Charter Communications, Inc. (CHTR) 2026 Q3 法說會逐字稿

Hello, and welcome to Charter Communications third quarter 2026 investor conference call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. (Operator Instructions) I will now turn the call over to Stefan Anninger.

各位好，歡迎參加 Charter Communications 2026 年第三季投資人電話會議。(接線員指示) 另外提醒各位，本次會議今日將進行錄音。(接線員指示) 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，歡迎各位。本次電話會議所搭配的簡報可於我們網站 ir.charter.com 取得。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 could 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中就預期、預測、計畫與前景所做的各項評論，可能構成前瞻性陳述；該等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。任何前瞻性陳述僅反映管理層目前觀點，Charter 不承擔修訂或更新該等陳述之任何義務。

During the course of today's call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. These non-GAAP measures, as defined by Charter, may not be comparable to measures with similar titles used by other companies.

在今日電話會議過程中，我們將引用於盈餘資料中定義並對帳的非 GAAP 指標。這些由 Charter 所定義的非 GAAP 指標，可能無法與其他公司使用之相同名稱指標相互比較。

We will also refer to pro forma results. While our COGS transactions closed on August 19, 2026, these pro forma results present information regarding the combined operations as if our transactions had closed at the beginning of the earliest period presented in our materials in order to provide a more useful discussion of our results. Please refer to the pro forma disclosures throughout today's materials.

我們也將提及備考（pro forma）結果。雖然我們的 COGS 交易已於 2026 年 8 月 19 日完成交割，這些備考結果係呈現合併後營運資訊，假設交易於我們資料中所呈現最早期間之期初即已完成交割，以便更有助於討論我們的業績。請參閱今日資料中各處的備考揭露。

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; Kevin Howard, our Interim CFO; and Jeff Murphy, our Senior Vice President of Corporate Finance and Development will also join us during Q&A to help us answer finance questions.

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皆以年對年（YoY）基礎計算。今日與會者包括：我們的總裁暨執行長 Chris Winfrey；臨時財務長 Kevin Howard；以及資深副總裁（企業財務與發展）Jeff Murphy 也將在問答環節加入，協助回答財務相關問題。

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

接下來，把電話交給 Chris。

Thanks, Stefan. Before we discuss our results, I want to start with an important update on our business priorities and the significant changes we're making to how Charter operates and competes. We're announcing a new path forward for Charter to address a more competitive and complex market. We recognize that we've not generated the customer growth and performance we expect and our customer satisfaction is not where it needs to be.

謝謝你，Stefan。在討論我們的業績之前，我想先就我們的業務優先事項，以及我們正在對 Charter 的營運與競爭方式所做的重大改變，提供一項重要更新。我們正宣布 Charter 的新前進路徑，以因應更具競爭性且更複雜的市場。我們也認知到，我們未能達到所期望的客戶成長與表現，而客戶滿意度也尚未達到應有水準。

Returning Charter to growth requires more than incremental improvements to how we operate. So today, I'm announcing a new operating model for Charter. We're fundamentally rethinking how we compete, how we allocate resources and how we run our business. This represents a significant change and with greater urgency and sharper focus we will transform our ability to compete to market with growing customer expectations for service delivery, experience and value.

要讓 Charter 重回成長，不能只靠對營運方式做些微幅改善。因此今天，我要宣布 Charter 的新營運模式。我們將從根本重新思考我們如何競爭、如何配置資源，以及如何經營業務。這是一項重大變革；我們將以更高的急迫感與更聚焦的方向，轉型提升我們的競爭能力，以因應市場對服務交付、體驗與價值日益提高的期待。

Going forward, we'll maintain a relentless focus on two clear priorities: doubling down on returning our company to growth; and secondly, transforming Charter into a simpler, more efficient organization. Let me walk through how we intend to deliver on each of these objectives, which will strengthen our competitive position, unlock efficiency with faster decision-making, significantly increase cash flow over time.

展望未來，我們將持續以兩項明確優先事項為核心：第一，加倍努力讓公司重回成長；第二，將 Charter 轉型為更精簡、更有效率的組織。我將說明我們打算如何達成這兩項目標；這將強化我們的競爭地位、透過更快速的決策釋放效率，並在時間推移下顯著提升現金流。

Our top priority is to return to growth in our core business by winning more Internet customers. We have over 70 million passings, 37 million customer relationships and 34 million Internet customers leaving significant runway for more penetration of our footprint. We'll win more Internet customers by reformulating our value proposition and go-to-market approach to significantly accelerate the pace of new connects and grow market share.

我們的首要優先事項，是透過贏得更多網際網路客戶，讓核心業務重回成長。我們的覆蓋（passings）超過 7,000 萬戶、客戶關係 3,700 萬、網際網路客戶 3,400 萬，意味著在既有覆蓋範圍內仍有顯著的滲透率提升空間。我們將透過重新塑造價值主張與市場進入策略（go-to-market），大幅加速新裝（new connects）速度並提升市占率，以贏得更多網際網路客戶。

We'll make our offer stronger, more simple and more transparent and will perfect our single-play Internet go-to-market, including the offer proposition, the marketing and distribution. And then layer in our unique convergence capabilities, mobile, as well as our market-leading video product.

我們將讓產品方案更強、更簡單、更透明，並把單一產品（single-play）網際網路的市場進入策略做到極致，包括方案主張、行銷與通路。接著再疊加我們獨特的融合能力（convergence capabilities），也就是行動服務，以及我們市場領先的影音產品。

We also plan to modify our sales channel capabilities to drive better connects and maintain the same or higher ARPUs that connect and over the course of the customer relationship by delivering additional value over time.

我們也計畫調整銷售通路能力，以帶動更好的新裝，同時在新裝當下以及整個客戶關係期間，維持相同或更高的 ARPU，並透過隨時間提供額外價值來達成。

More details to come when we fully launch, but we will grow our Internet sales rate. But to really accelerate growth must also reduce churn. While we have low historical churn, we can be even more competitive through smarter pricing, enhanced customer service and an even better network.

在我們全面推出時會提供更多細節，但我們將提升網際網路銷售率。然而，要真正加速成長，也必須降低流失率（churn）。雖然我們歷史流失率偏低，但透過更聰明的定價、強化的客戶服務，以及更好的網路，我們仍可更具競爭力。

Too often, our most loyal, long-term customers are at risk through aggressive price competition. And we also fully recognize the importance of Internet ARPU. And while our average ARPU is competitive, we'll reconfigure our offers at promotion and retail by adding value into the relationship and earning ARPU. We'll also significantly enhance our service with an even more disciplined focus on what drives customer calls and dissatisfaction. And we'll continue investment in AI technology to give our teams the tools to provide the best service and to reduce unnecessary service events.

我們最忠誠、長期的客戶，往往因激烈的價格競爭而面臨風險。我們也完全理解網際網路 ARPU 的重要性。雖然我們的平均 ARPU 具競爭力，但我們將在促銷與零售方案上重新配置，透過在關係中增加價值來取得並賺取 ARPU。我們也將顯著提升服務，並以更嚴謹的方式聚焦於造成客戶來電與不滿的驅動因素。此外，我們將持續投資 AI 技術，為團隊提供工具以提供最佳服務，並降低不必要的服務事件。

Our second major priority is becoming a simpler, more agile and efficient organization. We're undertaking a fundamental redesign of how we operate at every level. will reduce complexity, accelerate decision-making and focus our resources on the activities that contribute most directly to growth and stronger performance. We've already begun putting these changes into motion, starting with our leadership. On September 1, Nick Jeffrey, the former CEO of Frontier and Vodafone UK, joined Charter as our new Chief Operating Officer.

我們第二項主要優先事項，是成為更精簡、更敏捷且更有效率的組織。我們正在各個層級推動營運方式的根本性重新設計。我們將降低複雜度、加速決策，並把資源聚焦在最直接促進成長與更強表現的活動上。我們已開始推動這些變革，首先從領導團隊著手。9 月 1 日，Frontier 前執行長及 Vodafone UK 前執行長 Nick Jeffrey 加入 Charter，擔任我們的新任營運長（COO）。

Nick is already acting as an important change at Charter bringing a fresh perspective and challenging us to fundamentally rethink how we operate, compete and deliver for our customers. And he's helping me put this new model in place, which we introduced earlier this week to our 100,000-plus teammates nationwide.

Nick 已在 Charter 扮演重要的變革推動者，帶來全新視角，並促使我們從根本重新思考如何營運、如何競爭，以及如何為客戶交付成果。他也正協助我落實這個新模式；本週稍早我們已向全美超過 10 萬名同仁介紹此模式。

That comes down to the two priorities of growth and efficiency that I mentioned, and we're bringing that to life across the entire company through four strategic imperatives: winning more Internet customers, improving customer service, upgrading our networks and becoming more efficient. We'll find an appropriate venue, whether in our conference call -- conference or an earnings call for you to hear from Nick and me directly on the operating strategy and transformation.

這可歸結為我提到的成長與效率兩項優先事項；我們將透過四項策略要務在全公司落地：贏得更多網際網路客戶、改善客戶服務、升級我們的網路，以及提升效率。我們會找一個合適的場合，不論是在我們的投資人會議（conference）或財報電話會議上，讓各位直接聽到 Nick 與我對營運策略與轉型的說明。

Alongside Nick's appointment, we've announced other changes to our leadership team and operating structure to address the evolving needs of our business as we build an organization to win in the future. We've also established dedicated leadership for Spectrum consumer, Spectrum business and spectrum wholesale.

在任命 Nick 的同時，我們也宣布對領導團隊與營運架構的其他調整，以因應業務不斷演變的需求，並打造一個能在未來勝出的組織。我們也為 Spectrum 消費者業務、Spectrum 商業業務，以及 Spectrum 批發業務設立專責領導。

Another critical one here is our ongoing investment to ensure we retain the best network for our customers across our footprint. As we complete our network evolution, we'll deliver even better reliability and faster upstream and downstream speeds and our network investments are set to decline after next year, consistent with our previous outlook.

另一項關鍵重點，是我們持續投資以確保在整個覆蓋範圍內，為客戶保有最佳網路。隨著我們完成網路演進，我們將提供更佳的可靠性，以及更快的上行與下行速度；而我們的網路投資預計在明年之後下降，與我們先前的展望一致。

A critical part of our transformation is capturing the full value of our combination with Cox while driving meaningful cost reductions. That means realizing the benefits of our expanded scale, simplifying our combined operations and eliminating duplicative activities. In addition to the more than $1 billion in transaction synergies that we anticipate from the Cox transaction, we're now targeting an incremental $2 billion in annualized run rate operating expense savings over the next 18 months.

我們轉型的一個關鍵部分，是在推動實質成本降低的同時，充分掌握我們與 Cox 結合的全部價值。這意味著實現規模擴大的效益、簡化合併後的營運，並消除重複的活動。除了我們預期 Cox 交易可帶來超過 10 億美元的交易綜效之外，我們現在也以未來 18 個月內達成額外 20 億美元的年化（annualized）營運費用節省（run rate）為目標。

Much of that will come from simply eliminating projects that don't contribute to Internet growth. And we'll be also organizing our leadership and teams for maximum effectiveness, increasing spans of control and reducing layers, will drive even more meaningful partnership from a more focused and a narrowed set of vendors requiring better speed, quality and pricing.

其中很大一部分將來自於單純取消那些無助於網際網路成長的專案。此外，我們也將以最高效能為目標來重整領導架構與團隊，擴大管理幅度（spans of control）並減少管理層級；同時，透過更聚焦且更精簡的供應商組合，要求更好的速度、品質與價格，以推動更具實質意義的合作夥伴關係。

I want to be very clear, these savings are not targeted at frontline service and sales employees, and we'll continue to invest in employee progression and market meeting benefits like education. Our frontline employees will benefit from simpler offerings, faster responsiveness to the market and continued technology deployment where we already used AI, allowing our team members to serve happier customers more effectively and reducing unnecessary service transactions.

我想非常清楚地說明，這些節省措施並非針對第一線服務與銷售員工，我們也將持續投資於員工職涯發展，以及符合市場需求的福利，例如教育。我們的第一線員工將受惠於更簡化的產品方案、更快速的市場回應，以及在我們已導入 AI 的領域持續推進科技部署，使團隊成員能更有效率地服務更滿意的客戶，並減少不必要的服務交易。

We'll continue to drive higher quality and lower service transactions, higher job satisfaction, will reduce hiring needs as a result, all while moving Cox service calls from offshore to our 100% U.S. employee base without increasing headcount.

我們將持續推動更高品質且更少的服務交易、提升工作滿意度，並因此降低招募需求，同時在不增加人力編制的情況下，將 Cox 的客服來電從海外移轉至我們 100% 美國員工的團隊。

And we're building a winning culture, raising our competitive metabolism with faster execution and a stronger sense of urgency across the company. This transformation represents an opportunity for us to take an uncompromising approach to strengthening our culture and it stronger performance across the business. By simplifying how we operate, we'll be able to make decisions faster, execute more effectively and create greater capacity to focus on our Internet business and return to growth.

同時，我們正在打造致勝文化，以更快的執行速度與全公司更強的急迫感，提升我們的競爭動能。這項轉型代表一個機會，讓我們以毫不妥協的方式強化企業文化，並提升整體業務表現。透過簡化營運方式，我們將能更快做出決策、更有效執行，並創造更大的能力聚焦於我們的網際網路業務並重回成長。

We recognize that ultimately, our progress was being measured by results. that we intend to provide you with greater visibility into our performance as we execute against these two main priorities. Right now, we're focused on a variety of measures of success to drive the right outcomes.

我們認知到，最終衡量我們進展的是成果。我們打算在推進這兩項主要優先事項的同時，讓各位更清楚看見我們的績效表現。目前，我們正聚焦於多項成功衡量指標，以推動正確的成果。

But the most obvious ones are increasing the rate of customer connects, reducing churn, increasing customer lifetime while maintaining ARPU, increasing convergence across our existing and new footprint and bringing planned cost efficiencies online. -- and we look forward to updating you on our progress on these as we go forward.

其中最明顯的包括：提高客戶接通率、降低流失率、在維持 ARPU 的同時提升客戶終身價值、提升我們既有與新增覆蓋區域的融合（convergence）程度，以及讓既定的成本效率計畫上線落地。-- 我們也期待在未來持續向各位更新這些方面的進展。

The ultimate success of these initiatives will be reflected in stronger revenue, EBITDA and significantly higher free cash flow generation over time, supported by declining capital expenditures all of which also ties into prudent capital allocation, including debt reduction, which has already started.

這些計畫的最終成功，將反映在更強勁的營收、EBITDA，以及隨時間顯著提高的自由現金流創造能力；並由資本支出下降所支撐。這一切也與審慎的資本配置相呼應，包括已經開始進行的減債。

Next, let's quickly review our newest high-value asset, Cox and our third quarter performance. On August 19, we closed our acquisition of Cox Communications, adding 11 million passes and over 5 million customers, making Spectrum the leading Internet and video provider in the United States. We now pass over 70 million homes and businesses with a 50% customer penetration rate more importantly, a great opportunity to grow our base.

接下來，我們快速回顧我們最新的高價值資產 Cox，以及第三季表現。8 月 19 日，我們完成對 Cox Communications 的收購，新增 1,100 萬可覆蓋戶（passes）與超過 500 萬名客戶，使 Spectrum 成為美國領先的網際網路與影音服務供應商。我們目前可覆蓋超過 7,000 萬戶家庭與企業，客戶滲透率為 50%；更重要的是，這為我們擴大客戶基礎帶來極佳機會。

With the addition of Cox, our footprint now includes key attractive and growing markets like Phoenix and Las Vegas; large adjacent markets like Virginia, Kansas, Oklahoma and Bird Island; and better in-market sales and service coverage in places like Los Angeles, San Diego, New Orleans and North Florida. And we've been busy welcoming Cox's former customers and our new team members to Spectrum.

隨著 Cox 的加入，我們的覆蓋版圖現在包含鳳凰城與拉斯維加斯等具吸引力且成長中的關鍵市場；維吉尼亞、堪薩斯、奧克拉荷馬與 Bird Island 等大型相鄰市場；以及在洛杉磯、聖地牙哥、紐奧良與北佛羅里達等地更完善的在地銷售與服務覆蓋。我們也一直忙於歡迎 Cox 的前客戶與我們的新團隊成員加入 Spectrum。

The Cox transaction offers us significant transaction synergies, but also significant operating synergies like the growth opportunity offered by Cox's lower penetration across all of its residential products and the combination of Fox's well-known B2B capabilities with Legacy Charter gives us the ability to offer highly competitive business services on a much more national basis.

Cox 交易為我們帶來可觀的交易綜效，同時也帶來顯著的營運綜效，例如：Cox 在各項住宅產品的滲透率較低所提供的成長機會；以及將 Cox 著名的 B2B 能力與既有 Charter 結合，使我們能以更全國性的規模提供高度具競爭力的企業服務。

There are many other opportunities like a recent porting over of Cox' successful AI network reliability team and local advertising upside. During the third quarter, Legacy Charter added 440,000 mobile line, and over 1.6 million lines over the last 12 months for growth of nearly 15%.

另外還有許多機會，例如近期將 Cox 成功的 AI 網路可靠度團隊移植導入，以及在地廣告的上行空間。第三季，既有 Charter 新增 44 萬條行動線路，過去 12 個月合計新增超過 160 萬條，成長近 15%。

In video, our 38,000 loss at legacy Charter was half the size of last year's third quarter loss given driven by significant video product improvement over the past couple of years. In Internet, where competition remains intense, Legacy Charter lost 156,000 customers more than last year's loss of 109,000. We're not satisfied with that result, and we're taking active steps to shift momentum and gain share.

在影音方面，既有 Charter 淨減 3.8 萬戶，較去年第三季的流失規模縮小一半，主要受惠於過去幾年影音產品的大幅改善。在網際網路方面，競爭仍然激烈，既有 Charter 流失 15.6 萬名客戶，高於去年流失的 10.9 萬。我們對這個結果並不滿意，並正採取積極措施扭轉動能、提升市占。

Legacy Cox lost 77,000 Internet customers in the quarter, and it's fair to think Cox is about 1/5 the size of legacy Charter. We knew Cox subscriber results and underlying financials were more challenged when we agreed to for the asset, which is partly what creates the opportunity in front of us.

既有 Cox 本季流失 7.7 萬名網際網路客戶，而合理的看法是 Cox 的規模約為既有 Charter 的五分之一。在我們同意收購該資產時，就已知道 Cox 的用戶表現與基本財務狀況更具挑戰；而這也正是我們眼前機會的一部分來源。

Importantly, since the launch of Spectrum Day on September 16, Internet sales were up significantly, already cutting the run rate Internet losses at COGS by half, still a higher loss than Spectrum when size adjusted but it's getting better quickly and the lower starting penetration is a big opportunity.

重要的是，自 9 月 16 日 Spectrum Day 上線以來，網際網路銷售大幅成長，已將 Cox 的網際網路流失「運行率」減半；即使在規模調整後仍高於 Spectrum 的流失水準，但改善速度很快，而較低的起始滲透率是一個重大機會。

The monthly net add rate of mobile line for the legacy Cox is now increasing, and it's up 3x. And video customers grew slightly in October at legacy Cox and we see opportunities for that trend to continue. Those trends will certainly vary after initial launch period, but building the Spectrum brand to improve product and service offerings and an improved go-to-market for spectrum at large means will do well with the former Cox assets. Pro forma charter revenue was down 1.5% year-over-year, driven by lower residential revenue. And third quarter EBITDA, excluding COX transition expenses declined 3%.

既有 Cox 的行動線路每月淨增率目前正在上升，且已提高至 3 倍。而在既有 Cox，10 月影音客戶略有成長，我們也看到該趨勢可望延續的機會。這些趨勢在初期上線期後當然會有所波動，但透過建立 Spectrum 品牌以改善產品與服務供給，以及為 Spectrum 整體打造更佳的市場進入策略，意味著我們將能在原 Cox 資產上取得良好成果。按備考（pro forma）計算，Charter 營收年減 1.5%，主要由住宅營收下降所致。第三季 EBITDA（不含 Cox 轉換費用）下降 3%。

Kevin will cover more, but run rate transaction synergies are expected to be over $1 billion, with a little of that realized in the third quarter stub period but beginning to ramp in the fourth quarter with the separate cost transformation benefits I talked about beginning next year.

Kevin 會進一步說明，但預期交易綜效的運行率將超過 10 億美元；其中一小部分已在第三季的短期併入期間（stub period）實現，但將自第四季開始加速體現，而我先前提到的獨立成本轉型效益則將於明年開始。

Beyond the immediate benefits of the Cox integration and our transformation program, I want to take a moment to remind you of our key assets and the competitive advantages those assets provide and why we win long term. We are America's Internet company with the capability no other company has to deliver Internet to more Americans, a purpose that we call connecting gigabit America.

除了 Cox 整合與我們的轉型計畫所帶來的即期效益之外，我想花點時間提醒各位我們的關鍵資產、這些資產所帶來的競爭優勢，以及我們為何能在長期勝出。我們是美國的網際網路公司，具備其他公司所沒有的能力，能將網際網路服務提供給更多美國人；我們將此使命稱為「連結千兆美國」（connecting gigabit America）。

Our fully deployed fiber-powered gigabit network is 100% converged, and will be multi-gig capable everywhere unlike our competition. Demand for data and overall data usage continues to grow, particularly in the upstream given massive secular trends, electric vehicles, uploading data at night, AI applications and other new low latency demands like physical AI in the future will ultimately separate our network from those with slower speeds and more latency.

我們已全面部署的光纖驅動千兆網路為 100% 融合式（converged），且不同於競爭對手，我們在各地都具備多千兆（multi-gig）能力。資料需求與整體資料使用量持續成長，尤其是上行（upstream）需求，受多項長期結構性趨勢推動：電動車、夜間上傳資料、AI 應用，以及未來其他新的低延遲需求（例如實體 AI）。這些最終將使我們的網路與那些速度較慢、延遲更高的網路拉開差距。

We also have unique mobile and video products that support Internet customer growth. And today, we're the fastest-growing mobile provider in our footprint in an increasingly converged world. We have an economically advantaged capital-light mobile business with the fastest mobile speeds driven in part by our near nationwide automatic WiFi connection, including our speakers future with partners like Comcast.

我們也擁有獨特的行動與影音產品，可支持網際網路客戶成長。而在日益融合的世界中，我們目前是我們覆蓋區域內成長最快的行動服務供應商。我們的行動業務在經濟上具優勢、資本投入較輕，並且擁有最快的行動速度，部分原因在於我們近乎全國性的自動 WiFi 連線能力，包括我們未來與 Comcast 等合作夥伴的合作。

It isn't just better speed in seamless connectivity nationwide. We also have the best value proposition in the market, and our video product is already the best video product in the country with extraordinary utility and value, driven in part by our seamless entertainment offering, providing over $130 per month and included program or app value.

這不僅是全國範圍內無縫連線所帶來的更快速度。我們也提供市場上最佳的價值主張；而我們的影音產品已是全美最佳影音產品，具備卓越的實用性與價值，部分受惠於我們無縫的娛樂方案，每月提供超過 130 美元的內容或 App 價值（包含在方案內）。

We combine those great products and value with our Internet relationships together with customer service platform that's 100% US-based, operating 24 hours a day, 7 days a week, all backed by our industry-first and industry-leading customer service commitment.

我們將這些優秀的產品與價值，結合我們的網際網路客戶關係，以及 100% 以美國為基地、全年無休 24/7 運作的客服平台；並由我們業界首創且領先的客戶服務承諾作為後盾。

Stepping back, we're reinvigorated by our new approach, and we're excited to shift the company into offense, where we can take full advantage of our leading assets and significant advantages can ignite our competitive culture and improve service execution for our customers.

退一步看，我們因新的做法而重新振作，也很期待把公司轉入進攻模式，充分運用我們領先的資產與顯著優勢，點燃我們的競爭文化，並為客戶提升服務執行力。

Finally, I'd like to address our CFO transition. Kevin Howard, our Interim CFO, who's here with us today, has been our Chief Accounting Officer since 2006. He's highly experienced and knows our business extremely well. Kevin was our Interim CFO in 2010 just before I joined as Charter CFO. And I understand finance operations know the team well.

最後，我想談談我們的 CFO 交接。Kevin Howard，我們的代理 CFO，今天也在現場，自 2006 年起一直擔任我們的首席會計官。他經驗非常豐富，且對我們的業務極為熟悉。Kevin 在 2010 年曾擔任我們的代理 CFO，就在我加入擔任 Charter CFO 之前。而我也了解財務營運，並且很熟悉這個團隊。

We have top-notch capabilities across accounting, tax, planning, procurement, capital markets and IR. And with the in-house talent that we have in place and a premier CFO position available at a compelling inflection point for the company, we should be able to move pretty quickly in identifying a new CFO.

我們在會計、稅務、規劃、採購、資本市場與投資人關係（IR）等領域具備一流能力。憑藉我們現有的內部人才配置，以及公司正處於關鍵轉折點且有一個極具吸引力的首席財務官（CFO）職位空缺，我們應能相當迅速地推進新任CFO的遴選。

Kevin will run through the quarter and also cover more on our balance sheet strategy, but I'd note that we've already come down to 3.9x leverage already, and we're committed to making steady progress using our significant free cash flow towards our 3.5x target leverage.

Kevin 會帶大家回顧本季表現，並進一步說明我們的資產負債表策略。不過我想指出，我們的槓桿倍數已降至 3.9 倍，且我們承諾將運用可觀的自由現金流，朝 3.5 倍目標槓桿穩步推進。

Now I'll turn it over to Kevin.

接下來我把時間交給 Kevin。

Thanks, Chris. Good morning, everyone. Please refer to slide 10 for a summary of our reporting approach as it relates to the Cox and Liberty Broadband transactions. Let's start with our customer results on slide 11. A legacy Charter, including residential and small business, we lost 156,000 Internet customers in the third quarter, driven by lower connects year-over-year, while the churn rate was essentially flat. As Chris noted, we see opportunities in both with our plan to return to Internet growth.

謝謝，Chris。各位早安。請參閱第 10 頁投影片，了解我們在 Cox 與 Liberty Broadband 交易相關的報導方式摘要。我們先從第 11 頁投影片的客戶成果開始。在傳統 Charter（Legacy Charter）方面（包含住宅與小型企業），第三季我們流失 15.6 萬名網際網路客戶，主因是連接數（connects）較去年同期下降，而流失率（churn rate）基本持平。如 Chris 所提，我們在這兩方面都看到機會，並將透過我們的計畫重回網際網路成長。

During the quarter, we continue to see expanded fixed wireless competition versus a year ago including lower sales from lower income consumers, ongoing mobile substitution and fiber overlap at a rate similar to prior quarters and with the continued aggressive promotions by certain competitors. We haven't observed meaningful share loss to Starling, including in our subsidized rural footprint, but we continue to monitor it closely and take it seriously.

本季我們持續看到相較一年前更為擴大的固定無線競爭，包括來自較低收入消費者的銷售下滑、行動替代持續，以及光纖重疊（fiber overlap）速度與前幾季相近，同時部分競爭對手仍維持積極促銷。我們尚未觀察到對 Starling 的顯著市占流失（包括在我們受補貼的鄉村覆蓋區），但我們會持續密切監控並嚴肅看待。

In mobile, Legacy Charter added 440,000 lines with higher gross additions year-over-year, more than offset by higher disconnects even with a lower churn rate, given our larger mobile line base. Video customers declined 38,000 versus a loss of 70,000 in 3Q 25, with the improvement primarily driven by lower video downgrades, lower customer churn, and higher upgrades year-over-year, resulting from continued seamless entertainment product improvements, including our program app inclusion package in rule.

在行動業務方面，傳統 Charter 新增 44 萬條線路，總新增（gross additions）較去年同期更高；但由於我們的行動線路基數更大，即使流失率較低，較高的斷線（disconnects）仍抵銷了新增。影音客戶減少 3.8 萬戶，相較 2025 年第三季減少 7 萬戶有所改善；改善主要來自影音降級（downgrades）較少、客戶流失較低，以及在我們持續提升無縫娛樂產品（包括我們的節目 App 納入套裝方案等）帶動下，升級（upgrades）較去年同期增加。

We continue to see strong customer relationship growth generating 48,000 net customer additions in our subsided rural footprint in the quarter. Subsidized rural passings grew by 116,000 in third quarter and by 479,000 over the last 12 months.

本季我們在受補貼的鄉村覆蓋區持續看到強勁的客戶關係成長，淨新增客戶 4.8 萬戶。受補貼的鄉村可服務戶數（passings）第三季增加 11.6 萬戶，過去 12 個月累計增加 47.9 萬戶。

Turning to slide 12. Legacy Cox lost 77,000 Internet customers and 39,000 video customers during the quarter to gain 70,000 mobile lines. Legacy Cox remains an underpenetrated asset across virtually all of its products. As Chris mentioned, we've seen significant sales improvements across Internet, mobile and video since our Spectrum Day launch and a Legacy Cox footprint on September 16, and we expect it to continue to get better.

接著看第 12 頁投影片。傳統 Cox 本季流失 7.7 萬名網際網路客戶與 3.9 萬名影音客戶，但新增 7 萬條行動線路。傳統 Cox 在幾乎所有產品上仍屬滲透率偏低的資產。如 Chris 所提，自我們在 9 月 16 日於傳統 Cox 覆蓋區推出 Spectrum Day 以來，我們在網際網路、行動與影音的銷售均有顯著改善，且我們預期將持續好轉。

Moving to third quarter pro forma revenue results on Slide 14. Over the last year, pro forma total Charter Residential revenue declined 2.7%. Residential revenue per customer relationship declined 1.6% year-over-year, but was essentially flat when excluding GAAP allocation of the programming costs related to the streaming apps netted in video revenue, which was a headwind of $286 million this quarter, almost entirely at Legacy Charter versus $106 million in prior year period.

接著看第 14 頁投影片的第三季備考（pro forma）營收結果。過去一年，備考 Charter 住宅總營收下滑 2.7%。每一客戶關係的住宅營收（residential revenue per customer relationship）年減 1.6%；但若排除依 GAAP 將與串流 App 相關的節目成本（programming costs）分攤並在影音營收中淨額呈列的影響，則基本持平。該分攤在本季造成 2.86 億美元的逆風，幾乎全部來自傳統 Charter；而去年同期為 1.06 億美元。

There were other puts and takes, including rate adjustments legacy Charter in the third quarter of this year and last, the growth of Spectrum Mobile lines pricing and packaging mix within our customer base and a decline in video customers during the last year. As slide 14 shows, in total, pro forma residential revenue declined 4.1% and was down 2.6% when excluding GAAP allocation of programming costs related to the streaming apps in both periods.

此外還有其他因素消長，包括今年與去年第三季傳統 Charter 的費率調整、Spectrum Mobile 線路成長帶來的定價與方案組合在客群中的變化，以及過去一年影音客戶下滑。如第 14 頁投影片所示，整體而言，備考住宅營收下滑 4.1%；若在兩個期間均排除與串流 App 相關的節目成本 GAAP 分攤，則下滑 2.6%。

Turning to Commercial. We've not yet harmonized Legacy Charters and Legacy Cox commercial business reporting practices. So I'll discuss those businesses separately today. Legacy Charter's mid-market and large business revenue grew 2.1% year-over-year. And when excluding all wholesale revenue grew by 3%.

接著談商業業務。我們尚未統一傳統 Charter 與傳統 Cox 的商業業務報導口徑。因此今天我會分別說明這兩項業務。傳統 Charter 的中型市場與大型企業營收年增 2.1%。若排除所有批發（wholesale）營收，則成長 3%。

Legacy Charter's small business revenue grew by 0.1%. Legacy Cox's commercial business declined 1.1% year-over-year. I would note that given the sizable business that legacy Cox has with hyperscalers and the unique timing of revenue recognition associated with the hyperscaler business, we anticipate some lumpiness as it relates to legacy Cox commercial revenue.

傳統 Charter 的小型企業營收成長 0.1%。傳統 Cox 的商業業務營收年減 1.1%。我想指出，鑑於傳統 Cox 與超大規模雲端業者（hyperscalers）之間的業務規模可觀，且該類業務的收入認列時點具有特殊性，我們預期傳統 Cox 的商業營收將呈現一定程度的波動。

In total, pro forma commercial revenue grew by 0.3% year-over-year. Third quarter pro forma advertising revenue grew by 21%, given higher political revenue year-over-year. Excluding political, advertising revenue declined 5.2% year-over-year. Other revenue grew by 18.1% driven by higher mobile device sales. In total, pro forma consolidated third quarter revenue was down 1.5% year-over-year or 1% when excluding both the advertising revenue and program at GAAP allocation.

整體而言，備考商業營收年增 0.3%。第三季備考廣告營收年增 21%，主要因政治廣告收入較去年同期增加。若排除政治因素，廣告營收年減 5.2%。其他營收成長 18.1%，主要由較高的行動裝置銷售所帶動。整體而言，備考合併第三季營收年減 1.5%；若同時排除廣告營收與 GAAP 的節目成本分攤（program at GAAP allocation），則年減 1%。

Looking at revenue by legal entity. Legacy Charter revenue declined 0.9% year-over-year in the third quarter, while legacy Cox revenue declined 4.5%, primarily driven by a decline in residential customers. But as Chris mentioned, the Legacy Cox customer trajectory is already looking more similar to Legacy Charter.

從法律實體（legal entity）角度看營收。第三季傳統 Charter 營收年減 0.9%；傳統 Cox 營收年減 4.5%，主要由住宅客戶下滑所致。但如 Chris 所提，傳統 Cox 的客戶走勢已開始更接近傳統 Charter。

Moving to pro forma operating expense and adjusted EBITDA on Slide 15. On a pro forma basis, third quarter total operating expenses were relatively flat year-over-year, growing 0.2% and very little Cox transaction synergy realization in the quarter.

接著看第 15 頁投影片的備考營業費用與調整後 EBITDA。以備考基礎計算，第三季總營業費用與去年同期相比大致持平，僅成長 0.2%，且本季 Cox 交易的協同效益實現非常有限。

Programming costs declined 10.3% due to the growth in costs allocated to the programming streaming apps and then within video revenue previously discussed, a 1.8% decline in video customers year-over-year and a higher mix of lighter video packages, partly offset by higher programming rates.

節目成本（programming costs）下降 10.3%，原因包括：分攤至串流節目 App 的成本增加，並如先前所述在影音營收中呈列；影音客戶年減 1.8%；以及較輕量的影音方案組合占比提高；上述因素部分被較高的節目費率所抵銷。

Other cost of revenue increased 15%, primarily driven by higher mobile device sales, mobile service direct costs and higher advertising sales costs, given the higher political revenue. Cost to service customers, which combines field and technology operations and customer operations grew 1.8% year-over-year, driven by higher fuel and vehicle maintenance expense and higher full rent driven by our rural construction initiative, partly offset by lower labor expense.

其他營收成本（other cost of revenue）增加 15%，主要由較高的行動裝置銷售、行動服務直接成本，以及因政治廣告收入較高而增加的廣告銷售成本所帶動。客戶服務成本（cost to service customers，包含外勤與技術營運以及客戶營運）年增 1.8%，主要因燃料與車輛維修費用上升，以及受我們鄉村建設計畫推動的較高全額租金（full rent）所致；部分被較低的人力費用所抵銷。

Marketing and residential sales expense declined 1.8% year-over-year due to lower marketing expense from procurement initiatives late last year, but our volume of impressions and our marketing activity generally was much higher year-over-year.

行銷與住宅銷售費用年減 1.8%，主要因去年底採購措施帶來較低的行銷費用；但我們的曝光量（impressions）與整體行銷活動相較去年同期普遍高出許多。

Transition expense related to the Cox transaction totaled $76 million in the quarter, driven by system disentanglement from Cox Enterprise, system integration with Cox Communication and branding and marketing expense related to Spectrum Day and the Legacy Cox footprint. Finally, other expense declined 6.3%, primarily driven by lower labor expense.

與 Cox 交易相關的轉換費用（transition expense）本季合計 7,600 萬美元，主要由與 Cox Enterprise 的系統拆分（disentanglement）、與 Cox Communication 的系統整合，以及與 Spectrum Day 與傳統 Cox 覆蓋區相關的品牌與行銷費用所驅動。最後，其他費用下降 6.3%，主要因人力費用較低。

Adjusted EBITDA declined 4% year-over-year in the quarter and declined 3% when excluding transition expenses. Due to the mid-quarter closing of the Cox transaction, we only saw a small benefit from the operating cost synergies in our third quarter results.

本季調整後 EBITDA 年減 4%；若排除轉換費用，則年減 3%。由於 Cox 交易在本季中段才完成交割，我們在第三季結果中僅看到營運成本協同效益帶來的小幅貢獻。

Synergies will materialize in the fourth quarter, and we will highlight estimates of how much is captured within each quarter going forward. We've already identified a run rate annualized operating expense transaction synergies of over $1 billion, with nearly half that run rate expected to be achieved in the first half of 2027, and 90% of that expected to be captured over the next 24 months.

協同效益將在第四季開始顯現，未來我們也會重點說明每一季所捕捉到的金額估計。我們已辨識出年化（run rate）營運費用交易協同效益超過 10 億美元；其中近一半的年化效益預期將在 2027 年上半年達成，且預期在未來 24 個月內可捕捉到其中的 90%。

As a reminder, we define transaction synergies as those which result purely from the combination of the companies. They do not reflect operating synergies to come from operating decisions and investments that increase revenue and lower service transaction costs. Chris also mentioned our additional $2 billion in run rate cost savings plan to be achieved over the next 18 months. We will report progress on that initiative as well.

提醒一下，我們將交易綜效定義為純粹由公司合併所產生的綜效。這些不反映由營運決策與投資所帶來的營運綜效，例如提升營收並降低服務交易成本。Chris 也提到我們額外 20 億美元的年度化成本節省計畫，預計在未來 18 個月內達成。我們也將就該項計畫回報進度。

Turning to third quarter net income. Pro forma net income declined year-over-year from $1 billion in the third quarter of 2025 to a net loss of $2.1 billion in the third quarter of 2026. The decline was driven by a onetime noncash franchise impairment charge at Legacy Charter of approximately $6.3 billion, which was less than 10% of Charter's overall franchise valuation on the balance sheet.

接著談第三季淨利。備考淨利年減，從 2025 年第三季的 10 億美元降至 2026 年第三季淨損 21 億美元。下滑主因為 Legacy Charter 認列一次性、非現金的特許經營權減損費用約 63 億美元，該金額不到資產負債表上 Charter 整體特許經營權估值的 10%。

Onetime M&A expenses related to the transactions booked in other operating expense and lower EBITDA year-over-year, partly offset by a $1.4 billion gain related to the debt exchange that we completed in August and the noncash tax benefit associated with franchise impairment charge. Our total share count on an as-converted as-exchanged basis grew by a little over 40 million shares this quarter, given the closing of the Cox and Liberty Broadband transactions. slide 18 on our presentation shows a buildup of our total share count.

此外，與交易相關的一次性併購費用列於其他營運費用，以及 EBITDA 年減；部分被我們於 8 月完成的債務交換所帶來的 14 億美元收益，以及與特許經營權減損費用相關的非現金稅務利益所抵銷。本季在「假設轉換、假設交換」基礎下，我們的總股數增加了略高於 4,000 萬股，係因 Cox 與 Liberty Broadband 交易完成交割。簡報第 18 頁顯示我們總股數的推導。

Turning to slide 16. Pro forma capital expenditures totaled $3.2 billion including $33 million of transition capital expenditures. Excluding transition CapEx, our third quarter pro forma CapEx declined $440 million, driven primarily by a lower spend on line extensions given the decline in spend on our subsided rural construction initiative.

接著看第 16 頁。備考資本支出合計 32 億美元，其中包含 3,300 萬美元的轉換資本支出。排除轉換資本支出後，我們第三季備考資本支出減少 4.4 億美元，主要因線路延伸支出降低，反映我們補貼型農村建設計畫支出下滑。

For full year 2026, we expect total pro forma capital expenditures, excluding transition CapEx and totaled approximately $13 billion, well below the sum of our 2026 CapEx guidance for Legacy Charter of $11.4 and the $2.5 billion of 2026 CapEx, we originally expected for legacy Cox.

就 2026 全年而言，我們預期備考資本支出總額（排除轉換資本支出）約為 130 億美元，明顯低於我們先前對 Legacy Charter 2026 年資本支出指引的 114 億美元，加上原先預期 Legacy Cox 2026 年資本支出 25 億美元的合計數。

We're building the combined operating plan for 2027. We'll have more to say on that in the fourth quarter investor call. But for the moment, when excluding transition capital, we expect 2027 capital expenditures to land at or below $11 billion, which is some of our previous legacy charter guidance of approximately $9.5 billion and $1.5 billion of capital expenditures at Legacy Cox.

我們正在制定 2027 年合併後的營運計畫。我們會在第四季投資人電話會議中進一步說明。但目前而言，排除轉換資本後，我們預期 2027 年資本支出將落在 110 億美元或以下，這相當於我們先前對 Legacy Charter 約 95 億美元的指引，加上 Legacy Cox 約 15 億美元的資本支出。

Turning to cash taxes. Third quarter cash taxes totaled $431 million. We continue to expect our actual calendar year 2026 cash tax payments will total between $500 million and $800 million, even when including Cox.

接著談現金稅。第三季現金稅合計 4.31 億美元。我們仍預期 2026 曆年實際現金繳稅總額將介於 5 億至 8 億美元之間，即使納入 Cox 亦然。

Slide 17 shows actual free cash flow, $674 million we generated in the third quarter. The year-over-year decline in free cash flow was mostly driven by onetime or temporary impacts including working capital timing with supply chain financing benefits in the prior year, higher cash taxes this quarter and third quarter cash costs related to the closing of the Cox transactions.

第 17 頁顯示我們第三季產生的實際自由現金流為 6.74 億美元。自由現金流年減主要由一次性或暫時性因素所致，包括前一年供應鏈融資利益帶來的營運資金時點差異、本季較高的現金稅，以及與 Cox 交易完成交割相關的第三季現金成本。

As we said before, we expect significant free cash flow growth over the next several years, driven in part by declining capital expenditures as we complete our subsidized rural construction initiative and our network evolution project, which, in addition, will be supported by over $1 billion in Cox transaction synergies and do not include CapEx synergies and $2 billion cost transformation that we announced today. Further, those savings do not assume any significant efficiencies from agentic-AI.

如同先前所述，我們預期未來數年自由現金流將顯著成長，部分動能來自於在完成補貼型農村建設計畫與網路演進專案後，資本支出下降；此外，亦將受惠於超過 10 億美元的 Cox 交易綜效（不包含資本支出綜效），以及我們今天宣布的 20 億美元成本轉型。另外，這些節省並未假設來自 agentic-AI 的任何重大效率提升。

We finished third quarter with $109 billion in debt principal, which includes impacts related to the Cox transaction and the Liberty Broadband transaction. Our third quarter debt exchange and some Legacy Cox debt pay down in September.

第三季結束時，我們的債務本金為 1,090 億美元，其中包含 Cox 交易與 Liberty Broadband 交易的影響。我們在第三季進行了債務交換，並於 9 月償還部分 Legacy Cox 債務。

As of September 30, our weighted average life for debt was 11.1 years, and our weighted average cost of debt remains an attractive 5.3%. Our current run rate annualized cash interest totaled $5.8 billion. And as of the end of the third quarter, our ratio of net debt to last 12 months adjusted EBITDA, excluding transition expense, was 3.93x as expected.

截至 9 月 30 日，我們債務的加權平均存續期間為 11.1 年，加權平均債務成本仍維持在具吸引力的 5.3%。我們目前年度化的現金利息（以執行率計）合計 58 億美元。截至第三季末，我們的淨負債對過去 12 個月調整後 EBITDA（排除轉換費用）之比率為 3.93 倍，符合預期。

Our leverage target is a net debt-to-EBITDA ratio 3.5x, which we expect to achieve within three years of the close of the Cox and Liberty Broadband transactions while making consistently leveraging progress along the way. We continue to evaluate the pace of that delevering.

我們的槓桿目標為淨負債／EBITDA 比率 3.5 倍；我們預期在 Cox 與 Liberty Broadband 交易完成交割後三年內達成，並在過程中持續穩健推進去槓桿。我們也持續評估去槓桿的節奏。

And as a reminder, we repurchased over $1.2 billion of our own debt in the open market for $1 billion in cash in the second quarter reducing our total leverage by capturing approximately $250 million of discount. During the third quarter, we executed a debt exchange, which further reduced our debt principal by approximately $1.5 billion. As part of normal operations, we expect to use a substantial portion of our free cash flow and liability management to delever.

另外提醒一下，我們在第二季於公開市場以 10 億美元現金回購超過 12 億美元的自家債務，透過取得約 2.5 億美元的折價，降低了整體槓桿。第三季我們執行債務交換，進一步將債務本金降低約 15 億美元。在正常營運下，我們預期將運用相當大部分的自由現金流與負債管理來降低槓桿。

In the fourth quarter, we expect that the majority of our free cash flow will go to efficient debt reductions. We expect to exit 2026 below 3.9x leverage. The combination of proactive balance sheet management and opportunistic repurchases will underpin our deleveraging and maturity management efforts on our way to 3.5x leverage.

第四季我們預期大部分自由現金流將用於有效率的減債。我們預期 2026 年底槓桿將低於 3.9 倍。主動的資產負債表管理與機會性回購的結合，將支撐我們在邁向 3.5 倍槓桿過程中的去槓桿與到期管理工作。

During the quarter, we repurchased 140,000 Charter shares, totaling $19 million at an average price of $135 per share driven by repurchase from Liberty in July and August prior to the transaction closing. Since then, we have not purchased the shares or partnership units.

本季我們回購了 14 萬股 Charter 股票，總額 1,900 萬美元，平均每股價格 135 美元；主要來自於 7 月與 8 月在交易完成交割前自 Liberty 的回購。此後，我們未再買回股票或合夥單位。

We do expect to repurchase some shares this quarter while we simultaneously deleverage. Importantly, we anticipate being in a position to continue to repurchase shares as we progress to our 3.5x leverage target over the next three years.

我們確實預期本季在同步去槓桿的同時回購部分股票。重要的是，隨著未來三年我們朝 3.5 倍槓桿目標推進，我們預期將具備持續回購股票的條件。

Now I'll pass it back to Chris for a few final remarks.

接下來我把時間交回 Chris，做幾點最後的補充。

Thanks, Kevin. Just a few final comments before we turn it over to Q&A. Charter has the assets, the advantages and the scale to win, and we're taking decisive action to improve our execution. Our priorities are clearly returning to Charter to growth and simplifying our organization to move faster while reducing cost.

謝謝，Kevin。在進入問答之前，最後幾點補充。Charter 具備資產、優勢與規模來取得勝利，我們也正採取果斷行動來改善執行力。我們的優先事項很明確：讓 Charter 重回成長，並簡化組織以加快速度、同時降低成本。

That will drive free cash flow growth, which, as Kevin said, is supported by declining capital spend, Cox synergies and the additional expense transformation announced today and while maintaining a prudent and disciplined approach to capital allocation benefiting both debt and equity holders. So we're moving with the urgency, and we're confident that our actions will drive stronger operating and financial performance. We look forward to updating you on the progress there in the quarters ahead.

這將帶動自由現金流成長；如 Kevin 所說，成長將受惠於資本支出下降、Cox 綜效，以及今天宣布的額外費用轉型，同時我們也會維持審慎且有紀律的資本配置方式，使債權人與股東皆能受益。因此我們正以高度急迫感推進，並有信心我們的行動將帶來更強的營運與財務表現。我們期待在接下來的季度向各位更新相關進展。

Now we'll open it up to Q&A. Operator?

現在我們開放問答。接線員？

(Operator Instructions)

(接線員指示)

Sean Diffley, Morgan Stanley.

Sean Diffley，摩根士丹利。

Great. And helpful on the new operating model. I was hoping you could dig in on how you're balancing volume and pricing going forward. It sounds like the new goal is to win more customers. Maybe just talk about the go-to-market. And in the past, you've talked about more of a perception than a product problem in the marketplace. What's the new strategy for winning these new customers while also maintaining ARPU?

很好。而且新的營運模式很有幫助。我想請你們深入談談，未來你們將如何在量與價之間取得平衡。聽起來新的目標是贏得更多客戶。也許請談談你們的市場進入策略（go-to-market）。過去你們曾提到，市場上更像是認知問題而非產品問題。在維持 ARPU 的同時，贏得這些新客戶的新策略是什麼？

Sure. So look, you kind of hinted at it. Our competitive advantage is they remain. We've got a fully deployed network with gigabit capability if we're increasing the multi convergence. But really, the change here is how we bring them to market and how we operate.

當然。所以你看，你其實已經點到了一些。我們的競爭優勢仍然存在。我們已經全面部署了一個具備千兆能力的網路，若我們要提升多重融合（multi-convergence）。但真正的改變在於我們如何把它們推向市場，以及我們如何營運。

And so fundamental rethinking of how we compete. It's not just an offer strategy difference. It's a way that we're going about allocating the resources, putting priority certainly on Internet growth and how we run our business. So they're not small changes, and it's not tied to one particular activity.

因此，這是對我們如何競爭的根本性重新思考。這不只是方案策略上的差異。而是我們在資源配置上的做法，明確把優先順序放在網際網路成長，以及我們如何經營業務。所以這些不是小改變，也不是綁定在某一項特定活動上。

But if you think about it, the first priority of growth, which is Internet growth, we are transforming the go-to-market. That includes the customer proposition. It includes the propositions we have for existing customers over time, the marketing and the full distribution across sales channel. So I think we have significant upside, not only in our sales but also in our service execution and to drive churn a lot lower.

但如果你仔細想想，第一個成長優先事項，也就是網際網路成長，我們正在改造我們的市場進入策略（go-to-market）。這包括客戶價值主張。也包括我們隨時間推進、針對既有客戶所提供的方案、行銷，以及透過各銷售通路的完整分銷。所以我認為我們有顯著的上行空間，不僅在銷售上，也在服務執行上，並能把流失率（churn）大幅降低。

I won't go back through all the efficiency side again, but the $2 billion of savings, much -- it's all coming from a bottoms-up plan. It's designed to great additional flexibility and flow to the EBITDA line, but really to make us faster, more decisive and have more efficient execution and to reinvigorate the culture towards competition.

我不再把效率面的內容全部重講一次，但那 20 億美元的節省，絕大部分——都是來自自下而上的計畫。它的設計是為了在 EBITDA 線上創造更大的彈性與流量，但更重要的是讓我們更快、更果斷、執行更有效率，並重新激發以競爭為導向的文化。

The ARPU side, we understand the importance. We take a look at it really from a connectivity ARPU and from a customer relationship ARPU. It's not lost on us the importance of Internet ARPU, particularly towards investors.

至於 ARPU 這一塊，我們理解其重要性。我們主要從連線 ARPU 以及客戶關係 ARPU 兩個角度來看。網際網路 ARPU 的重要性，特別是對投資人而言，我們並沒有忽視。

And so the goal here is to grow volume, to your point, have higher sales. More importantly is the best cell you can make is by not losing the customer that you already have, but also by maintaining ARPU at the miniconnect and do that by adding value into the relationship, both at the point of connect as well as over time into the existing relationship.

因此這裡的目標是提升量，如你所說，帶來更高的銷售。更重要的是，你能做的最佳銷售其實是不要流失你已經擁有的客戶；同時也要在迷你連線（miniconnect）維持 ARPU，方法是為關係增加價值，無論是在連線當下，或是隨時間在既有關係中持續加值。

We're not at a point for competitive reasons and where we're at on the rollout to really get into a whole lot more detail. The only thing I can tell you is that I'm very excited about where Nick and our team is going and taking this and confident that we can drive both sales as well as maintain ARPU along the way as key objectives here.

基於競爭因素以及我們在部署進度上的位置，目前還不到能提供更多細節的時點。我唯一能說的是，我對 Nick 和我們團隊正在推進的方向非常興奮，也有信心我們能在推動銷售的同時，沿途把維持 ARPU 作為這裡的關鍵目標之一。

Craig Moffett, MoffettNathanson.

Craig Moffett，MoffettNathanson。

I'm going to see if I could squeeze in two questions, if I could. First, maybe, Kevin, and/or Chris, could you talk a little bit more about how you think about the trade-off between buying back debt in the open market versus buying back equity in the open market?

如果可以的話，我想看看能不能塞進兩個問題。第一個，也許 Kevin 和／或 Chris，你們能否多談一點你們如何看待在公開市場回購債務，與在公開市場回購股權之間的取捨？

And is there a scenario where you would delever faster because of the dislocations in the credit market. We certainly heard from equity investors that they would love to see lower leverage sooner. And then I don't know if Nick is there in the room, but I'd love to hear from Nick about his -- what his own insights have been since he started and where his priorities are for the next year.

另外，是否存在一種情境：因為信用市場的錯位，你們會更快去槓桿？我們確實聽到股權投資人表示，他們希望更早看到更低的槓桿。然後我不確定 Nick 是否在會議室，但我也很想聽 Nick 談談——他自上任以來的洞見，以及他對未來一年的優先事項。

So let me start there, Craig, and I'm actually going to hand over to Jeff Murphy, who runs all of our Corporate Finance and Development to all of our financing and M&A. So Nick is not in the room. He's squarely focused on getting us back to Internet growth. And our view is always has been the best Investor Relations is to deliver great results, and then you don't have to say a whole lot. And so that we're squarely focused.

Craig，我先從這裡開始，我其實會把問題交給 Jeff Murphy，他負責我們所有的公司財務與發展，涵蓋融資與併購（M&A）。所以 Nick 不在會議室。他正全力專注在讓我們回到網際網路成長。而我們的觀點一直都是：最好的投資人關係（Investor Relations）就是交出優異成果，然後你就不需要說太多。所以我們會全力聚焦在這件事上。

I mentioned in the prepared remarks that I think I do understand the importance of hearing more details, both for me as the operating strategies to deploy but also together with Nick. And so we'll find the right venue to go do that periodically to make sure that we're helpful to investors without providing a lot of distraction to the operating team because we have a clear focus. It's on Internet growth and it's about becoming more efficient and it's hard to be in two places at the same time.

我在事先準備的發言中提到，我確實理解聽到更多細節的重要性，這對我在部署營運策略上很重要，也包括與 Nick 一起。因此我們會找合適的場合，定期去做這件事，確保在不對營運團隊造成太多干擾的前提下，對投資人有所幫助，因為我們的焦點很明確。

As it relates to the balance sheet strategy before Jeff chimes in, like we're highly aware of the different feedback that we're getting pretty universal from debt investors recognized this has got a load of free cash flow attached to it, but we'd still like to see a decline in leverage and a mixed view from equity investors, many of which would like to have both the cake and eat it too and some that would like us to focus more on buybacks exclusively.

在 Jeff 補充之前，關於資產負債表策略，我們非常清楚我們收到的不同回饋：債券投資人幾乎一致認為這裡附帶大量自由現金流，但仍希望看到槓桿下降；而股權投資人的看法較分歧，很多人希望兩者兼得，也有人希望我們更專注於只做回購。

And so what we're trying to do is find a really balanced approach here, given the confidence that we have in the business plan, the significant free cash flow that we have today. The explosion of free cash flow that's about to take place as capital steps down -- capital expenditure steps down and the savings programs layer in and really trying to find the right balance here of using free cash flow for both debt reduction and for equity. And I may have just stolen everything that Jeff was about to say, but going to pass it over to Jeff in case he's got other thoughts around the topic.

因此我們要做的是，在我們對商業計畫有信心、且目前擁有可觀自由現金流的前提下，找到一個真正平衡的方法。隨著資本支出下降——資本支出下滑，以及節省計畫逐步疊加，將會出現自由現金流的爆發式成長；我們要做的是在使用自由現金流進行降債與回饋股權之間，找到正確的平衡。我可能把 Jeff 接下來要說的都講完了，但我還是把時間交給 Jeff，看看他是否還有其他想法。

I thought that was a great answer, Chris. Look, in addition, we see where our debt securities are trading. We see an equity security that trades at a level that I think is really difficult to justify given the cash flow that Chris has outlined, we think that there's advantages to going after both sides of the balance sheet, Craig, and we'll continue to pursue a balanced strategy. I think we've said that at least in the short term, we're going to deploy a majority of free cash flow against debt reduction, and we plan to do that in the most efficient manner we can do that, but it will continue to evolve with time. We're not pragmatic.

Chris，我覺得那是個很好的回答。另外，我們也看到我們的債務證券目前的交易水準。我們也看到股權證券的交易水準；以 Chris 所概述的現金流來看，我認為那個水準很難合理化。我們認為同時處理資產負債表兩端是有優勢的，Craig，我們會持續採取平衡策略。我想我們也說過，至少在短期內，我們會把大部分自由現金流用於降債，而且我們會以最有效率的方式來執行，但這會隨時間持續演進。我們不是務實的。

We've already shown an ability to change the leverage targets have moved over just a short 18-month period from effectively being 4.5, 3.5 make strong progress against that every quarter. So I think we'll continue to do those types of activities and be good stewards of capital.

我們已經展現出調整槓桿目標的能力，在短短 18 個月內，目標從實質上約 4.5 移到 3.5，而且每一季都在這方面取得強勁進展。所以我認為我們會持續進行這類活動，並成為良好的資本管理者。

And Conor, what we say along the way and make sure that as the Internet growth picks up and company performance gets in place that we're not pivoting back and forth as it relates to the capital allocation and market strategy as well is important. I'd just highlight what Jeff said, the opportunity for providing liquidity into the debt markets and doing debt repurchases, taking down the profit debt and creating every value along the way at the same time through the debt discount is hard to ignore. And it's something that we clearly understand has been focused on. And in some sense, that's a win-win. So -- it is a way.

另外，Conor，我們一路上所傳達的內容，以及確保隨著網際網路成長回升、公司績效到位，我們在資本配置與市場策略上不會來回搖擺，這也很重要。我想強調 Jeff 說的：在債務市場提供流動性並進行債務回購、降低到期債務（profit debt），同時透過債務折價一路創造價值，這個機會很難忽視。而這也是我們清楚理解並一直聚焦的事情。某種程度上，這是雙贏。所以——這是一種方式。

Vikash Harlalka, New Street Research.

Vikash Harlalka，New Street Research。

Two, actually. Chris, the word growth has been used several times in the press release today and on the conference call. Is there a time line you can share with us when you expect to return to growth on the major metrics like broadband subscribers and EBITDA? Is this like a long-term growth are we talking about like the next couple of years? And just a clarification, how much of the $2 billion of cost reduction do you expect to reinvest in the business versus falling to the EBITDA line?

其實有兩個問題。Chris，「成長」這個詞在今天的新聞稿和電話會議中被多次提到。你能否分享一個時間表，說明你們預期何時會在主要指標上回到成長，例如寬頻用戶數與 EBITDA？這是長期成長，還是我們談的是未來一兩年？另外請澄清一下：20 億美元的成本削減中，你們預期有多少會再投資於業務、多少會直接反映到 EBITDA 線上？

Yes. So we're not providing any guidance or outlook for exactly when we returned to growth, but I want to be very clear. That's the objective. That's the determination of success that we're going to be providing regular updates in terms of the steady progress that we make. So right now, the focus is day by day, just getting better from where we were.

是的。因此，我們不會就我們何時恢復成長提供任何指引或展望，但我想非常清楚地說明。那就是目標。這就是我們判定成功的標準；我們將就我們所取得的穩健進展提供定期更新。所以目前的重點是日復一日，只是把狀況從原本的水準持續改善。

And that's the type of progress that you'll be able to see. Look, midterm, I think, is what people have different definitions of that. Even in the short term, I think we'll be able to have additional success, and we'll be able to measure that. We'll be able to show that. And that's really the outlook.

而這就是你們將能看到的那種進展。你看，中期我認為每個人對它的定義不同。即使在短期內，我認為我們也能取得額外的成功，而且我們能衡量它。我們能展示它。而那基本上就是展望。

From a Legacy Cox footprint perspective, that's already happening. From a Legacy Charter perspective, the goal here is to minimize the year-over-year gap that you saw in Q3 on Internet subs and start to make an immediate and headway on that year-over-year gap.

從 Legacy Cox 覆蓋版圖的角度來看，這已經在發生。從 Legacy Charter 的角度來看，這裡的目標是把你在第三季於網路用戶（Internet subs）看到的年對年差距縮小，並開始立即在該年對年差距上取得進展。

And then from there, to get better and put ourselves in a position to grow at both the Legacy Cox and the Legacy Charter footprint for Internet and have they focused early on Internet, but not lose side of the convergence advantage, the mobile economics and the mobile stickiness that we have and its true reduction capabilities without overcomplicating the offer set or the understanding of the gold inside the company. The cost transformation, I almost forgot you ask that. Let me take a step back on that.

接著在此基礎上持續改善，讓我們在 Legacy Cox 與 Legacy Charter 的覆蓋版圖上，都能在網路業務上回到成長；我們一開始會先聚焦網路，但也不會忽視我們在融合（convergence）上的優勢、行動業務的經濟性，以及我們所具備的行動黏著度（stickiness）與其真正的降本能力，同時不把產品組合搞得過於複雜，也不讓公司內部對核心價值的理解變得混亂。成本轉型，我差點忘了你問這個。我先退一步談這個。

The first goal isn't really just taking out cost. It's putting ourselves in every way, and I talked with Sean about the different things you're looking at, but -- the reduction of cost is really about simplification and increasing our focus and having faster decision-making, making this agile and getting our retire team, including leadership closer to the customer.

第一個目標其實不只是削減成本。而是讓我們在各方面都做好準備；我也和 Sean 談過你們在看的不同事項，但——降本真正的重點在於簡化、提升聚焦、加快決策，讓組織更敏捷，並讓我們整個團隊（包括領導層）更貼近客戶。

So I think we're going to clearly produce big cost savings. This is a bottoms-up plan. This is an aspirational putting that into place in short order. The goal is for that to follow the EBITDA line and ultimately drive free cash flow. But clearly, also gives us additional competitiveness along the way.

所以我認為我們會明確產生可觀的成本節省。這是一個由下而上的計畫。這是一個具企圖心、並會在短時間內落地的方案。目標是讓它反映在 EBITDA 線上，最終推動自由現金流。但很明顯地，它也會在過程中提升我們的競爭力。

I don't want that to be misinterpreted. We've talked about very clearly the importance of maintaining ARPU at Connect and over time. And the fact that when you step back from an ARPU standpoint, because I think that's what underlies your question.

我不希望這被誤解。我們已非常清楚地談過，在 Connect 以及隨時間推進維持 ARPU 的重要性。而且當你從 ARPU 的角度退一步看——因為我認為這是你問題的核心。

If you look at our average ARPU, average ARPU is healthy and it's competitive. It's really at the end when you think about promotional and a retail rate where we have ways that we can add value into the equation without sacrificing ARPU or sacrificing average ARPU along the way and earn ARPU as opposed to relying exclusively on rate increases and roll-offs without adding additional value --

如果你看我們的平均 ARPU，平均 ARPU 是健康的，而且具競爭力。真正的問題是在末端：當你想到促銷與零售費率（retail rate）時，我們有方法在不犧牲 ARPU、也不犧牲平均 ARPU 的情況下，把價值加進這個等式中，並且去「賺取」ARPU，而不是完全依賴漲價與促銷到期（roll-offs），卻沒有增加額外價值——

Sebastiano Petti, JPMorgan.

Sebastiano Petti，摩根大通（JPMorgan）。

Chris, I mean can you just unpack the comment that you made about improving, I guess, the Cox losses by half or just to clarify, I guess, what you kind of meant there and thinking about from a source, is that from a connect perspective? Are you reducing churn as you kind of help with some of the bundling efforts better maybe go-to-market on the mobile side as well as a video product? So just a quick clarification question there.

Chris，我是說，你能否再拆解一下你剛才提到的評論：你說 Cox 的流失大概改善了一半——或只是澄清一下你那裡的意思，以及從來源來看，那是從 Connect 的角度嗎？你們是透過一些綑綁（bundling）做得更好、也許在行動端的 go-to-market 更到位，以及搭配影音產品，來降低流失（churn）嗎？所以那裡只是想快速請你澄清一下。

And then separately, you did -- moving to the wireless business. You did buy some CBRS licenses or at least it was reported that you did last month. Do you see the potential returns from maybe a more robust CBRS or small cell strategy, mobile strategy now that you have the larger, maybe more attractive Cox footprint? I mean any -- has that changed your calculus? How you think about maybe deploying more infrastructure on the wireless side to accelerate some of your convergence efforts and strategy there?

另外，轉到無線業務。你們確實買了一些 CBRS 執照，或至少上個月有報導說你們買了。在你們現在擁有更大、可能更具吸引力的 Cox 覆蓋版圖之後，你是否看到了更強健的 CBRS 或小型基地台策略、行動策略可能帶來的回報？我的意思是——這是否改變了你們的盤算？你們如何看待在無線端部署更多基礎設施，以加速你們的融合努力與策略？

Just if anything is different, that would be great.

如果有任何不同之處，能說明一下就太好了。

So the improvement of Cox, it's a -- what I said is I'd say from the run rate was for Internet net adds, we've cut that in half. It's still not at the Legacy Charter performance, but it's a very significant improvement in a very short period of time. We just rolled out Spectrum Day and the pricing and packaging on September 16. And already, we've cut the Internet losses in half.

所以，Cox 的改善——我說的是，以網路淨新增（Internet net adds）的 run rate 來看，我們已把它減半。它仍未達到 Legacy Charter 的表現，但在非常短的時間內，這是非常顯著的改善。我們在 9 月 16 日剛推出 Spectrum Day，以及相應的定價與方案組合。而且到目前為止，我們已把網路流失減半。

Vast majority of that is coming through sales, which continue to get better or not at the sales rate that we have at Legacy Charter. And the churn Legacy Cox is about 10% higher than it is at Legacy Cox than it is a Legacy Charter. So those improvements on both sides. The latter will take a little bit more time as it usually does.

其中絕大多數來自銷售端，銷售表現持續改善，雖然仍未達到 Legacy Charter 的銷售水準。而 Legacy Cox 的流失率（churn）大約比 Legacy Charter 高 10%。所以兩端都在改善。後者通常需要多一點時間。

So we have ways to get added from the sales perspective and from a disconnect perspective, which will -- sales, I think, is just going to continue to increase because of what you said, the first, the pricing is better under the Spectrum model for Internet, but also the addition of a high-quality mobile products as well as video and the ability to save more in your bill by adding those in addition to the better Internet pricing.

因此，我們有方法從銷售端以及從斷線（disconnect）端來提升淨新增——銷售方面，我認為會持續增加，原因如你所說：第一，Spectrum 模式下的網路定價更好；此外，還加入了高品質的行動產品以及影音，並且透過加購這些產品，在享有更佳網路定價之外，還能在帳單上省更多。

That doesn't mean -- I just want to be clear that getting to the Legacy Charter performance is not to go. We're not happy with the Legacy Charter performance on the Internet, and that's why we talked about rolling out the new operating model today, which is pervasive across all the aspects that I've described. The other question you had is a more robust small cell deployment. Cox also had CBRS. We have CBRS.

但這並不代表——我想很清楚地說，達到 Legacy Charter 的表現並不是終點。我們對 Legacy Charter 在網路上的表現也不滿意，這也是為什麼我們今天談到要推出新的營運模式；它會全面涵蓋我所描述的各個面向。你另一個問題是更強健的小型基地台部署。Cox 也有 CBRS。我們也有 CBRS。

We purchased a sliver more that was available in the market. Our strategy there hasn't changed. We're deploying the CBRS on an ROI basis and also keeping in mind. It's not a whole lot of capital overall for the full deployment, but also pacing ourselves based on the attractiveness of other capital projects that we have and knowing that while the ROI is very good today on deploying it on a need basis or usage-based across the footprint, more mobile customers we have, actually, the better the ROI gets faster and you get a better IRR. So success against more success in the ROI.

我們另外買了一小部分市場上可取得的頻譜。我們在那方面的策略沒有改變。我們會以投資報酬（ROI）為基礎部署 CBRS，同時也要記住：整體而言，完整部署所需的資本支出並不算太多，但我們也會依據其他資本專案的吸引力來掌握節奏；並且理解到，雖然目前在按需或依使用量在覆蓋版圖內部署時 ROI 已經很好，但我們的行動客戶越多，ROI 會更快變得更好，內部報酬率（IRR）也會更高。也就是說，成功會帶來更多成功，反映在 ROI 上。

It doesn't get better in state, but gets faster and better IRR. So we're pacing ourselves as we go. We are fully deploying. I think we'll be at something like 50 markets by the end of this year. But the acquisition of Cox itself hasn't accelerated to this point, has it accelerated our deployment plans for CBRS.

它不是在穩態下變得更好，而是變得更快、且 IRR 更高。所以我們會在推進過程中掌握節奏。我們正在全面部署。我想今年年底我們大概會到 50 個市場左右。但截至目前，收購 Cox 本身並沒有加速我們的 CBRS 部署計畫。

John Hodulik, UBS.

John Hodulik，瑞銀（UBS）。

Two quick ones, if I could. First, Chris, I'd love to get your perspective on broadband competition from LEO constellations. Do you think that -- in your view, do you think that intensifies over the next couple of years? And especially in rural markets, how do you think the company is positioned, especially as it relates to you guys return to growth? .

如果可以的話兩個簡短問題。第一，Chris，我想聽聽你對來自 LEO 星座的寬頻競爭的看法。以你的觀點，你認為未來幾年這種競爭會加劇嗎？特別是在鄉村市場，你認為公司處於什麼樣的位置，尤其是就你們重返成長而言？.

And then number two, Cox was sort of pioneered the penetration of the business market going back years. Now that you've added Cox and the capabilities combined with the national footprint, can you talk about potential upside to revenues from -- in the business market as you pull those two companies together?

接著第二點，Cox 早在多年前就算是率先推動切入企業市場。現在你們把 Cox 納入、能力也結合上全國性的覆蓋版圖後，能否談談在把兩家公司整合起來的過程中，企業市場營收可能有哪些上行空間？

Sure. look, the lower forged satellite providers are well capitalized, and they are very well capitalized and they have released more engineers. So we don't discount them whatsoever. We've taken out the word of what they're looking to do.

當然。你看，那些低軌衛星供應商資本很充足，而且資本非常充足，並且也釋出（投入）了更多工程師。所以我們完全不會低估他們。我們也一直在掌握他們想做什麼。

I do think there's still capacity capabilities where our network for the foreseeable future is going to be faster on the upstream, downstream has a lower latency and is a much easier install and service proposition. But that doesn't mean that we discount them whatsoever. So far, we've seen very minimal impact, and that includes in the rural areas.

我確實認為，就可預見的未來而言，我們的網路在上行、下行速度上仍有容量與能力優勢，延遲更低，而且安裝與維護服務也更容易。但這不代表我們會低估他們。到目前為止，我們看到的影響非常有限，包含在鄉村地區也是如此。

The one area that we've talked about recently is that in the newest rural footprint when we're building out, we are finding that they have a higher penetration there than the past. You'd expect nobody else is there. But we also find the ability to go win that market share in the rural footprint because of not only the faster speeds that we provide on Internet.

我們最近談到的一個領域是：在我們正在建設的新鄉村覆蓋區域，我們發現他們在那裡的滲透率比過去更高。你會預期那裡沒有其他人。但我們也發現，我們有能力在鄉村覆蓋區域贏回市占，原因不只是我們提供更快的網路速度。

But in addition to that, the ability to offer mobile and video. And strangely enough in the rural footprint, lever or not wireline phone because a lot of these households have been paying for phone and paying $60 per month.

除此之外，我們也能提供行動服務與影音。而且有點出乎意料的是，在鄉村覆蓋區域，（我們也能提供）固網電話，因為很多家庭一直在付電話費，而且每月付到 60 美元。

And even there, we can say point. I'm not saying that's our go-to-market strategy. I'm saying that's added benefit of value that we can provide into a world household.

即便在那裡，我們也可以提出更好的價值主張。我不是說那是我們的主要上市策略。我是說，這是我們能為鄉村家庭提供的額外價值與好處。

So long story short, we don't see anything material today, but our eyes are wide open in terms of where they could go and it's factored into as much as it can be factored into our thinking of included in our thinking for return to growth.

所以長話短說，我們今天看不到任何重大的影響，但我們對他們可能的發展方向保持高度警覺，而且在我們對「重回成長」的思考中，已在可納入的範圍內把這些因素納入考量。

The Cox and business capabilities, it's really opportunity for both footprints. The small business footprint, despite all of the success that Cox has had over the year, a pound for pound, the as cable operators as it relates to B2B and that's been well known. Small business side is underpenetrated relative to what we've done in Legacy Charter. And so I think there is an upside for us in there penetrating the Cox markets.

至於 Cox 與企業能力，這其實對兩個覆蓋版圖都是機會。在小型企業覆蓋方面，儘管 Cox 多年來非常成功，就有線業者在 B2B 的表現而言，Cox 一直是公認的佼佼者。但小型企業端的滲透率，相較於我們在傳統 Charter（Legacy Charter）所做到的，仍偏低。因此我認為，我們在滲透 Cox 市場方面有上行空間。

On the other hand, Cox has always done well. In particular, if you think about the hospitality segment, I will name off for privacy reasons, I won't name off a number of high-profile clients that Cox has, but they've done extremely well in the hospitality space, think about stadiums, arenas, hotels in particular. And a lot of that comes out of the Las Vegas footprint where they've done very well, and that's pretty well known. But if you think about our footprint, it's all our footprint now the legacy Charter footprint.

另一方面，Cox 一向做得很好。特別是如果你想到旅宿（hospitality）領域，基於隱私原因我不會點名一些 Cox 的高知名度客戶，但他們在旅宿市場做得非常出色，例如體育場、場館，尤其是飯店。其中很大一部分來自拉斯維加斯的覆蓋區域，他們在那裡表現非常好，這也眾所周知。但如果你看我們的覆蓋版圖——現在也就是原本的 Legacy Charter 覆蓋版圖。

When you think about Los Angeles, Orlando and New York from a hospitality perspective, these are some of the biggest, if not the biggest, when you think of Orlando hospitality markets in the world. And the ability to take those relationships that leadership capability and product set over to the Charter markets is significant.

當你從旅宿角度去看洛杉磯、奧蘭多與紐約，這些都是全球最大、甚至可說是最大的旅宿市場之一（尤其是奧蘭多）。能把那些客戶關係、領導能力與產品組合帶到 Charter 市場，意義重大。

And then on the enterprise side, I think both companies have complementary products that we can deploy across our respective bases. And then Segra and rapid scale, which are different assets than what with the existing Legacy Charter and offer the opportunity to penetrate across a much larger footprint. And even in the Segra base, a lot of that network was across the Legacy Charter market.

再來在企業端（enterprise），我認為兩家公司都有互補的產品，可以在彼此的客戶基礎上部署。另外 Segra 與 RapidScale 也是不同於既有 Legacy Charter 的資產，提供了在更大覆蓋版圖中提升滲透率的機會。而且即便在 Segra 的客戶基礎中，其中不少網路其實也跨在 Legacy Charter 的市場範圍內。

So there's -- it will take a little time, but there's cost synergies as well because we have owned network in place that had been previously leased. So I think it's -- look, it's residential and Internet, in particular, is what drives this engine, and that's where our focus is going to be. We have a separate B2B proof that is very excited about the opportunity additive towards the growth rate of the combined company.

所以——這需要一些時間，但也會有成本綜效，因為我們已經有自有網路，過去有些是用租的。所以我認為——你看，推動這個引擎的主要還是住宅與網路，尤其是網路，這會是我們的重點。我們也有一個獨立的 B2B 團隊，對於能為合併後公司的成長率帶來增量的機會感到非常興奮。

Michael Rollins, Citi.

Citi 的 Michael Rollins。

I'm curious, when we look at your metrics, especially Heritage Charter, you've been successful at not just the wireless bundle, but really influencing the attach rate, it would seem for video with the seamless entertainment platform. And so I'm just curious, as you look at individual markets, and you look at your portfolio more on a micro basis versus a macro basis.

我很好奇，當我們看你們的指標，特別是傳統 Charter（Heritage Charter），你們不只在無線綁約（bundle）上做得成功，似乎也透過無縫的娛樂平台，實際提高了影音的附掛率（attach rate）。所以我想問的是，當你們看各個單一市場，並以更微觀而非宏觀的方式檢視你們的產品組合時。

Are you starting to see a set of conditions form where you're like, okay, this is where equilibrium can get to for Charter and this is the recipe or the APIs that are needed to start turning the market around, stabilize and potentially get back to growth?

你們是否開始看到一組條件逐漸成形，讓你們覺得：好，Charter 的均衡狀態可能會落在這裡；而要讓市場扭轉、穩定，並可能回到成長，需要的配方或 API 是什麼？

Yes. look, I want to make sure I understand your question, but I'm going to answer it the way I understood it. And if it's not what you're looking for, let me know. But the wireless and video attach rates are pretty universal across the footprint as it relates to Internet penetration. So at the end of the day, the thing that matters most is Internet penetration.

是的。你看，我想先確認我理解你的問題，但我會先用我理解的方式回答。如果不是你要的方向，請告訴我。就網路滲透率而言，無線與影音的附掛率在整個覆蓋版圖上其實相當一致、普遍。所以歸根結底，最重要的是網路滲透率。

And now what does help and boost up Internet penetration is both video and mobile, when attached to a customer reduces churn. And so it becomes a virtuous cycle of benefits there. All of our markets. When you think about equilibrium and the ability for growth, the factors that go into that or Internet penetration, which then allows us to have video and mobile attached to that Internet penetration, those factors include the quality of the local service that we provide, the amount of competition that's inside the footprint, both wireline and terms of others.

而能幫助並推升網路滲透率的，是影音與行動服務；當它們與客戶綁在一起時，會降低流失率（churn）。因此會形成一個良性循環。至於我們所有市場，當你談到均衡與成長的可能性，影響因素包括：網路滲透率；而網路滲透率又讓我們能把影音與行動服務附掛上去。這些因素還包括我們提供的在地服務品質、覆蓋區域內的競爭程度（包含固網以及其他類型的競爭）。

And our ability to respond at a localized level from a sales channel perspective and a SIP service perspective. And I would say more than anything else, our execution capabilities is the biggest driver of Internet acquisition churn.

以及我們在銷售通路與 SIP 服務層面，能否在地方層級做出回應。而我會說，最重要的是，我們的執行能力是推動網路新增與流失（churn）的最大因素。

And therefore, for video and mobile, it's not overly complicated. We have wireline overbuilding a large portion of our footprint and it's pretty diversified in terms of where it exists across DMA, there's a substantial amount of wireline over building that's new -- and not new, and we've competed very well against fiber once the newness wears off. But I think we can do a whole lot better both at the point of attack in wire line overbuild is occurring and against the embedded base of our line over book penetration.

因此，對影音與行動服務而言，事情並不算太複雜。我們的覆蓋版圖有很大一部分正面臨固網「覆蓋式建設」（overbuild），而且在各個 DMA 的分布相當分散；有相當多的固網 overbuild 是新的——也有不是新的；而在光纖的新鮮感退去後，我們與光纖的競爭表現一直很好。但我認為，無論是在固網 overbuild 發生的第一線攻防，或是面對我們既有固網 overbuild 滲透的存量基礎，我們都還可以做得更好。

Steven Cahall, Wells Fargo.

Wells Fargo 的 Steven Cahall。

Chris, I just wanted to maybe finish up the call on the go-to-market strategy a little more. And -- we have seen a little bit of a change in go-to-market when you did Spectrum 1. I know that was more about mobile churn reduction, yet a peer who announced a new go-to-market strategy about a year ago. And so I'm just wondering what you think has really changed in how you can go to market, what you've learned through the last few years? Telco continues to be very aggressive with pricing on the fiber side. And so I think we'd love to get confidence in that return to growth. So I would just, again, like to know what you think is different now in order to achieve that with your transformation.

Chris，我想在電話會議結尾，可能再多談一點你們的上市（go-to-market）策略。而且——我們確實看到你們在推出 Spectrum 1 時，上市策略有些變化。我知道那更多是為了降低行動服務的流失率；但也有同業大約一年前宣布了新的上市策略。所以我想問，你認為這幾年下來，你們在上市方式上真正改變了什麼、又學到了什麼？電信業者在光纖端的定價仍然非常積極。因此我想我們都希望能對「重回成長」更有信心。所以我再問一次，你認為現在有什麼不同，讓你們能透過這次轉型達成那個目標？

Yes. Look, I think it's a very fair and it's an excellent question. And one that I've been thinking about also in terms of speaking with our own employees who have witnessed the same. I think the big difference, if I'm honest, is that we kept taking a look and saying, our competitive advantages long term are very clear. We've got faster speeds, more deployed network.

是的。你看，我認為這是一個非常公平、而且非常好的問題。我也一直在思考這件事，尤其是在與我們自己也目睹同樣情況的員工交流時。坦白說，我認為最大的差異在於，我們一直回頭檢視並說，我們長期的競爭優勢非常明確。我們有更快的速度、更廣泛部署的網路。

We've got convergence capabilities. We've invested in video and turn it around and it's agreed at. And therefore, the only thing that we need to do is to find a better offer structure at promotion, and that's going to solve everything. And so when you think about everything that you described with the pricing and packaging changes, it really was just about an offer, and that's the point I was trying to make today.

我們具備融合能力。我們投資了影音，並把它扭轉過來，而且也已經達成共識。因此，我們唯一需要做的，就是在促銷上找到更好的方案結構，而那就能解決一切。所以當你想到你所描述的所有定價與包裝變更時，其實真的只是關於一個方案，而這就是我今天想表達的重點。

Because that's where all of us to not consider myself one as well, the -- you go to, okay, what's the offer. This isn't about an offer. The consumer proposition is really about the end-to-end. Once the product that you're going to put in front, the pricing of the product, the way that you're going to surround it with value. But equally important is how are you going to bring it to market and to get the attention of the customer and to convince them that this is a fair price as to the great product and how that's going to evolve over time.

因為那就是我們所有人——我也不例外——會去想的：好，那方案是什麼。但這不是關於方案。消費者主張其實是端到端的整體體驗。包括你要端到客戶面前的產品、產品的定價、以及你如何用價值把它包裝起來。但同樣重要的是，你要如何把它推向市場、如何吸引客戶注意、如何說服他們這個價格對這個優質產品而言是公平的，以及這一切將如何隨時間演進。

It's a complete fundamental change for our distribution channels. And it's a much more aggressive approach in terms of the focus on Internet first. And part of that, we're getting out with the efficiency inside of the organization to get the entire management team closer to the customer to make ourselves faster, more agilent decisions.

這對我們的通路而言，是一次完全根本性的改變。而且在「網路優先」的聚焦上，是更具侵略性的做法。其中一部分，是我們要透過組織內部的效率提升，讓整個管理團隊更貼近客戶，使我們更快、做出更敏捷的決策。

But the other piece I talked about really on that side is really how do you go to market, how you sell and it's a dramatic change of end-to-end on that front the other one is service. recognizing that just because we have some of the lowest churn that we've ever had. That doesn't mean it's good, and it doesn't mean that we should pat ourselves on the back. And that doesn't mean that it can't get better. In fact, it should get better, and it's too high.

但我在那一端談到的另一個重點，其實是你如何進入市場、你如何銷售——在這方面是端到端的劇烈改變。另一個則是服務。我們必須認知到，即使我們的流失率（churn）已經是歷來最低之一，也不代表這就夠好，也不代表我們應該自滿。也不代表它不能更好。事實上，它應該更好，而且目前仍然太高。

And the way that it gets better is really being maniacally focused on addressing the reasons that customers call. And addressing those pain points in a pareto analysis, I'm not saying that it hasn't been done before, but doing it in a very different sort of way that we get after the issues and fix those. And make sure that the other second major pain point in addition to service and reliability is on pricing structure over time.

而要改善，關鍵在於以近乎偏執的專注度去處理客戶來電的原因。並用帕累托分析（Pareto analysis）去處理那些痛點——我不是說以前沒做過，但要用一種非常不同的方式，去追根究柢、把問題解決掉。並確保除了服務與可靠性之外，第二個主要痛點是「定價結構隨時間的變化」。

And while maintaining ARPU and being very careful around that, adding more value so that customers who are at a retail rate feel that they've got a fair and competitive price along the way, can maintain that ARPU and not be exposed to competition. And so it's a holistic, completely different approach.

同時在維持 ARPU（每用戶平均收入）並對此非常謹慎的前提下，增加更多價值，讓以零售費率付費的客戶一路上都覺得自己拿到的是公平且具競爭力的價格；如此才能維持 ARPU，且不致暴露在競爭壓力之下。所以這是一個整體性的、完全不同的方法。

And I really am glad you asked the question because it's not about a simple offer structure and that's going to be a magic on that changes everything. This is an end-to-end change. And when -- Nick is not here and as our new COO, he's very focused and the reason he's not here is because he's very focused. But when I sat down and we talked together and I ended up hiring them, we talked about what we needed to do together. And I think what he wanted to understand was, was he going to have the flexibility to go make some of an end-to-end dramatic change.

我也真的很高興你問了這個問題，因為這不是一個簡單的方案結構就能像魔法一樣改變一切。這是一個端到端的變革。而且——Nick 今天不在，作為我們新的營運長（COO），他非常專注；他不在的原因就是因為他非常專注。但當我和他坐下來一起談、最後決定聘用他時，我們談的是我們需要一起做什麼。我想他想了解的是，他是否會有彈性去推動某些端到端的劇烈變革。

And the reason we were talking to begin with is simply because I recognize that some of the things that you had mentioned, I felt like at the time, should have worked, and it should have been a magic quant and a simple offer change given our assets should have changed the trajectory and it didn't. And therefore, it was time to do something more fundamentally different. So we made that hire in January, and Nick's been on leave for 8 months, and he's had a lot of time to think about what he's going to go do, and he started to implement that here.

而我們一開始會談的原因很簡單：我意識到你提到的一些事情，我當時覺得應該會奏效；以我們的資產條件來看，理應只要一個神奇的妙方、一次簡單的方案調整，就能改變走勢，但結果並沒有。因此，是時候做一些更根本不同的事情。所以我們在一月完成了這項聘任，而 Nick 休假了 8 個月，他有很多時間去思考他要做什麼，並且已經開始在這裡推動落地。

And on the way, I wanted to make sure that we didn't fundamentally make too many changes while we were going to have a new Chief Operating Officer. And so we were steady in the market as it relates to offers and operating structure and the things that we were doing because you didn't want to introduce multiple rounds of change into the organization.

同時，我也想確保在即將迎來新的營運長期間，我們不要在根本上做太多變更。因此，就方案、營運架構以及我們正在做的事情而言，我們在市場上保持穩定，因為你不希望在組織內引入多輪變革。

And frankly, we also had the second largest ever cable integration that was about to take place in August with the Cox transaction. So for both of those good reasons, we stayed relatively static at the really first three quarters of this year. And set the stage to be able to do something more transformational and fundamental across the entire company, what you're hearing about today. So it's not just offer structure. It's entirely the way that we operate, we go to market, we provide service and how we get more efficient along the way.

坦白說，我們也即將在八月隨著 Cox 交易進行史上第二大的有線整合。所以基於這兩個充分的理由，我們在今年前三個季度大致維持相對靜態。並為能在整個公司推動更具轉型性、更根本性的變革鋪路——也就是你今天聽到的內容。所以不只是方案結構。而是我們營運方式、我們如何進入市場、我們如何提供服務，以及我們如何在過程中提升效率的全面改變。

Thanks, operator, and Steve, and we will see you at our next call.

謝謝接線員，也謝謝 Steve，我們下次電話會議再見。

Thank you.

謝謝。