Charter Communications, Inc. (CHTR) 2026 Q2 法說會逐字稿

Hello, and welcome to the Charter Communications second quarter 2026 investor conference call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加 Charter Communications 2026 年第二季投資人電話會議。(接線員指示) 另外提醒各位，本次會議今日將被錄音。如有任何異議，請此時中斷連線。

I will now turn the call over to Stefan Anninger.

現在我將把電話交給 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，也歡迎各位。本次電話會議所搭配的簡報可在我們的網站 ir.charter.com 找到。我想提醒各位，我們向 SEC 提交的文件中包含多項風險因素及其他警示性聲明，並鼓勵各位仔細閱讀。

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.

我們在本次電話會議中就預期、預測、計畫與前景所作的各項評論，均構成前瞻性陳述；此類陳述受風險與不確定性影響，可能導致實際結果與歷史或預期結果有所差異。

Any forward-looking statements reflect management's current view only, and Charter undertakes no obligation to revise or update such statements. 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.

任何前瞻性陳述僅反映管理層目前觀點，Charter 不承擔修訂或更新此類陳述之任何義務。提醒各位，除非另有說明，本次電話會議及簡報中提及的所有成長率均以年對年為基礎計算。

On today's call, we have Chris Winfrey, our President and CEO; and Jessica Fischer, our CFO. With that, let's turn the call over to Chris.

今天的電話會議上，我們有總裁兼執行長 Chris Winfrey，以及財務長 Jessica Fischer。接下來把電話交給 Chris。

Thanks, Stefan. During the second quarter, we added over 400,000 Spectrum mobile lines, making that 1.7 million lines over the last 12 months for growth of 16%. We now have over 12.5 million mobile lines and remain the fastest-growing mobile provider in our footprint. Our video customer losses continue to improve with our 21,000 video customer loss significantly better than last year. We now have the best video product and value in the marketplace.

謝謝，Stefan。第二季我們新增超過 40 萬條 Spectrum 行動通訊線路，使過去 12 個月累計達 170 萬條線路，成長 16%。我們目前擁有超過 1,250 萬條行動線路，並仍是我們服務範圍內成長最快的行動通訊供應商。我們的影音客戶流失持續改善，本季流失 21,000 戶，明顯優於去年。我們現在在市場上提供最好的影音產品與價值。

In Internet, we have a fully deployed and fully converged gigabit-plus network across our entire footprint, but competition for new customers from expanded competitive footprint remains high. Our second quarter Internet customer loss of $172,000 was higher than a year ago, similar to what we saw in the first quarter. Revenue was down 1.7% year over year, driven by lower residential revenue. Second quarter EBITDA, excluding Cox transition expenses, declined by 3.2%.

在網際網路方面，我們已在整個服務範圍內全面部署並完成整合的 gigabit-plus 網路，但來自擴大競爭版圖的新客戶競爭仍然激烈。第二季網際網路客戶淨減少 172,000 戶，高於一年前，與第一季所見相近。營收年對年下降 1.7%，主要受住宅營收下降所致。第二季 EBITDA（不含 Cox 轉換費用）下降 3.2%。

Softer gross additions remains the primary driver of our Internet customer growth weakness, while churn remained largely unchanged. And while Internet customer growth is taking longer to reverse, the growth of new competition will subside. We expect to stabilize and return to broadband growth over time with our better converged connectivity product and pricing, higher demand for speed, data and reliability and as our NPS scores improve, benefiting both churn and sales.

新增用戶（gross additions）轉弱仍是我們網際網路客戶成長疲弱的主要原因，而流失率（churn）大致維持不變。雖然網際網路客戶成長的扭轉需要更長時間，但新競爭者的成長將會趨緩。隨著我們更佳的整合式連線產品與定價、更高的速度/數據/可靠性需求，以及 NPS 分數改善（同時有利於降低流失與提升銷售），我們預期將隨時間推進而趨於穩定並重回寬頻成長。

The timing of all that is hard to predict, but our cash flow growth is not. And we have full confidence in the significant free cash flow ramp we're about to see. Our outlook for a significant reduction in capital expenditures has not changed. We also expect second-half EBITDA or stand-alone Charter to benefit from a previously discussed cost pass-through on Internet this summer and political advertising.

上述進展的時間點難以預測，但我們的現金流成長則不然。我們對即將出現的顯著自由現金流加速成長充滿信心。我們對資本支出將大幅下降的展望並未改變。我們也預期下半年 EBITDA（或獨立的 Charter）將受惠於先前討論過、今年夏季網際網路的成本轉嫁（pass-through）以及政治廣告。

AI service and cost benefits are also beginning to ramp, and we're implementing a series of additional cost management measures. Jessica will circle back on our free cash flow profile and outlook in a moment.

AI 服務與成本效益也開始加速顯現，我們正推動一系列額外的成本管理措施。稍後 Jessica 會再回到我們的自由現金流輪廓與展望。

So let me highlight what we're doing right now day-to-day to win in the marketplace. A recent change to our marketing and sales channel focus has been the redoubling of our efforts to improve our Internet funnel and yield by focusing first on the Internet sale, with a growing focus on mobile and video upgrades thereafter. And that bundling, of course, drives significant value in terms of benefits.

接著我想重點說明我們目前在市場上日常如何取勝。我們近期在行銷與銷售通路的重點上做了調整：加倍努力改善網際網路的銷售漏斗與轉換效率，先聚焦於網際網路銷售，之後再逐步加強行動與影音升級的推動。當然，這種綑綁銷售在效益上能帶來顯著價值。

Internet customers that also purchase our mobile product churn nearly 40% less than Internet customers who don't have mobile. And the more lines per account, the greater the churn reduction. Today, our mobile customer penetration of Internet is about 20% with an average of just below two lines per mobile customer. So significant upside remains for mobile penetration and lines in broadband churn reduction.

同時購買我們行動產品的網際網路客戶，其流失率比未購買行動服務的網際網路客戶低近 40%。而每個帳戶的線路數越多，流失率下降幅度越大。目前，我們行動服務在網際網路客戶中的滲透率約為 20%，每位行動客戶平均線路數略低於兩條。因此，在提升行動滲透率與線路數以降低寬頻流失方面，仍有顯著上行空間。

Internet customers that purchase our video product similarly churn over 40% less. And activation of our programmer app inclusion offer further reduces churn across all broadband relationship tenures. Currently, 55% of our eligible video customers have activated at least one of our inclusion apps with over four apps activated on average.

購買我們影音產品的網際網路客戶同樣有超過 40% 的較低流失率。而啟用我們「節目商 App 納入方案」的優惠，能在所有寬頻關係年限中進一步降低流失。目前，55% 符合資格的影音客戶已啟用至少一個納入的 App，平均啟用超過四個 App。

We're also focused on improving customer satisfaction and resulting NPS. Good prices and saving customers money is a key driver of NPS, and that starts with Internet pricing with available price locks when including our mobile and video services, including our $1,000 savings guarantee for new and existing customers with mobile.

我們也專注於提升客戶滿意度及由此帶動的 NPS。合理價格與為客戶省錢是 NPS 的關鍵驅動因素，而這從網際網路定價開始；當搭配我們的行動與影音服務時，可提供價格鎖定方案，並包含針對新舊行動客戶的 1,000 美元省錢保證。

Service and reliability are the other top drivers of NPS. We believe our service capabilities are unique, anchored by a 100% US-based sales and service team, and that provides a significant upside. Our digital service capabilities are set to meet customers where and how they want to be serviced. And when automated, we're ensuring that channel delivers the same quality as the top 10% of our agents.

服務與可靠性是 NPS 的另外兩大驅動因素。我們相信我們的服務能力具獨特性，其基礎是 100% 以美國本土為基地的銷售與服務團隊，這帶來顯著的上行空間。我們的數位服務能力旨在於客戶希望的地點與方式提供服務。而在自動化的情況下，我們確保該通路能提供與我們前 10% 代理人同等的服務品質。

When on-site service is needed, we guarantee same-day service or we provide a credit. The reality is we're now often arriving within two hours of calls, and we see tangible examples of where we increasingly delight customers with our service. At the same time, we have real opportunities for improvement in reliability, how we communicate with customers, and what I call paper cuts in the service experience.

當需要到府服務時，我們保證當日到府，否則提供帳單抵扣（credit）。實際上，我們現在往往能在來電後兩小時內到達，並看到許多具體案例顯示我們的服務愈來愈能讓客戶感到驚喜。同時，我們在可靠性、與客戶溝通方式，以及我所稱的服務體驗中的「小痛點」方面，仍有實質改善空間。

At Charter, we've already made the investment in the service infrastructure, our employees, and capabilities, and we'll turn that into net investment into a better service reputation. Changing perception takes time, but the organization is increasingly focused on customer satisfaction, and we're incentivized around NPS.

在 Charter，我們已經投資於服務基礎設施、員工與能力，並將把這些轉化為對更佳服務聲譽的淨投資。改變外界觀感需要時間，但組織正愈來愈聚焦於客戶滿意度，我們的激勵也圍繞 NPS。

And we're doing the right things from a resource allocation, customer mindset, and organizational perspective to make that happen. That includes adding complementary talent from Cox. And on September 1, Nick Jeffery will join as Chief Operating Officer alongside the talented team we have today.

我們也正從資源配置、客戶思維與組織面向做正確的事情，以促成這一點。其中包括從 Cox 引進互補型人才。並且自 9 月 1 日起，Nick Jeffery 將加入並擔任營運長，與我們現有的優秀團隊並肩合作。

Turning to the Cox transaction. We're now hoping to close mid to late August. Our operating strategy of product investment and innovation, saving customers money, and onshoring our service capabilities has allowed us to be successful in M&A.

接著談 Cox 交易。我們目前希望在 8 月中旬至下旬完成交割。我們以產品投資與創新、為客戶省錢，以及將服務能力回流本土（onshoring）為核心的營運策略，使我們在併購（M&A）方面得以成功。

Recently, investors have been asking us about what might come next, but the reality is we have a large transaction right in front of us now, which creates significant value. We have a fully developed integration plan for Cox, and we have confidence in our ability to execute well and at a faster pace than previous integrations. We expect to grow the asset.

近期投資人一直在問我們接下來可能會做什麼，但現實是，我們眼前就有一筆大型交易，能創造顯著價值。我們已為 Cox 制定完整的整合計畫，並對自身能夠良好執行、且以比以往整合更快的速度推進充滿信心。我們預期將推動該資產成長。

Shortly after close, we'll launch our Spectrum pricing and packaging within the Cox footprint. We expect to drive better Internet customer performance and unit growth acceleration with very underpenetrated mobile and video. Our lower product pricing, including our $1,000 savings guarantee for new and existing customers when taking mobile, will help drive higher household product penetration, maintaining healthy Cox household ARPU. That's despite their higher individual product prices today.

在交割完成後不久，我們將在 Cox 覆蓋範圍內推出 Spectrum 的定價與產品組合。我們預期，透過目前滲透率仍很低的行動與影音業務，帶動更佳的網際網路客戶表現並加速單位成長。我們較低的產品定價（包括針對新舊客戶在搭配行動服務時提供的 1,000 美元節省保證）將有助於提升每戶家庭的產品滲透率，同時維持 Cox 家戶 ARPU 的健康水準。即便他們目前單一產品的價格較高亦然。

We expect our pricing and packaging to drive lower churn, higher customer satisfaction, and better NPS. The bundling and migration approach we'll deploy at Cox is the same we successfully used with Bresnan in 2013, TWC and Bright House in 2016, and with ourselves really over the past two years.

我們預期，我們的定價與產品組合將帶來更低的流失率、更高的客戶滿意度，以及更佳的 NPS。我們在 Cox 將採用的綑綁與遷移方法，與我們在 2013 年整合 Bresnan、2016 年整合 TWC 與 Bright House，以及其實在過去兩年我們自身所成功採用的方法相同。

We also expect significant B2B upside by leveraging what each company does well with a long runway for growth and acceleration. The addition of Cox's hospitality capabilities, Segra, RapidScale, and a long-standing investment in its B2B infrastructure will benefit the broader Spectrum.

我們也預期，透過發揮兩家公司各自的強項，B2B 將有顯著上行空間，且成長與加速的跑道很長。Cox 的飯店業能力、Segra、RapidScale，以及其長期對 B2B 基礎設施的投資，將使更廣泛的 Spectrum 受益。

We still expect run rate transaction expense synergies of at least $800 million per year, and while we'll update that estimate after close, I think it will grow to $1 billion. As a reminder, transaction synergies do not include any benefit from operating or capital expenditure synergies.

我們仍預期交易費用協同效益的年化 run rate 至少為 8 億美元；雖然我們會在交割後更新該估計，但我認為它將成長至 10 億美元。提醒一下，交易協同效益不包含任何營運或資本支出協同效益所帶來的利益。

Separate from those synergies in procurement and overhead, there will also be a significant number of new frontline hires. We're now recruiting well over 1,000 new residential and business sales jobs in Cox territories, which will drive higher sales. We couldn't hire these jobs until we had better visibility on a likely closing date with California.

除了採購與間接費用方面的協同效益之外，我們也將大量新增第一線人員。我們目前正在 Cox 地區招募遠超過 1,000 個新的住宅與企業銷售職缺，這將帶動更高的銷售。在我們對加州可能的交割日期有更清楚的能見度之前，我們無法招募這些職缺。

Across sales, retention, and customer service, over the next year, we'll onshore and in-source all call center activity, moving the platform to 24/7 coverage for service in Cox markets. This will bring work back to the US and in-source work that is currently handled by a significant number of offshore contractors. We expect to absorb most, if not all of this offshore volume from Cox through existing spectrum operating efficiencies and digital capabilities.

在銷售、留才與客服方面，未來一年內，我們將把所有客服中心活動回流並改為內部自營，並將平台提升為在 Cox 市場提供 24/7 全天候服務。這將把工作帶回美國，並將目前由大量離岸承包商處理的工作改為內部自營。我們預期可透過 Spectrum 既有的營運效率與數位能力，吸收 Cox 目前大部分（若非全部）的離岸量能。

Following the closing of the Cox transaction, I want to frame what we'll represent as an industry partner for innovation. We'll have roughly 1.3 million miles of network with over 70 million passings, with a fully converged multi-gig Internet and mobile offering available to all of those passings. We'll have approximately 37 million customers, meaning a selling opportunity of nearly 35 million passings without a relationship today. Together, we'll generate approximately $67 billion in revenue and approximately $28 billion in EBITDA.

在 Cox 交易交割完成後，我想說明我們作為創新產業夥伴所代表的意義。我們將擁有約 130 萬英里的網路、超過 7,000 萬個可覆蓋據點（passings），並可向所有這些據點提供完全融合的多 Gig 網際網路與行動服務。我們將擁有約 3,700 萬名客戶，意味著對於目前尚未建立關係的近 3,500 萬個可覆蓋據點存在銷售機會。合併後，我們將創造約 670 億美元營收與約 280 億美元 EBITDA。

Spectrum will operate under two MVNOs with the best mobile networks in the country and the only fully converged capability in our footprint. Today, there are approximately 164 million mobile lines in our footprint, and only 13 million of those will be Spectrum Mobile, 8% penetration with a faster, lower-cost mobile product. So while we're growing mobile quickly, there's still a very large growth opportunity in front of us.

Spectrum 將透過兩個 MVNO 在全國最佳的行動網路上營運，並在我們的覆蓋範圍內具備唯一的完全融合能力。目前在我們覆蓋範圍內約有 1.64 億條行動線路，其中只有 1,300 萬條將是 Spectrum Mobile，滲透率 8%，且提供更快、成本更低的行動產品。因此，儘管我們的行動業務成長迅速，前方仍有非常龐大的成長機會。

Turning to capital structure. Jessica and I listened to feedback, and we heard both equity and debt investor preference for lower leverage, despite our significant free cash flow and continued capital return.

接著談資本結構。Jessica 和我聽取了回饋，我們聽到股權與債券投資人都偏好較低的槓桿，儘管我們有可觀的自由現金流並持續回饋資本。

So today, we're moving our post-transaction leverage target to a flat 3.5 times, which we expect to achieve within three years following the close of the Cox and Liberty Broadband transactions. And we're taking a multifaceted approach to delevering, which Jessica will discuss in a few minutes.

因此，今天我們將交易後的槓桿目標調整為 3.5 倍（持平），並預期在 Cox 與 Liberty Broadband 交易交割後三年內達成。我們也將採取多管齊下的去槓桿策略，Jessica 會在幾分鐘後說明。

But the plan is to both de-lever earlier and further, but not forego the buyback opportunity at what is at a historically low valuation, all of which provides a robust backdrop to a broad segment of shareholders and bondholders who benefit from our free cash flow growth and capital allocation.

但計畫是在更早且更大幅度地去槓桿，同時不放棄在歷史低估值水準下的庫藏股回購機會；這些都為廣泛的股東與債權人提供了強健的支撐，讓他們能受益於我們自由現金流的成長與資本配置。

Stepping back from maintaining an optimal capital structure, the biggest value driver opportunity for us going forward is returning to growth. And our recipe for winning in the marketplace is simple, deliver the best connectivity at the best overall value with the best service.

退一步來看，除了維持最佳資本結構之外，我們未來最大的價值驅動機會是重回成長。而我們在市場取勝的配方很簡單：以最佳服務，提供最佳整體價值下的最佳連線能力。

Our network is a unique and strategic asset, which can't be replicated. It offers converged service in 100% of our footprint with gigabit speeds and low latency everywhere. Our speed and reliability are set to improve dramatically over the next few years as we complete our network evolution.

我們的網路是一項獨特且具策略性的資產，無法被複製。它在我們 100% 的覆蓋範圍內提供融合式服務，具備千兆速度與隨處低延遲。隨著我們完成網路演進，未來幾年我們的速度與可靠性將大幅提升。

When you look at both our wireline and converged network and the traffic we already deliver today, it's clear we're more than just America's connectivity company. We provide the mission-critical AI infrastructure that will ultimately demand our superior speed, reliability, and low-latency capabilities.

當你同時看我們的有線與融合網路，以及我們今天已經承載的流量，就會清楚我們不僅僅是美國的連線公司。我們提供的是關鍵任務等級的 AI 基礎設施，而這最終將需要我們卓越的速度、可靠性與低延遲能力。

We expect to be a significant beneficiary of AI through network demand, data center connectivity, our own service capabilities and cost structure, and the potential utilization of our edge data centers, which have fiber, primary and backup power, and cooling in space. As we complete our network evolution, we'll have over 250 megawatts of available capacity without additional investment and capacity for much more at a very low cost with future potential partners.

我們預期將透過網路需求、資料中心連線、我們自身的服務能力與成本結構，以及我們邊緣資料中心的潛在利用（其具備光纖、主備電力與冷卻空間）而成為 AI 的重要受益者。隨著我們完成網路演進，在不需額外投資的情況下，我們將擁有超過 250 兆瓦的可用容量；並可在非常低的成本下，與未來潛在合作夥伴提供更多容量。

And while our focus is squarely on broadband, we also have separate resources focused on developing new revenue streams and ensuring we can develop network capabilities and products that others cannot replicate.

此外，雖然我們的重點明確放在寬頻，但我們也有獨立資源專注於開發新的營收來源，並確保我們能打造他人無法複製的網路能力與產品。

With that, I'll hand it over to Jessica.

接下來我把時間交給 Jessica。

Thanks, Chris. Please note that any forward-looking financial or customer information that we provide in today's discussion or presentation does not include Cox or any transition costs related to Cox integration planning unless otherwise noted.

謝謝，Chris。請注意，除非另有說明，我們在今天討論或簡報中提供的任何前瞻性財務或客戶資訊，均不包含 Cox，也不包含與 Cox 整合規劃相關的任何過渡成本。

Now let's please turn to our customer results on slide 7. Including residential and small business, we lost 172,000 Internet customers in the second quarter, driven by lower connects year over year, while churn was essentially flat. As Chris has said before, we've been facing top-of-the-funnel softness.

現在請看第 7 頁投影片的客戶成果。包含住宅與小型企業在內，我們在第二季流失了 172,000 名網際網路客戶，主要是因為連接數（connects）較去年同期下降，而流失率（churn）基本持平。如 Chris 先前所說，我們一直面臨漏斗頂端的疲弱。

We continue to see expanded fixed wireless competition versus a year ago, including lower sales from low-income consumers, ongoing mobile substitution, and fiber overlap growth at a rate similar to prior quarters with aggressive promotions by certain competitors. Though I would point out that we continue to lead the market in converged connectivity pricing at connect and have higher market share than our fiber competitors, even in our mature fiber overlap.

相較一年前，我們持續看到固定無線競爭加劇，包括來自低收入消費者的銷售下降、持續的行動替代，以及光纖重疊覆蓋的成長速度與前幾季相近，且部分競爭對手採取激進促銷。不過我要指出的是，我們在「融合式連線」的接裝（connect）定價方面仍領先市場；即使在我們光纖重疊已成熟的區域，我們的市占率也高於光纖競爭對手。

As it relates to satellite, so far, we haven't observed meaningful share loss to Starlink, including in our subsidized rural footprint, but we continue to monitor it closely and take it seriously.

就衛星而言，截至目前我們尚未觀察到對 Starlink 有顯著的市占流失，包括在我們享有補貼的鄉村覆蓋範圍內；但我們會持續密切監控並嚴肅看待。

In mobile, we added 406,000 lines with higher gross additions year over year, offset by higher disconnects. Video customers declined by 21,000 versus a loss of 80,000 in 2Q '25, with the improvement primarily driven by lower video downgrades, lower customer churn, and higher upgrades year over year, resulting from our seamless entertainment product improvements, including our programmer app inclusion packaging and the new pricing and packaging we launched in late 2024. New connects to our fully featured video package with apps were also better year over year with some benefit from the World Cup.

在行動業務方面，我們新增 406,000 條線路，總新增數較去年同期增加，但被較高的斷線數所抵銷。影音客戶減少 21,000，對比 2025 年第二季減少 80,000；改善主要來自影音降級減少、客戶流失率降低，以及在我們無縫娛樂產品改進（包括納入節目商 App 的組合包裝，以及我們於 2024 年底推出的新定價與產品組合）帶動下，升級數較去年同期增加。我們具備完整功能且包含 App 的影音套裝之新接裝（connects）也較去年同期更佳，並受惠於世界盃帶來的一些助益。

In rural, we continue to see strong customer relationship growth, generating 47,000 net customer additions in our subsidized rural footprint in the quarter. Subsidized rural passings grew by 127,000 in the second quarter and by 487,000 over the last 12 months, which is in addition to our continued non-rural construction and fill-in activity.

在農村地區，我們持續看到強勁的客戶關係成長，本季在我們受補貼的農村覆蓋範圍內淨新增47,000個客戶。受補貼的農村通過戶數在第二季增加127,000戶，過去12個月增加487,000戶，這還不包括我們持續進行的非農村建設與補點（fill-in）活動。

Moving to second quarter revenue results on slide 8. Over the last year, residential customers declined by 1.8%. Residential revenue per customer relationship declined by 1.8% year over year, but was essentially flat when excluding the programmer app allocation headwind of $251 million this quarter versus $67 million in the prior year period.

接著看第8頁投影片的第二季營收結果。過去一年，住宅客戶數下降1.8%。每個客戶關係的住宅營收年減1.8%，但若排除本季程式商App分攤（programmer app allocation）不利因素（本季2.51億美元，去年同期為6,700萬美元），則基本持平。

There were other puts and takes, including pricing and packaging mix within our customer base and a decline in video customers during the last year, offset by the growth of Spectrum Mobile lines. As slide 8 shows, in total, residential revenue declined by 3.5% and was down by 1.8% when excluding costs allocated to streaming apps and netted within video revenue in both periods.

此外還有其他增減因素，包括我們客群內的定價與方案組合變化，以及過去一年影音客戶下滑，部分被Spectrum Mobile門號成長所抵銷。如第8頁投影片所示，住宅營收合計下降3.5%；若排除兩期皆將串流App分攤成本計入並在影音營收中抵銷（netted）的影響，則下降1.8%。

From a pure Internet revenue perspective, we are balancing rate actions in an inflationary environment and retention activities, where our more aggressive retention offers in the first quarter largely normalized over the course of 2Q. As Chris mentioned, we are making some pricing adjustments, which also include meaningful speed upgrades for the vast majority of affected customers. Those adjustments didn't impact 2Q, but will drive better residential revenue in the back half of the year.

就純網際網路營收而言，我們在通膨環境下於調價措施與留存活動之間取得平衡；第一季較為積極的留存優惠在第二季期間大致回歸常態。如Chris所提，我們正在進行一些價格調整，其中也包含對絕大多數受影響客戶提供顯著的速度升級。這些調整未影響第二季，但將在下半年帶動更佳的住宅營收表現。

Turning to commercial. Total commercial revenue grew by 1.5% year over year, with mid-market and large business revenue growth of 2.8%. And when excluding all wholesale revenue, mid-market and large business revenue grew by 3.5%. Small business revenue grew by 0.7%, reflecting year-over-year growth in revenue per small business customer of 1.5%, partly offset by year-over-year decline in small business customers of 0.8%.

接著看商用業務。商用營收總額年增1.5%，其中中型市場與大型企業營收成長2.8%。若排除所有批發營收，中型市場與大型企業營收成長3.5%。小型企業營收成長0.7%，反映每位小型企業客戶的營收年增1.5%，但部分被小型企業客戶數年減0.8%所抵銷。

Second quarter advertising revenue grew by 12.3%, given higher political revenue year over year. Excluding political, advertising revenue declined 4.6% year over year. Other revenue grew by 7.1%, driven by higher mobile device sales, partly offset by a $45 million onetime benefit in the prior year period. In total, consolidated second quarter revenue was down by 1.7% year over year, but decreased 0.8% when excluding advertising revenue and programmer app allocation.

第二季廣告營收成長12.3%，主要因政治廣告營收較去年同期增加。若排除政治因素，廣告營收年減4.6%。其他營收成長7.1%，由較高的行動裝置銷售帶動，但部分被去年同期一次性4,500萬美元利益所抵銷。整體而言，合併第二季營收年減1.7%；但若排除廣告營收與程式商App分攤，則下降0.8%。

Moving to operating expenses and adjusted EBITDA on slide 9. In the second quarter, total operating expenses were virtually flat year over year. Programming costs declined by 9.7% due to $251 million of costs allocated to programmer streaming apps and netted within video revenue versus $67 million in the prior period, a higher mix of lighter video packages and a 0.8% decline in video customers year over year, partly offset by higher programming rates.

接著看第9頁投影片的營運費用與調整後EBITDA。第二季營運費用總額與去年同期幾乎持平。節目成本下降9.7%，原因包括：本季有2.51億美元成本分攤至程式商串流App並在影音營收中抵銷，而去年同期為6,700萬美元；較高比例的精簡影音方案；以及影音客戶年減0.8%；部分被較高的節目費率所抵銷。

Other cost of revenue increased by 11.3%, primarily driven by higher mobile device sales, mobile service direct costs, and higher advertising sales costs given higher political revenue and a higher mix of third-party impressions. Cost to service customers, which combines field and technology operations and customer operations grew 1.4% year over year, primarily due to higher fuel and medical costs.

其他營收成本增加11.3%，主要由較高的行動裝置銷售、行動服務直接成本，以及因政治廣告營收較高與第三方曝光（impressions）占比提高而帶動的廣告銷售成本上升所致。客戶服務成本（結合外勤與技術營運以及客戶營運）年增1.4%，主要因燃料與醫療成本上升。

Marketing and residential sales expense declined by 3.1% year over year due to lower marketing expenses from procurement initiatives, but our volume of impressions in our marketing activity generally was much higher year over year.

行銷與住宅銷售費用年減3.1%，原因是採購措施帶來較低的行銷支出，但我們行銷活動中的曝光量整體上較去年同期高出許多。

Transition expenses related to the pending Cox transaction totaled $65 million in the quarter, driven by systems disentanglement from Cox Enterprises and systems integration with Cox Communications. Transition expenses have been coming in a bit higher than expected. Some of that is closing delay and some is from a change in the expected mix of operating costs versus capital expenditures. But we still expect the sum of our Cox transition costs and capital expenditures to be at or better than what we anticipated.

與待完成的Cox交易相關的轉換費用本季合計6,500萬美元，主要由與Cox Enterprises的系統拆分（disentanglement）以及與Cox Communications的系統整合所驅動。轉換費用的實際發生略高於預期。部分原因是交割延遲，部分則來自預期營運成本與資本支出組合的變化。但我們仍預期Cox轉換成本與資本支出的合計將達到或優於我們原先的預估。

Finally, other expense declined by 2.5%, primarily driven by lower professional service expense.

最後，其他費用下降2.5%，主要由較低的專業服務費用所致。

Adjusted EBITDA declined by 4.3% year over year in the quarter and declined by 3.2% when excluding transition expenses. Currently, for the full year 2026, we expect standalone Charter EBITDA, excluding the impact of transition costs to decline around 1% year over year. The back half of this year will benefit from political advertising, cost pass-throughs, and efficiency initiatives, and we're working on a number of additional initiatives to improve the full year trajectory.

本季調整後EBITDA年減4.3%；若排除轉換費用影響，則下降3.2%。目前，對於2026全年，我們預期獨立（standalone）Charter的EBITDA（不含轉換成本影響）將較去年約下降1%。今年下半年將受惠於政治廣告、成本轉嫁（pass-throughs）與效率提升措施，我們也正在推動多項額外計畫，以改善全年走勢。

Turning to net income. We generated $1.3 billion of net income attributable to Charter shareholders in the second quarter, essentially flat with the prior year period with lower year-over-year adjusted EBITDA, offset by a gain on extinguishment of debt related to open market debt repurchases in 2Q '26, which I will discuss in a moment.

接著看淨利。第二季我們為Charter股東創造的歸屬淨利為13億美元，與去年同期基本持平；儘管調整後EBITDA較去年下降，但被2026年第二季在公開市場回購債務所帶來的債務清償收益（gain on extinguishment of debt）所抵銷，我稍後會說明。

Turning to slide 10. Second quarter capital expenditures totaled $2.9 billion, virtually flat with last year's second quarter with lower line extension spending, offset by higher network evolution spend, which lands in upgrade rebuild spend. For standalone Charter, we continue to expect total 2026 capital expenditures to reach approximately $11.4 billion. And as we've said before, looking beyond 2026, we expect total capital spending in dollar terms to be on a meaningful downward trajectory.

接著看第10頁投影片。第二季資本支出合計29億美元，與去年第二季幾乎持平；線路延伸支出較低，但被較高的網路演進支出所抵銷，而該支出歸類於升級重建支出。就獨立Charter而言，我們仍預期2026年資本支出總額約為114億美元。並且如先前所述，展望2026年之後，我們預期以美元計的資本支出總額將呈現明顯下行趨勢。

And after our evolution and expansion initiatives conclude, our run rate capital expenditures for standalone Charter would be below $8 billion per year. That reduction in capital expenditures on its own from approximately $12.1 billion over the last 12 months to less than $8 billion in 2028, is equivalent to over $30 of free cash flow per share based on our June 30 share count.

在我們的演進與擴張計畫結束後，獨立Charter的常態化資本支出（run rate CapEx）將低於每年80億美元。僅此一項資本支出下降——從過去12個月約121億美元降至2028年低於80億美元——以6月30日的流通股數計算，相當於每股超過30美元的自由現金流。

If we take consensus, 2026 free cash flow for standalone Charter and substitute our expected 2028 CapEx for 2026 CapEx, our current stock price would imply a free cash flow multiple of a bit over 2 times and a free cash flow yield of nearly 50%.

若採用市場共識對獨立Charter 2026年自由現金流的估計，並以我們預期的2028年資本支出取代2026年的資本支出，則以目前股價推算，自由現金流倍數略高於2倍，自由現金流殖利率接近50%。

Turning to second quarter free cash flow on slide 12. Second quarter free cash totaled $1 billion, about $75 million lower than last year given lower EBITDA and a less favorable change in working capital, partly offset by lower cash paid for taxes.

接著看第12頁投影片的第二季自由現金流。第二季自由現金流合計10億美元，較去年少約7,500萬美元，原因是EBITDA較低且營運資金變動較不利；部分被較低的現金稅款支付所抵銷。

Turning to cash taxes. Second quarter cash taxes totaled $101 million. We continue to expect that our calendar year 2026 cash tax payments will total between $500 million and $800 million. We finished the second quarter with $94 billion in debt principal. The weighted average life of our debt is 11.7 years.

接著看現金稅。第二季現金稅合計1.01億美元。我們仍預期2026曆年現金稅款支付總額將介於5億至8億美元。第二季結束時，我們的債務本金為940億美元。我們債務的加權平均存續期間為11.7年。

Our weighted average cost of debt remains at an attractive 5.2% and our current run rate annualized cash interest totals $4.9 billion.

我們的加權平均債務成本仍維持在具吸引力的5.2%，而我們目前的年化現金利息支出（按現行運行水準推算）合計為49億美元。

During the quarter, we repurchased 4 million Charter shares totaling $838 million at an average price of $210 per share. As of the end of the second quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.18 times and stood at 4.21 times pro forma for the pending Liberty Broadband transaction.

本季度內，我們回購了400萬股Charter股票，總金額8.38億美元，平均每股價格為210美元。截至第二季末，我們的淨負債對過去12個月調整後EBITDA之比率為4.18倍；若就待完成的Liberty Broadband交易採用備考（pro forma）基礎，則為4.21倍。

Cable industry growth has been pressured by the pace of new competition growth combined with a challenging housing growth and move environment. Those factors have reduced our customer and EBITDA growth and our trading multiple. We've always regularly evaluated our balance sheet to maintain our financial strength and strategic flexibility and to be responsive to our debt and equity holders.

有線產業的成長受到壓力，原因在於新競爭者成長速度加快，並叠加房市成長疲弱與搬遷環境具挑戰。這些因素降低了我們的客戶與EBITDA成長，以及我們的交易倍數。我們一向定期評估資產負債表，以維持財務實力與策略彈性，並回應我們的債權人與股權持有人。

As a result, today, we are lowering our post-transaction leverage target to a flat 3.5 times, which we expect to achieve with consistent progress along the way within three years of the close of the Cox and Liberty Broadband transactions. We've already begun executing a multi-pronged strategy to achieve that goal.

因此，我們今天將交易後的槓桿目標下調至固定3.5倍；我們預期在Cox與Liberty Broadband交易完成後的三年內，透過一路持續且一致的進展達成該目標。我們已開始執行多管齊下的策略以達成此目標。

During the second quarter, we repurchased over $1.2 billion of our own debt in the open market for $1 billion in cash, reducing our total leverage by capturing approximately $250 million of discount. We also plan to reduce our total debt through liability management. Last night, we announced the launch of a capped exchange offer, targeting $20 billion of par value of our investment grade rated debt that trades at a discount to par.

第二季期間，我們在公開市場以10億美元現金回購了超過12億美元面值的自家債務，透過取得約2.5億美元的折價，降低了我們的總槓桿。我們也計畫透過負債管理降低總負債。昨晚，我們宣布啟動一項設有上限的交換要約，目標為面值200億美元、具投資級評等且以低於面值折價交易的債務。

Participating bondholders will receive new par bonds in applicable 12- or 15-year maturities and, in some cases, cash and equivalent value to the current discounted trading value of the exchanged bonds plus a premium. If successful, this exchange will reduce our total debt principal and accelerate deleveraging.

參與的債券持有人將收到適用的12年期或15年期新面值債券，並在部分情況下獲得現金，以及相當於被交換債券目前折價交易價值再加上溢價的等值對價。若成功，此次交換將降低我們的總債務本金並加速去槓桿。

As of the end of the third quarter, including the impact of the Cox and Liberty Broadband transactions and including the impact of our second quarter debt repurchases and assuming the success of the exchange offer announced yesterday evening, we expect our ratio of net debt to last 12-month adjusted EBITDA to be just above 3.9 times.

截至第三季末，包含Cox與Liberty Broadband交易的影響，並納入我們第二季債務回購的影響，且假設昨晚宣布的交換要約成功，我們預期淨負債對過去12個月調整後EBITDA之比率將略高於3.9倍。

Paying down debt, including the opportunity to repay secured maturities as they come due, will be part of our effort to reach our long-term leverage target, and we expect there to be continuing opportunities for liability management approaches to support deleveraging. Our leverage target is not aspirational. We have high confidence in the strength of our business and its ability to generate substantial cash flow to achieve our targets.

償還債務（包括在到期時償還擔保債到期款項的機會）將是我們達成長期槓桿目標努力的一部分；我們也預期將持續有機會採取負債管理方式以支持去槓桿。我們的槓桿目標並非僅具願景性。我們對業務的韌性及其產生可觀現金流以達成目標的能力具有高度信心。

Given the pending Cox closing and its financing, and our focus on liability management, we have paused our share repurchases through the end of the third quarter. We expect share repurchases to restart in the fourth quarter and we expect to be in a position to repurchase shares throughout the deleveraging process to 3.5 times. We expect our deleveraging efforts to create value for all providers of capital, including shareholders and debt holders, and we remain committed to maintaining an investment-grade rating on our secured debt.

鑑於待完成的Cox交割及其融資安排，以及我們對負債管理的聚焦，我們已暫停股票回購至第三季末。我們預期第四季將重啟股票回購，並預期在去槓桿至3.5倍的過程中，將具備持續回購股票的能力。我們預期去槓桿努力將為所有資本提供者（包括股東與債權人）創造價值，且我們仍致力於維持我們擔保債務的投資級評等。

Before turning the call over to Q&A, I want to make a few comments regarding our pending Cox transaction and our reporting plans, some of which I mentioned last quarter. Our first post-close quarterly results, which we expect will be our third quarter results will reflect a full quarter for legacy Charter plus a stub period for legacy Cox. So year-over-year actual comparisons won't be helpful, but we intend to present Charter's quarterly trending schedule with pro forma data along the lines of what you receive today.

在把電話會議交給問答之前，我想就我們待完成的Cox交易與我們的揭露/報告規劃做幾點說明，其中部分我在上季已提及。我們交割後的第一份季度業績（我們預期將是第三季業績）將反映：既有Charter的完整一季，加上既有Cox的一段短期期間（stub period）。因此，年對年實際比較將不具參考性，但我們打算提供Charter的季度趨勢表，並以備考數據呈現，形式大致如同您今天收到的內容。

Going forward, we will report similar customer PSU and revenue data for both legacy entities for several quarters following close, both separately and on a consolidated basis. We will not show expenses or capital expenditures by legacy entity. That's not possible given the shared nature of key large items like programming, overhead and significant centralized capital spend.

展望未來，在交割後的數個季度內，我們將針對兩個既有實體提供類似的客戶PSU與營收數據，並同時以分別與合併基礎揭露。我們不會按既有實體拆分揭露費用或資本支出。由於節目成本、管理費用以及大量集中式資本支出等關鍵大型項目具有共享性質，因此無法做到。

We will also continue to report transition expense and capital related to the integration, and we'll provide updates on certain items, including estimates for the synergies we've realized so that you can better isolate the organic growth of the business.

我們也將持續揭露與整合相關的轉型費用與資本支出，並就若干項目提供更新，包括我們已實現的協同效益估計，以便您能更好地區分業務的有機成長。

Our balance sheet and P&L will also be impacted by purchase accounting. Part of that will be fair market value step-up of Cox assets, reflecting the fair market value of the consideration we paid for Cox assets as of the closing date. Taken at today's Charter share price, the current implied transaction enterprise value for the Cox business is $27 billion, which is roughly 5 times EBITDA on transaction EBITDA and a 4.4 times multiple when including $800 million of transaction synergies, which we now view as conservative.

我們的資產負債表與損益表也將受到購買會計的影響。其中一部分將是對Cox資產按公允市價進行增值調整（step-up），反映我們在交割日就Cox資產所支付對價的公允市價。以今日Charter股價計算，目前隱含的Cox業務交易企業價值為270億美元，約為交易EBITDA的5倍；若納入8億美元的交易協同效益，倍數為4.4倍，而我們目前認為該協同效益估計偏保守。

As of the end of the second quarter and pro forma for the Cox and Liberty Broadband transactions, our net debt totaled approximately $110 billion and consisted of Legacy Charter net debt of approximately $93 billion. The net debt we are assuming from Liberty Broadband of about $1 billion, the approximately $4 billion of debt we will issue to fund our cash payment to Cox Enterprises, and legacy Cox principal of about $12 billion.

截至第二季末，並以Cox與Liberty Broadband交易的備考基礎計算，我們的淨負債合計約1,100億美元，其中包括既有Charter淨負債約930億美元。此外還包括我們將自Liberty Broadband承接的約10億美元淨負債、我們將為支付給Cox Enterprises的現金對價而發行的約40億美元債務，以及既有Cox約120億美元的本金。

Note that for balance sheet purposes, the Cox debt we will assume will be fair valued in an amount less than the face value based on current market prices.

請注意，就資產負債表目的而言，我們將承接的Cox債務將依目前市場價格，以低於票面金額的數額按公允價值入帳。

A few other items to keep in mind. After close and on a quarterly basis, we will expense a charge of approximately $103 million of preferred coupon for Cox's ownership of preferred partnership units. That charge will be reported in our P&L as part of net income attributable to non-controlling interests, similar to how we reported the Advance/Newhouse preferred interest following our transactions in 2016.

另有幾點事項請留意。交割後，我們將按季度認列約1.03億美元的優先股股息（preferred coupon）費用，係與Cox持有的優先合夥單位相關。該費用將在我們的損益表中，作為歸屬於非控制性權益的淨利的一部分呈列，類似於我們在2016年交易後對Advance/Newhouse優先權益的呈列方式。

We will also have some below the EBITDA line charges, including additional transaction advisory expenses, which are contingent and payable at closing. We also expect restructuring and separation expenses through the integration process that will post below EBITDA as well.

我們也將有一些位於EBITDA以下的費用項目，包括額外的交易顧問費用，該等費用具或有性並於交割時支付。我們也預期在整合過程中會產生重組與分拆費用，亦將列於EBITDA以下。

Interest expense will increase for the combined company, given the debt assumed from Cox, the new Charter debt issued for the cash portion of the purchase price, and the accretion of the discount on assumed Cox debt.

合併公司之利息費用將增加，原因包括承接自Cox的債務、為支付收購價金中現金部分而新發行的Charter債務，以及對承接之Cox債務折價的攤銷增值（accretion）。

As I mentioned last quarter, our outstanding share count will increase as we issued the equivalent of just over 46 million Charter shares to Cox Enterprises, comprised of common and preferred partnership units, partly offset by a net Charter share reduction of about 4.7 million shares associated with the Liberty Broadband transaction.

如我上季所提，我們的流通在外股數將增加，因我們向Cox Enterprises發行了相當於略高於4,600萬股Charter股票的對價，包含普通與優先合夥單位；同時，Liberty Broadband交易相關的Charter淨股數減少約470萬股，部分抵銷上述增加。

That 4.7 million figure is lower now than when we announced the Liberty Broadband transaction, primarily due to our ongoing share repurchases from Liberty Broadband. Based on our June 30 standalone share count at close and on an as-converted as-exchanged basis, we expect our total shares to be about 177 million.

這個470萬股的數字目前較我們宣布Liberty Broadband交易時更低，主要是因為我們持續自Liberty Broadband回購股份。以我們6月30日的單體股數為基礎，並在交割時按已轉換/已交換（as-converted as-exchanged）基礎計算，我們預期總股數約為1.77億股。

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

那麼，接下來我把時間交給接線員進行問答。

(Operator Instructions) Craig Moffett, MoffettNathanson.

(接線員指示) Craig Moffett，MoffettNathanson。

I'm going to see if I can squeeze in two if I can. First, Jessica, a while back you said, I think it was two quarters ago, you guided to positive broadband ARPU for the year. I wonder if you could just update us on your outlook for broadband ARPU for the year.

如果可以的話，我想看看能不能塞進兩個問題。第一個，Jessica，前一陣子你提到——我記得大概是兩個季度前——你們指引今年寬頻 ARPU 會轉為正成長。想請你更新一下你們對今年寬頻 ARPU 的展望。

And then I wanted to ask the question about wireless. Comcast yesterday said that 90% of all their traffic is now offloaded onto WiFi or perhaps some of that over CBRS. Can you give a comparable number for Charter and how you see that progressing?

接著我想問無線業務的問題。Comcast 昨天表示，他們目前 90% 的流量都已經卸載到 WiFi 上，或其中一部分可能透過 CBRS。你能否提供 Charter 的可比數字，以及你們如何看待這個趨勢的進展？

Sure. So Craig, I'll start with ARPU. Broadband ARPU will improve sequentially in Q3. The use of more aggressive retention offers, as I said, lessened through 2Q and largely normalized in June. We're still feeling the impact from some of those more aggressive offers in 2Q, and we will over the course of the rest of the year, but the impact isn't building in the same way at this point. And we'll have a tailwind from the rate for the cost pass-through that's hitting in late July and early August.

當然。Craig，我先從 ARPU 談起。寬頻 ARPU 在第三季將會較前一季改善。如我所說，更具侵略性的留客方案在第二季期間減少，並在 6 月大致回到正常水準。我們仍在感受第二季部分較激進方案的影響，且在今年剩餘期間也會持續，但目前影響不再以同樣方式累積擴大。此外，7 月下旬與 8 月上旬生效的成本轉嫁費率也會帶來順風。

I understand the sensitivity and the rationale for the focus around broadband ARPU. But I remind people, we don't manage the business for product level ARPUs. Our focus is on penetration as well as connectivity ARPU and overall customer relationship ARPU excluding the programmer app allocation, both of which I think will grow in FY26.

我理解大家對寬頻 ARPU 的敏感度以及聚焦的理由。但我也提醒大家，我們並不是以單一產品層級的 ARPU 來經營管理業務。我們的重點在於滲透率，以及連線（connectivity）ARPU 與整體客戶關係 ARPU（不含節目供應商 App 分攤），我認為這兩項在 2026 財年都會成長。

Maybe I'll just tag on to that a little bit. The pressure that we had inside of Q1, which carried through Q2 really was a bet at the time that you can get a substantial lift through putting in that retention. And it had some impact, but not enough to really merit what we did. So we pulled back. I own that.

我再補充一下。我們在第一季內部承受的壓力、並延續到第二季，當時其實是押注透過加大留客力度可以帶來顯著提升。確實有一些效果，但不足以支撐我們所做的力度。所以我們收手了。這點我負責。

It took a bit to pull back. And when we did it, it had a cascading impact to carry forward on the ARPU through the retention. So that was the driver inside of Q2. And as Jessica mentioned, you're going to have lift coming from that going away and in addition to that, the rate increase pass-through.

收手需要一點時間。而當我們收手時，留客方案對 ARPU 的影響會產生連鎖效應並延續到後續期間。所以那就是第二季的驅動因素。如 Jessica 所提到，隨著這些影響消退，再加上費率調整的成本轉嫁，你們會看到 ARPU 有所抬升。

The other thing, when you take a look at a full year perspective, leaving aside Cox integration, leaving aside what Jessica said about managing for total customer relationship ARPU, which is a full suite of products that we include. We have Nick Jeffery coming on board on September 1.

另外，若從全年角度來看，先不談 Cox 整合，也先不談 Jessica 所說我們以整體客戶關係 ARPU（涵蓋完整產品組合）為管理目標。我們有 Nick Jeffery 將於 9 月 1 日加入。

And the last thing I want to do when he's coming on board, with really a stated focus from our perspective of enhancing our go-to-market capabilities and our Net Promoter Score, and really hopefully being a big catalyst for those two categories and returning us to growth is some tail to hamstring, the ability of the company to go do some things to accelerate our growth.

而在他加入之際，我最不希望做的事，就是在我們明確聚焦於強化 go-to-market 能力與提升淨推薦值（NPS），並希望他能成為這兩個面向的重要催化劑、帶動我們重回成長之時，反而用某些限制去綁住公司加速成長的能力。

And so I don't think it's wise for us to focus on product ARPU generally. We've always said that. But particularly in this environment, we're focused on creating shareholder value, and I don't think it makes sense to kind of hamstring us that way.

因此，我不認為我們明智的做法是把焦點放在單一產品 ARPU 上。我們一直都是這麼說的。但尤其在目前這個環境下，我們專注於創造股東價值，我不覺得用那種方式把自己綁住是合理的。

The second question you asked, Craig, was around wireless. I hadn't seen that Comcast has reported up at 90%. We've been at 88%, and we're kind of moving -- we were kind of moving up to 89% through exactly the same reasons, which was the continued offload that we have through WiFi, through seamless authentication, not only in our footprint, but in Comcast and also in the Cox footprint as well across the three major cable operators. And in addition to that, the continued rollout of CBRS.

你第二個問題，Craig，是關於無線。我還沒看到 Comcast 報告說已到 90%。我們一直在 88%，而且基於完全相同的原因，我們原本正往 89% 走——也就是透過 WiFi 的持續卸載、無縫認證，不僅在我們自有覆蓋區，也在 Comcast 以及 Cox 的覆蓋區，三大有線業者之間都能運作。此外，CBRS 也在持續部署。

What we did inside the quarter is we effectively moved the type of speed pass-through for our products to make sure that we had better service above certain caps that were in place. And so as a result, which ended up with a bit more 5G usage than we've had before because of the product changes we made to improve the customer experience, the customer service. So that actually pushed us back down to 87%, which is where we've been previously, not because there was less offload, but because there was actually more 5G traffic usage, which was a positive thing from a consumer perspective.

本季度我們做的事情是，實際上調整了我們產品的速度轉嫁方式，以確保在既有某些上限之上能提供更好的服務。因此，因為我們為了改善客戶體驗與服務而做了產品變更，5G 的使用量比以前多了一些。所以這反而把我們的比例拉回到 87%，也就是我們先前的水準；不是因為卸載變少，而是因為 5G 流量使用變多，從消費者角度看這是正面的。

So that was kind of what should be a onetime push down as we modified the product capability in a good way. And then we'll expect to be moving back up as the continued WiFi offload and continued CBRS deployment takes place over time. So slightly different for that reason, but on the same trajectory would be my estimate.

所以這算是一次性的下滑，原因是我們以好的方式調整了產品能力。接下來，隨著 WiFi 卸載持續增加、CBRS 持續部署，預期比例會隨時間再往上走。因此因為這個原因會稍有不同，但我估計整體軌跡是一致的。

Vikash Harlalka, New Street Research.

Vikash Harlalka，New Street Research。

Two, if I could. You've changed your goal for EBITDA for the year. I just wanted to ask what changed in the first six months for you to lower your target for EBITDA.

如果可以的話兩個問題。你們調整了今年 EBITDA 的目標。我想請問，過去六個月發生了什麼變化，讓你們下調 EBITDA 目標？

And then second, there were some press reports mentioning that Starlink may look to partner with Charter. Any comment on that?

第二，有一些媒體報導提到 Starlink 可能尋求與 Charter 合作。對此有任何評論嗎？

Sure. So on the EBITDA side, I think some of what changed, and Chris described a bit of it was expectations around broadband subscribers and ARPU over the course of the year based on some of those things that we had done around offers that we thought might work, but that didn't work out as well.

好的。就 EBITDA 而言，我認為部分變化——Chris 也提到了一些——是基於我們今年對寬頻用戶數與 ARPU 的預期有所調整，原因在於我們先前在方案/優惠上做了一些嘗試，原本以為會有效，但結果不如預期。

There's also a little bit of pressure in some controllable expenses, things like fuel and medical, where we haven't been able to sort of make adjustments against those in the same way as you can some others. We do have the ability and we've done quite a bit to think about expenses for the second half of the year and how we can be in a better place.

另外，在一些可控費用上也有些壓力，例如燃料與醫療成本；相較於其他費用項目，這些我們較難用同樣方式做調整。不過，我們確實有能力，也已做了不少工作，去思考下半年費用該如何管理，讓我們處於更好的位置。

And so as Chris said, we've made some changes around moving price adjustments through. We are doing some work around driving down expenses across the business and in some cases, we're making some changes to benefit plans to bring them more in line with market and to doing some simplification on the overhead side that I think makes a lot of sense and that's rolling through now. So we continue to have levers and we'll continue to push to be in a better place than that trajectory as we get through the year.

因此如 Chris 所說，我們已做了一些調整，包括推動價格調整落地。我們也在推動全公司降費；在某些情況下，我們正調整福利計畫，使其更貼近市場水準，同時在管理費用（overhead）端做一些簡化，我認為很有道理，且目前正在推進中。所以我們仍有可用的槓桿，並會持續努力，讓我們在今年推進過程中能比目前這條軌跡表現得更好。

I want to be clear, what Jessica said is what we're providing as an outlook as an update to what was previously provided. But we're actually targeting to do better for all the reasons that Jessica gave.

我想說清楚，Jessica 所說的是我們作為展望、對先前提供內容的更新。但基於 Jessica 提到的所有原因，我們實際上是以做得更好為目標。

And the question on Starlink. Look, it's natural for us. We talk to many industry players. Anytime that we think that we can enhance our own product capabilities or do things that are innovative in the marketplace or we can lower cost for customers, those are the type of conversations that we have with many industry players. We do that all the time.

以及關於 Starlink 的問題。你看，這對我們來說很自然。我們會和許多產業參與者交流。只要我們認為能夠提升自身產品能力、或在市場上做出創新、或能為客戶降低成本，這類對話我們都會和許多產業參與者進行。我們一直都在做這些事。

I don't think it makes any sense to get into the detail of any of those conversations other than to say you should expect us to continue to do that across the board. And when there's something to announce or talk about, we'll do that, and that certainly is not the case today.

我認為除了說你應該預期我們會持續全面地這麼做之外，去談這些對話的任何細節都沒有意義。而當有事情可以宣布或討論時，我們會那麼做，但今天顯然不是這種情況。

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

First, I wanted to maybe piggyback on Craig's question about your wireless offload as well as the last question on Starlink. It's possible we could see SpaceX or Starlink try to build the fourth wireless network. You've taken an asset-light approach to wireless, which you're able to do all this offload.

首先，我想也許延伸 Craig 關於你們無線卸載（wireless offload）的問題，以及上一題關於 Starlink 的問題。我們有可能會看到 SpaceX 或 Starlink 嘗試建立第四個無線網路。你們在無線方面採取輕資產（asset-light）的做法，因此能夠進行這些卸載。

I was wondering if you think there's the potential for Charter to partner with potential builders over time and use the architecture that you have along with what someone else might do in wireless and if there are partnership opportunities that could create value. So I'd love to understand that better.

我想知道你是否認為，隨著時間推移，Charter 有可能與潛在的建設者合作，利用你們現有的架構，再結合其他人在無線方面可能做的事情，是否存在能創造價值的合作機會。所以我很想更了解這一點。

And then I was wondering if you could just touch a little bit on how Cox Internet trends have sort of transitioned versus your Internet trends. And do you think the trends that they're seeing in the market are the same, better or worse than yours? And is there any change to the playbook since it sounds like competition has picked up once you close the acquisition?

另外我也想請你稍微談談，Cox 的網際網路趨勢相較於你們的網際網路趨勢，是如何轉變的。你認為他們在市場上看到的趨勢，和你們相比是相同、更好還是更差？而且既然聽起來在你們完成收購後競爭加劇了，作戰手冊（playbook）是否有任何改變？

Sure. Look, let me take a more global approach to your first question around our willingness to use our network for offloading. Our principal focus as a company has always been about retail in the consumer segment and the B2B segment. And sometimes that means that we've foregone appropriately or sometimes maybe we should have had a different point of view on the wholesale opportunities that exist with the capabilities of our network.

當然。你看，針對你第一個問題、關於我們是否願意使用自家網路來做卸載，我先用更宏觀的角度來回答。我們公司一貫的核心重點，始終是消費者端的零售市場，以及 B2B 端的零售市場。而有時這意味著，我們會適度地放棄——或者有時也許我們本應對網路能力所帶來的批發機會採取不同的觀點。

I'll start -- I'll give you an example, just as a parallel, on the B2B side, we've done a lot of work around cell tower backhaul years ago, which was a good business. It's a great ROI. It's not as good as it used to be, but what we did there made a lot of sense similarly. You can talk about the data center business that exists today for fiber connectivity. And I think Cox has done a really good job of being aggressive in getting after that. And because we're so retail focused, I think we're getting into it now, we'll have a great opportunity. But maybe we didn't focus on it as much as we should have.

我先——我舉個例子，作為類比：在 B2B 方面，我們多年前在基地台回程（cell tower backhaul）上做了很多工作，那是一門不錯的生意。投資報酬率（ROI）很高。雖然不如以前那麼好，但我們當時的做法同樣很有道理。你也可以談到目前存在的資料中心業務，用於光纖連接。我認為 Cox 在積極爭取這方面做得非常好。而因為我們非常聚焦零售，我想我們現在才開始切入，仍會有很好的機會。但也許我們過去沒有像應該的那樣重視它。

You can then, to get to your question, use that as a parallel with our -- just our seamless authentication capabilities across WiFi and CBRS. And should we be using that in a wholesale environment versus our current retail approach that we have. And I think the answer is it depends. It depends on what's the long-term path that we're doing? How does it impact us from our main objective on the retail side.

接著回到你的問題，你可以把這點類比到我們——也就是我們在 WiFi 與 CBRS 之間的無縫認證能力。以及我們是否應該在批發環境中使用這些能力，而不是目前採取的零售做法。我認為答案是：要看情況。取決於我們長期要走的路徑是什麼？以及這會如何影響我們在零售端的主要目標。

But we are doing offload today. If you think about the Amazon deal that we did with their fleet, which is public, where we have seamless authentication for Amazon drivers and the trucks to be able to offload to us at a more attractive rate than what they typically pay for cellular services.

但我們今天確實在做卸載。如果你想到我們與 Amazon 針對其車隊所做的合作（這是公開資訊），我們為 Amazon 司機與卡車提供無縫認證，使其能以比他們通常支付行動通訊服務更具吸引力的費率，卸載到我們的網路上。

I could see us being -- and we have had those discussions for electric vehicle companies, think about the tremendous amount of offload that they have to do from all the cameras that are operating during the course of the day and need to upstream where our network is uniquely capable of doing that and being able to monetize it for us, but to save customers, in that case, the wholesale customer, lots of money.

我也可以想像我們——而且我們也曾就電動車公司進行過這些討論：想想看，他們每天運作的所有攝影機所產生的資料，需要大量卸載並上傳，而我們的網路在這方面具備獨特能力；我們可以將其變現，同時也能為客戶——在這個案例中是批發客戶——節省大量成本。

So we have those capabilities. We've set up a platform called Bryte IQ that enables all of that to take place seamlessly. It works very well. And to the extent that we can be innovative around that, create additional revenue streams, if it's going to be material, it's certainly something we would think about. But I think the -- between one partner or another, the answer is it just depends, and we'll think it through at the right time.

所以我們具備這些能力。我們建立了一個名為 Bryte IQ 的平台，讓這一切能夠無縫發生。它運作得非常好。在我們能圍繞這點進行創新、創造額外營收來源的範圍內，如果規模會很可觀，這當然是我們會考慮的事情。但我認為——至於是某個合作夥伴或另一個合作夥伴，答案就是要看情況，我們會在適當的時機把它想清楚。

By the way, we could do that for even mobile operators as well in terms of being able to offload for them in a different way than they already do today, private SSIDs. And we can -- I'm not sure that's somewhere we'll go, but it's another potential business opportunity that's out there.

順帶一提，就算是對行動營運商，我們也可以用不同於他們目前做法的方式，替他們進行卸載，例如私有 SSID。而我們可以——我不確定這是否是我們會走的方向，但這也是另一個潛在的商業機會。

Thanks, Steven.

謝謝你，Steven。

He asked a question about -- sorry to come back, Cox trends. Nothing new or major to report. Cox's trends on both subscribers and revenue has been a couple of clicks lower than here at Spectrum, and that continues to be the case. So I wouldn't say there's been any dramatic change of what we've seen relative to our own performance at the time of signing up the transaction. No change to the playbook.

他問了一個關於——抱歉我再回來補充一下，Cox 的趨勢。沒有新的或重大的事項可以報告。Cox 在用戶與營收兩方面的趨勢，都比 Spectrum 這邊低了幾個檔次，而這種情況仍然持續。所以我不會說，相較於我們在簽署交易時自身的表現，我們看到有任何戲劇性的變化。作戰手冊沒有改變。

Cox has been a very well invested asset over the years. It's prided itself on good service and having a great reputation in the market and the communities that they serve.

多年來，Cox 一直是一項投入良好的資產。他們以良好的服務為傲，並在其服務的市場與社區中擁有很好的口碑。

But I do think when you look at our products, which include speed for Internet, the convergence with mobile, our video product for sure and its ability to have seamless entertainment with the Xumo deployment and the pricing of all that, both on a standalone basis, in particular, when it's put together, I don't want to get over our skis but we're going to come into the Cox markets with a brand-new name, which is the Spectrum name.

但我確實認為，當你看我們的產品——包括網際網路速度、與行動服務的匯流（convergence）、我們的影音產品，當然還有透過 Xumo 部署所帶來的無縫娛樂體驗，以及所有這些的定價——無論是單獨來看，尤其是把它們組合在一起時，我不想過度自信，但我們將以一個全新的名稱進入 Cox 的市場，也就是 Spectrum 這個品牌名稱。

And always, when you're a, quote-unquote, new entrant, you have an opportunity to be something new and alternative at better pricing with better products. That's a real opportunity for lift across all of those products. And that's always been the strategy. It's still the case.

而且一向如此，當你是一個所謂的「新進入者」時，你有機會以更好的產品、以更好的價格，成為一個新的替代選擇。這對上述所有產品而言，都是一個實質的提升機會。而這一直都是策略。現在仍然如此。

Given the fact that the closing has been delayed as much as it has been, and we were ready to go really in March and April. But we've been working through the process with California. We're glad that where we are with that process. But we're more ready now as a result to go faster in deploying that product pricing and packaging into the Cox markets. And we're really excited about getting this done and getting going for the benefit of employees, customers and a real, I think, growth opportunity that's there.

鑑於交割延遲的時間比預期更久，而我們其實在 3 月和 4 月就已經準備就緒。但我們一直在與加州方面推進流程。我們對目前流程的進展感到欣慰。但也因此我們現在準備得更充分，能更快地把產品定價與方案組合部署到 Cox 的市場。我們非常期待把這件事完成並開始推進，讓員工與客戶受益，同時我認為那裡也存在真正的成長機會。

(Operator Instructions) Walter Piecyk, LightShed Partners.

(接線員指示) Walter Piecyk，LightShed Partners。

I just want to go back to the last question because I think what he was asking about wasn't necessarily about just wholesaling the hotspots, but also whether closing out like that last 12%, meaning like joining in a network build, whether it's SpaceX or someone else, whether that might be something that makes sense to put some dollars behind?

我只是想回到上一個問題，因為我認為他問的未必只是關於熱點的批發，也包括是否要把最後那 12% 收尾，也就是參與網路建設，不論是 SpaceX 或其他人，這是否可能是值得投入一些資金的事情？

Yeah. Let me start with probably the hottest topic of the day, and I want to be really clear, we don't have any plans to do anything different as it relates to our CapEx trajectory. So given where we are --

是的。我先從今天最熱門的話題開始，而且我想非常清楚地說，我們在資本支出（CapEx）軌跡方面沒有任何計畫要做不同的事情。所以就我們目前的狀況而言--

And if we had -- if there were opportunities, I think that there are ways that we could look at them from an off-balance sheet sort of not part of our own capital perspective, not in the specific one, but our capital trajectory in terms of what we've laid out in the multiyear capital plan is set.

而如果我們有——如果有機會，我認為我們可以用某種表外（off-balance sheet）的方式、從不屬於我們自有資本的角度來看待它們；不是在特定單一項目上，而是就我們在多年期資本計畫中所規劃的資本軌跡而言，已經定案。

Yeah. So I don't think we -- there's no specific plans that we have today to do anything around what you described. I would step back and say, we're in a capital-light approach that we're really enamored with as it relates to going for mobility and the ability to deliver converged retail services.

是的。所以我不認為我們——就你描述的事情而言，我們目前沒有任何具體計畫要採取行動。我會退一步說，我們採取的是一種輕資本（capital-light）的方式，我們非常喜歡，因為這有助於我們推動行動服務（mobility）以及提供融合式零售服務的能力。

We have great partners, Verizon, now principally on the residential side, who's been a great partner, a great network. And we've recently launched on the B2B side, incrementally going forward with T-Mobile, also obviously, a fantastic network in a capital-light approach for us that makes a lot of sense.

我們有很棒的合作夥伴：Verizon，目前主要在住宅端，一直是很棒的夥伴、很棒的網路。而我們最近也在 B2B 端推出服務，並在未來逐步與 T-Mobile 合作；顯然，對我們而言這也是一個非常出色的網路，採取輕資本方式非常合理。

But we're also able to add in some additional features and product features into the business side that we didn't have before as well as the ability to sell a lot more lines and move upstream into that space. And they've been great partners as well, pretty seamless in terms of launch and working very well with both of those partners, and we're pleased. So there's no driving need for us to, quote-unquote, build a network of any type, because we have it.

但我們也能在企業端加入一些以前沒有的附加功能與產品功能，同時也具備銷售更多門號、往上游市場拓展的能力。他們也一直是很棒的合作夥伴，從上線到合作都相當順暢，與這兩個夥伴的協作都非常良好，我們也很滿意。因此，我們沒有任何驅動因素需要我們所謂「建設任何類型的網路」，因為我們已經有了。

I mean, the other way to think about it, I've always said, not to be provocative, but we're the largest facilities-based wireless provider in the country, which is a little counterintuitive. But the reason I say that is not only do we offload 87% to 88% of our own traffic, but we -- the cable operators and WiFi generally, WiFi is the workhorse of Spectrum and data delivery across the entire footprint. And it's WiFi that delivers probably 75%, 80% of the traffic for the MNOs for their wireless telcos.

我的意思是，另一種思考方式是，我一直說——不是要挑釁——但我們是全國最大的自建設施（facilities-based）無線服務提供者，這聽起來有點反直覺。但我這麼說的原因是：我們不僅把 87% 到 88% 的自有流量卸載（offload）出去，而且——有線業者與 WiFi 一般而言，WiFi 是 Spectrum 與整個覆蓋範圍內資料傳輸的主力。而且對於行動網路業者（MNO）而言，WiFi 可能承載了他們無線電信流量的 75%、80%。

And so that's our wireline and WiFi facilities that's delivering not only wireless offload for us but also for the major telcos as well. And so I don't think it's that provocative. We are the largest wireless facilities provider in the country, particularly when we close Cox. So maybe today, it's Comcast and tomorrow, and it's us as number two. But we're going to be the largest wireless-based facilities provider in the country.

因此，正是我們的有線（wireline）與 WiFi 設施，不僅為我們提供無線卸載，也同樣為主要電信業者提供卸載。所以我不認為這有那麼挑釁。我們是全國最大的無線設施提供者，尤其是在我們完成收購 Cox 之後。所以也許今天是 Comcast 第一、我們第二；但明天就會是我們第一。但我們將成為全國最大的以無線為基礎的設施提供者。

Now I don't think there's a real need for us to feel like we have to go after that last 12%, given the partnerships that we have and the economic setup that we have today.

現在，考量到我們現有的合作夥伴關係以及目前的經濟條件設定，我不認為我們真的有必要覺得必須去追求最後那 12%。

Yeah. And when you look at the offload that you have, could you give us any sense of the mix between the extra SSID from someone's home modem versus the hotspots that you may have deployed on wires or in communities and things like that? Like what's the relative split there? And is it changing as you maybe invest a little bit in CBRS?

是的。當你看你們的卸載情況時，你能否讓我們大概了解一下：來自某人家用數據機額外 SSID 的比例，與你們可能在電線桿上或社區等地部署的熱點之間的組合？相對占比大概如何？以及當你們可能在 CBRS 上稍作投資時，這個占比是否正在改變？

Yeah, it is changing. When we first -- I'm trying to think of the best way to answer your question. When we first came out with Spectrum Mobile, we were closer to 84%, 85%. And we had publicly said that we thought that we could get into, essentially, into the low 90s. And that point of view hasn't changed.

是的，確實在改變。我們剛——我在想用什麼方式回答你的問題最好。當我們剛推出 Spectrum Mobile 時，我們的比例更接近 84%、85%。而我們也曾公開表示，我們認為基本上可以提升到 90% 出頭。而這個觀點沒有改變。

Now you've got a lot of other things going on in terms of overall traffic volume and where traffic occurs and people's usage. But I think for the most part, that still holds. So you can see where we've moved up the chain going beyond just our own network of WiFi authentication, but then when that got extended to out of footprint with Comcast and then Cox and continues to move up, and then CBRS, which is still early days.

現在，還有很多其他因素在發生，包括整體流量規模、流量發生的位置以及人們的使用方式。但我認為大致上，這個判斷仍然成立。所以你可以看到，我們已經沿著路徑往上走：不僅僅是我們自有的 WiFi 認證網路，之後又延伸到與 Comcast 的跨覆蓋範圍（out of footprint），再到 Cox，並持續提升；以及 CBRS，目前仍在早期階段。

So we're across a vast number of markets, but we're well on our way on the increment to just continue to penetrate more deeply on an ROI-based approach based on where there's density and traffic that justifies the investment. The payback we get in that is well under a year.

因此，我們覆蓋非常多的市場，但我們在增量上正穩步推進，持續以 ROI 為基礎的方法，在具備密度與流量、足以支撐投資的地方更深度滲透。我們在這方面的回收期遠低於一年。

So it's -- and that, just to be clear, that's always been included in our capital expenditure outlook. So I think we'll continue to move upstream. But as you saw even in this past quarter, when I answered the question for Craig, there are things that will bump you back down a little bit as we do things with the product. But I think our original outlook is still the same. And I think the mix is, first and foremost, it's our own WiFi.

所以——而且我想說清楚，這一直都已包含在我們的資本支出展望之中。所以我認為我們會持續往上游推進。但如同你在上一季看到的，當我回答 Craig 的問題時，我們在產品上做一些事情時，會有一些因素讓比例稍微回落一點。但我認為我們原先的展望仍然相同。而我認為組合上，首先最重要的是我們自有的 WiFi。

The second is out of footprint when a New York customer goes to Philadelphia, for example. But increasingly, to your point, it's the CBRS as that gets more fully deployed, not just for us, but as it gets more fully deployed in the Comcast footprint into Cox footprint, which soon enough will be Spectrum, that CBRS deployment that each of us makes benefits the other because we have the same capabilities there as we do with WiFi.

第二是跨覆蓋範圍（out of footprint），例如一位紐約客戶到費城。但如你所說，越來越多的是 CBRS，隨著它更全面地部署——不僅是我們，還包括在 Comcast 覆蓋範圍以及 Cox 覆蓋範圍（很快就會是 Spectrum）更全面地部署——我們各自所做的 CBRS 部署會讓彼此受益，因為我們在那裡具備與 WiFi 相同的能力。

Thanks, Walter, and thanks to everyone else. That concludes our call. Layla, back to you.

謝謝你，Walter，也謝謝其他所有人。我們的電話會議到此結束。Layla，交回給你。

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

感謝各位參與。今天的電話會議到此結束，您現在可以掛線。