(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，歡迎來到 Charter Communications 2022 年第三季度投資者電話會議。 （操作員說明）

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.

另外提醒一下，今天正在錄製本次會議。 （操作員說明）我現在將把電話轉給 Stefan Anninger。請繼續。

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.

早上好，歡迎來到 Charter 的 2022 年第三季度投資者電話會議。本次電話會議隨附的演示文稿可在我們的網站 ir.charter.com 的財務信息部分下找到。

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.

在我們繼續之前，我想提醒您，我們的 SEC 文件中包含許多風險因素和其他警示性聲明，包括我們最近提交的 10-K 和今天早上提交的 10-Q。我們不會在本次電話會議上審查這些風險因素和其他警示性聲明。但是，我們鼓勵您仔細閱讀它們。我們在本次電話會議上就預期、預測、計劃和前景發表的各種評論構成前瞻性陳述。這些前瞻性陳述受到可能導致實際結果與歷史或預期結果不同的風險和不確定性的影響。任何前瞻性陳述僅反映管理層當前的觀點，Charter 不承擔修改或更新此類陳述或在未來做出額外前瞻性陳述的義務。

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

在今天的電話會議中，我們將參考我們收益材料中定義和核對的非公認會計原則措施。這些由憲章定義的非公認會計原則措施可能無法與其他公司使用的具有類似名稱的措施相比較。

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，否則本次電話會議和演示文稿中提到的所有增長率都是按年計算的。

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.

在今天的電話會議上，我們有董事長兼首席執行官 Tom Rutledge；我們的首席運營官克里斯·溫弗瑞；和我們的首席財務官 Jessica Fischer。有了這個，讓我們把電話轉給湯姆。

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。當我審視我們當前的高級產品、我們未來的產品計劃以及我們網絡的滲透率不足時，我們處於有利地位，可以在未來許多年以極具吸引力的速度發展我們的業務。

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.

在本季度，我們增加了 75,000 名互聯網客戶。由於當前的消費者行為，客戶關係流失率仍然很低。儘管同比較低的連接活動有所改善，但由於活動環境低，連接仍然面臨挑戰。我們繼續看到非常強勁的移動線路增長，淨增加 396,000，這是我們迄今為止最好的季度。去年，我們的移動線路增長了近 50%，截至本季度末，我們的移動線路總數接近 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.

我們在移動領域的機會非常大，而且我們仍處於發展該業務的初期。今天，在我們的足跡範圍內，我們僅佔家庭有線和移動連接總支出的 28%。因此，與擺在我們面前的機會相比，我們的滲透率仍然很低。我們正在提供全國最快的互聯網和最快的 WiFi 速度，以及與 WiFi 相結合的最快的移動速度，同時為客戶提供服務——我應該說，每年為客戶節省數千美元。今天，我們有近 5 億台設備連接到我們的網絡，其中絕大多數都以無線方式連接到我們。

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，我希望幾乎所有連接到我們網絡的設備都將無線連接。為了繼續改進我們的服務，我們還繼續專注於發展我們的網絡，以最具成本和時間效率的方式提供最快的速度。數據使用量繼續快速增長。不從我們這裡購買傳統視頻的互聯網客戶每月使用近 700 GB。

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.

這些客戶中有近 25% 每月使用 1TB 或更多的數據。下游流量與上游流量的比例仍為 14:1。在短期內，我們正在實施頻譜拆分升級，這將雙向擴展我們的工廠容量，並允許我們為上游分配更多帶寬，所有這些都使用我們現有的 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，我們將能夠在下游為我們的客戶提供更高的對稱速度和數千兆位的速度。我們的網絡演進路徑還包括 DOCSIS 4.0，因此我們可以維護最先進的網絡，以資本和時間效率高的方式提供最引人注目的融合連接服務，並反過來為消費者提供這些高級服務極具吸引力的價格。

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，我計劃在 12 月 1 日卸任 CEO。屆時，Chris Winfrey 將成為我們的新 CEO，而我將成為執行主席。在過去的 10 年裡，領導查特使個人感到很充實。我們通過創新和戰略投資發展了我們的公司，這使Charter 能夠在我們運營的任何地方提供當今可用的最佳連接產品和服務。

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.

在我的職業生涯中，我們的產品不斷發展並改變著世界，從我開始傳輸廣播信號到開發強大的視頻和多頻道有線網絡。從早期的寬帶、互聯網和語音到現在提供完全無處不在的無線連接，我們繼續推動網絡的新用途，為消費者帶來價值，我們今天的創新和發展機會比以往任何時候都大。

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.

我與 Chris 密切合作了 10 多年，我知道他是我們下一任 CEO 的正確選擇。他將以遠見和技能服務於查特，帶領公司達到新的高度。克里斯在運營和財務方面的領導能力和專業知識對查特過去 10 年的成長和成功至關重要。他反复展示了對關鍵市場和行業意識的戰略洞察力，以推動我們的組織達到最高水平。有了這個，我會把電話轉給克里斯。

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，謝謝你的客氣話。作為新任首席執行官，我很榮幸有機會繼續幫助查特成長並為股東創造價值。

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.

在過去的 10 年裡，Charter 的所有人都很榮幸能夠為 Tom 工作並向 Tom 學習。他的領導是Charter今天存在的原因，他指導我們所有人不斷改造電纜，我們很幸運他將繼續像我們的執行主席一樣做同樣的事情。

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.

所以湯姆報導了每季度的頭條新聞。所以我想我會給一些額外的市場色彩。雖然我們的互聯網淨增加量比上一季度有所改善，但仍低於去年。到目前為止，最大的驅動因素是活動水平仍然很低。總流失率和自願流失率同比略低，第三季度處於歷史最低水平。無薪和搬家流失率仍遠低於大流行前的水平。這些都是市場問題，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.

雖然我們看到了一些改善的趨勢，但在過度建設和非過度建設領域，總增加量也保持了相似的下降，類似於我們在過去幾個季度看到的情況。就競爭影響而言，我們看到的一些較低的總增加量可能與 DSL 轉換向新進入者、固定無線網絡而不是向我們求助有關。鑑於固定無線產品的可靠性和可擴展性以及使用趨勢存在問題，我們希望這些客戶能夠找到長期回到我們身邊的方式。

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過度建設步伐，但報告的電信互聯網數據證實了我們所看到的，新過度建設足蹟的一個小混合問題，與過去沒有什麼不同。我還要指出，在過去幾個季度中，我們已經看到少量市場份額返回純移動服務，這與某些 COVID 影響相反。

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刻，實際上與我們在 2020 年和 2021 年初看到的時刻相反。市場交易量最終會回升，我們的互聯網也會增加。與此同時，我們正在以創紀錄的速度發展移動業務，即使是在低容量環境下，也能為客戶節省數千美元。這種增長也有利於寬帶。

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。我們的固定和移動寬帶服務在技術和運營上繼續融合，我們本月早些時候推出的 Spectrum One 產品就是例證。

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.

正如湯姆所提到的，我們有一條道路可以比我們的競爭對手以更快的速度和更低的成本推動更高的速度。而且我們可以保持良好的收入增長，降低每個客戶關係的服務成本多年。

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.

我從事有線電視行業近 25 年，在 Charter 工作超過 10 年。我在製定我們的運營戰略方面發揮了關鍵作用。因此，我們通過更好的產品、定價、包裝和服務以及槓桿股本回報策略創造股東價值的秘訣將保持不變。

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，我確實認為 CEO 交接對我們來說是一個很好的機會，無論是在這個市場上，還是在交接的過程中，都可以讓投資者了解我對未來幾年的預期，包括我們網絡演進計劃的細節，融合能力、為客戶提供的服務體驗以及我們的農村擴張和擴建計劃。這要涵蓋的內容很多，因此我期待在 12 月 CEO 換屆之後與投資界舉行一次虛擬活動，我們將安排一個日期。

Now I'll turn the call over to Jessica.

現在我將把電話轉給傑西卡。

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。在討論我們的第三季度業績之前，我想提一下，今天的業績不包括與 9 月下旬襲擊東海岸的伊恩颶風有關的任何影響。最初，我們的大約 100 萬客戶失去了服務，主要是因為停電，但我們的工作人員努力修復我們的網絡並重新連接客戶，他們做得很好。

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.

從廣義上講，儘管有風暴，我們的工廠仍表現良好，並且在相對較短的時間內為幾乎所有受影響的客戶恢復了服務。雖然我們預計我們的第四季度業績將包含一些賬單信用、與工廠更換相關的一些增量資本支出以及與商店清理和呼叫中心勞動力相關的一些增量運營費用，但我們預計伊恩颶風對我們的財務和客戶數量的總體影響將很小。

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.

讓我們看看幻燈片 5 上的客戶結果。包括住宅和 SMB，我們在第三季度增加了 75,000 名互聯網客戶。在第二季度節目傳遞增加之後，第三季度視頻客戶減少了 204,000 美元。有線和語音減少了 271,000 條，我們增加了創紀錄的 396,000 條移動線路，儘管我們降低了活動水平導致銷售機會減少。我們繼續通過我們高質量、價格優惠的服務推動移動業務的增長。展望未來，我們預計新的 Spectrum One 產品將推動移動產品線的加速增長。

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.

轉向財務業績，從幻燈片 6 開始。去年，住宅客戶同比增長 123,000 美元或 0.4%。每個客戶關係的住宅收入同比持平，促銷費率提高和費率調整，但被非視頻客戶組合增加、過去幾個季度基本視頻損失擴大以及低價視頻套餐加速增長所抵消在我們的基地內。

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.

考慮到今年與去年相比調整的時間以及我剛才提到的混合因素，我們本季度每個客戶關係的同比住宅收入增長低於去年。另請記住，我們的住宅 ARPU 不反映任何移動收入。如幻燈片 6 所示，住宅收入同比增長 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.

轉向商業。中小企業收入同比增長 1.9%，反映出中小企業客戶增長 3.3%。如果不計前期的一些一次性費用，企業收入同比增長 2.6% 或同比增長 5.2%，這是去年的一個好處。剔除所有批發收入，企業收入同比增長 9%，企業 PSU 同比增長 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.

第三季度廣告收入同比增長 23%，主要受政治收入的推動。核心廣告收入與去年同期持平，全國和地方廣告收入下降，被我們不斷增長的先進廣告能力所抵消。

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.

移動收入總計 7.5 億美元，其中 3.03 億美元是設備收入。其他收入同比下降 2.1%，主要是由於向客戶銷售的視頻 CPE 減少，大部分被農村建設計劃補貼所抵消。總體而言，第三季度合併收入同比增長 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.

轉向幻燈片 7 上的運營費用和 EBITDA。第三季度，總運營費用同比增長 2.78 億美元或 3.5%。節目成本同比下降 3.8%，原因是視頻客戶同比下降 3.8% 以及更輕量級視頻套餐的組合增加，部分被更高的節目費率所抵消。

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。我們現在預計每位視頻客戶的節目成本將在低個位數百分比範圍內增長。監管連通性和製作內容同比下降 7.4%，主要是由於向客戶銷售的視頻 CPE 下降。對於 2022 年全年，我們現在預計監管連通性和製作內容費用將在中高個位數百分比範圍內下降。

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.

服務客戶的成本同比增長 4.4%。剔除這兩年的壞賬，為客戶提供服務的成本增長了 3%，主要是由於燃料和貨運成本增加，部分被生產力提高所抵消。

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.

雖然壞賬和未付流失率同比上升，但仍遠低於疫情前的水平。我們現在預計 2022 年下半年為客戶服務的成本增長將與 2022 年上半年的增長更加一致。

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.

營銷費用同比增長 9.3%，主要是由於 Charter 專注於為新老客戶提供更好的服務，人員配備水平和工資有所提高。

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.

對於 2022 年全年，我們現在預計營銷費用將在高個位數百分比範圍內增長。移動費用總計 8.46 億美元，包括與設備收入、客戶獲取和服務以及運營成本相關的移動設備成本。其他費用增長 4.4%，主要是由於勞動力成本增加、與政治收入相關的廣告銷售費用增加以及計算機和軟件費用增加，部分被本季度企業成本下降所抵消。本季度調整後的 EBITDA 同比增長 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.

轉向幻燈片 8 的淨收入。我們在第三季度產生了 12 億美元的歸屬於憲章股東的淨收入，與去年基本持平，調整後的 EBITDA 較高，但被較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.

轉到幻燈片 9。第三季度的資本支出總額為 24 億美元，高於去年第三季度的 19 億美元。大部分增長是由本季度我們在農村建設計劃上的 5.25 億美元支出推動的，其中絕大多數支出用於線路擴展。

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，我們加快了全國范圍的罷工和設計，以便為確保完全訪問的過程留出更多時間。此外，我們對庫存的訪問正在改善，因此我們攜帶更適當數量的庫存來支持 [build]。因此，我們現在預計今年將在農村建設計劃上花費約 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.

我們在與移動相關的資本支出上花費了 9600 萬美元，主要用於支持資本和可擴展的基礎設施，並由對後台系統的投資推動。核心電纜資本支出（不包括我們的農村和移動資本支出）從去年的 17 億美元增加到本季度的 18 億美元，這主要得益於適度增加的 CPE 和可擴展的基礎設施支出。我們繼續預計 2022 年全年的核心電纜資本支出將在 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.

正如幻燈片 10 所示，我們本季度產生了 15 億美元的綜合自由現金流，而去年第三季度為 25 億美元。下降主要是由於較高的現金稅支付和較高的資本支出，主要是由我們的農村建設計劃推動的。

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.

不計現金稅、我們的農村建設計劃和訴訟和解，自由現金流同比增長 5%。我們以 968 億美元的債務本金結束了本季度。我們目前的年化現金利息為 48 億美元。截至第三季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 4.48 倍。我們打算保持在或略低於我們 4 至 4.5 倍目標槓桿範圍的高端。

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 普通單位，總計約 26 億美元。

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

接線員，我們現在準備好進行問答了。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題將來自瑞士信貸的 Doug Mitchelson。

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.

我想也許有2個問題。湯姆，多麼偉大的事業，克里斯，恭喜你。我想問關於 Spectrum One 的問題。湯姆讓我想起了你推出三網合一的時候。 2005 年的文件（聽不清）發佈時，它看起來對客戶來說是一個非常有趣的價格和價值，但也可能比之前的促銷活動要低一些。因此，我只是希望您和克里斯能夠了解 Spectrum One 促銷背後的策略以及相對於您之前的促銷策略的財務影響。

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?

然後分開，克里斯，我知道現在還早，你表示你將在 12 月更新我們。比如你在多大程度上考慮戰略轉變？顯然，投資者對可能發生的變化既緊張又興奮。我的意思是是否有快速加速資本支出或不同定價策略的空間？就您正在考慮的內容而言，這裡的網絡有多寬？這是革命還是進化？

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，你的記憶力很好。我會把答案交給克里斯。但是三網合一剛公佈的時候，就遭到了很多質疑，有人認為這是愚蠢的，但結果卻是相當成功的。

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.

所以我認為有 - 同樣，對於 Spectrum One 是什麼可能有些混亂 - 實際上，這是我們的第一次嘗試，它可能會隨著時間的推移而發展。但 Spectrum One 將與我們的產品無縫連接，它們可以更好地協同工作。它以第一年的促銷價格提供。因此，我們對底層產品的定價，無論是互聯網、高級 WiFi 還是移動設備，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.

即使在促銷期過後，Spectrum One 仍以我們的競爭對手無法複製的方式為客戶創造價值。這與 Tom 最初的 Triple Play 的設計非常相似。我們還會在促銷銷售中附加額外的產品或移動線路。因此，與我認為可能令人擔憂的情況相反，我們沒有降低市場價格，也不認為我們需要這樣做。

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，在準備好的評論中，我想明確一點，因為我知道這也是存在的。在過去的十年中，我一直在與 Tom 和 John Bickham 以及其他人一起制定我們的運營戰略。僅僅因為有人給你一個新頭銜並不意味著你對如何從根本上創造股東價值的看法在一夜之間發生了變化。

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，就我們圍繞產品、定價、包裹服務的戰略而言，我非常致力於我們今天正在做的所有事情。正如我所提到的，我們的資本結構顯然在我們的資產負債表、併購戰略中也有一點影響。所以我預計不會發生任何地震變化。我一直認為，如果我們無論如何都要在資本方面做點什麼，不如去追求它，這樣你就可以更快地成長。因此，如果有機會加速我們已經在做的事情，我們就會這樣做。但我認為人們不應該期待任何關於我們如何經營業務或如何為股東創造價值的根本性變化和觀點。

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

我們的下一個問題將來自摩根士丹利的 Benjamin Swinburne。

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，湯姆。我相信我們會比你更想念我們，但請保持聯繫。我想，堅持無線方案和網絡。克里斯，上個季度，你願意向我們強調，也許我們在賣方方面弄錯了無線經濟學。顯然，您已經在市場上獲得了 Spectrum One 計劃，這似乎正在做您希望的事情，即推動更快的增長。

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?

我相信我們會在第四季度看到更多這樣的情況。無線方面的損失，我知道產品損益表在一定程度上用途有限，但看起來今年它們將與去年同期相比相當平緩。我只是想知道，有沒有辦法讓我們了解無線方面的成本結構，談談網絡卸載機會？

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.

有沒有什麼方法可以幫助我們思考，當您繼續沿著這條融合路徑前進時，是否有時間線使 EBITDA 開始影響並真正受益於您正在建立的無線收入規模？因為聽起來我們至少在短期內不會看到這種情況。

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?

然後我只是想知道，到目前為止，您在高拆分活動中看到的回報是多少？你提到了 DOCSIS 4。湯姆在他準備好的發言中提到了。您是否想為我們制定一個時間表，或者您如何看待未來幾年高拆分和 DOCSIS 4 對企業的好處？

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.

兩件事很快，然後我將把它交給傑西卡。在 Spectrum One 上，我們直到 10 月才推出。所以它對我們的第三季度業績沒有影響。關於你關於高拆分的問題，我們將在 12 月詳細介紹。所以我今天要盡量保持安靜。沒有什麼令人震驚的。我認為 Tom 和其他人可能會詳細說明高拆分的好處，但我們將在 12 月給出更詳細的計劃。問題在手機上，我將把手機上的財務問題交給傑西卡，她可以完成。

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。因此，由於一些原因，移動 EBITDA 損失仍然存在。第一個，我相信你已經看到了，這是我們迄今為止移動增長最好的季度，因此我們繼續有額外的客戶獲取成本，這對移動 EBITDA 造成壓力。此外，我們確實看到移動和有線電視方面的壞賬同比增加。因此，其中一些因素會影響移動 EBITDA。

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.

我們確實在今年早些時候實施了一個新系統。我想湯姆已經談過了。我們仍在努力解決與實施該系統相關的最後一項成本。因此，我認為隨著我們更多地安頓下來，那裡的重量會有所下降。

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.

但這裡的關鍵是你應該知道移動產品的毛利率仍然非常好。正如 Chris 提到的，Spectrum One 雖然在移動設備上提供促銷價格，但我們都在以促銷優惠和我們的機架價格出售額外的產品線，這將在 12 個月內滾動到，我們從以下產品中獲得了非常可觀的利潤移動業務。正因為如此，我們在沒有增長成本的情況下在該業務中保持盈利，即使通過促銷定價來推動整體客戶關係。

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，在高層次上，本，頻譜分裂。他們本質上所做的是讓您有機會顯著提高下行速度和上行速度，並以相當低的資本成本對稱地提供產品。你記得，當我們做 DOCSIS 3.1 的時候，我們過去每點花費了大約 9 美元，不包括 CPE，這大約是 4.5 億美元來讓工廠做好準備。

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.

這將比這花費更多，但它仍然是一項成本相對較低的資本投資，可以顯著增加容量。它使您可以繼續投資於其他技術，包括 DOCSIS 4.0，以一種非常輕資本高效的方式進一步增強網絡的能力，從而為您提供巨大的容量並將我們帶入 10G 世界。 '一直在談論隨著時間的推移。

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.

作為一個一般概念，當您進行這些投資時，它還消除了額外的運營成本和額外的資本成本，因為您必須為增長而對網絡進行擴充。我在準備好的評論中談到了人們正在使用多少容量，容量使用繼續上升。所以這 - 我們有一個與容量增長相關的正常資本預算。

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.

當您進行這些 Spectrum 拆分升級時，您將獲得包含在該投資中的容量。因此，您不必進行擴充投資。因此，這是一種非常有效的方式，可以在您的整個足跡中無處不在地部署大量功能。我認為，總的來說，有線電視行業將在其整個足跡中相對較快地擁有這種容量。

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.

而且我認為，鑑於我們迄今為止在現場實施中所看到的情況，我們對實施的資本效率以及我們快速完成的能力的信心都在增長，甚至，我想說，在哪裡我們是上個季度或上個季度。非常好的進展以及我們在現場和供應商社區中看到的關於如何執行升級的情況。

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

我們的下一個問題將來自 Craig Moffett 和 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，祝賀你，湯姆，也祝賀你，克里斯，過渡。兩個問題，如果可以的話。首先，湯姆，問你一個私人問題。你能詳細說明一下你做出決定的時間嗎？是什麼讓你決定現在是正確的時機？其次，關於寬帶，您對寬帶成本有何看法？

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，您在網絡邊緣做了很多工作，我認為，這可以讓您深入了解勞動力成本和資本成本的影響，您看到了什麼，您會懷疑光纖過度建設者是什麼？競爭對手？它對您對 RDOF 構建的看法有什麼影響嗎？是否有任何市場隨著成本的上升而變得不那麼有吸引力並且可能不那麼有趣了？

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.

那個問題的內容很多。首先，關於我的時間安排。實際上，兩年前，我在合同中規定，今年 8 月 15 日，我可以在我的僱傭協議中選擇開始過渡到執行主席並放棄 CEO 角色的過程。我在 2 年前選擇了那個日期，因為那是我在 1972 年作為一名技術員開始在電纜行業工作的 50 週年紀念日。所以我對我有個人意義，我認為這是幾年前的一個里程碑我可能想運動。

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.

然後我的另一個想法是在執行主席任期結束時，我會 70 歲，我想得很好，也許我應該考慮在那個年齡之後不工作。但另一方面，我是——我喜歡這個行業，我喜歡這個行業的未來，這裡有巨大的機會。我想看透它，但它會——這是一個很好的生意，它會持續很長時間，以至於是時候傳遞接力棒了。所以我就是這樣做出決定的。

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.

對於您的寬帶費用問題。是的，存在成本問題，我們不得不處理這些成本，而且這些成本也在我們的範圍內。在本季度，您可以看到存在一些通脹壓力，並且由於 COVID 和該國為應對該問題而採取的經濟政策，勞動力出現了錯位。它們很重要，但我們 - 從定價和包裝的角度來看，我們的戰略是成為價值提供者，讓這些產品以更低的價格協同工作，為消費者創造良好的價值。

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.

並利用我們提高市場份額的能力作為我們收入的主要驅動力。但話雖如此，我們一直在經歷視頻價格上漲，我們最近經歷了寬帶價格上漲，這是我們看到的通脹壓力的結果。

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，它並沒有否定我們主要收入機會的發展方式，即更快地創造更多客戶，並為這些客戶創造更多與每個連接相關的產品，從而使我們的 ARPU 和收入一起上升。這是我們收入戰略的主要驅動力。

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.

雖然我們的成本策略是真實的，並且我們正在 RDOF 中努力開發——我們的成本比我們預期的要高，但我們在滲透和傳球次數方面也取得了比我們預期的更多的成功開發我們已經建立的 RDOF 項目。所以淨淨，我們的成本是我們認為的每次通過基礎上的成本。但它確實給人們吸引勞動力和完成工作帶來了壓力和困難。因此，我們自己在供應鍊和勞動力發展方面遇到了問題，我們如何做舊工作以及我們做工作的順序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.

所以我確實認為金錢成本、勞動力成本和一切成本都會影響我們競爭對手的建設能力。

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。我們在那裡與其中許多人相比的優勢是規模。因此，當然，當談到能夠獲得然後將供應轉移到我們準備好並且最有能力建設的地區時，我認為我們有 - 我們繼續有很好的能力做到這一點。

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.

實際上在資本成本方面，我們擁有的優勢是大量的自由現金流，我們能夠真正部署在這些構建上執行的相對較小的部分。因此，我們不像市場上的其他一些公司那樣依賴定期借款來資助我們的建設。

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.

所以我認為我們繼續處於有利地位。至少，農村建築的實際表現與我們預期的一樣好或實際上更好。從財務角度來看，我仍然對我們所說的反對這些腰帶的回報充滿信心。

Our next question will come from Philip Cusick with JPMorgan.

我們的下一個問題將來自摩根大通的 Philip Cusick。

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，進行幾次後續行動。克里斯，期待你在 12 月的活動。我知道你在一分鐘前解決了一些問題，但我注意到你沒有提到核心網絡資本強度或槓桿目標的更新作為這一過渡的一部分，這是我們聽到人們在市場上詢問的事情。這裡有什麼需要考慮的變化，你可以給我們一些預覽嗎？

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，我知道現在還為時過早，但是傑西卡，你能跟進一下那些農村倡議以及那裡對寬帶用戶的貢獻嗎？我們應該如何考慮明年用於 RDOF 和其他農村計劃的資本支出？

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.

我會拿第一個。我認為傑西卡在她準備好的講話中提到了我們對前景方面的核心資本密集度的看法，如果我們不集體相信現在和未來的情況，她就不會這麼說。她提到不包括農村地區，因為這可能與您在供應鍊和庫存等方面獲得高分的確切時間有關。但核心資本密集度持續下降。

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.

槓桿目標。我在市場上聽到過這樣的謠言。我覺得這有點好笑，因為自瑞士以來，我一直處於 4.5 倍，自德國以來，自查特以來，4.5 倍，並且在很長一段時間內一直採用槓桿股權策略，可能超過 20 年。

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幫助把這些放在一起，我們有很好的增長——而且利率也沒什麼不同。事實上，對於我們今天的憲章來說，它可能比我在憲章這裡時要少。因此，我們對如何通過運營戰略創造價值以及如何將其與資產負債表和併購戰略以及槓桿股權戰略相結合的觀點沒有改變。

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.

我在準備好的評論中提到了同樣的事情，那是在我們討論這個話題的時候。我知道其他主題之一，我認為 Doug 正在討論，我認為我們需要為整個網絡進行光纖過度建設嗎？不，我認為運營 2 個網絡沒有多大意義，這是許多過度建設者進入該網絡時必須做的事情。我們有一條非常好的前進道路。這並不意味著我們不做纖維。我們在增量上做纖維。從長遠來看，可能有部分網絡我們認為這樣做是經濟的。但在大多數情況下，事實上，就其整體而言，湯姆所走的道路就是我們正在走的道路。而且我們不是 - 我看不出有人為什麼想要使用全光纖來構建可以升級並顯著降低成本並具有相同功能的完美網絡。

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.

在農村方面，我猜你的第一個問題是對寬帶用戶的貢獻。當然，我們看到寬帶用戶從我們已經在執行的農村建設中走出來。我想我已經說過我們將開始提供有關股骨構建的更多詳細信息。而且我們本季度還沒有準備好這樣做。但我預計到年底會提供一些更好的信息。這不是寬帶的全部增長。

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.

所以你看到的增長，75,000 的增加反映了我們傳統足蹟的增長以及一些 - 寬帶用戶的少量增量增長。但我們在我們建立的那些市場上做得很好。

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.

至於你應該如何看待明年的農村。我還不想在這件作品上搶先提供指導。我會告訴你，我認為今年我們為加速、走出去和設計所做的工作肯定是為了能夠以良好的速度建造農村建築，我認為這與我們的戰略一致' 願意這樣做，因為儘早獲得傳球和服務對業務有好處。

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.

從監管的角度來看，我們當然也在盡我們所能來滿足這方面的期望，並將構建投入使用。但在此基礎上，我並沒有明年的數字給你。我只想告訴你，我希望我們的步伐繼續強勁，因為我們正在努力建立我們需要建立的東西，因為我們能夠做到這一點。

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

再次祝賀湯姆和克里斯，這是當之無愧的......

Thanks, Phil.

謝謝，菲爾。

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

我們的下一個問題將來自新街的喬納森卓別林。

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，對其餘的人表示祝賀。這是一次令人難以置信的跑步。我只希望股票是一年前你出門時的水平。克里斯，也許它會在 12 月之前擊敗，同時向你豎起大拇指並祝賀你。

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?

我想知道您是否可以給我們-所以您提到您沒有更改任何套餐或計劃的價格，並且您並沒有真正看到降價的一次性頻譜。我想知道您是否可以從競爭對手那裡更廣泛地評論您周圍的定價環境，以及您認為將固定無線寬帶引入市場可能會如何更廣泛地影響行業定價？

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.

然後，湯姆，你有點重申了查特多年來明確的戰略，即以銷量推動增長，並以價格為衡量標準。很明顯，長期以來，這在某種程度上是為 Charter 創造長期價值的標誌。幫助我們考慮一下，如果您繼續採取謹慎的定價方法，那麼在一段時間內銷量可能會降低的環境中 EBITDA 的增長速度。

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.

我先跳進去。我們沒有改變——抱歉，我只是想更正一下，我說過我們沒有降低定價。湯姆提到，我們已經經歷了一些通貨膨脹成本增加，其中包括寬帶，這應該說明您對此的看法。

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.

然後在固定無線上，我只是在這里扔幾塊，讓其他人覆蓋其餘部分。固定無線接入的定價實際上是為多條移動線路的全套捆綁設計的，在某些情況下，高價移動線路與（聽不清）接入相結合。所以我認為正確的比較是，如果你看看我們在 9 月份對寬帶和移動線路的現有定價，因為這是一個可比較的比較。我們現在使用 Spectrum One，並將其與組合的固定無線接入產品進行比較。我認為這是最好的方式來看看它。當您這樣做時，您會發現我們不僅價格大幅降低，價值更高，而且產品的質量也沒有真正可比性。但我認為這是思考這些問題的正確方式。

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。而且我想我只想補充一點，我們有能力在市場份額上繼續增長的機會很重要。我在準備好的講話中說，就移動和寬帶消費者支出的美元支出而言，我們的滲透率為 28%。因此，我們擁有如此龐大的物理基礎設施，我們與之連接的每個客戶都不需要真正的大量資金。

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.

我們利用具有吸引力價格的優質產品的網絡來推動增長的機會是巨大的，而且擺在我們面前的東西的美元價值是巨大的。這就是我們結構中的巨大機會。它真的沒有改變。事實上，我們現在擁有與我們的寬帶產品相關的移動性，以及一個組合產品，這實際上意味著您擁有價格非常高的移動產品，帶寬使用量非常小，我們可以將這些產品添加到我們的產品組合中，非常有吸引力消費者。

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.

當我們查看消費者的消費情況時，我們可以為這些消費者節省很多錢。這就是基本概念。它沒有改變。改變的是我們使用的技術和產品組合以及它們的組合方式，但基本概念是有一個巨大的市場，其中有很多支出，而我們並沒有得到太多，而且我們想得到更多，我們會的。

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. .

而且我想，就如何將其轉化為 EBITDA 軌跡而言，喬納森，我認為基於我們在過去一年中寬帶客戶增長較低的情況，真正到來的任何人都不會感到驚訝這些客戶真正加速增長。在 COVID 期間向前推進，將意味著我們有更高的收入增長，然後是與 COVID 時間段相比收入增長可能會有所降低。 .

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 Tom 所說的，當我們執行融合連接計劃時，並且我們看到市場恢復正常，我們當然希望在中長期內，這將回升起來，這樣您就可以再次獲得不斷增長的收入增長。

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.

在費用方麵類似，我們當然看到了一些影響，我認為我們在第三季度指出了通貨膨脹對金融業的一些影響。但我們認為，這又是一種暫時的增長緊縮，這與人們所擁有的我們認為人們所期望的一致。但隨後將恢復到更正常的水平。因此，最終，從中長期來看，我認為 EBITDA 的增長軌跡將回到大流行前的水平。但我承認，我認為短期內這種增長可能會有些放緩。

Our next question will come from Vijay Jayant with Evercore.

我們的下一個問題將來自 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?

我祝賀你們倆。我只有幾個問題。一，你談到了寬帶費率的提高。我的意思是我們還沒有在市場上看到過。有什麼細節可以說明它的大小嗎？顯然，考慮到單位增長持平，寬帶的 ARPU 似乎是我們所有人的重點。那麼，對於什麼可以推動 23 年的寬帶 ARPU 有什麼意義呢？然後只是為了看家，ACV 對本季度的寬帶網絡增加有任何影響嗎？

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.

所以我會先拿最後一個。本季度 EBB 到 ACP 的轉換對寬帶產生了一些影響。它比上一季度要小得多，我們預計未來會小得多。所以我認為我們根本不會單獨提出來。我稱之為互聯網 ARPU 的同比增長。整體 ARPU 持平，但互聯網 ARPU 上升 2.2%。如果將移動端和整體 ARPU 包括在內，它會比去年增加 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.

因此，我們認為市場上確實出現了 ARPU 增長，這主要是由混合問題和我們在移動端進一步滲透市場的能力所驅動的。我想說的是，推動業務的實際增長超出了您從定價角度所能獲得的收益。所以我們覺得我們在那裡做得很好。我認為我們不會就未來預期的 ARPU 增長提供指導。但這就是我們現在看到的。

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。一，手機。從歷史上看，Charter 和 Comcast 曾表示，移動主要是由現有客戶添加的。而且我想知道是否可以公平地假設 Spectrum One 代表了一種將您所謂的高移動貢獻邊際投資於客戶獲取和融合客戶的增量子的意圖。以及這是否是這個寬帶問題的解決方案。

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，我只是想知道您是否可以評論連續增長。在我看來，考慮到 EBB 損失進行調整後的寬帶、商業和移動業務環比增長不到 5000 萬美元。我正試圖用你的槓桿來解決這個問題。我敢肯定，這不是你的觀點，那是未來。因此，任何關於連續增長的評論都會有所幫助。

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，對於你問題的第一部分，我會說是的。我們希望能夠推動寬帶增長。顯然，這是一個複雜的銷售，但是是的。

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 解決我們現在遇到的寬帶增長問題。而且我認為它可能是附加的，但這不是解決方案。現在的問題是市場活動。我知道這不是現在說的時髦的話。但我們面臨的最大問題是市場活動。

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.

當它回來時，我認為這就是寬帶增長的解決方案。正如湯姆所說，Spectrum One 有機會推動互聯網的增量增長。和今天一樣，移動增長的最大來源是迄今為止對我們現有互聯網基礎的升級，這也應該使該基礎受益。

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.

關於連續增長。我想，我會指出一些事情。一，我在準備好的評論中強調，我們在第二季度看到的增長受到了我們對視頻直通採取的定價調整的影響。並且這些同比重疊的方式，您實際上在第二季度產生了 2 的影響，而在第三季度只有 1。

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.

這就是那裡發生的事情的一部分。他們也在企業、商業領域。去年有一個一次性項目是你今年沒有的好處，它對連續季度的同比增長率造成了壓力。所以你所看到的一些只是塊狀的影響，而不是整體增長軌跡。

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.

在槓桿點上，我想說的是，我們現在所處的位置，股本上的自由現金流收益率是如此之高，以至於我認為繼續進行股票回購為公司帶來了巨大的機會，這只是基於我們所處的位置。重新坐在那一點上。我認為，從長遠來看，整體資本結構對公司來說是一個優勢。因此，即使在可能暫時面臨增長壓力的增長環境中，我也不認為這是我們從槓桿的角度或作為您的回購策略擺脫我們所處的位置的理由。與我所說的一致，我們當然希望保持在 4 到 4.5 倍槓桿比率的頂部。

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

我們的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.

我將向湯姆和克里斯表示祝賀。我的第一個問題是對傑西卡的跟進。您提到了繼續以這些水平回購股票的好處。您的債務也以低於面值的價格進行交易。我想知道這是否也可能是一個從市場上回購部分債務的增值機會。

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.

然後，我們看到在您的業務和大多數其他運營商的業務中，剪線逐年回升。我很好奇你是否能給我們一些關於是什麼驅動它的見解。意思是，我們知道在過去幾年中，總連接越來越少。我想知道您是否真的看到人們切斷電源線的人數有所增加，這意味著他們擺脫了付費電視，但仍以寬帶客戶的身份與您同在。

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.

所以在債務回購問題上，我也注意到我們的債務在市場上是折價交易。對於我們認為兩者之間的最佳選擇，我們始終如一地進行建模，特別是考慮到我們計劃保持在槓桿範圍的高端。所以我不會對我們計劃做的任何事情發表評論。但我們確實注意到了。我們將繼續進行建模，我們將根據當時市場所處的位置做出下一個決定。

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.

剪線，這裡最大的驅動因素是視頻的定價。事實上，我們不得不通過編程率增加，即使相對於通貨膨脹，它仍然繼續超大，這意味著客戶很難負擔它，即使它真的是他們想要的東西。所以是的，它主要是推動視頻降級。

But not disconnects of broadband...

但不是斷網...

And retaining the connectivity.

並保持連接性。

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。在很多情況下，我們會斷開視頻客戶，降級視頻客戶並同時銷售移動套餐。很明顯，他們實際上最終省了錢，因為他們沒有視頻，或者在很多情況下他們從我們這裡購買了更小的視頻包。但他們最終也推高了 ARPU，因為他們購買了移動設備，而移動設備對他們來說是一個很好的價值。他們在醫院的整體開支儲蓄——這是一種儲蓄。

Our last question will come from Michael Rollins with Citi.

我們的最後一個問題將來自花旗銀行的邁克爾·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?

兩個問題。首先，如果我可以重新審視 ARPU 討論。當您正在研究本季度寬帶 ARPU 和銷量表現之間的關係時，這是否意味著未來寬帶基礎的增長對價格的敏感性更高？其次，如果美國陷入衰退，投資者應該如何看待Charter的KPI和財務業績的敏感性？正如您所描述的客戶正在降低視頻交易，是否存在加速或客戶退出寬帶同行的風險？

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.

我會試著回答這個問題。在我的職業生涯中，我經歷了很多衰退。我很難記住他們，因為我們的業務在他們期間表現得非常好。原因在於，即使消費者處於壓力之下，我們的產品也確實具有吸引力。顯然，有一定的壓力是你無法克服的。我認為，視頻將受到挑戰。但另一方面，如果你失業了，它是一個非常有吸引力的產品。

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.

與其他娛樂形式相比，即使價格很高，它仍然是物有所值的。但現實情況是，在經濟衰退的環境中，當人們變得對價格更加敏感時，我們通過日常定價提供的價值主張優於他們在其他地方所能獲得的價值主張，這意味著當人們更加意識到時，我們實際上變得更具吸引力他們為其他產品支付的價格。因此，從我們公司的角度來看，我並不擔心經濟衰退。

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.

在廣告企業這樣的空間中，您可能會看到一些影響。但是我們可以在移動設備中獲得的性能，特別是考慮到我們的定價，會很好。即使它在另一邊有視頻降級，移動端的利潤實際上比視頻的利潤要好。因此，您也可以獲得更多客戶進入業務移動端的一些優勢。

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

所以我們不希望經濟衰退，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.

在寬帶上，它是一種主要產品，在此期間絕緣。但與許多人不同的是，我們推動速度升級的目的並不是為了提高速度。這實際上是關於客戶何時想要更高的速度或覺得他們需要更高的速度。那是它被提供並且以有吸引力的價格提供的時候。所以速度升級降級的風險，我認為，我們減輕了，因為我們沒有人為地將它引入基地。

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?

關於子價格敏感度，您是否只是 - 您是否看到價格更加敏感，以在未來的淨水平上增長寬帶基礎？

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帶的問題是活動。沒有額外的價格敏感度。只是整個市場沒有太大的波動。所以我不認為，這種情況與以前的情況有很大不同。我們一直在我們的足跡中競爭。

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.

我們今天繼續這樣做。並且該競爭的價格敏感性與過去沒有顯著差異。價格一直很重要，而且仍然很重要。這就是為什麼擁有為消費者提供價值的套餐有助於我們增加訂戶，並隨著時間的推移幫助我們以比競爭對手更快的速度增加訂戶。

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

我會這樣——如果寬帶存在價格問題，你會看到寬帶斷開連接，它們處於歷史低位。

Thanks, Mike. Katie, back to you.

謝謝，邁克。凱蒂，回到你身邊。

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

謝謝你們，女士們，先生們。今天的活動到此結束。您現在可以斷開連接。