AT&T Inc (T) 2002 Q4 法說會逐字稿

Good day, everyone and welcome to the Dobson Communications Fourth Quarter Earnings Results Conference Call.

大家好，歡迎參加 Dobson Communications 第四季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

For opening remarks and introductions I will turn the call over to Mr. Warren Henry, Vice President of Investor Relations.

對於開場白和介紹，我將把電話轉給投資者關係副總裁沃倫·亨利先生。

Please go ahead, sir.

請繼續，先生。

Thank you and good morning.

謝謝你，早安。

Today's conference call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

今天的電話會議將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These include but are not limited to statements regarding the company's plans, intentions and expectations for 2003.

其中包括但不限於有關公司 2003 年計劃、意圖和期望的聲明。

Such statements are inherently subject to a variety of risks and uncertainties.

此類陳述本質上會受到各種風險和不確定性的影響。

Actual results could differ materially from those projected.

實際結果可能與預測有重大差異。

We discuss the risk factors that could impact the company's overall business and performance in more detail in our reports filed with the Securities and Exchange Commission.

我們在向美國證券交易委員會提交的報告中更詳細地討論了可能影響公司整體業務和績效的風險因素。

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

考慮到這些擔憂，投資者和分析師不應放棄對前瞻性陳述的依賴。

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。

Everett?

埃弗里特？

Thank you, Warren, and good morning, everyone.

謝謝你，沃倫，大家早安。

Welcome to our fourth quarter conference call.

歡迎參加我們的第四季電話會議。

I am joined by Doug Stephens, our COO and Bruce Knooihuizen, the CFO at Dobson.

我們的營運長 Doug Stephens 和 Dobson 的財務長 Bruce Knooihuizen 也加入了我的行列。

To begin I'd like to highlight Dobson fourth quarter in 2002 accomplishments.

首先我想強調多布森在 2002 年第四季的成就。

I'll primarily confine my remarks to Dobson, later when Doug addresses operating issues in more detail he will have more to say about the American results.

我的演講將主要限於多布森，稍後當道格更詳細地討論營運問題時，他將對美國的結果有更多的看法。

In the fourth quarter as we did in 2002 as a whole, we continue to strengthen our subscriber base by adding profitable, low churn, high value, postpaid subscribers.

在第四季度，正如我們在 2002 年全年所做的那樣，我們透過增加獲利、低流失、高價值的後付費用戶，繼續加強我們的用戶基礎。

These subscribers concentrate their calling traffic more than ever on our network and those of our major roaming partners, which creates profit growth momentum as we enter this new year.

這些用戶比以往任何時候都更將呼叫流量集中在我們的網路和主要漫遊合作夥伴的網路上，這為我們進入新的一年創造了利潤成長動力。

In 2002, we focused on three priorities, the first was to strengthen the profitability of our local service business, secondly to assure the long-term predictability and stability of our roaming business.

2002年，我們重點掌握三項工作，一是增強本地業務的獲利能力，二是確保漫遊業務的長期可預測性和穩定性。

This past year we sought to extend the contractual relationship with two key roaming partners.

去年，我們尋求擴大與兩個主要漫遊合作夥伴的合約關係。

Finally we set out to improve our balance sheet.

最後，我們開始改善我們的資產負債表。

Our fourth quarter performance capped off an excellent year of operating and financial achievements, marked by progress on all three priorities.

我們第四季的業績為這一年的營運和財務成就畫上了圓滿的句號，這三個優先事項都取得了進展。

In 2002's difficult economic environment with subscriber growth slowing throughout the wireless industry, we still grew both subscribers and RPU and reduced churn and cash cost per user and significantly improved customer profitability.

在 2002 年經濟環境困難、整個無線產業用戶成長放緩的情況下，我們仍然實現了用戶數和 RPU 的成長，降低了每位用戶的流失率和現金成本，並顯著提高了客戶獲利能力。

We generated stronger than expected cash flow, ending the year with $292 million in cash on the balance sheet and accomplished this while reducing total preferred stocks in debt obligations by almost $500 million and assuming the California for Alaska swap closes with AT&T, the $500 million will be $700 million.

我們產生了強於預期的現金流，年底資產負債表上有2.92 億美元的現金，並實現了這一目標，同時將債務義務中的優先股總額減少了近5 億美元，假設加州與阿拉斯加的互換與AT&T 完成，這5 億美元將為 7 億美元。

Our second priority in 2002 as I said was to ensure the long-term predictability and stability of our roaming business.

正如我所說，我們2002年的第二個優先事項是確保漫遊業務的長期可預測性和穩定性。

Through extended contracts with two key partners we signed a new ten-year roaming agreement with Cingular, early last year and we extended our AT&T roaming agreement for TDMA out to 2007.

透過與兩個主要合作夥伴延長合同，我們於去年初與 Cingular 簽署了新的十年漫遊協議，並將 AT&T TDMA 漫遊協議延長至 2007 年。

We are discussing a long-term nationwide GSM agreement with AT&T.

我們正在與 AT&T 討論長期全國 GSM 協議。

We can't provide a timetable when this is likely to be completed, I am convinced this certainly makes sense for both companies.

我們無法提供可能完成的時間表，我相信這對兩家公司來說肯定有意義。

Additionally the California for Alaska swap would decrease our roaming revenue as a percentage of total revenue from the 38% level for 2002 to about 30% and yet our operating cash flow will remain virtually unchanged, thus transferring roaming profits to local profits over which we have much more control.

此外，加州與阿拉斯加的互換將使我們的漫遊收入佔總收入的比例從2002 年的38% 下降到30% 左右，但我們的經營現金流幾乎保持不變，從而將漫遊利潤轉移到我們擁有的本地利潤中。更多的控制。

One last point concerning our second priority, roaming growth.

最後一點是關於我們的第二個優先事項，即漫遊成長。

With our GSM overlay in progress, we are fast approaching the time we'll be able to offer roaming capabilities to AT&T and Cingular throughout our foot print.

隨著 GSM 覆蓋的進展，我們很快就能在整個足跡中為 AT&T 和 Cingular 提供漫遊功能。

In fact our initial GSM launch will be in the ACC-New York cluster next week and will provide roaming service to Cingular in an expanded footprint area.

事實上，我們最初的 GSM 發布將於下週在 ACC-New York 集群中推出，並將在擴大的覆蓋範圍內為 Cingular 提供漫遊服務。

Finally our third priority last year was to create value for shareholders by reducing debt and preferred securities on the balance sheet.

最後，我們去年的第三個優先事項是透過減少資產負債表上的債務和優先證券為股東創造價值。

I'll review each step.

我將回顧每一步。

We paid down $325 million of bank debt using the proceeds from the sale of four markets to Verizon early last year.

我們利用去年初向 Verizon 出售四個市場的收益償還了 3.25 億美元的銀行債務。

From September 1 of 2002 through yesterday, additionally we repurchased $167 million face value in preferred securities and $11.5 million in cygnet notes.

從2002年9月1日到昨天，我們也回購了面額1.67億美元的優先證券和1,150萬美元的小天鵝票據。

Please note that the 60 million and 6 that we purchased in first quarter of 2003 have not yet been canceled so they are still on the balance sheet, Table 2 in the earnings release.

請注意，我們在 2003 年第一季購買的 6,000 萬和 6 尚未取消，因此它們仍在資產負債表上（收益發布表 2 中）。

At the end of the first quarter we will cancel these given a new picture of reduced leverage.

在第一季末，鑑於槓桿率降低的新情況，我們將取消這些計劃。

Last year we made $28 million in scheduled principal payments and finally assuming the property swap goes through we plan to cancel an additional 200 million series AA preferred stocks as well as the 23 million in dividends that accrued on that issue.

去年，我們按計劃支付了 2800 萬美元的本金，最後假設財產互換得以完成，我們計劃取消另外 2 億股 AA 級優先股以及因該發行而產生的 2300 萬股股息。

Looking at this from another perspective, at December 31, 2001, our net debt was 5.1 times EBITDA.

從另一個角度來看，截至2001年12月31日，我們的淨債務是EBITDA的5.1倍。

Through our preferred stock, the leverage was 8.2 times.

透過我們的優先股，槓桿是8.2倍。

Twelve months later we have reduced our net debt leverage from 5.1 to 3.8 times and our debt and preferred stock leverage from 8.2 to just under 5.8 times.

12 個月後，我們將淨債務槓桿率從 5.1 倍降低至 3.8 倍，並將債務和優先股槓桿率從 8.2 倍降低至略低於 5.8 倍。

Again these ratios treat the Dobson- AT&T property swap as if it were completed and series AA preferred stock canceled.

這些比率再次將多布森- AT&T 財產互換視為已完成且 AA 系列優先股已取消。

By the way, we expect the swap to be completed late second quarter-early third quarter this year.

順便說一句，我們預計互換將於今年第二季末至第三季初完成。

Again, we believe this is excellent progress.

我們再次相信這是一個巨大的進步。

I can also report today that DCC-LP and Banc of America are having meaningful discussions concerning the family partnership loan.

我今天還可以報告，DCC-LP 和美國銀行正在就家庭合夥貸款進行有意義的討論。

We are focused on a solution that would remove concern about the possibility of change control at DCC.

我們專注於一種解決方案，以消除人們對 DCC 變更控制可能性的擔憂。

Finally I would like to take a minute to acknowledge the performance of the 2500-plus employees of Dobson Communications 2002.

最後，我想花一點時間對 Dobson Communications 2002 2500 多名員工的表現表示認可。

Dobson is a 67-year-old company.

Dobson 是一家擁有 67 年歷史的公司。

And although my tenure is limited to the last 22 years, I can say 2002 was the most exceptional year I can remember.

儘管我的任期僅限於過去 22 年，但我可以說 2002 年是我記憶中最不平凡的一年。

In what happen the most difficult cycle in the industry in decades DCC has excelled, not just in financial performance, which we just discussed, but in establishing and building a foundation for years to come.

在業界數十年來最困難的周期中，DCC 表現出色，不僅在我們剛才討論的財務表現方面，而且在為未來幾年建立和奠定基礎方面。

Today we have a solid balance sheet, free cash flow positive and continue to grow customers and cash flow.

今天，我們擁有穩健的資產負債表、正的自由現金流，並且客戶和現金流持續成長。

Additionally we are establishing ourselves as leading GSM company and vibrant attractive markets in the United States.

此外，我們正在將自己打造成領先的 GSM 公司，並在美國打造充滿活力、有吸引力的市場。

To our investors and on behalf of these people I'd like to say thank you for your support and certainly look forward to 2003 and its challenges.

我謹代表我們的投資者並代表這些人對你們的支持表示感謝，並期待 2003 年及其挑戰。

With that I'll turn it over to Doug.

我會把它交給道格。

Thanks, Everett.

謝謝，埃弗里特。

For those who heard my comments last November about the third quarter, today's summary will sound very much the same.

對於去年 11 月聽過我對第三季的評論的人來說，今天的總結聽起來非常相似。

With the exception of gross and net adds we had an excellent fourth quarter.

除了總增加和淨增加之外，我們第四季度的表現非常出色。

Net subscriber adds in the Dobson markets were 18,900 in the fourth representing an increase in penetration to 12.08% at December 31, compared with 11.02% twelve months earlier.

第四季度，多布森市場的淨用戶增加量為 18,900 人，截至 12 月 31 日，滲透率增至 12.08%，而 12 個月前為 11.02%。

That's a 1.04% annualized increase.

年化成長率為 1.04%。

At American we added 17,300 net subscribers in the quarter and increased penetration in those markets to 13.82% up from 12.65% a year ago, a 1.17% annualized increase.

在美國航空，本季淨訂戶數量增加了 17,300 名，這些市場的滲透率從去年同期的 12.65% 增至 13.82%，年化成長率為 1.17%。

Gross adds were lower at Dobson and American primarily due to continued slow store traffic which seems to be fairly consistent throughout the industry.

多布森和美國航空的總增加額較低，主要是由於商店客流量持續緩慢，這似乎在整個行業中相當一致。

The slower economy continues to impact retail traffic as well as retail sales.

經濟放緩持續影響零售流量和零售額。

But we feel confident we are not losing market share and the growth subscribers we are added are profitable, low churn, high value and the exact profile we are targeting.

但我們有信心我們不會失去市場份額，而且我們增加的成長用戶是有利可圖的、低流失率、高價值和我們所瞄準的確切形象。

Once again in the fourth quarter, the entire organization did a great job of managing churn.

第四季度，整個組織在管理客戶流失方面再次表現出色。

Postpaid churn was 1.83% at Dobson which is down from 2.14% in the fourth quarter of 2001.

Dobson 的後付費客戶流失率為 1.83%，低於 2001 年第四季的 2.14%。

American Cellular's churn for the quarter was 1.96% which was higher than last year but still below the low end of our guidance for 2002 as a whole.

美國行動公司本季的客戶流失率為 1.96%，高於去年，但仍低於我們 2002 年全年指引的下限。

These churn numbers are clear evidence that wireless network continues to perform exceptionally well, with industry leading low rates of call blocking and dropped calls.

這些流失數字清楚地表明無線網路繼續表現出色，呼叫阻塞率和掉話率領先業界。

In addition our sales people are doing a great job of matching customers to the right calling plans, selling more two-year contracts and our call center teams are delivering improved servicing levels as well as focusing on resolving customer issues in first call resolution.

此外，我們的銷售人員在為客戶匹配正確的呼叫計劃方面做得非常出色，銷售更多的兩年期合同，我們的呼叫中心團隊正在提供更高的服務水平，並專注於在首次呼叫解決中解決客戶問題。

Dobson customer acquisition costs for the fourth quarter was $410 and American Cellular's cost was 382.

Dobson 第四季的客戶獲取成本為 410 美元，American Cellular 的成本為 382 美元。

To keep focused on managing our acquisition costs down we began a restructuring of the sales organization in the fourth quarter with the goal of reducing non-quota carrying personnel while putting more emphasize on front line sales and customer support.

為了繼續專注於降低採購成本，我們在第四季度開始對銷售組織進行重組，目標是減少非配額人員，同時更加重視第一線銷售和客戶支援。

We'll have fewer managers with greater levels of responsibility while we have added several positions that will enhance our sales punt and assist in retaining customers.

我們將減少負責人員的數量，同時增加幾個職位，以增強我們的銷售能力並幫助留住客戶。

The reorganization will result in an overall reduction in sales head count while much of the organization has been done already, we'll have this completed by the end of the first quarter.

重組將導致銷售人員數量總體減少，而組織的大部分工作已經完成，我們將在第一季末完成。

The homerun for the fourth quarter was our success in selling local and preferred network calling plans.

第四季的本壘打是我們成功銷售本地和首選網路通話計劃。

These were 69% at Dobson and 77% at American.

多布森 (Dobson) 的比例為 69%，美國航空 (American) 的比例為 77%。

Local rate plans limit or in some cases eliminate our off network roaming exposure.

本地費率計劃限製或在某些情況下消除我們的網外漫遊風險。

Preferred network national plans offer access to preferred networks of our major roaming partners with no roaming and no toll charges.

首選網路全國計劃提供對我們主要漫遊合作夥伴的首選網路的訪問，無需漫遊，也無需支付長途費用。

At the beginning of 2002 we targeted these plans to be 35-40% of gross adds for the year.

2002 年初，我們的目標是這些計畫佔當年總增量的 35-40%。

As Everett pointed out, our sales organization hit that target in the fourth quarter and hasn't looked back.

正如埃弗里特指出的那樣，我們的銷售組織在第四季度實現了這一目標，並且沒有回頭。

We feel this is great news and should continue to drive our financial results for 2003.

我們認為這是個好消息，應該會繼續推動我們 2003 年的財務表現。

To illustrate this take a look at 2002 as a whole.

為了說明這一點，請看一下整個 2002 年。

Dobson's RPU averages $43.70 for the year compared with 43.22 in 2001 showing a small yet solid improvement.

Dobson 當年的平均 RPU 為 43.70 美元，與 2001 年的 43.22 美元相比，顯示出小幅但穩健的進步。

As we sold increased numbers of these network plans, we reduced cash cost per user through reduction expense throughout the year.

隨著我們銷售的這些網路計劃數量的增加，我們透過減少全年費用來降低每個用戶的現金成本。

The result, cash cost per user in 2002 in total was $22.57 versus $24.29 for the previous year.

結果，2002 年每位使用者的現金成本總計為 22.57 美元，而前一年為 24.29 美元。

This reduction enabled Dobson to increase local service EBITDA to 20.3% in 2002, almost double what it was in 2001.

這一減少使得 Dobson 在 2002 年將本地服務 EBITDA 提高到 20.3%，幾乎是 2001 年的兩倍。

And the preferred plan customer is happier today with his calling plan and service then he was a year ago.

與一年前相比，首選計劃客戶今天對自己的通話計劃和服務更加滿意。

These plans give greater control over customer's roaming minutes but in addition, this improvement shows the impact of the lower in-collect rate of the Cingular roaming agreement that we signed earlier this year.

這些計劃可以更好地控制客戶的漫遊時間，但此外，這項改進也顯示了我們今年稍早簽署的 Cingular 漫遊協議中較低的收費率的影響。

For a few other points, we rolled out our new prepaid product to most markets.

對於其他幾點，我們向大多數市場推出了新的預付費產品。

As we stated before, the pre-paid customer today has virtually no acquisition costs.

正如我們之前所說，今天的預付費客戶幾乎沒有獲取成本。

He is paying full cost for and the selling commission up front with the initial payment.

他在首期付款的同時支付了全部成本和銷售佣金。

While sales are not as brisk as we planned, the pre-paid customers we are adding are profitable.

雖然銷售沒有我們計劃的那麼旺盛，但我們增加的預付費客戶是有利可圖的。

In terms of other operating initiatives we've discussed, we continued in the fourth quarter to manage tightly the aging of our receivables.

就我們討論過的其他營運措施而言，我們在第四季繼續嚴格管理應收帳款的帳齡。

Currently less than 4% of our receivables are over 30 days.

目前，我們只有不到 4% 的應收帳款期限超過 30 天。

It is our expectation that this improvement will result in a reduction of bad debt and writeoff.

我們預計這項改進將導致壞帳和沖銷的減少。

Overall operating efficiencies continue to benefit.

整體營運效率持續受益。

Overall our teams are delivering vast improvements in a variety of areas impacting revenue and expenses and with the stronger retail environment in the coming year we expect better results across the board.

總體而言，我們的團隊正在影響收入和支出的各個領域進行巨大改進，隨著來年零售環境的增強，我們預計將全面取得更好的業績。

With that I'll turn the call over to Bruce Knooihuizen.

之後我會將電話轉給 Bruce Knooihuizen。

Thanks, Doug.

謝謝，道格。

I have a few items to address and I'll outline our growth expectations for 2003.

我有幾個問題需要解決，我將概述我們 2003 年的成長預期。

First we have clearly strengthened our balance sheet and I think it's worth repeating some of those accomplishments.

首先，我們明顯加強了我們的資產負債表，我認為值得重複其中一些成就。

Looking at Table 2 in the release, in the past year we increased our cash position by a $133 million to a total of $294.5 million at December 31st.

從新聞稿中的表 2 可以看出，去年我們的現金部位增加了 1.33 億美元，截至 12 月 31 日，現金總額達到 2.945 億美元。

We reduced the Dock credit facility by a net $321 million from $822 million at the end of 2001 to 501 at the end of 2002.

我們將碼頭信貸額度淨減少了 3.21 億美元，從 2001 年底的 8.22 億美元減少到 2002 年底的 501 美元。

And reduced the Cygnet credit facility by $15 million.

並將 Cygnet 信貸額度減少了 1500 萬美元。

The primary factor in this was the use of proceeds from the sale of our four properties to Verizon Wireless earlier in the year.

其中的主要因素是今年稍早將我們的四處房產出售給 Verizon Wireless 所得收益的使用。

We repurchased $11.5 million face value of Cygnet notes to $188.5 million and repurchased almost $108 million of PIC securities through December 31st which none of the dividends issued in 2002 reduced the PIC balances to 24 million since the start of the year.

截至12 月31 日，我們回購了面額1,150 萬美元的Cygnet 票據，達到1.885 億美元，並回購了近1.08 億美元的PIC 證券，2002 年發放的股息沒有使年初以來的PIC 餘額減少到2,400萬美元。

As we said at the beginning of the current year in 2003, we repurchased 259 million of PICs.

正如我們在2003年初所說，我們回購了2.59億枚PIC。

As Everett mentioned, our balance sheet continues to reflect the Dobson series AA series stock we expect to cancel after the property swaps with AT&T Wireless.

正如 Everett 所提到的，我們的資產負債表繼續反映我們預計在與 AT&T Wireless 進行產權交換後取消的 Dobson 系列 AA 系列股票。

With the credit facility reduction of preferred and debt repurchases to date and assuming the completion of the AT&T property swap, we have reduced preferred and net obligations net of cash from 2.24 billion at the beginning of 2002 to $1.5 billion, a reduction of 31%.

迄今為止，隨著優先股和債務回購信貸額度的減少，並假設AT&T 財產互換完成，我們已將優先股和扣除現金的淨債務從2002 年初的22.4 億美元減少到15 億美元，減少了31%。

Looking at it from a leverage standpoint, our net debt and PIC leverage has gone down from 1.2 times EBITDA to 5.8 times.

從槓桿的角度來看，我們的淨債務和PIC槓桿已從EBITDA的1.2倍下降至5.8倍。

This includes reduction in credit facilities all PIC and debt repurchases and assumes the AT&T Wireless property swap's completion.

這包括減少所有 PIC 信貸額度和債務回購，並假設 AT&T Wireless 財產交換完成。

Now I would like to address capital expenditures.

現在我想談談資本支出。

Fourth quarter Cap Ex at Dobson was $18.8 million bringing the 2002 total to $84 million.

Dobson 第四季的資本支出為 1,880 萬美元，使 2002 年的資本支出總額達到 8,400 萬美元。

For American Cellular fourth quarter Cap Ex was $10 million bringing the full year to $49 million.

American Cellular 第四季資本支出為 1,000 萬美元，全年資本支出達到 4,900 萬美元。

These totals are slightly less than budget.

這些總數略低於預算。

For 2003, we plan to spend approximately $100 million from the Dobson market for Cap Ex and $60 million in the American Cellular markets.

2003 年，我們計劃在多布森市場投入約 1 億美元用於資本支出，在美國蜂窩市場投入 6,000 萬美元。

TDMA usage continues to increase and we need to meet the demand but obviously our focus is shifting to GSM.

TDMA 使用量持續增加，我們需要滿足需求，但顯然我們的重點正在轉向 GSM。

In 2002 we began detailed planning for GSM and started the initial buildup.

2002年我們開始對GSM進行詳細規劃，並開始初步施工。

The plan is on track with the initial overlay slated to be complete this year to primarily capture wholesale traffic.

該計劃正在按計劃進行，初步覆蓋預計將於今年完成，主要捕獲批發流量。

In fact, our initial GSM markets to the New York cluster will begin processing and billing roaming traffic next week.

事實上，我們最初的紐約集群 GSM 市場將於下週開始處理漫遊流量並對其進行計費。

By the end of 2003 our GSM network will cover an area that represent over 70% of our current roaming traffic.

到 2003 年底，我們的 GSM 網路將覆蓋占我們目前漫遊流量 70% 以上的區域。

The overlay will be completed in 2004 having GSM in 100 percent of our sales sites which the at which time we anticipate having a robust product.

該覆蓋範圍將於 2004 年完成，我們 100% 的銷售站點將採用 GSM，屆時我們預計將擁有強大的產品。

Currently we are calibrating the pace of the overlay with the opportunities to capture roaming traffic from Cingular and AT&T Wireless as well as monitoring the local market competitive environment.

目前，我們正在調整覆蓋的步伐，以抓住來自 Cingular 和 AT&T Wireless 的漫遊流量以及監控本地市場競爭環境的機會。

If GSM take-up rates accelerate we can alter the pace of our overlay.

如果 GSM 的使用率加快，我們可以改變覆蓋的速度。

The balance of the GSM-GPRS overlay should be completed in 2004.

GSM-GPRS 覆蓋的餘額應於 2004 年完成。

Dobson was again cash-free positive in the fourth quarter.

多布森在第四季再次表現出無現金的積極態度。

EBITDA was $70.2 million and after cash interest costs, Cap Ex, debt amortization and changes in working capital for the quarter, we generated $28.5 million in free cash flow for three months.

EBITDA 為 7,020 萬美元，扣除現金利息成本、資本支出、債務攤銷和本季營運資金變動後，我們三個月的自由現金流為 2,850 萬美元。

For the full year $50.6 million..

全年 5060 萬美元..

Dobson's unlevered cash flow was $52 million for the fourth quarter and for all of 2002 was almost $183 million.

多布森第四季的無槓桿現金流為 5,200 萬美元，2002 年全年接近 1.83 億美元。

American Cellular met all fourth quarter needs through operations as well.

美國移動公司也透過營運滿足了第四季度的所有需求。

With the exception of American Cellular's total leverage ratio, all have met bank covenants and we dont expect that to change in the foreseeable future.

除美國行動公司的總槓桿率外，所有公司都滿足了銀行契約，我們預計這一點在可預見的未來不會改變。

Finally this morning, I would like to address our outlook for 2003.

最後，今天上午，我想談談我們對 2003 年的展望。

The following guidance anticipates the swap with AT&T will occur at the end of the second quarter.

以下指導預計與 AT&T 的交換將在第二季末進行。

In addition, this guidance is for the DCC entities only.

此外，本指南僅適用於 DCC 實體。

I will provide ranges for Dobson's expected growth relative to 2002 actual results with general color on how the property swap would affect the numbers.

我將提供多布森相對於 2002 年實際結果的預期增長範圍，並用一般顏色說明財產交換將如何影響數字。

Although we are not giving guidance specifically on American Cellular, we think American's market dynamics should not be significantly different from Dobson's this year.

儘管我們沒有專門針對美國移動提供指導，但我們認為美國今年的市場動態應該不會與多布森的市場動態有太大不同。

In terms of 2003 guidance for Dobson, we look for total revenue growth of 5-7% over 2002's total of $630 million.

根據 Dobson 2003 年的指導，我們預計總收入將比 2002 年 6.3 億美元的總收入成長 5-7%。

Local service revenue will fuel the growth in total revenue.

本地服務收入將拉動總收入的成長。

The roaming revenue components of our revenue stream is again likely to be marginally down as it was in 2002.

我們收入流中的漫遊收入部分可能會再次像 2002 年一樣小幅下降。

Contractual price declines will be mostly offset by increases in minutes of use.

合約價格的下降將主要被使用時間的增加所抵消。

Lower roaming revenue in the Alaska markets compared to California properties will also impact year-over-over comparisons.

與加州相比，阿拉斯加市場的漫遊收入較低，也將影響較去年同期比較。

While the swap will have a negative impact on roaming revenues, it will have a larger positive impact on service revenue.

雖然交換將對漫遊收入產生負面影響，但會對服務收入產生更大的正面影響。

We also expect EBITDA growth this year to be in the same range as the revenue growth.

我們也預計今年的 EBITDA 成長將與營收成長處於同一範圍內。

Typically we would expect EBITDA rate to be greater than revenue growth rate.

通常我們預期 EBITDA 率將高於收入成長率。

However, while a swap with AT&T should not effect the total amount of EBITDA, margins in the Alaska properties are lower than those in California.

然而，雖然與 AT&T 的互換不會影響 EBITDA 總額，但阿拉斯加物業的利潤率低於加州。

We are effectively trading roaming profitability for local profitability.

我們實際上正在用漫遊盈利能力換取本地盈利能力。

We expect Dobson's RPU to be basically flat compared with last year's $43 RPU.

我們預計 Dobson 的 RPU 與去年 43 美元的 RPU 基本持平。

Last year we expected postpaid insurance in the 2-2.25% range.

去年，我們預計後付費保險費率為 2-2.25%。

It came in at 2.0%.

其利率為 2.0%。

We see no reason or evidence that would lead us to believe that this year should be any different than last, therefore our churn range for postpaid customers is 1.9-2.2% this year.

我們沒有看到任何理由或證據讓我們相信今年應該與去年有任何不同，因此我們今年後付費客戶的流失率為 1.9-2.2%。

That leads us to our expectation for subscriber growth in the current year.

這導致我們對今年用戶成長的預期。

In 2002 we added approximately 67 thousand dollar new customers to the Dobson subscriber base.

2002 年，我們為 Dobson 用戶群增加了約 67,000 美元的新客戶。

That equates to a 1.1% incremental gain.

這相當於 1.1% 的增量增益。

One of the most difficult factors to estimate is the state of our economy.

最難估計的因素之一是我們的經濟狀況。

The industry has seen growth in subscribers slow and we believe a significant factor is soft economy.

該行業的用戶成長緩慢，我們認為一個重要因素是經濟疲軟。

Because of that, we have a wider range of growth than we typically would have.

正因為如此，我們的成長範圍比通常情況下更廣泛。

Our range is 1.0-1.3% incremental penetration gain.

我們的範圍是 1.0-1.3% 增量滲透增益。

This equates to 63,000-83,000 new subscribers.

這相當於 63,000-83,000 名新訂閱者。

If the economy strengthens, we would expect to be on the high side of our estimates.

如果經濟走強，我們預期會偏高。

As in past years, our focus will continue to be on profitable post-paid customers.

與過去幾年一樣，我們的重點將繼續放在可獲利的後付費客戶上。

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

此時，我想打開提問環節。

Thank you.

謝謝。

Thank you.

謝謝。

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 the touch tone 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。

Today if you're on a speaker phone, please turn off the mute button so the signal can reach our equipment.

今天，如果您使用免持電話，請關閉靜音按鈕，以便訊號可以到達我們的裝置。

And the first question is from Pat Dyson from Credit Suisse First Boston.

第一個問題來自瑞士信貸第一波士頓的派特戴森。

Thanks, two quick questions.

謝謝，兩個簡單的問題。

Could you give us your thought, obviously a fair amount of dialogue in the marketplace in regards to the AWE overbill which they announced at their analyst conference, roughly $8 million which will influence in some segments both Cygnet and Dobson if you could update thought there in particular of the conference of the GSM roaming and secondly as it regards the Alaska properties, could you give us the magnitude of difference in the EBITDA margins relative to the California properties?

您能否告訴我們您的想法，顯然，市場上就他們在分析師會議上宣布的AWE 超額賬單進行了相當多的對話，大約800 萬美元，這將影響Cygnet 和Dobson 的某些領域，如果您能更新想法的話特別是 GSM 漫遊會議，其次是關於阿拉斯加資產，您能否告訴我們 EBITDA 利潤率相對於加州資產的差異程度？

Thanks.

謝謝。

Let me take the AWE question and then I'll turn the Alaska margin question over to someone else.

讓我來回答 AWE 問題，然後我會將阿拉斯加邊緣問題轉交給其他人。

Yeah.

是的。

You're obviously familiar with AWE's announcement or presentation of the map-up at their conference a few weeks ago.

您顯然熟悉 AWE 幾週前在其會議上宣布或展示的地圖。

It does speak to only GSM in 2003, I think our estimate is the vast majority of AT&T roaming business will be TMA, of which we're covered and frankly ongoing only -- or shouldn't say only, we think a substantial portion their roaming traffic to us will be TDMA.

它確實只涉及2003 年的GSM，我認為我們的估計是AT&T 的絕大多數漫遊業務將是TMA，其中我們已經涵蓋並且坦率地說只是正在進行中- 或者不應該說，我們認為他們的很大一部分我們的漫遊流量將採用 TDMA。

TDMA is and will continue to be the product of choice for AT&Ts roaming customers.

TDMA 現在並將繼續成為 AT&T 漫遊客戶的首選產品。

Unless and until AT&T replicates the GSM or TDMA with GSM, we don't see a significant, quote, opportunity.

除非 AT&T 複製 GSM 或 TDMA 與 GSM，否則我們看不到重大的機會。

I shouldn't say opportunity, we don't see there will be a significant shift from TDMA to GSM in the long-term.

我不應該說機會，從長遠來看，我們認為不會出現從 TDMA 到 GSM 的重大轉變。

In the long term, both companies, ourselves and AT&T and in fact Cingular is transitioning to GSM.

從長遠來看，兩家公司、我們自己、AT&T 以及事實上的 Cingular 都在向 GSM 過渡。

It will become a very important issue for us.

這將成為我們非常重要的問題。

You know, I think it's safe to say that AT&T has a desire to own some of the very high traffic important best demographic areas in the country of which our foot print certainly includes that.

你知道，我認為可以肯定地說，AT&T 渴望擁有全國一些流量非常大、重要的最佳人口區域，我們的足跡肯定包括在這些區域。

We don't deny and, in fact we expect AT&T to take advantage of some of those areas, and what impact that has on our future roaming revenue is certainly subject to the negotiations that are ongoing.

我們並不否認，事實上我們預計 AT&T 會利用其中一些領域，而這對我們未來漫遊收入的影響肯定取決於正在進行的談判。

You know there's a silver lining here and we believe there is that the AT&T build in any area outside the current foot print will only encompass GSM and TDMA thus becomes a much more safe and secure revenue roaming stream.

您知道這裡有一線希望，我們相信 AT&T 在目前覆蓋範圍之外的任何區域建立的網路將只包含 GSM 和 TDMA，從而成為更安全可靠的收入漫遊流。

Again, as I said, I think for perhaps the foreseeable future, we'll see a concentration of roaming on TDMA, AT&T's roaming on TDMA.

正如我所說，我認為在可預見的未來，我們將看到漫遊集中在 TDMA 上，AT&T 的漫遊也將集中在 TDMA 上。

We'll see how the negotiations continue and see what results in the agreement between AT&T and Dobson.

我們將看看談判如何繼續，以及 AT&T 和多布森之間達成協議的結果。

That's a little bit of color.

那是一點點顏色。

And on the Alaska, ?

在阿拉斯加，？

While we don't give specific data on markets, the impact on solid DCC based on our assumptions with Alaska coming in from the last half of the year, had we not had Alaska for the last half of the year but California, our margins would be between 100-200 basis points higher than with the swap.

雖然我們沒有提供有關市場的具體數據，但基於我們對阿拉斯加的假設，從今年下半年開始，對實體 DCC 的影響，如果我們下半年沒有阿拉斯加，而是加利福尼亞，我們的利潤率將會比互換高100-200 個基點。

The swap with the last half of the year will impact total or consolidated DCC by 100-200 basis points.

與今年下半年的掉期將對總體或合併 DCC 產生 100-200 個基點的影響。

Okay, great.

好的，太好了。

Thanks a lot.

多謝。

And next to Harvey Silver at Bear, Stearns.

貝爾斯登的哈維·西爾弗（Harvey Silver）旁邊。

Hi.

你好。

A couple of questions.

有幾個問題。

First on the local business.

首先是本地業務。

Doug, you mentioned you were pleased with everything in 4Q except the gross adds, how much of subscriber challenge was a function of competitive issues such as aggressive pricing from operators versus macro issues such as consumer confidence and in that context, can you talk about subscriber trends particularly after we see pricing increases from national operators?

道格，您提到您對第四季度的一切感到滿意，除了總增加之外，訂戶挑戰有多少是競爭問題的函數，例如運營商的激進定價與消費者信心等宏觀問題，在這種情況下，您能談談訂戶嗎特別是在我們看到國家運營商的價格上漲之後的趨勢？

Yeah, thank you.

是的，謝謝。

The fourth quarter, the issue did not appear to be tremendous.

第四季度，問題似乎並不嚴重。

The competitive issue was there, our competitive offers were every bit as I believe followed as what our competitors had out there.

競爭問題就在那裡，我相信我們的競爭性報價與我們的競爭對手所提供的一樣。

The business we are chasing is not necessarily the same business that some of our national players are going after.

我們所追求的業務不一定是我們一些國內企業所追求的業務。

The sales forces, I went out and traveled around and talked to the managers in the sales organization, they had an offer they felt very competitive with in the marketplace.

銷售人員，我出去走動，與銷售組織的經理交談，他們提供了他們認為在市場上非常有競爭力的報價。

As they looked around overall, the business that was there, they were getting their fair share of and that's probably the overall basis of the fourth quarter.

當他們環顧四周時，他們正在那裡的業務中獲得了公平的份額，這可能是第四季度的總體基礎。

Stepping into the first quarter, what we are seeing is a continuation of the fourth quarter.

進入第一季度，我們看到的是第四季的延續。

Sales are not robust.

銷售並不強勁。

Churn continues to be very healthy and improving but with the challenge that we have and what we are putting our ongoing focus on is beefing up gross additions.

客戶流失率仍然非常健康且不斷改善，但我們面臨的挑戰以及我們持續關注的重點是增加總增量。

We lost at execution but we know that a stronger economy is going to assist that, also.

我們在執行方面失敗了，但我們知道更強大的經濟也會對此有所幫助。

Okay.

好的。

And two questions on the roaming side.

還有兩個關於漫遊的問題。

With the increase in the local plans, what was the inbound to outbound roaming ratio and how does that compare with historical, and also I'm estimating that the average roaming rate was down 29% in 2002.

隨著本地套餐的增加，入站與出站漫遊比率是多少？與歷史相比如何，而且我估計2002年平均漫遊率下降了29%。

Can you give us your expectation for average roaming rate setdowns in those three?

您能否告訴我們您對這三個國家的平均漫遊費設定的預期？

Yeah.

是的。

We'll give you some of that data.

我們將為您提供一些數據。

Basically I think your first question was with our emphasis on local plans, are we seeing fewer minutes used outside our territory.

基本上，我認為你的第一個問題是我們對本地計劃的重視，我們是否看到在我們的領土之外使用的分鐘數減少了。

And just to give you some general data in the fourth quarter, for instance, the number of minutes that someone used outside our territory as compared to total minutes was about 22%.

提供大家一些第四季的一般數據，例如，在我們境外使用的分鐘數佔總分鐘數的 22% 左右。

That number through '01 had been rising throughout '01 and it had been at one point over 25%.

整個 01 年這數字一直在上升，一度超過 25%。

We are seeing that down as a percent of total minutes they are using.

我們發現這一時間佔他們使用的總分鐘數的百分比有所下降。

Now in terms of just raw minutes.

現在僅就原始分鐘數而言。

While the total minutes have increased that the customer uses for the first quarter over last year.

雖然客戶第一季使用的總分鐘數比去年有所增加。

The in-collect minutes are about stable.

收集分鐘數大致穩定。

What we're seeing is the additional minutes they are using are minutes on our network.

我們看到的是他們使用的額外分鐘數是我們網路上的分鐘數。

Okay.

好的。

And on the roaming rate on the yield?

而關於漫遊費率的收益呢？

The yield itself, when you look at --

產量本身，當你看——

My estimation for the yield for the full year was about 24 cents and down about 29%, I was just wondering where you think that goes next year.

我對全年收益率的估計約為 24 美分，下降約 29%，我只是想知道你認為明年會怎樣。

That was pretty accurate for this year.

這對於今年來說是相當準確的。

You're right on.

你說得對。

And I would say the decline would be something less than that as we go forward probably in the higher teens.

我想說，隨著我們可能在十幾歲的時候繼續前進，下降幅度會比這個小。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

And we'll take our next question from Michael Wyner of Banc of America.

我們將回答美國銀行的邁克爾懷納 (Michael Wyner) 提出的下一個問題。

Following up on roaming yields.

追蹤漫遊收益。

I thought you said previously that you had expected that yields would decline comparably in '02 and then level off in the '04 period.

我想您之前說過，您預計 02 年收益率會相對下降，然後在 04 年期間趨於平穩。

Am I wrong in that recollection or are there changes in expectations.

我的記憶是錯誤的還是期望改變了？

We expect yield declines will begin slowing down.

我們預計收益率下降將開始放緩。

Some of the ones, the contractual rates are continuing to come down in '03 similar to what we expected.

其中一些合約費率在 03 年繼續下降，與我們的預期類似。

Obviously one of the things that will drive the numbers in was the fact we signed a new Cingular agreement.

顯然，推動數位成長的因素之一是我們簽署了新的 Cingular 協議。

It was somewhat impacted '02 by that agreement with signed during the year.

它在一定程度上受到了 02 年簽署的協議的影響。

It changes dynamic in terms of specking out your guidance on roaming revenues in '03 as the year declines it will flatten out a bit versus what you saw in '02.

它在製定 03 年漫遊收入指導方面發生了動態變化，隨著年份的下降，與 02 年相比，它會稍微趨於平緩。

Can you talk about what your anticipation is on roaming minutes in '03 and opening up further, where are all the minutes coming from?

您能談談您對 03 年以及進一步開放的漫遊分鐘數的預期嗎？這些分鐘數從何而來？

Seems the roaming minutes you and a lot of peers are experiencing far outstrips the growth in overall minutes of use in the industry.

看來您和許多同行所經歷的漫遊分鐘數遠遠超過了業界總使用分鐘數的成長。

Where are they coming from and what do they look like in '03?

他們來自哪裡？03 年他們是什麼樣子？

The vast majority of minutes are coming from AT&T and Cingular, obviously.

顯然，絕大多數時間來自 AT&T 和 Cingular。

We have pockets from some of the other carriers as well.

我們也有其他一些運營商的口袋。

In the fourth quarter we saw our roaming minutes increase about 32% over the fourth quarter of last year.

在第四季度，我們的漫遊分鐘數比去年第四季增加了約 32%。

Our expectations going into next year at least for planning purposes have that growth rate substantially less than that, 32% as we go forward.

至少出於規劃目的，我們對明年的預期成長率遠低於 32%。

From a planning standpoint, looking at a slower growth rate in roaming minutes than what we saw historically.

從規劃的角度來看，漫遊分鐘數的成長率比我們歷史上看到的還要慢。

Still a substantial growth.

仍有大幅成長。

Raw minutes, yeah.

原始分鐘數，是的。

We have looked at the trend from the last half of last year, and trended it into the first half of this year and obviously implied certain assumptions in the second half of this year as well.

我們觀察了去年下半年的趨勢，並將其推算到今年上半年，顯然也暗示了今年下半年的某些假設。

We're more confident particularly after looking at late last year and early this year we are more confident than ever we'll have a pretty significant increase in roaming minutes this year, albeit at a slower percentage growth rate than we experienced in '02.

我們更有信心，特別是在去年年底和今年年初的情況之後，我們比以往任何時候都更有信心，今年的漫遊分鐘數將有相當大的增長，儘管增長率比 02 年要慢。

Well, the math works if in fact the yield is going to decline as Bruce described it as a slower rate than last year which is different than I thought was going to be the case based on earlier exceptions, that changes the dynamic of delivering comparable or down slightly rolling revenues for the year so it begins to make a little more sense.

好吧，如果事實上收益率將會下降，正如布魯斯所描述的那樣，收益率比去年要慢，那麼數學是有效的，這與我根據早期例外情況所認為的情況不同，這改變了提供可比或略微下調今年的收入，因此它開始變得更有意義。

One other question, it looks like the DOC properties are underperforming and the Cygnet properties is overperforming in the fourth quarter and seems to have held up all through '02.

另一個問題是，第四季度 DOC 資產表現不佳，而 Cygnet 資產表現優異，並且似乎在整個 02 年都表現出色。

Can you describe what are the differences that can explain the different performance within the two subsidiaries?

您能否描述一下有哪些差異可以解釋這兩家子公司的不同績效？

Well, Cygnet had an exceptional year, no question about it.

毫無疑問，Cygnet 度過了非凡的一年。

Cygnet benefited by a closed cluster.

Cygnet 受益於封閉的叢集。

It's a strong medium-sized MSA in Youngstown, Ohio surrounded by several RSAs in Erie, Pennsylvania.

它是位於俄亥俄州揚斯敦的一個強大的中型 MSA，周圍是賓夕法尼亞州伊利市的幾個 RSA。

It has a continuity of ownership or continuity of management for a couple of years and a strong organization up there and it has the strongest network.

它的所有權或管理連續性持續了幾年，並且擁有強大的組織和最強大的網路。

I think it is a well-received network and the product and the brand and network are well received and they continue to do an excellent job.

我認為這是一個廣受好評的網絡，產品、品牌和網絡也廣受好評，他們將繼續做得很好。

DOC had challenges in some areas.

美國商務部在某些領域遇到了挑戰。

No question about that.

毫無疑問。

California happened to be one of those areas so we expect improvement through all of Dobson including DOC next year and thrilled about the California for Alaska swap and think that will help DOC and help the entire organization.

加州恰好是這些地區之一，因此我們預計包括DOC 在內的所有多布森明年都會有所改善，並對加州與阿拉斯加的互換感到興奮，並認為這將有助於DOC 並幫助整個組織。

Thanks.

謝謝。

And next to Anthony Carmen at Deutsche Banc.

旁邊是德意志銀行的安東尼·卡門。

Regarding the overbill question asked earlier, I was hoping you could help us tie together AWE would be looking to overbill GSM with respect to that map that you had mentioned earlier and tie that back into your thoughts and how you'll build out your GSM roll out in the sense I would imagine you would be expecting AWE to be a major roaming partner given they're your largest TDMA roaming partner, how could you decelerate that in the event that AWE did not send as much potential GSM roaming traffic your way.

關於先前提出的超額計費問題，我希望您能幫助我們將 AWE 與您之前提到的地圖相關的 GSM 超額計費，並將其與您的想法以及如何構建 GSM 卷聯繫起來從某種意義上說，我想您會期望AWE 成為主要的漫遊合作夥伴，因為他們是您最大的TDMA 漫遊合作夥伴，如果AWE 沒有向您發送盡可能多的潛在GSM 漫遊流量，您怎麼能放慢速度呢。

Take a step back.

退後一步。

I don't think the AWE roaming agreement influences our decision to be a GSM company.

我認為 AWE 漫遊協議不會影響我們成為 GSM 公司的決定。

We have made that decision.

我們已經做出這個決定了。

We have negotiated an extended year, ten-year agreement with Cingular to provide their roamers, their customers roaming capability throughout our entire network.

我們已與 Cingular 協商達成為期一年、十年的協議，為他們的漫遊者及其客戶提供在我們整個網路中的漫遊能力。

Additionally we believe it's in Dobson's best interest to provide an offer for local business in the future.

此外，我們相信未來為當地企業提供報價符合多布森的最佳利益。

We believe that is a much more compelling offering when you look out at '05 and '06 and where we want to position our company.

我們相信，當您觀察 05 年和 06 年以及我們希望對公司進行定位時，這是一個更具吸引力的產品。

With respect to AWE, obviously we've got a network and we know what our cost structure is and what the market environment is and we're encouraged by AT&Ts dual band philosophy, I.E., they have 850 networks like our own coupled with their existing 1900 networks that comprise the products.

就AWE 而言，顯然我們已經擁有了一個網絡，我們知道我們的成本結構是什麼以及市場環境是什麼，我們受到AT&T 雙頻理念的鼓勵，即，他們擁有850 個像我們自己的網絡，加上他們現有的網路包含產品的 1900 個網路。

Certainly the network's available and we are encouraged by discussions and expect AT&T to enjoy the network, but, again, there's not an agreement now and probably all I can say about it.

當然，該網絡已經可用，我們對討論感到鼓舞，並期望 AT&T 能夠享受該網絡，但是，現在還沒有達成協議，也許我只能說這一切。

I know it's early, do you have a sense yet how AWE and Cingular have attracted subscribers in the markets that typically feed you in the roaming traffic?

我知道現在還為時過早，您是否知道 AWE 和 Cingular 如何在通常為您提供漫遊流量的市場中吸引用戶？

I probably read the same and hear the same things as you do.

我可能讀過同樣的書，聽過和你一樣的事。

It has not been quite as robust and fast a migration as they might have earlier suspected.

遷移並不像他們之前懷疑的那樣強大和快速。

Again I get back to the issue, I have a hard time understanding how GSM is a compelling product for the vast majority of rate plans that AT&T and Cingular offer, they have emphasized a regional and national rate plan.

我再次回到這個問題，我很難理解 GSM 為何對於 AT&T 和 Cingular 提供的絕大多數費率計劃來說是一個引人注目的產品，他們強調了區域和國家費率計劃。

Conversely Dobson emphasizes a local concept.

相反，多布森強調局部概念。

GSM works great for us.

GSM 對我們來說非常有用。

It's hard to cover less than 50% of what they are currently covering in D -- TDMA and still make it a, quote, national product.

很難覆蓋他們目前在 D（TDMA）中覆蓋的內容的 50% 以下，並且仍然使其成為國家產品。

I think that, again, the TDMA market for roaming is still TDMA and will be for the foreseeable future and I expect that's what they are seeing in their markets.

我認為，漫遊的 TDMA 市場仍然是 TDMA，並且在可預見的未來仍將如此，我預計這就是他們在市場中看到的情況。

Great.

偉大的。

And a couple questions on the balance sheet.

還有一些關於資產負債表的問題。

First, obviously, you made a bunch of progress with the preferred buybacks, can you give us a broad thought what your longer term intentions are in terms of the capital structure and inclusive in that Cygnet, obviously that has a bank facility which is amortizing and even though the free cash flow looks to support it, obviously the amortizations eat up the cash flow at the Cygnet level, if you would look at perhaps redoing that facility to free up some of the free cash flow at that entity.

首先，顯然，您在優先回購方面取得了一系列進展，您能否給我們一個廣泛的思考，您在資本結構和包容性方面的長期意圖是什麼？儘管自由現金流看起來可以支持它，但如果您考慮重做該設施以釋放該實體的部分自由現金流，顯然攤銷會吞噬小天鵝級別的現金流。

Bruce may have a comment.

布魯斯可能有意見。

The general rule, we are -- we believe a strengthened balance sheet in this environment is a strategic advantage and we continue to focus on strengthening our balance sheet.

一般規則是，我們相信在這種環境下加強資產負債表是一種策略優勢，我們將繼續專注於加強我們的資產負債表。

We are hopeful and expect that the Capital Markets will continue to improve and we'll certainly explore and look at several alternatives for further strengthen the balance sheet and reduce our debt and preferred obligations in the future.

我們滿懷希望並期望資本市場將繼續改善，我們一定會探索和研究幾種替代方案，以進一步加強資產負債表並減少我們未來的債務和優先債務。

We are not prepared to discuss any specifics around that.

我們不准備討論任何相關細節。

As you might expect we look at all options.

正如您所期望的，我們會考慮所有選項。

In the past open market purchases have been the most attractive.

過去，公開市場購買是最具吸引力的。

In the future they may or may not be.

將來它們可能是也可能不是。

We continue to make that a strategic objective of the company.

我們繼續將其作為公司的策略目標。

I might just add we are in a fortunate position where -- Dobson, we've got a capital structure that the business sits with, we are not compelled to do anything from a capital structure standpoint, as Everett mentioned our focus is to continue to try to delevel and where it's reasonable from an economic standpoint for us to do something, we will continue to look for those opportunities as it goes forward.

我想補充一點，我們處於一個幸運的位置——多布森，我們擁有適合業務的資本結構，從資本結構的角度來看，我們不必做任何事情，正如埃弗雷特提到的，我們的重點是繼續嘗試降低水平，從經濟角度來看，我們應該做一些合理的事情，我們將繼續尋找這些機會。

Thank you.

謝謝。

And next to Ethan Schwartz with CRT Capital Group.

旁邊是 CRT Capital Group 的 Ethan Schwartz。

A couple of questions.

有幾個問題。

First do you have a sense of the number of markets in which portability has been an issue from you in which there is a request from some major carrier?

首先，您是否了解有多少市場存在便攜性問題，而某些主要業者提出了要求？

We have a handful, a couple of bona fide requests, I don't have the exact number in front of me and plan on meeting our unfunded mandate obligations.

我們有一些善意的請求，我沒有確切的數字，並計劃履行我們沒有資金支持的任務義務。

We are not thrilled about portability but plan on meeting our obligations.

我們對可移植性並不感到興奮，但計劃履行我們的義務。

Okay.

好的。

Second of all any active plans at Dobson or American Cellular for applications for rural service subsidies in the near term or medium term?

其次，多布森或美國行動公司是否有在近期或中期申請農村服務補貼的積極計畫？

We are -- a work in progress.

我們正在努力進行中。

We have a team internally that is dedicated to that project.

我們內部有一個團隊專門致力於這個專案。

We have certainly allocated the resources necessary.

我們當然已經分配了必要的資源。

We are talking on a state by state basis with every market and every region that has any opportunity at all.

我們正在逐州與每個市場和每個有機會的地區進行談判。

We have researched it and believe there is opportunity.

我們對此進行了研究，並相信有機會。

We don't think it's quite as much as western amounts.

我們認為這個數字不如西方的數字那麼多。

I wish it was.

我希望是這樣。

Our market profile is certainly different so it will be significantly less than that.

我們的市場概況肯定是不同的，所以它會比那少得多。

We think it's going to be meaningful and encouraged by it.

我們認為這將是有意義的並受到鼓勵。

There are some states that are particularly attractive.

有一些州特別有吸引力。

I won't go into but we are encouraged by it.

我不會深入探討，但我們對此感到鼓舞。

I would suspect that any income or revenue received from that source would be late this year into next year at the earliest.

我懷疑從該來源獲得的任何收入或收入最早都會在今年晚些時候到明年。

Thanks.

謝謝。

And a couple of follow-up questions on the overbuild and GSM questions.

還有一些關於過度建設和 GSM 問題的後續問題。

People have asked questions already about it.

人們已經對此提出了問題。

First of all ads far as Cygnet, that territory compared to the AT&T build out map, that looks to be squarely in target for AT&T overbuild.

首先是 Cygnet 的廣告，與 AT&T 的擴建地圖相比，該地區看起來完全符合 AT&T 過度建設的目標。

Do you have a worst case scenario?

你有最壞的情況嗎？

In other words basically if you look at the AT&T map and assume 100% of that roaming area where they are building out in the territory goes away, how much does that matter to Cygnet.

換句話說，基本上，如果你查看 AT&T 地圖並假設他們在該地區建立的漫遊區域 100% 消失，那麼這對 Cygnet 有多大影響。

Is it a significant portion or a minimal portion?

是重要的部分還是最小的部分？

First of all, I can't answer the hypothetical because it's not relevant.

首先，我無法回答這個假設，因為它不相關。

The AT&T revenue could be, certainly be impacted.

AT&T 的收入肯定會受到影響。

Will it go away?

它會消失嗎？

No.

不。

And a couple of reasons why.

以及幾個原因。

First of all, AT&T has 1900 spectrums throughout that foot print. 1900 spectrums will not, never has been and never will be able to efficiently cover the same kind -- or same area that we covered throughout principally all the rural areas and a lot of major corridors as well.

首先，AT&T 在整個足跡中擁有 1900 個頻譜。 1900 個頻譜不會、過去不會、也永遠不會能夠有效地覆蓋我們覆蓋的主要是所有農村地區和許多主要走廊的同類或同一區域。

When AT&T or anyone builds a GSM 1900 system underneath our 850 GSM system and that's a roaming unit in place, certainly we expect to be the beneficiary of the substantial amount of continued minutes throughout that region.

當 AT&T 或任何人在我們的 850 GSM 系統下建立 GSM 1900 系統並且這是一個漫遊單元時，我們當然希望成為整個該地區大量持續分鐘數的受益者。

It would be incredibly expensive for AT&T to attempt to replicate or anyone attempt to replicate the 1900 system over our existing 850 throughout the entire cluster.

對於 AT&T 來說，嘗試在整個叢集中複製 1900 系統或任何人嘗試在我們現有的 850 系統上複製 1900 系統的成本都將非常昂貴。

Is it possible?

是否可以？

Absolutely, but is it feasible?

絕對可以，但是可行嗎？

Absolutely not.

絕對不。

Additionally, as I said earlier, TDMA will continue to apprise a significant and majority amount of minutes from AT&T for several years.

此外，正如我之前所說，TDMA 將在未來幾年內繼續從 AT&T 獲得大量的通話記錄。

An interesting example, we had a carrier bill, I won't mention the name right now, we had a carrier bill an overlay at 1900 TMA network two years ago in the Youngstown market area.

一個有趣的例子，我們有一張運營商賬單，我現在不會提及名稱，兩年前我們在揚斯敦市場區域的 1900 TMA 網路上有一張覆蓋的運營商賬單。

Again, similar to what I discussed, roaming revenue from that carrier actually went up as they started adding customers, those customers started hitting our network.

同樣，與我所討論的類似，隨著該運營商開始增加客戶，這些客戶開始訪問我們的網絡，來自該運營商的漫遊收入實際上有所增加。

So, again, 1900 spectrum overlayed an 850 system in many systems benefits the 850 provider particularly when you expand in the rural market.

因此，再次強調，在許多系統中 1900 頻譜覆蓋 850 系統對 850 提供者有利，特別是當您在農村市場擴展時。

Okay.

好的。

And one final question.

最後一個問題。

Obviously the consolidation among national carrier scenarios has been pushed out a few years, do you have a sense of let's say AT&T and Cingular were going to merge or somehow increase their network sharing, what proportion of your territories have Cingular presence and your earning revenue from one or the other because they are not roaming on one another, do you have a rough sense of that or have you thought through that scenario?

顯然，國家運營商方案之間的整合已經推遲了幾年，您是否有這樣的感覺：假設AT&T 和Cingular 將合併或以某種方式增加其網絡共享，您所在地區的Cingular 業務所佔比例以及您的收入來自一個或另一個，因為它們沒有相互漫遊，您是否對此有粗略的認識或您是否考慮過這種情況？

Again it's a worst case scenario but I'm curious.

這又是最壞的情況，但我很好奇。

We think through those scenarios a lot, as you might significant.

正如您可能很重要的那樣，我們對這些場景進行了很多思考。

We don't have significant competition either with Cingular or AT&T.

我們與 Cingular 或 AT&T 沒有重大競爭。

If a merger happens, we don't think it would be significantly impacting in the long-term to our business.

如果合併發生，我們認為從長遠來看，這不會對我們的業務產生重大影響。

It would have some impact, no question about it.

毫無疑問，這會產生一些影響。

Fortunately for us, the one area of the country that would have significant impact in the event of an event of a AT&T-Cingular merger would be the California cluster.

對我們來說幸運的是，一旦發生 AT&T 與 Cingular 合併事件，該國將產生重大影響的地區是加州集群。

We compete with Cingular in that cluster.

我們在該集群中與 Cingular 競爭。

We do not compete with AT&T unless they roam on us and it's a substantial portion.

我們不與 AT&T 競爭，除非他們在我們的網路上漫遊，而且佔很大一部分。

So if they did in fact merge we would likely lose that revenue source.

因此，如果他們真的合併，我們可能會失去這個收入來源。

Does that answer apply to American Cellular as well particularly in the New York City-Connecticut-tri-state area?

這個答案是否也適用於美國行動網絡，特別是在紐約市-康乃狄克州-三州地區？

We have some competition with Cingular in Kentucky, we don't have significant competition with Cingular in the American cluster at all.

我們在肯塔基州與 Cingular 存在一些競爭，但在美國集群中我們與 Cingular 根本沒有重大競爭。

Again, California for Alaska is a win-win situation and eliminates that risk if it were to happen.

再說一遍，加州對阿拉斯加來說是一個雙贏的局面，並且消除了這種風險（如果發生）。

Thanks a lot.

多謝。

And we'll take our next question from Richard Manchurian at Para Partners.

我們將回答 Para Partners 的 Richard Manchurian 提出的下一個問題。

Good morning.

早安.

Just want.to talk about the American Cellular.

只是想談談美國行動電話。

Trying to understand a little bit more about at the end of the day, what does Dobson hope would be the best case scenario outcome and can you be more specific about -- you talked about a potential reorganization, can you be more pacific about what at the end of the day would be more beneficial from your standpoint?

試著在一天結束時多了解一點，多布森希望最好的情況結果是什麼，您能否更具體地說明一下——您談到了潛在的重組，您能否更坦誠地談談目前的情況從你的角度來看，最終會更有利嗎？

I wish I could.

我希望我能。

I wish we were at that level.

我希望我們能達到那個水準。

We are having negotiation, confidential discussions under confidentiality agreements with several of the parties.

我們正在根據保密協議與幾方進行談判和保密討論。

We are hopeful this can be resolved in the near term.

我們希望這個問題能夠在短期內解決。

We are certain, fairly certain that the market does not apprise much value in American to Dobson nor probably should it.

我們確信，相當肯定，市場不會也不應該對多布森的美國航空給予太多的重視。

Any outcome we experience or expect from American hopefully will be upside to the Dobson shareholder in the future.

我們希望從美國航空獲得的任何結果或期望未來都會對多布森股東有利。

It would be unwise for me to discuss how those negotiations were going.

對我來說討論這些談判的進展是不明智的。

Understood.

明白了。

If I can ask it another way.

如果我可以用另一種方​​式問的話。

Would Dobson not be better off sort of if the market is really not ascribing any value to the American Cellular holding, would Dobson not be better off saying, so long, we don't want anything to do with it any more.

如果市場真的不認為美國行動控股公司有任何價值，那麼多布森的處境會不會更好，多布森說，只要我們不想再與它有任何關係，多布森會不會更好。

If we thought the resolution could not help the existing Dobson owners, shareholders, constituents, then you're probably right.

如果我們認為決議無法幫助現有的多布森所有者、股東、選民，那麼您可能是對的。

We do believe there is a resolution that could be attained, that could help long-term help the existing Dobson constituents.

我們確實相信可以達成一項決議，這可以幫助長期幫助現有的多布森選民。

That's what we are working on.

這就是我們正在努力的方向。

Understood.

明白了。

Thanks.

謝謝。

And next to Romeo Ramius from Jefferies and Company.

旁邊是 Jefferies and Company 的 Romeo Ramius。

I didn't see this in the press release.

我在新聞稿中沒有看到這一點。

Can you break out the Cap Ex at the DOC subsidiary and also at Dobson Cygnet.

能詳細介紹一下 DOC 子公司和 Dobson Cygnet 的資本支出嗎？

I think you said it was 18.2 million for the two of them but I didn't see the breakout for the quarter, the year and for the year ago quarter.

我想你說他們兩個是 1820 萬，但我沒有看到本季、今年和去年同期的突破。

And secondly with respect to American Cellular, you know, what were the roaming yields there.

其次，關於美國行動公司，你知道，那裡的漫遊收益是多少。

I don't know if you gave them out and where do you expect to go in 2003?

不知道你有沒有送出去，2003年你打算去哪裡？

Regarding the Cap Ex break out of the $18 million, $5 million in the fourth quarter was Cygnet.

關於資本支出突破 1800 萬美元，第四季 Cygnet 突破 500 萬美元。

For the year it was $22 million.

這一年的收入為 2200 萬美元。

What about roaming yields with American Cellular, what were they for the quarter and where do you expect them to go in '03?

美國移動公司的漫遊收益怎麼樣？本季的漫遊收益是多少？您預計 03 年的漫遊收益會如何？

We're trying to find them.

我們正在努力尋找他們。

Roaming yield for the fourth quarter for American was 25 cents.

美國航空第四季的漫遊收益率為 25 美分。

For the year as a whole, it was 27.

全年為27。

And what's the outlook?

前景如何？

We don't expect significant differences between what we said for Dobson and what we expect for American.

我們預期我們對多布森的評價與對美國航空的預期不會有顯著差異。

And lastly, the cash, the 295 million of cash, how much is Cygnet versus DOC?

最後，現金，2.95 億現金，Cygnet 與 DOC 相比多少錢？

The majority is at the parent company of Dobson Communications.

大部分股權來自 Dobson Communications 的母公司。

There is a little bit of cash at DOC, very little at Cygnet.

DOC 有一點現金，Cygnet 則很少。

And how much additional capacity do you have to buyback preferreds with various restricted baskets or covenants on your bank debt and bonds?

您還有多少額外能力可以回購具有各種限制性籃子或銀行債務和債券契約的優先股？

A significant amount, we don't have that number in front of us.

數量很大，但我們面前沒有這個數字。

Thanks.

謝謝。

And we'll go next to Dimitry Khaykin with Gabelli and Company.

接下來我們將與加貝利及其公司一起前往迪米特里·卡金 (Dimitry Khaykin)。

First the local margin seems to be improving nicely.

首先，當地利潤率似乎正在改善。

I want to determine what do you see with the strategy of focus on local and regional foot print.

我想確定您對關注本地和區域足跡的策略有何看法。

Longer term where you see that potentially flattening out.

從長遠來看，你會發現這種情況可能會趨於平緩。

In terms of the margin?

就利潤率而言？

Right.

正確的。

I think we discussed local margins in the last conference call as being in the high 20s. 25-30% range.

我認為我們在上次電話會議中討論了本地利潤率在 20 左右。 25-30% 範圍。

I'm prepared to up that a little bit, to be honest with you.

老實說，我準備稍微提高一點。

I think we are starting to see some excellent trends in that area.

我認為我們開始看到該領域的一些出色趨勢。

I'd hate to guess as to where that or predict where that might end up in years 2005 through 2008.

我不願猜測 2005 年至 2008 年的結果或預測結果。

It's certainly, we expect to be above 30%.

當然，我們預計會高於 30%。

Okay.

好的。

Great.

偉大的。

Another question, can you lay out debt maturities or the bank debt amortization schedules for Dobson and American Cellular for the next couple of years?

另一個問題，您能否列出多布森和美國移動未來幾年的債務到期日或銀行債務攤銷時間表？

Yes.

是的。

Dobson for next year is $51 million going up to $75 million and then $107 million.

多布森明年的薪酬為 5,100 萬美元，最高為 7,500 萬美元，然後為 1.07 億美元。

And then on American Cellular, it's $57 million.

然後是美國行動電話公司，這一數字為 5700 萬美元。

That's 57?

那是57？

Yes. 57 for '03.

是的。 '03 為 57。

And $74 million for '04 and $92 million in '05.

04 年為 7,400 萬美元，05 年為 9,200 萬美元。

And do you expect to meet the maturities from cash on the books and internally generated cash flow?

您是否預期帳面現金和內部產生的現金流能夠滿足到期日的要求？

In the case of American as we announced, we are negotiating reorganizations, so, you know, we're not going to address that issue.

就美國航空而言，正如我們所宣布的那樣，我們正在談判重組，所以，你知道，我們不會解決這個問題。

Certainly on the Dobson side we expect to.

當然，在多布森方面，我們希望如此。

Okay.

好的。

And finally the last question, you know, I know you haven't really been talking a lot about the DCC-LP situation although you put a paragraph or two in the press release.

最後一個問題，你知道，我知道你並沒有真正談論過 DCC-LP 的情況，儘管你在新聞稿中放了一兩段話。

I noticed the entity has sold some stock just over the last couple of days.

我注意到該實體在過去幾天出售了一些股票。

I was wondering if you could put some color in it as to what the reasons are and how is it linked to negotiations if it is?

我想知道你是否可以解釋一下原因是什麼，如果是的話，它與談判有何關聯？

The last part is it's not at all linked to negotiations.

最後一部分是它與談判完全無關。

The sales were part of what's called a 10 B 51 plan which is a predetermined plan under certain circumstantials or at certain prices with significant volume restrictions.

此次銷售是所謂 10 B 51 計劃的一部分，該計劃是在某些情況下或按某些價格進行的預定計劃，但數量受到很大限制。

Once the plan is put in place, the decision to sell on behalf of the owner is taken away, and therefore, I think the plan was put in place roughly a year ago.

一旦計劃到位，代表業主出售的決定就被取消，因此，我認為該計劃大約在一年前就已經到位。

I think the plan calls for the stock, once the stock price reaches a certain level, there will be some sales.

我認為計劃要求股票，一旦股價達到一定水平，就會有一些銷售。

We had nothing to do with the sale.

我們與銷售無關。

It was part of the plan.

這是計劃的一部分。

So that's it.

就是這樣了。

And, I guess, the restrictions that are normally applicable to the stock sale in anticipation of the earnings release are not applicable in this case?

而且，我想，通常適用於預期收益發布的股票銷售的限制在這種情況下不適用？

As a general rule, I encourage you if you have further questions, I encourage you to talk to someone that has a little more legal knowledge about it because there's legal issues surrounding it that you may want to determine yourself.

一般來說，如果您還有其他問題，我鼓勵您與對此有更多法律知識的人交談，因為圍繞它的法律問題可能需要您自己確定。

Okay.

好的。

And finally on the same subject, March 31 deadline on the loan, you sounded comfortable that, you know, nothing dramatic is going to happen.

最後，關於同一主題，即 3 月 31 日貸款截止日期，您聽起來很放心，您知道，不會發生任何戲劇性的事情。

Am I reading it correctly?

我讀得正確嗎？

How many final questions do you have, Demitri?

德米特里，你最後還有幾個問題？

Well.

出色地。

Yeah, we are having discussions and as we continually said, we believe there is a resolution that will be favorable.

是的，我們正在討論，正如我們不斷所說的那樣，我們相信會有一個有利的解決方案。

We'll leave it at that.

我們就這樣吧。

And we'll go to Evan Marwell at Criterion Capital.

我們將採訪 Criterion Capital 的 Evan Marwell。

One follow-up on the debt maturities.

債務到期的一項後續行動。

Do those include, the amortizations, do those include the cash payments in which in each years?

這些是否包括攤銷，是否包括每年的現金支付？

No, purely the amortizations.

不，純粹是攤銷。

Can you give us guidance on what your cash interest payments are going to be in the each of those years?

您能否指導我們每年支付的現金利息是多少？

I'd rather leave it to you to make your own assumptions.

我寧願讓你自己做假設。

I can tell you our spread between LIBOR and what we pay is around 300 basis points.

我可以告訴您，倫敦銀行同業拆借利率 (LIBOR) 與我們支付的金額之間的利差約為 300 個基點。

Okay.

好的。

Thanks, guys.

多謝你們。

And we'll go to Patrick Comack at Guzman Company.

我們將去找古茲曼公司的派崔克‧科馬克。

Last quarter - in the third quarter, you talked about buying back common stock, I was wondering where that stands and in terms of partnership selling stock, selling at $4, is -- what's the price where you can sell stock?

上個季度 - 在第三季度，你談到了回購普通股，我想知道這是什麼意思，就合夥銷售股票而言，以 4 美元的價格出售 - 你可以出售股票的價格是多少？

And finally do you have any kind of EPS guidance for the year?

最後，您對今年的每股盈餘有什麼指導嗎？

Thanks.

謝謝。

To answer the first one in terms of the company buyback plan, we do have a plan that's in effect, we have not purchased any common stock for quite a long time now, at least for the last two quarters.

為了回答第一個關於公司回購計劃的問題，我們確實有一個有效的計劃，我們已經很長一段時間沒有購買任何普通股了，至少在過去兩個季度是這樣。

That plan is out there and it is what it is.

該計劃已經存在，而且就是這樣。

On EPS, I think, in fact, I'm glad you asked the question.

關於每股收益，我想，事實上，我很高興你問這個問題。

We've had this discussion internally, I think we'll be talking a lot more about EPS in the coming quarters.

我們已經在內部進行了討論，我認為我們將在未來幾季更多地討論每股收益。

We are, as you're hopefully well aware, we have had two successive quarters of net income positive, a significant amount currently will be paid in the form of preferred dividends.

正如您所了解的那樣，我們已經連續兩個季度實現正淨利潤，目前很大一部分將以優先股股息的形式支付。

We are, again, as our balance sheet continues to improve and cash flow improves, we'll offer EPS guidance and discussing EPS.

隨著我們的資產負債表持續改善和現金流改善，我們將再次提供每股收益指引並討論每股盈餘。

A little complicated this year because of the swap and various other balance sheet transitions.

由於互換和各種其他資產負債表的轉變，今年的情況有點複雜。

I think by the mid part of this year, we'll be talking more about the EPS implications.

我認為到今年中期，我們將更多地討論每股收益的影響。

Right.

正確的。

And, finally, what's the stock price where you guys can sell stock?

最後，你們可以賣出股票的股價是多少？

That hasn't been disclosed.

這一點尚未披露。

Thanks.

謝謝。

And we'll go to Ted Schmitt at National City Bank.

我們將去找國家城市銀行的特德·施密特。

I wanted to clarify one of the earlier answers regarding the step of the amortization and basically the cash flow position more directly toward the Cygnet side.

我想澄清之前關於攤銷步驟的答案之一，基本上是現金流頭寸更直接地流向小天鵝一方。

With the A and B terms stepping up, where do you see your fixed charge ratio.

隨著 A 和 B 項的增加，您在哪裡可以看到固定費用比率。

Do you expect to have cash coming down from the parent company to meet those payments?

您預計母公司會提供現金來支付這些款項嗎？

We expect our fixed charge ratio based on the debt amortization and have to put it in your own estimates for EBITDA, but given our own guidance will be over one which is what our requirement is in the credit agreement.

我們預計我們的固定費用比率是基於債務攤銷，並且必須將其納入您自己對 EBITDA 的估計中，但考慮到我們自己的指導將超過我們在信貸協議中的要求。

Rather not make a comment on putting cash debt in Cygnet although that is something we have done in the past.

而不是對將現金債務放入 Cygnet 發表評論，儘管這是我們過去所做的事情。

Again we would not expect to need to do that.

同樣，我們預計不需要這樣做。

We would not do that if we didn't need to do that.

如果我們不需要這樣做，我們就不會這樣做。

Thank you.

謝謝。

And having no further questions, I'd turn the call back over to Mr. Dobson for closing and additional remarks.

如果沒有其他問題，我會將電話轉回多布森先生進行結束演講和補充說明。

Again, it was an exceptional year in 2002.

2002 年又是不平凡的一年。

We appreciate the support and we are available for further questions should you need us.

我們感謝您的支持，如果您需要我們，我們可以解答您的進一步問題。

Thanks.

謝謝。

Thank you for your participation in today's conference and you may disconnect at this time.

感謝您參加今天的會議，此時您可以斷開連線。