(CHTR) 2023 Q2 法說會逐字稿

Hello, and welcome to Charter Communications Second Quarter 2023 Investor Call.

您好，歡迎參加 Charter Communications 2023 年第二季度投資者電話會議。

(Operator Instructions)

（操作員說明）

Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. I will now turn the call over to Stefan Anninger.

另外提醒一下，今天正在錄製這次會議。如果您有任何異議，請此時斷開連接。我現在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.

早上好，歡迎參加 Charter 2023 年第二季度投資者電話會議。本次電話會議附帶的演示文稿可以在我們的網站 ir.charter.com 的“財務信息”部分找到。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示性聲明，包括我們今天早上提交的最新 10-K 和 10-Q。我們不會在這次電話會議上審查這些風險因素和其他警告性聲明。但是，我們鼓勵您仔細閱讀它們。我們在本次電話會議上發表的有關期望、預測、計劃和前景的各種言論均構成前瞻性陳述。

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.

這些前瞻性陳述存在風險和不確定性，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其他前瞻性陳述的義務。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調整的非公認會計準則衡量標準。根據章程的定義，這些非公認會計準則衡量標準可能無法與其他公司使用的類似標題的衡量標准進行比較。另請注意，除非另有說明，本次電話會議和演示文稿中提到的所有增長率均按同比計算。

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.

出席今天的電話會議的有我們的總裁兼首席執行官 Chris Winfrey；湯姆·拉特利奇 (Tom Rutledge)，我們的執行主席；和我們的首席財務官傑西卡·費舍爾。這樣，我們就把電話轉給克里斯。

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，斯特凡。第二季度，我們增加了 77,000 個互聯網客戶，我們繼續受益於我們的 Spectrum One 產品和網絡擴展計劃。我們還增加了 648,000 條 Spectrum Mobile 線路。截至第二季度末，我們的移動線路總數超過 660 萬條。我們超過 11% 的互聯網客戶現在擁有移動服務，我們預計移動普及率在未來幾年將顯著增長。 Spectrum Mobile 是全國最快的移動服務。我們將移動線路視為 WiFi 和無縫連接服務的延伸。我們預計我們不斷增強的融合能力將有助於互聯網的進一步發展。

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 ever where 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.

我們對第二季度增長計劃的進展和業績感到滿意，儘管我們在 2022 年進行了大量員工投資，但我們仍保持了 EBITDA，這將在今年晚些時候開始產生增長效益。我們仍然專注於我們的 3 個關鍵戰略舉措：演變、擴張和執行，每一項舉措都旨在幫助我們發展業務，並且每一項舉措都在很大程度上按計劃進行。我們的網絡演進計劃進展順利，為我們帶來了顯著的效益。首先，它將使我們能夠在我們的客戶和競爭對手面前保持我們最快的互聯網和 WiFi 服務聲明，無論我們在哪里通過 DOCSIS 4.0 以對稱和多千兆速度運營，並能夠提供每秒 25、50 甚至 100 吉比特的能力按需提供光纖速度。

This evolution path also creates fallow upstream and downstream capacity for years, driving lower node [spot] capital. And by upgrading the actives and 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 is nearly ubiquitous deployment of a tremendous amount of spectrum to each home will provide the scale platform for software and product developers to create new bandwidth-intensive, low latency, high compute services.

這種演變路徑還創造了多年的閒置上游和下游產能，推動了節點[現貨]資本的下降。通過升級有源器件、放大器和節點，並將模擬光學器件轉換為數字器件，我們可以以非常低的成本降低未來的運營和維護費用，其中大部分資金來自隨著時間的推移節省的資本和運營成本。與優先考慮更具吸引力的升級足蹟的電信公司不同，我們的部署遍及整個足跡。有線電視行業幾乎無處不在，向每個家庭部署大量頻譜，將為軟件和產品開發人員提供規模平台，以創建新的帶寬密集型、低延遲、高計算服務。

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.

這種網絡功能的統一部署是有線電視公司一直以來所做的，以引領新技術大規模進入我們的網絡。這種獨特的方法已經並將保持我們未來的競爭力。因此，我們的網絡發展有利於我們所服務的社區，也有利於 Charter。到目前為止，這一大型物理升級的執行進展順利，資本成本也達到了目標。排除任何網絡節省帶來的好處，我們仍然預計每次經過將花費 100 美元。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，並包括移動速度提升和 Spectrum 移動網絡等差異化功能，每項功能都在我們先進的 WiFi 產品上運行。

Today, over 45% of our Internet customers have our advanced WiFi product, and over 75% of our mobile customers now attached 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 payments for customers with market-leading pricing at both, promotion and retail. We're excited for the upcoming release of the Zumo 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., Zumo 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% 的互聯網客戶擁有我們先進的 WiFi 產品，超過 75% 的移動客戶現已連接到家外的 Spectrum Mobile 網絡，以更低的包租成本為客戶提供更高的速度和更高的可靠性。 Spectrum One 還以市場領先的促銷和零售價格為客戶提供大額付款。我們對即將發布的 Zumo 產品感到非常興奮，我相信該產品將成為行業領先的平台，客戶可以通過統一的搜索和發現來訪問所有線性和 DTC 視頻內容。 Zumo 與我們的 Spectrum TV 應用程序（美國觀看次數最多的線性 MVPD 流媒體服務）一起，將成為我們新視頻銷售的上市平台。我們目前正在對該產品進行現場試驗，並有望在今年晚些時候進行部署。

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.

我們的農村建設補貼擴張計劃也在計劃之中。農村通行補貼的滲透率繼續以高於計劃的速度增長。 Charter 是美國最大且增長最快的農村服務提供商。我們作為農村建設者的規模和聲譽使我們能夠贏得更多的州和地方資金，我們希望獲得大量的 BEAD 基礎設施資金。儘管 NTIA 關於 BEAD 資金的規則和建議與我們開展業務的州目前部署的成功計劃有所不同，但我們將與主要利益相關者和政府官員合作，以實現規則仍然有利於私人投資的目標。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滿意度，推動客戶更快增長。

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.

我們繼續看到我們在培訓和任期方面投資的好處，包括更好的員工保留率、更高質量的服務交易和更好的銷售收益。此外，我們的客戶服務平台日益數字化將進一步減少交易。關於人工智能和機器學習如何改善產品和商業模式已經有很多討論。 Charter 已經在銷售、服務和網絡運營的各個階段和形式中使用了先進的分析和機器學習。我們希望繼續對人工智能、機器學習和數字服務進行投資，以滿足客戶希望在何處以何種方式獲得服務，並不斷增強我們的銷售和服務員工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 two of the cable industries 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，人工智能將提高客戶和員工的滿意度，並通過在未來幾年減少實體服務交易、降低成本和降低客戶流失率來提高我們的運營效率。我們的運營戰略專注於為股東創造長期價值，其中包括電纜行業最成功的兩位投資者。簡而言之，我們的運營策略是建立在擁有優質的產品、定價和包裝的基礎上，為客戶創造價值，並且競爭對手很難復制，這樣我們就能讓更多的產品進入每個家庭並推動整個網絡的滲透，從而降低我們的成本。服務成本。然後將其與高質量服務的投資結合起來，這也提高了我們獲得更多客戶的競爭力。

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 擁有一支優秀的團隊。我們致力於嚴格執行和投資這一運營戰略，我們相信這對客戶、員工和我們所服務的社區有利，並將為股東帶來顯著的長期價值創造。這樣，我就把電話轉給傑西卡。

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。讓我們看看幻燈片 6 上的客戶結果。包括住宅和中小企業在內，我們在第二季度增加了 77,000 個互聯網客戶，而去年同期增加了 38,000 個（不包括去年因從 EBB 到 ACP 過渡而導致的互聯網斷開情況）。第二季度視頻客戶減少20萬戶，有線語音客戶減少22.1萬戶，移動線路新增64.8萬戶。第二季度互聯網流失率仍接近歷史低點，同比持平，互聯網總增加量同比有所改善。互聯網網絡新增量的同比改善是由於我們的農村建設計劃的推動、我們的 Spectrum One 產品的持續成功、更高的終身員工帶來的更好的銷售收益，以及我們的足跡中光纖過度建設的步伐放緩。四分之一。

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.

儘管淨增量同比有所改善，但總體市場活動仍遠低於新冠疫情前的水平，部分原因是移動率極低。我們還繼續看到固定無線接入競爭對手對價格敏感的住宅和中小企業客戶群產生的一些影響。正如 Chris 提到的，我們的 Spectrum Mobile 產品在本季度繼續表現良好。大多數新線路仍然來自現有的互聯網客戶，儘管來自新客戶的線路百分比繼續增加，並且高於我們在第一季度看到的水平。儘管移動銷量大幅增長，但目前來自其他運營商的移植占我們總增量的一部分與 Spectrum One 推出之前基本相同。由於這些促銷產品線的良好使用以及無與倫比的質量和零售價 30 美元的價值，我們預計這些產品線將在長期客戶中表現良好。

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。本季度農村通行補貼增長加速，激活了 68,000 個通行。我們預計今年將新增約 30 萬個農村通行補貼。此外，成本正在按計劃進行，我們擁有執行構建所需的勞動力、設備和供應。我們繼續爭取額外補貼。除了 RDOF 之外，我們現在還為超過 300,000 次過境贏得了超過 7 億美元的國家補貼，總建造成本約為 17 億美元，扣除補貼後每次過境成本約為 3,200 美元。正如 Chris 提到的，假設監管條件合適，我們也期待 BEAD 招標過程。

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.

轉向財務業績，從幻燈片 7 開始。去年，住宅客戶增長了 0.2%，互聯網驅動的新客戶增長部分被純視頻客戶流失所抵消。由於非視頻客戶組合增加以及我們基地內低價視頻套餐的增長，每個客戶關係的住宅收入同比下降 0.3%，但部分被促銷費率提升、費率調整和加速增長所抵消頻譜移動。如幻燈片 7 所示，住宅收入同比下降 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.

轉向商業。中小型企業收入同比增長 0.2%，反映出中小型企業客戶增長 1.7%，但部分被每個客戶每月中小型企業收入的下降所抵消，這主要是由於低價視頻套餐的組合增多以及每個客戶的語音線路數量減少所致。中小企業客戶。企業收入同比增長3.2%。企業 PSU 同比增長 6.2%。剔除所有批發收入，企業收入增長7.2%。由於政治收入減少，第二季度廣告收入同比下降 16.5%。由於廣告市場面臨更大挑戰，核心廣告收入同比下降 3.5%，但我們不斷增長的先進廣告能力部分抵消了這一影響。由於移動設備銷量增加，其他收入同比增長 28.5%。總體而言，第二季度綜合收入同比增長 0.5%，不計廣告收入則同比增長 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.

轉到幻燈片 8 上的運營費用和調整後 EBITDA。第二季度，總運營費用增長 4800 萬美元，同比增長 0.6%。節目成本同比下降 7.8%，原因是視頻客戶同比下降 5.1%，較輕的視頻套餐組合增多，部分被下半年節目費率上升所抵消 ['22]通過更高的編程率。現在，我們預計 2023 年下半年每個視頻客戶的節目成本同比增長將與 2023 年上半年的增長類似。其他收入成本增長 15.4%，主要是由於較高的收入增長移動設備銷售、其他移動直接成本以及湖人隊比賽增多導致的 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.

受工作結構、薪酬和福利調整的推動，以建立一支技能更高、任期更長的勞動力隊伍，導致與 2022 年相比，一線員工流失率降低，並採取額外活動來支持加速Spectrum Mobile 的增長，但部分被生產率提高、每位客戶服務交易量減少以及壞賬減少所抵消。正如我們上季度提到的，考慮到我們在 12 月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。作為回應，我們降低了今年上半年的正常招聘規模，隨著整體任期和質量的提高，我們的總體員工數量現已正常化。

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，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，我們繼續期望看到服務客戶成本的進一步提高。銷售和營銷成本增長 3.6%，主要是由於銷售渠道的人員配置增加以及 Spectrum Mobile 的加速增長。在保險費用優惠的推動下，其他費用下降了 0.4%，但大部分被勞動力成本上升所抵消。本季度調整後 EBITDA 同比增長 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.

轉向幻燈片 9 中的淨利潤。第二季度，我們歸屬於 Charter 股東的淨利潤為 12 億美元，低於去年的 15 億美元，調整後的 EBITDA 較高，被額外的利息支出所抵消。

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.

轉向幻燈片 10。第二季度資本支出總計 28 億美元，高於去年第二季度的 22 億美元。這一增長主要是由於線路延伸支出增加所致，2023 年第二季度的支出總額為 11 億美元，而 2022 年第二季度為 6.93 億美元。線路延伸的增長是由 Charter 的農村建設補貼計劃和持續的網絡擴張推動的跨越住宅和商業綠地以及市場銷售機會。第二季度資本支出（不包括產品線延伸）總計 18 億美元，而 2022 年第二季度資本支出為 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.

我們在升級重建方面的支出增加，主要是由於我們的網絡演進計劃，而支持資本的增加主要是由於對信息技術系統的投資。我們繼續預計全年資本支出（不包括產品線延伸）將在 65 億至 68 億美元之間。在我們的網絡演進計劃預計於 2025 年底或 2026 年初完成後，資本支出（不包括線路延伸佔收入的百分比）應下降至 2022 年水平以下，並在此後繼續下降。我們預計 2023 年線路延伸資本支出將達到約 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.

我們仍然預計 2024 年和 2025 年的產品線延伸資本支出與我們對 2023 年的展望類似，均為每年約 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額外的農村支出，包括 BEAD。正如幻燈片 11 所示，本季度我們產生了 6.68 億美元的綜合自由現金流，而去年第二季度為 17 億美元。下降的原因是資本支出增加，這主要是由於我們的網絡擴張和網絡演進計劃以及我們於 2023 年成為聯邦現金納稅人而提高的現金稅。

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.

本季度結束時，我們的債務本金為 978 億美元。我們目前的年化現金利息運行率為 51 億美元。截至第二季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 4.47 倍。我們打算保持在或略低於 4 至 4.5 倍目標槓桿範圍的上限。本季度，我們以每股 341 美元的平均價格回購了 110 萬股 Charter 股票和總計約 4 億美元的 Charter Holdings 普通單位。雖然我們的目標是長期發展業務，但即使現在，我們對執行的關注仍在推動業務的運營槓桿。當你剔除政治廣告的噪音時——當你剔除政治廣告的噪音時，本季度 EBITDA 同比增長 1.3%，這意味著儘管移動業務增長顯著且一次性實現了增長，但我們的效率更高了——勞動力投資上升。

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

我們相信，隨著我們進入今年晚些時候，我們的財務狀況將有所改善，互聯網和移動領域的收入將在第四季度開始顯現，並且隨著我們實現對員工的投資和最後一圈的 10 年效益，每個客戶的服務成本將會降低年勞動加大。從長遠來看，我們還預計，進一步的數字化、網絡改進以及主動維護等計劃的好處將持續降低運營費用。我們已經為未來做好了準備。接線員，我們現在準備好進行問答了。

(Operator Instructions)

（操作員說明）

We'll take our first question from Ben Swinburne with Morgan Stanley.

我們將回答摩根士丹利本·斯威本 (Ben Swinburne) 提出的第一個問題。

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?

我猜有2個問題。也許首先，我認為你們將在今年晚些時候開始使用 Spectrum One，這可能是我們所有人在外部看到促銷活動以及對客戶流失的影響的第一個跡象之一，如果有的話。我不知道你是否可以談談我們應該期待什麼，或者你們如何實現這一目標，或者當你們經歷第一波促銷活動時你們的期望是什麼？

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 Zumo 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.

然後我知道我們通常不會在這些電話中談論視頻，但你們那裡有很多事情要做。我只是想知道您是否可以花一點時間談談您與 Zumo 的策略以及您所做的新的 RSN 更改，以及我們應該考慮的任何事情，即該策略對您的影響財務方面，我們是否應該考慮機頂盒收入或資本密集度下降等等？顯然，這些是對我們不傾向於花費大量時間的業務部分的重大變化。所以我想了解一下你們的想法。

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，裡面其實有很多東西。我們在去年 10 月初推出了 Spectrum One。因此，週年紀念日將在那時開始發生。這些的使用率很高。如果你仔細想想傑西卡準備好的評論中的評論，就會發現這些都是非常好的客戶。當你把互聯網、WiFi 和移動結合在一起時，你就無法獲得那種產品、那種質量、也無法在市場上的任何其他地方獲得那種定價。即使你只是將其視為移動獨立版，零售價為 30 美元，這也是無與倫比的。為了擁有市場上最快的移動產品，我認為沒有任何理由認為我們會在管理這些下滑方面遇到困難。

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.

現在，這並不意味著您必須評估並確保您準備好處理和解決客戶問題，但我認為它仍然存在。去年這個時候，從七月底到八月，我們也悄悄地在市場上做了一些測試。因此，在本季度的過程中，我們將有機會完善一路上小規模客戶的任何反應。所以我認為我們已經做好了一直這樣做的準備。所以我認為我們處於有利位置。我們可以有少量的流失嗎？有可能，但考慮到我們提供的質量和價值，我認為這不會是實質性的，而且我認為我們找到了一些可以堅持的東西。

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 tied to customers.

我不知道頻譜一號將永遠成為我們的最終狀態融合和無縫連接、品牌和平台。今天運作良好，但我們將繼續在市場上進行嘗試，因為我認為我們擁有我們的競爭對手無法在市場上真正複製的技術、結構和能力。我認為產品和無縫連接將會持續下去，而且我認為價值與客戶密切相關。

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.

在視頻策略上，我們的視頻策略沒有發生根本性的變化。我們失去的視頻客戶數量是所有同行或競爭對手中最少的。我們能夠做到這一點有兩個原因。一是我們擁有靈活性，我們試圖以對消費者有價值的方式明智地利用這一點，創造出持久的產品、定價和包裝。其次，我認為我們擁有高質量的視頻產品。如果您考慮我們的能力，如果您想要直播電視，如果您想要 DVR 視頻點播，如果您想要擴展基本功能（這是我們銷售的大部分產品），或者您想要更小的套餐，如果您想要在家中、室外使用在家中，跨多個設備、雲 DVR、無需機頂盒、Roku、Apple TV 或 iPad，所有這些都存在。市場上能夠提供如此廣泛的內容和如此水平的功能的提供商並不多。

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.

該產品很好，是為市場上絕大多數人設計的。問題是價格。事實上，程序員要求我們獲取並提供客戶不一定會觀看或重視的內容，同時提高定價。正如我們過去所討論的，通過程序員的策略，你已經將大量客戶排除在市場之外。與此同時，他們在不太安全的環境中以較低的價格出售相同的內容。因此，他們貶低了相同內容的價值，這給企業帶來了結構性問題。我們一直認為，如果我們有能力創建包，並且我們在這些程序員擁有的內容的市場上有更好的安全性，我們就可以銷售更多視頻，這顯然對客戶來說是件好事，那就是最終對這個項目有好處，對我們來說也更好。但這需要編程領域相當多的領導力才能進入該環境。

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.

我們在 RSN 中發現，這是您提出的問題的一部分，在 Diamond 進入重組環境之前，我們已經建立了在我們的套餐中具有顯著靈活性的能力。我們已經在全國絕大多數地區的 RSN 空間中實現了這一目標，並且我們正在推出帶有或不帶有 RSN 的精選擴展基本版本。我們很快就會這樣做，這正是我剛才描述的。它使我們能夠為那些對 RSN 不感興趣的人提供成本更低的視頻套餐，因為我們擁有這種靈活性。我認為這樣一來，我們就會賣出更多的視頻。

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.

然後，如果你想想我們剛剛完成或宣布的交易——我們自己作為RSN，我們自己與道奇隊和湖人隊，我們自己吃了藥。我們提高了附屬機構的靈活性。與此同時，我們戲劇性地宣布，我們最終將推出一款直接面向消費者的應用程序，但不僅僅是在市場上，而且所有附屬公司都可以使用它，包括 DIRECTV 以及我們自己的客戶。我們認為這是一種模式，既具有靈活性，又可以讓附屬機構訪問 DTC，這些附屬機構可以在未來取得一些進展，並創建對消費者有價值的套餐，並實際上讓我們能夠銷售更多視頻。

Zumo, 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 Zumo was to -- through a joint venture with Comcast, have an ownership in an independent entity, which is Zumo that provides better functionality and exist 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.

Zumo，既然你問了這個問題，這確實是我們已經在做的事情的延伸。目前，我們銷售的視頻中有 2/3 沒有機頂盒，這意味著它們將在 Roku、Apple TV、Samsung TV 或其他平台上播放。 Zumo 的理念是——通過與 Comcast 成立合資企業，擁有一家獨立實體的所有權，該實體提供更好的功能，並為當今的客戶提供服務，客戶可以將所有 DTC/SVOD 和線性服務集成到一個具有統一搜索和發現功能的單一位置，並帶有語音遙控器。因此，這將成為我們未來向視頻訂閱提供服務的首選平台。最終，我希望我們也能隨著時間的推移向一些寬帶客戶提供這一服務。

And that will be good for Zumo 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.

這對於 Zumo 作為一個獨立平台來說是件好事，但我也認為它為我們的連接客戶提供了功能，我們可以通過我們的連接包為客戶提供一定水平的視頻服務。因此，這對財務影響 - 這對於客戶和我們來說都將是一個價格有吸引力的盒子。我預計我們的資本支出前景不會因此發生任何重大變化。我們已經走上了一條歷史上通過 QAM 機頂盒獲得的設備收入一直在下降的道路。所以這種方式延續了這條道路。所以我認為財務影響並不那麼重大。

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，隨著時間的推移，視頻產品的利潤已經有所縮減。我們的立場是，我們不願意在視頻領域賠錢。因此，我們相信該產品對我們的客戶來說很有價值。我們正在繼續尋找方法，繼續以人們想要的方式提供這些產品，但同時仍能產生一些財務回報，無論是以機頂盒收入的形式還是以我們對產品進行整體包裝，最終，我們將繼續努力捍衛該業務的利潤率。

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.

看，視頻平台在獨立的基礎上為我們的連接服務增加了價值，我們正處於或接近漠不關心的地步，但我們致力於努力尋找視頻的前進道路，因為我們認為這是一個很好的選擇產品。我們認為它可以為客戶增加價值。如果我們能夠靈活地以正確的方式包裝和定價，我們認為這對客戶有好處，對我們也有好處。最終，隨著時間的推移，這對程序員來說要好得多，而不是繼續以目前的速度加速剪線。

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

我們將回答摩根大通的 Phil Cusick 提出的下一個問題。

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。本季度利潤率不錯。傑西卡，你提到了員工人數。您能否提醒我們下半年和 2024 年的成本預期趨勢？農村舉措和人員數量正常化將如何影響這些？然後您能否談談今年剩餘時間和 2024 年的資本支出節奏，所有這些都包含線路延伸和常規業務？

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，在費用方面，我在第一季度投資者電話會議的問答中就服務費用成本以及銷售和營銷費用增長給出了一些展望，實際上，這種前景並沒有改變。我認為我們在第三季度的其他費用方面將面臨困難，因為 2022 年第三季度的企業成本較低，但除此之外，我認為我們已經說過的關於費用方面的軌跡仍然是正確的。

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.

就全年的資本支出和時間安排而言，我想說，我們現在的農村建設計劃的支出速度比企業歷史上更加一致。因此，我認為您看到，相對於我們對全年的展望，今年上半年的資本支出比您在一年中經常看到的要多一些。我預計，由於農村建設必須隨著時間的推移繼續保持一定的節奏，因此您會看到各個季度的資本支出具有更高的一致性，第四季度的後端負載可能比您在其他季度看到的要少 - - 比您過去看到的我們所做的更出色。

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，我們將在明年繼續推進網絡演進和整體活動的建設步伐。我們將保持業務中的資本支出基本水平，這可能是以前可能有更多季節性趨勢的業務。

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

我們將接受瑞銀集團 (UBS) 約翰·霍杜利克 (John Hodulik) 提出的下一個問題。

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?

有兩個問題問你。首先，您能評論一下最近的價格上漲嗎？我認為高速數據費用增加了 5 美元。首先，是整個基地嗎？也許您可以將其與之前的價格上漲進行比較？您認為這足以讓每個客戶的收入恢復盈利嗎？所以這是第一。第二，你們過度關注 ACP 計劃。您有什麼辦法可以根據基地內的規模來衡量我們的規模嗎？請稍微談談策略。當我們經歷這個過程時，隨著時間的推移，這是否可能成為你們寬帶增長的阻力？

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 月份的價格調整是針對旗艦及以上客戶的零售互聯網上漲 5 美元，但同時附帶新的 5 美元自動付款折扣。因此，當前使用自動付款或選擇自動付款的客戶不會看到互聯網總體價格發生變化。 ARPU 發生了很多變化。如果進入第三季度，我們將完全接受 2022 年 4 月的費率調整，其中包括視頻節目費用的轉嫁。您將享受八月份的價格調整。與最近的趨勢類似，我的意思是，當你談到每個客戶的 ARPU 下降時，實際上是非視頻客戶和價格較低的視頻層的較輕組合帶來的阻力推動了這一趨勢。我認為，這顯然會繼續向前發展。

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.

如果進入第四季度，您將開始看到 Spectrum One 促銷活動的減少，並且我談到的其他因素會繼續存在。但這將通過 2022 年 11 月的僅限互聯網費率調整來部分抵消。所以我認為我們的 ARPU 增長相當穩定。如果你看看互聯網 ARPU 的增長，我認為最終，我們的策略永遠不會僅僅基於價格來增長業務。我們的目標是擁有有競爭力的價格，並因為我們的足跡而具有良好的滲透力。但這並不意味著我們在某種程度上不受通脹影響，並且在適當的情況下，我們不會對市場進行調整，我認為這是我們一直在嘗試做的事情，但要努力去做以審慎且符合我們總體戰略的方式。

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 local 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，我想傑西卡說過，但是 5 美元不適用於任何已經晉升的人。它只會是零售的，而且只要有人零售或者採用自動支付方式，就不會通過。所以最終它不是那個材料。在 ACP 上，在 ACP 上，我們的策略是響應白宮 FCC 和國會使用該計劃的政府要求。我認為，我們在這方面做得最成功，為新客戶提供進入寬帶或當地收入領域的方式，以及為現有客戶提供一種方法，使他們能夠在未來一段時期內留在寬帶領域。負擔能力問題，意味著通過非付費方式進出市場。我們應政府的要求非常成功地做到了這一點，並且對這些客戶來說效果非常好。

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 [flush] you. 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.

我確實認為圍繞它的更新存在一些問題。它得到了兩黨的支持，因此我們希望它能夠得到更新。我認為這是一個非常好的和成功的計劃。因此，它帶來了一些新客戶，特別是在早期通過 EBB 和 ACP，而且我們還能夠讓現有客戶通過該計劃繼續使用寬帶而受益，直到它消失為止。其中許多客戶都是現有的寬帶客戶，無論是新客戶還是現有客戶[flush]你。 - 對於新客戶和現有客戶，我們都有計劃。我們一直有像 Spectrum Internet Assist 和低收入計劃這樣的計劃，我們可以在後端處理這些計劃。我希望情況並非如此，並且它能得到更新，因為我確實認為這是一個成功的計劃。

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

我們將接受新街的喬納森·卓別林提出的下一個問題。

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.

我想知道您是否可以先關注 ARPU 問題。看起來第二季度的 ARPU 比我們預期的要低一些，也許您沒有從 11 月份的價格上漲中獲得我們預期的那麼多好處。或者，正如傑西卡所說，ARPU 值發生了很多變化。也許這與 Spectrum One 的捆綁折扣如何在不同產品之間分配有關。如果您能給我們一些關於第二季度 ARPU 驅動因素的見解，那將非常有幫助。

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.

然後，傑西卡，我想您在電話會議期間在準備好的發言中提到了您在頻譜一號寬帶中看到的好處，但我剛剛錯過了評論。您能否向我們提供更多關於您所看到的拉動效應的背景信息，以及您認為 Spectrum One 上市時間越長這種效應會如何發展？這也會很有幫助。

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 gap 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 點，我想，我們確實繼續，在同比中，您會受到去年費率調整的抵消影響。正如您所說，我們在今年早些時候進行了價格調整，並被與 Spectrum One 報價相關的折扣的一些缺口分配所抵消。我想你已經具備了所有的組件，對嗎？這就是本季度 ARPU 情況的總和。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它也存在一個謬誤。一年中和季度中發生了大量的活動，包括收購、保留、捆綁分配、過去的利率上漲、當前時期的利率上漲，有一個非常複雜的模型那裡。最終，儘管存在一些分配差異，但我認為互聯網的 ARPU 仍同比增長 2.5%。考慮到我們正在成長並在我們足蹟的所有部分中佔據份額，我認為我們對這種組合和結果感到非常滿意。如果我們能夠在今年下半年特別加速增長，我想我們會對此感到非常高興。

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, especially One is our first iteration of convergence and see what's 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.

與此相關的是，喬納森，你的第二個問題是頻譜一號和拉通。我們提出的觀點是，我們的移動設備的很大一部分來自通過 Spectrum One 連接的新客戶。這是非常有希望的。我們的大部分移動連接仍然來自現有客戶，但其中一部分來自新連接，這意味著它正在市場中產生影響。對我們來說，真正的關鍵是能夠讓客戶了解什麼是無縫連接以及千兆無線可以提供什麼。它本質上是一個新的類別，需要時間來引起共鳴，這就是為什麼我說，特別是One是我們融合的第一次迭代，看看有什麼連通性，進展順利。我認為這對互聯網來說是個好兆頭。我認為這對移動領域來說是個好兆頭，而且隨著時間的推移，這對我們來說也是一個融合的好兆頭。

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，您預計這個百分比會繼續增加嗎？您認為這種勢頭是否會給寬帶用戶帶來好處？

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，但我也預計我們現有互聯網客戶的移動連接率也會增加，因為它不僅會引起新客戶的共鳴，也會引起現有客戶的共鳴。所以你到處都有好處。

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

我們將回答高盛布雷特·費爾德曼的下一個問題。

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。兩個問題。到目前為止，本財報季討論最多的話題之一是寬帶業務的季節性似乎比我們之前看到的要溫和得多。我很好奇您對此有何看法，以及您在展望今年剩餘時間時如何思考季節性動態的重要性。然後您注意到現金稅同比上漲了很多，因為您已經轉變為完全現金納稅人，我希望您能給我們一些關於如何思考現金稅方式的見解可能在任何給定年份的趨勢。我認為從歷史上看，第二季度往往是一個高水位線，但我不確定我們對憲章的期望是否存在細微差別。

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?

知道了。在季節性方面，包括搬家活動在內的市場活動仍然很低。正因為如此，很難預測我們未來可能會看到的季節性變化。我們確實認為第二季度的驅動因素或其他因素，其中包括我們整體建設計劃的推動力、Spectrum One 的持續成功、銷售人員的表現，特別是更高的銷售收益率和放緩的光纖過度建設速度我們看到的。因此，當你試圖解釋我們第二季度的結果時，我會更多地考慮這些因素，而不是季節性模式。你的第二個問題？

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，第二季度有 2 筆付款。因此，第二季度是現金稅支付的自然高水位線，我認為您應該預期我們的現金稅總額與我們之前給出的指導一致，並且這些付款是 - 那些剩餘的付款分佈在第三季度之間和 Q4。在任何其他季度，你都不會出現同樣的現金稅支付現象。

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

我們將回答 Craig Moffett 和 MoffettNathanson 提出的下一個問題。

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?

我相信你們已經聽過 T-Mobile 關於無線網絡的討論，補充說它們往往比行業規範更非端口，我想知道你們是否可以談談您正在獲得的客戶類型，他們是否主要來自預付費，他們中的許多人是否是無線新手，即年齡較小的孩子，您可以分享一些關於您的訂戶來自哪裡的見解嗎？然後，顯然，一直是我最喜歡的話題，尤其是現在您不再報告無線盈利能力的情況下，您可以討論什麼？關於該業務的利潤率和盈利軌跡，您有什麼可以討論的嗎？

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 complement. 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。所以，我首先要說的是，每當你的競爭對手在財報電話會議上繼續談論你時，我都會將其視為一種補充。我要說的第二件事顯然是，他們並不擅長生成一些數據。這不准確。我要說的第三件事是，在傑西卡準備好的講話中，她提到港口活動水平達到或優於頻譜一號發射之前的水平。因此，我們感到非常高興，因為這些客戶不僅是優質的優質客戶，而且其中大多數是當今的寬帶客戶。所以他們就像市場一樣，產品也非常有吸引力。它的銷量非常好，而且會保持得很好。我們期待看到未來幾個季度的發展。

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.

在移動邊緣，您在會議上做了一些工作，我提到如果我們認為您的工作是錯誤的，我們會讓您知道。所以這並沒有改變。這是基於 Verizon 披露的一些信息，而不是我們的披露。目前，我們已經獲得了大量客戶。因此，我們有獲取這些客戶的成本，也有運營這些客戶的成本。我們還沒有總是為這些客戶帶來全部收入，這將從十月份開始出現，並從那時開始增長。因此，移動產品的整體盈利能力，如果它是一個獨立的產品（事實並非如此），那就很好。這很好。

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，我要小心，不要被拖進去。我們從來都不是這麼想這個產品的。它實際上是我們寬帶產品和無縫連接的延伸，也是我們競爭對手無法在其足跡中普遍部署的寬帶產品。所以你必須考慮更廣泛的盈利能力。但如果它是一個獨立的產品，盈利能力就很好，我們的預期也繼續朝這個方向發展。

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。我要在 12 月投資者日指出的另一件事是，我們展示了我們在盈利能力方面取得的進展，不包括客戶獲取成本。我當時指出，取得一些進展是因為——這種進展並不依賴於您支付的 MVNO 成本，就我們而言，我們還有工作要做，而且我們仍在做並降低成本為我們的移動客戶提供服務的成本。事實上，今年上半年這一舉措非常成功。我認為，就我們正在考慮的每個移動客戶的服務成本而言，這實際上正在以我們預期的方式下降。我認為，隨著我們繼續擴大移動業務、擁有長期客戶以及改善我們的服務活動，我們將繼續提高內部費用的支出效率，並為移動業務帶來額外的盈利能力。生意也是如此。

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

我們將接受 Evercore 的 Vijay Jayant 提出的下一個問題。

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?

我只想談談季節性，顯然，克里斯開始建議我們在第二季度沒有看到大學和/或雪鳥等方面的相同季節性影響。那麼你能幫助我們思考一下——這種情況真的改變了嗎？這是否意味著我們看到的第三季度和第四季度的逆轉可能不會那麼明顯？

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——傑西卡之前回答過這個問題，所以讓我添加一些額外的顏色，我想。當然，我們仍然存在大學脫節的情況，而且佛羅里達州也存在雪鳥效應。只是與新冠疫情爆發前相比，活動水平要低一些。過去幾年我們所看到的是，對我們來說，對每個人來說，第二季度和第三季度的季節性影響比大流行前要少得多。因此，我認為我們要謹慎對待我們的滑雪板領先了多少，並讓人們關注第三季度並說他們將是大流行前的道路。我認為傑西卡想要表達的觀點是，拋開季節性因素不談，通過頻譜一號、通過農村建設和我們的競爭力，潛在趨勢非常好。

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.

我會回到這一點。光纖過度建設的速度較慢。但即使在有光纖的地區（從某種意義上說，光纖數量比過去更多），我們在這些市場的表現甚至比一年前還要好。因此，除了基本趨勢之外，我們對季節性感到滿意。我想既然我們已經開始了，每個人都想听聽我們是否已經說過，我們的目標仍然是今年的淨增加量比去年更高。因此，我們不想關注季度，而是只關注整體軌跡和長期趨勢，這很好。

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

我們將接受德意志銀行 Bryan Kraft 的下一個問題。

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 RDOS? 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，如果您說了這一點而我錯過了，我很抱歉，但我想知道您是否可以談談農村線路延伸和 RDOS 對寬帶網絡增加的貢獻？其次，您介意向我們介紹一下您的 CBRS 工作的最新情況嗎？作為其中的一部分，我想問一個假設的問題。如果通過拍賣或收購可以獲得從低頻段到中高頻段的閒置頻譜組合，那麼 Charter 是否會單獨或與合作夥伴一起考慮這一點？或者當前的路線仍然是更受歡迎的策略？

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 are the basis for our broader CBRS rollout. It's -- I don't want to mislead 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 deployed the CBRS and 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，它在材料中。本季度補貼農村建設2.6萬戶互聯網淨增戶。在 CBRS 上，我們今天在市場內進行了全面的商業啟動，進展順利，在此基礎上，確保目前運行良好的移交時間繼續大規模運行。然後我們將在明年設定更廣泛的 CBRS 推廣的基礎。我也不想誤導人們。我們將非常專注於在投資回報率高且快速的地方部署 CBRS。通過網絡演進和擴展，我們目前正在進行許多其他增值項目。因此，我們非常了解整體資本支出的構建。但我們將以一種審慎的方式在我們的足跡中建立這一點，全面部署 CBRS 和我們隨著時間的推移所獲得的市場。但我們將以一種非常有針對性且能產生快速回報的方式來做這件事。

And your third question was around portfolio spectrum, can't imagine why you're asking that, but 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投資組合範圍的，無法想像你為什麼問這個問題，但很諷刺。但我們與 Verizon 有著非常戰略性的、良好的、永久的 MVNO 關係。眾所周知，經濟狀況非常好。這意味著 - 結合我們之前討論的內容，隨著時間的推移，通過越來越好的 WiFi 和 CBRS 能夠讓絕大多數流量繼續並越來越多地以更快的速度通過我們的網絡，這意味著我們有能力以有吸引力的價格租賃宏蜂窩塔，而不必直接從事必須繼續建造這些塔、密集化這些塔並獲取額外頻譜的業務。

And 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.

我認為這是一種對我們來說非常有效的輕資本模式。我認為，正如您所看到的，這種模式對於我們的合作夥伴 Verizon 來說效果非常好。所以我認為這是共生的。我永遠不會說永遠不會。我們總是會關注出現的情況，但我們認為沒有必要大規模參與宏蜂窩塔建設、緻密化和頻譜收購業務。

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

我們將回答邁克爾·羅林斯的最後一個問題。繼續吧，接線員。

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

我們將接受花旗銀行邁克爾·羅林斯 (Michael Rollins) 提出的下一個問題。

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?

我只是好奇地想跟進移動討論，並就某些部分提出幾個問題。因此，其中一條評論是，11% 的互聯網客戶正在使用移動設備，這可以推斷每個帳戶幾乎有 2 條線路。只是好奇您是否開始看到更多的移動服務採用多線路和家庭計劃，以及隨著時間的推移是否有很大機會佔用每個帳戶的線路數量？那麼在中小型企業方面，是否有一些機會可以加速移動業務的增長，他們的移動用戶數量一直在每季度 15,000 到 20,000 左右？

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 time lines. 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 over value that we provide because of the significant savings.

所以邁克爾，你是對的。我們繼續增加每個客戶的線路的機會很大。如您所知，某些客戶在家庭內部擁有多條線路，這些線路採用不同的 EIP 計劃和時間表。因此，我們的成功在於利用移動產品的高價值和高速度，在家庭中預先獲得盡可能多的線路。然後隨著時間的推移，就有機會升級不同級聯 EIP 時間線上的其他線路。因此，這運作良好，機會是繼續增長，不僅是移動寬帶客戶的滲透率，而且通過頻譜一增加新的無縫連接客戶，而且還增加每個家庭的線路數量，正如你所知，這確實隨著時間的推移增加產品的粘性。由於節省了大量資金，它增加了我們提供的超值。

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SMB的。我認為我們在這方面做得很好，但我認為隨著時間的推移我們可以繼續做得更好。我認為中小企業領域還處於早期階段，但我們可以像在住宅領域一樣增加價值並攻擊該領域。

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

謝謝，邁克爾。我們的通話到此結束。接線員，回到您身邊。

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。您現在可以斷開連接。