Altice USA Inc (ATUS) 2023 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Hello, and welcome to the Altice USA Q4 and full-year 2023 earnings results conference call and webcast.

    您好,歡迎參加 Altice USA 第四季和 2023 年全年收益電話會議和網路廣播。

  • (Operator Instructions) As a reminder, this conference is being recorded.

    (操作員指示)謹此提醒,本次會議正在錄製中。

  • It is now my pleasure to turn the call over to Sarah Freedman, Investor Relations.

    現在我很高興將電話轉給投資者關係部門的莎拉‧弗里德曼 (Sarah Freedman)。

  • Please go ahead, Sarah.

    請繼續,莎拉。

  • Sarah Freedman - Senior Director, Corporate Finance and Investor Relations

    Sarah Freedman - Senior Director, Corporate Finance and Investor Relations

  • Hello, and welcome to the Altice USA Q4 and full-year 2023 earnings call.

    您好,歡迎參加 Altice USA 第四季和 2023 年全年財報電話會議。

  • We are joined today by Altice USA's Chairman and CEO Dennis Mathew, and CFO, Marc Sirota, who together will take you through the presentation and then be available for questions.

    今天,Altice USA 董事長兼首席執行官 Dennis Mathew 和首席財務官 Marc Sirota 也加入了我們的行列,他們將共同帶領您完成演示,然後回答您的問題。

  • As today's presentation may contain forward looking statements, please carefully review the section titled forward-looking statements on slide 2.

    由於今天的簡報可能包含前瞻性陳述,請仔細閱讀投影片 2 上標題為前瞻性陳述的部分。

  • Dennis, please go ahead.

    丹尼斯,請繼續。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Thank you, Sarah.

    謝謝你,莎拉。

  • I'm pleased to be here with all of you to review our Q4 and full year performance.

    我很高興能與大家一起回顧我們第四季和全年的業績。

  • Before we start, I want to express my gratitude to our dedicated teams and their families.

    在開始之前,我想向我們敬業的團隊及其家人表示感謝。

  • In 2023, Optimum began a transformative journey, marked by the introduction of a new mission and strategic priorities to deliver improved customer and employee experiences.

    2023 年,Optimum 開始了變革之旅,引入了新的使命和策略優先事項,以提供更好的客戶和員工體驗。

  • It's only because of their dedication and support that we were able to deliver on the commitments we set forth.

    正是因為他們的奉獻和支持,我們才能夠兌現我們所做的承諾。

  • We did what we said we were going to do, and it took everyone to do it.

    我們做了我們說過要做的事,每個人都做到了。

  • I remind you that in the beginning of the year, we established our new Optimum mission: to be the connectivity provider of choice in every community that we serve.

    我提醒您,在今年年初,我們確立了新的 Optimum 使命:成為我們服務的每個社區的首選連結提供者。

  • And we introduced the four strategic priorities that would position us to return to sustainable customer, revenue, and cash flow growth.

    我們介紹了四個策略重點,使我們能夠回歸可持續的客戶、收入和現金流成長。

  • They are to delight with the best customer experience, grow with the best customer relationships, connect with the best networks, and inspire with the best people.

    他們將因最佳的客戶體驗而感到高興,與最佳的客戶關係一起成長,與最好的人脈建立聯繫,並與最優秀的人才一起激勵。

  • Throughout this year, we took steps to lay the foundation against these pillars.

    今年全年,我們採取措施為這些支柱奠定基礎。

  • And while we were in -- we are in the very early innings of our turnaround, I'm incredibly proud that we achieved our full-year objectives and began transforming every area of the business, which has set the stage for 2024.

    雖然我們正處於扭虧為盈的早期階段,但我非常自豪我們實現了全年目標,並開始對業務的各個領域進行轉型,這為 2024 年奠定了基礎。

  • Let's review some of the achievements, beginning on slide 3.

    讓我們從幻燈片 3 開始回顧一些成就。

  • Priority number one was to transform the culture, and we did just that.

    第一要務是改變文化,我們就是這麼做的。

  • We brought in amazing talent to complement our teams and to lead through operational, financial, and cultural transformation.

    我們引進了出色的人才來補充我們的團隊,並領導營運、財務和文化轉型。

  • The successful integration of a new CFO and a new telecoms executive leadership team, including more than 100 new leaders across our organization, has equipped Optimum with a best-in-class team with decades of global and US broadband, mobile, and video experience.

    新任 CFO 和新電信執行領導團隊(包括組織內 100 多名新領導者)的成功整合,為 Optimum 配備了一支擁有數十年全球和美國寬頻、行動和視訊經驗的一流團隊。

  • We introduced a regional operating and leadership model with a localized go-to-market approach, paving the way for a hyper-local presence in the communities we serve.

    我們引入了區域營運和領導模式,採用在地化的市場進入方式,為我們服務的社區中的超本地化業務鋪平了道路。

  • And we drove employee engagement by listening and acting so all of our employees are empowered to represent Optimum at its best.

    我們透過傾聽和行動來提高員工敬業度,讓我們所有的員工都能夠代表 Optimum 的最佳狀態。

  • Second, we acted with financial discipline.

    其次,我們遵守財務紀律。

  • We changed how our finance organization works with our operational teams, embedding a culture to help drive the business and make smarter decisions.

    我們改變了財務組織與營運團隊的合作方式,融入了有助於推動業務並做出更明智決策的文化。

  • And as a result, we have seen stabilization in our adjusted EBITDA margins, with full-year 2023 EBITDA margin of 39.1%.

    因此,我們看到調整後 EBITDA 利潤率趨於穩定,2023 年全年 EBITDA 利潤率為 39.1%。

  • We drove capital intensity down throughout the year, from the recent peak in Q1 of over 25%, down to under 13% in Q4 of 2023.

    我們全年降低資本密集度,從第一季超過 25% 的近期高峰降至 2023 年第四季的 13% 以下。

  • We committed to being positive free cash flow in the full year and delivered $122 million of free cash flow through improved top line, EBITDA, and CapEx trends in the back half of this year.

    我們致力於全年實現正自由現金流,並透過今年下半年營收、EBITDA 和資本支出趨勢的改善實現了 1.22 億美元的自由現金流。

  • We were proactive in our debt maturity management, clearing out the 2024, '25, and '26 maturities, giving us runway to focus on operating the business with no maturities until 2027.

    我們積極主動地進行債務到期管理,清理了 2024 年、25 年和 26 年到期的債務,為我們專注於經營 2027 年之前沒有到期的業務提供了道路。

  • And we managed our operations and financial profile with a focus on our core growth businesses, as evidenced by the recent sale of Cheddar News.

    我們管理我們的營運和財務狀況,並專注於我們的核心成長業務,最近出售切達新聞就證明了這一點。

  • We will continue to strategically evaluate our operations to maximize our focus on the core business, positioning ourselves for sustained growth and success.

    我們將繼續對我們的營運進行策略評估,以最大程度地專注於核心業務,為持續成長和成功做好準備。

  • Next, we introduced an improved base management strategy that will enable us to profitably evolve the price value equation for our base.

    接下來,我們引入了改進的基地管理策略,這將使我們能夠有利地發展基地的價格價值方程式。

  • Specifically, you saw a few weeks ago, we announced changes to our fiber and HFC rack rates for everyday pricing and began rightsizing speeds for customers as part of our efforts to simplify and normalize pricing and packaging.

    具體來說,您在幾週前看到,我們宣布更改日常定價的光纖和 HFC 機架費率,並開始為客戶調整速度,作為我們簡化和規範定價和包裝的努力的一部分。

  • We also introduced artificial intelligence and machine learning capabilities, leveraging customer lifetime value models to advance our front line's ability to more effectively manage our base.

    我們也引進了人工智慧和機器學習功能,利用客戶終身價值模型來提升前線更有效管理基地的能力。

  • Looking ahead, we will continue to take a disciplined approach to profitability while ensuring we offer the best value for each customer so we can reduce churn and grow ARPU over the long term.

    展望未來,我們將繼續採取嚴格的獲利方法,同時確保為每位客戶提供最佳價值,從而減少客戶流失並長期提高 ARPU。

  • On the customer front, I'm pleased that we meaningfully accelerated mobile and fiber growth.

    在客戶方面,我很高興我們有意義地加速了行動和光纖的成長。

  • We set a new mobile strategy this year that enabled mobile line net additions of 34,000 lines in the fourth quarter, an acceleration of more than 8 times in our pace of mobile growth compared to Q4 of the prior year.

    我們今年制定了新的行動策略,使第四季行動線路淨增加34,000條,與去年第四季相比,我們的行動成長速度加快了8倍多。

  • We also sustained improvements in fiber penetration, now reaching over 12% at the end of 2023.

    我們也持續提高纖維滲透率,目前到 2023 年底將達到 12% 以上。

  • The growth in both mobile and fiber are supported by our sales optimization efforts, driven by a new winning sales culture, stronger channel performance, a clear retail strategy, improved compensation models, disciplined performance management, and attractive clear offers like Optimum Complete.

    行動和光纖業務的成長得到了我們銷售優化工作的支持,而新的致勝銷售文化、更強大的通路績效、清晰的零售策略、改進的薪酬模式、嚴格的績效管理以及Optimum Complete 等具有吸引力的明確優惠推動了我們的銷售優化工作。

  • And finally, we made significant improvements in the customer experience, advancing CX as our best product at Optimum.

    最後,我們在客戶體驗方面做出了重大改進,將 CX 提升為 Optimum 的最佳產品。

  • We prioritized delivering top-tier network quality and providing exceptional experiences for our customers precisely when they depend on us the most, be it for school, work, health care, or family moments.

    我們優先考慮提供一流的網路質量,並在客戶最依賴我們的時候(無論是在學校、工作、醫療保健還是家庭時刻)為他們提供卓越的體驗。

  • This year, we also launched 8-gig symmetrical speeds on our fiber network to more than 2.7 million customers, making us the nation's largest 8-gig provider.

    今年,我們還在光纖網路上向超過 270 萬客戶推出了 8 GB 對稱速度,使我們成為全國最大的 8 GB 供應商。

  • This continues to be a strong competitive advantage everywhere we overlap with a fiber competitor in the northeast.

    在我們與東北部光纖競爭對手重疊的任何地方,這仍然是一個強大的競爭優勢。

  • We successfully implemented new self-service tools, such as the My Optimum app, and we advanced other self-service options like chat and a more customer-friendly portal.

    我們成功實施了新的自助服務工具,例如 My Optimum 應用程序,並改進了其他自助服務選項,例如聊天和對客戶更加友好的門戶。

  • We also placed greater emphasis on self-installed, and we've seen the number of self-installations nearly double in the full year 2023 compared to the prior year.

    我們也更加重視自行安裝,我們發現 2023 年全年自行安裝的數量與前一年相比幾乎翻了一番。

  • Everything we have improved in terms of quality products, quality network, quality service, and quality teams is translating into better NPS.

    我們在優質產品、優質網路、優質服務和優質團隊方面所改進的一切都正在轉化為更好的 NPS。

  • Furthermore, it's resulting in significantly fewer service calls and truck rolls, which are leading indicators of improved performance, giving us confidence that our strategy is working, and we will return to broadband customer growth over time.

    此外,它還大大減少了服務呼叫和上門服務,這是績效提高的主要指標,讓我們相信我們的策略正在發揮作用,隨著時間的推移,我們將恢復寬頻客戶的成長。

  • In summary, 2023 was about people, strategy, and process.

    總之,2023 年是關於人員、策略和流程的。

  • I'm pleased that we have vastly more capabilities, more operational rigor, more tools, and more execution discipline to be able to drive a more effective go-to-market strategy, deliver high-quality experiences, enhance our base management, and stabilize our business.

    我很高興我們擁有更多的能力、更嚴格的營運、更多的工具和更多的執行紀律,能夠推動更有效的進入市場策略,提供高品質的體驗,增強我們的基礎管理,並穩定我們的業務。

  • With all of this in place, we have strong levers to pull in 2024 as we pave the way to return to long-term sustainable growth.

    所有這些都到位後,我們就有強大的槓桿可以在 2024 年為恢復長期可持續成長鋪平道路。

  • Let's turn to slide 4 to review them.

    讓我們翻到幻燈片 4 來回顧它們。

  • First, we will continue to evolve our connectivity portfolio and value proposition to meet changing customer demands while driving improved ARPU trends across our residential and business divisions.

    首先,我們將繼續發展我們的連結產品組合和價值主張,以滿足不斷變化的客戶需求,同時推動我們住宅和商業部門的 ARPU 趨勢改善。

  • Broadband and mobile remain our anchor products, supported by an attractive bundle offer with Optimum Complete.

    寬頻和移動仍然是我們的主力產品,並得到 Optimum Complete 有吸引力的捆綁產品的支援。

  • As we move through 2024, we will better leverage assets like fiber as we sell in gig and multi-gig speeds, combined with mobile, to give customers the best connectivity experience for the best value.

    隨著 2024 年的到來,我們將更好地利用光纖等資產,以千兆位元和多千兆位元速度進行銷售,並與行動技術相結合,為客戶提供最佳的連接體驗和最大的價值。

  • On the video side, in 2023, we launched Optimum Stream as our main video product, which blends a streaming experience with a linear video -- viewing experience through the Optimum TV app.

    在視訊方面,2023 年,我們推出了 Optimum Stream 作為我們的主要視訊產品,它將串流體驗與線性視訊(透過 Optimum TV 應用程式觀看體驗)融為一體。

  • We will continue to carefully evaluate how we go to market with our video product to maximize both customer experience and profitability and have plans to launch new video package options later this year, giving our customers greater flexibility and choice.

    我們將繼續仔細評估如何將我們的視訊產品推向市場,以最大限度地提高客戶體驗和盈利能力,並計劃在今年稍後推出新的視訊套餐選項,為我們的客戶提供更大的靈活性和選擇。

  • With respect to our business services segment, I previously mentioned that we have significant potential on the horizon.

    關於我們的商業服務部門,我之前提到過我們前景廣闊。

  • In Q4, we saw B2B revenue grow 1% year over year.

    第四季度,我們看到 B2B 營收年增 1%。

  • We launched Optimum Mobile for SMB last month, and we will continue to expand the B2B portfolio over the year, which will give us additional runway to support ARPU expansion in our B2B segment.

    我們上個月推出了中小企業的 Optimum Mobile,今年我們將繼續擴大 B2B 產品組合,這將為我們提供額外的跑道來支持 B2B 細分市場的 ARPU 擴展。

  • We are confident we will continue to see improvement with additional products and a new dedicated team led by our President of Business Services, Mike Parker, who joined the organization in December.

    我們相信,我們將繼續看到更多產品和由我們的商業服務總裁 Mike Parker 領導的新的專業團隊的改進,Mike Parker 於 12 月加入該組織。

  • As we continue to evolve our operational approach, we are working in parallel to infuse innovation across the business.

    隨著我們不斷發展我們的營運方法,我們正在同時努力在整個業務中註入創新。

  • For example, we're exploring a host of digital engagement and generative AI tools to better engage and interact with our customers.

    例如,我們正在探索一系列數位參與和產生人工智慧工具,以更好地與客戶互動。

  • Our aim is to emerge as industry leaders dedicated to seamlessly embedding innovation into every aspect of our business.

    我們的目標是成為行業領導者,致力於將創新無縫融入我們業務的各個方面。

  • This commitment extends across customer experience, product development, operations, and beyond.

    這項承諾涵蓋客戶體驗、產品開發、營運等領域。

  • Next, as I shared earlier, in 2023, we took initial steps to introduce a more thoughtful approach to pricing and packaging.

    接下來,正如我之前分享的,在 2023 年,我們採取了初步措施,引入了更周到的定價和包裝方法。

  • In 2024, we will drive this new strategy even further with a base management program focused on retaining profitable customers, improving ARPU trends, strengthening our competitive position, and reducing churn.

    2024 年,我們將透過基礎管理計畫進一步推動這項新策略,重點是保留獲利客戶、改善 ARPU 趨勢、增強我們的競爭地位並減少客戶流失。

  • Marc will review this in more detail shortly.

    馬克將很快對此進行更詳細的審查。

  • Third, we are focused on fiber penetration growth and strategic network expansion in 2024.

    第三,我們關注 2024 年光纖滲透率成長和策略網路擴張。

  • We continue to see positive trends in churn reduction, ARPU, and increased satisfaction scores amongst our fiber customers.

    我們繼續看到光纖客戶在減少客戶流失、ARPU 和滿意度評分提高方面的正面趨勢。

  • Given the trends in performance, we will continue to increase penetration of our fiber network and strengthen the experience of fiber migrations for our customers.

    鑑於效能趨勢,我們將繼續提高光纖網路的滲透率,並增強客戶的光纖遷移體驗。

  • Our current footprint today covers some of the fastest-growing cities in the country.

    今天,我們目前的足跡涵蓋了該國一些發展最快的城市。

  • That, combined with our more proactive approach in how we go to market in new communities, sets us up well to drive growth by expanding our footprint through new builds and edge-outs.

    再加上我們在新社區市場上採取的更積極主動的方法,使我們能夠透過新建和擴建來擴大我們的足跡,從而推動成長。

  • This brings us to our fourth lever, which is our segmented hyper-local go-to-market approach and a new brand strategy.

    這為我們帶來了第四個槓桿,即我們的細分超本地化進入市場方法和新的品牌策略。

  • In support of these plans in Q4, we hired an experienced Chief Marketing Officer to elevate our go-to-market and brand strategy.

    為了支持第四季度的這些計劃,我們聘請了一位經驗豐富的行銷長來提升我們的上市和品牌策略。

  • We also brought on a new leading advertising agency of record and plan to reintroduce our brand and a new platform, new values, and evolved creative positioning to enhance our brand image in the market.

    我們還聘請了一家新的領先廣告代理公司,並計劃重新推出我們的品牌和新平台、新價值觀,並不斷發展創意定位,以提升我們在市場上的品牌形象。

  • This new Optimum brand and marketing approach, combined with our newly formed regional Optimum market structure, will ensure that we are resonating with customers and that we are competing for every jump ball to drive growth.

    這種新的 Optimum 品牌和行銷方法,與我們新形成的區域 Optimum 市場結構相結合,將確保我們與客戶產生共鳴,並確保我們為每一個跳球而競爭,以推動成長。

  • Next, we will continue to simplify customer interactions and experiences.

    接下來,我們將持續簡化客戶互動和體驗。

  • We made great progress in 2023 on this front and continue to upgrade tools, processes, and technology to simplify how our customers interact with us and how we communicate with them.

    2023 年,我們在這方面取得了巨大進展,並繼續升級工具、流程和技術,以簡化客戶與我們的互動以及我們與他們的溝通方式。

  • We remain focused on enhancing our reputation as a company that's easy to do business with and one that will solve issues right the first time every time.

    我們仍然致力於提高我們作為一家易於開展業務且每次都能一次解決問題的公司的聲譽。

  • And this customer-centric approach will contribute to us structurally reducing operating expenses.

    這種以客戶為中心的方法將有助於我們從結構上減少營運費用。

  • CX remains foundational to all the work we do across the company and is embedded in our company culture.

    CX 仍然是我們在整個公司所做的所有工作的基礎,並且已融入我們的公司文化中。

  • And last, as we continue to focus on fiber upgrades, DOCSIS upgrade, and total passings expansion, we are committed to doing so with financial discipline, aiming to keep capital intensity stable year over year, in line with 2023 levels.

    最後,在我們繼續專注於光纖升級、DOCSIS 升級和總通道擴展的同時,我們致力於遵守財務紀律,旨在保持資本強度逐年穩定,與 2023 年的水平保持一致。

  • Now before I hand it over to Marc, I want to reiterate that the strategy we put in place one year ago is already driving operational improvements and positioning us for growth.

    現在,在我將其交給馬克之前,我想重申,我們一年前製定的策略已經推動了營運改進,並為我們的成長做好了準備。

  • We will continue to operate with financial discipline, with deliberate capital allocation and balance sheet management.

    我們將繼續遵守財務紀律、審慎的資本配置和資產負債表管理。

  • We are focused on execution and efficiency as we continue to take the actions necessary to improve our performance and strengthen the business.

    我們專注於執行力和效率,繼續採取必要的行動來提高績效和加強業務。

  • This includes a heightened focus on our core operations and a strategic effort to maximize our total asset portfolio.

    這包括高度關注我們的核心業務以及最大化我們總資產組合的策略努力。

  • I am extremely proud of the goals we accomplished in 2023.

    我對我們在 2023 年實現的目標感到非常自豪。

  • And building off this foundation, I am fully confident that we are on the right path to return to sustainable long-term customer, revenue, and EBITDA growth over time.

    在此基礎上,我完全相信我們正走在正確的道路上,隨著時間的推移,我們將恢復可持續的長期客戶、收入和 EBITDA 成長。

  • And in 2024, we will take another step in the right direction.

    2024年,我們將朝著正確的方向又邁出一步。

  • With that, I'll turn it over to Marc to review our Q4 and full-year performance in detail.

    接下來,我將把它交給 Marc,詳細回顧我們的第四季和全年業績。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Thank you, Dennis.

    謝謝你,丹尼斯。

  • Turning to slide 6, I'd like to begin with a review of our financial performance.

    轉到投影片 6,我想先回顧一下我們的財務表現。

  • In Q4 2023, we reported total revenue down 2.9% or down 2% excluding the news and advertising segment.

    2023 年第四季度,我們報告總收入下降 2.9%,不包括新聞和廣告部門則下降 2%。

  • This was driven by a 2.8% year-over-year decline in our residential business, a 1% growth in our business services segment, and a 15.7% decline in our news and advertising segment.

    這是由於住宅業務年減 2.8%、商業服務業務年增 1%、新聞和廣告業務年減 15.7%。

  • It's worth noting, however, that excluding political ad revenue, news and advertising revenue grew 8.9% in the fourth quarter.

    但值得注意的是,剔除政治廣告收入,第四季新聞和廣告收入成長了8.9%。

  • Total revenue trends were mainly driven by decreases in our residential subscriber base over the last 12 months.

    總收入趨勢主要是由過去 12 個月住宅用戶數量的下降所推動的。

  • But notably, in the second half of 2023, we showed significant improvement in the rate of revenue decline across segments.

    但值得注意的是,2023 年下半年,我們發現各細分市場的營收下降率顯著改善。

  • This was driven by successfully implementing a disciplined approach to rate and volume, preserving more ARPU as well as tactfully employing AI tools, better base management strategies, and maximizing profitability in our retention centers.

    這是透過成功實施嚴格的費率和數量方法、保留更多的 ARPU 以及巧妙地使用人工智慧工具、更好的基礎管理策略以及最大限度地提高我們的保留中心的盈利能力來推動的。

  • We also saw significant improvement in our year-over-year declines in EBITDA, with Q4 '23 adjusted EBITDA just down over 1% in the fourth quarter.

    我們也看到 EBITDA 的年減幅顯著改善,23 年第 4 季調整後的 EBITDA 在第四季僅下降了 1% 以上。

  • In comparison, we reported an adjusted EBITDA decline of 15.7% in Q4 of 2022 versus '21, demonstrating a significant moderation in the rate of year-over-year adjusted EBITDA decline.

    相較之下,我們報告稱,與 21 年相比,2022 年第四季度調整後 EBITDA 下降了 15.7%,這表明調整後 EBITDA 同比下降率顯著放緩。

  • In 2023, we stabilized our operating expenses compared to the prior year, which peaked in Q4 of 2022 at $680 million, excluding share-based compensation.

    2023 年,我們的營運支出與前一年相比趨於穩定,營運支出於 2022 年第四季達到 6.8 億美元的峰值,其中不包括股權激勵。

  • In comparison, our operating expenses for Q4 of 2023 were $653 million, a 4% decline in OpEx year over year.

    相較之下,我們 2023 年第四季的營運支出為 6.53 億美元,營運支出較去年同期下降 4%。

  • Improved adjusted EBITDA trends yielded better free cash flow trends in the back half of 2023.

    調整後 EBITDA 趨勢的改善帶來了 2023 年下半年更好的自由現金流趨勢。

  • In the full year, we generated $122 million of free cash flow and $322 million in the second half of the year, offsetting the losses from the first half.

    全年我們產生了1.22億美元的自由現金流,下半年產生了3.22億美元的自由現金流,抵銷了上半年的損失。

  • In addition to improved adjusted EBITDA trends, free cash flow is supported by a step-down in cash CapEx.

    除了調整後 EBITDA 趨勢有所改善外,現金資本支出的下降也支持了自由現金流。

  • In the fourth quarter, cash CapEx declined to $295 million, marking a consistent quarterly decline in our capital spend throughout the year.

    第四季度,現金資本支出下降至 2.95 億美元,標誌著我們全年資本支出持續季度下降。

  • Turning to slide 7, we saw stable adjusted EBITDA margins, a step-down in capital intensity, and a corresponding step-up in our operating free cash flow margins.

    轉向投影片 7,我們看到調整後的 EBITDA 利潤率穩定,資本密集度下降,營運自由現金流利潤率也相應提高。

  • Adjusted EBITDA margins in Q4 2023 were 39.2% and 39.1% for the full year.

    2023 年第四季調整後 EBITDA 利潤率為 39.2%,全年調整後 EBITDA 利潤率為 39.1%。

  • Our goal in 2024 is to keep margins relatively stable compared to 2023.

    我們 2024 年的目標是維持利潤率與 2023 年相比相對穩定。

  • Turning to capital intensity, you can see that it peaked this year in Q1 at over 25%, and I'm pleased to report that we nearly halved this to 12.8% in the fourth quarter.

    談到資本密集度,您可以看到今年第一季的資本密集度達到了 25% 以上的峰值,我很高興地報告說,我們在第四季度幾乎將其減半至 12.8%。

  • This is a result of fewer fiber passings constructed and a more disciplined approach to capital spending due to the thoughtful governance practices around capital project prioritization.

    這是由於圍繞資本項目優先順序進行深思熟慮的治理實踐,減少了建設的光纖通道,並採用了更嚴格的資本支出方法。

  • Full year capital intensity was 18.5%, which we believe is the right level to efficiently run the business today while also continuing to invest in upgrading the network to support future growth.

    全年資本密集度為 18.5%,我們認為這是有效運作當前業務的正確水平,同時繼續投資升級網路以支持未來成長。

  • Our outlook for the full year 2024 capital is to moderate versus 2023 in the range of $1.6 billion to $1.7 billion.

    與 2023 年相比,我們對 2024 年全年資本的預期為 16 億至 17 億美元。

  • We are strategically investing capital in the best-growth areas for the business to drive both near-term improvements and long-term sustainable growth.

    我們正在策略性地將資本投資於業務成長最快的領域,以推動近期改進和長期永續成長。

  • We are taking a more disciplined approach to our fiber construction by targeting markets that yield the best ROIs, recognizing we have a low-move environment, which limits how quickly we can grow on this front.

    我們認識到我們所處的低流動環境限制了我們在這方面的發展速度,因此我們正在對光纖建設採取更嚴格的方法,瞄準能夠產生最佳投資回報率的市場。

  • To that end, we will expand fiber passings to about 3 million homes by year-end and focus more on driving migrations of customers to this incredible network.

    為此,我們將在年底前將光纖覆蓋範圍擴大到約 300 萬個家庭,並更加專注於推動客戶遷移到這個令人難以置信的網路。

  • Additionally, we will add a total of 175,000 new passings compared to 165 new passings in 2023.

    此外,我們將總共增加 175,000 個新通道,而 2023 年為 165 個新通道。

  • And we will continue to invest in network quality improvements and best-in-class product developments across the business within our CapEx envelope.

    我們將在資本支出範圍內繼續投資整個業務的網路品質改進和一流產品開發。

  • Last, on our operating free cash flow margins, or EBITDA less CapEx margins, Q4 '23 margins were 26.4% or 20.6% in the full year.

    最後,根據我們的營運自由現金流利潤率(即 EBITDA 減去資本支出利潤率),23 年第 4 季全年利潤率為 26.4% 或 20.6%。

  • Again, we saw significant step-up over the course of '23, driven by stable adjusted EBITDA margins and a notable step-down in CapEx.

    在穩定的調整後 EBITDA 利潤率和資本支出顯著下降的推動下,我們再次看到了 23 年期間的顯著提升。

  • Turning to slide 8, I'd like to review our recent ARPU trends and base management strategy that Dennis previewed.

    轉向投影片 8,我想回顧一下 Dennis 預覽的我們最近的 ARPU 趨勢和基本管理策略。

  • Q4 2023 ARPU grew 0.1% year over year, or $0.15 higher than Q4 ARPU of the prior year.

    2023 年第四季 ARPU 年增 0.1%,比上年第四季 ARPU 高出 0.15 美元。

  • Even with the headwinds of continued losses of video subscribers, we've been able to offset ARPU declines by driving mobile penetration, reducing churn and implementing AI into our care and retention centers to maximize profitability with advanced customer lifetime model.

    即使面臨視訊訂戶持續流失的不利影響,我們仍然能夠透過提高行動普及率、減少客戶流失以及在我們的關懷和保留中心實施人工智慧來抵消ARPU 下降的影響,從而透過先進的客戶生命週期模型最大限度地提高盈利能力。

  • Accordingly, as we mentioned during the last earnings call, we have been evolving how we price and package services, as well as how we strengthen our customer relationships by providing the best price and value packages.

    因此,正如我們在上次財報電話會議中提到的那樣,我們一直在改進我們的定價和套餐服務方式,以及如何透過提供最佳價格和超值套餐來加強我們的客戶關係。

  • Our overall goal is to provide clear, transparent pricing while driving meaningful increases in profitable customer relationships.

    我們的總體目標是提供清晰、透明的定價,同時推動有利可圖的客戶關係的成長。

  • A few weeks ago, we introduced new rational everyday pricing as our new rack rates, resulting in offer and build transparency.

    幾週前,我們引入了新的合理每日定價作為新的機架費率,從而提高了報價並建立了透明度。

  • For broadband services, new everyday prices will be lower than prior rack rates across most speed tiers.

    對於寬頻服務,大多數速度等級的新每日價格將低於先前的機架費率。

  • It's worth pointing out that, historically, less than 10% of our customers were paying full rack rates, and specifically on broadband, less than 5% were paying full rack rates.

    值得指出的是,從歷史上看,只有不到 10% 的客戶支付了全機架費率,特別是在寬頻方面,不到 5% 的客戶支付了全機架費率。

  • We also began speed rightsizing to provide more value to our customers.

    我們也開始加快規模調整,為客戶提供更多價值。

  • Specifically in Q4, we reached more than 100,000 subscribers in the northeast with this approach.

    具體來說,在第四季度,我們透過這種方式在東北地區吸引了超過 10 萬名訂閱者。

  • Overall, the respeed was received well by customers, with very few requesting downgrades.

    總體而言,重提速度受到了客戶的好評,很少有人要求降級。

  • Additionally, we saw both churn reductions and lower contact rates in customers who were upgraded compared to a measured control group.

    此外,與測量的對照組相比,我們發現升級後的客戶流失率減少,聯繫率也較低。

  • These results underscore that moving customers to higher speed tiers strengthens the price value equation, leading to lower churn and improved customer satisfaction, which will ultimately translate to stronger customer lifetime value for the business.

    這些結果強調,將客戶轉移到更高的速度層可以強化價格價值等式,從而降低客戶流失率並提高客戶滿意度,最終將轉化為更強的客戶終身價值。

  • At the core of our current and future base management strategy is the integration of artificial intelligence and machine learning capabilities to create sophisticated models and customer programs.

    我們目前和未來基地管理策略的核心是整合人工智慧和機器學習功能,以創建複雜的模型和客戶計劃。

  • This will allow us to make smarter, customized, data-driven decisions in how we interact with our customers.

    這將使我們能夠在與客戶互動的方式上做出更明智、客製化、數據驅動的決策。

  • We have been testing the deployment of AI capabilities in some of our retention centers, using data to predict churn propensity based on specific retention offers.

    我們一直在一些保留中心測試人工智慧功能的部署,使用資料根據特定的保留優惠來預測客戶流失傾向。

  • As a result, we have seen an increase in the profitability of customers who engage within our retention centers.

    結果,我們發現參與我們保留中心的客戶的盈利能力有所提高。

  • This work will continue and will expand across the care centers and other areas of the business.

    這項工作將繼續下去,並將擴展到護理中心和其他業務領域。

  • And last, we will continue to drive sell-in and connectivity products with broadband and mobile at the forefront.

    最後,我們將繼續以寬頻和行動為主導,推動銷售和連接產品。

  • With 7% mobile penetration of our broadband base, we have significant opportunity to drive additional mobile take rate within our existing customer base and sell into new customers.

    我們的寬頻基礎的行動滲透率為 7%,我們有很大的機會在現有客戶群中提高行動使用率並向新客戶銷售。

  • Overall, this transformation of our base management strategy will lead to long-term benefits to churn, customer satisfaction, and customer lifetime value, and will have a de minimis impact on our near-term revenue and residential ARPU trajectory.

    整體而言,我們的基礎管理策略的轉變將為客戶流失、客戶滿意度和客戶終身價值帶來長期利益,並對我們的近期收入和住宅 ARPU 軌跡產生微乎其微的影響。

  • With a more disciplined and thoughtful approach to how we implement these changes, we are better positioned to improve ARPU trends over time.

    透過採取更嚴格和深思熟慮的方法來實施這些變革,我們能夠更好地隨著時間的推移改善 ARPU 趨勢。

  • Turning to slide 9, I'd like to review our balance sheet position and recent proactive management.

    轉向投影片 9,我想回顧一下我們的資產負債表狀況和最近的主動管理。

  • In January of this year, we issued $2 billion of senior guaranteed notes due January of 2029 at a rate of 11.75% to pay down the outstanding term B loan and the incremental term loan B3, which were due in 2025 and 2026.

    今年1月,我們發行了2029年1月到期的20億美元優先擔保票據,利率為11.75%,用於償還2025年和2026年到期的未償還定期B貸款和增量定期貸款B3。

  • In conjunction with this transaction, we announced that we would pay down the $750 million senior note due in June of 2024 with a draw from our revolving credit facility, for which we had previously earmarked capacity.

    結合此次交易,我們宣布將從我們先前指定的循環信貸額度中提取 2024 年 6 月到期的 7.5 億美元優先票據。

  • These two proactive refinancing activities has successfully cleared out all near-term maturities until 2027, giving us the runway to continue to operate and drive the business toward growth.

    這兩項積極的再融資活動已成功清除了 2027 年之前的所有近期到期債務,為我們繼續營運並推動業務成長奠定了基礎。

  • Our weighted average cost of debt pro forma for these transactions is 6.5%, and our weighted average maturity is 5.1 years.

    這些交易的加權平均債務成本為 6.5%,加權平均期限為 5.1 年。

  • Our fixed rate to total debt is 86%, inclusive of floating to fixed interest rate swaps.

    我們的固定利率佔總債務的比例為 86%,其中包括浮動利率與固定利率互換。

  • In pro forma, at the end of 2023, we have $1.2 billion of liquidity, providing us the flexibility in daily operations.

    預計到 2023 年底,我們擁有 12 億美元的流動性,為我們提供日常營運的靈活性。

  • We will continue to be proactive in managing our debt maturities and evaluate how our capital structure best supports our operating goals.

    我們將繼續積極主動地管理我們的債務到期日,並評估我們的資本結構如何最好地支持我們的營運目標。

  • Next, on slide 10, I'd like to review our subscriber trends, highlighting by the acceleration of our fiber and mobile growth.

    接下來,在投影片 10 上,我想回顧我們的用戶趨勢,重點是我們光纖和行動成長的加速。

  • In Q4 2023, we added 46,000 fiber customers through both new net additions and migrations of existing customers.

    2023 年第四季度,我們透過新增淨增和現有客戶遷移增加了 46,000 個光纖客戶。

  • We previously said we would put more focus on migrations, and by doing that, we achieved penetration of over 12%, which is an increase of almost 5 percentage points from the end of the prior year.

    我們之前說過要更專注於遷移,透過這樣做,我們的滲透率達到了12%以上,比上年末增加了近5個百分點。

  • Plus with a more disciplined focus on growing our fiber penetration, we've identified opportunities to improve processes and systems related to fiber migration, which we believe will allow us to accelerate our rate of penetration even further in the coming months.

    此外,透過更嚴格地關注提高纖維滲透率,我們已經找到了改善與纖維遷移相關的流程和系統的機會,我們相信這將使我們在未來幾個月內進一步加快滲透率。

  • Regarding mobile, we continue to accelerate the pace of net adds each quarter, adding 34,000 lines in the fourth quarter.

    在移動方面,我們持續加快每季淨增的步伐,第四季新增34,000條線路。

  • This growth is over 8 times better than Q4 2022 when we added just 4,000 lines.

    這一增長比 2022 年第四季我們僅添加 4,000 條線路時高出 8 倍以上。

  • We are pleased with the trends we are seeing in mobile.

    我們對行動領域的趨勢感到滿意。

  • For example, when customers take mobile in addition to our broadband product, we see a 20% annualized churn reduction compared to the fixed-only customer base.

    例如,當客戶除了使用我們的寬頻產品外還使用行動裝置時,與僅使用固定電話的客戶群相比,我們的年流失率減少了 20%。

  • This presents a significant opportunity to further reduce churn as we expand mobile penetration in our customer base and drive higher take rates.

    隨著我們擴大客戶群中的行動滲透率並提高採用率,這為進一步減少客戶流失提供了重要機會。

  • Next, on our total broadband subscriber trends.

    接下來是我們的寬頻用戶總數趨勢。

  • As we mentioned last quarter, similar to our peers, we saw heightened competition around the holiday season in Q4.

    正如我們上季度提到的,與同行類似,我們在第四季度的假期期間看到了激烈的競爭。

  • That, in addition to continued challenging macroeconomic environment and a low-move activity, impacted our broadband performance as we reported a loss of 27,000 total broadband subscribers.

    除了持續充滿挑戰的宏觀經濟環境和低流動性活動之外,這也影響了我們的寬頻業績,我們報告寬頻用戶總數減少了 27,000 名。

  • Although we saw some incremental headways -- headwinds in Q4, which may carry over into the beginning of 2024, we are confident that we have the right strategy in place.

    儘管我們在第四季度看到了一些漸進的進展——逆風可能會延續到 2024 年初,但我們相信我們已經制定了正確的策略。

  • With broadband and mobile, combined with enhanced base management programs, a strategic regional and hyper-local go-to-market approach, network upgrades, dedicated customer care focus, and financial discipline, we are well positioned to return to positive broadband subscriber trends over time.

    憑藉寬頻和行動業務,再加上增強的基礎管理計劃、策略性區域和超本地市場進入方法、網路升級、專門的客戶服務重點和財務紀律,我們已做好充分準備,在未來幾年內恢復積極的寬頻用戶趨勢。時間。

  • Before we turn to the next slide, I would like to touch on our participation in the Federal Affordable Connectivity Program.

    在我們轉向下一張投影片之前,我想談談我們對聯邦平價連結計畫的參與。

  • We remain committed to bridging the digital divide by providing affordable and accessible Internet and mobile services to our customers, and we are fully supportive of continued funding for the program.

    我們仍然致力於透過向客戶提供負擔得起且易於訪問的互聯網和行動服務來彌合數位鴻溝,並且我們完全支持繼續為該計劃提供資金。

  • At the end of Q4, we had 125,000 customers receiving a subsidy on their broadband or mobile services through ACP.

    截至第四季末,我們有 125,000 名客戶透過 ACP 獲得了寬頻或行動服務補貼。

  • Given our limited exposure, we do not foresee a significant impact if the federal funding concludes.

    鑑於我們的風險敞口有限,如果聯邦資助結束,我們預計不會產生重大影響。

  • Additionally, we will be proactive in our efforts to engaging with these customers and providing compelling retention offers.

    此外,我們將積極主動地與這些客戶互動並提供引人注目的保留優惠。

  • We also see this as a potential tailwind and an opportunity to attract new customers with plans in place to go after every jump ball.

    我們也認為這是一個潛在的順風車,也是一個吸引新客戶的機會,並制定了追逐每一次跳球的計畫。

  • Turning to slide 11, I'd like to wrap up with some of the key performance drivers that give us confidence that we can have the right long-term plan and that underscores our commitment to delivering the best network experiences and services to our customers.

    轉向投影片 11,我想總結一些關鍵效能驅動因素,這些驅動因素讓我們相信我們可以製定正確的長期計劃,並強調我們致力於為客戶提供最佳網路體驗和服務的承諾。

  • NPS scores across our base continuing to improve, with tNPS growing 21 points in Q4 2023 year over year.

    我們的 NPS 得分持續提高,2023 年第四季的 tNPS 年比增加了 21 分。

  • We also continue to drive increased usage of self-service tools across technical support, customer care, and onboarding.

    我們也持續推動技術支援、客戶服務和入職方面自助服務工具的使用增加。

  • In fact, self-installation has grown 68% year over year in Q4.

    事實上,第四季自裝量年增 68%。

  • Furthermore, self-service tools, improved customer communications, and enhanced network quality experiences led to 1.7 million fewer inbound calls and 300,000 fewer truck rolls in full year 2023 compared to the prior year.

    此外,與前一年相比,自助服務工具、改善的客戶溝通和增強的網路品質體驗導致 2023 年全年的入站電話數量減少了 170 萬個,上門服務數量減少了 30 萬個。

  • While a portion of these improvements are driven by fewer customers in our base, more notably, the rates per customers continue to improve.

    雖然這些改進的部分原因是我們的客戶群減少,但更值得注意的是,每位客戶的費率持續提高。

  • On our network achievements, we launched 8-gig symmetrical speeds in 100% of our east fiber footprint in the early part of 2023, and now customers can take speeds of 1 gig or higher in 96% of our total footprint.

    在我們的網路成就方面,我們在 2023 年初在 100% 的東部光纖覆蓋區中推出了 8 GB 對稱速度,現在客戶可以在我們總覆蓋區的 96% 中採用 1 GB 或更高的速度。

  • Additionally, as of Q4, we had upgraded 93% of the west to DOCSIS 3.1, with plans to reach nearly 100% by the end of 2024.

    此外,截至第四季度,我們已將西方 93% 的地區升級至 DOCSIS 3.1,計劃在 2024 年底達到近 100%。

  • In summary, we are pleased with our achievements in 2023, and our capital investment plans for 2024 are strategically designed for both near-term and long-term returns for the business, ensuring we sustain excellence in our network, customer experience, and business growth.

    總而言之,我們對 2023 年所取得的成就感到滿意,我們 2024 年的資本投資計畫是針對近期和長期業務回報進行策略設計的,確保我們在網路、客戶體驗和業務成長方面保持卓越。

  • With that, we will now take questions.

    現在我們將回答問題。

  • Operator

    Operator

  • (Operator Instructions) Michael Rollins, Citi.

    (操作員指示)Michael Rollins,花旗銀行。

  • Michael Rollins - Analyst

    Michael Rollins - Analyst

  • Thanks and good afternoon.

    謝謝,下午好。

  • Curious if you can unpack a bit more of what you're seeing in terms of broadband volume and some of the cited headwinds that could carry over early into 2024.

    很好奇您是否能更多地了解您在寬頻數量方面所看到的情況,以及所提到的一些可能持續到 2024 年初的不利因素。

  • And then just secondly, if you could discuss a bit more about the pricing strategy and just maybe some additional details on how you're managing the change in price relative to the ARPU performance.

    其次,您是否可以更多地討論定價策略,以及如何管理相對於 ARPU 效能的價格變化的其他細節。

  • Thanks.

    謝謝。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Hey, Michael.

    嘿,麥可。

  • I hope you are well.

    我希望你一切都好。

  • In terms of the broadband headwinds, as we had mentioned early in the last -- early in the quarter last year, we expected to see some headwinds, and that's exactly what we saw.

    就寬頻逆風而言,正如我們在上一季初提到的那樣,我們預計會看到一些逆風,而這正是我們所看到的。

  • We saw some of the competition early in the quarter really outspending us in advertising and marketing, particularly in that October and November time frame, effectively reducing our share of voice in the market.

    我們在本季初看到一些競爭對手在廣告和行銷方面的支出確實超過了我們,特別是在 10 月和 11 月的時間範圍內,這有效地降低了我們在市場中的話語權。

  • And we also saw some more aggressive promotions during key mobile-switching windows and really more aggressive offers driving existing mobile customers to low-end data plans, particularly when you look at some of the fixed wireless providers.

    我們還看到在關鍵的行動切換視窗期間進行了一些更積極的促銷活動,並且確實更積極的優惠促使現有行動客戶選擇低端數據計劃,特別是當您查看一些固定無線提供者時。

  • We also saw some impact on -- in the west, as we think about the fiber overbuilders in the back half of the year, more fiber build activity.

    我們也看到了一些影響——在西方,當我們考慮今年下半年的光纖過度建設者時,更多的光纖建設活動。

  • I think the last time I commented on this, we were at about 30% to 35% overbuilt.

    我想上次我對此發表評論時,我們的過度建設程度約為 30% 到 35%。

  • Now we're at about 40%, and some fairly aggressive offers in the market.

    現在我們的報價約為 40%,市場上有一些相當激進的報價。

  • That all being said, I'm very excited about our Optimum market structure and local leadership that we've put in place.

    話雖如此,我對我們建立的最佳市場結構和當地領導感到非常興奮。

  • And these teams are just coming online and really starting to share some insightful feedback with us in terms of competitive landscape and really informing how we can compete much more effectively at a hyper-local level.

    這些團隊剛剛上線,並真正開始與我們分享一些關於競爭格局的富有洞察力的反饋,並真正告知我們如何在超本地層面上更有效地競爭。

  • I think we're very well positioned.

    我認為我們處於非常有利的位置。

  • Optimum Complete continues to perform very well.

    Optimum Complete 繼續表現出色。

  • We've seen a 3x increase in mobile attach since we've launched Optimum Complete.

    自從我們推出 Optimum Complete 以來,我們發現行動連線數量增加了 3 倍。

  • We are really excited about the new Chief Marketing Officer that we brought on board, and she's helping us with hyper-local go-to-market playbook so that we can compete more effectively in our new Optimum market areas that we've established.

    我們對新任首席行銷長的加入感到非常興奮,她正在幫助我們制定超本地化的市場策略,以便我們能夠在我們已經建立的新的最佳市場領域中更有效地競爭。

  • And so these teams -- you're going to see more of that -- those playbooks come online.

    所以這些團隊——你會看到更多這樣的——這些劇本上線了。

  • And we're also planning to really do a better job of telling our story from a brand and just overall marketing perspective.

    我們還計劃從品牌和整體行銷的角度更好地講述我們的故事。

  • On the pricing side, as you saw, we've made some adjustments, and we've talked about this pricing evolution.

    在定價方面,正如您所看到的,我們做了一些調整,我們已經討論了這種定價演變。

  • And the pricing strategy is really to address what our customers are telling us.

    定價策略其實是為了解決客戶告訴我們的問題。

  • They've told us they want simplicity, transparency, predictability.

    他們告訴我們他們想要簡單、透明、可預測。

  • They want the right value for what they're paying, and we believe that the new structure will do just that.

    他們希望所付出的代價物有所值,我們相信新的結構可以做到這一點。

  • And I think Marc mentioned some of it is tied to just rightsizing folks.

    我認為馬克提到其中一些與人員規模調整有關。

  • Over 100,000 customers received a speed upgrade tied to this evolution.

    超過 100,000 名客戶獲得了與此演變相關的速度升級。

  • And we're seeing improved churn, fewer calls from those customers, and that journey is going to continue.

    我們看到客戶流失率有所改善,這些客戶的電話減少了,而且這種旅程還會繼續。

  • We're also leveraging AI so that we can equip our teams in our call centers, both care and retention, so that when an existing customer calls, we can right size them and put them into the right packages and make sure that they're getting the right value.

    我們也利用人工智慧,以便我們可以為我們的呼叫中心團隊提供護理和保留服務,這樣當現有客戶致電時,我們可以調整他們的規模並將他們放入正確的包中,並確保他們獲得正確的值。

  • And this is actually helping us reduce ARPU erosion while not sacrificing our ability to save customers.

    這實際上幫助我們減少 ARPU 侵蝕,同時又不犧牲我們拯救客戶的能力。

  • And so we're continuing to drive that strategy forward.

    因此,我們將繼續推動這項策略。

  • And we believe that, long term, this will help us actually grow ARPU and really help in our mission to stabilize and ultimately drive customer revenue and cash flow growth.

    我們相信,從長遠來看,這將幫助我們真正提高 ARPU,並真正幫助我們實現穩定並最終推動客戶收入和現金流成長的使命。

  • Michael Rollins - Analyst

    Michael Rollins - Analyst

  • Thanks.

    謝謝。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Very welcome.

    非常歡迎。

  • Operator

    Operator

  • Ben Swinburne, Morgan Stanley.

    本‧斯威本,摩根士丹利。

  • Benjamin Swinburne - Analyst

    Benjamin Swinburne - Analyst

  • Thank you.

    謝謝。

  • Dennis, thanks for all the commentary around the base management and pricing stuff, very helpful.

    丹尼斯,感謝您對基礎管理和定價問題的所有評論,非常有幫助。

  • I guess, I was wondering if you could talk a little bit how far along you are in getting your customer base to a place where you don't have a back book/front book issue anymore and price increases yield ARPU growth.

    我想,我想知道您是否可以談談您在讓您的客戶群不再有背書/前書問題以及價格上漲帶來 ARPU 增長的地方方面走了多遠。

  • It seems like you've been working a lot on this over the past year, and the ARPU is definitely stronger than expected in Q4.

    看來過去一年你們在這方面做了很多工作,第四季的 ARPU 肯定比預期強。

  • So I'm curious if you could give us a little more of a sense of timing and sort of what's ahead for that project.

    因此,我很好奇您能否讓我們更多地了解該項目的時機和前景。

  • And then, I guess, on the fiber build for '24, I guess, I'd be curious, one, where that's focused.

    然後,我想,關於 24 年的光纖構建,我想,我很好奇,其重點在哪裡。

  • Is that all Optimum East?

    這就是東方最佳嗎?

  • I think you said 3 million homes by the end of the year.

    我想你說的是到今年年底將有 300 萬套住房。

  • And did you guys consider slowing it down more just to prioritize the balance sheet and sell more into the existing footprint?

    你們是否考慮放慢速度,只是為了優先考慮資產負債表並在現有足跡中出售更多產品?

  • Just wondering if you could talk about your thought process there.

    只是想知道你是否可以在那裡談談你的思考過程。

  • Thank you.

    謝謝。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Ben, hope you're doing well.

    本,希望你一切順利。

  • Let me take the fiber question, and then I'll throw it back over to Marc to expand a bit more on the front book, back book, and the pricing.

    讓我來回答一下纖維問題,然後我會將其交給 Marc,以對封面、封底和定價進行更多擴展。

  • But our fiber strategy, we remain committed to fiber.

    但我們的纖維戰略,我們仍然致力於纖維。

  • As we mentioned, we're going to deliver 3 million homes passed, primarily in the east.

    正如我們所提到的,我們將交付 300 萬套房屋,主要是在東部。

  • We're excited about having these homes.

    我們很高興擁有這些房屋。

  • And the performance of the customers that we're able to add onto that network improved ARPU trends, improved churn, improved customer satisfaction.

    我們能夠添加到該網路中的客戶的表現改善了 ARPU 趨勢,改善了客戶流失率,提高了客戶滿意度。

  • We have customers that are just incredibly excited and thrilled with the performance of that network.

    我們的客戶對該網路的效能感到非常興奮和興奮。

  • And so we want to lean in and focus on driving more customers to that network.

    因此,我們希望投入並專注於吸引更多客戶使用該網路。

  • And that's going to be the mission for this year.

    這將是今年的使命。

  • We're prioritizing migrations in particular.

    我們特別優先考慮遷移。

  • We've been on that journey.

    我們一直在這段旅程中。

  • We've been able to -- if you look year over year in terms of fiber additions, we've accelerated by 1.7x, and there's more room to grow.

    我們已經能夠——如果你逐年觀察纖維添加量,我們已經加速了 1.7 倍,而且還有更多的成長空間。

  • We've been doing an exhaustive audit of the migration process.

    我們一直在對遷移過程進行詳盡的審核。

  • And as we brought on -- as my new CTIO organization and field organization, they've identified a whole host of opportunities to improve the process, make it more efficient and help us accelerate our fiber migrations.

    當我們作為我的新 CTIO 組織和現場組織時,他們發現了許多改進流程、提高效率並幫助我們加速光纖遷移的機會。

  • And so there are some systems and process issues that we need to resolve over the next couple of months, but I'm confident, as we enter into late Q2 and the second half, we're going to be able to accelerate.

    因此,我們需要在接下來的幾個月內解決一些系統和流程問題,但我相信,隨著我們進入第二季末和下半年,我們將能夠加速。

  • And then we're excited about new business as well.

    我們也對新業務感到興奮。

  • And so as we think about just capital intensity and how we're going to spend capital and where the best return is, we're really fortunate to have four of the fastest-growing markets in our footprint.

    因此,當我們考慮資本密集度以及我們將如何花費資本以及最佳回報在哪裡時,我們真的很幸運能夠擁有四個成長最快的市場。

  • And we've had to do some work in terms of streamlining our ability to identify, approve, and execute new build.

    我們必須在簡化識別、批准和執行新建置的能力方面做一些工作。

  • And I think we're going to start seeing some of the benefits of that and be able to go faster as we enter into this year.

    我認為,隨著今年的到來,我們將開始看到其中的一些好處,並且能夠加快步伐。

  • And so that's going to be a huge priority for us as well.

    因此,這也將成為我們的首要任務。

  • And we're going to look to prioritize migrations and new build while continuing to have a balanced approach in building fiber in the East.

    我們將優先考慮遷移和新建,同時繼續採用平衡的方法在東部建造光纖。

  • Marc?

    馬克?

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • And then, Ben, to your question around how far along we are, as you see, we're pleased with the trajectory that we've been able to put on the board here in the second half of the year around slowing the rate of -- rate erosion.

    然後,Ben,對於你提出的關於我們進展到什麼程度的問題,正如你所看到的,我們對今年下半年我們能夠在董事會上提出的關於減緩增長速度的軌跡感到滿意。 ——利率侵蝕。

  • And really, for the first time in nine quarters, we had a positive quarter on ARPU.

    事實上,我們的 ARPU 季度出現了正成長,這是九個季度以來的第一次。

  • So really pleased about that.

    對此我真的很高興。

  • But I would still say that we are very much in the very early innings of this transformation around pricing.

    但我仍然想說,我們正處於定價轉型的早期階段。

  • We are launching our advanced AI capabilities to each of our call center reps and field sales reps, and that's going to take a little bit of time over the course of this first half of the year.

    我們正在向每位呼叫中心代表和現場銷售代表推出先進的人工智慧功能,這將在今年上半年花費一些時間。

  • And so we still have work to do, and we do think that we'll ultimately close any potential issues we have on back book or front book.

    因此,我們仍然有工作要做,我們確實認為我們最終將解決封底或封面上的任何潛在問題。

  • And we feel like we can compete with the right offers with Optimum Complete and provide real value to acquire customers and then also provide the right value for our existing customers as well.

    我們覺得我們可以與 Optimum Complete 競爭,提供真正的價值來獲取客戶,然後也為我們現有的客戶提供正確的價值。

  • So still early, early days, but optimistic on the trends that we're seeing.

    現在還為時過早,但對我們所看到的趨勢持樂觀態度。

  • Benjamin Swinburne - Analyst

    Benjamin Swinburne - Analyst

  • Thanks a lot.

    多謝。

  • Operator

    Operator

  • Kutgun Maral, Evercore ISI.

    Kutgun Maral,Evercore ISI。

  • Kutgun Maral - Analyst

    Kutgun Maral - Analyst

  • Good afternoon and thanks for taking the questions.

    下午好,感謝您提出問題。

  • I appreciate that you're not providing explicit guidance for EBITDA or free cash flow for 2024.

    我很高興您沒有為 2024 年 EBITDA 或自由現金流提供明確的指導。

  • But I was hoping you could help us think about some of the moving pieces.

    但我希望你能幫助我們思考一些感動的事情。

  • First, on EBITDA, given the top line trends and your outlook for relatively stable margins, it sounds like 2024 will be another transition year with EBITDA declines.

    首先,就 EBITDA 而言,鑑於收入趨勢以及您對相對穩定的利潤率的展望,聽起來 2024 年將是 EBITDA 下降的另一個過渡年。

  • Is that the right way to think about it?

    這是正確的思考方式嗎?

  • Or could we see some of the positive momentum you've shown at the end of last year maybe carry into 2024 and manifest in more flattish to perhaps positive EBITDA trends?

    或者我們可以看到去年年底所表現出的一些積極勢頭可能會延續到 2024 年,並以更平坦甚至積極的 EBITDA 趨勢體現出來?

  • And relatedly on free cash flow, it's certainly encouraging that you've cleared up all the maturities until 2027.

    與自由現金流相關的是,您已經結清了 2027 年之前的所有到期債務,這當然令人鼓舞。

  • So now we'll see a bit more of an interest burden.

    所以現在我們會看到更多的利息負擔。

  • Your CapEx guidance implies it will be flat to perhaps down a bit.

    您的資本支出指導意味著它將持平甚至下降。

  • I'm not really sure how cash takes shake out.

    我不太確定現金是如何流出的。

  • So just going through all these puts and takes, can you talk about your confidence in keeping free cash flow maybe relatively steady year over year or at least having it be positive again?

    那麼,透過所有這些看跌期權和看跌期權,您能否談談您對保持自由現金流量逐年相對穩定或至少使其再次為正值的信心?

  • Thank you.

    謝謝。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Absolutely.

    絕對地。

  • I'll take that, Kutgun.

    我會接受的,庫特岡。

  • Good to hear from you.

    很高興聽到你的消息。

  • From an EBITDA perspective, again, we're pleased on the stabilization that you've seen in the margin over the course of the back half of this year.

    從 EBITDA 的角度來看,我們對今年下半年利潤率的穩定感到高興。

  • Really excited about how we are being disciplined around operating costs and then the rate discipline that we just talked about.

    對於我們如何在營運成本方面受到約束以及我們剛才談到的費率約束感到非常興奮。

  • So that does give us optimism around how we're performing going into 2024.

    因此,這確實讓我們對 2024 年的表現感到樂觀。

  • I would expect EBITDA to be slightly down year over year, but we'll continue to moderate our capital spend, as we talked about.

    我預計 EBITDA 將同比略有下降,但正如我們所說,我們將繼續減少資本支出。

  • And so from a free cash flow perspective, we are still optimistic that we will be positive for the full year of 2024.

    因此,從自由現金流的角度來看,我們仍然樂觀地認為 2024 年全年將是正面的。

  • And despite the higher interest rate costs, some of the cash timing on that should be more later into 2025 actually.

    儘管利率成本較高,但實際上部分兌現時間應該更晚到 2025 年。

  • And so we still feel like we are in a good position to be positive free cash flow for 2024.

    因此,我們仍然認為我們處於有利位置,可以在 2024 年實現正自由現金流。

  • Kutgun Maral - Analyst

    Kutgun Maral - Analyst

  • Understood.

    明白了。

  • Thank you.

    謝謝。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Yeah.

    是的。

  • Operator

    Operator

  • John Hodulik, UBS.

    約翰‧霍杜里克,瑞銀集團。

  • John Hodulik - Analyst

    John Hodulik - Analyst

  • Yeah, great.

    很好。

  • A couple of follow-ups if I could.

    如果可以的話,進行一些後續行動。

  • First of all, just the commentary on the everyday pricing and the pressure on ARPU.

    首先,只是對日常定價和 ARPU 壓力的評論。

  • Are you guys sort of suggesting that we could go back to sort of the 2% to 3% declines, where we were just a few quarters ago, after the moderate growth that we saw today?

    你們是否暗示,在今天的溫和增長之後,我們可能會回到幾個季度前 2% 到 3% 的下降水平?

  • And then on the mobile, big ramp in net adds.

    然後在行動裝置上,淨增加量大幅增加。

  • I guess, if you can boil it down, what's really driving that ramp?

    我想,如果你能把它歸結起來,到底是什麼推動了這個坡道?

  • And do you expect it to continue?

    您預計這種情況會持續下去嗎?

  • Thanks.

    謝謝。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Thanks, John.

    謝謝,約翰。

  • I'll take the mobile piece and then, Marc, welcome to chime in on the pricing and ARPU elements.

    我將討論移動部分,然後,Marc,歡迎插話定價和 ARPU 元素。

  • But mobile, we're very pleased with the transformation and the acceleration.

    但在行動領域,我們對轉型和加速感到非常滿意。

  • This has really been inspecting and optimizing every area of the business.

    這確實是在檢查和優化業務的每個領域。

  • We've transformed our retail centers into sales centers.

    我們已將零售中心轉變為銷售中心。

  • And we've really prioritized, as we've said, to be the connectivity provider of choice, which includes broadband and mobile.

    正如我們所說,我們確實優先考慮成為首選的連接供應商,其中包括寬頻和行動。

  • And so we've updated our compensation plans, we've updated our sales goals.

    因此,我們更新了薪酬計劃,並更新了銷售目標。

  • We've transformed performance management and participation.

    我們改變了績效管理和參與。

  • Optimum Complete, including that as an offer and a package has been really well received, both by our frontline teams as well as our customers.

    Optimum Complete,包括報價和套餐,都受到我們的一線團隊和客戶的好評。

  • And so as I think about this year, I think about continuing to drive acceleration and growth in that space.

    因此,當我思考今年時,我會考慮繼續推動該領域的加速和成長。

  • I think we've seen others, some of our peers set the standard in terms of net add -- net additions per quarter and customer penetration of their base.

    我想我們已經看到了其他人,我們的一些同行在淨增加方面設定了標準——每季度的淨增加和其基礎的客戶滲透率。

  • And I think those are all achievable long term, and that's the journey that we're on.

    我認為這些都是長期可以實現的,這就是我們正在走的旅程。

  • And so the 8x acceleration, we're going to continue to drive that across the business.

    因此,我們將繼續在整個業務中推動 8 倍的加速。

  • And I think we're at 7% mobile penetration of our base today.

    我認為今天我們的行動普及率是 7%。

  • I think there's more opportunity.

    我認為還有更多機會。

  • I'm particularly excited, as Marc, I believe, mentioned 20% annualized churn reduction with mobile.

    我特別興奮,因為我相信 Marc 提到行動裝置的年流失率可減少 20%。

  • And so there's lots of reasons to continue to drive mobile, and we'll continue to drive acceleration throughout the year.

    因此,繼續推動行動發展的理由有很多,我們將繼續全年加速發展。

  • Marc?

    馬克?

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • And then, John, on the ARPU declines, no, we feel like we're in a good position, as you saw with the trends.

    然後,約翰,關於 ARPU 下降,不,我們感覺我們處於有利位置,正如您在趨勢中看到的那樣。

  • Certainly, there's going to be continued pressure from video losses on ARPU.

    當然,視訊遺失會對 ARPU 帶來持續的壓力。

  • But despite that, in our more disciplined approach in leveraging AI tools, we do feel like we have a path to stabilize ARPU and grow it over time.

    但儘管如此,在我們利用人工智慧工具的更嚴格的方法中,我們確實覺得我們有一條穩定 ARPU 並隨著時間的推移而增長的途徑。

  • If you look at 2023 for the full year, we were down just 1.5% year over year, relatively flat, especially coming out of the back half.

    如果你看看 2023 年全年,我們年比僅下降 1.5%,相對持平,尤其是下半年。

  • We expect to improve on this in 2024.

    我們預計 2024 年會對此進行改進。

  • So we feel like we have the right tools in front of our agents to drive the right outcomes and feel good about that.

    因此,我們覺得我們的代理商擁有正確的工具來推動正確的結果,並對此感到滿意。

  • John Hodulik - Analyst

    John Hodulik - Analyst

  • Thank you, guys.

    感謝你們。

  • Operator

    Operator

  • Jessica Reif Ehrlich, Bank of America.

    傑西卡·雷夫·埃利希,美國銀行。

  • Jessica Reif Ehrlich - Analyst

    Jessica Reif Ehrlich - Analyst

  • Two questions, if it's okay.

    兩個問題,如果可以的話。

  • One, I'd just love your views on the sports JV that was announced with Disney, Warner Bros., Discovery, and Fox.

    第一,我很想聽聽您對迪士尼、華納兄弟、探索頻道和福斯宣布成立的體育合資企業的看法。

  • Just how that -- you think that impacts your business, video and broadband, and how it might impact renewal conversations?

    您認為這會如何影響您的業務、視訊和寬頻,以及它會如何影響續訂對話?

  • And then separately, you showed good growth ex -- in advertising ex political and news.

    另外,你們在廣告、政治和新聞方面表現出了良好的成長。

  • Could you talk about where that's coming from and kind of your outlook in the -- I guess, a couple of quarters ahead?

    您能否談談您對未來幾季的展望?

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Jess, I hope you're well.

    傑西,我希望你一切都好。

  • I'll take the sports JV question and then, Marc, if you want to talk a little bit about news and advertising.

    我將回答體育合資企業的問題,然後馬克,如果你想談談新聞和廣告的話。

  • I think I've said this before, but unfortunately, I'll reiterate that I really do think that the model is broken.

    我想我之前已經說過這​​一點,但不幸的是,我會重申,我確實認為該模型已被破壞。

  • And it's really challenging when you think about the fact that viewership is at all-time lows on linear traditional video and yet rates are at all-time highs.

    考慮到線性傳統影片的收視率處於歷史最低水平,而收視率卻處於歷史最高水平,這確實具有挑戰性。

  • And so I think we, as distributors, really do need to work with our partners to put the customer back in the center and make sure that they're getting the right value.

    因此,我認為,作為經銷商,我們確實需要與合作夥伴合作,將客戶重新置於中心位置,並確保他們獲得正確的價值。

  • And so as we have these conversations and negotiations, that's exactly what we're trying to do.

    因此,當我們進行這些對話和談判時,這正是我們正在努力做的事情。

  • We're trying to really push hard and make sure that we've got -- we're fighting for our customers in terms of rate.

    我們正在努力真正努力推動並確保我們在費率方面為我們的客戶而戰。

  • Historically, for -- legacy process has been to include channels with extremely low viewership bundled in with channels with high viewership.

    從歷史上看,傳統流程一直是將收視率極低的頻道與收視率高的頻道捆綁在一起。

  • It's just not the right approach and inflexible packages.

    這只是不正確的方法和不靈活的包。

  • And so we're fighting for more flexibility as well so that our consumers can ultimately have the types of bundles and packages that they're looking for.

    因此,我們也在爭取更大的靈活性,以便我們的消費者最終能夠獲得他們正在尋找的捆綁和包裝類型。

  • And then as these direct-to-consumer solutions continue to become available, having those conversations, making sure that they're available to our customers and that they can be leveraged as part of the portfolio of solutions that we are making available.

    然後,隨著這些直接面向消費者的解決方案繼續可用,進行這些對話,確保它們可供我們的客戶使用,並且可以作為我們提供的解決方案組合的一部分加以利用。

  • And so these are the conversations that we're having.

    這些就是我們正在進行的對話。

  • It really does come back to putting the customer at the center and making sure that we have the right pricing, the right packaging, the right channel lineups, the right direct-to-consumer offerings.

    這確實回到了以客戶為中心,確保我們擁有正確的定價、正確的包裝、正確的通路陣容、正確的直接面向消費者的產品。

  • But ultimately, for all these solutions, you need broadband.

    但最終,對於所有這些解決方案,您都需要寬頻。

  • So it does strengthen the value of broadband, and we want to be able to provide the highest-quality broadband quality and price.

    所以它確實強化了寬頻的價值,我們希望能夠提供最高品質的寬頻品質和價格。

  • And one of the top applications leveraged on broadband is video.

    視訊是寬頻最重要的應用之一。

  • And so we want to be able to make the right video solutions available.

    因此,我們希望能夠提供正確的視訊解決方案。

  • And that's what's driving the consumers as they have if -- some want to watch traditional linear video, others want streaming.

    這就是推動消費者的原因——有些人想要觀看傳統的線性視頻,有些人想要串流媒體。

  • We need to be able to bring that to our consumers at the right price and at the right value, and those are the conversations we're having.

    我們需要能夠以合適的價格和價值將其帶給我們的消費者,這些就是我們正在進行的對話。

  • Marc?

    馬克?

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • And then on advertising, certainly, 2023 was a challenging year for all of us in the ad space, but really pleased on how the segment operated this year and managed through that.

    然後在廣告方面,當然,2023 年對於廣告領域的所有人來說都是充滿挑戰的一年,但對該細分市場今年的營運和管理方式感到非常滿意。

  • We were able to offset some of those declines by just expanding actually our customer base.

    我們能夠透過實際擴大我們的客戶群來抵消其中的一些下降。

  • And so having more customers and then really some thoughtful investments in our advanced advertising agency business is really where the accelerant to drive the growth that you have seen over the past few quarters.

    因此,擁有更多的客戶,然後對我們的先進廣告代理商業務進行一些深思熟慮的投資,確實是推動過去幾個季度成長的催化劑。

  • So as we look ahead to 2024, we feel positive about where we're trending.

    因此,當我們展望 2024 年時,我們對我們的趨勢感到樂觀。

  • And certainly, going into the new political year, it should be a pretty good tailwind for our news and advertising segment.

    當然,進入新的政治年,這對我們的新聞和廣告部門來說應該是一個很好的推動力。

  • Operator

    Operator

  • Craig Moffett, MoffettNathanson.

    克雷格·莫菲特,莫菲特·內森森。

  • Craig Moffett - Analyst

    Craig Moffett - Analyst

  • Hi.

    你好。

  • Thank you.

    謝謝。

  • I'm going to see if I can squeeze in two as well.

    我也來看看能不能擠兩個。

  • First, I know you guys, especially, Tony, you've spent a lot of time talking about ARPU.

    首先,我了解你們,尤其是東尼,你們花了很多時間談論 ARPU。

  • I wonder if I could just dig in one last time maybe on just broadband ARPU, specifically.

    我想知道我是否可以最後一次挖掘寬頻 ARPU,特別是。

  • Even though it's growing year over year, it took about a 1.6% sequential decline.

    儘管逐年增長,但環比下降了約 1.6%。

  • Granted that bundling allocations and that sort of thing can fuzz that up a little bit, but I wonder if you could just talk about whether that is indicative of anything that's happening with respect to the base management program that you described.

    誠然,捆綁分配之類的事情可能會讓情況變得有點模糊,但我想知道您是否可以談談這是否表明您所描述的基礎管理計劃正在發生任何事情。

  • And then second, if you could just talk a little bit about your mobile economics.

    其次,您能談談您的行動經濟嗎?

  • We don't know much about your MVNO, and the larger MVNO in the industry is shrouded by a lot of secrecy.

    我們對你們的MVNO了解不多,而業界規模較大的MVNO則籠罩著許多秘密。

  • I wonder if you could just share some, at least, directional guidance on the kind of margins you expect to be able to make in that business, at least at the gross margin level.

    我想知道您是否可以至少分享一些關於您期望在該業務中能夠獲得的利潤率(至少在毛利率水平上)的方向性指導。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Craig, hope you're well.

    克雷格,希望你一切都好。

  • Let me let Marc jump in on the broadband ARPU question, and I'll talk a little bit about mobile.

    讓我讓 Marc 來談談寬頻 ARPU 問題,我將談談移動方面的一些問題。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Yeah.

    是的。

  • Hi, Craig.

    嗨,克雷格。

  • From a fourth quarter perspective, this is usually a low point for the year as far as customer roll-off and promotional roll-off.

    從第四季的角度來看,就客戶流失和促銷流失而言,這通常是一年中的低點。

  • Increased promotional activity happens typically in the fourth quarter.

    促銷活動通常發生在第四季。

  • So this is usually a seasonally low quarter for us in this space.

    因此,對我們來說,這通常是這個領域的季節性低季。

  • I'm pleased to see that we were able to moderate the fourth quarter seasonality that we've seen traditionally pretty meaningfully.

    我很高興看到我們能夠緩和傳統上非常有意義的第四季季節性因素。

  • And so although down, I would say it's not indicative of the price changes that we announced here at the beginning of the year.

    因此,儘管價格有所下降,但我想說這並不代表我們在今年年初宣布的價格變化。

  • So I feel good we have the right tools in place to manage through that.

    所以我感覺很好,我們有合適的工具來解決這個問題。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Yeah.

    是的。

  • We're very happy with our mobile MVNO and our partner and having access to the largest 5G network.

    我們對我們的行動 MVNO 和我們的合作夥伴以及能夠存取最大的 5G 網路感到非常滿意。

  • Our mobile margins, we're also happy that we are gross margin positive.

    我們的行動利潤率,我們也很高興毛利率為正。

  • We don't break out additional detail, but we're really happy with the performance.

    我們沒有透露更多細節,但我們對性能非常滿意。

  • We continue to see acceleration, as I mentioned, meaningful acceleration in our sales activities, also in terms of attaching lines.

    正如我所提到的,我們繼續看到銷售活動的加速,在附加生產線方面也是如此。

  • We've been able to grow that to now 1.5 lines.

    我們現在已經能夠將其增加到 1.5 行。

  • And there's more upside as we just start -- continue to get our legs under us.

    當我們剛開始時,還有更多的好處——繼續努力。

  • We have about -- today about 50-50 in terms of BYOD and device attach.

    今天,我們在 BYOD 和裝置連接方面大約有 50-50 個。

  • And so there's opportunity there to continue to right size that and continue to lean in as we, again, get our sea legs under us.

    因此,我們有機會繼續調整規模,並繼續向前邁進,再次讓我們的海上腿在我們之下。

  • And so we're in the early innings.

    所以我們正處於早期階段。

  • We're really just starting to sell accessories and insurance.

    我們確實剛開始銷售配件和保險。

  • But we're excited, particularly about the churn benefit, as I mentioned, and we're excited about continuing to drive mobile as there is long-term margin expansion opportunity.

    但正如我所提到的,我們很興奮,特別是對於客戶流失的好處,並且我們對繼續推動行動業務感到興奮,因為存在長期的利潤擴張機會。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • And the only thing I would add is just on the ARPU side.

    我唯一要補充的是 ARPU 方面。

  • From a mobile perspective, we are seeing growth in that as well, one coming off the fact that we're no longer selling free services, but then also, with Optimum Complete, we're really starting to see meaningful growth in the ARPUs coming out of that bundled package, up $5 actually sequentially from the third quarter.

    從行動角度來看,我們也看到了這方面的成長,這是因為我們不再銷售免費服務,但隨著 Optimum Complete 的推出,我們確實開始看到 ARPU 的有意義的增長在該捆綁包中,實際上比第三季連續上漲了5 美元。

  • So all signs of going in the right direction.

    所以所有跡像都在朝著正確的方向發展。

  • Craig Moffett - Analyst

    Craig Moffett - Analyst

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Vikash Harlalka, New Street Research.

    維卡什·哈拉爾卡,新街研究。

  • Vikash Harlalka - Analyst

    Vikash Harlalka - Analyst

  • Hi.

    你好。

  • Thanks so much for taking the question.

    非常感謝您提出問題。

  • Now that you've raised $2 billion in debt, how do we think about any potential ABS debt?

    現在您已經籌集了 20 億美元的債務,我們如何看待任何潛在的 ABS 債務?

  • Is that completely off the table?

    這完全不可能嗎?

  • Or are you still working on that?

    或者說你還在努力做這件事嗎?

  • And if you do, what would be the potential usage of those funds?

    如果這樣做,這些資金的潛在用途是什麼?

  • And second one if I could.

    如果可以的話,還有第二個。

  • Could you give us a sense of what the IRRs are for the new builds versus fiber upgrades and how you decide whether to go for additional new build versus fiber upgrades during the year?

    您能否讓我們了解新建與光纖升級的 IRR 是多少,以及您如何決定年內是否進行額外的新建與光纖升級?

  • Thank you.

    謝謝。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Hi, Vikash.

    嗨,維卡什。

  • I can take both of these.

    這兩個我都可以接受。

  • As it relates to the $2 billion refinancing, really pleased that we were proactive.

    由於涉及 20 億美元的再融資,我們非常積極主動,對此感到非常高興。

  • And we cleared the deck for the next three years for us to operate, especially given the uncertainty around the interest rate markets and where they're heading into this year.

    我們為未來三年的營運做好了準備,特別是考慮到利率市場及其今年走向的不確定性。

  • As it relates to ABS, we certainly have learned more about the process involved in an ABS transaction.

    由於涉及 ABS,我們當然已經更了解了 ABS 交易所涉及的流程。

  • And just this, as you may know, just takes time.

    正如您可能知道的那樣,這只是需要時間。

  • And so I still think it's very much a possibility.

    所以我仍然認為這種可能性很高。

  • But now that we've cleared out the near-term maturities, we have a little bit more flexibility in getting the timing and the sizing done properly.

    但現在我們已經清理了近期到期的資金,我們在正確完成時間表和規模調整方面有了更大的靈活性。

  • So still out there, but it just takes time to do that.

    所以仍然存在,但要做到這一點需要時間。

  • And then as it relates to IRRs, we just have not historically disclosed those externally.

    然後,由於與內部收益率相關,我們歷史上從未向外部披露過這些資訊。

  • But as you -- especially as you think about the fiber builds, we're definitely seeing improved results coming out of that, from churn reduction to ARPU lift, all of which are better than our original base case scenario.

    但當您——尤其是當您考慮光纖建置時,我們肯定會看到由此產生的改進結果,從減少客戶流失到 ARPU 提升,所有這些都比我們最初的基本案例場景更好。

  • But again, we'll just remain disciplined around the level of capital intensity to drive, ultimately, free cash flow and invest the next dollar in the spot that's going to give us the highest yield.

    但同樣,我們將繼續遵守資本密集度水平,以最終推動自由現金流,並將下一美元投資於能為我們帶來最高收益率的地方。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • That's right.

    這是正確的。

  • The only thing I'll add is that as we've done with every part of the organization, we are revamping and evolving our ability to identify, deliver -- execute, deliver, and drive penetration of new builds.

    我唯一要補充的是,正如我們對組織的每個部分所做的那樣,我們正在改進和發展我們識別、交付、執行、交付和推動新建滲透的能力。

  • And so as I mentioned, we have four of the fastest-growing markets in our footprint.

    正如我所提到的,我們的足跡中有四個成長最快的市場。

  • And so these are good problems to have in terms of driving -- making investment decisions.

    因此,在推動投資決策方面,這些都是很好的問題。

  • Operator

    Operator

  • Bryan Kraft, Deutsche Bank.

    布萊恩·克拉夫特,德意志銀行。

  • Bryan Kraft - Analyst

    Bryan Kraft - Analyst

  • Hi.

    你好。

  • Good afternoon.

    午安.

  • I wanted to ask you, I guess, the $16 billion to $17 billion CapEx guidance, combined with the capital intensity guidance, implies a pretty wide range

    我想問你,我猜,160 億至 170 億美元的資本支出指導,加上資本強度指導,意味著相當廣泛的範圍

  • --

    --

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • No.

    不。

  • Just to correct you, $1.6 billion to $1.7 billion.

    修正一下,16 億到 17 億美元。

  • Bryan Kraft - Analyst

    Bryan Kraft - Analyst

  • Sorry, I just forgot the decimal point.

    抱歉,我剛剛忘了小數點。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • It's a point of clarity.

    這是一個明確的點。

  • Bryan Kraft - Analyst

    Bryan Kraft - Analyst

  • We don't want a Lyft situation.

    我們不希望出現 Lyft 的情況。

  • So that capital intensity implies a pretty wide range of 2024 revenue if you combine that with the 18.5% capital intensity guidance.

    因此,如果將其與 18.5% 的資本密集度指導結合起來,那麼資本密集度意味著 2024 年收入的範圍相當廣泛。

  • So I think that implies about $8.65 billion to $9.19 billion.

    所以我認為這意味著大約 86.5 億至 91.9 億美元。

  • I just wanted to ask, I guess, first, how much Cheddar revenue was in 2023, which would explain some or all of that revenue decline?

    我想先問一下,2023 年切達乾酪的收入是多少,這可以解釋部分或全部收入下降的原因嗎?

  • And then whether you expect 2024 revenue to really be in that wide -- if your expectations are really that wide of a range or if it's more narrow than that?

    然後,您是否預計 2024 年的收入真的會那麼大——您的預期是否真的那麼大,還是比這個範圍更窄?

  • Thank you.

    謝謝。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Yeah.

    是的。

  • We won't get into -- this is Marc.

    我們不會進入——這是馬克。

  • We won't get into specifics around the Cheddar revenue and all of that, but just say that it was de minimis and not material to the financial results of the company.

    我們不會詳細討論切達乾酪的收入和所有這些,只是說這只是微不足道的,對公司的財務表現並不重要。

  • As we think about the capital intensity, again, we've stated that we're going to remain disciplined around how we drive capital intensity.

    當我們考慮資本密集度時,我們再次表示,我們將在如何推動資本密集度方面保持嚴格的紀律。

  • We feel optimistic that we're making the right strategic moves and have the right playbook in place to drive revenue.

    我們感到樂觀的是,我們正在採取正確的策略舉措,並制定了正確的策略來增加收入。

  • We won't give specific guidance here today on the revenue outlook, but we feel like we have the right playbook in place to drive our revenue trajectory.

    今天我們不會就收入前景提供具體指導,但我們認為我們已經制定了正確的策略來推動我們的收入軌跡。

  • And we'll kind of just leave it at that today.

    今天我們就這樣吧。

  • Bryan Kraft - Analyst

    Bryan Kraft - Analyst

  • Marc, could I just ask one quick follow-up on the 18.5% capital intensity?

    Marc,我可以簡單問一下 18.5% 資本密集度的後續狀況嗎?

  • Is that a multiyear comment at this point?

    這是一個多年的評論嗎?

  • Should we think about that as being long-term guidance?

    我們是否應該將其視為長期指導?

  • Or is that more of a '24 --

    或者這更像是「24」——

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Bryan, that's a great question.

    布萊恩,這是一個很好的問題。

  • As we said, and I'll reiterate today, we will reevaluate capital intensity every year and really be disciplined around how the business is performing to really dictate how much we're going to spend.

    正如我們所說,今天我將重申,我們將每年重新評估資本密集度,並真正嚴格遵守業務表現,以真正決定我們將花費多少。

  • And again, on the 18.5%, we are saying we will moderate slightly from that to drive those results.

    再一次,對於 18.5%,我們表示我們將稍微調整以推動這些結果。

  • Bryan Kraft - Analyst

    Bryan Kraft - Analyst

  • Okay.

    好的。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • We reached the end of our question-and-answer session.

    我們的問答環節結束了。

  • I'd like to turn the floor back over to management for any further closing comments.

    我想將發言權交還給管理階層,以徵求進一步的結束意見。

  • Sarah Freedman - Senior Director, Corporate Finance and Investor Relations

    Sarah Freedman - Senior Director, Corporate Finance and Investor Relations

  • Thank you all for joining.

    感謝大家的加入。

  • Please reach out to Media Relations or Investor Relations with any additional questions.

    如有任何其他問題,請聯絡媒體關係部或投資者關係部。

  • Marc Sirota - Chief Financial Officer

    Marc Sirota - Chief Financial Officer

  • Thank you.

    謝謝。

  • Dennis Mathew - Chairman of the Board, Chief Executive Officer

    Dennis Mathew - Chairman of the Board, Chief Executive Officer

  • Thank you.

    謝謝。

  • Have a good day.

    祝你有美好的一天。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • That does conclude today's teleconference and webcast.

    今天的電話會議和網路廣播到此結束。

  • You may disconnect your line at this time and have a wonderful day.

    此時您可以斷開線路並度過美好的一天。

  • We thank you for your participation today.

    我們感謝您今天的參與。