AT&T Inc (T) 2003 Q1 法說會逐字稿

Good day, everyone, welcome to the Dobson Communications first quarter conference call.

大家好，歡迎參加 Dobson Communications 第一季電話會議。

Today's call is being reported.

正在報告今天的通話。

For opening remarks and introductions I would like to turn the call over to Mr. Warren Henry, vice president of investor relations.

對於開場白和介紹，我想將電話轉給投資者關係副總裁沃倫·亨利先生。

Please go ahead.

請繼續。

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 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 factor that's 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 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 and CEO of Dobson Communications.

現在我想將電話轉給 Dobson Communications 總裁兼執行長 Everett Dobson。

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

謝謝大家，大家早安，歡迎參加我們的第一季電話會議。

Before we get started, I wanted to take a step back and have Bruce explain some of the accounting treatment as it relates to the swap agreement that we have with AT&T wireless.

在我們開始之前，我想退後一步，讓 Bruce 解釋一些與我們與 AT&T wireless 簽訂的互換協議有關的會計處理方法。

It is a bit confusing and because we speak of it quite frequently I wanted to make sure we get off on the right foot and explain in detail as to what we're seeing.

這有點令人困惑，因為我們經常談論它，所以我想確保我們以正確的方式開始並詳細解釋我們所看到的內容。

Bruce, if you can start with that.

布魯斯，如果你可以從那裡開始的話。

)) Thanks, Everett.

））謝謝，埃弗里特。

To make sure everyone is on board with our financial presentation, when the swap with AT&T became reasonably sure of completion, GAAP requires to us use discontinued accounting for our two California properties.

為了確保每個人都同意我們的財務報告，當與 AT&T 的交換合理確定完成時，GAAP 要求我們對我們位於加州的兩處資產使用已終止的會計處理。

This means in our current press release we have pulled out the impacts of these properties from our operating results, both current and historical.

這意味著在我們目前的新聞稿中，我們已經從當前和歷史的經營績效中剔除了這些資產的影響。

And included the net impact in one line item called results from discontinued operations.

並將淨影響納入一項名為「已終止經營業務的結果」的項目中。

To put this in perspective, the reported first quarter EBITDA of 63.9 million would have been 73.2 million if we would have continued to report the California properties in our operation.

從長遠來看，如果我們繼續報告我們營運中的加州房產，第一季報告的 EBITDA 為 6390 萬美元，那麼本應為 7320 萬美元。

Likewise for trailing 12-month EBITDA, would have been 285.4 million -- versus reported number of 248.2 million.

同樣，過去 12 個月的 EBITDA 為 2.854 億，而報告數字為 2.482 億。

Even though the California properties are not included in EBITDA, we are still receiving the cash flow from these properties and will continue to, until the swap is completed in June.

儘管加州房產不包含在 EBITDA 中，但我們仍然從這些房產中獲得現金流，並將繼續這樣做，直到 6 月交換完成。

At that time we will then begin to receive the cash flow from Alaska properties and report those properties as part of our operations.

屆時，我們將開始接收來自阿拉斯加房產的現金流，並將這些房產報告為我們營運的一部分。

This is very important to remember, particularly when calculating valuations and leverage ratios.

記住這一點非常重要，特別是在計算估值和槓桿率時。

With that, I will turn it back to Everett.

有了這個，我會把它轉回給埃弗雷特。

Okay.

好的。

Thank you.

謝謝。

I'm very pleased with the first quarter of 2003.

我對 2003 年第一季非常滿意。

We certainly are on track to meet or exceed every objective we have for the year, although as we will explore further, we would like to see some improvement in growth in the coming months.

我們當然有望實現或超越我們今年的每一個目標，儘管我們將進一步探索，但我們希望看到未來幾個月的成長有所改善。

Service revenue continued to grow in line with expectations.

服務收入持續成長，符合預期。

It was up more than 10% on year over year basis, roaming revenue was slightly stronger than expected, roaming minutes came in 28% over in the first quarter, 28% increase in the first quarter.

年比成長超過10%，漫遊收入略強於預期，漫遊分鐘數較第一季成長28%，較第一季成長28%。

And after the scheduled step-down in rates over the last 12 months this resulted in just over 3% increase in roaming revenue for the quarter compared with last year.

在過去 12 個月按計劃降低費率後，本季的漫遊收入與去年相比增長了 3% 以上。

As we noted in our March conference call, our guidance for the year contemplates roaming revenue being flat to slightly down due to scheduled step-downs in TDMA roaming rates and our full-year outlook for roaming minutes.

正如我們在 3 月的電話會議中指出的那樣，由於 TDMA 漫遊費率計劃下降以及我們對漫遊分鐘數的全年展望，我們今年的指導預計漫遊收入將持平或略有下降。

I think the most important story in the first quarter, however, it was continued success of our local profitability strategy and the impacts of this success on EBITDA margins and growth.

然而，我認為第一季最重要的故事是我們本地獲利策略的持續成功以及這一成功對 EBITDA 利潤率和成長的影響。

We had another outstanding quarter in terms of stable RPU and reducing Cash Cost Per User or CCPU.

在穩定的 RPU 和降低每位用戶或 CCPU 現金成本方面，我們又度過了一個出色的季度。

Before Doug goes in to greater detail I would like to highlight several key points.

在道格詳細介紹之前，我想強調幾個關鍵點。

First we are selling the right types of calling plans.

首先，我們銷售正確類型的通話計劃。

Local and preferred network plans that concentrate traffic on the network of Dobson, American Cellular and major roaming partners. a lower level of intellect expense as well as more efficient network were the primary drivers in significantly bringing cost to service expense down to 33 million in the first quarter of '03 versus 37 million a year ago.

將流量集中在 Dobson、American Cellular 和主要漫遊合作夥伴網路上的本地和首選網路計劃。較低的智力支出以及更有效率的網路是 2003 年第一季服務費用成本顯著降低至 3,300 萬美元的主要驅動力，而一年前為 3,700 萬美元。

Second on the G&A side we're continuing to operate business more efficiently, we have consolidated operations over the past two years to the point that we have now had a streamlined organization of regional management and call centers that can handle increased volume of business very efficiently.

其次，在一般管理費用方面，我們將繼續更有效率地經營業務，過去兩年我們整合了運營，現在我們已經擁有精簡的區域管理和呼叫中心組織，可以非常有效地處理不斷增加的業務量。

Consequently, G&A should continue to climb as a percent of total revenue.

因此，一般行政費用佔總收入的百分比應該會繼續攀升。

These improvements resulted in EBITDA margin of 46.3% in the first quarter of '03, compared with 36.5% in the same period last year.

這些改善使得 03 年第一季的 EBITDA 利潤率為 46.3%，而去年同期為 36.5%。

EBITDA came in at almost 64 million an increase of 37.4% over first quarter EBITDA of 46.5 million last year.

EBITDA 接近 6,400 萬，比去年第一季的 EBITDA 4,650 萬成長 37.4%。

As said in past calls, growth for growth sake is not our strategy.

正如過去的電話會議中所說，為了成長而成長不是我們的策略。

Instead adding high value, post-pay, contract subscriber is the focus.

相反，增加高價值、後付費、合約訂戶才是重點。

In fact over 60% of our first quarter growth adds opted to sign two-year contracts in virtually all others were one-year contracts.

事實上，我們第一季成長的公司中有超過 60% 選擇簽署兩年期合約，而幾乎所有其他公司都是一年合約。

Additionally the average remaining contract life of our sub base is approximately 11 months.

此外，我們基地的平均剩餘合約壽命約為 11 個月。

To be clear, we intend to grow the business, but we intend to do it profitably as an example we believe pre-paid growth is in a range of 5% of growth adds, but more importantly, after an upgrade and overhaul of our platform, it is profitable growth.

需要明確的是，我們打算發展業務，但我們打算實現盈利，例如，我們認為預付費增長在增長的 5% 範圍內，但更重要的是，在我們的平台升級和檢修之後，是盈利增長。

Furthermore as we begin to roll out GSM on a local basis in the fourth quarter of this year, we believe there is incremental growth in customers and perhaps RPU.

此外，隨著我們從今年第四季開始在本地推出 GSM，我們相信客戶數量以及 RPU 可能會出現增量成長。

As the economy improves we expect sales to improve.

隨著經濟的改善，我們預期銷售額將會改善。

But again, we don't believe it wise to artificially push demand only to suffer the consequences later.

但我們再次認為，人為地推動需求卻要承受日後後果的做法並不明智。

Finally I would like to include my remarks by addressing briefly three other issues: We expect that our properties swap with AT&T wireless, two remaining California markets for AT&T's Anchorage, MSA and Alaska 2 RSA will be wrapped up in June.

最後，我想透過簡單地解決其他三個問題來發表我的演講：我們預計我們的資產將與AT&T wireless 進行交換，AT&T 的安克雷奇、MSA 和Alaska 2 RSA 的兩個剩餘加州市場將於6 月完成。

Again, as part of this agreement AT&T will transfer to Dobson the series AA preferred stock that owns after which we expect to cancel this 200 million dollar obligation and 26 million in accrued dividends related to it.

同樣，作為該協議的一部分，AT&T 將向 Dobson 轉讓其擁有的 AA 系列優先股，之後我們預計將取消這筆 2 億美元的義務以及與之相關的 2600 萬美元的應計股息。

This will further strengthen our balance sheet and reduce debt and preferred stock leverage.

這將進一步加強我們的資產負債表並減少債務和優先股槓桿。

Next we are moving forward on negotiations with AT&T wireless on a GSM roaming agreement for American and Dobson.

接下來，我們將繼續與 AT&T 無線公司就美國航空和多布森公司的 GSM 漫遊協議進行談判。

Although there is nothing new to report at this time, discussions are progressing.

儘管目前沒有任何新消息可報告，但討論正在取得進展。

Finally, as you have seen, (inaudible) and Bank of America continuing to move forward, not as fast as we would like, but still moving forward on definitive agreement to amend and restructure the family partnership loan.

最後，正如您所看到的，（聽不清楚）和美國銀行繼續前進，速度沒有我們希望的那麼快，但仍在就修改和重組家庭合夥貸款的最終協議取得進展。

These terms have not changed since March 31, specifically the issue of removing permanently the risk of change control at Dobson communications due to any possible future default on the loan.

這些條款自 3 月 31 日以來沒有發生變化，特別是永久消除 Dobson communications 由於未來可能出現的貸款違約而改變控制的風險的問題。

I understand our investors concerns with the pace of the discussions, I can only assure you that they're in agreement on the need for a definitive solution that benefits as much as possible all stakeholders at Dobson.

我理解我們的投資者對討論進度的擔憂，我只能向您保證，他們一致認為需要一個最終的解決方案，盡可能使多布森的所有利益相關者受益。

With that, I will turn the call over to Doug.

這樣，我會將電話轉給道格。

Thank you, Everett.

謝謝你，埃弗里特。

We had an excellent first quarter from an operational perspective with the exception of sales that were slower than the historical trend.

從營運角度來看，我們第一季的表現非常出色，但銷售速度低於歷史趨勢。

Most importantly, we grew more profitably and is that our primary strategic focus.

最重要的是，我們的利潤成長了，這是我們的首要策略重點。

We will continuing to add and retain customers that are profitable, low churn customers on one and two-year contracts.

我們將繼續增加和保留一年期和兩年期合約的獲利客戶、低流失客戶。

Net subscriber adds in the Dobson markets were 10,300 in the first quarter compared to 12,500 in the first quarter last year.

第一季多布森市場的淨訂戶數量為 10,300 人，而去年第一季為 12,500 人。

At American we added 1,700 net subscribers in the quarter versus 10,100 a year ago.

在美國航空，本季淨訂戶數量增加了 1,700 名，而去年同期為 10,100 名。

In terms of gross adds, company owned retail channel came in close to expectations for the quarter.

就總增加而言，公司自有零售通路接近本季的預期。

Reinforcing our belief that our pricing and promotional choices remain competitive in our markets.

堅定了我們的信念，即我們的定價和促銷選擇在市場上仍然具有競爭力。

However, in both indirect and direct channels we saw larger declines in sales year over year.

然而，在間接和直接通路中，我們的銷售額年比都有較大下降。

Our indirect channel experienced the biggest decline compared with last year, adding only about half as many gross adds as the previous year.

與去年相比，我們的間接管道經歷了最大的降幅，僅增加了去年的一半左右。

The single largest factor was determination of a third party telemarketing firm in the third quarter of 2002.

最大的一個因素是 2002 年第三季確定的第三方電話行銷公司。

This agent sales have been fairly significant for the first quarters of 2002 but found this telemarketer was delivering a lower RPU, higher churn, higher write-off type of subscriber whose profitability profile was less than acceptable.

該代理銷售在2002 年第一季相當可觀，但發現該電話行銷商正在向RPU 較低、流失率較高、沖銷率較高的用戶提供服務，而這些用戶的獲利能力狀況卻令人難以接受。

Specifically, about 20% of our indirect gross adds came from this agent in early 2002 with churn in excess of 4%, obviously significantly higher than average post-aid churn.

具體來說，2002 年初，我們間接總增加額的約 20% 來自該代理，流失率超過 4%，明顯高於援助後的平均流失率。

None pay churn was a particular problem.

薪酬流失並不是一個特別的問題。

We weren't saving anything on acquisition cost with this telemarketer so higher churn and write-offs were not worth the additional gross adds.

我們並沒有透過這個電話行銷商節省任何採購成本，因此更高的客戶流失和沖銷不值得額外的總增加。

Eliminating the agent helped us lower Dobson post-paid churn to 1.6% in the first quarter of 2003 and net write-offs averaged below 2 1/2% for the first quarter.

消除代理商幫助我們將 Dobson 後付費客戶流失率在 2003 年第一季降低到 1.6%，第一季的平均淨沖銷率低於 2 1/2%。

Finally, Direct Channel was also off its 2002 pace in the first quarter, we realigned the group starting in the fourth quarter last year, specifically we added customer support positions in each region with the sole focus of services large corporate accounts, there by freeing up sales executives to spend more time on generating new business.

最後，直接管道在第一季也落後於2002 年的步伐，我們從去年第四季度開始重新調整了該集團，特別是我們在每個地區增加了客戶支援職位，唯一的重點是服務大型企業客戶，從而釋放了銷售主管將更多時間花在開發新業務上。

As part of the reorganization, the total size of our direct sales force of reduced, however the quotas were increased because they now had more time to focus on selling activities.

作為重組的一部分，我們直銷隊伍的總規模有所減少，但配額有所增加，因為他們現在有更多時間專注於銷售活動。

Not surprisingly with this change we have seen initial short-term negative impact, however, we do expect to see the channel performance improve.

毫不奇怪，這項變更我們已經看到了最初的短期負面影響，但是，我們確實希望看到通路績效有所改善。

In addition, we believe that the corporate customer, the focus of our direct sales channel has been the customer segment most effected by the downturn in the economy, part of our challenge is to remain focused on service needs of the business customers in the markets, so that when they rebound we are positioned to rebound with them.

此外，我們認為企業客戶，我們直銷管道的重點一直是受經濟衰退影響最大的客戶群，我們面臨的部分挑戰是繼續關注市場中企業客戶的服務需求，這樣當他們反彈時，我們就能與他們一起反彈。

They are focused on price, service and network coverage, all of which work to Dobson's long-term advantage.

他們專注於價格、服務和網路覆蓋範圍，所有這些都有助於多布森的長期優勢。

One of the most positive metrics in the first quarter was churn.

第一季最積極的指標之一是客戶流失率。

Especially in the North region which is the Cygnet property.

尤其是在北部地區，即小天鵝地產。

Apart from that region, churn was in the 2 to 2.1% range in line with expectations.

除該地區外，客戶流失率在 2% 至 2.1% 範圍內，符合預期。

Cygnet's churn for the quarter was 1.1%, which makes four quarters in a row that they have delivered 1.4% churn or less.

Cygnet 本季的客戶流失率為 1.1%，這使得他們連續四個季度的客戶流失率為 1.4% 或更低。

I think there are several factors driving these excellent results.

我認為有幾個因素推動了這些優異的成績。

First we have an excellent performance in the Youngstown, Ohio call center.

首先，我們在俄亥俄州揚斯敦呼叫中心表現出色。

Second, the region sales force was an early adopter in selling calling plans with two-year contracts and finally, the fact this market has more concentrated contiguous footprint is a competitive advantage in terms of sales and holding down churn.

其次，該地區的銷售人員是銷售兩年合約通話計畫的早期採用者，最後，該市場擁有更集中的連續足跡，這在銷售和控制客戶流失方面具有競爭優勢。

Now I would like to spend a few minutes discussing EBITDA margin.

現在我想花幾分鐘討論 EBITDA 利潤率。

As Everett pointed out we added almost 10 percentage points to EBITDA margin for the first quarter of 2002 to the first quarter of this year.

正如埃弗雷特指出的，我們從 2002 年第一季到今年第一季的 EBITDA 利潤率增加了近 10 個百分點。

I would like to focus on one aspect of this.

我想重點談談這一點。

Operating expenses were reduced by 6.6 million dollars in the first quarter, compared to the same period last year.

第一季營運費用比去年同期減少了 660 萬美元。

Again, as we explained this is Dobson operations with the California properties now shown as discontinued operations, so the expense reduction is even more dramatic.

同樣，正如我們所解釋的，這是多布森的業務，而加州的資產現在顯示為已停產的業務，因此費用減少的幅度更大。

There are several items that drove these exceptional results.

有幾個因素促成了這些卓越的成果。

First, our average in-collect roaming rate cut by a third year over year due to the new roaming agreement with Cingular and the fact we shifted a higher percentage of off-network roaming minutes to networks of AT&T and Cingular.

首先，由於與 Cingular 簽訂了新的漫遊協議，以及我們將較高比例的網外漫遊分鐘數轉移到 AT&T 和 Cingular 的網絡，我們的平均收費漫遊費率同比下降了第三年。

Second, while average minutes of use per subscriber increased 19% over year over year, to 200 minutes per month, the incremental increase was in home minutes as opposed to off network roaming minutes.

其次，雖然每位用戶的平均使用分鐘數年增 19%，達到每月 200 分鐘，但增量增加的是家庭分鐘數，而不是網外漫遊分鐘數。

Average off network roaming minutes per sub actually declined year over year.

每個用戶的平均離網漫遊分鐘數實際上逐年下降。

Third, in the past year we negotiated a reduced toll and interconnect rates.

第三，去年我們透過談判降低了通行費和互連費率。

In total, these and other improvements helped us to reduce cost of service expense in the first quarter to 24% of total revenue, versus 29% in the first quarter last year.

總的來說，這些和其他改進幫助我們將第一季的服務費用成本降低到總收入的 24%，而去年第一季為 29%。

In absolute dollars, we cut cost of service expense by more than $4 million in the first quarter of 2003, compared to a year ago.

以絕對美元計算，與一年前相比，2003 年第一季我們的服務費用成本減少了 400 萬美元以上。

This accounts for approximately 2/3 of our operating expense reduction.

這約占我們營運費用減少的 2/3。

Beyond this the organization has done an excellent job of controlling general and administrative cost.

除此之外，該組織在控制一般和管理成本方面做得非常出色。

G&A went up only a half a million year over year, while total revenues increased by 11 million and total subscribers increased by nearly 64,000.

G&A 年比僅成長 50 萬，而總收入增加了 1,100 萬，總訂閱者增加了近 64,000 名。

Over the past 12 months we have reduced G&A per subscriber from 8.94 in the first quarter of 2002 to $8.37 per sub in the first quarter of 2003.

在過去的 12 個月裡，我們將每位訂閱者的 G&A 從 2002 年第一季的 8.94 美元減少到 2003 年第一季的每位訂閱者 8.37 美元。

We accomplished this by focusing especially on four key metrics within the call centers.

我們透過特別關注呼叫中心內的四個關鍵指標來實現這一目標。

First on service levels, our target is to answer 80% of customer calls within 30 seconds or less and for the first quarter of 2003, we exceeded that goal by about 9 points delivering service level of 89%.

首先在服務水準方面，我們的目標是在 30 秒或更短的時間內接聽 80% 的客戶電話，2003 年第一季度，我們比該目標高出約 9 個百分點，服務水準達到 89%。

The second metric is post-paid churn as we discussed earlier, averaged 1.6% at Dobson and 2% at American compared to first quarter of last year, the numbers were 2.2 at Dobson and 2% at American Cellular.

第二個指標是我們之前討論過的後付費流失率，與去年第一季相比，多布森平均為1.6%，美國移動平均為2%，多布森的平均流失率為2.2%，美國移動的平均流失率為2%。

We reduced net write-offs per customer by approximately 50% in the last 12 months, and finally we have cut back significantly on the level of credits and rebates we extend to customers when we're in the process of solving a customer service issue or adding the subscribers.

在過去 12 個月中，我們將每位客戶的淨沖銷減少了約 50%，最後，當我們解決客戶服務問題或增加訂閱者時。

Credits and rebates today trending 37% below the levels we averaged 12 months ago.

今天的積分和回扣比 12 個月前的平均值低 37%。

Before I turn the call over to Bruce, I want to discuss one other strategic issue.

在將電話轉給布魯斯之前，我想討論另一個戰略問題。

As we announced earlier this year, new billing vendor in the second half of 2003, the call center are working jointly to make the billing conversion as smooth as possible.

正如我們今年稍早宣布的那樣，新的計費供應商將在 2003 年下半年與呼叫中心共同努力，使計費轉換盡可能順利。

Simultaneously we are deploying a new point of sales system that will be integrated with new billing system.

同時，我們正在部署一個新的銷售點系統，該系統將與新的計費系統整合。

Both of these products will enable us to operate more efficiently and with greater flexibility and thus be more competitive in our retail execution.

這兩種產品將使我們能夠更有效率、更靈活地經營，從而在零售執行上更具競爭力。

We have already implemented phase 1 of the billing conversion, allowing for us to support GSM roaming currently for Cingular in our New York cluster with other market scheduled to be turned on throughout the year.

我們已經實施了計費轉換的第一階段，使我們能夠支援目前紐約集群中 Cingular 的 GSM 漫遊，其他市場計劃全年開放。

We anticipate deploying GSM on the retail side, selling the new technology to our customers in select markets in the fourth quarter of this year.

我們預計在零售方面部署 GSM，並於今年第四季向特定市場的客戶銷售新技術。

Our focus in the near term is to maintain this level of day-to-day execution on churn, net write-offs, operating expense and real RPU at the same time we do expect increased growth sales in all distribution channels while ensuring new subscribers continue to meet our profitability profile.

我們近期的重點是在客戶流失、淨沖銷、營運費用和實際 RPU 方面保持這種日常執行水平，同時我們確實預計所有分銷管道的銷售額都會增長，同時確保新訂戶繼續增長以滿足我們的盈利能力。

And with that I will turn the call over to Bruce.

然後我會將電話轉給布魯斯。

Thank you, Doug.

謝謝你，道格。

As we have mentioned over the last few conference calls, key focus of Dobson is to improve our balance sheet by reducing leverage and increasing liquidity.

正如我們在過去幾次電話會議中提到的，多布森的重點是透過降低槓桿和增加流動性來改善我們的資產負債表。

In the first quarter of this year as mentioned on the previous conference call, we purchased an additional 60.2 million of PIC securities for 36.6 million dollars.

正如上次電話會議中提到的，今年第一季度，我們以 3,660 萬美元的價格額外購買了 6,020 萬股 PIC 證券。

These securities have been retired and reduction is now reflected on our balance sheet.

這些證券已退役，減少現已反映在我們的資產負債表上。

The 200 million dollar aa preferred stock is still on our balance sheet, but we expect to retire that in June when the swap with AT&T is scheduled to close.

價值 2 億美元的 aa 優先股仍在我們的資產負債表上，但我們預計在 6 月與 AT&T 的互換計劃結束時將其淘汰。

Our un-restricted cash balance at Dobson and its affiliates is approximately 264 million at the end of the quarter.

截至本季末，我們在 Dobson 及其附屬公司的非限制現金餘額約為 2.64 億美元。

Netting the cash with the debt and preferred balances from quarter ended results, adjusting for the aa preferred stock, leaves Dobson with approximately 1.5 million of net debt and preferred stock.

將季度末業績中的債務和優先股餘額扣除現金，並根據 aa 優先股進行調整，使多布森擁有約 150 萬美元的淨債務和優先股。

Based on our last 12 months EBITDA, including the California market, and remember, we don't expect the Alaska properties EBITDA to be materially different than California, our net debt and preferred stock leverage ratio is under 5.4 times.

根據我們過去 12 個月的 EBITDA（包括加州市場），請記住，我們預計阿拉斯加房產的 EBITDA 不會與加州有重大差異，我們的淨債務和優先股槓桿率低於 5.4 倍。

An improvement of more than 460 basis points over the last two years.

過去兩年改善超過 460 個基點。

We are also continuing to focus on improving liquidity.

我們也持續致力於改善流動性。

For the quarter, our un-leveraged free cash flow, that is EBITDA including California, less capex and working capital, was over 56 million dollars.

本季度，我們的無槓桿自由現金流（即包括加州在內的 EBITDA，減去資本支出和營運資金）超過 5,600 萬美元。

And for the quarter, we produced 17 million dollars of cash after all deducts, including interest, capital expenditures and scheduled debt amortization.

本季度，扣除利息、資本支出和計劃債務攤銷後，我們產生了 1700 萬美元的現金。

Turning our attention to capital expenditures for a moment, we spent 17.4 million in the first quarter of our 100 million dollar 2003 budgeted a Dobson Communications and 13.2 million of the 60 million budget at American Cellular.

我們暫時把注意力轉向資本支出，2003 年第一季我們為Dobson Communications 制定了1 億美元的預算，其中第一季支出了1,740 萬美元；在American Cellular 的6,000 萬美元預算中，我們在第一季度支出了1,320 萬美元。

Digital call traffic represents almost 95% of the traffic on our system.

數位呼叫流量幾乎占我們系統流量的 95%。

We are moving forward with our GSM overlay as reported earlier, we are carrying GSM traffic in the American Cellular New York cluster for Cingular and we are in the process of touching the system to handle AT&T traffic.

正如之前報導的那樣，我們正在推進 GSM 覆蓋，我們正在美國蜂窩紐約集群中為 Cingular 承載 GSM 流量，並且我們正在接觸系統以處理 AT&T 流量。

We are on track to complete the total GSM overlay in 2004.

我們預計在 2004 年完成 GSM 的全面覆蓋。

For the first quarter our EBITDA grew by over 35% as compared to our full-year guidance of 5 to 7%.

第一季度，我們的 EBITDA 成長了 35% 以上，而全年指引為 5% 至 7%。

There is some trends that certainly helped, roaming minutes of use came in a little stronger than expected.

有一些趨勢確實有所幫助，漫遊使用分鐘數比預期強一些。

Likewise, success in local rate plans has had a positive impact on keeping off-network costs below expectations.

同樣，本地費率計劃的成功也對保持網外成本低於預期產生了積極影響。

Our management team continues to do an excellent job in managing all cost areas as Doug noted, including network costs, better management of accounts receivable, bad debt, churn, et cetera.

正如道格指出的那樣，我們的管理團隊在管理所有成本領域方面繼續表現出色，包括網路成本、更好的應收帳款管理、壞帳、客戶流失等。

However, we also expect sales to pick up, which will increase sales and marketing costs going forward.

然而，我們也預期銷售量將會回升，這將增加未來的銷售和行銷成本。

Likewise, we expect GSM costs such as interconnect charges to marginally increase cost of service during the ramp up of GSM traffic.

同樣，我們預計在 GSM 流量增加期間，互連費用等 GSM 成本將小幅增加服務成本。

We are encouraged by most of the overall trends in the business, but we need more time to see how sustainable these trends are as well as having more exposure to the Alaska market now that the close date is near.

我們對業務的大部分整體趨勢感到鼓舞，但我們需要更多時間來了解這些趨勢的可持續性，以及在截止日期臨近的情況下更多地接觸阿拉斯加市場。

Consequently we will review and adjust our guidance at a subsequent time.

因此，我們將在隨後的時間審查和調整我們的指導。

At this time I would like to turn the call over to the operator to begin the question and answer period.

此時我想將電話轉給接線生開始問答環節。

Thank you

謝謝

Thank you.

謝謝。

The question and answer session will be conducted electronically.

問答環節將以電子方式進行。

If you would like to ask a question, press the star key followed by the digit 1 on your touch tone telephone.

如果您想提問，請按按鍵式電話上的星號鍵，然後再按數字 1。

If you're on a speaker phone, please be sure your mute function is turned off.

如果您使用免持電話，請確保您的靜音功能已關閉。

We will proceed in the order you signal us and will take as many questions as time permits.

我們將按照您向我們發出的信號順序進行處理，並在時間允許的情況下回答盡可能多的問題。

Ladies and gentlemen, that's star 1 on your touch tone telephone.

女士們先生們，這是您按鍵式電話上的 1 號星號。

We will pause for a moment to assemble our roster.

我們將暫停片刻來集合我們的名單。

Our first question from Pat Dyson (ph) with CS First Boston.

我們的第一個問題來自 CS First Boston 的 Pat Dyson（博士）。

Good morning.

早安.

I had three questions.

我有三個問題。

First, could you break out -- I'm not sure if you gave this, but roaming minutes of use at both Dobson and Cygnet or give the yield, one or the other there.

首先，你能不能透露一下——我不確定你是否給出了這個，但是在 Dobson 和 Cygnet 上的漫遊使用分鐘數或者給出了產量，其中一個或另一個。

Second question would have to do with the negotiations with awe, could you provide more specificity or timing or just additional color or clarity there given the awe has been somewhat aggressive in announcing either over-bills or joint ventures with T-mobile that will impact both the Dobson and Cygnet areas?

第二個問題與敬畏的談判有關，考慮到敬畏在宣布超額賬單或與T-mobile 合資企業方面有些激進，這將影響雙方，您能否提供更多具體情況或時間安排，或者只是提供額外的顏色或清晰度多布森和小天鵝地區？

And finally, just give some thoughts on additional preferred buybacks and thinking about kind of uses of cash and whether you think that would be a positive use of cash going forward and just general thoughts in there.

最後，請對額外的優先回購提出一些想法，並考慮現金的用途，以及您是否認為這將是未來對現金的積極使用，以及其中的一般想法。

Thanks.

謝謝。

This is Bruce.

這是布魯斯。

Why don't I jump open the first question.

我為什麼不跳開第一個問題。

On the roaming minutes of use for Dobson and this would be without California, was approximately 203 million in the first quarter of this year and that compares with about 158 million on an adjusted basis in the first quarter of last year.

今年第一季度，多布森（不包括加州）的漫遊使用時間約為 2.03 億，而去年第一季調整後的漫遊時間約為 1.58 億。

So that represents about 28% increase in minutes of use.

這意味著使用分鐘數增加了約 28%。

On American, in the first quarter of this year we saw about 122 million minutes and that compares with about 89 million minutes in the first quarter of '01 -- of '02.

美國航空今年第一季的觀看時長約為 1.22 億分鐘，而 01 年第一季至 02 年第一季的觀看時長約為 8,900 萬分鐘。

Everett? .

埃弗里特？ 。

Bruce, could you break out Cygnet off the Dobson numbers?

Bruce，你能從 Dobson 數中解出 Cygnet 嗎？

I will have to get back to you on that.

我將不得不就此回覆您。

Okay.

好的。

The AWE negotiations are progressing as I said, I think, you know, we're on track, I'll put it that way.

正如我所說，亞洲博覽會談判正在取得進展，我想，你知道，我們正在步入正軌，我會這麼說。

I don't know of anything that would slow it down.

我不知道有什麼會減慢它的速度。

There's not any, what I would call substantive deal points that we're having to work through, it's just a matter of getting to it.

我們沒有任何必須解決的、我所說的實質交易要點，這只是實現它的問題。

We are not too worried about it, frankly, AT&T has expressed willingness to use our network, we're working through terms and conditions.

我們對此並不太擔心，坦白說，AT&T 已經表示願意使用我們的網絡，我們正在透過條款和條件進行合作。

I will say on the voice stream, team mobile contract, I think it's a very positive development for our strategy and certainly the strategy of other GSM operators in the U.S.

我想說的是，關於語音流、團隊移動合同，我認為這對我們的戰略以及美國其他 GSM 運營商的戰略來說是一個非常積極的發展。

I think it's the first indication that T-mobile in the U.S. may have a willingness to utilize 850 GSM networks in the U.S. and certainly that will be our predominant network choice.

我認為這是美國 T-mobile 可能願意在美國使用 850 GSM 網路的第一個跡象，當然這將是我們的主要網路選擇。

I think we are all optimistic, cautiously optimistic that the industry will migrate to what we call a quad-band development or strategy whereby we utilize both 850 and 1900 networks in the U.S. and comparable systems in Europe.

我認為我們都對產業將轉向我們所謂的四頻開發或策略持樂觀、謹慎的樂觀態度，即我們在美國利用 850 和 1900 網絡，在歐洲利用類似系統。

In order to make that happen, the devices need to be delivered to us in a quad-band format.

為了實現這一目標，設備需要以四頻格式交付給我們。

We think that's the most efficient, economical.

我們認為這是最有效、最經濟的。

But I think the T-mobile announcement is a good indication that that will likely happen in the foreseeable future.

但我認為 T-mobile 的宣布是一個很好的跡象，表明這可能會在可預見的未來發生。

With respect to the preferred buybacks, you know, we're very aware that we made some very attractive purchases late last year in the fall of last year, using our cash.

關於優先回購，我們非常清楚，我們在去年秋天用現金進行了一些非常有吸引力的購買。

We are very protective of our cash, we are very opportunistic with our cash and will look at opportunities in that light in the future

我們非常保護我們的現金，我們對我們的現金非常投機，並將在未來尋找機會

And Pat, just to follow up on the Cygnet roaming minutes, the roaming minutes in the first quarter of this year were approximately 51 million versus approximately 41 million first quarter of last year.

Pat，只是為了跟進 Cygnet 漫遊分鐘數，今年第一季的漫遊分鐘數約為 5,100 萬，而去年第一季約為 4,100 萬。

Okay.

好的。

Great.

偉大的。

Thank you. .

謝謝。 。

Next to John Venencil (ph) with TCW.

旁邊是 TCW 的 John Venencil（ph）。

Wanted to see if I get to you clarify opening comments about impact pro forma of the swap.

我想看看我是否能向您澄清有關交換預計影響的開場評論。

What's the best way to look at that in terms of what's in these numbers versus what's out?

從這些數字中的內容與實際數字的比較來看，最好的方法是什麼？

I'm not sure I followed you there.

我不確定我是跟著你到那裡的。

Let me take a quick shot at that, because I think it's very simple if you look at it like this, because California is a discontinued operation, it is not include in the results.

讓我快速介紹一下，因為我認為如果你這樣看的話就非常簡單了，因為加州是一個已停產的業務，它不包括在結果中。

Because we haven't acquired Alaska yet, it is not included in the results either.

因為我們還沒有獲得阿拉斯加，所以它也沒有包含在結果中。

So you've got a unique period where you don't have California, which we're, which are discontinued and you don't have Alaska yet either.

所以你有一個獨特的時期，你沒有加州，而我們現在已經停產了，而且你也沒有阿拉斯加。

Now, if we close on Alaska in June, mid-June which we expect and we'll start picking up Alaska going forward and we'll start pro-forma-ing those numbers in to our financials on a historical basis as well.

現在，如果我們在六月、六月中旬關閉阿拉斯加（我們預計），我們將開始繼續推進阿拉斯加，我們也將開始在歷史基礎上將這些數字納入我們的財務數據中。

So California is in neither the first quarter of '02 results that are in this press release nor in the first quarter of '03 results that are in this press release.

因此，加州既不在本新聞稿中的 02 年第一季業績中，也不在本新聞稿中的 03 年第一季業績中。

That's correct.

這是正確的。

Right.

正確的。

Taken it out completely.

完全拿出來了。

They're not in the operating results.

它們不在經營業績中。

You'll see a line in there that says results from discontinued operations.

您會在那裡看到一行，上面寫著已停止運作的結果。

Okay.

好的。

That's great. .

那太棒了。 。

That's where you insert him because we're still getting the cash flow from that enterprise.

這就是你把他插入的地方，因為我們仍然從該企業獲得現金流。

Right, right.

是的是的。

So these numbers are comparable within this press release.

因此，這些數字在本新聞稿中具有可比性。

That's right.

這是正確的。

Next quarter you'll present pro-formas or when the deal closes you'll present pro formas.

下個季度您將提交預估數據，或交易完成時您將提交預估數據。

No, when the deal closes we will begin reporting Alaska from that point going forward.

不，當交易完成後，我們將從那時起開始報告阿拉斯加。

Okay.

好的。

So you'll have --

所以你會有——

We'll always have that difference on historical data.

我們在歷史數據上總是會有這種差異。

Right.

正確的。

But we could figure out, you know, you made the assertion that it's EBITDA neutral, we'll be able to figure out, you'll be able to compare from information that's either in the press release or shared that, you know, that the net impact of the transaction?

但我們可以弄清楚，你知道，你斷言它是 EBITDA 中性的，我們將能夠弄清楚，你將能夠從新聞稿中或共享的資訊中進行比較，你知道，交易的淨影響？

That's right.

這是正確的。

As I mentioned in my opening comments, on the press release for the first quarter this year, we're showing about 64 million dollars of EBITDA and if you were to reinsert California in to the operating ruts, EBITDA would have been 73 million.

正如我在開場白中提到的，在今年第一季的新聞稿中，我們顯示了約 6,400 萬美元的 EBITDA，如果你將加州重新納入營運慣例，EBITDA 將是 7,300 萬美元。

That gives you an idea of what California did in the first quarter.

這讓您了解加州第一季的表現。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks very much.

非常感謝。

Next to Anthony Carmen (ph) with Deutsche Bank.

旁邊是德意志銀行的安東尼·卡門（博士）。

Thanks, a little along those same lines, I was wondering if you could provide any additional color on some of the other metrics and how they would have looked had Alaska been included.

謝謝，沿著同樣的思路，我想知道您是否可以為其他一些指標提供任何額外的顏色，以及如果將阿拉斯加包括在內，它們會是什麼樣子。

Would the net add number have changed?

淨添加號會改變嗎？

Would churn have been around the same level where it had been?

客戶流失率是否會達到原來的水準？

I guess I'm wondering if those characteristics aside from EBITDA, are also similar to the California characteristics.

我想我想知道除了 EBITDA 之外的這些特徵是否也與加州的特徵相似。

And then second question is, with respect to the capital structure and some of the other things, what are sort of the longer term plans or are there longer term numbers in your mind of where you would like to see the leverage at this company, both through the bond and through the preferred level from a longer term perspective perspective?

第二個問題是，關於資本結構和其他一些事情，長期計劃是什麼，或者您心中是否有長期數字，您希望看到這家公司的槓桿率，兩者通過債券和通過優先級別從更長遠的角度來看？

Thanks.

謝謝。

Let me just start with sort of the characterization of the Alaska versus California properties.

讓我先介紹一下阿拉斯加與加州房產的特徵。

First of all, we don't have all the results for Alaska, so I can't tell you specifically what it would have looked like.

首先，我們沒有阿拉斯加的所有結果，因此我無法具體告訴您它會是什麼樣子。

However, based on some of our initial due diligence, we saw the penetration rates a little higher in Alaska than we were seeing in California.

然而，根據我們的一些初步盡職調查，我們發現阿拉斯加的滲透率略高於加州。

And certainly when you look at the components of income, Alaska has significantly more local service revenue and significantly less roaming revenue than the California properties had.

當然，當你看看收入的組成部分時，阿拉斯加的本地服務收入明顯高於加州，而漫遊收入則明顯低於加州。

When is their big roaming season?

他們的大漫遊季節是什麼時候？

Is that in the spring and summer time?

是在春天和夏天的時候嗎？

In Alaska? .

在阿拉斯加？ 。

Yes.

是的。

Summer time.

夏季時間。

It's a short springtime up there.

那裡的春天很短。

Okay. .

好的。 。

Short summer time too, I guess.

我想夏天的時間也很短。

Your other question was regarding future leverage targets.

你的另一個問題是關於未來的槓桿目標。

We don't have a particular number that we have announced that we're aiming for, but certainly we want to continue to reduce our overall leverage.

我們沒有宣布目標的具體數字，但我們當然希望繼續降低整體槓桿率。

Obviously what we look at is the kinds of growth we expect to see in our EBITDA and certainty of that growth and obviously the higher the growth and the more certainty, the more comfortable with feel with leverage, lower the growth, the less certainty, lower the leverage.

顯然，我們關注的是我們期望在 EBITDA 中看到的成長類型以及成長的確定性，顯然成長越高，確定性越高，對槓桿的感覺越舒服，成長越低，確定性越低，越低槓桿。

Overall, we still think that it's prudent on us to continue reducing the leverage.

整體而言，我們仍然認為繼續降低槓桿是審慎的。

And I guess one final follow-up, just from a bondholder perspective.

我想從債券持有人的角度來看最後的後續行動。

Are you comfortable with keeping Cygnet as an unrestricted subsidiary?

您是否願意將 Cygnet 保留為不受限制的子公司？

Or would you give thought at some point to rolling that in to the main restricted group and perhaps re-capitalizing the restricted group, given the meaningful appreciation in price that your bonds and preferred securities have had?

或者考慮到您的債券和優先證券的價格大幅上漲，您是否會在某個時候考慮將其轉入主要受限群體，並可能對受限群體進行資本重組？

We are very comfortable keeping it as an independent entity from a structuring standpoint.

從結構的角度來看，我們非常願意將其保留為一個獨立的實體。

I have always said we would love to roll it in together with the Dobson company, should it be economically attractive to us.

我一直說，如果它對我們具有經濟吸引力，我們很樂意與多布森公司合作。

But absent that we're comfortable where it is.

但如果沒有我們對它所在的地方感到舒服。

Thanks.

謝謝。

Good quarter.

好季度。

Next to Dan Martini (ph), Cobalt Capital (ph).

旁邊是 Dan Martini（博士）、Cobalt Capital（博士）。

One question, I apologize if you already touched on this.

有一個問題，如果您已經觸及這一點，我深表歉意。

In going back to the roaming, I think I heard you mention that roaming was up slightly due to fewer off-network charges for your customers.

回到漫遊，我想我聽到您提到，由於客戶的網外費用減少，漫遊略有增加。

Can you break out in collect versus off-network inbound roaming minutes quarter over quarter?

您能否在按季度付費與離網入站漫遊分鐘數方面取得突破？

Probably need to clarify a little bit.

可能需要澄清一點。

In-collect has no bearing on what our reported out- collect revenue is.

收款收入與我們報告的收款收入無關。

It's not on a net basis?

不是以網為基礎嗎？

No.

不。

Roaming mince were up 28% quarter over quarter?

漫遊肉餡季度較上季成長 28%？

That's correct.

這是正確的。

Great.

偉大的。

Thanks a lot.

多謝。

Sorry.

對不起。

Once again, ladies and gentlemen, that's star 1 on your touch tone telephone.

女士們先生們，再次強調一下，這是您按鍵式電話上的 1 號星號。

We will go next to Avi Silver with Bear Stearns.

接下來我們將與貝爾斯登一起討論 Avi Silver。

Hi, Couple of questions.

你好，有幾個問題。

First, can you give us the percentage of customers analogue versus digital at the end of the quarter?

首先，您能否告訴我們季度末模擬客戶與數位客戶的百分比？

Yeah, we have got about 94% of our customers are digital.

是的，我們大約 94% 的客戶都是數位化的。

Do you have the minute breakdown as well?

你也有分鐘故障嗎？

Between the two? .

兩者之間？ 。

Yes.

是的。

Well.

出色地。

I can get it off-line.

我可以把它離線。

I'll give it to you here.

我在這裡給你。

Our analogue customers are using about 50 to 60, closer to 60 minutes per month.

我們的模擬客戶每月使用約 50 到 60 分鐘，接近 60 分鐘。

And our digital customers are using in excess of 220 minutes per month.

我們的數位客戶每月使用超過 220 分鐘。

Okay.

好的。

I apologize if you mentioned this, but what was the EBITDA margin on the local business and how high do you think that can go?

如果您提到這一點，我深表歉意，但是本地業務的 EBITDA 利潤率是多少？您認為可以達到多高？

You didn't miss it.

你沒有錯過。

We are not, we did not report that and frankly, it's difficult.

我們不是，我們沒有報告這一點，坦白說，這很困難。

We concluded it's difficult to adequately describe EBITDA margins on local business, we have talked repeatedly about the importance of local profitability and we will continue to talk about local profitability or importance of having a local business is that profitable.

我們的結論是，很難充分描述本地業務的 EBITDA 利潤率，我們已經多次討論本地盈利能力的重要性，我們將繼續談論本地盈利能力或擁有本地業務的重要性就是盈利。

I think the metric that's are becoming more important for us are incremental profitability per subscriber and we're going to be difficult for us to rationalize how gross profit we derive from the roaming business and back to local profitability number but we're finding it more difficult to do that.

我認為對我們來說變得越來越重要的指標是每個用戶的增量盈利能力，我們將很難合理化我們如何從漫遊業務中獲得毛利並返回到本地盈利能力數字，但我們發現它更多很難做到這一點。

So we'll talk about local profitability but not in margin terms.

因此，我們將討論本地獲利能力，但不討論利潤率。

Okay.

好的。

Can you talk about just gross adds, any trends to April?

您能談談四月份的總增加量和趨勢嗎？

Any pickup?

有接機嗎？

No, we can't talk about, that except to say, I think it's fair to say that we're still seeing the business primarily along the lines that we saw in the first quarter.

不，我們不能談論這一點，只能說，我認為可以公平地說，我們的業務仍然主要沿著我們在第一季看到的路線。

We have not, we're not prepared to report anything specific about April, but hadn't been any dramatic shift one way or the other.

我們還沒有，我們不准備報告有關四月份的任何具體信息，但無論如何都沒有發生任何戲劇性的轉變。

And lastly, regarding the roaming minutes, you mentioned they grew faster than you expected, probably this probably not the first quarter that happened.

最後，關於漫遊分鐘數，您提到它們的成長速度比您預期的要快，這可能不是第一季發生的情況。

What is the source of -- the growth in roaming minutes is significantly faster than the average industry minutes growth.

其來源為何－漫遊分鐘數的成長速度明顯快於產業平均分鐘數成長速度。

What is the source of that?

這其中的根源是什麼？

And how sustainable is that, 30-plus percent growth?

30% 以上的成長有多可持續？

There's a variety of sources and I think the way to describe it is roaming is, roaming is a discipline, a strategy we deploy internally, it involves certainly making the network compatible, having a quality network, having adequate capacity, certainly involves successfully negotiating exclusive and preferred contract with as many carriers as possible.

有多種來源，我認為描述它的方式是漫遊，漫遊是一門學科，是我們內部部署的一種策略，它肯定涉及使網絡兼容，擁有高質量的網絡，擁有足夠的容量，當然涉及成功協商排他性並與盡可能多的承運商簽訂優先合約。

It is dependent, no question it is dependent upon our strong roaming customers, in this case Cingular and AT&T wireless, on having successful sales force or successful sales program.

毫無疑問，它依賴我們強大的漫遊客戶（在本例中為 Cingular 和 AT&T wireless），依賴擁有成功的銷售團隊或成功的銷售計劃。

But perhaps more importantly is depending upon growth in usage, minutes -- minutes from that roaming customer itself.

但也許更重要的是取決於使用量的成長，分鐘數——距離漫遊客戶本身的分鐘數。

So when you add it all up, we continue to see pretty impressive growth. 30% sustainable?

因此，當你把所有這些加起來時，我們繼續看到相當令人印象深刻的成長。 30%可持續？

No, almost by definition it's not infinity sustainable.

不，幾乎根據定義，它不是無限可持續的。

But we think, you know, if you look at our model for this year, we expected pretty good growth in the first quarter.

但我們認為，如果你看看我們今年的模型，我們預計第一季會有相當好的成長。

We saw 28% growth in minutes, that's slightly above our expectation, but not dramatically above it.

我們在幾分鐘內看到了 28% 的成長，略高於我們的預期，但並沒有顯著高於預期。

We're being a little more cautious in the second half of the year, but we, again, we think there's, we'll continue to see pretty impressive growth this year and in to the next few years. years.

我們在下半年會更加謹慎，但我們再次認為，今年和未來幾年我們將繼續看到相當令人印象深刻的成長。年。

But I would obviously suggest 30% is not a realistic target.

但我顯然認為 30% 不是一個現實的目標。

Okay, thank you. .

好的謝謝。 。

We'll go next to Gary Tucker (ph), private investor.

接下來我們將邀請私人投資者加里·塔克（Gary Tucker）（博士）。

Yes, I have a question. .

是的，我有一個問題。 。

The question is directed toward Doug Stephens.

這個問題是針對道格·史蒂芬斯的。

Is it true Dobson Cellular One is being sued in excess of 37 million dollars in federal court which will include allegations of stock fraud?

Dobson Cellular One 是否真的在聯邦法院被起訴，金額超過 3700 萬美元，其中包括股票詐欺指控？

No.

不。

Doug doesn't need to answer that.

道格不需要回答這個問題。

In fact we have our corporate counsel here and we have not been served on any suit of any nature like that.

事實上，我們這裡有我們的公司法律顧問，我們還沒有接受過任何類似性質的訴訟。

Thanks for your call-in.

感謝您的來電。

Next to Ethan Schwartz, CRT Capital Group.

緊隨其後的是 CRT 資本集團的伊森·施瓦茨 (Ethan Schwartz)。

Can you talk a little bit about what the future of roaming at 850 versus 1900 is?

能談談 850 與 1900 漫遊的未來嗎？

You mentioned that you're converting some of the am-cell (ph) network to make them roaming ready for AT&T.

您提到您正在轉換一些 am-cell (ph) 網絡，使其能夠為 AT&T 漫遊做好準備。

What proportion of roaming do you think you'll be able to get from AT&T and those regions given that my sense is they're stressing mostly 1900 and related to that, have you considered trying to do a deal similar to what Western Wireless has done whereby you could obtain spare 1900 from T-mobile or somebody else?

鑑於我的感覺是他們主要強調 1900 以及與此相關的情況，您認為您能夠從 AT&T 和這些地區獲得多少比例的漫遊服務，您是否考慮過嘗試進行類似於 Western Wireless 所做的交易您可以從T -mobile 或其他地方獲得備用1900 嗎？

Well, first of all, I don't think long-term you will be able to distinguish the difference between 850 and 1900.

嗯，首先，我認為長期來看你無法區分850和1900之間的差異。

Granted, T-mobile in the U.S. is 1900.

誠然，T-mobile 在美國的歷史是 1900 年。

AT&T in many markets started with a 1900-only device.

AT&T 在許多市場上都是從 1900 年推出的設備開始的。

They had since gravitated to predominantly a dual band device, 850-1900 850-1900.

此後，他們主要傾向於使用雙頻設備，850-1900 850-1900。

Therefore, when we roll out 850 in our system in our market, 850 or the devices will work on our 850 network.

因此，當我們在市場上的系統中推出 850 時，850 或設備將在我們的 850 網路上運行。

To the extent that T-mobile does not gravitate to a dual band or preferably a quad band device, we would not be the recipient of T-mobile traffic in the future.

如果 T-mobile 不傾向於雙頻或最好是四頻設備，我們將來就不會成為 T-mobile 流量的接收者。

The likely outcome is that all GSE providers will benefit from a multi-band or quad band device.

可能的結果是所有 GSE 提供者都將受益於多頻段或四頻段設備。

We think the efficiencies to be gained from the manufacturer's standpoint as well as our standpoint is in quad-band device.

我們認為從製造商的角度以及我們的角度來看，四頻設備可以獲得更高的效率。

So if we did have 1900 GSM system built over our network today, yes, he would capture T-mobile traffic in the near term that we currently would not capture, but keep in mind our markets are not conducive to a particularly given the short-term phenomenon we believe, our markets are not conducive, even if we had the spectrum, rolling out 1900.

因此，如果我們今天確實在我們的網路上建立了1900 GSM 系統，是的，他會在短期內捕獲我們目前無法捕獲的T-mobile 流量，但請記住，我們的市場不利於特別是在短期內。我們認為，即使我們擁有推出 1900 的頻譜，我們的市場也不有利。

We don't think that's a very efficient spectrum to utilize in rural America.

我們認為這對美國農村來說並不是一個非常有效的光譜。

Western is certainly going to roll out 1900 in some of their MSA.

Western 肯定會在他們的一些 MSA 中推出 1900。

I don't see Western rolling out 1900 networks throughout all of North and South Dakota, frankly.

坦白說，我不認為西部航空在整個北達科他州和南達科他州部署 1900 個網路。

Nor would we expect to do that in Western Oklahoma and Texas panhandle.

我們也不希望在俄克拉荷馬州西部和德克薩斯州狹長地帶這樣做。

Okay.

好的。

I guess just to push a little further, you know, there has been a lot of speculation that despite what seems to be AT&T's concentration on GSM at 1900 we're going to see some shift or, you know, concentration for further expansion of them towards dual band GSM.

我想稍微更進一步，你知道，有很多猜測，儘管 AT&T 在 1900 年似乎專注於 GSM，但我們將會看到一些轉變，或者，你知道，專注於進一步擴展它們走向雙頻 GSM。

Are you getting any specific indication from them that you're going to see more GSM 850 or that's going to become another aspect of what they're offering in.

您是否從他們那裡得到任何具體指示，表明您將看到更多 GSM 850，或者這將成為他們提供的產品的另一個方面。

I don't think I am the one that needs to be the expert on that.

我認為我不需要成為這方面的專家。

AT&T has publicly said in various forms that their strategy is a dual band strategy.

AT&T曾以各種形式公開表示，他們的策略是雙頻戰略。

I think that's pretty well a given at this stage.

我認為現階段這是理所當然的。

Okay.

好的。

Finally, on American Cellular, can you say a little bit more what your priorities are there?

最後，關於美國行動電話，您能多說一下您的優先事項是什麼嗎？

For example, how important is it to maintain an equity interest or could you foresee a future in which, you know, if there needs to be restructuring you maintain your management and your operating relationship, but you don't have an equity interest?

例如，維持股權有多重要，或者您可以預見未來，如果需要重組，您可以維持管理階層和營運關係，但沒有股權？

Unfortunately I'm not going to be able to give you much insight on that.

不幸的是我不能給你太多關於這一點的見解。

We are in the midst of multi-party negotiations.

我們正在進行多方談判。

We have surrounding American so I will defer that question until we have something more meaningful to talk about.

我們周圍有美國人，所以我會推遲這個問題，直到我們有更有意義的事情要討論。

Okay.

好的。

Thanks very much.

非常感謝。

We'll go next to (inaudible).

我們將前往（聽不清楚）。

A quick one.

快一點。

Can you tell me the proportion of your roaming minutes and revenue that come from AWE (ph) and Cingular and DT (ph) and how that's changed over the past year?

您能告訴我您的漫遊分鐘數和收入中來自 AWE (ph) 以及 Cingular 和 DT (ph) 的比例以及過去一年中的變化嗎？

Well, let me just give you some general numbers, I don't want to give you specific by carrier.

好吧，讓我給你一些一般數字，我不想給你具體的運營商數字。

But AT&T and Cingular still together represent both over 80% of the revenue and minutes of use.

但 AT&T 和 Cingular 仍佔了超過 80% 的收入和使用時間。

And AT&T and Cingular have always been the major parties, I have to say that Cingular has grown proportionately faster than AT&T, but between the two of them they still represent over 80%.

而AT&T和Cingular一直是主要的一方，不得不說Cingular的成長比例比AT&T快，但兩者之間的比例仍超過80%。

Keep in mind we announced about this, actually earlier in this last year, about 15 months or so, that we were, we reentered or renegotiated Cingular contract and it was in a manner whereby we expected higher traffic levels from Cingular and we received those traffic levels.

請記住，我們宣布了這一點，實際上是在去年早些時候，大約15 個月左右，我們重新簽訂或重新談判了Cingular 合同，我們預計Cingular 的流量水平會更高，並且我們收到了這些流量水平。

Okay.

好的。

Things started roaming in some market where's they previously weren't roaming.

東西開始在一些以前不漫遊的市場中漫遊。

Right.

正確的。

So Cingular, I guess it used to be overwhelmingly AT&T but would it now be maybe 2/3, 1/3, something like that?

所以 Cingular，我想過去絕大多數是 AT&T，但現在可能是 2/3、1/3 之類的？

It's still a pretty large percentage, AT&T.

AT&T，這個比例仍然相當大。

And at this point do you have some roaming minutes small just because it's that one -- minuscule because it's the one area?

此時，您是否有一些漫遊時間很小，只是因為它是那個區域 - 很小，因為它是一個區域？

Yes.

是的。

When do you think GSM will have some critical mass, say in 15, 20% or so?

您認為 GSM 何時會達到臨界質量，例如 15%、20% 左右？

That's a good question.

這是個好問題。

You know, if you look at where AT&T is in their growth curve, GSM, there's still GSM customers are still very small in terms of their percentage of customer base.

你知道，如果你看看 AT&T 的成長曲線，GSM 的位置，就其客戶群的百分比而言，GSM 客戶仍然很小。

You know, we're going to be prepared regardless.

你知道，無論如何我們都會做好準備。

I mean our strategy is to have our GSM network ready when the minutes are there and AT&T, we're not at all clear as to how fast or how soon AT&T will convert existing TDMA customers to GSM, but as we previously announced, we're in the midst of rolling out GSM throughout our entire footprint.

我的意思是，我們的策略是在分鐘到來時準備好我們的GSM 網絡，而AT&T，我們完全不清楚AT&T 將以多快或多快的速度將現有TDMA 客戶轉換為GSM，但正如我們之前宣布的那樣，我們'我們正在將 GSM 推廣到我們的整個業務範圍。

We have made some significant advances in that and when it happens, it happens.

我們在這方面取得了一些重大進展，當它發生時，它就會發生。

But it's really, it would be difficult for me to extract from AT&T exactly.

但事實上，我很難準確地從 AT&T 中提取資訊。

I'm not sure they know exactly what the conversion time frame is.

我不確定他們確切知道轉換時間範圍是多少。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

OPERATOR, appears to be no further questions standing by.

操作員，看來沒有其他問題了。

I would like to turn the conference back to you for additional or closing comments.

我想將會議轉回給您以徵求補充意見或結束意見。

Well, thank you.

嗯，謝謝。

Again, we are pleased with the first quarter results.

我們再次對第一季的業績感到滿意。

We are available for questions, Warren Henry, Richard and the team are available and thanks to everyone for attending. .

我們可以回答問題，華倫亨利、理查德和團隊也可以，感謝大家的出席。 。

This does conclude today's conference.

今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect. .

您現在可以斷開連線。 。