Cable One Inc (CABO) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for attending today's Cable One First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today's call. (Operator Instructions) I'd now like to pass the conference over to our host, Jordan Morkert.

下午好，感謝您參加今天的 Cable One 2023 年第一季度收益電話會議。我叫傑森，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議轉交給我們的東道主 Jordan Morkert。

Good afternoon, and welcome to Cable One's First Quarter 2023 Earnings Call. We're glad to have you join us as we review our results. Before we proceed, I would like to remind you that today's discussion contains forward-looking statements relating to future events that involve risks and uncertainties. You can find factors that could cause Cable One's actual results to differ materially from the forward-looking statements discussed during today's call in today's earnings release and in our recent SEC filings.

下午好，歡迎參加 Cable One 2023 年第一季度財報電話會議。我們很高興您加入我們來審查我們的結果。在我們繼續之前，我想提醒您，今天的討論包含與涉及風險和不確定性的未來事件相關的前瞻性陳述。您可以找到可能導致 Cable One 的實際結果與今天電話會議中討論的前瞻性陳述存在重大差異的因素，包括今天的收益報告和我們最近向 SEC 提交的文件。

Cable One is under no obligation and expressly disclaims any obligation, except as required by law, to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, today's remarks will include a discussion of certain financial measures that are not presented in conformity with U.S. generally accepted accounting principles or GAAP. Reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures can be found in our earnings release or on our website at ir.cableone.net.

除法律要求外，第一電纜沒有義務並明確否認有任何義務更新或更改其前瞻性陳述，無論是由於新信息、未來事件還是其他原因。此外，今天的講話還將討論某些不符合美國公認會計原則或公認會計原則的財務措施。本次電話會議中討論的非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可在我們的收益報告或我們的網站 ir.cableone.net 上找到。

During today's call, whenever we refer to first quarter results on an adjusted basis, we are excluding Tallahassee and Managed IT Operations we divested in the second quarter of 2022 which exclusively provided business services. For more information, please refer to the slides we have posted to our IR website.

在今天的電話會議中，每當我們提及調整後的第一季度業績時，我們都會排除塔拉哈西和我們在 2022 年第二季度剝離的託管 IT 運營業務，這些業務專門提供商業服務。如需了解更多信息，請參閱我們發佈到 IR 網站上的幻燈片。

Joining me on today's call is our President and CEO, Julie Laulis; and Todd Koetje, our CFO. With that, let me turn the call over to Julie.

加入我今天的電話會議的是我們的總裁兼首席執行官 Julie Laulis；以及我們的首席財務官 Todd Koetje。接下來，讓我把電話轉給朱莉。

Thank you, Jordan, and good afternoon, everyone. We appreciate you joining us for today's call. Amidst the ongoing debate surrounding the longevity of traditional broadband providers, our first quarter 2023 results highlight the resiliency of our business model. In the face of ongoing macroeconomic challenges, demand for a reliable, value-based broadband product continues. This is evidenced by first quarter residential broadband revenue growth of 5.5% from prior year where we grew in customers as well as in ARPU.

謝謝喬丹，大家下午好。我們感謝您參加今天的電話會議。在圍繞傳統寬帶提供商壽命的持續爭論中，我們 2023 年第一季度的業績凸顯了我們業務模式的彈性。面對持續的宏觀經濟挑戰，對可靠、基於價值的寬帶產品的需求持續存在。第一季度住宅寬帶收入較上年增長 5.5% 就證明了這一點，我們的客戶數量和 ARPU 均有所增長。

First quarter business services revenue growth of 2.9% on an adjusted basis, where we had stronger growth in our SMB and enterprise broadband service offerings.

第一季度商業服務收入經調整後增長 2.9%，其中我們的中小企業和企業寬帶服務產品增長強勁。

First quarter adjusted EBITDA margin up 110 basis points from the prior year to 54.2%, reflecting continued efficiencies and product mix shift. First quarter reduction in capital intensity, all while continuing to increase our network capacity, demonstrating our commitment to building infrastructure in a capital-efficient manner. And our first quarter adjusted EBITDA less CapEx was $132.7 million, an increase of 4.4% year-over-year. Our robust financial results underscore the significance of the services that keep our customers and communities connected to what matters most.

第一季度調整後 EBITDA 利潤率比上年同期增長 110 個基點，達到 54.2%，反映出持續的效率和產品結構的轉變。第一季度資本密集度降低，同時繼續增加我們的網絡容量，這表明我們致力於以資本高效的方式建設基礎設施。第一季度調整後 EBITDA 減去資本支出為 1.327 億美元，同比增長 4.4%。我們強勁的財務業績凸顯了讓我們的客戶和社區與最重要的事情保持聯繫的服務的重要性。

Looking first at residential broadband service on a sequential quarterly basis, we saw an increase of approximately 2,200 customers. While a return to positive growth is encouraging, the ongoing slow pace of home move activity continues to impact new customer sales and net growth. We are pleased to report that churn rates remain consistently low demonstrating strong customer retention and satisfaction. We continue to test and learn with our products and pricing to further insulate our current base and foster profitable growth.

首先觀察住宅寬帶服務的環比季度情況，我們發現客戶數量增加了約 2,200 名。雖然恢復正增長令人鼓舞，但搬家活動持續緩慢的步伐繼續影響新客戶銷售和淨增長。我們很高興地報告，客戶流失率始終保持在較低水平，這表明客戶保留率和滿意度很高。我們繼續測試和學習我們的產品和定價，以進一步隔離我們當前的基礎並促進盈利增長。

Turning to residential broadband ARPU. We reported solid year-over-year growth of 4.5%. The demand for higher speed tiers remains robust with sales of both 500 meg and gig service plans increasing by more than 450 basis points sequentially. We also see substantial opportunity to continue upselling our current customer base, whose average service offerings remain below our sell-in levels.

轉向住宅寬帶 ARPU。我們報告同比增長 4.5%。對更高速度等級的需求依然強勁，500 兆兆級和零工服務計劃的銷售額連續增長超過 450 個基點。我們還看到了繼續向現有客戶群追加銷售的巨大機會，他們的平均服務產品仍低於我們的銷售水平。

Continuing speed tier upgrades and the modem rate adjustment which began during the fourth quarter are the primary drivers of our Q1 2023 ARPU growth. We believe there is also a meaningful opportunity for customer and ARPU growth over the long term as we make disciplined capital investments that will allow for enhanced service offerings and continued expansion of our addressable market. We are investing in our network and deploying devices today that significantly increase downstream and upstream speeds, lower latency and provide greater visibility into the in-home Wi-Fi experience, all in a more energy-efficient manner.

持續的速度等級升級和第四季度開始的調製解調器速率調整是我們 2023 年第一季度 ARPU 增長的主要驅動力。我們相信，從長遠來看，客戶和 ARPU 增長也有一個有意義的機會，因為我們進行嚴格的資本投資，這將有助於增強服務產品並持續擴大我們的目標市場。我們現在正在投資網絡並部署設備，以更節能的方式顯著提高下行和上行速度、降低延遲並提供對家庭 Wi-Fi 體驗的更大可見性。

As our network evolves to DOCSIS 4.0, we estimate these network upgrades will cost around $200 per passing. Our ongoing commitment to providing products and services that meet the needs of our customers today and in the future gives us a strong competitive edge against wire competition, which remains relatively low.

隨著我們的網絡發展到 DOCSIS 4.0，我們估計每次網絡升級的成本約為 200 美元。我們持續致力於提供滿足客戶當前和未來需求的產品和服務，這使我們在相對較低的電線競爭中擁有強大的競爭優勢。

We believe the superior experience we provide our customers paired with our local expertise and first-mover advantages make us a fierce competitor with a proven track record and accompanying results. Being into fixed wireless competition, it's no secret that demand for data is increasing at unprecedented levels, and it's unlikely that growth will slow anytime soon. Just over 1 of 5 customers on our network are now using a terabyte of data.

我們相信，我們為客戶提供的卓越體驗，加上我們的本地專業知識和先發優勢，使我們成為強有力的競爭對手，擁有良好的業績記錄和相應的成果。在固定無線競爭中，數據需求正以前所未有的水平增長，這已不是什麼秘密，而且增長不太可能很快放緩。我們網絡上的 5 個客戶中，只有超過 1 個正在使用 1 TB 的數據。

Given the enormity of data needs today and in the future, we believe it's clear that mobile fixed wireless cannot ultimately meet the data needs of many customers. While we see a small segment of our win share from DSL customers experimenting with mobile fixed wireless products, on the whole, we do not see a noticeable impact to our existing customer base which values the premium capacity and reliability we offer. And we believe those trying out mobile fixed wireless after switching from DSL will migrate to our data services from the need for a more reliable and robust service arises.

考慮到當今和未來的巨大數據需求，我們相信移動固定無線顯然無法最終滿足許多客戶的數據需求。雖然我們看到一小部分贏利來自嘗試移動固定無線產品的 DSL 客戶，但總體而言，我們並沒有看到對我們重視我們提供的優質容量和可靠性的現有客戶群產生明顯影響。我們相信，那些在從 DSL 切換到移動固定無線之後嘗試移動固定無線的人將會因為需要更可靠和更強大的服務而遷移到我們的數據服務。

Moving to Business Services. On an adjusted basis, we drove revenue growth of 2.9% year-over-year despite short-term challenges to new business creation due to macroeconomic conditions. Our business services team remains steadfast in managing the many aspects we control, including offering a streamlined suite of products to existing customers, driving efficiencies that align with customer needs and maintaining a relentless focus on white glove service. As a result, both our enterprise and small business broadband offerings continued to see strong growth.

轉向商業服務。儘管宏觀經濟狀況給新業務創造帶來短期挑戰，但經調整後，我們的收入同比增長了 2.9%。我們的業務服務團隊始終堅定地管理我們控制的許多方面，包括向現有客戶提供簡化的產品套件、提高與客戶需求相一致的效率，以及堅持不懈地關注白手套服務。因此，我們的企業和小型企業寬帶產品繼續強勁增長。

Demand for data continues to grow, as evidenced by a new milestone as nearly 21% of our residential customers now exceed a terabyte of usage each month an increase of more than 20% from the same period last year. Despite continued growth in demand, our average network utilization during peak hours has also improved. During the first quarter of 2023, downstream and upstream utilization during peak hours decreased from 23% to 21%, a reflection of our ongoing investment in our plant to stay ahead of customer demand.

對數據的需求持續增長，一個新的里程碑就證明了這一點：我們近 21% 的住宅客戶現在每月的使用量超過 1 TB，比去年同期增長了 20% 以上。儘管需求持續增長，我們在高峰時段的平均網絡利用率也有所提高。 2023 年第一季度，高峰時段下游和上游利用率從 23% 下降至 21%，這反映了我們對工廠的持續投資，以保持領先於客戶需求。

Transitioning to integration activities. Our teams continue to execute across multiple projects as they thoughtfully prepare for the larger platform conversions to come. We are delighted with the synergies achieved to date and confident that the conversion of the larger platforms will yield even greater results. I would like to express my sincere gratitude to the skilled associates across our family of brands for their exceptional contribution in identifying best practices and fostering a unified company culture.

過渡到整合活動。我們的團隊繼續執行多個項目，為即將到來的更大規模的平台轉換做深思熟慮的準備。我們對迄今為止所實現的協同效應感到高興，並相信更大平台的轉換將產生更大的成果。我謹向我們品牌家族的技術精湛的員工表示誠摯的謝意，感謝他們在確定最佳實踐和培育統一的公司文化方面做出的傑出貢獻。

Building on our associates' exceptional contributions to the company, last year we embarked on a digital transformation journey to reimagine the future of Cable One with the intention of delivering significantly enhanced experiences for our customers and associates through numerous initiatives such as automated field maintenance, truck roll recommendation engine and contact center modernization. We've been able to anticipate customer needs and improve our efficiency. We will continue on this journey to nurture a culture of innovation that benefits our customers, associates and shareholders.

基於我們的員工對公司的傑出貢獻，去年我們開始了數字化轉型之旅，重新構想 Cable One 的未來，旨在通過自動化現場維護、上門服務推薦引擎和聯絡中心現代化等眾多舉措，為我們的客戶和員工提供顯著增強的體驗。我們已經能夠預測客戶需求並提高我們的效率。我們將繼續這一旅程，培育一種有利於我們的客戶、員工和股東的創新文化。

Turning now to our unconsolidated investments. For the fourth quarter 2022, the combined adjusted EBITDA of certain other companies we have invested in was approximately $348 million on an annualized basis. This represents growth of approximately 21% in the fourth quarter of 2022 as compared to the fourth quarter of 2021. These companies also added more than 130,000 new fiber passings during the fourth quarter period ended December 31, 2022.

現在轉向我們的未合併投資。 2022 年第四季度，我們投資的某些其他公司的綜合調整後 EBITDA 按年化計算約為 3.48 億美元。這意味著與 2021 年第四季度相比，2022 年第四季度增長了約 21%。這些公司在截至 2022 年 12 月 31 日的第四季度還增加了超過 130,000 個新光纖通道。

This momentum continued in the first quarter, where total residential and business data customers grew by approximately 11,400 or 2.5%. This does not include the operations of Metronet or Ziply where we have less significant investments. These excellent results highlight the execution of these proven management teams as well as the growth potential of these investments.

這一勢頭在第一季度得到延續，住宅和商業數據客戶總數增長了約 11,400 名，即 2.5%。這不包括我們投資較少的 Metronet 或 Ziply 業務。這些出色的業績凸顯了這些經過驗證的管理團隊的執行力以及這些投資的增長潛力。

Before handing the call over to Todd, there are a few notable events from the quarter that I'm pleased to share. Our laser focus on creating a workplace in which our associates feel valued and included resulted in Forbes ranking us for the third year in a row on their list of America's Best Midsize Employers. I am also proud to share that Cable One was recently named by Newsweek as one of America's Greatest Workplaces for Women 2023. These awards are especially meaningful as they speak to the culture of Cable One. Together with our associates, we have built an inclusive workplace that promotes diversity, opportunity and professional development. Our associates drive our culture, which values the unique experiences and perspectives we each bring to the table.

在將電話轉交給托德之前，我很高興與大家分享本季度的一些值得注意的事件。我們專注於創造一個讓員工感到受到重視和包容的工作場所，這使得我們連續第三年被《福布斯》評為美國最佳中型雇主。我還很自豪地告訴大家，有線電視一號最近被《新聞周刊》評為 2023 年美國最適合女性的工作場所之一。這些獎項特別有意義，因為它們體現了有線電視一號的文化。我們與我們的員工一起建立了一個包容性的工作場所，促進多樣性、機會和專業發展。我們的員工推動著我們的文化，這種文化重視我們每個人帶來的獨特經驗和觀點。

Never has this been more apparent than in our recent company rally, which reunited our associates at in-person events across our footprint. Associates joined together to celebrate, connect and share while hearing from senior leadership about the future of our company. Our associates were energized and inspired by these events, further reaffirming our credo, we are stronger together.

這一點在我們最近的公司集會上表現得最為明顯，我們的員工在我們各地的現場活動中重新團結起來。員工們齊聚一堂，慶祝、交流和分享，同時聆聽高層領導講述我們公司的未來。我們的員工受到這些事件的激勵和啟發，進一步重申了我們的信條：我們在一起變得更強大。

And now, Todd, who will provide a full recap of our first quarter financial performance.

現在，托德將全面回顧我們第一季度的財務業績。

Thanks, Julie. Starting with revenue. Total revenues in the first quarter of 2023 were $421.9 million, compared to $426.7 million in the first quarter of 2022, a 1.1% decrease. The decrease was primarily due to a continued decline in low-margin residential video and voice revenues as well as the impact of the divestiture of noncore operations during the second quarter of last year, which collectively contributed $2.4 million of business services revenue in Q1 2022. On an adjusted basis, total revenues were down by 0.6% year-over-year.

謝謝，朱莉。從收入開始。 2023 年第一季度的總收入為 4.219 億美元，較 2022 年第一季度的 4.267 億美元下降 1.1%。下降的主要原因是低利潤住宅視頻和語音收入持續下降，以及去年第二季度非核心業務剝離的影響，這些業務在 2022 年第一季度總共貢獻了 240 萬美元的商業服務收入。經調整後，總收入同比下降 0.6%。

Our business continues to be driven by the growth of our highly profitable residential data and Business Services segments. For Q1 2023, our residential data revenues expanded 5.5% year-over-year when compared to Q1 2022, and our business services revenue grew by 2.9% for the comparable period on an adjusted basis. Operating expenses were $112.2 million or 26.6% of revenues in the first quarter of 2023 compared to $119.4 million or 28% of revenues in the comparable quarter of the prior year, a 140 basis point improvement driven largely by a $12.3 million decrease in video programming costs.

我們的業務繼續受到高利潤住宅數據和商業服務部門增長的推動。 2023 年第一季度，與 2022 年第一季度相比，我們的住宅數據收入同比增長 5.5%，調整後的同期商業服務收入增長 2.9%。 2023 年第一季度運營費用為 1.122 億美元，佔收入的 26.6%，而去年同期運營費用為 1.194 億美元，佔收入的 28%，提高了 140 個基點，這主要是由於視頻節目成本減少了 1230 萬美元。

Selling, general and administrative expenses were $86.7 million for the first quarter of 2023, compared to $87.8 million in the prior year quarter as higher labor costs and expenses associated with software platform investments were offset by reductions in health care and marketing costs. SG&A as a percentage of revenue remained consistent at 20.6% for both periods.

2023 年第一季度的銷售、一般和管理費用為 8670 萬美元，而去年同期為 8780 萬美元，原因是勞動力成本和與軟件平台投資相關的費用增加被醫療保健和營銷成本的減少所抵消。兩個時期的 SG&A 佔收入的百分比均保持在 20.6%。

Adjusted EBITDA was $228.8 million for the first quarter, an increase of 1% when compared to the first quarter of 2022. Our adjusted EBITDA margin for the first quarter of 2023 was 54.2% a 110 basis point improvement compared to prior year as we continue to drive growth in our higher-margin advanced broadband products, while at the same time, extracting costs via scale, integration acumen and efficiencies in our product delivery and support model.

第一季度調整後 EBITDA 為 2.288 億美元，較 2022 年第一季度增長 1%。2023 年第一季度調整後 EBITDA 利潤率為 54.2%，比上年提高 110 個基點，因為我們繼續推動利潤率較高的先進寬帶產品的增長，同時通過產品交付和支持模式的規模、集成敏銳性和效率來降低成本。

Capital expenditures totaled $96.1 million for the first quarter of 2023, which equates to 42% of adjusted EBITDA, compared to $99.4 million or 43.9% in the prior year quarter. During the first quarter, we invested $12.8 million of CapEx for new market expansion initiatives and $3.6 million for integration activities. Ongoing capital expenditures will remain aligned with our balanced and disciplined allocation strategy that prioritizes investment in our advanced broadband networks as well as high return, high visibility projects that extend these networks to prospective new customers in unserved or underserved areas of rural America.

2023 年第一季度的資本支出總額為 9,610 萬美元，相當於調整後 EBITDA 的 42%，而去年同期為 9,940 萬美元，佔 43.9%。第一季度，我們為新的市場擴張計劃投資了 1280 萬美元的資本支出，為整合活動投資了 360 萬美元。持續的資本支出將與我們平衡和嚴格的分配策略保持一致，該策略優先投資於我們的先進寬帶網絡以及高回報、高知名度的項目，這些項目將這些網絡擴展到美國農村地區未獲得服務或服務不足的地區的潛在新客戶。

Adjusted EBITDA less capital expenditures was $132.7 million for the first quarter of 2023, an increase of 4.4% from the prior year quarter as both elements of this important metric continue to improve. And we appropriately balanced growth via investments in our existing networks, inorganic expansion opportunities and return of capital to shareholders. In the first quarter of 2023, we distributed $16.5 million in dividends and repurchased nearly 57,000 shares of our common stock or approximately 1% of outstanding shares for $41.8 million.

2023 年第一季度調整後 EBITDA 減去資本支出為 1.327 億美元，比去年同期增長 4.4%，因為這一重要指標的兩個要素都在持續改善。我們通過對現有網絡的投資、無機擴張機會和股東資本回報來適當平衡增長。 2023 年第一季度，我們派發了 1,650 萬美元的股息，並以 4,180 萬美元回購了近 57,000 股普通股，即約 1% 的已發行股票。

As we navigate a challenging economic backdrop, a rising interest rate environment and constrained capital markets, we are squarely focused on managing our balance sheet in order to support our long-term investments and ensure our ability to operate through these cycles while continuing to reinvest in our core businesses.

當我們應對充滿挑戰的經濟背景、不斷上升的利率環境和受限的資本市場時，我們專注於管理我們的資產負債表，以支持我們的長期投資，並確保我們有能力度過這些週期，同時繼續對核心業務進行再投資。

As of March 31, we had approximately $203 million of cash and cash equivalents on hand and our business generates strong discretionary cash flow. Our debt balance was approximately $3.8 billion, consisting of approximately $1.8 billion in term loans, $920 million in convertible notes, $650 million in unsecured notes, $488 million of revolver borrowings and $5 million of finance lease liabilities.

截至 3 月 31 日，我們手頭有約 2.03 億美元的現金和現金等價物，我們的業務產生了強勁的可自由支配現金流。我們的債務餘額約為 38 億美元，包括約 18 億美元的定期貸款、9.2 億美元的可轉換票據、6.5 億美元的無擔保票據、4.88 億美元的循環借款和 500 萬美元的融資租賃負債。

We also had $512 million available for additional borrowings under our $1 billion committed revolving credit facility. Our weighted average cost of debt for the quarter was approximately 4%. Our net leverage ratio was 3.8x and the vast majority of our borrowings are either fixed issuance or have been synthetically fixed under long-term interest rate contracts considerably mitigating our exposure to rising underlying interest rates.

我們還根據 10 億美元的承諾循環信貸安排提供了 5.12 億美元的額外借款。本季度我們的加權平均債務成本約為 4%。我們的淨槓桿率為 3.8 倍，我們的絕大多數借款要么是固定發行的，要么是根據長期利率合同綜合固定的，大大減輕了我們面臨的基礎利率上升的風險。

As we discussed during last quarter's call and disclosed in our 10-K, in February of this year, we successfully completed an opportunistic financing transaction with our lenders that provided Cable One with extended maturities of 2-plus years, incremental strategic flexibility and enhanced funding flexibility, all at comparable cost to our previous arrangements. As a result, our next scheduled maturity date is in 2026, with the remainder of our maturities 5 years and beyond. We also had our long-term issuer credit ratings affirmed by both Standard & Poor's and Moody's during the quarter.

正如我們在上季度電話會議中討論並在今年 2 月的 10-K 中披露的那樣，我們成功地與貸方完成了一項機會主義融資交易，為 Cable One 提供了兩年多的延期期限、增量戰略靈活性和增強的融資靈活性，所有這些都與我們之前的安排成本相當。因此，我們的下一個計劃到期日是 2026 年，其餘到期日為 5 年及以上。本季度我們的長期發行人信用評級也得到了標準普爾和穆迪的確認。

With that, we are now ready for questions.

至此，我們現在準備好提問了。

(Operator Instructions) Our first question is from Phil Cusick with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Phil Cusick。

A couple if I can. First, 1Q is usually the best broadband quarter of the year. How do you think about seasonal impacts from here as well as talk about any impact of slowing housing growth in your territories? And then second, can you talk about any M&A in the market today, both -- probably more on the sell side out there? Are there any sellers out there that are starting to get more interested with rates going higher? Or are things sort of shutting down?

如果可以的話，一對。首先，第一季度通常是一年中最好的寬帶季度。您如何看待這裡的季節性影響以及您所在地區住房增長放緩的影響？其次，您能談談當今市場上的任何併購嗎？可能更多是在賣方方面？是否有賣家開始對更高的費率更感興趣？或者事情正在停止嗎？

Thanks, Phil. It's Julie. Julie with a cold. Boy, do I sound nasally? So I don't think any of us really know what to expect with this year. And I say that because I find it very interesting that some -- on one hand, you might see factors that indicate economic issues like the move rate, right? Like the people just are not moving and interest rates are super high. But on the other hand, our customers are taking our higher speed tiers, which obviously cost more at a larger rate than ever before. So those two things seem somewhat opposed to each other. My best guess, having no crystal ball is that seasonality -- that will follow our typical seasonality cycle.

謝謝，菲爾。是朱莉。朱莉感冒了。男孩，我聽起來有鼻音嗎？所以我認為我們中沒有人真正知道今年會發生什麼。我這麼說是因為我覺得很有趣，一方面，你可能會看到一些表明經濟問題的因素，比如搬遷率，對嗎？就像人們不動並且利率超高一樣。但另一方面，我們的客戶正在採用我們更高的速度等級，這顯然比以往任何時候都花費更高的價格。所以這兩件事似乎有些相互對立。我最好的猜測是，沒有水晶球就是季節性——它將遵循我們典型的季節性週期。

And then I think you asked about the moves and you put out pieces on moves. And starts are low and they are low across our footprint. So it does not matter if it is what we might term a heavily competitive area or an area that has no other competitor than an ILEC. So across the footprint, starts are down. The good news is churn is also super low. Sparklight had a historic -- Sparklight (inaudible) had a historic low taking out the COVID, of course, when we weren't allowed to disconnect people. So I mean, we have indications that our customers are happy and they have a large need for our reliable and robust service that has high data throughput, which is good because, again, that continues to grow.

然後我認為你詢問了走法並給出了走法的棋子。開工率很低，我們的足跡也很低。因此，無論它是我們所說的競爭激烈的領域還是除了 ILEC 之外沒有其他競爭對手的領域，都沒有關係。因此，在整個足跡中，開工率都在下降。好消息是客戶流失率也非常低。 Sparklight 經歷了歷史性的轉變——當然，當我們不被允許切斷人們的聯繫時，Sparklight（聽不清）在排除新冠肺炎疫情方面經歷了歷史性的低點。所以我的意思是，我們有跡象表明我們的客戶很滿意，他們非常需要我們可靠、強大、具有高數據吞吐量的服務，這很好，因為這種情況再次持續增長。

And Phil, on the M&A question, I think it's a really good question. I think it's probably a little too soon as it relates to how quickly the markets have changed from both value as well as cost of capital with what the Fed has been doing to attack inflation. More likely, those impacted companies relative to cost of capital or upgrade requirements will slow before they look to sell and play a little bit more of the patients game, and we're seeing that as it relates to the aggressiveness of overbuilders in some of the markets and the pace at which that's happening.

菲爾，關於併購問題，我認為這是一個非常好的問題。我認為這可能有點太早了，因為這關係到市場價值和資本成本與美聯儲打擊通脹的措施的變化速度。更有可能的是，那些受影響的公司相對於資本成本或升級要求會放緩，然後再考慮出售並玩更多的患者遊戲，我們看到這與某些市場中過度建設者的侵略性以及這種情況發生的速度有關。

The other thing I would say is, we continue to be a preferred aggregator, cultural integrator as it relates to a lot of the smaller businesses because they know the culture of Cable One and how well we take care of our people, and we will continually see some of those interested sellers, but they're smaller and very strategic from a tuck-in geographic area that we're already in.

我要說的另一件事是，我們仍然是首選的聚合者、文化整合者，因為這與許多小型企業有關，因為他們了解電纜一號的文化以及我們對員工的照顧程度，我們將不斷看到一些感興趣的賣家，但他們規模較小，而且從我們已經所處的地理區域來看非常具有戰略意義。

I just got a reminder from one of our associates today that we are coming up on the seventh anniversary for NewWave being integrated and second year anniversary for Hargray. So time flies.

今天我剛剛收到一位同事的提醒，我們即將迎來 NewWave 整合七週年和 Hargray 兩週年紀念日。時間過得真快。

It does.

確實如此。

Our next question comes from Frank Louthan with Raymond James.

我們的下一個問題來自弗蘭克·勞森和雷蒙德·詹姆斯。

Just was curious on the promotion side. Were you running any heavier promotions in the quarter? And what sort of pricing action are you looking at taking this year? And how should we see that in the various products?

只是對促銷方面感到好奇。您在本季度是否進行過更大規模的促銷活動？今年您打算採取什麼樣的定價行動？我們應該如何在各種產品中看到這一點？

Okay. Thanks for the question, Frank. I would not say that promotions were significantly heavier. We are testing and trying a lot of things still, Frank. And even when we do promotions, I'm heartened to see that our sell-in is -- tends to widely be on the upper end of our product value chain versus any lower. So what I'm saying in my COGS headway is that we do promotions to make a phone ring, but we don't see a lot of people taking the lower end promotions. And as you know, I think the -- typically, we tend to discount the entry price and not any of our higher product offerings. Now again, we're testing and experimenting and trying different things. The world is not the way it was even 3 years ago. So the Cable One evolved, was very cookie cutter and one size fit all, and we went to a couple of sizes a couple of years back. Now we are being very flexible and agile and treating each market as it deserves to be treated depending on its size, if it has competition, its penetration levels, things like that.

好的。謝謝你的提問，弗蘭克。我不會說促銷力度明顯加大。弗蘭克，我們仍在測試和嘗試很多事情。即使當我們進行促銷時，我很高興看到我們的銷售往往廣泛地位於我們產品價值鏈的上端，而不是任何下端。因此，我在 COGS 進展中所說的是，我們進行促銷是為了讓電話響起，但我們沒有看到很多人接受低端促銷。如您所知，我認為通常情況下，我們傾向於對入門價格打折，而不是對我們的任何更高產品提供折扣。現在，我們再次進行測試、試驗和嘗試不同的事情。世界已經不再是三年前的樣子了。因此，Cable One 得到了發展，非常千篇一律，一種尺寸適合所有人，幾年前我們又推出了幾種尺寸。現在我們非常靈活和敏捷，根據每個市場的規模、是否有競爭、滲透水平等因素來對待每個市場。

Pricing action, well, let's see. We haven't done a, what I would call a "naked" rate adjustment in about 8 years now. So while not predicting the future, I do believe that there is pricing elasticity even though we happen to have a high ARPU, again, driven by customer choice, customers being pulled up to higher levels of service versus us pushing them there. So I'd say stay tuned.

定價行動，好吧，讓我們看看。我們已經有大約 8 年沒有進行過我所說的“裸”利率調整了。因此，雖然沒有預測未來，但我確實相信，即使我們碰巧有很高的 ARPU，價格也存在彈性，同樣，受客戶選擇的驅動，客戶被拉到更高水平的服務，而不是我們推動他們達到更高水平。所以我想說請繼續關注。

Yes, Frank, it's Todd. The only thing I'll add to what Julie just said is we did have that price increase halfway through the fourth quarter on the equipment side of the equation. So that rolled through in the first quarter here and going forward. So great retention associated with that. Obviously, as we're investing in a lot of the home health for our customers, that willingness to pay continues to increase and even some of our customers that were bringing their own seeing the value of the technology that we're investing in and you can drive that take rate hire as well, which will be a tailwind to our ARPU as well as how we think about the pricing and packaging adjustments.

是的，弗蘭克，我是托德。我對朱莉剛才所說的唯一要補充的是，我們確實在第四季度中期在設備方面出現了價格上漲。因此，這一點在第一季度就已經完成，並繼續向前推進。與此相關的保留率非常高。顯然，隨著我們為客戶進行大量的家庭健康投資，支付意願不斷增強，甚至一些自帶的客戶也看到了我們投資的技術的價值，你也可以推動租金率的提高，這將成為我們的 ARPU 以及我們對定價和包裝調整的看法的推動力。

You recall last year, we did a $5 increase when we took our baseline 100 meg speed tier to 200 meg, we gave them more capacity at the same time. The other 5 of that will roll through here in -- it was not in the first quarter, but going forward, second quarter through the balance of this year. But those are 2 already known. I just want to make sure I point it out.

您還記得去年，當我們將基準 100 兆速度等級提高到 200 兆速度時，我們增加了 5 美元，同時我們給了他們更多的容量。其中的另外 5 個將在今年的剩餘時間裡滾動——不是在第一季度，而是在第二季度。但這些是 2 已知的。我只是想確保我指出了這一點。

All right. Great. What percentage of your customers use their own modems and so forth?

好的。偉大的。您的客戶使用自己的調製解調器等的比例是多少？

We don't disclose the exact split. I would say the majority use our product.

我們不會透露具體的分割情況。我想說大多數人都使用我們的產品。

Correct.

正確的。

Room to go, though.

不過，還有空間。

A little.

一點。

Our next question comes from Greg Williams with TD Cowen.

我們的下一個問題來自 Greg Williams 和 TD Cowen。

Just 2 questions. Just dovetailing off the last topic on trialing and testing new plans. I'm just trying to understand this, if you can give us some examples. Is this in a way to play defense or offense against fiber-to-the-home or maybe even lower end plans in fixed wireless or something different altogether?

只有 2 個問題。只是與最後一個關於試驗和測試新計劃的主題相吻合。我只是想理解這一點，如果你能給我們一些例子的話。這是針對光纖到戶甚至是固定無線中的低端計劃還是完全不同的東西進行防禦或進攻的方式？

Second question is just on your MBI put option, I know it's 2 years away, but I get calls from investors a lot on it. And maybe you can help us generally, what's the general game plan on tackling that option, whether it's quoting free cash flow or simply raising debt or even buying pieces of the call option, if that's possible along the way.

第二個問題是關於你的 MBI 看跌期權，我知道還有兩年的時間，但我經常接到投資者的電話。也許你可以總體上幫助我們，解決該選項的總體計劃是什麼，無論是引用自由現金流還是簡單地提高債務，甚至購買部分看漲期權（如果可能的話）。

Thanks, Greg. In terms of trialing and testing, we start with our customers in mind because we need to make sure that we are bringing them value and the things that make a difference in their lives. Remember, we're neighbors to these people. And so what we do with them related to these products really matters. The things that you mentioned are absolutely in our sites, potential low-end plans, which is something that we have not really looked at in the past.

謝謝，格雷格。在試驗和測試方面，我們從客戶的角度出發，因為我們需要確保為他們帶來價值，並為他們的生活帶來改變。請記住，我們是這些人的鄰居。因此，我們如何處理與這些產品相關的內容確實很重要。你提到的東西絕對在我們的網站上，潛在的低端計劃，這是我們過去沒有真正關注過的東西。

If we can do it in a profitable way, if we can trend the cost out of it and be smart in how we onboard and service these customers, it is absolutely something that we are looking at. It would open up a new cohort for us. We absolutely will take defensive action. And again, it is very market specific. It depends on who the competitor is, the size of the market, what their penetration is, what sort of offers they're doing, but it is interesting, it doesn't always happen this way because, again, some of the competition that we've had are decades old, even fiber competition. But sometimes, they will actually stop builds and move their resources elsewhere if we do that.

如果我們能夠以有利可圖的方式做到這一點，如果我們能夠減少成本，並明智地引導和服務這些客戶，那麼這絕對是我們正在考慮的事情。它將為我們開闢一個新的群體。我們絕對會採取防禦行動。再說一次，它是非常特定於市場的。這取決於競爭對手是誰、市場規模、他們的滲透率、他們提供的產品類型，但有趣的是，情況並不總是這樣，因為我們的一些競爭已經有幾​​十年的歷史了，甚至是光纖競爭。但有時，如果我們這樣做，他們實際上會停止構建並將資源轉移到其他地方。

And in terms of offensive, I guess, one thing that I would mention there as an example because you asked for one, is that we have been slowly and thoughtfully sort of migrating to an unlimited data offering versus our data plan. So we now -- that accounts for a much smaller piece of our ARPU than it had in the past because, again, our customers are telling us, they don't want to have to worry, and it is an offensive move so that if somebody else came into the market, we take that tactic or branding piece away from them.

就進攻而言，我想，我想提到的一件事作為例子，因為你要求一個，那就是我們一直在緩慢而深思熟慮地遷移到無限數據提供與我們的數據計劃。所以我們現在——這在我們的 ARPU 中所佔的份額比過去小得多，因為我們的客戶再次告訴我們，他們不想擔心，這是一種進攻性舉措，因此如果其他人進入市場，我們就會從他們那里奪走這種策略或品牌部分。

Greg, I'll hit on the MBI question that you had, and we've chatted about this quite extensively with everyone. But the reason we invested in that business. It's higher growth prospects, more rural and competitively insulated business model. It's fantastic leadership for all the reasons we're still very excited about that investment today and they've done an amazing job.

Greg，我會回答你提出的 MBI 問題，我們已經與每個人廣泛討論了這個問題。但我們投資該業務的原因。它具有更高的增長前景、更加農村化和競爭絕緣的商業模式。這是出色的領導力，因為我們今天仍然對這項投資感到非常興奮，而且他們做得非常出色。

We do have an option to call the remaining share of that business that we don't own, and we're in that window right now. But I'll repeat that we look at things through the free cash flow accretion dilution, and we're not going to do dilutive transactions, would not get great strategy as it relates to our shareholder initiatives. But we also are compounding very attractive returns for our shareholders as a partner in that the put option is in the middle of 2025. It's a more variable valuation methodology as we've discussed, but not disclosed.

我們確實可以選擇調用我們不擁有的該業務的剩餘份額，而且我們現在正處於這個窗口。但我要重申的是，我們通過自由現金流增加稀釋來看待事情，我們不會進行稀釋性交易，也不會獲得與我們的股東計劃相關的偉大戰略。但作為合作夥伴，我們也為我們的股東帶來了非常有吸引力的複合回報，因為看跌期權是在 2025 年中期。正如我們所討論的，但尚未披露，這是一種更具可變性的估值方法。

And we look at that as an attractive option if we were to wait for that. And we will continue to diversify how we think about allocating our capital to not only prepare for events like that or other strategic events, but also through the mindset of how we can continue to invest in ourselves through our market extension, market expansion, and, of course, share repurchase in investing ourselves through the return of capital.

如果我們等待的話，我們認為這是一個有吸引力的選擇。我們將繼續多元化地考慮如何分配我們的資本，不僅為此類事件或其他戰略事件做準備，而且還通過我們如何通過市場延伸、市場擴張，當然還有股票回購來繼續投資於自己的思維方式，通過資本回報來投資於我們自己。

Our next question comes from Craig Moffett with MoffettNathanson.

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

Two questions, if I could. And first, Julie, one last time, congratulations on being inducted into the Cable Hall of Fame, which really is a terrific honor. First, can you just talk about your exposure to the ACP program in the event that ACP is potentially not reauthorized. I suspect most of those customers are customers that were already customers of yours. But do you have a sense of how many customers are fully dependent on that program in order to keep -- subscribe to broadband. And then second, I wonder if you could just update us on your thinking about wireless. And when at some point down the road, wireless might make sense as part of the bundle.

如果可以的話，有兩個問題。首先，朱莉最後一次祝賀您入選有線電視名人堂，這確實是一項了不起的榮譽。首先，您能否談談在 ACP 可能無法重新授權的情況下您對 ACP 計劃的影響。我懷疑這些客戶中的大多數已經是您的客戶。但您是否知道有多少客戶完全依賴該計劃才能保持訂閱寬帶服務。其次，我想知道您是否可以向我們介紹一下您對無線的最新想法。當未來的某個時刻，無線作為捆綁包的一部分可能會有意義。

Yes. Thank you for -- I thought I might be able to squeak by this call. I wouldn't let them put it in the script.

是的。謝謝你——我想我也許可以通過這個電話吱吱叫。我不會讓他們把它寫進劇本里。

Craig, if you didn't say anything I definitely was. So I'm pleased that you brought it up.

克雷格，如果你什麼也沒說，我肯定是。所以我很高興你提出這個問題。

It was a nice slide. Thank you very much. I say, gosh, if you do anything long enough, I guess, they give you an award, but ACP, we only have -- we have less than 30,000 ACP customers. So I think our exposure is not large if, for some reason, those funds are not reauthorized. You are right. The majority of those people were our customers, and they upgraded to higher tiers. They're using the money to offset more versus get into the program. Wireless mobile, you can jump in here, too. Again, I think it's interesting.

這是一張很棒的幻燈片。非常感謝。我說，天哪，如果你做某件事足夠長的時間，我猜他們會給你獎勵，但是 ACP，我們只有 - 我們只有不到 30,000 個 ACP 客戶。因此，我認為，如果由於某種原因這些資金沒有得到重新授權，我們的風險敞口並不大。你是對的。其中大多數人是我們的客戶，他們升級到了更高的級別。他們用這筆錢來抵消更多的資金而不是加入該計劃。無線移動設備，您也可以加入這裡。再說一次，我認為這很有趣。

Of course, I listened in on Altice and they said that customer research was saying that they wanted converged products. And we have not heard that. We need to keep our customers in mind. And if it's what our customers want, then that's something that we can move towards. Right now, I honestly think our focus is best served. We have a very capable team. They know what they're doing in the towns that we operate in and we need to be doing everything we can to grow our market share and defend our market share in places where there is competition.

當然，我在 Altice 上聽過，他們說客戶研究表明他們想要融合產品。我們還沒有聽說過。我們需要牢記我們的客戶。如果這是我們的客戶想要的，那麼我們就可以朝著這個方向前進。現在，老實說，我認為我們的重點得到了最好的滿足。我們有一支非常有能力的團隊。他們知道他們在我們經營的城鎮裡做什麼，我們需要盡一切努力來擴大我們的市場份額，並在有競爭的地方捍衛我們的市場份額。

Again, that percentage is relatively low, especially vis-a-vis our peers. I do think that we have options that are available to us, they're not exactly the same as our peers, but we do have options available to us if a converged product is what our customers want and if it will mean helping our profitability in the long run.

同樣，這個百分比相對較低，尤其是與我們的同行相比。我確實認為我們有可用的選擇，它們與我們的同行並不完全相同，但如果融合產品是我們的客戶想要的，並且從長遠來看這意味著有助於我們的盈利能力，那麼我們確實有可用的選擇。

And Craig, I'll build on that a second as it relates to the profitability because that to us is, of course, second to what our customers want is the most critical element of making that decision and those economics at this stage, aren't at the place where we want them to be. We've talked about the reliability elements associated with that. And then their bigger question is, is it really a converged product? Or is it just something that's discounted in terms of how you potentially get co-market.

克雷格，我將在此基礎上再談一談，因為它與盈利能力有關，因為對我們來說，當然，其次是我們的客戶想要什麼，這是做出決定的最關鍵因素，而現階段的經濟狀況還沒有達到我們想要的水平。我們已經討論了與之相關的可靠性要素。然後他們更大的問題是，這真的是融合產品嗎？或者它只是在你如何獲得聯合市場方面打了折扣。

Our next question comes from Steven Cahall with Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Two questions. Maybe first, just to go back to ARPU, when we think about that 4.5% strong growth that you saw in the quarter, could you just help us think about whether a little bit or a lot came from the non-unlimited pricing tiers that you have? Just wondering because Julie, you said that ultimately, that could go away if competition dictates it. So just wondering if that becomes a meaningful headwind to ARPU growth or not really something we need to worry about.

兩個問題。也許首先，回到 ARPU，當我們考慮您在本季度看到的 4.5% 的強勁增長時，您能否幫助我們考慮一下是一點還是大量來自您擁有的非無限定價層？只是想知道，因為朱莉，你說過，如果競爭決定的話，最終這種情況可能會消失。所以只是想知道這是否會成為 ARPU 增長的一個有意義的阻力，或者不是我們真正需要擔心的事情。

And then thanks for the color on the DOCSIS 4.0 upgrade plan. That $200 a passing. Does that include CPE and any time line we should think about for your goal to get to DOCSIS 4.0?

然後感謝您對 DOCSIS 4.0 升級計劃的說明。那200美元一次。這是否包括 CPE 以及我們應該考慮實現 DOCSIS 4.0 目標的任何時間表？

Yes. I wouldn't worry about the unlimited. We pretty much slowly and quietly been tucking that into everyone's plan over the past couple of years. For the fourth quarter, the main driver of the ARPU increase was that modem adjustment that we took at the end of last year with a smidge of customer migrations up to higher tiers. So that's what drove that ARPU. As Todd referenced, we do have the folks that were migrated from 100 meg to 200 meg that are receiving as we -- well, we've already received it quite honestly. It was in April. The second $5 adjustments bring them up to that $65 price point. So we'll be seeing that flow through in the second quarter. And of course, that -- well, for that segment of those customers is larger than the adjustment that was done on the modems, but there's only a subsegment about 150,000 customers that did that migration.

是的。我不會擔心無限。在過去的幾年裡，我們幾乎緩慢而安靜地將其納入每個人的計劃中。第四季度，ARPU 增長的主要驅動力是我們在去年底進行的調製解調器調整，其中有少量客戶遷移到更高級別。這就是 ARPU 的推動因素。正如托德提到的，我們確實有那些從 100 兆遷移到 200 兆的人，他們正在接受我們——嗯，我們已經很誠實地接受了。那是在四月。第二次 5 美元的調整使價格達到 65 美元。因此，我們將在第二季度看到這種情況。當然，對於這部分客戶來說，這比在調製解調器上進行的調整要大，但只有大約 150,000 名客戶進行了遷移。

Yes, Steve, you will see the data side of the equation, the data plan side of the ARPU be very material and continue to decline. I wouldn't have concern about that to your question.

是的，史蒂夫，你會看到等式的數據方面，ARPU 的數據計劃方面非常重要，並且繼續下降。我不會擔心你的問題。

I don't think people have noticed it to date because of the other things making up for it.

我認為迄今為止人們還沒有註意到它，因為其他事情彌補了它。

And when we can upgrade customers based on maybe previously where they had that, it was a good catalyst to get them into a plane that's better for their needs and better for their usage, as Julie was talking about with so many of our customers continuing to increase the amount of usage and monthly capacity. The unlimited plans are ideal for that and it's a much happier longer-term loyal customer.

當我們可以根據客戶之前的情況進行升級時，這是一個很好的催化劑，讓他們乘坐一架更適合他們的需求和使用的飛機，正如朱莉與我們許多客戶談論的那樣，我們不斷增加使用量和每月的容量。無限制的計劃非常適合這一點，而且它是一個更快樂的長期忠誠客戶。

On the 4.0 side, the $200 million per passing approximate that we included here is not including the actual in-home equipment. It is the -- everything basically but that, that will be not a need necessarily. But if the customer is looking for all of those enhanced offerings and services that come with that 4.0 architecture, it could require the need for incremental in-home CPE, and that's not in that number.

在 4.0 方面，我們在此列出的每次路過 2 億美元的近似值不包括實際的家用設備。基本上就是一切，但那不一定是必要的。但如果客戶正在尋找 4.0 架構附帶的所有增強型產品和服務，則可能需要增量家庭 CPE，而這並不在這個數字中。

What I will remind you and all others as we've been very actively already investing in that 4.0 architecture and specifically in the network architecture in terms of spacing of the [amps] and splitting of the nodes and deeper every time, we're doing that with our fiber, and that's what allows us to have that number be so efficient. And that will be a plan that we execute not on in a 12-month period of time. But over time, as we look at selectively rolling out in markets on a very staged basis.

我要提醒您和所有其他人的是，因為我們已經非常積極地投資於 4.0 架構，特別是在 [amps] 間距和節點分裂以及每次更深的網絡架構方面進行投資，我們正在使用我們的光纖來做到這一點，這就是使我們能夠擁有如此高效的數字的原因。這將是一個我們不會在 12 個月內執行的計劃。但隨著時間的推移，當我們考慮分階段有選擇地在市場上推出時。

Yes. So legacy modems will work unless they want to step up to higher symmetrical and enhanced services.

是的。因此，除非傳統調製解調器想要升級到更高的對稱性和增強型服務，否則它們仍然可以工作。

That's correct.

這是正確的。

And the time line is market by market, not a forced march, but where we perceive there to be need for a variety of reasons.

時間線是根據市場逐個市場製定的，不是強行進軍，而是我們認為出於各種原因需要的時間。

Our next question comes from Brandon Nispel with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Brandon Nispel。

A lot of them have been asked. But, I guess, for Todd, if starts are down, how much capital -- will capital spending come down for network expansion. I noticed it was down this quarter. And what should we be expecting in terms of new home passings within your footprint? I'll just leave it at that.

他們中的很多人都被問過。但是，我想，對於托德來說，如果開工率下降，用於網絡擴張的資本支出將會下降多少。我注意到這個季度有所下降。對於您足跡中的新家經過，我們應該期待什麼？我就這樣吧。

Thanks for the question, Brandon. I appreciate that. The new homes passed, we were up a little -- I think it was like 1.8% -- 1.75% year-over-year. And we've kind of always talked about that as being in the 1%, 1.5% market expansion where we are either extending or in some cases building in some new markets in and around our current geographies will be the primary driver of that or, of course, where there was a meaningful amount of population growth in many of our markets and developers adding new neighborhoods, and we expect that to continue. It's been a little bit more benign here in the last 6 to 9 months as we've talked about on several of these calls as it relates to the new home development but more of what we anticipate to be a temporary macroeconomic impact than a long-term where are people looking to live.

謝謝你的提問，布蘭登。我很感激。新房通過了，我們上漲了一點——我認為同比上漲了 1.8%——1.75%。我們總是談到，在 1%、1.5% 的市場擴張中，我們在當前地區及其周邊地區擴展或在某些情況下建立一些新市場將是其主要驅動力，當然，我們的許多市場中人口顯著增長，開發商增加了新社區，我們預計這種情況將持續下去。在過去的 6 到 9 個月裡，情況稍微溫和一些，因為我們已經討論了其中一些與新房開發相關的電話，但我們預計更多的是暫時的宏觀經濟影響，而不是人們想要居住的長期影響。

And then the capital dynamic will obviously have some impact associated with that. It will ebb and flow a little bit on when we're doing projects on the integration side, which are still in flight as it relates to some of the platform migrations as we've talked about and market expansion has, I wouldn't call it a straight line level of where that spend is, but something that we absolutely feel is within that kind of broader [$400] per year kind of dollar consistency that we've talked about.

然後資本動態顯然會產生一些與之相關的影響。當我們在集成方面做項目時，它會稍微起起落落，這些項目仍在進行中，因為它與我們討論過的一些平台遷移和市場擴張有關，我不會將其稱為支出的直線水平，但我們絕對感覺到的是我們討論過的那種更廣泛的每年 [400 美元] 的美元一致性。

The new home passings are incredibly cyclical. Our markets -- we have many markets that are growing and developments are planned. But when the economy is like it is right now, they might just be doing curb and gutter work and not actually building the homes. But they will be built, they will be built. It's just a matter of time.

新家的傳遞具有令人難以置信的周期性。我們的市場——我們有許多正在增長的市場，並且正在規劃開發。但當經濟像現在這樣時，他們可能只是在做路邊和排水溝工作，而不是真正建造房屋。但它們將會被建造，它們將會被建造。這只是時間問題。

Got it. If I could ask one last, I guess, it's a follow-up, but you commented on not being able to forecast broadband net adds that well. I would imagine that you still expect to grow this year broadband net adds that is -- but do you expect to grow every quarter this year sequentially?

知道了。如果我可以問最後一個問題，我想，這是一個後續行動，但你評論說無法很好地預測寬帶網絡的增加。我想您仍然預計今年寬帶淨增加量會增長，但您預計今年每個季度都會連續增長嗎？

I would agree with your comment that we fully expect to grow broadband adds. We've been very consistent in saying that. I think we've demonstrated that in this quarter to predict it on a quarter-by-quarter basis is a little bit more challenging, Brandon, as you know. We've seen some would have returned to the predictable seasonality than what I think even in like early 2022, we were trying to follow that and it was still kind of more challenging to actually follow and predict. But then again, you're throwing macroeconomic headwinds into things now and obviously, a different competitive environment, but we are very confident we can continue to grow end of the year.

我同意您的評論，即我們完全期望增加寬帶服務。我們在這方面的說法非常一致。我認為我們已經證明，在本季度逐季度進行預測有點更具挑戰性，布蘭登，如您所知。我們已經看到，即使在 2022 年初，有些人也會回到可預測的季節性，比我想像的要好，我們試圖遵循這一點，但實際遵循和預測仍然更具挑戰性。但話又說回來，你現在正在給事情帶來宏觀經濟逆風，顯然，這是一個不同的競爭環境，但我們非常有信心我們可以在年底繼續增長。

Which again is cyclical. Yes. No, I agree. We will grow.

這又是周期性的。是的。不，我同意。我們會成長。

There are no more questions, so I'll pass the call back over to the management team for closing remarks.

沒有更多問題了，所以我會將電話轉回給管理團隊進行總結髮言。

Thank you, Jason. I'd like to once more express my gratitude to our dedicated associates for their unwavering commitment and hard work in driving our company and most importantly, serving our customers. and thanks, everyone, for joining us for today's call. We look forward to speaking to you again next quarter. And as many of our associates have already wished me today, I will also wish you May the Fourth be with you.

謝謝你，傑森。我想再次向我們敬業的員工表示感謝，感謝他們在推動我們公司發展以及最重要的是為我們的客戶提供服務方面的堅定承諾和辛勤工作。感謝大家參加今天的電話會議。我們期待下季度再次與您交談。正如我們許多同事今天已經向我祝愿的那樣，我也祝愿您，願國慶節與您同在。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。