(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，歡迎來到 Charter Communications 2023 年第一季度投資者電話會議。 （操作員說明）另外，作為提醒，今天正在錄製此電話會議。如果您有異議，請此時斷開連接。我現在將電話轉給 Stefan Anninger。請繼續。

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.

早上好，歡迎來到 Charter 的 2023 年第一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。在我們繼續之前，我想提醒您，我們向 SEC 提交的文件中包含許多風險因素和其他警告聲明，包括我們最近的 10-K 和今天早上提交的 10-Q。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 President and CEO; Tom Rutledge, our Executive Chairman; and Jessica Fischer, our CFO. With that, let's turn the call over to Chris.

在今天的電話會議上，我們有我們的總裁兼首席執行官 Chris Winfrey；我們的執行主席 Tom Rutledge；和我們的首席財務官 Jessica Fischer。有了這個，讓我們把電話轉給克里斯。

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，斯特凡。在第一季度，我們增加了 76,000 名互聯網客戶，這得益於我們的 Spectrum One 產品和我們的農村建設計劃。我們繼續在低交易環境中運營，但我們增加了 686,000 條 Spectrum Mobile 線路。第一季度末，我們的移動線路總數為 600 萬條。現在，超過 10% 的互聯網客戶擁有移動服務，我們預計移動普及率將在未來幾年顯著增長，而我們不斷增強的融合能力將有助於互聯網的增長。

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，我們的收入和 EBITDA 分別增長了 3.4% 和 2.6%，我們的資本支出反映了我們關鍵舉措的進展。對於有線電視行業來說，這是一個非常獨特的時期，我們的 3 項關鍵舉措帶來了一代又一代的機會，每一項舉措都旨在推動客戶增長和長期現金流增長。

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.

第一項舉措是演進，其中包括自 1990 年代末以來以極低的成本對有線網絡進行的最重要的頻譜增強。網絡演進還包括我們連接產品的融合。其次是我們自 1980 年代以來最大規模的足跡擴張，將寬帶帶到無服務和服務不足的地區。最後是執行，即投資和提供優質服務。我將簡要介紹這些舉措的最新情況。

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.

我們的網絡演進計劃進展順利。我們現在已經完成了 2 個中型市場的 high split 的實體工作。我們將網絡容量提升到1.2GHz，相當於獲得了400MHz的頻譜。我們還分配了更多頻譜供上游使用。在這些市場中，我們現在能夠提供每秒 2 x 1 千兆比特的服務，並且我們正在向另外 6 個市場推出同樣基於 CMTS 的 1.2 千兆赫高分頻。這些 DMA 約占我們足蹟的 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.

與此同時，我們正在準備網絡演進計劃的第二步，該計劃將覆蓋我們大約 50% 的足跡，並增加分佈式訪問架構的部署，使我們能夠提供每秒 5 x 1 千兆位的速度。

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.

我們網絡演進計劃的第 3 步覆蓋了我們大約 35% 的足跡，應該在 2024 年底開始。該步驟將我們的網絡進一步擴展到 1.8 GHz。我們預計我們的網絡演進計劃將在 2025 年底之前基本完成，達到之前提到的每次通過 100 美元的目標，不包括任何網絡節省的好處，這將到來。

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.

我們的融合產品也在不斷發展。 Spectrum One 在市場上表現良好。它提供最快的連接並包括差異化功能，例如 Mobile Speed Boost 和 -- Spectrum Mobile 網絡，它們都在我們先進的 WiFi 產品上運行。今天，超過 40% 的住宅互聯網客戶擁有我們先進的 WiFi 產品，就在上個月，我們還向 SMB 市場推出了該產品。我們超過 70% 的客戶，我們的移動客戶現在在他們家以外的地方使用 Spectrum Mobile 網絡。

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 還在促銷和零售定價方面為客戶節省了大量費用。因此，我們在移動融合連接方面的機會非常大。我們特別喜歡我們能夠在 10% 到 15% 的時間內混合我們的 5G MVNO 的租賃經濟性，因為我們的移動客戶無法訪問我們更快的頻譜移動網絡。我們在 Verizon 有一個戰略合作夥伴，我們是其網絡和財務活躍線路的重要貢獻者。

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 披露的固定無線接入的定價和使用情況時，很明顯，我們為每千兆字節支付的 MVNO 價格明顯優於移動運營商通過固定無線接入產品實現的經濟性。在擴展類別中，我們的計劃正在按計劃進行。本季度，我們啟動了 44,000 個農村補貼通行證。農村補貼通行證增速加快，3月開通農村補貼通行證2萬張。成本按計劃進行，我們擁有執行構建所需的勞動力、設備和供應。

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面許可支持，我們可以在 RDOF 截止日期前 2 年完成我們的 RDOF 承諾。補貼規則通過率的增長速度繼續超出我們的預期，6 個月的滲透率約為 40%。最後，我們仍然致力於執行我們的核心運營戰略，該戰略優先考慮客戶體驗和客戶滿意度，最終推動客戶更快增長。我們積極主動的維護工作正在從根本上改變客戶體驗。並且使用遙測技術，我們可以在客戶甚至不知道它們存在之前就解決服務缺陷，將原本會發生的服務呼叫提前，並防止與服務相關的斷開連接。我們預計未來幾年主動上門服務的組合將顯著增加。

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.

我們還看到我們在培訓和任期投資方面的收益比預期的要快。第一季度我們一線服務員工的員工保留率是我見過的最好的。雖然對我們員工的投資會產生前期費用，但它們最終會提供更長的任期員工，從而產生更高質量的交易、更少的重複交易、更短的平均處理時間和更高的銷售收益。因此，增加任期還允許我們自己的員工執行更多的網絡演進項目，這將節省資金並提高升級質量。

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，我們服務平台的數字化程度不斷提高，我們在機器學習和人工智能的前身方面投入了大量資金，這將進一步減少交易。未來幾個季度還會有更多，但這裡的關鍵是，更長的員工任期、網絡演進的好處、我們的視頻平台向 IP 的轉換以及數字服務投資的結合，都為我們繼續創造了一條長跑道減少服務交易、運營成本和客戶流失，從而提高客戶滿意度、客戶生命週期價值和我們的回報。

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.

所以最終，我們專注於做客戶希望我們做的一切，投資於網絡以提供更快的速度，提供其他地方無法提供的無縫連接產品，然後將同樣的無縫連接帶到從未有過寬帶的市場之前，通過投資數字服務平台和更資深、更合格的服務員工來提供更好的客戶服務，同時幫助客戶在通貨膨脹的環境中節省大量資金。

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，我們的戰略重點是提供差異化的融合連接產品，從根本上改善人們的生活並為股東創造價值。現在我會把電話轉給傑西卡。

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。在討論我們的第一季度業績之前，我想提醒大家，從本季度開始，我們對報告損益表的方式進行了一些更改。首先，我們現在酌情將移動服務收入計入住宅和中小企業收入，移動設備收入現在計入其他收入。

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，我們不再單獨報告移動費用，這些費用現在包含在適用的費用類別中。最終，這些變化更好地反映了我們移動業務以及我們的運營和產品結構的融合和集成性質。有關這些更改的更多信息，請查看我們今天上午發布的趨勢時間表第 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，我們在第一季度增加了 76,000 名互聯網客戶。視頻客戶減少了 241,000，部分原因是今年 1 月份節目費用增加。有線電話減少了 220,000 條，而我們增加了創紀錄的 686,000 條移動線路。

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 feeds, 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.

儘管我們的互聯網客戶在第一季度繼續保持正增長，但市場活動水平仍然很低。本季度，總流失率略高於去年，但仍接近歷史低點，遠低於大流行前的水平。在對價格敏感的客戶群中，我們看到固定無線接入競爭對手的影響很小。然而，一般來說，無論競爭如何，這些客戶通常都會表現出更高的流失率。鑑於第三方確認的固定無線產品饋送問題，以及圍繞該產品的可靠性和可擴展性的問題，我們希望固定無線客戶隨著時間的推移找到返回我們的方式。

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.

我們繼續以我們高質量、差異化和價格誘人的服務推動非常強勁的移動增長。大多數新線路繼續來自現有的互聯網客戶，儘管自從我們的 Spectrum One 產品推出以來，來自收購的線路百分比顯著增加。

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

正如我們上個季度提到的，我們的融合客戶顯著降低了互聯網和客戶關係流失率。

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.

正如克里斯提到的，我們在農村地區也繼續表現良好。我們今天在趨勢時間表第 5 頁發布的新農村信息披露表明，我們繼續看到農村通行證的強勁增長。在本季度，儘管存在冬季施工季節性，我們仍啟用了 44,000 個農村補貼通行證。補貼農村通行證的滲透率繼續超過我們最初的目標，這些農村客戶正在購買互聯網以外的產品，包括移動、視頻和有線語音。

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.

轉向從幻燈片 6 開始的財務結果。在過去的一年裡，由於互聯網推動的新客戶增長，住宅客戶略有下降，但被純視頻客戶流失所抵消。隨著促銷率的提高、費率調整和 Spectrum Mobile 的加速增長，每個客戶關係的住宅收入增長了 2.5%，部分被我們基地內非視頻客戶的更高組合和低價視頻套餐的增長所抵消。

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.

如幻燈片 6 所示，住宅收入同比增長 2.5%。提醒一下，從本季度開始，我們的住宅收入現在包括移動服務收入，從 2022 年第一季度的 3.87 億美元增長到 2023 年第一季度的 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%.

轉向商業。 SMB 收入同比增長 2%，反映出 SMB 客戶增長 2.4%。企業收入同比增長 3.1%。企業 PSU 同比增長 4.9%。剔除所有批發收入，企業收入增長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.

由於政治收入減少，第一季度廣告收入同比下降 7.2%。核心廣告收入同比下降 2.1%，受本地和全國廣告收入下降的推動，但被我們不斷增長的高級廣告能力所抵消。其他收入同比增長 34%，主要受移動設備銷量增加和農村補貼增加的推動。總體而言，第一季度綜合收入同比增長 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.

展望第二季度的收入增長。我想提醒您，我們將在 4 月 22 日進行利率調整，並面臨上一年強勁的政治廣告收入的逆風。

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.

轉到幻燈片 7 的運營費用和 EBITDA。第一季度，總運營費用同比增長 3.16 億美元或 3.9%。節目製作成本同比下降 6%，原因是視頻客戶同比下降 5.2%，而較輕的視頻包的組合部分被較高的節目費率所抵消。請注意，我們第一季度的節目成本包括 5000 萬美元的有利調整，其規模與我們在去年第一季度看到的體育網絡回扣和其他有利調整的規模相似。

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，我們繼續預計每位視頻客戶的節目製作成本將同比持平。其他收入成本增長 19.9%，主要受移動設備銷售和其他移動直接成本增加的推動。受工作結構、薪酬和福利調整的推動，服務客戶的成本同比增長 6.9%，以建立一支技能更高、任期更長的員工隊伍，導致一線員工流失率低於 2022 年，並開展了更多活動來支持加速發展Spectrum Mobile 的增長。

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 月的投資者會議上討論的計劃，我們的員工流失率下降速度比我們預期的要快，這在一定程度上被生產力提高所抵消，這使我們能夠在今年上半年減少正常招聘，並增加整體任期和質量。從長遠來看，由於我們持續降低服務交易、服務期限和數字服務投資、主動維護和網絡演進投資，我們繼續期望隨著時間的推移為客戶提供更高的效率和成本。

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.

銷售和營銷成本增長了 7.6%，這主要是由於銷售渠道的人員配備增加以及 Spectrum Mobile 的加速增長。在勞動力成本上升的推動下，其他費用增長了 6.7%。本季度調整後的 EBITDA 同比增長 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.

轉向幻燈片 8 的淨收入。我們在第一季度產生了 10 億美元的歸屬於 Charter 股東的淨收入，低於去年的 12 億美元，調整後的 EBITDA 較高，被較高的利息支出所抵消。

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.

轉到幻燈片 9。第一季度的資本支出總額為 25 億美元，高於去年第一季度的 19 億美元支出。增長的主要原因是線路延伸支出增加，2023 年第一季度總支出為 8.9 億美元，而上一季度為 5.41 億美元，這是由 Charter 的補貼農村建設計劃以及住宅和商業綠地和市場填充的持續網絡擴張推動的。在機會。

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.

我還要指出的是，在第一季度，隨著第四季度供應鏈問題的改善，我們購買了大量農村建築設備庫存，因此與我們的補貼農村建設計劃相關的總資本支出連續下降。第一季度的資本支出（不包括線路延伸）總計 16 億美元，而 2022 年第一季度為 13 億美元。鑑於我們的網絡演進計劃，我們在升級改造方面投入了更多資金。包括安裝成本在內的客戶端設備同比增長，支持資金也在適時增加。

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，部分原因是與我們的網絡發展和農村建設計劃相關的成本正在按計劃進行。對於全年，我們繼續預計不包括產品線延伸的資本支出將在 65 億美元至 68 億美元之間。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。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.

我們繼續預計 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。

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.

正如幻燈片 10 所示，本季度我們產生了 6.64 億美元的綜合自由現金流，而去年第一季度為 18 億美元。下降的主要原因是更高的資本支出，這主要是由我們的網絡擴張和網絡發展計劃以及營運資本的不利變化驅動的，不包括移動設備的影響，這是第一季度的典型季節性，但比去年更大。同比逆風的部分原因是與我剛才提到的 2022 年第四季度更大的庫存積累相關的支出付款。

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，我們預計營運資本的變化（不包括移動設備的影響）大致是中性的，因為我們的資本和應計工資在這一年中應該會增加。鑑於我們收到 EIP 付款和向手機提供商付款之間的時間不匹配，移動設備營運資金仍將是一個不利因素。

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，在第一季度，我們沒有支付大量現金稅款。一般來說，我們每年支付 4 次聯邦現金稅款，其中 2 次是在第二季度支付的，1 次是在第三和第四季度支付的。我們不會改變我們在上個季度的電話會議上提供的現金稅前景，只是更清楚地說明現金稅支付的時間。

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.

我們以 978 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 51 億美元。截至第一季度末，我們的淨債務與過去 12 個月調整後的 EBITDA 之比為 4.47 倍，我們打算保持在或略低於我們 4 至 4.5 倍目標槓桿率範圍的高端。

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 ridge 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 375 美元的平均價格回購了 260 萬股 Charter 股票和總計約 10 億美元的 Charter Holdings 普通股。 Charter 的帶寬脊 2 路網絡通過無處不在的千兆和融合服務通過近 5600 萬家庭和企業。鑑於我們多年來對該網絡進行的重大投資，我們現在能夠以經濟高效的方式進一步升級它，以提供最快的速度和最先進的電信服務在國內。

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，我們的規模和能力使我們能夠通過我們的農村建設計劃和其他高投資回報率的擴張機會，迅速將該網絡擴展到未得到服務和服務不足的地區。這些舉措與我們以服務為導向的運營戰略和審慎的資本配置相結合，有望推動長期客戶增長、更高的自由現金流和股東價值。

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 Doug Mitchelson with Credit Suisse.

（操作員說明）我們的第一個問題將來自瑞士信貸的 Doug Mitchelson。

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.

如果我能為克里斯做一個，為傑西卡做一個。克里斯，關於無線產品的上市策略，我只是想知道在 12 個月的促銷活動中創建的無線線路中有多少百分比是您希望在促銷期結束後轉換為全額付費的。我認為，作為其中的一部分，我們會考慮數據使用情況，促銷無線線路與非促銷線路的跟踪情況如何，或者您的總添加量中有多少是被移植的電話號碼與創建新電話號碼。只是想了解該促銷活動帶來的收入機會。我當然得到了保留福利。

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.

然後傑西卡，你不太確定你願意說什麼，但是當你考慮你之前關於影響第一季度和第二季度的勞動力投資的評論時，我們是否應該開始考慮在後面進一步擴大利潤率半年？或者您願意就今年餘下時間的利潤率波動因素發表的任何評論都會有所幫助。

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 ad acquisition of 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.

所以道格，我將從 Spectrum One 的上市開始。我們今天有 2 個優惠。一種是通過廣告獲取免費線路和互聯網，另一種是，如果您購買線路，則可以免費為現有客戶提供第二條線路。這些客戶都是很棒的客戶，他們的使用率很高，並且從連接的角度來看，他們正在獲得該國最快的產品。

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, 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.

什麼時候——我之前說過，但是當促銷期結束時，他們不僅將擁有最快的連接產品，而且還將擁有市場上最優惠的價格以及 29.99 美元。這包括稅費和合同。因此，從質量和定價的角度來看，這是一個非常非常有吸引力的報價，不僅在促銷方面，而且在零售方面。

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.

所以我們的期望是這些都是很棒的客戶。它們是正常的線路，它們無法複製他們在零售商處從我們那裡獲得的服務或定價或市場上其他任何地方的促銷活動。所以我們的期望是一切都堅持下去。

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，我們知道市場上存在一些虛假的言論。我們還應該清楚一些其他事情。我們的大部分總收入來自支付線。今天，我們的線路中只有不到 5% 是平板電腦，它們的費率計劃與手機相同，而且我們也不包括可穿戴設備。所以我們提出的台詞是好的台詞。

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.

還有一件事要補充。這不是一個時刻。我們在打電話之前就在談論它。我們在這裡的目的是成長，成長更多，並繼續我們所走的道路。所以我認為這只是一個開始，我們對我們正在做的事情感到興奮，不僅僅是從移動的角度，而是從整體連接的角度以及我們可以在定性產品和節省客戶方面為客戶帶來的價值很多錢。

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。對於您關於利潤率和下半年會發生什麼的問題，您現在看到的銷售和營銷費用以及服務成本和同比增長實際上是由強勁的移動銷售推動的。但是如果你想想他們今年剩下的時間在銷售和營銷方面會發生什麼，如果你回顧去年，2Q '22 的銷售和營銷費用連續低於 1Q，這可能會帶來一些壓力在第二季度的同比比較中。但銷售和營銷費用的同比增長率在下半年應該會放緩。我們將完成 2022 年年中的人員配置調整。在第四季度，我們將應對與 Spectrum One 相關的銷售成本增加。

Similarly, on the cost reserve 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，在成本儲備方面，我預計成本的同比增長將在 2023 年下半年放緩，我認為這與我們在年底前所說的一致，增長水平更加一致與我們之前的位置 - 與我們之前的位置，這基本上是持平的。所以我確實認為，隨著我們度過這一年 - 與我們所說的一致，業務繼續變得更有效率，我們繼續期望能夠更有效地運營它並從中產生並產生增長他們。

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.

Doug，我只想添加 2 個快速的東西。一個是在成本方面，如果你考慮我們已經討論過的所有運營支出和資本支出投資，它真的讓我們在長期的多年期間內繼續以較低的成本為客戶關係服務，這將有利於我們的現金流未來幾年。但今年年底的另一篇文章，與你的第一個問題有關，我們有一堵好客戶牆，他們今天正在接受促銷價，零售價將降至 29.99 美元並堅持下去。因此，您不僅獲得了開始超越前一年投資的成本方面，而且還獲得了在今年第四季度開始發揮作用的收入方面，而且隨著我們的發展，它會變得越來越好。

And thanks for the rural disclosures as well. .

也感謝農村的披露。 .

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。

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?

我想對於你們中的任何一個人來說，只是想更多地了解加速農村建設的過程。我想你談到了 - 我認為這是相對於整個第一季度的三月。這是那種 - 它是一種簡單的 - 我的意思是不簡單，但更好的天氣是否允許更大更快的建設？當我們度過春季、夏季和一年的剩餘時間時，要使這個數字更高，需要做些什麼呢？

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.

而且我認為您對它的看法太過分了，但是你們談論的 6 個月時鐘是從房屋激活時開始的嗎？我只是想確保我得到了關於激活和營銷的定義，等等。所以只是想了解一下今年剩餘時間的推出情況。

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 subsidies 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. If 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。你關於冬季季節性的觀點是正確的。在我準備好的發言中，我在 3 月份提到，就後端已經出來的情況而言，它要高得多。全年目標是補貼農村建設 30 萬，我們打算實現這一目標，我們正在計劃實現這一目標。因此，從內部規劃的角度來看，我們的目標是正確的。如果你必須記住我們——我們的很多建設都是在俄亥俄州、密歇根州、威斯康星州等地進行的。

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 Europe, so to speak.

在 1 月和 2 月，出行有點困難。無論你是在電線桿上還是在地下，在那種環境下都會有點困難。所以沒有什麼是我們沒有預料到的，而且已經從後端出來了，我們正在接受。 - 除非有更多技術 - 對於 Jessica， - 從激活開始，我們開始計時 0 到 6 個月。因此，一旦工廠建成並開始營銷，可以這麼說，那就是 T 減去歐洲。

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.

它在新趨勢時間表詳細信息中的報告方式。因此，當 6 個月的時鐘開始時，您會在報告中得到這些傳遞。

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。然後作為 Doug 問題的後續行動，我不喜歡做與盈利電話會議有關的事情，但由於昨晚在 T-Mobile 電話會議上非常具體地提到了這些促銷線，你的附加線重新添加，這聽起來像是正在使用的線路，您的期望是隨著這些線路的滾動支付，這些線路將繼續是線路。所以我認為他們 - 可以說這些不是來自任何地方。它們剛剛被創建。我只是想在您滾動付款時了解您的想法，因為這顯然是您的行數中的一個不錯的部分。

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.

看，當有人試圖為你做你的 IR 時，我總是覺得很奇怪，但我們有一個很棒的季度。這些都是很好的補充。我們說過我們說過的話，他們會堅持下去，因為它是高質量的產品。它是市場上最快的，為客戶節省了大量資金。因此，除了我們已經說過的內容之外，我認為我們會保留它並繼續增加我們的行數，我們將做我們自己的 IR。

Our next question will come from John Hodulik with UBS.

我們的下一個問題將來自瑞銀的 John Hodulik。

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?

偉大的。再次感謝農村的披露。所以看起來如果你去掉農村的增加，你們就會增加大約 50,000 個訂閱者。您可以在核心市場談論任何事情。如果你能從競爭的角度談談你所看到的東西。同樣，固定無線廠商正在談論增加容量並擴展到新市場。隨著它們的推出，這會成為一個更大的問題嗎？

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?

然後你談到了這種高度分裂基礎設施的部署。當您打開該服務並在此過程中提高上游容量時，您是否期望在這些市場中看到更好的趨勢？那麼我們是否應該期望它是一個迭代過程，或者隨著基礎設施變得更具競爭力，事情會變得更好？

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.

約翰，所以 - 在趨勢時間表中，你會看到本季度內增加的補貼農村客戶為 17,000，這意味著我們的大部分淨增加來自我們現有的足跡。因此，我們在整個市場上的競爭非常激烈。這包括我們現有的——當然是現有的光纖過度建造以及新的光纖過度建造的地方，我們正在競爭，而且不僅僅是在那個足跡上保持自己的地位。我們看到了一點點疲軟，無論是在總增加量上還是在較小程度上，實際上是在流失方面，但主要是在總增加量上。

Interestingly, 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.

有趣的是，非千兆超建區域因為這是第一次有人有替代方案，所以在那個市場上固定無線接入似乎是一個有趣的替代方案，直到人們最終發現吞吐量和功能與我們提供的寬帶。

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 rebuild, not only do we expect to have continuing improving performance for Spectrum One of the legacy footprint 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.

所以我們在所有市場上的競爭都非常好，只是非常清楚，但這就是我們在遺留足跡中看到的動態。我們正在建造的有補貼重建的通道，我們不僅希望繼續提高 Spectrum One 遺留足蹟的性能，而且從農村的角度來看，我們正在建造的通道會繼續變大，這將是一個隨著時間的推移，對我們的增長做出更大的貢獻。

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.

在高拆分方面，我們正在增強我們網絡的頻譜可用性，這會改善上游的競爭以及更高的下游和上游能力，這使我們在市場上獲得了營銷主張。但這也向我們的競爭對手發出信號——他們不會向我們提出營銷要求。

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.

所以上游是有幫助的，但我認為在這個階段更多的是在市場上有一個重要的營銷主張，我們從實際網絡的質量角度獲得了相當多的網絡利益。因此，我們將從這兩個方面獲得回報，既來自競爭力，也來自隨著時間的推移基本上減少的上門服務和減少的節點分裂，以及我們正在做的事情。

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

知道了。如果我可以跟進，今年的目標是否仍然是比去年增加更多？

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

我們的目標是今年互聯網的淨增加量比去年更高。

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。

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，我必須告訴你，當公司做別人的 IR 時，從我們這邊來看會更有趣。所以不要害羞。

We won't step into that rut.

我們不會步入那個陳規陋習。

All right. First to 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?

好的。首先跟進[約翰]。傑西卡，你在三月份談到了整個季度的寬帶活動。你有什麼可以補充的嗎？您對典型的第二季度季節性或其他方面有什麼想法嗎？然後在視頻方面，我了解到很多視頻下降是因為寬帶增加連接的減少。但是您是否也看到斷開連接的加速？現在有多少人使用這些低成本套餐？

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。所以菲爾，談論進入第二季度。第二季度始終是一個季節性更困難的季度。但就趨勢而言，我們確實繼續看到我在 2 月底所說的話，而且我認為我們的趨勢在 3 月份和 3 月份看起來比 2 月份好一些，比一月份好。我們現在繼續看到，在第二季度的背景下，情況就是這樣。所以我認為我們繼續認為事情看起來非常好，或者至少比以前在這方面更好。

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.

所以我會拍視頻。與我們在視頻上進行費率增加或什至最近在互聯網上進行的費率增加之間存在非常明顯的相關性。因此，在編程傳遞點發生了降級元素，由於程序員的位置，我們不得不這樣做。

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 Zumo towards the back half of this year.

而且我還認為，除此之外，因為與客戶的銷售點討論一直集中在互聯網和移動設備上，所以談話的時間會更長一些。而且我認為我們可以做一些事情來在現在和將來在銷售點提高視頻的附加率，因為我們考慮在今年下半年推出 Zumo。

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.

這是一個非常引人注目的產品。這很簡單。這很簡單。它對客戶的 OTT 以及他們擁有的任何實時視頻觀看和訂閱都有巨大的實用性。正如我之前所說，這是我希望在我的所有電視上擁有的平台。而且我認為這對客戶非常有吸引力，我認為它有機會真正改善我們在視頻方面的發展軌跡以及盈利方式。

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

Zumo 會被報告為常規視頻子，還是您會為此設置不同的類別？

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 Zumo unit and it will be an added benefit to our existing connectivity relationship. But I reserve the right to take that out loud together with Jessica over time. But I think that's the more natural way it will go.

我們還沒有完成所有報告定義，但我認為正確的思考方式是客戶從 Charter 獲取視頻服務的程度，然後將其報告為視頻 PSU。在某種程度上，它只是我們分發的一個平台，我們的客戶可以將其用作連接和客戶，那麼它很可能只是一個 Zumo 單元，它將為我們現有的連接關係帶來額外的好處。但隨著時間的推移，我保留與傑西卡一起大聲說出來的權利。但我認為這是更自然的方式。

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。隨著我們越來越接近推出，我們將嘗試提供一些額外的信息，說明我們認為它會在哪裡落地。

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?

關於你真正華麗的移動結果，你能否討論一下設備促銷的演變作為你移動戰略的一部分，以及我們是否應該在未來為設備促銷建模使用現金？

Sure. I think the device business -- and 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 to best fees, the best product and the best amount of savings already with what we're -- our go-to-market strategy today.

當然。我認為是設備業務——這不是我們進入移動領域的原因。我們進入移動領域是為了提供最快的連接服務，並為客戶節省每月整體連接服務的費用，並帶來融合，這種產品在今天除了憲章和有線電視外並不存在。所以永遠不要說永遠，但我們認為沒有必要，而且我們沒有任何計劃從設備的角度積極進入補貼業務。我們不需要這樣做，因為我們已經為最好的費用、最好的產品和最好的節省提供了巨大的價值——我們今天的上市戰略。

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

我們的下一個問題將來自 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。我們在 BEAD 上所做的早期工作表明，如果獲得全額補貼，這些市場的回報可能是驚人的，可能是你們在 RDOF 市場上看到的回報的兩倍。我想知道你是否可以幫助確定機會的大小。我認為您獲得了大約 20% 的 RDOF 機會？ BEAD 機會有那麼大嗎？然後，當我們加總寬帶行業的增長時，本季度整個行業似乎有所放緩。我想知道您是否了解可能導致這種情況的任何背景信息。它只是從 COVID 期間的那種較高增長時期拉動 COVID 的增長嗎？還是有其他事情發生？

So I'd start with firstly the RDOF returns that we have are extremely attractive. And then we're really pleased with what we're doing, both on RDOF as well as the other state brands 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.

所以我首先要從我們擁有的極具吸引力的 RDOF 回報開始。然後我們對我們正在做的事情感到非常滿意，無論是在 RDOF 上，還是在來自 ARPA 和其他 COVID 基金的其他國家品牌上。這是非常成功的。在 BEAD 上，現在下結論還為時過早。我們已經非常成功地進入了不同的補貼 RFP，這僅僅是因為我們積極進取，因為我們是全國最有經驗的農村建設者。因此，當我們去告訴地方州或聯邦政府我們將要建設，並且我們將在特定時間範圍內建設時，我們可能擁有最多 - 不太可能，我們具有最大的可信度，因為我們'我們是當今最大的農村供應商。我們是最大的農村建築商，我們因成功和我們所做的質量而獲獎。

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 builds 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.

我們不僅有能力將寬帶引入這些農村社區，而且我們有能力為客戶在他們已經很高的移動構建上節省大量資金，並將視頻引入這些地方。所以它不僅僅是一個單一的互聯網游戲。我們帶來了一整套連接服務，可為客戶節省資金。我們已經取得了成功——無論是從經濟上還是從質量的角度來看，我們的成功率都很高，而且我們的信譽非常好。

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 中取得的勝利而言，這當然是我們對資本支出的一些展望中的一個因素，但時間會證明我們在這方面的真正成功程度。但我很樂觀，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.

我要補充的是，喬納森，我們現在有一種非常有紀律的做法，以及我們如何競標這些產品。因此，我們對我們的能力感到非常滿意，我們有能力通過我們的能力為通行證定價，然後競標相應數量的補貼，然後在後端繼續以具有成本效益的方式執行建設通行證產生我們設定的回報。

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.

所以有一個假設的數學練習，你可以做這個練習來嘗試得到我們會贏的東西。但我要清楚的是，我們贏得了什麼，我們將贏得豐厚的回報，我們將在後端執行，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。我們對成本有很好的了解。我們已經準備好了供應和勞動力設備，而且我們已經知道每個不同市場的成本是多少。因此，我們迄今為止的經驗確實是個好兆頭，讓我們對自己的出價充滿信心。在整個寬帶市場上，我確實認為寬帶市場中所有 COVID 數量的逆風以及較低的交易量和較低的移動環境相結合。因此，我認為整個市場仍在遭受這種影響，因為無線替代品正在小幅回落。所以我們也看到了其中的一些。

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.

房屋開工率也有所下降。因此，這顯然也對此有所貢獻，我認為所有這些本質上都是暫時的。我想如果你從整個行業聽到的困難是它什麼時候會恢復正常，我們都沒有真正的水晶球。但我認為，如果我聽取其他人或包括我們同行在內的意見，我們所有人 - 沒有理由認為我們不會回到正常的市場環境中。很難準確預測這種情況何時發生。

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，我們競爭很好。我們在傳統市場和新建築領域都在增長。通過市場正常化以及我們正在建設的大量未提供服務的農村通道的結合，互聯網和移動領域的增長機會對我們來說非常有利。

Our next question will come from Craig Moffett with MoffettNathanson.

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

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，我想知道你是否可以談談無線利潤率。您分享了四分之一的無線結果。而且我認為這是 - 雖然我有點明白訂戶增長的顯著速度意味著客戶獲取成本非常高，但它也會離開 - 它讓人們想像業務將如何隨著時間的推移實際擴展。

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.

那麼關於無線用戶的潛在無線利潤或客戶生命週期價值，您能與我們分享什麼嗎？特別是，您可能會卸載哪些流量以及這可能會如何影響它的發展將非常有幫助。

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。所以克雷格，我回想起去年 12 月，我們實際上給出了我們在業務利潤率方面的位置，不包括業務收入，不包括客戶獲取成本。我們在那裡表明，如果我們將它作為一個獨立的業務來運營，我們不會這樣做，但我們會在業務中獲得豐厚的利潤。我們當然已經閱讀了您一直在做的工作，試圖使用那裡可用的一些財務信息來重新計算成本。顯然，我不打算對這些到底是什麼發表評論，但如果我們認為您在這些問題上存在實質性錯誤，您可能已經收到我們的來信——或者其他人的來信。

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，重要的是退後一步思考——我們經營無線業務不只是為了無線業務的利潤。我們經營我們的整個業務以產生最多的現金流——我們可以通過網絡產生最多的每次通過的現金流。這意味著你必須擁有更多的客戶，這意味著你必須按價值定價，這意味著你必須為每個客戶創造更多的錢，我們相信通過為客戶增加服務來做到這一點，我們就是這樣做的通過將無線添加到我們當前的寬帶、視頻和語音客戶群中。而且我們還看到，將這些產品捆綁在一起有好處，不僅僅是為我們的客戶提供更好的定價，我們會這樣做，而且還可以減少客戶流失，最終，我們認為還可以增加我們可以在寬帶和無線產品的客戶獲取方面做，因為它們成為一種融合的連接體驗。

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充滿信心，因為它增加了我們可以為客戶提供的產品的價值，並因此增加了我們從客戶身上獲得的現金流——當這些客戶從我們這裡購買更多產品（包括無線產品）時，以客戶為基礎。

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，我在準備好的發言中提到，我們現在已經將頻譜移動網絡部署到所有有能力的設備，這是我們的高級 WiFi 服務，我們 40% 的住宅客戶就是這樣。我們現在也開始向 SMB 推出高級 WiFi 服務和 Spectrum Mobile 網絡。因此，到目前為止，絕大多數流量卸載都發生在現有客戶的家庭內部，並且在過去的過程中還沒有讓他們能夠真正在家庭和 Spectrum Mobile 網絡之外進行大量卸載4 或 5 個月加速了流量卸載的能力。那是在我們完全部署 CBRS 之前，我們打算這樣做。

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.

我們已經生活在一個大市場中。進展順利。因此，我認為我們曾公開表示我們有 15% 的使用量是通過 5G MVNO 網絡的租賃獲得的。現在已經非常快地減少了。因此，之前在我們網絡上的 85% 現在僅在幾個月內就上升到了 87%，而且隨著我們通過高級 WiFi 和 CBRS 部署更多的 Spectrum Mobile 網絡，這一數字將隨著時間的推移而繼續增加時間。所以它今天很有吸引力，而且會繼續更具吸引力。今天的盈利能力和現金流實際上與訂戶獲取成本息息相關。

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

我們的下一個問題將來自美國銀行的 Jessica Ehrlich。

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 Zumo 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。一個關於長期移動定價。我的意思是，當你們進入市場時，您是否認為這類似於寬帶，幾十年前以相對於電信的大幅折扣然後隨著您的份額增長而隨著時間的推移而增長？那麼，從長遠來看，您是如何考慮的？其次，關於 Zumo，您能否提醒我們推出時間是什麼時候？而且在廣告方面，你能把它比作線性嗎？比如，您如何考慮庫存負載、每千次展示費用？我的意思是，看起來你會有更多的數據。

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 Zumo, back half of this year, we haven't announced a month, the progress of the Zumo 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.

所以我會——你可能需要過來——轉回來——提醒我們你的問題是關於寬帶的。我不確定我是否完全遵循它。我認為這是移動的必然結果。但是在Zumo上，今年已經過去了半年，我們一個月都沒有公佈，Zumo團隊的進展非常順利。該產品看起來很棒。因此，我們預計將在今年年底作為 Charter 全面部署。

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 Zumo platform.

廣告業務將通過幾個地方。一種是實時視頻，您可以將其視為聯網電視的每千次展示費用。我們今天有。我們擁有最大的頻譜。由於我們應用程序的使用方式，我們擁有該國最大的虛擬 MVPD 應用程序交付。因此，我們今天通過更高的聯網電視廣告每千次展示費用獲利，這將通過 Zumo 平台得到放大。

And then in addition to that, Zumo 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 Zumo and its advertising revenue model as well as a way to amplify our own existing advertising revenue streams that we have today.

除此之外，Zumo 的份額將與任何其他聯網電視平台的廣告和訂閱收入相似。其中一些廣告位將傳送給附屬公司，在這種情況下就是我們。因此，我們希望作為 Zumo 的股權持有人及其廣告收入模式以及擴大我們現有的現有廣告收入流的方式參與。

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.

關於移動定價的長期問題以及我們去哪裡的問題，我認為最重要的是 - 我們現在擔心的是我們正在努力在該市場中佔據份額並佔據份額。我們的定價是為了分享。在我們這樣做的同時，我們仍然能夠在該產品上獲得可觀的利潤。因此，我認為現在不需要考慮某種長期定價遊戲。我們——我們真正考慮的是我們如何在市場上佔有一席之地，為我們的更多客戶提供業內速度最快、價格最優的移動服務，並利用它為企業創造現金流.

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，如果你考慮一下，有兩種方法可以考慮，只是為了武斷。一是，手機真的是一種產品嗎？或者它只是我們連接服務的一個屬性，隨著時間的推移，他們是否有能力創建一個全新的無縫連接類別？今天，移動線路在個人層面銷售，寬帶在家庭層面銷售。今天，他們坐在兩份不同的賬單上。而且我不確定這些中的任何一個在未來是否需要為真。它可能是我們的競爭對手都沒有的單一產品，我們的競爭對手都沒有復制的途徑。所以這是一種思考方式。

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.

另一個不是將其視為寬帶，而是將其視為必然結果，而是將其視為我們在電話領域所做的事情，有線電話領域，我們將其用作一種重要的方式 - 長期通過我們擁有更好的捕鼠器的頂級產品來節省資金，從而為客戶節省大量資金並推動我們擁有的連接性和其他產品的一段時間。而且我們沒有一大堆我們不得不擔心的高價遺留收入。我們可以在市場上積極進取。

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.

我認為這些概念是相輔相成的。我們已經討論了 Spectrum One 以及它可能如何隨著時間的推移而演變，因為我們可能會嘗試不同的方式進入市場，包括定價、包裝、計費，以真正在該領域創造一個潛在的全新類別。

Our last question will come from Michael Rollins with Citi.

我們的最後一個問題將來自花旗的邁克爾羅林斯。

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.

兩個話題。首先，我很好奇你是否可以分享更多關於你在業務部門看到的活動的細節。自年初以來客戶的行為有何變化？如果這種宏觀背景對 Charter 的表現有任何具體影響，無論是積極的還是消極的。然後是 ACP 上的另一個。只是好奇 Charter 目前有多少 ACP 訂戶，以及該計劃如何為寬帶性能做出貢獻。

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，我來拿那些。在業務中，SMB 和企業是不同的。老實說，SMB 現在有點軟。我們還在成長。你可以在我們的數字中看到這一點。但 SMB 空間一直有點疲軟。我不認為我們是唯一看到這一點的人。我還認為，固定無線接入可能會將廉價、低質量的住宅產品銷售到較低的 SMB 空間。這是 - 我們看到了一些證據。我認為那是暫時的。

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.

就企業而言，我們在企業、零售方面做得很好。顯然，我們面臨著持續的蜂窩塔回程收入壓力。但在企業零售領域，無論是光纖互聯網接入、以太網、我們的託管服務，還是我們的 UCaaS 服務。我們實際上做得很好。激活銷售需要一段時間，但我認為我們在第一季度預激活中取得了有史以來最好的銷售季度。因此，企業領域表現良好，預計零售領域將繼續保持良好增長，並且實際上會加速增長。

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，我們不打算討論具體數字，只是說——這是政府的一項大計劃。這對政府很重要，我們一直非常積極地應他們的要求部署 ACP。它非常成功。我們擁有的絕大多數客戶已經是現有客戶，他們現在正從中受益。我們相信，我們是最大的 ACP 參與者。我們希望政府隨著時間的推移繼續更新該計劃，因為我們認為這是一個很好的計劃，它很重要，並且在市場上有很好的好處。

Thanks, Michael. Back to you, Katie.

謝謝，邁克爾。回到你身邊，凱蒂。

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

目前沒有其他問題。我現在將把電話轉回給 Stefan Anniger，聽取任何結束語。

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

謝謝大家，我們下個季度見。

Thank you.

謝謝。

Thanks .

謝謝 。

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

謝謝你們，女士們，先生們。今天的活動到此結束。您現在可以斷開連接。