AT&T Inc (T) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to AT&T's First Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加 AT&T 2022 年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

我想將會議轉交給我們的主持人，財務和投資者關係高級副總裁 Amir Rozwadowski。請繼續。

Thank you, and good morning, everyone. Welcome to our first quarter call. I'm Amir Rozwadowski, Head of Investor Relations for AT&T. Joining me on the call today are John Stankey, our CEO; and Pascal Desroches, our CFO.

謝謝大家，大家早上好。歡迎來到我們的第一季度電話會議。我是 AT&T 投資者關係主管 Amir Rozwadowski。今天和我一起參加電話會議的是我們的首席執行官 John Stankey；和我們的首席財務官 Pascal Desroches。

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

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

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

有了這個，我會把電話轉給 John Stankey。約翰？

Thanks, Amir, and good morning to all of you. I appreciate you joining us this morning.

謝謝，阿米爾，大家早上好。感謝您今天早上加入我們。

Two weeks ago, we reached a major milestone in the repositioning of our business with the completion of the WarnerMedia-Discovery transaction less than 11 months after announcing the deal. I'd like to thank everyone who played a role in getting this across the finish line in good time and with a little drama, just as we promised you.

兩週前，我們在宣布交易後不到 11 個月就完成了 WarnerMedia-Discovery 交易，實現了業務重新定位的一個重要里程碑。正如我們向您承諾的那樣，我要感謝所有為及時完成終點線而發揮作用的人，並帶有一點戲劇性。

I'd also like to share how proud we are of the entire WarnerMedia team. David inherits an organization with one of the best global portfolios of beloved intellectual property, a team with unparalleled talent and one of the few truly global direct-to-consumer players, as evidenced by the continued growth in HBO Max and HBO subscribers which closed this quarter at nearly 77 million globally, up 3 million from last quarter and nearly 13 million year-over-year. We're excited about the potential for continued HBO Max growth as the service launches in more new territories.

我還想分享我們為整個華納媒體團隊感到多麼自豪。大衛繼承了一個擁有全球最佳知識產權組合之一的組織，一個擁有無與倫比的人才的團隊和為數不多的真正全球直接面向消費者的參與者之一，HBO Max 和 HBO 訂戶的持續增長證明了這一點本季度全球近 7700 萬，比上一季度增加 300 萬，同比增加近 1300 萬。隨著該服務在更多新地區推出，我們對 HBO Max 持續增長的潛力感到興奮。

Warner Bros. Discovery is well positioned to lead the transformation we're seeing unfold across the media and entertainment landscape. And like many of my fellow AT&T shareholders who own a stake in this new and promising enterprise, we're excited to continue to watch their success and the value they create as one of the leading global media companies.

Warner Bros. Discovery 完全有能力引領我們看到的媒體和娛樂領域正在發生的變革。和我的許多 AT&T 股東一樣，他們持有這家新的、有前途的企業的股份，我們很高興能繼續看到他們的成功以及他們作為全球領先媒體公司之一創造的價值。

So let me turn to AT&T and the new era and opportunities ahead of us. Our transaction marks a critical step in the repositioning of our business. We're now able to focus intensely on what we believe will be multiyear secular tailwinds in connectivity. We now have the right asset base and financial structure to devote our energy to becoming America's best broadband provider. Over a 5-year period, we expect a fivefold data increase on our networks and we plan to capitalize on the growing desire from consumers and businesses for ubiquitous access to best-in-class connectivity solutions.

因此，讓我轉向 AT&T 以及我們面前的新時代和機遇。我們的交易標誌著我們業務重新定位的關鍵一步。我們現在能夠專注於我們認為將是多年長期的連通性順風。我們現在擁有正確的資產基礎和財務結構，可以將我們的精力投入成為美國最好的寬帶提供商。在 5 年內，我們預計我們網絡上的數據將增加五倍，我們計劃利用消費者和企業對無處不在的一流連接解決方案的日益增長的需求。

The results we've achieved the past 7 quarters, all while undergoing a significant repositioning of our business, give me confidence that we can accomplish this goal.

我們在過去 7 個季度中取得的成果，在我們對業務進行重大重新定位的同時，讓我相信我們能夠實現這一目標。

Our first quarter financial results are consistent with our expectations and once again demonstrate that our teams are executing well against our consistent business priorities. We're seeing record levels of net additions in Mobility and consistently strong AT&T Fiber growth, thanks to our disciplined and consistent go-to-market strategy.

我們第一季度的財務業績符合我們的預期，並再次證明我們的團隊在我們一貫的業務重點方面表現良好。由於我們紀律嚴明且始終如一的上市戰略，我們看到移動領域的淨增長達到創紀錄水平，並且 AT&T 光纖持續強勁增長。

In Mobility, our strong network performance, simplified offers and improving customer experience brought in the most first quarter postpaid phone net adds in more than a decade, surpassing last year's then decade best first quarter total. And we're confident we can continue this momentum in a disciplined manner, given our subscriber success has come from diversified channels that span consumers and businesses.

在移動性方面，我們強大的網絡性能、簡化的服務和改善的客戶體驗帶來了十多年來最多的第一季度後付費電話網絡增加，超過了去年第一季度的十年最佳總數。鑑於我們的用戶成功來自跨越消費者和企業的多元化渠道，我們相信我們可以以有紀律的方式繼續這一勢頭。

In Fiber, we continue our great build velocity and now have the ability to serve 17 million customer locations. This expansion continues to allow our business to grow. And this quarter, we achieved overall broadband subscriber and revenue growth as our Fiber net adds more than offset legacy non-Fiber broadband losses.

在 Fiber 方面，我們繼續保持高速構建，現在有能力為 1700 萬個客戶位置提供服務。這種擴展繼續使我們的業務增長。本季度，我們實現了整體寬帶用戶和收入增長，因為我們的光纖網絡增加了超過抵消傳統非光纖寬帶損失。

I'm pleased with the improved fiber momentum we're seeing with our multi-gig plans launched early in the first quarter. It's also noteworthy that we're experiencing improved subscriber growth following the introduction of our straightforward pricing across the fiber portfolio, which does away with discounted introductory pricing. This improvement in share gains suggest that consumers are finding value and higher quality services when they're made available to them.

我對第一季度初推出的多演出計劃所看到的光纖勢頭有所改善感到高興。同樣值得注意的是，在我們在光纖產品組合中引入直接定價後，我們的用戶增長正在改善，這取消了折扣介紹性定價。份額增長的這種改善表明，當消費者可以使用這些服務時，他們正在尋找價值和更高質量的服務。

So taking a step back, let's review our progress over the last 7 quarters. During that time, we've added industry-best subscriber totals of more than 5.3 million in postpaid phones and nearly 2 million in AT&T Fiber, as our fast-growing fiber revenues now make up nearly half of our Consumer Wireline broadband revenues. This is real and sustainable momentum.

所以退後一步，讓我們回顧一下過去 7 個季度的進展。在此期間，我們新增了超過 530 萬後付費電話和近 200 萬 AT&T 光纖的行業最佳用戶，因為我們快速增長的光纖收入現在占我們消費者有線寬帶收入的近一半。這是真實且可持續的勢頭。

We also continue to emphasize effectiveness and efficiency across our operations. As we shared at our Analyst Day last month, we expect to achieve more than $4 billion of our $6 billion cost savings run rate target by the end of this year.

我們還繼續強調整個運營的有效性和效率。正如我們在上個月的分析師日上分享的那樣，我們預計到今年年底將實現 60 億美元的成本節約運行率目標中的 40 億美元以上。

Our focus on driving efficiencies continues to show tangible results from our network build-out to customer experience. As we told you, we're initially reinvesting these savings to fuel growth in our core connectivity businesses. However, as we move to the back half of this year, we expect these savings to start to fall to the bottom line.

我們對提高效率的關注繼續顯示出從我們的網絡建設到客戶體驗的切實成果。正如我們告訴您的那樣，我們最初將這些節省的資金進行再投資，以推動我們核心連接業務的增長。然而，隨著我們進入今年下半年，我們預計這些節省將開始下降到底線。

Our success over the past 7 quarters can also be attributed to our focus on better recognizing and delivering on what customers want. Our Mobility and Fiber Net Promoter Scores are up year-over-year and near historically low churn levels across all businesses demonstrate how our improvements to the customer experience are real and delivering a positive impact.

我們在過去 7 個季度的成功也歸功於我們專注於更好地識別和滿足客戶的需求。我們的移動性和光纖淨推薦值逐年上升，所有業務的客戶流失率都接近歷史最低水平，這表明我們對客戶體驗的改善是真實的，並產生了積極的影響。

Our Business Wireline unit continues its transformation. As we move through this year, we had planned to accelerate the pace at which we reposition the business as we focus our energy on growing repeatable core connectivity and transport solutions where we have owners economics. At the same time, we'll continue to rationalize reselling low-margin, third-party products and services. The expansion of our fiber footprint is enabling our business portfolio to target significant opportunities in the small and medium business market, allowing us to capture a greater portion of the opportunities in core transport and connectivity. In addition, as we open up relationships with more customers, we'll have incremental opportunities to continue our growth in business wireless.

我們的商業有線部門繼續轉型。隨著我們今年的到來，我們計劃加快重新定位業務的步伐，因為我們將精力集中在發展可重複的核心連接和運輸解決方案上，在我們擁有所有者經濟的情況下。與此同時，我們將繼續合理化轉售低利潤的第三方產品和服務。我們光纖足蹟的擴大使我們的業務組合能夠瞄準中小型企業市場的重大機遇，使我們能夠在核心傳輸和連接方面抓住更多機會。此外，隨著我們與更多客戶建立關係，我們將有更多機會繼續我們在商業無線領域的增長。

We expect to take advantage of these near-term opportunities to help stabilize our Business Wireline unit as we simplify the portfolio and grow connectivity with small- to medium-sized businesses complementing our leading enterprise position.

我們希望利用這些近期機會來幫助穩定我們的商業有線部門，因為我們簡化了產品組合併加強了與中小型企業的連接，以補充我們的領先企業地位。

As we thoughtfully fuel growth for services powered by our owned and operated connectivity assets, we're also being deliberate in how we allocate our capital. We've taken significant steps to improve our financial flexibility, and we're now in a much better place to grow our business as we significantly invest in the future of connectivity through 5G and fiber.

在我們深思熟慮地推動由我們擁有和運營的連接資產提供支持的服務的增長時，我們也在認真考慮如何分配我們的資本。我們已經採取了重大措施來提高我們的財務靈活性，並且我們現在處於一個更好的地方來發展我們的業務，因為我們通過 5G 和光纖對連接的未來進行了大量投資。

With the completion of the WarnerMedia-Discovery transaction, we've monetized more than $50 billion of assets since the beginning of 2021. And with this transaction, we reduced our net debt by approximately $40 billion in April. As we share, we feel as though we're really well suited to navigate this unique moment in time. This leaves us in a much better position to pay down debt. In fact, we've already addressed some of our near-term maturities and paid off over $10 billion in bank loans.

隨著 WarnerMedia-Discovery 交易的完成，自 2021 年初以來，我們已將超過 500 億美元的資產貨幣化。通過這項交易，我們在 4 月份將淨債務減少了約 400 億美元。正如我們分享的那樣，我們覺得我們真的很適合駕馭這個獨特的時刻。這使我們能夠更好地償還債務。事實上，我們已經解決了一些近期到期問題，並償還了超過 100 億美元的銀行貸款。

This improved financial posture gives us the flexibility to carefully and prudently use the balance of the WarnerMedia proceeds to reduce our outstanding debt by opportunistically using the evolving higher rate environment to redeem debt securities at lower prices while also working to reduce cash interest. In addition, our expectations for continued strong cash generation provide us with incremental capabilities to reduce leverage while still paying an attractive dividend yield near the top of the Fortune 500. This improved financial flexibility also allows us to pursue durable and sustainable growth opportunities that offer future upside for customers and shareholders.

這種改善的財務狀況使我們能夠靈活地謹慎和謹慎地使用華納媒體的收益餘額，通過機會性地利用不斷變化的高利率環境以較低的價格贖回債務證券，同時努力降低現金利息，從而減少我們的未償債務。此外，我們對持續強勁的現金產生的預期為我們提供了降低杠桿的增量能力，同時仍支付接近財富 500 強榜首的有吸引力的股息收益率。這種提高的財務靈活性也使我們能夠追求持久和可持續的增長機會，為未來提供為客戶和股東帶來好處。

If you couldn't tell, I'm proud of all the work the team has accomplished to reposition the business over the last 7 quarters and could not be more excited about this next chapter for AT&T. I know our teams are thrilled about the momentum we're generating with our deliberate and focused approach in attracting and retaining customers.

如果你說不出來，我為團隊在過去 7 個季度為重新定位業務所做的所有工作感到自豪，並且對 AT&T 的下一章感到無比興奮。我知道我們的團隊對我們在吸引和留住客戶方面深思熟慮和專注的方法所產生的勢頭感到興奮。

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

我現在將把它交給帕斯卡來討論本季度的細節。帕斯卡？

Thank you, John, and good morning, everyone. Let's start by taking a look at our first quarter consolidated financial summary on Slide 5. It's important to note that our first quarter consolidated results include the contributions of WarnerMedia and that last year's first quarter included results of our U.S. Video business and Vrio. Accordingly, our reported results do not provide a clear reflection of our business on a forward-looking basis. So let me quickly cover a few key points before reviewing the financial results of our new stand-alone AT&T operations on the next slide.

謝謝你，約翰，大家早上好。讓我們首先看一下幻燈片 5 上的第一季度合併財務摘要。重要的是要注意，我們第一季度的合併業績包括華納媒體的貢獻，去年第一季度包括我們美國視頻業務和 Vrio 的業績。因此，我們報告的結果並沒有在前瞻性的基礎上清楚地反映我們的業務。因此，在下一張幻燈片中回顧我們新的獨立 AT&T 業務的財務結果之前，讓我快速介紹幾個關鍵點。

On a consolidated basis, including a full quarter of WarnerMedia, our adjusted EPS for the quarter was $0.77 compared to $0.85 in the first quarter of 2021. In addition to merger amortization, adjustments for the quarter were made to exclude our proportionate share of DIRECTV intangible amortization and a gain in our benefit plans.

在合併的基礎上，包括華納媒體的一個完整季度，我們本季度的調整後每股收益為 0.77 美元，而 2021 年第一季度為 0.85 美元。除了合併攤銷外，還對本季度進行了調整，以排除我們在 DIRECTV 無形資產中的比例份額我們的福利計劃中的攤銷和收益。

Year-over-year earnings declines were primarily driven by WarnerMedia and, to a lesser extent, certain onetime costs in the Communications segment. The declines in earnings at WarnerMedia reflect increased investments incurred in launching CNN+ and expanding new territories at HBO Max. HBO Max and HBO now reached an impressive global subscriber base of nearly 77 million. WarnerMedia's results were also impacted by the advertising sharing agreement entered into with DIRECTV upon its separation in last year's third quarter and the termination of HBO Max's wholesale agreement with Amazon late last year.

收入同比下降的主要原因是華納媒體，其次是通信部門的某些一次性成本。 WarnerMedia 的收益下降反映了在推出 CNN+ 和在 HBO Max 拓展新領域方面的投資增加。 HBO Max 和 HBO 現在已達到令人印象深刻的近 7700 萬全球用戶群。 WarnerMedia 的業績也受到去年第三季度與 DIRECTV 分立時簽訂的廣告共享協議以及去年底 HBO Max 與亞馬遜的批發協議終止的影響。

When excluding revenues from our U.S. Video business and Vrio from the prior year quarter, AT&T consolidated revenues were $38.1 billion, up 1.6% or $600 million year-over-year.

剔除上一季度美國視頻業務和 Vrio 的收入後，AT&T 的綜合收入為 381 億美元，同比增長 1.6% 或 6 億美元。

Cash from operations came in at $5.7 billion for the quarter.

本季度的運營現金為 57 億美元。

Overall spending was up with capital investments totaling $6.3 billion.

總體支出增加，資本投資總額為 63 億美元。

Free cash flow was $700 million for the quarter. WarnerMedia had declines of $2.6 billion in free cash flow year-over-year. This decline was driven by $1.2 billion in lower year-over-year securitization of receivables in advance of the transaction, $600 million in higher cash content spend, increased investments in HBO Max's global footprint and ramp-up for the CNN+ launch as well as NHL right payments and other working capital changes.

本季度的自由現金流為 7 億美元。 WarnerMedia 的自由現金流同比下降了 26 億美元。這一下降是由於交易前應收賬款證券化同比下降 12 億美元、現金內容支出增加 6 億美元、對 HBO Max 全球業務的投資增加以及 CNN+ 的推出以及 NHL 的加速正確的付款和其他營運資金的變化。

Now let's look at our financials for the new stand-alone AT&T on Slide 6. On a comparative like-for-like basis, our financial results for the quarter are in line with our expectations for how we expect the year to trend. However, our subscriber metrics came in better than we expected as market conditions remain strong. This gives us confidence in the annual guidance provided at our recent Analyst Day.

現在讓我們看看幻燈片 6 上新的獨立 AT&T 的財務狀況。在同類比較的基礎上，我們本季度的財務業績符合我們對今年趨勢的預期。然而，由於市場狀況依然強勁，我們的訂戶指標好於我們的預期。這使我們對最近的分析師日提供的年度指導充滿信心。

Revenues were $29.7 billion, up 2.5% or $700 million year-over-year, driven by wireless and broadband revenue growth, partially offset by declines in Business Wireline.

在無線和寬帶收入增長的推動下，收入為 297 億美元，同比增長 2.5% 或 7 億美元，部分被商業有線的下降所抵消。

Adjusted EBITDA was flattish year-over-year as lower retained video costs were offset by peak impact from our 3G network shutdown, continued success-based investments in wireless and fiber and the launch of multi-gig fiber plans. We remain confident that Q1 will be the trough in our year-over-year adjusted EBITDA trajectory. We continue to expect the year-over-year trend line to progressively improve through the year.

調整後的 EBITDA 同比持平，因為較低的保留視頻成本被我們的 3G 網絡關閉、無線和光纖持續成功的投資以及多千兆光纖計劃的推出所帶來的峰值影響所抵消。我們仍然相信，第一季度將成為我們調整後 EBITDA 同比軌蹟的低谷。我們繼續預計同比趨勢線將在全年逐步改善。

On a comparative basis, adjusted EPS for the quarter was $0.63 versus $0.58 in the first quarter of 2021 due to higher equity income from DIRECTV and lower interest expense. Cash from operations came in at $7.7 billion for the quarter. Overall spending was up year-over-year with stand-alone AT&T capital investments of $6.1 billion.

相比之下，由於 DIRECTV 的股權收入增加和利息費用降低，本季度調整後的每股收益為 0.63 美元，而 2021 年第一季度為 0.58 美元。本季度的運營現金為 77 億美元。總體支出同比增長，獨立的 AT&T 資本投資為 61 億美元。

Free cash flow was $2.9 billion. As expected, cash flow this quarter was affected by several factors. First, higher capital investments as we ramp fiber deployment and prepare to deploy our 5G mid-band spectrum bands in the back half of the year. Second, the absorption of 3G shutdown impact. Third, increased employee incentive compensation benefits paid in Q1. Fourth, lower proceeds from securitizations.

自由現金流為 29 億美元。正如預期的那樣，本季度的現金流受到多個因素的影響。首先，隨著我們加大光纖部署並準備在今年下半年部署我們的 5G 中頻頻段，資本投資增加。二是吸收3G關停影響。三是增加一季度支付的員工激勵薪酬福利。四是證券化收益減少。

DIRECTV cash distributions were $1.8 billion in the quarter, which is modestly better than the $1.5 billion contribution in last year's first quarter. We continue to expect about $4 billion distribution from DIRECTV for the year, so we do expect some moderation.

DIRECTV 本季度的現金分配為 18 億美元，略好於去年第一季度的 15 億美元。我們繼續預計今年 DIRECTV 的發行量約為 40 億美元，因此我們確實預計會有所放緩。

Given that Q1 is a seasonally low quarter for free cash flow and many of the factors impacting free cash are not expected to repeat, we remain confident in the guidance we provided to you during our Analyst Day to achieve free cash flow in the $16 billion range for the year and on a stand-alone basis.

鑑於第一季度是自由現金流的季節性低季度，預計影響自由現金的許多因素不會重複，我們仍然相信我們在分析師日為您提供的指導，以實現 160 億美元範圍內的自由現金流年度和獨立的基礎上。

Looking forward, we expect to incur restructuring charges over the next few quarters as we continue to execute our transformation initiatives. The cash impact of these charges has already been contemplated in our full year free cash flow guidance.

展望未來，隨著我們繼續執行轉型計劃，我們預計將在未來幾個季度產生重組費用。這些費用的現金影響已經在我們的全年自由現金流指導中得到考慮。

Now let's turn to our subscriber results for our market focus areas on Slide 7. Diving a bit deeper into our business unit level performance, the story continues to be simple and straightforward. The consistent, disciplined go-to-market strategy we implemented almost 2 years ago continues to work very well, and we're delivering strong momentum and growing customer relationships with 5G and fiber.

現在讓我們轉向幻燈片 7 上我們的市場重點領域的訂戶結果。深入了解我們的業務部門級別的表現，故事仍然簡單明了。我們在近 2 年前實施的一致、有紀律的上市戰略繼續運作良好，我們正在通過 5G 和光纖提供強勁的勢頭和不斷增長的客戶關係。

In the quarter, we had 691,000 postpaid phone net adds. As John said, this marks our best first quarter in more than a decade. This total also excludes impacts of 3G network shutdown of more than 400,000 postpaid phones. Consistent with industry practice, we have treated this reduction as an adjustment of our base at the beginning of the period.

在本季度，我們有 691,000 個後付費電話網絡添加。正如約翰所說，這標誌著我們十多年來最好的第一季度。這一總數還排除了超過 400,000 部後付費電話因 3G 網絡關閉而造成的影響。與行業慣例一致，我們將本次減持視為期初對基數的調整。

Churn also remained near historically low levels, thanks in part to our improving NPS, which is being driven by an enhanced customer experience, the strength of our network and our consistent and simple offers. We're growing our customer base with this disciplined approach. Our teams have maintained a strong focus on growing the right way with high-quality intake and by investing in existing customers. As mentioned in March, we're focused on incentivizing customers to shift to our current unlimited rate plans, which are designed for the 5G era and to better meet each customer's unique needs and provide greater value to both existing and new customers.

客戶流失率也保持在歷史低位附近，部分歸功於我們不斷提高的 NPS，這是由增強的客戶體驗、我們的網絡實力和我們一致而簡單的報價推動的。我們正在通過這種嚴格的方法來擴大我們的客戶群。我們的團隊一直專注於以正確的方式通過高質量的攝入和投資現有客戶來實現增長。如 3 月所述，我們專注於激勵客戶轉向我們目前的無限費率計劃，這些計劃專為 5G 時代而設計，旨在更好地滿足每個客戶的獨特需求，並為現有客戶和新客戶提供更大的價值。

Looking at AT&T Fiber, our customer base continues to grow as we expand availability of the best access technology across our footprint. We had 289,000 AT&T Fiber net adds in the first quarter and we expect to accelerate growth from here.

看看 AT&T Fiber，隨著我們在我們的足跡中擴大最佳接入技術的可用性，我們的客戶群繼續增長。我們在第一季度增加了 289,000 個 AT&T 光纖，我們預計將從這裡加速增長。

To say we're excited about the underlying momentum of the business would be an understatement. Where we have Fiber, we win and gain share and our deployment plans remain on track. We now have 6.3 million AT&T Fiber customers, up 1.1 million compared to a year ago and we expect customer momentum to accelerate from these already stepped-up levels. We continue to see strong demand for AT&T Fiber as customers seek out faster broadband speeds at an attractive price. And our Fiber churn remains low as AT&T Fiber continues to offer a great experience and a consistently high Net Promoter Score.

說我們對業務的潛在發展勢頭感到興奮是輕描淡寫的。在我們擁有光纖的地方，我們贏得併獲得份額，我們的部署計劃保持在正軌上。我們現在擁有 630 萬 AT&T 光纖客戶，比一年前增加了 110 萬，我們預計客戶的發展勢頭將從這些已經提高的水平加速。隨著客戶以具有吸引力的價格尋求更快的寬帶速度，我們繼續看到對 AT&T 光纖的強勁需求。由於 AT&T Fiber 繼續提供出色的體驗和始終如一的高淨推薦值，我們的光纖流失率仍然很低。

Now let's take a deeper look at our Communications segment operating results, starting with Mobility on Slide 8. Our Mobility business continues its record-level momentum. Revenues were up 5.5%, with service revenues growing 4.8% due to subscriber growth. Impressively, this growth in service revenue comes despite impact on service revenue of our 3G shutdown and without a material return of international roaming revenues.

現在讓我們更深入地了解我們的通信部門的運營結果，從幻燈片 8 上的移動開始。我們的移動業務繼續保持創紀錄的勢頭。由於用戶增長，收入增長了 5.5%，服務收入增長了 4.8%。令人印象深刻的是，儘管我們的 3G 關閉對服務收入產生了影響，而且國際漫遊收入沒有實質性回報，但服務收入的增長仍然存在。

Consistent with our comments on Analyst Day, Mobility EBITDA declined 1.8% year-over-year, largely due to a number of onetime-related factors. EBITDA was negatively impacted by over $300 million due to 3G shutdown costs and the absence of FirstNet and CAF II reimbursements. We remain confident in our stated expectations for Mobility adjusted EBITDA trajectory to improve through the course of the year as these impacts moderate through the balance of the year.

與我們在分析師日的評論一致，移動 EBITDA 同比下降 1.8%，主要是由於一些與一次性相關的因素。由於 3G 關閉成本以及沒有 FirstNet 和 CAF II 報銷，EBITDA 受到超過 3 億美元的負面影響。我們對我們對 Mobility 調整後 EBITDA 軌蹟的既定預期充滿信心，因為這些影響在今年餘下時間會有所緩和。

Overall, we continue to see healthy Mobility demand. While our guidance does not factor in industry demand levels replicating the strength that we experienced in 2021, our Q1 results came in better than anticipated. Both our postpaid phone and prepaid phone churn remained near record low levels despite a modest uptick among lower-income cohorts as certain pandemic levels benefits wear off.

總體而言，我們繼續看到健康的移動需求。雖然我們的指導沒有考慮複製我們在 2021 年所經歷的實力的行業需求水平，但我們的第一季度業績好於預期。我們的後付費電話和預付費電話的流失率都保持在歷史低位附近，儘管隨著某些流行病水平的好處逐漸消退，低收入人群中略有上升。

Now let's turn to our operating results for Consumer and Business Wireline on Slide 9. Our fiber growth was solid as we continue to win share where we have fiber. Even with expected declines from copper-based broadband services, our total Consumer Wireline revenues are up again this quarter, growing 2% due to higher broadband ARPU and fiber revenue growth.

現在讓我們看看幻燈片 9 上的消費者和商業有線業務的經營業績。我們的光纖增長穩健，因為我們繼續在擁有光纖的地方贏得份額。儘管基於銅線的寬帶服務預期會下降，但我們的消費者有線總收入在本季度再次上升，由於寬帶 ARPU 和光纖收入增長而增長了 2%。

Our fiber ARPU was approximately $60 with gross addition intake ARPU in the $65 to $70 range. We expect overall fiber ARPU to continue to improve as more customers roll off promotional pricing and on to simplified pricing constructs we introduced earlier this year.

我們的纖維 ARPU 約為 60 美元，總收入增加的 ARPU 在 65 美元到 70 美元之間。我們預計隨著越來越多的客戶推出促銷定價並轉向我們今年早些時候推出的簡化定價結構，整體光纖 ARPU 將繼續提高。

In addition, with the launch of our new multi-gig speeds in January, we have even more opportunity to move customers to higher speed tiers. Over time, we expect these factors to serve as a tailwind to the trajectory of our fiber ARPU.

此外，隨著 1 月份推出新的多千兆速度，我們有更多機會將客戶轉移到更高的速度等級。隨著時間的推移，我們預計這些因素將成為我們光纖 ARPU 發展軌蹟的順風車。

We also continue to accelerate our Fiber footprint build and now have the ability to serve 17 million customer locations. As you heard us share on Analyst Day, our plans center on pivoting from copper-based products to fiber. As we make this pivot, we expect positive EBITDA growth in 2022, driven by growth in broadband revenues.

我們還繼續加快我們的光纖足跡建設，現在有能力為 1700 萬客戶提供服務。正如您在分析師日聽到我們分享的那樣，我們的計劃重點是從基於銅的產品轉向光纖。隨著我們做出這一轉變，我們預計在寬帶收入增長的推動下，2022 年 EBITDA 將實現正增長。

Also to help provide you with greater insight into the performance of our Consumer Wireline Fiber operations, we've provided additional metrics in our trending materials that can be found on our IR website.

此外，為了幫助您更深入地了解我們的消費者有線光纖業務的績效，我們在趨勢材料中提供了其他指標，可在我們的 IR 網站上找到。

Looking at Business Wireline, we continue to execute on our rationalization of low-margin products in our portfolio. In the first quarter, we experienced some impacts by the timing of government sector demand due to the delays in passing the federal budget, which caused deeper-than-expected revenue declines. However, we expect demand to rebound later this year.

從商業有線來看，我們繼續在我們的投資組合中對低利潤產品進行合理化。在第一季度，由於聯邦預算延遲通過，我們受到政府部門需求時機的一些影響，導致收入下降幅度大於預期。然而，我們預計需求將在今年晚些時候反彈。

While the rationalization of our Business Wireline portfolio creates incremental pressure on our near-term revenues, it also allows us to focus on our own and operated connectivity services as well as growing 5G and fiber integrated solutions. Both areas, business 5G and fiber, continue to perform well, benefiting our Mobility segment with Business Solutions wireless service revenue growth of 8.4% and a sequential increase in our FirstNet wireless base by about 300,000.

雖然我們的商業有線產品組合的合理化給我們的近期收入帶來了越來越大的壓力，但它也使我們能夠專注於我們自己和運營的連接服務以及不斷增長的 5G 和光纖集成解決方案。商業 5G 和光纖這兩個領域繼續表現良好，使我們的移動業務受益，商業解決方案無線服務收入增長 8.4%，我們的 FirstNet 無線基礎連續增加約 300,000。

We remain comfortable with our guidance of Business Wireline EBITDA down mid-single digits in 2022.

我們對 2022 年商業有線 EBITDA 下降中個位數的指導感到滿意。

Shifting to Slide 10, I'd like to reiterate our overall capital allocation framework moving forward. With the completion of the WarnerMedia transaction, AT&T received $40.4 billion in cash and WarnerMedia's retention of certain existing debt. Additionally, AT&T shareholders received 1.7 billion shares of Warner Bros. Discovery, representing 71% of the new company. This transaction greatly strengthens our balance sheet and provides us with financial flexibility going forward. We now have a simplified capital allocation framework.

轉到幻燈片 10，我想重申我們向前發展的整體資本配置框架。隨著 WarnerMedia 交易的完成，AT&T 收到了 404 億美元的現金以及 WarnerMedia 保留的某些現有債務。此外，AT&T 股東還獲得了 17 億股 Warner Bros. Discovery 股份，佔新公司的 71%。這項交易極大地加強了我們的資產負債表，並為我們提供了未來的財務靈活性。我們現在有一個簡化的資本分配框架。

First, we plan to invest in our strategic focus areas: 5G and Fiber. As previously said, we expect stand-alone AT&T capital investments of $24 billion in 2022 and 2023. Starting in 2024, we expect our capital investment to begin tapering to around the $20 billion range as we surpass peak levels of investments in 5G and transformation.

首先，我們計劃投資於我們的戰略重點領域：5G 和光纖。如前所述，我們預計 2022 年和 2023 年獨立的 AT&T 資本投資將達到 240 億美元。從 2024 年開始，隨著我們超過 5G 和轉型投資的峰值水平，我們預計我們的資本投資將開始減少到 200 億美元左右。

The completion of the WarnerMedia transaction also marks a significant step towards achieving our established goal for net debt to adjusted EBITDA in the 2.5x range by the end of 2023. We've shared, as we get closer to this target, we expect our financial flexibility to improve. This increases our ability to pursue other ways to deliver incremental value for our shareholders.

WarnerMedia 交易的完成也標誌著我們朝著實現到 2023 年底淨債務調整後 EBITDA 在 2.5 倍範圍內的既定目標邁出了重要的一步。我們已經分享，隨著我們越來越接近這一目標，我們預計我們的財務提高靈活性。這增強了我們尋求其他方式為股東創造增值的能力。

As previously said, we expect to deliver annual total dividends of around $8 billion, which represents $1.11 per common share. This remains an attractive dividend and places AT&T among the very best dividend-yielding stocks in the U.S.

如前所述，我們預計年度總股息約為 80 億美元，即每股普通股 1.11 美元。這仍然是一個有吸引力的股息，並使 AT&T 成為美國股息收益率最高的股票之一。

Now let's take a step back and look at the free cash flow generation expected from our business. As outlined at our Analyst Day, we expect to generate in the range of $20 billion of free cash flow in 2023. After paying dividends and noncontrolling interest commitments, we expect to have at least $10 billion of cash remaining. And beyond 2023, this pace of cash generation will be helped by the tapering down of our capital investment. This is why we continue to feel very comfortable with our capital allocation plans.

現在讓我們退後一步，看看我們的業務預期產生的自由現金流。正如我們的分析師日所述，我們預計到 2023 年將產生 200 億美元的自由現金流。在支付股息和非控制性權益承諾後，我們預計至少有 100 億美元的現金剩餘。到 2023 年之後，我們將逐步減少資本投資，這將有助於實現這種現金生成速度。這就是為什麼我們繼續對我們的資本分配計劃感到非常滿意的原因。

As I've stated, we're in a much stronger financial position to pay down debt. And at the end of the first quarter, more than 90% of our debt portfolio was fixed and we do not have near-term needs to issue debt. In April, we improved our net debt by about $40 billion and paid down over $10 billion in bank loans, providing us with a lot more financial flexibility. We also provided notice that we plan to redeem an additional $12.5 billion of bonds by mid-May, reducing our near-term maturities.

正如我所說，我們在償還債務方面的財務狀況要好得多。在第一季度末，我們超過 90% 的債務組合是固定的，我們近期沒有發行債務的需求。 4 月，我們將淨債務減少了約 400 億美元，償還了超過 100 億美元的銀行貸款，為我們提供了更大的財務靈活性。我們還通知我們計劃在 5 月中旬之前再贖回 125 億美元的債券，從而減少我們的近期到期。

For the balance of the WarnerMedia proceeds, we plan to reduce our outstanding debt by focusing on pay down of commercial paper to improve our liquidity and opportunistically using the higher-rate environment to redeem debt at lower prices. So we feel really confident in our ability to pay down our current debt maturities in an effective manner and reach our goal for net debt to adjusted EBITDA.

對於華納媒體的收益餘額，我們計劃通過專注於償還商業票據以提高我們的流動性併機會性地利用更高利率的環境以更低的價格贖回債務來減少我們的未償債務。因此，我們對有效償還當前到期債務並實現淨債務與調整後 EBITDA 的目標的能力充滿信心。

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

阿米爾，那是我們的介紹。我們現在準備好進行問答了。

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

謝謝你，帕斯卡。接線員，我們準備回答第一個問題。

(Operator Instructions) Our first question will come from the line of John Hodulik of UBS.

（操作員說明）我們的第一個問題將來自 UBS 的 John Hodulik。

A couple of questions on margins, if you could. First, maybe on the consumer side, numbers were a little bit better than we thought. I mean if you look back to 2019, you guys were generating margins in the sort of 39%, 40% range. Given the change in the business and the mix there and the higher ARPUs, do you think you can eventually get back to those kind of levels?

如果可以的話，有幾個關於利潤的問題。首先，也許在消費者方面，數字比我們想像的要好一些。我的意思是，如果你回顧 2019 年，你們的利潤率在 39% 到 40% 的範圍內。考慮到業務的變化和那裡的組合以及更高的 ARPU，你認為你最終能回到那種水平嗎？

And then I guess on the other side of the ledger, consumer -- or the business segment continues to be weaker than expected, thanks for the color there. But how much visibility do you have in the improvement in the margins and the declines there? Any other color on that sort of rationalization of the portfolio you guys keep talking about? And should we see this improvement even if we see some economic headwinds later in the year?

然後我猜在分類賬的另一邊，消費者——或者業務部門繼續弱於預期，感謝那裡的顏色。但是，您對利潤率的提高和那裡的下降有多少了解？你們一直在談論的那種對投資組合的合理化還有其他顏色嗎？即使我們在今年晚些時候看到一些經濟逆風，我們是否應該看到這種改善？

Consumer Wireline first, let's -- the thing to keep in mind is in repositioning this business, we had -- over the last several years, we've been investing in our Fiber footprint and investing and launching in new parts of our footprint. What happens going forward is as the business add subscribers, we expect margins to continue to improve. And our cost base is relatively fixed once we've laid fiber out, so we do expect improvements over time. We haven't guided in terms of specific margins expected to generate, but we feel really good about the long-term view of this business. I mean you look at others in the space, margins are really attractive.

消費者有線首先，讓我們 - 要記住的是重新定位這項業務，我們擁有 - 在過去幾年中，我們一直在投資我們的光纖足跡，並投資和推出我們足蹟的新部分。未來會發生什麼，隨著業務增加訂戶，我們預計利潤率將繼續提高。一旦我們鋪設了光纖，我們的成本基礎就相對固定，因此我們確實希望隨著時間的推移有所改善。我們尚未就預期產生的具體利潤率提供指導，但我們對這項業務的長期看法感到非常滿意。我的意思是你看看這個領域的其他人，利潤真的很有吸引力。

And John, I'd add to that, if you go in and you kind of decompose what's in the transformation program and where we're targeting improvements in our operations in our business and things like reduction of call center activity that ultimately moves online, et cetera, all those things feed directly into that business that will -- it will allow us to scale that into the right kind of margin structure that I think we've historically been accustomed to, given the long-live nature of the asset base that we're deploying.

約翰，我想補充一點，如果你進去，你分解一下轉型計劃中的內容，以及我們的目標是改善我們的業務運營，以及減少最終轉移到線上的呼叫中心活動，等等，所有這些東西都會直接影響到該業務，這將使我們能夠將其擴展到我認為我們歷來習慣的正確的保證金結構，因為資產基礎的壽命很長我們正在部署。

To answer your question on the business side, I'll tell you what we have visibility to. As we've shared with you, our move is to be driving harder owned and operated infrastructure into the low end of the mid part of the market. And in order to do that, that's highly correlated to where we're deploying new fiber or where we have existing infrastructure deployed. We have good visibility to that part of it. So we know, as we deploy what we open up in terms of new market opportunity.

為了回答您在業務方面的問題，我將告訴您我們可以看到的內容。正如我們與您分享的那樣，我們的舉措是將擁有和運營的基礎設施推向中端市場的低端。為了做到這一點，這與我們在哪裡部署新光纖或在哪裡部署現有基礎設施高度相關。我們對它的那部分有很好的了解。所以我們知道，當我們部署我們在新市場機會方面開闢的東西時。

In some cases, in order to get that market, we're shifting our distribution channels. So there is work going on around how we ultimately position to distribute the product both directly through our own sales force as well as through other third parties. That's an execution issue. While we have control over how we progress on that, obviously, any time you scale up new channels and you work through things, there's things that you run into that are unexpected or that allow you to move left to right that you have to adjust to. But that's nothing new, that's the kind of thing we work with. And I think in terms of working through those issues, they usually are cycles that matter from a quarter or 2. They're not the kind of things that you hit a brick wall and can't work your way through.

在某些情況下，為了獲得這個市場，我們正在改變我們的分銷渠道。因此，關於我們最終如何直接通過我們自己的銷售人員以及通過其他第三方分銷產品的工作正在進行中。那是執行問題。雖然我們可以控制我們在這方面的進展方式，但顯然，每當您擴大新渠道並完成工作時，您會遇到意想不到的事情，或者讓您從左到右移動，您必須適應.但這並不是什麼新鮮事，這就是我們的工作方式。而且我認為就解決這些問題而言，它們通常是從四分之一或 2 開始的周期。它們不是那種你碰壁也無法解決的事情。

That's the area that I would say maybe we don't have perfect visibility over, but it's a question of whether you trust we can execute. And I would tell you, my view is we know how to do these kinds of things. I think I shared with you on the Analyst Day one thing that is very clear as we walk into the segment with the AT&T brand on the product and service, it's incredibly well received. And as I mentioned in my opening remarks, when we walk into these customers and we have the opportunity to talk to them about a new product, it oftentimes leads to a second discussion about possibly moving other parts of their services, like wireless, in that transaction. And that's the power of us in the business segment being able to go on with a complete portfolio of owned and operated wireless and direct fixed transport.

這就是我想說的領域，也許我們沒有完美的可見性，但這是一個你是否相信我們可以執行的問題。我會告訴你，我的觀點是我們知道如何做這些事情。我想我在分析師日與您分享了一件非常清楚的事情，當我們進入 AT&T 品牌產品和服務的細分市場時，它非常受歡迎。正如我在開場白中提到的那樣，當我們走進這些客戶並有機會與他們談論新產品時，通常會引發第二次討論，即可能會在其中移動他們服務的其他部分，例如無線交易。這就是我們在業務領域的力量，能夠繼續擁有和運營的無線和直接固定傳輸的完整組合。

Michael Rollins from Citi.

花旗的邁克爾·羅林斯。

As you look at the postpaid phone volume growth in the quarter, how much of that do you attribute to better market share versus just better overall industry growth? And can you frame how the economics of these mobile postpaid phone customers are evolving when you consider the ARPU, churn as well as the cost of acquisition?

當您查看本季度的後付費電話數量增長時，您將其中多少歸因於更好的市場份額而不是更好的整體行業增長？當您考慮 ARPU、客戶流失以及購置成本時，您能否描述這些移動後付費電話客戶的經濟狀況如何演變？

Mike, sure. Obviously, we don't -- we're first, so we don't have information as to how others are going to report this quarter. We, clearly, from the way we look at data, have some view of what's going on in the market. And I can tell you without backing that up with the actual reports from others, we believe the overall market still remains pretty strong. And we're seeing, what I would say, consistent volumes to what we saw in 2021 in terms of gross add pool that is occurring in the market. And I think we shared with you as we were guiding, we expected that to maybe taper down a little bit this year as we were giving you our estimates and our expectations. And so far, at least through the first quarter, we haven't seen that materialize at this juncture.

邁克，當然。顯然，我們沒有——我們是第一個，所以我們沒有關於其他人將如何報告本季度的信息。顯然，從我們看待數據的方式來看，我們對市場上正在發生的事情有一些看法。我可以告訴你，無需其他人的實際報告支持，我們相信整體市場仍然相當強勁。我們看到，我想說的是，就市場上出現的總添加池而言，我們在 2021 年看到的數量是一致的。而且我認為我們在指導時與您分享，我們預計今年可能會逐漸減少，因為我們向您提供我們的估計和我們的期望。到目前為止，至少在第一季度，我們還沒有看到在這個關鍵時刻實現。

And I would expect, I don't know, but my guess is after everybody reports, I won't be surprised if trends are similar to what you've seen in previous quarters in terms of flow share overall for our business. I don't want to overdrive my headlights on that, I could be surprised by what somebody puts on the table. But from my market sensing and data, I didn't see a material shift in overall flow share this quarter versus previous quarters. And I feel really good about that, especially given the nature of some of the promotional activity that occurred during the fourth quarter of last year, that we chose not to chase, stayed very consistent in the first quarter of this year with our strategies and approach and others are throwing a lot of different things at it.

我預計，我不知道，但我的猜測是，在每個人都報告之後，如果趨勢與您在前幾個季度看到的我們業務的整體流量份額相似，我不會感到驚訝。我不想把我的車頭燈開得太快，我可能會對有人放在桌子上的東西感到驚訝。但從我的市場感知和數據來看，與前幾個季度相比，本季度的總體流量份額沒有發生重大變化。我對此感覺非常好，特別是考慮到去年第四季度發生的一些促銷活動的性質，我們選擇不去追逐，在今年第一季度與我們的戰略和方法保持非常一致而其他人則向它扔了很多不同的東西。

I don't see us out there with BOGOs and I don't see us out there with $1,000 incentive to switch that others are using in the market. We've been very stable in our approach. And I think the thing that I would point to in terms of the overall economics is, look at ARPUs, they remain very, very stable, as we told you they were going to remain despite all the gains that are coming in here.

我沒有看到我們有 BOGO，也沒有看到我們有 1,000 美元的激勵來轉換其他人在市場上使用的。我們的方法非常穩定。而且我認為我要從整體經濟學角度指出的是，看看 ARPU，它們仍然非常非常穩定，正如我們告訴你的那樣，儘管這裡有所有收益，但它們仍將保持不變。

And as we shared with you at Analyst Day, our cost per gross adds are getting better, not worse, because we're scaling that away now, where our fixed cost structure is obviously being spread across a larger number of subscribers on any given quarter. That's a good dynamic that's going on there. And our churn numbers continue to be very, very strong. With our customer life cycle is actually looking better than what they've historically looked. That means better value.

正如我們在分析師日與您分享的那樣，我們的每增加總成本正在變得更好，而不是更糟，因為我們現在正在縮小它，我們的固定成本結構顯然在任何給定季度都分佈在更多的訂閱者中.這是一個很好的動態。而且我們的客戶流失率仍然非常非常強勁。我們的客戶生命週期實際上看起來比他們歷史上看起來更好。這意味著更好的價值。

So as we've been sharing with you all along, we feel really comfortable that the economics of these customers that we're bringing in are no different right now than they were a quarter ago or 2 quarters ago or 3 quarters ago, and we'll take these customers all day long.

因此，正如我們一直與您分享的那樣，我們感到非常欣慰的是，我們帶來的這些客戶現在的經濟狀況與一個季度前或兩個季度前或三個季度前沒有什麼不同，而且我們會整天接待這些顧客。

Mike, I would also just add, as a reminder, our fastest-growing plan is our Unlimited Elite, which is our top-tier plan. So that tells you the quality of what's happening in the overall wireless base.

邁克，我還想提醒一下，我們增長最快的計劃是我們的 Unlimited Elite，這是我們的頂級計劃。這樣就可以告訴您整個無線基礎中發生的事情的質量。

Brett Feldman, Goldman Sachs.

布雷特·費爾德曼，高盛。

It's actually sort of a two-part question on inflation. The first part is we saw one of your competitors earlier this week announced they were going to be increasing or have increased minimum wage for their retail workforce and a big part of their customer-facing workforce. So I was hoping you can maybe comment on what you're seeing in terms of labor cost and labor supply and whether or what you've anticipated in your outlook for this year for inflationary cost pressures on the workforce.

這實際上是一個關於通貨膨脹的兩部分問題。第一部分是我們看到你的一個競爭對手本週早些時候宣布他們將增加或增加他們的零售勞動力和大部分面向客戶的勞動力的最低工資。因此，我希望您可以評論一下您在勞動力成本和勞動力供應方面所看到的情況，以及您在今年對勞動力的通脹成本壓力的展望中是否或預計會發生什麼。

And then second, John, I think you've made some comments recently that if you did see inflationary pressures persist, you might look at what your pricing was, and I think it was implied that you could take price up. I was hoping you can maybe just elaborate on how you think about your pricing model if we were to remain in the sustained inflationary environment? And what gives you confidence you can execute a degree of pricing leverage even as the market remains competitive?

其次，約翰，我想你最近發表了一些評論，如果你確實看到通脹壓力持續存在，你可能會看看你的定價是多少，我認為這暗示你可以接受價格上漲。如果我們要繼續處於持續的通脹環境中，我希望您可以詳細說明您對定價模型的看法？是什麼讓您有信心在市場仍然具有競爭力的情況下執行一定程度的定價槓桿？

Sure, Brett. So look, there is no question there's wage inflation in the environment. And frankly, it's 7% inflation. There is no question there's pressures across a broad segment of goods and services and we're not insulated from that. I don't think anybody in the industry is insulated from that, and it's not a good position for the overall economy to be in. And I think from a policy perspective, it needs to be addressed.

當然，布雷特。所以看，毫無疑問，環境中存在工資通脹。坦率地說，這是 7% 的通貨膨脹率。毫無疑問，在廣泛的商品和服務領域都存在壓力，我們並沒有受到影響。我不認為業內任何人都與此隔絕，這對整體經濟來說不是一個好位置。我認為從政策角度來看，它需要解決。

We were pretty deliberate when we did planning for '22, acknowledging that we expected we'd see some wage inflation. And we compared to previous years as we built the plan, we assumed upticks in wages as a result of that. And we did several revisions late in the planning cycle that I would say those amounts added something with the B into overall cost structure into our expectations around that.

當我們為 22 年做計劃時，我們非常慎重，承認我們預計會看到一些工資上漲。我們在製定計劃時與前幾年相比，我們假設工資因此而上漲。我們在計劃週期的後期進行了幾次修訂，我會說這些金額將 B 部分添加到整體成本結構中，以符合我們對此的預期。

We're in the middle of -- as you know, we have labor contracts. Labor contracts are extended and ultimately program out wage increases. And we have the luxury in some cases, given the way the current wage market or job market is set up, that people stick around and work here because we have great benefits for middle class folks and they often go beyond the wage that somebody gets paid. And as a result of that, we've been managing through the dynamics of the wage -- the labor market pretty well.

如你所知，我們正處於中間階段，我們有勞動合同。勞動合同延長並最終計劃加薪。在某些情況下，考慮到當前工資市場或就業市場的建立方式，我們有幸留在這里工作，因為我們對中產階級有很大的好處，而且他們的工資經常超出某人的工資.因此，我們一直在很好地管理工資的動態——勞動力市場。

I will tell you, we're in the middle of some negotiations right now. Those negotiations are likely to land in a place that I think is consistent with how we built the plan this year, which was a stepped-up wage level from previous historic levels. I'm not happy about the fact that wages are rising as fast as they are. We're having to deal with it. It is going to drive a bit of an uptick in what I would call per individual wages. The good news is we're doing a lot of investment in other forms of mechanization and automation in our business. And some of that investment is helping us keep a lid on some of the wage-related inflation costs.

我會告訴你，我們現在正在進行一些談判。這些談判很可能會在我認為與我們今年制定計劃的方式一致的地方進行，這是從以前的歷史水平提高工資水平。我對工資增長如此之快的事實感到不高興。我們不得不處理它。這將推動我所說的個人工資略有上升。好消息是，我們在業務中對其他形式的機械化和自動化進行了大量投資。其中一些投資正在幫助我們控制一些與工資相關的通貨膨脹成本。

I would also point out that as you look at other parts of our business where people deploy long-lived infrastructure like fiber networks, wages are a portion of that deployment cost, not all of that deployment costs, and they are capitalized and they are taken over the life of a product that stays in service for many, many, many years.

我還要指出，當您查看我們業務的其他部分時，人們部署諸如光纖網絡之類的長期基礎設施時，工資是該部署成本的一部分，而不是所有部署成本，它們已被資本化並被佔用在一個產品的生命週期內保持服務很多很多很多年。

So well, obviously, we'd like to pay less in wages. It's not the end of the world when we're seeing a little bit of an uptick. It's a small portion of the cost of deployment and we can ultimately recover that over the long life cycle of the product, especially if prices ultimately go up in the market.

那麼，很明顯，我們希望支付更少的工資。當我們看到一點點上升時，這並不是世界末日。這只是部署成本的一小部分，我們最終可以在產品的長生命週期內收回成本，尤其是在市場價格最終上漲的情況下。

Now to your question of pricing, I'm not going to give away or announce anything here that -- it's not appropriate to do that. But I'll go back to the comments I made a couple of weeks ago, which is broadly across the board in the economy right now, we are seeing inflationary pressures and the consumer is seeing that every place they go. It's my belief, if we do not see some moderation in this fairly quickly that I think every business in the United States is going to be dealing with the cost of inputs. And I don't see the wireless industry being immune from that nor any other industry being immune from that.

現在關於你的定價問題，我不會在這裡放棄或宣布任何事情——這樣做是不合適的。但我會回到我幾週前發表的評論，這些評論現在廣泛存在於經濟中，我們看到了通脹壓力，消費者看到了他們所到的每一個地方。我相信，如果我們沒有很快看到一些緩和，我認為美國的每個企業都將處理投入成本。而且我認為無線行業不會對此免疫，任何其他行業也不會對此免疫。

And as I shared earlier, there's a lot of different ways you can deal with price adjustments. There's a lot of different tactics and approaches you can use. But when we're looking at the customer base as satisfied as we are, when we look at a customer base with some of the value we've been putting back into the product and service over time, when we look at our current churn levels do we believe we're in a position if we're forced into a situation where we have to start maybe taking some price that we can do that and move it through? Our history would suggest that we know how to do that, and we can do that. And we'll be very smart and judicious as we have to apply it. But running this business and not sitting here and evaluating where we have options to move on pricing and be successful, I wouldn't be doing my job properly.

正如我之前分享的，有很多不同的方法可以處理價格調整。您可以使用許多不同的策略和方法。但是，當我們看到與我們一樣滿意的客戶群時，當我們看到客戶群具有我們隨著時間的推移重新投入到產品和服務中的一些價值時，當我們查看當前的流失水平時如果我們被迫進入我們必須開始的情況，我們是否相信我們處於一個位置，我們可能會採取一些價格，我們可以做到這一點並通過它？我們的歷史表明我們知道如何做到這一點，而且我們可以做到。我們將非常聰明和明智，因為我們必須應用它。但是經營這項業務而不是坐在這裡評估我們在定價方面有哪些選擇並取得成功，我不會正確地完成我的工作。

And I want to maybe go back to a comment I made in my opening remarks. If you look at what we've done in our fiber product this last quarter, we went to a simplified price structure. I want everybody to understand what this means. We are not out in the market right now selling on 12-month promotional pricing on broadband. We are selling the customer on a stable price to the duration of the relationship with us. In many cases, we're in the market at a minimum of $10 higher to the promotional price that cable or the other broadband competitors have in the market. And our volumes were still stellar and they're continuing to grow, and we're doing incredibly well in that market. And it's a reflection of the value of the product and the service that we're bringing in that we're able to do that. It's an example of us being able to smartly understand where there's value and where there's opportunity for us to work the overall value equation, including price, to be able to manage our business effectively and we'll continue to do that.

我想回到我在開場白中發表的評論。如果你看看我們上個季度在我們的纖維產品中所做的事情，我們會看到一個簡化的價格結構。我希望每個人都明白這意味著什麼。我們現在沒有在市場上以 12 個月的寬帶促銷價格出售。在與我們的關係期間，我們以穩定的價格向客戶出售。在許多情況下，我們在市場上的價格至少比有線電視或其他寬帶競爭對手在市場上的促銷價格高出 10 美元。而且我們的銷量仍然很出色，而且還在繼續增長，我們在這個市場上做得非常好。這反映了我們能夠做到的產品和服務的價值。這是我們能夠巧妙地理解價值所在以及我們有機會處理包括價格在內的整體價值方程式的地方的一個例子，以便能夠有效地管理我們的業務，我們將繼續這樣做。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

A couple of follow-ups first. Let's dig into the postpaid phone adds a little more this quarter. Was there any impact from your own 3G shutdown on the reported adds? And what about the shutdown of T-Mobile CDMA network? Do you see any impact there in the first quarter or maybe second quarter?

先跟進幾個。讓我們深入研究一下本季度增加的後付費電話。您自己的 3G 關閉對報告的新增內容有什麼影響嗎？那麼T-Mobile CDMA網絡的關閉呢？您認為第一季度或第二季度有什麼影響嗎？

Phil, the short answer is no on the first one. As you know, we don't -- when we count net adds, a migration of the 3G customer to another service plan isn't a net add. That's just the migration. And so there wouldn't be any impact to that. And as we've shared with you, we restated our base numbers. Those are out there for you to see. And so I think everything you can look at, including looking at ARPU characteristics after the restatement, you should look at it. And I would actually say, this is probably one of the best air interface transitions I've ever seen. When I think about the shutdown of the 2G network and now the shutdown of the 3G network on a proportional basis and the number of subscribers and what we're able to do here, I think the team executed incredibly well.

菲爾，第一個答案是否定的。如您所知，我們沒有——當我們計算淨增加時，將 3G 客戶遷移到另一個服務計劃並不是淨增加。那隻是遷移。所以不會有任何影響。正如我們與您分享的那樣，我們重申了我們的基數。這些都在外面給你看。因此，我認為您可以查看的所有內容，包括查看重述後的 ARPU 特徵，您都應該查看它。我實際上想說，這可能是我見過的最好的空中接口轉換之一。當我考慮關閉 2G 網絡和現在按比例關閉 3G 網絡以及用戶數量以及我們在這裡能夠做的事情時，我認為團隊執行得非常好。

Relative to the flow share in the market today, I think we have seen over the last several quarters, Sprint is -- had an issue for T-Mobile to migrate and manage. And I know they're having to touch that base as they're shutting down the CDMA network and moving things through. And any time you do that, that can be disruptive to a customer base. And I think we've benefited in some flow share from Sprint customers who have been evaluating what they want to do and see AT&T as a good choice and a good value as they make that decision to whether or not they want to get a new handset and who they want to get it with. And there has been an element of that in the flow share in the market over, not just this last quarter, but several quarters as this has been going on. And there was an element of it in this quarter, but I don't think it was anything that was out of pattern from what we saw in previous quarters.

相對於當今市場上的流量份額，我認為我們在過去幾個季度中已經看到，Sprint 是 - T-Mobile 存在遷移和管理的問題。而且我知道他們在關閉 CDMA 網絡並進行轉移時必須觸及這個基礎。任何時候你這樣做，都可能對客戶群造成破壞。我認為我們已經從 Sprint 客戶那裡獲得了一些流量份額，他們一直在評估他們想做的事情，並在他們決定是否要購買新手機時將 AT&T 視為一個不錯的選擇和良好的價值以及他們想和誰一起得到它。在過去的市場流量份額中存在一個因素，不僅是上個季度，而且已經持續了幾個季度。本季度有一個因素，但我認為這與我們在前幾個季度看到的情況沒有什麼不同。

Yes. Phil, just as a reference point, 300,000 of the net adds this quarter were from FirstNet. Again, nothing to do with the 3G migrations.

是的。 Phil，作為一個參考點，本季度 300,000 的淨添加來自 FirstNet。同樣，與 3G 遷移無關。

Okay. And then second, if I can. You've got a guide out there for 3% plus service wireless service revenue growth. You did 4.8% this quarter. Is there -- I mean, there's comping issues. But anything in the numbers that we should think is going to be a headwind that would drive a significant deceleration?

好的。然後第二個，如果可以的話。您已經獲得了 3% 以上的服務無線服務收入增長的指南。本季度你做了 4.8%。有沒有 - 我的意思是，有伴奏問題。但是，我們應該認為數字中的任何東西都會成為推動顯著減速的逆風嗎？

We feel really good about how the business is performing. And we guided to 3% plus. As you've heard from John previously, this management team is in the realm of trying to put up guidance on a conservative end of a spectrum.

我們對業務的表現感覺非常好。我們引導到 3% 以上。正如您之前從 John 那裡聽到的那樣，這個管理團隊正試圖在一個保守的範圍內提供指導。

With that said, the one thing I would remind you, as you move through next quarter, we're going to have a full 3-month impact of the 3G migration, so that is going to hit ARPU some. But we feel really good about the overall pace of the business and how we're executing.

話雖如此，我要提醒您的一件事是，當您進入下個季度時，我們將對 3G 遷移產生整整 3 個月的影響，因此這將對 ARPU 造成一些影響。但我們對業務的整體步伐以及我們的執行方式感覺非常好。

Simon Flannery, Morgan Stanley.

西蒙弗蘭納里，摩根士丹利。

I wonder if you could talk about C-band a little bit. I think you said that you would be ramping the deployment later this year. If you could just give us some updates on when we expect that to really start scaling and what you're seeing in the supply chain then. And there's been a lot written about fixed wireless recently, and we've seen some good momentum in that market. As you get the C-band up, what do you think in terms of out-of-market opportunities or even the opportunity to upgrade some of your DSL base that may not be getting fiber anytime soon or non-fiber based?

我想知道你能否談談 C 波段。我想你說過你將在今年晚些時候擴大部署。如果您可以向我們提供一些最新信息，說明我們預計何時真正開始擴展以及您在供應鏈中看到的情況。最近有很多關於固定無線的文章，我們已經看到該市場的一些良好勢頭。當您獲得 C 波段時，您如何看待市場外機會，甚至升級您的一些可能不會很快獲得光纖或非光纖的 DSL 基礎的機會？

Simon, so the scaling on C-band is happening now, and it will continue. We're not -- as we told you, we're deploying midyear. That's when we have the right kind of equipment for our ONETOUCH work between the 2 different spectrum bands that we can touch the tower once and move through. We have capabilities to do prework on that. Obviously, there are things that we can deploy today to get ourselves ready, make sure that we're in the right position. And we can start spending on and be in a position to scale that, turn up pretty rapidly as we hit midyear.

西蒙，所以現在 C 波段的擴展正在發生，並且會繼續。我們不是——正如我們告訴你的那樣，我們正在年中部署。那時我們有合適的設備用於我們的 ONETOUCH 在 2 個不同的頻帶之間工作，我們可以觸摸一次塔並通過。我們有能力對此進行前期工作。顯然，我們今天可以部署一些東西來讓自己做好準備，確保我們處於正確的位置。我們可以開始支出並有能力擴大規模，在年中時迅速增加。

So I'd say, as we told you, you're already seeing it move into some of the capital numbers in this quarter and it will continue to ramp as we move through the middle of the year. And then that positions us to do the rapid turnup in the second half of the year and hit the POP targets that we've communicated to you through the Analyst Day.

所以我想說，正如我們告訴你的那樣，你已經看到它在本季度進入了一些資本數字，並且隨著我們進入年中，它將繼續增加。然後這使我們能夠在今年下半年快速啟動並達到我們通過分析師日傳達給您的 POP 目標。

On supply chain, I'm conservative on this. I don't ever want to say we're in good hands, but here's the dynamic that I think is occurring. I actually think for the industry in aggregate globally, there are going to be some supply chain pressures, at least from what I know, where chip manufacturing is, it's going back into some of the key OEMs.

在供應鏈方面，我對此持保守態度。我不想說我們掌握得很好，但這是我認為正在發生的動態。實際上，我認為對於全球範圍內的整個行業來說，將會有一些供應鏈壓力，至少從我所知道的芯片製造所在的情況來看，它正在回到一些關鍵的原始設備製造商身上。

However, I think what you should keep in mind is that the North American market is an incredibly profitable market for providers of equipment on a global basis. If you were to start ranking it relative to other continents, it is the most profitable market of any continent out there. And so as a result of that, if you're into a situation where there's some degree of constraint, I think if you're an equipment manufacturer, you have the motivation to make sure that you supply your most profitable market first. And as a result of that, I don't want to say that we're out of the woods, but I think that we're likely to see a prioritization given the dynamics of this market that may put other parts of the globe a little bit lower down the list in terms of availability of equipment and services moving forward.

但是，我認為您應該記住的是，北美市場對於全球設備供應商來說是一個非常有利可圖的市場。如果你開始相對於其他大洲對其進行排名，它是任何大洲中最賺錢的市場。因此，如果您遇到某種程度的限制，我認為如果您是設備製造商，您就有動力確保首先供應最有利可圖的市場。因此，我不想說我們已經走出困境，但我認為鑑於這個市場的動態可能會使全球其他地區成為就未來的設備和服務的可用性而言，排名略低。

So right now, I think we have a good handle on things. Our vendors are telling us they can meet our build expectations. We've done a lot of second order diligence on our equipment. We're not just taking their word for it. We look at sourcing on key components within if we can't do every element. And sometimes it's the smallest and silliest things that end up causing a problem.

所以現在，我認為我們已經很好地處理了事情。我們的供應商告訴我們他們可以滿足我們的構建期望。我們已經對我們的設備進行了大量的二級調查。我們不只是相信他們的話。如果我們不能做到每一個元素，我們會考慮採購關鍵組件。有時，最終導致問題的是最小和最愚蠢的事情。

We've looked at the harder things like at chip levels and feel that there's confidence in those estimates right now that they can bring them through. And so I'm not expecting that to be a problem. But as you know, the global supply chains are fragile right now and crazy things happen, whether it's neon gas coming out of the Ukraine or whatever, and we'll continue to work through that.

我們已經研究了芯片級別等更難的事情，並認為現在對這些估計有信心，他們可以通過它們。所以我不認為這是一個問題。但如你所知，全球供應鏈現在很脆弱，瘋狂的事情發生了，無論是來自烏克蘭的氖氣還是其他什麼，我們將繼續努力解決這個問題。

On the fixed wireless side, I think you hit the nail on the head. Look, we have hundreds of thousands of fixed wireless subscribers already. We've used it pretty aggressively in parts of the business segment where a particular business customer that we support finds it to be the right and best solution for how their particular business is set up. We continue to believe that there are going to be applications for fixed wireless deployment moving forward, and we think our network will be well suited to do that after we get through the mid-band deployment.

在固定無線方面，我認為你一針見血。看，我們已經擁有數十萬固定無線用戶。我們在部分業務部門中非常積極地使用它，我們支持的特定業務客戶發現它是其特定業務設置方式的正確和最佳解決方案。我們仍然相信固定無線部署的應用將會向前發展，我們認為我們的網絡在完成中頻部署後將非常適合這樣做。

But to your point, it's going to be what I would call use specific. I don't intend to go into dense urban and metropolitan areas where I can build fiber infrastructure and offer broadband and try to use fixed wireless as the solution to serve broadband customers where we see estimates of traffic growing 5x over the next 5 years and performance requirements needing to get significantly better. And we watch our Fiber base, we watch our customers and we don't believe -- we watch our copper base of customers, and we don't believe a product that's doing sub 100 megabits is going to be a viable product in the market over the next couple of years based on how we're seeing consumers use the service and what they expect to do in some of these urban areas where there's broader and more dense environments, with more people in a living unit.

但就您而言，這將是我所說的特定用途。我不打算進入密集的城市和大都市地區，在那裡我可以建立光纖基礎設施並提供寬帶，並嘗試使用固定無線作為服務寬帶客戶的解決方案，我們預計未來 5 年的流量和性能將增長 5 倍需要顯著改善的需求。我們關注我們的光纖基礎，我們關注我們的客戶，我們不相信 - 我們關注我們的銅客戶基礎，我們不相信低於 100 兆比特的產品將成為市場上可行的產品在接下來的幾年裡，基於我們看到消費者如何使用這項服務以及他們期望在一些城市地區做些什麼，那裡有更廣闊、更密集的環境，有更多的人住在一個生活單元中。

But there are clearly places in more rural areas where fixed wireless will be the best way to get the most amount of bandwidth out to a customer. And we believe we can play in those spaces, and there'll be some former ADSL locations where fixed wireless will be a substantial step-up in opportunity. And there's going to be places where the government comes in with subsidy in very less densely populated areas that fixed wireless is going to be the solution.

但很明顯，在更多的農村地區，固定無線將是向客戶提供最多帶寬的最佳方式。而且我們相信我們可以在這些空間中發揮作用，並且將有一些以前的 ADSL 位置，固定無線將是一個巨大的機會。在人口密度非常低的地區，政府會提供補貼，固定無線將成為解決方案。

And sure, there may be some niche customers who can live on a very niche-oriented product for their particular use characteristic and find it interesting, but I don't believe that's the main part of the market. I think it's really hard to market niche broadband products, frankly, over time. And I think market performance of what we're able to do is we blanket an area with a robust fixed fiber broadband service are showing in the numbers that we're putting up in our performance in the market right now.

當然，可能有一些利基客戶可以根據他們的特定使用特性住在一個非常面向利基的產品上，並覺得它很有趣，但我不認為這是市場的主要部分。坦率地說，我認為隨著時間的推移，很難推銷利基寬帶產品。而且我認為我們能夠做的市場表現是我們用強大的固定光纖寬帶服務覆蓋了一個區域，這體現在我們現在在市場上的表現中。

David Barden, Bank of America.

美國銀行的大衛·巴登。

A few higher-level questions about the new AT&T, John -- or maybe the old AT&T, depending on how you think about it. Is the new AT&T -- maybe -- I'm going to be greedy, I have three questions.

關於新 AT&T 的一些更高層次的問題，約翰——或者可能是舊的 AT&T，取決於你如何看待它。是新的 AT&T——也許——我會變得貪婪，我有三個問題。

Number one, is the new AT&T a dividend yielder or a dividend grower?

第一，新的 AT&T 是股息收益者還是股息增長者？

The second question is, John, last -- I think at the Analyst Day, you previewed that your plan was -- after the separation, that you would kind of refresh AT&T's go-to-market plan. I was wondering if you could kind of maybe share an evolution of those thoughts or set some expectations around what we should see.

第二個問題是，約翰，最後——我認為在分析師日，你預覽了你的計劃是——在分離之後，你會刷新 AT&T 的上市計劃。我想知道您是否可以分享這些想法的演變或圍繞我們應該看到的內容設定一些期望。

And then finally, Pascal, could you kind of describe and maybe share a little of the geography about how the go-forward financial relationship between AT&T and WarnerMedia Discovery will work, i.e. offering HBO Max for free in the wireless business and those sorts of things? That will be super helpful.

最後，帕斯卡，你能否描述一下並分享一些關於 AT&T 和 WarnerMedia Discovery 之間的未來財務關係將如何運作的地理信息，即在無線業務中免費提供 HBO Max 以及諸如此類的事情?這將非常有幫助。

Dave, let me give the front end. I'll try to do all 3 of them and Pascal can jump in and offer anything he wants.

戴夫，讓我給前端。我會嘗試完成所有這 3 個，Pascal 可以加入並提供他想要的任何東西。

I think we're a dividend competitor moving forward, meaning I want the dividend to remain at a competitive level relative to others out in the market, which means I'll pay attention to the yield of the dividend. As we've told you, as we move past 2023 and we start to think about what we do with discretionary capital, as we have the balance sheet where we want it to be, the Board is going to evaluate where the best returns come back into the business. And there's a lot of choices at that point. That could be what we choose to do on equity, could be choose on what we choose to do with dividend, it could be choose -- could be choices on we make -- what we make within the deployment on new business opportunities within the business for organic growth. We'll evaluate those in the complete portfolio where we stand and the relative competitiveness of the value proposition of the AT&T equity with others in the market and adjust accordingly.

我認為我們是一個向前發展的股息競爭者，這意味著我希望股息相對於市場上的其他公司保持在競爭水平，這意味著我會關注股息的收益率。正如我們已經告訴您的那樣，隨著我們進入 2023 年並開始考慮如何處理可自由支配的資本，因為我們擁有我們想要的資產負債表，董事會將評估最佳回報的回報進入業務。那時有很多選擇。這可能是我們選擇在股權上做的事情，可能是我們選擇對股息做的事情，可能是我們選擇 - 可能是我們做出的選擇 - 我們在部署業務中的新業務機會時所做的事情為有機增長。我們將評估我們所處的完整投資組合中的那些，以及 AT&T 股票的價值主張與市場上其他人的相對競爭力，並進行相應調整。

And so to answer your question, we'll pay attention to the yield, but I don't necessarily intend to every quarter look at it and say my expectation is that I have to grow the dividend in any given quarter relative to not answering the question of how do we stand competitively in the market and whether or not we think we've got the right kind of mix of how we're investing our capital and deploying it within the business.

所以為了回答你的問題，我們會關注收益率，但我不一定打算每個季度都看一下，並說我的期望是相對於不回答問題，我必須在任何給定季度增加股息問題是我們如何在市場上保持競爭力，以及我們是否認為我們在如何投資資本和在業務中部署資本方面擁有正確的組合。

When you ask about refreshing the go-to-market plan, it could possibly be 2 things you're driving that. One could be comments I've made about what we're doing to refine the brand. If that's kind of the angle that you're going after, is that where your question is?

當您詢問有關刷新上市計劃的問題時，可能是您正在推動的兩件事。一個可能是我對我們為完善品牌所做的工作所做的評論。如果這是您要追求的角度，那是您的問題所在嗎？

I think more specifically, John, the market's seen your kind of -- and you highlight this as a positive, your very consistent go-to-market plan on customer retention, the new and existing customer, hence that upgrade plan. It's been pretty solid for almost 2 years now. And I think you hinted that there would be a change. And I think people were interested in hearing a little bit more about it.

我想更具體地說，約翰，市場已經看到了你的那種 - 你強調這是一個積極的，你非常一致的客戶保留市場計劃，新客戶和現有客戶，因此升級計劃。現在已經快2年了。我認為你暗示會有變化。我認為人們有興趣聽到更多關於它的信息。

Well, there'll be a change when it doesn't work, and it's working just fine. And I'm probably not going to tell you what the change is going to be when it doesn't work anymore because that would kind of be self-defeating. But it's working just fine.

好吧，當它不起作用時會有變化，它工作得很好。而且我可能不會告訴你當它不再起作用時會發生什麼變化，因為那會弄巧成拙。但它工作得很好。

And I would have guessed maybe last year that we might be hitting a point where we had to think about it differently, we're not. And I think that's great. We have thoughts on where our next path will go if we need to go down that path. But we're not at that point at this juncture. I love the momentum we're seeing. I think it was a great quarter. I like what we're seeing right now. And I like that we're watching others having to, in any given week or month, adjust their approach in the market while we continue to do exactly what we're doing.

我會猜到，也許去年我們可能會達到一個必須以不同方式思考的地步，但我們沒有。我認為這很棒。如果我們需要走那條路，我們會思考下一條路將走向何方。但我們現在還沒有到那個時候。我喜歡我們所看到的勢頭。我認為這是一個很棒的季度。我喜歡我們現在看到的。我喜歡我們看到其他人必須在任何給定的一周或一個月內調整他們在市場上的方法，同時我們繼續做我們正在做的事情。

And as we continue to have the opportunity to grow our footprint between the 2 services, it opens up even more opportunity for us to do things on a combined basis that we're seeing really good progress on. Admittedly, our new footprint is still relatively small. It will grow over time. But I'm really excited about what that means for us moving forward in the future.

隨著我們繼續有機會在這兩項服務之間擴大我們的足跡，它為我們提供了更多的機會，可以在我們看到非常好的進展的綜合基礎上做一些事情。誠然，我們的新足跡仍然相對較小。它會隨著時間的推移而增長。但我真的很興奮這對我們未來的發展意味著什麼。

And I think as I would stress, one of the things that's really important to understand is we're not getting our growth just through one set of go-to-market actions here. I know you're focused and you're thinking about what we're doing in the consumer space right now. But I want to stress, FirstNet has been really strong for us. What we're doing in the business customers that we have close relationships have been really strong for us. We're going to see us start to grow in some wholesale revenues later this year that we have not had in our mix up to this point in time.

而且我認為，正如我要強調的那樣，真正重要的是要理解的一件事是，我們並沒有僅僅通過這裡的一套進入市場的行動來實現我們的增長。我知道你很專注，你正在考慮我們現在在消費領域所做的事情。但我想強調，FirstNet 對我們來說真的很強大。我們在與我們有密切關係的商業客戶中所做的事情對我們來說非常強大。今年晚些時候，我們將看到我們的一些批發收入開始增長，這是迄今為止我們的組合中還沒有的。

So our growth portfolio is a balanced portfolio and it's not hinging on any one strategy. And I've been saying this all along, you need to understand that there's not any one thing we're doing, it's a variety of things that we're doing on distribution that are adding up to the sum total of this and feel good about that.

所以我們的增長投資組合是一個平衡的投資組合，它不依賴於任何一種策略。我一直在說這個，你需要明白我們在做的不是任何一件事，而是我們在分發上做的各種各樣的事情，這些事情加起來總和感覺很好關於那個。

Your last question on financial relationship with Warner Bros. Discovery. We expect there's going to continue to be a relationship with Warner Bros. Discovery going forward. I expect that, that relationship will still be important to both companies. But I don't expect over time that it's going to be ultimately exclusive. I think Warner Bros. Discovery will want flexibility to be able to do things with a variety of players in the market. I think I understand why they'd want to do that. I think there are things that AT&T can do to accommodate that and still have the right value proposition for our customers moving forward. But I still expect there'll be a strong trading relationship given what we've had in the market is a portion of the success that we've had in being able to keep and retain customers moving forward. And we'll fine-tune that a bit as we move forward and make sure it's right for both companies. But I don't expect that it will continue to be what I call a captive or exclusive arrangement.

關於與華納兄弟探索公司財務關係的最後一個問題。我們預計未來將繼續與華納兄弟探索公司保持合作關係。我預計，這種關係對兩家公司仍然很重要。但我不希望隨著時間的推移它最終會成為排他性的。我認為 Warner Bros. Discovery 將希望能夠靈活地與市場上的各種參與者合作。我想我明白他們為什麼要這樣做。我認為 AT&T 可以做一些事情來適應這一點，並且仍然為我們的客戶提供正確的價值主張。但我仍然預計會有牢固的貿易關係，因為我們在市場上所取得的成就是我們在留住客戶方面取得的成功的一部分。我們會在前進的過程中對其進行微調，並確保這對兩家公司都適用。但我不認為它會繼續成為我所說的專屬或排他性安排。

Pascal, do you want to add anything?

帕斯卡，你想補充什麼嗎？

The only point, Dave, I'd say on your first question on the dividend yield growth. We've said this, the way we're thinking about generating returns going forward, dividends are only one part of it. We're going to hold ourselves accountable to growing earnings at the stock price. And it's a mix of overall return to our shareholders. And that's what we are looking to optimize over time.

唯一一點，戴夫，我要說的是關於股息收益率增長的第一個問題。我們已經說過，我們正在考慮產生未來回報的方式，股息只是其中的一部分。我們將讓自己對股價上漲的收益負責。這是對我們股東的整體回報的混合。這就是我們希望隨著時間的推移而優化的內容。

Doug Mitchelson, Credit Suisse.

道格·米切爾森，瑞士信貸。

Sort of, John, following up on the media side with regards to media streaming piracy, is there a place for AT&T to gain any economics by helping streaming services reduce piracy given the breadth of your broadband footprint? I mean, Netflix losing $50 billion in market cap yesterday suggests there might be value to the streamers. And I would think it would be important to the value you're giving your customers of HBO or however that evolves. And to help size that, how much password sharing did you see with HBO in the U.S.?

有點，約翰，在媒體方面跟進流媒體盜版問題，鑑於您的寬帶足蹟的廣度，AT&T 是否有機會通過幫助流媒體服務減少盜版來獲得經濟利益？我的意思是，Netflix 昨天損失了 500 億美元的市值，這表明流媒體可能有價值。而且我認為這對於您為 HBO 的客戶提供的價值或無論其發展如何都會很重要。為了幫助確定規模，您在美國看到 HBO 共享多少密碼？

And then if I could just sort of follow up, Pascal, I just wanted a clarification. The CapEx guide, $20 billion of cash spend plus paying down $4 billion of vendor financing in 2022, what should we anticipate for CapEx purchased on new vendor finance?

然後，如果我可以跟進，Pascal，我只想澄清一下。資本支出指南，200 億美元的現金支出加上 2022 年支付的 40 億美元的供應商融資，我們應該對新供應商融資購買的資本支出有什麼預期？

Doug, so if I go back -- I don't know, I don't play a story in here, but if I go back probably 3 years ago, there were several comments I made or observations I made about the SVOD business, one of which was that managing customer subscriptions was going to be an important element of the long-term sustainability of the business. And that was at a time when I think somewhere in the industry may be advocating that rampant password sharing was somehow a good thing for these products. And I had a little bit more jaded view of that. I think there were probably some articles that were written to criticize me for having a little bit more jaded view of that. But it drove a lot of the thought process at the front end of the HBO Max product where we were thoughtful about how we built the product.

道格，所以如果我回去 -- 我不知道，我不會在這裡播放故事，但如果我大概在 3 年前回去，我對 SVOD 業務發表了一些評論或觀察，其中之一是管理客戶訂閱將成為業務長期可持續性的一個重要因素。那時我認為行業中的某個地方可能會提倡猖獗的密碼共享對這些產品來說是一件好事。我對此有一點厭倦的看法。我想可能有一些文章是為了批評我對此有一點厭倦的看法。但它在 HBO Max 產品的前端推動了很多思考過程，我們在這些過程中對我們如何構建產品進行了深思熟慮。

We were thoughtful about making sure that we give customers enough flexibility, but we don't want to see rampant abuse. And so I'm not going to go into all the details, but there were a lot of things and features built in to the product that are consistent with the user agreement, that has terms and conditions of how they can and can't use it. And we've enforced it, and we've enforced them obviously in a way that I think has been customer-sensitive. You don't see anybody complaining massively about it. But I can tell you that we actively, in any given month, are looking at how particular users are using the product and have features and capabilities technically to limit what I would call rampant abuse.

我們考慮過確保為客戶提供足夠的靈活性，但我們不希望看到猖獗的濫用行為。因此，我不會詳細介紹所有細節，但產品中內置了許多符合用戶協議的內容和功能，其中包含他們如何使用和不能使用的條款和條件它。我們已經執行了，而且我們顯然以我認為對客戶敏感的方式執行了它們。你看不到任何人對此大肆抱怨。但我可以告訴你，我們在任何一個月都在積極研究特定用戶如何使用該產品，並在技術上具有限制我所說的猖獗濫用的特性和功能。

And so I would tell you that I think that's the right way for the industry to be managed. And I think maybe some are going to adjust practices and approaches over time to try to get their arms around that, but I don't think it's the broadband providers' role in making that happen. I think it's the owner of the applications role in making that happen. And I don't necessarily expect that we'd be trying to work on a product or service to market back to other providers to say we can help you manage that. I think there are adequate tools available in software and then how you manage your application to be able to do that. And I can tell you from our own experience, we feel like we've done that reasonably effectively in the interest of the product.

所以我會告訴你，我認為這是管理行業的正確方式。我認為也許有些人會隨著時間的推移調整實踐和方法以試圖解決這個問題，但我不認為寬帶提供商在實現這一目標中的作用。我認為它是實現這一目標的應用程序角色的所有者。而且我不一定期望我們會嘗試將產品或服務推向其他供應商，以說我們可以幫助您管理它。我認為軟件中有足夠的工具可用，然後你如何管理你的應用程序才能做到這一點。而且我可以根據我們自己的經驗告訴你，我們覺得我們已經合理有效地完成了這件事，以符合產品的利益。

I'll let Pascal go ahead and maybe pick up the second part of the question.

我會讓 Pascal 繼續說下去，也許會回答問題的第二部分。

Doug, here's the way I think about. We haven't provided guidance specifically on how much better financing commitments will enter into each year, but we provided overall cash payment guidance. And so we provided for '22 and '23, both years is $24 billion. So anything we do this year, we'd have to pay next year and that would be captured in that $24 billion guide.

道格，這就是我的想法。我們沒有具體提供關於每年會有多少更好的融資承諾的指導，但我們提供了整體現金支付指導。所以我們為 22 年和 23 年提供了 240 億美元。因此，我們今年所做的任何事情，都必須在明年支付，而這將包含在 240 億美元的指南中。

And so while we haven't provided guidance, you should have a pretty good sense about where the overall trajectory should be.

因此，雖然我們沒有提供指導，但您應該對整體軌跡應該在哪裡有一個很好的了解。

Walter Piecyk, LightShed Partners.

Walter Piecyk，LightShed 合作夥伴。

Pascal, I was hoping to unpack some of the fiber comments you made earlier. You talked about rising subscriber growth over the course of the year. And then, John, you talked about basically higher ARPUs or basically charging $10 higher than cable. I guess first, when you look at the 289,000 that you did this quarter, what was the mix of conversions from your own customers versus taking it from other competitors that are out there?

帕斯卡，我希望解開你之前發表的一些纖維評論。您談到了在這一年中不斷增長的訂戶增長。然後，約翰，你談到了基本上更高的 ARPU 或基本上比有線收費高 10 美元。我想首先，當您查看本季度完成的 289,000 次轉換時，您自己的客戶與從其他競爭對手那裡獲得的轉換的組合是什麼？

And then secondly, in terms of fiber, if you think about higher pricing, are you still seeing that kind of the penetration rate after year 1 and year 2 that we've historically seen when other companies have built out fiber? Or is the higher pricing changing kind of the penetration rate that you think you can achieve for a second, third year of rolling out these new services?

其次，在光纖方面，如果您考慮更高的定價，您是否仍然看到在第 1 年和第 2 年之後我們在歷史上看到其他公司建立光纖時的那種滲透率？還是您認為在推出這些新服務的第二年或第三年可以實現更高的定價改變滲透率？

Yes. Walt, let me see if I can answer your question, and Pascal can jump in if he wants to. First of all, we don't disclose the mix. But what I would say to you is what you should understand is we do give you some information that you should be able to understand that we're getting a healthy growth of new subscribers to AT&T. You know, I think our aggregate share numbers in broadband in the market today and you know where those stand. We shared with you that our pen rates after we're in the market about 3 years has roughly an equal split of market share which is a substantial increase to where our aggregate market share in our broadband business previously stood. You can't, in a 3-year period of time of fiber growth to get to equivalent market share in an area, do that without taking customers from the other side of the house. It's mathematically impossible to do that.

是的。沃爾特，讓我看看我能不能回答你的問題，如果帕斯卡願意，他可以加入。首先，我們不透露組合。但是我要對您說的是您應該理解的是，我們確實為您提供了一些您應該能夠理解的信息，即我們正在獲得 AT&T 新訂戶的健康增長。你知道，我認為我們今天在市場上的寬帶總份額數，你知道這些在哪裡。我們與您分享，我們在市場上大約 3 年後的筆費率大致平分市場份額，這比我們以前在寬帶業務中的總市場份額大幅增加。在光纖增長的 3 年時間內，要想在一個地區獲得同等的市場份額，如果不從房子的另一端吸引客戶，你就無法做到這一點。這在數學上是不可能的。

And so I think the way you think about it, if I were in your shoes, being an analyst, and you look at cash flows over a 3-year period and you look at footprint expansion and you see that market shift, you should conclude over time that we're actually picking up, as I've described it, share points in a way that I've never seen a product move in my career.

所以我認為你的想法，如果我站在你的立場，作為一名分析師，你看看 3 年期間的現金流量，你看看足跡擴張，你看到市場的變化，你應該得出結論正如我所描述的，隨著時間的推移，我們實際上正在以一種我在職業生涯中從未見過的產品移動的方式分享觀點。

Now admittedly, we put a lot of money into this infrastructure. And we should expect to see that kind of share point move, and we're getting that. So we are winning our share of new customers as a result of this.

現在不可否認，我們在這個基礎設施上投入了大量資金。我們應該期待看到這種分享點的移動，我們正在得到它。因此，我們正在贏得新客戶的份額。

And we report to you as well our aggregate revenues, and we report to you our growth and decline in our fiber and our copper base. And I think it's pretty easy for you to see the motion of what's happening in the copper basis to how much of it is likely moving to fiber and how much of it isn't.

我們還向您報告我們的總收入，我們向您報告我們的光纖和銅基地的增長和下降。而且我認為你很容易看到銅基中發生的事情的運動，其中有多少可能轉移到光纖，有多少沒有。

And I feel really good about how we're competitively performing. I see nothing in our performance that suggests we should be tamping down ultimate pen rates because of our approach. Quite the opposite, as we shared with you, our pen rates are accelerating, they're not declining. If you look at where we were several years ago. And a lot of our new builds right now, we're achieving year 2 pen rates in year 1. And there's a lot of reasons behind that, not just one. The great product is the foundation of it.

我對我們的競爭表現感覺非常好。我在我們的表現中沒有看到任何跡象表明我們應該因為我們的方法而降低最終筆數。恰恰相反，正如我們與您分享的那樣，我們的筆率正在加速，而不是在下降。如果你看看我們幾年前的位置。我們現在的很多新版本，我們在第一年就達到了第二年的筆率。這背後有很多原因，而不僅僅是一個。偉大的產品是它的基礎。

The part of it is how we're building right now, we're much less Swiss cheese, which allows us to be a lot more effective in our marketing. And we've developed much better tactics as we move into a neighborhood to be able to get early adopters to move in at a much higher rate and pace. And that has a huge impact on the economics of the business case.

部分原因在於我們現在的建設方式，我們不再是瑞士奶酪，這讓我們在營銷方面更加有效。我們已經制定了更好的策略，因為我們搬到了一個社區，以便能夠讓早期採用者以更高的速度和速度搬進來。這對商業案例的經濟性產生了巨大影響。

If we sustain that moving forward, I'm going to frankly be relooking kind of the overall economics of the Fiber business case because one of the big variables on leverage in the business case, is if you can accelerate your penetration by a year, it dramatically improves kind of the return characteristics.

如果我們繼續向前發展，坦率地說，我將重新審視 Fiber 商業案例的整體經濟性，因為商業案例中槓桿率的一個重要變量是，如果你能將滲透率提高一年，它極大地改善了返回特性的種類。

So I'm really proud of what the team has done in that regard. And we have no expectation by the time we get to year 3 that, that's going to suggest that we shouldn't expect our split of the market as a result of that.

因此，我為團隊在這方面所做的工作感到非常自豪。到第 3 年時，我們沒有任何期望，這表明我們不應該期望我們因此而分裂市場。

Remember, we're not charging more to the customer. We're giving the customer a better experience. We're getting rid of promotional pricing, it is a pain point for customers. They hate it. They hate the 12-month mark. And when they're using another service, that 12-month mark means their price is going up $15 or $20, and that's just a really bad thing for a customer.

請記住，我們不會向客戶收取更多費用。我們正在為客戶提供更好的體驗。我們正在擺脫促銷定價，這是客戶的痛點。他們討厭它。他們討厭 12 個月大關。而當他們使用另一項服務時，12 個月大關意味著他們的價格會上漲 15 美元或 20 美元，這對客戶來說是一件非常糟糕的事情。

And so now we put out a very simple, straightforward constant price, where the customer isn't going to see that step up for 12 months. They know what the equipment pricing is on the front end. They're getting the square deal. They're getting a great product. And they're happiest clams and it shows in the data.

因此，現在我們推出了一個非常簡單、直接的固定價格，客戶在 12 個月內不會看到這一價格上漲。他們知道前端的設備定價是多少。他們得到了公平的交易。他們得到了一個很棒的產品。他們是最快樂的蛤蜊，它顯示在數據中。

And apparently, I guess the high split investments, if you can call it that by cable, is not really helping to fight those shifts. Can I just switch to wireless, John? You mentioned about wholesale as another component of growth. And then I looked at the wholesale revenue this quarter, and it didn't move much from Q1. I guess that just implies that you're in the very early stages of the shift of that DISH wholesale traffic to your network. How do we expect that to ramp? Is it linear? Is it -- I know you've already started to connect to DISH. How should that play out over the course of 2022 and 2023?

顯然，我猜高分割投資，如果你可以通過電報來稱呼它，並不能真正幫助對抗這些轉變。我可以切換到無線嗎，約翰？您提到批發是增長的另一個組成部分。然後我查看了本季度的批發收入，與第一季度相比變化不大。我想這只是意味著您正處於將 DISH 批發流量轉移到您的網絡的早期階段。我們如何期望它會增加？是線性的嗎？是嗎 - 我知道您已經開始連接到 DISH。在 2022 年和 2023 年期間，這將如何發展？

That's an accurate assumption, Walt. It has to do with the ramp directly from DISH. And I think the way you should think about this, it's public information, that I think DISH got a little bit of a reprieve from T-Mobile on some of the legacy network availability and some help on that slowed down the front end a little bit. And I think you're aware of where DISH is in their deployment and debugging their network so that it actually can function and work properly.

這是一個準確的假設，沃爾特。它與直接來自 DISH 的坡道有關。而且我認為你應該考慮這個問題的方式，它是公共信息，我認為 DISH 從 T-Mobile 獲得了一些舊網絡可用性的緩和，並且一些幫助減慢了前端的速度.而且我認為您知道 DISH 在他們的部署和調試網絡中的位置，以便它實際上可以正常運行和工作。

I think they recently announced a milestone as to what they're doing around that. Those 2 things are the drivers of when that transition occurs, a combination of when those customers need to move off of another network as well as, as DISH starts to move people on to their network, new customers coming in, those all play in the wholesale arrangement as that volume starts to ramp. So I think a surrogate for understanding that trend line, we'll be watching the loading of new customers on to DISH's new network capabilities.

我認為他們最近宣布了一個關於他們正在做的事情的里程碑。這兩件事是何時發生這種轉變的驅動因素，當這些客戶需要離開另一個網絡時，以及當 DISH 開始將人們轉移到他們的網絡時，新客戶進來，所有這些都在發揮作用。隨著數量開始增加，批發安排。因此，我認為作為理解該趨勢線的替代品，我們將觀察新客戶對 DISH 新網絡功能的加載。

Thanks very much, Walt. And with that, I'll turn it over to John for some final comments.

非常感謝，沃爾特。有了這個，我會把它交給 John 來做一些最後的評論。

Just really briefly to all of you. First of all, thanks for joining us today. And I really want to extend my thanks and appreciation to all of you on the call. I know it's been going on internally at AT&T in terms of the number of filings, schedules we've had to develop, the information we've had to put out over the course of the last month or so. And I know that, that puts a lot of work on all of you to kind of parse through that, get through this transition that we've been working through as a business. I want to extend my appreciation for your patience in that regard. And what I can promise is it should settle down here a little bit going forward. And I'm as excited about that as I'm sure you are. So thanks very much for being with us today, and we'll talk to you again in 90 days.

對你們所有人來說真的很簡單。首先，感謝您今天加入我們。我真的想對電話中的所有人表示感謝和讚賞。我知道在申請數量、我們必須制定的時間表以及我們在過去一個月左右的時間裡必鬚髮布的信息方面，這一直在 AT&T 內部進行。我知道，這需要你們所有人做很多工作來解析它，完成我們作為一家企業一直在努力的轉變。我想對你在這方面的耐心表示感謝。我可以保證的是，它應該會在這里安定下來一點。我對此感到非常興奮，我相信你也是。因此，非常感謝您今天與我們在一起，我們將在 90 天內再次與您交談。

Ladies and gentlemen, that does conclude our conference call for today. On behalf of today's panel, we'd like to thank you for your participation, and thank you for using AT&T. Have a wonderful day. You may now disconnect.

女士們先生們，今天的電話會議到此結束。我們代表今天的小組，感謝您的參與，並感謝您使用 AT&T。有一個美好的一天。您現在可以斷開連接。