Cable One Inc (CABO) 2024 Q2 法說會逐字稿

I would like to welcome everyone to the Cable One Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

我謹歡迎大家參加有線電視一號第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員說明）

I would now like to turn the conference over to Jordan Morkert, Vice President, Investor Relations.

現在我想將會議交給投資者關係副總裁喬丹莫克特 (Jordan Morkert)。

Good afternoon, and welcome to Cable One's second quarter 2024 earnings call. We're glad to have you join us as we review our results. Before we proceed, I'd like to remind you that today's discussion contains forward-looking statements relating to future events that involve risks and uncertainties, including statements regarding future customer growth, changes in ARPU, our recently announced organizational changes, the impact of the ending of the affordable connectivity program, capital expenditures, financial performance, capital allocation, dividend policy, leverage ratios and financing plans.

下午好，歡迎參加 Cable One 的 2024 年第二季財報電話會議。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，包括有關未來客戶成長、ARPU 變更、我們最近宣布的組織變更、結束可負擔的連結性計劃、資本支出、財務績效、資本配置、股利政策、槓桿率和融資計劃。

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 SEC filings, including our annual report on Form 10-K.

您可以在今天的電話會議、今天的收益發布和我們向 SEC 提交的文件（包括我們的 10-K 表格年度報告）中找到可能導致 Cable One 的實際結果與前瞻性陳述產生重大差異的因素。

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.

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，無論是由於新資訊、未來事件或其他原因。

Additionally, today's remarks will include a discussion of certain financial measures that are not presented in conformity with US 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. Joining me on today's call is our President and CEO, Julie Laulis; and Todd Koetje our CFO.

此外，今天的演講還將討論某些不符合美國公認會計原則或公認會計準則的財務指標。本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可在我們的收益報告或我們的網站 ir.cableone.net 上找到。加入我今天的電話會議的是我們的總裁兼執行長 Julie Laulis；和我們的財務長 Todd Koetje。

With that, let me turn the call over to Julie.

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. In the second quarter, we executed on our phased plan for long-term growth by taking steps to drive penetration deeper across all market segments and strengthening our competitive position. CABO is a durable enterprise, and our adaptability has been key to our success.

謝謝喬丹，大家下午好。我們感謝您參加今天的電話會議。第二季度，我們執行了長期成長的階段性計劃，採取措施加深對所有細分市場的滲透並加強我們的競爭地位。CABO 是一家持久的企業，我們的適應力是我們成功的關鍵。

As part of our focus on growth, we have continued to upgrade our internal platforms to best-in-class standards, implemented organizational changes that enhance our competitiveness by empowering greater decision-making at the local level and continue to refine our go-to-market approach to meet evolving market conditions.

作為我們關注成長的一部分，我們繼續將我們的內部平台升級到一流標準，實施組織變革，透過賦予地方層面更大的決策權來增強我們的競爭力，並繼續完善我們的首選——市場方法，以滿足不斷變化的市場條件。

Despite challenges such as the discontinuation of the Affordable Connectivity Program and seasonal fluctuations typical of the second quarter, we maintained steady progress with both connect and disconnect, improving on a year-over-year basis for the second consecutive quarter.

儘管面臨諸如經濟實惠的連接計劃終止和第二季度典型的季節性波動等挑戰，我們在連接和斷開連接方面仍保持穩定進展，連續第二個季度同比有所改善。

We remain focused on leveraging our strong presence in rural America to capture opportunities and deliver value to our stakeholders. And we believe our second quarter results reflect execution against our strategic plan and set the stage for sustained long-term growth.

我們仍然專注於利用我們在美國農村地區的強大影響力來抓住機會並為我們的利害關係人創造價值。我們相信，我們第二季的業績反映了我們策略計畫的執行情況，並為持續的長期成長奠定了基礎。

Before handing the call over to Todd for a detailed review of our financial performance, I'd like to address three key topics. First, I'll discuss broadband growth across our business. I'll touch on favorable trends we are seeing due to our new initiatives, including the unique challenges and dynamics of the current marketplace and provide insight into our expectations for the future.

在將電話轉交給托德詳細審查我們的財務表現之前，我想先談談三個關鍵主題。首先，我將討論我們業務中的寬頻成長。我將談談我們因新舉措而看到的有利趨勢，包括當前市場的獨特挑戰和動態，並深入了解我們對未來的期望。

Second, I'll explain how proactive and capital-efficient investments in our network over the past years enable us to provide a superior customer experience and position us for the next generation of speeds and service offerings necessary to deliver for our customers' expanding needs.

其次，我將解釋過去幾年對我們網路的積極主動和資本高效的投資如何使我們能夠提供卓越的客戶體驗，並使我們能夠為滿足客戶不斷增長的需求提供必要的下一代速度和服務產品。

Finally, I will outline the recent organizational changes we made to fuel our strategy for the future. These reconfigure the relationship between our local teams and corporate office, empowering decision-making at the local level by associates closest to our customers. We believe this approach will enhance our agility and better support our growth initiatives.

最後，我將概述我們最近為推動未來策略而進行的組織變革。這些重新配置了我們當地團隊和公司辦公室之間的關係，使最接近客戶的員工能夠在當地做出決策。我們相信這種方法將增強我們的敏捷性並更好地支持我們的成長計劃。

First, residential broadband. In the second quarter, we faced the challenges presented by the ending of the affordable connectivity program. Through proactive and thoughtful communication, assessing our customers financial and usage needs and aligning them with suitable plans, we successfully managed a net decrease of about 4,000 customers of the approximately 48,000 customers receiving an ACP subsidy during the quarter.

一是住宅寬頻。第二季度，我們面臨著負擔得起的連接計劃結束帶來的挑戰。透過積極主動和深思熟慮的溝通、評估客戶的財務和使用需求並為其製定合適的計劃，我們成功地在本季度獲得 ACP 補貼的約 48,000 名客戶中淨減少了約 4,000 名客戶。

Please note, this figure does not take into account any estimate of the impact that the end of the ACP program had on our gross connections for the quarter. We also anticipate some additional churn from ACP in the third quarter.

請注意，該數字並未考慮 ACP 計劃結束對本季總連接影響的任何估計。我們也預期 ACP 在第三季會出現一些額外的流失。

Excluding the impact of those 4,000 lost ACP customers, our residential broadband customer base would have declined by only 200 customers on a sequential quarterly basis, a significant improvement compared to the seasonally impacted declines we experienced in the second quarter of 2023.

排除這 4,000 名流失的 ACP 客戶的影響，我們的住宅寬頻客戶群環比僅減少 200 名客戶，與 2023 年第二季度受季節性影響的下降相比，這是一個顯著的改善。

Despite the loss of ACP subsidies, we experienced both improved connects and disconnects in Q2 on a year-over-year basis for the second consecutive quarter. As I've discussed in prior quarters, our relatively low broadband penetration leaves us well positioned to drive incremental growth over time. By segmenting our marketplace, targetting each cohort and adressing our unique needs, we can access new market segments and increase penetration in existing ones.

儘管失去了 ACP 補貼，但我們在第二季度的連接和斷開連接情況連續第二季度同比有所改善。正如我在前幾個季度所討論的，我們相對較低的寬頻滲透率使我們能夠隨著時間的推移推動增量成長。透過細分市場、針對每個群體並滿足我們的獨特需求，我們可以進入新的細分市場並提高對現有細分市場的滲透率。

Furthermore, our ongoing digital transformation initiatives and significant excess network capacity enable us to deliver our services more efficiently with the marginal cost of each incremental customer lower than ever. In addition to the positive momentum and customer trends, our ARPU decline slowed sequentially as anticipated, as our customers began to roll off of select promotions, and we continue to refine our competitive responses.

此外，我們正在進行的數位轉型計劃和大量過剩的網路容量使我們能夠更有效地提供服務，並且每個增量客戶的邊際成本都比以往更低。除了積極的勢頭和客戶趨勢之外，我們的 ARPU 下降速度按預期連續放緩，因為我們的客戶開始停止選擇促銷活動，而我們則繼續完善我們的競爭應對措施。

We also experienced strong demand for our premium speed tiers with 45% of new customers opting for big or higher speeds, up from 39% in the same quarter a year ago. This trend resulted in increased overall sell-in ARPU this past quarter and set a favorable trajectory heading into the third quarter.

我們也經歷了對優質速度等級的強勁需求，45% 的新客戶選擇大速度或更高速度，高於去年同期的 39%。這一趨勢導致上個季度的 ARPU 整體銷量增加，並為進入第三季度奠定了良好的軌跡。

In July, we implemented a new program in which we increased rates for nearly half of our HFC customers by $5 with an option to offset this increase to a $5 credit for customers who sign up for auto pay using a debit card or bank account and paperless billing.

7 月，我們實施了一項新計劃，將近一半的HFC 客戶的費率提高了5 美元，並可以選擇將這一增加額抵消為使用借記卡或銀行帳戶和無紙化自動支付的客戶獲得5 美元的信用額度計費。

Our research indicates that encouraging auto pay enrollment can boost retention rates, providing an opportunity to further reduce our already low churn rates. Additionally, we anticipate this program will result in decreased billing and transaction processing costs. While our approach with this program remains conservative relative to industry standards, it reflects our ongoing commitment to improving operational efficiency.

我們的研究表明，鼓勵自動支付註冊可以提高保留率，為進一步降低本已較低的流失率提供了機會。此外，我們預計該計劃將降低計費和交易處理成本。雖然我們對該計劃的方法相對於行業標準仍然保守，但它反映了我們對提高營運效率的持續承諾。

Driven by the aforementioned factors, including promotional roll-offs, refinements to our competitive responses, increased selling rates and our auto pay program, we currently expect ARPU to stabilize in the second half of the year. One of the challenges we have faced is steadily increasing wired competition. We have successfully navigated this hurdle in the past by leveraging our deep local knowledge and delivering products and services that make our customers lives easier.

在上述因素的推動下，包括促銷推廣、改善我們的競爭應對措施、提高銷售率和我們的自動支付計劃，我們目前預計 ARPU 將在今年下半年趨於穩定。我們面臨的挑戰之一是有線競爭的不斷加劇。過去，我們利用深厚的本地知識並提供讓客戶生活更輕鬆的產品和服務，成功地克服了這一障礙。

By actively listening to and acting on customer feedback, we effectively meet our customers needs and stay ahead of our competitors. In many of our markets, factors such as high construction costs influenced by lower population density, challenging topography and limited access to labor pools contribute to the difficulty of entering many of our communities.

透過積極傾聽客戶的回饋並採取行動，我們有效地滿足客戶的需求並保持領先於競爭對手。在我們的許多市場中，人口密度較低、地形複雜、勞動力資源有限等因素導致建築成本較高，導致進入許多社區變得困難。

These factors, along with the current cost of capital, make these areas less attractive to [overbuilders]. For those contemplating entry into our markets, the ARPU and penetration rates required to yield viable returns in these higher-cost locations makes aggressive pricing strategies difficult to sustain.

這些因素加上目前的資本成本，使得這些領域的吸引力降低[過度建設者]。對於那些考慮進入我們市場的人來說，在這些成本較高的地區產生可行回報所需的 ARPU 和滲透率使得激進的定價策略難以維持。

We believe these market dynamics, coupled with our multifaceted responses that extend beyond pricing alone, have already prompted potential newcomers to reconsider their plans to enter some of our markets.

我們相信，這些市場動態，加上我們不僅僅只是定價的多方面應對措施，已經促使潛在的新來者重新考慮他們進入我們某些市場的計劃。

Another key opportunity for long-term growth is business broadband, which saw a 1.6% increase in year-over-year revenues from the same quarter last year despite the economic and market headwinds affecting the small business sector. We also see strong demand in carrier, wholesale, and enterprise customer segments. These markets are still emerging, but consistently growing for Cable One.

長期成長的另一個關鍵機會是商業寬頻，儘管經濟和市場逆風影響了小型企業部門，但去年同期營收年增了 1.6%。我們也看到營運商、批發和企業客戶群的強勁需求。這些市場仍處於新興階段，但電纜一號持續成長。

A recent notable success in our Carrier Services segment is a long-term contract for a several hundred site opportunity with a total contract value exceeding $30 million. This achievement is a testament to our strong network, trusted brand and the exceptional support provided by our carrier sales team.

我們的營運商服務部門最近取得的一項顯著成功是一份涉及數百個站點機會的長期合同，合約總價值超過 3000 萬美元。這項成就證明了我們強大的網路、值得信賴的品牌以及營運商銷售團隊提供的卓越支援。

I would now like to discuss why our network is also a significant growth enabler for us. We recognize that consumer demand for data consumption, reliability and performance is continually rising and our ongoing investments ensure we will exceed these expectations.

我現在想討論為什麼我們的網路也是我們重要的成長推動者。我們認識到消費者對數據消耗、可靠性和效能的需求不斷增長，我們持續的投資確保我們將超越這些期望。

We are well positioned to support multi-gig speeds in nearly all markets as we transition our remaining video customers to our IPTV platform. Our balanced investment strategy includes a road map to achieve 5 and 10 gig speeds, including upgrade options such as DOCSIS 3.1 enhanced and DOCSIS 4.0 over the next several years.

隨著我們將剩餘的視訊客戶轉移到我們的 IPTV 平台，我們處於有利位置，可以支援幾乎所有市場的多千兆速度。我們的平衡投資策略包括實現 5 和 10 GB 速度的路線圖，包括未來幾年的 DOCSIS 3.1 增強版和 DOCSIS 4.0 等升級選項。

Our whole home WiFi product remains integral to enhancing in-home performance and elevating the overall customer experience. Recognizing WiFi's pivotal role in shaping customer perceptions of their internet service, we are continually investing in the state-of-the-art product to enhance our offerings in the market.

我們的全家庭 WiFi 產品仍然是增強家庭表現和提升整體客戶體驗不可或缺的一部分。我們認識到 WiFi 在塑造客戶對其互聯網服務的看法方面發揮關鍵作用，因此不斷投資於最先進的產品，以增強我們在市場上的產品。

We are actively focused on the development of new products, services and partnerships aimed at elevating the customer experience and ensuring seamless connectivity.

我們積極專注於新產品、服務和合作夥伴關係的開發，旨在提升客戶體驗並確保無縫連接。

We operate our network at substantial capacity and low utilization levels that we believe significantly exceed those of our wireless competitors. Our HSD customer base, including those with video service, consumes approximately 700 gigabytes monthly per home on average, this data usage level far surpassing that of mobile fixed wireless networks.

我們以巨大的容量和較低的利用率運營我們的網絡，我們相信這遠遠超過了我們的無線競爭對手。我們的HSD客戶群，包括那些擁有視訊服務的客戶群，平均每個家庭每月消耗約700GB，這項數據使用量遠超過行動固定無線網路。

We anticipate this trend will accelerate with the increasing shift of sports content to streaming platforms and the introduction of new products that leverage our extensive capabilities.

我們預計，隨著體育內容越來越多地轉向串流媒體平台以及利用我們廣泛能力的新產品的推出，這一趨勢將會加速。

Moreover, our peak hour utilization remains below 20%, underscoring our commitment to ensuring our network is never a barrier to growth. Lastly, we have recently implemented significant organizational changes as part of our strategy to foster sustainable long-term growth and adapt to evolving customer needs in today's competitive landscape.

此外，我們的高峰時段利用率仍然低於 20%，這突顯了我們致力於確保我們的網路永遠不會成為成長障礙的承諾。最後，我們最近實施了重大的組織變革，作為我們策略的一部分，以促進可持續的長期成長並適應當今競爭格局中不斷變化的客戶需求。

Central to these changes is our unwavering dedication to community-based, reliable service, bolstered by equipping our local system associates with the essential tools and resources to meet these challenges.

這些變化的核心是我們堅定不移地致力於以社區為基礎的可靠服務，並為我們的本地系統員工配備必要的工具和資源來應對這些挑戰。

In our drive to enhance operational excellence, we have restructured the dynamics between our local and corporate teams, harnessing their respective strength to better serve our customers. This involves expanding and realigning our regions around growth centers, driving decisions to the local level where teams can act with speed and agility in the best interest of customers and associates in their communities.

在提高卓越營運的過程中，我們重組了本地團隊和企業團隊之間的動態，利用各自的優勢更好地為客戶服務。這涉及圍繞成長中心擴大和重新調整我們的區域，將決策推動到地方層面，使團隊能夠快速、敏捷地採取行動，以維護社區中客戶和員工的最大利益。

Providing those leaders with the resources necessary to deliver exceptional service and achieve region-specific performance targets and unifying and streamlining our distributed customer care resources under common leadership, who will maintain our local presence and drive our neighborly approach.

為這些領導者提供提供卓越服務和實現特定地區績效目標所需的資源，並在共同領導下統一和簡化我們分散的客戶服務資源，他們將維持我們的本地業務並推動我們的睦鄰方針。

Since the reorganization was announced, we've actively engaged with our associates in the field to discuss the changes and gather their feedback. The enthusiasm has been palpable, reflecting their excitement about being empowered to drive growth in their markets.

自從宣布重組以來，我們積極與該領域的同事合作，討論變革並收集他們的回饋。這種熱情是顯而易見的，反映出他們對能夠推動市場成長的興奮。

These organizational changes, coupled with growth initiatives and ongoing network investments exemplify our commitment to rigorously evaluating every facet of our company to ensure we are continuing to make informed and its strategic decisions that deliver superior long-term value and service to our customers.

這些組織變革，加上成長計畫和持續的網路投資，體現了我們嚴格評估公司各個方面的承諾，以確保我們繼續做出明智的策略決策，為客戶提供卓越的長期價值和服務。

And now, Todd will provide a recap of our second quarter financial performance and further discuss our outlook for the future.

現在，托德將回顧我們第二季的財務業績，並進一步討論我們對未來的展望。

Beginning with the top-line, our total revenues for the second quarter of 2024 was $394.5 million compared to $424 million in the second quarter of 2023. This decrease was primarily driven by lower ARPU in our residential data customer base and the continued attrition of low-margin video subscribers. Residential data revenues for Q2 decreased by $16.4 million or 6.7% year-over-year.

從營收開始，我們 2024 年第二季的總營收為 3.945 億美元，而 2023 年第二季的總營收為 4.24 億美元。這一下降主要是由於我們的住宅數據客戶群中的 ARPU 較低以及低利潤視訊用戶的持續流失所造成的。第二季住宅數據營收年減 1,640 萬美元，成長 6.7%。

The primary driver was a 6.9% decrease in ARPU contributed to the implementation of targeted pricing and product offerings in specific markets against select competitors, along with a focus on accretive, value-conscious customer cohorts, which tend to have lower sell-in rates. As Julie noted, based on a number of contributing factors, we anticipate that ARPU will stabilize in the latter half of the year.

主要驅動因素是ARPU 下降6.9%，這是由於在特定市場針對特定競爭對手實施了有針對性的定價和產品供應，以及注重增值、注重價值的客戶群（這些客戶群的銷售率往往較低） 。正如朱莉所指出的，基於多項影響因素，我們預期 ARPU 將在下半年趨於穩定。

On the business data side, second quarter revenues grew by $0.9 million or 1.6% compared to the prior year. Business data PSUs grew by 500 subscribers sequentially and by more than 1,700 over the past 12 months.

在業務數據方面，第二季營收較上年成長 90 萬美元，即 1.6%。業務數據 PSU 訂閱者連續增加了 500 個，在過去 12 個月中增加了 1,700 多個。

Operating expenses were $105.8 million or 26.8% of revenues in the second quarter of 2024 compared to $112.8 million or 26.6% of revenues in the prior year quarter. The decrease in expense was driven largely by an $8.5 million decrease in programming costs as well as our ongoing focus on optimizing cost structures within our labor base.

2024 年第二季營運費用為 1.058 億美元，佔營收的 26.8%，而去年同期營運費用為 1.128 億美元，佔營收的 26.6%。費用減少主要是因為程式成本減少了 850 萬美元，以及我們持續專注於優化勞動成本結構。

Selling, general and administrative expenses were $90.8 million or 23% of revenues in the second quarter of 2024 compared to $86.2 million and 20.3% in the second quarter of last year. The increase was driven by $5.5 million of nonrecurring severance costs associated with the previously mentioned (technical difficulty) changes as well as $1.2 million of costs associated with our continued investment in our long-term transformative operating platforms that we've previously discussed.

2024 年第二季的銷售、一般和管理費用為 9,080 萬美元，佔營收的 23%，而去年第二季為 8,620 萬美元，佔營收的 20.3%。這一增長是由與前面提到的（技術難度）變化相關的 550 萬美元的非經常性遣散費以及與我們之前討論過的長期轉型運營平台的持續投資相關的 120 萬美元的成本推動的。

As we outlined in our 8-K that was furnished in conjunction with our recently announced reorganization, we anticipate approximately $14 million of annualized run rate savings related to these changes that will begin in the third quarter. Bottom line net income was $47.6 million in the second quarter of 2024 compared to $55.2 million in the second quarter of 2023.

正如我們在與最近宣布的重組一起提供的 8-K 中概述的那樣，我們預計與第三季度開始的這些變化相關的年化運行率將節省約 1,400 萬美元。2024 年第二季的底線淨利潤為 4,760 萬美元，而 2023 年第二季為 5,520 萬美元。

Adjusted EBITDA was $212.4 million or 53.8% of revenues in Q2 2024 compared to $231.3 million or 54.5% of revenues in the prior year quarter as we continue to implement our plan to achieve sustainable unit growth within our data segments, albeit with the intended rebalancing of certain pricing strategies that impacted revenue per unit on a short-term basis. Our EBITDA margins slightly improved on a sequential basis.

2024 年第二季調整後EBITDA 為2.124 億美元，佔營收的53.8%，而去年同期為2.313 億美元，佔營收的54.5%，因為我們繼續實施我們的計劃，以在我們的資料領域實現永續的單位增長，儘管計劃重新平衡某些短期影響單位收入的定價策略。我們的 EBITDA 利潤率較上季略有改善。

Capital expenditures were $71.6 million in Q2 of this year compared to $81.5 million last year, equating to $9.9 million or 12.2% decrease year-over-year. Sequentially, our total capital investment increased by $5.7 million, primarily due to our ongoing investment in leading whole-home WiFi technology and line extensions. We expect that total CapEx for the year to be in the $300 million area.

今年第二季的資本支出為 7,160 萬美元，而去年為 8,150 萬美元，相當於 990 萬美元，年減 12.2%。隨後，我們的總資本投資增加了 570 萬美元，主要是由於我們對領先的全屋 WiFi 技術和產品線擴展的持續投資。我們預計今年的資本支出總額將在 3 億美元左右。

Adjusted EBITDA less capital expenditures was $140.8 million in the second quarter of 2024, a $9 million or a 6% decrease from the prior year. Year-to-date, our adjusted EBITDA less CapEx was $291.9 million, a 3.4% increase from the comparable prior year period.

2024 年第二季調整後 EBITDA 減去資本支出為 1.408 億美元，比前一年減少 900 萬美元，減少 6%。年初至今，我們調整後的 EBITDA 減去資本支出為 2.919 億美元，比去年同期成長 3.4%。

We continue to maintain our disciplined and conservative capital allocation strategy. Our focus remains on four key areas. One, investing in our network to ensure we are able to offer premium Internet service in the markets we serve.

我們繼續維持嚴謹且保守的資本配置策略。我們的重點仍然是四個關鍵領域。第一，投資我們的網絡，以確保我們能夠在我們服務的市場提供優質的互聯網服務。

Two, pursuing organic growth investments with attractive economic returns, highlighted by the 34,000 new passings we built so far this year. Three, exploring inorganic investments to consolidate complementary rural broadband assets or partner with proven operating leaders for strategic growth opportunities.

第二，追求具有有吸引力的經濟回報的有機成長投資，今年迄今為止我們新建的 34,000 個通道就是這一點的突出體現。第三，探索無機投資，以整合互補的農村寬頻資產或與成熟的營運領導者合作以獲得策略成長機會。

And four, returning capital to shareholders through regular dividends, disciplined debt reduction and opportunistic share repurchases.

第四，透過定期股利、嚴格的債務削減和機會性股票回購向股東返還資本。

During the quarter, we invested an additional $20 million in Nextlink Internet, extending our strong partnership with its leading rural broadband provider. Our investment comes alongside an incremental investment from the company's founder and CEO and we'll continue to support Nextlink's compelling profitable growth trajectory and expanded fiber footprint to the Central and South Central US.

本季度，我們向 Nextlink Internet 追加投資 2000 萬美元，擴大了我們與其領先的農村寬頻供應商的牢固合作關係。我們的投資伴隨著公司創辦人兼執行長的增量投資，我們將繼續支持 Nextlink 引人注目的獲利成長軌跡，並將光纖足跡擴展到美國中南部。

We continue to see strong long-term value creation opportunities via our existing investments in these rural broadband franchises, alongside the proven owner-operators and trusted third-party financial partners.

透過我們對這些農村寬頻特許經營權的現有投資，以及久經考驗的業主經營者和值得信賴的第三方金融合作夥伴，我們繼續看到強大的長期價值創造機會。

In Q2, we distributed $17.1 million in dividends to shareholders and repaid $54.6 million of debt, including a $50 million volunteer revolving credit facility paydown. Our capitalization and balance sheet management philosophy is rooted in a conservative mindset and one that is committed to disciplined debt repayment and demonstrate an ability to deleverage, specifically subsequent to material strategic events.

第二季度，我們向股東派發了 1,710 萬美元的股息，並償還了 5,460 萬美元的債務，其中包括 5,000 萬美元的志願者循環信貸額度還款。我們的資本和資產負債表管理理念植根於保守的心態，致力於有紀律的債務償還，並表現出去槓桿化的能力，特別是在重大戰略事件發生後。

Since early 2023, we have repaid over $327 million of debt, including $300 million of the initial $488 million drawn under our revolving credit facility. As of the end of the second quarter, we had approximately $202 million of cash and cash equivalents on hand and our debt balance was approximately $3.6 billion, consisting of approximately $1.8 billion in term loans, $920 million in convertible notes, $650 million in unsecured notes, $238 million of revolver borrowings and $5 million of finance lease liabilities.

自 2023 年初以來，我們已償還了超過 3.27 億美元的債務，其中包括根據我們的循環信貸安排最初提取的 4.88 億美元中的 3 億美元。截至第二季末，我們手頭現金和現金等價物約為2.02 億美元，債務餘額約為36 億美元，其中包括約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、2.38 億美元的循環借款和 500 萬美元的融資租賃負債。

We also had $762 million available for additional borrowings under our $1 billion committed revolving credit facility as of the end of the second quarter.

截至第二季末，我們在 10 億美元承諾循環信貸安排下還有 7.62 億美元可用於額外借款。

Our weighted average cost of debt for Q2 of 2024 was 4.2% with over 75% of our borrowing is either fixed issuance or synthetically fixed at underlying base rates that are approximately half of the prevailing floating rates. Our net leverage ratio on a last quarter annualized basis was just below 4 times, while our secured net leverage ratio was approximately 2 times.

2024 年第二季我們的加權平均債務成本為 4.2%，其中超過 75% 的借款要么是固定發行，要么綜合固定在基本基準利率上，約為現行浮動利率的一半。我們上個季度的年化淨槓桿率略低於 4 倍，而我們的擔保淨槓桿率約為 2 倍。

Turning to MBI. Our call options to acquire the remaining 55% of the company that we do not already own, expired unexercised on June 30. If the put options held by the other MBI owners is exercised during the open window in Q3 of 2025, we would expect the transaction to close around late 2025 or early 2026, subject to customary closing conditions and regulatory approvals.

轉向 MBI。我們收購該公司剩餘 55% 股份（我們尚未擁有）的看漲期權已於 6 月 30 日到期，但尚未行使。如果其他 MBI 所有者持有的看跌期權在 2025 年第三季度的開放窗口期間行使，我們預計該交易將在 2025 年末或 2026 年初左右完成，具體取決於慣例成交條件和監管部門批准。

We believe that if the put option is exercised, our existing cash balances, anticipated available capacity under our revolver at the time of the transaction and our operating cash flows would be sufficient to fund the purchase price without raising additional incremental capital.

我們相信，如果行使看跌期權，我們現有的現金餘額、交易時我們的預期可用能力以及我們的經營現金流將足以為購買價格提供資金，而無需籌集額外的增量資本。

However, as previously mentioned, we will continue to opportunistically assess capital market conditions with a focus on ensuring we maintain meaningful excess liquidity, a long-term maturity profile and access to diversified sources of capital.

然而，如前所述，我們將繼續機會主義地評估資本市場狀況，重點是確保我們保持有意義的過剩流動性、長期的成熟度以及獲得多元化資本來源的機會。

Before we hand it off for questions, I'd like to emphasize that we are executing effectively on our phased plan for long-term growth. Our robust network and dedicated associates are central to this effort as we remain fully focused on leveraging our unique resources to deliver a seamless connectivity experience to a growing number of customers across our footprint.

在我們提出問題之前，我想強調，我們正在有效地執行長期成長的分階段計畫。我們強大的網路和敬業的員工是這項工作的核心，因為我們仍然完全專注於利用我們獨特的資源，為我們覆蓋範圍內越來越多的客戶提供無縫連接體驗。

We are making progress, and we are just getting started. Our commitment to all stakeholders is steadfast. We are always working for you.

我們正在取得進展，而且才剛開始。我們對所有利害關係人的承諾是堅定的。我們始終為您服務。

With that, we are now ready for questions.

至此，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Greg Williams, TD Cowen.

格雷格·威廉斯，TD·考恩。

Great. Thanks for taking my question. You guys had some helpful color on calling the trough of ARPU. Wondering if you can do the same for EBITDA? You had a lot of investments in billing automation platforms, but then of course you had a 5% price hike, and you mentioned the 4% organizational headcount reduction. And so, are we at trough EBITDA on dollar and margin levels from here at [$3 million] to $12 million? Just any color (technical difficulty) would be helpful.

偉大的。感謝您提出我的問題。你們對 ARPU 谷底的預測有一些有用的見解。想知道您是否可以為 EBITDA 做同樣的事情？您在計費自動化平台上進行了大量投資，但價格當然上漲了 5%，並且您提到了組織人數減少 4%。那麼，我們的 EBITDA 美元和利潤水準是否處於從 [300 萬美元] 到 1,200 萬美元的低谷？任何顏色（技術難度）都會有幫助。

And then second question is just on maybe a little more color on ACP. You said 4,000 subscribers left, but there's 4,800 that were taking the ACP subsidies because I thought you had 10,000 ACP subscribers. I'm just trying to reconcile that. So, does that mean there's only 800 paying less in the third quarter? If you could give some help on the third quarter clary that would be great. Thanks.

第二個問題是關於 ACP 上可能多一點顏色。您說還剩下 4,000 名訂閱者，但有 4,800 人正在接受 ACP 補貼，因為我以為您有 10,000 名 ACP 訂閱者。我只是想調和這一點。那麼，這是否意味著第三季只有 800 人的薪水減少了？如果您能為第三季的 clary 提供一些幫助，那就太好了。謝謝。

Good question on EBITDA and ARPU trough comment that you reiterated, and then I'll let Julie hit on some of the ACP stuff. As it relates to that ARPU stabilization, we've talked about this as it's specific to some of the initiatives that we started late last year, both with some of the tactical responses as well as some of the more value-conscious sell-in rates or sell-in rates for more value-conscious customers is better said.

關於 EBITDA 和 ARPU 的問題很好，您重申了這一點，然後我會讓 Julie 談談一些 ACP 的內容。由於它與 ARPU 穩定相關，我們討論過這一點，因為它特定於我們去年年底開始的一些舉措，包括一些戰術反應以及一些更注重價值的賣出率或更適合更注重價值的客戶的銷售率。

And we do feel like some of the initiatives that we took, had the outcomes that we expected. And then now many of the initiatives that we're putting in place now, like we referred to on the call, we'll provide that stabilization factor. You saw that EBITDA margins were very consistent sequentially in the quarter, slightly up but basically by 10 basis points.

我們確實覺得我們採取的一些措施取得了我們預期的結果。現在我們正在實施的許多舉措，就像我們在電話中提到的那樣，我們將提供穩定因素。您可以看到，本季 EBITDA 利潤率與上一季非常一致，略有上升，但基本上上升了 10 個基點。

And when you start to think about ARPU stabilizing and you have a stable to growing base of units, and that's your highest margin product outside of some of the cost things that we're going to continue to invest in, as you said, in these long-term platforms, you can allude to where we also feel like profitability can expand from here.

當你開始考慮 ARPU 穩定並且你有一個穩定且不斷增長的單位基礎時，這就是你在我們將繼續投資的一些成本之外的最高利潤產品，正如你所說，在這些領域長期平台，你可以提到我們也認為獲利能力可以從這裡擴大的地方。

And jumping in on ACP. So, 4,000 ACP customers lost in the second quarter out of the 48,000 total ACP customers. So, at this point in time, through the second quarter, 91% of the ACP customers are being retained. But hey, we're in unprecedented times, right?

並加入 ACP。因此，第二季 48,000 名 ACP 客戶中流失了 4,000 名 ACP 客戶。因此，截至第二季度，91% 的 ACP 客戶都被保留了下來。但是，嘿，我們正處於前所未有的時代，對吧？

We have essentially been through all of our billing cycles given that we did not give a partial subsidy in May.

鑑於我們在五月沒有提供部分補貼，我們基本上已經完成了所有的計費週期。

But we understand that customers will be adjusting to ongoing billing amounts and that future non-pay churn is possible. I also will call out that we have a small segment of ACP customers who have a loyalty credit that will roll off in the third quarter, which could be a catalyst for churn.

但我們知道客戶將適應持續的計費金額，並且未來可能會出現非付費客戶流失。我還要指出的是，我們有一小部分 ACP 客戶的忠誠度積分將在第三季下降，這可能會成為客戶流​​失的催化劑。

But as usual, we're communicating with these customers, and we're talking to them about options that meet their needs. So that is more color on ACP.

但像往常一樣，我們正在與這些客戶進行溝通，並與他們討論滿足他們需求的選擇。所以 ACP 上的顏色比較多。

Thank you.

謝謝。

Sebastiano Pettit, JPMorgan.

塞巴斯蒂亞諾·佩蒂特，摩根大通。

Hi. Thank you. Just a quick clarification and follow-up on the ARPU stabilization. Should we be thinking about that as you exit the year, so 3Q into 4Q sequentially ARPU begins to stabilize? Or what should we be thinking about it on a year-on-year decline basis?

你好。謝謝。只是對 ARPU 穩定性進行快速澄清和跟進。當您退出這一年時，我們是否應該考慮這一點，以便第三季到第四季 ARPU 開始穩定？或者說，在同比下降的基礎上，我們該考慮什麼？

And then additionally, in regards to the price increase, any color perhaps around the percentage of your base currently on auto pay and how we should think about the price increase impacting back half trends and trying to perhaps size the impact or benefit there?

另外，關於價格上漲，任何顏色可能與您目前使用汽車支付的基礎百分比有關，以及我們應該如何考慮價格上漲對後半趨勢的影響，並試圖估計那裡的影響或收益？

Thank you.

謝謝。

Yes maybe I will jump in on the adjustment. It's -- I don't really think of it as a price increase because clearly, customers can completely negate it. I think we specified that half of our current HSD customers received this.

是的，也許我會參與調整。我真的不認為這是價格上漲，因為顯然，客戶可以完全否定它。我認為我們指定當前 HSD 客戶中有一半收到了此訊息。

The folks that didn't would either be currently enrolled in such a program or potentially a promo customer or different family of brands that have yet to be integrated into our billing database.

那些沒有加入的人要么目前已加入此類計劃，要么可能是促銷客戶或尚未整合到我們的計費資料庫中的不同品牌系列。

And Sebastiano, when you think about that, while we're going to be tracking that very closely, it's $5 if somebody does not elect to that auto pay, so you can assume a population will not. But it's been approximately half that we make up in expenses if they do relative to fees and other charges.

Sebastiano，當你想到這一點時，雖然我們將非常密切地追蹤這一點，但如果有人不選擇自動支付，則費用為 5 美元，所以你可以假設人們不會選擇。但如果相對於費用和其他費用而言，我們的支出大約佔一半。

And we've seen data. I think others have spoken to this in the past. And we've seen data that on auto pay, you even improve on the retention side of the equation.

我們已經看到了數據。我想其他人過去也曾談過這個問題。我們看到的數據表明，在自動支付方面，您甚至可以提高保留率。

So, if you're half of that number in just absolute costs and you're improving retention, we feel that you win on either side of that equation.

因此，如果您的絕對成本僅為該數字的一半，並且您正在提高保留率，那麼我們認為您在該等式的任何一邊都獲勝。

As it relates to the ARPU question, if that a sequential assumption, if you will, relative to where we are in the high 70s right now and with the initiatives that we put in place that we've been talking about some of the sell-in ARPU lift, some of the discount roll-offs, some of the competitive dynamics with tactical strategies that we'll continue to evaluate but the vast majority of them that were employed in late '23 and early '24, the stabilization comment is related to sequential ARPU.

因為它與 ARPU 問題相關，如果這是一個連續的假設，如果你願意的話，相對於我們現在處於 70 多歲的位置，以及我們採取的舉措，我們一直在談論一些銷售 -在ARPU 提升中，一些折扣滾存，一些我們將繼續評估的戰術策略的競爭動態，但其中絕大多數是在23 年底和24 年初採用的，穩定評論是相關的到順序 ARPU。

And then if I could ask a quick follow-up. On the broadband subscribers, I think maybe last quarter or perhaps fourth quarter, I think you had talked about the year-on-year improvement in net adds continuing to accelerate as you -- you're blocking and tackling or your go-to-market strategy was tweaked a little bit towards initiatives that would accelerate subscriber growth.

然後我是否可以要求快速跟進。關於寬頻用戶，我想也許上個季度或第四季度，我想你已經談到了淨增加的同比改善繼續加速，因為你正在阻止和解決或者你的首選——市場策略針對加速用戶增長的舉措進行了一些調整。

Is the expectation at this point that you can -- that can continue, that the pace of change or the pace of improvements in underlying broadband subscriber growth can continue while ARPU stabilize?

在這一點上，您是否可以預期，在 ARPU 穩定的情況下，基礎寬頻用戶成長的變化步伐或改善步伐可以繼續下去？

Yes, I think when you look at the second quarter as an example, despite the headwinds from the expiration of ACP, we still had a quarter that was dramatically better than last year same period. And our connects have been improving on a year-over-year basis. This is the third quarter that, that happened and our churn is also at all-time lows.

是的，我認為以第二季為例，儘管 ACP 到期帶來了阻力，但我們這個季度的表現仍然比去年同期好得多。我們的連結逐年改善。這是第三季發生的情況，我們的客戶流失率也處於歷史最低水準。

So, I think we are learning, we are calibrating, we are leveraging. We are taking those learnings and putting them to use. So, our focus is absolutely as we've talked about in the past, on a phased growth plan and the first phase of that is really driving growth, unit growth specifically and (technical difficulty) a part of that, obviously.

所以，我認為我們正在學習，我們正在校準，我們正在利用。我們正在汲取這些經驗並加以運用。因此，我們的重點絕對是我們過去談到的分階段成長計劃，第一階段確實推動了成長，特別是單位成長，顯然，（技術難度）是其中的一部分。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

And just to back on the ARPU question, should we think of Q2 as the low and it bottoming from there? Or will it be more -- maybe drift down a little bit and then maybe grow in the back half of '25, something like that?

回到 ARPU 問題，我們是否應該將第二季度視為最低點並從那裡觸底？或者會更多——也許會下降一點，然後可能會在 25 年後半段增長，類似的事情？

And then when you say you're targeting certain customers, how much longer can you do that? And when you talk about these customers, are these some of the bigger customers, national players or more some of the smaller regional ankle biters?

然後，當您說您的目標客戶是某些客戶時，您還能這樣做多久？當你談論這些客戶時，這些客戶是一些較大的客戶、國家級球員還是一些較小的地區性客戶？

I would say, again, on the ARPU side, it's a stabilization factor sequentially, in (technical difficulty) sense on that relative to up or down is not the guidance we're going to give, but I think with some of the initiatives that we have in place, the stability and growing customer base that we have ACP, we feel very confident in that, not only just through the balance of the year, but even as we're into the next quarter.

我想說，在 ARPU 方面，從（技術難度）意義上來說，它是一個連續的穩定因素，相對於上升或下降不是我們要給出的指導，但我認為透過一些舉措，我們擁有ACP 的穩定性和不斷增長的客戶群，我們對此非常有信心，不僅是在今年的剩餘時間裡，而且即使我們進入了下一個季度。

And then on the customer side, from a competitive perspective, as we've mentioned in the past, the tactical strategies were very specific to certain competitors that, in most cases -- not in most cases, in all cases we knew where capital access was, cost of capital, go-to-market strategies, and we were able to employ specific strategies against those.

然後在客戶方面，從競爭的角度來看，正如我們過去提到的，戰術策略是針對某些競爭對手的，在大多數情況下——不是在大多數情況下，在所有情況下，我們都知道資金來源在哪裡是，資本成本，進入市場策略，我們能夠針對這些採取具體的策略。

So, I won't put them into a specific defined category that you use, but you can probably take away from that the types of specific competitors that we were focused on there.

因此，我不會將它們放入您使用的特定定義類別中，但您可能可以從中獲取我們關注的特定競爭對手的類型。

I was going to say to give an example where when we go up against small overbuilders with these targeted offers, we have seen wins in that there may have been press releases about other markets that they were going into that have been quietly taken down. And so that is the result that we are seeing from those targeted efforts.

我想說舉一個例子，當我們用這些有針對性的報價來對抗小型過度建築商時，我們看到了勝利，因為可能有關於他們即將進入的其他市場的新聞稿已被悄悄撤下。這就是我們從這些有針對性的努力中看到的結果。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

This is Dan on for Steve. Unfortunately, going to beat a dead horse here, but back on broadband ARPU. The stabilization commentary is helpful but looking back historically, growing ARPU in the mid-single-digit range, so would you expect to return to these levels of broadband ARPU growth over time? Or should we expect a more persistent level of promotion and toward our pricing actions moving forward?

這是丹為史蒂夫代言。不幸的是，這裡要死馬了，但又回到了寬頻 ARPU 上。穩定評論是有幫助的，但回顧歷史，ARPU 的增長在中個位數範圍內，因此您是否期望隨著時間的推移，寬頻 ARPU 增長會恢復到這些水平？或者我們應該期待更持久的促銷水平以及我們的定價行動的進展？

I don't -- well, we're not going to give specific guidance, but I think the idea of growing in mid-single-digit range over the long term is something that we'd be looking forward to. But we are in a phased growth plan at this point in time, so that starts with stabilization. So again, as part of the long-term plan, sure. Right now, stabilization.

我不——嗯，我們不會提供具體的指導，但我認為長期以中位數成長的想法是我們所期待的。但我們目前正處於分階段成長計畫中，因此首先要穩定。再說一次，作為長期計劃的一部分，當然。目前，穩定。

And I'll just add on that. I'll just add on that, Dan. It's Todd, you continue to see more and more discipline in the market across all operators. I mean there's still a select view that you scratch your head at from time to time.

我就補充一下。我補充一下，丹。我是托德，你會繼續看到市場上所有運營商越來越嚴格。我的意思是，仍然有一些精選視圖會讓您不時摸不著頭腦。

But as it relates to pricing discipline, return on invested capital for these highly complex, extremely costly to build, especially in these rural markets, costly to operate networks. And we believe, as Julie alluded to in her remarks, that, that will continue to be a discipline that's required as it relates to long-term returns for invested capital, whether that be public capital or private capital.

但由於涉及定價規則，這些高度複雜、建設成本極高（特別是在這些農村市場）、營運網絡成本高的投資資本回報率。我們相信，正如朱莉在演講中提到的那樣，這將繼續成為必要的紀律，因為它關係到投資資本的長期回報，無論是公共資本還是私人資本。

(multiple speakers) demand for connectivity, both speed and data and you realize that there are lots of opportunities for monetization in the future.

（多個發言者）對連接速度和數據的需求，並且您意識到未來有很多盈利機會。

And maybe just as a quick follow-up. Could you update us with where your fiber overlap sits today?

也許只是作為一個快速的後續行動。您能否向我們介紹一下您今天的光纖重疊位置？

Yes. We currently are sitting at 42% of our markets overbuilt with fiber.

是的。目前，我們 42% 的市場光纖建設過度。

Thank you.

謝謝。

Kohulan Paramaguru, BNP Paribas.

Kohulan Paramaguru，法國巴黎銀行。

Hi. Thanks for the opportunity. First question is on ACP. Can you just try and quantify for us how much of the impact this quarter was from churn and how much was from gross adds declining in the market? And secondly, we noticed you have added a new risk factor related to MBI in the filing.

你好。感謝您提供的機會。第一個問題是關於 ACP 的。您能否嘗試為我們量化本季的影響有多少是來自於客戶流失，有多少是來自市場總增量下降？其次，我們注意到您在文件中新增了與 MBI 相關的新風險因素。

I know you've been reluctant in the past but please, can you try and give us a little bit more color around the potential size of the outlay here or multiples for this business, given it's so material for shareholders?

我知道您過去一直不太情願，但請您嘗試為我們提供更多關於該業務的潛在支出規模或倍數的信息，因為它對股東來說非常重要？

I'll start on the ACP question. We noted in our comments that the 4,000 lost during the second quarter of the 48,000 total ACP customers was on the disconnect side, we did not quantify the connect side. But given that we stopped selling ACP in the first quarter, and our connects are still up -- and actually, about 1/3 of our connects in the second quarter came from what I would call our value segment, which I would assume is very similar to ACP customers, and the majority of those folks took 300 (technical difficulty) services or higher.

我將從 ACP 問題開始。我們在評論中指出，第二季 48,000 名 ACP 客戶總數中，有 4,000 名客戶流失在斷開端，我們沒有量化連接端。但考慮到我們在第一季停止銷售ACP，而我們的連結仍然在增加——實際上，第二季我們大約1/3 的連結來自我所說的價值細分市場，我認為這是非常重要的。

So, we did not quantify the connect side, but rather the disconnect side.

因此，我們沒有量化連接側，而是量化斷開側。

And then on the MBI side, I will reiterate a few things I've said over the last couple of quarters as it relates to any events. Well, one, an event that we expect to occur if nothing else changes according to the agreement we have in late '25 or really 26. We did outline in our prepared remarks that the call option has expired as of this quarter unexercised. That put option is in Q3 of 2025. We've been actively planning for that.

然後在 MBI 方面，我將重申我在過去幾季中說過的一些與任何事件有關的事情。嗯，第一，根據我們在 25 年末或實際上 26 年達成的協議，如果沒有其他變化，我們預計會發生這一事件。我們在準備好的評論中確實概述了，截至本季度，看漲期權已到期但尚未行使。該看跌期權將於 2025 年第三季上市。我們一直為此積極規劃。

Our commentary has been very centered around our confidence and the ability to affect that transaction without even the need to go to the capital markets. Yet we will remain very opportunistic in looking at capital markets. We have a very diversified access strategy and a very proactive long-term strategy to ensure we have excess liquidity, long-term maturities, cost-efficient capital, and we're actively evaluating those.

我們的評論主要圍繞著我們的信心和影響交易的能力，甚至無需進入資本市場。然而，我們在關注資本市場時仍將保持非常機會主義的態度。我們擁有非常多元化的准入策略和非常積極主動的長期策略，以確保我們擁有過剩的流動性、長期期限和具有成本效益的資本，並且我們正在積極評估這些。

But that's something that we feel very comfortable can be executed within our historical operating leverage of 2.5 to 4.5 times. Is it going to be towards the higher end of that range, acknowledging that, but well within that higher end, if that's helpful.

但我們認為可以在 2.5 至 4.5 倍的歷史營運槓桿範圍內執行此操作。是否會朝著該範圍的高端，承認這一點，但在該高端內，如果這有幫助的話。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

First, I know I've asked this question in the past, but I thought just given how much convergence is on everyone's lips, I'm wondering if you are thinking at all about how you might add wireless to your consumer offering and whether there's anything to discuss on that front?

首先，我知道我過去曾問過這個問題，但我想考慮到每個人都在談論這個問題，我想知道您是否正在考慮如何將無線功能添加到您的消費者產品中，以及是否在這方面有什麼要討論的嗎？

And then second, do you think that your competitors who are building fiber in your footprints are making money? Todd, I think I know you well enough to know you probably have a pretty good guess about what they're spending in cost per home [past]. Is it your sense that they are still overbuilding at a positive return on capital?

其次，您認為在您的足跡中建立光纖的競爭對手正在賺錢嗎？托德，我想我很了解你，知道你可能對他們每套住房的花費有一個很好的猜測[過去的]。您是否認為他們仍在以正資本報酬率過度建設？

I'll start with the latter, and then I'll let Julie speak to some of the convergence, Craig. Thanks for the question. And yes, we have spoken a lot about that. I would say, I think it's important to note that while Julie alluded, we have 42% overlap from fiber and that's both with incumbent fiber as well as new entry, overbuild fiber.

我將從後者開始，然後讓朱莉談談一些融合的內容，克雷格。謝謝你的提問。是的，我們已經就此談了很多。我想說，我認為值得注意的是，雖然朱莉提到，我們的光纖有 42% 的重疊，這既包括現有光纖，也包括新進入的超建光纖。

That pace has continued to increase. In spite of that, our discos and our connects as July was outlining on the call, are at really healthy improvement levels.

這一速度還在持續加快。儘管如此，正如 7 月在電話會議中概述的那樣，我們的迪斯科舞廳和我們的連接處於真正健康的改進水平。

On the disco side, it's actually for Q2, a low for the last six years if you take out the pandemic years, of course. And we think that, that's actually a great testimonial to how we're performing against even this increased competition.

在迪斯科方面，實際上是第二季度的水平，當然，如果除去大流行年份的話，這是過去六年的最低水平。我們認為，這實際上很好地證明了我們在競爭日益激烈的情況下的表現。

As it relates to the economics, what's been built to date was probably where they're going to get more disciplined economics and where maybe in many cases, you had access to lower cost of capital over the last three years.

由於它與經濟學相關，迄今為止所建立的可能是他們將獲得更嚴格的經濟學，並且在許多情況下，您在過去三年中可以獲得較低的資本成本。

We know the cost of capital has changed, we know the access to capital has changed, with the exception of maybe a few of the larger scale players. And we do expect that when you start to get into cost per home and then the overall labor cost to operate, which I think so many people fail to think about as it relates to how do you operate a highly rural, low-density in an efficient operating cost structure that the areas that have not yet been built will probably be built over a slower pace over time because of the economic dynamics we talked about.

我們知道資本成本已經發生了變化，我們知道獲得資本的管道也發生了變化，除了一些較大的參與者之外。我們確實預計，當你開始考慮每個家庭的成本，然後是營運的整體勞動力成本時，我認為很多人都沒有考慮到這一點，因為它關係到如何在一個高度農村化、低密度的地區運營一個高度農村化、低密度的城市。

Jumping in on convergence, it's interesting to watch today to see where wireless companies are either building or buying wired providers, I think that is just something interesting to us all. And I think we continue to use over the utility of a wireless and wired bundle, either to the customer or to the companies that are providing them for the long term.

在整合方面，今天觀察無線公司在哪裡建立或購買有線提供者是很有趣的，我認為這對我們所有人來說都是有趣的事情。我認為我們將繼續使用無線和有線捆綁的效用，無論是對客戶還是對長期提供它們的公司。

That being said, the MVNO possibility is something that we look at and model and remodel multiple times a year to check and see, it needs to be economically viable and compelling to both us and our customers over the long term to jump into that.

話雖這麼說，我們每年都會多次審視、建模和改造MVNO 的可能性，以進行檢查和查看，從長遠來看，它需要在經濟上可行，並且對我們和我們的客戶都具有吸引力，才能投入其中。

And we think that there are -- that is just one of the products and capabilities and partnerships that will serve customers and be monetized by companies like ours over the long term. If we do decide to jump into the wireless world, I think we have options available to us that get us off to a relatively quick start.

我們認為，這只是我們這樣的公司長期為客戶服務並貨幣化的產品、能力和合作夥伴關係之一。如果我們確實決定進入無線世界，我認為我們有可用的選擇，可以讓我們相對快速地起步。

All right. Thank you.

好的。謝謝。

Brandon Nispel, KeyBanc Capital Markets.

布蘭登‧尼斯佩爾 (Brandon Nispel)，KeyBanc 資本市場。

I was hoping you could help us understand your expectations for broadband to [drive] growth in the second half of the year? Maybe some comments in terms of July, Julie, are you guys positive in July? And then just bigger picture, when will we start to see penetration go up?

我希望您能幫助我們了解您對寬頻在下半年[推動]成長的期望？也許有一些關於七月的評論，朱莉，你們七月積極嗎？然後從更大的角度來看，我們什麼時候會開始看到滲透率上升？

Obviously, that's the goal of this program in terms of changing strategy. So, hoping you could help there.

顯然，這就是該計劃改變策略的目標。所以，希望你能在那裡提供幫助。

Yes. Well, I would point us all back to our focus on growth on a phased long-term growth plan on increasing penetration across all customer segments. That is what we are focused on. And remind you that, again, despite the headwinds that we experienced with ACP expiring, we are making steady progress on that.

是的。好吧，我想提醒我們大家回到我們對分階段長期成長計畫的成長的關注，以提高所有客戶群的滲透率。這就是我們關注的重點。再次提醒您，儘管我們在 ACP 到期時遇到了阻力，但我們正在這方面取得穩步進展。

I don't think you're hearing about connect being up over year-over-year over three quarters where customer growth like you were hearing from us because of our focus and the fact that these initiatives are gaining momentum, disconnects being down as well.

我認為您沒有聽說過連接在三個季度中同比增長，而像您從我們那裡聽到的客戶增長是因為我們的關注以及這些舉措正在獲得動力的事實，而斷開連接也在下降。

But I'm not going to give specific guidance about what sub-growth will look like in the second half. Only that is what we are focused on and as Todd said at the end of his comments, we're always working for you. That is our branding tagline, and I think that the reorganization that we've recently accomplished is part of making sure that, that focus comes to life in a very bespoke way in each one of our markets.

但我不會就下半年的次增長情況給予具體指引。只有這才是我們關注的重點，正如托德在評論結束時所說，我們始終為您服務。這是我們的品牌口號，我認為我們最近完成的重組是確保這一重點在我們每個市場以非常客製化的方式實現的一部分。

And Brandon, I'll just jump in, Brandon, if you're okay. As it relates to what is, I think, a really compelling incremental opportunity for us. You've seen our passings increase. We talked about it in the prepared remarks of about 35,000 year-to-date. On an LTM basis, that's over 75,000 homes.

布蘭登，如果你沒事的話，我會插話的。我認為，因為這對我們來說是一個真正引人注目的增量機會。你已經看到我們的傳球次數增加了。我們在年初至今約 35,000 條準備好的發言中討論了這一點。以 LTM 計算，該數字超過 75,000 套房屋。

A meaningful amount of those are in our existing markets. And these are in our existing markets where we see really strong -- well, really strong, maybe be a little bit of a stronger turn, but stronger than what we've seen in the last couple of years, developments from stimulus economic growth, new builds, new housing permits.

其中很大一部分存在於我們現有的市場中。在我們現有的市場中，我們看到非常強勁 - 嗯，非常強勁，也許是一點點更強的轉變，但比我們過去幾年看到的更強，刺激經濟增長的發展，新建築、新住房許可證。

Texas, Northern Arizona, South Carolina, Idaho, these are some areas yet still very rural markets that are seeing some really strong growth areas, and we can capitalize on those. And these are [capitalizing] in markets we've been in for years with a very strong brand with highly upgraded networks. And so that's the best return on invested capital.

德克薩斯州、亞利桑那州北部、南卡羅來納州、愛達荷州，這些地區仍然是非常農村的市場，正在看到一些真正強勁的成長地區，我們可以利用這些地區。這些都在我們多年來涉足的市場中[資本化]，擁有非常強大的品牌和高度升級的網絡。所以這是投資資本的最佳回報。

We can allocate towards and then when we can capitalize from a growth perspective. But as we all know, when you build those, you're not just a connection a day away, right? So that lags a little bit. But as Julie said, with our reorg and the changes that we've made there, we're really powering that growth through that local approach and those local leaders.

我們可以根據成長的角度進行分配，然後在可以利用的時候進行分配。但眾所周知，當你建立這些時，你不僅僅是一天後的聯繫，對吧？所以有點滯後。但正如朱莉所說，透過我們的重組和我們在那裡所做的改變，我們確實透過當地方法和本地領導者推動了成長。

And if I could just follow up, just so that we are all perfectly clear, you guys said stabilization in ARPU in the second half. That implies that there could still be sequential declines in ARPU or it could be sequentially positive in 3Q, 4Q?

如果我能跟進一下，這樣我們就都清楚了，你們說下半年 ARPU 趨於穩定。這意味著 ARPU 仍可能連續下降，或在第三季、第四季可能連續正值？

Don't think (technical difficulty) comment.

不認為（技術難度）評論。

I think the initiatives we put in place gives us confidence in that stabilization factor and sequentially, that should be seen in Q3.

我認為我們採取的措施讓我們對穩定因素充滿信心，這應該會在第三季看到。

I will now turn the call back to Julie Laulis for closing remarks.

現在我將把電話轉回給朱莉·勞利斯（Julie Laulis），讓其致閉幕詞。

So, before we conclude, I want to extend my gratitude to our associates. Their energy, dedication, and ability to navigate this ever-changing environment has never been more evident. I'm incredibly proud of and thankful for each and every one of them. Thanks, and we look forward to speaking to you again next quarter.

因此，在結束之前，我想向我們的同事表示感謝。他們的精力、奉獻精神和駕馭這個不斷變化的環境的能力從未如此明顯。我為他們每一個人感到無比自豪和感激。謝謝，我們期待下個季度再次與您交談。

And this will conclude today's call and thank you all for joining, and you may now disconnect.

今天的電話會議到此結束，感謝大家的加入，現在您可以掛斷電話了。