端水平，上半年面臨巨大壓力。政府強制關閉酒吧、俱樂部以及眾多零售門市，導致餐飲和廣告業務疲軟，我們預計Sky第一季的營收將比去年同期略有下降。此外，由於2020年體育賽事延期至2021年，導致體育賽事版權攤銷增加，預計上半年支出將高於2020年同期水平，並將持續到第二季​​度。在非體育相關成本方面，隨著我們在英國拓展寬頻和行動業務、在義大利拓展寬頻業務以及在本季度稍後在英國推出中小企業業務，我們將看到成本增加。

In the second half of '21, we expect a quick recovery in hospitality and advertising revenue once these latest restrictions are lifted and an acceleration in EBITDA growth from the tailwinds related to our major sports rights resets and more efficient operating structure.

2021 年下半年，我們預計隨著最新限制措施的解除，飯店和廣告收入將迅速復甦；同時，由於我們主要的體育賽事版權重置和更有效率的營運結構帶來的利好因素，EBITDA 成長也將加速。

I'll wrap up with free cash flow and capital allocation on Slide 9. We generated $13.3 billion in free cash flow and paid $4.1 billion in dividends to our shareholders in 2020. Consolidated total capital, which includes CapEx as well as software and intangibles, decreased 6.4% for the year to $11.6 billion while working capital improved by $2.2 billion to a decline of $178 million for the full year, both reflecting an impact from COVID. Looking to 2021, we anticipate total capital will remain relatively flat to 2020 levels while the working capital drag will increase relative to the levels we saw in 2019, which is the more appropriate comparison due to an increase in content investments, our broadcast of the Olympics and the reversal of COVID-related one-time tax deferrals.

最後，我將在第9張投影片中介紹自由現金流和資本配置。 2020年，我們創造了133億美元的自由現金流，並向股東支付了41億美元的股利。包括資本支出、軟體和無形資產在內的合併總資本年減6.4%至116億美元，而營運資本則改善了22億美元，全年減少了1.78億美元，這兩項指標均反映了新冠疫情的影響。展望2021年，我們預期總資本將與2020年的水準基本持平，而營運資本的拖累將相對於2019年的水準有所增加。由於內容投資增加、奧運轉播以及與新冠疫情相關的一次性稅收遞延的取消，2019年的水平才是更合適的比較對象。

Turning to capital allocation. Our strategy has always been a balance of several important priorities: maintaining a strong balance sheet, investing in profitable organic growth and returning capital to shareholders.

接下來談談資本配置。我們的策略始終是在幾個重要優先事項之間取得平衡：保持穩健的資產負債表、投資於獲利性內生成長以及向股東返還資本。

First, on our balance sheet, we've made great progress reducing net debt from $108 billion post the Sky acquisition at the end of 2018 to $90 billion at the end of 2020.

首先，在我們的資產負債表上，我們取得了巨大進展，淨債務從 2018 年底收購 Sky 後的 1,080 億美元減少到 2020 年底的 900 億美元。

Second, we remain focused on organic investment in our businesses to grow the long-term earnings power of the company, including our CapEx investment in broadband and parks and continued investment behind other growth initiatives where we see strong return on investments, such as Xfinity Mobile, Peacock, Flex, Sky Q and broadband in Italy.

其次，我們將繼續專注於對業務進行有機投資，以增強公司的長期盈利能力，包括對寬頻和園區進行資本支出投資，以及對其他成長計劃的持續投資，我們認為這些計劃能夠帶來強勁的投資回報，例如 Xfinity Mobile、Peacock、Flex、Sky Q 和義大利的寬頻業務。

Third, we are committed to returning capital to shareholders through dividends and buybacks. And we have a proven track record. We have increased our dividend 13 years in a row at a 17% CAGR, significantly in excess of the S&P over that same time period. In addition, we have a demonstrated history of buying back stock, having reduced our share count by nearly 20% between the NBCUniversal and Sky acquisitions.

第三，我們致力於透過股利和股票回購向股東返還資本，並且我們擁有良好的業績記錄。我們已連續13年提高股息，年複合成長率達17%，遠超同期標普500指數的表現。此外，我們也有回購股票的良好記錄，在收購NBC環球和天空電視台期間，我們的股票數量減少了近20%。

In 2021, we believe we will be able to return to our historical practice of returning ample capital to our shareholders. We are again raising the dividend by $0.08 a share to $1 per share. And we are planning to return to buying back our stock. As Brian mentioned, our hope is to start in the back half of this year gradually ramping up to historical levels while we continue to pace towards hitting our intended target leverage levels, which we currently expect to reach by year-end 2022. The specific timing and magnitude of our buyback activity will be subject to improvement in our businesses most impacted by the pandemic and the implications related to potential changes in tax policy.

我們相信，2021年我們將能夠恢復以往向股東返還充足資本的做法。我們將再次提高每股股利0.08美元，至每股1美元。同時，我們也計劃恢復股票回購。正如布萊恩所提到的，我們希望從今年下半年開始逐步恢復到歷史水平，同時繼續朝著既定的槓桿目標穩步邁進，我們目前預計將在2022年底前實現這一目標。股票回購的具體時間和規模將取決於受疫情影響最大的業務的改善情況以及潛在稅收政策變化的影響。

So thanks for joining us on the call this morning, and I'll now hand it back to Marci to handle Q&A.

感謝各位今天上午參加我們的電話會議，現在我將把問答環節交還給 Marci。

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

謝謝，麥克。雷吉娜，現在開始接受提問吧。

(Operator Instructions) Our first question comes from the line of Ben Swinburne with 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。

One for, I guess, Brian and Dave on Cable and then one for Jeff on NBC. So obviously, really strong customer metrics in 2020, particularly on the broadband side. And I was curious, when you look at what transpired last year in terms of the increased demand for the product and also how you guys operated the business, what are the things that you think are COVID-specific versus durable? I mean I know you talked about 2019 as the benchmark year. But as we think about the longer term, how do you look at last year's performance and some of the specific drivers in terms of their durability beyond the pandemic?

我想，一份是給有線電視的Brian和Dave的，另一份是給NBC的Jeff的。顯然，2020年的客戶指標非常強勁，尤其是在寬頻方面。我很好奇，回顧去年產品需求的成長以及你們的業務運營，你們認為哪些因素是疫情特有的，哪些又是長期存在的？我知道你們把2019年當作基準年。但從長遠來看，你們如何看待去年的業績以及一些具體的驅動因素，它們在疫情後是否還能持續？

And then for Jeff, you guys laid out, and I realize this is prior to your elevation as CEO, I think, 30 million to 35 million active accounts on Peacock by '24. I know sign-ups and active accounts are different metrics, but it seems like you're nicely ahead of that trajectory. Can you just sort of reframe the opportunity with Peacock for us today versus kind of the initial outlook? And when might revenues become kind of material to NBC for that business?

傑夫，你們之前曾預測（我知道這是在你升任CEO之前），Peacock到2024年將擁有3000萬到3500萬活躍帳戶。我知道註冊用戶數和活躍帳戶數是不同的指標，但看起來你們已經遠遠超過了這個預期。你能否重新闡述Peacock如今的機遇，並與最初的預測進行比較？ Peacock的營收何時才能對NBC產生實質影響？

Well, Ben, this is Dave. I'll kick off on the Cable side. I think it starts with the main point that we've had great momentum in broadband for many quarters now, well before COVID. So there's been real strength in the category for us. And I think we point towards the fundamentals of broadband. And the fundamentals have been very consistent for us. And it starts with the market. The market is growing. We're taking share. And the sources are geographic all over the country where we serve and across the board competitively with DSL sources, telco, wired, wireless and other competitors.

好的，本，我是戴夫。我先從有線電視業務說起。我認為首先要強調的是，我們在寬頻業務方面已經連續幾季保持強勁成長勢頭，這遠在新冠疫情爆發之前。因此，我們在這一領域一直表現強勁。我認為，這主要得益於寬頻業務的基本面。而這些基本面對我們來說一直都非常穩定。首先是市場。市場正在成長。我們正在不斷擴大市場份額。我們的業務遍布全國各地，並且在各個方面都與DSL、電信營運商、有線、無線和其他競爭對手展開了全面競爭。

So I think while there in '20, truly an exceptional year for performance, and as Brian said, I think the right way of looking at '20, you've got to look at the full year results. And when you do that, the 2 million net customer additions, it really is extraordinary. The fundamentals that we see going forward, low churn, we compete well on the front end because we've consistently invested in the best network in the marketplace, I think. That is ubiquitous. We deliver the best overall service, redefined the category in speed, coverage, control and now streaming. And so you add up all those things, I think you -- it points towards strong organic growth.

所以我認為，2020年確實是業績表現卓越的一年，正如布萊恩所說，要正確看待2020年，就必須看全年業績。當你這樣做時，你會發現新增200萬淨用戶，這確實非常了不起。展望未來，我們看到的基本面依然強勁，用戶流失率低，我們在前端市場具有很強的競爭力，因為我們持續投資於市場上最好的網絡，我認為這一點毋庸置疑。我們提供最佳的整體服務，在速度、覆蓋範圍、控制以及現在的串流媒體方面重新定義了行業標準。所以，當你把所有這些因素加起來，我認為——這預示著強勁的內生成長。

But as you look to next year, as Mike said, we do have a healthy start to the year. We're really encouraged to -- at what we're seeing right out of the gates. But I do think 2020, as everybody went home and there's just a lot more in a short period of time, folks that were working from home, schooling from home, I think there is -- that's a unique moment. But I think the fundamentals continue. We have penetration upside. There's growth opportunities that we believe strongly. I think '19 was a very strong year, too, by the way. I think that is the right one to look at as the best benchmark on a go-forward basis.

但展望明年，正如麥克所說，我們今年的開局非常健康。我們對目前的情況感到非常鼓舞。但我認為2020年，由於大家都居家辦公、居家學習，短時間內出現了更多變化，這確實是一個特殊的時期。但我認為基本面依然穩固。我們有市場滲透率提升的空間，並且堅信有成長機會。順便說一句，我認為2019年也是非常強勁的一年。我認為2019年是未來發展的最佳基準。

Our next question will come from the line of Jessica Reif Ehrlich with Bank of America.

下一個問題將來自美國銀行的傑西卡·雷夫·埃利希。

Hey, Ben. So Peacock obviously is a -- is primarily an AVOD service. And we have a number of metrics. The one that we -- that Brian and Mike talked about today is sign-ups, which we've said every quarter, which we reached 33 million this week. People sign up, then they use it actively and then the usage per user, that drives the amount of hours that we sell in advertising. And we were up significantly over all of our metrics versus what we anticipated going into the business. We're only -- we launched this on Comcast just over 9 months ago and nationally just over 6 months ago. So we're at the very beginning of this business.

嗨，本。 Peacock 顯然主要是廣告支援的隨選視訊 (AVOD) 服務。我們有很多指標。今天布萊恩和麥克提到的就是註冊用戶數，我們每季都會提到這個數字，本週我們達到了 3,300 萬。用戶註冊後會積極使用，而每個用戶的使用時長決定了我們廣告的銷售時間。我們所有指標都顯著高於預期。我們上線 Comcast 才 9 個多月，全國上線才 6 個多月。所以我們還處於這項業務的初期階段。

But we're very confident, based on the small amount of time, that the business model is exactly the right business model. People are signing up. They're using it more than we expected. And advertisers are very interested in buying it. So this steady growth is very promising for us. And we don't have anything to reframe at this point. But I think that the performance, that is much better than we expected, gives us a lot of optionality going forward. But we're just going to continue to drive this business model now and focus on the advertising revenue.

但根據目前這段時間來看，我們非常有信心，這種商業模式正是我們所需要的。用戶註冊量很大，使用量也超出了我們的預期。廣告商也對購買我們的產品表現出了濃厚的興趣。這種穩定成長對我們來說非常有前景。目前我們沒有任何需要調整的地方。但我認為，遠超預期的表現為我們未來的發展提供了很大的選擇。不過，我們現在將繼續推動這種商業模式，並專注於廣告收入。

Our next question is from the line of Jessica Reif Ehrlich with Bank of America.

下一個問題來自美國銀行的傑西卡·雷夫·埃利希。

I also have two questions. First, on NBCU, can you talk about kind of the time frame and where you'll see the benefits of the restructuring? And within that, like what is the long-term view of Cable Networks? Will it all eventually be in Peacock? And on the Cable side, several of you mentioned, I think, Brian -- I think all of you mentioned the benefits of the new Verizon MVNO deal. Where will that show up? Will it be in revenue, additional services? What's the time frame for that as well?

我還有兩個問題。首先，關於NBC環球，您能否談談重組的時間框架以及預計哪些方面會受益？此外，您對有線電視網絡的長期規劃是什麼？最終是否會全部整合到Peacock平台？關於有線電視方面，你們幾位都提到了，我想布萊恩——我想你們都提到了與Verizon達成的MVNO協議帶來的好處。這些好處將體現在哪些方面？是收入方面，還是新增服務方面？這些好處預計何時才能顯現？

Jeff, do you want to start?

傑夫，你想先開始嗎？

Yes. Thanks, Brian. Jessica, so we view, obviously, our television business as a whole. As Mike says, we're going to redo how we report starting next quarter. And we view the whole television business as a whole. And while our restructuring definitely took a lot of cost out of the business, but you're starting to see in the numbers, the real purpose of it was to allow us to grow it in the future and really run it as one business. So Cable Networks, obviously, are a big part of the business. They're still the biggest EBITDA driver. And I don't expect that to change anytime in the near future.

是的，謝謝布萊恩。潔西卡，顯然，我們把電視業務看成一個整體。正如麥克所說，我們將從下個季度開始重新調整報告方式。我們把整個電視業務視為一個整體。雖然我們的重組確實大幅降低了業務成本，但從數據中可以看出，其真正目的是為了讓我們未來能夠發展壯大，並真正將其作為一個整體來運作。有線電視網絡顯然是業務的重要組成部分，仍然是最大的 EBITDA 驅動因素。我預計這種情況在短期內不會改變。

But we're looking at the 2 revenue streams of the business, it's subscription and advertising, as one business, Broadcast, Cable and Peacock, and we're programming it as such. We're selling it to advertisers as one platform as such. And so I think, over time, it will be harder and harder to distinguish between the profitability of Cable Networks and the rest of our television business because we're looking at it as one business. But the restructuring allows us to run it like that. And we think that, that's going to allow us to really grow the business over time.

但我們把業務的兩大收入來源——訂閱和廣告——視為一個整體，包括廣播、有線電視和Peacock，並以此為基礎進行節目策劃。我們向廣告商銷售廣告位時，也將其視為一個整體。因此，我認為隨著時間的推移，有線電視網絡和其他電視業務的盈利能力將越來越難以區分，因為我們將其視為一個整體。而重組使我們能夠以這種方式運作。我們相信，這將使我們能夠隨著時間的推移真正發展壯大業務。

Dave, do you want to chip in on wireless?

戴夫，你想在無線網路方面出點錢嗎？

Yes. Jessica, so the -- we've been really pleased with the relationship with Verizon. We've had a great partnership and glad that one important aspect of things is that improved MVNO. Brian mentioned the capital-light approach is working for us. We think it's going to work in the future. So I think as a starting point certainly will enable us to amplify what we're already doing, really push towards a range of offers to keep us very competitive. We continue to grab, switch and share in the mobile space.

是的，傑西卡，我們對與Verizon的合作關係非常滿意。我們建立了良好的合作關係，很高興看到一個重要的方面是MVNO（行動虛擬網路營運商）的改進。布萊恩提到輕資產模式對我們來說很有效。我們認為這種模式未來也會奏效。所以我認為，作為起點，這肯定能讓我們擴大現有業務，並真正推動推出一系列產品和服務，從而保持強大的競爭力。我們將繼續在行動領域搶佔先機、不斷切換和共享用戶。

But you back up for a second, and we're just -- overall, we have been pleased and we're very optimistic about the mobile business and what it will do, in particular, continues to perform very well for broadband retention. And so we're committed to accelerating growth in mobile, and we mentioned this last time. And while the MVNO enhancement is a nice step forward, there are a lot of other things that we're doing like, really going after every single sales channel that we have.

但先回顧一下，總的來說，我們對行動業務及其未來發展非常滿意和樂觀，尤其是在寬頻用戶留存方面，行動業務持續表現強勁。因此，我們致力於加速行動業務的成長，上次我們也提到這一點。雖然MVNO的增強是一個不錯的進步，但我們還在做很多其他事情，例如真正地拓展我們擁有的每一個銷售管道。

We reopened retail in a safe mode, new safety protocols. And every single sales channel, whether it's digital, call centers, you name it, we're really focusing on mobile. So we're also leaning into 5G. We'll participate very much in 5G. And we're featuring mobile in packaging with broadband, leading in some cases. When there's a new product NPI, whether it's Apple, Samsung, we use that moment to literally lead with mobile. So I think, overall, we're really pleased. And I think it -- we feel good about the runway.

我們以安全的方式重新開放了零售業務，並制定了新的安全規程。所有銷售管道，無論是線上通路、呼叫中心等等，我們都將重點放在行動端。因此，我們也大力發展5G。我們將積極參與5G的建設。我們將在寬頻產品的包裝中突出移動功能，在某些情況下甚至領先於其他產品。每當有新產品上市時，無論是蘋果還是三星，我們都會抓住這個機會，並將行動功能作為賣點。所以總的來說，我們非常滿意。而且，我們對未來的發展前景充滿信心。

I would also point towards our overarching plan that, one, we have access to, I think, the country's best network with Verizon and so talked about that. I think we also are leveraging -- continue to leverage WiFi. And we've always uniquely provided a great experience, not just in the home. We're improving things outside in the public area. And then over time, I think the other key thing, too, is being able to add a third layer, which could be our own targeted wireless infrastructure, which we might use to supplement the Verizon network and really go after the high dense usage areas from spectrum that we've already acquired. So I think all these factors point towards, I think, a unique opportunity for us.

我還想指出我們的總體規劃，首先，我們擁有Verizon提供的全國最佳網絡，這一點我們之前也談過。我認為我們也在充分利用——並且會繼續利用——Wi-Fi。我們一直以來都致力於提供卓越的使用者體驗，不僅在家庭環境中，我們也在不斷改進公共區域的網路狀況。隨著時間的推移，我認為另一個關鍵點是能夠增加第三層網絡，也就是我們自己的定向無線基礎設施，我們可以用它來補充Verizon的網絡，並真正利用我們已經獲得的頻譜資源，瞄準高密度用戶區域。所以我認為所有這些因素都指向一個獨特的機會。

Your next question comes from the line of Doug Mitchelson with Crédit Suisse.

你的下一個問題來自瑞士信貸的道格·米切爾森。

If I could just follow up on wireless, when you said that you can improve the range of offerings to more customers as part of the new MVNO, can you address business customers now with your wireless service? And perhaps you could before, but any clarification on that? And what are the new offerings and what are the new customers that you can address as a result of the changes to the MVNO? And then Brian, not to put you on the spot, but any thoughts on the Olympics and its likelihood and potential benefit to Peacock or the rest of the operations?

我可否再追問一下無線服務方面的問題？您之前提到，作為新的虛擬營運商（MVNO）的一部分，您可以為更多客戶提供更豐富的服務。那麼，您現在是否可以透過無線服務服務企業客戶？或許您之前也可以，但能否對此做進一步說明？此外，MVNO 的調整會帶來哪些新的服務內容，又能吸引哪些新的客戶群？還有，Brian，我不想讓你感到壓力，但您對奧運會以及它對 Peacock 或其他業務的潛在影響有什麼看法？

Well, I think on the wireless question, I think this is the beginning of the year, so I think we'll have more to report as the year goes on with -- to follow up on what Dave just said. But we -- including some offerings to businesses. But we're -- kind of it's early in the year, so stay tuned. But I think what we wanted to convey today is that the piece parts are in place and that we have momentum and it's a strategic part of our bundle, as Dave just said, in terms of reducing churn and also driving us toward breakeven and profitability. And this was -- these were important elements to get right. So I would say more to follow. And the question about Olympics is what? Will it happen? Or be a bit more specific, if you don't mind, Doug.

關於無線業務的問題，我覺得現在才年初，所以隨著時間的推移，我們會有更多消息要報告——就像戴夫剛才說的那樣。我們－包括一些面向企業的產品和服務。但現在才年初，敬請期待。不過，我們今天想傳達的訊息是，各個環節都已就緒，我們勢頭良好，而且正如戴夫剛才所說，這是我們業務組合中一個重要的戰略組成部分，有助於降低客戶流失率，並最終實現盈虧平衡和盈利。這些都是必須做好的重要環節。所以，我想說的是，後續會有更多資訊。至於奧運的問題，是什麼？它會舉辦嗎？或者，道格，如果你不介意的話，你能不能說得更具體一些？

Yes. Sorry, Brian. I guess there's some concern out there as to whether or not the Olympics will happen. And I know it's sort of important for driving your businesses. And it was something you're excited about in terms of marketing Peacock last year. And as you think of the step forward in Peacock and had some initial success, how do you think about using Olympics as a vehicle to drive usage and awareness of Peacock?

是的。抱歉，布萊恩。我想大家都很擔心奧運能否如期舉行。我知道這對你們的業務發展至關重要。去年，你們也曾利用奧運推廣Peacock平台，並對此感到非常興奮。考慮到Peacock平台的發展以及取得的初步成功，你們如何看待利用奧運會來提升Peacock的使用率和知名度？

Yes. Understood. Well, first of all, I want to echo what Jeff said, really pleased with how fast Peacock has exceeded this year, even without the Olympics that we had hoped for and that was going to be the big launch moment. So I think the team is doing an outstanding job and giving us the fast start that I think everyone would want to have and even better than that, perhaps. So that gives us just great expectation for the future. So sitting here today, I believe there will be an Olympics. I hope there will be an Olympics, and I think that's our best intelligence at this time, and we're excited about that.

是的，明白了。首先，我想附和一下傑夫的說法，我對Peacock今年的發展速度非常滿意，即便沒有我們期待已久的奧運會——原本奧運會將是Peacock的盛大發布會——也取得瞭如此佳績。我認為團隊的工作非常出色，為我們帶來了每個人都夢寐以求​​的快速開局，甚至可能比預期還要好。這讓我們對未來充滿期待。所以，就目前而言，我相信奧運將會舉辦。我希望奧運會能夠舉辦，我認為這是我們目前掌握的最可靠的信息，我們對此感到非常興奮。

I think it can be done in a variety of ways as we've seen sporting events all over the world take place from Premier League to the NFL and many others with limited spectators, no spectators or wherever the world may be in Japan in July, that will be up to the country and host committee. If in the event it doesn't happen, we have another Olympics coming in Beijing 7 months later or so. So I don't know, Jeff, whether you want to add anything to that. But we're very hopeful and believe that they'll find a way to safely and successfully have the Olympics, which for us is a television event and would be an amazing moment for the world to come back together post what we've all globally been through, which is so unprecedented. So we're super hopeful and optimistic.

我認為舉辦奧運的方式有很多種，就像我們看到世界各地的體育賽事一樣，從英超聯賽到NFL等等，都有可能在限制觀眾人數、沒有觀眾的情況下舉行。至於7月在日本舉辦奧運會，最終決定權在於主辦國和組委會。如果奧運最終無法舉辦，大約7個月後，我們還有北京奧運。所以，傑夫，我不知道你是否還有什麼補充。但我們非常樂觀，相信他們能夠找到安全、成功地舉辦奧運的方法。對我們來說，奧運是一場電視盛事，也是全世界在經歷了前所未有的疫情之後重新團結起來的激動人心的時刻。所以我們充滿希望和樂觀。

Yes, I guess...

是的，我想是的…

Go ahead, Jeff.

請繼續，傑夫。

No, I was just going to add to what Brian said. I think advertisers also are optimistic that the Olympics are coming. We continue to pace. I think last earnings call, I said we were up over where we were a year ago, when we thought the Olympics would be a year ago. That gap has grown even further as advertisers kind of jumped in to buy. So we're -- anything can happen in this COVID world. We don't know what's going to happen. But we're pretty confident the Olympics is going to happen and advertisers are kind of jumping in and agreeing with Brian's sentiments.

不，我只是想補充布萊恩剛才說的話。我認為廣告商也對奧運的舉辦持樂觀態度。我們的業績持續成長。我想在上次財報電話會議上，我說過我們的業績已經超過了一年前的水平，當時我們預計奧運會在一年前舉行。隨著廣告商紛紛搶購廣告位，這個差距進一步擴大了。所以——在這個新冠疫情肆虐的世界裡，一切都有可能。我們不知道未來會發生什麼事。但我們相當有信心奧運會如期舉行，廣告商也紛紛湧入市場，認同布萊恩的觀點。

Your next question comes from the line of Phil Cusick with JPMorgan.

你的下一個問題來自摩根大通的菲爾·庫西克。

Thanks for the buyback commentary. Should we still look at 2.5x trailing 12-month EBITDA as the test for buybacks? And can you remind us what the year-end '22 target is? And then Mike, to confirm your comments on margins and capital intensity, I think you're guiding to Cable margins and capital intensity improvements versus 2020 but not giving a level. I assume that's against reported numbers despite all the moving pieces. Can you give us any sort of direction on that level? And why not guide this year versus previous years?

感謝您對股票回購的評論。我們是否仍應該將過去12個月EBITDA的2.5倍作為股票回購的衡量標準？您能否提醒我們一下2022年底的目標是多少？另外，Mike，關於利潤率和資本密集度，我想確認一下您之前的評論。您似乎在預測有線電視業務的利潤率和資本密集度會比2020年有所改善，但沒有給出具體數值。我假設您指的是基於已公佈的數據，儘管存在許多變數。您能否就這個數值給予一些指引？為什麼不給出今年與往年相比的預測呢？

Sure, Phil, it's Mike. And Dave -- I'll do the second one first. I think Dave gave plenty of color in terms of -- as well as, I think, in the earlier comments about the activities of the Cable division in terms of focus on expenses, locking in programming renewals, which -- and just driving the business towards connectivity and wireless towards profitability. All those factors come together. And when you look at the long-term trajectory of the business, including our comment, is that we are confident in our ability to increase profitability, expand margins and improve capital intensity, not just in 2021, and that is versus reported 2020 numbers to your question, but really thereafter.

當然，菲爾，我是麥克。戴夫——我先回答第二個問題。我認為戴夫已經充分闡述了——而且，我認為，在他之前關於有線電視部門活動的評論中，也提到了重點控制支出、鎖定節目續約，以及推動業務向互聯互通和無線業務轉型以實現盈利。所有這些因素都相互交織。當我們展望業務的長期發展軌跡時，包括我們先前的評論，我們有信心提高盈利能力、擴大利潤率並改善資本密集度，這不僅體現在2021年（針對你提到的2020年數據），而且體現在之後的更長遠發展階段。

I mean I think the business is set up for that for the long-term horizon beyond just the year ahead. So calling out specific numbers, I think, is of less utility, frankly, than giving you the broad backdrop that gives you the long-term lens through which you can judge all those pieces. But we're quite confident that all those things coming together, expense discipline and efficiency on the capital side, combined with innovation and focus on connectivity, allows us to give that outlook that -- of improving margins and capital intensity looking out ahead. In terms of -- Dave, I don't know if you have anything to add there?

我的意思是，我認為公司目前的營運模式已經為長遠發展做好了準備，而不只是著眼於未來一年。所以坦白說，我覺得列舉具體數字的意義不大，不如提供一個宏觀的背景，讓大家從長遠的角度來檢視所有因素。但我們非常有信心，所有這些因素結合起來——包括成本控制和資本效率，以及創新和對互聯互通的關注——能夠讓我們對未來利潤率和資本密集度的提升充滿信心。戴夫，你還有什麼要補充的嗎？

Yes. I think the focus of us really going after margin, capital intensity improvements, that's not going to stop. It starts with connectivity and building customer relationships in a profitable way, managing this video transition like we're doing and extreme focus around expenses that we, in a healthy way, Mike talked about it, Brian talked about it, just taken a lot of transactions out. Our digital focus and self-install kits, these are things that I think are very durable that will go beyond this -- what we're dealing with in this environment.

是的。我認為我們真正關注的是利潤率的提升和資本密集度的改善，這一點不會改變。這始於連接性，並以盈利的方式建立客戶關係，就像我們正在做的那樣，管理好視頻轉型，並嚴格控製成本——邁克和布萊恩都談到了這一點——我們以一種健康的方式削減了很多交易。我們的數位化策略和自助安裝套件，我認為這些都是非常持久的，能夠超越我們目前所面臨的環境挑戰。

I think we've learned a ton and we'll continue to operate the business in a unique way. So I think you look towards those kinds of activities, the amount of SIK today, 2/3 of the transactions that connects are that way and then 3/4 of our digital-capable transactions are being completed through our digital tools. We're going to continue to focus on all those things that just drive non-programming cost. And so we'll stay focused on all of that.

我認為我們已經學到了很多，並將繼續以獨特的方式經營業務。所以，我認為你應該關注這些活動，就目前SIK的規模而言，三分之二的交易都是透過這種方式完成的，而我們四分之三的數位化交易都是透過我們的數位化工具完成的。我們將繼續專注於所有那些能夠降低非程式成本的因素。因此，我們將繼續關注所有這些方面。

And then just elaborating, I think earlier comments really covered it all on buybacks, but I'll just expand a bit. I mean, obviously, we've been talking, Brian and I and the team, for a while about our desire to get back into the historical balance on capital allocation, which, as you know, is keeping the balance sheet strong, making healthy investments in the organic growth across our businesses, which I think from listening to the call today, anyone would, I hope, gather that we continue to be very much leaning into doing that where we see returns and opportunity to make investments in these businesses for growth, and then get back to our balance with complete capital return. It's the 13th year we've increased the dividend. But we turned off buybacks for a while and want to return to being in that portion of the return element as well.

然後，我想補充一點，之前關於股票回購的演講已經涵蓋了所有內容，但我還是想再補充一些。顯然，我和布萊恩以及團隊已經討論過一段時間，希望能恢復資本配置的歷史平衡。如您所知，這意味著保持資產負債表的穩健，並對旗下各業務的內生成長進行健康的投資。我相信，聽了今天的電話會議，大家應該都能感受到，我們仍然非常重視在那些我們認為有回報和機會的領域進行投資，以促進業務成長，然後再恢復到完全資本回報的平衡狀態。今年是我們連續第13年提高股利。但我們之前暫停了股票回購，現在也希望重新將回購納入報酬系統。

So as I said, we're pleased with where the balance sheet is. We've gotten net debt down to $90 billion from $108 billion after Sky. Just the evidence that we're seeing in parks in the fourth quarter, we were breakeven ex the Beijing pre-operating cost, even with Hollywood closed and even with the capacity constraints, just gives us a high degree of confidence that when people can return to travel on the other side of vaccinations outpacing the virus that we're going to see the COVID-impacted EBITDA businesses snap back to historical levels.

正如我所說，我們對目前的資產負債表狀況感到滿意。扣除Sky的收購後，我們的淨債務已從1,080億美元降至900億美元。僅從第四季度主題樂園的業績來看，即使好萊塢影城關閉且客流量受限，我們也能實現盈虧平衡（扣除北京樂園的營運前成本），這讓我們非常有信心，一旦疫苗接種速度超過病毒傳播速度，人們能夠恢復旅行，受新冠疫情影響的EBITDA業務也將迅速恢復到歷史水平。

To your point, it's going to take 12 months for it to run through and get a full -- and get it fully back. Hence, our point that in the second half of this year, we'd expect to see the beginnings of that. And rather than wait for a full 12 months, we'll start -- we hope and plan to begin our buyback at that moment. We'll keep it at the historical level, call it, as much as $5 billion, ramp-up to that, and probably stay there until we actually get to the definition that you called out with -- on a 12-month trailing basis to get to around or just inside 2.5x. And I expect that to happen by the end of 2022.

正如您所說，整個過程需要12個月才能完成並完全恢復。因此，我們預計今年下半年就會出現初步跡象。與其等待整整12個月，我們計劃屆時就開始回購。我們將維持歷史水平，最多可達50億美元，逐步增加到這個規模，並可能保持在這個水平，直到我們真正達到您提到的目標——以過去12個月的滾動市盈率計算，達到或略低於2.5倍。我預計這將在2022年底實現。

Your next question comes from the line of Craig Moffett with MoffettNathanson.

你的下一個問題來自 Craig Moffett 和 MoffettNathanson 的行列。

Two questions if I could. First, Brian, you talked a little bit about how pleased you are with Flex. We certainly get more questions about it from our clients now than had been the case with a lot of enthusiasm for what Flex could become. So I wonder if you could just expand on Flex a little bit and talk about what your hopes and expectations are for Flex. And could you grow that into a national product that is widely distributed or even a global product that's widely distributed as an aggregator platform?

如果可以的話，我想問兩個問題。首先，Brian，你剛剛提到你對Flex非常滿意。現在我們的客戶確實比以前更常詢問Flex，他們對Flex的未來發展充滿熱情。所以我想請你再詳細說說Flex，談談你對Flex的期待。你認為Flex有可能發展成為全國性、甚至全球性的聚合平台產品嗎？

And then with respect to wireless, I wonder if you could just update us on your thinking about the CBRS spectrum now that we're out of the CBRS quiet period and what you might do now with strand-mounted small cells for traffic offload, whether you're testing that in any markets or how much traffic you expect you might be able to offload from the MVNO agreement.

關於無線方面，我想請您更新您對 CBRS 頻譜的看法，現在我們已經度過了 CBRS 靜默期，您現在可能會如何使用架設在地面上的小型基地台進行流量分流，您是否正在任何市場進行測試，或者您預計可以從 MVNO 協定中分流多少流量。

Dave, why don't you take the second one first about wireless and CBRS? I don't know if there's anything to add at this moment. But -- and if we're -- if you want to, feel free to talk about that.

戴夫，你先回答第二個關於無線和CBRS的問題吧？我現在不知道還有什麼要補充的。不過——如果你願意的話——你可以談談這個話題。

Well, Craig, we have...

克雷格，我們有…

But if you want to start on Flex, that's fine, and I can follow you, so we can do both.

但如果你想先在 Flex 上開始，那也沒問題，我可以跟著你，這樣我們兩個平台都可以用。

Yes. Well, let me touch on the first one then and go into CBRS. But on Flex, starting, Craig, with the -- our current strategy just a little bit, that we're -- we package it with broadband, another great way of surrounding broadband with products that drive better retention outcomes. And that's -- it's working. It's working very well. So we target it to the streaming segment and give the customer a great experience with the X1 voice and all the apps. So we've got tons of apps. We'll have just about everything, pleased with the Peacock performance for sure, all the other apps that we've launched, including HBO Max and soon to be later on this quarter, Disney.

是的。那我就先簡單說第一個問題，然後再談談CBRS。關於Flex，Craig，我們目前的策略是將其與寬頻打包，這是將寬頻與其他產品結合使用，從而提高用戶留存率的另一個有效方式。而且，這種策略非常有效。因此，我們將其目標客戶鎖定在串流媒體領域，並透過X1語音和所有應用程式為客戶提供卓越的體驗。我們擁有海量的應用程序，幾乎涵蓋所有類型。我們對Peacock的表現非常滿意，其他已推出的應用程序，包括HBO Max，以及即將於本季度晚些時候推出的Disney+，也都非常出色。

I think today, it is more targeted. But as you mentioned, I really do think the next phase that we're working on and developing for and turning our innovation focus is that this is a long-term platform opportunity for us. And an aspect of the company that we have, called Xumo, that I think you all didn't know that, that's one piece of being able to drive -- help drive advertising. We can participate in revenue in the app splits that we get. And so we think of this with scale.

我認為如今，我們的目標更加明確。但正如您所說，我們正在努力開發的下一階段，也是我們創新重點的所在，是將其視為一個長期的平台機會。我們公司旗下有一個名為 Xumo 的平台，我想大家可能都不知道，它能夠幫助我們推動廣告業務。我們可以參與應用程式內廣告分成。因此，我們著眼於規模化發展。

And as you build a common software stack that includes Sky, do it together, which we're already working on, and then you have opportunities and -- which we've talked about going to smart TVs but really leveraging unique scale internationally that we can have, whether it's a device or whether it's a software solution. But I think these are the things that we'll look at. Right now, it's working great within footprint, but we're building out plans beyond that.

隨著我們建構包含 Sky 在內的通用軟體堆疊，我們將攜手合作（我們已經在著手這項工作），我們將迎來機遇——我們之前討論過進軍智慧電視領域，但真正能充分利用我們獨特的國際規模優勢，無論是設備還是軟體解決方案。我認為這些正是我們將要關注的重點。目前，我們在現有業務範圍內運作良好，但我們正在製定更廣泛的計劃。

Hang on 1 second. Let me just add to that then that the whole articulation of the company's strategy with broadband and aggregation into streaming, I think, is embodied inside Flex. So Peacock's success very much partially due to the early success to what Flex can do for broadband customers. And we're seeing other programmers are approaching us with their content and seeing what both the X1 platform and the Peacock platform and this Flex platform can do for them. So that's led us to looking at what Dave was just talking about, what are other opportunities that are in -- that could be taking advantage of the scale on this platform and the ability to bundle things that way. And I think we'll have more to talk about throughout the year.

稍等片刻。我再補充一點，我認為公司將寬頻和聚合技術應用於串流媒體的整個策略都體現在 Flex 平台中。 Peacock 的成功很大程度上歸功於 Flex 平台早期為寬頻用戶帶來的成功。我們看到其他節目製作商也帶著他們的內容來找我們，看看 X1 平台、Peacock 平台以及 Flex 平台能為他們帶來哪些好處。這促使我們去思考 Dave 剛剛提到的那些機會，看看還有哪些機會可以利用這個平台的規模優勢和捆綁銷售的能力。我想今年我們會就此展開更多討論。

Same sort of answer on the wireless question. I think we're set up for future opportunities with some of the investments we've made and some of our early success. So I share your clients' enthusiasm. I think the product is going to continue to improve. We'll have some more updates on that as we go along. But I'm very encouraged as well. And I think the team that created Flex has done a great service for the company. Keep going, Dave.

關於無線方面的問題，我的回答也差不多。我認為，憑藉我們之前的一些投資和早期取得的成功，我們已經為未來的機會做好了準備。所以我很理解你們客戶的熱情。我相信產品會不斷改進。我們會隨時更新相關資訊。但我本人也感到非常鼓舞。我認為Flex的開發團隊為公司做出了巨大的貢獻。加油，戴夫！

I think the only other point on wireless, Brian and Craig, would be we are looking at and working on development plans around the targeted use of the CBRS spectrum in dense, high-usage areas and how we could offload traffic, have the experience be terrific in doing so. So nothing more really to come at this point. This is a multiyear effort. So -- but a lot of focus is on it right now.

布萊恩和克雷格，關於無線通信，我想補充一點：我們正在研究並製定在人口密集、高使用率地區有針對性地使用CBRS頻譜的開發計劃，以及如何分流流量，並確保在這方面取得卓越的成果。所以目前暫時沒有更多消息。這是一項多年計劃，但我們現在非常重視。

Your next question comes from the line of Brett Feldman with Goldman Sachs.

你的下一個問題來自高盛的布雷特·費爾德曼。

And if you don't mind, I'm actually just going to follow up on Phil's question. So Mike, when you were responding to his question on the buybacks, you talked about ramping back up towards the historical level of $5 billion a year until you get back to sort of that long-term leverage target of about 2.5 turns. But if I think longer term, if you were to sort of remain at your historical buyback pace, you would probably continue to delever, and I think actually quite rapidly.

如果你不介意，我想就菲爾的問題再補充一點。麥克，您在回答他關於股票回購的問題時，提到要逐步恢復到每年50億美元的歷史水平，直到槓桿率回到2.5倍左右的長期目標。但如果從長遠來看，如果您保持以往的回購速度，您可能會繼續去槓桿化，而且我認為去槓桿化的速度會相當快。

Historically, you've tended to redeploy that excess liquidity into your strategic M&A program. And so the question is how do you think about the medium- to long-term importance of preserving dry powder for that type of flexibility versus whether your current asset portfolio is sufficiently well suited to meet your long-term operating targets?

從歷史上看，你們傾向於將多餘的流動資金重新投入策略併購計畫。因此，問題在於，你們如何看待保留資金以保持這種靈活性在中長期內的重要性，以及你們目前的資產組合是否足以滿足你們的長期營運目標？

Well, sure. Brian can obviously chime in. But I think we feel very good about the collection of businesses that we have, how they fit together, how the -- how Sky has enabled, together with Cable and NBC, things that -- our advances in the 3 pillars that Brian described, broadband, streaming and aggregation. So I won't repeat too many of those proof points of what we are as a company. But we'll always look at M&A. But I don't think there's any doubt that we are very pleased and don't see any strategic gaps in the portfolio that we have. So we'll talk about it when we get to the 2.5x. But I wouldn't suggest that beyond that stage, we would just delever. I mean we get inside that number. And from there, we'll have options. And we'll discuss it with folks as we get there. But it's -- that's where we stand today. Brian, anything else you want to add?

當然可以。布萊恩當然也可以補充一些內容。但我認為我們對目前擁有的業務組合非常滿意，它們之間的契合度也很高，尤其是Sky與有線電視和NBC的合作，推動了我們在布萊恩提到的三大支柱領域——寬頻、串流媒體和聚合——取得的進展。所以我就不再贅述我們公司實力的這些論點了。當然，我們會一直關注併購。但毫無疑問，我們對目前的業務組合非常滿意，並且沒有發現任何策略上的不足。所以，等到市盈率達到2.5倍的時候，我們會再討論這個問題。但我並不認為超過這個階段之後，我們就會繼續去槓桿化。我的意思是，我們會先把本益比控制在這個範圍內。之後，我們會有更多選擇。我們會和相關人員討論這個問題。但這就是我們目前的立場。布萊恩，你還有什麼要補充的嗎？

Yes. I would just add two other things. I think it's an important moment for us with -- today in getting to a point that we feel the businesses are healthy, that we can see, we believe and we hope, obviously, things can change with progress with the vaccinations and the impaired businesses really having a road map to full recovery and beyond. And so getting back in balance with, as Mike described earlier, I think, is really important, something that I certainly really have wanted us to get to.

是的。我只想補充兩點。我認為今天對我們來說是一個重要的時刻——我們終於感覺企業運營狀況良好，我們看到、相信並希望，隨著疫苗接種的進展，情況會有所改善，受損企業也能真正制定出全面復甦及更長遠發展的路線圖。正如麥克之前所說，我認為恢復平衡非常重要，這也是我一直希望我們能夠達到的目標。

Second, we've also said that we like the mix of businesses. Roughly 70% of the company, being broadband-centric, is -- proved to be a really successful model. And we've had 10 wonderful years of growth of NBCUniversal. And last year was the only exception to that. So we expect great growth in all our businesses. But having a mix with -- where the businesses can work together, but having majority of the company being broadband-centric has worked really well for us.

其次，我們也說過我們喜歡這種業務組合。公司約70%的業務都以寬頻為中心，事實證明，這種模式非常成功。 NBC環球已經連續十年實現了強勁增長，去年是唯一的例外。因此，我們預計所有業務都將保持強勁成長。這種業務組合——各業務可以協同運作，但公司的大部分業務又以寬頻為中心——對我們來說非常有效。

So I think it's a -- we're very pleased with the company we've got. We've got great scale. We've got momentum. That's where our focus is at. And the main priority was today to get to this announcement of our expectations and then go ahead and hopefully see the world go in the right direction here and continue on the path we're on and get to the execution of that later in this year, so an important step today.

所以我覺得──我們對公司目前的狀況非常滿意。我們規模很大，發展勢頭強勁。這就是我們關注的重點。今天最重要的任務是宣布我們的預期，然後希望世界朝著正確的方向發展，繼續沿著我們目前的道路前進，並在今年晚些時候落實這些目標，所以今天邁出了重要的一步。

Our final question will come from the line of John Hodulik with UBS.

我們最後一個問題將來自瑞銀集團的約翰·霍杜利克。

Two quick ones, I think. Maybe, first, a follow-up for Jeff on Peacock. Can you give us a sense of what content is resonating? And any color you have on engagement or ARPU or pay subs? And should we expect more spending on sports rights for the platform, following up on the WWE deal? And then maybe for Brian, just thoughts on how the regulatory backdrop will evolve. And is there any concern that net neutrality will emerge as a new policy bill?

我想問兩個簡短的問題。首先，我想就Peacock平台向Jeff提出一個後續問題。您能否談談哪些內容比較受歡迎？您對用戶參與、ARPU（每位用戶平均收入）或付費訂閱用戶有什麼看法？繼WWE之後，我們是否應該預期該平台會在體育賽事版權上投入更多資金？其次，我想問Brian，您認為監管環境會如何改變？您是否擔心網路中立性會成為一項新的政策法案？

Jeff, why don't you go first?

傑夫，為什麼不先來？

Yes. Yes. It's Jeff. So it's -- obviously, let me start with The Office. So The Office, we have The Office as of January 1. We've had it now for almost a month, very pleased with how it's doing. Our usage among our customers are actually higher than we think the usage was amongst Netflix customers. And more importantly, what's happening is we're seeing that people who are watching The Office on Peacock are watching lots of our other comedies. So it's really driving Parks and Rec and really driving Brooklyn Nine-Nine, amongst others. So there's kind of an ecosystem effect.

是的，是的，我是傑夫。那麼——顯然，讓我先說《辦公室》。我們從1月1日開始上線了《辦公室》。到現在已經快一個月了，我們對它的表現非常滿意。我們用戶的觀看量實際上比我們預想的Netflix用戶觀看量還要高。更重要的是，我們發現，在Peacock上觀看《辦公室》的觀眾也看了我們其他很多喜劇。所以它確實帶動了《公園與遊憩》和《神煩警探》等劇集的觀看次數。所以這形成了生態系效應。

We've talked in previous quarters about how EPL has really worked for us, English Premier League, and how those viewers also came in to our surprise, a much greater percentage of them, then turned and watched other things like Yellowstone and our comedies. So we believe there's kind of an ecosystem here, like the whole world of broadcast, where people will -- we can cross-promote people into different things. And that certainly seems to be working and The Office has really worked.

我們之前幾個季度就討論過英超聯賽（EPL）對我們有多大幫助，以及令我們驚訝的是，很多觀眾在觀看《辦公室》之後，又轉而觀看了其他節目，比如《黃石》和我們的喜劇。所以我們認為這裡存在著一種生態系統，就像整個廣播電視產業一樣，我們可以將人們推薦到不同的節目中。而這個模式顯然行之有效，《辦公室》的成功就是最好的證明。

WWE is kind of a perfect property for us because it allows us to, number one, thousands of hours of programming that were behind a paywall that we'll now put on the free service of Peacock, which will not only enhance the brand of WWE, but we can monetize in advertising. We get the events that were behind a paywall that used to be pay per view can drive our $4.99 premium version of Peacock.

WWE對我們來說簡直是完美的資產，因為它首先讓我們能夠將之前需要付費才能觀看的數千小時節目放到Peacock的免費服務上，這不僅能提升WWE的品牌形象，還能讓我們透過廣告實現盈利。此外，那些以前需要付費觀看的賽事，現在可以用來推廣我們Peacock的4.99美元高級版服務。

And then remember, we have a big investment in WWE at USA on our linear networks. And so this kind of particularly fits into our model of operating the business as a whole and cross-promoting and selling advertising clients one platform, one solution, as Linda calls it. So I think the model that we've constructed here to really kind of leverage our existing linear businesses and drive advertising is working. And I think comedy, sports, two of the success stories certainly so far.

別忘了，我們在USA電視台的線性電視網絡上對WWE投入了大量資金。因此，這與我們整體營運業務、交叉推廣以及向廣告客戶銷售「一個平台、一個解決方案」（正如琳達所說）的模式非常契合。所以我認為，我們建構的這種充分利用現有線性電視業務並推動廣告發展的模式是行之有效的。我認為，到目前為止，喜劇和運動無疑是兩個成功的案例。

Okay. And I know we'll be having this conversation about the new administration government. So let me just quickly say I don't think there's anything new. We've managed successfully to work with different administrations with different regulatory perspectives around the broadband business. And -- but our view is obviously strongly felt that the long-standing light touch regulation has worked since President Clinton created that classification and hence reduces regulatory risk for investors and allows the company to invest more and that paid dividends unbelievably well during COVID.

好的。我知道我們肯定會討論新政府的問題。所以我想簡單說一下，我認為沒有什麼新情況。我們一直以來都成功地與不同政府合作，應對他們在寬頻業務方面不同的監管視角。而且——我們顯然強烈認為，自克林頓總統創立以來，長期以來奉行的寬鬆監管政策一直行之有效，它降低了投資者的監管風險，使公司能夠進行更多投資，並在新冠疫情期間帶來了難以置信的豐厚回報。

And we were never asked to down-res any services. And content providers and consumers really benefited. And that wasn't universally the case around the globe with different broadband regimes. But we do believe in net neutrality and have -- we're not going to discriminate, block, throttle on some of the other principles that we've committed to. And so if there's a way to find a way to codify that and perhaps put this issue in a permanent, more consistent place, that's certainly a possibility.

我們從未被要求降低任何服務的解析度。內容提供者和消費者都從中受益匪淺。但在全球不同的寬頻體系下，情況並非總是如此。我們堅信網路中立原則，而且——我們不會歧視、封鎖或限制我們所承諾的其他原則。因此，如果能找到一種方法將這些原則正式化，並使其在一個更持久、更一致的框架內解決，那當然是有可能的。

I would like to just end the call by introducing Dana Strong just for a moment, who's taken over Sky just the last couple of weeks. Starting next call, Dana will be available to talk about Sky in great detail. But Dana, I didn't want this moment to pass without congratulating you and just introducing you to the group here to say just a few words.

我想在通話結束前簡單介紹一下達娜·斯特朗，她最近幾週剛剛接管了天空電視台。從下個通話開始，達娜將詳細介紹天空電視台的情況。不過，達娜，我不想錯過這個機會，所以想祝賀你，並把你介紹給在座的各位，請你簡單說幾句。

Thanks so much, Brian. It's great to have the opportunity to say a quick hello to everyone. Looking forward to talking with you in future quarters, as Brian mentioned. Maybe for now, let me just briefly say that having spent the past few weeks in the U.K., I'm extremely confident about the exciting opportunities ahead for Sky.

非常感謝，布萊恩。很高興有機會和大家簡單打個招呼。正如布萊恩所說，期待未來幾季能和大家繼續交流。現在，我想先簡單說一下，過去幾週我在英國，我對天空電視台未來的發展機會充滿信心。

When Brian called me, I knew this was an opportunity I couldn't pass up because I've always had great admiration for Sky. Having worked in Europe as long as I have, Brian mentioned that before, sometimes competing and partnering with Sky across those many years, I think I'm in the position to truly appreciate the unique market position that Sky holds in its iconic brand. And I just have to say that Jeremy has built an incredible organization, an amazing breadth of assets and a fantastic team. And I couldn't be more excited about leading Sky in this next chapter.

布萊恩打電話給我時，我就知道這是一個千載難逢的機會，因為我一直非常欣賞天空電視台。布萊恩提到，我在歐洲工作多年，過去也曾與天空電視台有過競爭和合作，因此我更能體會到天空電視台憑藉其標誌性品牌所擁有的獨特市場地位。我必須說，傑瑞米打造了一個卓越的組織，擁有豐富的資源和優秀的團隊。能夠帶領天空電視台開啟新的篇章，我感到無比興奮。

So Brian, we'll look forward to talking more about it in future calls. And back to you.

布萊恩，我們期待在以後的通話中繼續討論這個問題。現在把麥克風交還給你。

Thank you. And Jeremy, thank you as well. And I know you'll be guiding us here through the rest of this year as well. But both of you are going to be a great team. That wraps it up for me. Marci, do you have anything else?

謝謝。傑里米，也謝謝你。我知道今年剩下的時間裡，你們也會繼續指導我們。你們兩個一定會成為很棒的搭檔。我的發言就到這裡。瑪西，你還有什麼要補充的嗎？

I just want to thank everyone for joining us on our fourth quarter and full year 2020 earnings call. We hope you stay healthy and safe.

我謹代表公司感謝各位參加我們2020年第四季及全年財報電話會議。祝大家健康平安。

Thanks, everybody.

謝謝大家。

There will be a replay available of today's call starting at 12:00 p.m. Eastern Time. It will run through Thursday, February 4, at midnight Eastern Time. The dial-in number is (855) 859-2056 and the conference ID number is 7964167. A recording of the conference call will also be available on the company's website beginning at 12:30 p.m. Eastern Time today. This concludes today's teleconference. Thank you for participating. You may all disconnect.

今天電話會議的錄音將於美國東部時間中午12:00開始提供，並持續到2月4日（週四）美國東部時間午夜。撥入號碼為(855) 859-2056，會議ID為7964167。電話會議的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。