EchoStar Corp (SATS) 2023 Q4 法說會逐字稿

Greetings, and welcome to the EchoStar Corporation Fourth Quarter and Year-End 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dean Manson, Chief Legal Officer. Thank you. Mr. Manson, you may begin.

您好，歡迎參加 EchoStar 公司 2023 年第四季和年底財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，首席法務官 Dean Manson。謝謝。曼森先生，您可以開始了。

Thank you, and welcome, everyone, to EchoStar's Fourth Quarter and Full Year 2023 Earnings Call. We will begin with opening remarks from Hamid Akhavan, President and CEO; followed by Paul Orban, EVP and Principal Financial Officer. -- and Gary Schanman, EVP and Group President of Video Services; John Swieringa, President of Technology and COO; and Paul Gaske, COO of Hughes. Also present with us is Tom Cullen, EVP, Corporate Development.

謝謝並歡迎大家參加 EchoStar 的 2023 年第四季和全年財報電話會議。我們將首先由總裁兼執行長 Hamid Akhavan 致開幕詞；其次是執行副總裁兼財務長 Paul Orban。 -- 執行副總裁兼視訊服務集團總裁 Gary Schanman； John Swieringa，技術總裁兼營運長；和休斯首席營運官保羅·加斯克(Paul Gaske)。與我們一起出席的還有企業發展執行副總裁 Tom Cullen。

As usual, we requested any participant producing a report, not identify other participants or their firms in such reports. We also do not allow audio recording, which we ask that you respect. All statements we make during this call, other than statements of historical fact, constitute forward-looking statements made pursuant to the safe harbor provided by the Private Securities Litigation Reform Act of 1995.

像往常一樣，我們要求任何參與者製作報告，不要在此類報告中指明其他參與者或其公司。我們也不允許錄音，請您尊重這一點。除歷史事實陳述外，我們在本次電話會議中所做的所有陳述均構成根據 1995 年《私人證券訴訟改革法案》提供的安全港作出的前瞻性陳述。

These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to be materially different from historical results and from any future results expressed or implied by the forward-looking statements. For a list of those factors and risks, please refer to our annual report on Form 10-K for the year ended December 31, 2023, filed on February 29 and our subsequent filings made with the SEC.

這些前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與歷史結果以及前瞻性陳述明示或暗示的任何未來結果有重大差異。有關這些因素和風險的列表，請參閱我們於 2 月 29 日提交的截至 2023 年 12 月 31 日的 10-K 表格年度報告以及我們隨後向 SEC 提交的文件。

All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking statements. We assume no responsibility for updating any forward-looking statements. We refer to OIBDA during this call. The comparable GAAP measure and a reconciliation thereto, is presented in our earnings release. With that, I'll turn it over to Hamid.

我們在電話會議期間所做的所有警告性聲明應被理解為適用於我們在任何地方所做的任何前瞻性聲明。您應該仔細考慮我們報告中所述的風險，並且不應過度依賴任何前瞻性陳述。我們不承擔更新任何前瞻性陳述的責任。我們在本次電話會議中提到了 OIBDA。在我們的收益報告中介紹了可比較的公認會計準則衡量標準及其調節表。有了這個，我會把它交給哈米德。

Thank you, Dean. Good morning, everyone. This is my first earnings call as the CEO of the new EchoStar. You may notice that we are using a format that we have been using at EchoStar, which is different from the traditional DISH format. I find it more to my style of providing helpful scripted information upfront, which attempts to answer some of the questions you may have.

謝謝你，迪恩。大家，早安。這是我擔任新 EchoStar 執行長的第一次財報電話會議。您可能會注意到，我們使用的是 EchoStar 一直使用的格式，該格式與傳統的 DISH 格式不同。我發現它更符合我的風格，即預先提供有用的腳本信息，試圖回答您可能遇到的一些問題。

The merger was an important milestone in both companies shared history. It brings us closer to our goal of providing ubiquitous connectivity to people, enterprises and things everywhere. It will enable business opportunities that we intend to realize in cost and revenue synergies as we continue to position Echo starting the market with a superior portfolio of brands, technology and services.

此次合併是兩家公司共同歷史上的重要里程碑。它使我們更接近為世界各地的人員、企業和事物提供無處不在的連接的目標。隨著我們繼續以卓越的品牌、技術和服務組合定位 Echo，它將為我們在成本和收入協同效應方面實現的商業機會提供機會。

This merger combined DISH Network satellite technology is streaming services, engineering expertise, retail wireless business and nationwide 5G network with EchoStar's premier satellite communication solutions, enterprise go-to-market capabilities and U.S.-based manufacturing.

此次合併將 DISH Network 衛星技術、串流媒體服務、工程專業知識、零售無線業務和全國 5G 網路與 EchoStar 一流的衛星通訊解決方案、企業上市能力和美國製造相結合。

Collectively, it creates a new kind of athlete in global telecom and for EchoStar to be a leader in terrestrial and non-terrestrial wireless connectivity and entertainment services exceeding any other company. When we merged EchoStar and DISH, both companies were at a crossroads as each was transitioning from building capabilities to commercializing them.

總的來說，它創造了全球電信領域的新型運動員，並使 EchoStar 成為地面和非地面無線連接和娛樂服務領域的領導者，超越任何其他公司。當我們合併 EchoStar 和 DISH 時，兩家公司都處於十字路口，因為各自都在從能力建設轉向商業化。

At DISH, we built the world's first stand-alone 5G Open RAN cloud-native wireless network. At EchoStar, we launched the largest ever commercial broadband satellite. Over the past 90 days, we have sharpened our focus on taking our newly combined capabilities to market and leveraging synergies across our diverse portfolio of products. Work is well underway to improve our capital structure, reset our retail wireless business and grow customer traffic on our network, taking full advantage of our unique combination of assets.

在DISH，我們建構了世界上第一個獨立的5G Open RAN雲端原生無線網路。在 EchoStar，我們發射了有史以來最大的商業寬頻衛星。在過去 90 天裡，我們更加重視將新合併的功能推向市場，並利用我們多樣化產品組合的綜效。充分利用我們獨特的資產組合，改善我們的資本結構、重置我們的零售無線業務並增加我們網路上的客戶流量的工作正在順利進行。

For now, I would like to first comment on our efforts to improve our capital structure. Let me begin by stating that we have a value-generating business with a strong potential for growth. We have an asset-rich balance sheet with significant capacity to support additional debt. That said, in the short term, we need to provide additional liquidity to fund the growth of our business and address near-term debt maturities. To this end, we have enacted an operating plan for 2024 with the goal to achieving positive operating free cash flow, defined as free cash flow minus debt service payments. This includes a reduction in our annual total operating expenses by $1 billion between synergies and other cost measures.

現在，我想先談談我們在改善資本結構方面所做的努力。首先我要指出的是，我們擁有創造價值的業務，並且具有強大的成長潛力。我們擁有資產豐富的資產負債表，具有支持額外債務的強大能力。也就是說，在短期內，我們需要提供額外的流動性來為我們的業務成長提供資金並解決近期債務到期問題。為此，我們制定了 2024 年營運計劃，目標是實現正營運自由現金流（定義為自由現金流減去償債付款）。這包括透過協同效應和其他成本措施將我們的年度總營運費用減少 10 億美元。

As part of our work towards an improved capital structure, including a longer maturity runway and opportunity to deleverage our balance sheet, the strategic asset transactions we conducted in January enhance our flexibility to implement various balance sheet initiatives, including opportunities to raise new financing. Following those transactions, we launched 2 exchange offers designed to address our near-term debt obligations and to reduce our overall debt. The exchange offers we launched were not accepted by our existing investors. While discussions with some stakeholders are ongoing, we are prepared to continue good faith discussions with all of our stakeholders and arrive at solutions that are in the best interest of the company and all involved parties.

作為我們改善資本結構工作的一部分，包括更長的期限跑道和去槓桿化資產負債表的機會，我們在一月份進行的戰略資產交易增強了我們實施各種資產負債表計劃的靈活性，包括籌集新融資的機會。在這些交易之後，我們推出了兩項交換要約，旨在解決我們的近期債務義務並減少我們的整體債務。我們推出的交換要約並未被現有投資者接受。雖然與一些利害關係人的討論正在進行中，但我們已準備好繼續與所有利害關係人進行真誠的討論，並達成符合公司和所有相關方最佳利益的解決方案。

With DSS background, let us now address the going-concern qualification noted in our 10-K, which I'll have Paul Orban, cover in addition to several key financial metrics and onetime items. Paul?

有了 DSS 的背景，現在讓我們解決 10-K 中提到的持續經營資格問題，除了幾個關鍵財務指標和一次性項目之外，我還請 Paul Orban 介紹該資格。保羅？

Thank you, Hamid. As Hamid mentioned, I'll start with addressing the going-concern qualification. Please read the financial statements contained in our 10-K to see the precise disclosure. This evaluation is a technical accounting determination that, importantly, did not consider the potential mitigating effect of a range of operating and financing plans we're currently pursuing.

謝謝你，哈米德。正如哈米德所提到的，我將從解決持續經營資格問題開始。請閱讀我們 10-K 中包含的財務報表，以了解準確的揭露內容。這項評估是一項技術性會計決定，重要的是，它沒有考慮我們目前正在實施的一系列營運和融資計劃的潛在緩解效果。

To provide more color, the accounting rules require us to consider our current cash position and project our cash position one year from our filing and do not allow us to consider any new funding sources unless that financing is committed at the point of our filing.

為了提供更多信息，會計規則要求我們考慮我們當前的現金狀況，並在提交文件一年後預測我們的現金狀況，並且不允許我們考慮任何新的資金來源，除非在我們提交文件時承諾了融資。

We are in active discussions with numerous parties to secure committed financing to meet our future obligations and have received significant inbound interest from reputable counterparties looking to provide such financing in various forms and had various positions in our capital structure, all of which we are carefully evaluating.

我們正在與多方積極討論，以確保承諾融資來履行我們的未來義務，並已收到來自信譽良好的交易對手的大量入境興趣，希望以各種形式提供此類融資，並在我們的資本結構中擁有不同的地位，我們正在仔細評估所有這些。

If sufficient financing is committed, the going concern qualification will be alleviated. As of the end of the year, we had $2.4 billion in cash and marketable securities. We intend to pay our March '15 debt maturity with cash on hand. Financing will be required to pay off our November 24, $2 billion debt maturity.

如果承諾足夠的融資，持續經營資格將得到緩解。截至年底，我們擁有 24 億美元的現金和有價證券。我們打算用手頭現金支付 15 年 3 月到期的債務。我們需要融資來償還 11 月 24 日到期的 20 億美元債務。

We believe we have significant new financing capacity using the unencumbered assets that include our spectrum holdings as well as through the newly formed unrestricted sub holding approximately 3 billion DISH TV subscribers. As we evaluate all of our options, we are focused on operational flexibility and long-term financial stability.

我們相信，利用包括我們持有的頻譜在內的未支配資產以及透過新成立的持有約 30 億 DISH TV 用戶的無限子公司，我們擁有巨大的新融資能力。當我們評估所有選擇時，我們專注於營運靈活性和長期財務穩定性。

With the ramp down of network CapEx, coupled with the reductions that Hamid discussed, we're expecting operating free cash flow to find as free cash flow, excluding debt service payments to be positive in 2024. As Hamid mentioned, this is our first call since finalizing the merger. It is also the first time we are reporting as a consolidated company.

隨著網路資本支出的下降，加上哈米德討論的減少，我們預計營運自由現金流將在2024 年成為自由現金流（不包括還本付息）。正如哈米德所提到的，這是我們的第一次電話會議自完成合併以來。這也是我們第一次以合併公司進行報告。

With that, our financial statements are presented for all periods as if we have always been consolidated. You will see the legacy EchoStar business recorded under broadband and satellite services segment and the legacy DISH Network business presented in the Pay TV, retail wireless and 5G deployment segments.

這樣，我們所有的期間的財務報表就如同我們一直處於合併狀態一樣。您將看到傳統的 EchoStar 業務記錄在寬頻和衛星服務細分市場中，而傳統的 DISH 網路業務則呈現在付費電視、零售無線和 5G 部署細分市場中。

Now let's review our financial performance. First, we recorded 2 significant onetime noncash items in the fourth quarter of 2023. The first, noncash item is the impairment of goodwill in the amount of $758 million in total. The accounting rules require a company to test goodwill at least annually, which we did in the fourth quarter. In our assessment, as a result of our market cap being suppressed for a prolonged period of time, we impaired goodwill in various -- in varying amounts across all of our segments.

現在讓我們回顧一下我們的財務表現。首先，我們在 2023 年第四季記錄了 2 個重大的一次性非現金項目。第一個非現金項目是商譽減損，總額為 7.58 億美元。會計規則要求公司至少每年測試一次商譽，我們在第四季就這樣做了。根據我們的評估，由於我們的市值長期受到抑制，我們在各個領域的商譽受到了不同程度的損害。

The noncash impairment charge is recorded in impairment of long-lived assets and goodwill on our income statement and as a reduction to operating income and OIBDA. The second noncash impairment was a $1.6 billion reduction to the fair value of our 800 megahertz purchase option.

非現金減損費用在我們的損益表中記錄為長期資產和商譽減損，並作為營業收入和 OIBDA 的減少。第二個非現金減損是我們 800 兆赫購買選項的公允價值減少了 16 億美元。

Due to the relatively short time period remaining prior to the options expiration, coupled with not having a definitive financing agreement in place, we have reduced the value of the purchase option to 0, resulting in a noncash charge of $1.6 billion to other income. Other income does not affect operating income or OIBDA, but that does impact total net income.

由於選擇權到期前剩餘的時間相對較短，加上沒有明確的融資協議，我們已將購買選擇權的價值降至 0，從而導致其他收入中產生 16 億美元的非現金費用。其他收入不會影響營業收入或 OIBDA，但會影響總淨利。

Next, consolidated revenue for 2023 was $17 billion. That's down roughly 9% year-over-year due primarily to subscriber declines mainly in Pay-TV. Removing the noncash goodwill impairment, operating expenses before depreciation were $14.9 billion. That's roughly 2% lower year-over-year. Operating expenses improved as we have fewer subscribers, primarily in Pay-TV.

接下來，2023 年的合併收入為 170 億美元。年比下降約 9%，主要原因是付費電視用戶數量下降。除去非現金商譽減值，折舊前的營運費用為 149 億美元。年減約 2%。由於我們的訂戶（主要是付費電視訂戶）減少，營運支出有所改善。

The improvements were offset by continued increases in programming costs and Pay-TV as well as higher operating costs for our stand-alone 5G open RAN network as we brought more sites into service. OIBDA was $2.1 billion, excluding the impact of the noncash goodwill impairment. That's down $1.3 billion year-over-year, fueled by the ramp-up in operating expenses for the network as well as reductions in subscribers, both mentioned previously.

這些改進被節目成本和付費電視的持續增加以及我們獨立 5G 開放 RAN 網路運營成本的增加所抵消，因為我們將更多站點投入服務。 OIBDA 為 21 億美元，不包括非現金商譽減損的影響。由於網路營運費用的增加以及用戶數量的減少（之前提到過），這一數字比去年同期下降了 13 億美元。

CapEx was roughly flat year-over-year as construction activity for the network was similar in '23 versus '22. However, the CapEx spend for the wireless buildout decreased in the fourth quarter and should continue to decrease in 2024. You can expect CapEx for network deployment in 2024 to be less than half of what we recorded in 2023.

資本支出比去年同期大致持平，因為 23 年和 22 年的網路建設活動相似。然而，無線建設的資本支出在第四季度有所下降，並應在 2024 年繼續下降。您可以預期 2024 年網路部署的資本支出將不到 2023 年記錄的一半。

Free cash flow was a negative $1.8 billion for '23, down $1.4 billion from 2022, similar to OIBDA. The decrease is driven by expanded network OpEx and a reduction in subscribers. For '23, operating free cash flow was a negative $390 million. With that, I'll turn it to Gary to discuss our Pay-TV unit.

23 年自由現金流為負 18 億美元，比 2022 年減少 14 億美元，與 OIBDA 類似。這一下降是由於網路營運支出擴大和用戶數量減少所致。 23 年，經營自由現金流為負 3.9 億美元。接下來，我將請加里討論我們的付費電視部門。

Thank you, Paul. On the Pay-TV side, we finished the year with approximately 8.5 million customers. In regards to DISH TV, our DBS satellite TV service, we finished the year with approximately 6.5 million subscribers, a loss of approximately 945,000 from 2022.

謝謝你，保羅。在付費電視方面，我們全年約有 850 萬客戶。至於 DISH TV（我們的 DBS 衛星電視服務），我們的訂戶數量約為 650 萬，較 2022 年減少約 945,000。

Year-over-year ARPU grew 3.3% primarily from price increases across both DISH and Sling. And on a full year per subscriber basis, Pay-TV drove an OIBDA increase of 3% over 2022. Our 2023 subscriber numbers for DISH TV were negatively impacted by a series of local broadcaster group disputes and also due to our Q1 cyber incident.

ARPU 年增 3.3%，主要得益於 DISH 和 Sling 的價格上漲。以全年每位訂戶計算，付費電視使 OIBDA 比 2022 年增長了 3%。我們 2023 年 DISH TV 的訂戶數量受到一系列當地廣播集團糾紛以及第一季度網絡事件的負面影響。

We will always look to protect our largely rural customer base against some unreasonable rate increases. Unfortunately, we've resolved most of these programmer disputes and look forward to a less disruptive year in 2024. In 2023, we saw opportunities to increase the yield on our video subscriber base while also seeking both investment and team efficiencies. First, we consolidated the DISH and Sling organizations into one video services team, driving significant efficiencies across product, marketing, sales and operations.

我們將始終致力於保護我們以農村為主的客戶群免受不合理的費率上漲的影響。不幸的是，我們已經解決了大部分程式設計師糾紛，並期待 2024 年的破壞性較小。2023 年，我們看到了提高視訊訂戶群收益的機會，同時也尋求投資和團隊效率。首先，我們將 DISH 和 Sling 組織整合為視訊服務團隊，從而顯著提高了產品、行銷、銷售和營運的效率。

We also increased the focus on customer experience better address customer pain points and improve their products. In addition, we shifted investment to profitable growth areas across the business, specifically in enterprise video, media sales, marketing analytics and loyalty efforts.

我們也加大了對客戶體驗的關注，更好地解決客戶痛點並改進他們的產品。此外，我們將投資轉向整個業務的獲利成長領域，特別是企業影片、媒體銷售、行銷分析和忠誠度工作。

We'll continue these initiatives into 2024 as well as integrating with and cross-selling our Hughes and Boost products. On the Sling TV side, we finished the year with approximately 2.1 million subscribers down approximately 280,000 from 2022. It is important to note that Sling is and has been a profitable business, which is rare among screening services.

我們將在 2024 年繼續實施這些舉措，並與我們的 Hughes 和 Boost 產品整合並交叉銷售。在 Sling TV 方面，我們今年的訂閱用戶數量約為 210 萬，較 2022 年減少了約 28 萬。值得注意的是，Sling 一直是一項盈利業務，這在放映服務中是罕見的。

Our Q4 results were impacted by an increasingly competitive streaming market. Programmers continue to spend less on their core linear TV product, which we pay for and continue to shift investment into their own direct-to-consumer services, even though these efforts have been largely unprofitable. In particular, the Warner Bros. Discovery decision to make TNT and TBS sports available free through MAX and increasing simulcasting and sports programming on ESPN Plus for Disney and Peacock from NBCU has added more confusion to an already fragmented market.

我們第四季的業績受到競爭日益激烈的串流媒體市場的影響。節目製作人在他們的核心線性電視產品上的支出繼續減少，我們支付這些產品的費用，並繼續將投資轉移到他們自己的直接面向消費者的服務上，儘管這些努力基本上沒有盈利。特別是，華納兄弟探索頻道決定透過 MAX 免費提供 TNT 和 TBS 體育節目，並在 ESPN Plus 上為迪士尼和 NBCU 的 Peacock 增加聯播和體育節目，這給本已分散的市場增添了更多混亂。

Regardless, we continue to invest in experiences to delight our customers and increase engagement including a new loyalty program that gives our subscribers a chance to win valuable prices, the more they use our service. Recent improvements to our experience drove monthly viewership for sub up over 15% year-over-year.

無論如何，我們將繼續投資於體驗，以取悅客戶並提高參與度，包括新的忠誠度計劃，讓我們的訂閱者有機會贏得有價值的價格，他們使用我們的服務越多。最近我們的體驗得到了改善，使每月的訂閱觀看人數同比增長了 15% 以上。

And we're also really pleased with the growth of Sling Free stream, our free ad-supported service, which recently launched the industry's first free DVR. In 2024, we'll continue to innovate on the platform to ensure we're delivering the content, features and experience are paid and free customers want. I'd like to now turn it back to Hamid, who will cover Retail Wireless.

我們也對 Sling Free Stream 的成長感到非常滿意，Sling Free Stream 是我們的免費廣告支援服務，最近推出了業界首款免費 DVR。 2024 年，我們將繼續在平台上進行創新，以確保我們提供客戶所需的付費和免費內容、功能和體驗。我現在想把它轉回哈米德，他將負責零售無線業務。

Thank you, Gary. With the departure of Mike Kelly, I will take the helm of our Retail Wireless business while we search for Mike's successor. This will consist of overseeing the strategy and operations as well as repositioning the business to take advantage of our owner economics with the arrival of our network.

謝謝你，加里。隨著麥克凱利的離開，我將掌管我們的零售無線業務，同時我們正在尋找麥克的繼任者。這將包括監督策略和運營，以及重新定位業務，以利用我們的網路到來時的所有者經濟優勢。

In regard to Retail Wireless, we have put the majority of the building blocks in place to become the nation's fourth facilities-based wireless carrier but we have not yet optimized our marketing and acquisition tactics, particularly with postpaid customers. We pushed -- we finished the year with approximately 7.4 million subscribers, down approximately 8% from 2022, which was partly due to our focus on higher-value subscribers with better devices as evidenced by lower subscriber churn in 2023.

在零售無線方面，我們已經為成為全國第四家基於設施的無線營運商奠定了大部分基礎，但我們尚未優化我們的行銷和收購策略，特別是針對後付費客戶。我們推動- 我們今年的訂閱用戶數量約為740 萬，比2022 年下降了約8%，部分原因是我們專注於擁有更好設備的高價值用戶，2023 年用戶流失率較低就證明了這一點。

We also took steps to optimize our sales channels and programs, which, in some cases, reduced unprofitable offerings and underperforming dealers. We do see positive trends to build upon, including higher attachment of value-added services such as our Boost Protect device insurance offerings and higher auto pay penetration resulting in lower churn.

我們也採取措施優化我們的銷售管道和計劃，在某些情況下減少了無利可圖的產品和表現不佳的經銷商。我們確實看到了積極的趨勢，包括加值服務的更高附加價值，例如我們的 Boost Protect 設備保險產品，以及更高的汽車支付滲透率，從而降低客戶流失率。

The availability of mobile devices compatible with our network has until now been limited. We have made great strides in this area over the past 6 months, adding the iPhone 15 lineup, the all-new Samsung Galaxy S24 devices and the Motorola Razr, all of which we expect will help our economics going forward. In January, Boost got off to a fast start launching 7 new devices compatible with our network. As we shift our device mix to 5G network compatible handsets, we are seeing higher unit cost which we expect will be more than offset from the savings arising from the use of our own network.

迄今為止，與我們的網路相容的行動裝置的可用性仍然有限。過去 6 個月，我們在這一領域取得了長足進步，增加了 iPhone 15 系列、全新的三星 Galaxy S24 裝置和摩托羅拉 Razr，我們預計所有這些都將有助於我們未來的經濟發展。一月份，Boost 迅速啟動，推出了 7 款與我們的網路相容的新設備。當我們將設備組合轉向 5G 網路相容手機時，我們發現單位成本更高，我們預計這將足以抵消使用我們自己的網路所節省的費用。

In addition, we will focus our efforts to profitably expand our current target customer segments through competitive offers, flexible service options and outstanding customer experiences that exceed the current industry levels. It is our goal to ramp up significant positive momentum by the end of 2024 as we shore up our branding, marketing and operations for the business unit. Let me now hand the call over to John to cover network deployment.

此外，我們將專注於透過有競爭力的報價、靈活的服務選項和超越當前行業水平的卓越客戶體驗，以盈利方式擴大我們當前的目標客戶群。我們的目標是在 2024 年底之前增強該業務部門的品牌、行銷和營運的顯著積極勢頭。現在讓我將電話轉交給 John，負責網路部署。

Thank you, Hamid. We met our June 2023 coverage milestone by offering broadband service to over 70% of the U.S. population. As confirmed by the FCC covering more than 240 million Americans with connectivity through the latest technology.

謝謝你，哈米德。我們為超過 70% 的美國人口提供寬頻服務，實現了 2023 年 6 月的覆蓋里程碑。 FCC 證實，透過最新技術連接的美國人已覆蓋超過 2.4 億。

Today, our network provides 5G broadband coverage to over 73% of the U.S. population and 5G voice coverage to more than 200 million Americans with a competitive device portfolio and domestic and international roaming partners. This milestone not only marks an expansion of the world's first 5G Open RAN network, but also affirms our steadfast commitment to advancing America's technology leadership in wireless.

如今，我們的網路透過具有競爭力的設備組合以及國內和國際漫遊合作夥伴，為超過 73% 的美國人口提供 5G 寬頻覆蓋，並為超過 2 億美國人提供 5G 語音覆蓋。這一里程碑不僅標誌著世界上第一個 5G Open RAN 網路的擴展，而且還確認了我們對提升美國無線技術領先地位的堅定承諾。

We continue to expand, optimize, meet milestones and advance the Boost wireless network build-out in alignment with our network development plan. During our last call, we indicated that we launched over 20,000 on-air sites by the end of the year and we exceeded that mark. The Boost wireless network, as recently noted by Signals Research Group offers a very good user experience and fast speeds.

我們將根據我們的網路發展計劃，繼續擴展、優化、實現里程碑並推進 Boost 無線網路建設。在上次電話會議中，我們表示，到今年年底，我們已推出了 20,000 多個直播網站，並且超過了這個數字。 Signals Research Group 最近指出，Boost 無線網路提供了非常好的使用者體驗和快速的速度。

We have firm plans in place to continue to move Boost customers with compatible devices to our network to take advantage of owners' economics. I'd like to turn it over to Paul Gaske, who will cover broadband and satellite services.

我們制定了堅定的計劃，繼續將具有相容設備的 Boost 客戶轉移到我們的網路中，以充分利用業主的經濟效益。我想將其交給 Paul Gaske，他將負責寬頻和衛星服務。

Satellite Services segment operates in both the consumer and enterprise markets. In line with our strategy, we expect a gradual shift in mix of the revenues from consumer to enterprise, and we anticipate that in 2024, our enterprise revenues will surpass consumer revenues for the first time.

衛星服務部門在消費者和企業市場開展業務。根據我們的策略，我們預期收入結構將逐漸從消費者轉向企業，並預計到 2024 年，我們的企業收入將首次超過消費者收入。

Our consumer business under the HughesNet brand ended the year with approximately 1 million satellite broadband subscribers, down approximately 224,000 from 2022. We due primarily to our capacity limitations, competitive pressure and more selective customer screening as we focus on more profitable subscribers evidenced by our historically high ARPU.

截至今年年底，我們HughesNet 品牌下的消費者業務擁有約100 萬衛星寬頻用戶，比2022 年減少約224,000 名。這主要是由於我們的容量限制、競爭壓力和更挑剔的客戶篩選，因為我們專注於更有利可圖的用戶，這從我們的歷史記錄可以看出。高 ARPU。

Jupiter 3 commenced operations in late 2023. This satellite provides significant additional capacity, allowing us to be more competitive and responsive to customer demands for greater speeds and higher data allowances. Early feedback from customers is quite positive and will help us reverse the subscriber loss trend of 2023.

Jupiter 3 於 2023 年底開始營運。這顆衛星提供了顯著的額外容量，使我們能夠更具競爭力並能夠滿足客戶對更高速度和更高數據流量的需求。客戶的早期回饋非常積極，將有助於我們扭轉 2023 年用戶流失的趨勢。

Our Hughes enterprise business consists of many diverse systems and service components. We finished 2023 with a multiyear backlog of approximately $2 billion. And our order bookings in the fourth quarter of 2023 came in strong at $694 million.

我們的休斯企業業務由許多不同的系統和服務組件組成。 2023 年結束時，我們的多年積壓訂單約為 20 億美元。我們 2023 年第四季的訂單預訂量強勁，達到 6.94 億美元。

Of note, in the fourth quarter, we announced the receipt of a major contract from Delta Airlines to provide in-flight communications to over 400 Boeing 717 and regional jets. This weight optimized high-performance aeronautical solution utilizes advanced artificial intelligence to power the Hughes in flight management system that includes a multi-orbit antenna and Hughes Jupiter Ka-band satellite capacity.

值得注意的是，在第四季度，我們宣布收到達美航空的一份重要合同，為 400 多架波音 717 和支線飛機提供機上通訊。這種重量優化的高性能航空解決方案利用先進的人工智慧為休斯飛行管理系統提供動力，該系統包括多軌道天線和休斯木星 Ka 波段衛星容量。

This order marks a change in strategy for Hughes as we begin to directly serve airlines around the globe. Turning to our OneWeb business. We began initial shipments in December of a Hughes manufactured user terminal based on our unique flat panel electronically steered antenna technology, manufactured in our U.S. based facility.

隨著我們開始直接為全球航空公司提供服務，該訂單標誌著休斯戰略的轉變。轉向我們的 OneWeb 業務。我們於 12 月開始首批出貨 Hughes 製造的用戶終端，該終端基於我們獨特的平板電子控制天線技術，在我們位於美國的工廠製造。

In parallel, we continued to deliver gateways to OneWeb for the global network. As for our managed services business, which focuses on highly -- providing highly reliable and secure communication services to enterprises. It was named by Gartner as a leader in the 2023 Gartner Magic Quadrant. This recognizes us as one of the few companies that has the ability to deliver best-in-class enterprise services on a global scale. With that, I'll turn it back over to Hamid.

同時，我們持續為全球網路提供 OneWeb 閘道。至於我們的託管服務業務，重點是為企業提供高度可靠且安全的通訊服務。它被 Gartner 評為 2023 年 Gartner 魔力像限的領導者。這使我們成為少數有能力在全球範圍內提供一流企業服務的公司之一。有了這個，我會把它轉回給哈米德。

Thank you, Paul. As noted, we have work to do to strengthen our capital structure achieve sustainable and profitable customer growth and develop as an integrated new athlete in Global Telecom. We will utilize the experience and resources from within our established business units to realize the growth opportunity of our newer businesses. As a newcomer in wireless industry, naturally, we have significant challenges ahead, but we also see opportunities which the incumbents are unable to capture due to their legacy obligations, whether it be protecting their higher prices for existing base or being tied to inflexible operation systems.

謝謝你，保羅。如前所述，我們有很多工作要做，以加強我們的資本結構，實現可持續和盈利的客戶成長，並發展成為全球電信的綜合新運動員。我們將利用現有業務部門的經驗和資源來實現新業務的成長機會。作為無線產業的新來者，我們自然面臨著巨大的挑戰，但我們也看到了現有企業由於其遺留義務而無法抓住的機會，無論是保護現有基礎的較高價格還是與不靈活的作業系統聯繫在一起。

We will focus on identifying and leveraging these advantages wherever possible in each of our market segments. We will also find new ways to bundle our diverse products across the new EchoStar family to provide innovative solutions and services customers want. We are only about 60 days into the merger, but as mentioned, we have already put significant improvement initiatives in motion to increase our momentum across all business units of the new EchoStar.

我們將專注於在每個細分市場中盡可能識別和利用這些優勢。我們還將尋找新的方法將我們的多樣化產品捆綁到新的 EchoStar 系列中，以提供客戶所需的創新解決方案和服務。合併僅進行了大約 60 天，但正如前面提到的，我們已經採取了重大改進舉措，以增強新 EchoStar 所有業務部門的發展勢頭。

With that, we'll open it to Q&A.

這樣，我們將開放問答。

(Operator Instructions) Our first question comes from the line of Rick Prentiss with Raymond James.

（操作員說明）我們的第一個問題來自 Rick Prentiss 和 Raymond James 的線路。

In the prepared remarks, I want to start with the unencumbered assets, obviously, structural changes. Can you talk a little bit about the spectrum securitization market -- is it open? What kind of prices are you seeing out there? And just maybe even a broader question, what kind of time line should we be thinking of as far as addressing kind of the financial plans that you're pursuing in advance of the November maturity?

在準備好的發言中，我想從未支配資產開始，顯然是結構性變化。您能談談頻譜證券化市場嗎？它開放嗎？您看到的價格是什麼樣的？也許還有一個更廣泛的問題，我們應該考慮什麼樣的時間表來解決您在 11 月到期之前所追求的財務計劃？

Thank you. Good to hear you. As I mentioned, first, I want to make sure that we plan on meeting our immediate obligations in March. And then we have the window, obviously, until November to address the next maturity here, we obviously have access to multiple ways to do that.

謝謝。很高興聽到你的聲音。正如我所提到的，首先，我想確保我們計劃履行三月的直接義務。顯然，我們有一個窗口，直到 11 月才能解決下一個成熟問題，我們顯然可以使用多種方法來做到這一點。

One of the ways is the one you are referring to, which is unencumbered spectrum assets. That's a market that generally understood by the investors. I think there's always interest in that market because the commodities in that market are well known. We're not going to comment on the specifics of how we're going to do that.

其中一種方法就是您所指的方法，即不受阻礙的頻譜資產。這是投資人普遍理解的市場。我認為人們總是對該市場感興趣，因為該市場的商品眾所周知。我們不會評論我們將如何做到這一點的具體細節。

But we have spectrum assets, it's one way to get there. As Paul also mentioned, we do have other assets such as the subscribers we mentioned from our Pay-TV business. Look, we're going to take our time and make a transaction that is in the best interest of all parties, the company and all the stakeholders involved.

但我們擁有頻譜資產，這是實現這一目標的一種方式。正如保羅也提到的，我們確實擁有其他資產，例如我們所提到的付費電視業務的訂戶。看，我們將慢慢進行一項符合各方、公司和所有相關利益相關者最佳利益的交易。

And we have a significant amount of time to do that. I do not find myself and the company under the gun to make a transaction in a rapid fire. As I said, the window is long enough for us to make a sound decision that is a long-term oriented solution for the company, and we're not going to compromise by making a quick decision there.

我們有大量的時間來做這件事。我並沒有發現自己和公司在槍口下快速進行交易。正如我所說，窗口期足夠長，足以讓我們做出明智的決定，這對公司來說是一個面向長期的解決方案，我們不會因快速做出決定而妥協。

Okay. You mentioned the $1 billion total expense savings. Can you help unpack that a little bit about which silo is it in? What kind of line item is it in to give us a rough shot of how that $1 billion will be achieved?

好的。您提到了 10 億美元的總費用節省。您能幫忙解釋一下它在哪個筒倉中嗎？什麼樣的項目可以讓我們粗略地了解這 10 億美元將如何實現？

I'll pass that to Paul.

我會把它轉給保羅。

Yes. Good question. It's across the board in all segments. All business units are contributing. Obviously, Pay-TV is going to be taking the lion's share of it, but it's across the board in retail wireless. The 5G deployment and even Qs is contributing to that. It's going to be both in G&A as well as cost of services and COGS. However, we are using some of that they would invest back in the business, so you won't see 100% of that come through as we're making other sound investment choices.

是的。好問題。它在所有領域都是全面的。所有業務部門都在做出貢獻。顯然，付費電視將佔據最大份額，但它在零售無線領域是全面的。 5G 部署甚至 Qs 都對此做出了貢獻。這既包括一般行政費用，也包括服務成本和銷貨成本。然而，我們正在使用其中的一些資金來投資回業務，因此當我們做出其他合理的投資選擇時，您不會看到 100% 的實現。

Yes. That is also -- And the reason wireless, accelerating our transition of customers to on-net will significantly improve our economics. I mean I think we're having great experiences there. And as John mentioned, that's on the way. And we are that significantly helps going forward as part of the $1 billion and beyond.

是的。這也是無線、加速我們的顧客向網路的轉變將顯著改善我們的經濟效益的原因。我的意思是我認為我們在那裡有很棒的經歷。正如約翰所提到的，這正在路上。作為 10 億美元及以上資金的一部分，我們對未來的發展有很大幫助。

One more quick one for me, if I could. Can you quantify roughly the impact that the Hugh -- Hearst had on the quarter as far as subs, either churn or subscriber losses.

如果可以的話，再給我快一點。您能否粗略地量化休·赫斯特事件對本季訂閱用戶的影響，無論是用戶流失還是用戶流失。

We're not breaking that out. But obviously, what I talked about -- sorry, this is Gary. What I talked about earlier, there was some drag overall in our overall subscriber numbers in Q4. And like I mentioned, we've resolved most of those issues with a number of partners we had, and we're looking forward to a less disruptive 2024.

我們不會打破這一點。但顯然，我所說的是──抱歉，這是加里。我之前談到，第四季度我們的總訂戶數量總體上受到了一些拖累。正如我所提到的，我們已經與眾多合作夥伴解決了大部分問題，我們期待 2024 年的破壞性較小。

Right. Great. Thanks a lot. It took a long time last night getting through all the details, but I appreciate all the stuff you put out there.

正確的。偉大的。多謝。昨晚花了很長時間才弄清楚所有細節，但我很欣賞你在那裡提出的所有內容。

Our next question comes from the line of Walter Piecyk with LightShed.

我們的下一個問題來自 Walter Piecyk 和 LightShed 的線路。

I guess first, just Charlie's absence on the call, imply any kind of change in how active he is in dealing with what's going on at the company? And then, I guess, specifically in wireless, if you're having to cut cost to hit your version of operating cash flow or free cash flow.

我想首先，查理缺席電話會議，是否意味著他在處理公司正在發生的事情時的積極程度發生了任何變化？然後，我想，特別是在無線領域，如果你必須削減成本來達到你的經營現金流或自由現金流的版本。

How does that impact your ability to get people to have interest and purchase the phone and the value proposition that you're offering in the market right now? It seems like that's something that requires more investment, not less.

這對您吸引人們興趣併購買手機的能力以及您目前在市場上提供的價值主張有何影響？看來這需要更多的投資，而不是更少。

Two different questions. I'll try to take both one after another. Well, first of all, I want to mention that today is Charlie's birthday. So we give him a day off and I want to wish Charlie the happiest and healthiest year ahead. But coming to more specific answer to that question, as I have taken over the day-to-day operation of the business, I've been in the seat now for slightly longer than 90 days running the business. That has freed up Charlie, that's given Charlie, the ability to focus on more strategic and longer-term developments. Hopefully, I here and with a confident team that we have around this table can answer all the questions for you. So I'm delighted that Charlie has felt comfortable enough to let me run the business and so we can focus on bigger picture opportunities in the future.

兩個不同的問題。我會嘗試一個接一個地接受兩者。嗯，首先，我想提一下，今天是查理的生日。所以我們給他放了一天假，我祝福查理未來一年最快樂、最健康。但要更具體地回答這個問題，因為我已經接管了公司的日常運營，所以我現在已經在這個職位上運營了 90 天多一點的時間。這解放了查理，讓他能夠專注於更具策略性和更長期的發展。希望我在這裡以及我們在座的充滿信心的團隊能夠為您解答所有問題。因此，我很高興查理願意讓我經營公司，這樣我們就可以專注於未來更大的機會。

Coming to the retail wireless business specifically, look, I don't think this is going to be -- and for us, at least, it's not going to be head-to-head match in dollar for dollar positioning in a marketplace is naturally. We don't have the resources that the other 3 have, which command more than 93% of the marketplace. And so we need to go to market differently and much more efficiently.

具體到零售無線業務，你看，我認為這不會發生——至少對我們來說，這不會是在市場上的美元定位自然而然的正面交鋒。 。我們沒有其他三家公司擁有的資源，而其他三家公司佔了 93% 以上的市場。因此，我們需要以不同的方式、更有效率地進入市場。

And that's one of the things that I highlighted in my prepared remarks that we are optimizing that today. And throughout the year, we're going to be better and better step by step. As one of the examples is that we are more focused on local advertising and local go-to-market rather than national TV we think that's a higher yield for us.

這是我在準備好的發言中強調的事情之一，我們今天正在優化這一點。在這一年裡，我們會一步一腳印，做得越來越好。例子之一是，我們更關注本地廣告和本地市場推廣，而不是全國電視，我們認為這對我們來說是更高的收益。

I think we'll be focusing on developing our digital channel, which will be better experience and also doesn't put us in a big channel conflict with stores. And so there's a number of ways that we are thinking creatively plus the fact that we have a network that is right now underutilized.

我認為我們將專注於發展我們的數位管道，這將是更好的體驗，也不會讓我們與商店發生很大的管道衝突。因此，我們可以透過多種方式進行創造性思考，而且我們的網路目前尚未充分利用。

When I walk around, I'm getting 700, 800, 900 megabit per second connections on a typical Android or iPhone device, there are some differentiating features. We have that I think we need to maximize in terms of positioning rather than just go dollar for dollar spending acquisition cost in a traditional way. So it's an exotic car. It's a different way to do it, but we are very excited about developing that throughout 2024.

當我四處走動時，我在典型的 Android 或 iPhone 設備上獲得每秒 700、800、900 兆位的連接，其中存在一些差異化功能。我認為我們需要在定位方面最大化，而不是以傳統方式一分錢一分地支出收購成本。所以這是一輛異國情調的車。這是一種不同的方法，但我們對在 2024 年開發這種方法感到非常興奮。

And can you just also -- if you have a sense of when you might get -- hit the final milestone of the 75%, the 2025 milestone in the spectrum, fully securing that spectrum that probably has impacted your ability to use that as an asset that you can borrow against? Just any time line on heading that because I think you said -- I think Swieringa said you were 72%, 73%, so you're only a couple of hundred basis points left. How much longer to get there?

如果您知道什麼時候可能會達到 75% 的最終里程碑，即 2025 年頻譜中的里程碑，您是否也可以完全保護該頻譜，這可能會影響您將其用作頻譜的能力您可以藉用哪些資產？任何時間線都可以，因為我想你說過——我想 Swieringa 說你是 72%、73%，所以你只剩下幾百個基點了。還要多久才能到達？

Yes. We have made substantial progress towards meeting our goals for 2024 -- 2025, the milestones at 2025. Depending on our success in our fundraising, which I mentioned earlier, we could meet those milestones. So -- but having said that, it is my personal opinion that, that doesn't really translate into a competitive offering for the American consumers, which has been the intent of the FCC. I just -- that milestone certainly is within reach once we -- if we manage to get our fundraising. But I don't think it's going to change the picture in the nation in a significant way.

是的。我們在實現 2024 年至 2025 年的目標、2025 年的里程碑方面取得了實質進展。正如我之前提到的，我們可以實現這些里程碑，具體取決於我們籌款的成功。所以，話雖如此，我個人認為，這並沒有真正轉化為對美國消費者的有競爭力的產品，而這正是 FCC 的意圖。我只是——一旦我們成功籌集到資金，這個里程碑肯定是可以實現的。但我不認為這會顯著改變這個國家的面貌。

And Walt, it's John. Just to clarify, we have overall U.S. population attainment with our network, but components of the 2025 build-out commitments are a little different because that's measured at the PEA level. So there are more rural sites and the things that go into that.

沃特，是約翰。需要澄清的是，我們的網路涵蓋了美國的整體人口覆蓋率，但 2025 年擴建承諾的組成部分略有不同，因為這是在 PEA 層級上衡量的。所以有更多的鄉村地點和相關的東西。

Got it. But just to go back to the last answer, I think you said if you get the financing, then you put the dollars in to get you to the -- is it a chicken or egg thing in terms of you want to get the money and then spend the CapEx and then get the approval? Or get -- hit the milestone and then use that as kind of a springboard to get the financing?

知道了。但回到最後一個答案，我想你說過，如果你獲得融資，那麼你就投入美元，讓你進入——就你想要獲得資金而言，這是先有雞還是先有蛋的問題？然後花費資本支出然後獲得批准？或達到里程碑，然後將其作為獲得融資的跳板？

Like what's coming first there? I think you were saying that the financing has to come first.

就像首先出現的是什麼？我想你是說融資必須是第一位的。

I wouldn't go as far as putting that in a sequential order. I think these are activities that are running in parallel. There's quite a bit of upfront not very expensive work that has to be done, for instance, to secure the zoning and permitting and preparation.

我不會將其按順序排列。我認為這些活動是並行的。有相當多的前期工作需要完成，但不是很昂貴，例如，確保分區、許可和準備。

And so it's not a linear spend. It's very exotic in terms of the scheduling by geography, by location, zoning environment. So I can't give you a very specific answer other than saying these are activities that we run in parallel, and we manage this on a very careful day-to-day basis.

所以這不是線性支出。從地理、地點、分區環境的安排來看，這是非常奇特的。因此，我無法給您一個非常具體的答案，只能說這些活動是我們並行進行的，我們每天都非常小心地進行管理。

Our next question comes from the line of Bryan Kraft with Deutsche Bank.

我們的下一個問題來自 Bryan Kraft 與德意志銀行的對話。

I wanted to ask a few if I could. First, the large sequential step-up in Satellite Services EBITDA in the fourth quarter to $155 million, just was wondering what drove that big improvement in margin and where that should go directionally from here? Is that like a good run rate? Does it continue to improve? Or was there something anomalous that drove it so high in the quarter?

我想問幾位是否可以。首先，第四季衛星服務 EBITDA 大幅連續上升至 1.55 億美元，只是想知道是什麼推動了利潤率的大幅改善，以及未來的發展方向是什麼？這就像良好的運行率嗎？是否繼續改善？還是有什麼異常因素導致本季股價如此高？

The second one was -- you mentioned moving traffic on net from Boost. I was just wondering if you could help us to think about the time line for doing that. It sounds like you expect progress this year. And then the last one I had was, Hamid, you talked a bit about Boost Infinite not getting a lot of traction in the market yet. Just curious what you think really has hindered the progress.

第二個是—您提到從 Boost 轉移網路流量。我只是想知道你是否可以幫助我們考慮一下這樣做的時間表。聽起來你預計今年會有所進展。然後我收到的最後一個訊息是，哈米德，您談到了 Boost Infinite 尚未在市場上獲得太多關注。只是好奇你認為真正阻礙進展的是什麼。

I know you tried a national ad campaign in late September, early October. You launched on Amazon. So is it the network? Is capital behind it? Is it the branding? And are you seeing any real proof points yet on some of the things that you plan to do to gain momentum that you just mentioned in response to Walt's question.

我知道您在九月底十月初嘗試過一次全國性的廣告活動。您在亞馬遜上推出了。那麼是網路的原因嗎？背後有資本嗎？是品牌嗎？您是否看到了您剛剛在回答沃爾特的問題時提到的一些為獲得動力而計劃做的事情的任何真正的證據？

Okay. Paul, perhaps you can comment on the EBITDA.

好的。保羅，也許你可以評論一下 EBITDA。

Sure. Certainly. Could you just clarify your question just a little bit more?

當然。當然。您能再澄清一下您的問題嗎？

Sure. I think the Satellite Services EBITDA in the fourth quarter came in at about $155 million. And in the previous few quarters, it had actually been decelerating. So that was a pretty large sequential step-up. And I was just trying to understand what drove that big improvement and how to think about that on a go-forward basis? Like is that a good run rate? Should it continue to build? Or was there something in the fourth quarter that made it unusually high, that's not going to repeat?

當然。我認為第四季衛星服務 EBITDA 約為 1.55 億美元。而在之前的幾個季度，它實際上一直在減速。所以這是一個相當大的連續步驟。我只是想了解是什麼推動了這一巨大的進步，以及如何在未來的基礎上思考這一點？這是一個很好的運行率嗎？是否應該繼續建設？或者第四季是否有什麼事情讓它異常高，這種情況不會重複？

Certainly. Yes. So typically, our fourth quarters tend to have higher enterprise results. And so we had strong enterprise in the fourth quarter. I can't tell you that exact trend will continue. But normally, we have a cyclicality with that, that the fourth quarter is stronger.

當然。是的。因此，通常情況下，我們第四季的企業業績往往會更高。因此，我們在第四季的業務表現強勁。我不能告訴你確切的趨勢將會持續下去。但通常情況下，我們有一個週期性，第四季會更強。

Okay.

好的。

Tom, maybe you want to just comment on debt?

湯姆，也許你只想評論一下債務？

Sure. I'll take the second piece. And thanks for the question. While we don't publicly share numbers, utilization of the network continues to grow every day. As mentioned earlier, we're now covering more than 200 million Americans with 5G voice on our way to 240 million plus.

當然。我要拿第二塊。謝謝你的提問。雖然我們不公開分享數字，但網路的利用率每天都在持續增長。如前所述，我們現在已為超過 2 億美國人提供 5G 語音服務，這一數字還將進一步擴大到 2.4 億以上。

And as an update over the last quarter, roughly 2/3 of the devices that we're now sourcing are compatible with our network. And so we're loading customers with compatible devices and really 3 separate paths, which are new customer activations, upgrades, and we're actually now doing over-the-air migrations, which are generally seamless to the customer.

作為上個季度的更新，我們現在採購的設備中約有 2/3 與我們的網路相容。因此，我們正在為客戶提供相容的設備和實際上 3 個獨立的路徑，即新客戶啟動、升級，而且我們現在實際上正在進行無線遷移，這通常對客戶來說是無縫的。

As you know, we've been actively working to see MNO compatible devices with customers for months now. And while there was additional cost in doing so, it's investment that will pay off as we benefit from owner economics and reduce MVNO expenses in 2024. And the plan that we talked about last quarter is largely on track with the different legs of the stool there, coverage devices, leading to lower MVNO expenses over the year, but we're not going to break that out right now. There's just a lot of work to do, and we're focused on it every day.

如您所知，幾個月來我們一直在積極努力為客戶提供 MNO 相容設備。雖然這樣做會產生額外成本，但隨著我們從所有者經濟中受益並在2024 年減少MVNO 支出，這種投資將會得到回報。我們上個季度討論的計劃基本上已經步入正軌，因為那裡的凳子腿不同、覆蓋設備，導致全年 MVNO 費用降低，但我們現在不打算透露這一點。有很多工作要做，我們每天都專注於它。

And I will take the third part of your question, which had to do with Boost Infinite. So first, I want to say that as I walked into the business, I was incredibly impressed by what was achieved on the network side. And I can't be more -- look, I launched the first 2G in the U.S. at PCS Primeco.

我將回答你問題的第三部分，這與 Boost Infinite 有關。首先，我想說，當我走進這個行業時，我對網路方面所取得的成就印象深刻。我不能再多了——看，我在 PCS Primeco 推出了美國第一個 2G。

And I've launched the first 3G in Europe with Deutsche Telekom as a CTO -- Deutsche Telekom, T-Mobile Europe, I created the forum for the LTE in Europe in the first time. And so I've been part of the 2G launch, 3G launch, 4G launch and now 5G, and this has been the best I've seen.

我作為首席技術長與德國電信一起推出了歐洲第一個3G——德國電信、T-Mobile Europe，我第一次在歐洲創建了LTE論壇。我參與了 2G 發布、3G 發布、4G 發布以及現在的 5G，這是我見過的最好的。

I have never been so impressed by the starting point being so exciting. But having said that, the company had been focused purely primarily on builds as a project company, not as a P&L company related to the mobile wireless. So as a result of that, I mean there had been in our focus on developing the go-to-market, the product positioning, the experience, the digital experience of the customers on onboarding.

我從來沒有對起點如此令人興奮而印象深刻。但話雖如此，該公司一直主要專注於作為一家專案公司進行建設，而不是作為一家與行動無線相關的損益公司。因此，我的意思是，我們一直專注於開發市場進入、產品定位、體驗、客戶入職時的數位體驗。

So when I looked at that, I realized that it doesn't make sense for us to spend a heck of a lot of money advertising and pulling customers that we are not going to be delighting not because of the phenomenal network, but also just the experience of giving them that start,that's fresh first impression. So kind of dialed it back, one of the gear -- I would not attribute. And this is a very strong statement, I would not attribute in any way slower start of our postpaid business to lack of customer interest.

所以當我看到這一點時，我意識到我們花大量的錢做廣告和吸引客戶是沒有意義的，我們不會因為驚人的網絡而感到高興，也只是因為給他們一個開始的經歷，這是新鮮的第一印象。所以有點把它撥回來，其中一個裝備——我不會歸因。這是一個非常有力的聲明，我不會以任何方式將我們後付費業務的緩慢啟動歸因於缺乏客戶興趣。

I mean we have metrics here that says we have phenomenal number of customers, hundreds times more than the customers we activated -- interested in coming in. We just didn't have us and our partners, our strategic partners didn't have the right system set up, the systems were not optimally planned and connected and debugged for a perfect experience between us and our strategic partners.

我的意思是，我們這裡的指標表明我們擁有數量驚人的客戶，比我們激活的有興趣進來的客戶多數百倍。我們只是沒有我們自己和我們的合作夥伴，我們的戰略合作夥伴沒有合適的權利系統設定後，系統沒有經過最佳化規劃、連接和調試，無法為我們和戰略合作夥伴提供完美的體驗。

And so it makes sense for us to kind of regear that and come back, and that's what we're working on. And obviously, we'll gradually, you will see the improvements in the market. I'm very excited about our chance. It's -- but again, I just want to emphasize that I see us being a force in the market with all the things that I have mentioned in my remarks, but our entry was not, I would just say, internally not optimized, and we'll fix that this year.

因此，我們有必要重新調整這一點並回來，這就是我們正在努力的方向。顯然，我們會逐漸看到市場的改善。我對我們的機會感到非常興奮。但我想再次強調，我認為我們是市場上的一股力量，我在演講中提到了所有這些事情，但我想說的是，我們的進入並不是內部優化的，我們今年會解決這個問題。

Our next question comes from the line of Jonathan Chaplin with New Street Research.

我們的下一個問題來自新街研究公司的喬納森·卓別林。

A couple I guess the first one is probably for Hamid and Paul. I was wondering if you could give us a sense of how the discussions with bondholders progress from here, and there's equity holders who are involved in that process. What are we going to see from the outside? Is the next step you're coming out with an improved exchange offer? Or does it sort of all happen behind the scenes? And does it make sense for you to raise new debt before you've figured out the exchanges on existing debt? So that was the first question.

我猜第一個可能是哈米德和保羅的。我想知道您是否可以讓我們了解與債券持有人的討論如何從這裡進展，以及參與該過程的股權持有人。從外面我們會看到什麼？下一步您是否會提出改進的交換報價？還是這一切都發生在幕後？在弄清楚現有債務的交換之前，籌集新債務是否有意義？這是第一個問題。

And then I'm like almost 100% sure that this is correct, but really to clear up any confusion that might have been caused by Walt's question. I think it's the case that the test that you need to meet in 2025 is on a license-by-license basis. And I think it's the case with the 73% of the country that you've built out so far, you're already protecting the value of the vast majority of your spectrum portfolio.

然後我幾乎 100% 確定這是正確的，但實際上是為了消除沃爾特的問題可能引起的任何混亂。我認為您在 2025 年需要滿足的測試是基於逐個許可證的測試。我認為，到目前為止，你們已經建立了 73% 的國家，你們已經保護了絕大多數光譜組合的價值。

And so you don't need to complete the build in order to raise money against that spectrum. I think most of that spectrum is already locked up. Most of that value is locked up, and it's just -- the piece that you need to complete actually has much lower value licenses in it. So just a clarification there.

因此，您無需完成建造即可針對該頻譜籌集資金。我認為大部分頻譜已經被鎖定。大部分價值都被鎖定了，而您需要完成的部分實際上包含價值低得多的許可證。所以這裡只是澄清一下。

Okay. Thank you. I'll take the first part. I mentioned in my remarks that we are in active discussions with numerous parties right now to secure financing to meet these obligations including the obligations you mentioned, we have significant inbound interest right now and from very reputable parties and counterparties.

好的。謝謝。我將採取第一部分。我在發言中提到，我們目前正在與許多各方進行積極討論，以確保融資來履行這些義務，包括您提到的義務，我們現在有來自信譽良好的各方和交易對手的大量入境興趣。

And we are able to engage with anyone and all the stakeholders in good faith to find better solutions that -- and good solutions that are in the best interest of the company and all of the parties involved. So I can't tell you any specifics of how we are going to reach one of these and what may end up being what looks like is going to be the solution selected.

我們能夠真誠地與任何人和所有利益相關者合作，尋找更好的解決方案，以及符合公司和所有相關方最大利益的良好解決方案。因此，我無法告訴您我們將如何實現其中之一以及最終可能選擇的解決方案的具體細節。

But as I said, we have many avenues, and we'll select the avenues, as I said, that we find it to be in the best interest of all parties. More to come on that, but I don't want to put myself and the company under the gun. We have the runway to make a proper decision and evaluate and make a measured decision that is long-term oriented. It is not in our best interest, and we are not focused on trying to find a solution that just kicks the can on the road in one step at a time. I think this is a business full of potential. We see having the runway to execute with the assets that we have with the unique combination of things we could do coming as a company that doesn't have the legacy obligations, we could be -- will be disruptive.

但正如我所說，我們有很多途徑，正如我所說，我們將選擇我們認為符合各方最佳利益的途徑。還會有更多的事情發生，但我不想讓自己和公司受到指責。我們有能力做出正確的決策、評估並做出審慎的、面向長期的決策。這不符合我們的最佳利益，我們也不會專注於尋找一步步解決問題的解決方案。我認為這是一個充滿潛力的行業。我們看到，作為一家沒有遺留義務的公司，我們可以利用我們擁有的資產和我們可以做的事情的獨特組合來執行，我們可能會具有顛覆性。

And so that's our mindset. That's our goal. That's how we want to execute. So we're not going to make a rash decision. Paul, if you want to add anything, please go ahead and add.

這就是我們的心態。這就是我們的目標。這就是我們想要執行的方式。所以我們不會做出草率的決定。保羅，如果您想添加任何內容，請繼續添加。

Yes. I agree with you. We have a long runway at this point in time. So there's no reason for us to rush into anything. We want to look at a holistic perspective. And like I said in my comments, we're looking for operational flexibility and long-term financial stability. We just don't want to do one thing here. We've got many things at our disposal levels that we can pull, and we want to make a -- hopefully, put together a solution that sells all of our financial needs for the long term.

是的。我同意你的看法。此時我們有一條很長的跑道。所以我們沒有理由倉促行事。我們想從整體的角度來看。正如我在評論中所說，我們正在尋求營運靈活性和長期財務穩定性。我們只是不想在這裡做一件事。我們有很多可以利用的東西，我們希望制定一個解決方案，希望能夠滿足我們所有的長期財務需求。

And John, can you comment on the coverage?

約翰，你能對報道發表評論嗎？

Yes, of course. And just to further clarify, the '25 commitments are on a license-by-license basis. That's correct. Obviously, there's a public information that you can read to get a better handle on the specifics there. But it is also true that the existing deployment does cover a significant portion of our 2025 commitments. But as I've mentioned on earlier calls, it's a more surgical build because we have to achieve a license-by-license milestones.

是的當然。需要進一步澄清的是，'25 承諾是基於逐個許可證的承諾。這是正確的。顯然，您可以閱讀公開資訊以更好地了解其中的具體情況。但現有的部署確實涵蓋了我們 2025 年承諾的很大一部分，這也是事實。但正如我在之前的電話會議中提到的，這是一個更外科手術式的構建，因為我們必須實現逐個許可證的里程碑。

So we're working through getting those sites planned working through side acquisition. I think Hamid mentioned earlier, we're working on things in parallel to make sure that we do what we need to do there.

因此，我們正在努力透過側面收購來規劃這些網站的運作。我想哈米德之前提到過，我們正在並行工作，以確保我們做我們需要做的事情。

John, if I can just follow up on that. I think my point is a little bit different. It's just the licenses that you've already covered at 75% with your existing build. I think they're a lot more valuable from the licenses that you haven't covered yet. And so when you look at the value of the portfolio that you've already protected with the build, I think it's is sort of 80% or 90% of the value of the portfolio, even though it's a much lower percentage of the licenses that you've already covered at 75%.

約翰，我可否跟進。我認為我的觀點有點不同。這只是您現有版本已覆蓋 75% 的授權。我認為它們比您尚未涵蓋的許可證更有價值。因此，當您查看已通過構建保護的投資組合的價值時，我認為它相當於投資組合價值的 80% 或 90%，儘管它在許可證中所佔的比例要低得多。您已經覆蓋了75%。

I think you're on to the right track there. The sites that would be in front of us are lower POPs per site, more rural. So I think you got it.

我認為你走在正確的軌道上。我們面前的站點每個站點的 POP 數較低，且更偏向鄉村地區。所以我想你明白了。

Our next question comes from the line of Ben Swinburne with Morgan Stanley.

我們的下一個問題來自 Ben Swinburne 與摩根士丹利 (Morgan Stanley) 的對話。

Hamid, thanks for all the commentary on the network and retail wireless as you've come in with fresh eyes. What should we expect from this business this year? I mean are there things we're going to see through the course of '24 either net adds or improving service gross margins or just in the reported results that the market can see that this network that you say is excellent and ready to go, can translate into a business?

哈米德，感謝您以全新的眼光看待網路和零售無線的所有評論。今年我們對這項業務有何期待？我的意思是，我們將在24 年期間看到一些事情，無論是淨增加還是提高服務毛利率，或者只是在報告的結果中，市場可以看到您所說的這個網絡非常出色並且準備就緒，可以轉化為生意？

Because obviously, even if you raise capital to deal with the November maturities, there's more maturities down the line and we sort of know the trend line in video. So this is really about building something real with Boost. So maybe you can just set expectations for us? Or maybe the answer is given the cost cutting and free cash flow, this is not a year, we should expect to see the business inflect in any way. I would love to hear your thoughts on that. And then I just had a follow-up.

因為顯然，即使你籌集資金來處理 11 月的到期日，未來還會有更多的到期日，而且我們在某種程度上知道影片中的趨勢線。所以這實際上是關於用 Boost 建立一些真實的東西。那麼也許您可以為我們設定期望呢？或者也許答案是考慮到成本削減和自由現金流，這不是一年，我們應該期望看到業務以任何方式發生變化。我很想聽聽您對此的想法。然後我就進行了跟進。

So let me answer your question in reverse. As Paul and I both mentioned, we're not looking to solve this maturity problems in a way that it will permanently be a drag on the business. We are trying to find solutions that are permitting us to develop the business in a significant and reaching full potential in a holistic way.

那我就反過來回答你的問題吧。正如保羅和我都提到的，我們不希望以永久拖累業務的方式解決這個成熟度問題。我們正在努力尋找解決方案，使我們能夠以整體方式顯著發展業務並充分發揮潛力。

I mean, so -- that's the goal. I mean, the opportunity is so unique here to be the first in the world to build the O-RAN, there's incredible amount of interest by all parties, enterprises, government, defense community, everybody is interested in making the great -- this is a great success, plus the fact that we have all these satellite assets that can tie to it, direct to device, a bunch of other things.

我的意思是，這就是目標。我的意思是，成為世界上第一個建構O-RAN 的機會是如此獨特，所有各方、企業、政府、國防界都表現出極大的興趣，每個人都有興趣創造偉大的成果——這就是巨大的成功，再加上我們擁有所有這些衛星資產，可以與其綁定，直接連接到設備，還有很多其他東西。

So I want to say that we look at that and say, we cannot let a shortage of capital or limitations prevent us from making this business reach its full potential, which is the reason I want to be here and I'm excited about it. Now let me bring you to the first part of your question, which was what are you going to do in 20 -- Look, I see 2024, like any other new brand new mobile business that I have seen or launched and I had many of those, is a transition year where you gear the business for success.

所以我想說，我們會考慮這一點並說，我們不能讓資本短缺或限制阻止我們充分發揮這項業務的潛力，這就是我想來到這裡並且對此感到興奮的原因。現在讓我來回答你問題的第一部分，即你在 20 年要做什麼——看，我看到 2024 年，就像我見過或推出的任何其他全新移動業務一樣，我有很多那是過渡的一年，您可以在其中調整業務以取得成功。

Now any number that shows up upfront because of the small number here, smallest number -- it could skew your model in a very strange way. It's not a year to build a model on. And it's not a year that we want to put a very static number. This is not a business on a steady state. We're going to go to market. We're going to throw something out there. We're going to be disruptive here and there to see what works.

現在，由於這裡的數字很小，所以任何顯示在前面的數字，最小的數字 - 它都可能以非常奇怪的方式扭曲你的模型。這不是建立模型的一年。我們不想在這一年給出一個非常靜態的數字。這不是一個處於穩定狀態的企業。我們要去市場。我們要把一些東西丟出去。我們將在這裡或那裡進行破壞性的嘗試，看看什麼是有效的。

Sometimes put something in the market is not great and you kind of regear it, it becomes great. I'm really excited about like the one thing that I want to emphasize here, and I stand behind the network is awesome. It is awesome. I just can't speak to how great it is, plus the fact that you got the national roaming on the top of 2 other networks.

有時候，把一些東西放到市場上並不好，只要你重新審視它，它就會變得非常棒。我真的很興奮，就像我想在這裡強調的一件事一樣，我在網路背後的支持非常棒。太棒了。我簡直無法形容它有多棒，再加上你在另外兩個網絡之上獲得了全國漫遊。

I mean I just can't imagine anybody not seeing that as a differentiator, it has never happened in the history of mobile never. Nobody has had this. Nobody has had national roaming, it's the first time. And we like to use that. And I think that's -- that removes also to limitations from my perspective in terms of our go to market. But it's not the year that I can give you a static forecast.

我的意思是，我無法想像有人不認為這是一個差異化因素，這在移動歷史上從未發生過。沒有人有過這個。沒有人開通過全國漫遊，這還是第一次。我們喜歡用它。我認為，從我的角度來看，這也消除了我們進入市場的限制。但這不是我可以給你一個靜態預測的一年。

So please give me a year to figure out what which ends up and how we are going to maximize our market performance. But you're going to see installments. I'm not also reducing expectation to the point that you're not going to see us at all this year. It's just not the year to build a model on. Give me a year, help you build a model next year.

因此，請給我一年的時間來弄清楚最終的結果以及我們將如何最大化我們的市場表現。但你會看到分期付款。我也不會降低期望，以至於你們今年根本看不到我們。這不是建立模型的一年。給我一年的時間，明年幫你建立一個模型。

Okay. And then I just was curious, as I mentioned in the K, I think there's a third test sort of that still needs to be finalized for the 2023 spectrum sort of FCC milestones that I think -- I think it says you have to finish that drive test this month. I just want to make sure that, that's nothing we should be thinking about as a risk.

好的。然後我只是很好奇，正如我在 K 中提到的，我認為對於 2023 年頻譜類型的 FCC 里程碑，仍然需要完成第三種測試 - 我認為它表明你必須完成該測試這個月路考。我只是想確保，我們不應該將這視為風險。

And then I was lastly, just going to ask a bit of a random one, Hamid. One of the partners that we've all focused over the years has been Amazon as again, with your fresh eyes, sort of surveying the relationship that DISH has. Anything you would call out there that you think is interesting or underappreciated? Or is that another one we shouldn't be thinking about much in 2024?

最後，我只是想隨機問一些問題，哈米德。多年來我們一直關注的合作夥伴之一是亞馬遜，用你新鮮的眼光，調查 DISH 之間的關係。您認為有哪些有趣或未被充分重視的事情嗎？或者這是我們在 2024 年不應該過多考慮的另一件事？

This is John. As it relates to the drive testing, we're on track with that, and we're getting ready to submit. I wouldn't put any extra risk factors on that beyond what we've already disclosed.

這是約翰。由於它與路測有關，我們正在按計劃進行，並準備提交。除了我們已經披露的內容之外，我不會對此添加任何額外的風險因素。

So commenting on Amazon, we see Amazon -- I see personally Amazon as a very strategic partner, and I think they see it the same way. I don't want to speak on their behalf, but that's what we sense. The -- we are excited about our work together. I think they've given us an incredible amount of attention and help, and we're working with them hand in glove, and we are very excited about it.

因此，在評論亞馬遜時，我們看到亞馬遜——我個人認為亞馬遜是一個非常戰略性的合作夥伴，我認為他們也這麼認為。我不想代表他們發言，但這就是我們的感覺。我們對我們的合作感到興奮。我認為他們給了我們難以置信的關注和幫助，我們正在與他們密切合作，我們對此感到非常興奮。

I mean we jointly committed to making sure offerings that we have on Amazon -- meet the Amazon's experience, which I'd like to have -- look, I'd like to have the Amazon experience, not the mobile comp online or any other experience. I mean that's one of the goals we have, and we're not going to compromise on that. And that's, again, another one of those things that I said, we want to make sure we get it right, but we have all the support we need from Amazon. So delighted with the relationship there, very good relationship.

我的意思是，我們共同致力於確保我們在亞馬遜上提供的產品——滿足亞馬遜的體驗，這是我想要的——看，我想要擁有亞馬遜的體驗，而不是在線移動競爭或任何其他體驗經驗。我的意思是，這是我們的目標之一，我們不會對此妥協。這又是我所說的另一件事，我們希望確保我們做對了，但我們擁有亞馬遜所需的所有支援。對那裡的關係很滿意，非常好的關係。

Our next question comes from the line of Tom [Verguet] with Citadel.

我們的下一個問題來自 Tom [Verguet] 與 Citadel 的關係。

Two years ago at the same call for the year-end '21, Charlie talked about your abilities to be very mathematical. And the network is built primarily for the enterprise and government solutions. I was wondering if you could talk a little bit about where we have success there and what you see in the near future from that since we seem to be focused on the call here with consumer wireless.

兩年前，在 21 年終的同一個電話會議上，查理談到了你的數學能力。這個網路主要是為企業和政府解決方案而建構的。我想知道您是否可以談談我們在哪些方面取得了成功，以及您在不久的將來會看到什麼，因為我們似乎專注於消費者無線方面的通話。

So let me -- this is not sure 100% whether I will hit the mark on answering your question because it's a bit of a broad question. But we see a great potential in our enterprise. And part of that enterprise is the governments. Look, at the Hughes and now the broadband portion of our segment of our business at EchoStar now, we do have a relationship with and business with the partner of defense and government in multiple entities there.

所以讓我——我不確定我是否能百分之百地回答你的問題，因為這是一個有點寬泛的問題。但我們看到了我們企業的巨大潛力。該企業的一部分是政府。看看休斯，現在看看我們 EchoStar 業務部門的寬頻部分，我們確實與那裡多個實體的國防和政府合作夥伴建立了關係並開展業務。

We see incredible opportunities there. In fact, tying that opportunity to the 5G, which we have demonstrated in a couple of places. We demonstrated that in a space in -- with the island, and we got a second base as a result of that. And that's become a showcase. We also won award from the government ORCID project of $50 million.

我們在那裡看到了難以置信的機會。事實上，將這個機會與 5G 聯繫起來，我們已經在幾個地方展示了這一點。我們在島上的一個空間中證明了這一點，因此我們得到了第二個基地。這已經成為一個展示。我們也獲得了政府ORCID計畫5000萬美元的獎勵。

We see that there's a significant amount of interest in the in the DoD government enterprise related to that. But I want to say that these things, as you're well aware, in the enterprise business, you work for quite a while before you get a Monster's contract. Paul Gaske mentioned in our -- in his remarks that Delta Airlines, you had a massive booking that was in a watch for 1.5 years. It's actually checking before you get something like that. But in the enterprise, when you get it, it significantly overshadows anything you can do in a consumer.

我們看到，國防部政府企業對此有很大興趣。但我想說的是，正如你所知道的，在企業業務中，你要工作相當長一段時間才能獲得怪物的合約。保羅·加斯克 (Paul Gaske) 在我們的演講中提到，達美航空 (Delta Airlines) 的大量預訂已在手錶中保存了 1.5 年。它實際上是在你得到類似的東西之前進行檢查。但在企業中，當你獲得它時，它會顯著掩蓋你在消費者中可以做的任何事情。

So we're going to be focused on both. I want to make sure that people knows in the shorter term, while we're working in parallel to develop our enterprise business, government business, make 5G and O-RAN the differentiator in that space, which it is, we're going to feed ourselves using the consumer. So we're going to do both. And the future will tell us how -- what the mix will be, but we are excited about the enterprise opportunities.

所以我們將重點放在這兩方面。我想確保人們在短期內了解，同時我們正在並行發展我們的企業業務、政府業務，使 5G 和 O-RAN 成為該領域的差異化因素，事實上，我們將使用消費者來養活我們自己。所以我們要兩者兼具。未來將告訴我們如何組合，但我們對企業機會感到興奮。

Operator, I think we'll take one more question before wrapping up.

接線員，我想在結束前我們還要再問一個問題。

Our final question will come from the line of Michael Rollins with Citi.

我們的最後一個問題將來自花旗銀行的 Michael Rollins。

Just wanted to follow up, Hamid, on some of the comments that you're making about the focus for the mobile business on creating a competitive offering. Are there mobile spectrum bands that EchoStar holds that you now view are no longer necessary to that competitive commercial strategy and could be monetized as part of this long-term funding plan.

哈米德，我只是想跟進您對行動業務專注於創建有競爭力的產品發表的一些評論。您現在認為 EchoStar 持有的行動頻段對於該競爭性商業策略不再是必要的，並且可以作為長期融資計劃的一部分貨幣化。

And then the second thing, just back to your earlier comments around the build requirements. Do the comments infer that you may want to ask for a delay from the FCC, so you could achieve some of the competitive in commercial objectives that you were sharing with us previously.

然後是第二件事，回到您之前關於構建要求的評論。這些評論是否表明您可能希望向 FCC 請求延遲，以便您可以實現您之前與我們分享的一些具有競爭力的商業目標。

So regarding the spectrum band, spectrum bands are all different, and you're going to need more of over time as you grow. You may not need all of them upfront. You may need to in different markets in different ways. Every spectrum band has -- a use that is specific to a certain needs you may have at certain times. So I cannot give you a specific answer, what a spectrum we're going to need at one point. But they all will come useful at some stage in your life of a business.

因此，關於頻段，頻段都是不同的，隨著時間的推移，隨著您的成長，您將需要更多的頻段。您可能不需要預先將所有這些都需要。您可能需要在不同的市場採用不同的方式。每個頻段都有特定於您在特定時間可能擁有的特定需求的用途。所以我無法給你一個具體的答案，就是我們在某一時刻需要什麼樣的光譜。但它們都會在您企業生命週期的某個階段中發揮作用。

And ultimately, when you are around 50 years into the business, you're going to need every spectrum band in every geography. But on the way there, you have plenty of flexibility to adjust your spectrum in a way that best is monetized for you at that stage in your life. So I don't find myself in a position, we don't find ourselves in a position that we are tied to a very specific recipe or ownership of the spectrums that make us -- we can be successful in many, many ways using the spectrum we have.

最終，當您進入該行業大約 50 年時，您將需要每個地區的每個頻段。但在這個過程中，您有足夠的靈活性來調整您的光譜，以最適合您在人生的那個階段獲利的方式。因此，我發現自己沒有處於這樣的境地，我們沒有發現自己處於這樣一種境地：我們與一個非常具體的配方或頻譜所有權聯繫在一起，使我們——我們可以利用這些方法在很多很多方面取得成功。我們有頻譜。

And we have plenty of spectrum far more than I need at this moment. So we're all good. And as it comes to our interactions with the FCC, I generally don't like to comment on any activities regarding the FCC, we take all of our applications very seriously and intend to meet every one of our obligations. But I refrain from making any comments -- detailed comments regarding the FCC for obvious reasons.

我們擁有的光譜遠遠超出我目前的需要。所以我們都很好。就我們與 FCC 的互動而言，我通常不喜歡對有關 FCC 的任何活動發表評論，我們非常認真地對待所有申請，並打算履行我們的每一項義務。但出於顯而易見的原因，我沒有發表任何評論——針對 FCC 的詳細評論。

If I could just one last one. And just given that in terms of what you just described on the commitments, can you just give us an update of just assuming that you have the funding, how many more sites and how much more in terms of dollars is needed, do you believe to satisfy all the requirements and just put this whole question behind you?

如果我能做最後一件事就好了。鑑於您剛才描述的承諾，您能否向我們提供最新信息，假設您有資金，還需要多少個站點以及需要多少美元，您認為滿足所有要求並將整個問題拋在腦後？

Yes. We don't disclose that, but we will have ample capital to hit the requirements if we're able to raise money so...

是的。我們沒有透露這一點，但如果我們能夠籌集資金，我們將有足夠的資金來滿足要求，所以...

Yes. And as you know, you could build the sites in many different ways. You build sites for capacities, for coverage, there's always that. So it's really not -- it's more of an art and science. So our engineers would have to look at that. And for that reason, it doesn't really make sense to put a number out there. But as Paul said, we have enough resources, we would have enough resources to meet that obligation. I want to thank everyone for participation. I think we had a different format. We took some time upfront.

是的。如您所知，您可以透過多種不同的方式建立網站。你建立網站的目的是為了容量、覆蓋範圍，總是如此。所以它實際上不是——它更像是一門藝術和科學。所以我們的工程師必須考慮這一點。出於這個原因，把一個數字放在那裡並沒有真正的意義。但正如保羅所說，我們有足夠的資源，我們將有足夠的資源來履行這項義務。我要感謝大家的參與。我認為我們有不同的格式。我們提前花了一些時間。

But hopefully, that time was useful to answer some of these questions. So the Q&A did not have to be as long. With that, thank you very much, and hopefully, we'll see you on the next earnings call.

但希望那段時間有助於回答其中一些問題。因此，問答不必那麼長。在此，非常感謝您，希望我們能在下次財報電話會議上見到您。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。