Charter Communications Inc (CHTR) 2023 Q2 法說會逐字稿

Hello, and welcome to Charter Communications Second Quarter 2023 Investor Call. (Operator Instructions) Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加Charter Communications 2023年第二季投資人電話會議。 （操作說明）另請注意，本次會議正在錄音。如有任何異議，請立即斷開連接。

I will now turn the call over to Stefan Anninger.

現在我將把電話轉給斯特凡·安寧格。

Good morning, and welcome to Charter's Second 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 our 10-Q filed this morning. We will not review those risk factors and other cautionary statements on this call. However, we encourage you to read them carefully. Various remarks that we make on this call concerning expectations, predictions, plans and prospects constitute forward-looking statements.

早安，歡迎參加Charter公司2023年第二季投資人電話會議。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表格和今天早上提交的10-Q表格。本次電話會議我們不會對此類風險因素和其他警示性聲明進行詳細討論，但我們建議您仔細閱讀這些文件。我們在本次電話會議中就預期、預測、計畫和前景所作的各種表述均構成前瞻性陳述。

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. 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.

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 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。在今天的電話會議中，我們將提及盈利材料中定義和調整的非公認會計準則 (非 GAAP) 指標。 Charter 定義的這些非 GAAP 指標可能與其他公司使用的類似名稱的指標不具有可比性。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 second quarter, we added 77,000 Internet customers, and we continue to benefit from our Spectrum One offering and our network expansion initiatives. We also added 648,000 Spectrum Mobile lines. At the end of the second quarter, we had over 6.6 million total mobile lines. Over 11% of our Internet customers now have mobile service, and we expect mobile penetration to meaningfully grow over the next several years. Spectrum Mobile is the nation's fastest mobile service. We see mobile lines as an extension of our WiFi and seamless connectivity service. And we expect our increasing convergence capabilities will contribute to further Internet growth.

謝謝 Stefan。第二季度，我們新增了 77,000 名網路用戶，並持續受益於我們的 Spectrum One 服務和網路擴展計畫。此外，我們也新增了 648,000 條 Spectrum Mobile 行動線路。截至第二季末，我們的行動線路總數已超過 660 萬條。目前，超過 11% 的網路用戶擁有行動服務，我們預計未來幾年行動網路普及率將顯著成長。 Spectrum Mobile 是全美速度最快的行動服務。我們將行動線路視為我們 WiFi 和無縫連接服務的延伸。我們預計，不斷增強的融合能力將有助於網路業務的進一步成長。

We're pleased with the progress of our growth initiatives and our performance in the second quarter, and we maintained EBITDA despite the significant employee investments we made through 2022, which will start generating growth benefits later this year. We remain focused on our 3 key strategic initiatives: evolution, expansion and execution, each of which is designed to help us grow our business and each of which remains very much on plan. Our network evolution plan is progressing well and offers us significant benefits. First, it will allow us to maintain our fastest Internet and WiFi service claims in front of our customers and competitors everywhere we operate with symmetrical and multi-gig speeds via DOCSIS 4.0 and the ability to provide 25, 50 or even 100 gigabit per second speeds with fiber on demand.

我們對成長計畫的進展和第二季的業績感到滿意。儘管我們在2022年之前對員工進行了大量投資，但EBITDA仍保持穩定，這些投資將於今年稍後開始產生成長效益。我們將繼續專注於三大關鍵策略舉措：演進、擴張和執行，每一項舉措都旨在幫助我們發展業務，並且目前都按計劃進行。我們的網路演進計畫進展順利，並為我們帶來了顯著的效益。首先，該計劃將使我們能夠在所有營運區域，透過DOCSIS 4.0提供對稱和多千兆速度，並能夠按需提供25、50甚至100 Gbps的光纖速度，從而在客戶和競爭對手面前保持我們最快的互聯網和WiFi服務。

This evolution path also creates fallow upstream and downstream capacity for years, driving lower node split capital. And by upgrading the actives in amplifiers and nodes and converting analog optics to digital, we lower our future operating and maintenance expenses, all at a very low cost, much of which is funded from capital and operating cost savings over time. Unlike telco companies who prioritize more attractive footprints for their upgrades, our deployment is across our entire footprint. The cable industry’s nearly ubiquitous deployment of a tremendous amount of spectrum to each home will provide the scaled platform for software and product developers to create new bandwidth-intensive, low latency, high compute services.

這種演進路徑也能使上下游容量閒置多年，進而降低節點分割資本。透過升級放大器和節點中的主動元件，並將類比光傳輸轉換為數位傳輸，我們能夠以極低的成本降低未來的營運和維護費用，而這些成本大部分都來自長期資本和營運成本的節省。與優先選擇更具吸引力的覆蓋區域進行升級的電信公司不同，我們的部署涵蓋了整個網路區域。有線電視產業幾乎無所不在地向每家每戶部署大量頻譜，這將為軟體和產品開發人員提供可擴展的平台，以創建新的頻寬密集、低延遲、高運算能力的服務。

This uniform deployment of network capabilities is what cable has always done to lead the development of new technologies into our networks at scale. And that unique approach is what has and will maintain our competitiveness into the future. So our network evolution is good for the communities we serve, and it's good for Charter. So far, the execution of this large physical upgrade has gone well, and capital costs are coming in on target. Excluding the benefit of any network savings, we continue to expect to spend $100 per passing. 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.

這種統一部署網路功能的做法，正是有線電視公司一直以來引領新技術大規模融入網路發展的關鍵。正是這種獨特的方法，讓我們得以保持並將繼續在未來保持競爭力。因此，我們的網路升級不僅有利於我們服務的社區，也有利於Charter公司本身。目前，這項大規模的物理升級工程進展順利，資本支出也控制在預期範圍內。不計入網路成本節約帶來的收益，我們預計每次升級的成本仍為100美元。我們的融合產品也在不斷發展。 Spectrum One在市場上表現出色，它提供最快的連接速度，並包含移動速度提升和Spectrum Mobile網路等差異化功能，所有這些功能都基於我們的高級WiFi產品。

Today, over 45% of our Internet customers have our Advanced WiFi product, and over 75% of our mobile customers now attach to the Spectrum Mobile network outside of their homes, providing higher speeds with more reliability to customers with lower cost to Charter. Spectrum One also offers significant savings for customers with market-leading pricing at both, promotion and retail. We're excited for the upcoming release of the Xumo product, which I believe will be an industry-leading platform for customers to access all of their linear and DTC video content with unified search and discovery. Together with our Spectrum TV app, the most viewed linear MVPD streaming service in the U.S., Xumo will be our go-to-market platform for new video sales. We're currently conducting field trials in the product, and we remain on track for deployment later this year.

如今，超過 45% 的互聯網用戶已在使用我們的高級 WiFi 產品，超過 75% 的行動用戶在家外也接入了 Spectrum Mobile 網絡，從而以更低的成本為客戶提供更快的速度和更高的可靠性。 Spectrum One 也以極具競爭力的促銷價和零售價，為用戶節省大量費用。我們非常期待即將推出的 Xumo 產品，我相信它將成為業界領先的平台，讓用戶能夠透過統一的搜尋和發現功能存取所有線性影片和 DTC 視訊內容。 Xumo 將與我們 Spectrum TV 應用程式（美國觀看量最高的線性 MVPD 串流服務）結合，成為我們為新影片銷售的市場推廣平台。我們目前正在進行該產品的現場測試，並計劃於今年稍後正式部署。

Our expansion initiative with subsidized rural construction is also on plan. Penetration gains in subsidized rural passings continues to grow at a better pace than planned. Charter is the largest and fastest-growing rural provider in the nation. Our scale and reputation as a rural builder positions us well for winning additional state and local funds, and we hope significant BEAD infrastructure funding. Although the rules and recommendations from NTIA on BEAD funding differ from successful programs currently deployed by the states in which we operate, we'll work with key stakeholders and government officials to reach a place where the rules are still conducive to private investment. And finally, we remain committed to the execution of our core operating strategy, which prioritizes customer experience and satisfaction, driving faster customer growth.

我們針對農村地區建設補貼的擴張計畫也按計畫進行。補貼農村通行證的普及率持續成長，且成長率超乎預期。 Charter 是全美規模最大、成長最快的農村營運商。憑藉我們作為農村建設者的規模和聲譽，我們更有可能贏得更多州和地方政府的資金，我們也希望獲得大量的 BEAD 基礎設施建設資金。儘管 NTIA 關於 BEAD 資金的規則和建議與我們營運所在州目前實施的成功項目有所不同，但我們將與主要利益相關者和政府官員合作，爭取制定有利於私人投資的規則。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滿意度，從而推動客戶數量的快速成長。

We continue to see the benefits of our investments in training and tenure, including better employee retention, higher quality service transactions and better sales yields. Additionally, the increasing digitization of our customer service platforms will further reduce transactions. There's been a lot of discussion about what artificial intelligence and machine learning could do to improve products and business models. Charter already uses advanced analytics and machine learning in various stages and forms across sales, service and network operations. And we expect to continue our investments in AI, machine learning and digital service in ways that meet customers where and how they want to receive service and continually enhance tools for our sales and service employees to simplify their jobs.

我們持續看到在培訓和員工培養方面投入的回報，包括更高的員工留任率、更高品質的服務交易和更高的銷售收益。此外，客戶服務平台的日益數位化將進一步減少交易次數。關於人工智慧和機器學習如何改善產品和商業模式，人們已經進行了廣泛的討論。 Charter 已經在銷售、服務和網路營運的各個階段和以各種形式應用了先進的分析和機器學習技術。我們將繼續投資人工智慧、機器學習和數位化服務，以滿足客戶隨時隨地獲取服務的需求，並不斷改進銷售和服務人員的工具，以簡化他們的工作。

Ultimately, AI will improve both, customer and employee satisfaction, and enhance our operating efficiency by driving fewer physical service transactions, lower cost and lower churn for years to come. Our operating strategy is focused on running our business for long-term value creation for our shareholders, which includes 2 of the cable industry’s most successful investors. Simply put, our operating strategy is founded on having great products, pricing and packaging that creates value for customers and is very difficult for competitors to replicate, so that we get more products into each household and drive more penetration across the network, which lowers our cost to serve. And then combine that with investments in high-quality service, which also increases our competitiveness to acquire more customers.

最終，人工智慧將提升客戶和員工的滿意度，並透過減少實體服務交易、降低成本和減少客戶流失率，在未來幾年內提​​高我們的營運效率。我們的營運策略專注於為股東創造長期價值，其中包括有線電視產業兩家最成功的投資者。簡而言之，我們的營運策略是基於提供優質的產品、定價和套餐，為客戶創造價值，且競爭對手難以複製，讓更多產品進入每個家庭，提高網路覆蓋率，降低服務成本。此外，我們也投資於高品質服務，這進一步增強了我們在客戶獲取方面的競爭力。

We have a great team here at Charter. And we're committed to disciplined execution and investment in this operating strategy, which we believe is good for customers, employees and the communities we serve and will drive significant long-term value creation for shareholders. With that, I'll turn the call over to Jessica.

Charter擁有優秀的團隊。我們致力於嚴格執行並持續投資於這項營運策略，我們相信這有利於客戶、員工和我們服務的社區，並將為股東創造顯著的長期價值。接下來，我將把電話交給Jessica。

Thanks, Chris. Let's turn to our customer results on Slide 6. Including residential and SMB, we added 77,000 Internet customers in the second quarter, versus 38,000 in the prior year period when excluding last year's Internet disconnects related to the transition from EBB to ACP. Video customers in the second quarter declined by 200,000, wireline voice declined by 221,000, and we added 648,000 mobile lines. Internet churn remained near record lows for the second quarter and flat year-over-year and Internet gross additions improved year-over-year. The year-over-year improvement in Internet net additions was driven by tailwinds from our rural construction initiative, the continued success of our Spectrum One product, better sales yields from higher tenured employees, and a slower pace of fiber overbuild in our footprint during the quarter.

謝謝，克里斯。我們來看看投影片6的客戶業績。包括住宅用戶和中小企業用戶在內，我們第二季新增了7.7萬網路用戶，而去年同期新增3.8萬（不包括去年因從EBB過渡到ACP而導致的網路斷網）。第二季視訊用戶減少了20萬，固話用戶減少了22.1萬，行動用戶增加了64.8萬。第二季網路用戶流失率接近歷史最低水平，與去年同期持平，而網路用戶淨增量則較去年同期成長。網路用戶淨增量的年成長主要得益於農村地區網路建設專案的利好、Spectrum One產品的持續成功、資深員工帶來的更高銷售回報率，以及本季我們服務區域內光纖網路建設速度的放緩。

Despite the year-over-year improvement in net adds, overall market activity remains well below pre-COVID level, partly driven by very low move rates. We also continue to see some impact from fixed wireless access competitors in the price-sensitive customer segments of residential and SMB. As Chris mentioned, our Spectrum Mobile products continued to perform well in the quarter. The majority of new lines continue to come from existing Internet customers, though the percentage of lines coming from new customers continued to increase and was higher than what we saw in the first quarter. Port-ins from other carriers as a portion of our gross additions are essentially the same today as they were prior to the launch of Spectrum One despite much higher mobile sales. And with good usage on those promotional lines and unbeatable quality and value at a $30 retail price point, we expect the lines to perform well as long-term customers.

儘管淨新增用戶數較去年同期成長，但整體市場活躍度仍遠低於新冠疫情前的水平，部分原因是用戶遷移率極低。我們也持續感受到來自固定無線存取競爭對手在價格敏感型住宅用戶和中小企業用戶群中的衝擊。正如克里斯所提到的，我們的Spectrum Mobile產品在本季繼續表現良好。新增用戶主要來自現有網路用戶，但新用戶佔比持續成長，高於第一季的水準。儘管行動銷售額大幅提升，但從其他業者攜號轉網的用戶占我們新增用戶總數的比例與Spectrum One推出前基本持平。鑑於促銷線路的良好使用率以及30美元零售價帶來的卓越品質和超值體驗，我們預計這些線路用戶將長期保持良好的使用習慣。

Turning to rural. Subsidized rural passings growth accelerated in the quarter with 68,000 passings activated. And we continue to expect approximately 300,000 new subsidized rural passings this year. Additionally, costs are coming in as planned and we have the labor, equipment and supply necessary to execute our build. We continue to bid on additional subsidies. In addition to RDOF, we've now won over $700 million in state subsidies for over 300,000 passings with a gross build cost of approximately $1.7 billion and a per passing cost to Charter net of subsidies of approximately $3,200. As Chris mentioned, we also look forward to the BEAD bidding process, assuming the right regulatory conditions.

轉向農村地區。本季度，農村補貼通行證的成長速度加快，新增通行證達 6.8 萬張。我們預計今年將新增約 30 萬張農村補貼通行證。此外，各項成本均按計劃進行，我們擁有完成建造所需的勞動力、設備和物資。我們將繼續競標其他補貼項目。除農村發展機會基金 (RDOF) 外，我們目前已獲得超過 7 億美元的州政府補貼，用於建設超過 30 萬張通行證，總建設成本約為 17 億美元，Charter 公司扣除補貼後的單通行證淨成本約為 3200 美元。正如 Chris 所提到的，我們也期待在監管條件允許的情況下參與 BEAD 專案的競標。

Moving to financial results, starting on Slide 7. Over the last year, residential customers grew by 0.2%, with new customer growth driven by Internet partly offset by video-only customer churn. Residential revenue per customer relationship declined by 0.3% year-over-year given a higher mix of non-video customers and growth of lower-priced video packages within our base, partly offset by promotional rate step-ups, rate adjustments and the accelerated growth of Spectrum Mobile. As Slide 7 shows, residential revenue declined by 0.3% year-over-year.

接下來是財務績效部分，從第7頁開始。過去一年，住宅用戶成長了0.2%，新增用戶主要來自互聯網，但部分被僅使用視訊服務的用戶流失所抵消。由於非視訊用戶佔比上升以及低價視訊套餐在我們現有用戶群中的成長，住宅用戶每客戶關係收入同比下降了0.3%，但部分被促銷價格上調、價格調整以及Spectrum Mobile業務的加速增長所抵消。如第7頁所示，住宅用戶收入較去年同期下降了0.3%。

Turning to commercial. SMB revenue grew by 0.2% year-over-year, reflecting SMB customer growth of 1.7%, partly offset by lower monthly SMB revenue per customer, primarily due to a higher mix of lower-priced video packages and a lower number of voice lines per SMB customer. Enterprise revenue was up by 3.2% year-over-year. Enterprise PSUs grew by 6.2% year-over-year. And excluding all wholesale revenue, enterprise revenue grew by 7.2%. Second quarter advertising revenue declined by 16.5% year-over-year due to less political revenue. Core advertising revenue was down 3.5% year-over-year due to a more challenged advertising market, partly offset by our growing advanced advertising capabilities. Other revenue grew 28.5% year-over-year driven by higher mobile device sales. And in total, consolidated second quarter revenue was up 0.5% year-over-year and up 1.1% year-over-year when excluding advertising.

再來看商業業務。中小企業收入年增0.2%，反映了中小企業客戶數量1.7%的成長，但部分被每位中小企業客戶的月收入下降所抵消，這主要是由於低價視訊套餐佔比增加以及每位中小企業客戶的語音線路數量減少所致。企業營收年增3.2%。企業級付費用戶較去年同期成長6.2%。剔除所有批發收入後，企業收入成長7.2%。第二季廣告收入較去年同期下降16.5%，主因是政治廣告收入減少。核心廣告收入較去年同期下降3.5%，原因是廣告市場面臨更多挑戰，但部分被我們不斷增強的高級廣告能力所抵銷。其他營收年增28.5%，主要得益於行動裝置銷售成長。總而言之，第二季合併營收年增0.5%，剔除廣告收入後年增1.1%。

Moving to operating expense and adjusted EBITDA on Slide 8. In the second quarter, total operating expenses grew by $48 million or 0.6% year-over-year. Programming costs declined by 7.8% year-over-year due to a decline in video customers of 5.1% year-over-year, a higher mix of lighter video packages, partly offset by higher programming rates, in the second half of ['22] -- by higher programming rates. In the second half of 2023, we now expect year-over-year growth in programming cost per video customer to be similar to the growth we saw in the first half of 2023. Other cost of revenue increased by 15.4%, primarily driven by higher mobile device sales, other mobile direct costs and higher RSN costs driven by more Lakers games partly offset by lower ad sales costs.

請參閱第8頁投影片，了解營運費用和調整後EBITDA。第二季度，總營運費用年增4,800萬美元，增幅0.6%。由於視訊用戶較去年同期下降5.1%，以及輕量級視訊套餐佔比增加，節目製作成本較去年同期下降7.8%，部分被2022年下半年更高的節目製作費率所抵銷。我們預計，2023年下半年每位視訊用戶的節目製作成本年增幅將與2023年上半年的增幅基本持平。其他收入成本成長15.4%，主要原因是行動裝置銷售額增加、其他行動直接成本上升以及由於湖人隊比賽增加而導致的區域體育網絡（RSN）成本上升，部分被廣告銷售成本下降所抵消。

Cost to service customers increased by 3.6% 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, which was partly offset by productivity improvements, lower service transactions per customer and lower bad debt. As we mentioned last quarter, our employee attrition has declined more quickly than we expected given the programs we discussed at our December investor meeting. In response, we lowered our normal hiring in the first half of this year, and our overall headcount is now normalizing with increasing overall tenure and quality.

為提升員工技能和穩定性，我們對職位結構、薪資和福利進行了調整，導致客戶服務成本較去年同期上升3.6%。與2022年相比，第一線員工流動率下降。此外，我們還開展了其他活動以支援Spectrum Mobile的加速成長，但生產力提升、每位客戶的服務交易次數減少以及壞帳減少部分抵消了上述成本上升的影響。正如我們上季所述，鑑於我們在12月投資者會議上討論的各項計劃，我們的員工流失率下降速度超出預期。為此，我們在今年上半年減少了常規招聘，目前員工總數正逐步恢復正常，員工的整體穩定性和素質也不斷提高。

Longer term, we continue to expect to see additional efficiencies in cost to service customers as a result of our continuing lower service transactions, service tenure and digital service investments, proactive maintenance and network evolution investments. Sales and marketing costs grew by 3.6%, primarily driven by higher staffing across sales channels and the accelerated growth of Spectrum Mobile. And other expenses declined by 0.4%, driven by favorability in insurance expense, mostly offset by higher labor costs. Adjusted EBITDA grew by 0.2% year-over-year in the quarter.

從長遠來看，我們預期隨著服務交易量持續下降、服務期限延長、數位化服務投資增加、主動維護以及網路升級投資的推進，服務成本將進一步降低，進而提高客戶服務效率。銷售和行銷成本成長了3.6%，主要原因是各銷售通路人員增加以及Spectrum Mobile業務加速成長。其他費用下降了0.4%，主要得益於保險費用的有利變化，但大部分被勞動成本的上升所抵銷。本季調整後EBITDA年增0.2%。

Turning to net income on Slide 9. We generated $1.2 billion of net income attributable to Charter shareholders in the second quarter, down from $1.5 billion last year, with higher adjusted EBITDA more than offset by additional interest expense.

接下來是投影片 9 的淨收入。第二季歸屬於 Charter 股東的淨收入為 12 億美元，低於去年的 15 億美元，調整後 EBITDA 的增加被額外的利息支出所抵銷。

Turning to Slide 10. Capital expenditures totaled $2.8 billion in the second quarter, above last year's second quarter spend of $2.2 billion. The increase was primarily driven by higher spend on line extensions, which totaled $1.1 billion in the second quarter of 2023 compared to $693 million in the second quarter of 2022. The increase in line extension was driven by Charter's subsidized rural construction initiative and continued network expansion across residential and commercial greenfield and market selling opportunities. Second quarter capital expenditures, excluding line extensions, totaled $1.8 billion compared to $1.5 billion in the second quarter of 2022.

請看第10張投影片。第二季資本支出總額為28億美元，高於去年同期的22億美元。成長的主要原因是線路擴建支出增加，2023年第二季線路擴建支出總額為11億美元，而2022年第二季為6.93億美元。線路擴建支出增加主要得益於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銷售機會方面的持續網絡擴張。若不計算線路擴大支出，第二季資本支出總額為18億美元，而2022年第二季為15億美元。

We spent more on upgrade rebuild primarily due to our network evolution initiative, and support capital was higher primarily due to investments in information technology systems. 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, capital expenditures, 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 capital expenditures to reach approximately $4 billion.

由於網路升級改造計劃，我們在升級重建方面的支出有所增加；而支持性資本支出增加，主要是由於對資訊科技系統的投資。我們預計全年資本支出（不包括線路擴容）仍將在65億美元至68億美元之間。隨著網路升級計畫預計將於2025年底或2026年初完成，屆時資本支出（不包括線路擴容）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年線路擴容方面的資本支出將達到約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 we win funding for or otherwise commit to additional rural spending, including BEAD. As Slide 11 shows, we generated $668 million of consolidated free cash flow this quarter versus $1.7 billion in the second quarter of last year. The decline was driven by higher CapEx, mostly driven by our network expansion and network evolution initiatives and higher cash taxes as we became a full federal cash taxpayer in 2023.

我們仍預期2024年及2025年的線路擴容資本支出將與2023年的預期相近，約為每年40億美元。我們對2024年和2025年線路擴容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支出，包括BEAD項目。如投影片11所示，本季我們產生了6.68億美元的合併自由現金流，而去年第二季為17億美元。自由現金流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，以及由於我們將在2023年成為聯邦現金納稅人而增加的現金稅。

We finished the quarter with $97.8 billion in debt principal. Our current run rate annualized cash interest is $5.1 billion. And as of the end of the second quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.47x. We intend to stay at or just below the high end of our 4 to 4.5x target leverage range. During the quarter, we repurchased 1.1 million Charter shares and Charter Holdings common units totaling about $400 million at an average price of $341 per share. While our goal is to grow the business in the long term, our focus on execution is driving operating leverage in the business even now. When you take the noise from political ads -- when you take out the noise from political advertising, EBITDA grew by 1.3% year-over-year in the quarter, which means that we were more efficient despite significant mobile growth and a onetime step-up in labor investments.

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。截至第二季末，我們的淨負債與過去12個月調整後EBITDA的比率為4.47倍。我們計劃將槓桿率維持在4至4.5倍的目標區間上限或略低。本季度，我們以每股341美元的平均價格回購了110萬股Charter股票和Charter Holdings普通股，總計約4億美元。雖然我們的目標是實現業務的長期成長，但我們對執行力的重視也正在推動業務的營運槓桿效應。剔除政治廣告的影響後，本季EBITDA年增1.3%，這意味著儘管行動業務大幅成長，且勞動力投資出現一次性增加，我們的營運效率仍然更高。

And we believe our financials will improve as we move later into the year with additional revenue growth in Internet and mobile that will begin showing in Q4 and lower service cost per customer as we realize the tenure benefits of our investment in employees and lap last year's labor step up. Longer term, we also expect to see continuing benefits in operating expenses from further digitization, network improvements, and benefits of programs like proactive maintenance. We're well poised for the future.

我們相信，隨著網路和行動業務收入的持續成長（預計將在第四季度開始顯現），以及員工長期投入帶來的收益和去年勞動力成本的逐步降低，我們的財務狀況將在下半年得到改善。從長遠來看，我們預計進一步的數位轉型、網路升級以及主動維護等項目的實施，都將持續降低營運成本。我們已為未來做好充分準備。

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

操作員，我們現在可以開始問答環節了。

(Operator Instructions) We'll take our first question from Ben Swinburne with Morgan Stanley.

（操作員說明）我們首先來回答摩根士丹利的本·斯溫伯恩提出的問題。

I guess 2 questions. Maybe first, I think you guys will start to lap Spectrum One later this year, and it will probably be one of the first indications for all of us externally to sort of see the promotional roll-off activity and sort of the impact on churn, if any. I don't know if you could just maybe talk about what we should be expecting or how you guys are approaching that or what your expectations are as you go through that sort of first wave of promotional roll-off?

我想問兩個問題。首先，我認為你們今年稍後會開始逐步淘汰Spectrum One，這可能是我們這些外部人士最早能看到促銷活動逐步結束以及對客戶流失率（如果有的話）產生影響的跡象之一。不知道你們能否談談我們應該預期什麼，或者你們是如何應對的，以及在第一波促銷活動逐步結束的過程中，你們的預期是什麼？

And then I know we don't typically talk about video on these calls, but you guys have a lot going on there. And I was just wondering if you could spend a minute talking about sort of your strategy with Xumo and also the new sort of RSN changes you've made, and just anything we should be thinking about in terms of the implications of this strategy on your financials, whether there's set-top box revenues we should be thinking about or capital intensity coming down, et cetera? Just obviously, these are kind of big changes to a part of the business that we don't tend to spend a lot of time on. So I wanted to get your thoughts there.

我知道我們通常不會在通話中討論視頻，但你們那邊確實有很多事情要處理。我想請你們花一點時間談談你們與Xumo的合作策略，以及你們對區域體育網絡（RSN）做出的新調整，還有這些策略對你們財務狀況的影響，比如機上盒收入、資本密集度下降等等，我們應該考慮哪些方面？顯然，這些調整對我們平時不太關注的業務領域來說影響很大。所以我想聽聽你們的看法。

Sure. Ben, there's actually a lot in there. The -- so on Spectrum One, we started -- we launched Spectrum One at the beginning of October last year. And so you'll have the beginning anniversary dates start occurring then. The usage on these is high. And if you think through the comments in Jessica's prepared remarks, these are really good customers. And when you put the Internet, WiFi and mobile together, you can't get that product, you can't get that quality, and you can't get that pricing anywhere else inside the marketplace. And even if you just take a look at it as mobile stand-alone at $30 at retail pricing, that's unmatchable. And to have that with the fastest mobile product in the marketplace, I don't see any reason to think that we're going to have difficulty managing through those roll-offs.

當然。本，這裡面確實有很多內容。關於Spectrum One，我們去年10月初推出了Spectrum One。所以，週年紀念日也會從那時開始。這些用戶的使用率很高。如果你仔細想想傑西卡準備好的演講稿，你會發現這些都是非常優質的客戶。當你把網路、WiFi和行動網路整合在一起時，你絕對找不到比這更好的產品、更好的品質和更優惠的價格。即使你只看行動網路本身，零售價30美元，也是無可匹敵的。再加上市面上最快的行動產品，我認為我們完全有能力應對用戶流失的問題。

Now that doesn't mean that you'll have to evaluate and make sure that you're poised to handle and address customer questions, but I think it sticks. We'll also have -- quietly in the marketplace this time last year, beginning in late July and through August, we did do some testing. So we'll have the opportunity as we go through the course of this quarter to perfect any reactions that we have from customers in small scale along the way. And so I think we're well set up to do that -- always have. And so I think we're in a good position. Could we have a small amount of churn? Potentially, but I don't think it's going to be material given the quality and the value that we're providing in and I think we found something that sticks.

這並不意味著您需要評估並確保自己能夠妥善處理和解答客戶的問題，但我認為這一點很重要。去年這個時候，從7月底到8月，我們悄悄地在市場上進行了一些測試。因此，在本季度，我們將有機會根據客戶的小規模回饋不斷完善產品。我認為我們已經做好了充分的準備——一直以來都是如此。所以我認為我們處於有利地位。我們可能會有少量客戶流失嗎？有可能，但考慮到我們提供的產品和服務的品質和價值，我認為流失不會造成實質的影響，而且我認為我們找到了一種能夠吸引客戶的產品。

I don't know that Spectrum One will be permanently our end-state convergence and seamless connectivity, branding and platform. It's working well today, but we're going to continue to try things in the marketplace, because I think we have a technology and a structure and capability that none of our competitors can really replicate in the marketplace. And I think that product and seamless connectivity will stick, and I think the value is very high to customers.

我不確定Spectrum One是否會成為我們最終的融合、無縫連接、品牌和平台。它目前運作良好，但我們會繼續在市場上嘗試各種可能性，因為我認為我們擁有競爭對手無法真正複製的技術、架構和能力。而且我認為這款產品和無縫連接將會長期存在，並且我認為它對客戶來說價值很高。

On video strategy, there hasn't been a fundamental change in our video strategy. We're losing the least amount of video customers of any of our peers or competitors. The reason that we've been able to do that is for 2 reasons. One is that we have flexibility, and we've tried to use that wisely in a way that is valuable to consumers to create products, pricing and packaging that will stick. And secondly, I think we have a high-quality video product. If you think about our capabilities, if you want live TV, if you want DVR, video on demand, if you want expanded basic, which is the majority of what we sell or you want smaller packages, if you want that inside the home, outside the home, across multiple devices, cloud DVR, no set-top box, Roku, Apple TV or on your iPad, all of those things exist. And there's not many providers who can provide that breadth of content and that level of functionality across the marketplace.

在視訊策略方面，我們的視訊策略並沒有根本性的變化。我們的視訊用戶流失率在所有同業和競爭對手中是最低的。我們之所以能夠做到這一點，主要有兩個原因。首先，我們擁有靈活性，我們努力明智地運用這種靈活性，以對消費者有價值的方式打造產品、定價和套餐，從而留住客戶。其次，我認為我們擁有高品質的視訊產品。想想我們的能力，無論您想要直播電視、數位錄影機 (DVR)、視訊點播、擴展基礎套餐（這占我們銷售產品的大部分）還是更小的套餐，無論您想要在家中、戶外、跨多個設備觀看、雲端 DVR、無需機上盒、在 Roku、Apple TV 或 iPad 上觀看，所有這些功能我們都能提供。市場上很少有供應商能夠提供如此廣泛的內容和如此強大的功能。

The product is good and is designed for the vast majority of people in the marketplace. The issue has been price. And the fact that programmers have required us to take and provide content that customers may not necessarily watch or value, and at the same time, increase the pricing. And so as we've talked about in the past, you've priced out a large number of customers out of the marketplace through that strategy by the programmers. And at the same time, they've gone around and sold that same content at a lower price in a less secure environment. So they've devalued the same content, and that creates a structural problem for the business. We've always thought that if we had the ability to create packages and we had better security in the marketplace of the content that these programmers have that we could sell more video and that would be good, obviously, for customers, it'd be good for the program is ultimately and it'd be better for us. But that will take a fair amount of leadership in the programming space to be able to get to that environment.

產品本身很好，設計上也面向市場上的絕大多數使用者。問題在於價格。事實上，節目製作方要求我們提供一些用戶未必會觀看或重視的內容，同時也提高了價格。正如我們之前討論過的，節目製作方的這種策略已經將大量用戶拒之門外。同時，他們又在安全性較低的環境下以更低的價格出售相同的內容。這導致內容貶值，對業務造成了結構性問題。我們一直認為，如果我們能夠創建內容包，並且節目製作方擁有的內容市場安全性更高，我們就能銷售更多視頻，這顯然對用戶有利，最終對節目製作方有利，對我們自身也更有利。但這需要節目製作領域具備相當的領導力才能實現。

What we found in the RSNs, which was the part of the question that you asked is that prior to Diamond entering into a restructuring environment, we had already created the capacity to have significant flexibility with our packages. And we've achieved that across the RSN space for the vast majority of the country, and we're rolling out versions of our select expanded basic with and without RSNs. We'll be doing that shortly, which does exactly what I just described. And it enables us to have a lower cost video packages for those who are not interested in RSNs, because we have that flexibility. And I think as a result, we'll sell more video.

正如您剛才問到的，我們在區域體育網絡（RSN）方面發現，在Diamond進入重組階段之前，我們已經具備了在套餐方面擁有很大靈活性的能力。我們已經在全國絕大多數地區的RSN領域實現了這一點，並且正在推出包含和不包含RSN的精選擴展基礎套餐。我們很快就會推出這些套餐，其功能正如我剛才所描述的那樣。由於我們擁有這種靈活性，我們可以為那些對RSN不感興趣的用戶提供價格更低的影片套餐。我認為，這將最終提升我們的影片銷售。

And then if you think about the deal that we just did or announced in -- ourselves as an RSN, ourselves with the Dodgers and Lakers, we took our own medicine. We increased the flexibility to an affiliate. And dramatically and at the same time, we announced that we would launch eventually a direct-to-consumer app, but not just in the marketplace, but it will be available to all affiliates, including DIRECTV and including to our own customers. We think that's a model, both having flexibility as well as access to the DTC for the affiliates that could have some legs going forward and create packages that are valuable to consumers and actually allow us to sell more video.

再想想我們剛剛達成或宣布的交易——作為一個區域體育網絡（RSN），我們與道奇隊和湖人隊達成了協議，我們以身作則。我們提高了附屬機構的彈性。同時，我們也宣布最終將推出直接面向消費者的應用程序，而且不僅限於應用商店，所有附屬機構，包括 DIRECTV 以及我們自己的用戶都可以使用。我們認為這種模式——既能保持彈性，又能讓附屬機構直接面向消費者——未來發展前景廣闊，能夠打造對消費者有價值的套餐，並真正幫助我們銷售更多影片內容。

Xumo, since you asked about that, really is an extension of what we've been doing already. 2/3 of our video sales today are without a set-top box, meaning they're going on to Roku, Apple TV, Samsung TV or other platforms. And the concept around Xumo was to -- through a joint venture with Comcast, have an ownership in an independent entity, which is Xumo that provides better functionality and exists for customers today where they can integrate all of their DTC/SVOD and linear services in a single place with unified search and discovery, with a voice remote. And so that will be our platform of choice to deliver to our video subscriptions going forward. And ultimately, I expect us to provide that to some broadband customers over time as well.

既然您問到了Xumo，它實際上是我們現有業務的延伸。目前，我們三分之二的影片銷售都是透過非機上盒管道進行的，也就是說，這些影片是透過Roku、Apple TV、三星電視或其他平台播放的。 Xumo的理念是透過與Comcast成立合資企業，持有獨立實體Xumo的股份，從而為客戶提供更強大的功能，讓他們能夠將所有DTC/SVOD和線性電視服務整合到一個統一的平台，透過統一的搜尋和發現功能，以及語音遙控器進行操作。因此，未來Xumo將成為我們視訊訂閱服務的首選平台。最終，我預計我們也會逐步為部分寬頻用戶提供這項服務。

And that will be good for Xumo as an independent platform, but I also think it provides functionality to our connectivity customers, and we can provide the level of video services to our customers through our connectivity packages. So the financial implications of that -- this will be an attractively priced box for customers as well as for us. I don't expect any material change to our capital expenditure outlook as a result of that. We've already been on a path where the equipment revenue that we've historically had through QAM set-top boxes has been on decline. So this kind of continues that path. So I think the financial implications are not that material.

這對Xumo這個獨立平台來說是好事，但我認為它也為我們的網路連結客戶提供了更多功能，我們可以透過我們的網路連線套餐為客戶提供更高水準的視訊服務。因此，就財務影響而言—這款機上盒對客戶和我們來說都將是一個價格極具吸引力的產品。我預計這不會對我們的資本支出預期產生任何實質影響。我們一直以來透過QAM機上盒獲得的設備收入都在下降，而這在某種程度上延續了這一趨勢。所以我認為財務影響並不重大。

Yes. And that being said, I mean, the margin from the video product has been sort of -- has shrunk over time. And our position has been that we're not willing to lose money in video. And so we believe the product is valuable for our customers. We're continuing to seek out ways that we can continue to provide those products in the way that people want, but to do it while still generating some financial return and whether that's in the form of set-top box revenue or in the way that we package the product overall, ultimately, we're continuing to try to sort of defend having margin in that business.

是的。話雖如此，我的意思是，視訊產品的利潤率一直在下降。我們的立場是，我們不願意在視訊業務上賠錢。因此，我們相信該產品對我們的客戶很有價值。我們一直在尋找各種方法，既能以客戶想要的方式繼續提供這些產品，又能帶來一定的經濟回報。無論是透過機上盒收入，還是透過產品整體包裝方式，最終，我們都在努力確保這項業務的利潤率。

Look, the video platform adds value to our connectivity services on a stand-alone basis, we're at or near the point of indifference, but we're committed to trying to find a path forward for video, because we think it's a good product. We think it adds values to customers. And if we can have the flexibility to package and price it the right way, we think it's good for customers and it's good for us. And ultimately, it's much better for programmers over time as opposed to having the cord cutting continue to accelerate at the pace it's going.

你看，視訊平臺本身確實能為我們的連結服務增添價值，我們現在對它已經不太在意了，但我們仍然致力於尋找視訊發展的未來方向，因為我們認為它是一款好產品，能為客戶帶來價值。如果我們能夠靈活地進行產品打包和定價，我們認為這對客戶和我們自己都有好處。而且從長遠來看，這對節目製作方來說也更有利，而不是眼睜睜地看著用戶繼續加速流失有線電視。

We'll take our next question from Phil Cusick with JPMorgan.

接下來，我們將回答摩根大通的菲爾·庫西克提出的問題。

A couple. Nice margin in the quarter. Jessica, you mentioned headcount. Can you remind us of the expected trend in costs in the second half of the year and into 2024? How will those be impacted by rural initiatives and that headcount sort of normalizing? And then can you talk about the cadence of CapEx for the balance of the year and into 2024, so all-encompassing that line extensions and regular way business?

一對夫婦。本季利潤率不錯。傑西卡，你提到了員工人數。可以提醒我們一下今年下半年以及到2024年的成本預期趨勢嗎？農村發展計畫和員工人數逐漸恢復正常將如何影響這些成本？然後，你能談談今年剩餘時間以及2024年的資本支出節奏嗎？包括產品線擴展和常規業務支出。

Yes. So first, on the expense side, I gave some outlook in the first quarter investor call during the Q&A regarding cost to service expense and sales and marketing expense growth, and that really -- that outlook hasn't changed. I think we'll have a difficult comp in other expense in Q3, because there were lower corporate costs in the third quarter in 2022 but aside from that, I think what we have said already continues to be true about the trajectory on the expense side.

是的。首先，關於費用方面，我在第一季投資人電話會議的問答環節中對服務成本和銷售及行銷費用的成長做了一些展望，而這些展望其實並沒有改變。我認為第三季其他費用方面會面臨較大的同比基數，因為2022年第三季的企業成本較低，但除此之外，我認為我們先前對費用走勢的預測仍然有效。

In terms of capital expenditures and timing across the year, our rural construction initiative now, I would say, is spending at a more consistent pace than it had been the history of the business. And so I think you saw there was somewhat more CapEx loaded into the front half of the year this year relative to our outlook for the entire year than what you would often see in a year. I would expect because that rural build sort of has to continue at a pace over time that you will see that greater level of consistency in CapEx across the quarters, with maybe less back-end loading into Q4 than what you've seen in other -- than what you've seen us do in the past.

就全年資本支出和時間表而言，我認為我們目前的農村建設項目支出速度比以往任何時候都更加穩定。因此，我認為您已經注意到，與我們對全年的預期相比，今年上半年的資本支出略高於往年同期水準。我預計，由於農村建設需要持續推進，因此各季度的資本支出將更加穩定，第四季度的支出集中度可能會低於往年。

And I would expect that as well as we continue sort of into next year, the pace of the build on the network evolution and the overall activity. We'll just keep a base level of CapEx in the business that might have been -- that might have had more of a seasonal trend previously.

我預計，隨著我們繼續推動網路演進和整體業務活動，明年也將保持同樣的建設速度。我們將維持業務的基本資本支出水平，這在以前可能更容易受到季節性因素的影響。

We'll take our next question from John Hodulik, UBS.

接下來，我們將回答瑞銀集團的約翰‧霍杜利克提出的問題。

Two questions for you. First, could you comment on the recent price increase? I think it's $5 increase on high-speed data. First, is that across the whole base? Maybe if you could compare it to sort of previous price increases? And do you think it's sort of enough to get the revenue per customer back into the black? So that's sort of number one. And number two, you guys over-indexed to the ACP program. Is there any way you could size that for us in terms of how large it is within the base, talk about the strategy a little bit. And as we sort of go through that process, does that over time, potentially become a headwind for you guys in terms of broadband growth?

我有兩個問題。首先，您能否談談最近的價格上漲？我記得高速數據流量漲了5美元。首先，這次漲價是針對所有用戶的嗎？能否和之前的漲價情況做個比較？您認為這次漲價足以讓每位用戶的營收轉虧為盈嗎？這是第一個問題。第二個問題，你們似乎過度依賴ACP專案。能否具體說明ACP計畫在使用者群體中的佔比，並談談你們的策略？隨著ACP專案的推進，這是否會對你們的寬頻業務成長造成不利影響？

So the price adjustment in August is a $5 retail Internet increase for flagship and above customers, but it's coupled with a new AutoPay discount of $5. So customers who are currently on AutoPay or who opt into AutoPay won't see a change in their overall price for Internet. There's a lot going on in ARPU. If we move into Q3, we'll fully lap the April 2022 rate adjustment, which included pass-through of video programming expenses. You'll have that August price adjustment. And similar to recent trends, I mean when you talk about there being the reduction in ARPU on a per customer basis, it's really the headwind from the lighter mix of non-video customers and lower-priced video tiers that's driving that. And that obviously, I think, continues going forward.

因此，8 月的價格調整是旗艦級及以上用戶的零售網路套餐價格上漲 5 美元，但同時新增了 5 美元的自動續費折扣。所以，目前已開通自動續費或選擇開通自動續費的用戶，其網路套餐總價格不會改變。 ARPU 方面有很多值得關注的地方。進入第三季後，我們將完全擺脫 2022 年 4 月的價格調整，該調整包含了視訊節目費用的轉嫁。屆時將迎來 8 月的價格調整。與近期趨勢類似，我們所說的每位用戶的 ARPU 下降，實際上是由於非視訊用戶數量減少以及低價視訊套餐的普及所致。而且，我認為這種情況顯然還會持續下去。

If you move into Q4, you'll start to see the Spectrum One promotional roll-off and have sort of the continuance of the other factors that I talked about. But that will be partially offset by lapping the November 2022 Internet-only rate adjustment. So I think that we've had fairly consistent growth in ARPU. If you look at the Internet ARPU growth, and I think, ultimately, our strategy is never to sort of grow the business just based on price. We aim to have competitive prices and to have good penetration because of that on our footprint. But that doesn't mean that we're sort of immune to the inflation impacts and that where it's appropriate, we don't take adjustments in the market, which I think is what we've tried to do, but try to do it in a way that's prudent and consistent with our overall strategy.

進入第四季度，Spectrum One的促銷活動將逐漸結束，我之前提到的其他因素也將持續存在。但這些影響將被2022年11月網路專屬資費調整的部分抵銷。因此，我認為我們的ARPU（每位用戶平均收入）成長相當穩定。如果你觀察網路ARPU的成長，你會發現，我們的最終策略絕非只依賴價格來發展業務。我們的目標是提供具有競爭力的價格，並因此在我們的覆蓋範圍內實現良好的市場滲透率。但這並不意味著我們能夠免受通膨的影響，也不代表我們不會根據市場狀況做出適當的調整。我認為我們一直在努力做到這一點，但我們會以審慎且符合我們整體策略的方式進行調整。

John, I think Jessica said it, but the $5 would not apply to anybody who's already on promotion. It'll only be a retail, and it would to the extent that somebody is or if it comes on AutoPay, that won't pass through. So it's not that material in the end. On ACP, the -- on ACP, our strategy is to respond to the governmental request from the White House FCC and Congress of using this program. And we've been, I think, the most successful at doing that of providing a way for new customers to get into broadband or in the low income space as well as for existing customers to be able to stay in the broadband space through times of affordability issues, meaning that the coming in and out of the market through non-pay churn. And we've been very successful doing that at the request of the government, and it's worked very well for those customers.

約翰，我想傑西卡已經說過，這5美元的優惠不適用於任何已經享受促銷優惠的人。它只適用於零售用戶，如果用戶已經享受促銷優惠或使用了自動付款，這筆優惠就不會生效。所以最終來說，這筆優惠並不重要。關於ACP，我們的策略是回應白宮、聯邦通訊委員會和國會提出的政府要求，使用這個計畫。我認為，我們在這方面做得最成功，為新用戶或低收入用戶提供了接入寬頻的途徑，也幫助現有用戶在面臨經濟壓力時能夠繼續使用寬頻服務，避免因非付費流失而導致的頻繁進出市場。我們應政府要求，在這方面做得非常成功，對使用者來說效果顯著。

I do think that there are some questions around it being renewed. It has bipartisan support, and so we're hopeful that it will be renewed. I think it's been a very good and successful program. And so it's brought in some new customers, particularly early on through EBB and ACP, and we've been able to also have existing customers benefit from staying in broadband through that program. To the extent that it went away, many of these customers were existing broadband customers and both, for new and existing customers. The -- for new and existing customers, we have programs. We've always had programs like Spectrum Internet Assist and low-income programs that we can accommodate in dealing with that at the back end. I'm hopeful that's not the case and that it gets renewed because I do think it's a successful program.

我認為這個計畫能否續期確實存在一些疑問。它得到了兩黨的支持，所以我們希望它能夠續期。我認為這是一個非常出色且成功的項目。它吸引了一些新用戶，尤其是在早期透過 EBB 和 ACP 項目，我們也能夠讓現有用戶透過該項目繼續享受寬頻服務。至於專案終止的部分，這些用戶大多是現有寬頻用戶，無論新舊用戶。我們為新舊用戶都提供了相應的項目。我們一直都有像 Spectrum Internet Assist 這樣的項目，以及一些低收入家庭援助項目，可以在後期處理相關事宜。我希望情況並非如此，這個專案能夠續期，因為我確實認為這是一個成功的專案。

We'll take our next question from Jonathan Chaplin with New Street.

接下來，我們將回答來自 New Street 的 Jonathan Chaplin 的問題。

I'm wondering if you can just stick with the ARPU thing for a second. It looks like ARPU in 2Q was a little bit lower than we expected, maybe you didn't get the -- as much of a benefit from the November price increase as we thought you would. Or again, as Jessica said, there's a lot going on in ARPU. Maybe it's a function of how the bundled discount for Spectrum One is allocated across the different products. If you can give us some sort of -- some insight into drivers of ARPU in 2Q, that would be really helpful.

我想請您先談談ARPU（每位用戶平均收入）。看起來第二季的ARPU比我們預期的要低一些，也許您沒有像我們預期的那樣從11月份的價格上漲中受益。或者，正如Jessica所說，影響ARPU的因素有很多。這可能與Spectrum One捆綁折扣在不同產品之間的分配方式有關。如果您能提供一些關於第二季ARPU影響因素的見解，那就太好了。

And then, Jessica, I think you mentioned during the call during your prepared remarks, the benefit that you're seeing in broadband from Spectrum One, but I just missed the comment. If you can give us some more context on the pull-through effect you're seeing and how you think that progresses the longer that Spectrum One is in the market? That would be really helpful as well.

潔西卡，我想你在電話會議的演講稿中提到了Spectrum One寬頻帶來的益處，但我錯過了你的發言。你能不能再詳細說說你​​觀察到的這種“拉動效應”，以及你認為隨著Spectrum One在市場上運營時間的延長，這種效應會如何發展？這將非常有幫助。

Jonathan, on the ARPU point, we did continue, I guess, in the year-over-year, you have the offsetting impact of having lapped last year's rate adjustments. And with what you talked about, which is that you had the price adjustments that we made earlier in the year, offset by some GAAP allocation of the discount related to the Spectrum One offer. I think you have all the components, right? And that is the sum of what's happening in ARPU in this quarter. That just is.

喬納森，關於ARPU（每位使用者平均收入），我想，與去年同期相比，確實存在一些抵銷因素，例如去年價格調整的影響已經過去一年。如你所提到的，我們年初進行的價格調整也被S​​pectrum One優惠相關的折扣按GAAP（通用會計準則）分配所抵銷。我想你已經把所有因素都考慮進去了，對吧？這就是本季ARPU變化的全部情況。就是這樣。

Yes. I think there's also a fallacy in trying to oversimplify it, too. There's a tremendous amount of activity that's taking place in the course of the year and the course of the quarter with acquisition, retention, bundle allocations, rate increases in the past, rate increases in the more current period, there's a very complicated model that goes there. In the end, it is 2.5%, I think ARPU growth in Internet year-over-year despite some of the allocation differences. And given the fact that we're growing and taking share in both -- in all parts of our footprint, I think the -- we're really pleased with that mix and that outcome. And if we can accelerate particularly the growth as we get through later part of this year, I think we'd be very happy with that.

是的。我認為試圖過度簡化也是一種迷思。在一年和每個季度，我們都會進行大量的活動，包括用戶獲取、用戶留存、套餐分配、過去的提價以及近期的提價等等，這其中涉及一個非常複雜的模型。最終，儘管存在一些分配差異，但我認為網路業務的平均每用戶收入 (ARPU) 同比增長了 2.5%。考慮到我們在所有業務覆蓋區域都實現了成長並擴大了市場份額，我們對這樣的組合和結果非常滿意。如果我們能在今年下半年加速成長，那就更好了。

On -- tied to that, your second question, Jonathan, was Spectrum One and pull-through. The point that was being made is that a higher portion of our mobile is coming from new customer connects through Spectrum One. And that is very promising. Still the majority of our mobile connects are coming through existing customers, but the portion of which is coming through new connects increasing, which means that it's having an effect in the marketplace. The real key for us is to be able to educate customers about what seamless connectivity is, what gigabit wireless can provide. It's in essence a new category, and that takes time to resonate, which is why I said, Spectrum One is our first iteration of convergence and seamless connectivity and it's going well. And I think that bodes well for Internet. I think it bodes well for mobile, and it bodes well for convergence for us over time.

關於這一點，喬納森，你的第二個問題是關於Spectrum One和用戶拉動效應。重點在於，我們行動業務中越來越多的用戶是透過Spectrum One連接新網路的。這非常令人鼓舞。雖然我們大部分的行動連線仍然來自現有客戶，但新用戶存取的比例正在增加，這意味著它正在對市場產生影響。對我們來說，真正的關鍵在於讓客戶了解什麼是無縫連接，而千兆無線網路能帶來什麼。這本質上是一個全新的類別，需要時間才能被大眾接受，所以我才說，Spectrum One是我們融合和無縫連接的第一個版本，而且進展順利。我認為這對互聯網、行動業務以及我們未來的融合業務來說都是一個好兆頭。

And Chris, do you expect that percentage to continue to increase? Is this sort of building momentum in terms of the benefit it has for broadband subs, do you think?

克里斯，你認為這個比例會持續成長嗎？你覺得這是否會對寬頻用戶帶來持續的益處？

Yes, but I also expect the mobile attach rate to our existing Internet customers to increase too, because it's resonating not just for new customers, for existing customers. And so you have benefits all around.

是的，但我預計現有網路用戶的行動端附加率也會提高，因為它不僅對新用戶有吸引力，對現有用戶也很有吸引力。所以，各方都能從中受益。

We'll take our next question from Brett Feldman with Goldman Sachs.

接下來，我們將回答高盛集團的布雷特‧費爾德曼提出的問題。

Yes. Two questions. One of the topics that's been discussed a lot so far this earnings season is that seasonality in the broadband business appears to be much more muted than we've seen previously. I'm curious for your take on it and how you're thinking about the significance of seasonal dynamics as you look into the remainder of the year. And then just you noted that cash taxes were up a lot year-on-year, as you've transitioned to being a full cash taxpayer, I was hoping you could maybe give us some insight on how to think about the way cash taxes are likely to trend over the course of any given year. I think historically, 2Q tends to be a high watermark, but I'm not sure if there are nuances in terms of what we should be expecting for Charter.

是的，我有兩個問題。本財報季至今，寬頻業務的季節性波動似乎比以往弱得多，這是大家討論最多的話題之一。我很想聽聽您對此的看法，以及您如何看待季節性因素對今年剩餘時間的影響。另外，您剛才提到，由於貴公司已完全採用現金納稅方式，現金稅額較去年同期大幅成長。我希望您能就現金稅額在一年中的走勢提供一些見解。我認為，從歷史數據來看，第二季往往是業績的高峰期，但我不太確定Charter的情況是否有所不同。

Got it. On the seasonality side, market activity, including move activity continues to be quite low. And because of that, it's really difficult to predict what we might see in terms of seasonality going forward. We really think that the drivers inside of this Q2 or sort of other factors, which include tailwinds from our overall construction initiative, the continued success of Spectrum One, the performance of the sales force, particularly higher sales yields and the slower pace of fiber overbuild that we saw. And so I would think more about those and sort of less about the seasonal patterns as you try to interpret what happened with our Q2 results. Your second question?

明白了。從季節性角度來看，市場活動，包括搬遷活動，仍然相當低迷。正因如此，我們很難預測未來季節性方面的情況。我們認為，第二季業績的驅動因素，以及其他一些因素，包括我們整體建設計劃帶來的利好、Spectrum One的持續成功、銷售團隊的出色表現（尤其是更高的銷售收益率）以及我們看到的光纖網路建設速度放緩，才是關鍵所在。因此，在解讀我們第二季的業績時，我建議您多考慮這些因素，而不是季節性模式。您的第二個問題是什麼？

Cash taxes.

現金稅。

Cash taxes. Thank you. On cash taxes, there are 2 payments inside of Q2. And so Q2 is the natural high watermark for the cash tax payments, and I think you should anticipate that our total cash taxes are consistent with the guidance that we've previously given and that those payments are -- those remaining payments are spread between Q3 and Q4. There's -- you don't have that same phenomenon of the cash tax payments in any other quarter.

現金稅。謝謝。關於現金稅款，第二季有兩筆款項需要支付。因此，第二季通常是現金稅款支付的高峰期，我認為您應該預期我們的現金稅款總額與我們先前給出的預期一致，剩餘的款項將分攤到第三季和第四季支付。其他季度不會出現相同的現金稅款支付情況。

We'll take our next question from Craig Moffett with MoffettNathanson.

接下來，我們將接受 Craig Moffett 和 MoffettNathanson 的提問。

I'm sure you guys have heard T-Mobile's discussion of your wireless net adds that they tend to be more non-ports than would be the industry norm, and I wonder if you could just talk about the kind of customers you're acquiring, whether they're coming from prepaid predominantly, whether a lot of them are new to wireless, meaning kind of younger kids, anything that you could share some insight into where your subscribers are coming from? And then, obviously, always my favorite topic, anything that you can discuss particularly now that you're not reporting wireless profitability anymore? Anything you can discuss about margins and the trajectory towards profitability from that business?

我相信你們都聽過T-Mobile關於無線網路新增用戶的說法，即非攜號轉網用戶比業界平均要多。我想請你們談談你們的客戶群，例如他們是否主要來自預付費用戶，或者其中有多少是無線新用戶（例如比較年輕的用戶），你們能否分享一些關於用戶來源的資訊？當然，還有我一直最感興趣的話題，鑑於你們現在不再公佈無線業務的盈利情況，你們能否談談利潤率以及該業務的盈利前景？

Sure. So look, I'd start by saying that any time you have your competitors that continue to talk about you on their earnings call, I take that as a compliment. The second thing I would say is clearly, some of their data, they're not really good at producing it. It's not accurate. The third thing I would say is that in Jessica's prepared remarks, she mentioned the level of port activity is at or better than it was even prior to the Spectrum One launch. So we're -- we feel very good that these are not only good and high-quality customers, the majority of which are broadband customers today. So they've resembled the marketplace, and the product is very attractive. It's selling in very well, and it's going to stick very well. And we look forward to seeing that develop over the next few quarters.

當然。首先，我想說的是，每當競爭對手在財報電話會議上不斷提及我們時，我都會把它視為一種讚美。其次，很明顯，他們的一些數據製作得併不好，不夠準確。第三，傑西卡在事先準備好的演講稿中提到，連接埠活躍度甚至達到了Spectrum One推出前的水平，或者更高。因此，我們非常高興，這些客戶不僅品質高，而且絕大多數都是寬頻用戶。他們的組成與市場整體情況相符，而且產品本身也極具吸引力。它的銷售情況非常好，而且會一直維持下去。我們期待在接下來的幾個季度看到它的發展。

On the mobile margin, you had done some work. At your conference, I mentioned that if we thought your work was wrong, we would have let you know. And so that hasn't changed. And that was based off of some of Verizon's disclosure as opposed to ours. Right now, we have a significant amount of customer acquisition. And so we have the cost of acquiring those customers, and we have the cost of operating those customers. And we don't always have the full revenue attached to those customers just yet, and that will start to occur beginning in October and just grow from there. So the overall profitability of the mobile product, if it were a stand-alone product, which it's not, it's good. It's very good.

在行動業務利潤率方面，你們已經做了一些工作。在你們的會議上，我提到過，如果我們認為你們的工作有誤，我們會告知你們。這一點並沒有改變。而且，這是基於Verizon披露的一些信息，而不是我們自己的信息。目前，我們有大量的客戶獲取成本。因此，我們有取得這些客戶的成本，也有營運這些客戶的成本。我們目前還無法獲得與這些客戶相關的全部收入，這種情況將從10月開始出現，並在此基礎上逐步成長。所以，如果行動產品是獨立產品（但實際上它不是），那麼它的整體獲利能力很好，非常好。

And -- but it's not -- it's also at the same time, I want to be careful not to be dragged into it. It's never how we thought about that product. It's really an extension of our broadband product and seamless connectivity and a broadband product that none of our competitors can deploy ubiquitously across their footprint. And so you got to think about the broader profitability. But if it were a stand-alone product, the profitability is good, and our expectations have continued to move in that direction.

而且——但事實並非如此——同時，我也想謹慎行事，避免被捲入其中。我們從未這樣設想過這款產品。它實際上是我們寬頻產品和無縫連接的延伸，也是我們的競爭對手無法在其覆蓋範圍內普遍部署的寬頻產品。因此，你必須考慮更廣泛的獲利能力。但如果它是一款獨立產品，其獲利能力也相當不錯，而且我們的預期也一直朝著這個方向發展。

Yes. The other thing I would point out in our December Investor Day, we showed the progress that we had made in the profitability, excluding customer acquisition costs. And I pointed out then that some of that progress was made because of -- that progress was not sort of dependent on what you were paying in MVNO costs that on our side, we had work to do and that we were still doing and driving down the cost to serve our mobile customers. And that actually has been very successful through the first part of this year. And I think in terms of what we're thinking about in cost to serve per mobile customer, that actually is coming down in a way that we expected it to. And I think as we continue to scale up the mobile business, have longer-tenured customers there as well as to improve our service activity, that we'll continue to gain efficiency on the expense side for our internal expenses and drive additional profitability to the business that way as well.

是的。在12月的投資者日上，我還想指出一點，我們展示了在不計入客戶獲取成本的情況下，我們在獲利能力方面取得的進展。當時我指出，部分進展並非取決於我們支付給行動虛擬網路營運商（MVNO）的費用，而是取決於我們自身在降低行動客戶服務成本方面所做的努力。事實上，今年上半年我們在這方面取得了顯著成效。我認為，就我們目前對每位行動客戶服務成本的考量而言，其下降速度符合預期。隨著我們不斷擴大行動業務規模，擁有更多長期客戶，以及不斷改進我們的服務，我們將繼續提高內部費用的效率，從而進一步提升業務獲利能力。

We'll take our next question from Vijay Jayant with Evercore.

接下來，我們將回答來自 Evercore 的 Vijay Jayant 提出的問題。

I just want to talk about seasonality, obviously, Chris started suggesting we didn't see the same sort of seasonal impact in 2Q in terms of college and/or snowbirds and so forth. So can you help us think about -- has that really changed? And does that mean that 3Q and 4Q that we see sort of reversals may not be as pronounced?

我想談談季節性因素。克里斯之前提到，我們在第二季並沒有看到像大學新生入學或冬季遷徙等季節性因素的影響。那麼，您能否幫我們思考一下──這種情況真的改變了嗎？這是否意味著我們在第三季和第四季看到的某種逆轉趨勢可能不會那麼明顯？

Let me -- Jessica had answered this before, and so let me just add, I guess, some additional color to it. The -- of course, we still had college disconnects, and we had snowbirds effect as well coming out of Florida. It's just the level of activity is a bit more muted compared to what it was pre-COVID. And what we've seen over the past couple of years is the visibility for us, and it appears for everybody, has been a lot less around seasonals in Q2 and Q3 than it was pre-pandemic. And so I think we want to be careful about how far we get ahead of our skis and letting people look out to Q3 and say that they'll be the pre-pandemic path. I think the point that Jessica was trying to make is seasonality aside, the underlying trends are very good through Spectrum One, through the rural construction build, our competitiveness.

讓我——傑西卡之前已經回答過這個問題了，所以我就補充一些細節吧。當然，我們仍然受到大學畢業生離職的影響，而佛羅裡達州的「候鳥族」也影響著我們。只是與新冠疫情前相比，目前的活動量較低。過去幾年，我們發現，第二季和第三季季節性活動的可見度，似乎對所有人來說都是如此，遠不如疫情前那麼高。所以我認為，我們應該謹慎對待滑雪季的預測，不要讓人們過早展望第三季度，並聲稱那將恢復到疫情前的狀態。我認為傑西卡想要表達的觀點是，拋開季節性因素不談，Spectrum One、鄉村建設以及我們的競爭力等潛在趨勢都非常良好。

And I'll come back to that. The fiber overbuild that's at a slower pace. But even in the areas that have fiber, which is in some sense, a larger amount of fiber than it had been in the past, we're performing better in those markets than we did even just 1 year ago. And so we feel good about seasonality aside the underlying trends. And I guess since we're on it, everybody wants to hear if we haven't said it already, our goal is still to have higher net adds this year than it was last year. And so instead of focusing on quarters, we'd like to focus on just the overall trajectory and the long-term trend, and it's good.

我稍後會再談到這一點。光纖網路建設速度有所放緩。但即使在已經鋪設光纖的地區（某種程度上來說，光纖覆蓋範圍比過去更大），我們在這些市場的表現也比一年前更好。因此，撇開季節性因素不談，我們對潛在的發展趨勢感到樂觀。既然說到這兒，我想大家都想聽聽，如果我們之前沒說過的話，我們的目標仍然是今年的淨新增用戶數要高於去年。所以，我們不想只關注季度業績，而是更關注整體發展軌跡和長期趨勢，目前來看情況良好。

We'll take our next question from Bryan Kraft with Deutsche Bank.

接下來，我們將回答來自德意志銀行的布萊恩·克拉夫特提出的問題。

I had 2 questions, if I could. First, and I apologize if you said this and I missed it, but I was wondering if you could talk about the contribution to broadband net adds from the rural line extensions and RDOF? And then secondly, would you mind just giving us an update on your CBRS efforts? And also as part of that, I wanted to ask a hypothetical question. If portfolio of fallow spectrum from low band through mid and high bands were available either through auction or acquisition, is that something at this point that Charter would consider, either alone or with a partner? Or is the current course still the much preferred strategy?

如果可以的話，我有兩個問題。首先，如果您之前已經提到過，而我錯過了，我深表歉意，但我想請您談談農村線路延伸和農村發展基金（RDOF）對寬頻淨新增用戶的貢獻。其次，能否簡單介紹貴公司在CBRS方面的工作進度？另外，我還想問一個假設性的問題。如果低頻段、中頻段和高頻段的閒置頻譜可以透過拍賣或收購的方式取得，Charter目前是否會考慮單獨或與合作夥伴共同進行？或者，貴公司仍然更傾向於維持目前的策略？

Bryan, it was in the materials. The subsidized rural construction is 26,000 Internet net adds inside the quarter. On CBRS, we are at a full commercial launch inside of our market today, and it is going well and on that basis and making sure that the handover times which are working very well right now, continue to perform like that at scale. Then we'll set the next year our -- the basis for our broader CBRS rollout. It's -- I don't want to spook people either. We're going to be very focused on deploying that CBRS where there's a high and fast ROI. We have a number of other accretive projects that are going on right now through network evolution and expansion. And so we're very cognizant of the overall CapEx build. But we're going to build that in a measured way across our footprint, fully deploy the CBRS in the markets that we've acquired over time. But we're going to do it in a way that's very targeted and it generates fast returns.

布萊恩，資料裡有提到。補貼的農村網路建設在本季新增了26,000個網路使用者。關於CBRS，我們今天已在市場內全面商業化上線，目前進展順利。在此基礎上，我們將確保目前運作良好的網路切換速度能夠持續保持，並擴大規模。然後，我們將為明年更廣泛的CBRS部署奠定基礎。我不想嚇唬大家。我們將專注於部署CBRS，尤其是在那些投資報酬率高且速度快的地區。我們目前正在進行一些其他增值項目，這些項目透過網路演進和擴展來實現。因此，我們非常清楚整體資本支出計劃。但我們將以穩健的方式，在我們的業務覆蓋範圍內逐步推進，並在我們逐步收購的市場中全面部署CBRS。我們將採取目標明確、快速見效的方式進行部署。

And your third question was around portfolio spectrum, can't imagine why you're asking that, but I’m being sarcastic. But we have a very strategic, good, perpetual MVNO relationship with Verizon. And the economics, as everybody knows, are very good. And that means -- and combine that with what we were just talking about before, the ability through better and better WiFi and through CBRS over time to have the vast majority of the traffic continue and increasingly be over our network with faster speeds, means that we have the ability to lease the macro cell towers at an attractive rate and not be in the business directly of having to continue to build those towers, densify those towers and acquire additional spectrum.

你的第三個問題是關於頻譜資源的，我真不懂你為什麼會問這個問題，不過我這是在諷刺。我們和Verizon建立了非常策略性、良好且長期的MVNO合作關係。眾所周知，這種經濟模式非常有利。這意味著——再加上我們之前提到的，隨著Wi-Fi和CBRS技術的不斷進步，未來絕大多數流量將透過我們的網路以更快的速度傳輸，這意味著我們可以以極具吸引力的價格租賃宏基站，而無需直接投入資金去建設、擴容或購買額外的頻譜資源。

I think it's a capital-light model that really works well for us. And I think it's a model that, as you can see, has worked very well for Verizon, our partner as well. So I think it's symbiotic. And I would never say never. We'll always take a look at things as they come up but we haven't felt the need to be in the macro cell tower construction, densification and Spectrum acquisition business at scale.

我認為這種輕資產模式非常適合我們。而且正如你所看到的，這種模式對我們的合作夥伴Verizon來說也同樣非常成功。所以我認為這是一種互惠互利的模式。我永遠不會把話說死。我們會根據實際情況隨時調整策略，但我們目前還沒有大規模涉足宏基地台建設、網路密集化和頻譜獲取業務的必要。

We'll take our last question from Michael Rollins. Go ahead, operator.

我們最後回答麥可·羅林斯提出的問題。請開始吧，接線生。

We'll take our next question from Michael Rollins with Citi.

接下來，我們將回答花旗銀行的麥可‧羅林斯提出的問題。

I was just curious to follow up on just the mobile discussion with a couple of questions on some of the segments. So in -- one of the comments is that 11% of Internet customers are taking mobile, which would infer almost 2 lines per account. Just curious if you're starting to see more of a shift to multiline and family plan adoption of your mobile services and if there's a significant opportunity to take up the number of lines per account over time? And then on the SMB side, are there some opportunities to accelerate the mobile gains there where they've been running at about 15,000 to 20,000 per quarter?

我只是想就行動端的討論補充幾個問題，涉及一些細分領域。例如，有人提到11%的網路使用者使用行動服務，這意味著平均每個帳戶擁有近兩條線路。我想知道您是否開始看到行動服務用戶更多地採用多線路和家庭套餐，以及隨著時間的推移，每個帳戶的線路數量是否有顯著增長的空間？另外，在中小企業方面，行動業務的成長速度目前約為每季1.5萬至2萬台，是否有加速成長的機會？

So Michael, you're right. The opportunity for us to continue to increase the lines per customer is high. As you know, certain customers have multiple lines inside the household that are on different EIP plans and timelines. And so our success has been using the high value and high speeds that we have in the mobile product to acquire as many lines up front in the household. And then over time, the opportunities to upgrade those other lines that are on different cascading EIP timelines. So that's working well and the opportunity is to continue to grow, not just penetration of mobile broadband customers, but to add new seamless connectivity customers through Spectrum One, but also to increase the number of lines per household, which, as you know, really increases the stickiness of the product over time. It increases the overall value that we provide because of the significant savings.

邁克爾，你說得對。我們繼續增加每位客戶的線路數量的機會很大。你也知道，有些客戶家裡有多條線路，分別採用不同的分期付款計劃 (EIP) 和付款期限。因此，我們的成功之處在於利用行動產品的高性價比和高速網絡，盡可能為客戶家庭預先獲取線路。然後，隨著時間的推移，我們有機會升級那些採用不同分期付款計劃的線路。這種模式運作良好，我們的機會在於持續成長，不僅要提高行動寬頻客戶的滲透率，還要透過 Spectrum One 增加新的無縫連接客戶，同時還要增加每個家庭的線路數量。如你所知，這確實能隨著時間的推移提高產品的黏性，並因顯著的成本節省而提升我們提供的整體價值。

The second question you asked is on SMB. And I think we're doing a good job there, but I think we can continue to do even better over time. And I think it's still early days in the SMB space, but we can add value there the same way that we do in residential and attack the space.

您問的第二個問題是關於中小企業市場的。我認為我們在這方面做得很好，但隨著時間的推移，我們可以做得更好。我認為中小企業市場還處於起步階段，但我們可以像在住宅市場一樣，為中小企業市場創造價值，並積極開拓這一領域。

Thanks, Michael. That concludes our call. Operator, back to you.

謝謝，麥可。通話到此結束。接線員，把麥克風交還給您。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。