AT&T Inc (T) 2002 Q3 法說會逐字稿

Please stand by.

請稍候。

We're about to begin.

我們要開始了。

Welcome to this Dobson Communications third quarter earnings results conference call.

歡迎參加多布森通訊公司第三季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

For opening and remarks, I'd like to turn the conference over to Mr. Warren Henry, Vice President of Investor Relations.

我想請投資者關係副總裁 Warren Henry 先生主持會議開幕和致詞。

Thank you, and good morning.

謝謝你，早安。

This conference call contains forward-looking statements within the meaning of the private securities litigation reform act of 1995.

本次電話會議包含 1995 年私人證券訴訟改革法案意義內的前瞻性陳述。

These include but are not limited to statements regarding the company's plans, intentions and expectations for 2002.

其中包括但不限於有關公司 2002 年計劃、意圖和期望的聲明。

Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected.

此類陳述本質上受到各種風險和不確定性的影響，可能導致實際結果與預測有重大差異。

An extensive discussion of the risk factors that could impact these areas and the company's overall business and financial performance can be found in the company's reports filed with the Securities and Exchange Commission.

關於可能影響這些領域以及公司整體業務和財務表現的風險因素的廣泛討論可以在公司向美國證券交易委員會提交的報告中找到。

Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.

考慮到這些擔憂，投資者和分析師不應過度依賴前瞻性陳述。

At this time, I would like to turn the call over to Everett Dobson, President, CEO and Chairman of Dobson Communications.

現在，我想將電話轉給 Dobson Communications 總裁、執行長兼董事長 Everett Dobson。

Thank you, Warren, and good morning, everyone, welcome to our third quarter conference call.

謝謝沃倫，大家早上好，歡迎參加我們的第三季電話會議。

Joining me this morning are Doug Stephens, our COO, and Bruce Knooihuizen, the CFO of Dobson.

今天早上和我一起的還有我們的營運長 Doug Stephens 和 Dobson 的財務長 Bruce Knooihuizen。

As I begin, I'd like to highlight some of our most important recent accomplishments and given our recent write-off of our investment in American Cellular, and unless noted my comments will pertain only to Dobson Communications.

首先，我想強調我們最近取得的一些最重要的成就，並考慮到我們最近註銷了對 American Cellular 的投資，除非另有說明，否則我的評論僅適用於 Dobson Communications。

Operationally, Doug will address some of the issues at American a little bit later.

在營運方面，道格稍後將解決美國航空的一些問題。

As we discussed all year, our priorities are to improve the profitability of our local service business, which accounts for more than 60% of our total revenue stream.

正如我們全年討論的那樣，我們的首要任務是提高本地服務業務的盈利能力，該業務占我們總收入的 60% 以上。

Secondly, we want to extend and secure our revenue stream from roaming and lastly, to improve our balance sheet and leverage statistics.

其次，我們希望擴大並確保我們的漫遊收入來源，最後，改善我們的資產負債表並利用統計數據。

I'm extremely pleased with our progress in all areas.

我對我們在各個領域取得的進展感到非常滿意。

In 2002, we've improved the local profit margins from 13.7% to 23.6%.

2002年，我們將當地利潤率從13.7%提高到23.6%。

We've extend extended the term of our roaming agreements beyond 2007 with our two largest roaming providers.

我們已將與兩家最大的漫遊提供者簽訂的漫遊協議期限延長至 2007 年後。

Additionally in 2002, including and assuming our recently announced letter of intent with AT&T Wireless is completed, we will have reduced our net debt and preferred stock leverage multiple from 8.5 times to 6.4 times on an LTM basis.

此外，在 2002 年，假設我們最近宣布的與 AT&T Wireless 的意向書已經完成，我們將把我們的淨債務和優先股槓桿倍數從 LTM 的 8.5 倍減少到 6.4 倍。

Net debt by itself decreased substantially as well, if I can find that.

如果我能發現的話，淨債務本身也大幅下降。

Net debt by itself decreased -- I have it in front of me --

淨債務本身就減少了——我已經把它擺在我面前了——

5.2 to 3.6.

5.2至3.6。

Yeah, 5.2 to 3.6.

是的，5.2 到 3.6。

All thee happened in 2002.

這一切都發生在2002年。

These have been accomplished through asset sales, scheduled principle payments, open market purchases of our debt and preferred securities, at significant discounts, I might add, and most importantly, cash flow growth.

我可能會補充說，這些都是透過資產出售、定期本金支付、公開市場以大幅折扣購買我們的債務和優先證券來實現的，最重要的是現金流成長。

Now I'd like to expand on all these in a little more detail.

現在我想更詳細地闡述所有這些內容。

We are reporting third quarter 2002 EBITDA of 75.4 million, or an 8.2% increase from third quarter of 2001.

我們報告 2002 年第三季的 EBITDA 為 7,540 萬美元，比 2001 年第三季成長 8.2%。

This despite a 9.6% reduction in roaming revenue brought on from scheduled rate reductions with our two largest roaming partners as we extended their contracts.

儘管由於我們與兩個最大的漫遊合作夥伴續約而按計劃降低費率，導致漫遊收入減少了 9.6%。

Needless to say, our local business showed dramatic improvement in all areas.

不用說，我們當地的業務在各個方面都取得了顯著的進步。

This was done through a variety of initiatives.

這是透過各種措施完成的。

We main maintained a high level of average revenue per unit.

我們主要維持較高的單位平均收入水準。

Dobson's RPU of $45 was slightly higher than last year.

Dobson 的 RPU 為 45 美元，略高於去年。

With the third quarter of 2002, we've now increased RPU seven quarters in a row on a year over year basis.

截至 2002 年第三季度，我們已連續七季年增 RPU。

Higher revenue per unit in the third quarter was again supported by reductions in cash cost per user or CCPU, came in at 22.25, down from 24.90 in the third quarter last year.

第三季每單位收入的增加再次受到每用戶或 CCPU 現金成本降低的支持，該成本為 22.25，低於去年第三季的 24.90。

The primary factor in driving our margins higher is increased cells of calling plans that concentrate traffic on a low-cost network, the Dobson network, as well as our primary roaming partners, AT&T and Cingular.

推動我們利潤率上升的主要因素是呼叫計劃單元的增加，這些計劃將流量集中在低成本網路 Dobson 網路以及我們的主要漫遊合作夥伴 AT&T 和 Cingular 上。

Our sales organization performed well in the third quarter as well. 69% of Dobson's growth in the third quarter represented sales on these preferred networks.

我們的銷售組織在第三季也表現良好。多布森第三季 69% 的成長來自於這些首選網路的銷售額。

This is a tremendous accomplishment that will be a primary contributor to our profitability throughout 2003.

這是一項巨大的成就，它將成為我們 2003 年獲利能力的主要貢獻者。

Second, roaming revenues are holding up reasonably well despite the large step down of the Cingular rate in February and the scheduled stepdown of AT&T's rate at the beginning of July.

其次，儘管 Cingular 費率在 2 月大幅下調，而且 AT&T 的費率也按計劃在 7 月初下調，但漫遊收入仍保持相當不錯的水平。

As we noted in the press release, Dobson's roaming revenue declined 9.6% year over year.

正如我們在新聞稿中指出的，多布森的漫遊收入較去年同期下降 9.6%。

However, minutes of use are growing very well.

然而，使用分鐘數成長得非常好。

Dobson's roaming minutes were up 32% for the quarter over last year.

該季度 Dobson 的漫遊時間比去年增加了 32%。

It indicates the improved profitability of our local service business and strong roaming traffic continues to generate higher EBITDA margins, which increased 230 basis points to almost 45%.

這表明我們本地服務業務盈利能力的提高和強勁的漫遊流量繼續帶來更高的 EBITDA 利潤率，增加了 230 個基點，達到近 45%。

Resulting in an 8.2% increase in EBITDA to 75 million.

EBITDA 成長 8.2%，達到 7,500 萬美元。

This is probably the most important validation of our growth strategy.

這可能是對我們成長策略最重要的驗證。

We're building our subscriber base profitably, low churn, high value, post paid subscribers who concentrate their calling traffic on our networks and those of our roaming partners.

我們正在以可獲利的方式建立我們的用戶群，這些用戶流失率低，價值高，後付費用戶將呼叫流量集中在我們的網路和漫遊合作夥伴的網路上。

Doug will build in more deeply into the other operating statistics, so I'll stop there and go into other strategic issues.

道格將更深入地了解其他營運統計數據，因此我將在此停止並討論其他策略問題。

First as we now near the end of the year we began overlying selected markets with 850-megahertz GSM GPRS technology and expect to launch roaming service under that technology in certain AT&T markets, American Cellular markets by year-end and Dobson markets in the first quarter of next year.

首先，接近年底，我們開始在選定的市場上採用850 兆赫茲GSM GPRS 技術，並預計在某些AT&T 市場、年底前的美國蜂窩市場和第一季度的多布森市場推出基於該技術的漫遊服務明年的。

Our complete GSM build is expected to continue through 2003 and into 2004.

我們完整的 GSM 建設預計將持續到 2003 年到 2004 年。

I'd like to now touch on a recent open market purchase of our debt preferred securities.

我現在想談談最近對我們的債務優先證券的公開市場購買。

Bruce will provide a little more detail later, but the quick overview is simple.

Bruce 稍後將提供更多詳細信息，但快速概述很簡單。

Since the end of the second quarter, we spent approximately 29 million in cash to purchase 84 million base amount of securities in the open market.

自第二季末以來，我們花了約2900萬現金在公開市場上購買了8,400萬基量的證券。

While our cash position is strong and is very important to us, we felt it was an appropriate use of cash given the steep discounts available.

雖然我們的現金狀況強勁並且對我們非常重要，但考慮到可提供的大幅折扣，我們認為這是對現金的適當使用。

In the future, we will continue to evaluate this strategy and others as we assess our liquidity position.

未來，我們將在評估我們的流動性狀況時繼續評估此策略和其他策略。

In late October, we signed a letter of intent with AT&T AT&T Wireless under which we would swap our two remaining California properties, Santa crews NSA and California 4RSA for 2 AT&T properties in Alaska, the Anchorage MSA Alaska 2RSA.

10 月下旬，我們與AT&T AT&T Wireless 簽署了一份意向書，根據該意向書，我們將把我們在加州剩餘的兩處房產（聖誕老人船員NSA 和加州4RSA）交換為AT&T 在阿拉斯加的兩處房產，即安克雷奇MSA Alaska 2RSA。

In addition, as part of this proposed agreement, AT&T would surrender all of the 200 million series AA preferred stock it purchased in early 2001.

此外，作為擬議協議的一部分，AT&T 將交出其在 2001 年初購買的全部 2 億股 AA 級優先股。

Plus accrued dividends of approximately 20 million.

加上應計股利約2000萬。

This agreement is strategic for a number of reasons.

出於多種原因，該協議具有戰略意義。

First, the California properties are two of our most competitive markets, and our lack of footprint in California, overall makes it difficult to achieve our subscriber profitability objectives in these markets.

首先，加州的資產是我們最具競爭力的兩個市場，而我們在加州的足跡不足，總體而言很難實現我們在這些市場的用戶獲利目標。

Conversely, these markets fit in extremely well in AT&T's current California footprint.

相反，這些市場非常適合 AT&T 目前在加州的業務。

On the other hand, adding these two Alaska markets to those that we already own, Alaska 1 and 3, would make Dobson the largest wireless provider in the state with current network coverage, we would serve more than 95% of Alaska's population.

另一方面，將這兩個阿拉斯加市場添加到我們已經擁有的阿拉斯加1 和3 市場中，將使Dobson 成為該州最大的無線提供商，擁有當前的網路覆蓋範圍，我們將為阿拉斯加95% 以上的人口提供服務。

We believe we will have a better opportunity to add subscribers in Alaska more quickly, more profitably, and more predictably than we would have had in California.

我們相信，與加州相比，我們將有更好的機會在阿拉斯加更快、更有利可圖、更可預測地增加訂戶。

Certainly given the competitive landscape.

當然考慮到競爭格局。

We expect to have a definitive agreement with AT&T Wireless in the near future.

我們預計在不久的將來與 AT&T Wireless 達成最終協議。

Next, as announced by the FCC yesterday afternoon, Auction 35 has come to a resolution.

接下來，正如 FCC 昨天下午宣布的那樣，Auction 35 已經得出了解決方案。

We are very pleased we will receive the remaining 18 million on deposit, and we will be relieved of any obligation as a winning bidder for next wave liscenses.

我們非常高興能夠收到剩餘的 1800 萬押金，並且我們將免除作為下一波許可證中標者的任何義務。

Next, let me talk about the American Cellular restructuring very briefly.

接下來我就簡單介紹一下美國行動公司的重組。

We are continuing our discussion with American Cellular's bank group concerning a possible restructuring of that subsidiary’s debt.

我們正在繼續與美國行動銀行集團討論該子公司債務重組的可能性。

Obviously we can't provide a timetable and there can be no assurance that we'll reach an acceptable agreement.

顯然我們無法提供時間表，也不能保證我們會達成可接受的協議。

There really is no further comment that we can make on this issue except to reiterate one more time that American's debt is non-recourse to Dobson and AT&T Wireless.

除了再次重申美國航空對 Dobson 和 AT&T Wireless 的債務無追索權之外，我們確實無法就這一問題做出進一步的評論。

Finally, DCCLP's loan with Bank America, the current loan agreement runs through March 31st, 2003.

最後是DCCLP與美國銀行的貸款，目前的貸款協議有效期至2003年3月31日。

We continue to have informal discussions and there's no further information that we can offer on this issue today.

我們繼續進行非正式討論，今天我們無法就這個問題提供更多資訊。

With that, I'd like to turn the call over to Doug Stephens for his comments.

說到這裡，我想將電話轉給道格史蒂芬斯徵求他的意見。

Doug?

道格？

Thanks, Everett.

謝謝，埃弗里特。

Building on the comments we just heard, I'd like to emphasize how well we are achieving our 2002 operating goals.

根據我們剛才聽到的評論，我想強調一下我們 2002 年營運目標的實現。

Net subscriber ads is the exception to the positive news.

網路訂戶廣告是正面訊息的例外。

In the Dobson markets, the 14,300 net adds in the third quarter represented an increase in penetration to 11.8% at September 30th compared to 10.6% 12 months earlier, and at American, they added about 15,200 net subscribers in the quarter, an increased penetration in those markets to 13.5% from 12.2% September 30th, 2001.

在多布森市場，第三季淨增14,300 名用戶，滲透率從12 個月前的10.6% 增至9 月30 日的11.8%；在美國航空，本季淨增用戶約15,200 名，滲透率有所提高。這些市場從 2001 年 9 月 30 日的 12.2% 上升到 13.5%。

Gross adds were flat at Dobson and down at American primarily slower store traffic in the quarter which is consistent with what we've heard from most of our peers.

多布森的總增加量持平，而美國的總增加量則有所下降，主要是因為本季度美國商店客流量放緩，這與我們從大多數同行那裡聽到的情況一致。

The economy clearly is impacting this piece of our business.

經濟顯然正在影響我們這一部分的業務。

However, in our case specifically, the most important issues are, first, we're not losing market share, and secondly, the gross subscribers we're adding are solid, profitable ones.

然而，就我們而言，最重要的問題是，首先，我們沒有失去市場份額，其次，我們增加的總訂戶數量是穩定的、有利可圖的。

More on that in a minute.

稍後會詳細介紹。

Churn continues to be solid.

客戶流失率持續保持穩定。

Third quarter post paid churn at both Dobson and American Cellular was 2.2% and year-to-date, we are well within our guidance range for 2002.

Dobson 和 American Cellular 第三季的付費後流失率為 2.2%，今年迄今，我們完全處於 2002 年指導範圍之內。

The favorable churn results are attributable to a build out wireless network that continues to perform exceptionally well and the call center personnel and salespeople that dedicate endless hours to meeting and exceeding our customer expectations.

良好的客戶流失結果歸功於持續表現出色的無線網路以及呼叫中心人員和銷售人員投入無盡的時間來滿足並超越客戶期望。

The strength of holiday sales throughout the balance of the year is key to our fourth quarter and our total net adds for 2002.

全年假期銷售的強勁勢頭對我們第四季度和 2002 年淨增長總額至關重要。

However, based on year-to-date results, it is highly unlikely that we will reach the low end of our proportionate net add guidance for 2002, which was 120,000 net adds.

然而，根據今年迄今的結果，我們不太可能達到 2002 年淨增加比例指引值的下限，即淨增加 12 萬人。

While we don't report proportionate at this point, I do want to make note of that just because that's the way we guided, and based on where we're at right now, I don't foresee us meeting that low-end target.

雖然我們目前沒有按比例進行報告，但我確實想指出這一點，因為這就是我們的指導方式，根據我們目前的情況，我預計我們不會實現該低端目標。

Our distribution channels remain focused on rapid growth but we are committed to not compromise our long term profitability at the expense of short term gross adds.

我們的分銷管道仍然專注於快速成長，但我們致力於不以犧牲短期總增加為代價來損害我們的長期獲利能力。

Dobson's acquisition costs for the third quarter was $428 versus last year's 436, almost $30 in the third quarter CPGA was related to migrations and a little over $20 in CPGA was customer retention cost.

Dobson 第三季的採購成本為 428 美元，而去年為 436 美元，第三季 CPGA 中近 30 美元與遷移相關，略高於 20 美元的 CPGA 是客戶保留成本。

We do classify both migration and retention cost as selling and marketing expense.

我們確實將遷移和保留成本歸類為銷售和行銷費用。

American Cellular third quarter acquisition cost was 392, which is about $46 higher than that same period last year.

美國蜂窩第三季收購成本為392美元，比去年同期高出約46美元。

Among the contributing factors, American's gross adds were down about 8% year over year.

其中，美國航空的總增加額年減約 8%。

Secondly, American had a large number of migrations in the third quarter of this year, 20,300 versus 18,500 in “01.

其次，美國今年第三季的移民數量較多，為20,300人，而01年為18,500人。

Migration costs contributed about $40 per gross add in the third quarter, and retention cost another $20.

第三季度，每新增總成本，遷移成本約佔 40 美元，而保留成本又佔 20 美元。

Most of all, third quarter results demonstrate again how well our local service initiatives are working, and in some cases, significantly exceeding our expectations.

最重要的是，第三季的業績再次證明了我們的本地服務計劃的運作情況，在某些情況下，大大超出了我們的預期。

Local rate plans have limited or in some cases no off-network roaming exposure and our preferred network national plans offer customers access to the preferred networks of our major roaming partners with no roaming and no toll charges.

本地費率計劃限製或在某些情況下沒有網外漫遊風險，而我們的首選網絡全國計劃讓客戶可以訪問我們主要漫遊合作夥伴的首選網絡，無需漫遊，也無需支付任何長途費用。

We launched our local and national preferred plans late in the first quarter and select markets with the balance coming on by the end of May, and at that time, we set a goal of 35 to 40% of the gross adds to be on these preferred networks in 2002.

我們在第一季末推出了本地和全國優先計劃，並在 5 月底之前選擇了一些特定市場，當時，我們設定了將總增量的 35% 至 40% 用於這些優先計劃的目標2002年網路。

As Everett already stated, our sales organization blew by that target a long time ago.

正如埃弗里特已經說過的那樣，我們的銷售組織很久以前就超出了這個目標。

In the third quarter, local or preferred network accounting plans accounted for 69% for Dobson's gross adds, and 79% at American Cellular.

第三季度，本地或首選網路會計計畫佔 Dobson 總增加額的 69%，佔 American Cellular 的 79%。

This is outstanding and great news in terms of the impact it will have on future financial results.

就其對未來財務表現的影響而言，這是一個非常出色的好消息。

It's already having a very positive impact.

它已經產生了非常積極的影響。

RPU has been rock solid.

RPU 一直堅如磐石。

In the last five quarters, Dobson that's $45, 43, 42, and the last two, 45 and 45, and at American over the same five quarters, RPU has been 41, 38, 38, 40 and 41.

過去五個季度，多布森的RPU 分別為45、43、42 美元，最後兩個季度分別為45 和45 美元，美國航空在同一五個季度的RPU 分別為41、38、38、40 和41。

I think even more importantly are the year over year improvements in real RPU, which we define as RPU less (inaudible) We've enjoyed in nearly 11% increase for the Dobson markets, $36.14 in the third quarter of ‘02 versus 32.64 last year, and an 8.5 increase at American, 32.96 compared to $30.35 in ‘01.

我認為更重要的是實際 RPU 的逐年改善，我們將其定義為 RPU 減少（聽不清楚）我們享受了 Dobson 市場近 11% 的成長，2002 年第三季為 36.14 美元，而去年為 32.64 美元，與01 年的30.35 美元相比，美國航空增加了8.5 美元，即32.96 美元。

These improvements are primarily the result of our sales channels and management focusing on adding and retaining customers on profitable rate plans and secondarily on reducing the collect rate from Cingular, it was part of the long term roam agreement that we entered into earlier this year.

這些改進主要是我們的銷售管道和管理的結果，重點是增加和保留利潤率計劃的客戶，其次是降低 Cingular 的收費率，這是我們今年早些時候簽訂的長期漫遊協議的一部分。

We're also getting better control on cash cost per user, as we’ve discussed.

正如我們所討論的，我們還可以更好地控制每個用戶的現金成本。

For the first nine months of 2002, Dobson CCPU was reduced to $23 compared with $24.66 for the first nine months in 2001.

2002 年前 9 個月，Dobson CCPU 的價格從 2001 年前 9 個月的 24.66 美元降至 23 美元。

At American year-to-date, CCPU declined less because they were already at a lower number of 19.85 from last year's $19.98.

美國年初至今，CCPU 跌幅較小，因為其價格已低於去年的 19.98 美元，為 19.85 美元。

Consequently, local service EBITDA margin has moved steadily in the right direction, at –Dobson we improved a margin of only 13.7 a year ago to 23.6% in the most recent quarter.

因此，本地服務 EBITDA 利潤率一直朝著正確的方向穩步發展，在 –Dobson，我們將一年前的利潤率僅 13.7% 提高到最近一個季度的 23.6%。

At American, simple year over year comparison doesn't show the real trend.

在美國，簡單的逐年比較並不能顯示出真正的趨勢。

In the third quarter of 01, local service EBITDA margin was 23.2%, but in the next two quarters as we begin rolling out this local service initiative, it declined to about 19% as we've already reported.

2001 年第三季度，本地服務 EBITDA 利潤率為 23.2%，但在接下來的兩個季度，隨著我們開始推出本地服務計劃，該利潤率下降至 19% 左右，正如我們已經報道的那樣。

However, we managed this up to 24.4% in the second quarter this year, and the 26.6% in the most recent quarter, so the gains in just 2002 have been impressive.

然而，今年第二季我們的成長率達到了 24.4%，最近一個季度達到了 26.6%，因此光是 2002 年的收益就令人印象深刻。

As discussed on the second quarter call, we have deemphasized traditional national roaming plans which include no roam and no toll anywhere in the country and now offer those only on the low end $29 and $39 access points.

正如第二季度電話會議中所討論的那樣，我們不再強調傳統的全國漫遊計劃，其中包括在全國任何地方不漫遊和不收費，現在僅在低端29 美元和39 美元的接入點上提供這些服務。

As a result, these plans were approximately 3% of Dobson's gross adds in the quarter and 2% of American's, versus about 15% a year ago.

因此，這些計畫約佔多布森本季總增加額的 3%，占美國航空總增加額的 2%，而一年前約為 15%。

Our success in executing our operating strategy overall is allowing us to grow at an acceptable pace, improve our EBITDA and maintain low customer churn.

我們在執行整體營運策略方面取得的成功使我們能夠以可接受的速度成長，提高我們的 EBITDA 並維持較低的客戶流失率。

To this point, I've mainly addressed our post paid business.

到目前為止，我主要討論了我們的後付費業務。

As you saw from our number last night, reseller sales were fairly strong at Dobson and American in the third quarter with 3400 and 4300 net adds respectively.

正如您從我們昨晚的數據中看到的那樣，第三季度 Dobson 和 American 的經銷商銷量相當強勁，分別淨增 3400 輛和 4300 輛。

While we have limited control over these lower RPU gross adds, we were pleased with the growth in this channel.

雖然我們對這些較低的 RPU 總增加的控制有限，但我們對該通路的成長感到滿意。

Our prepaid base declined as we rolled out the single vendor prepaid product to most vendors this past quarter.

隨著我們在上個季度向大多數供應商推出單一供應商預付費產品，我們的預付費基礎有所下降。

As we transition from our four providers to one, each with its own reporting format, we discovered some numbers that had very small balances on their accounts with no recent activity so we removed them from our base.

當我們從四個提供者過渡到一個（每個提供者都有自己的報告格式）時，我們發現一些號碼的帳戶餘額非常小，而且最近沒有活動，因此我們將它們從我們的資料庫中刪除。

I'm pleased to report that by year-end, we'll have virtually all markets on the Boston communication prepaid platform.

我很高興地報告，到年底，我們將在波士頓通訊預付費平台上覆蓋幾乎所有市場。

While sales have been less than we anticipated, we still believe there is a niche for this product and we will enjoy incremental revenue due to the prepaid product line.

雖然銷售額低於我們的預期，但我們仍然相信該產品有一個利基市場，並且由於預付費產品線，我們將享受增量收入。

We expect to manage our prepaid activity to well less than 10% of our gross adds and based on current activity would probably expect it in the 3 to 5% range in 2003.

我們預計我們的預付費活動將遠低於總增加額的 10%，根據目前的活動，預計 2003 年的預付費活動可能會在 3% 到 5% 的範圍內。

The prepaid customer that we're bringing on has no acquisition cost.

我們引入的預付費客戶沒有獲取成本。

He's paying full cost for the phone, solid commission up front with the initial payment.

他支付了手機的全部費用，並在首期付款中預付了豐厚的佣金。

So if the customer doesn't replenish, after its first phone-card runs out it's a wash to us financially.

因此，如果客戶在第一張電話卡用完後不補充，我們的財務就會受到損失。

Just a few other topics.

只是其他幾個話題。

We continue to focus on improving the aging receivables to lower our bad debt through consistent procedures and greater outbound calling to keep customers current, we are seeing improved results.

我們繼續專注於改善賬齡應收賬款，透過一致的程序和更多的外撥電話來降低壞賬，以保持客戶的最新狀態，我們看到了改善的結果。

While bad debt increased slightly over the second quarter, we believe that with the recent initiatives, we are positioned to see improvement in coming quarters.

雖然壞帳比第二季略有增加，但我們相信，透過最近的舉措，我們有望在未來幾季看到改善。

In terms of our receivables, the percentage of receivables that were current and 30-day exceeded 96% at both Dobson and American at the end of the third quarter.

就應收帳款而言，截至第三季末，多布森和美國航空的流動應收帳款和 30 天應收帳款比例均超過 96%。

Our overall operating efficiency continues to benefit from the consolidation of the [Wah san and Mer sed] call centers into our Duluth call center earlier this year and the consolidation of five operating regions down to three.

我們的整體營運效率繼續受益於今年稍早將 [Wah san 和 Mer sed] 呼叫中心合併為我們的德盧斯呼叫中心以及將五個營運區域合併為三個。

I'm most proud that there were virtually no customer impacting issues with the customer consolidations.

最令我自豪的是，客戶整合中幾乎沒有出現影響客戶的問題。

We haven't seen any negative impact on churn which is traditionally the case, initially, when are contact centers are consolidated.

我們還沒有看到對客戶流失產生任何負面影響，而傳統上，最初在聯絡中心整合時就會出現這種情況。

The transition team or call center personnel and management deserve to be congratulated for their excellent performance.

過渡團隊或呼叫中心人員和管理層的出色表現值得祝賀。

Finally, we're excited about the potential of serving more than 95% of Alaska's population within the Dobson network assuming we get the swap completed with AT&T Wireless.

最後，假設我們與 AT&T Wireless 完成了交換，我們對 Dobson 網路為阿拉斯加 95% 以上的人口提供服務的潛力感到興奮。

From an operations point of view, this will present opportunities to offer certain services we can't offer elsewhere, simply because of the market presence statewide.

從營運的角度來看，這將提供我們在其他地方無法提供的某些服務的機會，這僅僅是因為全州範圍內的市場存在。

We are also seeing some exciting opportunities there as we upgrade technologies down the road.

隨著我們不斷升級技術，我們也看到了一些令人興奮的機會。

Obviously we can't say much more till a definitive is signed and we get closer to a completed deal, but we're ready to go.

顯然，在簽署最終協議並且接近完成交易之前我們不能說太多，但我們已經準備好了。

And with that, I'll turn the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thanks, Doug.

謝謝，道格。

I'll keep my comments brief.

我的評論將保持簡短。

I just have a couple of additional items I'd like to address.

我還有幾個問題要解決。

Everett touched on one of our initiatives and that's strengthening our balance sheet.

埃弗里特談到了我們的一項舉措，那就是加強我們的資產負債表。

I thought it would help to go into a little bit more detail regarding this topic.

我認為更詳細地討論這個主題會有所幫助。

When looking at the Dobson Communications 10Q, our long term debt including the current portion has declined from 1,621,000,000 at 12/31/01 to 1,277,000,000 at the end of the third quarter.

當查看 Dobson Communications 10Q 時，我們的長期債務（包括當前部分）已從 2001 年 12 月 31 日的 1,621,000,000 下降到第三季末的 1,277,000,000。

This is a drop of roughly 344 million, or roughly 21% over the last nine months.

過去 9 個月下降了約 3.44 億，約 21%。

Again adding to some of the statistics that Everett gave, when you look at our leverage base in the last 12 months, from a senior credit facility standpoint, our ratio has gone from 3.6 times at the end of last year down to two times after the third quarter.

再次補充埃弗雷特提供的一些統計數據，當你看看我們過去12 個月的槓桿基礎時，從高級信貸便利的角度來看，我們的比率已從去年年底的3.6 倍下降到去年年底的兩倍。第三季。

In addition, again as Everett mentioned, we have purchased $84 million in face value securities in the open market since the beginning of the third quarter.

此外，正如埃弗里特再次提到的，自第三季初以來，我們已在公開市場購買了 8,400 萬美元面值的證券。

Included in this total, we've purchased 11.5 million of the Dobson signet bonds.

包括在這總額中，我們購買了 1,150 萬張多布森圖章債券。

The remainder, or 73 million, was the preferred stock securities.

其餘的，即 7300 萬股，是優先股證券。

Of that 73 million of preferred stock securities, 41 million was purchased in the third quarter.

在這 7,300 萬股優先股證券中，有 4,100 萬股是在第三季購買的。

Additionally, the 73 million can also be further broken down into 33 million of the 12.25 fixed and 40 million of the 13% fixed.

此外，這7300萬還可以進一步細分為12.25固定的3300萬和13%固定的4000萬。

Pending our evaluation of tax issues, we have currently record recorded the purchase of these picks as Treasury shares, so in reconciling this to our 10Q, the purchase price of these shares are recorded as preferred shares held in Treasury and a gain recorded in paid in capital.

在我們對稅務問題進行評估之前，我們目前已將這些精選股的購買記錄為庫存股，因此在與我們的10 季度進行核對時，這些股票的購買價格記錄為庫存股中持有的優先股，收益記錄為已付首都。

The face value of the securities purchased is not recorded as a reduction in our senior exchangeable preferred stock liability.

所購買證券的面額不記錄為我們高級可交換優先股負債的減少。

For the third quarter, Dobson and American Cellular spent approximately 31 million in capex, 22 million at Dobson, and 9 million at American.

第三季度，Dobson 和 American Cellular 的資本支出約為 3,100 萬美元，其中 Dobson 為 2,200 萬美元，American Cellular 為 900 萬美元。

That brings year-to-date expenditures for the combined entities to approximately 104 million.

這使得合併後實體的年初至今支出達到約 1.04 億美元。

Our guidance at the beginning of the year for 2002 capex was 140 million, and we are on track to meet our budget this year.

我們年初對 2002 年資本支出的指引是 1.4 億美元，今年我們有望實現預算。

As part of the 140 million 2002 capex budget, we expect to spend approximately 20 million on GSM.

作為 2002 年 1.4 億美元資本支出預算的一部分，我們預計將在 GSM 上花費約 2,000 萬美元。

We have begun our GSM deployment in the New York cluster which will compliment the launches earlier this year in New York City by both AT&T and Cingular.

我們已經開始在紐約集群部署 GSM，這將與 AT&T 和 Cingular 今年早些時候在紐約市的部署相輔相成。

Our cash interest paid in the current quarter was approximately $28 million.

我們本季支付的現金利息約為 2800 萬美元。

With 75 million in EBITDA at Dobson Communications, interest of 30 million in capex of 22 million, the resulting free cash flow before debt amortization was 24 million for the third quarter.

Dobson Communications 的 EBITDA 為 7,500 萬美元，資本支出為 2,200 萬美元，利息為 3,000 萬美元，第三季債務攤銷前的自由現金流量為 2,400 萬美元。

Our debt amortization for this quarter is approximately 7 million.

本季我們的債務攤銷約 700 萬美元。

Likewise, American Cellular met all these needs through cash generated from operations.

同樣，美國行動公司透過營運產生的現金滿足了所有這些需求。

Finally, with the exception of American Cellular's total leverage ratio, all entities have met all bank covenants.

最後，除了美國行動公司的總槓桿率外，所有實體都滿足了所有銀行契約。

At this time, I would like to open the call for questions.

此時，我想打開提問環節。

Thank you, Mr. Knooihuizen.

謝謝您，Knooihuizen 先生。

Today's question and answer session will be conducted electronically.

今天的問答環節將以電子方式進行。

If you would like to ask a question, you may do so by pressing the star key followed by the digit 1 on your touchtone telephone.

如果您想提問，可以按按鍵式電話上的星號鍵，然後按數字 1。

If you are on a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment.

如果您使用免持電話，請確保您的靜音功能已關閉，以便您的訊號到達我們的裝置。

Once again, star 1 to ask a question.

再一次，星 1 來提問。

We'll pause just a moment to assemble our roster.

我們將暫停片刻來集合我們的名單。

We'll take our first question from John Broderick, Miller Anderson.

我們將回答約翰·布羅德里克、米勒·安德森提出的第一個問題。

Good morning.

早安.

I was hoping that you could break down marketing expenses between fixed costs and variable costs, just so we can get a sense of the cash flow impact from the slower subscriber growth.

我希望您能夠將行銷費用分解為固定成本和可變成本，這樣我們就可以了解訂戶成長放緩對現金流的影響。

Thanks.

謝謝。

Really we don't provide that that detail.

事實上，我們不提供那個細節。

We've not provided it in the past, and we're not prepared at this point to provide that detail.

我們過去沒有提供過，現在也不準備提供該詳細資訊。

Can you indicate whether or not the EBITDA growth would be better than you anticipated due to the slower growth assuming the churn stays in line?

您能否說明，假設客戶流失率保持不變，由於成長放緩，EBITDA 成長是否會優於您的預期？

Yes.

是的。

In fact, as we had said last quarter as well, we expect that our EBITDA will be at the top end or probably exceed the guidance that we had given originally, so we expect that still to happen.

事實上，正如我們上季度所說，我們預計 EBITDA 將達到最高水平，或者可能超過我們最初給出的指導，因此我們預計這種情況仍然會發生。

Okay.

好的。

Thank you.

謝謝。

We'll go next to David Mantell, Loop Capital Markets.

接下來我們將採訪 Loop Capital Markets 的 David Mantell。

Question on CPGA and then a follow-up question.

關於 CPGA 的問題，然後是後續問題。

What would you expect CPGA to look like several quarters out?

您預計 CPGA 幾季後會是什麼樣子？

My second question, what kind of yield are you seeing on the roaming minutes and how would you expect that to trend?

我的第二個問題，您在漫遊分鐘數上看到的收益是多少？您預期其趨勢如何？

Well, I could answer the CPGA.

好吧，我可以回答 CPGA。

Obviously it's an operating initiative.

顯然，這是一項營運舉措。

We're hopeful that it trends down.

我們希望它的趨勢會下降。

You know, the trade-off on CPJ obviously is the resulting RPU.

您知道，CPJ 的權衡顯然是由此產生的 RPU。

We're focused on high quality post pay good-paying RPU subscribers, high-paying subscribers, and if we can maintain that level of RPU growth, particularly if we can be successful in declining CPGA, then I think we've accomplished our goal.

我們專注於高品質的後付費高付費 RPU 用戶、高付費用戶，如果我們能夠維持 RPU 成長水平，特別是如果我們能夠成功降低 CPGA，那麼我認為我們已經實現了我們的目標。

Go ahead.

前進。

On the roaming yield, if you remember last year, we ended up at about 31 cents per MOU on the Dobson side.

就漫遊收益而言，如果您還記得去年的話，我們在多布森方面的每 MOU 約為 31 美分。

In the current quarter, we're at about 22 cents per minute of use, and this is the total yield again that includes both the air time plus toll.

在本季度，我們的使用費用約為每分鐘 22 美分，這又是包括通話時間和通行費在內的總收益。

We expect that to continue coming down, perhaps not quite as sharply as it did, but we do have additional stepdowns into next year.

我們預計這一數字將繼續下降，也許不會像以前那樣大幅下降，但明年我們確實會進一步下降。

That's Dobson?

那是多布森？

At Dobson.

在多布森。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Our next question comes from Anthony Carmen, Deutsche Banc.

我們的下一個問題來自德意志銀行的安東尼·卡門。

Hi.

你好。

Thanks.

謝謝。

Couple of questions.

有幾個問題。

First, churn at the dock operating subsidiary looked like it was higher than its it's been in some time.

首先，碼頭營運子公司的客戶流失率似乎比一段時間以來都要高。

I was hoping you could provide some color on that.

我希望你能對此提供一些顏色。

Second, you had mentioned your plans with respect to GSM, and I just wanted to refresh my memory as to whether the current roaming agreements that you had with your partners were inclusive of GSM, GPRS-type roaming minutes or whether you would need to negotiate new contracts and what kind of color you've been getting from your roaming partners with respect to anticipated types of roaming minutes that you might see, and finally, given that you've now begun at least a modest buyback program of some of your debt and preferred securities, I was wondering if you had a sort of target in mind with respect to either a total face amount that you were looking to retire or if you had a sort of long-term leverage multiple that you were looking to try to get down to.

其次，您提到了有關 GSM 的計劃，我只是想回憶一下您與合作夥伴當前簽訂的漫遊協議是否包含 GSM、GPRS 類型的漫遊分鐘數，或者是否需要協商新合約以及您從漫遊合作夥伴那裡獲得的關於您可能會看到的預期漫遊分鐘類型的顏色，最後，考慮到您現在至少已經開始了部分債務的適度回購計劃和優先證券，我想知道您是否有一個目標，即您希望退休的總面值，或您是否有某種您希望獲得的長期槓桿倍數向下。

Thank you.

謝謝。

I'll leave the churn to Doug for last.

我將把客戶流失問題留到最後交給 Doug。

Let me start with the other two and then give the churn question to Doug.

讓我從另外兩個開始，然後向 Doug 提出流失問題。

On the GSM front, we do have a roaming agreement, a long-term roaming agreement with Cingular that addresses the issues, price, terms, et cetera, with respect to GSM.

在 GSM 方面，我們確實與 Cingular 簽訂了漫遊協議，這是一項長期漫遊協議，解決了 GSM 方面的問題、價格、條款等。

We do not have a GSM contract, long-term contract with AT&T Wireless who would logically be the other significant roaming partner that we have.

我們沒有與 AT&T Wireless 簽訂 GSM 合約、長期合同，從邏輯上講，AT&T Wireless 是我們的另一個重要漫遊合作夥伴。

We have had discussions, we continue to have discussions.

我們已經進行了討論，我們將繼續進行討論。

Reasonably, you could certainly reasonably expect that we will receive GSM traffic from AT&T in the future and we're hopeful that it is on a long-term contract.

合理地，您當然可以合理地預期我們將來會從 AT&T 接收 GSM 流量，並且我們希望它是長期合約。

If it's not on a long-term contract, then it will be on our standard month-to-month contract that we've operated with and from for many years with other carriers.

如果不是長期合同，那麼它將是我們與其他運營商合作多年的標準月度合約。

In terms of buyback, we really don't have anything specific to offer in terms of our goals or objectives in that area.

在回購方面，就我們在該領域的目標或目標而言，我們確實沒有任何具體可提供的東西。

We recognize the distress state of our debt and we went in the last quarter and actually over the last couple to three months, actually, and bought some of our securities.

我們認識到我們的債務處於困境，我們在上個季度，實際上是在過去的兩到三個月裡，購買了我們的一些證券。

And what our plans are in the future, I don't know that we have a focus on anything in particular this that area except we believe it's important for our company right now to address our leverage, and particularly if you look at our accomplishments over the last year, we think we've done a pretty remarkable job in that area and we're going to continue to have that as a significant focus.

我們未來的計劃是什麼，我不知道我們會專注於這個領域的任何事情，但我們相信現在解決我們的影響力對我們公司來說很重要，特別是如果你看看我們過去的成就去年，我們認為我們在該領域做得非常出色，我們將繼續將其作為一個重要重點。

Churn issues, Doug?

客戶流失問題，道格？

As we've gone through the initiatives to get the call centers standardized, as you've heard, we've taken them down to eight or seven down to four major centers throughout the United States right now.

正如您所聽到的，我們已經採取了使呼叫中心標準化的舉措，目前我們已將美國各地的主要中心減少到八個或七個，減少到四個。

We're getting procedures consistent.

我們正在使程序保持一致。

I will tell you at dock, we had one set of procedures, that was when we shut down customers and disconnected them in one specific call center, that we got that back in line with every other call center this quarter.

我會在碼頭告訴你，我們有一套程序，就是當我們關閉客戶並在一個特定的呼叫中心斷開他們的連接時，我們在本季度與其他所有呼叫中心恢復了一致。

It did push the churn up a little bit at that call center, and we believe it was getting where you take the disconnects on the same date throughout -- same timeline for the customer's life cycle is what we did.

它確實使該呼叫中心的客戶流失率增加了一點，我們相信它正在達到在同一日期斷開連接的程度——客戶生命週期的同一時間表就是我們所做的。

We moved that in about 30 days at that call center.

我們在大約 30 天內將其轉移到了該呼叫中心。

What that does, effectively, is give you incremental churn in one month.

實際上，這會在一個月內增加您的流失率。

And so that hit in this quarter.

所以這個季度就出現了這種情況。

It's come back down already over where it was last quarter, expected to stay there.

它已經回落到上個季度的水平，預計將保持在這個水平。

So it was, I believe, a short-term blip and we'll continue to work on holding that down on a go-forward basis.

因此，我認為，這只是一個短期現象，我們將繼續努力在未來的基礎上抑制這種情況。

Thank you.

謝謝。

Thank you.

謝謝。

We'll go next to Dennis Riland, private management group.

接下來我們將採訪私人管理集團 Dennis Riland。

Good morning.

早安.

I was wondering if you could provide some more detail as far as what you actually gave up to recapture the AT&T preferred as far as cash flow or some valuation parameters there.

我想知道您是否可以提供更多細節，以了解您實際上放棄了什麼以重新獲得 AT＆T 的首選現金流或一些估值參數。

Given that the agreement is at the letter of intent stage and we're frantically working toward a definitive agreement, these things just typically take a while to get done, needless to say.

鑑於該協議正處於意向書階段，並且我們正在瘋狂地努力達成最終協議，所以不用說，這些事情通常需要一段時間才能完成。

We're not really in a position to offer much on that.

我們確實無法在這方面提供太多內容。

I will say this.

我會這麼說。

We are very excited about the prospects in Alaska.

我們對阿拉斯加的前景感到非常興奮。

If you look at the transaction on a footprint basis, you can certainly see how it benefits both parties.

如果您以足跡為基礎來查看交易，您當然可以看到它對雙方有何好處。

Literally the California markets are the only significant piece of real estate in California that AT&T doesn't own, and likewise, with Anchorage, we currently operate the markets in and around Fairbanks and in and around Juneau, Alaska.

從字面上看，加州市場是 AT&T 在加州唯一不擁有的重要房地產，同樣，我們目前在安克雷奇經營費爾班克斯及其周邊地區以及阿拉斯加朱諾及其周邊地區的市場。

With Anchorage, we would substantially offer wireless service to the entire state, at least population, and frankly, we would be the largest, most dominant wireless provider in that state, and I think we can take advantage of that opportunity.

透過安克雷奇，我們將大幅向整個州（至少是人口）提供無線服務，坦白說，我們將成為該州最大、最具主導地位的無線供應商，我認為我們可以利用這個機會。

Can I -- thank you for that.

我可以——謝謝你。

By the way, I think it looks like a great deal.

順便說一句，我認為這看起來很划算。

Congratulations on it.

恭喜你。

But when you do the accounting for the preferred on the treasury method, if you actually -- would you retire those to take those off the -- out of the face amount out of the, I guess, liability column, essentially, and maybe the other question I had was, are there seasonal issues at work here in the numbers?

但是，當您對財務方法中的首選進行會計處理時，如果您實際上 - 您會退休那些以將其從 - 我猜，負債欄的表面金額中剔除，本質上，也許是我的另一個問題是，這些數字是否有季節性問題？

Bruce K I'll address both of those.

Bruce K 我將解決這兩個問題。

First of all, yes, we anticipate, assuming we get all of our questions answered from the tax basis, that we would retire those securities, and in that case, they would be deducted from our balances on the balance sheet.

首先，是的，我們預計，假設我們從稅基中得到了所有問題的答案，我們將註銷這些證券，在這種情況下，它們將從我們的資產負債表餘額中扣除。

In terms of seasonality, third quarter typically is a higher usage quarter in both roaming, as well as local service, and so certainly you'd see some seasonality in the third quarter.

就季節性而言，第三季度通常是漫遊和本地服務使用量較高的季度，因此您肯定會在第三季度看到一些季節性。

Very consistent with probably most of the other companies out there.

可能與大多數其他公司非常一致。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

We'll take our next question from Michael Weiner, Banc of America Securities.

我們將接受美國銀行證券公司的 Michael Weiner 提出的下一個問題。

Bruce, you walked through some of the sources of cash in the quarter, but it did look like you had a pretty significant bump in the cash, particularly since you didn't describe or didn't include in what you provided there the debt in preferred buybacks that took place in the quarter.

布魯斯，您瀏覽了本季度的一些現金來源，但看起來您的現金確實有相當大的增長，特別是因為您沒有描述或沒有在您提供的債務中包括在內本季度發生的優先回購。

I'm wondering if can you provide other color on the sources of cash in the third quarter.

我想知道您能否提供有關第三季現金來源的其他資訊。

It primarily came from operations, but remember that we also had the sale of some properties earlier this year.

它主要來自運營，但請記住，我們今年早些時候也出售了一些房產。

That cash went to pay down debt, and also between the end of last year and the current quarter, the cash from the FCC at the end of last year, the cash that we had put on deposit with the FCC was recorded as an other asset category, and then in the third quarter, in anticipation that we're going to get the money back, it was reclassified up as cash, so that was 90 some million.

這筆現金用來償還債務，還有去年年底到本季度之間，去年年底來自 FCC 的現金，我們存入 FCC 的現金被記錄為其他資產然後在第三季度，由於預計我們將收回資金，因此將其重新分類為現金，所以這是90 幾百萬。

Is that right?

是對的嗎？

Yeah, back in the first quarter of the year?

是的，今年第一季？

Yeah.

是的。

Right.

正確的。

I thought that that was -- maybe I can take this up offline with you guys, but I thought that that cash was already up on the cash line in the June -- as of June.

我想那是——也許我可以和你們一起離線討論，但我認為現金已經在 6 月的現金線上了——截至 6 月。

Yeah, it was.

是的，確實如此。

It looks like cash went up, cash on the balance sheet went up by 45 million in the quarter, and I’ve taken a quick look through the Q haven't been able to figure out exactly what happened.

看起來現金增加了，本季資產負債表上的現金增加了 4500 萬，我快速瀏覽了 Q 還無法弄清楚究竟發生了什麼。

Maybe I can take it up with you offline.

也許我可以在線下和你一起解決這個問題。

Okay.

好的。

Why don't you do that.

你為什麼不這樣做呢。

We can go through some of the details.

我們可以討論一些細節。

Thanks.

謝謝。

We'll go next to Hatel [Shelarka], HVB group.

接下來我們將前往 HVB 集團 Hatel [Shelarka]。

Good morning.

早安.

This is Eric Pelletier at HVB Group.

我是 HVB 集團的 Eric Pelletier。

Three quick questions.

三個簡單的問題。

What's the timeline you anticipate to get the $18 million back from the FCC?

您預計從 FCC 收回 1800 萬美元的時間表是什麼？

And if you could also just reference the amount, you mentioned on the call, how much did you -- what was the cost of the $84 million of face value securities that you purchased?

如果您也可以參考您在電話會議中提到的金額，您購買的 8,400 萬美元面值證券的成本是多少？

And if you could comment a little bit about the different market dynamics in AmCell’s markets versus Dobson's markets with regard to the much higher coast per gross add, I'm curious to what drives the cost higher in the Dobson markets than the American Cellular markets.

如果您能評論一下 AmCell 市場與 Dobson 市場的不同市場動態，即每總增加的成本要高得多，我很好奇是什麼導致 Dobson 市場的成本高於 American Cellular 市場。

Once again I’ll leave the last part of that to Doug.

我將再次把最後一部分留給道格。

With respect to the FCC auction, the ruling that was issued allowed -- the companies have an election to make as to whether they want to opt out of the auction or close on the spectrum they agreed to buy assuming the FCC would ever gain title of that spectrum, I think that's becoming increasingly more unlikely.

關於 FCC 拍賣，發布的裁決允許——這些公司可以選擇是否退出拍賣，或者在假設 FCC 將獲得頻譜所有權的情況下結束其同意購買的頻譜。我認為這種情況變得越來越不可能。

I think there's a 45-day window in which you must make an election or have an opportunity to make an election.

我認為有一個 45 天的窗口期，您必須在其中進行選舉或有機會進行選舉。

We'll probably make ours relatively quickly, and then we'll be subject to the normal process of receiving an obligation from the government and I don't know whether -- frankly, I don’t know how long it's going to take.

我們可能會相對較快地生產出來，然後我們將接受從政府那裡獲得義務的正常程序，我不知道是否——坦率地說，我不知道這需要多長時間。

I would assume that we would have our funds before year-end, but I'm not sure that I'm ready to make any representations to that.

我認為我們會在年底前拿到資金，但我不確定我是否準備好對此做出任何陳述。

As to the 84 million of open market purchases we made, we spent approximately 29 million in that endeavor, and 11.5 million of that 84 million came in the form of signet notes significantly more expensive than the preferreds that we purchased.

至於我們在公開市場購買的 8,400 萬美元，我們在這方面花費了大約 2,900 萬美元，其中 8,400 萬美元中的 1,150 萬美元是以印章形式購買的，比我們購買的優先股要貴得多。

Eric, on the acquisition cost side, I will tell thaw we are trying to -- we're chasing the FCC number also because Dobson -- it's always been a differential.

埃里克，在購置成本方面，我會告訴解凍我們正在努力 - 我們正在追逐 FCC 數字也是因為多布森 - 它始終是一個差異。

I think there's an opportunity there for us.

我認為我們有機會。

I will say throughput from the sales organization standpoint is higher at ACC than it is at Dobson, and we'd love to emulate it on the other side of the fence, and we're certainly looking at it trying to, but the throughput is one of the biggest issues.

我想說的是，從銷售組織的角度來看，ACC 的吞吐量比多布森的要高，我們很樂意在柵欄的另一邊效仿它，我們當然正在嘗試這樣做，但吞吐量是最大的問題之一。

We are doing some change in organizationally to try to continue to emulate that, but they continue to see higher sales through most of their channels on a per-rep basis than we do at Dobson.

我們正在組織上進行一些變革，試圖繼續效仿這一點，但他們透過大多數管道的每位代表的銷售額仍然高於我們在 Dobson 的銷售額。

So part of that is footprint and proximity and city and competition, but other, I think it's some of the initiatives they put in place.

因此，其中一部分是足跡、鄰近性、城市和競爭，但其他方面，我認為這是他們採取的一些措施。

All right.

好的。

Thank you very much.

非常感謝。

We'll go next to Sandy Liang, Bear Stearns.

接下來我們將去貝爾斯登的桑迪·梁。

Hi, good morning.

早安.

First of all, how much do you think you have left on the restricted payments basket?

首先，您認為受限付款籃子還剩多少錢？

I know you have lots of cash, but how much is really available to you to buy back press and common, and then my other question is, what are your roaming revenue growth assumptions in 2003-2004, and what's your outlook for roaming minute growth in 2003-2004?

我知道你有很多現金，但是你真正可以用多少錢來回購媒體和普通媒體，然後我的另一個問題是，你對2003-2004 年漫遊收入增長的假設是什麼，以及你對漫遊分鐘數成長的前景是什麼2003年至2004年？

Thanks.

謝謝。

I'll answer the last part 1st and then somebody can address the restricted payment question.

我將回答第一部分的最後一部分，然後有人可以解決受限付款問題。

We've got one more year of step-downs in I believe both AT&T and Cingular contracts, and then with respect to both, we expect to see hopefully a pretty significant rise in roaming revenue.

我相信 AT&T 和 Cingular 的合約還有一年的縮減，然後就兩者而言，我們希望看到漫遊收入大幅增加。

Obviously when you start talking about 2004, it's a long ways out, and frankly, market conditions can and will inevitably change dramatically between now and then, but the contracts are at least in the TDMA environment, and frankly GSM environment for Cingular, are essentially flat in the nature of the rate.

顯然，當你開始談論2004 年時，還有很長的路要走，坦白說，從現在到那時，市場狀況可能而且將不可避免地發生巨大變化，但合約至少是在TDMA 環境中，坦白說，Cingular 的GSM 環境基本上是利率性質平坦。

So once we get into a flat rate, albeit a lower rate, and we continue to have accelerating or rising minutes which one would logically conclude given the rapid acceleration of the last few years if they would continue to accelerate in the outer years, albeit perhaps at a smaller growth rate.

因此，一旦我們進入固定利率，儘管利率較低，並且我們繼續有加速或上升的分鐘數，鑑於過去幾年的快速加速，如果它們在外部年份繼續加速，人們可以合乎邏輯地得出結論，儘管可能以較小的成長率。

I guess, Sandy, what I'm long-winded in attempting to say, I think the prospects look good in 2004 for rising roaming revenue stream.

桑迪，我想說的是，我認為 2004 年漫遊收入成長的前景看好。

I think 2003, although we haven't given guidance, we do have two more -- rate reduction with both Cingular and AT&T that are on a percentage basis pretty consistent with what we experienced this year, so I would expect that, you know, roaming revenue in general in 2003 will certainly not rise by any significant nature, and frankly, I think when we analyze or fine-tune our final budget and prepare guidance, I'd be hard-pressed right now to predict that it's going to do anything except stay reasonably flat, but again, there's a pretty wide range as to where that will come out.

我認為 2003 年，雖然我們沒有給出指導，但我們確實還有兩次——Cingular 和 AT&T 的利率下調，其百分比與我們今年的經歷非常一致，所以我預計，你知道，總體而言，2003年的漫遊收入肯定不會出現任何顯著的增長，坦白說，我認為當我們分析或調整我們的最終預算並準備指導時，我現在很難預測它會發生什麼。除了保持相當平穩之外，什麼都可以，但同樣，結果的範圍相當廣泛。

The second part of your question, Sandy, had to do with our restricted payment basket, and I don't want to tie our restricted payment basket to open market purchases because as Everett mentioned, there are a lot of uses for cash and we're going to be conservative and opportunistic at best, but our most restricted basket is approximately 150 million.

桑迪，你問題的第二部分與我們的限制性支付籃子有關，我不想將我們的限制性支付籃子與公開市場購買聯繫起來，因為正如埃弗里特提到的，現金有很多用途，我們'我們充其量是保守和機會主義的，但我們最受限制的籃子大約是 1.5 億。

There are different securities that have different baskets and different restrictions, but the most restrictive is about 150 million.

不同的證券有不同的籃子和不同的限制，但限制最多的大約是1.5億。

Sandy, I might add that of the three issuances, in most cases, buying back the picks isn't the most restricted payment.

桑迪，我可能會補充一點，在這三筆發行中，在大多數情況下，回購選秀權並不是最受限制的付款。

And in the one case where it is, we do have a basket that will cover us for a while.

在一種情況下，我們確實有一個可以遮蓋我們一段時間的籃子。

So I guess that 150 is for the issue that allows to you buy back the picks?

所以我猜 150 是為了允許你回購選秀權的問題？

Yeah, that's right.

是啊，沒錯。

That's the most restrictive.

這是最受限制的。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝。

Once again, that is star 1 if you wish to ask a question.

再說一次，如果你想問問題，那就是 1 星。

We'll go next to Demitri Kaken, Bellian Company.

接下來我們將前往貝利安公司的德米特里·卡肯 (Demitri Kaken)。

Hi, guys.

嗨，大家好。

I just have, I guess, one question.

我想我只有一個問題。

If you buy, you know, 10 million shares, you know, out of 35, I mean, why don't you just buy the whole thing, I mean, at these levels and just go private?

如果你買 35 股中的 1000 萬股，我的意思是，你為什麼不直接買整股，我的意思是，在這些水平上然後私有化？

Well, you know, I don't know that we're prepared to address the private versus public argument today.

嗯，你知道，我不知道我們今天是否準備好解決私人與公共的爭論。

We put the 10 million share repurchase -- our board elected to do that.

我們回購了 1000 萬股股票——我們的董事會選擇這樣做。

It was a continuation of a share repurchase program that expired a few weeks ago, I guess, so our board opted to continue with the share repurchase program to allow us to consider all options over the next year which certainly mine includes a share repurchase from open market sales or otherwise, but I don't know that we're prepared to address the private versus public argument today.

我想，這是幾週前到期的股票回購計劃的延續，因此我們的董事會選擇繼續進行股票回購計劃，以便我們能夠考慮明年的所有選擇，其中當然包括公開回購股票市場銷售或其他方面，但我不知道我們今天是否準備好解決私人與公共的爭論。

Okay.

好的。

And given that the stock is obviously being affected by the American Cellular situation, do you have any sense when the negotiations with the banks can potentially be resolved?

鑑於該股顯然受到美國行動公司情況的影響，您是否知道與銀行的談判何時可能得到解決？

Is it something that is going to be resolved over the next three quarters, two quarters, you know, a year?

這個問題會在接下來的三個季度、兩個季度，或是一年內解決嗎？

I hope it's closer to the first part of your analysis, in essence, a couple quarters.

我希望它更接近您分析的第一部分，本質上是幾個季度。

There's a lot of parties involved here, and we're having discussions, so hopefully it can be resolved sooner rather than later, but we're going to go at a reasonable pace and not jeopardize the transaction and the importance of the transaction by trying to rush it.

這裡涉及很多方，我們正在進行討論，所以希望它能夠盡快得到解決，但我們會以合理的速度進行，不會通過嘗試來危及交易和交易的重要性。急它。

Should we interpret -- when is your AWE contract expires?

我們應該解釋一下——你們的 AWE 合約什麼時候到期？

The AWE agreement goes through June of 07.

AWE 協議有效期至 2007 年 6 月。

Okay.

好的。

And why haven't you signed the GSM contract yet with them but signed with Cingular?

為什麼你們還沒有跟他們簽GSM合同，而是和Cingular簽約？

We haven't come to an agreement on it yet.

我們還沒有就此達成協議。

Okay.

好的。

Should we interpret the swap of the properties in Alaska and California as well as the preferred transaction where AWE gave the preferred essentially back to you as some kind of an indicator that, you know, AWE is washing it's hands of, as far as any future structure of American Cellular?

我們是否應該將阿拉斯加和加利福尼亞州的房產交換以及 AWE 將優先權基本上返還給您的優先交易解釋為某種指標，表明 AWE 正在洗手，無論未來如何美國移動電話的結構？

I think you're going to have to ask that question of AT&T.

我認為你必須向 AT&T 詢問這個問題。

I don't know that the swap agreement frankly has any implications with regard to American Cellular whatsoever.

坦白說，我不知道互換協議對美國行動公司有任何影響。

But again, any views that AT&T has probably need to be directed towards AT&T.

但同樣，AT&T 的任何觀點可能都需要針對 AT&T。

Okay.

好的。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

And we have a follow-up question from Anthony Carmen, Deutsche Banc.

我們有來自德意志銀行安東尼·卡門的後續問題。

Hi.

你好。

Just one follow-up question on the capex side.

只是資本支出方面的後續問題。

How discretionary will the capex spend be respect to GSM?

資本支出對於 GSM 的自由裁量程度如何？

In other words, will you sort of take your ques from how successful AWE and Cingular are in signing up GSM customers in the territories that border your markets so that you probably have a better chance of getting that roaming traffic, or is your plan still just to sort of go straight ahead with continuing the overlay on the pace where that currently is?

換句話說，您是否會從 AWE 和 Cingular 在與您的市場接壤的地區簽約 GSM 客戶方面取得的成功來了解您的問題，以便您可能有更好的機會獲得漫遊流量，或者您的計劃仍然只是繼續以目前的速度進行疊加嗎？

That's an excellent question, and the answer is, I think you described it almost to the point when you said that our capital build will be monitored closely with the activities of AT&T and Cingular and the success that they have, hopefully have, in rolling out GSM in adjacent MSAs.

這是一個很好的問題，我認為您的描述幾乎已經說到了點子上，您說我們的資本建設將受到 AT&T 和 Cingular 的活動以及他們在推出方面所取得的成功（希望如此）的密切監控。相鄰MSA 中的GSM。

On that note, we did make the determination that the American markets of New York including Poughkeepsie and Orange County was the logical first place to launch a GSM footprint.

在這一點上，我們確實確定紐約的美國市場（包括波基普西和橘郡）是邏輯上第一個推出 GSM 足跡的地方。

We have a desire to attract roaming revenue from both AT&T and Cingular in that area, and I think you'll see us still -- primarily, and at some point, given that's a somewhat community of interest back into New York City, you might see us launch our own GSM local network in that area, and again offering GSM local service will help us manage our own network and spectrum, and think that's likely to happen in the future.

我們希望從該地區的 AT&T 和 Cingular 吸引漫遊收入，而且我想您仍然會看到我們——主要是，在某個時候，考慮到紐約市有一定的興趣社區，您可能會看到我們。看到我們在該地區推出我們自己的GSM 本地網絡，並且再次提供GSM 本地服務將幫助我們管理我們自己的網絡和頻譜，並認為這在未來可能會發生。

But our primary focus initially is to attract GSM roaming revenue in areas that clearly we're going to see GSM roaming revenue.

但我們最初的主要重點是在顯然我們將看到 GSM 漫遊收入的地區吸引 GSM 漫遊收入。

Thank you.

謝謝。

Gentlemen, we have another follow-up question from Sandy Liang, Bear Stearns.

先生們，貝爾斯登的桑迪·梁（Sandy Liang）向我們提出了另一個後續問題。

Hi, just a quick one.

嗨，只是快一點。

Can you just review what proportion of roaming minutes and dollars comes from Cingular and AWE at American and at Dobson?

您能否回顧一下美國航空和多布森的 Cingular 和 AWE 所佔的漫遊時間和費用比例？

Might take a minute but I'll give you some indication of that.

可能需要一點時間，但我會給你一些指示。

It's a significant amount.

這是一個很大的金額。

Adding the two together at both Dobson and American, --

將多布森和美國航空的兩者加在一起，--

At Dobson, from a minute standpoint -- I'm going to give them to you separate.

在多布森，從細微的角度來看——我將把它們單獨給你。

No, we don't want to do that.

不，我們不想這樣做。

Well, it's about 62%, 63% for American -- for AT&T, and for Cingular, it's about 22%.

嗯，這個比例大約是 62%，對美國公司來說是 63%，對於 AT&T 來說是 63%，而對 Cingular 來說，這個比例大約是 22%。

About 80%.

大約80%。

Where was Cingular a year ago, do you think?

你認為一年前 Cingular 在哪裡？

Cingular has risen at both Dobson and American, probably faster at American.

Cingular 在多布森和美國航空都取得了上升，在美國航空可能更快。

We announced early in the year that we'd entered into a long-term agreement with Cingular whereby we began receiving TDMA minutes in areas that previously Cingular was using our competitor, so it has risen on plan pretty significantly this year.

我們在今年稍早宣布，我們與 Cingular 達成了一項長期協議，根據該協議，我們開始在 Cingular 之前使用我們競爭對手的區域接收 TDMA 分鐘，因此今年的數量按計劃顯著增加。

We hope that certainly that trend continues in the future.

我們希望這種趨勢在未來持續下去。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Mr. Dobson, it appears we have no further questions at this time.

多布森先生，目前看來我們沒有其他問題了。

I'll turn the conference back over to you for any additional or closing remarks.

我會將會議轉回給您，以便您發表任何補充或結束語。

Thanks for everyone's participation today.

感謝大家今天的參與。

We stand, as always, ready to answer your follow-up calls, so feel free to call.

我們一如既往地隨時準備接聽您的後續電話，請隨時致電。

Thanks.

謝謝。

That does conclude that Dobson third quarter 2002 earnings results conference call.

這確實是多布森 2002 年第三季財報電話會議的結論。

We thank you for your participation.

我們感謝您的參與。

You may disconnect at this time.

此時您可以斷開連線。

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