Charter Communications Inc (CHTR) 2024 Q3 法說會逐字稿

Hello, and welcome to Charter Communications third quarter 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，歡迎致電 Charter Communications 第三季投資者電話。（操作員說明）另外提醒一下，今天正在錄製本次會議。如果您有任何異議，請此時斷開連接。

I will now turn the call over to Stefan Anninger.

我現在將把電話轉給斯特凡·安寧格。

Thanks, operator, and welcome, everyone. The presentation that accompanies this call can be found on our website, ir.charter.com.

謝謝運營商，歡迎大家。本次電話會議的簡報可以在我們的網站 ir.charter.com 上找到。

I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, and 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, which 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.

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，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預期、預測、計劃和前景的各種言論構成前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與歷史或預期結果不同。任何前瞻性陳述僅反映管理階層目前的觀點，查特不承擔修改或更新此類陳述的義務。

On today's call, we have Chris Winfrey, our President and CEO; and Jessica Fischer, our CFO.

出席今天的電話會議的有我們的總裁兼執行長 Chris Winfrey；和我們的財務長傑西卡·費雪。

With that, I'll turn the call over to Chris.

這樣，我會將電話轉給克里斯。

Thanks, Stefan. We had a busy quarter, executing our operating strategy and building on the foundational investments of the past couple of years. We're also successfully managing the transition of customers previously on the government's Affordable Connectivity Program and a period of new competition. And while we expect some normalization of external factors as we head into 2025, and much lower capital intensity beyond 2025.

謝謝，斯特凡。我們度過了一個忙碌的季度，執行我們的營運策略並在過去幾年的基礎投資的基礎上繼續發展。我們也成功地管理了先前參與政府平價連接計畫和新競爭時期的客戶的過渡。儘管我們預計，隨著 2025 年的到來，外部因素將出現一定程度的正常化，並且 2025 年後資本密集度將大幅降低。

We're not standing still, evidenced by the series of announcements we made in September; a market-leading customer service commitment new pricing and packaging that makes better use of our unique assets in the marketplace, encapsulated in a brand refresh through Spectrum's Life Unlimited promise.

我們並沒有停滯不前，我們在 9 月發布的一系列公告就證明了這一點；市場領先的客戶服務承諾 新的定價和包裝可以更好地利用我們在市場上的獨特資產，並透過 Spectrum 的 Life Unlimited 承諾進行品牌更新。

There was a lot of flattering press about the importance of wireline networks and convergence this past quarter. We remain the only true convergence pure play in our footprint with a fully distributed gig-capable wireline and wireless network across a growing 58 million passings everywhere we operate; soon to be symmetrical and multi-gig in all of our communities.

上個季度有很多關於有線網路和融合重要性的媒體報導。我們仍然是我們足跡中唯一真正的融合純粹企業，擁有完全分散的千兆有線和無線網絡，覆蓋我們運營各地不斷增長的 5800 萬個路口；很快我們所有的社區就會實現對稱和多演出。

Our seamless connectivity capabilities are evidenced by our continued market-leading mobile growth. And in just over a year, we completed a full cycle of programming renewals and the launch of Xumo to fundamentally reposition video again as an important part of the connectivity bundle, whether full value, hybrid, DTC linear packages, smaller non-sports streaming packages, or the addition of a-la-carte programmer apps to our broadband and video customers. We're well positioned to provide seamless connectivity and this new form of seamless entertainment to customers wherever they want to go.

我們持續領先市場的行動業務成長證明了我們的無縫連接能力。在短短一年多的時間裡，我們完成了完整的節目更新周期並推出了Xumo，從根本上重新將視頻重新定位為連接捆綁包的重要組成部分，無論是全價值、混合、DTC 線性套餐還是較小的非體育串流媒體套餐，或為我們的寬頻和視訊客戶添加點菜程式設計師應用程式。我們有能力為客戶提供無縫連接和這種新形式的無縫娛樂，無論他們想去哪裡。

Before discussing the quarter, I want to express our sympathy and commitment to the communities across the Southeast impacted by hurricanes Helene and Milton. These were devastating storms. The initial impact was significant, mostly because of power outages, down poles and trees and drops. All but approximately 10,000 of our customers, including homes and businesses fully lost, have had their service restored. In particular, we're still very active in the Asheville, North Carolina area, and some remaining pockets of Tampa Bay.

在討論本季之前，我想向東南部受颶風海倫和米爾頓影響的社區表示同情和承諾。這些都是毀滅性的風暴。最初的影響是巨大的，主要是由於停電、電線桿、樹木和跌落造成的。除約 10,000 名客戶外，所有客戶（包括完全失去服務的家庭和企業）均已恢復服務。特別是，我們在北卡羅來納州阿什維爾地區以及坦帕灣的一些剩餘地區仍然非常活躍。

I'd like to thank our frontline personnel for their dedication and effort in keeping our customers connected. That includes our employees who live in the area and were directly impacted themselves and the teams of employees from across the country who volunteered to help in the restoration.

我要感謝我們的第一線人員為保持客戶聯繫所做的奉獻和努力。其中包括居住在該地區並受到直接影響的員工，以及來自全國各地自願幫助恢復的員工團隊。

During the third quarter, we lost 110,000 Internet customers. We added 545,000 Spectrum Mobile lines and over 2.1 million lines year-over-year. Revenue grew by 1.6% in the quarter, while adjusted EBITDA grew by 3.6%. Were it not for the impact at the end of the ACP program in June, we would have grown our Internet customers during the third quarter. Importantly, we've been successful in keeping low-income households connected. We continue to compete well against both wireline overbuild and cell phone Internet, each with expanded footprints. And we remain confident in our ability to return to healthy long-term growth.

第三季度，我們失去了 11 萬網路客戶。我們增加了 545,000 條 Spectrum Mobile 線路，比去年同期增加了超過 210 萬條線路。本季營收成長 1.6%，調整後 EBITDA 成長 3.6%。如果沒有 6 月 ACP 計畫結束的影響，我們的網路客戶將在第三季有所成長。重要的是，我們成功地讓低收入家庭保持聯繫。我們繼續與有線網路和手機網路進行激烈競爭，兩者都擴大了覆蓋範圍。我們對恢復健康長期成長的能力仍然充滿信心。

Our Internet product is faster and more reliable. Our pricing is lower and similarly bundled with mobile. We expect market activity and selling opportunities to pick up over time. The cell phone companies will face challenges as customer bandwidth demands continue to grow.

我們的網路產品更快、更可靠。我們的定價較低，並且同樣與行動裝置捆綁在一起。我們預計市場活動和銷售機會將隨著時間的推移而回升。隨著客戶頻寬需求的持續成長，手機公司將面臨挑戰。

As I mentioned, in the meantime, we're not standing still. In mid-September, we made a series of important announcements, including the brand relaunch, a unique customer service commitment, and the new pricing and packaging structure. Our strategy has not changed. We offer high-quality products to customers in a package and at a price point that our customers can't replicate. We pair that with unmatched customer service.

正如我所提到的，同時，我們並沒有停滯不前。九月中旬，我們發布了一系列重要公告，包括品牌重新推出、獨特的客戶服務承諾以及新的定價和包裝結構。我們的策略沒有改變。我們以客戶無法複製的價格向客戶提供高品質的產品。我們將其與無與倫比的客戶服務結合。

Our fully deployed high-bandwidth network, with ubiquitous and seamless connectivity and entertainment products, creates opportunities and removes barriers to help customers in every aspect of their lives, which led us to our new brand platform, Life Unlimited. While part of that is a new look and feel for the Spectrum brand, it's also about our increasingly converged set of products and building more trust with our customers.

我們全面部署的高頻寬網絡，以及無處不在的無縫連接和娛樂產品，創造了機會並消除了障礙，為客戶生活的各個方面提供幫助，這使我們建立了新的品牌平台 Life Unlimited。雖然其中一部分是 Spectrum 品牌的新外觀和感覺，但也與我們日益融合的產品系列以及與客戶建立更多信任有關。

Our new customer commitment is comprised of four key promises: Reliable connectivity; we're committed to keeping our customers connected 100% of the time and promptly resolving any issues. Transparency at every step; we're committed to clear and simple pricing and timely service updates, and we will take responsibility when things go wrong. Exceptional service; we're committed to providing exceptional customer experiences. And finally, always improving; meaning we act on our customers' feedback to improve our products and customer service.

我們對新客戶的承諾包括四個關鍵承諾： 可靠的連結；我們致力於讓客戶 100% 保持聯繫並及時解決任何問題。每一步都透明；我們致力於清晰簡單的定價和及時的服務更新，當出現問題時我們將承擔責任。卓越的服務；我們致力於提供卓越的客戶體驗。最後，不斷進步；這意味著我們根據客戶的回饋採取行動，以改善我們的產品和客戶服務。

We back up those commitments with guarantees. For example, to fix any service disruptions quickly, we commit to dispatch a technician the same day if the customer requests it prior to 5:00 PM. If a customer needs help on a professional installation, a technician will be available the same or next day. We now back those commitments with proactive service credits if we missed the mark.

我們以保證來支持這些承諾。例如，為了快速修復任何服務中斷，如果客戶在下午 5 點之前提出請求，我們承諾在當天派遣技術人員。如果客戶需要專業安裝協助，技術人員將在當天或第二天到達。現在，如果我們未能達到目標，我們將透過積極的服務積分來支持這些承諾。

We also don't have residential or SMB contracts. And if a customer is not completely satisfied with any services within the first 30 days, we give them their money back. We're making these commitments because we can, because we already made the investments in 100% US-based sales and service with our own employees in frontline tenure through pay, progression, market-leading benefits, and tools and systems to make the job better for the employee and our customers.

我們也沒有住宅或中小企業合約。如果客戶在前 30 天內對任何服務不完全滿意，我們將全額退款。我們之所以做出這些承諾，是因為我們可以，因為我們已經透過薪酬、晉升、市場領先的福利以及工具和系統，對100% 位於美國的銷售和服務進行了投資，讓我們自己的員工在一線任職。

Our Life Unlimited brand relaunch also includes new pricing and packaging that better utilizes our unique product assets, which work better together to provide lower promotional pricing and lower persistent bundled pricing. Our new pricing and packaging will drive more sales with higher sell-in of our best products, grow customer ARPU at connect despite lower product pricing, and reduced billing, service and retention calls while reducing churn.

我們的 Life Unlimited 品牌重新推出還包括新的定價和包裝，以更好地利用我們獨特的產品資產，這些資產更好地協同工作，以提供更低的促銷價格和更低的持續捆綁價格。我們的新定價和包裝將透過提高我們最好的產品的銷售來推動更多的銷售，儘管產品定價較低，但仍會增加Connect 上的客戶ARPU，並減少帳單、服務和保留電話，同時減少客戶流失。

For example, we now offer our Gig Internet product at $40 per month when bundled with two unlimited mobile lines and/or video. Customers that take the new double play will receive a two-year price lock. And customers that take our new triple play will receive a three-year price lock. And in that package, customers also get our top mobile tier Xumo and Cloud DVR at no additional charge. For customers who want our popular Spectrum 1 offering, that remains available. Now with a higher starting speed of 500 megabits per second, with one free unlimited mobile line included for a year.

例如，我們現在提供每月 40 美元的零工網路產品，與兩條無限量的行動線路和/或視訊捆綁在一起。購買新雙人遊戲的客戶將獲得兩年的價格鎖定。採用我們新的三重播放服務的客戶將獲得三年的價格鎖定。在該套餐中，客戶還可以免費獲得我們的頂級行動層 Xumo 和 Cloud DVR。對於想要我們廣受歡迎的 Spectrum 1 產品的客戶，仍然可以使用。現在起始速度高達每秒 500 兆比特，並包含一年免費無限移動線路。

Existing customers can also opt in to our new bundles at persistent bundled pricing. And we have also increased Internet speeds for existing flagship and Ultra customers. It's still very early, but so far, our new pricing and packaging is showing promising results, including more video sell-in, more mobile lines per sale, and more gig sell-in. I expect those results and broadband sales to accelerate with seasoning of our marketing and sales approach over time.

現有客戶還可以選擇以持續的捆綁價格購買我們的新捆綁產品。我們也提高了現有旗艦和 Ultra 客戶的網路速度。現在還為時過早，但到目前為止，我們的新定價和包裝已顯示出可喜的結果，包括更多的視訊銷售、更多的每次銷售移動線路以及更多的演出銷售。我預計隨著時間的推移，隨著我們行銷和銷售方法的改進，這些成果和寬頻銷售將會加速。

Our operating strategy remains simple: sell more products to more customers, driving higher penetration against our large, fixed asset, reducing the operating and capital cost per product with lower churn to ultimately drive more cash flow per passing.

我們的營運策略仍然很簡單：向更多客戶銷售更多產品，提高我們大型固定資產的滲透率，降低每件產品的營運和資本成本，降低客戶流失率，最終推動更多的現金流。

And we're making investments in that large, fixed asset through our network evolution initiative, which brings multi-gigabit speeds to 100% of our customers. We've launched symmetrical Internet service in our Step 1 markets, including Reno, St. Louis, Cincinnati, Dallas-Fort Worth, Louisville, Lexington, Rochester, Minnesota, and Rochester, New York. We're now broadly marketing our symmetrical speeds in seven of these eight markets. The high split upgrade process should be largely complete in all of our Step 1 markets by the end of this year.

我們正在透過網路演進計畫對這一大型固定資產進行投資，為我們 100% 的客戶帶來數千兆位元的速度。我們已經在 Step 1 市場推出了對稱網路服務，包括裡諾、聖路易斯、辛辛那提、達拉斯-沃斯堡、路易斯維爾、列剋星敦、明尼蘇達州羅徹斯特和紐約州羅徹斯特。我們現在正在這八個市場中的七個市場廣泛地行銷我們的對稱速度。到今年年底，我們所有第一步市場的高分割升級過程應該基本上要完成。

We're making progress on Step 2 DAA and remote PHY markets, and we've deliberately slowed these markets to get the software fully certified to our specs. That has pushed back equipment purchasing and operational deployment, and we now expect our network evolution initiative project to be completed in 2027.

我們正在 Step 2 DAA 和遠端 PHY 市場取得進展，並且我們故意放慢了這些市場的步伐，以使軟體完全符合我們的規格認證。這推遲了設備採購和營運部署，我們現在預計我們的網路演進計畫項目將於 2027 年完成。

Excluding the benefit of future capital and operating cost savings, our network evolution has and will cost a very low incremental $100 per passing. We have full visibility to that outcome. We'll update our multiyear capital expenditures outlook including the new phasing of our network evolution spend when we report our fourth quarter results in January.

排除未來資本和營運成本節省的好處，我們的網路演進已經並將每次通過的增量成本非常低 100 美元。我們完全了解這項結果。當我們在一月份報告第四季度業績時，我們將更新我們的多年資本支出前景，包括網路演進支出的新階段。

In video, over the past year, we transformed all of our major programming agreements in a way that works for our customers and for Charter, including a recent early renewal of Warner Bros. Discovery and then NBCU. These agreements give customers greater overall package flexibility and the ability to include all the key streaming apps from programmers within our Spectrum TV Select packages.

在視訊方面，在過去的一年裡，我們以對我們的客戶和 Charter 都有利的方式改變了我們所有的主要節目協議，包括最近與華納兄弟的提前續約。Discovery，然後是 NBCU。這些協議為客戶提供了更大的整體套餐靈活性，並能夠將程式設計師提供的所有關鍵串流應用程式包含在我們的 Spectrum TV Select 套餐中。

That enables us to offer what we now call seamless entertainment, the first for the industry, at no extra cost. We also have paths for customers to upgrade to the ad-free version of these apps. And we will sell programmer apps a-la-carte to broadband and skinny package video customers.

這使我們能夠提供業界首創的無縫娛樂，且無需額外費用。我們也為客戶提供升級到這些應用程式的無廣告版本的途徑。我們將向寬頻和瘦包影片客戶出售點菜式程式設計師應用程式。

We also had the renewed support from our programming partners to get behind each other's product and distribution for a healthier video ecosystem, and better choice and value for customers. More to come on this, but the conclusion of MAX with its HBO content and TV Select and how we plan to promote MAX to our broadband customers and vice versa will show how we and the programmers more broadly can support one another with our customers front and center.

我們也得到了節目合作夥伴的新支持，以支持彼此的產品和發行，以打造更健康的視訊生態系統，並為客戶提供更好的選擇和價值。關於這一點還有更多內容，但MAX 及其HBO 內容和TV Select 的結論，以及我們計劃如何向寬頻客戶推廣MAX，反之亦然，將表明我們和更廣泛的程式設計師如何在客戶面前相互支持，中心。

By early 2025, we'll be providing our TV Select customers up to $80 per month of retail streaming app value at no additional cost, including the ad-supported versions of Max, Disney+, Peacock Premium, Paramount+, ESPN+, AMC+, Discovery+, BET+ and ViX. Seamless entertainment, even easier with Xumo, which proves unified search and discovery with a market-leading voice remote and the highest-rated pay TV streaming app in the US.

到 2025 年初，我們將為 TV Select 客戶提供每月高達 80 美元的零售串流應用程式價值，無需額外付費，包括 Max、Disney+、Peacock Premium、Paramount+、ESPN+、AMC+、Discovery+ 的廣告支援版本， BET+ 和ViX。無縫娛樂，使用 Xumo 變得更加容易，它透過市場領先的語音遙控器和美國收視率最高的付費電視串流應用程式證明了統一的搜尋和發現。

Over the last couple of years, we've moved away from bundling video in our offers because the value proposition to customers had fallen. We still have some work to do to operationalize the new customer proposition, including the customer front end for programmer app authentication and programmer credentials. But we're proud of what we can offer customers, existing and new, in terms of value and utility. And that breakthrough is why we are including video in the new bundles we launched in September.

在過去的幾年裡，我們已經不再在產品中捆綁視頻，因為對客戶的價值主張已經下降。我們仍然需要做一些工作來實施新的客戶主張，包括用於程式設計師應用程式身份驗證和程式設計師憑證的客戶前端。但我們對能夠為現有客戶和新客戶提供的價值和實用性感到自豪。這項突破就是我們在 9 月推出的新捆綁包中包含影片的原因。

Fundamentally, we believe that maintaining and evolving the video business, even if it isn't growing, helps customer acquisition and retention by making use of scale and capabilities and adding more value into our unique seamless connectivity relationship. Video still has positive cash flow, and provides us with option value.

從根本上說，我們相信，維護和發展視訊業務，即使它沒有成長，也可以透過利用規模和能力並為我們獨特的無縫連接關係增加更多價值來幫助獲取和保留客戶。視訊仍然具有正的現金流，並為我們提供了期權價值。

So a lot of exciting things happened in the third quarter. Our continued success in mobile is certainly one of those. Our mobile offering continues to evolve, driving strong results and supporting our new pricing and packaging efforts. We had our highest port-ins quarter ever, our highest mix of ads on Unlimited Plus driving higher customer value and ARPU, and our lines per customer continues to grow nicely.

所以第三季發生了很多令人興奮的事情。我們在行動領域的持續成功無疑就是其中之一。我們的行動產品不斷發展，推動了強勁的業績並支持我們新的定價和包裝工作。我們迎來了有史以來最高的移植季度，Unlimited Plus 上最高的廣告組合推動了更高的客戶價值和 ARPU，並且我們的每位客戶線繼續良好成長。

Today, approximately 8% of our total passings take our converged offering of Internet and mobile. So we remain underpenetrated, despite having a differentiated and superior offering, with market-leading pricing at promotion and retail.

如今，我們的總流量中約有 8% 使用我們的網路和行動融合產品。因此，儘管我們擁有差異化和優質的產品，並且在促銷和零售方面具有市場領先的定價，但我們的滲透率仍然不足。

As we work through the onetime impacts of ACP this year, new competition with expanded footprint, and our unique nonrecurring subsidized network expansion investment, we remain confident in our ability to drive healthy long-term connectivity customer growth.

當我們努力應對今年 ACP 的一次性影響、覆蓋範圍擴大的新競爭以及我們獨特的非經常性補貼網絡擴張投資時，我們對推動健康的長期連接客戶成長的能力仍然充滿信心。

Now and in the future, we have the best fully deployed network uniquely capable of delivering seamless connectivity or convergence ever where we operate, with pricing and packaging that saves customers money with the best products and a service capability and investment that has yet to be fully realized as a competitive advantage.

現在和未來，我們擁有最好的完全部署的網絡，能夠在我們運營的任何地方提供無縫連接或融合，其定價和包裝可以透過最好的產品以及尚未完全實現的服務能力和投資為客戶節省資金。

Our team is executing well on these multiyear initiatives, a team that's hungry with a tremendous drive to win. For our customers, the communities we serve, our fellow employees, and for our shareholders.

我們的團隊在這些多年計劃中執行得很好，這是一個渴望勝利的團隊。為了我們的客戶、我們服務的社區、我們的員工以及我們的股東。

Jessica?

傑西卡？

Thanks, Chris. Before discussing our third quarter results, I want to mention that today's results do not include any impact related to hurricanes Helene and Milton, which hit the Southeast in late September and early October. Our fourth quarter results will include some lost customers and passings related to the storm from both suppressed gross additions and the damaged or destroyed plant that Chris mentioned.

謝謝，克里斯。在討論我們第三季的業績之前，我想提一下，今天的業績不包括與颶風海倫和米爾頓相關的任何影響，這兩個颶風在 9 月底和 10 月初襲擊了東南部。我們第四季的業績將包括一些與風暴相關的客戶流失和過客，這些損失是由於總增加受到抑制以及克里斯提到的工廠受損或毀壞造成的。

We're still assessing the impacted areas, and we expect to rebuild blast passings over time as our customers rebuild. We currently expect to incur approximately $100 million in incremental capital expenditures, the vast majority of which will be captured in our rebuild capital expenditures line. We have been providing bill credits to customers in impacted areas, and those onetime credits will offset some fourth quarter revenue.

我們仍在評估受影響的區域，隨著客戶的重建，我們預計會隨著時間的推移重建爆炸通道。目前，我們預計將產生約 1 億美元的增量資本支出，其中絕大多數將包含在我們的重建資本支出中。我們一直在向受影響地區的客戶提供帳單信用，這些一次性信用將抵消第四季度的部分收入。

We may also have some incremental operating expense, although we expect that to be relatively small. And we'll isolate the storm impacts when we report our fourth quarter results.

我們可能還會有一些增量營運費用，儘管我們預計該費用相對較小。當我們報告第四季度業績時，我們將隔離風暴的影響。

Let's please turn to our customer results on slide 8. Including residential and SMB, we lost 110,000 Internet customers in the third quarter, while in mobile we added 545,000 lines. Video customers declined by 294,000, and wireline voice customers declined by 288,000.

讓我們看一下投影片 8 上的客戶結果。包括住宅和中小企業在內，我們在第三季失去了 110,000 個網路客戶，而在行動領域，我們增加了 545,000 個線路。視訊客戶減少29.4萬戶，有線語音客戶減少28.8萬戶。

The end of the ACP program drove higher third quarter nonpay and voluntary churn among former ACP customers, for a total estimated third quarter impact of approximately 200,000 Internet losses. Incremental nonpay disconnects drove more than half of those losses and the rest of the impact was primarily driven by voluntary churn, with a small impact from lower connects. We continued to do a very good job in managing the end of the program, and we've retained the vast majority of our customers who were previously receiving an ACP benefit.

ACP 計畫的結束導致第三季前 ACP 客戶的非付費和自願流失率上升，預計第三季的總影響約為 20 萬起網路損失。超過一半的損失是由不斷增加的非付費斷網造成的，其餘的影響主要是由自願流失造成的，連接程度較低造成的影響很小。我們在計劃結束時繼續出色地管理工作，並且保留了絕大多數先前獲得 ACP 福利的客戶。

Beyond ACP, we competed well across our footprint, but note that our third quarter Internet net additions benefited from seasonal back-to-school connects and the work stoppage at one of our competitors, while fourth quarter customer results will include impacts from the storms and about 100,000 incremental nonpay disconnects and some wagon voluntary disconnects, both related to the end of ACP. After those effects in the fourth quarter, we expect the onetime impacts from ACP to be behind us.

除了ACP 之外，我們在整個業務範圍內的競爭也表現出色，但請注意，我們第三季度的互聯網淨增量受益於季節性返校連接和我們競爭對手之一的停工，而第四季度的客戶結果將包括風暴和大約 100,000 次增量非付費斷線和一些貨車自願斷線，兩者都與 ACP 的結束有關。在第四季度產生這些影響之後，我們預計 ACP 的一次性影響將成為過去。

Turning to rural. We ended the quarter with 696,000 subsidized rural passings. We grew those passings by 114,000 in the third quarter, and by 381,000 over the last 12 months. And we had 41,000 net customer additions in our subsidized rural footprint in the quarter.

轉向農村。本季結束時，我們為 696,000 人次農村通行提供補貼。第三季的通行人數增加了 114,000 人，過去 12 個月增加了 381,000 人。本季我們補貼的農村地區淨增加了 41,000 名客戶。

We now expect to activate close to 400,000 new subsidized rural passings in 2024, about 35% more than in 2023, but lower than our original 2024 plan of 450,000, due to shifting construction labor to rebuild activity in storm-impacted markets. We expect our subsidized rural construction activity to recover by the end of the fourth quarter, and that reacceleration of activity to put us on a higher pace in 2025 as planned. Our RDOF build should still be completed by the end of 2026, two years ahead of schedule.

我們現在預計在2024 年將啟動近40 萬個新的農村補貼通行證，比2023 年增加約35%，但低於我們最初的2024 年計畫45 萬個，因為建築勞動力將轉移到受風暴影響的市場的重建活動中。我們預計我們的補貼農村建設活動將在第四季末恢復，而活動的重新加速將使我們按計劃在 2025 年加快步伐。我們的 RDOF 建設仍應在 2026 年底完成，比原計劃提前兩年。

Moving to third quarter revenue on slide 9. Over the last year, residential customers declined by 1.8%, while residential revenue per customer relationship grew by 1.8% year-over-year, given promotional rate step-ups, rate adjustments, the growth of Spectrum Mobile, and $63 million of residential customer credits in the prior year period, related to the temporary loss of Disney programming in September 2023.

轉到幻燈片 9 上的第三季收入。去年，由於促銷費率提升、費率調整、Spectrum Mobile 的增長以及住宅客戶 6300 萬美元的增長，住宅客戶下降了 1.8%，而每個客戶關係的住宅收入同比增長了 1.8%上一年期間的積分，與2023 年9 月迪士尼節目暫時丟失有關。

These factors were partly offset by a higher mix of nonvideo customers, growth of lower-priced video packages within our base, and $25 million of costs allocated to programmer streaming apps, which are netted within video revenue. As slide 9 shows, in total, residential revenue grew by 0.3% year-over-year.

這些因素在一定程度上被非視訊客戶組合的增加、我們基地內低價視訊套餐的增長以及分配給程式設計師串流應用程式的 2500 萬美元成本（這些成本計入視訊收入）所部分抵消。如投影片 9 所示，住宅收入總計年增 0.3%。

Turning to commercial. Total commercial revenue grew by 2% year-over-year, with SMB revenue growth of 1% year-over-year, reflecting higher monthly SMB revenue per SMB customer, primarily due to rate adjustments. Enterprise revenue grew by 3.7% year-over-year, driven by enterprise PSU growth of 5.7% year-over-year. And when excluding all wholesale revenue, enterprise revenue grew by 5.9%.

轉向商業。商業總收入年增 2%，其中 SMB 收入年增 1%，反映出每個 SMB 客戶的每月 SMB 收入較高，這主要是由於費率調整。受企業 PSU 年增 5.7% 的推動，企業營收年增 3.7%。剔除所有批發收入後，企業收入成長了5.9%。

Third quarter advertising revenue grew by 18% year-over-year given political revenue growth. Excluding political, advertising revenue decreased by 6.3% year-over-year due to higher levels of inventory in the market, partly offset by higher advanced advertising revenue. Other revenue grew by 11.6% year-over-year, primarily driven by higher mobile device sales.

由於政治收入成長，第三季廣告收入年增 18%。不包括政治因素，由於市場庫存水準較高，廣告收入較去年同期下降 6.3%，但部分被較高的高級廣告收入所抵銷。其他營收年增 11.6%，主要受到行動裝置銷售成長的推動。

And in total, consolidated third quarter revenue was up 1.6% year-over-year, which is 0.6% year-over-year when excluding advertising revenue and $68 million of customer credits in the prior year period related to the temporary loss of Disney programming in September 2023.

整體而言，第三季綜合營收年增 1.6%，若不包括廣告收入和去年同期因迪士尼節目暫時損失而產生的 6,800 萬美元客戶積分，則年增 0.6% 2023 年 9 月。

Moving to operating expenses and adjusted EBITDA on slide 10. In the third quarter, total operating expenses grew by 0.2% year-over-year. Programming costs declined by 10% year-over-year due to a 9.5% decline in video customers year-over-year, a higher mix of lighter video packages, and costs allocated to programmer streaming apps, which are now netted within video revenue, partly offset by higher programming rates and a $61 million benefit in the prior year period related to the temporary loss of Disney programming in September 2023.

前往投影片 10 上的營運費用和調整後 EBITDA。第三季總營運費用年增0.2%。由於視訊客戶同比下降 9.5%、較輕的視訊套餐的混合增多以及分配給程式設計師串流應用程式的成本（現已計入視訊收入），程式設計成本同比下降了 10%，部分抵消了較高的節目費率以及上一年期間與2023 年9 月迪士尼節目暫時損失相關的6,100 萬美元收益。

Other cost of revenue increased by 15.8%, primarily driven by higher mobile device sales and higher mobile service direct costs. Cost to service customers declined 0.5% year-over-year given productivity from our 10-year investments, including lower labor costs, partly offset by modest year-over-year growth in bad debt expense. Sales and marketing costs grew by 4.4% as we remained focused on driving customer acquisition and given our Life Unlimited brand relaunch in September.

其他收入成本成長 15.8%，主要是由於行動裝置銷售增加和行動服務直接成本增加所致。鑑於我們 10 年投資的生產力，包括較低的勞動力成本，服務客戶的成本同比下降了 0.5%，但壞帳費用同比小幅增長部分抵消了這一影響。由於我們仍然專注於推動客戶獲取以及我們的 Life Unlimited 品牌於 9 月重新推出，銷售和行銷成本增長了 4.4%。

Finally, other expense grew by 2.3%. Adjusted EBITDA grew by 3.6% year-over-year in the quarter. And when excluding advertising, EBITDA grew by 2.7% year-over-year.

最後，其他費用增加了2.3%。本季調整後 EBITDA 年成長 3.6%。扣除廣告費用後，EBITDA 年增 2.7%。

Turning to net income. We generated $1.3 billion of net income attributable to Charter shareholders in the third quarter, in line with last year, as higher adjusted EBITDA was mostly offset by higher other expenses, primarily due to noncash changes in the value of financial instruments.

轉向淨利。第三季度，我們歸屬於 Charter 股東的淨利潤為 13 億美元，與去年持平，調整後 EBITDA 的增加大部分被其他費用的增加所抵消，這主要是由於金融工具價值的非現金變化。

Turning to slide 11. Capital expenditures totaled $2.6 billion in the third quarter, down about $400 million from last year's third quarter. Line extension spend totaled $1.1 billion, $16 million higher than last year driven by our subsidized Royal Construction initiative and continued network expansion across residential and commercial greenfield and market billing opportunities.

轉到投影片 11。第三季資本支出總計26億美元，比去年第三季減少約4億美元。線路延伸支出總計 11 億美元，比去年增加 1,600 萬美元，這得益於我們補貼的皇家建設計劃以及住宅和商業綠地和市場計費機會的持續網絡擴張。

Third quarter capital expenditures excluding line extensions totaled $1.5 billion, which was lower than the prior year period by about $400 million. The decline was driven by core CapEx items, including CPE timing and lower than originally expected spend on network evolution, given what Chris discussed earlier with respect to our Step 2 software certification.

不含線路延伸的第三季資本支出總計15億美元，比去年同期減少約4億美元。考慮到 Chris 先前討論的有關我們的步驟 2 軟體認證的內容，這一下降是由核心資本支出項目推動的，包括 CPE 時間安排和低於最初預期的網路演進支出。

We now expect total 2024 capital expenditures to reach approximately $11.5 billion, down from approximately $12 billion previously. That update reflects full year 2024 line extension spend of approximately $4.3 billion, down from $4.5 billion, partly offset by slightly higher core CapEx, primarily due to the shift of some of our construction labor from rural efforts to hurricane rebuild activity.

我們現在預計 2024 年資本支出總額將達到約 115 億美元，低於先前的約 120 億美元。這項更新反映了2024 年全年線路延伸支出約為43 億美元，低於45 億美元，部分被略高的核心資本支出所抵消，這主要是由於我們的一些建築勞動力從農村工作轉移到颶風重建活動。

The update also includes 2024 network evolution estimated spend of approximately $1.1 billion, down from the previous estimate of $1.6 billion. Much of that originally planned 2024 spend is being pushed into 2026 and 2027. As Chris mentioned, we will update our multiyear capital expenditures outlook when we complete our 2025 operating plan and report our fourth quarter results in January.

此次更新還包括 2024 年網路演進的預計支出約為 11 億美元，低於先前預計的 16 億美元。原計劃 2024 年的支出大部分被延後到 2026 年和 2027 年。正如克里斯所提到的，當我們完成 2025 年營運計畫並在 1 月報告第四季度業績時，我們將更新我們的多年資本支出前景。

We now expect our total BEAD spend will be substantially less than our spend in RDOF, in each case, net of subsidies. That lower outlook reflects the most recent broadband map updates in terms of available unserved passings near our network, and a little less favorable rules framework in BEAD when compared to RDOF and state grants.

我們現在預計，扣除補貼後，BEAD 總支出將大大低於 RDOF 支出。較低的前景反映了我們網路附近可用的無服務通行方面的最新寬頻地圖更新，以及與 RDOF 和國家撥款相比，BEAD 的規則框架稍差一些。

We have been in regular communication with the states in which we operate, and we are generally the largest rural builder in our states through RDOF, ARPA and other grants.

我們一直與業務所在的州保持定期溝通，透過 RDOF、ARPA 和其他贈款，我們通常是我們所在州最大的農村建設者。

While we're still finishing the 2025 operating plan, it's clear 2025 capital expenditures will not exceed the range of capital spend that we outlined in January of this year, even inclusive of a small amount of initial BEAD pending. Looking beyond 2025, we expect total capital spending in dollar terms to be on a meaningful downward trajectory, even inclusive of BEAD spending.

雖然我們仍在完成 2025 年營運計劃，但很明顯 2025 年資本支出不會超過我們今年 1 月概述的資本支出範圍，甚至包括少量待定的初始 BEAD。展望 2025 年後，我們預期以美元計算的總資本支出將呈現顯著下降趨勢，甚至包括 BEAD 支出。

So total capital intensity is now poised decline significantly after 2025, even including the unique onetime opportunity that subsidized rural spend and network evolution has presented us.

因此，總資本密集度預計在 2025 年後顯著下降，甚至包括補貼農村支出和網路演進給我們帶來的獨特的一次性機會。

While we always prioritize our cash flow for organic opportunities first and then accretive M&A and buybacks. There are no organic capital expenditure opportunities on the horizon that give us concern with that capital intensity outlook.

雖然我們始終優先考慮現金流，以獲取有機機會，然後進行增值併購和回購。近期沒有有機資本支出機會讓我們對資本密集度前景感到擔憂。

Free cash flow in the third quarter totaled $1.6 billion, an increase of approximately $520 million compared to last year's third quarter. The year-over-year increase was primarily driven by higher adjusted EBITDA and lower CapEx. We finished the quarter with $95.1 billion in debt principal. Our current run rate annualized cash interest is $5.0 billion.

第三季自由現金流總計16億美元，較去年第三季增加約5.2億美元。年比成長主要是由於調整後的 EBITDA 較高和資本支出較低。本季結束時，我們的債務本金為 951 億美元。我們目前的年化現金利息運作率為 50 億美元。

We repurchased just under 850,000 Charter shares and Charter Holdings common units totaling $260 million at an average price of $311 per share, less than we had originally expected as we became restricted as a result of our negotiations with Liberty Broadband.

我們以每股 311 美元的平均價格回購了近 850,000 股 Charter 股票和總計 2.6 億美元的 Charter Holdings 普通股，低於我們最初的預期，因為我們因與 Liberty Broadband 的談判而受到限制。

As of the end of the third quarter, our ratio of net debt to last 12-month adjusted EBITDA moved down to 4.22 times. We remain committed to our levered equity strategy and to share repurchases as a component of that strategy. Our leverage ratio may decline further given our pause in buybacks, but we look forward to resuming our program when we are able, and we have not changed our target leverage.

截至第三季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率下降至 4.22 倍。我們仍然致力於我們的槓桿股權策略，並將股票回購作為策略的一部分。鑑於我們暫停回購，我們的槓桿率可能會進一步下降，但我們期待在有能力時恢復我們的計劃，並且我們沒有改變我們的目標槓桿率。

And with that, I will turn it over to the operator for Q&A.

然後，我會將其轉交給接線員進行問答。

(Operator Instructions) Kutgun Maral, Evercore ISI.

（操作員說明）Kutgun Maral，Evercore ISI。

Just one on broadband. Net adds in the quarter were very encouraging with a return to a quite meaningful sub growth, excluding ACP. Is there any color you can provide on the competitive backdrop and perhaps any early reads on the underlying broadband trends in the fourth quarter, excluding the incremental ACP net losses you called out?

寬頻上只有一個。本季的淨增量非常令人鼓舞，恢復了相當有意義的次級成長（不包括 ACP）。您能否提供有關競爭背景的任何信息，以及對第四季度基本寬頻趨勢的任何早期解讀（不包括您指出的增量 ACP 淨虧損）？

Sure. A very much anticipated question. So maybe I tried to talk about the market more generally, both inside of the third quarter. What we're -- what we think about the fourth quarter and where it does or doesn't position us for next year. But I think as you mentioned, there's a lot of puts and takes inside the third quarter. Underlying all that is that we are competing very well in a marketplace that still has lots of competition, lots of new competition with expanded footprint.

當然。非常期待的一個問題。所以也許我試著更廣泛地談論第三季內的市場。我們是什麼——我們對第四季的看法以及它對我們明年的定位或不定位。但我認為正如你所提到的，第三季有很多調整和調整。所有這一切的根本原因是，我們在一個仍然存在大量競爭、大量新競爭且足跡不斷擴大的市場中競爭得非常好。

In the third quarter, we did have some benefits that are unique to the third quarter, seasonality, which is typical. We also had a -- some, not large, but some impact from -- positive impact from a competitor who had a work stoppage. I think that's well understood. And then we had obviously the downside of significant ACP primarily through nonpay disconnects and voluntary churn, but we're managing that well.

在第三季度，我們確實有一些第三季特有的好處，季節性，這是典型的。我們也受到了一位停工的競爭對手的正面影響，雖然有些影響不大，但也有一些影響。我認為這很好理解。然後，我們顯然遇到了重大 ACP 的負面影響，主要是透過非付費中斷和自願流失，但我們管理得很好。

And in the fourth quarter, when you think about the seasonality and the work stoppage benefits, we won't have those inside the fourth quarter. We still have approximately [100,000] nonpay to deal with from ACP that we expect to see early in the quarter, in the fourth quarter. And we also have some hurricane impacts. And so that will impact subscribers, credits, as well as, Jessica mentioned, some capital and rebuild.

在第四季度，當你考慮季節性和停工福利時，我們在第四季度內不會有這些。我們仍然有大約 [100,000] 個 ACP 未付款項需要處理，我們預計將在本季度初（即第四季度）看到這一情況。我們也受到了一些颶風的影響。因此，這將影響訂戶、積分，以及傑西卡提到的一些資本和重建。

And so then I think the bigger question is, as you look out, where does that leave us? We're not about managing for short term for quarters, we're really about -- thinking about the long term for the business. In 2025, there won't be ACP and we'll still have the continued tailwind of newly built passings, both organic as well as rural footprint.

所以我認為更大的問題是，當你觀察時，我們會走向何方？我們不是要進行季度的短期管理，而是要考慮業務的長期發展。到 2025 年，將不再有 ACP，我們仍將繼續受益於新建通道，包括有機足跡和鄉村足跡。

And then I think there's just the big questions or variables that will exist. Is lower interest rate environment, does that impact mortgages in a way that drives higher move rates? Have we seen the peak cell phone Internet impact? And it appears that that's the case. And can we drive even higher Internet sales as well as all of the additional bundling and higher product value packaging that I described through our new pricing and packaging, and really even more so than today, start to fully realize the benefits of mobile, not just through churn, but through additional Internet acquisition rates?

然後我認為將會存在一些大問題或變數。較低的利率環境是否會影響抵押貸款，進而推高利率？我們看到手機網路影響達到頂峰了嗎？情況似乎確實如此。我們是否可以透過新的定價和包裝來推動更高的網路銷售以及所有額外的捆綁和更高的產品價值包裝，甚至比今天更重要，開始充分認識到行動的好處，而不僅僅是透過流失，還是透過額外的網路取得率？

And then finally, really a bogey variable one that we wouldn't bet on, but I think is out there in terms of option values -- can video -- a reconstituted video, can that really provide broadband acquisition and retention support? So that's probably much longer to look towards the tail end of next year, and beyond. But I think we're making the right investments and doing the right things to compete.

最後，確實是一個我們不會押注的可怕變量，但我認為就選項價值而言，視頻可以嗎？因此，展望明年年底及以後的時間可能要長得多。但我認為我們正在做出正確的投資並做正確的事情來競爭。

We are still very much in atypical low churn environment when you exclude ACP. And despite that, it's still a competitive environment for new sales. So I think if you step back, it's too early to declare victory or even plateau, but certainly a better unit growth setup for 2024 -- for 2025 than what we saw for 2024, I think, for us and probably for the rest of the cable industry.

當您排除 ACP 時，我們仍然處於非典型的低流失環境中。儘管如此，對於新銷售來說，這仍然是一個競爭激烈的環境。因此，我認為，如果你退後一步，現在宣布勝利甚至停滯還為時過早，但我認為，2024 年的單位增長肯定比我們在2024 年看到的更好，我認為，對於我們以及可能對其他國家來說，2024 年的單位成長設置肯定更好。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Chris, as we look beyond cell phone Internet to fiber, not that fiber is new, but as we think about the footprint expansion within Charter's footprint, can you talk a little bit about where that sits today, your sort of gig markets, where you see that going over the next, I don't know, three-plus years? And kind of how you think your market share shakes out as you analyze your historical performance in fiber markets and think about sort of what's happening in the marketplace and all the things you're doing at Charter to compete.

克里斯，當我們從手機互聯網轉向光纖時，並不是說光纖是新事物，而是當我們考慮Charter 足跡中的足跡擴張時，您能否談談今天的情況，您的零工市場類型，您在哪裡看到接下來的，我不知道，三年多嗎？當您分析您在纖維市場的歷史表現並思考市場上正在發生的事情以及您在 Charter 為競爭所做的所有事情時，您會如何看待您的市場份額的變化。

And I don't know if you'll be able to answer this, but could you talk about why the Liberty Broadband opportunity is interesting to Charter? And if you do come to an agreement, are you able to buy back stock pre-close? Is there a way to put a mechanism in place to get back in the market? Or does that have to close before you're able to get back in?

我不知道您是否能夠回答這個問題，但是您能談談為什麼 Charter 對 Liberty Broadband 機會感興趣嗎？如果你們確實達成協議，你們能夠在收盤前回購股票嗎？有沒有辦法建立一個機制來重返市場？還是必須先關閉才能返回？

Sure. Let me start with the easy one, which is the last question you asked about Liberty Broadband. We've said what we can say for the time being through Liberty's 8-K and what's -- what there is very much public. I think we're going to have to stay quiet until there's something more to talk about in the meantime, at which point, of course, we'll talk through everything that you just asked, I know those are important questions. So unfortunately, just going to have to deflect those for the time being.

當然。讓我從簡單的問題開始，這是您提出的有關 Liberty Broadband 的最後一個問題。我們已經透過 Liberty 的 8-K 說了暫時可以說的話，以及已經公開的內容。我認為我們必須保持安靜，直到同時有更多事情要討論，當然，此時我們將討論您剛才問的所有問題，我知道這些都是重要的問題。不幸的是，暫時只能轉移這些內容。

But if you step back to gig overlap, which includes all types of gig overlap in our footprint, it's roughly 55% today. And where it goes, I think, depends on people's access to capital, what happens in the M&A environment. But also, I think there are -- as widely understood, is I think there's probably some competing notions of that overlap footprint and where it may not be mutually exclusive. And as a result, I think people with a combination of scaled back investment plans, plus recognizing that they're not going to be the ex-competitor that they thought they were going to be, may need or want to back off just because they're not going to be able to make returns.

但如果你回顧一下零工重疊，包括我們足跡中所有類型的零工重疊，今天大約是 55%。我認為，它的走向取決於人們獲得資本的機會，以及併購環境中發生的情況。而且，我認為，正如人們廣泛理解的那樣，我認為可能存在一些關於重疊足跡的相互競爭的概念，並且它可能並不相互排斥。因此，我認為那些縮減投資計畫的人，再加上意識到他們不會成為他們認為自己會成為的前競爭對手，可能需要或想要退出，只是因為他們將無法獲得回報。

I've always thought that a wireline overbuild has very poor, if not negative, returns. And so when you start to have duplicative plans of multiple overbuilders, it really just makes it that much worse. It's actually terrible. So I think there is a realization that that will take place. And so where it goes depends on somewhat the rational nature of our competitors and where they want to deploy capital.

我一直認為有線線路過度建設的回報即使不是負的，也是非常差的。因此，當你開始製定多個過度建設者的重複計劃時，實際上只會讓情況變得更糟。這其實是很可怕的。所以我認為人們已經意識到這將會發生。因此，它的走向在某種程度上取決於我們競爭對手的理性本質以及他們想要將資本部署到哪裡。

In the meantime, what can we do around that is we can continue to make the type of investments that we're making today, is make sure that we have a symmetrical multi-gig wireline network across our entire footprint, have a seamless connectivity product through convergence that none of our competitors can ubiquitously use to compete. And then add to that the ability to save customers significant amounts of money, obviously, with mobile, where we offer a tremendous advantage given our structure.

同時，我們能做的就是繼續進行我們今天正在進行的投資類型，確保我們在整個覆蓋範圍內擁有對稱的多千兆有線網絡，擁有無縫連接產品通過融合，我們的競爭對手都無法普遍使用這種融合來競爭。然後，顯然，透過行動裝置可以為客戶節省大量資金，鑑於我們的結構，我們在行動裝置上提供了巨大的優勢。

But also, in some of these rural footprints, as strange as that may sound, we offer customers the ability to save significant amounts of money with their wireline phone relative to what they pay. Now that's not in vogue to talk about, but the reality is something I think we could use specifically in that market to drive even faster penetration in the rural footprint.

而且，在一些農村地區，儘管聽起來很奇怪，但我們為客戶提供了使用有線電話相對於他們所支付的費用節省大量資金的能力。現在談論這個話題已經不流行了，但我認為我們可以在這個市場上專門利用現實來推動更快地滲透到農村地區。

So overall, in our existing, inside of our new footprint, I think we have a great set of assets, a better and faster set of products, higher quality service because we're 100% onshore here in the US with sales and service, primarily with our own employees who are committed to that high-quality service.

因此，總的來說，在我們現有的、新的足跡中，我認為我們擁有大量的資產、更好、更快的產品、更高品質的服務，因為我們的銷售和服務100% 在美國境內，主要是我們自己的員工致力於提供高品質的服務。

Then who knows, over time, the ability to add a unique video package that appeals to customers of all budget levels in terms of what they can afford and to deliver great value and utility inside the video package, I think, remains a big potential upside in terms of our ability to drive broadband and to compete against some of these competitors who don't have the same network, seamless connectivity, packaging and product set and the ability to save customers money. I think we've got the best hand as it relates to our ability to compete in these marketplaces.

然後誰知道，隨著時間的推移，添加獨特的視頻包的能力仍然是一個巨大的潛在優勢，該視頻包可以吸引所有預算水平的客戶（就他們的承受能力而言），並在視頻包內提供巨大的價值和實用性。我認為我們擁有最好的牌，因為這關係到我們在這些市場中的競爭能力。

What we typically see with any new overbuild, and that's not new, that's -- we have a lot of experience with this, it's been going on for probably 15 years, as you see an initial uptake, it can put a few points of penetration impact at the outset when somebody comes in for the first 18, 24 months, and then the market kind of settles out.

我們通常會看到任何新的過度建設，這並不新鮮，那就是——我們在這方面有很多經驗，它已經持續了大約15 年，正如你看到的最初的採用，它可以帶來一些滲透點當有人在前 18、24 個月進入市場時，就會產生影響，然後市場就會穩定下來。

And so when we look to historical wireline overbuilders, many of which never got to the stated penetrations that today people say are required for return, the -- and that includes DSL conversion, I feel pretty good about where we can go over time, how we can compete. And the fact that at some point, the reality will be there that there's not a great financial return for wireline overbuilds when it's single, much less if it's a multiple.

因此，當我們回顧歷史上的有線過度建設者時，其中許多從未達到今天人們所說的回報所需的滲透率，其中包括DSL 轉換，我對隨著時間的推移我們可以走向何方感到非常滿意，如何我們可以競爭。事實上，在某些時候，現實將是，當單一的有線線路過度建設時，並不會帶來巨大的財務回報，更不用說如果是多重的了。

Jonathan Chaplin, New Street Research.

喬納森·卓別林，新街研究。

Chris, I'd like to just touch on the brand repositioning. From our perspective, I think it's a pretty profound change in the strategy, and would love to get some context for -- I mean it's probably too early, but are you starting to see any impact on gross adds or churn? Yeah. And when do you think -- how long does it -- do you think it sort of takes to really start to be felt in the business?

克里斯，我想談談品牌重新定位。從我們的角度來看，我認為這是戰略上的一個相當深遠的變化，並且希望了解一些背景信息- 我的意思是這可能還為時過早，但是您是否開始看到對總增加或流失的任何影響？是的。你認為什麼時候——需要多長時間——你認為需要多少時間才能真正開始在產業中產生影響？

And then from the build credits that come with the commitments that you're making, would we be expecting any impact on ARPU and costs from those? Or have you gotten your internal systems to the point where you're happy to give the build credits because you know you're not going to have to give any?

然後，根據您所做的承諾所附帶的構建積分，我們預計會對 ARPU 和成本產生任何影響嗎？或者你的內部系統是否已經達到了你很樂意給予構建積分的程度，因為你知道你不必給予任何積分？

Sure. A lot in that. Okay. I appreciate that you appreciate that the brand repositioning and the commitments that we're making are significant. I think it's really exciting for us and where we can go.

當然。其中有很多。好的。我很高興您認識到品牌重新定位和我們所做的承諾意義重大。我認為這對我們來說真的很令人興奮，我們可以去哪裡。

It really comes about because we had made the significant investment in our own employees, investing in frontline tenure, which is progression and the ability for our employees to not just think about it as a job, but to have it as a career. And that gives us a higher quality craft than what you could have with contractors or offshore personnel.

它的真正實現是因為我們對自己的員工進行了大量投資，投資於第一線任期，這是進步和我們的員工不僅將其視為一份工作，而且將其視為一種職業的能力。這為我們提供了比承包商或離岸人員更高品質的工藝。

But at the same time, we really had not gotten the credit, I think, in the marketplace from customer satisfaction or NPS the way that we thought that -- reflected the investment that we've made. And so some of that comes down to doing a better job as a management team and avoiding some of the paper cuts that exist in customer service. The quality of service is there, the investment is there. This isn't a money issue, this is a -- really trying to just -- around the edges, how can you do better? That's one.

但同時，我認為，我們確實沒有像我們認為的那樣在市場上從客戶滿意度或 NPS 中獲得信譽——反映了我們所做的投資。因此，其中一些歸結為管理團隊做得更好，並避免客戶服務中存在的一些紙張削減。服務品質擺在那裡，投資擺在那裡。這不是一個金錢問題，這是一個——真的試圖——圍繞邊緣，你怎麼做得更好？這是一個。

Two is making sure that we had implemented some of the softer touch for customer service and to just give customers more recognition for their tenure with us and to remind them that we're local inside of their communities, and that these are committed employees to the company.

二是確保我們對客戶服務實施了一些更溫和的接觸，讓客戶更多地認可他們在我們這裡的任期，並提醒他們我們是他們社區的本地人，這些都是致力於服務的員工。

And three is to really stand behind our service and back it up with guarantees. Guarantees for service, and guarantees about what happens if we're honest when we fail to meet that service level that we've committed to customers, and to stand behind that. And so most of that, which goes to your build credit question, isn't going to be giving out build credits, it's going to be reminding customers that that's the type of quality of service that they can expect from Charter, from [Spectrum]. And to the extent that we miss, we're going to proactively apply credit and own it, and apologize for when we don't get it right and to do a better job.

第三是真正支持我們的服務並提供保證。服務保證，並保證當我們未能達到我們向客戶承諾的服務水平時，如果我們誠實的話會發生什麼，並支持這一點。因此，涉及構建信用問題的大部分內容不會提供構建信用，而是會提醒客戶，這就是他們可以從 Charter 獲得的服務品質類型，[光譜]。在我們錯過的範圍內，我們將主動申請信用並擁有它，並在我們做得不好時道歉並做得更好。

I don't think the bill credits - there will be some incremental impact, I don't think it's going to be particularly material as it relates to ARPU. But what it does is it puts a pretty significant flashlight on us internally to make sure that what are those paper cuts, where are those service misses, and it provides a real incentive internally for us to go manage that down by providing even better and higher quality of service.

我不認為該法案會產生一些增量影響，我認為它不會對 ARPU 產生特別重大的影響。但它的作用是，它在我們內部提供了一個非常重要的手電筒，以確保哪些紙張被削減，那些服務缺失在哪裡，並且它為我們內部提供了真正的激勵，通過提供更好、更高的服務來管理這一問題。

So a lot of this is just making sure that we get recognized for the investments that we've already made, but a lot of it also is forcing ourselves to be better and to do better. And then you match that service commitment at the same time with some of the ethos that was in what I described, which is around billing transparency and having high-quality services and products, which we do have, but even simple things about rounding the pricing, instead of $0.99, to rounding it to even dollars. And to having lower promotional pricing when bundled and lower persistent pricing when bundled in a way that not only saves customers money now, and we always did over time, but even more money over time to the extent they take more product from us, is customer-friendly and competitive in the marketplace.

因此，這很大程度上只是為了確保我們已經做出的投資得到認可，但也有很多是在迫使我們自己變得更好、做得更好。然後，您將服務承諾與我所描述的一些精神相匹配，這些精神是圍繞計費透明度和擁有高品質的服務和產品（我們確實擁有），但即使是關於四捨五入定價的簡單事情，而不是0.99美元，將其四捨五入為偶數美元。捆綁時降低促銷價格，捆綁時降低持續定價，不僅可以為客戶節省金錢（隨著時間的推移，我們一直這樣做），而且隨著時間的推移，他們從我們這裡購買更多產品，可以節省更多的錢，這就是客戶- 友好且具有市場競爭力。

So I'm really excited about it. There is -- it is way, way too early, your question about any early impact of that. I think it's less about what you say and it's more about what you do and that takes time to be recognized in the marketplace. And so I think this is something that, maybe if we're lucky, back end of next year from just the customer commitments and service aspect, we could see the benefit of that.

所以我對此感到非常興奮。你關於其早期影響的問題還為時過早。我認為這不在於你說什麼，而在於你做了什麼，這需要時間才能在市場上得到認可。因此，我認為，如果我們幸運的話，也許明年年底，從客戶承諾和服務方面來看，我們就可以看到這樣做的好處。

This is a multiyear process. It's not something that we're looking to immediately. But I think the good news, as you've highlighted, is we're very, very focused on our reputation in the marketplace, which impacts both customer acquisition as well as retention, and the customer life, which has a better financial outcome for our shareholders as well as just being a great operator in the local communities we serve.

這是一個多年的過程。這不是我們立即期待的事情。但我認為好消息是，正如您所強調的，我們非常非常關注我們在市場上的聲譽，這會影響客戶的獲取和保留，以及客戶的生命，這會為我們帶來更好的財務結果我們的股東以及我們所服務的當地社區的優秀運營商。

Maybe the one early item that I think is really clear that's worth pointing out though is that the bundled strategy in what was rolled out in the new pricing and packaging is being really successful in doing the things that we hoped that it would do, which collectively should drive higher customer ARPU in terms of getting customers to take higher tiered packages, getting customers to take more products inside of those packages, and also sort of expanding the number of mobile lines that we're seeing sort of taken per customer.

也許我認為非常明確但值得指出的一個早期項目是，在新的定價和包裝中推出的捆綁策略確實成功地完成了我們希望它能做到的事情，這些事情共同應該通過讓客戶購買更高級別的套餐、讓客戶購買這些套餐中的更多產品以及擴大每個客戶所使用的行動線路數量來推動更高的客戶ARPU。

So the one piece, I think, that's been easy to see upfront is that, that strategy around pushing value back into the bundle and utilizing that to drive higher customer ARPUs, I do think will be quite effective.

因此，我認為，前期很容易看到的一點是，圍繞將價值推回到捆綁中並利用其來推動更高的客戶 ARPU 的策略，我確實認為將非常有效。

Yeah. It's the old strategy that you can lower your product pricing and have higher customer ARPU, both at the time of sale as well as over time, and have longer customer lives and have lower operating costs and therefore, have better returns by doing the right thing.

是的。這是一種古老的策略，您可以降低產品定價並在銷售時和一段時間內擁有更高的客戶ARPU，並擁有更長的客戶壽命和更低的營運成本，因此透過做正確的事情來獲得更好的回報。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

I'm going to try to squeeze in two if I can. First, this is an interesting question that we've been pondering a bit that you've been building out FTTH networks yourselves in your edge out and expansion areas. How much of your plant today is FTTH rather than HFC? And what kind of differences do you notice competitively in places, I know a lot of those are noncompetitive markets, but what kind of differences do you see competitively when you do have fiber to compete with rather than relying on your HFC network?

如果可以的話，我會嘗試擠成兩半。首先，這是一個有趣的問題，我們一直在思考您自己在邊緣輸出和擴展區域建立 FTTH 網路。目前，您的工廠中有多少是 FTTH 而不是 HFC？我知道其中很多都是非競爭性市場，但當您確實擁有光纖來競爭而不是依賴 HFC 網路時，您會發現哪些競爭差異？

And then if I could squeeze in one extra. Chris, you talked about lower participation in the BEAD program. Does that open the door perhaps to say if you can't expand your footprint through subsidized building, there may be opportunities for small-scale M&A, sort of rural cable operators, for example, that might be attractive and could be acquired for less than the cost of building yourself in a lot of cases?

然後如果我能多擠出一份的話。Chris，您談到了 BEAD 計劃參與度較低的問題。這是否打開了大門，也許是說，如果你不能通過補貼建設擴大你的足跡，可能會有小規模併購的機會，例如農村有線電視運營商，這可能很有吸引力，並且可以以低於在很多情況下，建立自己的成本是多少？

Sure. On the fiber-to-the-home expansion, I don't have that number in front of me. I know when we started our rural build, we had roughly 750,000 passings -- or 750,000 miles plant. I think we're well over 900,000 today. If you think about how that's evolved over time, at the time we were 750,000 miles plant, we were about 50-50 in terms of construction that was between HFC and FTTH and we're now at -- close to 90% of the new build that we do is fiber-to-the-home.

當然。關於光纖到戶擴展，我面前沒有這個數字。我知道當我們開始農村建設時，我們有大約 750,000 次通行——或者 750,000 英里的工廠。我認為今天我們的人數已遠遠超過 90 萬人。如果你想想它是如何隨著時間的推移而演變的，當時我們的工廠有750,000 英里，我們的建設情況大約是50-50 之間，介於HFC 和FTTH 之間，而我們現在接近90 % 的新建工廠我們所做的建設是光纖到府。

We do that simply because, on the increment, it's fine to do. The reality is what we see from a competitive standpoint as well as from a service standpoint, we see absolutely no difference. In fact, in our fiber-to-the-home footprint, oddly enough, we have a slightly higher trouble call rate than we do inside of our HFC plant on a 10-year adjusted basis for customers and plant construction.

我們這樣做只是因為，在增量上，這樣做很好。現實是，從競爭的角度和服務的角度來看，我們絕對沒有看到任何差異。事實上，奇怪的是，在我們的光纖到戶足跡中，根據客戶和工廠建設的 10 年調整後，我們的故障呼叫率比 HFC 工廠內部的故障呼叫率略高。

So I think that will normalize over time. Some of that's more software-driven related to OLTs and whatnot. But my big point there is there is 0 difference to us in terms of the service quality or what we see really in competitiveness between the FTTH plant where we operate with HFC.

所以我認為隨著時間的推移，這種情況將會正常化。其中一些更多是與 OLT 等相關的軟體驅動。但我想說的重點是，我們使用 HFC 運營的 FTTH 工廠在服務品質或我們所看到的真正競爭力方面沒有任何差異。

The HFC over time is going to have certain advantages relative to fiber. And I would start by saying that, remember that, of our HFC plant, I don't know the exact stat, but whether it's 99.5% or 99.8% of our HFC plant really is fiber. And it's really at the end that it's coax on the run, which often is the case with fiber-to-the-home, in home wiring as well.

隨著時間的推移，HFC 相對於光纖將具有一定的優勢。我首先要說的是，請記住，對於我們的 HFC 工廠，我不知道確切的統計數據，但無論我們的 HFC 工廠的 99.5% 還是 99.8% 確實是纖維。最後，它實際上是在運行中的同軸電纜，這通常是光纖到府的情況，在家庭佈線中也是如此。

So we're essentially the same network, except at the end, we have the advantage of having the ability to have more telemetry because of power and the ability to hang small cells from a wireless strategy perspective in a very capillary way.

因此，我們本質上是相同的網絡，除了最後，我們的優勢是能夠進行更多的遙測，因為功率以及從無線策略角度以非常毛細的方式懸掛小型蜂窩的能力。

So we're spending time on really thinking through over time, is the HFC network actually superior as a result of some of the capabilities that it will -- not they're making that claim today, but I think there are some real advantages to the plant. And today, there's really no difference for us from what we see between one and the other. Do you want to jump in on --

因此，隨著時間的推移，我們正在花時間真正思考，HFC 網路是否真的因其某些功能而更加優越——不是他們今天所說的那樣，但我認為 HFC 網路有一些真正的優勢植物。今天，我們所看到的兩者之間確實沒有什麼區別。你想加入嗎--

Yeah. On the lower BEAD participation and what we would do then in small-scale M&A, Craig, we always say we like cable businesses, we believe we operate them well. When there are small-scale opportunities that fit well with our footprint, we will often go after those. They're typically so small that you sort of don't see them and how they fold in.

是的。關於較低的 BEAD 參與度以及我們將在小規模併購中做什麼，克雷格，我們總是說我們喜歡有線電視業務，我們相信我們經營得很好。當有適合我們足跡的小規模機會時，我們通常會去追求它們​​。它們通常很小，以至於您看不到它們以及它們如何折疊。

But I think that we look at those opportunities the way that we look at any other opportunity and expanding our footprint in that way does make sense when it's at the right price. I don't necessarily foresee that if there's a trade-off as between BEAD and doing small-scale M&A, I think we pursue both of those opportunities where they make sense and will drive returns for the company.

但我認為，我們以對待任何其他機會的方式看待這些機會，並以這種方式擴大我們的足跡，當價格合適時確實有意義。我不一定預見到，如果在 BEAD 和進行小規模併購之間存在權衡，我認為我們會在有意義的情況下追求這兩個機會，並為公司帶來回報。

I agree.

我同意。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Great. And two related questions. One, actually, Jessica, you may have -- you touched on. I was just wondering, are there any margin implications for the new pricing and packaging? It sounds like you're going to -- you expect to have better sell-in, which should lead to better margins. But any -- when should we expect to see the sort of benefits of that, both in terms of margins and maybe changes in subscriber trends on the data side and video side?

偉大的。以及兩個相關問題。事實上，傑西卡，你可能已經提到過。我只是想知道，新的定價和包裝對利潤率有影響嗎？聽起來你會——你期望有更好的銷售，這應該會帶來更好的利潤。但是，我們什麼時候才能看到這種好處，無論是在利潤方面還是在數據方面和影片方面的用戶趨勢變化方面？

And then, obviously, you've seen some nice EBITDA acceleration through the year, probably will again in the fourth quarter with political advertising. Can you point out any puts or takes as we try to get a sense for what EBITDA trends look like in 2025? Obviously, you don't want to give guidance now. But is there anything you can point to that suggests the momentum you've seen through the year will continue in '25? Thanks.

然後，顯然，您已經看到全年 EBITDA 出現了一些不錯的成長，可能會在第四季度再次出現政治廣告成長。當我們試圖了解 2025 年 EBITDA 趨勢時，您能指出任何看跌或看跌嗎？顯然，您現在不想提供指導。但是，有什麼可以表明您在這一年中所看到的勢頭將在 25 年繼續下去嗎？謝謝。

Yeah. So starting on the margin implications for the new pricing and packaging. What we think about when we look at the success of the program is what Chris was describing in terms of how do you drive the most product value to the consumer that generates the most revenue, and then really, I guess, I think of it as sort of the most cash flow per customer, which isn't margin as a percentage. It's margin as an absolute dollar value.

是的。因此，從新定價和包裝的利潤影響開始。當我們看到該計劃的成功時，我們所想到的是克里斯所描述的，即如何為產生最多收入的消費者提供最大的產品價值，然後，我想，我真的認為它是有點像每個客戶的最大現金流量，這不是利潤率的百分比。它是按絕對美元價值表示的保證金。

And in that case, I think that we're quite confident that the new pricing and packaging will be really successful in driving additional cash flow per customer because of the value that we've pushed into the bundles and what that means for the total margin that we can generate on the services offered to those customers.

在這種情況下，我認為我們非常有信心新的定價和包裝將真正成功地推動每位客戶的額外現金流，因為我們已經將價值推入捆綁包中，這對總利潤意味著什麼我們可以透過向這些客戶提供的服務來產生。

Does that mean that margin as a percentage will go up? That one is less clear. I actually think that the video product is a bit more attractive in the new pricing and packaging as we pull it together. And so because of that, your mix around how much video versus how much mobile and how much Internet might change. Mix tends to drive margin percentage across the company. And in this case, it might get you to the wrong answer because I think that we can drive the most collective margin by driving the most products to the customer.

這是否意味著利潤百分比將會上升？那個不太清楚。事實上，我認為視訊產品在新的定價和包裝上更具吸引力，因為我們將其整合在一起。因此，視訊量、行動量和網路量的混合可能會發生變化。混合往往會提高整個公司的利潤率。在這種情況下，它可能會讓你得到錯誤的答案，因為我認為我們可以透過向客戶提供最多的產品來獲得最大的集體利潤。

On the EBITDA front, thinking about the fourth quarter and next year, we still anticipate strong EBITDA growth in Q4, though it might not accelerate the way that we had hoped given that some of our expense reduction impacts, I think, came in a little earlier than we expected, and we will have the storm impacts that hit inside of Q4. Still strong, but maybe not accelerating.

在 EBITDA 方面，考慮到第四季度和明年，我們仍然預計第四季度的 EBITDA 將強勁增長，儘管考慮到我們的一些費用削減影響，我認為，它可能不會加速我們所希望的方式比我們預期的要早，我們將在第四季遭受風暴影響。仍然強勁，但可能沒有加速。

And then going into next year, we're, of course, going to target EBITDA growth. But there are some meaningful headwinds, which I think include our Internet customer losses in 2024 and a nonpolitical year for advertising. Even with that, our expense reduction efforts, which I've mentioned before, include things that are both short term and have already rolled in, as well as some medium and longer-term items that are still building. I think that they'll put us in a good place. But there are meaningful headwinds as we go into next year.

進入明年，我們當然會以 EBITDA 成長為目標。但也存在一些有意義的阻力，我認為其中包括 2024 年我們的網路客戶流失以及廣告的非政治年。即便如此，我之前提到的我們的開支削減工作包括短期的和已經開始的項目，以及一些仍在建設中的中長期項目。我認為他們會讓我們處於一個好的位置。但當我們進入明年時，會出現一些有意義的阻力。

John, on the first question, Jessica is right about we focus on cash flow margin. But even with the percent over time -- so I'm not talking at acquisition, but over time, I think it's important to note that our triple play bundles of different combinations, they have the highest of dollars of EBITDA -- not only the highest ARPU, but the highest dollars of EBITDA contribution. They also have the lowest churn and the longest customer life and they have the best ROI.

約翰，關於第一個問題，傑西卡是對的，我們關注現金流利潤率。但即使隨著時間的推移，我不是在談論收購，但隨著時間的推移，我認為重要的是要注意我們不同組合的三重播放捆綁包，它們具有最高的 EBITDA - 不僅是ARPU 最高，但EBITDA貢獻最高。他們的客戶流失率最低，客戶壽命最長，投資報酬率最高。

And that still is the case today. which comes back to our launch of the new Spectrum pricing and packaging, is you just have to make sure that there's real value in the products that you're putting on the bill. And if there is, and it's a high-quality product, there's value and you have utility all packaged together, you can be in an environment where you have higher dollars of ARPU. You have higher dollars of margin. You have lower churn and lower operating cost per PSU.

今天仍然如此。回到我們推出的新 Spectrum 定價和包裝，您只需確保您購買的產品具有真正的價值。如果有的話，而且它是高品質的產品，那麼它就具有價值並且具有實用性，那麼您就可以處於一個具有更高 ARPU 值的環境中。您有更高的保證金。每個 PSU 的客戶流失率和營運成本都較低。

And even as a result of having a mix with products with different direct costs in there, you can end up long term with higher EBITDA margin even as a percent also because your operating cost is much lower. Your churn is lower. And as a result, your subscriber acquisition cost is lower because you're not having to replace customers that you lost with new ones to fill the hole. And instead you're using your subscriber acquisition cost to acquire net new customers, which has the impact of increasing your dollar margin as well as your percent margin over the long term.

即使混合了具有不同直接成本的產品，您也可以長期獲得更高的 EBITDA 利潤率，即使是百分比，因為您的營運成本要低得多。您的流失率較低。因此，您的訂戶獲取成本會降低，因為您不必用新客戶來填補失去的客戶來填補漏洞。相反，您使用訂戶獲取成本來獲取淨新客戶，這會增加您的美元利潤以及長期利潤百分比。

And that's the unique competitive advantage, I think, that we have, is we have all those products, seamless connectivity and seamless entertainment in 100% of our footprint. And that's what we're trying to do, is make better use of those capabilities.

我認為，這就是我們所擁有的獨特競爭優勢，我們 100% 的足跡都擁有所有這些產品、無縫連接和無縫娛樂。這就是我們正在努力的，就是更好地利用這些能力。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

So Chris, you have a unique video offering at this point. And I know you've worked hard to add the streaming services to customers. When we think about where you can go from here, I'm not sure there's been an uptick year-on-year in double and triple play customers yet. It sounds like you're thinking maybe later next year is when you might see the fruition of a lot of those efforts come together in those multiproduct customers. So I was just wondering how you could add a little more color to retention and acquisition and what the timing and the impact of that looks like at the customer level over the medium term.

克里斯，你現在有一個獨特的視頻產品。我知道你們為為客戶添加串流媒體服務付出了很大的努力。當我們考慮下一步可以走向何方時，我不確定雙網合一和三網合一客戶數量是否比去年同期增加。聽起來您似乎在想，也許明年晚些時候您可能會看到這些多產品客戶的努力取得了成果。因此，我只是想知道如何為保留和獲取添加更多色彩，以及中期內對客戶層級的時機和影響。

And then just a small one. I know it's tough to unpack ARPU. But if we just think about roll to pay, you were very aggressive on Spectrum One about 18 months ago. Can you help us at all think about how much roll to pay is contributing to either revenue or ARPU at this point?

然後只是一小塊。我知道解析 ARPU 很困難。但如果我們只考慮滾動付款，大約 18 個月前你們在 Spectrum One 上非常激進。您能否幫助我們考慮一下目前的付費滾動對收入或 ARPU 的貢獻有多大？

Why don't I take the first one, and Jessica, if you have thoughts on the second? I agree, we have a unique video offering and, at the same time, it's easy to get impatient as to how quickly we can get all that fully rolled out in a way that's easy for customers to understand, appreciate, sign up to, and utilize. And yet, when you think about that first half of 2025 that I talked about to fully operationalize it, it's really -- that would only be 18 months from the time we first started to enter into these programming agreements. And so it's a relatively short period of time where we're going to be fully operationalized.

為什麼我不選第一個，潔西卡，如果你對第二個有想法的話？我同意，我們擁有獨特的視訊產品，同時，我們很容易對我們能以多快的速度以客戶易於理解、欣賞、註冊和使用的方式全面推出所有內容感到不耐煩。然而，當你想到我談到的 2025 年上半年全面實施它時，實際上，距離我們第一次開始簽訂這些編程協議僅用了 18 個月的時間。因此，我們將在相對較短的時間內全面投入營運。

So our goal is, our priorities here was first to really focus on getting all these programming agreements done in a, I think, what turned out to be a 12- or 13-month period. So pretty quick to really run through all of those program agreements, some of which were early renewals because programmers were getting behind us.

所以我們的目標是，我們的首要任務是首先真正專注於在我認為的 12 或 13 個月的時間內完成所有這些程式設計協議。所以很快就真正完成了所有這些程序協議，其中一些是提前續訂的，因為程式設計師支持我們。

The second piece is to just physically get launched the programmer apps to form part of our seamless entertainment so that customers can subscribe to those. It's not the same because they have a broader direct-to-consumer businesses and we need to work with them on authentication as well as program or specific credentials, which means that, in its current state, it's a high-value proposition. But it's not always easy to find and it's not always easy to subscribe and to manage your existing subscriptions potentially with those programmer apps.

第二部分是實體啟動程式設計師應用程序，形成我們無縫娛樂的一部分，以便客戶可以訂閱這些應用程式。這是不一樣的，因為他們擁有更廣泛的直接面向消費者的業務，我們需要與他們在身份驗證以及計劃或特定憑證方面合作，這意味著，在目前的狀態下，這是一個高價值的主張。但它並不總是很容易找到，並且使用這些程式設計師應用程式訂閱和管理現有的訂閱並不總是很容易。

And so that's the environment that we sit today, which is good takeup, but not exactly the most customer-friendly proposition just yet, which is what we're working through.

這就是我們今天所處的環境，這是很好的接受，但還不是最對客戶友善的主張，這正是我們正在努力解決的問題。

The second priority -- or the third priority, first is programming relationships, two was launch the direct-to-consumer app, third is to implement the ability for customers to upgrade to the ad-free version of these apps, only a couple of which has already been launched, so we're well in the progress with that as well.

第二個優先事項- 或第三個優先事項，第一是編程關係，第二是推出直接面向消費者的應用程序，第三是實現客戶升級到這些應用程序的無廣告版本的能力，只有幾個它已經啟動了，所以我們也進展順利。

And then the final piece is really to put it all inside of what I would call a video portal, which allows to manage all of your video subscription with us, including all of the programmer apps, when it's included as part of your offer, when it's upgraded to the ad-free version where we have economics as well. And the ability to sell these programmer apps to our broadband customers or to our skinny package video customers, all in the same in place where you can manage your subscriptions.

最後一部分實際上是將其全部放入我所說的視頻門戶中，該門戶允許管理您向我們訂閱的所有視頻，包括所有程序員應用程序，當它包含在您的報價中時，當它已升級到無廣告版本，我們也有經濟優勢。並且能夠將這些程式設計師應用程式出售給我們的寬頻客戶或瘦包視訊客戶，所有這些都可以在您管理訂閱的地方進行。

And that's a compelling marketplace for video that we're developing today. And it requires for some pretty significant cooperation as well, as you can imagine, with the programmers. And we think we'll have all that placed in the first half of 2025 and be able to present that to customers as part of our pricing and packaging.

這就是我們今天正在開發的一個極具吸引力的視訊市場。正如您可以想像的那樣，它還需要與程式設計師進行一些相當重要的合作。我們認為我們將在 2025 年上半年完成所有這些工作，並能夠將其作為我們定價和包裝的一部分呈現給客戶。

I think there was some misconception in the marketplace that thought that we were going to do some big, huge marketing campaign and that would have a financial impact next year. That's really not the case. The investment we're making is the utility of finding all of this in a place that can manage your subscriptions, and they've been able to activate all of that within Xumo in particular, or other platforms.

我認為市場上存在一些誤解，認為我們將進行一些大型行銷活動，這將對明年的財務產生影響。事實並非如此。我們所做的投資是在一個可以管理您的訂閱的地方找到所有這些的實用性，並且他們已經能夠在特定的Xumo或其他平台中啟動所有這些。

And the marketing and sales that we're doing really is tied to our new pricing and packaging as part of these bundles that we're putting out. So longer term, I expect all of that to have a pretty significant impact on acquisition of retention, certainly for video, but hopefully also with Internet when bundled together.

我們正在做的行銷和銷售確實與我們的新定價和包裝有關，作為我們推出的捆綁包的一部分。因此，從長遠來看，我預計所有這些都會對保留率產生相當大的影響，尤其是視頻，但希望與互聯網捆綁在一起時也能產生很大的影響。

Already without getting to that place that we expect to be next year we already see a significant uplift in the video sell-in just from the way that we're bundling and going to market with this new Spectrum pricing and packaging even without the benefit of that the video marketplace environment that I described. We're already seeing a pretty significant uplift.

儘管還沒有達到我們預計明年的目標，但我們已經看到視頻銷售的顯著提升，僅從我們通過新的 Spectrum 定價和包裝進行捆綁和上市的方式來看，即使沒有受益於我所描述的視頻市場環境。我們已經看到了相當顯著的提升。

And the reason that we're comfortable with that is because we know the value is there because of what's in place already today with some of the programmer apps and what's coming, what will be launched, and the ability to actually find and manage it in a better way.

我們對此感到滿意的原因是因為我們知道它的價值是存在的，因為今天一些程式設計師應用程式已經具備了一些功能，以及即將推出的內容、將要推出的內容以及在其中實際查找和管理它的能力。

So we're pretty -- look, we're -- on one hand, we're excited about the space because it adds value. On the other hand, I want to be careful we're not forecasting video growth. We're simply saying that it's a way to add utility into our seamless connectivity relationships in a way that hasn't existed. And from our past experience, we know the value that can come about to the overall bundle by doing that right.

所以我們很漂亮——看，我們——一方面，我們對這個空間感到興奮，因為它增加了價值。另一方面，我要小心的是，我們並沒有預測影片的成長。我們只是說，這是一種以前所未有的方式將實用性添加到我們的無縫連接關係中的方法。根據我們過去的經驗，我們知道透過正確的做法可以為整個捆綁帶來價值。

I'll take the other one on the mobile, called the roll to pay rates. We still see our free lines converting to being paying customers at very strong rates. In terms of the impact that that has on ARPUs across the system, so once you get to -- I'm going to say normalized, but once you get to a similar number of overall free lines inside of the system in a year-over-year, then you no longer end up with the same boosts or impact of the year-over-year -- the same year-over-year impact on our ARPU.

我會在手機上拿另一張，稱為「點名」來支付費用。我們仍然看到我們的免費線路以非常高的速度轉變為付費客戶。就這對整個系統的 ARPU 的影響而言，一旦你達到——我想說的是標準化，但一旦你在一年內達到系統內類似數量的總體免費線路- 年，那麼您最終將不再獲得與去年同期相同的提升或影響- 對我們的ARPU 產生相同的同比影響。

So if I think about Internet ARPU there, as an example, Internet ARPU grew 2.8% on a GAAP basis. It would have been 3.1%, excluding the GAAP allocations, which is a closer tie between the two of those than what we've seen previously. And I think going forward, you'll find those coming together.

因此，以網路 ARPU 為例，以 GAAP 計算，網路 ARPU 成長了 2.8%。如果不考慮 GAAP 分配，則為 3.1%，這兩者之間的聯繫比我們之前看到的更緊密。我認為展望未來，你會發現這些融合在一起。

On the other side, mobile ARPU actually was up and is looking really good. But the increase that you see in mobile ARPU related to the uptake of our Unlimited Plus plans, which really has been driven by anytime upgrade, and I think could be driven further given some of the incentives that we have around it in the new pricing and packaging plans.

另一方面，行動 ARPU 實際上有所上升，而且看起來非常好。但是，您看到的行動ARPU 的成長與我們的Unlimited Plus 計畫的採用有關，這實際上是由隨時升級推動的，而且我認為考慮到我們在新定價和圍繞它的一些激勵措施，可能會進一步推動這一成長。

So we're seeing, I guess, good growth in ARPU, but not as much at this point related to the roll-off of free lines in the system, not because the free lines aren't performing well, but just because the free lines now as a portion of the total base are more normalized.

因此，我認為，我們看到 ARPU 的良好增長，但目前與系統中免費線路的減少相關的程度並不高，不是因為免費線路表現不佳，而是因為免費線路的表現不佳。作為總基數的一部分更加標準化。

Thanks, Steven. And that concludes our call today. Operator, we'll pass it back to you.

謝謝，史蒂文。我們今天的電話會議到此結束。接線員，我們會將其傳回給您。

Thank you very much.

非常感謝。

Thanks.

謝謝。

This concludes our call. You may now disconnect.

我們的通話到此結束。您現在可以斷開連線。