Shaw Communications Inc.(SJR) 首席执行官 Brad Shaw 在 2019年 第三季度业绩 - 收益电话会议记录

Shaw Communications Inc. (NYSE:SJR) Q3 2019 Earnings Conference Call June 27, 2019 9:30 AM ET

Shaw Communications Inc.(纽约证券交易所代码:[SJR])2019年第3季度收益电话会议2019年6月27日美国东部时间上午9:30

公司参与者

Brad Shaw - Chief Executive Officer
Jay Mehr - President, Shaw Communications
Paul McAleese - President, Wireless
Trevor English - EVP, Chief Financial Officer

  • Brad Shaw - 首席执行官
  • Jay Mehr - Shaw Communications总裁
  • Paul McAleese - 无线总裁
  • Trevor English - 执行副总裁,首席财务官

电话会议参与者

Vince Valentini - TD Securities
Drew McReynolds - RBC Capital Markets
Jeff Fan - Scotiabank
Maher Yaghi - Desjardins
Sidd Dilawari - Cormark Securities
Adam Ilkowitz - Citi

  • Vince Valentini - 道明证券
  • Drew McReynolds - 加拿大皇家银行资本市场
  • 杰夫范 - 丰业银行
  • Maher Yaghi - Desjardins
  • Sidd Dilawari - Cormark证券
  • Adam Ilkowitz - 花旗

会议主持员

Welcome to Shaw Communications Third Quarter 2019 conference call and webcast. Today’s call will be hosted by Mr. Brad Shaw, CEO of Shaw Communications.
At this time, all participants are in a listen-only mode and the conference is being recorded. Following the presentation, there will be a question and answer session. To join the question queue, simply press star and one on your touchtone phone at any time during the call. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone.
Before we begin, management would like to remind listeners that comments made during today’s call will include forward-looking information and there are risks that actual results could differ materially. Please refer to the company’s publicly filed documents for more details on assumptions and risks.
Mr. Shaw, I would now like to turn the call over to you.

欢迎来到Shaw Communications 2019年第三季度电话会议和网络直播。 今天的电话会议将由Shaw Communications首席执行官Brad Shaw先生主持。

此时,所有参与者都处于只听模式,正在录制会议。 演讲结束后,将会有一个问答环节。 要加入问题排队,只需在通话过程中随时按下您的按键式电话上的星号和一个。 如果有人在电话会议期间需要帮助,他们可以通过按电话上的星号和零来向操作员发出信号。

在我们开始之前,管理层想提醒听众,在今天的电话会议期间所做的评论将包括前瞻性信息,并且存在实际结果可能存在重大差异的风险。 有关假设和风险的更多详细信息,请参阅公司的公开文件。

肖先生,我现在想把这个电话转给你。

Brad Shaw

Thank you Operator, and good morning everyone. With me today are members of our senior management team, including Jay Mehr, Trevor English, and Paul McAleese.
Earlier this morning, we released our third quarter operating and financial results for fiscal 2019, reflecting our continued focus on wire line execution and strong growth in our wireless business. While the quarter included a $15 million payment related to IP matters that impacted the reported results, the underlying performance of our business remained solid, and Trevor will walk us through this in more detail.
In wireless, we had another terrific quarter with total net additions of approximately 62,000 compared to 47,000 a year ago. Included in the result is 61,000 postpaid subscriber additions and record low postpaid churn of 1.18. Clearly our strategy to grow this customer segment through an improved network experience, the latest devices, and affordable data-centric plans is delivering great results. We also added approximately 800 prepaid customers in the quarter, a significant change in trajectory from the recent quarters due to the success of our new plans launched on April 4.
Eighteen months ago, Freedom Mobile permanently changed the Canadian wireless industry with our Big Gig data plans, which featured large buckets of fast LTE data and no overage charges. In recent weeks, each of the incumbents was finally forced to respond to our success by launching their own more expensive versions of our Big Gig plans . It’s now absolutely clear that Canadian wireless prices are coming down and that Freedom Mobile is the catalyst for this change.
For the Big 3, these new rate plans offer a dramatic about-face from expensive data overages that their customers have been paying for years. It’s just too bad they haven’t gone far enough. If you are a customer of one of the incumbents, chances are you are still struggling with your current data plan and its toxic overage fees. Meanwhile, all Freedom Mobile postpaid customers can use their phones and devices with no limits, just as they have always been able to. We have worked hard to reset Canadians’ expectations of their wireless providers and the competition is learning to follow our lead.
While the recent pricing moves have attracted a lot of attention, they have yet to have any meaningful impact on our customer acquisition initiatives, and we remain confident that the value of our Big Gig plans continues to resonate with Canadians.
In our wire line business, we added approximately 7,000 broadband customers. This is a significant improvement from a year ago in a seasonally challenged quarter due to student disconnects that happen in May. Our year-to-date broadband net additions reflect a more consistent and improving trend compared to the previous year and is a direct result of our focus on execution.
While it is still early days with our Blue Curve platform, we are pleased with its progress, which has met all of our targets and is a technology that lends itself well to our digital strategy, including a robust self-install experience. During the quarter, self-install increased again to 41% of total consumer activity, and we expect this improving trend to continue.

谢谢运营商,大家早上好。今天和我一起是我们高级管理团队的成员,包括Jay Mehr,Trevor English和Paul McAleese。

今天早些时候,我们公布了2019财年的第三季度运营和财务业绩,反映了我们对线缆执行的持续关注以及我们无线业务的强劲增长。虽然该季度包括与知识产权事宜相关的1500万美元付款影响了报告的结果,但我们业务的基本业绩仍然稳固,Trevor将更详细地介绍我们。

在无线方面,我们又有一个非常好的季度,总净增加量约为62,000,而一年前为47,000。结果包括61,000名后付费用户增加和创纪录的低后付费流失1.18。显然,我们通过改进的网络体验,最新的设备和经济实惠的以数据为中心的计划来扩大这一客户群的战略正在带来巨大的成果。我们还在本季度增加了大约800名预付费客户,由于我们在4月4日推出的新计划的成功,最近几个季度的发展轨迹发生了重大变化。

18个月前,Freedom Mobile通过我们的Big Gig数据计划永久性地改变了加拿大的无线行业,该计划包含大量快速LTE数据并且没有超额费用。最近几周,每个老牌企业最终都被迫通过推出他们自己更昂贵版本的Big Gig计划来回应我们的成功。现在已经非常清楚,加拿大无线价格正在下降,而自由移动是这一变化的催化剂。

对于三巨头而言,这些新的费率计划提供了客户多年来一直支付的昂贵数据超额的戏剧性表面。太糟糕了,他们还远远不够。如果您是其中一位老牌企业的客户,您可能仍在努力应对当前的数据计划及其有毒的超额费用。与此同时,所有Freedom Mobile后付费客户都可以毫无限制地使用他们的手机和设备,就像他们一直以来一样。我们一直在努力重置加拿大人对无线服务提供商的期望,竞争正在学习如何跟随我们的发展。

虽然最近的定价举措引起了很多关注,但它们尚未对我们的客户收购计划产生任何有意义的影响,我们仍然相信我们的Big Gig计划的价值继续引起加拿大人的共鸣。

在我们的电线业务中,我们增加了约7,000名宽带客户。由于5月份学生断电,这是一个季节性挑战季度的一个显着改善。与上一年相比,我们今年迄今为止的宽带网络增加反映出更加一致和改善的趋势,这是我们专注于执行的直接结果。

虽然我们的Blue Curve平台还处于早期阶段,但我们很高兴它的进展符合我们的所有目标,并且这项技术非常适合我们的数字战略,包括强大的自我安装体验。在本季度,自我安装再次增加到总消费者活动的41%,我们预计这种改善趋势将继续。

We also recently launched IPTV in Calgary and expect to roll out this service to additional key markets over the next several months. The main benefits related to the introduction of IPTV include lower success-based capital as well as a lower service delivery cost as video becomes much easier to self-install.
As we launch IPTV in additional markets, our overall video strategy has not changed and remains focused on profitability. During the quarter, we closed two significant transactions that align with our overall connectivity strategy. The acquisition of the 600 megahertz spectrum across our entire wireless footprint was critical for us and will significantly improve our LTE network and enable us to participate in the 5G landscape as it unfolds.
We also completed the sale of our 39% equity stake in Corus on May 31. The sale of the Corus investment is consistent with our strategy that we embarked on over three years ago. This included the divestiture of our media and data center assets and a pivot into wireless. Since that time, we have made significant investments in the wireless network which have materially improved Freedom’s quality and customer experience. We continue to believe we have tremendous growth opportunities ahead as we start to bring wireless and wire line together in F’20.
Now I’ll turn the call over to Trevor to go through the Q3 results in more detail.

我们最近还在卡尔加里推出了IPTV,并期望在未来几个月内将这项服务推广到其他主要市场。与引入IPTV相关的主要好处包括较低的成功资本以及较低的服务交付成本,因为视频变得更容易自行安装。

随着我们在其他市场推出IPTV,我们的整体视频策略没有改变,仍然专注于盈利能力。在本季度,我们完成了两项与我们的整体连接策略相符的重要交易。在我们的整个无线覆盖范围内收购600兆赫频谱对我们至关重要,并将显着改善我们的LTE网络,使我们能够参与5G环境。

我们还于5月31日完成了对Corus 39%股权的出售.Corus投资的出售符合我们三年前开始实施的战略。这包括剥离我们的媒体和数据中心资产以及转向无线。从那时起,我们在无线网络上进行了大量投资,从而大大提高了Freedom的质量和客户体验。我们仍然相信,随着我们在F'20开始将无线和有线线路连接在一起,我们将面临巨大的增长机会。

现在我将把电话转给Trevor,详细了解Q3的结果。

特雷弗英语

Thank you Brad, and good morning everyone. Our third quarter results that we released this morning include some items that impacted our reported figures and do not accurately reflect the underlying performance of our business.
On a consolidated basis, Q3 revenue of $1.3 billion increased 2.7%, driven by continued growth in our wireless and business divisions. Reported EBITDA decreased 1.5% to $530 million; however, this quarter included a $15 million payment to address certain matters with a large IP licensing company. The comparable period, or Q3 F18 to be more specific, also included a CRTC retroactive roaming benefit of approximately $13 million. Excluding both, the underlying EBITDA performance in the quarter was up almost 4% to $545 million.
In our wireless business, which delivered another solid quarter of subscriber and financial growth, servicing revenue increased 22% to $178 million as we continue to grow our sub base and APU. Wireless equipment revenue declined by approximately 9% year-over-year to $73 million as a larger portion of subscribers in the quarter were BYOD, our churn metrics continued to improve, and our mix of prepaid and postpaid customers is more balanced, consistent with what we disclosed on the last conference call. Wireless EBITDA was $55 million in the quarter, an increase of 38% when adjusting for the $13 million roaming benefit in Q3 F18.
In wire line, Q3 consumer revenue was essentially flat at $925 million compared to the prior year, while business revenue of $150 million increased over 6%. Reported wire line EBITDA of $530 million declined 1.5% year-over-year; however, when considering the $15 million IP licensing payment, EBITDA actually grew 1% and our wire line margin was in line with previous quarters.
Capital expenditures of $280 million in the quarter was approximately 9% lower than last year with continued reductions in wire line partially offset by increased wireless spending. We expect substantial capital investment for wireless in Q4 as we continue the deployment of the 700 spectrum and launch our wireless network in 10 additional communities by the end of August. We still expect total capex within our wireless business to be approximately $400 million this year.
In the quarter, approximately 350 employees exited as part of our VDP program. On a year-to-date basis, we have achieved $73 million in net operating cost savings and $25 million in net capital cost savings. As we expressed last quarter, the operating savings continue to run slightly ahead of schedule, while capital is a bit behind.
In Q3, we reinvested approximately $5 million of operating costs in a variety of projects related to enabling our VDP program. We are still expecting to reinvest a total of $10 million to $15 million in the second half of fiscal ’19 with approximately 60% of this spend recurring; therefore, Q4 reinvestment will be at least the same as Q3 or likely a bit higher.
As we continue to make our way through the VDP program, there have been some minor shifts compare to our original plan, and we wanted to be as transparent as possible with investors. In fiscal ’19, we now expect net operating savings to be approximately $95 million and $40 million in net capital savings for a total of $135 million, which is materially in line with our original plan of $140 million.

谢谢布拉德,大家早上好。我们今天上午发布的第三季度业绩包括一些影响我们报告数据的项目,并未准确反映我们业务的基本业绩。

在综合基础上,由于我们的无线和业务部门的持续增长,第三季度的13亿美元收入增长了2.7%。报告的EBITDA下降1.5%至5.3亿美元;然而,本季度包括1500万美元的付款,以解决与大型知识产权许可公司的某些问题。可比期间,或更具体的Q3 F18,还包括CRTC追溯漫游收益约1300万美元。不计两者,本季度的基本EBITDA表现上涨近4%至5.45亿美元。

在我们的无线业务中,随着我们继续增长我们的子基地和APU,服务收入增长了22%,达到1.78亿美元。无线设备收入同比下降约9%至7300万美元,因为本季度更大比例的用户是BYOD,我们的流失指标持续改善,我们的预付费和后付费客户组合更加平衡,与我们在上次电话会议上透露。本季度无线EBITDA为5500万美元,在调整Q3 F18的1300万美元漫游优惠时增长了38%。

在电线方面,第三季度消费者收入与去年基本持平,为9.25亿美元,而1.5亿美元的营业收入增长超过6%。报告的电汇EBITDA为5.3亿美元,同比下降1.5%;然而,在考虑1500万美元的知识产权许可支付时,EBITDA实际上增长了1%,我们的电汇线保证金与前几个季度保持一致。

本季度的资本支出为2.8亿美元,比去年下降约9%,电线的持续减少部分被无线支出的增加所抵消。随着我们继续部署700频谱并在8月底之前在另外10个社区启动我们的无线网络,我们预计第四季度将对无线进行大量资本投资。我们仍然预计今年无线业务的总资本支出约为4亿美元。

在本季度,约有350名员工退出了我们的VDP计划。从年初至今,我们节省了7300万美元的净运营成本和2500万美元的净资本成本。正如我们上个季度表示的那样,运营节约继续略微提前,而资本略有落后。

在第三季度,我们在与启用VDP计划相关的各种项目中再投入了大约500万美元的运营成本。我们仍然期望在19财年下半年再投资1000万美元到1500万美元,其中大约60%的支出重复出现;因此,第四季度的再投资将至少与第三季度相同或更高一些。

随着我们继续通过VDP计划,与我们的原始计划相比,有一些小的变化,我们希望尽可能透明与投资者。在19财政年度,我们现在预计净运营节省约为9500万美元,净资本节省4000万美元,总计1.35亿美元,这与我们原先的1.4亿美元计划大致相符。

Considering our year-to-date results, we are refining our fiscal 2019 guidance, which excludes the $15 million IP licensing payment. We expect EBITDA growth of 6%, capital investment of approximately $1.2 billion, and free cash flow is expected to be approximately $550 million. As Brad mentioned earlier, we completed the acquisition of 600 megahertz spectrum for $492 million, as well as the sale of Corus shares this quarter that generated approximately $525 million.
Considering both transactions, we continue to have significant balance sheet flexibility and liquidity, with leverage at approximately 1.8 times, and we have significant cash on hand of approximately $1.4 billion to fund the remaining VDP payments, which is around $175 million over the next 12 months, and our 5.65, $1.25 billion, [senior] [ph] notes that mature in October.
Brad, back to you for closing remarks.

考虑到我们今年迄今的业绩,我们正在完善2019财年的指引,不包括1500万美元的知识产权许可费用。 我们预计EBITDA增长6%,资本投资约12亿美元,自由现金流预计约为5.5亿美元。 正如Brad先前提到的那样,我们以4.92亿美元完成了600兆赫频谱的收购,以及本季度Corus股票的出售,产生了大约5.25亿美元。

考虑到这两项交易,我们继续拥有显着的资产负债表灵活性和流动性,杠杆率约为1.8倍,我们手头有大量现金约14亿美元用于资助剩余的VDP付款,在未来12个月内约为1.75亿美元 和我们5.65,12.5亿美元,[高级] [ph]注意到10月成熟。

布拉德,回复你的结束语。

Brad Shaw

Thank you, Trevor. Our year-to-date performance in fiscal 2019 is very much on plan as we continue to grow wireless and broadband. We are making smart investments in our business to streamline operations and transition to a more efficient organization. We are successfully managing through change while delivering net savings to the bottom line.
As we confirmed through our refined guidance, we expect a solid close to fiscal 2019 and look forward to discussing our F20 strategic priorities and targets with you in October.
Thank you, and we’ll now turn the call back to the operator for questions.

谢谢,特雷弗。 随着我们继续发展无线和宽带,我们在2019财年的年初至今业绩非常重要。 我们正在对我们的业务进行明智的投资,以简化运营并过渡到更高效的组织。 我们成功地通过变革进行管理,同时为净利润带来净节约。

正如我们通过精确的指导确认的那样,我们预计将在2019财年接近稳固,并期待在10月与您讨论我们的F20战略重点和目标。

谢谢,我们现在将问题转回给运营商。

问答环节

[Operator instructions]
Our first question comes from Vince Valentini of TD Securities.

[操作说明]

我们的第一个问题来自道明证券的Vince Valentini。

Vince Valentini

Thanks very much. Let me start with the guidance and just make sure we’re all on the same page, Trevor. Correct me if I’ve done my math wrong, but to do 6% without the $15 million IP item this quarter, you need to do about minus-3% EBITDA year-over-year in the fourth quarter. Is there anything else in terms of a one-time in nature that we may have missed from last year or that you expect this year that drives that number to be so negative, or is that just the pacing of these sort of transition costs to VDP that you’ve been telegraphing?

非常感谢。 让我从指导开始,确保我们都在同一页上,特雷弗。 如果我的数学错误,请纠正我,但如果没有本季度1500万美元的知识产权项目需要做6%,那么第四季度你需要做出约-3%的EBITDA。 我们可能在去年错过了一次性或者你预计今年推动这个数字如此负面,或者只是这些过渡成本对VDP的调整 你一直在送电报吗?

特雷弗英语

Yes, sure Vince. Thanks for the question. I think we’ve been very transparent with the street that we as a management team are very focused on delivering stable and consistent results, and we’re refining that we’re at the top end of our guidance, which has been consistent since October when we first released our original guidance. We’re delivering VDP net operating savings specific to the program; however, we’ve got some additional cost - Opex in the business as we progress through the year related to higher syndication costs, a bit higher marketing, we’ve got some higher reinvestments in Q4. I think the street really needs to look at their Q4 wire line EBITDA specifically and look at more considering the run rate over the last three quarters, as opposed to the Q4 F18 results. I’ll just remind you, from a revenue perspective in Q4 F18, if you recall, we had a full quarter benefit of rate adjustments in the quarter which was about $20 million, whereas this year we did have a rate adjustment during the year in April of this year for two months in Q3, however the rate adjustment wasn’t as significant, and I would say that there’s a lot more proportion of our customers on contract, so this annual rate adjustments isn’t having as big an effect as it previously did.
So I think factoring--I think your math is fairly accurate, Vince, but hopefully that gives you enough color in terms of the way that we’re thinking about the business quarter over quarter and not necessarily, I think, the street maybe was making some assumptions on the Q4 F18 run rate, which was $516 million of EBITDA last year, and it’s going to be tough to--we do expect a negative growth rate off of that number.

是的,确定文斯。谢谢你的提问。我认为我们对街道非常透明,我们作为一个管理团队非常注重提供稳定和一致的结果,我们正在提炼我们处于我们指导的最高端,自10月以来一直保持一致当我们第一次发布我们的原始指导。我们正在为该计划提供特定的VDP净运营节省;然而,我们还有一些额外的成本 - 业务中的Opex,因为我们在今年的进展中涉及更高的联合成本,更高的营销,我们在第四季度获得了更高的再投资。我认为街道真的需要专门看看他们的Q4线路EBITDA,并考虑过去三个季度的运行率,而不是Q4 F18的结果。我只是提醒你,从第四季度F18的收入角度来看,如果你还记得,我们在本季度的利率调整中有四分之一的利益约为2000万美元,而今年我们确实在年内进行了利率调整。今年4月份在第三季度持续了两个月,但是利率调整并不那么重要,我想说我们的客户在合同中的比例要高得多,所以这个年度的利率调整并没有那么大。它以前做过。

因此我认为考虑因素 - 我认为你的数学是相当准确的,文斯,但希望这给我们提供足够的颜色,就我们考虑业务季度的方式而言,不一定,我认为,街道也许是对Q4 F18运行率进行了一些假设,去年这是EBITDA的5.16亿美元,并且很难 - 我们确实预计会出现负增长率。

Vince Valentini

Okay, thanks Trevor. One more, maybe for Jay, the shift going on in the wire line business. The subscriber numbers other than internet - I mean, if you look at video and phone and satellite, they were all down somewhat materially versus Q3 last year, but the revenue growth ticked up. Total wire line revenue growth up to 1% year-over-year growth was a little better than half a percent growth you’d been doing in the first two quarters of the year, so the strategy seems to be working. Can you give us any more data points and color on what you’re seeing? I mean, obviously the customers you keep seem to have higher ARPU than the customers you’re losing, but maybe you can talk about in more detail how you’re managing through that process.

好的,谢谢特雷弗。 还有一个,也许是杰伊,电线业务的转变。 除了互联网之外的用户数量 - 我的意思是,如果你看一下视频,电话和卫星,它们与去年的第三季度有所下降,但收入增长有所上升。 线缆总收入增长率高达1%,同比增长略高于今年前两个季度的增长率半个百分点,因此该策略似乎正在发挥作用。 您能否为我们提供更多的数据点和颜色? 我的意思是,显然你保留的客户似乎比你失去的客户有更高的ARPU,但也许你可以更详细地谈论你如何通过这个过程进行管理。

Jay Mehr

Yes, for sure. Thank you for the question, Vince. We’re pleased with our wire line subscriber results in Q3. The 6,600 internet gains are a nice step forward, and everyone recognizes the usual student disconnects for Shaw in this quarter, and they were around normal level. The plan is working. Our focus on video profitability is delivering exactly what we wanted it to deliver. Video churn has improved year over year, and so what you’re seeing in those results is us being very segmented in terms of adding high quality video subs.
To be fair, in terms of subscriber numbers the one that was a little disappointing for us was the phone number for the quarter, and quite frankly we had a little pick-up on churn in phone, which is not something that we’ve seen in previous quarters and not something that we’ve seen in June, so we’ll put a little bit more focus into that area, but very happy with where the rest of the numbers are. Internet revenue growth continues to be strong, up 6% year-over-year in Q3, and the mix that we’re seeing in the business we like a lot.
You’ll recall this year, we tried to--I mean, strategy’s only strategy when it drives your behavior, and we tried to focus the business entirely on monthly recurring revenue, churn, and growing internet customers, so it really is account-level MRR and profitability that’s driving the consumer activity. I think as you get into F20, you’ll see subscriber numbers in some of the other categories rebound a little bit just from the natural adjustment that we’ve gone through our strategy, but we’re excited with where our monthly recurring revenue is headed and like where the consumer wire line business is going.

是肯定的。谢谢你的问题,文斯。我们对第3季度的有线用户结果感到满意。 6,600互联网收益是向前迈出的一大步,每个人都认识到本季度Shaw通常会断开连接,并且他们处于正常水平。该计划正在运作。我们对视频盈利能力的关注正在提供我们想要提供的产品。视频流失率逐年提高,因此您在这些结果中看到的是我们在添加高质量视频潜艇方面非常细分。

公平地说,就用户数量而言,对我们来说有点令人失望的是本季度的电话号码,坦率地说,我们在电话流失方面有一点点提升,这不是我们见过的在前几个季度并没有我们在六月份看到过的东西,所以我们会更加专注于这个领域,但是对其他数据的位置非常满意。互联网收入增长继续强劲,第三季度同比增长6%,我们在业务中看到的组合我们非常喜欢。

你会想起今年,我们试图 - 我的意思是,策略是推动你行为的唯一策略,我们试图将业务完全集中在月度经常性收入,流失和不断增长的互联网客户上,所以它真的是账户 - 水平的MRR和盈利能力正在推动消费者活动。我认为,当你进入F20时,你会发现其他一些类别的用户数量只是从我们通过策略进行的自然调整中略微反弹,但我们对每月经常性收入的来源感到兴奋领导和喜欢消费电线业务的发展方向。

Vince Valentini

Thanks. I’ll leave it there. Thanks.

谢谢。 我会留在那里。 谢谢。

会议主持员

Our next question comes from Drew McReynolds of RBC.

我们的下一个问题来自RBC的Drew McReynolds。

Drew McReynolds

Yes, thanks very much. Maybe I’ll shift to you, Paul, on wireless. Obviously Brad, in your opening comments, you addressed some of this. I think the big question here is just the playbook from incumbents probably wanting to push you back down market, perhaps in response to the success you’re having. Maybe just comment to your value proposition in the marketplace now versus three weeks ago, to the extent you can, and the extent to which you’re comfortable with the amount of, “oxygen” that you have in order to achieve your wireless growth objectives. Obviously a big picture question.
Then maybe the opposite for you, Trevor - can you comment on the cash tax situation for Shaw, just as we look out over the next couple years? Thank you.

是的,非常感谢。 也许我会转向你,保罗,无线。 显然布拉德,在你的开场评论中,你解决了一些问题。 我认为这里的一个重要问题只是来自在职者的剧本,可能是为了让你回到市场,也许是为了回应你所取得的成功。 也许只是评价您现在在市场中的价值主张与三周前相比,您可以在多大程度上满足您对实现无线增长目标所需的“氧气”量的满意程度。 显然是一个大图片问题。

那么对你来说也许恰恰相反,特雷弗 - 你能否评价肖的现金税情况,就像我们在未来几年看到的一样? 谢谢。

保罗麦卡利斯

Hey Drew, it’s Paul. Good morning. Yes, I think Brad’s comments off the top are worth reiterating on a couple of fronts. Maybe first and foremost, it’s nice to take a moment and properly acknowledge the sort of indisputable impact that we’re having on wireless affordability in this country. If it wasn’t clear before, it certainly is clear now, so it’s nice to see the incumbents coming down and sort of chasing us in that regard.
We’ve had a couple of years of continued market share gains, and that’s really driven off the back of providing Canadian consumers with the value that they’ve been looking for. The last few weeks, we’ve watched the incumbents kind of cobble together these expensive and, frankly, fairly poorly architected imitations of our now two-year-old Big Gig plans, so it’s nice to see them having shown up. Through a certain lens, it kind of appears that every new initiative at the Big 3 is designed to just charge customers more. Honestly, it’s sort of like the incumbents is where pricing innovation goes to die these days.
We still have millions of Canadians that are going to be attracted to our value proposition because millions of Canadians are still getting charged excess overage fees, up to $100 a gig, and there’s still a $1 billion-plus in toxic revenue floating around impacting Canadians’ everyday lives, so we look at these new unlimited plans from the incumbents, they really require the vast majority of their customers to spend more than they were spending previously in order to make sure that they have the certainty of no punishing fees. Frankly, it’s kind of off-putting, and Freedom has long been providing a better alternative and we’ll continue to do that.
We are very confident in our current run rate. As Brad said, we’ve seen no meaningful impact to our growth, so the oxygen that you refer to is more than adequate for us to continue to achieve our growth objectives, and we’re very confident in our position.

嘿德鲁,这是保罗。早上好。是的,我认为布拉德的评论偏高是值得在几个方面重申的。也许最重要的是,花一点时间并恰当地承认我们在这个国家对无线承受能力产生的无可争议的影响是很好的。如果以前不清楚,现在肯定是清楚的,所以很高兴看到现任者倒下并在这方面追逐我们。

我们已经持续了几年的市场份额增长,这实际上是为了给加拿大消费者提供他们一直在寻找的价值。在过去的几个星期里,我们看到现有的人正在拼凑这些昂贵的,坦率的,相当糟糕的模仿我们现在已有两年历史的Big Gig计划的模仿,所以很高兴看到他们出现了。通过某种镜头,看起来Big 3的每一项新举措都旨在为客户提供更多服务。老实说,这有点像现任者,这些日子定价创新已经消亡。

我们仍然有数以百万计的加拿大人会被我们的价值主张所吸引,因为数百万加拿大人仍然收取过多的超额费用,高达100美元一场演出,并且还有10亿美元以上的有毒收入在影响加拿大人我们从日常生活中看到这些新的无限制计划,他们确实要求绝大多数客户花费超过他们之前的支出,以确保他们确定没有惩罚性费用。坦率地说,这有点令人不快,而自由长期以来一直在提供更好的选择,我们将继续这样做。

我们对目前的运行率非常有信心。正如布拉德所说,我们看到对我们的增长没有任何有意义的影响,所以你所指的氧气对我们继续实现我们的增长目标已经足够了,我们对我们的立场非常有信心。

特雷弗英语

On the tax question, Drew - appreciate it, clearly there was a number of tax items in this quarter related to a few events that impact both the cash tax and also our net income. Effective tax rate, first of all, during the third quarter we did take a -- or realize a free cash flow benefit of approximately $20 million related to the resolution of a matter with the CRA regarding the timing of certain tax deductions we took in prior years, and when that matter with the CRA was resolved, we reclassified $20 million of tax expense from current to deferred.
In net income this quarter, we did recognize roughly $100 million decrease in our deferred tax liability due to the recent reduction in Alberta tax rates from 12% to 8% being phased in over three years. Frankly Drew, the impact our F’19 current taxes is nominal as the first reduction is effective July 1. Then finally, just to be complete, there was a significant item impacting net income this quarter as the loss related to the Corus sale; however, I would say that that was roughly $100 million, and that’s a capital loss, no impact on free cash flow.
Just to help you out from a modeling purpose, Drew, I think we’re expecting cash taxes with all the movements this year to be around $165 million, in around that snack bracket, and then going forward I think if you wanted to use an effective tax rate of about 26% from a cash tax perspective, that’s probably the right number. Hopefully that helps you.

关于税务问题,德鲁 - 很欣赏它,显然本季度有一些税项涉及影响现金税和净收入的一些事件。有效税率,首先,在第三季度,我们确实采取了 - 或实现了大约2000万美元的自由现金流利益,与CRA关于我们之前采取的某些税收减免时间的解决方案有关多年来,当CRA的这个问题得到解决时,我们将2000万美元的税费从当前重新分类为延期。

在本季度的净收入中,我们确实承认我们的递延税务负债减少约1亿美元,因为最近艾伯塔省的税率从三年内分阶段降至12%至8%。 Frankly Drew,我们对F'19当前税收的影响是名义上的,因为第一次减税是在7月1日生效。最后,为了完成,本季度有一个影响净收入的重要项目是与Corus出售有关的损失;但是,我会说这大约是1亿美元,这是资本损失,对自由现金流没有影响。

为了帮助你摆脱建模的目的,德鲁,我想我们期待今年所有运动的现金税约为1.65亿美元,大约在那个零食范围内,然后我想如果你想使用一个从现金税的角度来看,有效税率约为26%,这可能是正确的数字。希望这对你有所帮助。

Drew McReynolds

That does, thank you.

那样,谢谢。

会议主持员

Our next question comes from Jeff Fan of Scotiabank.

我们的下一个问题来自丰业银行的Jeff Fan。

杰夫范

Thanks, good morning. Maybe just to follow up on wireless, so questions for Paul to start off with, the ARPU or APU growth, ARPU I guess more specifically, decelerated a little bit this quarter. Wondering how you see that growth going forward and what you think you guys need to do, or what the industry--what you’d need to see from the industry to see that growth re-accelerate.
Then a question on the IP licensing of $15 million, can you give us a little bit more color on what this was related to within cable? Was this relate to anything to do with the X1 video platform or was it something else? Is this truly one-time, or there could be more related? Just wanted to get a little bit more color there, thanks.

谢谢,早上好。 也许只是为了跟进无线,所以保罗开始提出问题,ARPU或APU的增长,我猜更具体的ARPU,这个季度有点减速。 想知道你如何看待未来的增长以及你认为你们需要做什么,或者行业是什么 - 你需要从行业看到什么才能看到增长再次加速。

那么一个关于1500美元的IP许可的问题,你能不能给我们一些关于它与电缆内部相关的颜色? 这与X1视频平台有什么关系还是别的什么? 这真的是一次性的,还是会有更多相关的? 只是想在那里获得更多颜色,谢谢。

保罗麦卡利斯

Hi Jeff, it’s Paul. Yes, on ARPU and APU, we still like our APU growth story. I know our metrics this quarter probably were a little bit behind where consensus was. Bear in mind that this was a quarter in which we did see the need to discount some of our incoming class of subscribers because of a fairly hot competitive environment. I’m still confident that there’s a great story on ARPU growth over the course of the next number of quarters.
In terms of accelerating it, some of what we’ve seen from the incumbents in recent weeks may create an opportunity. They’re presuming in their math that they’re going to be able to take customers up closer to that $75 price point, so as we formulate our response over the coming weeks, there may be some opportunity for us to similarly pick up some of that momentum. We still like our story there, it’s a positive one. We’ve still got market-leading growth on APU, so I’d say continue to watch this space as we formulate our response.

杰夫,这是保罗。 是的,在ARPU和APU上,我们仍然喜欢我们的APU增长故事。 我知道本季度我们的指标可能略微落后于共识。 请记住,由于相当激烈的竞争环境,我们确实认为有必要打折一些新来的用户。 我仍然相信,在接下来的几个季度里,ARPU增长的故事很棒。

就加速而言,最近几周我们从老牌企业看到的一些可能会创造机会。 他们在数学上假设他们能够让客户接近75美元的价格点,所以当我们在未来几周内制定我们的回应时,我们可能有机会同样接受一些 那种势头。 我们仍然喜欢我们的故事,这是一个积极的故事。 我们仍然在APU上获得了市场领先的增长,所以我会说在我们制定我们的回应时继续关注这个领域。

Jay Mehr

Awesome. Jeff, it’s Jay. On the IP licensing deal, I think you can appreciate in our disclosure that these kinds of deals are complex and have confidentiality elements to it, and as I’m sure you can understand the nature of it, to your specific question, this is not a commercial transaction with one of the partner-led, strategic partners that we’ve identified in the past, so it’s not related to a transaction with Comcast or with Meraki or with Nokia. It’s an IP licensing deal and you can see our disclosure on it, and we’ve got comments that we’re pleased with this. This was my deal, we concluded this deal, we’re happy with the outcome, we’re happy with what it sets forward for the future, and can’t really disclose much more than that just because of the nature of the transaction. But it’s not related to any of our ongoing partner-led, strategic named partners that we’ve talked about in the past.

真棒。 杰夫,是杰伊。 关于知识产权许可协议,我认为您可以在我们的披露中理解这些交易是复杂的并且具有保密性要素,并且我确信您可以理解它的性质,对于您的具体问题,这不是 与我们过去确定的合作伙伴主导的战略合作伙伴之一的商业交易,因此与Comcast或Meraki或诺基亚的交易无关。 这是一个知识产权许可协议,你可以看到我们的披露,我们得到的评论我们对此很满意。 这是我的交易,我们得出了这笔交易,我们对结果感到满意,我们对它未来的发展感到满意,并且仅仅因为交易的性质而无法真正披露更多内容。 但这与我们过去谈过的任何我们正在进行的合作伙伴主导的战略合作伙伴无关。

杰夫范

Okay, thanks guys.

好的,谢谢你们。

会议主持员

Our next question comes from Maher Yaghi of Desjardins.

我们的下一个问题来自Desjardins的Maher Yaghi。

Maher Yaghi

Thanks for taking my question. I wanted to maybe just get your views on how you see margins behaving going forward after most of the VDP savings are behind you now. Beyond, let’s say Q4, now we have a pretty good idea where you’re sitting, but are there additional margin areas you can work on to get some lift in your business, either wireless or wire line, and as you roll out--continue to roll out wireless into 2020, can you talk a little bit about your capex plans in general - no need to put out a number if you don’t have to, but just trying to figure out your views on 5G deployment and your spectrum position for that.

谢谢你提出我的问题。 我想也许只是看看你现在看到的大部分VDP节省后如何看待利润率表现如何。 除此之外,让我们说Q4,现在我们有一个非常好的主意你坐在哪里,但是你是否有额外的保证金领域可以用来为你的业务提供一些提升,无论是无线还是有线,并且当你推出时 - 继续推广无线到2020年,你能否谈谈你的资本支出计划 - 如果你不需要,不需要提出一个数字,只是想弄清楚你对5G部署和频谱的看法 这个位置。

特雷弗英语

Sure. Thanks for the question. It’s Trevor, maybe I’ll start. There’s a lot there. In terms of the wire line margin question, maybe we’ll break up the margin question into wire line and wireless, from a wire line perspective we’re really happy with the performance of the business. You can see we’re delivering roughly $95 million of VDP savings. We’re still on track, like we always said, about $250 million of total VDP savings in F20, and that’s sort of a 50/50 split between opex and capex, or maybe it’s a little higher, 60/40 - we’ll update that, but it’s in that snack bracket.
We’ve got some other opportunities on the cost side of things. We talked about the roll-out of IPTV just beginning here in May in Calgary in Brad’s remarks. We’re rolling out that service throughout the majority of our footprint by the end of this year. We think that supports a very robust self-install experience, so there’s some costs from that perspective. We’re focused on digital, which again limits--lowers call volumes into our call centers. There’s other costs here that we think there’s some opportunities to get some more efficiencies.
That being said, there’s also some other costs within the business that are going up as our partnership that Jay mentioned with some of our key suppliers, like Comcast and others as we’re successful with rolling out Blue Curve, there’s always an element of variable costs with the success there. We continue to see that the margin within the wire line business--you know, continue to see some opportunity, but clearly there’s been substantial growth this year from previous years and that was probably the easy work behind us. We’ve got some chopping to do, but we’re excited about what we can do.
On the wireless side, I would say--you know, this quarter I think was about a 22% margin, and I think Paul on the last quarter talked a little bit about where that--we’re clearly generating a little bit more margin from the scale of the operations and we continue to expect that. But I think you’re going to see a gradual increase in margins over F20. We don’t want to get too far ahead of ourselves, but it’s probably continuing margin expansion from here but not in a significant material manner.
Then on your wireless capex question, I think that was the last one--

当然。谢谢你的提问。这是特雷弗,也许我会开始。那里有很多。就线路边缘问题而言,也许我们会将保证金问题分解为有线和无线,从有线电视的角度来看,我们对业务的表现非常满意。您可以看到我们提供了大约9500万美元的VDP节省。就像我们总是说的那样,我们仍然按计划在F20中节省了大约2.5亿美元的VDP总费用,而且这是在操作系统和资本支出之间的50/50分配,或者可能会高一点,60/40 - 我们会更新,但它在那个零食支架。

我们在成本方面还有其他一些机会。我们在布拉德的讲话中谈到了5月刚刚在卡尔加里开始推出的IPTV。到今年年底,我们将在大部分足迹中推出这项服务。我们认为这支持非常强大的自安装体验,因此从这个角度来看会有一些成本。我们专注于数字化,再次限制 - 将呼叫量降低到我们的呼叫中心。这里还有其他成本,我们认为有一些机会可以提高效率。

话虽这么说,业务中还有一些其他成本正在上升,因为我们与我们的一些主要供应商提到的合作伙伴关系,如康卡斯特和其他人,因为我们成功推出蓝色曲线,总有一个变量元素在那里取得成功的代价。我们继续看到有线电话业务的利润率 - 你知道,继续看到一些机会,但显然今年有大幅增长,这可能是我们背后的轻松工作。我们有一些事情要做,但我们对自己能做的事感到兴奋。

在无线方面,我会说 - 你知道,我认为这个季度的利润率约为22%,而且我认为保罗在上一季度谈到了一点 - 我们显然产生了更多一点从业务规模的边际,我们继续期望。但我认为你会看到F20的利润率逐渐增加。我们不希望自己走得太远,但它可能会从这里继续扩大利润率,但不是以重大的物质方式。

然后在你的无线资本支出问题上,我认为那是最后一个问题 -

Maher Yaghi

Yes.

是。

特雷弗英语

Listen, I think the last couple of years, or this year we’ve talked about around $400 million of capex. We continue to think that that’s about the approximate number in F20. We’ll crisp that up, obviously in October, but we don’t see significant increases to the overall amount of wireless capital over the coming years to live into a world of improved LTE service in foundation for 5G as well.

听着,我想最近几年,或者今年我们谈到了大约4亿美元的资本支出。 我们继续认为这与F20中的近似数字有关。 显而易见的是,我们将在10月份对其进行清理,但我们认为未来几年无线资本的总体增长不会显着增加,以便在5G的基础上进入改善LTE服务的世界。

Maher Yaghi

Great to hear, thank you.

很高兴听到,谢谢。

会议主持员

Our next question comes from Sidd Dilawari of Cormark Securities.

我们的下一个问题来自Cormark Securities的Sidd Dilawari。

Sidd Dilawari

Good morning, guys. I think at this point most of the questions have already been addressed, but just a quick one on wireless for Paul. I think this was the second quarter of declining equipment revenue. How do you see that impacting the APU going forward, and then overall, how do you see this impacting the wireless business overall margin? I think for margins, it should be positive given that [indiscernible] do have better margins, so just looking for some feature or commentary on that.

早上好家伙。 我认为在这一点上大多数问题已经得到解决,但对于保罗而言,这只是一个快速的无线问题。 我认为这是设备收入下降的第二季度。 您如何看待影响APU的进展,然后总体而言,您如何看待这会影响无线业务的整体利润率? 我认为,对于利润率,它应该是积极的,因为[音频不清晰]确实有更好的利润,所以只是寻找一些特征或评论。

保罗麦卡利斯

Yes, thank you. You’re spot on - we have seen some of the reflection--the kind of moderating of ARPU and APU is related to some inbound success on prepaid, but the larger driver of it is a fairly significant pick-up in BYOD as a percentage of our overall volume in the last couple quarters. That is very much accretive to margins, so we’re pleased with that. We also love that it sets up, as we move into the autumn, where the initial cohort of iPhone 8 and iPhone X subscribers on competitive networks start to roll off their two-year financing plans, so we really like what that’s doing for us, so you’re absolutely right to pick that up.
That does of course have a negative impact on equipment revenue, but given that that’s a generally no to negative margin line for us anyways, that’s something we’re not overly concerned about. We like where that’s heading, and we’ll continue to press on that opportunity as it presents itself.

是的,谢谢。 您已经看到了 - 我们已经看到了一些反思 - ARPU和APU的调节与预付费的一些入站成功相关,但其中较大的驱动因素是BYOD相当显着的提升百分比 我们在过去几个季度的整体销量。 这对利润率非常有吸引力,所以我们对此很满意。 我们也喜欢它的设置,随着我们进入秋季,竞争网络上最初的iPhone 8和iPhone X订户群开始推出他们的两年融资计划,所以我们真的很喜欢我们为我们做的事情, 所以你选择那个是绝对正确的。

这当然会对设备收入产生负面影响,但考虑到这对我们来说通常没有负边际线,这是我们并不过分担心的事情。 我们喜欢它的发展方向,我们将继续抓住这个机会。

Sidd Dilawari

Okay, than just another quick one on 5G roll-out. Is there any plans on acquiring high band spectrum, or we’re good with where we are with the low band acquisitions we’ve made recently?

好吧,而不仅仅是5G推出的另一个快速版。 是否有任何关于获得高频段频谱的计划,或者我们对最近我们所做的低频段收购的情况有好处?

保罗麦卡利斯

I’m sorry, you just blipped on--acquire what spectrum?

对不起,你只是昙花一现 - 获得了什么频谱?

Sidd Dilawari

Sorry - high band spectrum.

对不起 - 高频谱。

保罗麦卡利斯

Yes, we’re just following the road map that [indiscernible] and the CRTC are putting in place for the spectrum auctions. We’re not commenting further beyond the 3.5.

是的,我们只是遵循[音频不清晰]和CRTC为频谱拍卖制定的路线图。 我们没有进一步评论超出3.5。

Sidd Dilawari

Okay, thanks. That’s everything for me.

好的谢谢。 这对我来说都是一切。

会议主持员

Once again, if you have a question, please press star then one. Our next question comes from Adam Ilkowitz of Citi.

如果您有问题,请再次按星号。 我们的下一个问题来自花旗的亚当伊尔科维茨。

Adam Ilkowitz

Thanks, good morning. I wanted to dig into free cash flow for a moment, the $176 million in the quarter and the raised guidance for the year. There seemed to be a pretty big property sale during the quarter which helped the quarter, as well as the $20 million tax item that you had mentioned in the Q&A. Can you explain to us how investors should think about the about $550 million and how it’s impacted by any one-timers that may not be recurring? Thanks.

谢谢,早上好。 我想挖掘一下自由现金流,本季度的1.76亿美元以及今年的上调指引。 本季度似乎有一笔相当大的房产销售,这有助于本季度,以及您在问答中提到的2000万美元的税项。 您能否向我们解释一下投资者应如何考虑约5.5亿美元以及它如何受到任何可能不会再次发生的一次性影响? 谢谢。

特雷弗英语

Thanks. On the tax piece of it, we did--I think I answered it earlier, we did realize about $20 million related to a resolution of a matter with the CRA; however, I would say that we had previously incurred higher cash taxes due to that, so I think it’s sort of a true-up in timing, and I wouldn’t call that one time. I would say it’s more about timing. On the sale of the building, I guess that it netted off--it’s within our overall capital budget, which still remains at $1.2 million, so I wouldn’t say that we were trying to treat the sale of the building that impacts free cash flow. Again, I know it’s a little messy on the cash taxes, it looks a little light this year, and it’s because of that $20 million.

谢谢。 关于它的税收,我们做了 - 我想我早些回答了,我们确实意识到与CRA解决问题有关的2000万美元; 但是,我会说我们之前已经因此而支付了更高的现金税,所以我认为这在时间上是一种正确的,我不会这么说。 我会说更多关于时间安排。 关于建筑物的出售,我猜它已被扣除 - 它在我们的总体资本预算范围内,仍然保持在120万美元,所以我不会说我们试图处理影响自由现金的建筑物的销售 流。 再说一次,我知道现金税有点混乱,今年看起来有点淡,这是因为2000万美元。

Adam Ilkowitz

I guess the sale of the building during the quarter, was that included in your previous $500 million free cash flow guidance?

我猜这个季度的建筑物的销售是否包含在您之前的5亿美元自由现金流量指导中?

特雷弗英语

No, it was never part of free cash flow.

不,它从来不是自由现金流的一部分。

Adam Ilkowitz

Okay, I can probably take that offline. My second question is on the wire line side. I’m kind of intrigued as to the margins, which have been roughly stable. With the amount of people coming off from the VDP program, can you talk about the size of that maybe causing margins to be perhaps negatively impacted that would leave them flat, rather than seeing an upward trajectory to margins? Thank you.

好的,我可以离线了。 我的第二个问题是在电线方面。 对于大致稳定的利润率我很感兴趣。 随着从VDP计划中脱颖而出的人数,你能谈谈这个问题的规模可能会导致利润率受到负面影响而不会让他们持平,而不是看到利润率上升的轨迹吗? 谢谢。

特雷弗英语

Yes, we talked about it a little bit, Adam. We do have some other costs within the business that ticked up, and they’re not just costs related to the VDP enablement program. There’s regular merit increases in the business for the employees, there’s the syndication costs that are becoming a more important line item or a bigger line item within the business considering our partner-led solutions, so there’s a few other costs that have increased obviously to offset some of the VDP savings. But clearly, we’re very happy with the way the VDP program is going and we’re realizing the savings. The headcount is staying out of the business, but there’s just some other costs within that have ticked up just a little bit - network programming costs, things like that.

是的,我们谈了一点,亚当。 我们确实在业务中有一些其他成本,而且它们不仅仅是与VDP支持计划相关的成本。 员工的业务有定期的优点,考虑到我们的合作伙伴主导的解决方案,联合成本正在成为业务中更重要的项目或更大的项目,因此有一些其他成本明显增加以抵消 一些VDP节省。 但显然,我们对VDP计划的发展方式非常满意,并且我们正在实现节约。 员工不在业务范围内,但其中只有一些其他成本已经上升 - 网络编程成本,类似的东西。

Jay Mehr

You can see that already--it’s Jay, Adam. We’re quite confident at the direction of wire line profitability in our strategy, we’re quite confident in the free cash flow profile of our company and where we’re headed in subsequent years, but the work that the team has done on VDP and the entire transformation has been extraordinary. This quarter alone, we have truck rolled down 30% year-over-year. This is a good start to a modern Shaw. All of our fundamentals are in place and while--I mean, coaches take losses and teams take wins. VDP and the work to transform our wire line business is working and the team is doing extraordinary, so we’re excited about the future.
I understand the math you’re doing. The free cash flow characteristics and the characteristics of the wire line business going forward, it’s something we’re very excited about.

你已经可以看到 - 这是周杰伦,亚当。 我们对战略中线路盈利能力的方向充满信心,我们对公司的自由现金流状况以及随后几年的发展方向充满信心,但团队在VDP方面所做的工作 整个转型非同寻常。 仅本季度,我们的卡车同比下降了30%。 这是一个现代肖的良好开端。 我们所有的基本面都已到位,而且 - 我的意思是,教练会带来损失,而球队会获胜。 VDP和改变我们的电线业务的工作正在发挥作用,团队正在做非凡的事情,所以我们对未来感到兴奋。

我理解你正在做的数学。 自由现金流特征和电线业务的特点向前发展,这是我们非常兴奋的事情。

Adam Ilkowitz

Thank you very much.

非常感谢你。

会议主持员

Mr. Shaw, there are no more questions at this time. This concludes the time allocated to today’s conference call. You may disconnect your lines. Thanks for participating and have a pleasant day.

肖先生,目前没有其他问题了。 以上分配给今天的电话会议的时间到此结束。 你可以断开你的线路。 感谢您的参与,祝您度过愉快的一天。

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