Optimum Communications Inc (OPTU) 2026 Q2 法說會逐字稿

Good day, everyone. Welcome to the Optimum Communications Conference Call. (Operator Instructions) This call is being recorded. If you have any objections, please disconnect at this time. I'd now like to turn the call over to Sarah Freedman, Vice President of Investor Relations. Please go ahead.

各位大家好。歡迎參加 Optimum Communications 電話會議。(接線員指示) 本次通話將被錄音。如有任何異議，請此刻中斷連線。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 the Optimum's Second Quarter 2026 Earnings Call. I am joined today by Optimum's Chairman and Chief Executive Officer, Dennis Mathew; and Chief Financial Officer, Marc Sirota. Dennis and Marc will walk you through our second quarter results and then be available for a question-and-answer session.

謝謝，各位早安。歡迎參加 Optimum 2026 年第二季財報電話會議。今天與我一同出席的有 Optimum 董事長兼執行長 Dennis Mathew，以及財務長 Marc Sirota。Dennis 與 Marc 將帶各位回顧我們第二季的業績，之後將進行問答。

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.

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說明。

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

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，該新聞稿已發布於我們網站的投資人關係專區。接下來，我把電話交給 Dennis。

Thank you, Sarah, and good morning, everyone. Our second quarter results reflect disciplined execution. We generated total revenue of approximately $2 billion and adjusted EBITDA of $786 million. Broadband subscriber net losses improved sequentially to 40,000. We added approximately 50,000 mobile lines and convergence ARPU grew year-over-year. We expanded gross margin and adjusted EBITDA margin, including operating expense improvement of approximately $30 million year-over-year.

謝謝你，Sarah，各位早安。我們第二季的結果反映出紀律性的執行。我們創造約 20 億美元的總營收，以及 7.86 億美元的調整後 EBITDA。寬頻用戶淨流失較前一季改善至 4 萬戶。我們新增約 5 萬條行動門號，融合 ARPU 年增。我們擴大毛利率與調整後 EBITDA 利潤率，其中營運費用較去年同期改善約 3,000 萬美元。

We continue to operate in a challenging environment, but we are encouraged by our progress and remain focused on what we can control, maintaining disciplined cost management, while continuing to invest in initiatives that support long-term growth and position the business for sustained success. As we disclosed in our 8-K in June, we have a clear strategy in our long-range plan to do exactly that.

我們仍在充滿挑戰的環境中營運，但我們對進展感到鼓舞，並持續聚焦於我們可控的事項：維持嚴謹的成本管理，同時持續投資於支持長期成長、並使業務具備持續成功定位的各項計畫。如同我們在 6 月的 8-K 中所揭露，我們在長期計畫中有一套清晰策略，正是為了達成上述目標。

While the transformation will take time and will require a meaningful reset of our balance sheet, we are actively executing against the strategic pillars that we believe will improve performance, delivering simple, broader offers with clear value propositions, richer customer experience, simplifying service delivery through operational improvements and investing thoughtfully in our network and capabilities.

雖然轉型需要時間，且將需要對資產負債表進行有意義的重整，但我們正積極依據我們相信可改善表現的策略支柱推進執行：提供更簡單、更廣泛且具清楚價值主張的方案；打造更豐富的客戶體驗；透過營運改善簡化服務交付；並以審慎方式投資於我們的網路與能力。

In the second quarter, we delivered against these pillars. We continued to execute on a simplified go-to-market strategy, strengthened customer retention efforts and sharpened base management to build high-value customer relationships and compete more effectively in the current environment.

在第二季，我們依據這些支柱交付成果。我們持續執行簡化的上市策略（go-to-market strategy），強化客戶留存工作，並更精準地進行用戶基礎管理，以建立高價值客戶關係，並在當前環境中更有效地競爭。

We advanced our customer experience transformation as we continued our rollout of Google CES, AI-powered network management, frontline tools and new billing solutions. We improved productivity through stronger cross-functional execution, disciplined cost management, deeper use of data and AI-powered performance management and workforce optimization. And finally, we continue to invest in fiber expansion and network modernization across our footprint.

我們推進客戶體驗轉型，持續推出 Google CES、AI 驅動的網路管理、第一線工具以及新的帳單解決方案。我們透過更強的跨部門執行、嚴謹的成本管理、更深入運用數據，以及 AI 驅動的績效管理與人力優化來提升生產力。最後，我們持續在既有服務範圍內投資光纖擴建與網路現代化。

Alongside these actions, we took steps to enhance our financial flexibility and strengthen our capital structure. Last month, we successfully completed the previously announced tender offer, representing another important milestone in that process, which Marc will discuss in greater detail shortly.

在推動上述行動的同時，我們也採取措施提升財務彈性並強化資本結構。上個月，我們成功完成先前公告的要約收購（tender offer），這是該流程中的另一項重要里程碑，Marc 稍後將更詳細說明。

We also published our long-range plan, providing stakeholders with greater transparency into our strategic priorities, operating objectives and long-term financial outlook. Collectively, these actions reinforce our commitment to strengthening the business, advancing our capital structure and increasing flexibility to continue investing in long-term value creation.

我們也發布了長期計畫，讓利害關係人更清楚了解我們的策略優先事項、營運目標與長期財務展望。整體而言，這些行動強化了我們對於強健業務、推進資本結構並提升彈性、以持續投資於長期價值創造的承諾。

In addition, we simplified our operations by divesting noncore businesses. In early Q2, we completed the divestiture of an advertising agency services business that generated approximately $100 million of revenue in full year '25, and had an immaterial impact to adjusted EBITDA. We made the decision to exit a small number of low-density noncore markets within our West footprint, and we expect those customers to transition to other service providers during the third quarter.

此外，我們透過處分非核心業務來簡化營運。在第二季初，我們完成出售一家廣告代理服務業務；該業務在 2025 全年創造約 1 億美元營收，對調整後 EBITDA 的影響不具重大性。我們也決定退出西部服務範圍內少數低密度的非核心市場，並預期這些客戶將在第三季轉移至其他服務供應商。

Additionally, in the coming months, we expect to wind down operations of New York Interconnect, an advanced advertising joint venture that allows marketers to purchase TV and digital ad space across multiple MVPDs in the New York DMA.

另外，在未來幾個月，我們預期將逐步結束 New York Interconnect 的營運；該公司是一項先進廣告的合資企業，讓行銷人員可在紐約 DMA 的多家 MVPD 上購買電視與數位廣告版位。

Going forward, Spectrum will expand their advertising business to provide many of the products and services of New York Interconnect, including continued representation of portions of Optimum's advertising inventory. Taken together, these actions support our strategy to simplify the business and focus on our highest priority growth opportunities.

展望未來，Spectrum 將擴展其廣告業務，以提供 New York Interconnect 的多項產品與服務，包括持續代理 Optimum 部分廣告庫存。綜合而言，這些行動支持我們簡化業務、並聚焦於最高優先的成長機會之策略。

Next, I'll turn to our focus on strengthening high-value customer relationships on slide 4. Our strategy is centered on strengthening customer relationships by delivering a more integrated and converged experience across broadband, mobile, video and value-added services.

接下來，我將在第 4 頁談談我們強化高價值客戶關係的重點。我們的策略核心在於透過在寬頻、行動、影音與加值服務之間提供更整合、融合的體驗，來強化客戶關係。

By leveraging the breadth of our portfolio, we're making it easier for customers to choose, connect and stay with us while driving stronger acquisition, retention and engagement, which creates a stronger foundation for long-term value and growth. Broadband remains the cornerstone of this strategy.

藉由運用我們產品組合的廣度，我們讓客戶更容易選擇、連結並持續使用我們的服務，同時推動更強的獲客、留存與互動，進而為長期價值與成長建立更穩固的基礎。寬頻仍是此策略的基石。

While the competitive landscape continues to evolve with the expansion of fiber overbuilders and fixed wireless providers across our footprint, we are executing targeted initiatives to improve performance and reinforce our competitive position.

隨著光纖覆蓋建設者（fiber overbuilders）與固定無線供應商在我們服務範圍內擴張，競爭態勢持續演變；我們正執行具針對性的計畫以改善表現並鞏固競爭地位。

These efforts are helping improve customer acquisition rates and gross add performance while providing insights that are shaping a broader evolution of our go-to-market approach. As we scale these learnings, we are delivering simpler, more compelling offers that better reflect market dynamics and evolving customer needs.

這些努力正協助提升獲客率與總新增（gross add）表現，同時也提供洞見，形塑我們上市策略更廣泛的演進方向。隨著我們擴大這些學習成果的規模，我們正推出更簡單、更具吸引力的方案，以更貼近市場動態與客戶需求的變化。

Demand for our broadband product remains healthy and more than half of new broadband customers continue to choose our one gig or higher offerings, reinforcing the value customers place on higher speed connectivity and the quality of our network. We also see encouraging signs in several of our larger markets where our execution and competitive positioning continue to improve.

市場對我們寬頻產品的需求仍然健康，且超過一半的新寬頻客戶仍選擇 1Gbps 或更高的方案，進一步印證客戶對更高速連線與我們網路品質的重視。我們也在數個較大型市場看到令人鼓舞的跡象，顯示我們的執行力與競爭定位持續改善。

This drove improved win share and year-over-year growth in gross add performance in the second quarter in key markets. At the same time, we remain focused on reducing churn across our footprint, particularly in our West footprint, where competitive pressure remains the most intense.

這帶動關鍵市場在第二季的贏單占比（win share）提升，以及總新增表現的年增成長。同時，我們仍專注於降低整體服務範圍內的流失率（churn），尤其是在競爭壓力最為激烈的西部服務範圍。

Our base management and acquisition strategy is centered on multiproduct relationships, which drive stronger, healthier and longer tenured subscribers. Leveraging our converged and data-driven approach, we are seeing a higher percentage of new customer additions taking multiple products and services compared to the portion of customers taking only broadband.

我們的用戶基礎管理與獲客策略以多產品關係為核心，這能帶來更強健、更健康且在網時間更長的訂戶。運用我們融合且數據驅動的方法，我們看到相較於僅採用寬頻的客戶，新加入客戶中選擇多項產品與服務的比例更高。

On mobile, we saw our best ever second quarter mobile trends, which increased mobile and broadband convergence penetration to approximately 9% at the end of the second quarter. Mobile is central to how we manage and grow our base.

在行動業務方面，我們看到史上最佳的第二季行動趨勢，使行動與寬頻的融合滲透率在第二季末提升至約 9%。行動是我們管理並成長用戶基礎的核心。

We're driving higher penetration through targeted upsell and cross-sell, simplifying our offers and expanding multiline adoption, taking a customer-first, data-driven approach to streamline device financing, improve quality of sale and strengthen network quality. This week, we advanced that strategy further, expanding our multiyear agreement with T-Mobile to access its 5G stand-alone network, delivering faster, more reliable service, a broader device lineup, including wearables, and stronger roaming, business and rural connectivity.

我們透過具針對性的加購（upsell）與交叉銷售（cross-sell）來提升滲透率，簡化方案並擴大多門號採用；同時以客戶優先、數據驅動的方法，精簡裝置分期融資流程、提升銷售品質並強化網路品質。本週，我們進一步推進該策略，擴大與 T-Mobile 的多年期協議，以使用其 5G 獨立組網（stand-alone）網路，提供更快速、更可靠的服務、更廣泛的裝置陣容（包含穿戴式裝置），以及更強的漫遊、商務與鄉村地區連線能力。

By extending mobile connectivity beyond smartphones to wearables and a growing universe of connected devices, this capability substantially expands our addressable market, multiplying the number of devices and revenue streams we can serve per household and business, and positioning us to capture a greater share of connectivity spend over time. Paired with our fiber network, this converged offering is expected to be a durable competitive advantage and a meaningful driver of long-term profitable growth.

透過將行動連線從智慧型手機延伸至穿戴式裝置以及日益擴大的各類連網裝置，此能力大幅擴展我們的可服務市場，倍增我們每個家庭與企業可服務的裝置數量與營收來源，並使我們得以隨時間推進，掌握更高比例的連線支出。結合我們的光纖網路，這項融合式方案預期將成為持久的競爭優勢，並成為長期獲利成長的重要驅動力。

Similarly, we are increasing the penetration of our newer and more profitable E-Tier video offerings as customers respond to their simpler and more compelling value proposition. The E-Tier offerings now represent approximately 18% of our residential video base, up from 10% a year ago. Importantly, customers of these newer packages continue to demonstrate meaningfully lower churn than legacy offerings, reinforcing the role video plays in strengthening customer relationships and broadband retention.

同樣地，隨著客戶對其更簡單且更具吸引力的價值主張做出回應，我們正提高較新且獲利能力更高的 E-Tier 影音方案的滲透率。E-Tier 方案目前約占我們住宅影音用戶基礎的 18%，高於一年前的 10%。重要的是，這些較新方案的客戶持續展現出顯著低於傳統方案的流失率，強化了影音在鞏固客戶關係與提升寬頻留存方面所扮演的角色。

We're also continuing to thoughtfully expand our streaming offerings, giving customers direct access to popular streamers like Netflix and HBO Max, alongside targeted promotions like our Disney Plus Hulu offer. The majority of customers who take these services keep them well past the promotional period, pointing to durable engagement and a growing base of recurring value. Beyond a la carte, we continue to enhance the value of our TV subscriptions, giving subscribers direct-to-consumer app access to services like FOX One, Paramount Plus, and STARZ when those channels are in their packages.

我們也持續審慎擴展串流服務，讓客戶可直接使用 Netflix 與 HBO Max 等熱門串流平台，同時搭配如 Disney Plus Hulu 方案等精準促銷。多數選用這些服務的客戶在促銷期結束後仍會持續使用，顯示出持久的黏著度以及不斷擴大的經常性價值基礎。除單點訂閱外，我們也持續提升電視訂閱的價值；當 FOX One、Paramount Plus 與 STARZ 等頻道包含在其方案中時，訂戶可直接存取其直面消費者（DTC）App。

Moving to slide 5. Throughout the organization, we continue to identify opportunities to simplify processes, enhance productivity, leverage AI and automation and expand digital capabilities so that we can execute efficiently while providing a better experience for our customers.

接著看第 5 頁投影片。在整個組織中，我們持續找出簡化流程、提升生產力、運用 AI 與自動化，以及擴展數位能力的機會，使我們能在高效率執行的同時，為客戶提供更好的體驗。

Operating expenses, excluding share-based compensation, declined approximately 5% year-over-year in the year-to-date period and by 4% year-over-year in the second quarter. This reflects our continued focus on improving operational efficiency across the business and was driven in part by a few key areas.

營運費用（不含股份基礎給付）在年初至今期間年減約 5%，第二季年減 4%。這反映我們持續聚焦於提升全公司營運效率，並部分由幾個關鍵領域所帶動。

First, we lowered sales acquisition costs by approximately 10% by optimizing our channel mix, managing media more efficiently and improving sales yield, allowing us to acquire customers more efficiently. Second, we reduced customer activity with fewer truck rolls and lower call volumes as we continue to improve network reliability, expand digital self-service and simplify the end-to-end customer journey and experience. The total volume of truck rolls and service calls collectively declined by over 20% year-over-year in the second quarter.

第一，透過優化通路組合、更有效率地管理媒體投放並提升銷售產出，我們將銷售獲客成本降低約 10%，使我們能更有效率地取得客戶。第二，隨著我們持續提升網路可靠性、擴展數位自助服務並簡化端到端的客戶旅程與體驗，我們以更少的到府派工與更低的來電量降低了客戶活動量。第二季到府派工與服務來電的總量合計年減超過 20%。

Many of these improvements are enabled by AI capabilities embedded throughout our organization. As I mentioned earlier, one example is our deployment of Google CES, Google's Customer Engagement Suite, an AI-powered customer service platform that provides agents with real-time assistance during customer interactions alongside AI virtual agents powered by Google Gemini. Together, these capabilities help improve the customer journey, deliver a more personalized experience and resolve issues more efficiently.

上述許多改善皆由我們組織各處嵌入的 AI 能力所促成。如我先前提到的，其中一個例子是我們部署 Google CES（Google Customer Engagement Suite，Google 客戶互動套件），這是一個 AI 驅動的客服平台，可在客戶互動期間為客服人員提供即時協助，並搭配由 Google Gemini 驅動的 AI 虛擬客服。這些能力結合後，有助於改善客戶旅程、提供更個人化的體驗，並更有效率地解決問題。

This work directly influences point number three. By operating more efficiently, we have optimized our workforce and reduced both internal and external resources. These structural and sustainable efficiencies have improved our operating expense profile while we maintain strong operational execution and deliver a consistent customer experience.

這項工作直接影響第三點。透過更有效率的營運，我們已優化人力配置，並降低內部與外部資源。這些結構性且可持續的效率提升改善了我們的營運費用結構，同時我們仍維持強勁的營運執行力並提供一致的客戶體驗。

In conclusion, we remain pragmatic about where the business stands. Broadband continues to face pressure and the competitive environment remains intense, but our focus is on the areas we can control and execute against every day.

總結而言，我們對業務現況保持務實。寬頻仍面臨壓力且競爭環境依然激烈，但我們的重點是聚焦於我們每天能掌控並落實執行的領域。

Importantly, we did what we said we were going to do. We delivered on our commitments by growing mobile, improving efficiency, expanding margins and simplifying the business. Those results demonstrate our ability to execute consistently even in a challenging environment, and they have strengthened the foundation of the business. That same disciplined approach gives us confidence in the path ahead. We are applying the same focus and execution to stabilizing broadband and strengthening the overall business.

重要的是，我們做到了我們說要做的事。我們透過行動業務成長、效率提升、利潤率擴張以及業務簡化，達成了我們的承諾。這些成果展現了即使在充滿挑戰的環境下，我們仍能持續穩健執行，並強化了公司的基礎。同樣的紀律性做法讓我們對未來的道路更有信心。我們正以同樣的聚焦與執行力來穩定寬頻並強化整體業務。

We believe we can make meaningful progress, but we also recognize that these improvements will take time and will not happen overnight. We are building a simpler, more efficient and more customer-focused company for the long term, and our team remains committed to executing that strategy every day.

我們相信可以取得具意義的進展，但也認知到這些改善需要時間，並不會一蹴可幾。我們正為長期打造一家更簡單、更有效率且更以客戶為中心的公司，而我們的團隊仍每天致力於執行該策略。

With that, let me turn the call over to Marc, who will walk through our second quarter subscriber and financial results.

接下來，我把電話會議交給 Marc，他將說明我們第二季的用戶與財務結果。

Thank you, Dennis. Starting on slide 6, I'll review our subscriber trends. First, on broadband. Net subscriber losses were 40,000 in the quarter, and we ended with approximately 4 million broadband subscribers. Our MDU or multi-dwelling unit property footprint represents about 20% of our total footprint. We have remained focused on strengthening our MDU subscriber business by shifting from individual customer relationships to more bulk agreements with property owners under long-term contracts.

謝謝你，Dennis。從第 6 頁投影片開始，我將回顧我們的用戶趨勢。首先是寬頻。本季淨流失用戶為 40,000 戶，期末寬頻用戶約 400 萬戶。我們的 MDU（多戶住宅）物業覆蓋範圍約占總覆蓋範圍的 20%。我們持續聚焦於強化 MDU 用戶業務，將模式從與個別客戶建立關係，轉向與物業所有人簽訂長期合約下的更多整批（bulk）協議。

From these efforts, in the second quarter, we saw an additional 9,000 broadband connects and 8,000 video connects, driven by a bulk relationship portfolio conversion. Including this bulk deal, overall broadband subscriber gross adds were broadly stable year-over-year, reflecting our ability to attract new customers and reinforce the strength of the Optimum brand.

在這些努力下，第二季我們新增 9,000 個寬頻接通與 8,000 個影音接通，主要由一項整批合作組合的轉換所帶動。包含這筆整批交易在內，整體寬頻用戶總新增（gross adds）與去年同期大致持平，反映我們吸引新客戶的能力，並強化 Optimum 品牌的實力。

At the same time, we continue to experience elevated churn, primarily driven by heightened promotional activity from competitors. While the competitive environment remains intense, we are focused on the levers within our control, staying agile with our go-to-market strategies, ensuring our offers remain compelling, continuously improving the customer value proposition and accelerating our base management initiatives to deepen customer relationships.

同時，我們仍面臨偏高的流失率，主要由競爭對手更激進的促銷活動所驅動。儘管競爭環境依然激烈，我們仍聚焦於可控的槓桿：在上市策略上保持敏捷、確保方案持續具吸引力、持續改善客戶價值主張，並加速既有客戶管理（base management）計畫，以深化客戶關係。

In mobile, we continue to build momentum in the second quarter. We added 50,000 net lines, marking our best second quarter results to date, and growing mobile lines by approximately 33% year-over-year. In the second quarter, we surpassed the 700,000 milestone, ending the quarter with 724,000 mobile lines. Looking ahead, we plan to build on this momentum through ongoing targeted incentives and simplified offers, while further supporting mobile customer retention.

在行動業務方面，我們第二季持續累積動能。我們淨新增 50,000 條線，創下迄今最佳第二季表現，行動線數年增約 33%。第二季我們突破 700,000 的里程碑，期末行動線數達 724,000。展望未來，我們計畫透過持續的精準激勵與簡化方案延續此動能，同時進一步支持行動客戶留存。

Video subscriber net losses were 46,000 in the second quarter. Included in this is a benefit from the bulk agreement I just mentioned. The second quarter represented our best quarterly video subscriber performance in six years. We continue to see encouraging underlying trends, demonstrating the impact of our enhanced customer choice and flexibility.

第二季影音用戶淨流失為 46,000 戶。其中包含我剛提到的整批協議所帶來的助益。第二季為我們六年來最佳的單季影音用戶表現。我們持續看到令人鼓舞的基本趨勢，顯示我們提升客戶選擇與彈性的措施正在發揮效果。

Finally, on fiber, we added 20,000 customers in the quarter, bringing our total to 749,000 fiber customers, up over 13% year-over-year. As expected, net addition trends moderated compared to the prior year, reflecting our intentional and disciplined approach to customer migrations over the last few quarters. Sequentially, however, fiber net additions increased modestly, driven by incremental net new customer growth on our fiber network.

最後是光纖方面，本季新增 20,000 名客戶，使光纖客戶總數達 749,000，年增超過 13%。如預期，與去年相比淨新增趨勢有所放緩，反映我們過去幾季對客戶移轉採取有意識且具紀律的方法。然而，按季比較，光纖淨新增小幅增加，主要由我們光纖網路上的增量淨新客成長所帶動。

We continue to view fiber as a meaningful long-term value driver and remain focused on deploying capital where we see the strongest returns. Overall, while competitive conditions remain challenging, the quarter reflected momentum across several of our key subscriber metrics, including sequential broadband trend improvement, continued mobile growth, strong video results and improving fiber additions.

我們持續將光纖視為具意義的長期價值驅動因素，並仍聚焦於在我們看到最強回報的領域投入資本。整體而言，儘管競爭條件仍具挑戰，本季在多項關鍵用戶指標上展現動能，包括寬頻趨勢按季改善、行動業務持續成長、影音表現強勁，以及光纖新增改善。

Moving to slide 7. I will review our Q2 financial performance. Total revenue of approximately $2 billion declined 5.8% year-over-year. Excluding the previously mentioned advertising agency services business divestment, revenue would have declined 5.1% year-over-year.

接著看第 7 頁投影片。我將回顧我們第二季的財務表現。總營收約 20 億美元，年減 5.8%。若排除先前提到的廣告代理服務業務出售，營收年減幅將為 5.1%。

Consistent with recent quarters, residential video and our video-related news and advertising business remain the largest driver of year-over-year revenue declines. Those businesses accounted for $92 million or approximately 75% of our revenue decline. Our focus with these businesses continues to be on improving profitability while looking to slow the rate of secular declines.

與近幾季一致，住宅影音以及我們與影音相關的新聞與廣告業務，仍是年對年營收下滑的最大驅動因素。這些業務合計造成9,200萬美元，約占我們營收下滑的75%。我們對這些業務的重點，仍是在提升獲利能力的同時，設法放緩結構性下滑的速度。

Despite revenue pressure, we delivered an all-time high gross margin of 71% in the quarter, up 180 basis points year-over-year. This improvement was driven by the concentration of revenue declines in lower-margin areas of the business, helping to mitigate the revenue impact of declining video volumes.

儘管營收承壓，本季我們的毛利率達到71%的歷史新高，年對年提升180個基點。此改善主要來自營收下滑集中於公司較低毛利的業務領域，有助於緩解影音量下滑對營收的影響。

Residential connectivity and all other, which includes residential broadband, mobile and telephony, as well as other revenue declined year-over-year by 3.6%, reflecting broadband subscriber pressure, partially offset by mobile revenue growth. Business services revenue of $366 million grew 1.2% year-over-year, driven by Lightpath revenue growth of 7%.

住宅連線與其他（包含住宅寬頻、行動與電話，以及其他營收）年對年下滑3.6%，反映寬頻用戶壓力，部分被行動營收成長所抵銷。企業服務營收為3.66億美元，年對年成長1.2%，主要由Lightpath營收年增7%所帶動。

Excluding the divestment of the advertising agency services business, News and Advertising revenue would have declined 4.7% year-over-year, reflecting an underlying softer advertising environment driven by the macroeconomic uncertainty. As we expect total subscriber volumes to continue to impact our top line performance, we continue to anticipate total revenue to decline mid-single digits in the full year when excluding the divestiture in News and Advertising.

若排除出售廣告代理服務業務的影響，新聞與廣告營收年對年將下滑4.7%，反映在總體經濟不確定性驅動下，廣告環境基本面轉弱。由於我們預期總訂戶量仍將持續影響營收表現，因此在排除新聞與廣告的出售影響後，我們仍預期全年總營收將呈現中個位數下滑。

Turning to ARPU. Residential ARPU declined by 1.1% year-over-year or by $1.46, driven primarily by product mix shift away from video. Video's contribution to year-over-year decline was just over $3, which was partially offset by non-video ARPU growth of $1.57, mainly tied to convergence.

接著談ARPU。住宅ARPU年對年下滑1.1%，或下滑1.46美元，主要由產品組合轉向遠離影音所致。影音對年對年下滑的貢獻略高於3美元，部分被非影音ARPU成長1.57美元所抵銷，主要與融合（convergence）相關。

As Dennis mentioned, convergence remains central to our strategy and convergence ARPU, a metric we introduced last quarter, grew 2.4% year-over-year to $79.80. 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.

如Dennis所提，融合仍是我們策略的核心；我們上季引入的融合ARPU指標年對年成長2.4%至79.80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，除以住宅寬頻關係數的平均值，並排除僅行動（mobile-only）客戶。

We expect convergence ARPU to become an increasingly important metric on how we evaluate the business, providing a more meaningful view of customer value by capturing the combined economics of the relationship and the impact of bundling on unit economics.

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，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，更有意義地呈現客戶價值。

As we look to the second half of the year, we expect tougher ARPU comparisons, particularly in the fourth quarter as promotional pricing held relatively steady as we benefited from rate actions at the end of 2025. That said, we will continue to evaluate our go-to-market and promotional strategies and the opportunities to optimize pricing and rates, while remaining agile as market conditions evolve throughout the second half of the year.

展望下半年，我們預期ARPU的比較基期將更具挑戰，尤其是第四季；由於我們在2025年底受惠於調價措施，促銷價格相對維持穩定。即便如此，我們仍將持續檢視上市策略與促銷策略，以及最佳化定價與費率的機會，並在下半年市場狀況演變之際保持敏捷。

Continuing on slide 8. Our results this quarter reflect operational improvement and cost discipline Dennis mentioned earlier. Gross margin reached 71%, expanding 180 basis points year-over-year. As I just discussed, this reflects both product mix shift towards higher-margin products such as broadband as well as disciplined execution to improve all product margins.

接續第8頁。本季結果反映了Dennis先前提到的營運改善與成本紀律。毛利率達到71%，年對年擴張180個基點。如我剛才所述，這同時反映產品組合轉向寬頻等較高毛利產品，以及以紀律性執行來提升各產品毛利率。

Adjusted EBITDA of $786 million declined 2.2% year-over-year and adjusted EBITDA margin expanded 140 basis points to 38.8%. Margin expansion reflects disciplined cost management, including lower programming and direct costs as well as continued operating expense efficiencies that partially offset lower revenue.

調整後EBITDA為7.86億美元，年對年下滑2.2%，調整後EBITDA利潤率擴張140個基點至38.8%。利潤率擴張反映嚴謹的成本管理，包括較低的節目編播與直接成本，以及持續的營運費用效率提升，部分抵銷營收下滑。

Programming and direct costs declined by over 11%, driven by programming costs down over 14% year-over-year. Other operating expense, excluding share-based compensation, was down over 4% year-over-year in the second quarter. Underlying OpEx efficiencies are driven by continued call volume declines, fewer service visits and salary cost reduction driven by workforce optimization.

節目編播與直接成本下滑超過11%，主要由節目編播成本年對年下降超過14%所帶動。第二季其他營運費用（不含股份基礎給付）年對年下降超過4%。營運費用效率的基本面改善，來自來電量持續下降、到府服務次數減少，以及透過人力優化帶動的薪資成本降低。

As we continue to advance these efforts, we are deploying additional tools and initiatives to further optimize operating expenses over time with a continued focus on enhancing the customer experience. Given the expected declines in revenues, partially offset by continued discipline on both direct costs and OpEx, we continue to expect adjusted EBITDA to decline low- to mid-single digits in the full year 2026.

在持續推進這些工作之際，我們正部署更多工具與措施，以在時間推移中進一步最佳化營運費用，同時持續聚焦提升客戶體驗。考量營收預期下滑，並由直接成本與營運費用的持續紀律部分抵銷，我們仍預期2026全年調整後EBITDA將呈現低至中個位數下滑。

Turning to slide 9. I'll walk through our capital expenditures and the progress we are making across our network. Similar to last quarter, we've broken out our capital expenditures between growth, maintenance and Lightpath capital to provide greater transparency into how we are allocating capital.

接著看第9頁。我將說明我們的資本支出，以及我們在網路建設方面取得的進展。與上季類似，我們將資本支出拆分為成長、維護與Lightpath資本支出，以更透明地呈現我們如何配置資本。

In the second quarter, capital expenditures of $320 million represented an approximately 16% capital intensity and declined almost 17% year-over-year, tied to timing of capital spend. We continue to expect total capital expenditure between $1.2 billion and $1.5 billion in the full year of 2026, with higher second half spend compared to the first half.

第二季資本支出為3.20億美元，資本強度約16%，年對年下降近17%，主要與資本支出時點相關。我們仍預期2026全年資本支出總額介於12億至15億美元之間，且下半年支出將高於上半年。

We ended the second quarter with approximately 10.1 million total passings and 3.2 million fiber passings with over 220,000 total new passings added over the last 12 months. We continue to expect total passings expansion in the full year 2026 to be consistent with prior year trends of 150,000 to 175,000 passing additions. This excludes decommission passings, which are expected to slightly reduce our total passings count in the third quarter.

第二季末，我們的總覆蓋戶數（passings）約為1,010萬戶，光纖覆蓋戶數為320萬戶，過去12個月新增總覆蓋戶數超過22萬戶。我們仍預期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。此不包含退役（decommission）覆蓋戶數；該項預期將在第三季使我們的總覆蓋戶數略為減少。

Looking ahead, our growth capital envelope will remain focused on building fiber in new markets, simultaneously growing our fiber footprint and our total footprint as well as upgrading our HFC networks. Over the coming years, we plan to upgrade the majority of our network to multi-gig capabilities, enabling us to support growing bandwidth demand and the increased network usage driven by expanding adoption of AI-powered applications and connected devices.

展望未來，我們的成長資本配置將持續聚焦於在新市場建置光纖，同步擴大光纖覆蓋版圖與整體覆蓋版圖，並升級我們的HFC網路。未來幾年，我們計畫將大部分網路升級至多Gb（multi-gig）能力，使我們能支援持續成長的頻寬需求，以及因AI驅動應用與連網裝置採用擴大而帶來的網路使用量提升。

Today, our fiber network offers up to eight gig symmetrical speeds, and we began launching multi-gig capabilities in select HFC communities late last year, now offering download speeds of up to two gigabits per second in parts of our West Virginia HFC markets.

目前，我們的光纖網路可提供最高8Gb對稱速率；我們也在去年底於部分HFC社區開始推出多Gb能力，目前在西維吉尼亞州部分HFC市場提供最高每秒2Gb的下載速度。

Last month, Lightpath announced new fiber builds to support two hyperscale data center campuses in Michigan and Wisconsin as well as announced a second infrastructure tenant on its Pennsylvania AI-grade fiber infrastructure build. These projects further extend Lightpath's AI-grade network to meet the growing capacity demand driven by artificial intelligence.

上月，Lightpath宣布新增光纖建置，以支援密西根州與威斯康辛州兩座超大規模（hyperscale）資料中心園區，並宣布其賓夕法尼亞州AI等級光纖基礎建設建置案的第二位基礎設施承租戶。這些專案進一步延伸Lightpath的AI等級網路，以滿足由人工智慧帶動的日益成長的容量需求。

To support this growth, we continue to expect annual Lightpath capital expenditures in the range of $200 million to $300 million, primarily supporting construction tied to these recently announced hyperscale contracts. Overall, we are taking a disciplined and return-focused approach to growth capital, making strategic investments to support long-term top line performance while retaining flexibility to adjust the pace of investment as operating conditions evolve.

為支援此成長，我們仍預期Lightpath年度資本支出將落在2億至3億美元區間，主要用於支援與近期宣布之超大規模合約相關的建設。整體而言，我們對成長資本採取具紀律且以報酬為導向的方法，進行策略性投資以支撐長期營收表現，同時保留彈性，以便在營運環境演變時調整投資節奏。

And last, turning to our capital structure. We have no remaining maturities in 2026, and our next significant maturities will begin in 2027. Addressing those maturities remain a top priority. As we have said previously, we believe that a meaningful debt reduction and a balance sheet reset are essential to continuing our transformation, competing effectively and investing thoughtfully to maximize long-term value for all stakeholders. Our weighted average cost of debt is 6.8%. Our weighted average life of debt is 2.8 years, and approximately 81% of our debt stack is fixed rate.

最後，談到我們的資本結構。我們在2026年沒有剩餘到期債務，下一批重要到期將自2027年開始。處理這些到期仍是首要任務。如先前所述，我們認為大幅降低負債並重整資產負債表，對於持續推動轉型、有效競爭，以及審慎投資以為所有利害關係人最大化長期價值至關重要。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2.8年，且約81%的債務結構為固定利率。

As of June 30, ending cash available for operations includes approximately $880 million within the restricted and UnSub Group debt silos and $90 million at Lightpath. Total ending cash includes $28 million at other non-debt silo subsidiaries and $300 million, which was earmarked for the settlement of the previously announced tender offer.

截至6月30日，可用於營運的期末現金包括受限制及UnSub集團債務隔離架構內約8.8億美元，以及Lightpath的9,000萬美元。期末現金總額還包括其他非債務隔離架構子公司2,800萬美元，以及3億美元（該筆資金已預留用於先前公告之要約收購的交割結算）。

Through the successful tender offer completion, we repurchased 120 million Class A shares at $2.50 per share for an aggregate purchase price of $300 million. Following the completion of the tender offer, we had approximately 273 million shares outstanding and 206 million shares held in treasury. At the end of the quarter, our leverage is 8 times the last two quarters annualized adjusted EBITDA.

透過成功完成要約收購，我們以每股2.50美元回購1.2億股A類普通股，合計買回金額為3億美元。要約收購完成後，我們約有2.73億股流通在外，並有2.06億股作為庫藏股持有。截至本季末，我們的槓桿倍數為最近兩個季度年化後調整後EBITDA的8倍。

As Dennis mentioned, in June, we published a long-range plan, providing stakeholders with greater transparency into management's long-term strategy and financial outlook. A core premise of that plan is a stronger balance sheet that is foundational to everything we are working to achieve.

如Dennis所提到，我們於6月發布了長期計畫，讓利害關係人更清楚了解管理層的長期策略與財務展望。該計畫的一項核心前提是更強健的資產負債表，這是我們致力達成一切目標的基礎。

The actions we announced in June reflect another important step toward our objectives. Our goal is to pursue a consensual comprehensive restructuring of the CSC Holdings debt through negotiations with our lenders.

我們在6月宣布的行動，代表朝向目標邁出的另一個重要步驟。我們的目標是透過與放款人協商，推動對CSC Holdings債務的協議式全面重整。

We believe that the measures we have taken increase the likelihood of a consensual comprehensive deal and mitigate the potential adverse impact of failing to achieve such a resolution. That work is ongoing, and we are approaching it deliberately with a goal of reaching an outcome that supports the long-term health of the business.

我們相信已採取的措施提高了達成協議式全面交易的可能性，並降低未能達成此類解決方案可能帶來的不利影響。相關工作仍在進行中；我們正審慎推進，目標是達成一個能支持企業長期健康發展的結果。

Overall, this quarter reflects continued progress. We are improving execution, strengthening our financial foundation and continuing to invest in the capabilities that will support stronger operational and financial performance over the long term. With that, we will now take questions.

整體而言，本季反映出我們持續取得進展。我們正在提升執行力、強化財務基礎，並持續投資於可在長期支撐更強營運與財務表現的能力。接下來我們將開始問答。

(Operator Instructions)

（接線員指示）

Sam McHugh, BNP.

Sam McHugh，BNP。

I have three questions, if you don't mind. The first one on the footprint decommissioning. It sounded like it could be maybe 30,000, 40,000 passings. I wonder if you could just help us on subscriber penetration and what kind of impact we should expect for Q3? That's one. Second question on the bulk agreement. Just wondering if the 9,000 is like a net new number. Was that MDU footprint already on net? And how should we think about kind of the ARPU for those customers?

如果不介意的話，我有三個問題。第一個關於覆蓋範圍退網（decommissioning）。聽起來可能是3萬、4萬個可覆蓋戶（passings）。想請你們協助說明用戶滲透率，以及我們對第三季可能的影響應如何預期？這是第一個。第二個問題關於整棟/批量（bulk）合約。想請問這9,000戶是否屬於淨新增？該MDU覆蓋範圍原本是否已在網內？以及我們應如何看待這些客戶的ARPU？

And then the third question was on the share repurchases, tender offer. You didn't cancel the shares. I just wonder if you could give us some context on why. And then on the shares outstanding, I think they only went down about 84 million. Can you just help us technically understand why it's only an 84 million reduction in shares outstanding and what that definition is maybe?

第三個問題是關於股票回購、要約收購。你們沒有註銷這些股份。想請你們提供一些背景說明原因。另外，流通在外股數我看只減少了約8,400萬股。能否協助我們從技術面理解，為何流通在外股數只減少8,400萬股，以及這個定義可能是什麼？

Thanks, Sam. On the footprint, it was 48,000 passings, very nominal penetration. We've been laser-focused on making sure we're honed in on the core business and where we can drive maximum impact. Our focus this year is to deliver -- get back to broadband growth, and we're prioritizing the initiatives and the efforts that are going to help us as a team focus and execute operationally at the highest level.

謝謝你，Sam。關於覆蓋範圍，為48,000個可覆蓋戶，滲透率非常低。我們一直高度聚焦，確保把重心放在核心業務，以及我們能帶來最大影響的地方。我們今年的重點是——回到寬頻成長，因此我們正優先推動能幫助團隊聚焦並以最高水準落實營運執行的各項計畫與工作。

So over this next quarter, we'll be going through that process, but we're confident that ultimately, this will help us really accelerate our ability to execute and drive growth and prioritize the geographies and the initiatives to really help us get there.

因此在接下來這一季，我們會推進該流程；但我們有信心，最終這將有助於加速我們的執行能力、推動成長，並優先聚焦能真正幫助我們達成目標的地理區域與各項計畫。

On the bulk agreement, MDU is a meaningful opportunity for us. Since I joined, this is an area that we've been focused on and really making sure we've got the right team, the right structure. One of the big issues -- obviously, 20% of our footprint and so meaningful opportunity.

關於批量合約，MDU（多戶住宅）對我們而言是重要機會。自我加入以來，這一直是我們聚焦的領域，並確保我們具備合適的團隊與組織架構。其中一個重大因素——顯然，MDU約占我們覆蓋範圍的20%，因此機會相當可觀。

One of the big issues that we had when I joined was that we were signing agreements that were nonexclusive. And so we had no protection, no real ability to drive long-term value through these arrangements. And so starting about 12, 18 months ago, we started to prioritize redoing existing agreements as well as all new agreements and converting them from nonexclusive in retail to bulk.

我加入時我們面臨的一個主要問題是，我們簽署的合約是非獨家（nonexclusive）。因此我們沒有保障，也缺乏透過這些安排創造長期價值的實質能力。所以大約從12到18個月前開始，我們就優先處理既有合約的重談，以及所有新合約，並將其從零售端的非獨家模式轉為批量（bulk）模式。

This is a meaningful opportunity for us as I look at the next 18 to 24 months. This was a relationship we had that the team did an outstanding job in terms of working with the building and converting that from retail to bulk. And this is a funnel that we're laser-focused on as we optimize our products, as we optimize our go-to-market in MDU.

就未來18到24個月而言，這對我們是重要機會。這是一段既有合作關係；團隊在與大樓協作、並將其從零售轉為批量方面表現非常出色。隨著我們優化產品、優化MDU的市場進入策略（go-to-market），這也是我們高度聚焦的漏斗（funnel）。

Clearly, the bulk ARPUs are a bit different than retail ARPUs. But ultimately, we think long term, we can deliver much better long-term value by having these bulk agreements, and that's what we're prioritizing as we move forward. I'll pass it over to Marc to talk a little bit about your last question.

很明顯，批量合約的ARPU與零售ARPU會有些不同。但從長期來看，我們認為透過這些批量合約可以帶來更好的長期價值；這也是我們接下來推進時的優先事項。我把時間交給Marc，請他談談你最後一個問題。

Yes, Sam, we really won't comment beyond what we published back in June related to the transactions we completed. The shares that were purchased by CSC Investments II, they're held in treasury, but we won't comment beyond that.

是的，Sam，除了我們在6月就已發布、與已完成交易相關的內容之外，我們不會再進一步評論。由CSC Investments II購買的股份目前作為庫藏股持有，但除此之外我們不再評論。

Can I just ask you if you still have me an open follow-up?

我可以再追問一個後續問題嗎？

Sure.

當然。

Yes. On the rural passings, you say it's nominal penetration. Was it always nominal? Or has it come down in the last five years due to competition? Like I'm just trying to understand if this was always kind of just rural low opportunity or whether it's changed in the last four or five years.

好的。關於鄉村地區的可覆蓋戶，你們說滲透率很低。它一直都很低嗎？還是因競爭在過去五年有所下降？我只是想了解，這是否一直都是鄉村地區、機會較低的狀況，或是在過去四、五年有所改變。

No, it's always been nominal. These are markets that are just, quite frankly, very challenging to service relative to our core footprint. And so we have to prioritize where we can deliver maximum impact, where we can maximize awareness, consideration, provide the best service. Since I joined, we've done this a bit where we've looked at the footprint and looked at where we can show up best in terms of delivering great products, great service, great network, and we are committed to that.

沒有，它一直都很低。坦白說，這些市場相較於我們的核心覆蓋範圍，服務起來非常具挑戰性。因此我們必須優先聚焦在能帶來最大影響的地方、能最大化品牌認知與考量度、並提供最佳服務的地方。自我加入以來，我們已做過一些這類工作：檢視覆蓋範圍，評估我們在哪些地方最能以優質產品、優質服務與優質網路呈現，我們也致力於此。

We remain committed to serving rural footprints where we're able to do that in a highly effective fashion, particularly across our West. And so as we think about new build and growing our passings, we're going to continue to do that in a thoughtful fashion. But this was simply -- these have been always low and just been challenging, and we want to make sure that we're showing up the right way in the markets that we are servicing.

我們仍致力於在能以高效率方式提供服務的前提下，服務鄉村覆蓋範圍，特別是在我們西部地區。因此在思考新建（new build）與擴大可覆蓋戶時，我們會持續以審慎的方式推進。但這些區域一直以來滲透率都偏低、且具挑戰性；我們希望確保在我們所服務的市場中，以正確的方式呈現與投入。

Vikash Harlalka, New Street Research.

Vikash Harlalka，New Street Research。

Three, if I may. Two sort of near-term questions and one on your long-term forecast. So in the near term, when I look at broadband losses for the year, losses have been higher by about 30,000 this year so far. You had a big step-up in subscriber losses in the back half of last year. When you sort of like think about the subscriber losses for the year, do you think you can improve upon last year's subscriber losses?

如果可以的話，我有三個問題。兩個偏近期的問題，以及一個關於你們長期預測的問題。就近期而言，當我看今年迄今的寬頻流失，用戶流失比去年同期多了約30,000戶。去年下半年你們的用戶流失明顯加速。當你們思考今年全年的用戶流失時，你們認為能否優於去年的用戶流失表現？

Yes. So on broadband, I'm optimistic in terms of the initiatives that we're putting in place to prioritize our path back to growth. Earlier this year, as you know, we took some actions to evolve our pricing and our packaging and our go-to-market strategy. And this was all about simplifying the offers across our footprint. And we had a couple of very specific goals and objectives.

是的。因此在寬頻方面，對於我們正在推動、用以優先回到成長軌道的各項舉措，我是樂觀的。如你所知，今年稍早我們採取了一些行動，調整我們的定價、方案組合以及上市策略。這一切都是為了在我們的覆蓋範圍內簡化各項方案。而我們有幾個非常明確的目標與目的。

One is we wanted to improve our ability to execute operationally across the footprint, and we're seeing that. We're seeing improved sales channel productivity. We were particularly focused on inbound sales in e-comm, door-to-door and even in retail with mobile.

其中之一是我們希望提升在整個覆蓋範圍內的營運執行能力，而我們也正在看到這點。我們看到銷售通路生產力提升。我們特別聚焦於電商的來電/線上主動洽詢（inbound）銷售、到府拜訪（door-to-door），甚至包含行動業務的零售通路。

And we are seeing, in some of those channels, all-time highs in terms of driving yield and driving productivity. And it's really exciting for us to see. And we're also focused on improving call volumes into the center, improving shoppers into e-comm, just really rightsizing and accelerating top of the funnel.

而我們也看到，在其中一些通路，在提升單位產出（yield）與生產力方面創下歷史新高。這對我們而言非常令人振奮。我們也著重於提升進線中心的來電量、提升電商的到訪/瀏覽人數，實際上就是更精準地調整並加速漏斗頂端（top of the funnel）。

The good news is we're seeing that happen across large portions of our footprint. And so we're excited that, that strategy is working. We're continuing to optimize it and really make sure that we're showing up the right way.

好消息是，我們看到這些在我們覆蓋範圍的很大一部分都正在發生。因此我們很興奮，這項策略正在奏效。我們會持續優化，並確保我們以正確的方式呈現與執行。

But we think that these offers help us compete most effectively, and we'll continue to optimize as we go forward. But the reality is that there are certain markets where it's not just the offer. We need to do a better job in terms of improving customer service, the quality, the billing experience, and really drive up awareness and consideration.

我們認為這些方案能幫助我們最有效地競爭，未來也會持續優化。但現實是，在某些市場，問題不只是方案本身。我們需要在提升客服、服務品質、帳單體驗方面做得更好，並真正提高品牌知名度與消費者考量度。

And so we have a whole host of initiatives specifically focused on that, that are going to help us improve customer experience, help us improve base management, which will ultimately help us reduce churn, because there are some markets, as we know, we're seeing more fierce competition than ever, and customer expectations are high.

因此我們有一整套專門聚焦於此的舉措，將協助我們改善客戶體驗、改善存量客戶（base）管理，最終有助於降低流失（churn）。因為在某些市場，如我們所知，我們正面臨前所未有的激烈競爭，而客戶期待也很高。

And so we're in the early innings, but we're seeing strong -- we're optimistic as we implement solutions like Google CES that will help us elevate our customer experience, really help us solve problems, customer issues faster, deliver self-service capabilities.

所以我們還在起步階段，但隨著我們導入像 Google CES 這樣的解決方案，我們看到強勁的進展——我們對此感到樂觀；它將幫助我們提升客戶體驗、更快解決問題與客訴，並提供自助服務能力。

We have a road map over the next couple of quarters to launch a new MarTech platform, which we don't have today. Today, everything is manual in terms of how we drive acquisition, how we drive our base management, a lot of manual intervention and e-mails, but this will allow us to do a much better job communicating to our customers, upselling products.

我們在接下來幾個季度有一份路線圖，將推出一個全新的 MarTech 平台，而我們目前並沒有。目前在獲客、存量客戶管理方面幾乎都是手動作業，需要大量人工介入與電子郵件，但這將讓我們能更有效地與客戶溝通、進行產品加購/升級銷售（upsell）。

We have other solutions that we are just in the early innings of launching, like BrightBill, to help us ensure that we provide the highest level of experience as it relates to billing accuracy and completeness and answer customer questions.

我們還有其他解決方案也才剛開始推出，例如 BrightBill，協助我們在帳單正確性與完整性方面提供最高水準的體驗，並回應客戶問題。

And so all of these things together are helping us just improve our performance, both in terms of acquisition and then ultimately in terms of churn, so that we can stabilize broadband. This is a journey. This is something that's going to take us a couple of quarters.

因此，這些事情加總起來，正在幫助我們提升表現——不論是在獲客方面，或最終在流失方面——以便我們能讓寬頻業務穩定下來。這是一段旅程。這需要我們花上幾個季度。

Many of these initiatives will take a couple of quarters for us to implement, but we're seeing a direct improvement as we implement these solutions. For example, we implemented Cresta to help us improve our frontline performance in sales channels. And we're seeing that benefit, and we're going to be rolling that out into care and retention as well. And so all these initiatives will help us drive performance and get us back to broadband growth.

其中許多舉措需要幾個季度才能落地，但隨著我們導入這些解決方案，我們看到直接的改善。例如，我們導入了 Cresta 以提升我們在銷售通路的一線表現。我們已看到效益，並且也會把它推廣到客服與留存（retention）領域。因此，這些舉措都將幫助我們提升績效，讓寬頻重回成長。

Very helpful. And then on broadband ARPU, it's been sort of flattish in the first two quarters of the year. How are you thinking about the rest of the year? Can you grow ARPU this year?

非常有幫助。接著談寬頻 ARPU，今年前兩季看起來有點持平。你們如何看待今年剩餘時間？今年能讓 ARPU 成長嗎？

Yes. Let me just talk at a high level on our strategy for ARPU, and then I'll pass it on to Marc. But as you've heard us talk about in the past, we're really focused on convergence ARPU, and this new pricing and packaging is helping us do a couple of things. It's helping us sell in gig and multi-gig really at the highest levels ever.

可以。我先從高層次談談我們的 ARPU 策略，然後交給 Marc。如同你過去聽我們提到的，我們非常聚焦於融合（convergence）ARPU，而這次新的定價與方案組合正在幫助我們做到幾件事。它幫助我們在銷售 gig 與 multi-gig 方案方面達到歷來最高水準。

Almost 60% of our new customers are taking gig and multi-gig, which we're really excited about. It's also helping us drive mobile at the point of sale, and we're seeing some of the highest yield that we've seen ever in our channels in terms of being able to attach mobile.

我們將近 60% 的新客戶選擇 gig 與 multi-gig，這讓我們非常振奮。它也幫助我們在銷售端點（point of sale）推動行動業務，我們看到在通路中綁定行動（attach mobile）的單位產出達到歷來最高水準之一。

And we're really still in the early innings of some of our value-added services. As you've heard me say in the past, we've launched some new products like Total Care, like Home WiFi. And now we're really just getting into a rhythm of attaching these products and providing customers with a much more whole home solution that meets all of their needs.

而我們的一些加值服務仍然處於起步階段。如同我過去提到的，我們推出了一些新產品，例如 Total Care、Home WiFi。現在我們正逐步建立起將這些產品進行綁售（attach）的節奏，為客戶提供更完整的全屋解決方案，以滿足其所有需求。

And we didn't even get to our new E-Tiers. Our new E-Tiers are providing incredible value, and we're seeing great success, strong attach at the point of sale for our packages like Entertainment TV, Extra and Everything. And so we're really focused on convergence ARPU and making sure that we're providing customers with maximum value, leveraging this robust product portfolio that we've launched in the past 18 months. Marc?

我們甚至還沒談到新的 E-Tiers。我們新的 E-Tiers 提供了極高的價值，我們也看到很好的成果：在銷售端點，我們的套裝方案（例如 Entertainment TV、Extra 與 Everything）有很強的綁售表現。因此我們非常聚焦於融合 ARPU，並確保透過我們在過去 18 個月推出的強大產品組合，為客戶提供最大價值。Marc？

Yes, Vikash, I would just add, really pleased on how we're managing ARPU. You saw that we simplified our offer strategy that Dennis just mentioned. And despite that, we were able to continue to upsell customers, we were getting the consideration of the phones. And then when we got the customers on the phone, we were able to show them the value of our services, again, 60% plus taking one gig services or above. So pleased to see the stability of our broadband ARPU given the offer set that we have in the marketplace.

是的，Vikash，我補充一下：我們對 ARPU 的管理方式讓我非常滿意。你也看到我們簡化了 Dennis 剛提到的方案策略。即便如此，我們仍能持續引導客戶升級（upsell），也能讓客戶願意考慮電話服務。而當我們與客戶通話後，我們能向他們展現我們服務的價值；同樣地，60% 以上選擇 1 gig 或更高的服務。因此，在我們目前市場上的方案組合之下，看到寬頻 ARPU 的穩定性，令人欣慰。

In fact, each of our product lines, broadband, video, mobile, and convergence ARPU actually all grew in the quarter. Again, we'll take a very disciplined approach in how we manage rate and volume here. Just for a full year outlook perspective, we have mentioned and we'll continue to reiterate that we do expect overall ARPUs to decline in the full year, just particularly as we comp against a pretty strong fourth quarter, if you recall. So really pleased on how the team is managing rate, and we'll continue to be nimble and react to market conditions as they arise.

事實上，我們每一條產品線——寬頻、影音、行動，以及融合 ARPU——在本季都成長。同樣地，我們會以非常嚴謹自律的方式來管理這裡的價格（rate）與量（volume）。就全年展望而言，我們已提到且會持續重申：我們預期全年整體 ARPU 仍會下滑，主要是因為與去年相當強勁的第四季相比（如果你還記得）。因此我們對團隊在價格管理上的表現非常滿意，並會持續保持彈性，隨市場狀況出現而即時應對。

Got it. And then one question on your long-term forecast. When I look at the forecast that you put out for the Optimum West footprint, it suggested that broadband penetration will reach 26% in the long term. How are you thinking about market structure in that footprint in the long term that leads to penetration of only 26%. That just seems a bit low to us.

了解。接著有一個關於你們長期預測的問題。當我看你們對 Optimum West 覆蓋範圍所提出的預測時，顯示長期寬頻滲透率將達到 26%。你們如何看待該覆蓋範圍在長期的市場結構，會導致滲透率只有 26%？這對我們來說似乎有點低。

The plan that we issued is aggressive but achievable. And we've looked at the entire footprint and really made sure that we have a thoughtful strategy as we think about where we want to drive maximum impact, leveraging our new offers, driving customer experience, making it more simple to work with us as a company, driving digital, driving our network investments as well. And so look, the reality is that there's more competition in the West. We see now that the footprint is a little over 50% of fiber overbuilt. That's grown tremendously since I've started here.

我們發布的計畫進取但可達成。我們已檢視整個覆蓋版圖，並在思考要在哪些領域推動最大影響力時，確保我們有一套周全的策略：善用我們的新方案、提升客戶體驗、讓與我們這家公司合作更簡單、推動數位化，也推動我們的網路投資。所以你看，現實是西部的競爭更激烈。我們現在看到，覆蓋版圖中光纖重複建設的比例略高於 50%。自從我來到這裡以來，這個比例大幅成長。

We also have fixed wireless competition across the footprint at over 80%. And so we're going to be taking a very surgical approach of making sure we identify where we can make maximum impact, where we can drive win back.

我們在整個覆蓋版圖中也面臨固定無線的競爭，覆蓋率超過 80%。因此我們將採取非常精準的方式，確保我們找出能產生最大影響的地方，以及能推動贏回客戶的地方。

There's certain markets where we've lost a tremendous amount of share, 10%, 15%, 20% of share. We're going to be going hard after those markets and making sure that we're showing up the right way, driving awareness, driving consideration.

有些市場我們流失了大量市占，流失 10%、15%、20% 的市占。我們會強力攻回這些市場，並確保我們以正確的方式出現，提升知名度、提升考慮度。

And at the same time, we're not fooling ourselves that, that 50% will likely grow to levels similar to where we are in the East, where the East is a little over 70% now, I can see the West growing to 70% or 80%. And so we're going to take a balanced approach where we're going to drive broadband stabilization and growth, but at the same time, do that in a financially, fiscally responsible manner, and that's part of the strategy that is reflected in the LRP.

同時，我們也不會自欺欺人，這個 50% 很可能會成長到與東部相近的水準；東部現在略高於 70%，我可以看到西部成長到 70% 或 80%。因此我們會採取平衡的做法：推動寬頻穩定與成長，但同時以財務上、財政上負責任的方式來做，而這也是 LRP 中所反映的策略之一。

Craig Moffett, MoffettNathanson.

Craig Moffett，MoffettNathanson。

I wonder if we could stay on the topic of your broadband ARPU for a second. If you could just talk about the impact that your five-year price lock offers have had. Are they mostly getting the phone to ring and you're selling customers into different price plans? Or are those largely the plans that customers are ending up in? And is it new customers or the existing base that's moving into those plans?

我想我們能否在你們的寬頻 ARPU 這個主題上再停留一下。你能談談你們「五年價格鎖定」方案帶來的影響嗎？它們主要是讓電話響起、把客戶引導進不同的資費方案嗎？還是說客戶最後大多就是選擇這些方案？另外，這些方案主要是新客戶在用，還是既有客戶群在轉入？

And then you also talked about, in your prepared remarks, you're starting to upgrade a lot of your HFC plant in places like West Virginia. Can you just talk about the differences that you're seeing in places where you have upgraded HFC versus where you have gone all the way to FTTH and how you're competing differently in those markets?

然後你在事先準備的發言中也提到，你們開始在像西維吉尼亞這樣的地方升級大量的 HFC 網路。你能談談你們在已升級 HFC 的地區，與已全面升級到 FTTH 的地區之間看到的差異，以及你們在這些市場的競爭方式有何不同嗎？

Yes, absolutely, Craig. As I mentioned, part of the pricing and the packaging was helping us simplify the way we execute and also driving top of the funnel and we're seeing exactly that. We're really happy to see that the channels are performing at a very high level. And this is allowing our channels to spend more time solution selling. Over almost 60% of our new connects are now taking gig and multi-gig services, and they're purchasing additional products like mobile, like Total Care, like Whole Home WiFi.

是的，當然可以，Craig。如我提到的，定價與方案組合的一部分目的，是幫助我們簡化執行方式，同時推動漏斗上端，而我們看到的正是如此。我們很高興看到各通路表現非常出色。這也讓我們的通路能把更多時間用在解決方案式銷售上。目前我們將近 60% 的新裝用戶選擇了千兆與多千兆服務，並且加購了行動服務、Total Care、Whole Home WiFi 等額外產品。

So it's a really great message that we're able to blanket our footprint with and it really drives efficiency when we talk about marketing and how we're going to market and our messaging on digital, in social, across all the different channels.

因此這是一個我們能在整個覆蓋版圖全面鋪陳的很棒訊息，當我們談到行銷、上市策略，以及在數位、社群與各種不同通路的訊息傳遞時，也能大幅提升效率。

And then we're able to really focus, get folks on our website, get folks to call, make it easier for our door-to-door teams, make it easier for our outbound teams to really just have a conversation not just about broadband, but our full portfolio of products, and we are seeing -- it's still early days, but we're still seeing really strong uptick of these products like mobile, like the value-added services, like the video tiers even and having great conversations.

接著我們也能真正聚焦：把人帶到我們網站、讓人打電話進來，讓我們的到府拜訪團隊更容易運作，也讓我們的外撥團隊更容易不只是談寬頻，而是談我們完整的產品組合；我們也看到——雖然還在早期，但像行動服務、加值服務，甚至是影音分級方案等產品都出現非常強勁的上升動能，對話也很有成效。

And so we're excited about the early results, and we're going to continue to lean in into convergence and multiproduct sell-in. And honestly, this is a great conversation we're having with our base as well, and we're able to now reach out to our base.

因此我們對早期成果感到振奮，並將持續加碼推動融合（convergence）與多產品導入銷售。坦白說，這也是我們與既有客戶群正在進行的一場很棒的對話，而我們現在也能主動觸達既有客戶群。

Unfortunately, it's in a very manual fashion today. We do need to, as I mentioned, really get with the times and launch our MarTech platform that will allow us to do this in a much more efficient, automated, scalable fashion. But every time we have an interaction with our customers now, we're talking about getting them into our new packages, getting them into converged packages.

不過很可惜的是，目前仍是以非常手動的方式進行。如我所提到的，我們確實需要與時俱進，推出我們的 MarTech 平台，讓我們能以更有效率、自動化、可擴展的方式來做。但現在每一次與客戶互動時，我們都在談把他們導入我們的新方案、導入融合方案。

And so our care and retention channels are actually some of our best-selling channels for mobile. And we're still in the early innings, but they performed at their best in Q2, and they still have a long way to go. And so every time we have an interaction with our existing customers in retail, retail's mobile yield is the highest it's ever been, and it's only going to get better as we introduce wearables, as we introduce a broader product portfolio with our evolution of our T-Mobile deal. And so we're super excited about the fact that we can have a new conversation with the base that we just never could before.

因此，我們的客服與留存通路其實是我們行動服務最強的銷售通路之一。我們仍在比賽的前幾局，但它們在第二季表現達到最佳，而且仍有很大的成長空間。因此每一次我們在零售通路與既有客戶互動時，零售的行動服務產出（yield）都創下歷史新高；而且隨著我們推出穿戴裝置、以及隨著我們與 T-Mobile 合作協議的演進而導入更廣的產品組合，表現只會更好。所以我們對於能與既有客戶群展開一場過去從未能進行的新對話感到非常興奮。

Historically, it was just once a year, give them a rate event and aggravate them and tick them off. Now we can have a much more interesting conversation about, hey, let's get you the right products, let's get you the right services, the best value. We have the best value, bar none for broadband and mobile, stop, period, done. We have the best value.

過去基本上就是一年一次，給他們一次調價事件，惹惱他們、讓他們不爽。現在我們可以有一場更有意思的對話：嘿，讓我們幫你配到對的產品、對的服務、最好的價值。我們的寬頻與行動服務提供的價值是無可比擬的，就是這樣，句點，結束。我們提供最好的價值。

And so we're going to lean into that at acquisition and in the base, drive convergence, drive our multiproduct sell-in and get customers, existing customers as well into just very robust valuable packages, much more value than what they have today, and that's the journey that we're on.

因此我們會在拉新與既有客戶群兩端都加碼推進：推動融合、推動多產品導入銷售，讓客戶——包括既有客戶——都能進入非常強健、價值很高的方案組合，價值遠高於他們今天所擁有的，而這就是我們正在走的旅程。

On the HFC plant, we're excited about the multiyear network strategy that we've put in place. It's still early days. I'm optimistic over the next 6 to 12 months as we really scale that up and really bring alongside the network investments, a holistic go-to-market strategy in these areas like West Virginia that our ability to compete is going to elevate significantly.

關於 HFC 網路，我們對已制定的多年期網路策略感到振奮。目前仍在早期階段。我對未來 6 到 12 個月感到樂觀，因為我們會真正把規模做起來，並在像西維吉尼亞這些地區，讓網路投資與一套整體的上市策略並行推進，我們的競爭能力將顯著提升。

We've been really operating with one hand tied behind our back in terms of being able to go to market and message and really put our best foot forward. With these investments that we have planned, it will take up our ability to compete, and we'll absolutely keep you posted. That's something that I'm laser-focused on. As we make these investments, we have to see a return. We have to see improved performance, both in terms of gross adds and churn, and that's something that we'll be reporting back on in future calls.

在能否上市、訊息傳遞、以及真正展現我們最佳狀態方面，我們一直像是綁著一隻手在作戰。隨著我們規劃的這些投資，將會提升我們的競爭能力，我們也一定會持續向你更新。這是我高度聚焦的事情。當我們進行這些投資時，我們必須看到回報。我們必須看到表現改善，包括總新增用戶與流失率兩方面，而我們也會在未來的電話會議中回報這些進展。

And if I could squeeze in one more. I haven't heard the obligatory Starlink question yet in the Western market. So I was wondering just what impact you're seeing from Starlink?

如果我可以再塞一個問題。我還沒聽到在西部市場那個必問的 Starlink 問題。所以我想請問你們看到 Starlink 帶來什麼影響？

Of course. Yes, of course, nominal impact in Q2, but we're keeping a close eye. Obviously, they're expanding their availability, particularly in the rural markets. They're getting more aggressive with their pricing. And so it's up to us to compete at the highest level. Since I started in this industry and even today, the customers want two things. They want great value and they want great quality.

當然。是的，當然，第二季影響不大，但我們正密切關注。顯然他們正在擴大可用性，特別是在鄉村市場。他們在定價上也變得更具侵略性。因此我們必須以最高水準來競爭。自從我進入這個產業以來，直到今天，客戶想要的就兩件事。他們想要很高的價值，也想要很高的品質。

And so it's up to us to show up, whether it's Starlink, whether it's fixed wireless, whether it's a fiber overbuilder, whether it's a telco, to provide great value and great quality, great quality network, great quality product, great quality service. And so I'm confident in our ability to compete. Nominal impact in Q2, but I know that they are ramping up, and we're going to keep a close eye and make sure that we are evolving our go-to-market strategy to compete at the highest level, no matter the competitor.

因此，無論是 Starlink、固定無線、光纖覆蓋建設商（fiber overbuilder），還是電信業者（telco），都要靠我們挺身而出，提供極高的價值與品質——高品質的網路、高品質的產品、高品質的服務。因此，我對我們的競爭能力很有信心。第二季的名目影響不大，但我知道他們正在加速擴張，我們會密切關注，並確保我們持續演進我們的市場進入（go-to-market）策略，以在最高水準上競爭，不論對手是誰。

Michael Rollins, Citi.

Michael Rollins，花旗。

Two follow-ups, if I could. So first, you're describing the success you have with customer engagement. I'm curious, for the churn that you experience, let's say, for every 100 customers that churn from your platform, what percent of those give you the proactive opportunity to retain them. So they call in, they express their concern or what they're thinking about and gives you that opportunity to hold on to them?

如果可以的話，我有兩個追問。首先，你在描述你們在客戶互動方面的成功。我很好奇，對於你們所經歷的流失（churn），假設每 100 位從你們平台流失的客戶中，有多少百分比會主動給你們挽留他們的機會？也就是他們打電話進來，表達他們的疑慮或想法，讓你們有機會把他們留住？

And then secondly, you've been competing with fiber on average, probably longer and broader than most of the cable companies. And curious, as you look at markets at the micro level, are you seeing a certain number of those markets where the performance is fundamentally different or better just because they've gotten to a maturity point with competition, that maybe the whole portfolio hasn't gotten to yet.

第二，你們與光纖競爭的平均時間，可能比多數有線電視公司更久、範圍也更廣。我想問的是，當你以更微觀的層級來看各個市場時，你是否看到其中某些市場的表現本質上不同或更好，只是因為它們在競爭上已經達到成熟階段，而整體投資組合可能還沒到那個程度。

And so it gives you some insight into the light at the end of the tunnel and maybe the percent of those homes passed just to think about how many have crossed that threshold for you of being in fundamentally a different place.

因此，這能讓你對「隧道盡頭的光」有一些洞見；也許可以談談那些已覆蓋到戶（homes passed）的比例，思考一下有多少已經跨過那個門檻，讓你們處於本質上不同的位置。

Yes. Thank you, Michael. I'll take that last question first, actually. That's exactly what we're seeing. As I mentioned earlier, as we implemented our new pricing and packaging strategy, we are seeing stabilization and meaningfully improved performance in large parts of our footprint, particularly where we have been competing head-to-head with certain fiber providers for years and, in some cases, decades. And we are really understanding the levers that are required to be able to stabilize and then ultimately get back to growth.

是的。謝謝你，Michael。我先回答最後一個問題。我們看到的正是如此。如我先前提到的，當我們導入新的定價與方案組合策略後，我們在覆蓋範圍內的很大一部分地區看到趨於穩定，且表現顯著改善，特別是在那些我們多年、甚至在某些情況下數十年來與特定光纖業者正面競爭的地區。我們也真正理解了要達到穩定、並最終回到成長所需要的槓桿。

And so we're going to continue to lean in there. There's work that we need to do to continue to accelerate our go-to-market strategies, leveraging our MarTech solutions, leveraging continued improvements in our marketing effectiveness and efficiency. But we are confident that we've got the right pricing, the right packaging, the right portfolio.

因此，我們會持續加大投入。我們還有一些工作要做，以持續加速我們的市場進入（go-to-market）策略，運用我們的 MarTech 解決方案，並持續提升行銷成效與效率。但我們有信心，我們具備正確的定價、正確的方案組合、正確的產品組合（portfolio）。

But then as you get into a bit more granular, particularly where we have new fiber entrants, there's work that we need to do with our base to be able to make sure that we are able to compete at the highest level as these new providers, whether it's fiber, whether it's fixed wireless, whether it's Starlink, whoever that is coming in with very aggressive offers, really just trying to dislodge our customers.

但當你再更細緻地看，特別是在有新的光纖進入者的地方，我們需要針對既有客群做一些工作，以確保當這些新供應商——不論是光纖、固定無線、Starlink，或任何以非常激進的優惠進場、試圖撬動我們客戶的業者——出現時，我們能以最高水準競爭。

And that goes back to your earlier question in terms of, okay, well, how do we stabilize? Yes, we have some percentage of customers where we're able to have a conversation, rightsize them and get them into the right packages.

這也回到你先前的問題：好，那我們要如何穩定？是的，我們有一定比例的客戶，我們能與他們對話，為他們調整到合適的方案，並讓他們進入正確的套裝。

But more and more, we have customers that have already made up their mind. And so we have to get much earlier into the customer life cycle, and that's where this MarTech capability and base management capabilities are so important. And right now, it's all manual. And we are laser-focused over the next couple of quarters implementing automation, implementing AI, so that we can get up much earlier into the process.

但越來越多時候，客戶其實已經下定決心了。因此，我們必須更早介入客戶生命週期，而這正是 MarTech 能力與既有客群管理能力如此重要的原因。而目前這些仍然都是手動進行。接下來幾個季度，我們會高度聚焦於導入自動化、導入 AI，讓我們能在流程更早期就介入。

We have churn propensity models now that are more robust than ever to help us identify who these customers are. We know that when they call us x number of times into care, they have x number of service visits. They've gone on to our website to check their bill a couple of times.

我們現在的流失傾向模型（churn propensity models）比以往任何時候都更健全，能幫助我們辨識這些客戶是誰。我們知道，當他們打進客服 x 次、發生 x 次到府服務（service visits）。他們也曾上我們的網站查看帳單好幾次。

We now have -- we're starting to have the indicators that will allow us to take proactive steps to get them much earlier before they call, because there is a growing percentage of folks that call. They've already made up their decision in their mind. They have options. They've had alternatives. They've been with us for a long time.

我們現在——開始擁有能讓我們採取主動措施的指標，讓我們能在他們打電話之前更早介入，因為有越來越高比例的人打來時，他們心裡其實已經做了決定。他們有選擇。他們有替代方案。他們跟我們合作很久了。

We haven't had an opportunity to engage them in a productive fashion, but we will. We are on that path. We will absolutely be doing that, and that will change our ability to engage with our customers in a much more effective fashion and allow us to drive reduction in call volumes into retention and allow us to stabilize broadband and ultimately get back to broadband growth.

我們過去沒有機會以具生產力的方式與他們互動，但我們會做到。我們正在這條路上。我們一定會這麼做，而這將改變我們與客戶互動的能力，使其更有效；也能讓我們在留存（retention）方面降低來電量，並讓寬頻業務趨於穩定，最終回到寬頻成長。

And so those are all initiatives that we are prioritizing for the next couple of quarters, so that we can actually engage with our customers in an even more effective and efficient manner digitally, leveraging My Optimum app, leveraging our online portals, messaging our customers on a regular basis in a productive, constructive fashion, so that we can mitigate any risks or issues that they're experiencing and ensure that we have the right engagement, right relationship with our customers.

因此，這些都是我們在接下來幾個季度優先推動的計畫，讓我們能以更有效率的方式，透過數位管道與客戶互動——運用 My Optimum App、運用我們的線上入口網站，並以有成效、具建設性的方式定期向客戶發送訊息——以便我們能緩解他們正在經歷的任何風險或問題，並確保我們與客戶之間有正確的互動與關係。

Well, this concludes our Q&A session, I will now turn the call back to management for closing remarks.

以上為我們的問答環節，現在我將把電話交回管理層進行結語。

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團隊。

Thank you.

謝謝。

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

本次電話會議已結束。感謝您的參與。您現在可以掛線。