(CHTR) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Charter's Fourth Quarter 2021 Investor Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Stefan Anninger. Please go ahead.

美好的一天，感謝您的支持。歡迎來到查特 2021 年第四季度投資者電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想把會議交給你今天的演講者 Stefan Anninger。請繼續。

Good morning, and welcome to Charter's Fourth Quarter 2021 Investor Call. The presentation that accompanies this call can be found on our website, ir.charter.com, under the Financial Information section.

早上好，歡迎來到 Charter 的 2021 年第四季度投資者電話會議。本次電話會議隨附的演示文稿可在我們的網站 ir.charter.com 的財務信息部分下找到。

Before we proceed, I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, including our most recent 10-K filed this morning. We will not review those risk factors and other cautionary statements on this call. However, we encourage you to read them carefully.

在我們繼續之前，我想提醒您，我們提交給 SEC 的文件中包含許多風險因素和其他警示性聲明，包括我們今天早上提交的最新 10-K。我們不會在本次電話會議上審查這些風險因素和其他警示性聲明。但是，我們鼓勵您仔細閱讀它們。

Various remarks that we make on this call concerning expectations, predictions, plans and prospects constitute forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. Any forward-looking statements reflect management's current view only, and Charter undertakes no obligation to revise or update such statements or to make additional forward-looking statements in the future.

我們在本次電話會議上就預期、預測、計劃和前景發表的各種評論構成前瞻性陳述。這些前瞻性陳述受到可能導致實際結果與歷史或預期結果不同的風險和不確定性的影響。任何前瞻性陳述僅反映管理層當前的觀點，Charter 不承擔修改或更新此類陳述或在未來做出額外前瞻性陳述的義務。

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. Please also note that all growth rates noted on this call and in the presentation are calculated on a year-over-year basis unless otherwise specified.

在今天的電話會議中，我們將參考我們收益材料中定義和核對的非公認會計原則措施。這些由憲章定義的非公認會計原則措施可能無法與其他公司使用的具有類似名稱的措施相比較。另請注意，除非另有說明，否則本次電話會議和演示文稿中提到的所有增長率都是按年計算的。

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

在今天的電話會議上，我們有董事長兼首席執行官 Tom Rutledge；我們的首席運營官 Chris Winfrey；和我們的首席財務官 Jessica Fischer。有了這個，讓我們把電話轉給湯姆。

Thank you, Stefan. We continue to execute well in the fourth quarter with solid customer growth and strong financial growth. In October, we launched our new Spectrum Mobile multiline pricing and packaging, which allows Spectrum Mobile customers to save hundreds or even thousands of dollars per year on their personal communication spend.

謝謝你，斯特凡。我們在第四季度繼續表現良好，客戶增長穩健，財務增長強勁。 10 月，我們推出了新的 Spectrum Mobile 多線定價和包裝，使 Spectrum Mobile 客戶每年可以節省數百甚至數千美元的個人通信支出。

And we had our strongest mobile quarter ever with 380,000 line net adds. For the full year 2021, we added 940,000 new customer relationships, and we added over 1.2 million Internet customers for growth of over 4%. We also grew our mobile lines by 1.2 million.

我們擁有有史以來最強勁的移動季度，淨新增 380,000 條線路。 2021 年全年新增客戶關係 94 萬戶，互聯網客戶新增超過 120 萬戶，增長超過 4%。我們還增加了 120 萬條移動線路。

Financials were also strong in 2021. We grew full year revenue and EBITDA by 7.5% and 11.4%, respectively, and free cash flow grew by 23% year-over-year to $8.7 billion.

2021 年的財務狀況也很強勁。全年收入和 EBITDA 分別增長 7.5% 和 11.4%，自由現金流同比增長 23% 至 87 億美元。

As we look forward to the rest of this year, we remain focused on several strategic priorities and goals, including product development and network evolution, our rural construction initiative and driving customer growth and penetration. And although the business environment in which we're operating remains unusual, we believe our goals and priorities will continue to foster our growth and prepare us well when the marketplace returns to historical levels of marketplace activity and sales.

展望今年餘下的時間，我們仍然專注於幾個戰略重點和目標，包括產品開發和網絡演進、我們的農村建設計劃以及推動客戶增長和滲透。儘管我們經營所在的商業環境仍然不同尋常，但我們相信我們的目標和優先事項將繼續促進我們的增長，並在市場恢復到市場活動和銷售的歷史水平時做好準備。

Fundamental to our success is the delivery of products and services that are superior to what our competitors can offer. Delivering more speed and throughput to our customers remains a key area of focus.

我們成功的基礎是提供優於競爭對手的產品和服務。為我們的客戶提供更高的速度和吞吐量仍然是我們關注的關鍵領域。

In December, Internet customers who do not buy traditional video from us used over 700 gigabytes per month, more than 35% higher than pre-pandemic levels. And nearly 25% of our nonvideo Internet customers now use a terabyte or more of data per month. So we continue to see very high demand for throughput by our customers.

12 月，不從我們這裡購買傳統視頻的互聯網客戶每月使用超過 700 GB，比大流行前的水平高出 35% 以上。現在，我們近 25% 的非視頻互聯網客戶每月使用 1 TB 或更多數據。因此，我們繼續看到客戶對吞吐量的非常高的需求。

In order to increase the capacity of our network for next-generation products and services, we've developed a multifaceted approach to our network evolution comprised of a number of technologies, which will be deployed where they make the most sense strategically and economically, delivering the very fastest speeds and lowest latency at the lowest cost and time to deploy. In 2022, we'll increase the number of projects to deploy high splits in our service areas. High splits are powerful, cost-efficient upgrades that use our existing DOCSIS 3.1 infrastructure and allow us to comfortably offer gigabit speeds at symmetrical speeds and multi-gigabit speeds in the downstream. Additionally, high splits will significantly reduce our network augmentation capital spending, including node spending.

為了增加下一代產品和服務的網絡容量，我們開發了一種多方面的網絡演進方法，其中包含多種技術，這些技術將部署在戰略和經濟上最有意義的地方，提供以最低的成本和部署時間獲得最快的速度和最低的延遲。 2022 年，我們將增加在我們的服務領域部署高拆分的項目數量。高拆分是強大且經濟高效的升級，它使用我們現有的 DOCSIS 3.1 基礎架構，使我們能夠以對稱速度舒適地提供千兆速度，並在下游提供多千兆速度。此外，高拆分將顯著減少我們的網絡增強資本支出，包括節點支出。

We also continue to actively develop our DOCSIS 4.0 technology, plant architecture and rollout, which will allow us to cost efficiently offer higher multi-gigabit speeds in the future. We recently ran a DOCSIS 4.0 test using frequency division duplexing, and we successfully delivered over 8 gigabits in the downstream and over 6 gigabits in the upstream, and there's more to come from that technology.

我們還將繼續積極開發我們的 DOCSIS 4.0 技術、工廠架構和部署，這將使我們能夠在未來以具有成本效益的方式提供更高的數千兆位速度。我們最近使用頻分雙工運行了 DOCSIS 4.0 測試，我們成功地在下游交付了超過 8 Gb 的數據，在上游交付了超過 6 Gb 的數據，而且該技術還有更多的潛力。

Other areas of product development in 2022 include speed boosting our WiFi connections while Spectrum Mobile customers are on their Spectrum Mobile devices connected to any Spectrum WiFi access point enabled for mobile service. We also just turned on 5G C-band for all Spectrum Mobile customers who have a C-band enabled device, which means they can get faster 5G speeds while on the go. Both of the speed boosting enhancements I just mentioned are included in our mobile pricing at no extra charge.

2022 年產品開發的其他領域包括提高我們的 WiFi 連接速度，同時 Spectrum Mobile 客戶的 Spectrum Mobile 設備連接到任何支持移動服務的 Spectrum WiFi 接入點。我們還剛剛為所有擁有 C 頻段設備的 Spectrum Mobile 客戶開啟了 5G C 頻段，這意味著他們可以在旅途中獲得更快的 5G 速度。我剛才提到的兩種速度提升增強功能都包含在我們的移動定價中，不收取額外費用。

We're also rolling out our 5G hybrid mobile network operation using CBRS small cells in a full market area, allowing selected participants to connect to our CBRS small cell access points when they're outside of WiFi coverage. By furthering the convergence of our fixed and mobile broadband service, we not only improve the economics of our mobile business but improve the customer experience. In fact, for the last 10 quarters, Global Wireless Solutions has ranked our mobile service the fastest in the country because we combine our Internet and mobile connectivity together with our state-of-the-art WiFi service.

我們還將在整個市場區域使用 CBRS 小型蜂窩基站推出我們的 5G 混合移動網絡運營，允許選定的參與者在 WiFi 覆蓋範圍之外連接到我們的 CBRS 小型蜂窩基站接入點。通過進一步融合我們的固定和移動寬帶服務，我們不僅提高了移動業務的經濟效益，而且改善了客戶體驗。事實上，在過去的 10 個季度中，Global Wireless Solutions 將我們的移動服務評為全國最快，因為我們將互聯網和移動連接與最先進的 WiFi 服務相結合。

Another key piece of our long-term strategy is treating customer service as a product itself and giving our customers the flexibility to manage their Spectrum services and interactions with us whenever and however they want. We continue to work on improving the quality and efficiency of our interactions with customers by expanding our customer self-service and self-care capabilities and digitizing and modernizing and monetizing a number of elements of our customer, field and network operations groups.

我們長期戰略的另一個關鍵部分是將客戶服務本身視為一種產品，讓我們的客戶可以靈活地管理他們的 Spectrum 服務以及隨時隨地與我們的互動。我們將繼續努力提高我們與客戶互動的質量和效率，方法是擴展我們的客戶自助服務和自助服務能力，並將我們的客戶、現場和網絡運營團隊的一些要素數字化、現代化和貨幣化。

Our rural construction initiative also remains a key focus. Our multiyear, multibillion-dollar construction project will deliver gigabit high-speed broadband access to more than 1 million unserved rural customer locations across the country.

我們的農村建設計劃也仍然是一個重點。我們耗資數十億美元的多年建設項目將為全國超過 100 萬個未提供服務的農村客戶提供千兆高速寬帶接入。

Through the Rural Digital Opportunity Fund, or RDOF, we will add over 100,000 miles of new network infrastructure to our approximately 800,000 existing miles over the next 5 years. We're also in the midst of hiring more than 2,000 employees and contractors to support our rural expansion.

通過農村數字機會基金 (RDOF)，我們將在未來 5 年內在現有約 800,000 英里的基礎上增加超過 100,000 英里的新網絡基礎設施。我們還在招聘 2,000 多名員工和承包商來支持我們的農村擴張。

But our rural construction initiative is not limited to RDOF commitments. We'll continue to build in other rural areas as well, and we will pursue opportunities to receive broadband stimulus funds, including the American Rescue Plan Act funds and funds from Infrastructure Investment Act and Jobs Act. We'll also extend our network passed homes in areas adjacent to our subsidized builds that our network does not currently reach today.

但我們的農村建設計劃並不僅限於 RDOF 承諾。我們還將繼續在其他農村地區建設，我們將尋求獲得寬帶刺激資金的機會，包括美國救援計劃法案的資金以及基礎設施投資法案和就業法案的資金。我們還將在我們的網絡目前無法到達的補貼建築附近的地區擴展我們的網絡通過房屋。

Ultimately, our rural construction initiative is not only good for the millions of rural customers that will finally have access to fast and reliable Internet, but it's also good for Charter and its shareholders. The expansion of our footprint will help us drive additional customer growth and financial returns.

歸根結底，我們的農村建設計劃不僅有利於最終將獲得快速可靠互聯網的數百萬農村客戶，而且也有利於查特及其股東。擴大我們的足跡將幫助我們推動額外的客戶增長和財務回報。

Finally, as we look to the balance of the year, we remain focused on driving customer growth, market share growth and penetration by offering high-quality products and services at attractive prices. Our network allows us to deliver a unique, fully converged connectivity service package while saving customers hundreds or thousands of dollars per year.

最後，當我們展望今年的餘額時，我們仍然專注於通過以有吸引力的價格提供高質量的產品和服務來推動客戶增長、市場份額增長和滲透。我們的網絡使我們能夠提供獨特的、完全融合的連接服務包，同時每年為客戶節省數百或數千美元。

And our share of household connectivity spend, including mobile and fixed broadband, is still very low. In fact, as Slide 4 in the presentation shows, we only capture about 27% of household spend on wireline and mobile connectivity within our footprint. So there's a large opportunity for us to increase the market share with superior products, saving customers money. And through our latest offering, we can do that.

我們在家庭連接支出中的份額，包括移動和固定寬帶，仍然非常低。事實上，正如演示文稿中的幻燈片 4 所示，在我們的足跡範圍內，我們僅捕獲了大約 27% 的家庭有線和移動連接支出。因此，我們有很大的機會通過優質產品增加市場份額，為客戶節省資金。通過我們的最新產品，我們可以做到這一點。

An average household mobile broadband spend with 2 lines of mobile broadband and wireline broadband is approximately $200 a month. With our new multiline pricing and packaging launched in October, a Spectrum customer can purchase our Internet product and 2 lines of our unlimited mobile product with faster service for nearly 50% less and save at least $700 a year. So far, we've seen a very strong response to our offering with our fourth quarter being our strongest quarter for mobile line net adds yet. In fact, despite a very competitive environment, we continue to gain lines at a very rapid pace because of the value in our bundled service offering, which drives more EBITDA and free cash flow per customer and per passing and value for shareholders.

使用 2 條移動寬帶和有線寬帶的家庭移動寬帶平均花費約為每月 200 美元。隨著我們在 10 月推出的新的多線定價和包裝，Spectrum 客戶可以以近 50% 的價格購買我們的互聯網產品和 2 種具有更快服務的無限移動產品線，並且每年至少節省 700 美元。到目前為止，我們已經看到對我們的產品的強烈反應，我們的第四季度是我們迄今為止移動線路淨增加量最強勁的季度。事實上，儘管環境競爭非常激烈，但由於我們的捆綁服務產品的價值，我們繼續以非常快的速度獲得收益，這推動了更多的 EBITDA 和每位客戶和每次傳球的自由現金流以及股東的價值。

Now I'll turn the call over to Jessica.

現在我將把電話轉給傑西卡。

Thanks, Tom. Let's turn to our customer results on Slides 6 and 7. Please note that we will continue to reference COVID-19-related financial impacts from 2020 and include it again on Slides 19 and 20 of today's presentation to help with year-over-year financial comparisons.

謝謝，湯姆。讓我們看看幻燈片 6 和 7 上的客戶結果。請注意，我們將繼續參考 2020 年以來與 COVID-19 相關的財務影響，並再次將其包含在今天演示文稿的幻燈片 19 和 20 中，以幫助處理同比財務比較。

We grew total residential and SMB customer relationships by 120,000 in the fourth quarter and by 939,000 in the last 12 months. Including residential and SMB, we grew our Internet customers by 190,000 in the quarter and by 1.2 million or 4.2% over the last 12 months.

我們在第四季度增加了 120,000 個住宅和 SMB 客戶關係，在過去 12 個月中增加了 939,000 個。包括住宅和中小型企業在內，我們的互聯網客戶在本季度增長了 19 萬，在過去 12 個月中增長了 120 萬或 4.2%。

Although our Internet customer growth remained strong in the fourth quarter, the business environment in which we are operating has not yet normalized. Similar to the third quarter, we saw both lower Internet churn and lower Internet connects than in fourth quarters of 2020 and 2019.

儘管我們的互聯網客戶在第四季度保持強勁增長，但我們經營的業務環境尚未正常化。與第三季度類似，我們看到與 2020 年第四季度和 2019 年第四季度相比，互聯網流失率和互聯網連接率均有所下降。

Turning to video. Video customers declined by 58,000 in the fourth quarter. Wireline voice declined by 154,000, and we added 380,000 mobile lines. As of the end of the fourth quarter, we had 3.6 million mobile lines. And despite the lower numbers of selling opportunities from cable sales, we continue to drive mobile growth with our high-quality, attractively priced service rather than using device subsidies.

轉向視頻。第四季度視頻客戶減少了 58,000 人。有線語音下降 154,000 條，我們增加了 380,000 條移動線路。截至第四季度末，我們擁有 360 萬條移動線路。儘管有線電視銷售的銷售機會較少，但我們繼續通過我們的高質量、價格誘人的服務而不是使用設備補貼來推動移動增長。

Moving to the financial results, starting on Slide 8. Over the last year, we grew residential customers by 847,000 or 2.9%. Residential revenue per customer relationship increased by 2% year-over-year driven by promotional rate step-ups, video rate adjustments that pass through programmer rate increases and $22 million of COVID-related impacts in the prior period. These effects were partly offset by the same bundle and mix trends that we have seen over the past year, including a higher mix of nonvideo customers and a higher mix of lower-priced video packages within our base.

轉向財務業績，從幻燈片 8 開始。在過去一年中，我們的住宅客戶增加了 847,000 或 2.9%。每個客戶關係的住宅收入同比增長 2%，這是由於促銷費率的提高、通過程序員費率增加而進行的視頻費率調整以及上一時期與 COVID 相關的 2200 萬美元的影響。這些影響被我們在過去一年中看到的相同捆綁和組合趨勢部分抵消，包括非視頻客戶的更高組合以及我們基礎中低價視頻包的更高組合。

Additionally, this quarter includes $31 million in adjustments related to sports network rebates, which we intend to credit to qualified video customers. These rebates are also reflected in lower programming expense this quarter with no impact to adjusted EBITDA.

此外，本季度包括與體育網絡回扣相關的 3100 萬美元調整，我們打算將其歸功於合格的視頻客戶。這些回扣也反映在本季度較低的節目費用上，對調整後的 EBITDA 沒有影響。

Also keep in mind that our residential ARPU does not reflect any mobile revenue. As Slide 8 shows, residential revenue grew by 5.1% year-over-year, reflecting customer relationship growth and ARPU growth.

另請記住，我們的住宅 ARPU 不反映任何移動收入。如幻燈片 8 所示，住宅收入同比增長 5.1%，反映了客戶關係的增長和 ARPU 的增長。

Turning to commercial. SMB revenue grew by 5.8%. This growth rate reflects COVID-related impacts of $8 million that negatively impacted the fourth quarter of 2020. Excluding this impact from last year, SMB revenue grew by 4.9%.

轉向商業。中小企業收入增長 5.8%。這一增長率反映了 800 萬美元的 COVID 相關影響，對 2020 年第四季度產生了負面影響。剔除去年的這一影響，中小企業收入增長了 4.9%。

Enterprise revenue was up by 3.2% year-over-year. Excluding all wholesale revenue, enterprise revenue grew by 6.1%. And enterprise PSUs grew by 5.3% year-over-year, a bit faster than last quarter.

企業收入同比增長 3.2%。剔除所有批發收入，企業收入增長6.1%。企業 PSU 同比增長 5.3%，略高於上一季度。

Fourth quarter advertising revenue declined by 28.2% year-over-year primarily due to strong political revenue in the fourth quarter of 2020, partly offset by COVID impacts last year. When compared to the fourth quarter of 2019, advertising revenue increased by 3.3% primarily due to our growth in advanced advertising capabilities, partly offset by local -- lower local ad revenue, particularly automotive. If you exclude automotive, fourth quarter advertising revenue grew by 13.3% over the fourth quarter of 2019.

第四季度廣告收入同比下降 28.2%，主要是由於 2020 年第四季度強勁的政治收入，部分被去年的 COVID 影響所抵消。與 2019 年第四季度相比，廣告收入增長了 3.3%，這主要是由於我們在高級廣告能力方面的增長，部分被本地廣告收入（尤其是汽車廣告收入）的下降所抵消。如果不包括汽車，第四季度的廣告收入比 2019 年第四季度增長了 13.3%。

Mobile revenue totaled $632 million with $266 million of that revenue being device revenue. Other revenue declined by 6.2% year-over-year driven by lower levels of CPE sold to customers.

移動收入總計 6.32 億美元，其中 2.66 億美元是設備收入。由於銷售給客戶的 CPE 水平較低，其他收入同比下降 6.2%。

In total, consolidated fourth quarter revenue was up 4.7% year-over-year. And when excluding advertising, which benefited from political revenue in the fourth quarter of 2020, revenue grew by 6.4%.

總體而言，第四季度合併收入同比增長 4.7%。如果不包括受益於 2020 年第四季度政治收入的廣告，收入增長了 6.4%。

Moving to operating expenses and EBITDA on Slide 9. In Q4, total operating expenses grew by $203 million or 2.7% year-over-year. Programming costs decreased by 0.5% year-over-year due to a decline in video customers of 2.3%, a higher mix of lighter video packages, a $31 million benefit related to sports network rebates that I mentioned earlier and $19 million of other favorable adjustments, all of which was partially offset by the high -- by higher programming rates. Excluding both of the adjustments I just mentioned, programming costs grew by 1.2%. Looking at the full year 2022, we expect programming costs per video customer to grow in the mid-single-digit percentage range.

轉向幻燈片 9 上的運營費用和 EBITDA。第四季度，總運營費用同比增長 2.03 億美元或 2.7%。節目成本同比下降 0.5%，原因是視頻客戶下降 2.3%、更輕量級視頻套餐的組合增加、我之前提到的與體育網絡回扣相關的 3100 萬美元收益以及 1900 萬美元的其他有利調整，所有這些都被較高的編程率所部分抵消。排除我剛才提到的兩項調整，編程成本增長了 1.2%。展望 2022 年全年，我們預計每位視頻客戶的節目成本將在中個位數百分比範圍內增長。

Regulatory, connectivity and produced content grew by 11.3% primarily driven by higher Lakers RSN costs, partially offset by lower original programming costs and regulatory and franchise fees. The Lakers cost growth was primarily driven by the delayed start of the NBA season in 2020, which drove fewer Lakers games charges in Q4 of '20, making for a challenging comparison to this year. Excluding RSN costs from both years, regulatory, connectivity and produced content declined by 3.5%.

監管、連接和製作內容增長了 11.3%，這主要是由於湖人隊 RSN 成本上升，部分被較低的原始節目成本以及監管和特許經營費所抵消。湖人隊的成本增長主要是由於 2020 年 NBA 賽季推遲開始，這導致湖人隊在 20 年第四季度的比賽費用減少，與今年相比具有挑戰性。剔除這兩年的 RSN 成本，監管、連接和製作內容下降了 3.5%。

Cost to service customers declined by 0.5% year-over-year compared to 3% customer relationship growth. The decline was driven by lower transaction costs, mostly offset by previously announced wage increases, which will ultimately provide all hourly employees at Charter a starting minimum wage of $20 per hour by the end of the first quarter.

客戶服務成本同比下降 0.5%，而客戶關係增長 3%。下降的原因是交易成本降低，大部分被先前宣布的工資增長所抵消，最終將在第一季度末為 Charter 的所有小時工提供每小時 20 美元的最低工資。

Marketing expenses grew by 4.3% year-over-year. Mobile expenses totaled $724 million and were comprised of mobile device costs tied to device revenue, customer acquisition and service and operating costs.

營銷費用同比增長4.3%。移動費用總計 7.24 億美元，包括與設備收入、客戶獲取和服務以及運營成本相關的移動設備成本。

And other expenses declined by 6.5% driven primarily by lower advertising sales expense year-over-year, given the decline in political ad revenue this year and a onetime corporate cost in the prior year period.

考慮到今年政治廣告收入的下降和去年同期的一次性企業成本，其他費用下降了 6.5%，這主要是由於廣告銷售費用同比下降。

Adjusted EBITDA grew by 7.7% year-over-year in the quarter.

本季度調整後的 EBITDA 同比增長 7.7%。

Turning to net income on Slide 10. We generated $1.6 billion of net income attributable to Charter shareholders in the fourth quarter versus $1.2 billion last year. The year-over-year increase was driven by higher adjusted EBITDA.

轉向幻燈片 10 的淨收入。我們在第四季度產生了 16 億美元的歸屬於憲章股東的淨收入，而去年為 12 億美元。同比增長是由較高的調整後 EBITDA 推動的。

Turning to Slide 11. Capital expenditures totaled $2.1 billion in the fourth quarter, in line with last year's fourth quarter spend, although the components of that spend were a bit different. Upgrade and rebuild grew by $66 million year-over-year due to plant replacement in those portions of our footprint that were damaged by Hurricane Ida. Scalable infrastructure spend declined by $45 million, given a stabilized level of network traffic growth and investments made earlier this year. We spent $127 million on mobile-related CapEx, which is mostly accounted for in support capital and was driven by investments in back-office systems and mobile store build-outs.

轉到幻燈片 11。第四季度的資本支出總額為 21 億美元，與去年第四季度的支出持平，儘管支出的組成部分略有不同。升級和重建同比增長了 6600 萬美元，原因是我們在受颶風艾達破壞的足跡中更換了工廠。鑑於今年早些時候網絡流量增長和投資水平穩定，可擴展基礎設施支出減少了 4500 萬美元。我們在與移動相關的資本支出上花費了 1.27 億美元，這主要用於支持資本，並受到對後台系統和移動商店擴建的投資的推動。

For the full year 2021, cable capital intensity was lower than in 2020 and in line with our outlook. As we look to the full year 2022, we expect cable capital expenditures, excluding capital expenditures associated with our rural construction initiative, to be between $7.1 billion and $7.3 billion.

2021 年全年，有線電視資本密集度低於 2020 年，符合我們的展望。展望 2022 年全年，我們預計有線電視資本支出（不包括與我們的農村建設計劃相關的資本支出）將在 71 億美元至 73 億美元之間。

We hope to spend about $1 billion in 2022 on capital expenditures related to our rural construction initiative or our construction within census block groups that are defined as rural. That spending includes our RDOF and other subsidized rural construction projects such as ARPA-related builds and spend associated with extending our plant to rural homes adjacent to our subsidized builds that our network does not reach today. We may not reach that targeted spend given a number of factors, including pole permitting and equipment and labor availability.

我們希望在 2022 年花費約 10 億美元用於與我們的農村建設計劃或我們在被定義為農村的人口普查區塊組內的建設相關的資本支出。該支出包括我們的 RDOF 和其他補貼的農村建設項目，例如與 ARPA 相關的建設以及與將我們的工廠擴展到與我們的網絡今天無法到達的補貼建設相鄰的農村家庭相關的支出。考慮到一些因素，包括桿子許可以及設備和勞動力的可用性，我們可能無法達到目標支出。

Conversely, we continue to bid on additional broadband stimulus projects that could increase 2022 capital spending for our rural construction initiative. Given the variables, our actual rural construction initiative spending may differ meaningfully from our target.

相反，我們繼續競標額外的寬帶刺激項目，這些項目可能會增加 2022 年我們農村建設計劃的資本支出。考慮到這些變量，我們實際的農村建設計劃支出可能與我們的目標存在顯著差異。

As Tom mentioned, the expansion of our footprint into rural areas will help us drive additional customer growth and financial returns. And we view our rural construction initiative as similar to or equivalent to acquiring a rural cable operator. We plan to begin disclosing additional operating information associated with our rural construction initiative in 2022.

正如湯姆所說，將我們的足跡擴展到農村地區將有助於我們推動額外的客戶增長和財務回報。我們認為我們的農村建設計劃類似於或等同於收購農村有線電視運營商。我們計劃在 2022 年開始披露與我們的農村建設計劃相關的其他運營信息。

Turning to mobile. We expect our full year 2022 mobile capital expenditures to be about $100 million less than our full year 2021 mobile capital spend, which totaled $482 million. Our 2022 mobile capital spend will consist primarily of back-office system spend, the start of our CBRS small cell construction and some additional store build-out.

轉向手機。我們預計我們 2022 年全年的移動資本支出將比我們 2021 年全年的 4.82 億美元移動資本支出少約 1 億美元。我們 2022 年的移動資本支出將主要包括後台系統支出、CBRS 小型基站建設的開始和一些額外的商店擴建。

We will continue to update you on our capital spending expectations as the year progresses. And as always, if we find new core cable, rural or mobile projects with attractive ROIs, we'll pursue them even if that means spending capital above our stated outlook.

隨著時間的推移，我們將繼續向您更新我們的資本支出預期。與往常一樣，如果我們發現新的核心電纜、農村或移動項目具有有吸引力的投資回報率，我們將繼續追求它們，即使這意味著將資本支出超出我們的預期。

As Slide 12 shows, we generated nearly $2.3 billion of consolidated free cash flow this quarter, an increase of about $200 million or 10% year-over-year. We finished the third quarter with $91.2 billion in debt principal. Our current run rate annualized cash interest pro forma for financing activity completed in January is $4.2 billion.

如幻燈片 12 所示，本季度我們產生了近 23 億美元的合併自由現金流，同比增長約 2 億美元或 10%。我們在第三季度結束時的債務本金為 912 億美元。我們目前對 1 月份完成的融資活動的年化現金利息預估為 42 億美元。

As of the end of the fourth quarter, our ratio of net debt to last 12-month adjusted EBITDA was 4.39x. We intend to stay at or just below the high end of our 4 to 4.5x target leverage range.

截至第四季度末，我們的淨債務與過去 12 個月調整後 EBITDA 的比率為 4.39 倍。我們打算保持在或略低於我們 4 至 4.5 倍目標槓桿範圍的高端。

During the quarter, we repurchased 7.6 million Charter shares and Charter Holdings common units, totaling about $5.3 billion at an average price of $702 per share. For the full year 2021, we purchased 25.3 million shares at an average price of $683 per share for a total spend of $17.3 billion. And between September of 2016 and December of 2021, we have repurchased $56.8 billion or about 40% of Charter's equity at an average price of $452 per share.

本季度，我們以每股 702 美元的平均價格回購了 760 萬股 Charter 股票和 Charter Holdings 普通單位，總計約 53 億美元。 2021 年全年，我們以每股 683 美元的平均價格購買了 2530 萬股股票，總支出為 173 億美元。在 2016 年 9 月至 2021 年 12 月期間，我們以每股 452 美元的平均價格回購了 568 億美元或約 40% 的 Charter 股權。

Turning briefly to taxes. We expect to become a meaningful cash taxpayer in 2022. Subject to any corporate tax rate changes for the years 2022 through 2024, we expect our federal and state cash taxes to be approximately equal to our consolidated EBITDA less capital expenditures and cash interest expense multiplied by 23% to 25%.

簡要談談稅收。我們預計將在 2022 年成為一個有意義的現金納稅人。根據 2022 年至 2024 年的任何企業稅率變化，我們預計我們的聯邦和州現金稅將大約等於我們的合併 EBITDA 減去資本支出和現金利息支出乘以23% 到 25%。

We expect the cash tax rate in 2022 to be in the mid- to high teens range -- percentage range, given some of our tax attributes that have carried over from 2021. Those estimates would include partnership tax distributions to Advance/Newhouse that are captured separately in cash flows from financing in the financial statements. There are multiple factors that impact what I just described, and we're always looking for ways to improve our cash tax profile.

我們預計 2022 年的現金稅率將在中高青少年範圍內 - 百分比範圍，因為我們的一些稅收屬性已從 2021 年延續。這些估計將包括對已捕獲的 Advance/Newhouse 的合夥企業稅分配在財務報表中分別在現金流量和融資中。有多種因素會影響我剛才描述的內容，我們一直在尋找改善現金稅收狀況的方法。

So we're looking forward to the rest of 2022 as we remain well positioned to succeed and grow given strong demand for our products, which is why we continue to aggressively build out more broadband passings and ensure that our network remains state of the art. Our well-proven strategy, which offers customers the highest quality products at very attractive prices drives customer and share growth, free cash flow growth and shareholder value.

因此，我們期待著 2022 年剩下的時間，因為對我們產品的強勁需求，我們仍然處於成功和增長的有利位置，這就是為什麼我們繼續積極建立更多的寬帶通道，並確保我們的網絡保持最先進的狀態。我們久經考驗的戰略以極具吸引力的價格為客戶提供最優質的產品，推動客戶和股票增長、自由現金流增長和股東價值。

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

接線員，我們現在準備好進行問答了。

(Operator Instructions) And your first question is from Doug Mitchelson with Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Doug Mitchelson。

I guess 2 questions. First, any update on momentum in the broadband marketplace and how you feel the market is trending in terms of the competitive environment versus the market-related slowdown that you guys have been highlighting?

我猜2個問題。首先，關於寬帶市場發展勢頭的最新消息，以及您認為市場在競爭環境方面的趨勢與你們一直強調的與市場相關的放緩如何？

And then secondly, just sort of structurally as you sit back and think about your wireless strategy, obviously, a lot of success in the fourth quarter. And Tom, you talked about wireless a lot in your prepared remarks.

其次，當你坐下來思考你的無線戰略時，就在結構上，顯然，第四季度取得了很大的成功。湯姆，你在準備好的發言中談到了很多無線。

I think there's sort of 2 dynamics that your big wireless competitors would note. One is owners economics across wireless and wireline for 2 of your competitors. And then secondly, how do you manage wireless customers when it's time for them to get a new phone when the wireless companies are waving a free new iPhone under their noses?

我認為您的大型無線競爭對手會注意到兩種動態。一個是您的兩個競爭對手的無線和有線所有者經濟學。其次，當無線公司在他們的眼皮底下揮舞著免費的新 iPhone 時，當他們需要購買新手機時，您如何管理無線客戶？

Doug, this is Chris. And we anticipated your question, and I have a few thoughts. But just put it in perspective. So we added over 1.2 million Internet customers last year. And over the last 2 years, we've added nearly 3.5 million. And the rate of market activity and net additions growth has not been consistent through the pandemic with early on or 60-day offers, Keep Americans Connected, resulting payment plans, and more recently, subsidy plans.

道格，這是克里斯。我們預料到了你的問題，我有一些想法。但只要把它放在眼裡。因此，我們去年增加了超過 120 萬互聯網客戶。在過去的兩年中，我們增加了近 350 萬。在大流行期間，市場活動和淨增加的增長率與早期或 60 天優惠、讓美國人保持聯繫、由此產生的付款計劃以及最近的補貼計劃不一致。

And we have the lowest market churn rate of all types that any of us have seen in cable. So that lower market churn has resulted in lower selling opportunities, which Jessica mentioned, with lower connects. And as a share gainer, that results in lower net adds. And our financial results, they actually demonstrate fully that lower transaction volume.

我們擁有所有類型的有線電視市場中最低的市場流失率。傑西卡提到，較低的市場流失導致較低的銷售機會，以及較低的連接。作為股票收益者，這會導致淨增加量減少。而我們的財務結果，它們實際上充分證明了較低的交易量。

So clearly, there was a pull forward of demand in 2020 due to the pandemic. But the lower customer activity environment we saw throughout 2021, including the fourth quarter, is being driven by a number of factors. That includes lower household move rates and housing completion rates, it includes lower voluntary churn everywhere we operate and much lower nonpay churn given the amount of subsidy programs that have been and remain available.

很明顯，由於大流行，2020 年的需求有所增長。但我們在整個 2021 年（包括第四季度）看到的較低客戶活動環境是由多種因素驅動的。這包括較低的家庭搬遷率和住房完工率，包括我們運營的所有地方的自願流失率較低，以及考慮到已經和仍然可用的補貼計劃數量，無薪流失率要低得多。

And so those lower churn rates across each type of churn, they've been uniformly lower relative to 2019 and even compared to the fourth quarter of 2020 across every region and every competitive footprint. So as a result, our sales and connect activity have also been muted by similar amounts in each part of the geographical and competitive footprint.

因此，每種類型的流失率較低，相對於 2019 年，甚至與 2020 年第四季度相比，每個地區和每個競爭足蹟的流失率都較低。因此，我們的銷售和連接活動在地理和競爭足蹟的每個部分也受到了類似的影響。

In the fourth quarter, we continued to grow customer relationships across our footprint regardless of competitive technology or infrastructure. November activity levels were better than October; December was better than November. And then Omicron provided a setback to transaction volume in late December.

在第四季度，無論技術或基礎設施如何競爭，我們都繼續在我們的足跡範圍內發展客戶關係。 11 月的活動水平好於 10 月；十二月比十一月好。然後 Omicron 在 12 月下旬對交易量造成了挫折。

So we had good growth in operating and financial results last year. And our expectation is that we'll have a steady return to more normal transaction volume and selling opportunities as 2022 progresses and we get further into the year.

因此，我們去年的經營和財務業績增長良好。我們的預期是，隨著 2022 年的進展，我們將穩步恢復到更正常的交易量和銷售機會，並且我們會進一步進入這一年。

And Doug, with regard to wireless competitive dynamics, I think that our pricing structure and the monthly recurring fee piece of the pricing value equation is superior net-net to what our competitors are offering. And we're getting some traction with that.

Doug，關於無線競爭動態，我認為我們的定價結構和定價價值等式的每月經常性費用部分優於我們的競爭對手提供的淨淨值。我們正在獲得一些牽引力。

And of course, that's combined too with our superior broadband product and the continued investment we make in our broadband product in terms of its capabilities and how we make the wireless product work with our wireline product through the mobile speed boost technology opportunities and other technology opportunities that we have all affect the price value relationship that we're presenting to the customer. But it's true that replacement phones are being given away in the marketing strategies of our competitors, and we haven't done that.

當然，這也與我們卓越的寬帶產品以及我們在寬帶產品功能方面的持續投資以及我們如何通過移動速度提陞技術機會和其他技術機會使無線產品與我們的有線產品一起工作相結合我們都影響了我們向客戶展示的價格價值關係。但確實，我們的競爭對手的營銷策略中正在贈送替換手機，而我們還沒有這樣做。

And I think customers will have to -- they're currently making the evaluation that we have a good product, and they're buying our product. But I think it's really our challenge is to make sure that the customers' perception of value is appropriate, and that's our marketing and branding strategy.

而且我認為客戶將不得不 - 他們目前正在評估我們有一個好的產品，他們正在購買我們的產品。但我認為我們真正的挑戰是確保客戶對價值的看法是適當的，這就是我們的營銷和品牌戰略。

But if we need to change our competitive posture, we can. I don't see -- I think what we're doing right now is the best strategy for us, but it doesn't preclude us from future strategies. But the fundamental value proposition that we're providing is superior service, a fully packaged communication service everywhere we operate, which none of our competitors do and making that a better value and driving customer relationships by having better products and services.

但如果我們需要改變我們的競爭態勢，我們可以。我不明白——我認為我們現在正在做的事情對我們來說是最好的策略，但這並不妨礙我們制定未來的策略。但我們提供的基本價值主張是卓越的服務，在我們運營的任何地方都提供完整的通信服務，我們的競爭對手都沒有這樣做，並通過提供更好的產品和服務來創造更好的價值並推動客戶關係。

And the deeper we penetrate, the lower our costs. And the lower our costs, the better the value we can provide.

我們滲透得越深，我們的成本就越低。我們的成本越低，我們可以提供的價值就越高。

Your next question is from Jonathan Chaplin with New Street Research.

您的下一個問題來自 New Street Research 的 Jonathan Chaplin。

Two questions. First, Tom, the -- you have 27% of the total connectivity market today. Taking a sort of a very long-term view, if we look at the market in its end state, what do you think your fair share of that total revenue opportunity is? And what are the margins for an integrated infrastructure asset look like when we get to that end state?

兩個問題。首先，Tom，您現在擁有整個連接市場的 27%。從某種非常長遠的角度來看，如果我們看一下最終狀態的市場，您認為您在總收入機會中的公平份額是多少？當我們達到最終狀態時，集成基礎設施資產的利潤是多少？

And then looking more near term, there's been a lot of investor concern recently around the impact to future ARPU from some of the competitive entry that we've seen from fiber and a bit more so from fixed wireless broadband. Can you give us just some insight into what you're seeing around pricing dynamics in new fiber build markets? And then how you think about Verizon offering a $30 product over wireless?

然後從近期來看，最近有很多投資者擔心我們從光纖看到的一些競爭性進入對未來 ARPU 的影響，從固定無線寬帶看到更多。您能否就您所看到的新光纖製造市場的定價動態向我們提供一些見解？那麼您如何看待 Verizon 通過無線提供 30 美元的產品？

Well, I -- my point of showing the 27% share was that we have a lot of runway and that there's a huge opportunity for us to grow our business, both horizontally and vertically. And what I mean by horizontally and vertically is I think we can have more customers -- that's horizontal. And I think we can have higher revenue because we have more product being sold even though those unit prices are going to be lower in the future than they are today.

好吧，我 - 我展示 27% 份額的觀點是，我們有很多跑道，我們有巨大的機會發展我們的業務，無論是橫向還是縱向。我所說的水平和垂直的意思是我認為我們可以擁有更多的客戶——這是水平的。而且我認為我們可以獲得更高的收入，因為我們銷售的產品更多，即使這些單價在未來會比現在更低。

What does a converged network look like in the future? I think we continue to enhance the experience on the mobile device where it's used the most first and continue to enhance that value by using our superior WiFi network and the new WiFi 6E spectrum available to us and our ability to provide better managed WiFi services through technological change, along with the use of other spectrum like CBRS to smart capitally efficient way apply technological solutions that reduce cost to us and improve service to the customer.

未來的融合網絡是什麼樣的？我認為我們將繼續提升最先使用的移動設備的體驗，並通過使用我們卓越的 WiFi 網絡和可用的新 WiFi 6E 頻譜以及我們通過技術提供更好的管理 WiFi 服務的能力來繼續提升該價值變化，以及使用其他頻譜（如 CBRS）以智能的資本高效方式應用技術解決方案，降低我們的成本並改善對客戶的服務。

And by doing that, you get a very virtuous product development cycle in that you get better and better services available at lower and lower costs. And so I think we can do that by using our network and using the tools available to us, both in unlicensed and licensed spectrum and the technology management tools that we can use to manage the experience on those mobile devices as well as all the other devices that are connected to our network.

通過這樣做，您將獲得一個非常良性的產品開發週期，因為您可以以越來越低的成本獲得越來越好的服務。所以我認為我們可以通過使用我們的網絡和使用我們可用的工具來做到這一點，包括未經許可和許可的頻譜以及我們可以用來管理這些移動設備以及所有其他設備上的體驗的技術管理工具連接到我們的網絡。

And I think that when you think about mobility and wireless, those 2 notions somewhat from a technology point of view are converging as well. And most wireless devices are connected to our network. And so I think we can continue to build value and build share using the mobile marketplace as a sort of fuel for that. Do you want to?

而且我認為，當您考慮移動性和無線時，從技術的角度來看，這兩個概念也在融合。大多數無線設備都連接到我們的網絡。因此，我認為我們可以繼續利用移動市場作為一種燃料來創造價值並建立份額。你想要_____嗎？

The second question, I'll start, and then others can chime in. The question was regarding ARPU pressure in competitive markets.

第二個問題，我先開始，然後其他人可以插嘴。問題是關於競爭市場中的 ARPU 壓力。

And Jonathan, you know that over the years, our strategy has always been about providing high-quality service at an attractive price in the marketplace, first and foremost, so that we could grow faster. And that's always worked for us. But secondly, it makes our markets less attractive from an overbuild situation and puts us in a different position today as we sit in our markets with very competitive prices already on the entire base.

喬納森，你知道，多年來，我們的戰略一直是在市場上以有吸引力的價格提供高質量的服務，首先是讓我們能夠更快地發展。這對我們一直有效。但其次，它使我們的市場因過度建設而變得不那麼有吸引力，並使我們今天處於不同的位置，因為我們所處的市場已經在整個基礎上具有非常有競爭力的價格。

So that's how we think about our positioning in the marketplace. It hasn't changed. We have a retail strategy and standard pricing across our entire footprint. We react competitively as needed in the marketplace, but we already have attractive prices. We have great service. And we have a product combination that Tom was just talking about that our competitors can't replicate in all of our passings, which is the ability to extend that good broadband service that we have, together with an integrated mobile and converged Internet product over time.

這就是我們如何看待我們在市場中的定位。它沒有改變。我們在整個業務範圍內都有零售策略和標准定價。我們根據市場需要做出有競爭力的反應，但我們已經有了有吸引力的價格。我們有很棒的服務。我們有一個 Tom 剛剛談到的產品組合，我們的競爭對手無法在我們所有的傳球中復制，這就是擴展我們擁有的良好寬帶服務的能力，以及隨著時間的推移集成的移動和融合互聯網產品.

And we have the ability to upgrade our network at a faster pace and lower cost than any of our competitors across all of our passings, not just cherry picking where we think it's most attractive demographically. That's how we think about the marketplace in the past.

而且我們有能力在我們所有的傳球中以比我們的任何競爭對手更快的速度和更低的成本升級我們的網絡，而不僅僅是在我們認為從人口統計上最有吸引力的地方採摘櫻桃。這就是我們過去對市場的看法。

And I know others have always said in the investment community, should you take rates up? That hasn't been our strategy. Our strategy actually works very well in this type of marketplace as well.

而且我知道投資界的其他人一直在說，你應該提高利率嗎？那不是我們的策略。我們的策略實際上在這種類型的市場中也非常有效。

Yes. The only thing I would add to that is, so funded -- what that all means is that we have fundamentally a lower cost structure than our competitors and where our capital investment strategy is designed to maintain that capability, which we think ultimately gives us a better competitive posture so we can grow and have better products working at lower costs than can be replicated by our competitors.

是的。我唯一要補充的是，資金充足——這一切意味著我們的成本結構從根本上低於競爭對手，我們的資本投資戰略旨在保持這種能力，我們認為這最終給了我們一個更好的競爭態勢，以便我們能夠以比競爭對手複製的更低的成本發展並擁有更好的產品。

Anybody can spend enough capital and replicate your service, obviously. But we can do it more efficiently, which is, I think, our competitive opportunity. The other thing I would say just about the current environment is that from a competitive point of view, when we look at our churn, our move churn is down. Our nonpaid churn is down, and our voluntary churn is down to historic levels. So our actual ability to operate in the environment is pretty effective.

顯然，任何人都可以花費足夠的資金並複制您的服務。但我們可以更有效地做到這一點，我認為這是我們的競爭機會。關於當前環境，我要說的另一件事是，從競爭的角度來看，當我們查看流失率時，我們的移動流失率下降了。我們的無償流失率下降了，我們的自願流失率下降到了歷史水平。所以我們在環境中的實際操作能力是非常有效的。

And what Tom said is -- what I said as well earlier is that's across all competitive footprints, all geographies. And Jonathan, you asked this other question about fixed wireless broadband. I know you've written on it in the past, and we agree with you that the utilization of scarce resources and spectrum or somebody else's densification to get a 1-out-of-50 type return on the utilization of your asset, which is what happens with fixed wireless broadband applications versus mobility, we agree with that.

湯姆說的是——我之前也說過，這是跨越所有競爭足跡，所有地區。喬納森，你問了另一個關於固定無線寬帶的問題。我知道您過去曾寫過，我們同意您的觀點，即利用稀缺資源和頻譜或其他人的緻密化來獲得 50 分之一的資產利用率回報，即固定無線寬帶應用與移動性相比會發生什麼，我們同意這一點。

You've written about it. I know Craig wrote about it a couple of weeks ago in a pretty concise way. And there wasn't anything in there that we actually disagreed with. And you've made the point yourself previously, and we think that's right. And we think that's going to become pretty evident to most everybody over time.

你已經寫過了。我知道克雷格幾週前以非常簡潔的方式寫過它。那裡沒有任何我們實際上不同意的東西。你自己之前已經提出了這一點，我們認為這是正確的。我們認為隨著時間的推移，這對大多數人來說都會變得非常明顯。

Your next question is from Ben Swinburne with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ben Swinburne。

First, a question on the network and high splits. I think, Tom, you said -- I think it was Tom talked about spending some capital on that this year. I think that's inside of the $7.1 billion to $7.3 billion. So just maybe you could help us with kind of sizing that investment, either qualitatively or quantitatively? And sort of how much of the footprint do you expect to impact with that technology deployment, and what it does competitively or from a product point of view?

首先，關於網絡和高分裂的問題。我想，湯姆，你說 - 我認為是湯姆談到了今年在這方面投入了一些資金。我認為這在 71 億至 73 億美元之內。所以也許你可以幫助我們確定投資的規模，無論是定性的還是定量的？您預計該技術部署會影響多少足跡，以及它在競爭中或從產品的角度做什麼？

And then I just want to come back to wireless. I know you guys have been working hard to put the pieces in place to sort of be more aggressive in the marketplace. Are we there now? Or is there more as you look into '22 that you're going to do on the wireless side, whether it's billing system-related or sales channel-related or something else that can offer an opportunity to even further accelerate what obviously has been a pretty impressive acceleration over the last few quarters.

然後我只想回到無線。我知道你們一直在努力將這些碎片放在適當的位置，以便在市場上更具侵略性。我們現在在嗎？或者，當您研究 22 世紀時，您將在無線方面做更多的事情，無論是與計費系統相關的還是與銷售渠道相關的，或者其他可以提供機會進一步加速顯然已經是過去幾個季度的加速令人印象深刻。

Well, on the high split, I'll say this that we're deploying the technology. And I said in my prepared remarks that we can go to symmetrical speeds, gigabit speeds. We can go to multi-gig downspeed -- downstream speeds.

好吧，在高分，我會說我們正在部署這項技術。我在準備好的評論中說，我們可以達到對稱速度，千兆速度。我們可以達到多檔下行速度——下行速度。

And as I said earlier, we're holding our own competitively as it is. And the value of the high split is that by putting -- by re-architecting the network that way, which is basically just an electronic drop in, we can quit spending money on augmentation or node splits at the same rate that we've been spending.

正如我之前所說，我們保持著自己的競爭力。高分裂的價值在於，通過以這種方式重新構建網絡，這基本上只是一種電子投入，我們可以不再以與我們相同的速度在增強或節點分裂上花錢開支。

And so I think the best way to think about it is that depending on speed of construction and on a relative basis, yes, it's in the $7.1 billion to $7.3 billion. And the general capital intensity over a multiyear period associated with that kind of upgrade will maintain the kind of capital intensity that we heretofore had.

所以我認為考慮它的最佳方式是，根據建設速度和相對基礎，是的，它在 71 億美元到 73 億美元之間。與這種升級相關的多年期間的總體資本密集度將保持我們迄今為止所擁有的資本密集度。

With regard to wireless billing, the wireless billing opportunity is that we've just built a new billing system, and it's just being deployed. It was deployed in the -- to some extent at the end of the fourth quarter, but not the full fourth quarter. And it gives us new opportunities for selling and making the selling process easier.

關於無線計費，無線計費的機會是我們剛剛建立了一個新的計費系統，它剛剛被部署。它在某種程度上部署在第四季度末，但不是整個第四季度。它為我們提供了新的銷售機會，並使銷售過程更容易。

When we initially launched mobile, we launched it on a platform, both us and Comcast together through our JV launched on a common platform that was segregated from the traditional cable platform. And so it -- obviously, we did well with it. But we've rearchitected all of that and deployed a brand-new system that gets us better integrated sales capabilities and better integrated billing capabilities that ultimately makes the sales process easier, our ability to go faster with less friction is enhanced by those capabilities. And so we're optimistic that we can continue to accelerate our growth there.

當我們最初推出手機時，我們是在一個平台上推出的，我們和康卡斯特通過我們的合資企業在一個與傳統有線電視平台分離的通用平台上推出。所以它 - 顯然，我們做得很好。但是我們重新架構了所有這些並部署了一個全新的系統，該系統使我們獲得了更好的集成銷售能力和更好的集成計費功能，最終使銷售流程更容易，這些功能增強了我們以更少摩擦更快地進行的能力。因此，我們樂觀地認為我們可以繼續在那裡加速我們的增長。

You asked about other developments. The deeper deployment of our advanced in-home WiFi, which includes giving customers more control over their WiFi in the home, the deeper deployment of that across our base as well as more functionality that will be applied there. Tom mentioned as well the mobile speed boost as well as a way to enhance the value of this converged offer that we have.

您詢問了其他發展情況。更深入地部署我們先進的家庭 WiFi，包括讓客戶更好地控制他們在家中的 WiFi，在我們的基礎上更深入地部署，以及將在那裡應用的更多功能。 Tom 還提到了移動速度提升以及提升我們所擁有的這種融合產品的價值的方法。

So there's a number of product development pieces that are in the pipeline that are going to continue to add value. Obviously, the CBRS test this year, which Tom also mentioned, that's a market rollout. But that's not going to be across our entire footprint just yet. So I wouldn't hang too much on that just for 2022. But there's a lot of development that's in the pipeline to continue to make this product better than our competitors and more integrated.

因此，有許多正在籌備中的產品開發部分將繼續增加價值。顯然，湯姆也提到了今年的 CBRS 測試，這是市場推廣。但這還不會覆蓋我們的整個足跡。因此，僅在 2022 年，我不會過多地關注這一點。但是有很多開發正在進行中，以繼續使該產品比我們的競爭對手更好並且更加集成。

Your next question is from Craig Moffett with MoffettNathanson.

您的下一個問題來自 Craig Moffett 和 MoffettNathanson。

A couple of questions, staying with wireless for a minute. First, can you just talk about the wireless sale? That is, are you primarily selling at the time that people move, and they're establishing a relationship with Charter for broadband and other services, and you're selling that as a bundle? Or are you selling into existing broadband subscribers?

幾個問題，與無線保持一分鐘。首先，你能談談無線銷售嗎？也就是說，您是否主要在人們搬家時進行銷售，並且他們正在與 Charter 建立寬帶和其他服務的關係，並且您將其作為捆綁銷售？或者您正在向現有的寬帶用戶銷售產品？

And then second, as I think about the offload that you've already achieved, can you just talk about the kind of margins that you think you can get to in this business? And how much traffic you think you'll be able to fully offload so that relative to a traditional wireless customer at 1 of the 3 majors, how much lower you think the cellular usage for your customers might be relative to those competitors as a benchmark?

其次，當我想到你已經實現的卸載時，你能談談你認為你可以在這項業務中獲得的利潤嗎？以及您認為您能夠完全卸載多少流量，以便相對於 3 個專業中的 1 個的傳統無線客戶，您認為您的客戶的蜂窩使用量可能比作為基準的競爭對手低多少？

Okay. In terms of moving and upgrading, the -- we're in a low churn environment, so the yield on that segment of moves and people who are in a moment where they're more likely to be changing services is lower. We've actually had -- we've achieved additional sell-in using mobile as part of that process.

好的。在搬家和升級方面，我們處於低流失率環境中，因此這部分搬家和那些更有可能改變服務的人的收益較低。我們實際上已經 - 我們已經使用移動作為該過程的一部分實現了額外的銷售。

But the bulk of our mobile growth is still coming from upgrades at the moment if you just look at net changes in broadband versus net changes in mobile. But -- and interestingly, the mix is changing too to more multiline and because of the way we've priced it and the value proposition more -- and more full unlimited service.

但是，如果您只看寬帶的淨變化與移動的淨變化，我們目前的大部分移動增長仍然來自升級。但是 - 有趣的是，由於我們定價的方式和價值主張更多 - 以及更全面的無限服務，這種組合也正在發生變化。

I expect that through time, we'll get more pull-through on the new customer creation side of it. But just when you do the math in terms of where the opportunity is to grow mobile, given our existing broadband penetration, the -- just mathematically, we have more upside in upgrades. But it has both effects.

我希望隨著時間的推移，我們將在新客戶創建方面獲得更多的支持。但是，就在您根據我們現有的寬帶普及率計算移動的機會在哪裡進行數學計算時，從數學上講，我們在升級方面有更大的優勢。但它有兩種效果。

In terms of offload and margins, I've said previously that we could do more than 30% of the offload, I think, through CBRS. We also are already offloading enormous amounts of traffic on WiFi. And I think that we have the ability to take that up significantly, too. So I'm not going to give you a full number, but it's substantial.

在卸載和利潤方面，我之前說過，我認為我們可以通過 CBRS 完成 30% 以上的卸載。我們也已經在 WiFi 上卸載了大量的流量。我認為我們也有能力顯著提高這一點。所以我不會給你一個完整的數字，但它很重要。

And I guess the piece that I would add to that is that we have margin that we're generating from our mobile customers today. So you have negative EBITDA in the mobile business, but that's driven really by customer acquisition costs and our rate of growth in the business.

我想我要補充的一點是，我們今天從移動客戶那裡獲得了利潤。因此，移動業務的 EBITDA 為負數，但這實際上是由客戶獲取成本和我們的業務增長率驅動的。

We're generating margin from those customers today, and we can do the CBRS deployment on -- in a very targeted manner. So we can look at the CBRS deployment targeted on a -- in an ROI-generating fashion. So that every radio we deploy really increases the margin and increases the value of the mobile business.

我們今天從這些客戶那裡獲得利潤，我們可以以非常有針對性的方式進行 CBRS 部署。因此，我們可以以產生 ROI 的方式查看針對目標的 CBRS 部署。因此，我們部署的每台無線電都真正增加了利潤並增加了移動業務的價值。

So I think that, that piece is important as you think about how we grow profitability in that business that we will grow profitability by adding CBRS and by growing the offload. But those customers stand-alone are generating margin today.

所以我認為，當您考慮我們如何在該業務中提高盈利能力時，我認為這一點很重要，我們將通過增加 CBRS 和增加卸載量來提高盈利能力。但這些客戶如今正在單獨產生利潤。

Go ahead.

前進。

I was just -- do you think this could be sort of a 10% margin business long term, a 20% margin business? Just ballpark. How profitable might this be?

我只是 - 你認為這可能是一個 10% 的長期利潤業務，一個 20% 的利潤業務嗎？只是球場。這能帶來多大的利潤？

I like the try. We're not going to go there on guidance for margin in the long term. But I do think that it's an important part of thinking about the growth story for EBITDA in the long term and that as we find those opportunities to increase the margin through deploying capital through CBRS or by sort of upgrading the way that the system offloads traffic overall that we'll continue to do those things.

我喜歡嘗試。從長遠來看，我們不會去那裡提供保證金指導。但我確實認為，從長遠來看，這是考慮 EBITDA 增長故事的重要組成部分，並且當我們發現通過 CBRS 部署資本或通過升級系統整體卸載流量的方式來增加利潤率時我們將繼續做這些事情。

I would just say we don't have to do CBRS to make mobile work.

我只想說我們不必做 CBRS 來做移動工作。

Yes. Agreed.

是的。同意。

And margins will improve regardless.

無論如何，利潤率都會提高。

Your next question is from Bryan Kraft with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Kraft。

Maybe just a follow up on that. Jessica, you talked about how you could be very targeted with the CBRS deployment. Just wanted to follow up. Could you talk a bit about the coverage requirements you have with the CBRS licenses?

也許只是對此的跟進。傑西卡，你談到瞭如何通過 CBRS 部署成為非常有針對性的目標。只是想跟進。您能否談談您對 CBRS 許可證的覆蓋要求？

I understand the goal is to move traffic onto your network where there's high traffic density. But I guess I'm just trying to understand what you're required to do from a coverage perspective and how that might impact the breadth of the deployment.

我了解目標是將流量轉移到流量密度高的網絡上。但我想我只是想從覆蓋的角度了解您需要做什麼，以及這可能如何影響部署的廣度。

Yes. So I'll take that. We do have across the regions that we acquired the spectrum, some minimal amount of deployment across those areas. It doesn't have to be deep, and it doesn't have to be expensive from a deployment standpoint. It's over a multiyear period.

是的。所以我會接受的。我們確實在我們獲得頻譜的地區進行了部署，在這些地區進行了一些最少量的部署。它不必很深，從部署的角度來看也不必很昂貴。這是一個多年的時間。

And so in every market where we've acquired spectrum, there's always going to be extremely high traffic areas. And we feel really comfortable we can satisfy the deployment commitment at a pretty low cost and then go from there in terms of just picking and choosing where it makes sense either from a product capability perspective or from an ROI perspective is what Jessica was saying.

因此，在我們獲得頻譜的每個市場中，總會有非常高流量的區域。我們感到非常舒服，我們可以以相當低的成本滿足部署承諾，然後從那裡開始，從產品能力的角度或從 ROI 的角度來挑選有意義的地方，這就是 Jessica 所說的。

Yes. And when we talk about a full market deployment, we're talking about a full market deployment where it makes sense. And what that means is we're putting these radios where traffic dictates that the radio should be and that the amount of offload would reduce our costs sufficiently to pay back the investment in the radios quickly, yes. And so it's opportunistic capital, which generates a higher margin on the mobile business.

是的。當我們談論完整的市場部署時，我們談論的是有意義的完整市場部署。這意味著我們將這些無線電放置在交通要求無線電應該在的地方，並且卸載量將充分降低我們的成本，從而迅速收回對無線電的投資，是的。所以它是機會主義資本，它為移動業務帶來了更高的利潤。

If I could just ask one follow-up. Could you just remind us what the dates are around those license for you to meet coverage milestones, minimal coverage milestones?

如果我能問一個後續。您能否提醒我們這些許可證的日期是什麼，以便您達到覆蓋里程碑、最小覆蓋里程碑？

Yes, it's public, and so we're not -- I'm not hiding it. I just don't know it off -- I don't remember it off the top of my head. But it's a multiyear outlay. If you follow up with Stefan, he can get you the exact dates because it is public as part of the FCC process.

是的，它是公開的，所以我們沒有——我沒有隱藏它。我只是不知道——我不記得它在我的腦海中。但這是一項多年的支出。如果您跟進 Stefan，他可以為您提供確切的日期，因為它作為 FCC 流程的一部分是公開的。

Your next question is from Phil Cusick with JPMorgan.

您的下一個問題來自摩根大通的 Phil Cusick。

A couple of -- actually one follow-up. You commented on the pace of broadband through the fourth quarter, and I know there was -- I think there was a New York runoff there as well. But I'm curious how you think about seasonality versus typical. Is seasonality sort of running in the business these days? Or is the sort of underlying engine just running more normal through the year?

幾個——實際上是一個後續行動。你評論了第四季度的寬帶速度，我知道有 - 我認為那裡也有紐約的徑流。但我很好奇你如何看待季節性與典型。這些天，季節性在業務中運行嗎？還是這種底層引擎在一年中運行更正常？

And then second, on SMB, that decelerated this quarter. Maybe you can talk about any update on efforts there as well as conversations with enterprises, what are you seeing?

其次，在 SMB 上，本季度有所減速。也許你可以談談那裡的工作進展以及與企業的對話，你看到了什麼？

So I'll pick up on 2 of those. First, just around seasonality. I mean, certainly, our results looked different over the course of this year than you would see from a seasonality perspective over a normal year.

所以我會選擇其中的2個。首先，就季節性而言。我的意思是，當然，我們的結果在今年的過程中看起來與您從正常年份的季節性角度看到的不同。

And one of the things that we've been thinking about that we see a lower number of college student enrollments. And so some of those markets have looked sort of different from what we would normally expect.

我們一直在考慮的一件事是，我們看到大學生入學人數減少。因此，其中一些市場看起來與我們通常預期的有所不同。

And the overall environment does appear to be sort of more impacted, as Chris mentioned, by things like COVID waves and seeing lower activity when something like Omicron happens. We also did see some impacts from other things on the New York State side, New York had a moratorium on certain disconnects. It did drive a onetime spike in Internet nonpay disconnects. It was about 20,000 in the quarter.

正如克里斯提到的那樣，整體環境似乎確實受到了更大的影響，例如 COVID 波之類的事情，並且當 Omicron 之類的事情發生時看到較低的活動。我們也確實看到了紐約州方面其他事情的一些影響，紐約暫停了某些斷開連接。它確實推動了互聯網非付費斷開連接的一次高峰。本季度約為20,000。

So if you had backed that out, we would have been at 210,000 rather than 190,000 but not a huge impact in terms of the overall net adds for the year, which we still thought were very good if they were dispersed a little less evenly.

因此，如果您支持這一點，我們將達到 210,000 而不是 190,000，但就今年的整體淨增加量而言影響不大，我們仍然認為，如果它們分散得不那麼均勻，這將非常好。

And I guess to speak to seasonality. Video was very seasonal. In the fall season, you had a tremendous uptick. Fourth quarter was big, although Cablevision because of the Hamptons has a sort of an opposite effect. But fourth quarter is a big issue in video, not -- but as Jessica said, the college student situation has been unusual lately.

我想談談季節性。視頻非常季節性。在秋季，你有一個巨大的上升。第四節很重要，儘管 Cablevision 因為漢普頓而產生了一種相反的效果。但第四季度是視頻的一個大問題，不是——但正如傑西卡所說，最近大學生的情況很不尋常。

And wireless has its own cadence, too, which I'm not sure we fully grasp yet, although we have people who think they do. And whether there's an underlying broadband seasonality, it's hard to say. So I do think that the traditional seasonality in the business is going to be different. And obviously, the effects of COVID have been dramatic in terms of quarter-to-quarter changes in growth.

無線也有自己的節奏，我不確定我們是否完全掌握，儘管我們有些人認為他們做到了。很難說是否存在潛在的寬帶季節性。所以我確實認為業務中的傳統季節性會有所不同。顯然，就季度增長變化而言，COVID 的影響是巨大的。

Even in the last quarter, it was very interesting in that the activity levels had -- we're at -- hit their lowest level in about October, and they started -- November was better than October, and December was better than November. And Omicron affected us at the end of December. So it's hard to say whether that trend will continue, but my guess is it will steadily improve.

即使在最後一個季度，非常有趣的是，活動水平——我們正處於——在大約 10 月份達到最低水平，並且它們開始了——11 月好於 10 月，12 月好於 11 月。 Omicron 在 12 月底影響了我們。所以很難說這種趨勢是否會持續下去，但我猜它會穩步改善。

There was a second question on enterprise. I didn't catch that. Was that also tied to seasonality?

還有第二個關於企業的問題。我沒聽懂。這也與季節性有關嗎？

And SMB.

和中小企業。

In terms of seasonality there with those businesses? Enterprise has been from a...

就這些業務的季節性而言？企業已從...

I just noticed that SMB was down sequentially.

我剛剛注意到 SMB 依次下降。

Yes. The SMB business is doing very well. I know relative to last year, it may not look quite as much. But last year, you had an SMB surge coming out of really the lockdown tied to COVID. So the year-over-year comparison there is less favorable.

是的。中小企業業務做得很好。我知道相對於去年，它看起來可能沒有那麼多。但去年，由於與 COVID 相關的封鎖，SMB 激增。因此，與去年同期的比較不太有利。

But the underlying trends that we're seeing coming out of Q4 in the SMB despite everything that COVID has brought, SMB's continuing to do well and steady. Despite everything that would suggest there might be some pressure there, we're performing well in SMB.

但是，儘管 COVID 帶來了一切，我們在第四季度看到的 SMB 的基本趨勢仍然是，SMB 繼續表現良好且穩定。儘管一切都表明那裡可能存在一些壓力，但我們在 SMB 中表現良好。

On the enterprise side, there are markets that are still coming back underperforming, New York City and L.A., in particular. But despite that, if you take a look at the underlying retail PSU growth and revenue growth, we're on a steady march to sequentially improving over many, many quarters now. And that business is looking more healthy. And once we get back into a normal environment, there won't be that much seasonality tied to enterprise as it will continue to get better is our hope.

在企業方面，有些市場仍然表現不佳，尤其是紐約市和洛杉磯。但儘管如此，如果你看一下潛在的零售 PSU 增長和收入增長，我們現在正在穩步推進許多季度的連續改善。而且該業務看起來更加健康。一旦我們回到正常的環境，就不會有太多與企業相關的季節性，因為它會繼續變得更好是我們的希望。

Your next question is from Vijay Jayant with Evercore.

您的下一個問題來自 Evercore 的 Vijay Jayant。

I just wanted to -- (inaudible) that you're going to start seeing some RDOF CapEx really come through. Can you sort of remind us -- and actually, Jessica, you mentioned looks like as though you did another cable acquisition, can you sort of remind us sort of what are the sort of levered or unlevered IRRs you think you can get, especially in sort of a divergent opportunity there?

我只是想——（聽不清）你將開始看到一些 RDOF 資本支出真正實現。你能提醒我們一下——實際上，傑西卡，你提到的看起來好像你進行了另一次有線電視收購，你能提醒我們你認為可以獲得的槓桿或非槓桿內部收益率是什麼，尤其是在那裡有不同的機會？

Obviously, it will be an impact on total company free cash, but it's probably a fantastic project. Can you just help us think through the long-term returns on that investment?

顯然，這將對公司的總自由現金產生影響，但這可能是一個了不起的項目。您能幫我們考慮一下這項投資的長期回報嗎？

Sure. So I would point out that you used the word long term. And I do think that we think of the investment in RDOF really as a long-term investment in terms of creating returns.

當然。所以我要指出你使用了長期這個詞。而且我確實認為，我們認為對 RDOF 的投資實際上是一項創造回報的長期投資。

But based on the kind of markets that those were in and the success really that we saw in the New York State build-out, we think that we can generate mid-teen IRRs in the long term from building those passings. And from a project perspective, I'd also point out that a lot of that has already started and has to be.

但是基於那些市場的類型以及我們在紐約州擴建中看到的真正成功，我們認為我們可以通過建立這些傳球來產生長期的青少年內部收益率。從項目的角度來看，我還要指出其中很多已經開始並且必須開始。

The spend there will be a little lumpy. So you have to spend money upfront to do things like go -- do walkouts and figure out where -- and figure out how to attach to the poles and design your construction, and that all takes time. So what you're going to see is you'll see sort of cash investment going in upfront, that's going to happen before we light up the passings and the passings then will sort of trail behind that. And that's all sort of factored into the way we think about the IRR of the investment, but it will look different from what I think our sort of normal placing in service of passing on a year-to-year basis looks like.

那裡的花銷會有點大。所以你必須先花錢去做一些事情，比如去——進行罷工並弄清楚在哪裡——並弄清楚如何連接到電線桿上並設計你的建築，而這一切都需要時間。因此，您將看到的是，您會看到預先進行的某種現金投資，這將在我們點亮傳球之前發生，然後傳球將在其後面出現。這在某種程度上是我們考慮投資內部收益率的方式，但它看起來與我認為我們為逐年傳遞服務的正常配置看起來不同。

If I could another one on the CapEx -- excuse me, taxes. You talked about being a meaningful taxpayer in '22, and you still have some tax credits and NOL carryforward. Any help on how close to being a full statutory taxpayer you are likely to be in '22?

如果我可以在資本支出上再做一個——對不起，稅收。你談到在 22 年成為一個有意義的納稅人，你仍然有一些稅收抵免和 NOL 結轉。關於您在 22 年可能成為一個完整的法定納稅人的距離有多大幫助？

Yes. I mean, I think you can look back in the comments in the script, but it's -- if you take our EBITDA and subtract from that capital expenditures and cash interest for the year and then multiply that by a mid-teens number, you get there. So you can see the credits and the carryforward on the balance sheet.

是的。我的意思是，我認為你可以回顧一下腳本中的評論，但如果你把我們的 EBITDA 減去當年的資本支出和現金利息，然後乘以十幾歲的數字，你會得到那裡。因此，您可以在資產負債表上看到貸項和結轉。

There is some of that carryforward that's still subject to limitations on our usage going forward. And so based on that, we've sort of come through that process to get to what we think is an appropriate rate for 2022.

有一些結轉仍然受到我們未來使用的限制。因此，基於此，我們已經完成了這個過程，以達到我們認為適合 2022 年的利率。

Your last question is from John Hodulik with UBS.

您的最後一個問題來自瑞銀的 John Hodulik。

Thanks for all the detail on the rural build-out. Can you give us a sense -- I think you guys have been adding about 1 million homes passed a year for the last few years. And does that ramp from here? If you could give us a sense on -- it sounds like it may be the ramp is a little bit slower this year, but what's a good sort of run rate once you're -- once all the money is coming in, and you're getting it out there and sort of executing on that strategy?

感謝您提供有關農村建設的所有細節。你能給我們一個感覺嗎——我認為你們在過去幾年裡每年增加了大約 100 萬套房屋。那是從這裡開始的嗎？如果你能給我們一個感覺——聽起來今年的坡道可能有點慢，但是一旦你——一旦所有的錢都進來了，什麼是好的運行速度，而你'正在把它拿出來並執行該策略嗎？

And then a follow-up on pricing. I think you guys typically take a price increase November, December on the broadband side. And I don't believe that happened this year. Is that something we could expect early in '22 here? Or has your view on sort of slow methodical sort of price increases on the broadband side changed?

然後跟進定價。我認為你們通常會在 11 月、12 月在寬帶方面提高價格。我不相信今年會發生這種情況。這是我們在 22 年初可以期待的嗎？還是您對寬帶方面緩慢而有條不紊的價格上漲的看法發生了變化？

Sure. So I can start on the sort of homes passed per year. I think the rate that we typically add is around 1 million a year. I think the commitment that we've made around RDOF build 1 million additional FCC locations, 1 million additional passings over the course of 5 years.

當然。所以我可以從每年通過的那種房子開始。我認為我們通常添加的速度約為每年 100 萬。我認為我們圍繞 RDOF 做出的承諾會在 5 年內增加 100 萬個 FCC 位置，100 萬個額外的通行證。

I think that if you pace it in that way that you'll be close, though the caveat that I would add to it that we do continue to be -- to bid on additional subsidized build projects. And in addition to that, we have spaces that we'll build that are the space between our network today and where the subsidized build projects are or that are in rural areas that aren't part of those projects that are sort of close to what we passed today.

我認為，如果您以這種方式進行調整，您將接近，儘管我要補充的警告是，我們確實會繼續 - 競標額外的補貼建設項目。除此之外，我們還將建造一些空間，這些空間是我們今天的網絡與補貼建設項目所在或農村地區之間的空間，這些項目不屬於那些與我們今天通過了。

And so in addition to those passings that we've committed under RDOF, you might see additional passings. And if we're really successful in the subsidized build space, you might see even more. But I think that's a good place to start as you think about what we'll be able to place in service.

因此，除了我們在 RDOF 下提交的那些傳球之外，您可能會看到其他傳球。如果我們真的在補貼建築領域取得成功，你可能會看到更多。但我認為這是一個很好的起點，因為您可以考慮我們將能夠提供哪些服務。

So just as a clarification, is that -- so is that all incremental to the 1 million you were doing previously?

因此，作為一個澄清，那是 - 所有這些都是你之前所做的 100 萬的增量嗎？

It is incremental to the 1 million.

它是增量到 100 萬。

Yes. And with regard to broadband rates, our view is that, has always been that we think that our total packaged product should be able to drive the bulk of our revenue and EBITDA growth. And we have tried to continue to make our product more valuable so that we sell more customers.

是的。關於寬帶費率，我們的觀點是，我們一直認為我們的總包裝產品應該能夠推動我們的大部分收入和 EBITDA 增長。我們試圖繼續讓我們的產品更有價值，以便我們銷售更多的客戶。

And our anticipation is that that's going to be our continued strategy, and that we'll be able to grow our business nicely and grow our revenue nicely by combining our mobile products with our wireline products. And so there is no rate increase in broadband planned in the short run.

我們的預期是，這將是我們的持續戰略，通過將我們的移動產品與我們的有線產品相結合，我們將能夠很好地發展我們的業務並增加我們的收入。因此，短期內沒有計劃的寬帶費率增加。

Thanks, John. Thanks to everyone. That concludes our call.

謝謝，約翰。謝謝大家。我們的電話到此結束。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。