AT&T Inc (T) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the AT&T Third Quarter 2020 Earnings Conference Call.

歡迎參加 AT&T 2020 年第三季度收益電話會議。

(Operator Instructions) And as a reminder, this conference is being recorded.

（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.

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。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，大家早上好。

Welcome to our third quarter call.

歡迎來到我們的第三季度電話會議。

I'm Amir Rozwadowski, Head of Investor Relations for AT&T.

我是 AT&T 投資者關係主管 Amir Rozwadowski。

Joining me on the call today are John Stankey, our CEO; and John Stephens, our Chief Financial Officer.

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約翰斯蒂芬斯。

Before we begin, I need to call your attention to our safe harbor statement, which says that some of our comments today may be forward-looking.

在開始之前，我需要提請您注意我們的安全港聲明，其中說我們今天的一些評論可能是前瞻性的。

As such, they're subject to risks and uncertainties.

因此，它們面臨風險和不確定性。

Results may differ materially, and additional information is available on the Investor Relations website.

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。

And as always, our earnings materials are also available on the Investor Relations page of the AT&T website.

與往常一樣，我們的收益材料也可以在 AT&T 網站的投資者關係頁面上找到。

I also want to remind you that we are in the quiet period for the FCC spectrum Auction 107, so we cannot address any questions about that today.

我還想提醒您，我們正處於 FCC 頻譜拍賣 107 的靜默期，因此我們今天無法解決任何問題。

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

有了這個，我會把電話轉給 John Stankey。

John?

約翰？

Thanks, Amir, and good morning, everyone.

謝謝，阿米爾，大家早上好。

I hope you're all healthy and doing well, and thank you for joining us this morning.

我希望你們都身體健康，一切順利，感謝你們今天早上加入我們。

John and I are going to keep our comments brief so we can spend more time taking your questions.

約翰和我將保持我們的評論簡短，以便我們可以花更多時間回答您的問題。

So let's start with Slide 3.

所以讓我們從幻燈片 3 開始。

First, our industry-leading network is the driver of our strong wireless customer counts and our healthy broadband and enterprise trends.

首先，我們行業領先的網絡是我們強大的無線客戶數量以及我們健康的寬帶和企業趨勢的驅動力。

Our high-quality network underpins our connectivity business and our commitment to customers.

我們的高質量網絡鞏固了我們的連接業務和我們對客戶的承諾。

Ookla last week ranked AT&T #1 for having the fastest nationwide 5G network.

Ookla 上週將 AT&T 評為擁有最快的全國 5G 網絡的第一名。

And for the seventh quarter in a row, we won the overall fastest wireless network, and we're named fastest wireless network for iPhones in the third quarter.

我們連續第七個季度贏得了整體最快的無線網絡，並在第三季度被評為 iPhone 最快的無線網絡。

J.D. Power last month named us tops in customer satisfaction for residential Internet service in every region we offer that service.

J.D. Power 上個月將我們評為在我們提供該服務的每個地區的住宅互聯網服務的客戶滿意度最高。

The Net Promoter Scores we're achieving with our fiber product are materially better than cables and are helping drive increasing penetration rates across our markets.

我們通過光纖產品獲得的淨推薦值明顯優於電纜，並有助於推動我們市場的滲透率不斷提高。

I'm really pleased with the great execution from our AT&T Communications team, led by Jeff McElfresh, under some really challenging circumstances.

在一些非常具有挑戰性的情況下，我對我們由 Jeff McElfresh 領導的 AT&T 通信團隊的出色執行感到非常滿意。

Second, the transformation of our business continues and is on track with how we set this up for you a year ago.

其次，我們的業務轉型仍在繼續，並且正按照我們一年前為您設置的方式進行。

The organization has been working to reduce costs, streamline distribution, remove redundancies and simplify processes and support functions.

該組織一直致力於降低成本、簡化分配、消除冗餘並簡化流程和支持功能。

Our focus is supporting added customer value with an improved customer experience.

我們的重點是通過改善客戶體驗來支持增加的客戶價值。

Accordingly, these efficiencies are being plowed back into growth in our market focus areas.

因此，這些效率正在被重新投入到我們市場重點領域的增長中。

And third, we're committed to further strengthening our balance sheet and maintaining our deliberate capital allocation.

第三，我們致力於進一步加強我們的資產負債表並保持我們謹慎的資本配置。

We've made material progress this year with our debt management while generating solid free cash flow to support our dividend.

今年，我們在債務管理方面取得了實質性進展，同時產生了可觀的自由現金流來支持我們的股息。

John will provide more detail, but you're seeing a sharply focused capital structure that is strong, resilient and efficient.

約翰將提供更多細節，但您會看到一個非常集中的資本結構，它強大、有彈性和高效。

We also have a very pragmatic view of the broader economic picture and the COVID-driven challenges we face in some segments, particularly WarnerMedia.

對於更廣泛的經濟形勢以及我們在某些領域（尤其是華納媒體）面臨的 COVID 驅動的挑戰，我們也有非常務實的看法。

In a COVID environment with a tough theatrical business, we made important organizational moves that further position us for growth in direct-to-consumer streaming.

在劇院業務艱難的 COVID 環境中，我們採取了重要的組織舉措，進一步幫助我們在直接面向消費者的流媒體中實現增長。

Through the pandemic, we continue to invest in HBO Max and continue to grow total HBO and HBO Max subscribers.

通過大流行，我們繼續投資於 HBO Max，並繼續增加 HBO 和 HBO Max 的總訂閱者。

I'm pleased with how the WarnerMedia team is responding to a challenging environment.

我對 WarnerMedia 團隊如何應對充滿挑戰的環境感到滿意。

In closing, we recognize that we have more work to do in executing on our vision and earning the loyalty of our customers and investors.

最後，我們認識到，在實現我們的願景和贏得客戶和投資者的忠誠度方面，我們還有更多工作要做。

I believe this quarter shows we've taken the first few steps in the right direction, but there's more opportunity ahead.

我相信本季度表明我們已經朝著正確的方向邁出了第一步，但前方還有更多機會。

With that, I'll turn it over to John to quickly review the details of the quarter.

有了這個，我將把它交給 John 來快速查看本季度的詳細信息。

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早上好。

As John said, during the third quarter, we made progress on our business priorities, as you can see in our subscriber gains.

正如約翰所說，在第三季度，我們在業務優先事項方面取得了進展，正如您在我們的訂戶收益中所看到的那樣。

Wireless growth was stronger than we've seen in quite some time.

無線增長比我們在相當長一段時間內看到的要強勁。

We added more than 1 million postpaid subscribers, including 645,000 postpaid phones.

我們增加了超過 100 萬後付費用戶，其中包括 645,000 部後付費電話。

We also saw solid growth in AT&T Fiber subscribers with more than 350,000 fiber net adds.

我們還看到 AT&T 光纖用戶的穩健增長，光纖淨增加量超過 350,000。

And our HBO Max activation base more than doubled in the first full quarter since we launched the business.

自我們開展業務以來，我們的 HBO Max 激活基數在第一個完整季度增加了一倍多。

We now have 38 million U.S. HBO Max and HBO subscribers and 57 million premium subscribers globally.

我們現在在美國擁有 3800 萬 HBO Max 和 HBO 訂閱者，在全球擁有 5700 萬高級訂閱者。

Our cost transformation continues on track.

我們的成本轉型繼續走上正軌。

We're already seeing savings achieved from benefit efficiencies and organizational alignments.

我們已經看到從福利效率和組織協調中實現的節省。

Our focus on refining our distribution is also paying off.

我們專注於完善我們的分銷也得到了回報。

We shifted some stores to third-party dealers, closed others, and we've also been able to streamline our customer experience, especially our digital sales and simplify processes.

我們將一些商店轉移給第三方經銷商，關閉了其他商店，而且我們還能夠簡化我們的客戶體驗，尤其是我們的數字銷售和簡化流程。

We've been very deliberate in managing our debt and focusing on our cash flow.

我們一直非常謹慎地管理我們的債務並專注於我們的現金流。

So far this year, we have refinanced more than $60 billion of debt at historically low rates with about $30 billion of debt coming due through 2025.

今年到目前為止，我們已經以歷史最低利率為超過 600 億美元的債務再融資，其中約 300 億美元的債務將在 2025 年到期。

This has lowered our near-term debt maturities, giving us ample financial flexibility in the years ahead.

這降低了我們的近期債務期限，為我們在未來幾年提供了充足的財務靈活性。

We now expect free cash flow of $26 billion or higher with a full year dividend payout ratio percentage in the high 50s.

我們現在預計自由現金流為 260 億美元或更高，全年股息支付率在 50 年代高位。

Slide 6 illustrates the success we've had this quarter in our market-focused areas.

幻燈片 6 展示了我們本季度在以市場為中心的領域取得的成功。

As mentioned, postpaid phone adds were strong.

如前所述，後付費電話的增長勢頭強勁。

A big factor was postpaid phone churn of 0.69%, our best ever.

一個重要因素是 0.69% 的後付費電話流失率，這是我們有史以來最好的。

Prepaid churn was less than 3%, and Cricket churn was even lower than that.

預付費客戶流失率低於 3%，而 Cricket 客戶流失率甚至更低。

Improved postpaid churn was driven by the strength of our network and straightforward pricing plans, including our premium unlimited plan, which includes bundling HBO Max.

改進的後付費流失是由我們的網絡實力和簡單的定價計劃推動的，包括我們的高級無限計劃，其中包括捆綁 HBO Max。

Penetration rates for AT&T Fiber are also growing as you can see on the chart on the lower left.

正如您在左下角的圖表中所見，AT&T 光纖的滲透率也在增長。

We're on track to grow our fiber base by 25% this year, adding 1 million new subscribers.

今年我們的光纖基礎有望增長 25%，新增 100 萬用戶。

On the upper-right chart, HBO Max continues to scale.

在右上角的圖表中，HBO Max 繼續擴大。

We've overperformed on our initial target of 36 million domestic HBO Max and HBO subscribers for this year.

今年我們的初始目標是 3600 萬國內 HBO Max 和 HBO 訂戶，我們的表現超出了預期。

All of this is before we launch our AVOD product in the U.S. next year and before we begin our international deployment of HBO Max, also planned for next year.

所有這一切都是在我們明年在美國推出我們的 AVOD 產品之前以及在我們計劃在明年開始我們的 HBO Max 國際部署之前。

As you can see in the premium video chart on the lower right, we continue to make good progress in moving to ratable share losses in our pay TV business, consistent with our share.

正如您在右下方的高級視頻圖表中看到的那樣，我們繼續在付費電視業務的可估價份額損失方面取得良好進展，與我們的份額一致。

This is a big step toward what we told you to expect as we exited 2020.

這是我們在退出 2020 年時向您所期望的方向邁出的一大步。

We are focused on high-value subscribers as the industry transitions to over-the-top, which has helped improve churn.

我們專注於高價值訂戶，因為該行業向過度服務過渡，這有助於改善客戶流失率。

The introduction of AT&T TV has helped, particularly in our broadband footprint.

AT&T TV 的推出起到了幫助作用，尤其是在我們的寬帶覆蓋方面。

Let's now take a look at our consolidated and segment results, starting with our financial summary on Slide 7. Cash flows continue to be strong even during the pandemic.

現在讓我們看看我們的合併和細分結果，從幻燈片 7 上的財務摘要開始。即使在大流行期間，現金流量仍然很強勁。

Cash from operations came in at more than $12 billion, and free cash flow was $8.3 billion.

來自運營的現金超過 120 億美元，自由現金流為 83 億美元。

Adjusted EPS was $0.76 per share.

調整後每股收益為 0.76 美元。

That included COVID impacts from incremental costs and lost revenues.

這包括增加成本和收入損失帶來的 COVID 影響。

Combined, COVID had a $0.21 impact to the third quarter EPS, which we did not adjust for.

加起來，COVID 對第三季度每股收益產生了 0.21 美元的影響，我們沒有對此進行調整。

Adjustments for the quarter included $1.2 billion of debt redemption premiums associated with our debt management activity in the quarter.

本季度的調整包括與本季度債務管理活動相關的 12 億美元債務贖回溢價。

Revenues were down $2.2 billion from a year ago, including an estimated $2.8 billion of lost or deferred revenue from COVID and foreign exchange pressures.

收入比一年前減少了 22 億美元，其中包括因新冠疫情和外匯壓力而損失或遞延的收入估計為 28 億美元。

Foreign exchange had a negative impact of about $300 million in revenue, primarily in our Latin America segment.

外匯對收入產生了約 3 億美元的負面影響，主要是在我們的拉丁美洲部門。

Adjusted operating income was about $8.2 billion, which included the impact of COVID and shift of TV productions in sports to the third quarter.

調整後的營業收入約為 82 億美元，其中包括 COVID 的影響以及體育電視製作轉移到第三季度。

Lower revenues were partly offset by expense reductions.

收入減少部分被費用減少所抵消。

Adjusted operating income margins were down 280 basis points year-over-year but would have been up if you exclude COVID impacts.

調整後的營業利潤率同比下降了 280 個基點，但如果排除 COVID 影響，它會上升。

And we continue to invest in our growth areas.

我們將繼續投資於我們的增長領域。

CapEx was $3.9 billion, and gross capital investment was $4.5 billion, a difference attributed to the timing of vendor payments.

資本支出為 39 億美元，總資本投資為 45 億美元，差異歸因於供應商付款的時間。

And we invested about $600 million in HBO Max in the quarter and are on track with full year estimated investment of $2 billion.

我們在本季度向 HBO Max 投資了約 6 億美元，全年預計投資為 20 億美元。

Let's now look at our segment operating results, starting with our Communications segment on Slide 8. Our core businesses continue to show their resiliency.

現在讓我們看看我們的部門經營業績，從幻燈片 8 上的通信部門開始。我們的核心業務繼續顯示出它們的彈性。

In Mobility, in addition to strong total postpaid and postpaid phone net adds, we saw a strong demand for data connected devices.

在移動領域，除了強勁的後付費和後付費電話網絡總量增加外，我們還看到了對數據連接設備的強勁需求。

We had 730,000 total smartphone net adds, both postpaid and prepaid.

我們總共增加了 730,000 部智能手機，包括後付費和預付費。

Prepaid had a solid quarter with 245,000 net adds, with 131,000 of those phones.

預付費的季度業績穩健，淨增加 245,000 部，其中有 131,000 部。

Bottom line, we're encouraged by our wireless market positioning heading into the fourth quarter, traditionally the busiest season for device upgrades and people moving to unlimited plans.

最重要的是，我們對進入第四季度的無線市場定位感到鼓舞，這是傳統上設備升級和人們轉向無限計劃的最繁忙季節。

Total wireless revenues were up year-over-year, thanks to growth in equipment revenues.

由於設備收入的增長，無線總收入同比增長。

COVID impacts came from international roaming as well as waived data overages and late payments.

COVID 影響來自國際漫遊以及免除數據超額和延遲付款。

Without the roaming impacts alone, service revenues would have had a healthy growth.

如果沒有漫遊影響，服務收入將有健康增長。

Roaming also impacted EBITDA margins, which were down slightly even with much higher sales.

漫遊也影響了 EBITDA 利潤率，即使銷售額高得多，該利潤率也略有下降。

We're pleased with AT&T Fiber net add momentum.

我們很高興 AT&T 光纖網絡增加了動力。

We're on track to add 1 million subscribers this year, and the mix shift to fiber has helped stabilize broadband revenues.

我們今年有望增加 100 萬用戶，向光纖的混合轉變有助於穩定寬帶收入。

Premium video losses were improved sequentially and year-over-year, thanks to lower churn and our focus on high-value customers.

得益於較低的客戶流失率和我們對高價值客戶的關注，優質視頻的損失環比和同比有所改善。

The decline is a significant improvement over prior year trends.

與去年的趨勢相比，下降是一個顯著的改善。

We continue to drive ARPU growth in both video and IP broadband.

我們繼續推動視頻和 IP 寬帶的 ARPU 增長。

In fact, premium video ARPU was up more than 7%.

事實上，優質視頻 ARPU 增長了 7% 以上。

Business Wireline turned in another solid EBITDA quarter.

Business Wireline 又迎來了一個穩健的 EBITDA 季度。

EBITDA was up year-over-year, and margins expanded by 130 basis points despite legacy revenue trends.

EBITDA 同比增長，儘管有傳統的收入趨勢，但利潤率仍增長了 130 個基點。

Let's move to WarnerMedia and Latin America results, which are on Slide 9. The COVID impact is most evident in our WarnerMedia results.

讓我們看一下幻燈片 9 上的華納媒體和拉丁美洲的結果。新冠病毒的影響在我們的華納媒體結果中最為明顯。

Theatrical and TV production is ramping back up, but theaters remain closed in many parts of the country.

戲劇和電視製作正在回升，但該國許多地區的劇院仍然關閉。

Altogether, COVID had an estimated $1.6 billion revenue impact on WarnerMedia in the quarter.

總體而言，COVID 在本季度對華納媒體的收入影響估計為 16 億美元。

Sports resumed in the quarter, and programming and production costs associated with the shift of sports into the third quarter impacted expenses.

體育在本季度恢復，與體育轉移到第三季度相關的節目和製作成本影響了開支。

At the same time, sports had a favorable impact on advertising revenues.

同時，體育對廣告收入產生了有利影響。

HBO Max continue to scale nicely driven by strong wholesale activations.

在強勁的批發活動的推動下，HBO Max 繼續很好地擴大規模。

We are also pleased with consumer engagement, which is up nearly 60% from what we saw with HBO NOW.

我們也對消費者參與度感到滿意，這比我們在 HBO NOW 上看到的增長了近 60%。

WarnerMedia's reputation as the industry's highest-quality storyteller was again reinforced, with it leading the industry with 38 Primetime and 15 News and Documentary Emmys.

華納媒體作為業內最高質量的故事講述者的聲譽再次得到加強，它以 38 項黃金時段和 15 項新聞和紀錄片艾美獎引領行業。

We also saw subscriber turnaround in our Latin America operations.

我們還看到拉丁美洲業務的訂戶轉機。

We added more than 400,000 subscribers in Mexico and 200,000 subscribers in Vrio after both showed a COVID slowdown in the second quarter.

我們在墨西哥增加了超過 400,000 名訂閱者，在 Vrio 增加了 200,000 名訂閱者，因為兩者都在第二季度出現了 COVID 放緩。

Latin America revenues continue to be challenged by foreign exchange, slow economies and COVID.

拉丁美洲的收入繼續受到外匯、經濟放緩和 COVID 的挑戰。

But even with this, Mexico EBITDA improved year-over-year.

但即便如此，墨西哥的 EBITDA 仍同比有所改善。

And Vrio continues to generate EBITDA and cash flow on a constant currency basis.

Vrio 繼續在固定貨幣基礎上產生 EBITDA 和現金流。

Now let's go to Slide 10 for an update on our capital structure.

現在讓我們轉到幻燈片 10，了解我們的資本結構的最新情況。

Our cash flows continue to be resilient, even with the pandemic.

即使在大流行的情況下，我們的現金流仍然具有彈性。

That allows us to invest in the business and comfortably pay for our dividend while also paying down debt.

這使我們能夠投資於業務並輕鬆支付股息，同時還清債務。

Free cash flow was $8.3 billion in the quarter and almost $20 billion year-to-date.

本季度自由現金流為 83 億美元，年初至今接近 200 億美元。

In fact, we've reduced net debt by more than $30 billion since we closed our Time Warner acquisition a little more than 2 years ago.

事實上，自兩年多前我們完成對時代華納的收購以來，我們已經減少了超過 300 億美元的淨債務。

We continue to be active in the debt market.

我們繼續活躍於債務市場。

With interest rates at historical lows, we have been aggressive in refinancing our debt maturities and lowering our coupon rates.

由於利率處於歷史低位，我們一直在積極為到期債務再融資並降低票面利率。

As you can see on the bottom chart, our near-term debt obligations have changed significantly since the first quarter.

正如您在底部圖表中看到的那樣，我們的近期債務義務自第一季度以來發生了顯著變化。

We have reduced debt maturities by almost 50% over the next 5 years.

我們在未來 5 年內將債務期限減少了近 50%。

This has extended our average debt maturity, which is a good place to be with rates this low.

這延長了我們的平均債務期限，這是一個低利率的好地方。

In fact, we have lowered our average interest rate on debt to just under 4.1%, with the lowest coupon rates we've ever seen.

事實上，我們已將平均債務利率降至略低於 4.1%，這是我們所見過的最低票面利率。

That gives us financial flexibility, not just for today but going forward as well.

這為我們提供了財務靈活性，不僅適用於今天，也適用於未來。

In fact, we ended the quarter with nearly $10 billion in cash on our balance sheet.

事實上，我們在本季度末的資產負債表上有近 100 億美元的現金。

The $500 billion of assets on our total balance sheet also gives us ample opportunity to continue to strengthen our cash position by monetizing noncore assets.

我們總資產負債表上的 5000 億美元資產也為我們提供了充足的機會，通過將非核心資產貨幣化來繼續加強我們的現金頭寸。

We expect $3 billion of previously announced asset sales to close before the end of the year, including CME, which actually closed last week, and our Puerto Rico wireless properties, which we expect to close by the end of October.

我們預計之前宣布的 30 億美元資產出售將在今年年底前完成，其中包括上週實際關閉的 CME，以及我們預計將於 10 月底關閉的波多黎各無線資產。

Amir, that's our presentation.

阿米爾，那是我們的介紹。

We're now ready for the Q&A.

我們現在準備好進行問答了。

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

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。

Okay.

好的。

Great.

偉大的。

Maybe on the subscriber side, obviously, solid results really across the board and especially in wireless.

也許在用戶方面，顯然，確實全面的可靠結果，尤其是在無線方面。

Is there anything you guys could point to that really drove the gross add improvement that we saw on a year-over-year basis and the better churn?

你們有什麼可以指出的，真正推動了我們看到的同比增長和更好的流失率？

And do you think those results are sustainable?

你認為這些結果是可持續的嗎？

And then also on the fiber side, John, you've talked about repositioning the company around wireless fiber and software entertainment.

然後在光纖方面，John，您談到了圍繞無線光纖和軟件娛樂重新定位公司。

How should we think about the footprint expansion of your guys' fiber network?

我們應該如何考慮你們的光纖網絡的足跡擴展？

I mean obviously, you grew a lot in the -- with the requirements for DIRECTV.

我的意思是，很明顯，你在 DIRECTV 的要求下成長了很多。

But how should we look at that over the next few years?

但是我們應該如何看待未來幾年呢？

So first, on the subscriber side, I think the answer is it's hard work and really good work.

所以首先，在訂閱者方面，我認為答案是努力工作，而且工作非常出色。

This is something that's been in the making for a period of time, where the team has been focused on a variety of different strategies, and I'm not going to point to any one thing.

這是一段時間以來一直在醞釀的事情，團隊一直專注於各種不同的策略，我不會指出任何事情。

I think we've done a number of things very well, including reengineering our distribution.

我認為我們在很多方面都做得很好，包括重新設計我們的發行版。

We have a much broader approach to distribution today and a more effective approach in terms of the efficiency of what it's bringing in.

今天，我們有更廣泛的分銷方法，並且在帶來的效率方面也有更有效的方法。

You heard John address some of that in his comments.

你聽到約翰在他的評論中談到了其中的一些。

We have been very, very focused on making sure we get value to our right customers, and data has helped us do that.

我們一直非常非常專注於確保我們為正確的客戶帶來價值，而數據幫助我們做到了這一點。

And some of the gain you're seeing is that we're being -- we're able to segment the portions of the market that we think we have issues to address on a value basis and get the right kind of dynamics out to those customers through the right kind of distribution.

你看到的一些收穫是，我們正在——我們能夠分割我們認為我們有問題需要在價值基礎上解決的市場部分，並為這些市場提供正確的動態客戶通過正確的分銷方式。

That's working because we have been very deliberate over the last several years building a much higher-quality network, starting with the FirstNet construct.

這是有效的，因為在過去幾年中，我們一直在非常慎重地構建一個更高質量的網絡，從 FirstNet 構造開始。

And that higher-quality network has removed a reason for customers to leave because they're satisfied with the service that they're getting on the network infrastructure.

更高質量的網絡消除了客戶離開的理由，因為他們對在網絡基礎設施上獲得的服務感到滿意。

As COVID hit and the wireless networks became much more suburban-oriented than urban-oriented, our strength in low-band spectrum, our literally undisputed strength in volume of low-band spectrum has helped because the suburban experience is oftentimes a more distributed experience.

隨著 COVID 的襲擊和無線網絡變得更加面向郊區而不是面向城市，我們在低頻段頻譜方面的實力，我們在低頻段頻譜量方面無可爭議的實力有所幫助，因為郊區體驗通常是一種更加分散的體驗。

And when you think about penetrating inside buildings, you need low-band spectrum to do that.

當您考慮穿透建築物內部時，您需要低頻段頻譜來做到這一點。

Mid-band is not going to do that in a suburban environment and nor is millimeter wave, at least not anytime soon until density starts to pick up.

中頻不會在郊區環境中做到這一點，毫米波也不會，至少在密度開始回升之前不會很快。

And so we've been very focused on that, and we intend to be very focused on that moving forward.

因此，我們一直非常關注這一點，並且我們打算非常關注這一點。

And I would tell you -- I'll just answer it right now because I'm sure somebody is going to ask.

我會告訴你——我現在就回答，因為我確定有人會問。

Our promotions that are out in the market and what we're doing with the iPhone launch is more of the same.

我們在市場上的促銷活動以及我們在 iPhone 發佈時所做的事情大致相同。

We have an incredibly valuable customer base.

我們擁有極其寶貴的客戶群。

It's our most important asset for us to focus on.

這是我們最重要的資產，值得我們關注。

And when we go in and we look at the data and we understand why that base elects not to stay with us, it's not because of customer service or it's not because they don't like the network.

當我們進入並查看數據時，我們會理解為什麼該基地選擇不留在我們身邊，這不是因為客戶服務，也不是因為他們不喜歡網絡。

It's because more often than not, they see some enticement to go somewhere else.

這是因為他們經常看到一些去其他地方的誘惑。

And that's usually a device offer or a belief that they can't fine-tune their plan to meet their economic construct that they want.

這通常是一種設備報價或一種信念，即他們無法微調他們的計劃以滿足他們想要的經濟結構。

And we're now in a position where we can address that.

我們現在可以解決這個問題。

And this offer is going to attack that very point.

而這個提議將攻擊這一點。

It's going to ensure that our very best customers, who many have been very loyal to us, these are original iPhone subscribers that have been around a long time, are treated just like a new customer coming into our business.

這將確保我們最好的客戶，他們很多人非常忠誠於我們，這些是已經存在很長時間的原始 iPhone 用戶，被視為進入我們業務的新客戶。

And that they can avail themselves of that opportunity and recommit to us for a very, very long period of time.

他們可以利用這個機會，在很長一段時間內重新向我們承諾。

And while we're getting to talk to them at that moment, we get an opportunity to chat with them about buying up to unlimited plans, and we get an opportunity to move them up the continuum to our higher-value unlimited plans that include entertainment.

當我們在那一刻與他們交談時，我們有機會與他們談論購買無限計劃，我們有機會將他們提升到我們更高價值的無限計劃，包括娛樂.

And so that's a win-win for us in that construct, and it pays off economically.

所以這對我們來說是雙贏的，它在經濟上得到了回報。

Our base is less committed to contract than our competitors.

我們的基地不像我們的競爭對手那樣致力於合同。

We know that statistically.

我們從統計學上知道這一點。

And part of this is just simply ensuring that our base is sitting in a similar position to our competitors to make sure that we can continue this record-breaking churn that we've set up.

其中一部分只是簡單地確保我們的基地與我們的競爭對手處於相似的位置，以確保我們能夠繼續我們已經建立的這種破紀錄的流失。

And that's a smart economic decision for us.

這對我們來說是一個明智的經濟決策。

And it's a smart decision and positioning the brand with our customers.

這是一個明智的決定，將品牌定位於我們的客戶。

And so when we know we can address the #1 reason why people are leaving us and do it this way, and we get that accretion that comes out of buying up on the unlimited plans, getting them to the sticky entertainment, we think that's the right place for us to be.

因此，當我們知道我們可以解決人們離開我們並以這種方式這樣做的第一個原因，並且我們通過購買無限計劃，讓他們獲得粘性娛樂而獲得了增長，我們認為這就是適合我們的地方。

On your second question regarding fiber, my intent is to exit next year in a construct where we are gaining subscribers, gaining share and growing the broadband business.

關於你關於光纖的第二個問題，我的意圖是明年退出一個我們正在獲得用戶、獲得份額和發展寬帶業務的結構。

And our footprint will be engineered to allow that to happen.

我們的足跡將被設計為允許這種情況發生。

Now we still have a lot of fallow fiber that we can sell into.

現在我們還有很多可以出售的休閒纖維。

You saw that this quarter.

你在本季度看到了這一點。

We're selling into our existing footprint of a little over 14 million fiber homes, and we're doing it very effectively.

我們正在向我們現有的超過 1400 萬個光纖家庭銷售，而且我們做得非常有效。

And you heard my comment about how much customers like the product.

你聽到了我關於有多少客戶喜歡這個產品的評論。

And that's one of the reasons we're having great success, and we're going to continue to push in that footprint.

這就是我們取得巨大成功的原因之一，我們將繼續推進這一足跡。

We've been adding fiber footprint, as we've talked about, slowly.

正如我們已經談到的，我們一直在緩慢地增加纖維足跡。

We're going to pick that up a bit so that we can make sure we're in a share gain position, and we're actually growing the broadband business as we exit next year.

我們將對此進行一些調整，以便我們可以確保我們處於份額增加的位置，並且在明年退出時我們實際上正在發展寬帶業務。

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, can you talk about priorities for next year?

約翰，你能談談明年的優先事項嗎？

It sounds -- and you just said like you want to build more fiber.

聽起來——你剛才說你想製造更多的纖維。

Does that mean that CapEx needs to be higher?

這是否意味著資本支出需要更高？

Or can you really source that out of wireless CapEx coming down?

或者你真的可以從無線資本支出下降中獲得這些嗎？

And it's great to see video losses were lower even after we normalize out the pledge customers.

很高興看到即使在我們將質押客戶正常化後，視頻損失也有所降低。

What were the drivers of that improvement?

這種改進的驅動因素是什麼？

And how does DIRECTV fit into the company's plans?

DIRECTV 如何融入公司的計劃？

Is there anything you can say about these reports of a sale?

你對這些銷售報告有什麼要說的嗎？

So Phil, we're not giving our guidance on capital for next year at this point.

所以菲爾，我們目前還沒有給出明年的資本指導。

I will tell you that we feel comfortable that we can manage the cash flow equation effectively and do what I just said.

我會告訴你，我們感到很自在，我們可以有效地管理現金流等式並按照我剛才所說的去做。

I'm not concerned about that part of it.

我不關心它的那一部分。

We'll come out a little bit later this year, and we'll give you the guidance and lay out those numbers for you.

我們將在今年晚些時候發布，我們將為您提供指導並為您列出這些數字。

But I feel really comfortable, if you kind of look at what's going on, and these customer counts certainly help.

但我覺得真的很舒服，如果你看看發生了什麼，這些客戶數量肯定會有所幫助。

I think you're aware, we're working really hard on the cost equation around here, and that's helping us invest in some of the work we're doing in the markets.

我想你知道，我們在這裡非常努力地研究成本等式，這有助於我們投資於我們在市場上所做的一些工作。

We have a very different build in front of us than we've traditionally had.

我們面前的建築與傳統上截然不同。

I think if you think about what we've historically been doing on the fiber side, we've had to light up new central offices, kind of new geographic areas, which tends to be a little bit more expensive.

我認為，如果您考慮一下我們歷史上在光纖方面所做的事情，我們必須點亮新的中央辦公室，一種新的地理區域，這往往會更昂貴一些。

We have an opportunity to do some really economic fill in and shorten the cycle from investment to cash that we can factor in on this.

我們有機會做一些真正經濟的補充，並縮短從投資到現金的周期，我們可以考慮這一點。

And so we'll give you some direction next year, but I don't think you're going to see an appreciable change in our trajectory as we go through this.

所以我們明年會給你一些方向，但我認為你不會在我們經歷這個過程中看到我們的軌跡發生明顯變化。

And we'll fill in the blanks for you coming forward here.

我們將在這里為您填補空白。

On the video side, we've been focused on high-value customers.

在視頻方面，我們一直專注於高價值客戶。

And so some of this, what you're seeing is when we made the shift to kind of get out of the promotional dynamic, and frankly, others in the industry got out of a promotional dynamic where the VMPDs decided to go to a first price that's a little bit more reflective of their cost structure.

因此，您所看到的其中一些是當我們轉變為擺脫促銷動態時，坦率地說，行業中的其他人擺脫了VMPD決定達到第一價格的促銷動態這更能反映他們的成本結構。

That normalized a lot of things.

這使很多事情正常化。

We had to work through that for a couple of quarters because it definitely impacts gross.

我們不得不解決這個問題幾個季度，因為它肯定會影響毛利率。

But the gross that we're taking in right now are effective customers, the ones we can make money on, and they're ones that are not just churning back and forth.

但我們現在獲得的總收入是有效的客戶，我們可以從中賺錢，而且他們不僅僅是來回攪動的客戶。

And we think that's a much better mix, and you're starting to see us work through that cycle a little bit.

我們認為這是一個更好的組合，你開始看到我們在這個週期中工作了一點。

But look, I want to give a lot of credit to the team.

但是看，我想給團隊很多功勞。

As we've been clear on what our direction is, they're focused on ensuring that we run the business the right way, and we've been a lot better at retention.

正如我們已經清楚我們的方向是什麼，他們專注於確保我們以正確的方式經營業務，並且我們在保留方面做得更好。

We have a better product in the market right now for those people that we can pair with broadband.

對於那些可以與寬帶配對的人，我們現在在市場上有更好的產品。

The AT&T TV product is a much more natural fit in terms of how customers want to use a pay TV service today than the satellite product is.

AT&T 電視產品比衛星產品更自然地適合客戶使用付費電視服務的方式。

And when we compare it with broadband, which as you see, we've got improved volumes on broadband, that helps our video business.

當我們將其與寬帶進行比較時，如您所見，我們的寬帶數量有所提高，這有助於我們的視頻業務。

And so as we continue that momentum and we think about what we can do in the next year, that can help the video business as well.

因此，當我們繼續保持這種勢頭並考慮明年我們可以做些什麼時，這也可以幫助視頻業務。

I'm not going to suggest to you that it's anything but a mature business.

我不會向你建議這不是一個成熟的業務。

It's going to continue some degree of decline, but we told you we'd like to exit this year with our decline rate looking more ratable to our share.

它會繼續一定程度的下降，但我們告訴過你，我們希望在今年退出，因為我們的下降率看起來更適合我們的份額。

And we're on that march to do that.

我們正在為此而努力。

We're doing it by some tried-and-true approaches to how we should manage the base, how we should manage our customers, what kind of service we should give them.

我們正在通過一些行之有效的方法來管理基礎，我們應該如何管理我們的客戶，我們應該為他們提供什麼樣的服務。

And the team has done a really nice job of kind of getting back to basics on that and doing the right things around it.

團隊在回歸基礎並圍繞它做正確的事情方面做得非常好。

And the final question, I'm not going to comment on any speculation at this point.

最後一個問題，我現在不打算評論任何猜測。

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。

Right on Warner, I wonder if you could just help us think about how things are progressing on the theatrical -- the production for TV and movies.

就在華納，我想知道你是否可以幫助我們思考一下戲劇的進展情況——電視和電影的製作。

And how you're thinking about that evolving?

您如何看待這種演變？

And any big changes you might have there in terms of how we should think about the future post-COVID?

就我們應該如何看待後疫情時代的未來而言，您可能會有任何重大變化嗎？

And then a capital allocation question.

然後是資本配置問題。

I think, John, you talked about the importance of the dividend and the track record of dividend growth.

我想，約翰，你談到了股息的重要性和股息增長的記錄。

But it looks like you're not really getting paid for the dividend in the current market.

但看起來你並沒有真正從當前市場的股息中獲得報酬。

How do you balance that versus, say, buybacks?

你如何平衡這與回購？

Obviously, you've got spectrum auctions coming up, but leverage, deleveraging, you've addressed a lot of the near-term maturity.

顯然，您即將進行頻譜拍賣，但槓桿、去槓桿化，您已經解決了很多近期成熟度問題。

So love to think about the priorities and how you think about order of preference there.

因此，喜歡考慮優先事項以及您如何考慮那裡的優先順序。

So on the Warner side, the -- I'm breathing easier.

所以在華納方面，我呼吸更輕鬆了。

I think everybody's breathing easier.

我認為每個人的呼吸都更輕鬆了。

That's probably a bad analogy in the COVID environment.

在 COVID 環境中，這可能是一個不好的類比。

Feel much better about the restart of production.

對重新開始生產感覺好多了。

We exited -- to kind of give you a rough idea, probably about 180 productions of some way, shape or form were underway at February before the pandemic hit.

我們退出了——給你一個粗略的想法，在大流行來襲之前，2 月份可能有大約 180 部具有某種方式、形狀或形式的作品正在進行中。

And I would tell you roughly, probably -- I haven't looked at the numbers in the last week or so, but I think we had about 130 productions up and running in some shape or form last week.

我會粗略地告訴你，可能 - 我沒有查看上週左右的數字，但我認為上週我們有大約 130 部作品以某種形式或形式運行。

So we're well back into that ramp back up.

所以我們很好地回到了那個坡道。

I don't think we have to get back to 180, by the way.

順便說一句，我認為我們不必回到 180。

We've -- there's some stuff we rationalized.

我們已經 - 我們合理化了一些東西。

But we're starting to figure out how to do this.

但我們開始弄清楚如何做到這一點。

We clearly have gotten through most of the hurdles from a civic perspective where the geographies that we operate and produce in are working with us on what the constructs are.

從公民的角度來看，我們顯然已經克服了大部分障礙，我們經營和生產的地理區域正在與我們合作研究結構是什麼。

And there's no barriers to actually having the work perform.

實際執行工作沒有任何障礙。

I think we've got the right guilds and unions squared away.

我認為我們有正確的公會和工會。

We built in the right processes around testing.

我們圍繞測試建立了正確的流程。

We're far enough into and far enough along with work that's going on, where the confidence level of employees is growing day-by-day that we can, in fact, protect the safety of individuals and still get work done.

我們對正在進行的工作已經足夠深入和足夠遠，員工的信心水平與日俱增，事實上，我們可以保護個人的安全並仍然完成工作。

So feel good about where that's at.

所以感覺很好。

I think we're out of the woods at this point from being dead cold in the middle of the pandemic to one where we feel like we can get hours produced and brought forward.

我認為我們現在已經走出了困境，從大流行期間的極度寒冷到我們覺得我們可以製作並提前數小時。

And that's going to help our products.

這將有助於我們的產品。

I mean it's -- most importantly, it's going to help HBO Max.

我的意思是——最重要的是，它將幫助 HBO Max。

Theatrical work is underway as well.

戲劇工作也在進行中。

We're doing the work for theatrical production.

我們正在為戲劇製作工作。

The question is, what does exhibition look like?

問題是，展覽是什麼樣的？

And that's still kind of one of these things we don't have great visibility on.

這仍然是我們不太了解的事情之一。

If we -- we've done some experimentation.

如果我們 - 我們已經做了一些實驗。

We've tried a few things.

我們已經嘗試了幾件事。

I can't tell you that we walked away from the Tenet experience saying it was a home run.

我不能告訴你，我們離開了 Tenet 體驗，說這是一個本壘打。

I'm happy we did it.

我很高興我們做到了。

I think the team was incredibly creative.

我認為這個團隊非常有創意。

I think we learned a couple things about what we can do.

我想我們學到了一些關於我們能做什麼的事情。

I actually believe that if theaters were open nationwide, if California and New York were open, we have some latitude to be able to do some of these geographic-specific releases and work through that.

我實際上相信，如果影院在全國范圍內開放，如果加利福尼亞和紐約開放，我們就有一定的自由度能夠進行一些特定於地理區域的發行並解決這些問題。

So maybe as we get to a place where there's a little bit more consistent footprint, we can do some more.

所以也許當我們到達一個足跡更加一致的地方時，我們可以做更多的事情。

I'd say the holiday season is going to be the next big checkpoint to see what occurs and whether or not we can actually move some content back into theatrical exhibition.

我想說假期將成為下一個重要的檢查點，看看會發生什麼，以及我們是否真的可以將一些內容移回戲劇展覽。

And we're going to have to maybe make a game-time decision on that based on what's happening in different geographies and what's happening effectively with infection counts in the country.

而且我們可能不得不根據不同地區發生的事情以及該國感染人數的有效情況做出決定。

We're still committed to want to try to put some of the content that we think is the most important into a theatrical channel, if that makes sense.

如果有意義的話，我們仍然致力於嘗試將一些我們認為最重要的內容放到影院頻道中。

Now at the same time, we're expecting this to be incredibly choppy moving into next year, and guidance and direction we're giving you with the business takes that into account.

現在與此同時，我們預計明年的情況會非常不穩定，我們為您提供的業務指導和方向會考慮到這一點。

We're not optimistic.

我們並不樂觀。

We're not looking that we're seeing -- expecting a huge recovery in theatrical moving into the early part of next year.

我們並沒有看到我們正在看到的 - 預計戲劇會在明年年初出現巨大的複蘇。

We're expecting it to continue to be choppy.

我們預計它將繼續波動。

And as a result of that, we're having to evaluate all of our options and keeping them open.

因此，我們必須評估我們所有的選擇並保持開放。

And the teams kind of work in the A plan, the B plan and the C plan.

團隊在 A 計劃、B 計劃和 C 計劃中工作。

And as we get through the next month or 2 and we look at what's occurring, we'll call the cards on the A plan and the B plan and the C plan and kind of come back to you.

當我們度過下個月或 2 個月並查看正在發生的事情時，我們將在 A 計劃、B 計劃和 C 計劃上打卡，然後再回复您。

So that's kind of the best I can give you on where we are in restarting that.

所以這是我可以給你的最好的，關於我們在哪裡重新開始。

The other thing that I would tell you that we have a little bit of lack of visibility on is if you think about the broader media business is what happens with the sports calendar in '21.

我要告訴你的另一件事是，如果你考慮更廣泛的媒體業務，那就是 21 年的體育日曆會發生什麼。

Clearly, we've seen the leagues demonstrate that they can, in fact, put games on, and they can carry them through.

顯然，我們已經看到聯盟證明他們實際上可以進行比賽，並且可以進行比賽。

The timing of those and how many there are and exactly what transpires in '21 and where it falls in the calendar is still a little bit uncertain.

那些時間和有多少，以及在 21 年發生了什麼以及它在日曆中的位置仍然有點不確定。

And until we have a little better visibility on that, it's hard to give you exact views of what first, second, third, fourth quarter looks like next year.

在我們對此有更好的了解之前，很難讓您準確了解明年第一、第二、第三、第四季度的情況。

And I think in the coming weeks, we'll probably get a little bit more clarity around that and be able to adjust the plans accordingly.

我認為在接下來的幾週內，我們可能會對此更加清晰，並能夠相應地調整計劃。

And we've demonstrated that we can, in fact, do the right things around producing those safely and selling advertising into them.

而且我們已經證明，事實上，我們可以圍繞安全地生產這些產品並向他們銷售廣告做正確的事情。

We just need to kind of see where the schedules shape out.

我們只需要看看時間表在哪裡形成。

On the capital allocation question, I think the way you get paid is you probably execute consistently.

在資本分配問題上，我認為您獲得報酬的方式可能是您可能始終如一地執行。

And so I'm well aware that right now, there's definitely a discontinuity in the yield versus what we're paying, and I don't like that.

所以我很清楚，現在，收益與我們支付的價格之間肯定存在不連續性，我不喜歡這樣。

I'm sure nobody else out there who owns the stock likes it.

我敢肯定沒有其他擁有該股票的人喜歡它。

And I think the best way for us to kind of address that is make sure that each quarter, we're delivering on what we tell you we're going to do and doing it consistently.

我認為對我們來說最好的解決辦法是確保每個季度，我們都在兌現我們告訴你我們將要做的事情，並始終如一地做。

And ultimately, I think that problem probably takes care of itself.

最終，我認為這個問題可能會自行解決。

But your point is a valid one in the meantime to ask about how we should think about things.

但是你的觀點是有效的，同時詢問我們應該如何思考事情。

And where I've been and where I still sit is I think when we have visibility getting through the COVID cycle, we can make those decisions on capital allocation.

我去過的地方和現在的位置是，我認為，當我們在 COVID 週期中獲得可見性時，我們可以就資本分配做出這些決定。

I think it's important that we can continue to manage the debt load down, and that's our first priority, to ensure that it isn't the discussion every time we sit down around where this business is at.

我認為重要的是我們可以繼續管理債務負擔，這是我們的首要任務，以確保每次我們坐下來討論這項業務時都不會討論。

We feel comfortable, as John indicated, that we've restructured it in a way that makes sense, that we can manage this business and do the things we need to do to invest in growth.

正如約翰所說，我們感到很舒服，我們以一種有意義的方式對其進行了重組，我們可以管理這項業務並做我們需要做的事情來投資增長。

It's given us the space to do that and make sure that we can, in a very disciplined fashion, pay it down.

它為我們提供了這樣做的空間，並確保我們能夠以一種非常有紀律的方式支付它。

As we get through that, and we have your confidence in that regard, and then we'll start looking at whether or not it makes sense for us to do something different on the equity side.

當我們度過難關時，我們對這方面有信心，然後我們將開始研究在股權方面做一些不同的事情是否有意義。

I'd like to get some of this choppiness of COVID out of the way before we kind of move back into that cycle, so that we can all be confident around what we think from an economic outlook perspective that we're managing into.

在我們回到那個週期之前，我想擺脫 COVID 的一些波動，這樣我們就可以從我們正在管理的經濟前景的角度對我們的想法充滿信心。

I have no question we can manage through this cycle and keep the equation in check.

毫無疑問，我們可以通過這個循環並保持等式得到控制。

I'm really confident of that.

我對此非常有信心。

When we get to kind of that discretionary capital allocation piece will be when I'm a little bit more comfortable that we know what the game plan is for the '21 time frame.

當我們得到那種可自由支配的資本分配部分時，我會更加自在地知道我們知道 21 年時間框架的遊戲計劃是什麼。

And I think we're getting a little bit closer to being able to make that call.

而且我認為我們越來越接近能夠做出這個決定。

John, do you want to add anything on that?

約翰，你想補充什麼嗎？

No.

不。

Simon, we've got the balance sheet, the debt towers, the debt maturities in really good shape.

西蒙，我們的資產負債表、債務塔、債務到期情況非常好。

A lot of flexibility, not only over the near term as we spelled out on the slides, but quite frankly, over the long term.

很大的靈活性，不僅在我們在幻燈片上闡明的短期內，而且坦率地說，在長期內。

So we feel very good about that.

所以我們對此感覺很好。

The bond market has responded very well to it.

債券市場對此反應非常好。

We'll continue to reduce our debt levels.

我們將繼續降低我們的債務水平。

But we've got a lot of flexibility going forward.

但是我們在未來有很大的靈活性。

And so feel good about that.

所以感覺很好。

The one thing I'd say is this all starts with a cash flow number and the resiliency of our products and services and the resiliency of our customers.

我要說的一件事是，這一切都始於現金流量以及我們產品和服務的彈性以及客戶的彈性。

And they continue to pay us on a timely basis for our services.

他們繼續按時向我們支付我們的服務費用。

This is really, really important.

這真的，真的很重要。

That's the core of it when John talked about, when he's talking about low churn, and it gives us a basis for all of this.

當約翰談到低流失率時，這就是它的核心，它為我們提供了所有這些的基礎。

So we feel very good about where we're going.

所以我們對我們要去的地方感覺很好。

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。

So I guess, John Stephens, I guess this question is related to the guidance.

所以我想，約翰斯蒂芬斯，我想這個問題與指導有關。

So a couple of questions around it.

所以有幾個問題。

So at the beginning of the year, the math of kind of a low 60% dividend payout ratio was cash flows in the kind of $23 billion to $25 billion range.

因此，在今年年初，60% 的低股息支付率的數學計算是現金流量在 230 億美元至 250 億美元之間。

Now it's north of $26 billion.

現在它已超過 260 億美元。

And so can we talk about some of the drivers of that?

那麼我們可以談談其中的一些驅動因素嗎？

What part of that is related to lower CapEx as a function of vendor financing?

其中哪一部分與作為供應商融資功能的較低資本支出有關？

What are the cash tax expectations that go into that?

對此的現金稅預期是多少？

And what are the working capital expectations related to the iPhone promotions that John Stankey was talking about earlier, kind of affecting that number and kind of the exit trajectory into next year?

約翰斯坦基早些時候談到的與 iPhone 促銷相關的營運資金預期是什麼，這會影響到明年的退出軌蹟的數量和類型？

And then I guess you're particularly qualified to answer the other question, which is which we're getting a lot, which is if there's a Dem sweep and the Biden tax proposal goes through, what does that mean for AT&T, who is one of the biggest beneficiaries of tax reform under the current administration.

然後我想你特別有資格回答另一個問題，這是我們得到的很多問題，如果民主黨席捲而來並且拜登的稅收提案通過，這對 AT&T 意味著什麼，誰是其中一個本屆政府稅制改革的最大受益者之一。

How could that change the cash flow outlook for AT&T?

這將如何改變 AT&T 的現金流前景？

Yes.

是的。

So first thing, David, let me go back on the cash flow side.

所以首先，大衛，讓我回到現金流方面。

It really does start with our customers.

它確實從我們的客戶開始。

And when we came out with our guidance for the year, there was uncertainty and lack of visibility with regard to COVID, so we were careful and prudent with that.

當我們發布今年的指導時，COVID 存在不確定性和缺乏可見性，因此我們對此非常謹慎和謹慎。

It turns out, our -- and you can see it in the third quarter balance sheet, you can see it in the third quarter results.

事實證明，我們的 - 你可以在第三季度的資產負債表中看到它，你可以在第三季度的業績中看到它。

Our collection rates have been very good.

我們的收款率非常好。

Customers, the resiliency of the products, the appreciation for the service, we're getting paid on a timely basis and at very good levels.

客戶，產品的彈性，對服務的讚賞，我們得到了及時和非常好的水平的報酬。

And so that's the first point.

這是第一點。

The second point is, across the board, there's been working capital efforts, whether it's managing receivables, then managing payables, whether it's tax payments, that all has been done.

第二點是，全面開展營運資本工作，無論是管理應收賬款，管理應付賬款，還是支付稅款，都已經完成。

Some of that came out of the CARES Act with the benefits of, for example, deferring payroll tax payments or deferring income tax payments that were allowed by the CARES Act.

其中一些來自 CARES 法案的好處，例如，推遲支付工資稅或推遲支付 CARES 法案允許的所得稅。

All of that's been taken into account.

所有這些都已考慮在內。

I think we have a history of being very focused on working capital and focus on cash flow.

我認為我們有非常關注營運資金和現金流的歷史。

When we come back to it, though, the resiliency of the products and services, the growth in mobility, the growth in fiber, the strong performance of HBO Max is all leading us to a better revenue stream situation such that we feel really comfortable about going to that $26 billion or better number.

然而，當我們回到它時，產品和服務的彈性、移動性的增長、光纖的增長、HBO Max 的強勁表現都讓我們獲得了更好的收入流狀況，讓我們感到非常自在達到 260 億美元或更高的數字。

Now there's still uncertainty.

現在仍有不確定性。

And so there's not a specific number we can pay.

因此，我們無法支付具體的金額。

And quite frankly, we'll see how sales go and the working capital impacts of the iPhone launch.

坦率地說，我們將看到銷售情況以及 iPhone 發布對營運資金的影響。

Feel real good about that.

對此感覺非常好。

But that's the basis from where we came up to it.

但這是我們提出這個問題的基礎。

All the pieces you mentioned are a part of that.

你提到的所有部分都是其中的一部分。

You can look at the disclosures in the -- for the third quarter and the 10-Q to kind of get some of the specifics that you're asking about.

您可以查看第三季度和 10-Q 中的披露，以了解您所詢問的一些細節。

Wait until those are out.

等這些都出來了。

But those are all taking it into account.

但這些都考慮到了。

Feel good about dividend payout ratio in that 50s, high 50s rate.

對 50 年代的股息支付率感覺良好，50 年代的高利率。

And quite frankly, in a pandemic year, that's pretty remarkable.

坦率地說，在大流行的一年，這非常了不起。

It's really as good as it's been in probably 5 or 6 years.

它真的和它在 5 或 6 年內一樣好。

So it's really a sign of a strong balance sheet and a strong business.

因此，這確實是強大的資產負債表和強大的業務的標誌。

On tax reform, quite frankly, the rate issue is obvious, and it's the increase in the rates could cause tax payments go up.

在稅制改革上，坦率地說，稅率問題是顯而易見的，就是稅率的提高會導致稅收增加。

It's also a little, quite frankly, the impact on bonus depreciation, the incentive for CapEx.

坦率地說，這也是對獎金折舊的影響，對資本支出的激勵。

We are certainly one of the larger, if not the largest capital investor in the United States that generates a ton of jobs for our employees as well as for our suppliers' employees.

我們當然是美國最大的資本投資者之一，即使不是最大的資本投資者，也為我們的員工和供應商的員工創造了大量的就業機會。

So we're watching that carefully.

所以我們正在仔細觀察。

That's probably a significant issue for the overall economy as well as for any individual company's tax treatment.

對於整體經濟以及任何個別公司的稅收待遇而言，這可能是一個重要問題。

Likewise, if you look at it over the last 20 years, that's been supported by both parties, whether it be Democratic or Republican, this incentive to invest.

同樣，如果你看一下過去 20 年的情況，無論是民主黨還是共和黨，這都得到了雙方的支持，這就是投資的動力。

So we'll continue to follow it, and we'll continue to follow the, quite frankly, the infrastructure reforms and whether they decide to include any of the broadband activity in there and whether we can -- that would fit within our efforts to expand our fiber base and expand our footprint.

因此，我們將繼續關注它，坦率地說，我們將繼續關注基礎設施改革，以及他們是否決定將任何寬帶活動納入其中，以及我們是否可以——這符合我們的努力擴大我們的纖維基礎並擴大我們的足跡。

Thank you, David.

謝謝你，大衛。

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'm actually going to follow up on something that John was just sort of alluding to.

我實際上要跟進約翰剛才提到的一些事情。

Because you talked earlier about the opportunity to drive higher penetration of the 14 million homes passed with fiber that you have already.

因為您之前談到有機會提高您已經擁有的 1400 萬戶家庭的光纖普及率。

But this might be a slightly outdated statistic, but I think there's something like 60 million customer locations in your landline region.

但這可能是一個稍微過時的統計數據，但我認為在您的固定電話地區有大約 6000 萬客戶位置。

So you're maybe only passing 25% of them today with fiber, which would imply you could meaningfully expand the availability of your fiber product in your addressable market if you were to sort of step on the gas there.

因此，今天您可能僅通過了 25% 的纖維產品，這意味著如果您要在目標市場上踩油門，您可以有意義地擴大您的纖維產品在您的目標市場中的可用性。

So what are the conditions that would encourage you to meaningfully expand that fiber footprint?

那麼，哪些條件會鼓勵您有意義地擴大光纖足跡呢？

Does it have to be something on the policy side?

它必須是政策方面的東西嗎？

Or are there operating items you have greater control over such that you'd be willing to meaningfully increase the fiber-related CapEx?

或者是否有您可以更好地控制的運營項目，以便您願意有意義地增加與光纖相關的資本支出？

Brett, it's a good question.

布雷特，這是個好問題。

Thank you.

謝謝你。

I would tell you this.

我會告訴你這個。

Obviously, the policy in the country where it stands right now is attractive for investment in infrastructure and attractive for investment in fiber.

顯然，目前該國的政策對基礎設施投資具有吸引力，對光纖投資具有吸引力。

And we think we've had the right kind of formula around that.

我們認為我們已經有了正確的公式。

And I would expect that if there is a new administration, there may be a lens put on that.

我希望如果有一個新的政府，可能會有一個鏡頭。

They may want to put their pen to how they want to tweak it.

他們可能想把他們的筆放在他們想要調整的地方。

And certainly, there's some broader things that need to be done in this country.

當然，這個國家還有一些更廣泛的事情需要做。

Addressing some of the more hard-to-serve areas and the digital divide dynamics that make that a worthwhile thing for people to have discussion on.

解決一些更難以服務的領域和數字鴻溝動態，這使得人們對此進行討論是值得的。

I would tell you, I don't think we need policy to get better.

我會告訴你，我認為我們不需要政策來變得更好。

We just need to ensure that the policy doesn't whipsaw back to some place that is inconsistent with incenting investment and infrastructure.

我們只需要確保該政策不會回滾到與激勵投資和基礎設施不一致的地方。

Because I believe, right now, there is, to your point, a large incentive for people to go and continue to put money into infrastructure investment.

因為我相信，就你的觀點而言，現在人們有很大的動力去繼續投資基礎設施投資。

And we would be one of those to do that.

我們將成為其中之一。

I think good things come from that when we do it.

我認為當我們這樣做時，好事就來自於此。

We employ a lot of very meaningful middle-class jobs that pay people well.

我們僱傭了很多非常有意義的中產階級工作，這些工作給人們帶來了豐厚的回報。

They come with benefits that allow them to do great things in their lives and better their families' lives.

他們帶來的好處使他們能夠在生活中做偉大的事情並改善家人的生活。

And I think everybody, from a policy perspective, would look at that and say, that's the exact kind of jobs we want.

我想每個人，從政策的角度來看，都會說，這正是我們想要的工作。

They're the ones that are good for this economy and good for people and have all the characteristics that nobody debates.

他們是對這個經濟有好處，對人民有好處的人，並且具有沒有人爭論的所有特徵。

We want to see the American worker experience.

我們想看看美國工人的經歷。

What I would say from a perspective of step on the gas and what we are working on internally and what I've had the team focused on is our company is in a very unique position of anybody that we compete with in our competitive set.

我想說的是，從加油的角度來看，我們內部正在做的事情以及我讓團隊關注的事情是，我們公司在我們的競爭對手中處於非常獨特的位置，與我們競爭的任何人相比。

We serve everybody from the smallest residential customer up to the largest corporation and everything in between.

我們為從最小的住宅客戶到最大的公司以及介於兩者之間的所有人提供服務。

And we run, to your point, Brett, one of the largest footprints that still has customers that want to connect to the network on a fixed basis.

就您的觀點而言，我們運行的是 Brett，它是最大的足蹟之一，仍然有客戶希望在固定的基礎上連接到網絡。

And so we should be in a very unique position for every trench foot of fiber that we put in the ground of putting more traffic on that fiber and monetizing it more effectively than anybody else, given the breadth of the customer base that we serve and the footprint that we serve, the retail mix that we have as well as the very robust, fixed wholesale mix that we have in serving others' infrastructure.

因此，考慮到我們服務的客戶群的廣度和我們服務的足跡、我們擁有的零售組合以及我們在為他人的基礎設施服務方面擁有的非常強大、固定的批發組合。

And my belief -- not my belief.

還有我的信念——不是我的信念。

I know that as a company, we probably have not squeezed the lemon out of that juice quite enough.

我知道，作為一家公司，我們可能還沒有從果汁中榨出足夠多的檸檬。

And what I am trying to drive this business forward on is getting much more artful in our engineering to ensure that every trench foot of fiber that we're putting in, we are serving every segment we can serve as effectively as we can, and we're not looking at our investment on a customer segment by customer segment basis, but we're looking at it as a trench foot of fiber that we put in that has a bunch of different access technologies that hang off the end of it.

而我正在努力推動這項業務向前發展的是在我們的工程中變得更加巧妙，以確保我們投入的每一個溝槽英尺的光纖，我們都在盡可能有效地服務於我們可以服務的每一個細分市場，而且我們'不是在逐個客戶細分的基礎上查看我們對客戶細分的投資，而是將其視為我們投入的光纖溝腳，其中包含大量不同的接入技術。

Sometimes it happens to be a millimeter wave site.

有時它恰好是一個毫米波站點。

Sometimes, it happens to be a big cell tower with 4 occupants on it that we sell wholesale into.

有時，它碰巧是一個有 4 個居住者的大型手機信號塔，我們將其批發到其中。

Sometimes it happens to be a strip mall, where some of those customers want to be served with a fixed connection, and some can get by with simply having a credit card reader attached to a wireless network.

有時它恰好是一個購物中心，其中一些客戶希望通過固定連接獲得服務，而有些客戶只需將信用卡讀卡器連接到無線網絡即可。

And sometimes it's a single-family household.

有時它是一個單戶家庭。

But we can be the best at doing that.

但我們可以在這方面做得最好。

And when I am confident that we are actually engineering and executing in that fashion, I will step on the gas with a way that I think everybody will look at it and say, those returns are so darn good.

當我確信我們實際上是在以這種方式進行設計和執行時，我會踩油門，我認為每個人都會看到它並說，這些回報非常好。

Why wouldn't you do that?

你為什麼不這樣做？

We've done really well on our investments thus far.

到目前為止，我們的投資做得非常好。

Our consumer broadband business is a good business.

我們的消費者寬帶業務是一項不錯的業務。

Our wholesale infrastructure business is a good business.

我們的批發基礎設施業務是一項好業務。

Our private network business that goes to the enterprise customers is a good business.

我們面向企業客戶的專網業務是一個很好的業務。

But we're at this moment where fiber is the juice behind every single network that serve this notion of wireless versus fixed is blurring more and more.

但我們此刻，光纖是每個網絡背後的動力，服務於無線與固定這一概念的網絡越來越模糊。

The millimeter wave dynamic will drive to the integrated fiber network, and we should be the leader in that space.

毫米波動態將推動集成光纖網絡，我們應該成為該領域的領導者。

And when I'm confident that we're engineering and operating that way, then I will be very, very robust in how I think about funding our business to do that.

當我確信我們正在以這種方式進行工程設計和運營時，我將非常非常堅定地考慮如何為我們的業務提供資金來做到這一點。

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。

A couple if I could then.

如果可以的話，一對夫婦。

Firstly, I mean, when you think about the fiber business, I guess the growth at Verizon yesterday, growth that you guys reported today, and then we also have some forward-looking guidance from the cable companies, which also demonstrates strong growth today.

首先，我的意思是，當你考慮光纖業務時，我猜想昨天 Verizon 的增長，你們今天報告的增長，然後我們也有來自有線電視公司的一些前瞻性指導，這也表明了今天的強勁增長。

When we look at the overall broadband market, the penetration rates don't have a lot of room to grow overall across the entire market, but everybody is growing really fast.

當我們審視整個寬帶市場時，滲透率在整個市場上沒有很大的整體增長空間，但每個人的增長速度都非常快。

So I guess could you give us some color in terms of what the growth source is if it's not coming from others in the industry?

所以我想你能給我們一些關於增長來源的顏色，如果它不是來自行業中的其他人嗎？

Is it things like people moving into vacation homes or a different level of occupancy?

是人們搬進度假屋還是入住率不同？

So if you could give us some color on the growth sources, that would be very helpful, and of course, the sustainability on the back of that.

因此，如果您能給我們一些關於增長來源的顏色，那將非常有幫助，當然，還有其背後的可持續性。

And secondly, I guess -- and the NFL is in the midst of negotiating all their rights.

其次，我猜——美國國家橄欖球聯盟正在就他們的所有權利進行談判。

Could you give us some sense of what your priorities are with respect to sports rights and how you view that going forward?

您能否讓我們了解一下您在體育權利方面的優先事項以及您對未來的看法？

Hey, Kannan.

嘿，坎南。

So look, first and foremost, we are a share taker, and that's where a lot of our growth comes from.

所以看，首先，我們是一個分享者，這就是我們很多增長的來源。

I think we've characterized for you that when we are 36 months into penetration on the fiber infrastructure we put in place, we move nearly 10 share points.

我想我們已經為您描述了，當我們對我們部署的光纖基礎設施進行 36 個月的滲透時，我們移動了近 10 個份額點。

And that's -- we don't do that often in a product.

那就是——我們在產品中不經常這樣做。

And that's one of the reasons why I think if we're smart about how we deploy more fiber and do it the right way, we think there's a strong economic equation here.

這就是為什麼我認為如果我們對如何部署更多光纖並以正確的方式做到這一點很聰明，我們認為這裡有一個強大的經濟等式的原因之一。

And when you have a product that's perceived as being a better product from the customer base, and I shared that with you in my opening comments about what our Net Promoter Score metrics are for our subscriber base, that's a good place to be.

當您的產品被客戶群認為是更好的產品時，我在開場評論中與您分享了我們的淨推薦值指標對我們的訂戶群來說是什麼，這是一個好地方。

That's what helps it.

這就是幫助它。

And certainly, one of the dynamics that has helped the performance and the perception of our products in the COVID environment is we all sat around for a number of years talking about what is the killer app that drove upstream demand.

當然，幫助我們的產品在 COVID 環境中的性能和感知的動力之一是我們都坐了很多年，談論什麼是推動上游需求的殺手級應用程序。

Because we knew the Achilles heel of certain networks that have been built was restricted upstream bandwidth.

因為我們知道某些已建成網絡的致命弱點是上行帶寬受限。

Look, the answer is a pandemic.

看，答案是流行病。

And the reality of everybody moving to home and sitting on video calls all day, all of a sudden, upstream bandwidth has become pretty important in homes.

每個人都搬到家裡並整天坐在視頻通話中的現實，突然之間，上行帶寬在家庭中變得非常重要。

And fiber, given its symmetrical characteristics is great.

而纖維，由於其對稱特性非常好。

And the dynamic around that, I think, has been incredibly helpful, and I expect that our share growth and our opportunity to do well will come from the symmetrical nature of our architecture that we put in place.

我認為，圍繞這一點的動態非常有幫助，我希望我們的份額增長和我們做得好的機會將來自我們實施的架構的對稱性。

And then you can go through a whole bunch of other things that help it out, which is attractive bundling.

然後你可以通過一大堆其他的東西來幫助它，這是有吸引力的捆綁。

You've got a great wireless product that goes with it.

您擁有一款出色的無線產品。

You have an SVOD product that sits on top of it that makes it attractive.

您有一個 SVOD 產品，它位於其頂部，使其具有吸引力。

All those things help our market effectiveness, and we can get even more market effective if we have a little less of a patchwork in our fiber footprint.

所有這些都有助於我們的市場有效性，如果我們的纖維足跡少一點拼湊，我們就能獲得更大的市場有效性。

And it's what I said earlier that you shouldn't think about the next incremental homes we add as being similar to the previous homes because we're now filling in areas where we already have people trained.

這就是我之前所說的，你不應該認為我們添加的下一個增量房屋與以前的房屋相似，因為我們現在正在填充我們已經培訓過人員的區域。

We have a marketing presence.

我們有一個營銷存在。

There's some footprint that's in place.

有一些足跡已經到位。

The core central office equipment is already there.

核心的中央辦公室設備已經在那裡。

So you're literally just having to string fiber and connect it to infrastructure that's already there.

因此，您實際上只需要將光纖串起來並將其連接到已經存在的基礎設施。

And the investment-to-revenue return interval should be shorter.

並且投資收益回報間隔應該更短。

And so those are all good things around that.

所以這些都是很好的事情。

And then I would finally tell you, look, I disagree with you.

然後我最後會告訴你，看，我不同意你的觀點。

I actually think there's a lot of unconnected households.

我實際上認為有很多未連接的家庭。

There's a lot of unconnected apartments.

有很多不相連的公寓。

There's a lot of unconnected single-family homes in certain geographic areas of the city.

在城市的某些地理區域有很多未連接的單戶住宅。

That's why we have a digital divide problem.

這就是為什麼我們有一個數字鴻溝問題。

If you go into South Central Dallas, you're going to find a lot of unconnected living units that are there.

如果你進入達拉斯中南部，你會發現那裡有很多不相連的生活單元。

If you go into urban Los Angeles, you're going to find a lot of unconnected living units that are there.

如果你進入洛杉磯市區，你會發現那裡有很多不相連的生活單元。

I believe some of these architectures that are coming out and frankly, if policy gets right, that you can open up some of these places for growth.

我相信其中一些正在出現的架構，坦率地說，如果政策正確，你可以打開其中一些地方以實現增長。

The Universal Service program gets reformed into an effective fashion, which I think it's time that from a policy perspective in our country, we should look at that, it makes fixed broadband more affordable.

普遍服務計劃被改革為一種有效的方式，我認為是時候從我們國家的政策角度來看，我們應該看看它，它使固定寬帶更加負擔得起。

Then people who have made the utility decision to only have wireless in their household because it was good enough now may decide they want to go into the robust area of streaming and distance learning and choose to invest.

然後，那些因為現在已經足夠好而做出公用事業決定只在家中使用無線設備的人可能會決定他們想要進入流媒體和遠程學習的強大領域並選擇投資。

And we have architectures now with things like millimeter wave that many instances could probably give different price points, attract those segments of the market that have been out of the fixed business with a good enough or reasonable enough broadband offer that I think also has some growth over time.

而且我們現在擁有諸如毫米波之類的架構，許多實例可能會給出不同的價格點，吸引那些已經退出固定業務的市場部分，提供足夠好的或足夠合理的寬帶服務，我認為這些服務也有一些增長隨著時間的推移。

On the sports side, I think I've said before, and I don't think my point of view changes, that sports content is important to our linear business, our cable networks business to make sure we have enough of it that sustains that business and keeps it an attractive, must-have offering, an offering that our customers want to have in that cable bundle.

在體育方面，我想我之前說過，我認為我的觀點沒有改變，體育內容對我們的線性業務很重要，我們的有線網絡業務確保我們有足夠的內容來維持這一點業務並使其成為有吸引力的必備產品，這是我們的客戶希望在該電纜束中擁有的產品。

And we've invested in a way to make sure that, that's the case, and we like our properties.

我們已經投資了一種方式來確保這種情況，而且我們喜歡我們的房產。

We like our engagement with the NBA.

我們喜歡我們與 NBA 的合作。

They're a great partner to work with, the demographic on the sports, great.

他們是一個很好的合作夥伴，體育運動的人口統計，很棒。

They're flexible in their approach to things.

他們處理事情的方法很靈活。

I think our agreement with Major League Baseball allows us to adjust as viewership dynamics change over time, which is important because I think we're going to see platform distribution dynamics change over time.

我認為我們與美國職業棒球大聯盟的協議使我們能夠隨著收視率動態隨時間的變化進行調整，這很重要，因為我認為我們將看到平台分佈動態隨時間而變化。

And they've been a good partner around that, I think will be a good partner moving forward.

他們一直是一個很好的合作夥伴，我認為這將是一個很好的合作夥伴。

I think college and what we do with the NCAA and the tournament is just kind of one of those things that culturally is relevant.

我認為大學以及我們對 NCAA 和錦標賽所做的只是與文化相關的事情之一。

And I think our mix is really good in that regard.

我認為我們的組合在這方面非常好。

I don't see going deeper into sports is the direction for WarnerMedia.

我不認為深入體育是華納媒體的方向。

My view is we need to be -- partner at the right amount, but our goal is not to become known as the sports company.

我的觀點是我們需要成為——適當數量的合作夥伴，但我們的目標不是成為眾所周知的體育公司。

And so I think we've been pretty disciplined around where we choose to get into it.

所以我認為我們在選擇進入它的地方非常自律。

We need to have the right amount in our portfolio.

我們需要在我們的投資組合中有適當的數量。

We feel pretty good about where we are about that.

我們對我們所處的位置感覺很好。

And I think that's probably enough.

我認為這可能就足夠了。

And in the near term, our goal is to continue to get ourselves into a position where our on-demand platforms and our new distribution platforms, SVOD and AVOD, are scaled.

在短期內，我們的目標是繼續讓我們的按需平台和新的分發平台 SVOD 和 AVOD 得到擴展。

And our strategies on that right now are general entertainment content.

我們現在的策略是一般的娛樂內容。

And you'll probably see, as we move through AVOD, maybe we do some additional live work that we have coming forward that may not be sports centric.

你可能會看到，隨著我們通過 AVOD，也許我們會做一些額外的現場工作，這些工作可能不是以體育為中心的。

So more to come on that, but that's our near-term focus as we move forward.

所以還有更多內容，但這是我們前進的近期重點。

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, if I could.

二，如果可以的話。

First, I was curious if you could quantify some of the cost-cutting benefits in the third quarter and then size that opportunity of how it might flow through over the next 1 to 2 years.

首先，我很好奇您是否可以量化第三季度的一些成本削減收益，然後確定未來 1 到 2 年的機會。

And then separately, one of the responses to the pandemic seems to be an acceleration of companies going digital and to software-based solutions.

然後，對這一流行病的反應之一似乎是加速公司走向數字化和基於軟件的解決方案。

I was curious if you can unpack for the Business Wireline segment how you think about those opportunities for AT&T to try to take advantage of that acceleration relative to some of the risks you may also have from legacy revenue and any lagging cyclical impacts as companies try to respond to the recession.

我很好奇您是否可以為商業有線部門打開包裝，您如何看待 AT&T 嘗試利用這種加速的機會，相對於您可能因遺留收入和任何滯後的周期性影響而面臨的一些風險公司試圖應對經濟衰退。

Yes.

是的。

So Mike, let me -- I'll take the second part of that, and then ask John to maybe round out the first part of your question.

那麼邁克，讓我-- 我會講第二部分，然後請約翰完成你問題的第一部分。

So managing through the wire -- the legacy wireline issues in our business segment, that's not anything new.

因此，通過有線進行管理——我們業務部門中遺留的有線問題，這並不是什麼新鮮事。

In fact, I think I'd like to kind of declare we're on the downhill side of that issue.

事實上，我想我想說的是，我們在這個問題上處於下坡路。

My point of view on what matters to our business, subscribers moving forward, is great connectivity and great infrastructure.

我認為對我們的業務重要的事情、訂閱者向前發展的觀點是良好的連接性和良好的基礎設施。

And more and more, it's a mix of what they need for their core networks matched with what they need for their wireless services.

越來越多的是，他們的核心網絡需要與他們的無線服務需要相匹配。

And not an insignificant part of our strength and our subscriber numbers have come from us marrying those 2 things together.

我們的實力和訂戶數量的重要組成部分來自於我們將這兩件事結合在一起。

We're doing much better in the wireless space on customers that we sell other network to.

我們在向我們出售其他網絡的客戶的無線領域做得更好。

And I believe we have opportunity to do more.

我相信我們有機會做得更多。

And it gets back to my point of view of where we put our fiber and how we deal with the mid-market and how we connect mid-market to the core fixed infrastructure that they need to use for major parts of their business and marry it to the reality that all businesses are mobile in some way, shape or form right now.

這又回到了我的觀點，即我們將光纖放在哪裡，我們如何應對中端市場，以及我們如何將中端市場連接到他們需要用於其主要業務的核心固定基礎設施並與之結合現實情況是，所有企業現在都以某種方式、形狀或形式移動。

I think that's our sweet spot moving forward, and that's where our growth can come from.

我認為這是我們前進的最佳點，也是我們成長的來源。

And that's where we have the team focused right now.

這就是我們團隊現在關注的地方。

And so I think the play in business is a core connectivity play.

所以我認為商業遊戲是核心連接遊戲。

It gets back to my comments that we are in a very unique position, that if we put that fiber in because of the products and services that we have on core, complex network connectivity that we do so well on with highly secure corporate networks, whether they be midsized or large, plus then what you pick up in the smaller segment of the market for unmanaged broadband connections that come off the back of that fiber mixed with our strength in wireless, that's a winning combination for us.

回到我的評論中，我們處於一個非常獨特的位置，如果我們因為我們在核心、複雜網絡連接上擁有的產品和服務而使用光纖，我們在高度安全的公司網絡上做得很好，無論是它們是中型或大型，再加上您在較小的市場中獲得的非託管寬帶連接，這些連接來自光纖背面，再加上我們在無線方面的實力，這對我們來說是一個成功的組合。

And that's where we should be focused.

這就是我們應該關注的地方。

And in fact, that's where we are focused right now.

事實上，這就是我們現在關注的地方。

And that's what the enterprise organization is spending their time and energy on and how we're equipping our distribution, how we're setting up our distribution channels that both can sell wireless and basic fiber connectivity into these areas.

這就是企業組織花費他們的時間和精力，以及我們如何裝備我們的分銷，我們如何建立我們的分銷渠道，以向這些領域銷售無線和基本的光纖連接。

And that will be our meat and potatoes and what that business is built on.

這將是我們的肉和土豆以及該業務的基礎。

And I think that there's nothing more complicated about it than that.

我認為沒有比這更複雜的了。

John, let me just add.

約翰，讓我補充一下。

Mike, to your question, we added close to 400,000 nonphone postpaid net adds.

邁克，對於您的問題，我們添加了近 400,000 個非電話後付費網絡添加。

A lot of that were the kind of devices that business and education uses.

其中很多是商業和教育使用的設備。

And so we're seeing -- what you are discussing, we are seeing that aspect in our postpaid numbers already.

所以我們看到 - 你正在討論的內容，我們已經在我們的後付費號碼中看到了這一方面。

Additionally, we had about 4 million connected devices and other connections in the quarter.

此外，我們在本季度擁有大約 400 萬個連接設備和其他連接。

So what you're referring to is happening today at different levels certainly of ARPUs, but we are very well connected.

因此，您所指的是今天在 ARPU 的不同級別上發生的事情，但我們之間的聯繫非常好。

And the last thing I'd say is on the FirstNet business that we have, a lot of the connections, the 1.7 million connections we have, some of those are those connected devices as opposed to just the phone aspect of it.

我要說的最後一件事是關於我們擁有的 FirstNet 業務，很多連接，我們擁有的 170 萬個連接，其中一些是連接設備，而不僅僅是電話方面。

So it's happening now.

所以它現在正在發生。

We're responding, and I feel good about it.

我們正在回應，我對此感覺良好。

With regard to the cost-cutting activities, let me just point out, we set a target of about $6 billion or we talked about that target last -- at the beginning of the year and in October on a movement forward.

關於削減成本的活動，我只想指出，我們設定了大約 60 億美元的目標，或者我們上次談到了這個目標——在今年年初和 10 月份，我們正在向前推進。

We are continuing to work towards that goal.

我們正在繼續朝著這個目標努力。

We've seen some immediate benefits already, and John referred to it: our review of our distribution capabilities, our push towards digital, which is a more streamlined, simpler approach, improving the quality of that.

我們已經看到了一些直接的好處，約翰提到了它：我們對我們的分銷能力的審查，我們對數字化的推動，這是一種更精簡、更簡單的方法，提高了它的質量。

The team has made great progress that customers are happy with, realigning our stores.

該團隊取得了客戶滿意的巨大進步，重新調整了我們的商店。

We have the opportunity that we had, through state mandates, well over 1,000 stores closed that we made.

我們有機會通過國家授權關閉了超過 1,000 家商店。

And I think we had a timing opportunity to adjust that and to shift some of that to authorized agents at a lower cost, relocate and close some stores to be very efficient.

而且我認為我們有一個時機來調整它，並以較低的成本將其中一些轉移給授權代理商，搬遷並關閉一些商店以提高效率。

That's going on.

這是怎麼回事。

We told you before that we had virtualized close to 75% of our network activities.

我們之前告訴過您，我們已經虛擬化了近 75% 的網絡活動。

We're continuing to do that.

我們將繼續這樣做。

I can tell you in my finance organization, we probably have on the new company combined, have 125 or so systems we use.

我可以告訴你，在我的財務組織中，我們可能在新公司合併後使用了 125 個左右的系統。

And we've got a plan now to take out and reduce, combine, consolidate probably 2/3 of those, and we're starting on that.

我們現在有一個計劃，要減少、合併、鞏固其中的 2/3，我們正開始著手。

So those are the kind of flavor of the items we're doing.

所以這些就是我們正在做的項目的那種味道。

We're confident we're going to get there over the next few years.

我們有信心在未來幾年內實現這一目標。

We've already gotten significant amounts of it through our organizational alignment, through our benefit efficiencies, but you can believe that we'll continue to do that.

通過我們的組織協調，通過我們的福利效率，我們已經獲得了大量的它，但你可以相信我們會繼續這樣做。

The best point I can make to you on these 2 things is these 2: We're in the middle of a pandemic.

關於這兩件事，我能對你說的最好的一點是這兩件事：我們正處於大流行之中。

We added 1 million postpaid customers in mobility.

我們增加了 100 萬移動後付費客戶。

We had significant impacts on our roaming, and our EBITDA was essentially flat.

我們對漫遊產生了重大影響，我們的 EBITDA 基本持平。

It does that because you do really good cost controls.

這樣做是因為您進行了非常好的成本控制。

I could tell you that same story on our Business Wireline.

我可以在我們的商業有線熱線上告訴你同樣的故事。

And look at those results, and their EBITDA actually grew and margins grew.

看看這些結果，他們的 EBITDA 實際上增長了，利潤率也增長了。

That's from these transformational efforts really taking hold and the team really doing a good job.

那是因為這些轉型努力真正站穩腳跟，團隊確實做得很好。

I can't give you specific dollar amounts by categories.

我不能按類別給你具體的金額。

I have those, but we're not disclosing those.

我有這些，但我們沒有透露這些。

We're just working through this whole process.

我們只是在完成整個過程。

We've got a lot more work to do, but the progress so far is encouraging.

我們還有很多工作要做，但迄今為止的進展令人鼓舞。

Great.

偉大的。

And we have time for one last question, operator.

我們有時間回答最後一個問題，接線員。

Okay.

好的。

That question comes from the line of Doug Mitchelson from Crédit Suisse.

這個問題來自瑞士信貸的 Doug Mitchelson。

For John Stankey, a few questions bundled together.

對於 John Stankey，幾個問題捆綁在一起。

I know the HBO Max initiative is a big initiative for you.

我知道 HBO Max 計劃對您來說是一項重大計劃。

If you can update us 5 months in on learning so far, engagement churn, the like.

如果您能在 5 個月內更新我們迄今為止的學習情況、參與度流失等。

And if you can give us any context you're willing to around the international launches next year.

如果你能給我們提供任何你願意為明年的國際發布提供的背景信息。

How much of the world will be launched?

全球將發射多少？

And you mentioned the advertising-based service.

你提到了基於廣告的服務。

I'm not sure if you're prepared to discuss how that will be different from the existing HBO Max.

我不確定你是否準備好討論這與現有的 HBO Max 有何不同。

And then tailing onto that, if you don't mind, could you carry that into the state of play for the pay TV bundle, given that, in theory, the HBO Max initiative puts pressure on the pay TV bundle but over at DIRECTV and AT&T TV, you're trying to hold the bundle together?

然後，如果您不介意，您能否將其帶入付費電視捆綁的播放狀態，因為理論上，HBO Max 計劃對付費電視捆綁施加壓力，但在 DIRECTV 和AT&T TV，你想把捆綁在一起嗎？

Do you see accelerating cord cutting in the future from the current 5% decline level across traditional and virtual MVPDs, given what you're doing and what you see in streaming across the industry?

鑑於您正在做的事情以及您在整個行業的流媒體中看到的情況，您是否認為未來傳統和虛擬 MVPD 的降幅從目前的 5% 水平加快？

That would be helpful.

那會很有幫助。

Sure, Doug.

當然，道格。

Let me see if I can kind of tick them off.

讓我看看我能不能把它們打勾。

So on Max, I would say, absent the pandemic, the game has played out much the way we expected it to play out.

所以在 Max 上，我想說，在沒有大流行的情況下，這場比賽的發展方式與我們預期的差不多。

The piece that the pandemic has put a little bit of a struggle on is it's -- the customer acquisition game is an originals game.

這場大流行讓我們有點掙扎的是——客戶獲取遊戲是一款原創遊戲。

The customer retention game in SVOD is a library game.

SVOD 中的客戶保留遊戲是圖書館遊戲。

Our library is performing incredibly strong relative to our customer base.

相對於我們的客戶群，我們的圖書館表現得非常強大。

In fact, we've shared with you, we had an objective of how many minutes a day we wanted a customer to engage with Max.

事實上，我們已經與您分享過，我們的目標是希望客戶每天與 Max 互動多少分鐘。

We've well exceeded our expectations on that, and it's on the strength of the library.

我們已經遠遠超出了我們的預期，這得益於圖書館的力量。

And the best part about that is it's largely our owned library, what we already own the intellectual property on.

最好的部分是它主要是我們擁有的圖書館，我們已經擁有了知識產權。

It's not what we're leasing from others.

這不是我們從別人那裡租來的。

I think in our top 10 library shows right now, there's one leased piece of content, maybe 2 that make it into the top 10.

我認為在我們目前排名前 10 的圖書館節目中，有一個內容是租借的，也許有 2 個進入前 10 名。

The rest is our own intellectual property.

其餘的是我們自己的知識產權。

So the pandemic put us in a tough spot on originals.

因此，大流行使我們在原創作品上陷入困境。

We didn't have the funnel.

我們沒有漏斗。

We were running the market and the pandemic got in the way with it.

我們正在經營市場，而大流行卻阻礙了它。

We couldn't finish a lot of the work that we had underway.

我們無法完成很多正在進行的工作。

It's that stream of new originals that allows you to kind of grow the customer base, and the team has done a really good job at doing that.

正是這些新的原創作品讓您能夠擴大客戶群，而團隊在這方面做得非常好。

I mean I'm not disappointed.

我的意思是我沒有失望。

We're well ahead of what our initial plans were that we laid out for you a year ago in October.

我們比一年前 10 月為您制定的最初計劃提前了很多。

But nonetheless, we know we probably could have done better if we have the right kind of lineup of robust originals that we had originally slated.

但是，儘管如此，我們知道如果我們擁有我們最初計劃的正確類型的強大原件陣容，我們可能會做得更好。

And that will now start to ease as production picks up.

隨著生產的回升，這種情況現在將開始緩解。

So I would say everything is about where I expected it would be.

所以我想說一切都是關於我預期的地方。

There's some usability issues on the platform that we'd like to improve on the user interface.

我們希望在用戶界面上改進平台上的一些可用性問題。

We made conscious decisions to launch with those to get time to market.

我們做出了有意識的決定，與那些獲得上市時間的人一起發布。

Is software being written to improve those?

是否正在編寫軟件來改進這些？

And will you see every 45 days a new release coming out that will make the product even better, and customers will see that occur?

您是否會每 45 天看到一個新版本發布，這將使產品變得更好，並且客戶會看到這種情況發生？

Yes.

是的。

But that's just part of maturing and scaling a product, and I feel good about the ramp.

但這只是產品成熟和擴展的一部分，我對斜坡感覺很好。

And once we think we've got those things all in alignment and have the right content, it's a good question to ask if -- should customer acquisition pace increase.

一旦我們認為我們已經將這些東西都對齊並擁有正確的內容，這是一個很好的問題——是否應該加快客戶獲取速度。

And I think we'd all like to see that happen when the formula is right.

我想我們都希望看到當公式正確時發生這種情況。

On international, as we've shared with you before, our focus right now is on Latin America and certain parts of Western Europe.

在國際方面，正如我們之前與您分享的那樣，我們現在的重點是拉丁美洲和西歐的某些地區。

And so that's where you will see the focus in '21 as we roll out.

這就是我們推出時您將在 21 年看到的重點所在。

Those teams are mobilized and working on that now.

這些團隊現在已經動員起來並致力於此。

And just like we had a domestic U.S. launch, the same thing has to be put in place in all of these countries to move forward.

就像我們在美國國內推出一樣，所有這些國家都必須採取同樣的措施才能繼續前進。

The subscriber counts that we gave you in October were consistent with what we thought would be our international gains coming from those regions, and we are still holding by those and have no reasons to be in any different place than we were before.

我們在 10 月份向您提供的訂戶數量與我們認為的來自這些地區的國際收益一致，我們仍然持有這些地區，並且沒有理由處於與以前不同的地方。

AVOD will be an important feature add on because many of you write about the price point of HBO Max, which I will still maintain, given the premium content as recognized by our performance recently in the Emmys, that there are many customers that want quality and they want to be able to go in and see something that has some depth in it, depth of seasons, and we offer that.

AVOD 將是一項重要的附加功能，因為你們中的許多人都寫過 HBO Max 的價格點，鑑於我們最近在艾美獎上的表現所認可的優質內容，我仍然會堅持這一點，有很多客戶想要質量和他們希望能夠進入並看到一些有深度的東西，季節的深度，我們提供了。

And as a result of that, there's a segment of the market that's willing to pay for noncommercial-driven, high-quality content.

因此，有一部分市場願意為非商業驅動的高質量內容付費。

But there's a segment of the market that probably wants a lower price point.

但是有一部分市場可能想要更低的價格點。

And AVOD not only allows us to broaden the offering, the amount of content we put on the platform, but allows us to hit a different price point and attract different segments of the market in as a result of that.

而 AVOD 不僅使我們能夠擴大產品範圍、我們在平台上投放的內容數量，而且還使我們能夠達到不同的價格點並因此吸引不同的細分市場。

We think that will be an important market expansion capability for us in accelerating our ability to attack different parts of the market.

我們認為這將是我們加快攻打不同市場部分的重要市場拓展能力。

And frankly, it allows us to think differently about how we use other products and services on the platform when you can use both subscription and advertising to support it.

坦率地說，當您可以使用訂閱和廣告來支持它時，它使我們能夠以不同的方式思考我們如何在平台上使用其他產品和服務。

So it's a really important, strategic issue for us to have an ability to use advertising and a scaled advertising play as a means to offer other products and services.

因此，對於我們來說，擁有使用廣告和規模化廣告作為提供其他產品和服務的手段的能力是一個非常重要的戰略問題。

And then your last question on the pay TV bundle.

然後是關於付費電視捆綁包的最後一個問題。

I don't know what the cord-cutting rate is going to be over the next couple of quarters, so to speak.

可以這麼說，我不知道未來幾個季度的斷線率會是多少。

I expect that we saw a little bit of an uptick.

我預計我們看到了一點點上升。

I think a lot of that was driven by what I suggested earlier, which is when the virtual MVPDs got out of a highly promotional pricing game, there's the segment of the market that backed out at that point.

我認為這在很大程度上是由我之前提出的建議所推動的，即當虛擬 MVPD 退出高度促銷的定價遊戲時，當時有一部分市場退出了。

We saw a little bit of that step-up as a result of it.

因此，我們看到了一些進步。

I've said before and I still maintain, there's a certain number of sports-consuming households that are going to be the stickier households in the pay TV bundle.

我之前說過，我仍然堅持認為，有一定數量的體育消費家庭將成為付費電視捆綁中的粘性更強的家庭。

That when we kind of get down to that 55 million, 60 million household range, we're probably going to see a little bit of a plateauing as a result of that.

當我們下降到 5500 萬、6000 萬個家庭範圍時，我們可能會因此看到一些平台期。

That doesn't mean that the bundle stays the way that it is.

這並不意味著捆綁包保持原樣。

I think there'll be a number of channels in the bundle that probably fall away over time, and it gets a little bit thinner.

我認為捆綁中的許多頻道可能會隨著時間的推移而消失，並且會變得更薄一些。

But from my point of view, the reason we're doing HBO Max, and one of the reasons that we expected walking in, is we want to be where the customers want to be.

但從我的角度來看，我們製作 HBO Max 的原因，也是我們預期走進去的原因之一，是我們希望成為客戶想要的地方。

And we're focused on building a platform that's relevant for the next decade.

我們專注於構建一個與未來十年相關的平台。

And we have a great opportunity to pick those customers up, to have a great opportunity to have both a subscription and an ad-supported platform that we manage and we control, that we have a direct relationship with the customer on where we not only do the distribution, but we own a large amount of the content that the customer is interfacing with.

我們有一個很好的機會來挑選這些客戶，有一個很好的機會來擁有我們管理和控制的訂閱和廣告支持的平台，我們與客戶有直接的關係，我們不僅做分發，但我們擁有大量與客戶交互的內容。

That is a good place for us to be strategically over time, and we're leaning in to do that.

隨著時間的推移，這對我們來說是一個戰略性的好地方，我們正在努力做到這一點。

And I'm more in tune with that being important to us and having a great and growing broadband business that complements it.

我更認同這一點對我們很重要，並且擁有一個偉大且不斷增長的寬帶業務來補充它。

And that's whether it's broadband by fixed or mobile, that's where our business needs to be, and that's the focus on what we need to do going forward.

這就是無論是固定寬帶還是移動寬帶，這就是我們的業務需要的地方，也是我們未來需要做的事情的重點。

So with that, Amir, I'm going to wrap it up here, and I think we're done taking questions.

所以，阿米爾，我要在這裡總結一下，我想我們已經回答完了問題。

First of all, thank you all for joining in today.

首先感謝大家今天的參與。

I hope that you see that the business is demonstrating that they're working hard, and they're executing with some great team work.

我希望您看到企業正在證明他們正在努力工作，並且他們正在通過一些出色的團隊合作來執行。

And that's yielded the performance in the market that you saw here.

這就是您在此處看到的市場表現。

We're continuing to work on our efficiencies and our effectiveness.

我們將繼續努力提高效率和有效性。

As John alluded to you, I think we're demonstrating that we can yield those and keep the cash flows coming in the way we expected.

正如約翰所暗示的那樣，我認為我們正在證明我們可以產生這些收益並保持現金流以我們預期的方式流動。

And we're plowing those strategically back into the market to make sure that we can continue to grow this business and be competitive.

我們正在戰略性地將這些產品重新投入市場，以確保我們能夠繼續發展這項業務並保持競爭力。

There is no reason that a customer shouldn't choose AT&T, and it's our job to invest in this business in a way that we keep our customers with us, and we can grow our base, and that's what we intend to do.

客戶沒有理由不選擇 AT&T，我們的工作是投資這項業務，讓我們的客戶留在我們身邊，我們可以擴大我們的基礎，這就是我們打算做的事情。

We'll be disciplined in our capital allocation as we move forward.

在我們前進的過程中，我們將在資本分配方面受到紀律處分。

We've done a great job in restructuring our profile.

我們在重組個人資料方面做得很好。

And as a result of that, we're going to continue to support the dividend and reinvest those free cash flows in a way that grow among those priorities I just talked about.

因此，我們將繼續支持股息，並以在我剛才談到的優先事項中增長的方式對這些自由現金流進行再投資。

So it's a tough environment, but I think we're managing well.

所以這是一個艱難的環境，但我認為我們管理得很好。

We've shown a great degree of resiliency.

我們已經表現出很大程度的彈性。

I have confidence we're going get to the other side of this pandemic as we roll through next year.

我有信心在明年度過這一大流行病的另一面。

And we have the wherewithal to do that in a way that we can continue to invest in our business strategically.

我們有足夠的資金來做這件事，我們可以繼續戰略性地投資我們的業務。

Thanks for being with us today.

感謝您今天與我們在一起。

I hope the new format that we used today works for you.

我希望我們今天使用的新格式對您有用。

If you want to give me some feedback, I'm certainly welcome to take it to the extent that you want to give me some thoughts on that.

如果你想給我一些反饋，我當然歡迎你提出你想給我一些想法的程度。

Everybody stay safe.

每個人都保持安全。

We'll see you next quarter.

我們下個季度見。

Ladies and gentlemen, that does conclude your conference for today.

女士們，先生們，今天的會議到此結束。

Thank you for your participation and for using AT&T TeleConference.

感謝您的參與和使用 AT&T TeleConference。

You may now disconnect.

您現在可以斷開連接。