Charter Communications Inc (CHTR) 2018 Q2 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 Charter's Second Quarter 2018 Investor 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Charter公司歡迎各位參加2018年第二季投資人電話會議。（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 Second Quarter 2018 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2018年第二季投資人電話會議。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 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 10-K 和 10-Q 文件。本次電話會議我們不會對相關風險因素和其他警示性聲明進行討論，但我們鼓勵您仔細閱讀。

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.

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。

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.

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.

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. During the second quarter, we saw higher sales of our products across each of our legacy footprints. As of the end of the second quarter, 62% of residential Time Warner Cable and Bright House customers were in our Spectrum pricing and packaging, up from 55% at the end of the first quarter.

謝謝你，斯特凡。第二季度，我們在所有傳統市場都實現了產品銷售成長。截至第二季末，時代華納有線電視和 Bright House 的住宅用戶中有 62% 採用了我們的 Spectrum 定價和套餐服務，高於第一季末的 55%。

Over the last year, we've grown our total Internet customer base by over 1.2 million or 5.2%, faster than any other provider of any scale in the United States. And video net losses were less than in Q2 of last year. So our customer growth remained strong despite our significant integration activity and the short-term disruption it creates.

過去一年，我們的網路用戶總數增加了超過 120 萬，增幅達 5.2%，比美國任何其他規模的供應商都快。視訊業務淨虧損低於去年第二季。儘管我們進行了大規模的整合活動，並因此造成了短期中斷，但我們的客戶成長仍然強勁。

In the second quarter, we grew total revenue by 4.8% year-over-year, including residential revenue growth of 4.6%. Adjusted EBITDA grew by 6.2% when excluding mobile. And we remain confident in our ability to accelerate growth through higher sales, lower churn and by increasing operational efficiency, all resulting in higher revenue per passing and lower operating and capital costs per relationship.

第二季度，我們的總營收年增 4.8%，其中住宅收入成長 4.6%。剔除行動業務後，調整後 EBITDA 成長 6.2%。我們仍然有信心透過提高銷售額、降低客戶流失率和提高營運效率來加速成長，所有這些都將帶來更高的每次交易收入和更低的每次客戶關係營運和資本成本。

During the quarter, we rolled out our gigabit speed offering to more than 20 million additional passings using DOCSIS 3.1 technology. We now offer gigabit service to approximately 60% of our footprint, and we'll finish our full upgrade to DOCSIS 3.1 by the end of this year at very low cost and relatively little outside labor or physical construction.

本季度，我們利用 DOCSIS 3.1 技術，為超過 2,000 萬用戶提供了千兆速度服務。我們現在為約 60% 的業務區域提供千兆服務，我們將在今年年底前完成 DOCSIS 3.1 的全面升級，成本非常低，而且只需要相對較少的外部勞動力或實體建設。

We've also raised our minimum Spectrum Internet speed to 200 megabits in about 40% of our footprint at no additional cost to our customers. We're raising our Internet speeds faster than originally planned in order to maintain our superior competitive position, and it's working.

我們已將約 40% 服務區域的最低 Spectrum 網路速度提高到 200 兆比特，且不向客戶收取額外費用。為了維持我們優越的競爭地位，我們正在以比原計劃更快的速度提升網路速度，而且效果顯著。

Now turning to wireless. Later this year, we'll begin launching the initial version of our new wireless 802.11ax router. This new device will not only deliver multi-gigabit speed throughput in future products, but also broader coverage throughout the home and even more support for a higher number of concurrent devices of constant set of applications like video streaming and voice.

現在來說說無線技術。今年晚些時候，我們將開始推出新款無線 802.11ax 路由器的初始版本。這款新設備不僅將在未來的產品中提供多千兆位元的傳輸速度，而且還將擴大家庭覆蓋範圍，並支援更多設備同時運行視訊串流和語音等一系列應用程式。

On June 30, we soft-launched our Spectrum Mobile service under our MVNO agreement. We now offer mobile service to both new and existing Spectrum Internet customers at highly attractive prices. Our Unlimited service costs $45 per month, and our By the Gig service is $14 per gigabyte. Both products offer unlimited talk and text, and customers can change between plans mid-month. The launch has gone very well, and we're scaling the operation, which is intentionally generating relatively small order volume at the moment as we ramp up features and marketing throughout the summer.

6月30日，我們根據MVNO協議試營運了Spectrum Mobile服務。我們現在以極具吸引力的價格向Spectrum Internet的新舊客戶提供行動服務。我們的無限流量服務每月收費 45 美元，按流量計費服務每 GB 收費 14 美元。兩款產品均提供無限通話和短信，客戶可以在月中更改套餐。此次發布非常成功，我們正在擴大營運規模，目前有意控制訂單量，以便在整個夏季逐步增加功能和市場推廣。

In the next few months, we'll expand our mobile capabilities, offering a wider array of mobile devices and giving customers the ability to transfer their existing handsets. We'll also expand our mobile sales channels, including offering our new service in a greater number of retail locations.

在接下來的幾個月裡，我們將擴展我們的行動功能，提供更多種類的行動設備，並讓客戶能夠轉移他們現有的手機。我們也將拓展行動銷售管道，包括在更多零售地點提供我們的新服務。

Spectrum Mobile offers new and existing customers the opportunity to save hundreds of dollars per year on their mobile bill, all while bundling that service with our superior and value-rich broadband and other connectivity services. Ultimately, the goal is to use Spectrum Mobile to attract and retain more multiproduct customers, driving faster customer growth, higher penetration and greater EBITDA per passing.

Spectrum Mobile 為新舊客戶提供每年節省數百美元手機話費的機會，同時也將該服務與我們優質且物超所值的寬頻和其他連接服務捆綁在一起。最終目標是利用 Spectrum Mobile 吸引和留住更多多產品客戶，從而推動客戶更快成長、滲透率更高，並提高每次交易的 EBITDA。

Our all-digital initiative is on schedule for completion by year-end. 91% of our total footprint is now all-digital. And at the end of the second quarter, only 6% of Legacy Time Warner Cable customers continued to carry full analog video lineup, down from approximately 40% at the end of 2016. Approximately 50% of the Bright House footprint still carries analog signals, mostly in the Tampa area where we've started to go all-digital in June.

我們的全數位轉型計畫正按計畫進行，預計於年底前完成。我們目前91%的業務都已數位化。第二季末，只有 6% 的時代華納有線電視傳統用戶繼續保留完整的類比影片套餐，低於 2016 年底的約 40%。Bright House 約 50% 的區域仍然傳輸類比訊號，主要集中在坦帕地區，我們從 6 月開始全面轉向數位化。

By the end of this year, the whole company will be fully digitized as we deploy fully functioning, 2-way digital set-top boxes, mostly our Worldbox, and all remaining analog TV outlets that we serve. Together with Spectrum Guide, fully deployed our new connects, flexible streaming packages, consistent IT user guides and the introduction of our cloud-based DVR product later this year, we will have made our video product competitive and consistent nationwide.

到今年年底，隨著我們部署功能齊全的雙向數位機上盒（主要是我們的 Worldbox）以及我們服務的所有剩餘類比電視終端，整個公司將實現全面數位化。結合 Spectrum Guide 的全面部署、我們全新的連接方式、靈活的串流媒體套餐、一致的 IT 用戶指南，以及今年稍後推出的基於雲端的 DVR 產品，我們將使我們的視訊產品在全國範圍內具有競爭力和一致性。

In the meantime, the traditional video marketplace continues to be challenged by a combination of continued programming rate increases with the rights tied to carriage of multiple services and packaging limitations; new over-the-top and virtual MVPD options, often with poor security and negative profit margins; and changing customer viewer behavior. Those trends aren't new. And given the outsized programming cost increases, video as a stand-alone service has been a declining margin business for some time. And despite that, we've managed to and expect to continue to grow our EBITDA and cash flow consistently and at healthy rates.

同時，傳統視訊市場持續面臨多重挑戰，包括：節目價格持續上漲，版權與多種服務的傳輸和套餐限制掛鉤；新的OTT和虛擬MVPD選項，通常安全性差，利潤率為負；以及客戶觀看行為的改變。這些趨勢並非新鮮事。鑑於節目製作成本大幅上漲，影片作為一項獨立服務，其利潤率已經持續下降了一段時間。儘管如此，我們已經成功並預計將繼續以健康的速度持續成長 EBITDA 和現金流。

Cable success as an industry, despite the challenges of stand-alone video product margin pressure, is because at our core, we provide connectivity. Going back to its inception as community access TV, retransmitting free over-the-air signals or developing broadband Internet or landline voice and now a WiFi mobile product, the transport or connectivity business is what we've always been. We've never looked at product-specific margins at Charter, but rather at the profitability and returns of an individual customer or passing.

儘管面臨獨立視訊產品利潤壓力帶來的挑戰，有線電視行業依然取得了成功，因為我們的核心是提供連接服務。從最初的社區接觸電視、免費無線訊號轉播，到開發寬頻網路或固定電話語音，再到現在的 WiFi 行動產品，我們一直從事的是傳輸或連接業務。在 Charter，我們從未關注過特定產品的利潤率，而是專注於單一客戶或過境的獲利能力和回報。

We continue to add new services to our network and increase our revenue per passing and lower our cost per dollar of revenue by adding significant value to as many customers as we can connected to that network. As part of the service package, video drives connects, reduces churn and drives higher satisfaction and remains an integral part of our business strategy even though it drives less stand-alone profit over time. That video relationship helps us market our connectivity services and advance advertising to both new and existing customers.

我們不斷為我們的網路添加新服務，透過為盡可能多的連接到該網路的客戶增加顯著價值，提高每次通過的收入，降低每美元收入的成本。作為服務包的一部分，視訊可以促進連接、減少客戶流失、提高客戶滿意度，並且仍然是我們業務策略不可或缺的一部分，即使隨著時間的推移，它帶來的獨立利潤有所減少。這種視訊關係有助於我們向新舊客戶推廣我們的網路連線服務並進行廣告宣傳。

What a video subscriber or viewer is and how the video market is defined is changing, while total video consumption is going up. If we execute well, no one is better positioned to serve that video marketplace than we are, given that our network, including traditional and IP video platforms; our service infrastructure, both wired and wireless; our significant programming relationships and role in securing content; and our own local content; and our ability to package and bundle services to drive overall connectivity relationship growth.

視訊訂閱者或觀眾的定義以及視訊市場的定義正在發生變化，而視訊總消費量卻在上升。如果我們執行得當，鑑於我們的網路（包括傳統視訊平台和 IP 視訊平台）、我們的有線和無線服務基礎設施、我們重要的節目關係和在內容獲取方面的作用、我們自己的本地內容，以及我們打包和捆綁服務以推動整體連接關係增長的能力，沒有人比我們更適合服務於這個視頻市場。

While we use video to drive connections, our business plan continues to assume that programming cost will continue to grow, that emerging video or virtual MVPDs will aggressively price their products and that traditional MVPD market will continue to contract even though we're growing share. And whether or not our traditional video units grow a little or decline a little has little bearing on our ability to accelerate consolidated cash flow growth and create a lot of value for our shareholders.

雖然我們利用視訊來促進連接，但我們的商業計劃仍然假設節目製作成本將繼續增長，新興的視頻或虛擬多頻道視頻節目分發商（MVPD）將積極地對其產品定價，並且即使我們的市場份額在增長，傳統的MVPD市場也將繼續萎縮。我們傳統視訊業務的成長或下降與我們加速合併現金流成長和為股東創造巨大價值的能力關係不大。

As a reminder, we have shown that our value-creation model on Slide 5 of today's presentation, ultimately, our long-term growth opportunity comes from powerful, easy to upgrade -- having an easy-to-upgrade network that allows us to offer data-rich wireline and wireless products that consumers want and businesses need.

再次提醒大家，我們在今天簡報的第 5 張投影片中已經展示了我們的價值創造模式，最終，我們的長期成長機會來自於強大且易於升級的網絡，使我們能夠提供消費者想要和企業需要的富含數據的有線和無線產品。

And our customer penetration, which is just about 50%, is low relative to where it should be considering the quality of our wireline and wireless products today and in the future. Business products have an even greater penetration upside. The capability of our plant will continue to expand with these advanced DOCSIS product rollouts and the convergence of our wireline and wireless architectures, allowing us to offer high-capacity, high-compute, low-latency connectivity products, both inside and outside of the home.

考慮到我們目前和未來有線和無線產品的質量，我們的客戶滲透率只有 50% 左右，遠低於應有的水平。商業產品的市場滲透潛力更大。隨著這些先進的 DOCSIS 產品的推出以及我們有線和無線架構的融合，我們工廠的能力將不斷擴展，使我們能夠提供高容量、高運算能力、低延遲的連接產品，無論是在家庭內部還是外部。

So we have an excellent runway for customer growth and a significant opportunity for operational cost efficiencies from improving products and service and reducing transactions. And our expected EBITDA growth, combined with our declining capital intensity, balance sheet strategy and tax assets, will yield industry-leading free cash flows per share growth in the coming years.

因此，我們在客戶成長方面擁有良好的發展前景，並且透過改善產品和服務以及減少交易，在營運成本效率方面也擁有巨大的機會。我們預期的 EBITDA 成長，加上我們資本密集度的下降、資產負債表策略和稅收資產，將在未來幾年帶來業界領先的每股自由現金流成長。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Tom. Before covering our results, a few administrative items. This is the first quarter which we presented our customer results using consistent definitions across all 3 legacy entities.

謝謝你，湯姆。在公佈結果之前，先說明一些行政事項。這是我們首次在所有 3 個原有實體中使用一致的定義來展示客戶績效。

On July 11, we issued an 8-K announcing that we had posted a revised trending schedule on our IR website, and that trending schedule shows our customer results under the uniform methodology going back to the beginning of 2016 and provides a reconciliation schedule to our previous reporting.

7 月 11 日，我們發布了一份 8-K 表格，宣布我們已在投資者關係網站上發布了修訂後的趨勢表，該趨勢表顯示了我們採用統一方法自 2016 年初以來的客戶業績，並提供了與我們先前報告的核對錶。

As I mentioned on our last call, starting in the third quarter of this year, I expect we'll only report consolidated operating statistics and revenue results. We may still call out legacy entity drivers where relevant, but we'll report as one company.

正如我在上次電話會議上提到的，從今年第三季開始，我預計我們將隻公佈合併後的營運統計數據和收入結果。我們可能仍會在相關情況下提及舊實體驅動程序，但我們會以一家公司的身份進行報告。

Finally, recall that starting on January 1 of this year, we prospectively adopted FASB's new revenue recognition standard. There are a number of relatively small adjustments in the quarter related to the adoption of the standard, both in revenue and expenses, which in total lowered EBITDA by a single-digit million dollar amount this quarter as compared to last year.

最後，請記住，從今年 1 月 1 日起，我們前瞻性地採用了 FASB 的新收入確認準則。本季與採用該標準相關的收入和支出都出現了一些相對較小的調整，與去年同期相比，這些調整導致本季 EBITDA 總共減少了數百萬美元。

Now turning to our results. Total residential and SMB customer relationships grew by 196,000 in the second quarter and grew 884,000 over the last 12 months, with 3.2% growth at TWC, 3.3% at Legacy Charter, 4.2% at Bright House.

現在來看我們的結果。第二季度住宅和中小企業客戶關係總數增加了 196,000，過去 12 個月增加了 884,000，其中 TWC 增長了 3.2%，Legacy Charter 增長了 3.3%，Bright House 增長了 4.2%。

Including residential and SMB, Internet grew by 267,000 in the quarter, video declined by 57,000 and voice declined by 8,000. 62% of residential TWC and Bright House customers were in Spectrum pricing and packaging at the end of the second quarter.

包括住宅用戶和中小企業用戶在內，本季網路用戶增加了 26.7 萬，視訊用戶減少了 5.7 萬，語音用戶減少了 8,000。截至第二季末，TWC 和 Bright House 的住宅用戶中有 62% 採用了 Spectrum 的定價和套餐服務。

Second quarter customer connects were higher year-over-year in each of the legacy footprints. And while voluntary churn was lower year-over-year, total relationship disconnects were higher. The key driver was higher nonpay disconnects from integration-related system issues we discussed last quarter. Those issues were fixed, and the nonpay churn from those issues is improving on the time line we outlined.

第二季度，各傳統業務領域的客戶連結數均較上年同期成長。雖然自願離職率較去年同期下降，但關係斷連率卻上升了。主要原因是上個季度我們討論過的與系統整合相關的問題導致非支付斷線情況增加。這些問題已經解決，這些問題導致的未支付工資流失率正在按照我們制定的時間表得到改善。

To give a better sense of how the quarter progressed, consolidated residential customer relationship net additions were a little lower year-over-year in April; closer to prior year in May; and in June, customer relationship net additions and video and Internet PSU adds were a bit better year-over-year for consolidated Charter and at each of the 3 legacy entities.

為了更了解本季的發展情況，4 月份綜合住宅客戶關係淨新增用戶數同比略有下降；5 月份與上年同期接近；6 月份，Charter 綜合業務以及旗下 3 個傳統實體的客戶關係淨新增用戶數和視頻及互聯網 PSU 新增用戶數同比均略有增長。

In residential Internet, we added a total of 218,000 residential customers versus 230,000 last year. Total company Internet sales were higher year-over-year. And as Tom mentioned, as of late 2Q, we now offer 200 megabits per second as our minimum Internet speed in about 40% of our footprint, and we offer gigabit service in approximately 60% of our footprint. And we expect to have gigabit service available nearly everywhere by the end of 2018.

在住宅網路方面，我們新增了 21.8 萬戶住宅用戶，而去年為 23 萬戶。公司互聯網總銷售額較去年同期成長。正如 Tom 所提到的，截至第二季末，我們在約 40% 的服務區域內提供每秒 200 兆位元的最低網路速度，並在約 60% 的服務區域內提供千兆服務。我們預計到 2018 年底，千兆網路服務將幾乎覆蓋所有地區。

Over the last 12 months, we grew our total residential Internet customer base by 1.1 million customers or 4.8%, with 4.7% growth at TWC, 4.8% growth at Legacy Charter and 5.6% at Bright House. Over the last year, TWC residential video customers declined by 2.2%. Pre-deal Charter declined by 1.5%, and Legacy Bright House video was flat year-over-year. Over the last year, over 100% of our total video net losses were from limited basic.

在過去的 12 個月裡，我們的住宅網路用戶總數增加了 110 萬用戶，增幅為 4.8%，其中 TWC 增加了 4.7%，Legacy Charter 增加了 4.8%，Bright House 增加了 5.6%。過去一年，TWC 住宅視訊用戶減少了 2.2%。交易前 Charter 的收入下降了 1.5%，而原 Bright House 視訊業務的收入與去年持平。過去一年，我們視訊淨虧損總額的 100% 以上都來自有限的基本服務。

In voice, we lost 45,000 residential video customers versus a gain of 14,000 last year, driven primarily by higher non-patron at TWC and lower upgrade and attach rates. Over the last year, we grew total residential customer relationships by 714,000 or 2.8%. Residential revenue per customer relationship grew by 1.7% year-over-year, given the lower rate of SPP migration, rate adjustments, fewer limited basic customers and promotional campaign roll-off. That was partly offset by higher levels of Internet-only customers and better sales with sell-in at promotional rates. And Slide 9 shows our customer growth, combined with our ARPU growth, resulted in year-over-year residential revenue growth of 4.6%.

在語音服務方面，我們流失了 45,000 名住宅視訊用戶，而去年同期則增加了 14,000 名，這主要是由於 TWC 的非付費用戶數量增加以及升級和附加率下降所致。過去一年，我們的住宅客戶關係總數增加了 714,000 個，增幅為 2.8%。由於 SPP 遷移率降低、費率調整、有限基本客戶減少以及促銷活動結束，每位客戶關係的住宅收入年增 1.7%。部分損失被更高的純網路客戶數量以及促銷價銷售帶來的更好銷售情況所抵消。投影片 9 顯示，我們的客戶成長，加上 ARPU 的成長，使得住宅收入年增了 4.6%。

Beginning this quarter, our GAAP accounting allocated more revenue away from billed residential voice into primarily residential video. That GAAP allocation between products has no impact on total residential revenue or revenue growth. But as we've noted in the past, our reported product revenue does not reflect revenue allocation on customer bills. That's one of the reasons we stopped reporting individual product ARPUs several years ago because focusing on the product revenue and product ARPU growth rates does not reflect how we market and bill our bundled services. This reporting challenge likely to grow over time with the introduction of mobile, which really are just starting for continued focus on total residential revenue, customer relationships and bundling.

從本季開始，我們的 GAAP 會計準則將更多收入從計費的住宅語音業務分配到主要為住宅視訊業務。根據美國通用會計準則，產品之間的分配對住宅總收入或收入成長沒有影響。但正如我們過去所指出的，我們報告的產品收入並不反映客戶帳單上的收入分配。這也是我們幾年前停止報告單一產品 ARPU 的原因之一，因為關注產品收入和產品 ARPU 成長率並不能反映我們如何行銷和計費我們的捆綁服務。隨著行動業務的引入，這種報告的挑戰可能會隨著時間的推移而加劇，而行動業務才剛剛起步，因此，對住宅總收入、客戶關係和捆綁銷售的持續關注將會更加重要。

Turning to commercial revenue. Total SMB and enterprise combined grew by 4.4% in the second quarter, with SMB up 2.9% and enterprise up by 6.7%. Excluding cell backhaul and NaviSite, Spectrum Enterprise grew revenue by 10%. Sales are up in both SMB and enterprise. And TWC, together with Bright House, have grown SMB customer relationships by over 11% in the last year.

轉向商業收入。第二季度，中小企業和大型企業的總成長率為 4.4%，其中中小企業成長 2.9%，大型企業成長 6.7%。在剔除蜂窩回傳和 NaviSite 業務後，Spectrum Enterprise 的營收成長了 10%。中小企業和大型企業的銷售額均有所成長。過去一年，TWC 與 Bright House 攜手，將中小企業客戶關係增加了 11% 以上。

Our SMB revenue growth in the TWC and Bright House markets hasn't yet followed the unit growth, and it won't until we get through the transition to more competitive pricing in both our SMB and enterprise products. We expect that ARPU offset will continue through 2018, but the revenue growth will ultimately follow the unit growth.

我們在 TWC 和 Bright House 市場的中小企業收入成長尚未跟上銷售成長，而且在我們完成中小企業和企業產品價格更具競爭力的過渡之前，這種情況不會改變。我們預計 ARPU 抵銷現象將持續到 2018 年，但營收成長最終將跟隨銷售成長。

Second quarter advertising revenue grew by 12% year-over-year, primarily due to an increase in political and advanced advertising products that allow for more targeted selling with better inventory utilization. Excluding political, advertising revenue grew by about 3% year-over-year. In total, second quarter revenue for the company was up 4.8% year-over-year and 4.5% when excluding advertising.

第二季廣告收入年增 12%，主要原因是政治和高級廣告產品的增加，這些產品能夠實現更精準的銷售，並更好地利用庫存。剔除政治廣告收入，廣告收入較去年同期成長約3%。該公司第二季總營收年增 4.8%，若不計廣告收入，則較去年同期成長 4.5%。

Turning to operating expenses on Slide 10. In the second quarter, total operating expenses grew by $293 million or 4.5% year-over-year. Programming increased 5.8% year-over-year, driven by contractual rate increases and renewals and a higher expanded customer base and mix.

接下來請看第 10 張投影片，了解營運費用。第二季度，總營運支出較去年同期成長 2.93 億美元，增幅為 4.5%。節目製作量年增 5.8%，主要得益於合約價格上漲和續約，以及客戶群和客戶組合的擴大。

Regulatory connectivity and produced content grew by 5.1%, primarily driven by our adoption of the new revenue recognition standard on January 1, which reclassed some expenses to this line in the quarter.

監管連接和內容生產增長了 5.1%，這主要是由於我們在 1 月 1 日採用了新的收入確認準則，該準則將本季度的一些費用重新歸類到該項。

Costs to service customers grew by 1.2% year-over-year or roughly 1/3 of our customer relationship growth rate. So even with the temporary impact of higher bad debt expense, we are lowering our per-relationship service costs through changes in business practices and seeing early productivity benefits from ongoing in-sourcing investments.

客戶服務成本年增 1.2%，約佔客戶關係成長率的三分之一。因此，即使壞帳支出暫時增加會帶來影響，我們也在透過改變業務實踐來降低每筆客戶關係的服務成本，並且從持續的內部投資中看到了早期生產力效益。

Marketing expenses grew by 1.2% year-over-year, but benefited from lower transition cost this year. And other expenses were up 5.8% year-over-year, driven by higher IT cost from ongoing integration, less synergy benefits and higher ad sales cost, insurance cost and enterprise spend tied to growth.

行銷費用年增 1.2%，但受益於今年較低的過渡成本。其他支出較去年同期成長 5.8%，主要原因是持續整合帶來的 IT 成本增加、綜效效益降低以及與成長相關的廣告銷售成本、保險成本和企業支出增加。

Excluding $33 million of mobile expenses, primarily launch related, adjusted EBITDA or adjusted cable EBITDA grew by 6.2% in the second quarter. When including the impact of mobile, adjusted EBITDA grew by 5.3%.

在剔除主要與產品發布相關的 3,300 萬美元行動支出後，第二季調整後的 EBITDA 或調整後的有線電視 EBITDA 成長了 6.2%。計入行動業務的影響後，調整後的 EBITDA 成長了 5.3%。

Turning to net income on Slide 11. We generated $273 million of net income attributable to Charter shareholders in the second quarter versus $139 million last year, and that increase was driven by higher adjusted EBITDA and lower severance-related expenses, partly offset by higher interest expense.

接下來請看第 11 頁投影片，了解淨收入。第二季歸屬於 Charter 股東的淨利為 2.73 億美元，而去年同期為 1.39 億美元。這一增長主要得益於調整後 EBITDA 的增加和遣散費相關支出的減少，但部分被利息支出的增加所抵消。

Turning to Slide 12. Capital expenditures totaled $2.4 billion in the second quarter, and the higher year-over-year spending was primarily driven by scalable infrastructure, support capital and line extensions. The increase in scalable infrastructure was related to more consistent timing of in-year spend and planned product improvements for video and Internet, including spending related to DOCSIS 3.1 launches.

翻到第12張投影片。第二季資本支出總額為 24 億美元，年比支出增加主要是由於可擴展的基礎設施、支援資本和生產線擴建所致。可擴展基礎設施的增加與年度支出的更穩定時間安排以及視訊和互聯網產品的計劃改進有關，包括與 DOCSIS 3.1 發布相關的支出。

We also spent more in the support categories on vehicles, software development and facility spend tied to in-sourcing, and about $45 million of which was related to our Spectrum Mobile launch, mostly in the way of software and stores.

我們在車輛、軟體開發和與內部採購相關的設施支出等支援類別上也投入了更多資金，其中約 4500 萬美元與我們的 Spectrum Mobile 推出有關，主要用於軟體和門市。

Line extension spending was up year-over-year as we continue to build out and fulfill our merger conditions. CPE spend was down year-over-year, given inventory build from the migration of customers to Spectrum and pricing and packaging last year and all-digital inventory build in the fourth quarter of last year and the first quarter of this year.

隨著我們不斷推進並履行合併條件，產品線延伸支出較去年同期成長。由於客戶遷移到 Spectrum 以及去年的定價和套餐政策導致庫存增加，加上去年第四季和今年第一季的全數位庫存增加，CPE 支出較去年同期下降。

We spent about $88 million in all-digital this quarter versus $5 million in the second quarter of last year and $186 million in the first quarter of this year. So our CapEx spending is more level loaded this year than last.

本季我們在全數位化方面花費了約 8,800 萬美元，而去年第二季為 500 萬美元，今年第一季為 1.86 億美元。因此，我們今年的資本支出比去年更為均衡。

For the full year, we continue to expect that cable capital intensity or cable capital expenditures as a percentage of cable revenue to be similar and slightly lower than 2017. We also expect 2019 cable CapEx to be down in absolute dollar terms and in terms of capital intensity.

我們預計全年有線電視資本密集度或有線電視資本支出佔有線電視收入的百分比將與 2017 年類似，並略低於 2017 年。我們也預計，2019 年有線電視資本支出無論從絕對美元價值或資本密集度來看都將下降。

Before moving on to cash flow, I wanted to provide a brief update on our Spectrum Mobile product, which, as Tom mentioned, launched on June 30 and is going well. Through the quarter, we didn't generate any mobile revenue, but we had $33 million in mobile operating expense, driven by mobile-related personnel and overhead cost to prepare for our launch. That $33 million in negative adjusted EBITDA, combined with the total mobile CapEx of $53 million mostly for software and stores, and mobile working capital usage of $30 million, yielded mobile free cash flow of negative $116 million in the quarter.

在討論現金流之前，我想先簡單介紹一下我們的 Spectrum Mobile 產品，正如 Tom 所提到的，該產品於 6 月 30 日推出，目前進展順利。本季我們沒有產生任何行動收入，但我們的行動營運支出為 3,300 萬美元，這主要是由於與行動相關的人員和為產品發布做準備的間接成本造成的。該季度調整後 EBITDA 為負 3,300 萬美元，加上行動領域總資本支出 5,300 萬美元（主要用於軟體和商店），以及行動領域營運資金使用 3,000 萬美元，導致行動領域本季自由現金流為負 1.16 億美元。

As Tom mentioned, we'll be launching additional devices and Bring Your Own Device options over the coming months, which will put us in a position for a broader market launch. The more customer growth we generate, the more incremental revenue we'll generate from mobile and from cable. Much of that revenue in the beginning will be device contract revenue, which is fully recognized on the contract date and similarly as cost of goods sold under EIP accounting, with the customer payments for handsets received over a longer period, hence, the working capital headwind.

正如 Tom 所提到的，我們將在未來幾個月推出更多設備和自帶設備選項，這將使我們有機會向更廣泛的市場推出產品。客戶成長越多，我們從行動和有線電視端獲得的增量收入就越多。初期的大部分收入將來自設備合約收入，這部分收入在合約簽訂日全額確認，並根據 EIP 會計準則計入銷售成本，而客戶購買手機的款項將在較長時間內分期收取，因此，這會帶來營運資金方面的不利影響。

The more mobile customer growth we generate early on, the more EBITDA and cash flow drag we'll experience in the early days. But we expect the incremental mobile P&L to be significantly NPV positive with broader growth benefits to our core cable services. We won't present mobile as a separate P&L or segment, but we will attempt to isolate the early effects on revenue, operating expense, CapEx and working capital, so long as the allocation of revenue still makes it relevant.

我們早期獲得的行動用戶成長越多，早期階段的 EBITDA 和現金流拖累就越大。但我們預期行動業務的增量損益將顯著為正淨現值，並為我們的核心有線電視業務帶來更廣泛的成長效益。我們不會將行動業務作為單獨的損益表或業務板塊來展示，但我們會嘗試分析其對收入、營運費用、資本支出和營運資本的早期影響，只要收入分配仍然具有相關性。

I should also mention that we finalized our mobile JV with Comcast this quarter, with a portion of the funding representing an equity investment on our balance sheet and a portion representing a prepayment of software development and related services for the mobile back-office platform, also on our balance sheet. As the partnership spends on development and service delivery, we reflect those services as capital or operating expense, depending on the nature of the services delivered.

我還應該提到，我們本季與 Comcast 完成了行動合資項目，其中一部分資金代表我們資產負債表上的股權投資，另一部分資金代表我們資產負債表上的行動後台平台軟體開發及相關服務的預付款。合作方在開發和服務交付方面投入資金時，我們會根據所提供服務的性質，將這些服務計入資本支出或營運支出。

As Slide 13 shows, we generated $804 million of consolidated free cash flow this quarter, including $116 million of investment in mobile that I mentioned a moment ago. Excluding mobile, we generated $920 million of cable free cash flow compared to $1.1 billion in the second quarter of last year. The decline was largely driven by a smaller working capital benefit than in the prior year timing, higher CapEx year-over-year and higher cash paid for interest. That was partly offset by higher adjusted EBITDA and lower severance expenses.

如投影片 13 所示，本季我們產生了 8.04 億美元的合併自由現金流，其中包括我剛才提到的 1.16 億美元的行動投資。剔除行動業務後，我們產生了 9.2 億美元的無有線電視現金流，而去年第二季為 11 億美元。此次下滑主要是由於營運資本利得較上年同期減少、資本支出較去年同期增加以及支付利息的現金增加所致。部分損失被調整後 EBITDA 增加和遣散費減少所抵銷。

We finished the quarter with $71 billion in debt principal. Our current run rate annualized cash interest is $3.8 billion, whereas our P&L interest expense in the quarter suggests that $3.5 billion annual run rate. That difference is primarily due to purchase accounting.

本季末，我們的債務本金為710億美元。我們目前的年化現金利息支出為 38 億美元，而本季的損益表利息支出顯示，年化利息支出為 35 億美元。這種差異主要是由於採購會計處理方式所造成的。

As of the end of the second quarter, our net debt to last 12-month adjusted EBITDA was 4.47x, within our target leverage range of 4 to 4.5x. At the end of the quarter, we held over $700 million in cash and additional revolver capacity of $3.9 billion. And in July, we repaid $2 billion of debt maturity and also raised $1.5 million in the investment-grade market.

截至第二季末，我們的淨負債與過去 12 個月調整後的 EBITDA 比率為 4.47 倍，介於我們 4 至 4.5 倍的目標槓桿率範圍內。截至季末，我們持有超過 7 億美元的現金，以及 39 億美元的額外循環信貸額度。7 月份，我們償還了 20 億美元的到期債務，並在投資等級債券市場籌集了 150 萬美元。

During the second quarter, we repurchased 6.4 million shares in Charter Holdings common units totaling $1.9 billion at an average price of $291 per share. Since September of 2016, we've repurchased nearly 17% of Charter's equity. We intend to stay at or below 4.5x on a consolidated basis, including the impact of mobile on our financials.

第二季度，我們以每股 291 美元的平均價格回購了 640 萬股 Charter Holdings 普通股，總計 19 億美元。自 2016 年 9 月以來，我們已回購了 Charter 近 17% 的股權。我們計劃將合併後的本益比保持在 4.5 倍或以下，其中包括行動業務對我們財務狀況的影響。

So we're in good shape. At the end of this year, we'll be operating Charter as one company in a very competitive way. Spectrum pricing and packaging migration will be almost complete, all-digital will be done and we'll be offering Spectrum Guide to all new video customers. DOCSIS 3.1 and higher speeds will be available everywhere. Mobile will be fully launched with a very attractive offer for cable sales and retention. And our service operations integration will be nearly complete, which we expect will continue to lower transaction volume and drive cost savings and service improvement.

所以我們情況良好。今年底，我們將以一家公司的形式，以極具競爭力的方式經營Charter。Spectrum 的定價和套餐遷移工作將基本完成，全數位化也將完成，我們將向所有新視訊用戶提供 Spectrum 指南。DOCSIS 3.1 及更高速度將普及全球。行動業務將全面上線，並為有線電視銷售和客戶留存提供極具吸引力的優惠。我們的服務營運整合將接近完成，我們預計這將繼續降低交易量，並推動成本節約和服務改善。

There's still ongoing internal and customer disruption to make that happen. It is, for the most part, purposeful, so we can grow even faster or sooner. The operating strategy outlined on Slide 5 works. And when combined with our tax assets, declining capital intensity and ROI-based capital allocation, it keeps us very well-positioned to drive strong returns for our shareholders.

要實現這一目標，目前仍存在內部和客戶方面的干擾。在很大程度上，這是有目的的，這樣我們才能更快或更早地發展壯大。第5頁投影片中概述的營運策略是有效的。再加上我們的稅收資產、資本密集度的下降以及基於投資回報率的資本配置，這使我們能夠為股東帶來強勁的回報。

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 Vijay Jayant from Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Vijay Jayant。

So a question first for Chris. If you sort of look at the cost of ['17] customers, it's actually increased in the last 2 quarters, while it was sort of down last year. Is that increase all sort of tied to the credit screening software glitch? And assuming that's sort of done by the end of 2Q, can that sort of revert back to declining? And second, just a broader question. Obviously, there was a story out last week that the New York PSC is probably going to revoke -- or request you to undo the merger in some form. Can you just talk about what are the implications there, how we should think about what that really means?

首先問克里斯一個問題。如果你看一下 2017 年客戶的成本，你會發現它在過去兩個季度實際上有所增加，而去年則有所下降。這種增長是否與信用審核軟體故障有關？假設到第二季末這種情況基本上已經結束，那麼它能否恢復到下降趨勢？其次，還有一個更廣泛的問題。顯然，上周有報道稱，紐約州公共服務委員會可能會撤銷合併，或要求你以某種形式撤銷合併。您能談談這其中的含義嗎？我們該如何理解這到底意味著什麼？

So Vijay, I'll answer the second part of the question first. We believe we're in compliance with the plane rating and the build-out requirements that the state imposed on us in merger conditions. And we have a very strong legal case and ability to defend ourselves, and it could play out over a lengthy period of time if required. Just to put it in perspective, we have -- we're operating in 41 states. We have thousands of franchise agreements. And generally, we have good relationships with the communities we serve, and we live up to our commitments. And we have, in New York State, in fact, we're well ahead of our obligations in terms of speed upgrades and in build-out itself. We do have labor issues in New York City, which we believe have politicized the actions of the PSC. And so we're concerned about that. We've successfully negotiated other agreements with the same union, IBEW, in other parts of the country during this period. So we're hopeful that we can work all this out. But if necessary, we'll litigate, and we believe we're in the right.

維傑，我先回答問題的第二部分。我們相信我們符合州政府在合併條件中對我們施加的飛機評級和建設要求。我們擁有非常強而有力的法律依據和自衛能力，如有必要，訴訟可能會持續很長時間。為了讓大家更清楚地了解我們的規模，我們目前在 41 個州開展業務。我們擁有數千份特許經營協議。總的來說，我們與我們服務的社區保持著良好的關係，我們也履行了我們的承諾。事實上，在紐約州，我們在速度升級和網路建設方面已經遠遠超前於我們應盡的義務。紐約市確實存在勞工問題，我們認為這些問題使公共服務委員會的行動政治化了。所以，我們對此感到擔憂。在此期間，我們也與同一工會 IBEW 在全國其他地區成功達成了其他協議。所以我們希望能夠解決所有這些問題。但如果必要，我們會提起訴訟，我們相信我們是對的。

On the first question, Vijay, I think your question was cost to service customers, could it go flat again or even negative? We don't provide overall guidance, much less line by line. But what I can tell you is the cost to service customers was essentially flat year-over-year, absent the increase in bad debt expense. And that's in -- you have to take that in the context of still fairly significant customer relationship growth, which means that whether or not you exclude that temporary increase in bad debt expense, we are getting significantly more efficient, at the same time, that we're still making investments in in-sourcing. So I think that bodes well for the long term of our ability to continue to get more and more productive on that line item. And the bigger impact on that isn't just the cost impact. It means -- what it really means is that our customers are contacting us less, which means that they're having less service issues, service disruption, less billing-related calls, less retention-related calls, which means that churn is going down and your customer lives are going up as satisfaction is higher. And that really has an impact -- a significant impact on the top line, which is the biggest driver for EBITDA margin and cash flow growth over time. So you're right to focus on it. And I think that we can continue to deliver an outsized benefit relative to the customer relationship growth over time.

Vijay，關於第一個問題，我認為你的問題是服務客戶的成本，它是否有可能再次持平甚至出現負增長？我們不提供整體指導，更不用說逐行指導了。但我可以告訴你的是，如果不計入壞帳支出的增加，客戶服務成本與去年基本持平。而且，你必須考慮到客戶關係仍然顯著增長的背景下，這意味著，無論你是否排除壞帳支出的暫時增加，我們的效率都在顯著提高，與此同時，我們仍在對內部業務進行投資。所以我認為這預示著我們有能力在長期內持續提高這項工作的效率。而更大的影響不僅是成本方面的影響。這意味著——實際上這意味著我們的客戶聯繫我們的次數減少了，這意味著他們的服務問題、服務中斷、帳單相關電話、客戶維繫相關電話都減少了，這意味著客戶流失率下降，客戶滿意度提高，客戶生活品質也隨之提升。這確實會產生影響——對營收產生重大影響，而營收則是 EBITDA 利潤率和現金流長期成長的最大驅動力。所以你把注意力放在這上面是對的。我認為，隨著時間的推移，我們可以持續為客戶關係的成長帶來巨大的收益。

Next question comes from Jonathan Chaplin from New Street Research.

下一個問題來自新街研究公司的喬納森·查普林。

A question for Chris. I'm wondering if you can give us some more context around your decisions on wireless pricing. So I think, Chris, earlier in the year, you had suggested the expectation that you guys would be pretty aggressive in wireless with the launch. And with the pricing coming in higher than where Comcast was on a per gigabyte basis, I'm just wondering what you sort of learned from their experience and from your own testing and trials before launching. Are you thinking you'll be less aggressive in general? Or do you think you can take share aggressively at this level of pricing?

問克里斯一個問題。我想請您詳細解釋一下您在無線產品定價方面的決策。所以我覺得，克里斯，今年早些時候，你曾表示過，大家期望你們在無線領域會採取非常積極的策略。鑑於他們的定價高於 Comcast 的每 GB 價格，我只是想知道您在推出之前從他們的經驗以及您自己的測試和試驗中學到了什麼。你認為你的攻擊性會降低嗎？或者你認為在這個價格水平上，你可以積極搶佔市場份額？

Jonathan, this is Tom. Yes, there's a lot to be said for the way Comcast prices and packages their product. We actually admire some of the things they did and think they're both good business and disruptive at the same time. But we make our own prices and our own analysis of the marketplace, and this is where we came out on pricing for the long haul in terms of launching our business and being aggressive with our business. I think if you really think about how you make the business grow, it's not just the stand-alone pricing of the business, but how you integrate it into your overall sales process and packaging process. So whether we're aggressive or not is in the eye of the beholder, but -- and obviously, in terms of what kind of actual market share we take. I saw a statistic the other day, it was kind of interesting to me, which was that Charter is actually the largest wireline phone company in North America. And we've never sold phone as a stand-alone product. So you can do very well with a product, but our intention is to use mobility as a feature of our overall customer relationship creation process.

喬納森，這位是湯姆。是的，康卡斯特的產品定價和套餐組合方式確實有很多值得稱道的地方。我們其實很欣賞他們的一些做法，認為這些做法既有商業價值，又具有顛覆性。但是，我們自己制定價格，並對市場進行分析，這就是我們在長期定價方面得出的結論，即在啟動業務和積極拓展業務方面要採取長期策略。我認為，如果你認真思考如何讓企業成長壯大，你會發現重要的不僅僅是企業的獨立定價，而是如何將其融入你的整體銷售流程和包裝流程中。所以，我們是否具有侵略性，這取決於旁觀者的看法，但——顯然，這取決於我們實際上佔據了什麼樣的市場份額。前幾天我看到一個統計數據，我覺得蠻有趣的，那就是Charter其實是北美最大的固話公司。我們從未將手機作為獨立產品進行銷售。所以，你可以憑藉一款產品取得巨大成功，但我們的目標是將行動性作為我們整體客戶關係創建過程中的功能。

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。

One for Tom and one for Chris. Tom, on the broadband product and all the improvements you're making, can you talk about what your expectations are for Verizon's 5G launch, which I believe is coming to L.A.? I'm not sure if it's going to be in your L.A. footprint, but just generally how you're thinking about the impact that may have on your business. And how are the higher minimum speeds that you've deployed and the 1-gigabit service is impacting your customer metrics here as we move into the second half, either sales or churn? And then for Chris, thank you for the disclosure on the CapEx front on all-digital. Just to help us or remind us, how do you define all-digital spending? And should we be thinking about this, what looks to be run rating $500 million-plus number for the year sort of completely going away in '19? And are there any other factors we should be thinking about, at least qualitatively, that may change next year versus this year on the CapEx side?

一個給湯姆，一個給克里斯。湯姆，關於寬頻產品以及你正在進行的所有改進，你能談談你對 Verizon 即將在洛杉磯推出的 5G 服務的預期嗎？我不確定這是否會影響您在洛杉磯的業務，但我想了解您是如何考慮這可能會對您的業務產生的影響的。隨著我們進入下半年，你們部署的更高最低速度和 1 千兆服務對你們的客戶指標（例如銷售額或客戶流失率）有何影響？然後，克里斯，感謝你揭露了全數位化的資本支出。為了幫助我們理解或提醒我們，您如何定義全數位化支出？我們是否應該考慮一下，2019 年 5 億美元以上的年度票房收入可能會完全消失？還有哪些其他因素，至少從定性角度來看，可能會導致明年資本支出方面與今年相比發生變化，我們應該考慮這些因素嗎？

So Ben, with regard to the speed increases, yes, there's a couple of ways of looking at what we're doing with speed. We're taking and making our data product better and more competitive everywhere we operate so that we can increase the rate of our growth and take share faster. And we think that it's successful and that it's working where it's been rolled out. And as I said, we rolled out 20 million homes passed in the quarter, and we're about 60% through our 50 million homes passed in general. So we're really just getting started from a speed, marketing, activation and implementation perspective. But it appears to be working where we thought it would. And we expect to get higher growth rates in the future as a result of having a better product. It's that simple. With regard to 5G, I look at what Verizon has announced as a kind of a conventional overbuild. Small cells require essentially a fiber optic or cable system to supply them. So there's a lot of capital intensity with that kind of build. Their projection was to build 30 million passings in the United States over 10 years, which, if you believe that's going to happen, then 40% of those approximately would be in our footprint if they deploy them with any kind of random distribution. And so you could do the math of what kind of penetrations you might achieve with a me-too product delivered wirelessly over a 10-year period in 12 million passings. So I think it's a difficult process to use 5G as a, essentially, as a wireless drop. And it requires having all of the physical assets underneath that, so it's very capital-intensive. And it may be as much or more capital-intensive than a conventional fiber build, like Google attempted.

所以本，關於速度的提升，是的，我們可以從幾個方面來看待我們對速度的處理方式。我們正在不斷改進和完善我們的數據產品，使其在我們營運的各個領域更具競爭力，從而加快成長速度，更快地佔領市場份額。我們認為它是成功的，並且在已經推廣的地區都發揮了作用。正如我所說，本季我們完成了 2,000 萬戶家庭的安裝，而我們總共完成了 5,000 萬戶家庭安裝目標的 60% 左右。所以從速度、行銷、活化和實施的角度來看，我們才剛起步。但它似乎在我們預想的地方發揮了作用。我們預計，隨著產品性能的提升，未來將獲得更高的成長率。就這麼簡單。關於 5G，我認為 Verizon 宣布的方案是一種傳統的網路覆蓋範圍。小型基地台基本上需要光纖或電纜系統來供電。因此，這類建設需要大量的資金投入。他們的預測是在美國建造 10 年內 3000 萬個過路設施，如果你相信這將會發生，那麼如果他們以任何隨機分佈的方式部署這些設施，其中大約 40% 將位於我們的地盤上。因此，你可以計算一下，如果一款同質化產品在 10 年內透過無線方式分發，在 1,200 萬次傳播中，你能達到怎樣的滲透率。所以我認為，將 5G 用作無線存取點是一個困難的過程。而且它還需要所有相關的有形資產，因此是資本密集型產業。而且，它的資本密集程度可能與Google嘗試過的傳統光纖建設一樣高，甚至更高。

Ben, on all-digital, we define the all-digital capital expenditures, any and all incremental capital expenditures related to rolling out all-digital, the vast, vast majority of that sits in CPE and installation. But it would also apply to a certain network spend that takes place right as we begin to take a particular market all-digital. But the vast majority of it is in the CPE category, which includes installation. Your question was also, does it go away in 2019? It does. I think already, particularly in the fourth quarter of this year, you'll see it come down quite a bit because we'll have all the inventory in place for the all-digital activity that we're going to do. The bigger point is not only really go away in 2019, but our level of video CPE becomes permanently lower, and that happens because you fully capitalized the existing base with set-top boxes. And it happens because, on the increment, we're deploying more of our video subscriber outlets in an IP format where it doesn't require set-top box, which means that you can utilize return to set-top boxes for new customers and without having additional CPE buy. So I think our level of video CPE placement has peaked. It's going to drop dramatically. It's fully capitalized with new boxes that are both IP and QAM capable. And I think that just continues to improve over time. We'll also have in 2019 a lot less integration capital. DOCSIS 3.1 is a big spend last year; and this year, that goes away. So I think the amount of CapEx reduction that we have going into next year is not going to be inconsequential, both in dollar and percentage terms.

Ben，關於全數位化，我們定義全數位化資本支出，即與全面推廣全數位化相關的任何和所有增量資本支出，其中絕大部分都集中在 CPE 和安裝方面。但這同樣適用於我們開始將某個特定市場全面數位化時發生的某些網路支出。但其中絕大部分屬於 CPE 類別，包括安裝。你的問題是，這種情況會在 2019 年消失嗎？確實如此。我認為，尤其是在今年第四季度，你會看到這種情況大幅下降，因為我們將為即將開展的全數位化活動準備好所有庫存。更重要的是，不僅在 2019 年徹底消失，而且我們的視訊 CPE 水平也將永久降低，這是因為你已經充分利用了現有機上盒用戶群。這種情況的發生是因為，隨著業務的成長，我們正在以 IP 格式部署更多的視訊使用者終端，這種格式不需要機上盒，這意味著你可以利用機上盒為新客戶提供服務，而無需額外購買 CPE。所以我認為我們的視訊CPE部署水準已經達到頂峰了。它會大幅下降。它配備了全新的機上盒，這些機上盒既支援 IP 也支援 QAM。而且我認為這種情況會隨著時間的推移而不斷改善。2019年，我們的整合資金也會大幅減少。DOCSIS 3.1 去年投入巨大；而今年，這項投入將取消。所以我認為，明年我們削減的資本支出金額，無論從美元或百分比來看，都將是不可忽視的。

The next question comes from Jessica Reif from Bank of America.

下一個問題來自美國銀行的傑西卡·雷夫。

I've got 3 questions. First, on advertising, your numbers were stronger than the industry is likely to be. Just wondering if you can give us some color on some of the things you're doing there. Then on SMB, the ads were so much stronger than revenue. Could you just talk a little bit about what will drive revenue growth going forward, maybe some color on what the margin -- underlying margins are? And then finally, any -- can you talk -- I know this comes up a lot. But is there any interest in some kind of content, specifically Disney will be forced to sell the RSN this quarter with the Fox acquisition? Could you comment on any potential interest in that?

我有三個問題。首先，在廣告方面，你們的數據比行業平均值要好。想問您能否詳細介紹一下您在那裡正在進行的一些事情。在中小企業市場，廣告收入遠超過廣告收入。您能否談談未來哪些因素將推動營收成長，以及利潤率——也就是基本利潤率——的情況？最後，還有──你能談談嗎──我知道這個問題常被問到。但是，對於某些類型的內容，特別是迪士尼因收購福克斯而被迫在本季度出售區域體育網絡（RSN）的內容，是否有任何興趣呢？您能否就您對此可能存在的興趣發表一下看法？

Okay. I'll take advertising. There is -- this is a political year, and we have a lot of battleground states, although it appears that those continue to increase in quantity. So there's that effect in our advertising revenue. But we're also growing our underlying advertising at the expense of other broadcast products essentially at the local level. And -- but it's a difficult business. We've been investing and targeting and changing the nature of advertising itself. And we are selling a lot more data-infused products as well as digital products themselves for advertising. And so the revenue is going up, and we're proud of it. But it's also -- it's got a lot of headwinds behind its back in terms of having a political year. But the underlying core advertising business, too, you can almost look at the advertising business on biannual cycles based on the political effect in advertising. But we're making headway at the core of our advertising product and our advertising business. In SMB, you're right, the revenue growth is relatively small to the unit growth, and that's a conscious strategy based on our pricing and packaging. We think we're at about the nadir of growth in terms of revenue growth, meaning that the decisions we made to reprice the small business marketplace and to drive a market share strategy means that we're growing very rapidly and creating increases in market share, which we expect to continue. And we have an existing base of subscribers who are mispriced in many cases. And that mispricing is coming out of the business. And we expect that going forward, that revenues will start to converge on the growth rate, the unit growth rate. And so we expect to have a significant and fast-growing unit and revenue business going forward. And there's some of that in our enterprise business as well. And lastly, on content, our views on content haven't changed. A lot of content companies have come to us and asked us to buy them. And we've, so far, not found a situation that made sense to us. We like our core business. We like our connectivity business. It doesn't mean that there isn't a possible connectivity -- or a content business that would be priced right for us. But there's no direct synergy in most cases for us in owning content. Now we do have a different point of view on local news, and we've been investing in local news. We think it's an area where our assets and the product actually makes sense from a scale perspective. So we're about to launch a 24-hour local news channel in Los Angeles. And we've been doing similar repurposing of existing local sports and local news channels throughout the country and turning them into the high-quality local news channels. So our view on content is unchanged regardless of the way the current marketplace is developing.

好的。我接受廣告業務。的確如此——今年是政治年，有很多搖擺州，而且搖擺州的數量似乎還在增加。所以，我們的廣告收入也受到了影響。但我們也以犧牲其他廣播產品為代價，在地方層級發展我們的基礎廣告業務。但這的確是一門艱難的生意。我們一直在投資、精準投放廣告，並改變廣告本身的本質。我們正在銷售更多融入數據的產品以及用於廣告的數位產品本身。因此，收入正在增長，我們為此感到自豪。但同時，由於今年是政治年，它也面臨許多不利因素。但就廣告業務的核心而言，你幾乎可以根據政治對廣告的影響，以半年週期來看待廣告業務。但我們在廣告產品和廣告業務的核心方面取得了進展。你說得對，在中小企業市場，收入成長相對於銷售成長來說比較小，這是我們根據定價和包裝策略而採取的有意策略。我們認為，就收入成長而言，我們已經處於成長的最低點，這意味著我們重新定價小型企業市場並推行市場份額策略的決定，這意味著我們正在快速成長並不斷提高市場份額，我們預計這種情況會持續下去。而我們現有的訂戶群體在許多情況下都被錯誤定價了。而這種定價錯誤正從企業中消失。我們預計，未來收入成長率將開始與單位成長率趨於一致。因此，我們預計未來業務規模和收入將實現顯著且快速成長。我們的企業業務中也存在一些這種情況。最後，關於內容，我們對內容的看法並沒有改變。許多內容公司都來找我們，希望我們收購他們的作品。到目前為止，我們還沒有找到一個對我們來說合理的方案。我們喜歡我們的核心業務。我們喜歡我們的網路連接業務。但這並不意味著不存在可能的合作機會，或不存在價格合適的商業內容模式。但在大多數情況下，我們擁有內容並不能帶來直接的綜效。現在我們對本地新聞有了不同的看法，我們也一直在投資當地新聞。我們認為，從規模角度來看，我們的資產和產品在這個領域確實有意義。我們即將在洛杉磯推出一個24小時本地新聞頻道。我們一直在全國各地對現有的本地體育頻道和本地新聞頻道進行類似的改造，並將它們轉變為高品質的本地新聞頻道。因此，無論當前市場如何發展，我們對內容的看法都不會改變。

Your next question comes from Bryan Kraft from Deutsche Bank.

下一個問題來自德意志銀行的布萊恩‧克拉夫特。

I want to just ask you 2 questions. First, on share repurchases. My impression has been that if you're going to use the high end of your target leverage range, it would be to pursue strategic opportunities. So I wanted to ask you, since you're near the high end now just through share repurchases, what's the appetite to stay at the high end of the range to repurchase shares or even go above the high end in order to take advantage of the stock price? And then separately, one of your peers is growing programming cost per sub at less than 5% so far this year. Is there a reason for Charter's programming cost per sub growth to dip down to these levels at some point over the next couple of years? Or will the contract renewal cadence preclude that kind of outcome?

我只想問你兩個問題。首先，關於股票回購。我的印像是，如果你要使用目標槓桿範圍的高端，那應該是為了追求策略機會。所以我想問一下，既然你們現在僅透過股票回購就已經接近上限，那麼你們是否願意繼續保持在上限範圍內回購股票，甚至突破上限以利用股價上漲的機會？另外，今年到目前為止，你們的一位同行將每個訂閱用戶的節目製作成本增長速度控制在了 5% 以下。未來幾年內，Charter 的每個用戶節目製作成本成長是否有可能降至目前的水平？或者說，合約續約的節奏是否會阻止這種結果的發生？

So Bryan, on the share repurchases, the amount of share repurchases we've been doing over the past couple of quarters is just simple math. It's -- to your point, we've been staying at the high end of the 4 to 4.5x. We are trying to make sure that we have enough headroom each quarter to stay within an LTM of 4.5x, including the temporary impact of the mobile launch cost. And as I mentioned before, there's a little push and pull there as it relates to growth on mobile because of the temporary impacts you'd have that could be higher. But the business at its core has a capability to delever 0.5x plus or minus within a year. So to the extent strategic opportunities come about, you want to modify it because you think that's better. You have a way to get to what is 0.5x on Charter. So pretty substantial amount of capital if you really saw something that had a better ROI relative to buying back your own stock, and that's the lens that we would look at it. We've not had and we do not have the willingness to temporarily or permanently go above our leverage target. And the primary reason for that is that we do have $71 billion of capital. We have commitments as it relates to our investment-grade structure, and we intend to honor those. And we think the long-term NPV of doing so is better not only for debt holders but for equity holders. And I'm not so sure that many of our equity holders would like to see us go above that in any event as it relates to just doing buybacks. So that's our stance. It hasn't changed. And we are trying to be aggressive, given the recent stock price within those constraints to buy back stock.

所以布萊恩，關於股票回購，我們在過去幾季進行的股票回購數量只是簡單的數學計算而已。正如你所說，我們一直保持在 4 到 4.5 倍的高端水平。我們正在努力確保每個季度都有足夠的緩衝空間，使過去 12 個月的成長率保持在 4.5 倍以內，其中包括行動端發布成本的暫時性影響。正如我之前提到的，行動端的成長存在一些阻力，因為行動端的暫時性影響可能會更大。但該業務的核心能力是在一年內將槓桿率降低約0.5倍。所以，一旦出現戰略機遇，你就想做出改變，因為你認為那樣會更好。你可以透過某種方式在 Charter 上達到 0.5 倍的收益。所以，如果你真的看到有比回購自家股票更好的投資報酬率，那就需要投入相當多的資金，而這正是我們看待問題的角度。我們過去沒有，現在也沒有意願暫時或永久地超過我們的槓桿目標。主要原因是我們擁有 710 億美元的資本。我們在投資等級結構方面有相關承諾，我們打算履行這些承諾。我們認為，從長遠來看，這樣做不僅對債權人更有利，對股權持有人也更有利。而且，我不太確定我們的許多股東是否希望看到我們在股票回購方面做得更多。這就是我們的立場。情況沒有改變。鑑於最近的股價走勢，在現有限制條件下，我們正試圖採取積極主動的方式回購股票。

So I don't know what peer you're referring to on programming cost, but I would say this, that because we are actually growing expanded video and the video launches that we have incurred are basic only, meaning broadcast-only video losses, we are actually growing our programming cost based on unit volumes. So if you're a programmer receiving payments from Charter, your programming costs are increasing due to volume. We're actually creating rich packages of video for our programmers, and so there's the unit cost and then there's the actual volume cost. And even though it looks like units are going down, they're -- from a programming perspective, they're going up.

所以我不知道你指的是哪家同行的節目製作成本，但我想說的是，因為我們實際上正在發展擴展視頻業務，而我們目前推出的視頻只是基礎視頻，也就是說，僅用於廣播的視頻損失，所以我們的節目製作成本實際上是按單位數量增長的。因此，如果您是從 Charter 公司領取報酬的程式設計師，由於專案量增加，您的程式設計成本將會增加。我們實際上是在為我們的程式設計師創建豐富的視訊包，因此既有單位成本，也有實際的批量成本。儘管看起來銷量正在下降，但從程式角度來看，銷量實際上正在上升。

Your next question comes from Craig Moffett from MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 Craig Moffett。

Tom, in last night's proxy filing from T-Mobile, it looks as though there were interested parties in Sprint that it's easy to imagine Company A or Company B was likely Charter. I just wonder if you could comment on whether a year ago, you had interest in acquiring wireless assets and how you would view that today. And then second unrelated question, just I wonder if you could comment on John Malone stepping down from your board, and we've got a lot of questions about that. Maybe you could share your thoughts.

湯姆，從昨晚 T-Mobile 提交的委託書來看，似乎有對 Sprint 感興趣的各方，很容易想像 A 公司或 B 公司很可能是 Charter。我想問一下，一年前您是否對收購無線資產感興趣，以及您今天對此有何看法？第二個問題與主題無關，我想請您談談約翰馬龍辭去董事會職務一事，我們對此有很多疑問。或許您可以分享一下您的想法。

Okay. Well, I don't know what's in the -- I didn't read the proxy, unlike you, of T-Mobile, but we didn't make an attempt to buy any wireless assets. That isn't to say that we didn't have significant discussions with Sprint about an MVNO relationship. We had virtually no discussions with T-Mobile, as I recall. With regard to -- just on that question of wireless convergence and the assets, I think that our ability to create mobile customers and our ability to create wireless products on our network is sufficient right now and that we have advantages in our network infrastructure that will allow us to build an inside-out strategy in wireless that we think doesn't require any kind of immediate mobile relationship other than an MVNO. It doesn't mean that sometime in the future, mobile assets might be priced right and that natural convergence would occur. But there's nothing in our near-term horizon that dictates that we go that path. With regard to John Malone, John is going to stay on as a Director Emeritus. He's been in the business 50 years. I love having him on the board, and I'm happy that he's staying as Director Emeritus. He remains the control shareholder of Liberty Broadband, which owns about 20% of Charter. And he still has a right to appoint 3 board members and has. And we welcome Jim Meyer of Sirius to our board, and we think he brings real value to us. We think that John will continue to be engaged with the company, that he likes the business. I like having him engaged with the company. He brings tremendous insight to us, but he wants to reduce his workload and he's over-boarding, so to speak, and he's just reached a point in his life where he feels like he has to. And - But we do board meetings in Denver, and we may do them in Florida. So we think he'll be involved with us for years to come.

好的。嗯，我不知道裡面有什麼——我沒有像你一樣看過 T-Mobile 的委託書，但我們沒有嘗試收購任何無線資產。但這並不意味著我們沒有與 Sprint 就 MVNO 合作關係進行過深入討論。據我回憶，我們幾乎沒有和T-Mobile進行任何討論。關於無線融合和資產這個問題，我認為我們目前在網路上創造行動客戶和創造無線產品的能力是足夠的，而且我們在網路基礎設施方面擁有優勢，這將使我們能夠在無線領域建立一種由內而外的策略，我們認為這種策略除了與行動虛擬網路營運商 (MVNO) 合作之外，不需要任何其他形式的直接行動合作關係。但這並不意味著在未來的某個時候，行動資產的價格就會合理，自然而然就會融合。但就我們近期的計劃而言，沒有任何跡象表明我們必須走這條路。至於約翰·馬龍，他將繼續擔任榮譽董事。他從事這個行業已經50年了。我很高興他能繼續擔任董事會成員，也很高興他能留任名譽董事。他仍然是 Liberty Broadband 的控股股東，該公司持有 Charter 約 20% 的股份。他仍然有權任命 3 名董事會成員，而他也確實這麼做了。我們歡迎 Sirius 的 Jim Meyer 加入我們的董事會，我們認為他能為我們帶來真正的價值。我們認為約翰會繼續參與公司事務，他喜歡這份工作。我很高興他能參與到公司的工作。他為我們帶來了非常深刻的見解，但他想減少自己的工作量，可以說他承擔了太多工作，他現在覺得他必須這樣做了。但是——我們在丹佛召開董事會會議，也可能在佛羅裡達州召開。所以我們認為他會在未來幾年繼續與我們合作。

Your next question comes from Doug Mitchelson from Crédit Suisse.

你的下一個問題來自瑞士信貸的道格·米切爾森。

The declining video subscribers is manageable and programming cost would continue to rise, and that seems like a less combative stance than I've heard from you previously. And I, for one, personally doubt you'll be less combative. So I'm trying to understand, how do you -- what are the execution imperatives to manage the declining video subscriber base? Do you have to reduce overhead cost? Do you have to do skinny bundles or package differently in the future? Does traditional programming relationships break down at some point? And then for Chris, a question that you're going to love. You know that mobile will be significantly NPV positive over time. Obviously, we're all trying to figure out that path. So I guess, the question is, what penetration of customers or homes or broadband customers does mobile have to reach to reach NPV breakeven? And since you won't answer that, how long to break even overall? Or any metrics at all we can use to try to think about how mobile is going to impact numbers over the next few years would be super helpful.

視訊用戶數量下降是可以控制的，而節目製作成本還會繼續上漲，這似乎比我之前從你那裡聽到的要溫和一些。就我個人而言，我懷疑你會變得不那麼好鬥。所以我想了解的是，如何應對視訊使用者數量下降的問題？有哪些必要的執行措施？您是否需要降低營運成本？以後是否需要推出精簡版套裝或不同的包裝方式？傳統程式關係是否會在某個時候破裂？然後，克里斯，我要問一個你一定會喜歡的問題。你知道，從長遠來看，行動業務的淨現值將顯著為正。顯然，我們都在努力尋找這條路。所以我想，問題是，行動網路需要達到多大的使用者、家庭或寬頻用戶滲透率才能達到淨現值損益平衡？既然你不願意回答這個問題，那麼整體上需要多長時間才能達到損益兩平呢？或者，任何可以用來思考未來幾年行動端將如何影響用戶數量的指標都將非常有幫助。

We appreciate your candor and your love. So look, we're going to be aggressive, and we're going to use video aggressively. And -- but what we're saying is that it isn't really a stand-alone product in its current situation. How -- people have been asking this question about video for a long time now and well more than 5 years, probably closer to 10, maybe the whole experience of video. Broadcasting was dead when I got into the business 40 years ago, and it's still around. So what you can -- even though you can see the future, it's very hard to say when. I would say that there's a lot of forces still holding the traditional MVPD relationships together, including what you just saw with Disney acquiring the Fox assets. And there's still a large group of very large content companies that control significant linear and sports contract -- content. And that's all contractually bound together in packages. So while there is some degradation in the whole relationship, and there is, and it has become overpriced, in many cases, and it's actually pushing people out of the marketplace, that said, video consumption is still high. And part of that is because video is free, in many cases, because of the security that's on a lot of the virtual MVPDs and the TV Everywhere products and the password sharing on other over-the-top products. All of that is pushing traditional -- putting pressure on traditional video. But at the same time, it's the perfect way of selling content. And so it isn't just going to go away overnight. How fast? I don't know. But I think we can manage our way through it and use video to drive relationships for the foreseeable future. And yes, we have streaming packages. And yes, every incremental box we're putting out has a Netflix app on it. And so we're going to supply our customers with all the video they can get and use video however it develops and whoever owns it in a way that enhances the customer relationship and uses the video as an attribute of the overall product that we sell. So the answer -- the short -- I guess, the simple answer is I don't know what happens exactly, but that's how we're playing it.

我們感謝你的坦誠和愛。所以，我們打算採取積極主動的策略，並且積極運用視訊手段。但是——但我們想說的是，就目前的情況而言，它並不是一個獨立的產品。如何——人們已經問過關於視頻的這個問題很長時間了，可能超過 5 年，甚至接近 10 年，也許整個視頻體驗都是如此。40年前我入行的時候，廣播業已經衰退了，但它現在依然存在。所以，即使你能看到未來，也很難說何時會發生。我認為，仍然有很多力量維繫著傳統的多頻道視訊節目分銷商（MVPD）關係，包括你剛剛看到的迪士尼收購福克斯資產一事。而且，還有一大批規模龐大的內容公司控制著重要的線性電視和體育賽事合約內容。所有這些都透過合約打包在一起。所以，儘管整個關係有所惡化，而且在許多情況下價格過高，實際上正在將人們擠出市場，即便如此，視訊消費仍然很高。部分原因是影片在許多情況下是免費的，這得益於許多虛擬多頻道視訊節目分銷商 (MVPD) 和「電視無處不在」產品的安全措施，以及其他 OTT 產品上的密碼共享機制。所有這些都在推動傳統模式的發展——給傳統影片帶來壓力。但同時，這也是銷售內容的絕佳方式。所以，這個問題不會一夕之間消失。有多快？我不知道。但我認為我們可以克服困難，並在可預見的未來利用視訊來促進人際關係。是的，我們提供串流媒體套餐。是的，我們推出的每一個新機上盒上都預先安裝了 Netflix 應用程式。因此，我們將向我們的客戶提供他們能夠獲得的所有視頻，並無論視頻以何種方式發展，無論視頻的所有者是誰，都將以增強客戶關係的方式使用視頻，並將視頻作為我們所銷售的整體產品的一個屬性。所以答案——簡而言之——我想，簡單的答案是，我不知道具體會發生什麼，但我們就是這麼做的。

The only piece I'd add to that is the non-programming OpEx and the CapEx for video is actually declining, and that's going to -- that particular piece is going to improve the economics over time. Whether it fully offsets the programming is unclear, but it's not inconsequential. On mobile, so you're right, we're not going to provide guidance. We're not going to provide breakeven. But -- and we hope that people trust that when we say that it has a significant positive NPV on a stand-alone basis without including the benefits to cable, that that's based on a significant amount of modeling and understanding of how the business works. Comcast does not have separate economics. I actually haven't heard of it, but I understand that they've spoken about what it would take for them to get to breakeven. I haven't looked at it. But given that our financial model isn't any different because we operate under the same MVNO, my guess is it's not so dissimilar. And that's a relatively low level of penetration of the overall subscriber base that we have. If you think about every customer service interaction that we have, whether it's a sales call or a retention call and including into that existing call volume and flow a mobile sale opportunity, it doesn't take you very much yield before you have the substantial wireless business that's applied to your existing base and use it as a way to drive additional cable growth. And so I think on the increment, every single mobile customer that we acquire is NPV positive once you're in the business. And that's on a stand-alone basis without including the benefits of churn reduction or new subscriber acquisition on the cable side.

我唯一要補充的是，影片的非程式營運支出和資本支出實際上正在下降，而且隨著時間的推移，這部分支出將會改善經濟效益。它是否能完全抵消節目效果尚不清楚，但這並非無關緊要。在行動裝置上，所以你說得對，我們不會提供指導。我們無法實現損益平衡。但是——我們希望人們相信，當我們說它在獨立基礎上具有顯著的正淨現值（NPV），而不包括對有線電視的收益時，這是基於大量的建模和對業務運作方式的理解。康卡斯特沒有獨立的經濟體系。我其實沒聽過這件事，但我了解到他們討論過要達到收支平衡需要做些什麼。我還沒看過。但鑑於我們的財務模式並無不同，因為我們都在同一家虛擬運營商 (MVNO) 旗下運營，我的猜測是，兩者之間並沒有太大的區別。而且，這在我們整體用戶群中的滲透率相對較低。如果你仔細想想我們每一次的客戶服務互動，無論是銷售電話還是客戶維繫電話，並將行動銷售機會納入到現有的通話量和流程中，你會發現，你只需要很少的收益就能獲得可觀的無線業務，並將其應用到你現有的客戶群中，以此來推動有線電視業務的進一步增長。所以我認為，就成長而言，一旦你進入這個行業，我們獲得的每一個行動客戶都會帶來正的淨現值。而且這還不包括有線電視方面減少用戶流失或獲取新用戶所帶來的好處。

Our final question will come from Amy Yong from Macquarie.

最後一個問題來自麥考瑞大學的Amy Yong。

I was wondering if you could comment on pricing in general. I know that ARPU is not a focus, and volume is more important for the company. But video revenue grew really nicely in the quarter. Just wondering what the puts and takes are going forward now that this nonpay churn issue is over.

我想請您談談定價方面的問題。我知道ARPU（每用戶平均收入）不是公司的關注重點，銷售對公司來說更重要。但本季視訊營收成長勢頭非常強勁。想知道現在非薪資流失問題已經解決，未來的發展趨勢會是什麼。

You want to take that, Chris?

你想拿走它嗎，克里斯？

Yes. Amy, if you go back, I know it's quick, but in the prepared remarks, we have -- our GAAP accounting is applying a higher amount of revenue allocation out of voice into video. That doesn't mean that's what we've built. So the video growth rate that we've reported in Q2 is inflated relative to what's on the customer build. And from -- really, it's still positive. And so it's about half the growth that's attached to just that revenue allocation out of voice. And the same amount is not happening into Internet from voice, which means product ARPU and product revenue is just getting less and less relevant by the quarter in terms of how it's fulfilled to investors, which is why we focus people on the residential revenue per customer relationship. The piece that remains on video growth, even though we've lost video customers on a year-over-year basis, it's all come out of the limited basic or actual expanded, which is the traditional expanded and the Stream and the Choice. It's actually grown year-over-year, which has higher revenue attached to it. And we've also gone all-digital, which means there's higher box placement, Spectrum pricing and packaging also with higher box placement. And retrans, we've just mirrored that cost flowing through the retrans revenue line as well. So those are the big drivers on the non-revenue allocation piece for video. But I would really caution on looking too much at the product revenue line and really focus on the number of customer relationships we have, the type of bundling that we're getting and the type of revenue per customer relationship growth that's being achieved within that context.

是的。艾米，如果你回去看看，我知道時間很短，但在準備好的發言稿中，我們——我們的 GAAP 會計準則將更高比例的收入分配從語音轉移到視訊。但這並不意味著我們已經建成了那樣的東西。因此，我們在第二季度報告的視訊成長率相對於客戶建立的內容而言是虛高的。而且——實際上，這仍然是積極的。因此，大約一半的成長都與語音業務的收入分配有關。而從語音到互聯網的轉換量並沒有達到同樣的水平，這意味著產品 ARPU 和產品收入對於投資者而言，其相關性正在逐季下降，這就是為什麼我們讓人們關注每個客戶關係的住宅收入。儘管我們逐年流失了視訊用戶，但視訊成長仍然保持強勁勢頭，而這完全是因為視訊用戶數量有限，或者說是擴展版或傳統擴展版、Stream 版和 Choice 版。實際上，它的銷售額逐年增長，隨之而來的是更高的收入。而且我們也全面轉向數位化，這意味著機上盒的擺放位置更高，Spectrum 的定價和包裝也與更高的機上盒擺放位置相關。對於轉播，我們也把這部分成本反映到了轉播收入。所以，這些都是影片非所得分配方面的主要驅動因素。但我真的要提醒大家，不要過度專注於產品收入，而應該真正關注我們擁有的客戶關係數量、我們獲得的捆綁銷售類型以及在此背景下每個客戶關係所實現的收入增長類型。

Thanks, Amy. Michelle, thank you. That will terminate our call.

謝謝你，艾米。米歇爾，謝謝你。通話將結束。

Thank you, everyone, for joining.

謝謝大家的參與。

Yes, thank you. Talk to you soon.

是的，謝謝。回頭再聊。

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。