Charter Communications Inc (CHTR) 2019 Q1 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 First Quarter 2019 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2019年第一季投資人電話會議。（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 First Quarter 2019 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2019年第一季投資人電話會議。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 also our 10-Q filed this morning. We will not review those risk factors and other cautionary statements on this call. However, we encourage you to read them carefully.

在繼續之前，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 表格以及今天早上提交的 10-Q 表格。本次電話會議我們將不討論這些風險因素和其他警示性聲明。不過，我們建議您仔細閱讀。

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

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

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

在今天的電話會議中，我們將參考盈利材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 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. The most customer-impacting and capital-intensive elements of our integration behind us, we're now focused on growing our business. We're doing that by driving high quality subscriptions, reducing transactions and churn with high quality products and service and maintaining and creating product superiority with value proposition that our competitors don't provide. We performed well in the first quarter, and our 3-year effort to deliver better products at better prices via a single-operating entity with a unified product marketing and service infrastructure is beginning to pay off in our results.

謝謝你，斯特凡。我們已經完成了對客戶影響最大、資本投入最大的整合環節，現在我們將專注於發展業務。我們透過提供高品質的產品和服務來推動高品質的訂閱，減少交易量和客戶流失，並透過競爭對手無法提供的價值主張來維持和創造產品優勢，從而實現這一目標。我們在第一季表現出色，我們三年來透過單一營運實體和統一的產品行銷和服務基礎設施，以更優惠的價格提供更好的產品的努力，開始在我們的業績中取得成效。

We added over 425,000 Internet customers in the first quarter, and we created over 350,000 new customer relationships with customer growth of nearly 4% over the last 12 months. We also added 176,000 mobile lines, over 60,000 more than we added in the fourth quarter. So Spectrum Mobile is ramping quickly as expected.

第一季我們新增了超過 425,000 名網路客戶，並在過去 12 個月中建立了超過 35 萬個新的客戶關係，客戶成長率接近 4%。我們也新增了 17.6 萬條行動線路，比第四季新增的線路多了 6 萬多條。正如預期的那樣，Spectrum Mobile的業務正在快速成長。

Our cable EBITDA growth of 7%, combined with our falling capital intensity, yield a strong year-over-year free cash flow growth despite our investments in Spectrum Mobile and the onetime changes in working capital that Chris mentioned last quarter.

儘管我們對 Spectrum Mobile 進行了投資，並且 Chris 上個季度提到了營運資本的一次性變化，但我們的有線電視 EBITDA 增長了 7%，加上資本密集度的下降，使得我們的自由現金流實現了強勁的同比增長。

We have an excellent path in front of us for growth both in customer relationships and cash flow. Our core asset, our powerful, flexible and easy-to-upgrade network allows us to offer a data-rich wireline and wireless connectivity products to both consumers and businesses, and the demand for both speed and throughput on our network continues to increase, driven by more devices in the home and growth in IP video. That demand will continue to grow as new technologies and applications emerge. Monthly data usage by our residential Internet customers is rising rapidly, and monthly median data usage is over 200 gigabytes per customer. When you look at average monthly usage for customers that don't subscribe to our traditional video product, usage climbs to over 400 gigabytes per month, which compares to an average mobile usage of well under 10 gigabytes per month.

我們在客戶關係和現金流方面都擁有極佳的成長前景。我們的核心資產，即我們強大、靈活且易於升級的網絡，使我們能夠為消費者和企業提供數據豐富的有線和無線連接產品，並且隨著家庭設備增多和 IP 視頻的增長，對我們網絡速度和吞吐量的需求也在不斷增加。隨著新技術和新應用的出現，這種需求將會持續成長。我們的住宅網路用戶每月數據使用量正在迅速增長，每月平均數據使用量超過每位用戶 200 GB。對於未訂閱我們傳統視訊產品的客戶而言，平均每月使用量高達每月 400 GB 以上，而平均行動使用量則遠低於每月 10 GB。

Over 80% of our Internet customers are now in packages that deliver 100 megabits of speed or more. And 30% of our customers are on packages that deliver 200 megabits or more. We're also seeing strong demand for our Ultra product, which delivers 400 megabits, and we have gigabit service available everywhere.

超過 80% 的網路使用者現在使用的套餐速度為 100 兆位元或更高。我們有 30% 的客戶使用的是 200 兆位元或以上的套餐。我們也看到市場對可提供 400 兆位元速度的 Ultra 產品有著強勁的需求，而且我們在各地都提供千兆服務。

Despite that, we only penetrate about 50% of our passings with our Internet product today. We view that as low relative to our potential regardless of market conditions, given the importance of our connectivity services and the way we price and package them. And the fact that we have a faster, better and cost-efficient pathway to offer multi-gigabit wireline and wireless feeds in the near future. For example, in only 14 months, we launched DOCSIS 3.1, which took our speeds up to 1 gigabit across our entire footprint at a cost of just $9 per passing, enabling 1 million -- 51 million passings to receive this service. We also have the ability, at low incremental cost, to expand our existing connectivity product set. And in coming years, through what we call 10G services as our network is bandwidth-rich, fully deployed and fully powered. Today, our Spectrum Mobile product is being sold through our MVNO agreement with Verizon, and we believe that product will help drive our connectivity customer growth. We're currently testing the possibility to broaden the mobile capabilities of our network, using a combination of dual-SIM technology with unlicensed and potentially licensed spectrum, deployed in home, in business, on strand and across our 51 million passings. Any of that future development would be fully funded through a clear payback on incremental economics to our mobile business with a further goal to deliver unique and truly converged connectivity products more quickly and more efficiently than our competitors.

儘管如此，目前我們的網路產品僅滲透到我們客流量的 50% 左右。無論市場狀況如何，考慮到我們連接服務的重要性以及我們定價和打包這些服務的方式，我們認為相對於我們的潛力而言，這個價格還是偏低的。而且，我們擁有更快、更好、更有經濟高效的途徑，可以在不久的將來提供多千兆位元有線和無線傳輸。例如，我們僅用了 14 個月就推出了 DOCSIS 3.1，使我們在整個覆蓋範圍內的速度達到了 1 千兆比特，每次傳輸的成本僅為 9 美元，使 100 萬至 5100 萬次傳輸能夠享受到這項服務。我們也有能力以較低的增量成本擴展我們現有的連結產品組合。未來幾年，隨著我們的網路頻寬充足、全面部署和全面供電，我們將透過我們稱之為 10G 的服務來實現這一目標。目前，我們的 Spectrum Mobile 產品正透過與 Verizon 的 MVNO 協議進行銷售，我們相信該產品將有助於推動我們連接客戶的成長。我們目前正在測試擴展我們網路行動功能的可能性，將雙 SIM 卡技術與未經授權和可能授權的頻譜相結合，部署在家庭、企業、海灘以及我們 5,100 萬次過境中。未來的任何發展都將透過行動業務增量經濟的明確回報來獲得充分資金，其進一步目標是比競爭對手更快、更有效率地提供獨特且真正融合的連接產品。

We're also investing in other new products. In video, we recently launched our TV Essentials package and continue to drive growth of our Spectrum Stream and Choice products. And we just launched Cloud-DVR functionality for those streaming products. Spectrum Guide is now fully rolled out to all known video connects with a set-top box in over 90% of our footprint.

我們也在投資其他新產品。在影片方面，我們最近推出了 TV Essentials 套餐，並繼續推動 Spectrum Stream 和 Choice 產品的成長。我們剛剛為這些串流媒體產品推出了雲端DVR功能。Spectrum Guide 現已全面推廣至我們覆蓋區域內 90% 以上的已知機上盒視訊連接用戶。

We're beginning to offer in-app on-box upgrade capabilities. We're also working on developing a security, privacy and control product to accompany our core Internet product, which we'll discuss in more detail in the coming quarters. And in enterprise, we recently launched SD-WAN products nationally, which will help drive better selling into multisite customers. So our connectivity product set and the services we sell with them continues to expand and offer a strong penetration growth opportunities.

我們開始提供應用程式內機上盒升級功能。我們也正在開發一款安全、隱私和控制產品，以配合我們的核心網路產品，我們將在接下來的幾季中對此進行更詳細的討論。在企業領域，我們最近在全國推出了 SD-WAN 產品，這將有助於更好地向多站點客戶銷售產品。因此，我們的連接產品組合以及我們與之配套銷售的服務不斷擴展，並提供了強勁的市場滲透成長機會。

Over the last 2.5 years, we have deployed the tools we need to grow new customer relationships quickly. Our sales channels are improving their effectiveness and selling our simple, easy-to-understand Spectrum pricing and packaging, which we modified last fall to include Spectrum Mobile. We're also seeing an increase in frictionless sales and service delivery through our online sales portals, our growing self-installation program and our self-service applications.

在過去的兩年半里，我們已經部署了快速發展新客戶關係所需的工具。我們的銷售管道正在提高效率，並銷售我們簡單易懂的 Spectrum 定價和套餐，我們在去年秋天對其進行了修改，將 Spectrum Mobile 也納入其中。我們還看到，透過我們的線上銷售入口網站、不斷增長的自助安裝計劃和自助服務應用程序，銷售和服務交付變得更加便捷無摩擦。

Our operating model and infrastructure is also designed to reduce customer transaction volume and churn, and we're seeing declines in each of those metrics. Improvements have been driven by better product and pricing, less integration activity and the better service we're delivering, whether it be from our call centers or in the field. Our customer care and field operations insourcing initiatives nearly complete and continues to produce higher quality service.

我們的營運模式和基礎設施也旨在減少客戶交易量和客戶流失率，而且我們看到這些指標都在下降。改進的動力來自於更好的產品和定價、更少的整合活動以及我們提供的更好的服務，無論是透過我們的呼叫中心還是現場服務。我們的客戶服務和現場營運內部化措施已接近完成，並持續提供更高品質的服務。

Our internal IT infrastructure, which was built over the last few years, will be fully deployed by the end of this year and our self-care platform is developing on schedule. These efforts take time to fully realize but we're already witnessing a decline in service transactions, better quality service on the customer's own terms with first time resolution and less churn. So we're pleased with our progress, and our operating model designed to drive continuous improvement and long term growth in a way that works for customers, our employees, communities we serve and our shareholders.

我們過去幾年建構的內部 IT 基礎設施將在今年年底前全面部署，我們的自助護理平台也正在按計畫開發。這些努力需要時間才能完全實現，但我們已經看到服務交易量下降，客戶可以按照自己的意願獲得更高品質的服務，一次性解決問題，客戶流失率也降低。因此，我們對所取得的進展感到滿意，我們的營運模式旨在推動持續改善和長期成長，這種模式對客戶、員工、我們服務的社區和股東都有利。

Now I'll turn it over to Chris.

現在我把麥克風交給克里斯。

Thanks, Tom. Turning to our results on Slide 5. Total residential and SMB customer relationships grew by 351,000 in the first quarter and by over 1 million relationships over last 12 months. Including residential and SMB, Internet grew by 428,000 in the quarter, video declined by 145,000, wireline voice declined by 99,000, and we added 176,000 higher ARPU mobile lines. 74% of our acquired residential customers were in Spectrum pricing and packaging at the end of the first quarter. Pricing and packaging migration transactions are slowing which together with the completion of the network upgrades last year, means that in 2019, we're already seeing lower CPE spending, fewer service calls and meaningful churn benefits.

謝謝你，湯姆。請參閱投影片 5 的結果。第一季住宅和中小企業客戶關係總數增加了 351,000 個，過去 12 個月增加了超過 100 萬個關係。包括住宅用戶和中小企業用戶在內，本季網路用戶增加了 42.8 萬，視訊用戶減少了 14.5 萬，固話用戶減少了 9.9 萬，而行動用戶增加了 17.6 萬，平均每用戶收入 (ARPU) 也更高。截至第一季末，我們收購的住宅客戶中有 74% 採用的是 Spectrum 的定價和套餐。定價和打包遷移交易正在放緩，加上去年完成的網路升級，這意味著在 2019 年，我們已經看到 CPE 支出降低、服務呼叫減少以及顯著的客戶流失效益。

In residential Internet, we added a total of 398,000 customers versus 334,000 in the first quarter last year. The year-over-year improvement was primarily driven by decline in churn as our product, billing, service and collection activities improve.

在住宅網路方面，我們新增了 398,000 名客戶，而去年第一季為 334,000 名。與前一年相比，客戶流失率的下降主要得益於產品、計費、服務和收款活動的改善。

Over the last 12 months, we've grown our total residential Internet customer base by 1.2 million customers or 5.1%.

在過去的 12 個月裡，我們的住宅網路用戶總數增加了 120 萬，增幅達 5.1%。

Over the last year our residential video customers declined by 2%. Similar to Internet, we benefited from the decline in total video churn year-over-year and that was offset by lower gross -- video gross additions. Despite some video loss, we expect to continue to grow our EBITDA and cash flow at healthy rates.

過去一年，我們的住宅視訊用戶數量下降了 2%。與網路類似，我們受益於視訊用戶流失總量同比下降，但這被影片新增用戶總數的下降所抵消。儘管視訊業務有所損失，但我們預計 EBITDA 和現金流將繼續以健康的速度成長。

As part of the bundle, video drives Internet sales and reduces churn and it remains an integral part of our business strategy for connectivity services, even as it drives less stand-alone profit over time.

作為捆綁銷售的一部分，影片可以促進網路銷售並降低客戶流失率，並且仍然是我們連接服務業務策略中不可或缺的一部分，即使隨著時間的推移，它帶來的獨立利潤有所減少。

So we're focused on the full profitability and returns for customer or passing which includes video when it matters. We continue to add new services to our network and increase our revenue per passing and lower our cost per dollar revenue by adding significant value to as many customer as we can connected to our fixed network.

因此，我們專注於為客戶帶來的完整盈利和回報，包括在關鍵時刻使用影片。我們持續為我們的網路增加新服務，透過為盡可能多的連接到我們固定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。

Wireline voice, we lost 120,000 residential customers in the quarter versus a loss of 54,000 last year, driven by lower sell-in following our transition to selling mobile inside the bundle and continued fixed to mobile substitution in the market generally.

固話業務方面，本季我們流失了 12 萬戶住宅用戶，而去年同期流失了 5.4 萬戶，這主要是由於我們轉型將行動服務納入捆綁銷售後，銷售量下降，以及市場上普遍出現固定電話被行動電話替代的趨勢。

Turning to mobile, as I mentioned, we added 176,000 mobile lines in the quarter, which came from a healthy mix of both unlimited and By the Gig lines. As of March 31, we now have 310,000 lines. So mobile is ramping nicely and early results of this product launch remain promising.

說到行動業務，正如我之前提到的，本季度我們新增了 176,000 條行動線路，其中既有無限流量線路，也有按流量計費線路。截至3月31日，我們目前擁有31萬條線路。行動端發展勢頭良好，該產品發布初期的成果依然令人鼓舞。

Over time, we not only expect Spectrum Mobile to become a meaningful driver of connectivity sales and retention, we also expect it to be profitable on a stand-alone basis once it reaches scale and we believe there will be opportunities to further improve the economics of our mobile business and offer unique connectivity services.

隨著時間的推移，我們不僅期望 Spectrum Mobile 成為連接銷售和用戶留存的重要驅動力，而且我們還期望它在達到一定規模後能夠獨立盈利，我們相信未來將有機會進一步改善我們移動業務的經濟效益，並提供獨特的連接服務。

Last month we began including the fees and taxes associated with our unlimited and By the Gig packages within our existing pricing rather than as an add-on making our mobile products even easier to sell and service.

上個月，我們開始將無限流量套餐和按流量計費套餐的相關費用和稅款納入現有定價，而不是作為附加費用，這使得我們的行動產品更容易銷售和服務。

Our Bring Your Own Device program is expanding on schedule. And by the end of the second quarter, we expect BYOD to be launched across essentially all channels in the most popular devices.

我們的「自帶設備辦公」計畫正在按計畫擴展。到第二季末，我們預計 BYOD 將在幾乎所有管道和最受歡迎的設備上推出。

Over the last year, we grew total residential customers by 861,000 or 3.3%. Residential revenue per customer relationship grew by 1% year-over-year, given the lower rate of SPP migration and promotional campaign roll-off and rate adjustments. And we did gross up some wireline voice and video taxes in both revenue and expense as we did last quarter with no impact to EBITDA in the past or now. Those ARPU benefits were partly offset by a higher mix of the Internet-only customers and the higher mix of Choice and Stream within our video base.

過去一年，我們的住宅用戶總數增加了 861,000 戶，增幅為 3.3%。由於 SPP 遷移率降低、促銷活動結束和費率調整，每位客戶關係的住宅收入年增 1%。我們像上個季度一樣，將一些有線語音和視訊稅費計入了收入和支出，過去和現在都沒有對 EBITDA 產生影響。ARPU 的這些優勢部分被網路使用者佔比較高以及視訊使用者群體中 Choice 和 Stream 用戶佔比較高所抵消。

Slide 6 shows our cable customer growth, combined with our ARPU growth, resulted in year-over-year residential revenue growth of 4.2%. Keep in mind that our cable ARPU does not reflect any mobile revenue.

投影片 6 顯示，我們的有線電視用戶成長，加上 ARPU 成長，使得住宅收入較去年同期成長 4.2%。請注意，我們的有線電視用戶平均收入不包含任何行動收入。

Turning to commercial. Total SMB and enterprise revenue combined grew by 4.3% in the first quarter. SMB revenue grew by 5%, faster than last quarter as the revenue effect from the repricing of our SMB products in legacy TWC and Bright House has slowed. Sequentially, SMB ARPU was essentially flat. And over time, we expect our SMB revenue growth rate to converge with our SMB customer relationship growth rate and we've grown SMB customer relationships by about 10% in the last year.

轉向商業用途。第一季中小企業和大型企業的總收入合計成長了 4.3%。由於傳統 TWC 和 Bright House 中小企業產品重新定價帶來的收入影響有所放緩，中小企業收入成長了 5%，比上一季成長更快。從順序來看，中小企業平均每用戶收入基本上持平。隨著時間的推移，我們預計中小企業收入成長率將與中小企業客戶關係成長率趨於一致，並且在過去一年中，我們的中小企業客戶關係成長了約 10%。

Enterprise revenue was up by 3.4%. And excluding cell backhaul and NaviSite, enterprise grew by 6.1% with 11% PSU growth year-over-year. Our enterprise group is at an earlier stage of its own pricing and packaging transition similar to what we've done in our SMB and residential businesses over the last 2 years. The process of moving customers to more competitive pricing pressures enterprise ARPU in the near term. But ultimately, the revenue growth will follow the unit growth as it's beginning to do in SMB.

企業收入成長了3.4%。除去蜂巢回傳和 NaviSite，企業業務成長了 6.1%，其中 PSU 年比成長 11%。我們的企業集團目前正處於定價和包裝轉型的早期階段，這與我們過去兩年在中小企業和住宅業務中所做的類似。將客戶轉移到更具競爭力的價格體系的過程會在短期內給企業平均每用戶收入 (ARPU) 帶來壓力。但最終，收入成長將跟隨銷售成長，就像中小企業已經開始出現的情況一樣。

First quarter advertising revenue declined by little over 3% year-over-year due to less political revenue in the quarter.

由於本季政治廣告收入減少，第一季廣告收入較去年同期下降略超過 3%。

Mobile revenue totaled $140 million, with $116 million of that revenue being EIP device revenue.

行動業務收入總計 1.4 億美元，其中 1.16 億美元為 EIP 設備收入。

So in total, consolidated first quarter revenue was up 5.1% year-over-year, with cable revenue growth of 3.8% or 4.1% when excluding advertising.

因此，第一季綜合營收年增 5.1%，其中有線電視營收成長 3.8%，若不計廣告收入，則成長 4.1%。

Moving to operating expenses on Slide 7. In the first quarter, total operating expenses grew by $387 million or 5.7% year-over-year. Excluding mobile, operating expenses increased by 2%. Programming increased 4.1% year-over-year as we had a small programming benefit in the first quarter. And as I mentioned last quarter, a mid-single-digit growth rate is probably a good base line for 2019 programming cost growth.

接下來看第 7 張投影片，了解營運費用。第一季度，營運費用總額年增 3.87 億美元，增幅為 5.7%。剔除行動端費用後，營運支出增加了 2%。由於第一季節目製作略有成長，節目製作費用較去年同期成長 4.1%。正如我上個季度提到的，2019 年程式設計成本成長的中個位數成長率可能是一個不錯的基準線。

Regulatory, connectivity and produced content grew by 5%, driven by the same voice and video tax and fee gross up in revenue, video CPE devices sold to customers partly offset by a year-over-year decline in content cost, given fewer Lakers games in the first quarter of 2019 versus the first quarter of 2018.

監管、連接和內容生產增長了 5%，這主要得益於語音和視訊稅費收入的增加，以及向客戶銷售的視訊 CPE 設備，但由於 2019 年第一季湖人隊的比賽比 2018 年第一季少，內容成本同比下降，部分抵消了這一增長。

Cost to service customers declined by 1.7% year-over-year compared to 3.8% customer relationship growth. And even when excluding some bad debt improvement, cost to service customers were down slightly year-over-year. So we're meaningfully lowering our per relationship service cost, which is core to our strategy. Whether it's through insourcing, training, business process and system changes, these are all series of small improvements, which, together with our pricing and packaging and promotion structure, churn rate improvements, which take time, but ultimately drive momentum.

客戶服務成本年減 1.7%，而客戶關係成長率為 3.8%。即使不考慮一些壞帳改善情況，客戶服務成本也比前一年略有下降。因此，我們正在大幅降低每項客戶關係服務的成本，這是我們策略的核心。無論是透過內部資源整合、培訓、業務流程和系統變更，這些都是一系列小的改進，再加上我們的定價、包裝和促銷結構，可以改善客戶流失率，這需要時間，但最終會推動發展勢頭。

Cable marketing expenses declined by 2% year-over-year, and other cable expenses were up 4.8% driven by insurance and software cost.

有線電視行銷費用較去年同期下降 2%，而其他有線電視費用則上漲 4.8%，主要原因是保險和軟體成本增加。

Mobile expenses totaled $260 million and were comprised of mobile device cost tied to the EIP device revenue, market launch cost and operating expenses to stand up and operate the business, including our own personnel and overhead cost and our portion of the JV with Comcast.

行動業務支出總計 2.6 億美元，包括與 EIP 設備收入相關的行動裝置成本、市場推出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。

Cable adjusted EBITDA grew by 7% in the first quarter. And when including the mobile EBITDA startup loss of $120 million, total adjusted EBITDA grew by 4.2%.

第一季有線電視業務調整後 EBITDA 成長了 7%。如果算上行動業務 EBITDA 新創公司虧損 1.2 億美元，調整後 EBITDA 總額成長了 4.2%。

As we look to 2019, annualizing our fourth quarter 2018 mobile EBITDA loss is a good starting place for estimating our 2019 mobile EBITDA losses, subject to the same assumptions we laid out on the last call.

展望 2019 年，將 2018 年第四季行動業務 EBITDA 虧損年化，是估算 2019 年行動業務 EBITDA 虧損的一個良好起點，前提是我們上次電話會議上提出的假設相同。

Turning to net income on Slide 8. We generated $253 million of net income to Charter shareholders in the first quarter versus $168 million last year. The year-over-year increase was primarily driven by higher adjusted EBITDA, lower depreciation and amortization expense and lower merger and restructuring charges and that was partly offset by higher GAAP tax expense and noncash write-down of a legacy TWC investment and higher interest expense.

請參閱第 8 頁投影片以了解淨收入。第一季度，我們為 Charter 股東創造了 2.53 億美元的淨收入，而去年同期為 1.68 億美元。年增幅主要得益於調整後 EBITDA 增加、折舊和攤銷費用降低以及合併和重組費用降低，但部分被 GAAP 稅收支出增加、遺留 TWC 投資的非現金減值以及利息支出增加所抵消。

Turning to Slide 9. Capital expenditures totaled just under $1.7 billion in the first quarter, with our cable CapEx declining by about $600 million year-over-year. That was driven by lower CPE with less SPP migration, and as we finished all-digital last quarter, we also had lower scalable infrastructure primarily driven by the completion of our DOCSIS 3.1 upgrade in the fourth quarter and lower support spending within cable. That was partly offset by higher spend on line extensions as we continue to build out and fulfill our merger conditions, and we spent $88 million on mobile-related CapEx this quarter which is mostly accounted for in support capital and was driven by retail -- our retail footprint upgrades for mobile and software, some of which is related to our JV with Comcast.

翻到第 9 張投影片。第一季資本支出總額略低於 17 億美元，其中有線電視資本支出較去年同期下降約 6 億美元。這主要得益於 CPE 減少和 SPP 遷移減少，而且由於我們在上個季度完成了全面數位化，我們的可擴展基礎設施也減少了，這主要是由於我們在第四季度完成了 DOCSIS 3.1 升級，以及有線電視支援支出減少所致。部分抵銷了上述損失的是我們在線路擴展方面的支出增加，因為我們繼續推動業務發展並履行合併條件。本季我們在行動相關資本支出方面花費了 8,800 萬美元，其中大部分屬於支援性資本，主要由零售業務推動——我們零售通路的行動和軟體升級，其中一些與我們和 Comcast 的合資企業有關。

Annualizing our fourth quarter 2018 mobile CapEx figures remains a simple way to estimate our full year 2019 mobile CapEx. We expect mobile CapEx for the launch of our MVNO service will decline following the upgrade of our retail footprint.

將我們 2018 年第四季的行動資本支出資料按年計算，仍然是估算我們 2019 年全年行動資本支出的簡單方法。我們預計，隨著零售網路的升級，推出 MVNO 服務所需的行動資本支出將會下降。

As a reminder, for the full year 2019, our internal plan calls for roughly $7 billion of total cable CapEx in 2019 despite the usual first quarter seasonality. If we find new high-ROI projects during the course of the year or that accelerated spend on existing projects will drive faster growth, we would continue to do so. An example of mobile would be a clear payback on moving traffic onto our own network. And while that's probably not a 2019 event, it is something we'll evaluate as our mobile network develops capabilities, as Tom outlined.

提醒一下，儘管第一季通常會受到季節性因素的影響，但我們的內部計劃在 2019 年全年仍將有線電視資本支出總額控制在約 70 億美元。如果在一年中發現新的高投資報酬率項目，或加快對現有項目的投入將推動更快的成長，我們將繼續這樣做。行動通訊的一個例子就是，將流量轉移到我們自己的網路上可以帶來明顯的收益。雖然這可能不是 2019 年就會發生的事情，但正如 Tom 所概述的那樣，隨著我們的行動網路能力的提升，我們將對此進行評估。

Slide 10 shows we generated $645 million of consolidated free cash flow in this quarter, including about a $290 million of investment in a launch of mobile. Excluding mobile, we generated $936 million of cable free cash flow, up nearly $1 billion versus last year's first quarter. The year-over-year growth was driven by higher adjusted EBITDA and lower cable CapEx. And as expected, we had a negative change in cable working capital during the first quarter primarily due to a meaningful decline in our cable CapEx accruals and payables.

第 10 張投影片顯示，本季我們產生了 6.45 億美元的合併自由現金流，其中包括對行動端產品推出的約 2.9 億美元的投資。不計行動業務，我們產生了 9.36 億美元的有線電視自由現金流，比去年第一季增加了近 10 億美元。年成長主要得益於調整後 EBITDA 增加和有線電視資本支出減少。正如預期的那樣，由於有線電視資本支出應計款項和應付款項大幅下降，我們第一季的有線電視營運資本出現了負變動。

Although I expect our full year change in cable working capital would be negative, primarily because of Q1, as we move through the year the cable business should exhibit more typical quarterly working capital seasonality. And as we move to 2020 I would expect changes in our cable working capital to be neutral to be beneficial to our full year free cash flow results.

雖然我預計全年有線電視業務營運資本的變化將為負值，主要是因為第一季的情況，但隨著時間的推移，有線電視業務應該會表現出更典型的季度營運資本季節性變化。隨著我們邁入 2020 年，我預計我們的有線電視營運資本變化將保持中性，並對我們全年的自由現金流業績產生正面影響。

On the mobile side, we continue to add mobile customers which drive handset-related working capital needs. This should accelerate growth rates and we should expect to see that trend continue for the foreseeable future.

在行動業務方面，我們不斷增加行動客戶，這帶動了與手機相關的營運資金需求。這將加快經濟成長速度，我們預計這種趨勢在可預見的未來將持續下去。

On the balance sheet we finished the quarter with $73.4 billion in debt principal. Our current run rate annualized cash interest, including the impact of repaying $2 billion of TWC 8.25% notes on April 1, is now $3.8 billion.

截至本季末，我們的資產負債表顯示，債務本金為734億美元。我們目前的年化現金利息運行率，包括 4 月 1 日償還 20 億美元的 TWC 8.25% 票據的影響，現在為 38 億美元。

As of the end of the first quarter our net debt to last 12 months adjusted EBITDA was 4.43x. We intend to stay at or below the high end of our 4 to 4.5x leverage range and we include the upfront investment of mobile to be more conservative than looking at cable-only leverage. Net cable-only leverage was 4.34x at the end of Q1 and it's declining.

截至第一季末，我們的淨債務與過去 12 個月的調整後 EBITDA 比率為 4.43 倍。我們打算將槓桿倍數保持在 4 到 4.5 倍範圍的高端或以下，並且我們把移動端的預付投資也考慮在內，這樣比只考慮有線電視槓桿要保守一些。第一季末，僅有電纜股的淨槓桿率為 4.34 倍，並且正在下降。

We have strong visibility on EBITDA growth and accelerating cash flow growth, tax assets, long-dated maturities and attractive weighted average cost of debt, and we naturally delever as much as half turn per year absent buybacks. All of that suggest our current leverage is prudent. And if we see a permanent increase in our refinancing costs, a change in business outlook or investment opportunities, we can reduce the total leverage quickly and efficiently.

我們對 EBITDA 成長和加速的現金流成長、稅收資產、長期到期債務和有吸引力的加權平均債務成本有清晰的認識，而且在不進行股票回購的情況下，我們每年自然可以去槓桿化多達一半。所有這些都表明我們目前的槓桿水平是審慎的。如果我們發現再融資成本永久性增加、業務前景發生變化或投資機會發生變化，我們可以快速有效地降低總槓桿率。

During the quarter, we also repurchased 2.9 million Charter shares and Charter Holdings common units totaling about $1 billion at an average price of $330 per share. And since September of 2016, we've repurchased 20% of Charter's equity at an average price of $328 per share.

本季度，我們也以每股 330 美元的平均價格回購了 290 萬股 Charter 股票和 Charter Holdings 普通股，總計約 10 億美元。自 2016 年 9 月以來，我們已以每股 328 美元的平均價格回購了 Charter 20% 的股權。

So our operating model, network capabilities, now and in the future and our balance sheet strategy all work together over long periods of time and we expect our results to reflect a growing infrastructure assets with a lot of ancillary products to use for and sell on top of our core connectivity services with good value and service to our customers to grow cash flow with tax advantaged, levered equity returns.

因此，我們的營運模式、網路能力（現在和未來）以及資產負債表策略在長期內協同運作，我們預計我們的業績將反映出不斷增長的基礎設施資產，以及大量可用於和銷售的輔助產品，這些產品將與我們的核心連接服務相結合，為客戶提供良好的價值和服務，從而通過稅收優惠的槓桿股權回報來增加現金流。

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。

Tom, you've talked about the strategic interest in possibly getting some mid-band spectrum, and you talked about trying to get more mobile traffic on your network. Can you just talk about what the opportunities are and what the investment opportunity can be? And I don't think it's a 2019 event per se, but anything on that front would be helpful. And then very quickly for Chris. You talked about the shift in working capital? Is that something we should start seeing in 2Q, given this is a massive use of working capital in 1Q, and going forward becoming a tailwind?

湯姆，你曾談到獲得一些中頻段頻譜的戰略意義，也談到過努力讓你的網路獲得更多行動流量。能談談有哪些機會以及投資機會嗎？我不認為這是 2019 年發生的事件，但任何相關資訊都會有所幫助。然後很快就輪到克里斯了。您談到了營運資本的變化？鑑於第一季大量使用了營運資金，未來可能成為順風，我們是否應該在第二季看到這種情況？

As I said in my remarks, it probably isn't any time this year. We are doing experiments with the capability of moving traffic in an efficient way where it's economically viable to do so, which means that whatever capital investment we would make would be offset by a reduction in MVNO costs and, therefore, would be a higher return when we would do -- will we -- we would get by just expanding -- MVNO costs. So it's really a [leased] by build analysis, and -- so from a technical point of view, there are multiple spectrum opportunities, some of which are free and some of which are licensed. CBRS is what we're experimenting in and that will be available to us at no cost, at least part of it will be. And we also continue to develop WiFi and WiFi capabilities. And so there are mix of WiFi licensed and unlicensed opportunities, and they can be used in different locations. We look at really sort of 3 physical infrastructure zones, one is the home, one is on the physical plant and the other is potentially macro, tower-type Spectrum capabilities. We think that the most significant opportunity may be on our strand, but we haven't completed any of the experiments yet. And we haven't decided to deploy any capital, but that's the opportunity.

正如我剛才所說，今年可能都不會有時間。我們正在進行試驗，探索在經濟可行的情況下，以高效率的方式轉移流量的能力。這意味著，無論我們進行何種資本投資，都會被 MVNO 成本的降低所抵消，因此，當我們僅僅透過擴大 MVNO 成本來獲得更高的回報時，回報將會更高。所以這實際上是一個[租賃]建設分析，而且——從技術角度來看，有多種頻譜機會，其中一些是免費的，一些是需要許可的。我們正在試驗 CBRS 技術，而且我們將可以免費使用其中的一部分。我們也持續開發 WiFi 和 WiFi 功能。因此，既有獲得許可的 WiFi 機會，也有未獲得許可的 WiFi 機會，它們可以在不同的地方使用。我們實際上考察了 3 個實體基礎設施區域，一個是家庭，一個是物理工廠，另一個可能是宏基地台、塔式頻譜能力。我們認為最重要的機會可能就在我們研究的這條線上，但我們還沒有完成任何實驗。我們尚未決定投入任何資金，但這正是機會所在。

Vijay, on the working capital question. Taking a step back and a growing cable business, because it has longer DPO than DSO, should actually contribute cash through working capital. And so since we're a growing cable business, we expect over the longer term and full year cycles to actually generate cash flow from working capital. That wasn't the case in Q1 as we had a big step down in our capital expenditure, a big step down in our payables and accruals related to that. And so you had the onetime hit associated with unwinding that CapEx cycle. We also had that onetime benefit on the wind up. If you look back in 2016 and 2017, we actually generated $2 billion of cash flow from working capital some of which was permanent due to balance sheet management practices, some of which it was simply just by stepping up the level of capital expenditures through the integration. But now that we're done through that, it doesn't mean that quarters will have seasonality. They do, there is large seasonality in cable inside the quarters, but the seasonality will start to look a little bit more normal like it has in the past beginning in Q2. We're still making some minor changes inside the business that could have a small impact. I'll give you one example. In the business of this size, we're collecting well over $100 million a day from customer receipts. So how you end the quarter, whether it's on a weekend or not can have a big impact 1 year over another. But all that aside, the normal seasonality should start to look the same really from Q2 going forward. And when you get into 2020, the cable side of the business, working capital to the extent we're growing should actually be neutral or if not actually creating cash flow to free cash flow. That doesn't include mobile. And mobile is a function of how faster you're growing your devices and the amount of payments that you're receiving on these devices that we're financing. It's also a function of how much BYOD that you're taking on. Clearly, Bring Your Own Device not only makes it easier for consumers, it makes it easier to point of sale. Then it also reduces the load on us to have to go finance the device for that customer. And so we're pretty excited about BYOD being introduced. But if you're stepping up the amount of gross additions and some of that is including EIP-type device financing, there is going to be a short-term pressure on working capital as it relates to mobile. It's not a question of value to get the money back. Over time, it's just a question of timing.

Vijay，關於營運資金問題。從長遠來看，有線電視業務由於其 DPO 比 DSO 更長，實際上應該能夠透過營運資金貢獻現金。因此，由於我們是一家不斷發展的有線電視企業，我們預計從長遠來看，在整個年度週期內，我們能夠真正利用營運資金產生現金流。第一季的情況並非如此，因為我們的資本支出大幅下降，應付帳款和相關的應計項目也大幅下降。因此，你將面臨與結束該資本支出週期相關的一次性衝擊。我們在賽季末也享受了那次一次性福利。回顧 2016 年和 2017 年，我們實際上從營運資本中產生了 20 億美元的現金流，其中一些是由於資產負債表管理實踐而產生的永久性現金流，而另一些則僅僅是透過整合提高了資本支出水平。但現在我們已經完成了那部分工作，但這並不意味著季度就會有季節性。確實如此，有線電視業務在季度內存在很大的季節性波動，但從第二季開始，這種季節性波動將開始變得像過去一樣正常。我們仍在對公司內部進行一些小的調整，這些調整可能會產生一些小的影響。我舉個例子。在這樣規模的企業中，我們每天從客戶收據中收取超過 1 億美元的收入。所以，季度末的結束方式，無論是在週末還是其他時間，都可能對一年後的結果產生重大影響。但撇開這些不談，從第二季開始，正常的季節性變化應該會基本上恢復正常。到了 2020 年，就有線電視業務而言，如果我們持續成長，營運資本實際上應該保持中性，或至少能夠創造現金流，轉化為自由現金流。這不包括移動設備。行動端的發展速度取決於你的設備成長速度以及我們為這些設備提供的融資金額。這也取決於你採用自備設備辦公室 (BYOD) 的程度。顯然，自備設備購物不僅方便了消費者，也方便了銷售點的運作。這樣也減輕了我們為該客戶籌集設備資金的負擔。因此，我們對BYOD的推出感到非常興奮。但是，如果您增加總新增金額，其中一些包括 EIP 類型的設備融資，那麼與行動業務相關的營運資金將在短期內面臨壓力。這不是為了拿回錢而考慮價值的問題。隨著時間的推移，這只是時機問題。

Your next question comes from Craig Moffett from MoffettNathanson.

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

Two questions, if I could. First, just -- I just want to clarify your comment earlier that the current wireless -- or the wireless business will be profitable once it reaches scale. Should we assume that means under the current deal? Or is that only given the -- some of the network enhancements and moving traffic onto your own network that you've been describing in the last couple of minutes? And then if you can also just talk about the longer-term margin and CapEx trajectory for the business, Chris, I think with a CapEx guidance for this year obviously being quite a bit lower than what people might have thought a few months ago and with margins continuing to expand, where do you think those can go longer term?

如果可以的話，我想問兩個問題。首先，我只是想澄清一下你之前的評論，即當前的無線業務一旦達到規模就會盈利。我們是否應該認為這意味著在目前的協議下？或者，這只是考慮到——您在過去幾分鐘中描述的一些網路增強功能以及將流量轉移到您自己的網路上？克里斯，如果你還能談談公司長期的利潤率和資本支出軌跡，我認為，鑑於今年的資本支出預期顯然比幾個月前人們的預期要低得多，而且利潤率還在不斷擴大，你認為從長遠來看，這些指標會如何變化？

So the comments that we are making about the ability to improve the economics of the mobile business really would be opportunities. And we expect Spectrum Mobile to be profitable on a stand-alone basis without considering any of the benefits to cable and under the existing arrangement that we have with Verizon, which we quite like. We expect that all to be profitable and to add -- on the stand-alone basis and to add value to cable. So some of the opportunities that we've been talking about with the opportunities to make it even more profitable, maybe even faster and to create a unique product out there that doesn't exist today. And as Tom mentioned, we're trialing all of that. We've got trials all across the country with different versions of Spectrum, fixed, mobile, et cetera, and we're working with dual-SIM. That -- it's probably not a 2019 event. So when I talk about profitability of the business it's with the agreement we have, the relationship we have. It's working extremely well. We expect mobile to be profitable on a stand-alone basis with or without any of those opportunities.

因此，我們提出的關於改善行動業務經濟效益的建議，實際上都是機會。我們預計 Spectrum Mobile 即使在不考慮有線電視帶來的任何好處的情況下，也能在與 Verizon 現有的合作安排下實現盈利，而我們非常滿意目前的合作安排。我們預計所有這些項目都將盈利，並且無論獨立運營還是為有線電視增值。所以，我們一直在討論的一些機會，例如讓它更有利可圖，甚至更快，並創造出目前市場上不存在的獨特產品。正如湯姆所提到的，我們正在對所有這些進行試驗。我們在全國各地進行了不同版本的 Spectrum 的試驗，包括固定網路、行動網路等等，我們正在研究雙 SIM 卡。那件事——可能不是2019年發生的事。所以，當我談到企業的獲利能力時，指的是我們之間的協議和關係。效果非常好。我們預計，無論有沒有這些機會，行動業務本身就能獲利。

And profitable to Verizon as well.

對Verizon來說也是一筆可觀的利潤。

Yes. And we think it's very accretive to Verizon over time as well. As it relates to longer-term CapEx guidance, we haven't given any. And we're not known for doing that either. But what I would tell you is that the capital expenditure for cable as a percentage of revenue, we don't see anything on the horizon that doesn't cause it to continue to decline in the capital intensity as a percentage of revenue. All that comes about because the CPE environment's gotten much more efficient, meaning we need less of it, particularly on video. And a lot of that is because the integration capital is now largely behind us. And because the video product both has lower set-top boxes for traditional video household and we have streaming products and we just populated in our entire base of customers with brand-new CPE that has DOCSIS capabilities, means that the intensity of that is going to decline. So could it get into the low- double- digits? For sure. And I think that's what our plans internally contemplate. I will tell you, Craig, you think about this a lot. Cable's had the ability to continue to invent new products. So we'll work our way down on cable intensity, but there's probably revenue streams out there that nobody is modeling today that nobody's thought of today that aren't in our own business plans today. And that's been the opportunity in cable really for decades, and I don't think that goes away either.

是的。我們認為，從長遠來看，這對Verizon的收益也是非常可觀的。至於長期資本支出指引，我們尚未給予任何指引。而且我們也不是那種會這麼做的人。但我可以告訴你們的是，就有線電視的資本支出佔收入的百分比而言，我們看不到任何跡象表明，未來一段時間內，其資本密集度佔收入的百分比不會繼續下降。這一切都是因為 CPE 環境的效率大大提高，這意味著我們對 CPE 的需求減少了，尤其是在視訊方面。很大程度是因為一體化所需的資金已經基本到位。而且，由於視訊產品既有面向傳統家庭視訊用戶的低價機上盒，又有串流媒體產品，而我們剛剛為所有客戶配備了具有 DOCSIS 功能的全新 CPE，這意味著這種趨勢的強度將會下降。那麼，它有可能達到兩位數的低點嗎？一定。我認為這正是我們內部計劃的考量。克雷格，我告訴你，你常常會想到這件事。凱布爾公司有能力不斷發明新產品。所以我們會逐步降低有線電視的使用強度，但可能還有一些目前沒有人建模、沒有人想到、也沒有納入我們自身商業計畫的收入來源。幾十年來，有線電視一直面臨著這樣的機遇，我認為這種機會也不會消失。

And just one clarification. Just -- is this probably the peak spending year for wireless? Or at least the peak -- the year for peak losses? Or is that more likely to be 2020?

還有一點需要澄清。只是——今年可能是無線通訊消費的高峰年嗎？或至少是損失最嚴重的年份？或者更有可能是 2020 年？

The losses is a trickier question because it depends on how fast you're growing. And so to the extent that you're growing fast in any subscription business that's coming from a standing start, you're going to have more EBITDA losses. So I don't want to sit here today and forecast, which I could from an economic standpoint. If we were at a standstill, we weren't growing, then the answer to your question would be, yes, 2020 would be a better year, but we actually have to grow faster. And so that may put more sales and marketing pressure for -- on SAC and the ability to go acquire customers. As it relates to CapEx, the bulk of the capital expenditure should be through this year and maybe a little bit bleeding into next year as we finish our retail footprint. That's our base plan. That's the agreement that we have with Verizon. To the extent there are opportunities to build on wireless to -- had a clear payback and ROI to expand our fixed line network, our Wi-Fi network to move into small cells -- to the extent that comes about, what we've articulated really clear, there may be an investment if we end up doing that, but it will tied an ROI and payback as well as just on the cost side. And then to the extent you've got a unique product, clearly, you have revenue synergies from that as well.

虧損問題比較棘手，因為它取決於你的成長速度。因此，對於任何從零起步的訂閱業務而言，如果成長速度太快，就會出現更多的 EBITDA 虧損。所以，我今天不想坐在這裡做預測，雖然從經濟角度來看，我是可以做預測的。如果我們停滯不前，沒有發展，那麼你問題的答案就是，是的，2020 年會更好，但我們實際上必須發展得更快。因此，這可能會對銷售、行銷和客戶獲取能力帶來更大的壓力。就資本支出而言，大部分資本支出應該會在今年完成，隨著我們完成零售佈局，可能會有一小部分支出延續到明年。這是我們的基本計劃。這是我們與Verizon達成的協議。如果有機會利用無線網路擴展我們的固定線路網路和 Wi-Fi 網絡，並將其擴展到小型基地台，那麼就能獲得明顯的投資回報和收益。正如我們已經明確闡述的那樣，如果最終實現這一點，可能會有投資，但這將與投資回報以及成本掛鉤。而且，如果你的產品獨具特色，那麼顯然，你也能從中獲得收入綜效。

Next question comes from Jon Hodulik from UBS.

下一個問題來自瑞銀集團的Jon Hodulik。

So your next question will come from Jonathan Chaplin from New Street.

那麼，你的下一個問題將來自新街的喬納森·查普林。

So I think the residential results really speak for themselves. So the acceleration we're seeing in broadband, better-than-expected EBITDA and the context you gave around usage for non-video subs, I think really helps put the wireless substitution and the fixed wireless broadband thread into context for people. I'd like to just focus a little bit more on the enterprise business. So because I think you said that subscribers in SME growing at 10% and revenue growth should converge with subscriber growth. Is that 10% subscriber growth sustainable? Is that where you expect revenue growth to accelerate towards? And how sort of quickly over the course of this year should we see that acceleration happen? And then can enterprise achieve similar kinds of -- a similar kind of growth profile as SME? And I guess finally on the enterprise business, are the incremental margins for that business similar to the residential business or is there more cost associated with it?

所以我覺得住宅方面的調查結果已經足以說明一切了。因此，我們看到寬頻的加速發展、好於預期的 EBITDA 以及您提供的關於非視訊訂閱用戶使用情況的背景，我認為這確實有助於人們理解無線替代和固定無線寬頻的發展前景。我想把更多精力放在企業業務上。因為我記得你說過，中小企業用戶成長10%，營收成長應該與用戶成長同步。10% 的用戶成長率是否可持續？你預期營收成長會朝著那個方向加速嗎？那麼，今年內我們應該以多快的速度看到這種加速發展呢？那麼，大型企業能否實現與中小企業類似的成長模式呢？最後，關於企業業務，該業務的增量利潤率是否與住宅業務相似，還是存在更高的成本？

There's a lot in that, Jon. SMB, clearly, our goal is to continue to grow with those type of rates for SMB. As the business gets larger, the law of percentages mean that it's a little bit harder to do, but whether it's high- single-digit or low- double-digit, I think our view is that the SMB market is under penetrated by us and that we can bring a lot of value there.

喬恩，這裡面蘊含了很多東西。對於中小企業而言，很顯然，我們的目標是繼續以這種針對中小企業的費率發展壯大。隨著業務規模的擴大，百分比規律意味著實現起來會稍微困難一些，但無論是個位數的高位增長還是兩位數的低位增長，我認為我們的觀點是，中小企業市場的滲透率仍然很低，我們可以在那裡創造很多價值。

It's clearly under penetrated relative to residential too. And therefore we would think this has a number of years of growth in front of it.

與住宅市場相比，它的滲透率顯然也偏低。因此，我們認為它未來幾年仍有很大的成長空間。

Agreed. And in terms of the timing of when the revenue growth rate -- I mean, you've got a pretty clear graph now. If you take a look at the year-over-year growth rates, when it bottoms out, how it's accelerating. These are -- unlike the residential business, it doesn't move as fast and migrate as fast as the residential business in the business space, but it's happening and the revenue growth is accelerating. Do we think that it will be all the way back up by the end of this year to where the revenue growth rate is the same as our unit growth rate? Probably not, but probably closer. And then as you look into 2020, we may have

同意。至於收入成長率的時間點——我的意思是，現在你已經有了一個非常清晰的圖表。如果你看一下年比增速，你會發現它何時會觸底反彈，然後又是如何加速成長的。與住宅業務不同，商業領域的業務發展速度和遷移速度不如住宅業務快，但這種變化正在發生，收入成長也在加速。我們是否認為到今年年底，營收成長率會完全恢復到與銷售成長率相同的水平？可能不是，但應該更接近。展望2020年，我們可能會…

(technical difficulty)

（技術難題）

starts to look more like your customer growth rate and maybe pricing opportunities are slowing in that space over time. Enterprise is another extension of that achieving longer to work your way through that. And so we're -- I don't know if we're at the trough or approaching the trough right now on enterprise, but we think it will go through a similar cycle, those customers and longer-term contracts. And then in the -- and that business is growing at 11% PSU growth rate or actually fiber-to-core, that business, fiber connectivity is growing at a much faster pace than even that 11%. Your question about the economics. The SMB economics, when you think about a ROI or payback model looks a lot like the residential space. It's a high-transaction business. It just has a higher ARPUs and it has lower churn rate but it has a lower upfront cost, all of which means your payback is kind of inflated on every single one of the revenue cost and recurring and upfront metrics. Enterprise, highly accretive business and it has a multiyear payback because of the upfront construction cost in many cases to the extent you're having to put in brand-new fiber. And -- but it has a much higher operating margin than...

情況似乎越來越像是客戶成長率和定價機會隨著時間的推移而放緩。企業版是實現這一目標的另一個延伸，需要更長的時間才能完成這項工作。所以，我不知道我們現在在企業市場是處於低谷還是即將跌入低谷，但我們認為它將經歷類似的周期，這些客戶和長期合約都會經歷類似的週期。然後，在——而且這項業務的成長速度為 11% PSU 成長率，或實際上是光纖到核心，這項業務，光纖連接的成長速度甚至比 11% 還要快得多。你的問題是關於經濟學的。從投資報酬率或投資回收期模型的角度來看，中小企業的經濟狀況與住宅領域非常相似。這是一個高交易量的行業。它只是平均每用戶收入更高，流失率更低，但前期成本更低，所有這些都意味著你的投資回報在每項收入成本、經常性支出和前期支出指標上都會被誇大。這是企業級、高增值業務，由於前期建造成本較高（許多情況下需要鋪設全新的光纖），因此需要多年才能收回成本。但它的營業利潤率遠高於…

Higher capital.

更高的資本投入。

Higher, yes.

是的，更高。

Higher capital, higher operating margin.

更高的資本投入，更高的營業利益率。

That's right. And so what that means is that you end up with a multiyear payback as opposed to 1 or 18 months payback. But as a result, you end up with physical network infrastructure going into a building that allows the acquisition of the next customer to be acquired at a higher ROI and a better payback.

這是正確的。這意味著你需要花費數年時間才能收回投資，而不是 1 個月或 18 個月。但結果是，最終你會得到一個實體網路基礎設施，它能讓你以更高的投資報酬率和更好的回報來獲取下一個客戶。

I'm going to try to open the line of John Hodulik again.

我打算再次嘗試聯繫約翰·霍杜利克。

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

Yes, John.

是的，約翰。

Okay, great. Maybe another question on the cost side here. You guys have some guidance out there for programming costs growth. On the non-programming cost growth side you've seen some declines. Can that -- what -- can that continue to come down? And is there any sort of granularity you can provide us on some of the opportunities? You talked about moving more towards digital transaction, anything else you can give us on that line item? And then although it's small, I notice that NaviSite is providing a little bit of a headwind in terms of revenue growth. A lot of other carriers have sold their data center operations. Any chance that you guys could look to monetize that asset?

好的，太好了。或許這裡還有關於成本方面的問題。你們那邊應該有一些關於程式設計成本成長的指導意見吧。在非程式成本成長方面，已經出現了一些下降。那東西——什麼——那東西還能繼續下降嗎？您能否就某些機會提供一些更詳細的資訊？您剛才提到要更多地採用數位化交易，關於這一點您還有什麼可以補充的嗎？而且，雖然影響不大，但我注意到 NaviSite 對營收成長帶來了一些不利影響。許多其他營運商都已出售了其資料中心業務。你們有沒有可能考慮將這項資產變現？

In our cost to service, you mentioned the -- well, we have several things going on. One is lower bad debt. And I talked about that in the prepared marks. The second is that the integration is -- customer-facing integration is behind us. Our calls are coming down, truck rolls are coming down, churn is coming down. And we think there is a still early innings in terms of the momentum that we're creating there. And Tom's often talked about our move towards self-installation and online service and the amount of cost that, that can take out of the business. So I think there is a long runway for continued productivity. And the productivity -- when I say productivity, keep in mind that our customer relationship growth rate is pretty much 4%. And to the extent that you have cost to service customer is going down by 1.7%, it's close to 6% of productivity despite the fact that you have year-over-year wage increases. It's very large in that size of a business. And can I continue with that same rate? I don't know. But I think it's going to continue to get better and better on a per customer relationship basis. And the only caveat I give to that is we have sales and marketing cost which are separate. Clearly, when you have accelerated growth you're going to see sales and marketing start to move as well. But when you have brand-new customers, the cost to provision port -- to move those over that sets a cost to service. So to the extent you have a new higher base of newly acquired customers in a growth environment, that has a negative impact on your cost-to-serve. So you're going to see some of that cost-to-serve move based on our growth adds acceleration to the extent that's taking place. Your second question was around enterprise. We look at all different opportunities, what to do the business. NaviSite is an asset that was acquired by TWC, I don't know, 5, 6 years ago at least. But we don't really comment on M&A as it relates to the different assets that we have. So...

在談到我們的服務成本時，您提到了——嗯，我們目前有好幾件事要處理。一是降低壞帳率。我在準備的成績單中也談到了這一點。第二點是，面向客戶的整合已經完成。我們的電話量減少了，出車次數減少了，客戶流失率也下降了。我們認為，就我們目前所創造的勢頭而言，還處於早期階段。湯姆經常談到我們向自助安裝和線上服務轉型，以及這可以為企業節省多少成本。所以我認為，未來很長一段時間內，生產力都將保持強勁成長。至於生產力——當我談到生產力時，請記住我們的客戶關係成長率大約是 4%。即使客戶服務成本下降了 1.7%，生產力也下降了近 6%，儘管薪資逐年增加。對於一家規模如此小的企業來說，這非常大。我可以繼續保持這個速度嗎？我不知道。但我認為，就每位客戶的關係而言，情況會越來越好。我唯一要補充的是，我們的銷售和行銷成本是分開計算的。顯然，當企業加速成長時，銷售和行銷也會隨之改變。但是，當有新客戶時，連接埠配置成本——將這些客戶遷移過來——就會增加服務成本。因此，在成長環境中，新獲得的客戶數量越多，對服務成本的影響就越大。因此，你會看到，隨著我們業務的成長，服務成本的降低速度將會加快。你的第二個問題是關於企業的。我們會考慮各種不同的商機，以及如何開展業務。NaviSite是TWC收購的資產，我不知道，至少5、6年前吧。但我們不對與我們擁有的不同資產相關的併購活動發表評論。所以...

Just to editorialize on cost to serve. I do think it's a bigger opportunity than we might have thought a few years ago. And the result -- we always had a plan to have a lower cost-to-serve by improving wages, improving the quality of every service transaction we do, improving the skills of the people and the tools and the equipment that they have, so that our customer life was extended through customer satisfaction. And that in itself reduces activity in the business. A lower churn business costs less to operate than higher churn business and the way to get there is actually to spend more per transaction but make the transaction higher-quality transaction. And so our transaction volume is rapidly declining and it's declining because customer satisfaction's improved but also because we have less service activity because we operate better, which in itself is virtuous in that it also improves satisfaction. So that was always in our thinking and in our planning and why we do the integration the way we did it. But we're getting a digital good guy as well in terms of self-service capabilities, our ability to direct ship customer's equipment, have them self-install that equipment, self-provision that equipment, all of that upside from a digital economy perspective is really sort of fortuitous for us in -- since that it wasn't really in our operating planning model.

僅就服務成本發表一些評論。我認為這比我們幾年前想像的要好得多。結果是——我們始終有一個計劃，透過提高工資、提高我們所做的每一項服務交易的品質、提高員工的技能以及他們擁有的工具和設備來降低服務成本，從而透過提高客戶滿意度來延長客戶的生命週期。而這本身就會降低企業的營運活動。低流失率業務的營運成本低於高流失率業務，而實現這一目標的途徑實際上是增加每筆交易的成本，但提高交易品質。因此，我們的交易量正在迅速下降，下降的原因不僅是客戶滿意度提高了，還因為我們的營運效率提高了，服務活動減少了，而營運效率的提高本身也是良性的，因為它也提高了滿意度。所以，這始終是我們思考和計畫的一部分，也是我們採用這種整合方式的原因。但就自助服務能力而言，我們也獲得了數位化優勢，我們可以直接向客戶發貨，讓他們自行安裝設備，自行配置設備，從數位經濟的角度來看，所有這些優勢對我們來說真的是一種幸運——因為這實際上並不在我們的營運計畫模型中。

Your next question comes from Benjamin Swinburne from Morgan Stanley.

下一個問題來自摩根士丹利的本傑明·斯溫伯恩。

I have a question for Tom on broadband growth and a question for Chris. Tom, you guys are doing, I think you said 5% broadband customer growth in the last 12 months. You called out churn being a driver of that growth. When you look out, can you talk about the runway you see ahead of the business to keep that growth rate going or at least to continue to drive down churn from where you are today? And you called out something, I think you referred to as 10G services. I think I got that right, tied to connectivity. Since you mentioned it in your prepared remarks I wanted to see if you have more color on the product's roadmap. And then just for Chris, more near term, you're lapping last year's billing systems stuff, which I think impacted both customer adds and bad debt. Can you just help remind us how Q2 compared to Q1 last year so we can think about the impact in the quarter we just saw versus what's coming up?

我有一個關於寬頻發展的問題想問湯姆，還有一個問題想問克里斯。湯姆，我記得你說過你們在過去 12 個月裡寬頻用戶成長了 5%。你指出客戶流失是推動成長的因素之一。展望未來，您能否談談您認為公司未來有哪些發展空間，以維持目前的成長速度，或至少繼續降低客戶流失率？你提到了一些東西，我想你指的是 10G 服務。我覺得我理解對了，這和網路連結有關。既然您在準備好的演講稿中提到了這一點，我想了解您對該產品路線圖的更多細節。然後，就克里斯而言，就近期而言，你正在處理去年計費系統的問題，我認為這對客戶增加和壞帳都有影響。能否幫我們回顧一下去年第二季度與第一季相比的情況，以便我們思考剛剛過去的季度與即將到來的季度相比的影響？

So Ben, I'll do the 10G question, and Chris can talk about our year-over-year comps. The 10G notion is really connected to what we just accomplished in going to 1-gig. And it's the capability of a relatively inexpensive upgrade to our physical infrastructure and to provide a whole new level of service. And 10G is a set of specification that we've actually completed at CableLabs for that whole traditional cable-TV broadband industry that creates a technical pathway to upgrade plant at reasonable costs to 10-gig symmetrical service. And it will ultimately allow us to have 10-gig wireless service. In fact, all the devices we anticipate in the future being connected to our network will most likely be wireless products. And so 10G is a set of specifications to take us to a new platform. And we can build that platform incrementally through time going to 3G or 5G or 10G. And actually, a whole new set of specs are being developed to go to 25-gig capability. And we've been able to expand realistically through testing and specifications, the capacity to our network by 4x. So we're 750-megahertz capability platforms today. But we can see ourselves going to 3-gigabit capability in terms of breadth spectrum available in our infrastructure. So it's really designed as a notion to show that we have a great infrastructure platform that we can build new infrastructure platform capabilities on top of what we already have at low incremental costs and create new industry. I don't know who needs 10-gig symmetrical today, but that probably means that we have a very high compute, low latency, high capacity network and what are the services that require that? Gaming -- but new forms of entertainment that are very immersive. And new forms of education and medicine that are very immersive. And we think we are the platform of choice for the development of those future products.

那麼，本，我來回答關於10G的問題，克里斯可以談談我們與往年的比較情況。10G 的概念實際上與我們剛剛實現的 1G 速度密切相關。而且，我們能夠以相對較低的成本升級我們的實體基礎設施，並提供一個全新的服務水準。10G 是 CableLabs 為整個傳統有線電視寬頻產業制定的一套規範，它為以合理的成本將設備升級到 10G 對稱服務提供了一條技術途徑。最終，這將使我們能夠享受 10G 的無線服務。事實上，我們預期未來所有連接到我們網路的設備很可能都是無線產品。因此，10G 是一套規範，它將帶領我們進入一個全新的平台。我們可以隨著時間的推移，逐步建立這個平台，發展到 3G、5G 或 10G。實際上，為了實現 25G 的儲存能力，正在製定一套全新的規格。透過測試和規範，我們已經能夠實際地將網路容量擴大 4 倍。所以我們現在擁有的是750兆赫茲能力的平台。但就基礎設施中可用的頻譜廣度而言，我們可以看到自己能夠達到 3 Gbps 的能力。所以，它的真正設計理念是，我們擁有一個強大的基礎設施平台，我們可以以較低的增量成本，在我們已有的基礎上建立新的基礎設施平台能力，並創造新的產業。我不知道現在誰需要 10G 對稱頻寬，但這可能意味著我們需要非常高的運算能力、低延遲、高容量的網絡，那麼哪些服務需要這樣的網路呢？遊戲－但是一種非常沉浸式的新型娛樂形式。以及非常沉浸式的新型教育和醫療形式。我們認為我們是未來產品開發的理想平台。

And just on churn, Tom. Any comment on runway to keep driving that down and keep this level of broadband growth going?

湯姆，就說到攪拌器了。對於如何繼續降低通膨率並保持目前的寬頻成長水平，您有什麼看法？

Yes. Well, yes. We still think we're under penetrated both in residential and in commercial. And we think that there's a lot of opportunity for growth with superior products and high-quality products and superior service and pricing and packaging of those products. And our primary objective is to grow market share through quality. And we think there's lots of upside.

是的。是的。我們仍然認為我們在住宅和商業領域的滲透率都不夠高。我們認為，憑藉卓越的產品、高品質的產品、優質的服務以及合理的價格和包裝，公司擁有巨大的發展機會。我們的主要目標是透過提高產品品質來擴大市場份額。我們認為它有很多上漲空間。

Ben, as I said, the longer-term outlook -- and clearly, if you take a look at that results from past couple of quarters, we have momentum and we had a strong quarter in customer relationship and Internet net adds, they improved meaningfully year-over-year. In part that was driven, as you mentioned, by the high level of integration activity and disruption that we had and much of which we planned for in 2008. So in a shorter term, our goal is to accelerate relationship and financial growth in 2019. But as you think about the rest of the year, keep in mind that the 2018 quarters were less impacted by integration activity as the year progressed. And so to your point, does that mean it becomes a slightly more difficult comp over the year, yes. But we also have the benefit of the changes that we've made, the momentum that we're creating but clearly, Q1 we had a strong quarter. And our goal is to continue to get better throughout the year and longer term for all the reasons that Tom mentioned.

正如我所說，本，從長遠來看——而且很明顯，如果你看看過去幾個季度的業績，我們勢頭強勁，客戶關係和互聯網淨新增用戶方面也取得了強勁的季度業績，同比都有顯著改善。正如您所提到的，部分原因是由於我們當時高度集中的整合活動和顛覆性變革，而其中許多變革都是我們在 2008 年就計劃好的。因此，短期內，我們的目標是在 2019 年加速關係和財務成長。但當你考慮今年的剩餘時間時，請記住，隨著 2018 年的推進，各季度受整合活動的影響較小。所以，正如你所說，這是否意味著一年下來比賽難度會略微增加？是的。但我們也受益於我們所做的改變，以及我們正在創造的勢頭，顯然，第一季我們取得了強勁的業績。我們的目標是在今年乃至更長遠的時間內不斷進步，原因正如湯姆所提到的。

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。

You obviously had a strong first quarter as far as broadband and sub growth. Can you just comment on the competitive environment broadly? Are you seeing any change in competitive behavior or promotional intensity from any of your large competitors or are things pretty much stable? And then I also just wanted to ask a follow-up on margins. Excluding mobile, cable EBITDA margin improved by about 110 basis points year-over-year. Was there anything in the quarter that was temporary or unusual in this quarter's numbers relative to how you're thinking about the rest of the year?

顯然，你們第一季的寬頻業務和用戶成長都非常強勁。您能否就當前的競爭環境發表一下整體看法？您是否觀察到主要競爭對手的競爭行為或促銷強度有任何變化，還是情況基本上保持穩定？然後我還想問一下關於利潤率的問題。剔除行動業務後，有線電視業務的 EBITDA 利潤率年增了約 110 個基點。與您對今年剩餘時間的預期相比，本季的數據中是否存在任何暫時性或異常情況？

So Bryan, I think that the competitive environment hasn't changed significantly. This year, it's still very competitive. And what we're doing is improving our own products and way we operate. And I think change in our growth rate is primarily because of things we're doing not because of the way the marketplace is behaving.

所以布萊恩，我認為競爭環境並沒有顯著變化。今年競爭依然非常激烈。我們正在做的，是改進我們自己的產品和運作方式。我認為我們成長率的變化主要是因為我們所做的事情，而不是因為市場行為的方式。

And on margin, there's seasonality each year inside of the cable business based on the quarter -- quarterly connects. So if you think about Q2 as the heavy disconnect quarter or Q3 as the heavy connect quarter, both of those have been impacting margin, but that's the same year-over-year. The only thing that was unique inside of Q1 this year we had -- I mentioned as you think about future quarter's programming costs, we had a small benefit. It wasn't particularly large, but a small benefit in programming. And we -- the comments I made about our expectations for programming for this year would be in mid-single-digits, as opposed to that 4%. It's pretty small difference. But that's the only thing that was inside the quarter that I would talk right now respect. The business is getting more efficient for all the reasons that we talked about earlier on the cost-to-serve, primarily.

利潤率方面，有線電視業務每年都會根據季度出現季節性波動——季度連線數。所以，如果你把第二季度看作是嚴重脫節的季度，或者把第三季度看作是嚴重連接的季度，那麼這兩個季度都對利潤率產生了影響，但這與去年同期的情況相同。今年第一季唯一獨特的事情是——正如我之前提到的，當你考慮未來季度的程式成本時，我們獲得了一點好處。雖然影響不大，但對程式設計來說卻是個小小的幫助。而我們——我之前對我們今年節目製作的預期是五成以上的數字，而不是 4%。差別很小。但就目前而言，我只想談談這個季度內我唯一尊重的事情。由於我們之前討論過的所有原因，這項業務的效率越來越高，主要是服務成本的原因。

Your next question comes from Philip Cusick from JP Morgan.

下一個問題來自摩根大通的菲利普‧庫西克。

I guess a little bit of a follow-up. Obviously, the broadband results were great, but the video sub number is softer year-over-year. And despite the TV Essentials launch, you mentioned video gross adds were down year-over-year. Should we see this as the company deemphasizing video in some way? Or has there been a shift away from the video broadband Double Play that you were focused on in the fourth quarter?

我想稍微補充一下。顯然，寬頻用戶成長情況很好，但影片訂閱用戶數量較去年同期有所下降。儘管推出了 TV Essentials，但您提到影片廣告總收入同比下降。我們是否應該將此視為該公司在某種程度上弱化視訊業務？或者說，您是否已經放棄了第四季度重點發展的視訊寬頻雙重播放業務？

So video business has its challenges. What we've talked about a lot over the last several years, and we've said we are sort of financially indifferent to what's going on in the video business. But we still believe that video is an attractive product, that we should sell it and it should be integral to our product and help drive our core relationships. All the trends in video that have been going on continue to go on. And the issues that are knocking video growth down are the price of the big bundle and the security of the big bundle. And it's easy to get with password sharing. And we still think high priced, easy to get for free service is a hard thing to sell off. And that we continue to develop new video products and we're trying to serve the whole marketplace and be available as a video provider with a high quality integrated video service for all the customers that want to buy that service from us. So where we stand in the continuum and what our operational issues are as we begin to emphasize mobile and our packaging. Yes, those things have small effects on the general performance of the company and they probably do on our video gain. But the macro trends I think are that video is going to decline and the question is how fast. And I think with satellite declining at the rate it is, but there are opportunities for us to convert those customers into our customers along with making them our broadband customers. And so we still think that video is a driver for us in terms of customer creation, but it's prioritized in our internal operational tactics appropriately based on everything I just said.

所以影片產業也面臨挑戰。過去幾年我們一直在討論這個問題，我們也說過，我們對視訊產業正在發生的事情在經濟上漠不關心。但我們仍然認為影片是一種有吸引力的產品，我們應該銷售它，它應該成為我們產品不可或缺的一部分，並有助於推動我們的核心客戶關係。視訊領域的所有發展趨勢仍在繼續。阻礙影片成長的問題是大型套餐的價格和安全性。透過密碼共享很容易做到這一點。我們仍然認為，價格高昂但很容易免費獲得的服務很難推銷出去。我們將繼續開發新的視訊產品，努力服務整個市場，成為一家能夠為所有希望從我們這裡購買高品質整合視訊服務的客戶提供視訊服務的供應商。那麼，在我們開始重視行動端和包裝的同時，我們在這個連續體中處於什麼位置，以及我們面臨的營運問題是什麼。是的，這些因素對公司的整體業績影響不大，而且可能也會影響我們的視訊收益。但我認為宏觀趨勢是影片將會衰落，問題是衰落的速度有多快。我認為，隨著衛星電視用戶數量以目前的速度減少，我們有機會將這些用戶轉化為我們的客戶，同時讓他們成為我們的寬頻用戶。因此，我們仍然認為影片是我們在客戶開發方面的一個驅動力，但根據我剛才所說的一切，我們在內部營運策略中對其優先順序進行了適當的調整。

So as you sell a product to a new customer obviously, broadband first. And then now mobile seems to have taken some precedent in that selling process versus video?

所以，當你向新客戶銷售產品時，顯然首先要推銷的是寬頻。那麼現在看來，在銷售過程中，行動端似乎比影片行銷佔據了優先地位？

I wouldn't say it takes a precedent but it's a -- it -- mobile has its own -- we're still ramping mobile into our operation. And we're changing the nature of our Triple Play. And the price value relationship of our Triple Play as a result of mobile and it impacts the overall performance of the individual components. But video is important to us, and mobile is important to us. But they're important really as drivers of the whole relationship. And so I wouldn't prioritize one over the other.

我不會說它開創了先例，但它——它——行動端有它自己的——我們仍在將行動端逐步融入我們的營運中。我們正在改變三重奏的性質。行動技術的發展影響了我們三重播放服務的價格價值關係，進而影響了各個組件的整體表現。但影片對我們來說很重要，行動裝置對我們來說也很重要。但它們實際上是整個關係的驅動力，這一點非常重要。因此，我不會優先考慮其中一個。

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。

Maybe just a quick comment. I noticed you said taxes and fees are not included in the mobile plans, how much of an impact would that have on profitability? And I guess, Chris, if you can just sort of walk through where that's being accounted for? I presume it's just a contra-revenue line. And then secondly, just on the buyback, is this pace thing in 1Q is something we should expect to continue for the balance of the year?

就簡單說幾句。我注意到您提到行動套餐不包含稅費，這會對獲利能力產生多大影響？克里斯，我想請你簡單介紹一下這部分費用是如何計算出來的？我猜這只是一條反向獲利線。其次，關於股票回購，第一季的這種回購速度是否意味著今年剩餘時間這種速度將會持續下去？

Sorry, what was the second question that you had?

抱歉，您第二個問題是什麼？

Buyback pace.

回購速度。

With regards to buyback pacing, if 1Q is the correct run rate?

關於股票回購節奏，第一季是否是正確的運行速度？

Right. So on profitability, all-in taxes and fees was something that had always been our objective here. So it was always part of the plan. It wasn't really a new idea. It just took a while to operationally be able to implement it. So if you think about our pricing at $14 per gig and $45 for Unlimited, it had always been in our thinking that, that would be ultimately rolled out to both existing and new customers as all-in. So it's always been inside our financial plans. It is reflected similar to our voice product -- our fixed line voice, wire line voice that we have today, runs with the similar type of strategy as does all of our -- for the most part, our other products as well to be counted as a contra revenue. And if you think about mobile revenue today. In the quarter, we had $140 million of total mobile revenue, of which $116 million was device revenue. So from a run rate impact of what we've just implemented to the existing base subscribers, not particularly material. And on a go-forward basis, it was always in our plans. And we think it's actually helpful to distinguish ourselves in the marketplace relative to others.

正確的。因此，就獲利能力而言，所有稅費加起來一直是我們的目標。所以這始終都在計劃之中。這其實並不是一個新想法。只是在實際操作層面上需要一段時間才能落實。所以，如果您考慮我們每 GB 14 美元、無限量 45 美元的定價，我們一直認為，最終會以全包形式推廣給現有客戶和新客戶。所以它一直都在我們的財務計劃之內。這與我們的語音產品（我們目前的固定電話語音、有線語音）的營運策略類似，我們的其他產品也大多採用類似的策略，計入抵減收入。如果你想想如今的行動端收入。本季度，我們的行動業務總收入為 1.4 億美元，其中設備收入為 1.16 億美元。因此，從我們剛實施的措施對現有基礎訂閱用戶的運行率影響來看，並不特別重要。而從長遠來看，這始終是我們計畫的一部分。我們認為，在市場上與他人區分開來實際上是有幫助的。

On the buybacks. We don't give guidance on buybacks. And the reason we don't give guidance on buybacks is because we don't want to put a number out there that suddenly ways becomes an artificial target. And then to the extent an opportunity comes along that a better investment profile to use that cash and then turn around and be just pistol-whipped by the guidance that you gave yourself is a tough place to be in. We don't think it's the most value-enhancing way for creating value for shareholders. But I would tell you, inside the first quarter, if you think about the -- both the mobile investment that we're making as well as more importantly the working capital that we had in the cable side of the business in Q1 and then the overall leverage target guidance that we've provided, it's really those factors that drove the amount of buybacks that we did inside the first quarter and the lack of a better place for the capital in that particular quarter.

關於股票回購。我們不提供關於股票回購的指導意見。我們不給出股票回購指引的原因是，我們不想公佈一個數字，讓這個數字突然變成人為設定的目標。然後，如果出現一個更好的投資機會來利用這筆現金，結果卻被自己之前給出的建議狠狠地打擊了，那將是一種非常艱難的處境。我們認為這不是為股東創造價值最有效的方式。但我想說的是，在第一季度，如果你考慮到我們正在進行的行動投資，以及更重要的是我們在第一季度有線電視業務方面的營運資金，還有我們提供的整體槓桿目標指導，正是這些因素推動了我們在第一季度進行的股票回購數量，以及在那個特定季度沒有更好的資金用途。

Your last question for today is from Jason Bazinet from Citi.

今天的最後一個問題來自花旗銀行的Jason Bazinet。

This is maybe a little bit of strange question given your investment in active video and what you've just completed on the box side. But do you mind just updating us on sort of your thinking about licensing X1? Is that still something that is unappealing to you? And if so, do you mind just reminding us your philosophy behind that?

考慮到您在視訊領域的投入以及您剛剛在機上盒方面完成的工作，這可能是一個有點奇怪的問題。您能否簡單介紹一下您對 X1 授權的看法？你還是覺得那件事不吸引人嗎？如果是這樣的話，能否再提醒我們您背後的理念？

Well, Jason, it's -- we're down the road with our own user interface. But we have a good relationship with Comcast, and we've had discussions with them about licensing their X1 platform and their new IP video platform. And if we can make that the best platform for us, we'd certainly be willing to do that. And we think they'd be a great provider. To date, we haven't. And we like our own UI, and we like having our ability to change that UI and -- at the pace we wanted to change it. And to make it reflect our marketing strategy and consistent -- to the extent we're different from Comcast or anyone else out there we want to be able to continue to have that capability. So if we can sort of check all the boxes in terms of having complete flexibility and low cost, we could become a vendor of Comcast in terms of our platform. To date, we haven't been able to do that.

傑森，我們自己的用戶介面已經取得了進展。但我們與康卡斯特保持著良好的關係，我們已經與他們討論過授權使用他們的 X1 平台和新的 IP 視訊平台的事宜。如果能把那個打造成最適合我們的平台，我們當然願意這麼做。我們認為他們會是很好的供應商。到目前為止，我們還沒有。我們喜歡我們自己的使用者介面，我們也喜歡能夠以我們想要的速度改變這個使用者介面。為了使其反映我們的行銷策略並保持一致——儘管我們與康卡斯特或其他任何公司有所不同，但我們希望能夠繼續擁有這種能力。因此，如果我們能夠在完全靈活和低成本方面滿足所有條件，我們的平台就可以成為 Comcast 的供應商。到目前為止，我們還沒能做到這一點。

Understood. So it's more about flexibility. All right.

明白了。所以關鍵在於靈活性。好的。

Michelle, that ends our call.

米歇爾，通話到此結束。

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。

Thank you very much. Thanks, everyone.

非常感謝。謝謝大家。