Charter Communications Inc (CHTR) 2017 Q3 法說會逐字稿

Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2017 Earnings Call. (Operator Instructions)

早安.我叫米歇爾，今天我將擔任你們的會議接線生。在此，我謹代表公司歡迎各位參加2017年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Stefan Anninger. Please go ahead.

現在我想把電話交給斯特凡·安寧格。請繼續。

Good morning, and welcome to Charter's Third Quarter 2017 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2017年第三季投資人電話會議。本次電話會議的簡報可在我們的網站 ir.charter.com 的「財務資訊」部分找到。

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 Forms 10-K and 10-Q. 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，我們的美國證券交易委員會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聲明以及 10-K 表格和 10-Q 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 view only, and Charter undertakes no obligation to revise or update such statements or to 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階層目前的觀點，Charter 不承擔任何義務修改或更新此類陳述，也不承擔未來作出其他前瞻性陳述的義務。

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 also may refer to pro forma results. 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 on January 1, 2015, in order to provide a more useful discussion of our results.

在今天的電話會議中，我們將提及我們在獲利資料中定義和調整的非GAAP指標。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。我們也可能參考形式化結果。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，就好像這些交易是在 2015 年 1 月 1 日完成的一樣，以便對我們的業績進行更有用的討論。

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. Pro forma reconciliations are provided in the Exhibit 99.1 to our Form 10-Q filed on November 3, 2016. 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. Additionally, all customers and passings data that you see in today's materials continue to be based on legacy company definitions.

除非另有說明，否則我們在本次電話會議中可能提及的 2016 年第三季之前的客戶和財務數據均為模擬交易數據，如同這些交易在所提及的最早期間開始時已經完成一樣。模擬對帳表已在 2016 年 11 月 3 日提交的 10-Q 表格的附件 99.1 中提供。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。此外，您在今天資料中看到的所有客戶和通行資料仍然基於公司過去的定義。

Joining me on today's call are Tom Rutledge, Chairman and CEO; and Chris Winfrey, our CFO.

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。

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

這樣，我就把電話交給湯姆了。

Thanks, Stefan. In the past quarter, we remained focused on the integration of 3 large companies and increasing the high-quality sales with Spectrum pricing and packaging in the acquired footprints. We're creating one company with a unified and centralized operating approach, which puts Charter on a path to be able to grow faster over a multiyear period. The integration is going well and remains on schedule.

謝謝你，斯特凡。上個季度，我們繼續專注於整合 3 家大型公司，並在收購區域內透過 Spectrum 的定價和包裝來提高高品質的銷售。我們正在打造一家採用統一集中營運方式的公司，這將使 Charter 在未來幾年內走上快速成長的道路。整合工作進展順利，並按計畫進行。

Our third quarter operating results were as planned despite all the complexity that comes with completely changing the way we do business in 75% of our footprint. We're growing our customer relationships by 4%. And our customer and financial growth will continue to improve as more and more of our customer base migrates to Spectrum pricing and packaging and all digital is completed and even better video and Internet product rolls out, and our unified service platform, which is a product in itself, is deployed.

儘管我們在 75% 的業務範圍內徹底改變了業務運作方式，帶來了許多複雜性，但我們第三季的經營業績仍按計劃進行。我們的客戶關係成長了 4%。隨著越來越多的客戶遷移到 Spectrum 定價和套餐，所有數位化工作完成，更好的視訊和網路產品推出，以及我們本身就是一個產品的統一服務平台的部署，我們的客戶和財務成長將繼續改善。

In 2017, we're seeing all the short-term effects of implementing a sustainable growth strategy, including high churn from legacy products and temporary ARPU pressure from migration, partly offset by higher sales and better product. And our EBITDA growth is better than when we took Legacy Charter through a similar process.

2017 年，我們看到了實施永續成長策略的所有短期影響，包括傳統產品的高流失率和遷移帶來的暫時性 ARPU 壓力，但部分被更高的銷售和更好的產品所抵消。而且，我們的 EBITDA 成長比我們之前對 Legacy Charter 進行類似收購時要好。

Inside the businesses, we're executing well and have put the highest risks associated with our integration behind us. Hurricanes Harvey and Irma tested the integration of our people, processes and systems. All performed well, and we've recovered nicely and are essentially back to business as usual. The hurricanes did impact our customer net adds and financial results this quarter, but only marginally. Chris will cover these effects in a moment.

在業務內部，我們執行良好，並且已經克服了與整合相關的最大風險。颶風哈維和艾爾瑪考驗了我們的人員、流程和系統的整合能力。所有人都表現出色，我們已經順利恢復，基本上恢復了正常運作。颶風確實對本季我們的客戶淨成長和財務業績產生了一定影響，但影響甚微。克里斯稍後會講解這些影響。

In the third quarter, our customer and individual product connects inside our new footprint were higher year-over-year, as they were in the second quarter. The higher connect activity shows that our Spectrum pricing and packaging is working. At the end of the third quarter, 41% of Time Warner Cable and Bright House customers were in our new pricing and packaging, up from 30% at the end of last quarter. And in areas where we've had Spectrum in place for at least 4 quarters, 52% of our residential customers have Spectrum packaged products.

第三季度，我們新業務範圍內的客戶和單一產品連線數與去年同期相比有所增加，與第二季度的情況相同。更高的連接活躍度表明我們的頻譜定價和套餐方案是有效的。在第三季末，時代華納有線電視和 Bright House 的客戶中有 41% 採用了我們的新定價和套餐，高於上一季末的 30%。在 Spectrum 服務已覆蓋至少 4 個季度的地區，52% 的住宅用戶擁有 Spectrum 套餐產品。

We're selling and migrating better products with better and consistent pricing that drive higher customer satisfaction. Nearly all of our video connects and Spectrum migrations subscribe to expanded basic video product, which some people called fat basic, with VOD on every outlet. As of today, we offer minimum Internet speeds of 100 megabits in over 75% of our entire footprint, up from just 50% at the end of the second quarter. And we expect to offer minimum speeds in excess of 100 megabits in nearly all of our passings by year-end. We'll continue to increase our minimum speeds in 2018.

我們正在銷售和推廣更優質的產品，並提供更合理、更穩定的定價，從而提高客戶滿意度。我們幾乎所有的視訊連接和 Spectrum 遷移都訂閱了擴展的基本視訊產品，有些人稱之為“胖基本”，每個管道都提供 VOD 服務。截至今日，我們在超過 75% 的服務區域內提供最低 100 兆位元的網路速度，而第二季末這一比例僅為 50%。我們預計到今年年底，我們幾乎所有通道的最低速度都將超過 100 兆位元。2018年，我們將繼續提高最低速度標準。

In a couple of months, we'll also launch gigabit speeds offering in several key markets using DOCSIS 3.1, with more launches planned through 2018. We expect 3.1 modems to be priced similarly to 3.0 modems when purchased at scale, and we'll begin to buy exclusively DOCSIS 3.1 modems and drive higher entry-level speeds. We'll also begin to deploy our Wave 2 WiFi router, which is similar to our Worldbox, having been developed and designed and specified by Charter. It has much faster speeds and even better propagation of reliability throughout the home. Our all-digital activity in Legacy Time Warner Cable and Bright House is accelerating, although the bulk of that activity will still take place in 2018.

幾個月後，我們也將在幾個主要市場推出使用 DOCSIS 3.1 的千兆速度服務，並計劃在 2018 年推出更多服務。我們預計，在大規模採購時，3.1 數據機的價格將與 3.0 數據機的價格相近，我們將開始只採購 DOCSIS 3.1 數據機，並推動更高的入門級速度。我們也將開始部署我們的 Wave 2 WiFi 路由器，它與我們的 Worldbox 類似，由 Charter 開發、設計和指定。它的速度更快，而且在整個家庭中的可靠性也更高。我們在傳統時代華納有線電視和 Bright House 的全數位化業務正在加速推進，儘管大部分業務仍將在 2018 年開展。

At the end of the third quarter, we have deployed over 1 million Worldboxes across our national footprint. Worldbox is faster, smaller, cheaper and more flexible for QAM and IP video and Guide delivery, and it can be used across all 3 legacy footprints. Going forward, Worldbox will be the only set-top box we buy and will be the workhorse for our all-digital project.

截至第三季末，我們在全國部署超過 100 萬個 Worldbox。Worldbox 速度更快、體積更小、價格更低、靈活性更高，適用於 QAM 和 IP 視訊及節目指南傳輸，並且可以在所有 3 種傳統模式下使用。展望未來，Worldbox 將是我們唯一購買的機上盒，並將是我們全數位化專案的主力設備。

The deployment of our Spectrum Guide also continues to progress. We've seen a significant increase in on-demand utilization by customers that have Spectrum Guide today, exposing the value of the content packages they already purchased. In 2018, we'll provide Spectrum Guide to new customers in Legacy Time Warner Cable and Bright House markets. Existing customers in those markets will, over time, have the choice to switch to Spectrum Guide at the push of a button. We'll deploy the same approach in certain Legacy Charter markets that are contiguous with Legacy Time Warner Cable or Bright House markets, what we call mixed markets, where we waited to roll out to the full DMA.

我們的頻譜指南部署工作也持續進行中。我們發現，目前擁有 Spectrum Guide 的客戶對點播內容的使用率顯著提高，這凸顯了他們已購買的內容套餐的價值。2018 年，我們將向 Legacy Time Warner Cable 和 Bright House 市場的新客戶提供 Spectrum Guide。隨著時間的推移，這些市場的現有客戶將可以選擇一鍵切換到 Spectrum Guide。我們將對與傳統時代華納有線電視或 Bright House 市場相鄰的某些傳統 Charter 市場（我們稱之為混合市場）採取相同的方法，在這些市場中，我們等待著向整個 DMA 區域推出。

In the fourth quarter of last year, our Enterprise group launched new national pricing structures, designed to drive higher customer growth. That pricing structure is working well, and we saw higher year-over-year enterprise product net adds in the third quarter. The short-term revenue effects of that market share growth strategy are similar to what we've been seeing. We're making changes to pricing and packaging in residential and SMB markets.

去年第四季度，我們的企業集團推出了新的全國定價結構，旨在推動客戶成長。這種定價結構運作良好，我們在第三季看到了企業產品淨新增用戶數年成長。該市佔率成長策略的短期收入影響與我們一直以來所看到的情況類似。我們正在對住宅和中小企業市場的定價和包裝進行調整。

We're also improving the product set for Enterprise, deploying our hosted voice product in 13 more states in the third quarter, with plans to launch that product across our entire footprint by the end of this year. And in the coming months, we expect to launch a software-defined wide area network solution that should increase our addressable opportunity and provide businesses with another choice as they migrate from legacy technologies.

我們也正在改進企業級產品組合，第三季將在另外 13 個州部署我們的託管語音產品，並計劃在今年年底前在我們所有業務覆蓋區域推出該產品。在接下來的幾個月裡，我們預計將推出軟體定義廣域網路解決方案，這將增加我們的潛在機會，並為企業從傳統技術遷移時提供另一種選擇。

We're on track to launch our wireless service in 2018 using our MVNO with -- agreement with Verizon. Our cooperation agreement with Comcast has helped with that process. When offered as part of our bundle, we expect Spectrum-branded wireless services to drive more sales of our core products and to create longer customer lives. Our next-generation wireless field testing is also going well. Our existing infrastructure puts us in a position to uniquely scale deployment of new wireless, small cell products. And we expect a number of emerging technologies, including better WiFi, 5G, public Spectrum brands and radio management protocols, will all support our ability to innovate new network-based product offerings for the foreseeable future using a technology transformation similar to what the cable industry has done in its infrastructure so many times.

我們正按計劃於 2018 年透過與 Verizon 的 MVNO 協議推出無線服務。我們與康卡斯特的合作協議對這一過程起到了幫助作用。我們期望，當 Spectrum 品牌的無線服務作為我們捆綁銷售的一部分提供時，能夠促進我們核心產品的銷售，並延長客戶的使用期限。我們的下一代無線現場測試也進展順利。我們現有的基礎設施使我們能夠以獨特的方式擴展新型無線小型基地台產品的部署規模。我們預計，包括更好的 WiFi、5G、公共頻譜品牌和無線電管理協議在內的許多新興技術，都將支援我們在可預見的未來創新基於網路的新產品，這類似於有線電視行業在其基礎設施方面多次進行的技術轉型。

Now I'll turn the call over to Chris to provide more details on the quarter.

現在我將把電話交給克里斯，讓他提供本季的更多細節。

Thanks, Tom. Before covering our results, a couple of administrative items. First, I wanted to remind everyone that when I reference third quarter 2017 customer results, I'll be comparing to the third quarter 2016 results that have been adjusted to exclude the seasonal program customer activity in the third quarter of 2016 at Legacy Bright House. We've provided that year-over-year comparison on Slide 6 of today's investor presentation. The Q3 impact is really modest. The Q2 was relevant, and we expect Q4 and the first quarter to also be relevant. Secondly, as Tom mentioned, our third quarter results were impacted by hurricanes Irma and Harvey, although not materially. In total, we estimate the impact was about 10,000 to 15,000 net residential customer relationships in the storm-affected areas, some of which may come back in the fourth quarter. Storms also reduced our third quarter revenue by $4 million in the form of residential customer bill credits. We also provided some modest SMB customer credits, and there were some impact to September advertising revenue, but difficult to say precisely how many orders would've been placed.

謝謝你，湯姆。在公佈結果之前，先說明幾項行政事項。首先，我想提醒大家，當我提到 2017 年第三季的客戶業績時，我將與 2016 年第三季的業績進行比較，而 2016 年第三季的業績已經過調整，排除了 Legacy Bright House 在 2016 年第三季的季節性專案客戶活動。我們在今天投資者簡報的第 6 張投影片中提供了同比數據。第三季的影響非常有限。第二季業績具有參考價值，我們預期第四季和第一季業績也將具有參考價值。其次，正如湯姆所提到的，我們第三季的業績受到了颶風艾爾瑪和哈維的影響，儘管影響並不重大。據估計，風暴影響地區淨減少了約 10,000 至 15,000 個住宅客戶關係，其中一些客戶關係可能會在第四季度恢復。暴風雨也導致我們第三季的收入減少了 400 萬美元，這筆收入以居民客戶帳單抵免的形式發放。我們也向中小企業客戶提供了一些適度的信用額度，9 月的廣告收入受到了一定影響，但很難準確地說出有多少訂單被下達。

Our third quarter operating expenses were elevated by $8 million, mostly related to store cleanup and call center labor costs. And third quarter storm-related capital expenditures were about $20 million, mostly related to line and equipment replacements. We expect the similar amounts of storm-related CapEx in the fourth quarter, and we'll provide updates on those amounts and any material credits, if any, when we report our fourth quarter results. Some of these costs will ultimately be covered by insurance, but there's no potential claims impacting today's results.

第三季營運費用增加了 800 萬美元，主要與門市清潔和呼叫中心人工成本有關。第三季與風暴相關的資本支出約為 2000 萬美元，主要與線路和設備更換有關。我們預計第四季度與風暴相關的資本支出金額將與上一季相近，我們將在公佈第四季度業績時提供有關這些金額以及任何實質收益（如有）的最新資訊。其中一些費用最終將由保險承擔，但目前沒有任何潛在的索賠會影響今天的業績。

Now turning to our results. During the third quarter, total customer relationships grew by 212,000 or 1 million over the last year, a 3.4% growth at TWC, 4.5% at Legacy Charter and 5.4% at Bright House. As Tom mentioned, 41% of TWC and Bright House customers were already in Spectrum pricing and packaging at the end of the third quarter. We're driving higher sales year-over-year into better products with more value, even as we migrate order churn legacy products, driving significant transaction volume.

現在來看我們的結果。第三季度，客戶關係總數增加了 21.2 萬個，比去年增加了 100 萬個，其中 TWC 成長了 3.4%，Legacy Charter 成長了 4.5%，Bright House 成長了 5.4%。正如湯姆所提到的，截至第三季末，TWC 和 Bright House 41% 的客戶已經採用了 Spectrum 的定價和套餐。我們正努力將銷售額逐年提高，推出更優質、更有價值的產品，同時逐步淘汰訂單流失率較高的傳統產品，進而大幅提升交易量。

Slide 6 shows we grew residential PSUs by 172,000 versus 322,000 last year. Over the last year, TWC residential video customers declined by 3.4%, pre-deal Charter has been about flat and Legacy Bright House improved its residential video customer loss to 0.6% year-over-year. TWC lost 25,000 more video customers than last year as we continue to see churn from the same low-value, limited basic packages, net of migration to a full video product. Importantly, limited basic losses were responsible for all of the video losses at TWC this quarter, with Legacy TWC's expanded basic video customer base growing by just over 50,000 in the third quarter versus a loss of approximately 130,000 expanded customers in last year's third quarter. That means there's 180,000 swing in the expanded video relationship development in the quarter at TWC. The better expanded basic performance was driven by higher connects and a better selling mix and from Legacy TWC limited basic customers migrating toward Spectrum pricing and packaging.

幻燈片 6 顯示，我們住宅 PSU 增加了 172,000 個，而去年為 322,000 個。過去一年，TWC 住宅視訊用戶下降了 3.4%，交易前的 Charter 用戶基本上持平，而原 Bright House 的住宅視訊用戶流失率同比下降了 0.6%。由於用戶持續流失，即使遷移到完整視訊產品後，TWC 的視訊用戶數量仍比去年減少了 25,000 人，原因是用戶繼續流失於那些價值低、功能有限的基本套餐。值得注意的是，本季 TWC 的所有視訊用戶流失都是由於基本用戶流失造成的，而傳統 TWC 擴展的基本視訊用戶群在第三季度僅增長了 5 萬多人，而去年第三季度擴展用戶則減少了約 13 萬。這意味著 TWC 本季在擴展視訊關係開發方面有 18 萬個波動。更好的擴展基本性能得益於更高的連接數和更好的銷售組合，以及傳統 TWC 有限基本用戶向 Spectrum 定價和套餐的遷移。

Legacy Charter lost 11,000 video customers in the quarter versus a gain of 19,000 a year ago, driven by our integration focus on the acquired footprints and some additional competitive build-out and price-driven promotional offers advertised by competitors. Bright House lost 7,000 video customers versus a loss of 9,000 last year. In total, we lost 104,000 residential video customers, primarily in TWC limited basic video relationships.

由於我們專注於整合收購的業務，以及競爭對手推出的一些額外的競爭性建設和價格驅動的促銷活動，導致傳統 Charter 在本季度流失了 11,000 名視訊用戶，而去年同期則增加了 19,000 名。Bright House 流失了 7,000 名視訊用戶，去年同期流失了 9,000 名。我們總共流失了 104,000 名住宅視訊用戶，主要集中在 TWC 有限基本視訊套餐用戶。

In Residential Internet, we added a total of 249,000 customers during the quarter versus 344,000 last year, with Legacy Charter declining from 121,000 in the third quarter last year to 70,000 this quarter, partly from the same drivers we saw in video at Legacy Charter and believe to be temporary in nature. We also had a strong Internet quarter last year, with each of our legacy footprints benefited from integration activity at key competitors. Over the last 12 months, we grew our total Residential Internet customer base by 1.2 million customers or 5.7%, with 5.2% growth at TWC, 6.4% growth at Legacy Charter and 7% at Bright House.

在住宅網路方面，本季我們新增了 249,000 名客戶，而去年同期為 344,000 名。傳統 Charter 的用戶數量從去年第三季的 121,000 人下降到本季度的 70,000 人，部分原因是我們在傳統 Charter 的影片中看到的相同因素，我們認為這是暫時的。去年我們的網路業務也表現強勁，我們各個傳統業務都受惠於主要競爭對手的整合活動。在過去的 12 個月裡，我們的住宅網路用戶總數增加了 120 萬，增幅達 5.7%，其中 TWC 增加了 5.2%，Legacy Charter 增加了 6.4%，Bright House 增加了 7%。

In voice, we grew customers by 27,000 in the third quarter versus 29,000 last year, with higher triple-play sales offset by higher churn and legacy promotional offers at TWC.

在語音業務方面，第三季客戶數量增加了 27,000 人，而去年同期為 29,000 人，三合一業務銷售額的成長被 TWC 較高的客戶流失率和傳統促銷活動所抵消。

Over the last year, we grew total residential customers by 865,000 or 3.5%. Residential revenue per customer relationship was up modestly, helped by some $50 million of revenue from the August Mayweather-McGregor fight.

過去一年，我們的住宅用戶總數增加了 865,000 戶，增幅為 3.5%。住宅客戶關係收入略有成長，這得益於 8 月梅威瑟-麥格雷戈拳擊賽帶來的約 5,000 萬美元收入。

Similar to last quarter, ARPU growth remains muted by smaller price increases this year, continued stand-alone Internet sell-in and higher sell-in at promotional rates and migration activity of Legacy TWC and Bright House to Spectrum pricing and packaging. There was also a mechanical ARPU hit similar to Q2 from changes to the Legacy Bright House seasonal plan.

與上個季度類似，由於今年價格漲幅較小、獨立網路銷售持續成長、促銷價格銷售增加以及傳統 TWC 和 Bright House 向 Spectrum 定價和套餐的遷移活動，ARPU 成長仍然較為平淡。由於 Legacy Bright House 季節性計畫的變更，機械性 ARPU 也受到了與第二季類似的衝擊。

Before the close of our transactions, one of the biggest concerns of our investors was our ability to manage ARPU through the transition to higher-value Spectrum pricing and packaging, with generally lower pricing for our product, lower box fees, and then modem fees. We're now nearly 1 year in and should be 50% migrated by year-end. So that's a lot of product and retransactions. And a large portion of our base now has more value and less reason to call or churn. We've rationalized the promotional roll-off and the retention environment.

在交易完成之前，投資者最關心的問題之一是，我們能否在向更高價值的頻譜定價和套餐過渡的過程中管理好每用戶平均收入 (ARPU)，因為我們的產品價格、機上盒費用和調製解調器費用通常都會降低。現在距離遷移完成已經快一年了，到年底應該可以完成 50% 的遷移。所以這涉及到大量的產品銷售和重複交易。現在，我們很大一部分客戶更有價值，他們更沒有理由打電話或流失。我們已經對促銷活動逐步取消和客戶留存環境進行了合理化調整。

The ARPU and revenue still look pretty good despite that planned disruption. Slide 7 shows our customer growth combined with our ARPU growth, resulting in year-over-year residential revenue growth of 4.4% or 3.7% when excluding total pay-per-view in both periods.

儘管受到了計劃內的干擾，但ARPU值和收入看起來仍然相當不錯。投影片 7 顯示了我們的客戶成長與 ARPU 成長相結合，使得住宅收入同比增長 4.4%，如果兩個時期都不包括按次付費的總收入，則同比增長 3.7%。

Total promotional revenue, SMB and Enterprise combined, grew by 8%; SMB revenue by 7.4% and Enterprise up by 8.9%. Excluding cell backhaul and NaviSite, Enterprise grew by over 13%. Sales are up in both SMB and Enterprise, and we're managing the transition to highly competitive pricing in these service markets as well.

中小企業和大型企業的總促銷收入成長了 8%；中小企業收入成長了 7.4%，大型企業收入成長了 8.9%。除去蜂巢回傳和 NaviSite，企業業務成長超過 13%。中小企業和大型企業的銷售額均有所成長，我們也正在努力應對這些服務市場向極具競爭力的定價模式的過渡。

Third quarter advertising revenue declined by 11% year-over-year, driven by political advertising in the prior year. So excluding political, advertising revenue was still down about 2% year-over-year, given lower year-over-year barter in local revenue. That includes some hurricane-related effects, as I mentioned at the outset. In total, third quarter revenue for the company was up 4.2% year-over-year and 4.9% when excluding advertising.

受上年度政治廣告收入下降的影響，第三季廣告收入較去年同期下降 11%。因此，即使不考慮政治廣告，由於地方收入較去年同期下降，廣告收入仍較去年同期下降約 2%。正如我一開始提到的，這也包括一些與颶風有關的影響。該公司第三季總營收年增 4.2%，若不計廣告收入，則較去年同期成長 4.9%。

Looking at total revenue growth for each of our legacy companies. TWC revenue grew by 3.8%. Pre-deal Charter grew by 5.2%, driven by customer growth. And Bright House revenue grew by 4.3%, given improving video and triple point selling.

檢視我們旗下各家傳統公司的總收入成長。TWC收入成長3.8%。交易前包機量成長了 5.2%，主要受客戶成長的推動。由於影片品質提升和三點式銷售策略的推廣，Bright House 的營收成長了 4.3%。

Moving to operating expense on Slide 8. In the third quarter, total operating expense grew by $238 million or 3.7% year-over-year, with transition expense accounting for $23 million of our total OpEx this quarter. Programming increased 12.3% year-over-year, driven by contractual rate increases in renewals; a higher expanded mix, which accounted for roughly 2% of that growth; the cost of the Mayweather-McGregor pay-per-view fight, which accounted for a little over 1% of the growth; and the lapping of synergies generated in the third quarter last year. Regulatory, connectivity and produced content was up 1.6% year-over-year. And cost to service customers declined year-over-year, driven by the benefits from the combination of the 3 companies; productivity benefits, including from simplified pricing and packaging; and a higher in-sourced labor mix, partly offset by the higher labor costs during the recent storms. Marketing expenses grew by 5.6% year-over-year, given the higher level of marketing activity and a higher number of sales in the acquired footprints. And other expenses were down 2% year-over-year, driven by elimination of duplicate costs.

接下來是第 8 張投影片中的營運費用。第三季度，總營運費用年增 2.38 億美元，增幅為 3.7%，其中過渡費用佔本季總營運費用的 2,300 萬美元。節目製作量年增 12.3%，主要原因是續約合約價格上漲；節目組合擴大，約佔成長的 2%；梅威瑟-麥格雷戈付費觀看比賽的成本，約佔成長的 1% 多一點；以及去年第三季度產生的協同效應的疊加。監管、連接和內容生產年增 1.6%。服務客戶的成本年減，這得益於三家公司合併帶來的好處；生產力提高，包括簡化定價和包裝；以及內部勞動力比例增加，但部分被近期風暴期間較高的勞動力成本所抵消。由於收購區域內行銷活動水準提高以及銷售額增加，行銷費用較去年同期成長 5.6%。其他支出較去年同期下降 2%，主要原因是消除了重複成本。

Adjusted EBITDA grew by 5.0% in the third quarter, and excluding transition costs in both periods, adjusted EBITDA grew by 4.7%.

第三季調整後 EBITDA 成長了 5.0%，若不計入過渡成本，兩個時期的調整後 EBITDA 均成長了 4.7%。

Turning to net income on Slide 9. We generated $48 million of net income attributable to Charter shareholders in the third quarter versus net income of $189 million last year, with higher year-over-year adjusted EBITDA and lower severance-related expenses more than offset by higher depreciation and amortization, pension withdrawal and remeasurement charges and higher interest expense.

請參閱第 9 頁的淨收入。第三季歸屬於 Charter 股東的淨收入為 4,800 萬美元，而去年同期淨收入為 1.89 億美元。儘管調整後的 EBITDA 同比增長，遣散費相關支出減少，但這些增長被折舊和攤提增加、退休金提取和重新計量費用以及利息支出增加所抵消。

Turning to Slide 10. Capital expenditures totaled $2.4 billion in the third quarter, including $125 million of transition spend. Excluding transition, third quarter CapEx increased by $629 million year-over-year, primarily driven by higher spending on CPE, scalable infrastructure and support. The higher CPE spend was largely the result of higher connect volumes and 2-way set-top box placement rates now that Spectrum pricing and packaging has been launched across all of our markets. And we've already reduced our DTA footprint by over 30% since closing the transactions. All-digital spend was about $50 million in the quarter, primarily related to CPE. The higher scalable spend was driven by the timing of in-year spend and video and Internet product development. And the higher support spending is related to the timing of vehicles and tools and test equipment, software development and facility spending, in each case, some related to in-sourcing and some related to the transaction.

翻到第10張投影片。第三季資本支出總額為 24 億美元，其中包括 1.25 億美元的過渡支出。不計過渡費用，第三季資本支出年增 6.29 億美元，主要原因是 CPE、可擴展基礎設施和支援方面的支出增加。CPE 支出增加主要是由於連接量增加以及雙向機上盒安裝率提高，因為 Spectrum 定價和套餐已在我們所有市場推出。自交易完成以來，我們的 DTA 業務規模已經減少了 30% 以上。本季所有數位化支出約為 5,000 萬美元，主要與 CPE 相關。更高的可擴展支出是由年內支出的時間安排以及視訊和互聯網產品開發所驅動的。而較高的支援性支出與車輛、工具和測試設備、軟體開發和設施支出的時間有關，在每一種情況下，有些與內部採購有關，有些與交易有關。

As Slide 11 shows, we generated about $600 million of free cash flow in the third quarter versus $1 billion in free cash flow in the third quarter last year. And the decline was largely driven by higher CapEx and a slower working capital benefit and the benefit in both years, at least year-over-year. And that was partly offset by higher EBITDA.

如投影片 11 所示，我們第三季產生了約 6 億美元的自由現金流，而去年第三季自由現金流為 10 億美元。而下降的主要原因是資本支出增加和營運資本利得放緩，以及這兩年至少年比收益的下降。而較高的 EBITDA 部分則抵消了這一影響。

We finished the quarter with $66.8 billion in debt principal, and our run rate annualized cash interest expense at September 30 was $3.6 billion, whereas our P&L interest expense in the quarter suggests a $3.2 billion annual run rate. That difference is due to purchase accounting.

本季末，我們的負債本金為 668 億美元，截至 9 月 30 日，我們的年化現金利息支出為 36 億美元，而本季的損益表利息支出顯示，年化利息支出為 32 億美元。這種差異是由於採購會計處理造成的。

As of the end of the third quarter, our net debt to last 12-month adjusted EBITDA was 4.3x, in the middle of our target leverage ratio of 4 to 4.5x. In July, we closed on $1.5 billion of investment-grade notes. In August, we closed on $1.5 billion of high-yield notes. And in September, we closed on another $2 billion of investment-grade notes. And finally, earlier this month, we closed on another $1.5 billion of high-yield notes. The proceeds from these offers have and will be used for general corporate purposes, including potential buybacks. The weighted average cost of debt is now 5.4% with a weighted average life of 11.5 years, with over 90% of our debt maturing after 2019.

截至第三季末，我們的淨債務與過去 12 個月調整後的 EBITDA 比率為 4.3 倍，處於我們 4 至 4.5 倍的目標槓桿率的中間水平。7月份，我們完成了15億美元投資等級債券的發行。8月份，我們完成了15億美元高收益債券的發行。9月份，我們又完成了20億美元的投資等級債券發行。最後，本月初，我們完成了另外 15 億美元的高收益債券的發行。這些發行所得款項已經並將繼續用於一般公司用途，包括潛在的股票回購。目前債務的加權平均成本為 5.4%，加權平均期限為 11.5 年，超過 90% 的債務將在 2019 年之後到期。

Through the third quarter, we repurchased 10.9 million shares in Charter Holdings common units, totaling $4.0 billion at an average price of $367 per share.

第三季度，我們以每股 367 美元的平均價格回購了 1,090 萬股 Charter Holdings 普通股，總計 40 億美元。

As Slide 11 shows, in the past 13 months, we spent $10.1 billion on repurchases, reflecting 10% of the company's equity on a fully diluted basis. I want to be very clear. Our share repurchases are not part of our programmatic capital return policy. Buybacks reflect confidence in the trajectory of the proven operating model as we head into the back half of our integration; positive cash flow, despite significant organic investment in attractive debt markets; and the high-quality capital structure, which provides us flexibility in different markets. Going forward, our share repurchase activity will continue to depend on other potential uses of capital for organic or inorganic opportunities and market conditions.

如投影片 11 所示，在過去的 13 個月中，我們花費了 101 億美元用於股票回購，這相當於公司完全稀釋後的股權的 10%。我想把話說清楚。我們的股票回購不屬於我們的計畫性資本報酬政策的一部分。股票回購反映了我們對成熟營運模式發展軌蹟的信心，尤其是在我們進入整合後半程之際；儘管在有吸引力的債務市場進行了大量內生性投資，但仍實現了正現金流；以及高品質的資本結構，這使我們能夠在不同的市場中靈活應對。展望未來，我們的股票回購活動將繼續取決於其他潛在的資本用途，例如有機成長或無機成長機會以及市場狀況。

Turning to our tax assets on Slide 13. We estimate the total present value of these assets, reflecting our current NOL utilization, is over $5 billion. And we don't expect to be a material cash income taxpayer until 2019 at the earliest.

接下來請看第 13 頁投影片，了解我們的稅務資產。我們估計，這些資產的總現值（反映我們目前的淨營業虧損利用率）超過 50 億美元。我們預計最早也要到 2019 年才會成為實質的現金收入納稅人。

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) Your first question comes from Craig Moffett from MoffettNathanson.

（操作說明）您的第一個問題來自 MoffettNathanson 公司的 Craig Moffett。

I'm not sure whether this is for Chris or for Tom, but I wonder if either of you could just speak about what really looks to be an industry-wide transition from, at least on the margin, to more single-play broadband subscribers. Your pricing for stand-alone broadband doesn't recapture as much margin from a lost video subscriber as the pricing does at, say, Comcast. I'm wondering, as you think about that growing going forward, how do you think about that? When is the right time to maybe adjust that pricing? Or is it more that you really do think that you can keep customers in double play and triple play bundles for longer than most in the market expect?

我不確定這個問題是問克里斯還是湯姆，但我很想知道你們兩位能否談談目前看來整個行業正在經歷的轉變，至少在邊緣群體中，寬頻用戶正逐漸從單一服務模式轉向更多單一服務模式。你們的獨立寬頻定價策略無法像 Comcast 等公司一樣，從流失的影片用戶中挽回那麼多利潤。我想知道，當您考慮未來發展時，您是如何看待這個問題的？什麼時候才是調整價格的好時機？或者，你真的認為你可以讓客戶在雙重播放和三重播放套餐中停留的時間比市場上大多數同行預期的要長？

Craig, it's Tom. We still have a very rapidly growing, good business. And if you look at all these numbers, we're growing the company quickly. And the -- yes, the video business has pressure in it, and it has had pressure in it. We still think we can grow the video business going forward and expect to grow the video business going forward. And we expect to sell packaged products going forward, including data, mobility, landline voice and video. And it's true that there are lots of pressures on the video bundle, the biggest pressure being price. The second biggest pressure, which also contributes to the price-value relationship, is that many programmers now are distributors, whether they know it or not, whether it's through TV Everywhere or direct-to-consumer streaming services. And because of password sharing and multiple stream products to households that have -- there are 35 million 1-person households in the United States, so you have 10% of the population with almost 30% of the households. And multi-stream products being sold to those households allow consumers to purchase one product and share it among multiple users. That affects the price-value relationship of video in general, and that affects what people are subscribing to. And so there's an enormous pressure that comes out of the total price of content plus the availability of for-free that content is now being -- well, I should restate that. There's an enormous ability for people to receive free content because of the way content distributors are securing their product so ineffectively. And as a result of that, I think you'll see continued pressure on video, but we expect that we can still grow a rich video package inside our product bundles. And we think we'll do that at the expense of our competitors, and we think that the general category will continue to decline slightly. But to your broader question about pricing, we're happy with the way we're pricing our packaging today. We're happy with the way we're pricing our single-product services today, and we think we have an excellent growth trajectory based on our pricing structure.

克雷格，我是湯姆。我們的業務仍然發展迅速，前景良好。從這些數據來看，我們公司發展迅速。是的，視訊產業確實面臨壓力，而且一直以來都面臨著壓力。我們仍認為視訊業務未來能夠發展壯大，並期待視訊業務未來能夠繼續發展壯大。我們預計未來將銷售包括數據、行動、固定電話語音和視訊在內的打包產品。影片套餐確實面臨著許多壓力，其中最大的壓力就是價格。第二大壓力，也是造成價格價值關係的一個因素，是許多節目製作商現在都是發行商，無論他們是否意識到這一點，無論是透過電視無所不在服務還是直接面向消費者的串流服務。由於密碼共享和多媒體產品面向家庭用戶——美國有 3500 萬個單人家庭，所以 10% 的人口擁有近 30% 的家庭。向這些家庭銷售的多流產品允許消費者購買一件產品，並與多個用戶分享。這會影響影片的整體價格價值關係，進而影響人們訂閱的內容。因此，內容的總價格加上現在免費內容的可用性，帶來了巨大的壓力——好吧，我應該再說一次。由於內容分銷商對產品的安全保護措施極為不力，人們極有可能免費取得內容。因此，我認為影片將繼續面臨壓力，但我們預計我們仍然可以在我們的產品組合中發展豐富的影片內容。我們認為這樣做會損害競爭對手的利益，我們認為整個產業將繼續小幅下滑。但對於您提出的更廣泛的定價問題，我們對目前的包裝定價方式感到滿意。我們對目前單一產品服務的定價方式感到滿意，我們認為基於我們的定價結構，我們擁有良好的成長前景。

Your next question comes from Marci Ryvicker from Wells Fargo.

下一個問題來自富國銀行的 Marci Ryvicker。

In the prior call, Comcast mentioned several times they were prepared for the change in the competitive environment. And I guess I would ask you, along those same lines, when you went into the Time Warner Cable and Bright House transactions, how much did you think about a potential change? I guess the stocks are telling us that the market thinks this is happening faster than they had expected. Do you think this is a case to get the competitive environment changed faster? And how prepared are you?

在先前的通話中，康卡斯特曾多次提到，他們已為競爭環境的變化做好了準備。我想以同樣的方式問您，在您進行時代華納有線電視和 Bright House 的交易時，您對可能的變化考慮了多少？我想股市告訴我們，市場認為這件事發生的速度比他們預期的還要快。你認為這是一個加速改變競爭環境的案例嗎？你準備好了嗎？

I guess we expect change. There is always change, but we don't think it's faster than we thought. We think that we're actually exactly on plan where we plan to be in our acquisition model, and we're happy with where we are. We've actually made a very complex integration of very large companies, and we're growing those companies. And we're actually in better shape transactionally than we were in Legacy Charter doing a similar kind of approach. And yes, the markets move. Our data speeds continue to improve. Our video product can continue to improve on a relative basis. And our voice products and mobility products are new additions that didn't exist in prior iterations of this operating model. So yes, markets move around. Competitive pressures change. We still think we have a very superior infrastructure relative to our competitors, and we can use that infrastructure to be a high-quality competitor, that we can move our mix of services and pricing and packaging around in an appropriate way to be responsive to the market and still grow rapidly.

我想我們都期待著改變。變化總是存在的，但我們不認為變化的速度比我們想像的還要快。我們認為，我們在收購模式方面實際上完全按照計劃進行，我們對目前的狀況感到滿意。我們實際上已經完成了對幾家規模非常大的公司的非常複雜的整合，而且我們正在發展壯大這些公司。實際上，我們在交易方面比我們在 Legacy Charter 時期採用類似方法時的情況要好得多。是的，市場是有波動的。我們的資料傳輸速度持續提升。我們的視訊產品仍有持續改進的空間。我們的語音產品和行動產品是新增的，在先前的營運模式中並不存在。是的，市場總是會波動。競爭壓力會改變。我們仍然認為，相對於競爭對手而言，我們的基礎設施非常優越，我們可以利用這項基礎設施成為高品質的競爭對手，我們可以以適當的方式調整我們的服務組合、定價和包裝，以響應市場需求並保持快速增長。

Marci, I went back and looked for the past couple of quarters what we said on the earnings calls as well as on the transcripts. And in fact, the description that we gave of the model and the performance of units and the performance of revenues, again, in the back half of this year and into 2018 and what we look like in 2019, and I wouldn't have changed any of it. I think it's all still the case, and I don't think the markets have changed that dramatically in such a short period of time.

瑪西，我回去查看了過去幾季我們在財報電話會議上的發言以及會議記錄。事實上，我們對今年下半年和 2018 年的模型、銷售和收入表現的描述，以及我們對 2019 年的展望，我一點也不想改變。我認為情況依然如此，我不認為市場在如此短的時間內發生瞭如此巨大的變化。

The only thing that I would add just to -- I mentioned in -- to Craig's question, there's a lot of unsecured video out there, which is impacting the value relationship of video in a dramatic fashion. And you would think that people would be responsive to that and sell video. And so markets correct as well.

我唯一想補充的是——正如我在克雷格的問題中提到的——現在有很多不安全的視頻，這正在以驚人的方式影響視頻的價值關係。你可能會認為人們會對這種做法做出積極回應，從而促進影片銷售。因此，市場也會出現回檔。

Your next question comes from Vijay Jayant from Evercore.

下一個問題來自 Evercore 的 Vijay Jayant。

So, Tom, based on your comments just now about price being the factor on video and these virtual MVPDs doing what they're doing, one, I think Charter is one company that has not used any video as a proposition in the market. And I think, if anything, you've gone the other way as you've been moving the Time Warner Cable cohort to the Spectrum pricing. So the question really is, so is that a lever you believe you need to pull to grow video longer term? And second, just a housekeeping question. With respect to the video -- with respect to the total revenue growth we saw in the quarter, which seemed to accelerate, but can you help us understand how much was the Mayweather fight on that -- on those numbers?

所以，湯姆，根據你剛才關於價格是視頻業務的關鍵因素以及這些虛擬多頻道視頻節目分發商（MVPD）所做的事情的評論，我認為Charter是目前市場上唯一一家沒有將視頻作為賣點的公司。而且我認為，如果有什麼變化的話，那就是你們的做法恰恰相反，因為你們已經把時代華納有線電視的用戶群轉移到了 Spectrum 的定價模式。所以真正的問題是，你認為這是你為了實現影片的長期成長而需要採取的措施嗎？其次，還有一個無關緊要的問題。關於影片方面—關於我們在本季看到的總收入成長，似乎有所加速，但您能否幫助我們了解梅威瑟之戰對這些數據貢獻了多少？

So as your fundamental question about our pull-through of video is, we are selling a rich package of video. We believe most consumers want as much video as they can get. Not everybody is paying for it, but people like lots of video, and we sell high-quality video service on incremental -- on new customers. So when you look at our programming expenses, a substantial piece of that is unit growth. We are actually growing customer relationships with high-quality, rich-featured, fully-serviced and fully-featured video products. We believe that those packages, properly sold and properly contained within another value proposition, the whole customer relationship proposition that we make from a pricing and packaging perspective, creates a more valuable long-term happier customer that creates value for us because of the link of that subscriber relationship. So that's our strategy. And on the edges, we're selling packages that have more targeted, less full-service component features, but the bulk of consumers that are purchasing video from us are actually buying richer packages than they've historically received from the legacy companies that service them.

所以，對於您關於我們影片推廣的根本問題，我們銷售的是內容豐富的影片套餐。我們相信大多數消費者都希望盡可能多地觀看影片。雖然不是每個人都付費，但人們喜歡大量的視頻，而我們透過向新客戶逐步銷售高品質的視頻服務。所以，當你查看我們的節目製作費用時，你會發現其中很大一部分是節目製作費用的成長費用。我們透過高品質、功能豐富、服務完善的視訊產品，不斷拓展客戶關係。我們相信，這些套餐如果銷售得當，並妥善包含在我們從定價和包裝角度出發的整個客戶關係主張（即其他價值主張）中，就能創造更有價值的長期客戶，從而為我們創造價值，因為這種訂閱關係能夠帶來更長久的快樂客戶。這就是我們的策略。在邊緣市場，我們銷售的套餐具有更具針對性、服務更全面的組件功能，但從我們這裡購買影片的大部分消費者實際上購買的是比他們過去從提供服務的傳統公司那裡獲得的更豐富的套餐。

Vijay, on the revenue, the biggest drivers in revenue are the -- really, the significant remigration activity that we have going on at TWC and Bright House. I mean, I gave the statistic, over 40% of our customer base at TWC and Bright House has been migrated. If you take that out, the roughly 20 million customer relationships, that means 8 million rate total call and, in many cases, equipment transactions taking place in the (inaudible) piece. So that's the biggest driver in terms of the negative impact, and it's temporary in nature. The further we get onto the progress of that, the less impact it has. But the Mayweather fight was -- also had a positive impact. So going in the other direction, $59 million in the quarter is what I mentioned in the prepared remarks. And then the other impact that I also mentioned in the prepared remarks was the amount of political advertising that was in last year's third quarter. But the biggest driver being the first one that I mentioned.

Vijay，就收入而言，最大的收入驅動因素是——實際上，是我們在 TWC 和 Bright House 正在進行的重大重新遷移活動。我的意思是，我給了統計數據，TWC 和 Bright House 超過 40% 的客戶群已經遷移。如果把這部分去掉，大約 2000 萬客戶關係，那就意味著 800 萬次通話，而且在很多情況下，設備交易也會在（聽不清楚）期間發生。所以這是造成負面影響的最大因素，而且這種影響是暫時的。隨著這項技術的進展，其影響越來越小。但梅威瑟之戰也產生了正面影響。反過來說，本季營收為 5,900 萬美元，這正是我在準備好的發言稿中提到的。我在準備好的發言稿中也提到了另一個影響因素，那就是去年第三季的政治廣告數量。但最大的驅動因素是我提到的第一個因素。

Next question comes from Phil Cusick from JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

If I can, a follow-up and then a question. First, I think there's a disconnect between what you expect and how investors read your comments. Last quarter, you talked about having turned the quarter on subscriber momentum, but this quarter showed weaker numbers year-over-year in every segment. How should we think about this as a competitive issue versus the sort of natural evolution in the base? And how can we better understand your plans going forward? And then, Chris, if you could expand on your thinking behind the buyback pace. I understand returning the cash flow, but talk about the confidence in the business and why you lever up the company to buy back stock in the quarter where shares are elevated on M&A speculation and your numbers were trending weaker year-over-year.

如果可以的話，我想跟進一下，然後再提個問題。首先，我認為你的預期和投資人對你言論的解讀之間存在著脫節。上個季度，您提到用戶成長勢頭強勁，扭轉了本季的局面，但本季各細分市場的數據較去年同期均有所下降。我們應該如何看待這個問題：是將其視為競爭問題，還是將其視為基礎的自然演變？我們怎樣才能更了解您未來的計劃？然後，克里斯，你能詳細解釋一下你制定回購速度背後的想法嗎？我理解返還現金流，但請談談對業務的信心，以及為什麼要在併購傳聞導致股價高企、而公司業績同比下滑的季度裡，透過槓桿收購股票來回購公司股票。

Right. So if you go back and take a look at everything I said at recent investor conferences as well as on the call, what I said is the back half of this year, subscriber net adds would improve. We're not through the back half. We weren't through Q3. And we said we had turned the corner -- we were either turned at the point where we had bottomed out and turned the corner or very close. That's specifically what I said at the investor conference, all of which is true. Our sales were up year-over-year. And we've mentioned that the TWC churn continued to be highly elevated, and the point at which that could subside was after we have crossed the 50% mark. So somebody who's reading in and wanted to look for monthly guidance, that's not how we operate, and we talk about things in terms of longer-term time frame. The back half of this year is going to be significantly improved. The revenue effects of that will continue through 2018. And the benefits of the transactions, the operating and the transaction synergies, the next wave will fully flow through by 2019. And we're going to spend a lot of capital in the back half of this year, which I mentioned on this call as well. And we're going to spend the capital next year, too, for all-digital. I mean, if you go back and take a look at the way that I described the business, it was written for analysts to be able to put a model together. And we stand behind every thing that we said and the optimism that was there. I think people are taking a look at it in too short of a time frame, and that's never how we've talked about the business in the way that we operate it. And as it relates to the balance sheet, because of all the things that I just said, we have a fundamental view on the value creation that's going to take place at Charter over time. We're not stock pickers. We don't understand the vagaries in the marketplace from day to day, and we have a fundamental view on what the long-term value creation of the company is going to be. Looked cheap then, looks cheap now. I haven't looked today, but it's probably a little bit cheaper than it was and -- but at the end of the day, the value creation is going to be significant either way. And the capital markets are good. We have a full understanding of how mixed things would look for a period of time as we got through the operating integration. That applied to Q2 results. It applies to Q3 results and probably still applies a little bit to Q4 results, although it continues to improve. And so it's a great opportunity, and it's a good time for all those reasons, including the debt markets being available to kind of do everything that we've been doing.

正確的。所以，如果你回顧我最近在投資人會議和電話會議上所說的一切，我說今年下半年用戶淨成長將會改善。我們還沒完成下半程比賽。第三季還沒結束。我們說我們已經扭轉了局面——要么我們已經觸底反彈，要么已經非常接近了。這正是我在投資人大會上所說的，而且句句屬實。我們的銷售額比去年同期成長了。我們已經提到，TWC 的用戶流失率一直居高不下，只有當流失率超過 50% 時，流失率才有可能下降。所以，如果有人正在閱讀這篇文章，想要尋找每月業績指引，那很遺憾，我們不是這樣運作的，我們談論事情都是著眼於更長遠的時間框架。今年下半年情況將會顯著改善。這一影響將持續到2018年。交易帶來的益處，包括營運和交易綜效，下一波效應將在 2019 年全面顯現。今年下半年我們將投入大量資金，這一點我在這次電話會議上也提到過。明年我們也會把這筆資金投入全面數位化。我的意思是，如果你回顧我對這項業務的描述，你會發現它是寫給分析師的，以便他們能夠建立一個模型。我們堅持我們所說的每一句話以及我們當時所抱持的樂觀態度。我認為人們看待這個問題的時間框架太短了，而我們談論這項業務的方式，以及我們實際的經營方式，從來都不是這樣。至於資產負債表，由於我剛才所說的所有事情，我們對Charter公司未來將創造的價值有一個基本的看法。我們不是選股專家。我們無法了解市場每天的變化，但我們對公司的長期價值創造有著根本性的看法。當時看起來很廉價，現在看起來也很廉價。我今天還沒看，但它可能比以前便宜一點——但歸根結底，無論如何，價值創造都將是巨大的。而且資本市場狀況良好。我們完全了解在營運整合過程中，各種情況在一段時間內會呈現出怎樣的混合態勢。這適用於第二季業績。這適用於第三季業績，也可能略微適用於第四季業績，儘管情況仍在持續改善。因此，這是一個絕佳的機會，而且由於上述種種原因，現在也是個好時機，包括債務市場可以讓我們做我們一直在做的事情。

And just to clarify something that Chris said. We have turned the corner in terms of our operating strategy, which will produce future revenue growth in excess of current revenue growth. And the reason we've turned the corner and the way we know we've turned the corner is we have more sales than we had year-over-year and we have less disconnects. And that translates ultimately into more customers, higher-quality customers, too, through time that produce revenue and produce net gains as well. And so given the way we budget at this business and the way we operate this business, it's almost exactly on the screws as to where we thought it would be.

還有一點需要澄清，克里斯之前說過的話。我們的營運策略已經扭轉局面，這將帶來未來超過當前收入成長的營收成長。我們已經扭轉局面的原因，以及我們知道我們已經扭轉局面的方式，是我們的銷售額比去年同期成長，而且客戶流失率降低了。而這最終會轉化為更多的客戶，而且是更高品質的客戶，隨著時間的推移，這些客戶會創造收入並帶來淨收益。因此，根據我們公司的預算方式和營運方式，實際情況幾乎完全符合我們的預期。

Tom mentioned it on the prepared remarks. When you take a look at it from an EBITDA growth, and it's performing better than what we did at Legacy Charter. And here, we have said multiple times, when we did it at Legacy Charter, it's 2012 and 2013, same comment, not going to be linear, it's going to be very choppy along the way. We know what to expect and have confidence, and that's why we've been buying back stock as well.

湯姆在事先準備好的演講稿中提到了這一點。從 EBITDA 成長的角度來看，它的表現比我們在 Legacy Charter 的表現要好。我們曾多次說過，我們在 Legacy Charter 做這件事的時候（2012 年和 2013 年），情況也是如此，不會是線性的，而是會一路坎坷。我們知道會發生什麼，並且充滿信心，所以我們也一直在回購股票。

We also said that we thought that these assets were in better shape than Legacy Charter, and they are. And therefore, we should have a little better performance.

我們也說過，我們認為這些資產的狀況比 Legacy Charter 的狀況還要好，事實也的確如此。因此，我們的表現應該會更好一些。

Next question comes from Jason Bazinet from Citi.

下一個問題來自花旗銀行的Jason Bazinet。

I don't know if this is for Mr. Winfrey or Rutledge, but I'll just throw it out there and however you want to address it. When the buy side, I think, sort of segments and thinks about buying the cable stock, those that pick your stock are, I think, willing to take more leverage because they see faster growth. This year, it doesn't look like you've grown revenue or EBITDA demonstrably faster than the industry. And so as you sort of look at all of the internal metrics that you guys are looking at that get you excited, without giving an absolute number, how much faster do you think you will end up growing than the industry grows, whatever that grows at, as we move out to '18 or '19?

我不知道這是要問溫弗瑞先生還是拉特利奇先生，但我還是想提一下，你們怎麼處理都行。我認為，當買方對有線電視股票進行細分並考慮購買時，那些選擇你這隻股票的人，我認為，更願意承擔更高的槓桿，因為他們看到了更快的成長。今年，貴公司的營收或 EBITDA 成長速度似乎並沒有明顯超過產業平均值。所以，當你審視所有讓你興奮的內部指標時，在不給出絕對數字的情況下，你認為隨著我們進入 2018 年或 2019 年，你的增長速度最終會比行業增長速度快多少？無論行業成長率是多少？

It's a very smart way of asking for guidance. I give you credit, Jason. And -- but -- which (inaudible). But what we've said before remains the same, is that we -- the operating model that we have allows us to drive customer relationship growth in the, call it, 5%, 6%, 7% range, depending on the quarter, on an annualized basis. And with very little rate increase, that means that your revenue growth is going to be somewhere north of that, and that Legacy Charter had demonstrated the ability to deliver double-digit EBITDA growth as a result of the operating strategy that we have that actually increases sales and reduces service costs and reduces churn, which creates further penetration on a fixed set of base and drives operating margin, leverage, operating leverage and EBITDA margin. And none of that's changed. And so the type of things that we did at Legacy Charter is exactly what we're doing here, and we expect the same type of results, maybe even better because of the significant synergies that the scale of the 3 companies combined could potentially bring.

這是一種非常巧妙的尋求指導的方式。傑森，我得承認你做得很好。而且——但是——哪個（聽不清楚）。但我們之前說過的話依然不變，那就是我們——我們現有的營運模式使我們能夠推動客戶關係成長，年增長率約為 5%、6%、7%（具體數值取決於季度）。而且，在費率幾乎沒有上漲的情況下，這意味著您的收入增長將高於這個水平，並且 Legacy Charter 已經證明，由於我們擁有的運營策略，能夠實現兩位數的 EBITDA 增長，該策略實際上增加了銷售額，降低了服務成本，降低了客戶流失率，從而在固定的客戶群上進一步滲透，並推動了營業利潤率、槓桿率、槓桿率和槓桿率。這一切都沒有改變。因此，我們在 Legacy Charter 所做的事情，正是我們在這裡正在做的，我們期望取得同樣的結果，甚至可能更好，因為 3 家公司合併後的規模可能會帶來巨大的協同效應。

But just in terms of preparing the company to be in that position requires some capital in excess of what normal capital expenditures in the business would require. Going all-digital, freeing up Spectrum, opening up additional Spectrum for high-speed data to take speeds up, to improve product sets, to remain competitive, to differentiate on a speed basis from other wireline competitors our data business, all of that requires investment. And it also requires repricing and repackaging of the business, which means that we have to shift customers out of existing rate structures into new rate structures and do that in a way that doesn't cause our revenue to go backwards hopefully, and to do it in as revenue-neutral a way as we can possibly do it and continue to grow our customer base going forward so that we have long-run value propositions for the consumer. That cost money. And in order to get to a high-quality service operation, we're in-sourcing people, which means that we have to have costs associated with that while we stand up new buildings to house these people, while we train these people in duplicate with the offshoring costs that we currently have. As those people come online and become productive, costs drop away; EBITDA growth accelerates. But we're in a moment that was planned, where we would make these capital investments and make these operating expense investments and repricing investments in order to put ourselves in a position to get the double-digit growth that Chris just spoke of and which we've produced in the past and -- the double-digit EBITDA growth. And so we are a high-growth company, and we're executing our plan as we envisioned it.

但光是讓公司做好達到那種狀態的準備，就需要比企業正常資本支出所需的資金。全面數位化、釋放頻譜、開放更多頻譜用於高速資料傳輸以提高速度、改進產品組合、保持競爭力、在速度方面與其他有線競爭對手的資料業務區分開來，所有這些都需要投資。這也需要對業務進行重新定價和重新包裝，這意味著我們必須將客戶從現有的費率結構轉移到新的費率結構，並且要以一種不會導致收入下降的方式進行，盡可能以收入中性的方式進行，並繼續擴大我們的客戶群，以便我們能夠為消費者提供長期的價值主張。那需要花錢。為了實現高品質的服務運營，我們正在進行內部人員配置，這意味著我們需要承擔相關的成本，例如建造新建築來安置這些人，以及透過我們目前存在的離岸外包成本來培訓這些人。隨著這些人上線並開始工作，成本下降；EBITDA 成長加速。但我們現在正處於一個計劃好的時刻，我們將進行這些資本投資、營運支出投資和重新定價投資，以便使我們能夠實現克里斯剛才提到的兩位數增長，以及我們過去實現的兩位數 EBITDA 增長。因此，我們是一家高速成長的公司，我們正在按照我們設想的方式執行我們的計劃。

A final point for you, Jason. I think it's been now 5 years, 4 or 5 years, but if you go back and take a look at Legacy Charter at this stage, the EBITDA growth was 0, minus 1%, plus 1%. It was choppy then, and it wasn't linear. And so we're actually -- we're at the point where we're seeing all of that and -- to be growing at 5% EBITDA growth throughout that. And we had a similar capital structure philosophy back then too. It all is consistent and just requires taking a look at it on an annual and multi-annual -- multiyear view as opposed to a quarterly view.

傑森，最後一點。我想現在已經過去 5 年、4 年或 5 年了，但如果你回顧一下 Legacy Charter 目前的狀況，你會發現其 EBITDA 增長率為 0、-1% 或 +1%。當時情況很不順利，而且並非線性發展。因此，我們實際上——我們已經看到了所有這些，並且——在整個過程中實現了 5% 的 EBITDA 成長。我們當時的資本結構理念也與之類似。這一切都是一致的，只需要從年度和多年（多年）的角度來看待，而不是從季度的角度來看待。

Your next question comes from Brett Feldman from Goldman Sachs.

你的下一個問題來自高盛的布雷特·費爾德曼。

I want to talk about wireless. You mentioned you're still on track to launch the wireless product in the first half of next year, and you noted that you're actually leveraging the cooperation agreement with Comcast. So I was curious if you can maybe elaborate on that. To what extent are you guys actually doing cooperative work? And are you starting to discover that there may be ways you guys can actually collaborate together in wireless on a long-term basis beyond the scope of the 1-year agreement you have in place?

我想談談無線通訊。您提到您仍按計劃在明年上半年推出無線產品，並且您指出您實際上正在利用與康卡斯特的合作協議。所以我很好奇您是否可以詳細解釋一下。你們實際進行合作的程度如何？你們是否開始意識到，除了目前簽訂的一年期協議之外，你們或許可以在無線通訊領域進行長期合作？

Yes. Well, as part of that agreement, we said that we were going to work together to try to form a cooperative relationship to manage the WiFi -- or to manage the MVNO that we jointly both share with Verizon. And we've made a good headway with our relationship with them, and we've learned a lot from them. And we have an opportunity together to run the business more effectively from a back-office perspective. And so we're looking forward to entering the wireless business by the second quarter of next year and being operational. We're doing field testing today with our own employees. We're also doing other kinds of wireless testing that is unrelated to this MVNO entry. But the learning that we've received from Comcast has been very helpful to our implementation strategy. And we share many of the same, if not all the same, vendors from an operational and provisioning and back-office infrastructure perspective. So we're using their experience today to make our experience and our customer service experience better.

是的。作為該協議的一部分，我們表示將共同努力，嘗試建立合作關係來管理 WiFi，或者說管理我們與 Verizon 共同擁有的 MVNO。我們與他們的關係取得了良好進展，我們也從他們身上學到了很多。我們有機會共同從後台營運的角度更有效地管理業務。因此，我們期待在明年第二季進入無線業務領域並投入營運。今天我們正在用自己的員工進行實地測試。我們也正在進行其他類型的無線測試，這些測試與此次 MVNO 參賽無關。但是，我們從康卡斯特獲得的經驗對我們的實施策略非常有幫助。從營運、配置和後台基礎設施的角度來看，我們有很多相同的供應商，甚至可以說是全部的供應商。因此，我們今天正利用他們的經驗來改善我們自身的體驗和客戶服務體驗。

Is there any actual joint collaborative operations? Or is it still all sort of consultative and informative and educational at this point?

是否存在任何實際的聯合協作行動？或者說，目前它仍然只是某種諮詢、資訊提供和教育性質的活動？

I think there's a potential for something along those lines, but there's nothing to announce here today.

我認為這方面有可能實現，但今天沒有什麼可以宣布的。

Your next question comes from Ben Swinburne from Morgan Stanley.

下一個問題來自摩根士丹利的本·斯溫伯恩。

Tom, just continuing on wireless. You sound particularly excited or interested in looking at fixed wireless, some of the small-cell stuff you were mentioning. I'm curious if you could expand on how you think about deploying that in your business and what the kind of revenue opportunities are and if this 3.5 gigahertz CBRS spectrum is of potential interest to the cable industry and to Charter. And then, Chris, just going back to the quarter, can you give us a little more color on the Legacy Charter subscriber performance? I think you mentioned you thought some of the year-over-year declines in broadband and video were temporary in nature, might mentioned some comp issues. But just any more color, since we all look to that performance as a bit of a leading indicator for the rest of the business.

湯姆，繼續用無線網路連線。聽起來你對固定無線網絡，以及你提到的一些小型基地台技術，特別感興趣。我很想知道您能否詳細說明您是如何考慮在您的業務中部署這項技術的，以及有哪些收入機會，以及這個 3.5 吉赫茲 CBRS 頻譜是否對有線電視行業和 Charter 有潛在吸引力。那麼，克里斯，回到本季度，你能否更詳細地介紹一下傳統Charter用戶的表現？我想你曾提到你認為寬頻和視訊的同比下降是暫時的，可能還提到了一些競爭問題。但還需要更多信息，因為我們都將這項業績視為公司其他業務的領先指標。

So, Ben, we have an existing WiFi business, meaning that our data business is delivered by WiFi. There are 200 million WiFi devices currently connected to the Charter high-speed data plan physical infrastructure. So we operate small-cell, high-capacity networks in homes today, which is what 5G envisions to be and some of the new spectrum that may become available envisions to be able to provide. We think that the WiFi technology that we deploy will get better and allow us to take speeds up over 1 gig in the home with better control over those devices connected to the WiFi network in the home. We think that outdoor deployment of WiFi will enhance our ability to reduce our MVNO costs as well as our ability to reduce those MVNO costs in the home. And we think that new services will come along which will allow us to use the new spectrum in a mixed way using 5G technology. And we think of the mixed way meaning a combination of licensed spectrum with WiFi spectrum, and I called that jokingly 6G the other day. But we have an opportunity to use all of the tools at our disposal to create products that we think work on our network better than any other deployed network currently in existence. And so we think that there's a tremendous opportunity not just to have an MVNO and a mobile business but to create new products in a fixed environment. And that may mean specific point-to-point products that allow us to get to buildings that we don't serve currently in a less expensive way. That's a simple sort of across a parking lot for commercial services-type deployment, but also to reaching unserved rural areas and also to creating brand-new products that don't even exist today that require high-capacity, low-latency, high-compute networks, what people think of as virtual reality kind of product. So we're going down the path in investing in our network for a future that we see as very bright, which is high-capacity wireless attached to high-capacity wireline. And we have a pathway, a development pathway, to get to 10 gig symmetrical on our wireless, WiFi and wireline networks. And we think we can get there relatively quickly. And when we do, a whole new set of products will become available on that technology platform that don't exist today, as well as all the existing products that we do have will work better.

所以，Ben，我們已經有了 WiFi 業務，這意味著我們的數據業務是透過 WiFi 提供的。目前有 2 億台 WiFi 設備連接到 Charter 高速數據套餐的實體基礎設施。所以，我們目前在家庭中運作的是小型基地台、高容量網絡，這正是 5G 的願景，也是未來可能出現的一些新頻譜所要實現的。我們認為，我們部署的 WiFi 技術將會越來越好，使我們能夠將家庭網路速度提升到 1 Gbps 以上，並更好地控制連接到家庭 WiFi 網路的裝置。我們認為，戶外部署 WiFi 將增強我們降低 MVNO 成本的能力，以及降低家庭 MVNO 成本的能力。我們認為，未來將會出現新的服務，使我們能夠以混合方式利用 5G 技術來使用新的頻譜。我們認為混合方式是指授權頻譜與 WiFi 頻譜的組合，前幾天我開玩笑地稱之為 6G。但我們有機會利用我們所掌握的所有工具，創造出我們認為比目前任何其他已部署的網路都能更好地在我們自己的網路上運行的產品。因此，我們認為，不僅要發展行動虛擬網路營運商 (MVNO) 和行動業務，還要在固定環境中創造新產品，這其中蘊藏著巨大的機會。這可能意味著特定的點對點產品，使我們能夠以更經濟的方式到達我們目前尚未服務的建築物。這是一種簡單的跨越停車場的商業服務部署方式，但同時也能覆蓋未覆蓋的農村地區，並創造目前尚不存在的全新產品，這些產品需要高容量、低延遲、高計算能力的網絡，也就是人們所說的虛擬現實產品。因此，我們正在投資建立我們的網絡，以實現我們認為非常光明的未來，即高容量無線網路與高容量有線網路的結合。我們有一條發展路徑，一條通往無線、WiFi 和有線網路 10G 對稱傳輸的路徑。我們認為我們可以相對快速地實現這個目標。屆時，該技術平台上將推出一系列目前尚不存在的新產品，同時我們現有的所有產品也將運作得更好。

Second question was on Legacy Charter.

第二個問題是關於Legacy Charter的。

Yes. Legacy Charter is the fastest-growing piece we have in this business. And it is -- it has quarterly challenges year-over-year, including the hurricanes, including the fact that one of our biggest operations -- many of our operations in Legacy Charter were subsumed into Legacy Time Warner operations. Like our L.A. footprint, for instance, had our second-biggest operating platform go into a Legacy Time Warner platform from a managerial point of view. So those transition issues affect our year-over-year growth, but our year-over-year growth is good in Legacy Charter. And yes, there -- and there are some competitive changes that have occurred in the wireline business. AT&T has expanded its footprint. It's consistent with its commitment to the FCC and the DIRECTV acquisition, and we've had to respond to that. It's a -- but the general situation is that business is performing nicely. The change year-over-year isn't significant on a relative basis, and it's still performing better than any part of the company we have, and we expect that to continue. But some of the change that would've occurred in Legacy Charter didn't occur because of the transition process. The user interfaces in the Los Angeles branches are still the old ones, and because of the integration issues, we had to delay that. So generally, I would say that everything we expect out of Legacy Charter is working. There are some additional competitive pressures, but in the grand scheme of things, it's pretty much on track.

是的。Legacy Charter 是我們這項業務中成長最快的部分。確實如此——它每年都面臨著季度性的挑戰，包括颶風，以及我們最大的業務之一——我們在 Legacy Charter 的許多業務被併入 Legacy Time Warner 的業務。例如，我們在洛杉磯的業務規模，從管理角度來看，我們第二大的營運平台已經併入了舊時代華納的平台。因此，這些過渡問題影響了我們的年增長率，但我們在 Legacy Charter 的年增長率良好。是的，有線通訊行業確實發生了一些競爭變化。AT&T擴大了其業務範圍。這與公司對聯邦通訊委員會和 DIRECTV 收購的承諾是一致的，我們不得不對此作出回應。雖然情況有些特殊，但整體而言，業務發展良好。從相對角度來看，同比變化並不顯著，而且其表現仍然優於我們公司的其他任何部門，我們預計這種情況還會繼續下去。但由於過渡過程，一些原本會在 Legacy Charter 中發生的改變並沒有發生。洛杉磯分公司的使用者介面仍然是舊版的，由於整合問題，我們不得不推遲更新。總的來說，我認為 Legacy Charter 的所有期望都得到了滿足。雖然存在一些額外的競爭壓力，但從整體來看，情況基本上符合預期。

Our final question for today will be John Hodulik from UBS.

我們今天的最後一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. Maybe just 2 quick ones. First, for Chris, the -- given the equation that you laid out in terms of attractive capital markets and the discount in stock and confidence in the numbers as we look out to '18, is it -- what are the chances that you guys could actually exceed that 4.5x leverage limit, at least temporarily? So that's number one. And then number two, I guess similar to Ben's question, if we drill down a little bit on the video losses, maybe this time in the Time Warner Cable markets. There, I think you pointed to some churn in the limited basic set. Can you give us a sense of how far through that process we are? I mean, maybe you don't want to give us how many limited basics you have in the base, but how long do you expect that trend to continue?

偉大的。或許就兩三個簡單的。首先，對克里斯來說，鑑於你提出的等式，即有吸引力資本市場、股票折價以及我們對 2018 年數據的信心，你們究竟有多大可能超過 4.5 倍槓桿限制，至少是暫時超過？這是第一點。其次，我想這和 Ben 的問題類似，如果我們深入研究視訊損失，也許這次是在時代華納有線電視市場。我認為你指出了有限基礎套裝的一些變化。您能大致介紹一下我們目前在這個過程中會進展到什麼程度嗎？我的意思是，也許你不想告訴我們你的基本款有多少限量版，但你預計這種趨勢會持續多久？

Look, we're committed to the target leverage range of 4 to 4.5x. And then I won't -- while it is tempting, if you see a few market opportunities open up, but I think the credibility that we have to debt capital markets is equally important to what we have with the equity capital markets. And we're not going to sit here and willy-nilly just to start ripping that around. So we're committed to the target leverage range that we have. It'll move at the bottom end as it has. It will move to the top end over time and then back, and depending on the strategic organic and inorganic opportunities that are in front of us. So that's our target leverage range. We have talked at length in multiple occasions about what are the factors that we look at that would cause us to alter that, and none of that's the case. And for TWC, I'll take the benefit of looking back at what I said in the past couple of quarters. It's the same I said before on limited basic. The minute we get over 50% migration into Spectrum pricing and packaging, the weight of those declines starts to subside. And particularly, as the sales continue to increase year-over-year and -- then the pressure really goes away. So that crossover point will be reached relatively fast. We're already starting to see, as you would expect, continued better sales, a better output from the base that's been migrated, and things from a Legacy TWC perspective will just continue to get better from here. Difficult to project the exact month or day that you'll cross over, but I think Legacy Charter, in terms of its migration path, has been nearly spot on in terms of how we're migrating the space and continues to serve as a good proxy in that regard.

你看，我們致力於將槓桿目標設定在 4 到 4.5 倍之間。即使看到一些市場機會出現，我也不會這麼做——儘管這很誘人，但我認為我們在債務資本市場擁有的信譽與我們在股權資本市場擁有的信譽同樣重要。我們不能就這麼隨意地把它撕碎。因此，我們致力於實現既定的目標槓桿率範圍。它會像之前一樣在底部波動。隨著時間的推移，它會上升到頂端，然後再下降，這取決於我們面前的策略性有機和非有機成長機會。這就是我們的目標槓桿範圍。我們已經多次詳細討論過哪些因素會導致我們改變這個決定，但事實並非如此。至於TWC，我會回顧一下過去幾季說過的話。這和我之前在有限基本服務方面所說的是一樣的。一旦超過 50% 的用戶遷移到 Spectrum 的定價和套餐方案中，這些下降趨勢的影響就會開始減弱。尤其是當銷售額逐年成長時——壓力就真的消失了。因此，該交叉點將相對較快地達到。正如你所預料的那樣，我們已經開始看到銷售額持續成長，遷移後的用戶群的產出也越來越好，從傳統TWC的角度來看，情況只會越來越好。很難預測您將在哪個月或哪一天完成過渡，但我認為，就其遷移路徑而言，Legacy Charter 幾乎完全符合我們遷移空間的方式，並且在這方面繼續作為一個很好的參考。

Thanks, John. That's it for our call today. Back to you, Michelle.

謝謝你，約翰。今天的電話會議就到這裡。把鏡頭交還給你，米歇爾。

Thank you, everyone.

謝謝大家。

Thank you, everyone. This will conclude today's conference call. You may now disconnect.

謝謝大家。今天的電話會議到此結束。您現在可以斷開連線了。