AT&T Inc (T) 2004 Q3 法說會逐字稿

Good day, everyone, and welcome to the Dobson Communications third-quarter 2004 earnings-results conference call.

大家好，歡迎參加 Dobson Communications 2004 年第三季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

For opening 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, sir.

請繼續，先生。

Thank you and good morning.

謝謝你，早安。

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

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

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

這些包括但不限於有關公司計劃、意圖和期望的聲明。

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

此類陳述本質上會受到各種風險和不確定性的影響，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.

考慮到這些擔憂，投資者和分析師不應過度依賴前瞻性陳述。

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

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

Thank you Warren.

謝謝沃倫。

We are pleased to report in the third quarter we continued to see improving trends in the operating objectives.

我們很高興地報告，第三季我們繼續看到經營目標的改善趨勢。

As we stressed over the past several quarters we continue to focus on improving ARPU and local profitability, rolling out GSM products and stabilizing the roaming revenue stream, and strengthening the performance of our nationwide network, which is fundamental to our long-term success.

正如我們在過去幾個季度所強調的那樣，我們繼續專注於提高 ARPU 和本地盈利能力、推出 GSM 產品並穩定漫遊收入來源，並加強我們全國網路的性能，這是我們長期成功的基礎。

Operationally, the most significant achievement in the third quarter, was our ARPU of $41.20.

從營運角度來看，第三季最顯著的成就是我們的 ARPU 達到 41.20 美元。

This compares with 40.03 in the second quarter, and 38 at 83 in the first quarter of this year.

相比之下，第二季為 40.03，今年第一季為 83，為 38。

Our number one objective to to improve ARPU and we're very pleased in this area.

我們的首要目標是提高 ARPU，我們對此感到非常滿意。

The $1.17 from the second quarter to third quarter is driven by several factors and we con continue to shift the higher subscriber base to higher ARPU GSM subscribers, which at September 30 --thirtieth, represented 18% of the subscriber base versus 10% at June 30.

從第二季到第三季的1.17 美元是由多種因素推動的，我們將繼續將較高的用戶基礎轉向較高ARPU 的GSM 用戶，截至9 月30 日至30 日，佔用戶基礎的18 %，而6 月份為10% 30.

Secondly, we implemented regulatory fee increases in the third quarter to put us more in line with the industry.

其次，我們在第三季實施了監管費用上調，使我們更符合業界。

Finally, we saw in the third quarter, the normal seasonal increases in average usage per subscriber, which consequently related to higher average-- overage charges paid by the customers.

最後，我們在第三季看到，每位訂戶的平均使用量出現正常的季節性成長，這與客戶支付的平均超額費用較高有關。

Strengthening ARPU continues to be our objective, and as a result we're not expecting to see net subscriber growth in the fourth quarter or early 2005.

加強 ARPU 仍然是我們的目標，因此我們預計第四季或 2005 年初不會出現淨用戶成長。

We did have a small increase in the net adds in the third quarter in the amount of 1200.

第三季淨增加量確實小幅增加了 1200 人。

As we noted in the press release, our net adds totalled reflected reductions in post-paid and pre-paid subscribers, while refiller subscribers grew by 8900.

正如我們在新聞稿中指出的那樣，我們的淨增加總數反映了後付費和預付費用戶的減少，而續充用戶則增加了 8900 名。

While in turn, we expect a number of our initiatives, now being implemented, to yield stronger net add growth, including new product redevelopment, revamp-- revamped prepaid NBO product lines, increased advertising, and our relationship in Alaska with GCI.

而反過來，我們預計目前正在實施的一些舉措將產生更強勁的淨增加成長，包括新產品重新開發、改造——改善預付費 NBO 產品線、增加廣告以及我們在阿拉斯加與 GCI 的關係。

Over time, we expect these and other efforts to improve gross adds and net adds, but in the current environment our drive to increase ARPU will make it difficult to grow net adds.

隨著時間的推移，我們預計這些和其他努力將提高總增加量和淨增加量，但在當前環境下，我們提高 ARPU 的努力將導致淨增加量的成長變得困難。

Pre-- post-paid churn trended up slightly in the third quarter to 2 .05.

第三季預付費客戶流失率略為上升，達 2 .05。

Again, this was in line with our expectations as we dialed back promotions and rebates.

這再次符合我們的預期，因為我們取消了促銷和回扣。

As of the end of the third quarter, 70% of postpaid customers were under contract.

截至第三季末，70%的後付費客戶簽訂了合約。

The average length of contract lies at 13-months.

合約的平均期限為13個月。

Another third quarter positive was the continued stability of roaming minutes of use.

第三季的另一個正面因素是漫遊使用時間的持續穩定。

Roaming minutes continue to be on target, with 1.5 billion expectations for 2004 that we discussed in February.

漫遊分鐘數持續達到目標，我們在 2 月討論 2004 年漫遊分鐘數的預期為 15 億。

On the conference call we targeted a range of 780 million to 820 million for the second half of 2004.

在電話會議上，我們將 2004 年下半年的目標定為 7.8 億至 8.2 億。

For the third quarter, we reported 450 million minutes, slightly ahead of the year ago total on a same-store basis.

第三季度，我們報告了 4.5 億分鐘，略高於去年同期同店總播放量。

Given the seasonal decline in the fourth quarter, we continue to believe that our roaming guidance is on target.

鑑於第四季度的季節性下降，我們仍然相信我們的漫遊指引符合目標。

The other key element in the roaming equation, of course, is yield, which continues to be in line with expectations.

當然，漫遊方程中的另一個關鍵因素是產量，它仍然符合預期。

Total blended yield in the third quarter was 13.8 cents.

第三季的總混合收益率為 13.8 美分。

In the fourth quarter, we expect the yield to drop by about 3/10ths cents due to the expected increase of GSM versus TDMA minutes.

在第四季度，由於 GSM 相對於 TDMA 分鐘數的預期增加，我們預期收益率將下降約 3/10 美分。

As we noted in the press release, 43% of the roaming minutes was GSM compared to 25% in the second quarter and 10% in the first quarter.

正如我們在新聞稿中指出的，GSM 漫遊分鐘數佔 43%，而第二季為 25%，第一季為 10%。

Many asked about the effect of the Cingular AT&T merger on our roaming business.

許多人詢問 Cingular AT&T 合併對我們漫遊業務的影響。

The merger is completed and we expect to sit down with Cingular and discuss possibly consolidating the three primary roaming agreements, and we're approaching this positively from Dobson's point of view.

合併已完成，我們希望與 Cingular 坐下來討論合併三個主要漫遊協議的可能性，從 Dobson 的角度來看，我們正在積極處理這一問題。

We expect any agreement to be net even or neutral and there's no artificial deadline to get this done.

我們希望任何協議都是淨平衡或中立的，並且沒有人為的最後期限來完成這項工作。

The other other increasingly important contributor to our revenue is USF funding we began to recognize in the third quarter, and since being approved by the state of Wisconsin we gained ETC recognition in Oklahoma and Michigan and we expect to recognize two million approximately in USF revenue in the fourth quarter.

對我們收入的另一個日益重要的貢獻者是我們在第三季度開始認可的USF 資金，自從獲得威斯康辛州批准以來，我們在俄克拉荷馬州和密西根州獲得了ETC 認可，我們預計在2020 年將確認約200 萬美元的USF 收入。第四季。

USF revenue will be a significant factor in helping us to improve service and network performance in our most rural markets.

USF 收入將成為幫助我們改善大多數農村市場的服務和網路效能的重要因素。

I'd like to take a few-- note a few highlights in the RAF operating expenses.

我想談談英國皇家空軍營運開支中的一些亮點。

In the third quarter, we saw increases in in-collect cost per subscriber.

在第三季度，我們看到每個訂閱者的收費成本增加。

These increases were in line with expectations and were related to seasonal increases in our customers' roaming, and the sale of GSM calling plans that include more roaming.

這些增長符合預期，並與客戶漫遊的季節性增長以及包含更多漫遊的 GSM 呼叫計劃的銷售有關。

The key part of our overall GSM marketing and roaming strategy is lowering our customers' cost to roam, our in-collect costs, so that we can offer more attractive GSM calling plans in our markets.

我們整體 GSM 行銷和漫遊策略的關鍵部分是降低客戶的漫遊成本，也就是我們的收款成本，以便我們能夠在我們的市場上提供更具吸引力的 GSM 呼叫計畫。

In the third quarter, we also saw increased network operating cost.

第三季度，我們也看到網路營運成本增加。

As Bruce discussed in our conference call in August, these were expected.

正如布魯斯在八月的電話會議中所討論的那樣，這些都是預料之中的。

These primarily reflected the EDGE upgrade with the related cost in the operation of MPI for a full quarter.

這主要反映了 EDGE 升級以及 MPI 整個季度營運的相關成本。

Finally, we reduced the level of subsidies offered to migrating subscribers from TDMA-to-GSM.

最後，我們降低了從 TDMA 遷移到 GSM 的用戶提供的補貼水準。

We saw the effect of these reductions as migration in September declined noticeably.

我們看到了這些減少的影響，九月的移民人數明顯下降。

Customers that still wish to migrate are required to sign a two-year contract to get all of the reduced subsidy.

仍希望遷移的客戶需要簽署一份為期兩年的合約才能獲得所有減少的補貼。

We want to migrate our base to GSM, but, again, the primary objective is to managing to maximize cash flow.

我們希望將我們的基礎遷移到 GSM，但同樣，主要目標是設法最大化現金流。

Based on improving ARPU, and a more stable roaming revenue stream, we're pleased to see even the performance in the third quarter that was within the revised expectations for the second half of the year.

基於每位用戶平均收入 (ARPU) 的改善和更穩定的漫遊收入流，我們很高興看到第三季的業績符合下半年修訂後的預期。

Fourth quarter, EBIDTA will reflect the normal seasonal decline in roaming and given the progress today, we expect to finish the year with EBIDTA at least at the mid-point of our guidance range, 166 to 176 for the second half of '04.

第四季的 EBIDTA 將反映漫遊業務的正常季節性下降，鑑於今天的進展，我們預計 2004 年下半年的 EBIDTA 至少處於我們指導範圍的中點，即 166 至 176。

I'd like to note just a few more points before I turn the call over to Bruce.

在將電話轉給布魯斯之前，我想再說明幾點。

We completed the GSM overlay in the second quarter and since then have been focusing on strengthening the performance of our network action as our traffic shifts from TDMA-to-GSM.

我們在第二季完成了 GSM 覆蓋，從那時起，隨著我們的流量從 TDMA 轉向 GSM，我們一直致力於加強我們網路行動的效能。

In the third quarter, we added 70 new GSM cell sites in network, bringing the total of new cell sites in the year to 159.

第三季度，我們新增70個GSM基地台入網，使全年新增基地台總數達到159個。

We plan on, in the fourth quarter, to add an additional 55 GSM-- GSM-only sites.

我們計劃在第四季再增加 55 個 GSM——純 GSM 站點。

We are also in the final stages of upgrading the network with EDGE software.

我們還處於使用 EDGE 軟體升級網路的最後階段。

We're the first Nortel customer in the United States to implement a system-wide EDGE upgrade in the final markets being completed are Michigan 5 and NPI, and the timing of the upgrades are linked primarily to when they were acquired this year.

我們是美國第一個實施全系統 EDGE 升級的北電客戶，最終完成的市場是密西根 5 和 NPI，升級的時間主要與今年收購的時間有關。

The last NPI markets will be upgraded by mid-December.

最後一次NPI市場將於12月中旬升級。

This follows on the heels of our deployment in the second quarter of this year of EDGE in our Ericsson markets, namely Alaska, Minnesota and Wisconsin.

在此之前，我們今年第二季在愛立信市場（即阿拉斯加州、明尼蘇達州和威斯康辛州）部署了 EDGE。

Another objective we discussed last quarter was the need to maintain strong liquidity, and toward that end we recently announced a private debt offering 825 million in senior-secured debt.

我們上季討論的另一個目標是需要保持強勁的流動性，為此，我們最近宣布發行 8.25 億美元的私人債務優先擔保債務。

Bruce will discuss some of the particulars of this offer in a few minutes.

布魯斯將在幾分鐘內討論此優惠的一些細節。

I would d like to point out that it enhances both our liquidity and flexibility, and we've taken advantage of that liquidity.

我想指出的是，它增強了我們的流動性和靈活性，我們已經利用了這種流動性。

We continue to focus on reducing debt, increasing EBIDTA performance and, thus, reducing our total leverage.

我們繼續專注於減少債務、提高 EBIDTA 績效，從而降低我們的總槓桿率。

Finally, I want to re-emphasize that we expect stronger subscriber growth and improving profitability in cash flow next year.

最後，我想再次強調，我們預計明年用戶成長將更加強勁，現金流獲利能力將提高。

For this to happen, we need to see continued positive results from the operating initiatives that I discussed, as we deliver on ARPU, and assuming that a roaming base remains stable EBIDTA should grow.

為了實現這一目標，我們需要看到我所討論的營運計畫持續取得積極成果，因為我們實現了 ARPU，並且假設漫遊基礎保持穩定，EBIDTA 應該會成長。

We now believe we have the platform in place to make this happen.

我們現在相信我們已經擁有實現這一目標的平台。

Bruce?

布魯斯？

Thank you, Everett.

謝謝你，埃弗里特。

I'll address a few more items starting with our operating results and then I'll cover capital expenditures and the cash balance.

我將從我們的經營績效開始討論更多一些問題，然後我將討論資本支出和現金餘額。

Operating revenue increased $272.4 million in the third quarter, from 252.4 million in the second quarter.

第三季營業收入從第二季的 2.524 億美元增加到 2.724 億美元。

That's a $20 million increase.

增加了 2000 萬美元。

Of that increase, service revenue increased by about $10 million, from 189.3 million in the second quarter to 198.7 million in the third quarter.

其中，服務收入增加了約 1,000 萬美元，從第二季的 1.893 億美元增加到第三季的 1.987 億美元。

Approximately, three million of that increase was due to the inclusion of NPI for the entire third quarter.

其中約 300 萬的成長是由於整個第三季的 NPI 納入所致。

Most of the increase relates to the increase ARPU that Everett talked about earlier.

大部分成長與埃弗雷特之前談到的 ARPU 的成長有關。

DCC's total ARPU in the third quarter was $41.20, as compared to $40.03 in the second quarter.

DCC 第三季的總 ARPU 為 41.20 美元，而第二季為 40.03 美元。

Also contributing to the overall increase in the third quarter total revenue was an increase in roaming MOUs.

漫遊諒解備忘錄的增加也推動了第三季總收入的整體成長。

For the third quarter, we processed about 450 million roaming minutes of use compared to to 360 minutes in the second quarter.

第三季度，我們處理了約 4.5 億分鐘的漫遊使用時間，而第二季度為 360 分鐘。

More significantly the 450 million MOU use in third quarter this year compared to 446 million in the third quarter last year on the same-store bases, while, approximately 43% of these minutes this year, are GSM minutes of use.

更重要的是，今年第三季的同店諒解備忘錄使用量為 4.5 億，而去年第三季的同店使用量為 4.46 億，而今年這些分鐘數中約 43% 是 GSM 使用分鐘數。

Roaming yield, as Everett mentioned, came in at a blended 13.8 cents and as he said, we expect the fourth quarter roaming yield to decline based on mix and the continued conversion to GSM of AT&T customers.

正如埃弗雷特所提到的，漫遊收益率為 13.8 美分，正如他所說，我們預計第四季度漫遊收益率將根據組合和 AT&T 客戶持續轉換為 GSM 而下降。

Turning to operating expense, first, I'd like to highlight cost of service, which includes the cost of providing service on our network, and the expense that our customers incur when they roam on other provider's networks.

談到營運費用，首先，我想強調一下服務成本，其中包括在我們的網路上提供服務的成本，以及我們的客戶在其他提供者的網路漫遊時產生的費用。

Cost of service was $7.4 million higher in the third quarter than it had been in the second quarter.

第三季的服務成本比第二季高出 740 萬美元。

About 3 million of that increase was due to the inclusion of NPI for the entire three months.

其中約 300 萬的增長是由於整個三個月的 NPI 納入所致。

Another 3 million of the increase related to seasonally higher off-net roaming by our customers.

另外 300 萬的成長與我們客戶的季節性網外漫遊量增加有關。

The remainder, about 1.4 million, reflected additional cell sites placed in service, networking cost associated with the additional circuits, and increased traffic on the network.

其餘的大約 140 萬個，反映了投入使用的額外蜂窩基地台、與額外電路相關的網路成本以及網路流量的增加。

G&A cost increased slightly in the third quarter to 44.9 million, from the second quarter level of 43.1 million.

第三季的一般管理費用略有增加，從第二季的 4,310 萬美元增加到 4,490 萬美元。

NPI accounted for 1 million of that increase.

NPI 佔其中的 100 萬。

Marketing and selling costs in the third quarter of '04 was $32.8 million, down 1 million from the second quarter of '04.

04年第三季行銷和銷售成本為3,280萬美元，比04年第二季減少100萬美元。

As discussed on our second quarter call, we increased our advertising spend in the second quarter with our GSM launch.

正如我們在第二季電話會議上討論的那樣，隨著 GSM 的推出，我們在第二季增加了廣告支出。

InQ3 of this year, we decreased our advertising from Q2 levels; however, we expect advertising spending to yet increase in Q4, as we intend to aggressively promote our products in the holiday-selling season.

今年第三季度，我們的廣告投放比第二季度有所減少；然而，我們預計第四季度的廣告支出仍將增加，因為我們打算在假期銷售季節積極推廣我們的產品。

Net equipment cost in Q3 of '04 was, approximately, 19.5 million as compared to to the 16 million net-equipment cost in the second quarter.

2004 年第三季的淨設備成本約為 1,950 萬美元，而第二季的淨設備成本為 1,600 萬美元。

Total handset in both periods including gross adds and upgrades were, approximately 194,000.

兩個時期的手機總數（包括總增加和升級）約為 194,000 部。

However a greater number of higher-cost GSM phones were sold in the third quarter leading to the higher net cost.

然而，第三季銷售了更多成本較高的 GSM 手機，導致淨成本上升。

What do these third quarter trends indicate about the balance of the year?

這些第三季的趨勢對今年剩餘時間有何啟示？

In line with earlier guidance, we expect to be in the range of EBIDTA we announced in August: 166 million to 176 million for the second half of the year.

根據先前的指引，我們預計下半年的 EBIDTA 範圍將在 8 月宣布的範圍內：1.66 億至 1.76 億美元。

This implies lower level of EBIDTA in the fourth quarter, compared with the third, which is typical due to seasonally lower MOUs and the effect of slightly lower roaming yield.

這意味著第四季度的 EBIDTA 水平低於第三季度，這通常是由於諒解備忘錄季節性下降以及漫遊收益率略有下降的影響。

Total selling and marketing costs including cost for equipments are also expected to be higher in the fourth quarter than they were in the third, as we expect higher advertising and customer retention expenses.

包括設備成本在內的總銷售和行銷成本預計第四季度也將高於第三季度，因為我們預計廣告和客戶保留費用將會增加。

We expect that cost of service in G&A expenses will increase only marginally in the fourth quarter.

我們預計第四季一般管理費用中的服務成本只會小幅增加。

Again, the net impact of these higher costs should still leave us within the previous provided guidance for the second half of the year.

同樣，這些成本上升的淨影響仍應使我們保持在先前為下半年提供的指導範圍內。

Now, moving on to capital expenditures.

現在，轉向資本支出。

Dobson Communications spent a total 28.9 million in capital expenditures in the third quarter bringing the year-to-date total 117.8 million.

Dobson Communications 第三季的資本支出總額為 2,890 萬美元，今年迄今的資本支出總額為 1.178 億美元。

Of the 28.9 million spent in the quarter, 20.6 million spent at DCS, bringing its year-to-date capital expenditures to 83.5 million.

在本季支出的 2,890 萬美元中，DCS 支出了 2,060 萬美元，使其年初至今的資本支出達到 8,350 萬美元。

At American Cellular 8.3 million was spent in the third quarter to bring American Cellular's total expenditures to 34.5 million for the year.

American Cellular 第三季支出 830 萬美元，使 American Cellular 全年總支出達到 3,450 萬美元。

In all, all in by year-end we expect to incur the full 140 million in capital expenditures we guided to you earlier this year.

總而言之，到年底，我們預計將承擔今年稍早向您提供的全部 1.4 億資本支出。

In the third quarter, we added 70 cell sites and for the year we installed a total 159 new cell sites.

第三季度，我們新增了 70 個蜂巢式基地台，全年共安裝了 159 個新蜂巢式基地台。

Including acquisitions our total cell sites have increased to 2,236, as of September 30th of this year, and we are on track to add another 55 by the end of the year.

截至今年 9 月 30 日，包括收購在內，我們的蜂窩基地台總數已增至 2,236 個，我們預計在年底前再增加 55 個。

All of our cell sites, with the exception of some of the more recently- acquired NPI cell sites, are GSM, GPRS and EDGE-enabled.

除最近收購的一些 NPI 蜂窩基地台外，我們所有的蜂窩基地台均支援 GSM、GPRS 和 EDGE。

The remaining NPI sites that are not yet upgraded, will be upgraded by year end.

其餘尚未升級的 NPI 站點將在年底前進行升級。

During previous conference calls we have discussed the maintenance levels in capital expenditures in 2005 of approximately, $100 million.

在先前的電話會議中，我們討論了 2005 年資本支出維持在約 1 億美元的水平。

We've not yet finalized our 2005 budget, but based on the acquisitions and current outlook, we anticipate the 2005 CapEx will be somewhat higher than $100 million but not as high as the 2004 CapEx budget of 140 million.

我們尚未最終確定 2005 年的預算，但根據收購情況和當前的前景，我們預計 2005 年的資本支出將略高於 1 億美元，但不會高於 2004 年的 1.4 億美元的資本支出預算。

Finally, our cash balance end of the third quarter, on a consolidated basis, was 63.5 million versus our 99.6 million at the end of the second quarter, reflecting a reduction of 36 million.

最後，我們第三季末的合併現金餘額為 6,350 萬美元，而第二季末為 9,960 萬美元，減少了 3,600 萬美元。

On the second quarter conference call, we said that we expected to be free cash flow breakeven for the second half of the year.

在第二季電話會議上，我們表示預計下半年自由現金流將達到損益兩平。

We remain confident that we will meet that objective.

我們仍然有信心實現這一目標。

The third quarter included, approximately, $34 million in bond interest payments than will occur in the fourth quarter.

第三季的債券利息支出比第四季約為 3,400 萬美元。

In addition to that, we also used, approximately, 11.5 million of cash to reduce borrowings on our revolver and to purchase some preferred stock.

除此之外，我們還使用了大約 1150 萬美元的現金來減少左輪手槍的借款併購買一些優先股。

Therefore, despite the seasonal decline in EBIDTA from the third quarter to the fourth quarter, we expect cash flow to be positive in the fourth quarter offsetting decline in operating cash.

因此，儘管從第三季到第四季 EBIDTA 出現季節性下降，但我們預計第四季現金流將為正，抵消營運現金的下降。

Post the closing of recent capital market transaction our cash balances will be further increased by, approximately, $80 million, less any amounts to be paid, if we are the winning bidder for the RFP property in northern Michigan.

在最近的資本市場交易結束後，如果我們成為密西根州北部 RFP 房產的中標者，我們的現金餘額將進一步增加約 8000 萬美元（減去任何需要支付的金額）。

We're currently designated the stalking horse in that process with a bid of, approximately, $26 million.

目前，我們被指定為該過程中的“跟踪馬”，出價約為 2600 萬美元。

With that, I will now open this up to any questions.

至此，我現在將回答任何問題。

Thank you.

謝謝。

Thank you.

謝謝。

The question question and answer session will be conducted electronically.

問題問答環節將以電子方式進行。

If you would like to ask a question, please do so by pressing the star key followed by the digit 1 on your touch tone phone.

如果您想提問，請按按鍵式電話上的星號鍵，然後按數字 1。

If you're using a speaker phone please be sure the mute function is turned off to allow your signal to reach our equipment.

如果您使用揚聲器電話，請確保靜音功能已關閉，以便您的訊號到達我們的裝置。

Once again if you would like to post a question that's star "1".

再次，如果您想發布問題，請標星“1”。

Pat Dyson of Credit Suisse First Boston.

瑞士信貸第一波士頓公司的派特戴森。

Good morning.

早安.

Just had two questions.

只是有兩個問題。

First, could you provide an update on the combined overlap of AWE Cingular to both the American Cellular subsidiary and the Dobson Cellular subsidiary?

首先，您能否提供有關 AWE Cingular 與 American Cellular 子公司和 Dobson Cellular 子公司合併重疊的最新資訊？

And your thought on the impact of such overlap as you think about 2005 roaming MOU?

您對 2005 年漫遊諒解備忘錄中此類重疊的影響有何看法？

And, then, secondly, Bruce, kind to follow-up on your comments on the balance sheet.

其次，布魯斯，請跟進您對資產負債表的評論。

Any update that you are willing to provide on any of the purchases that you may have made post the bond deal?

您願意就債券交易後可能進行的任何購買提供任何更新嗎？

And then if you could provide specific detail.

然後您是否可以提供具體細節。

You mentioned you brought back preferred post the second quarter, and if you could provide the detail in what you actually bought back there?

您提到您在第二季帶回了首選職位，您是否可以提供您實際購買的詳細資訊？

Thanks.

謝謝。

Well, I'll start on the Cingular overlap to Dobson Communications.

好吧，我將從 Cingular 與 Dobson Communications 的重疊部分開始。

I think we've estimated it to be, approximately 35% , in that range.

我認為我們估計大約 35% 都在這個範圍內。

It's a little bit more at Dobson than it is at American.

多布森的情況比美國的多一點。

You asked us to separate between the two.

你要求我們將兩者分開。

I don't know the exact percentages, but it is, certainly, higher at Dobson, where AT&T had pretty significant overbilled strategy in GSM.

我不知道確切的百分比，但多布森的比例肯定更高，AT&T 在 GSM 方面採取了相當顯著的超額計費策略。

Many cases they built -- some of the GSM they wanted to cover like Youngstown, like Frederick, Maryland, those are networks and areas where AT&T had been particularly aggressive in the GSM arena.

他們建立了許多案例——他們想要涵蓋的一些 GSM，例如揚斯敦、馬裡蘭州弗雷德里克，這些都是 AT&T 在 GSM 領域特別積極進取的網路和地區。

Most of those areas do not have TDMA networks so it's a little bit of an argument on TDMAs, but on GSM that's about the overlap.

大多數這些地區沒有 TDMA 網絡，因此對於 TDMA 存在一些爭議，但對於 GSM 則存在重疊問題。

Okay.

好的。

In terms of the questions on the balance sheet and in terms of the recent purchase of securities, we'll close our current deal on Monday and So we rather wait until then before we announce the particulars on any of the purchases we made in that .

就資產負債表上的問題以及最近購買的證券而言，我們將在周一完成當前的交易，因此我們寧願等到那時再宣布我們在該交易中進行的任何購買的細節。

In terms of the preferred stock purchases, those were made back at the beginning of the third quarter.

就優先股購買而言，這些是在第三季初回購的。

We previously had done a press release on that.

我們之前曾就此發布過新聞稿。

We spent about 4. 5 million of cash on those securities.

我們在這些證券上花費了大約四百五十萬現金。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

I appreciate it.

我很感激。

One quick follow-up on the roaming.

關於漫遊的快速跟進。

Everett, back in February, you talked about 8-12% growth potentially in 2005 in roaming MOUs.

Everett，早在 2 月份，您就談到 2005 年漫遊諒解備忘錄可能成長 8-12%。

Is that something that's just as we think about putting out '05 outlook, any thought there is as far as that number is concerned?

這是否正如我們在發布 05 年展望時所考慮的那樣，就這個數字而言，有什麼想法嗎？

Yeah.

是的。

I haven't really focused on that, in the way that it deserves, in the manner that it deserves in all honestly, but my intuition is that minutes should grow next year.

我並沒有真正注意到這一點，以它應有的方式，以它應有的方式誠實地，但我的直覺是明年的上場時間應該會增加。

Roaming minutes.

漫遊分鐘數。

You know, that's largely dependent upon what we talked about and that's the success of the new Cingular in this case, and, you know, their activities-- their marketing strategies with respect to the kinds of plans that they're selling.

您知道，這在很大程度上取決於我們所討論的內容，即本例中新 Cingular 的成功，以及他們的活動 - 他們針對所銷售的計劃類型的營銷策略。

We don't expect to see any overbill from Cingular next year.

我們預計明年 Cingular 不會出現任何超額費用。

So I don't think that's a concern at all, but obviously, the growth in their minutes is clearly what will drive that number.

所以我認為這根本不是一個問題，但顯然，他們上場時間的成長顯然會推動這個數字。

And it deserves attention, it deserves attention on a market-by-market, almost a cell-site by-cell-site basis, looking at, you know, looking at current trends and we'll do that before we give guidance in '05.

它值得關注，值得關注每個市場，幾乎每個小區站點的基礎上，看看，你知道，看看當前的趨勢，我們會在給出指導之前這樣做。05.

My intuition is that minutes should continue on the upward trend.

我的直覺是分鐘數應該繼續呈現上升趨勢。

Okay.

好的。

Thank you.

謝謝。

We'll go to Steve Wolum of Sanctity Investments (ph.).

我們將請教 Sanctity Investments 的 Steve Wolum（博士）。

Hey guys, how are you?

嘿夥計們，你們好嗎？

Good.

好的。

Couple of questions.

有幾個問題。

The churn in your prepay business still seems to be particularly high.

你們的預付款業務的流失率似乎仍然特別高。

I think your M-Cell churn seems to be you know, in the low double digits, 13 percentage -- 13% or so in the last quarter.

我認為您的 M-Cell 流失率似乎是低兩位數，上個季度為 13% 左右，即 13% 左右。

I'm wondering if you could talk a little bit about the economics of the pre-paid business and how much it costs to acquire those customers?

我想知道您是否可以談談預付費業務的經濟學以及獲取這些客戶的成本是多少？

Given that they're staying for on average about a year?

考慮到他們平均停留一年左右？

And what you guys are thinking about in terms of reducing that churn?

你們在減少客戶流失方面有什麼想法？

I can start with the cost acquired is virtually nil in terms of embedded cost, and certainly we got embedded overhead in the sales and marketing aspects, but incrementally we asked or are getting full payment for the phone starting out, in the pre-pay side.

我可以從嵌入成本方面獲得的成本幾乎為零開始，當然我們在銷售和營銷方面獲得了嵌入開銷，但逐漸地，我們在預付費方面要求或正在獲得手機的全額付款。

As to the churn, you know, I think that it certainly, as I said in my comments, we are expecting to revamp our pre-pay or planning a revamping and relaunching of pre-pay and Ebo, Ebo is sort of a phone in the box-type product, and I think both of those deserve attention, some special attention.

至於流失，你知道，我認為，正如我在評論中所說，我們當然希望改進我們的預付費或計劃改進和重新推出預付費和 Ebo，Ebo 是一種手機盒式產品，我認為這兩個都值得關注，特別關注。

Both of them are an opportunity; we can guess about profitability.

兩者都是一個機會；我們可以猜測獲利能力。

Pre-pay is very profitable for us.

預付費對我們來說是非常有利可圖的。

Incrementally, if you look at our gross margin in the pre-pay, even at the churn levels that you're talking about, it is a high-margin business.

逐漸地，如果你看看我們預付款的毛利率，即使在你所說的客戶流失水準上，這也是一項高利潤業務。

I'd like to grow it, I don't want to turn this -- I don't want to turn Dobson Communications into a pre-paid business and I believe there's opportunity for incremental adds from the so-called credit challenged or no-credit market, and that, again, will add profitable margins to the total picture.

我想發展它，我不想把它變成一個預付費業務，我不想把 Dobson Communications 變成一個預付費業務，我相信所謂的信用挑戰或無信用挑戰有增量增加的機會-信貸市場，這將再次增加整體利潤率。

But yeah, you're right, churn needs to come down in that area, and we are talking about some organizational changes that will put more emphasis in that category.

但是，是的，你是對的，該領域的客戶流失率需要下降，我們正在討論一些組織變革，這些變革將更加重視該類別。

Okay.

好的。

And can you guys, also, update us on the liquidity situation with regard to the American Cellular Corporation?

你們能否向我們介紹一下美國移動公司的流動性狀況的最新情況？

Any movement or inter-company loans or movement of funds that may have occurred during the quarter, and what the longer-term thoughts are with regard to securing liquidity there?

本季可能發生的任何公司間貸款或資金流動，以及關於確保流動性的長期想法是什麼？

Yeah.

是的。

In terms of American, first of all, no, there are no funds, other than the normal reimbursement of costs, between the different entities and there's no flowing of funds between American and the other entities.

就美國而言，首先，不，除了正常的費用報銷之外，不同實體之間沒有資金，美國和其他實體之間沒有資金流動。

We feel comfortable that it's got a good liquidity position.

我們對其擁有良好的流動性狀況感到滿意。

Under our current expenditures that we have over at American, we do have a carve-out for an additional 200 million, and one of the areas that we've considered and that we're looking at, is putting in, perhaps, some kind of revolver just to handle day-to-day cash requirements, generally in liquidity.

根據美國航空目前的支出，我們確實可以額外預留 2 億美元，我們已經考慮過和正在考慮的領域之一，也許是投入某種形式的資金。左輪手槍只是為了滿足日常現金需求，通常是流動性。

As we look out we feel comfortable with American.

當我們向外看時，我們對美國感到很舒服。

How much cash is at American right now?

美國航空現在有多少現金？

At the end of the quarter it was-- [voices speaking at once] About six or seven.

在本季結束時，大約有六、七個。

About 6 or 7 million at the end of the quarter.

到季度末大約有六、七百萬。

Next to Ethan Schwartz with BRT Capital Group.

旁邊是 BRT Capital Group 的 Ethan Schwartz。

Hi.

你好。

Actually it's CRT.

其實就是CRT。

I came on late and I apologize if I'm repeating.

我來晚了，如果我重複的話，我深感抱歉。

American side of roaming went up pretty sharply.

美國的漫遊費成長得相當快。

What was that attributable to?

這歸因於什麼呢？

In terms of roaming, again, when you look at the Dobson or American, each quarter, some quarters, one does a little bit better than the other.

在漫遊方面，再次，當你觀察多布森或美國航空時，每個季度，某些季度，一個比另一個做得好一點。

Generally the trends are generally in line with each other.

一般來說，趨勢通常是相互一致的。

At American in the third quarter, we had a little more growth in the Cingular customers than we did in the Dobson, and less of a decline in the AWE minutes, generally speaking, but there's no inherent reason why American grew that much faster than Dobson in this quarter.

在美國航空，第三季度，我們的Cingular 客戶成長比多布森航空多一點，一般來說，AWE 分鐘數的下降幅度較小，但沒有內在原因說明美國航空的成長速度比多布森航空快得多在本季。

Were Cingular customers thrown on to the American networks at all because of the unwinding of the T-mobile joint venture?

Cingular 的客戶是否因為 T-mobile 合資企業的解散而轉向美國網路？

We're seeing that up in the New York cluster, yes.

是的，我們在紐約集群中看到了這一點。

That gets to the next question is: Can you give us a state of play of the New York cluster?

接下來的問題是：您能為我們介紹一下紐約叢集的運作狀況嗎？

In other words, Cingular made the announcement they were, indeed, already building out.

換句話說，Cingular 宣布了他們實際上已經在建造的公告。

I know you've been through it before, can you just clarify.

我知道你以前經歷過這種事，你能澄清一下嗎？

Are they allowed to build out?

他們可以擴建嗎？

How much are they allowed to build out?

他們被允許建造多少？

Do you, then, have the right to try and purchase that at fair value?

那麼，您是否有權嘗試以公允價值購買它？

Can you answer all of those questions?

你能回答所有這些問題嗎？

Yeah.

是的。

The press release, said that they enhanced coverage in the Hudson Valley.

新聞稿稱，他們加強了哈德遜河谷的報導。

The enhanced coverage consisted of the T-Mobile network at the time, or T-Mobile joint venture, I should say.

增強的覆蓋範圍包括當時的 T-Mobile 網絡，或者我應該說是 T-Mobile 合資企業。

A few sites that they own themselves, and the sites that American Cellular owns.

他們自己擁有的一些站點以及美國行動公司擁有的站點。

And we have, in fact, enhanced coverage significantly up there.

事實上，我們已經顯著增強了那裡的覆蓋範圍。

And they're using those sites to comprise the so-called Cingular product.

他們正在使用這些網站來建立所謂的 Cingular 產品。

They did open a store in Kingston to, again, sell Cingular products.

他們確實在金斯頓開了一家商店，再次銷售 Cingular 產品。

But the so-called enhanced coverage was a combination of ourselves and themselves, and, certainly, T-Mobile's joint-venture network.

但所謂的增強覆蓋範圍是我們自己和他們自己的結合，當然還有T-Mobile的合資網絡。

Yeah.

是的。

And it's a good, strong combined network in that region.

這是該地區一個良好、強大的聯合網絡。

It needs to be promoted.

需要推廣。

In terms of the buy-back rights, we do have a right to buy back, certainly the Cingular sites that they've themselves have, which are not a significant number of sites, we believe, anyway.

就回購權而言，我們確實有權回購，當然是他們自己擁有的 Cingular 網站，但我們相信，無論如何，這些網站的數量並不多。

We've been told there's not a tremendous amount of sites in that, considering the size of that whole region.

我們被告知，考慮到整個地區的規模，那裡的遺址數量並不多。

And we are -- we certainly have buy-back rights and we expect to exercise those rights assuming the economics are as we intuitively see them today, and would expect them to be.

我們當然擁有回購權，我們期望行使這些權利，前提是假設經濟狀況正如我們今天直觀地看到的那樣，並期望它們如此。

So, just to refresh, could part of the surging in the roaming revenue of American Cellular itself been attributable to Cingular Cell sort of going out and concentrating or increasing its sales in that New York cluster and also pulling off the T-Mobile network?

那麼，回顧一下，American Cellular 本身漫遊收入激增的部分原因是否可以歸因於 Cingular Cell 走出去並集中或增加其在紐約集群的銷售，同時也脫離了 T-Mobile 網路？

No.

不。

If you look at the spread between the markets, we did not see anything proportionally different in the New York cluster, significantly improved or different in that area.

如果你看一下市場之間的差異，我們沒有看到紐約集群中存在任何比例上的差異，該區域沒有顯著改善或不同。

A lot of that occurred later in the quarter, as it is, anyway.

無論如何，很多事情都發生在本季晚些時候。

It will have an impact, but certainly we didn't see a surge in the third quarter because of that.

這將會產生影響，但我們肯定不會因此而在第三季看到激增。

Okay.

好的。

And, then, on American Cellular, you know, you're going to sit down and talk with Cingular about a lot of things.

然後，在 American Cellular 上，您將坐下來與 Cingular 討論很多事情。

Can you tell us, you know, from the point of view of American Cellular bondholders, will the American Cellular talks take place sort of separately from the Dobson talks, or is it all going to be sort of one big pile of stuff on the table?

您能否告訴我們，從 American Cellular 債券持有人的角度來看，American Cellular 談判是否會與 Dobson 談判分開進行，或者這一切都將成為桌面上的一大堆東西？

Let me say plainly what I'm thinking: Under your indenture to the American Cellular bondholders you can't sale property except for fair value and property is defined partly as rights.

讓我簡單地說出我的想法：根據您與 American Cellular 債券持有人的契約，您不能出售公允價值之外的財產，並且財產部分被定義為權利。

I guess you yourself said a moment ago what American Cellular has against Cingular are rights.

我想您自己剛才說過 American Cellular 反對 Cingular 的是權利。

How are you going to deal with the separate the value of American Cellular's rights against Cingular, as opposed to Dobson's rights against Cingular, which are somewhat weaker?

您將如何處理 American Cellular 對 Cingular 的權利的價值，與 Dobson 對 Cingular 的權利的價值相對較弱？

I can assure you we're very mindful of that and we will pay particular attention to American Cellular as an operating entity, and as a reporting entity.

我可以向您保證，我們非常重視這一點，我們將特別關注美國行動公司作為營運實體和報告實體的情況。

It does have $900 million of bond in the marketplace.

它在市場上確實擁有 9 億美元的債券。

We know that, we understand that.

我們知道這一點，我們理解這一點。

American does, if you look at the American versus the Dobson agreement, the roaming agreements with respect to the terms, are almost identical, except for the fact that American independently has buy-back rights in over-- in the certain overlap markets that include northeast Oklahoma, New York, , a little bit in Ohio.

美國航空公司確實，如果你看看美國航空公司與多布森協議，漫遊協議的條款幾乎是相同的，除了美國航空公司在某些重疊市場中獨立擁有回購權，包括俄克拉荷馬州東北部、紐約州、俄亥俄州一點點。

Yeah, a little bit in Ohio, and that's basically it.

是的，在俄亥俄州有一點，基本上就是這樣。

But in terms of exclusivity, and in terms of the length of the contract, and in terms of the fixed rate, albeit they're different, the contracts look almost identical, as it becomes -- as it comes time to negotiate any improvement or changes in the roaming dynamics, we will absolutely -- we will be very mindful of American as a reporting entity and an entity that has a sizeable amount of public bonds.

但是就排他性而言，就合約期限而言，就固定費率而言，儘管它們不同，但合約看起來幾乎相同，因為它變得 - 當需要談判任何改進或如果漫遊動態發生變化，我們絕對會——我們將非常關注美國航空作為一個報告實體和一個擁有大量公共債券的實體。

Okay.

好的。

Thanks very much.

非常感謝。

We'll go next to Stephen Flynn of Morgan Stanley.

我們接下來請摩根士丹利的史蒂芬弗林。

Good morning, I had a couple of questions on churn trends.

早安，我有幾個關於客戶流失趨勢的問題。

I just want to follow-up on two issues.

我只想跟進兩個問題。

Number one, have you had a chance to go back to the -- I think you identified about 120, 140,000 low ARPU TDMA subscribers you wanted to try to go back to and move on to higher ARPU and more profitable GSM plans, and I want to find out how that progress is going and there's any negative customer reaction to that?

第一，您是否有機會回到 — 我認為您確定了大約 120、140,000 個低 ARPU TDMA 用戶，您想要嘗試返回並繼續使用更高 ARPU 和更有利可圖的 GSM 計劃，我希望了解進展情況以及客戶對此有何負面反應？

The other day, Cincinnati Bell reported a very sharp increase of customer churn, about a year after they launched the GSM network, and they blamed it on some of the problems that they had in their own GSM network in Cincinnati and some of the problems the subscribers had on roaming to AWE's national GSM network.

前幾天，辛辛那提貝爾報告稱，在他們推出 GSM 網路大約一年後，客戶流失率急劇增加，他們將其歸咎於辛辛那提自己的 GSM 網路中存在的一些問題以及用戶可以漫遊到AWE 的全國GSM 網絡。

Can you talk a little bit with your experiences so far, and if there's any fears and any chance of the same sort of uptick in churn later on?

您能談談您迄今為止的經歷嗎？是否有任何擔憂以及以後客戶流失率是否有可能出現同樣的上升？

Or do you feel that you've got a high network quality already on the GSM side?

或者您覺得 GSM 端已經擁有較高的網路品質？

Thank you.

謝謝。

On the price increase for the $140,000 or so, very low key to start.

就漲價14萬美元左右，起步很低調。

We really don't have anything to report on that.

我們對此確實沒有任何可報告的。

The so-called bills have only been out for a couple of weeks in that area.

所謂的法案在該地區只發布了幾週。

I have not seen any particular churn on that and I think it's a little bit early and we're certainly wanting to see the effects of that.

我還沒有看到任何特別的變化，我認為現在還為時過早，我們當然希望看到其影響。

I'm sorry, did you raise the prices on the TDMA plans?

抱歉，你們提高了 TDMA 套餐的價格嗎？

Yes.

是的。

Okay you did.

好吧，你做到了。

Approximately, $140,000 lower-paying TDMA subscribers and the price increase was $2 per month.

大約有 14 萬美元的低付費 TDMA 用戶，每月價格上漲 2 美元。

Okay.

好的。

I have not focused on the Cincinnati Bell issue, it probably need to find out the particulars there.

我沒有關注辛辛那提貝爾的問題，可能需要了解那裡的具體情況。

In terms of our own experience, right now, at we're only about -- albeit we're only about six months into GSM we're not seeing anything, and the GSM subscribers are under contract, but we're not seeing anything that's different than what we experienced in TDMA.

就我們自己的經驗而言，目前，我們只是——儘管我們只進入 GSM 大約六個月，但我們沒有看到任何東西，而且 GSM 用戶簽訂了合同，但我們沒有看到任何東西這與我們在TDMA 中經歷的不同。

Now, having said that, we got areas where-- Wisconsin is a good example, where we don't have a very, or significant, GSM network in the southern part of the state, and, therefore, it's very difficult for us to -- well, not difficult, more of a challenging -- more of a challenge to sell customers GSM products to those customers anyway, that desire to roam, significantly.

現在，話雖如此，威斯康星州就是一個很好的例子，我們在該州南部沒有非常或重要的 GSM 網絡，因此，我們很難- 嗯，不難，更具挑戰性- 無論如何，向那些渴望漫遊的客戶銷售GSM 產品，這是一個更大的挑戰。

Now, there's the embedded base of customers that don't do a lot of roaming.

現在，有一些不進行大量漫遊的固定客戶群。

That's always a challenge and you know, that's where at least TDMA networks are still vitally important in certain areas.

這始終是一個挑戰，而且您知道，至少 TDMA 網路在某些領域仍然至關重要。

In terms of the quality, around roaming, I think our roaming quality right now is at an all-time high with Cingular and AT&T merging, particularly.

就漫遊品質而言，我認為我們的漫遊品質目前處於歷史最高水平，尤其是 Cingular 和 AT&T 的合併。

I do know AT&T invested heavily on their network and their folks, their advertising campaign is raising the bar in improved network quality.

我確實知道 AT&T 在他們的網路和人員上投入了大量資金，他們的廣告活動正在提高網路品質的標準。

I don't think, at least it hadn't gotten to me, anyway, that we're experiencing any problems with our roaming experience for our existing customers.

無論如何，我認為，至少我沒有意識到，我們現有客戶的漫遊體驗沒有遇到任何問題。

But we are anxious to see improved and expanded GSM national coverage from a lot of independents and certainly that's expected, and we'll go forward with that.

但我們渴望看到許多獨立機構改善和擴大 GSM 全國覆蓋範圍，這當然是預期的，我們將繼續推進這一點。

It's clearly a challenge overlaying GSM on top of TDMA.

在 TDMA 之上涵蓋 GSM 顯然是一個挑戰。

There's a continuous network challenge that goes with that, until the so-called migration is finished.

隨之而來的是持續的網路挑戰，直到所謂的遷移完成。

But with ARM technology and increased cell sites, and added spectrum in certain areas, those are all things and tactics that aid that and improve that.

但隨著 ARM 技術和蜂窩基地台的增加，以及某些區域頻譜的增加，這些都是有助於並改善這一點的東西和策略。

And we're certainly very pleased thus far with the progress of our GSM network.

到目前為止，我們對 GSM 網路的進展當然感到非常高興。

Yeah.

是的。

I think one issue for CBB did the fact they do not have contracts.

我認為 CBB 的一個問題是他們沒有合約。

I imagine most of the GSM subs are under one or two-year contracts, right?

我想大多數 GSM 訂閱者都簽有一年或兩年的合同，對吧？

Yes.

是的。

In fact, I think we reported about 70s% are under contract, and the average length is 13 months.

事實上，我認為我們報告的 70% 左右是簽訂合約的，平均期限為 13 個月。

Great.

偉大的。

Thank you.

謝謝。

Yeah.

是的。

We'll go next to Donna Yeager of Jenco partners.

接下來我們將邀請 Jenco 合夥人的唐娜耶格爾 (Donna Yeager)。

Hi.

你好。

Most of my questions are answered, but I'm just curious, now that you completed the financing, what are your plans on preferred stock dividends?

我的大部分問題都得到了解答，但我只是好奇，既然你們完成了融資，你們的優先股股息計劃是怎樣的？

Preferred stock dividends?

優先股股息？

That's an area we'll address quarterly with the Board of Directors and we'll make a decision based upon all things: Liquidity, prospects for the business, cash on hand, certainly.

這是我們每季與董事會討論的一個領域，我們將根據所有因素做出決定：流動性、業務前景、手頭現金，當然。

We did not make the dividend payment based upon our analysis of those things last quarter.

根據我們對上季度這些事情的分析，我們沒有支付股息。

But in all fairness to ourselves, and the Board of Directors, and the decision-making process itself, we'll defer until-- until the appropriate time.

但為了我們自己、董事會以及決策過程本身的公平起見，我們將推遲到適當的時間。

Okay.

好的。

Thanks.

謝謝。

Matthew Crates of Merrill Lynch.

美林證券的馬修·克拉特斯。

Hi, guys, how are you doing?

嗨，夥計們，你們好嗎？

Great.

偉大的。

I wanted to discuss real quick with you, your roaming charge negotiations with Cingular, and see how you're thinking about that going forward.

我想與您快速討論您與 Cingular 的漫遊費談判，並了解您對此有何看法。

If you saw last quarter AWE's churn was very high, I think 3.70% right before the merger and Cingular's high 3.8%.

如果你看到上季 AWE 的流失率非常高，我認為在合併之前為 3.70%，而 Cingular 的流失率高達 3.8%。

We estimate here at Merrill Lynch 19% of Cingular's revenue will be eaten up in churn expenses next year.

我們在 Merrill Lynch 估計，明年 Cingular 19% 的收入將被流失費用所吞噬。

Because, given that, and given it would cost several hundred millions of dollars to build out or overlay your properties, shouldn't you have a better stance or footing going into these roaming negotiations?

因為，考慮到這一點，考慮到建造或覆蓋您的房產將花費數億美元，您在這些漫遊談判中不應該有更好的立場或立足點嗎？

Yeah.

是的。

I think we got a good solid stance going in the roaming negotiations.

我認為我們在漫遊談判中的立場非常堅定。

But I don't think it's because of the cost to overbill the network or high churn.

但我不認為這是因為網路費用過高或流失率高。

I think it's because we are both in the same game together, so to speak.

我認為這是因為我們都在同一個遊戲中，可以這麼說。

We're both in the GSM community.

我們都在 GSM 社群。

It's important for us to support each other.

對我們來說互相支持很重要。

They rely heavily on us to complement their footprint.

他們嚴重依賴我們來補充他們的足跡。

We talked about the New York product that they offer a little bit later.

稍後我們討論了他們提供的紐約產品。

That's a good example of where our networks are intertwined, and we need them and they need us.

這是一個很好的例子，說明我們的網路相互交織，我們需要它們，它們也需要我們。

So, that's the basis of a good, solid, constructive relationship that will create value for both of us.

因此，這是良好、牢固、建設性關係的基礎，將為我們雙方創造價值。

In our particular case, there's no gun being held to our head; there are no time lines, neither party feels that the, you know, absolute urgency to do anything.

在我們的具體案例中，沒有人用槍指著我們的頭；而是沒有人用槍指著我們的頭。沒有時間限制，雙方都覺得做任何事絕對緊迫。

We may not do anything.

我們可能什麼都不做。

It would be great if we could simplify things for our administrative team.

如果我們能夠簡化管理團隊的工作，那就太好了。

What's important is to work on a lot of day-to-day projects and issues that affect both customers or both companies' customer bases.

重要的是要處理大量影響雙方客戶或兩家公司客戶群的日常項目和問題。

I hope they bring the churn down.

我希望他們能減少客戶流失。

I think they're on the right path.

我認為他們走在正確的道路上。

Clearly, you saw increased aggressiveness toward the AT&T subbase as the merger got closer and closer, which is -- which would be expected in the competitive world.

顯然，隨著合併的臨近，您會看到對 AT&T 基地的攻擊性越來越大，這在競爭激烈的世界中是可以預料到的。

But I applaud Cingular.

但我對 Cingular 表示讚賞。

I think they've done a good job in the post-merger era to get the -- to get a focus on their customers and try to stem that issue.

我認為他們在合併後時代做得很好，專注於客戶並試圖解決這個問題。

Given that recent signings of roaming agreements with other operators have generally been to the detriment of the smaller operator, are you pretty certain that you would not sign a agreement, given the current agreement runs to 2008 or 2009, that you would not, for sure, sign something detrimental to EBIDTA and would, hopefully, obviously, be EBIDTA neutral?

鑑於最近與其他運營商簽署的漫遊協議通常會對較小的運營商造成損害，您是否確信您不會簽署協議，鑑於當前協議有效期至 2008 年或 2009 年，您肯定不會簽署該協議，簽署一些對EBIDTA 不利的東西，並且顯然希望EBIDTA 保持中性？

If it's not at those levels, would you sign it?

如果達不到這個水平，你會簽字嗎？

I'm certainly I would not intentionally do that.

我當然不會故意這麼做。

I will put it that way.

我會這樣說。

We always talked about the difficulty that trends where minutes -- the difficulty of trying to predict the net balance of trade going out.

我們總是談論分鐘趨勢的困難——試圖預測貿易淨平衡的困難。

In other words, what they pay us versus what we pay them, is obviously trying to predict both parties' minutes, and that's the only variable to weigh into.

換句話說，他們付給我們的錢與我們付給他們的錢，顯然是在試圖預測雙方的分鐘數，這是唯一需要權衡的變數。

And I'm certainly not going to go into discussions -- in the past, we have been one to in effect back-write the agreements, provide certainty, lower rarities, more certainty, exclusivity is a good example of that.

我當然不會進行討論——在過去，我們實際上是在背寫協議、提供確定性、降低稀有性、提高確定性、排他性就是一個很好的例子。

We're just not in a position to do that this time.

只是這次我們不能這麼做。

Our position has been made very clear that our capital structure right now depends on our meeting certain cash flow targets into '05 and that's certainly the focus right now.

我們的立場已經非常明確，我們目前的資本結構取決於我們能否實現 05 年的某些現金流目標，這當然是目前的焦點。

I will say I don't think Cingular expressed any dismay with that.

我想說的是，我認為 Cingular 並沒有對此表示任何沮喪。

They've been understanding with that regard, albeit the discussions have not really materialized to a level that we've gotten into the meat of it, but, at least, preliminarily, there's no significant issues or problems in that area.

他們在這方面一直在理解，儘管討論還沒有真正落實到我們已經深入探討的程度，但至少初步而言，該領域沒有重大問題或問題。

When do you think we could see possibly this come to fruition or see a new agreement?

您認為我們什麼時候可以看到這項成果或達成新協議？

I think if it happens, you'll likely see it, you know, sometime, probably, the first part of '05.

我想如果它發生了，你可能會看到它，你知道，某個時候，可能是 05 年的第一部分。

Could be sooner, but, it -- as I said, may not happen at all.

可能會更早，但是，正如我所說，它可能根本不會發生。

There's nothing really to happen.

真的沒什麼好發生的。

There's not a lot about the roaming that needs to happen.

需要進行的漫遊並不多。

And so, we're -- you may not see anything.

所以，我們——你可能看不到任何東西。

But if you do see something, we certainly are focused on an EBIDTA-neutral solution.

但如果你確實看到了什麼，我們當然專注於 EBIDTA 中性的解決方案。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

We'll go next to Andy Shaffer of John Levin & Company.

接下來我們將採訪約翰·萊文公司的安迪·謝弗。

Hi.

你好。

Two things.

兩件事情。

Could you go over what the ARPU trend was for October?

您能回顧一下 10 月的 ARPU 趨勢嗎？

And then what your working capital uses were in the quarter?

那麼本季您的營運資金用途是多少呢？

In October, obviously, we haven't released anything.

顯然，十月我們還沒有發布任何東西。

We prefer not to.

我們寧願不這樣做。

I will say this, that we can say that our ARPU expectations in the fourth quarter, we expect to be higher than ARPU was on, again, a same-store basis as we've been calling it, higher than it was in '03.

我想說的是，我們可以說我們第四季度的 ARPU 預期，我們預計將高於我們所說的同店基礎上的 ARPU，高於 03 年的水平。

Which is significant when you consider that at least with the first three quarters, it was lower than it was in the prior prior -- than it was in the prior year.

當你考慮到至少在前三個季度，這一數字比前一年要低時，這一點就很重要了。

And what was that number in '03?

03 年的數字是多少？

Oh, anyone got that?

哦，有人明白嗎？

$40.

40 美元。

About $40.

大約 40 美元。

Okay.

好的。

In '03.

03年。

I think we have also said, I think within the press release, actually, we did see a rise in September of '04 in the month of September of '04 as compared to '03.

我想我們也說過，我認為在新聞稿中，實際上，與 03 年相比，我們確實看到 04 年 9 月的成長。

In that trend we expect to continue into the fourth quarter.

我們預計這種趨勢將持續到第四季。

I think when you were on the second quarter call, you gave some guidance or some indication that July had continued its improvement so I was hoping you'd be able to do the same thing here?

我想當你參加第二季度的電話會議時，你給了一些指導或一些跡象表明七月份繼續改善，所以我希望你能夠在這裡做同樣的事情？

July?

七月？

On what?

什麼？

When you had the second quarter call you mentioned July ARPU trends were continuing to improve and I was just wondering if you were going to--

當您接到第二季電話時，您提到 7 月 ARPU 趨勢持續改善，我只是想知道您是否打算—

Oh, yeah.

哦耶。

-- shed some same light?

——有同樣的啟發嗎？

Other than the comments, September was up over '03 and we expect fourth quarter, in total, to be up over '03.

除了評論之外，9 月份的業績比 03 年有所增長，我們預計第四季度的整體業績將比 03 年有所增長。

And then the working capital?

那麼營運資金呢？

Generally speaking, when you're looking at our third quarter results, and I don't know if you mean specifically just the working-capital component, but in the third quarter, on a cash basis we spent about $69 million on interest payments--

一般來說，當你看我們第三季度的業績時，我不知道你是否特意指的是營運資本部分，但在第三季度，按現金計算，我們在利息支付上花費了約6900 萬美元— — -

Uh-huh.

嗯。

and another 8 million early in the quarter on dividends, about $28 million of CapEx and, then, we've had a negative working capital of about 14 million, that's due, in part, to reduction in accounts payable, but it's really more of a function of increased receivables, primarily roaming receivables ,because of the seasonality of them.

本季初還有 800 萬美元的股息，約 2,800 萬美元的資本支出，然後，我們的營運資本約為 1,400 萬美元，部分原因是應付帳款減少，但實際上更多的是應收帳款（主要是漫遊應收帳款）增加的函數，因為它們具有季節性。

And at the end of the third quarter that's receivable is higher than the second quarter.

第三季末的應收帳款高於第二季。

That was generally the cash uses in the third quarter.

這通常是第三季的現金使用情況。

Got you.

明白你了。

Thank you.

謝謝。

We'll go to Barry Kaplan of Maple Tree Capital.

我們將去楓樹資本的巴里·卡普蘭 (Barry Kaplan)。

Hi.

你好。

I was wondering if you could update us on the search for Chief Operation Officer?

我想知道您能否為我們介紹一下尋找首席營運長的最新情況？

I could update to the extent there's nothing to report, and things are moving along, and we're out in the market and talking to a lot of people. and hopefully, I think the update, if there is any, that it's a first quarter of '05 event.

我可以更新到沒有什麼可報告的程度，事情正在進展，我們正在市場上與很多人交談。希望我認為更新（如果有的話）是 05 年第一季的活動。

And hopefully by then we'll have something ready to announce in that area.

希望到那時我們將在該領域準備好宣布一些事情。

Okay.

好的。

Thanks.

謝謝。

We'll go to Romeo Reyes of Jefferies & Company.

我們將去找 Jefferies & Company 的羅密歐·雷耶斯 (Romeo Reyes)。

Yeah.

是的。

Good morning.

早安.

I have a couple of questions.

我有一些問題。

On your '05 CapEx, it seems high to me, $100 million of CapEx.

在我看來，你們 05 年的資本支出很高，達到 1 億美元。

Can you give us a sense of what you'll be spending the money in '05, number one?

第一，可以為我們介紹一下 05 年您會花哪些錢嗎？

And How much of that's a portion between M-Cell and DCS, given a sense of how much of that is sort of one-time CapEx for the business?

考慮到其中有多少是企業的一次性資本支出，其中有多少是 M-Cell 和 DCS 之間的部分？

That's the first question.

這是第一個問題。

And the second question, with respect to an EBIDTA-neutral deal, I guess that's the philosophy in the Cingular negotiations.

第二個問題，關於 EBIDTA 中性交易，我想這就是 Cingular 談判的概念。

Is there a possibility that you would have a deal over the time as EBIDTA-neutral and EBIDTA-negative in the beginning, and sort of make it up in the outer years?

是否有可能在一段時間內達成一項 EBIDTA 中性和一開始 EBIDTA 為負的交易，並在接下來的幾年裡進行彌補？

That's the second question.

這是第二個問題。

And then, just a quick housekeeping on the cash.

然後，對現金進行快速整理。

How pro forma for the deal, how much cash do you have at Opco., and how much cash [Indiscernible] D Cell?

交易的形式如何，您在 Opco 有多少現金，以及 [音訊不清晰] D Cell 有多少現金？

And then the last question, with respect to the ability to upstream cash from the Opco. to the holding company?

最後一個問題是關於從 Opco 獲取上游現金的能力。給控股公司？

Can you give us a sense of what, sort of the basket is pro forma for the deal right now?

您能否讓我們了解一下目前這筆交易的預期籃子是什麼？

How much you have, and how much cash you can upstream?

你有多少，你可以上游多少現金？

I guess in one of the preliminarily reds that I saw that you upstreamed EBIDTA minus 1.6 times interest expense.

我猜想，在我看到的一份初步紅色報告中，您的 EBIDTA 上浮了負 1.6 倍的利息費用。

Give us a sense that have that is now, thanks.

給我們一種現在的感覺，謝謝。

Let me answer the first two parts, first, and Bruce and Richard can work on the upstreaming cash issue, plus the cash between the Opco and the Hoco. (ph) CapEx targeted right now, I think we said in the past CapEx is roughly 100 million.

讓我回答前兩部分，第一，Bruce和Richard可以處理上游現金問題，加上Opco和Hoco之間的現金問題。 (ph) 現在的資本支出目標，我想我們過去說過資本支出大約是 1 億。

That's about 10% a little under 10% of our revenue.

這大約占我們收入的 10%，略低於 10%。

We have 2200, plus, cell sites and 1.6 million subscribers that are using mobile 500 minutes a month, and a billion and a half roaming minutes.

我們擁有 2,200 多個蜂窩基地台和 160 萬用戶，每月使用行動裝置的時間為 500 分鐘，漫遊時間為 10 億半分鐘。

So, I think that -- we've always got the CapEx associated with improving our image and our presence in the markets and the stores, new locations, so I think you will find that maintenance CapEx of under 10% of a relatively mature telecom company is about where it is.

所以，我認為——我們總是將資本支出與改善我們的形像以及我們在市場和商店、新地點的存在聯繫起來，所以我認為你會發現相對成熟的電信公司的維護資本支出低於 10%公司是關於它在哪裡。

In terms of next year, we said 100 million -- we'll spend at least 100 million but we will spend no more than 140 million we spent this year.

就明年而言，我們說1億——我們將至少花費1億，但我們不會超過今年花費的1.4億。

And the reason we're being a bit vague on that, not a whole lot, but we just are now in the budgeting process and we're going through our markets-- area by area, market by market, and we'll make the call relatively soon.

我們對此有點模糊，不是很多，但我們現在正處於預算過程中，我們正在逐個地區、逐個市場地審視我們的市場，我們將做出電話相對很快。

Just on the CapEx question, I mean, when I look at some companies that you know have, you know, constrained liquidity positions, I mean, they seem to spend between $2 and $4 per covered POP of CapEx.

就資本支出問題而言，我的意思是，當我觀察一些流動性頭寸有限的公司時，我的意思是，他們似乎在每個涵蓋的資本支出 POP 上花費 2 至 4 美元。

Maybe that's the wrong way of looking at it?

也許這是錯誤的看法？

Because of the density in the market and because you're very -- I mean you have a lot of roaming minutes on your network.

由於市場的密度，並且因為您非常 - 我的意思是您的網路上有很多漫遊時間。

It seems to me that you know some of the other companies that you're, I'm sure you're familiar with, spent something like $4 per covered POP at the most and your number is closer to 8 or 9 dollars.

在我看來，你知道其他一些公司，我相信你很熟悉，每個覆蓋的 POP 最多花費 4 美元，而你的數字接近 8 或 9 美元。

I can't speak for them they're going to make their decisions based upon their beliefs are and what their objectives are and what their opportunities are.

我不能代表他們說話，他們將根據自己的信念、目標和機會做出決定。

And If theirs comes out less, then that's certainly their prerogative.

如果他們的成果較少，那當然是他們的特權。

In terms of the roaming discussions with Cingular, you asked the question if we were going to back weight the contract to start out a little slower and maybe improve it over time?

在與 Cingular 的漫遊討論方面，您問過這樣的問題：我們是否會增加合約的權重，以使其開始速度慢一些，並可能隨著時間的推移而改進？

The answer is no, on that.

答案是否定的，就此而言。

Bruce?

布魯斯？

In terms of the cash-post transaction, I think we've mentioned this before, we have, approximately, $50 million of cash up at the holding company, and Richard, I think, already said that there was about $6 million at Am-Cell and so all of the additional cast from this transaction will be done at the operating company level.

就現金後交易而言，我想我們之前已經提到過這一點，我們在控股公司擁有大約 5000 萬美元的現金，我想理查德已經說過，Am- 大約有 600 萬美元的現金。 Cell等本次交易的所有額外人員都將在營運公司層級完成。

In terms of the baskets, I don't have the papers in front of me with the exact baskets or the amount that can be upstreamed up, but, generally speaking you're right, we have a number of different baskets that have some specific purposes that allow us to upstream money to the parent company and then we also have certain restrictions, as you suggested, EBIDTA, less 1.65 times interest, that can either increase or decrease that basket.

就籃子而言，我面前的文件中沒有確切的籃子或可以上游的數量，但是，一般來說，你是對的，我們有許多不同的籃子，它們有一些特定的籃子。目的是允許我們向母公司上游資金，然後我們也有一定的限制，正如您所建議的，EBIDTA，利息的1.65 倍以下，這可以增加或減少該籃子。

What I would suggest is that for those who are a part of the deal to look at them in detail, but I think fairly typical of other deals in terms of the EBIDTA formula, plus certain baskets.

我建議參與交易的人仔細研究它們，但我認為就 EBIDTA 公式以及某些籃子而言，其他交易相當典型。

One thing I might add is that, when you look at transferring cash between the parent company and DCS, that is not a restricted payment, those are both restricted entities under the restricting ventures and those do not impact the baskets.

我要補充的一件事是，當你考慮母公司和 DCS 之間的現金轉移時，這不是受限制的付款，它們都是限制性企業下的受限實體，並且不會影響籃子。

And then, I don't know if somebody asked this question.

然後，不知道有沒有人問過這個問題。

With the excess cash from the bond deal do you intend to buy preferred or some of the local bonds?

您打算用債券交易中的多餘現金購買優先債券或部分地方債券嗎？

No.

不。

We, with the additional cash, we're going to use that, or use that to buy bonds at the parent company

有了額外的現金，我們將使用它，或用它來購買母公司的債券

No preferred?

沒有首選？

That's correct.

這是正確的。

Thanks.

謝謝。

We'll go to Rick Prentice of Raymond James.

我們將去找雷蒙德詹姆斯 (Raymond James) 的里克普倫蒂斯 (Rick Prentice)。

I want to take you back a little to Matt's earlier comments on Cingular with AT&T closing now.

我想帶大家回顧一下 Matt 之前對 Cingular 的評論，當時 AT&T 已經關閉了。

They're starting to address their thoughts on what to do with UMTS.

他們開始討論如何使用 UMTS。

In the past they've suggested that they'd like to see some of the roaming partners, such as Western and yourself, get on board the UMST path.

過去，他們曾建議希望看到一些漫遊合作夥伴（例如 Western 和您自己）加入 UMST 道路。

What are your thoughts in that regard?

您對此有何看法？

Also, it seems like they're wanting you, instead of needing, possibly, does that create any kind of interesting dynamics in the negotiations?

另外，他們似乎想要你，而不是需要你，這可能會在談判中產生任何有趣的動態嗎？

Just a little update on Cingular from UMTS and their desires to have you guys roll that out?

UMTS 關於 Cingular 的一點更新以及他們希望你們推出它的願望？

Well, as I said earlier, I think Cingular and ourselves would both argue we need to collectively further the so-called technology path that we're on, to mutually benefit each other.

嗯，正如我之前所說，我認為 Cingular 和我們自己都會認為我們需要共同推進我們所走的所謂技術道路，以使彼此互惠互利。

Having said that, 3-G or the path to UMTS or HSVP A, or whatever path is chosen, is a bit different and a little bit unique and it's out there.

話雖如此，3-G 或通往 UMTS 或 HSVP A 的路徑，或選擇的任何路徑，都有一點不同，也有一點獨特，而且它就在那裡。

It's not anything that's a significant, what I'd call a significant focal point of the discussions today.

這並不是什麼重要的事情，我稱之為今天討論的重要焦點。

They might be in the future and, perhaps, that does give us a bit of a stronger playing field.

它們可能會在未來出現，也許這確實為我們帶來了一個更強大的競爭環境。

But, you know, it's -- UMPS is a completely different voice and data technology.

但是，您知道，UMPS 是一種完全不同的語音和數據技術。

So it's a whole different path than -- and presumably there will be significant benefits.

因此，這是一條完全不同的道路——並且可能會帶來顯著的好處。

I think we'll -- I think in the early stages of EMTS, are a bit short in terms of the bandwidth of the speed ultimately would be appreciated in the marketplace and perhaps the HSVPA, which you're hearing more and more of will be that -- will have that added benefit.

我認為我們會 - 我認為在 EMTS 的早期階段，在最終會受到市場歡迎的速度頻寬方面有點短，也許還有 HSVPA，您越來越多地聽到它會就是這樣——將會有額外的好處。

It's a little early to really start commenting on it.

現在真正開始評論還為時過早。

On the one hand, I'm a-- I'm a little pleased that the EMTS are looking like an '06 '07 discussion as opposed to '05.

一方面，我有點高興 EMTS 看起來像是 06 年 07 年的討論，而不是 05 年的討論。

I think we need maturity in the EDGE network and the existing GSM voice network as well.

我認為我們還需要 EDGE 網路和現有 GSM 語音網路的成熟度。

Well, and get a return on some of the stuff you already spent on?

好吧，並從您已經花費的一些東西中獲得回報？

Exactly.

確切地。

One follow-up question.

一個後續問題。

I missed it.

我錯過了。

I was writing too fast, and too many calls, I guess, today.

我想，今天我寫得太快了，電話也太多了。

What was the roaming minutes use?

漫遊分鐘數是多少？

What was the raw number and what was it up quarter-over-quarter and can you update us as far as what you guys are doing with your towers?

原始數字是多少？季度環比增長情況如何？您能否向我們介紹一下您對塔樓所做的最新情況？

Yeah.

是的。

I can give you the tower updates real quickly.

我可以快速為您提供塔樓更新資訊。

We are exploring or having discussions and exploring opportunities in that area and as we said in the past we're going to be very price conscience and look at it in the future.

我們正在探索或進行討論，並探索該領域的機會，正如我們過去所說，我們將非常注重價格良心，並在未來考慮它。

Nothing to report on that.

對此沒有什麼可報告的。

In terms of the minutes in the third quarter of this year, we prosed about 450 minutes of use, that compares to, on a same-store basis, 446 million in the third quarter of last year.

就今年第三季的使用時間而言，我們的使用時間約為 450 分鐘，而去年第三季的同店使用時間為 4.46 億分鐘。

And second quarter of this year we did about 360 million minutes.

今年第二季我們播放了大約 3.6 億分鐘。

Okay.

好的。

And that was the 43% GSM, that was applying against the 450 minutes, then?

那麼，這就是 43% GSM，適用於 450 分鐘嗎？

Correct.

正確的。

Okay.

好的。

And the 25% GSM was on a same-store basis, also?

25% GSM 也是以同店計算的嗎？

Into the second quarter?

進入第二季？

Yeah.

是的。

Yes.

是的。

Okay.

好的。

And in the last year, it's neglectable GSM minutes.

去年，GSM 分鐘數可以忽略不計。

Okay.

好的。

Good luck, guys.

祝大家好運。

I think we have time for a couple more questions.

我想我們還有時間再問幾個問題。

We need to call it a day.

我們到此為止了。

We'll go to Anthony Carmen of Deutsche Bank.

我們請德意志銀行的安東尼卡門。

Thanks very much.

非常感謝。

A couple questions.

有幾個問題。

First as it relates to American Cellular Corporation I was wondering if you could provide clarity on your thoughts on the ability to buy back those overlapping properties?

首先，因為它與美國移動公司有關，我想知道您是否可以澄清您對回購這些重疊財產的能力的想法？

Specifically, how you would like to fund that at Am-Cell?

具體來說，您希望如何為 Am-Cell 提供資金？

Is that something you would fund with dividends from Dobson or now that you have the ability to do so, proceeds from potential tower sales that were unrestricted or unencumbered by the most recent deal?

您會用多布森的股息來提供資金，還是現在您有能力這樣做，從不受最近交易限製或阻礙的潛在塔樓銷售收益中獲得資金？

And then on the roaming side, I think back at the Analyst Day and back before anybody knew about AWE Cingular timing, you were talking about an assumption of a June 2005 close, and I think you had shown numbers about what the estimated TDMA roaming revenue loss would be in '06 of something -- '05 of something around 7 million and maybe 10 million in '06.

然後在漫遊方面，我回想起分析師日以及在任何人了解 AWE Cingular 時間之前，您談論的是 2005 年 6 月關閉的假設，並且我認為您已經顯示了有關估計 TDMA 漫遊收入的數字06 年的損失將是05 年的約700 萬，06 年可能會損失1,000 萬。

I was wondering how fast or how large those numbers are escalating given the acquisition has closed at least six-months earlier than the original expectations?

我想知道鑑於收購比最初預期至少提前六個月結束，這些數字的上升速度有多快或有多大？

So might we see TDMA roaming revenue running off faster than was originally expected?

那麼，我們是否會看到 TDMA 漫遊收入的流失速度比最初預期的要快？

Thank you.

謝謝。

Sure.

當然。

The -- I applaud them, they got the deal done sooner than we anticipate.

我為他們鼓掌，他們比我們預期的更早完成了交易。

And first of all, they did their homework and worked hard at it and they got were looking -- we are looking at an industry that probably had too much competition and there was certainly the facts are that -- or the ruling was that this merger would not have a detrimental effect on the public.

首先，他們做了功課並努力工作，他們正在尋找 - 我們正在尋找一個可能競爭太多的行業，而且事實確實如此 - 或者裁決是這次合併不會對公眾造成不良影響。

So I applaud them and I'm glad to see it and I'm very pleased to see it.

所以我為他們鼓掌，我很高興看到，我很高興看到。

In terms of the TDMA, yeah, we do have a couple of markets, few markets where Cingular has a TDMA network, as do we and AT&T customers use us.

就 TDMA 而言，是的，我們確實有幾個市場，但 Cingular 擁有 TDMA 網路的市場很少，我們和 AT&T 客戶也使用我們的網路。

There is a possibility that those customers go over to Cingular.

這些客戶有可能轉向 Cingular。

It -- and I think that in February we were suggesting $12-15 million, analyzed number.

我認為在 2 月我們建議投資 12-1500 萬美元，這是經過分析的數字。

Our thinking now is that it's going to be less impacting than that.

我們現在的想法是，它的影響會比這小。

And in part because of the little -- the little faster migration to GSM than we expected.

部分原因是向 GSM 的遷移比我們預期的快一點。

And, thus, the importance of TDMA minutes, meaning less.

由此可見，TDMA分鐘的重要性，意義不大。

I think we're, also, of the belief that Cingular may not improve or may not have the capacity, and if they -- in TDMA -- and if they don't, they probably won't be buying TDMA assets to support a relatively near-term TDMA revenue stream, as the customers migrate it become a mute point.

我認為我們也相信 Cingular 可能不會改進或可能沒有能力，如果他們在 TDMA 方面，如果他們不這樣做，他們可能不會購買 TDMA 資產來支援相對近期的TDMA 收入流，隨著客戶的遷移，它變成了一個靜默點。

So our thinking now is that if, in fact, they do start to move the minutes, that it may have a negative effect and only to the tune of $6 or $7 million, annually.

因此，我們現在的想法是，如果事實上他們確實開始調整會議記錄，那麼可能會產生負面影響，而且每年的負面影響僅為 6 或 700 萬美元。

The tower sale assets I think the question was between American and Dobson?

我認為塔樓出售資產的問題是在美國航空和多布森之間？

What are our-- excuse me-- tower sale assets as if may relate American to our liquidity and the ability to exercise the buy-back rights.

對不起，我們的塔樓銷售資產是什麼，似乎可能將美國航空與我們的流動性和行使回購權的能力聯繫起來。

You're right, the tower sale assets and American does own, I believe, about 40% of our tower portfolio, about 200, 250 -- 200 sites.

你是對的，塔樓出售資產，我相信美國航空確實擁有我們塔樓投資組合的大約 40%，大約 200、250 - 200 個站點。

Yeah, the proceeds would come directly to American.

是的，收益將直接流入美國航空。

American, also, has a $200 million senior debt carve-out, debt carve-out that could certainly be tapped or accessed to exercise the buy-back.

美國航空還擁有 2 億美元的優先債務剝離，當然可以利用或利用該債務剝離來行使回購。

Having said all of that, we don't expect the buy back assets to be anywhere near that size and, in fact, if you look at the relative size of the markets involved, we don't expect them to be too terrible significant.

話雖如此，我們預計回購資產的規模不會接近這個規模，事實上，如果你看看所涉及市場的相對規模，我們預計它們不會太嚴重。

And we do have resources to complete the buy back and we expect to complete it if the economics are as we believe them to be.

我們確實有資源來完成回購，如果經濟狀況符合我們的預期，我們預計會完成回購。

Great.

偉大的。

Thank you.

謝謝。

We'll take our next question from Avi Vanis of J.P. Morgan.

我們將接受摩根大通的阿維·瓦尼斯 (Avi Vanis) 提出的下一個問題。

Along the lines of when you look at buying back bonds, what kind of metrics and what kind of returns do you use to get that modeling?

當您考慮回購債券時，您使用什麼樣的指標和什麼樣的回報來獲得該模型？

Bruce, go ahead.

布魯斯，繼續吧。

Well, that is exactly what we do if we look at properties to purchase; we look at the kinds of return we can get on that property versus the kinds of returns we can get from buying back bonds or any other security.

好吧，如果我們考慮購買房產，這正是我們所做的。我們會考慮從該財產上可以獲得的回報類型與透過回購債券或任何其他證券可以獲得的回報類型。

And as you've seen and as we've indicated, generally, we are not in the acquisition mode much like we were a few years ago.

正如您所看到的以及我們所指出的，一般來說，我們並不像幾年前那樣處於收購模式。

There are opportunities like the MPI transaction and like the RFB that have both what we think are very attractive economic returns, as well as having very strong strategic reasons for us buying those properties and from an acquisition standpoint that's really our focus, as we go out in the near term.

像MPI 交易和RFB 這樣的機會既具有我們認為非常有吸引力的經濟回報，又具有非常強烈的戰略理由讓我們購買這些房產，從收購的角度來看，這確實是我們的重點，因為我們走出去在短期內。

We are looking at things that have both economic and strategic returns within our existing plans and we really aren't in the mode to expand the business, per se, through acquisitions like we had before.

我們正在考慮在現有計劃中同時具有經濟和戰略回報的事情，我們確實不適合像以前那樣透過收購來擴展業務本身。

And those are the kinds of things we look at in making those decisions.

這些就是我們在做決定時所考慮的因素。

Okay.

好的。

And then, just, back to an earlier question, when you mentioned on the new securities bond deal, or securities deal, excess cash will be used to buy back bonds, are you referencing the $125 million upsizing or the excess cash you now have on the balance sheet?

然後，回到剛才的問題，當您提到新的證券債券交易或證券交易時，多餘的現金將用於回購債券，您指的是1.25億美元的擴容還是您現在擁有的多餘現金資產負債表？

I'm talking about the $125 million we used to upsize the deal.

我說的是我們用來擴大交易規模的 1.25 億美元。

and nothing beyond that, specifically?

除此之外，沒有什麼特別的嗎？

Pardon?

赦免？

Nothing beyond that, specifically?

除此之外，沒有什麼特別的嗎？

Right.

正確的。

I made no comments anything beyond that.

除此之外我沒有發表任何評論。

And then, the last question.

然後是最後一個問題。

You mentioned in the press release that migration slowed down toward the end of the quarter, is that, by your own doing, or is that something that you're seeing going on by customers, you know, not taking the GSM products as quickly as they did earlier on?

您在新聞稿中提到，遷移速度在本季度末放緩，是您自己造成的，還是您看到客戶正在發生的事情，您知道，沒有盡快採用 GSM 產品他們早些時候做了嗎？

Little bit of both.

兩者都有一點點。

We -- we increased the subsidy -- excuse me, decreased the subsidy and increased the cash on a per subscriber basis as compared to to the previous quarter and as a result migration slowed down a little bit.

我們——我們增加了補貼——對不起，與上一季相比，我們減少了補貼並增加了每個訂戶的現金，因此遷移速度有所放緩。

There's nothing -- we could do back up with heavy promote and heavy subsidy.

沒有什麼辦法——我們可以透過大力促銷和大力補貼來支持。

So, there's nothing GSM per se or products or rate plans or anything else we think our limiting our success.

因此，我們認為 GSM 本身、產品、費率計劃或其他任何東西都不會限制我們的成功。

You don't have plans to necessarily juice that back up?

您沒有計劃一定要支持這一點嗎？

No.

不。

No.

不。

Just one final thing, liquidity at the end of the year, do you have a target?

最後一件事，年底的流動性，你有目標嗎？

No, we don't.

不，我們不。

We have not -- we have not commented on that and don't think we do.

我們沒有——我們沒有對此發表評論，並認為我們也沒有這樣做。

We're prepared to do it right now, except to say that we believe lick I liquidity is very, very important for our success and our future.

我們現在就準備好這樣做，只是說我們相信流動性對我們的成功和未來非常非常重要。

Yeah.

是的。

And I think we've already talked about cash balances on what we expected for second half of the year and the additional cash that we get from this offering.

我認為我們已經討論了下半年的現金餘額以及我們從此次發行中獲得的額外現金。

Okay.

好的。

It sounds like, you know, the credit that is still at Am-Cell will help out?[inaudible]

聽起來，你知道，Am-Cell 的信用額度會有所幫助嗎？[聽不清楚]

Yeah.

是的。

Absolutely.

絕對地。

Thanks.

謝謝。

And, gentlemen, I'll turn the conference back to you for any additional remarks.

先生們，我將把會議轉回給你們，請你們發表任何補充意見。

Thank you very much.

非常感謝。

It's been a delight talking to everyone today and we'll look forward to the next quarter.

今天很高興與大家交談，我們期待下個季度。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you for your participation, and you may disconnect at this time.

我們感謝您的參與，此時您可以斷開連線。