Optimum Communications Inc (OPTU) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Altice USA Q1 2025 results conference call.

您好，歡迎參加 Altice USA 2025 年第一季業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Sarah Freedman, Vice President of Investor Relations.

現在我很高興介紹主持人、投資者關係副總裁莎拉‧弗里德曼 (Sarah Freedman)。

Thank you. Welcome to the Altice USA Q1 2025 earnings call. We are joined today by Altice USA's Chairman and CEO, Dennis Mathew; and CFO, Marc 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 2025 年第一季財報電話會議。今天與我們一起參加活動的有 Altice USA 董事長兼首席執行官丹尼斯·馬修 (Dennis Mathew)；和首席財務官馬克·西羅塔 (Marc 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. In the first quarter, I'm pleased to share that we made meaningful strides to stabilize our performance and solidify our foundation for long-term success here at Optimum. Our performance was driven by improvements in customer and network experience, expansion of competitive and targeted go-to-market initiatives and a focus on transforming our business. We also successfully navigated two significant programming negotiations, achieving favorable outcomes with minimal disruption to our customers.

謝謝莎拉，也謝謝大家今天加入我們。在第一季度，我很高興地告訴大家，我們取得了有意義的進展，穩定了我們的業績，鞏固了 Optimum 長期成功的基礎。我們的業績得益於客戶和網路體驗的改善、競爭性和有針對性的市場進入措施的擴大以及對業務轉型的關注。我們也成功完成了兩次重要的程式設計談判，取得了有利的結果，並且最大程度地減少了對客戶的干擾。

Our progress reflects the dedication of our Optimum teammates who continue to deliver for our customers and drive our strategic priorities. I'm incredibly proud that we were recertified as a Great Place to Work, a testament to the culture driving our momentum. Thank you to the entire Optimum team for making it happen.

我們的進步體現了 Optimum 隊友的奉獻精神，他們繼續為我們的客戶提供服務並推動我們的策略重點。我非常自豪我們再次被認證為“最佳工作場所”，這證明了推動我們發展勢頭的文化。感謝整個 Optimum 團隊讓這一切成為可能。

I'd like to begin on slide 3 with our quarterly performance highlights. Broadband subscriber net losses of 37,000 improved sequentially from last quarter and reflect the investments and changes we have implemented in the last 18 months. When normalized for the impact of the nearly two-month programming disputes, we would have seen approximately 35,000 broadband net losses in the quarter. Broadband ARPU grew 2.4% year-over-year, supporting the progress we are making on stabilizing ARPU trends, which Marc will provide details on shortly.

我想從投影片 3 開始介紹我們的季度業績亮點。寬頻用戶淨流失量為 37,000 名，較上一季有所改善，反映了我們在過去 18 個月中實施的投資和變革。如果將近兩個月的節目爭議的影響標準化，我們將看到本季寬頻淨損失約為 35,000 條。寬頻 ARPU 年成長 2.4%，支持我們在穩定 ARPU 趨勢方面取得的進展，Marc 很快就會提供詳細資訊。

On fiber, we achieved all-time-high fiber performance of 69,000 fiber net additions. We ended the quarter with over 600,000 fiber customers, reaching 20% penetration of our fiber network. We continue to accelerate mobile growth with 49,000 mobile line net additions and surpassed the milestone of 500,000 mobile lines.

在光纖方面，我們實現了淨增 69,000 條光纖的歷史最高水準。本季末，我們的光纖客戶超過 60 萬名，光纖網路普及率達 20%。我們持續加速行動業務的成長，新增行動線路 49,000 條，突破了 50 萬條行動線路的里程碑。

Our transformation is gaining momentum as we sharpen execution and expand targeted go-to-market strategies in high-opportunity markets. We are also working to optimize our programming and expense opportunities and achieved nearly 69% gross margin in the quarter. Additionally, quarterly churn reached the lowest levels in three years. Annualized broadband churn improved by 90 basis points year-over-year in Q1, particularly within voluntary and nonpaid churn, driven by stronger base management, enhanced value propositions and better network performance.

隨著我們加強執行力並在高機會市場中擴大有針對性的市場進入策略，我們的轉型正在獲得動力。我們也致力於優化我們的程式設計和費用機會，並在本季實現了近 69% 的毛利率。此外，季度客戶流失率達到三年來的最低水準。第一季度，寬頻年流失率年增了 90 個基點，尤其是自願和非付費流失率，這得益於更強大的基礎管理、增強的價值主張和更好的網路效能。

We also continue to make incredible progress in our customer experience, as evidenced by our recent recognition by the Global Stevie Awards for excellence in customer service and customer service transformation, a testament to the ongoing dedication and commitment of team Optimum.

我們在客戶體驗方面也繼續取得令人難以置信的進步，我們最近因在客戶服務和客戶服務轉型方面的卓越表現而獲得全球史蒂夫獎，這證明了 Optimum 團隊的持續奉獻和承諾。

Turning to slide 4. Our 2025 priorities remain unchanged: to unlock revenue opportunities, drive greater operational efficiency, continue enhancing our award-winning networks and ensure our capital structure is aligned with our long-term operating goals.

翻到幻燈片 4。我們的 2025 年優先事項保持不變：釋放收入機會、提高營運效率、持續增強我們屢獲殊榮的網路並確保我們的資本結構與我們的長期營運目標保持一致。

I want to pause here and underscore that 2025 marks a pivotal milestone for Optimum, reflecting the culmination of our strategic investments, successful execution of our operational transformation and delivery of financial discipline that has enabled us to slow the rate of adjusted EBITDA decline over the last three years.

我想在這裡停下來強調一下，2025 年是 Optimum 的一個關鍵里程碑，反映了我們策略投資的頂峰、營運轉型的成功實施以及財務紀律的執行，這使我們能夠減緩過去三年調整後 EBITDA 下降的速度。

Looking ahead, in 2025, we expect to deliver approximately $3.4 billion of adjusted EBITDA, stabilize broadband subscriber trends in the full year and improve investment returns. We will detail in the following slides the strategies that give us confidence that we can achieve this.

展望未來，到2025年，我們預計實現約34億美元的調整後EBITDA，穩定全年寬頻用戶趨勢，提高投資回報。我們將在下面的幻燈片中詳細介紹讓我們有信心實現這一目標的策略。

Our top line performance will continue to be closely tied to subscriber trends. We are taking purposeful actions to realize more revenue opportunities through addressing customer affordability challenges and competitive intensity and by delivering greater value through tailored offers, localized pricing and enhanced product positioning and bundles.

我們的營收表現將持續與用戶趨勢緊密相關。我們正在採取有目的的行動，透過解決客戶承受能力挑戰和競爭強度，並透過客製化服務、在地化定價和增強的產品定位和捆綁銷售提供更大的價值，實現更多的收入機會。

As we continue to drive transformation, we are executing a broad range of initiatives aimed at enhancing the customer experience while reducing our cost to serve as well as increasing the flexibility of our programming agreements, expanding the use of digital and AI tools to reduce service calls and visits, and driving stronger ROI across both operating costs and capital expenditures.

隨著我們繼續推動轉型，我們正在實施一系列舉措，旨在提升客戶體驗，同時降低服務成本，提高編程協議的靈活性，擴大數位和人工智慧工具的使用以減少服務電話和訪問，並提高營運成本和資本支出的投資回報率。

Finally, we remain disciplined in managing our capital structure and continue to evaluate all options that support long-term sustainability and align with our operating goals. This week, we entered into an agreement to sell certain tower assets for gross proceeds of approximately $60 million. We expect this transaction to close by early Q3, subject to customary closing conditions.

最後，我們繼續嚴格管理我們的資本結構，並繼續評估所有支持長期永續性並符合我們營運目標的選擇。本週，我們達成協議，出售部分塔資產，總收益約 6,000 萬美元。我們預計交易將在第三季初完成，但須遵守慣例成交條件。

As previously disclosed, we also entered into an agreement to sell the i24NEWS business to Next Alt or an affiliate thereof. This transaction is expected to close later this year following the satisfaction of closing conditions, including receipt of regulatory approvals. These transactions provide us with additional operational focus and financial flexibility. We will continue to evaluate our balance sheet and operational efficiencies to monetize non-core assets as opportunities arise.

如前所述，我們也簽署了一項協議，將 i24NEWS 業務出售給 Next Alt 或其附屬公司。該交易預計將於今年稍晚在滿足成交條件（包括獲得監管部門批准）後完成。這些交易為我們提供了額外的營運重點和財務靈活性。我們將繼續評估我們的資產負債表和營運效率，以便在機會出現時將非核心資產貨幣化。

Turning to slide 5, I'll walk through some of the key operational strategies we are deploying and scaling to position us to deliver approximately $3.4 billion of adjusted EBITDA in full year '25. First, on our competitive go-to-market efforts, we're enhancing marketing effectiveness through AI and digital tactics and refining our packaging and offers based on data-driven insights.

轉到投影片 5，我將介紹我們正在部署和擴展的一些關鍵營運策略，這些策略使我們能夠在 25 年全年實現約 34 億美元的調整後 EBITDA。首先，在我們競爭激烈的行銷努力中，我們透過人工智慧和數位策略提高行銷效果，並根據數據驅動的洞察來改進我們的包裝和優惠。

Specifically, over the past few quarters, we've seen increased pressure in income-constrained segments, particularly with gross additions, as some customers opt for lower-cost alternatives. We see firsthand how customers are being impacted by inflation, unemployment and broader economic pressures, which is why we're committed to evolving our packages to ensure there are solutions for every budget.

具體來說，在過去幾個季度中，我們看到收入受限的細分市場的壓力不斷增加，尤其是在總增加方面，因為一些客戶選擇了成本較低的替代方案。我們親眼目睹了客戶如何受到通貨膨脹、失業和更廣泛的經濟壓力的影響，這就是我們致力於改進我們的套餐以確保為每個預算提供解決方案的原因。

At the end of April, we launched a new everyday low-price offer designed to support families facing economic hardship. Later this year, we will enhance this product with lifestyle brand partnerships to enhance our value to families as they manage overall expenses. We're actively working to increase awareness and accessibility of these services through direct outreach and by lowering qualification hurdles for a simplified sign-up experience.

四月底，我們推出了新的日常低價優惠，旨在為面臨經濟困難的家庭提供支援。今年晚些時候，我們將與生活風格品牌合作來增強該產品，以增強我們為家庭管理整體開支提供的價值。我們正在積極努力，透過直接推廣和降低資格門檻來簡化註冊體驗，提高人們對這些服務的認識和可近性。

This leads me to our hyper-local playbook, an approach we can uniquely deploy given our ability to move quickly in local markets. In Q1, we scaled this strategy across highly competitive areas in our footprint, offering attractive pricing paired with compelling features like price locks and free installation to lower barriers to switching. This strategy is highly targeted, data-driven and driving strong results. In these markets, we're already seeing over 10% lift in revenue, driven by higher sales and penetration growth.

這讓我想到了我們的超本地化策略，這是我們能夠以獨特的方式部署的一種方法，因為我們有能力在本地市場快速行動。在第一季度，我們在業務範圍內競爭激烈的地區推廣了這項策略，提供有吸引力的價格以及價格鎖定和免費安裝等引人注目的功能，以降低轉換障礙。該策略具有高度針對性、數據驅動性並能帶來強勁的成果。在這些市場中，由於銷售額和滲透率的提高，我們的收入已成長 10% 以上。

We're also sharpening our focus on our multi-dwelling unit footprint or MDUs, which represent over 2 million serviceable passings across our footprint. MDUs are a valuable customer segment as a portion are secured through long-term agreements and have a better churn profile.

我們也更加關注我們的多住戶單位（MDU），這代表著我們整個覆蓋範圍內超過 200 萬次可用通行。MDU 是一個有價值的客戶群，因為其中一部分是透過長期協議獲得保障的，並且具有更好的客戶流失率。

We've deployed new reporting and analytics tools to identify where we are under-penetrated and then track, monitor and optimize performance, led by a focused leadership team to drive our go-to-market for this segment. And we are enhancing our managed WiFi offerings to deliver a stronger experience tailored to MDU customers.

我們部署了新的報告和分析工具來確定我們滲透不足的領域，然後追蹤、監控和優化績效，由專注的領導團隊領導，推動我們進入該領域的市場。我們正在增強我們的託管 WiFi 產品，以便為 MDU 客戶提供更強大的客製化體驗。

Overall, our go-to-market approach is to deepen our connection across the communities we serve by optimizing our offers and customer engagement to reflect what matters most at the neighborhood level, and we're already seeing positive momentum in several markets.

總體而言，我們的行銷方法是透過優化我們的服務和客戶參與度來加深我們與所服務社區之間的聯繫，以反映社區層面最重要的事情，並且我們已經在多個市場看到了積極的勢頭。

Next, we are enhancing and expanding our products and services to strengthen our competitive profile. On broadband, in April, we launched Whole Home WiFi, a value-added service that provides more powerful and seamless coverage throughout the home, along with ongoing tech support for total peace of mind.

接下來，我們將增強和擴展我們的產品和服務，以增強我們的競爭力。在寬頻方面，我們於 4 月推出了全屋 WiFi，這是一項增值服務，可在整個家庭提供更強大、更無縫的覆蓋，同時還提供持續的技術支持，讓您完全放心。

Priced at $10 per month, this product eliminates connectivity pain points such as dead zones and dropped signals, especially as the number of connected devices in the home continues to grow. Later this year, we will roll out more next-generation WiFi solutions to further enhance the in-home experience.

該產品每月售價 10 美元，可消除盲區和訊號損失等連接痛點，尤其是在家庭連接設備數量不斷增長的情況下。今年晚些時候，我們將推出更多下一代 WiFi 解決方案，以進一步增強家庭體驗。

If you recall, last year, we launched Total Care, another premium support add-on priced at $15 per month. Together, we expect to reach 30%-plus penetration of our broadband base as we scale Whole Home WiFi and Total Care over time. And as I shared earlier, we also achieved over 20% penetration on our award-winning fiber network and continue to target 30% penetration by year-end 2026.

如果你還記得的話，去年我們推出了 Total Care，這是另一個每月售價 15 美元的高級支援附加組件。隨著我們逐步擴大全屋 WiFi 和全面護理服務，我們預計寬頻基礎的普及率將達到 30% 以上。正如我之前所分享的，我們屢獲殊榮的光纖網路的普及率也超過了 20%，而我們的目標是到 2026 年底達到 30% 的普及率。

On video, we are evolving our portfolio to ensure our entertainment offerings bring our customers what they want, how they want it. We recently announced our collaboration with Disney to offer eligible customers the Disney+ Hulu bundle basic option for six months on us.

在影片方面，我們正在改進我們的產品組合，以確保我們的娛樂產品能夠以客戶想要的方式提供他們想要的內容。我們最近宣布與迪士尼合作，為符合資格的客戶提供為期六個月的 Disney+ Hulu 套餐基本選項。

After the six months, customers will continue to manage their subscription directly through Optimum. This is the beginning of our new approach to enable customers to build their own curated content selection through us, with more OTT streaming partners and other services to become available for purchase through Optimum in the quarters to come.

六個月後，客戶將繼續直接透過 Optimum 管理他們的訂閱。這是我們新方法的開始，使客戶能夠透過我們建立自己的精選內容選擇，並且在未來幾個季度內，將有更多的 OTT 串流媒體合作夥伴和其他服務可以透過 Optimum 購買。

In addition, we are scaling the availability of the three new video packages we launched in late '24, Entertainment, Extra and Everything TV, with existing and new customers while improving our video margin profile. In Q1, over 25% of new video customers chose Entertainment TV, our $30 entry-level package without sports and news, highlighting strong demand for affordable skinny bundles.

此外，我們正在擴大 24 年底推出的三個新視訊套餐（娛樂、Extra 和 Everything TV）的可用性，為現有和新客戶提供服務，同時提高我們的視訊利潤率。第一季度，超過 25% 的新視訊客戶選擇了娛樂電視，這是我們的 30 美元入門級套餐，不含體育和新聞內容，凸顯了市場對經濟實惠的精簡套餐的強勁需求。

Turning to B2B. We recently unified our B2B and Optimum Media divisions under one leader, Keith Bowen, to capitalize on new growth opportunities while delivering greater value to Optimum's business customers. This uniquely opens the door to more opportunities for cross-selling and driving innovative advertising and connectivity offers.

轉向B2B。我們最近將 B2B 和 Optimum Media 部門統一歸於 Keith Bowen 領導，以利用新的成長機會，同時為 Optimum 的商業客戶提供更大的價值。這為交叉銷售和推動創新廣告和連結服務提供了更多機會。

On the B2B side, we're expanding product availability of fiber broadband to drive higher fiber penetration. We recently launched Secure Fiber Internet at no extra cost and Secure Internet Plus at $20 per month, which allows for security feature customization. These new cybersecurity solutions are in high demand and built on our cloud-based, high-capacity infrastructure and designed to provide powerful, reliable protection.

在 B2B 方面，我們正在擴大光纖寬頻的產品可用性，以推動更高的光纖普及率。我們最近推出了免費的安全光纖網路和每月 20 美元的安全網路 Plus，允許客製化安全功能。這些新的網路安全解決方案需求量大，建立在我們基於雲端的高容量基礎設施之上，旨在提供強大、可靠的保護。

In Q4, we launched Connection Backup at $30 per month for B2B customers, which provides a reliable, automatic backup Internet connection, specifically designed for point-of-sale systems and other critical business devices. We continue to scale this product and are already seeing meaningful take rates in the first quarter.

在第四季度，我們為 B2B 客戶推出了每月 30 美元的 Connection Backup，它提供了可靠的自動備份互聯網連接，專為銷售點系統和其他關鍵業務設備而設計。我們將繼續擴大該產品的規模，並且在第一季已經看到了顯著的採用率。

We estimate that these types of products and add-on services can achieve over 30% penetration over time. It's worth noting that these B2B solutions are in addition to other new products we have launched over the last year, such as device protection and insurance as well as Pro WiFi Internet with marketing solutions, which we continue to enhance and drive greater penetration.

我們估計，隨著時間的推移，這些類型的產品和附加服務可以實現30%以上的滲透率。值得注意的是，這些 B2B 解決方案是我們去年推出的其他新產品的補充，例如設備保護和保險以及帶有行銷解決方案的 Pro WiFi 互聯網，我們將繼續增強這些產品並推動更大的滲透。

Turning to mobile, we continue to build momentum and drive convergence. We are seeing demand from both new and existing customers who want the simplicity and value that come from combining broadband and mobile in one seamless experience.

轉向移動領域，我們繼續積聚動力並推動融合。我們看到新舊客戶的需求，他們希望獲得寬頻和行動無縫結合所帶來的簡單性和價值。

Our mobile service revenue grew 47% year-over-year in Q1, and we reached over 6% of our broadband base converged with mobile, representing a meaningful growth opportunity to continue to drive convergence.

我們第一季的行動服務收入年增了 47%，我們的寬頻基數與行動融合率已超過 6%，這代表著繼續推動融合的重大成長機會。

In addition to delivering top line revenue growth, our mobile and value-added services portfolio enhance customer lifetime value by creating stickier, higher ARPU customers and help us to compete more effectively. We estimate that new revenue from mobile and value-added services will exceed $0.5 billion of incremental revenue over time.

除了實現營業收入成長之外，我們的行動和增值服務組合還透過創造更具黏性、更高 ARPU 的客戶來提高客戶終身價值，並幫助我們更有效地競爭。我們估計，隨著時間的推移，來自行動和增值服務的新收入將超過 5 億美元的增量收入。

And finally, we are focused on advancing our transformation and driving greater efficiencies across the business. One key area is through optimization of our programming agreements. Our negotiations are guided by a customer-first mindset, supported by advanced data and analytics that helps us to understand viewing habits and advocate for the best possible value and flexibility.

最後，我們專注於推進轉型並提高整個業務的效率。一個關鍵領域是透過優化我們的程式協議。我們的談判以客戶至上的理念為指導，並藉助先進的數據和分析技術，幫助我們了解觀看習慣，並倡導最佳的價值和靈活性。

In early Q1, this approach led to the temporary drop of two networks for approximately 1.8 million customers while we negotiated for more flexible terms for our customers and our business. Throughout this period, we proactively engaged directly with our customers, offering alternative viewing options and solutions tailored to their individual needs. While this caused some impacts in the quarter, which we have detailed in the presentation, our thoughtful approach significantly minimized customer inconvenience and churn, and we retained 99.8% of those impacted.

在第一季初，這種做法導致大約 180 萬客戶暫時停止使用兩個網絡，同時我們為客戶和業務協商了更靈活的條款。在此期間，我們積極主動地與客戶直接接觸，提供根據他們的個人需求量身定制的替代觀看選項和解決方案。雖然這對本季度造成了一些影響（我們已在演示中詳細說明），但我們周到的方法大大減少了客戶的不便和流失，並且我們保留了 99.8% 的受影響客戶。

I am extremely pleased with the positive response from our customers, how our team proactively managed the situation, the outcomes we reached with our partners and how we've strengthened our playbook for future programming negotiations and deal optimization.

我對客戶的積極回應、我們的團隊如何積極應對情況、我們與合作夥伴達成的成果以及我們如何加強未來編程談判和交易優化的策略感到非常高興。

Next, we have made significant investments in people and technology over the last two years. As a result, we have transitioned from legacy systems to digital platforms, and our continued investment in automation and AI tools allows us to work faster and is becoming embedded in how we operate. As we enter this next phase of transformation and evolve into a digital-first company, leveraging AI and automation, we are continually optimizing organizational structure and staffing models to increase efficiency, eliminate redundancies and strengthen our performance-driven culture.

其次，我們在過去兩年中對人才和技術進行了大量投資。因此，我們已經從傳統系統過渡到數位平台，我們對自動化和人工智慧工具的持續投資使我們能夠更快地工作，並且正在融入我們的營運方式。隨著我們進入轉型的下一階段，並利用人工智慧和自動化發展成為數位優先的公司，我們正在不斷優化組織結構和人員配置模式，以提高效率、消除冗餘並加強我們以績效為導向的文化。

At this juncture, I'm pleased to welcome Colleen Cone as our new Chief Human Resources Officer. The team and I look forward to partnering with her to build a resilient, high-performing organization aligned with the needs of our evolving business. Our digital and AI tools are already delivering impact, reducing service calls by over 1 million and truck rolls by 280,000 in the last 12 months, while improving the customer experience. We're excited to continue advancing our systems to drive further efficiencies and value.

在此時刻，我很高興歡迎科琳·科恩 (Colleen Cone) 擔任我們的新任首席人力資源長。我和團隊期待與她合作，建立一個符合我們不斷發展的業務需求的有韌性、有效率的組織。我們的數位和人工智慧工具已經產生了影響，在過去 12 個月中減少了 100 多萬次服務呼叫和 28 萬次上門服務，同時改善了客戶體驗。我們很高興能夠繼續改進我們的系統，以提高效率和價值。

To support this evolution, Optimum is proud to announce an expanded partnership with Google Cloud to build an intelligent and personalized customer experience across web interactions, mobile apps, call centers and in-person kiosks. Optimum will use Google Cloud's generative AI technology, including Google's Customer Engagement Suite, Vertex AI Platform and Gemini models to improve customer service, provide more robust tools to our frontline teammates, build stronger, more resilient relationships with our customers and unlock meaningful workforce efficiencies.

為了支持這一發展，Optimum 很榮幸地宣布擴大與 Google Cloud 的合作夥伴關係，以在網路互動、行動應用程式、呼叫中心和現場資訊亭方面建立智慧和個人化的客戶體驗。Optimum 將使用 Google Cloud 的生成式 AI 技術，包括 Google 的客戶參與套件、Vertex AI 平台和 Gemini 模型來改善客戶服務，為我們的一線隊友提供更強大的工具，與我們的客戶建立更牢固、更有彈性的關係，並釋放有意義的勞動力效率。

Today, we're resolving over 50% of customer inquiries with our in-house AI virtual agent called AVA. We're excited to add Google Cloud's AI technologies to our toolbox and further improve the customer experience. Our digital transformation has also allowed us to take a more proactive approach to network maintenance by leveraging data in new ways to deliver best-in-class service quality at the street and neighborhood levels. We are pre-emptively resolving issues before they lead to service visits and minimizing calls into the call center, ultimately helping more customers with fewer resources and lower cost for us.

今天，我們利用內部 AI 虛擬代理 AVA 解決了超過 50% 的客戶諮詢。我們很高興將 Google Cloud 的 AI 技術添加到我們的工具箱中並進一步改善客戶體驗。我們的數位轉型也使我們能夠採取更積極主動的方式進行網路維護，透過以新的方式利用數據在街道和社區層面提供一流的服務品質。我們在問題導致服務訪問之前就主動解決問題，並盡量減少呼叫中心的呼叫，最終以更少的資源和更低的成本幫助更多的客戶。

At the same time, we're enhancing our telemetry systems to give agents better diagnostics and clearer guidance, enabling faster and more effective resolution when customer issues do arise. In Q1, our average monthly service dispatch rate approached recent lows, driven by our proactive approach and enhanced maintenance efforts. In summary, these strategies are helping to strengthen our competitive position, stabilize our customer base and drive greater efficiency across the business to deliver meaningful results.

同時，我們正在增強遙測系統，為代理商提供更好的診斷和更清晰的指導，以便在出現客戶問題時能夠更快、更有效地解決問題。在第一季度，由於我們採取積極主動的方法和加強維護力度，我們的平均每月服務調度率接近近期低點。總之，這些策略有助於加強我們的競爭地位，穩定我們的客戶群，並提高整個業務的效率，從而取得有意義的成果。

I will now turn it over to Marc to walk through our financial outlook shaped by these strategic initiatives.

現在，我將把時間交給馬克，讓他介紹這些策略舉措所塑造的財務前景。

Thank you, Dennis.

謝謝你，丹尼斯。

Let's begin on slide 6. Adjusted EBITDA has declined in recent years, but notably, we have steadily improved the rate of decline as our transformation gains momentum. Because of our investments and focus, we expect full year adjusted EBITDA of approximately $3.4 billion in 2025 and full year revenue between $8.6 billion and $8.7 billion. Our revenue outlook reflects subscriber trends and the anticipated decline in political advertising during this non-presidential election year. 2025 revenue outlook trends, when excluding political, reflect a smaller decline compared to full year 2024, which demonstrates our confidence in stabilizing subscriber and ARPU trends and growing attachment rates.

我們從第 6 張投影片開始。調整後的EBITDA近年來有所下降，但值得注意的是，隨著轉型動能增強，我們的下降速度穩定改善。由於我們的投資和重點，我們預計 2025 年全年調整後 EBITDA 約為 34 億美元，全年營收在 86 億美元至 87 億美元之間。我們的收入前景反映了用戶趨勢以及非總統選舉年期間政治廣告的預期下降。 2025 年收入展望趨勢（不包括政治因素）與 2024 年全年相比下降幅度較小，這表明我們對穩定用戶和 ARPU 趨勢以及提高附著率充滿信心。

We continue to see programming cost savings driven by video subscriber volume and optimized agreements with programming costs moderating by 12% year-over-year in Q1, excluding benefits from content savings during the non-carriage periods. In the full year 2025, we expect total direct costs of approximately $2.6 billion, inclusive of other direct costs, which should pick up as our mobile business continues to grow.

我們繼續看到，受視訊訂戶數量和優化協議的推動，節目成本在第一季同比下降了 12%，這還不包括非傳輸期間內容節省的收益。到 2025 年全年，我們預計直接成本總額約為 26 億美元（包括其他直接成本），隨著行動業務的持續成長，這一數字應該會上升。

We remain focused on driving stronger returns on both OpEx and CapEx. As we streamline operations, simplify our organizational structure and improve marketing effectiveness, we expect approximately $2.6 billion of other operating expenses in the full year 2025. This is a slight moderation compared to the full year 2024. As more of these initiatives take hold, we expect further moderation in 2026.

我們將繼續致力於提高營運支出和資本支出的回報。隨著我們精簡營運、簡化組織結構並提高行銷效率，我們預計 2025 年全年其他營運費用約為 26 億美元。與 2024 年全年相比，這略有放緩。隨著更多此類措施的實施，我們預計 2026 年將會進一步放緩。

On CapEx, we're prioritizing the highest-return capital projects and further implementing cost efficiencies across network maintenance. We now expect full year 2025 capital spend of approximately $1.2 billion, while still achieving our goals related to network upgrades, passings expansion and new product launches. I'm extremely pleased with the progress we're making and the steps we're taking to sharpen our execution. I'm confident these actions will drive stronger performance and improved results in full year 2025.

在資本支出方面，我們優先考慮回報率最高的資本項目，並進一步提高網路維護的成本效益。我們現在預計 2025 年全年資本支出約為 12 億美元，同時仍實現與網路升級、業務擴展和新產品發布相關的目標。我對我們所取得的進展以及為加強執行力而採取的措施感到非常高興。我相信這些行動將推動 2025 年全年業績更強勁、業績更佳。

Next, on slide 7, you'll see an overview of our broadband, fiber and mobile subscriber performance over the last few quarters. While Dennis reviewed most of these results earlier, I want to highlight a few points. As mentioned, broadband subscriber net losses in Q1 were 37,000. The impact of the aforementioned content interruptions for almost two months in the quarter resulted in approximately 2,700 fewer broadband net adds.

接下來，在第 7 張投影片上，您將看到過去幾季我們的寬頻、光纖和行動用戶表現的概覽。雖然丹尼斯之前已經回顧了大部分結果，但我想強調幾點。如上所述，第一季寬頻用戶淨流失37,000人。受上述內容中斷影響，本季寬頻淨增用戶數減少約 2,700 個。

Our broadband performance in the quarter was supported by churn stabilization across our footprint, and our performance in the East footprint improved year-over-year in Q1 despite programming non-carriage periods. In the West, gross additions remained challenged as we saw continued elevated competition from fiber overbuilders and less market activity. However, churn in the West also improved year-over-year in Q1, and we remain confident that our new go-to-market strategies will help stabilize broadband subscriber trends in these markets.

本季我們的寬頻業績得益於整個業務範圍內客戶流失率的穩定，儘管存在節目非傳輸期，但我們在東部業務範圍內的業績在第一季同比有所改善。在西方，由於光纖過度建設者的競爭持續加劇以及市場活動減少，總增量仍面臨挑戰。然而，西方國家第一季的用戶流失率也較去年同期有所改善，我們仍然相信，我們新的市場進入策略將有助於穩定這些市場的寬頻用戶趨勢。

Furthermore, mobile and fiber remain significant growth opportunities for us, and we continue to expand participation across all channels. This quarter, we accelerated momentum in both areas, and we continue to expect 1 million fiber customers by year-end 2026 and 1 million mobile lines by year-end 2027. We are very encouraged by the early traction from our strategic initiatives, which are resulting in strong broadband, fiber and mobile trends.

此外，行動和光纖仍然是我們重要的成長機會，我們將繼續擴大所有管道的參與。本季度，我們在這兩個領域都加快了發展勢頭，我們預計到 2026 年底將擁有 100 萬光纖客戶，到 2027 年底將擁有 100 萬條行動線路。我們的策略性舉措早期取得的進展令我們感到非常鼓舞，這些舉措正在形成強勁的寬頻、光纖和行動趨勢。

Turning to slide 8, I'll review our financial performance in Q1. Total revenue of approximately $2.2 billion declined 4.4% year-over-year and was driven by Residential declines of 5.7%, Business Services decline of 0.4%, supported by Lightpath revenue growth of 7.3%, News and Advertising decline of 3.1% and offset by growth in Other of 52%, primarily driven by growth in mobile equipment revenue.

翻到第 8 張投影片，我將回顧我們第一季的財務表現。總收入約為 22 億美元，年減 4.4%，主要由於住宅收入下降 5.7%、商業服務收入下降 0.4%，而 Lightpath 收入增長 7.3%，新聞和廣告收入下降 3.1%，其他收入增長 52% 抵消了這一影響，主要原因是移動設備收入增長。

In Q1, we saw revenue impacts from customer credits issued in connection with the two programming interruptions. Excluding these impacts, revenue would have declined approximately 3.9% in the quarter. Q1 adjusted EBITDA of $799 million declined 5.6% year-over-year, driven by revenue decline, offset by programming savings and an increase in other operating expenses, excluding share-based compensation.

在第一季度，我們發現與兩次節目中斷相關的客戶信用額度對收入產生了影響。排除這些影響，本季營收將下降約 3.9%。第一季調整後的 EBITDA 為 7.99 億美元，年減 5.6%，主要原因是收入下降，但被節目製作成本節省和其他營運費用（不包括股權激勵）的增加所抵消。

The increases in other operating expenses was driven by higher onetime customer care, sales and marketing expenses related to the temporary programming interruptions as well as a net increase in labor-related costs and benefits, primarily due to higher employee health and wellness expense. These impacts were partially offset by lower truck roll costs. Excluding the revenue, programming and operating expense impacts from non-carriage periods, adjusted EBITDA would have declined approximately 4.8%.

其他營運費用的增加是由於與臨時節目中斷相關的一次性客戶服務、銷售和行銷費用的增加，以及勞動力相關成本和福利的淨增加，這主要是由於員工健康和保健費用的增加。這些影響被較低的上門運輸成本部分抵消。不計非運輸期間的收入、節目製作和營運費用的影響，調整後的 EBITDA 將下降約 4.8%。

Total gross margin expanded by 180 basis points year-over-year to 68.8% in Q1, driven in part by nonrecurring programming cost savings, which were partially offset by customer credits. Excluding these onetime items, gross margin would have been approximately 68.2%. While a portion of the benefits this quarter was nonrecurring, the underlying trends remain positive with gross margins reaching an all-time high. This reflects a continued mix shift away from video as well as ongoing efforts to optimize both video and product gross margins. We continue to target 70% gross margins by year-end 2026.

第一季總毛利率年增 180 個基點至 68.8%，部分原因是非經常性節目成本節省，但部分被客戶信用抵銷。除去這些一次性項目，毛利率約為 68.2%。雖然本季的部分收益是非經常性的，但基本趨勢仍然是正面的，毛利率達到了歷史最高水準。這反映了產品組合從視訊向外持續轉移，以及優化視訊和產品毛利率的持續努力。我們繼續以 2026 年底達到 70% 的毛利率為目標。

Q1 total adjusted EBITDA margin was 37.1%. Excluding the impacts I just mentioned, adjusted EBITDA margin would have been approximately 37.2%. And we continue to target 40% normalized adjusted EBITDA margin over time.

第一季總調整後 EBITDA 利潤率為 37.1%。除去我剛才提到的影響，調整後的 EBITDA 利潤率約為 37.2%。我們將繼續以 40% 的標準化調整後 EBITDA 利潤率作為目標。

Turning to slide 9. Residential ARPU of $133.93 declined 1.3% in Q1 year-over-year. This is driven by lower volume of video customers, customer credits related to programming interruptions, partially offset by rate actions taken at the end of Q4 as well as stronger gross add ARPU, which is up 1.8% year-over-year. Excluding impacts related to temporary programming non-carriage, residential ARPU would have declined just 0.6%.

翻到第 9 張投影片。第一季住宅 ARPU 為 133.93 美元，年減 1.3%。這是由於視訊客戶數量減少、與節目中斷相關的客戶信用下降（部分被第四季度末採取的利率行動所抵消）以及總增加 ARPU 增加（同比增長 1.8%）所致。排除臨時節目不播送的影響，住宅 ARPU 僅下降 0.6%。

Broadband ARPU grew 2.4% to $75.31, driven by rate actions, rate discipline and upgrade activity. We continue to make progress on stabilizing our ARPU trends in several ways. First, we are minimizing ARPU impact from retention efforts with CLV-based models and AI-assisted tactics. Second, our streamlined pricing approach is delivering better value for our customers and shifting demand toward higher-speed packages with almost 60% of new customers taking 1 gig or higher speeds. By the end of Q1, 35% of our customer base was on 1 gig or higher speed tiers.

受利率行動、利率紀律和升級活動的推動，寬頻 ARPU 成長 2.4% 至 75.31 美元。我們繼續透過多種方式穩定我們的 ARPU 趨勢。首先，我們利用基於 CLV 的模型和 AI 輔助策略來最大限度地減少留存工作對 ARPU 的影響。其次，我們簡化的定價方法為客戶提供了更高的價值，並將需求轉向更高速的套餐，其中近 60% 的新客戶採用 1Gb 或更高的速度。截至第一季末，我們 35% 的客戶已使用 1Gb 或更高速度等級。

Third, we are driving mobile penetration and the sell-in of our value-added services portfolio, as Dennis referenced earlier. And finally, through improved go-to-market execution and targeted rate actions, we're preserving ARPU better while remaining competitive at the hyper-local level.

第三，正如丹尼斯之前提到的，我們正在推動行動普及率和增值服務組合的銷售。最後，透過改善市場進入執行和有針對性的利率行動，我們更好地保持了 ARPU，同時在超本地化層面保持了競爭力。

Turning to slide 10, I'll walk through our network investments and how we're driving greater efficiency across our capital envelope to support long-term growth and enhanced service delivery. We added 25,000 total new passings in Q1, reaching 9.9 million total passings. We grew our fiber footprint by 33,000 passings, primarily through fiber new builds, ending the quarter with 3 million fiber passings. We continue to edge out our footprint in a fiber-rich manner with the majority of fiber passings in 2025 contributing to total new passings.

翻到第 10 張投影片，我將介紹我們的網路投資，以及我們如何提高整個資本範圍的效率，以支持長期成長和增強的服務交付。第一季度，我們新增了 25,000 名乘客，總乘客人數達到 990 萬人。我們的光纖覆蓋範圍增加了 33,000 條，主要是透過新建光纖，本季末光纖覆蓋範圍達到 300 萬條。我們將繼續以富含纖維的方式減少我們的足跡，2025 年的大部分纖維排放量將貢獻給新排放量總量。

We see strong trends in both our HFC and fiber networks with similar take rates of 1 gig or higher speeds across both footprints of almost 60%. We continue to invest in our networks, prioritizing the highest-return opportunities and implementing tools and processes to enhance efficiencies. We have begun our mid-split upgrades on our DOCSIS 3.1 network, expanding and reallocating spectrum to enable download speeds over 1 gig.

我們看到 HFC 和光纖網路都呈現強勁趨勢，兩個網路的 1Gb 或更高速度的採用率都接近 60%。我們繼續投資我們的網絡，優先考慮最高回報的機會並實施工具和流程以提高效率。我們已經開始對 DOCSIS 3.1 網路進行中期升級，擴展和重新分配頻譜，以實現超過 1G 的下載速度。

And our Lightpath business continues to expand in the hyperscaler community with the recent announcement of its entrance into the Columbus, Ohio market with a new 102-route mile underground high-fiber count network anchored by a major hyperscaler partner.

我們的 Lightpath 業務在超大規模社區中繼續擴展，最近宣布進入俄亥俄州哥倫布市場，並由一家大型超大規模合作夥伴構建了一條新的 102 英里地下高光纖數量網路。

Over the last few years, we have moderated our capital spend, stepping down by approximately $210 million in the full year '23 and by $270 million in the full year 2024. As we continue to drive more efficient investments, we now expect cash capital for the full year 2025 of approximately $1.2 billion. Importantly, we're maintaining our investment discipline without sacrificing progress and continue to target 175,000 total additional passings in the full year 2025.

過去幾年，我們調整了資本支出，2023 年全年減少了約 2.1 億美元，2024 年全年減少了 2.7 億美元。隨著我們繼續推動更有效率的投資，我們預計 2025 年全年現金資本約為 12 億美元。重要的是，我們在不犧牲進步的情況下保持投資紀律，並繼續以 2025 年全年新增 175,000 名死者為目標。

Next, on slide 11, I'll review our free cash flow performance in the quarter. Free cash flow in Q1 is negative $169 million, primarily driven by cash interest of $547 million, which increased by $145 million year-over-year. The year-over-year increase in cash interest was largely driven by the additional semi-annual bond payment related to the 11.75% senior guaranteed notes issued in January of 2024, which were used to refinance a portion of our term loans. Compared to 2024, we only had one cash interest payment related to this issuance.

接下來，在第 11 張投影片上，我將回顧本季的自由現金流表現。第一季的自由現金流為負 1.69 億美元，主要受現金利息 5.47 億美元的影響，較去年同期增加了 1.45 億美元。現金利息年增主要是由於 2024 年 1 月發行的 11.75% 優先擔保票據相關的額外半年債券支付，這些票據用於為部分定期貸款進行再融資。與 2024 年相比，我們僅有一次與此發行相關的現金利息支付。

Additionally, in September 2024, we executed a six-month synthetic LIBOR contract on the incremental Term Loan B-5 to mitigate the end of LIBOR. This resulted in a six-month interest payment being made in March of 2025 compared to monthly cash interest payments prior to September. As a result, we paid $52 million of interest related to the prior years in Q1 of 2025. Beginning in April, the Term Loan B-5 will bear interest on an alternative base rate, currently defined as the prime rate plus 1.5% per annum.

此外，2024 年 9 月，我們就增量定期貸款 B-5 簽署了一份為期六個月的合成 LIBOR 合約，以緩解 LIBOR 的終結。這導致 2025 年 3 月需要支付六個月的利息，而 9 月之前則需要每月支付現金利息。因此，我們在 2025 年第一季支付了與前幾年相關的 5,200 萬美元利息。從四月開始，定期貸款 B-5 將以替代基準利率計息，目前定義為最優惠利率加上每年 1.5%。

And finally, on slide 12, I'll review our debt maturity profile. We remain well positioned with no maturities until 2027. At the end of Q1, our weighted average cost of debt is 6.8%. Our weighted average life of debt is 3.8 years, and 73% of our total debt stack is fixed. At the end of the quarter, we have a liquidity of approximately $700 million through undrawn revolver capacity and ending cash balances.

最後，在第 12 張投影片上，我將回顧我們的債務到期狀況。我們的立場仍然有利，直到 2027 年都沒有到期債務。在第一季末，我們的加權平均債務成本為 6.8%。我們的加權平均債務期限為 3.8 年，其中 73% 為固定債務。截至本季末，我們透過未提取的循環信貸額度和期末現金餘額擁有約 7 億美元的流動資金。

Our leverage ratio was 7.6 times the last two quarters of annualized adjusted EBITDA. We remain focused on exploring opportunities to ensure our capital structure supports our long-term operating goals.

我們的槓桿率為過去兩個季度年度調整後 EBITDA 的 7.6 倍。我們將繼續專注於探索機會，以確保我們的資本結構支持我們的長期營運目標。

In conclusion, we have the right strategy in place, and we remain focused on executing with discipline and rigor to create sustainable long-term growth and enhance value for our shareholders.

總而言之，我們制定了正確的策略，並將繼續專注於嚴格執行紀律，以創造可持續的長期成長並為股東提升價值。

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。

Thanks and good morning. So just curious if you could provide some additional context on the competitive landscape for your broadband business with respect to the impacts of fiber and FWA competition. And within that context, are you seeing any change in customer behavior, including an incremental leaning towards value products in the market?

謝謝，早安。所以我很好奇您是否可以提供一些有關寬頻業務競爭格局的額外背景信息，包括光纖和 FWA 競爭的影響。在此背景下，您是否看到客戶行為發生了任何變化，包括市場對價值產品的逐漸傾向？

And then just finally, to wrap that all together, as you described some of the improvements in the business that you're seeing, is there an opportunity over the next few quarters to start reducing the broadband losses on a year-over-year basis? Thanks.

最後，總結一下，正如您所描述的，您所看到的業務的一些改進，未來幾季是否有機會開始逐年減少寬頻損失？謝謝。

Thank you, Michael. The competitive landscape remains intense. When we think about the East, we continue to see competition from mature telco like Verizon as well as fixed wireless from T-Mo, pockets of other fixed wireless solutions in the West. We remain 45% overbuilt based on the latest BDC data, but we are seeing continuing growth of overbuilders into our markets, and we're continuing to see fixed wireless throughout the West as well.

謝謝你，麥可。競爭格局依然激烈。當我們考慮東方時，我們繼續看到來自 Verizon 等成熟電信公司的競爭，以及來自 T-Mo 的固定無線，以及西方的其他固定無線解決方案。根據最新的 BDC 數據，我們的建設量仍然過剩 45%，但我們看到進入我們市場的過度建設者數量正在持續增長，我們也繼續看到整個西部地區的固定無線網路。

And so as we've done our consumer research and continue to talk to our customers, we know that the macroeconomic headwinds are weighing heavy on folks. And so 75% of the folks that we spoke to are -- mentioned that they are challenged with their monthly expenses. And so I'm really excited about some of the new solutions that we are rolling out and have been rolling out.

因此，當我們進行消費者研究並繼續與客戶交談時，我們知道宏觀經濟逆風正在給人們帶來沉重的壓力。我們訪談的 75% 的人都表示，他們面臨每月開支的挑戰。因此，我對我們正在推出和已經推出的一些新解決方案感到非常興奮。

As I mentioned on the last call, we are launching and we just recently launched a new income-constrained product as we talk to that demographic in particular, these are folks that are looking for transparency, value, predictability and price. And I'm excited to say that we launched that product last week.

正如我在上次電話會議上提到的，我們正在推出，而且我們最近剛推出了一款新的收入受限產品，我們特別針對這一人群，這些人正在尋求透明度、價值、可預測性和價格。我很高興地說我們上週推出了該產品。

So it's still very early days. But as I look at our footprint, about 38% of our West footprint falls into this demographic, 18% in the East. And so this will allow us to compete very effectively, I believe, going forward to be able to provide the right value, the right products, the right solutions for this consumer segment.

所以現在還處於早期階段。但當我審視我們的足跡時，我們發現西部約有 38% 的足跡屬於這一人群，東部則為 18%。因此，我相信這將使我們能夠非常有效地競爭，並能夠為這個消費群體提供正確的價值、正確的產品和正確的解決方案。

We also see that there's intense competitive elements in MDU. That's where fixed wireless is competing effectively as well. And I'm excited to say that we are rolling out new strategies for MDU. We have 2 million MDU passings. Historically, we have had very little visibility reporting tools to be able to drive our go-to-market in MDU.

我們也看到 MDU 中存在著激烈的競爭因素。這也是固定無線有效競爭的領域。我很高興地說，我們正在為 MDU 推出新的策略。我們有 200 萬名 MDU 逝世。從歷史上看，我們幾乎沒有視覺性報告工具來推動我們在 MDU 的市場推廣。

And our -- we've recently brought in some new leadership. We've brought in -- we've stood up some new tools, and we're already seeing the benefits of those tools and those new processes to help us drive penetration in under-penetrated areas. We're adding 32,000 new MDU passings this year. And so this will allow us, as we continue to expand in MDU, to compete even more effectively as we move forward.

我們最近引進了一些新的領導。我們引入了一些新工具，並且已經看到了這些工具和新流程的好處，它們可以幫助我們推動滲透到滲透不足的領域。今年我們將新增 32,000 名 MDU 學員。因此，隨著我們在 MDU 的不斷擴張，這將使我們在前進的過程中更有效地競爭。

So the competitive landscape across the East and the West remains intense, but we're continuing to evolve our go-to-market strategies and product set to be able to drive value. The good news is that our churn is at all-time best in the past three years, 90 basis point improvement. That's improvement in the East and improvement in the West.

因此，東西方之間的競爭格局仍然激烈，但我們正在繼續改進我們的市場進入策略和產品組合，以推動價值成長。好消息是，我們的客戶流失率是過去三年來最好的，提高了 90 個基點。這是東部的進步，也是西部的進步。

When I look at the West, in particular, the areas that have mature fiber overbuilders, we're actually competing more effectively year-over-year. We're driving -- we've had better gross add improvement and better churn. In the areas where there's new fiber overbuilders, we do see an initial impact, and we have strategies now to help us drive and mitigate that impact and really ensure that we're competing most effectively for every jump ball.

當我觀察西方，特別是那些擁有成熟的光纖過度建設者的地區時，我們實際上正在逐年更有效地競爭。我們正在努力——我們已經取得了更好的整體成長改善和更好的客戶流失率。在出現新的光纖過度建設的地區，我們確實看到了初步影響，我們現在有策略來幫助我們推動和減輕這種影響，並真正確保我們能夠最有效地爭奪每一個跳球。

Thanks.

謝謝。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Hey guys, This is Rob on for Frank. So curious, you might have touched on both of these a little bit earlier, but just curious to know more about the lower-end product and when that's beginning and when you expect that could ramp up. And also, any -- if you're able to give us any updates on the insurance statistics for the wireless subs, that would be great.

嘿，大家好，我是 Rob，代替 Frank 報道。所以我很好奇，你可能早些時候提到過這兩者，但我只是想了解更多關於低端產品的信息，以及它什麼時候開始，以及你預計什麼時候會開始增長。此外，如果您能向我們提供有關無線潛艇保險統計數據的任何更新信息，那就太好了。

Thanks, Frank. We just launched, we're expanding that to 0.5 million homes this -- we just expanded it to 0.5 million homes. And so we're excited to begin and continue a phased rollout of that product. We're looking very closely at the data to really understand what's working and how we continue to evolve that product as we move forward. And so early days, but more information to come likely on the next call in terms of impact of sales velocity and our ability to drive our gross adds.

謝謝，弗蘭克。我們剛剛啟動，我們將把它擴展到 50 萬戶家庭——我們剛剛把它擴展到 50 萬戶家庭。因此，我們很高興開始並繼續分階段推出該產品。我們正在仔細研究數據，以真正了解哪些方法有效，以及我們如何在未來繼續改進產品。雖然還處於早期階段，但在下一次電話會議上可能會提供更多關於銷售速度影響和推動總增幅能力的資訊。

On the insurance product, I'm really excited. We launched our mobile device protection six months ago and already have 10% penetration into our mobile base. So it just really shows that we are absolutely controlling what we can control. Our teams are excited. It's a great value, and we're able to drive that and continue to deliver and grow residential ARPU as we launch these types of new products and services as we move forward and drive them on acquisition and into the base.

對於保險產品，我感到非常興奮。我們六個月前推出了行動裝置保護功能，目前已在行動用戶群中佔據 10% 的滲透率。所以這確實表明我們完全控制著我們能夠控制的事情。我們的團隊非常興奮。它具有巨大的價值，隨著我們不斷推出這些類型的新產品和服務，並推動它們成功並進入基層，我們能夠推動這一點並繼續提供和增加住宅 ARPU。

Great, helpful. Thank you

很棒，很有幫助。謝謝

Jonathan Chaplin, New Street Research.

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

Dennis, you guys paused discussions with bondholders during the course of the quarter. I'm wondering if you can give us some perspective on what drove the pause. And are you at an impasse or is there a potential for the discussions to come back? And to the extent that you can give any context on sort of how far apart the discussions are, that would be really helpful as well.

丹尼斯，你們在本季暫停了與債券持有人的討論。我想知道您是否可以告訴我們導致暫停的原因。你們是否陷入了僵局，或者討論還有可能重新開始？如果您能提供一些背景信息，說明討論之間的差距有多大，那也會非常有幫助。

Thanks, Jonathan. My friend, Marc, is closest to those conversations, so I'll let him jump in here.

謝謝，喬納森。我的朋友馬克最了解這些談話，所以我讓他加入。

Jonathan, yes, we did update the market last month with the 8-K that our negotiations with the co-op concluded. We did not reach an agreement with respect to a potential transaction. Really nothing more to share at this point. Certainly, when we have information to share, we will, but nothing to add at this point related to that.

喬納森，是的，上個月我們確實向市場更新了與合作社談判結束的 8-K 報告。我們尚未就潛在交易達成協議。目前確實沒有什麼好分享的了。當然，當我們有資訊可以分享時，我們會分享，但目前沒有什麼可以補充的。

But as we've said before, we are proactively managing our debt maturities. We feel good about the runway we have through 2027, and we'll continue to explore all options to manage the debt portfolio.

但正如我們之前所說，我們正在積極管理我們的債務到期日。我們對 2027 年的發展前景充滿信心，並將繼續探索管理債務組合的所有選擇。

Craig Moffett, Moffett Nathanson.

克雷格·莫菲特、莫菲特·納桑森。

Hi, good morning. You talked a little bit a couple of times about your low-end offering. I wonder if you could just zoom out a little bit and just talk about in general the competitiveness of your pricing. And do you feel like you've kind of fully gone through the process of rightsizing your broadband pricing and the bundles that you have with wireless and that has now gotten you into the position you want to be? Or is there still work to be done there?

嗨，早安。您曾經幾次談到您的低階產品。我想知道您是否可以稍微擴大一點範圍，整體談談您的定價競爭力。您是否覺得您已經完全完成了寬頻定價和無線套餐的調整過程，並且已經達到了您想要的狀態？還是那裡還有工作要做？

Thanks, Craig. It's remarkable the amount of progress the team has made in terms of pricing and our ability to control pricing, command pricing. When I joined, it was really one size fits all across from Connecticut all the way to Flagstaff, Arizona. There was little ability to compete at a local level. There was a lot more art than science that went into rate events and promo roles.

謝謝，克雷格。團隊在定價以及控制定價和指令定價的能力方面取得的進步令人矚目。當我加入時，它實際上是從康乃狄克州一直到亞利桑那州弗拉格斯塔夫的統一規模。在地方層級幾乎沒有競爭能力。在評價活動和促銷角色時，藝術性比科學性強得多。

And I feel great that the team has put much more science. We're leveraging AI. We're maximizing the monetization of these types of activities, both in the base and in our acquisition.

我很高興看到團隊投入了更多科學研究。我們正在利用人工智慧。我們正在最大限度地實現這些類型活動的貨幣化，無論是在基礎上還是在收購中。

As I think about our rate events and promo roles, the team has done a remarkable job to be able to minimize churn, minimize call volume, really ensure that we're maximizing the monetization of those events as they occur. And then in the acquisition side, as it's become more and more competitive, we do need -- absolutely needed the ability to be able to compete at that local level, whether we're facing fixed wireless or new fiber overbuilders that are coming in at least initially with low pricing.

當我考慮我們的費率活動和促銷角色時，團隊已經做了出色的工作，能夠最大限度地減少客戶流失，最大限度地減少呼叫量，真正確保我們在這些活動發生時最大限度地實現貨幣化。然後在收購方面，隨著競爭越來越激烈，我們確實需要——絕對需要在地方層面競爭的能力，無論我們面對的是固定無線還是至少在最初以低價進入的新光纖過度建設者。

And so our new hyper-local playbooks as well as our income-constrained products are allowing us to compete more effectively there while, quite frankly, in the areas that are less competitive, we're able to moderate rate and compete in line with the market versus having to compete hyper-competitively across the entire geography and across every market. And so we feel good that we're able to continue to drive ARPU generally, especially as we've launched a whole host of new products.

因此，我們新的超本地化策略以及收入受限的產品使我們能夠更有效地在那裡競爭，而坦率地說，在競爭不那麼激烈的地區，我們能夠適度調整價格並與市場保持一致，而不必在整個地域和每個市場進行超競爭。因此，我們很高興能夠繼續提高 ARPU，特別是在我們推出了一系列新產品之後。

Since I joined, we've been able to double the number of mobile customers since joining. We've been able to triple the number of fiber customers since joining. And so this really shows that the team has more command of the business than ever and that we're going to be able to continue to drive these incredible products that will allow us to drive overall value and -- for our customers and really build loyalty and continue to drive the business forward. Our goal is to drive top line revenue and subscriber and EBITDA growth, and I feel good that we have the strategies in place to do exactly that.

自從我加入以來，我們的行動客戶數量已經增加了一倍。自加入以來，我們的光纖客戶數量增加了兩倍。因此，這確實表明團隊比以往任何時候都更能掌控業務，並且我們將能夠繼續推動這些令人難以置信的產品，這些產品將使我們能夠為客戶創造整體價值並真正建立忠誠度並繼續推動業務向前發展。我們的目標是推動營業收入、用戶和 EBITDA 的成長，我很高興我們已經制定了實現這一目標的策略。

The only thing I would add is just really pleased as we drove gross add ARPU up almost 2% year-over-year, a lot of that is coming through the value-added services. But in addition, the tier mix, we are now 60% selling on 1-gig services to customers, are subscribing to higher speeds. And then really excited about all the value-added services we talked on the slide, a $0.5 billion revenue opportunity over time. And those things are just getting started. So when we start to get to really industry-level penetrations, that should be a real growth fuel for future growth on top line revenue.

我唯一想補充的是，我們非常高興看到總新增 ARPU 年成長近 2%，其中很大一部分來自增值服務。但除此之外，我們現在向客戶銷售的 1-gig 服務中有 60% 是訂購更高速度的服務。然後，我們對幻燈片上談到的所有增值服務感到非常興奮，隨著時間的推移，這是一個 5 億美元的收入機會。而這些事情才剛開始。因此，當我們開始真正實現行業級滲透時，這應該會成為未來營業收入成長的真正成長動力。

Sam McHugh, BNP Paribas.

法國巴黎銀行的 Sam McHugh。

Yeah, morning guys. Just two questions, please. Thanks for the detail on the low-income offers. Of the percentage of people who qualify, how many are already customers of yours? And so how do you balance the risk of cannibalization versus driving new gross adds? That's question one.

是的，大家早安。請問我有兩個問題。感謝您提供低收入優惠的詳細資訊。在符合資格的人群中，有多少人已經是您的客戶？那麼，如何平衡蠶食風險與推動新總營收成長的風險呢？這是第一個問題。

And then secondly, you talked about improving trends in the East year-over-year. But given the acceleration in losses, I guess the implication is the West is getting quite a bit worse. When would we expect trends in the West to start improving year-over-year and helping to get that broadband net add trend better year-over-year? Thanks.

其次，您談到了東部地區逐年改善的趨勢。但考慮到損失加速成長，我猜這意味著西方的情況正在變得更糟。我們什麼時候可以預期西方的趨勢會開始逐年改善，並有助於寬頻淨增趨勢逐年改善？謝謝。

Yeah. In terms of cannibalization, our income-constrained product, we're being very disciplined in terms of how we're deploying this availability of this product, in terms of which sales channels, how we're deploying it in acquisition, how we're gating it, really tiptoeing our way into even testing it in retention.

是的。在蠶食方面，對於我們的收入受限的產品，我們在如何部署該產品的可用性、銷售管道、如何在收購中部署它、如何控制它、如何小心翼翼地進行保留測試等方面都非常自律。

And so these are things that we could not do when I started. We just had no way to gate these access to these offers and really had a high risk of cannibalization or eroding ARPU. But we've launched tools like AVA, which is our new AI assistant, across our channels, care, retention, sales. And we're seeing remarkable results where we're able to provide offers to customers that are going to ultimately allow us to maximize customer lifetime value based on the competitive landscape, based on the products and services that they are consuming and just really making it much more effective and efficient in terms of how we're having these conversations.

這些都是我剛開始工作時做不到的事。我們只是沒有辦法控制這些優惠的訪問，並且確實存在蠶食或侵蝕 ARPU 的高風險。但我們已在通路、護理、保留和銷售方面推出了像 AVA 這樣的工具，它是我們的新 AI 助理。我們看到了顯著的成果，我們能夠向客戶提供優惠，最終使我們能夠根據競爭格局、根據客戶所消費的產品和服務來最大化客戶終身價值，並真正使我們進行這些對話的方式更加有效和高效。

On the West, the good news is in the markets where we are -- where we have what I would call mature overbuilders, where fiber overbuilders have come in for a year, two years, et cetera, we are competing better. Year-over-year, we saw an improvement in gross adds in those markets. Year-over-year, we saw an improvement in churn. But we've continued to fight the fight in these markets where we have new entrants, and we're sharpening our playbooks to be able to compete more effectively.

在西方，好消息是，在我們所處的市場中——我們擁有所謂的成熟的過度建設者，光纖過度建設者已經進入市場一年、兩年等等，我們的競爭力更強。與去年同期相比，我們看到這些市場的總增幅有所提高。與去年同期相比，我們發現客戶流失率有所改善。但我們仍在這些有新進入者的市場中奮力拼搏，並且正在完善我們的策略，以便能夠更有效地競爭。

And I do believe our strategy is leveraging the income-constrained product, leveraging our ability to compete more effectively in MDUs, our hyper-local playbooks. These are all tools in our toolkit that will allow us to compete more effectively as we move forward.

我確實相信我們的策略是利用收入受限的產品，利用我們在 MDU 中更有效競爭的能力，以及我們的超本地化劇本。這些都是我們工具包中的工具，可以幫助我們在未來更有效地競爭。

I don't know, Marc, if you have anything you wanted to add.

馬克，我不知道您是否還有什麼要補充的。

I think you said it well.

我覺得你說得很好。

Thanks, operator.

謝謝，接線生。

Please go ahead, Sarah.

請繼續，莎拉。

I think that concludes the call. Over to you.

我想通話到此結束。交給你了。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。