(CHTR) 2022 Q4 法說會逐字稿

Hello, and welcome to Charter Communications' Fourth Quarter 2022 Investor Call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions)

您好，歡迎來到 Charter Communications 的 2022 年第四季度投資者電話會議。 （操作員說明）另外，作為提醒，今天正在錄製此會議。 （操作員說明）

I will now turn the call over to Stefan Anninger. Sir, please begin.

我現在將電話轉給 Stefan Anninger。先生，請開始。

Good morning, and welcome to Charter's Fourth 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 年第四季度投資者電話會議。可以在我們的網站 ir.charter.com 的“財務信息”部分下找到本次電話會議的演示文稿。

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 filed this morning. We will not review those risk factors and other cautionary statements on this call. However, we encourage you to read them carefully.

在我們繼續之前，我想提醒您，我們向美國證券交易委員會提交的文件中包含許多風險因素和其他警告聲明，包括我們今天早上提交的最新 10-K 文件。我們不會在此次電話會議上審查這些風險因素和其他警告聲明。但是，我們鼓勵您仔細閱讀它們。

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

我們在本次電話會議上就預期、預測、計劃和前景發表的各種評論構成前瞻性陳述。這些前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與歷史或預期結果不同。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. Please also note that all growth rates noted on this call and in the presentation are calculated on a year-over-year basis, unless otherwise specified.

在今天的電話會議中，我們將參考我們的收益材料中定義和協調的非 GAAP 措施。根據 Charter 的定義，這些非 GAAP 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。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均按年計算。

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

在今天的電話會議上，我們有我們的首席執行官 Chris Winfrey；我們的執行主席 Tom Rutledge；和我們的首席財務官 Jessica Fischer。

With that, let's turn the call over to Chris.

有了這個，讓我們把電話轉給克里斯。

Thanks, Stefan. We continued to execute well within a challenging market backdrop in 2022, we remain excited about the industry's future and Charter's in particular. We added over 340,000 Internet customers in 2022 despite the previous pandemic pull forward and a low activity environment.

謝謝，斯特凡。 2022 年，我們在充滿挑戰的市場背景下繼續表現良好，我們對行業的未來，尤其是 Charter 的未來感到興奮。儘管之前的大流行病提前和低活動環境，但我們在 2022 年增加了超過 340,000 名互聯網客戶。

We also continued to see very strong mobile line growth with full year line net additions of over 1.7 million. As of the end of 2022, we had 5.3 million total mobile lines. So we're growing mobile lines fast even in a low-volume environment by saving customers hundreds and often thousands of dollars per year. That growth creates value for Charter and supports broadband growth.

我們還繼續看到非常強勁的移動線路增長，全年線路淨增超過 170 萬。截至 2022 年底，我們擁有 530 萬條移動線路。因此，我們通過每年為客戶節省數百甚至數千美元，即使在低容量環境中也能快速發展移動線路。這種增長為 Charter 創造了價值並支持寬帶增長。

For the full year, we grew our consolidated revenue by 4.5% and our adjusted EBITDA by close to 5%. The planned December management transition with Tom moving to Executive Chairman is also going very well, and I'm pleased Tom will join us in today's Q&A.

全年，我們的綜合收入增長了 4.5%，調整後的 EBITDA 增長了近 5%。計劃中的 12 月管理交接，Tom 將擔任執行主席，也進展順利，我很高興 Tom 將加入我們今天的問答環節。

In 2023 and the coming years, we remain primarily focused on 3 broadband initiatives: evolution, expansion and execution. Each of these initiatives is designed to drive customer growth and long-term cash flow growth.

在 2023 年和未來幾年，我們仍然主要關注 3 項寬帶計劃：演進、擴展和執行。每一項舉措都旨在推動客戶增長和長期現金流增長。

Starting with evolution. Already in 2023 and over the next 3 years, we will evolve our network to ubiquitously offer symmetrical and multi-gigabit speeds. We'll deploy these new speed offerings at a much faster pace and at much cheaper cost than our competitors, just $100 per passing. And we'll maintain our marketing speed claims.

從進化開始。早在 2023 年和接下來的 3 年裡，我們將發展我們的網絡，以無處不在地提供對稱和數千兆比特的速度。我們將以比我們的競爭對手更快的速度和更低的成本部署這些新的速度產品，每次通過只需 100 美元。我們將保持我們的營銷速度聲明。

We're also evolving our go-to-market approach with increasing convergence. We recently launched Spectrum One, which combines our Internet, Advanced WiFi and mobile products for the fastest, seamless connectivity. During the fourth quarter, we saw continued sell-in of mobile to our large Internet base, and our Spectrum One converged offering helped drive our strongest quarter yet for mobile lines.

我們還隨著日益趨同的趨勢不斷改進我們的上市方法。我們最近推出了 Spectrum One，它結合了我們的互聯網、高級 WiFi 和移動產品，可實現最快的無縫連接。在第四季度，我們看到移動業務繼續向我們龐大的互聯網基礎銷售，我們的 Spectrum One 融合產品幫助推動了我們迄今為止最強勁的移動業務季度。

The potential for mobile to be a significant driver of new Internet sales is still largely untapped as we educate nonsubscribers of the Spectrum One value proposition. With nearly 5.3 million lines created over a 4-year period, it is clear that our converged customers have meaningfully lower Internet and customer relationship churn. And while some of that churn benefit may be self-selection, mobile drives better churn and, ultimately, acquisitions for Charter.

在我們對 Spectrum One 價值主張的非訂閱者進行教育時，移動設備成為新互聯網銷售的重要驅動力的潛力在很大程度上仍未開發。在 4 年期間創建了近 530 萬條線路，很明顯，我們的融合客戶顯著降低了互聯網和客戶關係流失率。雖然部分客戶流失的好處可能是自我選擇，但移動設備會帶來更好的客戶流失，並最終為 Charter 帶來收購。

Our second area of focus is the expansion of our footprint. Line extension construction is an important part of our 2023 growth plan and beyond and offers good growth and returns visibility. We hope to complete our RDOF build ahead of the original commitment and that faster completion is good for our returns, the communities where we build, obviously, and it creates credibility for future subsidized builds and option value for future growth.

我們的第二個重點領域是擴大我們的足跡。線路延伸建設是我們 2023 年及以後增長計劃的重要組成部分，並提供良好的增長和回報可見性。我們希望在最初的承諾之前完成我們的 RDOF 建設，更快的完成對我們的回報、我們建設所在的社區都有好處，顯然，它為未來的補貼建設創造了可信度，並為未來的增長創造了期權價值。

As we also mentioned in December, we've been successful in winning a number of other state and local grants in 2022 and expect the same in 2023. And we expect, assuming a reasonable regulatory framework, to participate in the $42.5 billion BEAD program.

正如我們在 12 月也提到的那樣，我們已經在 2022 年成功贏得了其他一些州和地方的贈款，並預計在 2023 年也會如此。我們預計，假設有一個合理的監管框架，我們將參與 425 億美元的 BEAD 計劃。

The initial results of our rural construction initiative had been very promising. We constructed over 200,000 new rural passings in 2022, and penetration of passings open at least 6 months is ahead of our expectations at about 40%. Over time, we expect our rural construction initiative to be a significant contributor to our customer growth with attractive mid- to high-teen internal rates of return.

我們的鄉村建設倡議的初步結果非常有希望。我們在 2022 年新建了超過 20 萬個農村通道，至少開放 6 個月的通道滲透率超過我們的預期，約為 40%。隨著時間的推移，我們預計我們的農村建設計劃將以具有吸引力的中高青少年內部回報率成為我們客戶增長的重要貢獻者。

And finally, we remain focused on executing on our core operating strategy, all to further improve customer experience, raise customer satisfaction and drive customer growth. We're doing that in a number of ways, including the continued digitization of our customer service model in ways that enhance the customer experience; accelerating our proactive maintenance initiative to address service issues before customers even see an impairment; and investing in training and tenure for our employees to continue to improve our service and sales capabilities.

最後，我們仍然專注於執行我們的核心運營戰略，所有這些都是為了進一步改善客戶體驗，提高客戶滿意度並推動客戶增長。我們正在以多種方式做到這一點，包括以增強客戶體驗的方式對我們的客戶服務模型進行持續數字化；加快我們的主動維護計劃，在客戶發現損壞之前解決服務問題；投資於員工的培訓和任期，以繼續提高我們的服務和銷售能力。

Longer tenure leads to better execution with higher sales, lower service transactions, lower churn and more products per customer over time. So we have a large growth opportunity in front of us through network evolution, convergence and continued operational execution and a very unique opportunity to expand our footprint.

隨著時間的推移，更長的任期會導致更好的執行，更高的銷售額、更少的服務交易、更低的客戶流失率和更多的產品。因此，通過網絡演進、融合和持續的運營執行，我們面臨著巨大的增長機會，也是擴大我們足蹟的非常獨特的機會。

We have a successful operating model to address the opportunities in front of us. It's the same strategy that we've deployed for years. It's about having the fastest connectivity and products and pricing and packaging that's difficult for customers to replicate and putting that all together so that we provide more product into the household, more penetration across our passings and then marrying that with high-quality service with fewer service transactions and lower churn. That all drives higher long-term recurring cash flow.

我們有一個成功的運營模式來應對我們面前的機遇。這與我們多年來部署的策略相同。這是關於擁有最快的連接和產品以及客戶難以復制的定價和包裝，並將所有這些組合在一起，以便我們為家庭提供更多的產品，更多地滲透我們的路口，然後將其與高質量的服務結合起來，減少服務交易和降低客戶流失率。這一切都推動了更高的長期經常性現金流。

We then take that sustainable cash flow model and put it together with an innovative capital structure and a disciplined approach to ROI-driven capital allocation between organic investment, expansion and/or M&A and buybacks, and you get Charter. So we have a great path in front of us to deliver long-term shareholder value creation, which means delivering for our customers, employees and local communities.

然後，我們採用這種可持續的現金流模型，並將其與創新的資本結構和在有機投資、擴張和/或併購和回購之間以投資回報率驅動的資本分配的嚴格方法結合起來，你就得到了章程。因此，我們面前有一條偉大的道路可以創造長期的股東價值，這意味著為我們的客戶、員工和當地社區提供服務。

And with that, I'll turn the call over to Jessica.

有了這個，我會把電話轉給傑西卡。

Thanks, Chris. Before getting started, I want to remind you that we will be making a couple of changes to our reporting beginning next quarter.

謝謝，克里斯。在開始之前，我想提醒您，我們將從下個季度開始對我們的報告進行一些更改。

First, as we noted in our investor meeting in December, we'll include mobile service revenue and residential and SMB revenue as appropriate. We will no longer report mobile expenses separately, and both of these changes better reflect the converged and integrated nature of our mobile business and our operations and our offer structure.

首先，正如我們在 12 月份的投資者會議上指出的那樣，我們將酌情包括移動服務收入以及住宅和 SMB 收入。我們將不再單獨報告移動費用，這兩項變化更好地反映了我們移動業務和我們的運營以及我們的產品結構的融合和整合性質。

Second, we will provide additional line extension capital and rural disclosures. And finally, I want to note that while our fourth quarter results contain some modest impacts from Hurricane Ian, the overall impact of the hurricane on our financials and customer numbers was very small and doesn't warrant separate disclosure.

其次，我們將提供額外的線路延伸資本和農村信息披露。最後，我想指出，雖然我們第四季度的業績包含颶風伊恩的一些適度影響，但颶風對我們的財務和客戶數量的總體影響非常小，不需要單獨披露。

Let's turn to our customer results on Slide 5. Including residential and SMB, we added 105,000 Internet customers in the fourth quarter and added 344,000 over the last 12 months. Video customers declined by 144,000 in the fourth quarter. Wireline voice declined by 233,000, and we added a record 615,000 mobile lines. For the full year, we added 1.7 million mobile lines.

讓我們看看幻燈片 5 上的客戶結果。包括住宅和 SMB，我們在第四季度增加了 105,000 名互聯網客戶，在過去 12 個月增加了 344,000 名。視頻客戶在第四季度減少了 144,000。有線語音減少了 233,000 條，我們增加了創紀錄的 615,000 條移動線路。全年，我們增加了 170 萬條移動線路。

Although our Internet customer growth continued to be positive in the fourth quarter, activity levels remain low. During the quarter, we saw both lower Internet churn and lower Internet connects than in the fourth quarters of 2021, 2020 and 2019. Total churn, voluntary churn and non-paid churn were all lower year-over-year, and we're at all-time lows for the fourth quarter.

儘管我們的互聯網客戶在第四季度繼續保持正增長，但活動水平仍然很低。在本季度，與 2021 年、2020 年和 2019 年第四季度相比，我們發現互聯網流失率和互聯網連接率均有所下降。總流失率、自願流失率和非付費流失率均同比下降，我們處於第四季度創歷史新低。

[Move] return remains well below pre-pandemic levels, which also reduces our selling opportunities. Gross additions remain down across the footprint by similar amounts in overbuild and non-overbuild areas, similar to what we've seen in the past few quarters.

[移動] 回報率仍遠低於大流行前的水平，這也減少了我們的銷售機會。在過度建設和非過度建設地區，總增加量在整個足跡中的下降幅度相似，這與我們在過去幾個季度看到的情況相似。

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. But given the issues with fixed wireless, product reliability and scalability, we expect those customers to find their way to us over the long term.

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 轉換進入新進入者、固定無線而不是我們之間有關。但考慮到固定無線、產品可靠性和可擴展性方面的問題，我們希望這些客戶能夠長期找到我們的方式。

In addition, we've seen a slightly higher pace of fiber overbuild recently. And 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.

此外，我們最近看到光纖過度構建的速度略有加快。我還要指出，在過去的幾個季度中，我們已經看到少量市場份額返回到僅限移動服務，這是一些 COVID 影響的逆轉。

Despite these challenges with lower market activity, our Spectrum One product is working. We remain in the early stages of offering converged packages of products and refinement to our approach continues, but we're very pleased with the results.

儘管存在市場活動較低的挑戰，但我們的 Spectrum One 產品仍在發揮作用。我們仍處於提供融合產品包的早期階段，我們的方法仍在繼續改進，但我們對結果感到非常滿意。

Moving to financial results, starting on Slide 6. Over the last year, residential customers grew by 0.2% 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 non-video customers and a higher mix of lower-priced video packages within our base.

轉到財務結果，從幻燈片 6 開始。去年，住宅客戶同比增長 0.2%。每個客戶關係的住宅收入與去年同期持平，促銷費率提高和費率調整，被我們基地內更多的非視頻客戶組合和更多的低價視頻套餐所抵消。

Also keep in mind that our residential revenue and ARPU does not reflect any mobile revenue, although that will change next quarter when we make the reporting adjustments I discussed a moment ago. In addition, we're allocating a portion of Spectrum One-related customer revenue from Internet to mobile revenue under GAAP. As Slide 6 shows, total residential revenue grew by 0.4% year-over-year.

還要記住，我們的住宅收入和 ARPU 不反映任何移動收入，儘管下個季度當我們進行我剛才討論的報告調整時，這將發生變化。此外，根據 GAAP，我們將 Spectrum One 相關客戶收入的一部分從互聯網分配到移動收入。如幻燈片 6 所示，住宅總收入同比增長 0.4%。

Turning to commercial. SMB revenue grew by 2.4% year-over-year, reflecting SMB customer growth of 3%. Enterprise revenue was up by 4.9% year-over-year. And excluding wholesale revenue, enterprise revenue grew by 9.1%, and enterprise PSUs grew by 4.4% year-over-year.

轉向商業。 SMB 收入同比增長 2.4%，反映出 SMB 客戶增長 3%。企業收入同比增長 4.9%。不包括批發收入，企業收入增長 9.1%，企業 PSU 同比增長 4.4%。

Fourth quarter advertising revenue grew by 25% year-over-year, primarily driven by political revenue. Core ad revenue was down by 3% with lower national and local advertising revenue, driven by the softening ad market, offset by our growing advanced advertising capabilities.

第四季度廣告收入同比增長 25%，主要受政治收入推動。受疲軟的廣告市場推動，核心廣告收入下降了 3%，國家和地方廣告收入下降，但被我們不斷增長的高級廣告能力所抵消。

Mobile revenue totaled $876 million, with $401 million of that revenue being device revenue. And other revenue grew by 4.9% year-over-year, mostly driven by higher rural construction initiative subsidies, partly offset by lower processing fees and lower video CPE sold to customers. In total, consolidated fourth quarter revenue was up 3.5% year-over-year and up 4.5% for the full year 2022.

移動收入總計 8.76 億美元，其中 4.01 億美元是設備收入。其他收入同比增長 4.9%，主要是由於較高的農村建設倡議補貼，部分被較低的處理費和銷售給客戶的較低視頻 CPE 所抵消。總體而言，第四季度綜合收入同比增長 3.5%，2022 年全年增長 4.5%。

Moving to operating expenses and adjusted EBITDA on Slide 7. In Q4, total operating expenses grew by $359 million or 4.6% year-over-year. Programming costs declined by 3.3% year-over-year due to a decline in video customers year-over-year and a higher mix of lighter video packages, partly offset by higher programming rates. Looking at the full year 2023, we expect programming cost per video customer to be approximately flat year-over-year.

轉到幻燈片 7 的運營費用和調整後的 EBITDA。第四季度，總運營費用同比增長 3.59 億美元或 4.6%。節目製作成本同比下降 3.3%，原因是視頻客戶同比下降，以及更輕量級視頻包的組合增加，部分被更高的節目製作費用所抵消。展望 2023 年全年，我們預計每位視頻客戶的節目製作成本同比大致持平。

Regulatory, connectivity and produced content declined by 5.3%, primarily driven by lower regulatory and franchise fees and lower video CPE sold to customers. Cost to service customers increased by 5.8% year-over-year, driven by higher labor costs, higher fuel and freight costs and higher bad debt, partly offset by productivity improvements. Excluding bad debt from both years, cost to service customers grew by 4.9%. And while bad debt was higher year-over-year, it remained below pre-COVID level.

監管、連接和製作的內容下降了 5.3%，主要是由於監管和特許經營費用下降以及銷售給客戶的視頻 CPE 下降。服務客戶的成本同比增長 5.8%，受勞動力成本上升、燃料和貨運成本上升以及壞賬增加的推動，部分被生產力提高所抵消。剔除這兩年的壞賬，客戶服務成本增長了 4.9%。儘管壞賬同比增加，但仍低於 COVID 之前的水平。

As we noted in our December investor meeting, we're making very targeted adjustments to job structure, pay and benefits and career paths inside of our operations teams in order to build an even higher skilled and more tenured workforce, which drove the higher labor costs.

正如我們在 12 月的投資者會議上指出的那樣，我們正在對運營團隊內部的工作結構、薪酬和福利以及職業道路進行非常有針對性的調整，以建立一支技能更高、工作時間更長的員工隊伍，從而推高勞動力成本.

These adjustments will add some pressure year-over-year to cost to service customers expense growth in the first half of this year. But that year-over-year growth should moderate in the second half of 2023. And we continue to expect additional efficiencies in cost to service customers over time as a result of the continued digitization of service, productivity improvements and our network evolution investments.

這些調整將對今年上半年服務客戶費用增長的成本同比增加一些壓力。但到 2023 年下半年，同比增長應該會放緩。我們繼續預計，由於服務的持續數字化、生產力的提高和我們的網絡演進投資，隨著時間的推移，服務客戶的成本效率會有所提高。

Marketing expense grew by 6.9% year-over-year, primarily due to the higher staffing levels I mentioned and wages, which included targeted adjustments in our sales channels. Mobile expenses totaled $982 million and were comprised of mobile device cost tied to device revenue, customer acquisition and service and operating costs.

營銷費用同比增長 6.9%，這主要是由於我提到的更高的人員配置水平和工資，其中包括我們銷售渠道的有針對性的調整。移動支出總計 9.82 億美元，包括與設備收入相關的移動設備成本、客戶獲取以及服務和運營成本。

And other expenses increased by 6.6%, primarily driven by higher labor costs and higher advertising sales expense related to higher political revenue. Adjusted EBITDA grew by 1.9% year-over-year in the quarter and 4.8% for the full year 2022.

其他費用增長 6.6%，主要是由於勞動力成本增加以及與政治收入增加相關的廣告銷售費用增加所致。調整後的 EBITDA 本季度同比增長 1.9%，2022 年全年增長 4.8%。

Turning to net income on Slide 8. We generated $1.2 billion of net income attributable to Charter shareholders in the fourth quarter compared to $1.6 billion in the fourth quarter of last year, with higher income tax and interest expense more than offsetting higher adjusted EBITDA.

轉向幻燈片 8 的淨收入。我們在第四季度產生了 12 億美元的歸屬於 Charter 股東的淨收入，而去年第四季度為 16 億美元，更高的所得稅和利息支出抵消了更高的調整後 EBITDA。

Turning to Slide 9. Capital expenditures totaled $2.9 billion in the fourth quarter and $9.4 billion for the full year 2022. Our total CapEx for the year reflects the timing of more accelerated equipment inventory receipts in December than expected.

轉到幻燈片 9。第四季度的資本支出總額為 29 億美元，2022 年全年的資本支出總額為 94 億美元。我們全年的資本支出總額反映了 12 月份設備庫存接收速度超過預期的時間。

Fourth quarter capital spending of $2.9 billion rose above last year's fourth quarter spend of $2.1 billion, primarily driven by higher line extension spend driven by our rural construction initiative. Capital expenditures, excluding line extensions, increased from $1.6 billion in last year's fourth quarter to $2 billion this quarter, driven by investment in network evolution, higher customer premise equipment spend on Advanced WiFi equipment and timing of spend.

第四季度的資本支出為 29 億美元，高於去年第四季度的 21 億美元支出，這主要是由於我們的農村建設計劃推動了線路延伸支出的增加。資本支出（不包括線路延伸）從去年第四季度的 16 億美元增加到本季度的 20 億美元，這主要受網絡發展投資、高級 WiFi 設備和支出時間的增加等客戶前提設備支出的推動。

For the full year 2023, we continue to expect capital expenditures, excluding line extensions, to be between $6.5 billion and $6.8 billion. So excluding line extensions, we expect a small increase year-over-year in capital spend driven by the acceleration of network evolution spending and partly offset by declines in other areas.

對於 2023 年全年，我們繼續預計資本支出（不包括線路延伸）將在 65 億美元至 68 億美元之間。因此，不包括線路延伸，我們預計在網絡演進支出加速的推動下，資本支出將同比小幅增長，並部分被其他領域的下降所抵消。

Following the expected completion of our network evolution initiative at the end of 2025 or the beginning of 2026, CapEx, excluding line extensions as a percentage of revenue, should decline to below 2022 levels and continue to decline thereafter.

在我們的網絡演進計劃預計在 2025 年底或 2026 年初完成之後，資本支出（不包括線路擴展佔收入的百分比）應該會下降到 2022 年的水平以下，並且此後會繼續下降。

Turning to line extensions. In 2023, we expect line extension capital expenditures to reach approximately $4 billion. We expect 2024 and 2025 line extension CapEx to look similar to our outlook for 2023 at approximately $4 billion per year. And our 2024 and 2025 line extension capital expenditure expectations assume we win funding for or otherwise commit to additional rural spending.

轉向產品線延伸。到 2023 年，我們預計線路延伸資本支出將達到約 40 億美元。我們預計 2024 年和 2025 年的產品線延伸資本支出與我們對 2023 年的展望相似，每年約為 40 億美元。我們的 2024 年和 2025 年線路延伸資本支出預期假設我們贏得資金或以其他方式承諾增加農村支出。

We also expect most BEAD money to begin to be appropriated in the 2024 time frame with 4-year build time lines from grants. At that time, we expect that our RDOF spend will begin to ramp down. We expect the BEAD program to present a unique and attractive opportunity for us to expand our network with subsidies, generating significant returns that solidly exceed our cost of capital.

我們還預計大部分 BEAD 資金將在 2024 年的時間框架內開始撥款，贈款的建造時間為 4 年。屆時，我們預計我們的 RDOF 支出將開始下降。我們希望 BEAD 計劃能夠為我們提供一個獨特且有吸引力的機會，讓我們可以通過補貼來擴展我們的網絡，從而產生遠遠超過我們的資本成本的可觀回報。

For our additional subsidized passings, we expect our net rural construction cost per passing to be closer to the roughly $3,000 per passing that we've incurred in our recent subsidized state and local builds than to our RDOF per passing costs. Our 6-month penetration of passings in our newly built rural areas continues to be around 40%, and we expect penetrations in these areas to continue to grow.

對於我們額外的補貼通行證，我們預計我們每次通行證的淨農村建設成本將更接近我們在最近的補貼州和地方建設中產生的每次通行證大約 3,000 美元，而不是我們的 RDOF 每次通行證成本。我們在新建農村地區的 6 個月通行證滲透率繼續保持在 40% 左右，我們預計這些地區的滲透率將繼續增長。

If you use the cost per passing that I mentioned a moment ago, a high broadband penetration assumption, which we think is reasonable, our current ARPU, excluding mobile, a high incremental margin based on low incremental overhead costs and a reasonable terminal multiple or perpetuity growth rate, you can clearly see the very attractive IRRs associated with our rural builds.

如果你使用我剛才提到的每次通過成本，一個我們認為合理的高寬帶普及率假設，我們目前的 ARPU，不包括移動，基於低增量管理成本的高增量利潤率和合理的終端倍數或永久性增長率，您可以清楚地看到與我們的農村建築相關的非常有吸引力的內部收益率。

Turning to Slide 10. We generated $1.1 billion of consolidated free cash flow this quarter versus $2.3 billion in the fourth quarter of last year. The decline was primarily driven by higher capital expenditures, mostly the result of our rural construction initiative and by higher cash tax payments.

轉到幻燈片 10。本季度我們產生了 11 億美元的綜合自由現金流，而去年第四季度為 23 億美元。下降的主要原因是資本支出增加，這主要是我們農村建設計劃的結果，也是現金稅收增加的結果。

For the full year, we generated $6.1 billion of free cash flow versus $8.7 billion in 2021. However, excluding cash taxes and our rural construction initiative, our full year free cash flow grew by 4%.

全年，我們產生了 61 億美元的自由現金流，而 2021 年為 87 億美元。但是，扣除現金稅和我們的農村建設計劃，我們全年的自由現金流增長了 4%。

We finished the quarter with $97.4 billion in debt principal. Our current run rate annualized cash interest is $5 billion. As of the end of the fourth quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.47x. We intend to stay at or just below the high end of our 4 to 4.5x target leverage range.

我們以 974 億美元的債務本金結束了本季度。我們目前的運行率年化現金利息為 50 億美元。截至第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 4.47 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 3.6 million Charter shares and Charter Holdings common units totaling about $1.3 billion at an average price of $344 per share. For the full year, we repurchased 23.8 million Charter shares and Charter Holdings common units totaling approximately $11.7 billion.

本季度，我們以每股 344 美元的平均價格回購了 360 萬股 Charter 股票和 Charter Holdings 普通股，總計約 13 億美元。全年，我們回購了 2380 萬股 Charter 股票和 Charter Holdings 普通單位，總計約 117 億美元。

We have a proven operating, balance sheet and capital allocation model that drives customer and financial growth and shareholder value. We've always prioritized investments that generate long-term growth, and those investments ultimately protect and extend our return of capital to shareholders. We continue to generate significant free cash flow and intend to both invest for long-term growth and simultaneously return excess capital to shareholders in the form of buybacks.

我們擁有行之有效的運營、資產負債表和資本配置模型，可推動客戶和財務增長以及股東價值。我們一直優先考慮產生長期增長的投資，這些投資最終保護並擴大了我們對股東的資本回報。我們繼續產生可觀的自由現金流，並打算投資於長期增長，同時以回購的形式將多餘的資本返還給股東。

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

接線員，我們現在可以進行問答了。

(Operator Instructions) Our first question will come from Jonathan Chaplin with New Street.

（操作員說明）我們的第一個問題將來自 New Street 的 Jonathan Chaplin。

I'm wondering if you could give us a little bit more context around the strength we saw in wireless this quarter. How much of that is coming from selling into your existing base of customers versus new customers that you're bringing in the door? And really, what I'm sort of trying to unpack is some way to kind of analyze the pull-through effect that the Spectrum One is having on broadband acquisition, separate from sort of the impact it has on lowering churn.

我想知道您能否就本季度我們在無線領域看到的優勢提供更多背景信息。其中有多少來自現有客戶群的銷售，有多少來自您帶來的新客戶？實際上，我試圖解開的是某種分析 Spectrum One 對寬帶獲取的拉通效應的方法，與它對降低客戶流失的影響分開。

And then you said that the opportunity for sort of driving this converged bundle is really untapped at this stage. Can you remind us of what penetration is of accounts with wireless at the moment and where you think that could sort of potentially get to in the long term?

然後你說，在這個階段，推動這種融合捆綁的機會確實尚未開發。您能否提醒我們目前無線帳戶的滲透率是多少，以及您認為從長遠來看可能會達到什麼程度？

Sure. And on the second question, Jonathan, I don't have the exact in front of me, but it's 3 million relationships roughly that have mobile and take the residential base of, what, 28 million, I guess you got to take SMB together, so 30 million. So that gives you a sense there.

當然。關於第二個問題，Jonathan，我面前沒有確切的數據，但大約有 300 萬個關係擁有移動設備並佔據了住宅基礎，什麼，2800 萬，我想你必須把 SMB 放在一起，所以3000萬。所以這讓你有一種感覺。

On the impact of Spectrum One, I think the potential here for acquisition remains the biggest opportunity in terms of driving Internet net adds. Our wireless net additions in the quarter were largely driven by existing Internet upgrades still. So 75%, 80% of the lines came from existing Internet customers upgrading, which means they're paying lines, maybe get the second line for free or the third line paid, but for the majority of those being paying lines, which means the inverse of that is that new connects are also attaching with mobile as well.

關於 Spectrum One 的影響，我認為收購的潛力仍然是推動互聯網淨增加的最大機會。我們在本季度的無線網絡增加主要是由現有互聯網升級推動的。所以75%、80%的線路來自現有的互聯網客戶升級，這意味著他們是付費線路，可能會獲得免費的二線或付費的三線，但對於大多數付費線路來說，這意味著與此相反的是，新連接也與移動設備相關聯。

Even new connects -- new Internet connects are connected with mobile as well, although we're in a low transaction environment, which means we have lower gross adds. So there's a mathematical opportunity to increase both our Internet net adds and our convergence with even more mobile line adds as the market picks up.

即使是新的連接——新的互聯網連接也與移動連接，儘管我們處於低交易環境中，這意味著我們的總增加量較低。因此，隨著市場回暖，我們有一個數學機會來增加我們的互聯網淨增加和我們與更多移動線路增加的融合。

But there's the bigger opportunity, which is as we continue to message into the marketplace the value and the benefits of a converged product, which really, across our footprint, we're the only provider who can have those claims and have that better product and have that what we call gig-powered wireless, I think the real opportunity for Spectrum One, convergence and wireless is to have a meaningful impact over time on Internet net additions.

但是還有更大的機會，那就是當我們繼續向市場傳達融合產品的價值和好處時，實際上，在我們的足跡中，我們是唯一可以擁有這些主張並擁有更好產品和有了我們所說的千兆無線，我認為 Spectrum One、融合和無線的真正機會是隨著時間的推移對互聯網淨增加產生有意義的影響。

But it's early on. And I think because it's a completely new category, it's going to take a little while to educate into the marketplace. And the bulk of our wireless gains today are still coming from existing Internet customer upgrades.

但現在還早。而且我認為，因為它是一個全新的類別，所以需要一段時間才能進入市場。我們今天的大部分無線收益仍然來自現有互聯網客戶的升級。

Chris, do you have a sense of how many of the broadband adds you might not have got, but for the Spectrum One offer with wireless?

克里斯，您是否知道有多少寬帶添加您可能沒有，但對於 Spectrum One 提供的無線功能？

It's a tricky question because the customers are going in for a sale, and we're attaching mobile and Internet at the same time. So I think the easier way to think about it is to think about our progression between Q3 and Q4 with a few caveats. One is there's always seasonality. Those are decent quarters typically in a year.

這是一個棘手的問題，因為客戶要進行銷售，而我們同時連接移動和互聯網。因此，我認為更簡單的思考方式是考慮我們在第三季度和第四季度之間的進展，並提出一些警告。一是總是有季節性。這些通常是一年中不錯的季度。

The second caveat is that when you have a large amount of adds and a large amount of disconnects inside the business, which all of us do, that can create outsized variability and outsized conclusions on your net adds because a small -- a very small difference in your gross adds or a small difference in your churn can have an outsized impact on your net adds. Now as we hopefully return to a higher net add growth rate and that variability declines, but that mass still remains.

第二個警告是，當您在業務中有大量的添加和大量的斷開連接時，我們所有人都會這樣做，這可能會在您的淨添加上產生超大的可變性和超大的結論，因為一個很小的 - 非常小的差異您的總增加量或流失率的微小差異都會對您的淨增加量產生巨大影響。現在我們希望回到更高的淨增加增長率並且可變性下降，但質量仍然存在。

So from a Q4 perspective, we still have low transaction volume for all the reasons that Jessica mentioned, and we have the other factors that Jessica mentioned. So people should go back to that. But the bridge between 75,000 roughly Internet net adds in Q3, we had a little more rural that was behind us, and Spectrum One was contributing as well. And I think both of those were contributors to the small uptick that we saw in Q4.

因此，從第四季度的角度來看，由於傑西卡提到的所有原因，我們的交易量仍然很低，而且我們還有傑西卡提到的其他因素。所以人們應該回到那個。但是在第三季度大約有 75,000 個互聯網淨增加的橋樑，我們背後有更多的農村，而 Spectrum One 也在做出貢獻。我認為這兩者都是我們在第四季度看到的小幅上漲的原因。

The bigger issue we face, as we keep on saying, is just the lower transaction volume in the marketplace, these fewer selling opportunities, which means fewer selling opportunities for Spectrum One and, at the same time, as we educate the marketplace on the benefits of that converged product.

正如我們一直說的，我們面臨的更大問題只是市場交易量減少，銷售機會減少，這意味著 Spectrum One 的銷售機會減少，與此同時，我們對市場進行宣傳以了解好處該融合產品。

Our next question will come from Vijay Jayant with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Vijay Jayant。

A couple of follow-ups for Jessica. Just wanted to confirm that the $4 billion of line extension you're calling out for '24, '25, that's sort of the other limit, assuming that you win in BEAD and it could be potentially low? Is that sort of a budgeting sort of expectation? Just for clarification.

傑西卡的一些後續行動。只是想確認你為 24 年、25 年呼籲的 40 億美元的線路擴展，這是另一個限制，假設你在 BEAD 中獲勝並且它可能很低？這是一種預算編制的期望嗎？只是為了澄清。

And then given the higher sort of CapEx you have the next few years, can you help us think about what it means on taxes? Is there sort of a new shield that we can get from the build?

然後考慮到未來幾年你有更高的資本支出，你能幫我們想想這對稅收意味著什麼嗎？我們可以從構建中獲得某種新的防護罩嗎？

Yes. So the $4 billion, Vijay, I do think that it's kind of a budgeting exercise, but it's our expectation and it's on the higher end of our expectations. But it all matters how much we win in subsidized builds. And so it really is a matter of sort of what's available and what makes sense from an ROI perspective for us to spend and to try to get additional passings and generate additional returns. But I think the $4 billion is where we think that we will be based on our expectation of what will happen right now. So that's probably the way to think about that.

是的。所以 40 億美元，Vijay，我確實認為這是一種預算編制活動，但這是我們的期望，並且處於我們期望的較高端。但我們在補貼建設中贏得多少都很重要。因此，從 ROI 的角度來看，我們花錢並嘗試獲得額外的傳球並產生額外的回報，這實際上是一個可用的東西和有意義的問題。但我認為 40 億美元是我們認為我們將基於我們對現在將要發生的事情的預期。所以這可能就是思考這個問題的方式。

On the cash tax, our cash tax liability is always dependent on a number of different variables. We're a full cash taxpayer now. We've previously given guidance on taxes if you look back, I think, at what we said in Q4 of 2021. And there's more CapEx in the plan now, which generally should reduce that liability. But because you don't have 100% deductibility, you don't get 100% credit for that anymore.

關於現金稅，我們的現金稅負債始終取決於許多不同的變量。我們現在是全額現金納稅人。如果你回顧一下我們在 2021 年第四季度所說的話，我們之前已經給出了稅收指導。現在計劃中有更多的資本支出，這通常應該會減少這種負債。但是因為你沒有 100% 的免賠額，你就不會再得到 100% 的信用了。

As a result, I would look back at that guidance. And we might be slightly above the percentages that we gave there, maybe 1% or 2% higher, but you can generally sort of look back to that to think about how to estimate cash tax.

因此，我會回顧該指南。我們可能略高於我們在那裡給出的百分比，可能高出 1% 或 2%，但您通常可以回顧一下，思考如何估算現金稅。

So Vijay, on the rural build, clearly, we've disclosed what we've won so far on the state grants that primarily come out of ARPA and NTIA funds. The BEAD process is still in process. And so the rules have not been fully clarified. They need to be right in order for it to make sense for us to invest, and we think they will.

所以 Vijay，在農村建設方面，很明顯，我們已經披露了迄今為止我們在主要來自 ARPA 和 NTIA 資金的國家撥款上贏得了什麼。 BEAD 過程仍在進行中。因此規則還沒有完全明確。他們需要是正確的，這樣我們的投資才有意義，我們認為他們會的。

But then once the maps are clarified, contested, then there will be grants given out to the states in terms of how the funds are distributed. And then the states will have their own process in terms of how they allocate that. So in some sense, our outlook here is really dependent on the rules that get set, the timing of the allocation to the states and then how the states distribute.

但是，一旦地圖得到澄清、有爭議，就會根據資金的分配方式向各州發放贈款。然後各州將有自己的分配方式。因此，從某種意義上說，我們在這裡的前景實際上取決於製定的規則、分配給各州的時間以及各州的分配方式。

And so we're trying to do our best to provide some outlook based on the best view that we have today. But a lot of that is not entirely in our hands, and we're going to do the best we can. And we'll continue to provide updates along the way to the extent that we have better information.

因此，我們正在盡最大努力根據我們今天的最佳觀點提供一些展望。但其中很多並不完全掌握在我們手中，我們將盡我們所能。我們將在我們掌握更好信息的範圍內繼續提供更新。

Our next question will come from Craig Moffett with SVB MoffettNathanson.

我們的下一個問題將來自 SVB MoffettNathanson 的 Craig Moffett。

Two questions, if I could. First, let's drill down on margins a little bit. I think it's hard for all of us to sort of make sense of the wireless margins given how fast the subscriber base is growing and, therefore, how high customer acquisition costs might be. How should we think about, particularly since we're not going to see it reported separately anymore, how should we think about the margin trajectory for wireless and, therefore, the margin trajectory for the business overall as you go forward?

兩個問題，如果可以的話。首先，讓我們深入了解利潤率。我認為，考慮到用戶群增長的速度有多快，以及客戶獲取成本可能有多高，我們所有人都很難理解無線業務的利潤率。我們應該如何考慮，特別是因為我們不會再單獨報告它，我們應該如何考慮無線的利潤率軌跡，因此，隨著您前進，我們應該如何考慮整體業務的利潤率軌跡？

And then just one more operating question. Can you just talk about the decision in your upgrade of your physical plant to not go all the way to symmetrical speeds, but to keep your downstream speeds higher than your upstream speeds?

然後再問一個操作問題。您能否談談您在升級實體工廠時做出的決定，即不完全達到對稱速度，而是保持下游速度高於上游速度？

So Craig, on the margins question, I would tell you, first off, we wouldn't be willing to do the Spectrum One offer if we didn't have some space in margin. And so our margins in that business, if you exclude the subscriber acquisition costs, continue to be quite good. And they're getting better over time because we continue to drive down some of those business expenses on a per customer basis, things like the operating cost, what does it take to run billing and customer care.

所以克雷格，關於利潤率問題，我會告訴你，首先，如果我們沒有一些利潤空間，我們就不會願意提供 Spectrum One。因此，如果排除訂戶獲取成本，我們在該業務中的利潤率仍然相當不錯。隨著時間的推移，他們會越來越好，因為我們繼續降低每個客戶的一些業務費用，比如運營成本，運行計費和客戶服務需要什麼。

And actually, the reason that we're pushing those into our broader reporting is that we continue to integrate the business into our broader business. And so a lot of that activity -- we're dealing with a customer as one customer. When you have a sales call, you're selling mobile and cable on the same call. When you have somebody call in with a question, you have agents who will be capable of dealing with both things.

實際上，我們將這些納入更廣泛的報告的原因是我們繼續將業務整合到更廣泛的業務中。所以很多這樣的活動——我們把一個客戶當作一個客戶來處理。當您接到銷售電話時，您是在同一個電話中銷售手機和有線電視。當有人打電話問問題時，您的代理人將能夠處理這兩件事。

But I think the overall trajectory, we make margin on the customers today. We have offers in the mix that we're using to drive both mobile and broadband activity, but they work well for that. And I think we should think about them as being related to both that mobile and broadband activity.

但我認為總體軌跡，我們今天在客戶身上賺取利潤。我們提供了用於推動移動和寬帶活動的組合，但它們在這方面效果很好。我認為我們應該將它們視為與移動和寬帶活動相關。

But we expect the margins to continue to grow. I think we gave some numbers in the presentation in December, and you can kind of see the trajectory that we're on there. I think that margin expansion continues when you think about the broader product.

但我們預計利潤率將繼續增長。我認為我們在 12 月的演示文稿中給出了一些數字，您可以看到我們在那裡的軌跡。我認為當你考慮更廣泛的產品時，利潤率會繼續擴大。

I'll comment a little bit on the network question. And then the -- so your question was whether the choice to not upgrade to symmetrical. Just as a reminder for everybody, the first 15% of the upgrade is going to be with DOCSIS 3.1 high-split using integrated CMTS. That will give us 2 -- up to 2 by 1, 15% of the footprint. So if we can make that one by one, we could make that somewhere in between and make it symmetrical. But -- so we have the capabilities. It's just based on our assessments of where the market value is. 5 by 1 in the 50% of the footprint. And then what we think is a base case is 10 by 1 using 1.8 gigahertz DOCSIS 4.0 RPD in 35% of the footprint.

我將對網絡問題發表一些評論。然後 - 所以您的問題是是否選擇不升級到對稱。提醒大家，前 15% 的升級將是使用集成 CMTS 的 DOCSIS 3.1 高拆分。這將給我們 2 -- 最多 2 x 1，佔足蹟的 15%。因此，如果我們可以一個接一個地製作它，我們可以在兩者之間製作它並使其對稱。但是 - 所以我們有能力。它只是基於我們對市場價值所在的評估。 5乘1佔足蹟的50%。然後我們認為基本情況是 10 x 1 使用 1.8 GHz DOCSIS 4.0 RPD 在 35% 的佔地面積中。

Now the reason we're choosing that, you can mix and match where you allocate your bandwidth based on what you think the customer demand, the marketing claims and the actual product and device capabilities are. So we have flexibility to make -- for example, you can make a 5-symmetrical-speed product out there, depending on where you set the split. And those options remain available to us.

現在我們選擇它的原因是，您可以根據您認為的客戶需求、營銷聲明以及實際產品和設備功能來混合和匹配分配帶寬的位置。所以我們可以靈活地製造——例如，你可以在那裡製造一個 5 對稱速度的產品，這取決於你設置分割的位置。這些選項對我們仍然可用。

It's our view right now that the upstream demand today is much more of a marketing campaign as opposed to any real product demand. And we want to lead in those marketing claims, which is why we're doing what we're doing. We also have from a marketing claims perspective, from a symmetrical, that what we'll be deploying here allows a -- it allows a fiber drop in the -- as a Remote OLT inside of the node. So that gives us marketing claims across the entire footprint for 25 symmetrical and, over time, 50- or 100-gig symmetrical.

我們現在的觀點是，今天的上游需求更像是一場營銷活動，而不是任何實際的產品需求。我們希望在這些營銷聲明中處於領先地位，這就是為什麼我們正在做我們正在做的事情。我們還從營銷聲明的角度來看，從對稱的角度來看，我們將在此處部署的東西允許 - 它允許在 - 作為節點內的遠程 OLT 進行光纖下降。因此，這為我們提供了針對 25 個對稱以及隨著時間的推移，50 或 100 個對稱的整個足蹟的營銷聲明。

Hard to imagine what, when and how that would ever be needed, but it gives us the opportunity to do that and market it at least in these communities to have that type of speed, not different from what we do with enterprise already today. So we have a lot of flexibility. That's what I think we really like about this plan. We can go fast. We can do it at a low cost. We can reset the up and downstream, and we can pivot where we need to go at a very attractive price. We can do it at a faster pace and a cheaper cost than all of our competitors and be out in front of any potential overbuild with a better product for the long term.

很難想像需要什麼、何時以及如何需要它，但它讓我們有機會做到這一點，並至少在這些社區進行營銷，以獲得那種速度，這與我們今天對企業所做的沒有什麼不同。所以我們有很大的靈活性。這就是我認為我們真正喜歡這個計劃的地方。我們可以走得快。我們可以以低成本做到這一點。我們可以重置上游和下游，我們可以以非常有吸引力的價格轉向我們需要去的地方。與所有競爭對手相比，我們可以以更快的速度和更低的成本做到這一點，並在長期內以更好的產品領先於任何潛在的過度建設。

And Craig, this is Tom. I just want to add one thought to you with the margin. The gross margin of the mobile business is actually a high-margin business. And it's improving with penetration, and it improves both at the gross level and the operating level.

克雷格，這是湯姆。我只想用邊距給你加一個想法。移動業務的毛利率其實是高毛利業務。隨著滲透率的提高，它在總體水平和運營水平上都有所改善。

And relative to video, which is a low-margin business and declining, but has an impact on -- as the revenues decline in video, has an impact on margin in a positive way. Even more dramatically is the impact of the increased revenues that are coming in from mobile and the high margins associated with them. So the overall margin in the business is improving going forward.

相對於視頻，這是一項低利潤業務並且正在下降，但影響 - 隨著視頻收入的下降，對利潤產生積極影響。更引人注目的是來自移動的收入增加以及與之相關的高利潤率的影響。因此，該業務的整體利潤率正在提高。

Our next question will come from Phil Cusick with JPMorgan.

我們的下一個問題將來自摩根大通的 Phil Cusick。

I wonder if, Chris -- two, if I can. One, Chris, can you just talk about the broadband market? Is penetration in your legacy footprint growing? And talk about the -- what you mentioned was incremental fiber competition and how that sort of evolves over time.

克里斯，我想知道是否可以——兩個，如果我可以的話。第一，克里斯，你能談談寬帶市場嗎？對您的遺留足蹟的滲透是否在增長？並談談 - 你提到的是增量纖維競爭以及這種競爭如何隨著時間的推移而演變。

And then second, Jessica, you gave a ton of detail on costs, and I appreciate it. Can you just quantify a little bit for us that increase in cost of service in the first half as well as the programming cost commentary, a lot of people wondering how are some programming numbers are flat in '23?

其次，傑西卡，你提供了大量關於成本的細節，我很感激。您能否為我們量化一下上半年服務成本的增加以及編程成本的評論，很多人想知道 23 年的一些編程數字是如何持平的？

So Phil, the -- let me parse the market a little bit in the broadband market. Clearly, in areas where we don't have a gig overlap, we are growing and continue to grow despite a low transaction volume marketplace and despite some of the rollback to -- post-pandemic rollback to mobile-only that Jessica described. I don't think it will go all the way back, but we're all seeing a little bit of that taking place. So growing in that space.

所以菲爾，讓我在寬帶市場上稍微分析一下市場。顯然，在我們沒有演出重疊的領域，儘管市場交易量低，而且儘管有一些回滾到——大流行後回滾到傑西卡所描述的僅限移動設備，但我們仍在增長並繼續增長。我不認為它會一路倒退，但我們都看到了一些正在發生的事情。所以在那個空間裡成長。

Typically, in a gig overlap area, you have newly minted overbuild and you have existing overbuild. And existing overbuild, we're growing. And newly minted, you have a small setback upfront because you have just have a new competitor in the marketplace. And to the extent you have a higher amount of that, that mix impacts where you're going.

通常，在演出重疊區域，您有新鑄造的過度建造和現有的過度建造。現有的過度建設，我們正在成長。剛成立時，您會遇到一些小挫折，因為您剛剛在市場上遇到了新的競爭對手。在某種程度上，你擁有更多的東西，這會影響你要去的地方。

In the fourth quarter, based on all the passings analysis that we look at, we actually grew despite that higher fiber overbuild inside of our footprint in the fourth quarter. We actually grew in that space despite the mix contribution of additional overbuild. So I think that's positive.

在第四季度，根據我們看到的所有傳球分析，儘管第四季度我們足跡內部的纖維過度建造更多，但我們實際上實現了增長。儘管有額外過度建設的混合貢獻，但我們實際上在那個領域有所成長。所以我認為這是積極的。

And so that's -- it's small as you can tell through the net add numbers. But I think it's promising for the future, and that's even prior to having the benefit of additional marketing claims through the network evolution as well as having clearly the wind behind our sales over time of additional network expansion and the promise of having a fundamentally different and better product than any of our competitors can have through a converged offering that has gig-powered wireless.

這就是 - 它很小，您可以通過淨添加數字看出。但我認為它對未來很有希望，甚至在通過網絡發展獲得額外營銷聲明的好處之前，以及隨著時間的推移，我們的銷售明顯受到額外網絡擴展的支持，以及擁有一個根本不同和通過具有 gig-powered 無線的融合產品，我們可以提供比我們任何競爭對手都更好的產品。

So those initiatives, they won't happen inside of Q1 or Q2, but they'll continue to steadily increase and improve our position and ability to grow. The biggest one would be -- if we can get market volume coming back, that would actually be the biggest contributor of growth more than any of the things that I just mentioned.

因此，這些舉措不會在第一季度或第二季度內發生，但它們將繼續穩步增加並改善我們的地位和增長能力。最大的一個是——如果我們能讓市場容量恢復，那實際上將是增長的最大貢獻者，而不是我剛才提到的任何事情。

I'd note as a tangential and somebody will ask it, and so I'll comment on it, we have not -- as we've talked about, we've not seen any demonstrable impact on our churn as it relates to fixed wireless access. And we think it could have had some impact on our gross adds, particularly on adds that we would have pulled from DSL.

我會注意到切線並且有人會問它，所以我會評論它，我們沒有 - 正如我們所說的那樣，我們沒有看到任何明顯的影響我們的客戶流失，因為它與固定相關無線接入。我們認為它可能對我們的總添加量產生一些影響，特別是對我們從 DSL 中提取的添加量。

But when some pricing actions were taken in December, we saw for the first time a very limited impact on our voluntary churn, but not where you would have expected it. It's actually in our non-gig overlap and in our MDU footprint where you have higher churn to customers, higher tendency to move around, higher tendency to non-pay.

但是當我們在 12 月採取一些定價行動時，我們第一次看到對我們的自願流失的影響非常有限，但沒有達到您的預期。實際上，在我們的非演出重疊和我們的 MDU 足跡中，您的客戶流失率更高，四處走動的可能性更高，不付款的可能性更高。

And so it was a -- maybe it's just a blip, but there's 2 linings to that. One is that, for the first time, we saw a small amount of churn related to that. And the flip side is those customers tend to be very mobile, if you will, and I think given the experience of that product, even more so, are used for the return of them coming back to a proper broadband product with or without convergence. So anyway, that's just food for thought around that. I hope that answers your question.

所以這是一個 - 也許它只是一個曇花一現，但有兩個襯裡。一個是，我們第一次看到與此相關的少量流失。另一方面，如果您願意的話，那些客戶往往非常移動，而且我認為考慮到該產品的體驗，更是如此，用於讓他們返回到有或沒有融合的適當寬帶產品。所以無論如何，這只是值得思考的問題。我希望這能回答你的問題。

So on your other 2 questions, in cost to serve, quarter-over-quarter growth in Q4 was 5.8%. I would expect Q1 to look more like -- to look a bit like that and then for it to -- sort of the year-over-year growth to decrease across the year until you're more in line with the sort of growth trajectory that we've seen before, which is really largely flat.

所以關於你的其他 2 個問題，在服務成本方面，第四季度的環比增長率為 5.8%。我希望第一季度看起來更像是 - 看起來有點像然後 - 全年同比增長會下降，直到你更符合那種增長軌跡我們以前見過，實際上基本上是平坦的。

For programming per sub cost, the reason that they remain flat year-over-year, that that's our expectation, really has to do with customer mix and whether customers are taking sort of packages that have larger channel sets or more premiums or whether they continue to be priced out of those packages and come into some skinnier packages where the programming cost per sub is less. And so it's a mix issue, certainly not an issue that programmers are no longer raising rates.

對於每個子成本的節目，他們保持同比持平的原因，這是我們的預期，實際上與客戶組合有關，以及客戶是否正在採用具有更大頻道集或更多溢價的套餐，或者他們是否繼續從這些包中定價並進入一些更瘦的包，其中每個子的編程成本更低。所以這是一個混合問題，當然不是程序員不再提高利率的問題。

Do you have some room on? We used to talk about them.

你有空嗎？我們曾經談論過他們。

Go ahead. We thought you were done.

前進。我們以為你完成了。

Sorry. No, I was just going to ask, do you have some room on? We used to talk about the sort of small video package mix and how that might peak out at some point. Is that an issue anymore? Or can you kind of put people wherever you want in terms of packages?

對不起。不，我只是想問，你有空嗎？我們曾經討論過那種小型視頻包組合，以及它如何在某個時候達到頂峰。那是一個問題了嗎？或者你能把人放在任何你想要的包裹方面嗎？

Maybe we'll ham and egg this between Tom and myself. But I want to go into talking about what -- we have headroom, and then we have the ability to still create packages that create value for consumers. Our philosophy has always been to give the customers what they want. And typically, they want more programming. We try to do that the best price we can. And so -- also based on their capacity of their wallet.

也許我們會在湯姆和我之間討論火腿和雞蛋。但我想談談什麼——我們有空間，然後我們仍然有能力創造為消費者創造價值的包裝。我們的理念一直是為客戶提供他們想要的東西。通常，他們需要更多的編程。我們盡量以最好的價格做到這一點。所以 - 也基於他們的錢包容量。

And so having some of these packages actually allows us to sell more video product, which is to the benefit of the programmers. And that's -- you can see it in the results that we have. There is still losses, but it's a lot lower losses than other people in the marketplace. And that's a result of our ability to drive video based on what the consumer wants and what they can pay, and sometimes those are in conflict.

因此，擁有其中一些軟件包實際上可以讓我們銷售更多的視頻產品，這對程序員有利。那就是——你可以在我們的結果中看到它。仍然有損失，但比市場上其他人的損失低很多。這是我們根據消費者的需求和他們的支付能力來驅動視頻的能力的結果，有時這些是相互衝突的。

So I think the -- that model has worked. It will continue to work. But I also think it already is for -- if we look to the video space in the future, programmers need to see what we're doing and say, given where we are and given what they're doing themselves with direct-to-consumer and OTC, effectively unbundling themselves.

所以我認為 - 該模型有效。它將繼續工作。但我也認為它已經是為了 - 如果我們展望未來的視頻空間，程序員需要看到我們在做什麼和說什麼，考慮到我們所處的位置以及他們自己正在做的事情 -消費者和場外交易，有效地解除捆綁。

But if we had that package flexibility further than we do today, I think we could actually solve some of the problem that exists in the video space and grow for the benefit of programmers. But it's difficult for them to get their heads wrapped around that.

但如果我們擁有比今天更靈活的封裝，我認為我們實際上可以解決視頻領域存在的一些問題，並為程序員的利益而發展。但他們很難全神貫注於此。

It is. So I guess I'm the ham or the egg, I'm not sure what you want. Yes, we still have limitations on what we can do contractually, but we've been moving those limitations as we renew contracts. But the industry is structurally in a bad place from a video perspective, and you've got a really high-priced fat package with everything in it.

這是。所以我想我是火腿還是雞蛋，我不確定你想要什麼。是的，我們在合同上可以做的事情仍然有限制，但我們在續簽合同時一直在移動這些限制。但從視頻的角度來看，這個行業在結構上處於一個糟糕的位置，你有一個非常昂貴的脂肪包，裡面什麼都有。

And there are a lot of content companies whose pricing is a lot less and is separated out from that package. It can create a lot of value for consumers. But obviously, it's a different model. It requires different selling.

並且有很多內容公司的定價要低得多，並且與該套餐分開。它可以為消費者創造很多價值。但顯然，這是一個不同的模型。它需要不同的銷售。

And so we've been trying, within those limitations, to do what Chris said, which is to have the best product we can. But I would say that it's not a solved situation in terms of the way the marketplace is structured. And it's still structured in a way that continues to make video an expensive product for most consumers.

因此，我們一直在努力，在這些限制範圍內，按照克里斯所說的去做，那就是擁有最好的產品。但我要說的是，就市場結構而言，這還不是一個解決的問題。而且它的結構仍然使視頻成為大多數消費者的昂貴產品。

I agree. I think Zumo could help. That's the design. Zumo can help a lot with that. If you take the very best of the Comcast platform, including the voice remote and pair that up in our footprint with Spectrum TV app and live video with all the different packages that we have, that can be tailored to a consumer's both appetite as well as their budget.

我同意。我認為 Zumo 可以提供幫助。這就是設計。 Zumo 可以在這方面提供很多幫助。如果您充分利用 Comcast 平台，包括語音遙控器，並將其與我們的 Spectrum TV 應用程序和直播視頻以及我們擁有的所有不同套餐相結合，則可以根據消費者的胃口和他們的預算。

And combined with what they're probably already paying through SVOD, DTC, et cetera, in a single platform that allows them to consume the video product in a single place with unified search, discovery, voice remote, both live as well as all the other content they have, I think that's pretty powerful. And to the extent that we're able to continue to change the requirements that Tom talked about in our programming agreements, I think we can sell more.

結合他們可能已經通過 SVOD、DTC 等支付的費用，在一個平台上，允許他們在一個地方消費視頻產品，通過統一搜索、發現、語音遠程，包括實時和所有他們擁有的其他內容，我認為這非常強大。就我們能夠繼續改變 Tom 在我們的編程協議中談到的要求而言，我認為我們可以賣得更多。

Our next question will come from Kutgun Maral with RBC Capital Markets.

我們的下一個問題將來自 RBC Capital Markets 的 Kutgun Maral。

I just wanted to follow up on the programming cost discussion, and then I had a quick housekeeping item on mobile, if I can. So on programming costs, the guide for it to be flat year-over-year is quite remarkable in many ways. Jessica, I know you just characterized it as a mix issue. I wanted to see if you're seeing an acceleration in subs taking these lighter packages or cord-shaving overall.

我只是想跟進編程成本的討論，然後如果可以的話，我在移動設備上有一個快速的內務管理項目。因此，在編程成本方面，同比持平的指南在很多方面都非常了不起。傑西卡，我知道你只是將其描述為混合問題。我想看看您是否看到採用這些更輕的包裝或整體剃須的潛艇加速。

And relatedly, you've been very vocal about the tensions with programmers for many years now. Is there anything else to call out in terms of Charter maybe taking a harder line with programmers and recent renegotiations, whether it's in terms of pricing or even carriage of certain networks overall? Or maybe again, we shouldn't read into it and it's purely just a consumer mix shift issue.

與此相關的是，多年來你一直直言不諱地談論與程序員之間的緊張關係。就 Charter 而言，還有什麼要指出的，可能與程序員和最近的重新談判採取更強硬的立場，無論是在定價方面，還是在某些網絡的整體運輸方面？或者，也許我們不應該讀它，它純粹只是一個消費者組合轉變問題。

And quickly, just a housekeeping question on wireless. As we all try to better understand the industry-wide postpaid phone trends, any chance you could help size how much of your 5.3 million mobile lines are phone versus tablets?

很快，只是關於無線的內務處理問題。當我們都在努力更好地了解整個行業的後付費電話趨勢時，您是否有機會幫助確定您的 530 萬條移動線路中有多少是手機與平板電腦？

I don't have it in front of me that split on the 5.3 million, but the vast, vast majority, we're in the connectivity business, and so we're selling mobile service. And to the extent that a customer wants additional devices, of course, we have that and we make it available. But our view here is driving Internet both acquisition as well as Internet churn and to drive profitability, but having overall higher ARPU, and you get that through selling the mobile service combined with the broadband service.

我面前沒有 530 萬的分裂，但絕大多數，我們從事連接業務，因此我們銷售移動服務。如果客戶需要額外的設備，我們當然可以提供並提供。但我們在這裡的觀點是推動互聯網的收購和互聯網流失並推動盈利能力，但總體上具有更高的 ARPU，你可以通過銷售移動服務和寬帶服務來實現這一點。

And maybe you start with programming and I just jump...

也許你從編程開始，而我只是跳...

Yes. To clarify, on the guidance, it's programming cost per sub that is flat year-over-year. And the mix shift is not that significantly different from what we have seen previously. The base is smaller. And so as the base -- the mix of incoming customers does differ from the base, but the mix shift isn't -- it's not that substantially different.

是的。澄清一下，根據指南，每個子程序的編程成本同比持平。混合轉變與我們之前看到的並沒有太大的不同。基數較小。因此，作為基礎——新客戶的組合確實與基礎不同，但混合轉變不是——並沒有太大的不同。

And in terms of position with programmers, Tom mentioned the margin issue that exists inside of video. And we've talked about the availability of that content really almost anywhere, in some cases -- in many cases, for free because of piracy. And we've been a long proponent, and Tom has been around the problems related to that.

在與程序員的立場方面，湯姆提到了視頻內部存在的邊際問題。我們已經討論過幾乎任何地方都可以使用該內容，在某些情況下——在許多情況下，由於盜版而免費。我們一直是支持者，湯姆一直在解決與此相關的問題。

So I guess it's fair to say, I don't know about harder line, it's just more indifferent about carriage of certain content at a higher increasing price when it's available all across the market at cheaper rates or even for free. And so that's not a harder line, that's just a reality of where we're at.

所以我想可以公平地說，我不知道強硬路線是什麼，當某些內容在整個市場上以更便宜的價格甚至免費提供時，它只是對以更高的價格運送某些內容更加無動於衷。所以這不是一條強硬的路線，這只是我們所處位置的現實。

The 2 biggest issues inside of the content category continue to be retrans, which is free over-the-air content, which we're forced to pass on as significant cost to our customers, and the development of sports. And the other channels are important and fit into what I was just describing, but those are the 2 biggest drivers of cost increases to consumers.

內容類別中的兩個最大問題仍然是轉播，即免費的無線內容，我們被迫將其作為重大成本轉嫁給我們的客戶，以及體育的發展。其他渠道很重要，符合我剛才描述的內容，但這是消費者成本增加的兩個最大驅動因素。

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

我們的下一個問題將來自瑞士信貸的 Doug Mitchelson。

I think at the Analyst Day, it was suggested that broadband net adds would be better in 2023 than 2022 and that 2023 would have EBITDA growth. And so I'm just wondering, I think, Chris, on the broadband net add side, kind of what gives you confidence that 2023 could be better than 2022?

我認為在分析師日，有人建議 2023 年寬帶淨增加數將好於 2022 年，並且 2023 年將有 EBITDA 增長。所以我只是想知道，我想，克里斯，在寬帶淨增加方面，是什麼讓你相信 2023 年會比 2022 年更好？

And then I guess, jump ball, but maybe for Jessica, on EBITDA, did I remember that right, the expectation is EBITDA growth in 2023? And I know you guys aren't a fan of guidance, but any -- what are the swing factors that can impact that? And any thoughts on cadence? If you're willing to offer, it would be helpful.

然後我猜，跳球，但也許對於傑西卡來說，關於 EBITDA，我沒記錯吧，預期是 2023 年 EBITDA 增長？而且我知道你們不喜歡指導，但是任何 - 可以影響指導的搖擺因素是什麼？對節奏有什麼想法嗎？如果你願意提供，那將是有幫助的。

And then -- sorry, just I'll ask it all at once. Chris, I'm just curious, as a follow-up, you said the pricing action, it was maybe just a blip that it was like the first time. But you've -- when you've had pricing actions in the past, you've had churn, right? So I wasn't sure what was -- what you saw for the first time when you mentioned a blip in churn.

然後——抱歉，我會一次性問完。克里斯，我只是很好奇，作為後續行動，你說定價行動，這可能只是一個像第一次一樣的曇花一現。但是你 - 當你過去有過定價行動時，你有過流失，對吧？所以我不確定是什麼——當你提到客戶流失時第一次看到的是什麼。

Yes. On the 2023 broadband net adds, I said our goal is to have higher broadband net adds this year, and I think we will. And the biggest variable that's out there is what's taking place in terms of market transaction volume, and that's the only one that gives me angst because it's the one you can't control.

是的。關於 2023 年的寬帶淨增，我說我們的目標是今年有更高的寬帶淨增，我認為我們會的。最大的變量是市場交易量方面的變化，這是唯一讓我焦慮的變量，因為它是你無法控制的。

But we have a lot of things going in our favor. The -- starting with a lot of these initiatives that I've talked about. So clearly, with a bigger base of rural passings behind us and constructed increasing during the course of the year, I think the early -- small but early success of Spectrum One in driving Internet is only going to grow as that product takes hold.

但我們有很多事情對我們有利。 - 從我談到的許多這些舉措開始。很明顯，隨著我們身後有更大的農村路口基礎，並且在這一年中建設不斷增加，我認為 Spectrum One 在推動互聯網方面的早期 - 小而早期的成功只會隨著該產品的普及而增長。

And I think the investments that we've made in our personnel, not to get too much into the weeds, but that labor cost increase that Jessica talked about, there are some pretty big actions that we took that were targeted. They were not peanut-butter wage increases. They were targeted to drive an ROI, which means having longer-tenured employees who result in the sales force having better yields, selling better. And in the service infrastructure, by having a longer tenure, they tend to do a better and faster job in addressing customer issues and avoid repeats, which not only reduces transactions, but reduces customer churn over time.

而且我認為我們對我們的人員進行的投資，不是為了過多地投入雜草，而是傑西卡談到的勞動力成本增加，我們採取了一些有針對性的相當大的行動。他們不是花生醬加薪。他們的目標是提高投資回報率，這意味著擁有更長任期的員工可以使銷售人員獲得更高的收益，銷售得更好。在服務基礎設施中，通過擁有更長的任期，他們往往能更好更快地解決客戶問題並避免重複，這不僅減少了交易，而且隨著時間的推移減少了客戶流失。

And those benefits, because of where the labor market was for everybody last year, in order to get tenured, that's just the passage of time. But we've seen the lowest attrition rates at the back end of Q4 that I've seen in a very, very long time, if ever, in our service and sales functions. And I think that's going to -- that's a function of both the market as well as the investments that we've made.

而那些好處，因為去年勞動力市場對每個人來說都是為了獲得終身職位，那隻是時間的流逝。但是我們在第四季度末看到了我在非常非常長的時間裡看到的最低的流失率，如果有的話，在我們的服務和銷售職能中。而且我認為這將 - 這是市場和我們所做投資的功能。

But ultimately, those investments collectively tie into both gross adds as well as to lower churn. And I'll go back to where I started, which is the biggest driver for us and the biggest uncertainty is market volume. But all else equal, that's our goal is to increase net adds this year.

但最終，這些投資共同與總增加量和降低客戶流失率掛鉤。我會回到我開始的地方，這是我們最大的驅動力，最大的不確定性是市場容量。但在其他條件相同的情況下，我們的目標是增加今年的淨增加量。

On the EBITDA side, as you said, we don't give EBITDA guidance. But certainly, we do expect growth in 2023. I think I'd drive it out of a few things. We have continued to have customer growth. I think we've talked about it. So on the rate side, we have taken some small rate actions recently. And then we continue to believe that we have -- or we continue to expect rates to be good across those customers, so driving revenue growth.

在 EBITDA 方面，正如您所說，我們不提供 EBITDA 指導。但可以肯定的是，我們確實預計 2023 年會出現增長。我想我會從幾件事中得出結論。我們繼續保持客戶增長。我想我們已經談過了。所以在利率方面，我們最近採取了一些小的利率行動。然後我們繼續相信我們已經 - 或者我們繼續期望這些客戶的利率良好，從而推動收入增長。

I would remind you that we lapped last year's rate increases in April. So to your comment around timing, the second quarter is probably the space in which that's most challenged. But -- and then as Chris said, we've made these investments in tenure. We expect to gain better efficiencies both out of the 10-year initiative, out of the continued digitization of the process that we have. We continue to improve in our operational efficiency, which drives sort of relative costs out of the business. And so I think we're pretty confident in generating that EBITDA growth year-over-year.

我想提醒您，我們在 4 月份完成了去年的加息。因此，對於您對時間的評論，第二季度可能是最具挑戰性的領域。但是——然後正如克里斯所說，我們已經在任期內進行了這些投資。我們希望通過 10 年計劃以及我們所擁有的流程的持續數字化來提高效率。我們繼續提高我們的運營效率，這將某種相對成本從業務中剔除。因此，我認為我們對實現 EBITDA 同比增長非常有信心。

You mentioned pricing action, and maybe there was some confusion there, but I'll start with what we've done. We -- our philosophy hasn't changed. We're focused on trying to provide competitive products at the best price in the market and best packaging so that we can grow faster. But given what's happened in the video space, we continue to pass through rate increases for the programming increases that we've seen.

你提到了定價行動，也許那裡有些混亂，但我將從我們所做的開始。我們——我們的理念沒有改變。我們專注於努力以市場上最優惠的價格和最好的包裝提供有競爭力的產品，以便我們能夠更快地發展。但考慮到視頻領域發生的事情，我們繼續通過我們所看到的節目增加的速率增加。

And if you look back to the middle of last year, you can see it's pretty dramatic. Given where the economy was and if you're on people's mind, we did a pass-through in the middle of the year. You saw a big downgrade in video and voice. We've done some additional pass-through as well as a small increase on Internet, lower than our competitors to maintain our competitiveness. And we did that for Internet-only inside of Q4, and we wanted to wait until you could combine that from a service experience, not to have the bill change twice for customers.

如果你回顧去年年中，你會發現它非常引人注目。考慮到經濟狀況，如果你在人們的腦海中，我們在年中進行了傳遞。你看到了視頻和語音的大幅降級。我們做了一些額外的傳遞以及互聯網上的小幅增加，低於我們的競爭對手以保持我們的競爭力。我們在第 4 季度僅針對 Internet 做到了這一點，我們希望等到您可以將其與服務體驗結合起來，而不是讓客戶兩次更改賬單。

So bundled Internet customers is just taking place at the beginning of bundled video with Internet customers taking place at the beginning of this year. The reaction there has been pretty muted. It's very low-call volume. And given where the rest of the market has been and what we're doing is still maintaining our competitiveness, I'm not seeing a big uptick in churn related to the price actions that we passed through.

所以捆綁互聯網客戶只是在捆綁視頻開始時出現，互聯網客戶在今年年初出現。那裡的反應相當平淡。這是非常低的通話量。考慮到其他市場的情況以及我們正在做的事情仍在保持我們的競爭力，我沒有看到與我們通過的價格行動相關的客戶流失率大幅上升。

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

我們的下一個問題將來自 Ben Swinburne 和 Morgan Stanley。

A few questions on the rural build. Jessica, thanks for all that detail at the beginning on the sort of non-RDOF pieces. I think you talked about $3,000 of passing net. So I guess a couple of things. Should we think about that as $5,000 gross? And do you guys have visibility into the timing of when you'll receive those subsidies and also sort of the accounting treatment revenue versus CapEx, so we can think about trying to give you those benefits as we layer on the spending?

關於農村建設的幾個問題。傑西卡，感謝開頭關於非 RDOF 作品的所有細節。我想你談到過 3,000 美元的過網。所以我猜有幾件事。我們是否應該將其視為總收入 5,000 美元？你們是否了解何時會收到這些補貼以及會計處理收入與資本支出的關係，所以我們可以考慮在支出方面給你們帶來這些好處？

And then I don't know if you're willing to tell us what you think you'll build in '23. I'm guessing, no, but we can make our own assumptions. If we think you're going to build to, say, 500,000 rural passings in '23, is there any way to help us think about how many of those you'll sell into over the course of the year? I assume at this point, you guys are getting better at turning this stuff on and getting to market. So any help on the time line and lag from what you've learned so far would be helpful.

然後我不知道你是否願意告訴我們你認為你將在 23 年建造什麼。我猜，不，但我們可以做出自己的假設。如果我們認為你要在 23 年建立 500,000 個農村路口，有什麼方法可以幫助我們考慮在一年中你會賣給其中多少人？我假設在這一點上，你們在打開這些東西並將其推向市場方面做得越來越好。因此，任何有關時間線的幫助和您目前所學知識的滯後都會有所幫助。

Yes. So I'm going to start at the bottom of the list, Ben. We expect to build around 300,000 subsidized rural passings in 2023, which are mostly RDOF and they're incremental to the normal business-as-usual pace of build.

是的。所以我將從列表的底部開始，本。我們預計到 2023 年將建造大約 300,000 個受補貼的農村通道，其中大部分是 RDOF，並且它們是正常建設速度的增量。

What I would do with those is we've given you information on how much penetration we get of those passings, the 40% at 6 months. We continue to grow after we hit that 40% at 6 months, but you can time them in that way. Our pace coming into the end of the year was in the 15,000 to 20,000 passings per month range. And I would expect -- we're starting the year at that pace, and we're going to end at a faster pace to get to that total 300,000 number.

我會用這些做的是，我們已經向您提供了有關我們從這些傳球中獲得多少滲透率的信息，即 6 個月時的 40%。在 6 個月達到 40% 後，我們會繼續增長，但你可以這樣計時。到年底，我們的速度在每月 15,000 到 20,000 次之間。我預計 - 我們將以這樣的速度開始今年，我們將以更快的速度結束，以達到 300,000 的總數。

The $3,000 per passing, so just to be clear, I think what I said was that we would be closer to the $3,000 that we've been in the more recent subsidized builds than to our RDOF amount. So I wouldn't be totally prescriptive around $3,000 exactly, but that is a net number. Our expectation on state subsidized and on the BEAD build is that those programs are likely to be structured in a way where the expenses count -- or where the subsidies are accounted for as a capital offset and not as revenue. So we're going at it with net numbers.

每次通過 3,000 美元，所以要明確一點，我想我所說的是我們將更接近我們在最近的補貼構建中的 3,000 美元，而不是我們的 RDOF 金額。所以我不會完全規定大約 3,000 美元，但這是一個淨數字。我們對國家補貼和 BEAD 建設的期望是，這些計劃的結構可能會以支出計算的方式 - 或者補貼被計為資本抵消而不是收入。所以我們要用淨值來解決這個問題。

Gross build costs, I think, are a lot harder. And so we understand quite a bit now about what we need to -- about what we want in terms of driving economics and also sort of as it had some experience in bidding these passings and are seeing what's happening in the marketplace. But what you win impacts a lot about what those gross build costs are, and they could be in a pretty wide range. So I don't have a number on that side.

我認為，總建造成本要困難得多。因此，我們現在對我們需要做的事情有了相當多的了解——關於我們在推動經濟方面想要什麼，以及它在競標這些傳球方面有一些經驗，並且正在觀察市場上正在發生的事情。但是你贏得的內容對這些總建造成本有很大影響，而且它們可能在相當廣泛的範圍內。所以我在那一邊沒有數字。

Just in terms of how we look at it, Ben, if you go back to the presentation that we used in December, I threw up an unnamed market with a footprint overlap so you could take a look at how our strategy evolves between, I think the colors were gray, gold and blue, between our existing footprint, RDOF and the way that state grants and now BEAD and other grants will be done.

就我們如何看待它而言，本，如果你回到我們在 12 月使用的演示文稿，我提出了一個足跡重疊的未命名市場，這樣你就可以看看我們的戰略如何演變，我認為顏色是灰色、金色和藍色，介於我們現有的足跡、RDOF 和國家撥款的方式以及現在 BEAD 和其他撥款的方式之間。

And so we can make the gross cost of our bill lower as a result of the strategy in terms of how we approach the market and how we put these together. And so we can have a lower gross cost and, therefore, lower net cost than our competitors because of the existing footprint that we have, the existing RDOF footprint that we're building. And I think that makes us not only a better economic participant, but a better and more reliable, trustworthy builder for the states in the build because we're the largest rural builder today.

因此，根據我們如何接近市場以及如何將這些放在一起的戰略，我們可以降低賬單的總成本。因此，由於我們現有的足跡，我們正在構建的現有 RDOF 足跡，因此我們的總成本和淨成本都低於我們的競爭對手。我認為這不僅使我們成為更好的經濟參與者，而且使我們成為建設中各州更好、更可靠、更值得信賴的建設者，因為我們是當今最大的農村建設者。

We've been successful at it. We're moving at a fast pace. We can get broadband to their constituents at a faster pace at a competitive price, with great products, Internet and mobile. And most of these bidders aren't going to have mobile and they're not going to have a converged product, and that's something that we can bring to these communities.

我們已經成功了。我們正在快速前進。我們可以以具有競爭力的價格、優質的產品、互聯網和移動設備，以更快的速度為他們的選民提供寬帶服務。這些投標人中的大多數不會擁有移動設備，也不會擁有融合產品，而這是我們可以帶給這些社區的東西。

That's very helpful. Can I just ask a clarification from your comment? I think you guys talked about nonpaid churn, all forms of churn at record lows in Q4, including non-pay. But I think you also mentioned bad debt was coming back up. Just any comment on sort of the consumer, the low-end consumer. Some of your competitors have talked about non-pay churn normalizing. Was it -- didn't sound like we're seeing that, but I wanted to hear your thoughts.

這很有幫助。我可以根據您的評論要求澄清嗎？我想你們都在談論非付費流失，第四季度所有形式的流失都創下歷史新低，包括非付費。但我想你也提到壞賬又回來了。只是對某種消費者，低端消費者的任何評論。您的一些競爭對手談到了非薪酬流失正常化。是不是——聽起來我們沒有看到，但我想听聽你的想法。

I think I'll let Jessica comment. It's still dramatically -- well, it's still much lower than it was pre-pandemic, and the churn is low. Bad debt has been slowly building back up. It's nowhere near back to where it was, but it has an impact on a year-over-year basis.

我想我會讓傑西卡發表評論。它仍然是戲劇性的——好吧，它仍然比大流行前要低得多，而且流失率很低。壞賬一直在慢慢增加。它遠未回到原來的位置，但它對同比產生了影響。

In January, we typically don't talk intra-quarter, we don't like to, but we're starting to see, and that may be the bridge between what some of our peers and competitors are saying, it's not dramatic, but we have seen a step up both in non-pay as well as bad debt. And I think that just reflects the overall economy.

一月份，我們通常不會在季度內談論，我們不喜歡，但我們開始看到，這可能是我們的一些同行和競爭對手所說的之間的橋樑，這不是戲劇性的，但我們看到無償債務和壞賬都有所增加。我認為這只是反映了整體經濟。

In some sense, if you look at that, the upfront impact of that is negative. You don't like it. On the other hand, it's one of the indicators that the market is starting to normalize in terms of transaction volumes. You have a delay from when the bad news comes in and when the selling opportunity arise. So it's a double-edged sword.

從某種意義上說，如果你看一下，它的前期影響是負面的。你不喜歡它。另一方面，它是市場在交易量方面開始正常化的指標之一。從壞消息傳來到賣出機會出現，你會有延遲。所以這是一把雙刃劍。

Yes. The other piece I would remind you, we've talked about before, we're a big participant in ACP and a big proponent of that program. I think for our customers that are more prone to non-pay, we have -- we've endeavored to make sure that they recognize that, that program is available to them. And to be part of the solution, we're making Internet affordable for them.

是的。我要提醒你的另一件事是，我們之前已經談過，我們是 ACP 的重要參與者，也是該計劃的大力支持者。我認為對於更容易發生不付款的客戶，我們已經——我們努力確保他們認識到，他們可以使用該程序。作為解決方案的一部分，我們正在讓他們負擔得起互聯網。

It has 2 impacts. One is that those customers don't churn as much as before. The other impact, though, is that on some of those customers that convert into the ACP program, we might be carrying a balance related to those customers that then ends up sort of flushing through in our bad debt computation. So while bad debt is higher on a numerical value basis, it's not necessarily connecting into a non-pay churn where we've converted the customer to being an ACP customer.

它有2個影響。一是這些客戶不再像以前那樣流失。不過，另一個影響是，對於某些轉換為 ACP 計劃的客戶，我們可能會持有與這些客戶相關的餘額，這些餘額最終會在我們的壞賬計算中被沖走。因此，雖然壞賬在數值基礎上更高，但它不一定會連接到我們已經將客戶轉變為 ACP 客戶的非付費客戶流失。

Thanks, Ben. Operator, that concludes our call.

謝謝，本。接線員，結束我們的通話。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝你。

Thank you, ladies and gentlemen. This does conclude today's conference call, and we appreciate your participation. You may disconnect at any time.

謝謝你們，女士們，先生們。今天的電話會議到此結束，我們感謝您的參與。您可以隨時斷開連接。