Charter Communications Inc (CHTR) 2023 Q1 法說會逐字稿

Hello, and welcome to the Charter Communications First Quarter 2023 Investor Call. (Operator Instructions) Also, as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time. I will now turn the call over to Stefan Anninger. Please go ahead.

您好，歡迎參加Charter Communications 2023年第一季投資人電話會議。 （操作說明）另請注意，本次電話會議正在錄音。如有任何異議，請立即掛斷。現在我將把電話轉交給Stefan Anninger。請開始。

Good morning, and welcome to Charter's First Quarter 2023 Investor Call. The presentation that accompanies this call can be found on our website, ir.charter.com, under the Financial Information section. 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.

早安，歡迎參加Charter公司2023年第一季投資人電話會議。本次電話會議的簡報可在本公司網站ir.charter.com的「財務資訊」欄位下找到。在會議開始之前，我想提醒各位，我們向美國證券交易委員會（SEC）提交的文件中包含一些風險因素和其他警示性聲明，包括我們最新的10-K表格以及今天早上提交的10-Q表格。本次電話會議我們將不詳細討論這些風險因素和其他警示性聲明，但我們建議您仔細閱讀這些文件。

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

我們在本次電話會議中就預期、預測、計畫和前景所作的各種表述均構成前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與歷史結果或預期結果有差異。任何前瞻性陳述僅反映管理階層目前的觀點，Charter公司不承擔任何義務修訂或更新此類陳述，也不承擔未來作出其他前瞻性陳述的義務。

During the course of today's call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. These non-GAAP measures, as defined by Charter, may not be comparable to measures with similar titles used by other companies. 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，我們將提及盈利文件中定義和調整的非GAAP財務指標。這些非GAAP財務指標由Charter公司定義，可能與其他公司使用的類似指標不具可比性。另請注意，除非另有說明，本次電話會議和簡報中提及的所有成長率均按同比計算。

On today's call, we have Chris Winfrey, our President and CEO; Tom Rutledge, our Executive Chairman; and Jessica Fischer, our CFO. With that, let's turn the call over to Chris.

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

Thanks, Stefan. During the first quarter, we added 76,000 Internet customers with contributions from our Spectrum One offering and our rural construction initiative. We continue to operate in a low transaction environment, and yet we added 686,000 Spectrum Mobile lines. At the end of the first quarter, we had 6 million total mobile lines. Just over 10% of our Internet customers now have mobile service, and we expect mobile penetration to meaningfully grow over the next several years, and our increasing convergence capabilities will contribute to Internet growth.

謝謝 Stefan。第一季度，我們新增了 76,000 名網路用戶，這主要得益於我們的 Spectrum One 服務和農村網路建設計畫。儘管交易量持續走低，我們仍然新增了 686,000 條 Spectrum Mobile 行動線路。第一季末，我們的行動線路總數達到了 600 萬條。目前，超過 10% 的網路使用者擁有行動服務，我們預計未來幾年行動網路普及率將顯著成長，而我們不斷增強的融合能力也將有助於網路業務的成長。

We grew revenue and EBITDA by 3.4% and 2.6%, respectively, during the first quarter, and our capital expenditures reflect progress on our key initiatives. This is a very unique time for the cable industry with generational opportunities across our 3 key initiatives, each of which is designed to drive customer growth and long-term cash flow growth.

第一季度，我們的營收和 EBITDA 分別成長了 3.4% 和 2.6%，資本支出也反映了我們在關鍵項目上的進展。對有線電視產業而言，這是一個非常特殊的時期，我們的三大關鍵項目都蘊藏著千載難逢的機遇，每一項計畫都旨在推動客戶成長和長期現金流成長。

The first initiative is evolution, which includes the most significant spectrum enhancement to the cable network since the late 1990s at a very low cost. Network evolution also includes the convergence of our connectivity products. Second is the largest expansion of our footprint since the 1980s, bringing broadband to unserved and underserved areas. And finally, execution, which is all about investing in and delivering great service. I'll provide a brief update on these initiatives.

第一項措施是網路演進，其中包括自上世紀90年代末以來對有線網路進行的最大規模頻譜增強，而且成本極低。網路演進也包括我們連結產品的融合。第二項舉措是自上世紀80年代以來規模最大的網路覆蓋擴張，將寬頻帶到服務不足和未覆蓋的地區。最後是執行，即投資並提供優質服務。我將簡要介紹這些舉措的最新進展。

Our network evolution plan is progressing well. We have now completed the physical work for high split in 2 midsized markets. We increased the network capacity to 1.2 gigahertz, which is equivalent to the acquisition of 400 megahertz of spectrum. We also allocated more spectrum for upstream use. In these markets, we're now capable of delivering 2 x 1 gigabit per second service, and we're launching the same CMTS based 1.2 gigahertz high split to an additional 6 markets. These DMAs represent about 15% of our footprint.

我們的網路演進計畫進展順利。目前，我們已完成兩個中型市場高頻寬分割的實體建設工作。我們將網路容量提升至 1.2 吉赫茲，相當於新增了 400 兆赫茲的頻譜。此外，我們也為上行鏈路分配了更多頻譜。在這些市場，我們現在能夠提供 2 x 1 吉比特/秒的服務，並且正在向另外 6 個市場推出基於 CMTS 的 1.2 吉赫茲高頻寬分割服務。這些 DMA 區域約占我們網路覆蓋範圍的 15%。

In parallel, we're preparing the second step of our network evolution plan, which will cover about 50% of our footprint and which adds the deployment of distributed access architecture, allowing us to deliver 5 x 1 gigabit per second speeds.

同時，我們正在準備網路演進計畫的第二階段，這將涵蓋我們約 50% 的網路覆蓋範圍，並增加分散式存取架構的部署，使我們能夠提供 5 x 1 千兆位元每秒的速度。

Step 3 of our network evolution plan covers about 35% of our footprint and should begin in late 2024. That step adds a further expansion of our network to 1.8 gigahertz. We expect our network evolution initiative will be essentially complete by the end of 2025 at the previously noted $100 per passing target, excluding the benefit of any network savings, which will come.

我們網路演進計畫的第三階段涵蓋了我們約35%的網路覆蓋範圍，預計將於2024年底啟動。此階段將進一步擴展我們的網路頻寬至1.8吉赫茲。我們預計，到2025年底，我們的網路演進計畫將基本完成，並達到先前設定的每用戶100美元的目標，這還不包括未來可能實現的網路成本節約。

Our converged product offering also continues to evolve. Spectrum One is performing well in the marketplace. It offers the fastest connectivity and includes differentiated features like Mobile Speed Boost and -- Spectrum Mobile network each of which run on our advanced WiFi product. Today, over 40% of our residential Internet customers have our advanced WiFi product, which just last month, we also launched to the SMB marketplace. Over 70% of our customers, our mobile customers now use the Spectrum Mobile network outside of their homes.

我們的融合產品組合也在不斷發展。 Spectrum One 在市場上表現出色，提供最快的連線速度，並包含行動速度提升和 Spectrum Mobile 網路等差異化功能，這些功能均基於我們先進的 WiFi 產品。目前，超過 40% 的家庭網路用戶已在使用我們先進的 WiFi 產品，該產品上個月也已在中小企業市場推出。超過 70% 的行動用戶現在在家外也使用 Spectrum Mobile 網路。

Spectrum One also offers significant savings for customers in both promotional and retail pricing. So our opportunity in converged connectivity in mobile is very large. We particularly like our ability to mix the lease economics of our 5G MVNO for the 10% to 15% of the time that our mobile customers don't have access to our faster Spectrum Mobile network. We have a strategic partner in Verizon, and we're a meaningful contributor to active lines on its network and its financials.

Spectrum One 在促銷和零售價格方面都為客戶提供了顯著的優惠。因此，我們在行動融合連接領域擁有巨大的發展機會。我們特別看好我們能夠靈活運用 5G MVNO 的租賃經濟模式，以應對行動客戶在 10% 到 15% 的時間裡無法接入我們更快的 Spectrum Mobile 網路的情況。我們與 Verizon 建立了策略合作夥伴關係，並且我們為 Verizon 的網路活躍用戶數和財務業績做出了重要貢獻。

And when we look at the pricing and the usage of fixed wireless access disclosed by T-Mobile, it's clear that the MVNO price we pay per gigabyte is dramatically better than the economics mobile operators achieve with fixed wireless access offerings. In the expansion category, our plans are on track. During the quarter, we activated 44,000 subsidized rural passings. Subsidized rural passings growth is accelerating with 20,000 subsidized rural passings activated in March. Costs are coming in as planned, and we have the labor, the equipment and the supply necessary to execute our build.

當我們查看T-Mobile揭露的固定無線接入定價和使用情況時，很明顯，我們作為虛擬營運商（MVNO）支付的每GB價格遠優於行動營運商透過固定無線接入產品實現的經濟效益。在網路擴展方面，我們的計劃進展順利。本季度，我們開通了44,000個補貼農村通道。補貼農村通道的成長速度正在加快，3月就開通了20,000個。成本控制符合預期，我們擁有完成建造所需的勞動力、設備和物資。

If we get the full permit support we need, we can complete our RDOF commitments 2 years ahead of the RDOF deadline. The pace of penetration gains in subsidized rule passings continues to exceed our expectations with 6-month penetrations at approximately 40%. And finally, we remain committed to the execution of our core operating strategy, which prioritizes customer experience and customer satisfaction, ultimately driving faster customer growth. Our proactive maintenance efforts are fundamentally changing the customer experience. And using telemetry, we can address service impairments before customers even know they exist, pulling forward service calls that otherwise would have occurred and preventing service-related disconnects. We expect the mix of proactive truck rolls will increase significantly in the coming years.

如果我們獲得所需的全部許可支持，我們可以在RDOF截止日期前兩年完成RDOF承諾。補貼規則的通過率持續成長，超出預期，六個月的滲透率已達到約40%。最後，我們將繼續致力於執行核心營運策略，優先考慮客戶體驗和客戶滿意度，最終推動客戶更快成長。我們積極主動的維護工作正在從根本上改變客戶體驗。透過遙測技術，我們可以在客戶察覺之前就解決服務故障，提前處理原本可能發生的服務請求，並防止因服務問題導致的斷網。我們預計，未來幾年主動上門服務的比例將顯著增加。

We're also seeing the benefits of our investments in training and tenure faster than expected. Employee retention among our frontline service employees during the first quarter was the best I've ever seen. And while investments in our employees generate upfront expense, they ultimately deliver longer tenured employees, which produce higher-quality transactions, fewer repeat transactions, lower average handle times and better sales yields. So increasing tenure also allows for a greater amount of our network evolution project to be performed with our own employees, which will save money and increase the quality of the upgrade.

我們對員工培訓和任期的投資也比預期更快地帶來了效益。第一季度，我們第一線服務員工的留任率達到了我所見過的最高水準。雖然對員工的投資會產生前期成本，但最終會帶來更長的任期，從而提高交易質量，減少重複交易，縮短平均處理時間，並提升銷售轉換率。因此，延長員工任期也使得我們能夠更多地利用現有員工來完成網路升級項目，這既能節省成本，又能提高升級品質。

Additionally, the increasing digitization of our service platforms, where we've invested significantly in machine learning and the precursors to AI, will further reduce transactions. More to come on that in the future quarters, but the key point here is that the combination of longer employee tenure, network evolution benefits, the conversion of our video platform to IP and digital service investments all create a long runway for us to continue to reduce service transactions, operating cost and churn, which increases customer satisfaction, customer lifetime value and our returns.

此外，我們服務平台的數位化程度不斷提高，我們在機器學習和人工智慧前身技術方面投入巨資，這將進一步減少交易次數。未來幾季我們將對此進行更詳細的闡述，但關鍵在於，員工任期延長、網路升級帶來的收益、視訊平台向IP的轉換以及數位服務投資等因素，都為我們持續減少服務交易次數、營運成本和客戶流失率創造了長期發展空間，從而提升客戶滿意度、客戶終身價值和我們的投資回報。

So ultimately, we're focused on doing everything that a customer would want us to do, investing in the network to offer even faster speeds, providing seamless connectivity products not available elsewhere, then bringing that same seamless connectivity to markets that have never had broadband before and delivering better customer service by investing in digital service platforms and a more tenured, more qualified service employee, all while helping save customers significant money in an inflationary environment.

因此，歸根結底，我們專注於滿足客戶的一切需求，投資網絡以提供更快的速度，提供其他地方無法獲得的無縫連接產品，然後將同樣的無縫連接帶到以前從未有過寬頻的市場，並通過投資數位服務平台和更資深、更合格的服務人員來提供更好的客戶服務，同時在通貨膨脹的環境下幫助客戶節省大量資金。

So our strategy is focused on delivering differentiated converged connectivity products that essentially improves people's lives and creates value for shareholders. Now I'll turn the call over to Jessica.

因此，我們的策略重點是提供差異化的整合連結產品，從根本上改善人們的生活，並為股東創造價值。現在我將把電話交給潔西卡。

Thanks, Chris. Before discussing our first quarter results, I want to remind everyone that starting this quarter, we've made some changes to the way we report our P&L. First, we now include mobile service revenue in the residential and SMB revenue as appropriate, and mobile equipment revenue is now reported in other revenue.

謝謝克里斯。在討論第一季業績之前，我想提醒大家，從本季開始，我們對損益表的報告方式進行了一些調整。首先，我們現在將行動服務收入酌情計入住宅收入和中小企業收入，而行動裝置收入則計入其他收入。

On the expense side, we no longer report mobile expenses separately, and those are now included in the applicable expense category. Ultimately, these changes better reflect the converged and integrated nature of our mobile business and our operations and offer structure. For additional information regarding these changes, please review footnote A on Page 7 of the trending schedule we posted this morning.

在費用方面，我們不再單獨列報行動支出，這些支出現在已包含在相應的費用類別中。最終，這些調整更能體現了我們行動業務、營運和產品結構的整合與整合。有關這些調整的更多信息，請參閱我們今天早上發布的趨勢表第 7 頁的腳註 A。

Now let's turn to our customer results on Slide 5. Including residential and SMB, we added 76,000 Internet customers in the first quarter. Video customers declined by 241,000, partly driven by a programming expense increase passed through in January of this year. Wireline voice declined by 220,000, and we added a record 686,000 mobile lines.

現在我們來看看投影片5的客戶業績。包括住宅用戶和中小企業用戶在內，我們在第一季新增了7.6萬網路用戶。視訊用戶減少了24.1萬，部分原因是今年1月節目製作費用上漲。固話用戶減少了22萬，而行動線路用戶則創紀錄增加了68.6萬。

Although our Internet customer growth continued to be positive in the first quarter, market activity levels remain low. During the quarter, total churn was slightly higher than last year, but still near record lows and well below pre-pandemic levels. We've seen a small impact from fixed wireless access competitors in the price-sensitive customer segment. Generally speaking, however, these customers typically exhibit higher levels of churn regardless of competition. And given the issues with fixed wireless product speeds, as confirmed by third parties, and questions surrounding that product's reliability and scalability, we expect fixed wireless customers to find their way back to us over time.

儘管第一季我們的網路用戶成長持續向好，但市場活躍度仍然較低。本季總流失率略高於去年同期，但仍接近歷史低位，遠低於疫情前水準。我們看到，在價格敏感型客戶群中，固定無線接取競爭對手帶來了一些影響。但總的來說，無論是否有競爭，這類客戶的流失率通常都較高。鑑於第三方證實固定無線產品的速度存在問題，以及該產品的可靠性和可擴展性也存在疑問，我們預計固定無線用戶最終會重新選擇我們的服務。

We continue to drive very strong mobile growth with our high-quality, differentiated and attractively priced service. The majority of new lines continue to come from existing Internet customers, though the percentage of lines coming from acquisition has increased significantly since the introduction of our Spectrum One product.

我們憑藉高品質、差異化且價格極具吸引力的服務，持續推動行動業務的強勁成長。雖然新增線路主要來自現有網路用戶，但自推出Spectrum One產品以來，透過收購新用戶新增的線路比例已顯著提高。

And as we mentioned last quarter, our converged customers have meaningfully lower Internet and customer relationship churn.

正如我們上個季度所提到的，我們的融合客戶的網路和客戶關係流失率明顯較低。

As Chris mentioned, we also continue to perform well in rural areas. The new rural disclosures we issued today on Page 5 of our trending schedule show that we continue to see robust growth in rural passings. During the quarter, we activated 44,000 subsidized rural passings despite winter's construction seasonality. Penetration of subsidized rural passings continues to exceed our original target, and these rural customers are purchasing products beyond Internet, including mobile, video and wireline voice.

正如克里斯所提到的，我們在農村地區的表現也持續表現良好。我們今天在趨勢報告第五頁發布的新農村地區揭露數據顯示，農村地區的寬頻接取量持續強勁成長。儘管冬季施工受到季節性因素的影響，但本季我們仍開通了4.4萬條補貼農村寬頻接入。補貼農村寬頻存取的普及率持續超過我們最初的目標，而且這些農村用戶購買的產品不僅限於互聯網，還包括行動、視訊和固話服務。

Moving to financial results starting on Slide 6. Over the last year, residential customers were down slightly with new customer growth driven by Internet, offset by video-only customer churn. Residential revenue per customer relationship grew by 2.5% with promotional rate step-ups, rate adjustments and the accelerated growth of Spectrum Mobile, partly offset by a higher mix of nonvideo customers and growth of lower-priced video packages within our base.

接下來是財務表現部分，從第6頁開始。過去一年，住宅用戶數量略有下降，新增用戶主要來自網路業務，但部分用戶流失（僅限視訊服務）抵消了這一增長。住宅用戶每客戶關係收入成長了2.5%，這得益於促銷價格的提升、價格調整以及Spectrum Mobile業務的加速增長，但部分增長被非視頻用戶佔比上升以及低價視頻套餐用戶群的增長所抵消。

As Slide 6 shows, residential revenue grew by 2.5% year-over-year. And as a reminder, starting this quarter, our residential revenue now includes mobile service revenue, which grew from $387 million in the first quarter of 2022 to $497 million in the first quarter of 2023.

如投影片 6 所示，住宅收入年增 2.5%。需要提醒的是，從本季開始，我們的住宅收入現在包含行動服務收入，從 2022 年第一季的 3.87 億美元增長到 2023 年第一季的 4.97 億美元。

Turning to commercial. SMB revenue grew by 2% year-over-year, reflecting SMB customer growth of 2.4%. Enterprise revenue was up by 3.1% year-over-year. Enterprise PSUs grew by 4.9% year-over-year. And excluding all wholesale revenue, enterprise revenue grew by 7.3%.

再來看商業業務。中小企業營收年增2%，反映出中小企業客戶成長了2.4%。企業營收年增3.1%。企業電源單元（PSU）較去年同期成長4.9%。剔除所有批發收入後，企業收入成長了7.3%。

First quarter advertising revenue declined by 7.2% year-over-year due to less political revenue. Core ad revenue was down 2.1% year-over-year, driven by lower local and national advertising revenue, offset by our growing advanced advertising capabilities. Other revenue grew by 34% year-over-year, primarily driven by higher mobile device sales and higher rural subsidies. In total, consolidated first quarter revenue was up 3.4% year-over-year.

由於政治廣告收入減少，第一季廣告收入較去年同期下降7.2%。核心廣告收入較去年同期下降2.1%，主要受本地和全國性廣告收入下降的影響，但被我們不斷增強的高級廣告能力所抵消。其他收入年增34%，主要得益於行動裝置銷售成長和農村補貼增加。第一季合併總營收年增3.4%。

Looking to second quarter revenue growth. I would remind you that we will lap April 22 rate adjustments and face the headwind of strong political advertising revenue in the prior year.

展望第二季營收成長。需要提醒各位的是，我們將忽略4月22日的價格調整，也要面對去年同期強勁的政治廣告收入所帶來的不利影響。

Moving to operating expenses and EBITDA on Slide 7. In the first quarter, total operating expenses grew by $316 million or 3.9% year-over-year. Programming costs declined by 6% year-over-year due to a decline in video customers of 5.2% year-over-year and a higher mix of lighter video packages partly offset by higher programming rates. Note that our first quarter programming costs included $50 million of favorable adjustments, which is similar in size to sports network rebates and other favorable adjustments we saw in the first quarter last year.

接下來請看幻燈片7中的營運費用和EBITDA部分。第一季度，營運總費用年增3.16億美元，增幅為3.9%。由於視訊用戶年減5.2%，以及輕量級視訊套餐佔比增加（部分被更高的節目單價所抵銷），節目製作成本較去年同期下降6%。需要注意的是，我們第一季的節目製作成本包含了5000萬美元的有利調整，其規模與去年第一季體育頻道回饋和其他有利調整的金額相近。

Looking at the full year 2023, we continue to expect programming cost per video customer to be approximately flat year-over-year. Other cost of revenue increased by 19.9%, primarily driven by higher mobile device sales and other mobile direct costs. Cost to service customers increased by 6.9% year-over-year driven by adjustments to job structure, pay and benefits to build a more skilled and longer-tenured workforce, resulting in lower frontline employee attrition compared to 2022 and additional activity to support the accelerated growth of Spectrum Mobile.

展望2023年全年，我們預計每位視訊用戶的節目製作成本將與去年基本持平。其他收入成本成長了19.9%，主要原因是行動裝置銷量增加以及其他行動直接成本上升。服務客戶成本年增6.9%，主要原因是公司調整了職位結構、薪酬和福利，以打造一支技能更強、服務更穩定的員工隊伍，從而降低了2022年一線員工的流失率，並開展了更多活動以支持Spectrum Mobile的加速增長。

Partly offset by productivity improvements, as a result of the programs we discussed at our December investor meeting, our employee attrition declined more quickly than we had expected, which is allowing us to lower our normal hiring in the first half of this year and increase overall tenure and quality. Longer term, we continue to expect additional efficiencies and cost to service customers over time as a result of our continuing lower service transactions, service tenure and digital service investments, proactive maintenance, and network evolution investments.

由於我們在12月投資者會議上討論的各項計劃提高了生產力，部分抵消了員工流失的影響，我們的員工流失率下降速度超出預期，這使我們能夠在今年上半年降低常規招聘規模，並提高員工的整體任期和質量。從長遠來看，隨著我們持續降低服務交易量、延長服務期限、加大數位化服務投入、積極主動地進行維護以及加大網路升級投入，我們預計服務效率將進一步提高，客戶服務成本也將進一步降低。

Sales and marketing costs grew by 7.6% primarily driven by higher staffing across sales channels and the accelerated growth of Spectrum Mobile. And other expenses grew by 6.7% driven by higher labor costs. Adjusted EBITDA grew 2.6% year-over-year in the quarter.

銷售和行銷成本成長7.6%，主要原因是各銷售通路人員增加以及Spectrum Mobile業務加速成長。其他費用成長6.7%，主要原因是勞動成本上升。經調整後的EBITDA年增2.6%。

Turning to net income on Slide 8. We generated $1 billion of net income attributable to Charter shareholders in the first quarter down from $1.2 billion last year with higher adjusted EBITDA more than offset by higher interest expense.

請參閱第 8 頁的淨收入。第一季歸屬於 Charter 股東的淨收入為 10 億美元，低於去年的 12 億美元，調整後 EBITDA 的增加被更高的利息支出所抵銷。

Turning to Slide 9. Capital expenditures totaled $2.5 billion in the first quarter, above last year's first quarter spend of $1.9 billion. The increase was primarily driven by higher spend on line extensions, which totaled $890 million in the first quarter of 2023 compared to $541 million in the prior quarter driven by Charter's subsidized rural construction initiative and continued network expansion across residential and commercial greenfield and market fill-in opportunities.

請看投影片9。第一季資本支出總額為25億美元，高於去年同期的19億美元。成長的主要原因是線路擴建支出增加，2023年第一季總額為8.9億美元，而上一季為5.41億美元。這主要得益於Charter公司對農村地區建設的補貼計劃，以及在住宅和商業新建項目和市場填補方面持續的網絡擴張。

I would also note that in the first quarter, we saw a sequential decline in total CapEx associated with our subsidized rural construction initiative as we purchased a significant amount of rural construction equipment inventory as supply chain issues improved in the fourth quarter. First quarter capital expenditures, excluding line extensions, totaled $1.6 billion compared to $1.3 billion in the first quarter of 2022. We spent more on upgrade rebuild given our network evolution initiative. Customer premise equipment, which includes installation costs, was higher year-over-year, and support capital was also up just given timing.

我還想指出，由於第四季供應鏈問題有所改善，我們購買了大量農村建設設備，因此第一季與補貼農村建設項目相關的總資本支出較上季下降。第一季資本支出（不含線路擴建）總計16億美元，而2022年第一季為13億美元。鑑於我們的網路升級計劃，我們在升級重建方面的支出有所增加。客戶終端設備（包括安裝成本）較去年同期成長，而支援性資本支出也因時間因素而增加。

Our expectations for full year 2023 capital expenditures have not changed, in part because the costs associated with our network evolution and rural construction initiatives are coming in as planned. For the full year, we continue to expect capital expenditures excluding line extensions to be between $6.5 billion and $6.8 billion. 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. And we expect 2023 line extension and capital expenditures to reach approximately $4 billion.

我們對2023年全年資本支出的預期沒有改變，部分原因是與網路升級和農村建設項目相關的成本按計劃進行。我們預計全年資本支出（不包括線路延伸）仍將在65億美元至68億美元之間。隨著網路升級專案預計將於2025年底或2026年初完成，屆時，不包括線路延伸的資本支出佔收入的比例將降至2022年以下，並在此後持續下降。我們預計2023年的線路延伸和資本支出將達到約40億美元。

We continue to 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 that we win funding for or otherwise commit to additional rural spending.

我們仍預期2024年及2025年的生產線擴建資本支出將與2023年的預期基本一致，約為每年40億美元。我們對2024年和2025年生產線擴建資本支出的預期是基於我們能夠獲得資金或以其他方式承諾增加農村地區支出的前提。

As Slide 10 shows, we generated $664 million of consolidated free cash flow this quarter versus $1.8 billion in the first quarter of last year. The decline was primarily driven by higher CapEx mostly driven by our network expansion and network evolution initiatives and an unfavorable change in working capital, excluding the impact of mobile devices, which was typical seasonality for the first quarter but larger than last year. The year-over-year headwind was partly driven by outgoing payments related to the larger inventory buildup in Q4 of 2022 that I just mentioned.

如投影片10所示，本季我們實現了6.64億美元的合併自由現金流，而去年同期為18億美元。下降的主要原因是資本支出增加，這主要源於我們的網路擴張和網路升級計劃，以及營運資本的不利變化（不包括行動裝置的影響，行動裝置的影響是第一季的典型季節性因素，但高於去年同期）。年比下降的部分原因是由於我剛才提到的與2022年第四季庫存增加相關的支出。

For the full year, however, we expect the change in working capital, excluding the impact of mobile devices to be roughly neutral as our capital and payroll accruals should rise over the course of the year. Mobile device working capital will remain a headwind given the mismatch in timing between when we receive EIP payments and when we pay handset providers.

然而，就全年而言，我們預計剔除行動裝置的影響後，營運資本的變動將大致持平，因為我們的資本和薪資提列將在年內成長。由於我們收到EIP付款的時間與我們向手機供應商付款的時間不匹配，行動裝置營運資本仍將構成不利因素。

Also, in the first quarter, we didn't make significant cash tax payments. And generally speaking, we make 4 federal cash tax payments a year with 2 quarterly payments made in the second quarter and 1 payment made in each of the third and fourth quarters. We're not changing our cash tax outlook that we provided on last quarter's call and simply providing a bit more clarity on the timing of cash tax payments.

此外，第一季我們沒有繳納大量現金稅。通常情況下，我們每年繳納四次聯邦現金稅款，其中兩次在第二季度繳納，第三季和第四季各繳納一次。我們並未改變上季電話會議上提供的現金稅預期，只是對現金稅繳納的時間安排做了更清楚的說明。

We finished the quarter with $97.8 billion in debt principal. Our current run rate annualized cash interest is $5.1 billion. As of the end of the first quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.47x, and we intend to stay at or just below the high end of our 4x to 4.5x target leverage range.

本季末，我們的債務本金為978億美元。目前的年化現金利息支出為51億美元。截至第一季末，我們的淨負債與過去12個月調整後EBITDA之比為4.47倍，我們計劃將槓桿率維持在4倍至4.5倍的目標區間上限或略低。

During the quarter, we repurchased 2.6 million Charter shares and Charter Holdings common units totaling about $1 billion at an average price of $375 per share. Charter's bandwidth-rich 2-way network passes nearly 56 million homes and businesses with gigabit and converged services everywhere. And given the significant investments we've made in that network over a multiyear period, we're now in a position to upgrade it further in both a cost-efficient and time-efficient manner to offer the fastest speeds and the most advanced telecommunication services in the country.

本季度，我們以每股平均375美元的價格回購了260萬股Charter股票和Charter Holdings普通股，總價值約10億美元。 Charter擁有頻寬豐富的雙向網絡，為近5,600萬家庭和企業提供千兆和整合服務。鑑於我們多年來對該網路的巨額投資，我們現在能夠以經濟高效的方式對其進行進一步升級，從而提供全美最快的網速和最先進的電信服務。

Additionally, our scale and our capabilities are allowing us to rapidly expand that network, both to unserved and underserved areas through our rural construction initiative and to other high ROI expansion opportunities. Those initiatives, combined with our service-oriented operating strategy and prudent capital allocation, are poised to drive long-term customer growth, higher free cash flow and shareholder value.

此外，憑藉我們的規模和能力，我們能夠迅速擴展網絡，不僅透過農村建設項目覆蓋尚未覆蓋和覆蓋不足的地區，還能抓住其他高投資回報率的擴張機會。這些舉措，結合我們以服務為導向的營運策略和審慎的資本配置，必將推動客戶長期成長，提升自由現金流和股東價值。

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

操作員，我們現在可以進入問答環節了。

(Operator Instructions)Our first question will come from Doug Mitchelson with Credit Suisse.

（操作說明）我們的第一個問題來自瑞士信貸的道格·米切爾森。

If I could do one for Chris, one for Jessica. Chris, on the go-to-market strategy for wireless, I'm just curious what percentage of the wireless lines being created by the 12-month promotion you're hoping will convert to full pay after the promotional period expires. I think as part of that, we think about what's the data usage, how is that tracking for the promotional wireless lines versus the nonpromotional lines or how many of your gross adds are phone numbers being ported in versus creating new phone numbers. Just trying to understand the revenue opportunity from that promotion. I certainly get the retention benefits.

如果可以的話，我想分別寫一個給克里斯和潔西卡。克里斯，關於無線業務的市場推廣策略，我很好奇，你希望透過為期12個月的促銷活動新增的無線線路中，有多少比例會在促銷期結束後轉為全額付費用戶？我認為，這其中也包括數據使用情況，促銷線路和非促銷線路的數據使用情況追蹤結果如何，以及新增用戶中有多少是攜號轉網，又有多少是新開通的號碼。我只是想了解這項促銷活動帶來的收入機會。我當然明白它對留住用戶的好處。

And then Jessica, you're not really sure what you're willing to say, but when you think about your prior commentary about labor investments impacting both 1Q and 2Q, should we start to think about a little bit more margin expansion in the back half of the year? Or any comments you're willing to make on swing factors for margins the remainder of the year would be helpful.

傑西卡，你似乎不太確定自己願意說什麼，但考慮到你之前關於勞動投資會影響第一季和第二季的評論，我們是否應該開始考慮下半年利潤率會有更大幅度的提升？或者，你願意就今年剩餘時間利潤率的波動因素發表一些看法嗎？

So Doug, I'll start it off with the go-to-market on Spectrum One. We have 2 offers out there today. One is for at acquisition a free line together with Internet and essentially, the other one is, if you purchase the line to give the second one for free for an existing customer. Those customers are great customers, they have good usage, and they're getting the fastest product in the country from a connectivity standpoint.

道格，我先來談談Spectrum One的市場推廣策略。我們目前推出兩個優惠。一項是新用戶購買套餐即可獲得免費線路和網路服務；另一項是，如果您購買了一條線路，我們會將第二條線路免費贈送給一位現有客戶。這些現有客戶都是優質客戶，他們的流量使用率很高，而且從網路連線的角度來看，他們正在享受全國最快的網路服務。

And when -- I've said it before, but when the promotional period rolls off, they're going to have not only the fastest connectivity product, but they're going to have the best price in the marketplace as well at $29.99. That includes taxes and fees, no contracts. So it's a very, very attractive offer from a quality standpoint and from a pricing standpoint, not only at promotion but at retail.

而且——我之前也說過——促銷期結束後，他們不僅會提供速度最快的連接產品，而且價格也是市場上最優惠的，僅售 29.99 美元。這個價格包含稅費，無需合約。所以無論從品質或價格來看，這都是一個極具吸引力的選擇，促銷期間如此，零售價也是如此。

So our expectation is these are great customers. They're normal lines, and they're not going to be able to replicate the service or pricing that they're getting from us at retailer or promotion anywhere else in the marketplace. So our expectation is that it all sticks.

所以我們預期這些都是優質客戶。他們屬於常規客戶群，他們無法在其他任何零售商或促銷活動中複製我們所提供的服務或價格。因此，我們預期這一切都能持續下去。

Yes. I mean, Doug, we understand that there's some false market chatter. We should be clear on some other things. The majority of our gross adds are coming from paying lines. Less than 5% of our lines today are tablets, and those have the same rate plans as phones, and we don't include wearables in our numbers either. So the lines that we're putting up are good lines.

是的。我的意思是，道格，我們明白市場上存在一些不實的傳言。還有一些其他的事情需要澄清。我們新增用戶的大部分都來自付費用戶。目前平板電腦用戶佔比不到5%，而且平板電腦的資費方案和手機一樣，我們也沒有把穿戴裝置算在內。所以，我們新增的用戶都是優質用戶。

One other thing to add to that. This is not a moment in time. We were talking about it before the call. Our intent here is to grow and to grow more and to continue the path that we're on. So I think this is just the beginning, and we're excited about what we're doing, not just from a mobile perspective, but from an overall connectivity standpoint and the value that we can bring to customers both in qualitative product and save them a lot of money.

還有一點要補充。這並非一時興起。我們在通話前就討論過這個問題。我們的目標是不斷發展壯大，並繼續沿著我們目前的道路前進。所以我認為這只是個開始，我們對正在做的事情感到興奮，不僅是從行動端的角度來看，更是從整體連接性的角度來看，以及我們能夠為客戶帶來的價值——包括高品質的產品和幫助他們節省大量資金。

Yes. To your question on margin and what happens in the second half of the year, the increases that you see both in sales and marketing expense and cost to serve right now and the year-over-year are really driven by strong mobile sales. But if you think about what happens to them for the rest of the year, in sales and marketing, if you look back at last year, 2Q '22 sales and marketing expense was sequentially lower than 1Q, which might put a little bit of pressure on the year-over-year comp in Q2. But the year-over-year growth rate of sales and marketing expense should moderate over the course of the second half of the year. We'll have lapped our midyear 2022 staffing adjustments. And in Q4, we'll lap the Spectrum One-related sales cost increase.

是的。關於您提出的利潤率以及下半年的發展趨勢，目前銷售和行銷費用以及服務成本的成長，以及年增速的上升，主要受強勁的行動銷售推動。但如果您考慮今年剩餘時間的銷售和行銷情況，回顧去年，2022年第二季度的銷售和行銷費用環比低於第一季度，這可能會對第二季度的同比增速造成一定壓力。但下半年銷售和行銷費用的年增率應該會放緩。屆時，我們將完成2022年中的人員調整。此外，第四季度，我們將消化Spectrum One相關的銷售成本成長。

Similarly, on the cost to serve side, I expect year-over-year growth in cost to serve to moderate in the second half of 2023, which I think is consistent with what we said before and end the year at growth levels that are more consistent with where we were -- with where we've been previously, which is largely flat. So I do think that as we go through the year to -- in line with what we've said, the business continues to become more efficient, and we continue to expect to be able to operate it more efficiently and generate and generate growth from them.

同樣，就服務成本而言，我預計2023年下半年服務成本的同比增速將放緩，這與我們之前的預測一致，並將在年底達到與我們之前基本持平的增長水平更為一致的水平。因此，我認為隨著時間的推移，正如我們之前所說，業務效率將繼續提高，我們也將繼續期望能夠更有效率地經營業務，並從中創造成長。

And I'd just add 2 quick things to that, Doug. One is on the cost side, if you think about all the OpEx and the CapEx investments that we've talked about, it's really setting us up for a prolonged multiyear period of continuing lower cost to serve for customer relationship which will benefit our cash flow for years to come. But the other piece at the end of this year, which ties back to your first question, we have a wall of good customers who are receiving a promotional rate today that are going to roll to a retail rate at $29.99 and stick. So you not only got the cost side that starts to lap the prior year investments, but you also have the revenue side that starts to kick in at the fourth quarter of this year, and that just gets better and better as we go.

道格，我還要補充兩點。第一點是成本方面，想想我們之前討論過的所有營運支出和資本支出投資，這實際上為我們未來多年持續降低服務成本、維護客戶關係奠定了基礎，這將使我們的現金流在未來幾年都受益。第二點，也就是和你第一個問題相關的，今年年底，我們有一批優質客戶，他們目前享受促銷價，之後將轉為29.99美元的零售價，並且保持不變。所以，不僅成本方面會開始收回去年的投資，而且收入方面也會從今年第四季開始成長，而且隨著時間的推移，情況只會越來越好。

And thanks for the rural disclosures as well.

也感謝您揭露農村地區的情況。

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

下一個問題將來自摩根士丹利的本·斯溫伯恩。

I guess for either of you, just wanted to hear more about the kind of process of accelerating those rural build-outs. I think you talked about -- I think it was March relative to the full first quarter. Is this the kind of -- is it a simple -- I mean not simple, but is it better weather allows for greater and faster construction? Just what are the puts and takes of getting that number even higher as we move through the rest of spring, summer through the year?

我想你們兩位都想多了解加快農村地區建設進程的具體方法。我記得你們提到過——好像是三月份，相對於整個第一季而言。這種情況——我的意思是，這並非易事，但天氣好轉是否意味著建設規模更大、速度更快？隨著春夏季節的到來，以及全年其他時間的推進，要進一步提高建設規模，需要注意哪些方面？

And I think you put too fine of a point on it, but does the 6-month clock that you guys talk about start when homes are activated? I just want to make sure I got sort of the definitions around activated and marketed to, et cetera. So just trying to get a sense of the rollout for the rest of this year.

我覺得你問得有點吹毛求疵了，你們說的6個月期限是從房子啟動那天開始算起的嗎？我只是想確認一下「啟動」和「推廣」等等這些概念的定義是否正確。所以，我只是想了解今年剩餘時間的推廣計畫。

Thanks, Ben. The point you made about the seasonality with winter is right. In my prepared remarks, I mentioned in March, it was that it was much higher in terms of the already coming out of the back end. The full year target is 300,000 subsidized rural builds, and we intend to meet that, we're on plan to meet that. So from an internal planning perspective, we're right on where we need to be. You have to keep in mind that we -- a lot of our build is taking place in places like Ohio, Michigan, Wisconsin.

謝謝，本。你提到的冬季季節性問題確實存在。我在三月的準備發言稿中提到過，當時已經完成的後期專案數量要高得多。全年目標是補貼30萬套農村住房，我們計劃實現這一目標，目前進展順利。所以從內部規劃的角度來看，我們完全符合預期。需要注意的是，我們的大部分建設項目都位於俄亥俄州、密西根州和威斯康辛州等地。

In January and February, it's a little bit harder to get around. Whether you're going on poles or whether you're going underground, it's a little harder in that environment. So nothing that we haven't expected and already coming out the back end, we're picking up. The -- unless there's a more technical -- for Jessica, the -- it's from activation that we start the clock for 0 to 6 months. So once the plant is constructed and it's opened up for marketing, that's the T minus zero, so to speak.

一月和二月出遊會比較困難。無論是架設電線桿還是鑽入地下，在那種環境下都會比較吃力。所以，這些都在我們預料之中，而且我們已經開始逐步恢復正常。 ——除非有更專業的技術說明——對傑西卡來說，——從計畫啟動開始，我們就開始計時，為期0到6個月。所以，一旦工廠建成開始進行市場推廣，就到了倒數計時的最後階段。

The way it's being reported in the new trending schedule details. So you're getting those passings in sort of -- in the reporting as the 6-month clock starts.

根據最新趨勢賽程表的報道方式來看，這些死亡病例是在六個月倒數計時開始時才被納入報告的。

Yes. And then just as a follow-up to Doug's question, and I don't like doing the battling earnings calls thing, but since it came up quite specifically last night on the T-Mobile call, these promotional lines, the additional lines you're adding, it sounds like those are lines being used and your expectation is as those roll to pay, those lines will continue to be lines. So I think they're -- arguably these are not coming from anywhere. They're just being created. I just wanted to get your thoughts on that as you do roll to pay because it's obviously a decent piece of your line count.

是的。然後，我想就道格的問題補充一點，雖然我不喜歡參與財報電話會議的討論，但昨晚在T-Mobile的電話會議上確實提到了這一點，關於這些促銷線路，也就是你們新增的線路，聽起來這些線路目前都在使用中，而且你們預計這些線路在轉為付費後仍然會繼續使用。所以我認為——可以說這些線路並非憑空產生的，而是人為創建的。我只是想聽聽你們對轉為付費線路的看法，因為這顯然佔了你們線路總數的相當一部分。

Look, I always find it strange when somebody tries to do your IR for you, but we had a great quarter. These are great adds. We said what we said, and they're going to stick because it's high-quality product. It's the fastest in the market and it saves customers a ton of money. So beyond what we've already said, I think we'll leave it at that and continue to grow our line counts and we'll do our own IR.

說實話，我覺得別人替我們做投資人關係報告挺奇怪的，不過我們這個季度業績確實不錯。這些新增產品很棒。我們之前說過的話都會兌現，而且會一直有效，因為產品品質很高。它是市場上速度最快的，還能幫客戶省下一大筆錢。所以，除了我們已經說過的，我想我們就到此為止吧，繼續增加產品線，我們會自己做投資者關係報告。

Our next question will come from John Hodulik with UBS.

下一個問題將來自瑞銀集團的約翰·霍杜利克。

Great. And again, thanks for the rural disclosure. So it looks like if you pulled out the rural adds, you guys added about 50,000 subs. Just anything you can talk about in the core markets. If you could talk about what you're seeing sort of incrementally from a competitive standpoint. Again, the fixed wireless guys are talking about bringing on more capacity and expanding into new markets. Does that become more of an issue as they roll out?

太好了。再次感謝您揭露農村地區的數據。看來如果剔除農村地區的新增用戶，你們大約增加了5萬用戶。關於核心市場，您有什麼想說的嗎？能否從競爭的角度談談你們目前觀察到的情況？固定無線網路營運商正在討論增加容量並拓展新市場。隨著他們的推廣，這會成為一個更棘手的問題嗎？

And then you talked about this deployment of high split infrastructure. Would you expect to see better trends in those markets as you sort of turn on that service and improve, say, upstream capacity sort of along the way. So should we expect it to be something of an iterative process or where things get better as the infrastructure gets more competitive?

然後您談到了高分離基礎架構的部署。隨著這項服務的啟用和上游容量的逐步提升，您是否預期這些市場會出現更好的發展趨勢？也就是說，我們是否應該預期這是一個迭代過程，或者隨著基礎設施競爭力的增強，情況會自然而然地改善？

John, so the -- in the trending schedule, you'll see that the subsidized rural customers that were added inside the quarter were 17,000, which means the bulk of our net adds came from our existing footprint. So we're competing very well across the entire market. That includes both where we have existing -- certainly existing fiber overbuild as well as where there's new fiber overbuild, and we're competing and more than holding our own in that footprint. We saw a little bit of softness, both in the gross adds and to a lesser extent, really on churn, but mostly in gross adds, interestingly, in the non gigabit overbuild area because it's the first time that somebody has had an alternative, and so fixed wireless access in that marketplace seems like an interesting alternative until people find out ultimately that the throughput and the capabilities aren't the same as the broadband that we provide.

約翰，從趨勢表中你可以看到，本季新增的享受補貼的農村用戶為 17,000 戶，這意味著我們大部分的淨新增用戶都來自我們現有的服務區域。因此，我們在整個市場都表現出色。這包括我們現有的光纖網路覆蓋區域，以及正在建設中的光纖網路覆蓋區域，我們在這些區域都保持著競爭力，並且表現出色。我們看到新增用戶數量略有下降，流失率也有所下降，但主要是新增用戶數量下降。有趣的是，這種情況主要出現在非千兆光纖網路覆蓋區域，因為這是用戶第一次有其他選擇，所以固定無線存取在這個市場看起來是一個不錯的選擇，直到人們最終發現它的吞吐量和性能與我們提供的寬頻服務並不相同。

So we're competing very well across all markets, just to be very clear, but that's the dynamics that we're seeing inside the legacy footprint. The passings that we're building that are subsidized rural build, not only do we expect to have continuing improving performance through Spectrum One in the legacy footprints, but the passings that we're building from a rural standpoint just continue to get larger and would be a larger contributor to our growth over time.

所以，需要明確的是，我們在所有市場上的競爭力都非常強，但這是我們在現有網路覆蓋範圍內看到的動態。我們正在建造的、享受補貼的農村擴建項目，不僅有望透過Spectrum One在現有網路覆蓋範圍內持續提升性能，而且我們從農村地區建設的擴建項目規模也在不斷擴大，隨著時間的推移，它們將成為我們增長的更大貢獻者。

On high split, we're enhancing the spectrum availability of our network, which improves contention on the upstream as well as higher both downstream and upstream capabilities, which gives us marketing claims in the marketplace. But it also signals to competitors that we're -- they're not going to have that marketing claim with us.

在高頻譜分配模式下，我們提高了網路頻譜可用性，這不僅改善了上行鏈路的爭用情況，也提升了上下行鏈路的容量，從而增強了我們在市場上的競爭力。但這同時也向競爭對手發出一個訊號：他們無法與我們進行類似的競爭。

And so the upstream is helpful, but I think it's more at this stage to have a significant marketing claim in the marketplace and we get a fair amount of network benefits from a quality standpoint in the actual network. And so we'll get payback from both of those, both from competitiveness as well as essentially reduced truck roll and reduced node splits over time as well from what we're doing.

因此，上游資源固然重要，但我認為現階段更重要的是在市場上建立強大的市場形象，並且從實際網路品質的角度來看，我們也能從中獲得相當可觀的網路效益。因此，我們將從這兩方面獲得回報：一方面是競爭力的提升，另一方面是隨著時間的推移，我們所做的工作還能大幅減少現場維護和節點拆分。

Got it. If I could just follow up, is the goal is still to have higher adds this year than versus last year?

明白了。我能再追問一下嗎？今年的目標仍然是比去年增加更多新用戶嗎？

It is our goal to have higher net additions in Internet this year than we did last year.

我們的目標是今年網路淨新增用戶數超過去年。

Our next question will come from Phil Cusick with JPMorgan.

下一個問題將來自摩根大通的菲爾·庫西克。

Chris, I have to tell you it's a lot more fun from our side when companies do someone else's IR. So don't be shy.

克里斯，我得告訴你，從我們這邊來說，公司幫別人做投資人關係工作更有意思。所以別害羞。

We won't step into that rut.

我們不會重蹈覆轍。

First, a follow-up on John. Jessica, you spoke in March about broadband activity through the quarter. Anything you can add about that? And any thoughts you have on sort of typical 2Q seasonality or anything different? And then in video, I understand a lot of video decline has been fewer broadband adds to connect to. But are you also seeing an acceleration in disconnects? And what percent of the base is now on these lower-cost packages?

首先，我想跟進一下約翰的問題。傑西卡，你在三月談到了本季的寬頻業務情況。關於這一點，你還有什麼要補充的嗎？你對典型的第二季季節性波動有什麼看法，或有什麼不同？另外，在視訊方面，我了解到視訊用戶數量的下降很大程度上是由於寬頻存取用戶減少造成的。但是，你是否也觀察到斷網率上升的情況？目前有多少用戶使用的是這些低價套餐？

Yes. So Phil, talking about going into Q2. Q2 is always a seasonally more difficult quarter. But in terms of trends, we did continue to see what I sort of had said in -- at the end of February, and that I think that our trends looked a little better across coming in and in March than they had in February, which was better than January. And we continue to see that now with the context of Q2 being kind of what it is. So I think that we continue to think that the things look pretty good or at least better than they were previously on that front.

是的。菲爾，說到第二季度，第二季度歷來都是比較難熬的季度。但就趨勢而言，我們確實延續了我二月底所說的情況，我認為三月份的趨勢比二月份略好，而二月份的情況又比一月份好。考慮到第二季的具體情況，我們目前仍然看到這種趨勢。所以我認為，我們仍然認為情況看起來相當不錯，或至少比之前好。

So I'll take the video. There's a pretty clear correlation to when we've taken rate increases either on video or even a more recent increase that we had on the Internet. So there is a downgrade element that takes place at the point of programming pass-through, which we've had to do because of where the programmers have been.

所以我選擇視頻方面。影片價格上漲，甚至是最近一次網路價格上漲，都與我們先前的價格上漲有非常明顯的關聯。因此，在程式傳遞過程中存在著一種降級現象，而我們不得不這樣做，是因為程式設計師的工作地點。

And I also think in addition to that, because the point-of-sale discussion with the customer has been focused on Internet and mobile, the length of that conversation is a little longer. And I think there are things that we can do to have a better attach rate to a video at the point of sale now and certainly in the future, as we think about the rollout of Xumo towards the back half of this year.

此外，我認為，由於銷售點與客戶的溝通主要集中在網路和行動裝置上，因此溝通時間也稍長一些。我認為，我們可以採取一些措施，提高銷售點影片的附加率，尤其是當我們計劃在今年下半年推出 Xumo 時，更應如此。

It's a very compelling product. It's very simple. It's straightforward. It has a tremendous amount of utility towards customers for both their OTT as well as any live video viewing and subscriptions that they have. As I've said it before, it's the platform that I'd like to have on all of my TVs. And I think it's going to be very attractive to customers, and I think it has the opportunity to really improve our trajectory on video as well in a profitable way.

這是一款極具吸引力的產品。它非常簡單易用，對用戶來說非常實用，無論是OTT服務、直播視訊觀看或訂閱服務，都能帶來極大的便利。正如我之前所說，我希望我的所有電視都能安裝這個平台。我認為它對用戶來說會非常有吸引力，而且它有機會真正提升我們在影片領域的獲利能力。

Will Xumo be reported as a regular video sub or you'll have a different category for that?

Xumo會被歸類為一般影片訂閱者，還是會單獨歸類？

We haven't gotten through all the reporting definitions yet, but I think the right way to think about it is to the extent the customer takes a video service from Charter, then it would be reported as a video PSU. And to the extent it's just a platform that we're distributing that our customers can use as connectivity plus customers, then likely, it's just going to be a Xumo unit and it will be an added benefit to our existing connectivity relationship. But I reserve the right to think that out loud together with Jessica over time. But I think that's the more natural way it will go.

我們還沒完全討論完所有的報告定義，但我認為比較合理的理解方式是：如果客戶從Charter公司購買了視訊服務，那麼它就應該被報告為視訊PSU（公共服務單元）。如果它只是我們分發的一個平台，供我們的客戶用作連接服務，那麼它很可能就被報告為Xumo單元，並成為我們現有連接關係的附加福利。不過，我保留日後與Jessica討論這個問題的權利。但我認為這才是更自然的方式。

Yes. And as we get closer to a rollout, we'll try to provide some additional information on where we think that, that will land.

是的。隨著推廣日期的臨近，我們會嘗試提供更多信息，說明我們認為最終效果會如何。

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。

On the subject of your truly gaudy mobile results, could you discuss the evolution of device promotions as part of your mobile strategy and whether we should be modeling use of cash for device promotions in the future?

關於您令人矚目的行動端行銷成果，您能否探討一下裝置促銷作為您行動端策略一部分的發展歷程，以及我們未來是否應該模擬使用現金進行裝置促銷？

Sure. I think the device business -- that's not why we got into mobile. And we got into mobile to provide the fastest connectivity service and to save customers money on their monthly overall connectivity service and to bring convergence, a product that doesn't really exist anywhere but Charter and cable generally today. So never say never, but we don't see a need, and we don't have any plans to be aggressively into the subsidy business from a device standpoint. We don't need to because we provide significant value -- the best speeds, the best product and the best amount of savings already with what we're -- our go-to-market strategy today.

當然。我認為設備業務——這並不是我們進入行動領域的初衷。我們進入行動領域是為了提供最快的連線服務，幫助客戶節省每月整體連線費用，並帶來整合服務——目前除了Charter和有線電視之外，其他任何地方都還沒有這種產品。所以凡事皆有可能，但我們目前看不到這方面的必要性，也沒有任何計畫從設備角度積極進軍補貼業務。我們不需要這樣做，因為我們目前的市場策略已經提供了巨大的價值——最快的速度、最好的產品和最大的優惠。

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

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

Two questions. The early work that we've done on BEAD suggests the returns to those markets could be phenomenal, potentially double what you guys may be seeing in RDOF markets if the full subsidy is awarded. I'm wondering if you can help size what the opportunity could be. I think you got like roughly 20% of the RDOF opportunity? Could it be something of that magnitude of the BEAD opportunity. And then as we total up broadband adds in the industry, it looks like there's been a bit of a slowdown for the overall industry this quarter. I'm wondering if you've got any context for what might be driving that. Is it just a pull forward of growth from COVID from the sort of period of higher growth during COVID? Or is there something else going on?

兩個問題。我們先前對BEAD計畫的研究表明，這些市場的回報可能非常驚人，如果全額補貼到位，回報甚至可能是你們在RDOF市場看到的兩倍。我想請你們幫忙評估這個機會到底有多大。我記得你們大概獲得了RDOF市場20%的市佔率？ BEAD計畫的機會規模是否也能達到這個水準？另外，我們統計了整個產業的寬頻新增用戶數量，發現本季整個產業的成長速度似乎有所放緩。我想請你們分析一下造成這種情況的原因。這僅僅是疫情期間高速成長帶來的提前結束嗎？還是另有其他因素？

So I'd start with firstly the RDOF returns that we have are extremely attractive. And we're really pleased with what we're doing, both on RDOF as well as the other state grants that were coming out of some of the ARPA and other COVID funds. And that's been highly successful. On BEAD, it's really too early to tell. We've been very successful where we've gone into different subsidy RFPs simply because we're aggressive and because we're the most experienced rural builder in the entire country. So when we go tell a local, state or federal government that we're going to build, and we're going to build within a certain time line, we have probably the most -- not probably, we have the most credibility because we're the largest rural provider today. We're the largest rural builder, and we've won awards for the success and the quality of what we do.

首先，我想說的是，我們獲得的農村發展機會基金（RDOF）收益非常可觀。我們對目前的工作成果非常滿意，無論是RDOF項目，或是其他州政府從ARPA和其他新冠疫情專款中獲得的撥款，都取得了巨大的成功。至於BEAD項目，現在下結論還為時過早。我們在參與各種補貼招標時都取得了不錯的成績，這主要歸功於我們積極進取，以及我們是全美經驗最豐富的農村住房建設公司。因此，當我們向地方、州或聯邦政府承諾我們將按時完成建設時，我們擁有最高的信譽——不，應該說是最高的信譽，因為我們是目前最大的農村住房服務提供者。我們是最大的農村住房建設公司，並且憑藉卓越的業績和高品質的工作贏得了許多獎項。

And we have the ability not just to bring broadband into these rural communities, but we have the ability to save customers significant amounts of money on their already high mobile bills as well as bring video into these places. So it's not just a single play Internet. We bring a whole suite of connectivity services that save customers money. We've been successful and so both economically as well as from a quality standpoint, our success rate is high and our credibility is very good.

我們不僅有能力為這些農村社區提供寬頻服務，還能幫助客戶大幅節省本已高昂的手機話費，並將視訊服務帶到這些地方。因此，我們提供的不僅是單一的網路存取服務，而是一整套能夠幫助客戶省錢的連線服務。我們已經取得了成功，無論從經濟效益或服務品質來看，我們的成功率都很高，信譽也非常好。

But in terms of what we win in BEAD, it's certainly, it's factored into some of our outlook on CapEx but time will tell how successful we can really be on that front. But I'm bullish I think we're going to do well.

但就我們在BEAD計畫中的收益而言，這當然已經納入了我們對資本支出的一些預期，但時間會證明我們在這方面究竟能取得多大的成功。但我對前景持樂觀態度，我認為我們會做得很好。

The thing that I would add to that is that, Jonathan, we have a very disciplined sort of practice now and how we bid for these offerings. And so we're very comfortable with our ability to price the passings with our ability to then bid for an appropriate amount of subsidy against that and then to go on the back end and execute against building the passings in a way that's cost-effective and that generates the returns that we set out for.

我想補充的是，喬納森，我們現在有一套非常嚴謹的競標流程。因此，我們非常有信心能夠為這些通道定價，並據此爭取到適當金額的補貼，然後在後期以經濟高效的方式完成通道建設，從而實現我們預期的收益。

So there's a hypothetical math exercise that you can do to try to get to what we would win. But what I would be clear about is what we win, we'll win at good returns, and we'll execute it on the back end and bring those returns back into the company.

所以，你可以做一些假設性的數學計算，看看我們能贏多少。但我要明確的是，我們贏的，都會帶來豐厚的回報，我們會在後續階段有效執行，並將這些回報帶回公司。

Yes. We have great visibility to our cost. We have supply and labor equipment all lined up, and we know what it costs in each of these different markets already. So our experience to date is really going to bode well for giving us confidence in what we bid on. On the overall broadband market, I do think that there continues to be the headwind of all the COVID volume that was pulled forward in the broadband market and in combination of just a lower transaction, lower moving environment. And so I think the entire market is still suffering from that as a little bit as well as a small swing back into wireless substitution. So we're seeing some of that as well.

是的。我們對成本的把控非常清楚。我們的供應、勞動力和設備都已到位，而且我們已經掌握了各個不同市場的成本。因此，我們迄今為止的經驗將極大地增強我們對投標的信心。就整體寬頻市場而言，我認為疫情期間寬頻市場業務量提前成長，再加上交易量下降、市場流動性降低，這些因素仍對市場構成不利影響。因此，我認為整個市場仍然受到一定程度的影響，同時無線替代的趨勢也在小幅回升。我們也看到了這些改變。

Housing starts also been down. So that clearly contributes into this as well, and all of which I think is temporary in nature. The difficulty that I think if you hear from the entire industry is when is it going to come back to normal, and none of us really have a crystal ball. But I think if I listen to what others are saying or including our peers, we all -- there's no reason to think that we don't get back into a normalized market environment. It's just become very difficult to predict exactly when that happens.

房屋開工量也有所下降。這顯然也是造成目前狀況的原因之一，但我認為這一切都是暫時的。我認為，如果你聽聽整個產業的說法，你會發現他們面臨的難題是：市場何時才能恢復正常？我們誰也沒有水晶球可以預知未來。但我認為，如果我聽取其他人的意見，包括我們同行的意見，我們所有人都有理由相信，市場環境終將恢復正常。只是現在很難準確預測何時會恢復正常。

In the meantime, we compete well. We're growing both in legacy markets as well as obviously in our new build area. And through a combination of market normalization as well as a very large pipeline of unserved rural passings that we're constructing, the opportunity for growth in Internet as well as in mobile is very good for us.

同時，我們的競爭力很強。我們在傳統市場和新建市場都實現了成長。隨著市場逐漸恢復正常，以及我們正在建造的大量尚未覆蓋的農村通道，網路和行動領域的成長機會對我們來說都非常可觀。

Our next question will come from Craig Moffett with MoffettNathanson.

下一個問題將來自 MoffettNathanson 公司的 Craig Moffett。

I wonder if you could talk a little bit about wireless margins, Jessica. You shared one more quarter of wireless results. And I think it's -- while I sort of get that the remarkable pace of subscriber growth means customer acquisition cost is very high, it also leaves -- it leaves sort of to the imagination how the business will actually scale over time.

傑西卡，我想請你談談無線業務的利潤率。你剛剛分享了一個季度的無線業務表現。雖然我大致理解用戶成長速度驚人意味著獲客成本很高，但這同時也留下了一些懸念，讓人難以想像這項業務未來將如何發展壯大。

So anything you could share with us about underlying wireless margins or customer lifetime values of wireless subscribers? And in particular, what traffic you might offload and how that might affect it going forward would be very helpful.

所以，您能否和我們分享一些關於無線業務的潛在利潤率或無線用戶終身價值的資訊？特別是，您可能會分流哪些流量，以及這可能會對未來產生怎樣的影響，這將非常有幫助。

Yes. So Craig, I think back in December, we actually gave where we are in terms of margin in the business exclude -- income in the business, excluding customer acquisition costs. And we showed there that if we run it as a -- if we ran it as a stand-alone business, which we don't, but that we would make good margins in the business. We certainly have read the work that you've been doing, trying to use some of the financial information available out there to back into costs. Obviously, I'm not going to comment on exactly what those were, but you might have heard from us if we thought that you were materially incorrect on them -- or from someone else for that matter.

是的。克雷格，我記得去年12月，我們確實公佈了我們業務的利潤率狀況，也就是扣除客戶獲取成本後的業務收入。當時我們指出，如果我們把它當作一個獨立業務來運作（當然我們並沒有這樣做），我們就能獲得不錯的利潤率。我們當然也讀過你一直在做的工作，你試著利用一些現有的財務資訊來推算成本。顯然，我不會評論這些成本的具體內容，但如果我們認為你的推算有重大錯誤，我們或其他人可能會聯絡你。

It's important, though, to step back and think about -- we don't run the wireless business just for margin in the wireless business. We run our entire business to generate the most cash flow on -- the most cash flow per passing that we can across the network. And that means that you have to have more customers, which means you have to price at a value, and it means that you have to generate more money per customer, and we believe in doing that by adding services to the customer, which we do by adding wireless to our current broadband, video and voice customer base. And we also are seeing that there's benefits to having those products bundled together, not just in the form of driving better pricing for our customers, which we'll do, but in the form of reducing churn and, ultimately, we think also increasing what we can do in terms of customer acquisition across both the broadband and the wireless product as they become sort of a converged connectivity experience.

不過，重要的是要退一步思考——我們經營無線業務並非僅僅為了追求無線業務的利潤。我們整個業務的目標是盡可能提高網路每次流量的現金流。這意味著我們需要更多客戶，這意味著我們需要製定具有價值的定價策略，這意味著我們需要從每位客戶身上賺取更多利潤。我們相信，實現這一目標的途徑是為客戶提供更多服務，例如，我們透過在現有的寬頻、視訊和語音客戶群中添加無線服務來實現。我們也發現，將這些產品捆綁在一起的好處不僅體現在為客戶提供更優惠的價格（我們會這樣做），還體現在降低客戶流失率，最終，我們認為，隨著寬頻和無線產品融合為一種連接體驗，這將提升我們在客戶獲取方面的效率。

So we're really confident in our ability to continue to have a financial benefit from the wireless business going forward because of the value that it adds to what we can provide to the customer and the resulting increased cash flow that we get on a customer-by-customer basis when those customers take more products from us, including the wireless product.

因此，我們對未來繼續從無線業務中獲得經濟利益的能力非常有信心，因為它增加了我們能夠為客戶提供的價值，並且當客戶從我們這裡購買更多產品（包括無線產品）時，我們就能逐個客戶地獲得更高的現金流。

Craig, on the traffic offload, I mentioned in the prepared remarks that we've now deployed Spectrum Mobile network to all capable devices, which is our Advanced WiFi service, and that's in 40% of our residential customers. We've now begun to launch that advanced WiFi service and Spectrum Mobile network to SMB as well. So up until this point, the vast majority of the traffic offload has been inside of an existing customer's household and hasn't given the ability for them to do significant amounts of offload outside the household and Spectrum Mobile network really over the course of the past 4 or 5 months is accelerating that ability to have traffic offload. And that's prior to us fully deploying CBRS, which we intend to do.

克雷格，關於流量卸載，我在事先準備好的發言稿中提到，我們現在已經將Spectrum Mobile網路（即我們的高級WiFi服務）部署到所有相容設備上，目前已有40%的住宅用戶使用這項服務。現在，我們也開始向中小企業推廣這項進階WiFi服務和Spectrum Mobile網路。因此，到目前為止，絕大多數流量卸載都僅限於現有用戶的家庭內部，並沒有讓他們能夠在家庭外部進行大量的流量卸載。而Spectrum Mobile網路在過去四、五個月確實加速了這一進程，使用戶能夠在家庭外部進行大量的流量卸載。這還是在我們全面部署CBRS之前，而我們計劃全面部署CBRS。

And we're already live in one large market. It's going very well. So whereas I think we had publicly said that we had 15% of our usage was through the lease of the 5G MVNO network. That's now decreasing already pretty quickly. And so the 85%, that was on our network before is now moving up to 87%, just in a matter of months, and that will continue to increase over time as we deploy more Spectrum Mobile network through Advanced WiFi as well as CBRS over time. And so it's attractive today, and it will continue to be more attractive. And the profitability and the cash flow today is really tied up in the subscriber acquisition cost.

我們已經在一個大型市場上線運營，進展非常順利。之前我們曾公開表示，我們15%的流量是透過租賃5G MVNO網路實現的，但現在這個比例正在迅速下降。先前我們網路上的85%流量現在在短短幾個月內就上升到了87%，而且隨著我們逐步部署更多Spectrum Mobile網路（包括進階WiFi和CBRS），這個比例還會持續成長。所以，現在它很有吸引力，未來會越來越有吸引力。目前的獲利能力和現金流主要取決於用戶獲取成本。

Our next question will come from Jessica Ehrlich with Bank of America.

下一個問題將來自美國銀行的傑西卡·埃爾利希。

Two questions. One on mobile pricing longer term. I mean do you think this is similar to broadband when you guys entered the market, decades ago at a significant discount to telecom and then grew it over time as your share grew? So just kind of how you're thinking about it longer term? And then second, on Xumo can you remind us what the timing of the rollout is? But also on advertising, can you compare it to linear? Like, how are you thinking about it in terms of inventory load, CPMs? I mean, it seems like you'll have a lot more data.

兩個問題。第一個是關於行動端長期定價的。我的意思是，您認為這和您幾十年前進入寬頻市場時的情況類似嗎？當時你們以遠低於電信業者的價格進入市場，然後隨著市場佔有率的成長逐步提高價格。所以，您是如何考慮長期定價的？第二個問題是關於Xumo，您能提醒我們它的上線時間嗎？另外，關於廣告，您能把它和傳統廣告做個比較嗎？例如，您是如何考慮廣告庫存、CPM等方面的？我的意思是，你們似乎會有更多的數據。

So I'll take the -- you may need to come -- circle back and -- and remind us what your question was on the broadband. I wasn't sure I completely followed it. I think it was had the corollaries to mobile. But on Xumo, back half of this year, we haven't announced a month -- the progress of the Xumo team it's going very well. The product looks great. And so we expect to be deployed -- fully deployed as Charter at the end of this year.

所以，我先說明一下——您可能需要再來——再補充一下——您之前關於寬頻的問題是什麼。我不太確定我是否完全理解了。我想它涉及到行動網路的相關問題。至於Xumo，今年上半年，我們還沒有公佈任何消息——Xumo團隊的進展非常順利。產品看起來很棒。因此，我們預計將在今年年底前全面部署——作為Charter的寬頻服務。

The advertising business will come through several places. One is live video where you can think of that as connected TV CPMs. We have that today. We have the largest spectrum -- we have the largest app delivery of essentially a virtual MVPD of anybody in the country because of the way that our app is used. And so we monetize through higher CPMs of connected TV spots today that will be amplified through the Xumo platform.

廣告業務將透過多種管道實現。其中之一是直播視頻，您可以將其理解為聯網電視的CPM（每千次展示成本）。我們目前就擁有這項業務。我們擁有最廣泛的受眾群體——由於我們應用程式的使用方式，我們擁有全國最大的應用程式分發量，實際上相當於一個虛擬的MVPD（多頻道視訊節目分發商）。因此，我們目前透過網路電視廣告更高的CPM來獲利，而Xumo平台將進一步擴大這種獲利空間。

And then in addition to that, Xumo will have its share similar to any other connected TV platform of advertising and subscription revenue. And some of those advertising spots will be conveyed to the affiliate, which in this case would be us. And so we expect to participate both as an equity holder in Xumo and its advertising revenue model as well as a way to amplify our own existing advertising revenue streams that we have today.

此外，Xumo 也將像其他連網電視平台一樣，獲得廣告和訂閱收入分成。其中一部分廣告位將分配給我們的合作夥伴。因此，我們希望既能作為股東參與 Xumo 的廣告收入模式，又能藉此機會提升我們現有的廣告收入來源。

On the longer-term question on mobile pricing and sort of where we go there, I think the most important thing to -- for us to worry about right now is that we're trying to take share in that market and to take share. We're priced to take share. And while we're doing that, we're still able to make good margins on that product. And so I don't think that there's some sort of long-term pricing game to think about right now. Our -- what we're really thinking about is what we do to take share in the market to provide mobile service to more of our customers, the fastest and best priced in the industry, and to use that to generate cash flow for the business.

關於行動定價的長期問題以及未來的發展方向，我認為目前我們最需要關注的是，我們正在努力搶佔市場份額。我們的定價策略就是為了搶佔市場份額。同時，我們也能確保產品良好的利潤率。因此，我認為現在無需考慮什麼長期的定價策略。我們真正關注的是如何搶佔市場份額，為更多客戶提供業內最快捷、最具競爭力的行動服務，並利用這些服務為公司創造現金流。

Longer term, if you think about it, there's 2 ways to think about it, just to pontificate. One is, is mobile really a product? Or is it just an attribute of our connectivity service and over time, is their ability to create an entirely new category of seamless connectivity? Today, mobile lines are sold at an individual level and broadband sold at a household level. Today, they're sitting on 2 separate bills. And I'm not sure that either of those need to be true in the future. It could be a single product that none of our competitors have, and none of our competitors have a path to replicate. So that's one way of thinking about it.

從長遠來看，仔細想想，我們可以從兩個角度來探討這個問題。首先，行動通訊究竟算是一種產品嗎？還是它只是我們網路連線服務的屬性？隨著時間的推移，它能否創造出一種全新的無縫連接模式？如今，行動線路是按個人銷售的，寬頻是按家庭銷售的。所以，用戶需要支付兩份不同的帳單。但我並不確定未來是否還必須如此。它有可能成為一種獨特的產品，我們的競爭對手既沒有，也無法複製。這只是其中一種思考方式。

Another is instead of thinking about it as broadband is to think about it as a corollary, is to think about it what we did in the telephone space, the wireline telephone space, where we used it as a significant way to -- for a prolonged period of time to save customers a significant amount of money and drive connectivity and other products that we had by saving the money through an over-the-top product where we had a better mouse trap. And we didn't have a bunch of high-priced legacy revenue that we had to worry about. We could be aggressive in the marketplace.

另一種想法是，與其將其視為寬頻，不如將其視為一種延伸，就像我們在電話領域，特別是固話領域所做的那樣。在固話領域，我們曾長期利用這項技術為客戶節省大量資金，並透過OTT（Over-the-Top）產品節省成本，從而推動連接和其他產品的開發。我們當時擁有更有效率的解決方案。而且，我們無需擔心大量高價的傳統收入來源。因此，我們可以在市場上更加積極進取。

I think those notions, they go hand-in-hand. We've talked about Spectrum One and how that may evolve over time in terms of we may try different ways to go to market that could include pricing, packaging, billing to really create potentially a brand-new category in the space.

我認為這些想法是相輔相成的。我們已經討論過Spectrum One，以及它未來可能的發展方向，例如我們可能會嘗試不同的市場推廣方式，包括定價、包裝和計費方式，從而真正有可能在這個領域創造一個全新的類別。

Our last question will come from Michael Rollins with Citi.

最後一個問題來自花旗銀行的麥可‧羅林斯。

Two topics. First, I was curious if you could share more details on the activity you're seeing in the business segment. Any changes in behavior of your customers since the beginning of the year? And if this macro backdrop is having any specific impact for Charter, positive or negative, on how it's been performing. And then just one other on the ACP. Just curious how many ACP subscribers that Charter currently has and how this program is contributing to the broadband performance.

兩個問題。首先，我想了解一下您在企業業務方面觀察到的情況。自年初以來，您的客戶行為是否有任何改變？當前的大環境是否對Charter的業績產生了任何具體影響，無論是正面的還是負面的。另外，關於ACP（高級寬頻存取計劃），我想了解Charter目前有多少ACP用戶，以及該計劃對寬頻效能的貢獻如何。

Michael, I'll take those. In the business, it's different between SMB and enterprise. Honestly, SMB is a little bit soft right now. We're still growing. You can see that in our numbers. But the SMB space has been a little soft. I don't think we're alone in seeing that. I also think that fixed wireless access may be selling cheap, low-quality residential products into a lower portion of the SMB space. It's -- we see some evidence of that. I think that's temporary.

邁克爾，我接受這些。在商業領域，中小企業和大型企業的情況有所不同。說實話，目前中小企業市場略顯疲軟。我們仍在成長，這一點可以從我們的數據中看出。但中小企業市場確實有些疲軟。我認為我們並非唯一注意到這一點的公司。我還認為，固定無線接入可能正在向中小企業市場中較低端的部分客戶銷售廉價、低品質的家用產品。我們已經看到了一些這方面的跡象。我認為這種情況只是暫時的。

As it relates to Enterprise, we're doing very well in enterprise, the retail side. Clearly, we have ongoing cell tower backhaul revenue pressure. But in the retail space for enterprise, whether it's fiber Internet access, Ethernet, our managed services, our UCaaS services. We're actually doing very well. It takes a while to activate sales, but I think we had our best sales quarter ever in Q1 preactivation. So the enterprise space is doing well and expect the retail piece to continue to grow well and to -- actually to accelerate.

就企業業務而言，我們在零售領域表現非常出色。當然，我們仍然面臨基地回程鏈路收入的壓力。但在企業導向的零售領域，無論是光纖網路存取、乙太網路、我們的託管服務或統一通訊即服務 (UCaaS)，我們的業績都非常亮眼。銷售啟動需要一段時間，但我認為我們在第一季的預啟動階段就取得了有史以來最好的銷售業績。因此，企業業務發展良好，我們預期零售業務也將持續保持良好成長勢頭，甚至可能加速成長。

On ACP, we're not going to get into specific numbers other than to say -- it's a big program for the government. It's important to the government, and we've been very active in deploying ACP at their request. It's been very successful. The vast majority of the customers we have were already existing customers who are now benefiting from that benefit. And we are, we believe, the largest ACP participant. And we're hopeful that the government continues to renew that program over time because we think it's a good program and it's been important, and it's a good benefit in the marketplace.

關於ACP項目，我們不打算透露具體數字，只想說──這是一項政府重點項目。它對政府至關重要，我們應政府要求積極部署ACP項目，並且取得了巨大成功。我們絕大多數客戶都是現有客戶，他們現在都從中受益。我們相信，我們是ACP計畫最大的參與者。我們希望政府能夠繼續續簽該項目，因為我們認為這是一個很好的項目，意義重大，對市場也很有好處。

Thanks, Michael. Back to you, Katie.

謝謝你，麥可。凱蒂，該你了。

There are no further questions at this time. I'll now turn the call back over to Stefan Anninger for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給斯特凡·安寧格，請他作總結發言。

Thanks, everyone, and we will see you next quarter.

謝謝大家，我們下個季度再見。

Thank you.

謝謝。

Thanks .

謝謝 。

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

謝謝各位，今天的活動到此結束，您可以斷開連接了。