Charter Communications Inc (CHTR) 2021 Q2 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加Charter 2021年第二季投資者電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我謹將會議交給你們的發言人斯特凡·安寧格。請繼續。

Good morning, and welcome to Charter's Second 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年第二季投資人電話會議。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. 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.

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。本次電話會議我們不會對相關風險因素和其他警示性聲明進行討論，但我們鼓勵您仔細閱讀。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。根據 Charter 的定義，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; and Chris Winfrey, our CFO. With that, let's turn the call over to Tom.

在今天的電話會議上，我們有董事長兼執行長湯姆·拉特利奇，以及財務長克里斯·溫弗瑞。那麼，我們把電話交給湯姆吧。

Thank you, Stefan. Our operating strategy continues to deliver good customer growth and even better financial growth. While second quarter residential customer activity remained lower than normal, residential sales activity is slowly picking up. And because churn continues to be so low, those trends are having a meaningful impact on our net additions and even larger impact on our financial growth rates.

謝謝你，斯特凡。我們的營運策略持續帶來良好的客戶成長，以及更佳的財務成長。雖然第二季住宅客戶活動仍低於正常水平，但住宅銷售活動正在緩慢回升。由於客戶流失率持續保持低位，這些趨勢對我們的淨新增客戶產生了顯著影響，對我們的財務成長率產生了更大的影響。

Our commercial business also saw improvements in the second quarter. Small business sales were up versus second quarter of 2019, and enterprise sales continued to steadily improve. Advertising also improved with second quarter revenue exceeding second quarter 2019 levels, driven by our advanced advertising products. So our view is the economy is improving, and our business trajectory is normalizing.

我們的商業業務在第二季也取得了改善。與 2019 年第二季相比，小型企業銷售額有所成長，企業銷售額也持續穩定改善。廣告業務也有所改善，第二季收入超過了 2019 年第二季的水平，這主要得益於我們先進的廣告產品。因此，我們認為經濟正在好轉，我們的業務發展軌跡正在恢復正常。

For the full quarter, we added over 330,000 customer relationships with a customer growth of 4.2% year-over-year. We also added 400,000 Internet customers in the quarter and 1.5 million over the last year for year-over-year growth of 5.5%. We added 265,000 mobile lines, and we grew our adjusted EBITDA by 11.8% and our free cash flow by over $200 million year-over-year. We remain focused on driving customer growth by offering high-quality products and service under an operating strategy, which works well in various market conditions.

本季度，我們新增了超過 33 萬個客戶關係，客戶年增 4.2%。本季我們新增了 40 萬網路用戶，去年同期新增了 150 萬網路用戶，年增 5.5%。我們新增了 26.5 萬條行動線路，調整後的 EBITDA 年成長 11.8%，自由現金流年增超過 2 億美元。我們將繼續專注於透過提供高品質的產品和服務來推動客戶成長，並採用在各種市場條件下都能有效運作的營運策略。

We've spoken significantly about wireless convergence and the capital-efficient nature of our expanding network capabilities and products. The key piece of our strategy also includes treating 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 are improving the quality and efficiency of our interactions with customers by expanding our customer self-service and self-care capabilities and digitizing and modernizing a number of elements our customers feel that network operations groups can use. Those efforts improve the customer experience and the quality of our products while reducing transactions with customers, lowering churn, extending average customer life and reducing costs.

我們已經深入探討了無線融合以及我們不斷擴展的網路功能和產品的資本效率。我們策略的關鍵部分還包括將服務本身視為一種產品，並讓我們的客戶能夠靈活地隨時隨地管理他們的 Spectrum 服務以及與我們的互動。我們正在透過擴展客戶自助服務和自助護理能力，以及對客戶認為網路營運團隊可以使用的許多元素進行數位化和現代化改造，來提高與客戶互動的品質和效率。這些努力改善了客戶體驗和產品質量，同時減少了與客戶的交易次數，降低了客戶流失率，延長了客戶平均生命週期，並降低了成本。

We've responded to digital and self-service trends in several ways. Today, over 20% of our residential relationship sales are generated through our online channel, with fully automated provisioning and installation scheduling and zero touch by Charter. And close to 85% of our sales take advantage of our self-installation program, reducing costs and driving higher customer satisfaction. Today, customers also choose their preferred medium of interacting with us when they have questions or service issues, including digital chat, phone, online, in person at one of our stores or via the Spectrum app.

我們已透過多種方式應對數位化和自助服務趨勢。如今，我們超過 20% 的住宅客戶關係銷售額是透過我們的線上管道產生的，Charter 實現了完全自動化的配置和安裝安排，實現了零接觸。近 85% 的銷售額都得益於我們的自助安裝計劃，這降低了成本，並提高了客戶滿意度。如今，當客戶有疑問或服務問題時，他們也可以選擇自己喜歡的方式與我們互動，包括數位聊天、電話、線上、親自到我們的門市或透過 Spectrum 應用程式。

Our ability to avoid and manage network impairments has improved significantly over the last several years by using machine learning to pinpoint potential service degradation in real time and often, in advance, allowing us to avoid disruption altogether. We're now coupling that information with customers' preferred communications to proactively notify them of maintenance and restoration.

過去幾年，我們利用機器學習即時甚至提前精確定位潛在的服務降級，從而顯著提高了避免和管理網路故障的能力，使我們能夠完全避免中斷。我們現在將這些資訊與客戶偏好的溝通方式結合，以便主動通知他們有關維護和恢復的資訊。

Today, over 60% of our customers engage with us exclusively via digital means when they have a service question or issue. Customers that still want to interact with us via phone can do so, and service from our call centers continues to become more efficient, given new tools we're deploying which enhance our ability to properly answer questions and solve the first -- for the first time, customer calls. And the fact that our call center workforce is U.S.-based and fully in-sourced with employees who have training and career paths here at Charter enhances that.

如今，超過 60% 的客戶在遇到服務問題或疑慮時，都完全透過數位化方式與我們聯繫。仍然希望透過電話與我們互動的客戶可以這樣做，而且由於我們正在部署新的工具，我們的呼叫中心的服務效率也在不斷提高，這些新工具增強了我們正確回答問題和解決客戶首次來電的能力。而且，我們的呼叫中心員工全部位於美國，並且全部為內部員工，他們在Charter公司接受培訓並擁有職業發展道路，這進一步增強了這一點。

In aggregate, all of our efforts have reduced total customer transactions, including billing and service calls, repeat service calls, truck rolls and network impairments, all of which improves the quality of our products. We're executing well, yet we remain early in the process of optimizing our services product.

總的來說，我們所有的努力都減少了客戶交易總量，包括計費和服務電話、重複服務電話、車輛出勤和網路故障，所有這些都提高了我們產品的品質。我們執行得不錯​​，但我們仍處於服務產品優化過程的早期階段。

So together with our network and product capabilities, we remain confident in our ability to grow our customers, EBITDA and free cash flow for many years to come. That confidence stems from a number of factors, including the demand for our connectivity products, including the long-term growth rate and usage on both wireline and wireless networks; our ability to deliver unique, fully converged connectivity services -- connectivity service package while saving customers hundreds or even thousands of dollars a year. And our share of household connectivity spend, including mobile and fixed broadband, is still low. From a passings perspective, we remain underpenetrated to our long-term opportunity.

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裡實現客戶成長、EBITDA成長和自由現金流成長。這種信心源於多種因素，包括對我們連接產品的需求，包括有線和無線網路的長期增長率和使用情況；我們能夠提供獨特的、完全融合的連接服務——連接服務包，同時每年為客戶節省數百甚至數千美元。我們在家庭網路連線支出（包括行動和固定寬頻）中所佔的份額仍然很低。從短期來看，我們距離長期發展機會仍有差距。

Finally, our capital-efficient path to expand network capability and improve the quality of our products in a manner that's more capital efficient than our competitors gives us a structural advantage to compete over the long term. Ultimately, our strategy is founded on the principle of providing superior services at highly competitive prices.

最後，我們以比競爭對手更有效率的資本利用方式擴展網路能力並提高產品質量，這使我們在長期競爭中獲得了結構性優勢。歸根究底，我們的策略是基於以極具競爭力的價格提供優質服務的原則。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Tom. As we discussed last quarter, given the effects of COVID in 2020, 2019 remains the better customer growth comparison for 2021. We'll continue to reference the COVID schedules we've provided last year and included again on Slides 17 and 18 of today's presentation to help with the year-over-year financial comparisons.

謝謝你，湯姆。正如我們上個季度所討論的，考慮到 2020 年 COVID-19 的影響，2019 年仍然是 2021 年客戶成長的更好比較年份。我們將繼續參考去年提供的 COVID 時間表，並在今天的簡報的第 17 和 18 張幻燈片中再次列出，以幫助進行同比財務比較。

Turning to our results on Slide 5. We grew total residential and SMB customer relationships by 1.3 million in the last 12 months and by over 330,000 in the second quarter. Including residential and SMB, we grew our Internet customers by 400,000 in the quarter and by 1.5 million or 5.5% over the last 12 months. Video declined by 50,000 in the second quarter, and wireline voice declined by 78,000.

請參閱投影片 5 的業績。在過去的 12 個月中，我們的住宅和中小企業客戶關係總數增加了 130 萬，第二季增加了 33 萬多。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 40 萬，過去 12 個月增加了 150 萬，增幅達 5.5%。第二季視訊用戶減少了 5 萬，有線語音用戶減少了 7.8 萬。

In residential Internet, we added a total of 365,000 customers in the quarter, higher than the 221,000 that we gained during the second quarter of 2019. Our residential video customers declined by 63,000 less than the loss of 150,000 we saw in the second quarter of 2019. In wireline voice, we lost 99,000 residential customers in the quarter, also less than the loss of 207,000 in the second quarter of 2019, and that was driven by continued fixed to mobile substitution.

在住宅網路方面，我們本季新增了 365,000 名客戶，高於 2019 年第二季新增的 221,000 名客戶。我們的住宅視訊用戶減少了 63,000 戶，比 2019 年第二季減少的 15 萬戶少了 63,000 戶。在固話業務方面，本季我們流失了 99,000 名住宅用戶，也低於 2019 年第二季流失的 207,000 名用戶，這主要是由於固定電話持續被行動電話取代所致。

Turning to mobile. We added 265,000 mobile lines in the quarter. And as of the end of the quarter, we had 2.9 million mobile lines. 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.

轉向移動端。本季我們新增了26.5萬條行動線路。截至本季末，我們擁有 290 萬條行動線路。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。

A few things to keep in mind when reviewing this quarter's customer results. First, we estimate that 60,000 of our residential Internet net adds would not have occurred without the Emergency Broadband Benefit program, or EBB, which launched in May. These incremental Internet net adds had little impact on our video and voice net adds. Some of what we estimate as business-as-usual sales also enrolled in the EBB program, as did some of our existing customers. Those customers did not impact our second quarter customer net adds.

在評估本季客戶業績時，需要注意以下幾點。首先，我們估計，如果沒有 5 月啟動的緊急寬頻福利計畫 (EBB)，我們新增的 6 萬個住宅網路用戶將不會出現。這些新增的網路使用者數量對我們的視訊和語音使用者數量幾乎沒有影響。我們估計，一些原本屬於正常業務的銷售額也加入了 EBB 計劃，我們的一些現有客戶也加入了該計劃。這些客戶並未對我們第二季的客戶淨成長產生影響。

Second quarter customer net adds also benefited from certain state-mandated moratoriums on Internet, video and voice disconnects. Internet benefited by about 40,000, with video and voice net additions also benefiting, but by less. Some states have recently ended their moratoriums. So similar to our KAC customers last year, we will work with these customers to forgive portions of their bills and provide financing options to customers. And we expect to keep them as customers, same as we did with the KAC program.

第二季新增客戶也受惠於某些州政府強制實施的網路、視訊和語音服務中斷暫停令。網路用戶增加了約 4 萬人，視訊和語音網路用戶也從中受益，但人數較少。一些州最近已經結束了暫停驅逐令。與去年 KAC 的客戶類似，我們將與這些客戶合作，減免他們的部分帳單，並為客戶提供融資方案。我們希望能夠像對待 KAC 專案一樣，繼續把他們當作我們的客戶。

Looking at the bigger picture. Residential customer activity levels in the marketplace, including sales, churn and particularly nonpay churn, are taking a bit longer than we expected to return to normal levels. As a result, our first half 2021 financials have been better than we expected, driven by lower operating expense given lower transactions and significantly lower bad debt. We continue to expect transaction volume to pick up in the second half of this year, driving more selling opportunities in the market for cable and mobile, and we still expect full year Internet and customer relationships to be at or above 2019 net additions. So the financial effects that we expected of a higher churn environment and expected higher sales for Charter as a share taker could occur later in 2021 or even into 2022.

從大局來看。住宅客戶在市場上的活躍度，包括銷售、流失率，尤其是非付費流失率，恢復到正常水平所需的時間比我們預期的要長一些。因此，由於交易量減少導致營運費用降低，以及壞帳大幅減少，我們 2021 年上半年的財務表現優於預期。我們繼續預計今年下半年交易量將有所回升，從而為有線和移動市場帶來更多銷售機會，我們仍然預計全年互聯網和客戶關係淨增長將達到或超過 2019 年的水平。因此，我們預期更高的客戶流失率環境以及Charter作為股份收購方更高的銷售額所帶來的財務影響可能會在2021年晚些時候甚至2022年發生。

Moving to financial results, starting on Slide 6. Over the last year, we grew total residential customers by 1.2 million or 4.1%. Residential revenue per customer relationship increased by 1.8% year-over-year given last year's second quarter residential revenue write-down of $76 million for customers in the Keep Americans Connected program as well as bill credits that we provided last year as part of the remote education offer, which provided 2 months of free Internet. Those onetime comparison benefits were partly offset by the same bundle and mix trends we've 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.

接下來是財務業績，從第 6 張投影片開始。過去一年，我們的住宅用戶總數增加了 120 萬，增幅達 4.1%。由於去年第二季度「保持美國人互聯」計畫的客戶住宅收入減記了 7,600 萬美元，以及我們去年作為遠距教育優惠的一部分提供的帳單抵免（該優惠提供 2 個月的免費網路），每個客戶關係的住宅收入同比增長了 1.8%。這些一次性的比較優勢部分被過去一年我們看到的相同捆綁和組合趨勢所抵消，包括非視訊客戶比例較高，以及視訊客戶群中 Choice、Essentials 和 Stream 客戶比例較高。

Keep in mind that our residential ARPU does not reflect any mobile revenue. Slide 6 shows residential revenue grew by 6.8% 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。投影片 6 顯示住宅收入年增 6.8%，反映了客戶關係的成長和去年 COVID 的影響。

Turning to commercial. SMB revenue grew by 6%, and this growth rate reflects COVID-related impacts of $17 million that negatively impacted the second quarter of 2020. Excluding this impact from last year, SMB revenue grew by 4.2%, faster than last quarter's growth.

轉向商業用途。中小企業收入成長了 6%，這一成長率反映了與 COVID-19 相關的影響，該影響導致 2020 年第二季度損失了 1700 萬美元。剔除去年同期的影響，中小企業營收成長了 4.2%，成長高於上一季。

Enterprise revenue was up by 5.1% year-over-year and was also negatively impacted last year by $18 million due to COVID credits. Excluding this impact from last year, enterprise revenue grew by 2% and by 5.8% when additionally excluding wholesale revenue. Enterprise PSUs grew by 3.7% year-over-year.

企業營收年增 5.1%，但去年也因新冠疫情稅收抵免而受到 1,800 萬美元的負面影響。剔除去年同期的影響，企業收入成長了 2%；如果再剔除批發收入，則成長了 5.8%。企業級電源單元年增 3.7%。

First quarter advertising revenue increased by 65% year-over-year, primarily due to COVID impacts last year. When compared to the second quarter of 2019, advertising revenue grew by 4%, primarily due to our growing advertising -- advanced advertising capabilities, partly offset by lower local ad revenue. Mobile revenue totaled $519 million, with $214 million of that revenue being device revenue. In total, second quarter revenue was up 9.5% year-over-year.

第一季廣告收入年增 65%，主要原因是去年新冠疫情的影響。與 2019 年第二季相比，廣告收入成長了 4%，這主要歸功於我們不斷增長的廣告——先進的廣告能力，但部分被本地廣告收入的下降所抵消。行動業務收入總計 5.19 億美元，其中設備收入為 2.14 億美元。第二季總營收年增 9.5%。

Moving to operating expenses on Slide 7. In the second quarter, total operating expenses grew by $575 million or 8% year-over-year. Similar to revenue, the year-over-year operating expense growth rate is elevated due to 2020 COVID effects. Programming increased 3.6% year-over-year due to higher rates, offset by a higher mix of lighter video packages, such as Choice, Essentials and Stream.

接下來看第 7 張投影片，了解營運費用。第二季度，營運費用總額年增 5.75 億美元，增幅為 8%。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。由於價格上漲，節目製作費用年增 3.6%，但被 Choice、Essentials 和 Stream 等輕量級視訊套餐比例的增加所抵消。

Regulatory, connectivity and produced content grew by 36.9%, driven by more Lakers games than normal this quarter given the delayed start to the NBA season combined with no Lakers or Dodger games expensed in the prior year due to COVID-19. Excluding sports rights costs related to our RSNs, this expense line item grew by 3.2% year-over-year.

監管、連接和內容生產增長了 36.9%，這主要得益於本季度湖人隊的比賽比往常更多，因為 NBA 賽季開始時間推遲，加上上一年由於 COVID-19 疫情沒有湖人隊或道奇隊的比賽費用計入支出。除去與我們的 RSN 相關的體育版權費用，該項支出年增 3.2%。

Cost to service customers declined by 1.2% year-over-year compared to 4.2% customer relationship growth. The decline was driven by lower transaction costs and lower bad debt, partly driven by government stimulus packages. Excluding bad debt, cost to service customers was flat year-over-year despite a higher number of customers and outsized hourly wage increases that we put through earlier this year.

客戶服務成本年減 1.2%，而客戶關係成長率為 4.2%。交易成本和壞帳減少是導致下降的主要原因，而壞帳減少的部分原因是政府的刺激計劃。剔除壞帳後，儘管客戶數量增加，且今年稍早我們大幅提高了時薪，但客戶服務成本與去年同期持平。

Marketing expenses grew by 3.1% year-over-year, driven by second quarter 2020 COVID impacts, including lower media placement rates in 2020 and a payroll tax credit. Mobile expenses totaled $586 million and were comprised of mobile device cost tied to device revenue, customer acquisition and service and operating cost. And other expenses grew by 13.5%, driven primarily by higher corporate costs and advertising sales expense given the strength of ad sales this quarter, combined with the weakness in the ad market in the prior year. Adjusted EBITDA grew by 11.8% in the quarter.

受 2020 年第二季 COVID 疫情的影響，包括 2020 年媒體投放率下降和工資稅抵免，行銷費用年增 3.1%。行動支出總計 5.86 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。其他支出成長了 13.5%，主要原因是本季廣告銷售強勁，加上上一年廣告市場疲軟，導致公司成本和廣告銷售支出增加。本季調整後 EBITDA 成長了 11.8%。

And turning to net income on Slide 8, we generated $1 billion of net income attributable to Charter shareholders in the second quarter versus $766 million last year. The year-over-year increase was driven by higher adjusted EBITDA.

在第 8 張投影片中，我們展示了淨收入狀況。第二季度，歸屬於 Charter 股東的淨收入為 10 億美元，而去年同期為 7.66 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 second quarter, in line with last year's second quarter capital spend, driven by higher scalable infrastructure spend, primarily related to augmentation of our network capacity at our normal pace for customer growth and usage with incremental spending to reclaim the network headroom we maintained prior to COVID. This was offset by lower spend on modems, routers and self-installation kits given the elevated sales volume in the second quarter of last year.

翻到第 9 張投影片。第二季資本支出總額為 19 億美元，與去年第二季的資本支出持平，主要原因是可擴展的基礎設施支出增加，這主要與我們以正常速度增加網路容量以滿足客戶成長和使用需求有關，並增加支出以恢復我們在 COVID 之前保持的網路餘裕。由於去年第二季銷售量較高，調變解調器、路由器和自助安裝套件的支出減少，抵銷了上述影響。

We spent $124 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-outs. For the full year 2021, we continue to expect cable capital expenditures, excluding the RDOF investments, to be relatively consistent as a percentage of cable revenue versus 2020.

本季我們在行動相關資本支出上花費了 1.24 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。2021 年全年，我們預計有線電視資本支出（不包括 RDOF 投資）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 $2.1 billion of consolidated free cash flow this quarter, an increase of 10.8% year-over-year. We've finished the quarter with $87.5 billion in debt principal. Our current run rate annualized cash interest, pro forma for financing activity completed in July, is $4 billion, $4.0 billion to be exact. As of the end of the second quarter, our net debt to last 12-month adjusted EBITDA was 4.3x. We intend to stay at or just below the high end of our 4 to 4.5x leverage range.

如投影片 10 所示，本季我們產生了近 21 億美元的合併自由現金流，年增 10.8%。本季末，我們的債務本金為 875 億美元。根據 7 月完成的融資活動估算，我們目前的年化現金利息運作率為 40 億美元，準確來說是 40 億美元。截至第二季末，我們的淨債務與過去 12 個月調整後的 EBITDA 比率為 4.3 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。

In June, we converted Advance/Newhouse's preferred partnership units, which had a face value of $2.5 billion and paid a 6% coupon. They were converted into 9.3 million common partnership units, which means we no longer pay $150 million in preferred dividends per year.

6 月份，我們轉換了 Advance/Newhouse 的優先合夥單位，這些單位面值為 25 億美元，票面利率為 6%。它們被轉換為 930 萬個普通合夥單位，這意味著我們每年不再支付 1.5 億美元的優先股股息。

During the quarter, we repurchased 6.1 million Charter shares and Charter Holdings common units, totaling about $4 billion at an average price of $656 per share. Since September of 2016, we've repurchased $47 billion or 36% of Charter's equity at an average price of $421 per share. So we have a successful operating model and growth-oriented investment approach, which when coupled with the unique balance sheet structure and improving capital allocation strategy, has and will produce cash flow growth and shareholder value for years to come.

本季度，我們回購了 610 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 656 美元。自 2016 年 9 月以來，我們已回購了價值 470 億美元或 Charter 公司 36% 的股權，平均每股價格為 421 美元。因此，我們擁有成功的營運模式和以成長為導向的投資方法，再加上獨特的資產負債表結構和不斷改進的資本配置策略，已經並將繼續在未來幾年內帶來現金流成長和股東價值。

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) Our first question comes from the line of Craig Moffett with MoffettNathanson.

（操作說明）我們的第一個問題來自 Craig Moffett 和 MoffettNathanson 的線路。

I'm going to -- instead of talking about broadband, which everybody wants to talk about, I want to ask about your other 2 big revenue drivers, wireless and business services. First, with business services, I think you said last quarter the repricing is now largely over for the Time Warner Cable customers. Can you just talk a little bit about what you're seeing in business services? It looks like with particularly weak results from Verizon and AT&T, that share gains may have meaningfully accelerated now in the wake of COVID.

我不想談論大家都想談論的寬頻，而是想問你們另外兩個主要的收入來源：無線服務和商業服務。首先，關於商業服務，我想您上個季度說過，時代華納有線電視客戶的重新定價現在基本上已經結束了。您能否簡單談談您在商業服務領域觀察到的情況？由於 Verizon 和 AT&T 的業績尤其疲軟，受新冠疫情影響，市場份額的成長可能已經顯著加快。

And then with CBRS and wireless, I wonder if you could just talk about how much traffic you think you can offload from the MVNO agreement. And what kind of time line do you think you'll be before you'll start to see those traffic reductions onto your own network?

那麼，關於 CBRS 和無線技術，我想知道您能否談談您認為可以從 MVNO 協定中分流多少流量。你認為需要多長時間才能開始看到自己網路流量的減少？

So let me -- I'll start with business, and then I think Tom will cover wireless. The -- on the business service segment, you have to really distinguish between SMB and enterprise. So I'll start with what we're seeing on SMB and then move to enterprise.

那麼，讓我先從商業方面說起，然後我想湯姆會講無線領域。在商業服務領域，你必須真正區分中小企業和大型企業。那麼，我將先從中小企業的情況說起，然後再談到大型企業。

For SMB, as businesses recover, new businesses open, the share flow opportunity for us is growing, and you see us returning to higher growth rates. And at the same time, most of the repricing in the SMB space, with the legacy TWC base is behind us with the exception of the voice product. So it's largely behind.

對於中小企業而言，隨著企業復甦、新企業開業，我們的市佔率成長機會也在增加，你會看到我們恢復到更高的成長率。同時，除了語音產品之外，中小企業領域（包括傳統 TWC 用戶群）的大部分重新定價工作已經完成。所以它基本上落後了。

And so what you're seeing is accelerating net add growth accompanied by less price pressure, which is resulting in accelerating sequential revenue growth in SMB. And we're steadily marching down a path to continue to go higher on both. And I think the runway for us on SMB continues to be very long, even though we're -- we have a meaningful percentage and participation in that marketplace.

因此，您看到的是淨新增客戶成長加速，同時價格壓力減小，這導致中小企業收入環比成長加速。我們正穩步朝著更高的目標邁進。我認為，儘管我們在中小企業市場已經佔據了相當大的份額和市場份額，但我們在該領域的發展空間仍然非常廣泛。

On the enterprise side, we're lower penetrated, and our value-added opportunity is due to our significant amount of deployed fiber throughout our footprint to be able to drive connectivity services as well as software-defined network overlay products, including SD-WAN, unified communications. And so our opportunity there is not only to provide more fiber connectivity, but to establish ourselves in the marketplace for these additional services and increase the stickiness of our fiber connectivity with additional product. And we're early on in that.

在企業方面，我們的滲透率較低，我們的增值機會在於我們在整個業務範圍內部署了大量光纖，從而能夠推動連接服務以及軟體定義網路疊加產品，包括 SD-WAN 和統一通訊。因此，我們的機會不僅在於提供更多的光纖連接，還在於透過提供更多產品，在市場上確立我們自身在這些附加服務方面的地位，並提高我們光纖連接的黏性。我們目前還處於早期階段。

That marketplace had really slowed down significantly during COVID. And our selling activity is back and above 2019 levels despite the fact that certain key markets of ours, L.A., New York City, are not back to where they were. So despite that, we're above where we were in 2019, both from a units as well as a revenue takeout on selling.

疫情期間，該市場確實大幅放緩。儘管我們的一些主要市場（如洛杉磯、紐約市）尚未恢復到先前的水平，但我們的銷售活動已經恢復，並且超過了 2019 年的水平。儘管如此，我們目前的銷售和銷售收入都高於 2019 年的水準。

What you're not seeing is the full impact of that yet inside of our revenue for enterprise because those sales have long cycle times to installation and, therefore, revenue conversion into billing. So our outlook on that is pretty strong. It's going to continue slowly but continually get better and better in the enterprise space. So we're optimistic about both SMB and enterprise. And I think we can be a share taker there for many years to come.

您目前尚未看到的是這對我們企業收入的全面影響，因為這些銷售的安裝週期很長，因此，收入轉化為帳單的周期也很長。因此，我們對此前景相當樂觀。在企業領域，這種情況會持續緩慢但穩定地改善。因此，我們對中小企業和大型企業都持樂觀態度。我認為在未來很多年裡，我們都可以成為那裡的股東。

Yes. And Craig, with regard to CBRS and offload, we have our first infrastructure project that we're building that will use CBRS. That won't be active until early next year. And I don't anticipate any meaningful national offload until -- beginning in '23.

是的。克雷格，關於 CBRS 和卸載，我們正在建造第一個將使用 CBRS 的基礎設施項目。這項功能要到明年年初才會啟用。我預計到 2023 年才會出現任何有意義的全國性卸載。

But that said, we think this is a long-term opportunity, and we're a nascent player in the mobile space and just beginning our acceleration. And we're incented to move significant amounts of traffic onto our own network, and we already do through our WiFi network, which we can also optimize for traffic flow going forward. And we can do the same with CBRS and potentially other parties as well.

但即便如此，我們認為這是一個長期的機會，而且我們在行動領域還是一個新興企業，我們才剛開始加速發展。我們有動力將大量流量轉移到我們自己的網路上，我們已經透過 WiFi 網路實現了這一點，而且我們還可以進一步優化 WiFi 網路以改善未來的流量。我們也可以用同樣的方法對 CBRS 以及其他相關方進行操作。

So we have an opportunity to continuously lower our cost going forward and to -- even if we were not using CBRS, we have an opportunity just through our volume of activity to continuously move down the price curve. So we're optimistic about our ability to grow our mobile business and at the same time, take costs out of our mobile business as it grows. And there are a variety of tools, including CBRS, that allow us to do that. But I would say that without giving you an exact number, it would be material.

因此，我們有機會在未來不斷降低成本，而且——即使我們不使用 CBRS，僅憑我們的業務量，我們也有機會不斷降低價格。因此，我們對發展行動業務的能力充滿信心，同時，我們也能夠在行動業務成長的同時降低成本。有很多工具，包括 CBRS，可以幫助我們實現這一點。但我想說的是，雖然不能給出確切的數字，但這仍然是一個重要因素。

The next question comes from the line of Jonathan Chaplin with New Street.

下一個問題來自喬納森·卓別林與新街的連結。

Chris, I'm wondering if you can give us an update on when you think you'll switch from splitting nodes to potentially adding capacity to the plant with maybe an upgrade to 1.2 gigahertz with a high split. And if that happens later this year, is that contained within the CapEx envelope that you've guided to for the year?

克里斯，我想知道你能否告知我們你預計何時會從拆分節點轉向增加工廠容量，或許會升級到 1.2 吉赫茲並採用高拆分方式。如果這種情況在今年稍後發生，這是否包含在您為今年設定的資本支出預算範圍內？

So I'll start off and let Tom add into it. I don't think it's going to be -- one, we haven't announced a definitive plan as of yet; two, if and when we're moving into a high-split territory. It's not going to be like you're going to flip the switch nationally. You'll start off market by market. And it's not going to be heavy inside of this year in any event. So I don't think it's going to have any material impact to our CapEx this year.

那我先開始，然後讓湯姆補充。我不認為會是這樣——第一，我們還沒有公佈最終計劃；第二，如果我們進入高分化領域的話。這不會像在全國範圍內一鍵切換開關那樣。你將從一個市場開始，逐一進行。而且今年室內也不會很重。所以我認為這不會對我們今年的資本支出產生任何實質影響。

As you look out over a 5-, 6-year period, really what you would be doing is using high split to replace augmentation that you'd be doing otherwise to increase the capacity of our network. And so when you look at it over a 5- to 6-year time period, it would be at very low, if any, incremental cost. There may be pockets in that 5- to 6-year window where you'd be doing effectively capital pull forward. And I'd like to use the word lumpiness you might have in some of your capital expenditure.

從 5 到 6 年的時間跨度來看，實際上你所做的就是使用高分割來取代你原本會進行的增強，從而提高我們網路的容量。因此，從 5 到 6 年的時間跨度來看，即使有增量成本，也非常低。在這 5 到 6 年的時間窗口內，可能會出現一些可以有效提前提取資金的時期。我想用「資金波動」這個詞來形容你們在某些資本支出中可能遇到的情況。

But we're going to do what's right. And if we can move fast and get additional augmentation and capacity, we'd do it, but I don't see a material impact this year. And over a 5- to 6-year period, I don't think it changes the trajectory of our investment cycle. It'd give us additional capabilities, additional speeds at a lower cost than what we'd otherwise incur.

但我們會做正確的事。如果我們能夠迅速行動並獲得額外的增援和產能，我們會這樣做，但我認為今年不會產生實質影響。在 5 到 6 年的時間裡，我認為這不會改變我們投資週期的軌跡。它將以比我們原本需要付出的成本更低的成本，為我們提供額外的功能和更快的速度。

The only thing I would add is the one thing it does, it gives you the ability to sell symmetrical data speeds at over a gig. And you can do that without really spending out much incremental capital. And at the moment, we really don't need that from a market-facing perspective or from -- I mean, there's a perception issue in the market, but in terms of product use, there's none. And so we don't need it yet from a marketing perspective.

我唯一要補充的是，它唯一的功能就是讓你能夠以超過千兆的速度出售對稱資料速度。而且你無需投入太多額外資金就能做到這一點。目前，從市場角度來看，我們真的不需要那樣——我的意思是，市場上有認知問題，但就產品使用而言，則不存在這個問題。因此，從行銷的角度來看，我們目前還不需要它。

And it's not the only tool in our toolbox. We have other technologies, including DOCSIS 4.0 and Full Duplex, which we can use selectively and efficiently wherever augmentation or product definitions require. But I think the main thing to keep in mind is that the pathway we have to continuously upgrade our network capabilities is very efficient from a capital perspective and flexible.

而且，這並不是我們工具箱裡唯一的工具。我們還有其他技術，包括 DOCSIS 4.0 和全雙工技術，我們可以根據需要選擇性地、有效率地使用這些技術進行增強或產品定義。但我認為最重要的是要記住，我們不斷升級網路能力的途徑從資金角度來看非常有效率且靈活。

The next question comes from the line of Michael Rollins with Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

Michael, you might be on mute. There you go.

邁克爾，你可能處於靜音狀態。好了。

Thanks. Curious if you could talk a bit more about what you're seeing in the broadband market and your performance in terms of just overall market expansion versus market share. And then separately, on the video side, can you share what you find is contributing to the better trend line of video losses? And how you see that going forward?

謝謝。我很想聽聽您如何更詳細地談談您在寬頻市場觀察到的情況，以及您在整體市場擴張與市場份額方面的表現。另外，在影片方面，您能否分享一下您認為哪些因素促成了影片損失趨勢的改善？你如何看待未來的發展？

Michael, I think the broadband market continues to expand, both through housing growth, population growth and adoption. The big issue in general adoption is more of a digital literacy issue than it is a cost issue. And it's continuing to improve in terms of market adoption because of the way people can use the tools on the Internet today at any level and at any age. And so I think you have a continuous march of broadband adoption right up to occupied housing over the next 5 years.

邁克爾，我認為寬頻市場將繼續擴張，這既得益於住房成長，也得益於人口成長和普及。普及應用的最大障礙更多在於數位素養，而非成本。而且，由於如今任何年齡、任何程度的人都可以使用網路上的工具，因此其市場接受度也不斷提高。因此，我認為在未來 5 年內，寬頻普及率將持續成長，直到所有居民住宅都能享受到寬頻服務。

And so you have that and then you have our ability to have a superior service with a capitally efficient ability to continuously upgrade that service. And we think we can -- with a full range of products, including mobile and video, and we think we can continue to take share as a result of our ability to have high-quality, low-cost products available to consumers across the marketplace.

因此，我們既擁有了這樣的條件，又具備了提供優質服務的能力，並且擁有高效利用資金不斷升級服務的能力。我們認為我們可以做到——憑藉包括行動和視訊在內的全系列產品，我們認為我們可以繼續擴大市場份額，因為我們有能力向市場上的消費者提供高品質、低成本的產品。

With regard to video, why do we -- why are our numbers relatively better? We're selling more packages that allow us to tailor video to customer needs. It's a difficult business because in general, video is very expensive. Our cost for video to provide it to customers are very high and continuously going up. And so there's people being priced out of the market. We put lower-priced packages into the market. The new products that have been developed, direct-to-consumer products, are churning at higher levels. And so our products also are in that readoption process of -- that occurs as a result of churn.

就影片而言，為什麼我們的數據相對較好？我們正在銷售更多能夠根據客戶需求客製化影片的套餐。這是一個很難的行業，因為一般來說，影片製作成本很高。我們向客戶提供影片的成本非常高，而且還在持續上漲。因此，有些人因為價格過高而被擠出了市場。我們向市場投放了價格較低的套餐。新開發的直接面向消費者的產品，其周轉率更高。因此，我們的產品也正處於重新被市場接受的過程中——這是由於客戶流失所造成的。

So to some extent, we think our video business is stabilizing, but at the other -- on the other hand, the fundamental trends haven't stopped, which is that prices are being continuously passed through to consumers, and there's real pressure on the total cost of the bundle. The reason we're relatively better is we have -- we've been moderate with our pricing, and we've been moderate -- and we've created new packages that cost less.

因此，在某種程度上，我們認為我們的視訊業務正在趨於穩定，但另一方面，基本趨勢並沒有停止，那就是價格不斷轉嫁給消費者，捆綁銷售的總成本面臨真正的壓力。我們相對而言比較好的原因是，我們的定價一直比較適中，而且我們也推出了價格更低的新套餐。

Our next question comes from the line of Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Two questions. I'm wondering if you could talk a little bit about wireless sell-in. I don't know if you'd be willing to give us a number on percentage of new customers or connects that are taking wireless. Or any trends you're seeing or your ambitions long term? It would seem like that business is really starting to get a lot of momentum. And I was wondering if all your sales channels are turned on. And just sort of how to think about the potential acceleration of that business. Anything you could share would be helpful.

兩個問題。我想請您談談無線產品銷售方面的問題。我不知道您是否願意提供使用無線網路的新客戶或連接使用者的百分比資料。或你觀察到的任何趨勢，或你的長期目標？看來這家公司的發展勢頭確實越來越強勁了。我想問一下，你們所有的銷售管道都已開啟嗎？以及如何思考該業務可能加速發展的問題。您能分享的任何資訊都將對我們很有幫助。

And then probably for Chris. Chris, just as we think about the third quarter broadband net adds, do we need to think about anything as it relates to either the EBB number you called out or the New York order, like definitely we need to factor in, in our thought process for third quarter at all? Or any thoughts would be appreciated.

然後可能對克里斯來說也是如此。克里斯，當我們考慮第三季寬頻淨新增用戶數時，我們是否需要考慮你提到的 EBB 數據或紐約的命令，例如我們肯定需要在考慮第三季數據時將其納入考慮？當然，任何想法都歡迎。

Sure. I'll take a crack at both of those, and then Tom may want to add additional. On the wireless sell-in, so we're -- the answer is no. We're not going to give you the percentage of sell-in for obvious competitive reasons, but I can provide some color on it. We're essentially selling through all of our channels. It is a focus we have to make sure that on every conversation that we have inside of our selling channels, that we're bringing up the conversation of how we can save customers money if they take mobile with us. Our sales success rate, our compliance for that conversation taking place and the sales success rate is going up.

當然。我會嘗試做這兩件事，然後湯姆可能還想添加其他內容。關於無線產品的銷售，我們的答案是否定的。出於顯而易見的競爭原因，我們不會透露具體的銷售百分比，但我可以提供一些相關資訊。我們基本上是透過所有管道進行銷售。我們必須確保在銷售管道內的每一次對話中，都能提出這樣一個話題：如果客戶攜帶手機前來，我們可以幫助他們省錢。我們的銷售成功率、我們對此次對話的遵守情況以及銷售成功率都在上升。

And what happened inside of Q2 and also inside of Q1 is we just have less selling opportunities, but our success rate in selling in is going up on a steady march across all of those channels, which includes retention, by the way, so in all of our sales channels. And we're using it as a retention tool as well. Customers call in and want to save money. This is a great way to save hundreds and even thousands of dollars a year for a customer by taking our mobile product. So it's working well, and we have a lot of confidence that it's going to keep on increasing. And as soon as the market flow opens back up in terms of selling opportunities, I think we're well positioned.

第二季和第一季的情況是，我們的銷售機會減少了，但我們在所有通路（包括客戶留存）的銷售成功率都在穩步上升，也就是說，在我們所有的銷售管道中都是如此。我們也將其用作客戶留存工具。顧客打電話來，想要省錢。使用我們的行動產品，客戶每年可以節省數百甚至數千美元，這是一個非常好的方法。所以目前效果很好，我們非常有信心它會繼續成長。一旦市場重新開放，銷售機會恢復，我認為我們已經做好了充分的準備。

And the Q3 broadband, I don't expect EBB to have any negative impact on us in Q3. The customers that were protected from the state mandate perspective, we've already -- inside of our Q2 results, it was small, but we've written off a portion of their balances. We're working with those customers. We've been successful in keeping those customers, those type of customers through the Keep Americans Connected programs. We want those customers to stay with us, and we're working with them to make sure that takes place. And it's worked in the past, and I don't expect any major impact there.

至於第三季的寬頻，我預期 EBB 不會對我們造成任何負面影響。從州政府強制規定的角度來看，那些受到保護的客戶，我們已經——雖然數額很小，但在我們的第二季度業績中，我們已經註銷了他們的一部分餘額。我們正在與這些客戶合作。我們透過「維持美國人互聯互通」計畫成功地留住了這些客戶，也就是這類客戶。我們希望這些客戶繼續與我們合作，我們正在與他們共同努力，確保這一點得以實現。而過去這種做法行之有效，我預計不會有任何重大影響。

I guess the only thing that I would say -- well, 2 things I would say about Q3, and not so much even Q3. It's just when you think about the coming quarters. Q2 2019 wasn't our strongest quarter. So we've really outpaced that this quarter versus 2019. And I think Q3 2019 was better than Q2 2019. So I'd just caution not to get over your skis on relative expansion of net adds in comparison to 2019.

我想說的只有兩點──關於第三季度，其實也沒什麼好說的。當你開始考慮接下來的幾季時，就會有這種感覺。2019年第二季並不是我們業績最好的一個季度。所以，與 2019 年同期相比，我們本季的表現確實超過了預期。我認為2019年第三季比2019年第二季好。因此，我只想提醒大家，不要因為淨新增用戶數與 2019 年相比的相對成長而過度樂觀。

And there will be a moment where -- we were just talking about it yesterday. There will be a moment where there's dislocation where the market churn picks up, your sales should pick up. And so there's always this question of does the timing line up exactly right. As a share taker over a period of time, that means we're going to have higher sales. We're going to have higher net adds. But in order to get there, the market churn rate has to pick up. And there's a timing question of does it all flow through inside of the quarter the way you think it should.

總會有那麼一個時刻──我們昨天還在談論這件事。當市場出現動盪，市場波動加劇時，你的銷售也應該會上升。因此，總是會存在這樣一個問題：時機是否完全吻合。作為一家市場份額不斷成長的公司，從長遠來看，這意味著我們的銷售額將會更高。我們將迎來更高的淨新增用戶數。但要達到這個目標，市場週轉率必須加快。還有一個時間安排的問題，那就是所有事情是否都能像你預想的那樣在本季度內順利完成。

And so I -- what we always say, I wouldn't pay too much attention to a particular quarter. Our growth rate is good. It's going to continue to be good, and we tend to look over longer periods of time as opposed to just a particular quarter.

所以，就像我們常說的，我不會過度專注於某個特定的季度。我們的成長率很好。情況還會繼續保持良好勢頭，我們傾向於從更長的時間跨度來看待這個問題，而不是只專注於某個特定的季度。

Your next question comes from the line of Doug Mitchelson with Crédit Suisse.

你的下一個問題來自瑞士信貸的道格·米切爾森。

First question, one clarification. Did you say that CapEx this year would be, I think, stable including RDOF or excluding RDOF? Because I think the press release said excluding RDOF.

第一個問題，需要澄清一點。您是說今年的資本支出（CapEx）會保持穩定，無論是否包含RDOF？因為我認為新聞稿中說的是不包括RDOF。

Excluding RDOF.

不包括 RDOF。

Okay. For some reason, I thought I heard including, which would have been a surprise.

好的。不知何故，我以為我聽到了「包括」這個詞，這倒會讓我感到驚訝。

Yes.

是的。

I'm just -- a question on wireless on the go-to-market strategy and the position. And look, you've been pretty clear on not offering phone subsidies, which obviously is somewhat self-limiting for subscriber growth. Are you already leveraging all of your marketing channels for wireless? Is the elbow grease putting into driving gross additions, something that we could consider as relatively stable over time? And as we scale forward, it's partly selling opportunities, as you indicated. And it's partly churn on a growing subscriber base, and that's how we run the subscriber model.

我只是想問一個關於無線領域市場進入策略和市場定位的問題。而且，你們已經明確表示不會提供手機補貼，這顯然在某種程度上限制了用戶成長。您是否已經充分利用所有無線行銷管道？投入大量精力推動毛利成長，這是否可以被視為相對穩定的成長趨勢？隨著我們規模的擴大，正如您所指出的，部分原因在於出售機會。部分原因是不斷成長的訂閱用戶群的流失，而這正是我們經營訂閱模式的方式。

Or should we think of this as more of a financial decision as the economics of the business improve either through scale or learnings and operating smarter or offloading on CBRS and WiFi? As the economics of the business improve, should we assume that you'll spend more on market and ultimately consider phone subsidies? Just trying to understand that top-of-funnel approach over the next bunch of years for wireless.

或者，我們應該把這更多地視為一個財務決策，隨著業務規模的擴大、經驗的累積、營運方式的改進，或者透過 CBRS 和 WiFi 等方式將業務外包，業務的經濟效益會得到改善嗎？隨著企業經濟狀況的改善，我們是否應該假設您會在市場上投入更多資金，並最終考慮提供電話補貼？我只是想了解未來幾年無線通訊領域「漏斗頂端」策略的發展方向。

Yes. Doug, we haven't fully deployed all of our channels. We have a store strategy that's multiyear, and that's still rolling out. And we expect to complete it by the end of this year, but a substantial portion of our stores are not done. And so even the channels that we wanted to deploy are not fully rolled out.

是的。道格，我們還沒有完全部署所有管道。我們制定了一項多年期的門市策略，目前仍在逐步推行中。我們預計在今年年底前完成，但我們相當一部分門市尚未完工。因此，即使是我們想要部署的管道也尚未完全推出。

But we have a variety of tools to grow our market share. And we have -- and I would not preclude any of them that anybody else has ever used in history. But fundamentally, we haven't changed our pricing since we launched the product. And we have that ability to be -- to move the needle in terms of the amount of mobile customers that we create as part of our broadband growth strategy.

但我們擁有多種工具來擴大市場佔有率。我們有——而且我不會排除歷史上其他人使用過的任何一種方法。但從根本上講，自產品推出以來，我們的定價策略並沒有改變。我們有能力－透過寬頻成長策略，在行動用戶數量方面取得突破性進展。

So I would say that we set up a strategy that was based on activity levels. Those activity levels are lower than we thought because churn is lower than we thought. But there's -- there are more ways to get into the market than we are using.

所以我認為，我們制定的策略是基於活動程度的。這些活躍度水準低於我們的預期，因為客戶流失率低於我們的預期。但是，進入市場的方法還有很多，只是我們目前還沒有採用這些方法。

And I'd just add, since you asked the question, is it -- are there financial decisions driving how aggressive we are is the essence of what you're asking. The answer is no. We have a lot of confidence. We know what the economics are. They're very good of what we're doing. And over time, it's not going to be a short-term, financially driven decision in terms of how we deploy those channels.

既然你問了這個問題，我就補充一點：我們採取如此激進的策略，其本質在於是否存在財務決策在驅動著我們？答案是否定的。我們信心十足。我們知道其中的經濟原理。他們非常了解我們正在做的事情。隨著時間的推移，我們在部署這些管道方面將不再是一個短期的、以財務為導向的決定。

The next question comes from the line of Phil Cusick with JPMorgan.

下一個問題來自摩根大通的菲爾·庫西克。

A couple of follow-ups. Maybe expand on the comment about business trajectory normalizing. Was that improving through the second quarter or since? And is your own churn starting to pick up as well?

還有一些後續問題。或許可以進一步闡述關於商業發展軌跡正常化的評論。第二季情況有改善嗎？還是從第二季開始有所改善？你的客戶流失率也開始上升了嗎？

And then on mobile CapEx, as store spending comes to an end, do you expect mobile spend from those traditional uses to fall? And how could your strand mount spend come in relative to that in maybe '22 or '23?

那麼，隨著實體店消費的結束，在行動資本支出方面，您是否預期傳統用途的行動支出會下降？那麼，到 2022 年或 2023 年，您在海灘度假方面的支出會與此相比如何呢？

Look, I don't think I want to go down the heavy path of inter-quarter trajectory. SMB has been steadily improving each quarter. You can see it in our results. Enterprise, clearly, as more businesses become occupied, which is still relatively low, the selling opportunity for us increases. And the willingness for people to take decisions on their IT network, including our services, increases. So a lot of that's really been moving with COVID and in office occupancy as people are making decisions. And that's going to continue to -- that has been improving steadily and -- but for what you're seeing in the newspaper, I think we'll continue to steadily improve. So enterprise selling opportunities should continue to get better.

你看，我並不想走季度間走勢這條沉重的路。SMB的業績每季都在穩定提升。從我們的結果中就可以看出。顯然，隨著越來越多的企業被佔用（儘管目前佔用率仍然相對較低），我們的銷售機會也會增加。人們越來越願意對自己的 IT 網路（包括我們的服務）做出決策。所以很多事情都隨著新冠疫情和辦公室入住率的變化而發展，因為人們正在做出相應的決定。而且這種情況還會繼續——一直在穩步改善——但就你在報紙上看到的情況而言，我認為我們將繼續穩步改善。因此，企業銷售機會應該會持續改善。

Your question -- go ahead.

請提問。

Well, I was just going to say that in terms of churn, fundamentally, recovery is slower than we thought it would be in terms of activity levels. And while we're performing well in all of that, it's not what we thought. So we're a little surprised at how slow move activity has rebounded. And so I'm -- it is rebounding. Everything is moving and increasing and returning to normal. But it is not there, and it's still an unusual marketplace.

我本來想說的是，就客戶流失率而言，從根本上講，業務活躍度的恢復速度比我們預期的要慢。雖然我們在所有這些方面都表現良好，但這與我們預想的並不一樣。因此，我們對房地產市場復甦如此緩慢感到有些意外。所以，它正在反彈。萬物都在運動、成長，逐漸恢復正常。但它並不存在，而且它仍然是一個不同尋常的市場。

On the CapEx side, the stores that we plan to roll out will be largely completed this year. Some of that's going to roll a little bit into next year. And then we'll have another investment decision to make of how more deeply penetrated in the market we want to go. We've not made that decision yet. We'll take a similar ROI approach to how we deal with that in stores, but our original plan will be complete, largely end of this year, as the Tom said, and maybe a little carryover into next year.

在資本支出方面，我們計劃推出的門市將在今年基本完工。其中一些項目可能會延續到明年。接下來，我們將面臨另一個投資決策，即我們希望進一步深入市場。我們尚未做出決定。我們將採取類似的投資報酬率方法來處理門市的相關事宜，但正如湯姆所說，我們的原計劃將在今年年底基本完成，也許會有一些工作延續到明年。

You rightfully point out that we'll be stepping up the CBRS investment. And could that take the place of store capital? Yes, but not into perpetuity, I think. Phil, it may have been you who published.

您指出得對，我們將加大對 CBRS 的投資。那它能否取代商店資本呢？是的，但我想不會永遠如此。菲爾，或許是你發表的。

That's not the way we think about it.

我們不是這樣想的。

It's not the way at all we think about. It just happens to be some coincidence. But I think you had -- Stefan told me you had published a number that was relatively high for what we would spend on CBRS -- the number that at least he told to me was a multibillion dollar number, and that's way more than what this project is going to cost. And that will be ROI-based. We don't have a specific time line other than we'll roll out market by market based on where we have the best ROI to achieve that, but the capital spending is -- it's large. But in the overall context of Charter, it's not that big.

這和我們平常想的完全不一樣。這純屬巧合。但我認為你——斯特凡告訴我你公佈了一個數字，這個數字對於我們在 CBRS 上的支出來說相對較高——至少他告訴我的數字是數十億美元，這遠遠超過了這個項目的成本。這將以投資回報率為依據。我們沒有具體的時間表，只是會根據投資報酬率最高的市場逐個市場推出，但資本支出──數額龐大。但就 Charter 的整體情況而言，這並不算什麼大事。

Your next question comes from the line of John Hodulik with UBS.

你的下一個問題來自瑞銀集團的約翰‧霍杜利克。

During the quarter, you signed a new affiliate agreement with Viacom. And it seems like the wording may -- has changed a bit. So anything you could tell us about maybe not the specific deal, but just affiliate deals in general? Are you getting more flexibility? Is there more sort of a D2C participation? Because there's obviously fewer blackouts and so that seemingly, the negotiations are going better. So just any evolution there that you're seeing.

本季度，您與維亞康姆簽署了一項新的合作協議。措辭似乎有所改變。所以，您能否透露一些關於聯盟行銷合作的信息，也許不是關於具體的交易，而是關於一般的聯盟行銷合作？你的工作安排是否更有彈性了？是否有更多D2C（直接面向消費者）的參與方式？因為停電次數明顯減少了，所以談判似乎進展得更順利了。所以，你所看到的任何演變都只是其中的一部分。

And then going back a couple of years, you guys talked about 500 basis points or so of sort of visibility on margin improvement. And in the prepared remarks, you talked about all the digitalization and efforts there that should sort of keep that trend going. But just in some -- any change in your visibility for margin improvement from the sort of 39% levels as you look out over the next couple of years?

再往前追溯幾年，你們當時談到利潤率提升大約有 500 個基點的可能性。在事先準備好的演講稿中，您談到了所有的數位化進程以及相關的努力，這些都將有助於維持這一趨勢。但就某些方面而言——展望未來幾年，您對利潤率從 39% 左右的水平提升的預期是否有任何變化？

John, with regard to Viacom, I would say this. It was a modern agreement, a new agreement and recognized that the video business is changing. And it addressed our legacy relationship and it addressed our new direct-to-consumer relationship with Viacom. And they were, I think, happy with the discussion, and we were obviously, since we agreed to it.

約翰，關於維亞康姆，我想說的是…這是一份現代化的協議，一份全新的協議，它承認視訊產業正在改變。它既闡述了我們與維亞康姆的傳統關係，也闡述了我們與維亞康姆之間新的直接面向消費者的關係。我認為他們對這次討論感到滿意，我們顯然也感到滿意，因為我們同意了這次討論。

And the -- it's different than prior agreements because they have direct-to-consumer products, and those were integral to the discussion. And consistent with our view that we'd like to be part of the marketplace and to enhance our video customer relationship with customers through managing transactions for them. So it did that.

而且——這與先前的協議不同，因為他們有直接面向消費者的產品，而這些產品是討論的核心內容。這與我們希望成為市場的一部分，並透過為客戶管理交易來加強我們與客戶的視訊客戶關係的觀點是一致的。它確實這麼做了。

On margin, I think you know us well enough, John, to know we don't think about the business in terms of percentage margin terms. It doesn't drive how we do investment planning or operating plans or budgets. But the -- part of your question is, are we going to continue to get more efficient? And the answer is yes. I mean you have double-digit percentage increases in the number of trouble calls and service calls per customer relationship year-over-year. And that continues. It has a long runway.

關於利潤率，約翰，我想你很了解我們，知道我們不會用百分比利潤率來考慮業務。它不會影響我們的投資規劃、營運計劃或預算制定方式。但你問題的後半部是，我們是否會繼續提高效率？答案是肯定的。我的意思是，每個客戶關係的故障呼叫和服務呼叫數量逐年出現了兩位數的百分比成長。這種情況仍在繼續。它有一條很長的跑道。

I think the bigger driver for consolidated margin really is much more about revenue mix. So if you think about what we're doing, we're adding mobile in, which has a positive EBITDA on the increment. But it has a lower structural percentage margin, if you think about it that way. We use video and mobile to drive higher attach rates for broadband, which is a high gross margin. We use it to drive higher retention of broadband.

我認為影響綜合利潤率的更大因素其實是收入結構。所以，想想我們正在做的事情，我們正在增加行動業務，這帶來了正的 EBITDA 成長。但從這個角度來看，它的結構性利潤率較低。我們利用視訊和行動技術來提高寬頻的附加率，從而獲得較高的毛利率。我們利用它來提高寬頻用戶的留存率。

So we use lower stand-alone margin products to drive higher-margin acquisition and retention. And at the end of the day, that's not at all how we think about the mix. What we're thinking about is how can we create the most value in the household to drive the most products going in, that gets the most EBITDA and the most cash flow per household.

因此，我們利用利潤率較低的獨立產品來推動利潤率較高的客戶獲取和保留。歸根究底，我們根本不是這樣看待混音的。我們正在思考的是，如何為家庭創造最大的價值，從而推動最多的產品進入家庭，獲得最大的 EBITDA 和每個家庭最大的現金流。

And so you could have a low revenue business with a high percentage margin and have this victory lap of high percentage margin, but you could have lower EBITDA and lower cash flow per household, and that's not the model that we deploy. So we're looking to put as much product in, much value in to get as much EBITDA and cash flow out of the household by providing products that -- and packages that our customers can't replicate and make it easy to -- for customers to stay with us for a long period of time.

因此，你可能會擁有一個收入很低但利潤率很高的企業，並享受著高利潤率帶來的勝利喜悅，但你的 EBITDA 和每戶現金流可能會降低，而這並不是我們所採用的模式。因此，我們希望投入盡可能多的產品和價值，透過提供客戶無法複製的產品和套餐，為家庭帶來盡可能多的 EBITDA 和現金流，並讓客戶能夠輕鬆地長期與我們保持合作關係。

So I don't want to give a guidance on where margin is going, other than it's going to be much more of a function of our lower video losses, continued growth in mobile, continued growth in Internet, which goes the opposite direction. But the biggest thing to focus on us is free cash flow and free cash flow per share.

所以我不想對利潤率的走向給出任何指導，除了它更多地取決於我們視頻業務損失的減少、移動業務的持續增長以及互聯網業務的持續增長（這兩者方向相反）。但我們最應該關注的是自由現金流和每股自由現金流。

Your next question comes from the line of Steven Cahall, Wells Fargo.

你的下一個問題來自富國銀行的史蒂文·卡哈爾。

Could you maybe talk about costs a little bit, both in the P&L and in CapEx in the back half of the year. You mentioned some of the labor cost increases, and I know labor is also a big piece of CapEx and especially with a strong selling environment. Just how should we think about cost growth in the back half of the year?

能否談談下半年的損益表和資本支出方面的成本狀況？您提到了一些勞動成本的成長，我知道勞動成本也是資本支出的一大部分，尤其是在銷售環境強勁的情況下。我們該如何看待下半年的成本成長？

And then on share repurchase, you're annualizing to a pretty big share repurchase here. I know you don't guide on it. I'm just curious if you could talk about what informed your thinking on share repurchase in the first half of the year and if there's anything that's shifting as we move into the back half of the year?

然後，在股票回購方面，你們每年的股票回購規模相當大。我知道你在這方面沒有指導經驗。我很好奇您能否談談今年上半年您在股票回購方面的想法，以及隨著我們進入下半年，是否有任何變化？

Sure. The cost commentary, if you go back after the call, take a look at the prepared remarks. What I was trying to make clear is as the -- as churn returns into the marketplace, that will give us better selling opportunities, which should ultimately lead to net adds. Some of that will be timing driven, but -- as I talked about earlier. But it's going to increase our sales commissions. It's going to increase the number of installations that we do, which has OpEx into, a lesser extent, CapEx. It will increase the number of newer tenured customers who tend to call more frequently at the beginning. So operating cost in a higher transaction environment and higher churn environment move up.

當然。關於成本方面的評論，如果您在通話結束後回看，可以查看準備好的發言稿。我想表達的是，隨著客戶流失重返市場，這將為我們帶來更好的銷售機會，最終應該會帶來淨成長。其中一些會受到時機的影響，但是——正如我之前提到的那樣。但這將增加我們的銷售佣金。這將增加我們的安裝數量，從而在一定程度上將營運支出轉化為資本支出。這將增加新舊客戶的數量，這些客戶在初期往往會更頻繁地打電話。因此，在交易量較高、客戶流失率較高的環境下，營運成本也會上升。

And in some sense, that's what we're hoping for, is that we'll have OpEx pressure because our sales will be accelerating and our net adds would be higher. And that's not the environment that we've been in the first half. And so we'll just do a good job of explaining that as it's taking place, but we've been trying to condition people for that environment since the beginning of the year. And it's happening later than we expected and may continue to push out.

從某種意義上說，這正是我們所希望的，那就是隨著銷售額的加速成長和淨新增客戶數量的增加，我們將面臨營運支出壓力。而這並非我們上半季所處的環境。所以我們會盡力在過程中解釋清楚，但從年初開始，我們就一直在努力讓人們適應這種環境。而這件事發生的時間比我們預期的要晚，也可能會繼續延後。

The other item that -- in the cost category of the bad debt, which goes along with your nonpay. And it also attaches to -- it's driven as well by people just moving and churn generally.

另一項是－屬於壞帳成本類別，與你的未付款項有關。而且它也與人口流動和人員更替密切相關。

The CapEx is less impacted. From a volume standpoint, yes, you'll have a little bit more CPE purchase. You'll have a little bit more capitalized install, but it doesn't move around quite as rapidly in that environment as you'd see in OpEx.

資本支出受到的影響較小。從銷售角度來看，是的，你的 CPE 購買量會稍微多一點。你會投入更多資金進行安裝，但在這種環境下，它的流動速度不如在營運支出 (OpEx) 環境下那麼快。

On share repurchase, we've been targeting a leverage to be at the mid to high end of our target leverage range. So the buybacks, we think about the long-term value of Charter, and we think it's high. And so really, when we look at buybacks, it's more about the target leverage range target as opposed to trying to be opportunistic. We're not day traders. We have a good long-term view on the value of Charter. And so our buyback is much more informed by our target leverage, where we expect to be at the end of the...

在股票回購方面，我們一直致力於將槓桿率控制在目標槓桿率範圍的中高端。所以，在考慮股票回購時，我們認為Charter的長期價值很高。所以實際上，當我們考慮股票回購時，更多的是專注於目標槓桿範圍，而不是試圖抓住機會。我們不是日內交易員。我們對Charter的長期價值持樂觀態度。因此，我們的股票回購計劃更受目標槓桿率的影響，我們預計在年底時將達到該槓桿率…

The next question comes from the line of Jessica Reif Ehrlich with Bank of America Securities.

下一個問題來自美國銀行證券的傑西卡·雷夫·埃爾利希。

I guess 2 separate questions. On -- Comcast has Flex in the market for quite a while. And Altice recently announced their own streaming hardware. Are you planning on introducing anything similar for your customer base? And if you are, would you build it or potentially license Flex from Comcast? Or how are you thinking about it?

我想這是兩個不同的問題。康卡斯特的 Flex 服務已經進入市場相當長一段時間了。Altice 最近也發布了他們自己的串流硬體。您是否有計劃為您的客戶群推出類似產品？如果是的話，你會自己開發 Flex，還是有可能從 Comcast 取得 Flex 的授權？還是你是怎麼考慮的？

And then separately, can you -- you've called out advanced advertising or addressable advertising a number of times as a driver. And you've always been an industry leader in this area. Can you give us some color on current initiatives? And where you see it going?

另外，您能否－身為司機，您曾多次提到高級廣告或可尋址廣告？而且，您一直是該領域的行業領導者。您能為我們介紹一下目前正在進行的各項措施嗎？你覺得它會走向何方？

Jessica, with regard to our IP box solution, we've got a bunch of techniques and market-facing IP strategies. One is that we have an app-based user interface, and a lot of our customers bring their own hardware and use our apps and get their MVPD service in that way from us.

傑西卡，關於我們的 IP 盒子解決方案，我們有很多技術和市場導向的 IP 策略。一方面，我們擁有基於應用程式的用戶介面，許多客戶自帶硬件，使用我們的應用程序，並透過這種方式從我們這裡獲得 MVPD 服務。

We also have the existing Worldbox that we've deployed to our customer base. And in that Worldbox is an IP platform. And we have -- we are beginning to put apps, Netflix, YouTube and other apps onto our existing set-top box. And we continue to engage with Comcast on a discussion about their Flex technology and what it might be capable of doing for us.

我們還有已部署給客戶群的現有 Worldbox。Worldbox 是一個 IP 平台。我們已經開始將 Netflix、YouTube 和其他應用程式安裝到我們現有的機上盒上。我們將繼續與康卡斯特公司就其 Flex 技術及其可能為我們帶來的益處進行探討。

I'll take the advertising question and then you add, if needed. The -- David Kline appreciates your complement to the industry-leading, I'm sure, Jessica. But the driver here is we've really had an enhanced ability to sell the long-tail inventory and be able to monetize what was previously not utilized. And we have a tool that's called Audience App. Because we have all of the set-top box data in an aggregated, anonymized way for all of our customer base, we have the ability to present that to buyers of advertising and sell the long-tail inventory in a way that you were never able to do because Nielsen doesn't go very deep. And so we can tell -- sell that on a zone basis. We can sell it on a split-avail basis, addressable. And we can really effectively guarantee buyer impressions across not just the traditional set-top box base, but clearly, through the increasing amount of IP-based viewing that we have off a Spectrum TV app, which is on Apple TV, on Roku, on Samsung TV and all these other devices, iOS devices, Android and really monetize those impressions and monetize the set-top box inventory in a very similar way.

我來回答廣告方面的問題，如果需要的話，你再補充。——大衛·克萊恩很感謝你對業內領先的傑西卡的讚揚，我相信。但關鍵在於，我們確實增強了銷售長尾庫存的能力，並且能夠將以前未利用的庫存貨幣化。我們還有一款名為 Audience App 的工具。因為我們擁有所有客戶群的機上盒數據，而這些數據是匯總的、匿名化的，所以我們能夠將這些數據展示給廣告買家，並以你以前從未做到的方式出售長尾廣告位，因為尼爾森的數據深度不夠。因此我們可以說——按區域進行銷售。我們可以按份額出售，可尋址出售。我們不僅可以有效地保證傳統機上盒用戶群的觀看量，而且顯然還可以透過 Spectrum TV 應用（可在 Apple TV、Roku、三星電視以及所有其他設備（iOS 設備、Android）上）提供的基於 IP 的觀看量不斷增加，從而有效地保證用戶觀看量，並以非常類似的方式實現這些觀看量和機上盒庫存的化。

So I do think that we're leading the charge of moving the entire advertising space to an impression-based viewing, and being able to show it to a buyer where across all of the different channels that they can get placement and to be able to validate and verify on the back end that those eyeballs were actually captured and that they had a good return. We've also been investing in addition to more forward-thinking areas like addressability, which we're selling; split avails, which we have capabilities on; but also moving into using everything that I just described before, moving into attribution as well. And that's the Holy Grail here of being able to sell and then to go back and -- articulate to the customer what exactly it drove in terms of sales for them.

所以我認為我們正在引領整個廣告領域向基於展示次數的觀看模式轉變，並能夠向買家展示他們可以在所有不同的渠道獲得廣告位，並且能夠在後端驗證和確認這些眼球確實被吸引，並且獲得了良好的回報。除了可尋址性（我們正在銷售）、拆分可用性（我們具備這方面的能力）等更具前瞻性的領域之外，我們還一直在進行投資；同時，我們也在逐步應用我剛才描述的所有技術，並逐步進入歸因分析領域。這就是銷售的終極目標：先成功銷售，然後再回去向客戶清楚地說明，這究竟為他們帶來了哪些銷售成長。

So we have a fully -- full set of advertising capabilities that we offer to a client, super local when needed, addressable when needed. And we do it in traditional set-top box impression-based viewing and digital, which we sell as well. So despite the fact that the local ad sales market isn't all the way back, it's actually down relative to 2019. Certain segments like auto aren't performing as well because they don't have a lot of inventory. But despite that, our overall ad sales are up versus 2019, primarily driven by all the different capabilities that I described and the ability to make use of inventory that wasn't previously monetized.

因此，我們為客戶提供全套廣告服務，必要時可進行超在地化投放，必要時可進行定向投放。我們透過傳統的機上盒觀看方式和數位方式進行觀看，我們也銷售數位版本。因此，儘管本地廣告銷售市場尚未完全恢復，但實際上與 2019 年相比有所下降。某些細分市場，例如汽車產業，由於庫存不足，表現並不理想。儘管如此，我們的整體廣告銷售額與 2019 年相比有所增長，這主要得益於我所描述的各種不同功能以及利用以前未變現的庫存的能力。

At higher CPMs.

在更高的每千次展示成本 (CPM) 下。

At higher CPMs. It gives us more value.

在更高的CPM下。它能為我們帶來更多價值。

Can you license that across the industry? Or will you?

你可以把這項技術授權給整個產業嗎？你會嗎？

I think you went soft, but I think you asked if we could license that across the industry. We're always open to revenue opportunities.

我覺得你態度軟化了，但我想你問過我們是否可以將該技術授權給整個產業。我們始終對各種創收機會持開放態度。

Your last question will come from the line of Bryan Kraft with Deutsche Bank.

你的最後一個問題將來自德意志銀行的布萊恩·克拉夫特。

Wanted to ask a couple, if I could. In broad strokes, following up on the last question, can you talk about how the agreements you're reaching with programmers to carry their streaming services, provide you with ad inventory that you can monetize in the future as you gain scale there? And then secondly, I just want to see if you could comment on what you're seeing in terms of any incremental competitive fiber-to-the-home expansion in your footprint and/or fixed wireless? Is there anything observable there? Or is it pretty much business as usual?

我想問一對夫婦，可以嗎？概括來說，接著上一個問題，您能否談談您與節目製作人達成的協議，即透過他們的串流媒體服務為您提供廣告資源，以便您在未來規模擴大後實現盈利？其次，我想請您談談在您所在區域，光纖到戶和/或固定無線網路方面，您觀察到的任何漸進式競爭擴張情況？那裡有什麼可以觀察到的嗎？還是一切照舊？

Well, I think to your last question on competition, we continue to see a similar marketplace that we've seen for a number of years now in terms of competitive overbuilds. We're continuing to do well everywhere we operate, and we are the share leader everywhere we operate competitively speaking.

關於你最後一個關於競爭的問題，我認為，就競爭性超額建設而言，我們看到的市場與過去幾年看到的市場情況類似。我們在所有營運地區都持續取得良好業績，從競爭角度來看，我們在所有營運地區都處於市場份額領先地位。

The -- with regard to programmers, yes, there's an opportunity depending on the model, either for an advertising sale in the app and at multiple levels and a transaction opportunity as well in creating new subscriptions. So I guess the short answer is yes.

至於程式設計師，是的，根據不同的模式，存在著機會，既可以在應用程式內進行多層次的廣告銷售，也可以透過創建新的訂閱來獲得交易機會。所以，我想簡短的答案是肯定的。

Is -- and Tom, maybe just to follow up there. As you -- it sounds like you're building some of these revenue streams now as you make the apps available through your current set-top box infrastructure as you shift to sort of your next gen, whether it's Flex or something else. Do you see those opportunities kind of expanding significantly? Or...

是——還有湯姆，也許只是跟進。聽起來你現在正在建立一些收入來源，因為你正在透過你現有的機上盒基礎設施提供應用程序，同時向下一代產品過渡，無論是 Flex 還是其他產品。你認為這些機會會大幅增加嗎？或者...

I do, yes. Yes, I do. I think there's an opportunity to have a better advertising business than we've had historically. That works better for advertisers. It's more direct. It's got attribution. And we have a large skilled sales force on the streets, in the cities that we operate. So yes, I think it's an opportunity to create increased revenue.

是的，我願意。是的，我願意。我認為我們有機會打造一個比以往更好的廣告業務。這對廣告商來說效果更好。它更直接。它有出處。我們在營運的城市裡擁有一支龐大的、技術嫻熟的銷售隊伍，遍佈街頭。所以，是的，我認為這是一個增加收入的機會。

And thanks to everyone. We will see you next quarter.

感謝大家。我們下個季度再見。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you, ladies and gentlemen. That concludes today's conference call. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。您現在可以斷開連線了。