AT&T Inc (T) 2003 Q2 法說會逐字稿

Welcome to Dobson Communications second-quarter 2003 earnings results conference call.

歡迎參加 Dobson Communications 2003 年第二季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

For opening remarks and introductions I would like 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。

Good morning.

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 undue reliance on forward-looking statements.

鑑於這些擔憂，投資者和分析師不應過度依賴前瞻性陳述。

Once again this quarter our financial presentation is slightly unusual due to the property swap with AT&T Wireless which we completed June 17.

由於我們於 6 月 17 日完成了與 AT&T Wireless 的財產交換，本季我們的財務報告再次略有不同尋常。

As we just discussed in Dobson's results, please note that GAAP requires us to use discontinued accounting for the California properties, for the entire second-quarter and for historical comparisons.

正如我們剛剛在多布森的業績中討論的那樣，請注意，GAAP 要求我們對加州房產、整個第二季度以及歷史比較使用已終止會計。

So the California properties are not included in our operating results until the line "results from discontinued operations" below EBITDA.

因此，在 EBITDA 下方的「終止經營業務結果」行之前，加州的資產不包含在我們的經營業績中。

On the other hand, we have added in the results of operations from the two new Alaska properties only from the time we acquired them June 17.

另一方面，我們僅從 6 月 17 日收購阿拉斯加兩處新資產時起就將其納入經營業績中。

The addition of the two Alaska properties did not affect our historical numbers.

兩個阿拉斯加地產的加入並沒有影響我們的歷史數據。

Please keep these two issues in mind as we discuss our results.

當我們討論我們的結果時，請記住這兩個問題。

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。

Once again we are pleased to report results from the second-quarter that continue to highlight the success of our business and supports our operating strategies.

我們很高興再次報告第二季度的業績，這些業績繼續凸顯我們業務的成功並支持我們的營運策略。

Over the past several quarters we have been clearly and distinctly conveying our beliefs and strategies.

在過去的幾個季度中，我們一直清晰明確地傳達我們的信念和策略。

Those include a desire to increase our local profitability, to secure our roaming relationships with long-term agreements for highest volume customers, we want to overlay our existing TDMA network, the GSM/GPRS network throughout all of our markets.

其中包括提高我們本地盈利能力的願望，為了確保我們與最大數量客戶的長期協議的漫遊關係，我們希望在我們所有的市場覆蓋我們現有的 TDMA 網路、GSM/GPRS 網路。

And expansion of our presence in Alaska through a swap with AT&T Wireless.

透過與 AT&T Wireless 的交換擴大了我們在阿拉斯加的業務。

We want to participate in a restructuring in American Cellular Corporation that benefits all involved, and finally we want to increase free cash flow and reduce leverage.

我們希望參與美國蜂窩公司的重組，這對所有參與者都有利，最後我們希望增加自由現金流並降低槓桿。

Over the past year and particularly in the most recent few months, we have made significant strides in all areas.

過去一年，特別是最近幾個月，我們在各個領域都取得了重大進展。

Now I will give you some more detail.

現在我將向您提供更多詳細資訊。

First, local profitability.

首先，本地獲利能力。

As we look at the value of our local franchise it is important to remember we start with some significant advantages.

當我們審視本地特許經營權的價值時，重要的是要記住我們從一些顯著的優勢開始。

Namely we operate in less competitive rural and suburban markets utilizing 850 MHz spectrum.

也就是說，我們利用 850 MHz 頻譜在競爭較弱的農村和郊區市場開展業務。

It is unquestionably the superior spectrum for our market.

毫無疑問，它是我們市場的優質產品。

Beyond that there are two ways to increase profits from the local business, add more customers or make the existing customer base more profitable.

除此之外，還有兩種方法可以增加本地業務的利潤，增加更多客戶或使現有客戶群獲得更多利潤。

In the second-quarter we did those.

在第二季度我們做到了這些。

In fact profits per sub, which we define as ARPU less CCPU, improved from the prior year second quarter of $19.50 per month, to $21 in the most recent quarter.

事實上，每個子系統的利潤（我們定義為 ARPU 減去 CCPU）從去年第二季的每月 19.50 美元提高到最近一個季度的 21 美元。

What we have accomplished over the last year is a systematic transition to a more valuable subscriber base.

去年我們所取得的成就是系統性地向更有價值的用戶群過渡。

Compared to last year, total ARPU was down slightly, however, we keep more.

與去年相比，總 ARPU 略有下降，但我們保留了更多。

In other words ARPU less incollect expense actually went up year-over-year we call it real ARPU.

換句話說，ARPU 減去收入費用實際上逐年上升，我們稱之為真正的 ARPU。

Additionally our subscriber base is at the highest credit quality.

此外，我們的用戶群具有最高的信用品質。

Our bad debt percentage fell to 1.6 percent in the second quarter and perhaps most importantly, our customers stay with us longer.

第二季我們的壞帳百分比下降至 1.6%，也許最重要的是，我們的客戶與我們在一起的時間更長了。

Churn fell to 1.5 percent in the quarter.

本季客戶流失率降至 1.5%。

Despite these improvements we think there is still significant upside in local profitability.

儘管有這些改善，我們認為當地獲利能力仍有顯著的上升空間。

Now living on to Alaska.

現在住在阿拉斯加。

Almost a year ago we announced a swap with AT&T that would consolidate the largest population centers in Alaska.

大約一年前，我們宣布與 AT&T 進行交換，這將整合阿拉斯加最大的人口中心。

On July 18, we finally closed.

7月18日，我們終於關門了。

The swap with AT&T for our California market resulted in our becoming the largest wireless provider in the state of Alaska, which may not mean much except when you consider it is our least competitive cluster, strongest market share and an extremely profitable subscriber base in a state that is experiencing exceptional growth characteristics.

與 AT&T 交換加州市場使我們成為阿拉斯加州最大的無線供應商，這可能沒有多大意義，除非您認為它是我們在該州競爭力最弱的集群、最強的市場份額和利潤極高的用戶群正在經歷特殊的成長特徵。

While our California markets were great to own for many years, the reality was we were one of 6 to 7 competitors and a substantial cash flow was heavily influenced by AT&T's roaming business.

雖然我們的加州市場多年來一直很值得擁有，但現實是我們是 6 到 7 個競爭對手之一，大量現金流受到 AT&T 漫遊業務的嚴重影響。

In fact, with the swap itself, the results in DCC's percent of revenue derived from roaming will drop from 38 percent to approximately 30 percent.

事實上，透過交換本身，DCC 漫遊收入的百分比將從 38% 下降到約 30%。

Needless to say we like Alaska.

不用說我們喜歡阿拉斯加。

Moving now to our GSM strategy.

現在轉向我們的 GSM 策略。

For over year we have been developing, building and planning to become a GSM Company.

多年來，我們一直在開發、建造並計劃成為 GSM 公司。

The only thing that has changed is we have recently accelerated the bill and made it an objective to become a premier GSM Company in the United States.

唯一改變的是我們最近加速了法案的實施，並將成為美國首屈一指的 GSM 公司作為目標。

With GSM we think we can further our objectives growth and profitability.

透過 GSM，我們認為我們可以進一步實現成長和獲利的目標。

By the end of the first quarter of 2004 we will have every market except Alaska completely built and selling GSM as its future product.

到 2004 年第一季末，我們將在除阿拉斯加以外的所有市場完全建立並銷售 GSM 作為其未來產品。

Alaska will follow shortly thereafter in the second quarter of '04.

阿拉斯加將於 04 年第二季緊隨其後。

Additionally throughout all of our markets we will begin deploying edged technology which should be up and running in the first-half of '04.

此外，我們將在所有市場開始部署尖端技術，該技術應在 04 年上半年啟動並運行。

Finally on GSM, to make the product successful we needed a place for our customers to roam at a price point that would allow us to be even more competitive for many years to come.

最後，在 GSM 上，為了使產品成功，我們需要一個為客戶提供漫遊的地方，其價格點將使我們在未來的許多年裡更具競爭力。

Last year we announced a GSM roaming agreement with Cingular; a few weeks ago we announced an agreement with AT&T Wireless.

去年我們宣布與 Cingular 達成 GSM 漫遊協議；幾週前，我們宣布與 AT&T Wireless 達成協議。

Let me hit on some of the highlights of the AT&T agreement.

讓我來談談 AT&T 協議的一些亮點。

As part of our GSM discussion we amended and extended our TDMA agreement to 2008 from 2007.

作為 GSM 討論的一部分，我們修改了 TDMA 協定並將其從 2007 年延長至 2008 年。

We also obtained a provision from AT&T that would prohibit AT&T from overbuilding our existing TDMA network.

我們也從 AT&T 獲得了一項條款，禁止 AT&T 過度建造我們現有的 TDMA 網路。

While we cannot discuss specifically the rates, for TDMA we did mutually agree to lower each other's rates, something we very much felt like was in our best interest.

雖然我們無法具體討論費率，但對於 TDMA，我們確實一致同意降低彼此的費率，我們非常認為這符合我們的最佳利益。

By lowering both parties roaming rates we have lowered our cost and improved our profit per subscriber.

透過降低雙方漫遊費率，我們降低了成本並提高了每位用戶的利潤。

Effectively exchanging roaming profits for local profit and at the same time providing a more secure post bell (ph) roaming revenue stream in the process.

有效地將漫遊利潤換成成本地利潤，同時在此過程中提供更安全的漫遊收入流。

By adding a year to the contract with the exclusivity provision also added.

透過在合約中增加一年，也增加了排他性條款。

As we said in our press release we believe the amended TDMA agreement is incrementally more valuable to us as compared to the previous agreement.

正如我們在新聞稿中所說，我們相信修訂後的 TDMA 協議對我們來說比之前的協議更有價值。

With respect to GSM we had two objectives in mind.

對於 GSM，我們有兩個目標。

First we wanted access for our customers to a nationwide carrier at a price point that would allow us to become even more competitive in our local market.

首先，我們希望我們的客戶能夠以能夠讓我們在當地市場更具競爭力的價格獲得全國性的營運商服務。

Second, we wanted a reasonable rate of return for our invested capital for serving AT&T's customers.

其次，我們希望為 AT&T 客戶提供服務的投資資本能獲得合理的報酬率。

As always we value exclusivity, preference and length of contract.

我們一如既往地重視排他性、偏好和合約期限。

The final agreement runs through 2008 and limits AT&T's GSM build to what is currently in place or under construction.

最終協議將持續到 2008 年，並將 AT&T 的 GSM 建設限制在目前已建成或正在建造的範圍內。

While the true economic benefit will be realized over several years, we are very pleased that we satisfied our two primary objectives and maintained our close strategic relationship with AT&T.

雖然真正的經濟效益將在幾年內實現，但我們很高興我們實現了兩個主要目標並與 AT&T 保持了密切的戰略關係。

My last topic concerns the American Cellular restructuring.

我的最後一個主題是關於美國行動公司的重組。

On July 14, we announced our intentions to support a restructuring of Americans Cellular using stock and cash from Dobson Communications.

7 月 14 日，我們宣布打算使用 Dobson Communications 的股票和現金來支持 American Cellular 的重組。

We had previously said that any participation by Dobson would need to be incrementally beneficial to Dobson and its stakeholders.

我們之前曾說過，多布森的任何參與都需要為多布森及其利害關係人帶來增量利益。

We certainly believe the announced plan meets that test.

我們當然相信宣布的計劃符合該測試。

As an update, ACC Escrow Corp., a 100 percent owned indirect subsidiary of Dobson Communications was successful in pricing 900 million of senior unsecured bonds, which will be used as part of the restructuring.

作為最新消息，Dobson Communications 100% 控股的間接子公司 ACC Escrow Corp. 成功為 9 億美元的優先無擔保債券定價，該債券將用作重組的一部分。

We, of course, will provide more detail as they develop.

當然，隨著它們的發展，我們將提供更多細節。

Before I turn it over to Douglas, I would like to compliment every Dobson Communications employee on a tremendous first half of the year.

在我把它交給道格拉斯之前，我想讚揚每位 Dobson Communications 員工今年上半年的出色表現。

We had another excellent quarter from an operational perspective, which I would like to review briefly.

從營運角度來看，我們又度過了一個出色的季度，我想簡單回顧一下。

Net subscriber adds in the Dobson markets were 13,000 in the second quarter, almost 3000 higher than last quarter.

第二季多布森市場的淨用戶增加量為 13,000 人，比上季增加了近 3,000 人。

At American the 5400 net subscribers that we added in the quarter were 3700 above the first quarter of this year.

美國航空本季新增 5,400 名淨訂戶，比今年第一季增加了 3,700 名。

In terms of gross adds, our company-owned retail channel continued to perform well generating nearly 3000 new subscribers in the second quarter than they did in the first.

就總增加量而言，我們公司自有的零售通路持續表現良好，第二季比第一季新增了近 3,000 名訂戶。

We saw improvements in the indirect channel, in the direct sales channel performance was basically flat compared to the first quarter of the year.

我們看到間接通路有所改善，直銷通路表現與今年第一季基本持平。

As I mentioned on the call last quarter, we think that this channel is the most sensitive to the economic environment in our market.

正如我在上個季度的電話會議上提到的，我們認為這個管道對我們市場的經濟環境最敏感。

The business customer which is the target of our direct sales is not going away in the current economic environment; they are simply cutting back the number of lines they use and as the economy improves, we expect demand in this segment to be stronger as well.

作為我們直銷目標的商業客戶在當前的經濟環境下並沒有消失；他們只是減少了使用的線路數量，隨著經濟的改善，我們預計這一領域的需求也會更加強勁。

Even with this lower level of gross adds we continued to reduce our costs per gross add or acquisition costs, using our internal calculation which excludes (indiscernible) cost per gross add was $325 for the second quarter compared with 354 for the same period in 2002.

即使總增加水準較低，我們仍繼續降低每總增加成本或購置成本，根據我們的內部計算（不包括（難以辨別的））第二季度每總增加成本為325 美元，而2002 年同期為354 美元。

Customer churn continued to be a performance highlight of the second quarter; churn in the Sygnet market or our north region held at 1.1 percent.

客戶流失仍是第二季的業績亮點； Sygnet 市場或我們北部地區的客戶流失率維持在 1.1%。

Churn improved considerably in our other markets down to 1.8 percent in Dobson's non-Sygnet market versus 2 percent in the same quarter last year, and 2.1 percent in the first quarter of 2003.

我們其他市場的客戶流失率大幅改善，在 Dobson 的非 Sygnet 市場中降至 1.8%，而去年同期為 2%，2003 年第一季為 2.1%。

Turning to American Cellular market is 1.7 level with the previous year and down from 2 percent in the last quarter.

至於美國行動市場，與去年同期相比為 1.7%，較上季的 2% 有所下降。

Last quarter I mentioned our plan to move to a new billing vendor as part of our GSM/GPRS overlay and in preparation for the implementation of (indiscernible) and affordability.

上個季度，我提到我們計劃轉向新的計費供應商，作為我們 GSM/GPRS 覆蓋的一部分，並為實施（音訊不清晰）和可承受性做好準備。

Obviously in some cases billing conversions have been accompanied by short-term increases in churn.

顯然，在某些情況下，計費轉換會伴隨著短期客戶流失的增加。

At this point we are feeling very good about our billing conversions.

目前，我們對計費轉換感覺非常好。

We launched our new billing platform on Monday, August 4, to approximately one-third of our subscriber base, and plan to deploy the remaining markets during this quarter.

我們於 8 月 4 日星期一向大約三分之一的用戶群推出了新的計費平台，並計劃在本季度部署其餘市場。

I am pleased to announce that the system is functioning well with only minor initial issues.

我很高興地宣布，該系統運作良好，僅存在一些較小的初始問題。

We have been planning this conversion with Convergys for months, the original target date that we set from the beginning was launching on Monday, August 4, and we hit it on schedule.

我們與 Convergys 計劃這次轉換已經有幾個月了，我們從一開始就設定的最初目標日期是 8 月 4 日星期一啟動，我們如期完成了。

As can be expected with any billing conversion there's a learning curve for call center personnel using the new system.

正如任何計費轉換所預期的那樣，呼叫中心人員使用新系統都有一個學習曲線。

But most important to a successful conversion launch we do expect to release our first bill cycle under the new platform today.

但對於成功的轉換啟動來說，最重要的是，我們確實希望今天在新平台下發布我們的第一個帳單週期。

Our highest department call center personnel under Dobson corporate staff, as well as our partners at Convergys appear to have done an excellent job of planning and implementing the new billing system and there will be a further update on our billing update next quarter.

我們 Dobson 公司員工領導下的最高部門呼叫中心人員以及我們 Convergys 的合作夥伴似乎在規劃和實施新計費系統方面做得非常出色，下季度我們的計費更新將有進一步更新。

At the same time, we are deploying a new point-of-sale system from Lightbridge that will be integrated with the new billing platform.

同時，我們正在部署 Lightbridge 的新銷售點系統，該系統將與新的計費平台整合。

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

這兩種產品都是最先進的，將使我們能夠更有效率、更靈活地運營，從而在零售執行中更具競爭力。

Another metric that impacts our outlook on churn is the average length of contract for post-paid subscribers.

影響我們對客戶流失前景的另一個指標是後付費用戶的平均合約期限。

At the end of the second quarter nearly two-thirds of our customers were under contract with an average contract length of 11.5 months that compares with 9.8 months as of July 2002.

截至第二季末，我們近三分之二的客戶簽訂了合同，平均合約期限為 11.5 個月，而截至 2002 年 7 月為 9.8 個月。

EBITDA margins continued to improve in the second quarter as we noted in the press release, along with (indiscernible) I would like to highlight several other factors that helped improve our cash flow and margin.

正如我們在新聞稿中指出的那樣，第二季 EBITDA 利潤率繼續改善，同時（音訊不清晰）我想強調一些有助於改善我們現金流和利潤率的其他因素。

Average monthly profit per subscriber was again higher to approximately $21 for the second quarter, compared to about 19.50 a year ago showing tremendous improvement in operating efficiency.

第二季每位用戶的平均月利潤再次上升至約 21 美元，而一年前約為 19.50 美元，這表明營運效率有了巨大改善。

Cash cost per user declined to approximately $21 for the quarter compared to $24 in the second quarter of last year.

本季每位用戶的現金成本下降至約 21 美元，去年第二季為 24 美元。

This is primarily driven by lower cost of service which was both a result of lower (indiscernible) in our roaming agreements, and our success in selling calling plans that concentrate our customers usage predominantly on our network, and when they do roam to a low-cost roaming network.

這主要是由於服務成本較低，這既是由於我們的漫遊協議較低（難以辨別），也是由於我們成功銷售呼叫計劃，使客戶的使用主要集中在我們的網絡上，當他們漫遊到低網絡時，漫遊網路費用。

The second largest contributor to the improvement was lower G&A costs per subscriber reflecting continued efficiency gains in our call centers and other operations.

推動這項改善的第二大因素是每位用戶的一般管理費用降低，反映出我們的呼叫中心和其他營運部門的效率持續提高。

Finally, we also enjoyed lower network operating cost in the quarter reflecting the excellent monitoring and management of traffic day in and day out on our network.

最後，本季我們也享受到較低的網路營運成本，這反映出我們網路日復一日出色的流量監控和管理。

Another way to look at this is using what we call real ARPU.

另一種看待這個問題的方法是使用我們所謂的真實 ARPU。

This is the ARPU minus (indiscernible) expense per subscriber; for the second quarter real ARPU was $35.31 compared with 34.73 for the second quarter last year, and $34.98 in the first quarter of 2003.

這是 ARPU 減去每個訂戶的（難以辨別的）費用；第二季的實際 ARPU 為 35.31 美元，而去年第二季為 34.73 美元，2003 年第一季為 34.98 美元。

Dobson's increased operating efficiency is also reflected by the fact that the two key operating expense categories that are unaffected by variations in sales, cost of service and G&A expense, were again lower on an absolute basis in the second quarter than they were in the same period last year.

多布森營運效率的提高也體現在以下事實：不受銷售、服務成本和一般行政費用變化影響的兩個關鍵營運費用類別在第二季的絕對值上再次低於同期去年。

While total revenue grew 8.4 percent in the second quarter combined cost of service and G&A expenses declined to $53.2 million in the second quarter this year, versus 56.4 million a year ago.

儘管第二季總收入成長了 8.4%，但今年第二季的服務成本和一般管理費用總計下降至 5,320 萬美元，而去年同期為 5,640 萬美元。

In the second quarter we continued to see higher average minutes of use per subscriber.

在第二季度，我們繼續看到每個訂閱者的平均使用分鐘數更高。

Average subscriber MOUs were 223 per month at Dobson, an increase of 28 minutes or 14 percent over the previous year.

Dobson 的平均訂戶 MOU 為每月 223 份，比前一年增加 28 分鐘或 14%。

However, while total minutes increased, the roaming component of total minutes or off-network minutes, decreased to 39 minutes per subscriber from 42 a year ago.

然而，雖然總分鐘數有所增加，但總分鐘數或離網分鐘數中的漫遊部分從一年前的 42 分鐘減少到每個用戶的 39 分鐘。

So more than 82 percent average subscriber MOUs were on network low-cost minutes.

因此，平均超過 82% 的訂戶諒解備忘錄是使用網路低成本分鐘數。

A few other operating highlights, net write-offs in the second-quarter at Dobson were 1.6 percent compared to almost 3 percent for the second quarter last year.

其他一些營運亮點是，多布森第二季的淨沖銷率為 1.6%，而去年第二季的淨沖銷率為近 3%。

Average current day receivables were almost 98 percent for the second quarter versus 95 percent a year ago, and average credits and rebates per subscriber were reduced to just over 2 dollars per sub for the second quarter down from almost 2.80 a year ago.

第二季平均當日應收帳款幾乎為 98%，而一年前為 95%，第二季每位訂閱者的平均信用和回扣從一年前的近 2.80 美元降至略高於 2 美元。

These blocking and tackling types of achievements (indiscernible) and a savings of 80 cents per subscriber there, are important in boosting cash flow today but even more important because they are sustainable and embedded in our business going forward.

這些阻止和解決類型的成就（難以辨認）以及每個訂閱者節省80 美分，對於增加當今的現金流非常重要，但更重要的是，因為它們是可持續的並嵌入到我們未來的業務中。

Looking forward we are excited about the accelerated move to GSM/GPRS.

展望未來，我們對向 GSM/GPRS 的加速遷移感到興奮。

This solidifies our roaming relationships with key roaming partners and it strengthens our hand competitively from a retail point of view.

這鞏固了我們與主要漫遊合作夥伴的漫遊關係，並從零售角度增強了我們的競爭力。

Dobson has typically been first in its markets to introduce new technologies and service to wireless customers.

Dobson 通常率先在其市場上向無線客戶推出新技術和服務。

Starting with analog service 12 years ago and all in digital wireless service and all the improved capabilities that came with TDMA.

從 12 年前的類比服務開始，一直到數位無線服務以及 TDMA 帶來的所有改進功能。

In today's retail environment the buzz is all about color screens, gaming, camera phones and data, although some of these features like color screens for instance are available in TDMA handsets, the focus is primarily on GSM/GPRS and other technologies that feature higher data speed and more advanced applications.

在當今的零售環境中，熱門話題都是彩色螢幕、遊戲、照相手機和數據，儘管其中一些功能（例如彩色螢幕）可在TDMA 手機中使用，但焦點主要集中在GSM/GPRS 和其他具有更高數據速率的技術上。速度和更高級的應用程式。

There is also a much greater selection of handsets available at GSM versus TDMA and we expect this to be even more pronounced in 2004.

與 TDMA 相比，GSM 提供的手機選擇要多得多，我們預計這一點在 2004 年會更加明顯。

In addition the acceleration of the GSM/GPRS overlay is consistent with Dobson's commitment to offer the highest quality network in our market along with the (inaudible).

此外，GSM/GPRS 涵蓋的加速符合 Dobson 的承諾，在我們的市場上提供最高品質的網路以及（聽不清楚）。

Fulfilling this commitment is critical to the success in improving our sales strategy and execution.

履行這項承諾對於成功改善我們的銷售策略和執行至關重要。

So the decision to accelerate our GSM/GPRS overlay will give us into the 2.5 G world (ph) sooner and stronger from a competitive point of view.

因此，從競爭的角度來看，加速 GSM/GPRS 覆蓋的決定將使我們更快、更強地進入 2.5 G 世界。

We plan to offer GSM handsets and services in select markets in the fourth quarter of this year and the rest of our markets in the first half of 2004.

我們計劃於今年第四季在特定市場提供 GSM 手機和服務，並於 2004 年上半年向其他市場提供 GSM 手機和服務。

Finally, most of you are aware of the late November requirement for (indiscernible) portability, or L&P, for the top 100 U.S. markets.

最後，你們中的大多數人都知道 11 月底對美國 100 個前 100 個市場的（難以辨別的）可移植性（L&P）的要求。

The November deadline will impact less than 20 percent of our customers.

11 月的最後期限將影響我們不到 20% 的客戶。

In terms of readiness the engineering preparation is complete today.

就準備而言，工程準備工作已於今天完成。

The new billing platform will be critical as we finalize planning for our back office needs and finally we plan to internally use the single nationwide call center in addition to outside vendor support to handle the number of (inaudible).

新的計費平台將至關重要，因為我們最終確定了後台需求的規劃，最後我們計劃在內部使用單一的全國呼叫中心以及外部供應商支援來處理數量（聽不清楚）。

In summary, we are confident that we will be ready for the November transition.

總之，我們有信心為 11 月的過渡做好準備。

With that I will turn the call over to Bruce Knooihuizen.

之後我會將電話轉給 Bruce Knooihuizen。

We continued to pursue several important balance sheet initiatives in the second quarter.

我們在第二季繼續推行多項重要的資產負債表措施。

As noted with the completion of the California Alaska property swap we are able to cancel the 200 million in series AA preferred stock on our balance sheet, as well as a 28.5 million in accrued dividends on that security.

正如我們所指出的，隨著加州阿拉斯加財產互換的完成，我們能夠取消資產負債表上 2 億美元的 AA 系列優先股，以及該證券的 2850 萬美元的應計股息。

Our unrestricted cash balance at Dobson and its affiliates was approximately 256 million at the end of the second quarter. (indiscernible) of the cash with the debt and preferred stock on our balance sheet we had approximately 1.5 billion in net debt in preferred at the end of the quarter.

截至第二季末，我們在 Dobson 及其附屬公司的不受限制的現金餘額約為 2.56 億美元。 （音訊不清晰）在資產負債表上的現金、債務和優先股中，截至本季末，我們的優先股淨負債約為 15 億美元。

Consequently our net debt to trailing twelve-month EBITDA, which includes California, was 3.3 times and our net debt to preferred was 5.0 times.

因此，我們對過去 12 個月 EBITDA（包括加州）的淨債務是 3.3 倍，對優先股的淨債務是 5.0 倍。

This is down from the December 2002 leverage ratios of 3.7 times and 6.6 times respectively.

這比 2002 年 12 月的槓桿率分別為 3.7 倍和 6.6 倍有所下降。

We are also continuing our focus on improving liquidity.

我們也持續致力於改善流動性。

For the quarter our unlevered free cash flow that is EBITDA less CAPEX and working capital, was over 40.3 million.

本季我們的無槓桿自由現金流（EBITDA 減去資本支出和營運資金）超過 4,030 萬美元。

As above, we have adjusted EBITDA to include California.

如上所述，我們調整了 EBITDA 以將加州納入。

In addition to our quarter end cash balance of 256 million we had 95.5 million in borrowing capacity under the (indiscernible) facility and almost 26 million available under the (indiscernible) facility.

除了 2.56 億美元的季末現金餘額外，我們在（音訊不清晰）融資下還有 9,550 萬美元的借款能力，以及（音訊不清晰）融資下的近 2,600 萬美元可用資金。

Turning to capital expenditures, Dobson spent approximately 50 million for the first six months of this year.

談到資本支出，多布森今年前六個月的支出約為 5,000 萬美元。

As we announced a few weeks ago we have made the decision as Douglas and Everett mentioned to accelerate our GSM/GPRS bill.

正如我們幾週前宣布的那樣，我們已做出 Douglas 和 Everett 提到的決定，以加快我們的 GSM/GPRS 法案。

The acceleration of the GSM bill will not change our original estimate for overlaying GSM but will shift capital dollars we intend to spend in 2004 back to 2003.

GSM 法案的加速不會改變我們對涵蓋 GSM 的最初估計，但會將我們打算在 2004 年支出的資本轉移到 2003 年。

That's increase in the current year capital spending to a range of 135 to 145 million.

這意味著今年的資本支出將增加至 135 至 1.45 億美元。

Our original target of 10 to $15 per pop to overlay GSM/GPRS and edge is still valid, this is just a shift of expenditures from 2004 to 2003.

我們最初的目標是每次覆蓋 GSM/GPRS 和邊緣 10 到 15 美元，這仍然有效，這只是從 2004 年到 2003 年的支出變化。

The benefits of this acceleration will allow us to offer the advanced voice and data services that come with this technology sooner than previously planned.

這種加速的好處將使我們能夠比先前計劃的更早提供該技術附帶的先進語音和數據服務。

It also allows Dobson to avoid spending capital dollars from the TDMA technology, and instead convert those funds to other capital needs and will have a higher return on invested capital.

它還允許 Dobson 避免花費 TDMA 技術的資本，而是將這些資金轉換為其他資本需求，並將獲得更高的投資資本回報。

Through the first six months of the 50 million capital expenditures, approximately 22 million was for GSM.

在前六個月的 5,000 萬資本支出中，約有 2,200 萬用於 GSM。

For the year we expect to spend 90 to 100 million on GSM/GPRS.

今年我們預計在 GSM/GPRS 上花費 9 億至 1 億美元。

At American Cellular we spent 28 million through the first six months.

在 American Cellular，我們前 6 個月就花了 2800 萬美元。

The strategy to accelerate GSM built here is the same as at Dobson.

這裡加速 GSM 建設的策略與多布森相同。

Therefore, as we previously announced, the new capital plan for 2003 is 100 million.

因此，正如我們之前宣布的，2003年新的資本計劃是1億。

Of that approximately 65 to 70 will be for GSM/GPRS equipment.

其中約 65 到 70 個將用於 GSM/GPRS 設備。

The new time line will allow many of our markets to offer GSM by the end of this year and all but Alaska by the end of the first quarter in 2004.

新的時間表將允許我們的許多市場在今年年底之前提供 GSM，並在 2004 年第一季末之前讓除阿拉斯加以外的所有市場提供 GSM。

Alaska is scheduled to be completed by the end of the second quarter next year.

阿拉斯加計劃於明年第二季末完工。

On a final note before questions, we will address guidance for the second half of this year.

在提問之前的最後一點是，我們將討論今年下半年的指導。

Certain trends have emerged and we have more visibility on the Alaska properties now that that transaction has been completed with AT&T.

由於與 AT&T 的交易已經完成，某些趨勢已經出現，我們對阿拉斯加的房產有了更多的了解。

As a reminder GAAP required us to treat the California markets as discontinued operations which meant reclassifying the results of those markets from the operation line items on our income statement to discontinued operations which falls below operating profits.

提醒一下，公認會計準則要求我們將加州市場視為已終止經營業務，這意味著將這些市場的業績從損益表中的經營項目重新分類為低於營業利潤的已終止經營業務。

So even though we owned those markets through June 17 of this year, we backed up the revenue from our revenue line in the expenses from our operating expense line.

因此，即使我們在今年 6 月 17 日之前擁有這些市場，我們仍將收入項目的收入計入營運費用項目的支出中。

As of the close June 17, we will reflect Alaska properties in our operating results.

截至 6 月 17 日收盤，我們將在經營業績中反映阿拉斯加的資產。

For GAAP we will not revise historical financials for the Alaska acquisition.

對於 GAAP，我們不會修改阿拉斯加收購的歷史財務數據。

The results of Alaska will only be included in the Dobson financials from June 17 going forward.

從 6 月 17 日起，阿拉斯加的業績將僅包含在多布森的財務報表中。

As such the guidance will be for the second half of the year only with no attempt to compare to the first half of the year.

因此，此指引僅適用於下半年，不會嘗試與上半年進行比較。

WE have attempted to provide sufficient detail in our press release to allow you to do your own pro forma adjustments and comparisons.

我們試圖在我們的新聞稿中提供足夠的細節，以便您可以進行自己的預估調整和比較。

Beginning with revenue, the last six months of this year should produce between 330 million to 340 million in total revenue.

從收入開始，今年最後六個月的總收入應在3.3億至3.4億之間。

This contemplates that as we guided originally, ARPUs should be flat relative to last year, and that roaming revenue will constitute less than 30 percent of total revenue.

考慮到正如我們最初的指導，ARPU 值應與去年持平，漫遊收入將佔總收入的 30% 以下。

EBITDA for the last half of the year is expected to be 145 to 155 million.

下半年EBITDA預計為145至1.55億。

We will continue to see improvement in operating expenses, primarily off network costs, offset by slightly increased sales activity.

我們將繼續看到營運費用（主要是網路成本）的改善，但被銷售活動的小幅增加所抵銷。

Net adds in the second half should be in the range of 32,000 to 42,000 new subscribers.

下半年淨增用戶數應介於 32,000 至 42,000 名之間。

On the American Cellular side we did not offer guidance at the beginning of the year, except to note that the market dynamics in American's markets are not significantly different from Dobson's.

在美國移動方面，我們沒有在年初提供指導，只是指出美國市場的市場動態與多布森的市場動態沒有顯著不同。

American's EBITDA grew 26 percent in the first quarter compared to the same period last year and 13 percent in the second quarter.

美國航空第一季的 EBITDA 與去年同期相比成長了 26%，第二季成長了 13%。

With higher sales in the second half and modest growth in roaming heavily used, we think American Cellulars EBITDA growth for 2003 as a whole is likely to be in a range of 5 to 8 percent of last year's total of 180.3 million for a new range of 189 to 195 million.

隨著下半年銷售額的增加以及漫遊業務的適度增長，我們認為美國移動公司 2003 年新系列 EBITDA 的整體 EBITDA 增長可能會達到去年 1.803 億部的 5% 到 8%。189至1.95億。

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

此時我想將電話轉回接線生開始問答環節。

Thank you.

謝謝。

(CALLER INSTRUCTIONS) Patrick Dyson Credit Suisse First Boston.

（來電者說明）帕特里克·戴森瑞士信貸第一波士頓。

Reasonable amount of moving parts here, but just two questions.

這裡有合理數量的活動部件，但只有兩個問題。

First, on L&P, talked about on a I guess a consolidated basis at 20 percent of the markets and/or the subs would be impacted, I guess the markets would be impacted by L&P.

首先，關於 L&P，我認為綜合基礎上 20% 的市場和/或子市場將受到影響，我認為市場將受到 L&P 的影響。

Could you break that down a little bit more specifically as it relates to the select operating subsidiaries such as DOC Sygnet or American Cellular?

您能否更具體地分解一下，因為它與 DOC Sygnet 或 American Cellular 等精選營運子公司有關？

And secondly, could you characterize again among the respective operating subsidiaries the EPC opportunity as you look out into the latter part of this year and on to '04?

其次，當您展望今年下半年和 04 年時，您能否再次描述各自營運子公司的 EPC 機會？

There is not a lot of difference between the operating companies on those percentages.

營運公司之間的這些百分比沒有太大差異。

What I gave is just under 20 percent of our total subscribers are impacted by the top 100.

我給的數據是，我們總訂閱者中只有不到 20% 受到前 100 名訂閱者的影響。

The pops are actually a little bit less than that even.

實際上，流行音樂甚至比這個少一點。

It ranges in operating companies from 15 to 20 percent are impacted or potentially able to pour in or out as of the November 24th deadline.

截至 11 月 24 日截止日期，營運公司中有 15% 至 20% 受到影響或有可能湧入或流出。

The follow-up to that is there is a six-month guideline that May 24, for the rest of the Company as the rest of the properties and customers will be potentially impacted by L&P.

後續措施是在 5 月 24 日為公司其他部門制定為期六個月的指導方針，因為其他資產和客戶可能會受到 L&P 的影響。

The range is 15 to 20 percent of our subs this November; the balance comes on May of next year.

今年 11 月，該範圍占我們潛艇的 15% 至 20%；餘額將於明年五月到來。

Relatively consistent across the subsidiaries.

各子公司的情況相對一致。

That is correct, there is not a substantial difference.

沒錯，沒有什麼本質區別。

With respect to ETC, I think again we guided that ETC support bonds will not be relatively speaking, significant to either Dobson or American.

關於 ETC，我認為我們再次指出，ETC 支援債券相對而言對多布森或美國航空來說並不重要。

We've estimated that in both cases it will be under 10 million that is a guess.

我們估計，這兩種情況的數量都將低於 1000 萬（這是一個猜測）。

The Sygnet market's problem will not benefit as much as either the Dobson or American.

Sygnet 市場的問題不會像多布森或美國那樣受益。

We do expect some benefit from Sygnet but on a relative basis.

我們確實預期 Sygnet 會帶來一些好處，但只是相對而言。

We don't expect it to be as much as the other two.

我們預計它不會像其他兩個那麼多。

Okay, that is just a longer-term thought and that is obviously not going to impact those three in anyway?

好吧，這只是一個長期的想法，顯然不會對這三個人產生任何影響？

That is correct.

那是對的。

Okay, thanks.

好的謝謝。

Avi Silver at Bear Stearns.

貝爾斯登的阿維·西爾弗。

First of all, just a housekeeping question.

首先，只是一個家政問題。

What were the roaming minutes during this quarter and the same quarter last year?

本季和去年同季的漫遊分鐘數是多少？

The roaming minutes for this quarter were just a shade under for Dobson just under 250 million, and that compares to just a little over 200 million in the second quarter of last year.

Dobson 本季的漫遊分鐘數略低於 2.5 億，而去年第二季的漫遊分鐘數略高於 2 億。

And a follow-up on the number portability question.

以及號碼可攜性問題的後續行動。

I know there were issues about the FCC guidelines, what constitutes the top 100 markets.

我知道 FCC 指南（前 100 個市場的組成）存在問題。

But at least I don't see any of your markets coming in the top 100, is it Youngstown or Poughkeepsie or some of your bigger markets?

但至少我沒有看到你們的任何市場進入前 100 名，是揚斯敦、波基普西還是你們的一些較大的市場？

Which specific markets are subject to the November mandate?

哪些特定市場受到 11 月強制令的約束？

We don't have that information in front of us.

我們面前沒有這些資訊。

Obviously Youngstown is in that category.

顯然揚斯敦就屬於這一類。

The reason it is not so evident is because certain markets that we operate are within the definition of a top 100 market even though the market itself if you look at it, it doesn't appear on the surface anyway that market should or would fall in that category.

之所以不那麼明顯，是因為我們經營的某些市場屬於前100 名市場的定義範圍內，儘管市場本身，如果您觀察它，無論如何它都不會出現在表面上，市場應該或將會落入那個類別。

I think the reason is certain counties within and MSA are counties that fall into Dobson's footprints.

我認為原因是 MSA 內的某些縣屬於多布森的足跡。

So you see we have a little bit spread throughout the Dobson and American markets that do fall within, even though they are not in and of themselves an MSA.

所以你看，我們在多布森和美國市場上有一些分佈，這些市場確實屬於其中，儘管它們本身並不是 MSA。

So the bottom line is as Douglas said we are going to be ready in the November time frame or essentially the whole company.

因此，底線是，正如道格拉斯所說，我們將在 11 月的時間範圍內或基本上整個公司做好準備。

Obviously, we won't start reporting numbers in all of the Company but we are -- we will look across our footprint, across all of our market for opportunities first.

顯然，我們不會開始報告整個公司的數據，但我們會先在我們的足跡、整個市場中尋找機會。

If necessary we will be defensive in some cases and we will be aggressive and proactive in some cases.

如果有必要，我們會在某些情況下採取防禦性措施，而在某些情況下我們會採取積極主動的措施。

Okay.

好的。

On the AT&T Wireless I guess the new TDMA step down or the new agreement for TDMA, has that been the case for Cingular as well?

在 AT&T Wireless 上，我猜新的 TDMA 下台或新的 TDMA 協議，Cingular 也是如此嗎？

And secondly, just in general the declines in the roaming rates, are they going to be as significant with these revised agreements as they have been in the last few quarters?

其次，總體而言，漫遊費的下降是否會像過去幾季那樣隨著這些修訂後的協議而顯著下降？

We don't have anything to report on Cingular and in terms of the comparison to the prior years, yes, they are going to be in the range.

我們沒有任何關於 Cingular 的報告，就與前幾年的比較而言，是的，它們將在這個範圍內。

The step down's this year are added to the step downs that we had earlier in the year, so they would be incremental.

今年的降級是在我們今年早些時候的降級中添加的，因此它們將是增量的。

Again I want to emphasize on both the out collect and the incollect basis.

我想再次強調外收集和內收集的基礎。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Going back to your roaming question, those minutes excluded the California markets.

回到您的漫遊問題，這些會議記錄不包括加州市場。

Matt Craig with Merrill Lynch.

馬特·克雷格與美林證券。

On Sygnet, the exclusivity agreement in Youngstown, have they ceased and desisted in building out that area or is that one area they still plan on building out because they are already under construction?

在揚斯敦的獨家協議 Sygnet 上，他們是否已經停止並停止建造該地區，或者他們仍然計劃建造該地區，因為他們已經在建設中？

For GSM, they have Youngstown essentially built to my understanding.

對於 GSM，他們基本上按照我的理解建造了揚斯敦。

And then there are certain highways beyond that.

除此之外還有某些高速公路。

Yes, Youngstown or excuse me the Sygnet area is an area that obviously falls under the current agreement and further builds would be stopped essentially.

是的，揚斯敦或對不起，Sygnet 地區顯然屬於當前協議的範圍，進一步的建設將基本上停止。

So they build what they are going to build in Youngstown and not going to build further?

那麼他們在揚斯敦建造了他們要建造的東西，而不是進一步建造？

Yes, for all intents and purposes, that is correct.

是的，無論出於何種意圖和目的，這是正確的。

Clearly what we call infill builds to enhance coverage and capacity those would be allowed to add to a footprint or add to coverage outside of the existing defined area would not be permitted.

顯然，我們所說的填充式建築是不允許增加覆蓋範圍或增加現有定義區域之外的覆蓋範圍的，以增強覆蓋範圍和容量。

Does that concern you at all that you could see roaming revenue drop precipitously at Sygnet going forward given the fact that they will be having their subscribers roam in that area on GSM?

鑑於 Sygnet 的用戶將在該地區使用 GSM 漫遊，您是否擔心 Sygnet 的漫遊收入會急劇下降？

What we have repeatedly said is what concerns us is what is of concern to us is demonstrating an ability to grow operating cash flow and net income.

我們一再說過，我們所關心的是我們所關心的是展現增加營運現金流和淨利的能力。

And as we look at our strategies going forward, as I said in my remarks we think that first of all we created a much healthier platform for going forward in terms of our relationship with AT&T.

當我們審視未來的策略時，正如我在發言中所說，我們認為首先我們創建了一個更健康的平台，以推動我們與 AT&T 的關係向前發展。

With respect to TDMA as we said, there hasn't been any to my knowledge any build of TDMA over the footprint.

正如我們所說，就 TDMA 而言，據我所知，目前還沒有在該足跡上建造任何 TDMA。

So essentially the roaming revenues that AT&T assumes today with respect to TDMA will continue.

因此，AT&T 目前假設的 TDMA 漫遊收入基本上將持續下去。

Albeit we understand of course, that GSM is replacing TDMA over the next several years, as AT&T reported in their most recent quarter, I think less than 10 percent or approximately 10 percent of their adds today are GSM.

儘管我們當然知道 GSM 將在未來幾年取代 TDMA，正如 AT&T 在最近一個季度中所報告的那樣，但我認為他們今天添加的產品中只有不到 10% 或大約 10% 是 GSM。

That will grow and TDMA will come down as a result.

結果是，TDMA 將會成長，而 TDMA 將會下降。

When you get into the GSM roaming environment, we expect to have substantial and significant GSM roaming revenues from AT&T but more importantly we created an agreement relationship that will allow us to offer GSM to our local subscribers, and those subscribers will become more profitable, they will become more profitable to us and therefore we believe that on balance the Company becomes more profitable and more valuable.

當你進入GSM 漫遊環境時，我們預計將從AT&T 獲得大量的GSM 漫遊收入，但更重要的是，我們建立了一種協議關係，這將使我們能夠向本地用戶提供GSM，而這些用戶將獲得更多利潤，他們將為我們帶來更多利潤，因此我們相信，總的來說，公司將變得更有利可圖，更有價值。

Okay, thanks.

好的謝謝。

Another note on Sygnet, given the fact that those bonds are way above par and are callable in December, does it look like you might just collapse that capital structure somewhere down the road to make things less difficult to understand for the Company as a whole?

關於Sygnet 的另一則說明，考慮到這些債券的價格遠高於面值，並且可以在12 月贖回，您是否可能會在未來某個地方崩潰該資本結構，以使整個公司的事情變得不那麼難以理解？

Yes, we consider all opportunities relating to our capital structure.

是的，我們會考慮與我們的資本結構相關的所有機會。

We don't have anything to report this morning but needless to say the market has improved dramatically over the last several months, and so we continually explore all of our options surrounding our capital structure.

今天早上我們沒有任何報告，但不用說，市場在過去幾個月中已經有了顯著改善，因此我們不斷探索圍繞我們資本結構的所有選擇。

When you gave the total revenue number of 330 to 340 million for Dobson, does that include equipment revenue?

當您給出多布森330至3.4億的總收入數字時，這是否包括設備收入？

Yes, it does.

是的，它確實。

Thank you.

謝謝。

George Kidelius at Sak's Investment Advisers.

Sak 投資顧問公司的 George Kidelius。

With the new cap structure that you have now with AMCELL underneath Dobson, can you give us a sense of cash taxes in '04 and beyond?

借助 Dobson 旗下 AMCELL 的新上限結構，您能否讓我們了解一下 04 年及以後的現金稅？

Since we did not give you guidance on '04, no, we can't, other than to say we do have NOLs available to the company.

由於我們沒有在 04 年向您提供指導，所以我們不能，只能說我們確實為公司提供了 NOL。

Okay, thank you.

好的謝謝。

Sandy Liang of Bear Stearns.

貝爾斯登的桑迪·梁。

I am just wondering if you can discuss a GSM launch in local areas and I'm wondering if you think this will have an effect on your customer growth, and if there is a difference in handset subsidies between GSM and TDMA or is there going to be a change in CPGA?

我只是想知道您是否可以討論在當地推出 GSM，我想知道您是否認為這會對您的客戶成長產生影響，以及 GSM 和 TDMA 之間的手機補貼是否存在差異，或者是否會存在差異。是CPGA的改變嗎？

I'm also wondering if you can talk about the functionality of your new GSM handsets compared to your existing TDMA?

我還想知道您是否可以談談您的新 GSM 手機與現有 TDMA 相比的功能？

Let me start with the initial growth opportunity in GSM.

讓我從 GSM 最初的成長機會開始。

I think like with any new technology it doesn't happen overnight and we won't see coming out of the chute dramatic GSM sales.

我認為，就像任何新技術一樣，它不會在一夜之間發生，我們也不會看到 GSM 銷售出現戲劇性的成長。

I think it is something you can grow into, same thing when we moved from analog to TDMA and we are seeing the other carriers that moved to GSM quietly moving in that direction, doesn't happen overnight.

我認為這是你可以成長的事情，當我們從模擬轉向 TDMA 時也是如此，我們看到其他運營商轉向 GSM 悄悄地朝這個方向發展，這不會在一夜之間發生。

I don't think that in the fourth quarter we turn up and go live in a few markets with GSM that we all of a sudden see dramatic increases in gross adds.

我不認為在第四季度我們出現並在一些有 GSM 的市場上線後我們會突然看到總增加的急劇增加。

But certainly over time we expect to get this (indiscernible).

但隨著時間的推移，我們肯定會期望得到這個（難以辨別）。

We get better at selling it and customer's understand it more it ought to have a pretty dramatic increase long-term over the availability and it is going to attract more consumers in.

我們在銷售方面做得更好，客戶對它的了解也更多，從長遠來看，它的可用性應該會大幅增加，並且會吸引更多的消費者。

The product offerings from a subsidy perspective is shouldn't be any worse than TDMA and may improve.

從補貼的角度來看，產品供應不應比 TDMA 差，而且可能會有所改善。

When you look at -- there is a couple of ways you can go -- if you go to GSM roaming and don't offer GPRS it is dramatically less expensive than TDMA.

當你看時——有幾種方法可以選擇——如果你使用 GSM 漫遊並且不提供 GPRS，那麼它比 TDMA 便宜得多。

When you drop the GPRS component in there then it is at or slightly higher than -- and again it depends on what handset you are talking about -- but there are handsets available that are very comparable to what we're subsidizing TDMA handsets for on the GSM (indiscernible).

當你把 GPRS 組件放到那裡時，它就會等於或略高於——這又取決於你所談論的手機——但是有一些可用的手機與我們補貼的 TDMA 手機非常相似。GSM（聽不見清）。

The other thing is, people are actually selling GSM handsets, so I think there's an opportunity for us to put some value back into the handsets which have been lost over some of the analog with TDMA roaming and as we and others put value in the handsets, maybe the subsidy could actually come down a little bit.

另一件事是，人們實際上在銷售GSM 手機，因此我認為我們有機會將一些價值重新投入到手機中，而這些價值因TDMA 漫遊的一些模擬功能而損失，而且我們和其他人也將價值投入手機中，也許補貼實際上可以下調一點。

As far as the technology from a voice component, it's not dramatically different.

就語音組件的技術而言，並沒有太大的差異。

Certainly, the handsets are slicker, the color screens and the bigger screens are something that customers are certainly asking about right now.

當然，手機更時尚、彩色螢幕和更大的螢幕是客戶現在肯定會問的問題。

The real difference in this technology is when you step into the data center, the GPRS, and there is a host of things that are coming out that we think people will be interested in.

這項技術的真正區別在於，當您進入資料中心 GPRS 時，就會出現許多我們認為人們會感興趣的東西。

The camera phones are there and that is certainly a lot of the hype, but I think when you get into functionality you get into the ability to quickly get to potentially e-mail, potentially into where you want to check headline news and sports, and you want to get the stock quotes and things like that, and I think that is the function the customers are looking for right now.

照相手機已經存在，這當然是很多炒作，但我認為當你進入功能時，你就能夠快速訪問潛在的電子郵件，可能進入你想要查看頭條新聞和體育的地方，並且你想獲得股票報價之類的東西，我認為這是客戶現在正在尋找的功能。

So when your customers roam on, say, AT&T's network, you would have the benefit of all that functionality then?

那麼，當您的客戶在 AT&T 的網路上漫遊時，您將受益於所有這些功能嗎？

Yes, and vice versa.

是的，反之亦然。

In terms of the roaming rate for your customers on AT&T or Cingular's network on GSM, how different is that than TDMA in terms of order of magnitude, the roaming rate per minute or the roaming cost to you?

就您的客戶在 AT&T 或 Cingular 的 GSM 網路上的漫遊費率而言，與 TDMA 在數量級、每分鐘漫遊費率或漫遊費用方面有何不同？

It is pretty significant compared to where we have been.

與我們之前的情況相比，這是非常重要的。

It is significant compared to where we probably would be in the out years.

與我們未來幾年可能達到的情況相比，這是非常重要的。

But there are -- in TDMA as we talked about, there are scheduled stepdowns.

但正如我們所討論的，在 TDMA 中，有預定的降級。

So the best way to describe it is today as we look at our profitability, today as we look at our subbase, if we had the TDMA rate it would make us significantly more profitable, if we had the GSM rate instead of the TDMA rate.

因此，描述它的最佳方式是今天，當我們審視我們的盈利能力時，今天，當我們審視我們的底基地時，如果我們採用TDMA 速率，那麼如果我們採用GSM 速率而不是TDMA 速率，那麼我們的利潤將會顯著提高。

Historically, it is a pretty significant movement.

從歷史上看，這是一個相當重要的運動。

As we look out when GSM is really impacting which is years 2, 3, 4 and beyond, it is probably not as significant, but it is still probably below where TDMA would otherwise be.

當我們觀察 GSM 真正產生影響的時間（即第 2 年、第 3 年、第 4 年及以後）時，它可能不會那麼重要，但它仍然可能低於 TDMA 的水平。

Okay, thanks.

好的謝謝。

Joe Gazarano (ph) of Morgan Joseph.

摩根約瑟夫的喬·加扎拉諾（博士）。

My question has been answered, thank you.

我的問題已經得到解答，謝謝。

Sam Martini at Cobalt Capital.

Cobalt Capital 的 Sam Martini。

First, on the EBITDA guidance for the second half of the year, I am showing you guys ex California and also excluding -- well, including the two weeks of Alaska benefits of about 140 million for this first half, and the guidance you gave is only slightly higher than that.

首先，關於下半年的 EBITDA 指導，我向你們展示了加州以外的情況，並且還排除了 - 嗯，包括阿拉斯加上半年約 1.4 億美元的兩週福利，你們給出的指導是僅比此高一點點。

Understanding the drop-off in July and roaming rates, it seems -- it just seems conservative.

在了解 7 月的下降和漫遊費率後，看起來似乎很保守。

What am I missing to think the guidance should be up 5 million for the second half, given that we are taking on what looks to me to be somewhere in the realm of 7 to 10 million in EBITDA from Alaska alone?

鑑於我們正在承擔在我看來僅阿拉斯加就達到 7 至 1000 萬的 EBITDA 範圍，我認為下半年的指導應該增加 500 萬，我錯過了什麼？

I am not sure what you're asking, but in our business as you know the fourth quarter tends to be quite a bit lower than the other quarters, both from a seasonality standpoint and roaming, as well as increases in sales activity.

我不確定您在問什麼，但正如您所知，在我們的業務中，無論是從季節性角度、漫遊還是銷售活動的增長來看，第四季度的銷量往往比其他季度要低得多。

Certainly in the second half of the year, we expect sales activity to be a little bit higher than the first half.

當然，我們預計下半年的銷售活動會比上半年略高一些。

That has a dampening effect on cash flow.

這對現金流有抑製作用。

So those are the major factors and I think you trust some of the others, but in terms of operating cost, in terms of operating profit, we are still making progress on all of those, and improvements.

這些是主要因素，我認為您相信其他一些因素，但就營運成本、營運利潤而言，我們仍在所有這些方面取得進展和改進。

Back to Sandy's question on your incollect rate, it looked like TDMA rate historically was in the 13-cent range, and you mentioned it is significantly lower.

回到桑迪關於您的收款費率的問題，歷史上 TDMA 費率似乎在 13 美分的範圍內，您提到它要低得多。

Can you talk about what we should -- we have general impressions of where roaming rates on average are going on the outcollect side.

您能談談我們應該做什麼嗎？我們對向外付費的平均漫遊費率有一個總體印象。

Can you help us to form some sort of relationship for how to track the incollect cost that you guys are paying as we go out and roll into these new GSM contracts?

您能否幫助我們建立某種關係，以追蹤我們在簽訂這些新的 GSM 合約時所支付的費用？

I mean, 13 cents, significantly lower than that; should it be 10 cents, 8 cents, and how low can we see it going if we are assuming that there is some correlation between that and the declines in roaming rates -- in outcollect rates, sorry?

我的意思是，13 美分，明顯低於這個數字；應該是 10 美分還是 8 美分？如果我們假設這與漫遊費率下降（抱歉，是外付費率下降）之間存在某種相關性，我們能看到它會降到多低？

Unfortunately, the rates are bound to a nondisclosure agreement, as they should be.

不幸的是，這些費率受到保密協議的約束，正如它們應該的那樣。

I really don't know any other way to describe it except our rate with AT&T is not the incollect rate or the incollect yield as we call it.

我真的不知道有什麼其他方法可以描述它，除了我們與 AT&T 的費率不是我們所說的 incollect 費率或 incollect 收益率。

The incollect yield comprises others.

內部收益也包括其他收益。

Again, we are talking about primarily GSM rates in terms of a significant discount.

再次強調，我們主要討論的是 GSM 費率的大幅折扣。

Yes, there has been a discount in the TDMA rate as well, and I don't know any other way to describe it except we are managing this business to grow EBITDA and to grow profit.

是的，TDMA 費率也有折扣，除了我們管理這項業務以增加 EBITDA 和增加利潤之外，我不知道有任何其他方式可以描述它。

Put differently is it safe to assume if I am going to make an assumption that we've got a 10 percent decline in total roaming yield that we could see some similar order of magnitude decline in your total incollect yield?

換句話說，如果我假設我們的總漫遊收益率下降了 10%，那麼我們可以看到您的總收款收益率出現類似數量級的下降嗎？

Say that again, Sam.

再說一遍，山姆。

If we have got our roaming yield going down on a year-over-year basis by say 15, 20 percent is it safe to make that type of assumption on the incollect cost that you guys your subs are paying to be on your roaming partners networks?

如果我們的漫遊收益同比下降 15%、20%，那麼對你們的用戶為進入漫遊合作夥伴網絡而支付的費用做出這種假設是安全的嗎？ ？

Or is that too aggressive?

或者說這太激進了？

I don't know that I completely followed the line of.

我不知道我是否完全遵循了這條線。

I am just trying to be able to track your costs as we go out.

我只是想在我們外出時追蹤您的費用。

I think that we all know that the incollect negotiation was a big part of these new contracts, and I'm just trying to understand what the rates can do, what the rates you pay your partners are going to be capable of doing going forward.

我認為我們都知道收費談判是這些新合約的重要組成部分，我只是想了解費率可以做什麼，您向合作夥伴支付的費率將來能夠做什麼。

But you can't give me a number.

但你不能給我一個號碼。

No.

不。

Can't give me a percentage?

不能給我一個百分比嗎？

I think the way you should try to manage or try to monitor it is to look at the incollect expense as a portion of the ARPU, and it has trended from the $8.50 range down to the 6 dollar range over the last year and a half.

我認為您應該嘗試管理或嘗試監控它的方法是將收取的費用視為 ARPU 的一部分，並且在過去一年半中它已從 8.50 美元範圍下降到 6 美元範圍。

So we intend to continue to bring that down.

所以我們打算繼續降低這種情況。

But what is as important particularly as we look out in GSM is not only is our incollect expense as a percent of ARPU as a function of ARPU coming down, we think we will become more competitive.

但特別重要的是，正如我們在 GSM 中所看到的，不僅是我們的收入費用佔 ARPU 的百分比（作為 ARPU 的函數）下降，我們認為我們將變得更具競爭力。

We think we will be add to our products that, we think we will be able to add products that will incorporate more footprints of adjacent providers and at a better price point.

我們認為我們將添加到我們的產品中，我們認為我們將能夠添加包含更多相鄰供應商足跡並以更好的價格點的產品。

As I said, more subscribers and more profitable subscribers is what we are all about.

正如我所說，更多的訂閱者和更有利可圖的訂閱者是我們的宗旨。

In terms of being able to track specific incollect minutes and incollect expense it is really hard for us to give that kind of indication.

就能夠追蹤特定的收款時間和收款費用而言，我們確實很難給出這種指示。

So focus on this real ARPU number of $35.31 that you mentioned earlier.

因此，請關注您之前提到的 35.31 美元的實際 ARPU 值。

That is certainly one of the critical factors that we focused on.

這當然是我們關注的關鍵因素之一。

Finally, a follow up to question earlier on the NOL front.

最後，對先前關於 NOL 方面的問題進行跟進。

At least at Dobson, forgetting about the pro forma Dobson that would include AMCELL, can you give the Dobson standalone NOL, understanding there is some moving pieces still with the American Cellular situation?

至少在多布森，忘記了包括 AMCELL 在內的預計多布森，你能否給多布森獨立的 NOL，了解美國移動的情況仍然存在一些移動的部分？

No, I can't at this point other than to say that we expect that it should be sufficient to cover all cash taxes for the next year or two.

不，我現在只能說，我們預計這應該足以支付未來一兩年的所有現金稅。

So we're not paying cash taxes this income tax of $11,368 (ph) we should assume is non-cash.

因此，我們不繳納現金稅，我們應該假設 11,368 美元（ph）的所得稅是非現金稅。

That is correct.

那是對的。

Thanks, guys.

多謝你們。

Anthony Carmen of Deutsche Bank.

德意志銀行的安東尼·卡門。

First, on the ARPU side you mentioned obviously that your profitability has increased even though ARPU was down year-over-year you are actually keeping more of the ARPU.

首先，在 ARPU 方面，您明顯提到，儘管 ARPU 同比下降，但您的盈利能力卻有所增加，但您實際上保留了更多的 ARPU。

But I was hoping you could provide some additional granularity into what exactly sort of you saw in the decline year-over-year.

但我希望您能提供一些額外的細節來說明您所看到的逐年下降的具體情況。

Especially in Sygnet, from 42 down to 40, although obviously that is counter balanced by the fact that churn is down pretty significantly on a year-over-year basis.

尤其是在 Sygnet，從 42 下降到 40，但顯然，流失率同比大幅下降這一事實抵消了這一影響。

On the heels of that what sort of potential impact upside impact you would expect from TDMA and where might we see, I'm sorry GSM and where might we see those ARPUs going as you begin a rollout GSM in 2004 to more of your subscribers?

接下來，您期望 TDMA 帶來什麼樣的潛在影響，以及我們會在哪裡看到，對不起 GSM，當您在 2004 年開始向更多用戶推出 GSM 時，我們會看到這些 ARPU 會走向何方？

On AMCELL, if you can just remind us of the timing that you are looking for in completing the AMCELL restructuring?

關於AMCELL，您能否提醒我們希望完成AMCELL重組的時機？

Thanks.

謝謝。

Let me take a shot at the first one.

讓我先試試第一個。

Gross ARPU as we call it, essentially came down, specifically and there is a lot more to the story but specifically because we included more minutes into the bucket than the customers didn't break those buckets as much as they were a year ago.

我們所說的總ARPU 基本上下降了，具體來說，還有更多的故事，但具體來說，因為我們在桶中加入的分鐘數比客戶沒有像一年前那樣打破這些桶的時間多。

Fortunately as we said, the bucket included more of our own territory and less of our adjacent roaming non-Dobson, non-American owned territory.

幸運的是，正如我們所說，桶子包括更多我們自己的領土，以及更少的鄰近漫遊非多布森、非美國擁有的領土。

As access fees went up a little bit, the bucket of course has gone up pretty significantly.

隨著接入費的稍微上漲，水桶當然也大幅增加。

So as we have said earlier we had a very calculated plan to transition our customer base to a more profitable IE in this example using more of their buckets their minutes on our network.

因此，正如我們之前所說，我們有一個經過深思熟慮的計劃，將我們的客戶群轉移到利潤更高的 IE，在此示例中，使用他們在我們網絡上的更多時間。

To be specific about your question, what was the second one?

具體來說你的問題，第二個是什麼？

The AMCELL restructuring -- the timing.

AMCELL 重組－時機。

We are in the midst of the exchange offer now and we should have results of that sometime in the very near future.

我們現在正在進行交換要約，我們應該會在不久的將來得到結果。

It will be coming out here in the next few days hopefully.

希望它會在接下來的幾天內發佈在這裡。

As we mentioned in our press release assuming that we are successful in the exchange offer we would expect to conclude the transaction shortly thereafter.

正如我們在新聞稿中提到的，假設我們成功完成交換要約，我們預計很快就會完成交易。

If we're not successful in the exchange offer I see it as we've mentioned before we would go into a prepackaged situation with American Cellular.

如果我們的交換要約不成功，我認為正如我們之前提到的，我們將與美國行動公司進入預先包裝的情況。

Right.

正確的。

In following up to that first question the other sort of part that I was wondering was what ultimately you think the impact of GSM would be on that ARPU?

在回答第一個問題時，我想知道的另一部分是，您認為 GSM 最終會對 ARPU 產生什麼影響？

And what type of price point you would imagine that GSM rolling out at?

您認為 GSM 推出的價位是多少？

Is there are some upward trend that we might see in the ARPU say a year from now?

一年後我們可能會看到 ARPU 出現上升趨勢嗎？

Obviously we expect GSM to provide incremental benefit to the subscriber base primarily in terms of ARPU and profitability primarily around the data component.

顯然，我們預期 GSM 將為用戶群帶來增量收益，主要體現在 ARPU 和主要圍繞數據組件的獲利能力方面。

We don't have what we would call a competitive effective data solution for TDMA.

我們沒有所謂的具有競爭力的有效 TDMA 數據解決方案。

We will have that for GSM.

我們將為 GSM 提供此服務。

We will be competitive with the marketplace needless to say, I (indiscernible) in the market see a significant difference in what I call boy talk (ph) is between GSM and TDMA today.

不用說，我們將與市場競爭，我（聽不清楚）在市場上看到了今天 GSM 和 TDMA 之間的顯著差異，我稱之為男孩談話 (ph)。

The difference is we are starting to explore GSM, starting to understand what is going on in the industry, there is today some incremental benefit.

不同的是我們開始探索 GSM，開始了解產業正在發生的事情，今天有一些增量的好處。

ARPU benefits principally around the data component.

ARPU 主要受惠於資料組件。

Thanks.

謝謝。

Joe Gardner of Emerald Asset management.

翡翠資產管理公司的喬·加德納。

Forgive me if you have already discussed these, but you made a mention in the press release about the growth opportunities you see in Alaska.

如果您已經討論過這些問題，請原諒我，但您在新聞稿中提到了您在阿拉斯加看到的成長機會。

Can you elaborate on that a little bit more in terms of what opportunities you see and what you need to do to grow that market?

您能否詳細說明您看到的機會以及您需要採取哪些措施來發展該市場？

First of all, we talked about this in the past, Alaska as a part of Dobson represents some 12 to 15 percent of the company, so it is a sizable part of Dobson Communications today. (indiscernible) predates American Cellular restructuring.

首先，我們過去談到這一點，阿拉斯加作為 Dobson 的一部分，代表了該公司約 12% 到 15% 的股份，所以它今天是 Dobson Communications 的相當大的一部分。 （音訊不清晰）早於美國行動公司重組。

But speaking of Alaska, as we said it is a very favorable environment when you look at such factors as the ARPU, the growth characteristics, market share in two of the three markets we operate, Fairbanks and Juneau, the duopoly competitive structure.

但說到阿拉斯加，正如我們所說，當您考慮ARPU、成長特徵、我們經營的三個市場中的兩個（費爾班克斯和朱諾）的市場份額、雙寡頭競爭結構等因素時，這是一個非常有利的環境。

In Fairbanks there are three total competitors or excuse me in Anchorage there are three total competitors.

在費爾班克斯，總共有三個競爭對手，或者對不起，在安克雷奇，總共有三個競爭對手。

So in terms of what we expect to see in that market particularly as we overlay GSM we expect to see incremental benefit from that.

因此，就我們期望在該市場看到的情況而言，特別是當我們涵蓋 GSM 時，我們預計會從中看到增量收益。

We expect to see continued organic growth in terms of our subscriber base, it is growing, the population today is growing faster than any of our other markets.

我們預計我們的用戶群將持續有機成長，它正在成長，今天的人口成長速度比我們任何其他市場都快。

If and when I think the question is more about when, if and when we experience some drilling in the North slope of Alaska we think that will invigorate and expand the economy even further than it is today.

如果我認為問題更多的是何時、是否以及何時我們在阿拉斯加北坡進行一些鑽探，我們認為這將比今天進一步振興和擴大經濟。

So long term it is a tremendous opportunity for us.

從長遠來看，這對我們來說是一個巨大的機會。

We have got, we believe certainly we are at parity in Anchorage with our competitor in terms of our network.

我們相信，就我們的網路而言，我們在安克雷奇與競爭對手處於同等水平。

And we are in the market today expanding and improving what (indiscernible) ended up purchasing from AT&T.

我們今天在市場上正在擴大和改進最終從 AT&T 購買的產品（難以辨別）。

I don't know if I can completely answer your question but it is a very exciting opportunity for us.

我不知道我是否能完全回答你的問題，但這對我們來說是一個非常令人興奮的機會。

Thank you.

謝謝。

On the cash cost per user side, you have done a very good job of bringing that down over time.

在每個用戶的現金成本方面，隨著時間的推移，你們在降低成本方面做得非常好。

How much more do you think you have to gain on the cost side?

您認為在成本方面還需要獲得多少收益？

If you looked at where you have future growth and profit per user comes from, how much do you think comes from the cost side and how much do you think comes from the ARPU side?

如果你看看未來的成長和每用戶利潤來自哪裡，你認為有多少來自成本方面，有多少來自 ARPU 方面？

I think both.

我認為兩者都有。

The cash cost per user we continue to see some improvement opportunities in the incollect expense.

每個用戶的現金成本我們繼續看到收入費用方面有一些改進的機會。

As we said our GSM rate is improved over the historical our GSM incollect rate has improved over the historical TDMA rate.

正如我們所說，我們的 GSM 速率比歷史數據有所改善，我們的 GSM 收款率比歷史 TDMA 數據速率有所改善。

Our current TDMA rate as result of our amended AT&T agreement will come down.

由於修改後的 AT&T 協議，我們目前的 TDMA 費率將會下降。

So there is certainly upside in that.

所以這肯定有好處。

No question as you look out you see profit per subscriber going up as we enter the data business in GSM.

毫無疑問，當我們進入 GSM 數據業務時，您會發現每個用戶的利潤正在上升。

But very simplistically as scale grows as our customer base grows, our profit per sub will grow our G&A cost will come down.

但非常簡單地說，隨著規模的擴大和我們的客戶群的成長，我們每個子公司的利潤將會成長，我們的一般管理費用將會下降。

We expect improvement all across the cost side of the equation.

我們預計成本方面都會有所改善。

So yes, I will leave it at -- we have a lot of initiatives in this building about how to improve all of the cost structures.

所以，是的，我會把它留在——我們在這棟大樓裡有很多關於如何改善所有成本結構的舉措。

We are in the midst of a lot of those things.

我們正處於很多這樣的事情之中。

Good, great.

好，太好了。

Thank you very much.

非常感謝。

Evan Marwell at Criterion Capital.

Criterion Capital 的 Evan Marwell。

First, could you review pro forma what you expect American Cellular's net debt to be after all of the transactions are done?

首先，您能否預估一下所有交易完成後美國行動公司的淨債務是多少？

Second, could you comment on what amount of ARPU if any is coming from fees and surcharges, and if you are doing anything in that regard similar to what some of the other carriers are doing?

其次，您能否評論一下來自費用和附加費的 ARPU 金額（如果有的話），以及您在這方面是否採取了與其他一些運營商類似的措施？

We did implement last October a 50 cents surcharge regulatory surcharge throughout the entire company with the exception of Sygnet which we implemented a 25 cent charge.

去年 10 月，我們確實對整個公司徵收了 50 美分的監管附加費，但 Sygnet 除外，我們徵收了 25 美分的附加費。

That was last October.

那是去年十月的事了。

Sygnet already had a small regulatory fee, therefore it was a little bit October fee was somewhat smaller than the rest of the company.

Sygnet 已經收取了少量監管費用，因此 10 月的費用比公司其他部門少一些。

In May of this year, we implemented a 75 cent fee on top of the 50 cent fee throughout everything again except Sygnet, and at Sygnet we implemented roughly a 28 cent fee on top of the previous fee.

今年5 月，我們在除Sygnet 之外的所有服務中再次在50 美分的費用基礎上加收75 美分的費用，而在Sygnet，我們在之前的費用基礎上加收了大約28 美分的費用。

As of May of this year, we implemented 75 cents on top of the existing fee for everything except Sygnet which was 28 cents.

截至今年 5 月，除 Sygnet 為 28 美分外，我們對所有服務在現有費用的基礎上加收 75 美分。

Let me give you the easy question on that -- it is real simple, on AMCELL we raised $900 million of high yield notes and we expect that will be the only debt at AMCELL.

讓我向您提出一個簡單的問題——這非常簡單，我們在 AMCELL 上籌集了 9 億美元的高收益票據，我們預計這將是 AMCELL 的唯一債務。

What do you expect the cash position to be?

您預計現金狀況如何？

The cash position will be really immaterial out of the block.

現金狀況其實並不重要。

There won't be a substantial amount of cash, very small operating cash.

不會有大量現金，只有很少的營運現金。

But obviously as we go forward we would expect that cash balance to build.

但顯然，隨著我們的前進，我們預計現金餘額將會建立。

Okay, thank you.

好的謝謝。

Dennis Sweeney.

丹尼斯·斯威尼.

I was hoping to ask one housekeeping question and if you could break out some numbers between the operating subs such as CAPEX, roaming yield and maybe were the cash lies.

我希望問一個內務管理問題，您是否可以透露營運子公司之間的一些數字，例如資本支出、漫遊收益，也許還有現金謊言。

And I was hoping you would comment on any retention marketing costs going forward especially given your high percentage of subs on contract and contract length?

我希望您能對未來的保留行銷成本發表評論，特別是考慮到您的合約和合約期限的替補比例很高？

What your plans are when GSM is up and running to do with those subs?

當 GSM 啟動並運行時，您對這些潛艇有何計劃？

As part of the retention costs going forward when we went from analog to TDMA we had a fairly aggressive attack to move our customers over to digital, because we had clear cost savings if we got our customers to do that.

作為未來保留成本的一部分，當我們從模擬轉向 TDMA 時，我們進行了相當積極的攻擊，將客戶轉移到數字，因為如果我們讓客戶這樣做，我們可以明顯節省成本。

So we gave the customers benefit and we certainly benefited long-term.

因此，我們為客戶帶來了利益，當然也受益於長期。

From a voice only capability we really don't see -- there are some benefits for select customers.

從純語音功能來看，我們確實沒有看到——對於特定客戶來說有一些好處。

If they are on the local rate plan we probably are just fine keeping them on TDMA; and there will not be an aggressive migration to move customers over.

如果他們採用本地費率計劃，我們可能可以讓他們繼續使用 TDMA；並且不會出現激進的遷移來轉移客戶。

We will go through and sift through and select certain customers that would benefit that roam a lot onto AT&T properties, that we see an opportunity to cut the (indiscernible) cost.

我們將仔細檢查並選擇某些客戶，這些客戶將受益於大量漫遊到 AT&T 財產，我們看到了削減（難以辨別的）成本的機會。

We will certainly move those over and the new customers that we bring on certainly, we believe that will be far and away our lead product that we will sell predominantly GSM as we get into the middle of next year.

我們肯定會轉移這些以及我們帶來的新客戶，我們相信這將是我們的主導產品，到明年年中我們將主要銷售 GSM。

But I don't see a huge impact on retention cost to move from TDMA to GSM.

但我認為從 TDMA 遷移到 GSM 對保留成本不會產生巨大影響。

It will be a selected program of customers come in they have had a phone for a couple of years and they want to upgrade, certainly I would expect to upgrade them into GSM.

這將是一個經過選擇的客戶計劃，他們已經擁有手機幾年了，他們想要升級，當然我希望將它們升級到 GSM。

But there will not be a target attack to migrate customers from TDMA to GSM.

但不會出現將客戶從 TDMA 遷移到 GSM 的目標攻擊。

In terms of breaking out some of the data, you had mentioned two items, the roaming yields and CAPEX.

在分解一些數據方面，您提到了兩個項目，漫遊收益和資本支出。

We have not broken out roaming yields in the past between Sygnet and the other Dobson entities.

過去，我們尚未公佈 Sygnet 和其他 Dobson 實體之間的漫遊收益。

But in terms of CAPEX, again we spent 50 million at Dobson year-to-date for CAPEX, that breaks out 13 million was spent at Sygnet and 37 million was spent at the other Dobson operations.

但就資本支出而言，今年迄今為止，我們在多布森的資本支出再次支出了 5000 萬美元，其中 Sygnet 支出了 1300 萬美元，在多布森的其他業務上支出了 3700 萬美元。

And the cash balances.

還有現金餘額。

The cash balances at Sygnet is around $5 million and at American Cellular its around 25 million.

Sygnet 的現金餘額約為 500 萬美元，American Cellular 的現金餘額約為 2,500 萬美元。

The remaining 227 million is on the DCC the parent or the Dobson operating company and we don't break that out separate.

剩下的 2.27 億美元歸 DCC 母公司或 Dobson 營運公司所有，我們不會將其單獨列出。

Okay, great.

好的，太好了。

Thanks very much.

非常感謝。

Dmitri Khaykin at Salomon Brothers Asset Management.

所羅門兄弟資產管理公司的德米特里‧凱金 (Dmitri Khaykin)。

My questions have been answered, thank you.

我的問題已經得到解答，謝謝。

Sam Martini at Cobalt Capital.

Cobalt Capital 的 Sam Martini。

Does your guidance include any U.S. sub subsidies and could you just get us up to speed on where that initiative stands?

您的指導是否包括美國的任何補貼？您能否讓我們了解該計劃的進展？

In terms of the guidance, no, it does not include any incremental amounts for U.S. subs.

就指導意見而言，不，它不包括美國潛艇的任何增量。

We think we will start to see some U.S. subsidy early next year in a couple of states; it is just a little too early to tell specifically where they may come from or what the amounts will be.

我們認為明年初我們將開始在幾個州看到美國的一些補助；現在具體判斷它們可能來自哪裡或數量是多少還為時過早。

Any ability to frame what you think the ultimate benefit could be?

有能力描述您認為最終的好處是什麼嗎？

Yes, I think we have indicated in the past that we feel topsighted (ph) at each Dobson and American something under 10 million for each.

是的，我想我們過去曾表示過，我們對多布森和美國的每一個低於 1000 萬的人都感到高瞻遠矚。

So some less than 20 million total for the pro forma entity?

那麼預計實體的總金額不到 2,000 萬嗎？

Yes, and again.

是的，還有一次。

That is not an '03 event, you would start to see it you think early to mid '04?

這不是 03 年的事件，您認為 04 年初到中期就會開始看到它？

'04 and beyond.

'04 及以後。

Thanks, guys.

多謝你們。

We expect to see some in '04.

我們預計在 04 年會看到一些。

You do expect it to come?

你真的期待它的到來嗎？

In '04.

04年。

Thanks very much.

非常感謝。

Joe (indiscernible)

喬（聽不清楚）

I just wanted to ask you had mentioned the regulatory fee 75 cents in May.

我只是想問一下您是否提到過 5 月份的監管費 75 美分。

Have you seen churn increase because of that and should we expect it to increase in the second half?

您是否看到客戶流失率因此而增加？我們是否應該預期下半年客戶流失率會增加？

When we launched the initial feedback in October there wasn't one noted case of anybody leaving our service because of that.

當我們在 10 月推出初步回饋時，沒有任何人因此而離開我們的服務。

We sent the notice out the first month that they have actually seen the new fee on there.

我們在第一個月就發出了通知，他們實際上已經看到了新的費用。

When the notice went out there has been no negative feedback up this point in time, and I would expect no impact on churn.

當通知發出時，目前還沒有負面回饋，我預計不會對客戶流失產生影響。

What we have seen is when we explain to them what it is, it has had no impact up to this point in time.

我們所看到的是，當我們向他們解釋它是什麼時，到目前為止還沒有產生任何影響。

Thanks.

謝謝。

Showing nothing further at this time, I would like to turn the call back over to Mr. Dobson for any additional or closing remarks.

目前我沒有進一步透露任何內容，因此我想將電話轉回給多布森先生，以徵求任何補充或結束語。

Thank you.

謝謝。

And we appreciate everybody's participation.

我們感謝大家的參與。

We appreciate your support and as always we are here for follow-up calls Warren, Richard anyone.

我們感謝您的支持，並一如既往地為沃倫、理查德等任何人提供後續電話。

If anyone has any questions feel free to call.

如果有人有任何疑問，請隨時致電。

We are ready to answer them.

我們已準備好回答他們。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may disconnect at this time.

此時您可以斷開連線。

(CONFERENCE CALL CONCLUDED)

（電話會議結束）