Shenandoah Telecommunications Co (SHEN) 2024 Q3 法說會逐字稿

Good morning, everyone. Welcome to Shenandoah Telecommunications Co third quarter, 2024 earnings conference call. (Operator Instructions). I would like to turn the conference over to Mr. Kirk Andrews, Director of Financial Planning and Analysis.

大家早安。歡迎參加 Shenandoah Telecommunications Co 2024 年第三季財報電話會議。（操作員指令）。我想將會議交給財務規劃和分析總監柯克·安德魯斯先生。

Good morning. And thank you for joining us. The purpose of today's call is to review Shenandoah Telecommunications Co results for the third quarter. 2024 our results were announced in a press release distributed this morning and the presentation we'll be reviewing is included on the investor page at our www.shentel.com website.

早安.感謝您的加入我們。今天電話會議的目的是回顧 Shenandoah Telecommunications Co 第三季的表現。 2024 我們的業績已在今天早上發布的新聞稿中公佈，我們將要審查的簡報包含在我們的 www.shentel.com 網站的投資者頁面上。

Please note that an audio replay of this call will be made available later today.

請注意，本次通話的音訊回放將於今天稍後提供。

The details are set forth in the press release. Announcing this call with us on the call today are Christopher French, President and Chief Executive Officer, Edward McKay, executive Vice President and Chief Operating Officer, James Volk, senior Vice President of Finance and CFO after our prepared remarks, we will conduct a question and answer session.

詳細資訊已在新聞稿中說明。今天與我們一起宣布此次電話會議的還有總裁兼執行長 Christopher French、執行副總裁兼營運長 Edward McKay、財務高級副總裁兼財務長 James Volk，在我們發表準備好的發言後，我們將進行問答環節。

As always, let me refer you to slide 2 of the presentation which contains our safe harbor disclaimer and remind you that this conference call may include forward-looking statements, subject to certain risks and uncertainties. These may cause our actual results to differ materially from the statements.

像往常一樣，請允許我向您介紹簡報的第 2 張投影片，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包含前瞻性陳述，受一定風險和不確定性的影響。這些可能會導致我們的實際結果與陳述有重大差異。

Therefore, we have provided a detailed discussion of various risk factors in our sec filings which you are encouraged to review. You are cautioned not to place undue reliance on these forward-looking statements except as required by law. We undertake no obligation to publicly update or revise any forward-looking statements. And with that, I will now turn the call over to Chris. Go ahead, Chris.

因此，我們在證券交易委員會文件中詳細討論了各種風險因素，並鼓勵您查看。請注意，除非法律要求，否則不要過度依賴這些前瞻性陳述。我們不承擔公開更新或修改任何前瞻性聲明的義務。現在，我將電話轉給克里斯。繼續吧，克里斯。

Thanks Kirk Andrews. We appreciate everyone joining us this morning and hope everyone is well, I will start my comments with an update on our horizon integration on slide 4.

感謝柯克·安德魯斯。我們感謝大家今天早上加入我們，希望大家一切安好，我將從幻燈片 4 上關於我們 Horizo​​n 整合的最新情況開始我的評論。

We've made significant progress during our seven months of ownership, we launched the Glo Fiber brand in Ohio and implemented leadership changes in the second quarter.

我們在擁有的七個月內取得了重大進展，我們在俄亥俄州推出了 Glo Fiber 品牌，並在第二季度實施了領導層變動。

Most recently, we successfully completed four of the six back office system integrations including the billing system conversion, which was the most complex of the six systems to convert.

最近，我們成功完成了六個後台系統中的四個，其中包括計費系統轉換，這是六個系統中最複雜的轉換。

Work is well underway for the year and payroll conversions which we expect to complete by January 2025.

本年度的工作和薪資轉換工作正在順利進行中，我們預計將於 2025 年 1 月完成。

We've also integrated the commercial sales teams with one team now serving our carrier and wholesale customers for the combined company.

我們也整合了商業銷售團隊，現在一個團隊為合併後的公司提供營運商和批發客戶服務。

We believe this change will provide upside in our sales bookings as we can provide more on net solutions.

我們相信，由於我們可以提供更多的網路解決方案，這項變更將為我們的銷售訂單帶來上升空間。

The former horizon customer care team has migrated over to the Shinto platform, providing better efficiencies and enhanced tools to provide a quality customer experience.

先前的 Horizo​​n 客戶服務團隊已遷移到 Shinto 平台，提供更好的效率和增強的工具，以提供優質的客戶體驗。

We've also aligned our compensation and benefit programs to start in January 2025.

我們也調整了薪資和福利計劃，將於 2025 年 1 月開始實施。

We now have a clear line of sight to realize our synergy savings and have upsized our target savings to $11 million.

現在，我們對實現協同效應節約有了清晰的認識，並已將節省目標提高到 1,100 萬美元。

We expect the second quarter of 2025 will be the first quarter. When all the synergy savings will be realized, I'll now turn to slide 5 to give an update on our strategy execution.

我們預計 2025 年第二季將是第一季。當所有協同效應節約都實現時，我現在將轉到投影片 5 來介紹我們策略執行的最新情況。

We ended the second quarter with approximately 320,000 Glo fiber passings we constructed and released to sales 101,000 new passings over the past year. In addition to 15,500 passings we acquired with the Ryzen transaction, this gives a 58% growth rate from a year ago.

截止第二季度，我們共生產了約 32 萬條 Glo 光纖電纜，並在過去一年中向市場銷售了 101,000 條新電纜。加上我們透過 Ryzen 交易獲得的 15,500 台銷量，比去年同期增長了 58%。

As of the end of September, we have over 59,000 Glo fiber customers also representing a 58% year over year growth rate.

截至 9 月底，我們擁有超過 59,000 名 Glo 光纖客戶，年成長率達 58%。

We have a record quarter with 6,000 net subscriber editions and good sales momentum has continued into the fourth quarter.

我們本季的淨訂閱版本數量達到 6,000 份，創下了紀錄，並且良好的銷售勢頭一直延續到第四季度。

With that, I'll now turn the call over to James to review the details of our financial results.

說完這些，我現在將電話轉給詹姆斯，讓他來審查我們的財務結果的詳細資訊。

Thank you, Chris and good morning. I'll start on slide 7 for our financial results for the third quarter revenue grew 30% to $87.6 million in the third quarter. 2024 the former horizon markets contributed $16.9 million of revenue excluding the former horizon markets revenue grew $3.3 million or 4.9%. Over the same period. A year ago, we had another record quarter for Glo fiber with third quarter revenue of $15.1 million.

謝謝你，克里斯，早安。我將從第 7 張投影片開始介紹我們第三季的財務表現：第三季營收成長 30%，達到 8,760 萬美元。 2024年前地平線市場貢獻了1,690萬美元的收入，不包括前地平線市場的收入成長了330萬美元，即4.9%。在同一時期。一年前，Glo Fiber 第三季營收再創紀錄，達 1,510 萬美元。

The globe fiber Legacy markets grew revenue subscribers and upto by 56%, 54% and 7% respectively.

全球光纖傳統市場收入用戶數和成長率分別達到 56%、54% 和 7%。

The legacy quote fiber revenue growth of $5.3 million was partially offset by declines in commercial and incumbent broadband markets revenue, commercial revenue declined $1.5 million due to the expected decline in T-Mobile revenue.

傳統光纖收入成長 530 萬美元，但被商業和現有寬頻市場收入的下降部分抵消，商業收入下降 150 萬美元是由於 T-Mobile 收入預計下降。

As reported throughout 2023 T-Mobile disconnected backhaul circuits as part of the Decommissioning of the former Sprint network. The revenue declines reflect a full period of these disconnects and a reduction in related early termination fees.

據報道，2023 年，T-Mobile 作為前 Sprint 網路退役的一部分斷開了回程電路。收入下降反映了整個斷線期間以及相關提前終止費用的減少。

Incumbent broadband markets revenue declined $1.3 million due to lower video and installation revenue.

由於視訊和安裝收入下降，現有寬頻市場收入下降了 130 萬美元。

Incumbent broadband data revenue was flat with the same period in 2023 as ARPU growth offset the 1% decline in data RGUs adjusted EBITA grew 31% to $26.6 million in the third quarter. 2024. The former horizon markets contributed $4.7 million of adjusted EBIDA excluding the former horizon markets adjusted. The doc grew 8% from the same period a year ago.

現有寬頻數據收入與 2023 年同期持平，因為 ARPU 成長抵消了數據 RGUs 1% 的下降，調整後的 EBITA 在第三季度增長 31% 至 2,660 萬美元。2024年。前地平線市場貢獻了 470 萬美元的調整後 EBIDA（不包括前地平線市場的調整）。該文件比去年同期增長了 8%。

The slower than usual growth and adjusted EBITA was due to was due primarily to the expected decline in T-Mobile revenue adjusted EBITA margin increased from 27% in the second quarter, 2024 to 30% in the third quarter, 2024 driven by globe fiber revenue growth and the horizon synergy savings beginning to be realized, we expect margins to improve in future quarters with continued growth in globe fiber revenue.

成長和調整後 EBITA 低於平常主要是由於 T-Mobile 收入預計下降，調整後 EBITA 利潤率從 2024 年第二季度的 27% 增加到 2024 年第三季度的 30%，這得益於全球光纖收入增長和地平線協同效應節省開始實現，我們預計未來幾個季度的收入增長而隨著全球光纖增長而持續提高。

And as we realize the full $11 million in target expense synergies, I'd now like to update you on our liquidity and that positions on slide. Eight liquidity was $473 million on September 30th including $43 million in cash, $175 million in available delayed draw term loans. $143 million in available revolver capacity and $112 million in remaining reimbursements available under government grants.

當我們實現全部 1,100 萬美元的目標費用綜效時，我現在想向您通報我們的流動性和下滑狀況。截至 9 月 30 日，八家公司的流動資金為 4.73 億美元，其中包括 4,300 萬美元現金和 1.75 億美元可用延期提取定期貸款。可用的循環信用額度為 1.43 億美元，剩餘的政府補助補償金額為 1.12 億美元。

As previously disclosed, we have been awarded $143 million in government grants to expand our broadband network to unserved homes and upgrade parts of our middle mile network.

如前所述，我們已獲得 1.43 億美元的政府撥款，用於將我們的寬頻網路擴展至未服務的家庭，並升級我們的中間一英里網路的部分內容。

We have collected $31 million to grant funds to date and expect to collect the remaining when we complete these projects over the next two years.

迄今為止，我們已籌集 3100 萬美元的贈款資金，並預計在未來兩年內完成這些項目時將籌集到剩餘的資金。

At the end of the third quarter, we had $345 million of outstanding debt. The first major maturity is June 2026.

截至第三季末，我們的未償還債務為 3.45 億美元。第一個主要到期日是 2026 年 6 月。

Our net leverage ratio based on our annualized third quarter, 2024 adjusted EBITA is 2.8 times for bank loan purposes. That leverage is approximately 2.6 times when you consider avas for expected synergies and Glo Fiber market losses.

根據我們 2024 年第三季的年度調整後 EBITA，我們的淨槓桿率為銀行貸款的 2.8 倍。如果考慮預期協同效應和 Glo Fiber 市場損失，則該槓桿率約為 2.6 倍。

And now I'll turn the call over to Edward.

現在我將電話轉給愛德華。

Thank you, James and Good morning. I'll start on slide 10 with our integrated broadband network. We are currently constructing fiber in 28 markets and quickly evolving into a fiber dominant network provider.

謝謝你，詹姆斯，早安。我將從第 10 張投影片開始介紹我們的綜合寬頻網路。我們目前正在 28 個市場建立光纖，並迅速發展成為以光纖為主的網路供應商。

We now pass approximately 554,000 homes and businesses with broadband services and approximately 59% of these passings are served via fiber in our Greenfield Glo Fiber expansion markets or as part of government subsidized projects to bring broadband to unserved areas.

我們目前為約 554,000 個家庭和企業提供寬頻服務，其中約 59% 是透過 Greenfield Glo Fiber 擴展市場的光纖提供的，或作為政府補貼計畫的一部分，將寬頻帶到未服務地區。

In the third quarter, our engineering and construction teams added over 300 route miles of fiber and our extensive regional fiber optic network now consists of approximately 16,400 fiber route miles slide. 11 provides additional details on our fiber construction metrics.

第三季度，我們的工程和施工團隊增加了超過 300 英里的光纖路由，我們廣泛的區域光纖網路現在由大約 16,400 英里的光纖路由組成。 11 提供了有關我們的光纖結構指標的更多詳細資訊。

We added approximately 24,000 new fiber passings in the third quarter. Improving our construction pace by nearly 18%. Over the third quarter of 2023 we now pass approximately 326,000 homes and businesses with fiber including nearly 16,000 former Horizon Greenfield markets and over 6,000 in government subsidized areas that were previously unserved.

我們在第三季增加了約 24,000 個新光纖傳輸量。施工進度加快近18%。到 2023 年第三季度，我們的光纖已覆蓋約 326,000 戶家庭和企業，其中包括近 16,000 個前 Horizo​​n Greenfield 市場和超過 6,000 個以前未提供服務的政府補貼地區。

Our construction pipeline remains robust with 337,000 additional passings in various stages of engineering permitting and construction including 51,000 new passings in former Horizon markets.

我們的在建工程管道依然強勁，在工程許可和建設的各個階段新增了 337,000 個項目通過，其中包括在前 Horizo​​​​n 市場新增的 51,000 個項目通過。

As we ramp up construction and Glo Fiber expansion markets, we continue to see strong customer growth as shown on slide 12.

隨著我們加強建築業和 Glo Fiber 擴張市場的力度，我們繼續看到強勁的客戶成長，如幻燈片 12 所示。

As Chris mentioned, we had a record quarter for sales adding approximately 6,000 net customers and reaching over 59,000 total customers. At the end of the third quarter, our total number of data, video and voice revenue generating units reach 71,000 at the end of the quarter. Up approximately 55% year over year.

正如克里斯所提到的，我們這個季度的銷售創下了歷史新高，淨客戶數增加約 6,000 名，總客戶數達到 59,000 多名。截至第三季末，我們的數據、視訊和語音收入產生單元總數在本季末達到71,000個。年增約55%。

The broadband data penetration rate in our Glo Fiberexpansion markets remain constant year over year at 18.5%. As we constructed more than 101,000 new passings. Over the past 12 months, our broadband data average revenue per user increased 6% year over year due to a combination of rate adjustments, additional equipment revenue and customers selecting higher speed tiers in the third quarter.

我們的 Glo Fiber 擴展市場的寬頻數據普及率比去年同期保持不變，為 18.5%。我們建造了超過 101,000 座新橋樑。在過去的 12 個月中，由於費率調整、額外設備收入以及第三季客戶選擇更高速度等級等因素，我們的每用戶寬頻數據平均收入同比增長了 6%。

Over 45% of our residential subscribers adopted speed tiers of one gig or higher including 4% that took speeds of two gig or higher.

超過 45％ 的住宅用戶採用了 1Gb 或更高的速度等級，其中 4％ 的用戶採用了 2Gb 或更高的速度。

Our broadband data churn for the third quarter was 1.17% with former affordable connectivity program customers accounting for about six basis points of churn.

我們第三季的寬頻資料流失率為 1.17%，其中先前的平價連線計畫客戶約佔流失率的 6 個基點。

Our turn to competitors remain extremely low and consistent with the previous year.

我們轉向競爭對手的比例仍然極低，與前一年一致。

On slide 13, we've updated our data penetration rates as markets mature and we continue to increase penetration rates across all cohorts first year after launching the Glo Fiber market, we continue to see typical data penetration rates of approximately 17%. And after three years, penetration rates typically exceed 25%.

在投影片 13 上，我們隨著市場成熟更新了我們的數據滲透率，並且在推出 Glo Fiber 市場的第一年，我們繼續提高所有群體的滲透率，我們繼續看到典型的數據滲透率約為 17%。三年後，滲透率一般會超過25%。

We also continue to expect to reach average terminal penetration rates of about 37%. 5 to 6 years after launching service in a new area, our oldest cohort launched in late 2019 now has reached 40% penetration. And cohorts launched in 2020 are quickly approaching our terminal penetration target.

我們也繼續預期平均終端滲透率將達到37%左右。我們在新的地區推出服務 5 至 6 年後，於 2019 年底推出的最老的客戶群現已達到 40% 的滲透率。2020 年推出的群組正迅速接近我們的終端滲透目標。

Moving on to slide. 14, we show our operating results for our incumbent broadband markets.

繼續幻燈片。 14，我們展示了我們現有寬頻市場的經營績效。

These metrics cover our shentel incumbent cable markets and former Horizon telephone markets with fiber to the home passings broadband data subscribers increased slightly year over year to over 111,000.

這些指標涵蓋了我們現有的 Shentel 有線電視市場和前 Horizo​​​​n 電話市場，其中光纖到戶的寬頻數據用戶數量比去年同期略有增加，達到 111,000 多人。

Driven by the acquisition of approximately 3,000 broadband data customers from horizon total data, voice and video revenue generating units declined slightly year over year to approximately 185,000 with RTUS acquired from Horizon partially offsetting losses in Chantelle and cable markets for the third quarter.

受從 Horizo​​​​n 總數據收購約 3,000 個寬頻數據客戶的推動，語音和視訊收入產生單位同比略有下降至約 185,000 個，從 Horizo​​​​n 收購的 RTUS 部分抵消了第三季度 Chantelle 和有線電視市場的損失。

Broadband data subscribers remained flat despite the impact from the end of the affordable connectivity program data churn for the third quarter was 1.67% and former ACP customers accounted for 12 basis points of the churn.

儘管受到平價連線計畫結束的影響，寬頻數據用戶數量仍保持平穩，第三季數據流失率為 1.67%，而前 ACP 客戶佔流失率的 12 個基點。

Approximately 80% of former ACP customers remain as customers today. We believe ACP chart has peaked and we expect minimal impact for the remainder of the year even with the ACP impact. We are pleased with the seven basis point year over year improvement in churn in the third quarter, our new rate cards giving customers more value and higher speeds for the same price have been effective in mitigating churn.

大約 80% 的前 ACP 客戶至今仍是其客戶。我們相信 ACP 圖表已達到頂峰，並且我們預計即使受到 ACP 的影響，今年剩餘時間的影響也將很小。我們很高興看到第三季客戶流失率較去年同期提高了 7 個基點，我們的新費率表以相同的價格為客戶提供了更高的價值和更高的速度，有效地減少了客戶流失。

And we initiated additional customer speed rolls at the end of October despite competitive pressure in portions of some incumbent markets, broadband data up to increased by 2.9% year over year to more than $84 due to a combination of rate adjustments and customers selecting higher speed tiers.

儘管部分現有市場面臨競爭壓力，但我們仍於 10 月底啟動了額外的客戶速度調整，由於費率調整和客戶選擇更高速度等級，寬頻數據價格同比增長 2.9%，達到 84 美元以上。

Our overall broadband data penetration decreased to 47.5% at the end of the third quarter. With penetration rates of 49.2% in the Chantelle incumbent cable markets and 22.4% in former horizon incumbent telephone markets.

截至第三季末，我們的整體寬頻數據普及率下降至47.5%。在 Chantelle 現有有線電視市場的滲透率為 49.2%，在前 Horizo​​​​n 現有電話市場的滲透率為 22.4%。

We continue to believe there's upside in the former horizon markets to improve penetration and gain parity with the cable provider.

我們仍然相信，前者市場具有上升空間，可以提高滲透率並與有線電視供應商平起平坐。

Over the past year, we also constructed nearly 6,000 new fiber passings as part of government grant projects in unserved areas of our incumbent cable markets. And after launching data services in a new area, we typically see penetration rates of approximately 38% after 12 months and 50% after 18 months.

在過去的一年裡，我們也作為政府補助計畫的一部分，在現有有線電視市場尚未服務的地區建造了近 6,000 條新光纖通道。在一個新地區推出數據服務後，我們通常會發現 12 個月後的滲透率約為 38%，18 個月後的滲透率約為 50%。

As we make progress toward our goal of 28,000 government subsidized fiber passings over the next few years. We see significant customer growth opportunities in these unserved areas.

我們正朝著未來幾年內政府補貼 28,000 光纖通行的目標邁進。我們看到這些尚未服務的地區存在著巨大的客戶成長機會。

Our commercial fiber business is highlighted on slide 15.

第 15 頁重點介紹了我們的商業光纖業務。

The addition of the former horizon markets grows significant increases in both new sales bookings and installations of new monthly revenue.

前地平線市場的加入使新銷售訂單和新月收入的安裝量都顯著增加。

In the third quarter, we booked new sales totaling 132,000 in monthly revenue up over 75% year over year. And our service delivery team installed new monthly revenue of approximately 235,000. Up more than 140% year over year.

第三季度，我們實現新銷售額132,000，月收入年增75％以上。我們的服務交付團隊每月新增收入約 235,000 美元。年成長超過140%。

We finished the quarter with an installation backlog of 598,000 in monthly revenue excluding the impact of the Tmobile network rationalization that Jim discussed earlier monthly churn and compression remained very low at 0.5% for the third quarter.

本季結束時，我們的月安裝積壓量為 598,000，除去 Jim 之前討論過的 Tmobile 網路合理化的影響，第三季的月流失率和壓縮率仍然保持在非常低的 0.5% 水平。

Our year-to-date capital spending and four year guidance for 2024 are shown on slide. 16 total capital investments to the end of the third quarter totaled approximately $226 million including approximately $140 million for Glo Fiber expansion and $36 million for government subsidized projects in unserved areas adjacent to our incumbent cable markets.

幻燈片中展示了我們年初至今的資本支出和 2024 年四年指引。截至第三季末，16 項總資本投資總計約 2.26 億美元，其中包括約 1.4 億美元用於 Glo Fiber 擴建，以及 3,600 萬美元用於我們現有有線電視市場附近未服務地區的政府補貼計畫。

We expect approximately 50% of our capital expenditures for these grant projects to be reimbursed.

我們預計這些資助項目的資本支出約有 50% 將獲得償還。

We plan to finish the year with capital investments in the 293 to $325 million range in line with our previous guidance.

我們計劃在今年年底完成 2.93 億至 3.25 億美元的資本投資，符合我們先前的指導。

Thank you very much and operator. We're now ready for questions.

非常感謝，接線生。我們現在準備好回答問題了。

Thank you.

謝謝。

We will now begin the question and answer. Session. (Operator Instructions)

我們現在開始問答。會議。（操作員指令）

Rob Parmesan, Raymond James.

羅伯·帕爾馬森、雷蒙德·詹姆斯。

Hey guys, good morning. So have you seen any uptick in activity from Verizon in particular? But really any other competitors in your markets? And also separately, some states have been putting the funding out for bid anything in your territory that looks attractive and any meaningful amounts off or you know, territories that you might be bidding on. Thank you.

嘿，大家早安。那麼，您是否看到 Verizon 的活動增加？但你們的市場中真的還有其他競爭對手嗎？另外，一些州一直在為您所在領土內任何看起來有吸引力的東西提供資金，或者為您可能正在競標的領土提供任何有意義的金額。謝謝。

And Rob, this is it. I'll take that one. So as far as the Verizon question, we have not seen any significant new Verizon activity as far as your fiber bills in our markets.

羅布，就是這樣。我要那個。就 Verizon 的問題而言，就我們市場上的光纖帳單而言，我們尚未看到 Verizon 有任何重大的新活動。

As far as the, the question, we do see some opportunities in our incumbent telephone footprint areas, but those opportunities we don't feel are nearly as big as the opportunities where we've already received grants through the American Rescue Plan Act funds. So we're looking to be closely but some opportunity, but it's going to be a modest opportunity for us.

就這個問題而言，我們確實在現有的電話覆蓋領域看到了一些機會，但我們認為這些機會並不像我們已經透過美國救援計畫法案基金獲得的資助的機會那麼大。因此，我們正在密切關註一些機會，但這對我們來說只是一個適度的機會。

Hamed Khorsand, BWS Financial

Hamed Khorsand，BWS Financial

Hey, good morning. First off, I just want to see as far as the 6,000 ads you had this quarter. Are you seeing any benefits from horizon or is that primarily Chantel?

嘿，早安。首先，我只想看看您本季的 6,000 則廣告。您是否從 Horizo​​​​n 中看到了任何好處，還是主要是從 Chantel 那裡看到了好處？

So, so that's 6,000 number is a combined number. But that, that is primarily the Legacy Chantelle markets. Our number of fiber passings in the in the Legacy Chantelle markets is significantly larger than the horizon markets in the horizon markets. We only have about 15 to 16,000 passings right now, but that, that will grow over time.

所以，6,000 這個數字是一個總和。但那主要是 Legacy Chantelle 的市場。我們在 Legacy Chantelle 市場的光纖傳輸數量明顯高於地平線市場的光纖傳輸數量。目前，逝去的病人只有大約 15,000 到 16,000 人，但隨著時間的推移，逝去的病人數量將會逐漸增加。

And that was going to be my, my follow up is, you know, is there a timing as to when you would see, you know, the revenue synergies as far as Horizon is concerned.

這就是我的後續問題，您知道，就 Horizo​​n 而言，您何時才能看到收入協同效應？

As far as the revenue synergies on the commercial side or just in general.

就商業方面或整體而言的收入綜效而言。

In general, but primarily just because you're, you're now Glo Fiber in Ohio as well.

一般來說，但主要是因為你現在也是俄亥俄州的 Glo Fiber。

Well, you know, the big key there is is ramping the construction engine back up for fiber to the home. Horizon has hit the pause button on that construction. We've now restarted construction. We have about 51,000 new fiber passings in our construction pipeline.

嗯，你知道，其中的關鍵是加快光纖入戶的建設步伐。Horizo​​n 已暫停了該建設。目前我們已經重新開始施工。我們的在建管道中約有 51,000 條新光纖通過。

We've actually started construction, we turned up, you know, additional passings in October. So we're we, we should see some additional you know, increases in, in customers in the fourth quarter in the horizon markets with that new construction.

實際上，我們已經開始施工，你知道，十月我們又增加了一些通行證。因此，隨著新建築的建設，我們應該會看到第四季地平線市場的客戶數量增加。

And now that you're, you know, your footprint is getting bigger is, is there going to be, you know, any kind of seasonality in the net ads number for Glo fiber.

現在，你知道，你的足跡越來越大，那麼，Glo Fiber 的淨廣告數量是否會出現季節性的變化？

You know, we we typically see, you know, you know, second or excuse me, the third quarter as the, as a large large growth opportunity in the August time frame is typically our one of our larger months. So it we'll continue to see seasonality's similar to what we've seen in the past.

你知道，我們通常認為第二季度，或者對不起，第三季度是一個巨大的成長機會，八月通常是我們成長較大的月份之一。因此，我們將繼續看到與過去類似的季節性。

Okay. Thank you.

好的。謝謝。

Thank you for the questions. This time, there are no further questions on the queue. May I hand the call back to Mr. James Volk for closing remarks?

感謝您的提問。這次，隊列中沒有其他問題。我可以將電話轉回詹姆斯沃克先生作結束語嗎？

Yes. Thanks everyone for joining the call this morning. I hope you have a good day and we look forward to updating you in future quarters of our progress with Globe Fiber and the rest of our broadband business. Thank you.

是的。感謝大家參加今天早上的電話會議。祝您有個愉快的一天，我們期待在未來幾季向您通報我們與 Globe Fiber 以及其他寬頻業務的進展。謝謝。