Charter Communications Inc (CHTR) 2025 Q2 法說會逐字稿

Hello, and welcome to Charter Communications second-quarter 2025 investor conference call. (Operator Instructions) Also as a reminder, this conference is being recorded today. (Operator Instructions)

您好，歡迎參加 Charter Communications 2025 年第二季投資人電話會議。（操作員指示）另外提醒一下，今天正在錄製本次會議。（操作員指示）

I will now turn the call over to Stefan Anninger.

現在我將電話轉給 Stefan Anninger。

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

謝謝接線員，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，我想提醒您，我們的 SEC 文件中包含許多風險因素和其他警告聲明，我們鼓勵您仔細閱讀。

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.

我們在本次電話會議上就期望、預測、計畫和前景所作的各種評論均構成前瞻性陳述，這些陳述受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，Charter 不承擔修改或更新此類陳述的義務。

As a reminder, all growth rates noted on this call and in the presentation are calculated on a year-over-year basis unless otherwise specified. On today's call, we have Chris Winfrey, our President and CEO; and Jessica Fischer, our CFO.

提醒一下，除非另有說明，本次電話會議和簡報中提到的所有成長率都是以同比計算的。參加今天電話會議的有我們的總裁兼執行長 Chris Winfrey 和財務長 Jessica Fischer。

With that, let's turn the call over to Chris.

說完這些，我們就把電話交給克里斯。

Thanks, Stefan. During the second quarter, we remained the fastest-growing mobile provider in the United States. We added 500,000 Spectrum mobile lines in the quarter, and 2.1 million lines over the last 12 months for growth of nearly 25%, all because we offer seamless connectivity with the fastest speeds at the best price.

謝謝，史蒂芬。在第二季度，我們仍然是美國成長最快的行動服務供應商。我們在本季度增加了 50 萬條 Spectrum 移動線路，在過去 12 個月中增加了 210 萬條線路，增長了近 25%，這一切都因為我們以最優惠的價格提供最快速度的無縫連接。

In the second quarter, Internet customer losses of 117,000 improved from 149,000 last year. Our video customer losses improved fivefold year over year to 80,000 driven by better connects and lower term. Revenue was up slightly year over year, while second-quarter EBITDA grew by 0.5%, and we expect to grow EBITDA for the full year.

第二季度，網路客戶流失量為11.7萬戶，較去年同期的14.9萬戶有所改善。由於連線更順暢且期限更短，我們的視訊客戶流失量比去年同期減少了五倍，達到 8 萬人。營收較去年同期略有成長，第二季 EBITDA 成長 0.5%，我們預計全年 EBITDA 將成長。

The operating environment remains competitive. In Q2, we drove higher levels of sales year over year and lower voluntary churn, partly offset by higher levels of non-pay Internet churn absent ACP. We have not seen a material change in the competitive landscape. And we remain confident that we'll return to Internet customer growth over time through our operating strategy of delivering the best networks and products at the best value for customers, combined with unmatched service.

經營環境依然競爭激烈。在第二季度，我們的銷售額年增，自願流失率下降，但由於沒有 ACP，非付費網路客戶流失率上升，部分抵消了這一影響。我們尚未看到競爭格局發生重大變化。我們仍然相信，隨著時間的推移，我們將透過我們的營運策略恢復網路客戶的成長，即為客戶提供最有價值的最佳網路和產品，以及無與倫比的服務。

The new pricing and packaging we launched last September continues to produce good results, including a higher number of total products sold at Connect, a gig attach rate that's nearly doubled, more mobile lines for Customer Connect; and a video sell-in rate that's improved substantially with lower churn across both our traditional expanded basic packages and our skinny bundles.

我們去年 9 月推出的新定價和套餐繼續產生良好的效果，包括在 Connect 上銷售的產品總數增加、千兆附加率幾乎翻了一番、為 Customer Connect 提供了更多的移動線路；並且視頻銷售率大幅提高，我們的傳統擴展基本套餐和精簡套餐的客戶流失率都降低了。

Our video product continues to improve. In June, we announced the inclusion of Hulu with our traditional packages. Hulu should become available for those customers prior to the launch of ESPN Unlimited. Together with FOX One, our inclusion offer will then be essentially complete.

我們的視訊產品不斷改進。6 月份，我們宣布將 Hulu 納入我們的傳統套餐中。Hulu 應該會在 ESPN Unlimited 推出之前為這些客戶提供服務。與 FOX One 合作，我們的包容性服務將基本完善。

As slide 6 shows, we will offer over $100 in monthly value inside of our seamless entertainment packages at no additional cost to customers. Our streaming app activation process for customers has improved, and we'll be ramping our marketing of seamless entertainment together with our programming partners.

如投影片 6 所示，我們將在無縫娛樂套餐中提供每月價值超過 100 美元的服務，且不向客戶收取額外費用。我們為客戶提供的串流應用程式啟動流程已經得到改進，我們將與我們的節目合作夥伴一起加強無縫娛樂的行銷。

This month, we began launching the sale of a la carte programmer streaming applications to customers without traditional video packages, including broadband-only. In the coming months, we'll also launch our video marketplace. It's a place where customers can discover, activate upgrade and downgrade or streaming inclusion apps. We will also be a starting place for video-centric sales leads in a place to learn about and buy spectrum TV video packages like TD Select and Stream and a la carte programmer streaming applications.

本月，我們開始向沒有傳統影片套餐（包括寬頻套餐）的客戶推出點菜程式設計師串流應用程式的銷售。在接下來的幾個月裡，我們還將推出我們的視訊市場。在這裡，客戶可以發現、啟動升級和降級或串流包含應用程式。我們也將成為以視訊為中心的銷售線索的起點，在這裡可以了解和購買頻譜電視視訊套餐，如 TD Select 和 Stream 以及點菜程式設計師串流應用程式。

So why do we work so hard to improve an ecosystem that's been in structural decline for years? The reason is because we've recreated the video product, into something of much higher quality with unique video packaging, flexibility and value together with Xumo, which solves a growing content discovery for our video product can be yet another competitive advantage for our Internet and mobile sales and it drives churn lower. It's the convergence of our connectivity services and video through seamless entertainment.

那麼，我們為什麼要如此努力地改善多年來一直處於結構性衰退的生態系統呢？原因是我們與 Xumo 一起重新打造了視訊產品，使其具有獨特的視訊包裝、靈活性和價值，品質更高，這解決了我們視訊產品日益增長的內容髮現問題，這可以成為我們網路和行動銷售的另一個競爭優勢，並降低客戶流失率。它是透過無縫娛樂將我們的連接服務和視訊融合在一起。

I do want to highlight that our programming deals over the past two years, including recent extensions and co-marketing efforts, reflect our programming partners' belief in our customer video proposition, and those relationships are probably in the best place I see.

我確實想強調的是，我們過去兩年的節目交易，包括最近的擴展和聯合營銷努力，反映了我們的節目合作夥伴對我們的客戶視頻主張的信念，這些關係可能是我所看到的最佳狀態。

Turning to Internet specifically, we offer gig-capable seamless connectivity, wireline and wireless across 100% of our footprint. And we're not standing still. Our wireline network evolution is effectively a very low-cost spectrum acquisition across 58 million passings, adding up to 1 gigahertz of additional spectrum when we moved to 1.8 gigahertz. We're deploying symmetrical and multi-gig speeds everywhere we operate.

具體到互聯網，我們在 100% 的覆蓋範圍內提供千兆無縫連接、有線和無線連接。我們並沒有停滯不前。我們的有線網路演進實際上是在 5800 萬個傳輸速率上以非常低成本獲取頻譜，當我們遷移到 1.8 千兆赫時，增加了 1 千兆赫的額外頻譜。我們在營運的所有地方都部署了對稱和多千兆速度。

In July, we completed the addition of 2 by 1 gigabit per second service to all of our step one markets, approximately 15% of our footprint. Step two, including DOCSIS 3.1 distributed access architecture is now underway to the next 50% of our footprint and will deliver 5 by 1 gigabit per second service there as well as fiber on-demand capabilities.

7 月份，我們完成了在所有第一步市場增加 2 個 1 千兆位元每秒服務的工作，約占我們覆蓋範圍的 15%。第二步，包括 DOCSIS 3.1 分散式存取架構，目前正在覆蓋我們接下來的 50% 的覆蓋範圍，並將在那裡提供每秒 5 到 1 千兆位元的服務以及光纖按需功能。

Step three, adding DOCSIS 4.0 to the equation, will expand capacity even more, allowing us to offer 10 by 1 gigabit per second service. We're also in full deployment mode of our hybrid mobile network operator, or HMNO network, deploying CBRS salt small cells across an additional 23 markets.

第三步，將 DOCSIS 4.0 加到方程式中，將進一步擴大容量，使我們能夠提供每秒 10 倍 1 千兆位元的服務。我們也處於混合行動網路營運商或 HMNO 網路的全面部署模式，在另外 23 個市場部署 CBRS 鹽小型基地台。

In mobile, our rapid growth continues. And for the last five quarters, the majority of our line net adds have come from unlimited plus lines with higher value and ARPU at a fraction of competitive prices with faster speeds and better connectivity. We've also been selling more mobile lines per connect with our new packaging and upselling additional lines to existing mobile households. Convergence reduces churn and higher mobile lines per customer benefits turn further.

在行動領域，我們持續快速成長。在過去的五個季度中，我們的大部分線路淨增都來自無限加線路，這些線路具有更高的價值和 ARPU，價格僅為競爭價格的一小部分，速度更快，連接性更好。我們也透過新的包裝銷售了更多的行動線路，並向現有的行動家庭追加銷售額外的線路。融合減少了客戶流失，更高的每位客戶的行動線路數進一步帶來了效益。

On convergence and higher line counts, earlier this week, we announced a long-term MVNO relationship with T-Mobile, which enhances our Spectrum business package of connectivity services and can accelerate Spectrum Mobile growth over time. We look forward to working with T-Mobile.

在融合和更高的線路數量方面，本週早些時候，我們宣布與 T-Mobile 建立長期 MVNO 合作關係，這增強了我們的 Spectrum 業務包連接服務，並可以加速 Spectrum Mobile 的長期成長。我們期待與 T-Mobile 合作。

From a financial perspective, mobile EBITDA less mobile CapEx is positive. And for the last couple of quarters, that figure has been positive, even including the impact of customer device financing. Outside of our multiline phone balance buyout, we don't see a need to subsidize acquisition given our market-leading speed and value. So the mobile business is now becoming a real tailwind to our free cash flow growth, and it will continue to increase.

從財務角度來看，行動 EBITDA 減去行動 CapEx 為正數。在過去的幾個季度裡，這個數字一直是正數，甚至包括客戶設備融資的影響。除了我們的多線電話餘額收購之外，鑑於我們市場領先的速度和價值，我們認為沒有必要補貼收購。因此，行動業務現在正成為我們自由現金流成長的真正順風，並且也將繼續成長。

Turning to customer service. We have a unique opportunity to create a competitive advantage here. The significant investments to improve our customer service were largely made over the past few years, those being technology, including digitization, AI, network intelligence, and direct investments in our US-based employees.

轉向客戶服務。我們擁有獨特的機會在此創造競爭優勢。過去幾年來，我們為改善客戶服務進行了大量的投資，這些投資包括技術，包括數位化、人工智慧、網路智慧以及對我們美國員工的直接投資。

Our technology investments have been primarily directed at applications that directly benefit customers in various self-help channels, and machine learning and AI-based frontline service tools to make servicing customers easier and more efficient for our employees. We're currently focused on using machine learning and AI to take full advantage of all of our network and in home telemetry to identify and address service issues before they ever occur.

我們的技術投資主要集中在各種自助管道中直接惠及客戶的應用程序，以及基於機器學習和人工智慧的一線服務工具，使我們的員工能夠更輕鬆、更有效率地為客戶提供服務。我們目前專注於使用機器學習和人工智慧來充分利用我們所有的網路和家庭遙測技術，以便在服務問題發生之前識別和解決它們。

Our investments in employees themselves are focused primarily on driving employee tenure, which drives better craftsmanship and customer service. It starts with good paying US jobs and benefits, and then we expanded that with career paths, including self-progression, training and education, and enhanced retirement benefits. We recently extended that notion of better service from better craftsmanship and commitment to a unique frontline ownership program geared towards tenure with the company matched based on tenure and a three-year investment holding period.

我們對員工本身的投資主要集中在提高員工任期，從而提高工藝水準和客戶服務。首先是高薪的美國工作和福利，然後我們擴展了職業道路，包括自我發展、培訓和教育以及增強的退休福利。我們最近將更好的服務理念從更好的工藝和承諾擴展到獨特的面向任期的一線所有權計劃，公司根據任期和三年的投資持有期進行匹配。

In the first election window of our employee stock purchase plan, nearly 15,000 largely frontline employees opted to directly invest and become owners of our company. Our employees understand the investments we're making, and they believe they are not just their career and retirement here. They increasingly act like owners of the business, and that's good for our customers, the community, communities we serve, and our shareholders.

在我們的員工股票購買計畫的第一個選擇窗口中，近 15,000 名主要為第一線員工選擇直接投資並成為我們公司的所有者。我們的員工了解我們所做的投資，他們相信他們在這裡不僅僅是為了事業和退休。他們越來越像企業的所有者，這對我們的客戶、社區、我們服務的社區以及我們的股東都有好處。

Ultimately, our investments in employees and technology are all resulting in significant and sustainably improved service. Cable billing and repair calls were down 14% year over year in the second quarter, with a near 10% decrease in truck rolls despite significant weather impacts. And we're seeing tangible improvements in how customers perceive our service, products, and pricing.

最終，我們對員工和技術的投資都將帶來顯著且可持續的改善服務。第二季度，有線電視計費和維修電話數量較去年同期下降 14%，儘管受到嚴重天氣影響，上門服務數量仍下降了近 10%。我們看到客戶對我們的服務、產品和定價的看法有了實際的改善。

We also have a public customer commitment backed by service credits, including if we can't be at your home or business the same day but internally, we're moving that standard to two-hour windows. Why? Because we can't. We're now doing it at a large percentage of the time. We believe it will take our competitors years of investments to catch up.

我們也對公眾客戶做出了以服務信用為後盾的承諾，包括如果我們無法在同一天到達您的家中或公司，但在內部，我們將該標準改為兩小時窗口。為什麼？因為我們不能。我們現在大部分的時間都在做這件事。我們相信我們的競爭對手需要多年的投資才能趕上。

Taking a step back, we still recognize the competitive environment we're in. Our operating and capital allocation strategy means we've been making the investments to put us in a position of confidence today, network evolution to ensure the fastest wireline speeds, convergence to make the same speed and reliability available seamlessly, extending our network to rural footprint, which often becomes suburban density in the future, and transforming video to provide value and utility in a complex ecosystem, driving connectivity sales and retention, and then pairing those network and product investments with market-leading pricing and packaging to save customers money -- all with the commitment backed best-in-class US-based service from employees who are tenured, committed and act like owners because they are, all of which has yet to fully take hold.

退一步來說，我們仍然認識到我們所處的競爭環境。我們的營運和資本配置策略意味著我們一直在進行投資，以使我們今天處於充滿信心的地位，網絡發展以確保最快的有線速度，融合以使相同的速度和可靠性無縫可用，將我們的網絡擴展到農村地區，這在未來往往會成為郊區密度，並轉換視頻以在復雜的生態系統中提供價值和效用，然後將客戶連接和保留，然後將這些網絡保留所有這些都得到了承諾支持，由終身任職、忠誠並像所有者一樣行事的員工提供一流的美國服務，所有這些都尚未完全生效。

So how do you know as an investor whether it works? Because everything we're doing is what you as a customer want. And as a customer demand for bandwidth, reliability and low latency service, seamlessly connected continues to increase, I believe we're in the best competitive position. And I think that's true with or without a step change from AI, VR, edge compute or other transformational shifts which have always occurred when we have ubiquitously expanded the capabilities for our network for advanced products.

那麼，作為投資者，您如何知道它是否有效？因為我們所做的一切都是您作為客戶想要的。而且隨著客戶對頻寬、可靠性、低延遲服務、無縫連接的需求不斷增加，我相信我們處於最佳競爭地位。我認為，無論是否出現人工智慧、虛擬實境、邊緣運算或其他轉型轉變，情況都是如此，當我們普遍擴展網路功能以用於先進產品時，這些轉變總是會發生。

A logical expansion of our strategy was our announcement in May to acquire Cox Communications. This combination offers significant benefits for customers, employees, local communities, and shareholders. The transaction will marry Spectrum's operating strategy with the B2B capabilities and community investment heritage of Cox together with our shared philosophy of long-term investment in our network and employees.

我們策略的合理擴展是我們在五月宣布收購考克斯通訊公司 (Cox Communications)。這種結合為客戶、員工、當地社區和股東帶來了巨大的利益。這筆交易將把 Spectrum 的營運策略與 Cox 的 B2B 能力和社區投資傳統以及我們對網路和員工進行長期投資的共同理念結合起來。

It will bring Spectrum products and prices to the Cox footprint where we don't operate today, increasing competition in those markets to the benefit of consumers and increasing onshore labor to the benefit of employees. This transaction is good for America. It's also a great outcome for both our current and shareholders and for the Cox family.

它將把 Spectrum 的產品和價格帶到我們目前尚未經營的 Cox 業務區域，從而增加這些市場的競爭力，使消費者受益，並增加在岸勞動力，使員工受益。這筆交易對美國有利。對於我們現有股東和考克斯家族來說，這也是一個很好的結果。

The transaction is priced at an attractive valuation and it's accretive to top-line growth, margin and to levered free cash flow per share, even when absorbing the impact of a modest delevering of the combined business. And without factoring in the benefits of the lower cost of capital and the value of Cox as a sophisticated long-term shareholder.

此交易的估值頗具吸引力，即使在吸收合併後業務適度去槓桿的影響的情況下，也能增加營收成長、利潤率和每股槓桿自由現金流。並且還沒有將較低資本成本帶來的好處以及考克斯作為成熟長期股東的價值納入考量。

As we spend more time taking through the integration, assuming regulatory approval, we continue to see areas of additional opportunity. And in the meantime, the employees of both companies are focused on business as usual and delivering value for respect to shareholders.

隨著我們花費更多時間完成整合，假設獲得監管部門的批准，我們將繼續看到更多機會領域。同時，兩家公司的員工都專注於正常業務並為股東創造價值。

Now I'll pass it over to Jessica.

現在我將把它交給傑西卡。

Thanks, Chris. Please recall that last quarter, we made a number of expense reclassifications to reflect changes in how we manage our business in connection with the recent launch of the Spectrum business brand. Again, these reclassifications did not result in any changes to total operating expenses or adjusted EBITDA for any period.

謝謝，克里斯。請記住，上個季度，我們進行了一些費用重新分類，以反映與最近推出的 Spectrum 業務品牌相關的業務管理方式的變化。同樣，這些重新分類不會導致任何期間的總營運費用或調整後的 EBITDA 發生任何變化。

Let's please turn to our customer results on slide 9. Including residential and small business, we lost 117,000 Internet customers in the still seasonal second quarter, compared to a loss of about 100,000 in last year's 2Q when adjusted to remove last year's impact of about 50,000 ACP-related disconnects. When comparing this year's second quarter Internet net adds versus last year's 2Q, we have not adjusted our second-quarter 2024 Internet net adds for the 50,000 ACP-related gross adds headwind we called out last year when comparing to 2023 as neither the second quarter of 2025 nor 2024 had the benefit of ACP-related gross additions.

請看投影片 9 上的客戶結果。包括住宅和小型企業在內，我們在仍屬季節性的第二季度失去了 117,000 名互聯網客戶，而去年第二季度在消除去年約 50,000 個 ACP 相關斷線的影響後，損失了約 100,000 名客戶。在將今年第二季度的互聯網淨增值與去年第二季度的互聯網淨增值進行比較時，我們沒有針對去年與 2023 年相比時提到的 50,000 個 ACP 相關的總增值逆風對 2024 年第二季度的互聯網淨增值進行調整，因為 2025 年第二季度和 2024 年第二季度都沒有從 ACP 相關的總增值中受益。

In mobile, we added 500,000 lines with higher gross additions year over year, offset by a lower year-over-year churn rate on a larger line base. Video customers declined by 80,000 versus a loss of 408,000 in 2Q '24 -- our best video quarter since 2021, with the improvement primarily driven by better connects year over year resulting from the new pricing and packaging we launched last fall and lower churn year over year, driven in part by our programmer app inclusion packaging. Wireline voice customers declined by 220,000.

在行動領域，我們新增了 50 萬條線路，總新增線路數年增，但由於線路基數較大，較去年同期客戶流失率較低，抵銷了這一影響。視訊客戶減少了 80,000 名，而 2024 年第二季度則減少了 408,000 名——這是我們自 2021 年以來最好的視頻季度，這一改善主要得益於我們去年秋天推出的新定價和包裝帶來的同比更好的連接以及同比較低的客戶流失率，部分原因是我們的程序員應用程序包含包裝。有線語音用戶減少了22萬人。

In rural, we activated our 1 million subsidized rural passing during the second quarter. Our success in rural has benefited from both the scale and experience we bring to the complex process of network construction. During the quarter, we grew our subsidized rural passings by 123,000 and by over 440,000 over the last 12 months. And we generated 47,000 net customer additions in our subsidized rural footprint in the quarter. We continue to expect rural passings growth of approximately 450,000 in 2025 in addition to continued non-rural construction and fill-in activity.

在農村地區，我們在第二季啟動了 100 萬張農村補貼通行證的發放。我們在農村的成功得益於我們在複雜的網路建設過程中所帶來的規模和經驗。本季度，我們的農村補貼人數增加了 123,000 人，而過去 12 個月則增加了 44 萬人。本季度，我們在補貼的農村地區新增了 47,000 名淨客戶。我們繼續預計，到 2025 年，除了非農村地區的建設和填海活動持續進行之外，農村人口還將增長約 45 萬人。

Moving to second-quarter revenue results on slide 10. Over the last year, residential customers declined by 2.1% while residential revenue per customer relationship grew by 1.7% year over year, given promotional rate step-ups, rate adjustments, and the growth of Spectrum Mobile. Those factors were partly offset by a higher mix of non-video customers, growth of lower-priced video packages within our base, and $67 million of costs allocated to programmer streaming apps and netted within video revenue. This allocation should grow over time as more customers authenticate into our streaming application offers but is neutral to EBITDA. As slide 10 shows, in total, residential revenue declined by 0.4%.

前往投影片 10 上的第二季營收結果。去年，受促銷價上漲、費率調整和 Spectrum Mobile 成長的影響，住宅客戶數量下降了 2.1%，而每客戶關係住宅收入年增了 1.7%。這些因素被非視訊客戶比例的增加、我們客戶群中低價視訊套餐的增長以及分配給程式設計師串流媒體應用併計入視訊收入的 6700 萬美元成本部分抵消。隨著越來越多的客戶驗證我們的串流應用程序，這種分配應該會隨著時間的推移而增長，但對 EBITDA 的影響是中性的。如投影片 10 所示，總體而言，住宅收入下降了 0.4%。

Turning to commercial revenue. Total commercial revenue grew by 0.8% year over year, with mid-market and large business revenue, formerly Spectrum Enterprise growth of 2.9%. And when excluding all wholesale revenue, mid-market and large business revenue grew by 3.5%. Small business revenue declined by 0.6%, reflecting a decline in small business customers with revenue per customer remaining essentially flat year over year.

轉向商業收入。總商業收入較去年同期成長 0.8%，其中中型市場和大型企業收入（原 Spectrum Enterprise）成長 2.9%。當不包括所有批發收入時，中型市場和大型企業收入成長了 3.5%。小型企業收入下降了 0.6%，反映出小型企業客戶數量的下降，但每位客戶的收入與去年同期基本持平。

Second-quarter advertising revenue declined by 6.7%, including the impact of less political revenue. Excluding political, advertising revenue decreased by 4.4% due to a more challenged national and local advertising market, partly offset by our higher advanced advertising and better inventory selling capabilities. Other revenue grew by 18.9%, primarily driven by higher mobile device sales and a $45 million one-time benefit. In total, consolidated second-quarter revenue was up 0.6% year over year.

第二季廣告收入下降6.7%，其中包括政治收入減少的影響。除了政治廣告外，由於全國和地方廣告市場面臨更大挑戰，廣告收入下降 4.4%，但我們的高級廣告收入更高，庫存銷售能力更強，這部分抵消這一影響。其他收入成長了 18.9%，主要得益於行動裝置銷量的成長和 4,500 萬美元的一次性收益。總體而言，第二季綜合營收年增 0.6%。

Moving to operating expenses and adjusted EBITDA on slide 11. In the second quarter, total operating expenses increased by 0.6% year over year. Programming costs declined by 8.8% due to a 5.1% decline in video customers year over year and a higher mix of lighter video packages, and $67 million of costs allocated to programmer streaming apps and netted within video revenue, partly offset by higher programming rates. Other cost of revenue increased by 7.3%, primarily driven by higher mobile device sales and mobile direct service costs.

前往第 11 張投影片上的營運費用和調整後的 EBITDA。第二季度，總營運費用年增0.6%。節目製作成本下降了 8.8%，原因是視訊客戶數量同比下降 5.1%，以及較輕量級的視訊套餐組合增多，另外，分配給程式設計師串流應用併計入視訊收入的成本為 6700 萬美元，但節目製作費率的提高部分抵消了這一影響。其他收入成本增加了 7.3%，主要原因是行動裝置銷售額和行動直接服務成本增加。

Cost to service customers, which combines steel and technology operations and customer operations, increased 3.8% year over year, primarily due to higher bad debt expense due to prior-year cash basis accounting treatment for certain ACP customers and higher mobile device sales, higher network utility costs, labor-related costs, primarily driven by recent storm activity and banking card fees, partly offset by productivity from our 10-year investments.

服務客戶成本（包括鋼鐵和技術營運以及客戶營運）年增 3.8%，主要原因是由於上年對某些 ACP 客戶採用現金基礎會計處理導致壞帳費用增加以及行動裝置銷售額增加、網路使用成本增加、勞動力相關成本增加（主要受近期風暴活動和銀行卡費用的影響），但被我們 10 年投資的生產力部分抵銷。

Excluding bad debt, cost to service customers gre2w 2.4% year over year. Marketing and residential sales expense grew by 8.6% due to slightly higher sales volume as we make investments in marketing and sales, including in higher cost sales channels to drive growth. Finally, other expense increased by 0.6%.

不計壞賬，服務客戶成本年增 2.4%。由於我們在行銷和銷售方面進行投資（包括投資成本更高的銷售管道以推動成長），銷售量略有增加，因此行銷和住宅銷售費用增加了 8.6%。最後，其他支出增加了0.6%。

Before turning to adjusted EBITDA, I wanted to note that there were a number of stores and tornadoes, particularly in the St. Louis area, Ohio, and the broader Midwest that impacted our footprint in the second quarter. We extend our sympathies to those impacted. The combination of bill credits and storm cleanup expenses spread across our expense lines resulted in a $13 million headwind to EBITDA year over year. The CapEx impact was very small.

在談到調整後的 EBITDA 之前，我想指出的是，第二季度有許多商店和龍捲風，特別是在聖路易斯地區、俄亥俄州和中西部大地區，對我們的業務產生了影響。我們向受影響的人們表示同情。帳單信用額度和風暴清理費用分攤到我們的支出項目中，導致 EBITDA 年減 1300 萬美元。資本支出的影響非常小。

Adjusted EBITDA grew by 0.5% year over year in the quarter. We expect to grow adjusted EBITDA for the full year 2025. And year to date, we're on track with the first-half EBITDA growth of 2.6%. EBITDA growth will be pressured in the third and fourth quarters given last year's political advertising strength.

本季調整後的 EBITDA 年成長 0.5%。我們預計 2025 年全年調整後 EBITDA 將實現成長。今年迄今，我們的上半年 EBITDA 成長率為 2.6%。鑑於去年政治廣告的強勁表現，第三季和第四季的 EBITDA 成長將面臨壓力。

Turning to net income. We generated $1.3 billion of net income attributable to Charter shareholders in the second quarter compared to $1.2 billion last year, given this quarter's higher adjusted EBITDA and lower interest expense.

轉向淨收入。由於本季調整後 EBITDA 較高且利息支出較低，我們第二季的歸屬於 Charter 股東的淨收入為 13 億美元，而去年同期為 12 億美元。

Turning to slide 12. Capital expenditures totaled just under $2.9 billion in the second quarter, flat with last year's second quarter, with higher network evolution and CPE spend, offset by lower line extension spend. We now expect total 2025 capital expenditures to reach approximately $11.5 billion versus $12 billion previously, primarily due to the timing of network evolution spend and lower line extension spend spread in commercial and subsidized rural. The majority of the $500 million spending shortfall this year will be spent next year in 2026.

翻到第 12 張投影片。第二季的資本支出總額略低於 29 億美元，與去年第二季持平，網路發展和 CPE 支出增加，但線路擴展支出減少。我們現在預計 2025 年總資本支出將達到約 115 億美元，而之前為 120 億美元，這主要是由於網路演進支出的時機以及商業和補貼農村地區的線路擴展支出較低。今年 5 億美元的支出缺口大部分將於明年（2026 年）支出。

On a standalone basis, we still expect 2025 to be our peak capital spend year in dollar terms. 2025 should also be our peak year of capital intensity even including the impact of the Cox transaction and associated integration capital, assuming that it's closed with capital intensity falling going forward. And given the powerful economic and strategic benefits of our Cox transaction, the pro-forma entity will generate higher free cash flow per share in spite of delevering, which will reduce our cost of capital.

從獨立角度來看，我們仍然預期 2025 年將是我們以美元計算的資本支出高峰年。即使包括考克斯交易和相關整合資本的影響，2025 年也應該是我們資本密集度的高峰年（假設該交易結束且未來資本密集度下降）。鑑於我們考克斯交易的強大經濟和戰略利益，儘管進行了去槓桿，但預計實體仍將產生更高的每股自由現金流，這將降低我們的資本成本。

Turning to free cash flow on slide 13. Second-quarter free cash flow totaled $1 billion, a decline of $250 million year over year. The decline was primarily driven by higher cash taxes, higher cash interest, and a working capital headwind related to mobile handsets.

轉向第 13 張投影片上的自由現金流。第二季自由現金流總計10億美元，較去年同期下降2.5億美元。下降的主要原因是現金稅增加、現金利息增加以及與行動手機相關的營運資金逆風。

Turning to second-quarter and full-year 2025 cash taxes. On our last call, I noted that we expected to pay approximately $1 billion in second-quarter cash taxes. In the end, we ended up paying less than that, approximately $650 million, given the timing of certain tax-related items.

轉向 2025 年第二季和全年現金稅。在我們上次電話會議上，我指出我們預計第二季將支付約 10 億美元的現金稅。最後，考慮到某些稅務相關項目的時間安排，我們支付的金額少於這個數字，約 6.5 億美元。

Looking forward, new federal tax legislation passed by Congress and signed into July has improved our cash tax outlook for the full year. We now expect that our calendar year 2025 cash tax payments will total a bit over $1 billion, down from a range of $1.6 billion to $2 billion previously, driven by our ability to depreciate more for tax purposes this year, given the permanent restoration of 100% bonus depreciation, our ability to now deduct more interest for tax purposes, given the permanent restoration of the EBITDA-based limitation, and our ability to now fully deduct research and experimentation expenditures for tax purposes.

展望未來，國會通過並於 7 月簽署的新聯邦稅法改善了我們全年的現金稅收前景。我們現在預計，2025 日曆年的現金稅款總額將略高於 10 億美元，低於之前的 16 億美元至 20 億美元，這是因為，鑑於 100% 獎金折舊永久恢復，我們今年能夠為稅收目的折舊更多，鑑於 EBITDA 限制永久恢復，我們現在能夠為稅收目的扣除更多支出，並且我們現在能夠扣除更多資金。

The new tax legislation will ultimately save us several billion dollars in cash taxes over the next five years, helping to finance our capital expenditures and investments and supporting our free cash flow for at least the next five years, while creating higher free cash flow per share essentially permanently.

新的稅法最終將在未來五年內為我們節省數十億美元的現金稅，幫助我們為資本支出和投資提供資金，並支持我們至少在未來五年內的自由現金流，同時基本上永久性地創造更高的每股自由現金流。

We appreciate the efforts of President Trump and Congress to restore these key business tax provisions, which will provide capital-intensive companies like ours, the visibility to continue pursuing our long-term investments, including the significant investments we will make in the Cox network, driving benefits for customers and employees and improving our competitiveness.

我們感謝川普總統和國會為恢復這些關鍵的商業稅收條款所做的努力，這將為像我們這樣的資本密集型公司提供繼續進行長期投資的透明度，包括我們將對考克斯網路進行的重大投資，為客戶和員工帶來利益並提高我們的競爭力。

We finished the second quarter with $94.3 billion in debt principal. Our weighted average cost of debt remains at an attractive 5.2% and our current run rate annualized cash interest is $4.9 billion. During the quarter, we repurchased 4.5 million Charter shares and Charter Holdings common units totaling $1.7 billion at an average price of $375 per share. As of the end of the second quarter, our ratio of net debt to last 12-month adjusted EBITDA increased sequentially to 4.1 times and stood at 4.18 times pro-forma for the pending Liberty Broadband transaction.

截至第二季末，我們的債務本金為 943 億美元。我們的加權平均債務成本仍維持在頗具吸引力的 5.2%，目前的年化現金利息率為 49 億美元。本季度，我們以每股 375 美元的平均價格回購了 450 萬股 Charter 股票和 Charter Holdings 普通股，總額達 17 億美元。截至第二季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率較上季增加至 4.1 倍，對於即將進行的 Liberty Broadband 交易，預計為 4.18 倍。

As I mentioned on our Cox transaction investor call on May 16, during the pendency of the Cox deal, we plan to be at or slightly under 4.25 times leverage pro-forma for the Liberty transaction. Post close, however, we will move to our long-term target leverage to 3.5 to 4.0 times. And we would expect to delever to the middle of that range within two to three years following close.

正如我在 5 月 16 日的 Cox 交易投資者電話會議上提到的那樣，在 Cox 交易待決期間，我們計劃將 Liberty 交易的槓桿率保持在 4.25 倍或略低於 4.25 倍。然而，收盤後，我們的長期目標槓桿率將升至 3.5 至 4.0 倍。我們預計收盤後兩到三年內槓桿率將降至該範圍的中間水平。

I'll leave you with a few things. Our share of converged connectivity revenue within our footprint is still low, less than 30%. And with better products and pricing, we have a long runway for organic customer, top line, EBITDA, and free cash flow growth for many years to come. We've made and are making the investments required to accelerate the growth of the business going forward, including network evolution, new pricing and packaging, innovations and seamless connectivity and entertainment, mobile, service investments in AI, and employee tenure.

我會留給你一些東西。我們的融合連結收入份額仍然很低，不到 30%。憑藉更好的產品和定價，我們在未來許多年內擁有實現有機客戶、營業收入、EBITDA 和自由現金流成長的廣闊空間。我們已經並正在進行必要的投資，以加速未來業務的成長，包括網路發展、新的定價和包裝、創新和無縫連接和娛樂、行動、人工智慧服務投資以及員工任期。

Our free cash flow is about to surge. We are now in the midst of our peak capital intensity period and moving beyond that peak on its own sets us up for rapid free cash flow and free cash flow per share growth over the next several years as capital intensity declines meaningfully. And finally, we plan to add with (technical difficulty) which provides meaningful share price and free cash flow accretion to our shareholders.

我們的自由現金流即將激增。我們目前正處於資本密集度高峰期，隨著資本密集度大幅下降，超越這一高峰將為我們在未來幾年實現快速的自由現金流和每股自由現金流成長奠定基礎。最後，我們計劃增加（技術難度），為我們的股東提供有意義的股價和自由現金流成長。

With that, I'll turn it over to the operator for Q&A.

說完這些，我將把問題交給操作員進行問答。

(Operator Instructions) Craig Moffett, MoffettNathanson.

（操作員指示）Craig Moffett，MoffettNathanson。

I'm going to let others focus on the obligatory broadband questions and ask you about the T-Mobile deal that you announced for business and then the new MVNO. Can you just talk about that deal a little bit? I guess, it's reasonable from our side to presume that part of the appeal was lower prices relative to the existing Verizon deal. But can we read anything into your targeting small businesses with T-Mobile about a potentially larger relationship? And what should we conclude that the deal means for the relationship with Verizon?

我會讓其他人集中討論必答的寬頻問題，並詢問您有關您宣布的 T-Mobile 商業交易以及新的 MVNO 的問題。能簡單談談這筆交易嗎？我想，從我們的角度來看，有理由推測其吸引力的一部分在於相對於現有的 Verizon 交易而言更低的價格。但是，從你們與 T-Mobile 瞄準小型企業這一目標來看，我們能否看出雙方之間存在著潛在的更大合作關係呢？那麼，我們該如何得出這個結論：這筆交易對於與 Verizon 的關係意味著什麼？

Sure. I'll give the upfront caveat. And clearly, we have a good legal agreement with both of those parties with T-Mobile and Verizon and Verizon has been a great partner to us, and I think we've been the same. So we're going to continue to do that just entered into, I think, a very strategic relationship with T-Mobile, and so we intend to be good partners with them as well. We're really excited about the deal that we announced with T-Mobile, and we're looking forward to getting to market and to small, medium and for us, large business space with the ability to enter into a market selling many more lines than we've been able to sell.

當然。我會提前提出警告。顯然，我們與 T-Mobile 和 Verizon 雙方都簽訂了良好的法律協議，Verizon 一直是我們很好的合作夥伴，我認為我們也一直如此。因此，我們將繼續這樣做，我認為，我們剛剛與 T-Mobile 建立了非常策略性的關係，因此我們也打算與他們成為良好的合作夥伴。我們對與 T-Mobile 宣布的交易感到非常興奮，我們期待進入市場，進入小型、中型以及大型商業領域，並有能力進入一個銷售比我們能夠銷售的更多產品線的市場。

The ability to combine those mobile products together with already our market and price leading wireline services that we have in small, medium and large businesses, I think, is attractive the same way it is for residential. And we've been somewhat limited in terms of our ability to go to market in the business space. And so this opens the door for us to go do that.

我認為，將這些移動產品與我們在小型、中型和大型企業中已經擁有的市場和價格領先的有線服務結合起來的能力，與對住宅一樣具有吸引力。我們在商業領域進入市場的能力方面受到了一定限制。這為我們實現這一目標打開了大門。

Not going to comment on pricing for the reasons I said at the outset other than to say we're happy with the partnership that we have both with T-Mobile now and the business segment as well as with Verizon. But I also think it's always good to have strategic relationships but have multiple strategic relationships. And we feel that this is helpful to the future of the business overall.

由於我在一開始就說過的原因，我不會對定價發表評論，只是說我們對現在與 T-Mobile 以及商業部門以及 Verizon 的合作關係感到滿意。但我也認為擁有戰略關係總是好的，而且擁有多重戰略關係。我們認為這對整個業務的未來有幫助。

In terms of impact to Verizon, it's not a space that we were heavily driving today. If you take a look at our really small business segment, where you can see our mobile lines that we publish, there is some business that exists there with Verizon. It's been relatively limited for the reasons that I just mentioned. That business on the increment will be moving towards T-Mobile and hopefully expanding at a more rapid rate. But the residential business that we have with Verizon is there, and it's a great relationship. It's worked obviously very, very well. I think it's strategic for them. It's strategic for us. They've said as much, and we look forward to being a great partner to both of those companies.

就對 Verizon 的影響而言，這不是我們今天重點推動的領域。如果你看一下我們非常小的業務部門，你可以看到我們發布的行動線路，那裡有一些與 Verizon 存在的業務。由於我剛才提到的原因，它相對有限。增量業務將轉向 T-Mobile，並有望以更快的速度擴張。但我們與 Verizon 的住宅業務仍然存在，而且我們的關係非常好。顯然，它的效果非常非常好。我認為這對他們來說具有戰略意義。這對我們來說具有戰略意義。他們已經這麼說了，我們期待成為這兩家公司的優秀合作夥伴。

And if I could just ask one quick follow-up question on that topic. I assume it's reasonable to assume that that deal contemplates the addition of Cox under the same relationship?

我可以就這個主題問一個簡單的後續問題嗎？我認為可以合理地假設該交易考慮在相同關係下增加考克斯？

Not going to get into the agreement, but we signed it after the announcement at Cox. You should assume that we're thinking about a lot of things for the future.

不會簽署該協議，但我們在考克斯宣布之後簽署了該協議。你應該假設我們正在考慮很多未來的事情。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Two quick ones, if I can. First, for Jessica, thanks for the numbers on the tax reform. Do you have a number for '26 and maybe more detail on the sort of the use of the cash tax savings? And then as Craig suggested, switching to broadband, Chris, you gave some sort of high-level sort of detail on sort of gross adds, non-pay churn, and voluntary churn. And it seems like the non-pay churn might have been one of the drivers of the sort of core declines.

如果可以的話，我快速說兩句話。首先，感謝傑西卡提供的稅制改革數據。您是否有 26 年的數字以及有關現金稅收節省使用方式的更多詳細資訊？然後，正如克雷格 (Craig) 所建議的，切換到寬頻，克里斯 (Chris)，你對總增加量、非付費流失和自願流失給出了某種高級細節。看起來非薪酬流失可能是核心業務下滑的原因之一。

Is there any way you could give a little bit more color on that? It sounds like you're having such success getting new customers in but that nonpaid churn, maybe stemming from ACP stepped up a bit. So any color on sort of that dynamic would be great. Thanks.

您能對此做更多的解釋嗎？聽起來您在吸引新客戶方面非常成功，但非付費客戶流失（可能源自於 ACP）有所增加。因此，任何具有這種動態的顏色都會很棒。謝謝。

Yeah. So I'll start on the tax question. As I said in the change to the guidance this year, we did come down pretty dramatically in our expectations for 2025 cash taxes. We expect several billion dollars in the next five years. And if you look at what piece of that is in 2026, I think it's reasonable to assume that there's savings that's similar to or slightly larger than what we saw in this year.

是的。因此我將開始討論稅務問題。正如我在今年的指導方針變化中所說的那樣，我們對 2025 年現金稅的預期確實大幅下降了。我們預計未來五年將達到數十億美元。如果你看看 2026 年的節省情況，我認為可以合理地假設節省的金額與今年的節省金額相似或略高。

I mean, I think the big story is around sort of what it does to overall free cash flow. And in our modeling, the new rules can drive or so of free cash flow per year for each of the next six years. So I think the impact is pretty dramatic.

我的意思是，我認為最大的問題是它對整體自由現金流的影響。在我們的模型中，新規則可以在未來六年內每年帶來約 100% 的自由現金流。所以我認為影響是相當巨大的。

Free cash flow per share.

每股自由現金流。

Yeah, sorry. I said free cash flow per share. Sorry, there you go. In terms of how we deploy the savings, our capital allocation strategy hasn't changed. We have and will continue to prioritize investments in organic investments in the business that generate positive ROI. As a result of the permanent bonus depreciation and interest deductibility rules, I would expect more projects to meet that positive ROI hurdle.

是的，抱歉。我說的是每股自由現金流。抱歉，就這樣吧。就我們如何部署儲蓄而言，我們的資本配置策略並沒有改變。我們已經並將繼續優先投資於能夠產生正投資回報率的業務有機投資。由於永久性獎金折舊和利息扣除規則，我預計會有更多項目滿足正投資回報率障礙。

That being said, we're not updating our multi-year outlook, except for the sort of timing items that I discussed in my remarks. We already invest a significant amount in our network. We plan to invest in our network in rural builds. And in our proxy disclosures, we did the same for Cox assuming that the transaction closes. And ultimately, our expectations around making those investments included expectations, we would continue to get favorable rules. And we're happy to see that that has played out, that that's played out well.

話雖如此，除了我在發言中討論的時間事項外，我們不會更新我們的多年展望。我們已經對我們的網路投入了大量資金。我們計劃投資農村建設網絡。在我們的代理揭露中，我們對考克斯也做了同樣的事情，假設交易完成。最終，我們對進行這些投資的期望包括我們將繼續獲得有利的規則。我們很高興看到這一切已經發生，而且進展順利。

And just to tag on that, we had going into the Cox transaction, we had a good sense and maybe it was a well-placed bet that the tax rules would be extended in a way that was helpful towards infrastructure investors. And that enabled us to be as committed as we are to making the investments in the Cox network that you've seen when we published the proxy statement. So it was factored in there. And so there will be an uptick in investment that's directly tied to that, and it's reflected really in the Cox transaction.

順便提一下，我們在參與考克斯交易時，有一個很好的判斷，也許這是一個正確的選擇，即稅收規則將以有利於基礎設施投資者的方式延長。這使我們能夠像我們在發布代理聲明時所看到的那樣，致力於對考克斯網路進行投資。因此它被考慮在內。因此，與此直接相關的投資將會出現成長，這在考克斯交易中得到了真實的體現。

John, on the non-pay commentary, when you're in an environment where you're on the cusp of slight losses or slight adds, small movements in any category, whether it's sales, voluntary churn or non-pay can have an outsized impact on net adds. So the non-pay, just taking a step back, is still at relatively low historic levels. However, it stepped up year over year.

約翰，關於非薪酬評論，當你處於輕微虧損或輕微增加的邊緣時，任何類別的小幅變動，無論是銷售、自願流失還是非薪酬，都可能對淨增加產生巨大影響。因此，退一步來看，無薪工資仍處於相對較低的歷史水準。然而，這一數字逐年上升。

And the reason that non-pay has stepped up year over year is because twofold. One is you have former ACP customers who are economically challenged and have a higher non-pay rate systemically without the benefit of the subsidy from a year-over-year standpoint. But in addition to that, from a year-over-year standpoint, you have newly acquired customers who would have qualified for the ACP. We don't have ACP today and, therefore, they have -- those newly acquired customers have a higher non-pay rate than they would otherwise.

拖欠工資現象逐年增加的原因有兩個。一是，您以前的 ACP 客戶面臨經濟困難，從同比角度來看，他們系統性地存在較高的未付款率，而且沒有享受到補貼。但除此之外，從同比角度來看，您還獲得了符合 ACP 資格的新客戶。我們今天沒有 ACP，因此，那些新獲得的客戶的未付款率比原本的要高。

But just take a step back, to be clear, non-pay is up year over year. It's not dramatic and it's not at a level that exceeds where we were certainly pre-pandemic but it's enough that on the cusp of net gain versus net loss that it has some impact that's offsetting the benefit that we have from higher sales and lower voluntary churn.

但退一步來看，很明顯，拖欠工資的情況逐年增加。這並不劇烈，也沒有達到疫情前的水平，但足以在淨收益與淨虧損的邊緣產生一定的影響，抵消了銷售額增加和自願流失率降低給我們帶來的好處。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Maybe switching to video for a second. You had obviously a really fantastic video improvement. Still losing subs but very modest. How do you see the offer evolving in terms of whether it's personalized recommendations or something else? Like where do you see the most potential to improve the video experience? And can you just discuss the attach rate with broadband because there should be a ripple -- do you think there would be a ripple effect?

也許可以切換到影片一秒鐘。顯然，您的視訊品質有了非常顯著的提高。潛水艇數量仍在減少，但幅度很小。就個人化推薦或其他方面而言，您如何看待該服務的演變？您認為哪些方面最有潛力改善影片體驗？您能否討論一下寬頻的配售率，因為這應該會產生連鎖反應—您認為會產生連鎖反應嗎？

Yes. There's a ton in what you just asked. I think the video strategy that we're deploying is designed to do a few things. One is to meet customers wherever they want to go and wherever the market wants to go with the video product. So when you think about the packages that we offer, clearly, the most beneficial to us and to programmers and we think to consumers, is to have the full-fledged expanded video product. Because it has the most content and they're the best value and include with that now over $100 growth of program ramps, including MAX, Disney+, HULU, Peacock, Paramount+, ViX. I'm leaving out by everybody else, ESPN.

是的。您剛才問的問題包含很多內容。我認為我們正在部署的視訊策略旨在實現以下幾個目標。一是客戶想去哪裡，市場想去哪裡，影片產品就去哪裡。因此，當您考慮我們提供的套餐時，顯然，對我們和程式設計師以及消費者來說最有利的是擁有成熟的擴展視訊產品。因為它擁有最多的內容，而且價值最高，並且現在包括 MAX、Disney+、HULU、Peacock、Paramount+、ViX 在內的節目數量增長超過 100 美元。我把其他人、ESPN都排除在外了。

But the whole thing to take a look at that slide, all that value is included -- that's going to be the stickiest product. It's going to be the best for customers and for programmers us, and it's going to be the best for our broadband churn as well.

但從整個幻燈片來看，所有價值都已包含在內——這將是最具黏性的產品。這對客戶和程式設計師來說都是最好的，對於我們的寬頻流失來說也是最好的。

Having said that, in moments of time where a customer can afford that full package, we have some skinnier bundles that allow for generalized general entertainment packages, which we can then add on the programmer apps from time to time, sell-through of the program or apps directly at retail through our video store to those consumers.

話雖如此，在客戶能夠負擔得起全套服務的時候，我們會提供一些更精簡的捆綁包，允許使用通用的一般娛樂包，然後我們可以不時地添加到程式設計師應用程式上，透過我們的視訊商店直接在零售店向那些消費者銷售程式或應用程式。

And then, finally, to the extent you have broadband customers who are looking to purchase a la carte programming apps, which they do today, and do it in a single place that we'll have the ability to provide that utility in that value to customers. So wherever the market goes, wherever the product goes, and we're in a position to provide that package and utility to the customers. Really for the benefit of consumers, but also to the benefit of programmers as well and obviously, for us, having a high-quality video product that matches the customers need, enhances the value of our connectivity relationship in Internet and mobile.

最後，如果寬頻客戶希望購買點菜程式應用程式（他們今天就這麼做了），並且在一個地方進行購買，我們將能夠以這種價值向客戶提供這種實用程式。因此，無論市場走向哪裡，產品走向哪裡，我們都能為客戶提供相應的產品和實用功能。這確實是為了消費者的利益，也是為了程式設計師的利益，顯然，對我們來說，擁有符合客戶需求的高品質視訊產品，提升了我們在網路和行動領域的連結關係的價值。

If you then add Xumo into the equation. So the first piece that I just talked about was solving the value equation for customers. And the second piece is solving utility with Xumo. Xumo has the ability to integrate live TV together with all of these apps, which are included an increasingly more simplified authentication for customers to have in a single spot. So you have unified search and discovery across live, SVOD as well as programmer apps in a way that's pretty unique in the marketplace.

如果你將 Xumo 加入方程式。所以我剛才談到的第一部分是解決客戶的價值方程式。第二部分是用 Xumo 解決實用性問題。Xumo 能夠將直播電視與所有這些應用程式整合在一起，其中包括越來越簡化的身份驗證，客戶可以在一個地方進行身份驗證。因此，您可以以市場上非常獨特的方式統一直播、SVOD 以及程式設計師應用程式的搜尋和發現。

And with a voice remote that works, I think, better than any other voice remote that's out in the marketplace -- credit to Comcast towards our partner in Xumo 50-50 partner with Xumo who really developed that technology -- I think Xumo is a powerful tool to solve that utility and even more so when you combine it with the value.

而且我認為，這款語音遙控器的效果比市場上任何其他語音遙控器都要好——這要歸功於康卡斯特與我們的合作夥伴 Xumo，他們與 Xumo 是 50-50 合作夥伴，是他們真正開發了這項技術——我認為 Xumo 是一個解決該實用性的強大工具，當你將它與價值結合起來時，它的作用就更大了。

You asked about the attach rate. When we started to include a more focused effort and including video on the package together with mobile, as a way to lower your Internet pricing today at $30 for 500 megabits a second, $40 for a gig Internet when you bundle with either body or Internet, the uptake in video attach rate was significant just because we focused on it.

您詢問的是附加率。當我們開始更專注地將影片與行動一起納入套餐中時，為了降低您今天的網路價格（500 兆位元每秒 30 美元，千兆網路與身體或網路捆綁時 40 美元），影片附加率的提升非常顯著，因為我們專注於此。

In fact, at the time, it really wasn't because of what we get because of what we have done with the product. In fact, we haven't really started to put the full marketing engine between what we call seamless entertainment, the combination of your live video service plus all these apps. The digital store, the video store isn't even launched yet. And we don't yet have the full backing, which we will, of our programming partners and all of their marketing capabilities behind.

事實上，當時，這確實不是因為我們對產品所做的事情而得到的。事實上，我們還沒有真正開始將完整的行銷引擎置於我們所謂的無縫娛樂、您的直播視訊服務加上所有這些應用程式的結合之中。數位商店、影片商店甚至還沒有推出。我們還沒有得到我們的節目合作夥伴及其所有行銷能力的全力支持，但我們會的。

So I think the video space for us can continue to improve and improve significantly. And what I said in my prepared remarks was meant to make sure people don't think that we're thinking about this the wrong way. Our driver for having a high-quality video product is to be able to sell and retain more Internet and mobile relationships. And that's the big driver for us.

所以我認為我們的視訊領域可以繼續改善並顯著提升。我在準備好的發言中所說的內容是為了確保人們不會認為我們對此的看法是錯誤的。我們推出高品質視訊產品的動力是為了能夠銷售並保留更多的網路和行動關係。這是我們最大的動力。

And we said two years ago that we wanted to get an environment either where we were going to not have video and focus on broadband or have video and have it as a competitive tool and asset towards our broadband mobile relationships. And it's taking some time, but it's going well. And I think it's going to continue to get better for the benefit and not just video but for the benefit of broadband and mobile relationships.

兩年前我們就說過，我們希望創造一種環境，要么不做視頻，專注於寬頻，要么做視頻，並將其作為我們寬頻移動關係的競爭工具和資產。雖然這需要一些時間，但進展順利。我認為它將繼續變得更好，不僅有利於視頻，也有利於寬頻和行動關係。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

A question on taxes. You mentioned in your prepared remarks the $10 share benefit per year that might add up to, quote, several billion over five years. But just multiplying $10 by your share count and then five years, I get maybe twice as much as what I think several billion indicates. So I wondered if you could bridge that for us.

關於稅收的問題。您在準備好的發言中提到，每年 10 美元的股票收益在五年內可能會累積到數十億美元。但是，只需用 10 美元乘以您的股份數量，然後乘以 5 年，我得到的金額可能是我認為的數十億美元所代表的金額的兩倍。所以我想知道您是否可以幫我們解決這個問題。

And if you have any time to talk about your top-of-funnel customer acquisition results. How do you feel about the results right now and what you might need to see to change the strategy? Thank you.

如果您有時間，可以談談您的頂級客戶獲取結果。您對目前的結果有何感想？您可能需要看到什麼來改變策略？謝謝。

So Peter, I think that the amount of additional free cash flow that I stated is appropriate. What matters is what you believe about share count over that period of time and how share count might change. You want to talk about funnel?

所以彼得，我認為我所說的額外自由現金流金額是合適的。重要的是你對該時間段內的股票數量有何看法以及股票數量可能如何變化。你想討論漏斗嗎？

Yeah. So if you're going to -- if I kind of talk about funnel, I really need to go talk about the overall market color, kind of reframe or restate a little bit of what I said in the prepared remarks. When you think about the top of the funnel, mobile actually very good. Video, as I just talked about, significant improvement. So everything I'm about to say really focus on market color and funnel as it relates to Internet.

是的。所以如果你要——如果我要談論漏斗，我真的需要談論整體市場色彩，重新建構或重述我在準備好的評論中所說的內容。當你考慮漏斗的頂部時，行動裝置實際上非常好。視頻，正如我剛才提到的，有顯著的改進。因此，我要說的一切實際上都集中在與互聯網相關的市場色彩和管道上。

Just so that we set the stage, the volume, as I talked about, sales are actually up percentage-wise year over year and in units. Voluntary churn is down. Non-pay, as I just talked about, is up a little bit due to the lack of ACP.

正如我所說，我們這樣設定了基礎，銷售額實際上按百分比和單位計算同比增長。自願流失率下降。正如我剛才所說，由於缺乏 ACP，無薪工資增加。

The competitive environment is stable, not improving, but not deteriorating. So we have steady fiber overlap. That's not new. Cell phone Internet continues at its pace for now. But just as big when you think about the overall market and funnel is -- the overall market is challenged because there's an incredibly low amount of moves and new build, which is going very slow.

競爭環境穩定，沒有改善，但也沒有惡化。因此我們有穩定的光纖重疊。這並不是什麼新鮮事。目前手機網路仍在持續發展中。但是，當你考慮整個市場和通路時，你會發現，整個市場面臨著巨大的挑戰，因為搬遷和新建的數量非常少，而且進展非常緩慢。

And then in addition to that, you have a reversion to mobile-only customers. And ACP accelerated that, that was taking place, reverting mobile-only back to the pre-pandemic level. You put all of those market movements or in this case, lack of market movement together with a new competitor, even if there's inferior, and it puts pressure, and it's not ideal.

除此之外，您還會回歸到僅限行動裝置的客戶。ACP 加速了這一進程，將行動端恢復到了疫情前的水平。將所有這些市場動向，或者在這種情況下，缺乏市場動向，與新的競爭對手放在一起，即使是劣勢的，也會造成壓力，這並不是理想的情況。

We're not sitting still. As I talked about in the prepared remarks, we have network evolution. We have the convergence features that we've been launching, and we're increasingly using mobile and video as a competitive advantage to drive Internet sales and churn.

我們並沒有坐以待斃。正如我在準備好的發言中談到的，我們正處於網路演進之中。我們擁有不斷推出的整合功能，並且越來越多地利用行動和視訊作為競爭優勢來推動網路銷售和客戶流失。

And we also have an expanded growth footprint, which isn't just about today. A lot of what we're building today will turn into suburban footprint over a 5, 10-year period. And so I think we're putting -- investing significant growth, all of which in fairness is long term.

我們的成長足跡也不斷擴大，這不僅限於今天。我們今天所建造的許多建築在未來 5 到 10 年內都會變成郊區的足跡。因此我認為我們正在投入大量資金以實現顯著的成長，公平地說，這一切都是長期的。

So if you think about the short term in the top of the funnel for Internet specifically, we don't have a product or pricing issue. We have the fastest speeds. We have the most reliable product, best Wi-Fi we're selling, particularly when bundled, $30, 500-megabit per second Internet, $40 gig.

因此，如果您專門考慮網路漏斗頂部的短期情況，我們就不會遇到產品或定價問題。我們擁有最快的速度。我們擁有最可靠的產品，我們銷售的 Wi-Fi 是最好的，特別是捆綁銷售時，30 美元，500 兆比特每秒的互聯網，40 美元千兆比特。

So it's not a product or pricing issue at the top of the funnel. It's the broader market that I talked about, some brand-new competition. But in fairness, we're working through our marketing message and how to do a better job of breaking through with our marketing message, given that there's an evolving mix in the marketplace in terms of channels and message. And we're changing some of the ways that we go to market, including some partners that we've used.

因此，這不是漏斗頂端的產品或定價問題。我談論的是更廣闊的市場，一些全新的競爭。但公平地說，我們正在努力完善我們的行銷訊息，並研究如何更好地突破我們的行銷訊息，因為市場上的管道和資訊組合不斷變化。我們正在改變一些進入市場的方式，包括我們使用的一些合作夥伴。

And the second piece, I think, is an industry overall for the cable industry, and we're at the heart of that. is the value pitch that we're making to customers. And going back to customers very clearly, both in marketing and at the time of sale and at the time of retention and saying the only reason that you can have a cell phone Internet product at that price is because they're forcing you to pay $60, $70 per mobile line.

我認為第二點是整個有線電視產業，而我們是這個產業的核心，是我們向客戶傳達的價值。無論是在行銷過程中，還是在銷售過程中和保留過程中，都非常清楚地向客戶說明，您能夠以這個價格購買手機互聯網產品的唯一原因是他們強迫您為每條手機線路支付 60 美元、70 美元。

And when you think about what is on your bill with T-Mobile or Verizon 5G Home Internet, the reality is it's dramatically more expensive than what you would pay to Spectrum for an Internet and mobile product. I just said that in 30 seconds, but how do you convert that into an advertising message and how do you convert that into a sales pitch.

當您考慮 T-Mobile 或 Verizon 5G 家庭網路帳單上的費用時，實際情況是，它比您向 Spectrum 支付的網路和行動產品費用要貴得多。我剛才在 30 秒內說了這些，但是你如何將其轉化為廣告訊息以及如何將其轉化為銷售宣傳。

I've said it before and I said internally as well, I think those are areas that we need to continue to do a better job. The good news is if you step back, what I said holds true, we have the best network, have the best product. We have the best pricing. We're doing things long term to even expand that competitive advantage. But clearly, there is a sense of urgency that exists inside the company. And we're driving it.

我以前就說過，而且我在內部也說過，我認為這些是我們需要繼續做得更好的領域。好消息是，如果你退一步來看，我所說的是正確的，我們擁有最好的網絡，擁有最好的產品。我們有最優惠的價格。我們正在採取長期措施來擴大這一競爭優勢。但顯然，公司內部存在著一種迫切感。我們正在推動它。

As an investor, I said it in the prepared remarks, but really I would say it again, is I ask everyone to sit back and say, okay, as a customer, what do you want? And what you want is all the things I've been describing. And so I think we're in a great position. It's just we're doing things to move things both in the short term and the long term.

作為一名投資者，我在準備好的發言中說過這一點，但實際上我還要再說一遍，我要求每個人都坐下來說，好吧，作為一名客戶，您想要什麼？而你想要的正是我所描述的一切。所以我認為我們處於非常有利的地位。我們所做的只是為了推動短期和長期的發展。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Just quickly on EBITDA. So you reiterated expectations to grow EBITDA within 2025. Quick just a housekeeping question. So the -- Jessica, the $45 million one-timer on other revenue, what's the flow through to the bottom line there? I'm just trying to see if EBITDA would have grown in the second quarter, excluding that.

快速了解一下 EBITDA。因此，您重申了 2025 年 EBITDA 成長的預期。很快，只是一個普通的問題。那麼——傑西卡，4500 萬美元的一次性其他收入，對最終收入的影響是什麼？我只是想看看，如果不考慮這一點，第二季的 EBITDA 是否會成長。

And then in the past, you've talked about cost to serve benefits having legs, and that's one of the material drivers that post mobile for the EBITDA growth through the year. Any change there versus prior expectations? Should we still think about those as the drivers? And then, if you could update us on cost expectations relative to last quarter, just given cost of service and sales and marketing were a little bit higher than anticipated. Thank you.

然後在過去，您曾談到服務成本與效益之間的關係，這是推動全年行動業務 EBITDA 成長的重要驅動因素之一。與之前的預期相比有什麼變化嗎？我們是否仍應將這些視為驅動因素？然後，如果您可以向我們更新與上一季相關的成本預期，那麼考慮到服務、銷售和行銷成本略高於預期。謝謝。

Yeah. So Sebastiano, the $45 million does fall all the way to the bottom line. There was a little bit of bad debt expense against it. I think around $7 million. So maybe it's like $38 million that fall all the way down. We did point out there was this sort of unusual storm activity as well. I think when you factor those couple of things in, you end up pretty close to flat.

是的。所以塞巴斯蒂亞諾，4500 萬美元確實一路跌到了底線。其中有一點壞帳費用。我認為大約是700萬美元。所以可能是 3800 萬美元一路下跌。我們確實指出也存在這種不尋常的風暴活動。我認為，當你將上述幾個因素考慮進去時，最終結果就會非常接近持平。

From a cost to serve, and I guess if I just sort of go through the outlook for expense line items, it really hasn't changed. So cost to serve had a difficult comp inside of last year. If you look across the quarters last year, this is really the only quarter that suffers from that issue. So I think still flat to slightly down in the year over year.

從服務成本來看，我想如果我只是看一下費用項目的前景，它實際上並沒有改變。因此，去年服務成本的比較很困難。如果回顧去年各季度，就會發現這確實是唯一遭遇此問題的季度。因此我認為同比來看仍將持平或略有下降。

Marketing and resi sales, there, I also would say still low to mid-single-digit growth for the full year. We should have a much slower year-over-year growth rate in the back half of the year versus the front half. A good portion of that is that the comps are a bit easier in the back half of the year. And we also expect overall sales and marketing expense to subside slightly as we move later in the year because of the mix of our activities. And we think that we'll do that without impacting sort of overall marketing levels or effectiveness.

我還想說，行銷和住宅銷售全年仍將保持低至中等個位數的成長。與上半年相比，下半年的年成長率應該會慢得多。其中很大一部分原因是今年下半年的業績比較容易。我們也預計，隨著我們今年稍後活動的開展，整體銷售和行銷費用將略有下降。我們認為這樣做不會影響整體行銷水平或有效性。

And then, in other, there I would say also still in the low to mid-single digits, though, as I've noted before, other because of what's inside of it can be a bit more volatile than some of the other expense items.

然後，在其他方面，我想說仍然在低到中等個位數之間，但是，正如我之前提到的，其他方面由於其內部內容可能比其他一些費用項目更不穩定。

The one thing I just step back on cost to serve when you think longer term, not just in the coming quarters, long-term, cost to serve is a huge opportunity and remains the case. Because the amount of transactions, as I mentioned, is coming down double digits every year. And I think that can accelerate with the benefit of the AI tools that we're putting in front of our agents.

當你考慮長期因素時，我只想回顧一下服務成本，而不僅僅是未來幾個季度，長期來看，服務成本是一個巨大的機會，而且情況仍然如此。因為正如我所提到的，交易量每年都在以兩位數的速度下降。我認為，我們為代理商提供的人工智慧工具可以加速這一進程。

That's making the job easier. It's making the handle time go down into making repeats go down, which means you've got lower overall transactions. And you need less labor to handle the transactions because of the lower handle time and the lower number of transactions. And all of that's set to not only continue but to compound.

這使得工作變得更容易。這使得處理時間減少，從而減少了重複次數，這意味著您的整體交易量減少了。而且由於處理時間較短且交易數量較少，您需要更少的勞動力來處理交易。所有這些不僅會繼續下去，而且會加劇。

So I feel really good about the long-term trajectory of cost to serve, both in the standalone Charter as well as assuming regulatory approval, in combination with Cox. So it remains one of the biggest opportunities in front of the company. And it's why we spend so much time talking about the investments that we've made, not just in AI and machine learning, but also the quality of craftsmanship that exists with our employees because that's the key to getting to that holy grail.

因此，我對服務成本的長期走勢感到非常滿意，無論是在獨立章程還是在獲得監管部門批准後，以及與考克斯的結合。因此，這仍然是公司面臨的最大機會之一。這就是為什麼我們花費大量時間談論我們所做的投資，不僅是在人工智慧和機器學習方面，還包括我們員工的工藝質量，因為這是實現這一目標的關鍵。

Any eventual impact, obviously, in the end, isn't really just about cost. It's really about having better retention and having a better net promoter score and customer satisfaction in the marketplace, which drives sales as well. So it all comes together as a virtuous circle that you can have better revenue and lower cost as a result of making the right investments today, and that's what we've been doing for years.

顯然，最終的任何影響都不僅僅與成本有關。這實際上是為了在市場上獲得更好的保留率、更好的淨推薦值和客戶滿意度，從而推動銷售。因此，這一切都形成了一個良性循環，透過今天進行正確的投資，您可以獲得更好的收入並降低成本，而這正是我們多年來一直在做的事情。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

I just wanted to follow up on the video topic. I was wondering if what you're seeing underlying the improvement is fewer bundled subs dropping video or more new customers taking it or more existing customers adding it? Is there any color you could provide on what specifically is driving the improvement in subscriber trends?

我只是想跟進視頻主題。我想知道，您所看到的改進背後的原因是捆綁訂閱用戶減少，放棄視頻的用戶減少，還是有更多新用戶訂閱視頻，又或者有更多現有用戶添加視頻？能否具體說明一下推動用戶趨勢改善的具體因素？

And then just related to that, are you starting to see any favorable change in that mix shift toward the lower end and toward the full video packages as a result of the new product construct that you've launched? Thanks.

然後與此相關的是，由於您推出的新產品結構，您是否開始看到產品組合向低端和完整視訊套餐轉變的有利變化？謝謝。

Yeah. I think the answer to your first question is, yes, we're seeing higher sales. We're seeing lower churn and better upgrades, so video sales at new Internet acquisition as well as any upgrades to existing Internet. And so it's all of the above and it's going well. And I expect that to continue to improve here.

是的。我認為你的第一個問題的答案是，是的，我們的銷售額正在上升。我們看到了更低的客戶流失率和更好的升級，因此新互聯網收購的視訊銷售以及現有互聯網的任何升級。以上就是全部內容，一切進展順利。我希望這種情況能夠持續改善。

In terms of shift, we're at the point where not only are we going to start marketing the benefits of seamless entertainment more broadly, together with the pending launch of our video store. But as part of that, it has the ability to increasingly upgrade customers who are inside of the skinnier bundles into a more fulsome package.

在轉變方面，我們不僅要開始更廣泛地行銷無縫娛樂的好處，而且即將推出我們的影片商店。但作為其中的一部分，它有能力逐步將使用較精簡套餐的客戶升級到使用更全面套餐的客戶。

I can think about different ways to do that, of course, traditional e-mail or text or even direct mail. But in addition to that, if you take a look on our guide today, what you'll notice in the Spectrum TV app guide and their guidance generally is an ability to upgrade into different packages by using title and guide and using the programmer apps as an insertion of the title and the guide to drive that.

我可以考慮不同的方法來做到這一點，當然，傳統的電子郵件或短信，甚至是直郵。但除此之外，如果您今天看一下我們的指南，您會注意到 Spectrum TV 應用指南及其指導通常是能夠透過使用標題和指南升級到不同的包，並使用程式設計師應用程式作為標題和指南的插入來驅動這一點。

Now that can be for existing full expanded basic customers who haven't activated yet and have the ability to activate. And we'll use that for activation activity but also for customers who are in a skinny package and have the ability to upgrade.

現在，這可以適用於尚未啟動但有能力啟動的現有完全擴展基本客戶。我們將使用它來進行啟動活動，同時也為那些擁有精簡套餐並有能力升級的客戶提供服務。

A good example of that would be the inclusion of Peacock now that they're going to have 50 exclusive games and having the Peacock title and guide inside of there as somebody goes and takes a look at the traditional channels that have historically covered the NBA and have a Peacock title in guide that allows not to either activate their Peacock subscription, which is included for expanded video or to upgrade into the full expanded package from a skinny package.

一個很好的例子就是現在 Peacock 的加入，他們將擁有 50 場獨家比賽，並在其中擁有 Peacock 標題和指南，當有人去查看歷史上報道 NBA 的傳統頻道時，指南中會有 Peacock 標題，這樣就可以不激活他們的 Peacock 訂閱（包含在擴展視頻中）或從精簡包升級到完整的擴展包。

So that's just one tiny example you can think about how we'd use MAX for sure already, Disney+ already in those genres areas as well as Hulu. I'm giving one example by using title and guide. When you think about the video store and what it can do and what we can do My Spectrum App and .net and dot-com platforms that we have, I think we can start to get the customer to where they're going to find the most value according to what they can afford. And again, none of that's because we're outright just trying to say video. It's really because we're trying to drive better broadband and mobile performance. And we think it's a competitive advantage that we have, if we do it right.

這只是一個小例子，你可以想想我們肯定會使用 MAX，Disney+ 以及 Hulu 已經在這些類型領域中了。我使用標題和指南來舉一個例子。當您考慮視訊商店及其功能以及我們可以使用 My Spectrum App 和 .net 以及 dot-com 平台時，我認為我們可以開始讓客戶根據他們的承受能力找到最有價值的東西。再說一次，這並不是因為我們只是想說影片。這確實是因為我們正在努力提高寬頻和行動效能。我們認為，如果我們做得正確，這就是我們的競爭優勢。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So Chris, you all have a lot of experience buying and integrating including on the customer-facing side with your historical acquisitions. I think, with Cox, the Internet ARPU is above Charter. So can you just think about how you're thinking about managing that transition when it comes? I imagine you're going to see a lot of customer touch points. It's probably an opportunity to sell in more services. So maybe you can just help us think through that.

所以克里斯，你們在購買和整合方面都有豐富的經驗，包括在面向客戶的歷史收購方面。我認為，有了 Cox，網路 ARPU 就會高於 Charter。那麼，您能否思考一下，當這種轉變來臨時，您打算如何應對呢？我想你會看到很多客戶接觸點。這可能是銷售更多服務的機會。所以也許您可以幫助我們思考這個問題。

And then as it relates to the CapEx outlook and capital intensity, kind of related question. So it sounds like that's going to be going down even pro forma for the acquisition. I imagine that's a lot of technology savings. So maybe you can just give a bit more color on where you see a lot of those savings for that intensity coming from? Thank you.

然後，由於它與資本支出前景和資本強度有關，所以這是一個相關問題。因此，這聽起來像是收購的預期金額將會下降。我想這可以節省很多技術成本。那麼，您能否更詳細地說明一下，您認為這種強度下的大量節省來自哪裡？謝謝。

Sure. From an integration perspective on customer pricing and packaging, you're right, we have a lot of experience doing that. When you think about Bresnan, Time Warner Cable, Bright House and even the original Charter in 2013, all of those integrations had higher starting ARPU for broadband. And we needed to find a way to migrate those customers into a package that was more competitive without doing financial damage to the company. And the way to do that is to provide more value to customers.

當然。從客戶定價和包裝的整合角度來看，您說得對，我們在這方面有很多經驗。當您想到 Bresnan、時代華納有線、Bright House 甚至 2013 年的原始 Charter 時，您會發現所有這些整合都具有更高的寬頻起始 ARPU。我們需要找到一種方法，將這些客戶轉移到更具競爭力的套餐中，同時又不會對公司造成財務損失。而實現這目標的方法就是為客戶提供更多價值。

We can do that simply with more speed or more value in the Internet product itself. But you can also do that with packaging and bundling for new customers, so that when you're selling, you have a higher ARPU per relationship than you would have otherwise even though you have a lower Internet pricing. And for existing customers is that usually the second stage where you start to offer them proactively only to the extent that they wanted the ability to have better pricing on a single product when they add additional products in.

我們可以透過提高網路產品本身的速度或增加其價值來做到這一點。但你也可以透過為新客戶提供打包和捆綁服務來實現這一點，這樣當你銷售時，即使你的互聯網定價較低，你也能獲得比其他情況下更高的每客戶平均收入 (ARPU)。對於現有客戶來說，這通常是第二階段，您開始主動為他們提供服務，但僅限於他們希望在添加其他產品時能夠對單一產品有更好的定價。

The way that we've done that historically really is through just video and wireline phone. Today, I think we have an even more powerful tool to do that when you think about mobile. And if you reflect on everything that we've been talking about on this call around the video product and what we can do with that and the mobile product and have a -- saving the customer hundreds or even thousands of dollars a year when they add just a couple of mobile lines, our ability to migrate customers at their discretion and to have new customer acquisition with lower product pricing, but higher overall customer relationship ARPU is fairly proven.

我們過去實現這一目標的方式實際上只是透過視訊和有線電話。今天，我認為當你想到行動裝置時，我們就有了一個更強大的工具來實現這一點。如果你仔細想想我們在這次電話會議上討論的有關視訊產品的所有內容，以及我們可以用它做什麼，還有移動產品，當客戶只添加幾條移動線路時，每年就可以節省數百甚至數千美元，我們有能力根據客戶的意願遷移客戶，並以較低的產品價格獲得新客戶，但更高的整體客戶關係 ARPU 已經得到了充分的證明。

Cox, in particular, if you think about it, their video penetration is about half of what ours is today. And their mobile penetration today because they started later is coming from almost nowhere by definition. And so we have all the tools available, I think, to do that. And you combine that with these networks have been very well invested. It's had very good service.

尤其是考克斯，如果你仔細想想，你會發現他們的影片普及率大約是我們今天的一半。由於他們起步較晚，所以從定義上來說，他們今天的行動滲透率幾乎是無中生有。所以我認為我們擁有所有可用的工具來做到這一點。並將這些與這些網路結合起來，已經獲得了非常好的投資。服務非常好。

So it's actually a better position we're coming from in Cox relative to what we had in Time Warner Cable, for example, probably more akin to Brighthouse, frankly, where we had a lot of success growing that very quickly as a result of putting better product pricing and packaging on the back of a very well invested network with great employees and from a service perspective.

因此，與在時代華納有線電視公司相比，我們在考克斯公司的地位實際上要更好一些，坦率地說，可能更類似於 Brighthouse，我們在 Brighthouse 取得了很大的成功，因為我們在一個投資良好的網絡、優秀的員工和服務角度的支持下，提供了更好的產品定價和包裝。

The CapEx trajectory, the type of network activity that we do, given our scale, I believe, can occur at lower cost per passing. And probably more important to that is the technology platforms that we're deploying, you deploy it once instead of twice when you combine together, all of which means that you have the ability to reduce the amount of capital expenditure on some of the fixed platforms and reinvest the transaction synergies from a CapEx perspective back into additional network capabilities through the eventual split upgrade that would take place on Cox later down the road.

考慮到我們的規模，我相信，資本支出軌跡，也就是我們所做的網路活動類型，可以以較低的成本實現。可能更重要的是，我們正在部署的技術平台，當你將它們組合在一起時，只需部署一次而不是兩次，這意味著你有能力減少一些固定平台的資本支出，並從資本支出的角度將交易協同效應重新投資到額外的網絡功能中，通過最終在考克斯進行的拆分升級。

They're all fairly traditional. And clearly, there's procurement synergies there, too, given our scale and procurement synergies that don't just apply to the tax assets but is getting marginally bigger for Charter. They're not huge, but marginally bigger for Charter. Not factored probably into that is could we do even better as the combined company. We'll see, but that's not an explicit goal.

它們都相當傳統。顯然，考慮到我們的規模和採購協同效應，那裡也存在採購協同效應，這不僅適用於稅收資產，而且對於 Charter 來說也略有增加。它們並不大，但對於 Charter 來說稍微大一些。可能沒有考慮到這一點，合併後的公司我們能否做得更好。我們會看到，但這不是一個明確的目標。

Yeah. And I think the thing to sort of layer on top of that is you do have the natural benefit. I mean, Charter's standalone capital intensity, we had an expectation that it was going to decline dramatically over the next four years already. And that standalone expectation isn't diminished in any way by taking on the Cox assets. When you take on the Cox assets, you have more revenue. But actually, we have space to do what we need to from a transition capital perspective, inside of still having a really nice decline in capital intensity over time.

是的。我認為最重要的是你確實擁有天然的優勢。我的意思是，我們預計 Charter 的獨立資本密集度將在未來四年內大幅下降。而接管考克斯資產並不會以任何方式減少這種獨立預期。當你接手考克斯資產時，你會獲得更多收入。但實際上，從過渡資本的角度來看，我們有空間去做我們需要做的事情，同時隨著時間的推移，資本密集度仍然會大幅下降。

It's probably got an opportunity to highlight. I know there's been some questions or speculations. The Charter CapEx outlook other than some timing between years they could push from one year to the other, investors can depend on what we've provided for the Charter CapEx. When we -- we don't typically do that, the fact that we did that we understood the importance and you can take that one literally to the bank.

它可能有機會凸顯出來。我知道存在一些疑問或猜測。Charter CapEx 的前景除了年度之間的一些時間安排可以從一年推遲到另一年之外，投資者可以依賴我們為 Charter CapEx 提供的內容。當我們——我們通常不會這樣做時，事實上我們這樣做了，我們明白其重要性，你可以把它帶到銀行。

You should also feel very comfortable with the outlook that was in the proxy statement for a combined CapEx of the combined company. I feel pretty comfortable with the envelope that's in the existing side there as well. And so the free cash flow generation that Jessica spoken about at this point, we feel like it's pretty much math and atypical for us. We wanted to make sure that it was provided out there and that people could depend on it.

您還應該對合併後公司合併資本支出的代理聲明中的前景感到非常滿意。我對現有那邊的信封也感到非常滿意。因此，傑西卡此時談到的自由現金流生成，我們覺得這對我們來說基本上是數學問題，而且不典型。我們希望確保它能夠被提供並且人們可以依賴它。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering in light of some of the increased fiber investments you've seen from some of your competitors in the market, whether you're thinking any differently about your multi-year CapEx outlook, either in terms of the overall envelope or in terms of the composition? And specifically, maybe talk to the prospects for increased rural build investments and maybe using that as a source for the cash tax savings. Thank you.

我想知道，鑑於您看到市場上一些競爭對手增加了光纖投資，您是否對多年期資本支出前景（無論是從總體範圍還是從構成方面）有不同的看法？具體來說，也許可以談談增加農村建設投資的前景，並將其作為現金稅收節省的來源。謝謝。

The answer to your question, the first one is no. Through our network upgrade, we have the ability to do fiber on demand to the extent that a customer needed 25-gig metric speeds, which is pretty far out there at this point. So we have that capability with fiber on demand. So there's no need to update in any way or change the CapEx outlook, as I just mentioned.

對於你的問題，第一個答案是否定的。透過我們的網路升級，我們能夠按需提供光纖，以滿足客戶 25 千兆公制速度的要求，這在目前是相當遙遠的。因此，我們具備按需光纖的能力。因此，正如我剛才提到的，沒有必要以任何方式更新或改變資本支出前景。

For increased rural investment, there will be some fee that comes in as an overlay, and we're looking through that currently. We expect to participate. But because of how much rural we've already built today, the opportunities at the edge of our network, it's a lot lower than it once was, primarily because of what we ourselves have done but as well as others through RDOF and ARPA. So the size of the opportunity of tangential network build is lower than it was just a couple of years ago.

為了增加農村投資，將會收取一些費用，我們目前正在研究這個問題。我們期待參與。但是由於我們今天已經在農村地區建造了大量設施，因此我們網路邊緣的機會比以前少了很多，這主要是因為我們自己以及其他人透過 RDOF 和 ARPA 所做的事情。因此，切向網路建設的機會規模比幾年前要小。

Thanks very much, everybody. That concludes our call.

非常感謝大家。我們的通話到此結束。

Thank you very much.

非常感謝。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。