Lumen Technologies Inc (LUMN) 2025 Q3 法說會逐字稿

Greetings and welcome to Lumen Technologies third quarter 2025 earnings call. [Operator Instructions]

各位朋友，歡迎參加 Lumen Technologies 2025 年第三季財報電話會議。[操作說明]

I would now like to turn the conference over to Jim Breen, senior Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級副總裁吉姆·布林。請繼續。

Good afternoon everyone, and thank you for joining Lumen Technologies on today's call. On the call today are Kate Johnson, President and Chief Executive Officer, and Chris Stansbury, executive Vice President and Chief Financial Officer.

各位下午好，感謝各位參加今天 Lumen Technologies 的電話會議。今天參加電話會議的有總裁兼執行長凱特·約翰遜，以及執行副總裁兼財務長克里斯·斯坦斯伯里。

Before we begin, this conference call may include forward-looking statements subject to certain risk and uncertainties. All forward-looking statements should be considered in conjunction with the cautionary statements.

在會議開始之前，請注意，本次電話會議可能包含一些前瞻性陳述，這些陳述受到某些風險和不確定性的影響。所有前瞻性陳述應與警示性陳述一併考慮。

And the risk factors in our SEC filings, we'll be referring to certain non-GAAP financial measures reconciled to the most comparable GAAP measures which can be found in our earnings press release.

至於我們在提交給美國證券交易委員會的文件中提到的風險因素，我們將參考一些非GAAP財務指標，這些指標已與最可比較的GAAP指標進行了核對，具體內容可在我們的盈利新聞稿中找到。

In addition, certain metrics discussed today exclude cost for special items as detailed in our earnings materials, which can be found on the investor relations section of the lumen website. With that, I'll turn the call over to Kate.

此外，今天討論的某些指標不包括特殊項目的成本，這些項目在我們的收益材料中有詳細說明，可以在 lumen 網站的投資者關係部分找到。這樣，我就把電話交給凱特了。

Thanks, Jim, and thanks everybody for joining the call. We had a very productive third quarter at Lumen.

謝謝吉姆，也謝謝大家參加這次電話會議。Lumen公司第三季業績非常出色。

First, we reported strong financial results with revenue, EBITDA, and free cash flow all coming in ahead of street consensus.

首先，我們公佈了強勁的財務業績，收入、EBITDA 和自由現金流均超乎市場預期。

And we're executing well on the essential operational components of our business transformation, including things like a successful phase one implementation of our new ERP system.

我們在業務轉型的關鍵營運環節執行良好，包括成功實施新的ERP系統第一階段等。

Delivering more than USD250 million in run rate cost takeout through the end of Q3, on track for USD350 million this year. Continuing our balance sheet clean up with an additional USD2.4 billion debt refinancing and subsequent term loan repricing.

截至第三季末，已實現超過 2.5 億美元的年度成本削減，今年預計將實現 3.5 億美元。我們將繼續清理資產負債表，額外進行 24 億美元的債務再融資，並隨後對定期貸款進行重新定價。

And by making really good progress on our consumer fiber to the home sale to AT&T now targeted to close in early 2026.

我們在將消費者光纖到戶業務出售給 AT&T 的計劃上取得了非常好的進展，預計將於 2026 年初完成交易。

But the real headline for this earnings call is the progress we're making to pivot this company back to growth, revenue growth.

但本次財報電話會議的真正重點是我們正在取得的進展，即公司正朝著成長和營收成長的方向發展。

We signed an additional one plus billion in private connectivity fabric deals since our last update, bringing the total PCF deal value to over USD10 billion. We continue to scale the adoption of NAS, reaching more than 1,500 enterprise customers since the launch of this platform.

自上次更新以來，我們又簽署了價值超過 10 億美元的私人連接網路協議，使 PCF 協議總價值超過 100 億美元。自該平台推出以來，我們不斷擴大 NAS 的應用範圍，目前已覆蓋超過 1500 家企業客戶。

We launched our latestAs innovation, Internet on Demand or IoD offnet, giving us nearly 100 times greater market reach to accelerate digital service sales and revenue growth.

我們推出了最新的創新產品——互聯網按需服務（IoD），使我們的市場覆蓋範圍擴大了近 100 倍，從而加速了數位服務銷售和收入成長。

We're rapidly building a connected ecosystem with dozens of early adopter tech partners who see how Lumen's digital platform can accelerate their time to value with joint customers.

我們正在與數十家早期採用者技術合作夥伴快速建立一個互聯的生態系統，他們看到了 Lumen 的數位平台如何能夠加快他們為共同客戶創造價值的速度。

And while we still carry the weight of declining legacy telecom revenue, our growing revenue base now comprises 50% of North American enterprise revenue, up from 35.5% just three years ago.

儘管我們仍然背負著傳統電信收入下降的重擔，但我們不斷增長的收入基礎目前佔北美企業收入的 50%，而三年前這一比例僅為 35.5%。

We're proud of the significant progress our team has made this quarter, and we believe our investment thesis and strategy are showing tangible results. And those results are being recognized in both the credit and equity markets.

我們為團隊本季取得的顯著進展感到自豪，我們相信我們的投資理念和策略正在展現出切實可見的成果。這些成果正在信貸市場和股票市場得到認可。

The advent of AI has created an urgent need for structural change in network architecture, and Lumen is uniquely positioned to take advantage of the moment. So I want to share some quick thoughts on how we see the market to provide context for the rest of my remarks.

人工智慧的出現迫切需要對網路架構進行結構性變革，而 Lumen 憑藉其獨特的優勢，能夠抓住這一機會。因此，我想先簡單談談我們對市場的看法，以便為我接下來的發言提供背景。

AI workloads are pushing data center footprints to grow 10 times by 2030, and public cloud spend is expected to eclipse USD1 trillion in that very same period.

人工智慧工作負載正推動資料中心規模在 2030 年前成長 10 倍，預計同期公有雲支出將超過 1 兆美元。

Meanwhile, CIOs are on the hook to deliver insight at the speed of thought while efficiently managing explosive data growth across complex hybrid, and multi-cloud environments.

同時，資訊長們肩負著以迅雷不及掩耳之勢提供洞察的重任，同時也要有效率地管理複雜混合雲和多雲環境中爆炸性成長的數據。

But traditional network architectures, they were built for simpler kinds, and they just won't cut it anymore. They're not big enough or fast enough or intelligent enough or secure enough.

但是傳統的網路架構是為更簡單的類型而設計的，它們現在已經無法滿足需求了。它們不夠大，速度不夠快，智慧程度不夠，安全性也不夠高。

Simply put, traditional networks let precious GPU investments sit idle, and Lumen is changing all of that, as Dave Ward, our chief technology and product officer, explained in his recent white paper.

簡而言之，傳統網路讓寶貴的 GPU 投資閒置，而 Lumen 正在改變這一切，正如我們的首席技術和產品長 Dave Ward 在他最近的白皮書中所解釋的那樣。

He advocates for a fundamental reset in networking to support the new era of cloud 2.0 and identifies five essential networking capabilities required to thrive extreme bandwidth and low latency, data center interconnect, expansion into AI corridors, distributed cloud on-ramps, and programmable API first networks.

他主張對網路進行根本性的重置，以支援雲端 2.0 的新時代，並確定了實現極高頻寬和低延遲、資料中心互連、擴展到 AI 走廊、分散式雲端入口和可編程 API 優先網路所需的五項基本網路能力。

These requirements are the underpinning of Lumen's three-part strategy, including the physical layer, the digital layer, and the connected ecosystem.

這些要求是 Lumen 三部分策略的基礎，包括實體層、數位層和互聯生態系統。

And today I'll translate that into Lumen's evolving business model with some exciting updates starting with building the backbone for the AI economy.

今天，我將把這些理念轉化為 Lumen 不斷發展的商業模式，並帶來一些令人興奮的更新，首先是建立人工智慧經濟的骨幹網路。

Now, as I mentioned up front, we closed another USD1 billion in PCF deals, bringing our total to over USD10 billion with a healthy pipeline of deals remaining.

正如我前面提到的，我們又完成了 10 億美元的 PCF 交易，使我們的總交易額超過 100 億美元，並且還有大量交易正在籌備中。

Based on our current build schedule, the USD10 billion of business in hand, plus the existing ONM run rate business for PCF, we expect will yield a recurring revenue stream ranging between USD400 million and USD500 million by the time we exit 2028. I'll add two important footnotes regarding this business.

根據我們目前的建設進度計劃，加上手頭100億美元的業務，以及PCF現有的ONM營運業務，我們預計到2028年底將產生4億至5億美元的經常性收入。關於這項業務，我還要補充兩點重要的註腳。

First, none of the remaining deals in the pipeline have been contemplated in this revenue guidance. They are purely upside. Second, we remain deeply disciplined in our approach by only inking deals that are value accretive to lumen shareholders, even if this means stepping away from an opportunity.

首先，本次營收預期並未考慮任何剩餘的在研交易。它們完全是上漲的。其次，我們始終堅持嚴格的紀律，只簽署能為 Lumen 股東增值的交易，即使這意味著放棄一些機會。

And the teams are doing a great job building that backbone. As of the end of September, we had completed more than 3,200 miles of over poles on 27 different routes, approximately 130% of our in-year '25 target with a full quarter left to go for the year.

各團隊在建立這項核心框架方面做得非常出色。截至 9 月底，我們已經在 27 條不同的路線上完成了超過 3,200 英里的電線桿架設，大約完成了我們 2025 年的目標的 130%，而今年還有整整一個季​​度的時間。

But building the backbone for the AI economy, it's not just about overpos for our hyperscalar and neo cloud friends. It also requires massive upgrades to our physical network to support cloud 2.0 needs of enterprise customers.

但建構人工智慧經濟的骨幹網，不僅是為我們的超大規模和新雲朋友提供過剩資源。這還需要對我們的實體網路進行大規模升級，以支援企業客戶的雲端 2.0 需求。

And for this, we're investing in three major fabric infrastructure projects including rapid routes, data center expansion, and metro expansion.

為此，我們正在投資三個主要的基礎設施建設項目，包括快速公車路線、資料中心擴建和地鐵擴建。

Market by market, we're upgrading capacity, increasing data center interconnects, and improving service delivery experience and time frames to help our customers address the urgent needs of AI and multi-cloud architecture.

我們正在逐一市場升級容量、增加資料中心互連、改善服務交付體驗和時間框架，以幫助我們的客戶滿足人工智慧和多雲架構的迫切需求。

These investments are how Lumin is creating a ubiquitous high capacity networking fabric that enables our customers to connect everywhere that matters quickly, securely and effortlessly.

透過這些投資，Lumin 正在打造一個無所不在的高容量網路架構，讓我們的客戶能夠快速、安全、輕鬆地連接到所有重要的地方。

Okay, moving on to our digital platform update. We've created looming connectivity fabric and math to address the need for programmable API first networks in the world of cloud 2.0, and I think our growth metrics confirm the market need for what we're offering.

好的，接下來我們來看看我們的數位平台更新。我們已經創建了強大的連接架構和數學模型，以滿足雲端 2.0 世界中對可程式 API 優先網路的需求，我認為我們的成長指標證實了市場對我們所提供的產品的需求。

The number of active customers in the third quarter grew by 32% since last quarter. And the number of NAS fabric ports deployed grew by 30% and the number of services sold by 36% in that same period.

第三季活躍用戶數比上一季成長了32%。同期，NAS 架構連接埠的部署數量增加了 30%，服務銷售數量增加了 36%。

Across all three KPIs we're showing strong growth. Now I share these metrics with you each quarter because they're central to our new business model, which is different than traditional telecom.

所有三項關鍵績效指標均呈現強勁成長。現在我每季都會與大家分享這些指標，因為它們是我們新商業模式的核心，而這種新商業模式與傳統的電信模式不同。

I'll share more about that now so we can all ground ourselves in a common understanding of how lumen will pivot to revenue growth.

接下來我將詳細介紹一下，以便我們都能對 Lumen 將如何轉向營收成長有一個共同的理解。

At the center of our new PQ business model is the fabric port, one digital port that delivers many services. And when we say Q, we mean total active ports or the number of net new ports in service.

我們新的 PQ 商業模式的核心是 Fabric 端口，這是一個提供多種服務的數位端口。當我們說 Q 時，我們指的是活躍連接埠總數或新增連接埠數。

When we say P, we mean average selling price of each service purchased through looming Connect and deployed on the port.

當我們說 P 時，我們指的是透過 Looming Connect 購買並部署到連接埠上的每項服務的平均售價。

And in early 2026, we're going to extend this model with the launch of Project Berkeley, a pre-provisioned cross-carrier fabric port that lights up first and third party services on and off net, AI ready from day one.

2026 年初，我們將推出 Project Berkeley，擴展此模式。 Project Berkeley 是一個預先配置的跨運營商架構端口，可啟用網路內外的第一方和第三方服務，從一開始就支援 AI。

Simply put, Berkeley enables intelligent and universal access no matter who owns the pipes.

簡而言之，無論管道的所有者是誰，伯克利都能實現智慧和普遍的接觸。

Customers will be able to install the port and light up standard kits of services including IOD or Internet on-demand, Lumen Defender, Voice, VPN on-demand, and a range of cloud on-ramps. Soon through our connected ecosystem work, they'll also be able to light up third-party services.

客戶將能夠安裝連接埠並啟用標準服務套件，包括 IOD 或按需互聯網、Lumen Defender、語音、按需 VPN 以及一系列雲端存取點。不久之後，透過我們建立互聯生態系統的工作，他們也將能夠啟用第三方服務。

The commercial motions to drive digital growth are simple and repeatable by both our direct salesforce and our partner channels.

推動數位化成長的商業策略簡單易行，我們的直銷團隊和合作夥伴管道都可以重複執行。

First, they land customers on new ports with a with a mix of starter services, and then they expand by attaching more services on installed ports, creating AP flywheel of sorts.

首先，他們透過一系列入門服務吸引客戶使用新端口，然後透過在已安裝的端口上附加更多服務來擴展業務，從而形成某種 AP 飛輪效應。

And at an investor day next quarter, we'll share more about what we're learning as this new digital marketplace takes shape.

在下個季度的投資者日上，我們將分享更多關於這個新型數位市場形成過程中我們所了解的資訊。

Here's what we know. Growth will come through selling more ports and upselling more first and third party services, and that's why I'm so excited to share the next two announcements with you.

以下是我們目前所了解的情況。成長將透過銷售更多連接埠和追加銷售更多第一方和第三方服務來實現，這就是為什麼我非常興奮地與大家分享接下來的兩項公告。

On October 20, we launched IoD Ofnet, expanding our addressable market by close to 100 times, and that's just in the United States.

10 月 20 日，我們推出了 IoD Ofnet，使我們的目標市場擴大了近 100 倍，而這只是在美國。

Since Lumina became generally available in January of 2024, the number one piece of customer feedback, it's always been, hey, bring Lumina off the market, and here we are.

自從 Lumina 於 2024 年 1 月正式上市以來，客戶反饋最多的就是“嘿，把 Lumina 從市場上撤下來吧”，而現在我們終於看到了這一幕。

It's early days, but the feedback so far has been very positive, with great customers like Excel Energy noting how Lumen's off-netAav will help them achieve important business outcomes such as more resilient operations and more intelligence services.

雖然現在還處於早期階段，但到目前為止的回饋非常積極，像 Excel Energy 這樣的大客戶指出 Lumen 的 off-netAav 將如何幫助他們實現重要的業務成果，例如更具彈性的營運和更多的智慧服務。

Now the second announcement is about the lumen connected ecosystem, a major driver of commercial expansion for both ports and services.

第二項公告是關於流明互聯生態系統，這是港口和服務業務擴張的主要驅動力。

Last week we announced a strategic partnership with Palantirer where we not only agreed to buy services from each other, but we committed to bring those capabilities to joint customers.

上週，我們宣布與 Palantier 建立策略夥伴關係，我們不僅同意互相購買服務，而且承諾將這些能力帶給共同的客戶。

I want to call your attention to an article from the street entitled Palantirer Just Signed a Deal that could shift the AI Power Balance.

我想提請大家注意一篇來自街頭的文章，標題是《Palantirer剛剛簽署了一項可能改變人工智慧力量平衡的協議》。

The piece does a really nice job explaining how Lumen's network has become critical infrastructure in the AI race. The purpose of the connected ecosystem is to help more technology companies like Palantirer gain competitive advantage by leveraging our platform and allowing Lumen to gain commercial reach.

這篇文章很好地解釋了 Lumen 的網路如何成為人工智慧競賽中的關鍵基礎設施。互聯生態系統的目的是幫助更多像 Palantier 這樣的科技公司利用我們的平台獲得競爭優勢，並讓 Lumen 獲得商業影響力。

We're excited to report that we're working with dozens of other companies that not only understand the power of our new business model, but they also understand that our AI ready network enhances the delivery of their solutions.

我們很高興地宣布，我們正在與數十家其他公司合作，這些公司不僅了解我們新商業模式的力量，而且還了解我們的人工智慧就緒網路可以增強其解決方案的交付。

Just some of the marquee tech companies we're working with include, of course, Microsoft, Google, and AWS, the big hyper scalers, but also data center companies like Digital Realty and QTS, AI platform companies like Palantirer and Meter.

我們合作的一些知名科技公司當然包括微軟、Google和AWS這些大型超大規模資料中心公司，但也包括像Digital Realty和QTS這樣的資料中心公司，以及像Palantirer和Meter這樣的人工智慧平台公司。

Data cloud services companies like Data Bricks and Snowflake, security companies like Palo Alto, ZScalar, F 5, and NetScope, and backup and recovery and data protection services companies like Rubric, Commvault, and Cohesity, and so many more.

資料雲端服務公司，如 Data Bricks 和 Snowflake；安全公司，如 Palo Alto、ZScalar、F 5 和 NetScope；備份和復原以及資料保護服務公司，如 Rubric、Commvault 和 Cohesity；以及更多其他公司。

Together, Lumen connectivity fabric and Lumen's connected ecosystem offer a meaningful source of revenue growth. Our early read on growth from all of our digital capabilities that includes NAS, edge Solutions, security, and the connected ecosystem.

Lumen 的連結架構和 Lumen 的互聯生態系統共同構成了重要的收入成長來源。我們對包括 NAS、邊緣解決方案、安全和互聯生態系統在內的所有數位化能力的初步成長預期。

It's somewhere between USD500 million and USD600 million of incremental revenue run rate exiting 2028. And while it's hard to accurately forecast revenue when you're creating a new market, we do feel good about these numbers and we'll continue to be super transparent about all of our assumptions and learnings as we go.

到 2028 年底，新增營收年化率將在 5 億至 6 億美元之間。雖然在開拓新市場時很難準確預測收入，但我們對這些數字感到滿意，我們將繼續保持高度透明，並公開我們所有的假設和經驗教訓。

To bring our revenue story home, PCF should yield between USD400 million and USD500 million of incremental revenue exiting '28.

為了總結我們的營收情況，PCF 到 2028 年底應該可以帶來 4 億至 5 億美元的增加營收。

Lumen Digital should yield between USD500 million and USD600 million of incremental revenue in the same period. That's (900) to USD1.1 billion of incremental revenue exiting 2028, and that's the path for Lumen's business segment to achieve revenue growth.

Lumen Digital 預計在同一期間內將帶來 5 億至 6 億美元的增量收入。到 2028 年底，這將帶來 900 億美元至 11 億美元的增量收入，這也是 Lumen 業務部門營收成長的路徑。

We're changing the game in networking by building the fastest open platform mesh network connected to everywhere that matters while delivering a digital on-demand experience so enterprises can quickly, securely, and effortlessly move their data.

我們正在改變網路領域的遊戲規則，建立速度最快的開放平台網狀網絡，連接到所有重要的地方，同時提供按需數位體驗，以便企業能夠快速、安全、輕鬆地移動資料。

It's what our customers need. And it's what our investors deserve. Chris, over to you.

這正是我們的客戶所需要的。這是我們的投資者應得的。克里斯，該你了。

Thanks, Kate. Lumen delivered another quarter of solid execution. We reported strong third quarter financials, implemented phase one of our new ERP system, and continued to improve the balance sheet.

謝謝你，凱特。Lumen 又一個季度業績穩健。我們公佈了強勁的第三季財務業績，實施了新的ERP系統的第一階段，並繼續改善資產負債表。

Financially, revenue, adjusted EBITDA and free cash flow results were better than expected. Our total business grow revenue was up 7.7% year over year. And our total business revenue was only down 3.2% year over year, well ahead of the competition.

財務方面，收入、調整後 EBITDA 和自由現金流結果均優於預期。我們的總業務成長收入年增7.7%。我們的總業務收入年比僅下降了 3.2%，遠超競爭對手。

The launch of phase one of the ERP system to cash is a significant milestone for Lumen as we continue to transform the company by simplifying systems to support our future growth.

ERP 系統第一階段的現金流量啟動是 Lumen 的重要里程碑，我們將繼續透過簡化系統來支援未來的成長，從而推動公司轉型。

When phase two is completed next year, we will be on a unified ledger and will continue to sunset old systems and drive additional efficiencies across the organization.

明年第二階段完成後，我們將使用統一的帳簿，並將繼續淘汰舊系統，提高整個組織的效率。

We continue to strengthen our balance sheet with multiple capital markets transactions during the quarter. In August, we successfully priced USD2 billion of 7% first lien notes, due 2034 at level three, which enabled us to extend maturities by approximately four years and delivered USD48 million in annual interest expense savings.

本季我們透過多項資本市場交易繼續加強資產負債表。8 月，我們成功地以三級定價發行了 20 億美元的 7% 優先擔保票據，該票據將於 2034 年到期，這使我們能夠將到期日延長約 4 年，並每年節省 4,800 萬美元的利息支出。

We followed in September with pricing a USD425 million dollar add-on to the 7% notes to redeem all the remaining 2030 level three first maturities and repriced our USD2.4 billion dollar term loan. Reducing the rate by 100 basis points.

9 月份，我們又對 7% 的票據進行了 4.25 億美元的增發定價，以贖回所有剩餘的 2030 年三級首期到期票據，並重新定價了我們的 24 億美元定期貸款。利率下調100個基點。

Lastly, in September, we used cash to redeem both the USD238 million of 7.25% quest notes and the USD 350 million of 10% level second lien notes.

最後，在 9 月份，我們用現金贖回了 2.38 億美元的 7.25% Quest 票據和 3.5 億美元的 10% 第二留置權票據。

The third quarter debt refinancing's, term loan repricing, and debt reduction actions further reduces annual interest expense by approximately USD135 million.

第三季債務再融資、定期貸款重新定價和債務削減措施進一步減少了年度利息支出約 1.35 億美元。

Year-to-date, we reduced annual interest expense by approximately USD235 million through proactive balance sheet management.

今年迄今，透過積極的資產負債表管理，我們減少了約 2.35 億美元的年度利息支出。

Looking forward on a pro forma basis and considering the early 2026 expected closing of the announced USD5.75 billion dollar sale of our fiber to the home business, the proceeds will allow for the pay down of approximately USD4.8 billion in Lumen's super priority debt.

展望未來，根據準備情況，並考慮到我們宣布的以 57.5 億美元出售光纖到戶業務的交易預計將於 2026 年初完成，所得款項將用於償還 Lumen 約 48 億美元的超級優先債務。

This action is expected to further increase Lumen annual interest expense savings up to approximately USD 535 million.

此舉預計將使 Lumen 每年的利息支出節省額進一步增加至約 5.35 億美元。

We will continue to work toward improving our debt profile ahead of the anticipated close of the AT&T transaction in early 206 as we continue to seek opportunities to further lever, extend maturities, simplify the capital structure, and reduce our cost of capital.

在預計於 206 年初完成 AT&T 交易之前，我們將繼續努力改善我們的債務狀況，同時繼續尋求機會進一步提高槓桿率、延長到期日、簡化資本結構並降低我們的資本成本。

Upon closing the AT&T transaction, we expect to have approximately USD13 billion in debt, reducing our overall leverage before four times adjusted EBITDA.

完成對 AT&T 的交易後，我們預計將有約 130 億美元的債務，這將使我們的整體槓桿率在調整後 EBITDA 之前降低四倍。

And with that, I could not be more proud of the team's hard work to deliver such impressive results, as well as the opportunities that a new financial profile unlocks for Lumen's future. I'm really pleased to say debt is no longer a headwind for Lumen. The balance sheet is quickly becoming a point of strength for us.

因此，我對團隊的辛勤工作取得如此令人矚目的成果感到無比自豪，同時也對新的財務狀況為 Lumen 的未來帶來的機會感到無比欣慰。我很高興地宣布，債務不再是 Lumen 的阻礙。資產負債表正迅速成為我們的一大優勢。

So let's move to the discussion of financial results for the third quarter. Total reported revenue declined 4.2% to USD3.087 billion. Business segment revenue declined 3.2% to USD2.456 billion.

接下來，我們來討論一下第三季的財務表現。總報告收入下降 4.2% 至 30.87 億美元。業務部門營收下降 3.2% 至 24.56 億美元。

Mass market segment revenue declined 7.7% to USD631 million. Adjusted EBITDA was USD787 million for a 25.5% margin, and free cash flow was USD1.7 billion.

大眾市場業務收入下降7.7%至6.31億美元。調整後 EBITDA 為 7.87 億美元，利潤率為 25.5%，自由現金流為 17 億美元。

Within North American Enterprise channels, excluding wholesale, international, and other, revenue declined by approximately 1%. North American enterprise grow revenue increased 10.5% year over year, driven by continued strength and dark fiber and IP.

在北美企業通路中（不包括批發、國際和其他通路），收入下降了約 1%。北美企業成長營收年增 10.5%，主要得益於暗光纖和 IP 的持續強勁成長。

We saw expected and typical declines in nurture and harvest. Overall, including wholesale, North America business revenue declined 2.8%. As previously communicated, growth will become a larger percent of our North American enterprise revenue base over time.

我們看到培育和收穫方面都出現了預期的、典型的下降。總體而言，包括批發業務在內，北美業務收入下降了 2.8%。正如之前所溝通的那樣，隨著時間的推移，成長在我們北美企業收入基礎中所佔的比例將會越來越大。

We're pleased to share that grow now represents 50. I'll say that again, half of our North American enterprise revenue. This was driven by our core network grow products with non-PCF driving the largest portion of the increase.

我們很高興地宣布，grow 現在代表 50。我再說一遍，這占我們北美企業收入的一半。這主要得益於我們核心網路成長產品的推動，其中非PCF產品推動了成長的最大部分。

The emerging growth of digital has yet to materially impact our revenue performance. As Kate mentioned when we first reported this metric in early 2022, growth revenue represented approximately 35% of our North American enterprise portfolio.

數位化的新興成長尚未對我們的收入業績產生實質影響。正如 Kate 在我們 2022 年初首次報告該指標時所提到的那樣，成長收入約佔我們北美企業投資組合的 35%。

So to those who have stuck to their thesis that our legacy portfolio will prevent our return to growth, or that our growth is over relying on PCF, the facts show that thesis is increasingly incorrect and frankly irrelevant over time.

因此，對於那些堅持認為我們的傳統投資組合會阻礙我們恢復成長，或者認為我們的成長過度依賴個人資本融資的人來說，事實表明，隨著時間的推移，這種觀點越來越不正確，坦白說，也越來越無關緊要。

Wholesale revenue declined approximately 7.6% year over year in line with our expectations. International and other revenue declined 13% or USD12 million driven primarily by managed services, VPN and voice declines.

批發收入年減約7.6%，與我們的預期一致。國際及其他收入下降 13% 或 1,200 萬美元，主要原因是託管服務、VPN 和語音業務的下滑。

Now moving on to mass markets, our fiber broadband revenue increased 18.4% year over year and represents over 49% of mass market's broadband revenue. During the quarter, Lumen added approximately 122,000 fiber enabled homes, bringing our total to approximately 4.5 million as of September 30th.

現在來看看大眾市場，我們的光纖寬頻營收年增 18.4%，佔大眾市場寬頻收入的 49% 以上。本季度，Lumen 新增約 12.2 萬戶光纖家庭，截至 9 月 30 日，我們的光纖家庭總數達到約 450 萬戶。

We also added 39,000 quantum fiber customers, bringing fiber subs to approximately USD1.2 million. Fiber ARP was USD64.

我們也新增了 39,000 名量子光纖用戶，使光纖用戶收入達到約 120 萬美元。光纖ARP價格為64美元。

At the end of the third quarter, our penetration of legacy copper broadband was approximately 7%, and our quantum fiber penetration stood at approximately 26%.

第三季末，我們的傳統銅纜寬頻滲透率約 7%，量子光纖滲透率約 26%。

Now turning to adjusted EBITDA, for the third quarter of 2025, adjusted EBITDA, excluding special items, was USD787 million compared to approximately USD900 million in the year ago quarter.

現在來看調整後的 EBITDA，2025 年第三季調整後的 EBITDA（不含特殊項目）為 7.87 億美元，而去年同期約為 9 億美元。

For the third quarter of 2025, our margin was 25.5%. Adjusted EBITDA margins were disproportionately impacted by anticipated declines in public sector harvest revenue in the third quarter.

2025 年第三季度，我們的利潤率為 25.5%。第三季公共部門收成收入的預期下降對調整後的 EBITDA 利潤率產生了不成比例的影響。

Special items impacting adjusted EBITDA totaled USD216 million. This includes severance, transaction and separation costs, and our modernization and simplification initiatives.

影響調整後 EBITDA 的特殊項目總計 2.16 億美元。這包括遣散費、交易和分離成本，以及我們的現代化和簡化措施。

Lastly, capital expenditures were approximately USD1 billion. Free cash flow, excluding special items was over USD1.7 billion. As a reminder, we expect free cash flow to be lumpy quarter to quarter as we move through the large PCF bills.

最後，資本支出約10億美元。不計特殊項目，自由現金流超過17億美元。再次提醒大家，由於我們需要償還大額 PCF 帳單，預計自由現金流每季都會出現波動。

I'll now talk about our outlook for the remainder of 25.

接下來我將談談我們對25日剩餘時間的展望。

As we saw in the third quarter, we expect fourth quarter revenue to be negatively impacted by additional declines in public sector harvest revenue as that revenue returns to more normalized levels, similar to the third quarter of 2024.

正如我們在第三季所看到的，我們預計第四季度收入將受到公共部門收成收入進一步下降的負面影響，因為該收入將恢復到更正常的水平，類似於 2024 年第三季的情況。

On a year over year basis, I would remind everyone that we had a positive one-time revenue item in the grow bucket in the fourth quarter of 2024.

從年比來看，我想提醒大家，我們在 2024 年第四季成長項下有一筆一次性正收入。

With respect to 2025 adjusted EBITDA, we reiterate that we expect to come in near the high end of our USD3.2 billion to USD3.4 billion dollar guidance range despite the previously announced USD46 million ADO giveback in the second quarter.

關於 2025 年調整後的 EBITDA，我們重申，儘管先前宣布第二季將返還 4,600 萬美元的 ADO，但我們預計仍將接近 32 億美元至 34 億美元的指導範圍的高端。

We expect to increased costs associated with our utilization of cloud services to continue in the fourth quarter, as well as a negative impact on EBITDA from the above mentioned public sector harvest normalization.

我們預計，與使用雲端服務相關的成本將在第四季度繼續增加，同時，上述公共部門收成正常化也將對 EBITDA 產生負面影響。

As a reminder, our adjusted EBITDA. Guidance assumes organic revenue declines similar to 2024 and excludes roughly USD300 million in transformation costs to support our multi-year commitment to reduce expenses by USD1 billion.

再次提醒，我們的調整後 EBITDA。該指引假設有機收入下降幅度與 2024 年類似，且不包括約 3 億美元的轉型成本，以支持我們多年削減 10 億美元開支的承諾。

We remain confident that we will achieve adjusted EBITDA stability over the next few quarters and see an inflection to growth in 2026 driven mainly by continued M&A savings as well as improving revenue declines.

我們仍然有信心在未來幾季實現調整後 EBITDA 的穩定，並在 2026 年實現成長拐點，這主要得益於持續的併購節省以及收入下降幅度的改善。

We maintain our 2025 guidance for CapEx spending at USD4.1 billion to USD4.3 billion. As we previously communicated, we expect to be at the low end of that range, mainly because of build timing and increased efficiency from our team offset by some strategic investments for growth.

我們維持2025年資本支出預期為41億美元至43億美元。正如我們之前溝通的那樣，我們預計最終交付量將處於該範圍的下限，這主要是由於生產進度和團隊效率的提高，但同時也被一些用於成長的策略投資所抵消。

As we said, we expect our overall capital intensity to fall over time. Our 2025 cash interest guidance remains at USD1.2 billion to USD1.3 billion. We continue to expect it to be at the low end of the range because of the improvements we've made to our debt profile.

正如我們所說，我們預計隨著時間的推移，我們的整體資本密集度將會下降。我們2025年的現金利息預期仍為12億美元至13億美元。由於我們對債務狀況進行了改善，我們仍然預計該金額將處於預期範圍的低端。

Finally, we're reiterating our full year free cash flow guidance of USD1.2 billion to USD1.4 billion mainly because of lower than anticipated CapEx spending, better adjusted EBITDA performance, lower interest expense, and the expected USD400 million dollar tax refund.

最後，我們重申全年自由現金流預期為 12 億至 14 億美元，主要原因是資本支出低於預期、調整後 EBITDA 表現更好、利息支出減少以及預計 4 億美元的退稅。

I would note our free cash flow outlook reflects our expectation of receiving the USD400 million refund from recent taxation legislation in 2025. Well, the IRS has accepted our request for the refund, the receipt of this cash could be delayed by a prolonged shutdown of the US government.

我想指出，我們的自由現金流展望反映了我們預期在 2025 年收到近期稅收立法帶來的 4 億美元退款。美國國稅局已經接受了我們的退稅申請，但由於美國政府長期停擺，這筆款項的到帳可能會延遲。

Now as I wrap up, I want to emphasize that as we disrupt the market for legacy enterprise telecom offerings with next generation cloud 2.0 connectivity digital solutions. We'll change the way we measure and provide insights into our business.

最後，我想強調的是，我們將透過下一代雲端 2.0 連接數位解決方案顛覆傳統企業電信產品的市場。我們將改變衡量和提供業務洞察的方式。

The future is about digital scalability and growth, and this requires a different way of thinking, a different way of modeling. As we transform Lumen, we simply won't fit the models of yesterday's telecom.

未來在於數位化規模化和成長，這需要不同的思維方式和不同的建模方式。隨著 Lumen 的轉型，我們絕對不會再沿用昨天電信業的模式。

For those of you open to changing your models to track our journey, we appreciate your thoughtfulness and we'll provide as much guidance as we can, including a deeper dive look at our upcoming investor day in February.

對於那些願意改變模型來追蹤我們發展歷程的人，我們感謝你們的深思熟慮，我們將盡可能提供指導，包括更深入地了解我們即將於二月舉行的投資者日。

Kate talked about USD 500 million to USD 600 million in digital revenue exiting 2028. Digital includes NAS, cloud on-ramps, security, as well as revenue from ecosystem partnerships.

凱特談到，到 2028 年底，數位收入將達到 5 億至 6 億美元。數位業務包括 NAS、雲端存取、安全以及來自生態系統合作的收入。

We see multiple paths to achieving those digital revenue goals over the next three years. We're still testing assumptions, but what we do know is we're seeing great adoption for NAS, as well as immediate interest from industry leading tech companies as we build our ecosystem partnerships.

我們認為未來三年實現這些數位收入目標有多種途徑。我們仍在檢驗各種假設，但我們確實知道，NAS 的普及率很高，而且隨著我們建立生態系統合作夥伴關係，業界領先的科技公司也立即表現出了濃厚的興趣。

More than half our North American enterprise revenue is coming from growing products today.

我們北美企業收入的一半以上來自目前不斷成長的產品。

And while we're still gauging the timing of the revenue on our new digital products and enterprise buying habits, the early trends we're seeing gives us increased confidence in our return to business revenue growth in 2028.

雖然我們仍在評估新數位產品和企業購買習慣的收入時間，但我們看到的早期趨勢讓我們對 2028 年恢復業務收入成長更有信心。

As we learn more, we'll be transparent as we introduce concepts to investors that will be highly correlated to our strategy and distinctly differentiated in the market relative to the backdrop of traditional telecom, but we believe will make sense as our business evolves over time.

隨著我們了解的深入，我們將以透明的方式向投資者介紹與我們的策略高度相關、在傳統電信市場中獨樹一幟的概念，但我們相信，隨著我們業務的不斷發展，這些概念將會變得有意義。

Well, there are a lot of moving parts over the next 12 months to 18 months. We believe our transformation and innovation will lead to new revenue streams that satisfy the needs of customers in today's cloud 2.0 environment.

嗯，未來12到18個月裡有很多變數。我們相信，我們的轉型和創新將帶來新的收入來源，以滿足當今雲端 2.0 環境中客戶的需求。

Our cost structure optimization and increasing digital revenue help improve margins and free cash flow, reduce our capital intensity, lower our leverage and borrowing costs, and ultimately provide the financial flexibility to invest in Lumen's future growth.

我們透過優化成本結構和增加數位收入，幫助提高利潤率和自由現金流，降低資本密集度，降低槓桿率和借貸成本，並最終為 Lumen 的未來成長提供財務靈活性。

We're pleased with our performance this quarter as we make great strides across all three layers of the business physical, digital, and ecosystem.

我們對本季的業績感到滿意，因為我們在業務的實體、數位和生態系統這三個層面都取得了長足的進步。

We're also pleased with the reaction from the credit and equity markets as our trading multiple is beginning to reflect the impact of our significant balance sheet improvements.

我們也對信貸市場和股票市場的反應感到滿意，因為我們的交易倍數開始反映出我們資產負債表顯著改善的影響。

Our improving revenue makes away from legacy to growing products and the early proof points for our digital growth engine.

我們不斷增長的收入表明我們從傳統產品轉向了新興產品，並且我們的數位成長引擎已經取得了早期的成效。

We're excited by what the future holds, especially given the financial impact of our digital future and that they're not materially reflected in our results today. We look forward to providing more updates along our journey.

我們對未來充滿期待，尤其考慮到數位化未來帶來的財務影響，而這些影響目前尚未在我們業績中得到實質體現。我們期待在接下來的旅程中為大家帶來更多最新消息。

And I'll now hand it back to the operator for Q&A.

現在我將把電話交還給接線員，進行問答環節。

[Operator Instructions]

[操作說明]

Our first question comes from the line of Mike Rawlings with the city.

我們的第一個問題來自麥克羅林斯與這座城市的聯繫。

Thanks and good afternoon. Two topics if I could. So, first on the PCF deals, how does this new USD1 billion of bookings compare to the last set of deals or tranches where I think previously you got it to an unlevered free cash flow margin of like 30% to 31%.

謝謝，下午好。如果可以的話，我想談兩個話題。首先，關於PCF交易，這新增的10億美元訂單與上一批交易或批次相比如何？我認為之前你們已經實現了30%到31%的無槓桿自由現金流利潤率。

Curious if if the margins from these are different from that. And if you can give us an update on how much pipeline is still out there for Lumen to pursue for these types of deals.

想知道這些的邊距是否與此不同。如果您能向我們介紹一下 Lumen 目前還有多少此類交易的潛在項目，那就太好了。

And then secondly, you mentioned a few times the grow revenue being above 50% of The NAM business revenue and the growth revenue grew over 10% year over year in the quarter.

其次，您多次提到成長收入佔北美業務收入的 50% 以上，且該季度成長收入較去年同期成長超過 10%。

So can you unpack a little bit more of what's driving that grow revenue and is double-digit growth in this grow bucket a new sustainable level for women to achieve? Thanks.

那麼，您能否更詳細地解釋一下推動收入成長的因素，以及在這個成長領域實現兩位數成長是否是女性能夠達到的新的永續水平？謝謝。

Hey Mike, it's Kate. I'll take the first one and and let Chris handle the second one.

嗨，麥克，我是凱特。第一個我來做，第二個交給克里斯處理。

On the PCF deals, the billion plus is more than one deal, and the composition of that portfolio of bookings is equivalent in margin to the prior tranches, and I think you can see us kind of approach this business with a very disciplined approach as I referenced in my prepared remarks.

關於 PCF 交易，十億多美元並非一筆交易，而且該組合訂單的利潤率與之前的批次相當，我認為你們可以看到，正如我在準備好的發言稿中提到的，我們以非常嚴謹的方式對待這項業務。

We're only going to do the business that's deeply creative, and we're going to, kind of, we're going to remain focused on that. Regarding the pipeline, it's a lot of different, hyper scales and neo cloud providers. We're not going to commit to a number anymore.

我們只會做那些極具創意的業務，而且我們會一直專注於此。至於資料管道，它由許多不同的超大規模雲端服務供應商和新型雲端服務提供者組成。我們不會再承諾具體的數字了。

I think we're going to exceed probably our expectations as we set last year only because this. Not going to be an overnight sensation.

我認為我們今年的成績很可能會超過去年的預期，原因就在於此。不會一夜成名。

This is turning out to be a fairly protracted phase of what we see as a three phase process hyper scales of neo clouds connecting their data centers for training and for provisioning of services to their customers.

我們看到，這正在成為一個相當漫長的階段，而這實際上是一個三階段過程的一部分，即超大規模的新型雲端連接其資料中心，用於培訓和向其客戶提供服務。

And then the enterprise phase of it where enterprises start consuming those models through inferencing and they need massive upgrades and to address all the needs of cloud 2.0.

然後是企業階段，企業開始透過推理使用這些模型，它們需要進行大規模升級，以滿足雲端 2.0 的所有需求。

And then there's that third section which is reference in the cloud 2.0 remarks that I made, which is basically AI corridors emerging and you've got AI talking to AI, so it's a huge amount of data traffic and requires a massive expansion.

然後還有第三部分，也就是我在雲端 2.0 的發言中提到的，它基本上是指人工智慧走廊的出現，人工智慧之間可以進行對話，因此會產生大量的數據流量，需要大規模的擴展。

We're still figuring out what the demand curves look like across all three of those cycles, but I think that gives you a sense for it.

我們仍在研究這三個週期中的需求曲線，但我認為這能讓你對它有個大致的了解。

Yeah, and in terms of the overall growth rate, PCF has started to trickle in, but I emphasize in my prepared remarks that it's actually not the majority of that growth.

是的，就整體成長率而言，PCF 已經開始緩慢融入其中，但我在準備好的發言稿中強調，它實際上並不是成長的大部分。

So we still see a strong, mid to high single-digit growth in things like dark fiber, IP waves, connectivity, traditional tech connectivity solutions that ultimately will convert to digital.

因此，我們仍然看到暗光纖、IP 波、連接、傳統技術連接解決方案等領域保持強勁的中高個位數成長，這些解決方案最終將轉化為數位化。

So in the near term, PCF is certainly contributing, but it's not driving, the total growth. I also want to remind everybody that over time, PCF is actually not a growth engine because those deals are static and once completed they don't increase every year.

因此，短期內，PCF 肯定會有所貢獻，但它並不是整體成長的驅動力。我還要提醒大家，從長遠來看，PCF 實際上並不是成長引擎，因為這些交易是靜態的，一旦完成，它們就不會每年都增加。

So when we're talking about getting back to growth, we know that eventually there's a headwind as those those bills come to conclusion and level off.

所以，當我們談到恢復成長時，我們知道隨著這些法案的最終出台和趨於平穩，最終會遇到一些阻力。

So PCF is a great way to monetize the assets that are in the ground and this, tremendous network that we have the opportunity to run.

因此，PCF 是將地下資產貨幣化的好方法，而且我們有機會經營這個龐大的網路。

But they really aren't something that we believe are a significant part of our long-term growth trajectory. Next question. Thanks.

但我們並不認為它們是我們長期成長軌跡的重要組成部分。下一個問題。謝謝。

Your next question comes from the line of Sebastino Petty with JP Morgan.

你的下一個問題來自 Sebastino Petty 與摩根大通 (JP Morgan) 的合作。

Hi, thank you for taking the question. Chris, if maybe you could just, given the run rate that you've outlined for not only the PCF but for the digital revenue buckets, against the backdrop of, some of the transition and transformation costs, that you're kind of wearing, for lack of a better term in 2025.

您好，感謝您回答這個問題。克里斯，鑑於你不僅為 PCF 概述了運行速度，而且為數位收入類別概述了運行速度，再加上你在 2025 年正在承擔的一些轉型和變革成本（暫且這麼說吧），你能否考慮一下？

Can you help us? Think through the piece parts or the puts and takes as we look out to the IAA Bridge from 2025 through 2026, obviously the mass markets, that's kind of well understood. Maybe some of the other core or remaining.

您能幫幫我們嗎？展望 2025 年至 2026 年的 IAA 大橋，仔細思考各個組成部分或投入與回報，顯然大眾市場的情況已經比較明朗了。或許是其他一些核心成員或剩餘成員。

Thank you. Yeah, so a few different things, as it relates to revenue, you will continue to see that that grow bucket becomes an increasing portion of our business over time. So business mix. Continues to improve, which means the rate of decline continues to improve. So that's obviously a tailwind.

謝謝。是的，就收入而言，你會看到，隨著時間的推移，成長部分在我們業務中所佔的比例會越來越大。所以，業務組合。持續改善，這意味著下降速度持續改善。這顯然是個順風。

The, but the big driver, I mean, let's be really straight about it, Kate called it out. Is the modernization and simplification efforts as we navigate our way through the inflection point of EBITDA.

但是，說句實話，凱特指出了最大的問題。在我們努力應對 EBITDA 轉折點的過程中，現代化和簡化工作正在發生。

So a lot of modernization and simplification as we close out the year we've said that we're, going to be above what we initially guided for this year and then more to come next year. So those are really the two key drivers reduced rate of decline on enterprise and and the modernization and simplification.

因此，隨著今年接近尾聲，我們進行了大量現代化和簡化工作，我們說過，我們今年的業績將超過我們最初的預期，明年還將有更多成長。因此，降低企業衰退率以及現代化和簡化才是真正的兩大關鍵驅動因素。

Benefits that impact even though.

即使如此，也能帶來益處。

Thank you. And if I could ask a quick follow-up, Chris, I think you said that the balance sheet is no longer a constraint but a source of strength.

謝謝。克里斯，如果可以的話，我想問一個後續問題，你之前說過資產負債表不再是限制因素，而是優勢來源。

I mean, is Lumen strategically compete as you think about trying to attack some of these growth areas that may be legacy telcos are, not necessarily, having their purview?

我的意思是，Lumen 在策略上是否具有競爭力？因為 Lumen 試圖進軍一些傳統電信公司可能尚未涉足的成長領域。

Thank you.

謝謝。

I, so I would say number one. Once we close the transaction with AT&T, that'll bring us down to the high 3s, but we're not done yet.

所以，我會說第一名。一旦我們完成與 AT&T 的交易，我們的價格就會降到 300 多萬美元，但我們還沒有完成。

And there's a playbook to further reduce leverage over time, but the point is that when you look at the maturity chart and the curve that we shared in the presentation, this is not the old loom, and this is a balance sheet and debt profile over time that allows us to do multiple things.

而且，我們還有一套方案可以隨著時間的推移進一步降低槓桿率，但關鍵是，當你查看我們在演示文稿中分享的到期日圖表和曲線時，你會發現這不是以前的織布機，而是一個隨著時間推移的資產負債表和債務狀況，它使我們能夠做很多事情。

So what I wanted to be really clear about in today's reported remarks, and it's exactly what I frankly shared at the Industry analyst day is it's time to stop talking about our balance sheet as a headwind because it's simply not true. It's time to start talking about our inflection back to growth. Next question, please.

因此，在今天發表的演講中，我想明確說明一點，這也是我在產業分析師日上坦率地分享的觀點，那就是我們應該停止將資產負債表視為不利因素，因為這根本不是事實。現在是時候開始討論我們重回成長軌道的問題了。下一個問題。

[Operator Instructions]

[操作說明]

And we will go to the next question. Your next question comes from the line of Frank Luthan with Raymond James.

接下來我們來看下一個問題。你的下一個問題來自 Frank Luthan 與 Raymond James 的合作系列。

Great, thank you. There were three announcements this week. You touched on some of them. There was the announcement with the touch of the 10 million business locations and Palantirer and the QTS network.

太好了，謝謝。本週共有三項公告。你提到了其中一些。公告中提到了 1000 萬個商業地點以及 Palantirer 和 QTS 網路。

Can you give us an idea of sort of the revenue impact from those items and the timing and magnitude of when those those will start to hit? Thanks.

您能否大致說明一下這些項目對收入的影響，以及這些影響何時開始顯現，影響程度如何？謝謝。

Yeah, I mean all of them were a part of the connected ecosystem storyline which if you think about it, has a couple of different tenants.

是的，我的意思是，它們都是互聯生態系故事線的一部分，如果你仔細想想，這個故事線包含幾個不同的原則。

The first is continued connectivity with the hyperscalers. The second is connecting interconnect for all the data centers. That was the QTS deal, and the third being technology partners who are, seeing value and integrating.

首先是與超大規模資料中心保持持續連線。第二點是連接所有資料中心。那是 QTS 的交易，第三點是技術合作夥伴看到了價值並進行了整合。

Networking into the offerings that they bring to customers. So you know we're we're starting the flywheel, Frank.

將人脈拓展到他們為客戶提供的產品和服務。所以你知道，我們現在要啟動飛輪了，弗蘭克。

It's really about a go to market partnership better together I think networking has always been purchased separately so you buy a cloud solution and then you go figure out if you have enough network. What we're designing what we're doing is designing the network solution to support the.

這實際上是一種市場推廣合作夥伴關係，我認為合作會更好。網路設備一直以來都是單獨購買的，所以你購買了雲端解決方案，然後你再去弄清楚你的網路是否足夠。我們正在設計的是支援該網路的解決方案。

Thick cloud offering for these companies and making them available in digital marketplaces to make it easy to buy and improve the velocity to value for the customer and so you're going to see it over time in improved results of all the same things we're selling today.

為這些公司提供豐富的雲端服務，並在數位市場中提供這些服務，以便客戶能夠輕鬆購買並提高價值實現速度，因此隨著時間的推移，您將會看到我們今天銷售的所有產品都取得更好的業績。

We're just harnessing the power of other people's sales forces to give network a seat at the table for the first time ever.

我們只是利用其他人的銷售力量，讓網路行銷人員有史以來第一次在決策中佔有一席之地。

Okay, thank you. If any color on sort of the magnitude and timing of the revenue from those or these just sort of, kind of lumped in with everything else and growth.

好的，謝謝。如果說這些收入的規模和時間有什麼特別之處，那就是它們都被歸類在所有其他成長因素之中了。

Yeah, I'll take that. Frank, it really gets back to my closing comments, which is we see multiple pathways to getting to our revenue objectives for digital, and the only thing that we're getting really good certainty around at this very early stage is Tremendous NAS adoption.

好的，我接受。弗蘭克，這其實又回到了我最後的總結性發言，那就是我們看到了實現數位化收入目標的多種途徑，而在這個非常早期的階段，我們唯一真正有把握的事情是NAS的巨大普及。

But as Kate laid out in the Px map, it comes down to number of ports, number of services per port, and price per service. And so as we move through that journey, we'll definitely give investors a lot more visibility to that.

但正如凱特在 Px 地圖上所展示的那樣，歸根結底取決於端口數量、每個端口的服務數量以及每項服務的價格。因此，隨著我們推進這一進程，我們一定會讓投資者更清楚地了解這方面的進展。

And we'll certainly share our prevailing point of view at investor day, but no matter what we share, I guarantee it's going to be different by the time we get to the other end.

我們當然會在投資人日上分享我們目前的觀點，但無論我們分享什麼，我保證到最後我們的觀點都會有所不同。

And so we'll constantly update the market, but the thing that gives me enormous confidence is.

因此，我們會不斷更新市場訊息，但真正讓我充滿信心的是…

When you got ports, services, and price, you have multiple pathways to get to that outcome, and we feel really good about it.

當您擁有港口、服務和價格時，您就有多種途徑可以實現該結果，我們對此感到非常滿意。

Yeah, and just to clarify, Frank, the connected ecosystem is a part of the storyboard of how we have confidence in getting to USD500 million to USD600 million incremental revenue exiting '28.

是的，弗蘭克，為了澄清一下，互聯生態系統是我們有信心在 2028 年底實現 5 億至 6 億美元增量收入的故事板的一部分。

So that's really it's one and the same. It's not a separate revenue stream. It is acceleration of the existing digital capabilities in flight.

所以它們實際上是一回事。它並非獨立的收入來源。這是對現有飛行領域數位化能力的加速應用。

Great thank you very much.

非常感謝。

Your next question comes the line of Greg Williams with TD Cowell.

你的下一個問題是關於格雷格·威廉斯和TD·考威爾的對話。

Thanks for taking my questions. Chris, the stock's been showing some outside strength in the last three weeks.

謝謝您回答我的問題。克里斯，這支股票在過去三週表現出了一些外部強勢。

I know it's been volatile recently, but if it sustains up here at these levels, I mean, does it make sense to equitize some of the company and sell some shares and further bolster the balance sheet? Does it change the capital allocation at all.

我知道最近股價波動很大，但如果股價能維持在目前的水平，我的意思是，將公司部分股權出售，進一步增強資產負債表，這樣做有意義嗎？這會改變資本配置嗎？

And then second question, Kate, you did mention the three phases of AI. Are we in a prolonged training phase one right now?

第二個問題，凱特，你確實提到了人工智慧的三個階段。我們現在是不是處於第一階段的延長訓練期？

And what I mean is that a couple of the hyper scalers and AI companies are pushing now more towards AGI models, like bigger, larger models here, and I'm curious if that, prolongs phase one of this journey. Thanks.

我的意思是，一些超大規模資料中心和人工智慧公司現在正大力推動通用人工智慧模型，例如更大、更龐大的模型，我很好奇這是否會延長這一進程的第一階段。謝謝。

I think it's a great question as to whether or not phase one is prolonged. I think it's definitely intensifying and the amount of capital being deployed is probably bigger than we even imagined last year, so how long it takes.

我認為第一階段是否會延長是一個很好的問題。我認為這種情況肯定正在加劇，而且投入的資金量可能比我們去年想像的還要多，所以需要多長時間才能見分曉。

This isn't we're building critical infrastructure for the biggest technology shift in the history of mankind, so it's a multi-decade journey.

這不是說我們正在為人類史上最大的技術變革建立關鍵基礎設施，而是長達數十年的歷程。

I want to be clear that it's not, linear, so phase one will overlap with phase two being as enterprises, start to use all of these models, which is happening right now.

我想明確一點，這不是一個線性過程，所以第一階段會與第二階段重疊，第二階段是指企業開始使用所有這些模型，而這種情況現在正在發生。

I think that what it's really interesting to see the proliferation of neo clouds coming into the story to sort of offload, a bit of the. Of the of the pressure on trying to find GPUs and commit to buying them.

我認為真正有趣的是，看到新雲的大量湧入故事中，起到某種卸下重擔的作用。在尋找合適的GPU並決定購買它們方面，存在著很大的壓力。

So I think you're seeing the market change, and I don't know that anybody knows the answer or how long this is going to last, but right now we're just focused on executing.

所以我覺得你們正在看到市場的變化，我不知道是否有人知道答案，也不知道這種情況會持續多久，但目前我們只專注於執行。

And it's, like obviously we're delighted with the commitment of capital that our partners and customers are making to to this incredible technology.

顯然，我們對合作夥伴和客戶為這項了不起的技術投入的資金感到非常高興。

Yeah, and on the stock price, I mean, look, obviously tech has had a good run of late, and I want to make sure I say that clearly as a backdrop.

是的，關於股價，我的意思是，很明顯，科技股最近表現不錯，我想確保我把這一點明確地說明出來。

But look, if you really dissect what's been going on with Lumen's stock price, there was a significant discount put on our stock price because of a few things.

但是，如果你仔細分析 Lumen 的股價走勢，你會發現我們的股價大幅下跌是因為一些原因造成的。

One, perceived risk on the balance sheet side, I mean, again, look at that debt maturity chart. And two, and quite frankly, some of your peers still hold this view that we could never return to growth because of the legacy backdrop.

第一，資產負債表方面的風險感知，我的意思是，再看看那張債務到期圖表。第二，坦白說，你們的一些同行仍然認為，由於歷史遺留問題，我們永遠無法恢復成長。

I think what the market now realizes, and by the way, the credit markets realized this, 69 months ago, is that neither of those things are true. The balance sheet is getting healthy really quickly and is no longer something to be discussed as a risk.

我認為市場現在意識到，順便說一句，信貸市場早在 69 個月前就意識到了這一點，那就是這兩件事都不是真的。資產負債表正在迅速改善，不再被視為風險。

And Our portfolio of business today, before we really start to pull in the digital upside associated with transforming enterprise telecom is, half that portfolio is growing.

而我們目前的業務組合，在我們真正開始利用企業電信轉型帶來的數位成長之前，有一半的業務正在成長。

So when you look at the stock price today and normalize the balance sheet post close, which we said today and AT&T said on their call, we expect an early first quarter.

所以，當你觀察今天的股價，並對收盤後的資產負債表進行正常化處理（正如我們今天所說，AT&T 在他們的電話會議上也說過的那樣），我們預計第一季會提前到來。

You actually get to a multiple that's pretty reasonable and comparable to better performing peers in our space.

實際上，你可以得到一個相當合理的倍數，並且可以與我們領域中表現更好的同行相媲美。

So I think we're now finally at the point where we're being recognized for what we've done, and we're now more fairly valued than we have been for the last period of time. From here we've got a lot of work to do, but we feel really good about the upside as we drive digital adoption.

所以我覺得我們現在終於得到了認可，我們所做的事情也得到了應有的重視，比起過去一段時間，我們的價值得到了更公平的評價。接下來我們還有很多工作要做，但我們對推動數位普及帶來的前景感到非常樂觀。

On the equity rate side, look, we'll continue to look at everything, and I would never say no, but I also want to be really clear.

關於股利率方面，我們會繼續關注所有因素，我永遠不會說不，但我也想明確一點。

Our equity holders have stuck with us, we, we've done a lot on the debt side. Our creditors are obviously very pleased with what the return has been on their investments as we see bond trading values come up.

我們的股東一直支持我們，我們在債務方面也做了很多工作。顯然，我們的債權人對他們的投資回報非常滿意，因為我們看到債券交易價格上漲。

And now it's time to focus on our equity holders, and that's why we're so pleased to see what's happening in the market. Next question please.

現在是時候關注我們的股東了，因此我們很高興看到市場正在發生的一切。下一個問題。

Your next question comes from the line of Eric Luchow with Wells Fargo.

你的下一個問題來自富國銀行的 Eric Luchow。

Great, thanks for taking the question. I appreciate the, kind of revenue color on the on the digital and that ecosystems USD500 million, USD600 million.

太好了，謝謝你回答這個問題。我欣賞這種對數位和生態系統收入的描述，5億美元，6億美元。

Just curious if you talk about some of the incremental work you have to do internally, investments you have to make to kind of be able to achieve that outcome whether it's, upgrading data centers, additional cross connects, additional on or off net locations.

我只是好奇，您是否談到為了實現這一目標，您在內部必須進行的一些漸進式工作、必須進行的投資，例如昇級資料中心、增加交叉連接、增加線上或線下位置等。

And whether that could show up in the CapEx or CapEx line to be able to, reach that goal in a few years, and then my second question would just be around, disconnects of legacy services.

以及這是否會體現在資本支出或資本支出計劃中，以便在幾年內實現該目標，我的第二個問題是關於傳統服務的脫節。

It seems like those have been coming in a little better than expected. Just wanted to check if there's any kind of timing related things to fall out there, that we should expect to roll off in the next few quarters or maybe you're just performing better, than you previously anticipated. Thank you.

看起來這些產品的表現比預期好一些。我只是想確認一下，是否有任何與時間安排相關的因素會在未來幾季逐漸消失，或者你們的業績可能比之前預期的要好。謝謝。

Yeah, I, I'll take the first part and I'll leave, the disconnect timing question to to Chris. So the investments required to build the digital platform are definitely significant.

是的，我來回答第一部分，然後我就離開，關於斷開連接時間的問題交給克里斯。因此，建立數位平台所需的投資無疑是巨大的。

They're already contemplated in all of our plan, they're in the, operating plan and we've got a very strong pipeline of innovation. It's just beginning with IUD Ofnet. We've got Berkeley coming to market in in the first quarter and more enhancements to the platform after that.

它們已經在我們的所有計劃中考慮過了，它們都在營運計劃中，而且我們擁有非常強大的創新管道。這只是IUD Ofnet的開始。我們將在第一季推出 Berkeley 版本，之後將對平台進行更多改進。

I think it's important to remember that we talk about cloudifying telecom, which really means driving cloud economics for us and our customers. That's about scaled revenue growth with reducing marginal cost of hardware required to deliver these services, and which is very exciting.

我認為重要的是要記住，我們談論的是電信雲化，這實際上意味著為我們和我們的客戶推動雲端經濟效益。這指的是在降低提供這些服務所需的硬體邊際成本的同時，實現規模化的收入成長，這非常令人興奮。

Additionally, the old way for men to grow was really sort of fixed to a level of capital intensity that I think is changing over time.

此外，過去男性成長的方式很大程度上是固定的，需要大量的資本投入，而我認為這種現狀正在隨著時間的推移而改變。

The capital intensity required to deliver the digital portfolio over time reduces, and I think that's an important part of our story over the next couple of years. Chris, you want to take.

隨著時間的推移，實現數位化產品組合所需的資本密集度會降低，我認為這將是我們未來幾年發展歷程中的重要組成部分。克里斯，你想帶走。

This connects it's really, last quarter was an anomaly, as we said around. Public sector side and things that I would say just return to normal as we move into the fourth quarter.

這表明，正如我們之前所說，上個季度的情況確實有些反常。公共部門方面以及其他方面，我認為隨著我們進入第四季度，一切都會恢復正常。

I think the bigger impact in the fourth quarter is what I mentioned in my remarks, which is, remember we had a big one time revenue enablement item in grow last year surrounding the state of California. So that's really the biggest thing that's out there.

我認為第四季度更大的影響是我在演講中提到的，那就是，請記住，去年我們在加州有一筆數額巨大的一次性收入成長項目。所以，這才是目前最主要的問題。

Thank you.

謝謝。

Next question next.

下一個問題。

Question comes from the line of Nick Del Dio with Moffet Nathanson.

問題出自 Nick Del Dio 和 Moffet Nathanson 的對話。

Hi, thanks for my questions. The first one, Kate, you touched on this in your prepared remarks, but I was hoping you could dig in a little bit more.

您好，感謝您提出的問題。凱特，第一個問題，你在準備好的演講稿中已經提到過，但我希望你能更深入地探討一下。

Can you talk some about the specifics of how you're promoting that to customers and educating them about the product and how you're in setting the salesforce to sell it versus other services.

您能否具體談談您是如何向客戶推廣該產品、如何向他們普及產品知識，以及如何安排銷售團隊銷售該產品而不是其他服務的？

And kind of related to that, if the off-net opportunity is 100 times larger than the on-net opportunity, how are you prioritizing each? How are you resourcing each?

與此相關的是，如果網外機會是網內機會的 100 倍，您如何確定兩者的優先順序？你們是如何為每個人配備資源的？

Yeah, it's a great question and and a and a hot topic for Lein right now because we're going to relentlessly pursue. Our digital future and that means allocating resources accordingly.

是的，這是一個很好的問題，也是萊恩目前非常關注的話題，因為我們將不懈地追查下去。我們的數位化未來意味著要相應地分配資源。

And when when Nas was a bit nascent, we had to kind of, do it as a hobby and now that it's becoming core and showing a very promising adoption curve which will translate into a very promising revenue growth curve, we've got to dedicate more resource to it.

當 NAS 還處於萌芽階段時，我們只能把它當作一種愛好來做。而現在，它正在成為核心業務，並展現出非常可觀的普及率，這將轉化為非常可觀的收入成長，因此我們必須投入更多資源。

And for any company in transformation, Nick, you have to be ambidextrous. You have to take care of. Old and you have to build the new at the same time.

尼克，對於任何一家轉型中的公司來說，你都必須左右開弓。你必須照顧好自己。舊的，你得同時建造新的。

The trick is when do you move things, resources from the old to the new, and we're right in the process of doing that and there are many examples that I could go through, but at the highest level.

關鍵在於何時將資源從舊的地方轉移到新的地方，而我們正處於這個過程之中，我可以舉出很多例子，但從最高層面來說。

We are where there's a NS capability, being offered to customers, we will demote the, old school analog version of that service and prioritize it in terms of engineering resource.

如果某個地方有 NS 功能，並且正在向客戶提供該功能，我們將降低該服務的舊式模擬版本，並在工程資源方面優先考慮它。

Marketing resource, sales resource, and operations resource and so you'll see the the sales team being more and more incentive, to to go after it and the rest of the company in support of that sales force.

行銷資源、銷售資源和營運資源，因此你會看到銷售團隊越來越有動力去爭取，而公司的其他部門也會支持銷售團隊。

I think your other question about the availability of, 10 million buildings we still need to target, we still need to, get aggressive in terms of aligning our sales efforts with the massive metro upgrades that we're doing so our customers can take advantage of everything we're doing at the same time.

我認為你提出的另一個問題是關於 1000 萬棟建築的可用性，我們仍然需要瞄準這些建築，我們仍然需要積極主動地將我們的銷售工作與我們正在進行的大規模地鐵升級工作相結合，以便我們的客戶可以同時利用我們正在做的一切。

The on-ramps, network as a service, the capital improvements, the rapid routes, all of that stuff as we improve the the capacity, bandwidth and performance market by market.

入口匝道、網路即服務、資本改善、快速路線，所有這些都是為了逐個市場地提高容量、頻寬和效能。

And, so it's also important to note that if you think about most large enterprises, they have a mix of buildings, in any geography that are on and off net. And so, we have to be very cautious about how to present this to customers.

因此，同樣重要的是要注意，如果你考慮大多數大型企業，它們在任何地理位置都有一些建築物，這些建築物既有聯網的，也有沒有聯網的。因此，我們必須非常謹慎地向客戶展示這一點。

Now we can ask our entire sales force to talk to every customer about purchasing mask and about what the benefits are of an agile digital. Native experience, digitally is going to be fundamentally different and provide a better customer experience to these customers.

現在我們可以要求我們所有的銷售人員與每位客戶談論購買口罩以及敏捷數位化的好處。原生體驗，在數位化方面，將會發生根本性的改變，並為這些客戶提供更好的客戶體驗。

It wasn't available in totality in the past. Now that it is, it'll actually be easier for our Salesforce to approach customers because they don't have to pick and choose on that and off net. They can just do it a total network refresh.

過去它並不完全可用。既然如此，我們的 Salesforce 團隊實際上更容易接觸客戶，因為他們不必在線上線下之間進行選擇。他們可以進行一次完整的網路刷新。

Okay, that's helpful. Thanks, Kate. Can I ask one clarification on the PCF front as well? A few minutes ago you said that the margin on the PCF deals that you signed in this quarter was equivalent to what you previously outlined, the prior deal that you signed rather.

好的，這很有幫助。謝謝你，凱特。我能否再就PCF方面問一個問題？幾分鐘前您說過，本季簽署的 PCF 交易的利潤率與您之前概述的利潤率相同，也就是與您之前簽署的交易的利潤率相同。

Last quarter, I thought you were suggesting that the funnel that you had some different attributes to it since they skewed more towards new bills rather than leveraging existing assets. Maybe could you just touch on that a little bit? Thanks.

上個季度，我以為你的意思是說，你的頻道有一些不同的屬性，因為它們更傾向於新帳單，而不是利用現有資產。能否稍微談談這方面？謝謝。

Yeah, I mean, basically new builds, construction projects much more complex, and there's pressure for lower margin over, those projects as opposed to over poles or lighting up, existing dark fiber and the compositional.

是的，我的意思是，基本上新建建築、施工項目要複雜得多，而且這些項目的利潤壓力也更大，與架設電線桿或點亮現有暗光纖和組成線路相比，這些項目的利潤空間更小。

The Portfolio is incredibly important to us. We're not going to do bad deals, and there's an enormous amount of pressure from some of our partners, to go back to the old telco ways of, zero margin for the promise of traffic of the future, and we're not really doing that.

投資組合對我們而言極為重要。我們不會做虧本的交易，而且我們的一些合作夥伴施加了巨大的壓力，要求我們回到過去電信業那種零利潤、承諾未來流量的做法，但我們不會真的那麼做。

We're looking for much more creative partnerships with these bills to say if it's a new build. We will share costs, if there's existing traffic there. Chris, you want to add anything to that?

我們希望透過這些法案，尋求更具創意的合作方式，來界定它是否屬於新建案。如果那裡已經有客流量，我們將分攤費用。克里斯，你還有什麼要補充的嗎？

Yeah, and so the billion dollars looks like the deals that we've signed so far because it's primarily existing conduit where we're doing overpos, so it's a similar economic profile.

是的，所以這十億美元的交易看起來和我們目前簽署的交易差不多，因為它主要是在現有管道上進行超額配售，所以經濟狀況類似。

Okay, makes sense that's perfect, thank you both.

好的，明白了，太好了，謝謝你們兩個。

Next question, please.

下一個問題。

Your next question comes from the line of Mike Funk with Bank of America.

你的下一個問題來自美國銀行的麥克‧芬克。

Great, thank you for the questions tonight. So I'm going to bite in your comment during prepared remarks that you said that, it does not fit the models of traditional telecoms.

太好了，謝謝大家今晚提出的問題。所以我要反駁你在事先準備好的發言中所說的，它不符合傳統電信模式。

So can you expand on that for me if you could please? The traditionally, telecoms kind known for being very commoditized from buying the same equipment, same service capabilities.

如果你方便的話，能否詳細解釋一下？傳統電信業以高度商品化而聞名，購買相同的設備和相同的服務能力。

So I guess how do you veer from that more traditional model and what did you mean by the earlier statement?

所以我想知道，你是如何偏離那個比較傳統的模式的？你之前的說法是什麼意思？

Yeah, so first of all, let's start with the fact that nobody's doing what we're doing. The what I would clarify though is when Kate talked about our digital future, there were keywords in there, which is one port, many services.

是的，首先，我們要從這樣一個事實說起：沒有人做我們正在做的事情。不過我想澄清的是，凱特在談到我們的數位化未來時，提到了一些關鍵字，那就是「一個端口，多種服務」。

So traditional telecom was a battlefield of every single services requiring its own infrastructure layer, its own set of ports.

因此，傳統電信業就像一個戰場，每項服務都需要自己的基礎設施層和連接埠。

And so you have multiple players in the ecosystem, Go chase, VPN or Ethernet or whatever it was, and you'd end up with massive amounts of hardware in the system, and then everybody would say, oh, the only tool we have to compete against each other with is price.

因此，生態系統中會有多個參與者，例如 Go Chase、VPN 或乙太網路等等，最終系統中會有大量硬件，然後每個人都會說，哦，我們唯一可以用來相互競爭的工具就是價格。

That's not what we're doing. What we're doing is we're monetizing what is the most modern, the most high capacity, the fastest network by adding a digital layer and an ecosystem layer, and those are services to Kate's point, whether they come from us or they come from third parties.

我們並沒有那麼做。我們正在做的，是透過添加數位層和生態系統層，將最現代化、容量最大、速度最快的網路貨幣化，而這些服務正如凱特所說，無論它們來自我們還是來自第三方。

That allow us on and off net. Of net is not a disadvantage anymore because of what we're bringing to the market, where we can actually for the first time in enterprise telecom, bring scale.

這使我們可以在網路內外自由切換。由於我們為市場帶來的產品，網路不再是劣勢，我們首次在企業電信領域實現了規模化。

So you'll see declining capital intensity because every service will not require its own infrastructure layer. You'll see increasing margins because those services increasingly will be delivered digitally.

因此，你會看到資本密集度下降，因為不再需要每項服務都擁有自己的基礎設施層。你會看到利潤率不斷提高，因為這些服務將越來越多地以數位化方式提供。

The whole model is changing. It's the P times math that Kate went through. So looming is not your mama's telecom anymore. We will not look like and are proud to not look like our competitors in this space.

整個模式正在改變。這是凱特經歷的 P 乘法運算。所以，Loaving 已經不再是你媽媽那一代的電信設備了。我們不會像這個領域的競爭對手一樣，我們為此感到自豪。

And Michael, I would strongly encourage you to look at some of the slides that that we prepared for today's presentation, specifically the essential cloud 200 networking requirements. I challenge you to come up with another company that is doing the five things that we outline on the page.

邁克爾，我強烈建議你看看我們為今天的演講準備的一些幻燈片，特別是關於雲端 200 網路的基本要求。我挑戰你找出另一家公司，它正在做我們頁面上列出的五件事。

We are massively expanding bandwidth and, reducing latency with our upgrades of rapid routes and data center interconnect and and metro updates.

我們正在透過升級快速路由、資料中心互連和城域網路更新，大幅擴展頻寬並降低延遲。

We are connecting to everywhere that matters, especially with the data centers, which means we're bringing that higher level bandwidth and lower latency to all those locations.

我們正在與所有重要的地方連接，特別是資料中心，這意味著我們將為所有這些地方帶來更高的頻寬和更低的延遲。

We're expanding into AI corridors. We've connected with all of the hyper scales for these on-ramps, and we're delivering everything with the vision that it's got to be programmable and it's got to be interconnectable through APIs. This is a complete modernization of old telco.

我們正在向人工智慧領域拓展。我們已經與所有超大規模資料中心建立了聯繫，以實現這些存取點的穩定運行，並且我們秉持著這樣的理念來交付一切：它必須是可編程的，並且必須能夠透過 API 進行互連。這是對舊電信公司的徹底現代化改造。

What's remarkable is that new architecture that we're building not only gives better performance, more secure, higher bandwidth, higher performing, lower latency, all those things, intelligent, it also reduces cost because it takes the intermediaries out, and that's incredibly important when Starting to talk about commoditization, things get commoditized because there was a utility mindset and there was no innovation.

令人矚目的是，我們正在建構的新架構不僅能提供更好的性能、更高的安全性、更高的頻寬、更高的效率、更低的延遲等等，而且更加智能，還能降低成本，因為它消除了中間環節，這在談到商品化時非常重要，商品化是因為存在實用性思維，而沒有創新。

This company is completely innovating and delivering a fundamental reset and networking in support of AI and making massive capital investments in support of that, and we're already seeing the uptake, so it's very different.

這家公司正在進行徹底的創新，為人工智慧提供根本性的重置和網路支持，並為此投入巨額資金，我們已經看到了成效，所以情況非常不同。

The only ad that that I would make is that when you look at PCF, that physical layer, the reason we're at USD10 billion of business and you're not hearing much from others isn't because they want to walk past USD10 billion it's because they can't do it.

我唯一想說的是，當你審視 PCF，也就是物理層時，你會發現我們之所以能達到 100 億美元的業務規模，而你卻很少聽到其他人的消息，並不是因為他們想超越 100 億美元，而是因為他們做不到。

So if you were to normalize the underlying physical layer, it would be years and billions and billions of dollars.

所以，如果要對底層物理層進行標準化，那將需要數年時間和數十億美元。

Until a competitor could close that GAAP, that's before we talk about the digital and ecosystems layer where we're making this consumable on demand by the customer and so that's the differentiation and and that's why you continue to see our profile looks so different to our competitors.

直到競爭對手能夠滿足 GAAP 的要求，這還沒算上數位和生態系統層面，在這個層面上，我們正​​在讓客戶按需消費這些產品，這就是差異化所在，這也是為什麼你會看到我們的產品與競爭對手的產品如此不同。

And if I could really quickly, and I appreciate all that insight. I'll definitely review the decks again for those facts.

如果可以的話，我希望能盡快回复，我非常感謝您的所有見解。我一定會再次仔細查看這些牌組，以核實這些資訊。

So you've given us some landmarks for the revenue and revenue growth, and I apologize if I missed it from the list event you hosted or today.

您已經為我們提供了收入和收入成長的一些里程碑，如果我錯過了您主持的活動或今天提到的內容，我深表歉意。

But what is the cash Evakeer look like over that same time period you referenced in the call the market's not giving you credit for growth rate relative to peers. It it'd be helpful to have a thought on that to be able to better frame the evaluation on cash Eva growth.

但是，在您提到的那段時間裡，Evakeer 的現金流狀況如何？市場並沒有給予您相對於同業的成長率應有的認可。如果能就此進行一些思考，將有助於更好地評估現金EVA成長情況。

Yeah, so I'll say two things. First, we're going to give you all of that at investor day.

是的，那我來說兩件事。首先，我們將在投資者日上向大家詳細介紹所有這些內容。

Second, in preparation for investor day, as we look at, again, only the PCF deals that are signed to date, nothing new, and there is more there.

其次，在投資者日準備期間，我們再次只關注迄今為止簽署的 PCF 交易，沒有什麼新的交易，但還有更多交易正在進行。

And we look at the capital investment to do the things that we're talking about. We have ample cash flow, free cash flow over the next five years to the point where Even post the AT&T close, we will continue to deliver.

我們會考察開展我們正在討論的這些項目所需的資本投資。我們擁有充足的現金流，未來五年內自由現金流充裕，即使在完成對 AT&T 的收購後，我們仍將繼續保持獲利。

So this is a business that will continue to generate free cash flow because capital intensity falls, because margins go up, and because ultimately revenue inflex. So we'll give you more to invest today. Great question.

因此，由於資本密集度下降、利潤率上升，以及最終收入彈性增加，這項業務將繼續產生自由現金流。所以今天我們會給你更多投資機會。問得好。

Your next question comes from the line of Jonathan Atkin with RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的喬納森·阿特金。

Thanks. I wondered if you could comment a little bit about off-net NAS capabilities and any, maybe just repeat or go into more detail on kind of what lies ahead around around that capability and and demand for off-netAs.

謝謝。我想請您稍微談談離網 NAS 的功能，以及，或許可以重申一下，或者更詳細地談談圍繞這種功能的未來發展方向以及對離網 NAS 的需求。

Yeah, that would be my question. Thanks.

對，這也是我想問的問題。謝謝。

Yeah, sure. So the exciting part about OfnetAS is, we do offnet today in existing capabilities, right? It depends on who owns the endpoint.

當然可以。OfnetAS 最令人興奮的地方在於，我們今天就可以利用現有能力開展離網業務，對吧？這取決於終端的所有者是誰。

So if one of the other carriers has the endpoint into a building, but the customer wants to do, a network with Lumen, we would have a wholesale relationship for that endpoint.

因此，如果其他業者已將終端連接到建築物，但客戶想要使用 Lumen 的網絡，我們將與 Lumen 建立批發合作關係。

The really cool thing about IoD Ofnet is that we Now can offer on demand internet services to customers no matter who you know has the endpoint of the building.

IoD Ofnet 最酷的地方在於，我們現在可以為客戶提供按需網路服務，無論你認識誰擁有建築物的終端。

So if Verizon or AT&T or anybody else has fiber into the building, that customer can still run Lumen N, and that's a great thing.

所以，如果 Verizon、AT&T 或其他任何營運商已將光纖連接到建築物，那麼該客戶仍然可以運行 Lumen N，這是一件很棒的事情。

But what's more, and this is something that we reviewed at Analyst Day, in September, we're going to lots more detail when we launch Project Berkeley is we have a fabric port that allows us to make any pipe smart.

但更重要的是，我們在 9 月的分析師日上回顧了這一點，我們將在推出伯克利項目時詳細介紹，我們有一個織物端口，可以讓我們把任何管道都變成智能管道。

We turn anybody's pipe into an intelligent and secure internet connection, and what it does is it really accelerates our commercial expansion capability.

我們可以將任何人的管道變成智慧、安全的網路連接，這確實能加快我們的商業擴張能力。

What's more is that fabric port, Berkeley specifically has a Swiss Army knife, so it's a cross carrier mesh, if you will, that enables fixed wireless, satellite, fiber copper, 5G, whatever service you have can can all go into that port, which is really cool because it's kind of like a control point for the internet.

更重要的是，柏克萊的這個光纖端口就像一把瑞士軍刀，它是一個跨運營商網狀網絡，可以支援固定無線、衛星、光纖銅纜、5G 等各種服務接入該端口，這非常酷，因為它就像互聯網的控制點。

And what what that means is not only can we expand but we can provide more services to our customers over time if they want to manage cross carrier.

這意味著我們不僅可以擴展業務，而且隨著時間的推移，如果我們的客戶想要管理跨運營商業務，我們還可以為他們提供更多服務。

Finally, the connected ecosystem part of our story is exciting because our partners want to provide services on our network out of the gate. So just imagine the vision, and this is vision, we still have to, get all the pieces together, but imagine a customer who says I want to have a lumen network.

最後，我們故事中互聯生態系統的部分令人興奮，因為我們的合作夥伴希望從一開始就在我們的網路上提供服務。所以，想像這個願景，這只是願景，我們仍然需要把所有碎片拼湊起來，但想像一下一位客戶說，我想要一個流明網路。

We drop ship a Berkeley device. You can plug in an Ethernet cable. You can make that device work. It shows a digital twin, back in Lumen Connect, the Mothership, the cloud, so that we can remotely provision.

我們直接出貨伯克利設備。您可以插入乙太網路線。你可以讓那個設備正常運作。它顯示了 Lumen Connect、Mothership 和雲端中的數位孿生體，以便我們可以遠端設定。

We can remotely manage and service it under a single pane of glass. But what's really neat, and this is what I tried to, tease out on the on the prepared remarks, is that customers can say, okay, I have a new bill.

我們可以透過單一平台進行遠端管理和維護。但真正巧妙的是，這也是我在準備好的演講稿中試圖闡明的，那就是顧客可以說，好的，我有一張新的帳單。

I'm going to buy, a Berkeley device I'm going to put it in place and I'm going to get some internet on demand. I'm going to throw some voice on there, maybe some Lumen Defender.

我打算買一台伯克利設備，把它安裝好，然後就能依需求上網了。我打算在上面加點聲音，也許會加點 Lumen Defender 的聲音。

I want to connect to two of the clouds directly without going through, carrier neutral facilities. Oh, and I want some of this security service from my favorite security provider.

我想直接連接到兩個雲端平台，而不是透過營運商中立的設施。哦，我還想從我最喜歡的安保服務提供者那裡獲得一些安保服務。

Click, and they can build that service remotely. It's a it's a very forward leaning vision and we're bringing it to market in 2026.

點擊，他們就可以遠端建立該服務。這是一個非常前瞻性的願景，我們將在 2026 年將其推向市場。

Is there any external investment, tuck in M&A or whatnot that makes sense either in regard to this direction or or just anything else around the broader business.

是否有任何外部投資、併購或其他與此方向或更廣泛的業務相關的合理措施？

I'm sorry, did you ask if there are any tin accelerate that.

不好意思，您是問有沒有錫能加速這個過程嗎？

[inaudible]

[聽不清楚]

I really love questions about M&A. It really shows how different things are today.

我非常喜歡有關併購的問題。這真切地反映瞭如今情況有多麼不同。

Thank you so much for the question. Of course we look at everything constantly. The best use of capital is it to invent something new?

非常感謝您的提問。當然，我們會持續關注所有情況。資本的最佳用途是發明新事物嗎？

Is it to pay down debt? Is it to buy back equity, or is it to go buy something to tuck in? We're looking at all of it and we'll bring it to you as soon as as we have any changes in our current trajectory.

是為了償還債務嗎？是為了回購股權，還是為了買點東西自己享用？我們正在密切關注所有情況，一旦當前發展軌跡有任何變化，我們會立即通知大家。

Next question.

下一個問題。

At this time there are no further questions.

目前沒有其他問題了。

I will turn the call back over to your host, Kate for closing remarks.

我現在將把電話轉回給主持人凱特，請她作總結發言。

Thanks so much, operator, and thanks to everybody for the remarkable time and attention that you spent and the great questions.

非常感謝接線員，也感謝大家抽出寶貴時間認真傾聽並提出精彩的問題。

We're so excited to share our progress and our journey ahead, and we couldn't be happier with what's going on at Lumen.

我們非常興奮地與大家分享我們的進展和未來的發展方向，我們對 Lumen 目前的發展狀況感到無比滿意。

A special shout out to the thousands of luminaries working so hard every day to make this progress a reality. I'm so proud of you and I love working with all of you.

特別感謝成千上萬每天辛勤工作，使這一進步成為現實的傑出人士。我為你們感到無比自豪，我非常喜歡和你們一起工作。

See you in the field. All right, thanks guys.

戰場上見。好的，謝謝各位。

That does conclude the conference call for today. We thank you for your participation and I ask that you please disconnect your line. Have a great day, one.

今天的電話會議到此結束。感謝您的參與，請您斷開電話線。祝你今天過得愉快，一。