Charter Communications Inc (CHTR) 2022 Q3 法說會逐字稿

Hello, and welcome to the Charter Communications Third Quarter 2022 Investor Call. (Operator Instructions)

您好，歡迎參加Charter Communications 2022年第三季投資人電話會議。 （操作說明）

Also as a reminder, this conference is being recorded today. (Operator Instructions) I will now turn the call over to Stefan Anninger. Please go ahead.

另外提醒大家，本次會議正在錄音。 （操作員提示）現在我將把電話轉給斯特凡·安寧格。請開始。

Good morning, and welcome to Charter's Third Quarter 2022 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2022年第三季投資人電話會議。本次電話會議的簡報可在本公司網站ir.charter.com的「財務資訊」欄位下找到。

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

在繼續之前，我想提醒各位，我們向美國證券交易委員會（SEC）提交的文件中包含一些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。本次電話會議我們不會對此類風險因素和其他警示性聲明進行詳細討論。但是，我們鼓勵各位仔細閱讀這些文件。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表述均構成前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與歷史結果或預期結果有差異。任何前瞻性陳述僅反映管理階層目前的觀點，Charter公司不承擔任何義務在未來修訂或更新此類陳述，也不承擔任何義務作出其他前瞻性陳述。

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，我們將提及盈利文件中定義和調整的非GAAP財務指標。這些由Charter定義的非GAAP財務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; Chris Winfrey, our COO; and Jessica Fischer, our CFO. With that, let's turn the call over to Tom.

今天參加電話會議的有：董事長兼執行長湯姆·拉特利奇；營運長克里斯·溫弗瑞；以及財務長傑西卡·費雪。接下來，讓我們把電話交給湯姆。

Thank you, Stefan. As I look at our current advanced offerings, our future product plans and the underpenetration of our network, we're well-positioned to grow our business at very attractive rates for many years to come.

謝謝你，斯特凡。縱觀我們目前的高端產品、未來的產品規劃以及我們網路滲透率不足的情況，我們完全有能力在未來很多年裡以極具吸引力的速度發展業務。

During the quarter, we added 75,000 Internet customers. Customer relationship churn remains very low due to current consumer behavior. And while the lower year-over-year connect activity improved, connects remain challenged due to low activity environment. We continue to see very strong mobile line growth with net additions of 396,000, our best quarter yet. Over the last year, we've grown our mobile lines by nearly 50% and as of the end of the quarter, we had nearly 4.7 million total mobile lines.

本季度，我們新增了7.5萬網路用戶。由於目前的消費者行為，客戶流失率仍然很低。雖然同比連接活動有所改善，但由於整體市場活躍度較低，連接活動仍面臨挑戰。我們的行動線路成長勢頭強勁，淨增加39.6萬條線路，創下迄今為止的最佳季度業績。過去一年，我們的行動線路數量增加了近50%，截至本季末，我們的行動線路總數已接近470萬條。

Our opportunity in mobile is very large, and we're still at the beginning of developing that business. Today, we only captured 28% of the combined household spend on wireline and mobile connectivity within our footprint. So we remain significantly underpenetrated versus the opportunity in front of us. And we're delivering the fastest Internet and the fastest WiFi speeds in the nation and the fastest mobile speeds when combined with WiFi, all the while serving -- saving customers, I should say, thousands of dollars a year. Today, we have close to 500 million devices connected to our network, the vast majority of which are connected to us wirelessly.

我們在行動領域的機會非常巨大，目前仍處於業務發展的初期階段。如今，在我們服務覆蓋範圍內，我們僅佔家庭有線和行動連線總支出的28%。因此，與我們所面臨的巨大機會相比，我們的市場滲透率仍然遠遠不夠。我們提供全美最快的網路和WiFi速度，以及WiFi結合使用時最快的行動速度，同時也為客戶節省——可以說，每年節省數千美元。目前，已有近5億台設備連接到我們的網絡，其中絕大多數是透過無線方式連接的。

Ultimately, I expect that virtually all devices connected to our network will connect wirelessly. To continue to improve our services, we also remain focused on evolving our network to offer the fastest speeds in the most cost and time-efficient manner. Data usage continues to grow at a fast pace. Internet customers who do not buy traditional video from us use nearly 700 gigabytes per month.

最終，我預計幾乎所有連接到我們網路的設備都將採用無線連接。為了持續改善我們的服務，我們將繼續致力於網路升級，以最具成本效益和時間效率的方式提供最快的速度。數據使用量持續快速成長。未向我們購買傳統視訊服務的網路使用者每月平均使用近 700 GB 的資料。

Nearly 25% of those customers use a terabyte or more of data per month. And downstream traffic still dominates usage at a ratio of 14:1 versus upstream traffic. In the near term, we're implementing spectrum split upgrades, which expand our plant capacity bidirectionally and allow us to allocate more bandwidth to the upstream, all using our existing DOCSIS 3.1 infrastructure.

近25%的客戶每月數據使用量達到或超過1TB。下行流量仍佔主導地位，其使用量與上行流量比率高達14:1。近期，我們將實施頻譜分割升級，這將雙向擴展我們的網路容量，並允許我們為上行流量分配更多頻寬，所有這些都將利用我們現有的DOCSIS 3.1基礎設施。

In turn, we'll be able to offer our customers higher symmetrical speeds and multi-gigabit speeds in the downstream. Our network evolution path also includes DOCSIS 4.0, so we can maintain a state-of-the-art network that delivers the most compelling converged connectivity services in a capital and time-efficient manner, and in turn, offer those advanced services to consumers at highly attractive prices.

反過來，我們將能夠為客戶提供更高的對稱速度和下行多千兆速度。我們的網路演進路徑還包括 DOCSIS 4.0，因此我們能夠以高效且經濟的方式維護最先進的網絡，提供最具吸引力的融合連接服務，進而以極具吸引力的價格向消費者提供這些先進服務。

As you may know, I plan to step down as CEO on December 1. That time, Chris Winfrey will become our new CEO and I will become Executive Chairman. It's been personally fulfilling to lead Charter over the last 10 years. We've grown our company through innovation and strategic investments that position Charter to provide the best connectivity products and services available today everywhere we operate.

如您所知，我計劃於12月1日卸任執行長一職。屆時，克里斯·溫弗瑞將接任首席執行官，而我將擔任執行董事長。過去十年領導Charter公司令我個人倍感榮幸。我們透過創新和策略投資發展壯大公司，使Charter能夠在我們營運的每個地區提供當今最優質的連接產品和服務。

Our products have continually evolved and changed the world during my career, from the carriage of broadcast signals when I began to the development of robust video and multichannel cable networks. And from the early days of broadband, Internet and voice, to now offering fully ubiquitous wireless connectivity, we continue to drive new uses for our networks to bring value to consumers and our opportunity to innovate and grow is greater today than ever before.

在我職業生涯中，我們的產品不斷發展演變，改變了世界。從我最初從事廣播訊號傳輸，到後來開發出強大的視訊和多頻道有線電視網路；從早期的寬頻、網路和語音，到如今提供無所不在的無線連接，我們始終致力於拓展網路的新用途，為消費者創造價值。如今，我們的創新和發展機會比以往任何時候都更加廣闊。

Having worked closely with Chris for more than 10 years, I know that he's the right choice to be our next CEO. He will serve Charter with both vision and skill leading the company to new heights. Chris' leadership and expertise in both operations and finance have been pivotal to Charter's growth and success over the past 10 years. He's repeatedly demonstrated in a strategic insight in key market and industry awareness to drive our organization to perform at the highest levels. And with that, I'll turn the call over to Chris.

與克里斯密切合作超過十年，我深知他是我們下一任執行長的最佳人選。他將以遠見卓識和卓越才能帶領Charter公司邁向新的高峰。過去十年，克里斯在營運和財務方面的領導能力和專業知識對Charter的發展和成功至關重要。他憑藉對關鍵市場和產業的敏銳洞察力，一次又一次地展現出卓越的策略眼光，推動公司績效達到最高水準。接下來，我將把電話交給克里斯。

Thanks, Tom, and thanks for the kind words. I'm both honored and excited about the opportunity to continue to help Charter grow and to create shareholder value as the incoming CEO.

謝謝湯姆，也謝謝你的讚揚。能夠有機會繼續幫助Charter發展壯大，並作為新任執行長為股東創造價值，我感到既榮幸又興奮。

It has also been a privilege for all of us here at Charter to work for and learn from Tom over the past 10 years. His leadership is the reason Charter exists as it does today, and he's mentored all of us here to keep reinventing cable and we're fortunate that he'll continue to do the same as our Executive Chairman.

過去十年，我們Charter的所有人都深感榮幸能與Tom共事並向他學習。 Charter今天的成就離不開他的領導，他指導我們不斷革新有線電視行業，我們非常幸運，他將繼續擔任我們的執行董事長，引領我們走向成功。

So Tom covered the quarterly headlines. So I thought I'd give some additional market color. While our Internet net additions improved from last quarter, they remained below last year. The largest driver by far is that activity level remains low. Total churn and voluntary churn were slightly lower year-over-year and were at all-time lows for third quarter. Non-pay and move churn remains well below pre-pandemic levels. Those are market issues that also reduce our selling opportunities.

湯姆已經介紹了季度主要數據。所以我想補充一些市場資訊。雖然我們的網路淨新增用戶數較上季有所成長，但仍低於去年同期水準。最大的影響因素是用戶活躍度依然低迷。總流失率和自願流失率較去年同期略有下降，且均創下第三季歷史新低。非付費用戶流失率也遠低於疫情前水準。這些市場因素也減少了我們的銷售機會。

While we've seen some improving trends, gross additions also remained down across the footprint by similar amounts in both overbuild and non overbuild areas, similar to what we've seen in the past few quarters. In terms of competitive impact, some of the lower gross additions we see probably relate to DSL conversion going to a new entrant, fixed wireless instead of coming to us. Given the issues with fixed wireless product reliability and scalability and usage trends, we expect those customers to find their way back to us over the long term.

儘管我們看到一些改善趨勢，但無論是在已擴建區域還是未擴建區域，新增用戶總數在整個服務區域內仍然以類似的幅度下降，與過去幾個季度的情況類似。就競爭影響而言，部分新增用戶數量下降可能與DSL用戶轉而使用新進入者的固定無線網路有關，而不是選擇我們。考慮到固定無線網路產品的可靠性、可擴展性和使用趨勢方面存在的問題，我們預計這些客戶最終會重新選擇我們。

We've also seen a similar pace of fiber overbuild, but the reported telco Internet numbers confirm what we saw, a small mix issue from newly overbuilt footprint, no different from the past. I would also note that we've seen a small amount of market share return to mobile-only service over the past several quarters, the reversal of some COVID effects.

我們也看到了類似的光纖網路建設過剩趨勢，但電信業者公佈的網路用戶數據證實了我們的觀察，即新增過剩的光纖網路造成了一些混合使用問題，這與以往的情況並無二致。我還想指出，在過去的幾個季度裡，我們看到部分市場份額回落至純行動網路服務，這在一定程度上逆轉了新冠疫情的影響。

So we're in a unique moment, the opposite of the one we saw in 2020 and early 2021, in fact. Market transaction volume will eventually pick up and so will our Internet net adds. In the meantime, we're growing mobile at record rates, even in a low volume environment by saving customers thousands of dollars. That growth is also good for broadband.

因此，我們正處於一個獨特的時期，實際上與2020年和2021年初的情況截然相反。市場交易量最終會回升，我們的網路淨新增用戶也會隨之成長。同時，即使在低迷的市場環境下，我們仍然透過為客戶節省數千美元，以創紀錄的速度發展行動業務。這種成長對寬頻業務也有好處。

So we remain well-positioned. Our fixed and mobile broadband services continue to converge technically and operationally, and our Spectrum One offering launched earlier this month exemplifies that.

因此，我們仍然處於有利地位。我們的固定和行動寬頻服務在技術和營運方面持續融合，本月初推出的Spectrum One服務就是最好的例證。

As Tom mentioned, we have a path to drive significantly higher speeds at a much faster pace and at much lower cost than our competitors. And we can sustain good revenue growth, lower cost of service per customer relationship for many years.

正如湯姆所說，我們有辦法以遠低於競爭對手的速度和成本，以實現更高的速度。而且，我們還能在未來多年保持良好的營收成長，並降低每位客戶關係的維護成本。

I've been in the cable industry for almost 25 years and at Charter for over 10 years. And I've played a key role in developing our operating strategy. So our recipe for creating shareholder value through better products, pricing and packaging and service, coupled with a levered equity return strategy, will remain intact.

我在有線電視產業工作了近25年，在Charter公司也工作了10多年。我曾參與制定公司的營運策略，並發揮了關鍵作用。因此，我們透過更好的產品、價格、套餐和服務，以及槓桿化的股權回報策略來創造股東價值的方案將保持不變。

At the same time, I do think the CEO transition will be a good opportunity for us, both in this market and with the transition taking place to update investors on what I expect over the next few years, including details of our network evolution plan, convergence capabilities, service experience for customers and our rural expansion and build-out plans. That's a lot to cover, so I look forward to a virtual event with the investment community that we'll schedule for a date, following the CEO transition in December.

同時，我認為CEO的更迭對我們來說是一個很好的機會，無論是在當前的市場環境下，還是在過渡期間，都可以藉此機會向投資者介紹我對未來幾年的預期，包括我們的網絡演進計劃、融合能力、客戶服務體驗以及農村地區的擴張和建設計劃等細節。內容很多，所以我期待在12月CEO更迭之後，與投資界人士舉行一次線上交流會，具體日期我們將另行安排。

Now I'll turn the call over to Jessica.

現在我把電話交給潔西卡。

Thanks, Chris. Before discussing our third quarter results, I want to mention that today's results do not include any impact related to Hurricane Ian, which hit the East Coast in late September. Initially, approximately 1 million of our customers lost service, primarily because of power outages, but our crews worked hard to repair our network and reconnect customers, and they did a great job.

謝謝，克里斯。在討論第三季業績之前，我想先說明一下，今天的業績報告並未包含受九月下旬襲擊美國東岸的颶風伊恩的影響。最初，大約有100萬客戶斷網，主要是由於停電造成的，但我們的工作人員努力修復網路並恢復客戶連接，他們做得非常出色。

Broadly speaking, our plant fared well despite the storm and service was restored to nearly all impacted customers in a relatively short period of time. And while we expect our fourth quarter results to contain some bill credits, some incremental CapEx related to plant replacement and some incremental operating expense related to store cleanup and call center labor, we expect the overall impact of Hurricane Ian on our financials and customer numbers will be very small.

總體而言，儘管受到風暴影響，我們的工廠運作狀況良好，幾乎所有受影響的客戶都在相對較短的時間內恢復了服務。雖然我們預計第四季度業績會包含一些帳單抵免、一些與工廠更換相關的新增資本支出以及一些與門市清理和呼叫中心人工相關的新增營運費用，但我們預計颶風伊恩對我們的財務狀況和客戶數量造成的總體影響將非常小。

Let's turn to customer results on Slide 5. Including residential and SMB, we added 75,000 Internet customers in the third quarter. Video customers declined by $204,000 in the third quarter, following a programming pass-through increase in the second quarter. Wireline and voice declined by 271,000 and we added a record 396,000 mobile lines despite the lower number of selling opportunities from our reduced activity levels. We continue to drive mobile growth with our high-quality, attractively priced service. Looking forward, we expect our new Spectrum One offer to drive accelerating mobile line growth.

讓我們來看看幻燈片5中的客戶表現。第三季度，包括住宅用戶和中小企業用戶在內，我們新增了7.5萬網路用戶。由於第二季節目轉嫁費用的成長，第三季影音用戶收入減少了20.4萬美元。固話和語音用戶減少了27.1萬，儘管由於業務活動減少導致銷售機會減少，但我們新增了創紀錄的39.6萬條行動線路。我們憑藉高品質、價格極具吸引力的服務，持續推動行動業務成長。展望未來，我們預計新的Spectrum One套餐將進一步加速行動線路的成長。

Moving to financial results, starting on Slide 6. Over the last year, residential customers grew by $123,000 or 0.4% year-over-year. Residential revenue per customer relationship was flat year-over-year with promotional rate step-ups and rate adjustments, offset by a higher mix of nonvideo customers, higher expanded basic video losses in the last several quarters and accelerated growth of lower-priced video packages within our base.

接下來是財務表現部分，從第6頁開始。過去一年，住宅客戶收入成長了12.3萬美元，年增0.4%。由於促銷價格上調和價格調整，每位住宅客戶的收入與上年持平，但部分原因是非視頻客戶比例上升、近幾個季度擴展型基本視頻業務流失加劇，以及低價視頻套餐在我們現有客戶群中增長加速。

Our year-over-year residential revenue per customer relationship growth was lower this quarter than last, given the timing of rate adjustments in this year versus last and the mix factors I just mentioned. Also keep in mind that our residential ARPU does not reflect any mobile revenue. As Slide 6 shows, residential revenue grew by 0.7% year-over-year.

鑑於今年與去年費率調整的時間安排以及我剛才提到的產品組合因素，本季我們每客戶關係的住宅收入年增率低於去年同期。此外，請注意，我們的住宅平均每用戶收入（ARPU）不包含任何移動收入。如投影片6所示，住宅收入年增0.7%。

Turning to commercial. SMB revenue grew by 1.9% year-over-year, reflecting SMB customer growth of 3.3%. Enterprise revenue was up by 2.6% year-over-year or by 5.2% year-over-year when excluding some onetime fees from the prior period, which were a benefit last year. Excluding all wholesale revenue, enterprise revenue grew by 9% and enterprise PSUs grew by 4.9% year-over-year.

再來看商業業務。中小企業營收年增1.9%，反映出中小企業客戶數量成長了3.3%。企業營收年增2.6%，若剔除上期部分一次性費用（這些費用去年帶來了收益），則較去年同期成長5.2%。剔除所有批發收入後，企業營收年增9%，企業電源單元（PSU）較去年同期成長4.9%。

Third quarter advertising revenue grew by 23% year-over-year, primarily driven by political revenue. Core ad revenue was flat year-over-year with lower national and local advertising revenue, offset by our growing advanced advertising capabilities.

第三季廣告營收年增23%，主要得益於政治廣告收入的成長。核心廣告收入與去年同期持平，其中全國性和地方性廣告收入有所下降，但不斷增強的高級廣告能力抵消了這一影響。

Mobile revenue totaled $750 million with $303 million of that revenue being device revenue. Other revenue declined by 2.1% year-over-year, primarily driven by lower video CPE sold to customers, mostly offset by rural construction initiatives subsidies. In total, consolidated third quarter revenue was up 3.1% year-over-year.

行動業務收入總計7.5億美元，其中設備收入為3.03億美元。其他業務收入較去年同期下降2.1%，主要原因是出售給客戶的視訊終端設備(CPE)數量減少，但大部分被農村建設補貼抵銷。第三季合併總營收年增3.1%。

Moving to operating expenses and EBITDA on Slide 7. In Q3, total operating expenses grew by $278 million or 3.5% year-over-year. Programming costs declined by 3.8% year-over-year due to a decline in video customers of 3.8% year-over-year and a higher mix of lighter video packages, partly offset by higher programming rates.

接下來請看第7頁的營運費用和EBITDA。第三季度，總營運費用年增2.78億美元，增幅為3.5%。由於視訊用戶年減3.8%，以及輕量級視訊套餐佔比增加，節目製作成本較去年同期下降3.8%，但部分被更高的節目單價所抵銷。

Looking at the full year 2022. We now expect programming cost per video customer to grow in the low single-digit percentage range. Regulatory connectivity and produced content declined 7.4% year-over-year, primarily driven by lower video CPE sold to customers. For the full year 2022, we now expect regulatory connectivity and produced content expense to decline in the mid- to high single-digit percentage range.

展望2022年全年，我們預計每位視訊用戶的節目製作成本將以較低的個位數百分比成長。監管連結和內容製作成本較去年同期下降7.4%，主要原因是出售給客戶的影片CPE數量減少。我們預計2022年全年監管連接和內容製作成本將以中高個位數百分比下降。

Costs to service customers increased by 4.4% year-over-year. Excluding bad debt from both years, costs to service customers grew by 3%, primarily due to higher fuel and freight costs, partly offset by productivity improvements.

客戶服務成本較去年同期成長4.4%。若剔除兩年的壞賬，客戶服務成本成長3%，主要原因是燃油和運費上漲，部分被生產力提高所抵銷。

And while bad debt and nonpay churn were higher year-over-year, both remain well below pre-COVID levels. We now expect costs to service customers expense growth for the second half of 2022 to be more consistent with growth in the first half of 2022.

儘管壞帳和未付款客戶流失率同比有所上升，但兩者仍遠低於新冠疫情前的水平。我們現在預計，2022年下半年客戶服務成本的成長將與2022年上半年的成長更為一致。

Marketing expenses grew by 9.3% year-over-year, primarily due to higher staffing levels and wages as Charter focuses on providing better service to new and existing customers.

行銷費用年增 9.3%，主要原因是 Charter 致力於為新舊客戶提供更好的服務，因此增加了員工人數和薪資。

For the full year 2022, we now expect marketing expense to grow in the high single-digit percentage range. Mobile expenses totaled $846 million and were comprised of mobile device cost tied to device revenue, customer acquisition and service and operating costs. And other expenses increased by 4.4%, primarily driven by higher labor costs, higher advertising sales expense related to political revenue and higher computer and software expense, partly offset by lower corporate costs this quarter. Adjusted EBITDA grew by 2.4% year-over-year in the quarter.

我們現在預計2022年全年行銷費用將以接近兩位數的百分比成長。行動業務費用總計8.46億美元，包括與設備收入相關的行動裝置成本、客戶獲取成本以及服務和營運成本。其他費用成長4.4%，主要受勞動成本上升、與政治收入相關的廣告銷售費用增加以及電腦和軟體費用增加的影響，部分被本季較低的公司成本所抵銷。本季調整後EBITDA年增2.4%。

Turning to net income on Slide 8. we generated $1.2 billion of net income attributable to Charter shareholders in the third quarter, essentially flat with last year with higher adjusted EBITDA, offset by higher interest expense.

請參閱第 8 頁的淨收入部分。第三季度，我們實現了歸屬於 Charter 股東的 12 億美元淨收入，與去年基本持平，調整後的 EBITDA 有所增長，但被更高的利息支出所抵消。

Turning to Slide 9. Capital expenditures totaled $2.4 billion in the third quarter, above last year's third quarter spend of $1.9 billion. Most of that increase was driven by $525 million of spend on our rural construction initiative in the quarter, and the vast majority of that spend is accounted for in line extensions.

請看投影片9。第三季資本支出總額為24億美元，高於去年同期的19億美元。其中大部分成長來自本季在農村建設項目上的5.25億美元支出，而這筆支出絕大部分用於管線擴建。

In rural, we've accelerated our walkout and design nationally to allow for additional time for the process of securing full access. In addition, our access to inventory is improving, so we're carrying a more appropriate amount of inventory to support the [build]. As a result, we now expect to spend approximately $1.5 billion this year on the rural construction initiative.

在農村地區，我們加快了全國範圍內的實地考察和設計工作，以便為確保全面進入施工區域預留更多時間。此外，我們的庫存取得管道也不斷改善，因此我們目前持有的庫存量更符合施工需求。因此，我們預計今年將在農村建設項目上投入約15億美元。

We spent $96 million on mobile-related CapEx, which is mostly accounted for in support capital and scalable infrastructure and was driven by investments in back office systems. Core cable CapEx, which excludes our rural and mobile CapEx, increased from $1.7 billion last year to $1.8 billion this quarter, driven by modestly higher CPE and scalable infrastructure spending. We continue to expect core cable capital expenditures to be between $7.1 billion and $7.3 billion for the full year 2022.

我們在行動相關資本支出方面投入了9,600萬美元，其中大部分用於支援性資本和可擴展基礎設施，主要由後台系統投資推動。核心有線電視資本支出（不包括農村和行動領域的資本支出）從去年的17億美元增加到本季的18億美元，主要得益於客戶終端設備和可擴展基礎設施支出的略微增長。我們仍預期2022年全年核心有線電視資本支出將介於71億美元至73億美元之間。

As Slide 10 shows, we generated $1.5 billion of consolidated free cash flow this quarter versus $2.5 billion in the third quarter of last year. The decline was primarily driven by higher cash tax payments and higher CapEx, mostly driven by our rural construction initiative.

如幻燈片10所示，本季我們產生的合併自由現金流為15億美元，去年第三季為25億美元。下降的主要原因是現金稅支出增加和資本支出增加，其中資本支出主要來自我們的農村建設項目。

Excluding cash taxes, our rural construction initiative and litigation settlements, free cash flow grew by 5% year-over-year. We finished the quarter with $96.8 billion in debt principal. Our current run rate annualized cash interest is $4.8 billion. As of the end of the third quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.48x. We intend to stay at or just below the high end of our 4 to 4.5x target leverage range.

剔除現金稅、農村建設項目和訴訟和解款項後，自由現金流年增5%。本季末，我們的債務本金為968億美元。目前的年化現金利息支出為48億美元。截至第三季末，我們的淨負債與過去12個月調整後EBITDA比率為4.48倍。我們計劃將槓桿率維持在4至4.5倍的目標區間上限或略低於該區間。

During the quarter, we repurchased 5.8 million Charter shares and Charter Holdings common units totaling about $2.6 billion at an average price of $445 per share.

本季度，我們以每股 445 美元的平均價格回購了 580 萬股 Charter 股票和 Charter Holdings 普通股，總計約 26 億美元。

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)

（操作說明）

Our first question will come from Doug Mitchelson with Credit Suisse.

我們的第一個問題來自瑞士信貸的道格·米切爾森。

I think perhaps 2 questions. Tom, what a career and Chris, congratulations. I wanted to ask about Spectrum One on. And Tom reminds me of when you launched the Triple Play. The 2005 back when files (inaudible) were launching, and it looked like a really intriguing price and value for customers, but also kind of lower than perhaps prior promotions. So I'm just hoping that you and Chris can walk through the strategy behind the Spectrum One promotion and the financial impact, relative to your prior promotional strategies.

我想問兩個問題。湯姆，你的職業生涯真是輝煌！克里斯，恭喜你！我想問關於Spectrum One套餐的事。湯姆讓我想起了你們在2005年推出的三重播放套餐。當時文件（聽不清楚）剛推出，這個套餐的價格和性價比看起來非常誘人，而且似乎比之前的促銷活動要低一些。所以我希望你和克里斯能詳細解釋一下Spectrum One促銷活動的策略以及它與你們之前的促銷策略相比，在財務方面的影響。

And then separately, Chris, I know it's early and you're indicating that you're going to update us in December. Like how broadly are you considering strategy shifts? Obviously, investors are a combination of nervous and excited about changes that might take place. I mean is there a scope to rapidly accelerate capital spending or different pricing strategies? How wide is the net here in terms of what you're considering? Is this revolution or evolution?

克里斯，我知道現在還早，你也表示會在12月更新狀況。那麼，你對策略調整的考量範圍有多廣呢？顯然，投資者對可能發生的變化既感到緊張又興奮。我的意思是，是否有可能迅速增加資本支出或採取不同的定價策略？你考慮的範圍有多廣？這是一場革命還是漸進式的變革？

Thanks, Doug. Yes, your memory is good. And I'll turn the answer over to Chris. But when Triple Play was first announced, there was a lot of skepticism, and some people thought it was foolish, but it turned out to be quite successful.

謝謝，道格。是的，你的記憶力真好。我這就把答案交給克里斯。不過，當初「三重奏」計畫宣布的時候，很多人都持懷疑態度，有些人甚至覺得這計劃很愚蠢，但結果卻非常成功。

So I think there's -- similarly, maybe a little confusion out there about what Spectrum One is -- and really, it's our first attempt and it may evolve over time. But Spectrum One packages seamless connectivity with our products, and they all work better together. It's offered at a first year promotional price. And as a result, our pricing of the underlying products, whether that's Internet, Advanced WiFi and mobile, it has not changed.

所以我覺得，大家可能對Spectrum One這個​​概念還有些誤解——事實上，這是我們的首次嘗試，它可能會隨著時間而不斷完善。 Spectrum One將我們的產品與無縫連接相結合，使它們能夠更好地協同工作。它第一年以促銷價提供。因此，我們底層產品的價格，無論是互聯網、高級Wi-Fi還是行動網絡，都沒有改變。

Even after that promotional period, Spectrum One creates values for customers in a way that our competitors really can't replicate. It's pretty similar to what was the design of Tom's original Triple Play. And we also attach additional products or mobile lines to that promotional sell-in. So contrary to what I think is maybe a fear, we have not lowered our pricing in the marketplace nor do we believe that we need to.

即使在促銷期結束後，Spectrum One 仍能以競爭對手難以複製的方式為客戶創造價值。這與 Tom 最初的三重播放套餐設計非常相似。而且，我們也會將其他產品或行動線路與促銷活動捆綁銷售。因此，與某些人的擔憂相反，我們並沒有降低市場價格，我們認為沒有必要這樣做。

Doug, on strategy shift. I mean in the prepared remarks, I wanted to be clear because I understand that's out there as well. I've been a player in developing our operating strategy here with Tom and John Bickham and others over the past decade. And just because somebody gives you a new title doesn't mean that your view on fundamentally how to create shareholder value changes overnight.

道格，關於戰略轉變。我的意思是，在事先準備好的演講稿中，我想把話說清楚，因為我知道外界也有這種說法。在過去十年裡，我一直與湯​​姆·比克漢姆、約翰·比克漢姆以及其他同事一起參與制定公司的營運策略。僅僅因為有人給了你一個新的頭銜，並不意味著你對如何創造股東價值的根本看法會在一夜之間改變。

So I'm pretty committed to all things that we're doing today in terms of our strategy around products, pricing, package service. As I mentioned, our capital structure, obviously, had a little bit of a hand in that as well in our balance sheet, M&A strategy. So I don't expect any seismic shifts. I've always thought that if we we're going to do something anyway in terms of capital might as well go get after it, so you can grow faster. And so if there's opportunities to accelerate what we're already doing, we'll do that. But I don't think people should expect any fundamental changes and views on how we operate the business or how we create value for shareholders.

因此，我對我們目前在產品、定價和打包服務等方面的策略性舉措都非常堅定。正如我之前提到的，我們的資本結構，包括資產負債表和併購策略，顯然也對此產生了一定的影響。所以我預計不會有任何重大變化。我一直認為，既然無論如何都要進行資本投入，那就應該全力以赴，這樣才能實現更快成長。因此，如果存在加速現有業務發展的機會，我們就會抓住它。但我認為大家不應該期待我們在業務運作方式或為股東創造價值的方式上發生任何根本性的改變。

Our next question will come from Benjamin Swinburne with Morgan Stanley.

下一個問題將來自摩根士丹利的本傑明·斯溫伯恩。

Congrats, Tom. I'm sure we'll miss you more than you'll miss us, but please stay in touch. I guess, sticking with the wireless scheme and the network. Chris, last quarter, you were willing to highlight to us that maybe we, on the sell side, have got the wireless economics wrong. Obviously, you've got the Spectrum One plan in the market, which seems to be doing what you hoped it would, which is to drive faster growth.

恭喜你，湯姆。我相信我們會比你更想念你，但請保持聯繫。我想，你還是會繼續關注無線方案和網路。克里斯，上個季度你曾指出，或許我們作為賣方，對無線經濟效益的理解有誤。顯然，你們已經推出了Spectrum One方案，而且看起來它正在達到你們預期的效果，即推動更快的成長。

I'm sure we'll see more of that in Q4. The losses in wireless, and I know product P&Ls are of limited use to some extent, but it looks like they'll be pretty flattish year-on-year this year. I'm just wondering, is there a way you can sort of take us into the cost structure on the wireless side, speak to the network offload opportunities?

我相信第四季我們會看到更多這樣的情況。無線業務的虧損，我知道產品損益表在某種程度上作用有限，但看起來今年的虧損與去年同期相比應該會比較平穩。我想請教一下，能否為我們詳細介紹一下無線業務的成本結構，以及網路卸載的機會？

And is there any way to help us think about as you continue down this convergence path, is there a time line towards EBITDA starting to inflect and really benefit from the wireless revenue scale you're building? Because it sounds like looks like we're not going to see that, at least, in the near term.

那麼，隨著你們繼續沿著這條融合之路前進，能否幫我們思考一下，EBITDA何時才能開始出現轉機，並真正受益於你們正在建構的無線收入規模？因為聽起來，至少在短期內，我們似乎看不到這種情況。

And then I'm just wondering, what are the returns you're seeing on the high split activity so far? And you mentioned DOCSIS 4. Tom did in his prepared remarks. Do you have a sort of a time line you want to sort of lay out for us or how you think about the benefits of high split and DOCSIS 4 over the course of the next few years to the business?

然後我想問一下，到目前為止，您在高拆分交易方面看到了哪些回報？您提到了DOCSIS 4，Tom在他的演講稿中也提到了。您能否為我們概述一下時間表，或者您認為在未來幾年內，高拆分交易和DOCSIS 4將如何為公司帶來收益？

Two quick things, and then I'm going to pass it over to Jessica. On Spectrum One, we didn't launch that until October. So it had no impact on our Q3 results. And on your question regarding high split, we're going to go into lots of detail in December. So I'm going to try to be quiet today around all that. There's nothing shocking. I think Tom and others may elaborate on the benefits of high split, but we'll give a more detailed plan in December. The question is on the mobile, I'm going to hand that over to Jessica around the financials on mobile and she can go through that.

簡單說兩點，然後我就把麥克風交給潔西卡。關於Spectrum One，我們直到十月才正式推出，所以它對我們第三季的業績沒有影響。至於你提到的高額分攤方案，我們會在十二月份詳細說明，所以今天我就不多說了。沒什麼特別的。我想湯姆和其他人可能會詳細解釋高額分攤方案的優勢，但我們會在十二月份公佈更詳細的計劃。關於行動端的財務數據，我會把這個問題交給潔西卡，讓她來解答。

Yes. So mobile EBITDA losses remained due to a few things. The first one, I'm sure you saw this, this is our best quarter yet for mobile growth, and we continue to have additional sort of customer acquisition costs because of that, that weigh on mobile EBITDA. Also, we did see both in mobile and in the cable side, increases in bad debt in the year-over-year. And so there's some of that that's impacting mobile EBITDA.

是的。行動業務EBITDA虧損持續存在，原因有幾個。首先，我相信您也看到了，這是我們行動業務迄今為止成長最好的一個季度，因此我們持續面臨額外的獲客成本，這會對行動業務EBITDA造成壓力。此外，行動業務和有線電視業務的壞帳年比均有所增加。這些因素也對行動業務EBITDA產生了一定影響。

And we did implement a new system earlier in the year. I think Tom has talked about it. And we're still sort of working through the last of the costs related to having implemented that system. And so there's a little weight there that I think will come down as we settle in a bit more.

今年早些時候，我們確實實施了一套新系統。我想湯姆也談過這件事。目前我們還在處理實施這套系統的一些後續費用。所以，這方面還有一些壓力，但隨著系統逐漸穩定運行，我相信壓力會減輕。

But the key here is that you should know that gross margin in the mobile product continues to be very good. And as Chris mentioned, Spectrum One, while it offers a promotional price on mobile, we're both selling additional lines in with that promotional offer and at our rack rate, which that rolls to in 12 months, we make very solid margins off of the mobile business. And because of that, we remain profitable in that business absent the growth cost, even with the promotional pricing to drive overall customer relationships.

但關鍵在於，您應該了解行動產品的毛利率依然非常可觀。正如克里斯所提到的，Spectrum One 雖然提供行動業務的促銷價格，但我們既以促銷價銷售外線路，也以原價銷售（原價將在 12 個月後生效），因此我們在行動業務上獲得了非常可觀的利潤。正因如此，即使我們為了維繫客戶關係而推出促銷價格，在不計入成長成本的情況下，我們仍然能夠維持行動業務的獲利。

Yes, at a high level, Ben, on the Spectrum splits. What they essentially do is give you the opportunity to increase down speeds and upstream speeds significantly and to offer products symmetrically at pretty low capital cost. When we did DOCSIS 3.1, you remember, we spent about $9 a point past, not counting CPE, and which was $450 million approximately to get the plant ready.

是的，本，從宏觀層面來說，頻譜分割確實有效。它們本質上能讓你大幅提升下行和上行速度，並以相當低的資本成本提供對稱的產品。你還記得嗎？我們當年部署 DOCSIS 3.1 的時候，每超過一個點，成本就大約是 9 美元，還不包括客戶端設備 (CPE)，整個網路建設就花了大約 4.5 億美元。

This is going to cost a little more than that, but it's still a relatively low-cost capital investment that gives you a significant increase in capacity. And it leaves you in a pathway where you can continue to invest with additional technologies, including DOCSIS 4.0 to even further enhance the capability of the network at a pretty capital-light efficient way that gives you massive capacity and moves us to the 10G world we've been talking about over time.

這筆費用會比預期略高一些，但仍是一項相對低成本的資本投資，卻能大幅提升網路容量。而且，它還能讓你繼續投資其他技術，包括 DOCSIS 4.0，從而以相當輕資產高效的方式進一步增強網路能力，最終實現海量容量，並推動我們邁向我們一直以來所談論的 10G 世界。

And as a general concept, it takes away additional operating costs as well and additional capital cost when you make these investments because the augmentation in the network that you have to do for growth. I talked in my prepared remarks about how much capacity people are using that capacity use continues to go up. So this -- and we have a normal capital budget associated with that growth in capacity.

總的來說，這種投資方式可以降低額外的營運成本和資本成本，因為為了滿足成長需求，網路擴容是必要的。我在先前的發言稿中提到過，人們正在使用大量的網路容量，而且這種容量使用率還在持續成長。因此，我們通常會為這種容量成長預留一定的資本預算。

And when you do these Spectrum split upgrades, you get that capacity included with that investment. So you don't have to make the augmentation investment. So it's a very efficient way of ubiquitously deploying lots of capability across your entire footprint. And I think the cable industry, in general, will have that capacity across its entire footprint very relatively quickly.

當你進行頻譜分割升級時，升級容量就包含在投資中了。因此，你無需額外投資擴充。這是一種非常有效率的方式，可以全面覆蓋你的所有網路區域。我認為，有線電視行業總體上很快就能在其所有網路區域實現這種容量覆蓋。

And I think given what we've seen in the field implementations that have happened so far, our confidence in the capital efficiency of the implementation as well as our ability to do it at speed, have both grown versus even, I would say, where we were last quarter or the quarter before. So very good progress and what we've seen, both in the field and from the supplier community as to how that upgrade will be able to be executed in.

我認為，鑑於我們目前在現場實施過程中所看到的，我們對實施的資本效率以及快速完成實施的能力都更有信心，甚至比上個季度或上上個季度還要好。因此，進展非常順利，我們從現場和供應商那裡都了解到，升級改造將能夠順利進行。

Our next question will come from Craig Moffett with Moffett Nathanson.

下一個問題將來自克雷格·莫菲特（Craig Moffett）和莫菲特·納坦森（Moffett Nathanson）。

First, congratulations to you, Tom, and also to you, Chris, on the transition. Two questions, if I could. First, Tom, just a personal question for you. Can you elaborate a little bit on the timing of your decision? What made you decide now was the right time? And then second, with respect to broadband, what are you seeing in terms of broadband costs?

首先，湯姆，也恭喜你，克里斯，順利完成過渡。如果可以的話，我想問兩個問題。首先，湯姆，我有個私人問題想問你。能詳細說說你​​做出這個決定的時機嗎？是什麼讓你覺得現在是適當的時機？其次，關於寬頻，你覺得目前的寬頻費用狀況如何？

You're obviously doing a lot at the edges of your network that would, I think, give you good insight into labor costs and the implications of cost of capital, what are you seeing both for you and would you suspect for fiber overbuilders that are competitors? And does it have any implications for how you think about the RDOF build? Are there any of those markets that as costs have risen are now less attractive and potentially less interesting to continue to pursue?

顯然，你們在網路邊緣做了很多工作，我認為這能讓你們深入了解勞動成本和資本成本的影響。你們自己以及你們的競爭對手──光纖網路建商──都看到了哪些情況？這會對你們的RDOF建設思路產生什麼影響？隨著成本上升，是否有一些市場吸引力下降，不再值得繼續投入？

There's a lot in those in that question. First, with regard to my timing. Actually, 2 years ago, put in my contract that on August 15 of this year, I would have an option in my employment agreement to begin the process of transitioning to Executive Chairman and giving up the CEO role. I chose that date 2 years ago because it was the 50th anniversary of my beginning in cable as a technician working my way through college in 1972. So I have personal meaning to me, and I thought it was a milestone a couple of years ago that I might want to exercise.

這個問題包含了很多資訊。首先，關於我的時機選擇。實際上，兩年前我在合約裡寫明，今年8月15日，我的僱傭協議中會包含一項條款，允許我啟動過渡到執行董事長並卸任執行長的流程。我兩年前選擇這個日期，是因為那是我1972年開始從事有線電視技術員工作並以此賺取大學學費的50週年紀念日。所以這個日期對我來說意義非凡，而且幾年前我就覺得這是一個值得我行使的里程碑。

And then the other thought I had was at the end of this executive Chairmanship, I'd be 70 years old, and I thought well, maybe I should think about not working after that age. But on the other hand, I was -- I love this business and I love what the future is for this business, and there's tremendous opportunity. And I want to see it through, but it's going to -- it's just such a good business and it's going to go on so long that it's time to pass the baton. So that's how I came to the decision.

我當時還想到，等我卸任執行主席一職，就70歲了，我想，或許我該考慮退休了。但另一方面，我熱愛這個產業，也看好它的未來，這裡蘊藏著巨大的機會。我想親眼見證它的成長，但它畢竟是如此優秀的企業，而且會持續發展下去，是時候交棒了。這就是我做出這個決定的原因。

To your sort of broadband cost questions. Yes, there are cost issues and we've had to deal with those costs and they're in our numbers. In this quarter, you can see that there's some inflationary pressure out there, and there have been labor force dislocations as a result of COVID and the economic policies that the country employed to deal with it. And they're significant, but we've -- our strategy from a pricing and packaging perspective is to be the value provider and to make these products work together at lower prices, and create good value for consumers.

關於您提到的寬頻成本問題，是的，確實存在成本問題，我們也一直在應對這些問題，這些成本都反映在我們的財務數據中。本季度，您可以看到市場存在一定的通膨壓力，而且由於新冠疫情以及國家為應對疫情而採取的經濟政策，勞動力市場也出現了一些動盪。這些影響確實很大，但我們——從定價和套餐的角度來看——我們的策略是成為價值提供者，讓這些產品以更低的價格協同運作，從而為消費者創造真正的價值。

And to use our ability to drive market share as the primary driver of our revenue. But that said, we have been passing through video price increases, and we've passed through recently a broadband price increase and it was a result of the inflationary pressures that we've seen.

我們將利用提升市場佔有率的能力作為收入的主要驅動力。但即便如此，我們也一直在逐步提高影片價格，最近也提高了寬頻價格，這都是我們所看到的通膨壓力造成的。

At the same time, it doesn't negate the way our primary revenue opportunity is developing, which is to create more customers faster and to create those customers with more products associated with each connection so that our ARPU and the revenue go up together. And that's the primary driver of our revenue strategy.

同時，這並不影響我們主要收入成長點的發展方向，即更快地拓展客戶群體，並讓每位客戶在每次互動中體驗更多相關產品，從而實現每用戶平均收入（ARPU）和總收入的同步增長。這正是我們收入策略的核心驅動力。

Our cost strategy though is real, and we are working in RDOF to develop -- we have had higher costs than we anticipated, but we've also had more success than we anticipated in terms of both penetration and the number of passings that we can develop off of the RDOF projects that we've built. So net-net, our cost is what we thought it would be on a per passing basis. But it does create pressure and difficulty for people to attract labor and to get things done. And so we're having issues ourselves with supply chain and the development of a workforce and how we do the old work and what order we do the work is being impacted by the labor market and the supply market.

我們的成本策略是切實可行的，我們正在RDOF（道路開發機會）領域努力發展——雖然成本高於預期，但就市場滲透率和我們已建成的RDOF項目所能帶來的通行證數量而言，我們也取得了超出預期的成功。因此，總體而言，我們按每次通行證計算的成本與預期相符。但這確實給人們在吸引勞動力和完成工作方面帶來了壓力和困難。因此，我們在供應鏈、勞動力發展以及我們進行舊工作的方式和順序方面都面臨著問題，這些問題都受到勞動力市場和供應市場的影響。

So I do think the cost of money and the cost of labor and the cost of everything will affect our competitors' ability to build as well.

所以我認為資金成本、勞動成本以及所有成本都會影響我們競爭對手的建立能力。

Yes. The advantage that we have there against many of them is scale. So certainly, when it comes to being able to acquire and then to move supply around the areas where we're ready and most able to build, I think that we have -- we continue to have a very good ability to do that.

是的。我們相對於許多競爭對手的優勢在於規模。所以，在獲取資源並將其調配到我們最有能力和條件進行建設的地區方面，我認為我們一直都擁有非常強大的能力。

And really on the cost to capital side, the advantage that we have is a large amount of free cash flow that we're able to deploy really what's a relatively small portion of to execute on these builds. So we're not as beholden to borrowing on a regular basis to fund our builds as some others in the market are.

從資本成本角度來看，我們的優勢在於擁有大量的自由現金流，而我們只需將其中相對較小的部分用於這些建設項目。因此，我們不像市場上的其他一些公司那樣需要定期借貸來為建設項目提供資金。

So I think we continue to be well-positioned. The rural builds are actually performing, at least, as well or actually better than we expected. And from a financial perspective, I'm still confident in where we are on the returns that we had said that we would have against those belts.

所以我認為我們依然處於有利地位。農村地區的建設項目實際上表現良好，至少與預期持平，甚至可能更好。從財務角度來看，我對我們先前預測的這些項目的回報仍然充滿信心。

Our next question will come from Philip Cusick with JPMorgan.

下一個問題將來自摩根大通的菲利普·庫西克。

A couple of follow-ups, if I can. Chris, looking forward to your event in December. I know you addressed somewhat a couple of things a minute ago, but I noticed you didn't mention updates on core network capital intensity or leverage targets as part of this transition, which are things that we hear people asking about in the market. Any changes to consider here that you can give us a little preview on?

如果可以的話，我想問幾個後續問題。克里斯，我很期待你十二月的活動。我知道你剛才已經談到了一些事情，但我注意到你沒有提到核心網路資本密集度或槓桿目標方面的更新，而這些都是市場人士經常詢問的問題。能否就此做一些調整，給我們事先透露一下？

And then second, I know it's early, but Jessica, can you follow up on that, those rural initiatives and the contribution there to broadband subs? How should we think about capital spending for RDOF and other rural initiatives next year?

其次，我知道現在說這些還為時過早，但傑西卡，你能跟進一下農村發展計劃以及它們對寬頻用戶成長的貢獻嗎？明年我們應該如何考慮農村發展基金和其他農村發展計畫的資本支出？

I'll take the first one. I think Jessica mentioned in her prepared remarks, our view on core capital intensity in terms of outlook and she wouldn't have said that if we didn't collectively believe that was the case now and going forward. She mentioned excluding rural and that there may be some lumpiness as it relates to the timing of exactly how you get high split in supply chain and inventory and all that. But the core capital intensity continues to decline.

我先回答第一個問題。我認為傑西卡在她事先準備好的演講稿中提到了我們對核心資本密集度前景的看法，如果我們不是一致認為目前和未來情況確實如此，她就不會這麼說了。她提到排除農村地區，並且由於供應鏈和庫存等環節的具體情況，可能會出現一些波動。但核心資本密集度仍在持續下降。

The leverage target. I've heard that rumor out in the marketplace. I find it a little bit funny because I've been at 4.5x since Switzerland, since Germany, since Charter, 4.5x and had a levered equity strategy for a really long time, probably over 20 years.

關於槓桿目標，我在市場上聽過這個傳言。我覺得有點好笑，因為我從瑞士、德國、Charter 時期就一直保持 4.5 倍的槓桿，而且我採用槓桿股票策略已經很久了，可能超過 20 年了。

And I have helped put that together here at Charter, and we have good growth in -- and the interest rates aren't all that different. In fact, it probably less for us as Charter today than when I got here at Charter. So our views on how to create value through the operating strategy and how to pair that with the balance sheet and M&A strategy and a levered equity strategy, that hasn't changed.

我在Charter公司參與了這些工作的整合，我們取得了良好的成長——而且利率並沒有太大變化。事實上，對Charter公司來說，現在的利率可能比我剛來的時候還要低。因此，我們關於如何透過營運策略創造價值，以及如何將其與資產負債表、併購策略和槓桿股權策略結合的觀點，並沒有改變。

And I mentioned the same thing in the prepared remarks and that's while we're on the topic. I know that one of the other topics out there and I think Doug was going, there's -- do I believe that we need to do a fiber overbuild for our entire network? No, I don't think it makes a lot of sense to have operate 2 networks, which is what a lot of the overbuilders have had to do when they got into it. We have a really good path forward. It doesn't mean that we don't do fiber. We do fiber on the increment. There may be portions of the network longer term that we decided it's economical to do that. But for the most part, and in fact, in its entirety, the path that Tom laid out is the path that we're on. And we're not -- I don't see any reason why somebody would want to go to a full fiber for build of perfectly otherwise good network that can be upgraded and dramatically lower cost and have the same capabilities.

我在準備好的發言稿中也提到了這一點，既然我們談到了這個話題，那就再說說。我知道另一個討論的話題，我想道格也提到了，那就是——我是否認為我們需要為整個網路進行光纖升級？不，我認為經營兩個網路意義不大，而很多網路升級公司剛開始的時候就必須這麼做。我們已經有了一條非常好的發展路徑。這並不意味著我們不做光纖。我們會逐步增加光纖投入。從長遠來看，我們可能會認為在某些網路部分進行光纖升級更經濟。但總的來說，實際上，湯姆所製定的整個發展路徑就是我們正在走的路徑。而且——我看不出有什麼理由要為了一個功能完好、可以升級且成本大幅降低、性能卻絲毫不減的網路而選擇全光纖建設。

On the rural side, I guess on your first question, the contribution to broadband subs. Certainly, we are seeing broadband subs coming in off of the rural build that we're executing already. I think I've said that we will start providing some more detailed information about femoral build. And we weren't quite ready to do that this quarter. But I would expect coming into year-end that will provide some better information. It's not the entire growth in broadband.

關於農村地區，我想回答你的第一個問題，寬頻用戶成長情況。當然，我們看到，我們正在實施的農村寬頻建設項目確實帶來了寬頻用戶成長。我想我之前說過，我們會開始提供一些關於農村地區寬頻建設的更詳細資訊。本季我們還沒準備好提供這些信息，但我預計到年底時會提供更準確的數據。但這並非寬頻成長的全部。

So the growth that you see, the 75,000 additions reflects growth off of our legacy footprint as well as some -- a smaller amount of incremental growth off of the broadband subs. But we are doing very well in those markets that we build out.

所以，您看到的這7.5萬新增用戶，既反映了我們傳統網路用戶成長的一部分，也包括一些寬頻用戶帶來的較小幅度的增量成長。但我們在已拓展的市場中表現非常出色。

As far as thinking about how you should think about rural for next year. I don't want to front run giving guidance on that piece just yet. I would tell you that I think what we did in this year to try to accelerate, walk out and design is certainly in an effort to be able to build the rural builds at a good pace, which I think is both consistent with what strategically we'd like to do because having the passings and service sooner than later is good for the business.

至於明年該如何規劃農村地區，我現在還不想妄下斷言。我想說的是，我們今年加快推進、實地考察和設計工作，肯定是為了能夠以良好的速度建造農村地區的計畫。我認為這既符合我們的策略目標，也符合我們的策略規劃，因為儘早完成道路通行和服務對業務發展大有裨益。

And from a regulatory perspective, we are certainly doing everything that we can to meet expectations on that side as well, and in placing the build in service. But I don't, on that basis, sort of have a number to give you for next year. I'd just tell you that I would expect our pace to continue to be strong because we're trying to build what we need to build as quickly as we're able to do so.

從監管角度來看，我們也在盡一切努力滿足這方面的期望，並推動相關服務的部署。但就此而言，我無法給出明年的具體數字。我只能說，我預計我們的建設速度將繼續保持強勁，因為我們正在盡最大努力以最快的速度完成所需的建設。

And congratulations again, Tom and Chris, that's well-deserved..

再次恭喜湯姆和克里斯，你們實至名歸。

Thanks, Phil.

謝謝你，菲爾。

Our next question will come from Jonathan Chaplin with New Street.

下一個問題將來自 New Street 的 Jonathan Chaplin。

Tom, to add my congratulations to the rest. It's been an incredible run. I only wish the stock was where it was a year ago as you were heading out to the door. Maybe it will beat by December, holding thumbs and congratulations to you as well, Chris.

湯姆，我也要向大家表示祝賀。這真是一段令人難以置信的旅程。我只希望股價能回到一年前你離開時的水平。也許到十二月它會超過這個水平，祝你好運，也祝賀你，克里斯。

I'm wondering if you can give us -- so you mentioned that you haven't changed prices on any of your packages or plans and you don't really see the spectrum one-off with a price cut. I'm wondering if you can comment on the pricing environment more broadly around you from your competitors and how you think the introduction of fixed wireless broadband into the market may be impacting industry pricing more broadly?

我想請您談談—您提到貴公司沒有調整任何套餐或計劃的價格，而且您認為頻譜資源的單獨使用不會影響價格。我想請您談談貴公司周圍的定價環境，特別是競爭對手的定價策略，以及您認為固定無線寬頻的引入會對整個行業的定價產生怎樣的影響？

And then, Tom, you sort of reiterated what Charter's strategy has been clearly for years and years, which is to drive growth with volumes and to be very measured on price. And it's been clear how that's been sort of a hallmark of creating long-term value for Charter for a long time. Help us think about though the pace at which EBITDA would grow in an environment where volumes are just going to be potentially lower for a while if you -- and you're continuing to take a measured approach to pricing.

湯姆，你剛才重申了Charter多年來的策略，即透過提升運能來推動成長，同時在定價方面保持謹慎。很明顯，這長期以來一直是Charter創造長期價值的標誌性策略。但是，如果運力在一段時間內可能下降，而你們又繼續採取謹慎的定價策略，那麼在這種環境下，EBITDA的成長速度會如何呢？

I'll jump in first. We haven't changed -- sorry, I just wanted to correct that I said we haven't lowered our pricing. Tom mentioned that we have passed through some of the inflationary cost increases, and that includes broadband, should be indicative in terms of how you're thinking about that.

我先說。我們沒有改變——抱歉，我剛才說我們沒有降價，只是想糾正一下。湯姆提到我們已經把一些通貨膨脹帶來的成本上漲轉嫁給了消費者，這其中也包括寬頻費用，這應該能反映出你們對此的看法。

And then on the fixed wireless, I'm just throwing in a few pieces here and let others cover the rest. The fixed wireless access, the pricing really is designed for a full suite bundle of multiple mobile lines, and in some cases, high-priced mobile lines combined with the (inaudible) access. So I think the right comparison is if you take a look at our existing pricing in September with both broadband and mobile lines because that's a comparable comparison. We're now with Spectrum One and compare that to the combined fixed wireless access offering. I think that's the best way to take a look at it. When you do that, you'll see that we're dramatically not only lower in terms of price and higher in terms of value, but the quality of the product is not really comparable. But I think that's the right way to think about those.

至於固定無線服務，我這裡只簡單提幾句，剩下的就交給其他人補充。固定無線存取的定價實際上是針對包含多條行動線路的完整套餐設計的，在某些情況下，還會搭配價格較高的行動線路以及（聽不清楚）存取服務。所以我認為，比較的正確方法是查看我們9月份的寬頻和行動線路套餐價格，因為這樣比較才更直觀。我們現在使用的是Spectrum One的服務，並與固定無線存取的組合方案進行比較。我認為這是最佳的比較方式。這樣比較之後，你會發現我們的價格不僅大幅降低，性價比也更高，而且產品品質也遠勝於對方。我認為這才是正確的比較想法。

Yes. And I guess I would just add that opportunity for our ability to continue to grow against the market share is significant. I said in my prepared remarks that we're 28% penetrated in terms of dollar takeout of consumer spend for mobile and for broadband combined. And so we have this big physical infrastructure where every customer we connect to it requires no real significant capital.

是的。我想補充一點，我們繼續擴大市場份額的機會非常巨大。我在事先準備好的演講稿中提到，就行動和寬頻消費支出總額而言，我們的滲透率已經達到28%。因此，我們擁有龐大的實體基礎設施，連結每位客戶幾乎不需要任何巨額資本投入。

And opportunity for us to drive growth using that network with superior products at attractive prices is huge and the dollar value of what's in front of us is huge. And so that's the big opportunity in our structure. And it really hasn't changed. The fact that we have mobility associated with our broadband products now, and a combined product, really means that you have very high-priced mobile products with very small usage on a bandwidth basis, and we can add those into our product mix very attractively for consumers.

我們利用這個網絡，以極具吸引力的價格提供卓越的產品，推動成長的機會巨大，擺在我們面前的商機也十分巨大。這就是我們結構中的巨大機遇，而且這一點從未改變。我們現在將行動性與寬頻產品結合，形成了一種組合產品，這意味著消費者可以購買到價格高昂但頻寬使用量極低的行動產品，而我們可以將這些產品以極具吸引力的價格添加到我們的產品組合中，從而吸引消費者。

And when we look at what consumers are spending, we can save those consumers a lot of money. So that's the basic concept. And it hasn't changed. And what has changed is the technologies we're using and the product sets and how they're combined, but the basic notion of there's a huge marketplace with a lot of spend in it, and we're not getting much of it, and we'd like to get more, and we will.

當我們分析消費者的支出狀況時，就能為他們節省很多錢。這就是基本理念，這個理念從未改變。改變的是我們使用的技術、產品組合以及它們的組合方式，但基本概念不變：市場巨大，消費潛力巨大，而我們卻未能從中獲益良多，我們希望獲得更多，而且我們一定會做到。

And I guess, in terms of how that then translates into EBITDA trajectory, Jonathan, I don't think it will come as a surprise to anyone that based on the lower broadband customer growth that we've had over the last year, really coming out of the really accelerated growth in those customers. And pull forward during COVID, will mean that we had kind of higher revenue growth followed by what's likely to be somewhat lower revenue growth versus that COVID time period. .

至於這會如何影響 EBITDA 的發展軌跡，喬納森，我想大家應該不會感到意外，過去一年我們寬頻用戶增長放緩，這實際上源於疫情期間這些用戶數量的快速增長，這意味著我們經歷了較高的營收增長，而疫情期間的營收增長可能會有所下降。

But I think based on what Tom talked about that then as we sort of execute on the converged connectivity plan and as we see some return to normalcy in the market, we certainly expect that in the medium to longer term, that, that will pick back up and so that you'll have that increasing revenue growth again.

但我認為，根據湯姆所說的，隨著我們執行融合連結計劃，隨著市場逐漸恢復正常，我們當然期望在中長期內，這種情況會好轉，收入成長也會再次增加。

Similar on the expense side, we certainly have seen some impact, and I think we called out some of the impact of inflation in the financials in Q3. But we think that, that sort of once again sort of is a temporary crunch on growth that is consistent with what people had what we think that people expect. But it will be followed by a return to more normal levels. And so ultimately, in the medium and long term, I think that the trajectory of EBITDA growth is back closer to pre-pandemic levels. But I acknowledge that I think that there could be a little bit of slowness in that growth in the short term.

支出方面的情況也類似，我們確實看到了一些影響，而且我認為我們在第三季的財務報告中已經提到了通膨的影響。但我們認為，這只是暫時的成長瓶頸，與人們的預期相符。之後，成長將會恢復到更正常的水準。因此，從中長期來看，我認為EBITDA的成長軌跡將逐漸恢復到疫情前的水準。但我承認，短期內成長速度可能會略有放緩。

Our next question will come from Vijay Jayant with Evercore.

下一個問題將來自 Evercore 的 Vijay Jayant。

My congratulations to you both. I had just a couple of questions. One, you've talked about a broadband rate increase. I mean we haven't seen in the market. Any details on what the magnitude of that is? And obviously, ARPU for broadband seems to be a big focus for all of us, given sort of flattish unit growth. So any sense on what that could drive broadband ARPU in '23? And then just for housekeeping, was there any ACV impact on the broadband net adds for the quarter?

恭喜二位！我有幾個問題想請教一下。首先，你們提到寬頻資費可能會漲。我的意思是，目前市場上還沒有出現這種情況。能否透露一下漲幅的具體細節？其次，鑑於寬頻用戶成長相對平緩，提高每位用戶平均收入（ARPU）顯然是我們關注的重點。那麼，你們認為這會對2023年的寬頻ARPU產生什麼影響？最後，順便問一下，本季寬頻淨新增用戶數是否受到了年度合約價值（ACV）的影響？

So I'll take the last one of those first. There was some impact of the EBB to ACP conversion on broadband in the quarter. It was much smaller than it was last quarter and we expect it to be much smaller going forward. So I don't think we'll call it out at all separately. And I would call Internet ARPU growth in the year-over-year. Overall ARPU was flat, but Internet ARPU was up 2.2%. If you included mobile and overall ARPU, it would have been up $1.60 versus last year.

所以我先來說說最後一個問題。本季寬頻業務受到EBB到ACP轉換的影響，但影響遠小於上一季度，我們預計未來影響會更小。因此，我認為我們不會單獨討論這個問題。我會專注於互聯網ARPU的年成長。整體ARPU持平，但網路ARPU成長了2.2%。如果將行動業務和整體ARPU都計算在內，則比去年同期成長了1.60美元。

So we think that there is sort of ARPU growth happening in the market really, largely driven by sort of mix issues and by our ability to penetrate the market further on the mobile side. Driving sort of additional, I'd say, real growth of the business beyond just what you can get from a pricing perspective. So we feel like we're doing well there. I don't think that we'll give guidance on what ARPU growth we expect going forward. But that's what we're seeing now.

所以我們認為，市場上的ARPU（每用戶平均收入）確實在成長，這主要得益於產品組合的變化以及我們在行動端市場滲透能力的提升。這推動了業務的額外成長，我認為這種成長不僅體現在價格方面。因此，我們感覺目前在這方面做得很好。我們暫時不會對未來的ARPU成長做出預測，但這就是我們目前所看到的。

Our next question will come from Peter Supino with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Peter Supino。

Two questions. One, mobile. Historically, Charter and Comcast have said that mobile is primarily added by existing customers. And I'm wondering if it's fair to assume that Spectrum One represents an intent to invest what you've called the high mobile contribution margin on the incremental sub in customer acquisitions and converged customers. And whether that is the solution for this broadband problem.

兩個問題。第一，關於移動端。 Charter 和 Comcast 一直以來都表示，行動端用戶主要來自現有客戶。我想知道，Spectrum One 是否意味著他們打算將您所說的行動端高利潤率投資於新增用戶和融合用戶。以及這是否是解決寬頻問題的方案。

And separately, I just wondered if you could comment on sequential growth. It looks to me like broadband, commercial and mobile adjusted for a view of the EBB losses, grew less than $50 million sequentially. And I'm trying to square this with your leverage. I'm sure it's not your view that, that is the future. And so any comments on sequential growth would be helpful.

另外，我想請您談談環比增長情況。在我看來，扣除EBB損失後，寬頻、商業和行動業務的季增不到5000萬美元。我正在努力理解這與您的槓桿率是否吻合。我相信您肯定不認為這是未來的發展趨勢。因此，任何關於環比增長情況的見解都將不勝感激。

Peter, to the first part of your question, I'd say yes. We expect to be able to pull the broadband growth through. It's a complicated sale, obviously, but yes.

彼得，關於你問題的第一部分，我的答案是肯定的。我們預計能夠推動寬頻業務的成長。這顯然是一項複雜的交易，但答案是肯定的。

You mentioned Spectrum One solution to the broadband growth issue we have right now. And I think it could be additive, but it's not the solution. The problem right now is market activity. And I know that's not the fashionable thing to say right now. But the biggest problem we face is market activity.

您提到了Spectrum One針對我們目前面臨的寬頻成長問題的方案。我認為它或許能起到補充作用，但並非根本解決方案。眼下的問題在於市場活躍度。我知道現在說這話可能不太時髦，但我們面臨的最大問題確實是市場活躍度。

And when that comes back, I think that's the solution to the broadband growth. And the Spectrum One has the opportunity, as Tom said, to drive incremental Internet growth. As well as still today, the biggest source of mobile growth is by far the upgrades to our existing Internet base, which should benefit that base as well.

我認為，當這種情況恢復時，就能解決寬頻成長的問題。正如湯姆所說，Spectrum One 有機會推動網路的逐步成長。而且，時至今日，行動網路成長的最大來源仍然是現有網路用戶的升級，而升級也應該會使這些用戶受益。

On sequential growth. I guess, I would point out a couple of things. One, I highlighted in the prepared remarks, which was that the growth that we saw in Q2 was impacted by pricing adjustments that we had taken for video pass-through. And the way that those overlap year-over-year, you actually had the impact of 2 in the second quarter versus only 1 in the third quarter.

關於環比增長，我想指出幾點。首先，我在事先準備好的發言稿中已經強調過，第二季的成長受到了視訊直通服務價格調整的影響。由於這些調整與去年同期重疊，因此第二季實際受到的影響是去年同期的兩倍，第三季僅受到去年同期的影響。

So that's part of what was happening there. They're also in enterprise, commercial. There was a onetime item that was a benefit in last year that you don't have in this year that sort of pressured those growth rates in the year-over-year in the sequential quarter. So some of what you're seeing there is just sort of the impact of lumpiness, not overall growth trajectory.

所以這就是當時情況的一部分。他們也涉足企業和商業領域。去年有一項一次性收益，而今年這項收益已經消失，這在一定程度上拉低了環比季度的成長率。因此，你看到的某些變化只是波動的影響，並非整體成長軌跡的問題。

On the leverage point, I would say that where we're sitting right now, the free cash flow yield on equity is so high that I think that continuing to do share buybacks presents of significant opportunity for the company, just based on where we're sitting on that point. And the overall capital structure, I think, has been an advantage to the company in the long term. And so I don't see where we are, even in what might be a temporarily pressured growth environment as being a reason to move off of where we've been from a leverage standpoint or as your buyback strategy. And so consistent with what I said, we certainly expect to stay at the top of our 4 to 4.5x leverage ratio.

關於槓桿率，我認為就目前而言，我們的股權自由現金流收益率非常高，因此我認為繼續進行股票回購對公司來說蘊藏著巨大的機遇，僅就目前的情況而言就是如此。而且我認為，從長遠來看，公司的整體資本結構一直都是有利的。因此，即使在成長環境可能暫時承壓的情況下，我也不認為我們應該改變目前的槓桿率或股票回購策略。所以，正如我之前所說，我們肯定會繼續維持4到4.5倍的槓桿率。

Our next question will come from Brett Feldman with Goldman Sachs.

下一個問題將來自高盛的布雷特·費爾德曼。

And I'll just echo my congrats to Tom and to Chris. My first question here is a follow-up for Jessica. You mentioned the merits of continuing to buy back your stock at these levels. Your debt is also trading at significant discounts to par. I'm wondering if that could also be an accretive opportunity to buy back some of your debt out of the market.

我再次向湯姆和克里斯表示祝賀。我的第一個問題是針對傑西卡的後續問題。您提到在目前價位繼續回購股票的好處。您的債務目前也以遠低於面額的價格交易。我想知道這是否也是一個增值機會，可以從市場上回購部分債務。

And then we've seen cord cutting pick up on a year-over-year basis at your business and most other operators' businesses. I'm curious if you could give us some insight as to what's driving it. Meaning, we know that there's been fewer and fewer gross connects over the last several years. I'm wondering if you're actually seeing an uplift in people cutting the cord, meaning they get rid of their Pay TV but remain with you as a customer for broadband.

我們發現，在貴公司以及大多數其他業者的業務中，用戶取消有線電視服務（即放棄付費電視）的現象逐年增加。我很想知道您能否分析一下背後的原因。我們知道，過去幾年用戶總數一直在減少。我想知道，您是否確實觀察到用戶取消有線電視服務（即放棄付費電視，但繼續使用貴公司的寬頻服務）的現象增加。

So on the debt repurchase question, I also have noticed that our debt is trading at a discount in the market. We do modeling consistently as to what we think the best option as between the 2 is, particularly given our plans to stay at the top end of our leverage range. And so I won't comment on anything in particular that we plan to do. But we do certainly notice it. And we'll continue to do our modeling, and we'll make the next decision based on what appears appropriate given where the market sits at that moment.

關於債務回購的問題，我也注意到我們的債務目前在市場上以折價交易。我們一直在進行建模分析，以確定我們認為哪種方案更優，尤其考慮到我們計劃將槓桿率維持在較高水準。因此，我不會就我們具體的計劃發表評論。但我們確實注意到了這一點。我們將繼續進行建模分析，並根據當時的市場狀況做出下一步決策。

Cord cutting, the biggest driver here is the pricing of video. And the fact that we're having to pass through programming rate increases, which still continue to be outsized even relative to inflation means that customers have a difficulty affording it, even if it's really something that they'd like to have. And so yes, it predominantly is driving downgrades of video.

用戶取消有線電視服務的最大驅動因素是視訊價格。我們不得不將節目製作費用的上漲轉嫁給消費者，而這些漲幅即使相對於通膨率仍然過高，這意味著即使消費者真的很想觀看，也很難負擔得起。因此，是的，這主要是導致視訊品質下降的原因。

But not disconnects of broadband...

但不是寬頻斷線…

And retaining the connectivity.

並保持連線。

Yes. And in many cases, we disconnect the video customer, downgrade a video customer and sell a mobile package at the same time. And they actually end up saving money, obviously, because they have no video or they buy a smaller video package from us in many cases. But they also end up driving ARPU up in the sense that they buy mobile and that mobile is a good value for them. Their overall hospital spend savings -- it is a savings.

是的。在許多情況下，我們會取消影片使用者的服務，降低影片使用者的套餐等級，同時向他們推銷行動套餐。顯然，他們最終確實省了錢，因為他們要么不再使用視訊服務，要么從我們這裡購買了價格更低的視訊套餐。但從某種意義上說，他們也提高了每位用戶平均收入（ARPU），因為他們購買了行動套餐，而行動套餐對他們來說物有所值。他們整體的醫院支出節省——這確實是一筆節省。

Our last question will come from Michael Rollins with Citi.

最後一個問題來自花旗銀行的麥可‧羅林斯。

Two questions. First, if I could revisit the ARPU discussion. As you're looking at that relationship between broadband ARPU and volume performance in the quarter, does this signify that there's just greater price sensitivity to grow the broadband base going forward? And then secondly, if the U.S. goes into recession, how should investors think about the sensitivity in terms of Charter's KPIs and financial performance? And as you're describing the customers are trading down in video, is there a risk that, that accelerates or that customers step down their broadband peers?

我有兩個問題。首先，能否再談談ARPU（每用戶平均收入）？您在分析本季寬頻ARPU與用戶量之間的關係時，這是否意味著未來寬頻用戶群的成長將受到價格因素的更大影響？其次，如果美國經濟衰退，投資人該如何看待這種敏感度對Charter關鍵績效指標和財務表現的影響？您提到用戶正在降低視訊服務水平，這是否存在加速或導致用戶降低寬頻服務水平的風險？

I'll try to answer that. I've been through a lot of recessions in my career. And I have a hard time remembering them because our business performed so well during them. And the reason is that our products are really attractive even when consumers are under stress. Obviously, there's a certain amount of stress that you can't overcome. And video, I think, will be challenged. But on the other hand, it's a very attractive product if you're unemployed.

我會盡量回答這個問題。我的職業生涯中經歷過很多次經濟衰退。我很難記住具體是哪些次，因為我們的業務在那些時期都表現出色。原因在於，即使在消費者承受壓力的情況下，我們的產品仍然非常有吸引力。當然，有些壓力是無法克服的。我認為視訊業務將會面臨挑戰。但另一方面，如果你失業了，視訊產品就非常有吸引力。

And it's still, even at the high price that it is, is a, good value relative to other forms of entertainment. But the reality is that in a recessionary environment when people become more price-sensitive, the value proposition that we offer with our everyday pricing is superior to what they can get elsewhere, which means that we actually become more attractive when people are more conscious of the price they're paying for other products. And so I'm not that worried about a recession from our company's perspective.

即使價格較高，與其他娛樂方式相比，它仍然物有所值。但現實情況是，在經濟衰退時期，人們對價格更加敏感，而我們日常定價所提供的價值主張比其他地方更具優勢，這意味著當人們更加關注其他產品的價格時，我們的產品反而更具吸引力。因此，從我們公司的角度來看，我並不太擔心經濟衰退。

And there might be some impacts that you would see in a space like advertising enterprise. But the performance that we could get in mobile, particularly given our pricing there would be good. And even if it had video downgrades on the other side, the margins in mobile are actually better than the margins in the video. So you get some advantage of more customers moving into the mobile side of the business as well.

在廣告企業等領域，可能會出現一些影響。但考慮到我們的定價策略，行動端的表現應該會很不錯。即使影片播放效果下降，行動端的利潤率實際上也高於影片端。因此，隨著更多客戶轉向行動端業務，我們也能從中受益。

So we're not hoping for a recession, but...

所以我們不希望有經濟衰退，但是…

We'll be fine.

我們會沒事的。

On broadband, it's a staple product, which insulated during that. But unlike many, we have not been pushing speed upgrades for the purpose of just generating rate. It's really been about when a customer wants a higher speed or feels they need a higher speed. That's when it's been offered and it's been offered at an attractive rate. And so the risk of the downgrade of the speed upgrades, I think, is mitigated with us because we haven't artificially driven that into the base.

寬頻業務是我們的核心產品，在疫情期間受到一定程度的影響。但與許多公司不同，我們並非為了提高費率而刻意推銷速度升級服務。我們真正在做的，是當客戶想要或覺得需要更高的網路速度時，才會提供升級服務，而且價格也很有吸引力。因此，我認為，在我們這裡，速度升級後降級的風險已經大大降低，因為我們並沒有人為地將降級納入基礎服務範圍。

And on the sub price sensitivity, are you just -- are you seeing more sensitivity in price to grow the broadband base on a net level going forward?

關於使用者價格敏感性，您是否看到未來寬頻用戶淨成長對價格的敏感度有所提高？

I mean I think we've said that the issue in broadband is activity. It hasn't been that there's additional price sensitivity. It's just that there's not a lot of movement in the market overall. And so I don't think that, that scenario is significantly different than what it's been before. We've always competed all across our footprint.

我的意思是，我認為我們已經說過，寬頻市場的問題在於活躍度。並非是價格敏感度更高，而是整個市場缺乏活躍度。所以我認為，這種情況與以往並沒有顯著不同。我們一直都在所有涵蓋的地區競爭。

And we continue to do that today. and the price sensitivity of that competition is not significantly different than it was in the past. Price has always been important and continues to be important. And that's why having packages that provide value to consumer helps us to grow subscribers and has helped us over time to grow subscribers at a faster pace than our competitors.

我們今天依然堅持這樣做。而且，競爭對手的價格敏感度與過去相比並沒有顯著變化。價格一直都很重要，而且以後依然如此。正因如此，提供對消費者有價值的套餐有助於我們增加用戶，並且隨著時間的推移，也幫助我們以比競爭對手更快的速度成長用戶。

The way I would -- if there were price issues with broadband, you'd see broadband disconnects, and they're at historic lows.

依我看——如果寬頻價格有問題，就會出現寬頻斷線的情況，而現在寬頻斷線率處於歷史低點。

Thanks, Mike. Katie, back to you.

謝謝，麥克。凱蒂，把機會交給你了。

Thank you, ladies and gentlemen. This concludes today's event. You may now disconnect.

謝謝各位，今天的活動到此結束，您可以斷開連接了。