Charter Communications Inc (CHTR) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Charter's Second Quarter 2020 Investor call. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加Charter公司2020年第二季投資人電話會議。 （操作說明）

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

現在我把會議交給今天的主講人斯特凡·安寧格先生。請您開始吧，先生。

Good morning and welcome to Charter's Second Quarter 2020 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2020年第二季投資人電話會議。本次電話會議的簡報可在本公司網站ir.charter.com的「財務資訊」欄位下找到。

Before we proceed, I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, including our most recent 10-K 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，我們向美國證券交易委員會（SEC）提交的文件中包含一些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此類風險因素和其他警示性聲明進行詳細討論。但是，我們鼓勵各位仔細閱讀這些文件。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表述均構成前瞻性陳述。這些前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與歷史結果或預期結果有差異。任何前瞻性陳述僅反映管理階層目前的觀點，Charter公司不承擔任何義務在未來修訂或更新此類陳述，也不承擔任何義務作出其他前瞻性陳述。

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，我們將提及盈利文件中定義和調整的非GAAP財務指標。這些非GAAP財務指標由Charter公司定義，可能與其他公司使用的類似指標不具可比性。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.

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。

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

那麼，我們把電話交給湯姆吧。

Thanks, Stefan. We've remained focused on serving our customers and the communities where we operate through a difficult period of time. These services have enabled remote working, distant learning, telehealth services and family communications in support of the broader economy and the welfare of our communities.

謝謝斯特凡。在這段艱難時期，我們始終專注於服務客戶和我們營運所在的社區。這些服務支持了遠距辦公、遠距學習、遠距醫療和家庭溝通，從而促進了整體經濟發展和社區福祉。

In mid-March, as part of our effort to keep Americans connected during the shelter-in-place orders, we pledged to do a number of things. We committed to offer Spectrum Internet for free for 60 days to households with students or educators who did not already have a Spectrum Internet subscription. And through that program, which ended for new subscriptions on June 30, we added 450,000 customers.

三月中旬，為了在居家隔離期間保障美國民眾的網路連接，我們承諾採取多項措施。其中一項是為家中有學生或教師且尚未訂閱Spectrum網路服務的家庭提供60天的免費網路服務。透過這項於6月30日結束的新用戶訂閱計劃，我們新增了45萬用戶。

We also committed to suspend collection activities and not terminate service for residential or small and medium business customers who were experiencing COVID-19-related economic challenges. And through the Keep Americans Connected programs, which also ended on June 30, we helped approximately 700,000 customers, who indicated economic hardship due to COVID-19. In addition, we opened our WiFi hotspots across our footprint for public use, opened up our Spectrum News website to ensure people have access to high-quality local news and information, and we rapidly connected and upgraded fiber services to health care providers. We've donated significant airtime to run public service announcements to our full footprint of 16 million video subscribers. And for our employees, we implemented 2 weeks of additional paid sick time for COVID-related illnesses and an additional 15 days of flex time to address other COVID issues. We increased our wages for all hourly field operations and customer service call center employees by $1.50 in April going back to February and committed to raise our minimum wage for hourly workers to at least $20 an hour over the next 2 years.

我們也承諾暫停催收活動，並且不會終止受新冠疫情相關經濟困難影響的住宅用戶或中小企業用戶的服務。此外，透過「維持美國民眾互聯互通」計畫（該計畫也於6月30日結束），我們幫助了約70萬因新冠疫情而面臨經濟困難的用戶。同時，我們開放了覆蓋區域內的WiFi熱點供公眾使用，開放了Spectrum News網站，確保用戶能夠獲取高質量的本地新聞和信息，並迅速為醫療機構連接和升級了光纖服務。我們也向覆蓋區域內1,600萬名視訊用戶捐贈了大量廣播時段，用於播放公益廣告。對於員工，我們增加了兩週帶薪病假（用於應對與新冠相關的疾病）和15天彈性工作時間，以應對其他與新冠疫情相關的問題。 4 月份，我們將所有現場營運和客戶服務呼叫中心小時工的工資提高了 1.50 美元，並承諾在未來 2 年內將小時工的最低工資提高到至少每小時 20 美元。

We continued to perform well in the second quarter. We added 850,000 residential and SMB Internet customers driven by the demand for our high-quality products. Our ability to connect and service the customers we created in the quarter has been the result of investments that we've made over the last several years in our in-sourced and U.S.-based high-quality workforce, significant systems integration and automation, our online and digital sales and self-service platforms and our self-installation program, which ran at about 90% of installations during the quarter.

第二季我們持續保持良好業績。受市場對我們高品質產品需求的推動，我們新增了85萬住宅和中小企業網路用戶。我們能夠連結並服務本季新增用戶，得益於過去幾年我們在以下方面的投入：培養美國本土高素質員工隊伍；顯著提升系統整合和自動化水平；完善線上和數位化銷售及自助服務平台；以及提供自助安裝服務。本季度，自助安裝服務的應用率約為90%。

Data usage and traffic in our network also remained elevated during the quarter. In June, residential data usage for Internet-only customers was 600 gigabytes per month, down 10% from the April peak, but up nearly 20% from the fourth quarter. Our customers are benefiting from a continually decreasing price per gigabyte. Peak traffic levels remain well below maximum capacity. And our network continued to perform well because of the capacity that our recent investments, including all-digital and DOCSIS 3.1, created and because we continue to invest significantly to stay ahead of that usage curve.

本季度，我們網路的數據使用量和流量依然保持在高位。 6月份，僅使用網路的住宅用戶每月數據使用量為600GB，較4月份的峰值下降了10%，但較第四季增長了近20%。我們的客戶正受益於每GB價格的持續下降。峰值流量遠低於最大容量。我們網路持續保持良好運行，這得益於我們近期投資（包括全數位化和DOCSIS 3.1）所帶來的容量提升，以及我們持續投入巨資以應對不斷增長的使用需求。

Over the coming years, we'll invest in our network as we build to lower density in rural communities and pursue our 10G plan, which provides a cost-efficient pathway for us to offer multi-gigabit speeds and lower latency to consumers and business customers. Additionally, with our inside-out strategy, we will continue to use and develop small wireless cells powered by our network together with our MVNO to connect customers in and beyond the home, delivering our throughput and economics for customers in fixed, nomadic and mobile environments.

未來幾年，我們將加大網路建設投入，降低農村地區的網路密度，並推動10G計畫。該計劃將為我們提供一條經濟高效的途徑，為消費者和企業客戶提供多千兆位元的網路速度和更低的延遲。此外，我們將秉承由內而外的策略，繼續利用和開發由我們網路支援的小型無線基地台，並與我們的行動虛擬網路營運商（MVNO）合作，為家庭內外的用戶提供連接，從而在固定、行動和行動環境中，為用戶提供高吞吐量和經濟效益。

Moving back to Q2 results. We added 100,000 video and 40,000 voice customers, both of which benefited from significant broadband sales in the quarter. We also added 325,000 mobile lines despite some disruption to our mobile sales channel in the quarter. We also performed well from a financial perspective. We grew adjusted EBITDA by 7.3% despite some nonrecurring items Chris will cover, and our second quarter free cash flow grew by nearly 70% year-over-year.

回到第二季業績。我們新增了10萬名視訊用戶和4萬名語音用戶，這兩項新增用戶均受惠於本季寬頻業務的顯著成長。儘管本季行動銷售通路受到一些幹擾，我們仍然新增了32.5萬條行動線路。從財務角度來看，我們的表現也相當出色。儘管存在一些非經常性項目（克里斯將對此進行介紹），我們的調整後EBITDA仍成長了7.3%，第二季自由現金流較去年同期成長近70%。

As we look out for the rest of the year, we expect our broadband and mobile products to continue to drive demand. But our outlook depends on what happens to unemployment and income and for how long and the impact such factors have on customers' ability to pay for those services in the coming months, including government support to consumers.

展望今年剩餘時間，我們預期寬頻和行動產品將持續推動需求成長。但我們的預期取決於失業率和收入狀況的走向和持續時間，以及這些因素對客戶未來幾個月支付服務費用能力的影響，包括政府對消費者的支持。

Household formation may slow. If it does, we would expect lower activity for both new sales and churn. And due to our various self-installation initiatives, we expect service transactions and costs to serve per customer relationship to continue to decline. SMB has held up better than we expected, and we're currently selling more year-over-year, again tied to how the economy and stimulus develops.

家庭組成速度可能會放緩。如果真是如此，我們預期新銷售和客戶流失率都會下降。此外，由於我們推行了多項自助安裝計劃，我們預計服務交易量和每位客戶關係的服務成本將繼續下降。中小企業的表現優於預期，目前我們的銷售額年增，但這同樣取決於經濟情勢和刺激政策的發展。

In Enterprise, business has been slow. During the second quarter, we struggled to gain access to customers and business premises. Sales activity is picking up back each month, but it will continue to be lower growth until businesses are fully back to normal operations.

企業業務發展緩慢。第二季度，我們難以接觸客戶和辦公室。銷售活動每月都在回升，但只有企業完全恢復正常營運後，成長速度才會放緩。

Our advertising business is inherently local and primarily supported by small and medium businesses, which have also been slow to return to local advertising. Ad sales are improving, and we still expect political advertising to be meaningful, which will help our third and fourth quarter results.

我們的廣告業務本質上是在地化的，主要客戶是中小企業，而這些企業恢復本地廣告投放的速度也比較慢。廣告銷售額正在改善，我們仍然預計政治廣告將發揮重要作用，這將有助於我們第三季和第四季的業績。

Our first half financial results would have been better were it not for COVID-19, but we feel good about our current performance and long-term growth trajectory. The value and demand for our services is clear, and we're operating efficiently and serving our communities well.

如果不是受到新冠疫情的影響，我們上半年的財務表現會更好，但我們對目前的業績和長期成長前景感到滿意。我們服務的價值和市場需求顯而易見，我們運作高效，並能很好地服務我們的社區。

In 2016, we put 3 cable companies together to scale our business under one operating strategy. Our ability to grow our connectivity services this year for both new and existing customers is a testament to our operating strategy, the quality of our products and our significant investment in systems and people over the last several years.

2016年，我們將三家有線電視公司合併，以統一的營運策略拓展業務。今年，我們能夠為新舊客戶提供並拓展網路連接服務，這充分證明了我們的營運策略、產品品質以及過去幾年在系統和人才方面的大量投入。

Before turning the call over to Chris, I'd like to thank Charter's employees for their hard work, dedication and diligence throughout this crisis. They've been asked to go above and beyond their regular duties, and they've delivered, easing the strain for millions of families in this challenging time.

在將電話轉給克里斯之前，我想感謝Charter的員工們在此次危機期間的辛勤工作、奉獻精神和盡職盡責。他們被要求承擔超出日常職責範圍的工作，並且出色地完成了任務，在這個充滿挑戰的時期減輕了數百萬家庭的壓力。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Tom. Now turning to customer results on Slide 5 of our presentation.

謝謝，湯姆。現在我們來看看簡報第五頁的客戶成果。

Including the impact of COVID-19-related customer offers and retention programs, we grew total residential and SMB customer relationships by over 1.8 million over the last 12 months or by 6.3% and by 755,000 in the second quarter. Including residential and SMB, we grew our Internet customers by 850,000 in the quarter and by over 2.1 million or 8.3% over the last 12 months.

計入與新冠疫情相關的客戶優惠和客戶維繫計畫的影響，過去12個月裡，我們的住宅和中小企業客戶總數增加了180多萬，增幅達6.3%；第二季新增客戶75.5萬。包括住宅和中小企業客戶在內，我們的網路客戶在本季增加了85萬，過去12個月增加了210多萬，增幅達8.3%。

Video grew by 94,000 in the quarter, better than last year's second quarter decline of 141,000 video customers. The positive performance was driven by churn benefits at a time when consumer demand was high as well as the pull-through effect of our COVID programs.

本季視訊用戶成長了9.4萬，優於去年第二季視訊用戶減少14.1萬的情況。這項正面表現得益於用戶流失帶來的收益，以及消費者需求旺盛時期我們各項新冠疫情應對計畫的持續推​​動作用。

Wireline voice grew by 45,000, also benefiting from the same likely temporary factors as video.

有線語音用戶增加了 45,000 人，也受益於與視訊相同的可能暫時的因素。

Mobile net adds accelerated again to 325,000.

行動網路新增用戶再次加速成長，達到 325,000 人。

Beginning in mid-March, we introduced 3 COVID-19-related offers and programs for our customers. Each of these offers ended on June 30. As we did in our first quarter materials, we had provided an addendum showing the customer counts for each of these 3 COVID-related offers as of the end of the second quarter.

從三月中旬開始，我們為客戶推出了三項與新冠疫情相關的優惠和方案。這些優惠和計劃均於6月30日結束。與我們在第一季資料中所做的一樣，我們提供了附錄，列出了截至第二季末這三項與新冠疫情相關的優惠和計劃的客戶數量。

The first was our Remote Education Offer, which provided 60 days of free Internet for new Internet customers with students or educators in the household. Over 90% of these customers are on our flagship speed tier or higher. This channel looked very much like traditional acquisition with nearly 50% having subscribed to and paid for additional products along the way.

首先是我們的遠距教育優惠，為家中有學生或教師的新網路使用者提供 60 天免費上網服務。超過 90% 的此類用戶都選擇了我們的旗艦或更高速度套餐。此管道的獲客模式與傳統獲客模式非常相似，近 50% 的用戶在此過程中訂閱並購買了其他產品。

At the end of the first quarter, we reported 119,000 internet customers in the offer, which rolled off either as paying customers or disconnects during Q2. For Q2, net of some small in-quarter roll-off churn, we added 329,000 more Internet customers to the 60-day free program, with 160,000 remaining on the free offer at the end of Q2. And by July 27, 90% of the cumulative connects on this program from Q1 all the way through Q2 remained as either paying customers or still on the free offer within the 60 days.

第一季度末，我們報告共有 11.9 萬網路用戶參與了這項優惠活動，但在第二季度，這些用戶要么轉為付費用戶，要么斷開了服務。第二季度，扣除部分季度內流失的用戶後，我們新增了 32.9 萬網路用戶加入這項 60 天免費試用計劃，截至第二季末，仍有 16 萬用戶繼續享受免費服務。截至 7 月 27 日，從第一季到第二季累計加入該計畫的用戶中，90% 的用戶要不是轉為付費用戶，就是仍在 60 天免費試用期內。

The second offer for customer category in the addendum reflects customers who participated in our Keep Americans Connected Pledge to the FCC. These are customers who indicated their inability to pay for service for COVID-19-related reasons. This program protected, as Tom mentioned, approximately 700,000 residential and SMB customers from collections and disconnect activity through June 30. 60% of these customers were -- continued to pay something, half of which were paid in full. And at the peak, there were over 200,000 who would have been disconnected under our normal collection practices.

附件中的第二類客戶優惠針對的是參與我們向聯邦通訊委員會 (FCC) 提交的「保障美國民眾網路連線承諾」的客戶。這些客戶表示，由於新冠疫情相關原因，他們無力支付服務費用。正如湯姆所提到的，該計劃保護了約 70 萬戶居民和中小企業客戶免於被催收欠款和斷網，直至 6 月 30 日。其中 60% 的客戶繼續支付了部分費用，其中一半客戶已全額支付。而在高峰期，如果依照我們正常的催收流程，將有超過 20 萬戶客戶面臨斷網風險。

In an effort to assist COVID-19-impacted customers with overdue balances, we waived $85 million of receivables, which was recorded as a reduction of revenue in the second quarter. As a result, these customers no longer have an overdue balance. We believe that we'll retain most as long-term customers, but some of the over 200,000 may become disproportionately delinquent compared to a typical customer with disconnection in late Q3 or more likely in Q4 under our normal disconnect practices. Early payment trends on this base is, however, very good.

為了幫助受新冠疫情影響、欠款逾期的客戶，我們免除了8,500萬美元的應收帳款，這筆款項已計入第二季的收入減少。因此，這些客戶不再有逾期帳款。我們相信大部分客戶仍會成為長期客戶，但超過20萬名客戶中，部分客戶的欠款比例可能高於一般客戶，按照我們正常的斷網流程，斷網時間可能會在第三季末，甚至更有可能在第四季。不過，目前來看，這些客戶的早期付款情況良好。

The final category of customers we've isolated in our addendum are SMB and enterprise customers, who requested a seasonal suspension of service or temporary downgrade of a line of service while their operations were closed or diminished. I don't expect there will be anything to report as an addendum in Q3 given these programs have effectively wrapped up.

我們在補充文件中單獨列出的最後一類客戶是中小企業和大型企業客戶，他們在業務停擺或縮減期間申請了季節性服務暫停或服務線路臨時降級。鑑於這些項目已基本結束，我預計第三季不會有任何補充報告。

So how do we think about customer relationship performance in 2020 given COVID-19 in our various programs? Well, in the beginning of Q1, our customer relationship growth was accelerating, and our pre-COVID expectation was that would continue throughout 2020. In March and the second quarter, we absorbed a tremendous amount of new connection and service volume, providing free service and credits. Our goal was to do our part in helping customers in our local communities through a difficult economic period. As of the third quarter, we have a lot of customers who now have high-quality, attractively priced connectivity services from us. And our third quarter and fourth quarter performance will largely be a function of the economy, unemployment and any additional stimulus packages. It is clear to us that the actions we took to connect and protect customers during the crisis will result in long-term benefits for Charter, better-ending relationships in 2020, and we expect a higher customer growth rate this year compared to last.

那麼，鑑於新冠疫情對我們各項業務的影響，我們該如何看待2020年的客戶關係表現呢？第一季度初，我們的客戶關係成長勢頭強勁，疫情前的預期是這一增長勢頭將持續到2020年底。在3月份和第二季度，我們新增了大量連線和服務，並提供了免費服務和信用額度。我們的目標是盡己所能，幫助當地社區的客戶度過這段艱難的經濟時期。截至第三季末，我們已為眾多客戶提供了高品質、價格優惠的網路連線服務。第三季和第四季的業績將主要取決於經濟狀況、失業率以及任何額外的經濟刺激方案。我們清楚地認識到，在疫情期間為維持客戶連接和保護客戶所採取的措施，將為Charter帶來長期的效益，並在2020年建立更牢固的客戶關係，我們預計今年的客戶成長率將高於去年。

So our success in the second half of 2020 will be measured on third and fourth quarter year-to-date for last 12 months' net additions comparisons, not a particular quarterly comparison, which is consistent with how we manage the business.

因此，我們將以過去 12 個月的淨新增業務量與第三季和第四季年初至今的比較結果來衡量 2020 年下半年的成功，而不是以某個特定的季度進行比較，這與我們管理業務的方式是一致的。

Turning to the financials. As we expected, there were a lot of moving parts in the quarter. I'll be referencing various COVID-related items, which we've laid out on Slide 9 of today's presentation.

接下來談談財務方面。正如我們預期的那樣，本季有很多變數。我將提及一些與新冠疫情相關的項目，這些內容已在今天簡報的第9頁列出。

Residential revenue grew by 4.1% in the quarter primarily driven by accelerating relationship growth and similar PSU bundle and video mix trends we have seen over several quarters. This growth rate includes the negative impact of $76 million of onetime write-down for residential customers in the Keep Americans Connected program.

本季住宅業務收入成長4.1%，主要得益於客戶關係加速成長以及與過去幾季類似的電源套餐和視訊業務組合趨勢。該成長率已計入「維持美國人互聯計畫」（Keep Americans Connected program）中住宅客戶一次性減損7,600萬美元的負面影響。

SMB revenue grew by 2% given slower customer growth and $17 million of write-downs and credits for customers in the Keep Americans Connected and the COVID-related seasonal plan. That created some temporary ARPU pressure. So far, we've been pleased with our SMB performance. And while things can definitely change if local economies shut back down, early third quarter SMB sales and net addition performance has actually been better year-over-year.

受客戶成長放緩以及「維持美國互聯互通」計畫和新冠疫情相關季節性計畫中1,700萬美元的客戶減損和抵免的影響，中小企業收入成長了2%。這造成了一定的暫時性平均每用戶收入（ARPU）壓力。到目前為止，我們對中小企業業務的表現感到滿意。雖然如果當地經濟再次停擺，情況肯定會發生變化，但第三季初中小企業的銷售額和淨新增客戶數實際上比去年同期有所增長。

Spectrum Enterprise revenue declined by 7.1% year-over-year driven by the sale of NaviSite and the continued pressure from the wholesale side of the business. Excluding both NaviSite and cell tower backhaul, Enterprise grew by 2.2%. That includes $18 million in onetime credits, which we extended to certain customers in return for contract extensions. While the comparability for NaviSite goes away after Q3, wholesale, in particular cell tower backhaul, continues to be challenged.

受出售 NaviSite 以及批發業務持續承壓的影響，Spectrum 企業業務收入較去年同期下降 7.1%。若剔除 NaviSite 和基地台回傳業務，企業業務收入則成長 2.2%。這其中包括我們向部分客戶一次性提供的 1,800 萬美元抵免額，以換取合約延長。雖然 NaviSite 的影響在第三季後不再具有可比性，但批發業務，尤其是基地台回傳業務，仍面臨挑戰。

Retail Enterprise, when excluding the $18 million of onetime bill credits, is growing revenue around 7%, but sustaining that growth or accelerating will be difficult until our customers are back to normal operations. We also have some exposure to the hotel segment, which we've tried to deal with in the second quarter.

零售企業業務（不計入1800萬美元的一次性帳單抵免）營收成長約7%，但在客戶恢復正常營運之前，維持或加速這一成長將十分困難。此外，我們在酒店業務方面也有一定的敞口，我們已在第二季度努力應對。

Spectrum Reach' second quarter advertising revenue declined by 37% driven by the COVID pandemic, which reduced core ad sales growth. In April, sales were about 50% of prior year. May was about 60% of the prior year. And June was about 70% of prior year. So the trend has been improving, but our core won't be fully back to normal until later in the year or early next year. Of course, we will benefit from political along the way, which will help the prior year comparison.

受新冠疫情影響，Spectrum Reach第二季廣告營收下降37%，核心廣告銷售成長放緩。 4月銷售額約為去年同期的50%，5月約為去年同期的60%，6月約為去年同期的70%。雖然整體趨勢有所改善，但核心業務要到今年稍後或明年年初才能完全恢復正常。當然，在過程中，政治因素也會對我們有所好處，這將有助於提升與去年同期的業績比較。

Mobile revenue totaled $310 million with $158 million of that being device revenue.

行動業務收入總計 3.1 億美元，其中設備收入為 1.58 億美元。

And in total, consolidated second quarter revenue was up 3.1% year-over-year.

第二季綜合營收年增 3.1%。

Moving to operating expense. In the second quarter, total operating expenses grew by $45 million or 0.6% year-over-year. Cable operating expenses, excluding mobile, declined by 1.3% year-over-year or 0.8%, excluding NaviSite.

接下來看營運費用。第二季度，總營運費用年增4,500萬美元，增幅0.6%。不包括行動業務在內的有線電視營運費用較去年同期下降1.3%，若不計入NaviSite，則下降0.8%。

Programming increased 1.6% year-over-year, reflecting the same rate, volume and mix considerations that we've seen in prior quarters. We did not accrue any RSN fee savings in our programming expenses in the second quarter as the certainty, amount and timing of any credits is not yet clear. If and when any COVID rebate for lost games occurs, we will pass that along to our video customers with no or minimal expected EBITDA impact.

節目製作成本年增1.6%，與前幾季的情況相同，反映了相同的費率、數量和節目組合因素。由於任何抵免的確定性、金額和時間尚不明確，我們在第二季度的節目製作成本中未計入任何區域體育網絡（RSN）費用節省。如果未來因新冠疫情導致比賽取消而獲得任何退款，我們將把這部分收益轉給我們的視訊用戶，預計對息稅折舊攤銷前利潤（EBITDA）的影響極小或幾乎沒有影響。

Regulatory, connectivity and produced content expenses decreased by 18.3% year-over-year primarily driven by a $125 million benefit from the timing of sports rights payments for our Dodgers and Lakers RSNs, which have been pushed out to the second half and later depending on the sport and adjusted season.

監管、連接和內容製作費用同比下降 18.3%，主要得益於道奇隊和湖人隊區域體育網絡 (RSN) 體育版權付款時間的調整，這些付款時間已推遲到下半年及以後，具體取決於體育項目和調整後的賽季，從而節省了 1.25 億美元。

Costs to service customers increased by 4.6% year-over-year with meaningful productivity compared to 6.3% customer relationship growth. The higher level of expense growth was driven by record levels of transaction volume ranging from acquisition, upgrades, billing and service. And that expense includes roughly $44 million for recently accelerated hourly wage increases and COVID-19 benefits, which Tom mentioned, partially offset by lower medical costs and a onetime payroll tax credit.

客戶服務成本年增 4.6%，而客戶關係成長率為 6.3%，生產力卻顯著提高。成本成長主要受交易量創歷史新高的影響，涵蓋客戶獲取、升級、計費和服務等各個面向。此外，正如湯姆所提到的，這筆支出包括近期加速提高小時工資和新冠疫情相關福利，總額約為 4400 萬美元，部分被醫療成本降低和一次性工資稅抵免所抵消。

Bad debt expense was essentially flat year-over-year, but some $48 million lower than what we would have expected based on higher customer counts and the unemployment rate. This quarter, bad debt benefited from the significant revenue write-off for customers who were in the protection program and generally better payment trends due to the stimulus package under the CARES Act. Bad debt going forward will be a function of the economy and any new stimulus package.

壞帳支出與去年同期基本持平，但比我們基於客戶數量增加和失業率下降而預期的金額低了約4800萬美元。本季度，壞帳受益於受保障計畫影響的客戶收入大幅減記，以及《新冠病毒援助、救濟和經濟安全法案》（CARES Act）刺激計畫帶來的整體付款趨勢改善。未來壞帳情況將取決於經濟狀況和任何新的刺激方案。

Excluding bad debt variability, costs to service customers should continue to grow at a slower rate than customer relationship growth due to lower transaction volume and higher self-service trends despite the step-up in minimum wages and COVID flex time.

撇開壞帳波動不談，儘管最低工資有所提高，且新冠疫情期間實行彈性工作制，但由於交易量下降和自助服務趨勢增強，客戶服務成本的增長速度仍應低於客戶關係增長速度。

Cable marketing expenses declined by 6.3% year-over-year given better media placement rates and a onetime payroll tax credit.

由於媒體投放率提高以及一次性工資稅抵免，有線電視行銷費用比去年同期下降了 6.3%。

Other expense declined by 6.6% year-over-year primarily due to lower advertising sales cost, costs related to NaviSite, which was sold, travel and insurance costs.

其他支出較去年同期下降 6.6%，主要原因是廣告銷售成本下降、與已出售的 NaviSite 相關的成本、差旅費和保險費。

Mobile expenses totaled $413 million and were comprised of mobile device cost tied to device revenue, customer acquisition and MVNO usage cost and operating expenses.

行動支出總計 4.13 億美元，包括與設備收入相關的行動裝置成本、客戶獲取成本、MVNO 使用成本和營運費用。

In total, we grew adjusted EBITDA by 7.3% in the quarter when including our mobile EBITDA loss of $103 million.

本季度，包括行動業務 EBITDA 虧損 1.03 億美元在內，我們調整後的 EBITDA 總計成長了 7.3%。

Cable adjusted EBITDA grew by 6.7%, including a 2.7% negative growth rate impact from advertising revenue, net of its associated expense in both periods.

有線電視業務調整後 EBITDA 成長 6.7%，其中包括廣告收入（扣除相關費用後）在兩個期間內造成的 2.7% 的負成長率影響。

We generated $766 million of net income attributable to Charter shareholders in the second quarter, and capital expenditures totaled $1.9 billion in the second quarter. Our second quarter capital expenditure shows we continued to invest through the second quarter despite a disruptive environment. We invested significantly in continued capacity upgrades at the national and local levels to stay ahead of contention, and we didn't slow down on new builds, including construction in rural areas. Obviously, the level of broadband installations drove much higher modem and router purchases and self-installation kits.

第二季度，我們實現了歸屬於Charter股東的7.66億美元淨利潤，資本支出總額為19億美元。第二季的資本支出表明，儘管面臨充滿挑戰的環境，我們仍持續進行投資。我們大力投資於國家和地方層面的持續網路容量升級，以保持競爭優勢，並且沒有放緩新建項目，包括農村地區的建設。顯然，寬頻安裝量的激增帶動了數據機、路由器和自助安裝套件銷量的大幅成長。

We expect 2020 cable capital expenditures as a percentage of revenue to decline year-over-year, and the underspend relative to our original plan that I mentioned last quarter may not be as significant as a result of the now much higher growth rates.

我們預計 2020 年有線電視資本支出佔收入的百分比將同比下降，而且由於目前的增長率高得多，我上個季度提到的相對於我們最初計劃的支出不足可能不會那麼顯著。

We generated close to $1.9 billion in consolidated free cash flow in the quarter. And excluding our investment in mobile, we generated $2.1 billion of cable free cash, up about $700 million versus last year's second quarter. We finished the quarter with $2.1 billion of cash and $4.7 billion of availability under our revolver. And as of the end of the second quarter, our net debt-to-last 12-month adjusted EBITDA was 4.3x or 4.2x if you look at cable only. So we delevered a bit in Q2.

本季我們實現了近19億美元的合併自由現金流。若不計入行動領域的投資，我們有線電視業務的自由現金流為21億美元，較去年同期成長約7億美元。本季末，我們持有21億美元現金，循環信貸額度下可用額度為47億美元。截至第二季末，我們的淨負債與過去12個月調整後EBITDA之比為4.3倍，若僅考慮有線電視業務，則為4.2倍。因此，我們在第二季度實現了一定的去槓桿化。

Earlier this month, we issued $3 billion of long-dated, high-yield debt at very attractive rates. Pro forma for our recent financing activities, our current run rate annualized cash interest is $3.8 billion.

本月初，我們以極具吸引力的利率發行了30億美元的長期高收益債券。根據我們近期的融資活動，我們目前的年化現金利息支出為38億美元。

During the quarter, we repurchased 2.3 million Charter shares and Charter Holdings common units totaling about $1.2 billion at an average price of $499 per share. We completed a lower amount of buybacks in Q2 than we did in Q1 as we wanted to survey both defensive and offensive opportunities in a unique climate. Our visibility to various scenarios surrounding COVID-19 has obviously improved.

本季度，我們以每股499美元的平均價格回購了230萬股Charter股票和Charter Holdings普通股單位，總額約12億美元。由於我們希望在當前特殊環境下評估防禦性和進攻性機會，因此第二季的回購規模低於第一季。顯然，我們對新冠疫情相關各種情境的掌握度已有所提升。

We will always evaluate the best use of our capital to generate long-term return for shareholders be it organic investments, such as the launch of our mobile or network edge-outs, purchasing someone else's shares or our own and probably in that order in terms of preference. And we remain comfortable in the middle or high end of our target leverage range.

我們將始終評估如何最佳利用資本，為股東創造長期回報，無論是進行內部投資（例如推出我們的行動或網路邊緣擴展服務）、收購其他公司的股份或收購我們自己的股份，而且優先順序可能就是收購其他公司的股份。我們目前仍將槓桿率維持在目標範圍的中高端。

As I mentioned last quarter, we know that we have a high-quality, resilient asset with dedicated employees across our local communities, and we've invested significantly in our network and our people over the years. We also know there's a high demand for our product across every part of our footprint in both homes and businesses in good times and in bad, which is why we continue to aggressively build out more broadband passings and ensure that our network is well invested, ready and working for future opportunities.

正如我上個季度提到的，我們擁有高品質、高可靠性的資產，以及遍布各地社區的敬業員工。多年來，我們對網路和員工進行了大量投資。我們也知道，無論經濟狀況好壞，我們涵蓋區域內的家庭和企業用戶對我們的產品都需求旺盛。因此，我們將繼續積極建造更多寬頻線路，確保網路得到充分投資，隨時準備迎接未來的機會。

As the environment continues to evolve across the 41 states where we operate, our goal is to stay focused on what we do well and execute a proven operating strategy that works for customers and employees across various economic and regulatory climates to create shareholder value.

隨著我們在 41 個州開展業務的環境不斷變化，我們的目標是專注於我們擅長的領域，並執行一項行之有效的營運策略，該策略在各種經濟和監管環境下都能為客戶和員工帶來效益，從而創造股東價值。

Operator, we're now ready for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions) And our first question comes from the line of Jonathan Chaplin with New Street.

（操作員說明）我們的第一個問題來自喬納森·卓別林與新街的連結。

Two quick ones, if I may, Chris. Firstly, can you give us just a little bit more color on how you think the third quarter in particular, but really the rest of the year, will unfold as it relates to some of the COVID-related benefits and costs you saw? So specifically, it sounds like there are about 360,000 subs still on various offers. Do you think that will -- could translate into higher churn in 3Q?

克里斯，請容許我快速問兩個問題。首先，您能否更詳細地談談您對第三季度，甚至全年走勢的看法，特別是您觀察到的與新冠疫情相關的利弊？具體來說，目前約有36萬訂閱用戶仍在享受各種優惠。您認為這是否會導致第三季更高的用戶流失率？

And then is there any more write-offs for revenues or negative bad debt impacts you anticipate from the initiatives that we've seen so far, not taking into consideration anything that happens with the economy and the macro environment?

那麼，在不考慮經濟和宏觀環境變化的情況下，您預期我們目前所採取的措施還會導致收入損失或負面壞帳影響嗎？

And then we were interested to see that you guys registered for the RDOF subsidies. You've been growing households at close to or passing it close to 2% recently. If you're successful in those auctions, what could that potentially increase to?

然後我們注意到你們已經註冊了RDOF補助。最近你們的家庭成長率接近或超過了2%。如果你們在競標中成功，這個數字最終可能會成長到多少？

Why don't I start with the last one first? We're in a quiet period as it relates to the RDOF, and so we won't be commenting any further than what we've already said in the 8-K. The first one, and I'll give a shot at it here and then Tom may want to chime in as well, is the programs that we had in place have wrapped up as of June 30. And as I mentioned in the prepared remarks, the customers that we created through the end of the first quarter and the second quarter on the Remote Education Offer, so all those net -- all those gross additions that came through, 90% of them are still with us, and the vast majority of them are paying and 50% of whom altogether had actually taken additional products from us and were paying along the way. So I don't have a crystal ball, but so far, they look every bit as good as regular-way acquisitions. They're not a low-tier package from us. Over 90% of them are in the flagship product. And then while there's risk attached to any of that because of the programs we've put, so far we don't see it. We're just putting it out there that we're watching it and so far it looks very good on the Remote Education Offer.

不如我先從最後一個問題開始吧？目前，關於遠距教育產品（RDOF）我們正處於靜默期，因此除了8-K文件中已經提到的內容之外，我們不會再做任何評論。第一個問題，我先簡單說說，湯姆可能也想補充一下，那就是我們之前實施的計畫已於6月30日結束。正如我在準備好的發言稿中提到的，我們在第一季末和第二季末透過遠距教育產品新增的客戶，也就是所有淨新增客戶，其中90%仍然與我們保持合作關係，絕大多數客戶都在付費，其中50%的客戶還購買了我們的其他產品並持續付費。所以我無法預測未來，但就目前來看，這些新增客戶的表現與常規客戶一樣出色。他們並非來自我們，而是我們的旗艦產品使用者。超過90%的客戶都在使用我們的旗艦產品。儘管我們實施的這些計劃都存在一定風險，但到目前為止，我們還沒有看到風險。我們只是想說明，我們正在密切關注，目前看來遠距教育方案進展非常順利。

The -- I would just add that from a profile perspective, they look just like our regular customer base, and they are like our customer base. And the 50% that bought video or voice from us or mobile went through the normal credit check process that all customers go through. So they very much are behaving like all customers that we create. And I look at that offer in a lot of ways as a conventional promotional offer with a broadband benefit associated with it for 2 months, but it brought in new -- real new customers that subscribe and look like existing customers.

我還要補充一點，從用戶畫像來看，他們和我們現有的客戶群非常相似，其實和我們的客戶群一樣。購買了我們視訊、語音或行動服務的50%用戶都經過了所有客戶都要經歷的正常信用審核流程。所以他們的行為和我們開發的所有客戶都非常相似。從很多方面來看，我認為這項優惠活動本質上就是一個傳統的促銷活動，附帶兩個月的寬頻福利，但它確實帶來了真正的新客戶，這些新客戶訂閱後的行為模式和現有客戶非常相似。

Yes. And then the other program was Keep Americans Connected. At the peak, we had 200,000 customers who had gone beyond the point where we normally would have disconnected the customer. We've written off the balance for anybody, who had an extended balance. So that was the $85 million that I mentioned. So by the time we got to July, all of those customers were in good standing partly because some of them had been paying along the way and partly because we wrote off. Now those that were written off revenue, as we sit here today, and we looked at those that cycled through the June billing cycle, they're paying and they're paying at a very good rate. And so if we had to sit here today, we'd say it looks very much like regular customer and customer churn.

是的。另一個項目是「保持美國民眾網路連結」。高峰期，我們有20萬名客戶的欠費超過了我們平常會斷網的程度。對於所有欠費逾期的客戶，我們都免除了欠款。這就是我之前提到的8500萬美元。到了7月份，所有這些客戶的信用狀況都恢復正常了，部分原因是他們一直在按時繳費，部分原因是我們已經免除了欠款。現在，我們查看了那些在6月份帳單週期內完成繳費的客戶，發現他們都在按時繳費，而且繳費率很高。所以，如果現在讓我們來分析一下，我們會說，這看起來很像正常的客戶流失狀況。

The caveat that we've put out there is obviously, there's a fair amount of stimulus that's been in -- a federal economic stimulus that's been in the environment, and we don't know what that's going to look like. We don't know how COVID is going to continue to develop. And nonpay will develop going forward, as it normally would with how the economy goes and how stimulus goes along with it.

我們明確指出，目前已經推出了相當多的刺激措施——聯邦政府的經濟刺激計畫——但我們無法預測這些措施最終會如何發展。我們也不知道新冠疫情會如何持續演變。非工資支出也會隨之發展，這通常會隨著經濟狀況和刺激措施的實施而改變。

And the way I would describe the macroeconomic risk factors going forward is that they apply to the entire business just like they apply to the customers that we created in this quarter, and we don't see a big difference in the customer base that we created in the quarter and the average customer base.

我對未來宏觀經濟風險因素的描述是，它們適用於整個業務，就像適用於我們本季創建的客戶一樣，而且我們認為本季創建的客戶群與平均客戶群之間沒有太大區別。

The final question that you asked, Jonathan, was do we see any more revenue write-off or exceptional bad debt later this year. No, none attached to any of these programs. To the extent that what we just talked about if the economy is difficult and there isn't stimulus, would we expect a higher nonpay rate in that environment which would result in bad debt? Yes, but that would be the same for any business. And that'd be the same for us in any environment where you have the economy which is more difficult.

喬納森，你問的最後一個問題是，今年稍後我們是否會看到更多的收入核銷或特別壞帳。不，這些項目都不會涉及任何此類情況。至於我們剛才討論的，如果經濟形勢嚴峻且沒有刺激措施，我們是否會預期在這種情況下會出現更高的拖欠率，從而導致壞帳？是的，但這對任何企業來說都是一樣的。在任何經濟情勢更加嚴峻的環境下，對我們來說也是如此。

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

我們的下一個問題來自摩根大通的菲爾·庫西克。

First, Chris, can you dig into the video strength? Well, I assume the inflection was pull-through from customers coming in on some kind of promotion for broadband and taking that video as well. With that program done, should we assume video trends return to normal going forward?

首先，克里斯，你能詳細分析一下影片觀看量的成長嗎？我猜想，成長的趨勢是由於一些寬頻促銷活動吸引了顧客，他們也觀看了相關的影片。隨著促銷活動的結束，我們是否可以認為影片觀看量的成長趨勢會恢復正常？

And then second, Tom, your contract expires next year. Can you give us an idea do you plan to keep running the company after that? Or give us any update on how you and the Board think about succession planning?

其次，湯姆，你的合約明年到期。可否透露一下之後是否打算繼續經營公司？或者，你和董事會對於繼任計畫有何想法？

Sure. All right, well, I'm going to answer both of your questions. So video is a -- the secular trends for video haven't changed. What happened is that we've always said that we thought it was possible to grow video if our overall relationship growth was high enough because there still are a -- the ratio of video customers to overall customers, it is continuing to decline, but it's -- if you grow fast enough -- if you grow faster than that rate of decline, then you create video growth. And that's really what's happened here. Nothing has changed the secular trend, although there probably was a little less downgrading during the period because so many people were stuck in front of screens at home. But I don't think the overall trend has changed. What really just happened is we accelerated our growth rate overall in customer relationships. And as a result of that -- and the shift in share, some of the video -- we grew faster than the rate of video decline, and it's that simple.

當然。好的，那我來回答你們的兩個問題。影片的長期發展趨勢並沒有改變。我們一直認為，如果整體客戶關係成長夠快，視訊業務就有可能成長，因為視訊用戶佔總用戶的比例仍在持續下降，但是，如果成長速度夠快——如果成長速度超過下降速度——就能實現視訊業務的成長。而這正是我們目前所經歷的。雖然這段時間視訊用戶降級的情況可能有所減少，因為很多人都待在家裡看螢幕，但長期發展趨勢並沒有改變。我認為整體趨勢並沒有改變。真正發生的是我們加快了客戶關係整體的成長速度。因此，加上視訊市場份額的轉移，我們的成長速度超過了視訊業務的下降速度，就這麼簡單。

In the past, we said we thought that we're -- that satellite would decline and that we could grow fast enough to have small video growth. Overall, growth declined faster than I thought it would over the last several years, but it's still -- I would say that, that trend has not changed. All that changed was we grew our overall relationships faster.

過去，我們認為衛星業務會衰落，而我們的業務成長速度足以支撐視訊業務的小幅成長。總體而言，過去幾年成長速度比我預期的要慢，但總的來說，我認為這種趨勢並沒有改變。唯一的變化是我們整體客戶關係的成長速度加快了。

And with regard to me, I intend to continue to be here, and the Board would like me to stay.

至於我，我打算繼續留在這裡，董事會也希望我留下來。

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

下一個問題來自瑞士信貸的道格·米切爾森。

So a question for Chris. You used plain English and I know you're specific with your comments, but I'm still going to ask for a clarification on the comments on offensive opportunities being reviewed in 2Q, and I think you said in this order: purchase someone else's shares versus purchasing our own. So should we read that as the company's reviewing and interested in M&A at a higher level than previously?

所以，我有個問題想問克里斯。你用了簡單易懂的語言，我知道你的評論一向很具體，但我還是想請你澄清一下關於第二季度正在評估的收購機會的評論。我記得你當時是這麼說的：先是收購別人的股份，然後是收購自己的股份。那麼，我們是否應該理解為公司正在比以往更積極地評估並參與併購活動？

And then Tom in his prepared remarks mentioned investing in the networks. Is that emphasis on investing in the networks suggesting a different outlook for CapEx than previously stated? Or is that just within the profile that you've previously set?

然後，湯姆在事先準備好的演講稿中提到了對網路的投資。這種對網路投資的強調是否意味著資本支出前景與先前所述有所不同？還是僅僅符合您先前設定的預期？

And thanks, Doug. So there's really -- since Tom and I both have been here, there's no change in our prioritization of cash flow. We've always said the most attractive way to deploy your excess free cash flow is to invest in further growth opportunities inside the business. The second would be to acquire other companies, which have a better rate of return than buying back your own stock. And the third would be to buy back your own stock. And the reason for that order is because it's -- if you can get the first 2 that I mentioned going, it actually enhances the quality and the return of the buybacks that you do, too. Our views on that haven't changed, so I was just reiterating that's how we think about it. And I don't think in Tom's comments we were trying to foreshadow any type of major capital increase. We just said that our philosophy has always been to invest in our networks. We've done so. It's -- you can see the benefit of having gotten in front of capacity needs well in advance and put us in a position to add this amount of subscribers. And there's no major change that we're signaling there other than we intend to continue to invest very, very well inside of our networks.

謝謝道格。所以，自從我和湯姆加入公司以來，我們對現金流的優先順序一直沒有改變。我們始終認為，利用剩餘自由現金流的最佳方式是投資於公司內部的更多成長機會。其次是收購其他公司，收購的報酬率比回購自家股票高。第三才是回購自家股票。之所以這樣排序，是因為——如果你能做好我提到的前兩項，實際上也會提高你回購股票的品質和回報。我們對此的看法沒有改變，所以我只是重申我們的想法。我認為湯姆的評論並不是暗示任何大規模增資。我們只是說，我們的理念始終是投資我們的網路。我們也一直在做這件事。由此可見，提前規劃容量需求並做好準備，使我們能夠新增如此多的用戶，這帶來了顯著的好處。除了我們將繼續增加對網路內部的投入之外，我們不會做出任何重大改變。

Yes. I wasn't saying that we were changing our profile investment strategy. I was merely commenting that we've been investing in capacity upgrades, and those capacity upgrades have served us well, and they serve the whole communications infrastructure of the country well. And you have a very competitive facilities-based market in the United States, and it results in very high-quality products, and it will result in future high-quality products.

是的。我並不是說我們要改變投資策略。我只是想說，我們一直在投資升級基礎設施，這些升級對我們本身以及整個國家的通訊基礎設施大有裨益。美國的基礎設施市場競爭非常激烈，這造就了高品質的產品，未來也將繼續如此。

Our next question comes from the line of Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

When we look at the success you had in the first half of the year with your broadband subscriber growth, one of the reasons is you identified a demographic, which is students and teachers, where it seems like you may have been particularly underpenetrated and you came up with this promo that was really made for the moment and it worked. You still have very low broadband penetration relative to what I think you believe it's ultimately going to be, and so I'm wondering whether you think there's an opportunity on the heels of the REO program to come up with other promos that are uniquely appealing to other demographics where maybe that gap is a bit wider.

回顧上半年寬頻用戶成長的成功，其中一個原因是您發現了一個用戶群體——學生和教師——這個群體似乎寬頻滲透率特別低，而您推出的促銷活動恰逢其時，並且取得了成功。但就您預期的最終目標而言，您目前的寬頻滲透率仍然很低。因此，我想知道您是否認為，在REO專案之後，還有機會推出其他更具吸引力的促銷活動，以吸引其他用戶群體，尤其是在寬頻滲透率差距較大的群體中？

And then just on the wireless. Obviously, the net adds there were very strong. I'm wondering if that's because there was a very high attach rate with the broadband ad that you had and, as a result, if broadband ads are going to be more moderate in the back half, we should also have the same outlook for more moderate wireless ads.

然後是無線網路方面。顯然，無線網路的廣告投放量非常強勁。我想知道這是否是因為你們的寬頻廣告附加率非常高，因此，如果寬頻廣告在下半年投放量趨於平穩，那麼無線廣告投放量也應該趨於平穩。

Well, just to your implication, yes, if we could find ways to segment promotional activity that will result in faster growth, we will take advantage of those opportunities. And one of the reasons we were able to be successful with the promotion that we just did was our ability to not only do the promotion but to execute it and to actually install it in a very short order of time in a way that was convenient for customers using self-installation. And so yes, there's continued opportunity for acceleration, but that was a particularly successful result. And we will continue to explore opportunities going forward to accelerate growth from a marketing perspective, but we feel pretty good about our ability to continually grow and to continually -- and to -- and accelerate that growth, and nothing that has happened to date has dissuaded us from that perspective.

嗯，就您剛才提到的而言，是的，如果我們能找到細分促銷活動的方法，從而實現更快的成長，我們一定會抓住這些機會。我們最近這次促銷活動之所以成功，原因之一在於我們不僅能夠開展促銷活動，還能高效執行，並在很短的時間內以方便客戶自行安裝的方式完成部署。所以，是的，我們仍然有加速成長的空間，但這次的成果確實非常成功。我們將繼續探索從行銷角度加速成長的機會，但我們對持續成長並加速成長的能力充滿信心，迄今為止發生的一切都沒有動搖我們的這種信心。

And nothing to -- not to diminish our own prowess either, but if you think about the demographics of who has somebody in their household, who can claim to be a student or claim to be an educator, it's a pretty broad segment of the population. It was just a very attractive offer that was out at a point in time where people needed it, and it was a good opportunity to create new...

並非要貶低我們自身的實力，但如果你想想那些家中有人可以自稱是學生或教育工作者的群體，你會發現這涵蓋了相當廣泛的人口群體。這只是一個極具吸引力的機會，恰逢人們需要它的時候，也是一個創造新機會的好機會…

It was not the majority of our sales by any means.

這絕對不是我們銷售額的大部分。

No. But it's still created a new market and drove additional share shift.

不，但這仍然創造了一個新的市場，並推動了市場份額的進一步轉移。

It was a nice -- and it fit the moment.

這很不錯——而且很符合當時的氛圍。

The other question was whether the wireless adds that we created in the second quarter were also tied similar to video or voice as a function of the broadband growth. And would that indicate that the second half of this year, wireless net adds could be less if we had less broadband growth?

另一個問題是，我們在第二季新增的無線網路用戶是否也像視訊或語音用戶一樣，與寬頻成長密切相關。這是否意味著，如果寬頻成長放緩，今年下半年的無線網路新增用戶數量可能會減少？

Oh, I think, no.

哦，我想，不。

I don't either.

我也不知道。

The way we look at the mobile growth opportunity, it's really a function of activity levels and how often we get a chance to communicate with our customers about mobile and what the rate of that attach rate is. And that continues to improve. And it's a relatively new business for us, and we are continuing to improve our tactics at that business and we're continuing to get improvement every week in terms of our results. And so we have high expectations for continued growth in that area.

我們認為行動端的成長機會主要取決於活躍度、我們與客戶溝通行動端的頻率以及轉換率。而這些指標都在持續提升。行動業務對我們來說是一個相對較新的領域，我們也在不斷改進相關策略，並且每週都能取得進步。因此，我們對該領域的持續成長充滿信心。

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。

Chris, I don't know if you can give us color now, maybe some uncertainty, but do you expect any benefit or a shift in -- or a year-over-year impact on the sports rights front in the third quarter around the Dodgers and Lakers? You mentioned it was delayed, but I do think there have been games that have been canceled. So just curious if we should be thinking about that.

克里斯，我不知道你現在能否給出更具體的信息，或許還有些不確定性，但你認為第三季度道奇隊和湖人隊的比賽版權方面會有什麼利好或變化嗎？或者說，會有什麼同比影響嗎？你提到比賽延期了，但我認為確實有一些比賽被取消了。所以我想問我們是否應該考慮這一點。

And then maybe for Tom. Are you thinking about accelerating your sort of network evolution over time? I know you talked about not changing your CapEx profile in general, but scalable infrastructure, I noticed ticked up. You talked about getting ahead of contention. I think you mentioned 10G. The business is throwing off tons of free cash flow. I'm just wondering if -- do you think about where you want the network to be wired and wireless over time? Are you thinking about trying to bring that forward just to take advantage of all the opportunities the company has?

或許對湯姆來說也是如此。您是否考慮過隨著時間的推移加快網路演進？我知道您之前說過不會改變整體資本支出結構，但我注意到可擴展基礎設施的投入增加。您也提到要搶佔先機，領先競爭對手。我想您還提到了10G。公司目前擁有大量的自由現金流。我只是想知道——您是否考慮過未來網路的有線和無線佈局？您是否考慮過提前推進這些規劃，以充分利用公司目前擁有的所有機會？

Yes. It was -- sort of in broad terms, yes, we want to continue to take advantage of the technological opportunity that the network provides us and the cost-efficient way to upgrade the network on a relative basis to what we think our competitors can do. And so to the extent that demand exists for new products or that demand can be created for new products and drive revenue associated with those new products, we want to upgrade our network to take advantage of that. And at the moment, we have a lot of capacity. And so I don't see, at the moment, our profile changing. But as a general notion, we think that with relatively efficient capital investments, we can continue to upgrade our network through time. And 10G is a reflection and a description of that opportunity. It's a cost-efficient upgrade platform that allows us to get to very high capacity, low latency on a relative basis more efficiently than anyone else.

是的。總的來說，我們希望繼續利用網路提供的技術機遇，並以相對經濟高效的方式升級網絡，使其優於我們認為的競爭對手。因此，只要有對新產品的需求，或能夠創造對新產品的需求並推動相關收入成長，我們就希望升級網路以充分利用這些需求。目前，我們的網路容量充足。因此，我認為目前我們的業務模式不會改變。但總的來說，我們認為透過相對高效的資本投資，我們可以持續升級網路。 10G 正是這種機會的體現與體現。它是一個經濟高效的升級平台，使我們能夠比其他任何公司更有效率地實現極高的容量和極低的延遲。

Ben, on your first question, the delayed Dodgers and Lakers costs from the first and the second quarter, they've been pushed out to varying degrees depending on the RSN and the sport and the adjusted season. But the biggest driver for the first half of this year is the P&L recognition of the Dodgers where we've paid the cash, but the expense for unplayed games will be amortized over the remaining life of the contract. So it's unlikely there'll be a large catch-up in the back half of this year.

本，關於你的第一個問題，道奇隊和湖人隊第一季和第二季的延遲支出，根據地區體育頻道、比賽項目和調整後的賽季安排，這些支出都已不同程度地推遲。但今年上半年最大的影響因素是道奇隊的損益確認，我們已經支付了現金，但未進行比賽的費用將在合約剩餘期限內攤銷。因此，今年下半年不太可能出現大幅的追趕。

Now to the extent that there are programming rebates, those are very complex. And in most cases, we're not going to know for some time if we'll receive any rebates or credits back from the leagues. The same applies to programming networks on the programming cost side. But what we have said is to the extent that we do receive any rebates or credits for canceled games or programming -- on the programming expense line, so between rights and programming extra cost due to the COVID-19 pandemic, we'll pass those along to the customers. So I don't see a material EBITDA impact, although it could put an offsetting revenue credit and expense credit to the extent it materializes.

現在，如果存在節目返還，情況就非常複雜了。在大多數情況下，我們短期內無法確定是否會從聯盟收到任何返還或抵免。節目製作網絡在節目成本方面的情況也類似。但我們之前說過，如果我們確實收到任何因取消比賽或節目而產生的返還或抵免——也就是在節目費用項下，包括版權費和因新冠疫情導致的額外節目成本——我們會將這些返還給客戶。因此，我認為不會對 EBITDA 產生重大影響，儘管如果最終實現，可能會產生相應的收入抵免和支出抵免。

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

我們的下一個問題來自 Craig Moffett 和 MoffettNathanson 的連線。

Two quick questions, if I could. First, I'll go back to the question about footprint expansion, maybe not in the context of the RDOF auction, but just in general. Can you share with us how much of the broadband growth came from the 2.2% footprint expansion that you're seeing now year-over-year? And absent any benefit from the RDOF auction, how fast do you think that footprint expansion could go?

如果可以的話，我想問兩個問題。首先，我想回到之前關於網路覆蓋範圍擴張的問題，也許不是在RDOF拍賣的背景下，而是就整體而言。您能否分享一下，目前2.2%的年增長率中，有多少寬頻成長來自於網路覆蓋範圍的擴張？如果沒有RDOF拍賣帶來的任何好處，您認為網路覆蓋範圍的擴張速度還能達到多快？

And then just second, could you update us on the path to profitability for the wireless business and your current view of how profitable that business can be with the current contract and then how much traffic you think you might be able to offload onto your own facilities in a way to reduce those monthly variable costs?

其次，能否請您介紹一下無線業務的獲利路徑，以及您目前對該業務在現有合約下獲利能力的看法，還有您認為可以透過某種方式將多少流量轉移到您自己的設施上，從而降低每月可變成本？

Well, as -- we're in a quiet period with regard to RDOF, Craig, but -- and also, our 2% passings growth rate includes new construction as well, meaning new home creation. And the bulk of that is that at this point in time. So...

嗯，克雷格，目前RDOF（住宅開發基金）正處於淡季，但是，而且，我們2%的通過率增長率也包括新建房屋，也就是新增房屋。目前大部分成長都來自新建房屋。所以…

And maybe just to add on to it, those are -- homes passed are including what you count as marketable. So the extent that you're picking up additional homes maybe without even construction, we're building about 500,000, 600,000 a year. And so that's what you should think about as being added from a construction standpoint.

或許還需要補充一點，這些通過的房屋數量——包括您認為具有市場價值的房屋——也包括其他類型的房屋。因此，您可能無需建造新房子就能獲得額外的房屋，我們每年大約建造50萬到60萬套房屋。所以，從建築角度來看，這才是您應該考慮的新增房屋數量。

It's not a material driver to our overall net adds inside of the quarter, and it hasn't been -- but as it builds up over time, it's obviously accumulative effect as you start to penetrate those vintages of construction. What we've done over the past year hasn't been a big driver for our broadband net add growth, but if you do enough of it over a prolonged period of time, it's snowballs.

雖然它並非本季整體淨新增用戶的主要驅動因素，而且一直以來也並非如此——但隨著時間的推移，當你開始滲透到那些老舊的建築項目中時，其累積效應顯然會顯現出來。過去一年我們所做的事情並非寬頻淨新增用戶成長的主要驅動力，但如果你在較長一段時間內持續投入足夠多的資源，就會產生滾雪球效應。

It's good returns on investment capital spending over time. And it's -- the activity levels in the second quarter were similar to what they were planned for and what they were in the first quarter. So construction didn't actually slow down. And I'm talking about new home construction in the quarter.

長遠來看，投資資本支出能帶來良好的回報。而且，第二季的活動水準與計劃和第一季基本持平。因此，建築業實際上並沒有放緩。我指的是該季度的新建住宅建設。

Craig, the profitability of wireless, our views on it hasn't changed. We're not dependent on any additional offload above and beyond the WiFi that we already utilize. And even under that rather limited model, our expectation continues to be that our breakeven, if you had no additional subscriber acquisition, so no marketing and sales cost, no cost of provisioning new customers, that the break-even point would be around 2 million lines. That's a bit of a fictitious or academic scenario because we're always going to be selling it, we're always going to be marketing. But that gives you a sense of where the business, absent growth, would break even. And so...

克雷格，關於無線業務的獲利能力，我們的看法沒有改變。我們並不依賴現有WiFi之外的任何額外流量分流。即使在這種相當有限的模式下，我們仍然預期，如果不增加用戶獲取成本，也就是沒有行銷和銷售成本，沒有新用戶配置成本，那麼損益平衡點大約在200萬條線路左右。這有點像是假設或理論推演，因為我們總是需要銷售，總是需要進行市場推廣。但這可以讓你大致了解，在沒有成長的情況下，業務的損益平衡點在哪裡。所以…

We're rapidly approaching.

我們正在迅速接近。

Which we're rapidly approaching. So the economics of wireless are good. But like any start-up subscription business, it costs money to get going and you acquire customers, and they have a positive payback on every single one of them that we acquire. And so our views on the profitability hasn't changed.

我們正迅速接近這個目標。所以無線業務的經濟效益很好。但就像任何新創的訂閱業務一樣，啟動資金和獲取客戶都需要投入，而我們每獲取一個客戶都能帶來正回報。因此，我們對獲利能力的看法並沒有改變。

To the extent that we're able to improve the economics along the way, which we've talked about extensively in the past, that would make that even better, but we don't rely a ton on that.

如果我們能夠在過程中改善經濟狀況（我們過去曾廣泛討論過這一點），那將會更好，但我們並不太依賴這一點。

And our next question comes from the line of Bryan Kraft with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩‧克拉夫特。

I had 1 for Tom and 1 for Chris. Tom, Charter recently requested the FCC waive 2 of the conditions related to the approval of the Time Warner Cable deal on data caps and paid peering. What's the motivation behind that request? And if it was granted, how would that impact the business in the future?

我給湯姆和克里斯各提了一道題目。湯姆，Charter 最近向 FCC 申請豁免與 Time Warner Cable 交易相關的兩個條件，這兩個條件涉及資料流量上限和付費互聯。這項申請背後的動機是什麼？如果獲得批准，會對公司未來的業務產生什麼影響？

And then, Chris, I was wondering if you could just give us some updated color on how you're thinking about working capital usage for 2020.

克里斯，我想請你跟我們介紹一下你對 2020 年營運資金使用的最新看法。

So Bryan, we -- when we did the agreement with the FCC, it had -- it was a 7-year agreement. So those provisions go away automatically in 7 years, but there was a caveat in our agreement that allowed us to terminate it after 5 years if the marketplace indicated that those conditions were no longer relevant. And I would just describe our goal there as housekeeping, and -- because it's -- because the market didn't require those conditions and in my view never did, we wanted to get -- we wanted to put ourselves from an opportunity perspective on the same even playing field as all of our competitors. But we don't have any change in business strategy or marketing strategy or product strategy as a result of that request.

所以布萊恩，我們和聯邦通訊委員會（FCC）簽訂的協議是七年期的。這些條款會在七年後自動失效，但協議中有一項附加條款，允許我們在五年後，如果市場表明這些條件不再適用，就終止協議。我把我們當時的目標描述為進行必要的調整，因為市場並不需要這些條件，而且在我看來也從未需要過，所以我們希望從機會的角度出發，讓自己與所有競爭對手處於同一起跑線上。但這項要求不會導致我們的業務策略、行銷策略或產品策略發生任何變化。

And Bryan, on the working capital, if you think about the past 2 years, meaning 2018 and 2019, there were some pretty unique items that were taking place, whether it was the wind down of all-digital or last year we hinted a -- the big billing standardization project, which -- both of which had impacts on working capital. We haven't had anything like that, that's been abnormal this year. We do have large swings inside the quarter due to seasonality. You saw that inside of Q2 where we had a positive contribution to working capital. Last year, we had a negative one that was driven by that billing standardization which we talked about then.

布萊恩，關於營運資本，如果你回顧過去兩年，也就是2018年和2019年，會發現一些非常特殊的事件，例如逐步取消全數位化運營，以及去年我們提到的大型計費標準化項目，這兩件事都對營運資本產生了影響。今年我們沒有遇到類似的情況，這很不尋常。由於季節性因素，我們季度內的營運資本波動幅度較大。你可以看到，第二季我們的營運資本為正。而去年，由於我們當時提到的計費標準化項目，營運資本為負。

To give you an order of magnitude, there are days when we collect $300 million of cash in one day of collections. And so it's going to move around a little bit both inside the quarter and for a full year based on the timing of your programming payments, the timing of your collections. And so I don't want to hoist ourselves here on our own petard and give a working capital forecast other than to say there's no major change this year that could cause us -- should cause us to be abnormal. And whether it's positive or negative by a few hundred million, it's not going to be a material driver to our free cash flow this year is my current expectation.

為了讓您對這個數字有個概念，我們有時一天就能收到 3 億美元的現金。因此，根據您的節目付款時間和收款時間，季度內和全年的現金流量都會略有波動。所以，我不想自掘墳墓，給出具體的營運資本預測，只能說今年不會有任何重大變化導致——或者說應該不會導致——我們出現異常情況。我目前的預期是，無論幾億美元的增減，都不會對我們今年的自由現金流產生實質影響。

Our next question comes from the line of Mike McCormack with Guggenheim Partners.

我們的下一個問題來自古根漢合夥公司的麥克‧麥考馬克。

Chris, maybe just a quick comment on the customers that are, I guess, at risk. When you look at the consumer versus the SMB piece of it, is there a different behavior or are there different behaviors between those 2 cohorts? And then maybe one for Tom, on the programming cost side. We have seen in the last 12 months about 6.5 million subs come out of the video ecosystem. How does that change your thought process going forward, I guess, maybe in your own content strategy. And obviously, any thoughts about pushing back against the programmers?

克里斯，關於那些我認為面臨風險的客戶，我想簡單提一下。當你分析消費者和中小企業這兩個群體時，他們的行為是否有差異？另外，湯姆，關於節目製作成本方面，我們看到過去12個月裡，視訊生態系統流失了約650萬訂閱用戶。這會如何改變你未來的思考，尤其是在你的內容策略上？當然，你對如何應對節目製作方的挑戰有什麼想法嗎？

And then if you don't mind, just one last on Enterprise. Is that Enterprise weakness just delayed decision-making? Or are you actually seeing customer disconnects?

最後，如果您不介意的話，再問一個關於企業級市場的問題。企業級市場的弱點只是決策延遲嗎？還是您實際上遇到了客戶溝通不良的情況？

Okay. The last question, it's delayed decision-making.

好的。最後一個問題，是關於延遲決策。

Yes. People in large enterprise, they're not in the office. And to the extent their IT people are, it hasn't been the time where they're most aggressively looking to save money and change providers and move to Spectrum. We're still making a fair amount of sales, and it's picking up every month, just getting back to a more normalized environment. But it's been depressed, and it's going to be probably until businesses -- enterprise businesses get back to normal operations.

是的。大型企業的員工都不在辦公室。即使他們的IT人員還在辦公室，現在也不是他們積極尋找省錢方案、更換供應商並遷移到Spectrum的時候。我們的銷售額仍然相當可觀，而且每個月都在成長，並且逐漸恢復正常。但目前銷售額一直處於低迷狀態，這種情況可能要持續到企業——尤其是大型企業——恢復正常營運之後才會有所改善。

Maybe I'll take...

或許我會接受…

There's opportunity there...

那裡蘊藏著機會…

Yes, there is.

是的，有。

In creating new products and services for enterprise that -- and enterprise will use their telecommunications infrastructure in a different way, potentially going forward. So I think in the long run, there's more opportunity.

在為企業開發新產品和服務方面——而且企業未來可能會以不同的方式使用其電信基礎設施——我認為從長遠來看，這其中蘊藏著更多機會。

Yes.

是的。

The question on the thought process around programming and whether or not the whole sort of ecosystem argues for a more aggressive stance or not, I think, is the implication of your question. I think that's coming. And at some point, somebody oversteps the bounds of reason and there'll be some sort of breakage that will occur.

我認為，你問題的核心在於探討程式設計背後的思考過程，以及整個生態系統是否支持採取更激進的立場。我認為這種情況遲早會發生。總有一天，有人會越過理性的界限，導致某種程度的破壞。

You had also asked about the difference between at-risk customers for nonpay as it relates to residential and SMB. On the residential side, we -- as I mentioned, we have a product that's in high demand, that's highly competitive. It's attractively priced. It's attractively packaged. And because of the way that we do all of that and operate, we don't -- there's going to be high demand for it. It's just a question of people's ability to pay. And there's some uncertainty around where does the economy go. And even if the economy is bad in an environment where you have a significant amount of stimulus, we tend to get paid very quickly in that environment, because of the value of the product that we provide. So that's really how we think about the residential environment, is the economy and the level of stimulus.

您也問到了住宅用戶和中小企業用戶在未付款風險上的差異。就住宅用戶而言，正如我之前提到的，我們的產品需求量大，競爭力強，價格和包裝都很有吸引力。正因為我們獨特的營運模式，所以市場需求自然很高。問題只在於人們的支付能力。而且，經濟走向也存在著一些不確定性。即便經濟狀況不佳，但政府大力推行刺激政策，我們通常很快就能收到款項，因為我們提供的產品本身就很有價值。所以，我們對住宅用戶的考量主要取決於經濟狀況和政府的刺激。

SMB, it's really a question of whether they're open for business or not and how -- if they're not open for business, how long can they sustain from their own liquidity perspective of not being in business. And that's the uncertainty that we face on that front. Otherwise, the quality of our products and our ability to go gain market share in an environment where people are looking for faster products at better prices, you would argue that -- if the share flow could actually increase in the SMB space for us along the way.

對於中小企業而言，關鍵在於它們是否正常營業，以及如果無法營業，它們在資金周轉方面能夠維持多久。這就是我們在這方面面臨的不確定性。否則，考慮到消費者追求更快速度和更優惠價格的產品，我們的產品品質以及在當前環境下獲取市場份額的能力，可以說，如果我們的中小企業市場份額能夠持續增長，那麼我們就能更好地應對挑戰。

Yes. And Chris said -- sorry, Chris said that our SMB continues to accelerate over last year. And that's not just a function that businesses are back and working, but it's also a share shift function. And we're underpenetrated in SMB, and so our upside there is bigger than it is in residential from a market share perspective and we have the best products.

是的。克里斯說——抱歉，是克里斯說——我們的中小企業業務成長速度比去年持續加快。這不僅是因為企業已經復工復產，也是因為市佔率發生了變化。我們在中小企業市場的滲透率還不夠高，所以從市場佔有率的角度來看，我們在中小企業市場的成長潛力比住宅市場更大，而且我們擁有最好的產品。

And Chris, those percentages that you laid out as far as those that are paying, is that a residential-only number that you were referring to?

克里斯，你提到的那些付費用戶百分比，是指僅限住宅用戶的資料嗎？

I'm trying to remember which because I gave a lot of percentages today. So I gave the...

我正在努力回憶是哪一個，因為我今天說了很多百分比。所以我說了…

I figured like 50% are paying something.

我估計大概有 50% 的人在付費。

No. That was residential in SMB. But the vast, vast majority of those unit -- if you take a look at the addendum we provided, the vast majority of those customers were in the residential space, and so it's heavily weighted towards residential. But it was both. It was both. And so 60% of customers have been making some payment, including partial payments, half of which -- or about 30% of the total base had been making full payment, and that included -- those stats included both residential and SMB.

不，那是中小企業住宅用戶的數據。但絕大多數用戶——如果您查看我們提供的附錄，您會發現絕大多數用戶都是住宅用戶，因此數據主要集中在住宅用戶群。但住宅用戶和中小企業用戶都有所涉及。兩者都有。 60% 的用戶一直在付款，包括部分付款，其中一半——約佔總用戶數的 30%——一直在全額付款，這些統計數據包含了住宅用戶和中小企業用戶。

And our last question comes from the line of Tim Nollen with Macquarie.

最後一個問題來自麥考瑞集團的提姆諾倫。

I'd like to come back to the video numbers. I just wanted to ask if you think your numbers are helped somewhat by what appears to be a bit more of a skinny bundle strategy that you offer rather than offering some more OTT services, OTT bundles as some of your competitors are doing.

我想再談談視訊數據。我只是想問一下，您是否認為您目前採取的精簡套餐策略，而不是像一些競爭對手那樣提供更多的OTT服務和OTT套餐，對提升您的數據有所幫助？

The answer is yes. Yes, we have a range of video products, including a traditional bundle. And to some extent, in the long run, the skinny packages have limits in terms of what we can penetrate with because of the way the contract language works, our programming deals and the minimums that are required in the -- the minimum distribution required in a big bundle. So there's a challenge for us in balancing all of that, that so far we've been successful in dealing with. But the answer is yes, and the challenges in video have not gone away.

答案是肯定的。是的，我們提供一系列視訊產品，包括傳統的捆綁套餐。從長遠來看，由於合約條款、節目製作協議以及大型捆綁套餐的最低發行量要求等因素，精簡套餐在市場滲透方面存在一定的局限性。因此，如何平衡所有這些因素對我們來說是一個挑戰，但到目前為止，我們已經成功地應對了這些挑戰。總之，影片領域的挑戰依然存在。

And do you think you might be looking at offering some OTT types of one-offs or bundles within your video offering? Or is that something you're going to stay away from?

您是否考慮在視訊服務中提供一些OTT類型的單次觀看或套餐服務？還是您打算完全避免這類服務？

You mean -- I'm not sure I fully understand your question. But you mean are we willing to do additional packaging?

你的意思是——我不太確定我是否完全理解你的問題。你的意思是，我們是否願意進行額外的包裝？

Yes. I'm not talking about skinny bundles in terms of traditional linear or skinny bundles, but things like offering an OTT service or offering an OTT bundle from a network rather than a skinny linear bundle.

是的。我說的不是傳統線性套餐或精簡套餐，而是指提供 OTT 服務或從網路提供 OTT 套餐，而不是提供精簡的線性套餐。

Oh, Yes. Yes, absolutely. And I think you'll see us selling more and more packages of OTT product that we don't necessarily own, but more on a consignment basis or on a - -potentially even a packaging basis.

哦，是的。沒錯，絕對的。而且我認為你會看到我們銷售越來越多的OTT產品套餐，這些產品不一定是我們擁有的，而是以寄售或——甚至可能是打包銷售的方式。

Operator, that completes our call.

接線員，通話結束了。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this does conclude today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您可以掛斷電話了。