EchoStar Corp (SATS) 2024 Q4 法說會逐字稿

Greetings, and welcome to the EchoStar Corporation's Fourth-Quarter and Year End 2024 Earnings Conference Call. At this time, all participants will be in listen-only mode. A question-and-answer session will follow the formal presentation (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Dean Manson, Chief Legal Officer. Dean, you may now begin.

您好，歡迎參加 EchoStar Corporation 2024 年第四季和年終收益電話會議。此時，所有參與者將處於只聽模式。正式演示之後將有一個問答環節（操作員指示）提醒一下，本次會議正在錄製中。現在我很高興介紹首席法律長 Dean Manson。院長，你現在可以開始了。

Thank you, Rob. And good morning, everyone. Welcome to EchoStar's fourth quarter and full year 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; John Swearinga, President of Technology and COO; and Paul Gaske, COO for Hughes. We request that 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.

謝謝你，羅布。大家早安。歡迎參加 EchoStar 2024 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，然後是執行副總裁兼財務長 Paul Orban； Gary Schanman，視訊服務執行副總裁兼集團總裁；技術總裁兼營運長 John Swearinga；以及休斯的營運長 Paul Gaske。我們要求任何提交報告的參與者不要在報告中透露其他參與者或其公司的身份。我們也不允許錄音，請您尊重我們的決定。我們在本次電話會議中所做的所有陳述，除歷史事實陳述外，均構成根據 1995 年《私人證券訴訟改革法案》規定的安全港做出的前瞻性陳述。

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, 2024 filed today, February 27th, and our subsequent filings made with the SEC. All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear.

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表達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，請參閱我們於今天（2 月 27 日）提交的截至 2024 年 12 月 31 日的年度報告 10-K 表，以及我們隨後向美國證券交易委員會提交的文件。我們在電話會議中所做的所有警告性聲明都應理解為適用於我們在任何地方所做的任何前瞻性聲明。

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 and free cash flow during this call. The comparable GAAP measure and a reconciliation for OIBDA is presented in our earnings release and in the case of free cash flow in our 10-K.

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 和自由現金流。我們的收益報告中列出了可比較的 GAAP 指標和 OIBDA 的對帳情況，而我們的 10-K 表中則列出了自由現金流的情況。

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

說完這些，我就把發言權交給哈米德。

Thank you, Dean. Welcome, everyone. Thank you for joining us today. This past year marked the beginning of a transformation for EchoStar as we continue to strengthen our business to compete at a larger scale in the global telecommunications market. At the beginning of 2024, we brought two great companies together, EchoStar and DISH Network.

謝謝你，迪恩。歡迎大家。感謝您今天加入我們。過去的一年標誌著 EchoStar 轉型的開始，我們繼續加強業務，以在全球電信市場上更大規模地競爭。2024 年初，我們將兩家很棒的公司合併在一起，即 EchoStar 和 DISH Network。

The merger combined DISH Network satellite technology, video services, retail wireless business and nationwide terrestrial 5Gs network with EchoStar's premier satellite communications, enterprise go to market capabilities and US based manufacturing, creating one company with the broadest portfolio of assets in the telecom, media and space verticals.

此次合併將 DISH Network 衛星技術、視訊服務、零售無線業務和全國地面 5G 網路與 EchoStar 一流的衛星通訊、企業上市能力和美國製造相結合，創建了一家在電信、媒體和太空垂直領域擁有最廣泛資產組合的公司。

Integrating and leveraging these valuable assets allows us to provide unique solutions like direct mobile phone to satellite connectivity under one entity. Over the past year, we enacted a plan to improve our capital structure, leverage synergies across business units, reset Boost Mobile, continue to expand and optimize Boost's state of the art Open RAN 5Gs wireless network and drive value for our shareholders.

整合和利用這些寶貴的資產使我們能夠在一個實體下提供獨特的解決方案，例如直接將手機連接到衛星。在過去的一年裡，我們制定了一項計劃，以改善我們的資本結構，利用各業務部門之間的協同效應，重置 Boost Mobile，繼續擴展和優化 Boost 最先進的 Open RAN 5Gs 無線網絡，並為我們的股東創造價值。

I'm pleased with the dedication and resiliency of our teams in executing against this plan and managing costs across the board to create shareholder value. As for our operating results, the Pay TV segment improved over prior year results on most key metrics, including churn, ARPU and SAC.

我很高興看到我們的團隊在執行該計劃和全面管理成本以創造股東價值方面所表現出的奉獻精神和韌性。至於我們的營運業績，付費電視部門在大多數關鍵指標上都比去年有所改善，包括客戶流失率、ARPU 和 SAC。

Our Hughes business includes both Hughesnet, our consumer brand and the Hughes enterprise business. Among other assets, both leverage the most sophisticated commercial satellite in the world, JUPITER 3, which delivers more than 500 gigabits per second of broadband capacity.

我們的休斯業務包括我們的消費者品牌 Hughesnet 和休斯企業業務。除此之外，兩家公司都利用了世界上最先進的商業衛星 JUPITER 3，該衛星可提供每秒超過 500 千兆位元的寬頻容量。

As we increased our focus on the enterprise markets, teams work to make further inroads with in flight aviation products and services, DoD contracts and growth in our managed services arm for which we were named for the second year in a row a leader in the Gartner Magic Quadrant. Boost Mobile made steady progress throughout the year.

隨著我們加強對企業市場的關注，團隊致力於在飛行航空產品和服務、國防部合約以及託管服務部門的成長方面取得進一步進展，我們因此連續第二年被評為 Gartner 魔力像限的領導者。Boost Mobile 全年取得了穩步進展。

Excluding the impact of ACP, our efforts resulted in consecutive quarter-over-quarter net positive subscriber growth since Q1 of 2024. Boost Mobile also saw improved churn and achieved significant lift in ARPU. These gains are a bellwether of things to come. We continue to enhance our network and met our 80% FCC coverage commitment by the end of the year. In addition, Boost Mobile Network was recognized last month as the number one mobile network in New York City by third party industry benchmarking experts.

不計 ACP 的影響，我們的努力使得自 2024 年第一季以來，用戶淨增數連續幾季呈正成長。Boost Mobile 的客戶流失率也有所改善，ARPU 也顯著提升。這些收益是未來事態的先兆。我們繼續加強我們的網絡，並在年底前實現了 80% FCC 覆蓋率的承諾。此外，Boost Mobile Network 上個月被第三方產業基準測試專家評為紐約市第一個行動網路。

This is a testament to the hard work of our network engineering teams and the excellence of our technical infrastructure. Drawing upon two of our exceptional assets, EchoStar is uniquely positioned as both a satellite and mobile service provider to develop solutions with a global impact.

這證明了我們的網路工程團隊的辛勤工作和我們技術基礎設施的卓越性。憑藉我們的兩個卓越資產，EchoStar 作為衛星和行動服務供應商，擁有獨特的優勢，可以開發具有全球影響力的解決方案。

Our portfolio of products and our unique spectrum assets put us in the advantageous position to offer such solutions as direct satellite to device connectivity a service we have in operation since 2023 through partners in certain international markets. We are already hard at work on the most capable offering of this technology and we look forward to keeping you updated on our progress in this exciting space.

我們的產品組合和獨特的頻譜資產使我們處於有利地位，可以提供諸如衛星直接連接設備等解決方案，我們自 2023 年以來一直透過某些國際市場的合作夥伴來營運這項服務。我們已經在努力提供這項技術最強大的功能，並期待向您通報我們在這個令人興奮的領域所取得的進展。

Collectively, for the year, we made progress towards our goals while realigning the business, addressing financial needs and establishing a firm foundation. For 2025, we are focused on maximizing the use of our available resources to gain market share and accelerate value creation.

總體而言，在這一年中，我們在重新調整業務、解決財務需求和建立堅實基礎的同時，朝著我們的目標取得了進展。2025年，我們致力於最大限度地利用現有資源來獲得市場份額並加速價值創造。

Now I would like to turn it over to Paul Orban for commentary and color on the numbers.

現在我想請保羅·奧爾班對這些數字進行評論和說明。

Thank you, Hamid. At the end of the fourth quarter, our total cash and marketable securities was $5.7 billion, reflecting an increase of $3 billion compared to the prior quarter. This improvement was primarily driven by a series of financing transactions that raised $5.6 billion in net proceeds, partially offset by the repayment of approximately $2 billion of DISH DBS senior notes in November. In addition, we recognized a $689 million gain on debt extinguishment from the successful exchange of $4.7 billion of our convertible notes and extended those maturities to 2030.

謝謝你，哈米德。第四季末，我們的現金和有價證券總額為 57 億美元，較上一季增加 30 億美元。這項改善主要得益於一系列融資交易，這些交易籌集了 56 億美元的淨收益，但 11 月償還的約 20 億美元 DISH DBS 優先票據部分抵消了這一增長。此外，我們還透過成功交換 47 億美元的可轉換票據獲得了 6.89 億美元的債務清償收益，並將這些票據的到期日延長至 2030 年。

EchoStar generated positive operating free cash flow in 2024, defined as free cash flow before debt service payments and non-operating CapEx, which was in line with our expectations.

EchoStar 在 2024 年產生了正的經營自由現金流，定義為償還債務和非經營性資本支出之前的自由現金流，這符合我們的預期。

Looking to 2025, we expect to maintain positive operating free cash flow as we remain disciplined in managing our operating cost structure while continuing to grow our wireless business. Free cash flow, including debt service in 2024, was a negative $1.2 billion.

展望 2025 年，我們預計將保持正的經營自由現金流，因為我們在繼續發展無線業務的同時，仍嚴格管理我們的營運成本結構。自由現金流（包括 2024 年的債務償還）為負 12 億美元。

That's an improvement of approximately $500 million compared to the prior year. We reduced CapEx, excluding capitalized interest, by over 50% in 2024 to $1.5 billon, which is in line with our prior guidance. We expect CapEx will decline in 2025 as our SEC build out deadlines were extended.

與前一年相比，這一數字增加了約 5 億美元。我們將 2024 年的資本支出（不包括資本化利息）減少了 50% 以上，至 15 億美元，這符合我們先前的指導。由於美國證券交易委員會 (SEC) 的建設期限延長，我們預計 2025 年資本支出將會下降。

Now let's review our financial performance for the fourth quarter and for the full year of 2024. Revenue was approximately $4 billion in the fourth quarter, down 5% year-over-year primarily due to fewer subscribers at Pay TV and Hughes compared to the prior year.

現在讓我們回顧一下第四季和2024年全年的財務表現。第四季營收約 40 億美元，年減 5%，主要原因是付費電視和休斯的用戶數量與去年相比有所減少。

OIBDA was $397 million in the fourth quarter and an increase of $9 million year-over-year adjusted for the 2023 noncash asset impairment charge. This improvement was driven by more efficient Boost Mobile marketing, partially offset by a slight decline in Pay TV OIBDA due to fewer subscribers.

第四季的 OIBDA 為 3.97 億美元，經 2023 年非現金資產減損費用調整後，年增 900 萬美元。這項改善是由更有效率的 Boost Mobile 行銷推動的，但由於用戶減少導致付費電視 OIBDA 略有下降，部分抵消了這項改善。

For the full year '24, consolidated revenue was $15.8 billion, that's down 7% year-over-year due to subscriber declines in each of our segments. OIBDA was $1.6 billion in '24, down from $2.1 billion in '23 when excluding last year's noncash impairment charges.

24 年全年，綜合收入為 158 億美元，年減 7%，原因是我們各部門的用戶數均有所下降。24 年的 OIBDA 為 16 億美元，低於 23 年（不包括去年的非現金減損費用）的 21 億美元。

The reduction in OIBDA was driven by lower average of subscribers and higher wireless network spend, partially offset by a reduction in SAC and cost savings from G&A. Lastly, I'd like to provide a brief update on our segment reporting structure.

OIBDA 的減少是由於平均用戶數量下降和無線網路支出增加，但被 SAC 的減少和 G&A 成本的節省部分抵消。最後，我想簡單介紹一下我們的分部報告架構。

Historically, we have reported four segments: Pay-TV, retail wireless, 5G network deployment and broadband and satellite services. To align with how we view and manage the business, we combined the retail wireless and 5G network deployment segments into a single segment now called wireless.

從歷史上看，我們報告了四個部分：付費電視、零售無線、5G 網路部署以及寬頻和衛星服務。為了與我們看待和管理業務的方式保持一致，我們將零售無線和 5G 網路部署部分合併為一個部分，現在稱為無線。

This change reflects a more integrated approach to how we operate and manage these businesses and is in line with industry practices. With that, I'd like to turn it over to Gary to discuss Video Services.

這項變更反映了我們在營運和管理這些業務方面採取了更全面的方法，並且符合行業慣例。接下來，我想讓加里 (Gary) 來討論視訊服務。

Thanks, Paul. In Q4 and throughout 2024, our Pay TV businesses fared well despite industry headwinds. In 2024, we achieved a year-over-year ARPU increase of 4.2% across Pay TV. Our cost optimization work continues and we yielded year-over-year SG&A and variable cost savings, and these efforts drove substantial increases in OIBDA per sub group versus the prior year.

謝謝，保羅。在第四季度以及整個 2024 年，儘管面臨行業逆風，我們的付費電視業務仍然表現良好。2024 年，我們的付費電視 ARPU 年比成長 4.2%。我們的成本優化工作仍在繼續，我們實現了同比銷售、一般及行政費用 (SG&A) 和變動成本的節省，這些努力推動了每個子集團的 OIBDA 與上一年相比大幅增長。

Across both services, we also leveraged our native proprietary AI and ML capabilities to better identify, attract and retain quality customers, leading to reduced marketing SAC and significant churn reductions. For DISH TV, we finished the year with approximately 5.7 million subscribers with 2024 churn at 1.46%, a 23 basis point improvement versus last year.

在這兩項服務中，我們還利用我們專有的 AI 和 ML 功能來更好地識別、吸引和留住優質客戶，從而降低行銷 SAC 並顯著減少客戶流失。對 DISH TV 而言，我們今年底約有 570 萬用戶，2024 年流失率為 1.46%，比去年提高了 23 個基點。

SAC per activation also improved 10.5% year-over-year, driven by increased marketing efficiencies. Our lower year-over-year churn is really attributable to our data driven retention efforts, our improved DISH TV Hopper UX that we launched, our bundled Netflix offer for DISH TV customers and our lack of programmer blackouts. We also drove incremental ARPU via the introduction of our DISH connected set-top box programmatic advertising capability last year.

由於行銷效率的提高，每次啟動的 SAC 也比去年同期提高了 10.5%。我們的同比客戶流失率較低實際上歸功於我們以數據為驅動的保留工作、我們推出的改進型 DISH TV Hopper UX、我們為 DISH TV 客戶提供的捆綁 Netflix 服務以及我們缺乏程式設計師停播的情況。去年，我們也透過推出 DISH 連接機上盒的程式化廣告功能推動了 ARPU 的成長。

On the Sling side, we finished the year with approximately 2.1 million subscribers, a year-over-year increase of almost 40,000 customers. We saw a churn improvement of 141 basis points year-over-year. That's our lowest level since the pandemic. And lower year-over-year SAC and increased our marketing ROI.

在 Sling 方面，我們今年的訂閱用戶數量約為 210 萬，年比去年增加了近 4 萬名客戶。我們發現客戶流失率較去年同期下降了 141 個基點。這是自疫情爆發以來的最低水準。並且降低了同比 SAC 並提高了我們的行銷投資回報率。

In 2024, on Sling, we launched many new product features, including free stream DVR, Arcade and our rewards program. And late in Q4, we launched our unlimited storage DVR and our replay feature, which provides consumers with unparalleled access to the best of live TV on their own schedule.

2024 年，我們在 Sling 上推出了許多新的產品功能，包括免費串流 DVR、Arcade 和我們的獎勵計劃。在第四季末，我們推出了無限儲存 DVR 和重播功能，讓消費者能夠按照自己的時間表觀看最精彩的直播電視節目。

These differentiated product features and our focus on quality resulted in 21 straight months of viewership growth and extended our lead in live TV streaming quality. We are especially proud that we were recognized as the best live TV streaming service by both US News and World Report and Tom's Guide, and we're well positioned for 2025.

這些差異化的產品功能以及我們對品質的關注使得收視率連續 21 個月成長，並擴大了我們在直播電視串流品質方面的領先地位。我們尤其自豪的是，我們被《美國新聞與世界報道》和《湯姆指南》評為最佳直播電視串流服務，並且我們已為 2025 年做好了準備。

Our main focus in 2025 is to better integrate and cross sell our products with the Boost Mobile and Hughes product portfolios. Our first effort is the recent launch of Sling within our Boost Mobile app, providing our wireless customers added value with free content and we'll continue to more deeply integrate our content experiences into Boost Mobile to help support wireless growth.

我們 2025 年的主要重點是更好地整合我們的產品與 Boost Mobile 和 Hughes 產品組合併進行交叉銷售。我們的第一個舉措是最近在我們的 Boost Mobile 應用程式中推出 Sling，為我們的無線客戶提供免費內容的附加價值，我們將繼續將我們的內容體驗更深入地融入 Boost Mobile，以幫助支援無線成長。

I'll now turn it over to Paul Gaske who will cover broadband and satellite services.

現在我將把話題交給 Paul Gaske，他將負責寬頻和衛星服務。

Thank you, Gary. Our Broadband and Satellite Services segment operates in the consumer, enterprise, aero and government markets. Our Hughesnet consumer business continues to add subscribers on our JUPITER 3 satellite, offering affordable high speed unlimited data service plans to new customers while simultaneously providing high value upgrades to existing customers.

謝謝你，加里。我們的寬頻和衛星服務部門業務涉及消費者、企業、航空和政府市場。我們的 Hughesnet 消費者業務繼續在我們的 JUPITER 3 衛星上增加用戶，為新客戶提供經濟實惠的高速無限數據服務計劃，同時為現有客戶提供高價值的升級。

We closed 2024 with approximately 880,000 subscribers. Our satisfaction surveys continue to show that customers like our new plans, confirming that our JUPITER 3 satellite and platform are delivering a quality experience. Our focus remains as in previous quarters on acquiring and retaining high value customers for Hughesnet.

截至 2024 年，我們擁有約 88 萬名訂閱用戶。我們的滿意度調查繼續顯示客戶喜歡我們的新計劃，這證實了我們的 JUPITER 3 衛星和平台正在提供優質的體驗。與前幾季一樣，我們的重點仍然是為 Hughesnet 獲取和留住高價值客戶。

Our North American enterprise managed services business signed several major contracts to upgrade network infrastructure, provide managed Wi-Fi access, offer network management and launch our latest cybersecurity services. Hughes was selected over larger competitors because of our superior support and service offerings.

我們的北美企業託管服務業務簽署了幾項重要合同，以升級網路基礎設施、提供託管 Wi-Fi 接入、提供網路管理並推出我們最新的網路安全服務。由於我們提供了卓越的支援和服務，休斯在眾多大型競爭對手中脫穎而出，脫穎而出。

Additionally, our Hughes managed LEO business has now shipped over 15,000 Hughes manufactured user terminals. Feedback from our customers continues to be very positive. Our in-flight connectivity business signed an expanded contract with Delta Airlines to provide in-flight connectivity for future new deliveries of select A350 and A321neo aircraft.

此外，我們由休斯管理的 LEO 業務現已出貨超過 15,000 個休斯製造的用戶終端。我們客戶的回饋仍然非常積極。我們的機上連接業務與達美航空簽署了一份擴展合同，為未來新交付的部分 A350 和 A321neo 飛機提供機上連接。

This expanded contract features the Hughes Fusion multi-orbit in-flight connectivity solution, an industry first technology tailored for commercial aviation that simultaneously blends LEO and GEO satellite capacity at ka and ku frequency bands.

此次擴展的合約涵蓋休斯 Fusion 多軌道機上連接解決方案，這是業界首創的專為商業航空量身定制的技術，可同時融合 ka 和 ku 頻段的 LEO 和 GEO 衛星容量。

The multi-orbit and multi-band capability allows Delta to utilize worldwide capacity to deliver an industry leading passenger experience. Our unique network architecture for in-flight connectivity is experiencing increased interest from airlines around the world.

多軌道和多波段能力使達美航空能夠利用全球運力來提供業界領先的乘客體驗。我們獨特的機上連接網路架構正受到世界各地航空公司的日益關注。

In our Government and Defense business, we continue to execute on our contracts with the DoD for 5G open RAN networks and DoD installations with the US Navy and with the island in Hawaii as well as with the US Army at Fort Bliss, Texas.

在我們的政府和國防業務中，我們繼續履行與國防部簽訂的 5G 開放式 RAN 網路合同，以及國防部與美國海軍、夏威夷島和德克薩斯州布利斯堡的美國陸軍的設施合同。

These awards add to the growing number of US military installations with the capabilities Hughes can provide, including program and network management alongside Boost Mobile's leading edge 5G technology and network. In 2024, Hughes was the only satellite connectivity and telecom business recognized as a leader in the Gartner Magic Quadrant for Managed Network Services.

這些合約為越來越多的美國軍事設施增添了休斯可以提供的功能，包括程式和網路管理以及 Boost Mobile 領先的 5G 技術和網路。2024 年，休斯是唯一被 Gartner 託管網路服務魔力像限評為領導者的衛星連接和電信企業。

This is the second year in a row for Hughes to win this award, which is a testament to our ability to deliver cutting edge secured network services. Additionally, Hughes was also named the 2024 Managed Security Service Provider of the year by CyberSecurity Breakthrough.

這是休斯連續第二年榮獲該獎項，證明了我們提供尖端安全網路服務的能力。此外，休斯還被 Cyber​​Security Breakthrough 評為 2024 年度託管安全服務提供者。

The award recognized Hughes as a leader in providing businesses of all sizes with managed network and security solutions. Our international managed services business recently earned several multimillion dollar contracts in India and Brazil, providing connectivity for more than 3,000 schools and multiple energy companies.

該獎項表彰了休斯在為各種規模的企業提供託管網路和安全解決方案方面的領先地位。我們的國際託管服務業務最近在印度和巴西贏得了數百萬美元的合同，為 3,000 多所學校和多家能源公司提供連接。

Increasingly, international business customers are selecting Hughes for managed services in addition to capacity. Globally, we see continued interest in our Jupiter ground system with new contracts expected throughout 2025.

越來越多的國際商業客戶選擇休斯提供的除了容量之外的託管服務。在全球範圍內，我們看到了對 Jupiter 地面系統持續的興趣，預計在 2025 年全年將簽訂新合約。

With that, I will turn it back to Hamid for an update on Boost Mobile.

有了這些，我將把它交還給 Hamid，讓他提供有關 Boost Mobile 的更新資訊。

Thank you, Paul. Regarding Boost Mobile, we made significant progress in 2024 toward our goals of optimizing marketing and acquisition techniques, simplified and differentiated consumer offers and a strengthening device parity, all while increasing on-net usage to take advantage of owner economics.

謝謝你，保羅。關於 Boost Mobile，我們在 2024 年取得了重大進展，實現了優化行銷和收購技術、簡化和差異化消費者優惠以及加強設備平價的目標，同時增加了網路使用量以利用所有者經濟。

The new Boost Mobile has made steady progress since its launch midyear with a host of prepaid and postpaid plans under one cohesive brand. We also launched differentiated offerings like the one free year of service with the purchase of a qualified device and a 30-day money back guarantee risk free.

新的 Boost Mobile 自今年年中推出以來取得了穩步進展，在一個統一的品牌下推出了一系列預付費和後付費計劃。我們也推出了差異化服務，例如購買合格設備即可享有一年免費服務，以及 30 天無風險退款保證。

Strengthening product parity was an important objective for us this year. Through the introduction of more devices that are compatible with Boost Mobile network, our product portfolio continues to expand, allowing for increased customer profitability.

加強產品平價是我們今年的重要目標。透過推出更多與 Boost Mobile 網路相容的設備，我們的產品組合不斷擴大，從而提高了客戶的獲利能力。

Additionally, we increased our distribution through an expanded relationship with Apple with customers now able to purchase and activate Boost Mobile service through Apple retail channels alongside the nationwide incumbents. We plan to further invest and grow our distribution footprint in 2025.

此外，我們透過擴大與 Apple 的關係來擴大我們的分銷範圍，客戶現在可以透過 Apple 零售管道以及全國現有管道購買和啟動 Boost Mobile 服務。我們計劃在 2025 年進一步投資並擴大我們的分銷範圍。

Excluding the impact of ACP, our efforts resulted in consecutive quarter-over-quarter net positive subscriber growth since the first quarter of 2024. We finished 2024 with approximately 7 million wireless subscribers with a growth of 90,000 net subscribers in the fourth quarter.

不計 ACP 的影響，我們的努力使得自 2024 年第一季以來，用戶淨增數連續各季度呈正增長。截至 2024 年，我們的無線用戶總數約為 700 萬，第四季淨增用戶 9 萬。

In addition to these promising subscriber trends, Boost Mobile is acquiring higher quality customers as evidenced by our 28% improvement in churn year-over-year, an increase in take rates for auto pay and the highest ARPU across the wireless prepaid market.

除了這些良好的用戶趨勢之外，Boost Mobile 也正在吸引更高品質的客戶，這體現在我們的客戶流失率同比改善了 28%，自動付費的收費率有所提高，並且我們的 ARPU 在無線預付費市場中最高。

We will continue to build upon this momentum, capitalize on operational improvements and leverage our new go-to-market approach in 2025. Let me now hand the call to John to cover our network deployment progress.

我們將繼續保持這一勢頭，利用營運改進，並在 2025 年採用新的行銷方法。現在，我把電話交給約翰，讓他介紹我們的網路部署進度。

Thank you, Hamid. We are the world leader in developing and operationalizing the cloud native Open RAN 5G network. In 2024, we further expanded our leadership in innovation in this space as we've proven our American led Open RAN architecture provides competitive wireless services for consumers and businesses.

謝謝你，哈米德。我們是開發和營運雲端原生 Open RAN 5G 網路的全球領導者。2024 年，我們進一步擴大了在該領域的創新領導地位，因為我們已經證明，我們由美國主導的 Open RAN 架構能夠為消費者和企業提供有競爭力的無線服務。

Our software defined scalable architecture allows us to continually improve the performance and efficiency of our network and rapidly deploy new solutions. Additionally, our Boost Mobile network architecture is well positioned to support Gen AI use cases and workloads.

我們的軟體定義的可擴展架構使我們能夠不斷提高網路的效能和效率並快速部署新的解決方案。此外，我們的 Boost Mobile 網路架構能夠很好地支援 Gen AI 用例和工作負載。

In 2024, we invested $1.1 billion in CapEx for network deployment in addition to the $2.6 billion in 2023. And continue to be disciplined in our approach as we transition from building our network to running, optimizing and monetizing it. During the fourth quarter, we met our latest FCC milestone by extending our 5G broadband coverage to over 80% of Americans, which is more than 268 million people.

2024年，我們又投資了11億美元用於網路部署的資本支出，2023年則投資了26億美元。在我們從建構網路過渡到運作、優化和貨幣化網路的過程中，我們將繼續嚴格遵守我們的方法。在第四季度，我們實現了最新的 FCC 里程碑，將 5G 寬頻覆蓋範圍擴大到 80% 以上的美國人，即超過 2.68 億人。

With this achievement, we now have over 23,000 sites on air. We also added to our 5G voice coverage, now offering VoNR to more than 220 million Americans in over 100 markets with successful network launches in Boston, Seattle and Pittsburgh.

憑藉這一成就，我們現在擁有超過 23,000 個播出站點。我們還擴大了 5G 語音覆蓋範圍，目前已在波士頓、西雅圖和匹茲堡成功推出網絡，為 100 多個市場的 2.2 億多美國人提供 VoNR。

We've already deployed 3GPP Release 17 across our network and we're well on our way to achieving 24,000 sites on air by June 14, 2025 in alignment with our new FCC framework, which allows us to more efficiently build out our network and increase competition in highly populated areas.

我們已經在整個網路中部署了 3GPP Release 17，並且我們正在按照新的 FCC 框架，在 2025 年 6 月 14 日之前實現 24,000 個無線站點的目標，這使我們能夠更有效地建立網路並增強人口密集地區的競爭力。

Along with the expansion of our network, we are also observing increasingly competitive network performance metrics. And in many markets, our network is already outperforming our competitors. Recently, the Boost Mobile network was awarded by a key third party benchmark survey, the best overall mobile network in New York City and we anticipate highlighting more head-to-head wins in the future.

隨著網路的擴展，我們也觀察到網路效能指標的競爭日益激烈。在許多市場中，我們的網路已經超越了競爭對手。最近，Boost Mobile 網路在一項重要的第三方基準調查中被評為紐約市最佳整體行動網絡，我們期待在未來取得更多正面交鋒的勝利。

In regard to our on-net customers, they received pure 5G on the Boost Mobile network and have extended coverage through our network partnerships with wireless coverage totaling 99% of the US.

對於我們的網內客戶，他們在 Boost Mobile 網路上獲得了純 5G 服務，並透過我們的網路合作夥伴關係擴大了覆蓋範圍，無線覆蓋範圍已達到美國的 99%。

Today, we have over 1 million customers on net and are loading more than 75% of compatible devices on our network in the accelerated markets. As Hamid mentioned earlier, we are focused on activating a growing percentage of new customers directly on to our network as well as upgrading existing customers to Boost Mobile network compatible devices. This will continue to be a key priority as we work to further leverage owner economics.

今天，我們在網路上擁有超過 100 萬客戶，並且在加速市場中我們的網路上加載了超過 75% 的相容設備。正如哈米德之前提到的，我們專注於將越來越多的新客戶直接啟動到我們的網路上，並將現有客戶升級到相容 Boost Mobile 網路的裝置。當我們努力進一步利用業主經濟時，這將繼續是關鍵優先事項。

For 2025, we plan to continue optimizing the Boost Mobile network and increasing our networks footprint based on consumer needs and in accordance with meeting our FCC milestones. Additionally, we look forward to working with the FCC to increase CBRS power levels, a key step towards improving spectral efficiency, increased utilization of this band and aligning the US with the rest of the world.

到 2025 年，我們計劃繼續優化 Boost Mobile 網絡，並根據消費者需求並按照我們的 FCC 里程碑擴大我們的網路覆蓋範圍。此外，我們期待與 FCC 合作提高 CBRS 功率水平，這是提高頻譜效率、增加該頻段利用率以及使美國與世界其他國家保持一致的關鍵一步。

Now I'd like to turn it back to Hamid for a few short closing comments.

現在我想請哈米德做幾句簡短的結語。

Thank you, John. Based on the momentum of 2024, we have a good starting point for the current year. EchoStar is positioned to deliver further operational improvements in 2025. We will continue to run our business with fiscal and operational discipline and focus on value creation by serving our customers with exceptional experiences. With that, we will open it for Q&A from the analyst community. Operator, please give the instructions.

謝謝你，約翰。從2024年的勢頭來看，我們今年的起點很好。EchoStar 計劃在 2025 年實現進一步的營運改善。我們將繼續按照財務和營運紀律來經營我們的業務，並透過為客戶提供卓越的體驗來專注於創造價值。有了它，我們將向分析師社群開放問答。接線員，請給予指示。

(Operator Instructions)

（操作員指示）

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Good morning. Good morning, Ric.

早安.早上好，里克。

Thanks. Good morning, everybody. A couple of quick questions. I appreciate the details, particularly on the 5G network, 23,000 sites on air, heading to 25,000 by the June '25 deadline. Is there a number out there as far as what you want to hit the year end '26 extended deadlines?

謝謝。大家早安。幾個簡單的問題。我很欣賞這些細節，特別是關於 5G 網絡，目前有 23,000 個站點投入使用，到 25 年 6 月的最後期限，這一數字將達到 25,000 個。就您想要達到的 26 年底延長期限而言，有沒有一個數字？

Thank you for the question, Ric. John, would you like to take that question?

謝謝你的提問，里克。約翰，你願意回答這個問題嗎？

Just to correct one thing you said, it's 24,000 sites on air by June 14th of this year is what's required under the new FCC framework. But in 2025, we're obviously focused on hitting the commitments that we've made. As we look to the future, obviously, we'll be back into construction mode. We have to put sites on air to hit our future deadlines. And we're not really sharing numbers on exactly the number of sites that we would have, I think some of that's going to be success based.

修正一下您說的一件事，根據新的 FCC 框架，今年 6 月 14 日之前必須有 24,000 個站點投入營運。但在 2025 年，我們顯然會專注於兌現我們所做的承諾。展望未來，顯然我們將回到建設模式。我們必須讓網站上線以滿足我們未來的最後期限。我們實際上並沒有分享我們將擁有的網站的具體數量，我認為其中一些將基於成功。

A good amount of the work that we're doing is driven by customer experience in the major markets where we operate in addition to what our FCC requirements are. So I think we're going to try to value steer our deployment capital towards the right outcomes based upon how, among other things, Boost Mobile business is doing at a market level.

除了 FCC 要求之外，我們所做的大量工作還取決於我們營運的主要市場的客戶體驗。因此，我認為我們將嘗試根據 Boost Mobile 業務在市場層面的表現等來引導我們的部署資本走向正確的結果。

So obviously, we'll try to provide some drill markers as we go but we're not going to give concrete numbers on year end on site numbers. And to the extent that we don't have firm FCC commitments around those things that implicate the licenses, it is not a metric we'll look to overly share, obviously, as we're looking to compete.

因此，顯然，我們會嘗試提供一些鑽探標記，但我們不會給出年底現場的具體數字。並且，由於我們沒有得到與許可證相關的 FCC 的堅定承諾，因此顯然我們不會過多地分享這一指標，因為我們正在尋求競爭。

On the Boost Mobile side, speaking of which, it sounds like a lot of cross selling then from the video side to the Boost side. Should we think of this kind of all what we've seen with the cable operators kind of as they try and bundle things together? And what kind of share of gross adds should we think Boost is targeting, if I'm right about that, kind of bundling video and mobile together?

就 Boost Mobile 方面而言，聽起來像是從視訊方面到 Boost 方面的大量交叉銷售。我們是否應該把這種情況想像成有線電視業者試圖把所有東西綁在一起的情況？如果我沒記錯的話，Boost 將影片和行動捆綁在一起，那麼我們應該認為 Boost 瞄準的是哪種總廣告份額？

Listen, we have just begun, honestly, just begun scratching the surface of what we can bundle. We are already cross bundling our Pay TV business with Hughes consumer connectivity business, that's something we have been doing through the year and very good results. We're happy with what's there.

聽著，老實說，我們才剛開始，才剛開始觸及我們可以捆綁的東西的表面。我們已經將付費電視業務與休斯消費者連接業務進行交叉捆綁，這是我們一年來一直在做的事情，並且取得了非常好的成果。我們對那裡的情況很滿意。

We have integrated Sling service inside of our mobile app already on Boost Mobile app. So some of these things are already as you've seen early indications that the usage and adaptation by the customers is increasing. But I don't want to set any expectation that this is part of the growth plan we have for the year. This is part of the things that we're developing this year. I think you will see the result that is clear.

我們已經在 Boost Mobile 應用程式上將 Sling 服務整合到我們的行動應用程式中。因此，正如您所看到的早期跡象表明，其中一些事情已經表明客戶的使用和適應正在增加。但我不想對此抱有任何期望，認為這是我們今年成長計畫的一部分。這是我們今年正在開發的項目的一部分。我想你會看到清晰的結果。

As I mentioned, we are uniquely positioned with three or four different assets nobody else in our immediate industries have. We have satellite connectivity, we have content, a great content experience, we do have a great 5G and cloud based experience. We're just beginning to get to the point where we tie these things together. We talked about an example of direct-to-satellite.

正如我所提到的，我們擁有獨特的優勢，擁有我們所在行業中其他任何人都沒有的三到四種不同的資產。我們擁有衛星連接，擁有內容，擁有出色的內容體驗，我們確實擁有出色的 5G 和基於雲端的體驗。我們才剛開始將這些事情連結在一起。我們討論了直接衛星的例子。

I think 2025 for us would be a year there's some of these things become very tangible in terms of market offerings. We have most of these things under development. You're going to hear from us as the year goes on. I think mobile companies -- the cable companies have been doing that to some degree.

我認為，對我們來說，2025 年將是這些事物在市場供應方面變得非常實際的一年。其中大部分我們都還在開發中。隨著時間的推移，您將會收到我們的訊息。我認為行動公司——有線電視公司在某種程度上已經這樣做了。

They're selling their broadband connectivity with content. We think that's in the market. We do a version of that with Hughes, between Hughes and DISH. But as I said, it's just a couple of small examples. We expect a lot more to happen this year.

他們正在出售帶有內容的寬頻連線。我們認為這是在市場上。我們與休斯合作，在休斯和 DISH 之間製作了一個版本。但正如我所說，這只是幾個小例子。我們預計今年還會發生更多的事情。

Last one for me is to touch on that satellite connectivity you led with, obviously, the direct-to device market has gotten a lot of excitement out there. How do you view that market, the uniqueness that you bring to the table with the spectrum? But also we get the question a lot, is this going to be a replacement for terrestrial? So maybe if you could just kind of expand a little bit on the direct-to-device opportunities. And it's a fairly crowded marketplace, at least with a lot of people talking about it.

對我來說，最後一個是關於您提到的衛星連接，顯然，直接設備市場已經引起了巨大的轟動。您如何看待這個市場以及您透過光譜帶來的獨特性？但我們也常被問到這個問題：這會取代地面廣播嗎？因此，也許您可以稍微擴展一下直接面向設備的機會。這是一個相當擁擠的市場，至少有很多人在談論它。

We believe we are very uniquely positioned. I'll talk about that in a second. I think it really is not as crowded as it seems, is crowded from announcement but not crowded from the reality of what is possible. I think there's only a couple of different ways, a couple of different companies that can possibly do this properly.

我們相信我們擁有非常獨特的地位。我馬上就談論這個。我認為它實際上並不像看起來那麼擁擠，從公告來看很擁擠，但從現實可能性來看並不擁擠。我認為只有幾種不同的方法、幾家不同的公司能夠正確地做到這一點。

First of all, we have been in service offering, direct-to-device messaging in international markets and we could easily do that in the United States. There's nothing special in the markets that we are offering to. We have been doing this for the past couple of years in commercial service.

首先，我們一直在國際市場上提供直接向設備發送訊息的服務，我們可以在美國輕鬆做到這一點。我們所提供的市場並沒有什麼特別之處。過去幾年我們在商業服務中一直這樣做。

So people are just announcing that as a novelty we have been in the market. We are working on the next generation of connectivity, which is far beyond messaging connectivity. We expect to have broadband connectivity, which provides natural use as you can have voice, video, just everything the same as you would have on your standard mobile phone, your iPhone or your Android phone, you would have the same and you have it everywhere in the world.

所以人們只是宣布我們作為新產品已經進入市場。我們正在致力於開發下一代連接，它遠遠超出了訊息傳遞連接的範圍。我們期望擁有寬頻連接，它能提供自然的使用體驗，讓您可以像在標準手機、iPhone 或 Android 手機上一樣使用語音、視訊等一切功能，您可以在世界各地使用它們。

We have the highest ITU rights coming back to that what makes us a special. So first of all, we have the most important ITU rights to offer this and I think that's a spectrum assets in the United States to offer that.

我們擁有國際電信聯盟的最高權利，這也是我們的特別之處。首先，我們擁有最重要的國際電信聯盟權利來提供這項服務，我認為這是美國提供這項服務的頻譜資產。

I think that in itself is probably the biggest endowment. But we also happen to be a company that is very capable, both in satellite and space as we -- Hughes has a long heritage and a global supplier to many, many satellite systems, including LEO systems such as OneWeb.

我認為這本身可能就是最大的捐贈。但我們恰好也是一家在衛星和太空領域都非常有能力的公司——休斯擁有悠久的歷史，是許多衛星系統的全球供應商，包括 OneWeb 等低地球軌道系統。

So our experience, our institutional knowledge, our technical capability and acumen in that space is unparallel. Very few others have it. And then we also have a mobile system, I don't know anybody else that is both in a satellite and a terrestrial mobile company. So you tie the two together.

因此，我們在該領域的經驗、機構知識、技術能力和敏銳度是無與倫比的。很少人擁有它。我們還有一個移動系統，我不知道還有誰同時在衛星和地面移動公司工作。所以你將兩者連結在一起。

I mean we think that equally important is not just about having expertise in one or the other, just -- I think these are equally challenging and equally important skill sets in addition to the ITU rights and the spectrum ownership in the United States. We just don't see anybody else on the radar that has all of that in one hand.

我的意思是，我們認為同樣重要的不僅僅是擁有某一方面的專業知識，而是——我認為除了國際電信聯盟的權利和美國的頻譜所有權之外，這些都是同樣具有挑戰性和同樣重要的技能。我們只是沒有看到任何其他人能夠同時擁有所有這些能力。

So we are hard at work to make sure all of that becomes a reality again, also relying on experience, our experience that we have in providing messaging service to the satellite for the past couple of years. So it's not -- nothing new to us. I hope that answers your question. It was a long answer but I think you had a few angles that you touched on.

因此，我們正在努力確保所有這一切再次成為現實，同時也依靠經驗，依靠我們過去幾年為衛星提供訊息服務的經驗。所以這對我們來說並不是什麼新鮮事。我希望這能回答你的問題。這是一個很長的答案，但我認為你觸及了幾個角度。

Yes, I appreciate it. Thanks, Hamid.

是的，我很感激。謝謝，哈米德。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks and good morning. You referenced earlier that wireless ARPU is growing. I'm curious if you could discuss some of the details on what you're seeing on intake ARPU versus what the average currently is to better appreciate where that may be going over time? And then second, just as you're looking at growth in the wireless business, can you expand pace of quarterly customer growth while also reducing the EBITDA burn at the same time, or are you in a situation where you need to pay for these customers first, keep investing in the marketing engine and then work on that EBITDA burn in future years? Thanks.

謝謝，早安。您之前提到無線 ARPU 正在成長。我很好奇，您是否可以討論一下您所看到的 ARPU 與當前平均水平之間的一些細節，以便更好地了解隨著時間的推移 ARPU 可能會如何變化？其次，正如您所關注的無線業務的成長一樣，您是否可以擴大季度客戶成長速度，同時降低 EBITDA 消耗，或者您是否需要先為這些客戶付費，繼續投資於行銷引擎，然後在未來幾年努力降低 EBITDA 消耗？謝謝。

So in terms of ARPU, I'll take that one first and then OIBDA, I'll take my best shot at it because I'm not sure I 100% understood your question, but let me start with ARPU. I mean generally, we are lifting the quality of our customer base.

因此，就 ARPU 而言，我會先考慮這個，然後再考慮 OIBDA，我會盡力而為，因為我不確定我是否 100% 理解了您的問題，但讓我先從 ARPU 開始。我的意思是，總的來說，我們正在提高客戶群的品質。

And the reason the ARPU -- the primary reason the ARPU is rising is because we are -- people adopting higher price plans. And so we are moving up in terms of what price plans we sell, bundled offers. And so that -- and you're going to see that trend continue.

ARPU 上升的主要原因是人們採用了更高價格的計劃。因此，我們正在提高所銷售的價格計劃和捆綁優惠。所以——你會看到這種趨勢持續下去。

We are essentially positioning Boost, the combined Boost now the two brands at a more premium placement in the market and evidenced by the fact that every metric, it is not just the ARPU, every metric has improved. We have improved churn.

我們基本上將 Boost 定位為合併後的 Boost，這兩個品牌現在在市場上處於更高端的位置，事實證明，每個指標，不僅僅是 ARPU，每個指標都有所提高。我們已經改善了客戶流失率。

We improved customer adds and you've seen that. We think that trend will continue. Now in terms of OIBDA, this is a good -- OIBDA obviously goes down when you get more customers. I mean I'm giving you a statement of the obvious.

我們改進了客戶添加，您已經看到了。我們認為這種趨勢將會持續下去。現在就 OIBDA 而言，這是一件好事——當你獲得更多客戶時，OIBDA 顯然會下降。我的意思是我正在給你一個顯而易見的陳述。

I hope that I'm not missing a nuance on your question. But on the basics of it, any customer acquisition, any customer acquisition has an upfront investment of OIBDA and often even CapEx for you to get the customer and you pay that back during the customer lifetime value.

我希望我沒有忽略你的問題的細微差別。但從根本上講，任何客戶獲取，任何客戶獲取都需要前期投資 OIBDA，甚至通常需要資本支出才能獲得客戶，您需要在客戶生命週期價值期間償還這筆資金。

And we do a better job today than we have ever done in terms of value steering, taking a look at which price plans, which devices, which geographies in terms of markets provide us, which actions whether it be upgrades, whether it be device offerings. We look at every angle to see how we can maximize our customer lifetime value relative to what we spent to acquire that customer.

如今，我們在價值引導方面做得比以往任何時候都要好，我們會研究哪些價格計劃、哪些設備、哪些地區為我們提供哪些服務，我們會採取哪些行動，無論是升級還是設備供應。我們從各個角度尋找如何相對於我們獲取該客戶所花費的成本來最大化客戶終身價值的方法。

And lastly, we're putting more and more people on net, which I think will improve our owner economics. All of the metrics that I just talked about get even better when we bring the customer on net. So there's a lot at play.

最後，我們正在讓越來越多的人上網，我認為這將改善我們的業主經濟。當我們將客戶帶入網路時，我剛才談到的所有指標都會變得更好。因此，有很多因素在起作用。

But a simple answer to your question is OIBDA will go down usually when you have faster growth but then you'll get paid for that, obviously, over time, and that's how the mobile business works. If I missed the part of your question or nuance in your question, I'm happy to answer it.

但對你的問題，一個簡單的回答是，當你有更快的成長時，OIBDA 通常會下降，但顯然，隨著時間的推移，你會得到報酬，這就是行動業務的運作方式。如果我錯過了您問題的一部分或細微差別，我很樂意回答。

I mean, if you're going to ramp customer acquisition significantly, to your point, you pay for that upfront as you're describing and then you get the benefits potentially, right, over that customer lifetime. And I was just kind of curious, as you look at 2025 in terms of the exit rate of EBITDA burning '24, how you balance those factors of trying to increase the pace of acquisition and aim for that relative to scaling that business over time?

我的意思是，如果你要大幅增加客戶獲取量，那麼按照你的說法，你需要預先支付費用，然後你就會在客戶的整個生命週期中獲得潛在的利益。我只是有點好奇，當您從 2024 年 EBITDA 消耗的退出率的角度來看 2025 年時，您如何平衡那些試圖加快收購步伐並瞄準這一目標的因素，相對於隨著時間的推移擴大業務規模？

Look, we -- I think that at the moment, I won't be able to give you a exact number. But I just want to say that we will focus on acquisition, profitable acquisition. I would not walk away from a profitable acquisition. We don't have a shortage of cash right now. I don't have a limitation that prevents me from growing the business profitably and we certainly get paid for that investment.

你看，我們——我想目前我還無法給你一個確切的數字。但我只想說，我們將專注於收購，有利可圖的收購。我不會放棄有利可圖的收購。我們現在並不缺少現金。沒有任何限制會阻止我實現業務獲利成長，而且我們肯定會因這項投資而獲得回報。

Now I hope I get more customers than is on my budget. And I'm happy to have a decline in my EBITDA as a result of that. That is a solid investment that I get paid for, I get a return on that. At the moment, I don't have a limitation on spending our capital at hand.

現在我希望我能獲得比我的預算更多的客戶。我很高興我的 EBITDA 因此有所下降。這是一項可靠的投資，我獲得了報酬，也獲得了回報。目前，我對於我們手頭上的資金的使用沒有任何限制。

We are sitting on a significant amount of capital at hand I'd like to put to use. So hopefully, we'll get more customers than we have planned. So long way of saying our primary focus is growth, profitable growth. Again, I want to underline profitable growth because in that case spending EBITDA is actually a good thing.

我們手頭上有大量資金，我希望能將其利用起來。因此，希望我們能夠獲得比計劃更多的客戶。簡而言之，我們的首要關注點是成長、獲利性成長。再次強調，我想強調獲利成長，因為在這種情況下支出 EBITDA 實際上是一件好事。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Thanks. Just on the sub growth. I mean, I just -- I think what's noticeable to me at least the gross adds being up 13.5%. It seems like a pretty major inflection. Obviously, service revenue grew sequentially. Rick was implying that you were getting this from bundling? Did I miss something in the prepared comments?

謝謝。只是在子增長上。我的意思是——我認為至少對我來說值得注意的是總收入增加了 13.5%。這似乎是一個非常重大的轉變。顯然，服務收入環比成長。里克是在暗示你是透過捆綁獲得這個的？我是否遺漏了準備好的評論中的某些內容？

And if not, why are customers all of a sudden kind of signing up to the network? And I don't know if you're planning on breaking out the traditional prepaid versus, I guess, what we would consider to be postpaid. Just if you could just give a little bit more color on what's happening in that business and how sustainable is that going to be going to '25?

如果不是，為什麼客戶會突然註冊該網路？我不知道您是否計劃區分傳統的預付費和後付費。您能否更詳細地介紹一下該業務的現狀以及到 25 年該業務的可持續性如何？

So our growth of subscriber is not from bundling. It is from the 1,000 actions we have taken last year to improve the customer experience, the network experience of Boost Mobile, and we think that's a sustainable improvement.

因此，我們的用戶成長並非來自捆綁。這是我們去年為改善客戶體驗、Boost Mobile 的網路體驗而採取的 1,000 項行動，我們認為這是一個可持續的改進。

And I have been saying internally and obviously, generalizing, saying that there's not a single process we had at the beginning of '24 that we had the same at the end of '24. We brought the two brands together. We redesigned practically every workflow that impacted the customers, whether it be from acquisition to activations, to billing, to customer care.

我一直在內心說，顯然，概括地說，我們在 2024 年初所經歷的任何一個流程，在 2024 年底都不一樣。我們將這兩個品牌合併在一起。我們重新設計了幾乎所有影響客戶的工作流程，無論是從獲取到激活，到計費，到客戶服務。

I think if you -- and you've seen the result of that. I don't want to repeat the fact that in every metrics have improved. And I think customers are recognizing that we have a fresh network. It's got incredibly good experience in terms of service experience. I think we make it much easier to adopt. We have been much more focused on making sure that the experience is really polished.

我想如果你——你已經看到結果了。我不想重複這個事實：所有指標都有改善。我認為客戶已經認識到我們擁有一個全新的網路。在服務體驗方面有著非常好的體驗。我認為我們讓它更容易被採用。我們更加重視確保體驗真正完美。

So I wouldn't put it into bundling and I wouldn't say this was a onetime effect that we worked on. We are -- as it comes to prepaid-postpaid, I think the market has been too -- in our view and over time, we'll talk more about this.

所以我不會把它綁起來，也不會說這是我們努力的一次性效果。至於預付費和後付費，我認為市場也是如此，在我們看來，隨著時間的推移，我們會更多地談論這個問題。

I think the market has been too focused on form of payment as being the differentiator. We don't see it that way. No other industry in the world, whether it's auto industry or housing industry or any other industry that finances a customer, they're not talking about segregating the customers who pay cash versus noncash. You go buy a house.

我認為市場過於注重支付方式作為差異化因素。我們卻不這麼認為。世界上沒有其他行業，無論是汽車行業還是房地產行業，或任何其他為客戶提供融資的行業，他們不會談論區分使用現金支付的客戶和非現金支付的客戶。你去買房子。

Your first choice of payment and buy a car, no car dealer asks you no if you just want to pay installments or cash, go to another store. Whereas in the US and in mobile market that happens, we want to serve everything off of one hand. For us, we look at our profitability.

您付款和買車的首選，沒有汽車經銷商會問您是否只想分期付款或付現金，請去另一家商店。而在美國和行動市場，我們希望一手提供一切服務。對我們來說，我們關注的是獲利能力。

And our prepaid customers are incredibly profitable for us and we are not in any way disappointed to be a leader in our market today and taking more share than anybody else and being the highest prepaid ARPU. There are postpaid customers that are very profitable.

我們的預付費客戶為我們帶來了巨大的利潤，我們絲毫不會失望，因為我們是當今市場的領導者，佔有的份額比任何人都多，並且擁有最高的預付費 ARPU。有一些後付費客戶利潤很高。

But I think that we're not hung by a notion of only one set of customers is profitable. We look at every customer on a profitability basis, we're very happy with the progress we have made on the customers we have gotten this year. And we continue to focus on the business.

但我認為我們不應該執著於只有一組客戶才能獲利的觀念。我們從獲利能力的角度看待每一位客戶，我們對今年在客戶方面取得的進展感到非常滿意。我們將繼續專注於業務。

You're not going to break that out and we're not going to get some sense of kind of what the inflection was on the growth more recently, like which part of the business? I guess I'm on the postpaid side, mine works pretty good. Like are there more me people coming on or is it the traditional prepaid guys that are driving this growth?

您不會突破這一點，我們也不會了解最近成長的轉折點是什麼，例如業務的哪個部分？我想我是屬於後付費用戶，我的服務運作得很好。是不是有更多的人加入進來，還是傳統的預付費用戶在推動這項成長？

The answer is we're not going to break down, because we're actually trying to merge the experience to be one. And I can tell you that if you look at many postpaid plans, if you don't have to finance a device, you end up with a much easier shorter payback than a postpaid customer. There used to be a time that the difference between postpaid and prepaid was incredibly large in terms of monthly payments, service cost, service pricing, it used to be very different in terms of churn and those metrics -- those assumptions are no longer real.

答案是我們不會崩潰，因為我們實際上正在嘗試將經驗融合為一體。我可以告訴你，如果你看看許多後付費計劃，如果你不需要為設備融資，那麼你最終會比後付費客戶更容易、更短地獲得回報。曾經有一段時間，後付費和預付在每月付款、服務成本、服務定價方面的差異非常大，在客戶流失率和那些指標方面也有很大差異——這些假設不再是現實的。

Those assumptions have changed over time, and I think the market is still hanging on. We look at every customer based on customer lifetime value and profitability. So we're not going to break down postpaid versus prepaid because we think the industry ultimately will merge the two.

這些假設隨著時間的推移而發生了變化，我認為市場仍在堅持。我們根據客戶終身價值和獲利能力來審視每一位客戶。因此，我們不會將後付費與預付費進行細分，因為我們認為該行業最終會將兩者合併。

Can you -- I'm on the network but I'm not on the network because I got the alert to change my SIM, I guess, to get on your network. I'm like a Boost one customer, I guess you call me, I forgot our Boost on ultimate, I'll forget what your branding is, but nevertheless.

你能嗎——我在網路上，但我沒有在網路上，因為我收到了更改我的 SIM 卡的警報，我想，才能進入你的網路。我就像 Boost 的客戶，我想你會打電話給我，我忘記了我們的終極 Boost，我會忘記你的品牌是什麼，但無論如何。

Can you give us some sense of like how many people, how many subs amount of traffic, whatever it is that are on the network that you built versus your roaming partners? And then how is that -- how are those roaming partnering relationships kind of playing out? Like where are you sending more traffic? How does that evolve over time, because that's obviously a cost component that's impacting you on the cash side?

您能否告訴我們，與漫遊合作夥伴相比，您建立的網路上有多少人、有多少用戶、有多少流量等等？那麼，這些流動的合作關係是如何發展的呢？例如，您要將更多的流量傳送到哪裡？隨著時間的推移，情況會如何改變？因為這顯然是影響現金方面的成本組成部分？

Sure. John, perhaps you can take this?

當然。約翰，也許你可以接受這個？

Glad you're enjoying the experience on the network. In my opening comments, I shared we're over 1 million on-net now, and that's -- so those are customers on our core, on our RAN enjoying their use of the service. I also said, look, when we have a compatible device that's in one of our open markets, our goal is to put that customer onto our own 5G network.

很高興您享受網路體驗。在我的開場白中，我分享了我們現在有超過 100 萬的在網用戶，這些都是我們核心網、RAN 上享受該服務的客戶。我還說過，看，當我們在某個開放市場上有相容設備時，我們的目標是將該客戶納入我們自己的 5G 網路。

Now when you think about how that interplays with our roaming and MVNO partners, obviously, we were able to use both of those relationships as we've discussed in past calls for in market and out of the market roaming. They work a little differently. We have a little bit of a focus on how do we make sure we own the customer.

現在，當您考慮它如何與我們的漫遊和 MVNO 合作夥伴相互作用時，顯然，我們能夠利用這兩種關係，正如我們在過去討論市場內和市場外漫遊時所討論的那樣。它們的工作方式略有不同。我們稍微關心一下如何確保我們擁有客戶。

And then based upon where people work, live and play, we can make sure that they're connecting to the right RAN. But we've generally been very happy with how the technology is working. And it's really a big advantage for us to really have access to more RAN sites than anybody.

然後根據人們工作、生活和娛樂的地方，我們可以確保他們連接到正確的 RAN。但總體來說，我們對這項技術的運作感到非常滿意。對於我們來說，能夠訪問比任何人都多的 RAN 網站確實是一個巨大的優勢。

So we think about that in terms of how we bring customers on to the network. I think one of the major differentiating factors continues to be whether or not the device itself can support 5G SA and VoNR and we've talked about that in the past as well.

因此，我們從如何吸引客戶加入網路的角度來考慮這個問題。我認為主要的區別因素之一仍然是設備本身是否支援 5G SA 和 VoNR，我們過去也討論過這個問題。

And I remember talking to you on a call a couple of years ago where we had literally one certified device, right? And I think we've now completely flipped over where we have only one device that we're selling that isn't compatible with our network. So the ecosystem supported us.

我記得幾年前和你通話時，我們確實有一台經過認證的設備，對嗎？我認為我們現在已經完全轉變了，我們銷售的設備中只有一種與我們的網路不相容。所以生態系支持我們。

We got a little bit ahead of the industry in terms of the type of device technology we needed to run the network, but that's now all come back into balance. And so -- and look, I'd also be remiss not to point out, we do have some commitments around loading onto our network between now and June. And we have every intention to hitting those and we're pleased with the performance we're seeing on that as a result of that.

就運行網路所需的設備技術類型而言，我們比業界領先一點，但現在一切都恢復了平衡。所以——你看，如果我不指出的話那我就是失職了，從現在到六月，我們確實有一些關於加載到我們網絡的承諾。我們決心實現這些目標，並且對目前所取得的成績感到滿意。

Got it. Thank you.

知道了。謝謝。

Jonathan Chaplin, New Street Research.

喬納森·卓別林（Jonathan Chaplin），新街研究公司（New Street Research）。

Thanks, guys. I'm wondering if you can give us a sense of how the enterprise and wholesale revenue line is progressing? It's difficult to sort of see that within the way you've reconstituted results. And how -- where do you think that revenue line could be by the end of the year? And then a housekeeping question for Paul.

謝謝大家。我想知道您是否可以向我們介紹一下企業和批發收入線的進展？從您重建的結果中很難看出這一點。您認為今年底營收線會達到多少？然後我想問保羅一個基本問題。

Spectrum amortization, does it start when the spectrum goes into service or when you purchase the spectrum? And then going back to the direct-to-device comments for you, Hamid is do you need to launch, do you need to use a LEO satellite to really do direct-to-device effectively or rather a LEO constellation? And if so, is that something you would do yourself or would you partner? And who would be the ideal partners for that?

頻譜攤銷是從頻譜投入使用時開始還是從購買頻譜時開始？然後回到您對直接到設備的評論，哈米德，您是否需要發射，您是否需要使用 LEO 衛星才能真正有效地實現直接到設備，或者更確切地說是 LEO 星座？如果是的話，您會親自做還是會與他人合作？那麼誰是理想的合作夥伴呢？

Let me start with the enterprise. Look, we -- you may know that we have Hughes as a company that one of our entities that has a significant presence in the enterprise market. In fact, not only we have a presence in the enterprise market, we are among all the competitors that you can name for us, we are the only one who is in the leader box of the Gartner's quadrant.

我先從企業說起。你看，我們——你可能知道，休斯公司是我們的一個實體，在企業市場上佔有重要地位。事實上，我們不僅在企業市場上佔有一席之地，而且在您能說出的所有競爭對手中，我們是唯一一家位於 Gartner 象限領導者範圍內的公司。

None of the other competitors we have, none, not a single one, is anywhere near it. And so we are very respected in the enterprise market, serving hundreds of brands and governments. And we are now beginning to use that -- those relationships to put Boost in our 5G network into the enterprise space. And you have seen examples of that.

在我們的其他競爭對手中，沒有一個能與我們相比。因此，我們在企業市場上非常受尊重，為數百個品牌和政府提供服務。我們現在開始利用這些關係將 Boost 放入我們的 5G 網路中，進入企業領域。你們已經看到了這樣的例子。

You saw the Fort Bliss example, I think Paul Gaske talked about a few of those things. And we bring in those relationships that are very trusted in long term within Hughes' Enterprise domain as a starting point of our enterprise. Just remember that in the enterprise space, sales cycles are long. But once you get the customers they last a very long time.

您看到了布利斯堡的例子，我認為保羅·加斯克談到了其中的一些事情。我們將休斯企業領域內長期信任的那些關係作為我們企業的起點。請記住，在企業領域，銷售週期很長。但一旦你獲得了客戶，他們就會持續很久。

So we are not -- it's a different go-to-market motion. We are probably not going to break down any specific enterprise numbers now or putting any sort of forecast out there. We are loaded with opportunities. We just can't address every single one.

所以我們不是——這是一個不同的上市動議。我們現在可能不會細分任何特定的企業數字，也不會做出任何形式的預測。我們充滿機會。我們不可能解決每一個問題。

Right now, each line of business is primarily focused on their own getting up. But the enterprise segment is one of those cross segments that I think we have a great hopes for, but you have to be patient until all of those things become -- come intofruition. I'll answer the second -- third question before I pass it to Paul related to spectrum. I'll talk about the direct-to-device.

目前，每個業務線主要專注於自己的崛起。但企業部門是我們寄予厚望的跨部門之一，但你必須耐心等待，直到所有這些事情都實現。在將與光譜相關的問題轉交給保羅之前，我將回答第二到第三個問題。我將談論直接到設備。

That's another example of where our Boost and 5G networking and mobile business ties to use the satellite business. And I want to say that we already have, as you know, as I mentioned, we already have. We've had a service that direct-to-device messaging, direct-to-satellite messaging for a couple of years. We have not been beating our chest on it.

這是我們的 Boost 和 5G 網路及行動業務與衛星業務結合的另一個例子。我想說我們已經有了，正如你所知，正如我所提到的，我們已經有了。我們已經推出了直接向設備發送訊息和直接向衛星發送訊息的服務好幾年了。我們並沒有為此而大肆吹噓。

Other people are very proud of their first experiments. We have been selling that commercially in international markets and we certainly can do that in the US as well. But we don't think that's end of the game and I think that's not even the beginning of the game. We started that game many years ago with testing five or six years ago, but I think the real game is LEO. So I'm bringing it to your question.

其他人對他們的第一次實驗感到非常自豪。我們一直在國際市場上進行商業銷售，當然也可以在美國這樣做。但我們不認為這是遊戲的結束，我認為這甚至不是遊戲的開始。我們多年前就開始測試這個遊戲了，五、六年前，但我認為真正的遊戲是 LEO。所以我把它帶到你的問題。

Yes, it's a LEO based solution. The LEO based solutions will be low latency and provide -- can provide -- our solution can provide natural use case where you can't really tell the difference whether your phone is connected to the ground based mobile station cell site or is it connected to the satellite, that's just be indistinguishable from a consumer's perspective.

是的，這是一個基於 LEO 的解決方案。基於 LEO 的解決方案將具有低延遲，並且能夠提供——可以提供——我們的解決方案可以提供自然的用例，您無法真正區分您的手機是連接到地面移動基地台還是連接到衛星，從消費者的角度來看，這是無法區分的。

And we're not going to do everything in-house. We certainly have technology to do a part of that work based on the capabilities we have at Hughes and we have had Boost, we think we have some critical technologies and institutional knowledge that we're going to bring to table. But we are going to use partner manufacturer and technology companies to give us that best experience. Paul, would you like to talk about the spectrum?

我們不會在公司內部完成所有工作。基於休斯的能力和 Boost，我們當然有技術來完成部分工作，我們認為我們擁有一些關鍵技術和機構知識，可以將其帶到談判桌上。但我們將利用合作製造商和技術公司來為我們提供最佳體驗。保羅，你想談談光譜嗎？

Sure. Thanks for the question there. Just to level set, for book purposes, we do not amortize the spectrum. But for tax we do, which I believe is what your question is, and we do start to amortize that upon purchase.

當然。感謝您的提問。只是為了達到水平集，為了書籍的目的，我們不攤銷頻譜。但對於稅收，我們確實會這樣做，我相信這就是您的問題，並且我們確實在購買時開始攤提。

Got it. Thanks.

知道了。謝謝。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Hi, good morning. I had -- I guess, I wanted to ask you, Hamid, with the financing transactions completed in the fall, can you talk about how much room the company now has to pursue wireless and the other growth opportunities in front of you like enterprise and direct-to-device, particularly just given the capital needed for wireless subsidies and marketing, and the maturity wall that is coming up in two years? And just related to that, are you still actively working to improve the balance sheet and extend maturities or even raise equity capital? Will we see any more positive developments on this front in 2025? Thank you.

嗨，早安。我想問你，哈米德，秋季融資交易已經完成，你能談談公司現在在無線領域以及你面前的其他增長機會（如企業和直接面向設備）方面有多大的發展空間嗎，特別是考慮到無線補貼和營銷所需的資金，以及兩年後即將出現的成熟期障礙？與此相關的是，您是否仍在積極努力改善資產負債表、延長期限甚至增加股本？2025 年我們是否會看到這方面有更多正面進展？謝謝。

A number of questions in one. First of all, I think we are, at the moment, obviously, we try to maximize our market opportunities. We will address -- in multiple fronts, we are working on financial and growth improvements.

一個問題包含多個問題。首先，我認為目前我們顯然正在努力最大化我們的市場機會。我們將從多個方面努力解決財務和成長問題。

As I said, Boost Mobile and Hughes, everywhere, we have -- any opportunity in front of us, we won't ignore it simply because of potential limitation of capital. I mean, we are limited on resources and it's not just capital. We are a start-up in many ways. We are a company of $50 billion revenue but start up in many ways. We have a challenger position.

正如我所說，Boost Mobile 和 Hughes 無處不在，我們面前的任何機會，我們不會因為潛在的資本限製而忽視它。我的意思是，我們的資源有限，不僅僅是資本。從很多方面來說，我們都是一家新創公司。我們是一家營收達 500 億美元的公司，但在許多方面都還處於起步階段。我們處於挑戰者的地位。

So we can only address so many opportunities given the capital and human resources we have. But at the moment, I'm not looking at missing any opportunities because we don't have the cash at hand to finance it or develop it. Your second part of the question was, are we seeing -- are we concerned or are we focused on in any way to increase our liquidity over a longer horizon. The answer is we always look at that.

因此，我們只能在現有的資本和人力資源範圍內抓住有限的機會。但目前，我不會因為手邊沒有現金來資助或開發而錯過任何機會。問題的第二部分是，我們是否看到——我們是否擔心或我們是否專注於以任何方式在更長遠的時間內增加我們的流動性。答案是我們始終關注這一點。

I mean that's not -- we're not short term focused. We're focused at the long term. We understand our obligations that are ahead of us. We are -- just like we did in 2024, we understood our obligations. We met our obligations.

我的意思是，我們並不只關注短期利益。我們著眼於長遠發展。我們了解我們面臨的義務。我們——就像我們在 2024 年所做的那樣，我們了解自己的義務。我們履行了自己的義務。

We found solutions that puts us in a position to gain and win and create shareholder value, and we have done that. And we will continue to operate with the same fiscal discipline and mindset of shareholder value creation. Long way of saying, we are cognizant of what financial needs we have in the future and we do intend to stay ahead of our needs with whatever means we have.

我們找到了讓我們能夠獲利、贏得勝利並創造股東價值的解決方案，而我們已經做到了。我們將繼續秉持同樣的財務紀律和為股東創造價值的理念。長話短說，我們清楚自己未來有什麼樣的財務需求，並且我們打算盡一切努力滿足自己的需求。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thanks. Good morning. Two questions, one for Paul Orban, and then I want to ask Paul Gaske about Starlink and satellite broadband. Paul Orban, on the cash flow front, you said you delivered positive operating free cash flow in '24, which was your guidance.

謝謝。早安.兩個問題，一個問保羅·奧爾班，然後我想問保羅·加斯克關於 Starlink 和衛星寬頻的問題。保羅·奧爾班，在現金流方面，您說您在 24 年實現了正的經營自由現金流，這是您的預期。

Do you have the dollar number you can share just to make sure we're looking at it the way you guys are as we think about 25? And you mentioned the $1.2 billion burn in '24 and CapEx coming down this year. Is it fair then to assume that the burn -- the total free cash burn should improve, should reduce in '25 versus '24?

您能否分享一下具體的美元數字，以確保我們在考慮 25 時能夠以與您相同的方式來看待它？您提到 24 年資本支出為 12 億美元，而今年資本支出將會下降。那麼，是否可以公平地假設，25 年的總自由現金消耗量應該比 24 年有所改善、減少？

So let me address the first question or second question first. So we don't give guidance on free cash flow or cash burn. But what I will say, though, is if you take a look at our disclosures there, you'll see that we have about a little more than $500 million more in interest payments in '25 versus '24, which will then be a drag on free cash flow.

那麼讓我先回答第一個問題或第二個問題。因此，我們不會提供有關自由現金流或現金消耗的指導。但我想說的是，如果你看一下我們的披露信息，你會發現我們在 25 年支付的利息比 24 年多了 5 億多美元，這將拖累自由現金流。

As it relates to giving numbers for operating free cash flow, we don't disclose those but it was better than our expectations that when we had to start the year. So it was a good number. And we're very pleased that the operational efficiencies that we put in place actually came to [front] and we saw the benefit of it.

由於這涉及到給出經營自由現金流的數字，我們不會透露這些數字，但它比我們年初時的預期要好。所以這是一個好數字。我們非常高興，我們所實施的營運效率確實取得了成效，我們也看到了它的好處。

Okay, fair enough. And Paul, just a request from all of us out here in the sell side and buy side if you're willing to provide a trending schedule with the new wireless segment coming back into the '24 quarters, we'd all be appreciated, I figure, at least throw that out there. Paul Gaske on -- there's a lot of noise, obviously, around Starlink. T-Mobile Super Bowl ad got a lot of attention.

好吧，夠公平。保羅，我們賣方和買方所有人都有一個請求，如果您願意提供一份未來 24 個季度新無線領域的趨勢時間表，我想我們會非常感激，至少您可以提供這個趨勢時間表。保羅·加斯克 (Paul Gaske) 表示——顯然，圍繞 Starlink 有很多喧囂。T-Mobile 超級盃廣告引起了廣泛關注。

Can you just talk a little bit about Hughesnet's position, the technology of JUPITER 3 and how it compares to Starlink? And we're seeing these overall sub declines. But is it your expectation that over time we should see growth in that business? And do you view Starlink as a competitor in the enterprise and government space, which is obviously meaningful to the Hughes business, in general? I would love to hear your thoughts there. Thanks.

您能否簡單談談 Hughesnet 的地位、JUPITER 3 的技術以及它與 Starlink 相比如何？我們看到這些總體的子項數量正在下降。但您是否期望隨著時間的推移我們會看到該業務的成長？您是否認為 Starlink 是企業和政府領域的競爭對手，這對休斯的業務來說顯然具有重要意義？我很想聽聽你的想法。謝謝。

Well, let me first say the TV ad you're referring to actually was a direct-to-device advertisement at Starlink T-Mobile, right? So that's really not in the broadband space. But if you look at the broadband space, a couple of things going on there. Obviously, they have a huge fleet that's addressing a lot of markets worldwide. But if we look at our Jupiter GEO service, we're focused primarily on customers that we see want video services.

好吧，首先我要說的是，您所指的電視廣告實際上是 Starlink T-Mobile 的直接設備廣告，對嗎？所以這其實不屬於寬頻領域。但如果你看一下寬頻領域，你會發現那裡發生了一些事情。顯然，他們擁有龐大的船隊，服務全球眾多市場。但如果我們看看我們的 Jupiter GEO 服務，我們主要關注的是那些需要視訊服務的客戶。

If you look at the typical consumer, you can break them up in different categories but an awful lot of them just want to watch their streaming videos nowadays. So we've repurposed our positioning to provide an economical satellite solution for rural America where they can get their video services and of course, interactive is included, but we're focused on the customers that are trying to get the good video experience.

如果你觀察一下典型的消費者，你可以把他們分成不同的類別，但如今他們中的許多人只想觀看串流影片。因此，我們重新調整了定位，為美國農村地區提供經濟的衛星解決方案，讓他們可以獲得視訊服務，當然也包括互動服務，但我們專注於那些想要獲得良好視訊體驗的客戶。

So we see that as a natural fit for us. If I look across broader markets, I think this answer will be similar. We're looking at ways we can be in a differentiated position relative to a Starlink. We have some LEO products and offerings that we provide. And those -- again, we look -- did provide special service parameters for our customers, special SLAs and so on. So in all cases, we look at the differentiation of that. So those are -- it's that differentiation, which will drive our long term future.

因此我們認為這對我們來說是自然而然的事。如果我放眼更廣泛的市場，我認為答案會類似。我們正在尋找與 Starlink 具有差異化優勢的方法。我們提供一些 LEO 產品和服務。而且，我們再次查看，這些確實為我們的客戶提供了特殊的服務參數、特殊的 SLA 等等。因此，在所有情況下，我們都會關注其差異。所以，正是這種差異化將推動我們的長期未來。

Thank you very much.

非常感謝。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Can you give any more real-world qualitative maybe color on the advantages of the cloud kind of RAN network that you're operating? And congratulations on the number one network in New York. And then I had a go-to-market question.

您能否更真實地定性地描述您所經營的雲端型 RAN 網路的優勢？恭喜你們成為紐約第一大電視網。然後我有一個關於行銷的問題。

Look, in top level, when you look at how we approached our detecting and building out the network, it looks a lot more like an IT system than a traditional wireless network. We're fully virtualized from the RAN to the core. It's a very flexible system in terms of our ability to deploy new features, new software to really swap out pieces.

從最高層面來看，當你觀察我們如何偵測和建構網路時，它看起來更像是 IT 系統，而不是傳統的無線網路。我們從 RAN 到核心都實現了完全虛擬化。就我們部署新功能、新軟體和更換零件的能力而言，這是一個非常靈活的系統。

A lot of the traditional systems are very monolithic in nature and you get your services from one or two big suppliers. We've got over 30 different key partners in the network and we're reevaluating those and changing them all the time. And in addition, I just -- we have a pretty advanced software development life cycle in terms of the rate at which we deploy changes to the network, it's very similar to how hyperscalers run their own businesses in terms of the types of things that we do there.

許多傳統系統本質上都是單一的，您可以從一兩個大型供應商那裡獲得服務。我們的網路中有超過 30 個不同的主要合作夥伴，我們正在重新評估並不斷改變它們。此外，就我們部署網路變更的速度而言，我們擁有相當先進的軟體開發生命週期，就我們所做的事情的類型而言，這與超大規模企業經營自己的業務的方式非常相似。

And so as we look at what we have today, one of the biggest advantages we have by being more like an IT system is just really good access to all the data on how the network is performing. We're really using that to determine our next steps.

因此，當我們回顧目前所擁有的一切時，我們會發現，作為更像 IT 系統的一個最大優勢就是能夠很好地存取有關網路運作情況的所有數據。我們確實在用它來決定我們的下一步。

So it's sort of like the game of money ball now, because we just have a lot of advanced metrics to help us identify exactly where and how we're going to invest. And that's very helpful as it relates to CapEx, very helpful as it relates to where the next dollar is going to go.

所以現在這有點像金錢球遊戲，因為我們有很多先進的指標來幫助我們準確地確定在哪裡以及如何投資。這對於資本支出 (CapEx) 和下一筆錢的去向都非常有幫助。

And from our perspective, it's really AI ready and that -- we sort of got there -- we got a little bit lucky on that one, but having a fully virtualized RAN, it really enables us to quickly address new advanced use cases and we're having a lot of those discussions now across our partner ecosystem. I hope that helps.

從我們的角度來看，它確實已經為 AI 做好了準備，而且我們已經達到了這個目標，在這一點上我們有點幸運，但擁有完全虛擬化的 RAN，它確實使我們能夠快速解決新的高級用例，我們現在正在整個合作夥伴生態系統中進行大量此類討論。我希望這能有所幫助。

Yes, that's really helpful. I missed what you said about AI. Did you say the AI ready or yes --

是的，這確實很有幫助。我錯過了你關於人工智慧的發言。你說人工智慧準備好了嗎？--

I think it comes down to the ultimate use case that you'd want to discuss. The -- I mean, ultimately, we have a virtualized RAN. So if you want -- you could go down the path of saying, we'd like to put in video processors at the edge. We do have, for example, probably one of the largest distributed edge compute implementations in the world. And yes, I did say, it's AI ready.

我認為這取決於您想要討論的最終用例。我的意思是，最終我們有一個虛擬化的 RAN。所以如果你願意的話——你可以這麼說，我們想在邊緣安裝視訊處理器。例如，我們確實擁有世界上最大的分散式邊緣運算實作之一。是的，我確實說過，它已經為人工智慧做好了準備。

Got it. And just on the go-to-market. New York, it looks like you have a hyper localized and targeted marketing blitz. Can you talk about how cost effective that is and is that the model you're going to be going out with nationwide?

知道了。並且即將進入市場。紐約，看起來你們進行了一次高度本地化和有針對性的營銷攻勢。您能談談這種模式的成本效益如何嗎？這是您將在全國推廣的模式嗎？

It's a bit too early to see how cost effective it is until we actually see the take rate with New York. We are pleased with the initial results. We are quite pleased with what it has produced so far. We think New York market is an incredibly important market. It's the scale of the market in itself, for us, is very relevant and density of the market is also very efficient for us.

在我們真正看到紐約的接受率之前，現在判斷它的成本效益還為時過早。我們對初步結果感到滿意。我們對目前為止的成果非常滿意。我們認為紐約市場是一個非常重要的市場。對我們來說，市場本身的規模非常重要，而且市場的密度對我們來說也非常有效。

So we are very -- our spectrum position is very advantageous. So we have good in New York. And it's too soon to tell all indications of that is a good approach. We will obviously, as I said, the values steer our focus. If the local marketing efforts produce better results, we'll continue to focus on local marketing. So this is a year that you're going to hear more about it. But local marketing for us is an important angle to focus our spending where we make the most returns.

因此，我們的頻譜位置非常有利。所以我們在紐約過得很好。現在判斷這是否是個好方法還為時過早。正如我所說，我們顯然會以價值觀為導向。如果本地行銷工作取得更好的效果，我們將繼續專注於本地行銷。因此今年你將會聽到更多關於它的消息。但對我們來說，本地行銷是一個重要的角度，讓我們集中支出以獲得最大的回報。

Operator, we're at the top of the hour. So we'll take one more question.

接線員，現在是整點。我們再回答一個問題。

Adam Rhodes, Octus.

亞當·羅德斯，章魚。

Hey guys, thanks for taking my question. I appreciate you squeezing me in here. With the FCC moving towards the re-auction of its AWS-3 spectrum inventory, I want to hear how you guys might think about approaching that auction. And relatedly, I noticed in your 10-K that an appraisal of your AWS-3 and AWS-4 spectrum came in at $33 billion. Since this appraisal provides you with roughly $3 billion of additional perispectrum secured note capacity. Do you think you might look to this as a source to participate in the re-auction?

嘿夥計們，謝謝你們回答我的問題。我很感謝你把我擠到這裡。隨著 FCC 開始重新拍賣其 AWS-3 頻譜庫存，我想聽聽你們對此次拍賣的看法。與此相關的是，我注意到在您的 10-K 報表中，對您的 AWS-3 和 AWS-4 頻譜的估價為 330 億美元。因為這次評估為您提供了大約 30 億美元的額外光譜擔保票據容量。您認為您可能會將此視為參與重新拍賣的來源嗎？

So we support the FCC moving forward the auction and we do plan on participating there. Adam, I think AWS-3 spectrum is a very valuable spectrum, much more valuable today in our view than it was in 2014. And it has -- now the spectrum is not distributing devices, it's widely adopted. We think it's highly, highly desirable spectrum.

因此，我們支持聯邦通信委員會推進拍賣，並且我們確實計劃參與其中。亞當，我認為 AWS-3 頻譜是非常有價值的頻譜，在我們看來，今天它的價值比 2014 年高得多。現在，頻譜不再只是分配設備，而是被廣泛採用。我們認為這是非常非常理想的光譜。

And we do plan on participating, we are confident that the spectrum will go for above the $3.3 billion to our judgment. I think that's also good for FCC because, obviously, anything above $3.3 billion will go towards reduction of deficit in helping the government and all the actions that the Trump administration is taking right now would be aligned with that, trying to do that. So we feel very good and bullish about the auction. So we stand in support of it.

我們確實計劃參與，我們相信，根據我們的判斷，該頻譜的價格將超過 33 億美元。我認為這對聯邦通信委員會來說也是好事，因為顯然，超過 33 億美元的任何資金都將用於減少赤字以幫助政府，而川普政府目前正在採取的所有行動都將與此保持一致，努力做到這一點。因此，我們對此次拍賣感到非常滿意和樂觀。因此我們支持它。

Okay. That's helpful. And then I guess any consideration on how you might potentially look to use that additional capacity that you have?

好的。這很有幫助。然後我想問您是否考慮過如何使用您擁有的額外容量？

Well, the capacity would certainly be -- once -- our aspirational growth in the company is our network is large. And when the spectrum is available, we certainly see that it gives us additional capacity and headroom to take market share and grow (multiple speakers) from financing based on appraisal. Paul, if you want to talk.

嗯，容量肯定會是——一旦——我們公司的理想成長就是我們的網路規模變大。當頻譜可用時，我們肯定會看到它為我們提供了額外的容量和空間，以佔領市場份額並透過基於評估的融資實現成長（多個揚聲器）。保羅，如果你想談談的話。

So no, you're right, there's about $2.9 billion of additional capacity, which would be first lien on that spectrum. And actually, we get to go up to 60% on second lien, which would get us about $10 billion of capacity in total.

所以不，你是對的，大約有 29 億美元的額外容量，這將是該範圍內的優先留置權。實際上，我們的第二留置權可以上升到 60%，這將使我們總共獲得約 100 億美元的產能。

We're going to be opportunistic when it makes sense for us to take a looking at that. Right now, as Hamid has pointed out, we are flushed with cash at this point in time. But when that option comes up, we will take a look at that. And we have many levers that we can pull to help finance that if we need to.

當我們認為有必要時，我們就會抓住機會。正如哈米德所指出的，目前我們資金充裕。但當該選項出現時，我們會考慮。如果需要的話，我們可以利用多種手段來提供資金。

Great. Thanks a lot.

偉大的。多謝。

Thank you.

謝謝。

Thanks.

謝謝。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。