Charter Communications Inc (CHTR) 2016 Q4 法說會逐字稿

Good morning. My name is Kim, and I'll be your conference operator today. At this time, I would like to welcome everyone to Charter's fourth-quarter 2016 investor call.

早安.我叫金，今天我將擔任你們的會議接線生。在此，我謹代表Charter公司歡迎各位參加2016年第四季投資者電話會議。

(Operator Instructions)

（操作說明）

Thank you. I would now like to turn the call over to Mr. Stefan Anninger. Please go ahead, sir.

謝謝。現在我將把通話交給斯特凡·安寧格先生。請繼續，先生。

Good morning, and welcome to Charter's fourth-quarter 2016 investor call. The presentation that accompanies this call can be found on our website, IR. Charter.com, under the financial information section.

早安，歡迎參加Charter公司2016年第四季投資人電話會議。本次電話會議的簡報可在我們的網站 IR 上找到。Charter.com，在財務資訊部分。

Before we proceed, I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, including our most recent proxy statement and Form 10-K. We will not review those risk factors and other cautionary statements on this call. However, we encourage you to read them carefully.

在我們繼續之前，我想提醒各位，我們在提交給美國證券交易委員會的文件中包含許多風險因素和其他警示性聲明，包括我們最新的委託書和 10-K 表格。本次電話會議我們將不討論這些風險因素和其他警示性聲明。不過，我們建議您仔細閱讀。

Various remarks that we make on this call concerning expectations, predictions, plans and prospects constitute forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. Any forward-looking statements reflect management's current views only, and Charter undertakes no obligation to revise or update such statements, or make additional forward-looking statements in the future.

我們在本次電話會議中就預期、預測、計畫和前景所作的各種評論構成前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與歷史結果或預期結果有所不同。任何前瞻性陳述僅反映管理層目前的觀點，Charter 不承擔任何義務修改或更新此類陳述，或在未來做出其他前瞻性陳述。

During the course of today's call, we will be referring to non-GAAP measures, as defined and reconciled in our earnings materials. These non-GAAP measures, as defined by Charter, may not be comparable to measures with similar titles used by other companies. We will also refer to pro forma results.

在今天的電話會議中，我們將提及非GAAP指標，這些指標已在我們的獲利資料中定義和調整。根據 Charter 的定義，這些非 GAAP 指標可能與其他公司使用的類似名稱的指標不具可比性。我們也會參考模擬結果。

While the Time Warner Cable and Bright House transactions closed on May 18, 2016, these pro forma results present information regarding the combined operations, as if the transactions had closed at the beginning of the earliest period presented, in order to provide a more useful discussion of our results. Please refer to the pro forma disclosures throughout today's materials, and the reconciliations provided in Exhibit 99.1 to our Form 10-Q filed on November 3, 2016.

雖然時代華納有線電視和 Bright House 的交易於 2016 年 5 月 18 日完成，但這些模擬業績報告提供了有關合併運營的信息，就好像這些交易在所列最早期間的開始就已經完成一樣，以便對我們的業績進行更有用的討論。請參閱今天所有材料中的模擬披露信息，以及我們在 2016 年 11 月 3 日提交的 10-Q 表格附件 99.1 中提供的調節表。

Unless otherwise specified, customer and financial data that we may refer to on this call for periods prior to the third quarter of 2016 are pro forma for the transactions, as if they had closed at the beginning of the earliest period referenced. Please also note that all growth rates noted on this call, and in the presentation are calculated on a year-over-year basis, unless otherwise specified.

除非另有說明，否則我們在本次電話會議中可能提及的 2016 年第三季度之前的客戶和財務數據均為交易的備考數據，如同這些交易在所提及的最早期間開始時已經完成一樣。另請注意，除非另有說明，本次電話會議和簡報中提及的所有成長率均按同比計算。

Joining me on today's call are Tom Rutledge, Chairman and CEO, and Chris Winfrey, our CFO. With that, I'll turn the call over to Tom.

今天和我一起參加電話會議的有董事長兼執行長湯姆·拉特利奇，以及財務長克里斯·溫弗瑞。這樣，我就把電話交給湯姆了。

Thanks, Stefan. 2016 was a very big year for Charter. In May, we closed on a transaction which quadrupled the size of Charter. We now pass 50 million homes and businesses, and serve over 26 million customers.

謝謝你，斯特凡。2016年對Charter來說是意義非凡的一年。5 月份，我們完成了一筆交易，使 Charter 的規模擴大了四倍。我們現在服務超過 5,000 萬戶家庭和企業，為超過 2,600 萬客戶提供服務。

While we spend most of our time on the execution of our operating plan because we believe it will create tremendous value, it's also becoming increasingly obvious that our network is the future of communications, as new standards like 5G are being developed for high-capacity low-latency, high-compute services, delivered over small cells, the way Wi-Fi is today. Since closing, we've been managing the complex process of integrating the three different companies, with over 90,000 employees and a network consisting of nearly 700,000 miles of physical infrastructure, and an annual revenue in excess of $40 billion.

雖然我們把大部分時間都花在執行營運計劃上，因為我們相信這將創造巨大的價值，但越來越明顯的是，我們的網路代表著通訊的未來，因為像 5G 這樣的新標準正在開發中，用於透過小型基地台提供高容量、低延遲、高運算能力的服務，就像今天的 Wi-Fi 一樣。自收購完成以來，我們一直在管理整合這三家不同公司的複雜過程，這些公司擁有超過 90,000 名員工，網路由近 70 萬英里的實體基礎設施組成，年收入超過 400 億美元。

Despite the complexity, our integration is going well, and as expected. Most importantly, we're growing in those parts of the service area where our operating strategy has been deployed, and we remain confident that our plan and the customer and shareholder benefits we expected will be met or exceeded.

儘管過程複雜，但我們的整合進展順利，一切如預期。最重要的是，在我們已實施營運策略的服務區域內，我們的業務正在成長，我們仍然有信心，我們的計劃以及我們預期的客戶和股東利益將會實現或超出預期。

Through the early stages of integration, our financial performance has continued to improve year-over-year. On a pro forma basis, we grew our total consolidated customer base by nearly 5%, and our full-year 2016 consolidated revenue grew by 7% to over $40 billion, and our full-year adjusted EBITDA, excluding transaction or transition costs, grew by 11.8% year over year to $14.6 billion, and we generated close to $7 billion of annual EBITDA less capital expenditures on a pro forma basis.

在整合初期階段，我們的財務表現逐年持續改善。以備考基準計算，我們的合併客戶總數增加了近 5%，2016 年全年合併收入增長了 7%，超過 400 億美元，全年調整後 EBITDA（不包括交易或過渡成本）同比增長 11.8%，達到 146 億美元，按備考基準計算，我們產生了近 70 億美元的 70 億美元，按備考年度支出。

The best predictor of future performance in the new Company is to look at the path Legacy Charter took from 2012 to today. In 2016, Legacy Charter produced customer relationship growth of 6%, and residential revenue growth of close to 6%, with almost no price increases, while margins were improving and EBITDA was therefore growing even faster than customers and revenue, and while capital intensity declined.

預測新公司未來表現的最佳方法是觀察 Legacy Charter 從 2012 年至今的發展。2016 年，Legacy Charter 的客戶關係成長了 6%，住宅收入成長了近 6%，幾乎沒有漲價，同時利潤率有所提高，因此 EBITDA 的成長速度甚至超過了客戶和收入的成長速度，而資本密集度則有所下降。

In 2017, we are focused on several key goals and priorities. First is to complete the rollout of our Spectrum pricing and packaging in remaining new markets. We were approximately 50% complete at 12/31, we are approximately 75% complete as of today, and we will be essentially fully done in residential by the end of March.

2017年，我們將重點放在幾個關鍵目標和優先事項上。首先，我們要在剩餘的新市場完成 Spectrum 定價和套餐的推廣。截至 12 月 31 日，我們已完成約 50% 的工作，截至今日，我們已完成約 75% 的工作，到 3 月底，住宅項目將基本全部完成。

And although churn and downgrade activity from the legacy TWC low-value product set remains elevated, we expected that to be the case. That churn and downgrade activity should slow, as customers migrate to better value offers. We're seeing the benefits of our strategy even faster in Bright House, which has had less of those issues.

儘管傳統TWC低價值產品組合的客戶流失和降級活動仍然居高不下，但我們預料到了這種情況。隨著客戶轉向性價比更高的產品，這種客戶流失和降級行為應該會放緩。在 Bright House，我們更快看到了我們策略帶來的好處，因為該公司遇到的問題較少。

On the small and medium business side, we will launch the full Spectrum SMB product pricing and packaging in TWC and Bright House markets in the second quarter, driving better customer growth. In the second quarter, we'll restart our all-digital deployment, featuring fully two-way advanced set top boxes to video customers in the approximately 40% of TWC and 60% of Bright House that are not yet all-digital, which allows us to offer more HD, interactivity on every video outlet, faster data speeds, and reduced operating costs. We should be 100% all-digital in less than two years.

在中小企業方面，我們將於第二季在TWC和Bright House市場推出完整的Spectrum SMB產品定價和包裝方案，推動客戶更好地成長。第二季度，我們將重啟全數位化部署，為TWC旗下約40%和Bright House旗下約60%尚未實現全數位化的視訊用戶提供全雙向高級機上盒，這將使我們能夠在每個視頻平台上提供更多高清、互動性更強、數據傳輸速度更快、運營成本更低的服務。不到兩年時間，我們應該就能實現100%數位化。

We've now activated our MVNO agreement with Verizon, and we plan to launch a mobile offering in 2018 under that agreement. Our goal is to include wireless services in our packages and drive more customer relationship growth and longer customer lives at Charter. We're also launching high-capacity experimental 5G-like field trials using spectrum test licenses that were recently granted to us by the FCC.

我們現在已經啟動了與 Verizon 的 MVNO 協議，並計劃在 2018 年根據該協議推出行動服務。我們的目標是將無線服務納入我們的套餐，從而促進Charter客戶關係的成長，並延長客戶的生命週期。我們也利用最近從 FCC 獲得的頻譜測試許可證，啟動了高容量的類似 5G 的實驗性現場試驗。

We intend to use these field trials as learning opportunities to provide us with better insight into the capabilities of our wireline network, when attaching radios with high frequency licensed and unlicensed spectrum, and see how our various wireless network building blocks can be used in conjunction with one another to offer services that we'll develop over time. We believe our MVNO with Verizon is well suited for the shorter and medium term wireless goals we have. Over the long term, our goals in wireless and mobility and our wireless business plan will broaden.

我們打算利用這些現場試驗作為學習機會，以便更好地了解我們的有線網路在連接高頻授權和非授權頻譜無線電時的性能，並了解我們的各種無線網路建構模組如何相互結合使用，從而提供我們將隨著時間推移而開發的服務。我們相信，我們與 Verizon 合作的 MVNO 模式非常適合我們短期和中期的無線目標。從長遠來看，我們在無線和行動領域的目標以及我們的無線業務計劃將會擴大。

Our approach is flexible. We'll use the advantages of our network and product development capabilities, combined with consumer demand and our MVNO, to drive our strategy in wireless with the goal of driving more growth and value creation for shareholders. Now, I'll turn the call over to Chris.

我們的方法靈活多元。我們將利用自身的網路和產品開發能力優勢，結合消費者需求和我們的行動虛擬網路營運商（MVNO）業務，推動我們在無線領域的策略發展，目標是為股東創造更多成長和價值。現在，我把電話交給克里斯。

Thanks, Tom. Please note that I'll refer to our fourth-quarter 2016 actual results versus prior-year pro forma results. The customer and passing data that you see in today's materials continue to be based on legacy Company definitions.

謝謝你，湯姆。請注意，我將使用我們 2016 年第四季的實際業績與去年同期的備考業績進行比較。您今天在資料中看到的客戶和傳遞資料仍然是基於公司過去的定義。

During the fourth quarter, total customer relationships grew by 4.6% year over year, with 3.8% at legacy TWC, 6.1% at legacy Charter and 5.7% at legacy Bright House. As slide 7 shows, we grew residential PSUs by 345,000 versus 917,000 on a pro forma basis last year. The lower year-over-year PSU net adds was primarily driven by fewer PSU net additions at TWC, for the reasons Tom mentioned.

第四季度，客戶關係總數年增 4.6%，其中原 TWC 成長 3.8%，原 Charter 成長 6.1%，原 Bright House 成長 5.7%。如投影片 7 所示，我們住宅 PSU 增加了 345,000 台，而去年按備考基準計算為 917,000 台。年比 PSU 淨新增數量減少主要是由於 TWC 的 PSU 淨新增數量減少，原因正如 Tom 所提到的。

Over the last year, TWC residential video customers declined by 2%. Pre-deal Charter grew its residential video customer base by 1%, and Bright House lost 2.6% of its residential video customers, which is improving. TWC's video net loss was 159,000 worse than last year, with over 70% of the total 105,000 video losses in the quarter driven by churn from lower-value limited basic packages.

過去一年，TWC 住宅視訊用戶減少了 2%。交易前，Charter 的住宅視訊客戶群成長了 1%，而 Bright House 的住宅視訊客戶群流失了 2.6%，但情況正在好轉。TWC 的視訊淨流失用戶比去年同期增加了 159,000 戶，本季視訊用戶總流失量為 105,000 戶，其中超過 70% 的用戶流失是由於用戶放棄了價值較低的有限基本套餐。

Let me give a few examples of what we mean by lower-value products. A limited basic video offer for $10 in the fall of 2015, and a double play of limited basic video and Internet for $45, also in the fall of 2015. Those historical offers were then coupled with high promotional rolloffs and annual rate increases, customer equipment fees, and previously unstructured retention policies that encouraged calls from customers.

讓我舉幾個例子來說明我們所謂的低價值產品是什麼意思。2015 年秋季，推出了 10 美元的限時基本視訊套餐；2015 年秋季，還推出了 45 美元的限時基本視訊和網路雙重套餐。這些歷史優惠活動隨後與高額促銷到期取消、年度費率上漲、客戶設備費以及以前不規範的客戶維繫政策相結合，鼓勵客戶打電話。

Until we launch Spectrum pricing and packaging in a market, limited basic video sell-in at TWC has been 20% and higher, and we have to work through the migration or churn of these low value offers. Legacy Charter continued to perform well in video in fourth quarter, with 20,000 video customer net additions. Bright House added 34,000 video customers in the quarter, benefiting from seasonality and the strong performance of our new pricing and packaging.

在我們向市場推出 Spectrum 定價和套餐之前，TWC 有限的基本視訊銷售率已達到 20% 甚至更高，我們必須努力解決這些低價值產品的遷移或流失問題。Legacy Charter 在第四季度繼續在視訊業務方面表現良好，淨增視訊用戶 2 萬。Bright House 在本季新增了 34,000 名視訊用戶，這得益於季節性因素以及我們新定價和包裝方案的強勁表現。

In total, we lost 51,000 residential video customers in the quarter, driven by the losses at TWC. Spectrum pricing and packaging is going very well with year-over-year sales and connect activity solidly up in those areas we've launched Spectrum pricing and packaging, with good triple play sell-in and 99% expanded basic sell-in.

本季我們總共流失了 51,000 名住宅視訊用戶，這是由於 TWC 的虧損造成的。Spectrum 定價和套餐的銷售情況非常好，同比銷售額和連接活動在我們推出 Spectrum 定價和套餐的地區穩步增長，三合一銷售情況良好，基本銷售擴展率達到 99%。

In residential Internet, we added a total of 357,000 customers in the fourth quarter versus 495,000 last year, and for the full year, our total residential Internet customer base grew by close to 1.5 million customers or 7.4%, with [8.8%] growth at legacy Charter. In voice, we grew customers by 39,000 in the fourth quarter versus 304,000 last year, with the lower growth largely driven by higher churn at TWC, in part driven by low-price voice offer in TWC markets in prior-year quarters.

在住宅網路方面，我們在第四季度新增了 357,000 名客戶，而去年同期為 495,000 名；全年來看，我們的住宅互聯網客戶總數增長了近 150 萬，增幅達 7.4%，其中傳統 Charter 的客戶增長了 8.8%。在語音業務方面，我們第四季的客戶數量增加了 39,000 人，而去年同期為 304,000 人。成長放緩主要是由於 TWC 的客戶流失率較高，部分原因是 TWC 在前幾季在市場上提供的語音服務價格較低。

Over the last year, total pro forma residential customers grew by over 1 million or by 4.2%, and residential revenue per customer was up by 1.4%, nearly all of which was driven by TWC rate increases in 2016, and promotional rolloff price step-ups, which impacted unit growth. Legacy Charter's customer ARPU declined year over year, primarily driven by the continued strength of Internet single play sell-in, and the lack of meaningful rate increases year-over-year.

過去一年，住宅用戶總數（按模擬計算）增長超過 100 萬，增幅達 4.2%，每位住宅用戶的收入增長了 1.4%，這幾乎全部是由 2016 年 TWC 的費率上漲和促銷價格的逐步提高所推動的，這影響了用戶數量的增長。由於網路單次服務銷售持續強勁，以及缺乏實質的年價格上漲，傳統 Charter 的客戶 ARPU 年減。

Slide 8 shows our customer growth, combined with our ARPU growth resulted in year-over-year pro forma residential revenue growth of 6.0%, with a very different mix of rate and volume across the legacy entities. Total commercial revenue SMB and enterprise combined grew by 11.8%. SMB revenue grew by 13%, and enterprise, excluding cell backhaul and Navisite grew by over 14%.

第 8 張投影片顯示，我們的客戶成長，加上 ARPU 的成長，使得我們按年計算的住宅收入成長了 6.0%，而傳統實體的費率和交易量組合則截然不同。中小企業和大型企業合計商業收入成長11.8%。中小企業收入成長了 13%，企業收入（不包括蜂巢回傳和 Navisite）增加了 14% 以上。

Fourth-quarter advertising revenue exceeded 20% growth year-over-year, driven by political. For the full year, advertising revenue ex-political was about flat with 2015. In total, fourth-quarter pro forma revenue for the Company was up 7.2% year-over-year.

第四季廣告收入年增超過 20%，主要得益於政治廣告的推動。全年來看，不計政治廣告的廣告收入與 2015 年大致持平。公司第四季以備考計算的總營收年增 7.2%。

And looking at total revenue growth at each of our legacy companies, TWC revenue grew by 7.5%, with nearly half of residential revenue growth coming from rate increases. Pre-deal Charter grew by 6.4%, driven by continued strong customer growth. And Bright House revenue grew by 7.4%, with improving unit growth and less reliance on rate.

從我們各個傳統公司的總收入成長來看，TWC 的收入成長了 7.5%，其中近一半的住宅收入成長來自費率上漲。交易前包機量成長了 6.4%，這主要得益於客戶數量的持續強勁成長。Bright House 的收入成長了 7.4%，這得益於銷售成長的改善和對價格的依賴降低。

Moving to operating expenses, during the quarter we continued to remap certain costs to the right business unit expense line, and these reclasses have been made to prior periods in our trending schedules to provide pro forma results on an apples-to-apples basis. In the fourth quarter, total operating expenses grew by $259 million, 4.2% year over year, with transition expense accounting for $78 million of our total OpEx this quarter.

再來看營運費用，本季度我們繼續將某些成本重新分配到正確的業務部門費用項目，並且這些重新分類已在我們的趨勢表中應用於以前的期間，以便在同等基礎上提供備考結果。第四季度，總營運支出成長了 2.59 億美元，年增 4.2%，其中過渡支出佔本季總營運支出的 7,800 萬美元。

Programming increased 6.1% year over year, driven by contractual rate increases, partially offset by higher transaction synergies. While we're doing what we expected on programming, new deals remove a consistent program baseline for calculating synergies, really starting in 2017.

節目製作費用年增 6.1%，主要受合約費率上漲的影響，但部分被更高的交易綜效所抵銷。雖然我們在節目製作方面達到了預期目標，但新的交易卻消除了計算協同效應的統一節目基準，這種情況從 2017 年開始真正出現。

Turning to regulatory, connectivity, and produced content expense, these direct costs were up 3.7% year over year, driven primarily by peering and interconnect costs, rights fees escalators, and franchise fees. Remember the Dodger's rights costs is only expensed during the regular MLB season, both in the past and today, and therefore unlike last quarter, we did not benefit from the purchase accounting adjustment in the fourth quarter.

再來看監管、連結和內容製作方面的支出，這些直接成本比去年同期成長了 3.7%，主要原因是互聯互通成本、版權費上漲和特許經營費。請記住，道奇隊的版權費用只能在MLB常規賽季期間計入費用，過去如此，現在亦然，因此與上個季度不同，我們在第四季度沒有從購買會計調整中受益。

Cost to service customers grew by 1% despite overall customer growth of 4.6%, which reflects lower service transactions at legacy Charter, the lack of all-digital activity at TWC this quarter versus last year's fourth quarter, and the benefit of less physical disconnects in all digital markets. Marketing expense declined by 5.5% year over year in the quarter, as we continued to drive synergies from our transactions as expected, and other expenses grew by 6.1%, driven by higher advertising sales and enterprise sales cost.

儘管客戶總數增加了 4.6%，但服務客戶的成本卻成長了 1%，這反映出傳統 Charter 的服務交易量減少、TWC 本季缺乏與去年第四季相比的全數位化活動，以及所有數位市場實體連線中斷減少帶來的好處。本季行銷費用年減 5.5%，因為我們繼續按照預期從交易中發揮綜效；其他費用成長 6.1%，主要原因是廣告銷售額和企業銷售成本增加。

Adjusted EBITDA, which excludes non-cash share based compensation grew by 12.7% in the fourth quarter, and excluding transition cost in both years, adjusted EBITDA grew by 14.3%. We've identified over $150 million of hard transaction synergies realized within the fourth quarter, and in 2016, in other words from May, we realized over $300 million in hard synergies. We continue to expect over $700 million in run rate transaction synergies at the first anniversary of the closing of our transactions, and I believe we'll exceed $1 billion in synergies after three years from close.

第四季調整後的 EBITDA（不包括非現金股份支付）增加了 12.7%，如果不包括這兩年的過渡成本，調整後的 EBITDA 成長了 14.3%。我們在第四季度實現了超過 1.5 億美元的硬性交易協同效應，換句話說，從 2016 年 5 月開始，我們實現了超過 3 億美元的硬性協同效應。我們預計在交易完成一周年之際，交易協同效應將超過 7 億美元，我相信在交易完成三年後，協同效應將超過 10 億美元。

Those transaction synergies are hard cost savings, and they don't include CapEx synergies or revenue, or OpEx synergies which flow from our operating model. Going forward, we will not continue providing quarterly synergy updates given the significant level of judgment around determining the appropriate baseline for rates, like programming; or volume, like procurement or marketing; as well as the challenge in isolating transaction synergies from the operating strategy benefits, and the upfront investments that we're already making to drive growth.

這些交易綜效是實實在在的成本節約，但不包括資本支出綜效或收入綜效，也不包括我們營運模式所產生的營運支出綜效。展望未來，鑑於確定合適的費率基準（如節目製作）或業務量基準（如採購或營銷）需要大量的判斷，以及將交易協同效應與運營戰略收益區分開來所面臨的挑戰，以及我們為推動增長而進行的預先投資，我們將不再提供季度協同效應更新。

We don't provide subscriber or financial guidance. However, legacy Charter plus transaction synergies continues to be a good proxy for how we expect subscribers and financials to develop over a multi-year period in our new markets under our operating strategy.

我們不提供訂閱或財務方面的指導。然而，傳統 Charter 加上交易綜效仍然是我們預期在新市場按照我們的營運策略在未來幾年內用戶和財務狀況發展的一個好指標。

As you think about the many moving parts in 2017, isolating pieces into 2016 results can be helpful. 2016 revenue benefited from both political advertising revenue, and large price increases at legacy TWC. Excluding those impacts, year-over-year revenue growth on a pro forma basis would have been slower and closer to 4.5%. Flowing through at very high margin, that translates to over 5% of our 11.2% EBITDA growth in 2016.

在思考 2017 年的諸多變數時，將各個部分分解到 2016 年的成果中可能會有所幫助。2016 年的收入受惠於政治廣告收入和傳統 TWC 的大幅漲價。排除這些影響，以備考基準計算，年比收入成長速度會更慢，接近 4.5%。由於利潤率非常高，這相當於我們 2016 年 EBITDA 成長 11.2% 的 5% 以上。

As we look to full-year 2017, we expect to accelerate customer relationship growth, but on the other hand, we won't benefit from political advertising and little from rate increases. Our full-year transaction synergies will be higher, along the lines I described, partially offset by the upfront investments in our operating strategy. You can use those data points to help you think about 2017 potential growth.

展望 2017 年全年，我們預期客戶關係成長速度將加快，但另一方面，我們不會從政治廣告中受益，也不會從費率上漲中獲益甚微。正如我之前所描述的那樣，我們全年的交易協同效應將會更高，但部分會被我們在營運策略方面的前期投資所抵消。您可以利用這些數據點來幫助您思考 2017 年的潛在成長。

Turning to net income on slide 10, we generated $454 million in net income attributable to Charter shareholders in the fourth quarter, versus $130 million on a pro forma basis last year, with the growth driven by higher adjusted EBITDA and pension gains of $366 million, primarily due to the positive impact that rising interest rates have had on our accumulated benefit obligation. We also had a $73 million gain on financial instruments from currency movements on our British pound debt and related hedging, partly offset by transaction-related expenses, including severance and higher income tax expense.

在第 10 張投影片中，我們談到了淨收入。第四季歸屬於 Charter 股東的淨收入為 4.54 億美元，而去年同期按備考基準計算為 1.3 億美元。成長主要得益於調整後 EBITDA 的提高和退休金收益 3.66 億美元，這主要是由於利率上升對我們的累積福利義務產生了積極影響。我們也從英鎊債務的貨幣波動和相關對沖中獲得了 7,300 萬美元的金融工具收益，但部分被交易相關費用（包括遣散費和更高的所得稅費用）所抵銷。

Turning to slide 11, capital expenditures totaled $1.89 billion in the fourth quarter, including $187 million of transition spend. Excluding transition CapEx, fourth-quarter CapEx declined by $81 million year-over-year or 4.5%, with tradeoffs between all digital in the fourth quarter of 2015 and Spectrum pricing and packaging box placement in Q4 2016. For the full year 2016, our capital expenditures totaled $7.5 billion or $7.1 billion when excluding transition spending.

翻到第 11 張投影片，第四季資本支出總額為 18.9 億美元，其中包括 1.87 億美元的過渡支出。不計過渡期資本支出，第四季資本支出年減 8,100 萬美元，降幅為 4.5%，這是由於 2015 年第四季全面數位化與 2016 年第四季 Spectrum 定價和包裝盒擺放方式之間的權衡所致。2016 年全年，我們的資本支出總額為 75 億美元，如果不包括過渡支出，則為 71 億美元。

Slide 12 shows we generated $1.86 billion of free cash flow in the fourth quarter versus $80 million of actual, not pro forma, free cash flow in the fourth quarter last year. That growth was largely driven by higher adjusted EBITDA, given the closing of the transactions and a working capital benefit driven by the timing of CapEx payables, and a more robust working capital program at Charter. While we don't provide pro forma free cash flow for the fourth quarter of 2015, on a pro forma basis, adjusted EBITDA less CapEx grew by 24% in the fourth quarter, and for the full year, that figure grew by 15%.

第 12 張投影片顯示，我們在第四季產生了 18.6 億美元的自由現金流，而去年同期實際自由現金流（而非備考自由現金流）為 8,000 萬美元。這一成長主要得益於調整後 EBITDA 的提高（這得益於交易的完成）、資本支出應付款項的時間安排帶來的營運資本收益，以及 Charter 公司更穩健的營運資本計畫。雖然我們沒有提供 2015 年第四季的備考自由現金流，但按備考基準計算，第四季度調整後的 EBITDA 減去資本支出增長了 24%，全年該數字增長了 15%。

We finished the year with $60 billion in debt principal. Our run rate annualized cash interest expense is $3.3 billion, whereas our P&L interest expense suggests a $2.9 billion annual run rate. The P&L difference stems from the revaluation of acquired TWC debt on our GAAP balance sheet as part of purchase accounting. At the end of the fourth quarter our total net debt to last 12 month pro forma adjusted EBITDA was 4.0 times, declining despite buyback activity.

年底時，我們的債務本金高達600億美元。我們的年化現金利息支出為 33 億美元，而我們的損益表利息支出顯示年化利息支出為 29 億美元。損益差異源自於我們在 GAAP 資產負債表上對收購的 TWC 債務進行重估，這是購買會計處理的一部分。在第四季末，我們的淨債務總額與過去 12 個月的備考調整後 EBITDA 之比為 4.0 倍，儘管進行了股票回購活動，但仍有所下降。

Long-term target leverage remains at 4 to 4.5 times, and we continue to target the lower end of that range. In December, we refinanced our term loan A, H, I, and our revolver, and in January, we refinanced our term loans E and F. Those refinancings reduced the LIBOR spreads on each of these tranches, and removed all remaining LIBOR floors from our bank debt.

長期目標槓桿率仍為 4 至 4.5 倍，我們將繼續以該範圍的下限為目標。12 月，我們對 A、H、I 類定期貸款和循環貸款進行了再融資；1 月，我們對 E 和 F 類定期貸款進行了再融資。這些再融資降低了每一筆貸款的 LIBOR 利差，並消除了我們銀行債務中所有剩餘的 LIBOR 下限。

In February, we also issued a 10 year 5 1/8% note, primarily related to call to $750 million of CCOH 6 5/8% callable paper due 2022. And in aggregate, on a like-for-like basis, these cumulative refinancings should save us over $40 million in interest costs per year, so meaningful savings.

今年 2 月，我們也發行了一張 10 年期 5 1/8% 的票據，主要與贖回 2022 年到期的 7.5 億美元 CCOH 6 5/8% 可贖回票據有關。整體而言，以同等條件計算，這些累計再融資每年應為我們節省超過 4,000 萬美元的利息成本，因此節省意義重大。

During the fourth quarter we repurchased 4.0 million shares, Charter shares in the open market, totaling $1.1 billion, at an average price of $265 per share. Including the Advance/Newhouse transaction in late December, where we repurchased approximately 750,000 common units, we repurchased a total of 4.8 million shares and common units during the quarter.

第四季度，我們在公開市場上回購了 400 萬股 Charter 股票，總計 11 億美元，平均每股價格為 265 美元。包括 12 月下旬 Advance/Newhouse 的交易在內，我們回購了約 75 萬份普通股，本季我們共回購了 480 萬股和普通股。

For the full year 2016, we repurchased 5.8 million shares and common units for close to $1.6 billion, or about 2% of our combined total shares and as-converted, as-exchanged partnership units. From late in the fourth quarter until today we had a 10b5-1 program where the stock price was above the buying thresholds that we had previously put in place. So we haven't bought back shares yet in 2017, and our share repurchase activity will continue to depend on market conditions and other potential uses of capital. Our goal remains to keep full strategic flexibility, and not become trapped by formulaic capital allocation guidance on buybacks.

2016 年全年，我們回購了 580 萬股普通股和普通單位，金額接近 16 億美元，約占我們合併後的總股數和轉換、交換後的合夥單位數的 2%。從第四季末到今天，我們實施了 10b5-1 計劃，在此期間，股價高於我們先前設定的購買門檻。因此，我們在 2017 年還沒有回購股票，我們的股票回購活動將繼續取決於市場狀況和其他潛在的資金用途。我們的目標仍然是保持充分的策略彈性，不被股票回購的公式化資本配置指引所束縛。

Finally, turning to our tax assets on slide 14, we estimated that our total value of these assets is approximately $6 billion, is comprised of our historical tax basis at Charter plus the Adelphia basis, large NOLs and a valuable tax sharing agreement with Advance/Newhouse. We don't currently expect to be a material cash income taxpayer until after 2018. Like you, we closely monitor the efforts in Washington to reform corporate tax policy in the US, which we believe could be a net positive for Charter.

最後，我們來看看第 14 頁幻燈片中的稅務資產，我們估計這些資產的總價值約為 60 億美元，包括我們在 Charter 的歷史稅務基礎加上 Adelphia 的基礎、巨額淨經營虧損以及與 Advance/Newhouse 達成的有價值的稅務分攤協議。我們目前預計在 2018 年後才會成為重要的現金收入納稅人。和您一樣，我們也密切關注華盛頓方面為改革美國企業稅收政策所做的努力，我們認為這對Charter來說可能是個好消息。

Operator, we're now ready for Q&A.

操作員，我們現在可以進入問答環節了。

(Operator Instructions)

（操作說明）

Your first question comes from the line of Phil Cusick with JPMorgan. Your line is open.

你的第一個問題來自摩根大通的菲爾·庫西克。您的線路已開通。

I guess to start. Strong performance from the legacy Bright House markets. Was that due to the launch of the new pricing and packaging in the quarter, or more a issue of seasonality? Then in the Time Warner markets, the weakness, it sounds like it's more an issue of churn, but has gross activity been in line year over year, weaker or stronger? Or should we expect it really to not ramp until you get the new packaging in? Thank you.

我想先從這裡開始。來自 Bright House 傳統市場的強勁表現。這是由於本季推出新的定價和包裝所致，還是季節性因素造成的？那麼，時代華納市場的疲軟，聽起來更像是客戶流失的問題，但總交易量是否與去年同期持平，是更弱還是更強？還是說，在新包裝到貨之前，銷售量真的不會增加？謝謝。

In Bright House, it's our marketing process and sales process has generated significant activity, and so, yes, our pricing and packaging is driving the activity there. There is seasonality in the Bright House market, but we're exceeding year-over-year seasonality activity, with our marketing activity. So we're pleased with the response that pricing and packaging is generating there, as well as the response that general marketing and the expenditure of marketing dollars is achieving in Bright House markets.

在 Bright House，我們的行銷流程和銷售流程已經產生了顯著的活動，所以，是的，我們的定價和包裝正在推動那裡的活動。Bright House 市場存在季節性波動，但我們的行銷活動已經超過了往年同期的季節性波動。因此，我們對定價和包裝在當地產生的反響感到滿意，同時也對 Bright House 市場中一般行銷和行銷資金支出所取得的反響感到滿意。

Our experience in Time Warner markets, we're 75% of the way through with the rollout of pricing and packaging. We are experiencing good growth where we've rolled that out, and creating new customers that we think are valuable customers, and be less prone to churn than the customer base that's currently there. And the net of that, in the places where we've rolled out new pricing and packaging, is positive. So we're encouraged by our marketing strategies, and how they're being received by the marketplace.

根據我們在時代華納市場的經驗，定價和套餐推廣工作已完成 75%。我們在已推廣該服務的區域實現了良好的成長，並創造了我們認為有價值的新客戶，這些客戶的流失率比現有客戶群要低。在我們推出新定價和包裝方案的地方，最終結果是正面的。因此，我們對我們的行銷策略以及它們在市場上的反應感到鼓舞。

Can you remind us of how long those really aggressive Time Warner offers went? Should we expect that there were -- as I remember, they were pretty aggressive through the fall of 2015 and into 2016, as well. Should we look for that churn to continue?

可以提醒我們一下時代華納那些極具競爭力的優惠活動持續了多久嗎？我們是否應該預料到會有這樣的情況——我記得，他們在 2015 年秋季和 2016 年也相當積極主動。我們是否應該預期這種人員流動會持續下去？

Yes, I think that would be reasonable. We're doing some things to mitigate it, that have taken us time to put in place, because of the complexity. There were 96,000 different promotional offers out there, and just the sheer logistics of managing that has been a challenge.

是的，我認為這很合理。我們正在採取一些措施來緩解這種情況，由於情況複雜，這些措施的落實需要時間。當時有 96,000 種不同的促銷活動，光是管理這些活動的後勤保障就極具挑戰性。

But we've gotten some control over it, and are getting better every day. So we can -- we think that we can mitigate some of the churn through better management of the step-up process. But you're right, in the fall of 2015, those offers were significant, and they obviously went through close and even a little bit afterwards.

但我們已經對情況有了一定的控制，而且每天都在好轉。所以我們認為，透過更好地管理晉升過程，可以減輕一些人員流失。但你說得對，在 2015 年秋季，這些報價非常重要，而且顯然很快就達成了協議，甚至在之後不久也達成了協議。

Thank you.

謝謝。

And your next question comes from the line of Vijay Jayant with Evercore. Your line is open.

你的下一個問題來自 Vijay Jayant 與 Evercore 的對話。您的線路已開通。

Obviously you don't have a strategy of using rate increases to drive the business, but in 2017, any color on any tiers of broadcast or sports that had some rate increase, so we can think of this underlying ARPU growth? And then just a more broader question. There's been some press reports about the Verizon unlimited offering, and how it may or may not impact your MVNO. Any color on that would be appreciated. Thank you.

顯然，你們並沒有利用漲價來推動業務發展的策略，但在 2017 年，任何級別的廣播或體育節目都出現了提價，因此我們可以考慮這種潛在的 ARPU 增長？然後，我想問一個更廣泛的問題。媒體已經報導了 Verizon 的無限流量套餐，以及它可能對您的虛擬運營商 (MVNO) 產生的影響。如果能提供一些顏色就更好了。謝謝。

Well, that last comment about the MVNO, we have an MVNO, and we don't think that the T-Mobile comments on it were correct, in the way they understand the way it works. We're comfortable with our MVNO, and think that we can use it to our benefit. I don't really want to say any more than that. And with --

關於MVNO的最後一則評論，我們自己就是一家MVNO公司，我們認為T-Mobile對此的評論並不正確，因為他們對MVNO的運作方式理解有誤。我們對我們的虛擬運營商很滿意，並認為我們可以利用它為我們帶來好處。我不想再多說什麼了。而且——

On rate increases, the goal here really was much more around standardization for things like the broadcast surcharge, and whatnot. So it wasn't about significant rate increases. Relative to the total amount of rate increase that was in 2016, what's in 2017 is really a small fraction of what it was in the prior year. And that's what I was trying to convey through the comments.

關於費率上漲，這裡的目標實際上更多的是圍繞廣播附加費等事項的標準化。所以問題不在於大幅提高利率。與 2016 年的總漲幅相比，2017 年的漲幅實際上只是前一年的一小部分。而這正是我試圖透過評論表達的意思。

The goal here is to drive customer relationship growth, and to drive high-quality growth. And if you look at legacy Charter, we're growing customer relationship growth at about 6%. We're growing residential revenue at around 6%. We think that's the right way, if you can go get it, to drive growth. And if you have pricing power today, it means that you are pricing power in the future. Our goal is to grow it now and to grow fast, and to create momentum in the marketplace.

我們的目標是促進客戶關係成長，並實現高品質成長。如果你看看Charter的傳統業務，我們的客戶關係成長率約為6%。我們的住宅收入正以大約 6% 的速度成長。我們認為，如果你能獲得它，那就是推動成長的正確方法。如果你今天擁有定價權，那就代表你將來也有定價權。我們的目標是立即發展壯大，快速發展，並在市場上創造發展動能。

So our rates have moved around a lot incrementally compared to what they were in the legacy properties. When you net it all out, it's not a rate driven strategy. We changed the rates but we're really creating customers at similar ARPUs with a better package.

因此，與先前的物業相比，我們的價格已經發生了很大的變化。綜合所有因素來看，這並不是一種以利率為導向的策略。我們調整了費率，但實際上是透過提供更好的套餐，在保持相似 ARPU 的情況下，為客戶創造了更多價值。

Next question comes from Ben Swinburne with Morgan Stanley. Your line is open.

下一個問題來自摩根士丹利的本·斯溫伯恩。您的線路已開通。

Tom, could I just ask you on your 5G or wireless tests that you're running, a lot of the 5G discussion in the market has been around fixed wireless, as essentially potential competitor to DOCSIS. Obviously that would not be a relevant, particularly relevant strategy for you, given you have the best last mile in your markets. So how are you thinking about the opportunity with these tests you're running around short distance, high frequency wireless? Is this about mobility or fixed, in markets that might be more cost effective rather than fiber or coax line extensions?

湯姆，關於你正在進行的 5G 或無線測試，我可以問你一個問題嗎？市場上關於 5G 的討論大多圍繞著固定無線展開，將其視為 DOCSIS 的潛在競爭對手。顯然，鑑於您在市場中擁有最好的最後一公里配送能力，這不會是一個相關的，或者說特別相關的策略。那麼，您如何看待您正在進行的這些關於短距離、高頻無線通訊的測試所帶來的機會？這是指移動性還是固定性？在哪些市場中，行動性可能比光纖或同軸電纜線路擴展更具成本效益？

Just any more color on where you see all this headed in terms of the opportunity. You led in your prepared remarks with your network being the network of the future. I'd love if you could expand upon that.

請您再詳細說說您認為這一切將會帶來怎樣的機會。在事先準備好的發言中，你以「你的人脈是未來的網絡」為開端。如果你能就此展開說說，那就太好了。

I just had a quick one for Chris on leverage. Do you expect to go below your 4 times in 2017? I guess I'm trying to get a sense for how much of a line in the sand that is, as we think about capital allocation this year, given you're at the low end, at the end of 2016. Thanks.

我剛剛給克里斯提了個關於槓桿作用的小問題。你預計2017年你的業績會低於4倍嗎？我想了解這條界線究竟有多重要，因為我們今年在考慮資本配置時，考慮到你們在 2016 年底處於低谷。謝謝。

So Ben, I would say it's -- we're experimenting with the actual technology itself first, to see how it works and what it's capable of doing. But what we know about it is that it's very short range, small cell, high capacity technology. And we have it working in labs, and we've obviously experimented with it in labs. These are actual field trials of use applications.

所以本，我想說的是——我們首先要試驗這項技術本身，看看它是如何運作的，以及它能夠做什麼。但我們目前了解到的情況是，它是一種短距離、小型基地台、高容量的技術。我們已經在實驗室裡測試過它，而且顯然已經在實驗室裡進行實驗。這些是實際應用場景的現場試驗。

If you think about our architecture, we have 22 million approximately Internet customers. Almost all of them have a Wi-Fi router in the house, connected to the Internet service. There are over 200 million wireless devices connected to our network currently. Of those -- and many of those are actually cellular devices, meaning they're phones, and they have a contract with a traditional mobile cellular provider, but 80% of the bits or 75% of the bits on those devices are coming through the Wi-Fi platform.

從我們的架構來看，我們大約有 2,200 萬網路用戶。幾乎所有家庭都有Wi-Fi路由器，連接到網路服務。目前有超過2億台無線設備連接到我們的網路。其中——而且其中許多實際上是蜂窩設備，也就是說它們是手機，並且與傳統的移動蜂窩運營商簽訂了合同，但這些設備上 80% 或 75% 的數據都是通過 Wi-Fi 平台傳輸的。

We're a wireless provider of data services today. When you look at these high capacity networks of the future, and they're a way out, there are new products that we think will be developed with those low latency, high capacity networks, including virtual reality products, augmented reality products, and how that manifests itself in the world, product development is a little unclear.

我們目前是一家無線數據服務供應商。當你展望未來的高容量網路時，你會發現它們是一條出路。我們認為，利用這些低延遲、高容量網路將會開發出一些新產品，包括虛擬實境產品、擴增實境產品等等。至於這些產品如何在現實世界中展現出來，產品開發方面還不太明朗。

But my sense is that many of those products will be not mobile products. They'll be fixed products in the dwelling or in the office. They'll be how you learn, and how you play. They're less about mobility than they are about capacity and low latency.

但我的感覺是，其中許多產品不會是行動產品。它們將是住宅或辦公室裡的固定產品。它們將決定你的學習方式和遊戲方式。它們與其說是關注移動性，不如說是關注容量和低延遲。

I think our networks, our Wi-Fi network and our distribution network sets up really well from a total capital cost perspective of creating those products. So that's how I see the market developing. Will there be a mobile platform? Will there be a fixed wireless platform?

我認為，從生產這些產品的總資本成本角度來看，我們的網路、Wi-Fi 網路和分銷網路都搭建得非常完善。這就是我對市場發展趨勢的看法。會有移動平台嗎？是否會有固定的無線平台？

I think there are fixed wireless opportunities, particularly in the enterprise area, and if you think about things like strip malls, malls in general, business services where you'd have to cut a parking lot to provide service with a traditional fiber wireline product, if you had a high capacity network that you could use wirelessly to connect those business service areas, I think there are opportunities of our network to expand its enterprise business through fixed wireless drops. So I think there -- how all the opportunities develop, I don't know, but I don't really see it as a mobile platform today. Whether that will be a mobile platform 10 years from now or not, I don't know, but I don't think the immediate product development cycle will be a mobile platform.

我認為固定無線網路存在發展機遇，尤其是在企業領域。想想看，像是商業街、購物中心、商業服務場所，如果使用傳統的光纖有線產品提供服務，就必須佔用停車場。如果有一個高容量的網絡，可以無線連接這些商業服務區域，我認為我們的網絡就有機會透過固定無線網路拓展企業業務。所以我覺得——所有的機會將如何發展，我不知道，但就目前而言，我真的不認為它是一個行動平台。10年後是否會成為行動平台，我不知道，但我認為近期產品開發週期不會是行動平台。

Thank you.

謝謝。

Ben, on the leverage, our goal is not to go below 4 times this year. There may be points in time where because of the timing of buybacks or the timing of refinancings that we may tick down, but I think our goal is to remain above 4 times if we can. When you start to run the numbers, that implies we've got to deploy a lot of excess free cash flow.

本，關於槓桿，我們今年的目標是不低於 4 倍。由於回購或再融資的時機，我們的本益比可能會在某些時候有所下降，但我認為我們的目標是盡可能保持在 4 倍以上。當你開始計算數字時，這意味著我們必須投入大量多餘的自由現金流。

So that is the challenge, and to do it in a smart way. So I'm intentional in saying our goal it not to get below 4 times. Doesn't mean temporarily that we won't tick down, but our intent is not to do it.

所以這就是挑戰，以及如何巧妙地完成這項挑戰。所以我特意強調，我們的目標是不要低於 4 次。這並不意味著我們暫時不會下降，但我們的目的並非如此。

Thank you both.

謝謝你們兩位。

Your next question comes from the line from John Hodulik with UBS. Your line is open.

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。您的線路已開通。

Maybe a question for Chris. Trying to get some sense of the near-term implications for restarting the all-digital initiative. Typically there's some sub trends, dislocation, but obviously, there's some cross current with the new product and packaging. Just wondering if you expect to see that in the KPIs? And then even working down the P&L, are there obvious impacts that we should expect in the near term for moving forward with that? Thanks.

或許可以問克里斯一個問題。試圖了解重啟全數位化計畫的近期影響。通常會有一些次要趨勢和錯位，但很明顯，新產品和包裝之間存在一些交叉趨勢。我想知道您是否希望在關鍵績效指標中看到這一點？即使從損益表來看，短期內推進這項工作是否會對財務產生明顯的影響？謝謝。

Is your question more around CapEx or was it more around sub trends or something else, as it relates to all digital?

您的問題更多是關於資本支出，還是更多是關於子趨勢或其他與數位化相關的內容？

Really both. I mean, basically, I'm trying to get to a sense for whether the sub trends -- there was a number of components to your prepared remarks, but do you expect the sub trends to improve, or similar to what we've seen, given the --

兩者兼具。我的意思是，基本上，我試圖了解各個子趨勢——您準備的發言稿包含很多方面，但鑑於——您預計這些子趨勢會改善，還是會和我們目前看到的類似？

Go ahead.

前進。

Sure. I was going to say. You would imagine there's costs associated with the all-digital movement both in the P&L and through CapEx, so whatever info you can gives us on that would be great.

當然。我正要說。您可以想像，全面數位轉型會在損益表和資本支出方面產生相應的成本，所以如果您能提供這方面的任何信息，那就太好了。

The all-digital will restart in Q2, and it will go probably for around two years. But the bulk of the activity though is going to be taking place next year, so we'll be doing all-digital from Q2 to the end of this year, but the bulk of it's going to be in 2018. There will be some CapEx associated with that rollout.

全數位化教學將於第二季重啟，可能持續兩年左右。但大部分活動將在明年進行，因此從第二季到今年年底，我們將全部採用數位化方式，但大部分活動將在 2018 年進行。此次推廣活動將涉及一定的資本支出。

The bigger portion of CapEx this year is going to be driven by a higher amount of CPE and placement costs for Spectrum pricing and packaging connects, because A, we expect sales in connects to be higher, as we've already seen in the markets where we've gone. B, when we do an install under Spectrum pricing and packaging, there's a higher number of devices that we're placing in the home because of our two-way set top box strategy, as well as our strategy not to charge for modem rental, and to have reasonable router fees, which means that you're going to put more capital into the home on an average transaction, and we expect to have higher transactions. So that's going to be a bigger driver in 2017, offset by some transaction synergies that we have on the CapEx side, as well.

今年資本支出的大部分將用於支付更高的 CPE 和頻譜定價及打包連接的部署成本，因為 A，我們預計連接的銷售額會更高，正如我們在已經進入的市場中所看到的那樣。B，當我們按照 Spectrum 的定價和套餐進行安裝時，由於我們採用雙向機上盒策略，以及不收取調製解調器租賃費和收取合理的路由器費用，我們會在家中安裝更多設備，這意味著平均每次交易您將在家中投入更多資金，我們也預計交易量會更高。因此，這將是 2017 年更大的驅動因素，但我們在資本支出方面也有一些交易綜效可以抵銷這一影響。

From a customer perspective, going all digital is disruptive. Upfront if anything, it does put friction into the business, which is one of the reasons that we tend to be thoughtful about how we go market by market, and that's factored into the timing of the all-digital program that I outlined before.

從客戶的角度來看，全面數位化會帶來顛覆性的影響。一開始，這確實會給業務帶來摩擦，這也是我們傾向於認真考慮如何逐個市場開展業務的原因之一，而這一點也影響了我之前概述的全數位化計畫的時機安排。

So net-net, you end up with a better product, better network and speed capabilities in the marketplace, by taking out analog, but there's friction for the customer base as well as OpEx and CapEx when you do it upfront. But I expect the actual growth model this year to be more of a factor for both the KPIs as well the CapEx than I do for all digital.

總而言之，透過淘汰類比訊號，最終可以獲得更好的產品、更好的網路和更快的速度，但這也會為客戶帶來摩擦，同時也會增加營運支出和資本支出。但我預計，今年的實際成長模式對關鍵績效指標和資本支出的影響，將比對全部數位化的影響更大。

The only thing I would say too, is incrementally we're all-digital already.

我唯一想補充的是，我們已經逐步實現全面數位化了。

Your next question comes from the line of Jonathan Chaplin with New Street Research. Your line is open.

你的下一個問題來自 New Street Research 的 Jonathan Chaplin。您的線路已開通。

Wondering if you could give us a little bit more detail about the process for launching a wireless product, if you triggered the MVNO already. My understanding is within six months, you can use it. I'm wondering if you could just run through the he details of where your wireless organization stands today, what you still need to put in place, and what the steps are between now and a commercial launch? It just seems like you should be able to launch earlier than 2018.

想請您詳細介紹一下無線產品的發布流程，如果您已經啟動了 MVNO 服務的話。我的理解是，六個月內可以使用。我想請您詳細介紹一下貴公司無線業務部門目前的狀況，還需要落實哪些措施，以及從現在到正式商業發布之間需要採取哪些步驟？感覺你們應該能在 2018 年之前發布。

We have put the -- we have triggered the MVNO with Verizon, and we're now working through the process of creating a business plan and some test processes that we plan to work through in this year to be ready to launch broadly next year. That isn't to say we wouldn't have any commercial activity this year, but to integrate a wireless business into a high volume transaction business that we already have is the major challenge.

我們已經啟動了與 Verizon 的 MVNO 項目，現在正在製定商業計劃和一些測試流程，我們計劃在今年完成這些流程，以便明年能夠大規模推出。這並不是說我們今年不會有任何商業活動，而是說將無線業務整合到我們已經擁有的高交易量業務中是一個重大挑戰。

Now, we also have to enter into contracts with instrument providers and billing systems, and we have to consider our store front capability. We have 700 stores in the new company. Is that enough? Where should we be, from a retail perspective?

現在，我們還要與儀器供應商和計費系統簽訂合同，並且還要考慮我們的門市營運能力。新公司旗下共有700家門市。這樣夠嗎？從零售角度來看，我們應該處於什麼位置？

And so we're still working through all of those issues. So in order to actually do it at a relatively small scale is pretty easy. The issue is, how do you do it at massive scale quickly?

所以，我們仍在努力解決所有這些問題。所以，實際上小規模地做這件事是很容易的。問題是，如何快速大規模地實現這一點？

Got it. So one of the questions we've been getting a lot in the wake of Verizon and others going to unlimited is whether the terms of the MVNO make economic sense in an unlimited world? I know you said that the T-Mobile understanding of the contract was wrong. Is it the case that your wholesale rates step down index to retail rates?

知道了。在 Verizon 和其他業者推出無限流量套餐之後，我們經常被問到的一個問題是，在無限流量的世界裡，MVNO 的條款是否具有經濟意義？我知道你說過T-Mobile對合約的理解是錯的。你們的批發價格是否會根據零售價格進行​​階梯式調整？

Well, I don't really want to discuss the details of our plan, other than to say that T-Mobile doesn't understand it, and we're comfortable with the current world and pricing world of data in mobile, to continue on with our MVNO approach. So we think it will work for us.

嗯，我不太想討論我們計劃的細節，只想說 T-Mobile 不理解我們的計劃，我們對當前行動數據市場和定價環境感到滿意，因此將繼續採用我們的 MVNO 模式。所以我們認為這對我們來說會行得通。

Great. Thank you very much.

偉大的。非常感謝。

Your next question comes from the line of Jason Bazinet with Citi. Your line is open.

你的下一個問題來自花旗銀行的 Jason Bazinet。您的線路已開通。

Just a question for Mr. Rutledge. Given your comments about the market waking up to your terrestrial network playing a key role in the future of communications, would you mind just giving us a bit of color in terms of the number of route miles you have that are fiber versus coax and where you are in terms of node density? In other words, what's the distribution of 500 homes per node versus 250 versus 125?

我有個問題想問拉特利奇先生。鑑於您曾表示市場正在逐漸意識到您的地面網路將在未來通訊中發揮關鍵作用，您能否簡要介紹一下您擁有的光纖線路里程數與同軸電纜線路里程數，以及您目前的節點密度情況？換句話說，每個節點 500 戶、250 戶和 125 戶的分佈分別是什麼？

Well, I don't have the -- I don't have the answer to your question off the top of my head anyway, other than to say our average node size is around 500 homes, and we have a lot of fiber in the network. We have the ability to take that fiber deeper. We have the ability incrementally to take the network to a passive network, and to do that at reasonably efficient capital costs through time, and to do that in very targeted ways, where we need the capacity.

嗯，我一時也回答不了你的問題，不過我只能說我們的平均節點規模大約是 500 戶家庭，而且我們的網路中有很多光纖。我們有能力將纖維輸送到更深的地方。我們有能力逐步將網路升級為被動網絡，並且隨著時間的推移，以合理的資本成本實現這一目標，並且能夠以非常有針對性的方式，在我們需要容量的地方實現這一目標。

So we're very comfortable with the extensibility of our network, and the ability to put high capacity anywhere in our network. We have a cable labs project, which is an industry association organization, that has developed 10-gig symmetrical products in the lab that are capable of running on our nodal architecture. To get to those speeds, we may need to go deeper with our fiber, but we can go to 5G symmetrical with less deep fiber penetration. So we think we have a very flexible architecture that allows us to grow significant capacity, without a lot of capital investment.

因此，我們對網路的可擴展性以及在網路中的任何位置部署高容量的能力都非常有信心。我們有一個電纜實驗室項目，這是一個行業協會組織，它在實驗室中開發了 10G 對稱產品，這些產品能夠在我們的節點架構上運作。為了達到這樣的速度，我們可能需要將光纖鋪設得更深，但我們可以用較淺的光纖穿透深度實現 5G 對稱傳輸。因此，我們認為我們擁有非常靈活的架構，使我們能夠在無需大量資本投入的情況下大幅提升產能。

Do you anticipate your homes per node falling, say over the next five years, 10 years, to 250, 125?

您預計未來五年、十年內，每個節點的房屋數量會下降到 250 套、125 套嗎？

Yes, particularly, we said we have an average. There are some that are above average. I think that it's really a market demand-driven process.

是的，特別是，我們說過我們有一個平均值。有些高於平均。我認為這確實是一個由市場需求驅動的過程。

There are a bunch of ways you can manage capacity on our network. We can do what are called virtual node splits. So what that means is if you clear spectrum electronic -- take off analog spectrum and go all-digital, and you have excess capacity in your network, and you have demand that would say, I need to put more capacity in a node, there's two ways of doing it.

您可以透過多種方式管理我們網路的容量。我們可以進行所謂的虛擬節點拆分。這意味著，如果你清除頻譜電子化——移除類比頻譜並全部數位化，並且你的網路中有剩餘容量，而你又有需求說，我需要在一個節點中增加更多容量，那麼有兩種方法可以做到這一點。

One way is to physically split the node into a smaller node, which requires the placing of an electronic device in the field, and maybe the expansion of some fiber, depends on how the architecture of that is structured, but it's a relatively -- it's inexpensive on a grand scale capital perspective, but a lot more expensive than a digital or virtual node split. You can do those if you have channel capacity, by just recreating additional DOCSIS paths, you can create a virtual node, essentially.

一種方法是將節點物理分割成更小的節點，這需要在現場放置電子設備，可能還需要擴展一些光纖，這取決於架構的結構，但從宏觀資本角度來看，這種方法相對便宜，但比數位或虛擬節點分割要貴得多。如果你有通道容量，你可以透過重新建立額外的 DOCSIS 路徑來建立一個虛擬節點，本質上就是建立一個虛擬節點。

We manage our network for the future based on the actual load on the network, as opposed to some theoretical issue, and there are other ways of getting capacity out of all-digital networks. Like for instance, most of our set top boxes now are capable of IP delivery. They're also capable of MPEG4 delivery, which means that we can squeeze the capacity out of our video business, and get more DOCSIS capability in our network, which means we can do more virtual or electronic node splitting than we might have done a couple of years ago.

我們根據網路的實際負載（而不是一些理論問題）來管理未來的網絡，還有其他方法可以從全數位網路中獲得容量。例如，我們現在大多數機上盒都能夠進行 IP 傳輸。它們還能夠進行 MPEG4 傳輸，這意味著我們可以榨取視訊業務的容量，並在我們的網路中獲得更多的 DOCSIS 功能，這意味著我們可以進行比幾年前更多的虛擬或電子節點分割。

And that's a function of our CPE strategy. So we're managing all of those things together to get capacity. But in any model we get to, some future state, where there's a whole new product set that requires massive capacity that currently isn't required, we would take our fiber deeper and go to a passive network, and go to the symmetrical 5 or 10 gig that I talked about earlier.

這是我們客戶體驗工程 (CPE) 策略的一個功能。因此，我們正在統籌安排所有這些事項，以獲得產能。但無論我們最終達到何種模型，在未來的某個階段，當出現一套全新的產品需要目前不需要的大量容量時，我們將進一步擴展光纖網絡，實現被動網絡，並實現我之前提到的對稱 5 Gbps 或 10 Gbps 網絡。

Jason, from a financial perspective, just so it's clear to those thinking about the CapEx implications, we've been doing virtual and physical node splits for years. We continue to do it. And we've been going, particularly at TWC and even at Bright House for new builds and now at legacy Charter, new build with fiber to the premise. The things Tom is talking about are already in the numbers, and it's the type of activity we did today, and the boxes, we're actually buying with those IP capabilities at cheaper prices.

Jason，從財務角度來看，為了讓考慮資本支出影響的人清楚這一點，我們多年來一直在進行虛擬節點和實體節點的拆分。我們繼續這樣做。我們一直在努力，尤其是在 TWC 和 Bright House 的新建項目中，現在又在 Charter 的老牌公司，為新建項目提供光纖到戶服務。湯姆所說的這些事情，數據中已經體現出來了，而且這正是我們今天所做的事情，我們實際上正在以更低的價格購買具有這些 IP 功能的設備。

And MPEG4, higher density digital compression.

還有MPEG4，一種更高密度的數位壓縮格式。

Makes perfect sense. Thank you.

完全合情合理。謝謝。

And your next question come from the line of Mike McCormack with Jefferies.

你的下一個問題來自傑富瑞集團的麥克‧麥考馬克。

Tom, maybe a comment just on the changes in Washington from a regulatory standpoint, what that might mean for Charter. And then also maybe the associated potential tax reform, what that might mean for your tax asset? Chris, if you don't mind, just a little more color on the stock above a certain threshold, how often is that threshold evaluated? Thanks.

湯姆，或許你可以就華盛頓監管方面的變化發表一下看法，看看這對Charter公司可能意味著什麼。此外，還可能涉及相關的潛在稅務改革，這對您的稅務資產可能意味著什麼？克里斯，如果你不介意的話，能否再詳細說說股票價格超過某個門檻的情況？這個閾值多久評估一次？謝謝。

Sure. Look, we had a lot of headwinds in the previous administration, from a regulatory point of view, we got Title II. It didn't really affect us but had the potential of affecting us. I think that there's a good probability that could be reversed, which would be a good thing for us.

當然。你看，上一屆政府在監管方面有很多阻力，我們拿到了第二章。它其實並沒有對我們造成影響，但卻有可能對我們造成影響。我認為這種情況很有可能會逆轉，這對我們來說是件好事。

We were prepared to live in that world, so it's better to live in a world where you have more visibility into your investments, and how they might be regulated in the future. The set top box issue was really about Google and other companies getting access to video content without paying for it, and that appears to not be an issue going forward. And so the general proposition for a better FCC has already manifested itself in the appointment of Ajit Pai as Chairman of the FCC, and the processes that he's reforming and reviewing all look to be better for us than the previous regime.

我們已經做好了在那種世界生活的準備，所以最好生活在一個能夠更清楚地了解自己的投資以及它們未來可能受到的監管的世界。機上盒問題實際上是谷歌和其他公司無需付費即可獲取視頻內容，而這似乎不再是未來的問題了。因此，任命阿吉特·帕伊為聯邦通信委員會主席這一舉措，已經體現了建立一個更好的聯邦通信委員會的總體思路，而他正在改革和審查的各項程序，看起來都比前任政府更有利於我們。

Tom, on the pay prioritization, is there an opportunity there from a revenue standpoint for you?

湯姆，關於薪酬優先順序，從收入角度來看，這對你來說是否有機會？

You mean if net neutrality went away as opposed to Title II? They're really different concepts. One's a legal structure.

你的意思是，如果網路中立性被廢除，而不是第二章被廢除，那會怎麼樣？它們真的是截然不同的概念。一個是法律結構。

We had net neutrality without Title II previously. I'm not sure net neutrality goes away. We don't have a business model, or we didn't have a business plan to use pay for prioritization. I'd rather not have any regulation than have regulation, just as a general proposition.

我們之前在沒有第二章的情況下也實現了網路中立。我不確定網路中立性是否會消失。我們沒有商業模式，或者說我們之前沒有商業計劃來利用付費優先機制。就我個人而言，我寧願沒有任何監管，也不願有監管。

Right.

正確的。

And let markets develop. I think that's good for us because I think we have great assets, if we can manage them well. But the bigger issue for us at least today is Title II, and its implications to other regulatory follow-on issues, as opposed to what actually is going on in the market. We're actually quite comfortable with the way we sell and service our products today.

讓市場自行發展。我認為這對我們有利，因為我認為我們擁有很多寶貴的資產，如果我們能夠妥善管理的話。但至少在今天，對我們來說，更大的問題是第二章及其對其他後續監管問題的影響，而不是市場實際發生的事情。我們對目前的產品銷售和服務方式相當滿意。

On the tax reform, we're in favor of tax reform, both to make it more efficient and more simple, and in most scenarios it's a significant positive for Charter, even despite our large NOLs. The one piece that we think should be socialized more us is the interest deductibility and how that's applied, because of the implications it has for infrastructure investment generally, and when you have large network builds, which is what we do, as well as other types of infrastructures that get built across the US which is a priority for the administration, the way you finance it matters and interest deductibility plays in, and I think having the right incentives to make those investments is helpful. But we're hopeful we'll get an ear to listen to that, and think through the best way to achieve the best for both.

關於稅制改革，我們贊成稅制改革，既是為了提高效率，也是為了簡化流程。在大多數情況下，即使我們有大量的淨營業虧損，稅制改革對Charter來說也是一個重要的利多因素。我們認為應該更實行社會化的一點是利息抵扣及其應用方式，因為它對基礎設施投資有著普遍的影響。當我們進行大型網路建設（這也是我們正在做的）以及在美國各地建造其他類型的基礎設施（這是政府的優先事項）時，融資方式至關重要，而利息抵扣在其中發揮作用。我認為，為這些投資提供正確的激勵措施是有幫助的。但我們希望有人能傾聽我們的意見，並認真思考如何實現雙方的最佳利益。

You asked about the price threshold on the 10b5. Without going into -- I don't want to detail into how we think about buybacks, because it's flexible and it changes over time, but generally you put a 10b5-1 plan in place when your window is no longer open, whether that's for an executive or an insider, or whether that's for the Company itself.

您詢問了 10b5 的價格門檻。我不想深入探討——我不想詳細說明我們如何考慮股票回購，因為它是靈活的，而且會隨著時間而改變，但一般來說，當你的回購窗口期不再開放時，無論回購對像是高管、內部人士還是公司本身，你都會制定一個 10b5-1 計劃。

And it's at that point in time that you set some general guidelines as to how and when, and at what volume you'd be buying stock. After that point, it's very difficult to go back in and modify it, until you have a clearing event, for example, like an earnings or other type of 8-K. So that's the technical background behind a 10B5.

正是在這個時候，你需要製定一些關於如何、何時以及以何種數量購買股票的總體指導方針。從那時起，就很難再回去修改它，直到發生清算事件，例如收益或其他類型的 8-K 表格。以上就是 10B5 的技術背景。

Okay. Thanks.

好的。謝謝。

And your next question comes from the line of Jessica Reif with Bank of America Merrill Lynch. Your line is open.

你的下一個問題來自美國銀行美林證券的傑西卡·雷夫。您的線路已開通。

Couple of questions. How far along with you in terms of your programming resets, as a combined Company?

我有幾個問題。作為一家合併後的公司，你們的程式重置工作進展到什麼程度了？

Do you mean synergies from programming? Is that what you mean by resets?

您指的是程式設計帶來的綜效嗎？你說的重置是指這個意思嗎？

As you've gone along, you've obviously renegotiated rates.

隨著合作的進行，你們顯然已經重新協商了價格。

That's why we said we wouldn't forecast future synergies. We think we got the synergies that we said we would get. I think it was a little over $400 million we thought we'd save. Isn't that what we said?

這就是為什麼我們說我們不預測未來的協同效應。我們認為我們獲得了預期的協同效應。我想我們當時預計能省下4億多美元。我們不是這麼說的嗎？

Little less. We said -- when we originally did the -- when we originally announced the transaction, we said $800 million over three years, a little less than half might come from that.

略少一些。我們當初宣布這筆交易時就說過，三年內將投入 8 億美元，其中可能略低於一半。

Right. So we got the synergies, we believe, as a result of the closing of the transaction and our management of the contracts that were in place then. Now we have to go forward, and we've renegotiated an NBC deal over the fourth quarter, and other deals throughout the Company.

正確的。因此，我們認為，交易的完成以及我們對當時已有合約的管理，使我們獲得了協同效應。現在我們必須繼續前進，我們在第四季度重新談判了與 NBC 的合作協議，以及公司內部的其他一些協議。

And so, we do think we've achieved what we thought we would, and now we're in a world where the question is, what's the future growth of programming and content costs, and how does that work. I think there's -- that's a difficult thing to -- a rich subject.

因此，我們認為我們已經實現了我們所期望的目標，現在我們面臨的問題是，節目製作和內容成本的未來成長趨勢是什麼，以及這種成長趨勢是如何實現的。我認為這是一個——這很難說——很有趣的話題。

Anything else on that? I have two other follow-ups.

關於這件事還有其他要補充的嗎？我還有兩個後續問題。

I'll just say that we don't expect the current business model to fall apart tomorrow, and we think that historic trends are more indicative of the future than a brand-new world, with regard to programming. So what are your--?

我只想說，我們並不認為目前的商業模式明天就會崩潰，而且我們認為，就程式設計而言，歷史趨勢比一個全新的世界更能預示未來。那麼你的——？

Okay. Then just to follow up on two other topics that you already discussed. One on regulatory reform. Is there -- it does seem like there's a likelihood of significant change. So, one, does it change the way you guys think about M&A, either as a buyer or a seller, and does it open the door at all to renegotiate some of the conditions that you had to agree to?

好的。然後，我想就您之前討論過的另外兩個主題再做進一步說明。一項關於監理改革。確實存在——似乎很有可能發生重大變化。所以，第一，這是否會改變你們作為買方或賣方對併購的看法？這是否會為重新談判你們不得不同意的一些條件打開一扇門？

I don't know about the second part of your question, with regard to our conditions. We have optionality in our conditions, by the way, that could be shorter, and we have the right to petition. So in a better regulatory climate, there would be a greater likelihood of achieving those reductions, you'd hope.

關於您問題的第二部分，也就是關於我們自身狀況的部分，我不太清楚。順便說一句，我們的條件有選擇餘地，可以縮短期限，而且我們有權提出申訴。因此，在更好的監管環境下，實現這些減排目標的可能性會更大，我們希望如此。

But we were bullish on the business before the change in administrations, and prepared to live in the regulatory environment that was there. It appears to be better, which is good for us, and makes us more excited about the future of our business than we were previously. Does that affect our valuation of other M&A opportunities? It's hard to say, but we like our business.

但在政府換屆之前，我們對這項業務充滿信心，並準備好適應當時的監管環境。情況似乎有所好轉，這對我們來說是好事，也讓我們對公司的未來比以前更有信心。這是否會影響我們對其他併購機會的評估？很難說，但我們喜歡我們的生意。

But the question was, as a buyer or a seller, since there's been tons of speculation both ways.

但問題是，身為買家還是賣家，因為雙方都有很多猜測。

We don't speculate on M&A, generally. I don't really know what to say. We like our business.

我們一般不會對併購活動進行推測。我不知道該說什麼。我們喜歡我們的生意。

Just the last thing, the last question was on wireless. You have made a lot of comments on the call, much more clarity than you've given in the past. But you did say something in your prepared remarks about longer-term plans. I just wonder, could you give us some color how you're thinking about that? Were you implying you might want owner economics or you really -- it's clear it's the MVNO in the near to medium term. Just wasn't longer term.

最後一件事，最後一個問題是關於無線網路的。你在通話中發表了許多評論，比你過去發表的評論更加清晰明了。但你在事先準備好的發言稿中確實提到了一些關於長期計畫的內容。我只是想知道，您能否詳細說說您是怎麼考慮這個問題的？你是暗示你可能想要所有者的經濟效益，還是你真的——很明顯，在中短期內，MVNO（行動虛擬網路營運商）才是關鍵。只是時間關係。

What I was really trying to distinguish on the high capacity, low latency networks that we're experimenting with, which we think are the future of communications in many ways, how significant, at a significant point in time, five years or more, that our network and our infrastructure is probably the best infrastructure on which to develop those products that exist. And we're working toward understanding all of the implications of the technologies, so that we can create an atmosphere where those products develop.

我真正想強調的是，我們正在試驗的高容量、低延遲網路（我們認為這在許多方面代表了通訊的未來）在某個重要的時間點（五年或更久），我們的網路和基礎設施很可能是開發現有產品的最佳基礎設施，這具有多麼重要的意義。我們正在努力了解這些技術的全部影響，以便創造一個有利於這些產品發展的環境。

Is it about -- it's not about a business model yet. But we do own our plants, and we think that these assets will work on our plant. So by implication, that's owners economics in a new product. It's not a mobile. It's not what is considered mobility today, 4G, which we think is a bridge to a different kind of wireless world going forward.

它現在還不是關於商業模式的。但我們擁有自己的工廠，我們認為這些資產將對我們的工廠發揮作用。所以，這其實就是新產品所有者的經濟學原理。這不是手機。它不是我們今天所理解的行動技術，而是 4G，我們認為 4G 是通往未來另一種無線世界的橋樑。

Our final question comes from the line of Bryan Kraft with Deutsche Bank. Your line is open.

最後一個問題來自德意志銀行的布萊恩‧克拉夫特。您的線路已開通。

Just had a couple of questions. First, could you provide any more color on what you're expecting for capital investment levels this year, and also wanted to follow up on programming cost. Do you expect to it be in the same range as last year on a pro forma basis in terms of growth, or will we see some acceleration based on the renewals?

我還有幾個問題。首先，您能否詳細說明一下您對今年資本投資水準的預期？另外，我還想了解程式設計成本的狀況。您預計今年的成長幅度會與去年持平（以備考數據計算），還是會因為續約而加速成長？

And then separately, just wanted to follow up on an earlier question on 5G. Some think that 5G backhaul actually requires fiber, that coax isn't sufficient, which I don't think is right, but wanted to see if that was something that you could weigh in on.

另外，我還想就之前提出的關於 5G 的問題再問一次。有些人認為 5G 回程實際上需要光纖，同軸電纜不夠用，我不認為這是正確的，但想看看您對此有何看法。

I'll answer the last one. We think 5G-like products doesn't necessarily require fiber in every location. It requires a high capacity interconnection between the cells, and that can be wireless too, it can be fiber, and it can be coax. But it's a high capacity inter-cell connection, if that's what you mean by backhaul. And it can be -- there's more than one way to do it.

我來回答最後一個問題。我們認為，類似 5G 的產品不一定需要在每個地方鋪設光纖。它需要單元之間具有高容量的互連，這種互連可以是無線的、光纖的，也可以是同軸電纜的。但如果你所說的回程鏈路是指高容量的小區間連接，那麼它就是高容量的小區間連接。而且確實如此——實現這一目標的方法不只一種。

Bryan, on CapEx, we're not providing CapEx guidance, just because we approved a budget internally which is what we want to operationally deploy this year. It could be less than that, just because of what practically can be done, or it can be in a position to accelerate. But from our perspective, it doesn't make sense to really set an artificial target, try to wag the dog for what's ultimately right.

Bryan，關於資本支出，我們不提供資本支出指導，因為我們已經在內部批准了一項預算，這是我們今年想要在營運中部署的預算。實際規模可能小於這個數字，因為實際上能做到的事情有限；或者，它有可能加速發展。但從我們的角度來看，人為地設定一個目標，試圖左右最終的正確與否，是沒有意義的。

But if you think back to what I said in 2017, we will be spending more on Spectrum pricing and packaging through that higher CP placement for connect. We will restart all-digital. We will be insourcing. But offsetting some of that increase will be the benefit of synergies.

但如果你回想一下我在 2017 年說過的話，我們將透過更高的 CP 位置來提高連接價格，從而在 Spectrum 定價和套餐方面投入更多資金。我們將全面重啟數位化營運。我們將採取內部化方式。但綜效可以抵銷部分成長帶來的影響。

So without giving specific guidance, 2017 is probably a bit higher in terms of absolute dollars than what we were pro forma in 2016, but it shouldn't be a dramatic change in terms of capital intensity or CapEx as a percentage of revenue. And I think your second question was in terms of programming outlook?

因此，在不給予具體指引的情況下，2017 年的絕對金額可能比 2016 年的預期略高，但就資本密集度或資本支出佔收入的百分比而言，應該不會發生劇烈變化。我想你的第二個問題是關於程式設計前景的吧？

Yes.

是的。

Yes, we don't provide guidance in general. So getting into one specific line item, I don't think it's really helped for us to do it on a single line item basis, like programming. We're doing what we expected to generally, and we were not surprised by where we are, and we like it.

是的，我們一般不提供指導。所以，深入到某個具體的項目上，我認為逐一項目地進行處理，例如編程，對我們來說並沒有什麼幫助。總的來說，我們所做的事情都符合預期，我們對目前的狀況並不感到意外，而且我們很滿意。

Okay.

好的。

As much as you can when you --

盡可能多——

Got it. Okay. Thank you.

知道了。好的。謝謝。

All right. Thank you everybody.

好的。謝謝大家。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。