Charter Communications Inc (CHTR) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Charter Third Quarter 2021 Investor Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Charter 2021 年第三季投資者電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

I would now like to hand the conference over to your speaker today, Stefan Anninger. Please go ahead, sir.

現在我謹將會議交給今天的演講嘉賓斯特凡·安寧格。請繼續，先生。

Good morning, and welcome to Charter's third 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公司2021年第三季投資人電話會議。本次電話會議的簡報可在我們的網站 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 and also our 10-Q 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.

在繼續之前，我想提醒各位，我們在提交給美國證券交易委員會的文件中包含許多風險因素和其他警示性聲明，包括我們最新的 10-K 表格以及今天早上提交的 10-Q 表格。本次電話會議我們將不討論這些風險因素和其他警示性聲明。不過，我們建議您仔細閱讀。

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中就預期、預測、計畫和前景所作的各種評論構成前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與歷史結果或預期結果有所不同。任何前瞻性陳述僅反映管理階層目前的觀點，Charter 不承擔任何義務修改或更新此類陳述，也不承擔未來作出其他前瞻性陳述的義務。

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，我們將提及我們在獲利資料中定義和調整的非GAAP指標。Charter 定義的這些非 GAAP 指標可能與其他公司使用的類似名稱的指標不具有可比性。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.

今天的電話會議有：董事長兼執行長湯姆·拉特利奇；營運長克里斯·溫弗瑞；以及財務長傑西卡·費雪。

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

那麼，我們把電話交給湯姆吧。

Good morning, and thank you, Stefan. We performed well in the third quarter with good customer growth and very strong financial results. However, we're operating in an unusual environment where the market effects of COVID-19 have not yet normalized. Market churn remains historically low, such that net gains are being driven by much lower transaction activity.

早安，謝謝你，斯特凡。第三季我們表現出色，客戶成長良好，財務表現非常強勁。然而，我們目前所處的環境非常特殊，新冠疫情對市場的影響尚未恢復正常。市場週轉率仍處於歷史低點，因此淨收益主要由較低的交易活動推動。

Despite that, for the full quarter, we added 185,000 customer relationships, with customer growth of 3.3% year-over-year. We also added 265,000 Internet customers in the quarter and 1.3 million over the last year for a year-over-year growth of 4.4%.

儘管如此，本季我們新增了 185,000 個客戶關係，客戶年增 3.3%。本季我們新增了 26.5 萬網路用戶，去年同期新增了 130 萬網路用戶，較去年同期成長 4.4%。

We added 244,000 mobile lines. And supported by lower churn and a more tenured customer base, we grew our adjusted EBITDA by a strong 13.9% and our quarterly free cash flow by over $700 million year-over-year.

我們新增了24.4萬條行動線路。由於較低的客戶流失率和更穩定的客戶群，我們的調整後 EBITDA 實現了強勁的 13.9% 的增長，自由現金流同比增長超過 7 億美元。

Our view is that we have a long and robust runway of customer growth ahead of us. Today, our network passes over 54 million homes and businesses, and we're doing business with approximately 32 million of them, leaving us with over 20 million opportunities to create new customer relationships. There are also approximately 120 million mobile broadband lines in our footprint, and we're currently serving 3.2 million of those.

我們認為，未來我們將擁有長期且強勁的客戶成長前景。如今，我們的網路覆蓋超過 5,400 萬個家庭和企業，我們正在與其中約 3,200 萬個家庭和企業開展業務，這意味著我們還有超過 2,000 萬個機會來建立新的客戶關係。我們服務覆蓋區域內大約有 1.2 億條行動寬頻線路，目前我們正在為其中的 320 萬條線路提供服務。

We're currently very underpenetrated. We're looking forward -- looking forward, we remain focused on improving both the quality and value of our products as data usage in the home and outside the home continues to increase at a rapid pace.

我們目前的市場滲透率非常低。我們展望未來—展望未來，我們將繼續專注於提高我們產品的品質和價值，因為家庭內外的資料使用量將持續快速成長。

Earlier this month, we launched our new and highly attractive unlimited multiline pricing structure, which allows customers to save even more on their mobile bills.

本月初，我們推出了全新的、極具吸引力的無限流量多線定價方案，讓客戶在手機話費上節省更多。

Early next year, we will launch a field trial of our CBRS small cells in a full market area, allowing participants to attach to our CBS -- CBRS small cell access points when they are outside of WiFi coverage, providing our Spectrum Mobile customers with even faster speeds while improving the economics of our mobile business.

明年年初，我們將在完整的市場區域內啟動 CBRS 小型基地台的現場試驗，允許參與者在 WiFi 覆蓋範圍之外連接到我們的 CBS（CBRS）小型基地台接入點，從而為我們的 Spectrum Mobile 客戶提供更快的速度，同時改善我們行動業務的經濟效益。

We also continued to deliver improving wireline connectivity products. Today, over 70% of our Internet customers subscribe to tiers that provide 200 megabits or more of speed. And our new WiFi 6 routers and Spectrum WiFi pods managed by our Advanced Home WiFi platform in our My Spectrum app provide customers with complete home coverage and greater control of their home networks and connected devices.

我們也持續推出不斷改進的有線連接產品。如今，超過 70% 的網路用戶訂閱了速度為 200 兆位元或更高的套餐。我們全新的 WiFi 6 路由器和 Spectrum WiFi 擴展器，透過 My Spectrum 應用程式中的高級家庭 WiFi 平台進行管理，為客戶提供完整的家庭覆蓋範圍，並更好地控制其家庭網路和連接的設備。

As expected, we continue to see very high demand for data by our customers. During the quarter, nonvideo Internet customers used over 600 gigabytes per month, stable as of late, but more than 30% higher than pre-pandemic levels. And today, close to 20% of our nonvideo Internet customers use a terabyte or more of data per month.

正如預期的那樣，我們的客戶對數據的需求仍然非常高。本季度，非視訊網路用戶每月使用超過 600 GB 的流量，與近期的水平相比保持穩定，但比疫情前的水平高出 30% 以上。如今，我們近 20% 的非視訊網路使用者每月使用 1 TB 或更多的資料。

In order to increase the capacity and speed on 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.

為了提高我們網路的容量和速度，以支援下一代產品和服務，我們制定了一套多方面的網路演進方案，該方案包含多種技術，這些技術將在戰略和經濟上最合理的地方進行部署，以最低的成本和部署時間提供最快的速度和最低的延遲。

We continue to expand our capacity by splitting nodes, but we have a cost-effective approach to deliver multi-gigabit speeds in the downstream and a gigabit per second symmetrical speeds in both downstream and upstream directions, all using our deployed DOCSIS 3.1 platform.

我們透過拆分節點不斷擴大容量，但我們採用經濟高效的方式，利用我們部署的 DOCSIS 3.1 平台，在下行提供多千兆位元速度，在下行和上行方向均提供每秒千兆位元的對稱速度。

And high splits, which are currently being tested in market, not only allow for increased speeds in the near term, but are also a capital efficient way as they currently use deployed DOCSIS 3.1 customer premises equipment and reduce the need for node splits, which require an average consumer bandwidth utilization, which would acquire -- which were required as consumer bandwidth utilization increase. So what I'm saying there is that the high split actually uses the capital that was needed for node splits.

目前正在市場上進行測試的高分割不僅可以在短期內提高速度，而且是一種資本效率高的方式，因為它們目前使用已部署的 DOCSIS 3.1 用戶駐地設備，並減少了對節點分割的需求，而節點分割需要平均消費者頻寬利用率，這將導致——隨著消費者頻寬節點利用率的增加，這些節點分割是必需的。所以我的意思是，高拆分實際上使用了原本用於節點拆分的資金。

We also continue to actively develop our DOCSIS 4.0 technology plan architecture and rollout, which allows us to cost effectively and cost efficiently offer greater gigabit speeds in both the downstream and upstream.

我們也將繼續積極開發 DOCSIS 4.0 技術計畫架構和推廣，這使我們能夠以經濟高效的方式提供更高的下行和上行千兆速度。

And of course, we're already using fiber-to-the-home technology in a number of use cases across our footprint, including rural areas, such as our RDOF build and in MDUs and greenfield build areas where the economics make sense. Ultimately, our plant will be comprised of the most bandwidth-rich and cost-effective technologies, enabling us to deliver the fastest speeds in the industry in a more cost-efficient manner than competitors ubiquitously across 24 million passings and growing.

當然，我們已經在業務覆蓋範圍內的許多應用場景中使用了光纖到府技術，包括農村地區，例如我們的 RDOF 建設項目，以及經濟效益顯著的多戶住宅和新建住宅區。最終，我們的工廠將採用頻寬最豐富、成本效益最高的技術，使我們能夠以比競爭對手更具成本效益的方式，在 2,400 萬次及以上的用戶流量中，提供業內最快的速度。

So with our network and product capabilities, we remain confident in our ability to grow our customers penetration, EBITDA and free cash flow for many years to come.

因此，憑藉我們的網路和產品能力，我們仍然有信心在未來很多年內提高客戶滲透率、EBITDA 和自由現金流。

Before turning the call over to Chris, I want to make a few comments about our recently announced management changes and promotions. On October 19, we announced that John Bickham had been appointed Vice Chairman ahead of his previously announced retirement at the end of 2022. I've worked with John for 3 decades. And in every turn, his knowledge, leadership and steady hand had not only contributed greatly to the success of the companies we led, but made a profound impact on the growth of our industry. I'm grateful that John will continue to serve Charter in his new capacity as a strategic adviser to me and the executive team.

在將電話交給克里斯之前，我想就我們最近宣布的管理層變動和晉升發表幾點看法。10 月 19 日，我們宣布約翰·比克漢姆已被任命為副董事長，此前他已宣布將於 2022 年底退休。我和約翰共事了30年。在每一個環節，他的知識、領導能力和穩健的作風不僅極大地促進了我們所領導的公司的成功，而且對我們行業的蓬勃發展產生了深遠的影響。我很高興約翰將繼續以策略顧問的身份為我和執行團隊服務，為Charter公司做出貢獻。

We also recently announced that Chris Winfrey had been promoted Chief Operating Officer. Over the past 11 years, Chris' influence on Charter has expanded far beyond that of a typical CFO. He's been actively involved in all our business operations. And that deep knowledge, combined with his previous operational experience in Europe, will serve us well as Charter's next Chief Operating Officer. And John's guidance as Vice Chairman will help ensure a successful transition for Chris into the COO role.

我們最近也宣布，克里斯·溫弗瑞已晉升為營運長。在過去的 11 年裡，克里斯對 Charter 的影響力遠遠超出了普通財務長的範疇。他一直積極參與我們所有的業務運作。憑藉其深厚的知識，以及他之前在歐洲的營運經驗，他將非常適合擔任 Charter 的下一任營運長。約翰作為副董事長的指導將有助於確保克里斯順利過渡到營運長一職。

As Chris moves to COO, we've also promoted Jessica Fischer, previously Executive Vice President of Finance, to Chief Financial Officer. Jessica's leadership and financial expertise has benefited Charter for many years, both in her roles at Charter and while at E&Y, where she was a key adviser during our 2016 transactions. In her new role, Jessica will have an even greater impact on Charter's success.

隨著 Chris 升任營運官，我們也提拔了先前擔任財務執行副總裁的 Jessica Fischer 擔任財務長。多年來，傑西卡的領導能力和財務專業知識使Charter受益匪淺，無論是在Charter任職期間，還是在安永會計師事務所任職期間，她都是我們2016年交易的關鍵顧問。傑西卡在新職位上將對Charter的成功產生更大的影響。

Finally, Rich DiGeronimo, our Chief Product and Technology Officer, adds the oversight of network and software operations to his current responsibilities, leading the product and technology organization. With expanded responsibility, Rich will both shape the customer experience and lead our network's critical evolution into the 10G future, delivering to our customers a superior broadband connectivity experience.

最後，我們的首席產品和技術長 Rich DiGeronimo 在其現有職責的基礎上，又增加了對網路和軟體營運的監督，領導產品和技術部門。隨著職責範圍的擴大，Rich 將塑造客戶體驗，並引領我們的網路向 10G 未來進行關鍵性演進，為我們的客戶提供卓越的寬頻連接體驗。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Tom. I wanted to make a few comments about what we're seeing in the marketplace and briefly discuss our long-term market opportunity. Residential customer activity, particularly churn, has taken longer than we expected to return to normal levels. The overall lower level of market churn has reduced sales opportunities available to us. But interestingly, the value of net additions is even higher in this environment. We still maintain good continued customer growth.

謝謝你，湯姆。我想就我們目前在市場上看到的情況發表幾點看法，並簡要討論一下我們的長期市場機會。住宅客戶活動，尤其是客戶流失，恢復到正常水平所需的時間比我們預期的要長。市場整體波動性降低，減少了我們可獲得的銷售機會。但有趣的是，在這種環境下，淨增量的價值甚至更高。我們依然保持著良好的客戶持續成長。

Given that the start of Q4 feels similar to Q3, we now expect current year Internet net adds to look more like 2018 than 2019, as record low churn of every type has not offset the higher loss of selling opportunities from competitors' churn.

鑑於第四季的開局與第三季類似，我們現在預計今年網路淨新增用戶數將更接近 2018 年而不是 2019 年，因為各種類型的客戶流失率創歷史新低，但並未抵消競爭對手流失造成的銷售機會損失。

That lower overall transaction volume has exposed the high level of underlying EBITDA and cash flow growth that is normally masked by even higher unit growth. With fewer new customers than usual, we have a lower mix of customers on promotion, benefiting our customer relationship ARPU.

整體交易量的下降暴露了原本被更高的單位成長所掩蓋的較高水準的潛在 EBITDA 和現金流成長。由於新客戶數量比平常少，促銷客戶的比例也較低，這有利於我們的客戶關係 ARPU。

Additionally, the lower sales volume has driven lower expense and capital expenditures associated with sales and installation, lower upfront provisioning costs and fewer service calls and truck rolls, which are more frequent with newer customers.

此外，較低的銷售量也導致與銷售和安裝相關的費用和資本支出減少，前期配置成本降低，服務電話和上門服務次數減少，而這些服務在新客戶中更為頻繁。

Ultimately, market churn will return, driving more sales opportunities and a return to normal net addition environment for Charter. As that happens, we would expect a reversal of some of the transactional financial benefits I mentioned a moment ago. We thought that would happen by the summer of this year, but it hasn't happened quite yet.

最終，市場波動將會回歸，從而帶來更多銷售機會，並使 Charter 的淨新增業務環境恢復正常。隨著這種情況的發生，我們預計我剛才提到的一些交易性財務收益將會逆轉。我們原以為今年夏天就能實現，但至今仍沒有實現。

Lower transactions have lowered costs. And at the same time, our cost per existing customer relationship continues to get better. Our service model drives lower service calls and truck rolls, with nearly 100% insourcing of our call centers now, improving tools for our employees and increasing customer usage of our digital and automated platforms. The service, churn and expense benefits of those initiatives will continue for years.

交易量減少，成本也隨之降低。同時，我們維護現有客戶關係的成本也不斷降低。我們的服務模式減少了服務電話和上門服務次數，目前我們的呼叫中心幾乎 100% 都實現了內部運營，這改善了員工的工具，並提高了客戶對我們數位化和自動化平台的使用率。這些措施帶來的服務、客戶流失和成本降低的優勢將持續多年。

We've also continued to invest in our product, marketing, sales capabilities, and our yield, or close rate, has been growing, albeit on lower sales traffic. And we continue to grow Internet customers across our footprint, regardless of the competitive technology or infrastructure.

我們也持續投資於產品、行銷和銷售能力，儘管銷售流量下降，但我們的收益率（或成交率）一直在成長。無論競爭的技術或基礎設施如何，我們都將繼續在我們業務覆蓋範圍內發展互聯網客戶。

Earlier this month, we announced new mobile multiline pricing designed to drive new mobile relationships, more lines per relationship and ultimately stimulate overall market movement and sales opportunities for all of our products, including Internet.

本月初，我們宣布了新的行動多線路定價策略，旨在推動新的行動客戶關係，增加每個客戶關係的線路數量，並最終刺激包括互聯網在內的所有產品的整體市場發展和銷售機會。

Mobile and wireline broadband are converging into a single connectivity service package, and we offer the nation's fastest overall mobile service, combined with our WiFi and best mobile pricing, which offers unlimited service for just $29.99 per line per month when households have 2 or more lines.

行動寬頻和有線寬頻正在融合為單一的連線服務套餐，我們提供全國最快的行動服務，結合我們的 WiFi 和最優惠的行動價格，當一個家庭擁有 2 條或更多線路時，每條線路每月只需 29.99 美元即可享受無限量服務。

An average household served by the big 3 mobile broadband competitors with 2 lines of mobile broadband and wireline broadband spends approximately $200 per month on its telecom services. With our pricing and packaging, a Spectrum customer can purchase our Internet product and 2 lines of our unlimited mobile product with faster service for nearly 50% less, and with more lines means more savings. And customers can also combine By the Gig rate plans for $14 per gig with one or more unlimited lines to take advantage of the new $29.99 unlimited line pricing.

使用三大行動寬頻業者提供的服務，擁有兩條行動寬頻線路和一條有線寬頻線路的普通家庭，每月在電信服務上的花費約為 200 美元。透過我們的定價和套餐，Spectrum 的客戶可以以近 50% 的價格購買我們的網路產品和 2 條無限流量的行動產品線路，享受更快的服務，而且線路越多，節省越多。客戶還可以將每 GB 14 美元的按流量計費套餐與一條或多條無限流量線路組合使用，以享受新的 29.99 美元無限流量線路定價。

Today, we have roughly 2 million of our 54 million passing subscribed to this converged connectivity service. So as Tom mentioned, we have a very long runway for customer and market share growth created by an ability to save customers hundreds or even thousands of dollars per year with better product capabilities and service.

目前，在我們5,400萬過境用戶中，約有200萬人訂閱了這項融合連結服務。正如湯姆所提到的那樣，憑藉更好的產品功能和服務，我們每年可以為客戶節省數百甚至數千美元，為客戶和市場份額的成長創造了非常長的空間。

As Tom mentioned, Jessica has been promoted to CFO. I've had the opportunity to work with Jessica for over 10 years, 5 years while she was a partner at E&Y advising us, including on the structure of the Time Warner Cable and Bright House transactions. In the past 5 years she's been at Charter, she's steadily grown her responsibilities from initially overseeing tax and treasury to adding procurement, internal audit, investor relations and acquisitions and capital markets activities, all of which has prepared her to take over the CFO role.

正如湯姆所提到的，傑西卡已被提拔為財務長。我有幸與傑西卡共事超過 10 年，其中 5 年她是安永會計師事務所的合夥人，為我們提供諮詢服務，包括時代華納有線電視和 Bright House 交易的結構設計。在她加入 Charter 的 5 年裡，她的職責穩步增加，從最初負責稅務和財務，到後來負責採購、內部審計、投資者關係以及收購和資本市場活動，所有這些都為她擔任首席財務官一職做好了準備。

Now I'll turn the call over to Jessica to cover our Q3 results in more detail.

現在我將把電話交給傑西卡，讓她更詳細地介紹我們第三季的業績。

Thanks, Chris. Now let's turn to our results on Slide 5. We will continue to reference the COVID schedules we provided last year and included again on Slides 17 and 18 of today's presentation to help with year-over-year financial comparisons.

謝謝你，克里斯。現在讓我們來看看投影片 5 上的結果。我們將繼續參考去年提供的 COVID 時間表，這些時間表也再次出現在今天簡報的幻燈片 17 和 18 中，以幫助進行同比財務比較。

We grew total residential and SMB customer relationships by 185,000 in the third quarter and by 1 million in the last 12 months. Including residential and SMB, we grew our Internet customers by 265,000 in the quarter and by 1.3 million or 4.4% over the last 12 months.

第三季度，我們的住宅和中小企業客戶總數增加了 185,000 個；過去 12 個月，我們的住宅和中小企業客戶總數增加了 100 萬個。包括住宅用戶和中小企業用戶在內，本季我們的網路用戶增加了 26.5 萬，過去 12 個月增加了 130 萬，增幅達 4.4%。

Video declined by 121,000 in the third quarter. Wireline voice declined by 216,000, and we added 244,000 mobile lines in the quarter. As of the end of the quarter, we had 3.2 million mobile lines.

第三季影片觀看量減少了12.1萬。本季固話用戶減少了 21.6 萬，行動線路用戶增加了 24.4 萬。截至本季末，我們擁有 320 萬條行動線路。

Despite the lower number of selling opportunities from cable sales, we continue to drive mobile growth with our high-quality, attractively priced service, rather than using device subsidies.

儘管有線電視銷售帶來的銷售機會減少，但我們仍依靠高品質、價格優惠的服務來推動行動業務成長，而不是依靠設備補貼。

Moving to our financial results, starting on Slide 6. Over the last year, we grew total residential customers by over 900,000 or 3.2%. Residential revenue per customer relationship increased by 5.6% year-over-year given last year's third quarter residential revenue adjustment of $218 million for sports network credits that we provided to video customers, as well as promotional rate step-ups, video rate adjustments that pass through programmer rate increases and a greater mix of longer tenured customers.

接下來是我們的財務業績，從第 6 張投影片開始。在過去一年中，我們的住宅用戶總數增加了 90 多萬，增幅達 3.2%。由於去年第三季住宅收入調整了 2.18 億美元（用於向視頻客戶提供體育網絡抵扣），以及促銷價格上漲、視頻價格調整（透過節目製作商價格上漲轉嫁）和老客戶比例增加，每個客戶關係的住宅收入同比增長了 5.6%。

Those were partially offset by the same bundle and mix trends we have seen over the past year, including a higher mix of nonvideo customers and a higher mix of Choice, Essentials and Stream customers within our video base.

這些影響部分被過去一年我們看到的捆綁和組合趨勢所抵消，包括非視訊客戶比例的增加，以及視訊客戶群中 Choice、Essentials 和 Stream 客戶比例的增加。

Keep in mind that our residential ARPU does not reflect any mobile revenue. As Slide 6 shows, residential revenue grew by 9.4% year-over-year, reflecting customer relationship growth and last year's COVID impacts.

請注意，我們的住宅用戶平均收入不包含任何行動收入。如投影片 6 所示，住宅收入年增 9.4%，反映了客戶關係的成長和去年新冠疫情的影響。

Turning to commercial. SMB revenue grew by 7.5%. This growth rate reflects COVID-related impacts of $11 million that negatively impacted the third quarter of 2020. Excluding this impact from last year, SMB revenue grew by 6.3%, faster than the second quarter growth when making the same COVID-related adjustment.

轉向商業用途。中小企業收入成長7.5%。這一成長率反映了 COVID-19 疫情對 2020 年第三季造成的 1,100 萬美元的負面影響。剔除去年同期的影響，中小企業收入成長了 6.3%，高於第二季度在進行同樣的 COVID 相關調整後的成長率。

Enterprise revenue was up 6.4% year-over-year and included some onetime fees, which were a benefit in this quarter. Excluding the benefit from this year, enterprise revenue grew by 3.8% and by 6.5% when additionally excluding all wholesale revenue. Enterprise PSUs grew by 4.5% year-over-year.

企業收入年增 6.4%，其中包括一些一次性費用，這對本季來說是一個利好。剔除今年的利多因素，企業收入成長了 3.8%；如果再剔除所有批發收入，則成長了 6.5%。企業級電源單元年增 4.5%。

Third quarter advertising revenue declined 15.1% year-over-year primarily due to less political revenue in 2021, partially offset by COVID impacts last year. When compared to the third quarter of 2019, advertising revenue declined by 0.8% primarily due to local ad revenue, particularly auto, mostly offset by our growing advanced advertising capabilities. Excluding auto, the third quarter advertising grew by 8% over the third quarter of 2019.

第三季廣告收入較去年同期下降 15.1%，主要原因是 2021 年政治收入減少，部分被去年新冠疫情的影響所抵銷。與 2019 年第三季相比，廣告收入下降了 0.8%，主要是由於本地廣告收入（尤其是汽車廣告）下降，但這一降幅基本上被我們不斷增強的高級廣告能力所抵消。剔除汽車產業，第三季廣告收入比 2019 年第三季成長了 8%。

Mobile revenue totaled $535 million, with $201 million of that revenue being device revenue, and other revenue grew by 6.5% year-over-year. In total, consolidated third quarter revenue was up 9.2% year-over-year.

行動業務收入總計 5.35 億美元，其中設備收入為 2.01 億美元，其他收入年增 6.5%。第三季綜合營收年增 9.2%。

Moving to operating expenses on Slide 7. In Q3, total operating expenses grew by $460 million or 6.2% year-over-year. Similar to revenue, the year-over-year operating expense growth rate is elevated due to 2020 COVID effects.

接下來是第 7 張投影片中的營運費用。第三季度，總營運費用年增 4.6 億美元，增幅為 6.2%。與收入類似，由於 2020 年新冠疫情的影響，年比營運費用成長率也較高。

Programming increased 9.4% year-over-year due to last year's third quarter benefit of $163 million related to sports network rebates and higher programming rates. These factors were partially offset by a higher mix of lighter video packages, such as Choice, Essentials and Stream.

由於去年第三季體育網絡回饋和節目製作費率提高，節目製作費用年增 9.4%。這些因素部分被較多的輕量級影片套餐（如 Choice、Essentials 和 Stream）所抵消。

Regulatory connectivity and produced content grew by 3.5% primarily driven by higher regulatory and franchise fees and video CPE sold to customers.

監管連接和製作內容增長了 3.5%，主要原因是監管和特許經營費用增加以及向客戶銷售的視訊 CPE。

Cost to service customers were essentially flat year-over-year compared to 3.3% customer relationship growth. Excluding bad debt, cost to service customers declined by 2.8% year-over-year, and that's despite a higher number of customers and outsized hourly wage increases that we put through earlier this year. Bad debt was higher by $47 million year-over-year, but still nearly $75 million lower when compared to the third quarter of 2019.

與客戶關係成長 3.3% 相比，客戶服務成本基本持平。剔除壞帳後，客戶服務成本年減了 2.8%，儘管客戶數量增加，而且我們在今年稍早大幅提高了時薪。壞帳年增了 4,700 萬美元，但與 2019 年第三季相比，仍減少了近 7,500 萬美元。

Marketing expenses were also flat year-over-year primarily driven by the lower sales environment. Mobile expenses totaled $607 million and were comprised of mobile device cost tied to device revenue, customer acquisition and service and operating costs.

受銷售環境低迷的影響，行銷費用也與前一年持平。行動支出總計 6.07 億美元，包括與設備收入相關的行動裝置成本、客戶獲取和服務營運成本。

And other expenses grew by 3.8% driven primarily by higher corporate costs, partially offset by lower advertising sales expense year-over-year given the absence of political revenue this year. Adjusted EBITDA grew by 13.9% in the quarter.

其他支出成長了 3.8%，主要原因是企業成本上升，但由於今年沒有政治收入，廣告銷售支出較去年同期下降，部分抵銷了這一成長。本季調整後 EBITDA 成長了 13.9%。

Turning to net income on Slide 8. We generated $1.2 billion of net income attributable to Charter shareholders in the third quarter versus $814 million last year. The year-over-year increase was driven by higher adjusted EBITDA.

接下來看投影片 8 的淨收入。第三季度，我們實現了歸屬於 Charter 股東的 12 億美元淨收入，而去年同期為 8.14 億美元。年成長主要得益於調整後 EBITDA 的提高。

Turning to Slide 9. Capital expenditures totaled $1.9 billion in the third quarter, below last year's third quarter spend of $2 billion driven by lower scalable infrastructure spend primarily due to a stabilized level of network traffic growth and investments made earlier this year, a decrease in line extension spend driven by housing build delays due to supply chain constraints in the housing industry and lower support capital primarily due to timing.

翻到第 9 張投影片。第三季資本支出總額為 19 億美元，低於去年第三季的 20 億美元，主要原因是可擴展基礎設施支出減少，這主要是由於網路流量成長趨於穩定以及今年早些時候的投資；線路延伸支出減少，這是由於住房行業的供應鏈限制導致住房建設延誤；以及支持性資本減少，這主要是由於時間安排。

We spent $119 million on mobile-related CapEx this quarter, which is mostly accounted for in support capital and was driven by investments in back-office systems and mobile store build-out.

本季我們在行動相關資本支出上花費了 1.19 億美元，其中大部分用於支持性資本，主要投資於後台系統和行動商店建設。

For the full year 2021, we expect cable capital expenditures to be relatively consistent as a percentage of cable revenue versus 2020.

我們預計 2021 年全年有線電視資本支出佔有有線電視收入的比例將與 2020 年保持相對穩定。

As Slide 10 shows, we generated nearly $2.5 billion of consolidated free cash flow this quarter, an increase of $722 million or 41.2% year-over-year. We finished the quarter with $87.9 billion in debt principal.

如投影片 10 所示，本季我們產生了近 25 億美元的合併自由現金流，比去年同期增加了 7.22 億美元，增幅達 41.2%。本季末，我們的債務本金為 879 億美元。

Our current run rate annualized cash interest pro forma for financing activity completed in October is $4.1 billion.

我們目前按年計算的10月份融資活動現金利息為41億美元。

As of the end of the third quarter, our net debt to last 12-month adjusted EBITDA was 4.32x. We intend to stay at or just below the high end of our 4 to 4.5x leverage range.

截至第三季末，我們的淨債務與過去 12 個月調整後的 EBITDA 比率為 4.32 倍。我們打算將槓桿倍數保持在 4 倍至 4.5 倍範圍的上限或略低於上限。

During the quarter, we repurchased 5.3 million Charter shares and Charter Holdings common units, totaling about $4 billion at an average price of $753 per share. Year-to-date, we purchased $12 billion of our stock and common units, and since September of 2016, we have repurchased $51.4 billion or 37.5% of Charter's equity at an average price of $436 per share.

本季度，我們回購了 530 萬股 Charter 股票和 Charter Holdings 普通股，總計約 40 億美元，平均價格為每股 753 美元。今年迄今為止，我們已回購了價值 120 億美元的股票和普通股單位；自 2016 年 9 月以來，我們已回購了價值 514 億美元或 Charter 公司 37.5% 的股權，平均每股價格為 436 美元。

Our results show that even in this unusual environment, our flexible and robust business and service model, which benefits economically from lower customer transaction activity, still drives outstanding EBITDA and free cash flow. Coupling that with our unique balance sheet structure and a proven capital allocation strategy, we will continue to produce shareholder value for years to come.

我們的結果表明，即使在這種不尋常的環境下，我們靈活穩健的業務和服務模式，在客戶交易活動減少的情況下仍能帶來經濟效益，並推動出色的 EBITDA 和自由現金流。結合我們獨特的資產負債表結構和行之有效的資本配置策略，我們將繼續在未來幾年為股東創造價值。

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

操作員，我們現在可以進入問答環節了。

(Operator Instructions) Your first question comes from Vijay Jayant with Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Vijay Jayant。

Just wanted to sort of unpack, obviously, some of the trends on broadband. There's some sense out there that some of this could be competition. Is there any way you can talk about what you're seeing in the marketplace from fiber or fixed wireless in any sense?

我只是想大致分析一下寬頻領域的一些發展趨勢。外界普遍認為，這其中可能存在競爭關係。您能否就光纖或固定無線網路方面的市場狀況談談您的看法？

And then a question on -- for Tom really on your CapEx comments this morning. It looks like you're going to deploy high split, and that will probably reduce the need of doing node splits going forward.

然後，我想問一個問題——湯姆，關於你今天早上對資本支出的評論。看起來你們打算部署高拆分架構，這可能會減少未來進行節點拆分的需要。

Can you sort of talk about broadly the cost impact of that shift in strategy if you sort of go down that path? Does it sort of bring forward some CapEx, while the total CapEx does not really change over the long term? Is that really the message?

能否大致談談如果採取這種策略轉變，會對成本產生哪些影響？這是否會提前產生一些資本支出，而長期來看，總資本支出實際上並不會改變？這就是你想傳達的訊息嗎？

Let me start with the high split question first. And we are deploying it in market to see how it works and how it actually works in the real world. But our sense of it is that you get symmetrical gigabit speeds out of it, but you also get the augmentation capacity that we've been spending capital on for years, as average consumer growth and usage of data continues to increase.

我先從高分的問題開始回答。我們正在市場上部署這項技術，看看它在現實世界中實際效果如何。但我們的感覺是，它不僅能提供對稱的千兆速度，還能提供我們多年來一直在投入資金的增強容量，因為普通消費者的成長和數據使用量持續增加。

And so when you take the actual capital and net that against it, it becomes a very low cost of incremental capital and, at the same time, becomes operationally a lot more capable in terms of the products that you can deliver on the network.

因此，當你把實際資本與它相抵後，你會發現增量資本成本非常低，同時，在網路上能夠交付的產品方面，營運能力也大大增強。

So we think it's a very capital efficient way of upgrading the network and maintaining our superiority from a competitive point of view everywhere we operate.

因此，我們認為這是一種非常節約資金的網路升級方式，可以從競爭角度保持我們在所有營運區域的優勢地位。

The -- in terms of how we're doing in the marketplace and what the competitive environment is like, the competitive environment is similar to what it's been. And when we look at the effects of the marketplace in terms of net adds and in the churn environment we're in, we're seeing the same effect where there are no wireline competitors as we do with wireline competitors in terms of net adds proportionately to, say, 2019.

就我們在市場上的表現以及競爭環境而言，目前的競爭環境與以往類似。當我們從淨新增用戶和當前客戶流失環境的角度來審視市場的影響時，我們發現，在沒有固網競爭對手的情況下，淨新增用戶數量與有固網競爭對手的情況相比，與 2019 年相比，其影響是相同的。

And so we're seeing that the competitive environment doesn't appear to be significantly different than it has been. It's always been a competitive environment, and that the effects of lower activity are throughout the marketplace, regardless of what the infrastructure we're competing against is.

因此，我們看到競爭環境似乎與以往並沒有顯著不同。市場競爭一直都很激烈，無論我們面對的是怎樣的競爭環境，市場活動減少都會對整個市場產生影響。

Your next question is from Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的本·斯溫伯恩。

And congratulations, Chris and Jessica, on the promotions. I want to ask questions similar to Vijay's if you don't mind. I guess 2 of them. One is, you guys are obviously describing an environment that is impacting net adds tied to activity, but the market is focused on competition.

恭喜克里斯和潔西卡榮升！如果您不介意的話，我想問一些和Vijay類似的問題。我猜是其中兩個。一方面，你們顯然是在描述一個影響與活動相關的淨新增數量的環境，但市場關注的是競爭。

If we were to look at markets that Charter operates in with fiber competition, I know AT&T has been adding fiber for a number of years, would we see a dramatically different business in terms of penetration and ARPU and even kind of pricing strategy than if we looked at Charter's footprint in DSL markets? I think that'd be a helpful framework to think about this.

如果我們檢視Charter在光纖競爭激烈的市場中所經營的情況（我知道AT&T多年來一直在增加光纖），那麼在市場滲透率、ARPU值甚至定價策略方面，我們會看到與Charter在DSL市場中的業務規模截然不同的情況嗎？我認為這是一個有助於思考這個問題的框架。

And then number two is on the network, again, sort of following Vijay's line of thought. And Chris, be interested in your perspective given your European experience. We're seeing some cable companies in Europe essentially skip DOCSIS 4.0 and go fiber. I know there's major structural differences there versus here.

然後，第二名也在網路上，同樣，有點像是沿著 Vijay 的思路走。克里斯，鑑於你的歐洲經歷，我很想聽聽你的看法。我們看到歐洲的一些有線電視公司基本上跳過了 DOCSIS 4.0，直接採用光纖。我知道那裡的結構與這裡有很大的不同。

But I'm just wondering if there's any thought in your head about where fiber might make sense or what would cause you to move towards fiber-to-the-home versus 4.0 and extended spectrum DOCSIS, which seems to be your sort of Plan A right now. Anyway, I would love to hear your thoughts on those 2.

但我只是想知道，您腦海中是否有過關於光纖在哪些情況下可能適用，或者是什麼原因促使您轉向光纖到戶而不是 4.0 和擴展頻譜 DOCSIS 的想法，後者似乎是您目前的首選方案。總之，我很想聽聽你對這兩件事的看法。

Well, I would just -- I would say that in fiber markets versus DSL markets, that our business model works pretty much the same way. And there are slight variations in penetration everywhere we operate for a variety of reasons, but they're very similar businesses, and our growth rates are similar structurally.

嗯，我想說的是，在光纖市場和DSL市場，我們的商業模式運作方式基本上都一樣。由於各種原因，我們在各地的市場滲透率略有不同，但它們的業務非常相似，而且我們的成長率在結構上也相似。

So we've been able to grow market share in every environment we operate in pretty much in terms of facilities based competition for a variety of reasons. It's not just capacity in every case. It's sometimes service, sometimes the overall product mix, including the mobile piece of it. So we've found ways to make our product work, regardless of the operating environment.

因此，由於各種原因，我們在幾乎所有營運環境中，尤其是在設施競爭方面，都能夠擴大市場份額。並非在所有情況下都只是容量問題。有時是服務，有時是整體產品組合，包括移動部分。因此，我們找到了使我們的產品無論在何種運作環境下都能正常運作的方法。

The difference between Europe and the U.S., they're completely different densities, and we do fiber to the home today in rural environments, often in MDU environments and on the increment where we're doing greenfield. But the capabilities of the DOCSIS 3.1 network really has a very long runway, which is what Tom has mentioned at an extremely low capital cost.

歐洲和美國之間的差異在於，它們的密度完全不同，我們現在在農村地區，通常是在多用戶住宅 (MDU) 環境中，以及我們正在建造的全新區域，提供光纖到府服務。但 DOCSIS 3.1 網路的功能確實還有很長的發展空間，正如 Tom 所提到的，它所需的資本成本非常低。

And then it provides all kinds of opportunity, including picking over time how you attack with DOCSIS 4.0 and fiber to the home. But we have a really capital-efficient path that doesn't -- that means that we don't have to go down that same path. And a lot of the difference here is, I think, driven more by density than anything else.

然後，它提供了各種各樣的機會，包括隨著時間的推移，選擇如何利用 DOCSIS 4.0 和光纖到戶進行攻擊。但我們有一條真正資本效率高的道路，那就是——這意味著我們不必走同樣的路。我認為，造成這種差異的主要原因是密度，而不是其他因素。

Density and conduits and the way markets are built, it's a much different environment here. But the reality is that we can upgrade our network at way less than it cost to build a fiber platform over top of it.

這裡的環境截然不同，無論是人口密度、交通通路或市場建設方式都大不相同。但現實情況是，升級現有網路的成本遠低於在其上建立光纖平台的成本。

And fiber works for us on the increment in RDOF, it works for us in certain kinds of MDU environments, certain kinds of greenfield new construction environments.

光纖可以提高我們的 RDOF，它在某些類型的 MDU 環境中，以及某些類型的全新建築環境中，都能為我們帶來效益。

But in terms of taking existing infrastructure that we've already deployed in 0.75 million miles of infrastructure essentially, that we can upgrade at very low costs -- orders of magnitude less than it costs to build fiber and get equal performance.

但是就利用我們已經部署的現有基礎設施而言，我們基本上可以以非常低的成本進行升級——比建造光纖的成本低幾個數量級，並且能夠獲得相同的性能。

In most cases faster.

大多數情況下速度更快。

Yes, and do it quickly.

是的，而且要快點。

Your next question is from Kutgun Maral with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的庫特根·馬拉爾。

I was hoping for more color on residential ARPU trends. The quarter came in strong, even when backing out the COVID comps against last year. I know this was partly related to the June rate event, but you also noted benefits from a more favorable customer mix given how low churn has been.

我原本希望看到更多關於住宅ARPU趨勢的色彩分析。即使剔除受新冠疫情影響的去年同期數據，本季業績依然強勁。我知道這部分與六月的費率變動有關，但您也提到，由於客戶流失率很低，更有利的客戶組合也帶來了好處。

I guess, given your commentary on 2021 net adds looking more like 2018, should we assume these positive ARPU trends could continue not only into the fourth quarter, but also into early 2022?

鑑於您對 2021 年新增淨用戶數更接近 2018 年的評論，我們是否應該假設這些積極的 ARPU 趨勢不僅會持續到第四季度，還會持續到 2022 年初？

It's just I assume that even if market activity picks up, it would likely take a few quarters to reverse some of this tailwind in your overall subscriber mix, but would appreciate your perspectives.

我只是認為，即使市場活動回暖，也可能需要幾個季度才能扭轉整體用戶結構中的這種利好因素，但我很想聽聽您的看法。

Yes. So first, I would point you back to the churn in the COVID picture that there is a big piece of the year-over-year ARPU increase that's related to the revenue credits in Q3 of last year.

是的。首先，我想指出 COVID-19 疫情帶來的巨大波動，其中很大一部分比去年同期 ARPU 成長與去年第三季的營收抵免有關。

But I do think you pointed out something. The lower churn environment benefits us in a large number of ways, and one of those is on the ARPU side. The longer that a customer stays with us, you have more customers who sort of roll off of promotional packages and, therefore, roll into higher pricing packages. And as we have sort of a low churn environment where you have additional longer tenured customers, we do see some impact on ARPU from that.

但我確實認為你指出了某些問題。較低的客戶流失率環境對我們有許多好處，其中之一就是 ARPU（每位用戶平均收入）。客戶在我們這裡停留的時間越長，就會有更多的客戶從促銷套餐過渡到價格更高的套餐。由於我們擁有相對較低的客戶流失率，且客戶留存時間較長，因此我們確實看到這對 ARPU 產生了一定的影響。

The other piece that's in there that you pointed out is the additional programmers sort of pass-through costs that we pushed at the end of the quarter.

你指出的另一部分是我們在季度末提出的額外程式設計師的轉嫁成本。

So there's a mix of the 3. There will, I think, if we continue to be in the low churn environment continue to be some ARPU impact just as having longer tenured customers in the system.

所以這三者兼具。我認為，如果我們繼續處於低流失率的環境中，就像系統中擁有更多長期客戶一樣，ARPU 也會繼續受到一些影響。

And the financial results of having those customers in the system for longer really are very good, both on the revenue and the transaction side, which is some of what you see in the overall financial results for the quarter.

讓這些客戶在系統中停留更長時間所帶來的財務結果確實非常好，無論是在收入方面還是交易方面，這些都是你在本季度整體財務表現中看到的一部分。

I would just add to that, that if you think about it from a return on investment perspective, every customer you add in a low churn environment is more valuable than a customer you add in a higher churn environment because the average life of the customer is longer. Therefore, the total cash flow of the customer is longer, and the cost to serve the passing from a transaction cost perspective is less.

我還要補充一點，從投資回報率的角度來看，在客戶流失率低的環境下增加的每個客戶都比在客戶流失率高的環境下增加的每個客戶更有價值，因為客戶的平均生命週期更長。因此，客戶的總現金流週期更長，從交易成本的角度來看，服務過境的成本更低。

So it's, from a financial point of view, a slower growth environment related to churn being reduced is actually economically positive from an ROI perspective.

因此，從財務角度來看，與客戶流失率降低相關的成長放緩環境，實際上從投資回報率的角度來看是正面的。

Your next question is from Phil Cusick with JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

Follow-up and a question and echo my congratulations to Chris, Jessica and Rich. It's well deserved. First, on Vijay's question, you said that adds are more valuable, I think, Chris. Does that mean you're seeing something similar to Comcast in a slower low-end customer and consistent high end? And any thoughts on whether wireless fixed or mobile might be pulling more of that low end in?

後續問題，並再次向克里斯、潔西卡和里奇表示祝賀。這是他應得的。首先，關於 Vijay 的問題，你說過廣告更有價值，我想是這樣的，Chris。這是否意味著您發現的情況與 Comcast 類似，即低端客戶速度較慢，而高端客戶速度穩定？那麼，您認為無線固定網路或行動網路是否會吸引更多低階用戶？

And then Tom, can you expand on your CBRS trial comments? How wide a trial is this? How many sites? Anything you can help us with there?

湯姆，你能否詳細談談你對 CBRS 試驗的評論？這次審判的範圍有多廣？有多少個站點？那邊有什麼你能幫我們的嗎？

I'll do a quick answer on the CBRS. It's an entire DMA market test, thousands of sites because they're pole mounted sites, small cells relatively speaking. I don't know the exact number, but it's an entire DMA.

我來簡單回答一下關於CBRS的問題。這是一次完整的DMA市場測試，涉及數千個站點，因為它們是桿式安裝站點，相對而言是小型基地台。我不知道確切的數字，但那是一個完整的DMA區域。

In terms of customer mix acquisition, it's true that the programs that we put in place in the midst of COVID last year, whether it was the remote education offer or the way that we worked with customers where the Keep Americans Connected credit meant that both from a sales as well as from a retention perspective, there was a locking in or securing the lower income population.

就客戶組合獲取而言，去年我們在新冠疫情期間實施的各項計劃，無論是遠距教育方案，還是我們與客戶合作的方式（例如「保持美國人互聯互通」信貸計劃），都確實從銷售和客戶留存的角度鎖定了低收入人群。

And bringing them on as Charter customers, we're really pleased that we did it. So is that a pull forward? Maybe. That took place last year, but that doesn't mean that we haven't stopped -- that we stopped marketing and selling into that base.

我們很高興能讓他們成為 Charter 的客戶。所以這是向前推進嗎？或許。這件事發生在去年，但這並不意味著我們沒有停止——沒有停止向該群體進行行銷和銷售。

We've been an active participant in the emergency broadband fund. I wouldn't say that it's created in the third quarter any incremental acquisition. Vast majorities come into that program through our existing subscribers, but we're utilizing that federal program to make sure that we service that community and continue to actively market, sell and service into the space.

我們一直積極參與緊急寬頻基金專案。我不會說第三季出現了任何新增收購。絕大多數用戶都是透過我們現有的訂閱用戶加入該計劃的，但我們正在利用這項聯邦計劃來確保我們能夠服務於該群體，並繼續積極地向該領域進行市場推廣、銷售和服務。

But your point is true. There was certainly a lot of people who had been on wireless substitution in the past or had affordability issues that, through the things that we did cooperating with the federal government, we were able to get them to proper broadband.

但你的觀點是對的。過去確實有許多人使用無線替代方案，或面臨經濟困難，但透過我們與聯邦政府合作所採取的措施，我們能夠讓他們獲得合適的寬頻服務。

And we benefited from that last year. We've managed to keep those customers through the course of this year, but the same level of inflow of sales a little lower.

去年我們從中受益匪淺。今年我們成功地留住了這些客戶，但銷售額略有下降。

That contributes to the lower churn environment as well.

這也有助於降低客戶流失率。

Correct. Yes.

正確的。是的。

Your next question is from Craig Moffett with MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 Craig Moffett。

And let me join the parade of all the congratulations to Jessica and to Chris and to Rich and to John.

我也要加入到祝賀潔西卡、克里斯、里奇和約翰的行列中來。

So 2 questions if I could. First, just digging into the broadband dynamics one more time. In this low churn environment, have you seen any change in the share of gross additions that you're winning?

如果可以的話，我想問兩個問題。首先，讓我們再深入探討寬頻動態。在這種低流失率的環境下，您是否發現新增使用者佔比有任何變化？

So my understanding is the gross addition pool is clearly suppressed by low churn, but has there been any change in your win share as far as you can tell among what's left in gross additions?

所以我的理解是，由於流失率低，新增用戶池明顯受到抑制，但就您所知，在剩餘的新增用戶中，您的贏單份額是否有任何變化？

And then as you think about the upcoming CBRS offload trial, what's your expected offload? What's your target for how much of the -- what would otherwise go over the cellular contract with Verizon that you think you can offload onto the CBRS small cells?

那麼，在考慮即將到來的 CBRS 卸載試驗時，您預期的卸載量是多少？你的目標是把原本要超出與 Verizon 簽訂的蜂窩網路合約的部分，轉移到 CBRS 小型基地台？

So on the first part of your question on the broadband growth, are you talking about new construction growth?

那麼，關於您問題的第一部分—寬頻成長，您指的是新建寬頻的成長嗎？

No. Just in the smaller gross addition pool that's available given that customers are just moving less and churning less. But in that smaller pool that's available, do you have any sense that your share of wins has changed at all?

不。由於客戶流動率和流失率降低，新增客戶數量也相應減少。但是，在可參與的較小範圍內，你覺得你的勝率有任何改變嗎？

So...

所以...

Go ahead.

前進。

Yes. Jessica here. We've seen that in the sales that do come in the door that yields are actually going up, so the number of sales that come in the door that we're able to close and convert to customers has been increasing. I haven't looked at it exactly in the [course].

是的。我是傑西卡。我們發現，實際到店的銷售額正在上升，也就是說，我們能夠成交並轉換為客戶的銷售額一直在增加。我沒有在課程中仔細研究過這個問題。

Yes. That's -- our share of activity is actually higher from the activity that we see in front of us, so our ability to attach mobile units to a transaction is going up. There's just less of them.

是的。也就是說，我們實際的活動份額比我們看到的活動份額要高，因此我們將行動單元連接到交易的能力正在提高。數量確實少了。

And -- but no, in terms of -- I don't see really a change or a shift of any material way that I can see in the numbers in terms of our acquisition share.

但是，就收購份額而言，我並沒有看到任何實質的變化或轉變。

Our churn is down in all types of markets, with all types of infrastructure that we operate in front of. And our gross adds are down proportionately inside all of those same footprints.

在我們營運的所有類型的市場和所有類型的基礎設施中，我們的客戶流失率都下降了。而且，在所有這些相同的區域內，我們的新增用戶數量也相應下降。

So there isn't any incremental change in any material way in gross adds based on the footprint in which we operate. It's just lower transaction volume taking place across the entire board.

因此，根據我們營運的範圍，總新增數量並沒有任何實質的增量變化。整體交易量都在下降。

And so it sounds a lot like what you're describing is just that a low mobility and low household formation market.

所以聽起來很像你所描述的，就是一個流動性低、家庭組成率低的市場。

That's true, and how that unwinds is unclear. I mean, there -- it's a very unusual market situation. People sheltered in place, so to speak. And so you had all the friction of the market came out that used to exist, people in transition, and they settled into subscriptions.

沒錯，但事情最終會如何發展尚不清楚。我的意思是，那裡的市場情況非常不尋常。人們可以說都待在家中避難。因此，過去存在的市場摩擦全部顯現出來，人們處於轉型期，最終他們選擇了訂閱模式。

And when the market remobilizes, so to speak, I think there'll be continued pressure on growth because of the pull forward of all of that activity. But it is -- I mean, I think the fundamental opportunity for growth and long-term growth is still the same. And our ability to take share out of the market is still the same.

當市場重新活躍起來時，我認為由於所有這些活動的提前釋放，成長將持續面臨壓力。但事實是——我的意思是，我認為成長和長期成長的根本機會仍然是一樣的。我們奪取市場份額的能力依然不變。

In terms of CBRS, today, 80% of the traffic on mobile platforms is on WiFi. And our -- and we continue to use the WiFi network effectively, and there's a whole new piece of spectrum available to WiFi available to us. So WiFi and CBRS together have an opportunity to make a significant change in how much traffic is on our network versus on the MVNO.

就 CBRS 而言，目前行動平台上 80% 的流量都透過 WiFi 傳輸。而且我們——我們繼續有效地使用 WiFi 網絡，我們還可以使用全新的 WiFi 頻譜。因此，WiFi 和 CBRS 結合起來有機會顯著改變我們網路上的流量與 MVNO 網路上的流量比例。

Our target for CBRS, I've said before, is -- could be pushing 1/3 of the marketplace if everything works and it's fully deployed. Now you're talking years of runway necessary to deploy that and to get it fully utilized. But the good thing about it is that the capital associated with any construction we do is dedicated to a lower cost.

我之前說過，我們對 CBRS 的目標是——如果一切順利並全面部署，可能會佔據三分之一的市場份額。現在，部署和充分利用這項技術需要數年的時間。但好處在於，我們進行的任何建設項目所投入的資金都用於降低成本。

In other words, if we're going to put out a device or a radio, we know where the traffic flows are, and we know that the traffic flows in that particular area justify the capital of placing that device, and that the offload percentage that's associated with that specific geography is sufficient to pay back the capital investment in the radio.

換句話說，如果我們打算投放一個設備或無線電設備，我們就知道流量在哪裡，也知道該特定區域的流量足以證明投放該設備的資本投入是合理的，並且與該特定地理位置相關的卸載百分比足以收回無線電設備的資本投資。

So it's a -- we'll deploy that based on actual utilization. But our modeling shows that it could be a significant reduction in the overall traffic load on the MVNO.

所以，我們會根據實際使用情況進行部署。但我們的模型顯示，這可能會大幅降低 MVNO 的整體流量負載。

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

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

Just to start off with a quick housekeeping question, and then I've got another one as well. For anchoring off of 2018, and I guess this is a question for Chris, should we be anchoring off of residential net adds of 1.1 million or total net adds of closer to 1.3 million?

首先請教一個簡單的家事問題，然後我還有另一個問題。如果以 2018 年的數據為基準，我想這個問題應該問 Chris，我們應該以 110 萬套住宅淨新增量為基準，還是以接近 130 萬套的總淨新增量為基準？

And then following up from one of the earlier questions. The -- I recognize the color you're giving on the transition of the network to high splits, and that's extremely helpful.

然後，我接著問了前面提出的問題。我注意到你用顏色來表示網路向高分割率過渡的情況，這非常有幫助。

I'm wondering if you can give us some indication of how long that transition to high splits across the network will take and then when more or less you expect to start folding in the DOCSIS 4.0 upgrade.

我想知道您能否大致說明一下，從網路到高分割的過渡需要多長時間，以及您預計何時開始在 DOCSIS 4.0 升級中折疊資料。

And then my final question on broadband adds. Are you assuming any benefit in the broadband add guidance that you're giving for 4Q effectively from a pull-through, from the lower wireless rate plans that you've put out there? So if wireless accelerates, should that have a pull-through benefit to broadband? And is that baked into your expectations?

最後，我還有一個關於寬頻存取的問題。您認為您在第四季度提供的寬頻新增用戶指導意見中，是否有效受益於您推出的較低無線費率套餐帶來的拉動效應？如果無線網路速度加快，這是否應該對寬頻產生拉動效應？這是否已經融入了你的預期？

Okay. In the timing -- high split opportunity from a timing perspective is also opportunistic, like I was describing CBRS, but it's relatively inexpensive like a CBRS deployment was -- excuse me, not like a 3.1 DOCSIS deployment was. And it's on a per-passing basis. We think it will be quite efficient.

好的。從時機上看——高分割機會從時機上也是機會主義的，就像我之前描述的 CBRS 一樣，但它相對便宜，就像 CBRS 部署一樣——抱歉，不像 3.1 DOCSIS 部署那樣。而且是按每次傳球計算的。我們認為它會非常有效率。

But it -- the other beauty of it is it's pretty much an electronic drop-in, and it could be done quite rapidly and cover huge swaths of geography in a very short period of time.

但它的另一個優點是——它幾乎完全是電子化的，可以很快完成，並在很短的時間內覆蓋大片地理區域。

And so it has 2 benefits. One, it's just -- if you do it in a sort of a normal management of augmentation, network growth pattern sort of deployment, it replaces the need to do node splits. But if you do it quickly, it also has the same effect, but it gives you greater capacity in terms of what products you can deploy in a market and what marketing claims you can make. So it can be done quite quickly, and that's the beauty of it.

因此，它有兩個好處。第一，如果你按照正常的管理方式進行增強、網路成長模式的部署，它就取代了節點拆分的必要性。但如果你快速行動，也能達到同樣的效果，而且還能讓你在市場上推出更多產品以及做出更多行銷承諾方面擁有更大的能力。所以它可以很快完成，這就是它的妙處。

Do you want to answer?

你想回答嗎？

Sure. The 2018 comments that I made was really in the context of total Internet additions, so the answer to your question is yes.

當然。我在 2018 年發表的評論實際上是在網路新增內容的背景下進行的，所以你問題的答案是肯定的。

And he's got a pull-forward. Does mobile pricing pull forward?

而且他還有前拉力。行動端定價是否提前生效？

The -- it's only been out in the market for 2 weeks, so we should be careful of what we say. But the initial uplift of mobile sales have been fairly significant as we expected.

這款產品上市才兩週，所以我們說話要謹慎。但正如我們預期的那樣，行動銷售額的初期成長相當顯著。

And while we think it could and should have a material impact on broadband over a multiyear period, we haven't seen anything yet that indicates that's the case. And so I think it's...

雖然我們認為它可能而且應該在未來幾年對寬頻產生實質影響，但我們還沒有看到任何跡象表明情況確實如此。所以我覺得是…

Nor would we expect it.

我們也不指望會這樣。

Nor would we expect it, and we didn't expect it. So I think it's premature to think that we're going to see that kind of pull through to Internet just yet.

我們既沒有預料到，也沒有預料到。所以我認為現在就認為我們會看到這種趨勢蔓延到網路上還為時過早。

Your next question is from Brett Feldman with Goldman Sachs.

下一個問題來自高盛的布雷特·費爾德曼。

Just a couple of follow-up questions on wireless. When we look at your wireless pricing strategy, you've done the exact opposite of what the major carriers are doing, which is you've offered your consumers a great deal on their service price, but you're not necessarily offering a promo on the handsets. And so that leads to sort of 2 questions.

關於無線網絡，還有幾個後續問題。當我們審視你們的無線定價策略時，會發現你們的做法與主要運營商的做法截然相反，你們為消費者提供了非常優惠的服務價格，但並沒有對手機進行促銷。因此，這就引出了兩個問題。

The first is, what are you thinking about handset promotions? Meaning, would you be willing to also incorporate them into your price point, particularly as consumers look to upgrade to 5G devices and they're offered promos elsewhere?

首先，您對手機促銷活動有什麼想法？也就是說，您是否願意將這些因素也納入您的定價策略中，尤其是在消費者尋求升級到 5G 設備並且其他地方提供促銷活動的情況下？

And then bigger picture, I mean, the key reason it looks like you were able to lower your prices recently is because you were able to get a better cost structure under the MVNO agreement, meaning that you took your lower costs, and you converted them into lower prices.

從更宏觀的角度來看，我的意思是，你們最近能夠降低價格的關鍵原因在於，你們在 MVNO 協議下獲得了更好的成本結構，這意味著你們將較低的成本轉化為較低的價格。

And so the question would be if you're pleased with the success of the CBRS trial, what does that mean for your wireless business? Does it mean that you have an opportunity to be more profitable? Or do you think that's an opportunity to take your price point down even further because, once again, you have lowered your costs?

因此，問題在於，如果您對 CBRS 試驗的成功感到滿意，這對您的無線業務意味著什麼？這是否意味著你有機會獲得更高的利潤？還是你認為這是一個進一步降低價格的機會，因為你又降低了成本？

I'd say both.

我覺得兩個都對。

I -- if you look at our total opportunity relative to customer spend on combined mobile and broadband, there's a lot of broadband spend -- or a lot of mobile spend out there relative to broadband spend.

我——如果你看一下我們相對於客戶在行動和寬頻方面的總支出而言的整體機會，你會發現寬頻支出很大——或者說，相對於寬頻支出而言，行動支出很大。

So if you think about a customer, a typical 2-line household, they might be spending a total of $200 on broadband and mobile. And today, we're only getting a relatively small piece of that.

所以，如果你考慮一個客戶，一個典型的擁有兩條線路的家庭，他們可能在寬頻和行動網路上總共花費 200 美元。而今天，我們只能得到其中相對較小的部分。

And so if we continue to sell mobile product, even if we do it by bringing the pricing of mobile down, our expectation is that we'll continue to drive both revenue growth and bottom line EBITDA growth from that business, all while driving pricing down in the mobile industry.

因此，如果我們繼續銷售行動產品，即使我們是透過降低行動產品的價格來實現的，我們預計我們將繼續推動該業務的收入成長和 EBITDA 利潤成長，同時推動行動產業的價格下降。

And from the perspective of our mobile business, I mean, even today, our mobile business is profitable if you take customer acquisition costs out. And like what we've done across our business, our goal is always to further penetrate the market.

從我們行動業務的角度來看，我的意思是，即使在今天，如果扣除客戶獲取成本，我們的行動業務也是盈利的。就像我們在整個業務領域所做的那樣，我們的目標始終是進一步滲透市場。

And so if we can increase our penetration of the mobile market and have more sort of ongoing revenues and less customer acquisition costs -- or not less, even with additional customer acquisition costs, we'll generate strong profits out of that business just by penetrating the market, sticking with our strategy of having sort of very competitive pricing for our customers.

因此，如果我們能夠提高行動市場的滲透率，獲得更多持續的收入，並降低客戶獲取成本——或者即使增加客戶獲取成本，我們也能透過滲透市場，堅持為客戶提供極具競爭力的價格策略，從這項業務中獲得豐厚的利潤。

Yes. I agree that with -- I think that one way of thinking about it is the -- we have about 55% penetration of our broadband business at about $60 ARPU on average. And the average spend on mobile on a per-home basis inside our footprint is over $120 a month, and the average number of devices inside our footprint is about 120 million.

是的。我同意——我認為一種思考方式是——我們的寬頻業務滲透率約為 55%，平均每用戶收入約為 60 美元。在我們覆蓋範圍內，每戶家庭每月在行動裝置上的平均支出超過 120 美元，我們覆蓋範圍內的平均設備數量約為 1.2 億台。

And so when you really look at our 6% mobile penetration and our 55% broadband penetration and look at that as a share of spend, even if you cut the mobile average household price in half, where our penetration of the dollars is less than 30%, which is -- which means what I said earlier in the presentation, which is we're really underpenetrated, and there's lots of telecom spend in which to grow our business at the household level.

因此，當你真正審視我們 6% 的行動普及率和 55% 的寬頻普及率，並將其作為支出份額來看時，即使你將移動平均家庭價格減半，我們的美元滲透率也低於 30%，這意味著——正如我之前在演講中所說，我們的滲透率確實很低，電信支出方面還有很多空間可以讓我們拓展家庭業務。

Your next question is from Peter Supino with Bernstein.

下一個問題來自伯恩斯坦的彼得·蘇皮諾。

I wanted to go back to the aspect of ARPU. With fiber and fixed wireless segmenting broadband presumably in 2022 and beyond, I wondered if you could talk with us a bit about how you manage local pricing in response to those local deployments and whether that might result in some ARPU growth deceleration, albeit still at nice positive rates in the years to come.

我想回到ARPU（每用戶平均收入）這個方面來討論。鑑於光纖和固定無線寬頻可能在 2022 年及以後逐步普及，我想知道您能否和我們談談您如何應對這些本地部署而進行本地定價，以及這是否會導致 ARPU 增長放緩，儘管在未來幾年仍將保持良好的正增長率。

Do you want me to take a start on that?

你想讓我著手做這件事嗎？

Sure.

當然。

So we have national pricing everywhere for our retail pricing, and it's low compared to any of our peers or competitors. And we have the ability to bundle products that most of those competitors that you mentioned don't have.

因此，我們的零售價格在全國範圍內都是統一的，而且與我們的同行或競爭對手相比，價格很低。而且我們有能力將產品捆綁銷售，而你提到的那些競爭對手大多不具備這種能力。

So if you think about low broadband pricings at national retail pricing, combined with the ability to save customers hundreds or thousands of dollars in mobile and increasingly because of where the rest of the market is gone, we have the very best video product out there.

因此，考慮到全國零售價格的低廉寬頻價格，再加上能夠為客戶節省數百甚至數千美元的行動費用，而且由於其他市場的發展趨勢，我們擁有市面上最好的視訊產品。

And that may not be for everybody because there's a lot of different ways to take video. But our video product, we have something for everybody, whether it's a full expanded package, whether it's Mi Plan Latino, whether it's Essential, Stream, Choice, in the home, outside the home on every single device.

但這可能不適合所有人，因為拍攝影片的方式有很多種。但我們的影片產品，我們能滿足每個人的需求，無論是完整的擴展套餐，還是 Mi Plan Latino，亦或是 Essential、Stream、Choice 套餐，無論是在家還是在家外，都可以在每台設備上觀看。

So we have a package and a price point for just about everybody. And still, about half of our Internet sales still take video, and it causes them to retain. So we're able to add value to these households, not just by having a national low retail pricing structure for broadband, but the ability to use video and to use the savings from mobile to compete now and really for a long period of time.

所以我們有適合幾乎所有人的套餐和價格。即便如此，我們大約一半的互聯網銷售仍然需要視頻，而且這有助於提高客戶留存率。因此，我們不僅能夠為這些家庭提供全國性的低零售寬頻價格結構，還能讓他們使用視訊服務，並利用行動通訊節省的費用，從而在當下以及未來很長一段時間內保持競爭力，為這些家庭創造價值。

So that's how we approach the marketplace. It's really how we've always approached the marketplace, including back to if you think about phone where the pricing and, again, it's only maybe half the customer base that's relevant for it, but it is relevant for half where we have a $12 price point for phone as well.

這就是我們進入市場的方式。我們一直以來都是這樣看待市場的，包括手機定價，雖然可能只有一半的客戶群會關注這一點，但對於其中一半的客戶來說，12 美元的手機價格點確實很重要。

So we have different ways we can save customers money. And we think the product that we offer anyway in broadband is as good, if not better, than any of the competitive footprint that we face.

所以我們有很多方法可以幫助客戶省錢。我們認為，我們提供的寬頻產品即便不是比我們所面臨的任何競爭對手的產品更好，也至少和它們一樣好。

And ultimately, price, what you can do with price is a function of what costs are, and we have lower costs.

歸根結底，價格，以及你能用價格做什麼，取決於成本，而我們的成本較低。

Your next question is from John Hodulik with UBS.

下一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. First question on video. You guys saw some accelerating video and voice losses actually this quarter. Is that just a function of the attach rates and lower broadband adds? Or is there sort of a reopening issue there as well or maybe the price increase in June affect those numbers?

偉大的。影片中的第一個問題。你們本季確實看到了視訊和語音損失加速的情況。這只是因為寬頻接取率低和寬頻廣告投放量少造成的嗎？或者那裡也存在某種重新開放的問題，或者六月的價格上漲影響了這些數據？

And then getting back to the wireless. Clearly, wireless and broadband is sort of a new bundle. And thanks for the number, 2 million households so far, having that bundle, I mean, it's early yet, but can we look at the churn within that cohort and see whether or not you're actually seeing an improvement versus sort of standalone broadband? And if so, can you maybe give us a sense of the change in churn that you may be seeing?

然後又回到了無線網路的問題。顯然，無線和寬頻是一種全新的組合。感謝您提供的數據，目前已有 200 萬戶家庭擁有此套餐。我的意思是，現在下結論還為時過早，但我們能否查看一下該群體中的用戶流失情況，看看與單獨購買寬頻相比，您是否真的看到了改進？如果情況屬實，您能否向我們介紹一下您觀察到的客戶流失率變化？

On the video and voice losses front, I mean, I think that, that one is just the impact of having the -- not having the level of broadband additions that we had in 2020.

在視訊和語音損失方面，我的意思是，我認為，這只是因為我們沒有像 2020 年那樣增加寬頻存取量所造成的影響。

When you have a lot of broadband additions, we pulled through a lot of voice and video in bundling there. And in this sort of lower gross add, lower churn environment, it's just a carry-through of the prior trends. No overall change in trends.

當寬頻用戶數量大幅增加時，我們透過捆綁銷售的方式提供了大量的語音和視訊服務。在這種新增用戶較少、流失率較低的環境下，這只是先前趨勢的延續。整體趨勢沒有變化。

On the churn benefit for a broadband customer also takes wireless, I mean, I could sit here and advertise and tell you how fantastic it is. The churn is definitely lower, and I could beat our chest about it.

寬頻用戶流失的收益也包括無線網絡，我的意思是，我可以坐在這裡做廣告，告訴你它有多棒。客戶流失率確實降低了，我真想為此拍手稱快。

But some of that -- a lot of that is really at this point due to self selection, and customers are happy with our service. They like who we are. They like the pricing that they have on the products. And as a result, they take more product from us.

但其中一部分——很大一部分——實際上現在都是由於自我選擇造成的，而且顧客對我們的服務感到滿意。他們喜歡我們這樣的人。他們很滿意目前的產品定價。因此，他們從我們這裡採購了更多的產品。

I don't know that, that means there's enough evidence now to say systemically, but our gut tells us the answer is yes. And while the numbers would tell us yes today as well, I don't think you should rely on that in terms of an order of magnitude until we get further down the road.

我不知道這意味著現在是否有足夠的證據從系統層面得出結論，但我們的直覺告訴我們答案是肯定的。雖然今天的數字也表明答案是肯定的，但我認為在情況進一步發展之前，你不應該依賴這些數字來判斷數量級。

And the churn, it's all churn. It's so low relative to this sort of trend that is hard to attribute it all.

而這一切，全都是動盪。相對於這種趨勢而言，這個數值非常低，很難完全歸因於此。

That's right.

這是正確的。

Your next question is from Doug Mitchelson with Credit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森。

And I'll add my congratulations to Jessica and Chris and Rich. And I will stick with the broadband and wireless themes. Tom, just a clarification on -- you sort of mentioned the pandemic was a pull forward, and I think you emphasized share opportunities.

我還要向潔西卡、克里斯和里奇表示祝賀。我將繼續探討寬頻和無線網路的主題。湯姆，我有個疑問需要澄清一下——你之前提到疫情加速了成長，而且我認為你強調了股票市場的發展機會。

Should we think about the growth opportunity really as share focus going forward in that the broadband marketplace is broadly fairly mature after this pandemic pull forward?

鑑於疫情過後寬頻市場整體上已經相當成熟，我們是否應該將未來的成長機會真正視為專注於市場份額？

And then I guess, jump ball though, Chris, I know your experience in Europe might inform this. And it seemed like Brian Roberts yesterday was implying that they're thinking about launching a converged sort of in-home, out-of-home broadband offering. And I'm sure you've been thinking about the same thing.

然後我想，這就像跳球一樣，克里斯，我知道你在歐洲的經驗可能會對你有幫助。昨天布萊恩羅伯茨似乎暗示他們正在考慮推出一種融合家庭內外寬頻服務的產品。我相信你也一直在思考同樣的問題。

Is there an opportunity to disrupt the marketplace by having a single converged, by-the-home subscription rather than thinking about it as a per phone, plus per home subscription model?

是否有可能透過採用單一的、以家庭計費的融合訂閱模式，而不是以手機和家庭計費的模式，來顛覆市場？

So Doug, I wouldn't say broadband is mature in the sense that -- we think high-capacity broadband, which we sell and packaged with mobility and packaged with great home connectivity in managed WiFi, is still a growth opportunity in 2 ways. You have what will the number of people that ultimately take that level of service be. And in our footprint today, we think 93% of houses are occupied.

所以道格，我不會說寬頻已經成熟，因為——我們認為，我們銷售的高容量寬頻，以及我們透過管理型 WiFi 將其與移動性和出色的家庭連接性打包在一起，在兩個方面仍然是一個成長機會。你們知道最終會有多少人接受這種等級的服務嗎？在我們目前的覆蓋範圍內，我們認為 93% 的房屋都有人居住。

And so -- and I think the penetration of any kind of Internet service in that footprint is about 85%. So there's still opportunity to grow the overall connectivity broadband market. And then there's the opportunity to actually grow into the high-capacity service that we sell and the high-quality service we sell.

因此—我認為該地區任何類型網路服務的滲透率約為 85%。因此，整體寬頻連接市場仍有成長空間。然後，還有機會真正發展成為我們所銷售的高容量服務和高品質服務。

So we think that, while we have 55% penetration, that there's 37% penetration more to go in terms of what our possibilities are there, plus the whole broadband and mobile broadband platform as well and -- which we're very underpenetrated in.

所以我們認為，雖然我們的滲透率達到了 55%，但就我們的潛力而言，還有 37% 的滲透率空間，此外還有整個寬頻和行動寬頻平台——而我們在該領域的滲透率非常低。

So Doug, your question, yes, it's true. I spent a decade in European cable, but it's also been a decade since I've been there, so I don't know that I'm really -- any longer qualified to make comparisons or talking about it.

所以道格，你的問題，是的，這是真的。我曾在歐洲有線電視行業工作了十年，但離開那裡也已經十年了，所以我不知道我是否還有資格進行比較或談論它。

But your question was -- and I apologize if I haven't followed it, but the -- that could you offer a mobile subscription together with broadband and have the mobile lines be part of the home subscription to multiline?

但您的問題是——如果我沒理解錯的話——您能否將行動套餐與寬頻套餐捆綁銷售，並將行動線路納入家庭多線路套餐中？

Just a single price for a household there to have sort of as many devices as they want in and out of the home.

只需支付一個價格，一個家庭就可以在家中內外攜帶任意數量的設備。

Yes. It's an interesting concept, and I know what it's trying to solve. I mean, for all the reasons that you can think, convergence technically makes a lot of sense, the ability to have a ubiquitous Internet product inside the home, outside the home, in the neighborhood, in the coffee shop, et cetera, all that which we talked about and it works, the ability to save customers tons of money, which we do.

是的。這是一個很有趣的概念，我知道它試圖解決什麼問題。我的意思是，從你能想到的所有原因來看，融合在技術上非常有意義，它能夠讓互聯網產品無處不在，無​​論是在家裡、家裡、社區裡、咖啡館裡等等，我們之前討論的所有內容都行之有效，而且它還能為客戶節省大量資金，而我們也確實做到了。

There are not that many markets where, from a marketing and sales machine, it's been fully proven out yet of how you combine that together when lines are often sold at a personal level, and broadband subscription wireline is sold at a household level. So I think it's an interesting concept and one that we're keeping our eye on.

目前還沒有太多市場能夠充分證明，當線路通常是以個人為單位銷售，而寬頻訂閱服務又是以家庭為單位銷售時，如何將兩者結合起來，從營銷和銷售的角度來看，是可行的。所以我覺得這是一個很有趣的概念，我們會持續關注。

And when you think about as our pricing gets lower on mobile, we're inching our way towards that one way or another. It's one -- another way of thinking about it. But I think those type of models and taking a look at how to fully get convergence also from marketing and sales can solve the difference between per line versus per household is interesting.

想想看，隨著我們在行動端的價格越來越低，我們無論如何都在朝著這個方向努力。這是另一種思考方式。但我認為，研究這類模型，並探討如何從行銷和銷售方面實現全面融合，以解決按產品線和按家庭劃分的差異，是一件很有趣的事情。

And your last question is from Jessica Reif Ehrlich with Bank of America Securities.

最後一個問題來自美國銀行證券的傑西卡·雷夫·埃爾利希。

I guess one last question on broadband to beat a dead horse and then one other question. On the Internet adds on the SMB side, that's slowed as well, and that's an area that seems to have kind of normalized a bit more than residential. Can you talk a little bit about what's going on in commercial?

我想就寬頻問題再問最後一個問題，算是老生常談，然後再問另一個問題。在網路上，中小企業的廣告投放速度也有所放緩，而且這個領域似乎比住宅領域更趨於正常化。能簡單談談商業領域目前的情況嗎？

And then on XClass TV that Comcast talked about rolling out, is there anything in this service, to the extent that your subs buy an XClass TV, are there any benefits or economics that you get? Or would you consider shifting to becoming an aggregator of streaming services, which -- with a different set of economics from linear?

關於康卡斯特即將推出的 XClass TV 服務，如果訂閱用戶購買 XClass TV，這項服務是否會帶來任何好處或經濟效益？或者，您是否考慮轉型成為串流媒體服務的聚合商？串流媒體服務的經濟模式與線性電視截然不同。

You can answer.

你可以回答。

I can answer SMB. I think the SMB space is really more about cyclicality right now related to COVID and how things have opened and shut down, and businesses have closed and restarted, and new business is formed. I think it's much more tied to that than the things that we're seeing in the residential side.

我可以回答中小企業的問題。我認為目前中小企業市場更受到新冠疫情的影響，呈現週期性波動，經濟活動不斷重啟，企業不斷倒閉又重新開業，新企業不斷湧現。我認為這與此關係更為密切，而不是與我們在住宅方面看到的情況有關。

Generally, I would say that our SMB capabilities are as good as ever right now, and in a market where you have new businesses forming or coming back online, where our competitive posture there is very good. And I don't see the same type of issues that we've talked about in residential for SMB.

總的來說，我認為我們目前服務中小企業的能力一如既往地好，而且在新企業不斷湧現或重新上線的市場中，我們的競爭地位非常有利。而且，我沒有看到中小企業在住宅領域遇到我們討論過的那些問題。

So the fluctuations you've been seeing are really much more about just the overall economic cyclicality that's taken place with COVID, but I wouldn't -- we don't face the same type of issues from market movement that we're seeing in residential in the SMB space. I think our opportunity to grow there remains good, and the same as residential long term.

所以你看到的波動其實更與新冠疫情帶來的整體經濟週期性有關，但我認為——我們在中小企業領域不會面臨與住宅市場相同的市場波動問題。我認為我們在那裡的發展機會依然很好，與住宅市場的長期發展機會一樣。

Yes. So from a streaming perspective, it's interesting. Charter is actually the biggest live streaming app in the country and the most highly rated app in the country. We distribute streaming products on Roku, Apple TV, on our own set-top boxes. We've got a cloud-based streaming application that can be placed on our app-based streaming app system that can be placed right on our set-top boxes. And so we've got more than 10 million customers who are connected to us strictly through a streaming relationship.

是的。所以從串流媒體的角度來看，這很有意思。Charter其實是全國最大的直播應用，也是全國評分最高的應用。我們透過 Roku、Apple TV 以及我們自己的機上盒分發串流媒體產品。我們有一個基於雲端的串流應用程序，可以安裝在我們的基於應用程式的串流應用程式系統中，該系統可以直接安裝在我們的機上盒上。因此，我們有超過 1000 萬客戶完全透過串流媒體關係與我們保持聯繫。

And we like the Comcast strategy with regard to their putting their platform on televisions. And so we think there's lots of opportunity for us to continue to change the video model and to take advantage of our relationship with customers and to make the video model more efficient for programmers and for operators and to bring value back into television.

我們很欣賞康卡斯特將他們的平台搬上電視螢幕的策略。因此，我們認為我們有很多機會繼續改變視訊模式，利用我們與客戶的關係，使視訊模式對節目製作人和營運商更加高效，並為電視重新帶來價值。

Thanks, Jessica. That concludes our call. Thanks to everyone, and April, I'll pass it back to you.

謝謝你，潔西卡。通話到此結束。謝謝大家，艾普麗爾，我把任務交還給你。

This does conclude today's conference call. Thank you for participating. You may now disconnect.

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了。