Optimum Communications Inc (OPTU) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Altice USA third-quarter 2025 earnings results. (Operator Instructions). It is now my pleasure to introduce your host, Sarah Freedman, Vice President of Investor Relations. Thank you. You may begin.

大家好，歡迎來到 Altice USA 2025 年第三季財報發表會。（操作說明）現在，我很高興向大家介紹主持人，投資者關係副總裁 Sarah Freedman。謝謝。你可以開始了。

Thank you. Welcome to the Altice USA Q3 2025 earnings call. We are joined today by Altice USA's Chairman and CEO, Dennis Matthew; 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. Now turning over to Dennis to begin.

謝謝。歡迎參加 Altice USA 2025 年第三季財報電話會議。今天我們邀請了 Altice USA 的董事長兼執行長 Dennis Matthew 和財務長 Marc Sirota，他們將一起為大家進行演示，並回答大家的問題。由於今天的簡報可能包含前瞻性陳述，請仔細閱讀第 2 頁題為「前瞻性陳述」的部分。現在交給丹尼斯開始。

Thank you, Sarah. Good morning, and thank you all for joining us today. Throughout today's presentation, we will discuss the progress we have made, the challenges facing our business and most importantly, how we are responding with urgency and discipline to ensure we continue to strengthen our business for the long term. I want to start by recognizing where we stand today and the work that still lies ahead. Over the past three years since stepping into the CEO role, we've been executing a comprehensive transformation aimed at stabilizing the business, driving operational discipline, and slowing declines to position us for future growth.

謝謝你，莎拉。早安，感謝各位今天蒞臨。在今天的演講中，我們將討論我們所取得的進展、我們業務面臨的挑戰，以及最重要的是，我們如何以緊迫感和紀律性來應對這些挑戰，以確保我們能夠繼續加強業務的長期發展。首先，我想先明確我們目前所處的位置以及未來還有哪些工作要做。自從我擔任執行長以來的這三年裡，我們一直在執行一項全面的轉型計劃，旨在穩定業務、加強營運紀律、減緩下滑趨勢，從而為未來的成長做好準備。

Our financial performance is starting to reflect our operational investments. Gross margin percentage reached an all-time high. Capital efficiency continues to improve. Adjusted EBITDA decline is moderating and we are targeting year-over-year adjusted EBITDA growth in the fourth-quarter.

我們的財務表現開始反映出我們的營運投資。毛利率達到歷史新高。資本效率持續提升。調整後 EBITDA 的下降速度正在放緩，我們的目標是在第四季度實現調整後 EBITDA 的同比增長。

We have also made significant progress in elevating our customer experience and the quality of our network as we continue working to rebuild trust with our customers. Because of this progress, despite market pressure, we are reaffirming our full year outlook of approximately $3.4 billion of adjusted EBITDA.

我們也在提升客戶體驗和網路品質方面取得了顯著進展，我們將繼續努力重建與客戶的信任。由於取得了這一進展，儘管面臨市場壓力，我們仍重申全年調整後 EBITDA 約為 34 億美元的預期。

Our outlook includes revenue of approximately $8.6 billion and direct costs and other operating expense, each of approximately $2.6 billion. We recognize that achieving our full year outlook implies a meaningful ramp in the fourth-quarter performance and believe that our focus on profitability over subscriber growth at any cost positions us for financial improvement. Our results in the third-quarter reflect shifting dynamics.

我們的展望包括約 86 億美元的收入，以及約 26 億美元的直接成本和其他營運費用。我們認識到，要實現全年預期目標，就需要第四季度業績大幅提升，我們相信，我們專注於盈利能力而不是不惜一切代價追求用戶增長的做法，將使我們的財務狀況得到改善。第三季業績反映了不斷變化的市場動態。

The first part of the quarter was relatively stable, both against fixed wireless and fiber overbuilders. However, in September, competitive intensity significantly accelerated with aggressive offers paired with heightened marketing spend from our competitors as well as elevated FWA activity, which impacted our results.

本季前半段相對穩定，無論是固定無線網路或光纖網路建置方面都保持穩定。然而，9 月份，競爭強度顯著加劇，競爭對手加大了行銷投入，並推出了更具侵略性的優惠活動，同時 FWA 活動也日益增多，這影響了我們的業績。

In the face of this, we remain disciplined by prioritizing financial stability and protecting margins over chasing lower-value gross adds. At the same time, we recognize that we must be bolder in our go-to-market and base management strategies to stabilize broadband performance. That being said, while we have made progress, we know there is more to do to attain consistent broadband subscriber growth.

面對這種情況，我們仍然保持自律，優先考​​慮財務穩定和保護利潤率，而不是追求低價值的新增毛利。同時，我們也意識到，為了穩定寬頻效能，我們必須在市場推廣和用戶基礎管理策略上採取更大膽的措施。儘管如此，雖然我們已經取得了一些進展，但我們知道，要實現寬頻用戶持續成長，還有更多工作要做。

Reflecting this evolving competitive landscape, in the third-quarter, we recorded a noncash impairment charge of approximately $1.6 billion related to our indefinite live cable franchise rights. The fair value of these assets was originally established during the company's formation in 2015 and '16.

鑑於競爭格局的不斷變化，第三季我們提列了約 16 億美元的非現金減損費用，該費用與我們無限期直播有線電視特許經營權有關。這些資產的公允價值最初是在公司成立之時（2015 年和 2016 年）確定的。

Since then, competitive, and macroeconomic pressures have evolved, including incremental market entrants and low move activity. The impairment reflects the anticipated persistence of these conditions for the foreseeable future, which are factors that were not contemplated in the original valuations at the time of the Cablevision and Suddenlink acquisitions.

此後，競爭和宏觀經濟壓力發生了變化，包括市場進入者的增加和市場流動性降低。減損反映了這些情況在可預見的未來將持續存在，而這些因素在收購 Cablevision 和 Suddenlink 時的原始估值中並未考慮在內。

This was a noncash charge and it does not affect our cash flow, liquidity, or ongoing operations. As we move into the final months of 2025, our priorities remain consistent and clear. We are focused on evolving our go-to-market and base management strategies to improve our broadband and revenue trajectory, driving operational efficiency, and enhancing and growing our network.

這是一筆非現金支出，不會影響我們的現金流、流動性或持續經營。隨著我們進入 2025 年的最後幾個月，我們的工作重點仍然保持一致和明確。我們致力於改善市場進入策略和基礎管理策略，以改善寬頻和收入成長軌跡，提高營運效率，並增強和擴展我們的網路。

Turning to the next slide, I'll review highlights from the quarter. Adjusted EBITDA declined 3.6% year-over-year and grew 3.3% quarter-over-quarter. Adjusted EBITDA margin of 39.4% expanded 70 basis points year-over-year and 200 basis points quarter-over-quarter. Gross margin reached an all-time high of 69.7%, reaching the milestone of approximately 70% a full year ahead of plan and largely reflects a mix shift away from video.

接下來，我將翻到下一張投影片，回顧本季的重點內容。調整後 EBITDA 年減 3.6%，季增 3.3%。經調整的 EBITDA 利潤率為 39.4%，較去年同期成長 70 個基點，較上季成長 200 個基點。毛利率達到歷史新高 69.7%，比計劃提前整整一年達到約 70% 的里程碑，這主要反映了產品組合從視訊轉向其他產品。

Other operating expenses improved by over 2% year-over-year and by over 6% quarter-over-quarter. These results reflect our efforts to operate with discipline by driving innovation, enhancing the customer experience, and improving operational and financial efficiency across the business. On revenue, we maintained a disciplined approach to our revenue strategy prioritizing margin accretion and profitability as industry growth remains near record lows.

其他營運費用較去年同期改善超過 2%，較上季改善超過 6%。這些成果體現了我們透過推動創新、提升客戶體驗以及提高整個業務的營運和財務效率來嚴謹營運的努力。在營收方面，我們堅持採取嚴謹的營收策略，優先考慮利潤率提升和獲利能力，因為產業成長仍然接近歷史低點。

In addition, we remain focused on expanding penetration of new and existing products designed to unlock additional revenue over time. While total revenue declined 5.4% year-over-year, driven primarily from video pressure, we showed revenue momentum in mobile service revenue, which grew 38%, LightPath, which grew almost 6% and underlying news and advertising, which excluding political, grew almost 9%.

此外，我們將繼續致力於擴大新產品和現有產品的市場滲透率，以期隨著時間的推移釋放更多收入。儘管總營收年減 5.4%，主要受視訊業務壓力影響，但我們在行動服務收入（成長 38%）、LightPath（成長近 6%）以及基礎新聞和廣告（不包括政治廣告，成長近 9%）方面均展現出成長勢頭。

Turning to our network. We continue to advance our network modernization efforts with the deployment of mid split upgrades across our HFC footprint. Later this month, we expect to begin offering 2 gig speeds in our first HFC market, an important step toward our multi-gig evolution with additional markets expected in 2026.

轉向我們的網路。我們持續推進網路現代化工作，在HFC網路覆蓋範圍內部署中分升級。本月晚些時候，我們預計將在第一個 HFC 市場開始提供 2 千兆速度，這是我們向多千兆演進邁出的重要一步，預計 2026 年將在更多市場推出。

Additionally, we continue to expand our network with total new passings expansions and additional hyperscaler contracts awarded at LightPath. In August, LightPath announced plans to construct 130 route miles of AI grade fiber infrastructure in Eastern Pennsylvania to connect the rapidly developing hyperscale data center ecosystem in the region.

此外，我們繼續擴展我們的網絡，新增了通行能力，並在 LightPath 上獲得了額外的超大規模資料中心合約。8 月，LightPath 宣布計劃在賓州東部建造 130 英里長的 AI 級光纖基礎設施，以連接該地區快速發展的超大規模資料中心生態系統。

Turning to slide 5, I want to provide more context on our Q3 broadband subscriber results and our disciplined strategic and financial focus as broader market conditions persist. In the quarter, we lost 58,000 broadband subscribers. We continue to operate in a challenging market, characterized by historically low growth intensified competition and ongoing consumer financial strain as more providers compete for fewer customers who are increasingly price-sensitive. This dynamic has led to elevated subscriber acquisition spending across the industry.

接下來請看第 5 張投影片，我想就我們第三季的寬頻用戶業績以及在整體市場狀況持續惡化的情況下我們嚴謹的策略和財務重點提供更多背景資訊。本季度，我們流失了 58,000 名寬頻用戶。我們繼續在一個充滿挑戰的市場中運營，該市場的特點是成長速度處於歷史低位，競爭加劇，以及隨著越來越多的供應商爭奪越來越對價格敏感的客戶，消費者的財務壓力持續增加。這種趨勢導致整個產業的用戶獲取支出不斷增加。

Specifically, late in the quarter, we saw competitors ramp up promotions and significantly increased marketing spend, often combining deep discounts with aggressive add-on offers, which impacted our ability to capture win share. We maintained margin discipline in managing subscriber acquisition costs during this time, prioritizing quality growth and returns over uneconomic volume. Looking ahead in this environment, we intend to maintain this discipline.

具體來說，在本季度末，我們看到競爭對手加大了促銷力度，並大幅增加了行銷支出，通常將大幅折扣與激進的附加優惠相結合，這影響了我們贏得市場份額的能力。在此期間，我們在控制用戶獲取成本方面保持了利潤率紀律，優先考​​慮品質成長和回報，而不是不經濟的銷售。展望未來，在這種環境下，我們打算繼續保持這種紀律。

We recognize that we need to continue to adapt and evolve our go-to-market approach to compete more effectively. We have made steady progress in our head-to-head performance against fiber overbuilders and have observed encouraging trends there. Though on the fixed wireless side, as I referenced earlier, the competitive landscape demands a stronger stand. And we are developing and executing on a plan centered on our faster, more reliable network and superior product set, including mobile to execute with urgency and win.

我們認識到，我們需要不斷調整和改進我們的市場推廣策略，才能更有效地參與競爭。我們在與光纖網路建構者的直接較量中取得了穩步進展，並觀察到了一些令人鼓舞的趨勢。不過，正如我之前提到的，在固定無線領域，競爭格局要求我們採取更強有力的立場。我們正在製定並執行一項以我們更快、更可靠的網路和更優越的產品組合（包括行動產品）為中心的計劃，以迅速行動並取得成功。

Turning to slide 6. We continue to expand our product portfolio and increase penetration across both new and existing offerings. Our goal is to create stickier customer relationships, compete more effectively and capture additional revenue opportunities over time. We added approximately 40,000 customers to our fiber network and ended the quarter with over 700,000 fiber customers. representing a penetration rate of 23% across our fiber network.

翻到第6張投影片。我們將繼續擴大產品組合，並提高新產品和現有產品的市場滲透率。我們的目標是建立更牢固的客戶關係，更有效地參與競爭，並隨著時間的推移獲得更多的收入機會。我們新增了約 4 萬名光纖用戶，本季末光纖用戶總數超過 70 萬，光纖網路滲透率達 23%。

Thanks to the investments we made to enhance the quality and reliability of our HFC network, we refined our fiber migration strategy into a balanced returns-driven approach, one that prioritizes customers who benefit most from our superior fiber speeds and low latency experience.

由於我們投入資金來提高 HFC 網路的品質和可靠性，我們改進了光纖遷移策略，使其成為一種平衡的、以回報為導向的方法，優先考慮那些能從我們卓越的光纖速度和低延遲體驗中受益最大的客戶。

This strategy allows us to improve portfolio yields by balancing the strengths of HFC and fiber to deliver the right performance at the right cost to the right customer segments, ensuring each connection drives the greatest impact for both our customers and our business. On mobile, we added 38,000 mobile lines in the third-quarter, representing a year-over-year uptick in mobile line growth and a consistent pace with the prior quarter.

此策略使我們能夠透過平衡 HFC 和光纖的優勢來提高投資組合收益，從而以合適的成本為合適的客戶群提供合適的性能，確保每次連接都能為我們的客戶和業務帶來最大的影響。在行動端方面，我們第三季新增了 38,000 條行動線路，較去年同期成長，與上一季保持了穩定的成長速度。

As we focus on customer quality and churn reduction, we are pleased with our progress. Annualized churn improved by approximately 900 basis points and we expect the potential for further gains as we continue to prioritize gross additions of higher-quality customers, those who port their number, finance the device or choose unlimited plans.

我們專注於提升客戶品質和降低客戶流失率，並對我們的進展感到滿意。年化客戶流失率改善了約 900 個基點，我們預計隨著我們繼續優先增加高品質客戶（例如攜號轉網、分期付款購買設備或選擇無限流量套餐的客戶），未來還有進一步增長的潛力。

While this strategy is expected to keep gross additions muted in the near term, lower churn is expected to offset that impact, driving steadier net adds in the long run. This deliberate shift improves efficiency and profitability, building a more stable, high-value customer base and reducing acquisition costs over time. Of note, today, only 35% of our mobile customer accounts include more than one line, which highlights a significant growth opportunity. We are evolving our mobile strategy with more attractive simplified pricing that makes it easier for customers to add lines and bundle services. Specifically, we have a heightened focus on driving multiline adoption, strengthening broadband convergence, and enhancing pricing and offer competitiveness.

雖然預計該策略會在短期內抑制新增用戶數量，但較低的用戶流失率有望抵消這種影響，從而在長期內推動更穩定的淨新增用戶數量。這種刻意的轉變提高了效率和獲利能力，建立了一個更穩定、更有價值的客戶群，並隨著時間的推移降低了獲客成本。值得注意的是，目前我們只有 35% 的行動客戶帳戶包含多條線路，凸顯了巨大的成長機會。我們正在改善行動策略，推出更具吸引力的簡化定價方案，讓客戶更容易增加線路和捆綁服務。具體而言，我們將更專注於推動多線路普及、加強寬頻融合以及提升定價和產品競爭力。

We expect this evolved mobile go-to-market approach to roll out in late Q4, which we believe could position us for improved performance heading into 2026. Last year, we introduced a new and simplified 3-tier video offerings, entertainment TV, Extra TV, and everything TV.

我們預計這種改進後的行動市場推廣方式將在第四季末推出，我們相信這將使我們在 2026 年取得更好的業績。去年，我們推出了全新簡化的三級視訊服務：娛樂電視、額外電視和全能電視。

These packages deliver greater value by including the most watched content, offering customers more flexibility and choice while enhancing our video margin profile. In the third-quarter, we added or migrated a total of 58,000 video customers to these new tiers, representing a ramp from the phase launch in this prior year ending the quarter with 13% penetration of residential video customers.

這些套餐包含觀看次數最多的內容，為客戶提供更大的價值，讓他們擁有更大的靈活性和選擇，同時提升我們的影片利潤率。第三季度，我們新增或遷移了 58,000 名視訊客戶到這些新級別，這比去年同期推出的階段性產品有了顯著提升，截至第三季度末，住宅視訊客戶的滲透率達到了 13%。

We continue to evolve our video strategy as we bring in partners such as Netflix, Disney, Hulu, and others to strengthen our value proposition and bring more optionality to our video customers. More broadly, we have launched several new value-added services and products over the past few quarters, including total care, whole home Wi-Fi and B2B add-on services such as connection backup and secure Internet Plus. These offerings continue to scale and together with other products in our road map helped to create stickier customer relationships. Over time, we believe these services may help offset ARPU headwinds from declining legacy products such as video.

我們不斷完善視訊策略，引入 Netflix、迪士尼、Hulu 等合作夥伴，以增強我們的價值主張，並為視訊用戶帶來更多選擇。更廣泛地說，在過去的幾個季度裡，我們推出了幾項新的增值服務和產品，包括全面護理、全屋 Wi-Fi 和 B2B 附加服務，例如連接備份和安全互聯網 Plus。這些產品和服務不斷擴大規模，並與我們路線圖中的其他產品一起，有助於建立更牢固的客戶關係。我們相信，隨著時間的推移，這些服務可能有助於抵消傳統產品（如影片）衰落帶來的 ARPU 不利影響。

In closing, over the past year, we've strengthened our foundation anchored in product quality, network reliability, and customer service, which we believe remains central to winning in the marketplace. Our focus remains on enhancing our value proposition, rebuilding customer trust, and sharpening our go-to-market and base management strategies to compete more effectively in this highly competitive landscape.

最後，在過去一年裡，我們加強了以產品品質、網路可靠性和客戶服務為核心的基礎，我們相信這仍然是贏得市場的關鍵。我們將繼續專注於提升我們的價值主張，重建客戶信任，並改善我們的市場進入和客戶群管理策略，以便在這個競爭激烈的市場環境中更有效地參與競爭。

Although market conditions remain challenging, we remain focused on the elements within our control, maintaining discipline and execution, competing with precision, and allocating resources with intent. This balanced approach protects profitability near term while positioning the company for durable growth and value creation over time. With that, I'll now turn it over to Marc to walk through the financial results in more detail.

儘管市場環境依然充滿挑戰，但我們仍專注於我們可控的因素，保持紀律和執行力，精準競爭，並有目的地分配資源。這種平衡的方法既能保障公司近期的獲利能力，也能為公司未來的永續成長和價值創造奠定基礎。接下來，我將把發言權交給馬克，讓他更詳細地講解一下財務表現。

Thank you, Dennis. Let's begin on slide 7 with a review of our financial performance. Total revenue of $2.1 billion declined 5.4% year-over-year. Video cord cutter remains the primary driver of year-over-year revenue declines, representing nearly 6% of total declines with residential video revenues down close to 10%. News and Advertising revenues declined 10%, driven by the benefits in the prior year period from incremental political ad revenue.

謝謝你，丹尼斯。讓我們從第 7 張投影片開始，回顧一下我們的財務表現。總收入為 21 億美元，年減 5.4%。剪線族（放棄有線電視的用戶）仍然是導致年度收入下降的主要因素，佔總下降額的近 6%，其中住宅視訊收入下降了近 10%。新聞和廣告收入下降了 10%，主要原因是去年同期政治廣告收入的增加。

Excluding political, news and advertising revenue grew by almost 9%. Over the full year, we expect to offset most of the revenue pressures through continued improvement in programming and direct costs as we manage expenses in line with the lower revenue environment. Residential ARPU declined 1.8% year-over-year to $133.28, lower by $2.48, primarily driven by the impacts from video. In the third-quarter, video contributed to a $3.16 decline year-over-year to total residential ARPU. This is related to volume, partially offset by disciplined video price expansion and representing nearly 130% of total ARPU decline.

剔除政治、新聞和廣告收入後，收入成長了近 9%。預計全年來看，我們將透過持續改善節目製作和控制直接成本來抵消大部分收入壓力，同時根據較低的收入環境來管理支出。住宅用戶平均收入年減 1.8% 至 133.28 美元，減少了 2.48 美元，主要原因是視訊業務的影響。第三季度，視訊業務導致住宅用戶平均收入年減 3.16 美元。這與銷售量有關，部分被有控制的影片價格上漲所抵消，佔每位用戶平均收入總下降額的近 130%。

Offsetting those declines, we saw steady improvement in all other service revenue, contributing to a $0.68 year-over-year improvement driven in part by rate discipline and growth of mobile and new product sell-in. This underscores that even with improving margins, Video's revenue pressure remains the biggest factor weighing on top line and ARPU performance.

抵消這些下滑的，我們看到其他所有服務收入穩步增長，同比增長 0.68 美元，部分原因是價格控制以及移動和新產品銷售的增長。這表明，即使利潤率提高，視訊業務的收入壓力仍然是影響營收和每位用戶平均收入 (ARPU) 表現的最大因素。

Broadband ARPU declined slightly year-over-year to $74.65, tied mainly to seasonal trends with expected low promotional roll-off volumes. We expect full year broadband ARPU to be slightly up year-over-year, supported by additional rate benefits in the fourth-quarter.

寬頻用戶平均收入較去年同期略微下降至 74.65 美元，主要受季節性因素影響，預計促銷活動結束量較低。我們預計全年寬頻ARPU將比去年略有成長，這得益於第四季額外的費率優惠。

Continuing on slide 8, our gross margin reached an all-time high of 69.7%. Gross margin expanded by 160 basis points year-over-year reflecting the continued mix shift away from video, along with a disciplined approach to stronger programming agreements and ongoing efforts to optimize video margins.

繼續看第 8 張投影片，我們的毛利率達到了歷史新高 69.7%。毛利率年增 160 個基點，反映出節目組合持續向視訊領域轉移，以及採取更有力的節目合約和持續努力優化視訊利潤率。

Adjusted EBITDA of $831 million declined 3.6% year-over-year. This represents a moderation in the rate of decline compared with recent quarters, reflecting the benefits of ongoing operational efficiencies and disciplined cost management, as evidenced by the 3.3% sequential improvement in adjusted EBITDA in Q3 compared to the second-quarter. Third-quarter adjusted EBITDA margin expanded by 70 basis points year-over-year to 39.4%, representing our highest EBITDA margin in the past two years and underscores the continued progress in improving efficiency.

調整後的 EBITDA 為 8.31 億美元，年減 3.6%。與最近幾季相比，這代表下降速度有所放緩，反映了持續的營運效率和嚴格的成本管理所帶來的好處，第三季調整後 EBITDA 比第二季環比成長 3.3% 就證明了這一點。第三季調整後 EBITDA 利潤率年增 70 個基點至 39.4%，這是我們近兩年來最高的 EBITDA 利潤率，凸顯了我們在提高效率方面取得的持續進展。

In the fourth-quarter, we are targeting year-over-year growth in adjusted EBITDA, which will represent the first-quarter of growth in 16 quarters. The expected step-up in adjusted EBITDA is driven by both improvements in top line trends and our cost profile. On revenue, we see a path of slowing the rate of decline in our core residential and B2B businesses. Our strategy focuses on more disciplined ARPU management through a seasonal timing of rate actions and continued expansion of value-added services.

第四季度，我們的目標是調整後 EBITDA 實現年成長，這將是 16 個季度以來的第一個成長季度。調整後 EBITDA 的預期成長是由營收成長趨勢和成本結構改善共同推動的。在營收方面，我們看到核心住宅和 B2B 業務的下滑速度正在放緩。我們的策略重點是透過季節性的費率調整和不斷擴大增值服務，來更嚴格地管理每用戶平均收入 (ARPU)。

For the full year, we expect broadband ARPU to increase slightly year-over-year, supported by anticipated growth in the fourth-quarter. As expected, third-quarter results were impacted by typical seasonal dynamics, including back-to-school and lower promotional roll volumes. As noted, Video continues to be the largest driver of our revenue declines. However, we have successfully slowed the rate of decline by adding incremental subscribers to our new video tiers, and we expect this trend to continue.

預計全年寬頻ARPU將年增，這主要得益於第四季的預期成長。正如預期的那樣，第三季的業績受到了典型的季節性因素的影響，包括返校季和促銷活動銷售下降。如前所述，視訊業務仍然是我們收入下降的最大驅動因素。但是，我們透過增加新影片套餐的訂閱用戶，成功減緩了用戶流失的速度，我們預計這一趨勢將會持續下去。

Additionally, our Lightpath business continues to gain share in the hyperscaler market. As we exited 2024, we announced more than $100 million in awarded contracts. And since then, we've meaningfully increased both the total value of awarded deals and opportunities in the pipeline. We expect these contracts to begin contributing to revenue in the fourth-quarter with continued growth through 2026 and beyond.

此外，我們的 Lightpath 業務在超大規模資料中心市場中的份額持續成長。2024 年即將結束之際，我們宣布了超過 1 億美元的已授予合約。自那以後，我們已授予合約的總價值和正在籌備的商機總價值都顯著增加。我們預計這些合約將於第四季度開始產生收入，並將在 2026 年及以後持續成長。

In news and advertising, while we continue to face year-over-year headwinds from the prior year political cycle, we expect to see acceleration in our advanced advertising platform driven by seasonal contracts, primarily tied to the NFL season in the fourth-quarter.

在新聞和廣告方面，雖然我們繼續面臨上一年政治週期帶來的同比不利因素，但我們預計，在季節性合約的推動下，我們的高級廣告平台將加速發展，這主要與第四季度的 NFL 賽季有關。

Additionally, we anticipate some political advertising benefits this year from races in New York City and New Jersey. On direct costs, our teams have done a great job at resetting and executing innovative programming agreements which contributed to a 14% reduction in programming costs year-to-date. We expect this momentum to continue, supporting our full year outlook on direct costs of approximately $2.6 billion. And finally, on operating expenses, we continue to expect benefits from our workforce optimization efforts. These actions were taken without impacting our customer-facing teams, ensuring no compromise to the quality of our customer experience.

此外，我們預計今年紐約市和新澤西州的選舉將帶來一些政治廣告的好處。在直接成本方面，我們的團隊在重新制定和執行創新的節目製作協議方面做得非常出色，這使得今年迄今的節目製作成本降低了 14%。我們預計這一勢頭將持續下去，這將支撐我們全年直接成本約 26 億美元的預期。最後，關於營運費用，我們仍然期望從我們的人員優化工作中獲益。採取這些措施並未影響我們的客戶服務團隊，從而確保客戶體驗品質不受影響。

In addition, we see continued reductions in call volumes and truck rolls tied to the strength of our network in AI-driven automation yielding up savings. And last, as we said previously, we expect moderation in consulting and professional fees tied to our transformation efforts. All of these opportunities from incremental revenue to lower cost profile give us confidence in the path to achieving approximately $3.4 billion of adjusted EBITDA in the full year.

此外，由於人工智慧驅動的自動化網路實力雄厚，我們看到呼叫量和出車次數持續減少，從而節省了成本。最後，正如我們之前所說，我們預計與轉型工作相關的諮詢和專業費用將保持適度。從增加收入到降低成本，所有這些機會都讓我們有信心在全年實現約 34 億美元的調整後 EBITDA。

Next, turning to slide 9. I'd like to go a bit deeper regarding our operational efficiency momentum. In the third-quarter, our operating expenses improved 2.4% or approximately $16 million lower year-over-year, marking the first-quarter of year-over-year OpEx improvement in six quarters.

接下來，請看第9張投影片。我想更深入地探討一下我們提升營運效率的動能。第三季度，我們的營運支出年減 2.4%，約 1,600 萬美元，這是六個季度以來營運支出較去年同期首次實現改善。

As we discussed in August, we delivered OpEx moderation, staying on track to achieve a 4% to 6% reduction in full year 2026 operating expenses compared to full year 2024. Historical OpEx elevation was driven by incremental investments on our transformation journey to refine processes and implement new tools, some of which have now begun to taper, portion of transformation-related costs remain in our operating expenses today but are expected to further decline in Q4 and into 2026.

正如我們在 8 月討論的那樣，我們實現了營運支出控制，並有望實現 2026 年全年營運支出將比 2024 年全年減少 4% 至 6%。歷史營運支出成長是由於我們在轉型過程中不斷增加投資，以改善流程和實施新工具，其中一些投資現在已經開始減少，部分轉型相關成本目前仍計入我們的營運支出，但預計在第四季度和 2026 年將進一步下降。

In addition, we reduced sales and marketing expenses in the third-quarter, reflecting our disciplined approach to managing subscriber acquisition costs and avoiding overspending on lower-value customers. Salaries and related costs are running below the prior trajectory driven by workforce optimization actions taken in the second-quarter with the full benefit expected in the fourth-quarter.

此外，我們在第三季減少了銷售和行銷費用，這反映了我們在控制用戶獲取成本和避免在低價值客戶身上過度支出方面採取的嚴格方法。由於第二季採取了勞動力優化措施，工資及相關成本低於先前的水平，預計第四季將充分發揮作用。

Although this is partially offset by employee-related health and wellness costs, which continue to run at a higher rate than 2025. Specifically, health and wellness costs were higher by $8 million year-over-year in the third-quarter and higher by $30 million year-over-year in the third-quarter year-to-date. Beyond OpEx, we continue to drive efficiency across our operations. First, annualized service call rate improved by approximately 6% and the annualized service visit rate improved by approximately 20% year-over-year in the third-quarter.

儘管員工健康和福利成本在一定程度上抵消了這一影響，但這些成本的成長率仍高於 2025 年的水準。具體而言，第三季健康和保健費用比去年同期增加了 800 萬美元，第三季至今比去年同期增加了 3,000 萬美元。除了營運支出之外，我們還將繼續提高營運效率。首先，第三季年度服務呼叫率年增約 6%，年度服務訪問率較去年同期成長約 20%。

Next, we continue to focus on strengthening our programming agreements and take a data-driven analytical approach to these negotiations, ensuring our content strategy aligns with customer preferences and viewing behaviors. This approach, combined with continued adoption of our new video tiers, supported video gross margin of expansion of almost 350 basis points year-over-year in the third-quarter.

接下來，我們將繼續專注於加強我們的節目製作協議，並對這些談判採取數據驅動的分析方法，以確保我們的內容策略與客戶的偏好和觀看行為保持一致。這種方法，再加上我們不斷採用新的視訊套餐，使得第三季視訊毛利率年增近 350 個基點。

We continue to integrate AI tools across multiple areas of the business from predicting outages to coaching sales reps. AI is helping drive efficiency and supporting growth opportunities. For example, we launched our AI virtual assistance and sales and build partnerships with companies like Google and Cresta to transform customer support. So far, the results have been fewer customer touch points, faster resolutions, and better experiences.

我們不斷將人工智慧工具整合到業務的多個領域，從預測故障到指導銷售代表。人工智慧正在幫助提高效率並支持成長機會。例如，我們推出了人工智慧虛擬助理和銷售服務，並與Google和 Cresta 等公司建立了合作關係，以改變客戶支援模式。到目前為止，成果是減少了客戶接觸點，加快了問題解決速度，並帶來了更好的體驗。

And finally, our customer satisfaction continues to improve with the relationship NPS up 6 points in the last year and up 17 points over the past three years, reflecting ongoing enhancements to network performance and overall customer experience. Stepping back, these overarching trends reflect the progress we've made and laying a foundation of quality across our products, network, and services. The discipline and efficiencies we built into the operations are now beginning to be reflected in our results as we position the business for sustained improvement.

最後，我們的客戶滿意度持續提升，淨關係推薦值 (NPS) 在過去一年中提高了 6 個百分點，在過去三年中提高了 17 個百分點，這反映了網路效能和整體客戶體驗的持續改進。從整體來看，這些整體趨勢反映了我們所取得的進步，並為我們的產品、網路和服務奠定了品質基礎。隨著我們為實現業務的持續改進而努力，我們在營運中建立的紀律性和效率現在開始體現在我們的業績中。

Next, on slide 10, I'll review our network investment and capital expenditures. We now project full year 2025 capital expenditures of approximately $1.3 billion compared to our prior outlook of approximately $1.2 billion. The increase reflects incremental investment at Lightpath to support continued hyperscaler build activity which is now expected to be at the higher end of the Lightpath capital range of $200 million to $250 million.

接下來，在第 10 張投影片上，我將回顧我們的網路投資和資本支出。我們現在預計 2025 年全年資本支出約為 13 億美元，而我們先前的預測約為 12 億美元。此次成長反映了 Lightpath 為支援持續的超大規模資料中心建設活動而進行的增量投資，預計該活動將達到 Lightpath 2 億至 2.5 億美元資本範圍的較高水準。

In addition, there are some timing impacts towards the end of the year that are contributing to our higher 2025 and capital outlook. Cash capital expenditures in the third-quarter were $326 million, down 9.4% year-over-year. This reflects lower capital spend in the second half of the year as more capital-intensive phases of our build activity occurred earlier in the year, and capital has tapered substantially each quarter since. In the third-quarter, we added 51,000 total passings and 30,000 fiber passings.

此外，年底的一些時間因素也對我們2025年及資本前景的上調有所貢獻。第三季現金資本支出為 3.26 億美元，較去年同期下降 9.4%。這反映出下半年資本支出減少，因為我們建設活動中資本密集的階段發生在年初，此後每季的資本支出都大幅減少。第三季度，我們新增了 51,000 次總通過量和 30,000 次纖維通過量。

Year-to-date, we've added 112,000 total new passings and continue to target 175,000 total new passings in the full year. As we discussed in previous calls, the majority of our passing growth in 2025 is expected to come from new fiber deployments. In addition, we are efficiently upgrading portions of our HFC network to enable multi-gig speeds. We continue to deploy mid split upgrades at a low cost per passing and expect to begin marketing multi-gig HFC service in our first market later this month.

今年迄今，我們新增死亡人數為 112,000 人，並繼續以全年新增死亡人數 175,000 人為目標。正如我們在之前的電話會議中討論的那樣，我們預計 2025 年的大部分成長將來自新的光纖部署。此外，我們正在有效率地升級部分HFC網絡，以實現多千兆速度。我們將繼續以較低的單次傳輸成本部署中分頻升級，並預計將於本月稍後在我們的第一個市場開始銷售多千兆HFC服務。

And finally, turning to slide 11, we will review our debt maturity profile. As discussed in August, we are pleased to have partnered with Goldman Sachs and TPG Angelo Gordon on a $1 billion asset-backed receivable facility loan. This first of its kind securitization transaction backed primarily by HFC assets has added additional debt capacity. The loan transaction was completed in July of 2025 and is included in our consolidated debt maturity profile and debt calculations presented.

最後，翻到第 11 張投影片，我們將回顧我們的債務到期。正如我們在 8 月討論的那樣，我們很高興與高盛和 TPG Angelo Gordon 合作，獲得了 10 億美元的資產支持應收帳款融資貸款。這項以住房金融公司資產為主要擔保的首例證券化交易增加了額外的債務融資能力。該筆貸款交易於 2025 年 7 月完成，並已納入我們公佈的合併債務到期情況和債務計算中。

At the end of the third-quarter, our weighted average cost of debt is 6.9%, our weighted average life of debt is 3.4 years, and 73% of our total debt stack is fixed. Consolidated liquidity is approximately $1.2 billion and our leverage ratio is 7.8 times the last two quarters annualized adjusted EBITDA. Before we close, I'm pleased to share that earlier today, we announced the alignment of our corporate identity with Optimum, a brand trusted by millions of customers.

第三季末，我們的加權平均債務成本為 6.9%，加權平均債務期限為 3.4 年，總債務結構中有 73% 為固定債務。合併流動資金約為 12 億美元，槓桿率為過去兩個季度年化調整 EBITDA 的 7.8 倍。在結束之前，我很高興地宣布，今天早些時候，我們宣布了公司形象與 Optimum 品牌保持一致，Optimum 是一個深受數百萬客戶信賴的品牌。

Effective tomorrow, November 7, we expect to change our corporate name from Altice USA to optimum communications. In connection with this, starting on November 19, our Class A common stock, which currently trades under ATUS ticker symbol on the New York Stock Exchange is expected to begin trading under our new OPT ticker.

從明天，也就是11月7日起，我們公司名稱將由 Altice USA 改為 optimal communications。為此，從 11 月 19 日起，我們目前在紐約證券交易所以 ATUS 股票代碼交易的 A 類普通股預計將開始以新的 OPT 股票代碼進行交易。

We view this transition as an important milestone in our multiyear transformation journey, uniting us under a single Optimum brand identity. In closing, we believe our strategy and unwavering discipline and focus enables us to build a more resilient business over time, positioned for sustainable, long-term growth and enhanced value for our shareholders. With that, we will now take questions.

我們認為此次轉型是我們多年轉型歷程中的一個重要里程碑，它將我們團結在同一個 Optimum 品牌標誌之下。最後，我們相信，我們的策略以及堅定不移的紀律和專注，使我們能夠隨著時間的推移，打造一個更具韌性的企業，從而實現可持續的長期成長，並為我們的股東創造更大的價值。接下來，我們將回答問題。

(Operator Instructions)

（操作說明）

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Two, if I could, one on broadband and one on cost. First, on broadband trends, Dennis, as always, your candor and the detail around the market realities are much appreciated. It's clearly a dynamic backdrop. As we think about your commentary that competitive intensity has significantly accelerated in September, along with the high likelihood that they'll probably be even further pressures from the big three telcos on both fixed wireless and fiber ahead, what's the right way to think about the broadband subscriber trends for Optimum going forward?

如果可以的話，我想選兩個方面，一個是關於寬頻的，一個是關於成本的。首先，關於寬頻趨勢，丹尼斯，一如既往，我們非常感謝你的坦誠和對市場實際情況的詳細分析。這顯然是一個充滿活力的背景。考慮到您評論中提到的9月份競爭強度顯著加劇，以及未來三大電信公司在固定無線和光纖領域可能面臨的更大壓力，我們應該如何看待Optimum未來的寬頻用戶趨勢？

Broadband net losses widened from $50,000 last year to $58,000 this quarter particularly given your disciplined financial approach, it seems like these year-over-year pressures will likely widen, but would welcome your thoughts.

寬頻淨虧損從去年的 5 萬美元擴大到本季的 5.8 萬美元，尤其考慮到您嚴謹的財務管理方式，這些同比壓力似乎可能會進一步擴大，但我很想聽聽您的看法。

And second, I was hoping to get more color on the cost structure since there have been a number of puts and takes this year given the ongoing transformation efforts. I know it's way too early to talk about 2026. But as we try to put the pieces together for EBITDA, is the fourth-quarter cost base the right way to think about the shape for next year?

其次，鑑於今年持續的轉型努力，成本結構方面出現了一些調整和變化，我希望能夠更詳細地了解成本結構。我知道現在談論2026年還為時過早。但是，當我們試圖將各個部分拼湊起來計算 EBITDA 時，第四季度的成本基礎是否是思考明年情況的正確方法？

Yes, I'll start with the broadband trends, and I'll let Marc jump in on EBITDA and OpEx and provide some color commentary. As you know, last quarter, we did make some progress in terms of year-over-year performance as we were executing our hyperlocal strategies, our income-constrained strategies, and we were starting to make some progress.

好的，我先從寬頻發展趨勢說起，然後讓馬克來談談 EBITDA 和營運支出，並提供一些見解。如您所知，上個季度，隨著我們執行在地化策略和收入限制策略，我們在同比業績方面取得了一些進展，並且開始取得一些成效。

But I also indicated that we are working on a much broader transformation of this company, and we are working to ensure that we deliver long-term subscriber revenue and EBITDA growth and as such, we are prioritizing financial discipline.

但我同時也指出，我們正在對這家公司進行更廣泛的轉型，我們致力於確保實現長期的用戶收入和 EBITDA 成長，因此，我們將財務紀律放在首位。

And as we entered into Q3, we found that in this low growth environment that the competitive landscape continues to evolve, and the marketing spend by our competitors continued to increase. We had competitors that were increasing marketing spend in certain instances by double digits. We also had -- since I've been sitting in the seat, the most aggressive offers I've ever seen in the marketplace. I mean I'll just be quite frank with you.

進入第三季後，我們發現，在這種低成長環境下，競爭格局仍在不斷變化，競爭對手的行銷支出也持續增加。我們的一些競爭對手在某些情況下將行銷支出提高了兩位數。自從我擔任這個職位以來，我們也收到了市場上我見過的最有競爭力的報價。我直說了。

There are competitors offering and four months of free service, $500 plus of incentives, free streaming, 29 gig and these are all being stacked on top of each other. And so we meet every day, every week, and we decide how are we going to continue to drive this business. We've committed to the $3.4 billion in EBITDA, keeping EBITDA relatively flat year-over-year. That is our focus. And so we decided that we're not going to chase high-cost, low-value gross adds that we are going to continue to stay disciplined. And we're doing that across the east and the west, in the East.

競爭對手提供的優惠包括四個月的免費服務、超過 500 美元的獎勵、免費串流媒體、29 GB 的流量，而且這些優惠都是疊加在一起的。因此，我們每天、每週都會開會，決定如何持續推動這項業務的發展。我們承諾實現 34 億美元的 EBITDA，使 EBITDA 與去年同期基本持平。這是我們的重點。因此，我們決定不再追求高成本、低價值的新增用戶，我們將繼續保持自律。我們正在東西兩岸，尤其是在東部地區這樣做。

We see heightened competition from fixed wireless in particular. And then in the West, we do have some fiber overbuilders that are very, very aggressive on price. That being said, we have the right network, the right products, and the right value propositions to compete. As I mentioned in the last quarter, we saw some benefits from our hyper local strategy, and that continues to bear fruit in Q3. But we have to be bolder.

我們看到來自固定無線網路的競爭日益加劇。而在西方，我們確實有一些光纖網路建設商在價格方面非常非常有競爭力。也就是說，我們擁有合適的網路、合適的產品和適當的價值主張來參與競爭。正如我在上個季度提到的，我們的超本地化策略帶來了一些好處，並且在第三季繼續取得成效。但我們必須更大膽一點。

We have to scale. We have to accelerate and drive our marketing to tell that story more effectively across the West. And in the East, we have to do a much better job of really showcasing that our products superiority against fixed wireless and our value proposition. And so those are the things that we're focused on from a go-to-market perspective, really continuing to evolve those strategies and continue to scale those strategies. And then on the base management side, in this low-growth environment, we have to continue to focus on managing our base effectively.

我們必須擴大規模。我們必須加快行銷步伐，更有效地在西方國家講述這個故事。在東方市場，我們必須更好地展現我們產品相對於固定無線產品的優越性以及我們的價值主張。因此，從市場推廣的角度來看，我們關注的重點就是這些，我們會持續改善這些策略，並繼續擴大這些策略的規模。而在基地管理方面，在這種低成長的環境下，我們必須繼續專注於有效管理我們的基地。

And while churn has remained relatively stable. There's more opportunity. There is more opportunity. We have to -- we focused, as you know, over the last couple of years on making sure we have the right quality in terms of network and product and service, we have to sharpen our toolkit in terms of value. And folks want crystal clear transparency on pricing and packaging, and we have some opportunities there, and we're working on that. So this is not a time where we're going to go chase high-cost, low-value gross adds. We're going to remain disciplined and the competitive intensity continues into Q4.

雖然客戶流失率一直保持相對穩定。機會更多了。機會更多了。如您所知，在過去幾年裡，我們一直致力於確保我們在網路、產品和服務方面擁有合適的質量，現在我們必須在價值方面提升我們的工具包。人們希望價格和包裝方面完全透明，我們在這方面有一些機會，我們正在努力。所以現在不是我們去追逐高成本、低價值新增用戶的時候。我們將繼續保持嚴謹的作風，競爭強度也將持續到第四季。

But the good news is that we've got a great team, and we've got more tools than we've ever had to be able to test and learn and evolve our strategies so that we can compete most effectively and find the right balance of rate and volume into Q4 and going into Q1. Marc, do you want to talk about the cost profile and how we're managing our financials.

但好消息是，我們擁有一支優秀的團隊，並且擁有比以往任何時候都多的工具來測試、學習和改進我們的策略，以便我們能夠最有效地參與競爭，並在第四季度和第一季度找到合適的費率和銷售平衡。馬克，你想談談成本結構以及我們是如何管理財務的嗎？

Absolutely. Yes, really pleased on our operating expense moderation that you saw in the second-quarter. This just reflects our continued focus on optimizing our operations. You saw and we talked about in the last quarter, we were optimizing our workforce and that transformation really started to highlight some results here in the third-quarter. We continue to remain disciplined, as Dennis mentioned, around marketing expenses and being balanced on our subscriber acquisition costs. We are not going to chase low end, gross adds and results are reflected in our results today.

絕對地。是的，我對您在第二季看到的營運費用控制感到非常滿意。這正體現了我們持續致力於優化營運的理念。正如你們所見，我們在上個季度也討論過，我們一直在優化員工隊伍，而這種轉型在第三季確實開始顯現出一些成果。正如丹尼斯所提到的那樣，我們將繼續嚴格控制行銷支出，並平衡用戶獲取成本。我們不會追求低階市場，但總新增訂單量和最終業績都體現在我們今天的業績中。

And as we mentioned, we saw less consulting fees and things tied towards the transformation. Those are really first half of this year related. Those will wane. And we'll continue to moderate expenses as we look into the fourth-quarter, again, driven by how we're managing the network. We see service call rates as we talked about, down 6% quarter-over-quarter service digits rate down 20%.

正如我們之前提到的，與轉型相關的諮詢費和其他費用都減少了。這些都與今年上半年有關。這些都會逐漸消失。我們將繼續控制支出，展望第四季度，這同樣取決於我們如何管理網路。正如我們之前討論的，服務呼叫率環比下降 6%，服務數字下降 20%。

We're deploying AI throughout our ecosystem which is just getting customers the answers quickly and first time right, is at an all-time high in those rates. And it's a very personalized experience with our customers. So we'll continue to moderate proud of coming out of the second-quarter, our annualized run rate was over $2.7 billion coming out of this third-quarter, we brought that down to $2.55 billion, a 6% reduction already. and we expect further reductions in the fourth-quarter.

我們正在整個生態系統中部署人工智慧，以便快速、準確地為客戶提供答案，而這一比例已經達到了歷史最高水準。我們為客戶提供的是非常個人化的體驗。因此，我們將繼續保持穩健的業績。我們為第二季的業績感到自豪，第三季我們的年化營收超過27億美元，我們已經將其降至25.5億美元，降幅已達6%。我們預計第四季將進一步下降。

So as you think about long term, I think you'll be thinking around that space and how we're moderating expenses for the long term.

所以，當你考慮長期發展時，我想你會圍繞著這個領域以及我們如何控制長期支出來思考。

Much appreciated.

非常感謝。

Yes. Thank you.

是的。謝謝。

Vikash Harlalka, New Street Research.

維卡什·哈拉爾卡，新街研究。

Two, if I could. Dennis, you've spoken at length about all the changes that you're making to improve your long-term broadband trends and then you've also spoken about the competitive impact on your subscriber trends. Could you just unpack the two opposing forces for us so that we can understand how much benefit you're seeing from the improvement that you're making and how much that's being taken away by the increased competitive intensity. And then second question on the EBITDA guide. I know you mentioned about rate increases.

如果可以的話，我希望有兩個。丹尼斯，你已經詳細談到了你為改善長期寬頻發展趨勢所做的所有改變，然後你也談到了競爭對用戶成長趨勢的影響。您能否為我們詳細分析這兩種對立的力量，以便我們了解您從自身進步中獲得的收益，以及日益激烈的競爭又會抵銷多少收益？然後是關於 EBITDA 指南的第二個問題。我知道你提到了利率上漲的問題。

And then you also mentioned the workforce rationalization, there's a lot of skepticism among investors about your 4Q guide because the implication is you're looking at double-digit growth. So it would be great if you could just help us understand how much effect it has been driven by price increases versus the cost an.

然後您也提到了員工隊伍合理化，投資人對您第四季的業績指引持懷疑態度，因為這暗示著您將實現兩位數的成長。所以，如果您能幫助我們了解價格上漲與成本增加相比，究竟產生了多大的影響，那就太好了。

Thanks, Vikash. I'll, of course, answer the first, and then I'll let Mark jump in here. But on the broadband trends, as you've heard me say time and time again, we are evolving the way we operate, the way we go to market. We've upgraded our leadership team. We've made changes in terms of pricing and packaging and how we compete at the market level and all of these things are really helping us gain command of our acquisition and base management strategy.

謝謝你，維卡什。我當然會先回答第一個問題，然後讓馬克來回答。但關於寬頻發展趨勢，正如你們一次又一次聽到我說的那樣，我們正在改變我們的營運方式和市場進入方式。我們升級了領導團隊。我們在定價、包裝以及市場競爭方式方面都做出了改變，所有這些都確實幫助我們更好地掌控了客戶獲取和客戶基礎管理策略。

We now have the ability to provide strategies, not just one size fits all across the country. But as we've established these OMS areas and as we've really laid a foundation to help us create playbooks depending on what type of competitor is in the marketplace, whether it's a fiber over builder fixed wireless, those are helping us. That being said, we are in an environment with both macroeconomic challenges and extreme competitive intensity. And so we do need to continue to evolve.

我們現在有能力提供策略，而不是在全國範圍內採用一刀切的方案。但是，隨著我們建立了這些 OMS 區域，並且真正奠定了基礎，以幫助我們根據市場上的競爭對手類型（無論是光纖還是建築商的固定無線網路）來製定策略，這些都對我們有所幫助。也就是說，我們目前面臨宏觀經濟挑戰和極為激烈的競爭環境。因此，我們需要不斷發展。

The good news is we are able to see what's working, what's not working and continue to act in a rational fashion, evolve those strategies, and that's exactly what we're doing. As we looked at our performance from Q2 to Q3, we saw that there was an opportunity to continue to really be ensured that we're leaning into being more transparent with our pricing a bit more aggressive and bold in terms of the pricing and packaging strategies in the East and the West, making sure that we're not overly surgical, but we're able to really go into a market and provide the marketing halo necessary to be able to tell our story most effectively and to continue to do that town by town, neighborhood by neighborhood.

好消息是我們能夠看到哪些方法有效，哪些無效，並繼續以理性的方式採取行動，不斷改進這些策略，而這正是我們正在做的。從第二季度到第三季度，我們發現有機會繼續確保我們在定價方面更加透明，在東西方的定價和包裝策略方面更加積極大膽，確保我們不會過於精準，而是能夠真正進入市場，提供必要的營銷支持，以便最有效地講述我們的故事，並繼續逐個城鎮、逐個社區地推進這項工作。

These are things that we could not do when I showed up. And so it is something that we are looking to continue to evolve in a disciplined fashion. That being said, we are seeing the competitors react. We saw them react from Q2 to Q3 by increasing their marketing spend and by increasing the aggressiveness of the offer. And so we're going to stay disciplined and not chase not have a chase to the bottom, but really find the right balance of rate and volume.

這些都是我剛來時我們做不到的事。因此，我們希望以嚴謹的方式繼續發展它。也就是說，我們已經看到競爭對手做出了反應。我們看到，從第二季到第三季度，他們透過增加行銷支出和加強促銷來應對市場變化。因此，我們將保持自律，不會追逐底部，而是真正找到利率和交易量的適當平衡。

Marc, do you want to talk a little bit about the EBITDA question?

馬克，你想稍微談談 EBITDA 的問題嗎？

Yes. The cost, good to hear from you. You may need to mute your line. I think we're picking up some of the typing. Just on the full year EBITDA guide, pleased to be able to reiterate that and we have confidence in our ability to deliver that both from a top line perspective and a cost perspective. Again, in my prepared remarks, we mentioned some of the path to get there.

是的。很高興收到您的報價。您可能需要將線路靜音。我認為我們正在逐漸掌握一些打字技巧。關於全年 EBITDA 指引，我很高興能夠重申這一點，我們有信心從營收和成本兩方面實現這一目標。同樣，在我事先準備好的發言稿中，我們也提到了一些實現目標的途徑。

Again, we see from a top line perspective, we'll continue to drive improvements, mainly through ARPU management through just the seasonal timing of normal rate event activity, including promo role. In addition, we continue to sell our value-added services, and we continue to see that trend continuing. On the full year, we do expect broadband ARPU to be up slightly year-over-year with some incremental acceleration coming out of fourth-quarter. And just to note again, the third-quarter was seasonally down, really tied to back-to-school activity and just less promotional roll activity.

再次從整體來看，我們將繼續推動改進，主要透過 ARPU 管理，透過調整正常費率活動（包括促銷活動）的季節性時間來實現。此外，我們繼續銷售增值服務，並且我們看到這種趨勢仍在繼續。全年來看，我們預計寬頻ARPU將比去年略有成長，並且從第四季開始將出現一些小幅加速成長。再次需要指出的是，第三季是季節性下滑，這與返校季活動以及促銷活動減少有關。

And just really want to stress, the largest contributor to our revenue decline is really still tied to video only have slowed the rate of video declines as we add more and more customers onto our EBITDA accretive new tiers of services. We expect that trend to continue. In fact, we are more than offsetting all video revenue declines with direct cost savings and that strategy is boosting our gross margins to their highest levels ever a year ahead of where we originally thought they would get to actually.

我還要強調一點，導致我們收入下降的最大因素仍然與視訊業務有關，隨著我們不斷增加客戶使用我們新的、能提升 EBITDA 的服務層級，視訊業務的下降速度已經放緩。我們預計這種趨勢將會持續下去。事實上，我們透過直接的成本節約，完全抵消了所有視訊收入的下降，而且這一策略使我們的毛利率達到了有史以來的最高水平，比我們最初預期的提前了一年。

Additionally, we see real acceleration coming out of our Lightpath and news and advertising businesses. First, on LightPath, as we've talked about previously, the hyperscaler market is a large opportunity for us. The team has done a fantastic job winning a large amount of contracts. We think those contracts really start to pay dividends here in the fourth-quarter and beyond into 2026. So I think that's a real tailwind for us.

此外，我們看到 Lightpath 以及新聞和廣告業務也出現了真正的加速成長。首先，就 LightPath 而言，正如我們之前討論過的，超大規模資料中心市場對我們來說是一個巨大的機會。團隊在贏得大量合約方面做得非常出色。我們認為這些合約將在第四季及以後，直至 2026 年，真正開始產生收益。所以我認為這對我們來說是一個真正的順風。

And then our news and advertising business, despite the political headwinds, we expect to see some acceleration. You saw that in this quarter's results. We expect that to continue really coming from some seasonal contracts really tied to the NFL season. Plus, we had some benefits here in the quarter tied to the New York City and New Jersey political races. Can't stress again enough how well the team is doing on direct cost management, being disciplined in this time of revenue pressures tied to video cord cutting. We've driven down our programming cost by over 14% year-to-date, I think, industry-leading. And I think that trend continues and will drive us to our guide of approximately $2.6 billion.

儘管面臨政治逆風，但我們的新聞和廣告業務預計仍將加速成長。你已經從本季的業績中看到了這一點。我們預計這種情況會持續下去，這主要源自於一些與 NFL 賽季緊密相關的季節性合約。此外，本季我們也從紐約市和新澤西州的政治選舉中獲得了一些利益。我必須再次強調，團隊在直接成本管理方面做得非常出色，在當前因有線電視用戶流失而導致收入壓力巨大的時期，他們仍然保持著高度的自律。今年迄今為止，我們的節目製作成本已經降低了 14% 以上，我認為這是業界領先的。我認為這一趨勢還會持續，並將推動我們實現約 26 億美元的預期目標。

And then just on OpEx, we mentioned the workforce transformation. We cut heads by nearly 5%, again, without sacrificing quality. The benefit showed up slightly here in the third-quarter. We expect the full benefits to manifest itself in the fourth-quarter. We continue to see call volumes and truck rolls decline as we strengthen our network and really dry AI, automation into each department.

然後，在談到營運支出時，我們提到了員工團隊轉型。我們再次將產量降低了近 5%，而且沒有犧牲品質。第三季度，這種益處略有顯現。我們預計全部效益將在第四季顯現。隨著我們加強網路建設，並將人工智慧和自動化真正融入各個部門，我們看到呼叫量和出車次數持續下降。

And then just we're moderating our use of consultants and fees tied to the transformation efforts, and that showed up in the third-quarter, and we'll continue to see the benefits of that discipline in the fourth-quarter. So all of those things, both the top line improvements and our discipline around profitable growth and cost controls and optimizing the operations give us the confidence to deliver our first-quarter of growth in 16 quarters in the fourth-quarter and get us to our approximate $3.4 billion guide for the full year.

然後，我們正在調整對顧問的使用以及與轉型工作相關的費用，這在第三季度已經顯現出來，我們將在第四季度繼續看到這種自律的好處。因此，所有這些因素，包括營收成長、獲利成長和成本控制的自律以及營運優化，都使我們有信心在第四季實現 16 個季度以來的第一個季度成長，並達到全年約 34 億美元的預期目標。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

This is Rob on for Frank. So you might have touched on this a bit earlier in your prepared remarks. But can you give us an update on the lower-end product that you guys were looking to sell into rural areas? Have you gotten any traction with that yet what are you seeing in the way of take rate there? And going off of that, can you talk about East versus West CapEx investment and how you guys expect that breakdown to trend going forward?

這裡是羅布替弗蘭克報道。所以，您在之前的發言稿中可能已經稍微提到過這一點。但是，您能否為我們介紹一下你們計劃在農村地區銷售的低端產品的最新進展？在這方面取得什麼進展了嗎？你看到的轉換率如何？基於以上內容，您能否談談東西部資本支出投資情況，以及你們預期未來這一比例將如何變化？

Yes. Thanks, Rob. I'll let Mark talk about CapEx. But in terms of our income-constrained product, we are seeing double-digit improvement in terms of sales and connect rates. And so now is the opportunity for us to scale that across the footprint and really go a bit larger with that strategy.

是的。謝謝你，羅伯。我讓馬克來談談資本支出問題。但就我們面向收入受限用戶的產品而言，我們在銷售額和連接率方面都看到了兩位數的成長。所以現在正是我們擴大規模，將這項策略真正推向更大範圍的機會。

As we continue to see headwinds, and we continue to see competitive pressures, we really wanted to test our way into this to make sure that we were doing a good job of managing rate and volume and ensuring that we had the ability to control access to that offer and where we were providing that offer in a just a very surgical fashion. We do have the ability to now scale that a bit further and to really start to market it.

由於我們不斷面臨逆風和競爭壓力，我們真的想透過測試來確保我們能夠很好地管理價格和數量，並確保我們能夠以非常精準的方式控制產品的獲取途徑和提供地點。我們現在有能力進一步擴大規模，並真正開始進行市場推廣。

We haven't done any real public marketing of it. And so this is an opportunity for us to start to get a bit more aggressive as we round out the year and go into the first half of next year. Marc, do you want to talk about CapEx?

我們沒有進行任何真正的公開行銷。因此，對我們來說，這是一個在年底和明年上半年採取更積極進取策略的機會。馬克，你想談談資本支出嗎？

Sure. Again, just pleased on the discipline we're showing around our capital envelope and lowering capital intensity and the team has done a great job in and really being able to be efficient with every dollar we spend to drive maximum ROI. You'll see, as you kind of think about East West, we'll continue to guide to 175,000 total new passing. Again, that will be mainly in a fiber-rich manner.

當然。再次強調，我對我們在資本規模控制和降低資本密集度方面所展現出的自律感到滿意，團隊在這方面做得非常出色，真正做到了每一分錢都花在刀刃上，從而實現最大的投資回報率。你會發現，當你思考東西方向時，我們將繼續引導新增通行證總數達到 175,000 張。同樣，這主要將以富含纖維的方式進行。

A lot of that build is actually happening in our West footprint. And we're really excited about the investments that we're able to do at a very economic and efficient way to drive mid split technology and really excited here in this month to launch our first multi-gig HFC network service that will be in the West and excited to see that occur and really speaks about the trajectory of where we're heading with our network performance. So again, pleased on the how the team is managing capital and being disciplined and again, driving growth.

很多建設項目其實都發生在我們西部的業務區域內。我們非常高興能夠以非常經濟高效的方式進行投資，推動中分技術的發展。本月我們將在西部地區推出首個多千兆HFC網路服務，我們對此感到非常興奮，也對這項舉措的實現感到激動，這真正體現了我們在網路效能方面的發展方向。所以，再次對團隊的資本管理方式、紀律和推動成長的能力感到滿意。

Craig Moffett, Moffett.

克雷格·莫菲特，莫菲特。

I had two questions, if I could. First, can you just give us some sense of how you're thinking about the 2027 maturities wall at this point? Presumably, you've been looking at options to term that out if that was possible. So how do we have conversations started with your creditors about how you address the 2027 wall?

如果可以的話，我想問兩個問題。首先，您能否簡單談談您目前對 2027 年到期債券的看法？想必您一直在考慮是否有辦法透過分期付款的方式來解決這個問題。那麼，我們該如何與債權人展開對話，討論如何因應2027年的債務危機呢？

And then just to clarify the remarks that you just made, Dennis, about the introductory or the kind of the low-end offer that you've got for rural markets. That seems to be a bit of an odd when you say you're going to be more aggressive with that, a bit at odds with the overall message of today's call, which sounds like you're going to be more disciplined. I wonder if you could just help us reconcile those two things.

然後，丹尼斯，為了澄清你剛才所說的關於你為農村市場提供的入門級或低端產品的信息，我想說幾句。你說你會在這方面採取更積極的措施，這似乎有點奇怪，與今天電話會議的整體訊息有點矛盾，聽起來你會更加自律。不知道您能不能幫我們調和這兩件事？

Craig, let me jump in on the first question around the 27 maturity law. We are not going to be actually taking any questions on our capital structure today. So we'll leave that and I'll pass it back.

Craig，讓我先回答關於 27 到期法的第一個問題。今天我們不接受任何關於我們資本結構的問題。所以我們先把這個留下，我把它轉回去。

Yes. And Craig, so to your point, when I say we're going to be a bit more aggressive, is that we've only launched that across a portion of our footprint. We have now the opportunity to launch it broadly across the footprint, but it's going to be very surgical. We're not going to this is exactly why we've been taking it very methodically. We didn't want to make it broadly available and then erode ARPU and erode kind of the entire footprint.

是的。克雷格，你說得對，我之前說我們會更積極一些，是因為我們目前只在部分地區推出了這項舉措。我們現在有機會在全國廣泛推出這項服務，但推廣力度將會非常精準。我們不會這麼做，正因如此，我們才一直採取非常謹慎的態度。我們不想讓它廣泛普及，然後降低每位用戶平均收入，進而損害整個市場份額。

So we do have the ability and the data sets now to be able to identify the demographics and the areas where this would resonate most effectively so that we can compete at that local level versus making this general market offer. And so this is some of the foundational things that we had to put in place so that we could have really command and control of what offers are available when? When I started, it was -- everything was available everywhere across the footprint.

因此，我們現在有能力和數據集來確定哪些人群和地區最能有效地產生共鳴，以便我們可以在當地層面競爭，而不是向整個市場提供產品。因此，為了真正掌控何時提供哪些優惠，我們必須落實以下一些基礎措施？我剛入行的時候，整個地區到處都是各種各樣的商品。

And there was really no control and so over the last couple of years, we've had to do a lot of work in our billing systems and in our offer management to be able to be more controlled and more surgical. We think that this is an opportunity for us, but we do want to have command of it. And so we've tested in a few states in a few areas within those states, and we've seen the benefit in terms of sales velocity and so now we're going to continue to roll that out in areas where we think it will resonate most and help us compete most effectively. But to your point, my earlier comments still prevails.

之前確實沒有任何控制措施，所以在過去的幾年裡，我們不得不對計費系統和報價管理進行大量改進，以便能夠更好地控制和精確操作。我們認為這是一個機會，但我們希望能夠掌控它。因此，我們在幾個州的幾個地區進行了測試，並看到了銷售速度方面的好處，所以現在我們將繼續在我們認為最能引起共鳴並幫助我們最有效地參與競爭的地區推廣這項舉措。但正如你所指出的，我之前的評論仍然有效。

So we are going to be disciplined, and we're going to continue to compete in a disciplined fashion to make sure we balance rate and volume.

因此，我們將保持自律，並繼續以自律的方式參與競爭，以確保價格和銷售之間的平衡。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

I mean, I guess, just kind of following up on -- I mean, to the same tone of Craig's question there, but how are we thinking about the overall pricing environment Dennis, you're talking about trying to be disciplined. But obviously, against the broader backdrop within cable here, we've seen one of your peers suggesting maybe they're going to forgo a pricing increase but just kind of given the overall level of competitive intensity in the market.

我的意思是，我想，就克雷格剛才提出的問題，語氣類似，丹尼斯，我們是如何看待整體定價環境的？你剛才提到要努力保持自律。但顯然，就有線電視產業的整體情況而言，我們看到你們的一位同行表示，他們可能會放棄漲價，但這只是考慮到市場整體的競爭強度。

I mean, is this -- what you're seeing in the market, does that change how you're thinking about the growth algorithm and your ability to kind of take price and have pricing power in the market against the backdrop of a more competitive market and trying to be more disciplined.

我的意思是，你現在在市場上看到的情況，是否會改變你對成長演算法的看法，以及在競爭更加激烈的市場環境下，你如何掌握價格並擁有定價權，從而在市場中保持更強的自律性？

Sebastiano, customers want quality and they want value. And when I started, we really didn't have a product portfolio that could deliver any sort of value. And so over the last couple of years, we've started to fill up the product portfolio. We now have an amazing product in mobile and we've made some progress, but admittedly, there's more work to do. And over the last couple of quarters, I mentioned last quarter in particular, that the near-term focus was to ensure quality gross adds and so we've leaned in on that.

塞巴斯蒂亞諾，顧客想要的是品質和價值。我剛入職的時候，我們真的沒有任何能夠提供任何價值的產品組合。因此，在過去的幾年裡，我們開始不斷豐富產品組合。我們現在在行動領域擁有了一款非常棒的產品，並且取得了一些進展，但不得不承認，還有更多的工作要做。在過去的幾個季度裡，尤其是在上個季度，我重點提到了近期重點是確保高品質的新增用戶，因此我們一直致力於此。

And we've seen a 900 basis point improvement in churn as we focus on selling in more lines, as we focus on boarding in phone numbers, as we focus on making it easier for customers to finance devices, and that's a huge value proposition that customers are looking for, and it's resonating.

隨著我們專注於銷售更多線路、專注於添加電話號碼、專注於讓客戶更容易為設備融資，我們的客戶流失率已經降低了 900 個基點。這是客戶正在尋找的巨大價值主張，並且引起了共鳴。

And so we're going to continue to drive that across all of our channels drive participation and continue to evolve the pricing and the packaging to make it simpler and also provide value and value when you buy both together. When you buy both broadband and mobile and so some of that is going to be coming to life over the next couple of months.

因此，我們將繼續在所有管道中推動這一目標，提高參與度，並不斷改進定價和包裝，使其更簡單，同時提供價值，以及同時購買兩者時的價值。當你同時購買寬頻和行動服務時，其中一些功能將在接下來的幾個月內逐步推出。

The other nice thing is we've launched a whole host of other value-added services like Total Care, which we now have over 100,000 customers in the time since we've launched it, like our streaming billing on behalf of products. We now have over 200,000 over 100,000 customers on that product. And so these are all opportunities for us to provide value. The video packages as well have been resonating.

另一個好消息是，我們推出了一系列其他加值服務，例如 Total Care，自推出以來，我們已經擁有超過 10 萬名客戶，例如我們代表產品進行的串流計費。該產品目前擁有超過 20 萬名客戶，超過了 10 萬名客戶。所以這些都是我們創造價值的機會。視訊報道也引起了廣泛共鳴。

We've been able to hold our gross add attach flat this year, but in previous years, we have seen that coming steadily down. We now have over 200,000 customers on these new video packages. And so we're focused on quality, as you know, in terms of making sure we have great products and network and service. And now we have these tools like value-added services, mobile and these video packages, and it's up to us now to bring those packages together so that we deliver the best value.

今年我們的毛新增附加價值保持平穩，但往年我們看到這個數字一直在穩定下降。目前，我們的新影片套餐用戶已超過 20 萬。因此，如您所知，我們專注於質量，確保我們擁有優質的產品、網路和服務。現在我們有了增值服務、行動服務和影片套餐等工具，現在就看我們如何將這些套餐整合起來，從而提供最佳價值了。

That being said, that customers also want transparency in their pricing, and we have to do a better job, and there's more work that we need to do even on the fundamentals of our billing system and the way we present our bill and making sure people understand what they're paying and how much they're paying.

也就是說，客戶也希望價格透明，我們必須做得更好，甚至在計費系統的基本方面，以及帳單的呈現方式上，我們還有很多工作要做，以確保人們明白他們支付的是什麼以及支付了多少。

Admittedly, we are seeing that folks are resonating with price locks, but we're going to do that in a very controlled fashion. We're going to test into that and see where there's opportunities to leverage price locks to help us accelerate our go-to-market. But we're not going to do that in an undisciplined way. We're going to do that in a disciplined fashion and find ways to leverage that as well to continue to drive our go-to-market and base management strategies.

誠然，我們看到人們對價格鎖定機制有所共鳴，但我們會以非常可控的方式進行。我們將對此進行測試，看看能否利用價格鎖定來幫助我們加快產品上市速度。但我們不會以缺乏紀律的方式去做這件事。我們將以嚴謹的方式進行這項工作，並找到利用這些優勢繼續推動我們的市場進入和客戶群管理策略的方法。

And then if I could quickly follow up. Any update on the MDU strategy? Obviously, or just the overall rollout because obviously, Verizon a little active in the market acquiring Starry. Any impact on what you're seeing from them from a competitive standpoint? I guess maybe where you are internally in terms of the strategic rollout and trying to tap that opportunity.

然後，如果我能盡快跟進的話。MDU策略有任何最新進展嗎？顯然，或者只是整體推廣，因為很明顯，Verizon 在市場上非常活躍，收購了 Starry。從競爭角度來看，這對你觀察到的情況有何影響？我猜想這可能與你們公司內部的策略部署以及試圖抓住這一機會有關。

Yes. So, MDU is a huge focus for us. We've continued to evolve our strategy there. We've got a big focus as we come upon contract renewals to focus on exclusive and bulk agreements. That has continued to increase over two million opportunity homes passed in our footprint.

是的。因此，MDU 是我們非常關注的重點。我們一直在不斷調整和完善在那裡的策略。在合約續約之際，我們將專注於獨家協議和批量協議。在我們服務範圍內，這一數字持續成長，已超過兩百萬套機會住房。

And so we've continue to upgrade our leadership team, continue to upgrade the tools that we have to be able to really go after these underpenetrated properties in particular. I'm excited about where we are in this journey because this is really upside opportunity for us to have a very disciplined go-to-market strategy. We didn't even have visibility into all of the units and what level of penetration until earlier this year.

因此，我們不斷提升領導團隊，不斷升級我們擁有的工具，以便真正能夠進入這些滲透率較低的房地產市場。我對我們目前所處的階段感到興奮，因為這確實為我們提供了一個非常有發展前景的機會，讓我們能夠制定一個非常嚴謹的市場進入策略。直到今年年初，我們才了解到所有單位的情況以及滲透率水準。

And so now that we have that visibility, we're mobilizing our teams to go after these opportunities proactively so that we manage those relationships, we provide those building owners with the right level of value in line with the competition. We didn't even have the platforms to be able to do that. We now launch those platforms, we have those capabilities and I do believe that this will be a tailwind as we go into 2026.

既然我們已經掌握了這些訊息，我們就調動團隊積極主動地去爭取這些機會，以便管理好這些關係，並為這些建築業主提供與競爭對手相符的價值。我們甚至連做這件事的平台都沒有。現在我們推出了這些平台，我們擁有了這些能力，我相信這將在我們邁入 2026 年之際成為一股順風。

Sam McHugh, BNP Paribas.

Sam McHugh，法國巴黎銀行。

Just a bit of a follow-up, I guess. So it sounds like you're planning some price-ups in Q4. Obviously, we heard Comcast talking about pausing price up activity. How do you think about the need to do that as well just to kind of get towards that stabilization in the broadband base in the medium term and reducing churn. It seems like you're still struggling to balance the two. So how should we think about price up going forward?

我想，這只是一個後續問題。聽起來你們打算在第四季漲價。顯然，我們聽到了康卡斯特公司宣布暫停提價活動的消息。您認為為了在中期內穩定寬頻用戶基礎並降低用戶流失率，是否也需要採取一些措施？看來你仍然難以平衡這兩者。那麼，我們該如何看待未來的價格上漲呢？

Yes. So we remain very disciplined in evolving our promo roll rate event activity. We can see in real time what the impact of those activities are, how much call volume that's driving, how much churn it's driving, how do we make sure we maximize the monetization of those promo roles and rate events when they do occur. When we first joined, there was a lot of art and not a lot of science. Now we're doing a lot of science and making sure that we have complete command of how we do that most effectively. So that is strategy that we continue to evolve.

是的。因此，我們在調整促銷活動推廣率方面始終保持高度的自律。我們可以即時看到這些活動的影響，它們帶來了多少呼叫量，帶來了多少客戶流失，我們如何確保最大限度地利用這些促銷角色和評級活動來獲利。我們剛加入的時候，藝術方面很多，但科學方面不多。現在我們正在進行大量的科學研究，並確保我們完全掌握如何以最有效的方式進行這些研究。所以，這是我們不斷在改進的戰略。

The key -- some of the key things that we found helping us maximize the monetization of those events is proactively communicating with the customers, helping them understand what we're doing, why we're doing it and doing that ahead of time and then giving them options, giving them the opportunity to repackage themselves into these more attractive valuable margin-accretive video packages, for example. And we're finding customers raising their hands and saying, hey, I don't want to be in this legacy package. I actually want to be in this new package.

關鍵在於——我們發現，幫助我們最大限度地提高這些活動盈利能力的一些關鍵因素是主動與客戶溝通，幫助他們了解我們正在做什麼、為什麼這樣做，並且提前做好這些工作，然後為他們提供選擇，例如，讓他們有機會將自己重新打包成這些更具吸引力、更有價值的、利潤更高的視頻套餐。我們發現很多客戶舉手錶示：“嘿，我不想再用這個舊套餐了。”我其實很想加入這個新團隊。

We're messaging them about the opportunity to take mobile, so that they can make sure that they're able to manage their monthly expense most effectively because as customers are looking to manage their monthly expense. We can provide the best value through the mobile service. And so historically, it was really little to no communication, no ability for customers to have any options other than to call us and demand the credit. We are now going on the offensive and communicating ahead of time what's happening, why it's happening and giving them options and customers appreciate that.

我們正在向他們介紹使用行動裝置的機會，以便他們能夠最有效地管理每月支出，因為客戶都希望管理他們的每月支出。我們可以透過行動服務提供最佳價值。因此，從歷史上看，雙方幾乎沒有任何溝通，客戶除了打電話給我們要求退款之外，沒有其他選擇。我們現在採取積極主動的策略，提前溝通正在發生的事情、發生的原因，並為他們提供選擇，客戶對此表示讚賞。

And so we're going to continue to evolve and find the right balance, so that we can balance ultimately rate and volume and not only stabilize our financials, but we will ultimately get to a path where we stabilize broadband as well. And I'm confident that we have the products and the tools and the capabilities to do that over time.

因此，我們將繼續發展並找到合適的平衡點，以便最終平衡價格和流量，不僅穩定我們的財務狀況，而且最終將走上穩定寬頻發展的道路。我相信，隨著時間的推移，我們擁有實現這一目標所需的產品、工具和能力。

Thank you, operator. I think that concludes our Q&A.

謝謝接線生。我想我們的問答環節到此結束。

I'll turn the floor back over to management for closing remarks.

我將把發言權交還給管理階層，請他們作總結發言。

Thank you all for joining. Please reach out to Investor Relations or Media Relations with any additional questions.

感謝各位的參與。如有其他疑問，請聯絡投資者關係部或媒體關係部。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。