Cable One Inc (CABO) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Cable One second-quarter Q2 earnings release. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位好。感謝各位參與，歡迎收聽 Cable One 2026 年第二季（Q2）財報發布。在今天的預先準備發言結束後，我們將進行問答環節。（接線員指示）

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

現在我將把會議交給 Jordan Morkert。投資人關係副總裁。Jordan，請開始。

Good afternoon, and welcome to Cable One's second 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 年第二季財報電話會議。很高興各位與我們一同回顧本季業績。

Before we proceed, I would like to remind you that today's discussion contains forward-looking statements relating to future events involve risks and uncertainties, including statements regarding future revenue, customer growth, connects, churn rates and ARPU, the future competitive structure of our markets, the long-term penetration opportunity in 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 MBI transaction, including the put purchase price, MBI's future debt levels and other related matters, future tax savings, our expectations for monetizing our remaining equity investments and our future financial performance, capital allocation policy, leverage ratios and related targets and our potential 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 ARPU、我們市場未來的競爭結構、我們市場的長期滲透機會、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、我們的帳務系統遷移及其他成長賦能平台投資所帶來的預期成本節省與其他效益、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、MBI 交易（包括賣權行使價格）、MBI 未來負債水準及其他相關事項、未來稅務節省、我們對剩餘股權投資變現的預期以及未來財務表現、資本配置政策、槓桿比率及相關目標，以及我們潛在的融資計畫。

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 second 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所討論之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 SEC 提交的文件中，包括我們的 2025 年 Form 10-K 年報，以及即將發布的 2026 年第二季 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. Joining me on today's call is our CEO, Jim Holanda; and CFO, Todd Koetje.

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。在今天的電話會議中，當我們提及自由現金流時，係指經調整 EBITDA 減去資本支出，其定義載於我們的財報新聞稿。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。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。

With that, I'll turn the call over to Jim.

接下來，我把電話交給 Jim。

Thank you, Jordan, and good afternoon, everyone. We appreciate you joining us today. Last quarter, I spoke about taking the time to listen, learn and develop a clear understanding of where we are performing well and where we need to improve.

謝謝你，Jordan，各位下午好。感謝各位今天加入我們。上個季度，我談到要花時間傾聽、學習，並清楚了解我們在哪些方面表現良好，以及哪些方面需要改善。

Three months later, my view remains largely unchanged. This is a business with a strong network, attractive markets, meaningful cash flow generation and significant potential to improve operating performance. I continue to believe the greatest opportunities in front of us are operational in nature within our control and ultimately solvable through consistent execution. Today, I'd like to spend my time discussing what we're seeing in residential broadband, the competitive environment, the investments we're making across the business and why we remain confident in the long-term outlook.

三個月後，我的看法大致不變。這是一項擁有強健網路、具吸引力市場、可觀現金流創造能力，且具備顯著提升營運表現潛力的業務。我仍然相信，我們面前最大的機會屬於營運層面、在我們可控範圍內，並且最終可透過持續一致的執行來解決。今天，我想把時間用來討論我們在住宅寬頻所看到的情況、競爭環境、我們在全公司所進行的投資，以及為何我們仍對長期展望充滿信心。

Turning to residential broadband. We reported losses of 17,000 customers during the quarter as elevated churn continued to pressure subscriber results. These results reinforce our belief that improving customer retention is our most important operational priority. Achieving that requires continued focus on both enhancing the customer experience and strengthening our overall value proposition.

先談住宅寬頻。本季我們回報客戶減少 17,000 戶，因流失率仍處於高位，持續對訂戶表現造成壓力。這些結果再次強化我們的看法：提升客戶留存是我們最重要的營運優先事項。要達成此目標，需要持續聚焦於同時提升客戶體驗並強化整體價值主張。

To support these efforts, we continue to augment initiatives across the business including additional speed upgrades, more gradual promotional roll-offs and a broader portfolio of products and services designed to deepen customer relationships and improve customer lifetime value supported by enhanced retention tools.

為支持這些努力，我們持續在全公司擴大各項措施，包括額外的速度升級、更為漸進的促銷到期退場，以及更廣泛的產品與服務組合；這些措施旨在加深客戶關係並提升客戶終身價值，並由強化的留存工具加以支援。

On the acquisition side, connect activity improved sequentially from the prior quarter and in each month of the second quarter providing additional confidence that our customer acquisition initiatives are moving in the right direction. We are making progress towards building a more balanced acquisition approach as investments in our people, platforms and go-to-market capabilities continue to gain traction.

在獲客方面，接通數（connect）較上一季呈現季增，且在第二季每個月份皆有所改善，進一步提升我們對獲客措施正朝正確方向推進的信心。隨著我們在人員、平台與市場進入（go-to-market）能力上的投資持續發揮成效，我們正朝建立更均衡的獲客方式取得進展。

Over the past year, the contribution from door-to-door sales has more than doubled as a share of our quarterly connects, and we also continue to see encouraging momentum across our digital acquisition channels. These results reflect our efforts to diversify how we acquire new customers and build a more balanced mix of acquisition channels.

過去一年，挨家挨戶（door-to-door）銷售對我們每季接通數的貢獻占比已增加一倍以上；同時，我們也持續在數位獲客渠道看到令人鼓舞的動能。這些結果反映我們致力於多元化新客取得方式，並建立更均衡的獲客渠道組合。

Residential broadband ARPU increased sequentially during the quarter, benefiting from promotional roll-offs, the implementation of our AutoPay Plus program changes and continued adoption of higher-value products and services across the customer relationship, partially offset by customer retention initiatives and increased adoption of value-oriented offerings.

本季住宅寬頻 ARPU 較上一季上升，受惠於促銷到期退場、AutoPay Plus 計畫變更的實施，以及客戶關係中更高價值產品與服務的持續採用；但部分被客戶留存措施與更偏價值導向方案的採用增加所抵銷。

Going forward, we expect to take an increasingly targeted and segmented approach to pricing and retention initiatives tailored to the competitive dynamics of each market we serve. This approach is designed to balance revenue objectives with long-term customer relationships and lifetime value. Competitive intensity remains across portions of our footprint, particularly in markets experiencing a fiber overbuild activity.

展望未來，我們預期將採取更具針對性且分眾化的定價與留存策略，以符合我們所服務各市場的競爭動態。此作法旨在於營收目標與長期客戶關係及終身價值之間取得平衡。在我們服務版圖的部分區域，競爭強度仍然存在，尤其是在正經歷光纖覆蓋建設（fiber overbuild）活動的市場。

Looking ahead, we expect the broadband landscape to consist of a mix of wired, fixed wireless, mobile-only and satellite solutions with wired broadband continuing to serve the majority of households because of its superior capacity, reliability and economics.

往前看，我們預期寬頻市場將由有線、固定無線、僅行動（mobile-only）與衛星等解決方案共同構成；其中，有線寬頻將因其更優異的容量、可靠性與經濟性而持續服務大多數家庭。

The number of wired gig capable competitors varies across our footprint, and we increasingly tailor our products, marketing strategies and competitive responses to the local dynamics of each market. While those competitive responses may differ by market, our commitment to the communities we serve and our local operating presence remain unchanged. Our objective is to deliver an experience that earns long-term customer loyalty and positions us to compete effectively over time.

在我們的服務版圖中，具備有線千兆能力的競爭對手數量各不相同；我們也日益依據各市場的在地動態，調整產品、行銷策略與競爭回應。儘管這些競爭回應可能因市場而異，但我們對所服務社區的承諾以及在地營運據點的存在不會改變。我們的目標是提供能贏得長期客戶忠誠的體驗，並使我們得以隨時間有效競爭。

As we evaluate the competitive environments across our footprint and where we expect them to stabilize over time, we believe our long-term penetration opportunity remains meaningfully above current penetration levels. This analysis reinforces our confidence in the business' long-term growth and value creation potential.

在我們評估服務版圖內的競爭環境，以及我們預期其隨時間趨於穩定的狀態時，我們認為長期滲透機會仍顯著高於目前的滲透水準。此分析進一步強化我們對該業務長期成長與價值創造潛力的信心。

Turning to Business Services. As we noted last quarter, our reported business services results reflect the impact of the previously announced sale of certain fiber-to-the-tower assets, which occurred in late Q1. Within Business Services, we continue to see encouraging momentum in portions of the business particularly within our enterprise, wholesale and carrier offerings as these higher-value fiber-based offerings benefit from long-term contracts, recurring revenue streams and attractive customer economics.

接著談企業服務（Business Services）。如同我們上季所提到的，我們所報告的企業服務結果反映先前已公告出售部分「光纖到基地台」（fiber-to-the-tower）資產的影響，該交易於第一季末完成。在企業服務內部，我們仍在部分業務看到令人鼓舞的動能，特別是在企業客戶、批發與電信業者（carrier）方案方面；這些較高價值的光纖型方案受惠於長期合約、經常性收入來源以及具吸引力的客戶經濟效益。

During the second quarter, our SMB broadband business remained under pressure. To strengthen our offering, we expanded our product portfolio with the launch of Unified Communications as a Service, or UCaaS providing customers with a cloud-based communications solution that complements our existing connectivity services.

在第二季，我們的中小企業（SMB）寬頻業務仍面臨壓力。為了強化我們的產品方案，我們透過推出「統一通訊即服務」（Unified Communications as a Service，簡稱 UCaaS）擴充產品組合，為客戶提供以雲端為基礎的通訊解決方案，以補強我們既有的連線服務。

UCaaS broadens the solutions we offer and represents another step in deepening relationships over time. Combined with improvements in sales execution and our go-to-market approach, we believe we are well positioned to build the momentum we're seeing across these higher-value commercial segments.

UCaaS 擴大了我們所提供的解決方案，也是隨時間深化客戶關係的另一個步驟。結合銷售執行與我們的市場進入策略（go-to-market approach）的改善，我們相信我們已具備良好條件，在這些更高價值的商業客群中延續目前所見的成長動能。

Underpinning both our residential and commercial businesses is the quality and capabilities of our network. Today, essentially, all of our network is capable of delivering gigabit speeds -- and by the end of this year, the vast majority of our customers will be served by multi-gig capable infrastructure.

支撐我們住宅與商業兩大業務的，是我們網路的品質與能力。目前，基本上我們的整體網路皆可提供 Gigabit 等級速度——而在今年年底前，我們絕大多數客戶將由具備多 Gig（multi-gig）能力的基礎設施提供服務。

This progress is not the result of a major new capital program, but rather a years of disciplined, capital-efficient investment in our network architecture and technology platforms. We believe these upgrades improve the value we deliver to customers while further strengthening our competitive position in the markets we serve.

這項進展並非源自一項重大的全新資本計畫，而是多年來在網路架構與技術平台上，持續以紀律且具資本效率的方式投資的成果。我們相信，這些升級提升了我們為客戶提供的價值，同時也進一步強化我們在所服務市場中的競爭地位。

More broadly, we continue to invest in technology, automation, and AI-enabled tools designed to improve the customer experience, enhance employee productivity and drive greater operational efficiency across the business.

更廣泛而言，我們持續投資於技術、自動化與 AI 賦能工具，旨在改善客戶體驗、提升員工生產力，並推動全公司更高的營運效率。

Turning to mobile. We are pleased with the early progress of the business. While it remains small relative to our core broadband operations today, customer adoption trends and the pace of growth across the platform are encouraging. As we've said previously, building awareness and changing customer perception takes time. Customers have known us as a broadband provider for many years, and we expect it will take time for customers to view us as a mobile provider.

接著談行動業務。我們對該業務的早期進展感到滿意。雖然相較於我們目前的核心寬頻營運規模仍小，但客戶採用趨勢與平台整體成長速度令人鼓舞。如同我們先前所說，建立認知並改變客戶觀感需要時間。多年來客戶一直將我們視為寬頻供應商，我們預期客戶要把我們視為行動服務供應商也需要一段時間。

Across the broadband industry, mobile is an increasingly important part of the customer relationship. While it remains early on in our launch, we believe it is an effective way to improve customer acquisition, deepen customer relationships and strengthen retention over time.

在整個寬頻產業中，行動服務正成為客戶關係中愈來愈重要的一環。雖然我們的推出仍處於早期階段，但我們相信這是提升客戶獲取、深化客戶關係並隨時間強化留存的有效方式。

As penetration grows, we expect those benefits to become more meaningful to customer lifetime value and the economics of the business. As we continue to invest across the business, we remain disciplined in how we allocate capital. Our capital allocation priorities remain unchanged. We will invest in opportunities to improve the customer experience and strengthen our competitive position, while pursuing balance sheet flexibility and seeking to reduce leverage over time.

隨著滲透率提升，我們預期這些效益將對客戶終身價值以及業務經濟性變得更具意義。在我們持續投資各項業務之際，我們在資本配置上仍保持紀律。我們的資本配置優先順序維持不變。我們將投資於改善客戶體驗並強化競爭地位的機會，同時追求資產負債表的彈性，並致力於隨時間降低槓桿。

Todd will provide additional detail on our balance sheet, liquidity position and capital allocation priorities in his remarks. Before I hand it over to Todd, I'd like to reiterate our confidence in the long-term opportunity ahead. We're seeing encouraging progress across a number of the initiatives we've discussed today while continuing to invest in our network, our products and the capabilities that we believe will strengthen our competitive position. Combined with the positive cash flow generating characteristics of the business, and a disciplined approach to capital allocation, we continue to pursue long-term value creation for our stakeholders.

Todd 將在他的發言中，提供更多關於我們資產負債表、流動性狀況與資本配置優先順序的細節。在我把時間交給 Todd 之前，我想再次重申我們對未來長期機會的信心。我們在今天討論的多項倡議上看到令人鼓舞的進展，同時持續投資於我們的網路、產品，以及我們相信能強化競爭地位的各項能力。結合本業正向的現金流創造特性，以及對資本配置的紀律作法，我們將持續為利害關係人追求長期價值創造。

And now Todd will provide a recap of our second quarter financial performance.

接下來 Todd 將回顧我們第二季的財務表現。

Thanks, Jim. Beginning with the top line, total revenues were $348.9 million for the second quarter of 2026 compared to $381.1 million in the second quarter of 2025 with residential video responsible for $9.7 million of the decrease. Residential data revenues decreased $16.7 million or 7.3% year-over-year driven by a 6.6% decrease in subscribers, while ARPU remained relatively flat.

謝謝，Jim。先從營收來看，2026 年第二季總營收為 3.489 億美元，相較 2025 年第二季的 3.811 億美元，其中住宅影音業務造成減少金額中的 970 萬美元。住宅數據營收年減 1,670 萬美元（或 7.3%），主要由訂戶數年減 6.6% 所致，而 ARPU 則大致持平。

On a sequential basis, residential data revenues declined by $1 million or 0.5%. Data revenues on the business side declined by $3.8 million year-over-year or 6.6%. However, $2.2 million of this decline was attributable to the revenues associated with the tower contracts divested during the first quarter of 2026. Operating expenses declined by $3.6 million or 3.5% compared to the second quarter of 2025 driven by lower programming costs offset by ongoing investments in customer experience.

以季比來看，住宅數據營收減少 100 萬美元（或 0.5%）。企業端數據營收年減 380 萬美元（或 6.6%）。不過，其中 220 萬美元的下滑可歸因於我們在 2026 年第一季處分的電塔合約所帶來的相關營收。相較 2025 年第二季，營運費用減少 360 萬美元（或 3.5%），主要因節目編播成本降低，但部分被持續投入客戶體驗所抵銷。

OpEx was 28.3% of revenues in Q2 of 2026 versus 26.9% in the prior year quarter. SG&A expenses for the second quarter of 2026 fell by $4.3 million or 4.7% year-over-year, due to lower labor expense and reduced billing system conversion costs. This was offset by continued investment in customer acquisition channels and related marketing.

2026 年第二季的營運費用（OpEx）占營收比重為 28.3%，相較前一年同期為 26.9%。2026 年第二季的銷售、一般及管理費用（SG&A）年減 430 萬美元（或 4.7%），原因為人力費用降低以及帳務系統轉換成本減少。上述降幅部分被持續投資於客戶獲取通路及相關行銷所抵銷。

SG&A represented 25.1% of total revenues in the current quarter compared to 24.1% in the second quarter of last year. Adjusted EBITDA for the second quarter of 2026 was $173.5 million, representing 49.7% of revenues versus $203.2 million or 53.3% of revenues in Q2 of 2025. Capital expenditures of $74 million or 42.7% of adjusted EBITDA and increased $5.6 million year-over-year.

本季 SG&A 占總營收比重為 25.1%，相較去年第二季為 24.1%。2026 年第二季調整後 EBITDA 為 1.735 億美元，占營收 49.7%；相較之下，2025 年第二季為 2.032 億美元，占營收 53.3%。資本支出為 7,400 萬美元，相當於調整後 EBITDA 的 42.7%，且年增 560 萬美元。

This was primarily attributable to our investments in the latest in-home advanced WiFi technologies and security solutions to drive increased customer satisfaction and related loyalty. We reaffirm our previous guidance that full year CapEx is expected to remain consistent with the prior year, and we will continue to remain disciplined and balanced on capital allocation priorities that are centered around the highest network reliability standards and debt reduction.

這主要歸因於我們投資於最新的家用先進 WiFi 技術與資安解決方案，以提升客戶滿意度及相關忠誠度。我們重申先前指引：全年資本支出（CapEx）預期將與前一年一致；我們也將持續在資本配置優先順序上保持紀律與平衡，重點聚焦於最高的網路可靠性標準與降低負債。

Adjusted EBITDA less CapEx was $99.5 million in the second quarter of 2026, and versus $134.8 million in the second quarter of 2025. During the quarter, we recognized several noncash impairment charges and fair value adjustments related to our franchise agreements, goodwill in our investment in MBI.

2026 年第二季調整後 EBITDA 扣除資本支出後為 9,950 萬美元，相較 2025 年第二季為 1.348 億美元。本季我們認列了數項非現金減損費用與公允價值調整，與我們的特許經營協議、以及我們對 MBI 投資所產生的商譽相關。

These accounting charges do not impact our cash flow, liquidity, operating strategy or long-term growth initiatives. Additional details are included in our earnings release and Form 10-Q. During the quarter, we reduced our debt balances by $63 million, including nearly $60 million of reduction via voluntary repurchases at attractive discounts.

這些會計費用不影響我們的現金流、流動性、營運策略或長期成長倡議。更多細節載於我們的財報新聞稿與 Form 10-Q。本季我們將債務餘額降低 6,300 萬美元，其中近 6,000 萬美元是透過在具吸引力折價下進行自願性回購所減少。

Through the first two quarters of the year, we have reduced our total debt balances by nearly $130 million. At the end of the second quarter, we had $166.2 million of cash and equivalents on hand while our gross debt balance was $3.06 billion, consisting of approximately $1.66 billion of term loans, $550 million of revolver draws, $503 million of unsecured notes, $345 million of convertible notes and $3 million of finance lease liabilities.

今年前兩季累計，我們已將總債務餘額降低近 1.30 億美元。截至第二季末，我們持有現金及約當現金 1.662 億美元，而總債務餘額為 30.6 億美元，包含約 16.6 億美元的定期貸款、5.50 億美元的循環信貸動用額、5.03 億美元的無擔保票據、3.45 億美元的可轉換票據，以及 300 萬美元的融資租賃負債。

We also had $700 million of undrawn capacity under our $1.25 billion revolving credit facility at quarter end. Our net leverage ratio on a last quarter annualized basis was 4.2 times. Our balance sheet continues to be supported by committed sources of capital and strong operating liquidity. We remain focused on strengthening it and continue to actively evaluate a range of financing alternatives with the objective of maintaining financial flexibility over the long term.

我們在季末於我們的12.5億美元循環信貸額度下，尚有7億美元的未動用額度。以最近一季年化基礎計算，我們的淨槓桿比率為4.2倍。我們的資產負債表持續受到已承諾的資本來源與強勁的營運流動性所支撐。我們仍專注於強化資產負債表，並持續積極評估各種融資替代方案，目標是在長期維持財務彈性。

With respect to MDI, we continue to evaluate the appropriate next steps and do not have any additional updates to announce today. As previously announced, during the quarter, two of our unconsolidated equity joint ventures Point Broadband and Clearway Fiber merged. Our existing interest in Clearway Fiber was exchanged for additional equity interest in the surviving point broadband entity.

就MDI而言，我們持續評估適當的下一步，目前沒有任何額外更新可於今日宣布。如先前所宣布，本季期間，我們兩家未合併的權益合資企業Point Broadband與Clearway Fiber完成合併。我們原先在Clearway Fiber的既有持股，已交換為存續之Point Broadband實體中的額外股權。

Our investment had a $135 million carrying value at June 30 and is now classified as an equity method investment with a one quarter reporting lag. We continue to assess potential monetization opportunities for our remaining unconsolidated equity investments whose proceeds could be allocated towards accelerated debt reduction as we have in the past.

截至6月30日，我們的投資帳面價值為1.35億美元，現已分類為採權益法核算之投資，且財報認列有一季的報導落後期。我們持續評估將剩餘未合併之權益投資變現的潛在機會，其所得款項可如同過往，配置用於加速減債。

With that, I'll turn it over for questions.

接下來，我把時間交給提問環節。

(Operator Instructions)

(接線員指示)

Brandon Nispel, KeyBanc.

Brandon Nispel，KeyBanc。

Two, if I could, and one for Todd. Jim, you guys talked about having long-term confidence in the business because of the low penetration rate, but that's been sort of the case for a while. So can you talk more specifically about what you guys are doing to change that? And then on Todd, there's been some reports that you need to get some -- and you need to get some financing transactions done. Can you give us an update on where you stand with some of those.

如果可以的話我有兩個問題，其中一個給Todd。Jim，你們談到因為滲透率低而對業務有長期信心，但這種情況其實已經持續一段時間了。所以你們能否更具體談談，你們正在做什麼來改變這點？另外給Todd，外界有一些報導說你們需要完成一些——你們需要完成一些融資交易。能否更新一下你們在其中一些事項上的進展？

Thanks for the question, Brandon. It's Jim. The immediate opportunity, 5.5, 6 months ago when I walked through the door was to really balance and invest in additional sales channels, primarily on the digital and e-commerce side along with the direct sales side.

謝謝你的提問，Brandon。我是Jim。我在5個半、6個月前進公司時，眼前的立即機會就是在更多銷售通路上取得平衡並加大投資，主要是在數位與電商通路，以及直銷通路。

And when you look back over a year ago, those two sales channels accounted for less than 10% of sales. In Q2, they accounted for roughly 35% of sales. And that still benchmarks quite significantly under where I would say the rest of the industry is at. So we continue to invest in those channels. And as a result, as we stated earlier, we saw a strong connect momentum in the second quarter, which continues into the third quarter.

回頭看一年前，這兩個銷售通路合計占銷售額不到10%。在第二季，它們約占銷售額的35%。而這個水準仍明顯低於我認為產業其他同業的水準。因此我們持續投資這些通路。也因此，如我們先前所述，我們在第二季看到強勁的連線（connect）動能，並延續到第三季。

And then on the retention side, which is the other side of that equation, again, ceding market share to FWA by not having a mobile and a bundled offering strategy, I think, set us behind. We have worked quickly to close that gap. Mobile officially launched across the footprint in March of this year.

再來是留存端，也就是這個方程式的另一面。過去因為沒有行動服務與綑綁方案策略，讓我們在面對FWA時讓出市占，我認為這使我們落後。我們已迅速採取行動來縮小這個差距。行動服務已於今年3月在整個服務範圍內正式推出。

As I mentioned, the early results are good, slow at first tiers as we get customers used to the idea of the broadband provider providing mobile, but now we actually have a competitive response, both in terms of price and product set, that we didn't have before. And then again, the ancillary services that we're using to increase the value proposition for our existing broadband customers. We're highly focused on and deploying in real time.

如我提到的，初期成果不錯；一開始在各層級推進較慢，因為我們需要讓客戶習慣由寬頻供應商提供行動服務的概念，但現在我們確實有了具競爭力的回應，不論在價格或產品組合上，這是我們以前沒有的。此外，我們也透過附加服務來提升既有寬頻客戶的價值主張。我們高度聚焦，並即時部署推進。

So those are the things that give me confidence in terms of our ability to take advantage of what I perceive certainly as historically being underpenetrated and the opportunity to have a product set and a pricing set to go after all households within our footprint.

因此，這些就是讓我有信心的因素：我們有能力把握我所認為、且在歷史上確實滲透不足的市場機會，並以一套產品組合與定價組合，去爭取我們服務範圍內的所有家庭用戶。

And then Brandon, as it relates to the financing question, as in my prepared remarks, I outlined that we remain very focused on strengthening the balance sheet and continue to actively evaluate financing alternatives, given the consideration of that active evaluation, we are not in a position to answer any questions related to our financing efforts at Cabo or the financing efforts at MBI at this time, but we will continue to explore, evaluate, pursue all potential opportunities because we know we need to provide clarity and additional stability to the balance sheet.

另外Brandon，關於融資問題，正如我在事先準備的發言中所概述，我們仍非常專注於強化資產負債表，並持續積極評估融資替代方案。鑑於目前仍在進行中的評估，我們此刻無法回答任何與Cabo的融資工作或MBI的融資工作相關的問題；但我們會持續探索、評估並推進所有潛在機會，因為我們知道需要為資產負債表提供更清楚的方向與額外的穩定性。

Greg Williams, TD Cowen.

Greg Williams，TD Cowen。

My first one is on the cost to acquire. You're changing your go-to-market strategy. You used to be more of an inbound model. Now you're doing, as you said, more direct, more to door-to-door, which I'd imagine increases your cost to acquire. But then you noted that your digital mix is now, I think you said 35%, which would help. So a few moving parts there, what does that mean to the overall cost to acquire our customers.

我的第一個問題是關於獲客成本。你們正在改變市場進入策略。你們過去比較偏向被動（inbound）模式。現在如你所說，做更多直銷、更多挨家挨戶（door-to-door），我想這會提高獲客成本。但你也提到你們的數位占比現在是——我記得你說是35%，這會有所幫助。這裡有幾個變動因素，這對整體客戶獲取成本意味著什麼？

Second question is just on ARPU. You preannounced pretty good ARPU numbers in July and ARPU rebound. And you mentioned a lot of moving parts whether it was promo roll-off AutoPay, product adoptions, but then you have retention and your front book is pretty aggressive. How do I put that all together in terms of or the ARPU trajectory is going, is the strategy to maybe you have a stable ARPU and try to grow subs on that or sacrifice a little ARPU going forward longer term?

第二個問題是關於ARPU。你們在7月預先公告了相當不錯的ARPU數字以及ARPU回升。你提到有很多變動因素，無論是促銷到期、AutoPay、自有產品採用率等，但同時你們又有留存壓力，而且你們的新客（front book）方案相當積極。我該如何把這些整合起來看ARPU的走勢？策略是維持ARPU穩定並在此基礎上成長用戶數，還是長期而言會犧牲一些ARPU？

Thanks for the question, Greg. I'll take the cost to acquire question and turn the ARPU question over to Todd. But on the cost to acquire, yes, correct that direct sales is a more expensive channel that's roughly 10% to 12% of sales today. And so to your point, the digital channel is very efficient -- and we're seeing strong momentum there.

謝謝你的提問，Greg。我先回答獲客成本的問題，ARPU的問題我交給Todd。就獲客成本而言，是的，你說得對，直銷是成本較高的通路，目前約占銷售的10%到12%。因此如你所說，數位通路非常有效率——而且我們在那裡看到強勁動能。

And so I expect the overall CAC to increase slightly but not materially to where it really impacts margin overall. To the extent that changes as we continue to beef up those and those mixes changes, we'll be happy to update on future calls.

因此我預期整體CAC會小幅上升，但不至於重大到會實質影響整體利潤率。若隨著我們持續強化這些通路、通路組合發生變化而有所不同，我們也很樂意在未來的電話會議中更新。

Greg, ARPU question, both for the quarter, as you noted, as well as how you think about that going forward. The pricing adjustments that we made specifically in this quarter that were related to some of our AutoPay and paperless billing programs did support that ARPU. I would say it also as usual, does result in some heightened customer attrition when you make that, but it supported the incremental ARPU there.

Greg，關於ARPU的問題，包括本季如你所提到的表現，以及你如何看待未來走勢。我們在本季所做的定價調整，特別是與部分AutoPay與無紙化帳單方案相關的調整，確實支撐了ARPU。我也要說，這類調整一如往常會帶來較高的客戶流失，但它確實支撐了ARPU的增量表現。

The AutoPay Plus program, as we've talked about quite extensively in the past is something we're very focused on because that set forget it also improves the retention qualities of the customers that adopt into that, and we save money, of course because of the paperless billing dynamic associated with that. And so do our customers save money. So everybody benefits from that perspective.

AutoPay Plus 計畫，如同我們過去相當深入討論過的，是我們非常聚焦的一項措施，因為這種「設定後就不用管」的方式也能提升採用該方案客戶的留存表現，而我們當然也能因其所帶來的無紙化帳單機制而節省成本。因此我們的客戶也能省錢。所以從這個角度來看，大家都受益。

And then we continue to focus on the sell-in, right? It's not just a binary broadband product, it's a broadband product with the most advanced in-home technology, the euro system, on top of that Hero system, the security solutions that honestly every customer should have given the ongoing attacks that are out there on that front.

接著我們也持續聚焦在加值銷售（sell-in），對吧？這不只是單一的寬頻產品，而是搭配最先進的居家端技術的寬頻產品：eero 系統；在此之上還有 Hero 系統，以及安全解決方案——坦白說，考量到目前持續存在的各種攻擊，每位客戶都應該要有這些。

The sell-in to the full assist solution that we have that we've been introducing to our customers over the last three to four quarters, we call it tech assist, where you basically are supporting everything that our broadband connects in the home that we see adoption and a customer's willingness to pay for in addition to, of course, then selling in other products like video streaming.

我們也在推動導入我們的完整支援解決方案（full assist solution）。過去三到四個季度我們一直向客戶介紹，我們稱之為 tech assist；基本上就是支援家中所有由我們寬頻所連接的設備，而我們也看到採用率，以及客戶願意為此額外付費；此外當然也會再加值銷售其他產品，例如影音串流。

Some of those products people won't pay for. Some of those products will subsidize to improve the retention side of the equation because getting more products and more value into this we'll then continue to support the overall ARPU going forward as well as improve the retention.

其中有些產品人們不會付費。有些產品我們會補貼，以改善留存這一端的表現，因為把更多產品與更多價值帶進來，將能在未來持續支撐整體 ARPU，同時也提升留存。

We do have some headwinds there as well because you talked about the front book. The customer acquisition strategy is not just an inheritance model anymore. It's not just answer the phones. It's the offensive side that Jim just talked about. And we are willing to sell in to new customers at a lower price point. And some of that's a phone ringer to get them to call. Some of that's an engagement at the front door, but then working on selling in those additional products and then the promotional roll-offs help support that ARPU over time at the right level, not the kind of shock and all that drives more attrition.

我們在這方面也確實面臨一些逆風，因為你提到了前端方案（front book）。客戶獲取策略不再只是「承接式」模式了。不再只是接電話而已。而是 Jim 剛剛談到的主動進攻面。我們也願意以較低的價格點向新客戶進行銷售導入。其中一部分是用來吸引他們打電話進來的「鈴聲」方案。一部分則是在門口端的互動接觸；接著再努力加值銷售那些額外產品，而促銷到期回復原價（promotional roll-offs）會在時間推移中把 ARPU 拉回到合適水準，而不是那種造成價格衝擊、進而導致更高流失的做法。

And I would expect that ARPU, while we continue to focus on expanding the penetration, as Jim outlined in his prepared remarks, will be something that will also then have some pressure on ARPU but a balanced way in terms of adding customers and a willingness as we've talked about quite a bit in the past of giving up some of the enterprise ARPU to drive long-term customer growth.

因此我預期 ARPU 在我們持續聚焦提升滲透率的同時——如 Jim 在事先準備的發言中所概述——也會面臨一些壓力；但我們會以更平衡的方式在新增客戶與 ARPU 之間取捨，並且如同我們過去多次談到的，我們願意放棄部分企業端 ARPU，以推動長期的客戶成長。

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行（Wells Fargo）。

Kind of rolling it all up, I was wondering if you could just talk a little bit about your expectations for subscriber trends for the next quarter or two. I mean you talked about the improvement in gross adds. It sounds like retention is what you're looking to attack next. I know the goal is to start to see some improvement in the year-on-year trend. Is that something you think you can get to by the third quarter, which I think is also typically seasonally a little better.

把這些綜合起來，我想請你談談你們對未來一到兩個季度用戶趨勢的預期。你提到新增用戶（gross adds）有所改善。聽起來接下來你們要主攻的是留存。我知道目標是開始看到年對年趨勢有所改善。你認為到第三季能達到嗎？我想第三季通常在季節性上也會稍微好一些。

And then with mobile being bundled in, maybe a little bit more aggressively, I think, Todd, you were just talking about some of the ARPU impacts. Maybe you can think about -- or maybe, sorry, you can mention how we should think about that trade-off between price and volume that you might be attacking right now?

另外，隨著行動服務更積極地被綁入方案中，我想 Todd 你剛剛也談到一些對 ARPU 的影響。也許你可以談談——或抱歉，請你提一下——我們應該如何看待你們目前可能正在處理的「價格與量」之間的取捨？

Yes, Steve, I mean, similar to what I just said, but I can kind of go, I guess, a little bit deeper subscriber trends. We are encouraged by some of the platforms that we've invested in some of the team that we've continued to invest in, and those go-to-market strategies and that very hyper-local approach in our smaller community is driving some of the new customer acquisition.

是的，Steve，我的意思跟我剛剛說的類似，但我可以更深入談談用戶趨勢。我們對一些已投資的平台、持續投入的團隊，以及那些上市策略（go-to-market strategies）感到鼓舞；而在較小社區採取非常高度在地化（hyper-local）的方式，正在帶動部分新客戶的獲取。

You're spot on. Retention is the highest priority, the most accretive customer is the one you already have and focusing that on the incremental value into those existing relationships like I talked about with the products like Jim spoke about with the incremental bundling.

你說得完全正確。留存是最高優先事項；最具增益（accretive）的客戶就是你已經擁有的客戶。我們會把重點放在為既有關係增加額外價值——就像我提到的那些產品，以及 Jim 談到的額外綁約／綁售（incremental bundling）。

The third quarter is a seasonally better quarter and Q2 demonstrated that Q2 is usually the seasonally worst quarter in addition to some of the pricing adjustments that I talked about in addition to just a more intense competitive environment that we continue to operate in.

第三季在季節性上會是較好的季度，而第二季也顯示了第二季通常是季節性最差的季度；再加上我提到的一些價格調整，以及我們持續所處的更激烈競爭環境。

And recall, if you're talking about year-over-year, 2025 was definitely not a great quarter for us as we were coming through a lot of the billing system implementation. We did have a heightened churn as a result of that. So while not giving you guidance with the momentum we're focused on. I would say that that's a fair assessment, I think, as you outlined.

另外回想一下，如果你談的是年對年，2025 年對我們來說確實不是一個很好的季度，因為當時我們正在推進大量的帳務系統導入。因此我們的流失率（churn）有所升高。所以在不提供指引（guidance）的前提下，就我們目前聚焦的動能而言，我會說你剛剛的判斷是合理的，我想，正如你所概述的那樣。

Great. And then just wondering if you have seen any increase in satellite competition in parts of the footprint?

了解。另外想請問，你們是否在覆蓋範圍（footprint）的某些區域看到衛星競爭有所增加？

No. The same as we discussed on the last quarterly call, again, it -- the offers are in the market for short periods of time. And then where it's pre-install and free equipment and a low rate followed by going back to the $300 equipment fee, 150 install and normal RAC rates. And that continues and the OpenSignal data that we continue to get on a very regular basis, again, while it was 0% at the end of '25, shows up this 1% here so far in '26.

沒有。跟我們在上一季電話會議中討論的一樣——同樣地——那些方案在市場上出現的時間都很短。例如預先安裝、設備免費、低費率，之後又回到 300 美元設備費、150 美元安裝費，以及正常的 RAC 費率。這種情況持續存在；而我們定期取得的 OpenSignal 數據也顯示，雖然在 2025 年底是 0%，但到目前 2026 年為止大約出現了 1%。

So it hasn't had any materiality in regards to competition. Having said that, we are highly focused on keeping track of that across our geographies on a very regular basis as a prudent step to track to see if that changes, and we'll be happy to provide updates on future quarters as well.

因此就競爭而言，並沒有造成任何重大影響。話雖如此，作為審慎之舉，我們仍非常專注於在各個地理區域定期追蹤這件事，以觀察是否出現變化；未來幾個季度我們也很樂意提供更新。

Sam McHugh, BNP.

Sam McHugh，法國巴黎銀行（BNP）。

A couple of related questions, I guess. Optimum, you talked today about walking away from some very low penetration footprint area. I don't know if you have any similar or would consider the same in some of the super rural footprint, part one.

我想有幾個相關問題。Optimum 今天提到會退出一些滲透率非常低的覆蓋區域。我不確定你們在一些非常偏遠的覆蓋區域是否也有類似作法，或會考慮採取同樣策略——這是第一部分。

And the second question is you talked about long-term penetration above the current 34%. As we think about your footprint between fiber and nonfiber overbuild market, how should we think about the barbell of market share? Are you like 25% in fiber markets and 45% outside of fiber. Some color there would be too helpful. And then I have a follow-up in a second on starting as well.

第二個問題是，你提到長期滲透率會高於目前的 34%。當我們看你們的覆蓋範圍，在光纖與非光纖的被覆蓋（overbuild）市場之間，我們應該如何看待市占率的兩端分布（barbell）？例如在光纖市場你們是 25%，在非光纖市場是 45% 嗎？如果能提供一些說明會很有幫助。另外我稍後還有一個關於 starting 的追問。

Let me just say for now, Sam, that I view low-penetration markets as an opportunity. And so I had not heard that on the optimum remarks. But certainly, in the six months I've been here so far, I have not seen anything that would indicate that, that would be a strategy that we would pursue at this time.

我現在先說，Sam，我把低滲透率市場視為一個機會。因此我沒有聽到你提到的那些關於 Optimum 的評論。但可以肯定的是，在我到任至今這六個月裡，我沒有看到任何跡象顯示那會是我們此時會採取的策略。

In terms of fair share and overall penetration where we're the only gig provider versus where we compete against 1 other gigabit or fiber competitor or 2 plus. Our penetration is very quite differently. I think based on the five family of brands and companies over the last 9 years that make up what Sparklight and Cable One are today.

就公平市占（fair share）與整體滲透率而言，在我們是唯一的千兆服務供應商，與我們要對上一家千兆或光纖競爭者、或兩家以上競爭者的情況相比，我們的滲透率差異非常大。我認為這與過去 9 年間構成今日 Sparklight 與 Cable One 的五個品牌與公司家族有關。

And again, I think there is an opportunity to bring some standardization and some rationalization so that they reflect fair share over the long term, but that had a lot has to do with how those companies performed and how they invested in them prior to our ownership, and so those are the kinds of things that we are working on tackling, executing on and fixing to a large degree.

再說一次，我認為有機會導入一些標準化與合理化，讓它們長期能反映公平市占；但這在很大程度上取決於那些公司在我們持有之前的表現，以及在我們持有之前對它們的投資方式，因此這些正是我們正在著手處理、推進執行並在很大程度上加以修正的事項。

And so I remain pretty optimistic in terms of our ability to win fair share over the long run based on the investments and the execution that we're putting forth in the business today.

因此，基於我們目前在業務上投入的投資與執行力，我對我們長期贏得公平市占的能力仍然相當樂觀。

Got it. And then on -- you mentioned it's 1%. I wasn't sure if that was a styling gross ad share or market share in your footprint. I don't know if you could clarify what that 1% was.

了解。另外，關於——你提到是 1%。我不確定那是指 gross adds 的占比，還是你們覆蓋區域內的市占率。不曉得你能否釐清那個 1% 指的是什麼。

That is correct.

沒錯。

It's an open signal third-party data research estimated market share. sorry, recall on that front, right? That's rural edge, Usually, it doesn't mean that that's an exact overlap of our wired network because they have a product that's right for those rural edges where we don't reach, but some of that has overlapping. But we monitor that, as Jim said, extremely closely.

那是 OpenSignal 的第三方資料研究所估算的市占率。抱歉，我確認一下這部分，對吧？那是偏鄉邊緣（rural edge）區域；通常這不代表與我們的有線網路完全重疊，因為他們有一個適合那些我們觸及不到的偏鄉邊緣的產品，但其中有一部分是重疊的。不過我們會如 Jim 所說，極其密切地監控。

Frank Louthan, Raymond James.

Raymond James 的 Frank Louthan。

You mentioned you were moving to digital. What percentage of gross adds come from digital currently? And what do you think that can get to? And then maybe I missed this, but did you update what's your current overlap with wireless was in your market? And what would that have been a year ago?

你提到你們正在轉向數位化。目前 gross adds 有多少比例來自數位渠道？你認為這個比例可以提升到多少？另外也許我漏聽了，你們是否更新了目前在你們市場中與無線的重疊程度？而一年前大概是多少？

In terms of the digital sales channel, that is now accounting for roughly 25% of sales in Q2 -- my expectation is that, that goes up to 35% to 40% over the next 12 to 18 months if we're following kind of where the rest of the industry and some of my prior experiences would indicate in terms of that. And then the second piece of the question was what was --

就數位銷售渠道而言，第二季目前約占銷售的 25%——我的預期是，若依循產業其他公司以及我過去的經驗所顯示的趨勢，未來 12 到 18 個月可提升到 35% 到 40%。至於問題的第二部分是什麼--

Could you give us an update on your overlap of fixed wireless with your market? And where would that have been a year ago?

你能否更新一下你們市場中固定無線（fixed wireless）的重疊程度？而一年前大概是多少？

Yes. Frank, I can take that one. I mean, it's a little over 80% right now based on our third-party research and the data that we have access to, so is a little harder to identify that on a quarter-to-quarter basis. But to your question on over the last year, it's moved up a little bit, but I mean, it was effectively at those levels this time last year as well.

可以。Frank，我來回答這題。我的意思是，根據我們的第三方研究以及我們可取得的資料，目前略高於 80%，因此要按季度精準辨識會比較困難。但就你問的過去一年而言，確實小幅上升，不過去年此時基本上也就在那個水準。

And would that be the same in MBI's territory? Or would they be a little more or a little worse?

那在 MBI 的區域也會一樣嗎？還是他們會稍微高一些或稍微差一些？

A little bit behind us.

他們比我們稍微落後一點。

We have reached the end of our Q&A session. I will now turn the call back to Jim for closing remarks.

我們的問答環節到此結束。我現在把電話交回給 Jim 作結語。

Thanks, Caleb. And so as we wrap up, I'd just like to thank our Sparklight teammates for their continued commitment to our customers and to one another. Over the past few months, I've had the opportunity to get out in the field across our footprint and meet our teammates and those interactions have only reinforced what makes this company really special.

謝謝你，Caleb。在結束之前，我想感謝我們 Sparklight 的夥伴們持續致力於服務客戶，也彼此支持。過去幾個月，我有機會到我們覆蓋區域各地的第一線走訪並與同仁見面，而這些互動更讓我深刻體會到這家公司真正特別之處。

And that's talented people who are deeply committed to serving our customers and our communities and it gives me a lot of confidence in terms of what we're trying to execute on here on the road ahead. So we appreciate your time today and continued interest in Cable One, and we look forward to speaking with you again next quarter. Thank you, everybody.

那就是一群才華洋溢、並且深度投入於服務客戶與社區的人才，這也讓我對我們接下來要推動與落實的工作充滿信心。感謝各位今天撥冗參與並持續關注 Cable One，我們期待在下個季度再次與各位交流。謝謝大家。

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。