AT&T Inc (T) 2021 Q1 法說會逐字稿

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

女士們，先生們，謝謝你們的支持。歡迎參加 AT&T 2021 年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

我現在想將會議轉交給您的主持人，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 first 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 Chief Financial Officer.

謝謝大家，大家早上好。歡迎來到我們的第一季度電話會議。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。

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。

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, and good morning, everyone. It's been about 6 weeks since our Analyst and Investor Day. So the framework for what we'll cover today will be familiar to you. We have a consistent, deliberate and clear approach to the way we run our business: from our market focus areas to our 2021 priority to grow customer relationships, with most U.S. households across these market focus areas, to our capital allocation plans.

謝謝，阿米爾，大家早上好。自我們的分析師和投資者日以來已經過去了大約 6 週。因此，我們今天將介紹的框架對您來說會很熟悉。我們對經營業務的方式採取一致、深思熟慮和明確的方法：從我們的市場重點領域到我們 2021 年與這些市場重點領域的大多數美國家庭發展客戶關係的優先事項，再到我們的資本分配計劃。

As you see in our quarterly results, our execution has been sharp, and we have momentum. We continue to grow our customer relationships with strong subscriber growth in Mobility, AT&T Fiber and HBO Max. We also continued to invest both in capital spending and in content. Our ability to drive costs out of our business and deliver strong cash flows has allowed us to invest in strategic growth.

正如您在我們的季度業績中看到的那樣，我們的執行力非常強勁，而且我們有動力。隨著 Mobility、AT&T Fiber 和 HBO Max 的強勁用戶增長，我們繼續發展我們的客戶關係。我們還繼續投資於資本支出和內容。我們降低業務成本並提供強勁現金流的能力使我們能夠投資於戰略增長。

However, as you can see from the results, we're investing wisely. We've been deliberate and intentional in allocating dollars where they'll generate returns. This supports the future of our business, while also optimizing the returns on strategic opportunities across our portfolio. For example, cost transformation efforts in Mobility yield improved year-over-year profits, while we simultaneously invested to drive customer growth.

但是，正如您從結果中看到的那樣，我們的投資是明智的。我們一直在深思熟慮並有意將美元分配給他們會產生回報的地方。這支持了我們業務的未來，同時也優化了我們投資組合中戰略機會的回報。例如，移動性的成本轉型努力提高了同比利潤，同時我們同時投資以推動客戶增長。

Same at WarnerMedia, where EBITDA was down slightly even with significant increased investment in HBO Max. The restructuring and consolidation of our WarnerMedia business is driving cost savings in our studio operations, networks, sales force and technology. Our transformation initiatives across the company are driving efficiencies and freeing up capital to invest in our growth areas, and there is more opportunity ahead of us.

WarnerMedia 也是如此，即使對 HBO Max 的投資顯著增加，EBITDA 也略有下降。華納媒體業務的重組和整合正在推動我們的工作室運營、網絡、銷售隊伍和技術方面的成本節約。我們在整個公司的轉型計劃正在提高效率並釋放資金以投資於我們的增長領域，我們面前還有更多的機會。

Our deliberate capital allocation plan allowed us to invest and sustain our dividend at current levels, which we believe is attractive. We're prioritizing cash after dividends to reduce debt. And we continue to monetize noncore assets as we refine our overall business focus, as you saw us do in the quarter, with our announced sale of a controlling interest in DIRECTV and our other video assets.

我們深思熟慮的資本分配計劃使我們能夠在當前水平上投資和維持我們的股息，我們認為這很有吸引力。我們在股息之後優先考慮現金以減少債務。正如您在本季度看到的那樣，隨著我們宣佈出售對 DIRECTV 和我們其他視頻資產的控股權，我們繼續將非核心資產貨幣化，因為我們改進了我們的整體業務重點。

Let's look at the progress we made in delivering on our market focus areas on Slide 4. Our customer growth was impressive across Mobility, Fiber and HBO Max. And we're doing it the right way, with a focus on growing profitability.

讓我們看看幻燈片 4 在交付我們的市場重點領域方面取得的進展。我們的客戶增長在移動、光纖和 HBO Max 方面令人印象深刻。我們正在以正確的方式做這件事，專注於提高盈利能力。

In Mobility, we added nearly 600,000 postpaid phones in the quarter, our best net add first quarter in more than 10 years. Our subscriber momentum is strong, and we're taking share. Gross adds are up, and our average promotional spend per net add is significantly lower than a year ago. Our transformation program is enabling us to be competitive.

在移動領域，我們在本季度新增了近 600,000 部後付費電話，這是 10 多年來第一季度的最佳淨新增。我們的訂戶勢頭強勁，我們正在分享。總增加量增加了，我們每增加量的平均促銷支出明顯低於一年前。我們的轉型計劃使我們具有競爭力。

At the same time, we're benefiting from a simplified go-to-market strategy and optimized sales and distribution channels. Mobility EBITDA was up more than 2%, and service margins increased 100 basis points despite a 2020 first quarter compare, where roaming revenues were largely unimpacted. You put it all together, and I believe this demonstrates the formula works.

同時，我們也受益於簡化的上市策略以及優化的銷售和分銷渠道。儘管與 2020 年第一季度相比，漫遊收入基本未受到影響，但移動性 EBITDA 增長了 2% 以上，服務利潤率增長了 100 個基點。你把它們放在一起，我相信這證明了這個公式是有效的。

AT&T Fiber net adds were strong and penetration levels continue to expand. We've added more than 1 million Fiber subscribers in the last 4 quarters. IP broadband revenues grew nearly 5% in the quarter, and we're on pace to build out Fiber to another 3 million consumer and business customer locations this year.

AT&T 光纖淨增加量強勁，滲透水平繼續擴大。在過去的四個季度中，我們增加了超過 100 萬光纖用戶。 IP 寬帶收入在本季度增長了近 5%，我們正在加快建設光纖到今年另外 300 萬個消費者和企業客戶位置的步伐。

HBO Max continues to deliver strong subscriber gains, fueled by the success of our day-and-date theatrical strategy and our steadily strengthening post-COVID content slate. In the U.S., we've added more than 11 million domestic HBO Max and HBO subscribers in the last 12 months.

HBO Max 繼續帶來強勁的訂戶收益，這得益於我們日常戲劇戰略的成功以及我們穩步加強的後 COVID 內容板。在過去的 12 個月裡，我們在美國增加了超過 1100 萬國內 HBO Max 和 HBO 訂閱者。

It's a premium offer, with a premium ARPU compared to other streaming platforms. And subscription revenues in the first quarter grew about 35% globally for WarnerMedia's Direct-to-Consumer business, and we're on track to launch HBO Max internationally and introduce an AVOD product in June.

這是一項超值優惠，與其他流媒體平台相比，ARPU 值更高。 WarnerMedia 的 Direct-to-Consumer 業務在第一季度的全球訂閱收入增長了約 35%，我們有望在 6 月在國際上推出 HBO Max 並推出 AVOD 產品。

Across the board, we're encouraged by our momentum and how our management team is executing against our singular priority to grow customer relationships in our market focus areas. With that, I'll turn it over to Pascal to discuss the specifics of our first quarter results.

總體而言，我們對我們的勢頭以及我們的管理團隊如何執行我們的首要任務以在我們的市場重點領域發展客戶關係感到鼓舞。有了這個，我將把它交給帕斯卡來討論我們第一季度業績的細節。

Pascal, welcome, and the floor is yours.

帕斯卡，歡迎，發言權是你的。

Thank you, John, and good morning, everyone. Let's begin with our consolidated results on Slide 6.

謝謝你，約翰，大家早上好。讓我們從幻燈片 6 上的綜合結果開始。

We started the year with growing revenues, earnings and cash flows. Revenues were up from a year ago, with gains in Mobility and WarnerMedia more than offsetting declines from Video, legacy services and FX. As a reminder, our Communications segment has been recast to exclude our Video business. For the quarter, Communications EBITDA was essentially flat with the prior year. That demonstrates a marked improvement from the fourth quarter.

今年開始，我們的收入、收益和現金流都在增長。收入比一年前有所上升，移動和華納媒體的收益超過了視頻、傳統服務和 FX 的下降。提醒一下，我們的通信部門已被重新調整，以排除我們的視頻業務。本季度，通信 EBITDA 與上年基本持平。這表明與第四季度相比有了顯著改善。

Adjusted EPS for the quarter was $0.86. That's up more than 2% year-over-year. We also had a good start to the year with our cash flows. Cash from operations came in at $9.9 billion for the quarter. Free cash flow was $5.9 billion, with higher sales of receivables, lower CapEx and interest.

本季度調整後的每股收益為 0.86 美元。同比增長超過 2%。我們的現金流也有一個良好的開端。本季度的運營現金為 99 億美元。自由現金流為 59 億美元，應收賬款銷售額增加，資本支出和利息減少。

Our dividend payout ratio was about 63%. CapEx was $4 billion. Gross capital investment was $5.7 billion. In addition, WarnerMedia's total cash content investment across all their business this quarter was $4.5 billion, slightly higher than last year.

我們的股息支付率約為 63%。資本支出為 40 億美元。資本投資總額為 57 億美元。此外，華納媒體本季度所有業務的現金內容投資總額為 45 億美元，略高於去年。

As we indicated at our Analyst Day, we are investing in our market focus areas, and we're seeing further validation of our strategy in the first quarter results. Therefore, we edged up our gross capital investment expectations to the $22 billion range for the year. Additionally, we increased our expected vendor financing payments, given our ability to negotiate favorable terms.

正如我們在分析師日所指出的那樣，我們正在投資於我們的市場重點領域，並且我們看到我們的戰略在第一季度業績中得到了進一步的驗證。因此，我們將今年的總資本投資預期小幅上調至 220 億美元。此外，鑑於我們有能力協商優惠條款，我們增加了預期的供應商融資付款。

Let's now look at our segment operating results, starting with our Communications segment on Slide 7. Mobility continues to lead the way in our Communications business. We saw a strong customer growth in our postpaid phone base, growing service revenues, growing EBITDA, with expanding EBITDA service margin, and that's with continued headwinds facing our high-margin international roaming business that we estimate cost us about $100 million in EBITDA this quarter.

現在讓我們看看我們的部門運營結果，從幻燈片 7 中的通信部門開始。移動性繼續引領我們的通信業務。我們看到我們的後付費電話基礎的客戶增長強勁，服務收入不斷增長，EBITDA 不斷增長，EBITDA 服務利潤率不斷擴大，而且我們的高利潤國際漫遊業務面臨持續逆風，我們估計本季度的 EBITDA 損失約為 1 億美元.

Our simple, direct postpaid phone offers continue to resonate with customers. And as John mentioned, our Mobility gross adds share is increasing and postpaid phone churn has stayed near record-low levels. Cost transformation continues to be a big part of the story for Mobility. Our more efficient sales processes and streamlined operations are driving down costs.

我們簡單、直接的後付費電話優惠繼續引起客戶的共鳴。正如約翰所說，我們的移動總增加份額正在增加，後付費電話流失率保持在歷史最低水平附近。成本轉型仍然是 Mobility 故事的重要組成部分。我們更高效的銷售流程和精簡的運營正在降低成本。

In fact, our average promotional spend per net adds is significantly lower than a year ago. Our cost efforts are also evident in Business Wireline. Cost management has helped expand EBITDA margins as customers transition away from higher-margin legacy services and products. But the product simplification and the resulting cost savings have been key to delivering solid EBITDA.

事實上，我們每增加一次的平均促銷支出明顯低於一年前。我們的成本努力在商業有線中也很明顯。隨著客戶從利潤率更高的傳統服務和產品過渡，成本管理有助於擴大 EBITDA 利潤率。但產品簡化和由此帶來的成本節約是實現穩定 EBITDA 的關鍵。

Consumer Wireline is another business in transition. We are moving quickly to expand our Fiber footprint, and our results show you why that is crucial. We added 235,000 AT&T Fiber customers in the quarter. IP broadband ARPU grew 3.2% year-over-year.

消費者有線是另一項轉型業務。我們正在迅速採取行動以擴大我們的光纖足跡，我們的結果向您展示了為什麼這是至關重要的。本季度我們增加了 235,000 名 AT&T 光纖客戶。 IP寬帶ARPU同比增長3.2%。

Our Fiber penetration rate is more than 35% and growing. And total broadband net adds also increased. We expect this to be the trough in terms of year-over-year EBITDA growth. We expect trends to improve from here, driven by IP broadband revenue growth in the mid-single digits for the year.

我們的纖維滲透率超過 35%，並且還在不斷增長。而寬帶網的總增量也有所增加。我們預計這將是 EBITDA 同比增長的低谷。我們預計，在今年 IP 寬帶收入以中個位數增長的推動下，趨勢將從這裡開始改善。

Let's move on to WarnerMedia, which is on Slide 8. WarnerMedia results are the first half of what we expect will be a transformational year for the business. Revenues were up nearly 10%. Higher Direct-to-Consumer subscription and advertising revenues drove the growth.

讓我們繼續看幻燈片 8 上的華納媒體。華納媒體的上半年業績是我們預期的業務轉型年的上半年。收入增長了近 10%。更高的直接面向消費者的訂閱和廣告收入推動了增長。

And even with higher customer acquisition and content costs associated with HBO Max and higher sports costs, EBITDA was down only slightly. Advertising revenues were up more than 18%, driven by return of sports, especially the NCAA championship, Men's Basketball Tournament. Direct-to-Consumer subscription revenues grew about 35%, reflecting the success of HBO Max.

即使與 HBO Max 相關的更高的客戶獲取和內容成本以及更高的體育成本，EBITDA 也僅略有下降。廣告收入增長超過 18%，主要得益於體育運動的回歸，尤其是 NCAA 錦標賽、男籃錦標賽。直接面向消費者的訂閱收入增長了約 35%，這反映了 HBO Max 的成功。

We now have 44.2 million domestic HBO Max and HBO subscribers and nearly 64 million worldwide subscribers. Average monthly revenue per domestic customer is just a little less than $12. And now we have 11 million customers who combined one or more connectivity products with HBO Max or HBO.

我們現在擁有 4420 萬國內 HBO Max 和 HBO 訂戶以及近 6400 萬全球訂戶。每個國內客戶的平均月收入僅略低於 12 美元。現在，我們有 1100 萬客戶將一種或多種連接產品與 HBO Max 或 HBO 相結合。

The same-day release of movies in theaters and on HBO Max has been a success. It has provided theaters with a steady flow of content in a pandemic-challenged environment. And it's also been a great catalyst for subscriber growth at HBO Max.

在影院和 HBO Max 上當天上映的電影取得了成功。在大流行挑戰的環境中，它為影院提供了穩定的內容流。它也是 HBO Max 用戶增長的重要催化劑。

The success of Godzilla vs. Kong at both the box office and on HBO Max bears this out. It had the largest domestic box office of any other movie in the last year, while also having the largest viewing audience of any other film or show on HBO Max since launch. And films such as Godzilla vs. Kong attract new retail customers who are staying because they enjoy other content on the platform.

哥斯拉大戰金剛在票房和 HBO Max 上的成功證明了這一點。它在去年擁有任何其他電影中最大的國內票房，同時也是自推出以來在 HBO Max 上的任何其他電影或節目的最大觀眾。哥斯拉大戰金剛等電影吸引了新的零售客戶，因為他們喜歡平台上的其他內容。

We're really looking forward to the introduction of our international and AVOD products planned for HBO Max later in June. We plan to have attractive price points for our AVOD offering. And we expect to lean into our international launch, reaching 60 additional markets by the end of the year. Our aim is to use our differentiated premium content offering to attract global customers.

我們非常期待在 6 月晚些時候為 HBO Max 推出我們的國際和 AVOD 產品。我們計劃為我們的 AVOD 產品提供有吸引力的價格點。我們預計將投入到我們的國際發布中，到今年年底到達另外 60 個市場。我們的目標是利用我們差異化的優質內容產品來吸引全球客戶。

Now let's go to Slide 9 for an update on our capital allocation and liquidity. We made our $23 billion C-band spectrum payment since we last talked to you in March. That drove net debt-to-adjusted EBITDA ratio to 3.1x. We expect this will be our peak leverage level.

現在讓我們轉到幻燈片 9，了解我們的資本配置和流動性的最新情況。自 3 月上次與您交談以來，我們支付了 230 億美元的 C 波段頻譜費用。這推動淨債務與調整後 EBITDA 的比率達到 3.1 倍。我們預計這將是我們的最高槓桿水平。

We're still on track to have a sizable reduction in debt by year-end through a combination of strong free cash flows and proceeds from asset monetization. We'll continue to focus on debt reduction. We expect our net debt to adjusted EBITDA to be around 3x by year-end.

通過強勁的自由現金流和資產貨幣化收益，我們仍有望在年底前大幅減少債務。我們將繼續專注於減少債務。我們預計到年底我們的淨債務調整後 EBITDA 約為 3 倍。

We also continue to actively evaluate other asset monetization opportunities. Our treasury team has also been working tirelessly to lower our cost of debt. Our weighted average cost of debt is down 50 basis points year-over-year, driving about $150 million in lower interest costs in the first quarter.

我們還將繼續積極評估其他資產貨幣化機會。我們的財務團隊也一直在不知疲倦地努力降低我們的債務成本。我們的加權平均債務成本同比下降 50 個基點，推動第一季度利息成本降低約 1.5 億美元。

Our weighted average maturity for debt is 16 years at a weighted average cost of 3.8%. About 90% of our debt is at a fixed rate, so we feel we're well protected in an increasing interest rate environment.

我們的加權平均債務期限為 16 年，加權平均成本為 3.8%。我們大約 90% 的債務是固定利率的，所以我們覺得在利率上升的環境中我們得到了很好的保護。

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。

(Operator Instructions) Your first question comes from the line of John Hodulik from UBS.

（操作員說明）您的第一個問題來自 UBS 的 John Hodulik。

Maybe 2 questions on the WarnerMedia side. You've got 64 million total HBO Max subs, and the AVOD and international launches coming later this year and obviously some momentum, so it's certainly more than we thought in the first quarter. I mean, is the 67 million to 70 million guide for year-end, does that need to come up? And if not, why do you expect a slowdown?

華納媒體方面可能有 2 個問題。您擁有 6400 萬總 HBO Max 訂閱用戶，今年晚些時候將推出 AVOD 和國際版，顯然有一些動力，所以這肯定比我們在第一季度的預期要多。我的意思是，年底的指導是6700萬到7000萬，這需要提出嗎？如果沒有，您為什麼預計會放緩？

And then maybe for Pascal, I mean, you mentioned some of the drivers, but we expected a double-digit decline in WarnerMedia EBITDA this quarter despite -- driven by all the content investment in HBO Max. Can you give us some more color on some of the drivers that kept that EBITDA essentially flat? And is that a trend that we can expect through the year even as the investment ramps?

然後也許對於帕斯卡，我的意思是，你提到了一些驅動因素，但我們預計本季度華納媒體的 EBITDA 將出現兩位數的下降——儘管受到 HBO Max 的所有內容投資的推動。您能否為我們提供一些使 EBITDA 基本持平的驅動因素？即使在投資增加的情況下，這是我們全年都可以期待的趨勢嗎？

Thank you for your question, John. A couple of things to keep in mind. First, as it relates to our guide, we provided our guide on Investor Day. And obviously, we're really pleased with how the business is performing.

謝謝你的問題，約翰。有幾件事要記住。首先，由於它與我們的指南有關，我們在投資者日提供了我們的指南。顯然，我們對業務的表現非常滿意。

But at this time, we're not going to update our guidance beyond what we've said already. But we are really pleased with the performance. And I think what you're seeing is we're putting out a really good product and consumers are responding.

但目前，我們不會更新我們已經說過的指導。但我們對錶現非常滿意。而且我認為您所看到的是我們正在推出一款非常好的產品，而消費者正在做出回應。

In terms of WarnerMedia overall, here's a thing to focus on. We've mentioned this several times, but over the course of the last several years, there's been a consistent transformation effort taking out duplicate costs across the organization. So we have combined technology organization, sales function, content production studios.

就 WarnerMedia 的整體而言，這是一個值得關注的事情。我們已經多次提到這一點，但在過去幾年中，一直在進行一致的轉型工作，以消除整個組織的重複成本。所以我們結合了技術組織、銷售職能、內容製作工作室。

So all that is what you're seeing coming through is offsetting the investment that we are making in HBO Max. That was the plan. That was deliberate. And that's what we -- that was our objective, and it's coming through.

因此，您所看到的所有這些都抵消了我們對 HBO Max 的投資。這就是計劃。那是故意的。這就是我們 - 這是我們的目標，它正在實現。

In terms of going forward, I'm not going to comment on what the exact trends are going to be. But again, you should keep -- we have significant transformation savings that should help subsidize some of the investment we're making.

就未來而言，我不會評論確切的趨勢將是什麼。但同樣，你應該保留 - 我們有大量的轉型節省，這應該有助於補貼我們正在進行的一些投資。

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

您的下一個問題來自美國銀行的 David Barden。

Maybe 2, if I could. John, you talked at the Analyst Day about the prospect of accelerating Fiber investment based on the success rate that the team had in deploying against the opportunity that they were presented, with the 3 million passings this year, potentially as many as 4 million next year. Could you talk a little bit about kind of what you're seeing on the ground relative to your expectations, and how the recent price changes in the Fiber business factor into that game plan?

也許2，如果可以的話。約翰，你在分析師日談到了加速光纖投資的前景，基於團隊在部署中的成功率，今年有 300 萬次通過，明年可能高達 400 萬次.您能否談談您在實地看到的與您的預期相關的情況，以及最近光纖業務的價格變化如何影響該遊戲計劃？

And then, I guess, the second question for you, Pascal. You effectively lowered your CapEx guidance by boosting your plan to take advantage of vendor financing, but you kept the free cash flow guidance the same, implying lower operating cash flow from a quarter ago. Could you elaborate a little bit on how we kind of square that change in the guidance with what looks like relatively strong performance this quarter?

然後，我想，帕斯卡，你的第二個問題。您通過提高利用供應商融資的計劃有效地降低了資本支出指導，但您保持自由現金流指導不變，這意味著與一個季度前相比較低的運營現金流。您能否詳細說明一下我們如何將指引的變化與本季度相對強勁的表現相提並論？

Dave, let me start with the CapEx question, then I'll turn it over to John. Here's the context to keep in mind. Our first quarter performance was really strong. And typically, as you know, this is the low watermark for free cash flow delivery. And so we're really pleased with how the business is performing and the customer momentum.

戴夫，讓我從資本支出問題開始，然後我將把它交給約翰。這是要記住的上下文。我們第一季度的表現非常強勁。正如您所知，通常這是自由現金流交付的低水位線。因此，我們對業務的表現和客戶的發展勢頭感到非常滿意。

Rest assured, you should not read into this any more than it is. We -- when we looked at our projections for capital spend, we thought it was appropriate to increase it. But we didn't think at this time of the year, given how early it is, it was appropriate to start to change guidance. We want it to maintain some flexibility, but we are really comfortable with our free cash flow guidance. And it has not changed in any way as a result of the change that we've made to CapEx, so there's really nothing more to it than that.

請放心，您不應該閱讀更多內容。我們 - 當我們查看我們對資本支出的預測時，我們認為增加它是合適的。但我們認為在一年中的這個時候，考慮到現在還早，開始改變指導方針是合適的。我們希望它保持一定的靈活性，但我們對我們的自由現金流指導非常滿意。由於我們對資本支出所做的改變，它並沒有以任何方式改變，所以真的沒有什麼比這更重要的了。

Yes. And I'd tell you, Dave, just to kind of maybe put a finer point on what Pascal said. One of the things I'm trying to impress upon with the management team is we want to do things the right way, and we want to do things in a sustainable way.

是的。我會告訴你，戴夫，只是為了更好地說明帕斯卡所說的話。我想給管理團隊留下深刻印象的一件事是我們希望以正確的方式做事，並且我們希望以可持續的方式做事。

And I had probably a little bit of a cultural shift. We have a very process-driven organization that's very focused on delivering what we ask them to do, and that's a great strength. But sometimes, that means that people are very literal about looking at a number and saying, "I will get you that number," and maybe don't raise a point that says, "If you give me a little bit of flexibility, I could do something a lot more efficiently or effectively for the next 2 years."

我可能有一點文化轉變。我們有一個非常流程驅動的組織，非常專注於交付我們要求他們做的事情，這是一個很大的優勢。但有時，這意味著人們非常直截了當地看著一個數字並說，“我會給你那個數字”，也許不會提出這樣的觀點，“如果你給我一點靈活性，我可以在接下來的 2 年內更有效地做一些事情。”

And I'm really trying hard with the management team to help them understand they have the latitude to do the right thing for the long haul. And that while we want some consistency in how we run the business, there's a limit to doing that with the de minimis returns or diminishing returns.

我真的很努力地與管理團隊一起幫助他們了解他們有能力長期做正確的事情。儘管我們希望在經營業務的方式上保持一致，但在最低迴報或收益遞減的情況下這樣做是有限制的。

And so with that, I got to back up what I say to folks. And when they come in and they have compelling ways to think about how we should build or go about deploying, I need to be responsive in ensuring that I give them the latitude to do that. And given the number of things we have underway that we're scaling, including the Fiber build, as you asked the question and what we're doing around starting to roll into 5G deployment, et cetera, making sure that we get that latitude in there is really important to me. And I think it's important to supporting them.

因此，我必須支持我對人們說的話。當他們進來並且他們有令人信服的方式來思考我們應該如何構建或進行部署時，我需要做出響應以確保我給他們這樣做的自由度。考慮到我們正在進行的擴展工作的數量，包括光纖構建，正如您提出的問題以及我們圍繞開始推出 5G 部署等所做的工作，以確保我們在這對我來說真的很重要。我認為支持他們很重要。

And what I'm seeing on the early days of -- I won't even call it the early days, what I know about our base on our Fiber deployment and what we know about the incremental work is it's, from an operational perspective and a market perspective, all green lights. That's one of the reasons why I'm really comfortable in letting the team run in the way that we're letting them run.

我在早期看到的——我什至不會稱它為早期，我對我們基於光纖部署的基礎的了解以及我們對增量工作的了解是，從運營的角度和從市場來看，一切都是綠燈。這就是為什麼我很樂意讓團隊按照我們讓他們運行的方式運行的原因之一。

And I like what I see in terms of our market position. If you look at things like customer lives, churn, customer satisfaction and Net Promoter Scores and the actual performance of the product, they're all great. And when you start looking at that, you know there's going to be goodness.

我喜歡我所看到的我們的市場地位。如果您查看諸如客戶生活、客戶流失、客戶滿意度和淨推薦值以及產品的實際性能之類的東西，它們都很棒。當你開始看到它時，你就知道會有善。

And I've told you this before, I've not seen share movement on typical products like this as rapidly as we're able to get share movement once we deploy an area. And I frankly have never seen customer satisfaction levels move up and get to a promoting position in the market as we transition the product as fast as we're seeing. I think both of those things bode really well.

而且我之前已經告訴過你，我還沒有看到像這樣的典型產品上的份額變動如此之快，因為一旦我們部署了一個區域，我們就能夠獲得份額變動。坦率地說，當我們以我們所看到的那樣快速轉換產品時，我從未見過客戶滿意度水平上升並在市場上獲得提升的地位。我認為這兩件事都是好兆頭。

And as you heard Pascal talk about in the opening remarks, we think we're at kind of the bottom of our EBITDA compare. A lot of that is actually being driven by our strategy to start attaching content to broadband. That's been really good in terms of driving those customer lives up. It's driving churn down. It's driving engagement and satisfaction levels higher.

正如你在開場白中聽到帕斯卡所說的那樣，我們認為我們處於 EBITDA 比較的底部。其中很多實際上是由我們開始將內容附加到寬帶的戰略推動的。就推動這些客戶的生活而言，這真的很好。它正在推動流失。它推動了更高的參與度和滿意度。

We're going to get the benefit of that over the customer life cycle. And as we start to lap that, you're going to start to see our EBITDA dynamics start to creep back up to where we want them. So I feel really good across the board.

我們將在客戶生命週期中從中受益。當我們開始這樣做時，您將開始看到我們的 EBITDA 動態開始回升到我們想要的位置。所以我感覺非常好。

Your next question comes from the line of Simon Flannery from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simon Flannery。

John, can you talk a little bit about the plans for the C-band spectrum? What are you doing in the marketplace today? When do you expect to get the initial markets rolled out?

約翰，你能談談 C 波段頻譜的計劃嗎？你今天在市場上做什麼？您預計何時推出初始市場？

And is that -- what's then the extra $1 billion is going on? Is that part of the $6 billion to $8 billion you called out? So any updates around the timing there would be great. And I think you just mentioned on CNBC around your interest in the 3.45, perhaps you can expand on that?

那是什麼 - 那麼額外的 10 億美元是怎麼回事？那是你提出的 60 億到 80 億美元的一部分嗎？所以任何關於時間的更新都會很棒。我想你剛剛在 CNBC 上提到了你對 3.45 的興趣，也許你可以擴展一下？

So Simon, we gave you the POPs coverage guide at the Analyst Day, and we haven't changed any of that. Now even within -- without changing the pace and rate of where we are on C-band deployment, which will begin turning markets up late this year, that doesn't mean that, in things that we're doing today, that can help the 2022 build, that we wouldn't make some decisions on deployment.

西蒙，我們在分析師日為您提供了 POPs 覆蓋指南，我們沒有改變任何內容。現在即使在內部——在不改變我們在 C 波段部署方面的速度和速度的情況下，這將在今年晚些時候開始讓市場好轉，但這並不意味著，在我們今天所做的事情中，這可以提供幫助2022 年的構建，我們不會對部署做出一些決定。

And that is an aspect of some of this -- the capital dynamic we described, but it's not the aspect. There are a variety of things that are playing into it. That's one of several.

這是其中一些方面的一個方面——我們描述的資本動態，但這不是方面。有各種各樣的東西正在發揮作用。這是幾個之一。

And so as we time certain things, the aggregate amount may be the same, but there's things that we can do today as we're touching towers and doing things and parts of the infrastructure that, for example, maybe aren't going to be in service until later in '22, that we could do a little more efficiently to preprovision some things and not go back and touch them a second time. So some of that ordering is a dynamic that we're trying to drive through.

因此，當我們對某些事情進行計時，總量可能是相同的，但是我們今天可以做一些事情，因為我們正在接觸塔，做一些事情和基礎設施的一部分，例如，可能不會直到 22 年晚些時候才開始使用，我們可以更有效地預先配置一些東西，而不是回去再次觸摸它們。因此，其中一些排序是我們試圖推動的動態。

As I've told you, I don't expect that there's going to be any change right now on our deployment plans and the growth from the guidance that we gave you 5 weeks ago. We'll see as we get into this a little bit deeper. As usual, we're in that cycle where technology is relatively new. Vendors have commitments. We're waiting on specific units.

正如我告訴你的那樣，我不認為現在我們的部署計劃和我們 5 週前給你的指導的增長會有任何變化。當我們更深入地研究這一點時，我們會看到。像往常一樣，我們處於技術相對較新的周期中。供應商有承諾。我們正在等待特定的單位。

Global supply chains are stressed right now across the board. And you asked the question, "Can you do the work?" And people will give you comfortable answers. But I'm a little skittish. I mean, we're seeing dynamics that are occurring in the global supply chain where unexpected things are popping up.

全球供應鏈目前全面受到壓力。你問了一個問題，“你能做這項工作嗎？”人們會給你舒適的答案。但我有點小氣。我的意思是，我們看到全球供應鏈中出現了一些意想不到的事情正在發生的動態。

And it is possible that we could see certain element shortages that start to crop up as everybody is racing to put stuff up on towers in May. And that's why I want to be a little bit cautious around guiding up or doing anything different until we get a little bit of momentum around that.

我們可能會看到某些元素短缺開始出現，因為每個人都在爭相在 5 月份將東西放在塔上。這就是為什麼我想在引導或做任何不同的事情時保持謹慎，直到我們在這方面獲得一點動力。

In terms of where we are on the 3.45 end-of-year DoD auction, look, I believe that there could be an opportunity there. We're going to watch it carefully. We've always participated in any spectrum auction that comes forward, or looked at it and said, "Does it make sense for the portfolio?" And we can see some things that if the valuations are sound valuations, that makes sense for our business.

就我們在 3.45 年年底 DoD 拍賣中的位置而言，看，我相信那裡可能有機會。我們要仔細觀察。我們總是參與任何出現的頻譜拍賣，或者看著它並說：“這對投資組合有意義嗎？”我們可以看到一些事情，如果估值是合理的估值，這對我們的業務是有意義的。

I will tell you, in the guidance we've provided you over the next several years, we have plugged in an expectation that we will be in spectrum markets as we guide down to our 2.5 debt-to-EBITDA level that we projected for you in '24. And so I expect, within that plan, we're going to be looking at it and saying, "Do we like the valuations, and does it make sense?" And we do believe some of that spectrum could fit into our network portfolio and be helpful to us down the road if the auction is done in the way we think it's going to be done.

我會告訴你，在我們為你提供的未來幾年的指導中，我們預計我們將進入頻譜市場，因為我們將指導降低到我們為你預測的 2.5 的債務與 EBITDA 水平在 24 年。所以我希望，在那個計劃中，我們會看著它說，“我們喜歡估值嗎，它有意義嗎？”而且我們確實相信，如果拍賣按照我們認為將要完成的方式進行，其中一些頻譜可能適合我們的網絡組合，並對我們有所幫助。

Your next question comes from the line of Michael Rollins from Citi.

您的下一個問題來自花旗的 Michael Rollins。

Two questions, if I could. First, just curious if you could share more details on the customer engagement levels that you're seeing on the HBO Max platform, to gain a better understanding of how customers are using the platform after the initial reason to purchase the service or activate on to the application.

兩個問題，如果可以的話。首先，只是想知道您是否可以分享有關您在 HBO Max 平台上看到的客戶參與度的更多詳細信息，以便更好地了解客戶在購買服務或激活服務的最初原因後如何使用該平台應用程序。

And then, secondly, just curious if you could also provide some context on the customer verticals that are contributing to the improvement in the wireless postpaid subscriber growth, and if you're seeing any impact or change to your growth or growth expectations from some of the recent promotional changes of your competitors.

然後，其次，只是好奇您是否還可以提供一些有關有助於無線後付費用戶增長改善的客戶垂直領域的背景信息，以及您是否看到某些方面對您的增長或增長預期產生任何影響或變化您的競爭對手最近的促銷變化。

So Mike, let me give you kind of -- we're not going to give you any more guide publicly on the hours of engagement than what we gave you at Analyst Day. I don't want to get into kind of every 5-week update on those numbers.

所以邁克，讓我給你一些 - 我們不會公開給你任何關於參與時間的指導，而不是我們在分析師日給你的指導。我不想每 5 週更新一次這些數字。

I think we gave you a good sense of what's happening, and our satisfaction that we're well up over 2 hours per day per account. And I think that's a really good place to be. And it certainly is probably higher than our engineered expectations when we launched the product, and we'll take that goodness.

我認為我們讓您對正在發生的事情有了很好的了解，並且我們對每個帳戶每天工作超過 2 小時感到滿意。我認為這是一個非常好的地方。當我們推出該產品時，它肯定可能高於我們的工程預期，我們會接受這種好處。

The behaviors of what customers are doing, really, I don't think are dramatically different than what you would see on any other SVOD service. As Pascal mentioned, we clearly have a good reason for them to come in. And we're seeing in the customer data that many are opting to come in because of theatrical slate opportunity.

實際上，我認為客戶的行為與您在任何其他 SVOD 服務上看到的行為並沒有太大的不同。正如帕斯卡所提到的，我們顯然有充分的理由讓他們進來。我們在客戶數據中看到，許多人選擇進來是因為有戲劇性的機會。

And credit to the team. They've done a remarkable job not only of engineering that strategy and executing it, carrying it through, and it's playing out exactly as we kind of laid out for you when we said we wanted to do it in terms of the mix. We've got more of the year to get through to see what that balance is between theatrical revenues versus SVOD.

並歸功於團隊。他們不僅在設計和執行該策略方面做得非常出色，而且執行它的方式與我們說我們想在混合方面做的時候完全一樣。我們有更多的時間來了解影院收入與 SVOD 之間的平衡。

But when you look at the customer growth on SVOD, and you see some of the early data coming back on movies like Kong vs. Godzilla (sic) [Godzilla vs. Kong] in the theater, I think you can all see that there's probably a pretty compelling rising tide lifting all boats in this case. And we feel it's the right call for the moment we were in with the pandemic and really comfortable about that. And that drives customer exploration of the product.

但是，當您查看 SVOD 上的客戶增長情況時，您會看到一些早期數據在影院上映的《金剛大戰哥斯拉》（原文如此）[Godzilla vs. Kong] 等電影中回歸，我想你們都可以看到可能在這種情況下，一個非常引人注目的漲潮將所有船隻升起。我們認為，在我們處於大流行病的那一刻，這是正確的呼籲，並且對此感到非常滿意。這推動了客戶對產品的探索。

And once they come in, they do what they do with any other SVOD service. They go to our high-value series. So any of the new scripted series content that we have out there, HBO Originals, HBO Max Originals, they go for the high-profile ones, and they start to engage on those. And then guess what else they do? They dig deeper into the library.

一旦他們進來，他們就會做他們對任何其他 SVOD 服務所做的事情。他們去我們的高價值系列。因此，我們擁有的任何新的腳本系列內容，HBO Originals，HBO Max Originals，他們都會選擇備受矚目的內容，並開始參與其中。然後猜猜他們還會做什麼？他們深入圖書館。

And there's workhorses in the library, depending on the demographic of the individual, that tends to sustain them around. And because of the good job of marketing the slate for the movies, I think what we're seeing is evidence that they say, "Well, gosh, I'm now into it for 2, 3 weeks, and I know there's another one coming next month that I want to see. I'm sticking around." And so our churn expectations have been consistent with what we expected moving in.

根據個人的人口統計，圖書館裡有工作馬，往往會維持他們周圍的環境。並且由於出色的電影排片營銷工作，我認為我們所看到的是他們說的證據，“好吧，天哪，我現在已經投入了 2 到 3 週，而且我知道還有另一個我想看的下個月來。我會留下來。”因此，我們的客戶流失預期與我們對搬入的預期一致。

And so I think it's just the classic approach to managing any SVOD service, although we're playing to our strengths in how we're tiering the content. And we're using theatrical maybe a little bit more heavily than other services might use because that's one of our strong suits, and it always has been, with the strength of HBO and the theatrical slate that HBO offered in the core product.

因此，我認為這只是管理任何 SVOD 服務的經典方法，儘管我們正在發揮我們在內容分層方面的優勢。而且我們對戲劇的使用可能比其他服務可能使用的要多一些，因為這是我們的強項之一，而且一直如此，憑藉 HBO 的實力和 HBO 在核心產品中提供的戲劇板。

On the wireless side, I've said this before, I don't want to sound like a broken record, but part of our strength is that we're really able to cover the waterfront on some of the verticals in our distribution strategy. And in particular, we've been particularly strong in using our enterprise business and our business sales force in not only selling into business segments, but ensuring that affinity plans in those areas can reach customers and their families at home for being part of that business that we sell to.

在無線方面，我之前已經說過，我不想听起來像是破紀錄，但我們的部分優勢在於我們確實能夠在我們的分銷策略中覆蓋某些垂直領域的海濱。特別是，我們在利用我們的企業業務和我們的業務銷售人員方面特別強大，不僅在向業務部門進行銷售，而且確保這些領域的親和力計劃能夠接觸到客戶及其家庭，成為該業務的一部分我們賣給。

The strength of the FirstNet, which has opened up a vertical that we were under-indexed in, in share, and we're seeing really attractive share growth. And again, there's an affinity characteristic that occurs within that vertical. It's not only an affinity characteristic among coworkers, but we've managed to ensure that if somebody chooses to come on for the purpose of their work as a first responder, that they have a lot of incentives to maybe drag their family through that experience with attractive pricing and approach.

FirstNet 的實力開闢了一個我們被低估的垂直市場份額，我們看到了非常有吸引力的份額增長。再一次，在這個垂直領域內出現了一個親和力特徵。這不僅是同事之間的親和力特徵，而且我們已經設法確保如果有人選擇作為第一響應者的工作而加入，他們有很多動機可能會拖著他們的家人經歷這種經歷有吸引力的定價和方法。

We continue to be strong in our traditional verticals, with our iOS-centric customer base, which tends to scale what I would call the better part of the postpaid market. And we haven't lost any edge there. In fact, we've been a little bit stronger.

我們在傳統垂直領域繼續保持強勢，我們以 iOS 為中心的客戶群往往會擴大我所說的後付費市場的更好部分。而且我們在那裡沒有失去任何優勢。事實上，我們已經變得更強大了。

And I would tell you, I think we still have room to run. I think we're probably under-indexed in a couple of verticals, especially if we start looking at the Hispanic community, that we can do a little bit better in, in how we position our brand and our product. And the team is focusing on those areas.

我會告訴你，我認為我們還有空間。我認為我們可能在幾個垂直領域的索引不足，特別是如果我們開始關注西班牙裔社區，我們可以在如何定位我們的品牌和產品方面做得更好。團隊正專注於這些領域。

So my point of view right now is our momentum is continuing. We're doing better, as you can see from the results. We still have a couple of cards to play to try and sustain that. We've been very consistent in the market, with a repetitive offer quarter after quarter.

所以我現在的觀點是我們的勢頭仍在繼續。從結果中可以看出，我們做得更好。我們仍然有幾張牌可以嘗試並維持這一點。我們在市場上一直非常一致，一個季度又一個季度地重複報價。

You're correct, we have seen our competitors continue to try to compete aggressively. They're mixing and changing their offers pretty frequently. We seem to be very consistent and very stable, and that's a really good place for us to be. And we're going to continue to play our game.

您是對的，我們已經看到我們的競爭對手繼續嘗試積極競爭。他們經常混合和更改他們的報價。我們似乎非常一致且非常穩定，這對我們來說是一個非常好的地方。我們將繼續玩我們的遊戲。

Your next question comes from the line of Phil Cusick from JPMorgan.

您的下一個問題來自摩根大通的 Phil Cusick。

John, following up on wireless, you talked last year about investing in the base. How do you see the upgrade and retention outlook for the next few quarters? You've upgraded a lot of the base. Do you think there's just less need for new phones going forward?

約翰，跟進無線，你去年談到了對基地的投資。您如何看待未來幾個季度的升級和保留前景？你已經升級了很多基礎。你認為未來對新手機的需求會減少嗎？

And second, for Pascal. I believe with lower churn, you extended the life of wireless customers. Can you give us an idea how much that may have helped wireless EBITDA year-over-year?

其次，對於帕斯卡。我相信隨著較低的流失率，您可以延長無線客戶的壽命。您能否告訴我們這對無線 EBITDA 的同比幫助有多大？

Yes, Phil, it's hard to predict exactly where the ebbs and flows of the subscriber base goes. It's been fairly consistent, and I expect it's going to remain pretty much on this pattern. The pattern that we would expect, given it was a new device launches, it tapers off a little bit in the middle part of the year after you get through the bubble immediately following a new device launch. And then as you get to the second part of the year, if you get into the holiday season, it will kick back up.

是的，菲爾，很難準確預測用戶群的潮起潮落。這是相當一致的，我預計它將保持這種模式。我們所期望的模式，考慮到它是新設備的發布，在新設備發布後立即通過泡沫後，它會在年中逐漸減少。然後當你進入今年下半年，如果你進入假期，它會重新開始。

But as I said, we have given you guidance that we think is consistent with the volumes that we're experiencing right now. We're really comfortable with where we're at. As we told you, you're going to see service profitability bounce back, and you're seeing EBITDA grow in the segment. We're very comfortable we'll continue that trajectory.

但正如我所說，我們為您提供了我們認為與我們目前所經歷的交易量一致的指導。我們對自己所處的位置非常滿意。正如我們告訴您的那樣，您將看到服務盈利能力反彈，並且您會看到該細分市場的 EBITDA 增長。我們很高興我們將繼續這一軌跡。

So I'll take the customer growth, and we can get that dynamic moving the direction it's at. I feel really good about it. I don't think I'm going to guide you to suggest that there's going to be any dramatic shift, one way or the other, over what you're seeing right now on our direction.

所以我會考慮客戶的增長，我們可以讓這種動態朝著它的方向發展。我對此感覺非常好。我不認為我會引導你暗示會有任何戲劇性的轉變，無論是哪種方式，你現在在我們的方向上看到的東西。

And Phil, a couple of points. First, just a follow-on to John. The thing to keep in mind is, look, we saw not only customer momentum, we saw revenue gains as well as profitability gains in Mobility. So the strategy is working, and we feel really good about it.

和菲爾，幾點。首先，只是約翰的後續。要記住的是，看，我們不僅看到了客戶的發展勢頭，還看到了 Mobility 的收入增長和盈利能力增長。因此，該策略正在奏效，我們對此感覺非常好。

As it relates to your question on customer lives, here's the context. Overall, this is something we do on a regular basis. We change lives of assets based on the most recent information we have. The net effect of changing lives this quarter was slightly negative to earnings.

因為它與您關於客戶生活的問題有關，所以這裡是上下文。總的來說，這是我們經常做的事情。我們根據我們掌握的最新信息改變資產的壽命。本季度改變生活的淨影響對收益略有負面影響。

For wireless, it was positive. For Consumer Wireline, it was positive. But for DIRECTV asset, it was negative. So on balance, it was negative. And it was not significant by any stretch, and we've disclosed that in our 8-K.

對於無線，這是積極的。對於消費者有線，這是積極的。但對於 DIRECTV 資產，它是負面的。所以總的來說，它是負面的。無論如何，這並不重要，我們已經在我們的 8-K 中披露了這一點。

I think you'd expect to see a little bit of extension of wireless lives, with churn taking the direction it's taking. 7 handles on postpaid churn is rarefied air.

我想你會期望看到無線壽命的一點點延伸，隨著流失率的發展。後付費流失的 7 個手柄是稀薄的空氣。

Yes, agreed. Pascal, if I can follow up on a question earlier. I'm just getting a lot of incoming that -- where people are of 2 minds. Can you spoon feed us on the free cash flow versus increased vendor payments versus CapEx?

是的，同意了。帕斯卡，如果我能早點跟進一個問題。我剛剛收到很多消息——人們有兩種想法。你能用自由現金流與增加的供應商付款與資本支出來餵我們嗎？

I think there's a lot of misunderstanding about what are you spending, and that's this year. What are you paying back for in previous years? And you mentioned also something about higher confidence, so higher spending as well. Can you just go deeper on that?

我認為對於你的支出有很多誤解，那就是今年。你在前幾年付出了什麼？你還提到了更高的信心，也就是更高的支出。你能再深入一點嗎？

And Phil, as you know, we have a metric out there, non-GAAP metric that's called gross capital investment. That is the sum of cash that we pay for CapEx, plus amounts we pay to vendors for financing related to CapEx that don't flow through free cash flow.

菲爾，如你所知，我們有一個指標，非公認會計準則指標，稱為總資本投資。這是我們為資本支出支付的現金總和，加上我們為與資本支出相關的融資支付給供應商的金額，這些融資不通過自由現金流流動。

I will tell you that much of the time, those vendor financing payments don't necessarily relate to in-year purchases of CapEx but relate to prior year. But it's a measure that we've historically provided as just another data point for people to consider.

我會告訴你，很多時候，這些供應商融資付款不一定與當年購買的資本支出有關，而是與前一年有關。但這是我們歷史上提供的一個衡量標準，只是供人們考慮的另一個數據點。

Overall, your takeaway should be from our free cash flow -- from the guidance we have out there. One, we intend to continue to fully invest in our businesses. Two, we expect to generate free cash flow at the levels that we've guided to. And we feel really good about the trajectory in being able to accomplish that based on where we are today.

總的來說，你的收穫應該來自我們的自由現金流——來自我們現有的指導。一，我們打算繼續全面投資於我們的業務。第二，我們希望在我們指導的水平上產生自由現金流。根據我們今天的情況，我們對能夠實現這一目標的軌跡感到非常滿意。

Your next question comes from the line of Brett Feldman from Goldman Sachs.

您的下一個問題來自高盛的 Brett Feldman。

I was hoping we could spend some time on the AVOD product that will be launching this summer. Can you elaborate a bit on who you see as the addressable market for that offer? In other words, who do you think you can reach with the AVOD service that you aren't currently reaching with Max?

我希望我們能花一些時間在今年夏天推出的 AVOD 產品上。您能否詳細說明一下您認為該報價的潛在市場是誰？換句話說，您認為您可以通過目前無法通過 Max 獲得的 AVOD 服務聯繫到哪些人？

And then how do you intend to reach those consumers? Do you think you'll be as efficient leveraging your existing channels as you have with HBO Max? Or do you think you're going to need to broaden out and work with new partners as you bring that service to market?

然後你打算如何接觸這些消費者？你認為你會像使用 HBO Max 一樣有效地利用現有頻道嗎？或者您認為在將該服務推向市場時，您是否需要擴大範圍並與新的合作夥伴合作？

Brett, let me -- I'll give you a little bit of color. And as you know, we, for market reasons, haven't entirely disclosed everything like pricing, et cetera. And we'll, of course, do that right before the launch so that we get the maximum benefit of coming into the market.

布雷特，讓我 - 我會給你一點顏色。如您所知，出於市場原因，我們尚未完全披露定價等所有內容。當然，我們會在發布之前就這樣做，以便我們獲得進入市場的最大利益。

Look, I think that there is a segment of the base, and this is particularly true when there are multiple streaming services out there and people are making decisions to reorder their investment in in-home entertainment, that are going to be more price-sensitive. And while we believe HBO Max, without commercial interruption, as a premium product and warrants what we charge in the market today, we know that, that premium, in some cases, is high enough that there are people, when they start to say, "Well, I've got 3 services, and I aggregate everything out, that maybe I won't make a choice to be in it."

看，我認為有一部分基礎，當有多種流媒體服務並且人們正在決定重新安排他們對家庭娛樂的投資時尤其如此，這將對價格更加敏感.雖然我們相信 HBO Max 在沒有商業中斷的情況下，是一款優質產品，保證了我們今天在市場上的收費，但我們知道，在某些情況下，溢價足夠高，以至於有人開始說， “嗯，我有 3 項服務，我將所有內容匯總起來，也許我不會選擇加入其中。”

And that's particularly true if you look at maybe some younger demographics. And as a result of that, we believe getting the price point down where, for them to get some well-executed advertising, they would look at the product and service and stay within the portfolio, streaming services that they may wish to have in their household or in their apartment, that they think that this is a good place to be.

如果您查看一些更年輕的人口統計數據，則尤其如此。因此，我們相信降低價格點，讓他們獲得一些執行良好的廣告，他們會關注產品和服務並留在他們可能希望在他們的產品中擁有的流媒體服務組合中家庭或他們的公寓，他們認為這是一個好地方。

Another example will be in certain socioeconomic dynamics. So you can expect, for example, we believe the AVOD product actually pairs well with some of our prepaid offers and how we might position it because it tends to line up on a more price-sensitive socioeconomic dynamic. And we think that opens up marketing channel and awareness channel and ultimately an opportunity to drive penetration in other places where, again, customers are a bit more price-sensitive.

另一個例子是某些社會經濟動態。因此，您可以期待，例如，我們認為 AVOD 產品實際上與我們的一些預付費產品以及我們如何定位它非常匹配，因為它往往與對價格更加敏感的社會經濟動態保持一致。我們認為這開闢了營銷渠道和意識渠道，並最終有機會推動其他地方的滲透，同樣，客戶對價格更加敏感。

So really, at the end of the day, a customer gets to make a choice. And there's no question if you give a lower price point, you're going to push it down lower in the demos that will ultimately subscribe to it. And I think that's more important as people are making portfolio decisions of multiple services in their household.

所以真的，在一天結束的時候，客戶可以做出選擇。毫無疑問，如果您給出較低的價格點，您將在最終訂閱它的演示中將其推低。我認為這更重要，因為人們正在為他們的家庭中的多種服務做出投資組合決策。

And when you see the reality of an ebb and flow on a Direct-to-Consumer offering, where maybe you hit that period of time where you're not as enamored with the offering that we have on the new content that's in place, having that option to be at a lower price point allows somebody to stick with the service. And we just think it's a really smart place to be for that segment of the market.

當您看到 Direct-to-Consumer 產品的潮起潮落的現實時，您可能會遇到那個時期，您對我們在現有的新內容上提供的產品不那麼著迷，擁有該選項以較低的價格點允許某人堅持使用該服務。而且我們只是認為對於該市場細分市場來說，這是一個非常聰明的地方。

In terms of the channels, what we've been -- and I think it's really an important point that you bring up, and I want to stress this. We've been really, really careful about our channel partners. At the end of the day, a Direct-to-Consumer business should be a Direct-to-Consumer business. It should be a business that we have the opportunity to have a direct relationship with the customer, market and sell to them and work with them in the way that we feel is appropriate.

就渠道而言，我們一直在 - 我認為這確實是您提出的重要一點，我想強調這一點。我們一直非常非常小心我們的渠道合作夥伴。歸根結底，直接面向消費者的業務應該是直接面向消費者的業務。我們應該有機會與客戶建立直接關係，向他們推銷和銷售，並以我們認為合適的方式與他們合作，這應該是一項業務。

And so where, in some cases, we were criticized for taking a long time to getting certain agreements worked out, you should understand that we were doing that under the principle of we refused to back off on the notion. That we wanted to make sure that our distribution and the way we offer the product was something that we ultimately had the ability to talk to our customers, and to bill our customers and make sure that we can manage the life cycle of our customers over time, and do these migrations easily and not allow somebody else between us and the user interface of the customer. And not all launches of streaming products have done that and done it in that same fashion.

因此，在某些情況下，我們因花了很長時間才達成某些協議而受到批評，你應該明白，我們這樣做的原則是我們拒絕放棄這個概念。我們希望確保我們的分銷和提供產品的方式最終能夠與客戶交流，向客戶收費，並確保我們能夠隨著時間的推移管理客戶的生命週期，並輕鬆地進行這些遷移，並且不允許其他人在我們和客戶的用戶界面之間存在。並非所有流媒體產品的發布都做到了這一點，並以同樣的方式做到了這一點。

And so we've been a little bit more dependent on our owned and operated channels. We've been, I believe, respectful and balanced with our existing distribution partners, where we've certainly consented to their rights to be able to bundle and sell the product, where we can make sure that we manage the customer experience and the user interface as the customer is inside the product, and that we can appropriately inform them and guide them to the right kind of content and have the kind of relationship with them that we should have as a direct owner of that product or service.

因此，我們更加依賴於我們擁有和運營的渠道。我相信，我們一直尊重並平衡我們現有的分銷合作夥伴，我們當然已經同意他們能夠捆綁和銷售產品的權利，我們可以確保我們管理客戶體驗和用戶當客戶在產品內部時，我們可以適當地通知他們並引導他們使用正確的內容，並與他們建立我們作為該產品或服務的直接所有者應該擁有的那種關係。

And so you're going to see us use, for example, our own prepaid channels. But you're not going to see us dramatically change our distribution strategy, where, just to get volume, we're turning over control and exercise rights of how the product or service is being used.

因此，您將看到我們使用例如我們自己的預付費頻道。但是你不會看到我們顯著改變我們的分銷策略，為了獲得銷量，我們正在交出對產品或服務使用方式的控制權和行使權。

We're in discussions with our existing distributors. We intend to make it available to them under very similar constructs to what we did in economic incentives with the subscription product, if they choose to do that. And if they choose to carry it forward and it's done in the way that we think is the right balance for our ability to manage that customer, we'll extend it to them. If not, we'll be moving it largely through our owned and operated channels, if that's what's required.

我們正在與現有的經銷商進行討論。如果他們選擇這樣做，我們打算在與我們在訂閱產品的經濟激勵中所做的非常相似的結構下向他們提供它。如果他們選擇繼續推進，並且按照我們認為對我們管理該客戶的能力進行適當平衡的方式完成，我們會將其擴展到他們。如果沒有，我們將主要通過我們擁有和運營的渠道來轉移它，如果這是需要的話。

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

您的下一個問題來自 Raymond James 的 Frank Louthan。

What is your sense of the fiber investment that could come out of the infrastructure bill in Congress? And how much that might be available to you?

您對國會基礎設施法案可能產生的光纖投資有何看法？您可以使用多少？

And can you comment on the FCC's EBBP plan that they're, I think, going into effect later this month. And how you might be able to take advantage of that for your customers, both on the wireline and on the wireless side?

您能否對 FCC 的 EBBP 計劃發表評論，我認為它們將於本月晚些時候生效。以及如何在有線和無線方面為您的客戶利用這一點？

Sure, Frank. The infrastructure bill -- euphemistically speaking, the infrastructure bill's a little bit of a large, amorphous thing right now. And I think we're in very much the early innings of shaping what it's going to be. I don't pretend that I've got any great insight, that I can predict how the political process will play it out, but I'll give you my opinion on it.

當然，弗蘭克。基礎設施法案——委婉地說，基礎設施法案現在有點龐大，無定形。而且我認為我們正處於塑造未來的早期階段。我不會假裝我有任何深刻的洞察力，我可以預測政治進程將如何發揮作用，但我會給你我的看法。

My opinion is that it will go through some changes. I think, in aggregate, the size of it will probably be different than what it was proposed to be. My sense is that there's enough support on both sides of the aisle that both would like to see broadband spending. If it's a bipartisan approach, I think it would still survive a bipartisan approach. If it ends up not being a bipartisan bill, I think it will still survive not being a bipartisan bill.

我的看法是它會經歷一些變化。我認為，總的來說，它的大小可能會與建議的大小不同。我的感覺是，過道兩邊都有足夠的支持，雙方都希望看到寬帶支出。如果這是一種兩黨合作的方法，我認為它仍然可以在兩黨合作的情況下生存下來。如果它最終不是一個兩黨法案，我認為它仍然可以生存而不是一個兩黨法案。

If you think about how it's executed, I think the White House made a couple of broad statements in the announcement of the policy that were starters. I think you've heard the President say himself that he's open for discussion on things. And I know there's a lot of dialogue going on. My sense with that dialogue is that there are members of Congress on both sides of the aisle that maybe have somewhat different views as to how the policy should be executed than what was, at a very high level, laid out in the bill with some suggestion. I don't think it was all that specific.

如果你考慮一下它是如何執行的，我認為白宮在宣布這項政策時做了一些廣泛的聲明。我想你已經聽到總統自己說他願意就事情進行討論。我知道有很多對話正在進行。我對那次對話的感覺是，過道兩邊的國會議員可能對如何執行政策有一些不同的看法，而不是在非常高的水平上，在法案中提出了一些建議.我不認為這一切都那麼具體。

And I think we're actively involved in that discussion right now, talking about our learnings and our understandings of what we think good policy would be. If, in fact, the government chooses to put some subsidy in place around that and some incentives in place, we think it should probably get to a different place than the rough framework that the White House put in place. And we think that there is support on both sides of the aisle and other policy aisles of this administration to try to drive it that way.

我認為我們現在正在積極參與討論，談論我們的學習和對我們認為好的政策的理解。事實上，如果政府選擇為此提供一些補貼和一些激勵措施，我們認為它可能應該與白宮實施的粗略框架不同。我們認為，本屆政府的過道和其他政策過道雙方都有支持，以試圖以這種方式推動它。

I believe some of the things were frankly not characterized properly. I think when you get underneath the facts of how broadband infrastructure is deployed in the United States today, what occurs when there's 2 players in the market that are offering both capable and robust networks, what the price performance characteristics of the product are, I think vast parts the U.S. broadband market are actually performing incredibly well.

我相信坦率地說，有些事情沒有得到適當的描述。我認為，當您了解當今美國如何部署寬帶基礎設施的事實時，當市場上有兩個參與者同時提供功能強大且強大的網絡時會發生什麼，我認為該產品的性價比特徵是什麼美國寬帶市場的大部分地區實際上表現得非常好。

I think we have an issue that needs to be dealt with on certain degrees of low-income subsidy. Interestingly, voluntarily, several of us in the market, including AT&T, has a voluntary low-income offer that's out there, that it's hard to imagine that a $10 offer, in my view, would be a monopolistic pricing offer. It seems to me that that's a pretty gracious and attractive offer. And if there were the right subsidies put on it, that, that could be a pretty effective tool of putting more fixed broadband into people's homes.

我認為我們有一個問題需要在一定程度上解決低收入補貼問題。有趣的是，我們市場上的幾個人，包括 AT&T，自願提供低收入的自願報價，在我看來，很難想像 10 美元的報價會是壟斷定價報價。在我看來，這是一個非常親切和有吸引力的提議。如果有適當的補貼，那將是一個非常有效的工具，可以將更多的固定寬帶接入人們的家中。

I do believe we have some rural areas that the bill needs to deal with, that if the policy is done right on a technology-agnostic way, that we can participate in and grow in. And that clearly is going to take some additional discussion and policy formation to get it into that place. We're in the early innings of it. We're active in it. I think it's going to be something, at the end of the day, like any political process, that there'll be a middle ground that will come up with some opportunity, but probably not everything we'd like.

我確實相信我們有一些農村地區需要該法案處理，如果政策以與技術無關的方式正確實施，我們可以參與並成長。這顯然需要一些額外的討論和政策形成使它進入那個地方。我們正處於早期階段。我們積極參與其中。我認為，最終，就像任何政治進程一樣，會有一個中間立場，會帶來一些機會，但可能不是我們想要的一切。

But we'll be active and aggressive in the places that we can go. The good news is, in the guidance that we've given you, in the core of our business, we have a lot of opportunity for growth in broadband. This would be icing on the cake if we were able to make some headway there. I think we can move forward without this policy to deliver to you what we said we were going to deliver.

但我們會在我們可以去的地方積極進取。好消息是，在我們為您提供的指導中，在我們的業務核心中，我們有很多寬帶增長機會。如果我們能夠在那裡取得一些進展，這將是錦上添花。我認為我們可以在沒有這項政策的情況下繼續向您交付我們所說的我們將要交付的東西。

We've been working with the SEC on the -- how the subsidy gets placed out. We've been talking with them about the approach to it. My sense is that they've got their arms around it. They understand how to administer these programs. They are going to do it in a way that I think it will help some of our customers.

我們一直在與美國證券交易委員會合作 - 如何發放補貼。我們一直在與他們討論解決方法。我的感覺是，他們已經用胳膊摟住了它。他們了解如何管理這些程序。他們將以一種我認為這將有助於我們的一些客戶的方式來做這件事。

Again, we've got great offers out in the market for low-income customers. In some cases, there's income stress that maybe don't qualify as low income. The SEC plan will help the income-stressed, but it will particularly help low income. And that, coupled with the offers we have in the market, I think, should be generally helpful moving forward.

同樣，我們在市場上為低收入客戶提供了優惠。在某些情況下，收入壓力可能不屬於低收入。美國證券交易委員會的計劃將幫助收入壓力大的人，但它尤其有助於低收入者。而且，再加上我們在市場上的報價，我認為，通常應該有助於向前發展。

I think we're probably at a peak right now at need. As people return to schools in person, I think there's going to be a little bit of pressure taken off this dynamic moving forward. But again, we weren't banking on a lot of government subsidy in the guide we've given you on our direction. So if it breaks the right way, it will be a good thing for us.

我認為我們現在可能正處於需要的高峰期。隨著人們親自返回學校，我認為這種前進的動力將會有一點壓力。但同樣，在我們為您提供的指導指南中，我們並沒有依賴大量的政府補貼。因此，如果它打破了正確的方式，這對我們來說將是一件好事。

Your next question comes from the line of Kannan Venkateshwar from Barclays.

您的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So John, on the broadband side, just wanted to see if, given the success you've had on the wireless side with device promotions, and now that seems like it's flowing through to margins as well, is there any thought about maybe a different go-to-market strategy with broadband as well which accelerates the pace of growth there in the coming years with respect to penetration? Because that's been a big focus for you guys for a long time. Just wondering if the approach has some room to change.

所以約翰，在寬帶方面，只是想看看，鑑於你在無線方面在設備促銷方面取得的成功，現在這似乎也在流向利潤，是否有任何想法可能會有所不同寬帶進入市場的戰略以及在未來幾年加速增長的步伐？因為長期以來，這一直是你們關注的焦點。只是想知道這種方法是否有改變的餘地。

And secondly, on the wireless side. When you think about the margins this quarter, I mean, they were obviously pretty good in the context of some of the promotions you guys have run. And I think you pointed to the promotional costs on a normalized basis per subscriber actually being pretty attractive. Could you just talk about that a little bit more and how that might play out over the course of the year?

其次，在無線方面。當您考慮本季度的利潤率時，我的意思是，在你們進行的一些促銷活動的背景下，它們顯然相當不錯。而且我認為您指出按每個訂戶標準化的促銷成本實際上非常有吸引力。您能否再多談談這一點，以及這在一年中會如何發展？

Sure, Kannan, we're -- first of all, if you have any ideas you want to send me, feel free to just drop me an e-mail. I'm always looking for good thoughts on what might be effective in the market. But I will tell you, yes, we've had really good success at pairing our wireless services with our broadband customers.

當然，Kannan，我們是——首先，如果你有任何想法想發給我，請隨時給我發電子郵件。我一直在尋找關於什麼在市場上可能有效的好想法。但我會告訴你，是的，我們在將無線服務與寬帶客戶配對方面取得了巨大的成功。

And I will tell you, it's one of the areas of, frankly, over the last couple of months. Really pleased with the team's execution, and how we've been working that data set and that customer base, to put the right attractive offers in place. And one of those things where, because we have a relationship with the customer, we can maybe do some things a little bit differently in the market and how we position what those incentives are, for them to put 2 products together than what you might do in a mass market channel nationally. And we feel that, that's a pretty attractive place for us to go.

我會告訴你，坦率地說，這是過去幾個月的領域之一。真的很高興團隊的執行，以及我們如何處理數據集和客戶群，以提供合適的有吸引力的報價。其中之一是，因為我們與客戶有關係，我們可能會在市場上做一些稍微不同的事情，以及我們如何定位這些激勵措施，讓他們將兩種產品放在一起而不是你可能做的在全國的大眾市場渠道中。我們覺得，這對我們來說是一個非常有吸引力的地方。

And I mentioned we're having really good success bundling our entertainment Direct-to-Consumer product with broadband. And we're seeing really high marks from customers in doing that. That feels really good. That feels, to me, like a new version of pay-TV with broadband. It feels like a forward-leaning entertainment product and service, coupled with broadband, where we know that when we bundle, we drive churn down.

我提到我們在將我們的直接面向消費者的娛樂產品與寬帶捆綁在一起方面取得了非常好的成功。我們看到客戶在這方面給予了很高的評價。那感覺真的很好。對我來說，這感覺就像是新版本的寬帶付費電視。感覺就像是一種具有前瞻性的娛樂產品和服務，再加上寬帶，我們知道當我們捆綁時，我們會降低流失率。

Our success has been really strong on that. We've leaned in on that. We're seeing customers receive it really well. But it is really, really good on customer profitability and asset lives when they make that wireless coupling decision.

我們的成功在這方面非常強大。我們已經靠在了這一點上。我們看到客戶收到它的效果非常好。但是，當他們做出無線耦合決策時，這對客戶的盈利能力和資產壽命來說是非常非常好的。

I'm not going to kind of say it too much, but we believe there are some further customer relations on service integration we can do between wireless and broadband that makes some things even more attractive moving forward for that customer base. Our product road map, as we move into 2022, starts to introduce some of those, and it goes right at the heart of what you're suggesting. And I absolutely believe that will be a winning play.

我不會說太多，但我們相信我們可以在無線和寬帶之間進行服務集成方面的進一步客戶關係，這使得一些事情對於該客戶群更具吸引力。隨著我們進入 2022 年，我們的產品路線圖開始引入其中的一些，這正是您所建議的核心。我絕對相信這將是一場胜利的比賽。

But I don't want to oversell it because, right now, our broadband footprint, as you know, doesn't cover the entire United States. And we do need to be successful in marketing and selling in the entire United States in our wireless business to be successful.

但我不想過度推銷它，因為現在我們的寬帶足跡，如你所知，還沒有覆蓋整個美國。我們確實需要在整個美國的無線業務中成功地進行營銷和銷售才能取得成功。

Why are we doing better on promotional unit costs and dynamics? Consistency of execution is one, as we've not had to change our approach to the market and change our messaging to customers, and go to what I would call the expensive approach to on again, off again, on again, off again. Those things cause you to do things like try to retrain salespeople. You have to put incentives and SPIFFs in place to get their attention to move through.

為什麼我們在促銷單位成本和動態方面做得更好？執行的一致性是其中之一，因為我們不必改變我們的市場方法並改變我們向客戶傳達的信息，並採用我稱之為昂貴的方法來再次開啟，再次關閉，再次開啟，再次關閉。這些事情會導致你做一些事情，比如嘗試重新培訓銷售人員。您必須實施激勵措施和 SPIFF，以吸引他們的注意力。

I will tell you, we are operating through our distribution channels in an incredibly consistent fashion, in a way that, if I look at the numbers, and I take great pride to what the team's executed and what they're doing, and it looks like sound management, it looks like we're doing the right things and doing them better.

我會告訴你，我們通過我們的分銷渠道以令人難以置信的一致方式運作，在某種程度上，如果我看看這些數字，我對團隊的執行和他們正在做的事情感到非常自豪，看起來就像聲音管理一樣，看起來我們正在做正確的事情並且做得更好。

And when we get the customer in with the right consistent offer, our trusted sales advisers are doing what you would expect trusted sales advisers to do. They're guiding the customer to the right product and service that meets their needs. And sometimes, that product and service and that solution isn't exactly the thing that the customer was motivated to come and explore.

當我們為客戶提供正確一致的報價時，我們值得信賴的銷售顧問正在做您期望值得信賴的銷售顧問做的事情。他們正在引導客戶找到滿足他們需求的正確產品和服務。有時，該產品和服務以及該解決方案並不是客戶想要探索的東西。

And oftentimes, that's a -- it's a good outcome for our business when that occurs. And that might be a buy up on an unlimited plan to higher rates that allow us to drive ARPU up. It might be bundling another product and service with them. And we're getting the goodness that comes along with that consistent message.

通常，當這種情況發生時，這對我們的業務來說是一個很好的結果。這可能是購買無限計劃以提高利率，從而使我們能夠提高 ARPU。它可能會與他們捆綁另一種產品和服務。我們得到了伴隨著一致信息而來的好處。

It causes customers to explore with us instead of maybe their first inclination, which might have been to go and explore with the competitor and move their service. And that's why the churn levels are so much lower. So we're getting really good lift from our promotional spend. We're getting really good performance when you look at how we're managing the device recovery life cycle. It's all good, and it's all helping.

它使客戶與我們一起探索，而不是他們的第一個傾向，這可能是與競爭對手一起探索並移動他們的服務。這就是為什麼流失率要低得多的原因。因此，我們從促銷支出中獲得了非常好的提升。當您查看我們如何管理設備恢復生命週期時，我們獲得了非常好的性能。一切都很好，一切都在幫助。

And when you're not driving the volume that we had driven in the past, when we're down at those low gross add levels, guess what, your unit costs are higher per gross add. When you're operating at the levels that we're operating at right now, you get some scale benefits to it. So it just -- it all comes together in a way that's really goodness, and that's what you're seeing work through the numbers.

當你沒有推動我們過去推動的銷量時，當我們處於低總添加水平時，你猜怎麼著，你的單位成本會更高。當您按照我們目前的運營水平運營時，您將獲得一些規模效益。所以它只是 - 這一切都以一種非常好的方式結合在一起，這就是你通過數字看到的工作。

Okay. That question comes from the line of Colby Synesael from Cowen & Company.

好的。這個問題來自 Cowen & Company 的 Colby Synesael。

Great. I guess, 2 questions. One, I was hoping you could just talk about what you're seeing from a competitive perspective in broadband. You've obviously had success now for a few quarters, stepping up your fiber net adds. Just curious if you're seeing any response to that and how that might expect the momentum you're anticipating in the remainder of the year.

偉大的。我猜，2個問題。一，我希望你能從寬帶競爭的角度談談你所看到的。顯然，您現在已經取得了幾個季度的成功，增加了您的光纖網絡。只是好奇您是否看到對此的任何回應，以及您在今年餘下時間所期待的勢頭如何。

And then, secondly, Pascal, as it relates to the guidance, after such a strong quarter, the revenue growth guidance of plus 1% seems pretty conservative as does the EPS expectation that it's flat. I think, in a previous question, your response is that it's less about anticipating any type of downturn, if you will, in terms of the financial results, but more a function of you guys not wanting to be in the habit of having to change your guidance so frequently. I just want to make sure that I'm understanding that correctly.

其次，帕斯卡，因為它與指導有關，在如此強勁的季度之後，+ 1% 的收入增長指導似乎相當保守，每股收益預期持平。我認為，在上一個問題中，您的回答是，就財務結果而言，如果您願意的話，與其說是預測任何類型的經濟衰退，不如說是你們不想養成不得不改變的習慣你的指導如此頻繁。我只是想確保我理解正確。

So Colby, I don't think I've seen what I would call any dramatic shift or adjustment into the broadband market and the competitive dynamics around it. We were not pleased with our performance in places where we don't have fiber, which is why I need additional footprint and why we're headed in that direction. But we're incredibly pleased with our ability to compete where we do have it, and it's been pretty consistent in terms of the competitive dynamics around that.

所以科爾比，我認為我沒有看到寬帶市場和圍繞它的競爭動態的任何戲劇性轉變或調整。我們對我們在沒有光纖的地方的表現不滿意，這就是為什麼我需要額外的足跡以及我們朝著這個方向前進的原因。但是我們對我們在擁有它的地方競爭的能力感到非常滿意，並且就圍繞它的競爭動態而言，它是非常一致的。

In fact, I think we're doing some things right now that are improving our performance overall because of our focus in the market and how we're thinking about the integrated customer experience. And really, what we're now starting to do, it took us maybe a little too long to get there, but we're thinking beyond the side of the house is the way I would think about it.

事實上，我認為我們現在正在做一些事情來提高我們的整體績效，因為我們專注於市場以及我們如何考慮整合的客戶體驗。真的，我們現在開始做的事情，我們可能花了太長時間才到達那裡，但我們正在考慮超越房子的一側是我思考它的方式。

We've always built really good networks. And we do a really good job of ensuring that they're consistent, reliable and work well. But the inside of the house is a bit of a dirty place right now from a data perspective, and it's getting dirtier by the day as customers do more and more, add more devices.

我們一直都建立了非常好的網絡。我們在確保它們一致、可靠和運行良好方面做得非常好。但是從數據的角度來看，房子的內部現在有點臟，而且隨著客戶做的越來越多，添加的設備越來越多，它變得越來越臟。

And we're now starting to work really hard on how our product and service can help the customer inside the house. That was the result of making our product look more consistent, more reliable and perform better. And I think we're in the early innings of that, frankly.

我們現在開始非常努力地研究我們的產品和服務如何幫助室內的客戶。這是使我們的產品看起來更一致、更可靠且性能更好的結果。坦率地說，我認為我們正處於早期階段。

And so one of the competitive dynamics that we really want to push on is ensuring that, where we used to kind of, I would say, wipe our hands as the problem that occurred on the other side of the network interface, in many instances, trying to lean on and embracing that in a way that's helpful to the customer, it makes our product and service work better. And we think that, that's a great way to compete moving forward. And it has a real interesting opportunity to start differentiating the product and service offer moving forward. And I'm pretty optimistic about that, coupled with our fiber infrastructure, as we move into '22. Pascal?

因此，我們真正想要推動的競爭動態之一是確保，在許多情況下，我們曾經在網絡接口的另一端發生的問題是擦手，嘗試以對客戶有幫助的方式依靠和接受這一點，這會使我們的產品和服務更好地工作。我們認為，這是向前競爭的好方法。它有一個真正有趣的機會來開始區分產品和服務提供。隨著我們進入 22 世紀，我對此非常樂觀，再加上我們的光纖基礎設施。帕斯卡？

And Colby, on your guidance point, your commentary was spot on. It is early in the year. We're really happy with our performance. We don't want to get into the habit of changing our guidance each and every quarter.

科爾比，在你的指導點上，你的評論是正確的。現在是年初。我們對我們的表現真的很滿意。我們不想養成每個季度都改變指導方針的習慣。

And John said this earlier, but just to underscore the point that he said. What we want to try to do is to focus on running the business and investing appropriately, and we believe that has to be our priority. And we're comfortable we can do that and, at the same time, deliver on our financial commitments. And -- but we won't be in the habit of changing guidance every quarter.

約翰早些時候說過這句話，但只是為了強調他所說的重點。我們想做的是專注於經營業務和進行適當的投資，我們認為這必須是我們的首要任務。我們很高興我們可以做到這一點，同時履行我們的財務承諾。而且 - 但我們不會習慣於每季度更改指導。

Thank you very much for the questions. John, turn it over to you for any wrap comments.

非常感謝您的提問。約翰，把它交給你任何包裝評論。

Well, first, thank you all for being with us today. And Pascal, it's good to have you here. And -- but sadly, you no longer continue to have a first coming up. So look forward to many more of these with you.

嗯，首先，感謝大家今天與我們在一起。還有帕斯卡，很高興你能來。而且——但遺憾的是，你不再繼續有第一個出現。因此，期待與您一起更多這些。

But what I would tell you is, second quarter of last year, we told you about where we wanted to focus this business, and that we wanted to make sure that we were gaining momentum and success in satisfying broadband customers in our wireless business, and what we could do in growing fiber and fixed connections and how we grew a forward-leaning entertainment-based product. And I think, this quarter, you're seeing that the team has done a remarkable job of getting their focus together over the course of the last year in carrying success forward.

但我要告訴你的是，去年第二季度，我們告訴你我們希望將這項業務集中在哪裡，並且我們希望確保我們在滿足無線業務的寬帶客戶方面獲得動力和成功，以及我們在發展光纖和固定連接方面可以做些什麼，以及我們如何發展出具有前瞻性的娛樂產品。而且我認為，本季度，您會看到團隊在過去一年中將注意力集中在一起以取得成功，這方面做得非常出色。

And I would submit to you, you can plow through the numbers and see that it's being done in the right way across the board. So these are growing products. They're growing in the right way, with the opportunity for high-value subscribers that are highly satisfied, sticky, with long in-service lives. And I feel really good about that in terms of building the franchise.

我會向你提交，你可以通過數字來查看它是否以正確的方式全面完成。所以這些都是不斷增長的產品。他們以正確的方式發展，為高價值訂戶提供了機會，這些訂戶非常滿意、有粘性、使用壽命長。就建立特許經營權而言，我對此感覺非常好。

And then, finally, if you look underneath those numbers, we have a lot of confidence in what we've seen coming out of the first part of this year. We told you our guide was a conservative guide. We don't know exactly where things are going with the clawback from COVID. I'm hopeful and optimistic that we see citizens continue to get vaccinated, and we continue this march out.

然後，最後，如果你看看這些數字，我們對今年上半年所看到的結果充滿信心。我們告訴過你我們的嚮導是保守的嚮導。我們不知道 COVID 收回的確切情況。我對我們看到公民繼續接種疫苗充滿希望和樂觀，我們將繼續前進。

And if those tailwinds continue, I think we're going to have a really strong year in front of us. But there's still a degree of uncertainty that we're all trying to adjust to, and I'm sure you understand that. But irrespective of that, the fundamentals underneath the business are really strong right now. You see that in the quarter. We're going to continue to ride that.

如果這些順風繼續下去，我認為我們將迎來非常強勁的一年。但仍有一定程度的不確定性，我們都在努力適應，我相信你明白這一點。但不管怎樣，該業務的基本面目前確實非常強勁。你在本季度看到了這一點。我們將繼續騎它。

And I look forward to talking to you 90 days from now. Thanks for your attention. We'll see you soon.

我期待在 90 天后與您交談。感謝您的關注。我們很快就會見到你。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T teleconference. 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 電話會議。您現在可以斷開連接。