Charter Communications Inc (CHTR) 2018 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 Charter's Third 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年第三季投資人電話會議。（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 Third 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 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. 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.

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。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. 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.

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。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. At the end of the third quarter, 67% of our acquired residential customers were in our new Spectrum pricing and packaging, up from 62% at the end of the second quarter. So we're delivering better products at better prices to more customers, which will drive lower churn, faster customer growth and financial growth.

謝謝你，斯特凡。第三季末，我們收購的住宅客戶中有 67% 採用了我們新的 Spectrum 定價和套餐，高於第二季末的 62%。因此，我們將以更優惠的價格向更多客戶提供更好的產品，這將降低客戶流失率，並加快客戶成長和財務成長。

Over the last year, we've grown our total Internet customer base by over 1.2 million customers or 5.3%. And video net losses this quarter were less than in the third quarter of '17. In the third quarter, we grew cable revenue by 4% year-over-year, and adjusted cable EBITDA grew by 5.5%.

過去一年，我們的網路用戶總數增加了 120 多萬，增幅達 5.3%。本季視訊業務淨虧損低於 2017 年第三季。第三季度，我們的有線電視營收年增 4%，調整後的有線電視 EBITDA 成長了 5.5%。

During the quarter, we rolled out our gigabit speed offering to over 7 million homes passed, using a very capital efficient DOCSIS 3.1 technology. Earlier this month, we launched our gigabit service to more than 12 million additional homes passed. So we now offer Spectrum Internet Gig to over 95% of our passings, and we will be offering gig service to nearly all of our 51 million homes passed by the end of this year. And over 80% of our Residential Internet customers subscribe to tiers that provide 100 megabits or more of speed. Our faster speeds are having an [imminent] impact, driving Internet customer growth.

本季度，我們利用資本效率極高的 DOCSIS 3.1 技術，向超過 700 萬戶家庭推出了千兆速度服務。本月初，我們向超過 1,200 萬個新增家庭推出了千兆寬頻服務。因此，我們現在為超過 95% 的用戶提供 Spectrum Internet Gig 服務，並且到今年年底，我們將為幾乎所有 5,100 萬個用戶提供千兆網路服務。超過 80% 的住宅網路用戶訂閱的套餐速度為 100 兆位元或更高。我們更快的網路速度正在產生（迫在眉睫的）影響，推動網路使用者成長。

In early September, we executed the full market launch of our Spectrum Mobile service, with the goal of accelerating connectivity relationship growth, and we expect our mobile product to be profitable on a stand-alone basis once it reaches scale. We now offer mobile services to both new and existing Spectrum Internet customers on both Apple and Android devices.

9月初，我們全面推出了Spectrum Mobile服務，旨在加速連接關係的成長，我們預計一旦我們的行動產品達到規模，就能獨立獲利。我們現在為Spectrum Internet的新舊客戶提供蘋果和安卓設備的行動服務。

Spectrum Mobile is being marketed by TV, radio, direct mail and other -- and through other advertising and marketing platforms, and our selling machine is scaling across key existing sales channels, including our stores, inbound call centers and online.

Spectrum Mobile 正在透過電視、廣播、直郵等管道以及其他廣告和行銷平台進行推廣，我們的銷售機器正在關鍵的現有銷售管道（包括我們的門市、呼叫中心和線上管道）進行擴展。

We offer our mobile services at prices that give new and existing customers the opportunity to save hundreds of dollars per year on their mobile bills. Our Unlimited service costs $45 a month, and our By the Gig service is $14 per gigabyte.

我們提供的行動服務價格優惠，讓新舊客戶每年都能節省數百美元的手機電話費用。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。

So far, our broader market launch has gone very smoothly. Our mobile operations and the service itself are scaling and working well. We started selling the product after Labor Day, so our total customer base was relatively small at quarter-end at about 21,000 lines. But we're seeing steady new sales growth and yield in traditional cable sales as we build brand and product awareness.

到目前為止，我們的大範圍市場推廣進展非常順利。我們的行動業務和服務本身都在不斷擴展，運作良好。我們在勞動節後開始銷售該產品，因此到季度末，我們的客戶總數相對較小，約為 21,000 家。但隨著我們不斷提升品牌和產品知名度，傳統有線電視銷售正穩步實現新的銷售成長和收益。

In the next few months, we will enable customers to transfer their existing handsets. We also have a pipeline of product improvements that will extend through the middle of next year, and which will continue to make our product more attractive and easier to switch an entire household's mobile service package. Ultimately, the goal is to use Spectrum Mobile to save customers money via an integrated superior product offer, driving faster customer growth and better retention, higher penetration and greater EBITDA per passing.

在接下來的幾個月裡，我們將允許客戶轉移他們現有的手機。我們還有一系列產品改進計劃，這些計劃將持續到明年年中，並將繼續使我們的產品更具吸引力，讓整個家庭的行動服務套餐切換更加便利。最終目標是利用 Spectrum Mobile 透過整合卓越的產品組合為客戶省錢，從而推動客戶更快成長、更好地留存、提高滲透率並增加每次交易的 EBITDA。

Shifting back to cable. Our all-digital initiative is on schedule for completion by year-end. About 95% of our footprint is now all-digital. 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 increasingly, third-party IP devices on all remaining analog TV outlets that we serve.

重新轉回有線電視。我們的全數位轉型計畫正按計畫進行，預計於年底前完成。我們約 95% 的業務已數位化。到今年年底，隨著我們在所有剩餘的類比電視線路上部署功能齊全的雙向數位機上盒（主要是我們的 Worldbox，以及越來越多的第三方 IP 設備），整個公司將實現全面數位化。

Simultaneous implementation of high-touch integration projects and product improvements, which are nearly finished, is actually counter to our operating strategy of reducing service interactions. The customer disruption that all-digital drives is well understood. With the migration of millions of customers to Spectrum pricing and packaging with different equipment and bills; the installation of uniform business practices; the integration of various product, network, IT and billing platforms; and parallel network upgrades and integration, have also been disruptive to our sales, service, customer transactions and churn. We said at the start of this integration that putting Charter in a position to operate as a single entity and grow faster over the long term would impact our operating and financial outputs during the integration and drive outsized capital investment in the short term.

同時實施高接觸整合專案和產品改進（這些專案和改進幾乎已經完成）實際上與我們減少服務互動的營運策略相反。全數位化為客戶帶來的衝擊已廣為人知。隨著數百萬客戶遷移到 Spectrum 定價和套餐（包含不同的設備和帳單）；統一業務實踐的實施；各種產品、網路、IT 和計費平台的整合；以及並行的網路升級和整合，也對我們的銷售、服務、客戶交易和客戶流失造成了乾擾。我們在整合之初就說過，要讓 Charter 能夠作為一個單一實體運營，並在長期內實現更快增長，將會在整合期間影響我們的營運和財務產出，並在短期內推動巨額資本投資。

But our integration is coming to a close and most of the disruption will be behind us in 2019. And we will quickly start to see the tangible benefits of our operating strategy through lower churn, continued higher sales and increasing operational efficiency, resulting in higher revenue per passing and lower operating costs.

但我們的整合即將完成，大部分幹擾將在 2019 年過去。我們很快就會看到我們營運策略帶來的實際好處，包括客戶流失率降低、銷售額持續成長以及營運效率提高，從而提高每次交易的收入並降低營運成本。

The completion of our integration will also bring a meaningful reduction in capital spending. And as one company with a superior bandwidth-rich network; a unified product, marketing and service infrastructure; and a value creation model that's laid out on Slide 4 of today's presentation, we believe we know what works. We will be in a position to accelerate growth, innovate faster than we were -- where we have been over the last few years.

整合完成後，資本支出也將大幅減少。作為一家擁有卓越頻寬網路、統一的產品、行銷和服務基礎設施以及在今天簡報第 4 頁中闡述的價值創造模式的公司，我們相信我們知道什麼行之有效。我們將能夠加快成長速度，創新速度比過去幾年更快。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Tom. A few administrative items before covering our results. As I mentioned on our last call, we're now reporting all of our results on a consolidated basis. There was a small impact to our Q3 results due to Hurricane Florence, primarily in the Carolinas. The impact to the customer base was a few thousand customers and the financial impact was about $5 million to each of revenue and operating expenses, so a little over $10 million in adjusted EBITDA. We had a similar impact from storms during the third quarter of last year, so the year-over-year impact is not material.

謝謝你，湯姆。在公佈結果之前，還有幾項行政事項需要說明。正如我在上次電話會議中提到的，我們現在將以合併報表的形式報告所有業績。颶風「佛羅倫斯」對我們的第三季業績造成了輕微影響，主要影響地區為卡羅來納州。對客戶群的影響是數千名客戶，對財務的影響是收入和營運支出各減少約 500 萬美元，因此調整後的 EBITDA 略高於 1000 萬美元。去年第三季我們也受到了風暴的類似影響，因此同比影響並不顯著。

We're still in clean-up mode for Hurricane Florence. We're in restoration mode for Hurricane Michael. We will provide a similar update on our Q4 call as needed. However, we don't expect a material year-over-year impact from either hurricane.

我們仍在進行颶風「佛羅倫斯」的災後清理工作。我們正全力應對颶風「邁克爾」帶來的災後重建工作。我們將在第四季度財報電話會議上根據需要提供類似的最新資訊。然而，我們預計這兩場颶風都不會對同比經濟造成實質影響。

Finally, as a reminder, starting on January 1 of this year, we prospectively adopted FASB's new revenue recognition standard. Like last quarter, there are a number of adjustments in the quarter related to the adoption of the standard, both in revenue and expenses, which in total lowered EBITDA by about $15 million this quarter as compared to last year. That year-over-year impact from the accounting change will go away after Q4.

最後提醒大家，從今年 1 月 1 日起，我們將前瞻性地採用 FASB 的新收入確認準則。與上個季度一樣，本季由於採用該標準，收入和支出都出現了一些調整，導致本季 EBITDA 與去年同期相比減少了約 1500 萬美元。會計準則變更帶來的年比影響將在第四季後消失。

Now turning to our results. Total residential and SMB customer relationships grew by 234,000 in the third quarter and 903,000 over the last 12 months. Including residential and SMB, Internet grew by 308,000 in the quarter, video declined by 54,000, and voice declined by 77,000.

現在來看我們的結果。第三季住宅和中小企業客戶關係總數增加了 234,000 個，過去 12 個月增加了 903,000 個。包括住宅用戶和中小企業用戶在內，本季網路用戶成長了 308,000 人，視訊用戶減少了 54,000 人，語音用戶減少了 77,000 人。

As Tom mentioned, 67% of our acquired residential customers were in Spectrum pricing and packaging at the end of the third quarter. We expect to be above 70% by the end of this year. And similar to what we saw at Legacy Charter, pricing and packaging migration transactions are slowing, which together with the completion of network upgrades this year, means that in 2019 we'll see lower CPE spending and meaningful churn benefits.

正如湯姆所提到的，截至第三季末，我們收購的住宅客戶中有 67% 採用的是 Spectrum 的定價和套餐。我們預計到今年年底將超過70%。與我們在 Legacy Charter 看到的情況類似，定價和套餐遷移交易正在放緩，再加上今年網路升級的完成，這意味著 2019 年我們將看到 CPE 支出減少和顯著的客戶流失收益。

In Residential Internet, we added a total of 266,000 customers versus 250,000 last year. Total Internet company sales were higher year-over-year. And as Tom mentioned, we now offer gigabit service in over 95% of our footprint and expect to have that service available nearly everywhere by the end of 2018.

在住宅網路方面，我們新增了 26.6 萬名用戶，而去年為 25 萬名。網路公司總銷售額較去年同期成長。正如湯姆所提到的，我們現在在超過 95% 的服務區域內提供千兆服務，並預計到 2018 年底，幾乎所有區域都將提供該服務。

Over the last 12 months, we have grown our total Residential Internet customer base by 1.1 million customers or 4.9%. And over the last year, our residential video customers have declined by about 1.6%, all of which have come from Limited Basic. Sales of our Stream and Choice packages, which are primarily targeted at Internet-only, has continued to do well.

在過去的 12 個月裡，我們的住宅網路用戶總數增加了 110 萬，增幅達 4.9%。過去一年，我們的住宅視訊用戶數量下降了約 1.6%，全部來自有限基本套餐用戶。我們的 Stream 和 Choice 套餐主要針對純網路用戶，銷售情況持續良好。

In voice, we lost 107,000 residential voice customers versus a gain of 26,000 last year, driven by a lower Triple Play sell-in mix and lower retention at TWC.

在語音業務方面，我們流失了 107,000 名住宅語音用戶，而去年同期則增加了 26,000 名，這主要是由於三重播放銷售組合下降以及 TWC 的用戶留存率降低所致。

In mid-September, we made a change in the way we market and price wireline voice within our packages to address wireline voice sell-in, retention at roll-off and the launch of mobile.

9 月中旬，我們改變了套餐中有線語音的營銷和定價方式，以應對有線語音的銷售、用戶流失和行動語音的推出。

In most of our markets, our Internet and video Double Play pricing will be $90, with some targeted acquisition pricing elsewhere. In either case, wireline voice at acquisition is now a $10 add-on, with no change to that price when their customer rolls off a bundle promotion.

在我們的大部分市場，網路和影片雙重播放套餐定價為 90 美元，其他一些地區則會有針對性的推廣定價。無論哪種情況，客戶購買有線語音服務現在都需要額外支付 10 美元，即使客戶取消捆綁促銷活動，價格也不會改變。

With wireline voice as a $10 value-added service going forward, mobile is now positioned to be the Triple Play value driver for connectivity sales, similar to what wireline voice did for cable over the last decade. And even though the revenue per household for the new Triple Play will be higher, we'll be saving customers more money with the best products.

隨著有線語音作為一項價值 10 美元的增值服務繼續發展，行動通訊現在有望成為連接銷售的三重播放價值驅動因素，就像過去十年有線語音對有線電視所做的那樣。雖然新的三重套餐帶來的每戶家庭收入會更高，但我們會用最好的產品為顧客節省更多錢。

Turning to mobile then. As Tom mentioned, we executed the broad market launch of our Spectrum Mobile product on September 4. So our third quarter results include only a short period of active marketing and sales of the product. As of the end of the quarter, we had about 21,000 mobile lines, with a mix of Unlimited and By the Gig lines. We're still focused on branding and awareness marketing, which some of you may have seen. As we add new features and functionality, including bring-your-own-device capabilities, the marketing will become more offer-driven. And essentially, all of our existing sales channels will be activated and integrated through mobile over the coming quarters, all of which will help drive continued acceleration of mobile line adds and overall connectivity relationships.

那就轉向行動端吧。正如湯姆所提到的，我們在9月4日全面推出了Spectrum Mobile產品。因此，我們第三季的業績僅包括該產品短期積極行銷和銷售期間的業績。截至本季末，我們擁有約 21,000 條行動線路，其中包括無限流量套餐和按流量計費套餐。我們仍然專注於品牌建立和知名度行銷，你們中的一些人可能已經看到了。隨著我們不斷增加新的功能和功能，包括自備設備功能，行銷將更加重視優惠活動。從本質上講，在接下來的幾個季度裡，我們所有現有的銷售管道都將透過行動管道啟動和整合，所有這些都將有助於推動行動線路新增數量和整體連接關係的持續加速成長。

Over the last year, we grew our total residential customers by 734,000 or 2.9%. Residential revenue per customer relationship grew by 0.4% year-over-year, given a lower rate of SPP migration, a promotional campaign roll-off and rate adjustments, which were significantly offset by last year's third quarter Mayweather-McGregor fight, which drove over $50 million in revenue last year, a higher mix of Internet-only customers and higher full year sales at promotional rates. Excluding pay-per-view and VOD, residential revenue per customer relationship grew by 1.1% year-over-year.

過去一年，我們的住宅用戶總數增加了 734,000 戶，增幅為 2.9%。由於 SPP 遷移率降低、促銷活動結束和費率調整，住宅客戶關係收入同比增長 0.4%，但這些增長被去年第三季度梅威瑟-麥格雷戈拳擊賽帶來的 5000 多萬美元收入、互聯網客戶佔比增加以及全年促銷價格銷售額提高所抵消。剔除按次付費和隨選視訊業務後，每位客戶關係的住宅收入較去年同期成長 1.1%。

Slide 7 shows that our customer growth, combined with our ARPU growth, resulted in year-over-year residential revenue growth of 3.3%. Excluding the impact of pay-per-view and VOD and some rate adjustments last summer that were not mirrored this quarter, residential revenue grew by 4.4%, so similar to last quarter's growth rate.

投影片 7 顯示，我們的客戶成長，加上 ARPU 的成長，使得住宅收入年增了 3.3%。剔除按次付費和隨選視訊的影響，以及去年夏天一些本季未反映出來的費率調整，住宅收入成長了 4.4%，與上一季的成長率相似。

Turning to commercial. Total SMB and enterprise combined grew by 4.3% in the third quarter, with SMB up 2.8% and enterprise up by 6.4%. Excluding cell backhaul and NaviSite, enterprise grew by over 9%, with PSU growth of 15%.

轉向商業用途。第三季度，中小企業和大型企業的總成長率為 4.3%，其中中小企業成長 2.8%，大型企業成長 6.4%。除去蜂巢回傳和 NaviSite，企業業務成長超過 9%，其中 PSU 業務成長 15%。

Sales were up in SMB as well, and we've grown SMB customer relationships by over 10% in the last year. Revenue growth in the acquired markets hasn't yet followed the unit growth. The revenue growth impact of the repricing of our SMB products has slowed, and our SMB revenue growth has essentially bottomed out over the last 2 quarters. In 2019, we expect less impact from the repricing on our SMB revenue growth.

中小企業銷售額也有所成長，過去一年中，我們與中小企業客戶的關係成長了 10% 以上。收購市場的收入成長尚未跟上銷售成長的步伐。中小企業產品重新定價對營收成長的影響已經放緩，過去兩季中小企業營收成長基本上觸底。2019年，我們預期重新定價對中小企業收入成長的影響較小。

Third quarter advertising revenue grew by 18% year-over-year. Political advertising accounted for all that growth as it also utilizes traditional inventory. We also continue to sell more overall spots with better inventory utilization than targeted selling. Mobile revenue totaled $17 million, with essentially all of Q3 revenue being device revenue. As a reminder, under our equipment installment plans or EIP, all future device installment payments are recognized as revenue on the connect date.

第三季廣告收入較去年同期成長18%。政治廣告是造成這種成長的主要原因，因為它也利用了傳統的廣告資源。與定向銷售相比，我們透過提高庫存利用率，持續售出更多車位。行動業務收入總計 1700 萬美元，第三季收入幾乎全部來自設備收入。再次提醒，根據我們的設備分期付款計劃 (EIP)，所有未來的設備分期付款均在連接日確認為收入。

In total, consolidated third quarter revenue is up 4.2% year-over-year, with cable revenue growth of 4.0%, or 4.1% when excluding both advertising and pay-per-view and VOD.

第三季綜合收入年增 4.2%，其中有線電視收入成長 4.0%，若不計入廣告、按次付費和隨選視訊收入，則成長 4.1%。

Moving to operating expenses on Slide 8. In the third quarter, total operating expenses grew by $302 million or 4.6% year-over-year. Excluding mobile, operating expenses increased 3.1%. Programming increased 3% year-over-year, driven by contractual rate increases and renewals, offset by a lower base of total video customers and last year's Mayweather-McGregor fight, which also reduced our year-over-year programming cost by 1.2%. So excluding pay-per-view and VOD programming costs in this and last year's third quarter, programming grew by 4.4%, or 5.8% on a per-video customer basis.

接下來是第 8 張投影片中的營運費用。第三季度，營運費用總額年增 3.02 億美元，增幅為 4.6%。剔除行動端費用後，營運支出成長了3.1%。節目製作成本年增 3%，主要受合約價格上漲和續約的影響，但被視訊用戶總數下降以及去年梅威瑟-麥格雷戈之戰所抵消，這場比賽也使我們的節目製作成本同比下降了 1.2%。因此，如果排除今年和去年第三季的按次付費和點播節目成本，節目製作成本增長了 4.4%，按每個視訊用戶計算增長了 5.8%。

Regulatory, connectivity and produced content grew by 4.4%, primarily driven by our adoption of the new revenue recognition standard on January 1, which reclassed some expenses to this line in this quarter.

監管、連接和內容生產增長了 4.4%，這主要是由於我們在 1 月 1 日採用了新的收入確認準則，該準則在本季度將一些費用重新歸類到該項下。

Cost to service customers grew by 1.7% year-over-year compared to 3.4% customer relationship growth. We are lowering our per-relationship service costs through changes in business practices and continue to see early productivity benefits from ongoing in-sourcing investments.

客戶服務成本年增 1.7%，而客戶關係成長率為 3.4%。我們透過改變業務實踐來降低每項客戶關係的服務成本，並持續從內部投資中獲得早期生產力收益。

Cable marketing expense grew by 3.7% year-over-year, driven by higher sales. And other cable expenses were up 5.5% year-over-year, driven by ad sales costs, enterprise costs and IT costs from the ongoing integration.

受銷售額成長的推動，有線電視行銷費用年增 3.7%。其他有線電視支出較去年同期成長 5.5%，主要原因是廣告銷售成本、企業成本以及持續整合帶來的 IT 成本。

Mobile expense totaled $94 million and was comprised of device costs, market launch costs and operating expenses to stand up and operate the business, including our own personnel and overhead costs and our portion of the JV with Comcast, the accounting for which we discussed on last quarter's call.

行動業務支出總計 9,400 萬美元，包括設備成本、市場推廣成本以及建立和營運業務的營運費用，包括我們自己的人員和管理費用以及我們與 Comcast 合資企業的份額，我們在上個季度的電話會議上討論了這部分會計處理。

Device costs like device revenue are immediately recognized, but consumer payments for handsets are generally received over a 2-year period, hence the working capital headwind which we've highlighted. Adjusted cable EBITDA grew by 5.5% in the third quarter. And when including the impact of mobile, total adjusted EBITDA grew by 3.5%.

設備成本（如設備收入）會立即確認，但消費者購買手機的款項通常會在 2 年內收到，因此出現了我們強調的營運資金逆風。第三季經調整後的有線電視業務 EBITDA 成長了 5.5%。如果將行動業務的影響考慮在內，調整後的 EBITDA 總額增加了 3.5%。

Turning to net income on Slide 9. We generated $493 million of net income attributable to Charter shareholders in the third quarter versus $48 million last year, and that was driven by a pension remeasurement gain this quarter, lower depreciation and amortization expense, higher adjusted EBITDA and lower severance-related expenses, partly offset by 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 4.93 億美元，而去年同期為 4,800 萬美元，這主要得益於本季度退休金重新計量收益、折舊和攤銷費用降低、調整後 EBITDA 增加以及與遣散相關的費用降低，但部分被更高的利息支出所抵消。

Turning to Slide 10. Capital expenditures totaled $2.1 billion in the third quarter, $275 million lower than last year. The decline was primarily driven by lower CPE and scalable infrastructure spend, partly offset by spend on mobile. CPE was down, given a year-over-year decline in the volume of migration of acquired customers to our Spectrum pricing and packaging. We spent about $42 million in all-digital this quarter versus $47 million in the third quarter of last year and $88 million in the second quarter of this year. The decline in scalable infrastructure capital is related to more consistent timing of in-year spend this year versus last.

翻到第10張投影片。第三季資本支出總額為 21 億美元，比去年同期減少了 2.75 億美元。下降的主要原因是 CPE 和可擴展基礎設施支出減少，部分被行動支出所抵消。由於收購客戶遷移到我們的 Spectrum 定價和套餐的數量同比下降，CPE 也隨之下降。本季我們在全數位化方面花費了約 4,200 萬美元，而去年第三季為 4,700 萬美元，今年第二季為 8,800 萬美元。可擴展基礎設施資本的下降與今年年度支出時間比去年更穩定有關。

Line extension spending was up year-over-year as we continued to build-out and fulfill our merger conditions. We spent $66 million on mobile-related CapEx this quarter, driven by software, some of which is related to our JV with Comcast, and on renovation to create mobile product marketing areas in our stores.

由於我們持續推動業務拓展並履行合併條件，產品線延伸支出較去年同期成長。本季我們在行動相關資本支出方面花費了 6,600 萬美元，其中一部分用於軟體，部分用於我們與 Comcast 的合資企業，還有一部分用於翻新我們的門市，以創建行動產品行銷區域。

As I mentioned last quarter, our CapEx spending is more level loaded this year than last.

正如我上個季度提到的，今年我們的資本支出比去年更為均衡。

For the full year, we expect -- we continue to expect that cable capital intensity or cable capital expenditures as a percent of cable revenue to be similar or slightly lower than 2017. We also expect 2019 cable CapEx to be down meaningfully 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 年相似或略低。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，都將大幅下降。

Slide 11 shows we generated $532 million of consolidated free cash flow this quarter, including $149 million of investment in mobile. Excluding mobile, we generated $681 million of cable free cash flow compared to $594 million last year, and the increase was largely driven by higher adjusted EBITDA, lower cable CapEx year-over-year and lower severance expense. And that was partly offset by higher cash paid for interest and a negative contribution to cash flow from working capital. That negative change in working capital is primarily the result of lower CapEx payables on our already declining year-over-year capital intensity. I also expect a working capital-related reduction to cash flow in the fourth quarter, at least as compared to last year. You'll recall that last year's fourth quarter working capital benefited from a much higher level of capital expenditures and from the in-quarter timing of that capital expenditure, both driving temporarily outsized payables. Q4 of this year will not have that level of benefit due to the more level-loaded CapEx spend this year. And in the fourth quarter, we'll see the initial working capital investment in mobile device EIP sales, where the associated revenue is recovered over a 2-year period. We'll continue to isolate that impact within the overall mobile reporting, but that trend accelerates in tandem with wireless subscriber growth.

第 11 張投影片顯示，本季我們產生了 5.32 億美元的合併自由現金流，其中包括對行動業務的 1.49 億美元投資。剔除行動業務後，我們產生了 6.81 億美元的有線電視自由現金流，而去年為 5.94 億美元，成長主要得益於調整後 EBITDA 的提高、有線電視資本支出同比下降以及遣散費的減少。而這部分則被支付的利息現金增加以及營運資金對現金流的負面影響所抵銷。營運資本的負面變化主要是由於資本支出應付金額減少，而我們的資本密集度又逐年下降。我還預計，與去年同期相比，第四季現金流將因營運資金問題而減少。您可能還記得，去年第四季的營運資金受益於更高的資本支出水平以及該資本支出在季度內的進行，這兩點都導致了應付帳款暫時大幅增加。由於今年的資本支出較為均衡，今年第四季不會有那麼大的收益。第四季度，我們將看到行動裝置 EIP 銷售的初始營運資本投資，相關收入將在 2 年內收回。我們將繼續在整體行動報告中單獨分析這種影響，但這種趨勢與無線用戶成長同步加速。

Looking to next year, we do expect a working capital-related reduction to our cash flow in the first quarter of 2019 for cable. That's due to lower CapEx, and it shouldn't be quite as pronounced as what we saw in the first quarter of this year. We finished the quarter with $71.5 billion in debt principal. Our current run rate annualized cash interest expense is $3.9 billion -- sorry, annual cash interest payments annualized is $3.9 billion, whereas our P&L interest expense in the quarter suggests a $3.6 billion annual run rate. That difference is primarily due to purchase accounting. And as of the end of the third quarter, our net debt to last 12-month adjusted EBITDA was 4.47x, at the high-end of our target leverage range of 4 to 4.5x.

展望明年，我們預計 2019 年第一季有線電視業務的現金流量將因營運資本相關因素而減少。這是由於資本支出減少所致，而且應該不會像今年第一季那麼明顯。本季末，我們的債務本金為715億美元。我們目前的年化現金利息支出為 39 億美元——抱歉，是年化現金利息支出為 39 億美元，而本季損益表中的利息支出顯示年化率為 36 億美元。這種差異主要是由於採購會計處理方式所造成的。截至第三季末，我們的淨負債與過去 12 個月調整後的 EBITDA 比率為 4.47 倍，處於我們 4 至 4.5 倍目標槓桿率範圍的高端。

And at the end of the quarter, we held over $4 billion in liquidity and cash on hand and in revolver capacity. And during the third quarter, we repaid $2 billion of debt maturity. We also raised $2 billion in the investment-grade market.

到季度末，我們擁有超過 40 億美元的流動資金、現金以及循環信貸額度。第三季度，我們償還了 20 億美元的到期債務。我們也透過投資等級債券市場籌集了20億美元。

Also during the third quarter, we repurchased 3.5 million Charter shares and Charter Holdings common units totaling $1.1 billion at an average price of $303 per share. Since September of 2016, we've repurchased about 18% of Charter's equity. And we intend to stay at or below 4.5x leverage on a consolidated basis, including the impact of mobile on our financials.

第三季度，我們以每股 303 美元的平均價格回購了 350 萬股 Charter 股票和 Charter Holdings 普通股，總計 11 億美元。自 2016 年 9 月以來，我們已回購了 Charter 約 18% 的股權。我們計劃將合併後的槓桿率保持在 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 looking ahead, the level of integration activity, capital expenditure and service-impacting changes, including network upgrades, will continue through the end of the fourth quarter.

展望未來，整合活動、資本支出和服務影響變化（包括網路升級）的程度將持續到第四季末。

So we're looking forward to 2019 as the largest-ever cable integration will be mostly behind us. Based on that -- based on both the past experience and the operating metrics we already see, we expect continued strong demand for our improving connectivity product set, which includes faster Internet speeds, a great mobile product which saves consumers significant money and high quality, attractively priced bundled services like video and wireline voice. And that growth, combined with lower integration activity beginning in 2019 and declining capital intensity, will demonstrate long-term benefits of our customer-focused operating strategy and our cable free cash flow potential.

因此，我們期待著 2019 年，因為有史以來最大的有線電視整合將基本結束。基於過去的經驗和我們已經看到的營運指標，我們預計市場對我們不斷改進的連接產品組合的需求將持續強勁，其中包括更快的互聯網速度、能夠為消費者節省大量資金的出色移動產品以及高質量、價格誘人的捆綁服務，例如視頻和有線語音服務。這一成長，加上 2019 年開始的整合活動減少和資本密集度下降，將展現我們以客戶為中心的營運策略的長期效益以及我們無有線電視現金流的潛力。

Operator, we're now ready for questions.

接線員，我們現在可以開始接受提問了。

(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。

I just want to unpack the video trends. Obviously, the losses declined in the quarter. I think you called out that Stream and Choice packages had become a bigger piece and that Limited Basic is moderating. Can you just help us understand sort of what's really going on, on the video competitive landscape and the growth on the Expanded Basic product? And then for Chris, I just wanted to reconfirm your comments, which was that there was a $15 million hit from accounting changes and about $10 million from the hurricanes, so the EBITDA impact was about $25 million.

我只想分析一下影片的發展趨勢。顯然，本季虧損有所減少。我認為你指出了 Stream 和 Choice 套餐的份額越來越大，而 Limited Basic 則起到了調節作用。您能否幫我們了解一下影片競爭格局以及擴展基礎產品成長的真實情況？然後，克里斯，我只想再次確認你的評論，即會計變更造成了 1500 萬美元的損失，颶風造成了約 1000 萬美元的損失，因此 EBITDA 的影響約為 2500 萬美元。

So Vijay, on the macro issue, I guess there are 2 things to explain. One is that our desire to sell feature-rich, high-value video products is part of our overall market-facing strategy, meaning when we sell or create a customer, we like to -- we believe it's appropriate to try to give that customer the full capabilities of our service, and then through time, as a result of that, keep that customer and satisfy that customer fully. In order to implement that strategy, we sell full packages of product in video, which means that we don't sell video or basic-only products generally, incrementally. And therefore, as we grow, we're growing rich products and shrinking our broadcast-only base. And so that was the strategy at Legacy Charter, Legacy Cablevision, actually, even. And -- so we have been implementing that through this transaction successfully. So if you're actually a programmer, receiving funds from us, we're growing in your eyes because we're growing Expanded Basic as part of every acquisition we make generally, every new customer we get. So that's our product strategy. In terms of where the overall marketplace is, I think it continues to be pressured for all the reasons we've expressed before, by high cost of content, the fact that the content is bundled the way it is as it's wholesaled to us and the fact that it's not very secure incrementally on the IP level, meaning that you can get it without paying for it, all of which puts pressure on price along with the whole value proposition of the content because it's continually going up in cost. And I don't see those trends changing, and so you see continued erosion of the overall marketplace for bundled video. That doesn't mean we can't be successful in that marketplace using video to drive our overall customer relationship growth, and that our video products can be relatively better than other companies' video products and that we can achieve share shifts as a result of that.

所以 Vijay，關於宏觀問題，我想有兩件事需要解釋。一方面，我們渴望銷售功能豐富、高價值的視訊產品，這是我們整體市場策略的一部分，這意味著當我們銷售產品或開發客戶時，我們喜歡——我們認為應該努力讓客戶體驗到我們服務的全部功能，然後隨著時間的推移，透過這種方式留住客戶並讓客戶完全滿意。為了實施該策略，我們銷售完整的視訊產品包，這意味著我們通常不會分批銷售影片或僅包含基本功能的產品。因此，隨著我們的發展，我們正在開發更豐富的產品，並縮小我們僅面向廣播受眾的群體。所以，這就是當時Charter集團和Cablevision集團的策略。因此，我們已透過此次交易成功實現了這一點。所以，如果你是一名程式設計師，並且從我們這裡獲得了資金，那麼在你看來，我們正在發展壯大，因為我們每次收購、每次獲得新客戶，Expanded Basic 都會隨之發展壯大。這就是我們的產品策略。就整體市場而言，我認為它仍然面臨著我們之前表達過的所有壓力，包括內容成本高昂、內容以批發形式捆綁銷售、以及知識產權層面安全性不足（這意味著你可以不付費就獲得內容），所有這些都給價格以及內容的整體價值主張帶來了壓力，因為內容的成本一直在上漲。而且我認為這些趨勢不會改變，因此捆綁視訊市場整體將繼續萎縮。但這並不意味著我們不能利用視訊來推動整體客戶關係成長，從而在這個市場取得成功；也不意味著我們的視訊產品不能比其他公司的視訊產品更好，從而實現市場份額的轉移。

Vijay, on the accounting question. So we've had -- due to the adoption of the rev rec standards at the beginning of the year, we've had some small impact in Q1 and Q2. It's a little larger in Q3, so we just made mention of it. And you're right, it was $15 million on a year-over-year basis, meaning that there's a $15 million hit to EBITDA this quarter as compared to last year. As we get into Q1 of next year, that year-over-year comparison difference will go away. And the other item that you mentioned is that over $10 million related to the storms. That is true that it lowered our EBITDA this quarter, but it's also true that in the third quarter of last year, we had a pretty similar amount that was going through. So just be careful when you're adjusting that on -- it's definitely relevant for forward-looking. On a year-over-year comparison, it's about the same, if that makes sense.

Vijay，關於會計問題。由於年初採用了收入確認標準，我們在第一季和第二季受到了一些小的影響。第三季的情況稍微複雜一些，所以我們只是提了一下。你說得對，年減了 1500 萬美元，這意味著本季 EBITDA 比去年同期減少了 1500 萬美元。到了明年第一季，這種年比差異將會消失。你提到的另一項損失是超過 1000 萬美元，與風暴有關。沒錯，這確實降低了我們本季的 EBITDA，但去年第三季度，我們也經歷了類似的情況。所以調整這個設定時要小心——這對前瞻性來說絕對很重要。如果按年比較，情況基本上相同，這麼說你能理解嗎？

Your next question is from Philip Cusick from JP Morgan.

下一個問題來自摩根大通的菲利普‧庫西克。

Two things around pricing and revenue. First, can you compare the price increases that we have seen in the last week to last year's? And any impact, higher or lower, on broadband or video revenue this year? And then second, can you help us sort of think about your expectations for revenue and EBITDA in the next few years? I know you're not going to give guidance, but you've talked about an acceleration. I think it would help to put some framework around it. We don't -- we understand you don't expect revenue to grow 4% and EBITDA 5.5% from here, but what's the level of increase we could expect in the next few years as you come out of the transition?

關於定價和收入，有兩點要注意。首先，您能否將過去一周的價格上漲與去年同期的價格上漲進行比較？今年寬頻或影片收入會受到怎樣的影響，是增加還是減少？其次，您能否幫我們談談您對未來幾年營收和 EBITDA 的預期？我知道你不會給出指導，但你談到了加速發展。我認為給它設定一些框架會有幫助。我們並不－我們理解您預期營收不會從現在開始成長 4%，EBITDA 不會成長 5.5%，但隨著您走出轉型期，未來幾年我們可以預期成長水準是多少呢？

Phil, this is Chris. It sounds like you're looking for a lot of guidance. We don't blame you for trying. The -- there was -- our core pricing and packaging -- other than what I mentioned on our Double Play pricing and what we're doing with voice as an add-on, our core pricing and packaging hasn't changed. You're right that we've had a few small increases on different services around the edges, but it's not really material, the full impact of which won't be in our numbers until December. So I know that starts to roll through some of the billing cycles in November, but full impact really won't be there for a full month until December. That's what we've done today. It doesn't mean that ultimately that's where we'll be for the full year in 2019, but it is a slightly lower amount than what has been rolled through this year. And the last year, as I think I mentioned in my comments, we took -- so meaning in 2017, we had some small rate increases that went in January. We had some small increases that went in August. Certainly, that impacted the comp for this year Q3-on-Q3. We have got some small around-the-edge rate increases, which you've highlighted. And I know you've written about it as well. But they won't be fully impacted until December. And during the course of 2019, we'll see where we are. But if you were to just take that and say, how does that compare to what we did in January of this year, it would be slightly less than that. Revenue and EBITDA acceleration, without giving guidance, the first one ties purely to customer relationship growth and from SMB having bottomed out. We think SMB is going to continue to improve. Will it be at the full rate of customer relationship growth next year? No. It won't because there's still repackaging and pricing that's going on. Enterprise is going through a similar phase, slightly behind SMB and certainly behind resi in terms of where it was, just given the way those contracts roll. So -- and then next year as well, we're going to have the absence of political advertising, which you need to keep in mind as well. What remains when you put all those pieces together is how fast can you grow customer relationship growth and some very small level of rate increase that we just talked about. We think we can grow customer relationships. We think the step-ups will continue to play in as we have been in a high acquisition mode with a lot of customers going into promotion, which then roll off. But a lot of that -- the political advertising, SMB and enterprise, which I just covered, and the remainder really ties to customer relationship growth and some promotional roll-offs. From EBITDA, there's a lot of benefit that comes from taking transactions out of the system, not only the cost of those transactions but also reducing churn, which means that the same marketing and sales dollars can be applied to new sales as opposed to replacing the customers that you just lost. And that generates not only incremental revenue, but higher EBITDA. Our cost to serve today continues to go down on a per-customer relationship basis. We think that continues to go down, maybe even accelerating in terms of how efficient we can become. And as much noise as we think we are taking out of the system as it relates to transactions and TWC, both the number of calls and -- service calls and churn at TWC is still significantly higher than it is at Legacy Charter, which means there's a big opportunity that still sits in front of us. It's about as good as I can...

菲爾，這是克里斯。聽起來你很需要指導。我們不會怪你嘗試。除了我提到的雙重播放定價以及我們將語音作為附加服務之外，我們的核心定價和套餐並沒有改變。您說得對，我們確實在某些服務方面略有小幅提價，但這並非實質性的，其全部影響要到 12 月才能體現在我們的數據中。我知道這種情況會在 11 月的一些帳單週期中開始顯現，但真正的全面影響要到 12 月才會完全到來。這就是我們今天所做的。這並不意味著 2019 年全年最終就會達到這個水平，但確實比今年累積的金額略低一些。去年，正如我在評論中提到的，我們採取了——也就是說，在 2017 年 1 月，我們進行了一些小幅的利率上漲。8月我們進行了一些小幅漲價。當然，這影響了今年第三季與第三季的比較數據。正如您所指出的，我們有一些小幅的利率上調。我知道你也寫過這方面的內容。但要到12月才會受到全面影響。在 2019 年期間，我們將看看我們走到哪一步。但如果你只看這個數字，然後說，這和我們今年一月份的成績相比如何，那就會略低於這個數字。營收和 EBITDA 加速成長（未給出具體指引），前者完全取決於客戶關係的成長以及中小企業已經觸底反彈。我們認為中小企業將會持續發展。明年客戶關係成長速度能否達到預期？不。不會的，因為還在進行重新包裝和定價。企業也正經歷類似的階段，略微落後於中小企業，而且肯定落後於住宅用戶，這主要是由於合約的運作方式造成的。所以——而且明年我們也會沒有政治廣告，這一點你們也需要記住。當你把所有這些因素綜合起來，剩下的就是如何快速發展客戶關係，以及我們剛才討論的那種非常小幅度的費率成長。我們認為我們可以發展客戶關係。我們認為階梯式促銷將繼續發揮作用，因為我們一直處於高獲取率模式，許多客戶都進入了促銷階段，然後促銷活動就結束了。但其中很多——政治廣告、中小企業和企業廣告（我剛才已經提到過）以及其他廣告，實際上都與客戶關係成長和一些促銷活動有關。從 EBITDA 來看，從系統中移除交易會帶來許多好處，不僅可以降低交易成本，還可以減少客戶流失，這意味著同樣的行銷和銷售資金可以用於新的銷售，而不是用來彌補剛剛失去的客戶。這不僅能帶來額外的收入，還能帶來更高的 EBITDA。如今，我們服務每位客戶的成本持續下降。我們認為這種情況會繼續下降，甚至可能加速，因為我們可以提高效率。儘管我們認為我們已經從系統中消除了許多與交易和 TWC 相關的噪音，但 TWC 的呼叫量、服務呼叫量和客戶流失率仍然明顯高於 Legacy Charter，這意味著我們面前仍然有很大的機會。我已經盡力了…

Your next question comes from Craig Moffett from MoffettNathanson.

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

I wonder if you could just [talk] a little bit about the wireless business. Tom, you've talked in the past about some limitations technologically with respect to the network controller and your ability to direct traffic between Verizon's network and your own network. How do you think about the MVNO in terms of sort of strategic sufficiency for your ambitions in wireless? And what might you need to do to ensure that the MVNO sort of satisfies your needs?

我想請您談談無線通訊產業的情況。湯姆，你之前談到過網路控制器在技術上存在一些局限性，以及你在 Verizon 網路和你自己的網路之間控制流量的能力。您認為行動虛擬網路營運商 (MVNO) 在無線領域的策略意義和滿足您發展目標方面如何？那麼，您需要做些什麼來確保虛擬營運商能夠滿足您的需求呢？

Good question, Craig, and I've read some of your materials recently on that as well. And I would say that we are a wireless company today and have over 300 million authenticated devices on our network prior to the launch of our MVNO. And as we move through the MVNO, it does have limitations on our ability to manage that network, and certainly has limitations on our ability to get owner's economics in some ways, although we can shift traffic onto our own network through WiFi and increasingly, more likely through new spectrum that will be available to us also in a public way, like WiFi, in the form of the CBRS 3.5 spectrum, some of which will be public and some of which will be sold at auction. There are new technologies coming along with dual SIM and eSIMs in mobile devices, which will allow somebody with an MVNO like us to actually run their own network and an MVO -- MVNO simultaneously on the same device, which is an interesting thought as you go forward in terms of what you could do and how you could manage traffic and how you could do that efficiently, so that the MVNO is good for us and fit the consumers' needs, but we could manage our own network and traffic on our network in a more efficient way than we can today. But today, we have limited MVNO and it doesn't do what ultimately we would like it to do. And -- but it's more than we have -- more than we had a couple of months ago. So it enhances the total value of our product. We can still save our customers tremendous amounts of money on their wireless bill every month and give them more services than they're currently getting because we can package that with the products that we have. And back to what I started the conversation with Vijay with, our product bundle is superior in terms of its total capability to what others are providing in the marketplace. And so therefore, we think we can grow our business. And we look at our current mobile relationship, our MVNO, as a way to do that. But that doesn't mean that there aren't opportunities going forward technologically that we'll ultimately be able to take advantage of.

克雷格，問得好。最近也讀過你一些關於這方面的資料。我想說，我們現在是一家無線公司，在推出 MVNO 之前，我們的網路上已有超過 3 億台經過認證的設備。隨著我們逐步過渡到虛擬運營商 (MVNO) 模式，它在管理網絡方面確實存在一些限制，並且在某些方面也確實限制了我們獲得所有者經濟效益的能力，儘管我們可以通過 WiFi 將流量轉移到我們自己的網絡上，而且越來越有可能通過新的頻譜將流量轉移到我們自己的網絡上，這些頻譜也將以公共方式出售給我們，例如一些頻譜在公共的基礎，以公共方式出售，其中5. 以公共方式出售給我們。隨著行動裝置中雙 SIM 卡和 eSIM 卡等新技術的出現，像我們這樣的 MVNO 營運商可以在同一裝置上同時運行自己的網路和 MVNO 服務。這很有意思，因為這意味著我們可以做很多事情，如何管理流量，以及如何有效率地管理流量。如此一來，MVNO 服務既能滿足消費者的需求，又能讓我們以比現在更有效率的方式管理自己的網路和網路流量。但如今，我們的虛擬營運商服務有限，它最終無法實現我們想要的目標。而且——但這比我們擁有的還要多——比幾個月前我們擁有的還要多。因此，它提升了我們產品的整體價值。我們仍然可以每月為客戶節省大量的無線話費，並為他們提供比目前更多的服務，因為我們可以將這些服務與我們現有的產品打包在一起。回到我和 Vijay 開始談話的話題，我們的產品組合在整體功能上優於市面上其他公司提供的產品。因此，我們認為我們可以發展壯大我們的業務。我們認為，透過與行動虛擬網路營運商 (MVNO) 的現有合作關係來實現這一目標。但這並不意味著未來在技術上就沒有我們最終能夠利用的機會。

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。

Going back to your prepared remarks, where you talked about the integration having been disruptive to the business and that you expect to quickly see benefits in customer growth and meaningful churn benefits. Maybe you guys could just spend a minute talking about where that disruption showed up in the 2018 financials and customer metrics, so it would help us think about the improvements you should see as we head into '19. And I don't know if it makes sense, but it'll also be worth hearing from you, really, when you think this company is operating sort of full steam ahead, for lack of a better phrase, without the complexity of this integration. Is that literally January? Is it a phase-in over the course of the year? I just think helping -- without giving guidance, we can hear your enthusiasm for the business coming around the turn of the calendar, but putting maybe a little more specifics about it would be helpful.

回到您事先準備好的發言稿，您談到此次整合對業務造成了乾擾，但您預計很快就會在客戶成長和顯著降低客戶流失率方面看到成效。或許你們可以花一分鐘時間談談這種幹擾在 2018 年的財務和客戶指標中體現在哪些方面，這可以幫助我們思考在進入 2019 年時你們應該看到的改進。我不知道這樣做是否合理，但如果你認為這家公司在沒有這種複雜的整合的情況下能夠全速前進（暫且這麼說吧），那也請告訴我你的想法。那真的是一月嗎？是分階段實施，歷時一年嗎？我只是覺得，雖然不提供指導，但我們能感受到你對即將到來的業務的熱情，但如果能提供更多具體細節就更好了。

Sure, Ben. Look, I think the biggest impact on the financials in 2018 of the integration was in capital spending. And that ties into disruption in the operations, too. So let me explain. We spent a lot of money to upgrade the network to all-digital. When we purchased Time Warner Cable and Bright House, which you got to remember too was 3x the size -- Charter is 1/4 the size of the new company put together. And it had -- that new company, in most of the acquisition footprint, still had analog television on. And analog television is very fat and -- but it doesn't require a set-top box. And so it has 2 negative attributes to -- 3 negative attributes to our ultimate strategy. One, it eats up channel spectrum that we ultimately want to use for high-speed data and IP video. It has an inferior picture and without -- and in order to fix it, you have to put a set-top box on the customers' televisions, which in itself is very disruptive. So we decided that it was necessary to get the spectrum back for the long-run benefit of the business, even though it meant that we were going have to go out to millions of customers and put new set-top boxes on analog outlets, so that we could recover the spectrum. That all-digital process is completely contrary to our operating strategy, which is to provide superior products packaged in an appropriate way that takes activity out of the business, so that the overall customer relationship is less transaction intensive, and therefore, longer lived, and as a result of that, virtuous from a consumer perspective, meaning the consumer gets the products they want with less activity, they last longer, so there's more revenue per transaction. And it's a much more satisfying form of business. Completely contrary to that is to go visit millions of customer houses and put digital set-top boxes that the consumers don't necessarily want on outlets that they may not even know they have. So that was one -- that capital to buy the set-top boxes, to roll the trucks and the disruption in the operating business and the impact that has on phone [track that can] service calls, and therefore, the ability to focus on sales, all of that impacted both 2007 and 2018 -- 2017 and 2018. The other thing we did, because of the changing marketplace, we thought it was necessary to take our speeds up. We have a superior infrastructure almost everywhere we operate, and we needed to make that superior infrastructure available to our customers in terms of its capability. And so we did the 1-gig upgrade across the entire footprint in a very short period of time. That was also very capital intensive, and as a result of that, also required a lot of activity in head-ends and hubs, where we had to sort of replumb the architecture and reallocate the spectrum that we reach -- we receive back from the all-digital project to our high-speed data product. And if you think about the way Time Warner operated as independent divisions for years and years, and Bright House, these were separately built companies that had separate architectures, in many cases 50 divisions at one point. And so all of that had to be rearchitected electronically into a uniform environment. We did the same thing with our call centers, sales centers, stores. We had multiple systems -- [building] systems throughout the footprint in a very decentralized way, and we've built an infrastructure over top of all of that, so that we could operate in a uniform way. That was also very disruptive because we were changing practices for our employees, which required retraining the whole workforce. So essentially, all of that activity related to integration, and to take a very decentralized set of assets and put them into a uniform set of assets in a very customer-disruptive way, will be finished by the end of 2018. It doesn't mean there's no activity going forward in 2019. There are -- there is some, but the bulk of it, in terms of its financial impact, is behind us by the end of this year. We still have to finish the all-digital project this quarter. We still have to finish the DOCSIS 3.1 1-gig rollout this quarter. We are still putting billing systems together this quarter. And we will -- the billing system integration will follow out a little bit into 2019, but by and large, most of it's behind us. Particularly, the customer-facing disruption will be behind us by the end of this quarter. And so going forward, our ability to execute and just the pure financial impact of not having to spend all that capital on all those projects will terminate. And so it's going to be a different operating model going forward, both financially and from a physical execution perspective.

當然可以，本。我認為，2018 年整合對財務狀況影響最大的是資本支出。這也會導致營運中斷。讓我來解釋一下。我們投入了大量資金將網路升級為全數位化網路。當我們收購時代華納有線電視和Bright House時，你也要記住，Bright House的規模是現在的3倍——Charter的規模只有新公司兩者加起來的四分之一。而且，這家新公司在大部分收購區域內仍然保留著類比電視。類比電視機體積很大，而且——但是它不需要機上盒。因此，它對我們的最終策略有 2 個負面屬性——3 個負面屬性。第一，它會佔用我們最終想要用於高速資料和 IP 視訊的頻道頻譜。它的影像品質很差，而且——為了解決這個問題，你必須在客戶的電視上安裝一個機上盒，這本身就非常擾民。因此，我們認為為了企業的長遠利益，必須收回頻譜，即使這意味著我們要向數百萬客戶推廣，並在類比訊號插座上安裝新的機上盒，以便我們能夠收回頻譜。這種全數位化流程與我們的營運策略完全相反，我們的營運策略是提供包裝精美、減少業務活動的優質產品，從而降低整體客戶關係的交易強度，延長客戶關係的持續時間，最終從消費者的角度來看是良性的，這意味著消費者可以更少的活動獲得他們想要的產品，產品使用壽命更長，因此每次交易的收入更高。而且這是一種更令人滿意的商業模式。與此完全相反的做法是，挨家挨戶拜訪數百萬客戶，在他們可能都不知道自己擁有的插座上安裝消費者未必想要的數位機上盒。所以，其中一個問題是——購買機上盒的資金，以及卡車運輸的資金，還有營運業務的中斷，以及對電話服務呼叫的影響，因此，專注於銷售的能力，所有這些都對 2007 年和 2018 年產生了影響——2017 年和 2018 年。另外，由於市場變化，我們認為有必要提高速度。我們在幾乎所有營運地點都擁有先進的基礎設施，我們需要讓我們的客戶充分利用這種先進的基礎設施及其功能。因此，我們在很短的時間內就完成了整個區域的 1G 網路升級。那也是一項資本密集型項目，因此，也需要在前端和樞紐進行大量活動，我們必須重新建構架構，並重新分配我們從全數位項目獲得的頻譜，以用於我們的高速資料產品。想想時代華納多年來一直以獨立部門的形式運營，還有 Bright House，這些都是獨立建立的公司，擁有獨立的架構，在許多情況下，一度有 50 個部門。因此，所有這些都必須透過電子方式重新架構到統一的環境。我們對呼叫中心、銷售中心和門市也採取了同樣的做法。我們擁有多個系統——在整個業務範圍內以非常分散的方式建立系統，並且我們在所有這些系統之上構建了基礎設施，以便我們能夠以統一的方式運作。那也造成了很大的混亂，因為我們要改變員工的工作方式，這需要對全體員工進行再訓練。因此，基本上所有與整合相關的活動，以及將非常分散的資產集以對客戶極具顛覆性的方式整合為統一的資產集，都將在 2018 年底完成。但這並不意味著2019年不會有任何活動。確實有一些影響，但就其財務影響而言，大部分影響將在今年年底前過去。我們本季還得完成這個全數位化專案。本季我們仍需完成 DOCSIS 3.1 1G 的部署。本季我們仍在搭建計費系統。我們會繼續推進——計費系統整合工作將持續到 2019 年，但總的來說，大部分工作已經完成了。尤其是面向客戶的干擾將在本季末結束。因此，展望未來，我們執行這些專案的能力，以及不必再將所有資金投入這些專案所帶來的純粹財務影響，都將終止。因此，未來無論從財務角度或實際執行角度來看，都將採用不同的營運模式。

And what Tom was just describing, I -- it feels like 1.5 years, 2 years now, I have been talking about [nonmoney] or choppier quarter-over-quarter. We have been turning a lot of knobs and making a lot of changes, some of which have an immediate positive impact. A good example of that would be last year in fourth quarter, we started to roll out some of the streaming products, which caused some lift. On the other hand, at different stages through all the things that Tom just described, it had an impact on service transactions and churn. On the increment, that customer facing should go away in Q1. It doesn't -- are we at full steam in Q1? No, because the impact of what we've been doing over the past 2 years will stick for a little bit, but -- I don't think it will be Q1, but I think that incremental activity goes down in Q1 and starts to look better through the year.

湯姆剛才描述的那種情況，我感覺已經有 1.5 年、2 年的時間了，我一直在談論（非貨幣）或季度環比波動較大。我們進行了很多調整和改變，其中一些調整立即產生了積極的影響。一個很好的例子是去年第四季度，我們開始推出一些串流媒體產品，這帶來了一些成長。另一方面，在湯姆剛才描述的所有事情的不同階段，它對服務交易和客戶流失產生了影響。關於增量部分，面向客戶的部分應該在第一季取消。並非如此——我們第一季是否已全面啟動？不，因為我們過去兩年所做的事情的影響還會持續一段時間，但是——我不認為會在第一季度，但我認為第一季度的增量活動會下降，並在一年中逐漸好轉。

Well, the activity is going down already.

嗯，活動已經開始減少了。

Yes.

是的。

And churn is going down and -- as we would expect. And so we see the metrics -- the operating metrics and have confidence that the strategy will do what we think it will do.

人員流動率正在下降，正如我們所預期的。因此，我們看到了各項指標──營運指標，並相信該策略會達到我們預期的效果。

Yes. That's helpful. I think the questions from myself and others are all aiming at the same thing, which is we're heading towards the payoff from this acquisition, and I think people are wondering how much revenue growth benefits. The CapEx stuff, I think, is pretty straightforward, but it sounds like there has been enough in the system going on that has impacted net adds, may be even ARPU. And we're sort of going to come out of that.

是的。那很有幫助。我認為我和其他人提出的問題都指向同一個方向，那就是我們即將從這次收購中獲得回報，而人們都在想知道收入成長能帶來多大的好處。我認為資本支出方面的事情相當簡單明了，但聽起來系統內發生了很多事情，影響了淨新增用戶，甚至可能影響了每位用戶平均收入。我們終將走出困境。

Your next question comes from Mike McCormack from Guggenheim Partners.

你的下一個問題來自古根漢合夥公司的麥克‧麥科馬克。

So [maybe just a] comment. We heard, obviously, from AT&T this week, pretty weak results of DIRECTV Now and significant losses on the linear DIRECTV product. I suspect we'll see similar results from DISH as well. But just maybe your view on the overall video landscape, what you're seeing out there from the over-the-top guys. Is that going to become a slowing threat do you think? And then clearly, the losses of AT&T, is that an opportunity for you guys? Have you taken some share there?

所以（也許只是）一則評論。顯然，我們本週從 AT&T 得知，DIRECTV Now 的業績相當疲軟，線性 DIRECTV 產品也遭受了重大損失。我估計DISH也會出現類似的結果。但也許你對整個影片產業的看法，以及你從那些誇張的影片製作者那裡看到的東西。你認為這會逐漸演變成威脅嗎？那麼，AT&T的虧損對你們來說是否是一個機會呢？你在那裡持有股份了嗎？

Well, Mike, I've said all along that I thought that the shrinking of the satellite business would be -- would benefit our video business, but then you've got these other trends as well, including recently, price increases in the virtual MVPD space, which probably impacted their results too. We have had competitors in the virtual MVPD space who've been selling product below cost, it appears. And even they had to admit that, that was driven -- and raised some of their rates, which will impact the overall competitive landscape. I mean, if you'd go -- if you step up above it all and look at the whole marketplace, you still have the requirement to sell most must-have programming in fat packages. And the content companies ensure through their contracts that retailers like us carry that product in big bundles. We're not allowed to carry it without carrying other services similarly situated in the same packages or -- unless we don't want to carry it at all. And if you look at the product sets that most MVPDs have, they're similar. So that price driver and the fact that content companies have been able to price through that puts an enormous burden on a lot of people who don't -- can't really afford television. And that affects the propensity to use passwords and other things of that nature to get product without paying for it. And by the content companies going over the top, without having an experience of being distributors, they've done that in a way without securing their content, which any distributor would theoretically do if they knew what they were doing, but that hasn't been the case. So you have free service all over the country through passwords. And yes -- and it's not always that easy to deal with and you've got to deal with relatives. So there are impediments to that as well, but the reality is television can be had fairly easily without paying for it, and that's true of over-the-air TV as well. If you think about people charging retransmission fees for free over-the-air content, eventually, that drives people to get antennas. So all of those forces are still out there. On the other hand, satellite is a very high-priced single product with $100 kind of ARPUs in a world where the content is devalued. And so I think you'll see continued erosion of that business and some of that will shift to us. And the question is when you look at all of that, what's the proportion of that that comes to us?

嗯，麥克，我一直都認為衛星業務的萎縮會——會對我們的視訊業務有利，但同時還有其他一些趨勢，包括最近虛擬多頻道視訊節目分銷商（MVPD）領域的價格上漲，這可能也影響了他們的業績。看來，我們在虛擬多頻道視訊節目分銷商領域遇到了一些競爭對手，他們一直在以低於成本的價格銷售產品。甚至他們也不得不承認，這是市場驅動因素造成的——並提高了部分價格，這將影響整體競爭格局。我的意思是，如果你跳出這個框架，縱觀整個市場，你仍然需要以捆綁銷售的方式出售大多數必備節目。內容公司透過合約確保像我們這樣的零售商以大包裝的形式銷售該產品。我們不能只攜帶它，而不攜帶其他類似服務，除非我們根本不想攜帶它。如果你看一下大多數多頻道視訊節目分銷商的產品組合，你會發現它們都很相似。因此，價格因素以及內容公司能夠透過這種方式定價的事實，給許多負擔不起電視的人帶來了巨大的負擔。這會影響人們使用密碼和其他類似手段不付費取得產品的傾向。內容公司因為缺乏分銷經驗而走得太遠，導致他們沒有保障內容的安全，而任何分銷商如果知道自己在做什麼，理論上都會這樣做，但事實並非如此。所以你可以透過密碼在全國範圍內享受免費服務。是的——而且處理起來並不總是那麼容易，你還得和親戚打交道。所以這方面也存在一些障礙，但現實情況是，人們可以輕鬆地免費收看電視，無線電視也是如此。想想看，如果有人對免費的無線內容收取轉播費，最終會促使人們去安裝天線。所以所有這些力量仍然存在。另一方面，在內容貶值的世界裡，衛星電視是一種價格非常高的單一產品，平均每用戶收入 (ARPU) 約為 100 美元。所以我認為你會看到這項業務持續萎縮，而其中一部分會轉移到我們這裡。問題是，當你審視所有這些因素時，其中有多少比例最終落在了我們手中？

We clearly share that concern on the password stuff, but maybe just one follow-up, Tom, just on the mobile stuff. I think there has been maybe somewhat of a dismissive attitude on the wireless carrier side. What kind of customers -- I know it's early days, but what kind of customers are you picking up? Is it the value seekers? Is it prepaid migrations? Or is it really very quality -- high-quality customers?

我們顯然也對密碼問題感到擔憂，但湯姆，或許我還有一個後續問題，就是關於行動裝置方面的問題。我認為無線運營商方面可能存在某種輕蔑的態度。你們吸引的是哪種類型的客戶？我知道現在還為時過早，但你們吸引的是哪種類型的客戶？是那些追求價值的人嗎？這是預付費遷移服務嗎？或者，它真的非常注重品質——擁有高品質的客戶？

I can't describe that yet. I don't have enough information about the individual sales that we have. But -- look, this is a fully distributed product, mobile is. It's fully penetrated. So -- and like us, it -- everybody has one and everybody wants one. And so we think that mixing those products into our product set in the right proportions and the right prices, that the whole marketplace is available to us.

我現在還無法形容那種感覺。我沒有關於我們具體銷售情況的足夠資訊。但是——你看，這是一個完全分散的產品，行動端也是如此。它完全滲透了。所以——就像我們一樣——每個人都有一個，每個人都想要一個。因此，我們認為，只要將這些產品以合適的比例和價格融入我們的產品組合中，整個市場就向我們敞開了大門。

Next question comes from Jason Bazinet from Citi.

下一個問題來自花旗銀行的Jason Bazinet。

Just a question for Mr. Winfrey. You mentioned mobility would achieve profitability once it gets to scale. As you go through sort of all the variables, mix of customers and wholesale payments and handset revenue recognition, all that stuff, what's a reasonable bid/ask in terms of the low/high, in terms of how many subs you think you need before it does reach profitability?

我有個問題想問溫弗瑞先生。你提到過，行動旅遊產業一旦達到一定規模就能獲利。當你考慮所有變量，例如客戶組合、批發付款和手機收入確認等等，那麼合理的出價/要價是多少？在實現獲利之前，你認為需要多少用戶？

Jason, look the question of breakeven is somewhat academic because it has to be answered in the context of your growth rate. But absent additional growth costs, we expect that mobile business on a stand-alone basis, without the benefits of cable, which we think are significant, we'd expect, no growth and no benefits to cable, to reach financial breakeven around 2 million mobile lines, which would be, when you take customer relationships into account, about 5% penetration of our Internet relationships. I don't want that to be a guidance of where we're going to breakeven because the reality is we expect to be growing and continue to grow well beyond that. I also think there's meaningful benefits to cable. But as an academic or analytical framework, that gives you a sense of where the business needs to be, but it also hopefully shows our confidence around the NPV in mobile, and frankly, the level of risk that we're taking on, which I've expressed in the past is either going to be wildly profitable and very high NPV or a relatively low-cost option for the company. And we think it's going to work really well, both on the stand-alone basis as well as creating value for cable.

傑森，你看，損益平衡點的問題在某種程度上是學術性的，因為它必須結合你的成長率來回答。但如果沒有額外的成長成本，我們預計，如果行動業務不考慮有線電視帶來的好處（我們認為有線電視帶來的好處非常顯著），並且沒有成長，那麼行動業務本身在達到 200 萬條行動線路左右就能實現財務盈虧平衡。考慮到客戶關係，這大約占我們網路客戶滲透率的 5%。我不希望這成為我們實現損益平衡的指導原則，因為現實情況是，我們預期會持續成長，而且成長速度會遠遠超過這個目標。我也認為有線電視有其顯著的優勢。但作為一個學術或分析框架，它能讓你了解企業需要發展到什麼程度，同時也有望展現我們對行動領域淨現值的信心，坦白說，也展現了我們所承擔的風險水準。我過去曾表示，這種風險要么會帶來巨額利潤和非常高的淨現值，要么對公司而言是一個成本相對較低的選擇。我們認為它無論作為獨立產品還是為有線電視創造價值，都會非常有效。

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。

Another wireless question. You were talking about your interest in the CBRS spectrum, some of which will be available on a license basis. I'm curious if that's your desire to actually use and own the license spectrum. Because if that's the case, obviously, you'd have to shell out some dollars to gain access to it. So do you anticipate that, that could be significant enough of an outlay that it might disrupt your capital returns program? And then, obviously, a follow-up is, if you're going to gain access to more spectrum, you have to build it out. How does that factor into your outlook for a material improvement in your CapEx going forward?

又一個關於無線網路的問題。您之前提到您對 CBRS 頻譜感興趣，其中一些頻譜將以許可證形式提供。我很好奇你是否真的想要使用和擁有頻譜許可證。如果真是那樣的話，顯然，你得花點錢才能獲得它。所以您是否預計這筆支出會非常巨大，以至於可能會擾亂您的資本回報計劃？然後，很顯然，後續問題是，如果你想獲得更多頻譜資源，你必須進行建造。這對您未來資本支出能否取得實質改善有何影響？

Brett, first of all, we don't think that spectrum will be auctioned until 2020. And -- so from a timing perspective, that's probably the case. And one of the nice things about the way that auction will work is that it will be done on a county-by-county basis, which we were pleased to see, so that in terms of the need for that spectrum, the ability to bid on it in footprints that make sense to us as conventional cable operators makes a lot of sense. That said, there is also free spectrum available to us. And yes, there would be capital if you -- there would be cost if you bought spectrum, and there will be capital associated with it. And back to Craig's question, it's really a question about if you had an MVNO business and had a certain cost level, and you had a technological solution that was more efficient than that, gave you a return, so to speak, because you had less MVNO cost as a result of putting the capital out, that would be a good business opportunity. And so when we evaluate whether we want to buy spectrum or whether we want to put capital -- or put radios and CBRS on our strand or however we want to do the deployment or physically buy some location, we would look at the traffic and the cost of the MVNO and say to ourselves, what would the capital do from a cost perspective? If it was more efficient to spend the capital and reduce our expenditures on the MVNO, that would be a good return on investment. So we'll look at that as it comes up.

Brett，首先，我們認為頻譜拍賣要到 2020 年才會進行。所以——從時間安排的角度來看，情況可能確實如此。此次拍賣方式的一個優點是它將按縣進行，我們很高興看到這一點，因此，就頻譜需求而言，能夠按照對我們這些傳統有線電視運營商來說有意義的範圍進行競標是非常有意義的。也就是說，我們也可以免費使用頻譜資源。是的，如果你購買頻譜，就會產生資金成本，並且會涉及相關的資金投入。回到 Craig 的問題，這實際上是一個問題：如果你經營一家 MVNO 業務，並且有一定的成本水平，而你有一種技術解決方案比這種方案更高效，並且由於投入的資本減少了 MVNO 成本，從而為你帶來了回報，那麼這是否是一個很好的商機？因此，當我們評估是否要購買頻譜或投入資金——或者在我們的線路上部署無線電和CBRS，或者無論我們想如何部署或實際購買某個位置時，我們會考慮MVNO的流量和成本，並問自己，從成本的角度來看，投入資金會帶來什麼影響？如果把資金用於減少我們在虛擬營運商 (MVNO) 上的支出會更有效率，那將是一項不錯的投資回報。所以我們會視情況而定。

So your final question will come from John Hodulik from UBS.

最後一個問題將由瑞銀集團的約翰·霍杜利克提出。

First, you guys have been helpful talking about the decline in capital intensity we should see as we -- as you sort of come out of this integration tunnel. And then on the call here, I think the focus has been more on sort of the revenue impact, but if we could talk a little bit about the margin side. You've seen some margin improvement, but you still trail Comcast by about 300 bps. Should we see a corresponding sort of improving trend in terms of margin increases as we get through this integration cycle? And -- because we've talked about the OpEx spending that goes along with all-digital and sort of duplicative costs. If you could give us a little bit more color there, because it's not as evident as it is in the -- sort of the CapEx line. And then over on the business side, Chris, your comments talking about the improving revenue trends as we start annualizing some of these -- the repricing of the Time Warner Cable business segment. And I think you mentioned NaviSite and cell backhaul there as playing a role in the deceleration we saw this year. If you could just give us a little color on sort of what's happening there and sort of how it looks coming out of this repricing.

首先，你們一直在討論資本密集度下降的問題，我們應該會看到這種情況，因為我們──因為你們正逐漸走出這個一體化的隧道。然後，在這次電話會議上，我認為重點更多地放在了收入影響上，但如果我們可以稍微談談利潤率方面的話。你們的利潤率有所提高，但仍落後康卡斯特約 300 個基點。隨著整合週期的推進，我們是否會看到利潤率出現相應的改善趨勢？而且——因為我們已經討論過全數位化帶來的營運支出以及某種程度上的重複成本。如果您能再詳細解釋一下，那就太好了，因為這方面不像資本支出那部分那麼明顯。克里斯，在業務方面，你提到隨著我們開始將其中一些業務的年度化，收入趨勢正在改善——時代華納有線電視業務部門的重新定價。我認為你提到了 NaviSite 和蜂窩回傳網絡，認為它們對今年我們看到的成長放緩起到了一定作用。如果您能給我們簡要介紹一下目前的情況以及這次重新定價後的結果，那就太好了。

All right. So I'll start, John, with cost to serve and margin. As we come out of the integration, we pick up -- we do -- our margins -- all other things being equal, our margins would improve as a result of the fact that our churn is going to go down. And the reason our churn is going to go down is because our service is actually better. We're not visiting customers and creating more transactions than are necessary. Our repeat service call activity will go down, which means that there are less physical transactions per dollar of revenue or per customer relationship. If our churn goes down because our products work better and our relationship with our customer is better and more satisfying, the product mix is correct, the pricing and packaging is correct.,, Then our churn goes down because the satisfaction goes up. That means that for the same dollar of revenue with a lower churn rate, or the same customer count with a lower churn rate, you have less connects and less disconnects, which means you have less activity, which means you have lower cost. So we have expectations that we'll have significant reductions in cost to serve. And obviously, going forward, technological change, too, and the way we have put the company together from a scale perspective and our service infrastructure from a scale perspective, our ability to handle more customers more efficiently gets better through time. So we expect that we'll be able to generate faster EBITDA growth than revenue growth as a result of the satisfaction that we create through the asset deployments that we've done over the last couple of years.

好的。約翰，那我就先從服務成本和利潤率說起。隨著我們完成整合，我們的利潤率將會提高——在其他條件不變的情況下，由於客戶流失率下降，我們的利潤率將會提高。我們客戶流失率下降的原因是我們的服務確實更好了。我們不會去拜訪客戶，也不會製造不必要的交易。我們的重複服務呼叫量將會下降，這意味著每美元收入或每個客戶關係的實際交易量將會減少。如果我們的產品品質更好、與客戶的關係更好、更令人滿意，產品組合、定價和包裝都正確，那麼客戶流失率就會下降，因為客戶滿意度提高了。這意味著，在收入相同的情況下，客戶流失率更低；或者在客戶數量相同的情況下，客戶流失率更低，那麼連線數和斷線數就會更少，這意味著活動量會減少，也就意味著成本會降低。因此，我們預期服務成本將大幅降低。顯然，展望未來，技術變革以及我們從規模角度建立公司和從規模角度建立服務基礎設施的方式，都會使我們更有效率地處理更多客戶的能力隨著時間的推移而不斷提高。因此，我們預計，由於過去幾年我們透過資產部署所創造的滿意度，我們將能夠實現比收入成長更快的 EBITDA 成長。

Years. Not just a 2019 improvement, but that carries through.

年。這不僅是 2019 年的改進，而是一直延續至今。

Yes. Yes. It goes multiple years, yes.

是的。是的。是的，會持續好幾年。

John, the question regarding enterprise, so rough order of magnitude, it's a $2.5 billion business. And well over $600 million of it is cell backhaul and NaviSite, which are flattish. That's the only point that we're bringing out there, is that there's a portion of it which naturally isn't growing at the same pace as the rest of the business. The remainder is growing fast from a relationship standpoint, 15% PSU growth. But the same thing that we've done in residential, that we've done in SMB, really for the past year, we've been going to market in a more aggressive way on pricing around -- whether it's fiber Internet access or Ethernet, Metro Ethernet or voice, we have been more aggressive in the marketplace to go and try to compete and accelerate growth, which has worked. But we're doing that not only with better service, but better pricing, and that has an impact on your revenue growth rate as the existing base comes out of contract and enters into the new pricing and packaging on enterprise. So same story, just a little later start, and it's going to be more prolonged or slow in terms of where it bottoms out and returns to growth, just given the nature of the contracts that exist in enterprise.

約翰，關於企業的問題，粗略估計一下，這是一個價值 25 億美元的企業。其中超過 6 億美元用於蜂窩回傳和 NaviSite，而這兩項業務相對平坦。我們想指出的唯一一點是，其中一部分業務的成長速度自然不如其他業務那麼快。從關係角度來看，其餘部分成長迅速，PSU 成長率達 15%。但是，就像我們在住宅領域和中小企業領域所做的那樣，在過去一年裡，我們一直在以更積極的方式進行市場定價——無論是光纖互聯網接入、以太網、城域以太網還是語音服務，我們都在市場上採取了更積極的策略來參與競爭並加速增長，而這種策略已經奏效了。但我們不僅透過更好的服務，而且透過更優惠的價格來實現這一點，這將對您的收入成長率產生影響，因為現有客戶群的合約到期後，將進入企業的新定價和套餐階段。所以情況還是一樣，只是開始得晚一些，而且由於企業合約的性質，觸底反彈和恢復成長的過程也會更長更慢。

So there's one other thing I'd say about revenue growth too, just to finish that off, is that we're selling in -- we're going to be selling in mobile, which does have a higher revenue component to it, in packaging going forward. And yet, the consumer, from a total cost-to-them perspective, will be getting a savings. So we think that's a pretty interesting opportunity overall for us.

最後，關於收入成長，我還要補充一點，那就是我們未來將在行動領域銷售產品，而行動領域的收入佔比更高。然而，從消費者的總成本角度來看，他們將會節省開支。所以我們認為這對我們來說是一個非常有趣的機會。

Thanks a lot, John. Michelle, that concludes our call.

非常感謝，約翰。米歇爾，我們的通話到此結束。

All right. Thanks everybody.

好的。謝謝大家。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。