BCE Inc (BCE) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BCE Q1 2025 results conference call. I would now like to turn the meeting over to Mr. Richard Bengian. Please go ahead, Mr. Bengian.

女士們、先生們，早安。歡迎參加 BCE 2025 年第一季業績電話會議。現在我想將會議交給理查德·本吉安先生。請繼續，Bengian先生。

Thank you, Matthew. Good morning, everyone, and thank you for joining our call. With me here today are Mirko Bibic, BCE's President and CEO; and our CFO, Curtis Millen. You can find all our Q1 disclosure documents on the Investor Relations page of the bce.ca website, which we posted earlier this morning.

謝謝你，馬修。大家早安，感謝你們參加我們的電話會議。今天和我一起在場的還有 BCE 總裁兼執行長 Mirko Bibic；以及我們的財務長 Curtis Millen。您可以在 bce.ca 網站的投資者關係頁面上找到我們今天早上發布的所有 Q1 揭露文件。

We have a lot of material to get through on this call. However, before we begin, I would like to draw your attention to our safe harbor statement on slide 2, reminding you that today's slide presentation and remarks made during the call will include forward-looking information, and therefore, are subject to risks and uncertainties. Results could differ materially. We disclaim any obligation to update forward-looking statements, except as required by law. Please refer to our publicly filed documents for more details on assumptions and risks.

我們在這次通話中有很多材料需要討論。但是，在我們開始之前，我想提請您注意幻燈片 2 上的安全港聲明，提醒您今天的幻燈片演示和電話會議中的評論將包括前瞻性信息，因此，可能會受到風險和不確定性的影響。結果可能會有重大差異。除非法律要求，我們不承擔更新前瞻性聲明的任何義務。有關假設和風險的更多詳細信息，請參閱我們公開提交的文件。

With that out of the way, I'll turn the call over to Mirko.

解決了這個問題之後，我將把電話轉給米爾科。

Thank you, Richard, and good morning, everyone. I shared in February, our strategic and operational road map that will guide our actions for 2025 and beyond, focusing on our customers and on creating value for shareholders. We have a clear strategy for growth, and that's anchored in four key priority areas: putting the customers first, providing the best Internet and wireless networks and services, unlocking potential for businesses with technology solutions and building a digital and media content powerhouse. Moreover, we will continue to modernize and simplify how we do business and how we operate.

謝謝你，理查德，大家早安。我在二月分享了我們的策略和營運路線圖，該路線圖將指導我們 2025 年及以後的行動，重點關注我們的客戶並為股東創造價值。我們有明確的成長策略，該策略基於四個關鍵優先領域：客戶至上、提供最佳互聯網和無線網路和服務、利用技術解決方案釋放企業潛力以及打造數位和媒體內容巨頭。此外，我們將繼續使我們的經營方式和營運方式現代化和簡化。

And before providing an update on our progress against each of these, I want to call out two key and very material developments. This morning, we announced a major partnership with PSP Investments, one of Canada's largest pension investment managers with approximately $265 billion in net assets. PSP is an extremely experienced telecom investor. It will be helping us fund the expansion of our US business, which could see a commitment in excess of $1.5 billion.

在介紹我們在這些問題上的進展之前，我想先提一下兩個關鍵且非常重要的進展。今天上午，我們宣布與 PSP Investments 建立重要合作關係，該公司是加拿大最大的退休金投資管理公司之一，淨資產約為 2,650 億美元。PSP 是一家極為有經驗的電信投資者。它將幫助我們為美國業務的擴張提供資金，這筆資金的承諾金額可能超過 15 億美元。

This will significantly derisk our future funding requirements and bring support for our US fiber growth strategy while still allowing us to proceed with our deleveraging plans. I'll describe our partnership in more detail in just a few minutes.

這將大大降低我們未來的融資需求，並為我們的美國纖維成長策略提供支持，同時仍允許我們繼續實施去槓桿計劃。我將在幾分鐘內更詳細地描述我們的合作關係。

Secondly, given the significant changes in our economic and operating environments have occurred since the fall of 2024, our Board has established the annualized dividend per BCE common share at $1.75 per share, from $3.99 per share. This change will be effective with the July dividend payment. This will help us achieve more quickly our near-term deleveraging target of 3.5 times adjusted EBITDA by the end of 2027, as well as our longer-term target of 3.0 times. Both of these developments are consistent with our strategy to optimize the balance sheet, invest for growth and enhance total shareholder returns.

其次，鑑於自 2024 年秋季以來我們的經濟和經營環境發生了重大變化，我們的董事會已將 BCE 普通股每股年度股息從每股 3.99 美元定為 1.75 美元。此變更將於 7 月股息支付時生效。這將有助於我們更快實現 2027 年底調整後 EBITDA 3.5 倍的近期去槓桿目標，以及 3.0 倍的長期目標。這兩項發展都符合我們優化資產負債表、投資成長和提高股東總回報的策略。

Now on to the four priorities, as you see on slide 4, we're putting customers first as our top priority. Earlier this year, we became the first Canadian telecom company to name a dedicated Chief Customer Experience Officer. Since taking on this role, Hadeer Hassaan has been hard at work on improving the entire customer experience. And that's grounded in four key commitments that define service excellence from a customer's point of view and our path towards making it easy to do business with Bell.

現在談談四個優先事項，正如您在幻燈片 4 上看到的，我們將客戶放在第一位，這是我們的首要任務。今年早些時候，我們成為第一家任命專職首席客戶體驗長的加拿大電信公司。自擔任該職位以來，Hadeer Hassaan 一直致力於改善整個客戶體驗。它基於四項關鍵承諾，從客戶的角度定義卓越的服務，並致力於讓與貝爾的業務往來更加便捷。

Our objective is to put our customers at the heart of every interaction with us. We know their time is valuable. That's why we're prioritizing self-serve tools to help customers get the support they need whenever they need it, including 24/7 AI-powered virtual assistance while keeping our phone lines free for more complex cases or people who prefer to speak to someone directly.

我們的目標是將客戶放在與我們每次互動的中心位置。我們知道他們的時間很寶貴。這就是為什麼我們優先考慮自助服務工具，以幫助客戶隨時獲得所需的支持，包括全天候人工智慧虛擬協助，同時保持我們的電話線路暢通，以便處理更複雜的情況或希望直接與人交談的人。

We've also introduced a new intuitive digital bill and we're improving the tools available to our representatives so that no matter how customers interact with us, our team has access to the same up-to-date information. And because we know that life does not wait, we're enhancing our call back experience so that our team can follow up without customers having to sit on hold. This approach will materially improve customer satisfaction churn and ultimately, customer lifetime value and financial performance.

我們還推出了新的直覺數位帳單，並正在改進我們代表可用的工具，以便無論客戶如何與我們互動，我們的團隊都可以存取相同的最新資訊。我們知道，生活不會等待，所以我們正在增強回電體驗，以便我們的團隊可以跟進，而無需客戶等待。這種方法將大大提高客戶滿意度，並最終提高客戶終身價值和財務表現。

Turning to slide 5 now, The next key priority is to provide the best fiber and the best 5G networks. Internet and wireless, as you all know, are our largest businesses and most important revenue drivers. We've made significant investments over the past several years in fiber and 5G, which continue to receive third-party recognition for delivering the fastest download and upload speeds, lowest latency, robust security and standout reliability and resiliency.

現在翻到第 5 張投影片，下一個關鍵優先事項是提供最好的光纖和最好的 5G 網路。眾所周知，網路和無線是我們最大的業務和最重要的收入驅動因素。過去幾年，我們在光纖和 5G 方面進行了大量投資，這些技術因提供最快的下載和上傳速度、最低的延遲、強大的安全性以及出色的可靠性和彈性而不斷獲得第三方的認可。

Now over to slide 6, I know I say this often, but I can say it again, fiber is the future. It's clearly the superior technology and customers know it. Fiber gives us a sustainable advantage that will last for decades. Since 2020, when we made the decision to accelerate fiber deployment, we've increased our total footprint by more than 50%.

現在翻到第 6 張投影片，我知道我常常這麼說，但我可以再說一遍，光纖就是未來。這顯然是一項先進的技術，客戶也知道這一點。纖維為我們提供了可持續數十年的優勢。自 2020 年我們決定加速光纖部署以來，我們的總覆蓋範圍已增加了 50% 以上。

We have the largest fiber footprint in Canada at more than 7.8 million households in business locations. And it's clear that our strategic investment is paying off. We more than doubled our Internet customer base on fiber to 3 million and over 60% of these customers are taking gigabit-plus speeds. We doubled our fiber revenue over the same period. Where we have fiber, our market share has grown 18% to 48%, where we've had fiber for a longer time, our market share is above 50%. And if you look at our numbers quarter after quarter, we consistently capture the majority of new broadband additions with fiber.

我們的光纖覆蓋範圍是加拿大最大的，涵蓋商業場所的 780 多萬戶家庭。顯然，我們的策略投資正在獲得回報。我們的光纖網路客戶群增加了一倍多，達到 300 萬，其中 60% 以上的客戶使用千兆以上的網路速度。同期我們的光纖收入翻了一番。在我們有光纖的地方，我們的市佔率成長了 18%，達到 48%；在我們擁有光纖較長時間的地方，我們的市佔率超過 50%。如果你逐季查看我們的數據，你會發現我們始終透過光纖佔據了新增寬頻用戶的大多數。

Moreover, where we have fiber, our mobility and Internet bundled sales continue to grow and now comprise more than 50% of our total residential households. Our residential fiber penetration rate is approximately 44% across our entire footprint. That's a blended figure that comprises older tenured and more recently deployed markets.

此外，在我們有光纖的地方，我們的行動和網路捆綁銷售持續成長，現在占我們總住宅家庭的 50% 以上。我們整個覆蓋範圍內的住宅光纖普及率約為 44%。這是一個混合數字，包括較老的長期市場和最近部署的市場。

In our oldest tenured markets, penetration is at 50% or higher. In our experience, the average penetration rate in new fiber footprint reaches 45% by the third year after deployment. And since we've built more than 1.9 million new fiber locations in the last three years, many of our markets are lower on the penetration curve, all of that to say lots of room to grow. The bottom line is this. Our commitment to fiber is at the core of our strategy and where we have fiber, we win.

在我們歷史最悠久的市場中，滲透率達到 50% 或更高。根據我們的經驗，新光纖覆蓋區域的平均滲透率在部署後的第三年達到 45%。由於我們在過去三年中已經建造了超過 190 萬個新的光纖位置，因此我們的許多市場滲透率都較低，這意味著還有很大的成長空間。底線就是這樣。我們對光纖的承諾是我們策略的核心，有了光纖，我們就能贏。

Turning to the US fiber market now on slide 7, the US is a natural expansion market for BCE, where we can leverage our deep expertise in building fiber infrastructure. As a reminder to investors, let me briefly outline the reasons why the US fiber market so attractive. US fiber deployment lags behind Canada, only 51% of homes in the US have fiber compared to 75% here in Canada.

現在轉到幻燈片 7 上的美國光纖市場，美國是 BCE 的自然擴張市場，我們可以利用我們在建造光纖基礎設施方面的深厚專業知識。為了提醒投資者，讓我簡單概述美國纖維市場如此有吸引力的原因。美國的光纖部署落後於加拿大，美國祇有 51% 的家庭擁有光纖，而加拿大這一比例為 75%。

Fiber penetration also lags. Competitive dynamics are favorable, given a largely two-player market driven by retail competition with no mandated wholesale access to fiber. The market structure is even more attractive for Ziply. Household income and economic growth across its four states in the Pacific Northwest is above the national average.

光纖滲透率也滯後。由於市場主要由兩家公司主導，且沒有強制要求批發光纖接入，因此競爭狀態良好。這種市場結構對 Ziply 來說更具吸引力。太平洋西北地區四個州的家庭收入和經濟成長高於全國平均。

There are one or fewer gigabit capable competitors in 93% of Ziply Fiber's operating footprint, no multi-gig capable competitors and relatively less overbuilding activity in the Pacific Northwest than in some other US regions. The US has attractive fiber economics with a low cost to build and strong ARPU growth.

Ziply Fiber 93% 的營運覆蓋範圍內只有一個或更少的千兆位競爭對手，沒有多千兆位競爭對手，而且太平洋西北地區的過度建設活動與美國其他一些地區相比相對較少。美國擁有極具吸引力的光纖經濟，建設成本低，ARPU 成長強勁。

Importantly, like in Canada, US customers are choosing fiber, which brings me to our acquisition of Ziply on slide 8. Ziply is delivering consistently strong results with EBITDA growing an impressive 17% in 2024, powered by fiber. This growth rate is even greater than planned, which is a testament to the Ziply management team's execution excellence.

重要的是，與加拿大一樣，美國客戶也在選擇光纖，這讓我想到了第 8 張投影片上我們對 Ziply 的收購。Ziply 持續保持強勁業績，在光纖的推動下，2024 年 EBITDA 成長高達 17%。這一成長率甚至超過了計劃，證明了 Ziply 管理團隊的卓越執行力。

Management's demonstrated ability to execute will become even more valuable as the fiber footprint expands. Ziply's more mature tenured markets have already reached 40% penetration. That compares with an average penetration rate of 23% in locations built in the last few years. So we're getting in at a very opportune time where there's still meaningful growth ahead of that penetration, particularly when you consider that over 40% of fiber locations were built in the last four years with more to come.

隨著光纖覆蓋範圍的擴大，管理階層所展現的執行能力將變得更有價值。Ziply 較成熟的長期市場滲透率已達 40%。相比之下，過去幾年建成的地區的平均滲透率為 23%。因此，我們正處於一個非常有利的時機，在滲透之前仍然具有有意義的增長，特別是當你考慮到超過 40% 的光纖位置是在過去四年內建成的，而且未來還會有更多。

85% of Ziply's approximately 400,000 retail subscribers are on pure fiber service. Ziply also benefits from a favorable operating mix with over 70% of total revenues from consumer and SMB and with a robust enterprise and wholesale business also built on the back of fiber. The acquisition is on track to close in the second half of 2025. It's an important part of our plan to generate sustained top line and EBITDA growth.

Ziply 約 40 萬名零售用戶中，85% 使用純光纖服務。Ziply 也受惠於良好的營運組合，其 70% 以上的總收入來自消費者和中小企業，其強大的企業和批發業務也建立在光纖的基礎上。此次收購預計將於 2025 年下半年完成。這是我們實現持續營收和 EBITDA 成長計畫的重要組成部分。

Now, let's move to slide 9. We previously said we'd be open to working with third parties to help fund our fiber growth in the US as we look to strengthen our balance sheet, diversify our revenue streams and improve free cash flow. There has been strong interest amongst financial partners to join us in capturing a significant growth opportunity, given the power of Ziply's assets and strong track record of its management team and BCE's experience and success with fiber.

現在，我們來看第 9 張投影片。我們之前曾表示，我們願意與第三方合作，為我們在美國光纖業務的成長提供資金，以增強我們的資產負債表，實現收入來源多元化，並改善自由現金流。鑑於 Ziply 的資產實力、其管理團隊的良好業績以及 BCE 在光纖領域的經驗和成功，金融合作夥伴對與我們一起抓住重大成長機會表現出濃厚的興趣。

As mentioned, we're very pleased to announce a long-term strategic partnership with PSP Investments through their infrastructure portfolio to build new fiber locations in the US and support Ziply's footprint expansion. BCE through Ziply will retain a 49% equity stake in the partnership with PSP on 51%.

如上所述，我們非常高興地宣布與 PSP Investments 建立長期戰略合作夥伴關係，透過其基礎設施組合在美國建立新的光纖站點並支援 Ziply 的覆蓋範圍擴展。BCE 將透過 Ziply 保留該合作協議中 49% 的股權，而 PSP 將保留 51% 的股權。

PSP has been an investor in Ziply and knows the management team well. To be clear, and this is important, BCE will own 100% of Ziply's existing operations, subscribers and financials. Ziply, as a BCE subsidiary will continue its fiber expansion within its remaining copper footprint. Ziply will also retain all retail customer relationships associated with the incremental fiber locations to be built by the strategic partnership.

PSP 一直是 Ziply 的投資者，並且非常了解其管理團隊。需要明確的是，這一點很重要，BCE 將擁有 Ziply 100% 的現有營運、用戶和財務。Ziply 作為 BCE 的子公司，將繼續在其剩餘的銅覆蓋範圍內進行光纖擴展。Ziply 也將保留與策略合作夥伴關係所建立的增量光纖位置相關的所有零售客戶關係。

What the partnership will be focused on is building last-mile fiber in Ziply's growth markets. This includes the near-term development of approximately 1 million fiber passings in Ziply's existing states with the ability to expand to 6 million fiber locations longer term. This will enable Ziply to eventually reach up to 8 million total fiber locations, an increase from its original target of $3 million. The strategic partnership structure is a cost-effective and capital-efficient way to fund our US fiber growth while still meeting our deleveraging targets, and I'll detail that momentarily.

此次合作的重點是在 Ziply 的成長市場中建造最後一英里的光纖。這包括近期在 Ziply 現有州開發約 100 萬個光纖通道，並有能力長期擴展到 600 萬個光纖位置。這將使 Ziply 最終的光纖總覆蓋範圍達到 800 萬個，高於其最初 300 萬美元的目標。戰略合作夥伴關係結構是一種經濟高效且資本高效的方式，可以為我們的美國光纖成長提供資金，同時仍能實現我們的去槓桿目標，我將稍後詳細說明。

Now, let's move to slide 10. This long-term partnership provides clarity on our US fiber ambitions. Ziply's ILEC footprint covers approximately 2 million customer premises. Upon closing of the acquisition, fiber will already be available to approximately 1.5 million of these locations.

現在，我們來看第 10 張投影片。這一長期合作關係使我們對美國光纖市場的野心更加清晰。Ziply 的 ILEC 涵蓋了約 200 萬個客戶場所。收購完成後，其中約 150 萬個地點將可使用光纖。

The remaining 500,000 locations will be built and owned by Ziply over the coming years as part of Ziply's existing in-footprint fiber build strategy. And as I mentioned, the partnership has long-term visibility into as many as 6 million additional locations outside of Ziply's 2 million location ILEC footprint. The partnership unlocks our ability to capture this significant additional footprint and related financial benefits.

作為 Ziply 現有的光纖建設策略的一部分，剩餘的 50 萬個地點將在未來幾年內由 Ziply 建造和擁有。正如我所提到的，除了 Ziply 的 200 萬個 ILEC 覆蓋範圍之外，這項合作還可以長期覆蓋多達 600 萬個其他地點。此次合作將使我們能夠獲得這一重要的額外足跡以及相關的財務利益。

So when you combine our 8 million locations in Canada that have fiber this year, our US fiber assets will grow BCE position as North America's third-largest fiber Internet provider with access to approximately 16 million total passings. There is clearly long-term growth potential in this critical space.

因此，如果將我們今年在加拿大的 800 萬個已鋪設光纖的地點合併起來，我們的美國光纖資產將增強 BCE 的地位，成為北美第三大光纖網路供應商，總用戶量約為 1,600 萬。這一關鍵領域顯然具有長期成長潛力。

Turning now to slide 11 to wrap up on the US fiber, the PSP strategic partnership is an exciting announcement for BCE and for our shareholders. It allows us, again, to support the fiber expansion in a cost-efficient manner while optimizing the balance sheet and improving our free cash flow profile. Through this endeavor, Ziply will retain the retail economics of its existing and future customer relationships in the fiber footprint to be deployed by the partnership, and this will improve BCE's revenue and EBITDA growth profiles.

現在翻到第 11 張投影片，介紹美國光纖，PSP 策略夥伴關係對 BCE 和我們的股東來說是一個令人興奮的消息。它再次使我們能夠以經濟高效的方式支持光纖擴張，同時優化資產負債表並改善我們的自由現金流狀況。透過這項努力，Ziply 將在合作夥伴部署的光纖覆蓋範圍內保留其現有和未來客戶關係的零售經濟，這將改善 BCE 的收入和 EBITDA 成長狀況。

BCE and PSP will proportionately fund any equity needed by the partnership as required over time. This significantly reduces the capital investment by BCE and improves BCE free cash flow by over $1 billion over the 2026 to 2028 time period. The partnership will also have its own nonrecourse debt financing, which is anticipated to be the majority of its capital over time. This further reduces BCE's cash funding requirement. The partnership will be deconsolidated with all CapEx and debt financing remaining off BCE's balance sheet. This structure and attractive cost of capital will improve our expected returns in the US, we're estimating an all-in rate of return in the US of 20% or higher.

BCE 和 PSP 將根據需要按比例為合作夥伴關係所需的任何股權提供資金。這大大減少了 BCE 的資本投資，並在 2026 年至 2028 年期間將 BCE 的自由現金流提高 10 多億美元。該合夥企業還將擁有自己的無追索權債務融資，預計隨著時間的推移，這將成為其資本的大部分。這進一步降低了 BCE 的現金融資需求。該合夥企業將被拆分，所有資本支出和債務融資均不會納入 BCE 的資產負債表。這種結構和有吸引力的資本成本將提高我們在美國的預期回報，我們估計美國的總回報率將達到 20% 或更高。

So now, let me turn to the next element of our strategic road map, and that's on slide 12. Our third priority is to unlock the potential of businesses with the best technology solutions, and we've set an ambitious goal, which I've shared before, to generate $1 billion in revenue by 2030, and we're well on our way. And just two days ago, we launched Ateko. It's an all-new Montreal headquarter technology solutions provider and Ateko brings together under the same banner, the tech start-ups we've recently acquired, which are FX Innovation, CloudKettle and HGC technologies. Its competitive differentiators uniquely position it to deliver better outcomes for enterprise customers.

現在，讓我轉到我們的策略路線圖的下一個要素，即第 12 張投影片。我們的第三個優先事項是透過最佳技術解決方案釋放企業的潛力，我們設定了一個雄心勃勃的目標，我之前也分享過，到 2030 年創造 10 億美元的收入，而且我們正在順利實現這一目標。就在兩天前，我們推出了 Ateko。這是一家全新的蒙特利爾總部技術解決方案提供商，Ateko 將我們最近收購的科技新創公司（FX Innovation、CloudKettle 和 HGC technologies）整合在同一旗幟下。其獨特的競爭優勢使其能夠為企業客戶提供更好的結果。

Ateko's team of workflow automation experts will draw on their experience in the world's largest hyperscalers and automation platforms like AWS, Azure, Google Cloud, Salesforce and ServiceNow to help customers streamline their operations, improve automation, enhance customer experience and facilitate data-driven decision making. We've created a one-stop shop for businesses networking and technology solutions needs. Ateko's capabilities position us to achieve significant growth in the enterprise space.

Ateko 的工作流程自動化專家團隊將利用他們在全球最大的超大規模和自動化平台（如 AWS、Azure、Google Cloud、Salesforce 和 ServiceNow）方面的經驗，幫助客戶簡化營運、提高自動化程度、增強客戶體驗並促進資料驅動的決策。我們為企業網路和技術解決方案需求創建了一站式服務中心。Ateko 的能力使我們能夠在企業領域實現顯著成長。

I'll now move to slide 13. The fourth key area of focus is to build a digital media and content powerhouse. Our digital pivot in media is bearing fruit after a lot of hard work and focused investments. Digital advertising is expected to have a total addressable market of $22 billion in Canada in 2028, up from $16 billion in 2024. As we continue to capture more share of that digital advertising market, profitable growth lies ahead for Bell Media.

我現在轉到第 13 張投影片。第四個重點領域是打造數位媒體和內容強國。經過大量的努力和重點投資，我們在媒體領域的數位轉型正在取得成果。預計到 2028 年，加拿大數位廣告總市場規模將達到 220 億美元，高於 2024 年的 160 億美元。隨著我們繼續佔領數位廣告市場的更多份額，貝爾媒體的獲利成長前景光明。

Our priorities in digital media and content are the following: growth rate from 4 million subscribers today to 6 million by 2028, maintain sports leadership through the best breadth of content, accelerating conversion to digital inventory, and a focus on extending content value and monetization. This is already being realized with Bell Media's acquisition of a majority stake of global content distributor Sphere Abacus. This move expands Bell Media's content distribution opportunities.

我們在數位媒體和內容方面的優先事項如下：到 2028 年，訂閱用戶數量將從目前的 400 萬增長到 600 萬，透過最佳內容廣度保持體育領先地位，加速向數位庫存的轉換，並專注於擴展內容價值和貨幣化。隨著貝爾媒體 (Bell Media) 收購全球內容分銷商 Sphere Abacus 的多數股權，這一目標已經實現。此舉擴大了貝爾媒體的內容傳遞機會。

Let me touch briefly now on the fifth key pillar on slide 14. As I outlined in February, we have an extensive transformation program in place to modernize and simplify how we do business. We started this transformation in 2022, and it's already delivered $500 million in savings.

現在讓我簡單談談第 14 張投影片中的第五個關鍵支柱。正如我在二月所概述的那樣，我們已經實施了一項廣泛的轉型計劃，以實現業務的現代化和簡化。我們在 2022 年開始這項轉型，目前已節省了 5 億美元。

At the time, I stated that we had $500 million more to go through 2028 to achieve our goal of $1 billion in cost savings. Given our transformation momentum to date, we've upsized that objective by an additional $500 million for a new goal of $1.5 billion in total cost savings by the end of 2028.

當時我說過，到 2028 年我們還需要投入 5 億美元才能實現節省 10 億美元成本的目標。鑑於我們迄今為止的轉型勢頭，我們將目標又提高了 5 億美元，新目標是到 2028 年底實現總成本節約 15 億美元。

I'll now turn to our capital allocation strategy on slide 15. We're navigating a complex operating environment, which has evolved significantly since the fall of 2024. In February of this year, we laid out a clear road map to adapt to this evolving environment, and I've kind of expanded on it today. Core to this plan is our capital allocation strategy, strengthening the balance sheet investing for growth and driving total returns are the key priorities.

我現在將轉到第 15 張投影片上討論我們的資本配置策略。我們正在應對一個複雜的營運環境，自 2024 年秋季以來，該環境發生了重大變化。今年 2 月，我們制定了清晰的路線圖來適應不斷變化的環境，今天我對其進行了擴展。該計劃的核心是我們的資本配置策略，加強資產負債表投資成長和推動總回報是主要優先事項。

Let me share the meaningful progress we've made over the last few months, beginning with optimizing our balance sheet. In February and March, we successfully accessed the hybrid debt markets in the US and Canada, raising the Canadian equivalent of approximately $4.4 billion in our first hybrid notes offerings in each market.

讓我分享一下我們在過去幾個月中取得的有意義的進展，首先是優化我們的資產負債表。2月和3月，我們成功進入美國和加拿大的混合債務市場，在每個市場首次發行混合票據，籌集了相當於約44億加元的資金。

Given the 50% equity treatment afforded by the credit rating agencies, this has meaningfully improved our leverage ratio. Consistent with our deleveraging plans, we repurchased several bonds trading at a discount to par value, reducing the amount of debt. These actions have collectively lowered our net debt leverage ratio by approximately 0.3 times since Q4 and bringing it to approximately 3.6 times adjusted EBITDA. Given BCE's healthy balance sheet and business mix, we are best-in-class from a credit ratings perspective in Canadian Telecom.

考慮到信用評等機構給予的50%股權待遇，這顯著提高了我們的槓桿率。根據我們的去槓桿計劃，我們回購了幾筆以低於票面價值的價格交易的債券，從而減少了債務金額。這些措施使我們的淨債務槓桿自第四季度以來降低了約 0.3 倍，達到調整後 EBITDA 的約 3.6 倍。鑑於 BCE 健康的資產負債表和業務組合，從信用評級角度來看，我們在加拿大電信業中名列前茅。

In addition, our review of noncore assets continues to advance. The previously announced divestitures of Northwestel and MLSE are progressing as expected, and we've launched two processes for additional divestitures. Proceeds from any new sale will support our deleveraging efforts.

此外，我們對非核心資產的審查也持續進行。先前宣布的 Northwestel 和 MLSE 資產剝離計劃正在按預期進行，並且我們已啟動兩項額外資產剝離流程。任何新銷售的收益都將支持我們的去槓桿努力。

The acquisition funding for Ziply is leverage neutral, and we structured the transaction in a way that balances growth with financial discipline. I've explained that in detail in the earlier sections on the US. Bottom line is the partnership will enable us to better capture the significant upside of fiber expansion.

Ziply 的收購資金是槓桿中性的，我們以平衡成長與財務紀律的方式建立交易。我在前面有關美國的部分已經詳細解釋過這一點。最重要的是，這種合作將使我們能夠更好地抓住光纖擴展的巨大優勢。

Unlocking incremental cash flow to support deleveraging at the BCE level, and it complements our broader efforts to strengthen the balance sheet. And as I mentioned earlier, we're already seeing Ziply outperform expectations.

釋放增量現金流以支持 BCE 層面的去槓桿，並補充我們加強資產負債表的更廣泛努力。正如我之前提到的，我們已經看到 Ziply 的表現超出了預期。

In fact, since we announced the acquisition in November, the transaction multiple of 14.3 times estimated 2025 adjusted EBITDA is now already closer to 13 times. The Ziply team is driving very strong customer acquisition and penetration on its fiber metrics and the metrics will get even better as we go forward as we capture the incremental synergies and growth opportunity from the PSP partnership.

事實上，自從我們去年 11 月宣布收購以來，交易倍數為預計 2025 年調整後 EBITDA 的 14.3 倍，現在已經接近 13 倍。Ziply 團隊正在光纖指標上推動非常強勁的客戶獲取和滲透，隨著我們抓住 PSP 合作夥伴關係帶來的增量協同效應和成長機會，這些指標將變得更好。

Now, the second component of our capital allocation strategy is investing for growth. Our approach remains grounded in those strategic pillars I've outlined previously, and we'll continue to execute on them with precisions. The investments are designed to position us for sustained success in an evolving market for making sure will remain an industry leader.

現在，我們的資本配置策略的第二個組成部分是投資成長。我們的方法仍然以我之前概述的那些策略支柱為基礎，我們將繼續精確地執行它們。這些投資旨在幫助我們在不斷發展的市場中取得持續的成功，確保我們繼續保持行業領先地位。

And the third aspect of our strategy is delivering value to shareholders. The focus is on maintaining a resilient and sustainable dividend, achieving leverage ratio targets and greater flexibility as we drive total shareholder returns. And that brings me to Slide 16 and our dividend announcement this morning, which encompasses all three components of our capital allocation strategy.

我們策略的第三個面向是為股東創造價值。我們致力於保持有彈性且可持續的股息，實現槓桿率目標以及更大的靈活性，同時推動股東總回報。這讓我想到了第 16 張幻燈片和我們今天早上的股息公告，它涵蓋了我們資本配置策略的所有三個組成部分。

We spent considerable time with our shareholders, discussing their perspectives and carefully evaluating our operating landscape. We must address a number of significant changes in our economic and operating environments that have occurred since the fall of 2024, as I've mentioned. Today's actions will allow us to deftly navigate through this cycle.

我們花了大量時間與股東討論他們的觀點並仔細評估我們的經營狀況。正如我所提到的，我們必須應對自 2024 年秋季以來我們的經濟和經營環境發生的許多重大變化。今天的行動將使我們能夠巧妙地度過這個週期。

Considering these factors, we've made the appropriate decision to adjust our dividend. The annualized dividend per BCE common share will be established at $1.75 per year, effective with the Q2 dividend payment. Even with the adjustment to the dividend, we continue to provide an attractive yield that is among the highest on the TSX 60.

考慮到這些因素，我們做出了調整股利的適當決定。BCE 普通股每股年度股利將定為 1.75 美元，從第二季股利支付開始生效。即使對股息進行了調整，我們仍然能夠提供極具吸引力的收益率，在 TSX 60 指數中名列前茅。

Additionally, we're updating our long-term common share dividend payout policy to target a payout range of 40% to 55% of free cash flow. This policy range provides us with more flexibility for deleveraging. To make it easier for investors to consider the effects of capital leases on our cash flow, we will begin to also disclose our free cash flow after capital lease repayments going forward.

此外，我們正在更新我們的長期普通股股利支付政策，目標是將股利支付範圍定為自由現金流的 40% 至 55%。這個政策幅度給我們去槓桿提供了更大的彈性。為了讓投資人更容易考慮資本租賃對我們現金流的影響，我們將開始揭露資本租賃償還後的自由現金流。

In addition, we will provide on an annual basis, the implied dividend payout ratio on the basis of free cash flow after cap lease repayments, along with the payout ratio based on our policy. The adjusted dividend will support our deleveraging efforts while providing enhanced flexibility and positions us as a resilient dividend paying company.

此外，我們將每年提供基於上限租賃償還後的自由現金流的隱含股息支付率，以及基於我們政策的支付率。調整後的股息將支持我們的去槓桿努力，同時提供更大的靈活性，並使我們成為一家有韌性的派息公司。

By the end of 2027, we expect to achieve a net debt leverage ratio of approximately 3.5 times adjusted EBITDA pro forma Ziply with a longer-term goal of approaching 3 times by 2030. We will also eliminate the treasury discount feature of the DRIP effective with the Q2 dividend payment on July 15.

到 2027 年底，我們預期淨債務槓桿率將達到 Ziply 調整後 EBITDA 預測值的約 3.5 倍，而長期目標是到 2030 年達到 3 倍。我們也將從 7 月 15 日第二季股利支付之日起取消 DRIP 的國庫折扣功能。

These decisions are the right ones for the long-term health of BCE and the long-term interest of our shareholders. As we look to the future, I want to reiterate our unwavering focus on disciplined execution, financial resilience and value creation. The steps we've taken this quarter demonstrate our ability to adapt and deliver in a challenging environment. And with that, I'll turn the call over to Curtis.

這些決定對於 BCE 的長期健康和股東的長期利益是正確的。展望未來，我想重申我們堅定不移地專注於嚴格的執行、財務彈性和價值創造。我們本季採取的措施證明了我們在充滿挑戰的環境中適應和實現目標的能力。說完這些，我將把電話轉給柯蒂斯。

Thank you, Mirko, and good morning, everyone. I'll begin on slide 18 with BCE (technical difficulty). Adjusted EBITDA was essentially stable while margin improved 40 points on the back of a 2.1% reduction in operating costs. Total revenue was down 1.3%. This can be largely attributed to a 7.4% decrease in low-margin product sales which included the loss of revenue from The Source store closures in 2024 and conversions to Best Buy Express. Our service revenue result reflected the flow-through impact of sustained competitive pricing preference over the past year and ongoing declines in legacy voice, data and satellite TV services.

謝謝你，米爾科，大家早安。我將從第 18 張投影片開始介紹 BCE（技術難度）。調整後的 EBITDA 基本上保持穩定，而利潤率由於營運成本降低 2.1% 而提高了 40 個百分點。總收入下降1.3%。這在很大程度上歸因於低利潤產品銷售額下降 7.4%，其中包括 2024 年 The Source 門市關閉和轉為 Best Buy Express 造成的收入損失。我們的服務收入結果反映了過去一年持續的競爭性定價優惠以及傳統語音、數據和衛星電視服務的持續下滑所帶來的影響。

Net earnings were up nearly 50% in Q1, the increase was due mainly to early debt redemption gains related to the repurchase, a certain bonds trading at a discount to par value. Nothing notable on adjusted EPS. Consistent with our 2025 guidance assumptions for interest and depreciation expense and a higher average number of shares outstanding because of the discounted treasury drip. It was down $0.03 compared to last year.

第一季淨利潤成長近 50%，主要由於回購某些以低於票面價值的價格交易的債券而產生的提前債務贖回收益。調整後的每股盈餘沒有什麼值得注意的。與我們對 2025 年利息和折舊費用的指導假設一致，並且由於折扣國庫資金滴落而導致的平均流通股數較高。與去年相比下降了 0.03 美元。

CapEx was down $273 million this quarter. We remain on track to reduce capital investment by $500 million in 2025, in line with our plan. The CapEx reduction, lower cash taxes and higher cash from working capital drove a $713 million year-over-year increase in Q1 free cash flow.

本季資本支出下降了 2.73 億美元。我們仍有望按照計劃在 2025 年減少 5 億美元的資本投資。資本支出減少、現金稅降低以及營運資本現金增加推動第一季自由現金流年增 7.13 億美元。

Turning to Bell CTS on slide 19, starting with a high-level summary of Q1 subscriber metrics. Retail Internet net adds of 9.5000 were down versus an exceptionally strong Q1 last year. In addition to slowing industry growth to a fewer newcomers and less new fiber footprint expansion, our results this quarter reflected our consistent strategy to balance subscriber growth with financial performance.

翻到第 19 張投影片上的 Bell CTS，首先對第一季的使用者指標進行高階總結。零售網路淨增數量為 9,5000，與去年第一季異常強勁的表現相比有所下降。除了產業成長放緩、新進業者減少和新光纖覆蓋範圍擴張減少之外，本季的業績還反映了我們平衡用戶成長和財務表現的一貫策略。

Importantly, customers continue to choose fiber because we offer a superior product with a symmetrical speed advantage over cable. Where we have fiber, our subscriber loadings and market share gains remain strong. Our Fiber-to-the-Home customer base now accounts for 68% of our total retail Internet subscriber base.

重要的是，客戶繼續選擇光纖，因為我們提供比電纜具有對稱速度優勢的優質產品。在我們有光纖的地方，我們的用戶負載和市場份額成長仍然強勁。我們的光纖到戶客戶群目前占我們零售網路用戶總數的 68%。

Moving to wireless, we recorded a small net loss in total mobile phone subs in Q1 compared to 25,000 net adds last year. This was a function of a 7.7% decrease in gross actuations, reflecting a slower market. However, consistent with our operating strategy to focus on margin-accretive subscriber acquisition, we gained 25,000 net new customers on the main Bell brand.

轉向無線領域，我們在第一季的行動電話用戶總數中出現了小幅淨虧損，而去年同期則淨增了 25,000 個。這是由於總執行量下降了 7.7%，反映出市場成長放緩。然而，根據我們專注於增加利潤的用戶獲取的營運策略，我們在主品牌貝爾上獲得了 25,000 名淨新客戶。

Notably, postpaid churn remained stable in Q1 following 9 consecutive quarters of year-over-year increases. While it remains higher than we'd like, we're pleased with the improving trajectory. Managing our churn will continue to be a top priority.

值得注意的是，在連續 9 個季度同比增長之後，第一季後付費用戶流失率保持穩定。儘管它仍然高於我們的預期，但我們對改善的軌跡感到滿意。管理客戶流失仍將是我們的首要任務。

Mobile phone ARPU was down 1.8%. This represents a second straight quarter of improvement in the year-over-year rate of decline. Our ARPU result this quarter reflects a sustained competitive pricing pressure and lower roaming due in part to decreased travel to the US.

手機ARPU下降1.8%。這意味著同比下降率連續第二個季度有所改善。本季我們的 ARPU 結果反映了持續的競爭定價壓力和漫遊費的下降，部分原因是前往美國的旅行減少。

Moving to Bell CTS financials, Internet revenue was up 2.4%. Solid results shown we're striking the right balance between sub growth and disciplined pricing. We also saw continued strength in Business Solutions, where revenue grew 8% over last year. This was driven by higher sales of Technology Solutions as well as acquisitions made over the past year.

轉向貝爾 CTS 財務狀況，網路收入成長了 2.4%。可靠的結果顯示我們在細分成長和嚴格定價之間取得了適當的平衡。我們也看到商業解決方案業務持續保持強勁成長，其營收比去年成長了 8%。這是由於技術解決方案銷售額的成長以及過去一年的收購所推動的。

Wireless service revenue was down 0.8%, this is a notable improvement from the 1.5% decline in Q4. We expect the rate of decline will continue to improve going forward as ARPU improves. However, the industry will continue to feel the impacts of the pricing levels in market over the last 12 months for a while longer. Wireless product revenue was down $60 million this quarter, the year-over-year decline was the result of lower sales of mobile devices to large enterprise customers in the government sector as well as the loss of revenue from The Source store closures in '24 and conversions to Best Buy Express. Our EBITDA result was in line with flying. Notably, margin increased 20 points over last year to 45.7%. It's a direct result of our significant and ongoing focus on cost management as evidenced by a 2.7% reduction in operating costs this quarter.

無線服務收入下降 0.8%，與第四季 1.5% 的降幅相比有顯著改善。我們預計，隨著 ARPU 的提高，下降率將進一步改善。然而，該行業仍將在一段時間內繼續感受到過去 12 個月市場定價水準的影響。本季無線產品收入下降 6,000 萬美元，較去年同期下降是由於政府部門大型企業客戶的行動裝置銷售額下降，以及 24 年 The Source 商店關閉和轉換為 Best Buy Express 造成的收入損失。我們的 EBITDA 結果與飛行情況一致。值得注意的是，利潤率較去年同期上升了20個百分點，達到45.7%。這是我們持續高度重視成本管理的直接結果，本季營運成本降低了 2.7%。

Turning over to Bell Media on slide 20, continued digital momentum and strong overall financial performance marked by a fourth consecutive quarter of revenue and EBITDA growth. Digital revenues were up 12%. This was mainly on the back of strong Crave DTC streaming growth, which drove a 22% increase in Crave subscribers to $3.8 million. Notably, direct-to-consumer streaming subscriptions now comprise the majority of total crave subscribers.

翻到第 20 張幻燈片，看看貝爾傳媒 (Bell Media) 的表現，該公司繼續保持數位化勢頭，整體財務表現強勁，連續第四個季度實現收入和 EBITDA 增長。數位收入成長了12%。這主要得益於 Crave DTC 串流媒體的強勁成長，推動 Crave 訂閱用戶數量成長 22%，達到 380 萬美元。值得注意的是，直接面向消費者的串流訂閱現在佔總訂閱人數的大多數。

Total advertising revenue increased for a fifth straight quarter on the strength of digital, live sports and events, increased spending related to the federal election and the contribution of OUTEDGE Media. Subscriber revenue growth of 7.8% was driven by continued direct-to-consumer Crave and sports streaming growth. Media EBITDA was up 35.9% and driving a substantial 4.4 point increase in margin to 20.5%, really a nice performance by media by growing revenue, EBITDA and margins.

由於數位、現場體育賽事和活動的強勁增長、與聯邦選舉相關的支出增加以及 OUTEDGE Media 的貢獻，總廣告收入連續第五個季度增長。訂閱收入成長 7.8%，這得益於持續的直接面向消費者的 Crave 和體育串流成長。媒體 EBITDA 上漲 35.9%，推動利潤率大幅上升 4.4 個百分點至 20.5%，這對媒體而言確實是一個不錯的表現，因為它實現了收入、EBITDA 和利潤率的成長。

Turning to slide 21, our balance sheet is very healthy with $4.7 billion of available liquidity and pension solvency surplus is totaling $3.8 billion at the end of Q1. We ended Q1 with a net debt leverage ratio of below 3.6x adjusted EBITDA compared to 3.8 times at the end of Q4. The decrease can be attributed to the combined impact of $4.4 billion in hybrid notes offerings issued in advance of the Ziply fiber transaction and repurchases of bonds trading at a discount to principal value.

轉到第 21 張投影片，我們的資產負債表非常健康，第一季末可用流動資金為 47 億美元，退休金償付能力盈餘總額為 38 億美元。我們第一季末的淨負債槓桿率低於調整後 EBITDA 的 3.6 倍，而第四季末為 3.8 倍。這一下降可以歸因於 Ziply 光纖交易之前發行的 44 億美元混合票據以及以低於本金價值的價格回購債券的綜合影響。

We are highly focused on deleveraging our balance sheet, with the execution of our plan toward a net debt leverage ratio of approximately 3.5 times adjusted EBITDA by the end of 2027. The plan includes substantial free cash flow generation, divestiture of non-core assets, and applying incremental retained cash resulting from the revised dividend level toward paying down debt. Our updated dividend payout policy of 40% to 55% of free cash flow is reflective of a balanced approach to capital allocation. This policy range allows us to fund our capital allocation priorities, which are to optimize the balance sheet, invest for growth and return capital to shareholders.

我們高度重視資產負債表的去槓桿化，並計劃在 2027 年底前將淨負債槓桿率達到調整後 EBITDA 的約 3.5 倍。該計劃包括大量自由現金流的產生、非核心資產的剝離以及將修訂後的股息水平所產生的增量保留現金用於償還債務。我們更新的股利支付政策為自由現金流的 40% 至 55%，反映了平衡的資本配置方法。此政策範圍使我們能夠為資本配置優先事項提供資金，即優化資產負債表、投資成長和向股東返還資本。

To wrap up on slide 22. We remain confident in our proven ability to deliver under any circumstances, backed by the best networks and services. Our ongoing business transformation, consistent operational execution and cost discipline. We're laser focused on the key strategic priorities that Mirko outlined to create long-term value for shareholders. I'd also notice that I am reconfirming our financial guidance targets for 2025 and with the annualized common dividend at $1.75 per share.

在第 22 張投影片上結束。我們堅信，憑藉最佳網路和服務的支持，我們有能力在任何情況下交付成果。我們正在進行的業務轉型、一致的營運執行和成本紀律。我們專注於米爾科概述的關鍵策略重點，為股東創造長期價值。我還注意到，我正在重新確認我們 2025 年的財務指導目標，以及每股 1.75 美元的年度普通股股息。

I will now turn the call back over to Richard and the operator to begin Q&A.

現在我將把電話轉回給理查德和接線員開始問答。

Thanks Curtis. Before we start, I want to remind everyone that due to time constraints this morning because of our AGM that is taking place after this call to please limit yourselves to one question and a brief follow-up so that we can get to as many in the queue as possible.

謝謝柯蒂斯。在我們開始之前，我想提醒大家，由於今天上午的時間限制，因為我們的年度股東大會是在這次電話會議之後舉行的，請將你們的提問限制在一個問題和一個簡短的後續問題上，以便我們能夠盡可能多地回答排隊中的問題。

With that, Matthew, we are ready to take our first question.

馬修，我們現在可以回答第一個問題了。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

Great. Never easy decisions when companies decide to cut the dividend, but doing it for the right reasons, I think it's very good. I wanted to ask you, in terms of your leverage targets that you mentioned in your prepared remarks and in your presentation, do they include any asset sales that have not been announced yet? And just a follow-up in terms of wireless. When we look at gross loading in the environment that you're operating in, do you think that Q1 was aberran quarter or this is more the environment that you're going to be probably in for the rest of the year?

偉大的。當公司決定削減股息時，這絕非易事，但如果出於正當理由，我認為這樣做非常好。我想問一下，您在準備好的演講和演講中提到的槓桿目標，是否包括尚未宣布的資產出售？這只是無線方面的後續問題。當我們查看您所在營運環境中的總負荷時，您是否認為第一季是一個異常季度，或者這更像是您在今年剩餘時間內可能面臨的環境？

Thanks for the question, Maher. In terms of the leverage target, so our plan remains as we announced a couple of months ago to sell the $7 billion in assets. That includes MLSE, Northwestel and a couple of other processes that we have on the go. So it basically factors in what we announced last quarter.

謝謝你的提問，馬希爾。就槓桿目標而言，我們的計劃仍然和幾個月前宣布的出售 70 億美元資產的計劃一樣。其中包括 MLSE、Northwestel 以及我們正在進行的其他一些流程。因此，它基本上考慮了我們在上個季度宣布的內容。

Thanks for the question, Maher, it's Mirko. On the wireless question, I give you maybe a bit of a broader answer, but basically to answer a very specific question, but more context. So I would say that if you looked at early on in Q1, we were seeing some pricing stability green shoots. I think in the back half of Q1, there was a reversion to kind of frothy pricing activity across the industry. So you see from that, the overall industry loadings including ours are affected by the macro environment as well, including the clamp down on immigration and then there's the kind of impact of pricing.

謝謝你的提問，Maher，我是 Mirko。關於無線問題，我可能會給你一個更廣泛的答案，但基本上是回答一個非常具體的問題，但更多的是背景。所以我想說，如果你看一下第一季初的情況，我們會看到一些價格穩定的跡象。我認為在第一季後半段，整個產業又恢復了泡沫定價活動。所以從中你可以看出，包括我們在內的整個產業負荷也受到宏觀環境的影響，包括對移民的限制，然後還有定價的影響。

So if you put the two together, we decided not to go after non-accretive loadings. So what -- the numbers behind the numbers is that we had pretty strong performance on the Bell brand again. And we had strong performance on cross-sell and our wireless product margins remained positive. So I think now to end -- that's the context for Q1, not to answer your specific question as where we look into Q2 and the progress so far, we see the metrics trending in the right direction for sure. And we see ARPU decline improvement.

因此，如果將兩者結合起來，我們決定不追求非增生負荷。那麼，數字背後的數字表明，我們在貝爾品牌上再次取得了相當強勁的表現。我們在交叉銷售方面表現強勁，無線產品利潤率仍維持為正。所以我認為現在結束了——這是第一季的背景，而不是回答你的具體問題，因為我們看看第二季和迄今為止的進展，我們肯定看到指標朝著正確的方向發展。我們看到ARPU下降有所改善。

We're seeing churn improvement. Our sales were okay in Q1. And as we improve churn, I think that we're going to deliver what investors are expecting.

我們看到客戶流失率有所改善。我們第一季的銷售情況還不錯。隨著我們客戶流失率的改善，我認為我們將實現投資者的期望。

Drew McReynolds, RBC.

德魯·麥克雷諾茲，RBC。

Yes. Thanks very much. Good morning. I guess, first on the 2025 reiteration of guidance. Mirko, you're being able to talk about Q2. And I understand visibility is not great. Just want to get a sense of the working assumptions in terms of reiterating guidance with respect to the competitive environment in macro. We're just trying to assess, I guess, your degree of confidence in keeping within your existing guidance range?

是的。非常感謝。早安.我想，首先是關於 2025 年指引的重申。Mirko，您可以談談第二季。我也知道能見度不是很好。只是想了解有關宏觀競爭環境重申指導方面的工作假設。我想，我們只是想評估一下您對保持在現有指導範圍內的信心程度？

And then, my follow-up just on the target 3.5 times leverage for 2027, so great, obviously, to get a target out there. Simplistically, if I kind of run that through my forecast, including kind of the non-core asset sales that you've announced, the aggregate $7 billion -- I get seven -- I get the leverage by 2027. That's just a little 0.2, 0.3 times lower than 3.5 times. So I'm just trying to figure out if there's anything else here, whether it's EBITDA growth or higher kind of CapEx investment, given the announcement this morning, just any other big picture puts and takes that may help reconcile that? And if I need to take that offline with Curtis, that's great.

然後，我的後續目標是 2027 年實現 3.5 倍槓桿，顯然，能夠設定這個目標真是太好了。簡單地說，如果我按照我的預測來計算，包括您宣布的非核心資產銷售，總計 70 億美元 - 我得到了 70 億美元 - 到 2027 年我將獲得槓桿。這僅比 3.5 倍低 0.2 到 0.3 倍。因此，我只是想弄清楚這裡是否還有其他因素，無論是 EBITDA 成長還是更高類型的資本支出投資，鑑於今天上午的公告，還有其他任何可能有助於調和這一點的大局嗎？如果我需要與 Curtis 一起離線，那就太好了。

Yeah, hi, Drew, thanks for the question. We delevered in Q1 as we issued the hybrids. I thought it was a good idea to issue hybrids to delever given the kind of uncertainty in the market. So once we close Ziply leverage would go back up, given we're assuming simply fiber debt as well.

是的，嗨，德魯，謝謝你的提問。我們在第一季發行了混合債券，實現了槓桿化。考慮到市場的不確定性，我認為發行混合債券來降低槓桿率是一個好主意。因此，一旦我們關閉 Ziply，槓桿率就會回升，因為我們也假設簡單的光纖債務。

And going forward, as you say, free cash flow growth, asset sales, then you made a comment about funding needs. The funding needs at the partnership are actually quite limited given our partnership with PSP and the ability to lever at the partnership level. So as Mirko said, the partnership by itself actually improves our free cash flow by over $1 billion in the first three years. So all of that will lead us to better free cash flow and deleveraging.

展望未來，正如您所說，自由現金流成長、資產出售，然後您對資金需求發表了評論。考慮到我們與 PSP 的合作關係以及在合作夥伴層面的槓桿能力，合作夥伴關係的資金需求實際上非常有限。正如米爾科所說，合作本身實際上在前三年內將我們的自由現金流增加了 10 多億美元。因此，所有這些都將使我們獲得更好的自由現金流和去槓桿化。

On the first question, Drew, it's Mirko, just in terms of that the reconfirming of guidance. If you go back to February and when we provided guidance for the year, that's why we had a view of what the year would look like. And therefore, we put the ranges in place that we did kind of with a fairly relative terms fairly wide range on either end to acknowledge the environment that we thought we would be in. So we're in a position to reconfirm that guidance today.

關於第一個問題，德魯，是米爾科，只是就指導的重新確認而言。如果你回顧二月份，當時我們提供的是年度指導，這就是我們對今年的前景的看法。因此，我們設定了範圍，在兩端採用相當相對的相當寬的範圍來確認我們認為我們將處於的環境。因此我們今天可以再次確認該指導。

Vince Valentini, TD Securities.

文斯·瓦倫蒂尼，道明證券。

Thanks very much. First, just to clarify on guidance as well. $300 million gain on the bond redemptions that helped your free cash flow in the first quarter, but you've not changed the guidance. Should you be at least trending to the high end of that free cash flow guidance given that boost, which I'm pretty sure you didn't expect when you gave us the guidance originally in February. And then on the Ziply joint venture, can you just confirm you would be the exclusive retail partner on the Network FiberCo and the extra 6 million homes, is that all planned construction or could some of that be buying existing assets in combination with CapEx?

非常感謝。首先，也只是為了澄清指導。債券贖回收益為 3 億美元，這幫助你們在第一季實現了自由現金流，但你們並沒有改變預期。考慮到這種增長，您是否應該至少趨向於自由現金流指導的高端，我很確定您在二月份最初向我們提供指導時並沒有想到這一點。然後關於 Ziply 合資企業，您能否確認您將成為 Network FiberCo 和額外 600 萬戶家庭的獨家零售合作夥伴，這些都是計劃中的建設項目嗎，還是其中一部分是結合資本支出購買現有資產？

Thank you, Vince. It's Mirko. On the first -- well, I'll answer the last two questions first. So yes, the plan is for Ziply Fiber to be the exclusive tenant on the network. And on fiber and on reaching the additional 6 million homes.

謝謝你，文斯。是米爾科。首先——好吧，我先回答最後兩個問題。所以是的，計劃是讓 Ziply Fiber 成為該網路的獨家租戶。並致力於光纖覆蓋另外 600 萬戶家庭。

And you asked a question there about the possibility of M&A. Like right now, the focus is closing the Ziply Fiber transaction. And shortly after that, we'll be in a position to close Network Fiberco, which is the strategic partnership. And the focus is going to be to execute on the build plan in that attractive US market.

您問了一個關於併購可能性的問題。就像現在一樣，重點是完成 Ziply Fiber 交易。此後不久，我們將與 Network Fiberco 達成策略合作夥伴關係。重點將放在執行在極具吸引力的美國市場的建設計劃上。

So those are -- I highlight that for a reason, and that's going to be the focus. If down the road, we see we can more efficiently hit build targets through M&A. The goal will be to do so but within the partnership and without intending to veer off of our deleveraging targets that we've expressed to all of you today.

所以——我強調這一點是有原因的，而且這將是重點。如果將來我們發現我們可以透過併購更有效地實現建設目標。我們的目標是在合作關係範圍內實現這一目標，並且不打算偏離我們今天向大家表達的去槓桿目標。

And then, Vince, the gain on the repurchase. So while we're able to reduce our debt amount principal amount by over 500, the actual gain is not included in our free cash flow.

然後，文斯，回購收益。因此，雖然我們能夠將債務本金減少 500 多%，但實際收益並不包含在我們的自由現金流中。

The $798 million in the first quarter did not include that $300 million, Curtis?

第一季的 7.98 億美元不包括那 3 億美元，柯蒂斯？

Correct. The outperformance is largely working capital and cash tax on it.

正確的。優異的表現主要歸功於營運資本和現金稅。

Okay. I may have to take it offline because I don't see where it's backed out in your numbers, but I'll trust you.

好的。我可能不得不將其下線，因為我不知道它在您的數字中處於什麼位置，但我會相信您。

Matthew Griffiths, Bank of America.

馬修‧格里菲斯，美國銀行。

On the timing of this -- the PSP kind of Network Fiberco, how should we think about that? I mean, obviously, I know you're focused on closing things first. But is it -- what is the time frame generally for the 6 million homes passed. And is the $1.5 billion contribution from PSP. Is that directly tied to the 6 million passing number or is that just the initial investment and to achieve the 6 million additional funding is required? Any detail would be helpful in understanding how this all -- how the numbers are presented kind of tied together? And then just quickly on the 25,000 net adds on the main Bell brand. I was curious how that compares year over year?

關於這個 PSP 類型的 Network Fiberco 的時機，我們該如何考慮？我的意思是，顯然，我知道你首先專注於完成事情。但是──這 600 萬戶家庭的搬遷時間通常是怎樣的呢？其中 PSP 貢獻了 15 億美元。這是否與 600 萬的通過人數直接相關，還是這只是初始投資，要達到 600 萬的目標就需要額外的資金？任何細節都有助於理解這一切——這些數字是如何連結在一起的？然後，貝爾主品牌的淨增用戶數迅速達到了 25,000 人。我很好奇與去年同期相比情況如何？

Thank you, Matthew. So on -- so it's a long -- the partnership is a long-term partnership through the infra side of PSP, as I mentioned. So the goal will be to get to the 6 million homes over time. You can't build instantaneously, so that will take time. And the commitment that we expressed in terms of the financial contribution that will be provided over time as we build.

謝謝你，馬修。所以 — — 這是一個長期的 — — 正如我所提到的，這種合作關係是透過 PSP 基礎設施方面建立的長期合作關係。因此我們的目標是逐步涵蓋 600 萬戶家庭。你無法立即構建，所以這需要時間。我們承諾在建設過程中提供資金支持。

So that's the intent there. And as I mentioned, will be providing debt financing at that partnership level as well to help fund that programs.

這就是其目的。正如我所提到的，我們也將在合作夥伴層面提供債務融資，以幫助資助這些計畫。

And then on the Bell brand?

那麼關於貝爾品牌呢？

Yes, I was looking for it. So that's why there was a little bit of a stall. So it's down 9,000 year over year.

是的，我正在尋找它。這就是為什麼出現了一點停滯。因此去年同期減少了 9,000 人。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Just one quick follow-up on the $1.5 billion. Is that a capital call or a lump sum payment that you'll have to make? And then just following up on Drew's question, just thinking about the delevering profile or the 3.5 net debt to leverage target over time. We're just -- a lot of questions, a lot of inbounds from investors just trying to understand or square the math there. I mean you have $7 billion of asset sales coming through.

關於 15 億美元，我只想快速跟進。這是您必須支付的資本金還是一次性付款？然後繼續回答德魯的問題，思考一下去槓桿的情況，或者隨著時間的推移，淨債務與槓桿率之比達到 3.5 的目標。我們只是——有很多問題，很多來自投資者的來電只是為了理解或解決那裡的數學問題。我的意思是你們有 70 億美元的資產出售。

You have $2 billion of Ziply debt that's coming on. That implies pretty significant delevering, but then it sounds like you're going to be relevering -- so is there a downgrade to free cash flow that we should be thinking about, particularly in light of the dividends, you have $2 million without the dividend payment of cash each year. I'm just trying to square that math there. And then also lastly, on the dividend -- sorry, Curtis, why $1.75? Why did you land there?

Ziply 即將欠下 20 億美元的債務。這意味著相當顯著的去槓桿，但聽起來你又要重新槓桿化——那麼我們是否應該考慮自由現金流的下降，特別是考慮到股息，你每年有 200 萬美元的現金沒有支付股息。我只是想解決那個數學問題。最後，關於股息——抱歉，柯蒂斯，為什麼是 1.75 美元？你為什麼降落在那裡？

Okay. So I'll -- Curtis will answer the free cash flow question, but let me address the other two. Your first question, same essentially what Matthew asked me. So it's going to the contributions to Network Fiberco are over time as we build. So it's not onetime payment.

好的。所以我會——柯蒂斯將回答自由現金流問題，但讓我來回答另外兩個問題。您的第一個問題與馬修問我的問題基本上相同。因此，隨著我們的建設，它將對 Network Fiberco 做出貢獻。所以這不是一次性付款。

The third question on why $1.75 on that when the Board considered a range of options, as I'm sure you can imagine. And this is the level that the BCE Board believes gives us the flexibility to achieve our capital allocation objectives. And they're on page 15 of our presentation. So it's optimized the balance sheet, essentially accelerate deleveraging and optimize the cost of capital. The flexibility to invest for growth.

第三個問題是，當董事會考慮了一系列選擇時，為什麼只給出 1.75 美元的價格，我相信你可以想像。BCE 董事會認為，這一水準使我們能夠靈活地實現資本配置目標。它們在我們簡報的第 15 頁。因此，它優化了資產負債表，從本質上加速了去槓桿化並優化了資本成本。投資成長的靈活性。

It's incumbent on us to continue to grow this franchise and then return, deliver total shareholder returns to our shareholders by being a sustainable dividend-paying company. So that's -- so, of the range of options that we had considered and taking the input of investors over time, that's the number that the Board felt gave us that flexibility.

我們有責任繼續發展這個特許經營權，然後透過成為一家可持續支付股息的公司來回報我們的股東。所以，在我們考慮過的一系列選擇中，並考慮到投資者長期以來的意見，董事會認為這個數字給了我們靈活性。

And then to address your leverage question, Sebastiano. So the $7 billion of asset sales is the gross number, but the MLSE proceeds, so the net proceeds from the $4.7 billion sale of MLSE are part of the sources and uses to acquire Ziply Fiber.

然後回答你的槓桿問題，賽巴斯蒂亞諾。因此，70 億美元的資產銷售是總額，但 MLSE 獲得了收益，因此 MLSE 出售 47 億美元所得的淨收益是收購 Ziply Fiber 的來源和用途的一部分。

And then maybe -- so the open access partnership, I guess, I mean, we estimated the US is behind in terms of fiber build-out in the US, but relative to Canada, but the US built 10 million fiber passing last year on pace to build another 10 million over the next several years. We have very long-term, well-capitalized companies chasing additional passing. Just trying to what gives you comfort, I guess, maybe in the greenfield opportunity of getting to that incremental 5 million that you guys have outlined above and beyond the three that you originally talked about with Ziply.

然後也許 - 所以開放接入夥伴關係，我想，我的意思是，我們估計美國在光纖建設方面落後，但相對於加拿大，但美國去年建設了 1000 萬條光纖，併計劃在未來幾年再建設 1000 萬條。我們擁有長期且資本雄厚的公司，正在追求更多的傳球。我想，只是想問什麼能讓您感到安慰，也許是在綠地機會中，您可以獲得上面概述的 500 萬增量，這超出了您最初與 Ziply 談論的 300 萬。

We've done the work and our due diligence on the extent of passings that are there and ready to be built to at a low cost to build. So we've done some extensive due diligence on that. So we are quite comfortable as is the Ziply Fiber team, as you can imagine. And on the first part, you said open access, but I don't know what you meant there, as Vince asked.

我們已經完成了工作，並盡職調查了現有的、準備以低成本建造的通道範圍。因此，我們對此進行了廣泛的盡職調查。因此，正如您所想像的，我們和 Ziply Fiber 團隊一樣感到非常安心。在第一部分中，您提到了開放獲取，但正如文斯所問的，我不知道您的意思。

Yes. Sorry, more on the wholesale partnership just -- we're not open a --

是的。抱歉，更多關於批發合作關係的資訊——我們沒有開設--

The partnership is just to be clear, the partnership is not an open access partnership, just to be clear on that. And then we also will be able to get to those 6 million homes, which we've kind of, like I said, done extensive work on at an attractive cost of capital given the structure that we've established with PSP. And I'd say PSP is also a very experienced telecom infrastructure investor. And they see the potential here in the US and particularly with Ziply Fiber, which they're already a shareholder of and working with us given our expertise.

需要明確的是，這種合作關係並不是開放取用的合作關係，這一點需要明確。然後，我們也將能夠涵蓋這 600 萬戶家庭，正如我所說，考慮到我們與 PSP 建立的結構，我們已經以極具吸引力的資本成本完成了大量工作。我想說 PSP 也是一家非常有經驗的電信基礎設施投資者。他們看到了美國的潛力，尤其是 Ziply Fiber 的潛力，他們已經是 Ziply Fiber 的股東，並憑藉我們的專業知識與我們合作。

Jérôme Dubreuil, Desjardin Securities.

Jérôme Dubreuil，Desjardin 證券公司。

First is on the acceleration of fiber deployment. Actually, it looks like an acceleration. I'm not sure the time frame is comparable, and it looks to be significant. So I'm trying to see, what is the rationale behind that? Is it now that your capital structure is in a better place that you can afford to do that or maybe are you seeing additional opportunity?

一是加速光纖部署。實際上，它看起來像是一種加速。我不確定時間框架是否具有可比性，但它看起來很重要。所以我想看看背後的原因是什麼？現在您的資本結構是否變得更好，您是否有能力這樣做，或者您是否看到了更多的機會？

And the second one, I mean investors are going to be trying to figure out what the pro forma great cash flow is going to be pro forma, the [infraco], and the acceleration. So any details you can provide? Are you investing more in terms of free cash, net of all the transactions you are announcing this morning?

第二，我的意思是投資者將試圖弄清楚預計的巨大現金流將會是什麼樣的，[基礎設施] 和加速度。您能提供任何詳細資訊嗎？扣除今天上午宣布的所有交易後，您是否在自由現金方面進行了更多投資？

Thanks, Jérôme. So on the acceleration point, I just want to clarify. So when we announced Ziply Fiber initially, we indicated that they had a base case build plan to get about 3 million homes by 2029 and with BCE's scale and resources, we would accelerate that 3 million homes to 2028. So that doesn't change. We think we'll get to around 3 million homes by 2028. 2 million of those of those 3 million -- and most -- and those 3 million will largely be in the four Pacific Northwest states in which simply fiber currently operates.

謝謝，傑羅姆。因此，關於加速點，我只是想澄清一下。因此，當我們最初宣布 Ziply Fiber 時，我們表示他們有一個基本建設計劃，即到 2029 年建成約 300 萬套住房，而憑藉 BCE 的規模和資源，我們將把建成 300 萬套住房的計劃提前到 2028 年。所以這不會改變。我們認為到 2028 年，這一數字將達到 300 萬戶左右。在這 300 萬戶中，有 200 萬戶（也是大多數）將主要位於目前僅使用光纖的太平洋西北地區的四個州。

What's different here is at close, we'll have 1.5 million of those 3 million already done. There's another 500,000 copper lines in Ziply Fiber ILEC footprint that we need to upgrade to fiber by 2028. That will be funded by BCE. The other 1 million homes will be part of the partnership.

這裡的不同之處在於，到最後，我們已經完成了 300 萬中的 150 萬。Ziply Fiber ILEC 覆蓋範圍內還有另外 50 萬條銅線，我們需要在 2028 年之前將其升級為光纖。這將由 BCE 資助。其餘 100 萬戶家庭也將成為合作的一部分。

So it's a different way of getting to the same 3 million homes in a way that's immediately free cash flow kind of immediately improves the free cash flow profile of BCE by the $1 billion that I mentioned, given the support of PSP. It strengthens and increases our ability to capture that fiber opportunity.

因此，這是以不同的方式涵蓋同樣的 300 萬戶家庭，即立即產生自由現金流，在 PSP 的支持下，可以立即將 BCE 的自由現金流狀況改善 10 億美元，正如我所提到的。它增強並提高了我們抓住光纖機會的能力。

And in terms of the additional 5 million homes, therefore, those will be tackled over time beyond 2028 with PSP as a world-class financial partner. So therefore, that's going to accelerate Ziply Fibers growth and accelerate and provide it with expanded growth potential, again, in a financially flexible way given that we'd be doing it through the strategic partnership. So all told, we're going to be enhancing the returns associated with the Ziply fiber investment, not to mention that it's already looking more accretive than in November of 2024 given the management team's performance even since we announced the deal.

因此，就另外 500 萬套住房而言，這些問題將在 2028 年以後逐步解決，PSP 是世界級的金融合作夥伴。因此，這將加速 Ziply Fibers 的成長，並加速並為其提供擴大的成長潛力，同樣，由於我們將透過策略夥伴關係以財務靈活的方式實現這一目標。總而言之，我們將提高與 Ziply 光纖投資相關的回報，更不用說，考慮到自我們宣布交易以來管理團隊的表現，它的增值幅度已經比 2024 年 11 月更高。

Then, Jérôme, just to pile on, you asked a question about the free cash flow. I think one other input. So we had said in November, CapEx pro forma for Ziply would live within the 16.5% CDI envelope, given the partnership with PSP, we expect that's going to be close to 14.5%. And then after Ziply has built out the 500,000 locations within its ILEC footprint, as Mirko mentioned, and we would expect that CDI percentage to drop from there.

然後，傑羅姆，補充一下，你問了一個關於自由現金流的問題。我認為還有另一個輸入。因此，我們在 11 月曾表示，Ziply 的資本支出形式將在 16.5% 的 CDI 範圍內，考慮到與 PSP 的合作關係，我們預計該比例將接近 14.5%。然後，正如 Mirko 所提到的那樣，在 Ziply 在其 ILEC 覆蓋範圍內建成 50 萬個地點之後，我們預計 CDI 百分比會從那裡下降。

Patrick Ho, Morgan Stanley.

摩根士丹利的 Patrick Ho。

Just two questions for me. The first question is, can you guys talk about how you guys are thinking about the new government's impact on key areas like TPI and immigration. And then the second question I had is you guys upsized your cost savings target goal by $500 million to $1.5 billion. Can you just unpack the various buckets that are within that additional $500 million cost savings? And just where these items come from.

我只有兩個問題。第一個問題是，你們能否談談你們如何看待新政府對 TPI 和移民等關鍵領域的影響。我的第二個問題是，你們將成本節省目標提高了 5 億美元，達到 15 億美元。您能否簡單介紹一下這額外的 5 億美元成本節省中涉及的各個方面？以及這些物品的來源。

I'll take both. On the business transformation, like I said in my remarks, we've been quite successful. On the initiatives we've undertaken since 2022, and that's delivered the $500 million that I've outlined and I've shared before. And that's one of the key drivers that allows us to increase margins across BCE quarter after quarter. In terms of the initiatives, just to keep it kind of quick and simple, it's things like automation use of AI, consolidating billing stacks, modernizing ordering stacks, obviously continue on the copper to fiber migration, self-serve, self-install use of chat bots, virtual agents, including voice. So those are the kinds of things.

我兩個都要。關於業務轉型，正如我在演講中所說，我們取得了相當大的成功。我們自 2022 年以來採取的措施已經實現了我先前概述和分享的 5 億美元目標。這是我們能夠逐季提高 BCE 利潤率的關鍵驅動因素之一。就措施而言，為了保持快速和簡單，其中包括人工智慧的自動化使用、合併計費堆疊、現代化訂購堆疊，顯然繼續進行銅線到光纖的遷移、自助服務、自助安裝使用聊天機器人、虛擬代理（包括語音）。就是這樣的事情。

And we're also actually we're relying in part on the expertise of Ateko, the folks at Ateko to help drive workflow automation and unlocking the value from our sales force in ServiceNow environments. And if you think about it, there are significant learnings there which we, of course, can bring to the benefit of our enterprise customers as we drive growth through tech services.

實際上，我們也在一定程度上依賴 Ateko 的專業知識，Ateko 的員工幫助推動工作流程自動化並在 ServiceNow 環境中釋放我們銷售人員的價值。如果你仔細想想，你會發現，當我們透過科技服務推動成長時，我們可以從中獲得重要的經驗，為我們的企業客戶帶來利益。

So we're both -- when we go to the customers, so we're both an operator because the things we're suggesting our enterprise customers do, we're doing for ourselves through Ateko. So that's the answer on the business transformation and the first one was -- first question, (inaudible) working with government, so thank you. Thank you, Richard.

因此，當我們面對客戶時，我們都是營運商，因為我們建議企業客戶做的事情，都是我們透過 Ateko 為自己做的。這就是關於業務轉型的答案，第一個問題是 - 第一個問題，（聽不清楚）與政府合作，謝謝。謝謝你，理查。

We're looking forward to having constructive dialogue with the new federal government and top of the list in terms of topics would be the fiber resale file I think comes down to this. We celebrated our 145th birthday just last week and for 145 years. We've been building critical infrastructure in Canada or Canadians to connect Canadians and that allows Canada to grow, right? Because if you think about the networks that our industry provides, you need it for everything from AI to cloud services to bank game, to connecting with your loved ones to entertaining yourself everything.

我們期待與新聯邦政府進行建設性的對話，我認為首要討論的議題就是光纖轉售文件。上週我們剛慶祝了我們的 145 歲生日，已經 145 年了。我們一直在加拿大建造關鍵的基礎設施，或者說為加拿大人建立聯繫，使加拿大能夠發展，對嗎？因為如果你考慮我們行業提供的網絡，你會發現你需要它來做一切事情，從人工智慧到雲端服務到銀行遊戲，從與親人聯繫到娛樂自己，一切都需要它。

And so we want to continue to do that in order to continue to do that at levels which we've been doing it, you do need ultimately an environment that encourages investment and allowing the largest players in the market to resell services on each other's networks is actually a direct this incentive to investment. And it's going to undermine the goal to have more resiliency and connect more Canadians, particularly in rural Canada. So very kind of intent to take a very constructive approach and it's a logical position we have and we're looking forward to the dialogue.

因此，我們希望繼續這樣做，以便繼續在我們一直在做的水平上做到這一點，你最終需要一個鼓勵投資的環境，並允許市場上最大的參與者在彼此的網絡上轉售服務實際上是對投資的直接激勵。這將破壞提高彈性和聯繫更多加拿大人的目標，特別是在加拿大農村地區。因此，我們非常願意採取一種非常建設性的方式，這是我們的合乎邏輯的立場，我們期待對話。

Aravinda Galappatthige, Canaccord Genuity.

阿拉文達·加拉帕蒂格 (Aravinda Galappatthige)，Canaccord Genuity。

Start with the follow-up. I just wanted to make sure I heard you correctly. So the CapEx intensity ratio beyond 2025, it sounds like basically, you will not exceed 14.5%. That would be sort of the new high point. I just wanted to confirm that.

從後續行動開始。我只是想確認我聽清楚了你的意思。因此，2025 年以後的資本支出強度比率基本上不會超過 14.5%。這將會成為一種新的高峰。我只是想確認一下。

And secondly, based on sort of the business transformation cost reductions that you talked about with respect to severance restructuring cash cost, I think it was $330 million last year, how should we -- should that kind of be sort of the standard for the next sort of next couple of years, I wanted to confirm that as well.

其次，根據您談到的遣散費重組現金成本方面的業務轉型成本削減，我認為去年是 3.3 億美元，我們應該如何——這是否應該成為未來幾年的標準，我也想確認這一點。

So thanks, Aravinda for the question. Yes, I think 14.5% is the right range. I don't know if it's quite under 14.5%, but it's in and around 14.5%. Obviously, it depends a little bit on how fast we're driving subscriber growth and demand CapEx that comes along with that. But in the 14.5% range is a good estimate.

感謝 Aravinda 提出這個問題。是的，我認為 14.5% 是正確的範圍。我不知道它是否低於 14.5%，但它在 14.5% 左右。顯然，這在一定程度上取決於我們推動用戶成長的速度以及隨之而來的資本支出需求。但 14.5% 的範圍是一個很好的估計。

And in terms of the cost reductions and cost to actually capture those -- I would say these past couple of years have been higher on the onetime costs. There's still going to be some costs going forward to be able to capture benefits of transformation, but I would expect the cost to be going down over time as it's more and more process improvement as well.

就成本削減和實際獲取這些成本而言——我想說過去幾年的一次性成本較高。為了獲得轉型帶來的好處，未來仍會產生一些成本，但隨著流程的不斷改進，我預期成本會隨著時間的推移而下降。

Thank you. There are no further questions registered at this time. I would now like to turn the meeting over to Mr. Bengian.

謝謝。目前沒有其他問題。現在我想將會議交給 Bengian 先生。

Thanks again for your participation on the call this morning. As usual, I will be available throughout the day for follow-up questions or clarifications. Thanks, and have a great day.

再次感謝您參加今天早上的電話會議。像往常一樣，我將全天解答後續問題或澄清。謝謝，祝您有愉快的一天。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議現已結束。此時請斷開您的線路，感謝您的參與。