Liberty Broadband Corp (LBRDK) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q2 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded, August 5. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加 Liberty Broadband 2022 年第二季度財報電話會議。 （操作員說明）提醒一下，本次會議正在錄製，8 月 5 日。我現在想將會議轉交給首席投資組合官 Courtnee Chun。請繼續。

Thank you. Before we begin, we'd like to remind everyone that this call includes 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 filed by Liberty Broadband and Liberty TripAdvisor with the SEC.

謝謝你。在開始之前，我們想提醒大家，本次電話會議包括 1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。由於許多風險和不確定性，實際事件或結果可能存在重大差異，包括Liberty Broadband 和 Liberty TripAdvisor 向 SEC 提交的最新 10-K 表格中提到的那些。

These forward-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty TripAdvisor expressly disclaim 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 or Liberty TripAdvisor's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

這些前瞻性陳述僅在本次電話會議之日發表，Liberty Broadband 和 Liberty TripAdvisor 明確表示不承擔任何義務或承諾傳播對此處包含的任何前瞻性陳述的任何更新或修訂，以反映 Liberty Broadband 或 Liberty 的任何變化TripAdvisor 對此的期望或任何此類聲明所依據的事件、條件或情況的任何變化。

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 the required definitions and reconciliations including preliminary note 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 的某些非公認會計原則財務措施，包括調整後的 OIBDA。有關可比 GAAP 指標的信息，以及所需的定義和對賬，包括初步說明和附表 1 和 2，可以在今天發布的收益新聞稿以及之前期間的收益發布中找到，這些信息可在 Liberty Broadband 的網站上找到。

Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

現在我想把電話轉給 Liberty 的總裁兼首席執行官 Greg Maffei。

Thank you, Courtnee. Good morning. Today, speaking on the call, we will also have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling; Ron Duncan, CEO of GCI; and Pete Pounds, CFO of GCI, will be available to answer questions. Also during Q&A, we'll be able to answer questions related to Liberty TripAdvisor.

謝謝你，考特妮。早上好。今天，在電話會議上發言的還有 Liberty Broadband 的首席會計官兼首席財務官 Brian Wendling； GCI首席執行官Ron Duncan； GCI 的首席財務官 Pete Pounds 將回答問題。同樣在問答期間，我們將能夠回答與 Liberty TripAdvisor 相關的問題。

So looking first at Liberty Broadband. From May 1 to the 31st of July, we repurchased 9 million LBRD shares for $1 billion. This includes 2.7 million LBRDA shares at an average cost per share of $114.08. We were capitalizing on the spread between the As and the Ks. These Liberty Broadband buybacks have been additive to our NAV about 3% per share over this period compared to Charter at 1% per share. And we bought at a look-through price on Charter, these repurchases of about $373 a share on Charter. Over the same period, we received $1.1 billion of cash proceeds from Charter share sales back to Charter.

所以首先看看自由寬帶。從 5 月 1 日到 7 月 31 日，我們以 10 億美元的價格回購了 900 萬股 LBRD 股票。這包括 270 萬股 LBRDA 股票，平均每股成本為 114.08 美元。我們利用了 As 和 Ks 之間的價差。在此期間，這些 Liberty Broadband 回購使我們的資產淨值增加了約 3%，而 Charter 回購為每股 1%。我們以透視價格購買了Charter，這些回購價格約為每股373美元。同期，我們從Charter 股票出售中獲得了 11 億美元的現金收益。

Looking at Charter itself, it was a strong quarter of financial results with revenue up 6% and adjusted EBITDA up 10%. Organic broadband were a relatively disappointing 38% if you exclude the 59,000 customers disconnected from the Affordable Connectivity Program. That was 38,000, not 38%, excuse me. The market environment does remain more challenged than we've had in recent memory with low move activity and increased investment in promotion in fixed wireless by certain players.

看看憲章本身，這是一個強勁的季度財務業績，收入增長 6%，調整後的 EBITDA 增長 10%。如果排除與平價連接計劃斷開連接的 59,000 名客戶，有機寬帶相對令人失望 38%。對不起，那是 38,000，而不是 38%。市場環境確實比我們最近記憶中面臨的挑戰更大，移動活動低，某些參與者增加了對固定無線推廣的投資。

Spectrum mobile continues to expand at a rapid clip with 344,000 new wireless lines. Mobile revenue is now up 40% year-over-year and represents over 5% of total Charter revenue. I want to reiterate mobile has a real revenue and profit opportunity, and we remain in the very early stages.

Spectrum mobile 繼續快速擴張，新增 344,000 條無線線路。移動收入現在同比增長 40%，佔包機總收入的 5% 以上。我想重申，移動具有真正的收入和利潤機會，我們仍處於早期階段。

As far as Charter itself, we -- Liberty feels very comfortable with its strategic position and technical edge in the vast majority of our markets. We are still optimistic on the broadband outlook, including new rural builds, which will extend the growth opportunity, and we believe mobile is a competitive advantage as well as a revenue opportunity and will help further solidify our value proposition versus competitors.

就憲章本身而言，我們 - Liberty 對其在我們絕大多數市場的戰略地位和技術優勢感到非常滿意。我們仍然對寬帶前景持樂觀態度，包括新農村建設，這將擴大增長機會，我們認為移動是競爭優勢和收入機會，將有助於進一步鞏固我們與競爭對手的價值主張。

Turning to TripAdvisor. We had our earnings call this morning for Trip, which welcoming Matt Goldberg, the new CEO who started on the 1st of July. Consolidated results have reached the 2019 levels by the end of the quarter. And the European recovery rate has caught up with the U.S., especially in the hotel auction.

轉向到到網。今天早上，我們為 Trip 召開了財報電話會議，歡迎 7 月 1 日上任的新任首席執行官馬特·戈德堡 (Matt Goldberg)。到本季度末，綜合業績已達到 2019 年的水平。而且歐洲的複蘇速度已經趕上了美國，尤其是在酒店拍賣方面。

We're seeing the strongest recovery in Viator and TheFork, which are both exceeding the 2019 revenue levels. Viator EBITDA reached breakeven in the second quarter, and we believe the attractive unit economics of the business are very appealing. We believe in the ability to build a large repeat revenue basis off relatively low marketing costs. We are focused on new customer acquisition and retention strategies as well as brand marketing for Viator.

我們看到 Viator 和 TheFork 的複蘇最為強勁，它們都超過了 2019 年的收入水平。 Viator EBITDA 在第二季度達到盈虧平衡，我們認為該業務具有吸引力的單位經濟效益非常有吸引力。我們相信有能力以相對較低的營銷成本建立大量的重複收入基礎。我們專注於 Viator 的新客戶獲取和保留策略以及品牌營銷。

TheFork also exceeded its 2019 booking levels. European dining restrictions have eased, and diners are returning to restaurants. Consistent with the above results, TripAdvisor announced new reporting segments, which better reflect the growth profile and maturity stages of our respective 3 businesses. We believe this will allow investors to better track the progress of our performance across our growth areas.

TheFork 也超過了 2019 年的預訂水平。歐洲的餐飲限制已經放寬，食客正在返回餐館。與上述結果一致，TripAdvisor 公佈了新的報告分部，更好地反映了我們各自 3 項業務的增長概況和成熟階段。我們相信，這將使投資者能夠更好地跟踪我們在各個增長領域的業績進展。

And with that, let me turn it over to Brian to discuss the financials in more detail.

有了這個，讓我把它交給布賴恩更詳細地討論財務狀況。

Thank you, Greg.

謝謝你，格雷格。

At quarter end, Liberty Broadband had consolidated cash and cash equivalents of $301 million, which includes approximately $80 million of cash held directly at GCI. The value of our Charter investment based on our shares held as of August 1 and Charter share price at yesterday's close was $23 billion. On May 2, we sold our subsidiary, Skyhook, for aggregate consideration of $194 million, which includes $23 million of cash that's held in escrow.

在季度末，Liberty Broadband 的合併現金和現金等價物為 3.01 億美元，其中包括直接在 GCI 持有的約 8000 萬美元現金。根據我們截至 8 月 1 日持有的股份和昨天收盤時的 Charter 股價計算，我們的 Charter 投資價值為 230 億美元。 5 月 2 日，我們以 1.94 億美元的總代價出售了我們的子公司 Skyhook，其中包括託管的 2300 萬美元現金。

At quarter end, Liberty Broadband had a total principal amount of debt of $3.9 billion. We repaid $200 million on our Charter margin loan during the quarter, and our available capacity is $900 million. Note the above amounts exclude the indemnification obligation to Qurate and preferred stock.

在季度末，Liberty Broadband 的債務本金總額為 39 億美元。我們在本季度償還了 2 億美元的憲章保證金貸款，我們的可用容量為 9 億美元。請注意，上述金額不包括對 Qurate 和優先股的賠償義務。

Now looking at GCI's results, GCI had a good second quarter. The company generated solid free cash flow. Cash for the quarter was down $31 million with strong cash from operations offset by a $70 million dividend to Liberty Broadband and CapEx during the quarter. Subsequent to quarter end, GCI paid an additional $40 million to broadband using cash on hand. Leverage as defined in its credit agreement was 2.9x at quarter end, and GCI has $397 million of undrawn capacity under its revolver.

現在看看 GCI 的業績，GCI 第二季度表現不錯。該公司產生了穩定的自由現金流。本季度的現金減少了 3100 萬美元，強勁的運營現金被本季度對 Liberty Broadband 和資本支出的 7000 萬美元股息所抵消。季度末之後，GCI 使用手頭現金向寬帶額外支付了 4000 萬美元。其信貸協議中定義的槓桿在季度末為 2.9 倍，GCI 在其左輪手槍下有 3.97 億美元的未動用能力。

Revenue was flat. Adjusted OIBDA was up $1 million in the second quarter due to a better mix of higher-margin revenue. As we noted at year-end, revenue and adjusted OIBDA are seeing the effects of a new roaming agreement effective in the fourth quarter of 2021, which is positive long term but does create some negative comparisons in 2022 to prior periods.

收入持平。由於更高利潤率的收入組合更好，調整後的 OIBDA 在第二季度增加了 100 萬美元。正如我們在年底指出的那樣，收入和調整後的 OIBDA 正在看到 2021 年第四季度生效的新漫遊協議的影響，從長期來看這是積極的，但確實在 2022 年與之前的時期相比產生了一些負面的比較。

Additionally, our video business continues to shrink, which significantly impacts revenue but does not meaningfully impact margin or free cash flow. This decline in our video business and the impact of the new roaming agreement were offset by growth in our consumer broadband and wireless offerings as well as our business data revenue.

此外，我們的視頻業務繼續萎縮，這會顯著影響收入，但不會對利潤率或自由現金流產生有意義的影響。我們的視頻業務下滑和新漫遊協議的影響被我們的消費者寬帶和無線產品以及我們的業務數據收入的增長所抵消。

Over the last year, GCI has added 5,000 revenue-generating wireless subs and over 9,000 revenue-generating cable modem customers, including 900 broadband sub adds in the second quarter of this year. We believe many of these gains are directly attributable to our deployment of 2-gig speeds in communities across Alaska. GCI is expecting to launch 2-gig residential Internet speeds in Unalaska by the end of the year. Last week, the company announced that the subsea fiber for the AU-Aleutians fiber project completed its 12,000-mile journey from Germany and has arrived in Unalaska. The 800-plus miles of fiber will bring these 2-gig speeds to some of the most remote communities in the country.

去年，GCI 增加了 5,000 個創收無線用戶和超過 9,000 個創收有線調製解調器客戶，其中包括今年第二季度新增的 900 個寬帶用戶。我們相信，其中許多收益直接歸因於我們在阿拉斯加社區部署 2 gig 速度。 GCI 預計到今年年底將在 Unalaska 推出 2-gig 住宅互聯網速度。上週，該公司宣布，用於 AU-Aleutians 光纖項目的海底光纖完成了從德國 12,000 英里的旅程，並已抵達 Unalaska。 800 多英里的光纖將為該國一些最偏遠的社區帶來 2 吉格的速度。

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

有了這個，我會把電話轉給格雷格。

Thank you, Brian. I want to remind some of you who may not know. Our Annual Investor Day will be Thursday, November 17 in New York. Please save the date. Additional details will be provided soon. We hope to see many of you there.

謝謝你，布賴恩。我想提醒一些可能不知道的人。我們的年度投資者日將於 11 月 17 日星期四在紐約舉行。請保存日期。更多詳細信息將很快提供。我們希望在那裡見到你們中的許多人。

We also appreciate your continued interest in Liberty Broadband and Liberty TripAdvisor. And with that, operator, I'd like to open the floor for questions.

我們也感謝您對 Liberty Broadband 和 Liberty TripAdvisor 的持續關注。有了這個，接線員，我想請大家提問。

(Operator Instructions) And we'll go ahead and take our first question from James Ratcliffe with Evercore ISI.

（操作員說明）我們將繼續回答 James Ratcliffe 與 Evercore ISI 的第一個問題。

I have 2 related ones for Greg and one for Ron, if I could. Greg, recently a significant increase in discussion of potential cable M&A and at the same time, there also seems to be greater uncertainty about the M&A regulatory environment in general. Can you give us a read on what you're seeing in terms of the interest in cable assets among strategic and financial investors and also your sense of what the antitrust environment looks like right now for cable consolidation? And Ron, seeing a lot of attention on fixed wireless in the lower 48 at the moment. Is it relevant as a competitor or opportunity for GCI?

如果可以的話，我有兩個相關的 Greg 和 Ron 的一個。 Greg，最近對潛在有線電視併購的討論顯著增加，與此同時，總體上併購監管環境似乎也存在更大的不確定性。您能否向我們介紹一下您所看到的戰略和金融投資者對有線電視資產的興趣，以及您對目前有線電視合併的反壟斷環境的看法？還有 Ron，目前在 48 歲以下的固定無線領域受到了很多關注。它作為 GCI 的競爭對手或機會是否相關？

So thank you, James. I'll go first. I think Charter's perspective has been consistent. There are a series of assets at the right price that we could be effective consolidators of and add value in terms of our ability to be more efficient in customer touch, our ability to bring scale synergies, our ability to run them on a nationwide basis on a more consistent, attractive level. I don't think that's changed. I think some of the prices have obviously come down, which would make that a more interesting opportunity potentially if we were a cash buyer.

所以謝謝你，詹姆斯。我先走。我認為查特的觀點是一致的。有一系列價格合適的資產，我們可以成為有效的整合者，並在我們提高客戶接觸效率的能力、我們帶來規模協同效應的能力、我們在全國范圍內運營它們的能力方面增加價值一個更一致、更有吸引力的水平。我認為這沒有改變。我認為一些價格顯然已經下降，如果我們是現金買家，這可能會成為一個更有趣的機會。

The regulatory environment is very unclear, and I think you really have to look at what scale you're talking about on a deal. It's something we believe we could defend of any of the stuff that's out there. But obviously, the -- there's been a lot of changes in what's going on between DOJ, FTC and FCC. So we'll see. It's hard to predict with certainty, but I'm comfortable -- optimistic we could do a transaction or getting one to discuss, which have been publicly rumored. Ron?

監管環境非常不明確，我認為你真的必須看看你在談論交易的規模。這是我們相信我們可以為任何存在的東西辯護的東西。但很明顯，司法部、聯邦貿易委員會和聯邦通信委員會之間發生的事情發生了很多變化。所以我們拭目以待。很難確切地預測，但我很放心——樂觀地我們可以進行交易或進行討論，這已被公開傳言。羅恩？

Thank you. And the short answer to is fixed wireless is relevant to us and Alaska is no for 2 principal reasons. T-Mobile, who is probably the most aggressive fixed wireless provider in the lower 48 doesn't operate its own facilities in Alaska. They roam on our network in Alaska. So there's no direct retail competition from T-Mobile. And Verizon, the other principal competitor, does not have C-band spectrum in Alaska. The C-band auction did not cover Alaska because we still use C-band for important long-haul satellite connectivity in the states.

謝謝你。簡短的回答是固定無線與我們有關，而阿拉斯加則不是，主要有兩個原因。 T-Mobile 可能是美國 48 州中最具侵略性的固定無線供應商，但並未在阿拉斯加運營自己的設施。他們在我們阿拉斯加的網絡上漫遊。因此，T-Mobile 沒有直接的零售競爭。而另一個主要競爭對手 Verizon 在阿拉斯加沒有 C 波段頻譜。 C 波段拍賣並未涵蓋阿拉斯加，因為我們仍在使用 C 波段在各州進行重要的長途衛星連接。

So the FCC excluded C-band in Alaska from the auction. And C-band is the principal frequency, which Verizon is using for fixed wireless access. They are doing some in millimeter wave, but Alaska does it in any locations that are nearly dense enough to make millimeter wave fixed wireless access to significant competitors. So we haven't seen anything on that front and don't expect to.

因此，FCC 將阿拉斯加的 C 波段排除在拍賣之外。 C 波段是 Verizon 用於固定無線接入的主要頻率。他們在毫米波方面進行了一些研究，但阿拉斯加在任何密度幾乎足以使毫米波固定無線接入重要競爭對手的任何地方都這樣做。所以我們在這方面沒有看到任何東西，也不希望看到。

And we'll go ahead and move on to our next question from Barton Crockett with Rosenblatt Securities.

我們將繼續討論巴頓克羅克特與羅森布拉特證券的下一個問題。

Greg, I wanted to just ask about kind of the evergreen question, but what your current thinking is about the merits from your perspective and how you might kind of characterize the Charter perspective of a potential combination of Liberty Broadband and Charter? It seems like we've settled into a pattern where you're pretty happy sitting pat. They're buying some stock back, you're buying some stock back. Seems like a pretty kind of steady equilibrium, but the bigger possibility still remains and could be interesting. I'm just wondering what you think about that now. Is there any reason to think that, that would be desirable or not at this point?

格雷格，我只想問一個常青的問題，但是您目前對從您的角度來看的優點的看法是什麼，以及您如何描述自由寬帶和憲章的潛在組合的憲章觀點？看起來我們已經適應了一種模式，你很高興地坐著拍拍。他們在回購一些股票，你在回購一些股票。似乎是一種相當穩定的平衡，但更大的可能性仍然存在並且可能很有趣。我只是想知道你現在對此有何看法。有什麼理由認為，在這一點上這是可取的還是不可取的？

I think you're right that the equilibrium is attractive for us. We continue to increase our NAV per share at a faster rate than Charter because of the -- taking advantage of that discount, even net of taxes. We also like our role and our involvement on the governance side and our oversight and understanding of the business better by being there. So I think it's a positive.

我認為你是對的，均衡對我們有吸引力。我們繼續以比憲章更快的速度增加我們的每股資產淨值，因為 - 利用這種折扣，即使是稅後也是如此。我們也喜歡我們在治理方面的角色和參與，以及我們對業務的更好監督和理解。所以我認為這是積極的。

Will it be a forever condition? Don't know. Not something we are contemplating today to change, but we always remain flexible on that. I think you were on the earlier call. We have taken a lot of actions historically to take advantage when we thought it was the right time, whether it be Expedia, the GCI transaction, DIRECTV. So never say never.

這會是一個永遠的條件嗎？不知道。我們今天不打算改變什麼，但我們始終對此保持靈活。我想你在之前的電話中。我們在歷史上採取了很多行動來利用我們認為合適的時機，無論是 Expedia、GCI 交易還是 DIRECTV。所以永遠不要說永遠。

Okay. And then if I could just ask another question. The -- I'm also curious about your perspective about what was once a hot button issue for the industry, and that is the potential for an industrial kind of reorganization of telecom companies and cable companies, potential mergers of large companies in that space and talk that would involve Charter in some scenarios. We don't hear about that so much these days. And I note that the telecom wireless companies and cable companies are more competitive with each other. Is that day done as something that might even be contemplated? Is that horse kind of left the barn and not really to come back? Or what do you think about that as an evolution over time?

好的。然後如果我可以問另一個問題。 - 我也很好奇你對曾經是行業熱點問題的看法，那就是電信公司和有線電視公司的行業重組的潛力，以及該領域大公司的潛在合併，以及在某些情況下會涉及憲章的談話。這些天我們很少聽到這樣的消息。我注意到電信無線公司和有線電視公司之間的競爭更加激烈。那一天是否完成了，甚至可以考慮？那匹馬是不是離開了穀倉而不是真的回來？或者你如何看待隨著時間的推移而演變？

Yes. I think the progress we're making in wireless on our own is very attractive. Could there be some logic down the road to combine? One of the issues always have been, if you look at the convergence of broadband and wireless, the difficulty for us is the relative unattractiveness to offer wireless in territories where we don't have broadband, which would be the case if we were merged or we bought a national broadband -- national wireless player. So we like our hand in broadband. We like our hand in wireless, extending our broadband capabilities.

是的。我認為我們自己在無線方面取得的進展非常有吸引力。是否有一些邏輯可以結合起來？問題之一一直是，如果你看看寬帶和無線的融合，對我們來說，困難是在我們沒有寬帶的地區提供無線相對沒有吸引力，如果我們被合併或我們買了一個國家寬帶——國家無線播放器。所以我們喜歡寬帶。我們喜歡無線，擴展我們的寬帶能力。

Not to say there isn't -- somewhere that might change down the road and there have been people imagining combinations where cable bought assets together. Maybe that solves the problem. But we feel very good about our prospects, both in broadband and in wireless. Really, their converged combination on our footprint that's attractive for us.

並不是說沒有 - 某個地方可能會在未來發生變化，並且有人想像有線電視購買資產的組合。也許這可以解決問題。但我們對我們在寬帶和無線領域的前景感到非常滿意。確實，它們在我們的足跡上的融合組合對我們很有吸引力。

And we'll go ahead and take our last question from Michael Rollins with Citi.

我們將繼續回答邁克爾·羅林斯與花旗的最後一個問題。

Two topics. The first, Greg, you made a comment in your opening comments that you're comfortable in the vast majority of Charter's markets when you thought about the strategic and technical position. Just curious what would be the characteristics of markets or the state of systems in which you wouldn't be comfortable? And then switching gears to ACP. Ron, I'm curious if you could share more about the ACP experience.

兩個話題。首先，格雷格，您在開場評論中發表評論說，當您考慮戰略和技術地位時，您對查特的絕大多數市場感到滿意。只是好奇市場的特徵或您不會感到舒服的系統狀態是什麼？然後切換到 ACP。羅恩，我很好奇你能否分享更多關於 ACP 的經驗。

Is it getting easier for customers to qualify? And how does this tool instruct you in terms of the risk of recession and maybe this program being able to have something in your toolbox that you haven't had before as you try to help customers during what could be just a tougher period for some?

客戶是否更容易獲得資格？該工具如何指導您了解經濟衰退的風險，也許該程序能夠在您的工具箱中擁有您以前沒有的東西，因為您試圖在對某些人來說可能只是更艱難的時期內幫助客戶？

Yes. I'll go first. I think the -- maybe I was not articulate enough or you misheard me. What I think is that -- do I like our position better where we have less fiber competition? Yes, that's the places where I'm most happy and feel our strategic and technical edge is better. Obviously, we gain more share against DSL and other technologies like that. I think we compete well against fiber. But obviously, I prefer competing against non-fiber competitors. Ron?

是的。我先走。我認為——也許我表達得不夠清楚，或者你聽錯了。我的想法是——我更喜歡我們在光纖競爭較少的情況下的位置嗎？是的，那是我最高興的地方，並且覺得我們的戰略和技術優勢更好。顯然，我們在對抗 DSL 和其他類似技術時獲得了更多份額。我認為我們可以很好地與光纖競爭。但顯然，我更喜歡與非光纖競爭對手競爭。羅恩？

All right. On the ACP, the ACP has been -- I'm sorry, were you done, Greg?

好的。在 ACP 上，ACP 已經—— 對不起，你完成了嗎，格雷格？

Yes, I was. Thank you, Ron. Go ahead.

是的，我是。謝謝你，羅恩。前進。

Okay. Just checking, I don't want to cut you off. ACP has been a very, very powerful tool for GCI. And I think it's one of the -- our success in transferring customers from the emergency broadband protection program, the prior subsidy program to ACP is one of the reasons that we continue to grow broadband subs in spite of the slowdown in the rest of the industry. We did have good growth this last quarter in spite of traditionally would have been a down quarter.

好的。只是檢查一下，我不想打斷你。 ACP 一直是 GCI 非常非常強大的工具。我認為這是我們成功地將客戶從緊急寬帶保護計劃轉移到 ACP 的成功原因之一，這是我們繼續增長寬帶用戶的原因之一，儘管其他行業放緩.儘管傳統上會是一個下降的季度，但上個季度我們確實有良好的增長。

I would note that Alaska as a whole is denoted as tribal land. So we qualify for the $75 subsidy instead of the $30 subsidy on ACP. It has been a very, very important tool for us, and we've aggressively marketed into the marketplace, including converting our lifeline wireline -- our lifeline wireless customers over to the ACP program. So it's a benefit for us on both wireless and the broadband side.

我會注意到整個阿拉斯加被稱為部落土地。因此，我們有資格獲得 75 美元的補貼，而不是 ACP 的 30 美元補貼。它對我們來說是一個非常非常重要的工具，我們積極地向市場推銷，包括將我們的生命線有線——我們的生命線無線客戶轉換為 ACP 計劃。因此，這對我們在無線和寬帶方面都有好處。

And I think it probably is a material offset to any recessionary effects because there's a very broad swath of customers that are covered by or eligible for ACP, and they're typically the ones that would churn the most in a difficult economic environment. So we see it as a particular strength. And it's been a key component of our marketing program on the consumer side for the last 6 months.

而且我認為這可能是對任何衰退影響的實質性抵消，因為有非常廣泛的客戶被 ACP 覆蓋或有資格獲得 ACP，而且他們通常是在困難的經濟環境中流失最多的客戶。因此，我們將其視為一種特殊的力量。在過去的 6 個月裡，它一直是我們在消費者方面的營銷計劃的關鍵組成部分。

And just one other follow-up. Is the proposed tax legislation for either Liberty Broadband or GCI have any specific implications that investors should be mindful of?

只是另一項後續行動。針對 Liberty Broadband 或 GCI 的擬議稅收立法是否有任何投資者應注意的具體影響？

I don't believe so, but do we have Albert or Tim there or who wants to add anything?

我不這麼認為，但是我們有 Albert 或 Tim，或者誰想要添加任何東西？

No, they're not in the room, but not that -- nothing that we're aware of.

不，他們不在房間裡，但不是那個——我們不知道。

Yes. Yes. I think that was our last question. Thank you very much for your continued interest in Liberty Broadband and Liberty TripAdvisor. We hope to speak with you next quarter, if not sooner. And again, hope to see many of you in November at our Investor Day. Thank you very much, and have a great rest of your summer.

是的。是的。我想這是我們的最後一個問題。非常感謝您一直以來對 Liberty Broadband 和 Liberty TripAdvisor 的關注。我們希望在下個季度與您交談，如果不是更早的話。再一次，希望在 11 月的投資者日見到你們中的許多人。非常感謝你，祝你暑假過得愉快。

And with that, that does conclude today's call. Thank you for your participation. You may now disconnect.

這樣，今天的電話會議就結束了。感謝您的參與。您現在可以斷開連接。