Cable One Inc (CABO) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Cable One's first-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Cable One 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Jordan Morkert, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Jordan Morkert。請開始。

Good afternoon, and welcome to Cable One's first-quarter 2026 earnings call. We're glad to have you join us as we review our results.

各位下午好，歡迎參加 Cable One 2026 年第一季財報電話會議。我們很高興各位加入我們，一同回顧本季業績。

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 revenue, customer growth, connects, churn rates and ARPU; the future competitive structure of our markets, the anticipated benefits of our mobile service offering, new product rollouts, future customer retention trends, anticipated cost savings and other benefits to be derived from our billing system migration and our other investments in growth enablement platforms; our plans to expand our multi-gig capabilities in more markets, future cash flow and capital expenditures, potential uses for our cash flow, the upcoming MBI transaction, including the purchase price, MBI's future debt levels, integration timing, anticipated cost and tax efficiencies; combined leverage ratios and closing date, the anticipated timing for closing of the merger of Point Broadband with Clearwave Fiber and expected benefits from that transaction; future tax savings and our future financial performance, capital allocation policy, leverage ratios, and financing plans.

在開始之前，我想提醒各位，今天的討論包含與未來事件相關的前瞻性陳述，涉及風險與不確定性，包括關於未來營收、客戶成長、接通數（connects）、流失率與每戶平均收入（ARPU）；我們市場未來的競爭結構、我們行動服務方案的預期效益、新產品推出、未來客戶留存趨勢、預期成本節省，以及自我們的帳務系統遷移與其他成長賦能平台投資中可取得的其他效益；我們在更多市場擴展多千兆能力的計畫、未來現金流與資本支出、現金流的潛在用途、即將進行的 MBI 交易（包括購買價格、MBI 未來負債水準、整合時程、預期成本與稅務效率）、合併後槓桿比率與交割日期；Point Broadband 與 Clearwave Fiber 合併案預期交割時點及該交易的預期效益；以及未來節稅、我們未來的財務表現、資本配置政策、槓桿比率與融資計畫。

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 2025 annual report on Form 10-K and our forthcoming first quarter 2026 quarterly report on Form 10-Q. 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.

可能導致 Cable One 實際結果與今日電話會議中討論的前瞻性陳述出現重大差異的因素，載於今日的財報新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中，包括我們的 2025 年度 Form 10-K 年報，以及即將發布的 2026 年第一季 Form 10-Q 季報。除法律要求外，Cable One 不承擔且明確否認任何更新或修改其前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。

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. When we refer to free cash flow during today's call, we mean adjusted EBITDA less capital expenditures as defined in our earnings release. 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.

此外，今天的發言將包含對若干未依照美國一般公認會計原則（GAAP）呈列之財務衡量指標的討論。當我們在今日電話會議中提及自由現金流時，係指經調整 EBITDA 減去資本支出，其定義以我們的財報新聞稿為準。本次電話會議所討論之非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，可於我們的財報新聞稿中或於我們網站 ir.cableone.net 查閱。

Joining me on today's call is our CEO, Jim Holanda; and CFO, Todd Koetje. With that, I'll turn the call over to Jim.

今天與我一同出席電話會議的有我們的執行長 Jim Holanda，以及財務長 Todd Koetje。接下來我把電話交給 Jim。

Thanks, Jordan, and good afternoon, everyone. We really appreciate you joining us today. I've now been in the role for a little over 70 days, which has given me the opportunity to spend meaningful time with our teams, get closer to our markets and develop a clear view of where we are performing well and where we need to improve. At a high level, I'd say the work underway across the business is moving in the right direction, but those efforts are not yet showing up consistently in the results. Today, I want to spend my time on three things: what we're seeing in the business, what I've learned since stepping into the role, and our focus and priorities going forward.

謝謝你，Jordan，各位下午好。非常感謝各位今天加入。我上任這個職位已經 70 多天，這段時間讓我有機會與團隊深入相處、更貼近我們的市場，並清楚了解我們在哪些方面表現良好、哪些方面需要改善。整體而言，我會說公司各項工作正朝正確方向推進，但這些努力尚未在業績上持續一致地反映出來。今天我想聚焦三件事：我們在業務上看到的情況、我上任以來的學習，以及我們未來的重點與優先事項。

Starting with the quarter, we're not yet seeing the full benefit of the changes we are making in the business. Results reflect the broader economic backdrop and continued pressure in our more competitive markets, particularly in customer retention. While we have already begun to make changes in these areas, it remains early and those efforts are not yet meaningfully reflected in our results. At the same time, first quarter connects improved year over year, which we view as an early indication that elements of our strategy are beginning to gain traction.

先談本季，我們尚未看到我們正在推動的業務變革所帶來的全部效益。業績反映了更廣泛的經濟環境，以及在競爭更激烈的市場中持續承受的壓力，尤其是在客戶留存方面。雖然我們已開始在這些領域做出調整，但目前仍屬早期階段，相關努力尚未在結果中有顯著反映。與此同時，第一季接通數（connects）較去年同期改善，我們將其視為策略部分要素開始取得進展的早期跡象。

In addition, we are roughly two months into our MSO-wide mobile launch. And while it is too early to draw conclusions around retention or lifetime value, initial customer response has been encouraging. We continue to believe mobile can become an important component of the broader relationship over time.

此外，我們的 MSO 全面行動服務上市已約兩個月。雖然現在就留存或終身價值下結論仍為時過早，但初期客戶反應令人鼓舞。我們仍相信，隨著時間推移，行動服務可成為更廣泛客戶關係中的重要組成。

Even with these challenges, the business is generating substantial free cash flow, reinforcing both the durability of the model and our ability to continue to execute on our debt reduction, strengthen the balance sheet, and create long-term shareholder value. In the first quarter, we generated approximately $115 million of free cash flow and $500 million over the past four quarters, providing meaningful flexibility to allocate capital in a disciplined manner.

即便面臨這些挑戰，公司的業務仍在產生可觀的自由現金流，這再次印證了商業模式的韌性，以及我們持續推動降債、強化資產負債表並創造長期股東價值的能力。第一季我們產生約 1.15 億美元的自由現金流，過去四個季度合計約 5 億美元，為我們以嚴謹方式配置資本提供了相當的彈性。

Turning to Residential services. I want to spend a bit more time on what we're seeing in the business. In the first quarter, we reported 12,600 net residential broadband customer losses on a sequential basis. While this reflects continued pressure in certain areas of the business, there are several underlying dynamics that help frame how we are thinking about the trajectory going forward. Over the course of my career, I've seen firsthand what has and has not worked in operating environments like this, and those lessons are shaping how we are approaching the business today.

接著談住宅服務。我想花更多時間說明我們在業務中看到的情況。第一季我們按季口徑淨減少 12,600 名住宅寬頻客戶。雖然這反映出業務某些領域持續承壓，但仍有幾項底層動態有助於我們界定對未來走勢的看法。在我的職涯中，我親眼見過在類似營運環境下哪些做法有效、哪些無效，而這些經驗正形塑我們目前的經營方式。

First, churn was elevated in the quarter, but remained primarily concentrated within our more competitive markets, which allow us to concentrate our retention efforts where they can have the greatest impact. At the same time, new connects improved year over year, driven in part by value-conscious customer segments. These customers represent an important part of our segmentation strategy and remain focused on adding them in an accretive way.

第一，本季流失率偏高，但仍主要集中在我們競爭更激烈的市場，這使我們能將留存資源集中投入在最能產生影響的區域。同時，新接通數較去年同期改善，部分由重視性價比的客群所帶動。這些客群是我們分眾策略的重要一環，我們仍聚焦以具增益（accretive）的方式增加此類客戶。

We also saw year-over-year improvement across certain go-to-market channels, including e-commerce and direct sales, reinforcing our focus on meeting customers where they prefer to engage and expanding on our connect opportunities. From a retention standpoint, we are implementing targeted initiatives to better identify and engage at-risk customers. These include speed upgrades, more gradual stepped promotional roll-offs, AI-driven tools, and a new CRM platform expected to go live later this year.

我們也看到部分市場進入（go-to-market）通路較去年同期有所改善，包括電商與直銷，強化了我們「在客戶偏好互動的地方與其接觸」的聚焦方向，並擴大我們的接通機會。就留存而言，我們正推動具針對性的措施，以更好地識別並接觸高流失風險客戶，包括網速升級、更為漸進的分段式促銷退場（roll-offs）、AI 驅動工具，以及預計於今年稍晚上線的新 CRM 平台。

We are also deepening multiproduct customer relationships through offerings such as mobile, Whole-Home Wi-Fi, enhanced online security, and comprehensive technical support for the connected home, all while continuing to invest in the network to further strengthen the consistent, reliable experience our customers expect. While still early, these are the types of operational actions we believe can improve retention trends over time.

我們也透過行動服務、全屋 Wi‑Fi、強化線上安全，以及針對智慧連網家庭的完整技術支援等方案，加深多產品客戶關係；同時持續投資網路，以進一步強化客戶所期待的一致且可靠的使用體驗。雖然仍在早期階段，但我們相信這類營運行動可隨時間推進而改善留存趨勢。

Looking at ARPU, results in the quarter reflected downward pressure from go-to-market initiatives and targeted retention offers, partially offset by continued selling to higher speed tiers and the broader multiproduct offerings just mentioned. While we may see some variability from quarter-to-quarter, we continue to expect ARPU trends to remain broadly stable for the year. Taken together, while retention remains the primary challenge, we believe the underlying trends in connects and multiproduct offerings provide a constructive foundation as we work to improve customer outcomes and drive more consistent performance.

就 ARPU 而言，本季結果反映出市場進入策略與針對性留存優惠帶來的下行壓力，部分被持續銷售至更高速級距以及前述更廣泛的多產品方案所抵銷。雖然季度間可能出現一定波動，我們仍預期全年 ARPU 走勢大致保持穩定。綜合來看，儘管留存仍是主要挑戰，我們認為接通數與多產品方案的底層趨勢提供了正向基礎，支持我們持續改善客戶成果並推動更一致的營運表現。

Turning to Business services. Overall performance showed improvements through the back half of the quarter. Under Edwin Butler's leadership since early January of this year, the business services organization has moved quickly from assessment into execution. Targeted investments in sales enablement, go-to-market discipline and a new sales training program drove improved results across our fiber, carrier and enterprise channels. While still early, these trends are encouraging and reinforce our confidence in the actions underway.

接著談企業服務。整體表現於本季後半段呈現改善。在 Edwin Butler 自今年 1 月初領導以來，企業服務組織已迅速從評估階段轉入執行。對銷售賦能、上市策略紀律以及新的銷售訓練計畫的針對性投資，帶動我們在光纖、電信業者（carrier）與企業（enterprise）通路的成果改善。雖然仍屬早期，但這些趨勢令人鼓舞，並強化我們對目前推動中行動的信心。

Todd will address some discrete items in the quarter in more detail. Clearly, competitive intensity persists, however, we believe our network capacity, reliability and local operating presence position us well, and we continue to invest for improved performance. Today, approximately 53% of our markets are multi-gig capable, and we expect to expand that capability to most markets by year-end, reinforcing our ability to meet growing customer demand across the footprint.

Todd 將更詳細說明本季的一些特定事項。顯然，競爭強度仍在持續；然而，我們相信我們的網路容量、可靠性以及在地營運據點使我們具備良好定位，我們也持續投資以提升表現。目前，我們約有 53% 的市場具備多千兆（multi-gig）能力，並預期在年底前將此能力擴展至大多數市場，進一步強化我們在整體覆蓋範圍內滿足客戶成長需求的能力。

Against that backdrop, over the past several weeks, it has become clear that our biggest opportunity is improving the consistency of execution across the footprint. Many of the underlying dynamics are consistent with patterns I've seen in prior operating environments. As a leadership team, we've aligned around a focused set of priorities where disciplined execution can drive the most meaningful improvement. These priorities center on strengthening retention and conversion, simplifying our product set, and ensuring greater consistency in how we go to market across the footprint.

在此背景下，過去幾週已清楚顯示，我們最大的機會在於提升整體覆蓋範圍內執行的一致性。許多底層動態與我在過往營運環境中見過的模式一致。作為領導團隊，我們已就一組聚焦的優先事項達成一致，透過紀律性的執行可帶來最具意義的改善。這些優先事項聚焦於強化留存與轉換、簡化產品組合，以及確保我們在整體覆蓋範圍內的市場推進方式更具一致性。

We've already begun to take action in each of these areas with the objectives of improving the customer experience, the price value equation and therefore, the customer trends and the financial performance over time. The work we're doing today will still take some time to show up in our results, and we would not expect it to fully translate into the numbers within a single quarter. Our focus right now is on improving overall execution of the array of operating strategies at our disposal and continuing to strengthen the balance sheet.

我們已在上述各領域開始採取行動，目標是改善客戶體驗、提升價格與價值的匹配度，進而隨時間改善客戶趨勢與財務表現。我們今天所做的工作仍需要一些時間才會反映在結果中，我們也不預期能在單一季度內完全轉化為數字表現。我們目前的重點是提升我們可運用之各項營運策略的整體執行力，並持續強化資產負債表。

Stepping back, I remain confident in our long-term opportunity. The durability of our cash flow allows us to continue prioritizing debt reduction while maintaining the flexibility to invest in the business and support long-term shareholder value creation. That confidence is grounded in the strength and the capacity of our network as well as the clear opportunity we see to improve execution within our existing footprint.

從更宏觀的角度來看，我仍對我們的長期機會充滿信心。我們現金流的韌性使我們能在維持投資業務彈性、支持長期股東價值創造的同時，持續優先推動降債。這份信心來自我們網路的強度與容量，以及我們在既有覆蓋範圍內提升執行力的明確機會。

And with that, I'll turn it over to Todd, who will provide a recap of our financial performance.

接下來我把時間交給 Todd，由他回顧我們的財務表現。

Thanks, Jim. Starting with the top line. Total revenues for the first quarter of 2026 were $353 million versus $380.6 million in the first quarter of 2025, with the year-over-year decrease driven primarily by lower Residential Video and Residential Data revenues. Residential Video accounted for approximately $10 million of the decrease. Residential Data revenues decreased $11.6 million or 5.1% year over year due primarily to a 6.1% decline in subscribers.

謝謝，Jim。先從營收（top line）談起。2026 年第一季總營收為 3.53 億美元，相較 2025 年第一季的 3.806 億美元；年減主要由住宅影音（Residential Video）與住宅數據（Residential Data）營收下降所致。住宅影音約占減少額的 1,000 萬美元。住宅數據營收年減 1,160 萬美元（或 5.1%），主要因訂戶數下滑 6.1%。

Business Data revenues decreased $1 million or 1.8% year over year. Operating expenses of $93.9 million for the first quarter of 2026 decreased 6% compared to the first quarter of last year, due primarily to a reduction in programming costs associated with our video business. OpEx was 26.6% and 26.2% of revenues in Q1 of 2026 and Q1 of 2025, respectively. Selling, general and administrative expenses totaled $87.2 million or 24.7% of revenues in the first quarter of 2026 compared to $95.4 million or 25.1% in the first quarter last year. The decrease in SG&A was driven by lower labor costs and a reduction in billing system conversion costs.

商用數據（Business Data）營收年減 100 萬美元（或 1.8%）。2026 年第一季營運費用為 9,390 萬美元，較去年第一季下降 6%，主要因與我們影音業務相關的節目編播成本降低。2026 年第一季與 2025 年第一季的營運費用占營收比重分別為 26.6% 與 26.2%。2026 年第一季銷售、一般及行政費用（SG&A）合計 8,720 萬美元，占營收 24.7%，相較去年第一季為 9,540 萬美元，占營收 25.1%。SG&A 的下降主要由人力成本降低及帳務系統轉換成本減少所帶動。

Adjusted EBITDA for Q1 of 2026 was $183.3 million or 51.9% of revenues compared to $202.7 million or 53.3% of revenues in Q1 of 2025. Capital expenditures were $68.4 million in the first quarter, a decrease of 3.8% year over year. During the quarter, we invested $5.1 million of CapEx for new market expansion projects. We continue to track towards 2025 levels for full year CapEx.

2026 年第一季調整後 EBITDA 為 1.833 億美元，占營收 51.9%，相較 2025 年第一季為 2.027 億美元，占營收 53.3%。第一季資本支出為 6,840 萬美元，年減 3.8%。本季我們投入 510 萬美元資本支出用於新市場擴張專案。我們仍預期全年資本支出將接近 2025 年水準。

Adjusted EBITDA less capital expenditures totaled $114.9 million for Q1 of 2026 compared to $131.6 million in Q1 of last year. In March, our $575 million convertible notes matured and were repaid in full with a $575 million revolver draw. Throughout the quarter, we paid down a total of $90.6 million of debt, of which $86.1 million was voluntary.

2026 年第一季「調整後 EBITDA 減資本支出」合計為 1.149 億美元，相較去年第一季為 1.316 億美元。3 月，我們 5.75 億美元的可轉換公司債到期，並以動用 5.75 億美元循環信貸（revolver）全額償還。整個季度我們合計償還債務 9,060 萬美元，其中 8,610 萬美元為自願性償還。

We opportunistically paid down our senior notes by $33.7 million and term loans by $27.4 million at very attractive discounts, along with a $25 million repayment under our revolver at quarter end. Such payments demonstrate our continued commitment to debt reduction.

我們把握機會以非常具吸引力的折價償還高級票據（senior notes）3,370 萬美元，以及定期貸款（term loans）2,740 萬美元，並於季末償還循環信貸 2,500 萬美元。這些償付展現我們持續致力於降債的承諾。

As of March 31, we had $165.6 million of cash and equivalents on hand, and our total debt balance was approximately $3.1 billion, consisting of approximately $1.7 billion of term loans, $550 million of revolver draws, $548 million of unsecured notes, $345 million of convertible notes, and $3 million of finance lease liabilities. We also had $700 million of undrawn capacity under our $1.25 billion revolving credit facility at quarter end, providing us additional committed capital. Our net leverage ratio on a last quarter annualized basis was 4 times.

截至 3 月 31 日，我們持有現金及約當現金 1.656 億美元，總債務餘額約 31 億美元，包括約 17 億美元的定期貸款、5.5 億美元的循環信貸動用額、5.48 億美元的無擔保票據、3.45 億美元的可轉換公司債，以及 300 萬美元的融資租賃負債。此外，截至季末，我們在 12.5 億美元的循環信貸額度下仍有 7 億美元未動用額度，為我們提供額外的承諾資金。以上一季年化基礎計算，我們的淨槓桿比率為 4 倍。

As Jim mentioned, we are focused on strengthening our balance sheet. While we have the committed capital in place and sufficient excess operating liquidity to affect the MBI acquisition at closing in Q4 2026, as we have stated before, we will remain proactive in our balance sheet management initiatives and continue to evaluate the markets with a focus on optimizing our longer-term capital solutions.

如 Jim 所提，我們專注於強化資產負債表。雖然我們已具備承諾資金，且擁有足夠的超額營運流動性以在 2026 年第四季交割時完成 MBI 收購，但如同先前所述，我們將持續主動推動資產負債表管理措施，並持續評估市場，聚焦於優化我們較長期的資本解決方案。

Turning to our investment partnerships. We posted updated information about our unconsolidated investments on our Investor Relations website. For the fourth quarter of 2025, these businesses generated approximately $542 million of LQA revenue and $262 million of LQA adjusted EBITDA, representing year-over-year growth of roughly 17% and 36%, respectively. These businesses also grew broadband customers by approximately 22,900 or 7.9% and added over 80,000 new fiber passings during the year. This summary excludes the financial results of MBI as we provide additional detail within our quarterly filings.

接著談我們的投資合夥關係。我們已在投資人關係網站更新未合併投資（unconsolidated investments）的資訊。就 2025 年第四季而言，這些業務約產生 5.42 億美元的 LQA 營收，以及 2.62 億美元的 LQA 調整後 EBITDA，分別約年增 17% 與 36%。這些業務亦使寬頻客戶增加約 22,900 戶（或 7.9%），並於年度內新增超過 80,000 個光纖覆蓋（fiber passings）。本摘要不包含 MBI 的財務結果，因我們會在季度申報文件中提供更詳細資訊。

Additionally, CTI Towers, Ziply, and Metronet are no longer reflected in this table following the monetization of those investments, each of which generated attractive returns. We believe these outcomes, including both the operating performance of these businesses and the monetization of certain investments, reflect the strength of these assets and the value created over time.

此外，CTI Towers、Ziply 與 Metronet 在其投資完成變現後，已不再反映於此表中；而這些投資各自都帶來具吸引力的報酬。我們認為，這些成果——包括這些業務的營運表現以及部分投資的變現——反映了這些資產的實力，以及隨時間所創造的價值。

And finally, I'll touch on a couple of items related to a recent transaction, along with an update on a pending one. In mid-March, we completed the sale of certain fiber-to-the-tower contract rights for $42 million in cash. We recognized a $26.6 million gain on the sale. Such contracts generated $9 million of business data revenues in 2025 and $2.1 million in Q1, and the sale reduced first quarter business data revenue by approximately $300,000.

最後，我將簡要說明與近期一筆交易相關的幾個事項，並更新一筆待完成交易的進度。3 月中旬，我們以 4,200 萬美元現金完成出售部分「光纖到塔」（fiber-to-the-tower）合約權利。我們確認出售利益 2,660 萬美元。此類合約於 2025 年帶來 900 萬美元的商用數據營收，並於第一季帶來 210 萬美元；該出售使第一季商用數據營收約減少 30 萬美元。

Results were also modestly impacted by lower revenue from EchoStar as they continue to decommission portions of their 5G network build-out, representing approximately $50,000 in the quarter and roughly $200,000 on an annualized basis, which we believe represents substantially all of our remaining exposure to this activity.

由於 EchoStar 持續退役其 5G 網路建置的部分區段，來自 EchoStar 的營收下降亦對結果造成些微影響，本季約 5 萬美元，年化約 20 萬美元；我們認為這基本上代表我們對此活動剩餘曝險的幾乎全部。

Meanwhile, the merger of our Point Broadband and Clearwave Fiber strategic investments remains on track to close during Q2, subject to customary closing conditions. And we continue to work proactively on our pending acquisition of MBI. The Cable One and MBI teams are preparing for an efficient integration of MBI's operations when the transaction closes, which is expected at the beginning of Q4.

同時，我們對 Point Broadband 與 Clearwave Fiber 之策略性投資合併案仍按計畫推進，預計於第二季完成交割，惟仍須符合慣常交割條件。我們也持續積極推進對 MBI 的待完成收購案。Cable One 與 MBI 團隊正為交易完成後 MBI 營運的高效率整合做準備，預期交易將於第四季初完成交割。

Before we open it up for questions, I'd reiterate that while the current environment remains competitive, the business continues to generate strong cash flow, and we remain focused on disciplined execution and capital allocation. We are continuing to prioritize debt repayment while investing thoughtfully in the business, and we believe the changes underway position us to deliver improved performance over time.

在開放提問之前，我想再次強調，儘管目前環境仍具競爭性，業務持續產生強勁現金流，我們仍專注於嚴謹的執行與資本配置。我們將持續優先償還債務，同時審慎投資於業務；我們相信目前進行中的變革將使我們得以在時間推移中交付更佳表現。

With that, we are ready to take your questions.

接下來，我們準備開始回答各位的問題。

(Operator Instructions) Sebastiano Petti, JPMorgan.

（接線員指示）JPMorgan 的 Sebastiano Petti。

And real quick, I guess just trying to think about the connects being up year over year. I think, Jim, you talked about contribution from the value-conscious segment. Maybe help us think about how much of that -- I mean, maybe a little bit of a difficult question to answer, but how much of that is from just improved offer strategy or maybe improvements or expansion of your distribution channels?

我想很快追問一下，關於連線數（connects）年增這件事。我記得 Jim 你提到來自重視性價比客群的貢獻。能否協助我們理解其中有多少——我知道這可能有點難回答——是來自於更好的方案策略，或是你們通路（distribution channels）的改善或擴張？

And then relatedly, as you, I think, talked about defending the base last quarter, help us think about maybe how much ARPU or was there perhaps some dilution in the quarter relative to win back retention efforts that I think, yes, other -- some of your peers are also kind of enacting to try to defend the base?

另外相關地，因為我記得你提到上季在守住既有客戶（defending the base），能否也談談本季 ARPU 是否因為贏回／留存（win back retention）措施而出現一些稀釋？我想是的，其他——你們的一些同業也在採取類似作法來守住既有客戶。

Sebastiano, thank you for the questions. Appreciate it. This is Jim Holanda, everyone. And yes, connects, I think it's kind of twofold, both to your points. The expansion of the direct sales channel and the improvement in the e-commerce channel results, I think, certainly contributed to that, along with, again, our now very targeted segmented offers across how we've chosen to segment the base and being more aggressive and not afraid to be doing price locks in especially those hypercompetitive markets that we find ourselves in, in 15% of the footprint.

Sebastiano，謝謝你的問題，感謝。各位好，我是 Jim Holanda。是的，關於 connects，我認為大致可從兩個面向來看，正如你提到的。直銷通路的擴張，以及電商通路成效的改善，我認為確實都有所貢獻；此外，還包括我們現在依據對客群的分群方式所推出的高度精準、分眾化方案。我們在競爭極度激烈的市場也更積極，並且不害怕採用價格鎖定（price locks），尤其是在我們所處的超競爭市場——約占我們覆蓋範圍（footprint）的 15%。

So I think all of that helped contribute to it. And I think there's still a lot of meaningful room for improvement in regards to executing across all of those channels and all of those strategies. And yes, certainly, on the ARPU side, along with more aggressive go-to-market offers as certain areas get more competitive. Certainly, being more aggressive on the retention side where we feel those competitive pressures has been a focus. Again, I think we're still early on.

所以我認為上述因素都有所貢獻。而且我認為在所有這些通路與策略的執行上，仍有相當大的改善空間。至於 ARPU 方面，隨著某些地區競爭加劇，我們採取更積極的市場推廣方案（go-to-market offers）。在我們感受到競爭壓力的地方，更積極的留存策略也一直是重點。不過，我認為我們仍處於早期階段。

We saw a little bit of those results then impacting the ARPU numbers in Q1.

我們在第一季看到這些結果對 ARPU 數字帶來了一些影響。

Frank Louthan, Raymond James.

Raymond James 的 Frank Louthan。

As you're looking for -- to save customers and so forth and that kind of activity, what kind of pressure do you expect on ARPU in your back book? And then can you give us some color on how MBI is tracking from subscribers and a financial perspective?

當你們在挽留客戶等方面進行這類活動時，你們預期既有客戶（back book）的 ARPU 會承受多大壓力？另外，你能否就 MBI 的用戶數與財務表現提供一些近況說明？

And I assume there's -- that might impact the price. Do you expect that to be any materially different from what you've kind of signaled is going to be the cost when you close?

我猜這——可能會影響價格。你們預期在交割時的成本，會與你們先前所暗示的水準有任何重大差異嗎？

Well, I'll let Todd go ahead and answer the MBI question real quick.

我先請 Todd 很快回答一下 MBI 的問題。

Frank, on MBI, so their first quarter, which we put in the Q, net adds were south of 2,000. So they lost 2,000, but that's a meaningful improvement from the run rate at which they were last year. And there are some timing-related adjustments in the first quarter for MBI. But I think if I understood your question correctly, there are not adjustments in the purchase consideration. That is a locked in and disclosed number at $480 as we talked about last quarter.

Frank，關於 MBI，他們第一季（我們在 Q 裡有揭露），淨新增（net adds）低於 2,000。也就是說流失了 2,000，但相較於他們去年當時的流失速度（run rate）已是顯著改善。MBI 第一季也有一些與時點相關的調整。不過如果我理解你的問題正確，收購對價（purchase consideration）不會調整；那是一個已鎖定並已揭露的數字，正如我們上季所談，是 4.80 億美元。

And so that's currently the plan. We did adjust just to address it, the anticipated debt that we will assume or be looking to refinance in conjunction with it into a new range of $895 million to $925 million. So it's slightly higher than what we had as a range before just due to the impacts of their performance last year and slightly lower free cash flow between now and closing.

因此目前計畫如此。補充說明，我們確實調整了預期將承接或在交易中同步再融資的債務金額區間，更新為 8.95 億至 9.25 億美元。相較我們先前的區間略高，主要是因為他們去年表現的影響，以及從現在到交割期間自由現金流略低。

And then on the ARPU pressure piece, Frank, yes, clearly, bringing in customers at lower promotional rates and seeing continued kind of elevated churn in the back book continues to put pressure on ARPU. Certainly, my read of the analyst community from our last earnings call is such that, that's a good thing. In terms of that, again, we do have targeted retention offers in our more competitive markets at lower rates, but we're also simultaneously focused, as we've talked about on adding a ton of value in terms of those higher ARPU existing customers.

至於 ARPU 壓力這一塊，Frank，是的，很明顯，以較低促銷價引入客戶，以及既有客戶（back book）持續偏高的流失率（churn），都會持續對 ARPU 造成壓力。當然，從我們上次法說後我對分析師社群的觀察來看，這在某種程度上被視為好事。就此而言，我們在競爭較激烈的市場確實有針對性的留存方案，價格也較低；但同時我們也如先前所說，專注於為那些 ARPU 較高的既有客戶增加大量價值。

And again, whether that's with TechAssist, whether that's been with eero's, whether that's been with security product, we now have mobile in our arsenal as it relates to that as well as continuing to give people more speed at no incremental cost in terms of the network capabilities. So those are all things we continue to be very focused on and get out there, quite frankly, as quickly as possible.

同樣地，不論是透過 TechAssist、eero，或是資安產品；此外，我們現在也把行動服務（mobile）納入工具箱；同時也持續在不增加額外費用的情況下，提供更高網速，這與我們的網路能力提升相關。這些都是我們持續高度聚焦的事項，而且坦白說，我們希望能盡快推向市場。

How much of your back book do you think you're going to need to adjust and kind of lower the pricing when it's all said and done?

你們認為最終需要調整、並下調價格的既有客戶（back book）占比大概會有多少？

Well, all said and done is a very wide question. I don't know if you're meaning by the end of this year, the end of a three- or five-year cycle.

「最終」這個時間範圍很大。我不確定你指的是今年年底，還是三年或五年的週期結束。

Well, multiyear. I mean, ultimately, to get kind of competitive parity, your back book is pretty high. What would you expect that to have to adjust to?

我是指多年期。我的意思是，為了達到競爭上的大致對等，你們的既有客戶（back book）價格偏高。你預期需要調整到什麼程度？

I think overall, in the $2 to $5 range over time. And I think is realistic and doable given the value adds that we have at our disposal for our existing customer base.

我認為整體而言，隨時間推移大概在 2 到 5 美元的區間。我認為這是合理且可行的，考量到我們可用來為既有客戶增加價值的各項加值內容。

And Frank, it's Todd, I'll jump in just real quick, too. Keep in mind, if you think about the history of CABO, it was very one size fits all. It wasn't this deeply discounted promo with a high step-up that would result in a wide variation of front book, back book as you're referring to it. So when you think about -- I think you said the back book is really high, which we don't disclose that. It's not a major delta to what we're looking at from new selling.

Frank，我是 Todd，我也很快補充一下。請記得，若回顧 CABO 的歷史，我們過去比較像是一體適用（one size fits all）。並不是那種前端（front book）用深度折扣促銷、之後大幅跳升（high step-up），導致你所說的前端與既有客戶之間出現很大差異的模式。所以當你提到——我想你說既有客戶價格很高，但我們並未揭露該數字——其實與我們目前新銷售的價格相比，差距並不大。

Greg Williams, TD Cowen.

TD Cowen 的 Greg Williams。

First one is just on satellite broadband. We're hearing a couple of big announcements in the last few weeks. I'm just curious how you view the satellite competition, particularly in your rural areas.

第一個問題是關於衛星寬頻。過去幾週我們聽到幾個重大公告。我想請教你們如何看待衛星競爭，特別是在你們的鄉村地區。

And second question, Todd, you mentioned a little bit about refis and you just paid down the converts. I'm curious about next steps on the balance sheet and when you'd be looking to the debt markets and eventually turn that out.

第二個問題，Todd，你提到一些再融資（refis），而且你們剛償還了可轉債（converts）。我想了解資產負債表接下來的步驟，以及你們何時會再進入債券市場，並最終把到期結構往後延展（term that out）。

Yeah. I'll go ahead and take the satellite and then turn it over to Todd. Obviously, we're an avid user of OpenSignal and have pretty accurate and telling data in regards to the competitive landscape of our footprint across the United States. And while satellite shows up in very low circumstances and quantities, it certainly continues to go up. We keep our eye on it very closely.

好的。我先回答衛星的部分，然後再交給 Todd。顯然我們是 OpenSignal 的重度使用者，對於美國各地我們覆蓋範圍內的競爭態勢，有相當精準且具指標性的數據。雖然衛星在出現的情境與數量上仍相對有限，但確實持續上升。我們會非常密切地關注。

We're not going to let what happened kind of with FWA happen on the satellite front or even going back to my Dish and DIRECTV days back in the early '90s. I think they are formidable competitors that could flush out over time, yet to be determined.

我們不會讓先前在 FWA 上發生的情況，在衛星端重演；甚至回到我在 90 年代初期於 Dish 與 DIRECTV 的日子也是如此。我認為他們是強勁的競爭對手，隨著時間推移可能會被市場淘汰，但目前仍有待觀察。

And there is no consistency from at least the 2.5 months that I've been here in terms of their offers and their installation costs and their monthly pricing is widely varied territory to territory, market to market. And we have not seen any consistency yet across our footprint in terms of their go-to-market strategy, which I think they will figure out a technological way to overcome at some point in the future, should they choose to allocate their resources and bandwidth there.

而且至少就我來這裡的這 2.5 個月而言，他們的方案缺乏一致性：不論是優惠內容、安裝費用，或每月定價，都因地區、因市場而差異很大。我們在我們的覆蓋範圍內，至今也尚未看到他們在上市策略（go-to-market strategy）上的一致性；我認為若他們選擇在未來投入資源與頻寬，終究會找到某種技術方式來克服這點。

So we'll continue to keep an eye on it. But at the same time, as you're fighting off one, two or three FWA carriers and fiberized LECs and in 15% of the footprint, fiber overbuilders, we feel we have a good playbook to run in order to defend the base that we have and to figure out how we continue to grow the connect side of our business simultaneously.

因此我們會持續關注。不過同時，當你要抵禦一到三家 FWA 業者、光纖化的 LEC，以及在 15% 覆蓋範圍內的光纖 overbuilder 時，我們認為我們有一套良好的作戰手冊可用來守住既有客戶基礎，並同時找出如何持續成長我們業務中 connect 端的方法。

And then, Greg, on the balance sheet side, as Jim alluded to, and I commented also in my prepared remarks, meaningful repayments have continued as we attack the numerator. That was over $400 million in 2025, $90 million here this last quarter. Most of those were voluntary and repurchases at attractive discounts on both our term loans and our unsecured notes. And that's an intentional approach as it relates to how we want to think about the balance of the capital structure.

接著，Greg，就資產負債表面向而言，如 Jim 所提到的，以及我在事先準備的發言中也有評論，我們在攻頂分子（numerator）方面持續進行具規模的償還。2025 年已超過 4 億美元，而上一季這裡是 9,000 萬美元。其中多數是自願性償還，並以具吸引力的折價回購我們的定期貸款與無擔保票據。這是我們在思考資本結構平衡時所採取的刻意策略。

As I've mentioned several times, diversity of duration because we are actively evaluating longer-term capital solutions and optimizing the balance sheet to ensure we have the flexibility to continue to reinvest in the business, but also the flexibility to continue to repay debt at attractive levels going forward. But we're also very focused on the diversity of the structure and ensuring that we have both secured that's more attractively prepayable as well as more foundational capital on the unsecured side.

如我多次提到的，我們重視期限多元化，因為我們正積極評估更長期的資本解決方案，並優化資產負債表，以確保我們有彈性持續再投資於業務，同時也有彈性在未來以具吸引力的水準持續償還債務。但我們也非常聚焦於結構的多元性，並確保我們同時擁有較具吸引力、可提前償還的擔保資金，以及在無擔保端更具基礎性的資本。

And then as it relates to preparation, I think you even asked about timing. I've kind of been pretty consistent for the last few quarters, but we do have our contingency plan in place, but that's not a primary plan. And so we actively evaluate the markets. We're looking at it through the lens of ensuring we have the right disclosures in place.

至於準備工作，我想你也問到了時點。我在過去幾季的說法其實相當一致：我們確實已備妥應變計畫，但那不是主要計畫。因此我們會積極評估市場，並從確保我們具備正確揭露的角度來檢視。

So we started putting more disclosures on MBI as that acquisition will be affected in early Q4 of this year. And we are aware of, obviously, the refinancing that we need to do over the course of the next two to three years and very actively planning around how we address that.

因此我們開始在 MBI 上提供更多揭露，因為該收購案將在今年第四季初受到影響。我們也清楚知道，未來兩到三年內我們需要進行再融資，並正非常積極地規劃如何因應。

Brandon Nispel, KeyBanc.

Brandon Nispel，KeyBanc。

A couple if I could. It seems like a pretty consistent theme we're seeing across the space is that there's an inverse correlation between ARPUs and subscriber growth. So I'm curious how you guys are expecting to get better performance on the subscriber side while keeping ARPU flat this year.

我有兩個問題可以的話。看起來我們在這個產業中看到一個相當一致的主題：ARPU 與用戶成長之間呈現反向關係。所以我想了解，在今年維持 ARPU 持平的同時，你們預期要如何在用戶端取得更好的表現。

And then if I remember right, historically, your guys' footprint tends to perform best seasonally in the first quarter from a connect standpoint in the third quarter, and if we're looking at trends getting worse in the first quarter here, how should we be thinking about sort of second quarter from a net add standpoint?

另外，如果我沒記錯，過去你們的覆蓋範圍在 connect 方面的季節性表現通常是第一季最好、第三季最差；而如果我們看到這裡第一季的趨勢變得更糟，那麼從淨新增（net add）的角度，我們應該如何看待第二季？

I'll start, and I'm new, so I can't speak to historical Q1s. I know my experience in my other locations is nothing historical patterns upheld through the pandemic and going forward in a new competitive environment, generally speaking. So that one is probably harder to gauge.

我先回答。我是新來的，所以我無法評論歷史上的第一季。我知道以我在其他地方的經驗來看，整體而言，疫情期間以及之後在新的競爭環境下，歷史季節性模式並沒有延續。所以這點可能比較難判斷。

Having said that, I think we were pretty clear on last quarter's earnings call that in the third quarter of '25, we saw the spike associated with some very large work done in the back office and with our systems in terms of a billing system consolidation across the family brands that made up Cable One that really put pressure there. We're not going to have those pressures at all this year.

話雖如此，我認為我們在上一季的財報電話會議已相當清楚地說明：在 2025 年第三季，我們看到與後台及系統端一些非常大型工作相關的尖峰，特別是針對構成 Cable One 的各家族品牌進行帳務系統整併，這確實帶來了壓力。今年我們完全不會有那些壓力。

And so I think that becomes an opportunity. And like I say, I think the opportunities in terms of all the go-to-market strategies that we've been talking about on these last two calls are really the things that can help start to change what have been otherwise historical trends there.

因此我認為這會成為一個機會。正如我所說，我認為我們在最近兩次電話會議中談到的各項上市策略（go-to-market strategies）所帶來的機會，才是真正能開始改變過去那些原本屬於歷史趨勢的因素。

And as we think about kind of ARPU versus sub growth, the interesting thing about Cable One and one of the reasons I came here is 40% of our footprint, we're still the only gig provider. And there's not a lot of cable operators out there that can say that. And while we certainly expect that intensity to grow over time and have modeled that out and are thinking in those terms, we also have clear visibility in terms of as ILECs start to fiberize or third-party overbuilders start to come in with a fiber build. We see that coming well in advance, and we think we've built a pretty good playbook in terms of how to defend against that.

當我們思考 ARPU 與用戶成長時，Cable One 有趣的一點、也是我來這裡的原因之一，是我們有 40% 的覆蓋範圍仍然是唯一的 Gig 供應商。能這樣說的有線業者並不多。雖然我們確實預期競爭強度會隨時間增加，也已將其納入模型並以此思考，但我們也能清楚掌握：當 ILEC 開始光纖化，或第三方 overbuilder 以光纖建設進入時，我們會在很早之前就看到趨勢；而我們也認為自己已建立一套相當不錯的作戰手冊來防禦。

And so I don't think as you compare us to others, I think we have just a little bit more flexibility in terms of our timing. And I think we have a little bit more opportunity in terms of, again, getting higher speeds and getting a whole host of value-added services into our customers' kitchens and living room to help us as we go forward across those retention pressures.

因此我認為，若拿我們與其他業者相比，我們在時點安排上有更多一些彈性。我也認為我們在機會面上更大一些：再次強調，透過提供更高速度，並把一整套加值服務帶進客戶的廚房與客廳，來協助我們在面對留存壓力時持續向前。

Got it. Todd, if I could just follow up with one for you. I don't think you provided it or an update here, but with the higher debt that you guys are planning to take on with Mega, the trends there and then the EBITDA trends that you guys are seeing, is there an updated thoughts on your closing leverage target once you do close Mega?

了解。Todd，如果我可以再追問一個。我想你這裡沒有提供或更新，但隨著你們計畫因 Mega 而承擔更高的債務，加上那邊的趨勢以及你們看到的 EBITDA 趨勢，當你們完成 Mega 交割後，對於交割時的槓桿目標（closing leverage target）是否有更新的想法？

Yeah, Brandon, yes, the range is pretty modest relative to the overall debt stack. So that doesn't move that much. But obviously, with the trends from 2025 for both CABO and MBI on a customer basis and how those translate into the effective denominator of that leverage ratio and EBITDA that will be higher than what we previously stated, which was in and around 4 times, but still very manageable in our opinion, as it relates to where we close and how quickly we can get that down relative to the ongoing initiatives to focus on debt repayment as well as, of course, stabilize and change the trajectory of the EBITDA base.

是的，Brandon。是的，那個區間相對於整體債務結構（debt stack）而言相當溫和，所以影響不會太大。但顯然，考量 2025 年 CABO 與 MBI 在客戶基礎上的趨勢，以及這些如何轉化為槓桿比率的有效分母與 EBITDA，該槓桿水準會高於我們先前所說的大約 4 倍，但以我們的看法仍非常可控；就交割時的水準，以及相對於持續推動的各項措施（聚焦償債，當然也包括穩定並扭轉 EBITDA 基礎的走勢）而言，我們能夠相當快地把它降下來。

Sam McHugh, BNP Paribas.

Sam McHugh，BNP Paribas。

Two questions, if I can. One on the gross add connect side. Do you have a sense of how many of your gross adds are coming from DSL? And then as DSL kind of just disappears in the next few years, kind of what's the plan to make up that gap?

我有兩個問題可以的話。第一個是 connect 端的總新增（gross add）。你們是否掌握你們的總新增中有多少是從 DSL 轉來的？另外，隨著 DSL 在未來幾年逐漸消失，你們打算如何彌補這個缺口？

And then secondly, on the tower divestment, Todd, you've given us the revenue number. I wonder if you could give us an EBITDA number of how much that might just take out EBITDA for this year.

第二個問題是關於基地台（tower）資產出售。Todd，你已提供營收數字；我想請問你是否能提供一個 EBITDA 數字，說明這項交易在今年可能會讓 EBITDA 減少多少。

Yes. Thank you for those questions. On the -- in terms of the connect side, how many are coming from DSL, again, with only 40% of the footprint left that -- where the ILECs are unupgraded, you'll over-index slightly in terms of that connect performance. So if it's 40% of the potential and 50% of the connects, I think that's a pretty consistent rule in terms of the OpenSignal data that helps us kind of support that structure and thought.

是的。謝謝你提出這些問題。就——在 Connect 這一端而言，有多少是來自 DSL，再次強調，在覆蓋範圍中只剩下 40%——也就是 ILEC 尚未升級的區域——你在 Connect 表現上會略為超額集中。因此，如果潛在範圍是 40%，而 Connect 卻占到 50%，我認為依據 OpenSignal 的數據，這是一個相當一致的規則，有助於我們支持這樣的架構與想法。

And having said that, it's interesting, you brought that up because I think that is an opportunity for us to exploit that even further. And given these bigger announced acquisitions by the ILECs and the integration work that they have to do and so forth, I think that gives us a window to hopefully potentially take advantage of that in a bigger way going forward.

話雖如此，這點很有意思，你提到這個是因為我認為這對我們而言是一個可以進一步加以利用的機會。再加上 ILEC 近期宣布的較大型收購案，以及他們必須進行的整合作業等等，我認為這為我們提供了一個窗口，讓我們有望在未來以更大的方式加以把握。

And Sam, I'll just say, of course, as we've talked about in the past, where the LEC has not upgraded to fiber and especially where that LEC has a fixed wireless access product for home broadband. They've been very aggressive on attempting to keep the customers they already have as their initiatives are not only focused on the customer side but decommissioning that high-cost copper. So that has moved that DSL population down at a more accelerated pace than what it was naturally because of those fixed wireless saves.

Sam，我再補充一下，當然，正如我們過去談過的，在 LEC 尚未升級到光纖、尤其是該 LEC 針對家用寬頻有固定無線接入（FWA）產品的地方，他們在試圖留住既有客戶方面一直非常積極，因為他們的策略不僅聚焦在客戶端，也在於汰除那種高成本的銅纜。因此，因為這些固定無線的「挽留」措施，DSL 人口下降的速度比自然下滑更快、也更為加速。

As it relates to the fiber-to-the-tower contract sale that we affected in the first quarter, it was $42 million of gross proceeds, pretty comparable because of the tax efficiencies that we had from a net proceeds perspective. We used those proceeds to accelerate our debt reduction. The revenue, we did disclose, as you alluded to, that's a high single-digit multiple and margins that are slightly higher than what you see from an enterprise side of the equation. So that should get you to a pretty directionally accurate cash flow number as that rolls through on a GAAP basis throughout this year.

就我們在第一季完成的光纖到塔（fiber-to-the-tower）合約出售而言，總收益為 4,200 萬美元；由於我們在稅務效率上的優勢，從淨收益角度看也相當可比。我們將這些收益用於加速降低負債。我們也如你所提到的已揭露該筆交易的營收：那是高個位數倍數（high single-digit multiple），且利潤率略高於你在企業端所看到的水準。因此，當它在今年以 GAAP 基礎逐步反映時，應能讓你推導出一個方向上相當準確的現金流數字。

Julie Zhu, MoffettNathanson.

Julie Zhu，MoffettNathanson。

Team, last quarter, you had mentioned approaching an equilibrium on fixed wireless competition. I was wondering if you could comment on any updated thoughts there. I know that we saw that Verizon's fixed wireless net adds sharply slowed, but T-Mobile stopped reporting yet and given they're your largest overlap, would love any insight into year-to-date activity and view into the future. And then if I can squeeze a follow-up in about the satellite LEO competitors. Jim, I think you had mentioned that it's sort of a hazard strategy on go-to-market for them.

團隊各位，上季你們提到固定無線競爭正接近一個均衡點。我想請你們更新一下目前的看法。我知道我們看到 Verizon 的固定無線淨增大幅放緩，但 T-Mobile 已經不再披露，而考量到他們與你們的重疊度最高，很希望能聽到一些年初至今的動態與對未來的看法。另外如果我可以再追問一題，關於衛星 LEO 競爭者。Jim，我記得你提過他們在上市策略（go-to-market）上有點像是「危險策略」（hazard strategy）。

How does that affect how you and the team think about competing in more rural areas? And do you have an updated point of view in terms of the structural market share of satellite connectivity and fixed wireless across your footprint?

這會如何影響你和團隊對在更偏鄉地區競爭的思考？以及就你們覆蓋範圍內，衛星連線與固定無線在結構性市占方面，你們是否有更新的觀點？

Wow, that's a lot for two questions, Julie. I wouldn't expect anything less, by the way. Thank you. On the satellite piece, and they're somewhat intertwined given the fact that roughly 80% of our footprint now has one or more FWA competitor, which is the latest and greatest information we have from OpenSignal. So we're already in a mode where we are competing fiercely in terms of retaining customers that we have and going after the low end where those product sets are more appealing.

哇，Julie，兩個問題就問了這麼多。我也不意外，順帶一提。謝謝。關於衛星的部分——而且它們彼此有些交織——因為根據 OpenSignal 我們掌握的最新、最完整資訊，我們目前約 80% 的覆蓋範圍已經有一個或多個 FWA 競爭者。所以我們已經處於一種模式：在留住既有客戶、以及攻佔低端市場（那些產品組合更具吸引力的區段）方面，我們都在激烈競爭。

And so even as they might have the capacity to come to a more consistent go-to-market strategy. At some point, if you're competing against two or three FWAs and one or two other wireline competitors doesn't matter whether there's six or seven in a particular market, we're focused on the things that we can control and the value and the customer experience differentiators that we can bring to market and the localism that our network and our people bring to communities in the way that we support them day-to-day throughout the year.

因此，即便他們可能有能力形成更一致的上市策略。某個時間點上，當你面對兩到三個 FWA、再加上一到兩個其他有線競爭者時，某個市場裡到底是六個還是七個競爭者其實不重要；我們專注在我們能控制的事情：我們能帶到市場上的價值與客戶體驗差異化，以及我們的網路與人員為社區帶來的在地性（localism），以及我們一年到頭、日常如何支持他們。

So we'll continue to try and take advantage of all of those opportunities to the best of our ability and see how that develops and unfolds. I think your narrative is accurate. I think we haven't seen according to our data, a whole lot of incremental expansion out of the Verizon FWA product, but we do continue to see and expect T-Mobile and AT&T deployment within the market. And I would call theirs slow and steady, but not -- they're not turning on huge additional sloughs from the information we've gotten so far.

所以我們會持續盡最大努力把握所有這些機會，並觀察其如何發展與演變。我認為你的敘事是正確的。依據我們的數據，我們沒有看到 Verizon 的 FWA 產品有大量的增量擴張，但我們確實持續看到、也預期 T-Mobile 與 AT&T 會在市場內部署。我會形容他們是緩慢而穩健，但並不是——就我們目前取得的資訊而言，他們並沒有一次開通非常大幅度的新增覆蓋。

And then, Julie, on the structural market share, we did discuss last quarter, it's an estimate. It's a view, a thesis as it relates to what the future looks like. And when you think about wired broadband, we believe that longer term from an equilibrium perspective, wired broadband based on the capacity needs, the speed needs and the utilization that you see constantly increasing across our both residential and business customer base that, that will be in more of that 80% area. And then I would view the 20% is whether it's wireless only, whether it's mobile fixed wireless access or it's satellite that really comprises that other 20% factor when you think about an adoption being nearly ubiquitous for Internet connectivity.

另外，Julie，關於結構性市占，我們上季也討論過，那是一個估計值，是一種觀點與論點，用來描述未來可能的樣貌。當你思考有線寬頻時，我們相信從更長期的均衡角度來看，基於容量需求、速度需求，以及你看到我們住宅與商業客戶群使用量持續上升的趨勢，有線寬頻會落在約 80% 的區間。而其餘 20% 我會視為：不論是純無線、行動固定無線接入，或是衛星，當你把網際網路連線的採用視為幾乎無所不在時，這些就構成了另外那 20% 的因素。

Got you. I appreciate the fulsome answers. I think maybe just a quick follow-up. Is it fair to characterize the rate of change for T-Mobile and AT&T fixed wireless as slowing when you say slow and steady?

了解。我很感謝你們如此完整的回答。我想再快速追問一下：當你說「緩慢而穩健」時，是否可以合理地解讀為 T-Mobile 與 AT&T 的固定無線變動速度正在放緩？

No. Consistent.

沒有。是維持一致。

Okay, got it. Thanks, guys.

好的，了解。謝謝各位。

That's all we have time for today. I will now turn the call back to Jim for closing remarks.

我們今天的時間就到這裡。接下來我會把電話交回 Jim 作結語。

Thank you, Alexandra. Before we wrap up, I just want to thank all of our associates across the country for welcoming me into the Cable One family and for their continued focus on our customers and each other. And over my first roughly 70 days, I've had the opportunity to meet many of our associates, customers, and investors, and I look forward to continuing to engage with our key stakeholders in the quarters ahead. And thank you, everyone, on the call today for your time and your continued interest in Cable One.

謝謝你，Alexandra。在我們結束之前，我只想感謝全國各地的所有同仁，歡迎我加入 Cable One 大家庭，並持續專注於我們的客戶以及彼此。在我上任約 70 天的期間，我有機會見到許多同仁、客戶與投資人，我也期待在接下來的幾個季度持續與我們的關鍵利害關係人互動。同時也謝謝今天參與電話會議的各位，感謝你們的時間，以及你們對 Cable One 持續的關注。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。