Charter Communications Inc (CHTR) 2019 Q3 法說會逐字稿

Good morning. My name is Jessa, and I will be your conference operator today. At this time, I would like to welcome everyone to Charter's Third Quarter 2019 Investor Call. (Operator Instructions) Thank you.

早安.我叫傑薩，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年第三季投資人電話會議。（操作說明）謝謝。

You may begin your conference.

您可以開始會議了。

Good morning, and welcome to Charter's third quarter 2019 investor call.

早安，歡迎參加Charter公司2019年第三季投資人電話會議。

The presentation that accompanies this call can be found on our website, ir.charter.com, under the Financial Information section.

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，我們將提及我們在獲利資料中定義和調整的非GAAP指標。根據 Charter 的定義，這些非 GAAP 指標可能與其他公司使用的類似名稱的指標不具可比性。

Please also note that all growth rates noted on this call and in the presentation are calculated on a year-over-year basis, unless otherwise specified.

另請注意，除非另有說明，本次電話會議和簡報中提及的所有成長率均按同比計算。

On today's call, we have Tom Rutledge, Chairman and CEO; and Chris Winfrey, our CFO.

在今天的電話會議上，我們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, let's turn the call over to Tom.

那麼，我們把電話交給湯姆吧。

Good morning. Our product and service strategy is working well across all our service areas, and the benefits of the recently completed large integration are being realized through accelerated customer relationship growth, lower service transactions per customer, declining capital -- cable CapEx intensity and significant free cash flow generation. Although our product mix is different today than it was several years ago, we're driving customer relationship growth given our superior products, pricing and network, combined with execution capabilities that continue to improve.

早安.我們的產品和服務策略在所有服務領域都運作良好，最近完成的大規模整合帶來的好處正在透過加速客戶關係成長、降低每位客戶的服務交易量、降低資本支出強度（有線電視資本支出）和產生大量自由現金流來實現。儘管我們今天的產品組合與幾年前有所不同，但憑藉我們卓越的產品、價格和網絡，以及不斷提高的執行能力，我們正在推動客戶關係的成長。

In the third quarter, we had a net gain of 310,000 customer relationships, with customer growth of 4% over the last 12 months. We also added 380,000 Internet customers in the quarter and 100 -- 1.4 million Internet customers over the last year. And we added 206,000 -- 276,000 mobile lines, up from 208,000 additions last quarter.

第三季度，我們淨增客戶關係 310,000 個，過去 12 個月客戶成長率為 4%。本季我們新增了 38 萬網路用戶，過去一年新增了 100 萬至 140 萬網路用戶。我們新增了 206,000 至 276,000 條移動線路，高於上一季的 208,000 條。

We grew cable adjusted EBITDA by 5%, which, combined with our lower cable capital expenditures, yielded strong year-over-year cable free cash flow growth of nearly $850 million or 125% in the third quarter.

我們有線電視業務調整後 EBITDA 成長了 5%，加上有線電視業務資本支出減少，第三季有線電視業務自由現金流年增近 8.5 億美元，增幅達 125%。

Our consolidated free cash flow was up nearly $750 million, even including our investment in Spectrum Mobile.

即使算上我們對 Spectrum Mobile 的投資，我們的合併自由現金流也增加了近 7.5 億美元。

Now for high-quality products packaged with good service and attractive pricing, which is our core strategy, that approach works with customers and leads to improving relationship growth rates, profitability and cash flow over long periods of time. We continue to improve our products and service and, as a result of our pricing migration strategy, 85% of our residential Internet customers received 100 megabits and higher speeds. And over the past 2 months, we raised our minimum Spectrum Internet speed from 100 megabits to 200 megabits in a number of additional markets. We now offer minimum speeds of 200 megabits in approximately 60% of our footprint, up from 40% previously. We continue to offer 400 megabits, our Ultra product and our gigabit speed tiers across our entire footprint.

現在，我們以高品質的產品、良好的服務和有吸引力的價格為核心策略，這種方法能夠贏得客戶的信任，並在長期內提高客戶關係成長率、獲利能力和現金流。我們不斷改進產品和服務，並且由於我們的價格調整策略，85% 的住宅網路用戶獲得了 100 兆位元及更高的速度。在過去的兩個月裡，我們在多個其他市場將 Spectrum 網路的最低速度從 100 兆位元提高到了 200 兆位元。現在，我們在約 60% 的覆蓋區域內提供最低 200 兆位元的網路速度，高於先前的 40%。我們將繼續在我們所有服務區域提供 400 兆比特、Ultra 產品和千兆速度套餐。

Demand for speed throughput and low latency, uniquely offered to our network today, continues to increase. That demand will continue to grow as more devices attach to our network, more IP video is consumed, online gaming continues to grow and new technology and applications emerge.

我們網路目前獨有的高速吞吐量和低延遲需求持續成長。隨著越來越多的設備連接到我們的網絡，IP視訊消費量不斷增長，線上遊戲持續發展，以及新技術和應用的湧現，這種需求將會持續增長。

And our network will evolve from an already low latency DOCSIS 3.1 to 10 gig symmetrical, an upgrade path we control and at relatively low incremental capital cost.

我們的網路將從低延遲的 DOCSIS 3.1 升級到 10 Gbps 對稱網絡，這是一個我們可控的升級路徑，而且增量資本成本相對較低。

Monthly data usage continues to rise rapidly. Our non-video Internet customers use over 450 gigabytes per month, which compares to average mobile usage of well under 10 gigabytes per month. That translates to a 50x price per gig value advantage with truly unlimited service, high throughput and reliability to all devices in the home and business.

每月數據使用量持續快速成長。我們的非視訊網路使用者每月使用超過 450 GB 的流量，相較之下，行動用戶的平均每月流量使用量遠低於 10 GB。這意味著每 GB 的價格優勢可達 50 倍，同時也能為家庭和企業中的所有裝置提供真正無限量的服務、高吞吐量和可靠性。

In mid-October, we launched our advanced in-home WiFi in Austin, Texas. Given our network software operating platform and top-rated self-support tool, we are in a unique position to provide enhanced security, privacy and control over all IP devices in our customer's home, easily managed by customers in a single app, while simultaneously delivering a superior customer experience through better in-home WiFi coverage and managed WiFi solutions through dynamic band switching and channel optimization within the bands. And over time, we plan to roll this product out to our entire footprint, starting with additional markets in late 2019.

10月中旬，我們在德州奧斯汀推出了先進的家庭WiFi服務。憑藉我們的網路軟體作業系統平台和一流的自助支援工具，我們擁有獨特的優勢，能夠為客戶家中所有 IP 設備提供增強的安全性、隱私性和控制力，客戶只需一個應用程式即可輕鬆管理這些設備；同時，透過動態頻段切換和頻段內通道優化，提供更好的家庭 WiFi 覆蓋範圍和管理型 WiFi 解決方案，從而提供卓越的客戶體驗。隨著時間的推移，我們計劃將產品推廣到我們所有的業務區域，首先從 2019 年底的其他市場開始。

Our self-installation program continues to ramp quickly with customer self-installations now representing 50% of our sales volume.

我們的自助安裝計劃持續快速發展，客戶自助安裝目前已占我們銷售額的 50%。

Turning briefly to video. Over 90% of the time, when we sell video, it is packaged with Internet. And it's an important attribute to our selling proposition for fixed and mobile connectivity services. And yet, pricing and lack of security continues to be the main problems contributing to the challenges of paid video growth.

接下來簡單介紹一下影片。90% 以上的影片銷售都是與網路捆綁銷售的。這是我們固定和行動連線服務銷售主張中的一個重要優勢。然而，定價和安全問題仍然是導致付費視訊成長面臨挑戰的主要因素。

Turning to mobile. Our Spectrum Mobile products continue to perform well and our accelerating mobile line net adds are very encouraging. In the third quarter, Bring Your Own Device capabilities became fully available across all of our sales channels and in all devices. And we've recently launched Spectrum Mobile services to small and medium business customers in all channels. Mobile remains a key area of our focus for Charter going forward, and we are uniquely positioned to take advantage of wireline and wireless network convergence over time with our fully distributed wireline network, ultimately positioning us for long-term growth under the operating strategy I mentioned at the beginning of today's call, superior products, good service and attractive pricing.

轉向移動端。我們的 Spectrum Mobile 產品表現持續良好，行動線路淨成長速度加快，非常令人鼓舞。第三季度，自帶設備 (BYOD) 功能已全面涵蓋我們所有的銷售管道和所有設備。我們最近針對所有通路的中小型企業客戶推出了 Spectrum Mobile 服務。行動業務仍然是Charter未來發展的一個重點領域，憑藉我們完全分散的有線網絡，我們擁有獨特的優勢，可以隨著時間的推移充分利用有線和無線網絡的融合，最終按照我在今天電話會議開始時提到的運營戰略——卓越的產品、良好的服務和有吸引力的價格——實現長期增長。

Now I'll turn it over to Chris.

現在我把麥克風交給克里斯。

Thanks, Tom. Before covering our results, one administrative item. On September 6, we closed the sale of NaviSite, a managed cloud services business within Spectrum Enterprise. We've not prepared pro forma financials. However, for the next few quarters, I'll discussed enterprise revenue growth, including and excluding NaviSite. On an annual basis, NaviSite generated roughly $150 million in revenue, and its impact on our EBITDA and CapEx was not material.

謝謝你，湯姆。在公佈我們的結果之前，先說明一項行政事項。9 月 6 日，我們完成了 NaviSite 的出售，NaviSite 是 Spectrum Enterprise 旗下的託管雲端服務公司。我們尚未編制預測財務報表。不過，在接下來的幾個季度裡，我將討論企業營收成長情況，包括和不包括 NaviSite 的情況。NaviSite 每年創造約 1.5 億美元的收入，對我們的 EBITDA 和資本支出沒有重大影響。

Turning to our results on Slide 5. We grew total residential and SMB customer relationships by over 1.1 million in the last 12 months and by 310,000 in the third quarter. Including residential and SMB, we grew our Internet customers by 380,000 in the quarter and by 1.4 million or 5.6% over the last 12 months. Video declined by 75,000, wireline voice declined by 190,000, and we added 276,000 higher ARPU mobile lines.

請參閱投影片 5 的業績。在過去的 12 個月中，我們的住宅和中小企業客戶關係總數增加了 110 萬多，第三季增加了 31 萬。包括住宅用戶和中小企業用戶在內，本季我們的網路用戶增加了 38 萬，過去 12 個月增加了 140 萬，增幅達 5.6%。視訊用戶減少了 75,000 人，固話用戶減少了 19 萬人，但我們新增了 276,000 條 ARPU 更高的行動線路。

84% of our residential customers, including Legacy Charter, were on Spectrum pricing and packaging at the end of the third quarter. And Residential customer relationship growth accelerated to 3.7% year-over-year driven primarily by higher growth at Legacy TWC and Legacy Charter, with Legacy Bright House remaining the fastest growing.

第三季末，我們 84% 的住宅客戶（包括 Legacy Charter 用戶）都採用了 Spectrum 的定價和套餐服務。住宅客戶關係成長加速至年增 3.7%，主要得益於 Legacy TWC 和 Legacy Charter 的較高成長，而 Legacy Bright House 仍然是成長最快的。

In residential Internet, we added a total of 351,000 customers in the quarter, better than last year's third quarter, resulting in residential Internet customer growth of 5.4% year-over-year driven by continued lower churn and improved connect performance.

在住宅網路方面，本季我們新增了 351,000 名客戶，比去年第三季有所成長，住宅網路客戶年增 5.4%，主要得益於客戶流失率持續下降和連線效能的提升。

Over the last year, our residential video customers declined by 2.6%. Similar to Internet and overall relationship churn, we benefited from a decline in total video churn year-over-year, but that was more than offset by lower video gross additions.

過去一年，我們的住宅視訊用戶數量下降了 2.6%。與網路和整體關係流失類似，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數量的減少所抵消。

In wireline voice, we lost 213,000 residential customers in the quarter driven by lower sell-in following our transition to selling mobile in the bundle and continued fixed to mobile substitution in the market generally.

在固話業務方面，由於我們轉型將行動電話業務捆綁銷售，導致銷量下降，以及市場上普遍出現固定電話被行動電話業務取代的趨勢，本季度我們失去了 213,000 名住宅用戶。

Turning to mobile. We added 276,000 mobile lines in the quarter versus 208,000 in the second quarter, a nice acceleration. As of September 30, we had 794,000 lines with a healthy mix of both Unlimited and By the Gig lines.

轉向移動端。本季我們新增了 27.6 萬條行動線路，而第二季為 20.8 萬條，這是一個不錯的成長。截至 9 月 30 日，我們有 794,000 條線路，其中無限流量線路和按流量計費線路的比例均衡。

So we're pleased with the trajectory of Spectrum Mobile with less EBITDA loss per line as the business scales to the expected standalone profitability, even at an accelerating net addition rate. But more importantly, the cable connectivity service benefits and converged platform objectives we've laid out.

因此，我們對 Spectrum Mobile 的發展軌跡感到滿意，隨著業務規模擴大到預期的獨立盈利能力，即使淨新增用戶速度加快，每條線路的 EBITDA 虧損也減少了。但更重要的是，我們已經制定了有線連接服務優勢和融合平台目標。

Over the last year, we grew total residential customers by 974,000 or 3.7%. Residential revenue per customer relationship grew by 0.8% year-over-year given a lower rate of SPP migration and promotional campaign roll-off and previous rate adjustments. Those ARPU benefits were partly offset by a higher mix of nonvideo customers, higher mix of Choice and Stream customers within our video base and $30 million lower pay-per-view revenue year-over-year.

過去一年，我們的住宅用戶總數增加了 974,000 戶，增幅為 3.7%。由於 SPP 遷移率降低、促銷活動結束以及先前的費率調整，每位客戶關係的住宅收入年增 0.8%。ARPU 的這些收益部分被非視訊客戶比例較高、視訊客戶群中 Choice 和 Stream 客戶比例較高以及按次付費收入同比減少 3000 萬美元所抵消。

Slide 6 shows our cable customer growth, combined with our ARPU growth, resulted in accelerating year-over-year residential revenue growth of 4.4%. Keep in mind that our cable ARPU does not reflect any mobile revenue today.

投影片 6 顯示，我們的有線電視用戶成長，加上 ARPU 的成長，使得住宅收入較去年同期成長 4.4%。請注意，我們目前的有線電視ARPU值不包含任何行動收入。

Turning to commercial. SMB revenue grew by 5.7%, faster than last quarter as the revenue effects from the repricing of our SMB products in Legacy TWC and Bright House continues to slow. SMB customer relationships grew by 7.7% year-over-year, still healthy growth, but we're increasing speeds and modifying some promotions to reaccelerate SMB relationship growth.

轉向商業用途。由於 Legacy TWC 和 Bright House 中小企業產品重新定價帶來的收入影響持續放緩，中小企業收入成長了 5.7%，比上一季成長更快。中小企業客戶關係年增 7.7%，仍保持健康成長，但我們正在加快速度並調整一些促銷活動，以重新加速中小企業關係的成長。

Enterprise revenue was up by 1.8% year-over-year or 4.4%, excluding NaviSite from both quarters given the divestiture. Excluding both cell backhaul and NaviSite, enterprise grew by 7.1% with nearly 9% PSU growth year-over-year. And so while our retail products and enterprise are growing fast, our wholesale business, including cell backhaul, is not, which is factoring into the relative growth rate.

由於剝離了 NaviSite，兩個季度均不計入 NaviSite 的收入，企業收入年增 1.8% 或 4.4%。在剔除蜂窩回傳和 NaviSite 後，企業業務成長了 7.1%，其中 PSU 年成長近 9%。因此，雖然我們的零售產品和企業業務成長迅速，但我們的批發業務（包括蜂巢回傳）卻沒有成長，這影響了相對成長率。

Third quarter advertising revenue declined by 10.6% year-over-year due to less political revenue in 2019. Our nonpolitical revenue grew by over 5% year-over-year primarily due to our advanced advertising capabilities and our recent abilities to efficiently sell highly viewed, long-tailed inventory using our own anonymized, much more detailed viewing data.

由於 2019 年政治收入減少，第三季廣告收入較去年同期下降 10.6%。由於我們先進的廣告能力以及最近利用我們自己的匿名化、更詳細的觀看數據高效銷售高觀看量、長尾廣告資源的能力，我們的非政治收入同比增長超過 5%。

Other revenue declined by 5.6% year-over-year driven by lower home shopping revenues related to video subscriber declines and lower late fees driven by lower nonpay churn, partly offset by video CPE sold to customers.

其他收入較去年同期下降 5.6%，主要原因是視訊用戶減少導致家庭購物收入下降，以及非付費用戶流失率降低導致滯納金減少，但部分被售給客戶的視訊 CPE 所抵消。

Mobile revenue totaled $192 million with $123 million of that revenue being device revenue.

行動業務收入總計 1.92 億美元，其中設備收入為 1.23 億美元。

In total, consolidated third quarter revenue was up 5.1% year-over-year or 5.3% when excluding NaviSite. Cable revenue growth was 3.5% or 4.3% when excluding NaviSite and advertising.

第三季綜合營收年增 5.1%，若不計入 NaviSite，則年增 5.3%。有線電視收入成長3.5%，若不計入NaviSite和廣告收入，則成長4.3%。

Moving to operating expenses on Slide 7. In the third quarter, total operating expenses grew by $423 million or 6.1% year-over-year. Excluding mobile, operating expenses increased 2.6%. Programming increased 0.4% year-over-year due to higher rates, and that was offset by higher video subscriber decline -- or video subscriber decline of 2.3% resi and SMB year-over-year. It was also offset by a higher mix of lighter video packages, such as Choice and Stream, and lower pay-per-view expenses year-over-year tied to the $30 million lower pay-per-view revenue that I mentioned.

接下來是投影片 7 的營運費用。第三季度，營運費用總額年增 4.23 億美元，增幅為 6.1%。剔除行動端費用後，營運支出增加了2.6%。由於費率上漲，節目製作費用同比增長 0.4%，但視訊用戶數量同比下降 2.3%（居民用戶和中小企業用戶同比下降），抵消了這一增長。此外，由於 Choice 和 Stream 等輕量級視訊方案的比例較高，以及與我提到的 3000 萬美元付費觀看收入減少相關的按次付費觀看支出同比下降，部分抵消了上述影響。

Regulatory, connectivity and produced content grew by 12.3% driven by franchise and regulatory fees, original programming costs and costs of video CPE sold to customers, in that order. Costs to service customers grew by 2.2% year-over-year compared to 4% customer relationship growth. Excluding bad debt, costs to service customers were essentially flat. The elevated amount of bad debt in the quarter relates to billing simplification changes we made earlier this year, which pushed out the timing of previous cash collections and resulted in a higher account balance for disconnects and higher bad debt provision in the third quarter.

監管、連接和製作內容增長了 12.3%，其主要驅動力依次為特許經營費和監管費、原創節目成本以及向客戶銷售的視訊 CPE 成本。客戶服務成本年增 2.2%，而客戶關係成長率為 4%。剔除壞帳後，客戶服務成本基本持平。本季壞帳金額較高與我們今年稍早進行的帳單簡化變更有關，這推遲了先前的現金收款時間，導致第三季斷網帳戶餘額較高，且壞帳準備金也較高。

So we're meaningfully lowering our per relationship service cost through a number of operating, quality and efficiency improvements, which is core to our strategy. Key metrics, like calls per customer, truck rolls per customer and churn, all continue to move in the right direction. And as Tom mentioned, customer self-installations represented 50% of our sales volume in the third quarter.

因此，我們透過一系列營運、品質和效率的改進，大幅降低了每項客戶關係服務的成本，這是我們策略的核心。關鍵指標，如每位客戶的通話次數、每位客戶的上門服務次數和客戶流失率，都在朝著正確的方向發展。正如湯姆所提到的，客戶自行安裝占我們第三季銷售額的 50%。

Cable marketing expenses increased by 0.4% year-over-year. And other cable expenses were up 6.7% driven by software costs, enterprise labor costs and insurance. Mobile expenses totaled $337 million and were comprised of mobile device costs tied to the device revenue, subscriber acquisition and usage 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.

有線電視行銷費用較去年同期成長0.4%。受軟體成本、企業人工成本和保險費用的推動，其他有線電視支出增加了 6.7%。行動業務支出總計 3.37 億美元，包括與設備收入相關的行動裝置成本、用戶獲取和使用成本以及建立和運營業務的營運費用，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。

When including the mobile EBITDA startup loss of $145 million, total adjusted EBITDA grew by 3.4% in the quarter. Cable adjusted EBITDA grew by 5% in the third quarter, including a roughly 1.7% negative growth rate impact from advertising revenue, net of its associated expense in both periods. Similarly, cable margin expansion year-over-year would have been 90 basis points versus the 60 basis points we're showing today, excluding the effect of advertising sales.

如果計入行動業務 EBITDA 新創公司虧損 1.45 億美元，則該季度調整後 EBITDA 總額成長了 3.4%。第三季有線電視業務調整後 EBITDA 成長了 5%，其中包括廣告收入約 1.7% 的負成長率影響（扣除相關費用後），這兩個季度都是如此。同樣，如果不計入廣告銷售的影響，有線電視利潤率同比擴張幅度本應為 90 個基點，而我們今天看到的是 60 個基點。

Turning to net income on Slide 8. We generated $387 million in net income attributable to Charter shareholders in the third quarter versus $493 million last year. The year-over-year decline was primarily driven by a non-cash pension remeasurement gain in the year -- prior year period and higher interest expense, partly offset by higher adjusted EBITDA and lower depreciation and amortization expense.

接下來看投影片 8 的淨收入。第三季歸屬於 Charter 股東的淨收入為 3.87 億美元，而去年同期為 4.93 億美元。年減的主要原因是去年同期非現金退休金重新計量收益和利息支出增加，部分被調整後 EBITDA 增加和折舊攤提費用降低所抵銷。

Turning to Slide 9. Capital expenditures totaled $1.65 billion in the third quarter with our cable CapEx declining by over $500 million year-over-year driven by lower CPE and installation CapEx due to fewer SPP migrations year-over-year and the completion of all-digital in 2018. There's also the positive capital effect of increasing self-installations, lower video sales and a higher mix of boxless video outlets.

翻到第 9 張投影片。第三季資本支出總計 16.5 億美元，其中有線電視資本支出年減超過 5 億美元，原因是 SPP 遷移數量年減，導致 CPE 和安裝資本支出下降，以及 2018 年全面數位化完成。此外，自助安裝量的增加、視訊銷售的下降以及無機上盒視訊商店比例的上升也帶來了積極的資本效應。

Scalable infrastructure also declined driven by the completion of DOCSIS 3.1 last year and the associated benefit -- bandwidth benefit in 2019.

可擴展基礎設施也因去年 DOCSIS 3.1 的完成以及相關的收益（2019 年的頻寬收益）而下降。

Support spending for cable was also lower driven by declining investments related to insourcing and integration. We did spend $100 million in mobile-related CapEx this quarter, which is mostly accounted for in support capital and was driven by retail footprint upgrades for mobile and software, some of which is related to our JV with Comcast.

由於與內部資源整合相關的投資減少，有線電視支援支出也隨之下降。本季我們在行動相關資本支出方面投入了 1 億美元，其中大部分用於支援性資本，主要由行動和軟體零售通路升級推動，部分與我們和 Comcast 的合資企業有關。

Despite likely spending a bit less than the $7 billion of total capital cable CapEx in 2019, we expect our cable CapEx intensity to continue to decline next year. As a percentage of revenue, we're becoming very efficient with capital expenditures, despite our continued product, network and service quality investments.

儘管我們預計明年有線電視資本支出強度將略低於 2019 年 70 億美元的總資本支出，但我們預計明年的有線電視資本支出強度將持續下降。儘管我們不斷增加對產品、網路和服務品質的投資，但我們在資本支出方面，從收入佔比來看，效率卻非常高。

As Slide 10 shows, we generated nearly $1.3 billion of consolidated free cash flow this quarter, including just over $250 million of investment in the launch of mobile. Excluding mobile, we generated over $1.5 billion of cable free cash flow, up nearly $850 million versus just last year's third quarter.

如投影片 10 所示，本季我們產生了近 13 億美元的合併自由現金流，其中包括對行動端推出的 2.5 億美元投資。不計行動業務，我們產生了超過 15 億美元的有線電視無現金流，比去年第三季增加了近 8.5 億美元。

We finished the third quarter with $74.2 billion in debt principal. Our current run rate, annualized cash interest, pro forma for financing activity completed in October is $3.9 billion.

第三季末，我們的債務本金為742億美元。我們目前的營運率、年化現金利息、10 月完成的融資活動的備考金額為 39 億美元。

As of the end of the third quarter, our net debt to the last 12-month adjusted EBITDA was 4.47x. We intend to stay at or just below the high end of our 4x to 4.5x leverage range. And when calculating our leverage, we include the upfront investment in mobile to be more conservative than looking at cable-only leverage, which was 4.34x at the end of Q3.

截至第三季末，我們的淨債務與過去 12 個月調整後的 EBITDA 比率為 4.47 倍。我們打算將槓桿倍數保持在 4 倍至 4.5 倍範圍的上限或略低於上限。在計算槓桿率時，我們把行動端的預投資也考慮在內，這樣比只考慮有線電視的槓桿率要保守一些，而有線電視的槓桿率在第三季末為 4.34 倍。

During the quarter, we've repurchased 7.8 million in Charter shares and Charter Holdings common units, totaling about $3.1 billion at an average price of $398 per share. Since September of 2016, we've repurchased $25 billion or 23% of Charter's equity at an average price of $337 per share.

本季度，我們回購了 780 萬股 Charter 股票和 Charter Holdings 普通股，總計約 31 億美元，平均每股價格為 398 美元。自 2016 年 9 月以來，我們已回購了價值 250 億美元或 Charter 公司 23% 的股權，平均每股價格為 337 美元。

As I've said before, 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 asset for 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 and a tax advantage and levered equity returns.

正如我之前所說，我們的營運模式、現在和未來的網路能力以及資產負債表策略，在長期內都是相互配合的。我們預計，我們的業績將反映出基礎設施資產的成長，這些資產將用於生產和銷售大量輔助產品，以補充我們的核心連接服務。我們以良好的價值和服務為客戶增加現金流，並帶來稅收優勢和槓桿股權回報。

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

操作員，我們現在可以開始問答環節了。

(Operator Instructions) Your first question comes from the line of Jonathan Chaplin from New Street Research.

（操作說明）您的第一個問題來自 New Street Research 的 Jonathan Chaplin。

I'm wondering if you can contextualize the pace of wireless growth we're seeing at the moment, Chris. It was obviously a phenomenal acceleration quarter-over-quarter. Is that driven by the new iPhone cycle? Or is this sort of a run rate of growth that you think you can continue? Or can you even continue to accelerate from here?

克里斯，我想請你分析一下我們目前看到的無線成長速度的背景。很明顯，季度環比增速驚人。這是受新款iPhone發布週期影響的嗎？或者，你認為這種成長速度可以持續下去嗎？或者，你還能繼續加速嗎？

Jonathan, it's Tom. I'll answer the question. We -- I guess the short answer is we expect it to accelerate. And the reason that is, is we've really just got all of our marketing and operating tools available across all the platforms that we operate in. And as we look at the yield that we're taking out of each sales channel we have, and we look at things like Bring Your Own Device and its implementation and its effect on sales, we think that we'll continue to accelerate the growth rate. And things like store build-out and other kinds of activities are not complete. So in terms of our marketing footprint, it's not completely deployed yet. And when we look at the kinds of yields we're getting in those channels, our expectation is that our mobile yield will continue to accelerate.

喬納森，我是湯姆。我會回答這個問題。我們——我想簡短的回答是，我們預計這種情況會加速發展。原因在於，我們已經將所有行銷和營運工具部署到我們營運的所有平台上。當我們審視我們從每個銷售管道獲得的收益，以及自備設備辦公室模式及其實施和對銷售的影響等因素時，我們認為我們將繼續加快成長速度。商店裝修和其他一些活動尚未完成。所以就我們的市場推廣而言，它還沒有完全部署完畢。當我們觀察這些通路的收益率時，我們預期行動端收益率將繼續加速成長。

And Tom, how much of a pull-through is it having at the broadband business at the moment?

湯姆，目前寬頻業務的滲透率有多高？

It's hard to say, but we think it is having an effect. And the -- and we -- our hope is that, that will accelerate broadband growth as well.

很難說，但我們認為它確實產生了影響。我們希望，這也能加速寬頻的發展。

You're next question comes from the line of Vijay Jayant from Evercore.

你的下一個問題來自 Evercore 的 Vijay Jayant 的一句台詞。

Tom, you've been talking for many quarters now about mitigating piracy. And you brought that up to again today with some of your carriage deals, talk about working together, especially with the Disney and the Fox deals on addressing that. Can you sort of talk about what can be done? When is it getting done? Is it something we should expect improving video trends? And second, obviously, you've seen some of your competitors -- your peer group launched products that enable your broadband customer, like the Flex product at Comcast. Is that something that you guys are considering, too?

湯姆，你已經多次談到要打擊盜版了。今天你又提到了這一點，談到了你的一些轉播協議，談到了合作，特別是與迪士尼和福克斯達成的協議，以解決這個問題。能談談可以採取哪些措施嗎？什麼時候能完成？這是我們應該期待的視訊發展趨勢嗎？其次，很顯然，您已經看到一些競爭對手——您的同行推出了能夠為您的寬頻客戶提供服務的產品，例如 Comcast 的 Flex 產品。你們也在考慮這個問題嗎？

Yes. So I feel like I'm beating my head against the wall talking about privacy -- or piracy and password sharing and pricing, but they're all interrelated issues. I think that there is some recognition in the programming industry that they're now distributors and as a result of being distributors that they need to know where their contents is going, and that has not been part of their DNA. And so streaming products have been sold with five streams and with no location base kind of security. Most households in the United States have 2 or less people in them. And as a result of that, there are more streams than there are households available for free. And by sharing passwords and by not having location-based or subscriber-based relationships with those streams, and the fact that TV Everywhere allows for massive numbers of streams replicated through virtual MVPDs and so forth, there are -- it's just too easy to get the product without paying for it. And when we look at data consumption, we can see that video consumption isn't going down, even when people disconnect their paid video. And as a result of that, it makes the price value relationship really difficult when it's free.

是的。所以我覺得，談論隱私問題就像在撞牆——或者說盜版、密碼共享和定價問題，但它們都是相互關聯的問題。我認為節目​​製作行業已經逐漸意識到他們現在是發行商，因此他們需要知道自己的內容會流向哪裡，而這並非他們與生俱來的特質。因此，串流媒體產品以五路串流媒體播放且不具備基於位置的安全保障方式進行銷售。美國大多數家庭的人口不超過2人。因此，免費串流媒體服務的數量超過了家庭數量。由於共享密碼，並且與這些串流媒體沒有基於位置或訂閱者的關係，再加上 TV Everywhere 允許透過虛擬 MVPD 等複製大量串流媒體，因此——不付費就能獲得該產品太容易了。當我們觀察數據消耗時，我們發現即使人們取消付費視訊服務，視訊消耗也沒有下降。因此，當它是免費的時，價格價值關係就變得非常難以衡量。

And that -- and so what can be done? The people that own content are going to have to come up with standards of security and they're going to need to implement them. And they need to -- and they're going to need to know where their services are being viewed. And then -- and they need to have a business model that works for them. And so that requires some effort and some collaboration, and we'll continue to push for it. But it's a slow process.

那麼——我們能做些什麼呢？擁有內容的人們必須制定安全標準，並且需要實施這些標準。他們需要——而且他們將會需要知道他們的服務在哪裡被使用。然後——他們需要一個適合自己的商業模式。因此，這需要付出一些努力和一些合作，我們將繼續為此努力。但這是一個緩慢的過程。

Second question was related to Flex.

第二個問題與Flex有關。

Flex, yes, I'm sorry. We have discussed that with Comcast. And it's an interesting idea and -- so I would say that. We're considering it, and it has advantages. We have a significant number of app-based relationships that we've developed, multiple devices. And that strategy is working for us and -- but putting inexpensive devices out with your service makes some sense to us.

Flex，是的，我很抱歉。我們已經和康卡斯特公司討論過這個問題。這是一個很有趣的想法，所以我想這麼說。我們正在考慮，它確實有優勢。我們已經建立了大量的基於應用程式的關係，這些關係支援多種設備。這個策略對我們很有效，而且——但是，在我們看來，將價格低廉的設備與您的服務一起推出是有意義的。

Your next question comes from the line of Peter Supino from Bernstein.

你的下一個問題來自伯恩斯坦的彼得·蘇皮諾的詩句。

Can you please talk about how you're measuring and analyzing the benefit of the large investments that you've made in customer-facing personnel in the acquired systems? In particular, I wonder if the results in the Legacy Charter footprint tell us anything, whether it's the level or the trend of profitability and productivity about the future for the acquired systems.

請您談談您是如何衡量和分析您在收購的系統中對面向客戶的人員進行大量投資所帶來的收益的？尤其是我想知道，Legacy Charter 的足跡結果是否能告訴我們任何訊息，無論是盈利能力和生產力的水平還是趨勢，對於被收購系統的未來發展有何啟示。

Yes, Peter. We -- as you know, our strategy is to have high-quality, well-paid workers with high skills who can interact with the customer in a way that satisfies the customer the first time they deal with the customer. And as a result of that, you end up with less transactions. You end up with less repeat service calls. You end up with longer-tenured customers, with more satisfaction. And as a result of that, you have less disconnects and connects churn. And your cost to serve goes down, even though your cost per transaction goes up. And that's been our strategy since Legacy Charter, and it's been the strategy across the whole integration of the company. And it is successful in our -- if you look at our cost to serve trends, they're coming down. What that really means is that our activity levels are coming down. And as a result of our activity levels coming down, our customers are more satisfied in their average life or the cash flow per customer is going up is another way of saying it.

是的，彼得。如您所知，我們的策略是擁有高素質、高薪且技能精湛的員工，他們能夠以讓客戶在第一次接觸時就感到滿意的方式與客戶互動。因此，交易數量就會減少。最終，重複上門服務電話的數量會減少。最終你會擁有更長久的客戶關係，以及更高的客戶滿意度。因此，斷線和連線流失率都會降低。即使每筆交易的成本上升，你的服務成本也會下降。自 Legacy Charter 成立以來，這一直是我們的策略，也是公司整個整合過程中的策略。而且，就我們的服務成本趨勢而言，它是成功的——如果你看看我們的服務成本趨勢，你會發現它們正在下降。這實際上意味著我們的活動水平正在下降。由於我們的業務活動水準下降，客戶的平均生活滿意度更高，或者換句話說，每位客戶的現金流正在增加。

And so we do see a continued growth in Legacy Charter, and we expect that kind of continued growth. And when I say growth, I mean in the -- in customer satisfaction and in customer growth and in increasing margins and lower cost to serve in that environment. And we're seeing it across our entire footprint now because we've been at this integration for a while, and we've implement this strategy. We have brought most all of the transactions that were going offshore back onshore. We've rebuilt call centers. There was a period where we had capital intensity and operating intensity as a result of the duplication that was required to stand up a new workforce in the United States, but that has been largely accomplished. And we expect to reap the benefits.

因此，我們看到 Legacy Charter 持續成長，我們也期待這種持續成長。我所說的成長，是指客戶滿意度、客戶成長、利潤率提高以及在當前環境下服務成本降低等方面的成長。現在，我們已經在全部業務範圍內看到了這種趨勢，因為我們已經進行了一段時間的整合，並且實施了這項策略。我們已經將原本在境外進行的大部分交易轉移回了境內。我們重建了呼叫中心。有一段時間，由於在美國建立新的員工隊伍需要重複建設，我們面臨資本密集和營運密集的問題，但這種情況已基本解決。我們期望從中獲益。

Peter, one thing I'd add to that. We've virtualized our entire call center and field operations service infrastructure, but we still have visibility obviously into the Legacy Charter franchise areas and DMAs. And so what you can see is that Legacy Charter metrics -- operating metrics, whether it's calls per customer, billing calls per customers, retention calls per customer, truck rolls per customer, all remained significantly below Legacy TWC and Bright House, despite Legacy TWC and Bright House having significant improvements. Part of that is because of the previous investments in the Legacy Charter infrastructure. And part of that is Legacy Charter have continued to get better and better every year and quarter over quarter continues to make pretty significant improvement. So it's a moving target, which just means that when you make that upfront investment in service, it's a virtuous cycle of continuing to get better and better. And while we don't report or track the P&L of Legacy Charter because the service is virtualized, if it had one, our cost to serve there would have been continuing throughout the cycle to continue to go down dramatically on it per relationship basis. So we expect the same for the rest of...

彼得，我還要補充一點。我們已經將整個呼叫中心和現場營運服務基礎設施虛擬化，但我們仍然能夠清楚地了解 Legacy Charter 特許經營區域和 DMA。因此，我們可以看到，儘管 Legacy TWC 和 Bright House 都取得了顯著的進步，但 Legacy Charter 的各項指標（營運指標，包括每位客戶的通話量、每位客戶的計費通話量、每位客戶的留存通話量、每位客戶的車輛出勤次數）仍然遠低於 Legacy TWC 和 Bright House。部分原因是先前對傳統憲章基礎設施的投資。部分原因是 Legacy Charter 每年都在不斷進步，每個季度都持續取得相當大的進步。所以這是一個不斷變化的目標，這意味著當你對服務進行前期投資時，就會形成一個良性循環，服務會變得越來越好。雖然我們沒有報告或追蹤 Legacy Charter 的損益，因為該服務是虛擬化的，但如果它有損益，我們在該處的服務成本將在整個週期內持續大幅下降，以每個關係為基礎。因此，我們預計其餘部分也會如此…

Yes. It bodes well for the long term in that we've had continuous improvement in Charter over 7 or 8 years. And we expect similar kinds of results throughout the infrastructure.

是的。從長遠來看，這是一個好兆頭，因為在過去的七、八年裡，Charter 的業務一直在不斷改進。我們預計整個基礎設施都會出現類似的結果。

Your next question comes from the line of Ben Swinburne from Morgan Stanley.

你的下一個問題來自摩根士丹利的本·斯溫伯恩。

Tom, you talked a lot about the advantage, the cable infrastructure and architecture brings to Charter and cable companies you've run in the past. I'm just wondering if you could talk about kind of the next several years of network evolution for the business. You've been throwing more speeds at customers. You've talked a lot about 100 and 200 megabit minimums. How are you thinking both from a kind of a network architecture perspective that would help us think about kind of product opportunities and also capital intensity? I think there's a debate in the market about DOCSIS 4.0 versus deep fiber. I'm just wondering where do you take the network and therefore the product offering on the broadband side over the next couple of years and what might that mean for capital intensity. And then just a quick one for Chris, just more short term. You guys had some rate adjustments in the fourth quarter that a lot of folks have focused on. I'm just wondering how you would describe those in the grand scheme of Charter's philosophy and whether they're sort of incremental enough that we should be thinking about incremental ARPU and incremental churn in Q4, maybe in Q1 next year since, obviously, there's been a lot of press coverage and sort of interest in those changes.

湯姆，你之前多次談到有線電視基礎設施和架構為Charter以及你經營過的有線電視公司帶來的優勢。我想請您談談未來幾年企業網絡發展的發展趨勢。你們一直在向客戶提供更多速度選擇。你多次提到100兆位元和200兆位元的最低速度要求。從網路架構的角度來看，您是如何思考的？這有助於我們思考產品機會以及資本密集度問題。我認為市場上存在著關於 DOCSIS 4.0 與深度光纖孰優孰劣的爭論。我只是想知道在未來幾年裡，你們將如何發展網絡，以及寬頻方面的產品供應，這對資本密集度可能意味著什麼。然後是給克里斯的簡短說明，只是短期的。你們在第四季進行了一些利率調整，很多人都注意到了這一點。我只是想知道，在Charter的整體理念中，您會如何描述這些變化，以及這些變化是否足夠漸進，以至於我們應該在第四季度，甚至明年第一季度考慮ARPU（每用戶平均收入）和流失率的增加，因為很明顯，媒體對此進行了大量報道，大家也對這些變化很感興趣。

So Ben, I think if we look over the next couple of years, the best place to start is the last couple of years. And we did the DOCSIS 3.1 rollout over a 2-year period, which took our capability from a couple of hundred megabits per customer up to 1 gig per customer everywhere we operate. And there's still more upside out of that infrastructure deployment that we made with DOCSIS 3.1 in terms of both speed and things that we can offer from a product perspective. But one of the great things that's coming out of that, that we didn't really talk about as we did was our ability to manage traffic in the network and, therefore, reduced network investment associated with increased consumption. And we've had a regular budget item associated with network consumption in our capital planning and related to the growth in overall average consumption of data per customer. And 3.1 has allowed us to manage that in a less capital intensive way. So you have that project and if you look at it, it was taking a massive speed increase on a legacy infrastructure at a capital cost of about $9 per home passed, a fairly small investment per home passed with a massive output. And that's the fundamental notion behind our 10 gig strategy, DOCSIS 4.0 strategy, which allows multiple pathways for development, depending on how deep you want to take fiber or whether you want to improve your bandwidth in your legacy coaxial network. Both options are available in that specification to upgrade your network as products evolve in a way that's very capital efficient and strategic to the assets you've deployed.

所以本，我認為如果我們展望未來幾年，最好的切入點是回顧過去兩年。我們在兩年內完成了 DOCSIS 3.1 的推廣，使我們在所有營運區域的每個客戶的傳輸能力從幾百兆位元提高到 1 千兆位元。就速度和我們可以從產品角度提供的功能而言，我們利用 DOCSIS 3.1 進行的基礎設施部署還有更大的優勢。但由此帶來的一個重大好處，我們當時並沒有真正談到，就是我們能夠管理網路流量，從而減少與消費增加相關的網路投資。我們在資本規劃中一直有一個與網路消耗相關的常規預算項目，這與每位客戶的數據平均消耗量的成長有關。而 3.1 版本使我們能夠以資本密集度較低的方式實現這一點。所以，你看這個項目，它是在傳統基礎設施上大幅提升速度，每戶家庭的資本成本約為 9 美元，每戶家庭的投資相當少，但產出巨大。這就是我們 10G 策略和 DOCSIS 4.0 策略背後的基本理念，它提供了多種發展路徑，具體取決於您希望光纖應用的深度，還是您希望提高傳統同軸電纜網路的頻寬。該規範提供了兩種升級選項，隨著產品的演進，您可以以非常經濟高效的方式升級您的網絡，並對您已部署的資產進行策略性調整。

So what do we need to do over the next couple of years? Well, we're still -- we just completed DOCSIS 3.1, so we've got a lot of headroom inside of the asset at the moment in terms of products. But things we're thinking about, continuing to do, that we're experimenting with, we're obviously experimenting with convergence. And we've done a bunch of radio and mobile experiments this year, testing, switching dual-sim technology. We've also continued to work on the DOCSIS 4.0 strategy. We've talked with gaming companies about putting compute power deeper in the network. When you look at our real estate footprint, we have lots of hubs throughout our architecture that have space in them as a result of the compression of electronics through time. And as a result of that, we are able to stand up high-compute, low-latency networks that are hard to replicate. And we think that there's a product development cycle that will occur there and give us an upside opportunity.

那麼，未來幾年我們需要做些什麼呢？嗯，我們目前——我們剛剛完成了 DOCSIS 3.1，所以就產品而言，我們目前在這個資產內部還有很多發展空間。但我們正在思考、繼續做、正在嘗試的事情，顯然我們正在嘗試融合。今年我們進行了許多無線電和行動實驗，測試和切換雙SIM卡技術。我們也一直在繼續推進 DOCSIS 4.0 戰略。我們已經與遊戲公司探討過將運算能力部署到網路更深層的問題。從我們的房地產佈局來看，由於電子產品隨著時間的推移而不斷壓縮，我們的建築中有很多樞紐都留出了空間。因此，我們能夠建立難以複製的高運算能力、低延遲網路。我們認為那裡會經歷一個產品開發週期，這將為我們帶來發展機會。

But the fundamental position we're in at the moment is we still have lots of headroom from the last investment cycle we made, which was quite efficient. We also have been launching, as I've mentioned, the product of in-home WiFi management, which allows customers to manage their privacy, their security and to know what is connected in their house and what it's connected to and to be able to manage that in an efficient way for not only privacy, but for parental control and all -- and quality of the network itself throughout the home. So we're continuing to invest in the customer experience in the product set itself.

但我們目前的基本處境是，從我們上一個投資週期（效率相當高）來看，我們仍然有很大的發展空間。正如我之前提到的，我們還推出了家庭 WiFi 管理產品，該產品允許客戶管理他們的隱私和安全，了解家中哪些設備已連接以及它們連接到哪些設備，並能夠以高效的方式進行管理，不僅可以保護隱私，還可以進行家長控制等等，還可以保證整個家庭的網絡質量。因此，我們將持續加大對產品本身客戶體驗的投入。

Yes. Ben, you asked about rate. And so maybe some thoughts. Our third quarter, I think you mentioned fourth quarter, so just to clarify, third quarter residential ARPU does not reflect any of the recent rate increases that we implemented. Those are beginning really at the start -- after the start of Q4, so it won't be a full fourth quarter. And they're being applied in video, which reflects higher input or programming costs and some non-promotional rates on Internet. So if you take a look, I know there were some questions around it, you look at Q3 results. That showed, we believe, we have a long runway for Internet and customer relationship growth, so there shouldn't be too much of a read-through through that. We've always believed that creating more customer relationships is the most valuable way to grow long-term cash flow. And through the integration, we've been careful about driving additional billing calls or service transactions from rate increases. And I guess another is read-through is we'll manage the profitability of our overall customer relationship where we're using video to enhance it. But that being said, the overall rate increase is not that materially different than what we've had in the past. We have a lot of customers in year 1 and year 2 promotional rates that aren't subject to some of the increases. And for video, we increasingly have a higher mix of customers in lighter packages without boxes, which won't have the same increases. So our goal is to maintain our competitiveness across all products and preference or strategy and our optimism for growing by volume as opposed to just by rate remains unchanged.

是的。本，你問的是利率。所以，或許有一些想法。我想您提到的是第四季度，所以為了澄清一下，第三季度的住宅 ARPU 並未反映我們最近實施的任何費率上漲。這些實際上是從第四季開始之後才開始的，所以不會是完整的第四季。它們正被應用於視訊領域，這反映了更高的投入或節目製作成本以及網路上的一些非推廣性費用。所以如果你看一下，我知道這方面有一些疑問，你可以看看第三季的結果。我們認為，這表明我們在網路和客戶關係成長方面還有很長的路要走，因此不應該對此做出過多的解讀。我們始終認為，建立更多客戶關係是增加長期現金流最有效的方法。透過整合，我們一直謹慎地避免因費率上漲而導致額外的計費電話或服務交易。我想另一個方面是，我們將管理我們整體客戶關係的獲利能力，而我們正在利用影片來增強這種關係。但即便如此，整體利率上漲幅度與我們過去經歷的利率上漲幅度並沒有實質的差異。我們有許多客戶享受第一年和第二年的促銷價格，這些價格不受部分價格上漲的影響。至於影片方面，我們越來越多的客戶選擇輕便包裝（沒有盒子），因此影片的銷售不會有相同的成長。因此，我們的目標是保持我們在所有產品和偏好或策略方面的競爭力，我們對透過銷售成長而不是僅僅透過成長率來實現成長的樂觀態度仍然不變。

And you've asked about in the fourth quarter impact similar to past increases, and because it's not that material as some might have feared or hoped, we don't anticipate any meaningful negative impact on the fourth quarter net additions as a result of the rate increase. But I'd -- I would highlight to you and others, just keep in mind, the fourth quarter of last year was a pretty good quarter for Charter. And we expect the back half of this year, inclusive of Q3 and Q4, to things we've said in the past, to be better as it relates to Internet and customer relationships. And that doesn't mean that we don't expect a good fourth quarter in this year as well. Just keep in mind, we had a pretty good one last year, too.

您詢問了第四季度是否會受到與以往升息類似的影響，由於升息的影響不像某些人擔心或希望的那樣顯著，我們預計升息不會對第四季度淨新增貸款產生任何實質性的負面影響。但我想提醒您和其他人，請記住，去年第四季對Charter來說是一個相當不錯的季度。我們預計今年下半年（包括第三季和第四季）在網路和客戶關係方面會比過去所說的更好。但這並不代表我們不期待今年第四季也能取得好成績。但請記住，我們去年也辦得相當不錯。

So I would say just to sum that up, our strategy with regard to growth with rates and customers is unchanged. We believe the majority of the revenue growth that we'll produce will be through growth and new customer relationships. And our pricing and packaging is designed to give consumers a better value that they can get with the individual products priced as they are in the marketplace. You look at what -- how much money we're saving people from a mobile perspective, it's significant. Our products are valuable products, and they're designed to drive customer relationships.

綜上所述，我們在費率和客戶成長方面的策略保持不變。我們相信，我們大部分的收入成長將來自業務成長和新客戶關係的建立。我們的定價和包裝設計旨在為消費者提供比市場上單一產品定價更高的價值。你看看我們從行動裝置的角度為人們節省了多少錢，這意義重大。我們的產品都是有價值的產品，旨在促進客戶關係。

Your next question comes from the line of Craig Moffett from MoffettNathanson.

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

Two questions, if I could. There's been a lot written recently about your potential interest in CBRS spectrum and an offload strategy for your wireless business. Could you just put some meat on the bones about that and just talk about what your latest thoughts are about traffic offload and what that network deployment might look like over the next few years. And then a second more tactical question. We -- the business services line, you've been engaged in the repricing of the Legacy Time Warner Cable customers for a long time now. When do you think we might be through the process of repricing those customers, so that we can start to see business services revenue growth start to normalize a bit relative to where others are and what I suspect your volume growth looks like?

如果可以的話，我想問兩個問題。最近有許多文章探討了您可能對 CBRS 頻譜的興趣以及無線業務的卸載策略。您能否詳細闡述這方面的內容，談談您對流量卸載的最新想法，以及未來幾年網路部署可能會是什麼樣子。然後是第二個更具策略性的問題。我們——商業服務部門，你們長期以來一直在對老時代華納有線電視用戶進行重新定價。您認為我們何時才能完成這些客戶的重新定價過程，從而使企業服務收入增長相對於其他公司以及我預想的貴公司業務量增長情況開始趨於正常化？

Well, I'll answer the last part of that first, which is we're already getting the growth in business services where the revenue growth and the rate of customer creation are converging. And that was not true when we initially started the pricing and packaging, but it is true now. If you look at our quarter-over-quarter change, you'll see that revenue growth is occurring, and it's not because of rate. It's occurring because the customer growth there are not new customers at that growth rate that -- and less customers at the historic pricing, such that those 2 numbers are converging, growth and revenue growth. Customer growth equals revenue growth at some point.

好的，我先回答最後一部分，那就是我們已經在商業服務領域看到了成長，收入成長和客戶創建速度正在趨於一致。在我們最初制定價格和包裝方案時，情況並非如此，但現在確實如此。如果你看我們季度環比的變化，你會發現收入正在成長，但這並非因為利率上漲。造成這種情況的原因是，客戶成長速度跟不上新客戶的成長速度，而且以歷史價格購買的客戶也較少，因此這兩個數字（成長和收入成長）正在趨於一致。客戶成長最終必然等於收入成長。

So in terms of CBRS, the interesting thing about that, and we talked about our dual SIM technology opportunities and the testing that we've done, we're quite optimistic about the capability of that strategy. And we're quite optimistic about the ability to make select investments in areas where traffic dictates in such a way as to move services that we pay rent for onto our own platform. And that opportunity already exists with WiFi in a significant number of our customers. Well, the majority of our customers are using WiFi most of the time, and WiFi is highly efficient. And the bulk of data, 80% of all data on mobile platforms are being delivered to the WiFi network. So we think there's continued opportunity to move traffic that way, and we've experimented with a bunch of methodologies to do that. And CBRS does work very well. And as you know, there's a significant amount of free CBRS spectrum available, which we've been using. We've also done some experiments with spectrum with fixed wireless connectivity. And we've got an experiment going with that, too, and actual live customers going in rural, low-density areas. So it's a pretty valuable piece of spectrum. There's some private spectrum of CBRS that's going to be auctioned next year. The question we're evaluating is should we be involved in that, but we haven't determined that yet. But we're looking at it closely. And -- but there -- I'd say this that there's significant amount of spectrum available already. And the more cells you have, the less spectrum you need.

所以就 CBRS 而言，有趣的是，我們談到了雙 SIM 卡技術的機會以及我們所做的測試，我們對該策略的能力相當樂觀。我們非常樂觀地認為，我們有能力在流量決定的領域進行選擇性投資，從而將我們付費租用的服務轉移到我們自己的平台上。而對於我們相當一部分客戶來說，WiFi 已經提供了這樣的機會。嗯，我們的大多數客戶大部分時間都在使用WiFi，而WiFi的效率非常高。行動平台上 80% 的資料都是透過 WiFi 網路傳輸的。所以我們認為，繼續向這個方向引導流量的機會依然存在，我們也嘗試了很多方法來實現這一點。CBRS確實非常好用。如您所知，目前有大量的免費 CBRS 頻譜可用，我們一直在使用這些頻譜。我們也利用固定無線連線進行了一些頻譜實驗。我們目前也在進行相關的實驗，在農村低密度地區招募真正的客戶參與。所以它是光譜中非常有價值的一部分。明年將拍賣部分CBRS私有頻譜。我們正在評估的問題是，我們是否應該參與其中，但我們尚未做出決定。但我們正在密切關注此事。但是——不過——我想說的是，目前已經有大量的頻譜資源可用。細胞越多，所需的光譜就越少。

Your next question comes from the line of Philip Cusick from JPMorgan.

你的下一個問題來自摩根大通的菲利普‧庫西克。

I wonder if we can unpack a little bit the broadband sub momentum improvement. Is that being driven mostly by better churn as you had forecast or by better connect volumes as well? And has there been any changes in the promotional pricing that are being offered to those customers?

我想知道我們能否稍微分析一下寬頻子系統的發展動能。這主要是由於用戶流失率下降（如您預測的那樣）所致，還是也得益於連線量的增加？針對這些顧客提供的促銷價格是否有任何變化？

So the churn improvements that we've talked about in the past, they continue on a year-over-year basis for Internet with also an improvement in connects. So it was latter of what you said, it was a combination of both. There's been no major dramatic change in the pricing or go-to-market as it relates to broadband. We have a -- generally now 60% of our footprint to now 200 megabits per second minimum speed. We also go to market with Ultra, which is 400 and -- as a headline with availability, but not that much takeup is a 1 gig service and that's -- the 400 and 1 gig are nationwide. So there's been no dramatic change to promotional pricing beyond what we've typically done in the past.

因此，我們過去討論過的流失率改善，在網路領域逐年持續，連線數也有所提高。所以，正如你所說，是後一種情況，是兩者的結合。寬頻的定價或市場推廣方式並沒有重大變化。我們現在通常有 60% 的市佔率達到每秒 200 兆位元的最低速度。我們還推出了 Ultra 服務，速度為 400Mbps，而且——作為一項主打產品，雖然有現貨，但市場接受度並不高——還有 1Gbps 的服務，400Mbps 和 1Gbps 的服務覆蓋全國。因此，促銷定價方面並沒有任何重大變化，仍然和我們過去的做法一樣。

Your next question comes from the line of Michael Rollins from Citi.

你的下一個問題來自花旗銀行的麥可‧羅林斯。

If we look at the footprint expansion, it was about 2% across the different products in the quarter, which is above average rate of household growth in the country. So how important is that growth at driving some of the strength in broadband? And how long can it continue at an elevated pace? And the final part of that is, if it were to slow down, does that significantly help your capital spend?

如果我們看一下市場份額的擴張情況，該季度不同產品的市佔率擴張約為 2%，高於該國家庭平均成長率。那麼，這種成長對推動寬頻發展有多重要呢？這種高速度能持續多久？最後一點是，如果經濟成長放緩，是否會對你的資本支出產生顯著影響？

Yes. So Michael, it's a good question. Passings, and it's not unique for Charter. It's across the board. It's really estimated marketable homes, and it's not a direct correlation one-for-one as it relates to the new build. And so as we go through the integration of 3 different companies and the systems and the definitions of even what a marketable home passed is, we're adding stuff into the biller as potentially marketable and sometimes, that's right and it's not always and you'd only find out once you go out and actually market or try to sell. So there's a lot of cleanup that's still going on in that, and we're not alone. So I wouldn't take that as 100% new build or household formation. But it's true, and it's directionally still right. It may not be completely correct, but it's directionally correct. And we've been building more, particularly into rural areas. And our new build there, you can see that to the CapEx line extension line item that has grown over the past couple of years and accelerated as we meet our commitments. And have good ROIs to developing a broadband footprint in these small rural areas. New household formation is helpful to the overall growth rate. There's been a lot of work done around that. We think that our growth is not just a function of new household formation, that when you're gaining significant share not only in the legacy DSL, but at some of the U-verse and U-verse-like, whether it's AT&T or CenturyLink. As some of the previous U-verse speeds turn into looking more and more like DSL as our speeds increase over time. So we're taking a significant share and that tends to be the bulk of where we're adding as opposed to just new household formation.

是的。邁克爾，這是一個很好的問題。通行證，這並非 Charter 獨有的現象。普遍如此。這實際上是對可銷售房屋的估計，與新建房屋並不完全對應。因此，在我們整合 3 家不同的公司、系統以及對「可銷售房屋」的定義進行調整的過程中，我們會將一些房屋作為潛在的可銷售房屋添加到賬單中，有時確實如此，但並非總是如此，只有當你真正出去推銷或嘗試出售時才會發現這一點。所以，這方面還有很多清理工作要做，而且我們並非孤例。所以我不會將其完全視為新建房屋或家庭組成。但這是事實，而且方向仍然正確。雖然可能不完全正確，但方向是對的。我們一直在加強建設力度，尤其是在農村地區。您可以看到，我們在那裡的新建設項目在過去幾年中資本支出項目有所增長，並且隨著我們履行承諾而加速增長。在這些小型農村地區發展寬頻網路可以獲得良好的投資報酬率。新家庭的形成有利於整體經濟成長率。圍繞這方面已經做了很多工作。我們認為，我們的成長不僅僅是新家庭的形成，而是當你在傳統 DSL 領域以及 U-verse 和類似 U-verse 的領域（無論是 AT&T 還是 CenturyLink）都獲得了相當大的市場份額時。隨著我們網速的不斷提升，以前一些 U-verse 的速度現在看起來越來越像 DSL 了。因此，我們佔據了相當大的份額，而且這往往是我們新增人口的主要來源，而不僅僅是新家庭的組成。

Your next question comes from the line of Marci Ryvicker from Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Marci Ryvicker。

Two questions. First, for Tom, you've mentioned 10 gig quite a bit. Can you just talk about when this might be available and what kind of boost to ARPU? You might be expecting, is this another step-up at some point in time. And then second for Chris, is there anything we should be thinking about in terms of programming expenses for Q4 or 2020 as we update our models?

兩個問題。首先，湯姆，你多次提到 10 GB。您能具體說說這項技術大概什麼時候會推出，以及能為每位用戶平均收入（ARPU）帶來多大的提升嗎？你可能會期待，這是否會是未來某個時候的另一個晉升。其次，Chris，在我們更新模型時，關於第四季度或 2020 年的程式費用，我們有哪些需要考慮的地方？

Look, 10G -- 10 gig is a specification -- subspecification that we've developed for our networks that allow us to get to 10 gigabit symmetrical. There aren't products today at the residential level that demand that kind of capability. And one -- so it's a long-term evolution capability of our network that allows us to, in a very efficient way, from a capital perspective, get to those kinds of capabilities. And if you look at historic trends of data use, it will show you that unless the trends of the last 20 years significantly change, at some point, we're going to need that capability. And products will be developed at virtual reality products and high-capacity, low-latency content, which would include games and entertainment, education will ultimately be developed, including light field products, holograms that will change the very nature of all communications. And that our networks are capable, from an investment perspective, of providing those products at the most effective investment rate. And when we would actually do that or deploy that is really a function of how the market develops. There is no immediate capital requirement for us to do anything with regard to 10G. We can use elements of that as different opportunities arise. We still have a lot of capability in our 3.1 deployment, which is a prior DOCSIS deployment specification to the 10G, which we're now calling DOCSIS 4.0 because we are branders. That's a joke. But it's really just an opportunity and a way of showing the kinds of historic capital investments we've been able to make to upgrade our network and will continue into the future.

你看，10G——10 千兆是一種規範——是我們為我們的網路開發的子規範，它使我們能夠達到 10 千兆對稱傳輸。目前家用產品中還沒有需要這種功能的產品。而且，從資本角度來看，這是我們網絡的長期發展能力，使我們能夠以非常有效的方式獲得這些能力。如果你查看數據使用的歷史趨勢，你會發現，除非過去 20 年的趨勢發生重大變化，否則在某個時候，我們將需要這種能力。我們將開發虛擬實境產品和高容量、低延遲內容，其中包括遊戲和娛樂，最終還將開發教育產品，包括光場產品和全像圖，這將改變所有通訊的本質。從投資角度來看，我們的網路能夠以最有效的投資報酬率提供這些產品。而我們何時真正這樣做或部署，實際上取決於市場的發展。目前我們不需要立即投入資金來進行與 10G 相關的任何工作。我們可以根據不同的機會運用其中的一些元素。我們的 3.1 版本仍然具有很大的功能，這是 10G 之前的 DOCSIS 部署規範，我們現在稱之為 DOCSIS 4.0，因為我們是品牌商。那隻是個玩笑。但這實際上只是一個機會，也是展示我們已經能夠進行的歷史性資本投資以升級我們的網路並將繼續在未來進行此類投資的一種方式。

Marci, on programming, we've been low this year relative to our expectations on a year-over-year growth. And part of that is maybe we've done okay on some of our renewals. But the bigger piece is that we've had a subscriber decline of resi and SMB of 2.3%. There's been a mix shift as it relates to the Stream and Choice products, which just have less channels inside of them. And then on top of that, the pay-per-view environment, particularly the past 2 quarters has not been particularly good on the revenue side, which means that your costs are going down year-over-year for pay-per-view. All of that is packing into a current 0.4% year-over-year growth in programming. But your actual unit cost have expanded cost per customer relationship. It's kind of been what it's been for many years in the mid-single-digit range. And we've had some pretty big renewals, as publicly announced, tied to the some of the security and password sharing collective efforts. So you know which those are. And so there will be some step-up associated with that. But I think as you look out through next year, there's nothing we see today that causes there to be a dramatic change from where the overall marketplace has been for the type of rate increases that we expect to see on that product. And as we've talked about before, historically, we've not passed all that through to our customers. And we're evaluating our ability to continue to do that, even as we use the video product to drive connectivity services. I think we've just spoken about some of that as it relates to the most recent rate increases.

Marci，就節目製作而言，我們今年的節目製作水平低於預期，同比增長幅度也低於預期。部分原因可能是我們的一些續約工作做得還不錯。但更重要的是，我們的住宅和中小企業用戶數量下降了 2.3%。Stream 和 Choice 產品組合發生了變化，它們包含的頻道數量減少了。此外，按次付費觀看環境，尤其是過去兩個季度的收入狀況並不理想，這意味著按次付費觀看的成本正在逐年下降。所有這些因素共同促成了目前節目製作同比增長 0.4%。但您的實際單位成本增加了每個客戶關係的成本。多年來，這個數字一直徘徊在個位數的中間水平。正如公開宣布的那樣，我們已經進行了一些相當大的續約，這與一些安全和密碼共享方面的集體努力有關。所以你知道是哪些了。因此，這其中必然會有一些進步。但我認為，展望明年，目前來看，沒有任何因素會導致整個市場出現與我們預期該產品利率上漲類型截然不同的劇烈變化。正如我們之前討論過的，從歷史上看，我們並沒有把所有這些都傳遞給我們的客戶。我們正在評估我們是否有能力繼續這樣做，即使我們使用視訊產品來推動連接服務。我認為我們剛才已經談到了與最近利率上漲相關的一些問題。

So I don't expect any big dramatic changes other than growth is a big factor. Mix is a big factor. The pay-per-view market has been under some challenge past 2 quarters, which has lowered the programming expense. It's unclear how much that will continue. But absent the volume and mix issues, I don't see any big dramatic changes.

因此，除了成長是一個重要因素之外，我預計不會有任何重大的劇烈變化。混合搭配是重要因素。過去兩個季度，按次付費市場面臨一些挑戰，降低了節目製作成本。目前還不清楚這種情況會持續多久。但撇開音量和混音問題不談，我看不出有什麼重大的戲劇性變化。

Your next question comes from the line of Mike McCormack from Guggenheim Partners.

你的下一個問題來自古根漢合夥公司的麥克‧麥考馬克。

Maybe, Tom, just a quick comment on the Stream product, what you're seeing there as far as perhaps cannibalization of traditional linear. And then why not use that as a more aggressive tool because the pricing for that Double Play is a lot more attractive than some of these synthetic bundles out there with other OTT offerings? And then sorry if I've missed this, but from the wireless side, any comments on the Altice pricing? And then I guess thinking about the pacing of ads, obviously, a big ramp-up. How should we think about that as we go into 4Q?

湯姆，或許我可以簡單評論一下 Stream 產品，你認為它可能會蠶食傳統線性電視的市場份額。那麼，為什麼不利用這種更具侵略性的策略呢？因為這種雙重播放的定價比市面上其他 OTT 服務的一些捆綁套餐更具吸引力。如果我錯過了什麼，請見諒，但就無線連線方面而言，大家對 Altice 的定價有什麼看法嗎？然後我想，還要考慮廣告的節奏，顯然，要大幅鋪墊。進入第四季度，我們該如何看待這個問題？

I guess in terms of Stream, we've been selling that to people who are financially constrained mostly - in a very selective way. And that's a big problem in the whole video space in that the traditional bundle of the product is very expensive and the rate -- actually, unit rate of that product continues to rise. And it's priced a lot of people out of the market. And as I've said earlier, it's free to a lot of consumers who have friends with passwords. And so our ability to sell that product is ultimately constrained by our relationship with content. And we have to manage that in terms of the kinds of power that the content companies have in terms of what we can do with bundling and not. And so it's really a limited solution for us in terms of video. And the bulk of our customer relationships long term in video will continue to be big package, expensive bundles of content because that's the way it's sold to us and dictated that we provide it in that form.

我想就 Stream 而言，我們主要以一種非常挑剔的方式，把它賣給經濟條件有限的人。而這正是整個影片領域面臨的一個大問題，因為傳統的產品捆綁銷售價格非常昂貴，而且該產品的單價還在不斷上漲。而且，高昂的價格讓很多人買不起房子。正如我之前所說，對於許多有朋友知道密碼的消費者來說，它是免費的。因此，我們銷售該產品的能力最終受到我們與內容之間關係的限制。我們必須管理好內容公司在捆綁銷售方面所擁有的權力，以及我們可以在捆綁銷售方面做些什麼。因此，就視訊而言，這對我們來說確實是一個有限的解決方案。從長遠來看，我們在影片領域的大部分客戶關係仍將是價格昂貴的大套餐內容包，因為這就是他們向我們推銷的方式，也是他們決定我們以這種形式提供內容的方式。

In terms of Altice pricing, it's good. And our pricing is quite valuable, too, to consumers. It saves them an enormous amount of money on an annual basis. And we think that our pricing is good in terms of driving growth. And they want to sell their product to $20, so I think that's great.

就 Altice 的定價而言，它還不錯。而且，我們的定價對消費者來說也很有吸引力。這每年能為他們省下一大筆錢。我們認為，就推動成長而言，我們的定價策略是合理的。他們想把產品賣到 20 美元，我覺得很棒。

Attractive pricing, it's a different MVNO with a different operator and over a different time frame. And -- but I think it's generally good for cable that they're out there driving and pushing that type of an aggressive product as well.

價格很有吸引力，但它是一家不同的虛擬運營商，服務期限也不同。而且——但我認為這對有線電視來說總體上是件好事，因為他們也在積極推動這種激進的產品。

Great. Chris, just on the phasing of wireless subs.

偉大的。克里斯，關於無線重低音的相位問題。

Yes. And I think Tom was asked a question by Jonathan earlier on, the pace of growth, we did -- we're still hitting our full stride. You can say that all of our BYOD was fully implemented through end of the quarter. SMB had just barely started to launch, actually haven't really launched in earnest by the end of the quarter. Our store footprint is going to continue to expand. And so...

是的。我認為湯姆之前被喬納森問過一個問題，關於成長速度，我們確實——我們仍然在全力以赴。可以說，到本季末，我們所有的自帶設備辦公室（BYOD）計劃都已全面實施。SMB 業務才剛起步，實際上到本季末還沒有真正開始大規模開展。我們的門市規模將持續擴大。所以...

Some of our sales channels continue to perform better on...

我們的一些銷售管道在以下方面表現持續良好…

To get better, our yield continues to get better. So it's still a relatively new upstart business. And so there's some risk in saying what we're saying, but we don't see any reason that it shouldn't continue to get better and to have more sales and more yield and more net additions over time and add more value to cable.

為了變得更好，我們的產量也不斷提高。所以它仍然是一家相對較新的新創公司。因此，我們所說的這些話存在一定的風險，但我們認為，隨著時間的推移，它應該會繼續變得更好，銷售、收益和淨增長都會增加，並為有線電視帶來更多價值。

Your last question comes from the line of John Hodulik from UBS.

你的最後一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. Chris, I just want to follow up on your comments that the company is getting more and more efficient in its use of capital. A, does that suggest that sort of another step-down in capital intensity as we look out to 2020? Can you give us some examples of how that's the case? And is the -- your view that the business model in general is getting more capitalization as we move more towards connectivity model and less from -- and away from a video-centric model?

偉大的。克里斯，我想就你提到的公司在資本使用方面越來越有效率這一點做個補充說明。A，這是否意味著展望 2020 年，資本密集度將進一步下降？你能舉例說明一下這是怎麼回事嗎？您是否認為，隨著我們越來越傾向於連結模式，而逐漸遠離以視訊為中心的模式，商業模式總體上會獲得更多資本？

Yes. John, you're trying to dupe me into 2020 guidance on capital when we told you we'll do that some time in 2019. Now look -- and I'm not going to talk about a dollar amount for 2020. It's way too early for that, and I'm not sure that we're going into anyway. But what I did say today, and we feel strongly about it is that our cable capital intensity, so cable capital expenditure as a percentage of revenue, is going to continue to decline into 2020 for all the reasons that we mentioned before. Just a mere fact that integration spend continues to decline as essentially be gone next year. And -- but also, the amount of DOCSIS 3.1 headroom that Tom talked about before, the point that you just raised that increasingly, video has -- is more and more boxless. And as it becomes tied to the IP Internet product anyway, it's becoming less capital intensive. I think there's a lot of factors inside the business that are driving us to be much lower capital intensity. I could go down and list more self-installation, the headroom inside the network, the lack of CPE per connect and the use of boxless connects, the average age of our existing boxes, meaning they can be replaced 1 for 1 as opposed to new boxes being purchased to replace old boxes. It's just -- and the amount of churn inside the business. If you think about churn coming down, that also takes down your capital significantly. So there's a lot of momentum in the business to not only remove your -- lower your cost to serve per customer relationship on OpEx, but related to the same thing on a CapEx basis. And ultimately, a lot of that CapEx is fixed CapEx for the network. And to the extent you have higher penetration, we're probably the fastest-growing cable company, at least in the Western world, when you have that type of growth and that type of penetration expansion, it means you become more efficient on your capital as well as your OpEx. And so we're seeing the benefit of all of that.

是的。約翰，你試圖哄騙我接受 2020 年的資本指引，而我們已經告訴你我們會在 2019 年的某個時候給予指引。現在聽著—我不會談論 2020 年的具體金額。現在談這個還為時過早，而且我也不確定我們是否會進入那個階段。但我今天確實說過，而且我們也對此深信不疑，由於我們之前提到的所有原因，我們的有線電視資本密集度（即有線電視資本支出佔收入的百分比）將在 2020 年繼續下降。整合支出持續下降這一事實，明年可能基本消失。而且——但是，正如 Tom 之前提到的 DOCSIS 3.1 的餘量，以及你剛才提出的觀點，視頻越來越——越來越不需要盒子。而且由於它無論如何都會與 IP 互聯網產品捆綁在一起，因此對資本的依賴性也越來越低。我認為公司內部有許多因素促使我們大幅降低資本密集度。我還可以繼續列舉更多自助安裝、網路內部的可用空間、每個連接缺少 CPE 以及使用無盒連接、我們現有盒子的平均使用年限（這意味著可以一對一地更換舊盒子，而不是購買新盒子來替換舊盒子）等優點。問題就在於──以及企業內部人員流動的頻繁程度。如果你考慮到客戶流失率下降，也會大幅降低你的資本。因此，目前業界正大力推動降低每個客戶關係的營運成本，同時也致力於降低資本支出方面的成本。最終，其中許多資本支出都是網路的固定資本支出。而且，隨著滲透率的提高，我們可能是成長最快的有線電視公司，至少在西方世界是如此。當擁有這種成長和滲透率擴張時，意味著你的資本和營運支出效率會更高。因此，我們正在看到這一切帶來的好處。

That's it. All right. Thank you, everyone. We look forward to doing the same next quarter. Take care.

就是這樣。好的。謝謝大家。我們期待下個季度也能做到這一點。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。