AT&T Inc (T) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to AT&T's Second Quarter 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎來到 AT&T 2021 年第二季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would like to turn the conference call over to your host, Amir Rozwadowski, Senior Vice President, Finance and Investor Relations. Please go ahead.

我想將電話會議轉交給你的主持人，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 second 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，早上好。歡迎來到我們的第二季度電話會議。我是 Amir Rozwadowski，AT&T 投資者關係主管。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 也加入了我們電話的問答部分；以及 WarnerMedia 的 CEO 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. 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 your questions about that today.

在我們開始之前，我需要提請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 SEC 的文件中描述的風險和不確定性的影響。結果可能存在重大差異。投資者關係網站上提供了更多信息。和往常一樣，我們的盈利資料在我們的網站上。我還想提醒您，我們正處於 FCC 頻譜拍賣 110 的靜默期。很遺憾，我們今天無法回答您的相關問題。

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？

Good morning, everyone, and thanks for being with us. At the risk of being repetitive, or I guess consistent, depending on your take, the framework for what I want to cover today should be familiar to you. It's been 4 quarters since we articulated a simplified strategy and how we plan on evaluating our success going forward based on 3 priorities.

大家早上好，感謝您與我們在一起。冒著重複的風險，或者我想是一致的，這取決於您的看法，您應該熟悉我今天要介紹的內容的框架。自從我們闡明簡化戰略以及我們計劃如何根據 3 個優先事項評估我們未來的成功以來，已經有 4 個季度了。

First, we wanted to grow subscriber relationships through our 3 market focus areas of 5G, fiber and HBO Max. Second, we initiated an effort to transform our business to be effective and efficient in everything we do so that we could allocate increased resources to support these focus areas. And third, we committed to deliberate capital allocation to support increased investment in growth, improve returns, narrow our operating focus and restore flexibility to our balance sheet. To achieve these priorities, we made some difficult near-term decisions to set our businesses up for success in the coming years. And that success is defined by improving our competitive position to the investment in best-in-class products and experiences for our customers. By doing so, we believe the execution of this strategy will drive better returns and profitable long-term growth.

首先，我們希望通過 5G、光纖和 HBO Max 這 3 個市場重點領域來發展用戶關係。其次，我們開始努力轉變我們的業務，使我們所做的一切都變得有效和高效，這樣我們就可以分配更多的資源來支持這些重點領域。第三，我們致力於審慎的資本配置，以支持增加對增長的投資、提高回報、縮小我們的經營重點並恢復資產負債表的靈活性。為實現這些優先事項，我們做出了一些艱難的近期決策，以便讓我們的業務在未來幾年取得成功。這種成功的定義是提高我們的競爭地位，投資於為我們的客戶提供一流的產品和體驗。通過這樣做，我們相信這一戰略的執行將帶來更好的回報和有利可圖的長期增長。

Let's look at what we've achieved in the past year on Slide 4. We made notable progress in each of our priorities. In wireless, we're gaining share, lowering churn and had our best 12 months of postpaid phone net adds in more than a decade. We just posted record quarterly wireless EBITDA. In fiber, customers have similarly responded to the combination of a premium service at attractive prices, and we've grown our base by more than 1 million subscribers. By year-end, we have expanded our fiber footprint by 3 million consumer and business customer locations. And just over a year after launch, we've grown our domestic HBO Max and HBO subscribers by 10.7 million. We transformed HBO from a $6 billion business that was not growing to an $8 billion run rate business that grew at nearly 40% this quarter.

讓我們在幻燈片 4 上看看過去一年我們取得的成就。我們在每個優先事項上都取得了顯著進展。在無線領域，我們正在獲得份額，降低客戶流失率，並取得了十多年來最好的 12 個月後付費電話淨增長。我們剛剛發布了創紀錄的季度無線 EBITDA。在光纖方面，客戶對以極具吸引力的價格提供優質服務的組合也有類似的反應，我們的用戶群也增加了超過 100 萬。到年底，我們已將我們的光纖覆蓋範圍擴大到 300 萬個消費者和企業客戶地點。推出僅一年多後，我們的國內 HBO Max 和 HBO 用戶就增加了 1070 萬。我們將 HBO 從一個沒有增長的 60 億美元業務轉變為本季度增長近 40% 的 80 億美元業務。

We've also made solid initial progress in our cost-transformation efforts, which have produced $2 billion in savings that we've reinvested into our core growth areas. We're streamlining our operations and effectively growing digital fulfillment channels. Our NPS scores have improved significantly, and our fiber customers continue to rate us #1 in customer satisfaction. Churn levels have dropped substantially, too. Our second quarter postpaid phone churn matched a record low. And in broadband, we had our lowest churn on record and the highest second quarter fiber gross adds ever. At WarnerMedia, we continue to deliver great content. In the first half of the year, we introduced hit series, such as Mare of Easttown and Hacks. And our lineup in the back half of the year is even stronger with new seasons of popular series such as Succession, Raised by Wolves, Curb Your Enthusiasm and Love Life. That's on top of the day and date movies we'll have on the platform, such as Space Jam: A New Legacy, The Suicide Squad, Dune and Matrix 4.

我們在成本轉型方面也取得了堅實的初步進展，節省了 20 億美元，我們將這些資金重新投資到我們的核心增長領域。我們正在精簡我們的運營並有效地發展數字履行渠道。我們的 NPS 分數有了顯著提高，我們的纖維客戶繼續將我們評為客戶滿意度第一。客戶流失率也大幅下降。我們第二季度的後付費電話流失率創歷史新低。在寬帶方面，我們的客戶流失率創下歷史新低，第二季度光纖總增幅創歷史新高。在 WarnerMedia，我們繼續提供出色的內容。上半年，我們推出了《東城的母馬》和《黑客》等熱播劇。下半年的陣容更加強大，新一季的熱門劇集如《繼承》、《狼來了》、《抑制你的熱情》和《愛情生活》。這是我們將在平台上播放的最新電影，例如太空大灌籃：新遺產、自殺小隊、沙丘和黑客帝國 4。

When the Emmy's were announced last week, HBO Max and HBO led the field with 130 nominations, the most of any network or platform. In total, WarnerMedia received more than 180 nominations. I'm really proud of the way the team is executing. And speaking of good execution, we're seeing indications that our DIRECTV deal with TPG might close in the next few weeks ahead of what we expected. Also, we're pleased with the new management team's ability to exceed operational expectations since we announced the transaction.

上周宣布艾美獎時，HBO Max 和 HBO 以 130 項提名領跑該領域，是所有網絡或平台中最多的。 WarnerMedia 總共獲得了 180 多項提名。我真的為團隊的執行方式感到自豪。說到良好的執行力，我們看到有跡象表明我們與 TPG 的 DIRECTV 交易可能會在未來幾週內比我們預期的提前結束。此外，自我們宣布交易以來，我們對新管理團隊超越運營預期的能力感到滿意。

Our intention with WarnerMedia is the same. We want to hit a strong exit velocity for both of these businesses, at which point the combination with the right partner only expands the respective opportunities for success going forward. And we continue to invest at strong levels. More than $60 billion in the last 12 months in 5G wireless, including spectrum, fiber and premium content.

我們與華納傳媒的意圖是一致的。我們希望為這兩項業務實現強勁的退出速度，此時與合適的合作夥伴的結合只會擴大各自未來成功的機會。我們繼續以強勁的水平進行投資。過去 12 個月，5G 無線領域的投資超過 600 億美元，包括頻譜、光纖和優質內容。

Finally, we announced or closed a number of noncore asset dispositions, supporting our path to balance sheet flexibility. At the same time, we've positioned each of our 3 major businesses, AT&T Communications, WarnerMedia and DIRECTV, the right capital structure, the right assets, the right management team. And in the case of the latter 2, the right partners to optimize their returns to drive material value creation going forward. These decisions were not easy. And in some cases, they compelled us to rethink how to best deliver returns to our shareholders, leading us to balance long-term value creation with an attractive dividend.

最後，我們宣布或結束了一些非核心資產處置，支持我們實現資產負債表靈活性的道路。與此同時，我們為 AT&T Communications、WarnerMedia 和 DIRECTV 這 3 大主要業務中的每一個都定位了正確的資本結構、正確的資產和正確的管理團隊。在後兩者的情況下，合適的合作夥伴可以優化他們的回報以推動物質價值創造向前發展。這些決定並不容易。在某些情況下，它們迫使我們重新考慮如何最好地為股東提供回報，從而使我們在長期價值創造與有吸引力的股息之間取得平衡。

As our second quarter results demonstrate, the momentum in our strategic areas of focus is real, supporting our view that we have the right business strategy and capital structure in place for longer-term success. Today, we're updating our 2021 outlook for our consolidated business, but our work is far from over. We know that consistent execution is the only way to win and keep our investors' confidence in the strategy we put forth. I couldn't be more pleased with the progress we're making.

正如我們第二季度的業績所表明的那樣，我們在戰略重點領域的勢頭是真實的，這支持了我們的觀點，即我們擁有正確的業務戰略和資本結構以取得長期成功。今天，我們更新了合併業務的 2021 年展望，但我們的工作遠未結束。我們知道，始終如一的執行是贏得併保持投資者對我們提出的戰略的信心的唯一途徑。我對我們取得的進展感到非常高興。

I'll turn it over to Pascal to discuss the details of the quarter. Pascal?

我會把它交給 Pascal 來討論本季度的細節。帕斯卡？

Thank you, John, and good morning, everyone. In the second quarter, we saw impressive growth across Mobility, Fiber and HBO Max. We added nearly 800,000 postpaid phones. That's our best second quarter in more than 10 years. Subscriber momentum continues to be strong, and we continue to take share. The gross adds are up, churn is at record low levels, and our average promotional spend per net add is significantly lower than a year ago, thanks to the consistency in our offerings.

謝謝約翰，大家早上好。在第二季度，我們看到了 Mobility、Fiber 和 HBO Max 的驚人增長。我們增加了近 800,000 部後付費電話。這是我們 10 多年來最好的第二季度。訂戶勢頭繼續強勁，我們繼續佔有份額。由於我們產品的一致性，總增加量增加，客戶流失率處於歷史最低水平，我們每淨增加的平均促銷支出明顯低於一年前。

The story with Fiber remains much the same. We continue to see solid subscriber growth with most of those customers new to AT&T. And broadband revenues grew more than 8%. HBO Max continues to exceed our expectations. Having surpassed the lower end of our global subscriber target 6 months ahead of plan, we are now raising our expectations to 70 million to 73 million global subscribers by the end of the year. We also launched our domestic ad-supported version of HBO Max as well as our international offering in 39 Latin American territories at the end of the quarter. That sets us up for additional customer growth as our addressable market expand.

Fiber 的故事大同小異。我們繼續看到用戶穩步增長，其中大多數是 AT&T 的新客戶。寬帶收入增長超過 8%。 HBO Max 繼續超出我們的預期。在提前 6 個月超過我們全球訂戶目標的下限後，我們現在將我們的預期提高到到今年年底全球訂戶數達到 7000 萬至 7300 萬。本季度末，我們還在 39 個拉丁美洲地區推出了 HBO Max 的國內廣告支持版本以及我們的國際產品。隨著我們的可尋址市場的擴大，這為我們的額外客戶增長奠定了基礎。

Let's now turn to Slide 7 for our consolidated financial results. Last year, we saw the brunt of the pandemic's impact on our Q2 results. While the pandemic is still having some impact on our results, we're seeing our businesses emerge stronger than before, with growth accelerating in our market focus areas. Revenues were up more than $3 billion or 7.6% from a year ago. Gains in WarnerMedia, Mobility and Consumer Wireline more than offset declines in video and legacy business services. Adjusted EBITDA declined mostly due to pandemic impacted timing of sports cost in last year's second quarter. We'll talk more about that in a moment, but we expect most of that to reverse itself next quarter. In fact, we expect consolidated EBITDA to be flat to up modestly next quarter and improving thereafter.

現在讓我們轉到幻燈片 7 查看我們的合併財務結果。去年，我們看到了大流行對我們第二季度業績的影響。儘管大流行病仍在對我們的業績產生一些影響，但我們看到我們的業務變得比以前更強大，我們的市場重點領域的增長正在加速。收入比一年前增長了 30 億美元或 7.6%。 WarnerMedia、Mobility 和 Consumer Wireline 的收益遠遠抵消了視頻和傳統商業服務的下滑。調整後的 EBITDA 下降主要是由於大流行影響了去年第二季度體育成本的時間安排。我們稍後會詳細討論這個問題，但我們預計其中大部分會在下個季度自行逆轉。事實上，我們預計下個季度綜合 EBITDA 將持平或小幅上升，此後會有所改善。

Adjusted EPS for the quarter was $0.89. That's up more than 7% year-over-year. This includes about $200 million of pretax gains, principally from mark-to-market gains on benefit plan investments. Adjustments for the quarter included a $4.6 billion pretax noncash write-down of the Vrio assets based on our sales transaction announced yesterday.

本季度調整後的每股收益為 0.89 美元。同比增長超過 7%。這包括約 2 億美元的稅前收益，主要來自福利計劃投資的市值收益。本季度的調整包括根據我們昨天宣布的銷售交易對 Vrio 資產進行 46 億美元的稅前非現金減記。

Cash flows continue to be resilient. Cash from operations came in at $10.9 billion for the quarter. Free cash flow was $7 billion, even with a $2.4 billion increase in WarnerMedia cash content investment. Our dividend payout ratio was about 55%. Cash flows this quarter were also impacted by the capitalization of interest of about $250 million associated with our recent C-band spectrum purchases, which are recorded as investing activities. This accounting treatment stops once the spectrum is deployed.

現金流繼續保持彈性。本季度來自運營的現金為 109 億美元。自由現金流為 70 億美元，即使 WarnerMedia 現金內容投資增加了 24 億美元。我們的股息支付率約為 55%。本季度的現金流量還受到與我們最近的 C 波段頻譜購買相關的約 2.5 億美元利息資本化的影響，這被記錄為投資活動。一旦部署了頻譜，這種會計處理就會停止。

Let's now look at our segment operating results, starting with our Communications business on Slide 8. Our Communications segment grew revenues, driven by gains in Mobility and Consumer Wireline. Mobility growth continues to accelerate, and we delivered another terrific quarter. Our simple postpaid phone offers continue to resonate with customers. Revenues were up more than 10%, with service revenues growing 5%. Postpaid phone churn marked a record low, and we continue to have strong customer growth, especially in our postpaid phone base. Our postpaid phone customer net adds improved by nearly 1 million year-over-year.

現在讓我們看看我們的部門運營結果，從幻燈片 8 上的通信業務開始。我們的通信部門在移動和消費者有線業務的推動下實現了收入增長。流動性增長繼續加速，我們又交付了一個出色的季度。我們簡單的後付費電話服務繼續引起客戶的共鳴。收入增長超過 10%，服務收入增長 5%。後付費電話流失率創下歷史新低，我們的客戶繼續保持強勁增長，尤其是在我們的後付費電話群中。我們的後付費電話客戶淨增加近 100 萬，同比增長。

And EBITDA is up $200 million, our highest EBITDA quarter on record. This growth came without a material return in international roaming revenues and a difficult comparison to last year's Q2 that included more than $100 million of gains on tower sales. As you think about the balance of the year, keep in mind, we are expecting a normal handset introduction cycle in the third quarter versus last year's fourth quarter launch. Also, on the timing front, we expect our recent agreement with DISH to provide a boost to wireless service revenues in 2022.

EBITDA 增加了 2 億美元，這是我們有記錄以來最高的 EBITDA 季度。這種增長並沒有帶來國際漫遊收入的實質性回報，而且與去年第二季度的塔銷售收益超過 1 億美元相比也很難。當您考慮今年餘下的時間時，請記住，與去年第四季度的發布相比，我們預計第三季度將出現正常的手機推出週期。此外，在時間方面，我們預計我們最近與 DISH 達成的協議將在 2022 年推動無線服務收入的增長。

Business Wireline continues to deliver consistent margins and solid EBITDA, even as customers transition away from higher-margin legacy services and products. We saw a sequential improvement in both EBITDA and EBITDA margins. Year-over-year comparisons were impacted by benefits related to the pandemic in the year ago quarter. We expect similar challenging comps in the third quarter. However, with continued product rationalization and cost management, we're very comfortable with maintaining Business Wireline margins in the high 30% for the remainder of the year.

美國商業資訊繼續提供穩定的利潤率和穩健的 EBITDA，即使客戶正在從利潤率更高的傳統服務和產品轉型。我們看到 EBITDA 和 EBITDA 利潤率連續改善。同比比較受到去年同期大流行病相關福利的影響。我們預計第三季度會出現類似的具有挑戰性的競爭。然而，隨著持續的產品合理化和成本管理，我們很樂意在今年剩餘時間內將 Business Wireline 的利潤率維持在 30% 的高位。

Our Fiber growth continues to be solid. We added 246,000 Fiber customers in the quarter. Broadband ARPU grew by 6.1% year-over-year. Our aggregate fiber penetration rate is now more than 36%, up from about 31% a year ago. And nearly 80% of net adds are new AT&T broadband customers. We've reached a major inflection point in our Consumer Wireline business. Broadband revenue growth now surpasses legacy declines. This helped drive Consumer Wireline revenues up 2.9%. We expect broadband revenues to continue to outpace legacy decline. EBITDA trends are also expected to continue improving as we make our way through the second half of the year.

我們的纖維增長繼續穩健。我們在本季度增加了 246,000 名光纖客戶。寬帶 ARPU 同比增長 6.1%。我們的總纖維滲透率現在超過 36%，高於一年前的約 31%。近 80% 的淨增用戶是新的 AT&T 寬帶客戶。我們的消費者有線業務已經達到了一個重要的轉折點。寬帶收入增長現在超過了傳統的下降趨勢。這有助於推動消費者有線收入增長 2.9%。我們預計寬帶收入將繼續超過傳統的下降速度。隨著我們進入今年下半年，預計 EBITDA 趨勢也將繼續改善。

Let's move to WarnerMedia's results, which are on Slide 9. We feel really good about our execution at WarnerMedia coming out of the pandemic. Subscription, advertising and content revenues have accelerated. Customers love HBO Max, and subscriber growth is exceeding expectations. And we had a successful launch of both our ad-supported and international HBO Max offerings late in the quarter. Revenues were up more than 30%, thanks to higher subscription, advertising and content revenues. Direct-to-Consumer subscription revenues grew nearly 40%, reflecting the success of HBO Max. Advertising revenues were up nearly 50%, driven by sports. And upfront negotiations so far have been really strong. Content and other revenues were up 35%, reflecting the recovery of TV production and theatrical releases.

讓我們轉到幻燈片 9 上的 WarnerMedia 的結果。我們對 WarnerMedia 從大流行中走出來的執行感到非常滿意。訂閱、廣告和內容收入加速增長。客戶喜歡 HBO Max，訂戶增長超出預期。我們在本季度末成功推出了我們的廣告支持和國際 HBO Max 產品。由於訂閱、廣告和內容收入增加，收入增長了 30% 以上。直接面向消費者的訂閱收入增長了近 40%，反映了 HBO Max 的成功。在體育運動的推動下，廣告收入增長了近 50%。到目前為止，前期談判非常順利。內容和其他收入增長了 35%，反映了電視製作和戲劇發行的複蘇。

The return of sports had a big impact on advertising revenues and EBITDA in the quarter. In fact, sports contributed more than $400 million of advertising revenues, and we incurred sports costs of $1.1 billion in the quarter. So discrete losses from sport increased more than $600 million year-over-year due to last year's suspension of sports in the second quarter. We expect most of that to reverse itself in the third quarter as the prior year third quarter included the restart of the NBA season.

體育賽事的回歸對本季度的廣告收入和 EBITDA 產生了重大影響。事實上，體育貢獻了超過 4 億美元的廣告收入，我們在本季度產生了 11 億美元的體育成本。因此，由於去年第二季度體育賽事暫停，體育賽事的離散虧損同比增加了 6 億多美元。我們預計大部分情況會在第三季度自行逆轉，因為去年第三季度包括 NBA 賽季的重新開始。

We now have 47 million domestic HBO Max and HBO subscribers and more than 67 million worldwide subscribers, and domestic ARPU is just a little less than $12. Our ad-supported international offerings were launched too late in the quarter to have much of an impact on the second quarter results, but we're enthusiastic about their prospects, given the initial receptivity. As mentioned earlier, we are raising our subscriber growth expectations for the year. We're seeing good momentum, especially in our Latin American markets. We expect most of our subscriber growth for the remainder of the year to be from lower ARPU subscribers in that region. To lean into HBO Max fast start in Latin America, we may push back our launch in some European markets until early 2022. This shift is factored into our revised HBO Max subscriber guidance for the year.

我們現在擁有 4700 萬國內 HBO Max 和 HBO 訂戶以及超過 6700 萬全球訂戶，國內 ARPU 略低於 12 美元。我們的廣告支持的國際產品在本季度推出得太晚，無法對第二季度的業績產生太大影響，但鑑於最初的接受度，我們對其前景充滿熱情。如前所述，我們提高了今年的訂戶增長預期。我們看到了良好的勢頭，尤其是在我們的拉丁美洲市場。我們預計今年剩餘時間的大部分訂戶增長將來自該地區較低的 ARPU 訂戶。為了適應 HBO Max 在拉丁美洲的快速啟動，我們可能會將我們在一些歐洲市場的發布推遲到 2022 年初。這一轉變已納入我們修訂後的 HBO Max 年度訂戶指南中。

Now let's shift to guidance. As John mentioned, we updated our consolidated guidance for the year. Let's discuss that on Slide 10. As a reminder, our guidance for 2021 is on a business-as-usual basis and includes a full year contribution from DIRECTV. Based on the momentum we're seeing across our operations, we now expect consolidated revenue growth in the 2% to 3% range, up from the initial 1% guidance. We also expect wireless service revenue growth of 3% for the year, up from about 2%. Adjusted EPS is now expected to increase in the low to mid-single-digit range. That's up from our earlier guidance of stable with 2020. Gross capital investment expectations remain in the $22 billion range, and we now expect about $27 billion in free cash flows for the year.

現在讓我們轉向指導。正如約翰所提到的，我們更新了今年的綜合指南。讓我們在幻燈片 10 上討論這個問題。提醒一下，我們對 2021 年的指導是在一切照舊的基礎上進行的，包括 DIRECTV 的全年貢獻。根據我們在整個運營中看到的勢頭，我們現在預計綜合收入增長 2% 至 3%，高於最初的 1% 指導。我們還預計今年無線服務收入增長 3%，高於 2% 左右。現在預計調整後的每股收益將在中低個位數範圍內增長。這高於我們之前對 2020 年穩定的指導。總資本投資預期保持在 220 億美元的範圍內，我們現在預計今年的自由現金流量約為 270 億美元。

Also, we now have better clarity on the projected close of the DIRECTV transaction. We expect the transaction to close in early August. Here is the expected impact from excluding 5 months of DIRECTV on the consolidated financial guidance we just laid out. Revenues are expected to be lower by $9 billion. EBITDA is expected to be lower by $1 billion. Free cash flow is also expected to be lower by about $1 billion, equating to $26 billion for the full year. We expect no change to our updated adjusted EPS guidance as benefits from the accounting treatment related to the NFL Sunday ticket are largely expected to be offset by certain fixed costs that were previously allocated to DIRECTV.

此外，我們現在對 DIRECTV 交易的預計完成時間有了更清晰的了解。我們預計交易將於 8 月初完成。這是排除 5 個月的 DIRECTV 對我們剛剛制定的綜合財務指導的預期影響。預計收入將減少 90 億美元。 EBITDA 預計將減少 10 億美元。預計自由現金流也將減少約 10 億美元，相當於全年 260 億美元。我們預計我們更新後的調整後 EPS 指南不會發生變化，因為與 NFL 週日門票相關的會計處理帶來的收益預計將在很大程度上被之前分配給 DIRECTV 的某些固定成本所抵消。

Capital investment guidance is also expected to remain the same. Obviously, the actual financial impact could vary depending upon DIRECTV's performance, the actual close date and other considerations. We recognize the financial structure of the DIRECTV transaction is complex. That is why we included some incremental details on cash and dividend distribution terms in our press release. Shortly after we close the deal, we plan on providing pro forma historical financials to help your modeling going forward.

預計資本投資指引也將保持不變。顯然，實際財務影響可能因 DIRECTV 的業績、實際關閉日期和其他考慮因素而異。我們認識到 DIRECTV 交易的財務結構很複雜。這就是為什麼我們在新聞稿中包含了一些關於現金和股息分配條款的增量細節。在我們完成交易後不久，我們計劃提供備考歷史財務數據以幫助您進行建模。

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

阿米爾，這就是我們的介紹。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，我們準備好回答第一個問題。

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集團的 John Hodulik。

Okay. Great. Anything you could tell us about the details of the wholesale deal with DISH? Specifically, just any thoughts. I, know Pascal, you mentioned that it would affect revenues in '22. But just do you guys expect to take all of that traffic onto your network? And maybe if you could give us a sense on when it should start to migrate or over what time frame you'd see that? And then also, as part of that announcement, there was -- there's some details about some key spectrum that you guys could utilize from DISH. Is that the 700-megahertz spectrum that you'd have access to? And maybe if you could give us some details on how quickly that could be put into -- could be letup and sort of used by AT&T Mobility, that would be great.

好的。偉大的。你能告訴我們關於與 DISH 批發交易的細節嗎？具體來說，只是任何想法。我知道 Pascal，你提到它會影響 22 年的收入。但是你們是否希望將所有這些流量都帶到您的網絡上？也許您能告訴我們什麼時候應該開始遷移，或者您會在什麼時間範圍內看到遷移？然後，作為該公告的一部分，還有一些關於你們可以從 DISH 使用的關鍵頻譜的一些細節。那是您可以訪問的 700 兆赫茲頻譜嗎？也許如果你能給我們一些細節，說明它可以多快投入使用——可以讓 AT&T Mobility 使用，那就太好了。

Sure, John. So first, let me just kind of start out and step back and say having watched some of the comments over the last couple of days, let me frame one thing. We have been in the wholesale business since as long as I've been working for this company, and the wholesale business has been very good to our company, and it's a very important element of how we manage our returns and how we kind of think about attracting the right kind of scale in our business moving forward. And that is both true in the fixed and wireless business. And we've been cognizant of percentages of traffic that we have in various aspects of our business and always try to maintain a balance. And I would say my experience with this company and looking at the relationships we've had from a wholesale perspective, we've always managed to strike relationships that we think are win-win relationships for the parties involved.

當然，約翰。所以首先，讓我先開始，然後退一步說，看了過去幾天的一些評論，讓我來構想一件事。自從我在這家公司工作以來，我們就一直從事批發業務，批發業務對我們公司非常有利，它是我們如何管理退貨以及我們如何思考的一個非常重要的因素關於在我們的業務發展中吸引合適的規模。在固定和無線業務中都是如此。我們已經意識到我們業務各個方面的流量百分比，並始終努力保持平衡。我要說的是我在這家公司的經驗，從批發的角度來看我們之間的關係，我們總是設法建立我們認為對相關各方來說是雙贏的關係。

Second thing I would say is I believe that DISH is going to be a company that, in their business model, what they choose to do moving forward is going to be successful, one way or the other. And my point of view, when we start thinking about the wholesale business is, when somebody is going to be successful, it's always nice for us to be successful along with them.

我要說的第二件事是，我相信 DISH 將成為一家公司，在他們的商業模式中，他們選擇向前邁進的事情將以某種方式取得成功。我的觀點是，當我們開始考慮批發業務時，當有人要成功時，我們與他們一起成功總是好的。

We think there's an accretive way to do that drives a reasonable return back into the business and, again, manages the balance of that traffic in the aggregate of the business. And I think we've achieved that in this case. And frankly, given the nature of their business and where they are in its maturity and what our interests are and ultimately aggregating as much traffic on our networks is possible, I'm looking forward to demonstrating to DISH that we can be a good partner, that we can carry the right kind of traffic, and we can do things to help them grow their infrastructure over time on parts of our network where they may not have ready access to infrastructure that we can ultimately support them with.

我們認為有一種增值的方式可以推動合理的回報回到業務中，並再次管理業務總量中流量的平衡。我認為我們在這種情況下已經做到了。坦率地說，考慮到他們的業務性質、他們的成熟度以及我們的興趣所在，並最終在我們的網絡上聚集盡可能多的流量是可能的，我期待著向 DISH 證明我們可以成為一個好的合作夥伴，我們可以承載正確類型的流量，並且我們可以做一些事情來幫助他們隨著時間的推移在我們網絡的某些部分上擴展他們的基礎設施，在這些地方他們可能無法準備好訪問我們最終可以支持他們的基礎設施。

And I think that's a good thing for AT&T over the long haul, given the nature of our business and what we've done and the balance that we like to keep between retail and wholesale traffic. The construct around this particular agreement, as you should think about it is, as you know, it was set up so that, as DISH continues to build their own infrastructure for own and operate, they need places to put traffic. And so while this is a 10-year agreement that's discussed, I think, in the disclosures,it's a minimum commitment per year, one should think about this as probably being something that's more front-end loaded than back-end loaded in terms of how that commitment retires. And I think you should also think about it in terms of DISH has established with us a minimum annual commitment.

考慮到我們的業務性質和我們所做的事情，以及我們希望在零售和批發流量之間保持平衡，我認為從長遠來看，這對 AT&T 來說是一件好事。圍繞這個特定協議的構建，正如你應該考慮的那樣，正如你所知，它的建立是為了隨著 DISH 繼續為自己和運營構建自己的基礎設施，他們需要放置流量的地方。因此，雖然這是一項討論的 10 年協議，但我認為，在披露中，這是每年的最低承諾，人們應該認為這可能是前端負載比後端負載更多的東西該承諾如何退休。而且我認為您還應該考慮 DISH 與我們建立的最低年度承諾。

That's not the necessarily the annual commitment or the maximum annual commitment. And a lot of this will be based on our effective performance with them and ultimately what they choose to do in the market. But frankly, we aspire to possibly see that be something greater than what those minimum levels are that have been put in place, but this was a comfortable construct that I think both parties could agree to get started and establish all the practices and processes that are necessary to have an effective wholesale arrangement like this. And I think that we need to demonstrate that we can do well and ultimately see that grow.

這不一定是年度承諾或最大年度承諾。其中很多將基於我們與他們的有效表現以及他們最終選擇在市場上做什麼。但坦率地說，我們希望看到的可能是比已經實施的最低水平更高的東西，但這是一個舒適的結構，我認為雙方可以同意開始並建立所有的實踐和流程有必要有這樣一個有效的批發安排。而且我認為我們需要證明我們可以做得很好並最終看到它的成長。

And I don't want to speak on behalf of DISH or Charlie. I'm sure he will, when he has a chance to comment on that. But I believe one of the reasons they view this as being a good move for them is their assessment of where things were in the industry is. They felt like we could be a very capable and more capable partner than their current arrangement. And they have motivations for a business reason to continue to deepen that relationship with us.

我不想代表 DISH 或查理髮言。我相信他會的，當他有機會對此發表評論時。但我相信他們認為這對他們來說是一個好的舉措的原因之一是他們對行業現狀的評估。他們覺得我們可以成為一個非常有能力和比他們目前的安排更有能力的合作夥伴。他們出於商業原因有動機繼續加深與我們的關係。

I would go on to say, as we think about what we do with them on this relationship going forward, there are a lot of options that we can explore. Spectrum is certainly one that's open. We have a variety of spectrum licenses where our existing radio infrastructure can ultimately deploy and put to use some of their spectrum. That's been done through the pandemic. We have options to do some of that as well as we move forward. And look, I don't think any of us know over the course of a longer-term relationship what's going to happen to other regs and specs on spectrum.

我會繼續說，當我們考慮在未來的這種關係中與他們一起做什麼時，我們可以探索很多選擇。 Spectrum 當然是開放的。我們擁有各種頻譜許可證，我們現有的無線電基礎設施最終可以部署並使用他們的一些頻譜。這是通過大流行完成的。我們可以選擇做其中的一些，並且我們會繼續前進。看，我認為我們中的任何人都不知道在長期關係的過程中，其他頻譜法規和規範會發生什麼。

And I think parties will keep their mind open as those evolutions occur and look for some other options to pursue. But right now, we know what we need to do with the wholesale agreement. But frankly, it's really no different than any other wholesale agreement that's in the market like what maybe Verizon does with Cable or what we've done with other entities that have elected to use this on a wholesale basis. Jeff, do you want to add anything to that? Your team did a great job pulling it together. Is there anything you would add?

而且我認為，隨著這些演變的發生，各方將保持開放的心態，並尋求其他一些選擇。但現在，我們知道我們需要用批發協議做什麼。但坦率地說，這與市場上的任何其他批發協議都沒有什麼不同，比如 Verizon 與 Cable 所做的，或者我們與選擇在批發基礎上使用它的其他實體所做的。傑夫，你想補充什麼嗎？您的團隊在將其整合在一起方面做得很好。你有什麼要補充的嗎？

John, I think you covered the broad strokes of it. And I would just say the cadence between the 2 organizations and getting ready to begin migrating this traffic towards the latter part of this year and ongoing into 2022 has been very positive. I think the comments from the operation have been that the AT&T network has got the capacity and the coverage. With all of the investments that we have made over the last several years, we can actually afford to do something like this and not worry so much about our spectrum position. And our technology migration that we've got experience in and upgrading from 4G to 5G and making those transitions seamless is something I think the DISH organization is looking forward to working with us on.

約翰，我想你涵蓋了它的主要內容。我只想說這兩個組織之間的節奏以及準備開始將此流量遷移到今年下半年並持續到 2022 年的節奏非常積極。我認為運營方面的評論是 AT&T 網絡已具備容量和覆蓋範圍。憑藉我們在過去幾年中所做的所有投資，我們實際上有能力做這樣的事情，而不用太擔心我們的頻譜位置。我認為 DISH 組織期待與我們合作的是我們在從 4G 升級到 5G 以及使這些過渡無縫進行方面的技術遷移方面的經驗。

I don't think anybody around here is upset about taking $500 million a year out of a competitor's pocket either. So...

我認為這裡的任何人都不會因為每年從競爭對手的口袋裡掏出 5 億美元而感到不安。所以...

And we do have a question from the line of Sean Flannery (sic) [Simon Flannery] with Morgan Stanley.

我們確實有 Sean Flannery（原文如此）[Simon Flannery] 與摩根士丹利的問題。

I wonder if we could get a quick update on the WarnerMedia-Discovery deal. Any updates on timing, regulatory process, tax status, structure, et cetera? And then for Jeff, you did an interesting deal around the 5G core with Microsoft Azure. It would be great just to learn more about the details of that. Any numbers you can give us and the opportunities that, that gives you?

我想知道我們是否可以快速了解 WarnerMedia-Discovery 交易的最新情況。關於時間安排、監管流程、稅收狀況、結構等的任何更新？然後對於 Jeff，您與 Microsoft Azure 圍繞 5G 核心做了一筆有趣的交易。了解更多關於它的細節會很棒。您可以給我們提供任何數字以及給您的機會嗎？

Is that a legal name change, Simon? Or you know, is it -- Simon 2.0?

這是合法的改名嗎，西蒙？或者你知道，是 Simon 2.0 嗎？

We'll figure that out on the transcript, yes.

我們會在成績單上弄清楚，是的。

I think the net of where we are in the discovery process is no news is good news. We're basically tracking through the process as we would expect to do. And I think you're probably familiar enough with these things. But right now, it's a lot of work with the regulatory agencies and document production, and providing information that's responsive to their request so that they can begin their reviews. And all that is underway. There's nothing we see in that that's been particularly problematic nor is it far enough along, where I think you can effectively say that anybody has developed any position or point of view on something.

我認為我們在發現過程中所處的網絡是沒有消息就是好消息。我們基本上是按照我們預期的那樣跟踪整個過程。而且我認為您可能對這些事情已經足夠熟悉了。但現在，監管機構和文件製作需要大量工作，並根據他們的要求提供信息，以便他們可以開始審查。而這一切都在進行中。我們沒有看到任何特別有問題的地方，也沒有走得太遠，我認為你可以有效地說任何人都對某事提出了任何立場或觀點。

So we continue to move through, and I would tell you, internally, all the normal steps are going on to be prepared operationally for when we would expect an approval. I think, as I indicated when we announced the transaction, Simon, we expected it was going to be next year and probably close to a full year review to get this done. And I don't have any reason to suggest it's going to be anything other than that at this point.

所以我們繼續前進，我會在內部告訴你，所有正常的步驟都在為我們期望獲得批准的時間做準備。我認為，正如我在宣布交易時所指出的那樣，西蒙，我們預計將在明年進行，並且可能接近全年審查以完成這項工作。在這一點上，我沒有任何理由表明它會是其他任何東西。

We've had some interesting and pleasant surprises. In some cases, I think we moved through the DIRECTV process a little bit faster than what we had expected. It's not a complicated transaction. I think that certainly supports it. And if we were to be fortunate enough to do that because of the straightforward nature of the transaction. We'll take it, and we'll be prepared for that if that were to happen. But at this point, I'm expecting it's going to be a full and fulsome review. And we'll run through the process as we normally do and get to the end of it and probably have, as we approach the latter part of it, a little bit more insight for you as to what's going on. It's just a little early. Jeff?

我們遇到了一些有趣且令人愉快的驚喜。在某些情況下，我認為我們通過 DIRECTV 流程的速度比我們預期的要快一些。這不是一項複雜的交易。我認為這當然支持它。如果我們有幸因為交易的簡單性而做到這一點。我們會接受它，如果發生這種情況，我們會做好準備。但在這一點上，我希望它會是一個完整而令人滿意的評論。我們將像往常一樣完成整個過程並結束，並且可能在我們接近它的後半部分時讓您對正在發生的事情有更多的了解。只是有點早。傑夫？

Yes, Simon, on the Microsoft transaction, I think it's appropriate to point out that AT&T and Microsoft, we've got a very deep and wide-ranging strategic relationship between the 2 firms. And this particular deal that you referenced is just another example of how we choose to partner with companies like Microsoft who have expertise in doing things. They do this day in and day out for a living, and that is scaled compute. And as you know, over the last several years, our labs, organizations and our network team has been hard at work virtualizing our core network functions.

是的，西蒙，關於微軟的交易，我認為應該指出 AT&T 和微軟，我們在這兩家公司之間建立了非常深入和廣泛的戰略關係。你提到的這個特殊交易只是我們如何選擇與像微軟這樣在做事方面具有專業知識的公司合作的另一個例子。他們日復一日地以此為生，這就是規模化計算。如您所知，在過去幾年中，我們的實驗室、組織和我們的網絡團隊一直在努力虛擬化我們的核心網絡功能。

What this deal essentially does is it brings Microsoft to the edge of our network and supporting our network workloads at a scaled level for efficiency. And as a partner in this, our engineers and their engineers are developing this solution on a broad scale across the business, across the network. We're going to enjoy some anchor tenant benefits from that. We're not disclosing any specific financial details. But one thing that we are not doing, and I've kind of read this in the trade and the press a bit, is we're not outsourcing our core network functions. We are relying upon Microsoft to develop scale compute and storage capabilities at the edge, while we retain control of our network stack and the kinds of services and products that we're going to offer to the market.

這筆交易的本質是將微軟帶到我們網絡的邊緣，並在可擴展的水平上支持我們的網絡工作負載以提高效率。作為這方面的合作夥伴，我們的工程師和他們的工程師正在跨業務、跨網絡廣泛開發此解決方案。我們將從中享受一些主要租戶的好處。我們沒有透露任何具體的財務細節。但是我們沒有做的一件事，我在行業和媒體上讀過一點，就是我們沒有外包我們的核心網絡功能。我們依靠 Microsoft 在邊緣開發規模計算和存儲功能，同時我們保留對網絡堆棧以及我們將向市場提供的服務和產品種類的控制權。

And as John has shared over the last 4 quarters, our focus here is to put our energy on the things that differentiate our service. And by doing this, it enables us to reallocate resources that we want or attempting to build. Scale, network, cloud compute capabilities, we rely on Microsoft for that in their Azure for Operators capability going forward. And our product development teams, our engineers really work on a service layer and the kinds of products and services that we intend to provide with our fiber and 5G network to consumers and to our enterprise customers.

正如約翰在過去 4 個季度中所分享的那樣，我們在這裡的重點是將精力放在使我們的服務與眾不同的事情上。通過這樣做，它使我們能夠重新分配我們想要或試圖構建的資源。規模、網絡、雲計算能力，我們在未來的 Azure for Operators 能力中依賴微軟。我們的產品開發團隊、我們的工程師真正致力於服務層以及我們打算通過光纖和 5G 網絡向消費者和企業客戶提供的各種產品和服務。

Any color on timing?

時間上有顏色嗎？

No. We've not disclosed our product launches or capabilities. This deal just got announced, and it's in the process right now of the integration of the 2 teams.

沒有。我們沒有透露我們的產品發布或功能。這筆交易剛剛宣布，目前正在進行兩支球隊的整合。

We'll know more at the appropriate time.

我們會在適當的時候知道更多。

And we do have a question from the line of David Barden with Bank of America.

我們確實有來自美國銀行的 David Barden 的問題。

Maybe two, if I could. The first question is, Pascal, thanks for the information about what the prospective impact to the DTV disposition might be. I guess a helpful mirror image of that would be, what kind of EBITDA and free cash flow from DTV is baked in your current outlook as you've laid it out here today? And the second question is, obviously, 2 new factors impacting the earnings outlook. One is changing Vrio from operational to assets held for sale and the benefit from depreciation there, and then the new kind of approach towards capitalized interest and having taken down the interest expense. Can you talk about what those 2 factors are doing to inform the new earnings growth outlook?

也許兩個，如果可以的話。第一個問題是，Pascal，感謝您提供有關對 DTV 處置的預期影響的信息。我想這將是一個有用的鏡像，就像您今天在這裡列出的那樣，您當前的前景中包含了什麼樣的 EBITDA 和來自 DTV 的自由現金流？第二個問題顯然是影響盈利前景的兩個新因素。一個是將 Vrio 從運營資產轉變為持有待售資產，並從那裡的折舊中獲益，然後是將利息資本化並降低利息支出的新方法。你能談談這兩個因素對新的盈利增長前景有何影響嗎？

Sure thing, Dave. On DTV, we have not provided detailed guidance yet. But as we said, once we -- once the transaction closes, we will provide details to help with your modeling. In terms of Vrio, you said that -- you asked about the impact of stopping depreciation and amortization. Think about it as $0.01 to $0.02 for the balance of the year, so not significant. And capitalized interest, we -- as you saw in my remarks, I said that it's about $250 million in Q2. So think about that as being the zone you should model going forward.

當然可以，戴夫。關於數字電視，我們還沒有提供詳細的指導。但正如我們所說，一旦我們 - 一旦交易完成，我們將提供詳細信息以幫助您進行建模。就 Vrio 而言，你說過——你詢問了停止折舊和攤銷的影響。將其視為一年中餘額的 0.01 美元到 0.02 美元，所以並不重要。和資本化的利息，我們 - 正如你在我的評論中看到的那樣，我說第二季度約為 2.5 億美元。因此，將其視為您應該建模的區域。

So if I do that math, it kind of suggests that the -- that for the balance of the organization, it's still kind of more stable is EPS while you kind of drive the top line. Is that fair?

所以如果我做那個數學，它有點表明 - 對於組織的平衡，它仍然有點穩定是 EPS，而你有點推動頂線。這公平嗎？

I think that's fair. But remember, we are stepping up our investments significantly across the board in Mobility, Fiber and HBO Max. So that -- some of this is self-imposed by the investments we're making. And you're seeing the delivery of the return through the top line over time. Over time, we expect the continued transformation effort and continued revenue growth. We're going to drive operating leverage, which should translate into EBITDA improvement. And I said this in my comments, we expect next quarter EBITDA to be flat to up modestly. And so this is really, really a good outcome. The business is -- we're investing fully in our businesses, and we're delivering returns as evidenced by the revenue growth. And we're optimistic that all of that is going to translate into profit growth and cash going forward.

我認為這很公平。但請記住，我們正在全面加大對移動、光纖和 HBO Max 的投資。所以 - 其中一些是我們正在進行的投資自行強加的。隨著時間的推移，您會看到通過頂線交付的回報。隨著時間的推移，我們預計將繼續努力轉型並持續增長收入。我們將推動經營槓桿，這應該轉化為 EBITDA 的改善。我在評論中說過，我們預計下一季度 EBITDA 將持平或小幅上升。所以這真的是一個很好的結果。業務是——我們正在全力投資我們的業務，我們正在提供回報，收入增長就是證明。我們樂觀地認為，所有這些都將轉化為未來的利潤增長和現金。

And we do have a question from the line of Phil Cusick with JPMorgan.

我們確實有來自摩根大通的 Phil Cusick 的問題。

First, John, there are a lot of questions about the retention promo you launched last year and it keeps running. But maybe talk about what else has changed in the wireless go-to-market strategy aside from the retention promos in the last year. And then what do you see driving the industry strength this quarter as well? And then a quick follow-up. Do those Boost customers, will most of them need new phones to come to your network? Or can you just convert them without a new phone?

首先，約翰，關於你去年推出的保留促銷活動有很多問題，而且它一直在進行。但也許可以談談除了去年的留存促銷之外，無線進入市場戰略還有哪些變化。然後，您認為本季度推動行業實力的因素是什麼？然後快速跟進。那些 Boost 客戶，他們中的大多數人是否需要新手機才能使用您的網絡？或者您可以在沒有新手機的情況下轉換它們嗎？

So Phil, since I have Jeff right here, I'm going to go ahead and just have him address it since he lives this day in and day out.

所以 Phil，因為 Jeff 就在這裡，我將繼續讓他解決這個問題，因為他日復一日地生活著。

Phil, appreciate the question on the wireless business. We've been operating in this go-to-market model for the past 4 quarters. And I've got to tell you, it just continues to prove to be sustainable. When I think about it, and I'd encourage you to think about it as 3 simple elements. And the first is we have simplified our offers in the market, and we remained consistent in our offer constructs over the last 4 quarters, despite really a highly active and a competitive environment.

菲爾，感謝有關無線業務的問題。在過去的 4 個季度中，我們一直採用這種上市模式。而且我必須告訴你，它只是繼續證明是可持續的。當我考慮它時，我鼓勵您將其視為 3 個簡單的元素。首先是我們簡化了我們在市場上的報價，並且在過去 4 個季度中我們的報價結構保持一致，儘管確實存在高度活躍和競爭激烈的環境。

But the second element that I think is sometimes overlooked is our persistent focus on the customer experience. And that is execution across our sales and distribution channels, our newly formed a year ago customer advocacy teams working the grind on, improving the experience of our products and our services. And then our network organization, it just continues to put the capital into the ground and drive, for a third year in a row, the nation's best network.

但我認為有時被忽視的第二個因素是我們對客戶體驗的持續關注。這就是我們在銷售和分銷渠道中的執行力，我們一年前新成立的客戶支持團隊正在努力改進我們的產品和服務體驗。然後是我們的網絡組織，它只是繼續投入資金並連續第三年推動全國最好的網絡。

And those 2 things combined have responded and continued positive responses from the market and the end customers, both our existing subscriber base, as I think all are aware of, but also those of other competitors who are choosing to join the AT&T network. And we've been able to achieve and sustain taking share in multiple segments. It's across the board. It's not in any one particular segment. We're growing in consumer. We're growing in small business.

這兩件事結合在一起，市場和最終客戶做出了回應並持續做出積極回應，我想大家都知道，這既是我們現有的用戶群，也是選擇加入 AT&T 網絡的其他競爭對手的用戶群。我們已經能夠實現並維持在多個領域的份額。這是全面的。它不在任何一個特定的部分。我們在消費者中成長。我們在小型企業中成長。

We're growing with our FirstNet position. We're growing in enterprise. And as Pascal mentioned earlier, we've set a 10-year record for net add growth here in the second quarter, but we've also set a record for our churn and the NPS results that customers are giving us for our wireless products and services. And so in short, the customers themselves are telling us that we're doing something right.

我們隨著我們在 FirstNet 的地位而成長。我們在企業中成長。正如 Pascal 之前提到的，我們在第二季度創下了 10 年的淨增加增長記錄，但我們也創下了客戶流失率和客戶為我們的無線產品提供的 NPS 結果的記錄，以及服務。簡而言之，客戶自己告訴我們，我們正在做正確的事情。

When you grow the top line revenue growth through the subscriber growth, remembering that we are third place in market share. We've got just a little over 27.5% of the market. Our growth trajectory right now is roughly 35%, 36% share of net adds. We're doing it also efficiently. And through our transformation program and our distribution optimization, we're able to mine dollars out of the operations to support this growth and drive EBITDA growth at record levels here in the second quarter, year-over-year as well as sequentially. And so this operating leverage that we've achieved gives us confidence that this model is sustainable but we've got a lot of work to do. So I mentioned, we sole have a third place share position in the market. We haven't made our way fully through upgrading our existing customer base on unlimited plans.

當您通過用戶增長來增加收入增長時，請記住我們在市場份額方面排名第三。我們的市場份額略高於 27.5%。我們目前的增長軌跡約為 35%，占淨增加份額的 36%。我們也在高效地做這件事。通過我們的轉型計劃和我們的分銷優化，我們能夠從運營中挖掘資金來支持這種增長，並推動 EBITDA 在第二季度、同比和環比上以創紀錄的水平增長。因此，我們取得的這種經營槓桿讓我們相信這種模式是可持續的，但我們還有很多工作要做。所以我提到，我們在市場上獨占第三位。我們還沒有通過無限計劃升級現有客戶群來完全走自己的路。

We still are early in the cycle of upgrading our base on to the 5G devices. And so teams are doing a great job, we are satisfied, very -- I feel very strong about our position in the market, but we're staying focused on what customers want. And as long as we're getting the positive response, we're going to stick with it.

我們仍處於將基礎升級到 5G 設備的周期的早期階段。所以團隊做得很好，我們很滿意，非常 - 我對我們在市場上的地位感到非常強烈，但我們一直專注於客戶的需求。只要我們得到積極的回應，我們就會堅持下去。

And in terms of the overall strength in the market, Phil, I probably -- I don't think there's any one particular thing I'd look at, but there's a number of factors. One, obviously, many people are flushed with probably incremental cash than what they might have otherwise have had for a variety of different reasons. And they look for things to spend the money on. And I would say that, generally speaking, these are high-value, high-utility services that we sell. And I can understand why on the margin people may make a decision around that. I think, secondly, the postpaid strength, clearly, there's been some suppression in the prepaid market as I think value when things occur, there has been some movement in that direction. Third, look, you got to adjust some of these numbers in the industry when you think about how many customer lines are actually what I would call an economic decision to pay for versus not pay for. And that probably is having a little bit of an impact on the aggregate numbers. Jeff, I don't know if you think there's anything else that you would point to.

就市場的整體實力而言，菲爾，我可能——我不認為我會關注任何一件特定的事情，但有很多因素。其一，很明顯，由於各種不同的原因，許多人可能擁有比他們原本可能擁有的更多的現金。他們尋找可以花錢的東西。我會說，一般來說，這些是我們銷售的高價值、高實用性的服務。我能理解為什麼人們可能會圍繞這一點做出決定。我認為，其次，後付費的實力，很明顯，預付費市場受到了一些壓制，因為我認為當事情發生時，價值已經朝這個方向發展。第三，你看，當你考慮有多少客戶線實際上是我所說的支付與不支付的經濟決策時，你必須調整行業中的一些數字。這可能對總數有一點影響。傑夫，我不知道你是否認為還有什麼要指出的。

No, I wouldn't. I think you covered it.

不，我不會。我想你涵蓋了它。

Okay.

好的。

And then on the Boost conversion?

然後在 Boost 轉換上？

Yes. There's -- obviously, there -- I think Boost, and we've got a situation where DISH will work through whatever the arrangement is commercially with T-Mobile on this. And I think there's been some public discussion around what that entails and what's happening. And we're not in the middle of that debate and what's occurring. And I think it still has a little bit of path to play. But yes, there is a segment of those customers that, ultimately, if they were to come over to our network, will require a device change out. Exactly what the pace of that is and when that's necessary and how it occurs and the total numbers of that, I think, is yet to be played out. Jeff, is there anything you would add on that?

是的。有——很明顯，有——我認為是 Boost，我們遇到的情況是 DISH 將通過與 T-Mobile 的任何商業安排來解決這個問題。我認為圍繞這意味著什麼以及正在發生什麼已經進行了一些公開討論。我們不在這場辯論和正在發生的事情中。而且我認為它還有一點路可玩。但是，是的，這些客戶中有一部分最終如果要訪問我們的網絡，將需要更換設備。我認為，確切的速度是多少，何時需要，它是如何發生的，以及它的總數還有待確定。傑夫，你有什麼要補充的嗎？

Yes, 100% required device conversion. Some require SIM swaps, and they're a little easier transition, but you've covered it appropriately.

是的，100% 需要設備轉換。有些需要 SIM 交換，它們的轉換要容易一些，但您已經適當地介紹了它。

And our next question comes from the line of Michael Rollins.

我們的下一個問題來自 Michael Rollins。

Two questions, if I could. First, when you take the planned investments in 5G and fiber altogether, can you share the percent of homes over the next 3 to 5 years in the U.S. where AT&T can deliver better than DSL performance in the home? And secondly, just going back to the DISH transaction that you were describing earlier. As I think about from the history, John, that you were sharing, when AT&T entered into some of those larger wholesale deals years ago, it felt like it was more resellers and MVNOs that were complementary to the AT&T focus. A lot of it on prepaid before AT&T was a larger provider in the prepaid category. So when you evaluated the deal this time with DISH, how did you consider whether or not DISH would be a competitor that may be more complementary to the addressable market that you're going after, relative to a competitor that may be going directly after this same broad set of customers and revenue that AT&T currently pursues?

兩個問題，如果可以的話。首先，當你將 5G 和光纖的計劃投資全部考慮在內時，你能否分享未來 3 到 5 年美國家庭中 AT&T 可以提供比 DSL 更好性能的家庭百分比？其次，回到您之前描述的 DISH 交易。約翰，正如我從歷史上所想的那樣，當 AT&T 多年前達成一些較大的批發交易時，感覺更多的經銷商和 MVNO 與 AT&T 的重點互補。在 AT&T 成為預付費類別中較大的提供商之前，其中很多都是預付費的。因此，當您這次評估與 DISH 的交易時，您如何考慮 DISH 是否會成為一個競爭對手，相對於可能直接在此之後進行的競爭對手，它可能與您所追求的目標市場更具互補性AT&T 目前追求的廣泛客戶群和收入？

Michael, so why don't I have Jeff go ahead and answer your question on how we think about footprint for coverage of broadband and then I'll come back and touch on your point of view on the wholesale piece.

邁克爾，為什麼我不讓傑夫繼續回答你關於我們如何考慮寬帶覆蓋足蹟的問題，然後我會回來談談你對批發部分的觀點。

Yes, Mike, we've disclosed we've got investment plans over the long term to reach 30 million homes passed with fiber, which is clearly in excess of speeds capable by copper, cable or DSL. I would point to today, our 5G network delivers speeds over 250 million POPs covered that exceed that of DSL. We have not made the choice or decision to launch wide-scale fixed wireless Internet, but rest assured that the strength of our wireless network is providing options for us as we migrate some of our legacy wireline DSL customers off of that technology over to a better technology, served up with fiber or wireless. And where it doesn't make sense for us to invest in fiber for the long term in certain demographic areas or market areas, we choose to serve that with wireless, and we'll leverage the 5G existing network that we've got with our sub-6 spectrum strength. Outside of that, we're not disclosing the number of homes covered by the wireless network. We generally measure that in terms of POPs.

是的，邁克，我們已經透露我們已經制定了長期投資計劃，以達到 3000 萬戶家庭使用光纖，這顯然超過了銅線、電纜或 DSL 所能達到的速度。我要指出的是，今天，我們的 5G 網絡提供的速度覆蓋了超過 2.5 億個 POP，超過了 DSL。我們尚未做出啟動大規模固定無線互聯網的選擇或決定，但請放心，隨著我們將一些傳統有線 DSL 客戶從該技術遷移到更好的技術，我們無線網絡的優勢正在為我們提供選擇技術，提供光纖或無線服務。在某些人口區域或市場區域長期投資光纖對我們來說沒有意義的地方，我們選擇使用無線服務，並且我們將利用我們擁有的 5G 現有網絡亞 6 頻譜強度。除此之外，我們不會透露無線網絡覆蓋的家庭數量。我們通常根據持久性有機污染物來衡量。

So Mike, on your comment, I think I probably disagree at the front end of your premise. I think we do things that are complementary in terms of we think they're accretive opportunities to bring profitable traffic on the network. But our portfolio of owned and operated services, frankly, covers the breadth of whatever a customer needs. I mean there isn't really a customer base that we couldn't go out and sell an owned and operated service to. And we've been in that position for some period of time. We have a very strong prepaid business, which plays in the value segment. We have a variety of different prepaid offers that are out there. We have great postpaid offers that cover a full gamut of things. So yes, there are other operators out there that on a resale or MVNO basis go and attack other market segments, but I'd like to compete for those customers on an owned and operated basis as well. And that's always been the case.

所以邁克，關於你的評論，我想我可能不同意你前提的前端。我認為我們做的事情是互補的，因為我們認為它們是在網絡上帶來有利可圖的流量的增長機會。但坦率地說，我們擁有和運營的服務組合涵蓋了客戶需要的範圍。我的意思是，沒有一個客戶群是我們不能出去銷售自有和經營的服務的。我們在那個位置上已經有一段時間了。我們有非常強大的預付費業務，在價值領域發揮作用。我們提供各種不同的預付費優惠。我們有很棒的後付費優惠，涵蓋了所有方面。所以是的，還有其他運營商在轉售或 MVNO 的基礎上去攻擊其他細分市場，但我也想在擁有和經營的基礎上競爭這些客戶。情況一直如此。

Now I think where we're at in the U.S. market maybe a little bit different than others is there is kind of a direction towards more owned and operated competition and resale and MVNO operation. And as a result of that occurring, the number of wholesale options, I would say, moving forward in the future, are going to become a little bit more concentrated. And so you're probably going to see where you choose to put that wholesale traffic on your network to be fewer options to go out and pursue different partners. And as a result of that, if you want to continue to have an element of wholesale consistency in your market -- and to Jeff's point, if you have some excess capacity that you can put to use and use it for either a fixed cost coverage or driving up incremental traffic in a place where you have some valid capacity, you're going to obviously choose to do that. And I think that's the case here.

現在我認為我們在美國市場所處的位置可能與其他市場略有不同，那就是朝著更多自有和經營的競爭、轉售和 MVNO 運營方向發展。由於這種情況的發生，批發選擇的數量，我想說，在未來向前發展，將變得更加集中。因此，您可能會看到您選擇將批發流量放在網絡上的位置，以減少外出和尋求不同合作夥伴的選擇。因此，如果你想繼續在你的市場中保持批發一致性的元素——就傑夫的觀點而言，如果你有一些多餘的產能可以投入使用，並將其用於固定成本覆蓋或者在你有一些有效容量的地方增加流量，你顯然會選擇這樣做。我認為這裡就是這種情況。

And as I would also tell you, when you think about this relationship, a broader wholesale capability beyond just the wireless business is a part of this, which is really attractive to us as an infrastructure provider. It's something we do in our core. And there are opportunities for us to think about, again, as we deploy -- as DISH deploys network infrastructure and where they go, for us to do some things that I think are complementary and helpful to both businesses.

正如我還要告訴你的那樣，當你考慮這種關係時，除了無線業務之外更廣泛的批發能力是其中的一部分，這對我們作為基礎設施提供商來說真的很有吸引力。這是我們在核心中所做的事情。我們有機會再次考慮，因為我們部署 - 當 DISH 部署網絡基礎設施及其去向時，我們可以做一些我認為對兩家公司都是互補和有幫助的事情。

Yes, I would just only add, John, to your earlier comment during the call that we expect DISH to be successful in the market. And so the competitive dynamics are unchanged here. And rather, we get to participate in their success at this point. So that's how we analyze it strategically.

是的，約翰，我只想在你之前的電話會議評論中補充說，我們希望 DISH 在市場上取得成功。因此，這裡的競爭動態沒有改變。相反，此時我們可以參與他們的成功。這就是我們從戰略上分析它的方式。

And that question comes from the line of Doug Mitchelson with Credit Suisse.

這個問題來自瑞士信貸的 Doug Mitchelson。

One for Jeff and one for Jason, actually. Jeff, you we refocused so much on promotions and subscribers and revenues in wireless. And you mentioned on a few occasions the ability to mine for cost efficiencies to support acquisition. What specifically are you addressing in the cost structure? How much is less there? Would be interesting to hear.

實際上，一份給 Jeff，一份給 Jason。傑夫，你讓我們重新關注無線領域的促銷、訂戶和收入。你在幾個場合提到了挖掘成本效率以支持收購的能力。您在成本結構中具體要解決什麼問題？那裡少了多少？聽到會很有趣。

Jason, I know you were super excited about the Latin America launch for HBO Max. What are the learnings from the launch in LatAm so far? What percentage of existing HBO subs have moved over to HBO Max? And as we track the app downloads, I think it's upwards of 6.5 million since launch. And we're just trying to figure out how much of that is new subscribers versus HBO Max existing customers pivoting over.

傑森，我知道你對 HBO Max 在拉丁美洲的發布感到非常興奮。到目前為止，從拉美的發布中學到了什麼？現有 HBO 訂閱者中有多少百分比已轉移到 HBO Max？當我們跟踪應用程序下載量時，我認為自發布以來已經超過 650 萬次。我們只是想弄清楚其中有多少是新訂戶與 HBO Max 現有客戶的關係。

Doug, in terms of our transformation agenda, I'd say we're roughly about 1/3 of the way through. We've got 2/3 of the way to go. So we're in the early innings of it. Key themes around our transformation and cost takeout are things like optimizing our distribution elements, be it stores and retail locations and indirect agents as well as our digital and our online buy flows. Second area, the transformation is we're now at a point in time where we're managing a higher percentage of our volume through digital than we ever have. And because we perfected some of the elements in our product experiences of the past, we're able to enjoy a lot more self-install and customer self-serve capabilities. And that's required us to work through not only the buy flow experiences online, but also some of the platforms and the technologies that are behind the scenes supporting our frontline resources.

道格，就我們的轉型議程而言，我想說我們大約完成了大約 1/3。我們還有 2/3 的路要走。所以我們還處於早期階段。圍繞我們轉型和成本削減的關鍵主題是優化我們的分銷元素，無論是商店和零售地點和間接代理，還是我們的數字和在線購買流程。第二個領域，轉型是我們現在正處於一個時間點，我們通過數字管理比以往任何時候都更高的數量。而且由於我們完善了過去產品體驗中的一些元素，我們能夠享受更多的自助安裝和客戶自助服務功能。這要求我們不僅要處理在線購買流程體驗，還要處理幕後支持我們一線資源的一些平台和技術。

Third, our call center operations and our IT organization are hard at work at just getting plain and simply more efficient per transaction. And as I said, I think we've got probably 2/3 of the way left to go. It will take time. These initiatives are funded. They're inside of our outlook and inside of our guidance, and the teams are just hard at work, in the grind, day in and day out to drive it.

第三，我們的呼叫中心運營和我們的 IT 組織正在努力工作，以提高每筆交易的效率。正如我所說，我認為我們可能還有 2/3 的路要走。需要花時間。這些舉措得到資助。他們在我們的視野和我們的指導中，團隊正在努力工作，日復一日地努力推動它。

Jason?

傑森？

Doug, thanks for the question. In terms of learnings from LatAm so far, at an overall level, we're feeling very good about the launch, albeit it was only 2 days before the end of the quarter. And so obviously, we're not sharing details for this call. But in terms of the biggest lessons, number one is the content and the stories that we have on the service. The team did a remarkable job in terms of planning for this launch and making sure that we put our best foot forward in terms of not only original new productions, but also an incredible library.

道格，謝謝你的提問。就目前從 LatAm 獲得的經驗而言，總體而言，我們對此次發布感到非常滿意，儘管距離本季度末只有 2 天。很明顯，我們不會分享此次通話的詳細信息。但就最大的教訓而言，第一是我們在服務上的內容和故事。該團隊在此次發布的規劃方面做得非常出色，並確保我們不僅在原創新作品方面，而且在令人難以置信的圖書館方面盡最大努力。

And then the other 3 things I'd mention is distribution, obviously, is key. And we certainly lined up a healthy distribution partnerships ahead throughout Latin America. The tech and product works, and it's a modern experience that we're very proud of. And finally, you've got to have the value. It's the value proposition, it's a very strong one in Latin America. And so to your last question, Doug, in terms of incrementality in HBO migrations. We're seeing material incremental subscriber additions. And so again, not for this call and not at this moment, but certainly for the next quarter.

然後我要提到的其他三件事是分發，顯然，這是關鍵。我們當然在整個拉丁美洲建立了健康的分銷合作夥伴關係。技術和產品有效，這是我們引以為豪的現代體驗。最後，你必須擁有價值。這是價值主張，在拉丁美洲是一個非常強大的主張。所以關於你的最後一個問題，Doug，就 HBO 遷移的增量而言。我們看到了實質性的增量訂閱者增加。再次重申，不是為了這次電話會議，也不是此時此刻，但肯定是為了下個季度。

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

我們的下一個問題來自高盛的布雷特費爾德曼。

Two, if you don't mind. First on Fiber, you've had pretty consistent net adds, but you're still underpenetrated. You're going to be meaningfully expanding the footprint. You've got a better service. You can match anybody's bundle. Can you help us think through whether there's an opportunity or the time line for an opportunity to maybe step up that cadence of fiber net adds? Because it certainly seems like that's an opportunity for the company. And then just as a follow-up on the WarnerMedia side, you're 6 months into going day and date with the theatrical slate on HBO Max and in the theaters. I know that was a strategy that was unique to this year, but I was hoping you could give us some insight into what you've learned from that and how that might shape your view on what a more permanent strategy should be in terms of thinking about the theatrical release slate going forward.

二，如果你不介意的話。首先在 Fiber 上，你的淨增加非常穩定，但你的滲透率仍然不足。您將有意義地擴大足跡。你有更好的服務。您可以匹配任何人的捆綁包。您能否幫助我們考慮是否有機會或時間線來增加光纖網絡的節奏？因為這對公司來說無疑是一個機會。然後就像 WarnerMedia 方面的後續行動一樣，你已經在 HBO Max 和影院上映了 6 個月的時間。我知道這是今年的一項獨特戰略，但我希望您能給我們一些見解，讓我們了解您從中學到了什麼，以及這將如何影響您對更持久的戰略在思考方面的看法關於未來的院線上映計劃。

Jeff, go ahead. Why don't you tackle the first one?

傑夫，繼續。你為什麼不解決第一個問題？

Yes, Brett, so the first 2 quarters of this year have essentially been built selling into our aged fiber footprint from the prior bill. We are currently deploying some of the early stages, our next 3 million bill that we've disclosed for this year. As we cited earlier at Analyst Day, the bulk of that inventory is going to come online towards the back half of the year. And so my expectations are that our net add performance takes a step up as that inventory comes online. Having said that, the thing that's really strong for us and exciting is: one, product continues to be durable, as you point out. It's the best technology. It's a great price value proposition. It's got the highest NPS scores in the industry. Two, 80% of our net performance here in the first half of the year is actually new relationships to AT&T. And that's given us an opportunity to move into those households with the best-in-class fixed broadband service as well as offer up some of the other products and services like wireless. And so each of these execution elements, we believe, are going to continue to perform and continue to improve. This is not a quarterly game. This is a long-term plan, and we're just building momentum quarter-to-quarter.

是的，布雷特，所以今年前兩個季度基本上已經建立了銷售到我們先前法案中的老化纖維足跡。我們目前正在部署一些早期階段，即我們今年披露的下一個 300 萬美元法案。正如我們早些時候在分析師日引用的那樣，大部分庫存將在今年下半年上線。因此，我的期望是，隨著庫存上線，我們的淨添加性能會提高。話雖如此，對我們來說真正強大和令人興奮的是：第一，正如您指出的那樣，產品繼續耐用。這是最好的技術。這是一個很好的價格價值主張。它獲得了業內最高的 NPS 分數。第二，今年上半年我們 80% 的淨業績實際上是與 AT&T 的新關係。這讓我們有機會進入那些擁有一流固定寬帶服務的家庭，並提供一些其他產品和服務，如無線。因此，我們相信，這些執行要素中的每一個都將繼續發揮作用並繼續改進。這不是季度遊戲。這是一個長期計劃，我們只是在逐季建立勢頭。

Jason, do you want to touch on the day-and-date issue?

傑森，你想談談日期問題嗎？

Sure thing. Brett, thanks for the question. In terms of what we've learned, there's probably 2 things I'd highlight. One is that the motion picture format absolutely matters, and it matters in a number of ways, but I'll highlight 2. It matters in theaters. Godzilla vs. Kong, which we released this quarter, it's done over $463 million in revenue at the theaters. And so clearly, motion pictures matter and will continue to matter when it comes to theatrical exhibition. They also matter at home. And absolutely, in terms of the response that we've gotten not just from that title, but from all of our day-and-date titles. We feel very good about the response that consumers have given it in the home.

當然可以。布雷特，謝謝你的提問。就我們學到的知識而言，我可能要強調兩件事。一是電影格式絕對重要，它在很多方面都很重要，但我要強調 2。它在影院很重要。我們本季度上映的《哥斯拉大戰金剛》在影院的收入超過 4.63 億美元。很明顯，電影在影院放映方面很重要，而且會繼續很重要。他們在家裡也很重要。當然，就我們不僅從那個標題，而且從我們所有的日常標題中得到的回應而言。我們對消費者在家中給予的反響感到非常滿意。

In terms of the things in terms of where things go in the future, I think it's fair to say that -- and I've said this before publicly. I certainly don't anticipate us going back to the way the world was in 2015 or '16 or '17, where windows were quite lengthy between theatrical and home exhibition, whether it was an a la carte transaction or something else. So we'll have shorter windows for a portion of our slate, 45 days specifically. But then Warner Bros. is also going to be producing for 10 motion pictures that will be on HBO Max on Day 1. And so I think that what you're going to see is this industry continue to evolve and to continue to innovate in ways that not only works for consumers and fans, but also works for our business partners.

就未來的發展方向而言，我認為這樣說是公平的——我之前已經公開說過。我當然不希望我們回到 2015 年或 16 年或 17 年的世界，當時劇院和家庭展覽之間的窗口很長，無論是點菜交易還是其他。因此，我們的一部分名單將有更短的窗口，特別是 45 天。但隨後華納兄弟也將製作 10 部電影，這些電影將在第一天在 HBO Max 上播出。所以我認為你將看到的是這個行業繼續發展並繼續創新這不僅適用於消費者和粉絲，也適用於我們的業務合作夥伴。

(inaudible)

（聽不清）

Great. Maybe follow up a little bit more on the Consumer Wireline. At what point do we think that can really start to see the consistent top line growth with basically on all the fiber and broadband you pushed out? And secondly, on FirstNet, where are we on penetration there? And can you comment on the FirstNet base and what percentage of that are -- have been net new customers to AT&T?

偉大的。也許在 Consumer Wireline 上再跟進一點。我們認為什麼時候可以真正開始看到基本上在您推出的所有光纖和寬帶上持續的收入增長？其次，在 FirstNet 上，我們在哪裡滲透？你能評論一下 FirstNet 的基礎嗎？其中有多少是 AT&T 的淨新客戶？

Frank, we have achieved revenue growth in our Consumer Wireline business. And as Pascal pointed out, we expect that to continue to accelerate, already looking at the 8% to 9% only in the broadband business. And so we've got confidence we've made that pivot now. In terms of FirstNet, we're over 17,000 agencies. We're ahead of all of our commitments with FirstNet Authority and all the IOC build-out commitments and payments as a result of that. And the subscriber base has peaked over 2.5 million. I'm not going to comment on what percent of that base is incremental or new to AT&T. I would just leave you with we are growing market share in a highly competitive wireless business. And FirstNet has been a critical element for us to take share and unseat possibly other carriers who have long held a strong position in public safety and as part of the community. And so that program continues to perform very strong, and we don't see any signs of that slowing down.

弗蘭克，我們的消費者有線業務實現了收入增長。正如 Pascal 指出的那樣，我們預計這種情況將繼續加速，僅在寬帶業務中就已經看到了 8% 到 9% 的增長。因此，我們有信心我們現在已經實現了這一轉變。就 FirstNet 而言，我們有超過 17,000 個機構。因此，我們提前完成了對 FirstNet Authority 的所有承諾以及所有國際奧委會的擴建承諾和付款。訂戶基數已超過 250 萬。我不會評論該基數中有多少百分比是增量的或對 AT&T 來說是新的。我只想讓你知道我們在競爭激烈的無線業務中的市場份額正在增長。 FirstNet 一直是我們分享和取代其他長期以來在公共安全和社區中佔據強勢地位的運營商的關鍵因素。因此，該計劃繼續表現非常強勁，我們沒有看到任何放緩的跡象。

Frank, one other thing that I would add on Consumer Wireline. As we -- as I said in the first quarter, we expect profitability trends to improve. We saw they improved from Q1 to Q2, and we expect that to continue as we make our way through the back part of the year. And we will -- similar to what we've done with revenues, we will make the pivot on profits as we get through the back half of the year.

弗蘭克，我要在 Consumer Wireline 上添加的另一件事。正如我們——正如我在第一季度所說，我們預計盈利趨勢會有所改善。我們看到他們從第一季度到第二季度有所改善，我們預計隨著我們在今年下半年的發展，這種情況會繼續下去。我們將——與我們對收入所做的類似，我們將在今年下半年以利潤為中心。

And our next question comes from the line of Colby Synesael with Cowen.

我們的下一個問題來自 Colby Synesael 與 Cowen 的對話。

I think one of the debates for investors coming off the WarnerMedia announcement was how you actually get to that $20 billion in free cash flow in, I think, 2023 that you've guided to. And when you just run the EBITDA on the businesses that remain, you don't quite get there. And I think that the 2 things that you guys have outlined is number one, the cost synergies you've talked about, I think, $1.75 billion to $2 billion by that time. And now you've also mentioned the $1 billion plus in distributions from DIRECTV. I guess 2 questions there. Number one is that, as it relates to Jeff's response in response to Doug's question being 1/3 through the cost transformation, is that effectively 1/3 through getting the $1.75 billion to $2 billion and -- any color there?

我認為投資者對華納媒體公告的爭論之一是你如何在我認為的 2023 年實際獲得 200 億美元的自由現金流。當你只計算剩餘業務的 EBITDA 時，你並沒有完全到達那裡。我認為你們概述的兩件事是第一，你們談到的成本協同效應，我認為，到那時 17.5 億美元到 20 億美元。現在你還提到了 DIRECTV 的 10 億美元以上的發行。我猜那裡有2個問題。第一個是，因為它與 Jeff 對 Doug 的問題的回答有關，即 1/3 通過成本轉換，實際上是 1/3 通過將 17.5 億美元增加到 20 億美元，以及 - 那裡有任何顏色嗎？

And then secondly, I guess, as it relates to the components, is there anything else worth flagging besides those 2 things, the cost synergies and the distribution that helped to kind of bridge that gap to that plus $20 billion?

然後其次，我想，因為它與組件有關，除了這兩件事之外還有什麼值得標記的，成本協同效應和分配有助於縮小與 200 億美元之間的差距嗎？

Yes. A couple of points to keep in mind. One, when you look at interest, once the WarnerMedia transaction closes, our net debt will go down significantly, and the interest savings for that are fairly meaningful. You can do the math. Just think roughly $45 billion of cash coming in, and that's after our DIRECTV cash that we expect to come in beginning of August. So overall, we expect a meaningful savings in interest, one. Two, currently -- and we've said this on a number of occasions, currently, we are -- the contributions from WarnerMedia are not as meaningful as you may believe right now, given the step-up that we are experiencing in our content spending. So those 2 factors, I think, are things you have -- when you consider those factors relative to where we are today and the other factors you mentioned, I think that should get you to how we get to $20 billion.

是的。有幾點需要牢記。第一，當你看利息時，一旦 WarnerMedia 交易完成，我們的淨債務將大幅下降，為此節省的利息相當有意義。你可以算一下。想想大約 450 億美元的現金收入，這是在我們預計 8 月初收到的 DIRECTV 現金之後。因此，總的來說，我們希望能節省一筆有意義的利息。二，目前 - 我們已經在很多場合說過，目前，我們 - WarnerMedia 的貢獻並不像你現在認為的那樣有意義，因為我們正在經歷我們的內容升級開支。因此，我認為這兩個因素是你所擁有的——當你考慮這些因素與我們今天所處的位置以及你提到的其他因素相關時，我認為這應該讓你了解我們如何達到 200 億美元。

I'll just reinforce the things that we shared previously, Colby, that we're on a $6 billion march on the cost structure, of which, as we've described to you just -- correct, we're about 1/3 of the way through that. We've been reinvesting a lot of the improvements that we've been able to drive into the operations so that we can accelerate our market momentum. As we go through the back half of this [march], at the second 1/3 and then the final 1/3, we do expect some of that's going to start hitting our bottom line. We have some of it targeted for how we want to continue to move into the market, but some of it is going to move through our bottom line. And it's going to ultimately be accretive to what we do on cash as we move through that. And that's part of our calculus on this.

科爾比，我只是強調我們之前分享的事情，我們正在向 60 億美元的成本結構進軍，正如我們剛剛向您描述的那樣——正確的，我們大約有 1/3通過那個的方式。我們一直在將我們能夠推動的許多改進重新投資到運營中，以便我們能夠加速我們的市場勢頭。當我們經歷這個 [3 月] 的後半部分時，在第二個 1/3 和最後的 1/3，我們確實預計其中一些將開始觸及我們的底線。我們有一些目標是針對我們希望如何繼續進入市場，但其中一些將突破我們的底線。隨著我們的發展，它最終會增加我們用現金所做的事情。這是我們計算的一部分。

And Jeff gave you a little bit of a description of some of the things that we're working on, but I would also tell you that a major part of these efforts and some of the stuff that comes on the back end is restructuring parts of the fixed asset inventory of our company. If you want to think about it in terms of the geographic footprint that we cover on the products that were associated with it, the operations that are necessary to keep those products up and running, these are pretty fundamental hard things to do. They take a little bit of time. The business is doing them. And when they're done and we move through them, they have a meaningful impact on the cost structure as we move forward. And that's an element.

Jeff 向您簡要介紹了我們正在做的一些事情，但我還要告訴您，這些努力的主要部分和後端出現的一些東西是重組部分我公司固定資產存貨。如果您想考慮我們在與之相關的產品上覆蓋的地理足跡，保持這些產品正常運行所必需的操作，這些都是非常基本的困難事情。他們需要一點時間。企業正在做他們。當它們完成並且我們通過它們移動時，它們會對我們前進的成本結構產生有意義的影響。這是一個要素。

And then I -- look, we have some market momentum in places as we just described to you. You heard our comments about where we are in the consumer space and the pivot we've made there. We like what we're seeing in the wireless business and think we have the sustainable equation that we can take forward that's going to drive growth in those things, and that's what's going to get us out to those numbers.

然後我 - 看，正如我們剛剛向您描述的那樣，我們在某些地方有一些市場動力。您聽到了我們關於我們在消費者領域所處位置以及我們在那裡所做的支點的評論。我們喜歡我們在無線業務中看到的情況，並認為我們擁有可持續發展的方程式，我們可以推進這些方程式，這將推動這些事情的增長，這就是讓我們達到這些數字的原因。

Yes. Remember, the guidance is for 2 years from now, so the first full year after the WarnerMedia transaction closes. So we believe we will grow our remaining business between now and then, given the dynamics that we're seeing in the marketplace.

是的。請記住，指導是從現在開始的 2 年，即 WarnerMedia 交易結束後的第一個完整年度。因此，鑑於我們在市場上看到的動態，我們相信從現在到那時我們將發展我們剩餘的業務。

Great. And then just one quick point of clarification. You were saying then that the 1/3 done, that's off the $6 billion broader cost savings target?

偉大的。然後只是一個快速的澄清點。您當時是說完成了 1/3，這超出了 60 億美元的更廣泛的成本節約目標？

That's right.

那就對了。

And that question comes from the line of Tim Horan with Oppenheimer.

這個問題來自 Tim Horan 和 Oppenheimer 的對話。

John, congratulations on some pretty radical transformation of the company and strategy. And I just in the same vein, would it be possible for DISH to light up their spectrum on your passive as well -- sorry, nonpassive infrastructure wireless fees, the RAMs and the antennas relatively quickly, if they wanted to do so and if you thought that needs some sense?

約翰，祝賀公司和戰略發生了一些相當激進的轉變。我也有同樣的想法，DISH 是否有可能在你的被動上點亮他們的頻譜 - 抱歉，非被動基礎設施無線費用，RAM 和天線相對較快，如果他們想要這樣做，如果你認為這需要一些意義？

Yes. That is technically possible. As John pointed out, the industry, during the pandemic shared in spectrum to bring it to life to support the needs for broadband. And so there are certain spectral assets that are already engineered with our antennas and our radios that are deployed today.

是的。這在技術上是可行的。正如約翰指出的那樣，在大流行期間，該行業共享頻譜以使其栩栩如生，以支持寬帶需求。因此，已經使用我們今天部署的天線和無線電設計了某些頻譜資產。

And would that meet the FCC requirements on build-out that DISH has at this point?

這是否符合 FCC 對 DISH 在這一點上的擴建要求？

I'm not going to comment on that.

我不打算對此發表評論。

And then lastly, just on the whole go-to-market strategy, there's something that they may partner with AWS and other hyperscale has just done a phenomenal job digitizing the customer experience. Have you thought about the point of the same type of radical digitization for customers? AWS can do same-day delivery, obviously, and it would really reduce the need for the number of stores that you have and a lot of other processes you have.

最後，就整個上市戰略而言，他們可能會與 AWS 合作，而其他超大規模公司剛剛在數字化客戶體驗方面做得非常出色。你有沒有想過同類型的激進數字化對客戶的意義？很明顯，AWS 可以做到當日送達，而且它確實會減少對您擁有的商店數量和許多其他流程的需求。

We have done much of the very same thing in our operation over the last 18 months. In fact, I call it to a higher percentage of our volumes are flowing through digital. We are getting higher gross adds than we ever have before with fewer doors as a result of our operations and our transformation of our distribution channels. And so yes, we've got teams that execute against those opportunities day in and day out.

在過去的 18 個月裡，我們在運營中做了很多同樣的事情。事實上，我稱之為更高比例的交易量是通過數字方式流動的。由於我們的運營和我們對分銷渠道的轉型，我們的總增加量比以往任何時候都多，門數減少了。所以是的，我們有團隊日復一日地抓住這些機會。

Yes. Tim, I would tell you there is a fundamental reengineering going on right now of our supply chain and how we think about the logistics around that supply chain. And an element of that is, of course, as we've learned during the pandemic, folks have changed behavior. We've accommodated a lot of that, frankly, in terms of how effective we are in our omnichannel approach, but we also realize that probably elements of more in-home servicing and day-and-date kind of approach to it are going to be what we need to address going forward, and there's a lot of work underway with that.

是的。蒂姆，我想告訴你，我們的供應鏈以及我們如何看待圍繞該供應鏈的物流正在進行根本性的再造。當然，其中一個因素是，正如我們在大流行期間了解到的那樣，人們已經改變了行為。坦率地說，就我們在全渠道方法中的有效性而言，我們已經適應了很多，但我們也意識到，可能更多的家庭服務元素和日新月異的方法將會成為我們未來需要解決的問題，並且正在進行大量工作。

Thanks very much for the question. Turn it over to John for final comments.

非常感謝你的提問。將其交給 John 以徵求最終意見。

Look, I'll be real brief. I would say this, I think, with yesterday's announcement on Vrio and those that came before it, I would say we put the bulk of the framework in place to optimize our execution and performance in the business. And it's as simple as that, and that's what we're focused on. And I'm pleased with the momentum as we begin this chapter. I'd like to thank you all for joining us this morning and your interest in the business. I hope you enjoy the rest of your summer. And I look forward to speaking with all of you very soon.

聽著，我會很簡短。我想說的是，隨著昨天關於 Vrio 和之前發布的公告，我想說我們已經部署了大部分框架，以優化我們在業務中的執行和績效。就這麼簡單，這就是我們關注的重點。我對本章開始時的勢頭感到滿意。我要感謝大家今天早上加入我們以及您對這項業務的興趣。我希望你能享受餘下的暑假。我期待很快與大家交談。

And ladies and gentlemen, that does conclude our 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，我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。