Optimum Communications Inc (OPTU) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Altice USA Second Quarter 2025 Earnings Results Conference Call. (Operator Instructions)

您好，歡迎參加 Altice USA 2025 年第二季收益結果電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Freedman, Vice President, Investor Relations. Thank you, ma'am. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興介紹主持人、投資者關係副總裁 Sarah Freedman。謝謝您，女士。你可以開始了。

Thank you. Welcome to the Altice USA Q2 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 年第二季財報電話會議。今天，Altice USA 的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) 將與我們一起帶領大家完成演示，然後回答您的問題。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. Good morning, and thank you all for joining us today.

謝謝你，莎拉。早安，感謝大家今天參加我們的活動。

As we reach the midpoint of the year, our transformation journey continues to gain momentum. Our 2025 priorities remain clear and firmly on track: unlocking revenue opportunities, driving greater operational efficiency, continuing to enhance our award-winning networks and ensuring our capital structure supports our long-term operating goals. These priorities are enabling us to enhance investment returns and operate with discipline as we drive toward approximately $3.4 billion of adjusted EBITDA in full year 2025.

隨著我們進入今年年中，我們的轉型之旅繼續加速。我們的 2025 年優先事項仍然明確且堅定地走在正軌上：釋放收入機會、提高營運效率、繼續增強我們屢獲殊榮的網絡並確保我們的資本結構支持我們的長期營運目標。這些優先事項使我們能夠提高投資回報並嚴格運營，力爭在 2025 年全年實現約 34 億美元的調整後 EBITDA。

Turning to the next slide, I will review key highlights from the quarter that demonstrate our progress against our 2025 priorities and reinforce our commitment to delivering long-term shareholder value. First, we remain focused on capturing new growth opportunities through innovation, product expansion and tailored go-to-market strategies. Our goal has been to improve broadband subscriber trends. And in the second quarter, we delivered both sequential and year-over-year improvements to 35,000 broadband subscriber net losses, and we continue to grow broadband ARPU, which increased by 0.9% year-over-year.

翻到下一張投影片，我將回顧本季的關鍵亮點，這些亮點展示了我們在實現 2025 年優先事項方面取得的進展，並加強了我們對實現長期股東價值的承諾。首先，我們將繼續致力於透過創新、產品擴展和量身定制的市場進入策略來抓住新的成長機會。我們的目標是改善寬頻用戶趨勢。在第二季度，我們實現了寬頻用戶淨流失 35,000 人的環比和同比改善，寬頻 ARPU 繼續成長，年成長 0.9%。

We increased penetration of new and existing products and value-added services, including fiber and mobile, each of which accelerated net additions year-over-year as we continue to reach more of our customer base. Additionally, we are optimizing our video business, which saw the best subscriber PSU trends in the last 10 quarters with 58,000 video subscriber net losses, creating more choice and flexibility for our customers while also expanding video margins.

我們提高了新產品和現有產品以及增值服務（包括光纖和移動）的滲透率，隨著我們繼續覆蓋更多的客戶群，每項產品的淨增量都逐年加速。此外，我們正在優化我們的視訊業務，該業務在過去 10 個季度中呈現最佳的用戶 PSU 趨勢，視訊用戶淨流失 58,000 名，為我們的客戶創造了更多的選擇和靈活性，同時也擴大了視訊利潤率。

Next, on operational efficiency. We continue to take deliberate disciplined steps to streamline how we operate while maintaining our focus on quality and growth. This includes workforce optimization to ensure that our structure, resources and capabilities squarely support our business priorities. Similarly, we continue to improve service call and service visit rates and are expanding our use of AI across key functions.

接下來是關於營運效率。我們將繼續採取謹慎、規範的措施來簡化我們的營運方式，同時繼續專注於品質和成長。這包括勞動力優化，以確保我們的結構、資源和能力完全支持我們的業務重點。同樣，我們繼續提高服務呼叫和服務存取率，並擴大我們在關鍵功能中對人工智慧的使用。

We're building an agentic AI ecosystem, a smarter, more adaptive way of using AI, intended to support our team, streamline operations and enhance the customer experience. In parallel, we're taking a smarter, data-driven approach to video content distribution through new programming agreements that provide us with more flexibility in our go-to-market efforts and packaging.

我們正在建立一個代理 AI 生態系統，一種更智慧、更具適應性的 AI 使用方式，旨在支援我們的團隊、簡化營運並增強客戶體驗。同時，我們透過新的節目協議採取了更聰明、數據驅動的視訊內容分發方式，這為我們的市場推廣和包裝提供了更大的靈活性。

Our third strategic priority is enhancing our networks. Once again, Optimum Fiber was awarded by Ookla for having the fastest and most reliable Internet speeds in New York and New Jersey and named the fastest ISP in New York, New Jersey and Pennsylvania by PCMag. We are proud to be recognized for the enhancements we've made to our network to deliver a superior experience to our customers.

我們的第三個策略重點是加強我們的網絡。Optimum Fiber 再次被 Ookla 評為紐約和新澤西最快、最可靠的網路速度，並被 PCMag 評為紐約、新澤西和賓州最快的 ISP。我們很榮幸能夠獲得認可，因為我們對網路進行了改進，從而為客戶提供了卓越的體驗。

Additionally, we've expanded our footprint by 1.5% year-over-year, enabling us to bring high-speed connectivity to even more communities. And within our Lightpath business, we continue to secure new contracts with both hyperscalers and large carriers, building a strong foundation for additional revenue growth over time.

此外，我們的覆蓋範圍比去年同期擴大了 1.5%，使我們能夠為更多社區提供高速連接。在我們的 Lightpath 業務中，我們繼續與超大規模企業和大型營運商簽訂新合同，為隨著時間的推移實現額外的收入成長奠定堅實的基礎。

Finally, on delivering a sustainable capital structure. In July, we partnered with Goldman Sachs and TPG Angelo Gordon to raise an inaugural $1 billion asset-backed loan, the first of its kind, securitized primarily by HFC assets. This innovative transaction marked a major industry milestone, unlocking significant asset value and expanding our access to additional sources of capital. Most importantly, this new structure delivers improved pricing relative to our most recent high-yield issuance, reflecting the market's recognition of the strength and stability of our HFC asset-backed cash flows.

最後，實現可持續的資本結構。7 月份，我們與高盛和 TPG Angelo Gordon 合作，籌集了首筆 10 億美元資產支持貸款，這是同類貸款中的第一筆，主要由 HFC 資產進行證券化。這項創新交易標誌著產業的一個重要里程碑，釋放了巨大的資產價值並擴大了我們獲取額外資本來源的管道。最重要的是，與我們最近的高收益債券發行相比，這種新結構帶來了更好的定價，反映了市場對我們 HFC 資產支持現金流的強勁性和穩定性的認可。

Next, on slide 5, we'll review our broadband subscriber performance in greater detail. In the second quarter, we reported broadband subscriber net losses of 35,000, a year-over-year improvement of 16,000 or 31%. The actions we've taken over the past 24 months are beginning to show in our subscriber trends. We've strengthened churn reduction programs, expanded localized offers, improved sales channel performance and invested in our networks, all contributing to our continued progress in broadband performance.

接下來，在第 5 張投影片上，我們將更詳細地回顧我們的寬頻用戶表現。第二季度，我們報告寬頻用戶淨流失 35,000 人，年減 16,000 人，增幅為 31%。我們在過去 24 個月採取的行動開始在我們的用戶趨勢中顯現出來。我們加強了客戶流失減少計劃、擴大了本地化服務、提高了銷售管道績效並投資了我們的網絡，所有這些都促進了我們在寬頻效能方面的持續進步。

In our East footprint, we delivered our best net add trend in 10 quarters driven by stronger win share performance against ILECs and fixed wireless, along with lower churn. In the West, while competition remains strong, especially from fiber overbuilders in FWA, performance improved year-over-year. including fewer seasonal disconnects. This progress is especially notable given that the second quarter typically brings seasonal softness.

在我們的東部地區，我們實現了 10 個季度以來最佳的淨增趨勢，這得益於相對於 ILEC 和固定無線更強勁的贏利份額表現以及更低的客戶流失率。在西方，儘管競爭依然激烈，尤其是來自FWA領域光纖建設過剩的競爭，但業績年增有所改善，季節性斷線現象減少。鑑於第二季通常會出現季節性疲軟，這項進展尤其值得注意。

However, despite this expected headwind, we delivered both sequential and year-over-year improvement driven by improved churn and moderation in gross add declines. Total churn across our footprint remains low, supported by operational improvements that have reduced voluntary non-pay and in-footprint move churn.

然而，儘管面臨這種預期的逆風，我們仍然實現了環比和同比的改善，這得益於客戶流失率的改善和總新增量下降的緩和。我們整個業務範圍內的總流失率仍然很低，這得益於營運改進，減少了自願不付費和業務範圍內的遷移流失。

For example, we've strengthened non-pay retention through a more personalized and timely outreach to proactively engage customers. And we are offering tailored support to those moving within our footprint to make staying with us a seamless experience. As a result, we achieved our lowest second quarter churn in the past three years.

例如，我們透過更個人化和及時的推廣來主動吸引客戶，從而加強了非薪酬保留。我們為在我們公司範圍內搬遷的客戶提供量身定制的支持，讓入住我們公司成為一種無縫體驗。因此，我們實現了過去三年來第二季最低的客戶流失率。

On the acquisition side, macroeconomic pressures, low move activity and increased competition from fiber and fixed wireless continue to weigh on gross additions. However, we're seeing encouraging signs of improvement. While gross adds remain below prior year levels, the pace of decline is slowing to the lowest quarterly year-over-year index in the last two years, reflecting improved sales channel performance and early traction in our go-to-market execution.

在收購方面，宏觀經濟壓力、低遷移活動以及來自光纖和固定無線的競爭加劇繼續對總新增量造成壓力。然而，我們看到了令人鼓舞的改善跡象。雖然總增幅仍低於去年同期水平，但下降速度正在放緩至過去兩年來的最低季度同比指數，反映出銷售通路績效的改善和我們進入市場的早期牽引力。

Our income-constrained program in hyper-local offers are resonating with customers. In income-constrained markets, we saw over a 10% lift in sales volume in our inbound and e-comm channels versus control markets. And in fiber-competitive areas where we've deployed tailored offers, sales were 12% higher.

我們的超本地化優惠的收入限制計劃引起了客戶的共鳴。在收入受限的市場中，與控制市場相比，我們的入站和電子商務通路的銷售量增加了 10% 以上。在光纖競爭激烈的地區，我們部署了客製化服務，銷售額成長了 12%。

Our refresh focus on our MDU footprint also resulted in positive broadband net adds of over 2,000 customers in the quarter within this footprint, which compared to almost 7,000 net losses in the prior year period. With enhanced tools and focused management, we've gained a deeper understanding of our MDU base and refined our go-to-market strategy to drive penetration across our more than 2 million MDU passings; a key opportunity for us going forward.

我們對 MDU 覆蓋範圍的重新關注也導致本季該覆蓋範圍內的寬頻淨增客戶超過 2,000 名，而去年同期的淨損失則接近 7,000 名。憑藉增強的工具和專注的管理，我們對 MDU 基礎有了更深入的了解，並改進了我們的市場進入策略，以推動對超過 200 萬 MDU 通行量的滲透；這是我們未來發展的一個重要機會。

Overall, our sales channel performance is improving, particularly in our inbound channels, where we're seeing higher yields. And as we continue to enhance our product portfolio with new value-added services, we're increasing broadband customer stickiness and setting the stage to drive long-term ARPU growth.

總體而言，我們的銷售管道業績正在改善，特別是在入站管道，我們看到了更高的收益率。隨著我們繼續透過新的加值服務來增強我們的產品組合，我們正在提高寬頻客戶的黏性並為推動長期 ARPU 成長奠定基礎。

Additionally, we're seeing meaningful progress in several historically underperforming markets, where subscriber trends have turned from negative to flat or positive year-over-year in Q2. For example, in several markets in Texas and parts of our Northeast footprint, we saw material improvements from subscriber losses to subscriber gains. We're also seeing stronger win per loss trends in areas with fiber over builder competition, particularly across the West. These examples underscore the momentum building from our localized strategies and improved on-the-ground execution, especially in markets where we've previously lagged.

此外，我們看到幾個歷史上表現不佳的市場取得了有意義的進展，這些市場的第二季度用戶趨勢已從負面轉為同比持平或正增長。例如，在德州的幾個市場和我們東北部部分地區的用戶流失情況已顯著改善，用戶成長也從原來的零成長變為零成長。我們也看到，在光纖與建築商競爭較多的地區，尤其是在西部地區，勝負趨勢更為強勁。這些例子凸顯了我們在地化策略和改進的實際執行所形成的勢頭，特別是在我們之前落後的市場。

In summary, our broadband performance is showing clear signs of stabilization. The initiatives we put in place are gaining traction and the results are just beginning to materialize.

綜上所述，我們的寬頻性能呈現出明顯的穩定跡象。我們實施的措施正在獲得支持，並且剛開始顯現成果。

Turning to slide 6. We continue to expand our product portfolio and drive penetration of new and existing products and value-added services to drive stickier customers, compete more effectively and drive additional revenue over time.

翻到幻燈片 6。我們將繼續擴大我們的產品組合，推動新產品和現有產品以及增值服務的滲透，以吸引更忠誠的客戶，更有效地競爭，並隨著時間的推移帶來額外的收入。

To begin on fiber, we added approximately 56,000 customers to our fiber network in the second quarter through a combination of new customer acquisitions and migrations of existing customers. We ended the quarter with 663,000 fiber customers, representing a penetration rate of 22% across our fiber network.

首先從光纖開始，我們在第二季度透過獲取新客戶和遷移現有客戶為我們的光纖網路增加了約 56,000 名客戶。本季末，我們有 663,000 名光纖客戶，光纖網路的普及率為 22%。

On a year-over-year basis, the pace of fiber net additions accelerated to 1.4 times the rate we saw in the second quarter of last year. While there was a sequential slowdown compared to the first quarter, this was expected as we intentionally manage the pace of fiber migrations to maximize customer lifetime value and ensure a high-quality seamless customer experience.

與去年同期相比，光纖淨增速度加速至去年第二季的 1.4 倍。雖然與第一季相比出現了環比放緩，但這是預料之中的，因為我們有意管理光纖遷移的速度，以最大限度地提高客戶終身價值並確保高品質的無縫客戶體驗。

Our mobile line net additions were approximately 38,000 in the second quarter, representing year-over-year acceleration in mobile line growth but similarly a sequential slowdown. This quarter's mobile performance reflected typical seasonal trends, ongoing macro and competitive pressures and a focus on customer quality.

我們第二季的行動線路淨增數量約為 38,000 條，這意味著行動線路成長較去年同期加速，但較上季同樣放緩。本季的行動業績反映了典型的季節性趨勢、持續的宏觀和競爭壓力以及對客戶品質的關注。

Specifically, we are prioritizing higher-quality acquisitions, strengthening verification processes and emphasizing mobile offerings designed to support long-term retention, such as primary number reporting, unlimited plans and device financing. This strategy is delivering results.

具體來說，我們優先考慮更高品質的收購，加強驗證流程，並強調旨在支援長期保留的行動產品，例如主要號碼報告、無限計劃和設備融資。這一戰略正在取得成效。

In the second quarter, 57% of mobile line gross additions ported their phone number compared to 34% a year ago, and 31% of mobile line additions purchased a finance device with us compared to 25% in the prior year period. At the end of the second quarter, 74% of total mobile lines were on unlimited or unlimited max plans, up from 65% last year. Together, these improvements contributed to a stronger mobile churn profile with annualized churn improving by nearly 600 basis points year-over-year.

在第二季度，57% 的行動線路新增用戶移植了他們的電話號碼，而去年同期這一比例為 34%，31% 的行動線路新增用戶向我們購買了金融設備，而去年同期這一比例為 25%。截至第二季末，74% 的行動線路採用無限流量或無限流量最大套餐，高於去年的 65%。這些改進共同促進了行動客戶流失率的提高，年化客戶流失率年減了近 600 個基點。

We remain focused on driving convergence and maximizing customer lifetime value through a disciplined and strategic approach. We anticipate the pace of mobile additions will continue to accelerate year-over-year as we turn to the second half of 2025.

我們始終致力於透過嚴謹的策略方法來推動整合並最大化客戶終身價值。我們預計，到 2025 年下半年，行動用戶的成長速度將持續逐年加快。

In 2024, we introduced a simplified video offering with three new tiers: Entertainment TV, Extra TV and Everything TV. These packages deliver great value by including the most watched content, offering customers more flexibility and choice while also enhancing our video margin profile. These tiers have become our flagship video offerings for new customers and are actively offered to existing subscribers.

2024 年，我們推出了簡化的視訊服務，包含三個新的層級：娛樂電視、額外電視和所有電視。這些套餐包含觀看次數最多的內容，為客戶提供了更大的靈活性和選擇，同時也提高了我們的影片利潤率，從而提供了巨大的價值。這些層級已成為我們為新客戶提供的旗艦視訊服務，並積極向現有訂閱者提供。

In the second quarter, we added 68,000 video customers to these new tiers and ended the quarter with approximately 168,000 residential video customers on one of these new packages, which brings the penetration of residential video customers on new tiers to 10%. Our new tier support improvements in our video attachment rates, which grew 40 basis points from Q1 to Q2 and drove improvement in video net losses, which was our best quarterly net loss in 10 quarters.

在第二季度，我們為這些新的套餐增加了 68,000 名視訊客戶，並在本季度末擁有約 168,000 名住宅視訊客戶使用其中一個新套餐，這使新套餐中住宅視訊客戶的滲透率達到 10%。我們的新層級支持了視訊附加率的提高，從第一季到第二季成長了 40 個基點，並推動了視訊淨虧損的改善，這是我們 10 個季度以來最好的季度淨虧損。

In addition, we continue to evolve our video offerings. Last quarter, we announced our collaboration with Disney to offer eligible customers the Disney+ Hulu bundle basic option, and we have opportunities to expand other OTT streaming partnerships to bring additional video streaming service add-ons to our offerings.

此外，我們也不斷改進我們的影片產品。上個季度，我們宣布與迪士尼合作，為符合條件的客戶提供 Disney+ Hulu 捆綁基本選項，並且我們有機會擴大其他 OTT 串流媒體合作夥伴關係，為我們的產品帶來額外的視訊串流服務附加元件。

We also continue to expand the availability of our Optimum Stream product to additional markets and enhance screen capabilities and offerings. Optimum Stream is currently available to all of our East footprint markets and is expected to be available to almost 70% of our West markets by year-end.

我們也將繼續擴大 Optimum Stream 產品在更多市場的可用性，並增強螢幕功能和產品。Optimum Stream 目前已涵蓋我們所有的東部市場，預計到年底將覆蓋我們近 70% 的西部市場。

More broadly, we've launched other new value-added services and products over the last few quarters which are continuing to scale. Total Care is a premium support add-on for residential broadband customers, which launched in Q2 of 2024 priced at $15 per month. In the second quarter, we launched additional tiers, Total Care Plus and Total Care Max, priced at $20 and $30 per month. At the end of the second quarter, we reached over 90,000 broadband subscribers taking a Total Care add-on.

更廣泛地說，我們在過去幾季推出了其他新的加值服務和產品，規模仍在擴大。Total Care 是針對住宅寬頻客戶的高級支援附加服務，於 2024 年第二季推出，價格為每月 15 美元。在第二季度，我們推出了額外的套餐，Total Care Plus 和 Total Care Max，價格分別為每月 20 美元和 30 美元。截至第二季末，我們已擁有超過 90,000 名採用 Total Care 附加服務的寬頻用戶。

Whole Home WiFi is another residential broadband service add-on, which provides seamless in-home coverage and ongoing tech support. Whole Home WiFi, which is priced at $10 per month, launched in the second quarter of this year and in just a few months has already reached approximately 31,000 broadband customers.

Whole Home WiFi 是另一個住宅寬頻服務附加元件，可提供無縫的家庭覆蓋範圍和持續的技術支援。Whole Home WiFi 於今年第二季推出，每月收費 10 美元，短短幾個月內已覆蓋約 31,000 名寬頻用戶。

Within our B2B business, as we committed in the past, we've launched a comprehensive suite of services to support small and medium-sized businesses. These include Connection Backup, a reliable automatic Internet backup designed specifically for point-of-sale systems. We also launched Secure Internet Plus, which offers built-in customizable cybersecurity features tailored to business needs. At the end of the second quarter, we also brought our B2B fiber product up to parity relative to our HFC product offerings, enabling us to now sell a full suite of products on fiber, which will allow us to accelerate B2B fiber net adds.

在我們的 B2B 業務中，正如我們過去承諾的那樣，我們推出了一套全面的服務來支援中小型企業。其中包括連接備份，一種專為銷售點系統設計的可靠的自動互聯網備份。我們還推出了 Secure Internet Plus，它提供根據業務需求量身定制的內建網路安全功能。在第二季末，我們還將 B2B 光纖產品與 HFC 產品的價格提升到同等水平，使我們能夠銷售全套光纖產品，這將使我們能夠加速 B2B 光纖淨增。

Together, our growing fiber and mobile bases and suite of value-added services are strengthening our competitive position and enhancing the overall customer experience. As we scale and expand these services, we expect them to be accretive to ARPU and supportive of overall long-term revenue performance. We expect growth in value-added services, inclusive of mobile, to contribute up to $500 million of incremental revenue over time as we reach penetration targets. Turning to Slide 7.

同時，我們不斷成長的光纖和行動基礎以及增值服務套件正在增強我們的競爭地位並提升整體客戶體驗。隨著我們擴大和擴展這些服務，我們預計它們將增加 ARPU 並支持整體長期收入表現。我們預計，隨著我們達到滲透目標，包括行動在內的增值服務的成長將隨著時間的推移貢獻高達 5 億美元的增量收入。翻到幻燈片 7。

We're making solid progress on our transformation journey with disciplined execution driving improved operational efficiency. These efforts are key to enhancing our operations and customer experience to support our long-term growth plans while moderating other operating expenses by 4% to 6% in full year '26 compared to full year '24.

我們在轉型之路上取得了紮實的進展，嚴格的執行推動了營運效率的提升。這些努力對於增強我們的營運和客戶體驗以支持我們的長期成長計畫至關重要，同時與 24 年全年相比，26 年全年的其他營運費用將減少 4% 至 6%。

First, we continue to focus on optimizing our programming agreements. In the second quarter, we reached a new agreement with a major content partner and are pleased with the outcome, reflecting our ability to negotiate on behalf of our customers for greater flexibility, choice and value. We continue to take a data-driven analytical approach to these negotiations, ensuring that our content strategy aligns with customer preferences and viewing behavior. This approach, combined with continued adoption of our new video tiers, supported video gross margin expansion of over 300 basis points year-over-year in the second quarter.

首先，我們繼續致力於優化我們的程式設計協議。在第二季度，我們與主要內容合作夥伴達成了一項新協議，並對結果感到滿意，這反映了我們代表客戶進行談判以獲得更大靈活性、選擇和價值的能力。我們繼續採用數據驅動的分析方法進行這些談判，確保我們的內容策略符合客戶偏好和觀看行為。這種方法，加上我們繼續採用新的視訊層，支援第二季視訊毛利率年增超過 300 個基點。

Next, annualized service call rate decreased by almost 3% and, importantly, we've improved our ability to address customer concerns during calls with fewer calls requiring a subsequent truck roll. This has led to an annualized service visit rate improvement of almost 19% year-over-year in the second quarter. This also resulted in an improvement in our average service visit dispatch rate of approximately 22% year-over-year, reaching near record lows.

其次，年度服務呼叫率下降了近 3%，而且重要的是，我們提高了在通話過程中解決客戶問題的能力，需要後續上門服務的呼叫次數減少了。這使得第二季度的年化服務訪問率比去年同期提高了近 19%。這也導致我們的平均服務訪問派遣率比去年同期提高了約22％，達到接近歷史最低水準。

Supporting these trends is the ongoing infusion of AI into our business. Our AI Virtual Assistant, or AVA tool, uses machine learning to help frontline agents make smarter customer offers and is designed to adapt over time with continuous data-driven updates. This tool launched last year and continues to scale in our residential sales and customer care centers.

支持這些趨勢的是人工智慧不斷融入我們的業務。我們的人工智慧虛擬助理（AVA）工具使用機器學習來幫助第一線代理提供更智慧的客戶服務，並且旨在透過持續的數據驅動更新來適應未來發展。該工具於去年推出，並在我們的住宅銷售和客戶服務中心繼續擴大規模。

We're also embedding AI into our network operations with Access Network Automation, or ANA, a new tool designed to automate detection and repair of hard-to-find service issues at scale. By ingesting network telemetry, customer interactions and operational data, ANA pinpoints where faults are likely to occur and is expected to enable faster, more precise fixes.

我們也透過接取網路自動化（ANA）將人工智慧嵌入到我們的網路營運中，這是一種旨在自動大規模檢測和修復難以發現的服務問題的新工具。透過取得網路遙測、客戶互動和營運數據，全日空可以精確定位可能發生故障的位置，並有望實現更快、更精確的修復。

Additionally, we're rolling out a next-gen omnichannel customer experience platform toward the end of this year. This customer platform utilizes Google AI technology to unify bots, agents and AI insights into one seamless system to improve first contact resolution by creating more personalized and emotionally intelligent customer interactions.

此外，我們將在今年底推出下一代全通路客戶體驗平台。這個客戶平台利用 Google AI 技術將機器人、代理和 AI 洞察統一到一個無縫系統中，透過創建更個人化和情感智慧的客戶互動來提高首次接觸解決率。

We're also strengthening our customer relationships through our First Time Right approach. Coupled with an enhanced network experience and product portfolio, we aim to deliver greater value at every touch point. As a result, our relationship Net Promoter Score improved by 8 points year-over-year in the second quarter.

我們也透過「一次做對」的方法加強與客戶的關係。結合增強的網路體驗和產品組合，我們的目標是在每個接觸點提供更大的價值。因此，我們的關係淨推薦值在第二季度同比提高了 8 個百分點。

Finally, we have been focused on optimizing our workforce. Over the last two years, we have made meaningful investments in our employee experience and technology, transitioning from legacy systems to digital platforms. These efforts, along with leadership development, automation and AI tools, have enabled us to work faster, more strategically and with greater discipline.

最後，我們一直致力於優化我們的勞動力。在過去的兩年裡，我們在員工體驗和技術方面進行了有意義的投資，從傳統系統過渡到數位平台。這些努力，加上領導力發展、自動化和人工智慧工具，使我們能夠更快、更有策略性、更有紀律地開展工作。

Building on this foundation, we've identified opportunities to streamline our organizational structure, eliminate redundancies and better align our resources with our key priorities, all while enhancing the customer experience. As a result, we've infused a high-performance culture while rightsizing our workforce by approximately 5%, which will help improve our operating expense trajectory in the second half of this year and into 2026.

在此基礎上，我們發現了精簡組織結構、消除冗餘、更好地將資源與關鍵優先事項結合的機會，同時提升客戶體驗。因此，我們注入了高績效文化，同時將員工人數精簡了約 5%，這將有助於改善我們今年下半年和 2026 年的營運費用走勢。

Electively, these initiatives reflect our disciplined focus on execution, enabling a more agile, efficient organization while delivering a better experience for our customers. We are seeing the impact of this work take hold, and we remain confident in our ability to deliver continued operational and financial improvements over time.

另外，這些措施反映了我們對執行的嚴格關注，使組織更加靈活、高效，同時為我們的客戶提供更好的體驗。我們看到這項工作的影響正在顯現，並且我們仍然對我們隨著時間的推移持續實現營運和財務改善的能力充滿信心。

I'd now like to turn it over to Marc to review our financials in more detail.

現在我想把這個任務交給馬克來更詳細地審查我們的財務狀況。

Thank you, Dennis. Let's begin on slide 8 with a review of our financial performance.

謝謝你，丹尼斯。讓我們從第 8 張投影片開始回顧我們的財務表現。

Total revenue declined 4.2% year-over-year and was relatively flat quarter-over-quarter. Year-over-year revenue declines continue to be impacted primarily from video cord cutting, accounting for about 85% of total revenue declines. However, as noted, we have slowed the rate of video declines as we drive incremental video units onto our new tiers.

總營收年減4.2%，季平。收入年減主要仍受到影片付費用戶減少的影響，約佔總收入下降的 85%。然而，正如所指出的，隨著我們將增量視訊單元推向新的層級，我們已經減緩了視訊下降的速度。

News and Advertising revenue growth of 12.8% was driven by continued momentum in our ad agency services business, along with incremental political revenue from the New York mayoral race. While full year 2025 faces a headwind from lower political advertising compared to a presidential election year, the second quarter was less affected given the heavier weighting of political ad revenue in the back half of 2024.

新聞和廣告收入成長 12.8%，這得益於我們廣告代理商服務業務的持續成長勢頭，以及紐約市長競選帶來的增量政治收入。儘管與總統選舉年相比，2025 年全年面臨政治廣告收入減少的阻力，但由於 2024 年下半年政治廣告收入的比重較大，第二季受到的影響較小。

Video also remains the main driver of our residential ARPU pressure. ARPU declined 1.7% or by $2.28 to $133.68, with video contributing a $3.74 decline or a 2.8% decline year-over-year. This was primarily driven by lower video penetration within our customer base, partially offset by higher video rate.

影片仍然是我們住宅 ARPU 壓力的主要驅動因素。ARPU 下降 1.7% 或 2.28 美元至 133.68 美元，其中影片收入較去年同期下降 3.74 美元或 2.8%。這主要是由於我們客戶群中視訊普及率較低，但視訊速率較高部分抵消了這種影響。

Video remains an important part of our business helping to create stickier broadband relationships and delivering value to the customers who choose it. We remain focused on evolving our video offerings to meet changing customer needs while optimizing performance and margins to ensure video remains a profitable and attractive add-on to our broadband service. Turning to broadband ARPU.

視訊仍然是我們業務的重要組成部分，有助於建立更緊密的寬頻關係並為選擇它的客戶提供價值。我們將繼續致力於改進我們的視訊產品，以滿足不斷變化的客戶需求，同時優化性能和利潤，以確保視訊仍然是我們寬頻服務的有利可圖且有吸引力的附加服務。轉向寬頻 ARPU。

We continue to see year-over-year growth in the second quarter. Broadband ARPU grew 0.9% to $74.77, reflecting the continued strength of our broadband product. Gross margin expanded by 120 basis points to 69.1%, reaching our highest level in recent history, driven by a continued shift in product mix towards broadband and our focus on optimizing video margins.

我們在第二季度繼續看到同比增長。寬頻 ARPU 成長 0.9% 至 74.77 美元，反映出我們寬頻產品的持續強勁表現。毛利率擴大了 120 個基點，達到 69.1%，達到近期最高水平，這得益於產品結構持續向寬頻轉變以及我們專注於優化視訊利潤率。

Adjusted EBITDA of $804 million declined 7.3% year-over-year but grew slightly sequentially, reflecting continued operating discipline and efficiency. Adjusted EBITDA margin of 37.4% declined 130 basis points but notably improved sequentially with 30 basis points. Adjusted EBITDA trends are driven by lower revenue, which is partially offset by lower programming and direct costs and higher OpEx year-over-year.

調整後的 EBITDA 為 8.04 億美元，年減 7.3%，但環比略有成長，反映出持續的經營紀律和效率。調整後的 EBITDA 利潤率為 37.4%，下降了 130 個基點，但較上季顯著提高 30 個基點。調整後的 EBITDA 趨勢是由收入下降所推動的，但部分抵消了同比編程和直接成本下降以及營運支出上升的影響。

Year-over-year, other operating expenses increased approximately 4%, primarily driven by an increase in consulting and professional fees of almost $13 million year-over-year, largely related to our transformation strategy. The growth in these costs are noncore to our base run rate OpEx and are expected to moderate in the second half of the year.

與去年同期相比，其他營運費用增加了約 4%，主要原因是諮詢和專業費用比去年同期增加了近 1,300 萬美元，這主要與我們的轉型策略有關。這些成本的成長對於我們的基本運行率營運支出而言是非核心的，預計在今年下半年將會放緩。

In addition, we saw increased investment in sales and marketing, including the integration of new AI tools in our sales channels as well as additional media spend on advertising campaigns. The quarter also reflected an increase in employee health and wellness expense of approximately $12 million year-over-year in the quarter and an increase of almost $23 million in the first half of the year.

此外，我們在銷售和行銷方面的投資也有所增加，包括在我們的銷售管道中整合新的人工智慧工具以及在廣告活動上增加媒體支出。本季員工健康和保健費用也比去年同期增加了約 1,200 萬美元，比今年上半年增加了近 2,300 萬美元。

These impacts are partially offset by lower bad debt expense, a decrease in certain managed service costs primarily due to a onetime credit as well as lower truck roll costs. As Dennis highlighted, we anticipate other operating expenses to moderate in the second half of 2025 and into 2026 through our operational efficiency efforts, specifically the impact of workforce transformation, lower service visits and call rates and reduced third-party transformation costs.

這些影響被壞帳費用的降低、某些管理服務成本的減少（主要由於一次性信貸）以及卡車運輸成本的降低部分抵消。正如丹尼斯所強調的，我們預計，透過提高營運效率，特別是勞動力轉型、降低服務訪問和呼叫率以及降低第三方轉型成本的影響，其他營運費用將在 2025 年下半年和 2026 年有所緩和。

Adjusted EBITDA is expected to improve sequentially over the next two quarters with the most significant impact of our transformation reflected in the fourth quarter. We expect this to be supported by seasonally stronger subscriber performance, incremental revenue opportunities and our Lightpath and News and Advertising businesses despite lower political revenue as well as continued operating expense efficiencies towards year-end. Together, these reinforce our goal of delivering approximately $3.4 billion in adjusted EBITDA in full year 2025.

預計調整後的 EBITDA 將在未來兩個季度內連續改善，而我們轉型的最顯著影響將在第四季度得到體現。我們預計，儘管政治收入較低，但季節性更強勁的用戶表現、增量收入機會以及我們的 Lightpath 和新聞和廣告業務以及年底持續的營運費用效率將對此提供支援。這些因素共同強化了我們的目標，即在 2025 年全年實現約 34 億美元的調整後 EBITDA。

Next, turning to slide 9, I'll walk through our network investments and how we're driving greater efficiency across our capital envelope. In the second quarter, we added 35,000 total passings and 28,000 fiber passings. We added 61,000 passings in the first half of the year and continue to target 175,000 total new passings in the full year. As we've discussed on previous calls, the majority of our passing growth in 2025 will come from new fiber deployments.

接下來，翻到第 9 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。第二季度，我們增加了 35,000 次總通行量和 28,000 次纖維通行量。我們上半年新增了 61,000 名乘客，並繼續以全年新增 175,000 名乘客為目標。正如我們在之前的電話會議上討論過的，2025 年我們的大部分成長將來自新的光纖部署。

Cash capital expenditures in the second quarter were $384 million, up approximately 10% year-over-year. This increase reflects the timing of lower CapEx in the prior year as well as front-weighted investments in 2025. We continue to expect approximately $1.2 billion of cash capital expenditures for the full year with additional build and network maintenance efficiencies expected to take hold in the second half. In addition, the capital we invested in the first half of the year reflects construction activity that is expected to translate into additional serviceable passings and lower capital spend in the second half.

第二季現金資本支出為3.84億美元，較去年成長約10%。這一增長反映了上一年資本支出較低的時機以及 2025 年的前期加權投資。我們繼續預計全年現金資本支出約為 12 億美元，預計下半年將實現額外的建設和網路維護效率。此外，我們上半年投入的資本反映了建築活動，預計下半年將轉化為額外的可用通行量並降低資本支出。

As Dennis mentioned, we've implemented new AI-powered network monitoring tools that help reduce service calls and visits by proactively addressing potential problems and efficiently serving multiple homes at once. And we continue to deploy mid-split upgrades across our portion of our HFC network, which will enable multi-gig speeds on HFC in 2026.

正如丹尼斯所提到的，我們已經實施了新的人工智慧網路監控工具，透過主動解決潛在問題並同時有效地為多個家庭提供服務，有助於減少服務電話和存取。我們將繼續在 HFC 網路的部分部署中分升級，這將在 2026 年實現 HFC 的多千兆速度。

Our multiyear network strategy is focused on building future-proof infrastructure to meet growing customer data demands across both our HFC and fiber footprints. We're investing in expanding passings, primarily through new fiber builds while also enhancing our HFC network to support faster speeds and improved performance.

我們的多年網路策略專注於建立面向未來的基礎設施，以滿足 HFC 和光纖覆蓋範圍內不斷增長的客戶資料需求。我們正在投資擴大傳輸範圍，主要是透過建造新的光纖，同時增強我們的 HFC 網路以支援更快的速度和更高的效能。

Our Lightpath business continues to expand within the hyperscaler community with additional contracts secured and a strong pipeline in place. We expect additional Lightpath capital spend in the second half of the year, which will be offset by network build and maintenance efficiencies in our broader CapEx envelope.

我們的 Lightpath 業務在超大規模社區內繼續擴展，獲得了更多合約並建立了強大的管道。我們預計今年下半年 Lightpath 將增加資本支出，但這部分支出將被我們更廣泛的資本支出範圍內的網路建設和維護效率所抵消。

In summary, our networks are stronger and more capable than ever, consistently recognized with industry awards and purpose-built to meet accelerating customer demand. Average monthly data usage per broadband-only customer has grown to 782 gigabytes, up nearly 30% in the past three years, and our network is well equipped to support increased customer demand in the years ahead. Turning to Slide 10.

總而言之，我們的網路比以往更加強大、功能更加強大，不斷獲得行業獎項的認可，並且專為滿足日益增長的客戶需求而構建。在過去三年中，寬頻用戶每月平均數據使用量已增長至 782 千兆字節，增長近 30%，而且我們的網路已做好充分準備，可以滿足未來幾年不斷增長的客戶需求。翻到幻燈片 10。

I'd like to highlight our recently completed $1 billion asset-backed receivables facility loan. This first of its kind securitized transaction is backed primarily by our HFC assets and represents a new, innovative approach capitalizing on the strength of our broadband networks in the industry. The asset-backed loan is secured by receivables and network assets from our Bronx and Brooklyn service areas. The perimeter has additional debt capacity and, most importantly, the structure is scalable and may offer us past to address our 2027 and 2028 maturities.

我想強調我們最近完成的 10 億美元資產支持應收帳款貸款。這是首創的證券化交易，主要由我們的 HFC 資產支持，代表了一種利用我們寬頻網路在業界的優勢的全新創新方法。該資產支持貸款由我們布朗克斯和布魯克林服務區的應收帳款和網路資產擔保。該週邊地區擁有額外的債務能力，最重要的是，該結構具有可擴展性，可以為我們提供過去解決 2027 年和 2028 年到期債務的能力。

The loan transaction was completed in July of 2025, matures in January of 2031 and carries an interest rate of [8 and 7/8%]. We are pleased to have partnered with Goldman Sachs and TPG Angelo Gordon on this transaction, which diversifies funding sources, offers improved pricing compared to our last high-yield notes offering and provides an opportunity to unlock leverage value in our HFC assets. Turning to slide 11.

該貸款交易於 2025 年 7 月完成，2031 年 1 月到期，利率為[8 和 7/8%]。我們很高興與高盛和 TPG Angelo Gordon 合作完成此次交易，該交易使我們的資金來源多樣化，與我們上次發行的高收益票據相比，其定價更有優勢，並提供了釋放 HFC 資產槓桿價值的機會。翻到第 11 張投影片。

We'll review our debt maturity profile pro forma for the new asset-backed loan. At the end of Q2, our pro forma weighted average cost of debt is 6.9%. Our weighted average life of debt is 3.6 years and 73% of our total debt stack is fixed. Pro forma for our recent transaction, liquidity is approximately $1.5 billion and our leverage ratio was 7.8 times the last two quarters' annualized adjusted EBITDA. And we remain focused on exploring all opportunities to ensure our capital structure supports our long-term operating goals.

我們將審查新資產支持貸款的債務到期。在第二季末，我們的預期加權平均債務成本為 6.9%。我們的加權平均債務期限為 3.6 年，其中 73% 為固定債務。根據我們最近的交易，流動性約為 15 億美元，我們的槓桿率為過去兩個季度年化調整後 EBITDA 的 7.8 倍。我們將繼續致力於探索所有機會，以確保我們的資本結構支持我們的長期營運目標。

Before we close, I would like to provide an update on our tax outlook. The recent tax reform has enabled benefits from both bonus depreciation, interest deductibility and R&E deductions. We estimate $250 million to $350 million of savings over the period of 2025 to 2027 with full year 2025 cash tax of under $200 million. As we continue to enhance our capital efficiency, we expect to realize less relative tax reform benefits.

在結束之前，我想介紹一下我們的稅收前景。最近的稅收改革使得獎金折舊、利息扣除和R&E扣除等優惠成為可能。我們估計，2025 年至 2027 年期間可節省 2.5 億至 3.5 億美元，2025 年全年現金稅將低於 2 億美元。隨著我們不斷提高資本效率，我們預期實現的相對稅改效益將會減少。

In closing, we remain confident in our strategic direction and committed to disciplined execution as we build towards sustainable, long-term growth and enhance value for our shareholders.

最後，我們對我們的策略方向充滿信心，並致力於嚴格執行，以實現可持續的長期成長並為股東創造價值。

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）

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great. Good morning and thanks for taking the questions.

偉大的。早上好，感謝您回答問題。

You have a lot of initiatives underway, but I wanted to specifically ask about mobile. Line net adds continue to improve year-over-year, though your penetration still remains relatively low, suggesting a healthy runway ahead. So I was hoping if you could expand on the trajectory and opportunity that you see ahead. And relatedly, some of your peers have expanded their MVNO partnerships. So I wanted to see if there's anything you can share about how you're viewing your wholesale partnership and if there's scope or an appetite for a potential change. Thank you.

您正在進行許多計劃，但我想特別問一下有關移動領域的計劃。儘管滲透率仍然相對較低，但線路淨增額仍逐年提高，這表明未來發展前景良好。所以我希望您能詳細說明您所預見的未來發展軌跡和機會。與此相關的是，你們的一些同行已經擴大了他們的 MVNO 合作夥伴關係。所以我想看看您是否可以分享您如何看待您的批發合作關係，以及是否存在潛在改變的空間或意願。謝謝。

Hey, Kutgun. We are very excited about mobile and the trajectory. We did some incredible work this past quarter to really improve the quality of every sale and every net add. This is a machine that we're still continuing to evolve. And so as we went into Q2, we had laser focus on really just elevating that quality. So you'll see that our ported phone numbers have increased meaningfully. A year ago, we were in the 34% range, now we're at 57%. Devices that are being financed have gone from 25% to 31%. Unlimited has gone from 65% to 74%. And so this has all translated into a 600 basis point improvement in churn.

嘿，庫特根。我們對移動和軌跡感到非常興奮。上個季度我們做了一些令人難以置信的工作，真正提高了每筆銷售和每筆淨增的品質。這是一個我們仍在不斷改進的機器。因此，當我們進入第二季度時，我們真正專注於提高品質。因此，您會看到，我們的移植電話號碼顯著增加。一年前，這一比例為 34%，現在已達 57%。獲得融資的設備已從 25% 增加到 31%。無限量已從 65% 上升至 74%。因此，這一切都轉化為客戶流失率 600 個基點的改善。

We also are evolving our credit strategy so that we can just make it even easier for existing customers in good standing to buy more lines and be able to buy even more from us. And so this is something that we feel confident we can continue to drive and accelerate. We have a huge opportunity, as you mentioned, 7% base penetration. We are still on the path for 1 million customers or 1 million lines by '27. And we're very happy with our MVNO partnership with T-Mobile, and so we just continue also to integrate it across all of our sales channels.

我們也在改進我們的信貸策略，以便讓信譽良好的現有客戶能夠更輕鬆地購買更多產品線，並能夠從我們這裡購買更多產品。因此，我們有信心繼續推動和加速這一進程。正如您所說，我們有一個巨大的機會，即 7% 的基礎滲透率。我們仍致力於實現 2027 年擁有 100 萬客戶或 100 萬條線路的目標。我們對與 T-Mobile 的 MVNO 合作感到非常滿意，因此我們將繼續將其整合到我們所有的銷售管道中。

And so this is also a new muscle. A year ago, we weren't selling this at all in our care and retention. And now care and retention has become one of the biggest channels and yet we're still only at 40% participation in care. And that's one of our biggest call center queues, as you can imagine. And so we're on a path to driving that to 65% over the next couple of quarters, and that's only going to increase our velocity in terms of driving mobile.

這也是一塊新的肌肉。一年前，我們在護理和保留方面根本沒有銷售這種產品。現在護理和保留已經成為最大的管道之一，但我們的護理參與率仍然只有 40%。您可以想像，這是我們最大的呼叫中心隊列之一。因此，我們計劃在接下來的幾個季度內將這一比例提高到 65%，這只會提高我們在行動領域發展的速度。

And so mobile is critical. The convergence is critical. It really delivers an even improved churn benefit when we look at folks that are taking mobile. And so we have some exciting offers coming up over the next couple of months as we get ready for the new iPhone launch. We have new family plans, we have just new offers, even Buy One, Get One Free. And free, we're going to be testing free in different demographics and different base management strategies. And so we're going to hit the accelerator and keep driving mobile, and we're excited to do it.

因此移動設備至關重要。融合至關重要。當我們觀察那些使用行動裝置的使用者時，它確實帶來了更好的客戶流失效益。因此，為了準備推出新款 iPhone，我們將在接下來的幾個月內推出一些令人興奮的優惠。我們有新的家庭計劃，我們有新的優惠，甚至買一送一。而且是免費的，我們將在不同的人口統計和不同的基礎管理策略中進行免費測試。因此，我們將加大油門，並繼續推動行動業務的發展，我們對此感到非常興奮。

Very helpful. Thank you.

非常有幫助。謝謝。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Sorry about that. Great. Thank you.

很抱歉。偉大的。謝謝。

Can you talk to us about the typical profile of a new mobility subscriber? Are they new to Altice and is there any difference in the fiber subscribers versus those in the coax? And then as a follow-up, how are you -- are there any limitations with what you can sell to larger customers? Is LightPath able to sell mobility? Just curious how that works. Thanks.

能跟我們談談新行動用戶的典型特徵嗎？他們是 Altice 的新用戶嗎？光纖用戶和同軸電纜用戶有什麼區別嗎？然後作為後續問題，您如何—對於向大客戶銷售的產品有什麼限制嗎？LightPath 能夠銷售行動產品嗎？只是好奇它是如何運作的。謝謝。

Sure. From a mobility perspective, we have 50% coming as new customers, 50% of our sales are coming from the base. We've implemented this in all of our acquisition channels. But as I mentioned, we are rolling this out in all of our call centers, care, retention, retail, which really have the most at bats with our existing customers. And so we're excited to continue to expand the offerings and continue to grow the portfolio and make these offerings available.

當然。從流動性角度來看，我們有 50% 是新客戶，50% 的銷售額來自基礎客戶。我們已經在所有收購管道中實施了這項措施。但正如我所提到的，我們正在所有呼叫中心、客服中心、客戶保留中心、零售中心推行這項服務，這些中心與現有客戶的合作最為密切。因此，我們很高興能夠繼續擴大產品範圍、繼續擴大產品組合併提供這些產品。

From a fiber perspective, we're excited about fiber. We continue to drive it because we see better NPS. We see improved churn profile. We see strong ARPUs. And so we're going to continue to drive fiber. We've been seeing -- from a new connect and migration perspective, we have about 80% in this past quarter through migrations. We've embedded migration activity in our call centers and retail and making that available.

從纖維的角度來看，我們對纖維感到興奮。我們繼續推動它，因為我們看到了更好的 NPS。我們看到客戶流失情況有所改善。我們看到了強勁的 ARPU。因此我們將繼續推動光纖的發展。我們已經看到——從新的連接和遷移角度來看，上個季度我們已經透過遷移完成了大約 80% 的工作。我們已將遷移活動嵌入到我們的呼叫中心和零售中並使其可用。

We're really focused on customer lifetime value here so we want to be smart about when we offer a migration, how we offer migration. I've talked about in the past that we've done incredible work to make that a more efficient and smooth process. And so now we have the levers to be able to accelerate in different channels when we think it makes sense to maximize customer lifetime value.

我們真正關注的是客戶終身價值，因此我們希望在提供遷移時、以及如何提供遷移方面做到明智。我過去曾談到，我們做了大量出色的工作，讓這個過程更有效率、更順暢。因此，當我們認為最大化客戶終身價值有意義時，我們現在可以利用不同的管道來加速。

Marc, do you want to talk a little bit about Lightpath?

馬克，你想談談 Lightpath 嗎？

Yes. Just regarding the limitations around mobility selling. Again, we're pleased with our MVNO relationship that we have with T-Mobile. And so we do have flexibility there, and we see that as a path forward as well.

是的。僅涉及流動性銷售的限制。再次，我們對與 T-Mobile 的 MVNO 關係感到非常滿意。因此我們確實具有靈活性，我們也將其視為前進的道路。

Alright, great. Thank you.

好的，太好了。謝謝。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

This is [Josh] on for Jim. Thanks for taking the questions.

我是 [Josh]，替 Jim 轉播。感謝您回答這些問題。

Just on the broadband side of the business, can you give us some incremental detail on how some of your bigger, more well-capitalized competition is treating competition versus more of the upstart overbuilders? And secondly, as you think about your subscriber trajectory, are you willing to spend incremental capital on advertising and promotion and retention offers to drive even better sub-trends even if it slows some of your profitability ambitions? Thanks.

僅在寬頻業務方面，您能否向我們提供一些細節，說明一些規模更大、資金更雄厚的競爭對手與新興的過度建設者相比如何對待競爭？其次，當您考慮訂閱用戶的發展軌跡時，您是否願意在廣告、促銷和保留服務上投入增量資金，以推動更好的子趨勢，即使這會減緩您的部分盈利目標？謝謝。

Thanks, Josh. We're really excited about our go-to-market strategies and whether the competition is the larger telcos or the fiber overbuilders or fixed wireless. We're seeing improvements in win share across all of these cohorts, particularly as we've implemented our hyper local strategies. We've deployed that across almost 600,000 homes and we're already seeing a 13% connect lift, and we're seeing improvements in win share of 20%, 30% and 40% across the footprint.

謝謝，喬希。我們對我們的市場進入策略感到非常興奮，無論競爭對手是大型電信公司、光纖過度建設者還是固定無線。我們看到所有這些群體的勝利份額都有所提高，特別是在我們實施超本地化策略之後。我們已經在近 60 萬個家庭中部署了該技術，並且我們已經看到連接率提升了 13%，並且我們看到整個覆蓋範圍內的獲勝份額分別提高了 20%、30% 和 40%。

For the first time, we're seeing actual sub-growth in areas of Texas and the Northeast as well, where we have a combination of fiber overbuilders and mature telcos competition. We've made meaningful progress, where we're also seeing that in certain markets where we were losing customers, we're now flat or positive. And so we are willing to invest where we need to invest, but we're doing that in a very surgical fashion. And that's in our acquisition channels, that's in our retention channels. And we're using our hyper-local strategies, our income-constrained strategies as well. We're seeing really great results there, 10% lift.

我們首次看到德州和東北部地區也出現了實際的次級成長，這些地區既有光纖過度建設者，也有成熟的電信公司競爭。我們取得了有意義的進展，我們也看到，在某些我們曾經失去客戶的市場中，我們現在的業績持平或呈正成長。因此，我們願意在需要投資的地方進行投資，但我們會以非常精準的方式進行投資。這就是我們的獲取管道，這就是我們的保留管道。我們正在採用超本地化策略和收入限制策略。我們看到了非常好的結果，提升了 10%。

We know that some of the fiber overbuilders have become very aggressive in pricing across the West, and income constrained is a demographic that they're going after. And we're seeing that our products are resonating and that we're able to see a lift in connect, but we're able to balance the ARPU impact as well. We are seeing a higher take rate of the lower-end packages, but we saw an improved take rate in our 500 meg packages, which is offsetting that ARPU decline. And so as we build this muscle, we're just getting stronger and stronger in terms of how we balance rate and volume, and I have full confidence that we're going to be able to do that even more effectively going forward.

我們知道，西方的一些光纖過度建設者在定價方面已經變得非常激進，而收入受限的人群正是他們所針對的人群。我們看到我們的產品引起了共鳴，並且我們能夠看到連接性的提升，但我們也能夠平衡 ARPU 的影響。我們發現低端套餐的接受率較高，但 500MB 套餐的接受率有所提高，這抵消了 ARPU 的下降。因此，當我們鍛鍊出這種肌肉時，我們在平衡速率和音量方面就會變得越來越強，我完全有信心，我們將能夠在未來更有效地做到這一點。

In terms of investing in marketing, we're very happy with our investments in marketing. We actually have a new marketing team that we put in place towards the end of last year. We have more command of marketing than we've ever had before. We're evolving our media mix model. We're driving efficiency in the way that we're delivering across digital and social. We're leveraging AI. We were not leveraging AI or not even fully effectively leveraging our partners. And so now we're able to leverage AI, leverage these tools to be able to drive efficiency and effectiveness of our marketing dollars.

在行銷投資方面，我們對我們的行銷投資感到非常滿意。事實上，我們在去年年底就組建了一個新的行銷團隊。我們對行銷的掌控力比以往任何時候都強。我們正在改進我們的媒體組合模型。我們正在透過數位和社交方式提高交付效率。我們正在利用人工智慧。我們沒有利用人工智慧，甚至沒有充分有效地利用我們的合作夥伴。所以現在我們能夠利用人工智慧、利用這些工具來提高我們的行銷資金的效率和效果。

Got it. Thank you.

知道了。謝謝。

Craig Moffett, Moffett Nathanson.

克雷格·莫菲特、莫菲特·納桑森。

Hi. Thank you. Dennis, I wonder if you and Marc could just comment a little bit about the 2027 maturities wall. As you get a little closer and as some of the trends in your business change, when is the right time to think about trying to term some of that out? Is the window open for terming that out or do you think there are specific things you kind of have to prove to the credit markets before you're able to do that? And then how does the recent ABS transaction change that calculus or does it?

你好。謝謝。丹尼斯，我想知道你和馬克是否可以對 2027 年到期牆發表一點評論。隨著您越來越接近目標，並且您的業務中的一些趨勢也發生了變化，什麼時候才是考慮嘗試解決這些問題的最佳時機？您是否已經準備好做出這項決定，或者您是否認為在做到這一點之前，您必須向信貸市場證明一些具體的事情？那麼最近的 ABS 交易如何改變這種計算呢？

Hi, Craig, I'll take it. It's Marc.

嗨，克雷格，我會接受的。是馬克。

Yes. I guess, first, it's holistically we're really pleased with our partnership with TPG and Goldman Sachs on the first-of-a-kind HFC asset-backed securitization. As we discussed previously, we're focused on managing our capital structure to ensure more sustainable cost leverage, maturity profile. We're excited that this new structure provides additional capacity and flexibility to do just that. We're excited about the diversity this brings to the capital structure. Very pleased to see the cost of debt coming in significantly better than our last high yield issuance.

是的。我想，首先，從整體來看，我們對與 TPG 和高盛在首個 HFC 資產支持證券化專案上的合作感到非常高興。正如我們之前討論過的，我們專注於管理我們的資本結構，以確保更永續的成本槓桿和成熟度狀況。我們很高興看到這個新結構能夠提供額外的能力和靈活性來實現這一目標。我們對這對資本結構帶來的多樣性感到非常興奮。非常高興地看到債務成本明顯優於我們上次發行的高收益債券。

Ultimately, we're going to continue to explore all options that help deliver sustainable capital structure that aligns to these objectives. We have the runway. We've cleared that out, and we feel like we can operate. Really beyond that, we're not going to comment at this point, certainly as we have more information to share, we will. But we feel like we're well positioned. We have significant flexibility in our capital structure to pursue the right range of transactions. We intend to use this flexibility to achieve our capital structure goals.

最終，我們將繼續探索所有有助於實現符合這些目標的可持續資本結構的選擇。我們有跑道。我們已經解決了這個問題，並且感覺我們可以繼續運作了。除此之外，我們目前不會發表評論，當然，當我們有更多資訊可以分享時，我們會的。但我們感覺我們處於有利地位。我們的資本結構具有很大的彈性，可以進行適當的交易。我們打算利用這種彈性來實現我們的資本結構目標。

Vikash Harlalka, New Street Research.

維卡什·哈拉爾卡，新街研究。

Hi. Can you hear me?

你好。你聽得到我嗎？

Yes.

是的。

Hi. Thanks so much for taking the question. Two, if I can.

你好。非常感謝您回答這個問題。如果可以的話，兩個。

It looks like you did better on broadband subs, but your ARPU growth sort of slowed sequentially. How do you sort of think about subscriber growth in the back half and ARPU growth in the back half as well? And then two, on the ABS debt rate, how much more capacity do you have on the HFC side? And are you planning to raise the ABS at Lightpath and sort of move the proceeds over to the parent company?

看起來你們在寬頻用戶方面做得更好了，但你們的 ARPU 成長卻有所放緩。您如何看待下半年的用戶成長和 ARPU 成長？其次，關於 ABS 債務利率，HFC 方面的容量還有多少？您是否計劃提高 Lightpath 的 ABS 並將收益轉移給母公司？

Thanks, Vikash. From a broadband perspective, of course, we all know that there's tremendous headwinds that remain. The competition continues to be fierce. The macroeconomic environment moves are still at all-time lows and new housing formation, particularly SFU formation is -- continues to remain at all-time lows. That being said, we're going to continue to control what we can control.

謝謝，Vikash。當然，從寬頻的角度來看，我們都知道仍然存在著巨大的阻力。競爭依然十分激烈。宏觀經濟環境走勢仍處於歷史低位，新住房建設，特別是 SFU 建設——繼續處於歷史低點。話雖如此，我們將繼續控制我們能夠控制的事情。

We've shown year-over-year improvement in Q2, and we continue to drive towards year-over-year improvement in the back half of the year. And I believe that these strategies that I just mentioned in terms of our hyper-local strategy that's delivering connect lift, our income constraint strategy that's delivering connect lift. We are just getting started in terms of evolving our MDU strategy.

我們在第二季度取得了同比增長，我們將繼續努力在下半年實現同比增長。我相信，我剛才提到的這些策略，包括我們的超在地化策略，可以帶來連結提升，我們的收入限制策略，可以帶來連結提升。我們的 MDU 策略發展才剛開始。

We put in a new team. We have more visibility and more data than ever to help us focus on those buildings that are underpenetrated. This is a big opportunity for us. We have 2 million MDU passings in our footprint and we're growing the passings in 2025. And last year at this time, we lost 2,000 -- we were net 2,000 loss in our MDU footprint. And this year, we grew by 7,000.

我們組建了一支新團隊。我們擁有比以往更多的可見性和數據，以幫助我們專注於那些滲透不足的建築物。這對我們來說是一個很大的機會。我們的業務範圍內已有 200 萬 MDU 死亡，並且我們將在 2025 年增加死亡人數。去年此時，我們的 MDU 業務淨虧損 2,000 人。今年，我們的員工人數又增加了 7,000 人。

And so I'm confident that these strategies will help us continue to stabilize broadband as we move forward. But there are a lot of headwinds, and so we're striving towards year-over-year growth as -- year-over-year improvements as we move forward.

因此，我相信這些策略將有助於我們在未來繼續穩定寬頻。但也存在著許多阻力，因此，我們正在努力實現逐年成長，逐年進步。

From an ARPU perspective, the good news is that we have launched and continue to launch a whole host of new products. We launched Total Care, as I mentioned, just a few quarters ago. And now we have 90,000 subs. They're providing us a blended ARPU of over $11, 60% margin. We just recently, a couple of months ago, launched Whole Home WiFi. We have 31,000 subs on there paying us $10 a month. We just launched on our B2B side of the house, Connection Back-up and security solutions. And so these are all solutions that we're just getting started with that will continue to help us drive ARPU as we move forward.

從 ARPU 角度來看，好消息是我們已經推出並將繼續推出大量新產品。正如我所提到的，我們在幾個季度前推出了 Total Care。現在我們有 90,000 名訂閱者。他們為我們提供了超過 11 美元的混合 ARPU，利潤率為 60%。就在幾個月前，我們推出了 Whole Home WiFi。我們擁有 31,000 名訂閱者，每月向我們支付 10 美元。我們剛剛在 B2B 領域推出了連接備份和安全解決方案。這些都是我們剛開始採用的解決方案，它們將在我們前進的過程中繼續幫助我們提高 ARPU。

Additionally, we have more command of ARPU than we ever have in terms of the ability to monetize most effectively from an acquisition perspective to control the offers that we have in retention to be able to maximize our promo roles and the lifts that we're doing in the back half of the year. And so with all of this coming together, we'll continue to be disciplined around driving subscribers while managing ARPU most effectively.

此外，從收購角度最有效地將 ARPU 貨幣化的能力來看，我們對 ARPU 的控制比以往任何時候都要多，可以控制我們保留的報價，從而能夠最大限度地發揮我們的促銷作用和我們在下半年所做的提升。因此，在所有這些因素綜合作用下，我們將繼續嚴格控制使用者數量，同時最有效地管理 ARPU。

I don't know, Marc, if you have anything you'd like to add on ARPU.

馬克，我不知道您是否還有什麼要補充的關於 ARPU 的資訊。

No, I think you captured it. On your ABS questions around capacity, again, pleased with the offering that we launched. We think it's industry setting, the launch there. We have incremental capacity within the perimeter. Just holistically, just a reminder, the [Brooks & Bronc] system represents around just 700,000 customers, 1.5 million passings. We have 10 million passings in our ecosystem. So we feel like there is more flexibility and capacity in that regard.

不，我想你抓住了它。關於您關於容量的 ABS 問題，我再次對您推出的產品感到滿意。我們認為這是一個行業環境，是在那裡推出的。我們在周邊擁有增量容量。整體而言，需要提醒的是，[Brooks & Bronc] 系統僅代表約 70 萬名客戶，150 萬人次逝去。我們的生態系中有 1000 萬人逝去。因此，我們覺得在這方面有更多的彈性和能力。

And certainly, with our Lightpath business, we'll continue to explore all options on that side to make sure we have the most effective cost structure and capital structure for them as well, but certainly more to come at the appropriate time.

當然，對於我們的 Lightpath 業務，我們將繼續探索這方面的所有選擇，以確保我們為其提供最有效的成本結構和資本結構，但肯定會在適當的時候推出更多選擇。

Thank you.

謝謝。

Sam McHugh, BNP Paribas.

法國巴黎銀行的 Sam McHugh。

Hi guys. Thanks for the question. Some of your peers have talked about having higher market share than fiber providers even in long-tenured fiber overbuild places. The way you competed with of another fiber builders for the long term, where do you see kind of stable market share? Like as investors think about the medium to long run, where can we expect share to stabilize to? And what do you think is the floor in your business? Thanks.

嗨，大家好。謝謝你的提問。您的一些同行談到，即使在長期光纖過度建設的地方，您的市場份額也比光纖供應商更高。您與其他光纖製造商的長期競爭方式，您認為如何獲得穩定的市場佔有率？就像投資人思考中長期一樣，我們預期股價會穩定到哪裡？您認為您公司的底線是什麼？謝謝。

Thanks, Sam. Yes. For us, we're really working on just continuing to evolve our go-to-market so that we can maximize market share. There are markets that when some of these fiber overbuilders came in for the first time, we just unfortunately did not have a go-to-market that would allow us to compete. And now we have strategies that are allowing us to win back market share. We are improving our win share against these competitors across the West by 20%, 30% and 40%. And so I really do believe that we'll be able to elevate our strategies and be able to drive.

謝謝，山姆。是的。對我們來說，我們真正致力於的是繼續改進我們的行銷方式，以便最大限度地提高市場份額。當一些纖維過度建設者首次進入某些市場時，我們很遺憾沒有一個可以讓我們參與競爭的市場進入策略。現在我們制定了可以讓我們贏回市場份額的策略。我們正在將與西方競爭對手的勝率提高 20%、30% 和 40%。因此，我確實相信我們能夠提升我們的策略並能夠推動我們的發展。

The great news is that we had in Q2 the best churn in three years and also, from a gross add indexing perspective, the best gross ad indexing in two years. And so it's really all about how do we bring these new products to market and continue to drive our value proposition.

好消息是，我們在第二季度實現了三年來最佳的客戶流失率，而且從總添加指數的角度來看，也是兩年來最佳的總廣告指數。因此，這實際上是關乎我們如何將這些新產品推向市場並繼續推動我們的價值主張。

From a Verizon perspective, we've been competing with them for a long time, but there was a period where unfortunately we were not delivering in quality, we were not delivering value. And now we have regained the quality that we believe our customers deserve, as evidenced through the awards from Ookla and PCMag that have stated that our networks are best-in-class in New York, in New Jersey and Pennsylvania. And so this is a journey that we're on.

從 Verizon 的角度來看，我們已經與他們競爭了很長時間，但不幸的是，有一段時間我們沒有提供高品質的產品，也沒有提供價值。現在，我們重新獲得了我們認為客戶應得的質量，Ookla 和 PCMag 頒發的獎項證明了這一點，這些獎項表明我們的網絡在紐約、新澤西和賓夕法尼亞都是一流的。這就是我們正在進行的旅程。

As I mentioned earlier, we're now for the first time growing subs again in some of these markets where we were just losing for years and years. And so I'm confident over the long term we're going to get back to subscriber growth as well as revenue and EBITDA growth.

正如我之前提到的，我們現在首次在一些我們連續多年虧損的市場中再次實現了訂閱用戶數量的成長。因此，我相信從長遠來看，我們的用戶數量、收入和 EBITDA 都會恢復成長。

If I can ask one more follow-up on mobile as well. You talked about improving kind of handset equipment attach rates, higher premium unlimited plans. How do we square that with the kind of implied ARPU trends in wireless, which they weakened quite a little bit in this quarter?

我是否可以再問一個有關行動裝置的後續問題？您談到了提高手機設備配售率、提高無限流量套餐的保費。我們如何將其與無線領域的隱含 ARPU 趨勢相協調？無線領域的 ARPU 趨勢在本季有所減弱。

Marc, do you want to talk a little bit about the ARPU trends?

馬克，你想談談 ARPU 趨勢嗎？

Yes. I mean we're going to take, Sam, a balanced approach to driving mobile ARPU on a per line basis, again, trying -- we have a lot of runway left with only 7% of our base penetrated. There's still opportunity there. You'll see us pulse in and out different strategies around that. So we'll take a balanced and measured approach as we're trying to ultimately drive, maximize revenue trajectory while improving margins in that space as well.

是的。Sam，我的意思是，我們將採取一種平衡的方法來推動每條線路上的行動 ARPU，再次嘗試——我們還有很多空間，但我們的基數只滲透了 7%。那裡仍有機會。您會看到我們圍繞這個問題制定了不同的策略。因此，我們將採取平衡、謹慎的方法，最終努力推動、最大化收入軌跡，同時提高該領域的利潤率。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Yes. Thank you. Good morning.

是的。謝謝。早安.

So first, just looking at the EBITDA growth guide for the back half of the year, it sounds like you've got really good line of sight on costs. Revenues have been a bit more pressured. You've talked about some of the drivers of that and some green shoots. So I'm just wondering what kind of subscriber or ARPU results you need to see in the back half of the year to get you comfortable with the guide. And what kind of line of sight on that? And maybe I missed it because I joined the call late, but did you reaffirm the revenue guide that you gave last quarter for the year? Thank you.

首先，只要看一下下半年的 EBITDA 成長指南，聽起來您對成本有很好的了解。收入壓力有點大。您已經談到了其中的一些驅動因素和一些復甦跡象。所以我只是想知道您需要在今年下半年看到什麼樣的用戶或 ARPU 結果才能讓您對指南感到滿意。對此有什麼樣的視線？也許因為我參加電話會議晚了，所以我錯過了，但您是否重申了您在上個季度給出的今年收入指南？謝謝。

Yes. Steven, I'll take that. Just overall, yes, we are reconfirming our outlook from what we provided in the first quarter, and that's both on revenue, direct costs and OpEx costs. So we feel like we do have good line of sight on where this is heading. Certainly, we're going to see most of that improvement really step up in the fourth quarter, so just as you guys are building your models again, but we reiterate those components.

是的。史蒂文，我接受。總體而言，是的，我們正在根據第一季提供的預測重新確認我們的前景，包括收入、直接成本和營運支出成本。因此，我們感覺我們確實對事情的發展方向有了很好的了解。當然，我們將看到大部分改進在第四季度真正實現，所以就像你們再次建立模型一樣，但我們重申這些組成部分。

And really, the drivers of improvement is really going to be the impact of the subscriber performance year-over-year, the improved revenue trends. We talked about stability in ARPU, the incremental selling of mobile and our value-added services, in addition to acceleration we anticipate from our Lightpath and our News and Advertising businesses.

實際上，推動改善的真正因素是用戶表現逐年改善的影響以及收入趨勢的改善。我們討論了 ARPU 的穩定性、行動和增值服務的增量銷售，以及我們預期的 Lightpath 和新聞與廣告業務的加速成長。

Certainly, from an OpEx perspective, we feel like the workforce transformation and transformation efforts will really start to kick in in the back half of the year along the third-party costs we've incurred tied to that in launching AI. Those are really front half loaded. So we'll see the benefits of those. And then we just continue to operate the network much more efficiently, and so we do anticipate lower service calls and lower truck rolls with these new AI tools fully established.

當然，從營運支出的角度來看，我們認為勞動力轉型和轉型工作將在下半年真正開始發揮作用，同時我們也將承擔與推出人工智慧相關的第三方成本。那些確實是前半部裝載的。所以我們會看到它們的好處。然後，我們將繼續更有效率地運作網絡，因此，隨著這些新的 AI 工具的全面建立，我們預計服務呼叫和卡車運輸量將會減少。

So again, a lot of the benefit will be seen in the fourth quarter. Again, from an ARPU perspective, as we think about broadband, we are lapping the rack rate reset we did in early 2024. As we think about full year guidance around broadband ARPUs, we do think there will be improvements year-over-year slightly. And so we feel like we have the right balanced approach to continue to drive improved revenue trends as well as moderating our cost profile.

因此，許多好處將在第四季顯現。再次，從 ARPU 的角度來看，當我們考慮寬頻時，我們正在重複我們在 2024 年初進行的機架費率重置。當我們考慮全年寬頻 ARPU 指導時，我們確實認為同比會略有改善。因此，我們認為我們擁有正確的平衡方法來繼續推動收入趨勢的改善以及調整我們的成本狀況。

Great. And then just a quick follow-up. So the ABS deal, it's above your weighted cost of debt but definitely lower than some of the refis you've done in the last couple of years. As you look at the towers over the next couple of years, do you think there's scope to bring your weighted cost of debt down through those activities or should we expect some upward pressure on cash interest over time? Thank you.

偉大的。然後只是快速的跟進。因此，ABS 交易高於您的加權債務成本，但肯定低於您過去幾年進行的一些再融資。當您展望未來幾年的大樓時，您是否認為透過這些活動可以降低您的加權債務成本，或者我們是否應該預期現金利息會隨著時間的推移而面臨上行壓力？謝謝。

So we're excited about the loan that we just did and, as you mentioned, the improvement we saw versus what we previously did in our high-yield issuance. Again, we have significant flexibility. Our objective, again, is still, we believe, 4.5 to 5 times is the right sustainable leverage levels to operate this business over time. We feel like there is a path to deliver on that. Certainly more to come at the appropriate time.

因此，我們對剛剛發放的貸款感到非常興奮，正如您所提到的，與我們之前在高收益發行中所做的相比，我們看到了進步。再次，我們具有很大的靈活性。我們的目標仍然是，我們相信 4.5 到 5 倍是長期經營這項業務的正確永續槓桿水準。我們覺得有一條途徑可以達成這個目標。當然，在適當的時候還會有更多消息傳來。

Thank you.

謝謝。

Thank you. At this time, I would like to turn the call back to management for closing comments.

謝謝。現在，我想將電話轉回給管理階層，徵求他們的最後意見。

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. This does conclude today's teleconference. You may disconnect your lines this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。這次你可以斷開你的線路。感謝您的參與並祝您有個愉快的一天。