AT&T Inc (T) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the AT&T Second Quarter 2020 Earnings Conference Call. (Operator Instructions) And as a reminder, this conference is being recorded.

女士們，先生們，感謝各位的支持。歡迎參加 AT&T 2020 年第二季財報電話會議。 （接線生指示）溫馨提示：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.

現在，我想將會議交給主持人，財務和投資者關係高級副總裁阿米爾·羅茲瓦多夫斯基 (Amir Rozwadowski)。請開始。

Thank you, and good morning, everyone. Welcome to our second quarter conference call. I'm Amir Rozwadowski, Head of Investor Relations for AT&T.

謝謝大家，早安！歡迎參加我們的第二季電話會議。我是AT&T投資者關係主管阿米爾·羅茲瓦多夫斯基（Amir Rozwadowski）。

Joining me on the call today are John Stankey, AT&T's Chief Executive Officer; and John Stephens, our Chief Financial Officer. John will provide opening comments followed by John Stephens, covering second quarter results and our liquidity and capital position. After that, John Stankey will come back with a business transformation update and discuss the HBO Max launch. Then we'll take your questions.

今天和我一起參加電話會議的還有 AT&T 執行長 John Stankey 和財務長 John Stephens。 John 將致開幕詞，隨後 John Stephens 將介紹第二季業績以及我們的流動性和資本狀況。之後，John Stankey 將帶來業務轉型的最新進展，並討論 HBO Max 的推出。然後我們將回答大家的提問。

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. As such, they're subject to risks and uncertainties. Results may differ materially. Additional information is available on the Investor Relations website. And as always, our earnings materials are also available on the Investor Relations page of the AT&T website.

在開始之前，我需要提醒大家注意我們的安全港聲明，聲明中指出我們今天的部分評論可能具有前瞻性。因此，這些評論可能存在風險和不確定性。實際結果可能會有重大差異。更多資訊請造訪投資者關係網站。與往常一樣，我們的收益資料也可在 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 105, 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 105 的靜默期，因此今天我們無法回答有關該問題的任何問題。

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

說完這些，我將把電話轉給約翰·斯坦基。約翰？

Thanks, Amir. I'm delighted to have you on board. You delivered that safe harbor statement much better than Mike Viola ever did. Seriously, we appreciate the great job Mike did, leading our IR team for many years. And working side by side with him, I'm going to miss seeing him around, and wish he and his family all the best in their retirement.

謝謝，阿米爾。很高興你能加入我們。你那份安全港聲明比麥克維奧拉做得好多了。說真的，我們非常感謝麥克多年來領導我們的投資者關係團隊所做的出色工作。和他並肩工作，我會想念他的，也祝他和他的家人退休後一切順利。

So good morning, everyone. I hope you're all doing well as we continue to live with the impacts of COVID-19, which I expect are going to be with us for some time. We're planning and operating under the assumption that significant accommodations for COVID will be the business norm well into next year. The unfortunate reality simply sharpens our focus and strengthens our resolve on the business transformation path we chartered and the investment focus we've adopted.

大家早安！希望大家一切安好，我們仍在應對新冠疫情的影響，預計疫情還會持續一段時間。我們的規劃和營運都基於這樣的假設：為應對新冠疫情而採取的重大調整措施將成為明年的業務常態。不幸的現實只會讓我們更加專注，並且更加堅定我們堅持既定的業務轉型路徑和投資重點的決心。

Given that, let me walk you through our priorities moving forward. As a company, our purpose is to create connection. We create connection with each other, with what people and businesses need to thrive every day and with stories and experiences that matter. That purpose leads us to our market focus.

有鑑於此，請容許我向您介紹我們未來的重點。作為一家公司，我們的宗旨是建立聯繫。我們彼此建立聯繫，與人們和企業日常發展所需的一切建立聯繫，與那些重要的故事和體驗建立聯繫。這宗旨引領我們聚焦在市場。

First, as a broadband provider, our high-speed fiber and wireless broadband networks connect the people and businesses that form the foundation for how we live and work.

首先，作為寬頻供應商，我們的高速光纖和無線寬頻網路連接著人們和企業，構成了我們生活和工作的基礎。

Second, as a software-based entertainment provider, we deliver compelling entertainment experiences through HBO Max and AT&T TV, giving us the opportunity to establish meaningful relationships with the majority of U.S. households.

其次，作為基於軟體的娛樂提供者，我們透過 HBO Max 和 AT&T TV 提供引人入勝的娛樂體驗，使我們有機會與大多數美國家庭建立有意義的關係。

And third, the fantastic stories we tell and share in our platforms drive direct customer engagement and insights and create emotional attachments that can drive long-lasting customer loyalty across our product set.

第三，我們在平台上講述和分享的精彩故事可以推動直接的客戶參與和洞察，並創造情感依戀，從而可以在我們的產品系列中推動持久的客戶忠誠度。

We're executing our plans to provide great connectivity and great content, along with better value and service to drive more customer engagement across all of AT&T. Our goal is to give our customers a reason to actively engage with us every day, in fact, multiple times a day. Every touch point represents a chance to learn more about what they want. And bringing connectivity and engagement together will allow for the crucial insights to guide future investment and open new opportunities for subscription- and advertising-supported products. So that's our setup, and that's the way you'll hear us talking about things going forward.

我們正在實施一項計劃，提供卓越的連接和優質的內容，以及更優的價值和服務，從而提升 AT&T 旗下所有業務的客戶參與度。我們的目標是讓客戶有理由每天，甚至每天多次與我們積極互動。每個接觸點都代表著深入了解他們需求的機會。將連結和參與度結合起來，將帶來關鍵洞察，指導未來的投資，並為訂閱和廣告支援型產品開闢新的機會。這就是我們的策略，也是您未來將聽到我們談論未來發展的方式。

To grow, we know we have to be more effective and efficient in our execution. As part of our transformation initiative, we have more than 50 different work streams underway that will enhance not only how we work together, but how we deliver improved service levels and greater value for our customers, including competitive pricing that drives market momentum and targeted investment to achieve growth in those key products I mentioned.

我們知道，要實現成長，就必須提高執行力和效率。作為轉型計畫的一部分，我們正在進行50多個不同的工作流程，這不僅將增強我們的合作方式，還將提升我們為客戶提供更高服務水準和更大價值的方式，包括推動市場成長的競爭性定價，以及旨在實現我提到的關鍵產品成長的定向投資。

Our success relies on AT&T becoming a more agile and efficient company that's able to meet our customers' needs in the highly competitive and quickly evolving markets. Our transformation began with the new operating model we put in place at WarnerMedia last year to organize our teams around entertainment networks, live programming, content production and affiliate and advertising sales. That allowed us to work together across WarnerMedia and all of AT&T to successfully launch HBO Max.

我們的成功依賴AT&T成為一家更敏捷、更有效率的公司，能夠在競爭激烈、快速發展的市場中滿足客戶的需求。我們的轉型始於去年在華納媒體實施的全新營運模式，圍繞著娛樂網路、直播節目、內容製作以及聯盟和廣告銷售來組織我們的團隊。這使得我們能夠與華納媒體和整個AT&T攜手合作，成功推出HBO Max。

A few months ago, we took the next step and moved Xandr to WarnerMedia, so we could accelerate our progress in building software-based entertainment platforms, supported by both subscription and advertising, like the AVOD version of HBO Max we plan to launch next year.

幾個月前，我們邁出了下一步，將 Xandr 轉移到華納媒體，這樣我們就可以加快構建基於軟體的娛樂平台的進程，該平台由訂閱和廣告支持，就像我們計劃明年推出的 HBO Max 的 AVOD 版本一樣。

Last month, we made changes on how we're organized and operate at AT&T Communications to improve our focus on customer service, simplify and rationalize our product portfolio around our growth areas and operate with more speed and efficiency.

上個月，我們對 AT&T 通訊公司的組織和營運方式進行了調整，以更好地關注客戶服務，簡化和合理化圍繞成長領域的產品組合，並提高營運速度和效率。

I fully expect that the AT&T that emerges from this transformation work will look different than what we know today. We couldn't make this transition without a solid balance sheet and a deliberate capital allocation plan. We have strong cash flows that allow us to allocate capital effectively. We're continuing to invest significantly in our growth areas of fiber; 5G, which is nationwide as of today; FirstNet; and HBO Max.

我完全相信，此次轉型後的AT&T將與我們今天所見的不同。如果沒有穩健的資產負債表和周詳的資本配置計劃，我們就無法完成這項轉型。我們擁有強勁的現金流，這使我們能夠有效地配置資本。我們將繼續大力投資我們的成長領域，包括光纖、5G（截至今天已覆蓋全國）、FirstNet和HBO Max。

We remain committed to our dividend, which we've increased for 36 consecutive years. We finished the quarter with a dividend payout ratio of about 50%. We expect to end the year with our payout ratio in the 60s, likely at the low end of that range.

我們將繼續致力於股利的支付，並已連續36年增加股利。本季末，我們的股利支付率約為50%。我們預計，年底的股息支付率將在60%左右，很可能處於該區間的低端。

We continue to reduce our near-term debt obligations and maintain high-quality debt metrics.

我們繼續減少短期債務並維持高品質的債務指標。

Finally, we remain committed to an ongoing disciplined review of our portfolio of businesses and assets to identify those we can monetize because they're no longer core to our business.

最後，我們將繼續致力於對我們的業務和資產組合進行持續嚴格的審查，以確定哪些業務和資產不再是我們業務的核心，我們可以將其貨幣化。

Now let me offer my perspective on the quarter before I turn it over to John Stephens to walk you through the details. Our core subscription businesses proved to be resilient in the face of the economic downturn. Our Mobility and Business Wireline segments performed well, and we grew EBITDA margins in both areas. We continue to add new fiber customers, though COVID limited our ability to go into some customers' homes for installs.

現在，讓我先談談我對本季的看法，然後再請約翰‧史蒂芬斯詳細介紹。我們的核心訂閱業務在經濟低迷時期表現出了韌性。我們的行動業務和商業有線業務表現良好，這兩個領域的EBITDA利潤率均有所成長。儘管新冠疫情限制了我們上門安裝光纖網路的能力，但我們仍在繼續增加新的光纖客戶。

Our software-based entertainment business has performed well. AT&T TV subscriber growth in its first full quarter was better than we expected, and it's our highest-performing video product on customer satisfaction, double the level of our legacy TV services.

我們基於軟體的娛樂業務表現良好。 AT&T TV 第一季的用戶成長超出我們的預期，它是我們客戶滿意度最高的視訊產品，也是我們傳統電視服務的兩倍。

HBO Max had a strong launch, on track to hit its targets we laid out for you last fall. We're already seeing how HBO Max can increase our broadband adds and increase wireless ARPU.

HBO Max 的發布勢頭強勁，預計將實現我們去年秋季為您設定的目標。我們已經看到 HBO Max 如何提升我們的寬頻新增用戶數量，並提升無線 ARPU。

Obviously, COVID had a significant impact on our WarnerMedia segment with advertising revenues, content production and theaters all shut down. We'll talk more about that a little later in the presentation, but I cannot imagine being at this moment, absent the moves we made last year, to reconfigure our WarnerMedia operations and refocus the business on the growing and important direct-to-consumer opportunity.

顯然，新冠疫情對我們的華納媒體部門造成了重大影響，廣告收入、內容製作和戲院都關門了。稍後我們將在演示中詳細討論這個問題，但如果沒有我們去年採取的舉措，我無法想像現在要重新配置華納媒體的運營，將業務重點重新放在日益增長且重要的直接面向消費者的渠道上。

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

說完這些，我就把麥克風交給約翰。

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早安。

Our financial summary for the quarter begins on Slide 5. Adjusted EPS was $0.83 a share. That included COVID impacts from incremental costs related to compassion pay and production delays and lost revenues from forgone international roaming and delayed theatrical releases. Combined, COVID had a $0.09 a share impact to second quarter EPS.

本季度財務摘要請見第5張投影片。調整後每股收益為0.83美元。這其中包括新冠疫情對同情津貼和製作延期相關的增量成本的影響，以及因放棄國際漫遊和影院上映延期而造成的收入損失。綜合來看，新冠疫情對第二季每股盈餘的影響為0.09美元。

Adjustments for the quarter include an overall accrual for severance and a noncash write-down of real goodwill based on the overall economic conditions in Latin America, foreign exchange rates and COVID impacts. The severance accrual reflects the workforce adjustments we're making as part of our cost reduction and transformation plans. Cash impacts on these severances will occur over the next several quarters.

本季的調整包括基於拉丁美洲整體經濟狀況、外匯匯率和新冠疫情影響而提列的遣散費總額和實際商譽的非現金減損。遣散費的提列反映了我們作為成本削減和轉型計劃一部分而進行的員工調整。這些遣散費的現金影響將在未來幾季顯現。

Revenues were down from a year ago, including an estimated $2.8 billion of lost or deferred revenues impact from COVID. This was mostly due to the absence of theatrical and television releases and lower advertising from delayed sports programming and a slow economy. Lower international rolling revenues impacted Mobility.

收入較去年同期下降，包括新冠疫情造成的約28億美元損失或遞延收入。這主要是由於戲院和電視節目上映減少，以及體育節目延期和經濟放緩導致的廣告收入減少。國際滾動收入的下降對行動業務造成了影響。

In our reported results, foreign exchange had an impact of about $500 million in lower revenues, primarily in our Latin America segment. Corresponding expense reductions offset most of the impact on operating income. In fact, adjusted operating income margins were essentially flat, but were up when excluding COVID impacts.

在我們的報告業績中，外匯影響了約5億美元的收入下降，主要集中在拉丁美洲業務部門。相應的費用削減抵消了大部分對營業收入的影響。事實上，調整後的營業利潤率基本上持平，但剔除新冠疫情的影響後有所上升。

Cash flow was impressive even during the pandemic. Cash from operations came in at more than $12 billion, and free cash flow came in at $7.6 billion. A variety of items supported cash, including solid accounts receivable collections and some benefits from CARES Act, and we continue to invest in our growth areas.

即使在疫情期間，現金流也令人印象深刻。營運現金流超過120億美元，自由現金流達76億美元。現金流的支撐因素包括穩健的應收帳款回款以及《關懷法案》（CARES Act）帶來的一些福利，而且我們將繼續在成長領域進行投資。

CapEx was $4.5 billion, with gross capital investment at around $5 billion, a difference primarily attributable to the timing of underpayments. Plus, we invested an additional $1 billion in new 5G spectrum in the quarter, and we invested nearly $400 million in HBO Max, in line with our full year estimate of $2 billion.

資本支出為45億美元，總資本投資約50億美元，差異主要歸因於未全額付款的時間安排。此外，我們在本季額外投資了10億美元用於新的5G頻譜，並投資了近4億美元用於HBO Max，這與我們全年20億美元的預期一致。

We were active in the debt markets during the quarter, managing our towers for financial flexibility and allowing us to take advantage of historically low interest rates. We'll talk more about that in a moment.

本季度，我們積極參與債務市場，管理我們的塔樓，以實現財務靈活性，並讓我們能夠利用歷史最低利率。稍後我們將詳細討論這一點。

Let's look at our segment operating results, starting with our Communications segment on Slide 6. Our subscription business, led by Mobility, broadband and Business Wireline, remain resilient. Mobility had another good quarter, even with the impact of COVID. Equipment revenue helped offset declines in service revenues, which were down due to a decline in international roaming revenue and waived overage and late fees. Without those COVID impacts, we estimate service revenue would have grown more than 2%.

讓我們來看看我們各部門的營運業績，首先是幻燈片6上的通訊部門。我們的訂閱業務，以行動、寬頻和商業有線業務為主導，保持了韌性。即使受到新冠疫情的影響，行動業務仍表現良好。設備收入抵消了服務收入的下降，服務收入的下降是由於國際漫遊收入下降以及免除超額和滯納金造成的。若不計新冠疫情的影響，我們估計服務收入將成長2%以上。

Even with many of our stores being closed during much of the quarter, Mobility equipment revenues grew, with growth in digital sales and a strong rebound as stores reopened late in the quarter. Mobility EBITDA continues to be a solid story. EBITDA of $7.8 billion was up year-over-year, with both EBITDA margins and service margins expanding, and that's inclusive of COVID impacts.

儘管本季大部分時間我們的許多門市處於關閉狀態，但行動裝置業務的收入仍然實現了成長，數位銷售也實現了成長，隨著門市在本季末重新開業，業務也出現了強勁反彈。行動業務的EBITDA（息稅折舊攤提前利潤）持續保持強勁成長。 EBITDA 達到 78 億美元，年成長，EBITDA 利潤率和服務利潤率均有所提升，這已包含新冠疫情的影響。

Our total reported phone growth was essentially flat. We had more than 135,000 prepaid phone net adds that helped offset the decline in postpaid phone. Our quarterly subscriber counts for the postpaid wireless, video and broadband reflect an estimate for customers who will likely disconnect service once the Keep Americans Connected Pledge ends. In short, we're treating these subscribers as disconnects in the second quarter. While this impacts net adds, churn and service revenues, we believe this is the most transparent and accurate way to account for this. About 340,000 of our postpaid phone subscribers were counted as disconnects, even though they were still on our network. If you add those back to our results, we would had about 190,000 postpaid phone net adds and much lower churn. Postpaid phone churn was down 2 basis points, even with the Keep Americans Connected accrual. We also had a record low prepaid churn of under 3%.

我們報告的電話總增長基本持平。預付費電話淨增用戶超過13.5萬，抵銷了後付費電話的下滑。我們季度後付費無線、視訊和寬頻用戶數量反映了「保持美國人互聯」承諾結束後可能斷網的客戶的估計值。簡而言之，我們在第二季將這些用戶視為斷網用戶。雖然這會影響淨增用戶、用戶流失和服務收入，但我們認為這是最透明、最準確的會計方法。約有34萬後付費電話用戶被計算為斷網用戶，即使他們仍在我們的網路中。如果將這些數據加到我們的業績中，我們將有約19萬後付費電話淨增用戶，用戶流失率要低得多。即使計入「維持美國人互聯」承諾，後付費電話用戶流失率也下降了2個基點。我們的預付費用戶流失率也創歷史新低，低於3%。

The popularity of our unlimited plans also increased, thanks in part to our Elite package, that includes HBO Max.

我們的無限流量套餐的受歡迎程度也有所提高，這在一定程度上要歸功於包含 HBO Max 的 Elite 套餐。

In our Entertainment Group, we had lower video and advertising revenues. This includes an estimated $300 million impact on both revenue and EBITDA from COVID, from lower advertising demand and lower commercial volumes.

娛樂集團的影片和廣告收入有所下降。這包括新冠疫情對收入和息稅折舊攤銷前利潤（EBITDA）造成的約3億美元影響，主要源自於廣告需求下降和商業廣告量下降。

AT&T TV gains helped offset premium video losses and, at the same time, had about a 90% attach rate with our broadband services. Premium video losses remained about the same as the first quarter.

AT&T電視業務的成長彌補了優質視訊業務的損失，同時，寬頻服務的配售率也達到了約90%。優質視訊業務的損失與第一季基本持平。

Broadband customers continue to look for faster speeds. We added more than 220,000 AT&T Fiber subscribers, and a number of customers opting for gigabit speeds increased by more than 750,000 in the quarter. We now have 4.3 million AT&T Fiber customers, with nearly 2 million of them on 1 gigabit speeds.

寬頻用戶持續尋求更快的網路速度。本季，我們新增了超過22萬名AT&T Fiber用戶，選擇千兆網路速度的用戶數也增加了超過75萬人。目前，我們擁有430萬名AT&T Fiber用戶，其中近200萬用戶使用1千萬網路速度。

I should point out, our total broadband numbers do not include 159,000 subscribers who are counted as disconnects, even though they remained active on our network through the Keep Americans Connected program.

我應該指出，我們的寬頻總用戶數並不包括 159,000 名被算作斷開連接的用戶，儘管他們透過「保持美國人連線」計畫仍然在我們的網路上保持活躍。

We continue to drive ARPU growth in both video and IP broadband. In fact, premium video ARPU was up more than 6%, as we continue to focus on long-term value customers. Business Wireline performance was solid, as enterprise customers trusted the reliability and flexibility of our network.

我們持續推動視訊和IP寬頻的ARPU成長。事實上，由於我們持續關注長期價值客戶，優質視訊ARPU成長超過6%。 Business Wireline業績穩健，企業客戶信賴我們網路的可靠性和彈性。

EBITDA was essentially stable year-over-year, and margins expanded by 90 basis points. Revenues were consistent with recent trends, as slower declines in legacy products were partially offset by a growth in strategic and managed services. This EBITDA strength was even more impressive when you consider that a year ago, we had an IP sale, which helped both revenue and EBITDA results. If you back that out, revenue would have been down just 1.7%, and EBITDA would have grown.

EBITDA 年比基本穩定，利潤率成長了 90 個基點。收入與近期趨勢一致，因為傳統產品業務下滑放緩，但策略和服務的成長部分抵消了這一影響。考慮到一年前我們進行了智慧財產權出售，這筆交易同時提振了營收和 EBITDA 業績，EBITDA 的強勁表現就更加令人印象深刻。如果扣除此因素，收入僅下降 1.7%，而 EBITDA 則有所增長。

Let's move to WarnerMedia and Latin America results, which are on Slide 7. As John mentioned, the COVID impact is most evident in our WarnerMedia results. Altogether, COVID had about $1.5 billion revenue impact in the quarter. Lower expenses resulted in a favorable impact on EBITDA. The biggest news of the quarter for WarnerMedia was the successful launch of HBO Max, which John will cover in more detail in just a minute.

讓我們來看看華納媒體和拉丁美洲的業績，它們在幻燈片7上。正如約翰所提到的，新冠疫情對華納媒體表現的影響最為明顯。整體而言，新冠疫情對本季營收的影響約為15億美元。較低的支出對EBITDA產生了有利的影響。華納媒體本季最大的新聞是HBO Max的成功上線，約翰稍後將對此進行更詳細的介紹。

Turning to our Latin America operations. Foreign exchange was a major factor as were slow economies and the onset of COVID. Mexico was impacted by lower equipment sales from COVID-related stores closures. This also impacted prepaid customers' ability to renew their service. Even with this, Mexico EBITDA improved year-over-year.

談到我們的拉丁美洲業務。外匯、經濟放緩和新冠疫情的爆發都是主要因素。墨西哥受到新冠疫情相關門市關閉導致設備銷售下降的影響。這也影響了預付費客戶的續約能力。即便如此，墨西哥的EBITDA（息稅折舊攤提前利潤）仍較去年同期成長。

Vrio also continues to work against significant economic and foreign exchange headwinds, which have become even stiffer with COVID. But even in this challenging economic environment, Vrio continues to generate positive EBITDA and cash flow on a constant currency basis. We closed our Venezuela operations in the quarter to comply with sanctions of U.S. laws. This had minimal impact on Vrio's financial results, but did reduce its subscriber base.

Vrio 也持續應對巨大的經濟和外匯逆風，而新冠疫情的爆發更是雪上加霜。即使在如此充滿挑戰的經濟環境下，Vrio 仍以固定匯率計算保持正的 EBITDA 和現金流。我們在本季關閉了委內瑞拉業務，以遵守美國法律的製裁規定。這對 Vrio 的財務表現影響甚微，但確實減少了其用戶群。

Now let's go to Slide 8 for an update on capital structure. We exited the quarter with a very strong financial position. Cash flows were strong, our capital allocation remained focused, and we made large strides in effectively managing our debt portfolio. Our strong free cash flow in the quarter gives us even greater confidence that we'll hit our full year goal of a total dividend payout ratio in the 60% range, likely at the low end of that range. We also continue to invest. We now expect gross capital investment to come in at the $20 billion range for the full year, consistent with our original 2020 guidance.

現在我們來看第8張投影片，了解一下資本結構的最新情況。本季結束時，我們的財務狀況非常強勁。現金流強勁，資本配置保持專注，並且在有效管理債務組合方面取得了長足進步。本季強勁的自由現金流讓我們更有信心實現全年目標，即總股息支付率達到60%左右，甚至可能達到該區間的低端。我們也將繼續投資。我們目前預計全年總資本投資額將達到200億美元左右，與我們最初的2020年指引一致。

The FirstNet build continues to run ahead of plan. We expect additional network benefits as our 5G build is expected to reach nationwide coverage today. The network and the entire FirstNet team has done a great job in building out our 5G network.

FirstNet 建設進度持續超計劃。我們預計 5G 建設將於今日覆蓋全國，屆時將帶來更多網路效益。 FirstNet 全體團隊在 5G 網路建置方面表現出色。

We've been active in the bond market. Rates are low, demand is healthy, and we used this opportunity to issue about $17 billion in long-term debt at rates significantly below our average cost of debt. This allowed us to materially reduce our near-term debt towers, making our debt obligations for the next few years very manageable. We'll continue to be disciplined with debt management. Ongoing liability management strategies are actively being considered to maintain and improve flexibility and reduce risk. We have several other levers we can pull to optimize our capital structure. We expect to close about $2 billion in pending sales from CME, real estate and tower monetizations this year. We also expect to close our Puerto Rico wireless sale soon, with those funds used to redeem some preferred interest. And you should expect us to continue exploring other opportunities.

我們在債券市場一直很活躍。利率低，需求旺盛，我們藉此機會發行了約170億美元的長期債券，利率遠低於我們的平均債務成本。這使我們能夠大幅減少短期債務，使未來幾年的債務負擔非常可控。我們將繼續嚴格管理債務。我們正在積極考慮持續的負債管理策略，以保持和提高靈活性並降低風險。我們還有其他幾個槓桿可以用來優化資本結構。我們預計今年將完成約20億美元的芝加哥商品交易所（CME）、房地產和鐵塔貨幣化待售資產。我們也預計很快就會完成波多黎各無線業務的出售，這些資金將用於贖回部分優先股。此外，我們將繼續探索其他機會。

I now would like to turn it back to John for an update on our business transformation and HBO Max. John?

現在我想把話題轉回約翰，請他介紹我們的業務轉型和 HBO Max 的最新情況。約翰？

Thanks, John. Let me give you more detail about our business transformation on Slide 9. If anything, COVID has led us to ramping these efforts. We're moving forward on the 50 work streams I mentioned earlier, which we believe can generate $6 billion in savings over 3 years. We've made good progress in hitting our short-term objectives, but there is much to do over the next couple of years. Our workforce realignment and reduction of labor cost is underway. We restructured some of our benefit plans earlier in the year, and we made several moves to streamline operations.

謝謝，約翰。請容許我在投影片9上更詳細地介紹一下我們的業務轉型。新冠疫情促使我們加大了這些努力。我們正在推進我之前提到的50個工作流程，我們相信這些工作流程可以在3年內節省60億美元。我們在實現短期目標方面取得了良好的進展，但未來幾年還有很多工作要做。我們正在進行員工隊伍調整和勞動成本削減。今年早些時候，我們調整了部分福利計劃，並採取了一些措施來精簡營運。

Within the Communications business, we're also streamlining our distribution. The closure of retail stores during COVID gave us unique opportunity to review our retail and third-party distribution capabilities. Some of our least productive stores won't reopen. Other locations will shift to independent distributors, and we're enhancing our online and omnichannel capabilities to align with how customers want to do business with us.

在通訊業務方面，我們也在精簡分銷管道。新冠疫情期間零售店的關閉，為我們提供了獨特的機會來審視我們的零售和第三方分銷能力。一些效率最低的門市將不會重新開業。其他門市將轉由獨立經銷商經營，同時，我們正在增強線上和全通路能力，以更好地適應客戶與我們開展業務的需求。

Our market and product focus will drive simplification into our operations and resize our operating and technology footprint, all while taking further advantage of our evolution to cloud and virtualized services.

我們的市場和產品重點將推動我們的營運簡化，調整我們的營運和技術足跡，同時進一步利用我們向雲端和虛擬化服務的演進。

Our shift to software-based entertainment with AT&T TV is validating our assumptions on customer self-install. We expect this, coupled with the growth of our fiber-based broadband subscribers, will improve service levels and reduce field operating costs.

我們透過 AT&T TV 向基於軟體的娛樂轉型，驗證了我們關於客戶自行安裝的假設。我們預計，這項舉措，加上我們光纖寬頻用戶的成長，將提升服務水準並降低現場營運成本。

We're also giving our call center representatives improved capabilities to streamline and enhance the sales and service function. And we're rationalizing and modernizing our billing and collection systems.

我們也提升了呼叫中心代表的能力，以簡化和增強銷售和服務功能。此外，我們也正在合理化和現代化我們的計費和收款系統。

Last, we're pursuing incremental opportunities to take out additional costs around corporate functions across the company. As I mentioned earlier, we've had some success in this regard. Work remains to further streamline the functions that support those directly serving customers.

最後，我們正在尋求逐步削減公司各職能部門的額外成本。正如我之前提到的，我們在這方面取得了一些成功。我們仍需進一步精簡那些支援直接服務客戶的職能部門。

Bottom line, we're off to a good start on our transformation work. We have management teams in place on each of our major initiatives and the senior-level governance structure to guide and resource this work. We're in great shape to do exactly what we said we're going to do.

總而言之，我們的轉型工作開局良好。我們每個主要專案都配備了管理團隊，並建立了高階治理架構來指導和支援這項工作。我們目前狀態良好，能夠準確地履行我們的承諾。

Now I want to provide you with an update on the success of our HBO Max launch on Slide 10. First, I want to give full credit to the entire HBO Max team, which put together a flawless launch. I'm extremely proud of their efforts and accomplishments. We effectively established a new distribution framework for WarnerMedia. The platform performed superbly, activations were strong, and the content is world-class. And the team developed and launched the service in a short time frame and managed to get it all over the finish line in the middle of a pandemic.

現在，我想在第10張投影片上向您介紹HBO Max發布的最新進展。首先，我要充分肯定整個HBO Max團隊，他們完美地完成了這次發布。我為他們的努力和成就感到無比自豪。我們有效地為華納媒體建立了新的分銷框架。平台表現卓越，活躍度強勁，內容世界一流。團隊在短時間內開發並發布了這項服務，並在疫情期間順利完成了所有工作。

We're right on track with the targets we discussed with you last fall for HBO Max subscribers, activations and revenues. HBO Max's diverse library of content appeals to everyone in the family, letting us reach a much broader demographic than our traditional HBO service. And with that broader appeal, we've been able to expand beyond the traditional HBO subscriber base. We finished the quarter with 36.3 million U.S. subscribers to HBO Max and HBO, up from 34.6 million at the end of last year.

我們正穩步推進去年秋季與您討論的 HBO Max 訂閱用戶、激活量和收入目標。 HBO Max 豐富的內容庫吸引著每個家庭成員，讓我們能夠觸及比傳統 HBO 服務更廣泛的受眾群體。憑藉這種更廣泛的吸引力，我們得以拓展到傳統 HBO 訂閱用戶群之外。本季度，HBO Max 和 HBO 在美國的訂閱用戶總數達到 3,630 萬，高於去年年底的 3,460 萬。

Customer engagement has exceeded our expectations. It's the early days, but the average number of weekly hours spent viewing Max is 70% more than on HBO NOW, clearly demonstrating the strength of our library and our success broadening the appeal of the product to more family members. It's our WarnerMedia-owned content that's at the top of the viewing list, and that's driving the majority of the total hours consumed on the platform. In the streaming business, your content library is the key to keeping customers, but it's the new originals that drive subscriber acquisition.

客戶參與度超出了我們的預期。雖然還處於初期階段，但每周平均觀看 Max 的時長比 HBO NOW 多出 70%，這充分展現了我們強大的內容庫實力，也證明了我們成功地將產品吸引到了更多家庭成員。我們華納媒體旗下的內容佔據了觀看榜單的首位，並佔據了平台總觀看時間的大部分。在串流媒體產業，內容庫是留住客戶的關鍵，但新的原創作品才是吸引用戶的關鍵。

With COVID shutting down content production in March, we've been challenged to get all the originals on the platform that we planned, but we like the early reception of what we've been able to get in front of the customer base, thus far. We launched Max with 6 new originals, all were found in the top 25 viewed series on the platform. By August, we'll have 21 new original series on Max, which we expect to sustain our near-term acquisition efforts.

由於新冠疫情導致內容製作在三月停止，我們面臨著將所有原創作品按計劃上線平台的挑戰，但迄今為止，我們對這些作品的早期反響感到滿意。我們上線Max平台時推出了6部全新原創作品，全部都位列平台觀看量前25名。到8月份，我們將在Max平台上擁有21部全新原創劇集，預計這些劇集將支撐我們近期的劇集獲取。

Like everyone else in the industry, we're working on ways to resume production, and we hope to see that engine start to fire back up next month. Having said that, it's one of our more challenging things we're doing to respond to the pandemic, and it's going to take time to return to our February production levels. We view getting our production back online as critical to making our 2021 subscriber plan.

與業內其他人一樣，我們正在努力恢復生產，並希望下個月能看到這股引擎重新燃起。話雖如此，這是我們應對疫情最具挑戰性的工作之一，恢復到2月的生產水準仍需時日。我們認為，恢復生產對於實現2021年的用戶計畫至關重要。

One month after launch, HBO Max had about 3 million retail subscribers, and 4.1 million subscribers had activated their Max account. Of those, more than 1 million were wholesale subscribers through AT&T. As you might expect, we're seeing more rapid activation with subscribers who are active users of the HBO digital offers, but we still have work to do to educate and motivate the exclusively linear subscriber base, and we'll continue to work with our wholesale partners to drive these activation rates.

HBO Max 上線一個月後，零售用戶約 300 萬，啟動 Max 帳號的用戶達 410 萬。其中，超過 100 萬是透過 AT&T 批發的。如您所料，HBO 數位服務的活躍用戶活化速度正在加快，但我們仍需努力教育和激勵那些純線性訂閱用戶，並將繼續與批發合作夥伴合作，共同提高啟動率。

We're also bundling HBO Max with some of our premium wireless and fiber plans. We're seeing a positive pull-through that's at or better than the wireless unlimited plan step-up assumptions we shared with you in October. You'll recall this, coupled with the 5G handset upgrade cycle, was one of the key drivers to growing wireless service revenues in the latter half of the year.

我們也將 HBO Max 與部分優質無線和光纖套餐捆綁銷售。我們看到了積極的成長勢頭，達到或超越了我們 10 月與大家分享的無線無限套餐升級預期。大家應該還記得，這一點，加上 5G 手機升級週期，是推動下半年無線服務收入成長的關鍵因素之一。

Finally, we worked hard to make HBO Max available to consumers through nearly every content distributor in the United States. We've tried repeatedly to make HBO Max available to all customers using Amazon Fire devices, including those customers that have purchased HBO via Amazon. Unfortunately, Amazon has taken an approach of treating HBO Max and its customers differently on how they've chosen to treat other services and their customers. We're glad to have agreements in place with, among others, Apple TV and Google Chromecast to give customers the right to stream HBO Max on those devices.

最後，我們努力讓幾乎所有美國內容經銷商都能為消費者提供 HBO Max。我們多次嘗試讓所有使用 Amazon Fire 裝置的用戶都能觀看 HBO Max，包括那些透過亞馬遜購買 HBO 的用戶。遺憾的是，亞馬遜對待 HBO Max 及其用戶的方式與對待其他服務及其用戶的方式不同。我們很高興與 Apple TV 和 Google Chromecast 等達成協議，讓用戶有權在這些裝置上觀看 HBO Max。

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

阿米爾，我們的演示就到這裡。現在我們準備好進入問答環節。

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

接線員，我們準備好回答第一個問題了。

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

（操作員指示）您的第一個問題來自瑞銀的 John Hodulik。

Maybe if you could drill down into the entertainment segment a little bit. John Stephens, I think you mentioned something about sort of the noncash piece that may have affected sort of EBITDA on a year-over-year basis, if we could get more color on that. And then anything you guys can tell us on volume trends? I realize there's a real lack of visibility as we look into the second half. But the video losses got a little bit better, even with the KC pulled out, but just how you see sort of video and broadband trends as we look out into the second half of the year would be great.

也許您可以稍微深入娛樂領域。約翰·史蒂芬斯，我記得您提到了非現金部分，它可能對EBITDA的同比影響很大，請您提供更詳細的資訊。然後，您能告訴我們銷售趨勢嗎？我知道，展望下半年，我們確實缺乏透明度。不過，即使KC退出，影片業務的虧損也略有改善。但您如何看待下半年影片和寬頻的趨勢，那就太好了。

Thanks, John. Thanks for your question. Let me give you a couple of thoughts and let John join in. One point is we did get a little bit better on the customer trends. And that did include, I think it was 91,000, if you will, accrued disconnects, customers we're still providing service. So if you back that out, it was a step down, it was an improvement. But we're in the middle of a pandemic, and so we're being real careful with how we address the situation.

謝謝，約翰。謝謝你的提問。我先說幾點想法，也請約翰參與討論。首先，我們的客戶趨勢確實有所改善。這其中確實包括了，我記得有9.1萬個斷線客戶，我們仍在為這些客戶提供服務。所以，如果從這個角度來看，這既是進步，也是進步。但我們正處於疫情之中，所以我們在應對疫情時非常謹慎。

Secondly, we were real pleased with the AT&T TV rollout. It is -- it has been successful that comes and is working -- or once again, because of the pandemic, some of the in-home installs and some of that activity has been limited. So once again, we're cautious as we come out of that.

其次，我們對AT&T TV的推出感到非常滿意。它取得了成功，並且正在發揮作用。或者說，由於疫情的影響，一些家庭安裝和一些相關活動受到了限制。因此，我們再次強調，在走出疫情的影響時，我們會保持謹慎。

Third, to specifically reference, we amortized installment costs, like the whole industry does. And because of AT&T TV, those installment costs from a cash basis are going down, but the amortization of prior years' installment costs are still here. And we've taken a more conservative view on the lifting of those, so those costs are up year-over-year. So when you adjust for that, we actually had cash EBITDA actually grow when you make that adjustment. But for COVID, we would have saw an increase.

第三，具體來說，我們像整個產業一樣攤銷了分期付款成本。由於AT&T TV業務的影響，以現金計算的分期付款成本有所下降，但前幾年分期付款成本的攤銷仍然存在。我們對取消這些成本持更保守的態度，因此這些成本比去年同期有所上升。因此，如果進行調整，我們的現金EBITDA實際上有所成長。如果不是因為新冠疫情的影響，我們的EBITDA應該會有所成長。

So it's a challenging business. We continue to focus on cost savings and continue to generate a lot of cash out of it. But the important piece is this utilization of AT&T TV now and taking into that overall strategy of software-based entertainment programs. John, do you want to add anything to it?

所以這是一項充滿挑戰的業務。我們將繼續專注於節省成本，並持續從中創造大量現金。但重要的是，現在要充分利用AT&T TV，並將其納入基於軟體的娛樂節目的整體策略。約翰，您還有什麼要補充的嗎？

John, there's clearly gross pressure, and I'd offer a couple of thoughts around this. Our churn on the base improved again sequentially, and that's even with the Keep Americans Connected adjustment in there. And so the base dynamic is actually getting better, and the team is doing a nice job of keeping the right customers and servicing them in the right way. But the gross pressures are pretty significant. I would say, to the extent the reason comes back for people to engage on pay TV, such as sports returning, where there's some feeling of something that they're missing, if that doesn't recover, it's going to continue to pressure throughout the balance of this year.

約翰，顯然存在著整體壓力，我想就此談幾點看法。即使考慮到「保持美國人聯繫」計畫的調整，我們的用戶流失率也較上季有所改善。因此，用戶基數的動態實際上正在改善，團隊在留住優質客戶並以正確的方式為他們提供服務方面做得很好。但整體壓力仍然相當大。我想說，如果人們再次關注付費電視的原因（例如體育節目的回歸）有所恢復，他們會感到自己錯過了一些東西，如果這種感覺無法恢復，那麼在今年餘下的時間裡，這種壓力將繼續存在。

Now what I really like about what I see about our opportunity, if we start seeing that growth recover, as we shared with you, the AT&T TV response has been really strong. Customers like the product. It's a much better product to use. It's clearly something that allows us to attack more of the market given the lower SAC cost that John described. And the broadband attachment has been far secured than where we were with the previous product set, and I think that's one of the reasons you saw a sequential improvement in fiber as we move forward here.

現在，我真正看好我們的機會在於，如果我們開始看到成長復甦，正如我們之前分享的那樣，AT&T TV 的反應非常強勁。客戶喜歡這款產品。它是一款更好的產品。考慮到 John 所描述的更低的 SAC 成本，這顯然使我們能夠佔領更多的市場。而且寬頻連線比我們之前的產品系列更安全，我認為這也是我們光纖業務持續改進的原因之一。

So I think that dynamic is going to be good for us as we move through the year, but I really need to see some reason for a customer to want to get into the pay TV product, and that's going to probably correlate to what we see on the sports portfolio.

因此，我認為，隨著時間的推移，這種動態對我們來說將是有利的，但我真的需要看到客戶想要購買付費電視產品的一些理由，這可能與我們在體育產品組合中看到的情況有關。

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。

So still on the pledge, what's been the response from those customers in July as you ask them for payment? And can you quantify at all how much revenue you didn't recognize from those customers in the second quarter?

那麼，關於承諾，7月你們要求這些客戶付款時，他們的反應如何？能否具體量化一下，第二季有多少這些客戶的收入沒有被確認？

Yes. Let me give you this cheat-sheet way of doing it. I think about it as -- I think the most conservative way is just taking amongst revenue on a postpaid customer, and you guys have the ARPU numbers, so you can understand what that revenue would be like. I'd also tried -- I give you that focus. In our detailed schedules that we provided, we provided a reconciliation of what we saw, and so revenue pressure in Mobility from COVID, it's included in there. And I think that revenue for the quarter was $450 million, inclusive of International roaming and these kinds of payments. So what I would suggest to you is that's the easiest way to calculate it.

是的。我來教你一個簡易的方法。我認為最保守的方法就是把後付費客戶的收入算進去，你們有ARPU數據，所以你們可以理解這個收入是多少。我也試過——我把重點放在這個上。在我們提供的詳細時間表中，我們對所見情況進行了對賬，因此新冠疫情給行動業務帶來的收入壓力也包含在內。我認為本季的收入為4.5億美元，包括國際漫遊費和其他類型的費用。所以我建議你，這是最簡單的計算方法。

Couple of things. One, we're actively contacting, working with and trying to retain these customers. And certainly, we haven't given up on them, and they haven't given up on us. So clearly, we are hopeful of retaining many of these customers. But since they're not paying us, our rules would -- our accounting processes, our transparency processes would tell us just to treat these as disconnects. I know that some others in the industry have different views on it. They may push this off to the third quarter, later in the year or may make base adjustments and so forth. We're just not doing that. We're just taking it upfront and laying it out for you, not only on wireless, but on video and on broadband. And I'd point those out because the video and the broadband numbers are measurable also, 91,000 video and almost 160,000 on broadband.

有幾件事。首先，我們正在積極聯繫、合作並努力留住這些客戶。當然，我們沒有放棄他們，他們也沒有放棄我們。所以，顯然，我們希望留住很多客戶。但由於他們沒有付款給我們，我們的規則——我們的會計流程、我們的透明度流程——會告訴我們，這些只是斷供。我知道業內其他人對此有不同的看法。他們可能會把這個推遲到第三季度，或者在今年晚些時候，或者可能會進行基數調整等等。我們不會這樣做。我們只是提前把情況告訴大家，不只是無線，還有視訊和寬頻。我之所以指出這些，是因為視訊和寬頻的數據也是可以衡量的：9.1萬個視訊用戶和近16萬個寬頻用戶。

I hope I explained -- I mean, if you think about that postpaid number, 1 month's revenues at a normal ARPU kind of gives you an indication of the kind of money we're talking about.

我希望我解釋清楚了——我的意思是，如果你考慮一下後付費數字，那麼按照正常的 ARPU 計算的 1 個月收入就足以讓你了解我們正在談論的錢的數量。

Yes. So I'm just curious, so 3 weeks into July, as I expect you've been contacting these customers, what's been the response? Can you give us any kind of hit rate or what they look like in terms of responding with some ability to pay?

是的。我很好奇，7月已經過了三週，我估計你們一直在聯絡這些客戶，他們的反應如何？能否透露一下他們的回應率，或者他們目前在支付能力方面的情況如何？

Yes. So there's been generally a positive response. I would tell you, we assume that we'd get some of these customers back in this accrual, just so you know that. I mean, there's this utmost goal that we would win some of those back. Yes, we're doing a little bit better than that accrual, but we'll -- but it's still too early. We still have a significant number out there. And quite frankly, I want to point out, we refer to this as the Keep Americans Connected programs or pledges. There's a number of them out there, there's -- not only at the federal FCC level, but there's a number of them out there at the state-by-state level. So this is something that will be with us through the whole quarter. I'm not going to give you a specific number, Phil, on it, but I just would tell you, in all 3 segments, we are working really hard to retain those customers.

是的。所以整體來說，反響是正面的。我想告訴你，我們假設在這次累積中，我們會挽回一些客戶，讓你知道這一點。我的意思是，我們最終的目標是挽回一些客戶。是的，我們的表現比累積的要好一些，但現在還為時過早。我們仍然擁有相當數量的客戶。坦白說，我想指出的是，我們稱之為「保持美國人聯繫」計劃或承諾。有許多這樣的計劃，不僅在聯邦通訊委員會（FCC）層面，在各州層級也有很多。所以，這將貫穿我們整個季度。菲爾，我不會給你一個具體的數字，但我只想告訴你，在所有三個領域，我們都在非常努力地留住這些客戶。

Okay. But doing a little better than your accrual, that's good. One other, if I can. Can you quantify at all the sports cost amortization that will probably come back given the league's plans for the third quarter? I just -- we saw a really great margins from Turner this quarter. I just -- I want to make sure I understand where we should be ready for that to go in the third quarter.

好的。不過，如果業績比應計利潤略好一些，那就很好了。如果可以的話，我還有另一個問題。根據聯盟第三季的計劃，您能否量化所有可能回流的體育成本攤銷？我只是——我們看到特納本季的利潤率非常高。我只是——我想確保我了解我們應該在第三季做好哪些準備。

Yes. I think if you look at what we spelled out in the -- the best indication that's going to be what we spelled out in the COVID schedules, where we listed out those impacts. But you're right, Phil. We will have sports costs come back in for the NBA, particularly, and we'll have those revenues come back. And as we expressed to you, those just 2 pieces of direct costs generally leave a pressure on the business. And we've got relieved of that pressure the second -- in the first quarter because of the delays. And now we'll recognize that accounting in the second -- in the third quarter here, so we will see that. And I think you see the biggest piece of that really showing up in the COVID schedules on -- that we disclosed.

是的。我認為，如果你看看我們在新冠疫情時間表中列出的內容，就能找到最好的線索，我們列出了這些影響。菲爾，你說得對。尤其是NBA的運動賽事成本會回升，這些收入也會回升。正如我們之前所說，這兩項直接成本通常會對業務造成壓力。由於延期，我們在第二季（也就是第一季）已經減輕了這種壓力。現在，我們將在第二季（也就是第三季）確認這些影響，所以我們會看到這一點。我認為，你會看到，其中最重要的部分確實體現在我們揭露的新冠疫情時間表中。

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西蒙·弗蘭納裡。

Okay. Great. John, I think you said COVID's going to be with us for a while. Could you just give us a little color on what's happening in the wireless stores today? How are sales comparing to year ago levels? Are you getting back even with maybe some of the rollbacks we've seen in a couple of -- some of the Southern states as well? And what's going on, on the Business Wireline side? Those results are very strong. How are those conversations going? And then you outlined the transformation benefit, $6 billion. Perhaps just help us understand how -- is that going to be fairly ratable over the next 3 years? Any color around timing would be great.

好的。太好了。約翰，我想你之前說過新冠疫情會持續一段時間。能否簡單介紹一下無線門市目前的狀況？銷售額與去年同期相比如何？儘管我們看到一些南部州的業績有所回落，但你們的業績恢復了嗎？商業有線部門的情況如何？業績非常強勁。你們的溝通進度如何？然後你概述了60億美元的轉型收益。能否請你幫我們了解一下－這筆收益在未來三年內會如何合理分配？任何關於時間安排的資訊都很好。

Sure. Simon, first of all, traffic has bounced back in the stores. It's pretty well. It's still not quite entirely back. You have pockets where it's maybe back to normal, other pockets where it's suppressed a bit. Part of it is, as we've shared with you, we're now giving customers other options on how to fulfill, so in some cases, using omnichannel capabilities. They're doing work online and then simply rolling by the front of the store to pick something up. But I'd say, by and large, I don't feel in any way, shape or form we're impeded in retail relative to what customers wish to do with us. And it's just a matter of what we're seeing generally in the broader population of people being out and about.

當然。西蒙，首先，門市的客流量已經反彈了。情況相當不錯，但還沒有完全恢復。有些地方的客流量可能已經恢復正常，有些地方的客流量則有所下降。部分原因是，正如我們之前分享的，我們現在為顧客提供了其他的購物方式選擇，在某些情況下，我們會使用全通路功能。顧客可以在線上完成購物，然後直接到店門口取貨。但總的來說，我認為我們在零售方面沒有受到任何阻礙，顧客的購物意願並沒有受到影響。這只是我們在更廣泛的外出人群中普遍觀察到的情況。

We're starting to see a little bit of life coming back into the handset cycle right now. I'd expect a little bit later this year, there will probably be some new product in the market from certain manufacturers that is going to further stimulate some store traffic, and feel like we're dealing with it fairly effectively. So not really worried about the retail dynamic at this point, and I think it's recovering reasonably well.

我們現在開始看到手機市場略有復甦。我預計今年晚些時候，某些廠商可能會推出一些新產品，進一步刺激門店客流量，而且我們感覺應對得還算有效。所以目前我並不擔心零售業的動態，我認為它的復甦勢頭相當不錯。

The biggest wild card on that is what's happening in states that are pressured a little bit with COVID. Hopefully, as people try to get the infection rate under control, it's not an entire lockdown again. From my point of view, that doesn't seem to be necessary. My observation is we're able to manage the dynamics in retail pretty well in terms of safety and how people do business. There's other activities that are probably the higher-risk things. But who knows? As we all know, the decision making is not always as clean and factual as it needs to be on those cases, so we're going to have to see where that goes.

最大的不確定因素在於那些在新冠疫情中承受一定壓力的州的情況。希望隨著人們努力控制感染率，不會再次全面封鎖。在我看來，這似乎沒有必要。我的觀察是，在安全和人們的經營方式方面，我們能夠很好地管理零售業的動態。其他活動可能風險更高。但誰知道呢？眾所周知，在這些情況下，決策並不總是那麼清晰和基於事實，所以我們必須拭目以待。

On the business side, we had a strong quarter. And I would say that I would expect that it will be hard to sustain that level into third quarter, and we've expected -- we kind of forecasted that and how we've characterized for you how the year shapes up. We're going to see pressure, especially in the lower end of the business market. We've already taken a fair amount of it. If you look in the Entertainment segment, we were really heavy in bars and restaurants and some of the pay TV services that we have. And they've been hit really hard, and a lot of them have not come back. And then in the data services side and telephone services side, for the small end of the market, I expect there's going to be continued pressure there. Now if there's a silver lining relative to our portfolio, I think, as you're aware, our Enterprise segment is probably more oriented to mid- and larger businesses, generally speaking, overall. I think they'll be in a better position to sustain what's going to be a tough economic environment. But that business does cycle with how the economy moves, and we're going to see some pressure on that as we move into the third quarter and what that does for our performance there. And I think we've got -- it's hold pretty well relative to how we set expectations with you on cash moving through the year.

在商業領域，我們本季表現強勁。我想說，我預計很難將這一水準維持到第三季度，我們也預料到了——我們大致預測到了這一點，並且已經向大家描述了今年的情況。我們將面臨壓力，尤其是在低階商業市場。我們已經承受了相當大的壓力。如果你看看娛樂領域，你會發現我們在酒吧、餐廳以及一些付費電視服務投入了大量資金。這些業務受到了沉重的打擊，許多業務至今仍未恢復。然後，在數據服務和電話服務方面，對於低端市場，我預計壓力將繼續存在。現在，如果說我們的投資組合中有一線希望的話，我認為，正如你所知，我們的企業業務部門可能更傾向於中型和大型企業。我認為他們將能夠更好地應對即將到來的艱難經濟環境。但這項業務確實會隨著經濟走勢而波動，隨著進入第三季度，我們將面臨一些壓力，這將對我們在該領域的業績產生影響。我認為，相對於我們設定的全年現金流預期，我們的業績表現相當不錯。

On where we are with our $6 billion efforts, I think what you -- I wouldn't say it's ratable. The way I would say is we've got probably some short-term things we were able to do early in the cycle. You're starting to see that momentum come in. You clearly see we're doing some work right now on the reserves we set up for some restructuring we put out that is directly tied to our plans around what we're doing for some of the efficiency work and restructuring that's going on. You kind of see the midterm, or maybe it drops off a little bit as we're working some of the technology initiatives and business improvement initiatives that take a period of cycle as you move through software development that's necessary. And then as you get into the latter part, those bounce in and start to occur. So I'm not going to call it an inverted V. It's not that, but you get a lot upfront. You see a little bit of softening, and then it pops up in the tail end that comes back in. So it may be risk adjusted in that fashion.

關於我們60億美元投資的進展情況，我認為——我不認為它是可評估的。我想說的是，我們可能在周期初期就完成了一些短期專案。現在你開始看到這種勢頭了。你清楚地看到，我們目前正在為一些重組項目設立儲備金，這些儲備金與我們正在進行的效率提升和重組計劃直接相關。你可以看到中期，或者說，隨著我們推進一些技術計劃和業務改進計劃，這些計劃需要一定的週期，例如必要的軟體開發。然後，當你進入後期階段時，這些計劃就會反彈並開始實施。所以我不會稱之為倒V型。其實不是倒V型，但你前期確實獲得了不少收益。您會看到一點點軟化，然後它會在尾端彈出來。因此，它可能以這種方式進行風險調整。

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

下一個問題來自美國銀行的戴維‧巴登 (David Barden)。

This one might be for either one of the 2 Johns. Could you guys address the timing and/or criteria and some of the kind of political considerations about restarting the buyback program, and whether it's a certainty that, that buyback program comes back in '21 or not?

這個問題可能適用於約翰二世和約翰三世中的任何一個。你們能否談談重啟回購計畫的時機和/或標準，以及一些政治考量？以及回購計畫是否肯定會在2021年恢復？

And then the second question is, I guess, related to the wireless business. I guess, maybe this one's for John Stephens. The 2 forces are the pressure from overage and roaming at the revenue line, offset a little bit by the equipment -- on the lower equipment velocities. And then also you had this hazard pay for the union forces. Could you kind of talk about which of these forces is going to be stronger? Is the hazard pay going away, and that's going to give you a lift? Is the equipment going to accelerate, and that's going to be a pressure? When does the roaming come back? If we could get some color on those moving forces, it would be helpful.

第二個問題，我想，與無線業務有關。我想，這個問題或許應該問約翰‧史蒂芬斯。這兩個因素分別是收入線的超額和漫遊壓力，這些壓力被設備——較低的設備速度——稍微抵消了。此外，還有工會的危險津貼。您能否談談，哪一種因素會更強勁？危險津貼會取消，這會為你們帶來提振嗎？設備速度會加快，這會給你們帶來壓力嗎？漫遊什麼時候會恢復？如果我們能了解這些推動因素，將會很有幫助。

Dave, thanks for the question. Let me take the second one first. With regard to Mobility, think about it this way. John just mentioned that we felt good about our retail space. If you look at the equipment revenue in the second quarter, it actually grew, and that was from a rebound in our retail stores and our equipment sales in rebound. That's because they're open. And this hazard pay and some of the issues with regard to what we've done on Mobility are ebbing, and we're opening.

戴夫，謝謝你的提問。我先回答第二個問題。關於行動業務，你可以這樣想。約翰剛才提到，我們對零售業務感覺良好。如果你看一下第二季的設備收入，它實際上是成長的，這得益於我們零售店和設備銷售額的反彈。這是因為它們都恢復營業了。危險津貼以及我們在行動業務方面所採取的一些措施帶來的一些問題正在逐漸消退，而且我們正在恢復營業。

Secondly, I would tell you that on the overall Mobility, we grew EBITDA, even with those costs of the pandemic, even with the pressure from international roaming, the pressure from waiving light fees or overage charges and pressure from the Connect America. So from my perspective, we're in very good shape in those things to work through those even currently, but going forward.

其次，我想說的是，就整體行動業務而言，即使疫情帶來的成本、國際漫遊的壓力、免電費或超額費用的壓力以及Connect America帶來的壓力，我們的EBITDA仍然實現了成長。所以，在我看來，我們目前在這方面的狀況非常好，能夠克服這些問題，並且在未來也能繼續努力。

And the big piece of that is we've had a lot of cost initiatives that allow for us to grow that. Even with those additional costs from COVID, as you say, the battle pay, so to speak, we were able to keep costs aligned and grow EBITDA. So from my perspective, I think we're in a very good position. And as we work through the Connect America -- Keep Americans Connected groups, as we get to more stable environment, we feel very good about where the Mobility business is going. It's been a tremendous cash generator, so feels good about that.

其中最重要的是，我們採取了許多成本控制措施，使我們能夠實現成長。即使新冠疫情帶來了額外成本，正如您所說，也就是所謂的“戰鬥工資”，我們仍然能夠保持成本平衡，並實現息稅折舊攤銷前利潤（EBITDA）的增長。所以，在我看來，我們目前處於非常有利的位置。隨著我們透過「連結美國—讓美國人保持互聯」小組開展工作，隨著我們進入更穩定的環境，我們對移動出行業務的發展方向感到非常樂觀。它一直是一個巨大的現金來源，所以感覺很好。

On the question, Dave, regarding where we are on stock buyback, I would tell you, it's too early to call anything, and the Board is going to sit down on their annual planning cycle in September. And broadly speaking, we're going to look at capital allocation. And we've shared with you that our concerns around visibility remain. Clearly, as I indicated in my opening remarks, with COVID being with us for a long period of time, and we're going to be in this up and down dynamic, it's too early to tell exactly what's going to occur. And I expect, as we get into the latter part of the third quarter, maybe we have a little bit better visibility of what '21 looks like and what the circumstances are. And we'll spend time at the Board in September talking about that broadly and looking at the investment opportunities that are in front of us and how we want to deploy capital and the best way to give the right returns back. But I'm not going to prognosticate one way or the other on that at this point.

戴夫，關於股票回購進展的問題，我想告訴你，現在下結論還為時過早，董事會將在9月份討論年度計劃週期。總的來說，我們將研究資本配置。我們已經跟大家說過，我們對可見性的擔憂仍然存在。顯然，正如我在開場白中提到的，由於新冠疫情將長期伴隨我們，而且我們將處於這種起伏不定的狀態，現在就確切地預測未來還為時過早。我預計，隨著第三季後半段的到來，我們或許會對2021年的前景和情勢有更清楚的認識。 9月的董事會會議將廣泛討論這個問題，並探討我們面臨的投資機會，以及我們希望如何配置資本，以及如何以最佳的方式實現合理的回報。但目前我不會就此做出任何預測。

Yes, and one thing I'll add. We've been really successful in managing the debt towers and managing the cost of our debt. We did about $17 billion of issuances in the last month and using that to retire previously issued debt at better interest rates with better timing and spreads, much more manageable towers. So we're very active. And quite frankly, the bond market has responded quite well. Our yields are as low as -- it is competitive for us as I've ever seen. So I would tell you, we're very active in the capital markets, just on managing that debt side. And I think the markets have responded well to that. So I'd just add that in. That's been a real focus, and it will continue to be a focus of ours.

是的，我還要補充一點。我們在管理債務塔和債務成本方面非常成功。上個月我們發行了約170億美元的債券，並用這些債券以更優惠的利率、更合適的時機和利差償還了先前發行的債務，債務塔也更容易管理。所以我們非常活躍。坦白說，債券市場的反應也相當不錯。我們的收益率低至——這對我們來說是有史以來最具競爭力的。所以我想說，我們在資本市場上非常活躍，尤其是在管理債務方面。我認為市場對此反應良好。所以我想補充一點。這一直是我們關注的重點，而且將繼續是我們關注的重點。

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

您的下一個問題來自花旗銀行的 Michael Rollins。

I was hoping to return to some of the priorities, John, that you discussed at the beginning of the call, and just 2 questions on that. First, you described broadband -- being a broadband provider is the first priority. What does that mean for the pace at which you want to expand fiber to the home or gigabit access to the home if you can use other technologies such as 5G?

約翰，我想回到您在電話會議開始時討論的一些優先事項，並就此提出兩個問題。首先，您提到了寬頻—成為寬頻提供者是首要任務。如果可以使用5G等其他技術，這對您希望光纖到府或千兆家庭存取的速度意味著什麼？

And the second question was on your second priority, which was the focus on being a software-based entertainment provider, and you mentioned AT&T TV as part of that opportunity. To be successful with AT&T TV, does AT&T need to own the DIRECTV satellite video business?

第二個問題是關於您的第二個優先事項，即專注於成為一家基於軟體的娛樂提供商，您提到AT&T TV是這一機會的一部分。為了在AT&T TV上取得成功，AT&T是否需要擁有DIRECTV衛星視訊業務？

Mike, thanks for the question. So on the broadband side, look, I have an appetite to get back to building footprint on fiber, and I think I've indicated that before. And I wouldn't quite pigeon hole it in the way you asked the question relative to households. I have an appetite to build fiber that serves a combination of our needs in the consumer space, what we need to do to deploy 5G and what can help our business segment. And really, the unique position we're in as a business is we have lines of business in all those areas, and that should give us leverage in fiber deployment that I think others that are either only a fixed line provider and reselling wireless services or those that are only wireless providers and trying to deploy more fiber-intensive 5G networks don't enjoy. And my investment thesis and my point of view on our company is that if we do our engineering correctly, and we think about our planning properly, we should be getting yields off of every millennial foot of fiber we put in that nobody else can achieve.

Mike，謝謝你的提問。所以在寬頻方面，我有意恢復光纖建設，我想我之前也提到過這一點。我不會像你問的「家庭」那樣把它歸類。我有意建造能夠滿足我們在消費者領域需求、部署5G所需以及對我們業務部門有利的光纖。實際上，我們公司的獨特優勢在於我們在所有這些領域都有業務線，這應該會讓我們擁有光纖部署的優勢，而我認為其他公司，無論是單純的固話運營商轉售無線服務，還是單純的無線運營商，如果試圖部署更多光纖密集型的5G網絡，都無法擁有這樣的優勢。我的投資理念和對公司的看法是，如果我們正確地進行工程設計，並妥善規劃，我們投入的每一千英尺光纖都應該獲得其他公司無法企及的收益。

And so as I think about this, and as we're working them through from a planning perspective right now, it's how we get the leverage across all 3 segments, not just the homes that we pass. Although, ideally, the net effect of that will be there will be communities that we build. I personally do not believe that 5G is a replacement in the near term for suburban, residential, single-family living units. It is an optimal strategy. I think it's going to be a tough one to beat when there's embedded gigabit-capable fixed line networks in place. And so I think there's clearly going to be stuff on the margin that makes sense around that. But I don't believe in the near term that 5G is the right fixed line replacement strategy in what I would call a typical single-family home infrastructure. And look, if it ultimately moves that way, and we start to see the technology stabilizing, we're as well positioned as anybody to pivot to that. We certainly got the spectrum and the assets to make that happen; but I'm just not of the mindset right now that, that's the optimal place to win in the market.

所以當我思考這個問題，以及我們現在從規劃的角度處理這些問題時，關鍵在於我們如何在所有三個細分市場中獲得槓桿作用，而不僅僅是我們經過的家庭。儘管理想情況下，這樣做的最終效果是我們將建立社區。我個人並不認為 5G 會在短期內取代郊區、住宅和獨戶住宅。它是一個最優策略。我認為，當嵌入式千兆固定線路網路已經到位時，它將很難被擊敗。所以我認為，在這方面顯然會有一些有意義的邊緣運算。但我不認為在短期內 5G 是典型的獨戶住宅基礎設施中正確的固定線路替代策略。你看，如果最終朝著那個方向發展，並且我們開始看到技術穩定下來，那麼我們和其他人一樣，都處於有利地位，可以轉向 5G。我們當然擁有實現這一目標的頻譜和資產；但我現在並不認為那是市場上獲勝的最佳地點。

On the software-based side, I think what I've shared with you is that my belief is that, ultimately, you're coming together with one distribution platform for entertainment. Today, we've kind of seen SVOD and pay TV platforms grow up independently, and there's good reasons why that's occurred up to this point in time. But there's no reason we should think that over the long haul that once customers are aggregated on one platform or the other that live stays separate from on demand, general entertainment content, and that we're going to see these products ultimately come together. So when I talk about software-based entertainment, I think about the fact that we want a platform with a lot of customers on it that is capable of either delivering general entertainment content under an SVOD construct or whatever is that appropriate mix of live linear moving forward. And I think that's probably the optimal way to meet customer needs as we go forward.

在基於軟體的方面，我想我之前與大家分享的是，我相信最終你們會透過一個娛樂分銷平台走到一起。如今，我們已經看到SVOD和付費電視平台各自獨立發展，這種情況到目前為止有充分的理由。但從長遠來看，我們沒有理由認為，一旦客戶聚集在一個或另一個平台上，直播內容就會與點播、一般娛樂內容區分開來，我們最終會看到這些產品融合在一起。所以，當我談到基於軟體的娛樂時，我想到的是，我們想要一個擁有大量客戶的平台，它能夠以SVOD的模式提供一般娛樂內容，或者以某種合適的方式組合直播和線性內容。我認為這可能是我們未來滿足客戶需求的最佳方式。

Do I think that satellite is necessary to respond in that area? I mean, you can go back and look at comments I made, I think, very early on and post transaction of DIRECTV that we didn't necessarily make that move because we love satellite as a technology to deliver premium entertainment-based video content. We like the customer base. It was an opportunity to move that customer base into the right technology platforms moving forward, and that's clearly where we're investing and what we're doing right now, which is building those software platforms that can deliver either live or on-demand entertainment-based content and have that relationship with the customer, use the data and the analytics we pull from that and, hopefully, bridge off other services that those platforms can ultimately deliver. And I don't necessarily view satellite technology as the place that's necessary to make that happen.

我認為衛星在那個領域是否有必要？我的意思是，你可以回顧一下我之前在收購DIRECTV後發表的評論，當時我說過，我們並不一定非要採取那種舉措，因為我們喜歡衛星這種提供優質娛樂視頻內容的技術。我們看重的是客戶群。這是一個將客戶群轉移到合適的技術平台的機會，而這顯然是我們目前正在投資和做的事情，即構建能夠提供直播或點播娛樂內容的軟體平台，並與客戶建立聯繫，利用我們從中提取的數據和分析結果，並希望能夠連接這些平台最終能夠提供的其他服務。我並不認為衛星技術是實現這目標的必要手段。

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布雷特·費爾德曼。

One of the areas where we've seen a real difficulty driving a reopening is in moviegoing. You've already had to adjust Tenet a couple of times. You've acknowledged it's going to be a very different release than we've historically seen. In light of the uncertainty around getting back to normal with that experience, and also with the direct platform you now have in HBO Max, can you talk about whether you think there's an opportunity or a need to evolve your film release and windowing schedule and, in particular, whether you think HBO Max could be a much more important launch point for your films going forward?

我們看到推動重啟經濟的真正困難之一是觀影體驗。您已經多次調整《信條》的檔期。您承認，這將會是一部與我們以往所見截然不同的影片。鑑於這段經歷對恢復正常運作的不確定性，以及您現在擁有的HBO Max平台，您能否談談您是否認為有機會或有必要調整電影的發行和窗口期安排，特別是，您是否認為HBO Max未來會成為您電影更重要的發布平台？

Sure, Brett. Look, I think I said last quarter that I fully expected that coming out of COVID that I would be surprised if the industry as a whole didn't see some adjustment into the -- in the theatrical construct. And I also made the point that, look, I think theatrical still has an absolute important role moving forward. There's just some content that is going to be more enjoyable and better to see in theaters than in the living room. And we fully believe that, and we want to work with our theatrical partners and our exhibitors to ensure that we work with them and try to get through this very difficult period. However, I don't know when theaters are going to reopen, just like I'm not sure I can say I know exactly when schools are going to reopen and what the circumstances are going to be around it. And there's no question that the longer this goes on, there's going to be some content on the margin. If we look at and say, it may be better served to be distributed in another construct or a different construct, I love the fact that we have that option now. I love the reality that we've been able to build a platform that we can get leverage and capabilities out of any content we build, theatrical or otherwise, and pick the platform and where we go with it.

當然，布雷特。我記得上個季度我就說過，我完全預料到新冠疫情過後，如果整個產業沒有看到戲院模式的調整，我會感到驚訝。我還強調過，我認為戲院在未來仍然扮演著絕對重要的角色。有些內容在戲院觀看會比在客廳裡更有趣、更棒。我們完全相信這一點，我們希望與我們的戲院合作夥伴和戲院放映商合作，確保與他們合作，並努力度過這段非常艱難的時期。然而，我不知道戲院什麼時候會重新開放，就像我不確定學校什麼時候會重新開放，以及屆時的情況會如何一樣。毫無疑問，疫情持續的時間越長，一些內容就會被邊緣化。如果我們考慮一下，用另一種模式發行可能會更好，我很高興我們現在有這個選擇。我喜歡這樣一個現實：我們已經能夠建立一個平台，我們可以從我們建立的任何內容（無論是戲劇性的還是其他的）中獲得槓桿和能力，並選擇平台並使用它去哪裡。

So do I think that there could be some things that we had originally chartered and built for theatrical release that maybe migrates into an SVOD construct? Sure. I think that could occur. Is it going to happen on a movie like Tenet or something like Wonder Woman? I'd be very surprised that, that would be the case. In fact, I can assure you on Tenet, that's not going to be the case.

那麼，我是否認為我們最初為影院上映而開發的一些內容，可能會遷移到SVOD模式？當然。我認為這是有可能的。像《信條》或《神力女超人》這樣的電影會採用這種模式嗎？如果真的會這樣，我會非常驚訝。事實上，我可以向你保證，《信條》不會採用這種模式。

So I think we're just going to take it a piece at a time. It's nice to have the optionality. And as I shared with you in the last earnings call, when we looked at the slate, we already have moved some of our future production slate, where we've retooled it for what would have probably been a theatrical release that we're choosing to execute the movie as what's going to be a direct to streaming construct. So yes, I think there are going to be some shifts as we move forward here.

所以我認為我們還是會一步步來。有選擇性是好事。正如我在上次財報電話會議上分享的那樣，當我們審視片單時，我們已經調整了一些未來的製作計劃，對原本可能在影院上映的電影進行了重新調整，選擇以流媒體直接上映的方式進行製作。所以，是的，我認為隨著我們推進，肯定會有一些調整。

Your next question comes from the line of Mike McCormack from Guggenheim.

您的下一個問題來自古根漢美術館的麥克·麥考馬克。

Maybe just a quick one on the wireless revenue/ARPU. What are you guys seeing out there as far as customers potentially trading down to lower plans given the work-from-home environment and most things being WiFi-based instead? And then back on, I guess, on the Business Wireline side. Are you guys seeing any slowdown in decision making on the enterprise side? We've seen that historically in economic downturns and getting some whispers out there on that. Just wondered what you're seeing. And then if you don't mind, John Stephens, on the working capital side, but just the pacing in the back half on working capital.

或許我只想快速問一下無線收入/ARPU。考慮到現在居家辦公的環境以及大多數活動都是基於WiFi，你們認為客戶可能會選擇更低的套餐嗎？然後，我想回到Business Wireline方面。你們是否看到企業方面的決策速度有所放緩？我們過去在經濟低迷時期就見過這種情況，也聽過一些關於這方面的傳言。我只是想知道你們看到了什麼。然後，如果您不介意的話，John Stephens，關於營運資本方面，我只想提一下後半部分關於營運資本的進展。

Let me just take the front end of that, and then John can come in and do the cleanup here. Frankly, quite the opposite right now in our postpaid business, what's occurring. We are -- I think we indicated in some of the comments, we are already seeing the dynamic of the attach rate of the better unlimited and the higher ARPU unlimited plans increasing. And I made that point deliberately because this is where HBO Max and wireless come together nicely. We're giving customers a reason to go up in the more robust unlimited plans, and we're already seeing that penetration increase. We shared with you in October that, that was an important driver through a combination of the incentives we would give people on the 5G network to buy into the upper-end unlimited plans as well as how Max complements those. And we are seeing that success with Max. So check the box on the front end of that. And once we have the right kind of equipment showing up on the 5G side, I think we will see that momentum continue and carry forward.

我先簡單介紹一下，然後約翰可以來做一些總結。坦白說，目前我們後付費業務的情況恰恰相反。我想我們之前在一些評論中已經提到過，我們已經看到更優質的無限流量套餐和更高的ARPU值無限流量套餐的附加率正在上升。我特意強調這一點，是因為這正是HBO Max和無線服務完美結合的地方。我們為客戶提供了選擇更強大的無限流量套餐的理由，而且我們已經看到滲透率正在成長。我們在10月份就曾分享過，這是一個重要的驅動因素，它結合了我們為5G網路用戶提供的激勵措施，鼓勵他們購買高端無限流量套餐，以及Max對這些套餐的補充。我們已經看到了Max的成功。所以，請抓住這個機會。一旦我們在5G領域有了合適的設備，我認為我們將看到這種勢頭持續下去，並進一步發展。

So I think wireless has become more indispensable to customers in the work-at-home environment, not less. They're relying more on their devices. They're using them more. It's an important utility and tool for them to execute the mix of their personal and business lives. And so the trend has actually been really good around that.

所以我認為，無線技術對於在家工作的客戶來說，已經變得越來越不可或缺，而不是越來越不重要。他們越來越依賴這些設備，也越來越頻繁地使用它們。無線技術是他們實現個人生活和商務生活平衡的重要實用工具。所以，這方面的趨勢其實非常好。

On the enterprise side, as I mentioned earlier, I think that it's going to directly correlate to what happens in the economy overall, as we move forward. The good news is we service a lot of important economic segments in our enterprise business, and we are skewed heavier to the mid-market as I talked about. And as the airline industry continues to move through its challenges, our customer base is going to move through its challenges. As the hospitality industry moves through its challenges, our customer base is going to move through its challenges. And we're going to work with them in going through that dynamic because they're important customers to ours, and we have longstanding relationships. And as I said, I would expect that in the third and fourth quarter, we're going to see some pressure in that segment as a result of that. I think we've done a reasonable job of trying to forecast what that's going to look like. But I can't believe that we're going to see tailwinds as we kind of get through that dynamic. And John, if you want to…

在企業業務方面，正如我之前提到的，我認為這將與整體經濟狀況直接相關，並隨著我們未來的發展而變化。好消息是，我們的企業業務服務於許多重要的經濟領域，正如我之前提到的，我們更專注於中端市場。隨著航空業持續應對挑戰，我們的客戶群也將隨之應對。隨著酒店業持續應對挑戰，我們的客戶群也將隨之應對。我們將與他們攜手共渡難關，因為他們是我們的重要客戶，我們之間有著長期的合作關係。正如我所說，我預計在第三季度和第四季度，我們將在該領域看到一些壓力。我認為我們已經對未來情況進行了合理的預測。但我不認為在我們渡過難關的過程中會遇到順風。約翰，如果你想…

Yes, let me just take a little bit -- if you look at the postpaid ARPU, we're seeing the growth that John's talked about when you take into account the fact that the international roaming had the COVID impacts. So that's how you see it. And then HBO Max has been a good attachment, a good opportunity for us to grow those Elite packages and people moving up. So we've been really -- we've been pleased with the way the wireless business is going.

是的，讓我稍微解釋一下——如果你看一下後付費用戶平均收入 (ARPU)，你會發現，考慮到國際漫遊受新冠疫情的影響，我們看到了約翰提到的成長。所以這就是你看到的情況。 HBO Max 是一個很好的附加功能，對我們來說是一個很好的機會，可以讓我們發展精英套餐，並吸引更多用戶升級。所以我們對無線業務的進展非常滿意。

With your question, Mike, on working capital, we're -- traditionally, we're second half of the year weighted towards free cash flow and so forth. And I wouldn't expect this year to be any different other than the fact that everything this year is different because of COVID. We continue to have a really focus on working capital and free cash flow. I would tell you that in the second quarter, we saw some good activity on accounts receivables and collections and so forth. I wouldn't suggest that it's better than any prior years. But it was, I will say, better or as good as I would have expected in a pandemic situation.

關於你提到的營運資本問題，麥克，我們傳統上在下半年會更注重自由現金流等等。我認為今年除了新冠疫情導致的一切都有所不同之外，其他方面不會有什麼不同。我們將繼續高度重視營運資本和自由現金流。我想告訴你，在第二季度，我們在應收帳款和收款等方面取得了一些良好的表現。我不會說今年的表現比往年更好，但我要說的是，今年的表現比我在疫情期間的預期要好，或者說和預期的一樣好。

With that being said, we're continuing to watch things carefully, continue to focus on working capital generation ideas, and we're kind of watching every nickel and watching our receivables. All that being said, we're on good track. We had a 50% dividend payout ratio this quarter. We're on track for full year. Year-to-date, we're on track already. And we usually have a better second half than we did first half, so feel really good about the commitments and are really targeting the low end of the 60s for the payout ratio. We're striving to beat that target.

話雖如此，我們仍在持續密切關注事態發展，並持續關注營運資本產生方案，精打細算每一分錢，並密切關注我們的應收帳款。總而言之，我們的發展勢頭良好。本季我們的股利支付率為50%。全年的股息支付率也有望達到預期。年初至今，我們已經步入正軌。而我們下半年的表現通常比上半年更好，因此我們對這些承諾感到非常滿意，我們的目標是將股息支付率控制在60%左右。我們正在努力超越這個目標。

Last thing I'll tell you that is still with $20 billion of CapEx investment. And I want to make sure we reiterate that the cash flows that we're getting are coming from the operations of the business, not from cutting CapEx. We're staying in line with CapEx. And so…

最後要告訴大家的是，我們仍然有200億美元的資本支出。我想再次強調，我們獲得的現金流來自業務運營，而不是削減資本支出。我們的資本支出將保持穩定。所以…

Thank you very much, Mike. We'll turn it over to John for some final remarks.

非常感謝，麥克。接下來，我們請約翰做最後的發言。

Thanks very much, everybody, for being with us today. I appreciate the discussion and the questions.

非常感謝大家今天的到來。我很感謝大家的討論和提問。

And what I would say, overall, the quarter represented what I thought was some solid execution in a really challenging environment. And I don't expect we're going to see much change in the third quarter around those challenges that are in front of us. But the cash flow numbers were very, very encouraging and, certainly, what I take a lot of heart in. I thought the team did a great job on the launch of HBO Max, and I think that puts us in a unique position to have a lot of optionality as we move forward and reshape the media business.

我想說的是，總的來說，本季在極具挑戰性的環境中表現得相當穩健。我預計第三季我們面臨的挑戰不會有太大變化。但現金流數據非常令人鼓舞，這當然讓我感到振奮。我認為團隊在HBO Max的推出上做得非常出色，這讓我們處於一個獨特的位置，在前進和重塑媒體業務的過程中擁有許多選擇權。

I expect we're going to be dealing with some of these economic challenges in the COVID environment as we move forward here. And as you've heard, we're operating accordingly, including pushing a lot harder on what we need to do on the cost and efficiency side to get our business positioned to do this. We'd be doing it anyway. But clearly, the uncertainty of the environment moving forward makes that more important to us.

我預計，在新冠疫情的環境下，我們未來將面臨一些經濟挑戰。正如您所聽到的，我們正在採取相應的行動，包括在成本和效率方面加大力度，使我們的業務能夠應對這些挑戰。無論如何，我們都會這樣做。但顯然，未來環境的不確定性使這一點對我們來說更加重要。

We were blessed to have a very resilient subscription business, and we'll continue to lean on that and use those cash flows to invest widely moving forward. As you heard John talk about the fact, we remain committed to putting our capital against the areas where we think there is an opportunity to grow this business moving forward and come out of the back side of this pandemic stronger than where we came in. And we're going to continue to do that and move forward.

我們很幸運擁有極具韌性的訂閱業務，我們將繼續依賴這一點，並利用這些現金流在未來進行廣泛投資。正如你聽到約翰所提到的，我們仍然致力於將資金投入到我們認為有機會推動業務成長的領域，並讓我們在疫情過後比疫情更強大。我們將繼續這樣做，繼續前進。

So appreciate you being with us today. I hope you all stay safe, and enjoy the rest of your summer.

非常感謝大家今天與我們相聚。祝大家平安，享受接下來的暑假。

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。感謝您的參與與使用AT&T電話會議。現在您可以斷開連線了。