Optimum Communications Inc (OPTU) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to Optimum Communications conference call. (Operator Instructions) This call is being recorded. If you have any objections, please disconnect at this time.

各位大家好。歡迎參加 Optimum Communications 電話會議。(接線員指示) 本通話將被錄音。如有任何異議，請於此時中斷連線。

I would now like to turn the call over to Sarah Freedman, Vice President of Investor Relations. Please go ahead.

現在我想把電話會議交給投資人關係副總裁 Sarah Freedman。請開始。

Thank you and good morning. Welcome to Optimum's first-quarter 2026 earnings call. I'm joined today by Optimum's Chairman and Chief Executive Officer, Dennis Mathewl; and Chief Financial Officer, Marc Sirota. Dennis and Marc will walk you through the Q1 results and then be available for a question-and-answer session.

謝謝，早安。歡迎參加 Optimum 2026 年第一季財報電話會議。今天與我一同出席的有 Optimum 董事長兼執行長 Dennis Mathewl，以及財務長 Marc Sirota。Dennis 和 Marc 將帶各位回顧第一季業績，之後將開放問答。

Before we begin, I'd like to remind everyone that today's presentation contains forward-looking statements. Please take a moment to review the cautionary language regarding forward-looking statements included on slide 2 of our presentation, as actual results may differ materially from those expressed or implied.

在開始之前，我想提醒各位，今天的簡報包含前瞻性陳述。請花點時間閱讀我們簡報第 2 頁所載關於前瞻性陳述的警示性語言，因為實際結果可能與所表達或暗示者有重大差異。

We will also reference certain non-GAAP financial measures today. Reconciliations to the most directly comparable GAAP measures can be found in our earnings release, which is available on the Investor Relations section of our website.

我們今天也會提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表可在我們的財報新聞稿中找到，該新聞稿可於我們網站的投資人關係專區取得。

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

接下來，我把電話會議交給 Dennis。

Thank you, Sarah, and good morning, everyone. As we entered 2026, we were clear that this needs to be a year of sharper execution, smarter competitive response, and continued transformation. To accomplish this, we laid out three priorities: improve broadband trends, maintain financial discipline, and invest for long-term value creation in addition to evolving our capital structure. In the first quarter we took deliberate steps to advance each of these areas, and our results reflect both the reality of an intense competitive environment and the impact of those strategic actions underway.

謝謝你，Sarah，各位早安。進入 2026 年之際，我們很清楚今年必須更精準地執行、更聰明地回應競爭，並持續推動轉型。為此，我們提出三項優先事項：改善寬頻趨勢、維持財務紀律，以及在演進資本結構的同時投資於長期價值創造。第一季我們有意識地採取行動推進上述各領域；我們的結果同時反映了激烈競爭環境的現實，以及這些策略行動所帶來的影響。

Total revenue was $2.1 billion and adjusted EBITDA was $789 million. Broadband subscriber net losses totaled 64,000 in the quarter or 56,000 excluding a subscriber adjustment taken in the quarter related to prior periods.

總營收為 21 億美元，調整後 EBITDA 為 7.89 億美元。本季寬頻用戶淨流失合計 64,000 戶；若排除本季針對前期所做的用戶調整，淨流失為 56,000 戶。

Mobile delivered its strongest quarter in the past six years with 52,000 line net adds. We saw progress on video churn, which improved by over 400 basis points year-over-year on an annualized basis, supported by the adoption of our tiered offerings and streaming solutions. Operationally, we are focused on improving the stability and quality of our subscriber base. Customers today are making more thoughtful choices about where they spend, and we're meeting that moment by continuing to adapt our go-to-market approach. We are remaining nimble and adjusting our offers to lead with value without compromising on quality. As I will cover in more detail shortly, we are simplifying our go-to-market model to compete more effectively on entry pricing. At the same time, we are focused on providing customers with more value, strengthening loyalty, expanding product penetration and mix, and increasing sell-through within the base.

行動業務繳出過去六年來最強的一季，線路淨新增 52,000 條。我們在影音流失率方面看到進展，在分級方案與串流解決方案採用的支持下，按年化口徑計算，年對年改善超過 400 個基點。在營運面，我們專注於提升用戶基礎的穩定性與品質。如今客戶在支出去向上做出更審慎的選擇，我們也持續調整市場進入策略以因應此一時刻。我們保持靈活，調整方案以價值為先，同時不犧牲品質。如我稍後將更詳細說明，我們正在簡化市場進入模式，以在入門定價上更有效地競爭。同時，我們也著重為客戶提供更多價值、強化忠誠度、提升產品滲透率與組合，並提高既有用戶基礎內的銷售轉化。

The clearest validation of this approach is the momentum we are seeing in convergence. Customers who take both broadband and mobile churn at a meaningfully lower rate and generate higher lifetime value compared to broadband-only customers. To better capture this impact, we are evolving how we measure performance through the introduction of convergence ARPU as a new metric this quarter, which reflects the value of these relationships. We believe this is the right lens through which to track our progress because it demonstrates the value that broadband plus mobile relationships create, value that is increasingly not visible in stand-alone product metrics. On cost, we remain disciplined. We are continuing to optimize direct costs and operating expenses and make targeted investments in AI and automation, reducing truck rolls, improving first call resolution, and enabling our teams to serve customers and manage our networks more efficiently and proactively.

最能驗證此一做法的是我們在融合（convergence）方面看到的動能。同時採用寬頻與行動服務的客戶，其流失率顯著較低，且相較於僅使用寬頻的客戶能帶來更高的終身價值。為了更好地捕捉這項影響，我們本季導入「融合 ARPU」作為新的衡量指標，以反映這些關係的價值。我們相信這是追蹤進展的正確視角，因為它展現了「寬頻加行動」關係所創造的價值，而這些價值在單一產品指標中愈來愈不易被看見。在成本方面，我們仍維持紀律。我們持續優化直接成本與營運費用，並在 AI 與自動化上進行有針對性的投資，以減少到府派工（truck rolls）、提升首次來電解決率，並讓團隊能更有效率且更主動地服務客戶與管理網路。

Together, these actions are what we expect to drive margin expansion and structurally lower our operating cost base over time. Lastly, as Marc will speak to in more detail shortly, addressing our balance sheet remains a top priority. As we move forward, we continue to evaluate opportunities to strengthen our capital structure to better position the business for long-term value creation. I'll cover each of our priorities in a moment, but the common thread is this: We are taking the right steps to build a more resilient business, and we remain focused on executing with the urgency that this environment demands. With that, let me turn to the 2026 priorities, which we introduced last quarter and provide more detail on the progress we are making. The theme across everything we are doing this year is applying simplification to drive acceleration.

綜合而言，這些行動預期將推動利潤率擴張，並隨時間推移在結構上降低我們的營運成本基礎。最後，正如 Marc 稍後將更詳細說明，改善我們的資產負債表仍是首要任務。展望未來，我們將持續評估強化資本結構的機會，以更好地讓業務定位於長期價值創造。我稍後會逐一說明各項優先事項，但共同主軸是：我們正在採取正確步驟打造更具韌性的企業，並持續以此環境所要求的緊迫感來執行。接下來，讓我談談我們在上季提出的 2026 年優先事項，並補充我們正在取得的進展細節。今年我們所做的一切，其核心主題是以「簡化」來帶動「加速」。

As we continuously evaluate both the business and competitive environment, we have taken a step back to identify where complexity is slowing us down across pricing, products, and operations, and we are consciously working to simplify the business so we can move faster, execute more consistently, and compete more effectively. Starting with broadband. The broadband environment in the first quarter remained as competitive as any we have seen. Across our footprint, ILECs, fixed wireless providers and fiber overbuilders all continue to lean aggressively into lower entry pricing, extended price locks, and promotional incentives. In the West in particular, the competitive profile has shifted considerably with the expansion of fixed wireless availability as well as fiber overbuilders further intensifying market dynamics in an already challenging landscape. This is the backdrop against which we are executing. That said, we remain focused on what we can control.

在我們持續評估業務與競爭環境的同時，我們退一步檢視在定價、產品與營運上哪些複雜性正在拖慢我們，並有意識地推動業務簡化，以便更快行動、更一致地執行，並更有效地競爭。先從寬頻談起。第一季的寬頻環境仍然是我們所見過最具競爭性的情況之一。在我們的服務範圍內，ILEC、固定無線供應商以及光纖覆蓋建設者（fiber overbuilders）都持續積極採取更低的入門定價、更長的價格鎖定期與促銷誘因。尤其在西部地區，隨著固定無線可用性擴大，以及光纖覆蓋建設者進一步加劇市場動態，競爭態勢已出現相當大的轉變，使原本就具挑戰的環境更加嚴峻。這就是我們執行策略所面對的背景。即便如此，我們仍專注於我們能掌控的事項。

Our response has been to simplify and establish a more consistent and competitive product and pricing structure across our footprint. While this may lead to near-term pressure on broadband ARPU from gross additions, it is a deliberate step to stabilize subscriber trends. In practice, our simplified approach is based on standardizing pricing and core offers nationally, while driving incremental sales of value-added services like mobile, our new video products, Optimum Whole Home Wi-Fi, and Optimum Total Care to partially offset this pressure. Our next priority, maintaining financial discipline, is embedded in how we run the business every day. We are focused on making consistent, deliberate decisions that protect and strengthen the economics of the business for the long term, even when that means absorbing near-term pressure.

我們的回應是簡化，並在整個服務範圍內建立更一致且更具競爭力的產品與定價架構。雖然這可能因新增用戶（gross additions）而在短期內對寬頻 ARPU 造成壓力，但這是為了穩定用戶趨勢而採取的刻意步驟。在實務上，我們的簡化做法是將定價與核心方案在全國範圍內標準化，同時推動行動服務、我們新的影音產品、Optimum 全屋 Wi‑Fi（Optimum Whole Home Wi‑Fi）以及 Optimum 全方位保障（Optimum Total Care）等加值服務的增量銷售，以部分抵消上述壓力。我們的下一項優先事項——維持財務紀律——已內嵌於我們每天的營運方式之中。我們專注於做出一致且審慎的決策，以在長期保護並強化企業的經濟性，即使這意味著需要承受短期壓力。

As Marc will highlight, we are focused on minimizing the rate of non-video revenue declines and are taking deliberate steps to improve video margins through driving higher attach of our new video packages, continuing our approach to analytic-based programming contract negotiations, and growing video ARPU. In Q1, adjusted EBITDA declined by 1.3%, while margins expanded year-over-year, reflecting revenue decline of 4% and a continued focus on cost management and operational efficiency. Within direct costs, we are benefiting from favorable programming cost trends and continued video ARPU growth, which is driving sustained video gross margin expansion of almost 350 basis points year-over-year and nearly 1,000 basis points in the last three years.

如 Marc 將強調，我們專注於將非影音營收下滑的速度降到最低，並透過提高新影音套裝方案的搭售率、延續以分析為基礎的節目合約談判方式，以及提升影音 ARPU，採取有意識的步驟來改善影音利潤率。第一季調整後 EBITDA 下滑 1.3%，但利潤率年對年擴張，反映營收下滑 4%，以及我們持續聚焦成本管理與營運效率。在直接成本方面，我們受惠於有利的節目成本趨勢與影音 ARPU 持續成長，推動影音毛利率年對年持續擴張近 350 個基點，且在過去三年累計擴張近 1,000 個基點。

Importantly, these efficiency gains have strengthened our cost structure without compromising the customer experience, as reflected in our transactional Net Promoter Score, which has remained at a two-year high. Finally, we ended the quarter with $1.3 billion of liquidity, providing us with the flexibility to continue executing on our key priorities and investing in the business in the near term. Building on that, the discipline we apply to how we operate also guides how we invest for long-term value creation. In short, we are prioritizing capital allocation in the areas with the strongest opportunity to drive sustained growth and returns. A big part of that, of course, is our award-winning network. We remain focused on building fiber, selling fiber, and continuing to migrate customers organically within our base, having expanded our network by over 500,000 homes passed over the past three years.

重要的是，這些效率提升在不影響客戶體驗的情況下強化了我們的成本結構，這也反映在我們的交易型淨推薦值（Net Promoter Score, NPS）上，該指標維持在兩年來的高點。最後，我們在本季末擁有13億美元的流動性，讓我們在短期內能更具彈性地持續推進關鍵優先事項並投資於業務。在此基礎上，我們在營運上的紀律也同樣指引我們如何投資，以創造長期價值。簡而言之，我們正將資本配置優先投入在最有機會推動持續成長與回報的領域。其中很大一部分，當然，是我們屢獲獎項的網路。我們仍專注於建置光纖、銷售光纖，並持續在既有客戶基礎內以自然方式推動客戶遷移；過去三年我們的網路已擴展，新增覆蓋超過50萬戶（homes passed）。

As we think about where to direct our resources, growing broadband is the top priority, and our operational decisions reflect that. While fiber migration remains an important part of our long-term roadmap, we are currently prioritizing new builds and new broadband customer trends over migrations of existing customers to fiber. Over time, we expect to reengage more proactively to transition customers to fiber, but in the current environment, we are focused on investing where we see the highest near-term returns and greatest impact on long-term value creation. Lightpath remains a meaningful growth engine, delivering over 8% year-over-year revenue growth and almost 10% adjusted EBITDA growth. We are also investing in the customer experience by improving self-install capabilities, improving the My Optimum digital platform, and continuing to build tools that make it easier for our teammates to serve our customers and for our customers to do business with us.

在思考資源應投向何處時，寬頻成長是首要優先事項，而我們的營運決策也反映了這一點。雖然光纖遷移仍是我們長期路線圖的重要一環，但目前我們優先考量新建置與新的寬頻客戶趨勢，而非將既有客戶遷移至光纖。隨著時間推進，我們預期會更積極地重新推動客戶轉換至光纖；但在目前環境下，我們專注於投資在我們看到短期回報最高、且對長期價值創造影響最大的領域。Lightpath 仍是重要的成長引擎，帶來超過8%的年增營收成長，以及接近10%的調整後 EBITDA 成長。我們也透過提升自助安裝能力、優化 My Optimum 數位平台，並持續打造工具，讓同仁更容易服務客戶、也讓客戶更容易與我們往來，以投資於客戶體驗。

Taken together, our capital investments are targeted at the areas where the returns are clearest, and we continue to manage our overall capital intensity with the same discipline we apply across the rest of the business. Next, on slide five, I'll spend some time on our go-to-market and base strategies around driving improved trends. On the acquisition side, it starts with making it easier for customers to understand our value through simpler offers and more competitive entry pricing. On the sales side, we are providing clearer pathways to upsell into higher speed tiers and value-added services and are beginning to leverage AI-driven performance management. While we are still in the early stages, this collective approach is driving channel improvements. Year-over-year gross add decline is moderating. Sales channel yield has improved meaningfully, and we're seeing relatively stable gross add ARPU, all reflecting a healthier acquisition model.

綜合而言，我們的資本投資鎖定在回報最明確的領域，同時我們也以與業務其他部分相同的紀律，持續管理整體資本強度。接下來在第五張投影片，我將花一些時間說明我們的市場進入（go-to-market）與客戶基礎策略，以推動趨勢改善。在獲客方面，首先是透過更簡化的方案與更具競爭力的入門定價，讓客戶更容易理解我們的價值。在銷售方面，我們提供更清晰的升級路徑，推動客戶升級至更高速級距與加值服務，並開始運用 AI 驅動的績效管理。雖然仍處於早期階段，但這套整體作法正帶動通路改善。年對年新增用戶（gross add）下滑幅度正在趨緩。銷售通路產出率（yield）已有顯著提升，我們也看到新增用戶 ARPU 相對穩定，這些都反映出更健康的獲客模型。

Our lower, more competitive entry pricing serves as a strong acquisition generator, bringing in customers through lower speed tiers advertised while the majority continue to choose one gig speed at sign-up. You can see that pull-through in our residential broadband base. The portion of customers taking one gig or higher has grown to approximately 47%, up from 37% a year ago and 21% in 2023. We are leveraging a lower entry price point to drive multi-product upsell, increasing bundle adoption among new customers and supporting stronger lifetime value. At the same time, we are starting to take a more proactive approach to base management to improve churn. Over half of our residential broadband customers have been with us for more than five years, and over a third have been with us for more than 10 years.

我們較低、且更具競爭力的入門定價，是強而有力的獲客驅動因素：客戶會先因廣告主打的較低速級距而進來，但多數客戶在申辦時仍選擇 1Gbps 速度。你可以在我們的住宅寬頻客戶基礎中看到這種帶動效應（pull-through）。選擇 1Gbps 或更高速的客戶占比已成長至約47%，高於一年前的37%，也高於2023年的21%。我們運用較低的入門價格點來推動多產品加購（upsell），提高新客戶的組合方案（bundle）採用率，並支撐更強的終身價值。同時，我們也開始以更主動的方式進行客戶基礎管理，以改善流失率（churn）。我們的住宅寬頻客戶中，超過一半與我們合作超過五年，且超過三分之一合作超過十年。

We are being deliberate about reinforcing customer loyalty and protecting our long-tenured base. We recently launched the Optimum Thank You loyalty program, which focuses on customer engagement and value adds, such as speed upgrades and price lock offerings. We are beginning to see encouraging early indicators from these efforts, including improved customer perception and retention in select markets. Together, we expect that strengthening our competitiveness, combined with improved sales conversion, marketing execution, and better base management provide the right roadmap to improve subscriber trends over time. Turning to slide six, our broadband and mobile convergence momentum continues to build as customers increasingly look for simplicity, value, and a single provider for their connectivity needs. Broadband remains the anchor product in the home, while mobile plays a critical role in enhancing that value. By bundling mobile with broadband, we're increasing customer stickiness, improving retention, and driving higher lifetime value.

我們正有意識地強化客戶忠誠度，並保護我們長期在網的客戶基礎。我們近期推出 Optimum Thank You 忠誠計畫，聚焦於客戶互動與加值內容，例如速度升級與價格鎖定方案。我們已開始看到這些努力帶來令人鼓舞的早期指標，包括在特定市場中客戶觀感與留存率的改善。整體而言，我們預期強化競爭力，加上更好的銷售轉換、行銷執行與更佳的客戶基礎管理，將提供正確的路線圖，讓訂戶趨勢隨時間改善。轉到第六張投影片，隨著客戶愈來愈追求簡單、價值，以及滿足連線需求的單一供應商，我們的寬頻與行動服務融合（convergence）動能持續增強。寬頻仍是家庭中的核心產品，而行動服務在提升該價值方面扮演關鍵角色。透過將行動服務與寬頻綁定，我們提高客戶黏著度、改善留存，並推動更高的終身價值。

We delivered strong mobile growth in Q1, reaching 674,000 mobile lines. This is supported by continued improvement in our go-to-market execution, including stronger sales quality, better experience, more competitive offers with everyday low pricing and discounts on broadband, and a focus on multi-line adoption, all of which are driving higher value customer additions. This is reinforced by our recently launched Unbig Your Bill campaign, which highlights meaningful annual savings compared to the major carriers. Mobile customer penetration in our broadband base reached almost 9% in the first quarter. While we have steadily grown convergence in our base, we still see significant runway to continue to drive mobile attachment and deepen penetration among existing customers. More broadly, our entry offer plus attach model is central to our strategy and how we go to market.

我們在第一季交出強勁的行動業務成長，行動門號數達到674,000。這得益於我們市場進入執行力的持續改善，包括更高的銷售品質、更好的體驗、更具競爭力的方案（採日常低價定價並提供寬頻折扣），以及聚焦多門號採用；這些都在推動更高價值的新增客戶。此外，我們近期推出的 Unbig Your Bill 行銷活動也進一步強化此趨勢，凸顯相較主要電信商可節省可觀的年度費用。第一季我們寬頻客戶基礎中的行動客戶滲透率接近9%。雖然我們已在既有客戶基礎中穩步提升融合程度，但我們仍看到相當大的成長空間，可持續推動行動服務附掛（attachment），並在既有客戶中加深滲透。更廣泛而言，我們的「入門方案＋附掛」模式是我們策略與市場進入方式的核心。

Every new broadband customer is an opportunity to deepen the relationship and attach mobile as well as video, whole-home Wi-Fi, Total Care, or other value-added services. This approach allows us to balance more competitive entry pricing with stronger lifetime value. Moving to slide seven, video continues to play an important role in how we create value across customer relationships, helping drive retention and add value within the bundle. We recognize that customer behavior has evolved, and our approach reflects that. We're focused on giving customers more choice and flexibility while improving the overall economics of the business. We're seeing that shift play out in the adoption of our simplified video tiers, Entertainment, Extra, and Everything TV, which we scaled last year.

每一位新的寬頻客戶，都是加深關係並附掛行動服務，以及影像（video）、全屋 Wi‑Fi、Total Care 或其他加值服務的機會。這種作法讓我們能在更具競爭力的入門定價與更強的終身價值之間取得平衡。轉到第七張投影片，影像服務仍在我們如何於客戶關係中創造價值方面扮演重要角色，有助於推動留存並在組合方案中增加價值。我們也認知到客戶行為已經演變，而我們的作法也反映了這一點。我們專注於在提升整體業務經濟性的同時，提供客戶更多選擇與彈性。我們看到這種轉變反映在簡化影像級距的採用上，包括 Entertainment、Extra 與 Everything TV；這些方案我們已於去年擴大規模推廣。

These packages are better aligned with how people consume content today and represented the majority of sell-in during the quarter, with adoption within our residential video base increasing from 6% of the base in Q1 2025 to 17% in Q1 of 2026. Importantly, these new tiers are demonstrating upwards of 20% churn improvement within video compared to legacy packages, reinforcing their role in improving retention and long-term customer value. We are also continuing to enhance how we merchandise these tiers, better showcasing the breadth of the included streaming apps and the inherent value customers receive as part of their Optimum TV subscription. For example, our top tier, Everything TV, includes access to over 50 apps, representing significant streaming value compared to purchasing these services separately.

這些方案更符合人們今日的內容消費方式，且在本季的銷售導入（sell-in）中占了多數；在我們的住宅影像客戶基礎中，其採用率已從2025年第一季的6%提升至2026年第一季的17%。重要的是，相較於傳統方案，這些新級距在影像服務的流失率（churn）改善幅度超過20%，進一步強化其在提升留存與長期客戶價值方面的角色。我們也持續強化這些級距的商品呈現方式（merchandise），更好地展示所包含串流 App 的廣度，以及客戶作為 Optimum TV 訂閱的一部分所獲得的內含價值。例如，我們的最高級距 Everything TV，包含可存取超過50個 App；相較於分別購買這些服務，代表顯著的串流價值。

We are also emphasizing the simplicity of a unified login and billing relationship through Optimum, helping to drive greater engagement and product attachment across our base. By more tightly integrating broadband and streaming directly into our go-to-market approach, we are creating a seamless and connected customer experience that is beginning to show early retention benefits. With that in mind, we are optimizing the video business for margins and long-term value, while it continues to play an important role in reducing broadband churn. While video revenue continues to be under pressure, driven by a declining video subscriber base, we are, however, growing video unit economics on ARPU while stabilizing programming cost inflation per subscriber.

我們也在強調透過 Optimum 提供統一登入與帳單關係的簡便性，協助在我們的客戶基礎中推動更高的互動度與產品附加率。透過將寬頻與串流更緊密地直接整合進我們的上市策略，我們正在打造無縫且互聯的客戶體驗，並已開始展現初步的留存效益。基於此，我們正以毛利率與長期價值為導向來優化影音業務，同時影音仍在降低寬頻流失率方面扮演重要角色。儘管影音營收持續承壓，主要受影音訂戶基礎下滑所驅動，但我們仍在 ARPU 上提升影音單位經濟效益，同時穩定每位訂戶的節目成本通膨。

As a result, we have seen an expansion of residential video gross margin by 1,000 basis points from approximately 14% in Q1 of 2023 to 24% in Q1 of 2026. In summary, we've strengthened video subscriber trends by better aligning with evolving customer preferences while simultaneously enhancing profitability. Stepping back, we are focused on executing against what we can control, simplifying the business, strengthening our competitiveness, and taking a more proactive approach to improving retention and driving greater lifetime value. While the environment remains challenging and our near-term results reflect these headwinds, we're encouraged by early signs in go-to-market execution and continued convergence momentum. Combined with our ongoing focus on cost discipline and targeted investment, we believe these actions position us to improve trends and build a more durable, resilient business over time.

因此，我們看到住宅影音毛利率擴張了 1,000 個基點，從 2023 年第一季約 14% 提升至 2026 年第一季的 24%。總結而言，我們透過更貼近不斷演變的客戶偏好來改善影音訂戶趨勢，同時提升獲利能力。從更宏觀的角度來看，我們專注於執行我們可控的事項，簡化業務、強化競爭力，並以更主動的方式改善留存並提升客戶終身價值。儘管環境仍具挑戰、我們的短期結果也反映這些逆風，但我們對上市執行的早期跡象以及持續的融合動能感到鼓舞。結合我們對成本紀律與精準投資的持續聚焦，我們相信這些行動將使我們得以改善趨勢，並隨時間建立更持久、更具韌性的業務。

With that, I'll turn it over to Marc to walk through our financial and operating results in greater detail.

接下來，我把時間交給 Marc，請他更詳細說明我們的財務與營運結果。

Thank you, Dennis. Starting on slide eight, I'll review our subscriber trends. Before going into the details, our Q1 of 2026 results include subscriber adjustments taken in the quarter which relate to prior periods. The impact of these adjustments was not material for any one period presented, and as such, prior period metrics were not restated. The performance presented on this slide excludes this adjustment, which affects broadband and video trends. The underlying trends I'll walk through are consistent with the performance we see in the business. While Dennis covered some quarterly subscriber results, I want to highlight a few additional points. First, on broadband, net subscriber declines 56,000 in the quarter, excluding the adjustment, ending the quarter with 4.1 million broadband subscribers.

謝謝你，Dennis。從第八頁投影片開始，我將回顧我們的訂戶趨勢。在進入細節之前，我們 2026 年第一季的結果包含本季所做、與前期相關的訂戶調整。這些調整對任何單一呈現期間的影響都不重大，因此未對前期指標進行重編。本投影片所呈現的表現不包含該項調整；該調整會影響寬頻與影音趨勢。我接下來說明的基本趨勢與我們在業務中看到的表現一致。雖然 Dennis 已涵蓋部分季度訂戶結果，我想再強調幾點。首先，在寬頻方面，若排除該項調整，本季淨減少 56,000 名訂戶，季末寬頻訂戶數為 410 萬。

Trends in the quarter reflect continued competitive intensity, which resulted in muted gross add activity, as well as elevated churn year-over-year, amid intensified promotional activity across the market. In response, we're taking targeted steps, including remaining agile in our go-to-market approach, staying competitive in our pricing, and continuously evolving to meet the market dynamics. In mobile, we continued to build momentum in the first quarter. We added 52,000 net lines, our best quarterly performance in approximately six years, growing mobile lines by 33% year-over-year. Importantly, the quality of those additions is improving. We are seeing stronger multi-line attach, higher device financing rates, and more customers porting their phone numbers, all of which are indicators of deeper, more durable customer relationships. This is contributing to a meaningful churn improvement, with annualized mobile churn improving by over 790 basis points in the quarter.

本季趨勢反映競爭強度持續，導致總新增（gross adds）活動偏弱；同時在市場促銷活動加劇的情況下，流失率較去年同期上升。為此，我們正採取具針對性的措施，包括在上市策略上保持敏捷、在定價上維持競爭力，並持續演進以因應市場動態。在行動業務方面，我們在第一季持續累積動能。我們淨新增 52,000 條線路，為約六年來最佳單季表現，行動線路數年增 33%。更重要的是，這些新增的品質正在提升。我們看到更強的多線路附加、更高的裝置分期融資比率，以及更多客戶攜碼移入，這些都是更深、更持久客戶關係的指標。這也帶來顯著的流失改善，本季年化行動流失率改善超過 790 個基點。

Video subscriber net losses were 51,000, excluding the adjustment noted earlier. Underlying trends remained improved from the prior year losses. As Dennis noted, these trends are consistent with our strategy to enhance customer choice and flexibility, while also improving margin profile on video. On fiber, we added 13,000 customers in the quarter, bringing our total to 729,000 fiber customers, up over 20% year-over-year. As expected, net additions moderated year-over-year, reflecting a more intentional and disciplined approach to migrations. We continue to see fiber as a meaningful long-term value driver and remain focused on deploying capital where we can generate the strongest returns. Moving to slide nine, I will review our Q1 financials. Total revenue of almost $2.1 billion declined 4% year-over-year.

若排除先前提到的調整，影音訂戶淨流失為 51,000。基本趨勢相較前一年流失情況仍維持改善。如 Dennis 所述，這些趨勢與我們提升客戶選擇與彈性、同時改善影音毛利結構的策略一致。在光纖方面，我們本季新增 13,000 名客戶，使光纖客戶總數達 729,000，年增超過 20%。如預期，淨新增較去年同期放緩，反映我們對遷移採取更有意識且更具紀律的做法。我們仍將光纖視為重要的長期價值驅動因素，並持續聚焦於在可產生最佳報酬的領域部署資本。接著到第九頁投影片，我將回顧我們第一季的財務表現。總營收接近 21 億美元，年減 4%。

As with recent quarters, the decline is concentrated in residential video, which declined approximately 10%. Excluding video, revenues declined 1.6% year-over-year. Business services revenue of $364 million grew slightly year-over-year, driven primarily by Lightpath revenue growth of 8%. News and advertising revenue grew approximately 17%, driven by advertising strength related to the Super Bowl and the Winter Olympics. Residential connectivity and all other, which includes residential broadband, mobile telephony, as well as all other revenue, declined year-over-year by 4.1%, reflecting broadband subscriber pressure partially offset by mobile revenue growth. As we expect total subscriber volumes to continue to impact our top line performance, we anticipate total revenue to decline mid-single digits in the full year of 2026.

與近期季度相同，營收下滑主要集中在住宅影音，約下降 10%。若排除影音，營收年減 1.6%。企業服務營收為 3.64 億美元，年增小幅成長，主要由 Lightpath 營收成長 8% 所帶動。新聞與廣告營收約成長 17%，主要受超級盃與冬季奧運相關的廣告強勁所驅動。住宅連線與其他（包含住宅寬頻、行動電話，以及所有其他營收）年減 4.1%，反映寬頻訂戶壓力，部分被行動營收成長所抵銷。由於我們預期訂戶總量將持續影響營收表現，我們預估 2026 全年總營收將呈中個位數百分比下滑。

Turning to ARPU, residential ARPU of $132.32 declined by 1.2% year-over-year, or by $1.61, driven primarily by product mix shift away from video. Video's contribution to the year-over-year decline was $2.36, which was partially offset by non-video ARPU growth of $0.75, mainly tied to convergence. This quarter, we introduced convergence ARPU as a metric that captures our underlying focus of selling more products to our broadband customers. Specifically, it captures broadband and mobile service, as well as our other high margin broadband products, such as Whole Home Wi-Fi. As Dennis mentioned, we are driving multi-product selling, which is allowing us to maintain ARPU discipline while remaining competitive on our go-to-market broadband pricing.

接著談 ARPU，住宅 ARPU 為 132.32 美元，年減 1.2%，或減少 1.61 美元，主要由產品組合從影音轉移所致。影音對年減的貢獻為 2.36 美元，部分被非影音 ARPU 成長 0.75 美元所抵銷，主要與融合（convergence）相關。本季我們引入「融合 ARPU」作為一項指標，用以反映我們將更多產品銷售給寬頻客戶的核心聚焦。具體而言，它涵蓋寬頻與行動服務，以及其他高毛利的寬頻產品，例如全屋 Wi‑Fi（Whole Home Wi‑Fi）。如 Dennis 所提到，我們正推動多產品銷售，使我們在維持上市寬頻定價競爭力的同時，仍能保持 ARPU 紀律。

Given the increasing importance of convergence in our strategy, we believe this provides a more meaningful view of customer value by capturing the combined economics of the relationship and the impact of bundling on unit economics. Convergence ARPU grew 1.2% year-over-year to $79.32. Convergence ARPU is calculated by dividing the average monthly revenue from broadband and mobile services by the average number of residential broadband relationships and excludes mobile-only customers. We expect convergence ARPU to become an increasingly important metric on how we evaluate the business. That said, we will continue to balance rate and volume throughout the course of the year. As we push to improve the underlying trends on broadband customer results, we do anticipate pressure on ARPU in the full year, particularly from broadband growth additions, as we focus on prioritizing volume stabilization and multi-product penetration.

鑑於融合在我們策略中的重要性日益提升，我們認為透過納入關係的合併經濟效益以及綑綁對單位經濟的影響，這能更有意義地呈現客戶價值。融合 ARPU 年增 1.2% 至 79.32 美元。融合 ARPU 的計算方式為：以寬頻與行動服務的平均月營收，除以住宅寬頻關係的平均數，並排除僅行動（mobile-only）客戶。我們預期融合 ARPU 將成為我們評估業務時愈來愈重要的指標。即便如此，我們仍將在全年過程中持續平衡費率與量。在我們努力改善寬頻客戶結果的基本趨勢之際，我們確實預期全年 ARPU 將面臨壓力，特別是來自寬頻成長新增（growth additions），因為我們將聚焦於優先穩定量並提升多產品滲透率。

We believe this shift will ultimately drive stronger attach and improve the overall value of the customer relationship, supporting more durable revenue and ARPU growth over time. As a result, we would expect both broadband ARPU and convergence ARPU to decline on a year-over-year basis for the full year. We will remain nimble and adjust our rate strategy based on the individual market dynamics we see throughout our footprint and over the duration of 2026. Continuing on slide 10, gross margin reached 69.4%, expanding 60 basis points year over year.

我們相信，這項轉變最終將帶動更強的綁定率（attach），並提升客戶關係的整體價值，從而在時間推移中支持更具韌性的營收與 ARPU 成長。因此，我們預期全年寬頻 ARPU 與融合 ARPU 皆將以年對年基礎下滑。我們將保持靈活，並根據我們在整個服務版圖中、以及 2026 年期間所觀察到的各個市場動態，調整我們的定價策略。接續第 10 頁投影片，毛利率達到 69.4%，年對年擴張 60 個基點。

This reflects both a product mix shift towards higher margin products such as broadband, as well as disciplined execution to improve all product margins, particularly in video. Adjusted EBITDA of $789 million declined 1.3% year over year, and Adjusted EBITDA margin expanded 110 basis points to 38.2%. This reflects lower revenue, partially offset by lower programming and direct costs and lower operating expenses. Programming and direct costs declined by almost 6%, driven by programming costs down almost 13% year-over-year. Other operating expenses, excluding share-based compensation, was down 5% year-over-year in the first quarter. We maintained tight controls over operating expenses, driven by meaningful operational efficiencies. Call volumes declined by 23%, contributing to 39% fewer truck rolls and a 16% reduction in service visits.

這反映了產品組合轉向毛利較高的產品（例如寬頻），以及我們以紀律性執行來提升所有產品毛利率，特別是在影音（video）方面。調整後 EBITDA 為 7.89 億美元，年對年下降 1.3%，而調整後 EBITDA 利潤率擴張 110 個基點至 38.2%。這反映營收較低，但部分被較低的節目編播與直接成本，以及較低的營運費用所抵銷。節目編播與直接成本下降近 6%，主要由節目編播成本年對年下降近 13% 所帶動。第一季其他營運費用（不含股份基礎給付）年對年下降 5%。在顯著的營運效率帶動下，我們維持對營運費用的嚴格控管。來電量下降 23%，促成外派車次（truck rolls）減少 39%，以及到府服務（service visits）減少 16%。

In addition, salary costs were reduced by over 13% year-over-year. Building on this momentum, we are deploying additional tools and initiatives to further optimize operating expenses over time, with a continued focus on enhancing the customer experience. Net loss in the quarter was approximately $2.9 billion, which includes a non-cash impairment charge of $2.7 billion related to our indefinite-lived cable franchise rights. This was a non-cash charge and does not affect our cash flow, liquidity, or ongoing operation. A full reconciliation of adjusted EBITDA to net income is available in the earnings release posted on our website. Given the expected declines in revenues, partially offset by continued discipline on both direct costs and OpEx, we expect adjusted EBITDA to decline low to mid-single digits in the full year.

此外，薪資成本年對年降低逾 13%。在此動能基礎上，我們正部署更多工具與計畫，隨時間進一步優化營運費用，同時持續聚焦提升客戶體驗。本季淨損約 29 億美元，其中包含與我們無限期存續的有線特許經營權相關的 27 億美元非現金減損費用。這是一項非現金費用，不影響我們的現金流、流動性或持續營運。調整後 EBITDA 與淨利之間的完整調節表，已載於我們網站發布的財報新聞稿中。考量營收預期下滑，並部分由對直接成本與營運費用（OpEx）的持續紀律所抵銷，我們預期全年調整後 EBITDA 將下滑低至中個位數百分比。

Turning to slide 11, I'll walk through our CapEx and network investment. As we execute on our strategic priorities and focus on strengthening the balance sheet, capital efficiency remains a key priority. Consistent with that approach, we anticipate total CapEx in 2026 in the range of $1.2 billion-$1.5 billion. This quarter, we've broken out our CapEx between maintenance, growth, and Lightpath capital. As you recall, in prior years, we had a more significant fiber overbuild program across our existing footprint. We have since pulled back on that activity as we have shifted our investment focus. As a result, growth capital, excluding fiber overbuild, and maintenance capital have remained relatively steady over the last few years. We expect similar ranges in the full year 2026.

接著看第 11 頁投影片，我將說明我們的資本支出（CapEx）與網路投資。在我們推進策略優先事項並聚焦強化資產負債表之際，資本效率仍是關鍵優先事項。秉持此一方針，我們預期 2026 年總資本支出將落在 12 億至 15 億美元區間。本季我們將資本支出拆分為維護、成長，以及 Lightpath 資本。如各位所記得，過去幾年我們在既有服務版圖中有較大規模的光纖覆蓋加建（fiber overbuild）計畫。隨著投資重心轉移，我們已縮減該項活動。因此，扣除光纖覆蓋加建後的成長資本，以及維護資本，在過去幾年皆相對穩定。我們預期 2026 全年將維持類似區間。

On Lightpath, we continue to invest in growth, with expected annual capital expenditures in the range of $200 million-$300 million, primarily supporting construction tied to recently announced hyperscale contracts. Looking ahead, our broader capital envelope will remain focused on building fiber in new markets, simultaneously growing our fiber footprint and our total footprint, which will continue to be recaptured in growth CapEx. Alongside this, where we do not have fiber, we are investing in our HFC network, leveraging mid-split frequency allocations to increase bandwidth, and we are testing new technologies and architectures to improve the efficient use of capacity to enable higher speeds across certain markets. Our fiber network offers up to 8 gig symmetrical speeds, and we have a path to deploy multi-gig speeds across portions of our HFC network.

在 Lightpath 方面，我們持續投資成長，預期年度資本支出約為 2 億至 3 億美元，主要用於支持與近期公布的超大規模（hyperscale）合約相關的建設。展望未來，我們更廣泛的資本配置仍將聚焦於在新市場建置光纖，同步擴大我們的光纖覆蓋範圍與整體覆蓋範圍，並將持續反映在成長資本支出中。同時，在尚未鋪設光纖之處，我們正投資於 HFC 網路，運用 mid-split 頻率配置提升頻寬，並測試新技術與架構，以更有效率地使用容量，讓部分市場能提供更高速度。我們的光纖網路可提供最高 8Gbps 對稱速率，且我們也有路徑在 HFC 網路的部分區域部署多 Gig 速率。

We began launching these capabilities in select communities late last year and now offer download speeds of up to 2 gigabits per second in parts of our West Virginia HFC markets. Overall, we're taking a disciplined and return-focused approach with growth capital, making strategic investments support long-term top-line performance while retaining the flexibility to adjust the pace of investment as operating conditions evolve. For Q1, capital expenditures of $308 million represented approximately 15% capital intensity. We ended the Q1 with approximately 10 million total passings and 3.1 million fiber passings, with 190,000 total passings added over the last 12 months. We expect total passing expansion in the full year 2026 to be consistent with prior year trends of 150,000-175,000 passing additions.

我們在去年年底已於部分社區開始推出這些能力，目前在西維吉尼亞州部分 HFC 市場可提供最高 2Gbps 的下載速度。整體而言，我們以有紀律且以報酬為導向的方式運用成長資本，進行策略性投資以支持長期營收表現，同時保留彈性，隨營運環境演變調整投資節奏。第一季資本支出為 3.08 億美元，約代表 15% 的資本強度。第一季末，我們的總覆蓋戶數（passings）約 1,000 萬戶，其中光纖覆蓋戶數 310 萬戶；過去 12 個月總覆蓋戶數新增 19 萬戶。我們預期 2026 全年總覆蓋戶數擴張將與前一年趨勢一致，新增 15 萬至 17.5 萬戶覆蓋。

Finally, I want to turn to our capital structure, which remains a critical priority for us and one we are actively working to advance. We ended the quarter with approximately $1.3 billion in liquidity, giving us the financial flexibility to run operations, serve our customers, and invest in our key priorities without disruption in the near term. Over the past several quarters, we have taken a series of deliberate steps to strengthen our balance sheet and extend financial flexibility. In January, we completed a $1.1 billion refinancing of our asset-backed loan facility through a transaction with JPMorgan. In addition, in March, Lightpath closed on an approximately $1.7 billion ABS transaction. The proceeds of the transactions were used primarily to repay existing Lightpath indebtedness and extend maturity.

最後，我想談談我們的資本結構；這仍是我們的關鍵優先事項之一，我們也正積極推動進展。本季末我們的流動性約為 13 億美元，使我們在短期內具備財務彈性，可不中斷地維持營運、服務客戶並投資於關鍵優先事項。過去幾個季度，我們採取一系列審慎措施以強化資產負債表並延伸財務彈性。1 月，我們透過與摩根大通（JPMorgan）的交易，完成 11 億美元的資產擔保貸款融資再融資。此外，3 月 Lightpath 完成約 17 億美元的 ABS 交易。交易所得主要用於償還既有 Lightpath 債務並延長到期日。

At the end of the Q1, our weighted average cost of debt is 6.8%. Our weighted average life of debt is 3.1 years. 81% of our total debt stack is fixed. Our leverage ratio is 7.5x the last two quarters' annualized adjusted EBITDA. Looking ahead, we are aware of the upcoming maturities. We are focused on addressing them proactively and with urgency. Our priority is putting the right long-term capital structure in place, one that supports our operating goals, reduces leverage.

截至第一季末，我們的加權平均債務成本為 6.8%。我們的加權平均債務存續期間為 3.1 年。我們總債務結構中有 81% 為固定利率。我們的槓桿比率為過去兩個季度年化調整後 EBITDA 的 7.5 倍。展望未來，我們已注意到即將到期的債務。我們聚焦以主動且緊迫的方式加以處理。我們的優先事項是建立正確的長期資本結構，以支持我們的營運目標並降低槓桿。

Maximizes value for all stakeholders. While we are not in a position to share specific details today, this is an active process, and we will provide updates as there is news to share. We continue to believe that meaningful debt reduction and a balance sheet reset are essential to the next phase of our transformation, and we are committed to getting there. While we continue to operate in a highly competitive environment, we remain focused on the disciplined execution and the actions within our control to drive more consistent and sustainable performance, supported by the evolution of our go-to-market approach and our base management strategy. Underpinning this is a continued focus of ARPU discipline, cost management, capital efficiency, and strengthening of the balance sheet, alongside a more deliberate approach to capital allocation investment to support long-term value creation.

為所有利害關係人創造最大價值。雖然我們目前無法分享具體細節，但這是一個正在進行的流程；一旦有可分享的消息，我們將提供更新。我們仍然相信，大幅減債與資產負債表重整對於我們轉型的下一階段至關重要，我們也致力於達成目標。儘管我們仍在高度競爭的環境中營運，我們依然專注於有紀律的執行，以及我們可控範圍內的行動，以推動更一致且更可持續的表現；這將由我們的市場進入（go-to-market）方式演進與用戶基礎管理策略所支撐。其基礎在於持續聚焦 ARPU 紀律、成本管理、資本效率與強化資產負債表，同時以更審慎的資本配置投資方式來支持長期價值創造。

Taken together, these actions reflect the progress we've made over the past several years in gaining greater command of the business and positioning it for more durable performance over time. While there is more work ahead, we are confident in the strategy we have in place and the progress we are making, and we remain committed to consistent execution as we move through 2026. With that, we will open the line for questions.

綜合來看，這些行動反映了我們在過去幾年中在更有效掌握業務、並使其在時間推移中具備更持久表現方面所取得的進展。儘管前方仍有更多工作要做，我們對既定策略以及正在取得的進展充滿信心，並且在邁向 2026 年的過程中，仍將致力於持續且一致地落實執行。接下來，我們將開放提問。

(Operator Instructions) Frank Louthan, Raymond James.

(接線員指示) Frank Louthan，Raymond James。

Great. Thank you. Can you give us a little more color on the overlap of fixed wireless in your territory and specifically, the overlap of fixed wireless in the West? That would be my first question. Given the importance of the pay TV base, you know, I understand ARPU is up a little bit, but, you know, talk to us about how you can continue to use that base to minimize churn, and is there any way to lean into that and maybe expand that base to reduce churn going forward? Thanks.

很好。謝謝。能否請你們就你們服務區域內固定無線的重疊情況，特別是西部地區固定無線的重疊情況，提供更多細節？這是我的第一個問題。鑑於付費電視用戶基礎的重要性，我知道 ARPU 略有上升，但請談談你們如何持續利用這個用戶基礎來降低流失率；以及是否有任何方式可以更積極地運用它，甚至擴大這個用戶基礎，以在未來進一步降低流失？謝謝。

Thanks, Frank. Fixed wireless and the competitive intensity remains high. As we think about the overlap, it's about 85% overlap of our footprint in the East, almost 80% in the West. We have all the players across the board, T-Mobile, and AT&T Internet Air, as well as Verizon. We compete very heavily with T-Mobile in the East and AT&T in particular, and T-Mobile in the West. That being said, you know, we feel really good about our product portfolio. You know, we see that customers are demanding quality and value and pricing transparency, and we're providing that. We've invested heavily over the last few years in terms of investing in the network and now winning awards for the quality and the speeds that our network is providing.

謝謝你，Frank。固定無線以及競爭強度仍然很高。就重疊程度而言，我們在東部的覆蓋範圍約有 85% 重疊，在西部接近 80%。各家業者都在其中，包括 T-Mobile、AT&T Internet Air，以及 Verizon。我們在東部與 T-Mobile 以及特別是 AT&T 競爭非常激烈；在西部則主要與 T-Mobile 競爭。即便如此，我們對自身的產品組合感到非常有信心。我們看到客戶追求的是品質、價值與價格透明度，而我們正在提供這些。過去幾年我們在網路方面投入了大量資本，如今也因網路所提供的品質與速度而獲得獎項肯定。

You know, our new go-to-market strategy has helped us simplify our pricing and packaging to provide great value and to provide great transparency with the five-year price locks that we're making available to customers. The intensity is high, but we are in the early innings with our new strategy, and we know that customers are demanding faster speeds. We're selling at the point of sale gig plus multi-gig speeds at 50% plus, which is great, and we see that usage as at higher than ever. We're going to continue to drive that, and we're excited about our video strategy. We've taken a lot of time to reimagine video. We've improved profitability.

我們新的市場進入（go-to-market）策略，協助我們簡化定價與方案組合，以提供更高的價值，並透過向客戶提供五年價格鎖定來提升透明度。競爭強度很高，但我們的新策略仍在起步階段，而我們也知道客戶需要更快的速度。在銷售端，我們的 Gig+ 與多 Gig 速率方案銷售占比達到 50% 以上，表現很不錯；同時我們也看到使用量創下新高。我們將持續推動這一點，並且對我們的影音策略感到振奮。我們花了很多時間重新構想影音產品。我們也提升了獲利能力。

We've also had a focus on customer, the evolving customer needs, and we've developed these new E-tiers that are resonating with our base and at the point of sale. The new tiers are delivering 20% churn benefit relative to the legacy tiers. You know, we're making available streaming products, the streaming products are resonating with our customers, we're excited about how we're able to meet the customer needs as well as drive profitability. As we mentioned, we are driving higher gross margins across the video portfolio, we're delivering churn benefit and value to our customers. We're gonna continue to lean into that across both the East and the West.

我們也聚焦於客戶及其不斷演變的需求，並開發了新的 E 等級（E-tiers）方案，在既有用戶基礎以及銷售端都引起共鳴。相較於舊有等級方案，新方案帶來 20% 的流失率改善效益。我們也提供串流產品，這些串流產品正受到客戶青睞；我們對於能同時滿足客戶需求並推動獲利感到很興奮。如同我們提到的，我們正在推動整體影音產品組合更高的毛利率，同時為客戶帶來降低流失的效益與價值。我們將在東部與西部持續加大投入。

Great. That's very helpful. Thank you.

很好。這非常有幫助。謝謝。

Vikash Harlalka, New Street Research.

Vikash Harlalka，New Street Research。

Hi. Thanks so much for taking my question. Two, if I could. Dennis, I just wanted to clarify one of your key priorities. You mentioned that you're targeting an improvement in broadband subscriber trends this year. Are you targeting an improvement in broadband subscriber losses compared to last year? If that's the case, how do you get there given 1Q was worse than last year? On EBITDA, seems like EBITDA decline is going to be similar to last year or maybe slightly worse. Is the reset in broadband pricing impacting EBITDA growth this year? Where are you on the cost reduction of 4%-6% that you outlined last year for us? Thank you.

你好。非常感謝讓我提問。如果可以的話，我有兩個問題。Dennis，我想釐清你們的一項關鍵優先事項。你提到今年的目標是改善寬頻用戶趨勢。你們的目標是讓寬頻用戶流失相較去年有所改善嗎？如果是的話，考量到第一季比去年更差，你們要如何達成？就 EBITDA 而言，看起來 EBITDA 的下滑幅度會與去年相近，甚至可能略差。寬頻定價的重置是否正在影響今年的 EBITDA 成長？你們去年對我們提出的 4%-6% 成本削減，目前進度如何？謝謝。

Yeah, the good news is that, you know, three and a half years in, we have more command of the business than ever. As I mentioned, in the last quarter, you know, our objective was to land our EBITDA objectives and really drive efficiency in the business so that we could reinvest and get back to broadband growth. You know, we're excited about the strategy that we've launched. It's very early innings. Very early. We have some key success metrics that we're focused on in terms of driving call volume, driving shoppers on the site, driving conversion in our sales channels, which is at the highest levels ever, particularly in inbound sales and retail. Being able to manage our base more effectively.

是的，好消息是，三年半走到現在，我們對業務的掌控程度比以往任何時候都更高。如我所提到的，在上一季，我們的目標是達成 EBITDA 目標，並真正提升業務效率，以便我們能再投資並重回寬頻成長。我們對已推出的策略感到振奮。目前仍在非常早期的階段。非常早期。我們聚焦於一些關鍵成功指標，包括提升來電量、增加網站訪客、提高銷售通路的轉換率；而轉換率已達到歷史最高水準，特別是在來電銷售與零售通路。並且能更有效地管理我們的用戶基礎。

Our objective is absolutely to get back to broadband growth, and we are thoughtfully investing so that we can get there. The EBITDA, you know, decline and where we are is absolutely something that we're in command of because we invested in ARPU to be able to drive a different result. We know our customers are demanding more quality, more value, more pricing transparency, and part of that was, you know, providing value with mobile, providing value with Total Care, with Whole Home Wi-Fi, with the new video products. We are executing that play, and I'm really proud of the team in terms of how we're executing. As I mentioned last quarter, we had to take a step back on mobile, and we really had to evolve that playbook, and we see the results now.

我們的目標絕對是回到寬頻成長，而我們也在審慎投資以達成這個目標。至於 EBITDA 的下滑以及我們目前的狀況，這完全在我們掌控之中，因為我們在 ARPU 上進行了投資，以推動不同的結果。我們知道客戶要求更高的品質、更高的價值以及更透明的定價；其中一部分就是透過行動服務、Total Care、Whole Home Wi‑Fi，以及新的影音產品來提供價值。我們正在執行這套策略，我也為團隊的執行表現感到非常自豪。如我上季所說，我們在行動業務上必須先退一步，並且需要演進那套作戰手冊，而我們現在已看到成果。

You know, the highest quarter in mobile in the last six years. We're going to continue to be disciplined in terms of driving our go-to-market strategy, but doing that in a financially disciplined fashion. I'll throw it over to Marc if you want, Marc, if you want to share a little bit more on the EBITDA and cost reduction plan.

也就是過去六年來行動業務表現最好的一季。我們將持續以紀律推動我們的市場進入策略，同時以財務紀律的方式來執行。我把問題交給 Marc，如果你願意的話，Marc，你可以再多分享一些關於 EBITDA 與成本削減計畫的內容。

Sure. We are pleased on how we're managing gross margin. You see that accelerating in the quarter, up 60 basis points year-over-year. We continue to drive down costs from both direct costs and our OpEx costs, down 5% year-over-year. I think our guidance of suggests that we continue to believe that we'll see a continued discipline around both of those. As you know, video is a main contributor of what's weighing down some of the video top-line revenue pressure. We're being deliberate there and offsetting most of that decline and improving gross margins in the video space. Pleased how the teams are operating, we expect to continue to drive efficiency into the business. We're launching and continue to launch AI technologies.

當然。我們對於毛利率的管理方式感到滿意。你可以看到本季加速改善，年增 60 個基點。我們持續從直接成本與營運費用（OpEx）兩方面降低成本，年減 5%。我認為我們的指引顯示，我們仍相信在這兩方面都會維持持續的紀律。如你所知，影音是造成影音營收端壓力的主要因素之一。我們在這方面採取審慎作法，抵銷了大部分下滑，同時提升影音領域的毛利率。我們對團隊的營運表現感到滿意，並預期將持續把效率導入業務之中。我們正在推出並持續推出 AI 技術。

We're seeing meaningful reductions in call volumes, truck rolls, service visits rates. We're managing our workforce more efficiently. Costs down 13% year-over-year. Pleased on how we're managing the bottom line. Again, we'll continue to update you as we go throughout the year.

我們看到來電量、派車出勤（truck rolls）以及到府服務率都有顯著下降。我們正以更有效率的方式管理人力。成本年增下降13%。我們對於如何管理獲利底線感到滿意。同樣地，我們會在今年接下來的進展中持續向各位更新。

Thank you.

謝謝。

Kutgun Maral, Evercore.

Kutgun Maral，Evercore。

Good morning. Thanks for taking the questions. Two if I could. Maybe first on mobile. You know, results there continue to be quite strong. You're already at almost, I think, 9% penetration of the broadband base. This might be a hard question to answer since we don't get a lot of visibility into mobile profitability, but I'd be curious, you know, at what level of penetration or scale do you think you need to be at for the mobile strategy to have a more meaningful uplift to consolidated EBITDA? Is there any color you could provide on free cash flow for the full year? Thank you.

早安。謝謝讓我提問。如果可以的話兩個問題。先談行動業務。你們那邊的表現持續相當強勁。你們在寬頻用戶基礎中的滲透率已接近（我想）9%。這可能很難回答，因為我們對行動業務獲利能力的能見度不高，但我想請教的是，你們認為行動策略需要達到什麼樣的滲透率或規模，才會對合併EBITDA帶來更有意義的提升？另外，能否提供一些全年自由現金流的看法？謝謝。

Sure. I'll start, then I'll let Marc jump in. Just in terms of our strategy for mobile, we're very pleased with the progress. As I had mentioned, we needed to take a step back to ensure that we were delivering the highest quality sales and highest quality customers. We laser focused on driving porting phone numbers, device financing, you know, unlimited plans, and we see that in the results. We see a meaningful improvement in our churn. In the mobile churn, we also see a meaningful impact more broadly in terms of impact on broadband churn. A 20% churn benefit when folks take both broadband and mobile. We're still in the early innings.

當然。我先回答，然後再請Marc補充。就我們的行動策略而言，我們對進展非常滿意。如我先前提到的，我們需要先退一步，確保我們提供的是最高品質的銷售與最高品質的客戶。我們非常聚焦於推動攜碼（porting）門號、裝置分期融資、以及不限量方案等，我們也在成果中看到了這些努力。我們看到流失率（churn）有顯著改善。在行動流失率方面，我們也看到更廣泛的影響，包含對寬頻流失率的影響。當客戶同時採用寬頻與行動服務時，流失率可獲得20%的改善效益。我們仍處於早期階段。

We're almost at 9% penetration, but we're not taking the foot off the accelerator. We have all of our channels now participating, and we're doing it in a way that's really high quality, and we're excited for the growth potential and the churn benefit and the value that we can provide to our customers. As Marc mentioned, we're really focused on converged ARPU because that is a key indicator of how we're managing the business, selling in broadband, selling in mobile, selling in these value-added services, to provide the most value to our customers. Marc, do you want to talk a little bit about the profitability piece?

我們的滲透率已接近9%，但我們不會鬆開油門。我們現在所有通路都已參與其中，而且我們以真正高品質的方式在推進；我們對成長潛力、流失率改善效益，以及能為客戶提供的價值感到振奮。如Marc所提到的，我們非常聚焦於融合ARPU（converged ARPU），因為這是衡量我們如何經營業務的重要指標：在寬頻端銷售、在行動端銷售，以及銷售這些加值服務，以便為客戶提供最大價值。Marc，你要不要談一下獲利能力的部分？

Sure. I mean, we're pleased on the trajectory. As we grow scale, we do continue to see that our margins are improving within the product line of mobile specifically. As we gain scale, we expect that trend to continue. Specifically under free cash flow question, we did see slight improvement year-over-year in the quarter. Again, weighing down free cash flow is really tied to the interest costs that we're bearing. We're not gonna provide specific guidance on full year free cash flow. There's a lot of factors at play, we'll certainly update you as we go throughout the year.

當然。我們對這個走勢感到滿意。隨著規模擴大，我們確實持續看到行動產品線內的利潤率正在改善。隨著規模進一步提升，我們預期這個趨勢會延續。至於自由現金流的問題，本季我們看到年對年略有改善。再次強調，壓抑自由現金流的主要因素，確實與我們承擔的利息成本相關。我們不會提供全年自由現金流的具體指引。影響因素很多，我們也會在今年接下來的進展中持續向各位更新。

Understood. Thank you both. Yep, thank you.

了解。謝謝你們兩位。好的，謝謝。

Sam McHugh, BNP.

Sam McHugh，BNP。

Morning, guys. Sorry about that. Just two questions if I can. One on the EBITDA decline this year. Does that include the benefit of the sale of i24NEWS? If we strip out political advertising, is it fair to think about underlying EBITDA as declining maybe high single digits? Secondly on the ARPU side, is kind of the Q1 decline of 1.7% a pretty good run rate to think about for the rest of the year? Any extra color there would be helpful. Thanks.

早安，各位。抱歉剛剛那樣。如果可以的話兩個問題。第一個關於今年EBITDA下滑。這是否包含出售i24NEWS的效益？如果把政治廣告剔除，是否可以合理地認為基礎EBITDA可能下滑到高個位數百分比？第二個關於ARPU，第一季下滑1.7%是否可視為今年其餘時間的合理運行水準（run rate）？任何額外說明都會很有幫助。謝謝。

Sure. I'll throw it to Marc.

當然。我把問題交給Marc。

Sure. The EBITDA guidance again reflects mainly the revenue pressure that we see from volume losses, again, tied mainly to the video subscribers. Our focus continues to be on driving gross margins on video. Certainly, as Dennis Mathew mentioned, we're taking deliberate steps around stabilizing broadband, so that may, in the near term, continue to weigh on ARPUs.

好的。EBITDA指引再次主要反映我們看到的營收壓力，來自用戶量流失，而這又主要與影像（video）訂戶相關。我們的重點仍是提升影像業務的毛利率。當然，如Dennis Mathew提到的，我們正在採取審慎措施以穩定寬頻，因此短期內可能仍會對ARPU造成壓力。

Our focus there is deliberate. We're driving multi-product sell-in, including mobile convergence and other value-added services to mitigate some of that pressure. Certainly the volume pressures will continue to weigh on revenue. Certainly as we talked about, EBITDA will benefit from disposing of the i24NEWS asset. Last year our guidance contemplates that as well.

我們在這方面的作法是有意識且審慎的。我們推動多產品銷售（multi-product sell-in），包括行動融合（mobile convergence）以及其他加值服務，以緩解部分壓力。當然，用戶量的壓力仍會持續拖累營收。同樣地，如我們所談到的，處分i24NEWS資產將有助於EBITDA。我們去年的指引也已將此納入考量。

The advertising business we had some strength in the quarter, tied to the Super Bowl and the Olympics. We expect political in the back half of the year to kick in as well with the midterms. That's how we're thinking about it.

本季廣告業務有一些強勁表現，與超級盃和奧運相關。我們也預期下半年政治廣告會開始發酵，因為期中選舉將登場。我們是這樣來思考的。

Ultimately, as we had mentioned coming off of the last call, we're investing to stabilize broadband, that's a deliberate strategy and plan. You know, we have made a thoughtful decision that we're gonna get back to broadband stabilization, we've learned a ton over the last year. As we see the competitive landscape continue to evolve, we made a thoughtful decision to invest in our pricing and our packaging at the same time ensure that we have the discipline of being able to upsell mobile, upsell value-added services, drive in our new E-tiers, that ultimately we can moderate that investment as we see, as we learn, as we look at the data, as we see stabilization. We're gonna remain flexible and nimble. The good news is that we have more command of our OpEx than ever.

最終，如我們在上次電話會議後所提到的，我們正在投資以穩定寬頻，這是一個有意識的策略與計畫。你知道的，我們做出審慎決定，要回到寬頻穩定上；過去一年我們學到了很多。隨著競爭態勢持續演變，我們審慎決定在價格與方案包裝上進行投資，同時確保我們具備紀律，能夠向上銷售行動服務、向上銷售加值服務、推動新的E層級（E-tiers）；最終，當我們學習、檢視數據並看到穩定跡象時，我們就能逐步調整並降低這些投資強度。我們會保持彈性與敏捷。好消息是，我們對營運費用（OpEx）的掌控度比以往任何時候都更高。

We have clear line of sight as to where we can continue to drive efficiency, and we're gonna do that leveraging AI, driving down contact rate, driving down truck rolls. Our dispatch rate is at an all-time low. We're investing in self-install. That's another opportunity to improve the customer experience while driving efficiency. Customers want simplicity, they want transparency, they want value, and we can provide that, and we'll manage that in a financially disciplined fashion.

我們清楚知道還能在哪些地方持續提升效率，而我們也會透過AI來做到這點，降低聯絡率、降低派車出勤（truck rolls）。我們的派工率（dispatch rate）已降至歷史新低。我們正在投資自助安裝（self-install）。這也是另一個在提升客戶體驗的同時提高效率的機會。客戶想要簡單、想要透明、想要價值；我們能提供這些，並且會以財務紀律的方式加以管理。

Can I just follow up on i24NEWS? Is the assumption that that deal closes in the Q1? I apologies if it's already closed.

我可以再追問一下 i24NEWS 嗎？是否假設那筆交易會在第一季完成交割？如果已經完成交割，我先致歉。

Yeah, that deal has actually closed already.

是的，那筆交易其實已經完成交割了。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊。

Hi, guys. Maybe just on the balance sheet side, could you give us a sense for, you know, the cash that you have, the $1.3 billion that you mentioned? I mean, how long can that last to run, you know, operations? I mean, when do you need to refinance? Then the debt maturity coming up, I mean, I know you can't talk a lot about it. Conceptually, when you think about the way you're thinking about alternatives to refinance, you know, your maturities, should we broadly think about more asset-based options rather than other alternatives? Any sense that you can give us will be helpful. Thanks.

嗨，各位。或許先從資產負債表的角度，能否請你們說明一下，你們手上的現金，也就是你們提到的 13 億美元？我的意思是，這筆資金大概能支撐營運多久？你們何時需要再融資？另外，接下來的債務到期，我知道你們不能談太多。概念上，當你們在思考為到期債務再融資的替代方案時，我們是否應該大致認為會偏向更多以資產為基礎的選項，而不是其他替代方案？你們能提供的任何資訊都會很有幫助。謝謝。

Yeah, I can take that, Dennis. Yeah, we ended the quarter with about $1.3 billion liquidity. That does give us the financial flexibility to run our operations, serve our customers, invest in key priorities, without disruption in the near term. As it relates to debt, certainly as we've communicated, it's one of the company's key strategic priorities is really ensuring that we have the right capital structure to support our long-term objectives.

好的，Dennis，我可以回答這題。是的，我們在本季末的流動性大約是 13 億美元。這確實讓我們在短期內具備財務彈性，可在不受干擾的情況下維持營運、服務客戶並投資於關鍵優先事項。至於債務方面，正如我們所溝通的，公司的關鍵策略優先事項之一，就是確保我們擁有合適的資本結構，以支持我們的長期目標。

As we've mentioned, we believe a meaningful debt reduction is required and a reset of the balance sheet are essential to this continued transformation, giving us the ability to compete effectively, invest thoughtfully to maximize, really value for all stakeholders. Beyond that, kind of, we're not going to today in a position to share more specifics, but we'll certainly update the market when we have something to share.

如同我們提到的，我們認為需要進行有意義的減債，而資產負債表的重整對於持續轉型至關重要，這將使我們有能力有效競爭、審慎投資，以最大化、真正為所有利害關係人創造價值。除此之外，今天我們不會在此分享更多細節，但當我們有可分享的內容時，會確實向市場更新。

Thank you.

謝謝。

Craig Moffett, MoffettNathanson.

Craig Moffett，MoffettNathanson。

Hi, good morning. We all focus a lot on the broadband ARPU trend of percentages and that sort of thing. I wonder if you could just comment on what your long-term expectation is for broadband price levels. You've got prices now in the market in the sub $50 range that are promotional, not clear where they're going to end up in kind of long-term pricing. What do you think is kind of the North Star that you think about for where prices are likely to settle out in your markets?

嗨，早安。我們都很關注寬頻 ARPU 的百分比趨勢之類的指標。我想請你們評論一下，你們對寬頻價格水準的長期預期是什麼。目前市場上有一些低於 50 美元的促銷價格，長期定價最終會落在哪裡並不清楚。你們認為在你們的市場中，價格最終可能穩定下來的「北極星」會是什麼？

Yeah. We have launched this new strategy to ensure that we are hyper-competitive across our footprint, both in the East and the West. As you've seen, we are competing at the highest level, also making sure that we're disciplined about driving mobile, driving value-added services, and really driving convergence ARPU. We're in the early innings in terms of being able to drive attach of these products. I think we have a lot of upside opportunity when we look at convergence ARPU and how we can even more effectively in the days to come attach mobile at the point of sale, attach mobile into our base, be able to drive these new value-added services like Optimum Total Care, like Optimum Whole Home Wi-Fi, also leverage our video products even more effectively as we move forward.

是的。我們推出了這項新策略，以確保我們在整個覆蓋範圍內（東部與西部）都具備高度競爭力。如你所見，我們以最高水準在競爭，同時也確保在推動行動業務、推動加值服務，以及真正推動融合 ARPU 方面保持紀律。就推動這些產品的搭售（attach）而言，我們仍處於早期階段。當我們看融合 ARPU，以及未來幾天如何更有效地在銷售端點搭售行動服務、在既有客群中導入行動服務、推動像 Optimum Total Care、Optimum Whole Home Wi-Fi 這類新的加值服務，並在往後更有效地運用我們的影音產品時，我認為我們有很大的上行機會。

Now that we have streaming also available, just making it very simple for our customers to be able to have one relationship for their connectivity in the home, outside the home, and also for their entertainment purposes with robust video solutions. We'll find the right balance in terms of being able to manage converged ARPU as a whole and making sure that we're maximizing customer lifetime value. That's what this is all about. We need to be able to show up differently than we have in the past. There's been this focus on, of course, broadband ARPU, but ultimately our customers are looking for value.

現在我們也提供串流服務，讓客戶能非常簡單地只透過一個關係，就滿足家中、家外的連線需求，以及以強大的影音解決方案滿足其娛樂需求。我們會在管理整體融合 ARPU 與確保最大化客戶終身價值之間，找到適當的平衡。這就是這一切的核心。我們必須以不同於過去的方式出現。過去一直聚焦在寬頻 ARPU，當然沒錯，但最終客戶追求的是價值。

They're looking for value and transparency and clarity on their pricing. It's our job to earn the trust of our customers, which we've been doing over the last three and a half years of rebuilding quality, rebuilding the customer experience, and now making sure they have transparency into their pricing and packaging, and providing them not just broadband, but other incredible products to be able to drive our converged ARPU goals and objectives.

他們追求價值、透明度，以及清楚明確的定價。我們的工作是贏得客戶的信任；過去三年半我們一直在重建品質、重建客戶體驗，而現在要確保他們對定價與方案組合有透明度，並提供的不只是寬頻，還有其他很棒的產品，以推動我們的融合 ARPU 目標與目的。

Thank you.

謝謝。

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

Yeah. Thank you. Maybe first just to follow up on Craig's question, is there a way in dollar terms to think about where residential broadband ARPU needs to settle? I'm just thinking about where fixed wireless and fiber compete in the market today, especially some of those new ones, probably closer to $70 to $75. Curious if that's right, and if broadband ARPU, you know, has that kind of trajectory over the next few years. Also, we're increasingly hearing about some of the plans of satellite and how satellite will compete in the market.

是的。謝謝。或許先延續 Craig 的問題，是否能用美元金額的角度來思考，住宅寬頻 ARPU 需要穩定在什麼水準？我在想，固定無線與光纖目前在市場上的競爭狀況，尤其是一些新的競爭者，可能更接近 70 到 75 美元。想確認這樣的判斷是否正確，以及寬頻 ARPU 在未來幾年是否會有那樣的走勢。另外，我們也越來越常聽到一些衛星方案，以及衛星將如何在市場上競爭。

Seems like a less likely competitor in your East footprint, but I'm wondering if in the West where I think you've seen more impact from fixed wireless, if you think satellite will be an incremental competitor or sort of just another layer in an already, you know, competitive market, so less of an impact. Thank you.

在你們東部的覆蓋範圍內，這看起來比較不太可能成為競爭者，但我想問在西部——我認為你們已經看到固定無線帶來較多影響——你們是否認為衛星會成為新增的競爭者，或只是已經很競爭的市場中的另一層，因此影響較小。謝謝。

I'll talk a little bit about satellite and let Marc talk to ARPU. On the satellite front, I have no doubt that satellite will be a fierce competitor in the future. As of right now, we're not seeing that satellite meaningfully across our footprint in the East or the West. You know, our primary focus right now and as we look at win share and loss share and flow of share, you know, we see much more prominently competitors like the fiber overbuilders, the telcos and fixed wireless. I have no doubt over time, we may see satellite, but at the end of the day, you know, our ability to compete with the incredible network and product portfolio is going to be what ultimately sets us apart.

我先談一下衛星，然後讓 Marc 談 ARPU。就衛星而言，我毫不懷疑衛星未來會是強勁的競爭者。但就目前來看，我們在東部或西部的覆蓋範圍內，尚未看到衛星有顯著的影響。你知道，當我們目前在看贏得份額、流失份額以及份額流向時，我們更明顯看到的競爭者是光纖覆蓋擴張者（fiber overbuilders）、電信業者以及固定無線。我毫不懷疑，隨著時間推移我們可能會看到衛星，但歸根結底，我們能否憑藉卓越的網路與產品組合來競爭，才是最終讓我們脫穎而出的關鍵。

Steven, just back on ARPU, again, I would just continue to reiterate what Dennis talked about around convergence ARPU being what we believe is the key metric to measure success in a pivot away from just looking at the individual product of broadband. It, it eliminates the noise between the allocations of revenue between those products as we sell bundle services in. It speaks to just directly how we're actually selling the product on the ground with our customers, with our agents. We're pleased with the growth that we saw in the quarter, up nearly $1 year-over-year at 1.2%. We won't give a specific target as far as dollars, again, we're gonna be nimble on how we manage convergence ARPU.

Steven，回到 ARPU，我會再次重申 Dennis 所談的：我們認為融合 ARPU 才是衡量成功的關鍵指標，因為我們正從只看單一寬頻產品的角度轉向。當我們銷售綑綁服務時，它能消除不同產品之間收入分攤所造成的雜訊。它也直接反映我們在第一線如何透過客戶與代理人實際銷售產品。我們對本季看到的成長感到滿意，年增接近 1 美元，增幅為 1.2%。我們不會提供以美元計的具體目標；同樣地，我們會以靈活方式來管理融合 ARPU。

We're making deliberate investments, as we talked about, to drive a better performance on broadband subscribers. Beyond that, we think convergence ARPU is the right metric to really anchor our business. That's how we're anchoring it and how we feel others should anchor.

正如我們先前提到的，我們正在進行有計畫的投資，以推動寬頻用戶表現更佳。除此之外，我們認為融合 ARPU 才是能真正作為我們業務錨點的正確指標。這就是我們用來作為錨點的方式，也就是我們認為其他人也應該用來作為錨點的方式。

Michael Rollins, Citi.

Michael Rollins，花旗。

Hi. Thanks. Good morning, thank you for taking the questions. Two if I could, please. First, you have a lot of markets and a number of them, particularly in the East, have experienced fiber competition for a longer period of time than most. Within that context, are you seeing micro-market level turnaround where you're achieving stabilization or improvement in broadband that can inform you on the formula and the timing to get the broader portfolio to that, you know, opportunity? The second question is, what are you learning and this kind of relates, I think, to some of the past questions, but maybe to ask it this way. What are you learning about the long-term earnings power or EBITDA power for the Optimum portfolio when you evaluate all the things that you talked about today?

嗨。謝謝。早安，感謝讓我提問。如果可以的話我有兩個問題。第一，你們覆蓋很多市場，其中不少市場，特別是在東部，相較於大多數市場更早、也更長時間地面臨光纖競爭。在這樣的背景下，你們是否在微型市場層級看到回升跡象——也就是寬頻業務達到穩定或改善——從而能讓你們了解要讓更大範圍的產品組合達到那個、你知道的、機會所需的做法與時間點？第二個問題是，你們學到了什麼——我想這與先前的一些問題相關，但也許換個方式問。當你們評估今天談到的所有事項時，對於 Optimum 產品組合的長期獲利能力或 EBITDA 能力，你們學到了什麼？

You know, the investments in customer pricing, it could also be OpEx and CapEx and what you think you need to do to stabilize the broadband base and defend a reasonable share across your markets.

例如在客戶定價上的投資，也可能包括營運費用（OpEx）與資本支出（CapEx），以及你們認為為了穩定寬頻用戶基礎、並在各市場守住合理市占所需要做的事情。

Yeah, let me take the first portion of that, and then I'll throw it over to Marc. That's exactly right. You know, it's taken us some time, but we've had to build the infrastructure to be able to look at performance at the market level. We, you know, when I started, we formed six regions where we can have local level management and ensure that we have a local presence. The good news is that we are seeing improvements as we think about certain markets, particularly in the East. We're seeing that we are moving the needle exactly the way we want to move the needle, when we think about call volumes, when we think about shoppers, when we think about yield in our sales channels.

好的，我先回答第一部分，然後再交給 Marc。你說得完全正確。你知道，這花了我們一些時間，但我們必須建立基礎設施，才能在市場層級檢視表現。我們——你知道——我剛開始時，我們劃分了六個區域，讓我們能有在地層級的管理，並確保我們有在地的存在。好消息是，當我們看某些市場時，特別是在東部，我們確實看到改善。我們看到，當我們考量來電量、考量比價客（shoppers）、考量我們銷售通路的收益率（yield）時，我們正以我們希望的方式推動指標改善。

This is the level of data that we have now and the level that we're managing at to help inform the broader strategy. You know, at the same time, as I think about year-over-year, the competitive intensity in the West has ratcheted up, we need to continue to look at what it's gonna take to win there and how we evolve. The good news is that in certain markets, again, we're seeing that the new pricing, the new packaging, the product portfolio is really starting to resonate.

這就是我們現在掌握的數據層級，也是我們用來管理的層級，以協助形成更廣泛的策略。同時，從年對年的角度來看，西部的競爭強度已經升高，我們需要持續檢視要在那裡取勝需要什麼，以及我們如何演進。好消息是，在某些市場中，我們再次看到新的定價、新的方案組合、產品組合確實開始引起共鳴。

We do need to make sure that we're optimizing our media spend across the footprint, which is also very different when you think about the East versus certain markets in the West, to make sure that we're on the ground telling that story most effectively so that we can see a differentiated outcome, you know, market by market. That's the level that we're managing the business today. We're seeing some of those wins, we're working to extrapolate that across the footprint so that we can do that at scale in a meaningful fashion.

我們確實需要確保在整個覆蓋範圍內最佳化媒體投放，當你比較東部與西部某些市場時，這也非常不同；以確保我們在第一線最有效地傳達這個故事，讓我們能在各個市場、逐一地看到差異化的成果。這就是我們今天管理業務的層級。我們看到其中一些勝利案例，並正努力將其外推到整個覆蓋範圍，讓我們能以有意義的方式規模化推進。

Mike, we won't provide specific long-term guidance as far as EBITDA is concerned, but certainly we're trying to control what we can control. We're making deliberate steps to improve our broadband trends. We're controlling our direct costs and accelerating gross margin. We're controlling OpEx. We believe that there's continued runway to be more efficient, leverage AI to drive efficiency. Again, we'll control what we can control and we won't provide longer term guidance as it relates to EBITDA at this point.

Mike，關於 EBITDA，我們不會提供具體的長期指引，但我們當然會努力控制我們能控制的部分。我們正在採取有計畫的步驟來改善寬頻趨勢。我們在控制直接成本並加速提升毛利率。我們在控制營運費用（OpEx）。我們相信仍有持續的空間可以更有效率，並運用 AI 來推動效率提升。再次強調，我們會控制我們能控制的部分，而目前不會就 EBITDA 提供更長期的指引。

Thank you.

謝謝。

Thank you. This concludes our Q&A session. I will now turn the call back to management for closing remarks.

謝謝。問答環節到此結束。我現在把電話交回管理層作結語。

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

感謝各位參與。如有任何其他問題，請聯繫投資人關係或媒體關係。

This call has concluded. Thank you for joining. You may now disconnect.

本次電話會議到此結束。感謝您的參與。您現在可以掛線。