Charter Communications Inc (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.

您好，感謝您的支持。歡迎參加 Charter 2021 年第四季投資者電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指示）現在，我想將會議交給今天的發言人斯蒂芬·安寧格 (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.

早安，歡迎參加 Charter 2021 年第四季投資者電話會議。本次電話會議的簡報可以在我們網站 ir.charter.com 的財務資訊部分找到。

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，我們的美國證券交易委員會 (SEC) 文件中包含許多風險因素和其他警告聲明，包括我們今天早上提交的最新 10-K 文件。我們不會在本次電話會議上審查這些風險因素和其他警告聲明。然而，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發表的各種有關期望、預測、計劃和前景的評論均構成前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與歷史或預期結果不同。任何前瞻性陳述僅反映管理層目前的觀點，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，我們將參考收益資料中定義和調節的非公認會計準則指標。根據 Charter 的定義，這些非 GAAP 指標可能無法與其他公司使用的類似指標進行比較。另請注意，除非另有說明，本次電話會議和簡報中提及的所有成長率均按同比計算。

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.

今天的電話會議由董事長兼執行長 Tom Rutledge 主持；我們的營運長 Chris Winfrey；以及我們的財務長傑西卡·菲舍爾（Jessica Fischer）。說完這些，我們將電話轉給湯姆。

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，史蒂芬。我們在第四季持續表現良好，客戶數量穩定成長，財務成長強勁。十月份，我們推出了新的 Spectrum Mobile 多線定價和套餐，讓 Spectrum Mobile 客戶每年可以節省數百甚至數千美元的個人通訊開支。

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.

我們迎來了有史以來最強勁的行動季度，新增線路數達 38 萬條。 2021年全年，我們新增了94萬個新客戶，新增了120多萬個網路客戶，成長率超過4%。我們的行動用戶數也增加了120萬。

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。

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.

展望今年剩餘時間，我們仍將重點關注幾個策略重點和目標，包括產品開發和網路發展、鄉村建設計劃以及推動客戶成長和滲透。儘管我們所處的商業環境仍然不尋常，但我們相信，當市場恢復到歷史水平的市場活動和銷售時，我們的目標和重點將繼續促進我們的成長，並為我們做好充分的準備。

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比競爭對手更優質的產品和服務。為客戶提供更快的速度和更高的吞吐量仍然是我們關注的重點領域。

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 月份，未向我們購買傳統影片的網路客戶每月使用量超過 700 GB，比疫情前的水平高出 35% 以上。目前，我們近 25％ 的非視訊網路客戶每月使用的資料量為 1TB 或更多。因此，我們持續看到客戶對吞吐量的需求非常高。

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.

為了提高我們的網路容量以適應下一代產品和服務，我們制定了一套多方面的網路演進方法，包含多種技術，這些技術將在最具戰略和經濟意義的地方進行部署，以最低的部署成本和時間提供最快的速度和最低的延遲。 2022年，我們將增加在服務區域部署高分離式空調的專案數量。高分割是一種強大且經濟高效的升級，它使用我們現有的 DOCSIS 3.1 基礎設施，使我們能夠輕鬆地以對稱速度提供千兆速度，並在下行提供多千兆速度。此外，高分割將顯著減少我們的網路增強資本支出，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.

我們也將繼續積極開發我們的 DOCSIS 4.0 技術、工廠架構和推出，這將使我們能夠在未來以經濟高效的方式提供更高的多千兆位元速度。我們最近使用頻分雙工進行了 DOCSIS 4.0 測試，並成功傳輸了超過 8 Gb 的下行速率和超過 6 Gb 的上行速率，而且該技術還將帶來更多的速率。

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 年的其他產品開發領域包括提升我們的 WiFi 連線速度，同時 Spectrum Mobile 客戶可以使用他們的 Spectrum Mobile 裝置連接到任何支援行動服務的 Spectrum WiFi 接入點。我們也剛剛為所有擁有 C 波段設備的 Spectrum Mobile 客戶開通了 5G C 波段，這意味著他們在旅途中可以獲得更快的 5G 速度。我剛才提到的兩種提升速度的增強功能都包含在我們的行動定價中，無需支付額外費用。

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.

我們還在整個市場區域使用 CBRS 小型基地台推出我們的 5G 混合行動網路運營，允許選定的參與者在 WiFi 覆蓋範圍之外連接到我們的 CBRS 小型基地台接入點。透過進一步整合我們的固定和行動寬頻服務，我們不僅提高了行動業務的經濟效益，而且改善了客戶體驗。事實上，在過去的 10 個季度中，Global Wireless Solutions 的行動服務一直是全國成長最快的服務，因為我們將網路和行動連線與最先進的 WiFi 服務結合在一起。

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.

我們的長期策略的另一個關鍵部分是將客戶服務視為產品本身，並讓我們的客戶隨時隨地靈活地管理他們的 Spectrum 服務和與我們的互動。我們將繼續致力於透過擴展客戶自助服務和自我照顧能力以及對客戶、現場和網路營運團隊的多個要素進行數位化、現代化和貨幣化來提高與客戶互動的品質和效率。

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.

我們的鄉村建設計劃仍然是一個重點。我們的多年期、數十億美元的建設項目將為全國超過 100 萬個尚未服務的農村客戶提供千兆高速寬頻存取。

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.

透過農村數位機會基金（RDOF），我們將在未來5年內在現有的約80萬英里網路基礎設施上再增加10萬英里以上的新網路基礎設施。我們還正在招募 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不僅限於 RDOF 承諾。我們也將繼續在其他農村地區進行建設，並將尋求機會獲得寬頻刺激資金，包括美國救援計畫法案資金以及基礎設施投資法案和就業法案資金。我們也將把我們的網路延伸到我們補貼建築鄰近地區目前尚未涵蓋的地區。

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.

最終，我們的農村建設計劃不僅有利於數百萬農村客戶最終能夠使用快速可靠的互聯網，而且也有利於 Charter 及其股東。我們業務範圍的擴大將有助於我們推動更多客戶成長和財務回報。

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，展望今年的平衡，我們將繼續致力於透過以有吸引力的價格提供高品質的產品和服務來推動客戶成長、市場份額成長和滲透率。我們的網路使我們能夠提供獨特的、完全整合的連接服務包，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.

我們在家庭連線支出（包括行動和固定寬頻）中的份額仍然很低。事實上，正如簡報中的幻燈片 4 所示，我們僅涵蓋了家庭在有線和行動連線上約 27% 的支出。因此，我們有很大機會透過優質的產品來增加市場份額，從而為客戶節省金錢。透過我們的最新產品，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.

一個家庭擁有2條行動寬頻和有線寬頻線路，平均每月的行動寬頻開支約為200美元。隨著我們 10 月推出的全新多線路定價和套餐，Spectrum 客戶可以以近 50% 的價格購買我們的網路產品和 2 條無限行動產品線路，享受更快的服務，每年至少節省 700 美元。到目前為止，我們的產品獲得了非常強烈的反響，其中第四季度是我們迄今為止移動線路淨增量最強勁的季度。事實上，儘管競爭環境非常激烈，但由於捆綁服務的價值，我們仍然繼續以非常快的速度增加客流量，這為每位客戶和每位乘客帶來了更多的 EBITDA 和自由現金流，也為股東帶來了更多的價值。

Now I'll turn the call over to Jessica.

現在我將電話轉給潔西卡。

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。讓我們來看看第 6 和第 7 張投影片上的客戶結果。

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.

我們在第四季度的住宅和中小企業客戶總數增加了 120,000 個，在過去 12 個月中增加了 939,000 個。包括住宅和中小企業在內，我們的網路客戶在本季增加了 19 萬名，在過去 12 個月中增加了 120 萬名，增幅為 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.

儘管我們的網路客戶成長在第四季度保持強勁，但我們經營所處的業務環境尚未正常化。與第三季類似，我們發現網路流失率和網路連線率均低於 2020 年和 2019 年第四季。

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.

轉向視訊。第四季視訊客戶減少了58,000人。有線語音用戶數減少了15.4萬條，行動用戶數增加了38萬條。截至第四季末，我們的行動線路數為360萬條。儘管有線電視的銷售機會較少，但我們仍繼續透過高品質、價格誘人的服務（而非設備補貼）來推動行動業務的成長。

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.

從第 8 張投影片開始介紹財務表現。受促銷費率上漲、透過程式設計師費率上漲而產生的視訊費率調整以及上一時期 2,200 萬美元的 COVID 相關影響的推動，每個客戶關係的住宅收入同比增長 2%。這些影響在一定程度上被我們在過去一年中看到的捆綁和組合趨勢所抵消，包括我們客戶群中非視訊客戶組合的增加和低價視訊套餐組合的增加。

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，本季還包括與體育網路回扣相關的 3,100 萬美元調整，我們打算將其記入合格的視訊客戶帳戶。這些回扣也反映在本季較低的節目費用中，但對調整後的 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.

還要記住，我們的住宅 ARPU 不反映任何行動收入。如投影片 8 所示，住宅收入年增 5.1%，反映了客戶關係的成長和 ARPU 的成長。

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。中小企業收入成長5.8%。這一成長率反映了與新冠疫情相關的 800 萬美元的影響，對 2020 年第四季產生了負面影響。

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.

企業營收年增3.2%。除所有批發收入外，企業收入增加了6.1％。企業 PSU 年比成長 5.3%，比上一季略快。

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.

第四季廣告收入較去年同期下降 28.2%，主要原因是 2020 年第四季政治收入強勁，但去年新冠疫情的影響部分抵消了這一影響。與 2019 年第四季相比，廣告收入成長了 3.3%，這主要歸功於我們先進廣告能力的成長，但本地廣告收入（尤其是汽車廣告收入）的下降部分抵消了這一增長。如果不考慮汽車業務，第四季的廣告收入比 2019 年第四季成長了 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.

行動收入總計 6.32 億美元，其中 2.66 億美元為設備收入。由於銷售給客戶的 CPE 數量下降，其他收入較去年同期下降 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，第四季綜合營收年增 4.7%。若剔除2020年第四季受惠於政治收入的廣告，營收則成長了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.

轉到幻燈片 9 上的營運費用和 EBITDA。節目成本較上年同期下降了 0.5%，原因是視訊客戶數量下降了 2.3%，較輕量級視訊套餐的混合比例更高，與我之前提到的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節目費率部分抵消了。除去我剛才提到的兩項調整，程式設計成本增加了 1.2%。展望 2022 年全年，我們預計每位視訊客戶的節目成本將以中位數個位數百分比成長。

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%，這主要得益於湖人隊 RSN 成本的提高，但原創節目成本以及監管和特許經營費用的降低部分抵消了這一增長。湖人隊成本的成長主要是由於 2020 年 NBA 賽季開始延遲，導致 2020 年第四季湖人隊的比賽費用減少，與今年相比具有挑戰性。除去兩年的 RSN 成本，監管、連接和製作內容成本下降了 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.

與客戶關係成長 3% 相比，服務客戶成本年減了 0.5%。下降的主要原因是交易成本降低，但大部分被先前宣布的加薪所抵消，到第一季末，Charter 所有小時工的最低工資最終將達到每小時 20 美元。

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.

行銷費用較去年同期成長4.3%。行動支出總計 7.24 億美元，包括與設備收入、客戶獲取及服務、以及營運成本相關的行動設備成本。

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.

其他費用下降了 6.5%，主要原因是由於今年政治廣告收入下降和去年同期的一次性公司成本，廣告銷售費用較去年同期下降。

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

本季調整後 EBITDA 年成長 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.

談到投影片 10 上的淨收入。年成長主要得益於調整後 EBITDA 的提高。

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.

轉到投影片 11。由於我們在受颶風艾達破壞的部分區域更換了工廠，升級和重建支出年增了 6,600 萬美元。由於網路流量成長水準穩定以及今年稍早的投資，可擴展基礎設施支出減少了 4,500 萬美元。我們在行動相關的資本支出上花費了 1.27 億美元，其中大部分是支持資本，主要來自後台系統和行動商店建設的投資。

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，符合我們的預期。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鄉村建設計劃或在被定義為鄉村的人口普查區塊組內的建設相關的資本支出。這些支出包括我們的 RDOF 和其他補貼農村建設項目，例如與 ARPA 相關的建設，以及將我們的工廠擴展到與我們目前網路尚未覆蓋的補貼建設附近的農村家庭相關的支出。由於多種因素，包括電線桿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頻刺激項目，這可能會增加我們 2022 年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有很大差異。

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，將我們的業務擴展到農村地區將有助於我們推動更多的客戶成長和財務回報。我們認為我們的農村建設計劃與收購農村有線電視營運商類似或等同。我們計劃從 2022 年開始披露與我們的農村建設計劃相關的更多營運資訊。

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.

轉向行動裝置。我們預計 2022 年全年行動資本支出將比 2021 年全年行動資本支出（總計 4.82 億美元）減少約 1 億美元。我們 2022 年的行動資本支出將主要包括後台系統支出、CBRS 小型基地台建設的開始以及一些額外的商店建設。

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。像往常一樣，如果我們發現具有誘人投資回報率的新的核心電纜、農村或移動項目，我們就會去追求它們​​，即使這意味著要投入超出我們預期的資金。

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.

如投影片 12 所示，本季我們產生了近 23 億美元的綜合自由現金流，年增約 2 億美元，增幅為 10%。截至第三季度，我們的債務本金為 912 億美元。我們一月份完成的融資活動的當前營運率年化現金利息預測為 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.

截至第四季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率為 4.39 倍。我們打算將槓桿率維持在 4 至 4.5 倍的目標槓桿範圍的高端，或略低於這個範圍。

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，我們回購了 760 萬股 Charter 股票和 Charter Holdings 普通股，總額約 53 億美元，平均價格為每股 702 美元。 2021 年全年，我們以平均每股 683 美元的價格購買了 2,530 萬股，總支出為 173 億美元。 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，約佔 Charter 40% 的股權。

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%.

簡單談談稅收。我們預計將在 2022 年成為有意義的現金納稅人。

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.

考慮到我們的部分稅收屬性已從 2021 年延續下來，我們預計 2022 年的現金稅率將處於中高水平（百分比範圍）。有多個因素會影響我剛剛描述的情況，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 2022 年剩餘時間的表現，因為鑑於我們產品的強勁需求，我們仍然處於成功和成長的有利位置，這就是為什麼我們繼續積極建立更多的寬頻網路並確保我們的網路保持最先進的狀態。我們行之有效的策略是以極具吸引力的價格向客戶提供最高品質的產品，從而推動客戶和股票成長、自由現金流成長和股東價值。

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

接線員，我們現在可以進行問答了。

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

(操作員指示)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?

我猜有 2 個問題。首先，寬頻市場的發展動能有沒有更新？

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，從結構上來說，當你坐下來思考你的無線策略時，顯然第四季會取得很大的成功。湯姆，你在準備好的發言中多次談到了無線問題。

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。一是針對您的兩個競爭對手的跨無線和有線業主經濟學。其次，當無線公司提供無線客戶免費的新 iPhone 時，您該如何管理無線客戶，讓他們購買新手機呢？

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。我們預料到了您會問這個問題，並且我有一些想法。但請客觀地看待它。因此，我們去年增加了120多萬網路客戶。在過去的兩年裡，我們增加了近 350 萬。在整個疫情期間，市場活動率和淨增量成長率並不一致，包括早期或 60 天的優惠、保持美國人聯繫、由此產生的付款計劃以及最近的補貼計劃。

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.

我們的市場流失率是有線電視產業所有類型中最低的。因此，正如傑西卡所提到的，較低的市場流失率導致了較低的銷售機會和較低的聯繫。作為市場份額增加者，這導致淨增量下降。我們的財務結果實際上充分顯示了交易量的下降。

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.

顯然，由於疫情的影響，2020 年的需求提前。但我們在整個 2021 年（包括第四季）看到的客戶活動環境較低，這是由多種因素造成的。其中包括較低的家庭搬遷率和住房完工率，也包括我們營運所在地的自願流失率較低，而且考慮到現有的和現有的補貼計畫數量，非薪資流失率也低得多。

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，每種類型的客戶流失率均較低，相較於 2019 年，甚至與 2020 年第四季相比，每個地區和每個競爭足跡的客戶流失率都較低。因此，我們的銷售和聯繫活動在各個地理區域和競爭區域也受到了類似程度的抑制。

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.

第四季度，無論技術或基礎設施如何競爭，我們繼續在整個業務範圍內發展客戶關係。十一月份的活動量比十月份好；十二月比十一月好。然後，Omicron 在 12 月底給交易量帶來了挫折。

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，去年我們的經營和財務表現都實現了良好的成長。我們的預期是，隨著 2022 年的到來和年內時間的推移，我們的交易量和銷售機會將穩步恢復到更正常的狀態。

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.

道格，就無線競爭態勢而言，我認為我們的定價結構和定價價值方程中的每月定期費用部分比我們的競爭對手提供的產品更具優勢。我們在這方面取得了一些進展。

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頻產品以及我們在寬頻產品功能方面的持續投資相結合，以及我們如何透過行動提速技術機會和其他技術機會使無線產品與有線產品協同工作，這些都會影響我們向客戶呈現的價格價值關係。但確實，在我們的競爭對手的行銷策略中，他們會免費贈送替換手機，而我們並沒有這麼做。

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.

我認為客戶必須—他們目前正在評價我們的產品是否優質，並且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的價值認知是適當的，這就是我們的行銷和品牌策略。

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——我認為我們現在所做的對我們來說是最好的策略，但它並不妨礙我們未來的策略。但我們所提供的根本價值主張是卓越的服務，在我們運營的任何地方提供全套通訊服務，這是我們的競爭對手所沒有的，並透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，我們能提供的價值就越高。

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，湯姆，目前你們佔據了整個連結市場的 27%。從非常長遠的角度來看，如果我們看一下市場的最終狀態，您認為您在總收入機會中所佔的份額是多少？當我們達到最終狀態時，綜合基礎設施資產的利潤率是多少？

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?

再從短期來看，最近許多投資人擔心一些來自光纖和固定無線寬頻的競爭對未來 ARPU 的影響。您能否向我們介紹一下您對新光纖建設市場定價動態的看法？那麼您如何看待 Verizon 透過無線方式提供價值 30 美元的產品呢？

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.

嗯，我展示 27% 的份額的目的是為了表明我們有很大的發展空間，而且我們有巨大的機會在橫向和縱向上發展我們的業務。我所說的水平和垂直是指，我認為我們可以擁有更多的客戶——這是水平的。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，儘管未來的單價會比現在低。

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.

未來的融合網路是什麼樣子的？我認為，我們將繼續首先增強最常用的行動裝置的體驗，並透過使用我們卓越的 WiFi 網路和新的 WiFi 6E 頻譜以及透過技術變革提供更好的託管 WiFi 服務的能力來繼續提升這一價值，同時使用 CBRS 等其他頻譜以智慧、高效的方式應用技術解決方案，從而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.

透過這樣做，您將獲得一個非常良性的產品開發週期，即您可以以越來越低的成本獲得越來越好的服務。因此，我認為我們可以透過使用我們的網路和可用的工具（包括未經授權和授權頻譜）以及我們可以用於管理這些行動裝置以及連接到我們網路的所有其他裝置的體驗的技術管理工具來做到這一點。

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?

我認為，當你考慮到行動性和無線時，從技術角度來看，這兩個概念也在融合。大多數無線設備都連接到我們的網路。因此我認為我們可以利用行動市場作為動力，繼續創造價值、擴大份額。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，然後其他人可以加入討論。

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，您知道，多年來，我們的首要策略一直是在市場上以有吸引力的價格提供高品質的服務，這樣我們才能更快地發展。這對我們來說一直都是有效的。但其次，由於過度建設的情況，它使我們的市場吸引力降低，並使我們今天處於不同的地位，因為我們在市場上整個基礎上的價格已經非常具有競爭力。

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.

這就是我們對自己在市場中的定位的看法。它沒有改變。我們在整個業務範圍內都有零售策略和標準定價。我們根據市場需求做出競爭反應，但我們的價格已經很吸引人。我們有優質的服務。正如湯姆剛才所說，我們擁有一種競爭對手無法複製的產品組合，即隨著時間的推移，我們能夠擴展現有的優質寬頻服務，同時還能提供整合的行動和融合網路產品。

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，我們有能力以比任何競爭對手更快的速度和更低的成本升級我們的網絡，而不僅僅是挑選我們認為在人口統計上最具吸引力的區域。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.

我知道投資界有人一直在說，你該調高利率嗎？這不是我們的策略。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。我唯一想補充的是，資金充足——這一切意味著我們從根本上擁有比競爭對手更低的成本結構，而我們的資本投資策略旨在保持這種能力，我們認為這最終會給我們帶來更好的競爭態勢，因此我們能夠發展並以比競爭對手更低的成本生產出更好的產品。

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，任何人都可以投入足夠的資金來複製您的服務。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。關於當前環境我想說的另一件事是，從競爭的角度來看，當我們審視客戶流失時，我們發現我們的客戶流失率下降了。我們的非付費客戶流失率已經下降，自願客戶流失率也降至歷史最低。所以我們在環境中實際運作的能力是相當有效的。

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，這涉及所有競爭足跡、所有地區。喬納森，您問了另一個有關固定無線寬頻的問題。我知道您過去曾經寫過這方面的文章，我們同意您的觀點，即利用稀缺資源和頻譜或其他人提供的密集化資源，可以獲得 50 分之一的資產利用率回報，這就是固定無線寬頻應用與行動應用相比所發生的情況，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.

您已寫過此內容。我知道 Craig 幾週前曾以非常簡潔的方式寫過這篇文章。這裡面確實沒有任何我們反對的內容。您之前自己也曾提出過這個觀點，我們認為這是正確的。我們認為，隨著時間的推移，大多數人都會逐漸意識到這一點。

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本‧斯溫伯恩 (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，關於網路和高分成的一個問題。我想，湯姆，你說過——我想湯姆談到了今年在這方面投入一些資金。我認為這個數字在 71 億美元到 73 億美元之間。那麼，您能否幫助我們從品質或數量上確定該投資的規模？您預計該技術部署將產生多大影響，以及從競爭力或產品角度來看它會產生什麼影響？

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話題。我知道你們一直在努力做好各項準備以便在市場上更具競爭力。我們到了嗎？或者，當您展望22年時，您是否會在無線方面做更多的事情，無論是與計費系統相關還是與銷售管道相關，還是其他可以提供機會進一步加速過去幾個季度顯然已經相當令人印象深刻的加速的事情。

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，在高端方面，我想說的是，我們正在部署這項技術。我在準備好的發言中說過，我們可以達到對稱速度，也就是千兆速度。我們可以實現多千兆下行速度。

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，我們仍然保持著自己的競爭力。高分割的價值在於透過以這種方式重新建構網路（這基本上只是一個電子插入），我們可以停止以相同的速度在增強或節點分割上花錢。

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.

因此，我認為最好的思考方式是，根據建造速度和相對基礎，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整體資本密集度將維持我們迄今為止的資本密集度。

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，無線計費的機會在於我們剛剛建立了一個新的計費系統，並且正在部署中。它是在第四季末某種程度上部署的，但並非整個第四季。它為我們提供了新的銷售機會並簡化了銷售流程。

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.

當我們最初推出行動業務時，我們在一個平台上推出它，我們和康卡斯特透過我們的合資企業在一個與傳統有線電視平台隔離的共同平台上推出它。所以—顯然，我們做得很好。但我們重新設計了所有這些，並部署了一個全新的系統，使我們擁有更好的綜合銷售能力和更好的綜合計費能力，最終使銷售流程變得更容易，這些能力增強了我們以更少的摩擦更快的速度前進的能力。因此，我們樂觀地認為我們能夠繼續加速在那裡的成長。

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.

您詢問了其他進展。我們先進的家庭 WiFi 的更深入部署，包括讓客戶更好地控製家中的 WiFi，在我們的基地內更深入地部署以及將在那裡應用的更多功能。湯姆也提到了移動速度的提升以及提升我們所擁有的融合服務價值的方法。

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，目前正在進行的許多產品開發工作將繼續增加價值。顯然，湯姆也提到的今年的 CBRS 測試是一次市場推廣。但這還不會覆蓋我們的整個足跡。所以我不會太關注 2022 年的情況。

Your next question is from Craig Moffett with MoffettNathanson.

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

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?

我有幾個問題，關於無線方面的問題。首先，您能談談無線銷售的情況嗎？也就是說，您是否主要在人們搬家時進行銷售，然後他們與 Charter 建立寬頻和其他服務的關係，然後您將其作為捆綁銷售？還是您正在向現有的寬頻用戶銷售？

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，當我想到您已經實現的卸載時，您能否談談您認為您在這項業務中可以獲得的利潤率？並且，您認為您可以完全卸載多少流量，以便與三大運營商中的一家的傳統無線客戶相比，作為基準，您認為您的客戶的蜂窩使用量相對於那些競爭對手會低多少？

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。就遷移和升級而言，我們處於低客戶流失環境中，因此這部分遷移以及更有可能更換服務的人的收益率較低。事實上，作為這一過程的一部分，我們利用行動裝置實現了額外的銷售。

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.

但如果你只看寬頻淨變動與行動淨變化的話，我們行動成長的大部分仍來自於目前的升級。但是——有趣的是，由於我們的定價方式和價值主張，產品組合也在多線化——提供更全面的無限服務。

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，我們將在新客戶創造方面取得更多進展。但是，當你計算行動業務的成長機會時，考慮到我們現有的寬頻普及率，從數學上講，我們在升級方面還有更大的上升空間。但它有雙重效果。

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.

關於卸載和利潤，我之前說過，我認為透過 CBRS 我們可以完成 30％ 以上的卸載。我們也已經在 WiFi 上卸載了大量流量。我認為我們也有能力大大提高這一水平。因此我不會給你一個完整的數字，但這個數字是相當可觀的。

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.

我想補充的是，我們今天的利潤來自於我們的行動客戶。因此，行動業務的 EBITDA 為負，但這實際上是由客戶獲取成本和業務成長率所致。

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.

我們今天正在從這些客戶那裡獲得利潤，並且我們可以以非常有針對性的方式進行 CBRS 部署。因此，我們可以從 ROI 產生的角度來看 CBRS 部署。因此，我們部署的每一個無線電設備都確實增加了利潤，增加了行動業務的價值。

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.

因此我認為，當您思考如何提高該業務的盈利能力時，這一點很重要，我們將透過增加 CBRS 和增加卸載來提高盈利能力。但如今這些獨立客戶正在產生利潤。

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——您認為從長期來看這可能是利潤率為 10% 的業務，還是 20% 的業務？只是大概狀況。這會帶來多大的利潤？

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。我們不會就長期利潤率給予指引。但我確實認為，這是思考 EBITDA 長期成長故事的一個重要部分，而且當我們找到透過 CBRS 部署資本或透過升級系統整體卸載流量的方式來增加利潤的機會時，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.

我只是想說我們不必使用 CBRS 來實現移動功能。

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布萊恩·克拉夫特。

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?

也許只是對此進行跟進。傑西卡，您談到如何非常有針對性地部署 CBRS。只是想跟進一下。您能談談 CBRS 許可證的覆蓋要求嗎？

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.

我理解目標是將流量轉移到流量密度較高的網路。但我想我只是想了解從覆蓋範圍的角度你需要做什麼，以及這可能會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。我們確實在獲得頻譜的地區進行了一些最少量的部署。從部署的角度來看，它不需要很深入，也不需要很昂貴。這已經是多年的時間了。

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，總是會有流量極高的區域。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，只需從產品能力角度或投資回報率角度進行選擇，這就是傑西卡所說的。

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。當我們談論全面的市場部署時，我們談論的是合理的全面市場部署。這意味著我們將這些無線電設備放置在流量決定無線電設備應該放置的地方，並且卸載量將足以降低我們的成本，以便快速收回對無線電設備的投資，是的。所以這是機會資本，它可以為行動業務帶來更高的利潤。

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?

我可以再問一個後續問題嗎？您能否提醒我們這些許可證的日期是什麼時候，以便您達到覆蓋里程碑，最低覆蓋里程碑？

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，這是公開的，所以我們不會——我沒有隱瞞它。我只是不知道——我記不清了。但這是一筆多年的支出。如果您跟進 Stefan，他可以為您提供確切的日期，因為作為 FCC 流程的一部分，它是公開的。

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。您對第四季度寬頻的發展速度發表了評論，我知道——我認為紐約也出現了同樣的情況。但我很好奇您如何看待季節性與典型性。現在，商業活動是否也有一定的季節性？還是說底層引擎在全年的運作都比較正常？

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，本季中小企業發展放緩。也許您可以談談那裡的努力的最新進展以及與企業的對話，您看到了什麼？

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.

因此我將選擇其中的 2 個。首先，圍繞季節性。我的意思是，從季節性的角度來看，我們今年的業績與正常年份的表現確實有所不同。

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個問題是，大學生入學人數有所下降。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.

正如克里斯所提到的，整體環境似乎確實受到了諸如 COVID 浪潮之類的影響，而當發生像 Omicron 這樣的事件時，活動會減少。我們也確實看到了紐約州方面其他因素的影響，紐約對某些斷線現象實施了暫停令。這確實導致了互聯網未付費斷線數量的一次性激增。本季約 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，如果你撤銷這項預測，我們的新增人數將為 21 萬人，而不是 19 萬人，但這對全年淨增人數的整體影響並不大，我們仍然認為，如果分佈不那麼均勻，這已經非常好了。

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。影片非常具有季節性。在秋季，你的業績出現了大幅上漲。第四季表現突出，儘管漢普頓的 Cablevision 產生了相反的效果。但第四季是影片中的一個大問題，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.

而且無線也有自己的節奏，我不確定我們是否已經完全掌握了它，儘管有些人認為他們已經掌握了它。但是否有潛在的寬頻季節性，很難說。因此我確實認為業務的傳統季節性將會有所不同。顯然，從季度間成長變化來看，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.

即使在上一季度，也很有趣，因為活動水平在 10 月份左右達到了最低水平，並且開始 11 月份比 10 月份好，12 月份比 11 月份好。而奧密克龍在 12 月底對我們產生了影響。因此很難說這種趨勢是否會持續，但我猜測它會穩定改善。

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

第二個問題與企業有關。我沒聽清楚。這也與季節性有關嗎？

And SMB.

和 SMB。

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

就這些業務的季節性而言嗎？企業已經從...

I just noticed that SMB was down sequentially.

我剛剛注意到 SMB 已連續關閉。

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。中小企業業務表現非常好。我知道與去年相比，情況可能沒有那麼嚴重。但去年，中小企業在擺脫與新冠疫情相關的封鎖後出現了激增。因此，與去年同期相比，情況不太樂觀。

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，儘管新冠疫情帶來了許多影響，但我們看到中小企業在第四季度表現出的潛在趨勢是，其繼續表現良好且穩定。儘管所有跡象表明我們可能面臨一些壓力，但我們在 SMB 領域表現良好。

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，有些市場的表現仍然不佳，尤其是紐約市和洛杉磯。但儘管如此，如果你看一下基礎零售 PSU 成長和營收成長，我們會發現我們正穩步邁進，並且已經連續多個季度實現改善。而且這項業務看起來更健康。一旦我們恢復正常環境，企業的季節性就不會那麼強烈，我們希望情況會繼續好轉。

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 - （聽不清楚）你將開始看到一些 RDOF 資本支出真正實現。您能否提醒我們一下——實際上，傑西卡，您提到看起來您進行了另一次有線電視收購，您能否提醒我們一下您認為您可以獲得什麼樣的槓桿或非槓桿 IRR，尤其是在那裡的某種不同機會中？

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，但這可能是一個很棒的項目。您能幫我們思考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。因此我想指出你使用了“長期”這個詞。我確實認為，就創造回報而言，我們對 RDOF 的投資實際上是一種長期投資。

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.

但基於這些項目所處的市場類型以及我們在紐約州建設中看到的成功，我們認為從長遠來看，透過建造這些項目，我們可以產生中等水平的 IRR。從專案角度來看，我還要指出，很多工作已經開始，而且必須開始。

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.

那裡的支出將有些不平衡。所以你必須預先花錢做一些事情，例如出去罷工，弄清楚在哪裡——以及弄清楚如何連接到電線桿並設計你的建築，而這些都需要時間。所以你將會看到，你會看到預先投入的現金投資，這將發生在我們點亮傳遞之前，然後傳遞將落後於它。這些都已考慮到我們對投資內部報酬率 (IRR) 的看法中，但我認為，它與我們每年正常的投資服務方式有所不同。

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?

如果我可以再談資本支出——對不起，是稅。您談到在 22 年成為有意義的納稅人，並且您仍然有一些稅收抵免和 NOL 結轉。您能幫我看一下到 22 年您距離成為正式的法定納稅人還有多遠嗎？

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，我認為您可以回顧一下腳本中的評論，但是 - 如果您將我們的 EBITDA 減去該年度的資本支出和現金利息，然後乘以十幾歲的數字，您就可以獲得這個結果。因此您可以在資產負債表上看到貸方和結轉。

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.

其中一些結轉在未來的使用上仍然受到限制。因此，基於此，我們已經完成了這個過程並得出了我們認為適合 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?

感謝您提供有關鄉村建設的所有詳細資訊。您能否為我們介紹一下——我認為過去幾年你們每年增加的房屋數量大約為 100 萬套。然後從這裡開始上升了嗎？您能否為我們介紹一下——聽起來今年的成長速度可能會慢一些，但是一旦所有資金到位，您將其投入使用並執行該策略，什麼樣的運行率才算合適？

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 月和 12 月提高寬頻價格。我不相信今年會發生這種事。這是我們在 22 年初可以期待的事情嗎？還是您對寬頻價格緩慢有條不紊上漲的看法改變了？

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。因此我可以開始研究每年通過的房屋類型。我認為我們通常每年增加的速度約為 100 萬。我認為，我們圍繞 RDOF 的承諾將在 5 年內建立 100 萬個額外的 FCC 地點，增​​加 100 萬次通過。

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，如果按照這種方式推進，就會接近目標，不過我要補充一點，我們確實會繼續競標額外的補貼建設項目。除此之外，我們還會建造一些空間，這些空間位於我們目前的網路和補貼建設項目之間的空間，或者位於不屬於那些與我們今天通過的項目接近的農村地區。

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，除了我們根據 RDOF 犯下的那些罪行之外，您可能還會看到其他罪行。如果我們在補貼建設領域真正取得成功，您可能會看到更多。但我認為，當您思考我們能夠提供什麼服務時，這是一個很好的起點。

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

因此，需要澄清的是，這是——這是您之前所做的 100 萬的增量嗎？

It is incremental to the 1 million.

其增量達到 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。關於寬頻費率，我們的觀點是，我們一直認為我們的全套產品應該能夠推動我們大部分的收入和 EBITDA 成長。我們一直在努力使我們的產品更有價值，以便吸引更多的客戶。

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.

我們預計這將成為我們持續的策略，並且透過將我們的行動產品與有線產品相結合，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提高寬頻資費。

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

謝謝，約翰。感謝大家。我們的通話到此結束。

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。您現在可以斷開連線。