AT&T Inc (T) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to AT&T's Third Quarter 2021 Earnings Call. (Operator Instructions) And as a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Amir Rozwadowski, Senior Vice President, Finance and Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加 AT&T 的 2021 年第三季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將會議轉交給我們的主持人，財務和投資者關係高級副總裁 Amir Rozwadowski。請繼續。

Thank you, and good morning, everyone. Welcome to our third quarter call. I'm Amir Rozwadowski, Head of Investor Relations for AT&T. Joining me on the call today are John Stankey, our CEO; and Pascal Desroches, our CFO. Also joining us for the Q&A portion of our call are Jeff McElfresh, the CEO of our Communications Group; and Jason Kilar, CEO for WarnerMedia.

謝謝大家，大家早上好。歡迎來到我們的第三季度電話會議。我是 AT&T 投資者關係主管 Amir Rozwadowski。今天和我一起參加電話會議的是我們的首席執行官 John Stankey；和我們的首席財務官 Pascal Desroches。我們通訊集團的首席執行官 Jeff McElfresh 也加入了我們的電話問答環節；和華納媒體首席執行官傑森·基拉爾（Jason Kilar）。

Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they're subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially. Additional information is available on the Investor Relations website. And as always, our earnings materials are on our website.

在我們開始之前，我需要提醒您注意我們的安全港聲明。它說我們今天的一些評論可能是前瞻性的。因此，它們受到 AT&T 提交給美國證券交易委員會的文件中描述的風險和不確定性的影響。結果可能大不相同。投資者關係網站上提供了更多信息。與往常一樣，我們的收益材料在我們的網站上。

I also want to remind you that we are in the quiet period for the FCC Spectrum Auction 110. So unfortunately, we can't answer questions about that today.

我還想提醒您，我們正處於 FCC Spectrum Auction 110 的靜默期。很遺憾，我們今天無法回答有關該問題的問題。

With that, I'll turn the call over to John Stankey. John?

有了這個，我會把電話轉給 John Stankey。約翰？

Thanks, Amir. Good morning, everyone. Thanks for joining us. I'll be brief because the quarter is largely more of the same. This marks the fifth consecutive quarter of consistent progress since we articulated our simplified business strategy and how we plan to measure our progress going forward.

謝謝，阿米爾。大家，早安。感謝您加入我們。我會很簡短，因為本季度基本相同。這標誌著我們連續第五個季度取得持續進展，因為我們闡明了簡化的業務戰略以及我們計劃如何衡量我們未來的進展。

The close of the DIRECTV transaction this quarter is another important step we've completed to reposition AT&T. I acknowledge, this makes for some extra cycles on comparative analysis. And as we continue to do so, there will be fewer moving parts to assess in better visibility and clarity. In the meantime, it's important not to lose sight of the success we're having, deploying capital into our areas of strategic focus. Bottom line, we're accelerating our historical rates of customer growth in Mobility, Fiber and HBO Max, and customer satisfaction is improving across the board with lower churn and higher NPS scores.

本季度 DIRECTV 交易的結束是我們為重新定位 AT&T 而完成的又一重要步驟。我承認，這為比較分析帶來了一些額外的周期。隨著我們繼續這樣做，將有更少的活動部件以更好的可見性和清晰度進行評估。與此同時，重要的是不要忽視我們所取得的成功，將資金部署到我們的戰略重點領域。最重要的是，我們正在加快移動、光纖和 HBO Max 客戶的歷史增長率，客戶滿意度正在全面提高，客戶流失率降低，NPS 得分提高。

Mobility is delivering more postpaid phone customers on a rolling 12-month run rate than it has in the prior decade. Our Fiber products are recognized as best-in-class. As we expand our Fiber footprint, we're delivering a superior service and we're growing our share. We're already nearing the low end of our 2021 guidance for global HBO Max and HBO subscribers, despite our long planned intent to no longer seed customer control through Amazon's channels offering. Additionally, customer growth can be attributed in part to our ability to mine out significant cost savings from our operations and reinvest them back into the business. The results are driving Mobility and Consumer Wireline EBITDA growth that we expect to be complemented by margin expansion as our transformation work matures.

與過去十年相比，Mobility 以 12 個月的滾動運行率提供了更多的後付費電話客戶。我們的纖維產品被公認為一流的。隨著我們擴大我們的光纖足跡，我們正在提供卓越的服務並且我們正在擴大我們的份額。儘管我們長期以來計劃不再通過亞馬遜的渠道提供客戶控制權，但我們已經接近 2021 年全球 HBO Max 和 HBO 訂戶指南的低端。此外，客戶增長部分歸因於我們從運營中挖掘出可觀的成本節約並將其重新投資於業務的能力。結果正在推動移動和消費者有線 EBITDA 的增長，我們預計隨著我們的轉型工作的成熟，利潤率將得到擴張。

We have clear line of sight to achieving at least half of our $6 billion cost savings run rate target by the end of this year, driven by success with a number of initiatives that we believe also will support improving returns in the coming years. Whether they stem from nearly $1 billion of savings from streamlining our field operations, a similar level of savings from changes made to our procurement processes or $0.5 billion of savings from the rationalization of our retail store footprint, our focus on driving out inefficiencies is showing tangible results. These are just a few of the most significant programs underway. More initiatives that we expect will drive incremental savings and operating leverage are in the investment and implementation phase.

我們有明確的目標，在今年年底前實現我們 60 億美元的成本節約運行率目標的至少一半，這得益於我們認為也將支持未來幾年提高回報率的一系列舉措的成功。無論是通過簡化我們的現場運營節省了近 10 億美元，還是通過改變我們的採購流程而節省了類似水平的節省，或者通過合理化我們的零售店足跡而節省了 5 億美元，我們對消除低效率的關注正在顯現結果。這些只是正在進行的一些最重要的計劃。我們預計將推動增量儲蓄和運營槓桿的更多舉措正處於投資和實施階段。

Finally, as I mentioned, we've closed the DIRECTV transaction and continue to expect the WarnerMedia deal to close by midyear 2022. With these and other dispositions, we monetized or announced plans to monetize more than $55 billion of assets over the past year. The last 5 quarters have been a period of repositioning our business, while also delivering operational results, without repositioning nearing completion that will afford even more focus on continued execution and improved performance.

最後，正如我所提到的，我們已經完成了 DIRECTV 交易，並繼續預計 WarnerMedia 的交易將在 2022 年年中完成。通過這些和其他處置，我們在過去一年將超過 550 億美元的資產貨幣化或宣布計劃貨幣化。過去 5 個季度是我們重新定位業務的時期，同時也提供了運營成果，而重新定位尚未接近完成，這將使我們更加專注於持續執行和提高績效。

We're on track to reach our full year free cash flow guidance in the $26 billion range, and we expect to hit the high end of our adjusted EPS guidance. We're in the early innings of transforming the company and believe that we have significant opportunity ahead of us to expand share in our focus areas and drive better returns, including sustained earnings growth. We continue to strive to earn your confidence one quarter at a time, delivering operating performance and shows our momentum is real and sustainable.

我們有望達到 260 億美元的全年自由現金流指導，我們預計將達到調整後每股收益指導的高端。我們正處於公司轉型的早期階段，相信我們面前有很大的機會來擴大我們重點領域的份額並推動更好的回報，包括持續的盈利增長。我們將繼續努力一次一個季度地贏得您的信心，提供運營業績並表明我們的勢頭是真實和可持續的。

Let me now turn it over to Pascal to discuss the details of the quarter. Pascal?

現在讓我把它交給帕斯卡來討論本季度的細節。帕斯卡？

Thank you, John, and good morning, everyone. Before we get to our consolidated results, let's look at the progress in our market focus areas on Slide 5. As John mentioned, we continued our strong customer momentum in the third quarter with 928,000 postpaid phone net adds. That's our best net adds quarter in over 10 years. Customers like the strength of our network and our consistent, simple offers. Gross adds are up, churn is low, and we continue to take share and grow our customer base.

謝謝你，約翰，大家早上好。在我們得出綜合結果之前，讓我們看看幻燈片 5 上我們的市場重點領域的進展。正如約翰所說，我們在第三季度繼續保持強勁的客戶勢頭，增加了 928,000 部後付費電話。這是我們 10 多年來最好的淨增加季度。客戶喜歡我們強大的網絡和一致、簡單的優惠。總添加量增加，流失率低，我們繼續分享並擴大我們的客戶群。

Our Fiber base also continues to expand. Broadband revenues grew by more than 7%, and we now have 5.7 million AT&T Fiber customers, with 3.4 million of them on 1-gig connections. And we saw a sequential growth in our Fiber net adds with most of those new to AT&T.

我們的纖維基地也在繼續擴大。寬帶收入增長超過 7%，我們現在擁有 570 萬 AT&T 光纖客戶，其中 340 萬使用 1-gig 連接。我們看到我們的光纖網絡增加了連續增長，其中大多數是 AT&T 的新成員。

Let's now look at our HBO Max/HBO global subscribers. As we said last quarter, most of the subscriber additions for the remainder of the year are expected to come from our lower ARPU international base. We've reached nearly 70 million global subscribers, thanks to growth in our international markets. As previously announced, domestic subscribers were down due to our proactive decision to shut down the Amazon wholesale platform. This was partially offset by new wholesale relationships.

現在讓我們看看我們的 HBO Max/HBO 全球訂戶。正如我們上個季度所說，今年剩餘時間的大部分用戶增加預計將來自我們較低的 ARPU 國際基數。由於我們國際市場的增長，我們的全球訂戶已接近 7000 萬。正如之前宣布的那樣，由於我們主動決定關閉亞馬遜批發平台，國內用戶數量下降。這部分被新的批發關係所抵消。

Retail subscriber growth slowed down the timing of new content, but we expect retail subscriber growth to accelerate in the fourth quarter due to strong content slate. We have new seasons of success in the Curb Your Enthusiasm debuting, the return of Sex and the City as well as the much-anticipated premieres of Dune, King Richard and The Matrix: Resurrection. Given our upcoming content slate and expanding global footprint, we expect to end the year at the higher end of our year-end global subscriber target.

零售用戶增長放緩了新內容的發佈時間，但我們預計第四季度零售用戶增長將加速，因為內容強勁。我們在《遏制你的熱情》首映、《慾望都市》的回歸以及備受期待的《沙丘》、《理查德國王》和《黑客帝國：復活》的首映中取得了新的成功。鑑於我們即將推出的內容計劃和不斷擴大的全球足跡，我們預計年底將在我們的年終全球訂戶目標的較高端。

Now let's turn to Slide 6 for our consolidated financial results. The third quarter results reflect the closing of the DIRECTV transaction after the first month of the quarter. We're a smaller company today than we were at the beginning of the quarter, and that is reflected in our results. Excluding DIRECTV revenues, revenues were up about $1.7 billion or 5%, thanks to growth in our market-focused areas. Gains in Mobility, Warner Media and Consumer Wireline more than offset the clients in Business Wireline and from the disposition of other businesses.

現在讓我們轉到幻燈片 6 來了解我們的綜合財務結果。第三季度業績反映了本季度第一個月後 DIRECTV 交易的完成情況。與本季度初相比，我們今天是一家規模較小的公司，這反映在我們的業績中。由於我們以市場為中心的領域的增長，不包括 DIRECTV 收入，收入增長了約 17 億美元或 5%。移動、華納媒體和消費者有線的收益超過了商業有線的客戶和其他業務的處置。

Adjusted EPS for the quarter was $0.87. That's up more than 14% year-over-year. In addition to merger-amortization adjustments for the quarter, adjustments were made to exclude our proportionate share of DIRECTV intangible amortization, a gain on the sale of Playdemic and the an actuarial gain on benefit plans. When you exclude DIRECTV from both periods, adjusted EBITDA was up 3% year-over-year, mostly due to growth in Mobility and strong growth at WarnerMedia, reflecting partial recovery from the pandemic and the timing of sports costs.

本季度調整後的每股收益為 0.87 美元。同比增長超過 14%。除了本季度的合併攤銷調整外，還進行了調整以排除我們在 DIRECTV 無形攤銷中的比例份額、出售 Playdemic 的收益和福利計劃的精算收益。當您從兩個時期排除 DIRECTV 時，調整後的 EBITDA 同比增長 3%，主要是由於移動業務的增長和華納媒體的強勁增長，這反映了從大流行中部分恢復以及體育成本的時機。

Cash from operations came in at $9.9 billion for the quarter. Spending was up, both year-over-year and sequentially with CapEx of $4.7 billion and gross capital investments totaling $5.7 billion. Free cash flow was $5.2 billion, inclusive of year-over-year increases of $850 million in CapEx and $1.7 billion investment in WarnerMedia cash content. Year-to-date, our content investment has increased by more than $4 billion. Additionally, our leverage position also benefited from $10 billion in asset monetization in the quarter, including our DIRECTV-TPG transaction.

本季度的運營現金為 99 億美元。支出同比和環比均有所增長，資本支出為 47 億美元，總資本投資總額為 57 億美元。自由現金流為 52 億美元，其中包括同比增長 8.5 億美元的資本支出和對華納媒體現金內容的 17 億美元投資。年初至今，我們的內容投資增加了超過 40 億美元。此外，我們的槓桿頭寸還受益於本季度 100 億美元的資產貨幣化，包括我們的 DIRECTV-TPG 交易。

Let's now look at our segment operating results, starting with our Communication business on Slide 7. Our Mobility business continues to gain steam. Revenues were up 7% with service revenues growing 4.6%. Postpaid phone churn remained at record low levels, and we had record postpaid phone growth. Prepaid also continued to be a solid performer for us, especially our Cricket brand. We added 249,000 prepaid phones in the quarter. Prepaid phone churn is less than 3%, with Cricket churn even lower.

現在讓我們看看我們的分部經營業績，從幻燈片 7 上的通信業務開始。我們的移動業務繼續增長。收入增長 7%，服務收入增長 4.6%。後付費電話流失率保持在創紀錄的低水平，我們的後付費電話增長創歷史新高。 Prepaid 對我們來說也繼續表現出色，尤其是我們的 Cricket 品牌。我們在本季度增加了 249,000 部預付費電話。預付費電話的流失率低於 3%，而 Cricket 的流失率更低。

Mobility EBITDA is up nearly $300 million or 3.6% year-over-year, driven by growth in service revenues and transformation savings. We expect that growth to accelerate in the fourth quarter. This growth came even with increased volumes, 3G shutdown costs of nearly $200 million, higher costs associated with the return of the iPhone launch into the third quarter and without a material return in international roaming. We expect similar quarterly 3G shutdown costs through the first quarter of 2022.

在服務收入增長和轉型節省的推動下，移動性 EBITDA 同比增長近 3 億美元或 3.6%。我們預計第四季度增長將加速。即使在數量增加、3G 關閉成本接近 2 億美元、與 iPhone 回歸第三季度推出相關的成本增加以及國際漫遊沒有實質性回報的情況下，這種增長也是如此。我們預計到 2022 年第一季度會有類似的季度 3G 關閉成本。

Business Wireline continues to deliver consistent margins in the high 30s and solid EBITDA. The business did see some difficult year-over-year comparison, given pandemic-related benefits experienced last year. We have been very aggressive in proactively rationalizing our portfolio of low-margin products. This creates incremental pressure on our near-term revenues. But at the same time, it allows us to focus on our core network and transport services products. It will take several quarters for us to work through this initiative. But as we lap the beginning of this process that began late last year, we should see improving revenue trends in Business Wireline.

Business Wireline 繼續提供穩定的 30 多歲利潤率和穩健的 EBITDA。鑑於去年與大流行相關的好處，該業務確實看到了一些困難的同比比較。我們一直非常積極地主動合理化我們的低利潤率產品組合。這對我們的近期收入造成了越來越大的壓力。但與此同時，它使我們能夠專注於我們的核心網絡和傳輸服務產品。我們需要幾個季度才能完成這項計劃。但隨著我們從去年年底開始的這一過程開始，我們應該會看到商業有線的收入趨勢有所改善。

Our Fiber growth was solid. We had our highest Fiber gross adds ever, and we continue to win share wherever we have fiber. We added 289,000 Fiber customers in the quarter, and more than 70% of Fiber net adds are new AT&T broadband customers, and this gives us great confidence as we continue to build out our fiber footprint.

我們的纖維增長穩健。我們擁有有史以來最高的纖維總添加量，並且無論我們在哪裡擁有纖維，我們都將繼續贏得份額。我們在本季度新增了 289,000 家光纖客戶，超過 70% 的光纖淨新增客戶是新的 AT&T 寬帶客戶，這給了我們極大的信心，因為我們將繼續擴大我們的光纖足跡。

Last quarter, we reached a major inflection point in our Consumer Wireline business, where broadband revenue growth now surpasses legacy declines. Total Consumer Wireline revenues are up again this quarter, growing 3.4%. This quarter also reached an inflection point on broadband profit as EBITDA grew 3.8%. We expect sequential EBITDA growth in the fourth quarter, but it will be a tougher year-over-year comparison due to a onetime pandemic-related benefit in last year's fourth quarter.

上個季度，我們的消費者有線業務達到了一個重要的轉折點，寬帶收入的增長現在超過了傳統的下降。本季度消費者有線總收入再次增長，增長 3.4%。本季度寬帶利潤也達到拐點，EBITDA 增長 3.8%。我們預計第四季度的 EBITDA 將連續增長，但由於去年第四季度曾經與大流行相關的收益，與去年同期相比將更加艱難。

Let's move to WarnerMedia results, which are on Slide 8. WarnerMedia revenues were up 14%, led by strong DTC growth and content licensing. Direct-to-Consumer subscription revenues grew about 25%, reflecting the continued success of HBO Max. Content and other revenues were up 32%, reflecting higher TV licensing and the recovery of TV production and theatrical releases.

讓我們來看一下幻燈片 8 上的華納媒體業績。華納媒體的收入增長了 14%，這得益於強勁的 DTC 增長和內容許可。直接面向消費者的訂閱收入增長了約 25%，反映了 HBO Max 的持續成功。內容和其他收入增長了 32%，這反映了更高的電視許可以及電視製作和戲劇發行的複蘇。

Advertising revenues were down nearly 12%, mostly due to the timing of sports. You may recall that the prior year third quarter included the restart of the NBA Season and the playoffs, which returned to a more traditional schedule this year. This lowered sports cost in the quarter, which helped WarnerMedia grow EBITDA by 13.5%.

廣告收入下降了近 12%，主要是由於體育的時間安排。你可能還記得，去年第三季度包括了 NBA 賽季和季后賽的重啟，今年又回到了更傳統的賽程。這降低了本季度的體育成本，幫助華納媒體將 EBITDA 增長了 13.5%。

The third quarter also included the impact of more than $200 million in DIRECTV advertising revenue sharing costs. With the close of the DIRECTV transaction, WarnerMedia continues to represent and sell DIRECTV's advertising inventory and now compensates DIRECTV through a revenue-share arrangement. This revenue share is now recorded as an expense to WarnerMedia.

第三季度還包括超過 2 億美元的 DIRECTV 廣告收入分成成本的影響。隨著 DIRECTV 交易的完成，WarnerMedia 繼續代理和銷售 DIRECTV 的廣告庫存，現在通過收入分成安排來補償 DIRECTV。該收入份額現在記錄為華納媒體的費用。

We launched HBO Max in Latin America late June and have had incredible success. And next week, we are launching new international markets in Spain and the Nordic region, with more new markets to come in 2022.

我們於 6 月底在拉丁美洲推出了 HBO Max，並取得了令人難以置信的成功。下週，我們將在西班牙和北歐地區推出新的國際市場，並在 2022 年推出更多新市場。

Now before we get to your questions, just a few words about guidance. 3 quarters into the year, we feel good about customer momentum and where we stand relative to our guidance provided last quarter. With our strong performance, we now expect full year adjusted EPS to be at the high end of our previous guidance of low- to mid-single-digit growth range. And that's with significant costs expected to be incurred in launching HBO Max in Europe. Additionally, we expect more than $350 million of advertising sharing costs associated with WarnerMedia's new advertising sharing arrangement with DIRECTV as well as continued costs associated with shutting down our 3G network.

現在，在我們回答您的問題之前，請先談談指導。進入今年 3 個季度，我們對客戶的發展勢頭以及相對於我們上季度提供的指導的立場感到滿意。憑藉我們強勁的表現，我們現在預計全年調整後每股收益將處於我們之前的低至中個位數增長范圍指導的高端。預計在歐洲推出 HBO Max 會產生巨大的成本。此外，我們預計華納媒體與 DIRECTV 的新廣告共享安排相關的廣告共享成本將超過 3.5 億美元，以及與關閉我們的 3G 網絡相關的持續成本。

Also keep in mind, last year's fourth quarter benefited from the advertising associated with the U.S. presidential election. And as mentioned earlier, we are on track with our free cash flow target of around $26 billion as well.

另請記住，去年第四季度受益於與美國總統大選相關的廣告。如前所述，我們的自由現金流目標也有望達到 260 億美元左右。

In addition to the fourth quarter being a traditionally stronger free cash flow quarter, we expect the FirstNet reimbursement of approximately $1 billion, lower year-over-year cost from the iPhone launch moving up to the third quarter this year and DIRECTV cash distribution of approximately $800 million.

除了第四季度是傳統上更強勁的自由現金流季度外，我們預計 FirstNet 報銷約 10 億美元，iPhone 發佈到今年第三季度的同比成本下降，DIRECTV 現金分配約為8億美元。

Amir, that's our presentation. We're now ready for the Q&A.

阿米爾，那是我們的介紹。我們現在準備好進行問答了。

Thank you, Pascal. Operator, we're ready to take the first question.

謝謝你，帕斯卡。接線員，我們準備回答第一個問題。

And our first question today comes from the line of John Hodulik with UBS.

我們今天的第一個問題來自瑞銀的 John Hodulik。

Great. With the inflection in the consumer market, the business segment is clearly what's keeping the communications business from generating positive EBITDA. And I know you guys had some tough comps. And Pascal, thanks for the comments on the revenue growth improvement. But when can we see -- start to see some EBITDA improvement? Any sort of color or granularity you can give there that get us to the point where the Communications business is growing EBITDA?

偉大的。隨著消費市場的變化，業務部門顯然是阻礙通信業務產生正 EBITDA 的原因。我知道你們有一些艱難的比賽。還有帕斯卡，感謝您對收入增長改善的評論。但是我們什麼時候可以看到 - 開始看到一些 EBITDA 改善？您可以在此處提供任何類型的顏色或粒度，以使我們達到通信業務增長 EBITDA 的程度？

And then maybe for Jason, can you give us any color on the AVOD launch this summer? And it looks like you guys added 6 million to 7 million HBO Max subs globally, if you net out the Amazon losses. Is that -- a, is that in the ballpark; and b, does the content release schedule that you guys mentioned, does it allow you to sort of build on that number as we go into the last quarter of the year?

然後對於 Jason，你能給我們介紹一下今年夏天推出的 AVOD 嗎？如果你扣除亞馬遜的損失，看起來你們在全球增加了 600 萬到 700 萬 HBO Max 訂閱。那是-a，是在球場上嗎？ b，你們提到的內容髮佈時間表是否允許你們在我們進入今年最後一個季度時以這個數字為基礎？

John, let me start before Jason jumps in. Overall, here's the way to think about it. We haven't given specific guidance on the overall communications company yet, which is what I think you're asking about. But I said in my commentary that we expect Mobility, the biggest part of our business, to accelerate growth from here. I also said that, well, sequentially, we have some tough comps for the fourth quarter in Consumer Wireline, we expect sequential growth in that business.

約翰，讓我在傑森加入之前開始。總的來說，這是思考的方式。我們還沒有對整個通信公司給出具體的指導，我認為這就是你要問的。但我在評論中說，我們預計移動性，我們業務的最大部分，將從這裡加速增長。我還說過，我們在第四季度的消費者有線網絡方面有一些艱難的競爭，我們預計該業務將連續增長。

Business Wireline, we talked about some of the issues we're facing. So when you think about all those things, you should get a sense that, from here, the momentum of the business continues, and we feel really good about it. Our customers are growing. Our revenues are growing, and we continue to take costs out of the business. So over time, it's going to translate to improvement in not only top line, but we will see profit growth.

商業有線，我們談到了我們面臨的一些問題。因此，當您考慮所有這些事情時，您應該感覺到，從這裡開始，業務的勢頭仍在繼續，我們對此感覺非常好。我們的客戶正在增長。我們的收入正在增長，我們繼續從業務中降低成本。因此，隨著時間的推移，它不僅會轉化為收入的改善，而且我們將看到利潤增長。

John, I'll jump in. This is Jason on the AVOD question, which is we've been happy with the launch, which was in June of this year. So this is the first full quarter. And we're happy not just in terms of the absolute response, in terms of subscribers, but also because advertising helps lower the price and increase the value for an HBO Max subscription. So we see it as rather strategic, and we're very excited about where that goes.

約翰，我會加入。我是 Jason 的 AVOD 問題，我們對今年 6 月的發布很滿意。所以這是第一個完整的季度。我們很高興不僅在絕對響應方面，在訂閱者方面，而且因為廣告有助於降低價格並增加 HBO Max 訂閱的價值。所以我們認為它具有相當的戰略意義，我們對它的發展方向感到非常興奮。

One thing that is interesting to note, John, is that until the end of the year, there is a slight difference in the product of ad-supported HBO Max in that the movie, specifically Matrix, King Richard and Dune, are not part of the ad-supported offering. So there will be full content parity starting in late January of 2022. So we're very happy with the results, and we're quite excited about the future as well.

約翰，值得注意的一件事是，直到今年年底，廣告支持的 HBO Max 的產品略有不同，因為這部電影，特別是 Matrix、King Richard 和 Dune，不屬於廣告支持的產品。因此，從 2022 年 1 月下旬開始將實現完整的內容平等。所以我們對結果非常滿意，我們也對未來感到非常興奮。

And then you also asked about our results. If you assume taking into account the Amazon Prime video channels exit, we haven't commented specifically on the size of the subscribers coming from Amazon Prime video channels. But I think it's safe to say that we're very happy with the quarter. When you think about how we've grown 1.9 million worldwide, and even when you think about the Amazon exit, which we think is a very strategic decision that 3 companies really have made so far, which includes Disney and Netflix being the other two, we feel very good about the quarter.

然後您還詢問了我們的結果。如果您假設考慮到亞馬遜 Prime 視頻頻道的退出，我們沒有具體評論來自亞馬遜 Prime 視頻頻道的訂閱者的規模。但我認為可以肯定地說我們對這個季度非常滿意。當您考慮我們如何在全球範圍內增長了 190 萬時，甚至當您考慮退出亞馬遜時，我們認為這是迄今為止 3 家公司真正做出的非常戰略性的決定，其中包括迪士尼和 Netflix 是另外兩家，我們對這個季度感覺很好。

Our next question comes from the line of Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

I wonder if you could talk on your view on the wireless industry. Clearly, your business, you've talked about is accelerating. But there's a thesis out there that there are huge subsidies in -- for consumers that are damaging industry health. Do you think investors are wrong on that and that the wireless industry is healthy? And with churn load, does it make sense to back off a bit on growth to push margin?

我想知道您能否談談您對無線行業的看法。顯然，您談到的業務正在加速發展。但是有一個論點認為，對於損害行業健康的消費者，有巨額補貼。你認為投資者在這方面是錯誤的，無線行業是健康的嗎？考慮到客戶流失率，降低增長以提高利潤率是否有意義？

Phil, this is Jeff. To address that question, I kind of back out for a second and look at the health of our Wireless business in the context of the overall industry and to tell you that our strategy is working here at AT&T. As we demonstrated, it's the fifth consecutive quarter where we have driven some momentum and gaining share. Our net add strength here in the quarter at 928,000. And that compares to what we have produced back in 2019 in the third quarter of 101,000. And we're driving strong service revenue growth, and we just posted the largest total EBITDA that we've generated out of the Wireless business segment.

菲爾，這是傑夫。為了解決這個問題，我有點退後一步，看看我們無線業務在整個行業背景下的健康狀況，並告訴你我們的戰略在 AT&T 正在發揮作用。正如我們所展示的，這是我們連續第五個季度推動了一些勢頭並獲得了份額。我們在本季度的淨增加量為 928,000。相比之下，我們在 2019 年第三季度生產了 101,000 台。我們正在推動強勁的服務收入增長，我們剛剛發布了我們從無線業務部門產生的最大的 EBITDA 總額。

The best part about it, Phil, is that our customers are telling us that we're doing a good job. This churn levels that are low are a signal to the service and the value that we're offering. And our NPS feedback that we've received is the highest that we've ever received.

菲爾，最好的部分是我們的客戶告訴我們我們做得很好。這種低流失率是服務和我們提供的價值的信號。我們收到的 NPS 反饋是我們收到的最高的。

The sustainability of what we've done here in AT&T, I think, is really important to understand more broadly. It's a question that keeps coming up about our growth relative to competition in the general market. It's important to note that we've optimized our distribution channels. We've expanded the reach of it, and we're now addressing new segments that we were not addressing earlier, and that's helping us drive some of our customer momentum.

我認為，我們在 AT&T 所做的工作的可持續性對於更廣泛地理解非常重要。關於我們相對於一般市場競爭的增長，這是一個不斷提出的問題。值得注意的是，我們已經優化了我們的分銷渠道。我們已經擴大了它的範圍，我們現在正在解決我們之前沒有解決的新細分市場，這有助於我們推動一些客戶的發展勢頭。

But in combination to that, Phil, we've simplified our rate plans, and we remain consistent in our offers to the market over the last 13 months, if you will. And this really enables the AT&T frontline team members to master their craft, deliver a higher level of service. And that -- this can't be overlooked. This is a key component to what's driving momentum for us at AT&T in our business.

但綜合起來，菲爾，我們已經簡化了我們的費率計劃，如果你願意的話，我們在過去 13 個月中向市場提供的報價保持一致。這確實使 AT&T 一線團隊成員能夠掌握他們的技能，提供更高水平的服務。而且——這不能被忽視。這是推動 AT&T 業務發展勢頭的關鍵組成部分。

I'd also point to things like our FirstNet program. We're starting to reach some scale here. Third quarter, we posted the highest net-add quarter since launching the program. And we've arrived at a position of leadership and strength in the law enforcement segment under that public safety sector. And so all in all, it's been the operational changes that we've made at AT&T that has driven really strong momentum in our customer counts.

我還要指出我們的 FirstNet 計劃之類的東西。我們開始在這里達到一定的規模。第三季度，我們發布了自啟動該計劃以來最高的淨增加季度。我們已經在公共安全部門的執法部門處於領導地位和實力地位。總而言之，正是我們在 AT&T 所做的運營變革推動了我們客戶數量的強勁增長。

The promotions that you referred to, there's an aspect of promotions that's just one element of this broader strategy. And it's important to note that not all of our customers that are with us, that upgrade or that join us from competitors, take advantage of the promotional offers that you see in the market. We've been at this for a little over a year now. And I can tell you that I've studied the characteristics of the customers that have taken the promotion versus those that have not taken the promotion in our customer base.

您提到的促銷活動，促銷活動的一個方面只是這個更廣泛戰略的一個要素。重要的是要注意，並非所有與我們在一起、升級或從競爭對手那裡加入我們的客戶，都會利用您在市場上看到的促銷優惠。我們已經在這方面工作了一年多一點。我可以告訴你，我已經研究了我們客戶群中接受促銷的客戶與未接受促銷的客戶的特徵。

And here's what I can tell you, that those that have participated in our promotional offers have a higher LTV, a better churn and a higher satisfaction score than those that have not. And so we know this is driving accretive value. The industry is healthy. And better than that, the new accounts to AT&T, those that are joining us from our competitors, they exhibit the same kind of characteristics in their financials, higher LTVs, better churn and higher satisfaction than our base.

我可以告訴你的是，那些參與了我們促銷活動的人比那些沒有參與的人擁有更高的 LTV、更好的客戶流失和更高的滿意度得分。所以我們知道這正在推動增值。這個行業是健康的。比這更好的是，AT&T 的新客戶，那些從我們的競爭對手那裡加入我們的客戶，它們在財務狀況、更高的 LTV、更好的客戶流失和更高的滿意度方面表現出與我們的基礎相同的特徵。

So it's not just that we are adding more customers. We know, based on these metrics that we see, that we're adding high-value customers. And don't believe that this is driven uniquely by any kind of subsidy or extra cash flow that happens to be in the marketplace of the general market. It's also, I think, important, Phil, to note that the cost of these promotions as one element of our strategy, it runs through our service revenue. The cost of those promotions run through that in amortization. And so for us to be able suppose this kind of growth in the quarter in this competitive market and drive this kind of solid performance in subscriber revenue, accounting for any cost of the promotions, gives us confidence that we are accreting value. I would take this kind of quarter all day long in a competitive market, and I'm certain that our shareholders are going to be happy with it.

所以這不僅僅是我們增加了更多的客戶。我們知道，根據我們看到的這些指標，我們正在增加高價值客戶。並且不要相信這是由恰好在一般市場上的任何形式的補貼或額外現金流所驅動的。菲爾，我認為，重要的是要注意這些促銷的成本作為我們戰略的一個要素，它貫穿我們的服務收入。這些促銷的成本貫穿於攤銷中。因此，我們能夠在這個競爭激烈的市場中假設本季度的這種增長並推動用戶收入的這種穩健表現，考慮到促銷的任何成本，讓我們相信我們正在增加價值。在競爭激烈的市場中，我會整天接受這樣的季度，我相信我們的股東會對此感到滿意。

And Phil, I'd just add on that. We're not participating or taking EBB dollars on our postpaid subscribers. And I would say in terms of telecommunications, in general, and the health, there's clearly a stronger consumer out there because of some of the things that the federal government has done with the pandemic, the prop-up household income, and that's not -- can't last forever.

菲爾，我想補充一下。我們不會為我們的後付費用戶參與或收取 EBB 美元。我想說的是，總的來說，在電信和健康方面，由於聯邦政府在大流行病中所做的一些事情，支撐家庭收入，顯然有更強大的消費者，而那不是 - - 不可能永遠持續下去。

However, if you kind of examine where we are in the infrastructure bill, and you think about what is moving from a federal policy perspective on building better infrastructure, whether or not Congress gets that through, of course, is a question. But if you work under assumption that there seems to be some bipartisan view that we need to do the right things around infrastructure, and then broadband and connectivity to the Internet seems to come at the top of the list. I would expect that there's going to be some more federal money that moves into the industry next year. And some of it comes in the form of a direct subsidy to what's considered to be low-income households. That definition of low-income households is a fairly generous definition. It's 200% of the poverty line of the bill that was proposed or written.

但是，如果您檢查一下我們在基礎設施法案中的位置，並且您從聯邦政策的角度考慮在建設更好的基礎設施方面正在發生什麼變化，那麼國會是否通過，當然是一個問題。但是，如果您假設似乎有一些兩黨觀點認為我們需要圍繞基礎設施做正確的事情，那麼寬帶和互聯網連接似乎排在首位。我預計明年會有更多的聯邦資金進入該行業。其中一些以直接補貼的形式提供給被認為是低收入家庭的人。低收入家庭的定義是一個相當寬泛的定義。這是提議或編寫的法案貧困線的 200%。

So when you start thinking about that, does that mean that a household, at least in terms of making decisions on telecommunications purchases, might be in a strong perspective next year? The economy continues to be reasonably strong. I don't worry about all of a sudden seeing a reversal or turn around the aggregate spending power on telecommunication services.

那麼，當您開始考慮這一點時，這是否意味著一個家庭，至少在做出電信購買決策方面，明年可能會處於強勢地位？經濟繼續相當強勁。我不擔心突然看到逆轉或扭轉電信服務的總消費能力。

I appreciate the depth of your answer. I would only follow up. And Jeff, I think everybody has been pretty impressed with the results of AT&T over the last year. I would only follow up that the market is telling you that investors don't believe it, not necessarily about AT&T, but look at the stock price of AT&T, Verizon and T-Mobile together. And investors are discounting the terminal value of these companies pretty massively. And so more detail on that over time might be really helpful.

我很欣賞你的回答的深度。我只會跟進。傑夫，我認為每個人都對 AT&T 去年的業績印象深刻。我只會跟進市場告訴你投資者不相信它，不一定是關於 AT&T，而是看看 AT&T、Verizon 和 T-Mobile 的股價。投資者正在大量打折這些公司的最終價值。所以隨著時間的推移，更多的細節可能真的很有幫助。

Well, I think our job is to do what we say we're going to do each quarter and continue to meet our commitments and carry it through. And ultimately, over time that when the cash shows up, it tends to get reflected in the stock price.

好吧，我認為我們的工作是按照我們所說的每個季度要做的事情，並繼續履行我們的承諾並貫徹執行。最終，隨著時間的推移，當現金出現時，它往往會反映在股價中。

And our next question comes from the line of Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simon Flannery。

Thanks for the update on the WarnerMedia transaction. I wonder if you could give us a little bit more on when we might learn more at the final structure of the deal of the dividends policy, et cetera? Any color there would be great. And then on the supply chain, can you just revisit the fiber build pacing on the [2.5] million. And just general commentary on what you're seeing in the supply chain and how that's impacting both fiber and 5G rollouts.

感謝 WarnerMedia 交易的更新。我想知道你是否可以給我們更多關於何時我們可以了解更多關於股息政策等交易的最終結構的信息？任何顏色都會很棒。然後在供應鏈上，你能否重新審視一下光纖的構建速度，以 [2.5] 萬美元計算。並且只是對您在供應鏈中看到的情況以及這如何影響光纖和 5G 部署的一般性評論。

Sure, Simon. So it's nice to hear you. Thanks for joining us today. The general progress on the deal, I think, is consistent with what we would have expected as we walked into it. As we indicated in our opening remarks, we're moving through the steps with the various regulatory agencies, both domestically in the U.S. and outside the U.S. Those processes are moving along at the pace we would have expected and don't see any surprises around it. As you might guess, regulatory agencies are doing their typical overview around that. And we feel really comfortable around the back and forth and what's been produced, the time lines and the milestones we've hit around those things.

當然，西蒙。所以很高興聽到你的聲音。感謝您今天加入我們。我認為，該交易的總體進展與我們在進入該交易時的預期一致。正如我們在開場白中指出的那樣，我們正在與美國國內和美國以外的各種監管機構一起完成這些步驟。這些流程正在按照我們預期的速度進行，並且沒有看到任何意外它。正如您可能猜到的那樣，監管機構正在圍繞這一點進行典型的概述。我們對來回和製作的內容、時間線和我們圍繞這些事情達成的里程碑感到非常自在。

I would not expect that we would be giving details around kind of our view of the construct of the deal until we're a little further along in that process, and we have some degree of visibility that we know that there's going to be a positive affirmation of the deal coming out. And we're getting into that, let's call it the window, where we know we're in the final back and forth to try to get either a consent decree or approval, whichever comes out of it, to get the transaction moving forward.

我不希望我們會提供有關我們對交易結構的看法的細節，直到我們在這個過程中走得更遠一些，並且我們有一定程度的可見性，我們知道這將是積極的確認交易出來。我們正在進入那個階段，讓我們稱之為窗口，我們知道我們正處於最後的來回狀態，試圖獲得同意法令或批准，無論哪個結果出來，以推動交易向前發展。

You probably have been around the deal long enough to know that we're not at that point right now, and we're probably not going to be at that point until we get into the early part of next year. And once we have some visibility around that and we can step back at that moment, look at where the stock price is, how things are standing in the market at that point in time, and we're starting to get down to that window where people would need to make a decision, then we'll be giving you some visibility around what we think the right path forward is around that. And obviously, we want to see what also transpires here in Washington over the next couple of months. There's chances that policy may change around how different types of distributions or different approaches get taxed. And all that has to be factored into our overall equation of how do we get value back into the shareholders' pocket in the right way. And the more information we have around that, the better informed that will be, and I think the better it will be for shareholders as they move through it. But of course, there'll be notice. before we close the transaction. I just wouldn't expect that it's going to be months and months and months before we close the transaction because we obviously want some degree of regulatory certainty.

您可能已經了解這筆交易足夠長的時間了，知道我們現在還沒有到那個時候，而且在我們進入明年年初之前，我們可能不會達到那個時候。一旦我們對此有所了解，我們可以在那一刻退後一步，看看股價在哪裡，當時市場上的情況如何，我們開始進入那個窗口人們需要做出決定，然後我們將讓您了解我們認為正確的前進道路。顯然，我們想看看接下來幾個月在華盛頓還會發生什麼。政策可能會圍繞不同類型的分配或不同方法的徵稅方式發生變化。所有這些都必須考慮到我們如何以正確的方式將價值帶回股東口袋的整體方程式中。我們掌握的信息越多，信息就會越好，我認為股東通過它時會更好。但當然，會有通知。在我們關閉交易之前。我只是不希望在我們完成交易之前需要數月和數月，因為我們顯然需要一定程度的監管確定性。

And where we are with the build, what the first thing I would probably share with everybody is, we're on this path to substantially increase our fiber footprint. And that stretches across both our consumer and our business base. And I think as you've known from past history, this is -- it's not uncommon for us to go through these ramps of infrastructure builds. We've done it many times before. We've recently been through one where we went through a multiyear ramp on fiber builds that we kind of started executing around the 2015 time frame. They always, as you move through the front end of them, have a few moments where they're a little bit lumpy and a little bit rocky because that's the nature of it. These are inherently large civil construction projects, and they're spread out across many municipalities. And there's many permitting agencies and all kinds of things that go on in getting everybody kind of ginned up and ready to go at scale, sometimes take some steps. But at the end of the day, we always get there.

我們在哪裡構建，我可能會與大家分享的第一件事是，我們正在這條道路上大幅增加我們的光纖足跡。這涵蓋了我們的消費者和我們的業務基礎。而且我認為正如你從過去的歷史中所知道的那樣，這是 - 我們經歷這些基礎設施建設的坡道並不少見。我們以前做過很多次。我們最近經歷了一次，我們在光纖構建方面經歷了多年的斜坡，我們開始在 2015 年左右的時間框架內執行。當你穿過它們的前端時，它們總是會有一些時刻，它們有點凹凸不平，有點崎嶇不平，因為這就是它的本質。這些本質上是大型民用建築項目，分佈在許多城市。並且有許多許可機構和各種各樣的事情正在讓每個人都做好準備並準備大規模開展，有時會採取一些措施。但在一天結束時，我們總是能到達那裡。

And I think what's important for the investors to understand is we're on this march to get ourselves into a position where we can deploy fiber at scale and move from where we are right now, which is we won an objective of about 3 million passings a year, and we'll ultimately probably ramp that into 5. But we're looking at other options to see if there's capital efficient ways for us to even take that up a little bit further and do more, but we will get there. And I would ask that we probably not rotate on any given 90-day period as to whether or not it was a good 90 days or a bad 90 days. It's a question around whether or not we scale this up and get to the point that we're starting to deliver new homes into the inventory in a regular fashion. And I'm absolutely convinced that the organization is doing that.

我認為對於投資者來說重要的是要理解我們正在這個過程中讓自己進入一個可以大規模部署光纖並從我們現在的位置轉移的位置，這就是我們贏得了大約 300 萬次通過的目標一年，我們最終可能會將其增加到 5 個。但我們正在尋找其他選擇，看看是否有資本有效的方式讓我們更進一步，做更多的事情，但我們會到達那裡。而且我會問，我們可能不會在任何給定的 90 天期間輪換來判斷它是好的 90 天還是壞的 90 天。這是一個關於我們是否擴大規模並達到我們開始以常規方式將新房屋交付到庫存中的問題。我絕對相信該組織正在這樣做。

Are we seeing some supply stress right now in certain places as part of the reason why we guided down to 2.5 million this year? The answer to that is yes. It's coming in interesting places. But the great news is when you're the scale player in the market, we work through those faster and with the preferred position than others. And we're seeing that occur, whether it's chipsets for gateways and homes that are necessary to put a WiFi infrastructure and a modem in place. Or it's fiber components that are necessary or access to civil engineering, I think we're working through all those in a respectable fashion.

我們現在是否在某些地方看到一些供應壓力，這是我們今年將產量降至 250 萬的部分原因？答案是肯定的。它出現在有趣的地方。但好消息是，當您是市場上的規模參與者時，我們會比其他人更快地解決這些問題，並且處於首選位置。而且我們看到這種情況正在發生，無論是用於網關和家庭的芯片組，都是部署 WiFi 基礎設施和調製解調器所必需的。或者是必要的纖維組件或土木工程，我認為我們正在以一種受人尊敬的方式解決所有這些問題。

I can give you an example right now. One of the reasons that we had to kind of deal with a guide down was one of our fiber providers was struggling a little bit and getting us the prefabricated portions of the infrastructure that go out into the distribution plan, the last mile, if you will, the parts that go up and down alleys and streets that ultimately connect homes into the network. And there's preassembled components that come in that are pretty spliced, that are put out into the network as we receive them from the manufacturer. We have worked through a lot of those issues, and we, in fact, have an awful lot of that infrastructure, if not all of the 2.5 million that will be placed.

我現在可以給你舉個例子。我們不得不處理向下引導的原因之一是我們的一家光纖供應商有點掙扎，讓我們將基礎設施的預製部分納入分配計劃，最後一英里，如果你願意的話，上下小巷和街道的部分，最終將家庭連接到網絡中。還有一些預組裝的組件，它們非常拼接，當我們從製造商那裡收到它們時，它們就會被放入網絡中。我們已經解決了很多這樣的問題，事實上，我們擁有非常多的基礎設施，如果不是全部將放置的 250 萬的話。

But there is a connector piece of that infrastructure that moves from the optical node that ultimately ties that into the distribution neighborhood, which we're running a little bit short on right now. And it's literally a very small section of fiber that splices in the larger distribution. It's frankly the larger distribution that's harder to deploy. There's more labor hours in it. It's what requires more permits and more activity out in neighborhoods, but it's that little connector piece, and we're a little bit short on right now. We're working through with the manufacturer in a collaborative way. We have a lot of plans in place to get that done and get the work completed. But it's one of those things where it's going to be nip and tuck right up until the end of everything we put in.

但是該基礎設施的連接器部分從光學節點移動，最終將其連接到分佈鄰域，我們現在有點不足。它實際上是一小部分光纖，拼接在更大的分佈中。坦率地說，更大的發行版更難部署。裡面有更多的勞動時間。這需要更多的許可和更多的社區活動，但它是那個小連接件，我們現在有點短缺。我們正在以合作的方式與製造商合作。我們制定了很多計劃來完成這項工作並完成工作。但這是其中一件事，它會一直被夾住，直到我們投入的所有東西結束。

But if for some reason, we fall a little short on that, we're not talking about missing the substantial portion of the labor. We're talking about missing a connector that has to be put in that can bring up a lot of houses every time we put 1 more of those in on the network. So we feel good about the ramp. We're going to continue to ramp, and we're going to continue to give you insights to the new homes that are coming in. And we also believe, we're in a very unique position, given that we're the largest provider and builder of fiber out there right now that we're in strength in the industry and what we can command in that supply chain, and we've secured the right kind of relationships to get that done.

但是，如果由於某種原因，我們在這方面有所欠缺，我們並不是在談論錯過大部分勞動力。我們正在談論缺少一個必須放入的連接器，每次我們在網絡上再放 1 個房屋時，它都會帶來很多房屋。所以我們對坡道感覺很好。我們將繼續增加，我們將繼續為您提供有關即將到來的新房屋的見解。而且我們也相信，鑑於我們是最大的，我們處於非常獨特的位置光纖的供應商和製造商目前在該行業中具有實力，並且我們可以在該供應鏈中掌握什麼，並且我們已經建立了正確的關係來完成這項工作。

And our next question comes from the line of Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

And 2 more for Jason. So last month at our Communacopia Conference, David Zaslav indicated that they would likely be taking a bit of a more targeted approach to deploying Discovery+ ahead of the merger closing. I'm curious, have you or do you intend to modify the rollout or go-to-market plans on HBO Max ahead of the merger? And if so, can you give us an example of what that means? I guess I'm just curious whether the current run rate of subscriber growth might actually understate the underlying momentum of the business, if you were going to market the way you would expect after the merger.

傑森還有 2 個。因此，上個月在我們的 Communacopia 會議上，David Zaslav 表示，他們可能會在合併結束之前採取更有針對性的方法來部署 Discovery+。我很好奇，您是否打算在合併之前修改 HBO Max 的推出或上市計劃？如果是這樣，你能給我們舉個例子來說明這意味著什麼嗎？我想我只是好奇當前的用戶增長速度是否真的低估了業務的潛在動力，如果你打算在合併後以你所期望的方式進行營銷。

And then the second question is, you're nearly a year into this day-and-date strategy with HBO Max and theaters. I'm curious, what you've learned maybe the biggest surprise. And then more broadly, how has this experience shape your view on the role of theatrical distribution in sort of a post-COVID DTC-driven world?

然後第二個問題是，你對 HBO Max 和影院的這種日常策略已經有將近一年的時間了。我很好奇，你學到的可能是最大的驚喜。然後更廣泛地說，這段經歷如何塑造了您對影院發行在某種後 COVID DTC 驅動的世界中的作用的看法？

Sure thing, Brett. I very much appreciate the questions. In terms of your first question, our approach is consistent with what our approach was a quarter ago, 2 quarters ago, 3 quarters ago. And what I mean by that is that, for us, it's business as usual. We're going to be launching in 6 countries next week in Europe, and we're very excited about that. And we've also publicly announced a number of other European country launches in 2022. So our approach is very much what it had been before. And we're excited, if you take a look at the Latin America results, what expansion across the globe can bring.

當然，布雷特。我非常感謝這些問題。關於你的第一個問題，我們的方法與我們一個季度前、兩個季度前、三個季度前的方法是一致的。我的意思是，對我們來說，一切照舊。我們將於下週在歐洲的 6 個國家推出，對此我們感到非常興奮。我們還公開宣布了 2022 年在其他一些歐洲國家推出的產品。所以我們的方法與以前非常相似。我們很興奮，如果你看看拉丁美洲的結果，全球擴張會帶來什麼。

In terms of your second question about our motion picture slate and what have we learned. I'll state the obvious, which is not unique to us, is that we're in the middle of a pandemic, and a pandemic obviously presents very unique circumstances. And as you know well, we have been very much leading in the first over the wall, so to speak, in terms of bringing our 2021 slate to customers in a way that can work for them, but also work for exhibition and work for our participants. And so what we've learned is that motion pictures continue to matter. We believe they're going to matter for decades to come, and we're proudly investing in them.

關於你關於我們的電影片以及我們學到了什麼的第二個問題。我要說明的不是我們獨有的顯而易見的情況是，我們正處於大流行之中，而大流行顯然呈現出非常獨特的情況。如您所知，我們在第一次翻牆方面一直處於領先地位，可以這麼說，在以一種既適合他們的方式將我們的 2021 年產品展示給客戶，同時也為展覽和為我們的工作而努力方面參與者。所以我們了解到，電影仍然很重要。我們相信它們將在未來幾十年發揮重要作用，我們自豪地投資於它們。

In terms of the road forward, we've committed to 2022, and that's the visibility that we have. And that is a combination of 2 things. On one side will be a certain slate of motion pictures that will have an exclusive theatrical run, 45 days. That's quite a bit different from where things were, say, 5 years ago in terms of the theatrical run, then they will come to HBO Max. And then we're also going to have a slate of motion pictures from Warner Bros. that will come directly to HBO Max on Day 1. So that's -- those are the answers to your 2 questions, Brett. Thank you for asking.

就前進的道路而言，我們已經承諾到 2022 年，這就是我們所擁有的可見性。這是兩件事的結合。一方面將是一些特定的電影，這些電影將有 45 天的獨家影院放映。這與 5 年前在影院放映方面的情況有很大不同，然後他們將來到 HBO Max。然後我們還將有一系列來自華納兄弟的電影，這些電影將在第 1 天直接出現在 HBO Max 上。那就是 - 這些是你 2 個問題的答案，布雷特。謝謝你的慰問。

Brett, if I put an exclamation point on your first question, which is we absolutely believe and did this transaction with the notion that we're moving this business forward in a Direct-to-Consumer marketplace. And it's required that you get to scale, and I've said multiple times that run a window here where that's a foot race, and it's an important foot race. So there's no pulling the foot off the accelerator in that regard. It is -- HBO Max is the foundation of that business moving forward and how the combined company will continue to go to market. And everything that we do right now to make that product better and add customers is a step in the right direction and the consistent direction of where the closed and combined business goes. And we all want the shareholders that own a substantial portion of that company moving forward to have a valuable asset, one that's growing and one that will be successful in the next generation of media. And we believe we've got to do the right things right now to make sure that the business is well-positioned to make that happen.

布雷特，如果我在你的第一個問題上加一個感嘆號，我們絕對相信並進行了這項交易，其理念是我們正在將這項業務推向直接面向消費者的市場。並且要求你擴大規模，我已經多次說過，這裡有一個窗口，這是一場競走，這是一場重要的競走。所以在這方面沒有把腳從加速器上拉下來。它是——HBO Max 是該業務向前發展的基礎，也是合併後的公司將如何繼續進入市場的基礎。我們現在為使產品更好並增加客戶所做的一切都是朝著正確方向邁出的一步，也是封閉和合併業務發展方向的一致方向。我們都希望擁有該公司很大一部分股份的股東能夠擁有一項寶貴的資產，一項正在成長的資產，一項將在下一代媒體中取得成功的資產。而且我們相信我們現在必須做正確的事情，以確保企業處於有利地位以實現這一目標。

And the next question comes from the line of David Barden with Bank of America.

下一個問題來自美國銀行的大衛巴登。

Two, if I could. The first one, Pascal, I think, for you. The way that the industry is growing ARPU has been moving meter plans to unlimited, unlimited to premium unlimited. You called out that now that we're at the end of year 1 of the promotional retention discounts that you guys are offering, the amortization of those discounts and ARPU is starting to be felt in a 60 basis point year-over-year decline. Can you kind of give us a feeling for how we should expect these 2 forces to work against one another as year 2 and year 3 see these promotional discounts compound as a headwind, assuming you continue down this path? And the runway you have to try to offset that with core growth, recognizing, of course, that it's just an accounting issue.

二，如果可以的話。第一個，帕斯卡，我想，是給你的。行業增長 ARPU 的方式已經將電錶計劃轉移到無限制、無限製到高級無限制。你說，既然我們在你們提供的促銷保留折扣的第 1 年年底，這些折扣和 ARPU 的攤銷開始出現 60 個基點的同比下降。假設您繼續沿著這條道路前進，您能否給我們一種感覺，我們應該如何期望這兩種力量相互對抗，因為第 2 年和第 3 年將這些促銷折扣複合為逆風？你必須嘗試用核心增長來抵消這一點，當然，要認識到這只是一個會計問題。

And then the second question would be, you mentioned that you've taken a year's worth of initiatives to try to improve the business revenue trajectory. Could you kind of give us a picture of kind of what has happened? And what kind of change do you expect to see in the business outlook?

然後第二個問題是，您提到您已經採取了一年的舉措來嘗試改善業務收入軌跡。你能給我們一張發生了什麼的照片嗎？您希望在業務前景中看到什麼樣的變化？

So Dave, on the latter question, you're talking about Business Wireline?

那麼戴夫，關於後一個問題，您是在談論商業有線嗎？

Correct.

正確的。

Okay. Let me start, and Jeff will probably chime in on a few items. Remember, as we've said, the promotions that we are doing, one, not all customers are taking them. So that's a big factor to keep in mind. Two, yes, the amortization is growing, but the ARPU, the cash ARPU is there. And when you couple the increase -- the continued vibrant cash ARPU with the expense work that we are doing in the middle of the P&L, we expect to grow both top line and bottom line as we move forward. And yes, there will be some slight degradation in ARPU. But when you look at our overall ARPU, we're still at the high end of the industry. So that's a consideration to keep in mind. These are very profitable lifetime value subscribers.

好的。讓我開始吧，傑夫可能會在一些項目上發表意見。請記住，正如我們所說，我們正在做的促銷活動，一個，不是所有的客戶都在接受它們。所以這是一個需要牢記的重要因素。第二，是的，攤銷正在增長，但 ARPU，現金 ARPU 是存在的。當你將增長 - 持續充滿活力的現金 ARPU 與我們在損益表中間所做的費用工作結合起來時，我們預計隨著我們的前進，收入和利潤都會增長。是的，ARPU 會略有下降。但是，當您查看我們的整體 ARPU 時，我們仍處於行業的高端。所以這是一個需要牢記的考慮因素。這些是非常有利可圖的終身價值訂閱者。

As it relates to Business Wireline. We started about a year ago, starting to rationalize low-profit margin products and services. And that effort continues. The goal would be, over time, more and more of our services in the enterprise space are going to come from our core connectivity product, whether it be wireless or fiber. And that's where the growth is going to come. And it's a process we are partway through, but we think as you get through the latter part of this year to early next year, the comps get a little bit easier. I'll ask Jeff to chime in.

因為它與商業有線有關。我們大約在一年前開始，開始合理化低利潤率的產品和服務。這種努力仍在繼續。目標是，隨著時間的推移，我們在企業領域中越來越多的服務將來自我們的核心連接產品，無論是無線還是光纖。這就是增長的方向。這是一個我們正在進行的過程，但我們認為當你度過今年下半年到明年年初時，比賽會變得更容易一些。我會請傑夫插話。

Yes. Thanks, Pascal. If you look at our Business Wireline business, as we reported segment-wise, we are moving customers, many of our enterprise customers through a product mix shift. We've been doing this for a while. I think it's important to note that, unlike others, we don't report a consolidated business P&L that includes wireless. And we are actually seeing shift to wireless for many services as many of our customers have moved off and over in the pandemic. That's just a general observation.

是的。謝謝，帕斯卡。如果您查看我們的商業有線業務，正如我們按細分市場報告的那樣，我們正在通過產品組合轉變來轉移客戶，我們的許多企業客戶。我們已經這樣做了一段時間。我認為重要的是要注意，與其他人不同，我們不報告包括無線在內的綜合業務損益。而且我們實際上看到許多服務轉向無線，因為我們的許多客戶在大流行中不斷地搬家。這只是一般的觀察。

More specifically, David, the 3 parts of our business that we're getting to subscriber growth, revenue growth and then EBITDA growth, we've got first two, our business -- our Consumer Wireline and our Mobility moving in that direction. And we are at the cusp of getting our Business Wireline business to move in that direction. It's going to take some time because it's going to require some product mix and product development work, specifically areas of the business markets that we, at AT&T, serve less were underrepresented or more of the medium-sized businesses in the mid-market. And these customers are more inclined to use shared broadband served up by fiber and our business service -- class services that we sell to our top-end enterprise accounts are a bit more bespoke and specific networking networks that are not necessarily attractive to the mid-markets. We have been making moves to shift the product mix in demand.

更具體地說，大衛，我們業務的三個部分是用戶增長、收入增長和 EBITDA 增長，我們有前兩個，我們的業務——我們的消費者有線和我們的移動性朝著這個方向發展。我們正處於讓我們的商業有線業務朝著這個方向發展的風口浪尖。這將需要一些時間，因為這將需要一些產品組合和產品開發工作，特別是我們在 AT&T 服務的商業市場領域代表性不足或更多的是中型市場的中型企業。這些客戶更傾向於使用由光纖和我們的商業服務提供的共享寬帶——我們向高端企業客戶銷售的類服務更加定制化，特定的網絡網絡不一定對中端企業有吸引力。市場。我們一直在採取措施改變需求的產品組合。

And as John mentioned earlier, as our fiber expansion, that's not just for consumer but also for business, begins to take footing, you'll see us shift shares of our revenue in Business Wireline more transactional-based and down market with the execution that we know we can deliver. And so it's going to take a few quarters as we work through it. The cost transformation that we're undertaking inside the Communications company, as Pascal mentioned, we're about halfway through the $6 billion in aggregate for the firm. The back half of the transformation program really brings in more operating efficiencies in our Business Wireline segment that we'll see start to accrete to EBITDA growth in that part of our business.

正如約翰之前提到的那樣，隨著我們的光纖擴張開始站穩腳跟，這不僅適用於消費者，也適用於企業，您將看到我們將商業有線的收入份額轉移到更多基於交易的市場和下行市場，執行我們知道我們可以交付。因此，我們將花費幾個季度的時間來完成它。正如帕斯卡所提到的，我們在通信公司內部進行的成本轉換，我們已經完成了公司總計 60 億美元的一半。轉型計劃的後半部分確實為我們的 Business Wireline 部門帶來了更多的運營效率，我們將看到該部門的 EBITDA 增長開始增加。

The next question comes from the line of Michael Rollins with Citi.

下一個問題來自花旗銀行的邁克爾·羅林斯 (Michael Rollins)。

Just wanted to follow-up, and forgive me if you mentioned a little of this earlier, but I just wanted to unpack this a little bit further. In terms of the Wireless business, what you're seeing in terms of the rate in participation for unlimited plans and the higher value plans? And how much opportunity is in front of the company to upsell customers on these higher value plans that you've been marketing?

只是想跟進，如果你之前提到了一點，請原諒我，但我只是想進一步解開這個問題。在無線業務方面，您對無限計劃和更高價值計劃的參與率有何看法？公司有多少機會在您一直在營銷的這些更高價值的計劃中向客戶追加銷售？

And then just secondly, back in -- I think it was March at the Analyst Day, AT&T set a goal for net debt to end the year at $154 billion at 3x leverage, which infers if you just divide the 3 into the net debt. It's about $51.3 billion of EBITDA ex-DTV for the year. And since then, it seems like your cost-cutting program is moving faster. So just curious if you can give us an update on these goals? And is that the right bouncing-off point to think about the AT&T EBITDA without DIRECTV for 2021?

其次，回到 - 我認為是在 3 月的分析師日，AT&T 設定的淨債務目標是在 3 倍槓桿下以 1540 億美元結束今年的淨債務，這推斷如果你只是將 3 劃分為淨債務。今年的 EBITDA ex-DTV 約為 513 億美元。從那時起，您的成本削減計劃似乎進展得更快了。所以只是好奇你是否可以向我們提供有關這些目標的最新信息？這是考慮 2021 年沒有 DIRECTV 的 AT&T EBITDA 的正確起點嗎？

Mike, I'll take the first part of your question. This is Jeff. There still remains a large opportunity within our base of customers to work them through a more value, higher end of our rate plans. And you're kind of seeing that play out in postpaid phone ARPU. Pascal touched on this a second ago. If you think about maintaining the industry-leading, the highest ARPU of any player in the market, even though we're the third player in wireless, being able to do that with some of these promotional offers that are part of our strategy, gives us confidence that we're working our base and our customers up the ARPU stack into higher-value unlimited rate plans.

邁克，我會回答你問題的第一部分。這是傑夫。在我們的客戶群中仍然有很大的機會通過我們的費率計劃更有價值、更高端的服務來幫助他們。你會在後付費電話 ARPU 中看到這種情況。帕斯卡在一秒鐘前談到了這一點。如果您考慮保持行業領先、市場上任何玩家中最高的 ARPU，即使我們是無線領域的第三大玩家，能夠通過我們戰略中的一些促銷優惠來做到這一點，給我們相信，我們正在將我們的基礎和我們的客戶提升到 ARPU 堆棧，從而形成更高價值的無限費率計劃。

We still have large portions of our subscriber base that we have not migrated into those rate plans. And so we expect that to continue pretty much on the course and speed of what the customer wants. We're not driving or forcing any unnatural behavior there. We're letting the customers choose when it's time for them to take advantage of an offer or to move into a new rate plan, and we'll continue to execute that. So that's got room to run for the next many several quarters. That's not something that's going to dry up in the short term.

我們仍有很大一部分用戶尚未遷移到這些費率計劃中。因此，我們希望這種情況在客戶想要的過程和速度上繼續下去。我們不會在那裡駕駛或強迫任何不自然的行為。我們讓客戶選擇何時利用優惠或進入新的費率計劃，我們將繼續執行。因此，在接下來的幾個季度中，它還有運行的空間。這不會在短期內枯竭。

Mike, a couple of things to keep in mind. While we didn't -- we're not updating that guidance. We feel comfortable with it. If you want to get to a sense for what the base business is post-DTV and WarnerMedia, which I think all of the information is out there, we've provided -- for WarnerMedia, we report the results separately. So those are very easily discernible. And then if you look at DTV, we've provided extensive pro forma.

邁克，有幾件事要記住。雖然我們沒有 - 我們沒有更新該指南。我們對此感到很舒服。如果您想了解 DTV 和 WarnerMedia 之後的基本業務是什麼，我認為所有信息都在那裡，我們已經提供了 - 對於 WarnerMedia，我們單獨報告結果。所以這些很容易辨別。然後，如果您查看 DTV，我們提供了廣泛的備考。

The thing to keep in mind is when we compute net debt-to-EBITDA, we use the trailing 12 months. In this instance, some of it included DTV for part of the year, and it doesn't include DTV for another part of the year. So that's how you're getting to your 3x. That's how we get to 3x in the guidance we provided. But other than that, we're not changing the guidance. We think that should get you in the zone. And if you have any further questions, I'm sure the IR team can walk you through it.

要記住的是，當我們計算淨債務與 EBITDA 的比率時，我們使用的是過去 12 個月。在這種情況下，其中一些包括一年中部分時間的 DTV，而不包括一年中另一部分的 DTV。所以這就是你如何達到你的 3 倍。這就是我們如何在我們提供的指導中達到 3 倍。但除此之外，我們不會改變指導方針。我們認為這應該讓您進入該區域。如果您還有其他問題，我相信 IR 團隊可以引導您完成。

And our next question comes from the line of Kannan Venkateshwar from Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So I guess if I could just dig into the Fiber business a little bit more. Is there any change in terms of the go-to-market strategy? I think you guys tweaked the pricing plans, if I'm not wrong, during Q3. But more broadly, if you could give us some color around what part of this origination also includes bundles with Wireless? And the acceleration in growth in fiber, you guys have been building out fiber for a while as a part of the DTV deal, and some of that was overlapped with your DSL footprint. But in that overlap, you did not seem to get the same kind of success that you are getting right now. So if you could just expand on the differences in go-to-market as well as the customer cohorts that you're targeting and how you expect that to evolve, that will be useful.

所以我想我是否可以再深入研究一下光纖業務。進入市場的策略有什麼變化嗎？如果我沒記錯的話，我認為你們在第三季度調整了定價計劃。但更廣泛地說，如果你能給我們一些關於這個起源的哪一部分還包括無線捆綁的顏色？光纖增長的加速，作為 DTV 交易的一部分，你們已經建造光纖一段時間了，其中一些與你們的 DSL 足跡重疊。但在這種重疊中，您似乎沒有獲得與現在相同的成功。因此，如果您可以擴展上市的差異以及您所針對的客戶群以及您期望它如何發展，那將是有用的。

Kannan, it's Jeff. What has been our difference in go-to-market strategy? We are executing at a faster pace in this build than we did in the prior build. Our -- in fact, the gross additions that we had in our Fiber business in the third quarter, roughly around 500,000 highest ever.

卡南，是傑夫。我們在進入市場的策略上有什麼不同？我們在此構建中的執行速度比之前構建中的速度更快。我們 - 事實上，我們在第三季度的纖維業務中的總增加，大約是有史以來最高的 500,000。

Our network engineering teams are getting the fiber late into the ground, into customer homes in a cycle time. That's about 30% faster than our prior build. And our marketing organization is tactically out in the markets, driving early 30-, 60-, 90-day (inaudible) rates at 2x the levels that we saw in the prior build. We are absolutely including wireless as a bundled opportunity for us in this part of our footprint. And I'd cite that about 7 out of 10 additions to our fiber network in this last quarter were new accounts to AT&T and, therefore, give us an opportunity to go drive Mobility growth as well in the footprints where we built it.

我們的網絡工程團隊在一個週期內將光纖送入地面，送入客戶家中。這比我們之前的構建快了大約 30%。我們的營銷組織在市場上處於戰術上，將早期 30、60、90 天（聽不清）的費率提高到了我們在之前構建中看到的水平的 2 倍。在我們的這部分足跡中，我們絕對將無線作為一個捆綁的機會。我要引用的是，在上一季度我們的光纖網絡中增加的 10 個中約有 7 個是 AT&T 的新帳戶，因此，這給了我們一個機會來推動移動性增長以及我們建立它的足跡。

And I'd just maybe emphasize something Jeff said and maybe will quibble a little bit with your characterization of the previous success on the "last build". There was really not much new fiber build from about 2018. At the end of 2018, for -- there's a bit of a hiatus period there. So I would tell you that a lot of the results you're seeing right now, to Jeff's point, is really better execution of the team going back in and working in some of the asset base to actually improve performance overall.

而且我可能會強調 Jeff 所說的話，並且可能會對您對“最後一次構建”的先前成功的描述有點狡辯。從 2018 年左右開始，實際上並沒有太多新的光纖製造。在 2018 年底，因為那裡有一段中斷期。所以我會告訴你，你現在看到的很多結果，就 Jeff 而言，確實是團隊更好地執行，並在一些資產基礎上工作，以實際提高整體績效。

Yes, now the midpoint of this year, you're now seeing some new inventory come into play, and we're getting a lot better, as Jeff just described, moving through penetration rates faster. And if we, in fact, sustain that, it's going to make the business case even a stronger business case because one of the big sensitivities to payback is rate to penetration. And if we can keep that going, it can be dramatically better than what we think is already a pretty attractive business case.

是的，現在是今年的中點，您現在看到一些新的庫存開始發揮作用，正如傑夫剛剛描述的那樣，我們正在變得更好，更快地通過滲透率。事實上，如果我們堅持這一點，它將使商業案例成為一個更強大的商業案例，因為對回報的最大敏感性之一是滲透率。如果我們能夠繼續這樣做，它可能會比我們認為已經非常有吸引力的商業案例要好得多。

And the last point I would make is the nice part about this build in many instances is that we're filling in a little bit of areas that we maybe didn't complete previously. And so as that fill-in occurs, you get some effectiveness on marketing messages, the ability to go into a market and get your particular value proposition effectively communicated, how you deal with your distribution channels through that. So we'll probably be a little bit more effective and efficient given the base of customers that we have as we build out and fill in over the next several quarters.

我要說的最後一點是，在許多情況下，這個構建的好處是我們正在填充一些我們以前可能沒有完成的區域。這樣一來，您就可以在營銷信息方面獲得一些有效性，進入市場並有效傳達您的特定價值主張的能力，以及您如何通過它處理您的分銷渠道。因此，鑑於我們在接下來的幾個季度中建立和填補的客戶群，我們可能會更加有效和高效。

Got it. Can I just follow up? I mean in terms of your go-to-market strategy in wireless, the device promotions obviously helped quite a bit over the course of the last year. When we look at the broadband side of the business, the current pricing structure and the promotional structure that you have, should we basically think of that as the operating steady state? Or you're thinking more broadly about potentially a different kind of pricing and promotional structure to accelerate this growth?

知道了。我可以跟進嗎？我的意思是，就您在無線領域的上市策略而言，設備促銷在過去一年中顯然有很大幫助。當我們查看業務的寬帶方面，當前的定價結構和您擁有的促銷結構時，我們是否應該基本上將其視為運營穩定狀態？或者您正在更廣泛地考慮可能採用不同類型的定價和促銷結構來加速這種增長？

Kannan, right now, given the demand that we have for this best-in-class product, that's 4.5x better than our nearest competitor, and the quality of the products and the value that we offer to the market, we like the demand that we're generating. This business is about getting fiber built as quickly as we can to serve these customers, to give them gigabit level speeds at a really solid price point. So I wouldn't anticipate any change or moves so long as our offer in the market continues to gain customers.

Kannan，現在，鑑於我們對這種一流產品的需求，比我們最接近的競爭對手好 4.5 倍，以及產品的質量和我們為市場提供的價值，我們喜歡這樣的需求我們正在生成。這項業務是關於盡快建立光纖來服務這些客戶，以非常穩定的價格為他們提供千兆級的速度。因此，只要我們在市場上的報價繼續吸引客戶，我就不會預計會有任何變化或變動。

Our next question comes from the line of Frank Louthan with Raymond James.

我們的下一個問題來自 Frank Louthan 和 Raymond James 的話。

Can you walk us through your fixed wireless strategy? And what percentage of the demand do you think that product comes from enterprises versus consumer? And then also curious on the outlook for wholesale on wireless. You potentially lose some share, I guess, with TracFone over time. But what about wholesale deals with other LEC or things like that to try and [boost] that business?

你能告訴我們你的固定無線策略嗎？您認為產品來自企業與消費者的需求百分比是多少？然後也對無線批發的前景感到好奇。我猜，隨著時間的推移，你可能會失去一些使用 TracFone 的份額。但是，與其他 LEC 的批發交易或類似的嘗試和[促進]該業務的事情呢？

Frank, it's Jeff. Right now for our Broadband business, as you know, we're focused on fiber, but we do offer some fixed wireless services. And it's predominantly focused today in the enterprise segment, where most of those clients are looking for a 4G or 5G wireless backhaul. We are experimenting as is everyone else in leveraging our scaled wireless network to maybe augment pockets and areas with some fixed wireless, but it honestly is not a lead product for us. And we won't make that top of the funnel for our broadband services. Your second part of the question was what, Frank?

弗蘭克，是傑夫。如您所知，目前對於我們的寬帶業務，我們專注於光纖，但我們確實提供一些固定無線服務。如今，它主要集中在企業領域，其中大多數客戶都在尋找 4G 或 5G 無線回程。我們正在和其他人一樣嘗試利用我們的擴展無線網絡來增加一些固定無線網絡的口袋和區域，但老實說，它對我們來說並不是一個主要產品。而且我們不會在我們的寬帶服務中佔據優勢。你的第二部分問題是什麼，弗蘭克？

On the wholesale side in wireless, you potentially lose some share over time with the TracFone deal. And what are your thoughts on growing that business, possibly offering wholesale deals to other smaller LECs that are building broadband and so forth to kind of boost that wholesale revenue over time?

在無線批發方面，隨著時間的推移，您可能會因 TracFone 交易而失去一些份額。您對發展該業務有何想法，可能向其他正在建設寬帶的小型 LEC 提供批發交易等，以隨著時間的推移增加批發收入？

Well, for sure, all of our network assets, we're looking to maximize the yield. And because of the investments that we've made in wireless, Frank, we've got ample capacity sitting inside of our broad network architecture or infrastructure. And so akin to what we have announced previously with DISH, which by the way, is operationally up and running, we've successfully integrated our systems with the DISH systems and now providing connections into their distribution network. And we're going to look to ramp that MVNO offering for DISH over the course of the '22 and beyond.

好吧，可以肯定的是，我們所有的網絡資產，我們都在尋求最大化收益。由於我們在無線方面的投資，弗蘭克，我們在廣泛的網絡架構或基礎設施中擁有充足的容量。與我們之前宣布的 DISH 類似，順便說一下，DISH 已經啟動並運行，我們已經成功地將我們的系統與 DISH 系統集成，現在可以連接到他們的分銷網絡。我們將尋求在 22 年及以後的過程中為 DISH 提供 MVNO 產品。

I'll remind you, that's 10-year deals is long term. And so based on that move, you should expect that we are interested in serving all forms of traffic so long as they are accretive to our share owners and to our business. And I would expect, you'll see us as a participant in that.

我會提醒你，10 年的交易是長期的。因此，基於這一舉措，您應該期望我們有興趣為所有形式的流量提供服務，只要它們對我們的股東和我們的業務有增值作用。我希望，你會認為我們是其中的參與者。

If you look also -- one last comment, Frank. If you look at historically, we've been pretty underrepresented in retail or wholesale in our run rates of our business. And so it's been an area of focus for the team, and we'll look to grow that line in our business.

如果您也看一下- 最後一條評論，弗蘭克。如果您從歷史上看，在我們的業務運行率中，我們在零售或批發方面的代表性非常低。因此，這一直是團隊關注的一個領域，我們將尋求在我們的業務中發展這條線。

And that last question will be coming from the line of Colby Synesael with Cowen.

最後一個問題將來自 Colby Synesael 和 Cowen。

I just wanted to follow up on the $6 billion cost-reduction initiative. How long will it take to achieve the back half of that goal? Secondly, would you expect this to actually result in margin accretion? Or will the majority of this be reinvested? And then, I guess, third on that, what segments are we really going to see that show up in the -- you mentioned, I think, Business Wireline, but is there any others that will be fairly material as well?

我只是想跟進 60 億美元的成本削減計劃。實現該目標的後半部分需要多長時間？其次，您是否認為這實際上會導致利潤增長？還是將其中的大部分進行再投資？然後，我想，第三點，我們真正會看到哪些部分出現在——你提到的，我認為，商業有線，但還有其他部分也相當重要嗎？

And just real quickly, John, in one of your comments, you mentioned going from 3 million to 5 million homes passed per year with fiber. I, at least, hadn't heard that 5 million number before. Is that new? Or is that always there? And is that just simply intended to get you to catch up to get to that 30 million home passed long-term goal? Or is there an expectation that you're going to go well beyond that 30 million that you had previously mentioned?

很快，約翰，在你的一個評論中，你提到每年有 300 萬到 500 萬個家庭使用光纖。至少，我以前沒有聽說過這個 500 萬的數字。那是新的嗎？還是一直都在？這僅僅是為了讓您趕上 3000 萬戶的長期目標嗎？或者有沒有期望你會遠遠超過你之前提到的 3000 萬？

Colby, I've been pretty clear from the front end of this. My view is our job is to execute and return to you results that you look at and say those are really impressive and that's great. And that the business, to the extent that we do that, I fully believe there's more opportunity for us to go out and continue to build infrastructure that's highly capable that can attract business. And I think my belief is that this management team, as we demonstrate in the market, we can do that.

科爾比，我從前端就很清楚了。我的觀點是，我們的工作是執行並向您返回結果，您看到並說這些結果確實令人印象深刻，這很棒。並且業務，就我們這樣做的程度而言，我完全相信我們有更多的機會走出去，繼續建設能夠吸引業務的強大基礎設施。我認為我的信念是，正如我們在市場上展示的那樣，這個管理團隊可以做到這一點。

Do I believe there's an opportunity for us as a company to operate at a 5 million a year range kind of at capacity and what we do. I think we can get there. How we get there and how we scale that and what time frame will be an artifact of what we come back to you and tell you in terms of our results and how much progress we're making around them. And we're going to continue to push forward. But as I work with the management team internally, it's kind of how I'm asking them to think about scaling up their business, running their business, sizing their business, creating vendor relationships that allow us to move that path. And that's the -- it's up to us to execute around that to get there.

我是否相信我們作為一家公司有機會以每年 500 萬的產能和我們所做的事情來運營。我想我們可以到達那裡。我們如何到達那里以及我們如何擴展它以及什麼時間框架將是我們返回給您並告訴您我們的結果以及我們圍繞它們取得多少進展的工件。我們將繼續向前推進。但當我在內部與管理團隊合作時，我要求他們考慮擴大業務、經營業務、調整業務規模、建立供應商關係，讓我們能夠走上這條道路。這就是 - 由我們來執行以實現目標。

The last -- I'll make a comment just on the other piece, and then turn it to Jeff to get to the bulk of it. We've given you guidance on cash flow for 2022, 2023. And there's obviously questions that many of you are asking, "Well, can they get to that level?" And you better believe some of the cost savings stuff is dropping to the bottom line because that's how we get to that level.

最後——我將僅對另一篇文章發表評論，然後將其交給 Jeff 來了解其中的大部分內容。我們已經為您提供了有關 2022 年和 2023 年現金流量的指導。顯然，你們中的許多人都在問：“好吧，他們能達到那個水平嗎？”你最好相信一些節省成本的東西正在下降到底線，因為這就是我們達到那個水平的方式。

So the back end of this program, while we've used the front end of it to actually increase our market effectiveness and be in a better position in terms of our customer growth and volume, the back end of this program is about actually getting a better efficiency that drops to the bottom line that ultimately comes in play and helps us on the cash flow side. And I think that's how you should think about how we've kind of done that. And there's some structural approaches that we're using on the higher longer-term issues like changing out IT infrastructure and data structures, et cetera, that's harder and longer work, but tends to also have more operating leverage once it goes into service, and we get it done. And that's really what's underneath it. Jeff, why don't you go ahead and find any additional color you might want to add, I'm talking.

所以這個程序的後端，雖然我們已經使用它的前端來實際提高我們的市場效率，並在我們的客戶增長和數量方面處於更好的位置，但這個程序的後端實際上是為了獲得一個更高的效率會降低到最終發揮作用的底線，並在現金流方面幫助我們。我認為這就是你應該如何思考我們是如何做到這一點的。我們正在使用一些結構性方法來解決更高的長期問題，例如改變 IT 基礎設施和數據結構等，這更難、更長時間的工作，但一旦投入使用，往往也會有更多的運營槓桿，並且我們完成它。這就是它下面的內容。傑夫，你為什麼不繼續尋找你可能想要添加的任何其他顏色，我在說。

Yes. And it's not only impacting our Business Wireline part of the franchise, Colby. It's all 3 reported segments. I think we've been investing heavily in these transformation initiatives to go drive growth and improve our cost structure and our effectiveness as an organization. Simply put, we have been hard at work inside of the company preparing for a better execution and a better operating performance. And we're seeing signs of that in our Wireless business. We're seeing signs it is now in our Consumer Wireline business. And I'd tell you that the Business Wireline begins to feather in as we move into the back half of the program.

是的。這不僅影響了我們的商業有線專營權部分 Colby。這是所有 3 個報告的部分。我認為我們一直在大力投資於這些轉型計劃，以推動增長並改善我們的成本結構和作為一個組織的效率。簡而言之，我們在公司內部一直在努力工作，為更好的執行和更好的經營業績做準備。我們在無線業務中看到了這種跡象。我們看到了它現在在我們的消費者有線業務中的跡象。我會告訴你，隨著我們進入程序的後半部分，商業有線開始出現。

Okay. With that, first of all, thank you all for joining us this morning and appreciate your questions and your interest in the business. And as I said at the start of the call, I think in some respects, the quarter is more of the same. It's been consistent focus and consistent execution.

好的。有了這個，首先，感謝大家今天早上加入我們，感謝您的問題和您對業務的興趣。正如我在電話會議開始時所說的那樣，我認為在某些方面，本季度情況大致相同。這是始終如一的專注和始終如一的執行。

And I would say, I'm really pleased with our progress overall on how the team is executing. There are a lot of moving parts, and there have been some distractions, but I really am pleased across the board, whether in the Communications company and Media company. Teams have done a remarkable job that stay in focus on what their task is at hand. And I only get more excited about that because as we work our way through this process, and some of those distractions drop away, I think the sky is the limit in terms of what these teams can do with even better execution as they hit their stride around things.

我想說，我對我們在團隊執行方面的整體進展感到非常滿意。有很多活動的部分，也有一些分心，但我真的很高興，無論是在通信公司還是媒體公司。團隊已經完成了一項了不起的工作，他們始終專注於他們手頭的任務。我對此感到更加興奮，因為隨著我們逐步完成這個過程，並且其中一些分心的事情消失了，我認為這些團隊在大踏步前進時可以通過更好的執行來做些什麼周圍的東西。

The comment that Phil made, I guess, where I would come out on my point of view of these markets that we're involved in, as I'm actually much more bullish and optimistic about the markets in aggregate. I think there's a reason, there's a substantial amount of investment moving into these industries, and it's because there's a tremendous importance and an inherent value that customers get out of connectivity moving forward. And if I were to think about our businesses on the communications side of the company, we are moving into what I would call the golden age of connectivity and ubiquity and connectivity. I actually feel really optimistic about that, that there's some really smart operators in this industry.

我想，菲爾發表的評論是我對我們參與的這些市場的看法，因為我實際上對總體市場更加看好和樂觀。我認為這是有原因的，有大量投資進入這些行業，這是因為客戶從未來的連接中獲得了巨大的重要性和內在價值。如果我從公司的通信方面考慮我們的業務，我們正在進入我所說的連通性、無處不在和連通性的黃金時代。我真的對此感到非常樂觀，這個行業有一些非常聰明的運營商。

They're investing because they have a path to gain return on those things, and they're going to do it in a way that's intelligent and smart. And demand is strong in these industries, and I believe there may be some structural changes that come out of some of the programs that the government is looking at that could make that demand even stronger and more robust. And I believe that if policy is structured appropriately in this country right now, we can see a really strong forward progress in the communications industry that's good for all of us.

他們之所以投資，是因為他們有一條從這些事情上獲得回報的途徑，而且他們將以一種聰明而聰明的方式來做這件事。這些行業的需求強勁，我相信政府正在考慮的一些計劃可能會產生一些結構性變化，這可能會使需求更加強勁和強勁。我相信，如果這個國家現在的政策結構得當，我們可以看到通信行業取得非常強勁的進步，這對我們所有人都有好處。

On the media side, I think we are in a very, very unique position with what we've done. We set out, as we started HBO Max with a description of a product that we thought was going to be different, it was going to be a more focused product with a higher degree of quality and a more distinct brand characterization of what we did moving forward. I think if you go out and you look at any third party that's been evaluating that, as the team has gained its stride and continue to iterate on the quality of the product, the quality of the platform, as we move through the pandemic in terms of our ability to bring new content out, the market, ratings of engagement, viewership, awards that have come in, indications of time engaged on the platform from third parties have all been recognizing the team on that work.

在媒體方面，我認為我們的所作所為處於非常非常獨特的位置。當我們開始 HBO Max 時，我們開始描述我們認為會有所不同的產品，它將成為一個更專注的產品，具有更高的質量和更鮮明的品牌特徵向前。我想如果你出去看看任何第三方正在評估它，因為團隊已經取得了長足的進步，並繼續迭代產品的質量，平台的質量，因為我們在大流行中度過我們推出新內容的能力、市場、參與度、收視率、獲得的獎項、第三方在平台上參與的時間跡像都在認可該團隊的工作。

And I absolutely believe it is a unique breed of cat that, when combined with Discovery moving forward, will only strengthen its capabilities to become one of the must-have platforms of consumers moving forward, and a tremendous amount of value creation as that customer base is established globally.

而且我絕對相信它是一種獨特的貓，當它與 Discovery 向前發展時，只會增強其成為消費者必備平台之一的能力，並作為該客戶群創造巨大的價值在全球範圍內成立。

So with that, we'll talk to you as we wrap up the year. I expect to come back and tell you more of the same. And I hope you all have a great fourth quarter and great holidays if I don't talk to you before then.

因此，我們將在今年結束時與您交談。我希望回來告訴你更多相同的事情。如果我在那之前不和你們說話，我希望你們都有一個美好的第四季度和美好的假期。

And ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。