Optimum Communications Inc (OPTU) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Altice USA Q4 and full year 2024 results conference call. (Operator Instructions). And as a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Sarah Freedman, Investor Relations. Please go ahead, Sarah.

您好，歡迎參加 Altice USA 第四季和 2024 年全年業績電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。現在我很高興將電話轉給投資者關係部的 Sarah Freedman。請繼續，莎拉。

Thank you, and welcome to the Altice USA Q4 and full year 2024 earnings call. We are joined today by Altice USA's Chairman and CEO; Dennis Matthew; and CFO, Mark Sirota, who together will take you through the presentation and then be available for questions. As today's presentation may contain forward-looking statements, please carefully review the section titled Forward-Looking Statements on slide 2.

謝謝，歡迎參加 Altice USA 2024 年第四季和全年收益電話會議。今天與我們一起出席的是 Altice USA 的董事長兼首席執行官；丹尼斯·馬修；和首席財務官 Mark Sirota 將一起帶您完成演示並解答您的問題。由於今天的簡報可能包含前瞻性陳述，請仔細閱讀投影片 2 上標題為「前瞻性陳述」的部分。

Now turning over to Dennis to begin.

現在請丹尼斯開始。

Thank you, Sarah, and thank you, everyone, for joining us today. 2024 was a transformative year for Optimum, and I'm incredibly proud of how much we achieved. As we look back on the year, our efforts, performance and progress were all anchored and our clear focus on transforming the business through several foundational elements. We'll review these on slide 3.

謝謝莎拉，也謝謝大家今天加入我們。 2024 年對 Optimum 來說是轉型的一年，我為我們所取得的成就感到無比自豪。回顧過去的一年，我們的努力、績效和進步都是紮實的，我們明確致力於透過幾個基礎要素實現業務轉型。我們將在第 3 張投影片上回顧這些內容。

First, our Phase 1 transformation was driven by an experienced team of executives with deep hands-on expertise in day-to-day operations and transformation. These are operators, not just executives, bringing decades of experience in strategizing, competing and executing at the highest levels. They are data-driven, results-oriented and relentlessly focused on improving every aspect of our business from optimizing sales channels and enhancing customer experience, to leveraging automation and refining cost structures.

首先，我們的第一階段轉型由一支經驗豐富的高階主管團隊推動，他們在日常營運和轉型方面擁有深厚的實務經驗。他們是營運者，而不僅僅是高階主管，擁有數十年最高層級的策略制定、競爭和執行經驗。他們以數據為驅動，以結果為導向，堅持不懈地致力於改善我們業務的各個方面，從優化銷售管道和增強客戶體驗，到利用自動化和優化成本結構。

Our operational and financial discipline is delivering measurable improvements. We've streamlined processes and improved decision-making through real-time data insights, which have strengthened efficiency, reduce costs and positioned us for sustainable revenue and subscriber growth.

我們的營運和財務紀律正在取得顯著的進步。我們透過即時數據洞察簡化了流程並改進了決策，從而提高了效率、降低了成本並為我們實現了可持續的收入和用戶成長。

Next, we continued accelerating our award-winning networks and delivering best-in-class products and services fueled by innovation and advanced tools. By prioritizing customer first solutions, we enhanced value for our customers by elevating our network quality, transforming our customer experience and delivering the products and packages with the value our customers want.

接下來，我們繼續加速我們屢獲殊榮的網絡，並透過創新和先進的工具提供一流的產品和服務。透過優先考慮客戶至上的解決方案，我們提升了網路質量，改變了客戶體驗，並提供了具有客戶所需價值的產品和套餐，從而為客戶增加了價值。

Our networks are more powerful than ever. And in 2024, we developed a strategic network road map, which includes fiber expansion and a multi-gig rollout across our footprint through network innovations and disciplined investments.

我們的網路比以往更加強大。2024 年，我們制定了戰略網路路線圖，其中包括透過網路創新和嚴謹的投資在我們的覆蓋範圍內擴展光纖和推出多千兆網路。

In '24, we also achieved growth in key strategic areas like fiber and mobile, paving the way for additional top line opportunities in 2025. With a disciplined approach in operational and capital efficiency, we remain free cash flow positive, reinforcing our financial strength and flexibility. And despite higher cash interest in '24, we were able to grow free cash flow.

2024 年，我們也在光纖和行動等關鍵策略領域實現了成長，為 2025 年的更多營收機會鋪平了道路。透過在營運和資本效率方面採取嚴謹的方法，我們保持了自由現金流為正，增強了我們的財務實力和靈活性。儘管 24 年現金利息較高，我們仍能增加自由現金流。

We've reduced CapEx from recent multiyear highs and continue to expand network capacity at more efficient and sustainable spending levels. And at the heart of our transformation is a dynamic and forward-thinking culture that empowers our team to innovate and implement change. We have fostered collaboration at every level and built a culture that drives strategic growth and inspires excellence. Our ability to operate as one Optimum allows us to put the customer at the center of every decision and positions us for long-term growth.

我們已將資本支出從最近多年的高點削減，並繼續以更有效率和可持續的支出水準擴大網路容量。我們轉型的核心是一種充滿活力和前瞻性的文化，它使我們的團隊能夠創新和實施變革。我們在各個層面促進合作，並建立了推動策略成長和激發卓越的文化。我們以最佳方式運作的能力使我們能夠將客戶置於每個決策的中心，並為我們實現長期成長做好準備。

During our last earnings call, we discussed how we are building on this foundation as we embark on Phase 2 of our transformation, which includes executing on business acceleration opportunities that will deliver maximum value for our customers, communities and shareholders.

在我們上次的收益電話會議上，我們討論了在開始轉型的第二階段時如何在​​此基礎上進行建設，其中包括利用業務加速機會，為我們的客戶、社區和股東創造最大價值。

Now turning to slide 4. We will review key milestones showcasing that our efforts to improve our financial and operational trajectory remain on track. Q4 marked our best ever quarter for fiber net additions of 57,000, a 22% increase year-over-year, driven by more than double the pace of fiber migrations and mobile growth of 40,000 line net additions is our best performance in the last 5 years, rounding out an impressive '24 for our mobile business, which saw the pace of Mobile line net additions grow by almost 70%, and we expect Mobile line growth to continue to accelerate in full year '25.

現在翻到幻燈片 4。我們將回顧關鍵里程碑，並表明我們改善財務和營運軌蹟的努力仍在進行中。第四季度是我們有史以來最好的一個季度，光纖淨增 57,000 條，同比增長 22%，這得益於光纖遷移速度的兩倍多，而移動線路淨增 40,000 條，這是我們過去 5 年來的最佳表現，為我們的移動業務帶來了令人印象深刻的 24 年，其中 24 年，全年增長 7%，我們將全年加速了 24 年，其中 24 年，其中全年增長速度將增長線。

We ended the year with a strong base of 4.3 million broadband subscribers and 460,000 mobile lines. Broadband subscriber net losses in the quarter were $39,000, which reflected the impacts of the hurricane in North Carolina and various go-to-market and base management pilot programs.

截至今年底，我們已擁有 430 萬寬頻用戶和 46 萬條行動線路的強大基礎。本季寬頻用戶淨虧損為 39,000 美元，反映了北卡羅來納州颶風以及各種上市和基礎管理試點計畫的影響。

Overall, new volume remained low, with home sales falling to the lowest levels in nearly 30 years. This continued to pressure gross adds due to low overall connect volumes, particularly in the income-constrained segment. We also saw many positive trends that we are leaning into more strategically as we head into '25. Specifically in Q4, churn remained low as we focused on implementing strong base management strategy.

整體而言，新屋銷售量仍然很低，房屋銷售量跌至近30年來的最低點。由於整體連接量較低，尤其是在收入受限的領域，這繼續給總新增量帶來壓力。我們也看到了許多正面的趨勢，在邁入25年之際，我們將更具策略性地傾向這些趨勢。具體來說，在第四季度，由於我們專注於實施強有力的基礎管理策略，客戶流失率保持在較低水準。

In fact, churn improved year-over-year in the East footprint comprising of our New York Tri-State markets, which contributed to improved Q4 trends in the East, representing the best quarterly performance of the year within this footprint. And we saw stronger wind share rates against established ILEC and overbuild fiber operators in mature markets across our footprint.

事實上，由我們的紐約三州市場組成的東部地區的客戶流失率同比有所改善，這有助於改善東部地區第四季度的趨勢，代表了該地區今年最好的季度表現。我們發現，在我們涵蓋的成熟市場中，風電市場份額相對於老牌 ILEC 和過度建設的光纖營運商而言更為強勁。

The West footprint remained more challenged by incremental fiber overbuilders as well as fixed wireless. We also have a greater proportion of income constrained households in our West markets, which remains pressured.

西部地區的覆蓋範圍仍面臨光纖過度建設以及固定無線建設的更大挑戰。我們西部市場的收入受限家庭比例較大，仍面臨壓力。

In '25, we are launching a new income constrained program featuring unique offers designed to attract and retain customers with worry-free pricing, easy sign-up flexible payment options and meaningful perks and add-ons and a mobile offer as well. Overall, we are focusing on strong base management tactics, quality network enhancements and improved go-to-market strategies to compete with new market entrants.

在 25 年，我們將推出一項新的收入限制計劃，該計劃提供獨特的優惠，旨在透過無憂的定價、輕鬆註冊、靈活的付款方式和有意義的福利和附加組件以及行動優惠來吸引和留住客戶。總體而言，我們專注於強大的基礎管理策略、優質的網路增強和改進的市場進入策略，以與新市場進入者競爭。

Optimum's unique attributes of size, speed to market, ability to act locally and a robust expanding product set position us to act with greater flexibility and execute innovative strategies that will allow us to maximize both rate and volume based on the competitive landscape.

Optimum 的獨特屬性，包括規模、上市速度、本地行動能力和強大擴展的產品組合，使我們能夠更靈活地採取行動並執行創新策略，從而使我們能夠根據競爭格局最大限度地提高費率和數量。

We have run several small pilots in the West, which have yielded positive results. For example, in Q4, we introduced new competitive pricing in select markets where we face intense competition, leveraging a hyper-local approach. Comparing the month before and these -- after these pilot market launches, we saw growth in penetration, sales, connect rates and market level revenue.

我們在西方進行了幾個小規模試點，並取得了積極成果。例如，在第四季度，我們利用超本地化方法，在面臨激烈競爭的特定市場中引入了新的競爭性定價。與試點市場啟動前一個月和啟動後一個月相比，我們發現滲透率、銷售額、連接率和市場層面的收入都有所成長。

Building on this success, we plan to scale these hyperlocal tactics in the coming months, tailoring strategies to the unique competitive dynamics of each market to drive further growth.

基於這項成功，我們計劃在未來幾個月擴大這些超本地化策略，根據每個市場獨特的競爭動態制定策略，以推動進一步成長。

Our performance is highlighted by revenue achievements in key areas. Specifically, residential mobile service revenue and LightPath both achieved their highest ever revenue in full year '24, showcasing strong growth and market momentum.

我們在關鍵領域的營收成就凸顯了我們的績效。具體而言，住宅移動服務收入和LightPath均在24年全年實現了歷史最高收入，展現出強勁的成長和市場動能。

Next, we continue to evolve our product portfolio and enhance our customer experience. In 2014, we grew our global portfolio to include tablets and device insurance, and we expanded the availability and functionality of our Optimum stream TV experience. We launched new value-added services, including total care, premium support, wireless backup solutions as well as 3 new video offerings that provide customers more choice and flexibility.

接下來，我們將繼續改進我們的產品組合併提升我們的客戶體驗。2014 年，我們擴大了全球產品組合，包括平板電腦和設備保險，並擴展了 Optimum 串流電視體驗的可用性和功能。我們推出了新的增值服務，包括全面護理、優質支援、無線備份解決方案以及 3 種新的視訊產品，為客戶提供更多選擇和靈活性。

We are seeing early success with these new products from growing attachment rates to creating stickier customers, with a higher customer lifetime value, and these are just starting to scale. We also continue to enhance our customer experience and have launched new digital and self-service solutions, which have reduced the total volume and rates at which customers contact us. In full year '24, truck rolls and service calls each declined double digits by 11% year-over-year.

我們看到這些新產品取得了早期的成功，從提高附著率到創造更忠誠的客戶，以及更高的客戶終身價值，而這些產品才剛開始擴大規模。我們也不斷提升客戶體驗，推出新的數位和自助服務解決方案，從而減少了客戶聯繫我們的總量和頻率。2024 年全年，上門服務量和服務電話量均較去年同期下降 11%，兩位數下降。

Next, Central to our success is our continued investment in our networks. I'm incredibly proud of our network and technology teams for their dedication to strengthening and expanding our networks, making significant strides in 20 Ford's enhanced connectivity across the communities served and demonstrating unwavering commitment to recovery efforts in the wake of Hurricane Helene.

其次，我們成功的關鍵在於我們對網路的持續投資。我對我們的網路和技術團隊感到無比自豪，他們致力於加強和擴展我們的網絡，在 20 Ford 所服務社區的連通性增強方面取得了重大進展，並在颶風海倫之後表現出對恢復工作的堅定承諾。

In Hendersonville, North Carolina, and surrounding communities, our team worked tirelessly to restore service, provide free WiFi and hard hit locations and support recovery efforts with donations to local relief organizations. These achievements reflect our commitment to keeping communities connected no matter the challenge.

在北卡羅來納州亨德森維爾及其周邊社區，我們的團隊不懈努力地恢復服務、提供免費 WiFi 和受災嚴重地區，並透過向當地救援組織捐款來支持復原工作。這些成就體現了我們無論面臨何種挑戰都致力於維持社區聯繫的承諾。

Our network expansion in full year '24, we grew our total footprint by over 2% adding 210,000 passings. We closed the year with a total of $9.8 million total passing and achieved our target of 3 million fiber passing. We surpassed the milestone of 500,000 fiber customers, ending the year with 538,000 fiber customers or over 18% penetration of our fiber network. Strengthening our networks has been a key priority of ours since I joined the company, and I'm pleased to share that our investments are paying off.

我們的網路在 24 年全年進行了擴展，總覆蓋範圍增長了 2% 以上，新增乘客量 210,000 人次。我們今年的總傳遞量為 980 萬美元，實現了傳遞 300 萬根光纖的目標。我們的光纖客戶數量突破了 50 萬大關，年底光纖客戶總數達到 538,000 名，光纖網路普及率超過 18%。自從我加入公司以來，加強我們的人脈一直是我們的首要任務，我很高興地告訴大家，我們的投資正在獲得回報。

Optimum Fiber was recently ranked once again as having the fastest and most reliable Internet speeds in New York and New Jersey and now also ranked the lowest latency and best gaming experience in New York, New Jersey and Connecticut. This is in addition to awards we received for both our fiber and HFC network superiority from other various third parties across the country.

Optimum Fiber 最近再次被評為紐約和新澤西地區互聯網速度最快、最可靠的網絡，並且還被評為紐約、新澤西和康涅狄格州延遲最低、遊戲體驗最佳的網絡。除此之外，我們還因光纖和 HFC 網路優勢而獲得了來自全國各地其他第三方的獎項。

We've also made progress in optimizing our pricing and packaging strategy, growing our mobile base, improving video attachment rates and launching value-added services, which are resulting in residential ARPU trends stabilizing.

我們也在優化定價和打包策略、擴大行動用戶群、提高視訊連線率和推出增值服務方面取得了進展，從而使住宅 ARPU 趨勢趨於穩定。

For context, in full year '22, residential ARPU declined by over 2%. In full year '23, we improved this to down 1.5% and in full year '24, we improved this again to down 1% with a strong reported full year residential ARPU of $135.44. This figure is inclusive of customer credits related to Hurricane Helene and other onetime credits. Excluding these credits, full year '24 residential ARPU would have declined less than 1%.

就背景而言，22 年全年，住宅 ARPU 下降了 2% 以上。在 2023 年全年，我們將這一數字降至 1.5%，而在 2024 年全年，我們再次將這一數字降至 1%，報告的全年住宅 ARPU 強勁，為 135.44 美元。該數字包括與颶風海倫相關的客戶信用額度和其他一次性信用額度。除去這些因素，24 年全年住宅 ARPU 將下降不到 1%。

Contributing to these trends in Q4, our residential gross net ARPU was higher by $4.50 year-over-year through more disciplined and hyper-local pricing and growth in value-added services like mobile. And on broadband ARPU specifically, excluding the impact of product rack rate allocations and onetime credits, implied broadband ARPU would have been relatively flat in full year '24 and would have grown 1.2% year-over-year in Q4, highlighting our continued strength in maintaining broadband ARPU despite macro and competitive pressures.

受第四季度這些趨勢的影響，透過更規範和超本地化的定價以及行動等增值服務的成長，我們的住宅總淨 ARPU 同比增長了 4.50 美元。具體到寬頻 ARPU 方面，排除產品門市價格分配和一次性信用的影響，隱含寬頻 ARPU 在 24 年全年將相對持平，第四季度將同比增長 1.2%，突顯出儘管面臨宏觀和競爭壓力，我們仍能繼續保持寬頻 ARPU 的強勁勢頭。

Our capital full year '24 cash capital of $1.4 billion has stepped down by approximately $480 million in the last 2 years and by $270 million in the last year, while continuing to fully deliver on our strategic growth objectives. And last, in full year '24, free cash flow grew by 23% year-over-year to $149 million despite the continued step-up in cash interest.

我們 24 年全年的現金資本為 14 億美元，在過去兩年中減少了約 4.8 億美元，去年減少了 2.7 億美元，同時繼續全面實現我們的策略成長目標。最後，儘管現金利息持續增加，但 24 年全年自由現金流仍年增 23%，達到 1.49 億美元。

On Page 5, we outline our '25 priorities as we enter the next phase of our transformation journey. These key priorities will help us to stabilize adjusted EBITDA, enhance capital efficiency and increase free cash flow in '25.

在第 5 頁，我們概述了進入轉型之旅下一階段的「25 個優先事項」。這些關鍵優先事項將有助於我們穩定調整後的 EBITDA、提高資本效率並增加 25 年的自由現金流。

First, on revenue opportunity. We are committed to improving broadband subscriber trends by delivering exceptional value to our customers. In addition, we are focused on increasing value-added services, growing mobile penetration and expanding our B2B product portfolio to unlock new revenue streams, improve ARPU trends and enhance customer stickiness and loyalty.

首先，關於收入機會。我們致力於透過向客戶提供卓越的價值來改善寬頻用戶趨勢。此外，我們專注於增加加值服務、提高行動普及率和擴展我們的 B2B 產品組合，以開闢新的收入來源、改善 ARPU 趨勢並增強客戶黏著度和忠誠度。

Our road map for value-added services in '25 includes launching whole home WiFi solutions with service protection add-ons. Advanced WiFi, including enhanced Internet security for businesses, and billing on behalf of partnerships with third-party OTT app providers and subscription services to sell in Optimum packages.

我們 25 年加值服務的發展路線圖包括推出具有服務保護附加組件的全家庭 WiFi 解決方案。先進的 WiFi，包括增強的企業互聯網安全，以及代表與第三方 OTT 應用程式供應商和訂閱服務的合作夥伴關係進行計費，以在 Optimum 套餐中銷售。

Our new pricing approach uses data analysis that balances rate and volume based on market conditions. Our approach to rate actions, base management and acquisition pricing now enables us to better align with customer trends and drive top line improvements, which is expected to deliver up to an incremental $100 million in revenue in '25.

我們的新定價方法使用數據分析，根據市場狀況平衡費率和交易量。我們對利率行動、基礎管理和收購定價的方法現在使我們能夠更好地適應客戶趨勢並推動營收成長，預計這將在 25 年帶來高達 1 億美元的增量收入。

Second, we are focused on driving efficiency across our operations. We will continue to leverage the power of AI, digital solutions and self-service tools to drive further costs out of the system, while continuing to improve the customer experience. By streamlining processes and enhancing product margins, we are positioning ourselves to operate more efficiently while delivering superior value to our customers.

其次，我們注重提高整個營運的效率。我們將繼續利用人工智慧、數位解決方案和自助服務工具的力量，進一步降低系統成本，同時繼續改善客戶體驗。透過簡化流程和提高產品利潤率，我們可以更有效率地運營，同時為客戶提供卓越的價值。

As an update to our Phase II transformational goals, we are completing enterprise benchmarking and have identified efficiencies, which are expected to moderate our other operating expense line by 4% to 6% by the end of '26. We will provide more detail on these plans in future calls.

作為我們第二階段轉型目標的更新，我們正在完成企業基準測試並確定了效率，預計到 26 年底將使我們的其他營運費用減少 4% 至 6%。我們將在未來的電話會議中提供有關這些計劃的更多細節。

Third, we remain committed to strengthening our networks. We expect to continue to grow our total passings in '25, of which the majority is expected to be fiber build, and we plan to increase the availability of multi-gig speeds across our footprint by growing our fiber network, which offers 8 gig symmetrical speeds and through upgrades to portions of our HFC network using mid split technology to deliver up to 2 gig download speeds.

第三，我們將繼續致力於加強我們的網路。我們預計 25 年的總傳輸量將繼續增長，其中大部分預計將透過光纖建設，並且我們計劃透過擴展光纖網路來增加整個覆蓋範圍內的多千兆速度的可用性，該網路提供 8 千兆對稱速度，並透過升級部分 HFC 網路使用中間分割技術來提供高達 2 千兆的下載速度。

We will continue to maximize the value of our fiber network by accelerating the pace of fiber migrations and penetration, which will allow us to realize benefits such as improved churn and lower cost to serve fiber customers.

我們將繼續加快光纖遷移和滲透的步伐，最大限度地提高光纖網路的價值，這將使我們能夠實現諸如改善客戶流失率和降低光纖客戶服務成本等效益。

And last, we are focused on a sustainable capital structure in '25. We will continue to enhance our capital efficiency, targeting approximately $1.3 billion of capital in '25, while maintaining a strong liquidity position to execute on our operational and growth objectives.

最後，我們關注的是25年的永續資本結構。我們將繼續提高資本效率，目標是在 25 年實現約 13 億美元的資本，同時保持強大的流動性狀況以實現我們的營運和成長目標。

Let's turn to slide 6 to review our video strategy evolution in greater detail. In '25, we will continue to drive value by leveraging data, customer insights and consumer research to make informed decisions that prioritize customer expectations, while maximizing enterprise value. We kicked off '25 with actions that support that we are doing just that.

讓我們翻到第 6 張投影片來更詳細地回顧我們的影片策略演變。在 25 年，我們將繼續利用數據、客戶洞察和消費者研究來推動價值，做出明智的決策，優先考慮客戶期望，同時最大化企業價值。我們以行動開啟了 25 年，以支持我們正在做的事情。

By addressing programming partnerships to ensure we provide the best content and experiences to our customers based on what they want. And we know the content landscape has changed dramatically over the last few years. While video remains an integral part of our value-added services portfolio, playing a role in reducing churn and adding to overall residential ARPU and important part of this strategy involve rationalizing our programming agreements to ensure we can deliver the content that customers value most at an affordable price.

透過解決程式設計合作夥伴關係，確保我們根據客戶的需求為他們提供最好的內容和體驗。我們知道，過去幾年內容格局發生了巨大變化。雖然影片仍然是我們增值服務組合中不可或缺的一部分，但在減少客戶流失和增加整體住宅 ARPU 方面發揮著作用，而這項策略的重要部分涉及合理化我們的節目協議，以確保我們能夠以可承受的價格提供客戶最重視的內容。

With that in mind, we have been navigating various programming renewals by putting the customer at the center of our discussions and making decisions based on viewing data and customer demand. By doing this, we have been able to thoughtfully mitigate disruption, while ensuring we drive value, maintain competitiveness and improve customer choice and value.

考慮到這一點，我們一直將客戶置於討論的中心，並根據觀看數據和客戶需求做出決策，從而引導各種節目的更新。透過這樣做，我們能夠深思熟慮地減輕幹擾，同時確保我們推動價值、保持競爭力並改善客戶選擇和價值。

As TV viewership has become increasingly fragmented across cable, streaming platforms and other services, the nature of the video industry has been evolving and so have we. That is why in late '24, we launched 3 new video offerings. Entertainment TV, Extra TV and Everything TV, offering content that aligns with customer needs at compelling price points.

隨著電視觀眾在有線電視、串流平台和其他服務上的分佈日益分散，視訊產業的性質也在不斷演變，我們也不斷演變。這就是為什麼我們在 2024 年底推出了 3 款新的影片產品。娛樂電視、額外電視和一切電視，以極具吸引力的價格提供符合顧客需求的內容。

Notably, these offerings integrate seamlessly with streaming services available on our Android-based platform optimum stream. The launch of these new video offerings supported by enhancements to Optimum stream such as the new user interface, have resulted in improvements in our video attachment rate.

值得注意的是，這些產品與我們基於 Android 的平台最佳串流上提供的串流媒體服務無縫整合。這些新視訊產品的推出，加上新用戶介面等 Optimum Stream 增強功能的支持，提高了我們的視訊附加率。

Specifically, the rate at which new customers choose video at sign-up has been on the decline in recent years. However, in Q4, we saw this trend begin to inflect by over 200 basis points quarter-over-quarter with approximately 20% of new customers in Q4, choosing to include video in their service bundle.

具體來說，近年來，新客戶在註冊時選擇影片的比例一直在下降。然而，在第四季度，我們看到這一趨勢開始環比變化超過 200 個基點，第四季度約有 20% 的新客戶選擇將影片納入他們的服務包中。

And as we migrate customers to new video offerings and optimize our programming agreements, we have seen a consistent decline in our programming cost inflation per video subscriber with full year video cost inflation per sub of approximately 4%, which has improved in the last 2 years from the average inflation of 6% to 8% in the years prior.

隨著我們將客戶遷移到新的視訊產品並優化我們的節目協議，我們看到每個視訊用戶的節目成本通膨率持續下降，全年每個用戶的視訊成本通膨率約為 4%，與前幾年的平均通膨率 6% 至 8% 相比，過去 2 年有所改善。

We expect this trend to continue into '25. Over the last few months, we have engaged with thousands of customers who are embracing our new video products, packages and options. These results reaffirm that our video strategy is delivering value for both our customers and our business.

我們預計這一趨勢將持續到25年。在過去的幾個月裡，我們與數千名客戶進行了接觸，他們紛紛接受了我們的新影片產品、套餐和選項。這些結果再次證明，我們的視訊策略正在為我們的客戶和我們的企業帶來價值。

In summary, '24 was a year of remarkable transformation. We laid a solid foundation that positions us to continue to enhance our operations and deliver sustained value to our customers, communities and stakeholders. I will now turn it over to Marc to review our performance in more detail.

總而言之，24 年是發生顯著變化的一年。我們奠定了堅實的基礎，使我們能夠繼續加強營運並為我們的客戶、社區和利害關係人提供持續的價值。現在我將把時間交給馬克來更詳細地回顧我們的表現。

Thank you, Dennis. Turning to slide 7. I'll begin with a review of our financial performance in 2024. Total revenue of $9 billion declined 3.1% year-over-year an improvement from prior year declines. Our full year 2024 revenue trend was driven by mobile service revenue growth of 52%, news and advertising growth of 8.6%, business services growth of 0.3% and growth in other of 22.5%, primarily driven by growth in mobile equipment revenue, offset by residential revenue decline of 4.6%.

謝謝你，丹尼斯。翻到幻燈片 7。我將首先回顧我們 2024 年的財務表現。總收入為 90 億美元，年減 3.1%，較前一年下降幅度改善。我們 2024 年全年營收趨勢由行動服務收入成長 52%、新聞和廣告成長 8.6%、商業服務成長 0.3% 和其他成長 22.5% 推動，主要由行動裝置收入成長推動，但住宅收入下降 4.6% 抵銷。

On news and advertising, we experienced a strong political cycle in early Q4, which tapered off in the latter half as the campaign activity slowed, leading to full year results coming in below our initial projections.

在新聞和廣告方面，我們在第四季初經歷了強勁的政治週期，但隨著競選活動的放緩，這一週期在下半年逐漸減弱，導致全年業績低於我們最初的預測。

Despite this, news and advertising still delivered a solid 23% year-over-year growth rate in Q4 or 5% growth, excluding political. News and advertising revenue in 2025 will reflect the impact of a nonelection year. Adjusted EBITDA of $3.4 billion declined 5.4% in full year 2024 versus a 6.7% decline in the prior year.

儘管如此，新聞和廣告在第四季度仍然實現了 23% 的同比增長，不包括政治廣告則增長了 5%。2025 年的新聞和廣告收入將反映非選舉年的影響。2024 年全年調整後 EBITDA 為 34 億美元，下降 5.4%，而前一年則下降 6.7%。

To note, in 2024, we had onetime storm related and other customer credits as well as onetime costs related to storm repair and other nonrecurring transformation expenses such as consulting fees. Excluding these impacts, underlying adjusted EBITDA trends would have been down approximately 4.4% year-over-year.

值得注意的是，2024 年，我們有一次性與風暴相關的費用和其他客戶信用，以及與風暴修復相關的一次性成本和其他非經常性轉型費用，例如諮詢費。排除這些影響，調整後的 EBITDA 趨勢將年減約 4.4%。

Gross margin of 67.7% grew approximately 50 basis points year-over-year as we target 70% gross margins by 2026. Adjusted EBITDA margin in the full year is 38.1%. Excluding nonrecurring EBITDA impacts, normalized adjusted EBITDA margins would have been 38.7%. Our cash capital expenditures were $1.4 billion in full year 2024, representing a 16% improvement year-over-year and a 25% improvement over full year 2022.

毛利率為 67.7%，年成長約 50 個基點，我們的目標是到 2026 年達到 70% 的毛利率。全年調整後EBITDA利潤率為38.1%。不包括非經常性 EBITDA 影響，標準化調整後的 EBITDA 利潤率將為 38.7%。2024 年全年我們的現金資本支出為 14 億美元，年增 16%，比 2022 年全年增長 25%。

Likewise, capital intensity of 16% in 2024 is down approximately 250 basis points and 380 basis points compared to full year 2023 and 2022, respectively. We continue investing in high-quality upgrades and footprint expansions while leveraging tools, process improvements and optimize partnerships to maximize the return on every dollar we invest.

同樣，2024 年的資本密集度為 16%，與 2023 年全年和 2022 年全年相比分別下降約 250 個基點和 380 個基點。我們繼續投資於高品質升級和足跡擴展，同時利用工具、流程改進和優化合作夥伴關係，以最大限度地提高我們投資的每一美元的回報。

In 2024, most of our fiber expansion focused on upgrading existing passings to fiber. In 2025, however, fiber net growth is expected to be driven primarily by new fiber builds, with a small portion dedicated to fiber overbuilds. This shift should enhance our capital profile by directing construction investments to our overall footprint expansion and fiber network growth.

2024 年，我們的大部分光纖擴展重點是將現有線路升級為光纖。然而，到 2025 年，光纖淨成長預計將主要由新光纖建設推動，一小部分將由光纖過度建設推動。透過將建設投資引導至我們的整體覆蓋範圍擴張和光纖網路成長，這項轉變將增強我們的資本狀況。

Therefore, we expect to moderate our capital spend again with a full year 2025 cash capital target of approximately $1.3 billion, which includes maintaining our rate of footprint expansion and rolling out our multi-gig upgrade plan.

因此，我們預計將再次調整資本支出，2025 年全年現金資本目標約為 13 億美元，其中包括保持我們的足跡擴張速度和推出我們的多千兆升級計畫。

Our cash interest reached $1.6 billion in full year '24, which has stepped up over the last 4 years. Despite these step-ups, we have maintained positive free cash flow and grew it in 2024. In the full year, we generated $149 million of free cash flow, representing growth of 23%. Excluding cash restructuring of severance-related payments, facility realignment and transaction costs, in addition to received in connection with the termination of CSC Holdings interest rate swap agreements in the third quarter, full year free flow would have been $192 million or 28% growth

我們的現金利息在 24 年全年達到了 16 億美元，這一數字在過去 4 年中不斷增加。儘管有這些提升，我們仍然保持了正的自由現金流，並在 2024 年實現了成長。全年我們產生了 1.49 億美元的自由現金流，成長了 23%。不包括遣散費相關付款、設施調整和交易成本的現金重組，以及第三季因終止 CSC Holdings 利率互換協議而收到的款項，全年自由流量將達到 1.92 億美元，成長 28%。

Next on slide 8, I would like to take a moment to highlight the growth and opportunity within our LightPath fiber infrastructure business. As a reminder, in 2020, Altice USA sold a 49.99% stake in LightPath to Morgan Stanley Infrastructure Partners, forming a strong partnership to drive growth.

接下來在第 8 張投影片上，我想花點時間強調我們的 LightPath 光纖基礎設施業務的成長和機會。提醒一下，2020 年，Altice USA 將 LightPath 49.99% 的股份出售給摩根士丹利基礎設施合作夥伴，形成了強大的合作夥伴關係以推動成長。

Today, LifePath fiber network consists of approximately 11,000 route miles and approximately 16,000 connected locations and customers include enterprise clients from hyperscalers to companies in health care, finance, education, professional services as well as public sector and communication providers.

如今，LifePath 光纖網路由約 11,000 英里的路線和約 16,000 個連接地點組成，客戶包括從超大規模企業到醫療保健、金融、教育、專業服務以及公共部門和通訊提供商的企業客戶。

Full year 2024 was LightPath's best performance with the revenue accelerating to $414 million on a consolidated reported basis, growing 5.5% year-over-year. This revenue growth is driven partly by footprint expansion as well as increase in net bookings. We're incredibly excited by LightPath established presence in the hyperscaler customer segment, which brought in almost $110 million in contract value in 2024.

2024 年全年是 LightPath 表現最好的一年，合併報告營收加速至 4.14 億美元，年增 5.5%。收入成長部分得益於足跡擴張以及淨預訂量的增加。我們對 LightPath 在超大規模客戶領域的確立地位感到非常興奮，該領域在 2024 年帶來了近 1.1 億美元的合約價值。

At the end of '24, LightPath's AI-related infrastructure connectivity sales pipeline totaled nearly $1 billion across 10 markets, which we expect to continue to grow. In addition, LifePath has closed on its acquisition of United Fiber and Data's assets, adding a wholly-owned 323 routes per mile of high fiber count network between New York City and Ashburn, Virginia and the 79 route mile metro network in New York City and New Jersey.

截至 24 年底，LightPath 在 10 個市場的 AI 相關基礎設施連接銷售總額已接近 10 億美元，我們預計這一數字將持續成長。此外，LifePath 已完成對 United Fiber and Data 資產的收購，增加了紐約市和維吉尼亞州阿什本之間每英里 323 條路線的高光纖數量網路以及紐約市和新澤西州 79 條路線英里的城域網路。

This acquisition connects LightPath's existing network in New York with one of the largest data center markets in the world through geographically diverse long-haul fiber and increases the serviceable market in Manhattan by 20%.

此次收購透過地理位置分散的長途光纖將 LightPath 在紐約的現有網路與世界上最大的資料中心市場之一連接起來，並將曼哈頓的可服務市場擴大 20%。

Within our broader capital envelope, we anticipate LightPath capital spend in full year '25 to be between $200 million to $250 million, of which we expect a LightPath will receive 20% to 25% in upfront payments from customers in 2025. And in 2024, about 80% of LightPath capital spend was driven by success-based growth capital driven by customer contracts. We are excited about the growth and recent major wins at LightPath and view this as a strategic asset to drive growth in the years ahead.

在我們更廣泛的資本範圍內，我們預計 LightPath 25 年全年的資本支出將在 2 億至 2.5 億美元之間，其中我們預計 LightPath 將在 2025 年從客戶那裡獲得 20% 至 25% 的預付款。到 2024 年，LightPath 約 80% 的資本支出將由客戶合約驅動的成功成長資本推動。我們對 LightPath 的成長和近期取得的重大勝利感到非常興奮，並將其視為推動未來幾年成長的戰略資產。

Turning to slide 9. I'd like to review our footprint evolution. Our multiyear network roadmap includes further advancements to our network quality, including a plan to enable multi-gig speeds across a portion of our HSC network and adding to multi-gig availability already on our fiber network. Today, we have multi-gig speeds of up to 8 gigabits per second enabled in almost 30% of our footprint through the availability of our fiber network.

翻到第 9 張投影片。我想回顧一下我們的足跡演變。我們的多年網路路線圖包括進一步提高我們的網路質量，包括計劃在我們的部分 HSC 網路內實現多千兆速度，並增加我們光纖網路上已有的多千兆可用性。如今，透過光纖網絡，我們幾乎在 30% 的覆蓋範圍內實現了高達每秒 8 千兆位元的多千兆速度。

At the end of the year, we had 96% of our footprint enabled with speeds of 1 gig or higher. We see the demand for higher speeds continuing to grow with over 50% of new customers choosing 1 gig or higher download speeds, partially driven by price promotions in the quarter. This brings our ending customer base to over 30% on 1 gig or higher speed tiers. In 2025, we'll begin mid splits to expand and reallocate spectrum on our DOCSIS 3.1 network to enable download speeds of up to 2 gigabits per second.

截至年底，我們的 96% 的網路覆蓋範圍已實現 1G 或更高的速度。我們看到對更高速度的需求持續成長，超過 50% 的新客戶選擇 1Gb 或更高的下載速度，部分原因是本季的價格促銷。這使得我們的最終客戶群中 1Gb 或更高速度層的客戶比例達到 30% 以上。2025 年，我們將開始中期拆分，擴展和重新分配 DOCSIS 3.1 網路上的頻譜，以實現高達每秒 2 千兆位元的下載速度。

Through a combination of building fiber and HFC mid split upgrades, we have a path to achieve multi-gig services on approximately 65% of our network by the year-end 2028. This enables us to compete even more effectively in our West footprint. On our total footprint, in full year 2024, we grew our passings by over 2% and expect to maintain near this level of growth by adding over 175,000 new passings in 2025. As mentioned, we are edging out our footprint in a fiber-rich manner with the majority of fiber passings in 2025 contributing to total new passings.

透過結合建築光纖和 HFC 中分體升級，到 2028 年底，我們將能夠在約 65% 的網路上實現多千兆服務。這使我們能夠在西部地區更有效地競爭。就我們的整體足跡而言，到 2024 年全年，我們的客流量增加了 2% 以上，預計到 2025 年將新增客流量超過 175,000 人次，從而保持接近這一增長水平。如上所述，我們正在以富含纖維的方式減少我們的足跡，2025 年大部分纖維排放將對新排放總量做出貢獻。

In 2024, we expanded fiber in areas like Texas and Louisiana, and we will build upon expanding fiber in both our East and West footprints in 2025, focusing on strategic areas that maximize returns. And finally, we'll turn to Page 10 to review our debt maturity profile. We remain well positioned with a clear runway of no maturities until 2027. At the end of 2024, our weighted average cost of debt is 6.7%. Our weighted average life of debt is 4.1 years and 74% of our debt stack is fixed.

2024 年，我們在德克薩斯州和路易斯安那州等地區擴展了光纖網絡，2025 年，我們將在東部和西部地區擴展光纖網絡，重點關注能夠實現最大回報的戰略區域。最後，我們翻到第 10 頁回顧我們的債務到期。我們仍處於有利地位，2027 年之前不會有到期債務。截至 2024 年底，我們的加權平均債務成本為 6.7%。我們的加權平均債務期限為 4.1 年，其中 74% 的債務是固定的。

At the end of the year, we remain in a strong liquidity position of approximately $1 billion through undrawn revolver capacity and ending cash balances. Our leverage ratio is 7.3x the last 2 quarters annualized adjusted EBITDA. We remain focused on exploring opportunities that ensure our capital structure supports our long-term operating goals.

截至年底，我們透過未提取的循環信貸額度和期末現金餘額，仍保持約 10 億美元的強勁流動性。我們的槓桿比率是過去兩季年化調整後 EBITDA 的 7.3 倍。我們將繼續專注於探索機會，確保我們的資本結構支持我們的長期營運目標。

While we are well positioned in the near term, we continue to actively assess all options to maintain a capital structure that supports our long-term strategic objectives. In conclusion, we have the right strategy in place that will guide us towards sustainable long-term revenue, subscriber, adjusted EBITDA and free cash flow growth.

雖然我們在短期內處於有利地位，但我們仍將繼續積極評估所有選擇，以維持支持我們長期策略目標的資本結構。總之，我們制定了正確的策略，將指導我們實現可持續的長期收入、用戶、調整後的 EBITDA 和自由現金流成長。

With that, we will now take any questions.

這樣，我們現在就可以回答任何問題。

(Operator Instructions)

（操作員指示）

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Curious. If you could talk a little bit more about broadband performance in the different regions. Is there still an underpenetration opportunity in the West and if you can give us an update on the underlying competitive environment.

好奇的。能否再多談談不同地區的寬頻性能？西方是否仍有滲透機會？您能否向我們介紹潛在的競爭環境？

Michael, happy to. So if we look at the East and the West, we continue to see overbuild in the West, it's gone up about 5 percentage points in the last 6 months. So we're up to about 45%. It's a little bit under 70% in the East, which has been what it's been historically. We continue to see competition with fixed wireless as well, and there's a bit more availability of fixed wireless, particularly in the West.

邁克爾，很高興。因此，如果我們看看東部和西部，我們會繼續看到西部的過度建設，在過去 6 個月中上升了約 5 個百分點。因此我們達到了約 45%。東部地區的比例略低於 70%，與歷史情況一致。我們繼續看到與固定無線的競爭，並且固定無線的可用性有所提高，尤其是在西方。

But we feel really good that we have the right products and the right go-to-market to be able to compete effectively in both of these regions. We're seeing some really nice improvements in the East, in particular, as we've improved upon churn year-over-year, our go-to-market strategies and our offers and our base management strategies are really helping us spend the curve.

但我們感到非常高興，因為我們有合適的產品和正確的市場進入策略，能夠在這兩個地區有效競爭。我們看到東部地區取得了一些非常好的進步，特別是因為我們的客戶流失率逐年提高，我們的市場進入策略、我們的報價和基礎管理策略確實幫助我們度過了難關。

And in the West, we've started to run some market tests. We've done 4 of these tests, and we've seen improvements in sales, 20% improvement in sales and install. And that's really all about elevating our acquisition strategies where there's elevated competition and being able to do that in a surgical fashion.

在西方，我們已經開始進行一些市場測試。我們已經完成了 4 次這樣的測試，並且看到了銷售量的提高，銷售量和安裝量提高了 20%。這實際上是為了在競爭加劇的情況下提升我們的收購策略，並且能夠以精準的方式做到這一點。

When I joined a couple of years ago, unfortunately, there was just a 1 size fits all. And we know that, that's not long term sustainable. And so the teams have done an incredible job helping us build pricing and packaging and models and leveraging AI so that we can be a lot more surgical.

不幸的是，當我幾年前加入時，那裡只有一種適合所有人的尺寸。我們知道，這不是長期可持續的。因此，這些團隊做了出色的工作，幫助我們建立定價、包裝和模型，並利用人工智慧，讓我們能夠更精準地進行決策。

Unfortunately, prior to joining, we just did not have the right go-to-market when other overbuilders were coming into our footprint. And so we had lost anywhere from 5-, 10-, 15-, 20 points of share. And these market tests are helping us really navigate what it's going to take to be able to start winning that share back. And so we're confident that we've got the right products, especially as we've rolled out -- as you've heard, our multi-gig fee.

不幸的是，在加入之前，當其他過度建設者進入我們的市場時，我們並沒有找到正確的市場進入方式。因此，我們的市佔率損失了 5 個百分點、10 個百分點、15 個百分點甚至 20 個百分點。這些市場測試正在幫助我們真正了解如何重新贏得市場份額。因此，我們相信我們擁有正確的產品，特別是我們推出了——正如您所聽到的，我們的多千兆費用。

We brought -- we've made incredible improvements in terms of being able to deliver 1 gig across the footprint. This year, we're going to be starting to enhance multi-gig across the West. We now have a very compelling product packaging construct for mobile and people are absolutely resonating with that.

我們帶來了——我們在能夠在整個覆蓋範圍內提供 1GB 方面取得了令人難以置信的進步。今年，我們將開始在西部地區加強多千兆網路建設。我們現在擁有一個非常引人注目的行動產品包裝結構，人們對此非常有共鳴。

Folks are looking for quality and value. And so our network is now winning awards across the East and the West, and we're providing that value with mobile. And we're expanding Stream. And we've launched Stream across the East, and we're launching it across the west as well. and the new video packages are really resonating.

人們追求的是品質和價值。因此，我們的網路現在在東西方都贏得了獎項，我們透過行動技術提供了這一價值。我們正在擴展 Stream。我們已經在東部地區推出了 Stream，並且也將在西部地區推出。新的視訊套裝確實引起了共鳴。

For the first time, we're seeing that video attach is growing from a gross add perspective, up to now 20% attach on gross. So I do think that there is opportunity, and we're going to start to really bring that to life here in 2025.

我們第一次看到影片附加量從總附加量的角度呈現成長，目前已達到總附加量的 20%。所以我確實認為有機會，我們將在 2025 年開始真正實現這一目標。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

I just wanted to see if you can help us unpack some of the I guess some of the pressure on the EBITDA in the fourth quarter, I think, Marc, you did kind of outline there were some onetimers. But just as we're thinking about the fourth quarter exit rate, and is there any correlation perhaps to your hyper local approach? And will that perhaps pressure SG&A and other direct costs as we look out into 2025. Just trying to understand maybe if there's any onetimers specifically in 4Q or if we might expect higher run rate costs as we move into 2025?

我只是想看看你是否能幫助我們解決第四季度 EBITDA 面臨的一些壓力，馬克，我想你確實概述了一些一次性事件。但是，正如我們正在考慮第四季度的退出率一樣，這與您的超本地化方法是否有關聯？展望 2025 年，這是否會對銷售、一般及行政費用 (SG&A) 和其他直接成本帶來壓力？只是想了解一下，也許在第四季度是否有任何一次性事件，或者我們是否預計進入 2025 年時運行率成本會更高？

I'll add some commentary there, and then I'll throw it over to Marc. But as you know, in the last call, we announced our Phase II plan and to drive transformation. And we're very bullish on being able to deliver that incremental $400 million that we committed to. But we did need to invest, and we needed to create a holistic robust strategy to really ensure that we have the right plans and programs to be able to deliver that. And so we did invest in that in Q4.

我會在那裡添加一些評論，然後將其交給馬克。但正如你們所知，在上次電話會議上，我們宣布了第二階段計劃並推動轉型。我們非常有信心能夠兌現我們承諾的 4 億美元增量資金。但我們確實需要投資，我們需要製定一個全面而穩健的策略，以真正確保我們擁有正確的計劃和方案來實現這一目標。因此我們確實在第四季度對此進行了投資。

And I'll be sharing more of those details and calls to come, but it will really outline in incredible detail the opportunities, both in terms of revenue and in terms of OpEx transformation and how we're going to get there. So that is a part of the onetime investment, but I'll throw it over to Marc to unpack a bit more.

我將會分享更多這些細節和電話，但它將非常詳細地概述收入方面和營運支出轉型的機會以及我們將如何實現這些機會。這是一次性投資的一部分，但我會把它交給馬克來進一步解釋。

Yes. I mean just overall on the trends on EBITDA, we're pleased with where we're heading certainly coming out of 2022 and now where we stand, when you normalize down 4.4% for the full year and down 5% normalized in the fourth quarter itself for those onetime items, things like the storm and other additional costs that we talked about around transformation. So we're pleased on the trajectory. We expect that trajectory improvement to continue into 2025. So we're feeling good about where things stand.

是的。我的意思是，就 EBITDA 的整體趨勢而言，我們對 2022 年的發展方向感到滿意，現在我們的狀況是，由於那些一次性項目，例如風暴和我們在轉型過程中談到的其他額外成本，全年正常化下降了 4.4%，第四季度正常化下降了 5%。因此，我們對這一發展軌跡感到滿意。我們預計這種軌跡改善將持續到 2025 年。因此我們對目前的情況感到滿意。

We have a revised base management strategy, improved pricing, as you heard. We're launching our new low-income strategy, accelerating fiber and mobile, improvements in the network. So that gives us all on a well continue to improve upon the EBITDA trends that we've already established.

正如您所聽到的，我們已經修改了基地管理策略，並提高了定價。我們正在啟動新的低收入策略，加速光纖和行動網路的改進。因此，這讓我們所有人都能夠繼續改善我們已經建立的 EBITDA 趨勢。

Yes. Overall, we see EBITDA stabilizing in '25.

是的。整體而言，我們預期 EBITDA 在 25 年將趨於穩定。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I wanted to ask about the balance sheet. And I was hoping you could expand on your efforts to improve the capital structure. There's no meaningful debt maturing in the next 2 years, but 2027 isn't that far away. When you talk about Phase 2 of your transformation efforts, there are a lot of encouraging initiatives to support operational and financial metrics. And I was hoping to get a little bit more color on where deleveraging fits in within that.

我想問一下資產負債表。我希望您能夠加強改善資本結構。未來兩年內不會有任何重大債務到期，但 2027 年也並不遙遠。當您談到轉型工作的第二階段時，有許多令人鼓舞的措施來支持營運和財務指標。我希望能夠更詳細地了解去槓桿在其中所扮演的角色。

And maybe relatedly, Lightpath seems to be very attractively positioned with hyperscalers and AI. I appreciate that you are very bullish on the opportunity there, but is there an interest in monetizing its growing strategic value to help with your efforts to strengthen the balance sheet?

也許與此相關的是，Lightpath 在超大規模和 AI 領域似乎具有非常有吸引力的定位。我很欣賞您對那裡的機會非常看好，但您是否有興趣將其不斷增長的策略價值貨幣化，以幫助您加強資產負債表？

Kutgun, again, as we've talked previously, we are well positioned for the near term, but we are not resting there. We're certainly looking at all options to address our debt maturity profile and maintaining a capital structure that supports our long-term objectives. Nothing new to add at this point around that, but we are exploring all options actively.

庫特根，正如我們之前談到的，我們近期已經做好了準備，但我們不會止步於此。我們當然會考慮所有選項來解決我們的債務到期狀況並維持支持我們長期目標的資本結構。目前沒有什麼新內容可以添加，但我們正在積極探索所有選擇。

As it relates to LightPath, very pleased with their financial performance will continue to maximize growth there, excited about what they're doing, the AI opportunity is a big one. I'm really excited to see them winning awards, and that continues into 2025. Nothing to share as far as looking to monetize that asset. We'll just continue to try to grow that asset and put in its best spot for value.

就 LightPath 而言，我對他們的財務表現非常滿意，並將繼續實現最大化成長，對他們所做的事情感到興奮，人工智慧機會很大。我很高興看到他們獲獎，並且這種狀態將持續到 2025 年。就尋求將該資產貨幣化而言，沒有什麼可分享的。我們將繼續努力增加該資產，並使其價值發揮到最佳水平。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

I had 2, if I could. I guess, first, at this point, how would you expect CapEx to trend after 2025? Is $1.3 billion the right level to think about at this point? Or might it trend down further?

如果可以的話，我有 2 個。我想，首先，在這一點上，您預計 2025 年後資本支出將如何變化？13億美元是目前值得考慮的正確水準嗎？或可能會進一步下降？

And then secondly, can you elaborate on the hyperscaler business you're doing? Are these 25-year IRUs? How is the contract value being amortized as revenue how much OpEx and CapEx is tied to it? And then lastly, can you just remind us how much access you have to LightPath cash how that's being distributed or whether it's staying at LightPath for deleveraging and investment?

其次，您能詳細說明一下您正在從事的超大規模業務嗎？這些是 25 年的 IRU 嗎？合約價值如何攤銷為收入？有多少營運支出 (OpEx) 和資本支出 (CapEx) 與之相關？最後，您能否提醒我們，您對 LightPath 現金有多少訪問權限，這些現金是如何分配的，或者是否留在 LightPath 進行去槓桿和投資？

Certainly, Bryan, on capital, we are feeling optimistic around the trends that you've seen around capital deployment. Certainly, we've made meaningful progress in driving efficiency without sacrificing quality, we expect those trends to continue. But no specific guidance today outside of what we've already provided on the call.

當然，布萊恩，關於資本，我們對您所看到的資本配置趨勢感到樂觀。當然，我們在不犧牲品質的情況下提高效率方面取得了有意義的進展，我們預計這種趨勢將會持續下去。但除了我們在電話會議上已經提供的內容之外，今天沒有其他具體指導。

And again, we're excited about the hyperscale our opportunity. We won't disclose the specific details of those contracts, but we're excited. We're connecting large data center and their connectivity provider. And so we're excited for what that opportunity brings for us.

我們再次對超大規模的機會感到興奮。我們不會透露這些合約的具體細節，但我們很興奮。我們正在連接大型資料中心及其連接提供者。因此，我們對這個機會帶給我們的一切感到非常興奮。

A lot of those transactions are essentially self-funded through the contract itself. So we feel optimistic around the growth trajectory and those revenues will come in on an amortized basis over time. And then LightPath right now, the focus is just driving that operation, and that's what we'll do. The cash is staying there for now.

很多交易本質上都是透過合約本身自籌資金的。因此，我們對成長軌跡感到樂觀，這些收入將隨著時間的推移以攤銷的方式實現。現在，LightPath 的重點只是推動該操作，這就是我們要做的。現金目前還留在那裡。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great. Can you walk us through -- you characterized the fiber as new fiber builds versus overbuilds. Is this greenfield activity that you're taking outside of your plant or maybe discuss that? And then can you give us some color on to the cost per passing and is any of this using subsidy? And then I have a follow-up.

偉大的。您能否向我們詳細介紹一下—您將光纖描述為新光纖建置與過度建置。這是你們在工廠外進行的綠地活動嗎？或者你們可以討論一下嗎？然後您能否向我們介紹一下每次通行的成本以及其中是否使用了補貼？然後我有一個後續問題。

Frank, yes, we're excited for the first time ever, we have a multiyear network strategy when I joined, there was a lot of questions on fiber and how are we leveraging fiber. One, we're very happy that we have 3 million homes passed now of fiber passing in the East. And as we think about the future, we want to continue to grow our passing. So we've done so at about 2% a year historically. So we're on track this year to deliver another 175,000, and the majority will be fiber.

弗蘭克，是的，我們第一次感到興奮，當我加入時，我們有一個多年的網路策略，有很多關於光纖以及我們如何利用光纖的問題。首先，我們很高興現在東部地區已經有 300 萬戶家庭連接到了光纖。當我們思考未來時，我們希望繼續成長。從歷史上看，我們每年的成長率約為 2%。因此，我們今年預計將再交付 175,000 條線路，其中大部分將是光纖。

We do view that as a very competitive product as we -- and a great use of CapEx and the right return on investment when we think about growing our passings. And so we're going to lean into growing our passings were via fiber. That being said, HFC is a very robust product and network, and we've seen that.

我們確實認為這是一種非常有競爭力的產品，當我們考慮增加我們的銷售額時，它能夠很好地利用資本支出並獲得正確的投資回報。因此，我們將傾向於透過光纖來增加我們的傳送量。話雖如此，HFC 是一種非常強大的產品和網絡，我們已經看到了這一點。

We've been able to invest there in a very efficient manner using OFDM and OFDMA. I think historically, we were over-dialed to node splits, which are very expensive, tens of thousands of dollars versus being able to upgrade that network for hundreds of dollars. And so we're going to continue to upgrade and provide multi-gig speeds through mid-split as we move forward.

我們已經能夠利用 OFDM 和 OFDMA 以非常有效的方式在那裡進行投資。我認為，從歷史上看，我們過度依賴節點分割，這非常昂貴，需要花費數萬美元，而升級網路則只需數百美元。因此，隨著我們不斷前進，我們將繼續升級並透過中期分割提供多千兆速度。

In terms of the cost per passing, in the fiber new build, it's about $800 to $900 per passing. But we are excited that we can -- we already have 70,000 passings now in Texas and Louisiana, and it's helping us compete effectively there, and we'll continue to grow that as we go forward and then make sure that we continue to invest in the right way in our HFC plant to provide multi-gig across the footprint as well.

就每次傳輸的成本而言，在光纖新建案中，每次傳輸的成本約為 800 至 900 美元。但我們很高興能夠——目前我們在德克薩斯州和路易斯安那州已經有 70,000 名員工，這有助於我們在那裡有效競爭，並且隨著我們的前進，我們將繼續發展這一業務，然後確保我們繼續以正確的方式投資於我們的 HFC 工廠，以便在整個覆蓋範圍內提供多千兆服務。

And then just trying to add on the point of this is on the mid splits on a per-passing basis, just over $100 per passing. So it is a very capitally efficient way to drive network performance. And so you can see our long-term road map around how we get to 65% multi-gig speeds over time. We can do that in a very capital-efficient manner.

然後只是想補充一點，每次傳球的中間分攤費用略高於每次傳球 100 美元。因此，這是一種提高網路效能的資本效率極高的方法。因此，您可以看到我們的長期路線圖，了解我們如何隨著時間的推移達到 65% 的多千兆速度。我們可以以非常資本有效率的方式做到這一點。

Yes, I'm really proud of the team that we're able to achieve all of our business objectives and do it in a much more efficient manner. And the team has just continued to do that and deliver on that goal year after year for the last couple of years.

是的，我為團隊感到自豪，我們能夠實現所有業務目標，並以更有效率的方式完成。在過去的幾年裡，團隊一直堅持這樣做，並年復一年地實現這一目標。

Great. And maybe a quick question for Marc. Can you give us a ballpark of the potential benefit to free cash flow if bonus depreciation and the interest expense deduction limits kind of go back to where they were before they got changed? Any ballpark idea of what that would do for free cash flow?

偉大的。也許我想問馬克一個簡單的問題。如果獎金折舊和利息費用扣除限額恢復到變更前的水平，您能否大致估算一下自由現金流的潛在收益？您能大致了解一下這會對自由現金流產生什麼影響嗎？

Yeah, we're, I mean, again, we're excited about the trends that we've improved on and free cash flow certainly coming out of 2022 then what we've been able to do and for the first year grow free cash flow here. Certainly, it's hard to opine on what will happen out of the new administration. Certainly we're optimistic.

是的，我的意思是，我們對已經改善的趨勢感到興奮，自由現金流肯定會在 2022 年出現，然後是我們能夠做的事情，並且在第一年就在這裡增加自由現金流。當然，很難判斷新政府會帶來什麼結果。我們當然是樂觀的。

Overall, we are focused on driving incremental free cash flow growth. We can do that just we believe based on the current environment but certainly welcome any assistance from the new administration as well.

整體而言，我們專注於推動增量自由現金流成長。我們相信，基於當前的環境，我們可以做到這一點，但我們當然也歡迎新政府提供的任何援助。

Jonathan Chaplin, New Street Research.

喬納森·卓別林（Jonathan Chaplin），新街研究公司（New Street Research）。

Just to follow up on Sebastiano's question. On direct costs, specifically, they were up close to 20% in the fourth quarter. Do you expect those to stabilize at this level in 2025? And then on EBITDA, you said you expect stabilization in 2025. Does that mean sort of flattish with 2024 levels or during 2025 you'll sort of find the floor? And if that's the case, can you give us a sense of where you think that the floor in EBITDA is?

只是想跟進塞巴斯蒂亞諾的問題。具體來說，直接成本在第四季度上漲了近 20%。您預計到 2025 年這些數字會穩定在這個水準嗎？然後關於 EBITDA，您說您預計 2025 年會穩定下來。這是否意味著 2024 年的水準將趨於平穩，或在 2025 年期間達到最低水準？如果是這樣的話，您能否告訴我們 EBITDA 的底線在哪裡？

From a direct cost perspective, again, most of the cost growth you see there is really tied to the acceleration you see out of our mobile business. And so -- but we're pleased when you look at overall direct cost, the efficiency you saw in the earnings deck around how we're managing programming and driving that inflation down to its lowest levels, and we expect those trends to also continue.

從直接成本的角度來看，您看到的大部分成本成長實際上與我們的行動業務的加速有關。所以——但是當您看到總體直接成本、收益報告中所展現的我們如何管理程式設計並將通貨膨脹率降至最低水平的效率時，我們感到很高興，我們預計這些趨勢還將繼續下去。

And then from a stabilization around EBITDA, we are feeling good around, again, our multiyear trajectory around EBITDA. We don't give specific guidance, but we feel optimistic that we're on a path here to return to long-term sustainable EBITDA growth, and we think we'll continue to make meaningful strides within 2025 related to that.

然後從 EBITDA 周圍的穩定性來看，我們對 EBITDA 周圍的多年軌跡再次感到滿意。我們沒有給出具體的指導，但我們樂觀地認為，我們正走在恢復長期可持續 EBITDA 成長的道路上，並且我們認為我們將在 2025 年繼續取得與此相關的有意義的進展。

Maryanne Zhao, Morgan Stanley.

摩根士丹利的 Maryanne Zhao。

First, on the video side, just wondering if you're seeing any video churn pressure from the MSG network drop? And then second, on just general broadband trends into 1Q. Can you just talk to any customer trends that you're seeing in both the footprint through January and early February?

首先，在影片方面，我只是想知道您是否看到 MSG 網路下降帶來的影片流失壓力？其次，我們來談談第一季的整體寬頻趨勢。您能否談談您在一月份和二月初的足跡中看到的任何客戶趨勢？

Thanks, Maryanne. We're not going to provide guidance on Q1 as of yet. We're still early, obviously, coming into the year. There were some headwinds as we've decided. We've had these programming negotiations. We also took our rate event in December. But we are just super proud of the team. We're operating as one Optimum. When we started this journey, we said we were going to put the customer at the center of every decision that we make. And that means we have to deliver the right level of quality and the right level of value.

謝謝，瑪麗安。目前我們不會提供關於第一季的指導。顯然，我們進入今年還為時過早。正如我們所決定的，存在一些阻力。我們已經進行了這些程式設計談判。我們也在 12 月舉辦了利率活動。但我們為這個團隊感到非常自豪。我們以最佳狀態運作。當我們開始這趟旅程時，我們說過我們將把客戶放在我們所做的每一個決定的中心。這意味著我們必須提供適當的品質和適當的價值。

And we've spoken to our customers and they're looking for that, particularly in the video space. And so we are crystal clear that we want to work with partners that and customers when they put the customer at the center, and we do not believe customers should be forced to pay for content that they don't watch. And so we are making products and packages and offers to our customers that they are resonating with.

我們已經與客戶進行了交談，他們正在尋找這種產品，特別是在視訊領域。因此，我們非常清楚，我們希望與合作夥伴和客戶合作，以客戶為中心，我們不認為客戶應該被迫為他們不看的內容付費。因此，我們為客戶提供他們喜歡的產品、包裝和優惠。

And so we've had a chance to engage with over 1 million of our customers and they over 50% have not even tuned into some of these programs. And so we've decided to put the customer at the center, and we're having great conversations now that we have our new entertainment extra and everything packages, we're able to continue to drive our video business.

因此，我們有機會與超過 100 萬的客戶互動，但超過 50% 的客戶甚至沒有收看過這些節目。因此，我們決定以客戶為中心，現在我們有了新的娛樂附加服務和一切套餐，我們之間的對話非常順暢，我們能夠繼續推動我們的視訊業務。

We're seeing that we're able to grow video attached for the first time in a long time, folks are migrating to the packages. We're saving customers on average, $25 a month by being able to provide them the offers and packages that they want and that they demand. They are looking for flexibility and value. And so we're very happy with the conversations we're having with our customers.

我們發現，我們能夠在很長一段時間內首次增加附加視頻，人們正在轉向這些套餐。透過向客戶提供他們想要和要求的優惠和套餐，我們平均每月可為他們節省 25 美元。他們正在尋求靈活性和價值。因此，我們對與客戶的對話感到非常高興。

Craig Moffelt, MoffettNathanson.

克雷格·莫菲爾特（Craig Moffelt），莫菲特·納森（MoffettNathanson）。

As I think about the transition from a largely fiber overbuild strategy to more of a mid [spread] and I presume DOCSIS 4.0 strategy. Are you giving something up there? What have you learned in the fiber market with respect to market share and penetration performance that might give us some insight into whether there's any falloff in expected performance. Can you compare your fiber footprint at this stage now to your non-fiber footprint in terms of competitive dynamics?

當我考慮從大量的光纖過度建設策略過渡到更多的中間[擴展]時，我假設是 DOCSIS 4.0 策略。你在那裡放棄了什麼嗎？您在光纖市場中了解到了哪些有關市場份額和滲透率表現的信息，這些信息或許能讓我們了解預期表現是否出現下滑。您能否從競爭動態的角度來比較您現階段的光纖足跡和非光纖足跡？

Craig, what I'll say is that -- what we've learned is that we brought in an incredible team, and they've unlocked at a new level and a new gear by the power of HFC. And so that was what was lacking. I think there was this assumption that the only way that we could compete was with fiber. I'm very happy with the fiber that we have. I mean, to have 3 million homes and to have such an incredible network, particularly in the East, where we're competing with a large fiber provider that has a full suite of products.

克雷格，我想說的是——我們了解到，我們引進了一支不可思議的團隊，借助 HFC 的力量，他們已經達到了新的水平和新的境界。這就是所缺少的東西。我認為有這樣的假設：我們競爭的唯一方法就是利用光纖。我對我們擁有的光纖感到非常滿意。我的意思是，擁有 300 萬個家庭並擁有如此令人難以置信的網絡，特別是在東部，我們正在與擁有全套產品的大型光纖供應商競爭。

That's the right approach. We're seeing better customer lifetime, we're seeing better satisfaction. We're seeing better stronger ARPUs. We're seeing stronger churn. We're seeing less calls. We're seeing less truck rolls. And we're driving fiber penetration at the highest levels. And so we are laser-focused on continuing to drive fiber, fiber migrations.

這是正確的方法。我們看到了更好的客戶生命週期，我們看到了更好的滿意度。我們看到了更強勁的 ARPU。我們看到了更強勁的客戶流失。我們接到的電話越來越少了。我們看到的卡車運輸越來越少了。我們正在推動光纖普及率達到最高水準。因此，我們專注於繼續推動光纖和光纖遷移。

That being said, there is a lot of power that we're unlocking in the HFC side. As I mentioned, the historic strategy was to do these incredibly expensive node splits for tens of thousands of dollars. And it just was very expensive and not delivering the level of quality demanded by our customers. And now we're able to leverage OFDM and OFDMA to be able to provide gig-level speeds across the footprint.

話雖如此，我們在 HFC 方面仍釋放出巨大的潛力。正如我所提到的，歷史策略是花費數萬美元來實現這些極其昂貴的節點分裂。但這樣做成本非常高，無法達到客戶所要求的品質水準。現在我們能夠利用 OFDM 和 OFDMA 在整個覆蓋範圍內提供千兆級速度。

We're able to do that in a very cost-efficient manner. We're able to leverage mid splits as well in a cost-efficient manner to provide multi-gig. We have incredible experience. We're the -- one of the only companies that have both. We have experience in HFC. We have experience in fiber. We have experience competing against fiber for the last 20-plus years.

我們能夠以非常經濟高效的方式做到這一點。我們也能夠以經濟高效的方式利用中間分割來提供多千兆。我們擁有令人難以置信的經驗。我們是唯一一家同時擁有這兩種優勢的公司。我們在 HFC 方面有經驗。我們在光纖方面有經驗。我們擁有過去 20 多年與光纖競爭的經驗。

And so we've got the tools, and we can leverage both of these incredible networks. I think that's what we brought in the people that understand this technology and can leverage them most effectively. That being said, as we continue to grow, there is a great return on investment in new passings and leveraging fiber there. And so we now have a multiyear strategy where we're leveraging both of these assets and the experience and the technical know-how to deliver a differentiated experience across both HFC and fiber.

因此，我們擁有了工具，我們可以利用這兩個令人難以置信的網路。我認為這就是我們引進了解這項技術並能最有效地利用這項技術的人才的原因。話雖如此，隨著我們的不斷發展，在新業務和光纖利用方面的投資將獲得豐厚的回報。因此，我們現在製定了一項多年策略，利用這些資產、經驗和技術知識，在 HFC 和光纖上提供差異化的體驗。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could maybe comment on the divergence and competitive trends you're seeing in the West and East you mentioned. Is this simply a matter of price sensitivity in the West or something else? And maybe talk about some of the tactics that you're using in the East. What are the things that are resonating and working in the market.

我想知道您是否可以評論一下您提到的西方和東方之間的差異和競爭趨勢。這僅僅是西方價格敏感度的問題還是其他原因？也許可以談談您在東方使用的一些策略。哪些事情在市場上引起共鳴並發揮作用。

And then maybe the second question. If you think about your video strategies, you mentioned the gross margin trends in video been better and the attach rate has been better as well. So how should we think about the sort of the contribution of video to margin trends over the next year or 2?

然後可能是第二個問題。如果您考慮您的視訊策略，您提到影片的毛利率趨勢更好，並且附加率也更好。那麼我們該如何看待未來一兩年影片對利潤趨勢的貢獻呢？

Thanks, Jim. I'll let Marc talk about the video gross margins. But as we look at the East and the West, the West is still under pressure, particularly as overbuilders are coming in, and they're coming in at very low prices, very low prices to grab market share. And so historically, we were challenged because we had kind of a one-size-fits-all.

謝謝，吉姆。我讓馬克來談談視訊毛利率。但當我們看東方和西方時，西方仍然面臨壓力，特別是隨著過度建設者的湧入，他們以非常低的價格搶佔市場份額。所以從歷史上看，我們面臨挑戰，因為我們有一種一刀切的做法。

We've been in terms of pricing and acquisition pricing. And now we're able to via these market tests to really turn up the intensity in these markets where we're seeing these overbuilders come in for the first time so that we can compete more effectively in the long term.

我們一直在討論定價和收購定價。現在，我們能夠透過這些市場測試來真正提高這些市場中的強度，我們第一次看到這些過度建設者進入這些市場，以便我們能夠在長期內更有效地競爭。

And so we do believe that we have the right value proposition and now the right go-to-market strategy so that we can, one, ensure that we have the playbooks ready 120 days prior to folks showing up in our footprint. And then once the launch occurs, we have the right tools in our toolkit to be able to compete. So we are seeing some pressure there as the overbuild continues, but we are building our tool kits and our ability to go to market in a hyper local fashion to compete more effectively.

因此，我們確實相信，我們擁有正確的價值主張，現在也有正確的市場進入策略，以便我們可以確保在人們出現在我們的足跡之前 120 天準備好劇本。一旦產品發布，我們的工具包中就有了合適的工具來參與競爭。因此，隨著過度建設的持續，我們看到了一些壓力，但我們正在建立我們的工具包和以超本地化方式進入市場的能力，以更有效地競爭。

And I do -- and I'm confident that we're on the right path. The other challenge or the interesting dynamic is when we look at income constrained, it's 18% in the East, but it's 38% in the West. And so we do need to evolve our income-constrained strategy, and we now have a plan, and we're going to be launching that later this year, first half of this year. It will be simplified as we talk to our customers, and we've looked at what their needs are.

我確實如此——而且我相信我們正走在正確的道路上。另一個挑戰或有趣的動態是，當我們觀察收入限制時，東部地區為 18%，而西部地區為 38%。因此，我們確實需要改進我們的收入限制策略，我們現在有了一個計劃，我們將在今年晚些時候，也就是今年上半年啟動該計劃。當我們與客戶交談並了解他們的需求時，它會變得簡單。

They are looking for simplicity. They're looking for transparency. They're looking for predictability, and we're going to deliver all of that. We're going to deliver that in a way that will resonate and ensure that we can compete. And so we're going to -- I'm excited that we will now have a formal income-constrained strategy that will allow us to compete more effectively in that demographic, and that's particularly important in the West, where we have a greater proportion, and we have the headwinds of these fiber overbuilders.

他們追求的是簡單。他們正在尋求透明度。他們尋求可預測性，而我們將滿足他們所有的需求。我們將以一種能夠引起共鳴並確保我們能夠參與競爭的方式實現這一目標。因此，我們將——我很高興我們現在將有一個正式的收入限制戰略，這將使我們能夠在該人群中更有效地競爭，這在西方尤為重要，因為我們在那裡擁有更大的比例，並且我們面臨著這些光纖過度建設者的阻力。

In the East, we're continuing to compete very effectively as we go out to market. We've equipped our retention agents with incredible offers, and we're leveraging AI for the first time and really making sure that we're leveraged -- we understand our customer, their customer lifetime value and providing them the right offers gross adds are under pressure across the East and the West, but we're able to continue to innovate there in terms of pricing and packaging.

在東方，我們在進入市場時繼續保持著非常有效的競爭。我們為我們的留存代理商提供了令人難以置信的優惠，並且我們首次利用人工智慧，並真正確保我們能夠充分利用——我們了解我們的客戶、他們的客戶終身價值，並為他們提供正確的優惠，儘管東西方的總廣告收入都面臨壓力，但我們能夠在定價和包裝方面繼續創新。

Our Optimum complete package with broadband and mobile is really starting to resonate. We've evolved our mobile strategy a bit, simplifying the pricing, and that's really helping us compete effectively in the East. Marc?

我們的包含寬頻和行動服務的 Optimum 完整套餐確實開始引起共鳴。我們對行動策略進行了一些改進，簡化了定價，這確實幫助我們在東方有效競爭。馬克？

And then Jim, just on video gross margins, really pleased on our trajectory and the improvements that you mentioned. We're doing that on 2 fronts. We're doing it from a rate perspective, and we're also doing it from a cost perspective.

然後，吉姆，就視頻毛利率而言，他對我們的發展軌跡和您提到的改進感到非常滿意。我們從兩個方面進行這項工作。我們是從利率的角度來做這件事的，我們也是從成本的角度來做這件事的。

On the rate side, really pleased to see how we've taken a much more disciplined approach to passing along the annual programming cost increases, our video ARPU is up over 7% year-over-year. We're also doing that just through the new packaging and driving customers to the right options around stream and entertainment, TV, extra and everything.

在費率方面，我們很高興看到我們採取了更加嚴謹的方式來分擔年度節目製作成本的增長，我們的視頻 ARPU 同比增長了 7% 以上。我們也透過新的包裝來實現這一點，並引導客戶在串流媒體和娛樂、電視、額外內容等方面做出正確的選擇。

And then on programming costs, also very pleased, over $200 million decline year-over-year in programming costs. Some of it is certainly tied to volume, but also rate, as we mentioned, lowest level of rate inflation to date, historically, that was around 6% to 8%. We've been able to bring that down to about 4%. All of those things, plus the other things we talked about today gives us confidence that we will drive to our approximately 70% gross margin by 2026. And so we feel like we're on a good path there, and it will be a key contributor to EBITDA growth over time.

然後，關於節目製作成本，我也很高興，節目製作成本比去年同期下降了 2 億多美元。其中一些肯定與數量有關，但也與利率有關，正如我們所提到的，迄今為止歷史上最低的利率通膨水準約為 6% 至 8%。我們已經能夠將這一比例降至 4% 左右。所有這些，加上我們今天談到的其他事情，讓我們有信心在 2026 年將毛利率提高到 70% 左右。因此，我們覺得我們正走在一條正確的道路上，並且隨著時間的推移，它將成為 EBITDA 成長的關鍵貢獻者。

Yes. The only other thing I'll add is that what's really resonating is mobile. This is a huge opportunity for us, and we're really just getting started. Our new offers are delivering 60% growth in the average number of lines that each customer takes.

是的。我唯一要補充的是，真正引起共鳴的是行動裝置。這對我們來說是一個巨大的機會，而且我們才剛開始。我們的新服務使每位顧客的平均排隊次數增加了 60%。

On the B2B side, we're really just delivering and selling to the small, small business. And so by middle of this year, we'll have solutions for midsize and larger businesses. And really, our sales channels are just getting started. Today, on the care side, we've got 40% of our team selling that was 0% a year ago, and we grew that to 25%, and we're going to have even more growth and scale by the middle of this year.

在 B2B 方面，我們實際上只是向小型企業提供和銷售產品。因此，到今年年中，我們將為中型和大型企業提供解決方案。事實上，我們的銷售管道才剛起步。今天，在護理方面，我們團隊的銷售額佔比為 40%，而一年前這一比例為 0%，現在我們已將其增長至 25%，到今年年中，我們的增長和規模還將進一步擴大。

So when you look at what's really working, it's that conversion strategy and being able to bring broadband and mobile together, and we're just getting started on mobile, and I'm excited for the growth, both on the consumer and the B2B side.

因此，當你看到真正有效的方法時，你會發現轉換策略能夠將寬頻和行動結合在一起，而我們才剛開始行動領域，我對消費者和 B2B 方面的成長感到興奮。

Thank you. We reach the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you all for joining. Please reach out to Investor Relations or media relations with any further questions.

感謝大家的加入。如有任何其他問題，請聯絡投資者關係部或媒體關係部。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line 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。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。