Liberty Capital Corporation (GLIBK) 2026 Q1 法說會逐字稿

Welcome to GCI Liberty 2026 first-quarter earnings call. (Operator Instructions) As a reminder, this conference will be recorded May 7.

歡迎參加 GCI Liberty 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將於 5 月 7 日錄音。

I would now like to turn the call over to Hooper Stevens, Senior Vice President, Investor Relations. Please go ahead.

現在我想把電話會議交給投資人關係資深副總裁 Hooper Stevens。請開始。

Thank you, everyone, for joining us today for GCI Liberty's first-quarter 2026 earnings call. As you know, this call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by GCI Liberty and Liberty Broadband with the SEC.

感謝各位今天加入 GCI Liberty 2026 年第一季財報電話會議。如各位所知，本次電話會議可能包含《1995 年私人證券訴訟改革法》所定義的某些前瞻性陳述。由於多項風險與不確定性（包括 GCI Liberty 與 Liberty Broadband 向美國證券交易委員會（SEC）提交之最新 10-K 與 10-Q 表格中所提及者），實際事件或結果可能與前瞻性陳述存在重大差異。

These forward-looking statements speak only as of the date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

這些前瞻性陳述僅截至本次電話會議之日有效；GCI Liberty 與 Liberty Broadband 明確聲明不承擔亦無義務發布任何更新或修訂，以反映 GCI Liberty 或 Liberty Broadband 對其所依據之事件、狀況或情勢變動而產生之預期變更。

On today's call, we will discuss certain non-GAAP financial measures for GCI Liberty, including adjusted OIBDA, adjusted OIBDA margin and free cash flow. Information regarding the required definitions along with the comparable GAAP metrics and reconciliations for GCI Liberty can be found in the earnings press release issued today, which is available on GCI Liberty's IR website.

在今天的電話會議中，我們將討論 GCI Liberty 的若干非 GAAP 財務衡量指標，包括調整後 OIBDA、調整後 OIBDA 利潤率以及自由現金流。關於所需定義、可比的 GAAP 指標及 GCI Liberty 的調節表資訊，請參閱今日發布的財報新聞稿，該新聞稿可於 GCI Liberty 的投資人關係網站取得。

Speaking on today's call will be Ron Duncan, the CEO of GCI Liberty; and Brian Wendling, GCI Liberty's Chief Accounting and Principal Financial Officer. Also during Q&A, we will take questions related to Liberty Broadband should they arise, and we have additional members of GCI and Liberty Broadband management available to answer questions.

今天出席並發言的有 GCI Liberty 執行長 Ron Duncan，以及 GCI Liberty 首席會計官兼主要財務官 Brian Wendling。此外，在問答環節中，如有涉及 Liberty Broadband 的問題，我們也將一併回答；我們亦有 GCI 與 Liberty Broadband 管理團隊的其他成員在線，以協助回應提問。

With that, I'll turn the call over to Ron Duncan.

接下來，我把電話會議交給 Ron Duncan。

Thank you, and good morning. We had an incredibly productive start to the year and delivered solid first quarter results. We continue to execute on our mission of delivering quality connectivity to all Alaskans. At GCI, we recently announced a definitive agreement to acquire Quintillion for consideration of $310 million in cash, subject to certain adjustments, reimbursement of up to $50 million for capital expenditures incurred by Quintillion prior to closing and potential earn-out payments.

謝謝，各位早安。我們在今年一開始就取得極高的生產力，並交出穩健的第一季成果。我們持續執行使命，為所有阿拉斯加人提供高品質連線服務。在 GCI，我們近期宣布已簽署最終協議，將以 3.10 億美元現金（須依若干調整）收購 Quintillion，並將補償 Quintillion 於交割前所發生之資本支出，金額最高可達 5,000 萬美元，另可能包含或有的績效對價（earn-out）付款。

We are incredibly excited to marry two of Alaska's best networks. This transaction will bring together complementary subsea and terrestrial fiber routes, our extensive rural microwave network, deep operational expertise and long-term investment under one operating model. It will enhance the scale, resilience and reach of GCI's statewide network to benefit all Alaskans.

我們非常期待結合阿拉斯加兩個最優質的網路。本交易將在單一營運模式下整合互補的海底與陸地光纖路由、我們廣泛的偏遠地區微波網路、深厚的營運專業能力，以及長期投資。此舉將提升 GCI 全州網路的規模、韌性與覆蓋範圍，讓所有阿拉斯加人受益。

We expect the transaction to be accretive to free cash flow in the first year after closing. We announced yesterday that GCI Liberty has invested approximately $107 million to acquire Searchlight Capital Partners equity interest in Liberty Latin America. We are also in discussions with Dr. John Malone, Chairman of the Board of GCI Liberty and Director Emeritus of Liberty Latin America and certain affiliates to acquire additional shares in Liberty Latin America.

我們預期該交易在交割後第一年即可對自由現金流產生增益（accretive）。我們昨日也宣布，GCI Liberty 已投資約 1.07 億美元，以收購 Searchlight Capital Partners 在 Liberty Latin America 的股權。此外，我們也正與 GCI Liberty 董事會主席、Liberty Latin America 榮譽董事 Dr. John Malone 及若干關係企業討論，擬收購 Liberty Latin America 的額外股份。

We are pleased to begin GCI Liberty's next chapter of growth with this opportunistic investment in Liberty Latin America and are keenly interested in acquiring a more significant equity and voting stake in the company from Dr. Malone and others. Balan Nair and his team have done an impressive job of developing LLA into a leading integrated connectivity provider across Latin America and the Caribbean, and we look forward to participating in the growth potential that lies ahead.

我們很高興透過這項在 Liberty Latin America 的機會型投資，開啟 GCI Liberty 下一個成長篇章，並對於自 Malone 博士及其他人士手中取得該公司更具規模的股權與表決權持股深感興趣。Balan Nair 與其團隊在將 LLA 發展為橫跨拉丁美洲與加勒比海的領先整合式連線服務供應商方面表現出色，我們期待參與其未來的成長潛力。

As part of this evolution, we intend to change our name from GCI Liberty to Liberty Capital Corporation in the coming weeks with no change to our ticker. We are changing our name to reflect our expanded focus at the parent level as we start making investments outside of our core Alaska operating subsidiary.

作為此一演進的一部分，我們計畫在未來幾週將公司名稱由 GCI Liberty 更名為 Liberty Capital Corporation，股票代號不變。我們更名是為了反映母公司層級的擴大聚焦，因為我們開始在阿拉斯加核心營運子公司之外進行投資。

Our Alaska operations will continue under the GCI name and brand. These first steps of strategic change at GCI Liberty represent our focus on augmenting the ways we create value for our shareholders and our progression as Liberty Capital. We look forward to keeping you updated on our progress.

我們在阿拉斯加的營運將持續使用 GCI 的名稱與品牌。GCI Liberty 這些策略變革的第一步，展現我們致力於強化為股東創造價值的方式，以及我們作為 Liberty Capital 的進程。我們期待持續向各位更新進展。

Turning now to our operating highlights. We grew consumer wireless subscribers 2% year-over-year, ending the quarter with 200,000 consumer wireless lines. We had a total of 207,700 wireless lines at quarter end, including 7,700 business lines. We added 1,000 consumer wireless lines during the quarter, including 500 postpaid lines, largely from our GCI-plus wireless free for a year promotion.

接著談營運重點。我們的消費者無線用戶數年增 2%，季末達 20 萬條消費者無線線路。季末無線線路總數為 207,700 條，其中包含 7,700 條企業線路。本季我們新增 1,000 條消費者無線線路，其中 500 條為後付費線路，主要來自我們「GCI-plus 無線一年免費」的促銷活動。

On the data side, we saw a 3% decline year-over-year, ending the quarter with 150,500 data subscribers. We lost 700 data subscribers during the quarter due to continued competitive pressure from wireless substitution and limited competition from Starlink.

在數據（寬頻）方面，用戶數年減 3%，季末為 150,500 名數據用戶。本季我們流失 700 名數據用戶，原因在於無線替代帶來的持續競爭壓力，以及來自 Starlink 的有限競爭。

Encouragingly, we note the pace of our broadband losses is decreasing, indicating a stabilizing broadband base. We believe the stabilization is due to the success of our new GCI-plus promotional offer and the improvements we are making to speed and reliability throughout our network.

令人鼓舞的是，我們注意到寬頻流失速度正在放緩，顯示寬頻用戶基礎趨於穩定。我們認為此一穩定化來自於新推出的 GCI-plus 促銷方案的成功，以及我們在全網路持續提升速度與可靠性的改善措施。

As we look forward, we expect the business to remain stable. At GCI, our operating priorities are: first, to invest in our network infrastructure, including closing our acquisition of Quintillion; second, to complete our build-out commitments under the Alaska plan; third, to drive value and the benefits of convergence for our customers; and finally, to bridge the digital divide through our rural expansion.

展望未來，我們預期業務將維持穩定。在 GCI，我們的營運優先事項為：第一，投資網路基礎設施，包括完成對 Quintillion 的收購；第二，完成阿拉斯加計畫（Alaska plan）下的建置承諾；第三，為客戶推動價值並發揮融合（convergence）的效益；最後，透過偏遠地區擴張來縮小數位落差。

Starting with network infrastructure. Our planned acquisition of Quintillion creates value for both the Alaska community and our shareholders and is expected to be accretive to free cash flow within the first year of closing. The transaction will bring together complementary fiber routes, and we expect to enhance network resilience, routing diversity and overall reliability through a more robust architecture comprised of multiple rings and sub-rings.

先從網路基礎設施談起。我們規劃收購 Quintillion 將為阿拉斯加社群與股東創造價值，並預期在交割後第一年內即可對自由現金流產生增益。本交易將整合互補的光纖路由；我們預期透過由多個環狀網路（rings）與子環（sub-rings）構成的更強健架構，提升網路韌性、路由多樣性與整體可靠性。

This expanded fiber footprint positions us to compete more effectively against LEO satellite broadband alternatives, bringing a more competitive connectivity environment to Alaska. Importantly, this transaction also strengthens critical communications infrastructure that supports Alaska's communities, government operations and national security priorities.

擴大的光纖覆蓋範圍使我們能更有效地與 LEO 低軌衛星寬頻替代方案競爭，為阿拉斯加帶來更具競爭力的連線環境。重要的是，本交易也將強化關鍵通訊基礎設施，以支援阿拉斯加社區、政府運作與國家安全優先事項。

Next, on driving convergence and maximizing value and quality for our consumers. We remain encouraged by our promotional offers in the market, which provide value for our consumers. Last year, we concluded our unlimited test drive promotion. The retention of up sales from that promotion was exceptionally high in the low 90% range.

接著談推動融合並為消費者最大化價值與品質。我們仍對市場上的促銷方案感到鼓舞，這些方案為消費者提供了價值。去年我們結束了「無限量試用（unlimited test drive）」促銷；該促銷帶來的留存與升級銷售（upsales）表現極佳，留存率落在 90% 出頭的區間。

This quarter, we launched free for a year wireless promotion that continues to support our consumer postpaid wireless growth and drives convergence. Our converged customer base continues to grow. More than 40% of our broadband customers have one or more wireless lines and more than 60% of our postpaid wireless lines are sold as part of a package.

本季我們推出「無線一年免費」促銷，持續支持消費者後付費無線成長並推動融合。我們的融合客戶基礎持續擴大。超過 40% 的寬頻客戶擁有一條或多條無線線路，且超過 60% 的後付費無線線路以套裝方案形式銷售。

Lastly, on bridging the digital divide in Alaska through rural expansion and completing our commitments on the Alaska plant. We are nearing completion of our build-out for the Alaska plan, increasing wireless speeds across the communities we serve. We will continue to focus on providing 5G wireless service to all covered Alaskans over the coming years.

最後，透過偏遠地區擴張縮小阿拉斯加的數位落差，並完成我們在阿拉斯加計畫上的承諾。我們的阿拉斯加計畫建置已接近完成，並提升我們服務社區的無線速度。未來幾年，我們將持續專注於為所有涵蓋範圍內的阿拉斯加人提供 5G 無線服務。

We still expect CapEx, including Quintillion to peak this year and to step down over the coming years as it returns to our historical range of 15% to 20% of revenue. The planned Quintillion acquisition should support substantial cash generation as we look ahead.

我們仍預期資本支出（CapEx）（包含 Quintillion）將於今年達到高峰，並在未來幾年逐步下降，回到歷史區間，即營收的 15% 至 20%。規劃中的 Quintillion 收購案，應可在未來支持可觀的現金創造能力。

In summary, we are encouraged by our steady financial and operational performance this quarter. At GCI Liberty, we remain focused on our continued evolution as Liberty Capital as we look to create value for our shareholders from our existing business and new investments.

總結而言，我們對本季穩健的財務與營運表現感到鼓舞。在 GCI Liberty，我們仍專注於持續演進為 Liberty Capital，並期望透過既有業務與新投資為股東創造價值。

With that, I'll turn it to Brian to discuss the financials in more detail.

接下來我把時間交給 Brian，請他更詳細說明財務狀況。

Thanks, Ron, and good morning, everyone. At the end of the first quarter, GCI Liberty had consolidated cash, cash equivalents and restricted cash of $448 million, including $131 million of cash, cash equivalents and restricted cash at GCI. Total principal amount of debt at GCI Liberty was approximately $1 billion. At quarter end, GCI Liberty's consolidated net leverage was 1.6 times, which incorporates cash at the parent level, including proceeds from last quarter's rights offering as well as GCI's nonvoting preferred stock.

謝謝 Ron，各位早安。第一季末，GCI Liberty 的合併現金、約當現金及受限制現金為 4.48 億美元，其中包含 GCI 的 1.31 億美元現金、約當現金及受限制現金。GCI Liberty 在 GCI 層級的債務本金總額約為 10 億美元。季末，GCI Liberty 的合併淨槓桿倍數為 1.6 倍，該數字納入母公司層級的現金（包括上季權利發行的募集款項）以及 GCI 的無表決權特別股。

Subsequent to the end of the first quarter, GCI completed the acquisition of a 6% equity interest in Liberty Latin America from Searchlight for $107 million. GCI will also provide $160 million unsecured loan to Quintillion pursuant to the terms of the acquisition agreement.

在第一季結束後，GCI 已完成以 1.07 億美元向 Searchlight 收購 Liberty Latin America 6% 的股權。此外，依據收購協議條款，GCI 亦將向 Quintillion 提供 1.60 億美元的無擔保貸款。

Pro forma for these two transactions, GCI Liberty's consolidated net leverage would have been 2.3 times. At quarter end, GCI's net leverage as defined in its credit agreement was 2.3 times. Additionally, GCI's credit facility had $377 million of undrawn capacity net of letters of credit. Pro forma for the $160 million loan that GCI will provide to Quintillion, GCI's leverage would have been approximately 2.7 times.

就這兩筆交易的備考（pro forma）而言，GCI Liberty 的合併淨槓桿將為 2.3 倍。截至季末，依 GCI 信貸協議所定義之淨槓桿為 2.3 倍。此外，GCI 的信貸融資在扣除信用狀後仍有 3.77 億美元的未動用額度。若再就 GCI 將向 Quintillion 提供的 1.60 億美元貸款作備考計算，GCI 的槓桿將約為 2.7 倍。

Now turning to GCI's operating results for the first quarter. For the first quarter, GCI generated total revenue of $256 million, representing a 4% decrease year-over-year and adjusted OIBDA of $93 million, an 18% decrease year-over-year. There were approximately $13 million of items impacting year-over-year comparability, most of which are nonrecurring in nature. These include about a $4 million benefit we recognized during the first quarter of 2025 related to the successful appeal of rates for services provided to certain health care customers in prior years.

接著談 GCI 第一季的營運結果。第一季，GCI 產生總營收 2.56 億美元，年減 4%；調整後 OIBDA 為 9,300 萬美元，年減 18%。約有 1,300 萬美元的項目影響年對年可比性，其中多數屬一次性。這些項目包括：我們在 2025 年第一季因成功上訴先前年度向特定醫療保健客戶提供服務之費率，而認列約 400 萬美元的利益。

Additionally, we are lapping a roughly $2 million net benefit to OIBDA last quarter related to the fiber break on the Quintillion network that GCI uses capacity, which has since been repaired. We're also making incremental investments into operating business more efficiently, representing an increase of approximately $4 million in operating expenses.

此外，我們也在比較基期上承接（lapping）上一季約 200 萬美元對 OIBDA 的淨利益，該利益與 Quintillion 網路發生光纖斷裂、而 GCI 使用其容量相關；該問題目前已修復。我們也在加碼投資以更有效率地營運業務，使營運費用增加約 400 萬美元。

And lastly, during the first quarter of this year, we have $3 million of public company costs, which were not in the prior year numbers. We do expect these public company costs to continue.

最後，今年第一季我們有 300 萬美元的上市公司成本，前一年數字中並未包含。我們預期這些上市公司成本將會持續。

Looking at the segment detail, the consumer revenue declined 5% during the first quarter, with the majority of the decline driven by the shutdown of the video business as well as data subscriber losses, slightly offset by growth in wireless. As a reminder, GCI exited the video business during the third quarter of last year. Consumer gross margin increased to 72.2% for the quarter, driven by a decline in consumer direct costs resulting from decreases in video programming costs.

從分部細項來看，第一季消費者營收下滑 5%，下滑主要由關閉影音業務以及數據用戶流失所致，無線業務成長略有抵銷。提醒一下，GCI 已於去年第三季退出影音業務。本季消費者毛利率上升至 72.2%，主要受惠於消費者直接成本下降，原因是影音節目成本降低。

Business revenue declined 3% for the first quarter. As mentioned above, the first quarter of '25 benefited from approximately $4 million of out-of-period revenue, excluding or out of period -- more like recovered revenue. Excluding this impact, revenue would have been flat.

第一季企業營收下滑 3%。如前所述，2025 年第一季受惠於約 400 萬美元的跨期營收（out-of-period revenue），排除該影響——更像是追回的營收（recovered revenue）。若排除此影響，營收將持平。

Business gross margin decreased to 77.3% for the first quarter, primarily driven by higher distribution costs related to restored service on the Quintillion fiber network. As we've previously mentioned, this network was out of service during the first quarter of 2025.

第一季企業毛利率下降至 77.3%，主要因 Quintillion 光纖網路恢復服務後所產生的較高傳輸／配送成本所致。正如我們先前提到的，該網路在 2025 年第一季曾停擺。

Capital expenditures net of grant proceeds totaled $55 million during the first quarter. We expect 2026 CapEx of approximately $290 million, which includes $20 million that was carried over from 2025 due to normal course timing shifts.

第一季資本支出（扣除補助款收入）合計 5,500 萬美元。我們預期 2026 年資本支出約為 2.90 億美元，其中包含因正常時程移轉而自 2025 年結轉的 2,000 萬美元。

And as Ron mentioned, we do expect 2026 to represent our peak year of CapEx spend. GCI generated $99 million of free cash flow for the trailing 12 months through the end of the first quarter, down around 13% year-over-year. This was largely driven by an increase in capital expenditures net of grant proceeds. The CapEx increase in 2026 when coupled with ordinary course working capital swings will drive proportionately lower free cash flow on a year-over-year basis.

此外，如 Ron 所提，我們確實預期 2026 年將是資本支出投入的高峰年。截至第一季末的過去 12 個月，GCI 產生 9,900 萬美元自由現金流，年減約 13%。主要原因是資本支出（扣除補助款收入）增加。2026 年資本支出增加，再加上例行性的營運資金波動，將使自由現金流在年對年基礎上相對降低。

And with that, I'll turn the call back over to you, Ron.

以上，我把電話交回給你，Ron。

Thank you. And operator, we can open it up for questions.

謝謝。接線員，我們可以開放提問。

(Operator Instructions) David Joyce, Seaport Research Partners.

（接線員指示）David Joyce，Seaport Research Partners。

A few questions, please. First, I'll ask on the operational side. With the business wireless losses, what were the drivers of that?

我有幾個問題。首先問營運面：企業無線用戶流失的驅動因素是什麼？

The Business wireless is kind of a small part of the business, and I think there's ordinary churn going on in there. We've been gradually descending in Business wireless, partly as people transition business accounts more to the consumer side. I don't think the magnitude of those losses is material to the overall situation of the company.

企業無線在整體業務中算是比較小的一部分，我認為那裡有一些正常的流失。我們的企業無線一直在逐步下滑，部分原因是客戶把企業帳戶更多轉到消費者端。我不認為這些流失的幅度對公司整體情況有重大影響。

Understood. And then secondly, on the Liberty Latin America investment, should we think of that as a tax-advantaged cash flow play since they announced that they're distributing a 9% preferred later this summer, thereby you could use some of your tax attributes with those cash flows to fund your own preferred and CapEx? Or is there some other kind of strategic thrust there?

了解。第二個問題，關於對 Liberty Latin America 的投資：是否可將其視為一種具稅務優勢的現金流操作？因為他們宣布今年夏末將發放 9% 的優先股股息，因此你們可以利用部分稅務屬性，將這些現金流用來支應你們自己的優先股與資本支出？還是另有其他策略性考量？

We think there's a more strategic thrust there. We are pleased with their restructuring and we'll be happy to receive the benefits of the preferred there. And you're correct, those would be sheltered. But we've been looking at Liberty Latin America for a while before they had decided on their recapitalization plan with the preferred.

我們認為其中有更策略性的考量。我們對他們的重整感到滿意，也很樂於取得那邊優先股帶來的利益。你說得沒錯，那些收益會受到稅務遮蔽（sheltered）。但在他們決定以優先股進行資本重整計畫之前，我們就已經觀察 Liberty Latin America 一段時間了。

We believe it's an undervalued entity and has many characteristics that are similar to what we face in the Alaskan market. It's got a great asset footprint in a market that is generally under-invested in, although they have some specific end markets that have more competition than we do.

我們認為這是一個被低估的主體，且具備許多與我們在阿拉斯加市場所面臨情況相似的特徵。它在一個整體投資不足的市場中擁有很好的資產版圖，雖然他們有一些特定終端市場的競爭比我們更激烈。

We think they're on the verge of a substantial inflection in free cash flow, and we think looking at the overall situation there that they are materially undervalued. We saw this as an opportunity to get in at that undervaluation and build a bigger position over time. So we're happy to have the benefit of the preferred, but not -- that's not the principal reason for undertaking the transaction.

我們認為他們正處於自由現金流大幅轉折的邊緣；綜觀其整體情況，我們認為其估值明顯偏低。我們把這視為在低估值時切入、並隨時間建立更大部位的機會。因此我們很高興能享有優先股的利益，但那並不是進行這筆交易的主要原因。

All right. And the final question is on Quintillion. What were your payments to them last year? And have there been other fiber breaks in the past like you experienced last year? And who are your -- who would the remaining customers be?

好的。最後一個問題關於 Quintillion：你們去年支付給他們的款項是多少？過去是否也曾發生像去年那樣的光纖斷裂？以及你們——其餘客戶會是哪些？

Okay. Let's take those one at a time. I don't think we have broken out the total Quintillion payments. Have we, Pete?

好，我們一題一題來。我不認為我們有單獨揭露 Quintillion 的總付款金額。我們有嗎，Pete？

We have not.

沒有。

Okay. We are more than half of Quintillion's total revenues, and that's a big piece of what drives the transaction. We generally don't compete with them on a customer basis. They're more in the wholesale business, and we buy services from them, that we then remarket to our business, and rural health care customers in the marketplace. But we're not -- give me the last piece of that question again, too, please, David?

好的。我們占 Quintillion 總營收的一半以上，這也是推動這筆交易的一大因素。一般而言，我們不會在客戶層面與他們競爭。他們更偏向批發業務，而我們向他們購買服務，再轉售給市場上的企業客戶與偏鄉醫療保健客戶。不過——David，請你再把問題的最後一部分重複一次，好嗎？

Yes. Just wondering who the customer base is -- aside from yourself?

是的。我只是想了解，除了你們之外，他們的客戶基礎是哪些？

The customer base would be people who -- other people who provide services largely to the schools and the health care providers that would include ACS and some of the smaller local telephone companies throughout the state.

客戶基礎會是那些主要向學校與醫療保健提供者提供服務的業者，其中包括 ACS，以及州內一些較小的地方電話公司。

Jim Harris, Bistlet Management.

Jim Harris，Bistlet Management。

Liberty Broadband question. Outside of the purchases that they're making of Charter stock from Liberty every month, why wouldn't Liberty Broadband be encouraging Charter to reduce their debt in absolute terms since their business is shrinking, it's making it more risky and reducing the debt would increase the value per share. Just wondering why Liberty isn't pushing that absolute debt reduction as to their current plan to sort of slow leverage?

關於 Liberty Broadband 的問題。除了他們每月向 Liberty 購買 Charter 股票之外，為什麼 Liberty Broadband 不鼓勵 Charter 以絕對金額降低負債？因為他們的業務正在萎縮，這會讓風險更高；降低負債將提高每股價值。我想了解為什麼 Liberty 不推動這種絕對負債下降，而是依照目前的計畫去「放慢」槓桿？

This is Martin Patterson speaking for Liberty Broadband. So you'll note that pro forma for the Cox transaction, there will be a reduction in net leverage. We remain very supportive of the capital allocation policy at the company and do see them lowering their leverage at the close of the Cox transaction, which will be the close of the Liberty Broadband transaction.

我是代表 Liberty Broadband 發言的 Martin Patterson。你會注意到，就 Cox 交易的備考（pro forma）而言，淨槓桿將會下降。我們仍然非常支持公司目前的資本配置政策，也確實看到他們會在 Cox 交易完成時降低槓桿，而那也將是 Liberty Broadband 交易完成之時。

Thank you, Jim. Thank you, everyone, for participating in today's call. We will speak to you soon. And again, thanks. Take care.

謝謝你，Jim。也謝謝各位參與今天的電話會議。我們很快會再與各位聯繫。再次感謝。保重。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛線，並感謝您的參與。