EchoStar Corp (SATS) 2024 Q1 法說會逐字稿

Greetings. Welcome to EchoStar Corporation's First Quarter 2024 Earnings Conference Call. (Operator Instructions). Please note, this conference is being recorded.

問候。歡迎參加 EchoStar Corporation 2024 年第一季財報電話會議。 （操作員說明）。請注意，本次會議正在錄製中。

At this time, I'll now turn the call over to Dean Manson. Dean, you may now begin your presentation.

現在，我將把電話轉給迪恩·曼森。 Dean，你現在可以開始你的演講了。

Thank you, Rob. Welcome to EchoStar's First Quarter 2024 Earnings Call. We will begin with opening remarks from Hamid Akhavan, President and CEO; followed by Paul Orban, EVP and Principal Financial Officer; Gary Schanman, EVP And Group President of Video Services; Paul Gaske, COO of Hughes; and John Swieringa, President of Technology and COO.

謝謝你，羅布。歡迎參加 EchoStar 2024 年第一季財報電話會議。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； Gary Schanman，執行副總裁兼視訊服務集團總裁； Paul Gaske，休斯營運長；以及技術總裁兼營運長 John Swieringa。

We request that any participant producing a report, not identifying 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. 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 for any future results expressed or implied by the forward-looking statements. For a list of those factors and risks, please refer to our quarterly report on Form 10-Q for the quarter ended March 31, 2024, filed on May 8 and our subsequent filings made with the SEC.

我們要求任何參與者製作報告，而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。風險、不確定性和其他因素。有關這些因素和風險的列表，請參閱我們於 5 月 8 日提交的截至 2024 年 3 月 31 日的季度 10-Q 表格季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. Let me refer to OIBDA and free cash flow during this call. The comparable GAAP measure and a reconciliation for OIBDA is presented in our earnings release. And for free cash flow, those things are presented in our 10-Q.

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。讓我在這次電話會議中提及 OIBDA 和自由現金流。我們的收益報告中介紹了可比較的 GAAP 衡量標準和 OIBDA 調節表。對於自由現金流，這些內容都在我們的 10-Q 中列出。

With that, I'll turn it over to Hamid.

有了這個，我會把它交給哈米德。

Thank you, Dean. Welcome, everyone. We appreciate you joining us today. We're just over 4 months into the merger between DISH and EchoStar and operations are progressing to plan for the year. Given the nature of earnings calls, our prepared remarks will focus mainly on the operating business. However, we understand that most of you are also interested in hearing about our efforts to refinance our maturing debt obligations and improve our cash flow position. To that end, we continue to work on a number of avenues. We have fielded a variety of offers and are pursuing those which can support our long-term objectives. The complex and delicate nature of this process demands time and confidentiality, we will certainly have more to share in due course.

謝謝你，迪恩。歡迎大家。我們感謝您今天加入我們。 DISH 和 EchoStar 合併剛剛過去 4 個多月，營運工作正在按照今年的計劃進行。鑑於財報電話會議的性質，我們準備的發言將主要集中於營運業務。然而，我們知道你們大多數人也有興趣了解我們為到期債務再融資和改善現金流狀況所做的努力。為此，我們將繼續在多種途徑上開展工作。我們已經提交了各種報價，並正在尋求那些能夠支持我們長期目標的報價。這個過程的複雜性和微妙性需要時間和保密性，我們當然會在適當的時候分享更多內容。

As for the operating business, in the first quarter, we met our budget targets in nearly all important metrics in each of our business units. We will elaborate on some of those results during this call today.

至於營運業務，第一季度，我們每個業務部門幾乎所有重要指標都達到了預算目標。我們將在今天的電話會議中詳細說明其中的一些結果。

To start, as I shared on our last call, our 2024 operating plan targets a positive operating free cash flow. This includes efficiencies, optimizations and synergies, which result in a reduction in our annual total operating expenses of $1 billion. Our first quarter results keeps us on track for achieving that objective. We have sharpened our leadership and operating business on 3 distinct go-to-market business units. This allows for greater accountability and profitability-focused management while providing our business leaders greater flexibility when it's needed. We have tightened our focus on selectively acquiring and retaining higher-value subscribers, and our efforts are already showing up in Q1 numbers. Overall, ARPU is increasing in every business unit, while churn is down in Pay-TV and Retail Wireless.

首先，正如我在上次電話會議中分享的那樣，我們的 2024 年營運計畫的目標是實現正的營運自由現金流。這包括效率、優化和協同效應，使我們的年度總營運費用減少 10 億美元。我們第一季的業績使我們有望實現這一目標。我們在 3 個不同的上市業務部門加強了領導力和營運業務。這可以實現更大的責任和以盈利為中心的管理，同時為我們的業務領導者在需要時提供更大的靈活性。我們更加重視選擇性地獲取和留住更高價值的訂戶，我們的努力已經在第一季的數據中得到體現。總體而言，每個業務部門的 ARPU 都在增加，而付費電視和零售無線業務的客戶流失率則在下降。

As we work to improve our operating profitability, we have not lost our focus on an edge on innovation. Our teams are hard at work, developing and enhancing our catalog of offerings for consumer and enterprise customers, with many first-time wins in new sectors and channels. We have a state-of-the-art open RAN wireless network, which is now serving hundreds of thousands of happy customers and demonstrating its power and speed in trials.

在我們努力提高營運獲利能力的同時，我們並沒有失去對創新優勢的關注。我們的團隊正在努力工作，開發和增強我們為消費者和企業客戶提供的產品目錄，並在新的領域和管道中取得了許多首次勝利。我們擁有最先進的開放式 RAN 無線網絡，目前正在為數十萬滿意的客戶提供服務，並在試驗中展示其強大功能和速度。

Our new Jupiter 3 broadband satellite, the largest ever (inaudible) operation is attracting new customers at the fastest rate in many years, and the Pay-TV business unit's operational efficiency has improved year-over-year. We are pleased by our start to the year and plan to maintain the momentum through the rest of the year.

我們新的 Jupiter 3 寬頻衛星是有史以來規模最大（聽不清楚）的運營，以多年來最快的速度吸引新客戶，付費電視業務部門的營運效率也逐年提高。我們對今年的開局感到高興，並計劃在今年剩餘時間內保持這一勢頭。

With that, I will turn it over to Paul Orban for additional commentary on our Q1 numbers.

至此，我將把它交給保羅·歐爾班 (Paul Orban)，讓他對我們第一季的數據進行更多評論。

Thank you, Hamid. As of the last call, I will briefly touch on the going-concern qualification. Please read the financial statements contained in our 10-Q to see the precise disclosure. As a reminder, this evaluation is a technical accounting determination that requires us to consider our current cash position and project our cash position 1-year from today, and it does not allow us to consider any new funding sources unless that financing is committed as of today. As of the end of the first quarter, our cash and cash equivalents and marketable investment securities totaled $766 million. On February 16, we completed the purchase of SNR management's ownership interest in S&R HoldCo for $442 million, resulting in SNR now being wholly owned by EchoStar. On March 15, we paid off our $1 billion debt maturity with cash on hand. We have roughly $2 billion of debt maturing in November 2024, and we do not currently have the necessary cash on hand, our projected future cash flows to fund fourth quarter operations or the November '24 debt maturity.

謝謝你，哈米德。截至上次電話會議，我將簡要討論持續經營資格。請閱讀我們 10-Q 中包含的財務報表，以了解準確的揭露內容。提醒一下，此評估是一項技術性會計決定，要求我們考慮我們當前的現金狀況並預測從今天起一年後的現金狀況，並且它不允許我們考慮任何新的資金來源，除非該融資已於今天。截至第一季末，我們的現金和現金等價物以及有價投資證券總計 7.66 億美元。 2 月 16 日，我們以 4.42 億美元完成了對 SNR 管理層在 S&R HoldCo 的所有權的收購，SNR 現在由 EchoStar 全資擁有。 3 月 15 日，我們用手頭現金償還了 10 億美元的到期債務。我們大約有20 億美元的債務將於2024 年11 月到期，目前我們手頭上沒有必要的現金，也沒有預計的未來現金流來為第四季度的運營或24 年11 月的債務到期提供資金。

To address our capital needs, as Hamid mentioned, we are in discussions with funding sources at all levels in our capital structure. As Hamid highlighted, our teams are focused on maintaining positive operating cash flow, defined as free cash flow, excluding debt service payments and onetime payments related to the construction of our EchoStar XXV satellite.

正如哈米德所提到的，為了滿足我們的資本需求，我們正在與資本結構中各個層面的資金來源進行討論。正如 Hamid 所強調的那樣，我們的團隊致力於維持正的營運現金流（定義為自由現金流），不包括償債付款和與 EchoStar XXV 衛星建設相關的一次性付款。

We are on track to meet this goal in 2024, in part by continuing to execute on our plan to remove $1 billion of operating expenses from the business, which includes merger synergies. We continue to manage all of our brands with a focus on financial discipline and a goal to onboard high-quality and highly profitable subscribers. We are seeing the results in a reported DISH and Retail Wireless churn.

我們預計在 2024 年實現這一目標，部分方法是繼續執行我們的計劃，從業務中削減 10 億美元的營運費用，其中包括合併協同效應。我們繼續管理我們所有的品牌，專注於財務紀律，並以吸引高品質和高利潤的訂戶為目標。我們在 DISH 和 Retail Wireless 客戶流失報告中看到了結果。

Now let's review our financial performance from the first quarter. Revenue was $4 billion in the first quarter of 2024. That's down 8% year-over-year, primarily due to subscriber declines across Pay-TV Retail Wireless and Broadband and Satellite Services. OIBDA was $470 million, down $231 million year-over-year, driven by the ramp in operating costs for the network as we have more sites online as well as decreased margin from having fewer subscribers year-over-year, as previously mentioned.

現在讓我們回顧一下第一季的財務表現。 2024 年第一季的營收為 40 億美元。 OIBDA 為 4.7 億美元，年減 2.31 億美元，因為我們在線站點增多，網絡運營成本上升，如前所述，用戶數量同比減少，利潤率下降。

Free cash flow was negative $226 million, is down $66 million year-over-year. We had a decrease in capital spend for the network of $281 million, which was in line with our prior guidance. The decrease in capital spend was largely offset by the decrease in OIBDA. And was also negatively impacted by working capital items, which we expect to reverse in Q2. After these working capital changes, we were flat to last year. As I discussed, last call, we do expect CapEx for the year to be roughly half of what it was in 2023.

自由現金流為負 2.26 億美元，年減 6,600 萬美元。我們的網路資本支出減少了 2.81 億美元，這與我們先前的指導一致。資本支出的減少在很大程度上被 OIBDA 的減少所抵消。並且也受到營運資本項目的負面影響，我們預計這種影響將在第二季扭轉。在這些營運資金變動之後，我們與去年持平。正如我在上次電話會議中所討論的那樣，我們預計今年的資本支出將約為 2023 年的一半。

With that, I'd like to turn it over to Gary to discuss our Pay-TV unit.

說到這裡，我想把它交給加里來討論我們的付費電視部門。

Thank you, Paul. On the Pay-TV side, we finished Q1 with approximately 8.2 million customers. We're seeing positive signs of increased operational efficiency in the business. and our focus on customer loyalty and improved quality, subscriber acquisition enabled us to reduce churn across our video Services business versus last year while also increasing ARPU by 4.6% per subscriber. All in, the improved churn, ARPU and significant lower variable cost achieved by our savings for growth efforts resulted in higher per sub profitability.

謝謝你，保羅。在付費電視方面，我們在第一季結束時擁有約 820 萬名客戶。我們看到了業務營運效率提高的正面跡象。由於我們注重客戶忠誠度和提高質量，用戶獲取使我們的視訊服務業務的客戶流失率比去年有所下降，同時每位用戶的 ARPU 也提高了 4.6%。總而言之，我們透過節省成長努力實現了客戶流失率、ARPU 的改善以及可變成本的顯著降低，從而提高了每個子公司的獲利能力。

In particular, our media sales revenue per subscriber continues to grow year-over-year, and our ability to deliver linear programmatic and addressable advertising at scale is one of our strengths, and we're really excited to have launched DISH connected, a new first-of-its-kind service that allows us to deliver programmatic advertising to our set-top box-based customers.

特別是，我們每訂閱者的媒體銷售收入持續逐年增長，我們大規模提供線性程序化和可尋址廣告的能力是我們的優勢之一，我們非常高興推出DISH Connected，這是一種新的服務。

We continue to experience competitive pressure from programmers who shift content from traditional pay-TV to their own direct-to-consumer services, and this was evident throughout Q1 during the college football bowl season, NFL playoffs, and both the men's and women's NCAA basketball tournaments. This has been most pronounced as MAX continues to offer NBA and NHL playoffs for free. Noteworthy also worth mentioning is the pending launch of the Disney Fox Warner Bros. Sports JV, which we find fundamentally anticompetitive and warrants an examination by the government.

我們繼續面臨程式設計師的競爭壓力，他們將內容從傳統的付費電視轉移到自己的直接面向消費者的服務，這一點在第一季度的大學橄欖球碗賽季、NFL 季後賽以及男子和女子NCAA籃球比賽中表現得很明顯。當 MAX 繼續免費提供 NBA 和 NHL 季後賽時，這一點最為明顯。值得注意的是，迪士尼福克斯華納兄弟體育合資公司即將成立，我們認為這根本上是反競爭的，需要政府進行審查。

In regards to DISH TV, we finished the quarter with approximately 6.3 million subscribers with Q1 churn significantly lower compared to the same period in 2023. Our Q1 subscriber numbers for DISH TV were again negatively impacted by ongoing local broadcaster disputes. However, on that note, I'm pleased to report that we did settle a 17-month dispute with Cox Media Group last month and we look forward to a less disruptive year in 2024.

就DISH TV 而言，我們本季的訂閱用戶數量約為630 萬，第一季的用戶流失率與2023 年同期相比顯著降低。持續糾紛的負面影響。然而，就此而言，我很高興地報告，我們上個月確實解決了與 Cox Media Group 長達 17 個月的糾紛，我們期待 2024 年的干擾不會那麼嚴重。

We're happy with our initial success in cross-selling Boost and HughesNet to our DISH TV base. DISH TV cross-sell accounted for 9% of HughesNet's gross adds in Q1, and we're working on ways to further integrate our products to improve the customer experience and our value proposition.

我們對在向 DISH 電視基地交叉銷售 Boost 和 HughesNet 方面取得的初步成功感到高興。 DISH 電視交叉銷售佔 HughesNet 第一季總增加的 9%，我們正在研究如何進一步整合我們的產品，以改善客戶體驗和我們的價值主張。

Regarding the Sling business, one of the industry's only profitable streaming services. We finished the quarter with approximately 1.9 million subscribers, a loss of approximately $135,000 in Q1, about $100,000 better year-over-year. This improved churn is due to our purposeful focus on high-quality profitable subscribers and an improved customer experience. In fact, our increased product performance and 2023 features have led to an increase of 18% year-over-year viewership per subscriber and we are already seeing early signs of higher engagement driven by new Q1 launches, including our rewards program, which is our new watch and win loyalty program for both Sling and Freestream FAST users, Arcade, which is the first streaming TV integrated Watch and Play casual gaming service, our new sports [3-day and replay], which is a new feature for our DBR users that lets them watch the past 3-days of sports content and we launched the FAST industry's first free DVR on Sling Freestream.

至於 Sling 業務，這是業界唯一獲利的串流服務之一。本季末，我們的訂戶數量約為 190 萬，第一季虧損約 13.5 萬美元，年減約 10 萬美元。這種流失率的改善是由於我們有目的地關注高品質的獲利訂閱者和改善的客戶體驗。事實上，我們不斷提高的產品性能和2023 年的功能使每位訂閱者的收視率同比增長了18%，而且我們已經看到第一季新產品發布推動參與度提高的早期跡象，包括我們的獎勵計劃，這是我們的獎勵計劃為Sling 和Freestream FAST 用戶提供新的觀看並贏得忠誠度計劃、Arcade（第一個串流電視整合觀看和玩休閒遊戲服務）、我們的新體育項目[3 天和重播]，這是為DBR 用戶提供的新功能讓他們觀看過去 3 天的體育內容，我們在 Sling Freestream 上推出了 FAST 行業首款免費 DVR。

With Arcade Rewards and Free DVR, our free steam service is unique in the market and emerging as a significant and efficient funnel for new customer acquisition and additional media sales. I'm pleased with the momentum that we're building and look forward to where we take our business in 2024.

憑藉 Arcade Rewards 和免費 DVR，我們的免費 Steam 服務在市場上獨一無二，並正在成為新客戶獲取和額外媒體銷售的重要而高效的管道。我對我們正在形成的勢頭感到滿意，並期待 2024 年我們的業務發展。

Now I'd like to turn it over to Paul Gaske, who will cover broadband and satellite services.

現在我想將其交給 Paul Gaske，他將負責寬頻和衛星服務。

Thank you, Gary. Our Broadband and Satellite Services segment operates in both the consumer and enterprise markets. Our consumer business under the HughesNet brand expanded acquisition of subscribers on the Jupiter 3 satellite during the first quarter. We are pleased with the initial response to the new service plans introduced with the additional capacity of Jupiter 3. We also began upgrading existing subscribers on Jupiter 1 and 2, enabling them to benefit from the greater speed and data provided by the new plans. Our focus remains on attracting the highest value subscribers and reducing churn in 2024. As a result, our subscriber losses decreased to 26,000, the lowest reduction in 10 quarters. We finished Q1 with approximately 978,000 satellite broadband subscribers.

謝謝你，加里。我們的寬頻和衛星服務部門在消費者和企業市場開展業務。第一季度，我們 HughesNet 品牌下的消費者業務擴大了 Jupiter 3 衛星的訂戶數量。我們對隨著 Jupiter 3 的額外容量推出的新服務計劃的初步反應感到高興。到 2024 年，我們的重點仍然是吸引最高價值的訂戶並減少客戶流失。 因此，我們的訂戶流失量減少至 26,000 人，為 10 個季度以來的最低降幅。第一季結束時，我們擁有約 978,000 名衛星寬頻用戶。

We continue to work on expanding our Hughes enterprise business on several fronts, and we expect Hughes to cross over the 50% threshold of its revenues coming from enterprises this year. In our Hughes managed LEO business, we began initial shipments late last year of a Hughes manufactured user terminal based on our unique flat panel electronically steered antenna also not as an ESA, E-S-A, which is manufactured in our U.S.-based facility. We've received very positive feedback from the marketplace on the performance and value of our ESA.

我們繼續致力於在多個方面擴展我們的休斯企業業務，我們預計休斯今年將跨越其來自企業的收入的 50% 的門檻。在休斯管理的LEO 業務中，我們在去年年底開始首次發貨休斯製造的用戶終端，該終端基於我們獨特的平板電子控制天線，也不是ESA、E-S-A，後者是在我們位於美國的工廠製造的。我們收到了市場對 ESA 的性能和價值非常積極的回饋。

As mentioned on our last call, Gartner upgraded us from a Challenger to a Leader position in the 2023 Gartner Magic Quadrant. We're one of the few companies that has the ability to deliver best-in-class enterprise services on a global scale. Allowing us to address broad managed services market. In one example of such opportunities, Hughes Defense teamed with Boost Wireless and was selected as one of the few providers to supply 5G connectivity and devices under the umbrella of a $2.7 billion 10-year IDIQ contract with the DoD.

正如我們在上次電話會議中提到的，Gartner 在 2023 年 Gartner 魔力像限中將我們從挑戰者升級為領導者。我們是少數有能力在全球範圍內提供一流企業服務的公司之一。使我們能夠應對廣泛的託管服務市場。此類機會的一個例子是，Hughes Defense 與 Boost Wireless 合作，並被選為少數幾家根據與國防部簽訂的價值 27 億美元的 10 年期 IDIQ 合約提供 5G 連接和設備的供應商之一。

Lastly, our entry into the In-Flight Communications business is progressing as we complete key development milestones and prepare to provide service to airline customers such as Delta Airlines.

最後，隨著我們完成關鍵的發展里程碑並準備為達美航空等航空公司客戶提供服務，我們進入機上通訊業務的步伐正在取得進展。

With that, I will turn it back to Hamid for an update on our retail wireless business.

至此，我將把它轉回給哈米德，以了解我們零售無線業務的最新情況。

Thank you, Paul. As has previously been shared, I've taken the helm of our Retail Wireless business unit as we search for a new leader of the segment. I'm happy to report that we have hit a number of new promising developments.

謝謝你，保羅。正如之前所分享的那樣，在我們尋找該領域的新領導者時，我已接管了我們的零售無線業務部門。我很高興地向大家報告，我們已經取得了許多有希望的新進展。

We finished the quarter with approximately 7.3 million subscribers. And while it's not broken out in our numbers, Boost Mobile was net positive in subscriber growth for the month of March. We are not quite where we want to be but we are encouraged by our record churn performance, the lowest churn we have had since acquiring the Boost business. We accomplished this while still maintaining what we believe is the highest ARPU in the prepaid market. Which rose slightly during the past quarter. As in all our business units, our focus has been on acquiring the highest-quality subscribers, improving the customer experience and optimizing our network. Our new family plans as well as our tax season offers received a positive response, and we'll continue to expand our customer base through additional competitive offers, flexible service options and the economic benefits of using our own network. We intend to build up on this positive momentum, particularly as we hit critical selling seasons in the back half of the year. To further capitalize on our -- on owner economics, we successfully initiated the migration of hundreds of thousands of customers from our partner networks to our own Boost network. This On-Net subscriber base will continue to grow throughout the year. In spite of this momentum in our Prepaid business, we realize we have to -- we have work to do to improve our offerings and execution in the postpaid space, a key objective for the back half of the year. With the expiration of government funding on June 1 for the ACP program, we are actively working with our ACP customers to transition them to appropriate plans within our Gen Mobile and Boost Mobile brands, including the National Lifeline program, ensuring the Americans have access to high-speed Internet and mobile services is important to the development of our society, and we believe these are essential services in today's world. We will do what we can to the best of our means to support the continuation of service for these individuals. Nonetheless, we expect to lose some customers with the expiration of the program, but we do not expect these losses to have a material impact on our operations or financial performance.

本季結束時，我們的訂戶數量約為 730 萬。雖然我們的數據沒有詳細說明，但 Boost Mobile 3 月的用戶成長呈現淨正值。我們還沒有完全達到我們想要的目標，但我們對創紀錄的客戶流失率感到鼓舞，這是我們收購 Boost 業務以來客戶流失率最低的一次。我們實現了這一目標，同時仍維持了我們認為的預付費市場中最高的 ARPU。在過去的一個季度中略有上升。與我們所有的業務部門一樣，我們的重點是獲取最高品質的用戶、改善客戶體驗和優化我們的網路。我們的新家庭計劃以及報稅季優惠得到了積極的回應，我們將繼續透過額外的競爭性優惠、靈活的服務選項以及使用我們自己的網路帶來的經濟效益來擴大我們的客戶群。我們打算在這積極動能的基礎上再接再厲，特別是在今年下半年進入關鍵的銷售季節之際。為了進一步利用我們的所有者經濟，我們成功地將數十萬客戶從我們的合作夥伴網路遷移到我們自己的 Boost 網路。這個網路用戶群將在全年持續成長。儘管我們的預付費業務勢頭強勁，但我們意識到我們必須——我們還有很多工作要做，以改善我們在後付費領域的產品和執行，這是今年下半年的關鍵目標。隨著ACP 計劃的政府資助將於6 月1 日到期，我們正在積極與ACP 客戶合作，將他們過渡到我們的Gen Mobile 和Boost Mobile 品牌內的適當計劃，包括國家生命線計劃，確保美國人能夠獲得高收入- 高速網路和行動服務對我們社會的發展非常重要，我們相信這些是當今世界的基本服務。我們將盡我們最大的努力來支持繼續為這些人提供服務。儘管如此，隨著該計劃的到期，我們預計會失去一些客戶，但我們預計這些損失不會對我們的營運或財務表現產生重大影響。

Let me now hand the call to John to cover our network deployment progress.

現在讓我將電話轉交給 John，介紹我們的網路部署進度。

Thank you, Hamid. The team has been hard at work executing on our network deployment plan and operating our first of its kind, open RAN cloud-native network. As Hamid mentioned, we are actively transitioning existing customers with network compatible devices to our own network, and adding new customers as well. Among other tactics, we've enabled first of its kind over-the-air migrations with minimal customer impact. Throughout this process, we've been pleased with the performance of the network and our ability to take greater advantage of owner economics. While we are still in the early stages of commercializing our network, our On-Net customers are experiencing accessibility, retainability and throughput performance on par with competitive services. We also addressed a key product gap for our customers in the first quarter with our launch of global roaming services.

謝謝你，哈米德。團隊一直在努力執行我們的網路部署計劃並運營我們的第一個開放式 RAN 雲端原生網路。正如哈米德所提到的，我們正在積極將擁有網路相容設備的現有客戶轉移到我們自己的網絡，並增加新客戶。除其他策略外，我們還首次實現了對客戶影響最小的無線遷移。在整個過程中，我們對網路的效能以及我們更好地利用所有者經濟的能力感到滿意。雖然我們仍處於網路商業化的早期階段，但我們的網路客戶正在體驗與競爭服務相當的可存取性、可保留性和吞吐量效能。我們也透過推出全球漫遊服務，在第一季為客戶解決了一個關鍵的產品缺口。

During Q1, 5 out of 10 devices sold and activated at Boost, were compatible with our network. And 3 of those 5 activated directly On-Net. We now have network compatible devices available from all of our major OEMs and options available in a wide variety of price points. As a number of network compatible devices and our 5G voice coverage continues to grow throughout the year, we expect device activations on our network to increase.

第一季期間，Boost 銷售並啟動的 10 台設備中有 5 台與我們的網路相容。這 5 個中的 3 個是直接在網路上啟動的。現在，我們所有主要 OEM 廠商都提供網路相容設備，並提供各種價位的選項。隨著網路相容設備的數量和我們的 5G 語音覆蓋範圍全年持續增長，我們預計網路上的設備啟動量將會增加。

In March, we completed our network drive test and filed the results with the FCC, certifying that our 5G network provides download speeds of 35 megabits per second or greater to more than 70% of the U.S. population. This was an important and final component of our 2023 5G network deployment commitment. It confirms the Boost network is delivering high-quality service to our customers. Which is a major achievement and testament to the hard work of our team put into building the world's first Open RAN network and doing that in record time. We are focused on expanding and optimizing the Boost network to compete against the incumbents, and on meeting our 2025 FCC milestones. In Q1, we invested $391 million which is comparable to $672 million in Q1 of 2023. Our immediate focus has been on capital investments and optimizations required to have a competitive network for Boost customers within our existing and future (inaudible) footprint. This is a logical progression for us as we move from an accelerated build to running and optimizing our markets with a P&L mindset.

3 月份，我們完成了網路路測，並向 FCC 提交了結果，證明我們的 5G 網路為超過 70% 的美國人口提供每秒 35 兆或更高的下載速度。這是我們 2023 年 5G 網路部署承諾的重要也是最後的組成部分。它證實了 Boost 網路正在為我們的客戶提供高品質的服務。這是一項重大成就，證明了我們團隊為建立世界上第一個 Open RAN 網路所付出的辛勤努力，並在創紀錄的時間內完成了這項任務。我們專注於擴展和優化 Boost 網路以與現有網路競爭，並實現 2025 年 FCC 里程碑。第一季度，我們投資了3.91 億美元，相當於2023 年第一季的6.72 億美元。客戶建立有競爭力的網絡。這對我們來說是一個合乎邏輯的進展，因為我們從加速構建轉向以損益思維運行和優化我們的市場。

Now I'd like to turn it back to Hamid.

現在我想把它轉回給哈米德。

Thank you, John. In summary, we fully appreciate that liquidity is the most prominent objective at the moment, which is driving our share performance. While we focus a significant attention on this critical activity, we are laser-focused on operating the business with greater efficiency and developing these long-term opportunities. We feel good about the prospects and trajectories in our 2 established business units, namely DISH and Hughes. Both business units are on track to deliver significantly higher efficiencies than last year.

謝謝你，約翰。總而言之，我們充分認識到流動性是目前最重要的目標，這推動了我們的股價表現。在我們高度關注這項關鍵活動的同時，我們也專注於以更高的效率經營業務並開發這些長期機會。我們對 DISH 和 Hughes 兩個既定業務部門的前景和發展軌跡感到滿意。兩個業務部門都有望實現比去年顯著提高的效率。

As for our nascent retail wireless business unit, it is getting its footing in the marketplace, starting with high On-Net customer satisfaction, its lowest historical churn and the highest ARPU in the prepaid segment. We realize we are facing an oversaturated consumer market with a slow expansion in share of wallet from consumers and the competitive nature of the postpaid segment, where we are yet to tap some of the advantages that are an agile, nonlegacy and likely utilized infrastructure [affords us].

至於我們新興的零售無線業務部門，它正在市場中站穩腳跟，首先是高網路客戶滿意度、最低的歷史流失率以及預付費領域最高的 ARPU。我們意識到，我們面臨著一個過度飽和的消費市場，消費者錢包份額的緩慢擴張以及後付費領域的競爭性質，我們尚未利用一些敏捷、非傳統和可能利用的基礎設施的優勢[提供我們]。

All in all, I'm encouraged by the operating momentum we have established early in the year, which will help us as we tackle the significant challenges ahead.

總而言之，我對今年年初建立的營運動能感到鼓舞，這將有助於我們應對未來的重大挑戰。

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

這樣，我們將打開它進行問答。

(Operator Instructions). Our first question is 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。

Couple of questions from my side. Hamid, you mentioned an oversaturated wireless market out there. Can you update us as far as what your thinking is on fixed wireless? That certainly seems to be a not so saturated market or one that wireless is taking share from maybe easier to market with less cost than competing in the postpaid side. And related, the 5G private network wholesale aspect, can you update us on that? And then I'll have a quick follow-up.

我這邊有幾個問題。哈米德，您提到無線市場已經過度飽和。您能否向我們介紹一下您對固定無線的最新想法？這顯然是一個不那麼飽和的市場，或者無線技術正在從比後付費領域的競爭更容易進入市場且成本更低的市場中奪取份額。相關的5G專網批發方面，可以為我們介紹一下最新情況嗎？然後我會進行快速跟進。

Sure. Thank you, Rick. Good to hear from you. The fixed wireless is something that certainly is in the future in the cards for us like everybody else is focused on. At the moment, a higher priority for us is to make sure that we get our prepaid and postpaid business on solid footing and migrate customers On-Net. The greatest economic advantage for us is loading of the network that we have now.

當然。謝謝你，瑞克。很高興聽到你的消息。就像其他人所關注的那樣，固定無線肯定是我們未來的目標。目前，我們的首要任務是確保預付費和後付費業務的基礎穩固，並將客戶遷移到線上。對我們來說最大的經濟優勢是我們現有網路的負載。

And then certainly, we have access to a number of additional opportunities to focus on right after that. I don't see us doing that this year. For the rest of the year, we are solidly booked with optimizing our economics of bringing customers on that.

當然，在那之後我們還有很多額外的機會可以關注。我認為今年我們不會這樣做。在今年剩下的時間裡，我們全力以赴優化吸引客戶的經濟效益。

As for the fixed wireless. There's also opportunities for 12 gigahertz for fixed wireless and CBRS at 345 to 355. We have access to those spectrum. And we think that those probably potentially can offer even more advantageous fixed wireless options with greater bandwidth, greater availability just better suited for that purpose. So we have in our arsenal, those capabilities, which we need to develop. So it will be a business modeling and trade off to see which one is best and maybe all of them. But certainly, on the Boost side -- on the Mobile side, we will not have an offering in the market for the fixed wireless this year.

至於固定無線。還有 12 GHz 固定無線和 345 至 355 CBRS 的機會。我們認為，這些可能可以提供更有利的固定無線選項，具有更大的頻寬、更高的可用性，更適合該目的。因此，我們的武器庫中有這些我們需要發展的能力。因此，這將是一種商業建模和權衡，看看哪一個最好，也許是全部。但可以肯定的是，在 Boost 方面——在行動方面，我們今年不會在固定無線市場上提供產品。

I think you had a second part related to wholesale 5G. Again, wholesale is yet another opportunity for 5G that we have some opportunities already in the works. You have heard us about, obviously, there with the (inaudible), you know that we have done a private 5G area that has expanded to become 2 basis. And we certainly think that has potential to be far, far larger and we are in good contact with the officials and leaders at the government that seem to want to expand that. We are subject to their budget cycles, obviously, and that -- but related to that, we just announced that we were one of the few suppliers. I think we have 5 or 6 suppliers altogether that got selected for a DoD Award of a 10-year program that they have. And I think the total program is $2.7 billion. We certainly expect to get a fair share of that. And to us, the fair share -- to me, personally the fair share is something that should be proportionate to our ability to deliver on 5G and ORAN, the way that [Envision] has been beneficial to the government and for their purposes.

我認為您的第二部分與批發 5G 相關。同樣，批發是 5G 的另一個機會，我們已經在準備一些機會。顯然，您已經聽說過我們（聽不清楚），您知道我們已經建立了一個私人 5G 區域，該區域已擴展到 2 個基礎。我們當然認為這有可能變得更大，而且我們與似乎想要擴大這種規模的政府官員和領導人保持著良好的聯繫。顯然，我們受制於他們的預算週期，但與此相關的是，我們剛剛宣布我們是少數供應商之一。我認為我們總共有 5 或 6 家供應商被選為他們擁有的 10 年計劃的國防部獎。我認為該計劃總額為 27 億美元。我們當然希望能從中獲得公平的份額。對我們來說，公平份額——就我個人而言，公平份額應該與我們實現 5G 和 ORAN 的能力成比例，[Envision] 一直有利於政府及其目的。

So I'll leave it at that. But I think we have a lot of prospects in that area. But priority 1 right now this year is to get our basic prepaid and postpaid business significantly ramped up and brought On-Net.

所以我就這樣吧。但我認為我們在該領域有很多前景。但今年的首要任務是大幅增加我們的基本預付費和後付費業務並將其引入線上。

Makes sense. I think in the financing world, obviously, like you said, it's complicated and delicate, but can you update us at least as far as how much unencumbered spectrum you have out there that we could consider that as a possible solution? And I think in past halls, Charlie has mentioned that it's inevitable that a DISH TV, DIRECTV combination might occur at some point. Update us kind of your view on that now that you're in the CEO role. What would it take to get to that inevitable? Is that something that still could be in the cards? And what would allow us to maybe proceed better?

說得通。我認為在融資領域，顯然，正如您所說，這是複雜而微妙的，但您能否至少向我們介紹一下您擁有多少不受限制的頻譜，我們可以將其視為可能的解決方案？我想在過去的大廳裡，查理曾提到 DISH TV 和 DIRECTV 的組合在某個時候出現是不可避免的。既然您擔任首席執行官，請告訴我們您對此的看法。怎樣才能實現這不可避免的目標呢？這還有可能發生嗎？怎樣才能讓我們進展得更好？

So it will be too -- Rick, it will be very difficult for me to go through the details of the spectrum ownership and covenants and other relationships here. I think there's some information publicly available for you guys to search through that. Some of it may be in our queue and some of it in other sources. But suffice it to say that we have a significant amount of spectrum. The vast majority of the spectrum value in the business is not encumbered.

所以，Rick，我很難在這裡詳細介紹頻譜所有權、契約和其他關係的細節。我認為有一些公開資訊可供大家搜尋。其中一些可能在我們的隊列中，另一些則在其他來源中。但只要說我們擁有大量的光譜就足夠了。業務中的絕大多數頻譜價值都沒有受到阻礙。

So I think far more than the value of the obligations we have. And I would just leave it at that -- at this level. Otherwise, you'd be -- it would take too long for me to go through the (inaudible).

所以我認為遠不止我們所承擔的義務的價值。我只想將其保留在這個水平上。否則，你會——我要花很長時間才能完成（聽不清楚）。

And then DIRECTV, DISH TV inevitable, is there something the path...

然後 DIRECTV、DISH TV 不可避免，有什麼辦法嗎...

The question was -- sorry, could you repeat that part of the question, Rick. Sorry.

問題是——抱歉，你能重複問題的那部分嗎，瑞克。對不起。

Yes. Charlie has mentioned that DISH TV and DIRECTV is an inevitable combination at some point. As you sit in the role now, is that still something you could see as an inevitability? And what would allow it to maybe become closer to fruition if it's something that is of interest?

是的。 Charlie 曾提到，DISH TV 和 DIRECTV 在某些時候是不可避免的結合。當你現在擔任這個角色時，你仍然認為這是不可避免的嗎？如果這是一件令人感興趣的事情，那麼什麼能讓它變得更接近成果呢？

For any sort of transaction, obviously, it takes more than one party to speak. So I can't speak how inevitable is. I would say that -- to me, obviously, there's significant synergy there. When you look at the 2 businesses being in the same space and both businesses are in a space where we are under attack by the content providers and a number of other challenges. I think that opportunity certainly has always been there and is there. It's a matter of us getting to finding the right time and economics to look at it. And right now, my focus more than anything else is to address the 2 significant challenges ahead of us. One is, as I mentioned, just immediate financing needs and second is getting our business operationally to the point where -- post-financing challenges overcome, having a business that is sustainable and is generating significant economic value and -- and those 2 priorities right now are taking, I would say, 99% of my time. At the right time, I'll look at other opportunities through M&A lens.

顯然，對於任何類型的交易，都需要多個參與者發言。所以我無法說出這是多麼不可避免。我想說的是，對我來說，顯然，這之間存在著顯著的協同作用。當你看到這兩家企業處於同一領域時，這兩家企業都處於一個我們受到內容提供者攻擊和許多其他挑戰的領域。我認為機會肯定一直存在並且一直存在。問題在於我們要找到適當的時間和經濟條件來研究它。現在，我最關注的是解決我們面前的兩個重大挑戰。一是，正如我所提到的，只是眼前的融資需求，二是讓我們的業務在運營上達到這樣的程度：克服融資後的挑戰，擁有可持續的業務並產生巨大的經濟價值，並且這兩個優先事項是正確的我想說，現在佔據了我 99% 的時間。在適當的時候，我會透過併購鏡頭尋找其他機會。

Our next question is from the line of David Barden with Bank of America.

我們的下一個問題來自美國銀行的大衛·巴登（David Barden）。

Appreciate it. Obviously, we get relatively few opportunities to engage with you guys about the business. So I want to ask some bigger picture questions. You've got a $4 billion equity market cap and you've got bonds in 2026, they're maturing trading at $0.60 to a dollar. And these two things seem incompatible. So can you -- I mean, at a high level, walk us through the strategy where DISH doesn't or shouldn't file for bankruptcy?

欣賞它。顯然，我們與你們就業務進行交流的機會相對較少。所以我想問一些更大的問題。你有 40 億美元的股票市值，還有 2026 年的債券，它們的到期交易價格為 0.60 美元兌 1 美元。而這兩件事似乎是不相容的。那麼，您能否—我的意思是，在較高的層面上，向我們介紹 DISH 不會或不應該申請破產的策略？

And given where you are with the funding situation, what are the facts and circumstances that present themselves, that informs you that management's fiduciary obligation has shifted away from equity and towards the bondholders?

考慮到您的融資狀況，有哪些事實和情況表明管理層的信託義務已從股本轉向債券持有人？

So looking at the bigger picture, as you mentioned -- I look at the balance sheet of the business and I see significant asset value on the balance sheet relative to the liabilities. And to me, the art here and the science here is, how can you take advantage of a strong balance sheet, not from a cash perspective, but certainly from an equity to debt, to debt perspective, value of assets to debt perspective and turn that into liquidity to execute on the operation of the business. I mean that's what -- I mean, in a very high level are the job at hand.

因此，從更大的角度來看，正如您所提到的，我查看了企業的資產負債表，我發現資產負債表上相對於負債的重要資產價值。對我來說，這裡的藝術和科學是，如何利用強大的資產負債表，不是從現金角度，而是從股權到債務、從資產價值到債務的角度，以及轉向轉化為流動資金以執行業務運營。我的意思是，這就是——我的意思是，手頭上的工作在很高的水平上。

So in our conversations and discussions with capital sources, we try to make sure that in the short to midterm horizon at least, we have got access to cash and capital to continue to develop our operating business. We're proud of the operating business. I think our operating business, the 2 business units that are more established or generating cash, and they both have significant prospects. I mean the Hughes business, as you mentioned, it's a very promising business and it's [sphering] our enterprise business.

因此，在與資本來源的對話和討論中，我們試圖確保至少在中短期內，我們能夠獲得現金和資本來繼續發展我們的營運業務。我們對經營業務感到自豪。我認為我們的營運業務，即更成熟或產生現金的兩個業務部門，它們都有著巨大的前景。我指的是休斯業務，正如您所提到的，這是一項非常有前途的業務，它[圍繞]我們的企業業務。

We haven't talked about direct-to-satellite. We are one of the only companies on earth that can unilaterally activate that business model. We have a spectrum, right around the world matching U.S., and we have prospects of developing that business that would be a very, very significant enhancement to our existing business globally, both in terms of valuation, in terms of operating business, operating cash. So I guess our recipe is very simple, candidly, can we push the maturities out, can we get to the point where we have access to [renewable] maturities and push them out so that we have enough cash to operate the business. we're very bullish about our prospects of our operating business if we have the capital to execute.

我們還沒有討論過直接衛星傳輸。我們是地球上唯一能夠單方面啟動這種商業模式的公司之一。我們在全球範圍內擁有與美國相匹配的業務範圍，並且我們有前景開發該業務，這將非常非常顯著地增強我們在全球範圍內的現有業務，無論是在估值、運營業務還是運營現金方面。所以我認為我們的秘訣非常簡單，坦白說，我們能否推遲到期日，我們能否達到能夠獲得[可再生]到期日並將其推遲的程度，以便我們有足夠的現金來經營業務。如果我們有資金執行的話，我們對經營業務的前景非常看好。

In the short term -- I mean, while we're working on that financing, we're not -- we're not seeing it in our hands and letting those opportunities expire. We continue to develop them. So hopefully, those challenges on financing, we will have a good business to go forward.

從短期來看，我的意思是，當我們致力於融資時，我們不會看到它在我們手中並讓這些機會到期。我們繼續開發它們。因此，希望透過這些融資方面的挑戰，我們將擁有良好的業務前景。

So that's the way I look at it. I mean at the moment, my focus -- I mean, I'm very bullish on what we do. So I'm not about to change my position on anything that -- on any road map ahead of us. And I don't know how to answer any better your questions about my fiduciary. We are executing to the best of our ability in the best interest of all constituents. That would be our shareholders, our bondholders, I mean, bondholders would certainly want to have a sustainable business to get their -- to the point where they can maximize what they have today. We have a lot of customers and employees that are also I'm responsible for. And we try -- I'm doing -- this management team is doing the best they can to maximize the benefit for all constituents.

這就是我的看法。我的意思是，目前我的重點是——我的意思是，我非常看好我們所做的事情。因此，我不會改變我對任何事情的立場——在我們面前的任何路線圖上。我不知道如何更好地回答你關於我的受託人的問題。我們正在盡最大努力為所有選民的最大利益服務。那將是我們的股東，我們的債券持有人，我的意思是，債券持有人肯定希望擁有可持續的業務，以實現他們今天所擁有的最大化。我們有很多客戶和員工，我也負責這些。我們嘗試——我正在做——這個管理團隊正在盡最大努力為所有選民帶來最大利益。

(inaudible)

（聽不清楚）

Hey david, you're going to have to restate that question there. It was all garbled. Obviously, you're not on our network.

嘿，大衛，你必須在那裡重申這個問題。都是亂碼。顯然，您不在我們的網路上。

(inaudible)

（聽不清楚）

(inaudible), I think we need to go to the next question.

（聽不清楚），我認為我們需要討論下一個問題。

(inaudible) we can't hear you. That your audio is...

（聽不清楚）我們聽不到你的聲音。你的音訊是...

Yes, our next question is coming from the line of Jonathan Chaplin with New Street Research.

是的，我們的下一個問題來自新街研究公司的喬納森·卓別林。

Hamid, last quarter on the call, you said you were hoping to sort of wrap up the negotiations with bondholders, put new cash on the balance sheet, in one fell swoop rather than doing things incrementally. And I think the goal was to sort of come out of the process with 2 to 3 years of liquidity runway to just focus on running the business. I'm wondering how the DBS bondholder lawsuit complicates that? If it does, and is the lawsuit -- because it's attempting to unravel the transaction makes it more difficult to raise capital against spectrum, either at EchoStar or DISH Network Corp.

哈米德，在上個季度的電話會議上，您表示您希望能夠完成與債券持有人的談判，將新現金一次性注入資產負債表，而不是逐步進行。我認為我們的目標是透過 2 到 3 年的流動性跑道來完成這個過程，專注於營運業務。我想知道星展銀行債券持有人訴訟如何使情況變得複雜？如果確實如此，那就是訴訟——因為它試圖解開交易，這使得透過頻譜籌集資金變得更加困難，無論是在 EchoStar 還是 DISH Network Corp。

And then separately, a question for maybe John, if you could give us a sense of how much of your traffic is now riding over your own network? And where that might get to by the end of the year as you migrate subscribers over, that would be great.

然後，另外，可能要問約翰一個問題，您能否讓我們了解您現在有多少流量通過您自己的網路？當您將訂閱者遷移到年底時，這可能會實現，那就太好了。

Great. I'll answer the first part before passing to John. Look, our goal is still clear. We really would like to create a runway of several years to fully develop our opportunities. I mean, most of the opportunities in front of us are not opportunities that can mature and get to full valuation in less than a year or 2. So we really need a longer runway. And that's our objective. We hope to have a capital structure that affords us that time window and capital.

偉大的。在傳遞給約翰之前，我將回答第一部分。看吧，我們的目標還是很明確的。我們真的很想創造一個長達數年的跑道來充分開發我們的機會。我的意思是，我們面前的大多數機會都不是可以在不到一年或兩年的時間內成熟並達到充分估值的機會。這就是我們的目標。我們希望擁有一個能夠為我們提供時間窗口和資本的資本結構。

Now obviously, Tom will tell whether we get our objective or not, but that's what we hope to do and we're working on, actively on. As it comes to the lawsuit, it really doesn't change anything in our calculus and our plans. Everything that we had done, everything we have done with respect to movement of the assets or any other actions we have has been reviewed and we are fully confident that we are compliant with every right we have, and there's no -- that the lawsuit will not change the course for us or any of our prospects. I think one can expect that these kind of losses show up in any sort of transaction. And this is -- at least for the people who have been close to our situation, this is probably not a surprise. So I will leave it at that. Again, in summary, it's a fact that these things happen, and we had kind of had that in mind.

現在顯然，湯姆會告訴我們是否實現了目標，但這就是我們希望做的事情，我們正在積極努力。就訴訟而言，它實際上並沒有改變我們的計算和計劃。我們所做的一切，我們在資產轉移或任何其他行動方面所做的一切都經過了審查，我們完全有信心我們遵守了我們擁有的每一項權利，而且訴訟不會改變我們或我們任何前景的方向。我認為人們可以預料到這種損失會出現在任何類型的交易中。至少對於那些了解我們情況的人來說，這可能並不令人驚訝。所以我就這樣吧。再說一次，總而言之，這些事情發生是事實，我們也已經考慮到了這一點。

I will pass that to John for the second part of the question.

我會將其傳遞給約翰，以解決問題的第二部分。

Thanks, Hamid. And Jonathan, I thought you might ask a question about this. So we're focused on loading the network. Gaining owners' economics. In my prepared remarks, I commented that about half the devices that we're activating on the network are compatible. And then we need to cross that with the 200 million-plus POPs of [under] coverage that we have to be able to get activations and upgrades On-Net.

謝謝，哈米德。喬納森，我想你可能會問這個問題。所以我們專注於載入網路。獲得業主經濟效益。在我準備好的演講中，我評論說我們在網路上啟動的設備大約有一半是相容的。然後我們需要跨越覆蓋範圍內的 2 億多個 POP，我們必須能夠在網路上進行啟動和升級。

We're bending our business towards boost distribution in MNO markets. We expect that to ramp significantly, certainly as more devices become available and we really get moving with the optimization work that we need to do across some of the markets that we launched more recently, which includes New York, New Jersey, Chicago, to name a few big ones.

我們正在將業務轉向促進行動營運商市場的分銷。我們預計，隨著更多設備的出現，這一數字將會顯著提升，而且我們確實開始在最近推出的一些市場上進行優化工作，其中包括紐約、新澤西、芝加哥等。

We're not going to provide a projection on traffic, but it's ramping significantly. It's doubling on us, doubling again and we're sort of on our way. And we're bullish about getting the Boost base moves -- moved over within the confines of our activation volumes or upgrade volumes, foot traffic and those sorts of things. I think Hamid mentioned that we're preparing for fresh activity in the second half of the year, and we should expect to see more ramping then in terms of network.

我們不會提供流量預測，但流量正在顯著增加。它對我們加倍，再加倍，我們已經上路了。我們看好 Boost 基礎移動——在我們的啟動量或升級量、人流等範圍內移動。我認為哈米德提到我們正在為今年下半年的新活動做準備，我們應該期望看到網路方面的更多成長。

But we're -- again, happy with what we're seeing from customers. on that. If you told me I could be where I am today, 180 days ago, I would have taken it.

但我們再次對從客戶那裡看到的情況感到滿意。關於這一點。如果你告訴我我可以成為 180 天前的今天，我會接受的。

And just one other follow-up, John. the active drive testing that you submitted to the SEC, does submitting the filing basically end the process entirely? Or are you waiting for some kind of response from them?

還有另一個後續行動，約翰。您向 SEC 提交的主動駕駛測試，提交文件是否基本上完全結束了該過程？或者您正在等待他們的某種回應？

Our understanding is that the process is complete.

我們的理解是該過程已經完成。

Our next question is from the line of John Hodulik with UBS.

我們的下一個問題來自瑞銀集團的 John Hodulik。

Great. Maybe for Hamid, just to follow up on the commentary on Boost subs in March. I mean, a, I guess, what's really driving it? Are you seeing better gross adds? Is churn coming down? Just any of the competitive dynamics you're seeing in the prepaid market?

偉大的。也許對哈米德來說，只是為了跟進三月對 Boost 低音炮的評論。我的意思是，我想，真正推動它的是什麼？您是否看到更好的總增加？客戶流失率下降了嗎？您在預付費市場中看到了什麼競爭動態嗎？

And then do you expect these trends to continue as we -- and scale up as we move through the year. Just sort of any commentary -- forward-looking commentary you have on what net adds could do over the next couple of quarters would be great.

然後，您是否預計這些趨勢會隨著我們的發展而持續下去，並隨著我們全年的發展而擴大。只要是任何評論——關於淨增加在未來幾季可以做什麼的前瞻性評論都會很棒。

So I'll start answering in reverse. Yes, we do expect this trend to continue. We are -- the progress we saw in March, in my view, is not a onetime hit. We expect that business to continue to keep [his age] and perform better.

那我就開始反向回答。是的，我們確實預期這種趨勢將持續下去。在我看來，我們在三月看到的進展並不是一次性的成功。我們預計該業務將繼續保持[他的年齡]並表現得更好。

I think the -- we made a number of changes early in the year and even in fourth quarter that puts -- puts more emphasis on maintaining and developing the prepaid business, which was actually a pretty good business has been a home base for us, but had been somewhat under attended at the -- simply because there's been an overemphasis on the postpaid business at the expense of the prepaid business. So we're kind of bringing it back now, both of them to power level of attention. We have been increasing our incentive to the dealers. We have been doing a better job of targeting higher-value customers, not taking low-calorie customers, using credit checks better, doing ID checks better, doing a number of things that would basically improve our execution on the prepaid. And those things are lasting. Those are not onetime hit. So yes, we are encouraged with -- the churn has come down historically low and ARPU is increasing and we expect to keep it in that on our track.

我認為——我們在今年年初甚至第四季度做出了一些改變——更加重視維護和發展預付費業務，這實際上是一項相當不錯的業務，一直是我們的大本營，但出席人數有點少——僅僅是因為過度強調後付費業務而忽略了預付費業務。所以我們現在要把它帶回來，讓它們都達到關注的程度。我們一直在加強對經銷商的激勵力度。我們一直在更好地瞄準高價值客戶，而不是低熱量客戶，更好地使用信用檢查，更好地進行身份檢查，做了一些基本上可以提高我們預付執行力的事情。這些東西是持久的。這些都不是一次性的。所以，是的，我們感到鼓舞的是——客戶流失率已降至歷史低位，ARPU 正在增加，我們希望將其保持在我們的軌道上。

The postpaid business, I didn't mention much about it here simply because our initial approach to market was rushed. It came -- it was one of those cases the company has spent a significant amount of attention and time developing the infrastructure, the coverage that was paramount as a minimum viable product and requirements for the spectrum. That was primarily the focus of the business and not as much focus has been given to the go-to-market for the postpaid. The product did not meet all of our expectations in terms of feature sets and activations and support.

後付費業務，我在這裡沒有過多提及，只是因為我們最初進入市場的方式很倉促。它來了——這是該公司花費大量注意力和時間來開發基礎設施、作為最低可行產品和頻譜要求至關重要的覆蓋範圍的案例之一。這主要是業務的重點，而不是對後付費市場的關注。該產品在功能集、激活和支援方面沒有滿足我們的所有期望。

We have to be working on improving those things and including our offers and we do expect to do a better job on the second half of the year with the postpaid, and we have not -- we definitely want to -- we realize that, that is a critical part of the business that we need to succeed in, and we intend to do that. But the right thing to do was to push that out a bit, get the basics right. For instance, we did not have that global roaming. That is a requirement for postpaid that we were not taking at that moment. This is all going to come back. We expect both business, both prepaid and postpaid to do even better second half of the year.

我們必須努力改進這些事情，包括我們的報價，我們確實希望在下半年的後付費方面做得更好，我們還沒有——我們絕對想——我們意識到，這是我們成功所需的業務的關鍵部分，我們打算做到這一點。但正確的做法是稍微延後一下，打好基礎。例如，我們沒有全球漫遊。這是後付費的要求，但我們當時沒有接受。這一切都會回來的。我們預計預付費和後付費業務在今年下半年都會表現得更好。

The next question is from the line of Michael Rollins with Citibank.

下一個問題來自花旗銀行的麥可‧羅林斯。

Just a couple of things. First, just curious, going back to the subject of build, where is DISH on meeting the 2025 milestones? And is it the expectation to invest, to meet those milestones or do you plan on asking for an extension to maybe give you more time for that, given some of the comments that you've made in the past?

只是幾件事。首先，只是好奇，回到構建主題，DISH 在實現 2025 年里程碑方面進展如何？考慮到您過去發表的一些評論，您是否期望進行投資、實現這些里程碑，或者您是否計劃要求延期，以便給您更多的時間？

And secondly, with respect to the cost cutting, can you share where you are on that $1 billion of annualized savings that you're targeting? And are there incremental investments that also need to be considered that could offset some portion of those savings as we look at the expense trends over the course of this year?

其次，關於成本削減，您能分享一下您的目標是每年節省 10 億美元嗎？當我們審視今年的費用趨勢時，是否還需要考慮增量投資，這些投資可能會抵銷部分節省的費用？

Great. 2-part questions. As for the first part, as John and I both mentioned, we are focused on meeting our 2025 FCC milestone as well as invest in our financing needs, which include the capital required to meet those milestones. Some are tied together. But we are certainly focused on those objectives for the build-out. As it comes to the $1 billion, I'll pass that to Paul who can comment further on it.

偉大的。由 2 部分組成的問題。至於第一部分，正如約翰和我都提到的，我們的重點是實現 2025 年 FCC 里程碑，並投資於我們的融資需求，其中包括滿足這些里程碑所需的資本。有些是綁在一起的。但我們當然專注於這些擴建目標。至於 10 億美元，我會將其轉交給保羅，他可以進一步評論。

Thanks, Michael. This is Paul. It's a good question here. So the $1 million ramps throughout the year. So we'll exit the year at a run rate of $1 million. And to answer the question about do we -- are there any material investments that we need to make to achieve that? And the answer is no.

謝謝，麥可。這是保羅。這是一個好問題。因此，100 萬美元全年都會增加。因此，我們將以 100 萬美元的運行費結束這一年。為了回答這個問題，我們是否需要進行任何實質投資才能實現這一目標？答案是否定的。

And are there also investments that you're just going to make, whether it's in marketing and sales and other components of the expense base that will offset some of these $1 billion savings over the course of the year?

您是否還打算進行投資，無論是在行銷和銷售以及費用基礎的其他組成部分，這些投資將在一年內抵消這 10 億美元節省的一部分？

See, it's a very large list of optimizations. None of the optimizations fundamentally impact our ability to develop our business in the future or de-prioritizes our strategic growth opportunities. So there is nothing structural or fundamental. We just had a number of synergies here and opportunities. Some of it had to do with marketing, where we didn't need to spend, for instance, if we -- I mean -- I go to marketing because that's where you hit on first. If we are not on the postpaid side of the business on Retail Wireless, for instance, we are not optimizing our marketing approach, we kind of scaled that back for time being until we get our offers and execution right.

看，這是一個非常大的優化清單。所有優化都不會從根本上影響我們未來發展業務的能力，也不會降低我們策略成長機會的優先順序。所以沒有任何結構性或根本性的東西。我們在這裡有很多協同效應和機會。其中一些與行銷有關，我們不需要花錢，例如，如果我們——我的意思是——我去行銷，因為那是你首先想到的地方。例如，如果我們不參與零售無線業務的後付費業務，我們就不會優化我們的行銷方法，我們會暫時縮減行銷方法，直到我們獲得正確的報價和執行。

We were attracting customers to our sites. We were not just able to convert them, that was just not an efficient way to spend marketing, but there's a significant amount of efficiencies on moving customers from Off-Net to On-Net, that vastly reduces our costs in certain areas paying to the partners. This is an acceleration of the plan for us that John had talked about. So we're ahead of schedule trying to do that, accelerating some of those technical aspects. John talked about migration -- automatic migration over-the-air, something that others haven't done.

我們正在吸引客戶造訪我們的網站。我們不僅能夠將他們轉化為行銷費用的有效方式，而且還可以顯著提高將客戶從網外轉移到網路上的效率，這大大降低了我們在某些​​領域支付給客戶的成本。這是約翰談到的我們計劃的加速。因此，我們提前嘗試做到這一點，並加快了其中一些技術方面的步伐。約翰談到了遷移——無線自動遷移，這是其他人沒有做過的。

And we are really -- as a necessity here, we are really good at doing that. And the team has managed to develop that and accelerate that. We had no leakage and no loss, trying to bring customers on -- from Off-Net to On-Net that generates a significant amount of synergies.

作為這裡的必需品，我們真的很擅長做到這一點。該團隊已經成功地開發並加速了這一點。我們沒有洩漏，也沒有損失，試圖吸引客戶——從網外到網路上，產生大量的綜效。

You can go across the business and duplications between the merged companies. We have taken advantage of that very quickly upfront, early in the year, we immediately took advantage of that. And by the way, there's more to come. I mean all myself and the rest of the management team, we don't believe that $1 billion was the end of it. We think there's significantly more opportunities. We're not even touching any of the other aspects of the business.

您可以查看合併後的公司之間的業務和重複情況。我們很快就利用了這一點，在今年年初，我們立即利用了這一點。順便說一句，還有更多的事情即將發生。我的意思是我本人和管理團隊的其他成員，我們不相信 10 億美元就結束了。我們認為還有更多的機會。我們甚至沒有觸及業務的任何其他方面。

The other thing we have done is, if you noticed that we mentioned in our -- most in the prepared remarks, we are focusing on higher-value customers. We are now a lot more diligent about looking at every customer segments that we acquire and shifting our attention to higher-value customers as opposed to kind of spread across our acquisition, spread across all value chain customers. So leaving some customers behind that we think there will be good -- good from the perspective of a ad -- gross ad numbers, but not great from a perspective of return on capital. So we're putting that behind and emphasizing higher value customers.

我們所做的另一件事是，如果您注意到我們在準備好的評論中大部分提到的，我們正在關注更高價值的客戶。我們現在更加努力地關注我們獲得的每個客戶群，並將我們的注意力轉移到更高價值的客戶上，而不是分散在我們的收購中，分散在所有價值鏈客戶上。因此，留下一些客戶，我們認為，從廣告的角度來看，總廣告數量會很好，但從資本回報率的角度來看，效果並不好。因此，我們將其拋之腦後，並強調更高價值的客戶。

So I'm not -- in some of the areas where we talked about -- our subs are down, our customers are down. Those are intentional, not all of it, but certainly some of -- many of those are intentional. We're just leaving that behind in order to focus on higher-value customers, improving our execution. Net-net of it is that we are on -- we believe we are on target to meet the $1 billion that we had budgeted. We are on budget for the first quarter in nearly all metrics of the business. And we expect to finish the year achieving all those savings. And we are not done looking at additional opportunities as we get to the second half of the year in order to be ready for the following year.

所以我並沒有——在我們談到的一些領域——我們的潛艇下降了，我們的客戶下降了。這些都是故意的，不是全部，但肯定有一些——其中許多都是故意的。我們只是將其拋在腦後，以便專注於更高價值的客戶，並提高我們的執行力。最重要的是，我們相信我們的目標是實現 10 億美元的預算。我們第一季幾乎所有業務指標都符合預算。我們預計今年將實現所有這些節省。到了下半年，我們還沒有完成尋找更多機會，以便為明年做好準備。

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

我們的下一個問題來自 LightShed 的 Walter Piecyk。

I just want to go back to Michael's question. And the first one, at least to see if you can unpack it a little bit more with regard to the third deadline. Can you give some sense in terms of the individual licenses like percentage of POPs or megahertz POPs that you've hit those deadlines. And I guess, more importantly, it's probably something the bondholder should consider. At what point, is it too late, in terms of getting the financing required to fulfill the deadlines for all of those licenses, in terms of the financing or refinancing the stuff that's coming due in November. I mean, is there kind of a date on the calendar where it's like, look, you waited that -- this long now even if we spend a ton of money without any relief from the FCC we can't hit it on X percent of these licenses that we have across the spectrum for this third deadline.

我只想回到麥可的問題。第一個，至少看看你是否可以在第三個截止日期之前進一步解開它。您能否就單一許可證（例如您已在截止日期前完成的 POP 或兆赫茲 POP 的百分比）給出一些說明？我想，更重要的是，這可能是債券持有人應該考慮的事情。就獲得滿足所有這些許可證的最後期限所需的融資而言，就為 11 月到期的融資或再融資而言，什麼時候為時已晚？我的意思是，日曆上是否有一個日期，就像，看，你已經等了這麼久了，即使我們花了很多錢，沒有 FCC 的任何救濟，我們也無法實現 X% 的目標我們在第三個截止日期內擁有各種許可證。

Walt, this is John. I'll take the first part of that and then see if Hamid has anything he wants to add. As you know, we've been in a accelerated deployment mode for years now. We know how to acquire sites. We know how to do careful planning. We know how to get teams activated and moving in the field to get coverage layer up quickly.

沃特，這是約翰。我會先講第一部分，然後看看哈米德是否有什麼要補充的。如您所知，多年來我們一直處於加速部署模式。我們知道如何取得網站。我們知道如何進行仔細的規劃。我們知道如何讓團隊活躍並在現場移動，以快速建立覆蓋層。

As it relates to 600 megahertz, we've been in planning mode. As you know, it's a different kind of build, right? You need to capture the flag in every single license area versus a coverage based on general population. But we've got the sites identified, we've got backups where the team is ready to roll on this. I am keeping my eyes on a few markets up in the north where it gets cold. But I mean, generally, we've got the time we need to execute on the 600 megahertz for '25 and also the unpaired [dancing up] the uplink, which is a little bit after that.

由於它涉及 600 兆赫茲，我們一直處於規劃模式。如您所知，這是一種不同類型的構建，對吧？您需要在每個許可證區域中捕獲標誌，而不是基於一般人口的覆蓋範圍。但我們已經確定了站點，我們已經有了備份，團隊已準備好進行這項工作。我正在密切關注北方天氣變冷的幾個市場。但我的意思是，一般來說，我們有時間在 25 年的 600 兆赫茲上執行，並且還有未配對的上行鏈路（即在那之後的一段時間）。

I'll add a bit more color to John's response. Obviously, financing has to happen. It cannot be -- we don't have infinite amount of time to get the financing lined up to meet the obligation. So they are related. At the moment, we can meet the obligation certainly focused on it. Obviously, the financing has to come at the right time. we have that in mind in our discussions with the Bondholders and sources of capital. I can't comment any further on that. Generally, we don't comment on our obligations publicly, but the issues that are all interrelated. We are focused on building -- making the build and meeting our obligations again, conditioned on as you mentioned, the financing coming at the right time. There is no specific date that I can offer you, but that is something that we certainly have in mind as we progress.

我將為約翰的回應添加更多色彩。顯然，融資必鬚髮生。不可能－我們沒有無限的時間來安排融資來履行義務。所以它們是相關的。目前，我們可以履行的義務肯定集中在它上面。顯然，融資必須在正確的時間到來。我們在與債券持有人和資金來源的討論中牢記這一點。我無法對此發表任何進一步評論。一般來說，我們不會公開評論我們的義務，但會公開評論所有相互關聯的問題。我們專注於建設——再次建立並履行我們的義務，條件是正如你所提到的，融資在正確的時間到來。我無法向您提供具體日期，但隨著我們的進展，我們肯定會考慮到這一點。

And do you think the bondholders fully appreciate the risk to them as a result. Did they have a date in mind? Where they understand the risk to them in terms of underlying asset value?

您認為債券持有人是否充分意識到他們因此面臨的風險？他們心裡有約會嗎？他們在哪裡了解基礎資產價值的風險？

I think that's a good question for the bondholders. I certainly will not be able to answer on their behalf. But I think you're raising a good question. I think it's a good question, but it's certainly not for me. It's certainly for the bondholders to respond.

我認為這對債券持有人來說是一個很好的問題。我當然無法代表他們回答。但我認為你提出了一個很好的問題。我認為這是一個很好的問題，但它肯定不適合我。這當然需要債券持有人做出回應。

And just on operational, Hamid, on the Wireless side. I mean, what do you think it takes to get consumers to recognize the value proposition? Is there anything new that -- I mean, obviously, Amazon when they first launched it kind of came and went -- not -- I would say, the perfect launch, I guess. But is there an opportunity to exploit that distribution channel going forward to try and get some better recognition of the product and get some actual sales onto the network -- more material sales on the network?

哈米德，就無線方面而言，只是操作方面。我的意思是，您認為如何讓消費者認識價值主張？有沒有什麼新的東西——我的意思是，很明顯，亞馬遜在第一次推出它時來了又去——不是——我想，這是一次完美的發布。但是，是否有機會利用該分銷管道，嘗試讓產品獲得更好的認可，並在網路上獲得一些實際銷售——在網路上進行更多的物質銷售？

Right. So look, I have been part of the mobile business for all of my life. And every generation of it, I've been front and center. And I can say that we are realistic about what it takes to win in a saturated market, but there's also incredible advantages to having a unutilized national network. A couple of times I've told people, nothing is more dangerous in mobile business than having an unutilized network. I think there's many ways we can approach this market. We've already paid to develop this network. And you can imagine that I have the operating expenses and capital expenses already incurred. And so -- can we sharpen our go-to-market in a way that others can't. I only have some ideas, and hopefully, we can execute on them. We have -- I would not say one should read too much on our initial entry, we're still very excited, incredibly excited about Amazon as a channel. Other channels that are exciting, other development that is happening, the right thing to do is -- for us the right thing to do was reevaluating where we are and how we approach it. I don't want to have a approach to market that is either unprofitable or unsuccessful.

正確的。所以看，我一生都在從事行動業務。在每一代人中，我都是最前衛和中心的。我可以說，我們對於如何在飽和的市場中獲勝是現實的，但擁有未利用的全國網路也有令人難以置信的優勢。我曾多次告訴人們，在行動業務中，沒有什麼比擁有未利用的網路更危險的了。我認為我們可以透過多種方式進入這個市場。我們已經付費開發這個網路。你可以想像我已經產生了營運費用和資本費用。那麼，我們能否以其他人無法做到的方式加強我們的市場推廣？我只有一些想法，希望我們能夠執行它們。我們——我不會說人們應該在我們最初的條目上讀太多，我們仍然對亞馬遜作為一個管道感到非常興奮，難以置信的興奮。其他令人興奮的管道，正在發生的其他發展，正確的做法是——對我們來說，正確的做法是重新評估我們所處的位置以及我們如何實現它。我不想採用一種無利可圖或不成功的市場方法。

But we believe we have a lot of arrows in our quiver to use, we have not yet pulled out. So time will tell. Our approach to a postpaid market will start back half of this year. It will be continuing work like everybody else, in perpetuity, that's going to be hand-to-hand combat in the market. But we think we have enough tools to compete.

但我們相信我們的箭袋裡還有很多箭可以使用，但我們還沒有拔出來。所以時間會證明一切。我們的後付費市場策略將於今年下半年開始。它將像其他人一樣繼續工作，永遠，這將是市場上的肉搏戰。但我們認為我們有足夠的工具來競爭。

The other thing you have to look at it, U.S. market is the richest market in the world for mobile communication, and we are just about to enter age of AI, where everybody thinks that connectivity and data is going to go to the next level that nobody has ever seen. So we feel we are prepared with the infrastructure that is underutilized, incredibly agile, ready for AI. There are enterprises and partners that are talking to us every day about their vision of where they can take, where they can go with us. And we are excited about it.

另外你還要看一下，美國市場是世界上行動通訊最豐富的市場，我們即將進入人工智慧時代，每個人都認為連接和數據將進入一個新的水平沒有人見過。因此，我們認為我們已經準備好利用未充分利用的基礎設施，並且非常敏捷，為人工智慧做好了準備。有些企業和合作夥伴每天都在與我們談論他們的願景，即他們可以與我們一起去往何處。我們對此感到興奮。

The other thing about it is that even for a -- always known in telecommunication ever since I started working for the Bell System, I knew one thing, for no other reason than just having choice, 20% of every telecommunications carrier who change their supplier if they're given another choice. It's -- and we are not looking for a dominant market share. Our profitability and sustainability will be incredibly good even with a modest share of the market as a fourth player in spite of our significant advantages in terms of infrastructure and technology that nobody else has today.

另一件事是，即使是自我開始為貝爾系統工作以來一直在電信領域聞名的公司，我也知道一件事，除了有選擇之外沒有其他原因，每個電信運營商中有20% 會更換供應商如果他們有另一種選擇。我們並不是尋求主導市場佔有率。儘管我們在基礎設施和技術方面擁有當今其他人所不具備的顯著優勢，但即使作為第四個參與者，我們的盈利能力和可持續性也將非常好，即使市場份額不大。

Long answer to a short question, but we are excited about where we are. We just need time and capital. I mean it's not -- the road map for success is clear. We just need a time line and the capital to execute on it.

對一個簡短問題的回答很長，但我們對我們所處的位置感到興奮。我們只需要時間和資金。我的意思是事實並非如此——成功的路線圖是明確的。我們只需要一個時間表和執行它的資金。

So with that, operator, I think we'll take one more question.

那麼，接線員，我想我們還要再問一個問題。

That question is coming from the line of Sebastiano Petti with JPMorgan.

這個問題來自摩根大通的 Sebastiano Petti。

Just a couple of quick follow-ups. I mean, to John's question earlier about the trajectory of net additions, I mean, Hamid, you just did talk -- on the wireless side, you did just talk about improvement in the back half. As you get through whatever potential headwind ACP may pose or not pose, can we get to positive growth as we kind of exit the year? Or is that the goal we should be anticipating as we get to the other side, maybe into 2025 as your efforts continue to ramp?

只需幾個快速跟進。我的意思是，對於約翰早些時候關於淨增加軌蹟的問題，我的意思是，哈米德，你剛才確實談到了——在無線方面，你確實談到了後半部分的改進。當您度過 ACP 可能帶來或不帶來的任何潛在逆風時，我們能否在今年結束時實現正成長？或者說，當我們到達另一邊時，也許是到 2025 年，隨著你們的努力繼續加強，這就是我們應該期待的目標嗎？

And then relatedly, again, also following up on an earlier question on the cost savings side. Can you help us a little bit with the geography of that $1 billion of cost savings as we're thinking about the business units. Obviously, Pay-TV, you have subscriber declines and there's some variable costs associated with that. But -- and you're thinking about the retail side, but on the Retail Wireless side, you're probably making some investments to focus on these improved or higher value subscribers. So there's probably marketing cost, cost of service there. There's probably also cost of service as you load the network to an extent to scale the networks. So help us think about maybe geography-wise across your business units, where should we be thinking about these $1 billion of savings kind of appearing or hitting the bottom line?

然後，再次相關地，也跟進了先前關於成本節約的問題。當我們考慮業務部門時，您能否幫助我們了解這 10 億美元成本節省的地理狀況。顯然，對於付費電視，訂閱者會減少，並且會產生一些與之相關的可變成本。但是，您正在考慮零售方面，但在零售無線方面，您可能會進行一些投資來專注於這些改進或更高價值的訂戶。所以可能存在行銷成本、服務成本。當您將網路載入到一定程度以擴展網路時，可能還會產生服務成本。因此，請幫助我們考慮一下您的業務部門的地理位置，我們應該在哪裡考慮這 10 億美元的節省出現或達到底線？

I'll take the easy part of the question, and then I'll pass the difficult part to Paul. Yes, we do expect and plan on having a positive growth -- net positive growth on the Retail Wireless business for this year. So -- that -- this is -- in our view, the business would have turned around by end of the year, and we are already seeing a first installment of that in March coming out of the first quarter.

我將回答問題的簡單部分，然後將困難的部分交給保羅。是的，我們確實預期併計劃今年零售無線業務實現正成長－淨正成長。因此，在我們看來，業務將在今年年底前扭虧為盈，而且我們已經看到第一季的第一筆款項將在三月到期。

The churn is low and as low as it's been since the business was acquired. The actions we have taken to reduce churn were not the onetime lucky actions, and there was no market support to suggest that, that churn was accidental. So that will be -- that is our target and goal to get to a growth this year, and we see it at the moment where we sit here today, that is clearly visible to us.

客戶流失率很低，並且是自該業務被收購以來的最低水準。我們為減少客戶流失而採取的行動並不是一次性的幸運舉措，而且沒有市場支持表明這種客戶流失是偶然的。這就是我們今年實現成長的目標和目標，我們今天坐在這裡的那一刻就看到了這一點，這對我們來說是清晰可見的。

Now I'll pass the second part to Paul.

現在我將把第二部分交給保羅。

So thanks for the question. That's a good question. I want to be clear though that the $1 billion does not include any cost reduction related to variable cost or a decline in the subscriber base. It's totally excluded from that. We will obviously see that in various segments.

謝謝你的提問。這是個好問題。但我想澄清的是，這 10 億美元並不包括與可變成本或用戶群下降相關的任何成本削減。它完全被排除在外。我們顯然會在各個領域看到這一點。

From a standpoint of where it sits, it's across all segments, all of our areas are tightening their belt, and we're using cost-cutting measures across the board. And it happens in all captions in the P&L, so whether it's cost of sales, cost of goods, or G&A.

從它所處的位置來看，它涉及所有細分市場，我們所有的領域都在勒緊褲腰帶，我們正在全面採用削減成本的措施。它發生在損益表的所有標題中，無論是銷售成本、商品成本或一般管理費用。

And I think you saw that in our Q1 numbers, and you should continue to see that going forward.

我認為您在我們第一季的數據中看到了這一點，並且您應該繼續看到這一點。

And I want to mention that we have -- the least cut from the where -- if we face the market, and we have not endangered any strategic objectives or a strategic opportunities that we have, I'm heavily focused on making sure that we position the business for the long-term growth. We have a number of excellent long-term opportunities right now in our shop that we are nurturing and developing in. These cost optimizations are not coming at the expense of the future of the business. I can attest to that.

我想提到的是，如果我們面對市場，我們沒有危及任何策略目標或我們擁有的策略機會，那麼我會專注於確保我們為業務的長期成長定位。我們的商店目前擁有許多絕佳的長期機會，我們正在培育和發展這些機會。我可以證明這一點。

Okay. Thank you all for your interest. We look forward to updating you again next quarter.

好的。感謝大家的關注。我們期待下個季度再次為您提供最新消息。

Thank you, everyone. Bye.

謝謝大家。再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。