Rogers Communications Inc (RCI) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. first-quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator instructions)

感謝您的支持。我是會議主持人。歡迎參加羅傑斯通訊公司 2025 年第一季業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications. Please go ahead, Mr. Carpino.

現在，我想將會議交給羅傑斯通訊公司投資者關係副總裁保羅·卡皮諾 (Paul Carpino)。請繼續，卡皮諾先生。

Thank you, Gaylene. And good morning everyone, and thank you for joining us.

謝謝你，蓋琳。大家早安，感謝你們的收看。

Today, I'm here with our President and Chief Executive Officer, Tony Staffieri; and our Chief Financial Officer, Glenn Brandt. As a reminder, we will be holding our AGM this morning at 11:00 AM, and you can pick up that call through the Investor Relations website.

今天，我和我們的總裁兼執行長 Tony Staffieri 一起來到這裡；以及我們的財務長 Glenn Brandt。提醒一下，我們將於今天上午 11:00 召開年度股東大會，您可以透過投資者關係網站接聽電話。

This call will last approximately until 8:45, so we ask that you limit yourself to one question so we can accommodate as many questions as possible. We'll be happy to follow up with you later this morning on any other questions.

本次通話將持續約 8:45，因此我們要求您將問題限制在一個範圍內，以便我們盡可能回答問題。我們將很樂意在今天上午晚些時候與您聯繫，解答您的任何其他問題。

Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report in our 2024 annual report regarding the various factors, assumptions, and risks that could cause our actual results to differ.

今天的討論將包括估計和其他前瞻性訊息，我們的實際結果可能與這些資訊不同。請查看我們 2024 年年度報告中今天的收益報告中的警示性語言，其中涉及可能導致我們的實際結果不同的各種因素、假設和風險。

With that, let me turn it over to Tony.

說完這些，讓我把麥克風交給東尼。

Thank you, Paul, and good morning, everyone.

謝謝你，保羅，大家早安。

This morning, we reported our first-quarter results. As you saw, we continued to deliver growth, 2% growth in service revenue and 2% growth in adjusted EBITDA. And we delivered strong margin improvements year over year on our already industry-leading margins.

今天上午，我們報告了第一季的業績。正如您所看到的，我們繼續實現成長，服務收入成長 2%，調整後 EBITDA 成長 2%。我們的利潤率在業界領先的基礎上，逐年大幅提升。

We also demonstrated our ability to execute on our delevering plans while continuing to invest in our core businesses to drive long-term growth. These solid results come against a backdrop of slower growth in our sector driven by lower immigration and a highly competitive market.

我們也展示了我們執行去槓桿計劃的能力，同時繼續投資於我們的核心業務以推動長期成長。這些穩健的業績是在移民減少和市場競爭激烈導致我們行業成長放緩的背景下取得的。

Our results also demonstrate our clear focus on disciplined execution, profitable growth, and delevering the balance sheet. These are our key areas of focus in a more cautious economic environment.

我們的業績還表明，我們明確關注嚴格的執行、獲利性成長和降低資產負債表槓桿率。在更謹慎的經濟環境下，這些是我們的重點領域。

In cable and wireless, we delivered strong financials, profitable subscriber growth, and industry-leading margins. Despite a significantly slower rate of growth in the market, we delivered 57,000 wireless and internet net additions.

在有線和無線領域，我們實現了強勁的財務狀況、獲利的用戶成長以及領先業界的利潤率。儘管市場成長率明顯放緩，我們仍實現了 57,000 個無線和互聯網網路新增用戶。

Q1 typically represents about 10% of annual subscriber growth for the industry. And so as we work through the quarter, we remained focused on price discipline and delivering profitable subscriber growth.

Q1 通常代表該行業年度用戶成長的 10% 左右。因此，在整個季度中，我們仍然專注於價格紀律和實現盈利的用戶成長。

As I look to the year ahead, we'll continue to deliver the same industry-leading performance through four priorities, executing with discipline, delivering efficiencies across the company, delevering the balance sheet, and advancing our plan to surface value from our sports assets.

展望未來一年，我們將繼續透過四項重點工作實現同樣的行業領先業績，即嚴格執行、提高整個公司的效率、降低資產負債表的槓桿率以及推進我們的計劃以從體育資產中挖掘價值。

First, on executing with discipline, our sector is adjusting to lower immigration. This change was reflected in our 2025 outlook. Our revenue and EBITDA growth profile remains positive for the year, and our priority is to maintain solid financials.

首先，在嚴格執行紀律方面，我們的部門正在適應移民減少的情況。這項變化反映在我們的2025年展望中。我們今年的營收和 EBITDA 成長狀況依然良好，我們的首要任務是維持穩健的財務狀況。

Financial discipline is key in this or any market environment. A good example is our focus on offering high value wireless and internet plans on the Rogers brand while delivering differentiated services, the most content, the best entertainment on Canada's most reliable networks.

無論是在當前或任何市場環境下，財務紀律都是關鍵。一個很好的例子就是我們專注於在羅傑斯品牌上提供高價值的無線和互聯網計劃，同時在加拿大最可靠的網路上提供差異化的服務、最多的內容和最好的娛樂。

The disciplined execution with a strong value proposition remains our priority to ensure our financial performance is consistent with the capital spending we are making to improve and grow our networks.

嚴格的執行和強大的價值主張仍然是我們的首要任務，以確保我們的財務表現與我們為改善和發展網絡所做的資本支出保持一致。

Second, on delivering efficiencies across the company. In this more moderate growth environment, we will look to bring costs in line with revenue growth and to identify more efficiencies. This includes digital investments that both reduce costs and simplify and improve the customer experience.

第二，提高整個公司的效率。在這種較溫和的成長環境下，我們將努力使成本與收入成長保持一致，並尋找更高的效率。這包括既能降低成本又能簡化和改善客戶體驗的數位投資。

Our track record on driving efficiency has been notable and very effective over the past three years, and we expect continued strong performance in this area.

過去三年來，我們在提高效率方面的成績斐然，而且非常有效，我們預計我們將在這一領域繼續保持強勁表現。

Third and importantly, our delevering efforts remain a top priority. We have been making strategic long-term investments for growth while also accelerating the delevering of the balance sheet. Balancing both is key to our long-term strategy.

第三，也是最重要的一點，去槓桿仍然是我們的首要任務。我們一直在進行長期策略投資以促進成長，同時也在加速資產負債表的去槓桿。平衡兩者是我們長期策略的關鍵。

We made a clear commitment to delever when we merged with Shaw to return leverage to 3.5 times 36 months after closing. We've made very good progress on this priority. Since the start of the year, we've attracted an aggregate $9 billion of equity capital.

我們在與Shaw合併時就明確承諾要去槓桿，在合併完成後的36個月內將槓桿率恢復到3.5倍。我們在這項優先事項上取得了非常好的進展。自今年年初以來，我們已累積吸引到 90 億美元的股權資本。

Upon closing our structured equity transaction, our leverage will be down at 3.6 times. We will have gone from the highest leverage amongst the three major Canadian carriers to the lowest leverage within two years after closing the Shaw transaction.

一旦完成結構性股權交易，我們的槓桿率將降至 3.6 倍。在完成 Shaw 交易後的兩年內，我們將從加拿大三大航空公司中槓桿率最高的航空公司變為槓桿率最低的航空公司。

It is clear and also worth noting that both domestic and international investors remain confident in Rogers' strategy, asset base, and investment grade balance sheet as reflected through these significant investments.

顯然，而且值得注意的是，這些重大投資反映出國內外投資者對羅傑斯的策略、資產基礎和投資等級資產負債表仍然充滿信心。

Our assets include Canada's most reliable networks with continuous industry-leading new innovations. Yesterday, we were awarded the most reliable 5G wireless network in Canada by Umlaut for the seventh straight year, solidifying our long-standing leadership in network reliability. And earlier this year, Opensignal also recognized Rogers as Canada's most reliable wireless network and most reliable internet.

我們的資產包括加拿大最可靠的網絡和持續的行業領先創新。昨天，我們連續第七年被 Umlaut 評為加拿大最可靠的 5G 無線網絡，鞏固了我們在網路可靠性方面的長期領先地位。今年早些時候，Opensignal 也將羅傑斯評為加拿大最可靠的無線網路和最可靠的網路。

We also started delivering 4-gig download and 1-gig upload speeds in select Calgary communities with the Rogers Xfinity modem. This new technology supports multi-gig symmetrical speeds and includes Wi-Fi 7. We are the first internet provider to bring this next gen Wi-Fi to Canadians.

我們也開始在卡加利部分社群透過 Rogers Xfinity 數據機提供 4GB 的下載速度和 1GB 的上傳速度。這項新技術支援多千兆對稱速度，並包含 Wi-Fi 7。我們是第一家向加拿大人提供下一代 Wi-Fi 的網路供應商。

Finally, we'll continue to advance our strategy to surface value from our sports assets. The multi-billion dollar value of our world-class sports assets is not reflected in our share price, and our priority is to change this.

最後，我們將繼續推進我們的策略，以實現體育資產的價值。我們世界級運動資產的數十億美元價值並沒有反映在我們的股價上，我們的首要任務是改變這種狀況。

Earlier this month, we announced the renewal of our partnership with the NHL. These national media rights now locked in until 2038 are the most valuable media rights in Canada. The first deal was profitable and successful for Rogers and Sportsnet, and we plan to build on this over the next 12 years.

本月初，我們宣布與 NHL 續簽合作關係。這些目前鎖定至 2038 年的國家媒體權利是加拿大最有價值的媒體權利。第一筆交易對於羅傑斯和Sportsnet來說既有利可圖又非常成功，我們計劃在未來12年內繼續保持這一優勢。

On MLSC, we expect to close the transaction in mid-2025. Upon close, we will control 75% of one of the most prestigious sports and entertainment organizations in the world. Beyond the sporting franchises associated with this investment, we will also expand our revenue and EBITDA base.

關於 MLSC，我們預計在 2025 年中期完成交易。交易完成後，我們將控制世界上最負盛名的體育和娛樂組織之一的 75% 的股份。除了與此投資相關的體育特許經營權之外，我們還將擴大我們的收入和 EBITDA 基礎。

Our sports assets are unrivaled in Canada, and our sports portfolio is one of the best in the world. Sports assets continue to appreciate significantly in value, and that's why investors remain very interested in holding a minority position in these appreciating assets.

我們的體育資產在加拿大無與倫比，我們的體育投資組合也是世界上最好的之一。體育資產的價值持續大幅升值，這就是為什麼投資者仍然對持有這些升值資產的少數股權非常感興趣。

We continue to meet with external investors who recognize the opportunity with our sports portfolio. For now, we remain focused on closing our MLSC deal to become majority owners.

我們繼續與外部投資者會面，他們認識到我們的體育投資組合中的機會。目前，我們仍專注於完成 MLSC 交易並成為大股東。

Overall, I'm pleased with our operating and financial performance in the first quarter and remain confident in our disciplined execution and steadfast focus to remain the leader in our sector. We will focus on a very clear set of priorities, consistent with our strategic plan to drive growth and surface value for our shareholders.

總體而言，我對我們第一季的營運和財務表現感到滿意，並對我們嚴謹的執行力和堅定不移的專注力充滿信心，相信我們能夠繼續保持行業領先地位。我們將專注於一套非常明確的優先事項，這與我們的策略計劃一致，以推動成長並為股東創造表面價值。

I would like to thank our team for delivering on our priorities and continuing to execute with discipline in a competitive environment as they consistently have over the past three years.

我要感謝我們的團隊在過去三年中一如既往地履行我們的優先事項並在競爭環境中繼續嚴格執行紀律。

With that, over to you, Glenn.

現在，輪到你了，格倫。

Thank you, Tony, and good morning, everyone. Thank you for joining us. We are proud to report that Rogers' first-quarter results reflect continued disciplined execution and strong performance in a highly competitive and slower growth market.

謝謝你，托尼，大家早安。感謝您加入我們。我們很自豪地報告，羅傑斯第一季的業績反映了在競爭激烈且成長放緩的市場中持續嚴格的執行和強勁的表現。

Both revenue and adjusted EBITA are up year over year. Margins continue to lead our sector, and wireless and internet net additions were strong against this backdrop. Importantly, we are also delivering on our commitment to significantly reduce leverage and strengthen the balance sheet, protecting our investment-grade credit ratings.

營收和調整後的 EBITA 均較去年同期成長。利潤率繼續領先我們的行業，在此背景下，無線和互聯網淨增量強勁。重要的是，我們還履行了大幅降低槓桿率、加強資產負債表的承諾，保護了我們的投資等級信用評級。

In February, we completed a very successful $4 billion hybrid securities offering. And we have recently announced our definitive agreement for a $7 billion dollars equity investment led by Blackstone and backed by several leading Canadian institutional investors, which we expect will close shortly after all closing conditions are waived or satisfied.

二月份，我們非常成功地完成了 40 億美元的混合證券發行。我們最近宣布了一項 70 億美元股權投資的最終協議，該投資由黑石集團牽頭，並得到幾家加拿大主要機構投資者的支持，我們預計該投資將在所有成交條件被豁免或滿足後不久完成。

These combined transactions add $9 billion of equity capital to our balance sheet and substantially lower leverage from 4.5 times at 2024 year end to 3.6 times as at March 31 on a pro forma basis. As a result, I am pleased to report that our balance sheet is sound, and we are well positioned for the current business environment.

這些合併交易為我們的資產負債表增加了 90 億美元的股本，並將槓桿率從 2024 年底的 4.5 倍大幅降低至 3 月 31 日的 3.6 倍（以備考基礎計算）。因此，我很高興地報告，我們的資產負債表是健全的，並且我們已為當前的商業環境做好了準備。

Let me start with some highlights from our first-quarter results. Wireless service revenue and adjusted EBITDA each grew 2% year over year, primarily driven by subscriber growth over the last 12 months. Our wireless margin was up by 40 basis points compared to the prior year at just under 65%, reflecting our sustained emphasis on driving efficiencies while balancing subscriber growth with pricing and margins.

首先，我來介紹一下我們第一季業績的一些亮點。無線服務收入和調整後的 EBITDA 均較去年同期成長 2%，主要得益於過去 12 個月的用戶成長。我們的無線利潤率與前一年相比上升了 40 個基點，達到略低於 65%，這反映出我們持續注重提高效率，同時平衡用戶成長與定價和利潤。

In the quarter, Rogers delivered a combined 34,000 net new wireless subscribers, down from 61,000 last year, reflecting the smaller market size due to reduced immigration. Importantly, we continue to drive a substantial share of net ads while improving churn, with postpaid mobile phone churn down 9 basis points year over year to 1%.

本季度，羅傑斯共新增無線用戶 34,000 人，低於去年的 61,000 人，反映出由於移民減少導致市場規模縮小。重要的是，我們在改善客戶流失率的同時，繼續推動大量網路廣告份額的成長，後付費手機客戶流失率年減 9 個基點至 1%。

Blended mobile phone ARPU of $57 was down just under 2% from $58 in the prior year, reflecting the competitive intensity and lower roaming revenue in the latest quarter driven in part by reduced travel to the US.

綜合行動電話 ARPU 為 57 美元，較前一年的 58 美元下降近 2%，反映出最近一個季度的競爭激烈和漫遊收入下降，部分原因是前往美國的旅行減少。

As we operate our wireless business in the current environment, Rogers remains focused on the value proposition for our premium plans. Our Rogers 5G plans emphasize more value and savings for families as they add lines on Rogers, consistent with our balanced approach to the market.

在當前環境下經營無線業務時，羅傑斯仍然專注於我們的高級計劃的價值主張。我們的 Rogers 5G 計畫強調為家庭提供更多價值和節省，因為他們在 Rogers 上增加了線路，這與我們對市場的平衡態度一致。

Moving to our cable business, service revenue was down 1% in the quarter, reflecting a combination of continued competitive promotional activity and customer churn in both satellite and video subscribers. Additionally, we are lapping prior-year price adjustments that occurred in the first quarter last year and which were not repeated in this latest quarter.

轉向我們的有線電視業務，本季服務收入下降了 1%，反映了持續的競爭性促銷活動以及衛星和視訊用戶的客戶流失。此外，我們正在對去年第一季發生的價格調整進行重疊，而最新第一季則沒有重複這些調整。

Cables adjusted EBITDA was up 1% year over year, driven by a 4% decrease in operating costs from our ongoing cost efficiency initiatives. This was partially offset by increased brand investment with the first quarter launch of our Rogers Xfinity campaign.

電纜調整後的 EBITDA 年成長 1%，這得益於我們持續實施的成本效率措施導致營運成本下降 4%。隨著我們第一季推出 Rogers Xfinity 活動，品牌投資的增加部分抵消了這一影響。

Internet net additions were 23,000 compared to 26,000 in the first quarter last year, reflecting in part lower immigration activity. Wireline services remain highly competitive across all regions from coast to coast.

網路淨增人數為 23,000 人，而去年第一季為 26,000 人，部分反映了移民活動的減少。從東海岸到西海岸，所有地區的有線服務都保持著高度競爭力。

Our balanced approach to subscriber editions has driven both competitive market share gains while sustaining cable margins at just over 57%, a 110-basis-point increase from the prior year. And in Rogers sports and media, we delivered very strong revenue growth and improved EBITDA.

我們對訂閱版本採取的均衡方法既推動了競爭性市場份額的成長，又將有線電視的利潤率維持在 57% 以上，比前一年增加了 110 個基點。在羅傑斯體育和媒體方面，我們實現了非常強勁的收入成長並提高了 EBITDA。

Revenue is up 24% year over year, driven by additional Toronto Blue Jays home games in the quarter and by additional advertising revenue from the Four Nations hockey tournament. Additionally, we have benefited from higher subscriber revenue with the launch of Warner Brothers Discovery's suite of channels and content. And the flow through from the higher revenue has translated into a $36 million improvement in EBITDA year over year.

營收年增 24%，這得益於本季度多倫多藍鳥隊主場比賽的增加以及四國冰球錦標賽的額外廣告收入。此外，隨著華納兄弟探索頻道的頻道和內容套件的推出，我們也受惠於更高的訂閱用戶收入。而更高收入帶來的現金流轉化為 EBITDA 年比增加 3,600 萬美元。

On a consolidated level, service revenue and adjusted EBITDA each grew by 2%, respectively, year over year; and consolidated operating margins were up slightly to just over 45%. We continue to find growth opportunities in tighter markets, having added over 400,000 wireless and over 100,000 internet customers over the last 12 months, driving service revenue and EBITDA growth, and margin improvements.

綜合來看，服務收入和調整後EBITDA分別較去年同期成長2%；合併營業利潤率略有上升，達 45% 以上。我們繼續在更緊張的市場中尋找成長機會，在過去 12 個月中增加了超過 40 萬名無線客戶和超過 10 萬名網路客戶，推動了服務收入和 EBITDA 的成長以及利潤率的提高。

Capital expenditures for the quarter were $978 million, down 8% from one year ago; and capital intensity was down 190 basis points. Free cash flow of $586 million was unchanged from the prior year, largely due to timing differences in cash taxes.

本季資本支出為9.78億美元，較去年同期下降8%；資本密集度下降190個基點。5.86 億美元的自由現金流與前一年相比沒有變化，主要原因是現金稅的時間差異。

Turning to the balance sheet at quarter end, we had $7.5 billion of available liquidity comprised of $2.7 billion in cash and short-term deposits on hand and $4.8 billion available under our revolving credit facilities. Our weighted average cost of all borrowings was 4.7%, and our weighted average term to maturity was just under 10 years.

從季末的資產負債表來看，我們擁有 75 億美元的可用流動資金，其中包括 27 億美元的現金和短期存款以及 48 億美元的循環信貸額度。我們所有借款的加權平均成本為 4.7%，加權平均到期期限略低於 10 年。

We ended the quarter with a net debt leverage ratio of 4.3 times compared to 4.5 times at December 31, '24, and down a full turn from the 5.3 times reported when we closed Shaw two years ago. The sequential in-quarter reduction was driven by the issuance of $4 billion in subordinated hybrid securities, which reduced leverage by 0.2 times.

本季末，我們的淨債務槓桿率為 4.3 倍，而 24 年 12 月 31 日為 4.5 倍，比兩年前關閉 Shaw 時報告的 5.3 倍下降了整整一倍。本季環比下降的原因是發行了 40 億美元次級混合證券，將槓桿率降低了 0.2 倍。

We intend to use these proceeds to repay debt and to fund a portion of our upcoming MLSC transaction. And as I'd indicated earlier, Rogers has now agreed to terms for a $7 billion equity investment with funds led by Blackstone and backed by several leading Canadian institutions.

我們打算用這些收益來償還債務並為我們即將進行的 MLSC 交易提供部分資金。正如我之前指出的，羅傑斯現在同意以黑石集團為首的基金進行 70 億美元的股權投資，並得到幾家加拿大領先機構的支持。

Rogers will retain a majority controlling interest in its new Canadian subsidiary, which holds a regional portion of certain components of Rogers' wireless network. Rogers maintains full operational control of its network from end to end and will consolidate the subsidiary's financial results in its consolidated financial statements.

羅傑斯將保留其新加拿大子公司的多數股權，該子公司持有羅傑斯無線網路某些組件的區域份額。羅傑斯對其網路的端到端營運保持全面控制，並將把該子公司的財務績效合併到其合併財務報表中。

The subsidiary is expected to distribute up to approximately CAD0.4 billion annually to Blackstone in the first five years post closing. After which, Rogers' average capital cost for the investment is expected to be approximately 7% per annum.

該子公司預計將在收購完成後的頭五年內每年向黑石集團分配最多約 4 億加元。此後，羅傑斯的投資平均資本成本預計約為每年7%。

We intend to use the net proceeds from the transaction substantially to repay debt. And upon closing, we expect our net debt leverage ratio to be approximately 3.6 times on a pro forma basis for the end of Q1. Each of these capital transactions are aligned and consistent with our priority commitment to maintain and strengthen our investment grade credit ratings and delevering back to the pre-Shaw transaction levels.

我們打算將交易的淨收益主要用於償還債務。交易完成後，我們預計第一季末的淨債務槓桿率約為 3.6 倍（以備考基礎計算）。每項資本交易都與我們的優先承諾一致，即維持和加強我們的投資級信用評級，並將槓桿率恢復到 Shaw 交易之前的水準。

With these initiatives we have removed the discount on our dividend reinvestment plan, or DRIP, effective from our next dividend payment in July. And we will be reverting to open market purchases to satisfy those shareholders opting to remain in the dividend reinvestment plan.

透過這些舉措，我們取消了股息再投資計畫（DRIP）的折扣，從 7 月的下一次股息支付開始生效。我們將恢復公開市場購買，以滿足那些選擇繼續參與股息再投資計畫的股東的需求。

And finally, we continue to move forward on our agreement to buy the 37.5% additional ownership stake in MLSE for $4.7 billion. As we await league and regulatory approvals for the transaction, we have had significant interest from various institutional investors seeking to invest in our sports assets.

最後，我們繼續推動以 47 億美元收購 MLSE 37.5% 額外所有權股份的協議。在我們等待聯盟和監管機構批准交易的同時，各種機構投資者對我們的體育資產表現出了濃厚的興趣。

Nothing further to add at this time, but we intend to continue to develop and explore opportunities and look forward to providing further information in due course.

目前沒有什麼可補充的，但我們打算繼續開發和探索機會，並期待在適當的時候提供更多資訊。

Wrapping up then, we have once again delivered strong results in a competitive environment. We continue to execute well operationally while also substantially strengthening our balance sheet. We have very substantially lowered our debt, which positions us well for today's more uncertain market.

總而言之，我們再次在競爭激烈的環境中取得了優異的成績。我們在營運方面持續表現良好，同時也大幅加強了我們的資產負債表。我們大幅降低了債務，這讓我們在當今更不確定的市場中處於有利地位。

I would like to thank our employees for their consistent and dedicated execution across all of our businesses and for their success in once again delivering strong financial and operating performance during a period of major strategic investments. Thank you for your time and attention this morning.

我要感謝我們的員工在我們所有業務中始終如一、盡心盡力的表現，以及他們在重大策略投資期間再次取得強勁的財務和營運績效的成功。感謝您今天上午的時間和關注。

And with that, Gaylene, may we please commence with the questions and answers? Thank you.

那麼，蓋琳，我們可以開始問答了嗎？謝謝。

Certainly. (Operator Instructions) Batya Levi, UBS.

當然。（操作員指示）Batya Levi，瑞銀。

Great. Thank you. Can we start with what you are saying, some color in terms of your confidence you have in the annual outlook, given the macro backdrop and potential impact from tariffs?

偉大的。謝謝。我們能否從您所說的內容開始，考慮到宏觀背景和關稅的潛在影響，您對年度前景有何信心？

And maybe another question on the cable trends. You mentioned the competitive environment. Do you expect the revenue decline to continue as you lap last year's adjustments or maybe some monetization opportunities as you roll out Xfinity? Thank you.

也許還有一個關於有線電視趨勢的問題。您提到了競爭環境。您是否預計，隨著去年的調整，收入會繼續下降，或者隨著 Xfinity 的推出，可能會出現一些貨幣化機會？謝謝。

Batya, thank you for the question. I'll start, and Glenn will add some detailed comments as well.

Batya，謝謝你的提問。我先開始，Glenn 也會加入一些詳細的評論。

In terms of what we're seeing for the rest of the year, as both Glenn and I said in our comments, we took into account some of these macroeconomic issues that we're seeing in terms of slowdown in the economy into our outlook. And so we continue to forecast and see opportunities for growth in both revenue as well as EBITDA in each of our segments.

就我們對今年剩餘時間的展望而言，正如格倫和我在我們的評論中所說的那樣，我們在展望中考慮到了我們所看到的一些宏觀經濟問題，即經濟放緩。因此，我們繼續預測並看到每個部門的收入和 EBITDA 的成長機會。

With respect to the second piece on cable, as Glenn highlighted, there were a few things, one related to timing of price adjustments and the second related to headwinds that we see from satellite and video losses. But notwithstanding that, Internet and some of the additional products that we have on the Xfinity platform will more than offset that.

關於有線電視的第二部分，正如格倫所強調的那樣，有幾件事，一是與價格調整的時間有關，二是與我們從衛星和視頻損失中看到的阻力有關。但儘管如此，互聯網和我們在 Xfinity 平台上的一些附加產品將足以抵消這一損失。

And you'll see that commencing in Q2 and for the rest of the year as you see cable revenue, which includes business as well, I should highlight, returning that segment to break even and growth in the back half of the year.

您將看到從第二季度開始以及今年剩餘時間有線電視收入（其中也包括業務）將恢復收支平衡，並在下半年實現成長。

Nothing much further to add to that, Batya. I think on the cable side, specifically, we will continue to find opportunities to grow subscribers through the year. That's a significant part of the year-over-year growth plan for the division as well as ongoing work on our plans.

巴蒂亞，沒有什麼好補充的了。我認為，具體到有線電視方面，我們將在全年繼續尋找機會增加用戶數量。這是該部門同比增長計劃的重要組成部分，也是我們正在進行的計劃工作的重要組成部分。

I think the emphasis here is to restore the right side of zero. I'm not looking for very substantial growth, but certainly expect for the year, in the coming quarters, we will see a restoration of zero to positive growth.

我認為這裡的重點是恢復零的右邊。我並不期待非常大幅的成長，但可以肯定的是，今年以及未來幾個季度，我們將看到經濟成長從零恢復到正成長。

Next question, Gaylene.

下一個問題，蓋琳。

Drew McReynolds, RBC.

德魯·麥克雷諾茲，RBC。

Yeah, thanks very much. Good morning. Just first make a quick clarification on free cash flow guidance. Glenn, can you just remind us whether existing guidance included the pro rata distribution on the structured equity investment or whether that will be updated when that deal closes?

是的，非常感謝。早安.首先簡單澄清一下自由現金流指引。格倫，您能否提醒我們，現有的指導是否包括結構化股權投資的按比例分配，或者在交易結束時是否會更新？

And then more broadly, my real question. Just on wireless pricing, it seems like it's two steps forward, two steps back for the industry. We have all the operators saying the right things about acting differently in the market and trying to be disciplined, but we don't see it necessarily on the price plans and handset discounts.

更廣泛地說，我真正的問題是。僅就無線定價而言，該行業似乎前進了兩步，後退了兩步。所有營運商都在說正確的話，要在市場上採取不同的行動，並努力保持紀律，但我們並不認為這必然會在價格計劃和手機折扣上體現出來。

So I just want to ask from Roger's perspective, is this simply now just the new normal from here on in? Or if not, what do you think needs to change here just to obviously instill a little bit more discipline and firm up what has been a meaningful decline in pricing that everyone's seen over the last couple of years? Thank you.

所以我只想從羅傑的角度問一下，從現在開始這是否只是新的常態？或者如果不是，您認為這裡需要做出哪些改變才能明顯地灌輸更多的紀律並鞏固過去幾年中每個人都看到的價格大幅下降？謝謝。

Drew, I'll start with the first question on the free cash flow guidance. The guidance we gave for the year was provided based on the balance sheet and capital structure as it existed.

德魯，我先問第一個問題，關於自由現金流指引。我們對本年度所給予的指導是基於現有的資產負債表和資本結構提供的。

But I've said consistently and continue to say the transaction on the $7 billion structured equity will be reflected in our reporting going forward so people understand how it goes through and would not alter that guidance range. So it'll be part of our reporting going forward, and no adjustment to guidance.

但我一直說，並且會繼續說，70 億美元結構化股權的交易將反映在我們未來的報告中，以便人們了解其進展情況，並且不會改變該指導範圍。因此，它將成為我們未來報告的一部分，並且不會對指導進行調整。

On the second part of your question, Drew, I think it's relevant to look at it in the context of the market dynamics. What we saw is a significant slowdown in the rate of growth in the market.

關於你問題的第二部分，德魯，我認為從市場動態的角度來看這個問題是有意義的。我們看到的是市場成長率明顯放緩。

If you were to look at Q1, the decline in our net total mobile net additions year on year is roughly in line with what we think the market is declining. And so if you were to look at the post-paid market, our estimate is it's probably down for the total market in Q1 by about two-thirds. And in terms of total mobile, it's probably down by a third is our estimate.

如果你看一下第一季度，你會發現我們的行動淨增總量年減幅度與我們認為的市場下滑幅度大致一致。因此，如果你看一下後付費市場，我們估計第一季整個市場的銷售額可能會下降約三分之二。就移動總量而言，我們估計可能下降了三分之一。

And so against that backdrop, notwithstanding, we like to think that we were very price disciplined in the first quarter. Again, I reiterate, first quarter is about 10% of total annual volumes. And so we thought it was a good opportunity to focus on the higher value segments with minimal discounting.

因此，儘管如此，我們仍然認為我們在第一季對價格非常嚴格。我再次重申，第一季的銷量約佔全年銷量的 10%。因此，我們認為這是一個很好的機會，可以專注於更高價值的細分市場，並盡量減少折扣。

We were disappointed to see the market still, as you mentioned, continuing with some discounts in the below $40 price point. But we owe that to, we think, the market adjusting to a smaller size. And as we look to the rest of the year, we see opportunities for growth in ARPU, frankly, and price discipline.

正如您所說，我們很失望地看到市場仍然在 40 美元以下的價格點繼續提供一些折扣。但我們認為，這是因為市場正在調整規模以適應較小的變化。展望今年剩餘時間，我們看到 ARPU 和價格紀律方面存在成長機會。

You would have seen late in the quarter Rogers coming out with a revised wireless pricing plan that is much more simplified, much more focused on the added benefits in terms of the value proposition besides just the data bucket size, and also focused on multi-line consolidation.

您可能已經看到羅傑斯在本季度末推出了經過修訂的無線定價計劃，該計劃更加簡化，除了數據存儲桶大小之外，更加註重價值主張方面的附加利益，並且還注重多線路整合。

Relative to our US peers, we're much more fragmented here in Canada in terms of multiple lines with multiple providers. And so we're focused on that strategy as well.

與美國同業相比，我們在加拿大的業務更加分散，擁有多條線路和多家供應商。因此我們也專注於該戰略。

In terms of handset discount that you've talked about, we see the opportunity for the market here in Canada to probably move in line with where the US is and promotional activities centered more around the handsets while maintaining price discipline in the plans themselves, the monthly subscriber plans.

就您談到的手機折扣而言，我們認為加拿大市場有機會與美國保持一致，促銷活動更多地圍繞手機進行，同時保持計劃本身（即月度用戶計劃）的價格紀律。

So those are some of the dynamics we see, Drew. And so we are optimistic about our outlook and the industry's outlook to improve price discipline in the marketplace.

這就是我們看到的一些動態，德魯。因此，我們對我們的前景以及行業改善市場價格紀律的前景感到樂觀。

Next question, Gaylene.

下一個問題，蓋琳。

Aravinda Galappatthige, Canaccord Genuity.

阿拉文達·加拉帕蒂格 (Aravinda Galappatthige)，Canaccord Genuity。

Good morning. Thanks for taking my question. On the cable side, Tony or Glenn, I mean, one thing that's evident is that even though it's slightly down year over year, the broadband net ads are holding up fairly well with respect to what we've seen and what we expect from peers.

早安.感謝您回答我的問題。在有線電視方面，托尼或格倫，我的意思是，有一點是顯而易見的，那就是儘管寬頻網路廣告同比略有下降，但就我們所看到的以及我們對同行的預期而言，寬頻網路廣告仍然保持得相當好。

I wanted to get a sense of the level of contribution you're getting now from FWA and your reseller initiatives and how we should pass that net ads number from that perspective. Thanks.

我想了解您現在從 FWA 和經銷商計劃中獲得的貢獻水平，以及我們應該如何從這個角度傳遞淨廣告數量。謝謝。

Thanks for the question, Aravinda. A couple of things. Our focus is on growing net ads and revenue through all our technology sets. We continue to remain focused on net in both the east and the west, and we've seen good improvements on that, particularly when it comes to bundling.

謝謝你的提問，Aravinda。有幾件事。我們的重點是透過所有技術組合來增加淨廣告和收入。我們繼續關注東部和西部的網絡，並且我們已經看到了良好的改進，特別是在捆綁方面。

We've always had a strong position in the east and notwithstanding that, continues to improve. But we're also seeing it in the west. And so there's good progress there on net at very good incoming ARPUs as well.

我們在東部一直佔據強勢地位，並且還在不斷進步。但我們在西方也看到了這種情況。因此，網路方面也取得了良好的進展，ARPU 也非常好。

In terms of our 5G wireless home modem, that continues to do well also. Some of the technology improvements we've done in terms of network slicing but also upgrading the speed. You would have seen us move up to 250 download speeds on FWA, and that's been successful across the nation, but in particular, in places where we don't have wireline in Quebec and certain parts of southwest Ontario.

就我們的 5G 無線家用數據機而言，其表現也持續良好。我們在網路切片方面做了一些技術改進，同時也提高了速度。您可能已經看到我們將 FWA 的下載速度提高到 250 倍，這在全國範圍內都取得了成功，特別是在魁北克和安大略省西南部的某些地區沒有有線電視網絡的地方。

And as we look to launch our full suite of Xfinity products on that wireless modem, we expect the penetration opportunity of that continue to grow. So we're pleased with that.

當我們考慮在該無線數據機上推出全套 Xfinity 產品時，我們預計其滲透機會將繼續成長。所以我們對此感到高興。

And then finally, on the wholesale side of it, where it makes sense, we continue to deliver on that as well. But you ought to think about the relative breakdown as focused on net first, fixed wireless access, and then TPIA as the third piece of it. So that's roughly the big breakdown of those three technologies.

最後，在批發方面，如果合理的話，我們也會繼續履行這項承諾。但您應該考慮相對細分，首先關注網絡，然後是固定無線接入，最後是 TPIA 作為第三部分。這就是這三種技術的大致分類。

Next question, Gaylene.

下一個問題，蓋琳。

Tim Casey, BMO.

提姆·凱西（BMO）。

Thanks. Could you clarify your expectations about MLSC equity? Glenn, in your prepared remarks, you indicated you are talking to investors. So I get it that you'll have control of another 37.5% of the equity. But should we expect you to own that or should we expect there to be third party investors involved when you close?

謝謝。您能否澄清一下您對 MLSC 股權的期望？格倫，在你準備好的發言中，你表示你正在與投資人交談。所以我明白你將控制另外 37.5% 的股權。但是，我們是否應該期望您擁有它，或者我們是否應該期望在您關閉時有第三方投資者參與？

My expectation on closing is that we will close the transaction with buying the BCE stake. And then on the other side of that, we continue to get substantial interest from institutional investors. And so we will explore those opportunities with a very open mind, and nothing further to say at this point, Tim. But we are certainly engaging in those discussions.

我對交易完成的期望是，我們將透過購買 BCE 股票來完成交易。另一方面，我們繼續受到機構投資者的極大興趣。因此，我們將以非常開放的心態探索這些機會，目前沒有什麼可說的，提姆。但我們確實正在參與這些討論。

And Glenn, what are the hurdles that you have to -- still have to go over to close the transaction? Is it -- are you seeing any anything from the CRTC in terms of timing and from the leaks themselves?

格倫，為了完成交易你還需要克服哪些障礙？您是否從 CRTC 的時間表和洩密本身方面看到了什麼？

No specific timing given. I don't expect any substantial hurdles. We're a known quantity to the leagues with our existing ownership interest, and it's a fairly straightforward transaction.

沒有給出具體時間。我預計不會遇到任何實質的障礙。憑藉我們現有的所有權利益，各聯盟都對我們瞭如指掌，而且這是一筆相當簡單的交易。

So the league approvals, I expect in due course. And the CRTC review, again, I don't expect any substantial hurdles there, but CRTC needs time to run its review. And so I think you heard our expectation on timing continues to be mid-year. Nothing substantial or further to update from that.

因此，我期待聯盟能及時批准。至於 CRTC 的審查，我再次認為不會遇到任何實質障礙，但 CRTC 需要時間進行審查。所以我想您聽到了我們對時間的期望仍然是年中。沒有什麼實質內容或進一步的更新。

Next question, Gaylene.

下一個問題，蓋琳。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

Yeah, thanks very much. Sticking on that topic with my first question, do you hope that you can announce -- not close because it takes a while for approvals, but announce a transaction with third-party investors sometime this calendar year?

是的，非常感謝。繼續我的第一個問題，您是否希望能夠宣布——不是很快，因為批准需要一段時間，但在今年某個時候宣布與第三方投資者的交易？

And a second question, just to throw it out first so Paul doesn't cut me off to get through the list. In terms of wireless sub-ads, AT&T and Verizon have both signaled January and February was very weak, but they saw better ads in March.

第二個問題，我先提出來，這樣保羅就不會打斷我講完清單。在無線子廣告方面，AT&T 和 Verizon 都表示 1 月和 2 月的廣告非常疲軟，但 3 月的廣告表現有所改善。

Can you give us any sense of the pacing through the quarter that you saw and maybe some outlook on how Q2 in April has started? Are we seeing a bit of a recovery in what seemed like a very lackluster start to the year for wireless sub-ads across not just for Rogers but the whole industry? Thank you.

您能否向我們介紹本季的進展情況，並對 4 月第二季的開局情況進行一些展望？今年年初，無線子廣告的低迷似乎有所好轉，不僅是羅傑斯，整個產業的無線子廣告也是如此。謝謝。

Vince, I'll start with the second part, and then Glenn will come back to your question on MLSC investment timing.

文斯，我將從第二部分開始，然後格倫將回到你關於 MLSC 投資時機的問題。

In terms of the profile we saw in the first quarter, it's not dissimilar to what the others south of the border have communicated. It was a slow January, February, and somewhat typical. We see the uptake during March and March break. And so that's the profile we saw. And as we close out April, we see a continued pacing of good volume activity.

就我們在第一季看到的情況而言，它與邊境以南其他國家所傳達的情況並無不同。一月、二月過得比較慢，這多少有些正常。我們看到了三月和三月假期期間的上漲。這就是我們看到的概況。隨著四月的結束，我們看到交易量持續保持良好成長勢頭。

Having said that, last year, we would have had total wireless market growth of just over 4%. We indicated back in January when we released our guidance that we saw market growing for the full year at roughly 3%. We continue to see it as roughly 3%, give or take a little bit, for the full year.

話雖如此，去年我們的無線市場整體成長率略高於 4%。我們早在一月發布指引時就指出，預計全年市場成長率約為 3%。我們仍認為全年增幅約 3%，上下浮動不大。

So a bit of a different dynamic from the US in terms of where we were and they were. And so hopefully, that's helpful in terms of how we see the pacing.

因此，就我們和他們的處境而言，情況與美國有些不同。所以希望這對我們如何看待節奏有幫助。

And Vince, on your first question, we're in discussions with folks who are interested in the assets we own and are soon to acquire. It's premature for me to start speculating on when that might result in a transaction.

文斯，關於你的第一個問題，我們正在與那些對我們擁有的資產感興趣並即將收購的資產的人進行討論。現在開始猜測何時會導致交易還為時過早。

I would say we are engaged in those conversations in earnest. We are more aware than the market is reflecting right now of the value of those assets on our balance sheet. We believe those assets to be worth something in the range of $15 billion once we close on the purchase of the additional interest in MLSC.

我想說，我們正在認真地進行這些對話。我們比市場現在反映的更清楚我們資產負債表上這些資產的價值。我們相信，一旦我們完成 MLSC 額外權益的收購，這些資產的價值將達到 150 億美元左右。

Others talking to us also understand that value. We are engaged in those discussions, as I say, in earnest, and more to follow. But there's plenty of opportunity there, and we've been consistent in indicating that we are engaged in finding those opportunities.

與我們交談的其他人也理解這一價值。正如我所說，我們正在認真地參與這些討論，並且還會進行更多討論。但那裡有很多機會，我們一直表示我們致力於尋找這些機會。

Sorry. Sorry, Paul. Just to clarify, Glenn, your $15 billion is what your estimate is? Yeah, with 75% ownership of MLSE or that would be --

對不起。對不起，保羅。格倫，我只是想澄清一下，你的估計是 150 億美元嗎？是的，擁有 MLSE 75% 的所有權，或者說--

That's -- once we close, that's correct, yes.

那是——一旦我們關閉，那是正確的，是的。

And 100% of the JITs, obviously.

顯然，100% 的 JIT 都是如此。

Yes. And Roger Center, yes.

是的。是的，還有羅傑中心。

Next question, Gaylene.

下一個問題，蓋琳。

Jerome Dubreuil, Desjardin.

傑羅姆‧杜布雷伊 (Jerome Dubreuil)、德雅爾丹 (Desjardin)。

Hey, good morning. Thanks for taking my question. A longer-term question on the satellite, on the mobile side, device-to-device. I understand there's really important limitations for this technology, so I don't think it's a near-term threat at all. But interested in hearing you on if you think eventually satellite could compete with cell phone for mobile data transmission in urban areas. Thanks.

嘿，早安。感謝您回答我的問題。這是一個關於衛星、行動端、設備到設備的長期問題。我知道這項技術確實存在重大局限性，所以我認為它根本不是短期威脅。但是如果您認為衛星最終能夠與手機競爭城市地區行動數據傳輸的話，我很想聽聽您的意見。謝謝。

Thanks for the question, Jerome. As we previously announced, we're working with a few satellite operators to bring that technology to Canada as quickly as we can. But it is an emerging technology, as you said, and so we're working very closely with the satellite owners.

謝謝你的提問，傑羅姆。正如我們之前宣布的那樣，我們正在與一些衛星營運商合作，盡快將這項技術引入加拿大。但正如您所說，這是一項新興技術，因此我們正在與衛星所有者密切合作。

It's going to be a game-changer. Today, our wireless network, including those of the competitors, cover about 12% of the land mass here in Canada. And so there's a real opportunity to cover the whole nation, particularly with respect to 911 and first responder emergency texting, which will be the first wave of it. And that will come in due course.

這將會改變遊戲規則。今天，我們的無線網路（包括競爭對手的無線網路）涵蓋了加拿大約 12% 的陸地面積。因此，這是一個覆蓋全國的真正機會，特別是對於 911 和急救人員緊急簡訊而言，這將是第一波浪潮。而這將會適時到來。

So I don't want to say too much on timing with respect to that. But we don't see satellite necessarily replacing wireless. It's much like the wireless-wireline debate we had 20 years ago as to whether wireless would supplant. And there's always an increasing demand for data latency and a whole bunch of other things.

因此我不想就時間問題說太多。但我們不認為衛星一定會取代無線。這很像我們 20 年前關於無線是否會取代有線的爭論。而且對於數據延遲和其他一系列方面的需求也一直在增加。

And so it will be something. Satellite will be something that augments wireless and wireline networks. It does have limitations as well in terms of in-building. So you need to have some sort of direct satellite view, if you will, for it to operate.

所以它將會成為某種東西。衛星將成為無線和有線網路的增強體。在建築方面它也確實有其限制。因此，如果您願意的話，您需要有某種直接的衛星視圖才能使其運作。

So certainly, it's going to be a significant step up in coverage, but it will continue to evolve in terms of its capabilities. And so we don't see it as something that necessarily replaces terrestrial wireless.

因此，毫無疑問，它的覆蓋範圍將有一個顯著的提高，但其功能仍將不斷發展。因此，我們並不認為它必然會取代地面無線。

Gaylene, we have time for two more questions, please.

蓋琳​​，我們還有時間再回答兩個問題。

Matthew Griffiths, Bank of America.

馬修‧格里菲斯，美國銀行。

Hi, good morning. Thanks for taking the question. Sorry, I have to ask a tariff question.

嗨，早安。感謝您回答這個問題。抱歉，我想問關稅問題。

So are you guys purchasing -- like Rogers purchase handsets from like Apple USA. And so anything that they do with tariffs with China, for instance, would influence your purchases of handsets. Or are you going maybe directly to China and maybe bypassing any of these potential impacts that may or may not materialize?

那麼你們是否購買——就像羅傑斯從美國蘋果公司購買手機一樣。因此，他們對中國採取的任何關稅措施都會影響你的手機購買。或者您可能直接前往中國並避開這些可能發生或可能不會發生的潛在影響？

And then just if you could -- is it possible to quantify the roaming impact on ARPU in the quarter and where you see that going early on in Q2? Thanks.

那麼，如果可以的話——是否可以量化漫遊對本季 ARPU 的影響以及您認為這種影響在第二季度初期會如何發展？謝謝。

Matthew, I'll start with the first one, and Glenn will talk to the second part with respect to roaming and ARPU.

馬修，我將從第一個部分開始，格倫將談論第二部分，涉及漫遊和 ARPU。

In terms of the tariff impact, I should probably take a step back. Little to no impact on us directly. Most of our suppliers are within Canada, and the other pieces of it largely come from outside the US. And so the tariff issue is more, as we said before, a concern around the macroeconomic impact for Canada and Canadians.

就關稅影響而言，我或許該退一步考慮。對我們直接的影響很小甚至沒有。我們的供應商大多在加拿大境內，其餘大部分來自美國以外。因此，正如我們之前所說，關稅問題更多的是人們對加拿大和加拿大人的宏觀經濟影響的擔憂。

With respect to handsets specifically, I don't want to get into the details of exactly how we purchase. I will say that irrespective of how the legal structure of it is, it's still a bit of an unknown and a risk with respect to handsets, given comments made by the US administration on the topic. And so we'll continue to watch that closely. And so we highlight it as a potential risk, but we think it's unlikely.

具體到手機方面，我不想詳細談論我們究竟該如何購買。我想說的是，無論其法律結構如何，考慮到美國政府對這個主題的評論，它對於手機來說仍然是一個未知數，並且是一種風險。因此我們將繼續密切關注。因此我們強調它是一種潛在風險，但我們認為這種可能性不大。

And in terms of your ask on roaming in the quarter, Matt, the roaming traffic was probably 15% or so, give or take of the decline in ARPU. The rest of it was competitive intensity in the market.

馬特，關於您詢問的本季漫遊情況，漫遊流量大概是 15% 左右，與 ARPU 的下降幅度有關。其餘的是市場競爭強度。

And Gaylene, our last question, please.

Gaylene，請問這是我們的最後一個問題。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Great. Thanks for squeezing me in. So I wanted to ask you a question on -- I'll go back to Drew's question on the deal, the backhaul deal.

偉大的。謝謝你把我擠進來。所以我想問你一個問題——我回到德魯關於這筆交易、回程交易的問題。

So Glenn, your free cash flow definition does not include principal payments on lease liabilities. So I just wanted to make sure I understand the free cash flow guidance that you gave for 2025. Does it include the reduced interest costs on borrowings coming from this backhaul deal, which will lower your debt levels or not?

所以 Glenn，你的自由現金流定義不包括租賃負債的本金支付。所以我只是想確保我理解您給出的 2025 年自由現金流指導。這是否包括透過此回程交易降低借款利息成本，從而降低您的債務水平？

And if we include principal payments to look at cash on cash -- free cash generation, including the lower debt levels and increased principal payments from the lease liabilities, how will the free cash flow generation be impacted from this deal?

如果我們將本金支付納入現金流，即自由現金生成，包括較低的債務水平和租賃負債增加的本金支付，那麼這筆交易將如何影響自由現金流的生成？

So thanks for the question, Maher. I think if you simplify it down to just the dollar flows, think of it more from the standpoint of the distributions that we make on the transaction, net of the interest savings on the debt that is repaid; full value of the distributions that get paid out; full value of the interest savings; net off the cash taxes, it will go up a little bit for the fact that the interest creates a tax-deductible expense. The distributions do not.

謝謝你的提問，Maher。我認為，如果你將其簡化為美元流動，更多地從我們在交易中進行的分配的角度來考慮，扣除償還債務的利息節省；支付的分配的全部價值；利息儲蓄的全部價值；扣除現金稅後，由於利息產生了可抵稅的費用，因此它會略有上升。但分佈卻不是這樣。

The net of that dollar flow does not substantially alter where our free cash flow is. It would not have resulted in any difference in the guidance we gave on the year.

美元流量的淨額不會實質地改變我們的自由現金流。這不會導致我們對今年的指導產生任何差異。

The distributions, as I've indicated, are about $0.4 billion a year. The interest savings on a $7 billion debt repayment, you can figure that out, not far off from that number. The interest shelter offsets it a little bit. You're not talking about a substantial difference in the cash costs that will go out on the distributions.

正如我所指出的，每年的分配額約為 4 億美元。償還 70 億美元債務所節省的利息，你可以算出來，與這個數字相差不遠。利息庇護稍微抵消了這一點。您說的並不是分配中現金成本的巨大差異。

Okay, great. And just to follow up, just on the corporate line. The loss on the corporate line has been increasing lately. Where is the outlook going forward on that line, including CapEx, because it has also increased year on year by about $35 million?

好的，太好了。只是為了跟進，只是在公司線上。近期公司業務的虧損不斷增加。包括資本支出在內，這條生產線的未來前景如何？因為它的資本支出也比去年同期增加了約 3,500 萬美元。

The CapEx, there are some year-to-year variations in capital spend at the corporate level. Some of it is real estate-related, some of it systems-related. From year to year, that, I don't expect to be particularly material year to year.

就資本支出而言，企業層級的資本支出每年都會出現一些變化。其中一些與房地產有關，一些與系統有關。從年復一年來看，我並不認為年復一年會有特別重大的變化。

The corporate losses line, we have some investments in the startup of Rogers Bank. It is still finding its scale, and so that runs through the corporate line.

在企業虧損方面，我們對羅傑斯銀行的新創公司進行了一些投資。它仍在尋找其規模，因此這貫穿整個公司路線。

I would say that all of our corporate departments, along with our business departments, have been a target of looking for efficiencies and driving those efficiencies. That continues to be a focus for us, and so nothing further to clarify there.

我想說的是，我們所有的公司部門以及業務部門都以尋求效率和推動效率為目標。這仍然是我們關注的重點，因此無需進一步澄清。

I think you've seen it rising in part as well as a result of just the changes that come from the acquisition of Shaw and the roll-through of some of that integration. That is largely complete from an operational standpoint, but there are still some remaining investments on the CapEx side, as you say, in the systems as well as some people that are in some of those numbers as well. That is one of the areas of focus for us.

我認為您已經看到它的上升，部分原因也是收購 Shaw 和部分整合所帶來的變化的結果。從營運的角度來看，這基本上已經完成，但正如您所說，在資本支出方面仍然存在一些剩餘的投資，包括系統以及一些人員的投資。這是我們關注的領域之一。

That's great. Thank you, Maher, and thank you, everyone, for joining us. We're happy to follow up if there's any other questions.

那太棒了。謝謝你，馬希爾，也謝謝大家加入我們。如果還有其他問題，我們很樂意跟進。

Thank you, everyone, for your time and attention. Much appreciated.

謝謝大家的時間和關注。非常感謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。