Lumen Technologies Inc (LUMN) 2024 Q1 法說會逐字稿

Ladies and welcome to Lumen Technologies' first-quarter 2024 earnings call.

女士們，歡迎參加 Lumen Technologies 的 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

And as a reminder, this conference is being recorded Tuesday, April 30, 2024.

謹此提醒，本次會議將於 2024 年 4 月 30 日星期二錄製。

I would now like to turn the conference over to Matthew Debnam, Director, Investor Relations.

我現在想將會議交給投資者關係總監 Matthew Debnam。

Matthew, please go ahead.

馬修，請繼續。

Good afternoon, everyone, and thank you for joining Lumen Technologies' first-quarter 2024 earnings call.

大家下午好，感謝您參加 Lumen Technologies 的 2024 年第一季財報電話會議。

On the call today are Kate Johnson, President and Chief Executive Officer; Chris Stansbury, Executive Vice President and Chief Financial Officer; and Jim Breen, Senior Vice President, Investor Relations.

今天參加電話會議的是總裁兼執行長凱特·約翰遜 (Kate Johnson)； Chris Stansbury，執行副總裁兼財務長；吉姆‧布林 (Jim Breen)，投資人關係資深副總裁。

Before we begin, I need to call your attention to our Safe Harbor statement on slide 1 of our first-quarter 2024 presentation.

在開始之前，我需要提請您注意 2024 年第一季簡報投影片 1 上的安全港聲明。

Please note that this conference call may include forward-looking statements subject to certain risks and uncertainties.

請注意，本次電話會議可能包含前瞻性陳述，但存在一定的風險和不確定性。

All forward-looking statements should be considered in conjunction with the cautionary statements and the risk factors in our SEC filings, we will be referring to certain non-GAAP financial measures reconciled to the most comparable GAAP measures, which can be found in our earnings press release.

所有前瞻性陳述應與我們向SEC 提交的文件中的警示性陳述和風險因素結合考慮，我們將參考與最具可比性的GAAP 指標相一致的某些非GAAP 財務指標，這些指標可以在我們的收益新聞中找到發布。

In addition, certain metrics discussed today exclude costs for special items as detailed in our earnings materials, which can be found in our Investor Relations section of the lumen website.

此外，今天討論的某些指標不包括我們的收益資料中詳細說明的特殊項目的成本，這些資料可以在 Lumen 網站的投資者關係部分找到。

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

這樣，我就把電話轉給凱特。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

I'm excited to have a chance to share Loomans turnaround progress with all of you.

我很高興有機會與大家分享盧曼斯的扭虧為盈進展。

As you know, our strategy is focused on empowering enterprises with next-gen on-demand connectivity solutions powered by our fiber network effectively were cloudified Telecom to meet our customers' need for blazing fast speeds, ultra-low latency and dynamic capacity to support the immense expansion in data workloads, all in a secure and hybrid world.

如您所知，我們的策略重點是為企業提供由我們的光纖網路提供支援的下一代按需連接解決方案，有效地實現了雲端電信，以滿足客戶對極快速度、超低延遲和動態容量的需求，以支援資料工作負載的巨大擴展，全部發生在安全和混合的世界中。

Before I get into the transformation update, I wanted to address our 2024 first quarter financial performance.

在介紹轉型更新之前，我想先談談我們 2024 年第一季的財務表現。

As we shared last quarter, the debt restructuring in the second half of 2023 created uncertainty for our customers and partners, which translated into softer sales during that period.

正如我們上季度分享的那樣，2023 年下半年的債務重組給我們的客戶和合作夥伴帶來了不確定性，這導致了該期間的銷售疲軟。

As a result, we saw a weaker 2024 Q. one revenue and EBITDA results Now despite these pressures, we did maintain sequential and year over year revenue growth in Q1 within our North America enterprise grow product portfolio, and we also made material traction in driving customer adoption of our flagship digital offering, network-as-a-service or Lumin as both important components of our turnaround story.

因此，我們看到 2024 年第一季營收和 EBITDA 業績較弱。我們的旗艦數位產品、網路即服務或Lumin 作為我們扭虧為盈的重要組成部分。

Now that we successfully executed the TSA agreement with a broad group of our creditors, our balance sheet is significantly stronger when we unveiled our transformation plans at our mid 2023 Investor Day, it would have been hard to imagine the level of financial flexibility we would achieve through this agreement that addressed over $15 billion of our debt, extending over $10 billion of our maturities due over the next four years to 2029 and beyond, while securing access to over $2.3 billion in new liquidity, we're pleased with the runway this deal created for our transformation, and you can expect us to continue to find ways to strengthen our balance sheet and return value to shareholders.

現在，我們已與眾多債權人成功執行了 TSA 協議，當我們在 2023 年中期投資者日公佈轉型計劃時，我們的資產負債表明顯得更加穩健，很難想像我們將實現的財務靈活性水平通過這項協議，解決了我們超過150 億美元的債務，將未來四年到期的超過100 億美元的到期期限延長至2029 年及以後，同時確保獲得超過23 億美元的新流動性，我們對這筆交易的進展感到滿意為我們的轉型而創建，您可以期待我們繼續尋找方法來加強我們的資產負債表並為股東回報價值。

Additionally, we're continuing to reshape and rightsize our business through automation, and they are continuously redeploying resources to the highest impact growth priorities and taking cost out in the form of people and vendor spend reductions.

此外，我們正在繼續透過自動化來重塑和調整我們的業務規模，他們不斷將資源重新部署到影響最大的成長優先事項，並以減少人員和供應商支出的形式降低成本。

As such, we materially reduced our cost base in early Q2.

因此，我們在第二季初大幅降低了成本基礎。

These actions were a direct result of our transformation programs and were already contemplated in our 2024 EBITDA guidance.

這些行動是我們轉型計劃的直接結果，並且已經在我們的 2024 年 EBITDA 指南中考慮。

Okay.

好的。

Moving on to the transformation update, I'll start with our enterprise business focused on driving commercial excellence.

接下來是轉型更新，我將從專注於推動商業卓越的企業業務開始。

This is about better sales execution, securing the base of traditional telecom customers to reduce churn and delighting our customers with quick secure and effortless digital experiences.

這是為了更好的銷售執行，確保傳統電信客戶群的安全，減少客戶流失，並透過快速、安全、輕鬆的數位體驗讓客戶滿意。

We had excellent sales performance in the first quarter with North American enterprise sales up 27% year over year, our strongest first quarter performance in some time.

我們第一季的銷售業績非常出色，北美企業銷售額年增 27%，這是我們一段時間以來最強勁的第一季業績。

Additionally, new logo sales increased by 21% and total contract value for all sales nearly doubled year over year.

此外，新標誌銷售額成長了 21%，所有銷售的合約總價值比去年同期幾乎翻了一番。

A great example is within our public sector business, where we recently won a $73 million contract to transform the U.S. government's accountability, office's network, data, voice and video connectivity.

一個很好的例子是我們的公共部門業務，我們最近贏得了一份價值 7300 萬美元的合同，旨在改變美國政府的問責制、辦公室網絡、數據、語音和視頻連接。

So the agency can better serve Congress and the American people.

這樣該機構才能更好地為國會和美國人民服務。

Overall, we're excited by these significantly improved sales results as they should be a leading indicator for improved revenue performance.

總體而言，我們對銷售業績的顯著改善感到興奮，因為它們應該成為收入績效改善的領先指標。

I also want to note that we are seeing a dramatic rise in demand for high-capacity low-latency network and edge services often requested in the form of custom private networks.

我還想指出的是，我們看到對大容量低延遲網路和邊緣服務的需求急劇增加，這些服務通常以客製化專用網路的形式提出。

We believe this is driven by the advent of JNI and the complexity of hybrid multi-cloud architectures.

我們相信這是由 JNI 的出現和混合多雲架構的複雜性所推動的。

We've established a dedicated team focused on capturing this demand, and we are confident this will be an important tailwind for our turnaround.

我們已經建立了一個專門的團隊，專注於滿足這一需求，我們相信這將成為我們扭虧為盈的重要推動力。

It is a spike in demand, perhaps a once in a lifetime kind of opportunity to leverage what we do best at Lumen.

這是需求的激增，也許是一生一次的機會，可以利用我們在 Lumen 最擅長的技術。

Okay.

好的。

Onto securing the base, a crucial program that is all about five key levers, including installs, renewals, migrations usage and disconnects.

為了確保基礎安全，這是一項關鍵計劃，涉及五個關鍵槓桿，包括安裝、更新、遷移使用和斷開連接。

While our Q1 sequential install trends were affected by the TSA related uncertainty that I mentioned earlier, we did see strong results in the other security-based levers, specifically renewals were up 5%, disconnects improved by nearly 5% and migrations were up double digit percentages, benefiting from a large deal.

雖然我們第一季的連續安裝趨勢受到我之前提到的TSA 相關不確定性的影響，但我們確實看到其他基於安全的槓桿取得了強勁成果，特別是續訂量增長了5%，斷開連結改善了近5%，遷移量增加了兩位數百分比，受益於大筆交易。

If we double-click on our migration performance, we see signs of better execution closing deals with compelling economics as customers transition from legacy services to next-gen solutions.

如果我們雙擊我們的遷移效能，我們會看到隨著客戶從傳統服務過渡到下一代解決方案，更好的執行力以令人信服的經濟效益完成交易的跡象。

In our Grow product portfolio, we are focused on securing the base because when we transition customers from legacy systems like TDM and voice to digital-first solutions like NASIP. were not only supporting our customers' growth, but also our own.

在我們的 Grow 產品組合中，我們專注於保護基礎，因為當我們將客戶從 TDM 和語音等傳統系統過渡到 NASIP 等數位優先解決方案時。我們不僅支持客戶的成長，也支持我們自己的成長。

That said, this part of our transformation is most challenging because of well-known secular headwinds as well as complex and unpredictable pricing dynamics across on-net and off-net peering partnerships.

也就是說，我們轉型的這一部分最具挑戰性，因為眾所周知的長期阻力以及網內和網外對等合作夥伴關係中複雜且不可預測的定價動態。

Negative growth in these areas, masks the progress we are making in selling and delivering the more modern capabilities in our portfolio.

這些領域的負成長掩蓋了我們在銷售和提供產品組合中更現代化的功能方面所取得的進展。

As such, we will not only continue to adjust our resourcing here to ensure the highest returns on our transformation program spend, but we will also make those investments and results more transparent to you.

因此，我們不僅將繼續調整我們的資源配置，以確保我們的轉型計畫支出獲得最高回報，而且我們還將讓這些投資和結果對您更加透明。

A foundational part of our pivot to growth involves a relentless focus on enhancing customer experience.

我們實現成長的一個基本部分是不懈地專注於增強客戶體驗。

We're delighting customers with process optimization and a truly digital platform, giving them better visibility to their orders with real-time status updates.

我們透過流程優化和真正的數位平台讓客戶滿意，透過即時狀態更新讓他們更了解訂單。

And as a result, we're meeting and exceeding customer expectations more consistently in the first quarter.

因此，我們在第一季更一致地滿足並超越了客戶的期望。

I'm super excited to tell you that every one of our customer segments showed dramatic year-over-year improvements across all products and customer satisfaction as measured by Net Promoter Scores or NPS, as specifically large enterprise MPS ROE rose by 24%.

我非常高興地告訴您，我們的每個客戶群的所有產品和客戶滿意度（以淨推薦值或 NPS 衡量）均顯示出同比顯著改善，特別是大型企業 MPS ROE 上升了 24%。

Wholesale NPS rose by 35 points and mid-markets and public sector MPS's rose by more than 50 points each.

批發 NPS 上漲 35 點，中型市場和公部門 MPS 分別上漲 50 點以上。

We look at these improvements in customer experience as a cornerstone for continued momentum in sales, churn reduction and ultimately revenue growth alongside commercial excellence we're driving disruption and building our future by delivering next-gen networking capabilities to our customers.

我們將客戶體驗的這些改進視為銷售持續成長、減少客戶流失並最終實現收入成長以及商業卓越的基石，我們正在透過向客戶提供下一代網路功能來推動顛覆並建立我們的未來。

Our Lumen digital team has been hard at work empowering enterprise customers with on-demand access to cloud with direct control of network bandwidth connectivity and latency path, Luminous enabling customers to design price order and consume networking and security services online with a truly digital low friction customer experience it all started with Illumina's, which we launched in Q3 of 2023.

我們的 Lumen 數位團隊一直致力於透過直接控制網路頻寬連接和延遲路徑，幫助企業客戶按需存取雲，Luminous 使客戶能夠以真正數位化的低摩擦方式設計價格訂單並在線消費網路和安全服務客戶體驗這一切都始於Illumina，我們於2023 年第三季推出了該產品。

And since then, the team has delivered 14 new Naas innovations, including native D Dawson and automated transport in a family of secure composable services that span our network and edge locations.

從那時起，該團隊已經交付了 14 項新的 Naas 創新，包括本地 D Dawson 和跨越我們網路和邊緣位置的一系列安全可組合服務中的自動化傳輸。

Through Q1, we saw diversity and mass adoption with activated customers across over 20 industries and the customer feedback is fantastic.

透過第一季度，我們看到了 20 多個行業的活躍客戶的多樣性和大規模採用，客戶回饋非常好。

For example, of VIA is using lumens 9 to 1,000 Internet connectivity in minutes rather than the traditional service model taking weeks improving their operational agility, Norwegian Cruise Lines recently shared that with Neumune lumens and as they reduce the time to establish Internet connectivity from weeks to minutes, which is great for their customer experience.

例如，VIA 正在使用9 至1,000 流明的互聯網連接，只需幾分鐘，而不是傳統的服務模式需要數週時間，從而提高了運營靈活性，挪威郵輪公司最近與Neumune 流明分享了這一點，他們將建立網路連線的時間從幾週縮短到分鐘，這對於他們的客戶體驗非常有用。

And speaking of delighting customers arena operating company delighted fans with a bump in bandwidth while hosting the Florida Panthers NHL playoff game.

說到取悅客戶，競技場營運公司在舉辦佛羅裡達黑豹隊 NHL 季後賽時，透過增加頻寬讓球迷感到高興。

Thanks to Illumina.

感謝照明公司。

All right.

好的。

Let's talk about ex-US, which we created this award-winning high-capacity optical switching platform to meet the demands of hyperscaler peering, while also functioning as a high-capacity on-ramp to the public cloud for enterprises need to reimagine multi-cloud connectivity has never been more important as AI autonomous systems and exploding data growth, redefined enterprise networking and security needs every millisecond counts.

讓我們來談談美國以外的地區，我們創建了這個屢獲殊榮的高容量光交換平台，以滿足超大規模對等互連的需求，同時還可以作為通往公共雲的高容量入口，供企業需要重新構想多點連接。

That's why ex-US, which use cases are extending far beyond hyperscaler peering into things like AI. exchanges because it's the only optical switching platform of its kind that can rise to today's performance and security challenges.

這就是為什麼在美國以外的地區，其用例遠遠超出了超大規模企業對人工智慧等領域的關注。因為它是同類中唯一能夠應對當今性能和安全挑戰的光交換平台。

Finally, we're taking a major step forward in security innovation by launching an exciting new subscription service that leverages patented AI powered IP-based threat detection and prevention capabilities from Loomans very own Black Lotus lab in the second half of 2020 for this security service called Lumen Defender will be broadly available on our NAS. and DIA. connections, enabling enterprise customers to have more secure connectivity as we help identify and block threats at the network level.

最後，我們在安全創新方面邁出了重要一步，推出了一項令人興奮的新訂閱服務，該服務利用了Loomas 自己的Black Lotus 實驗室的專利AI 驅動的基於IP 的威脅檢測和預防功能，將於2020 年下半年推出這項安全服務稱為 Lumen Defender 將在我們的 NAS 上廣泛使用。和DIA。連接，使企業客戶能夠擁有更安全的連接，因為我們幫助識別和阻止網路層級的威脅。

With that, let's look at our mass market business.

接下來，讓我們來看看我們的大眾市場業務。

Now we continue to execute our strategy to deploy capital where we see the greatest opportunities for growth.

現在，我們繼續執行我們的策略，在我們看到最大成長機會的地方部署資本。

And we're on track to deliver more than 500,000 new fiber enabled locations this year.

今年我們預計將交付超過 50 萬個新的光纖站點。

And we're often optimizing our presales motions to drive penetration into those assets as quickly as possible.

我們經常優化我們的售前行動，以盡快推動對這些資產的滲透。

Our strong fiber sales momentum from late last year continued highlighted by our Q1 quarterly fiber net adds being the best we've ever reported This was achieved with our sales, marketing and retention efforts, including improved results in converting existing copper and copper customers to our best in class Quantum Fiber product.

我們去年年底以來強勁的光纖銷售勢頭繼續得到體現，我們的第一季季度光纖淨增量是我們報告過的最好的，這是透過我們的銷售、行銷和保留努力實現的，包括將現有銅和銅客戶轉化為我們的客戶的改進結果一流的量子纖維產品。

And look, it's not me saying it's best in class is our customers.

你看，我並不是說最好的是我們的客戶。

They're saying it too.

他們也這麼說

We're continuing to deliver amazing net promoter scores with Quantum Fiber hitting positive 67 in Q1.

我們將繼續提供令人驚嘆的淨推薦值，其中 Quantum Fiber 在第一季達到正 67 分。

Once again, rising sequentially and year over year.

再次連續上升和逐年上升。

Finally, I'll wrap with a comment on people and culture.

最後，我將以對人和文化的評論作為結束語。

I've said that we will rebuild Lumen from the people up and this focus on culture is enabling our transformation and it's creating a company that can get external recognition.

我說過，我們將從人開始重建 Lumen，這種對文化的關注使我們能夠實現轉型，並創建一家能夠獲得外部認可的公司。

In fact, we've won 11 awards for superior culture in the past few months alone.

事實上，光是在過去的幾個月裡，我們就贏得了 11 項優秀文化獎。

More importantly, it helps us continue to attract amazing talent.

更重要的是，它幫助我們持續吸引優秀人才。

On our last earnings call, I spoke about our key innovation hires, including Satish Luxtera, known as Chief Product Officer and Dave Ward.

在我們上次的財報電話會議上，我談到了我們的關鍵創新員工，包括首席產品長 Satish Luxtera 和 Dave Ward。

As our new Chief Technology Officer.

作為我們新任首席技術長。

And since that time, we've made three important talent additions to our team.

從那時起，我們為我們的團隊增添了三名重要的人才。

Kim Breen, our new SVP of Investor Relations is with us on this call and as many of you know, he brings more than 25 years of tech and telecom equity research experience and will lead our efforts to clearly communicate our transformation progress to all of you, Brian, as Dorian, our new EVP and Chief Marketing Officer, joins us from Microsoft and will play a critical role in raising visibility around our game-changing innovations as we disrupt traditional telecom.

我們新任投資者關係高級副總裁Kim Breen 出席了本次電話會議，正如你們許多人所知，他帶來了超過25 年的科技和電信股票研究經驗，並將領導我們努力向大家清楚地傳達我們的轉型進展Brian 飾演 Dorian，我們的新任執行副總裁兼首席行銷官，他從 Microsoft 加入我們，在我們顛覆傳統電信的過程中，他將在提高我們改變遊戲規則的創新的知名度方面發揮關鍵作用。

And finally, the Uncle linear, a tech company, CYO. with an amazing track and tech military leadership, retail and logistics joined our Board of Directors.

最後是Uncle Linear，一家科技公司，CYO。憑藉令人驚嘆的田徑和技術軍事領導力，零售和物流加入了我們的董事會。

The team is gelling.

團隊正在凝聚。

We're executing really well and our customers are seeing our progress.

我們的執行情況非常好，我們的客戶也看到了我們的進步。

I'm confident that we'll have future is very bright.

我相信我們的未來將會非常光明。

And with that, I'm going to turn the call over to Chris.

就這樣，我要把電話轉給克里斯。

Thanks, Kate, and good afternoon, everyone.

謝謝凱特，大家下午好。

In the first quarter, we took important steps towards strengthening our balance sheet and reshaping the business as we position inventory.

在第一季度，我們在調整庫存的同時，採取了重要步驟來加強資產負債表和重塑業務。

So driving for long-term growth.

從而推動長期成長。

As expected, our first quarter revenue and EBITDA performance was affected by TSA related customer uncertainty as well as some seasonal seasonality factors discussed in our last earnings call.

正如預期的那樣，我們第一季的收入和 EBITDA 表現受到 TSA 相關客戶不確定性以及我們上次財報電話會議中討論的一些季節性因素的影響。

While we have more hard work ahead of us to improve trends, we're demonstrating our ability to execute a few key highlights.

雖然我們在改善趨勢方面還有更多艱苦的工作要做，但我們正在展示我們執行一些關鍵亮點的能力。

First, as Kate mentioned, we successfully completed the TSA in the first quarter, which creates additional runway for our pivot to growth in terms of rephasing our debt maturities and providing more than $2.3 billion in new liquidity.

首先，正如凱特所提到的，我們在第一季成功完成了 TSA，這為我們在重新確定債務期限和提供超過 23 億美元的新流動性方面轉向成長創造了額外的跑道。

The transaction included high participation from creditors across our capital structure, underscoring their broad support in our turnaround strategy and will continue to strengthen our balance sheet as we move forward as planned.

此次交易包括債權人對我們整個資本結構的高度參與，突顯了他們對我們扭虧為盈戰略的廣泛支持，並將在我們按計劃前進的過程中繼續加強我們的資產負債表。

Last week, we took material cost-out actions as we continued to improve processes and shape shift our organization to support our strategy.

上週，我們採取了重大成本削減行動，繼續改進流程並改變我們的組織以支持我們的策略。

These savings were included in our full year 2024 guidance going forward, we expect to realize additional cost takeout opportunities as we further reshape our organizational structure.

這些節省已包含在我們未來 2024 年全年的指導中，我們預計隨著我們進一步重塑組織結構，將實現額外的成本削減機會。

Rationalize third party spend drive increased adoption of AI to automate manual processes and shut down non-core legacy products.

合理化第三方支出推動更多地採用人工智慧來自動化手動流程並關閉非核心遺留產品。

Finally, and most importantly, our sales growth engines within our business and mass market segments accelerated in the first quarter as we saw a strong improvement in performance within both of North American enterprise sales with a 27% year-over-year growth and Quantum Fiber broadband net additions.

最後，也是最重要的是，我們的業務和大眾市場領域的銷售成長引擎在第一季度加速，因為我們看到北美企業銷售和量子光纖的業績都有強勁改善，同比增長 27%寬頻網路新增。

All of this gives us confidence in our 2024 guidance with EBITDA expected to improve from a low point in the first quarter.

所有這些都讓我們對 2024 年指引充滿信心，預計 EBITDA 將從第一季的低點有所改善。

Before covering our first quarter results in more detail, I'd like to first discuss several changes impacting our 2024 revenue reporting.

在更詳細地介紹我們第一季的業績之前，我想先討論影響我們 2024 年收入報告的幾項變化。

As we discussed last quarter, we're breaking out a new international, another channel within our business segment, which includes all international and CDN revenue.

正如我們上季度討論的那樣，我們正在開闢一個新的國際管道，這是我們業務部門內的另一個管道，其中包括所有國際和 CDN 收入。

We're also providing updated business product category reporting to move CVN from Harvest to other within the international and other channels.

我們還提供更新的商業產品類別報告，將 CVN 從 Harvest 轉移到國際和其他管道。

Additionally, with the sale of our media business and select CVN contracts completed in the fourth quarter of 2023, we will provide the historical contributions of these sales as well as the associated commercial agreement impacts within our financial trending schedules.

此外，隨著我們的媒體業務和精選 CVN 合約的出售於 2023 年第四季度完成，我們將在我們的財務趨勢表中提供這些銷售的歷史貢獻以及相關商業協議的影響。

Please keep in mind when these impacts are excluded from results.

當這些影響被排除在結果之外時，請記住。

Our sequential and year-over-year growth rates are substantially better than the reported rates.

我們的連續成長率和年成長率均遠高於報告的成長率。

Finally, related to our annual customer realignment process, we moved a small amount of revenue from our mass market segment to our business segment within the mid-market enterprise channel and historical revenue has been reclassified into our financial trending schedules to reflect this change.

最後，與我們的年度客戶調整流程相關，我們將少量收入從大眾市場部門轉移到中端市場企業通路內的業務部門，並且歷史收入已重新分類到我們的財務趨勢表中以反映這一變化。

Let's move to the discussion of financial summary for the first quarter.

讓我們開始討論第一季的財務摘要。

On a year-over-year basis, total reported revenue declined 12% to $3.29 billion, approximately 34% of the decline was due to the impact of divestitures, commercial agreements and CDS business segment revenue declined 12.7% to $2.591 billion and approximately 41% of that decline was due to the impact of divestitures, commercial agreements and CDN mass market segment revenue declined 9.2% to $699 million adjusted EBITDA was $977 million in the first quarter with a 29.7% margin and free cash flow was $518 million in the first quarter.

報告總收入年減 12% 至 32.9 億美元，其中約 34% 的下降是由於資產剝離、商業協議和 CDS 業務部門收入下降 12.7% 至 25.91 億美元，約下降 41%下降的原因是資產剝離、商業協議及CDN 大眾市場部門營收下降9.2% 至6.99 億美元，第一季調整後EBITDA 為9.77 億美元，利潤率為29.7%，第一季自由現金流為5.18 億美元。

Next, I'll review our detailed revenue results for the quarter on a year-over-year basis within our North American enterprise channels, which is our business segment, excluding wholesale international and other revenue declined 5.5%.

接下來，我將回顧我們的北美企業通路（我們的業務部門）本季同比的詳細收入結果，不包括國際批發和其他收入下降了 5.5%。

As we mentioned last quarter, we had a one-time public-sector revenue benefit in the fourth quarter within our other product group, and this did not recur in the first quarter.

正如我們上季度提到的，我們的其他產品組在第四季度獲得了一次性的公共部門收入收益，但這種情況在第一季沒有再次出現。

Additionally, as I mentioned earlier, the customer uncertainty related to the TSA through second half of 23 and early this year had a lagging effect on revenue trends in the first quarter.

此外，正如我之前提到的，截至 23 月下半年和今年年初，與 TSA 相關的客戶不確定性對第一季的營收趨勢產生了滯後影響。

These pressures were fully contemplated in our 2024 guidance that we provided in early February and are expected to gradually abate over the coming quarters.

我們在 2 月初提供的 2024 年指引中充分考慮了這些壓力，預計在未來幾季將逐漸減輕。

We continue to expect public sector to be the first channel to pivot to sustainable growth later this year, followed by mid markets and in large enterprise overall North America business declined 7.3%.

我們仍預期公共部門將成為今年稍後轉向永續成長的第一個管道，其次是中型市場和大型企業，北美整體業務下降 ​​7.3%。

Large Enterprise revenue declined 5.8% in the first quarter was in large enterprise.

大型企業第一季營收下降5.8%。

Our grow revenue increased 1.4% year over year and this growth was offset by other product revenue as well as continued declines in nurture and harvest product revenue.

我們的種植收入年增 1.4%，這一增長被其他產品收入以及培育和收穫產品收入的持續下降所抵消。

We expect continued variability in trends as we drive towards overall stabilization mid-markets revenue declined 7.1% year over year, continued strength in IP and enterprise broadband within growth.

我們預計，隨著我們努力實現整體穩定，中端市場營收年減 7.1%，趨勢將持續變化，IP 和企業寬頻成長將持續強勁。

Product revenue was offset by lower VPN and voice, which contributed to declines in our nurture and harvest products.

產品收入被 VPN 和語音的下降所抵消，這導致了我們培育和收穫產品的下降。

Public sector revenue declined 2.8%, influenced primarily by declines in nurture and harvest, which more than offset growth within our Grow and other product revenue.

公共部門收入下降 2.8%，主要受到培育和收穫下降的影響，這遠遠抵消了 Grow 和其他產品收入的成長。

As Chip mentioned, we continue to see traction with large bookings in this space, which take time to ramp to revenue.

正如奇普所提到的，我們繼續看到這一領域的大量預訂的吸引力，這需要時間才能增加收入。

And these wins give us continued confidence that public sector will be the first sales channel to return to sustainable growth this year.

這些勝利讓我們持續相信公共部門將成為今年第一個恢復永續成長的銷售管道。

Wholesale revenue declined 11.3% year-over-year.

批發收入較去年同期下降11.3%。

The harvest portion of the wholesale portfolio, which is comprised of products like TDM, voice and private line saw revenue contract by 17.2% year over year in the first quarter.

批發產品組合的收穫部分由 TDM、語音和專線等產品組成，第一季營收年減 17.2%。

This is primarily driven by telco partners that are shedding legacy services.

這主要是由電信合作夥伴放棄傳統服務所推動的。

Our harvest product revenue will likely continue to decline over time and is an area that we will manage for cash.

隨著時間的推移，我們的收穫產品收入可能會繼續下降，這是我們將管理現金的領域。

International and Other revenue declined 65.2%, driven primarily by the divestiture of our media business and the sale of select CDS contracts in the fourth quarter of last year.

國際和其他收入下降 65.2%，主要是由於去年第四季度我們媒體業務的剝離和精選 CDS 合約的出售。

Moving to our business product lifecycle reporting I'll reference the results based on our North America enterprise channels, which represent our core strategic revenue category.

轉向我們的業務產品生命週期報告，我將參考基於我們的北美企業通路的結果，這些管道代表了我們的核心策略收入類別。

As Kate shared, we maintained higher growth products revenue, both year-over-year and sequentially in the first quarter despite the TSA related headwinds to 3.3% year over year.

正如 Kate 所說，儘管 TSA 相關的不利因素同比增長 3.3%，但我們第一季的產品收入同比和環比均保持較高增長。

Improvement was driven by strength in IP and enterprise broadband across all channels as well as dark fiber and edge fabric growth, primarily within large enterprise.

改進是由所有通路的 IP 和企業寬頻實力以及暗光纖和邊緣結構的成長（主要是在大型企業內）推動的。

While results can vary in any quarter, we expect sustained strength in the grow product revenue as we execute in our core turnaround grow represented approximately 43% of our North America enterprise revenue and for our total business segment carried an approximate 81% direct margin this quarter within nurture and harvest.

雖然任何季度的業績都可能有所不同，但我們預計，隨著我們執行核心週轉計劃，產品收入將持續強勁，增長約占我們北美企業收入的43%，本季度我們整個業務部門的直接利潤率約為81%在培育和收穫。

We continue to see expect and we expect headwinds in these market declining categories.

我們繼續看到預期，我們預計這些市場下降類別將面臨阻力。

However, we continue to take proactive steps to migrate customers to newer technologies, and these actions improve our customers' experience and provide an uplift in customer lifetime value for lumen.

然而，我們繼續採取積極主動的措施，將客戶遷移到更新的技術，這些行動改善了客戶的體驗，並提高了客戶的流明終身價值。

Additionally, we will continue to pursue opportunities for cost optimization when we help customers migrate from off-net legacy and TDM-based services onto Luminent's network.

此外，當我們幫助客戶從網外傳統服務和基於 TDM 的服務遷移到 Luminent 的網路時，我們將繼續尋求成本優化的機會。

Nurture products revenue declined 13.3% year over year, with VPN and Ethernet services driving their performance.

Nurture 產品營收年減 13.3%，VPN 和乙太網路服務推動了其業績成長。

Nurture represents about 31% of our North America enterprise revenue and for our total business segment carrying approximately 67% direct margin this quarter.

培育業務約占我們北美企業營收的 31%，本季我們整個業務部門的直接利潤率約為 67%。

Harvest products revenue declined 11.9% year over year and continues to be negatively impacted by declines in TDM-based voice and private line harvest represented less than 17% of our North America enterprise revenue in the first quarter, an improvement of approximately 120 basis points year over year for our total business segment incurred an approximate 78% direct margin this quarter.

收穫產品收入年減 11.9%，並繼續受到基於 TDM 的語音和專線收入下降的負面影響，第一季收穫占我們北美企業收入的比例不到 17%，同比增長約 120 個基點本季度我們整個業務部門的直接利潤率與去年同期相比約為78%。

Other products revenue declined 1.8% our other product revenue tends to experience fluctuations due to the variable nature of these products.

其他產品收入下降 1.8% 由於這些產品的可變性，我們的其他產品收入往往會出現波動。

Now moving on to mass markets.

現在轉向大眾市場。

Our fiber broadband revenue grew 11.8% and represented approximately 35% of mass-market broadband revenue.

我們的光纖寬頻收入成長了 11.8%，約佔大眾市場寬頻收入的 35%。

Also note that our exposure to legacy voice and other services revenue improved by approximately 170 basis points year over year.

另請注意，我們對傳統語音和其他服務收入的曝險較去年增加了約 170 個基點。

During the quarter, fiber broadband enabled location adds were 129,000, bringing our total to approximately $3.8 million as of March 31st, and pacing towards our targeted annual 500,000 build target this year.

本季度，支持光纖寬頻的地點新增數量為 129,000 個，截至 3 月 31 日，我們的總數量達到約 380 萬美元，並朝著我們今年的年度 50 萬個建設目標邁進。

During the quarter, we added 36,000 Quantum Fiber customers, which is our best fiber net add quarter reported to date, and this brings our total to 952,000.

在本季度，我們增加了 36,000 個 Quantum Fiber 客戶，這是我們迄今為止報告的最好的光纖網路增加季度，這使我們的總數達到 952,000 個。

Fiber RPU was flat sequentially and increased year over year to approximately $61 in the first quarter at the end of the first quarter, our penetration of legacy copper broadband was less than 10%, and our Quantum Fiber penetration stood at approximately 25%.

截至第一季末，光纖 RPU 環比持平，年增至約 61 美元，我們的傳統銅寬頻滲透率不到 10%，我們的量子光纖滲透率約為 25%。

As we look ahead, we will continue our market-by-market assessment of the mass markets business as we explore a range of strategic options to maximize its value.

展望未來，我們將繼續對大眾市場業務進行逐一市場評估，探索一系列策略選擇以實現其價值最大化。

Those options include potential joint ventures and wholesaling arrangements to improve its EBITDA contribution and asset-backed securitization and future divestitures to generate incremental cash.

這些選擇包括潛在的合資企業和批發安排，以提高其 EBITDA 貢獻，以及資產支持證券化和未來剝離，以產生增量現金。

Turning to adjusted EBITDA.

轉向調整後的 EBITDA。

For the first quarter of 2024, adjusted EBITDA was $977 million compared to $1.251 billion in the year ago quarter.

2024 年第一季度，調整後 EBITDA 為 9.77 億美元，而去年同期為 12.51 億美元。

The first quarter of this year included a net headwind of $43 million related to the divested Amea business, a net benefit of $2 million from divestiture related post-closing commercial agreements and a net headwind of $18 million from the sale of select CDS contracts.

今年第一季包括與剝離的 Amea 業務相關的 4300 萬美元的淨阻力、來自剝離相關的交割後商業協議的 200 萬美元的淨收益以及來自出售精選 CDS 合約的 1800 萬美元的淨阻力。

These items represent approximately 22% of the year-over-year decline.

這些項目約佔年減的 22%。

Q2 expected revenue benefits from our strong first quarter sales bookings and previously won large deals as well as efficiency improvements from our second quarter and ongoing cost actions and overall margin management.

第二季的預期收入將受益於我們第一季強勁的銷售預訂和先前贏得的大筆交易，以及我們第二季的效率提高以及持續的成本行動和整體利潤管理。

We expect the first quarter to be the low point for EBITDA in 2024.

我們預計第一季將是 2024 年 EBITDA 的最低點。

Special items impacting adjusted EBITDA this quarter totaled $170 million, reflecting expected charges related to the negotiation and execution of our TSA agreement for the first quarter of 2024 our adjusted EBITDA margin was 29.7%.

本季影響調整後 EBITDA 的特殊項目總計 1.7 億美元，反映了與 2024 年第一季 TSA 協議談判和執行相關的預期費用，調整後 EBITDA 利潤率為 29.7%。

Capital expenditures for the first quarter of 2024 were $713 million for Pentair for free cash flow $518 million were generated in the first quarter, and this included an expected tax refund of approximately $700 million.

Pentair 2024 年第一季的資本支出為 7.13 億美元，第一季產生的自由現金流為 5.18 億美元，其中包括約 7 億美元的預期退稅。

Importantly, we're leaning into our network investments to support the rapid growth in demand our customers are facing and remain confident in our free cash flow guidance.

重要的是，我們正在依靠我們的網路投資來支持客戶面臨的需求的快速成長，並對我們的自由現金流指導保持信心。

Moving onto our financial outlook, we are reiterating all of our 2024 full year guidance metrics.

談到我們的財務前景，我們重申了 2024 年全年指引指標。

And with that, we're ready for your questions.

至此，我們已經準備好回答您的問題了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks and good afternoon.

謝謝，下午好。

At two topics.

分兩個話題。

The first one in terms of the performance sequentially and year over year, the organic ad business revenue declined, have things like a harvest in for nurture.

第一個是連續和同比表現，有機廣告業務收入下降，有類似收穫的培養。

And then just for the customer vertical designation, can you share a bit of how much of that was seasonal versus other factors, weather competition or an acceleration in the legacy revenues?

然後，就客戶垂直指定而言，您能否分享其中有多少是季節性因素與其他因素、天氣競爭或傳統收入加速的影響？

And how much of that is customer driven versus some of the initiatives that you have tried to drive out the unprofitable or lower margin or legacy revenue to help your customer relationships?

其中有多少是客戶驅動的，與您試圖消除無利可圖或較低利潤或遺留收入以幫助您的客戶關係的一些舉措相比？

And then I have one other topic for you afterwards, if I could, please?

之後我還有一個話題可以跟你講，可以嗎？

Yes, Michael, good questions.

是的，邁克爾，好問題。

I don't have the split outs and all that, but I'd say very broadly and generally is so these are the industry declines that I think everybody is talking about, right.

我沒有拆分之類的事情，但我想說的是，總的來說，這些都是我認為每個人都在談論的行業衰退，對吧。

Customers are leaving legacy telecom services of our competition is also trying to turn off off-net services or trying to turn off off-net services that are increasingly expensive to operate and all of that is driving some of those trends.

客戶正在離開我們競爭對手的傳統電信服務，也試圖關閉離網服務，或試圖關閉營運成本越來越高的離網服務，所有這些都推動了其中一些趨勢。

So I would say this is more the continued behavior that exists.

所以我想說這更多的是存在的持續行為。

It's not something new that we're seeing.

我們看到的這並不是什麼新鮮事。

I wouldn't say that it's seasonal, and we expect it to continue.

我不會說這是季節性的，我們預計它會持續下去。

I think to the more important point is that that's why we're changing the rules of the game and focusing on bringing newer products consume digitally that meet the needs of customers today rather than the needs of customers from the past.

我認為更重要的一點是，這就是為什麼我們要改變遊戲規則，並專注於帶來更新的數位消費產品，以滿足當今客戶的需求，而不是過去客戶的需求。

And that's really where the focus is and that's why our Grow category is the biggest portion of our overall portfolio, and you'll see that continue to grow.

這確實是重點所在，這就是為什麼我們的「成長」類別是我們整體產品組合的最大部分，您會看到它繼續成長。

Great.

偉大的。

And then the second topic you mentioned in terms of the market by market assessment for the mass market business, the possibility of wholesaling in joint ventures, if you could expand on that a bit more?

然後，您提到的第二個主題是大眾市場業務的市場評估，合資企業批發的可能性，您是否可以進一步擴展一下？

And are you considering offering fiber on a wholesale basis, whether it's to wireless carriers or other third parties.

您是否正在考慮批發提供光纖，無論是向無線營運商還是其他第三方。

So we're looking at at all possible arrangements.

所以我們正在考慮所有可能的安排。

There's no there's no secret.

沒有，沒有秘密。

Obviously, there's been there was an announcement last week where our joint venture arrangements exist with a number of our competitors.

顯然，上周有一項公告顯示我們與許多競爭對手之間有合資安排。

So we're looking at those wholesaling is one that could be added to that.

所以我們正在考慮那些可以添加到其中的批發業務。

And there may be opportunities to sell any given market if if the valuation is right.

如果估值正確，則可能有機會出售任何特定市場。

So the whole point here is on driving incremental enablements and penetration and then how we increase our EBITDA leverage on those investments as we go forward.

因此，這裡的重點是推動增量支援和滲透，以及我們如何在前進的過程中增加對這些投資的 EBITDA 槓桿。

So there's no one answer at this point.

所以目前還沒有人回答。

And as we as we get closer to making decisions around those things, we'll certainly communicate that.

當我們越來越接近圍繞這些事情做出決定時，我們肯定會傳達這一點。

Thank you.

謝謝。

My operator, thank you for taking my questions.

我的接線員，感謝您回答我的問題。

Sebastian Liu, Morgan Stanley.

塞巴斯蒂安·劉，摩根士丹利。

Thanks for taking the question.

感謝您提出問題。

I was hoping perhaps, Chris, on if you could give some more color on the levers of what's driving that continued momentum in Quantum Fiber on your obviously a great, great to hear on the MPS side as well.

克里斯，我也許希望您能就推動量子光纖持續發展勢頭的槓桿提供更多的信息，這在 MPS 方面顯然也是非常非常好的。

But any if you can unpack the drivers of the subscriber growth and perhaps maybe what you're seeing from a take rate perspective in terms of your product and service levels, speed mix, that would be great.

但是，如果您能夠解開訂戶成長的驅動因素，也許您從產品和服務水準、速度組合方面的採用率角度看到了什麼，那就太好了。

Thank you.

謝謝。

So again, broadly speaking, there's been an enormous amount of focus by the team and great work by the team to really scale up our marketing efforts.

因此，從廣義上講，團隊付出了巨大的努力，並付出了巨大的努力，才真正擴大了我們的行銷工作。

We said last year that from one of the issues we had until we got to scale was our on the build side was our ability to scale the marketing motion.

我們去年說過，從我們開始規模化以來遇到的問題之一是我們在構建方面的問題之一是我們擴大行銷活動的能力。

And so a lot of our marketing efforts in the past are focused on very localized efforts.

因此，我們過去的許多行銷工作都集中在非常本地化的工作上。

We have expanded that.

我們已經擴展了這一點。

There's a lot more media in market today than there was.

如今市場上的媒體比以前多得多。

We continue to refine that media approach to make sure that it's effective, and that's driving improved penetration.

我們繼續完善這種媒體方法，以確保其有效，從而提高滲透率。

And again, really importantly for that team.

再說一遍，對於該團隊來說非常重要。

Their focus is two things.

他們的重點是兩件事。

It's about I'm getting really good enablements and the ground efficiently and at speed.

這是關於我正在有效率、快速地獲得非常好的支持和基礎。

And it's about driving penetration as fast as we can.

我們的目標是盡快推動滲透率。

So that we can shorten the time to payback.

這樣我們就可以縮短投資報酬的時間。

So kudos to the team.

所以對團隊表示敬意。

We'll continue to look to evolve those programs to make sure they're effective.

我們將繼續改進這些計劃，以確保它們有效。

But we feel very good about what we've done day.

但我們對今天所做的事情感覺非常好。

Thank you.

謝謝。

Batya Levi, UBS.

巴蒂亞‧萊維，瑞銀集團。

Thank you.

謝謝。

Could you provide a little bit more context on the show sales funnel that you mentioned in 1Q.

您能否提供有關您在第一季提到的展示銷售漏斗的更多背景資訊。

And with that coming into the second quarter, can we also expect maybe business revenues declined to be the low point in 1Q as well?

隨著第二季的到來，我們是否也可以預期業務收入也可能下降到第一季的低點？

And maybe if you could touch on the competitive environment for these new next-gen services that you're building up?

也許您可以談談您正在建立的這些新的下一代服務的競爭環境嗎？

And that's very helpful.

這非常有幫助。

Thank you.

謝謝。

If you want you want to start?

如果你願意你想開始嗎？

Yes, so I'll take the first part and then turn it back to Keith.

是的，所以我會把第一部分交給基斯。

I think, Vijay, it's too early to say that first quarter is going to be the low point because we obviously do have the legacy drag that we've talked about openly and it's going to be choppy as we go through the year.

我認為，維傑，現在說第一季將是低點還為時過早，因為我們顯然確實面臨著我們公開談論過的遺留拖累，而且隨著我們度過這一年，它將會變得不穩定。

What I would say is that the results that we saw in Q1 were really pleased with, but it's one data point.

我想說的是，我們在第一季看到的結果非常滿意，但這只是一個數據點。

And the team is focused on rigorous execution to make sure that that continues and obviously converting that funnel into installs as we go forward.

團隊專注於嚴格執行，以確保這種情況繼續下去，並在我們前進的過程中明顯地將這個管道轉化為安裝。

So a little early yet to call our revenue performance on a quarter by quarter this year.

因此，現在公佈我們今年每季的營收表現還為時過早。

Ebitda, we're more confident because of the cost savings that we've been able to generate with some of the activities we've talked about.

稅息折舊及攤銷前利潤（Ebitda），我們更有信心，因為我們已經透過我們討論的一些活動節省了成本。

But yes, and with respect to your question around the competitive environment, it's clear that we are focusing on the future and applying all of our resources to building a platform to give customers what they what they want.

但是，是的，關於你關於競爭環境的問題，很明顯，我們正在關注未來，並運用我們所有的資源來建立一個平台，為客戶提供他們想要的東西。

And every customer conversation that I have basically is reflected in this notion of capacity on-demand.

我與客戶的每一次對話基本上都反映在按需容量的概念中。

And really like when I when I talk about clarifying telecom, it's really about having the ability to add to fire up any service anytime anywhere and to do so with dynamic bandwidth and all of that digital capabilities that make it easy to not just consume network services, but to do so in a really, really complex environment from on-prem to edge and in the cloud and back and push, you know, on processing and data workloads where it makes sense to do so cost effectively, traditional telecom doesn't account for that is to physically oriented and doesn't have a digital wrapper to enable what I just explained.

就像我在談論澄清電信時一樣，它實際上是指能夠隨時隨地添加啟動任何服務，並透過動態頻寬和所有數位功能來實現這一點，這些功能使您不僅可以輕鬆地使用網路服務，但是要在一個非常非常複雜的環境中做到這一點，從本地到邊緣，再到雲端中，再到處理和資料工作負載，在成本效益上這樣做是有意義的，傳統電信卻無法考慮到這一點是面向物理的，並且沒有數位包裝器來實現我剛才解釋的功能。

We're investing in it heavily and what we're hearing from our customers and our partners is that we're the only ones that are on, and I think that's differentiating or very committed to it.

我們正在大力投資它，我們從客戶和合作夥伴那裡聽到的是，我們是唯一參與其中的公司，我認為這就是差異化或非常致力於它。

And as such, we're getting what I see is a nice increase in demand across the board for our products and services that's translating into a healthier pipe volume operator, but are there any questions?

因此，我看到對我們的產品和服務的需求全面增長，這轉化為更健康的管道容量營運商，但是還有什麼問題嗎？

Dave Barden, Bank of America.

戴夫·巴登，美國銀行。

Is I don't have a beard, but I appreciate it.

我沒有鬍子，但我很感激。

Thank you so much, guys on.

非常感謝你們，夥伴們。

So if I could just the first question would be related to budget question.

因此，如果可以的話，第一個問題將與預算問題有關。

Say, if we went backwards five or six years ago, MPLS would have been the growth driver of that business.

比如說，如果我們倒退到五、六年前，MPLS 將成為該業務的成長動力。

Sd-wan with this very small thing that was coming up the curve and three or four years ago, MPLS kind of stopped growing.

SD-WAN 的這個非常小的東西正在出現，三、四年前，MPLS 就停止了成長。

And as the wind started growing significantly as cost savings opportunity and now we're talking about maybe your high-speed low-latency customer private networks.

隨著風能開始顯著增長，成為節省成本的機會，現在我們談論的可能是您的高速低延遲客戶專用網路。

And I'm wondering kind of as you think about the kind of interplay of these different product arcs on your confidence level, but the next generation of the next product isn't the product kind of cannibalizes the existing products that are the meat and potatoes of the business today?

我想知道，當你思考這些不同產品之間的相互作用對你的信心水平的影響時，但下一代產品並不是會蠶食現有產品（即肉和土豆）的產品。

And then the second question, Chris, if I could just on the TSA, congrats for getting it all done on our math is that it contributes $200 million of incremental interest expense to the business on Is that roughly right.

然後，克里斯，第二個問題，如果我可以根據 TSA 計算，恭喜您完成了這一切，根據我們的計算，它為企業貢獻了 2 億美元的增量利息支出，這大致正確嗎？

And if if it is, you've reiterated your guidance kind of can you talk about how that $200 million It fits into all the numbers and where the offset comes from.

如果是的話，您已經重申了您的指導，您能否談談這 2 億美元如何融入所有數字以及抵消額來自哪裡。

Thank you, and I'll start and pass and pass the mic over to Chris.

謝謝，我將開始並將麥克風交給克里斯。

So the first part of your question regarding net new capabilities and how the portfolio grows over time rather than just cannibalizing ARM is it's a great one.

因此，您的問題的第一部分涉及淨新功能以及產品組合如何隨著時間的推移而增長，而不僅僅是蠶食 ARM，這是一個很棒的問題。

What we see is increased demand for the ability to consume IT services in the digital era.

我們看到，數位時代對 IT 服務消費能力的需求不斷增加。

And as I said before, there's not a lot.

正如我之前所說，沒有太多。

There aren't a lot of companies out there who are doing this, which gives us a bit of a differentiated value proposition when we approach customers with mass, but also with access switch, which is an important part of the story of creating fabric to to basically create infinitely flexible and dynamic connectivity solutions that's going to do two things.

這樣做的公司並不多，這為我們在接觸大量客戶時提供了一些差異化的價值主張，而且還提供了接入交換機，這是創建結構的故事的重要組成部分基本上創建無限靈活和動態的連接解決方案，這將做兩件事。

Number one, it built a digital platform upon which we can build more services like the lumen Defender service.

第一，它建立了一個數位平台，我們可以在該平台上建立更多服務，例如 Lumen Defender 服務。

I just described earlier in my remarks, an increase in our portfolio and the amount of available market we're going after we're entering into a new space with some of these new offerings.

我剛剛在前面的演講中描述了，在我們透過其中一些新產品進入一個新領域後，我們的投資組合和可用市場規模都會增加。

The second thing it does is it allows us to provide a seamless customer experience and where we can help customers you go faster in terms of their digitization.

它所做的第二件事是它使我們能夠提供無縫的客戶體驗，並且我們可以幫助客戶更快地數位化。

And they are starting to recognize that and choose us for which gives us a huge share take opportunity.

他們開始認識到這一點並選擇我們，這為我們提供了巨大的分享機會。

So two ways to grow, acquire more customers, which is happening.

因此，有兩種成長方式，獲得更多客戶，這種情況正在發生。

And the second way is is to sell more to them, which is also happening, which you saw in both of the metrics that I shared earlier with net new customers and the size of the deals that we're selling to them, Chris?

第二種方法是向他們銷售更多產品，這也在發生，你在我之前與淨新客戶分享的指標以及我們向他們銷售的交易規模中看到了這一點，克里斯？

Yes.

是的。

And that's correct on the on the interest expense of roughly $200 million this year, we gave a range of, you know, it could be a little less than that, just given the timing of when that deal was consummated.

今年大約 2 億美元的利息支出是正確的，我們給出了一個範圍，你知道，只要考慮到交易完成的時間，它可能會比這個少一點。

And we talked of really last year and late last year and in our guidance about the fact that we adjusted our capital spend to compensate for that from a free cash flow standpoint between that and the cost of capital considerations and the time to payback on a on consumer fiber, we pulled back on the build plan from 750,000 a year, $2.5 million a year.

我們去年和去年年底確實談到了這一事實，在我們的指導中，我們調整了資本支出，以從自由現金流的角度來彌補這一點，考慮資本成本和投資回報時間之間的差距。方面，我們將建設計畫從每年75 萬個、每年250 萬美元撤回。

So that's that's how that's contemplated.

所以這就是我們的想法。

I think importantly though, David, we're not done right.

但我認為重要的是，大衛，我們做得不對。

There's no way there will be opportunities for us to use new sources of cash, additional sources of cash to continue to focus on delevering.

我們不可能有機會使用新的現金來源、額外的現金來源來繼續專注於去槓桿化。

And that's job number one.

這是第一位的工作。

So you'll you'll see more as we go forward.

因此，隨著我們的前進，您會看到更多。

Thanks, Chris, and thanks to you and Operator, we'll take your questions.

謝謝克里斯，也謝謝你和接線員，我們會回答你的問題。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Greg Thank you very much.

格雷格 非常感謝你。

Good evening or Chris, I wonder could you help us a little bit more with the EBITDA cadence?

晚上好，克里斯，我想知道您能否在 EBITDA 節奏方面為我們提供更多幫助？

I understand the headcount reductions, but I think that according to the Q, it looks like they're sort of being phased in during the second quarter.

我了解裁員的情況，但我認為根據 Q 的說法，裁員似乎是在第二季逐步實施的。

So how do we think about the cost line items some over the kind of Q1 to Q2, Q2 to Q3 in a sense what the step functions will be there.

那麼，我們如何考慮 Q1 到 Q2、Q2 到 Q3 等成本行項目，從某種意義上說，步驟函數將在那裡。

And then yes, we can go ahead.

然後是的，我們可以繼續。

Sorry, I think there was can you briefly touched on AI. in your comments, and I just love to take a little bit more deeply into what do you see as the big buckets of opportunity to drive costs out of the business drive improved customer experience in AI?

抱歉，我想您可以簡單談一下人工智慧。在您的評論中，我只是想更深入地探討您認為哪些是降低業務成本、改善人工智慧客戶體驗的巨大機會？

And what's the timing on getting those sort of workstreams to to kind of full have full strength?

讓這些工作流程充分發揮作用的時機是什麼？

Sure.

當然。

Yes.

是的。

So the jump in on just on the timing side and obviously we don't give quarterly guidance from me.

因此，我們只是在時間方面進行跳躍，顯然我們不會提供我的季度指導。

I'm going to be careful here.

我在這裡要小心。

The reality is, is that I think if you look at the at the savings on you'll see a lot of the benefits start in Q2 will be at run rate into three.

現實情況是，我認為如果你看看節省的費用，你會發現第二季開始的許多好處將達到三倍。

Don't forget in your modeling.

不要忘記在你的建模中。

Q3 is always seasonally our highest cost quarter because it's when we're doing a lot of maintenance.

第三季度始終是我們季節性成本最高的季度，因為這是我們進行大量維護的時候。

It's obviously our highest I use of energy for cooling and whatnot.

顯然，這是我們用於冷卻和其他用途的最高能源消耗。

But I don't want to get into specific quarterly guidance other than to say, we're confident that Q1 is the low point in EBITDA for the year.

但我不想討論具體的季度指引，只是想說，我們有信心第一季是今年 EBITDA 的最低點。

And regarding your your question about leveraging some of these technologies to drive productivity and create the digital experience for our customers to help them choose us over other platforms.

關於您關於利用其中一些技術來提高生產力並為我們的客戶創造數位體驗以幫助他們選擇我們而不是其他平台的問題。

We're super excited about our progress so far.

我們對迄今為止的進展感到非常興奮。

But what I've explained to you in my prepared remarks was really just one portion of this.

但我在準備好的發言中向大家解釋的其實只是其中的一部分。

Chris used term shape shifting where we're reshaping Illumin to be a digital company.

Chris 使用了「變形」一詞，表示我們正在將 Illumin 重塑為數位公司。

And that requires us to do a bunch of things.

這需要我們做很多事。

We're going to import net new skills into the company.

我們將把新技能引入公司。

You're seeing.

你正在看到。

We do that as a leadership team.

我們作為一個領導團隊這樣做。

It's happening across the entire company.

這種事正在整個公司發生。

Number two, you'll see us reskill and upskill different populations across the Company, depending on what organization they're in, whether it's operations or technology.

第二，你會看到我們對公司不同人員進行重新培訓和提陞技能，這取決於他們所在的組織，無論是營運部門還是技術部門。

And of course, it will take down the number of people as we continue to automate, but we'll do that selectively as and where and we'll always take the opportunity to redeploy those folks to higher priority items and what we're seeing so far last year, we went really hard at this opportunity being beta customers for various AI capabilities, both native to our enterprise system platforms as well as on from a mean of being beta customers for things like Microsoft three, 65 copilot.

當然，隨著我們繼續實現自動化，這將減少人員數量，但我們將有選擇地在地點和地點執行此操作，並且我們將始終抓住機會將這些人員重新部署到更高優先級的項目以及我們所看到的內容去年到目前為止，我們非常努力地抓住這個機會，成為各種人工智慧功能的測試版客戶，這些功能既是我們企業系統平台的原生功能，也是微軟三人、65 名副駕駛等產品的測試版客戶。

We're really pleased with the adoption of those capabilities across the company at every level across every functions.

我們對整個公司各個職能部門各個層面採用這些功能感到非常高興。

And we're seeing amazing return on those investments.

我們看到這些投資獲得了驚人的回報。

I'll give you two examples.

我給你舉兩個例子。

The first is, in our knowledge worker productivity on, we're seeing about 30 minutes a day of productivity per person across the Company that equates to around 700,000 hours of time that we get to redeploy towards higher priority items.

首先，在我們的知識員工生產力方面，我們看到全公司每人每天大約提高 30 分鐘的生產力，相當於我們可以將大約 70 萬小時的時間重新部署到更高優先順序的專案上。

We're super excited about that.

我們對此感到非常興奮。

The second thing we're seeing it is about a 30% increase and our developer productivity deploying a I get hub.

我們看到的第二件事是部署 I get 中心後，我們的開發人員生產力提高了約 30%。

And so that is also extremely exciting for a company that's now developing a digital platform.

因此，對於一家正在開發數位平台的公司來說，這也是非常令人興奮的。

I think we can talk about the 14 new innovations and as being directly attributable to a highly productive development team, we have another 16 innovations that we've delivered to market across Texas switch and our security and edge platforms all since October.

我認為我們可以談論這14 項新創新，並且由於直接歸功於高生產力的開發團隊，自10 月以來，我們已經在德克薩斯州交換機以及我們的安全和邊緣平台上向市場交付了另外16項創新。

So 30 net new innovations since that October timeframe, that's multiple times the number of productivity that we were able to achieve in NAM in prior periods.

自 10 月以來，淨出現了 30 項新創新，這是我們在 NAM 之前時期能夠實現的生產力的數倍。

So lots of progress there, and we're continuing to go after it's a major part of our turnaround plan.

那裡取得了很多進展，我們將繼續努力，這是我們扭虧為盈計畫的主要部分。

Thank you, Simon.

謝謝你，西蒙。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

I actually my question's on your first.

事實上我的問題是關於你的第一個問題。

Kate, you talked about seeing demand for high-capacity solutions driven by AI.

Kate，您談到看到人工智慧驅動的高容量解決方案的需求。

Is it fair to say that it's waves and dark fiber that is benefiting the most from that trend?

可以公平地說，波浪和深色纖維從這一趨勢中受益最多嗎？

And to what degree was this component of your bookings responsible for the overall increase in bookings that you cited?

您的預訂中的這一部分在多大程度上對您提到的預訂整體成長負責？

And then secondly, I think you've also talked about some mid-market enterprise being a segment that's returned to growth after public sector.

其次，我認為您也談到了一些中端市場企業是繼公共部門之後恢復成長的一個細分市場。

I think you've talked about the channel being an important driver that will engage our channel partners more.

我想您已經談到通路是一個重要的驅動因素，它將更吸引我們的通路合作夥伴。

So I guess what can you share regarding the quality of the deals that the channel is bringing in and the compensation you're paying to those partners for them?

那麼我想您可以分享一下關於該管道帶來的交易品質以及您為此向這些合作夥伴支付的報酬嗎？

I'll start with your first question on.

我將從你的第一個問題開始。

Yes, we're seeing a huge increase in demand for Wave and for dark fiber for sure.

是的，我們確實看到了對 Wave 和暗光纖的需求大幅成長。

We're also seeing an increase in demand for what I referred to as a custom private networks and think of it as big technology companies or cloud companies that need to interconnect on their data centers to push data back and forth huge workloads and to do so in a friction-free way as possible.

我們也看到對我所說的客製化專用網路的需求不斷增加，並將其視為大型科技公司或雲端公司，它們需要在其資料中心上進行互連，以在巨大的工作負載中來回推送數據，並做到這一點以盡可能無摩擦的方式。

And they're coming to us for a couple of reasons.

他們來找我們有幾個原因。

Number one, we have conduit.

第一，我們有管道。

So there's this ability to to continue to over pull fiber and gives us a lot of flexibility there and room to grow the second piece of it is because of the digital platform and because of our mission around delivering capacity on demand at every level of the network.

因此，我們有能力繼續超拉光纖，並為我們提供了很大的靈活性和發展第二部分的空間，這是因為數位平台以及我們圍繞在網路的各個層級按需提供容量的使命。

But we know the value proposition of doing business Illumin.

但我們知道開展商業照明的價值主張。

And so that's the first part.

這就是第一部分。

I think the second part regarding channel productivity limit, let me just say that we're excited to be focused on the channel.

我認為關於通路生產力限制的第二部分，我只想說我們很高興能夠專注於通路。

We're excited to continue to recruit and help our partners be as productive as humanly possible.

我們很高興能夠繼續招募並幫助我們的合作夥伴盡可能提高工作效率。

We're seeing improvement there, but it's not enough yet.

我們看到那裡有所改善，但還不夠。

And so I just look at it as a huge opportunity to have more feet on the street selling these net new capabilities.

因此，我只是將其視為一個巨大的機會，讓更多人上街銷售這些淨新功能。

And I think we're getting better at building the rhythms around a true commercial engine which is both direct and indirect for these net new capabilities like Matt, like enterprise to cloud connectivity through the switch and like Lumen Defender with our security offerings.

我認為我們正在更好地圍繞真正的商業引擎構建節奏，這對於像Matt 這樣的網路新功能來說是直接和間接的，例如透過交換機實現企業到雲端的連接，以及像Lumen Defender 一樣提供我們的安全產品。

So more to the story coming.

接下來的故事就更多了。

But Chris, you want to add a generic and I would keep it most of it.

但是克里斯，你想添加一個通用的，我會保留其中的大部分。

I think the key thing for us, you know, if I think about large enterprise, mid markets, public sector, public sector, first, to turn a well-established sales motion deeply connected to the customer and understanding the customer.

我認為對我們來說最重要的是，如果我考慮大型企業、中型市場、公共部門、公共部門，首先，要轉變一個與客戶深度聯繫並了解客戶的完善的銷售行動。

And that was really strong muscle tissue at loom and frankly, some mid markets was almost the exact opposite hits.

這確實是迫在眉睫的強大肌肉組織，坦白說，一些中端市場的打擊幾乎完全相反。

There wasn't a lot there.

那裡沒有很多東西。

There was a heavy reliance on a direct selling motion.

嚴重依賴直銷動議。

Product Set was really large enterprise focused trying to sell to a mid-market customer.

產品集確實是大型企業專注於向中端市場客戶銷售的產品。

And so the bar was was lower and there's been tremendous work on fixing the product set and dramatically expanding the partner ecosystem to reach a bigger customer base, as Kate said, getting a lot of processes and measurement in place, some bets that's beginning to work, and I won't give a number specifically, but what I can tell you is that our partner ecosystem, those new logos are selling at a rate that's into double digits in terms of growth.

因此，門檻降低了，正如凱特所說，我們在修復產品集和大幅擴展合作夥伴生態系統以覆蓋更大的客戶群方面做了大量工作，制定了很多流程和衡量標準，一些賭注已經開始發揮作用，我不會具體給出具體數字，但我可以告訴你的是，我們的合作夥伴生態系統，這些新徽標的銷售速度達到了兩位數的增長。

And it really is those growth products.

這確實是那些增長產品。

So the motion is working.

所以這項動議正在發揮作用。

Large Enterprise is the most difficult pivot because it's big and because it was probably least prepared for where we're going in terms of the kind of instrumentation measurement, et cetera.

大型企業是最困難的支點，因為它很大，而且可能在儀器測量等方面對我們的發展方向準備得最少。

And that's obviously where a lot of the product set is focused.

顯然，這就是許多產品集中關注的地方。

So a lot of work has happened there.

所以那裡發生了很多工作。

It's not that it hasn't happened.

這並不是說它沒有發生。

It's just going to be longer to see that turnaround take place.

只是需要更長的時間才能看到轉變的發生。

Yes.

是的。

Thank you.

謝謝。

Operator, we'll take the next question.

接線員，我們將回答下一個問題。

Greg Williams, TD Cowen.

格雷格·威廉斯，TD·考恩。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I just have one on the I like opportunities you mentioned you take a market by market approach.

我只有一個關於「我喜歡你提到的你採取逐個市場方法的機會」的機會。

Just wondering of the operational complexity with the plants.

只是想知道工廠運作的複雜性。

Presumably you guys sold some of it when you saw bright speed, you noted there wasn't much overlap with the enterprise markets, so it was like a cleaner break and now you have a lot of plant that's intertwined with the with the enterprise segments.

想必你們在看到光明的速度時就賣掉了一些，你們注意到與企業市場沒有太多重疊，所以這就像一個更乾淨的突破，現在你們有很多工廠與企業部門交織在一起。

Just wondering if there's more complexity and more time to take for enhanced opportunities.

只是想知道是否有更多的複雜性和更多的時間來獲得更多的機會。

Thanks.

謝謝。

Yes, I mean it's there is more complexity, but that's part of what we do.

是的，我的意思是它更加複雜，但這是我們工作的一部分。

It's obviously contemplated in everything that we look at.

顯然，我們所看到的一切都考慮到了這一點。

And it is in no way an impediment to us having the flexibility to do things that we think are right strategically.

這絕不妨礙我們靈活地做我們認為戰略上正確的事情。

So I would say it's a consideration, but it's certainly not a driver of our thinking.

所以我想說這是一個考慮因素，但它肯定不是我們思考的驅動力。

Thank you.

謝謝。

Thank you.

謝謝。

Operator, we'll take the next question.

接線員，我們將回答下一個問題。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great.

偉大的。

Thank you.

謝謝。

And can you walk us through on Slide 6 and what percentage is that Lumen digital platform of revenue now?

您能否在投影片 6 上向我們介紹 Lumen 數位平台現在的收入百分比是多少？

And where can that go?

那能去哪裡呢？

And then second question, and if Black Lotus labs pretty is a fair amount of success.

然後是第二個問題，黑蓮花實驗室是否相當成功。

Would that be better as a standalone company to drive?

作為一個獨立的公司來駕駛會更好嗎？

Could you drive some shareholder value by spinning that out or is that best left inside the company?

你能否透過將其剝離來推動一些股東價值，或者最好將其留在公司內部？

Thanks for that.

感謝那。

Thanks.

謝謝。

So a couple of couple of things.

有幾件事。

The first is the <unk> Slide 6 shows on the digital platform, massive switch edge fabric and security.

第一個是 投影片 6，展示了數位平台、大規模交換邊緣結構和安全性。

That is on a, you know, a significant opportunity for growth across all those capabilities, not something we're ready to report on.

您知道，這是所有這些功能成長的重要機會，但我們不准備報告。

As we look to become a growth company, we're maniacally focused on delivering customer value.

當我們希望成為一家成長型公司時，我們瘋狂地專注於提供客戶價值。

That's about making sure we delight every single customer one at a time and bring them in the door.

這是為了確保我們每次都能讓每位顧客滿意並吸引他們上門。

And we're going to focus on our key metric internally is customer adoption.

我們將重點放在內部的關鍵指標：客戶採用率。

That's why I shared, we're across 20 different industry because the number of industries we can get to.

這就是為什麼我分享說，我們跨越 20 個不同的行業，因為我們可以接觸到的行業數量。

And then you know, first, second, third, 10th, 20th, 25th customer is vertical faster and each one and you get some momentum and critical mass for scale.

然後你知道，第一個、第二個、第三個、第十個、第二十個、第二十五個客戶的垂直速度更快，每個客戶都會獲得一些擴大規模的動力和臨界質量。

So we're excited about the progress, lots more to do, but this is the future of the company, and it represents net new profit pools and available marketplaces that Lumen didn't have access to before in the tens of billions across each one of these spaces, some in the hundreds of billions and so we're excited at the upcoming Black Lotus labs and without a doubt, announced a secret weapon and they have helped keep the country safe.

因此，我們對這一進展感到興奮，還有很多事情要做，但這就是公司的未來，它代表了 Lumen 以前無法進入的新淨利潤池和可用市場，每個市場都達到數百億美元這些在空間中，有的達到數千億，因此我們對即將到來的黑蓮花實驗室感到興奮，毫無疑問，我們宣布了一種秘密武器，它們幫助維護了國家的安全。

Their value is incredible, and we're incredibly proud to have them in our portfolio.

它們的價值令人難以置信，我們非常自豪能夠將它們納入我們的產品組合中。

The reason why they're so valuable is because they see our network traffic and the capabilities that we're developing and launching in Lumen Defenders take their patented data models and basically enable those to be available in an integrated fashion with our network.

他們之所以如此有價值，是因為他們看到了我們的網路流量以及我們在Lumen Defenders 中開發和推出的功能，採用了他們的專利數據模型，並且基本上使這些模型能夠以與我們的網路整合的方式提供。

Nobody else is doing that right now.

目前沒有其他人這樣做。

So we're excited about the potential value and you will see them as an integral part of our team moving forward.

因此，我們對潛在價值感到興奮，您將把它們視為我們團隊前進中不可或缺的一部分。

All right.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you, Frank.

謝謝你，弗蘭克。

Operator, we've got time for one last question.

接線員，我們還有時間回答最後一個問題。

Jonathan Chaplin, New Street.

喬納森卓別林，《新街》。

Please go ahead and thanks guys for squeezing me in.

請繼續，謝謝你們把我擠進去。

I had just a couple on the mass market business.

我在大眾市場業務上只有幾個。

I was wondering if is there on the timing of when you think you'll get to the end of your inquiry into how best to monetize these assets, whether it's wholesale agreements or JVs or selling off markets.

我想知道您是否認為您將在何時結束對如何最好地利用這些資產（無論是批發協議、合資企業還是在市場上出售）的調查。

And I'm wondering if you look at at different assets differently as you go through that process, for instance, you're more likely to hang on to fiber assets and sell copper assets or vice versa.

我想知道，在經歷這個過程時，您是否會以不同的方式看待不同的資產，例如，您更有可能持有光纖資產並出售銅資產，反之亦然。

And then on the net as the result was really strong this quarter is on, as you mentioned.

然後在網上，正如您所提到的，本季度的結果非常強勁。

I'm wondering if the momentum that you've built in that in the quarter continues as we go through the year or if you sort of reached a new level and this is the new normal.

我想知道您在本季度建立的勢頭是否會在我們度過這一年的過程中持續下去，或者您是否達到了新的水平，這就是新常態。

Thank you.

謝謝。

Yes, so as it relates to the market by market assessment, I don't want to put a timeframe on that because I think it's something that we're going to continue to look at it.

是的，由於它與市場評估相關，我不想為此設定時間表，因為我認為我們將繼續關注它。

But as we have news, we'll certainly share it.

但當我們有消息時，我們一定會分享。

The net add performance.

淨增加性能。

We're not committing at this point to see that increase quarter on quarter.

我們目前不承諾看到這一數字逐季度增加。

That said, as we have scaled the marketing and continue to refine that approach.

也就是說，我們已經擴大了行銷規模並繼續完善這種方法。

That's obviously the goal.

這顯然就是目標。

So I can tell you that there's just intense focus from the team on driving that performance and hopefully we can continue continue to show good results in the coming quarters.

因此，我可以告訴您，團隊非常專注於推動這項業績，希望我們能夠在未來幾季繼續取得良好的成果。

And one more, Chris, if I may, on RPO, it's the the one where I'd expect RPU to be sort of accelerating for you guys as well.

還有一點，Chris，如果可以的話，關於 RPO，我希望你們的 RPU 也會有所加速。

It's a bit slower few Dominion's prepared to share something given that you guys have done on the fastest fiber products in the market, most of your subs are taking the gigabit eight gigabit per second.

考慮到你們在市場上最快的光纖產品上所做的工作，Dominion 準備分享的東西有點慢，你們的大多數潛艇都採用每秒千兆位八千兆位的速度。

Is there something holding back our growth?

有什麼東西阻礙了我們的成長嗎？

There's nothing structurally that's holding it back.

結構上沒有什麼阻礙它。

Obviously, as we're driving penetration, we've got to make the trade-off between what times you've raised prices right to do it at the front end yet and then trying to drive penetration or is that something that changes over time.

顯然，當我們推動滲透率時，我們必須在前端提高價格的時間和嘗試推動滲透率之間進行權衡，或者這會隨著時間的推移而改變。

And again, there's a lot of work that's done really on a market-by-market basis, given the competitive environment that determine that from our view, my view is we're far better off driving sub growth as fast as we can, obviously taking the price that we can along the way.

再說一次，有很多工作是在逐個市場的基礎上完成的，考慮到競爭環境決定了，從我們的角度來看，我的觀點是，顯然，我們最好盡可能快地推動細分市場的成長。

But to turn this into a pricing game upfront rather than driving the overall customer adoption, probably not the best approach.

但將其轉變為預先的定價遊戲而不是推動整體客戶採用，可能不是最好的方法。

Makes sense.

說得通。

Really appreciate it, guys.

真的很感激，夥計們。

That does conclude our question-and-answer session.

我們的問答環節到此結束。

And with that, that does conclude the conference call for today.

今天的電話會議到此結束。

We thank you for your participation and ask that you please disconnect your line and have a great day, everyone.

我們感謝您的參與，並請您斷開線路，祝大家有美好的一天。