Rogers Communications Inc (RCI) 2026 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 2026 Results Conference Call. (Operator Instructions) And the conference is being recorded.(Operator Instructions) 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.

感謝您耐心等候。我是會議接線員。歡迎參加 Rogers Communications, Inc. 2026 年第一季業績電話會議。(接線員指示) 本次會議將進行錄音。(接線員指示)現在我想把會議交給 Rogers Communications 投資人關係副總裁 Paul Carpino。Carpino 先生，請開始。

Thank you, Galen, and good morning, everyone, and thank you for joining us. 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 a.m., and you can pick up that webcast through the Investor Relations website. To accommodate the AGM, this call will last approximately until 8:45, so we ask that you limit yourself to one question and a quick follow-up so we can accommodate as many questions as possible. We will follow up with you on any other questions later today.

謝謝你，Galen，各位早安，也感謝各位加入我們。今天與我一同出席的有我們的總裁兼執行長 Tony Staffieri，以及我們的財務長 Glenn Brandt。提醒各位，我們今天上午 11:00 將舉行年度股東大會（AGM），您可透過投資人關係網站收看網路直播。為配合 AGM，本次電話會議將大約進行到 8:45，因此請各位將提問限制為一個問題加上一個簡短追問，以便我們能回應盡可能多的問題。其他問題我們將於今天稍晚再與各位跟進。

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 and in our 2025 annual report regarding the various factors, assumptions and risks that could cause actual results to differ. With that, let me turn it over to Tony.

今天的討論將包含估計及其他前瞻性資訊，實際結果可能與之不同。請查閱今日財報新聞稿以及我們 2025 年年報中的警示性說明，了解可能導致實際結果不同的各項因素、假設與風險。接下來我把時間交給 Tony。

Thank you, Paul, and good morning, everyone. I'm pleased to report that Rogers delivered solid results in a very active first quarter. Service revenue and adjusted EBITDA were up. CapEx and CapEx intensity were notably down. Free cash flow accelerated and debt leverage was further reduced.

謝謝你，Paul，各位早安。我很高興報告，Rogers 在非常活躍的第一季交出穩健的成果。服務營收與調整後 EBITDA 均成長。資本支出（CapEx）與資本支出強度明顯下降。自由現金流加速成長，負債槓桿也進一步降低。

Wireless and retail Internet net adds were positive. We continued to deliver industry-leading margins in both wireless and cable. And media delivered strong top line growth and a significant improvement in EBITDA. Overall, this was another quarter of solid execution based on our clear disciplined strategy.

無線與零售網際網路的淨新增用戶為正成長。我們在無線與有線兩大業務持續交出業界領先的利潤率。媒體業務營收強勁成長，EBITDA 亦顯著改善。整體而言，這是又一個在清晰且嚴謹的策略下穩健執行的季度。

In wireless, Q1 is typically a quiet quarter. This year, we saw aggressive wireless promotional activity from competitors driven by supply rather than demand. Heading into the quarter, we expected the market would be flat year-over-year with no population growth and potentially no new net adds. We did not lead on pricing aggression. As we've stated before, our priority is and remains on financials. This is even more important in a low-growth environment.

在無線業務方面，第一季通常是相對平淡的季度。今年我們看到競爭對手採取激進的無線促銷活動，主要由供給而非需求所驅動。進入本季前，我們預期市場將與去年同期持平，人口不成長，且可能沒有新的淨新增用戶。我們並未在價格激進策略上領先。如同我們先前所說，我們的優先事項一直是、也仍然是財務表現。在低成長環境下，這點更為重要。

We were intentional and decided to lead with our value propositions, notably the best 5G plus network, terrific multiline value, the most coverage with Rogers satellite, accelerated rewards with the Rogers Red credit card, exclusive access to the best sports and entertainment experiences with Rogers beyond the seat, along with competitive pricing.

我們是有意識地選擇以我們的價值主張作為主軸，尤其包括最佳的 5G+ 網路、極具吸引力的多門號方案價值、透過 Rogers 衛星提供最廣覆蓋、Rogers Red 信用卡加速回饋、Rogers beyond the seat 帶來獨家頂級運動與娛樂體驗的入場機會，並搭配具競爭力的定價。

As the quarter carried on, we saw increasing aggressive wireless promotional activity in the second half of the quarter. We decided to participate selectively and when we decided to match the competition on price, we saw that our brand and value proposition resonated strongly. We finished the quarter with 33,000 net adds. And from a financials perspective, we improved Q1 wireless margins by 40 basis points to 65% and maintained stable service revenue.

隨著季度推進，我們在本季後半段看到無線促銷活動愈發激進。我們決定選擇性參與；當我們決定在價格上與競爭對手匹配時，我們看到我們的品牌與價值主張獲得強烈共鳴。本季最終淨新增用戶為 33,000。從財務角度來看，我們第一季無線利潤率提升 40 個基點至 65%，並維持服務營收穩定。

Yesterday, we introduced new 5G+ plans with new features to further strengthen our network differentiation and increased value. In cable, we applied the same disciplined approach. We delivered positive Internet loading with 7,000 retail net additions. Service revenue and adjusted EBITDA were both up 1%. But after adjusting for the sale of our data centers last year, both service revenue and EBITDA were up organically a solid 2%. We improved Q1 cable margins by 30 basis points to deliver industry-leading margins of 58%.

昨天，我們推出新的 5G+ 方案與新功能，以進一步強化我們的網路差異化並提升價值。在有線業務方面，我們採取同樣嚴謹的做法。我們實現網際網路用戶正成長，零售淨新增 7,000。服務營收與調整後 EBITDA 均成長 1%。但若調整去年出售資料中心的影響，服務營收與 EBITDA 的有機成長皆為穩健的 2%。我們第一季有線利潤率提升 30 個基點，並交出業界領先的 58% 利潤率。

In Media, we delivered strong results in what has historically been a seasonally soft quarter, reflecting the benefit of our MLSE investment. The scale and profitability of our sports and media operations is impressive. Revenue in Q1 was up 82% to just under $1 billion. Adjusted EBITDA was at breakeven, largely as a result of the timing of rights fees, but nonetheless, a $60 million year-over-year improvement.

在媒體業務方面，我們在歷來屬於季節性偏弱的季度交出強勁成果，反映出我們對 MLSE 投資所帶來的效益。我們的體育與媒體營運規模與獲利能力令人印象深刻。第一季營收年增 82%，接近 10 億美元。調整後 EBITDA 為損益兩平，主要是因權利金費用認列時點所致，但仍較去年同期改善 6,000 萬美元。

2026 will be a transformative year for sports and media. We expect to complete the purchase of the remaining 25% minority interest in MLSE in the second half of this year. Following the close, we plan to combine our assets into one of the most significant sports ownership, media and entertainment entities globally. We are committed to unlocking the significant and unrecognized value with these premier sports assets, and we will look to create additional revenue and EBITDA synergies.

2026 年將是體育與媒體的轉型之年。我們預期在今年下半年完成收購 MLSE 剩餘 25% 的少數股權。交易完成後，我們計畫將相關資產整合，打造全球最具影響力的體育持有、媒體與娛樂實體之一。我們致力於釋放這些頂級體育資產龐大且尚未被充分認可的價值，並將尋求創造額外的營收與 EBITDA 協同效益。

We plan to bring in external investors for a minority interest in an entity, we estimate we'll have a value in excess of $25 billion. We plan to use the proceeds from the sale of this minority interest to pay down debt. We believe these assets will provide long-term growth opportunities and significant value even as we operate in the current low-growth telecom business. Importantly, our sports assets operate with significantly lower CapEx commitment, and we have a proven 25-year track record as strong operators of sports and media assets.

我們計畫引入外部投資人，取得該實體的少數股權；我們估計其估值將超過 250 億美元。我們計畫將出售該少數股權的所得用於償還債務。我們相信，即使在目前低成長的電信業務環境下，這些資產仍將提供長期成長機會並帶來顯著價值。重要的是，我們的體育資產所需的資本支出承諾顯著較低，而我們在體育與媒體資產營運方面也有 25 年的成功實績。

Before turning the call over to Glenn, I want to touch on our capital reprioritization and increased free cash flow for 2026. In the current low growth environment, it is critical to prudently manage leverage and maintain our investment-grade balance sheet as we complete our major multiyear investment cycle. We operate in a very capital-intensive sector. Returns on investments can take years and sometimes, even decades. This means we need government policies that reward investment and maintain certainty especially in a slow growth environment.

在把電話交給 Glenn 之前，我想談談我們在 2026 年的資本重新排序以及自由現金流的提升。在目前低成長環境下，審慎管理槓桿並維持投資級資產負債表至關重要，尤其是在我們完成多年期重大投資週期之際。我們所處產業資本密集度很高。投資回報可能需要多年，有時甚至需要數十年。這意味著我們需要能夠獎勵投資並維持確定性的政府政策，尤其是在成長放緩的環境中。

The government has introduced policies that do the opposite, and this means we need to adjust our spending and be highly disciplined and deliberate stewards of our capital. Today, we announced a reduction in our capital spending by 30% versus last year. Our updated guidance range for CapEx is now $2.5 billion to $2.7 billion in 2026, translating to a capital intensity ratio of approximately 12%. Correspondingly, we expect free cash flow growth of $4.1 billion to $4.3 billion in 2026, an increase of approximately $800 million from last year.

政府推出的政策卻反其道而行，因此我們必須調整支出，並以高度嚴謹與審慎的態度管理資本。今天，我們宣布相較去年將資本支出降低 30%。我們更新後的 2026 年 CapEx 指引區間為 25 億至 27 億美元，對應的資本支出強度約為 12%。相應地，我們預期 2026 年自由現金流為 41 億至 43 億美元，較去年增加約 8 億美元。

Given the macro environment, we are focusing on delevering our balance sheet. In Q1, we reduced our debt leverage ratio to 3.8 times, down another 10 basis points from 3.9 times at year-end. With the additional free cash flow, we plan to accelerate debt reduction in 2026 and beyond.

鑑於總體環境，我們正聚焦於降低資產負債表槓桿。第一季我們將負債槓桿比率降至 3.8 倍，較年末的 3.9 倍再下降 10 個基點。隨著額外的自由現金流，我們計畫在 2026 年及其後加速減債。

Overall, we are executing our plan with discipline in the current low-growth telecom market, and we are managing capital prudently in this punitive regulatory environment. We are showing strong execution on capital efficiency and debt delevering as we move towards surfacing value by monetizing our sports and media asset portfolio.

整體而言，在目前低成長的電信市場中，我們正以嚴謹的紀律執行計畫，並在這個具懲罰性的監管環境下審慎管理資本。隨著我們透過資產變現體育與媒體資產組合以釋放價值，我們在資本效率與去槓桿方面展現強勁的執行力。

I want to thank our team for their terrific execution in the competitive environment and their ongoing focus on our key long-term priorities. I'll now turn the call over to Glenn.

我要感謝我們的團隊在競爭環境中展現出色的執行力，並持續專注於我們關鍵的長期優先事項。接下來我把電話會議交給Glenn。

Thank you, Tony, and good morning, everyone. Thank you for joining us. As you've just heard from Tony, we have delivered strong results for the first quarter. And with this morning's report, we are very substantially upgrading our 2026 full year guidance on capital expenditures and free cash flow. More on this momentarily, let me first turn to the quarter.

謝謝你，Tony，各位早安。感謝各位加入我們。正如各位剛才從Tony那裡聽到的，我們第一季交出了強勁的成果。而隨著今天早上的報告，我們將2026年全年資本支出與自由現金流的指引大幅上調。稍後我會進一步說明；先讓我回到本季表現。

Against the backdrop of continued low growth and heightened competition for the sector, Rogers' first quarter results are strong. Once again, we delivered service revenue and EBITDA growth, margin expansion, capital expenditure reduction, free cash flow growth, positive wireless and internet loading and additional delevering. And what's more, each of our three businesses contributed positively to our results for the quarter.

在該產業持續低成長、競爭加劇的背景下，Rogers第一季的結果依然強勁。我們再次實現服務收入與EBITDA成長、利潤率擴張、資本支出下降、自由現金流成長、無線與網路用戶淨增為正，以及進一步去槓桿。更重要的是，我們三大業務在本季都對整體結果做出了正面貢獻。

In wireless, service revenue was stable year-over-year, and adjusted EBITDA was up 1%, driven by our continued focus on cost efficiencies, moving margin up by 40 basis points year-over-year to 65% for the quarter. In a highly competitive market with zero to low wireless revenue growth, our long-standing track record for driving industry-leading cost efficiencies and margins is even more critical and standard. We added 33,000 total mobile phone net additions in what is usually a seasonally quiet first quarter, including 28,000 net new postpaid subs, up 17,000 year-over-year and above our initial expectations.

在無線業務方面，服務收入年對年持平；經調整EBITDA成長1%，主要受惠於我們持續聚焦成本效率，使本季利潤率年對年提升40個基點至65%。在無線收入成長為零到低的高度競爭市場中，我們長期以來推動業界領先成本效率與利潤率的紀錄更顯關鍵，亦成為標準。在通常屬於季節性淡季的第一季，我們仍新增33,000名行動電話用戶淨增，其中包含28,000名後付費用戶淨增，較去年同期增加17,000名，並高於我們最初的預期。

This past quarter was anything, but seasonally quiet with our peers having continued their holiday level of discounting into 2026 throughout the first quarter. Throughout January and into February, we very deliberately opted not to discount our prices seeking to restore sector pricing away from holiday level discounts. However, our competitors stayed with their aggressive discounting throughout the quarter, and so we moved to selectively match their discounts with short time-limited offers targeted to insulate our customer base.

然而，過去這一季一點也不「季節性淡季」，因同業在第一季期間持續把假期檔期的折扣延續到2026年。從1月到2月初，我們非常刻意地選擇不降價折扣，試圖讓產業定價回到遠離假期檔期折扣的水準。但競爭對手整季都維持激進折扣，因此我們改以選擇性方式匹配其折扣，推出短期限時優惠，目標是保護我們的客戶基礎。

From all of this, our mobile phone ARPU was $55.60 for the quarter, down from last year by roughly $1.30 or 2.4% and postpaid mobile phone churn of 1.22% was up by 21 basis points. Not surprisingly, in a seasonally quiet quarter, the discounts have only served to weakened performance metrics across the sector and are reflected in sector share price performance. With three quarters still to go in 2026, we are hopeful market competition will resettle around value for premium services rather than undisciplined discounting.

在上述因素影響下，本季我們的行動電話ARPU為55.60美元，較去年下降約1.30美元或2.4%；後付費行動電話流失率為1.22%，上升21個基點。不意外地，在季節性淡季，折扣只會削弱整個產業的績效指標，並反映在產業股價表現上。2026年仍有三個季度，我們希望市場競爭能重新回到以優質服務的價值為核心，而非缺乏紀律的折扣競爭。

Moving to cable. We once again delivered positive Internet subscriber net additions, grew service revenue and EBITDA and delivered industry-leading margins. Cable service revenue and adjusted EBITDA were each up by 1% year-over-year, continuing the positive trend our team has delivered for several quarters now. Moreover, adjusting to exclude the impact of the December 2025 sale of our data center business, the organic growth for cable service revenue and adjusted EBITDA would have been plus 2% year-over-year.

接著談有線業務。我們再次實現網際網路用戶淨增為正、服務收入與EBITDA成長，並交出業界領先的利潤率。有線服務收入與經調整EBITDA皆年對年成長1%，延續團隊過去數季所帶來的正向趨勢。此外，若調整排除我們於2025年12月出售資料中心業務的影響，有線服務收入與經調整EBITDA的有機成長將為年對年增加2%。

Our cable adjusted EBITDA margin in the first quarter increased to 58%, up 30 basis points year-over-year, consistently among the very best cable margins globally. And finally, retail Internet net additions of 7,000 reflected positive loading in a seasonally quiet but highly competitive quarter.

第一季我們的有線經調整EBITDA利潤率提升至58%，年對年增加30個基點，持續位居全球最佳有線利潤率之列。最後，零售網際網路用戶淨增7,000名，反映在季節性淡季但競爭激烈的一季中仍呈現正向淨增。

Turning to Rogers Sports & Media. These assets continue to reflect their financial strength through revenue and adjusted EBITDA growth as well as through tremendous asset value as reflected in recent market transactions. Revenue in the quarter is up 82% year-over-year, primarily driven by the consolidation of MLSE. As well, higher subscriber revenue from the launch of the Warner Bros. discovery suite of channels has also contributed.

接著談Rogers Sports & Media。這些資產持續透過收入與經調整EBITDA成長展現其財務實力，同時也透過近期市場交易所反映的資產價值，顯示其龐大的資產價值。本季收入年對年成長82%，主要由於合併MLSE所帶動。此外，推出Warner Bros. Discovery頻道組合後帶來更高的訂戶收入，也有所貢獻。

The strong flow-through and mix of revenue resulted in breakeven adjusted EBITDA or a $63 million year-over-year improvement. Tony has already provided an update on the status of the monetization of our sports assets, so I will simply reiterate that we remain committed to unlocking the very substantial unrecognized value of our premier sports and media assets. We are targeting later this year to complete our repurchase of the remaining 25% minority interest in MLSE followed by plans to complete the recapitalization of our Sports & Media Group in late 2026 or early 2027 as we pursue minority equity investors. We intend to use the proceeds to further delever our balance sheet.

強勁的收入轉換率與收入組合，使經調整EBITDA達到損益兩平，或較去年同期改善6,300萬美元。Tony已就我們體育資產變現的進展提供更新，因此我僅重申：我們仍致力於釋放我們頂級體育與媒體資產中極為可觀、尚未被市場充分認可的價值。我們目標在今年稍晚完成回購MLSE剩餘25%的少數股權，之後計畫於2026年末或2027年初完成我們Sports & Media Group的資本重整，同時尋求少數股權投資人。我們擬將所得款項用於進一步降低資產負債表槓桿。

Turning to our consolidated results. Total service revenue was up 10% to $4.9 billion, and adjusted EBITDA was up 5% to $2.4 billion. Capital expenditures declined to $0.8 billion or down 17% and our capital intensity improved a remarkable 500 basis points to 14.7%. As a result, free cash flow in the quarter increased by $0.2 billion, up a very substantial 32% year-over-year.

接著看合併財務結果。總服務收入年對年成長10%至49億美元，經調整EBITDA年對年成長5%至24億美元。資本支出下降至8億美元，年對年減少17%；資本密集度顯著改善500個基點至14.7%。因此，本季自由現金流增加2億美元，年對年大幅成長32%。

Moving to our balance sheet. Our liquidity remains strong, and we continue to delever, moving leverage at March 31, to 3.8 times, down sequentially from 3.9 times at year-end. We had $6 billion of available liquidity at quarter end, reflecting $1.4 billion in cash and cash equivalents and $4.6 billion available under our bank and other credit facilities. During the quarter, we helped further strengthen our liquidity and balance sheet by issuing an aggregate $2.3 billion of additional subordinated notes. And finally, we have upgraded our 2026 guidance for both capital expenditures and free cash flow, which very substantially strengthens our balance sheet and further lowers our leverage for the coming years.

接著看資產負債表。我們的流動性仍然強勁，並持續去槓桿；截至3月31日的槓桿倍數降至3.8倍，較年末的3.9倍進一步下降。季末我們可用流動性為60億美元，其中包括14億美元的現金及約當現金，以及可動用的銀行與其他信貸額度46億美元。本季我們透過額外發行合計23億美元的次順位票據，進一步強化流動性與資產負債表。最後，我們已上調2026年資本支出與自由現金流的指引，這將大幅強化我們的資產負債表，並在未來幾年進一步降低槓桿。

For 2026, we are targeting capital expenditures between $2.5 billion and $2.7 billion or a reduction of roughly 30% versus 2025. With this reduction, we now anticipate our 2026 capital intensity will improve to approximately 12%, down from 17% in 2025. The change is reflective of Rogers approaching the end of a major capital investment period. Over the past three years, Rogers has invested approximately $12 billion in capital expenditures across Canada. These investments have primarily been focused on our wireless and wireline networks and IT infrastructure right here in Canada and puts Rogers' annual capital expenditures amongst the largest of any company in Canada.

針對2026年，我們目標資本支出介於25億至27億美元，較2025年約減少30%。隨著此一降低，我們預期2026年的資本密集度將改善至約12%，低於2025年的17%。此一變化反映Rogers正接近一段重大資本投資期的尾聲。過去三年，Rogers在加拿大的資本支出投資約120億美元。這些投資主要聚焦於我們在加拿大的無線與有線網路以及IT基礎設施，使Rogers的年度資本支出規模位居加拿大企業之列的前段班。

But to be clear, this reduction is also a reflection of the slower growth opportunities for revenue and adjusted EBITDA in the telecom sector, driven by aggressive discounting and a regulatory environment that is increasingly disincentivizes capital investments. With this reduction, the company now expects its 2026 free cash flow to be in the range of $4.1 billion to $4.3 billion or an increase of approximately $0.8 billion versus 2025. This additional cash flow will be used to further accelerate the company's delevering plans in 2026.

但需要說清楚的是，這項降低同時也反映電信產業在收入與經調整EBITDA方面的成長機會放緩，原因包括激進折扣競爭，以及一個日益降低資本投資誘因的監管環境。在此降低之下，公司目前預期2026年自由現金流將落在41億至43億美元區間，較2025年約增加8億美元。這些新增現金流將用於在2026年進一步加速公司的去槓桿計畫。

Importantly, we anticipate this lower level of CapEx spending will continue for the foreseeable future, driving substantially increased free cash flow and substantially lower debt and leverage levels. To better understand the anticipated impact from this lower capital intensity relative to the last few years, this change alone has the potential capacity to further reduce leverage by an additional 40 basis points to 50 basis points over the next four years, a critical driver given the low growth for the sector.

重要的是，我們預期這較低水準的資本支出（CapEx）在可預見的未來將會持續，進而帶動自由現金流大幅增加，並使債務與槓桿水準顯著下降。為了更好地理解相較於過去幾年較低資本強度所帶來的預期影響，僅此一項變化就可能在未來四年額外將槓桿再降低40至50個基點；在該產業成長偏低的情況下，這是一項關鍵驅動因素。

And as noted in our release, we are reaffirming our 2026 outlook ranges for total service revenue and adjusted EBITDA growth. Our disciplined execution in the first quarter and upgraded guidance for 2026 capital expenditures and free cash flow sets us up well going forward. Once again, our Rogers team has delivered strong results, including service revenue growth, margin expansion, capital expenditure reduction, free cash flow growth, subscriber loading and additional organic delevering, all while delivering Canada's largest and most reliable networks. I would like to thank our entire team of Rogers' employees for their efforts in driving these results in a very competitive environment.

此外，如同我們在新聞稿中所提到的，我們重申2026年總服務營收與調整後EBITDA成長的展望區間。我們在第一季的紀律性執行，以及上調的2026年資本支出與自由現金流指引，讓我們在未來具備良好基礎。再次強調，我們的Rogers團隊交出強勁成果，包括服務營收成長、利潤率擴張、資本支出降低、自由現金流成長、用戶淨增，以及額外的有機去槓桿，同時也持續提供加拿大最大且最可靠的網路。我想感謝Rogers全體員工在高度競爭的環境中，為推動這些成果所付出的努力。

I will now ask Galen to open the call for a Q&A session. Thank you very much.

接下來我將請Galen開放電話會議進入問答環節。非常感謝。

(Operator Instructions) Our first question is from Stephanie Price with CIBC. Please go ahead.

(接線員指示) 我們的第一個問題來自CIBC的Stephanie Price。請開始提問。

Hi, good morning. CapEx would like to come down by about 23% at the midpoint of your new guide. Can you just dig a little bit deeper into where the CapEx reductions are coming from and how you think about the competitive positioning here and any impact to that. And maybe as a follow-up, just the 12% implied CI. Is this the number you're targeting going forward beyond 2026 as well? Thank you.

嗨，早安。以你們新的指引中位數來看，資本支出（CapEx）似乎將下降約23%。能否再深入說明一下CapEx削減主要來自哪些方面，以及你們如何看待這對競爭定位的影響（若有的話）。另外作為追問，隱含的資本強度（CI）為12%。這是否也是你們在2026年之後仍將持續追求的目標水準？謝謝。

Thank you, Stephanie. On the -- where the reductions are coming from, it's really simply a reprioritization where we were looking to deliver projects in year or early in 2027. In some cases, we're looking to deliver those further out maybe by end of 2027 or into 2028 in cases where they are critical investments that spend envelope still allows ample room to look after our priorities and maintain our network leadership.

謝謝你，Stephanie。關於削減來源，基本上就是重新排序優先順序；我們原本計畫在今年或2027年初交付的專案，現在重新檢視。在某些情況下，我們會把交付時間往後延到可能是2027年底或進入2028年；若屬於關鍵投資，我們的支出額度仍然保留充足空間，以照顧我們的優先事項並維持網路領先地位。

And then on your second question in terms of do we expect to sustain this level? The quick answer is, yes, this is not a one and done. This is our new expected and anticipated run rate. I'm not guiding beyond 2026 with specific numbers, but you should expect to see this level of investment going forward. And that was why I clarified with the anticipated 40-point to 50-point improvement on leverage as we sustain this over the next 4 years or 5 years.

至於你的第二個問題，也就是我們是否預期能維持這個水準？簡短答案是：是的，這不是一次性的調整。這是我們新的預期與預估的常態化支出水準。我不會提供2026年以後的具體數字指引，但你應該預期未來會維持這樣的投資水準。這也是我為何要說明：當我們在未來4到5年維持這個水準時，槓桿可望改善40到50個基點。

Great thank you very much.

很好，非常感謝。

Thanks Stephanie.

謝謝你，Stephanie。

The next question is from Batya Levi with UBS. Please go ahead.

下一個問題來自UBS的Batya Levi。請開始提問。

A quick follow-up on the CapEx reductions. Is that more skewed in the wireless segment or cable? And can you give some examples of the projects that are pushed out to later '27, '28? And a question on broadband. Can you talk a little bit more about the competitive environment? Are you seeing any impact from satellite broadband? And how do you anticipate satellite to develop in Canada? Thank you.

關於CapEx削減我有個簡短追問。這比較偏向無線業務，還是有線（cable）業務？能否舉一些被延後到2027年下半年或2028年的專案例子？另外關於寬頻。能否多談一些競爭環境？你們是否看到衛星寬頻帶來任何影響？你們預期衛星在加拿大會如何發展？謝謝。

Thank you, Batya. On your first question, I won't give specifics. It is a general lengthening of the delivery schedule. Some projects that were to be delivered in '26, will continue to be delivered in '26, some that were on the docket will stretch from one quarters or two quarters out to potentially four quarters or six quarters. It will be spread across each of our networks, our IT and general capital expenditures.

謝謝你，Batya。關於第一個問題，我不會提供具體細節。這是整體交付時程的普遍拉長。有些原本要在2026年交付的專案仍會在2026年交付；有些原本排程中的專案，可能從延後一到兩個季度，拉長到可能四到六個季度。這會分布在我們各項網路、IT以及一般資本支出之中。

So we're looking to continue to invest in our priorities, but we're reprioritizing to get things done on a, more on an urgent or necessities basis as opposed to an available investment envelope in the year. So I think of it in that regard.

因此，我們仍會持續投資於優先事項，但我們會重新排序，讓事情更偏向以「急迫性或必要性」為基礎來完成，而不是以當年度可用的投資額度為基礎。我大致是這樣看待的。

In response to the second part of your question, Batya, on broadband, what we're seeing is the market continuing to mature in terms of willingness of the customer to look for value proposition that centers on reliable Internet and secure Internet. And we've been able to execute well in both urban as well as rural markets across the country, combined with the offering of our fixed wireless access or 5G HI home Internet seems to be working well, both in the consumer and as well, particularly in the small business segment.

回應你問題的第二部分，Batya，關於寬頻，我們看到市場在成熟：客戶更願意尋找以可靠網路與安全網路為核心的價值主張。我們在全國的都會與鄉村市場都執行得不錯；再加上我們的固定無線接取（FWA）或5G HI家用網路方案，無論在消費者端，或特別是在小型企業客群，都運作良好。

In terms of competition from satellite, we aren't seeing anything significant in terms of the change. It continues to be largely a rural play. And as you know, satellite has its limitations as well. And so as I said customers look for high speeds and a number of other factors in their Internet experience and TV viewing experience, it -- our product continues to be a very good competitive advantage over satellite.

至於來自衛星的競爭，我們沒有看到任何顯著的變化。它仍主要是鄉村市場的方案。而且如你所知，衛星本身也有其限制。因此，正如我所說，客戶在網路體驗與電視觀看體驗上會追求高速與其他多項因素；相較於衛星，我們的產品仍具備非常好的競爭優勢。

The next question is from Tim Casey with BMO. Please go ahead.

下一個問題來自BMO的Tim Casey。請開始提問。

Tony, with this cut in CapEx, inherent is there a recalibration of your assessment of the growth rate in wireless for Canada as a whole? I think in the past, you've talked about a 2% volume growth market on penetration and things like that. Just wondering how you're looking at the market now in the context of this CapEx cut?

Tony，隨著這次CapEx下調，是否意味著你們重新校準了對加拿大整體無線成長率的評估？我記得過去你們談過，基於滲透率等因素，市場有約2%的量成長。想請問在這次CapEx削減的背景下，你們現在如何看待市場？

Thanks for the question, Tim. We continue to see growth, organic growth in the 2% to 2.5% range. So our outlook on that hasn't changed. And that's largely or almost entirely I should say, as a result of penetration gains. And so that outlook for the year continues to be intact.

謝謝你的問題，Tim。我們仍然看到2%到2.5%區間的有機成長。因此我們對此的展望沒有改變。而這主要——或者我應該說幾乎完全——來自滲透率提升。所以今年的展望仍然維持不變。

As we look to the volumes in the first quarter, which, as I said in my opening remarks, traditionally has been a 10% loading quarter compared to the entire year. This quarter is going to be -- Q1, I should say, is going to be higher, but it was demand and penetration largely driven by, as I said, supply side pricing dynamics as opposed to the organic inertia of the market. So we still continue to see that growth.

再看第一季的量，如我在開場致詞中所說，傳統上第一季相較於全年通常約占10%的淨增。但今年這一季——我指的是Q1——會更高；不過這主要是需求與滲透率提升所帶動，而如我所說，更多是由供給端的定價動態所驅動，而非市場本身的有機慣性。因此我們仍然持續看到那樣的成長。

The flip side, though, is we have prolonged expectations now of ARPU growth in the sector, and for us as well. Post quarter end, we continue to see what we consider to be particularly in certain value segments, pricing, promotional pricing that seems to be irrational and below cost metrics by any measure. And when you look at margins and capital intensity and cash margins, we lead the industry. And so we have a good sense of what an efficient operation looks like, and we know the price points that are below cost.

不過另一方面，我們現在對產業（以及我們自身）的ARPU成長預期已延長。在季末之後，我們持續看到一些我們認為——特別是在某些價值型細分市場——的定價與促銷定價，按任何衡量標準看都屬於不理性且低於成本指標。而當你檢視利潤率、資本強度與現金利潤率時，我們在業界領先。因此我們很清楚高效率營運應該是什麼樣子，也知道哪些價格點位是低於成本的。

And so entry points, in our view, that are below a certain number, don't make long-term economic sense. And so now as we look to the rest of the year, our growth outlook on volume is offset by our declines that we're expecting for the industry, as I said, on ARPU.

因此在我們看來，低於某個門檻的切入點，從長期經濟角度並不合理。所以當我們展望今年剩餘時間時，我們在用量方面的成長展望，會被我們如我所說、預期產業在 ARPU 上的下滑所抵銷。

The only other thing I would add, Tim, is where we were anticipating some of our delevering to come from earnings growth, where the earnings growth is lessening. This allows us to grow free cash flow and replace what was going to come from earnings growth with applying cash to paying down debt, but it also reflects the regulatory environment and the competitive environment, as Tony has addressed that projects that make sense when you've got rising earnings and the ability to carry them make less sense for committing capital to them that take just a longer time to pay back. And so we're stretching those investments out over a longer time frame.

Tim，我唯一想補充的是，我們原本預期部分去槓桿會來自獲利成長，但目前獲利成長正在減弱。這讓我們能夠提升自由現金流，並以用現金償還債務來取代原本將由獲利成長帶來的部分；但這也反映了監管環境與競爭環境。正如 Tony 所提到的，在獲利上升且有能力承擔時看起來合理的專案，若要投入資本、且回收期更長，在目前情況下就變得不那麼合理。因此我們把這些投資拉長到更長的時間範圍內。

The next question is from Matthew Griffiths with Bank of America. Please go ahead.

下一個問題來自美國銀行（Bank of America）的 Matthew Griffiths。請繼續。

Hi good morning, thanks for taking the question. So sorry to stick on the CapEx. But the -- if the regulatory environment is contributing to investments generating a lower return going forward. I mean, is what we're seeing not a deferral? And is what we're seeing actually a cut? Because presumably, if that's the environment that we have been in and where the expectation is it will continue.

嗨，早安，謝謝讓我提問。抱歉我還是要追問資本支出（CapEx）。但如果監管環境正在導致未來投資產生較低的報酬。我的意思是，我們現在看到的難道不是延後嗎？而我們看到的其實是削減嗎？因為照理說，如果這就是我們一直所處的環境，而且預期會持續下去。

The returns aren't there. And I don't know -- and correct me if I'm wrong, if spreading the CapEx over 2 years versus 1 year, for instance, improves the return profile. So maybe you could just help me understand if there's -- you're hoping for some flexibility in the future to go from deferral to deferral? Or how -- I'm not sure I understand the messaging?

報酬並不存在。而且我不知道——如果我錯了請糾正我——例如把 CapEx 分攤到 2 年而不是 1 年，是否能改善報酬結構。所以也許你可以幫我理解一下，是否存在——你們是希望未來能有一些彈性，從一次延後再延後？或者說——我不太確定我理解你們傳達的訊息？

Okay. So I'll start with the messaging that this is not one and done. This is intended to be, and it is signaling that this will be our level of capital investment in '26 and the years beyond '26. So if we were to defer and cut '26, but just add on to going back to a $3.5 billion level of capital spend, you'd be right, a deferral doesn't save. This is an extending of the time frame for completing long-term projects.

好的。我先從訊息面開始：這不是一次性措施。這是有意為之，也是在釋放訊號：這將是我們在 2026 年以及 2026 年之後各年的資本投資水準。所以如果我們只是延後並削減 2026 年，但之後又回到 35 億美元的資本支出水準，那你說得對，延後並不會節省。這是把完成長期專案的時間框架拉長。

It is looking to reprioritize the general maintenance and upkeep to look after immediate demand and network priorities. And take a longer time to deliver some of the growth investing we were doing when candidly, between the regulatory pressures and the competitive pressures, the growth simply is not there right now.

這是在重新排序一般維護與保養的優先順序，以照顧眼前需求與網路優先事項。並且用更長時間交付我們先前在做的部分成長型投資；坦白說，在監管壓力與競爭壓力之下，成長目前就是不存在。

And so we will be delivering projects over, say, 4 years instead of 2.5 years or 3 years. We'll be lowering our capital spend for the foreseeable years to this level. So it's not coming back up to nullify what we're doing this year, Matt.

因此我們可能會用 4 年而不是 2.5 年或 3 年來交付專案。在可預見的未來幾年，我們會把資本支出降低到這個水準。所以它不會再回升來抵銷我們今年所做的事情，Matt。

I could add, Matt. The -- just to put a finer point on it, and Glenn mentioned it in response to the previous call. The deferral is one of three items that are contributing to the reduction in capital. First and foremost, there are projects we're just canceling. We don't see the economics in building in certain areas as a result of the dynamics that have been placed on us and the sector through regulatory policy.

Matt，我可以補充一下。——更精確地說，正如 Glenn 在回應上一通電話時提到的。延後只是造成資本下降的三個因素之一。首先也是最重要的，是有些專案我們直接取消。由於監管政策對我們以及整個產業／部門施加的動態影響，我們看不到在某些地區建設的經濟性。

The second is continued capital efficiency improvements. And the third is a deferral of some of the projects and pacing of some of the projects that are more in line with the revenue stream coming in.

第二，是持續的資本效率提升。第三，是將部分專案延後，以及調整部分專案的節奏，使其更符合進來的營收流。

The next question is from Jerome Dubreuil with Desjardins. Please go ahead.

下一個問題來自 Desjardins 的 Jerome Dubreuil。請繼續。

Hi, thanks for taking the question. Good to see the adjustment of the model to the current conditions. Kind of a similar question there, but I'm wondering if there's a signal there, that you're sending at the same time that you think the current situation that we're seeing in the market right now is a new normal, wondering if the CapEx reductions are a reflection of that?

嗨，謝謝讓我提問。很高興看到你們把營運模式調整到符合目前的狀況。有點類似的問題，但我想知道你們是否也在同時釋放一個訊號：你們認為目前市場上看到的情況是一種「新常態」；我想知道 CapEx 的下調是否反映了這一點？

Sure, I'll start. I don't think we're in a position to describe a new normal. We have our view of the value proposition that is going to resonate with customers in terms of what they're looking for. And the price points that we believe are value for the customers, both in consumer as well as in business. You would have seen yesterday us launch our new value proposition plans on our Rogers premium brand that focus on some of those value attributes, including true purely unlimited in our top-tier plans, things like satellite included and embedded in there, roaming, both U.S., Mexico and international included in some of the premium plans.

當然，我先回答。我不認為我們目前處於可以描述「新常態」的狀態。我們對價值主張有自己的看法：就客戶在尋找什麼而言，什麼會引起共鳴。以及我們認為對客戶有價值的價格點，無論是消費者端或企業端。你們昨天應該看到我們在 Rogers 高端品牌上推出新的價值主張方案，聚焦於其中一些價值屬性，包括在我們最高階方案中真正、純粹的無限用量，以及像是內含並整合的衛星服務、漫遊（包含美國、墨西哥及國際）等，這些在部分高端方案中都有包含。

So we listened to the customer and we put value propositions out there that we think are going to resonate. And when there's value, we know that consumers are willing to sign up and stay with us. Your question really relates to some of the thinking and outlook and strategies of the competitors and the competitive environment. And we can't speak to that, and we can speak to what our plans are. And we think there's continued value in what we provide to Canada.

所以我們傾聽客戶，並推出我們認為會引起共鳴的價值主張。而當有價值時，我們知道消費者願意申辦並留在我們這裡。你的問題其實更多是關於競爭對手的一些想法、展望與策略，以及競爭環境。我們無法替他們發言，但我們可以談我們的計畫。我們認為我們為加拿大所提供的服務仍然具有持續的價值。

The next question is from Maher Yaghi with Scotiabank. Please go ahead.

下一個問題來自豐業銀行（Scotiabank）的 Maher Yaghi。請繼續。

Hi, great thank you for taking my question. And I applaud you for the pivot that you're making on CapEx given the current environment you're in. So we -- our view here is that the current competitive environment that the industry is facing is the result of regulatory decisions that were made in the past. So my question to you is, what would you like to see in terms of regulatory decisions, especially the MVNO time frame of 2030, how confident or how -- what kind of messaging you would like to receive from the regulator to give you the confidence back to invest again in your network?

嗨，非常感謝讓我提問。也肯定你們在目前所處環境下，對 CapEx 所做的轉向。我們這邊的看法是，產業目前面臨的競爭環境，是過去監管決策所造成的結果。所以我想問的是，你們希望在監管決策方面看到什麼，特別是 MVNO 的 2030 年時間框架；你們有多有信心，或是——監管機關需要給你們什麼樣的訊息，才能讓你們重新有信心再投資你們的網路？

Maher, it's a very astute point and question that you have. We've been very consistent and clear in this industry, which is very capital intensive and requires risk capital, government policies that allow unfettered access at subsidized rates by anyone who wants to access the networks without any level of minimum investment for, let's say, the better part of a decade is just false economics that isn't going to work long term. And so we need policy that is going to continue to encourage investment, reward investment and incent companies like Rogers to continue to take risk to the benefit of consumers and Canadians.

Maher，你提出的觀點與問題非常敏銳。我們在這個高度資本密集、需要風險資本的產業中，一直都非常一致且清楚地表達：政府政策若允許任何想要使用網路的人，在幾乎不需要任何最低投資水準的情況下，以補貼費率不受限制地接取網路，持續例如將近十年，這就是錯誤的經濟學，長期不可能運作。因此我們需要能持續鼓勵投資、回報投資，並激勵像 Rogers 這樣的公司持續承擔風險、以造福消費者與加拿大人的政策。

An affordability agenda that's based on false economics of subsidization, never last a long time. We've seen that play out in different parts of the world. And so we need policies, as I said, that are focused on what the true cost of investments are, and require industry players to make meaningful investments and put capital at risk. And that's what we believe true fair competition is based on.

以補貼這種錯誤經濟學為基礎的可負擔性議程，從來不會維持太久。我們已經在世界不同地區看到這樣的結果。因此我們需要如我所說、聚焦於投資真實成本的政策，並要求產業參與者做出有意義的投資、讓資本承擔風險。而這就是我們所相信的真正公平競爭所建立的基礎。

The only other thing I would add, Maher, is that to be clear, we continue to invest in our networks at these new levels, a $2.5 billion level of investment is not a shy level of investment, and it reflects meeting our priorities for continuing to deliver the country's best networks and most reliable networks in wireless and wireline.

我想補充的唯一另一點，Maher，是為了說清楚，我們會在這些新的水準上持續投資於我們的網路；25億美元的投資規模並不小，而且這反映了我們的優先事項：持續提供全國最佳、最可靠的無線與有線網路。

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

Galen，我們還有時間再問兩個問題，請。

The next question is from David McFadgen with Cormark Securities. Please go ahead.

下一個問題來自Cormark Securities的David McFadgen。請開始。

Hi, great thank you for taking my question. So I think you said earlier that you expect when you combine the Jays with 100%, you expect to realize the value of $25 billion. I just want to confirm that. And if so, what assurance can you give the investment community on that number because that's obviously a very big number, right? Stock is definitely not reflecting anything like that.

嗨，非常感謝讓我提問。我想你先前提到，當你把Jays與100%合併後，你預期能實現250億美元的價值。我只是想確認一下。如果是的話，你能對投資社群就這個數字提供什麼保證？因為這顯然是一個非常大的數字，對吧？股價顯然完全沒有反映出類似的價值。

Thank you for the question, David. Let me start with the second part, which is absolutely the value is not captured in our share valuation today. And that's why we're embarking on steps to consolidate and surface that value. And we've been clear all along on how we intend to do that. Clearly, the major step is bringing in the external investors that we've talked about.

謝謝你的問題，David。我先從第二部分開始：確實，這個價值目前並未反映在我們今天的股價估值中。這也是為什麼我們正著手採取措施來整合並讓這個價值浮現。而且我們一路以來都很清楚我們打算如何做到這點。顯然，主要的一步就是引入我們談到的外部投資人。

In terms of the valuations of how we come up with that, it's largely based on publicly available information. It starts with the sports teams. And if you were to look at Forbes Sportico as markers that are out there, they're not the definitive determination of value as we saw in some recent transactions that have traded at a premium to Forbes and Sportico valuations. There's a pretty good mark in the industry, and we've been conservative and our $25 billion number takes current Forbes and Sportico valuations. We also look at the valuation of some of our businesses, including live entertainment or the concert business as well as our current media assets that include Sportsnet and Sportsnet+.

至於估值以及我們如何得出該數字，主要是基於公開可得的資訊。首先從運動球隊開始。如果你看Forbes、Sportico等外部指標，它們並非價值的最終定論；正如我們在近期一些交易中看到的，成交價格曾高於Forbes與Sportico的估值。但它們在產業中是相當不錯的參考基準；我們採取保守作法，我們的250億美元數字採用目前Forbes與Sportico的估值。我們也會看我們部分業務的估值，包括現場娛樂或演唱會業務，以及我們目前的媒體資產，包含Sportsnet與Sportsnet+。

When you look at our streaming services and sports as an example, it continues to grow at double digits and streaming valuations, particularly in the sports context continue to have a significant value premium to them. And so it's a combination of all of those assets that we believe conservatively puts a value there at the $25 billion mark.

以我們的串流服務與體育內容為例，它仍以雙位數成長；而串流估值，特別是在體育情境下，持續享有顯著的估值溢價。因此，綜合所有這些資產，我們相信以保守角度來看，其價值可達250億美元的水準。

Thank you David. Galen, our last question, please.

謝謝你，David。Galen，請進行我們最後一個問題。

Our last question is from Vince Valentini with TD Cowen.

我們最後一個問題來自TD Cowen的Vince Valentini。

Hi, thanks very much. First, a clarification, with that much reduction in CapEx, there must be some capitalized labor that's going? Or do you expect a big round of restructuring costs this year, Glenn, to get at that much CapEx reduction? And then a broader question, same theme is the last one. Look, every -- you noted these recent transactions, Tony, every time we see a transaction, it keeps going higher and higher every time come out, it goes higher and higher. If you wait longer, you'll get even more for these sports team seems like a logical conclusion.

嗨，非常感謝。首先澄清一下：資本支出（CapEx）減少這麼多，應該會有一些資本化的人力成本被移除吧？或者，Glenn，你是否預期今年會有一大輪重整成本，才能達到這麼大的CapEx削減？然後是一個更廣泛的問題，主題跟上一題相同。你提到這些近期交易，Tony，每次我們看到一筆交易，價格就一次比一次更高、一次比一次更高。如果你等更久，這些運動球隊似乎就能賣得更高，這看起來是合乎邏輯的結論。

If you're cutting CapEx this much and your free cash flow is going to pay down so much debt, is it possible that you have the luxury to wait an extra 12 months or 24 months versus what you keep communicating? Is it a transaction later this year and do even better for your shareholders by waiting?

如果你把CapEx砍這麼多，而你的自由現金流又將用來償還這麼多債務，你是否有餘裕再多等12個月或24個月，而不是像你們一直溝通的那樣？你們說是今年稍晚就做交易；若等待，是否可能為股東做得更好？

So Vince, I'm going to choose to take that second part as a test. We remain committed to surfacing the value in the Sports & Media assets and to recapitalize. And we've said for some time, we don't need to own 100% of these assets. We do absolutely like the prospect for future growth in the assets. But a key part of this transaction is to surface the value in those assets that currently are not part of the RCI share price. And that is only done through that transaction. And so we remain committed to that, and you heard my expectations around the timeline for it.

Vince，我會選擇把你第二部分當作一個測試來回答。我們仍致力於讓體育與媒體資產的價值浮現並進行資本重整（recapitalize）。而且我們已經說了一段時間，我們不需要100%持有這些資產。我們確實非常看好這些資產未來的成長前景。但這筆交易的一個關鍵部分，是讓這些目前尚未反映在RCI股價中的資產價值浮現。而這只能透過那筆交易來完成。因此我們仍然承諾推進此事，你也聽到我對其時程的預期。

The growth in the values is reflected. We saw a recent transaction with the San Diego Padres for I think the value was USD3.8 billion. If I contrast that with the Toronto Blue Jays, they -- we have one of the best stadiums to play out of in the league. The Blue Jays were the only true national franchise in the league. We have tremendous attendance, tremendous viewership on Sportsnet, which is part of the asset pool.

價值的成長是有反映出來的。我們看到近期一筆聖地牙哥教士隊（San Diego Padres）的交易，我想估值是38億美元。如果我把這與多倫多藍鳥隊（Toronto Blue Jays）相比——我們擁有聯盟中最好的球場之一。藍鳥隊是聯盟中唯一真正的全國性球隊。我們有非常可觀的進場人數，以及在Sportsnet上的龐大收視，而Sportsnet也是資產組合的一部分。

When I look at some of the transactions that are out there and contrast them to what we hold and the fact that we have all of the major sports franchises in one entity, I'm going to stop quickly because it sounds like a commercial here. But there is nobody else that can touch this breadth of assets. This degree of vertical integration and leading assets in each of the categories.

當我看一些市場上的交易，並與我們持有的資產對照，再加上我們把所有主要運動特許經營權都集中在同一個實體之下——我先快速打住，因為聽起來像在打廣告。但沒有任何其他人能匹敵這樣廣度的資產。這種程度的垂直整合，以及在各個類別中都擁有領先資產。

And so we are very enthusiastic about ongoing growth prospects. We're also very enthusiastic about the way we expect the investment to be received. Oh, on the restructuring costs, sorry, I do expect there to be some restructuring costs not only related to some of the reduction in capital spend, I expect that will be some but a minor element of it. And then I expect there to be some restructuring costs from the synergies we'll look to drive across the MLSE and Sports & Media transaction.

因此，我們對持續的成長前景非常樂觀。我們也非常看好我們預期投資將會如何被市場接受。喔，關於重整成本，抱歉——我確實預期會有一些重整成本，不僅與部分資本支出削減相關；我預期會有一些，但只會是其中較小的一部分。此外，我也預期會有一些重整成本，來自我們將在MLSE與體育與媒體交易中推動的協同效益。

Many of the savings we're looking for, frankly, is through reduction in third-party supplier costs, both lowering the extent to which we are engaging them, but also looking to drive some better margins and efficiencies on those contracts. That we're able to accomplish, I expect, without incurring restructuring costs on them. So there will be a bit of a mix across each of those elements, not all of which are going to hit restructuring. But there will be some additional restructuring charges to come in the year.

坦白說，我們尋求的許多節省，來自降低第三方供應商成本：一方面降低我們聘用他們的程度，另一方面也在這些合約上爭取更好的利潤率與效率。我預期我們能做到這點，而不需要因此產生重整成本。所以在各個要素之間會有一些組合，不是所有項目都會計入重整。但今年仍會有一些額外的重整費用。

Thank you, Vince, and thank you for joining us on the call today. If there's any follow-up, please feel free to reach out to the IR team. Thank you.

謝謝你，Vince，也謝謝各位今天參與我們的電話會議。如果有任何後續問題，請隨時聯繫投資人關係（IR）團隊。謝謝。

This brings to our close 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。各位可以掛線。感謝參與，祝各位有美好的一天。