Liberty Broadband Corp (LBRDA) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Liberty Broadband 2024 Year-end Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Liberty Broadband 2024 年終業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Shane Kleinstein, Senior Vice President, Investor Relations. Please go ahead, Shane.

現在我很高興將電話轉交給投資人關係資深副總裁 Shane Kleinstein。請繼續，肖恩。

Thank you, and good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements in 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 Form 10-K filed by Liberty Broadband with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

謝謝，早安。在開始之前，我們想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》所界定的某些前瞻性陳述。由於許多風險和不確定因素，實際事件或結果可能與預期有重大差異，其中包括 Liberty Broadband 向美國證券交易委員會提交的最新 10-K 表格中提到的風險和不確定因素。這些前瞻性陳述僅代表截至本次電話會議之日的觀點，Liberty Broadband 明確聲明不承擔任何義務或責任，對本文所載的任何前瞻性陳述進行更新或修訂，以反映 Liberty Broadband 對此的預期發生任何變化，或任何此類陳述所依據的事件、條件或情況發生任何變化。

On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OIBDA. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary notes and schedules 1 and 2 can be found in the earnings press release issued today as well as earnings releases for prior periods, which are available on Liberty Broadband's website.

在今天的電話會議上，我們將討論 Liberty Broadband 的一些非 GAAP 財務指標，包括調整後的 OIBDA。有關可比較 GAAP 指標的信息，以及必要的定義和調節表，包括初步說明和附表 1 和 2，可以在今天發布的盈利新聞稿以及 Liberty Broadband 網站上提供的以前期間的盈利新聞稿中找到。

Speaking on today's call, we have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling; Liberty's Executive Vice President and Treasurer, Ben Oren, and available to answer questions, we will have Ron Duncan, the CEO of GCI, Pete Pounds, CFO of GCI; Renee Well, Liberty's Chief Legal and Administrative Officer; and Marty Patterson, Liberty's Co-Head of Corporate Development.

在今天的電話會議上，我們有 Liberty Broadband 的首席會計官兼首席財務官 Brian Wendling；Liberty 的執行副總裁兼財務主管 Ben Oren，我們將有 GCI 的首席執行官 Ron Duncan、GCI 的首席財務官 Pete Pounds；Liberty 的首席法律和行政官 Renee Well；以及 Liberty 的企業發展聯席問題 Maratterty。

And with that, I'll turn the call over to Brian.

接下來，我將把電話交給布萊恩。

Thank you, Shane, and good morning, everyone. On November 12, we entered into definitive agreement for Liberty Broadband to be acquired by Charter. We believe this transaction provides certainty for our shareholders enhanced trading liquidity for both Charter and Liberty Broadband and serves in the best interest of all shareholders. Today, we'll provide a brief update on the transaction before turning to the results of the GCI business and then opening it up to -- a quick review of the terms of the transactions. Holders of the Liberty Broadband Series A, B, and C common stock will each receive $0.236 of a share of Charter common stock for each share of Liberty Broadband held.

謝謝你，肖恩，大家早安。11月12日，我們與Charter就Liberty Broadband的收購達成了最終協議。我們相信，此交易將為我們的股東帶來確定性，增強Charter和Liberty Broadband的交易流動性，並符合所有股東的最佳利益。今天，我們將簡要介紹這筆交易的最新進展，然後再介紹 GCI 業務的業績，最後快速回顧一下交易條款。Liberty Broadband A、B、C 系列普通股的持有人，每持有一股 Liberty Broadband 股票，將獲得價值 0.236 美元的 Charter 普通股。

We received Liberty Broadband shareholder approval yesterday, February 26. The transaction is still expected to close on June 30, 2027, unless otherwise agreed to, we're very optimistic about Charter's future and look forward to continuing our strong partnership with them over the next 2.5 years. Liberty Broadband has agreed to spin off GCI prior to the transaction close to like broadband shareholders. The GCI distribution is expected to be taxable to Liberty Broadband and its stockholders.

我們於昨日（2月26日）獲得了Liberty Broadband股東的批准。除非另有約定，否則交易預計仍將於 2027 年 6 月 30 日完成。我們對 Charter 的未來非常樂觀，並期待在未來 2.5 年內繼續與他們保持牢固的合作關係。Liberty Broadband 已同意在交易完成前將 GCI 分拆出去，此舉將與寬頻股東的交易提前完成。GCI 的分紅預計將由 Liberty Broadband 及其股東繳納稅款。

Charter has agreed to bear the corporate level tax liability upon completion of that transaction. The corporate level tax liability exceeds $420 million. Charter will be entitled to share and certain tax benefits realized by GCI under the terms of the merger agreement. The distribution of GCI will provide incremental value to shareholders that is not captured in the exchange ratio with Charter.

Charter公司已同意在交易完成後承擔公司層級的稅務義務。企業層級的稅務義務超過 4.2 億美元。根據合併協議條款，Charter 將有權分享 GCI 實現的收益和某些稅收優惠。GCI的分配將為股東帶來增量價值，而這些價值並未反映在與Charter的換股比例上。

Ron will be the new CEO of the entity and called GCI Liberty, which is a throwback to GCI Liberty's old public days, and he'll also remain the CEO of GCI OpCo. We expect to complete the spin-off in late Q2 or early Q3 of this year, which will simplify Liberty Broadband's equity story until the close of the transaction. Now taking a quick look at the operating results of GCI. In 2024, GCI achieved record revenue that crossed the $1 billion mark for the first time. GCI also generated solid adjusted OIBDA and free cash flow and distributed $150 million of dividends delivery broadband in the year.

Ron 將成為這家名為 GCI Liberty 的實體的新任首席執行官，這讓人想起 GCI Liberty 過去的公開上市時期，他也將繼續擔任 GCI OpCo 的執行長。我們預計將在今年第二季末或第三季初完成分拆，這將簡化 Liberty Broadband 的股權結構，直到交易完成。現在快速看一下GCI的營運成果。2024年，GCI的營收首度突破10億美元大關，創下歷史新高。GCI 也產生了穩健的調整後 OIBDA 和自由現金流，並在當年派發了 1.5 億美元的股息。

Revenue increased 5% in the fourth quarter and 4% for the full year driven by strength in data revenue. Business data revenue benefited from a strong upgrade cycle in school and health care corporations at rural Alaska. Adjusted OIBDA decreased 4% in the fourth quarter and was up $1 million to $362 million, for the full year as revenue growth was primarily offset by higher SG&A expense from increased labor-related costs. Over the last year, adjusted for the reclassification from GCI Business. GCI Consumer saw a decline of revenue-generating wireless subs and cable modem subscribers signed 4,900 with approximately 3,800 of these losses driven by the expiration of the ACP program.

第四季營收成長 5%，全年營收成長 4%，主要得益於數據業務營收的強勁成長。阿拉斯加農村地區學校和醫療保健公司的強勁升級週期帶動了商業數據收入的成長。第四季調整後 OIBDA 下降 4%，全年成長 100 萬美元至 3.62 億美元，原因是營收成長主要被勞動力相關成本增加導致的銷售、一般及行政費用增加所抵銷。過去一年，已根據 GCI Business 的重新分類進行了調整。GCI Consumer 的收入來源——無線用戶和有線數據機用戶數量下降，簽約用戶減少了 4,900 戶，其中約 3,800 戶的流失是由於 ACP 計畫到期造成的。

In 2024, GCI spent $193 million on capital expenditures, net of proceeds received from federal and state grant funding. This is slightly below our prior expectation of $200 million, largely due to delays in rural fiber projects. CapEx spend was primarily related to improvements to the wireless and data networks, particularly in rural Alaska. GCI's net capital expenditures for 2025 are expected to be approximately $250 million, primarily related to additional investments in and last mile connectivity with contingent network expansion in our most important markets in rural Alaska.

2024 年，GCI 在資本支出方面花費了 1.93 億美元，扣除從聯邦和州政府撥款中獲得的收益後。這略低於我們先前預期的 2 億美元，主要是由於農村光纖工程延誤所致。資本支出主要用於改善無線和數據網絡，尤其是在阿拉斯加農村地區。GCI 預計 2025 年的淨資本支出約為 2.5 億美元，主要用於在阿拉斯加農村地區最重要的市場進行額外的投資和最後一公里連接，並根據情況進行網路擴展。

We're taking a proactive approach to rural connectivity projects is critical to securing necessary government funding and a significant portion of the increased CapEx in 2025 are related to fulfilling build-out requirements of the Alaska plant.

我們對農村連接項目採取積極主動的態度，這對於獲得必要的政府資金至關重要，而 2025 年增加的資本支出中有相當一部分與滿足阿拉斯加工廠的建設要求有關。

And with that, I'm incredibly excited to turn the call over to Ben Oren to go through the balance sheet and more transaction-related --

接下來，我非常興奮地將電話交給本·奧倫，讓他來詳細講解資產負債表以及更多與交易相關的內容——

Thank you, Brian. At quarter end, Liberty Broadband had consolidated cash and restricted cash of $229 million, which includes $75 million of cash and restricted cash at GCI. There was $65 million of restricted cash at Liberty Broadband as of year-end, representing proceeds from Charter share sales to be used towards debt service. At quarter end, GCI leverage was 3.1 turns with sufficient cushion relative to the 6.5 times minimum net leverage covenant threshold stipulated in the credit facility. And GCI had $342 million of undrawn capacity under its revolver net of letters of credit.

謝謝你，布萊恩。截至季末，Liberty Broadband 合併現金和受限現金為 2.29 億美元，其中包括 GCI 的 7,500 萬美元現金和受限現金。截至年底，Liberty Broadband 擁有 6,500 萬美元受限現金，這些現金來自 Charter 股票出售所得，將用於償還債務。季度末，GCI 槓桿率為 3.1 倍，相對於信貸協議中規定的 6.5 倍最低淨槓桿率契約門檻，有足夠的緩衝空間。GCI 在其循環信貸額度（扣除信用狀後）下還有 3.42 億美元的未提取額度。

The value of our charter investment based on our shares held as of February 1 and Charter's share price at yesterday's close was $15.9 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion. Note, this excludes preferred stock. Under the terms of the agreement with Charter, Charter will repurchase $100 million of its Class A common stock from Liberty Broadband each month until the transaction closes. If necessary, Charter will repurchase a greater amount of shares or make loans to Liberty Broadband sufficient for Liberty Broadband to satisfy its debt obligations as they come due.

根據我們截至 2 月 1 日持有的股份和 Charter 昨日收盤時的股價計算，我們對 Charter 的投資價值為 159 億美元。截至季末，Liberty Broadband 的總債務本金為 37 億美元。請注意，這不包括優先股。根據與 Charter 達成的協議條款，Charter 將每月從 Liberty Broadband 回購價值 1 億美元的 A 類普通股，直到交易完成。如有必要，Charter 將回購更多股份或向 Liberty Broadband 提供貸款，以使 Liberty Broadband 能夠按時償還其債務。

Proceeds from charter share sales that are applied to debt service will be tax free. From November 1 through January 31, Liberty Broadband received $205 million of proceeds from Charter share sales. Such proceeds are included in restricted cash and to be used for debt service at Liberty Broadband within six months of receipts. As Brian mentioned, the spin-off of GCI is expected to be completed in late Q2, early Q3 of this year, after which we expect Ron Duncan, GCI management, and our team will separately conduct an earnings process for the spun-off entity. We appreciate your continued interest in Liberty Broadband.

用於償還債務的特許經營股份出售所得款項將免稅。從 11 月 1 日至 1 月 31 日，Liberty Broadband 從 Charter 的股票出售中獲得了 2.05 億美元的收益。此類收益將納入受限現金，並在收到款項後的六個月內用於償還 Liberty Broadband 的債務。正如布萊恩所提到的，GCI 的分拆預計將於今年第二季末、第三季初完成，之後我們預計 Ron Duncan、GCI 管理層和我們的團隊將分別對分拆後的實體進行獲利評估。感謝您一直以來對Liberty Broadband的關注。

And with that, operator, we'd like to open the call for questions.

操作員，接下來我們將開始接受提問。

(Operator Instructions) Kutgun Maral, Evercore ISI.

（操作說明）Kutgun Maral，Evercore ISI。

Great. A few if I could. First, as we and investors do a lot more work on GCI Liberty, ahead of the spin-off this summer. Can you help us think about the competitive backdrop today and how you see it evolving, particularly with increased focus in the market around Starlink and other satellite operators on top of fixed wireless competition.

偉大的。如果可以的話，我想多做一些。首先，在我們和投資者對 GCI Liberty 進行更多研究之後，今年夏天將進行分拆。您能否幫助我們思考一下當前的競爭格局以及您認為它將如何演變，尤其是在市場日益關注 Starlink 和其他衛星營運商，以及固定無線競爭的情況下？

And then maybe with greater clarity on the timing of the spin-off set for this summer. Maybe you could help provide an update on the gating factors for moving up the close with Charter ahead of the June 2027 date?

然後或許還能更清楚地了解今年夏天即將播出的衍生劇的具體播出時間。您能否幫忙提供一些關於在 2027 年 6 月之前提前與 Charter 達成協議的關鍵因素的最新資訊？

And sorry, just last one. There have been a lot of headlines recently around government subsidies for broadband build-outs, particularly with speed. So maybe you could provide an update on how you're thinking about subsidies and how it fits into your expectations for the next few years at GCI.

抱歉，這是最後一個了。最近有許多關於政府補貼寬頻建設，特別是提高寬頻速度的新聞報導。所以，您能否介紹一下您對補貼的看法，以及它如何契合您對 GCI 未來幾年的預期？

Ben or somebody who want to take the timing one first and then I'll combine the market and the government subsidies into one answer.

Ben 或其他想先考慮時機的人，然後我會把市場和政府補貼結合起來給出答案。

Real quick on timing of the GCI spend, and then we'll turn it over to Marty to talk about broadband and Charter transaction. But the timing of GCI spend, we would expect to close late second quarter, early third quarter as we continue to work through kind of audit uplifts and SEC process.

簡單談談 GCI 支出的時間安排，然後我們把麥克風交給 Marty，讓他談談寬頻和 Charter 的交易。但 GCI 支出的時間安排，我們預計會在第二季末、第三季初完成，因為我們將繼續處理審計升級和美國證券交易委員會的流程。

Yes, Kutgun, as it relates to the timing of the broadband transaction itself, as we and Charter talked about, this transaction provides a couple of objectives for us. It allows for an early transition on the governance rights, the existing partnership that we have with Charter to continue through the 2027 close date. It also allows charge to reduce or broadband to reduce its level of net debt prior to closing. So that impact for the broadband shareholders is it provides certainty today under a time line that works for both parties. In terms of things that could happen from here to accelerate the time line, really, that would be if we mutually agree with Charter to accelerate close.

是的，Kutgun，就寬頻交易本身的時機而言，正如我們和Charter所討論的，這項交易為我們提供了幾個目標。它允許儘早完成治理權的過渡，我們與 Charter 現有的合作夥伴關係將繼續持續到 2027 年的交易完成日期。它還允許透過減少收費或寬帶來降低其在交易完成前的淨債務水準。因此，對於寬頻股東而言，這意味著在雙方都能接受的時間表下，今天就能獲得確定性。至於接下來可能加快進度的事情，實際上，那就是我們與 Charter 達成一致，加快完成交易。

Ron, do you want to take the competitive backdrop in subsidies?

羅恩，你想從補貼的競爭角度來看這個問題嗎？

We'll give it a shot, yes. The Alaska market is overall stable in what is at best a flat economic environment. On the wireless side, GCI competes primarily with AT&T, Verizon is in the market, but they haven't moved to 5G in Alaska yet because they don't have C-band spectrum up here. And that has limited their competitive impact in the Alaska market. We and AT&T share the majority of the wireless market.

我們會試一試，好的。在整體經濟環境平淡的情況下，阿拉斯加市場整體維持穩定。在無線領域，GCI 的主要競爭對手是 AT&T，Verizon 也進入了市場，但他們還沒有在阿拉斯加推出 5G，因為這裡沒有 C 頻段頻譜。這限制了它們在阿拉斯加市場的競爭影響力。我們和AT&T共同佔據了無線市場的大部分份額。

On the wireline side, on a statewide basis, two principal competitors are GCI and ACS, the local phone company that's in Anchorage and a number of the other urban areas and then a number of small rural local phone companies in the remainder of Alaska who are not much of a competitive factor in the overall big picture market. The bulk of the market is driven by the Universal Service Fund support of schools and health care facilities, and that's where GCI has a predominant market share. In terms of the evolution of the market, I don't see a whole lot changing in the near term.

在固網方面，全州範圍內，兩大主要競爭對手是 GCI 和 ACS，一家是安克雷奇及其他一些城市地區的本地電話公司，另一家是阿拉斯加其他地區的一些小型農村本地電話公司，這些公司在整個大市場中並不構成多大的競爭因素。市場的大部分是由普遍服務基金對學校和醫療保健機構的支持所驅動的，而GCI正是在這一領域佔據了主導市場份額。就市場發展而言，我認為短期內不會有太大變化。

We're slowly adding wireless share because our wireless product is more compelling than what the competition has to offer. And it's pretty much stable on the wired side. The ACS is engaging very slowly in fiber-to-the time buildup, but we're not seeing material impact on that. If you look at the breakout of the subs, GCI is pretty flat on wired subs in the urban footprint. We have lost wired subs to Starlink in rural areas, largely due to service disruptions arising from multiple breaks in the backbone fiber around Alaska that's owned by Quintillion.

我們正在逐步增加無線共享功能，因為我們的無線產品比競爭對手提供的產品更具吸引力。有線連接方面也相當穩定。ACS 在光纖到時間的建構方面進展非常緩慢，但我們沒有看到這方面產生實質影響。如果看一下子業務的細分情況，GCI 在城市地區的有線子業務方面相當平穩。由於昆蒂龍公司擁有的阿拉斯加骨幹光纖多次斷裂，導致服務中斷，我們在農村地區失去了許多有線用戶，這些用戶轉而使用星鏈服務。

It broke last year and it broke again this year. When that happens, our rural consumer business is forced back from 2.5 gigabits of service to a very, very poor level of service and many people in that environment which the Starlink in those cases, it's taken a long time, and it's been difficult to get them back. Starlink is certainly a competitor in the rural areas and very much so for situations where GCI service is degraded by outages to the backbone fiber.

它去年壞了，今年又壞了。當這種情況發生時，我們的農村消費者業務將被迫從 2.5 吉比特的服務降級到非常非常差的服務水平，在這種情況下，許多使用 Starlink 的用戶需要很長時間才能恢復服務，而且恢復服務非常困難。Starlink 在農村地區無疑是一個競爭對手，尤其是在 GCI 服務因骨幹光纖中斷而降級的情況下。

We're seeing some Starlink appearances in urban Alaska, but it's not material yet. It's sort of a price point issue but I don't think we'll see substantial urban penetration. And once the fiber networks are built out and the redundant rings are completed, I don't anticipate more of the sort of disruptions that have led to Starlink gaining ground in the rural areas. Starlink will probably be a competitor under the revised bead rules. We're expecting the bead rules to be changed now that there's a new administration to be more tolerant of satellite provision, but the economics of the situation are still such that for the enterprise users, it makes more sense to be on a fiber backbone when it's available.

我們在阿拉斯加的一些城市地區看到了星鏈的身影，但這還遠遠沒有達到實質的程度。這有點像價格問題，但我認為我們不會眼睜睜地看著它在城市地區大規模普及。一旦光纖網路建成，冗餘環路也完成，我預計不會再出現導致星鏈在農村地區獲得市場份額的那種幹擾。根據修訂後的珠子規則，Starlink 很可能成為競爭對手。我們預計，隨著新政府上台，對衛星網路的容忍度會提高，因此網路規則也會有所改變。但從經濟角度來看，對於企業用戶而言，如果光纖骨幹網路可用，使用光纖骨幹網路仍然更有意義。

Government subsidies are obviously a huge piece of the market up here, both for capital and for operating. On the capital side, the state has currently established an April date for the submission of beat applications, which currently are targeted about $1 billion to flow to Alaska. We're waiting to see whether there'll be any adjustments in either that amount or the terms and conditions of those grants, following the changes that may come out of the new administration.

政府補貼顯然是這裡市場的重要組成部分，無論是資本補貼還是營運補貼。在資金方面，該州目前已確定在 4 月提交撥款申請，目前的目標是向阿拉斯加州投入約 10 億美元。我們正在等待觀察，在新政府可能做出改變之後，這些撥款的金額或條款和條件是否會有任何調整。

I think everybody is aware that there's pressure to open that up more to Starlink. And certainly, Starlink's a viable competitor in some of the rural areas but I don't expect it to make material changes in what we're planning for rural fiber network construction.

我認為大家都意識到，各方都面臨著向星鏈開放更多服務的壓力。當然，Starlink 在一些農村地區是一個可行的競爭對手，但我預計它不會對我們規劃的農村光纖網路建設產生實質影響。

Matthew Harrigan, Benchmark.

馬修·哈里根，基準。

I was going to ask about a macro question, frankly, given that you and Hawaii might not be the most recent US states. You already kind of alluded to Washington. But what do you think about the possibility that you might have some substantial reductions in the subsidies on the health care side as well as the fiber side. I mean, Elon, clearly is favoring Starlink, it feels like there's risk there. And do you feel like you're fairly hardened out I guess, an economic slowdown.

坦白說，我本來想問一個宏觀的問題，因為你們和夏威夷可能不是美國最新的州。你之前已經暗示過華盛頓了。但您認為醫療保健和光纖網路的補貼可能會大幅削減，這種可能性如何？我的意思是，埃隆顯然更傾向於星鏈項目，感覺這其中有風險。我覺得你已經對經濟放緩習以為常了。

I mean obviously, there's more fat-tail risk now even for the Lower 48. You just had an increase in tariffs in China, I think, announced today. But if we were to get an actual recession? I mean do you think you can withstand that roughly comparable to your lower 48 rather -- or do you think that there's just always more volatility in the Alaskan economy?

我的意思是，很明顯，即使對於美國本土48州來說，現在也存在更大的尾部風險。我想，今天中國才剛宣布提高關稅。但如果我們真的遭遇經濟衰退呢？我的意思是，你認為你能承受得住與美國本土48州大致相當的波動嗎？還是你認為阿拉斯加的經濟波動性總是更大？

Alaska typically has been a countercyclical on recessions largely due to our energy economy and our energy dependence there. And with Trump's focus on domestic energy production, we think there's probably more upside than downside resulting from the new administration. Under the prior administration, Alaska was basically shut down for new energy and new mineral development. And that looks to be facing a very substantial acceleration under the Trump administration with the potential for the first time in a long time that we might actually see progress on the gas line, which would be a big boon to the Alaska economy.

阿拉斯加通常不受經濟衰退的影響，主要是因為阿拉斯加的能源經濟以及我們對能源的依賴。鑑於川普對國內能源生產的重視，我們認為新政府帶來的利多可能大於弊端。在前政府的統治下，阿拉斯加基本上停止了新能源和新礦產的開發。而川普政府似乎正在大幅加快這一進程，我們有可能在很長一段時間以來第一次看到天然氣管道建設取得進展，這將極大地促進阿拉斯加經濟的發展。

We with respect to Starlink competition, I fully expect Starlink to qualify for participation in the next round of federal grants, both bead and the remaining grants that might come out of NTIA, the by administration, of course, had a strong preference for fiber. I expect that we'll see that will be a technologically neutral bias. But that said, we believe that our largest customers need more capacity than is effectively available through the -- and there still will be a very robust demand for fiber clearly, that space is going to be more competitive going forward, but I think we're well positioned to address it.

關於 Starlink 的競爭，我完全相信 Starlink 將有資格參與下一輪聯邦撥款，包括 NTIA 可能提供的撥款和剩餘撥款。當然，政府對光纖有著強烈的偏好。我預計這將是一種技術中立的偏見。但即便如此，我們認為我們最大的客戶需要的容量比目前實際可用的容量要多——而且顯然，對光纖的需求仍然會非常強勁，未來這個領域的競爭將會更加激烈，但我認為我們已經做好了充分的準備來應對這種情況。

What about the health care subsidies to --

那麼醫療保健補貼呢？--

With respect to the pending USF case or something else?

是指待決的USF案件，還是其他什麼事？

Just the broad health care subsidies for the tribes in Alaska. I thought that, that was something that was fairly material rather than incidental to some of your results?

只是為阿拉斯加各部落提供廣泛的醫療保健補貼。我認為，這對你的某些結果來說，是相當實質的因素，而不是無關緊要的因素？

Health care -- the subsidies to the health care users in Alaska are very material to our results. There is a pending case before the Supreme Court that could disrupt some of the structure of the Universal Service Fund, we think the probability of material changes to those are low in terms of the competitive entrants on the health care side and the possibility of Starlink competition there. The bandwidth consumed by health care today is such that the individual facilities would tax the Starlink network and are much more likely, I believe, to stay on the fiber network.

醫療保健－阿拉斯加州對醫療保健使用者的補貼對我們的結果影響很大。最高法院正在審理一起可能會擾亂普遍服務基金部分結構的案件，但我們認為，就醫療保健領域的競爭進入者以及星鏈在該領域的競爭可能性而言，這些結構發生實質性變化的可能性很低。如今醫療保健產業消耗的頻寬如此之大，以至於各個醫療機構都會對 Starlink 網路造成壓力，因此我認為，它們更有可能繼續使用光纖網路。

Appreciate it.

謝謝。

We thank you all for your time. And operator, that's the end of the call. Thank you.

感謝各位抽出時間。接線員，通話結束了。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。