AT&T Inc (T) 2014 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the AT&T second-quarter earnings release 2014. (Operator Instructions).

女士們、先生們，感謝你們的耐心等待，歡迎閱讀 AT&T 2014 年第二季財報。（操作員說明）。

At this time, I would like to turn the conference over to our first speaker, Senior Vice President, Investor Relations, Susan Johnson. Please go ahead.

現在，我想將會議交給我們的第一位發言人、投資者關係高級副總裁蘇珊·約翰遜 (Susan Johnson)。請繼續。

Thank you, Nick. Good afternoon, everyone, and welcome to our second-quarter conference call. It's great to have you with us today. I am Susan Johnson, head of Investor Relations for AT&T.

謝謝你，尼克。大家下午好，歡迎參加我們的第二季電話會議。很高興今天有你和我們在一起。我是蘇珊‧約翰遜 (Susan Johnson)，AT&T 投資者關係主管。

Joining me on the call today is John Stephens, AT&T's Chief Financial Officer, and Ralph de la Vega, AT&T's President and CEO for Mobility. John will cover our consolidated and wireline results and Ralph will give us an update on our wireless business, and then we will follow with a Q&A session.

今天和我一起參加電話會議的是 AT&T 財務長 John Stephens 和 AT&T 行動業務總裁兼執行長 Ralph de la Vega。約翰將介紹我們的綜合和有線業績，拉爾夫將向我們介紹無線業務的最新情況，然後我們將進行問答環節。

Let me remind you our earnings material is available on the investor relations page of the AT&T website. That's www.att.com\investor.relations.

讓我提醒您，我們的收益資料可以在 AT&T 網站的投資者關係頁面上找到。這是 www.att.com\investor.relations。

Of course, I first need to draw your attention to our Safe Harbor statement before we begin, which says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties. Results may differ materially.

當然，在我們開始之前，我首先需要提請您注意我們的安全港聲明，該聲明表示我們今天的一些評論可能是前瞻性的。因此，它們面臨風險和不確定性。結果可能存在重大差異。

And additional information is available in our and DIRECTV's SEC filings and on the investor relations page of AT&T and DIRECTV's websites. I also wish to direct your attention to the information regarding SEC filings that is included on this slide.

如需了解更多信息，請參閱我們和 DIRECTV 向 SEC 提交的文件以及 AT&T 和 DIRECTV 網站的投資者關係頁面。我還希望您注意本投影片中包含的有關 SEC 備案的資訊。

Before I turn the call over to John, I would like to provide some additional context for the quarter on slide 4. We've talked with you the last few quarters about how we have been transforming our business for growth. This quarter, we saw significant progress, particularly with our repositioning of the wireless business model.

在將電話轉給 John 之前，我想在幻燈片 4 上提供有關本季度的一些額外背景資訊。在過去的幾個季度中，我們與您討論了我們如何實現業務轉型以實現成長。本季度，我們看到了重大進展，特別是在我們對無線業務模式的重新定位方面。

First, on the network front. Our Project VIP investment plan continues to deliver. We are transforming our network to a premier IP video-centric network and the results have been impressive. Our 4G LTE build now covers more than 290 million people and we expect to complete our deployment by the end of the summer.

首先，在網路方面。我們的專案 VIP 投資計畫繼續兌現。我們正在將我們的網絡轉變為一流的以 IP 視訊為中心的網絡，結果令人印象深刻。我們的 4G LTE 建設現已覆蓋超過 2.9 億人口，預計在夏末完成部署。

And our fiber buildout to cover more businesses is going well. We have now passed more than 500,000 business customer locations since we first announced Project VIP.

我們覆蓋更多業務的光纖建設進展順利。自首次推出 VIP 專案以來，我們現已覆蓋超過 500,000 個商業客戶地點。

At the same time we are investing in our network, we are investing in our customers by repositioning the wireless value proposition. Several years ago, we successfully led the transition to usage-based data pricing, and now more than 80% of our postpaid smartphone subscribers are on those plans.

在我們投資網路的同時，我們也透過重新定位無線價值主張來投資客戶。幾年前，我們成功引領了向基於使用情況的數據定價的轉變，現在我們超過 80% 的後付費智慧型手機用戶都採用了這些計劃。

Now we are making another successful pivot, away from the traditional device-subsidy model with AT&T and our Mobile Share Value plans. Customers can now pay directly for their devices in exchange for lower service pricing. That is an equation that really works for our customers, as you can see with this quarter's record subscriber metrics. And it's an equation that works for us, where there is an important strategic shift away from device subsidies, which have historically netted out to be a multibillion-dollar cost each year.

現在，我們正在透過 AT&T 和我們的行動共享價值計劃，擺脫傳統的設備補貼模式，再次取得成功。客戶現在可以直接為其設備付款，以換取更低的服務價格。這是一個真正適合我們客戶的方程式，正如您從本季創紀錄的訂戶指標中看到的那樣。這是一個對我們有用的方程式，我們從設備補貼方面進行了重要的策略轉變，從歷史上看，設備補貼每年都會產生數十億美元的成本。

This move away from the subsidy model is happening quickly and bringing about many of the expected changes in our financial results, the shift in revenues from service to equipment and the moderation of quarterly margin trends as we achieve increased savings in device subsidies in the back half of the year, which, as you know, historically is our strongest device sales season.

這種擺脫補貼模式的轉變正在迅速發生，並為我們的財務業績帶來了許多預期的變化，收入從服務轉向設備，隨著我們在下半年實現了設備補貼節省的增加，季度利潤率趨勢也有所放緩如您所知，這在歷史上是我們最強勁的設備銷售季節。

But the key point is that we have made a deliberate decision to go down this path, and with the results we are seeing, we believe the strategy is clearly working. We see it in our results and we hear it from our customers.

但關鍵是，我們已經深思熟慮地決定走這條路，從我們所看到的結果來看，我們相信該策略顯然正在發揮作用。我們在結果中看到了這一點，並從客戶那裡聽到了這一點。

With that, let me turn it over to John to discuss our second-quarter results. John?

接下來，讓我把它交給約翰來討論我們第二季的表現。約翰？

Thank you, Susan, and hello, everyone. Thanks for joining us today and, as always, thank you for your interest in AT&T.

謝謝你，蘇珊，大家好。感謝您今天加入我們，並一如既往地感謝您對 AT&T 的興趣。

Let me begin with our consolidated financial summary, which is on slide 5. Consolidated revenue grew to $32.6 billion, up $500 million, or 1.6%. This was driven by continued wireless growth as we change our business model; solid consumer wireline growth, once again led by U-verse; and growth in strategic business services. Revenue this quarter was impacted by the shift to no-device-subsidy plans in wireless.

讓我從投影片 5 上的合併財務摘要開始。合併收入成長至 326 億美元，成長 5 億美元，成長 1.6%。這是由於我們改變業務模式而持續無線成長所推動的；消費者有線業務成長強勁，再次由 U-verse 引領；以及策略商業服務的成長。本季的收入受到無線領域轉向無設備補貼計畫的影響。

Reported EPS for the quarter was $0.68. As you know, during the quarter we sold our equity position in America Movil. After tax, we had a gain of about $0.08 on the sale. The gain was taxed at a higher effective tax rate, due to accounting for deferred tax assets related to foreign tax credits. While this accounting rules require this high tax rate, we are confident we will be able to utilize existing capital loss carryforwards to maximize the after-tax cash proceeds from the sale.

報告本季的每股收益為 0.68 美元。如您所知，本季我們出售了 America Movil 的股權。稅後，我們在銷售中獲得了約 0.08 美元的收益。由於考慮了與外國稅收抵免相關的遞延稅資產，該收益按較高的有效稅率徵稅。雖然該會計規則要求如此高的稅率，但我們有信心能夠利用現有的資本損失結轉來最大限度地提高銷售的稅後現金收益。

When you normalize for this item, our consolidated effective tax rate is about 34% or about 100 basis points higher than last year.

如果將此項目標準化，我們的綜合有效稅率約為 34%，即比去年高出約 100 個基點。

Also, we had $0.02 of pressure from our Leap integration costs, including our non-cash items, such as the amortization of customer lists. You may recall that we closed that transaction in March, so this is the first full quarter with these integration costs.

此外，我們的 Leap 整合成本還帶來了 0.02 美元的壓力，包括我們的非現金項目，例如客戶名單的攤提。您可能還記得，我們​​在三月完成了該交易，因此這是第一個涉及這些整合成本的完整季度。

When you exclude these items, earnings per share was $0.62, compared to an adjusted $0.67 a year earlier.

如果排除這些項目，每股收益為 0.62 美元，而去年同期調整後的每股收益為 0.67 美元。

Consolidated margins continue to be pressured by our investments, both in Project VIP and Agile, and our shift away from the subsidy model in wireless. These well-thought-out investments are expected to drive stronger growth in the second half of the year.

我們在 Project VIP 和 Agile 方面的投資，以及我們放棄無線領域補貼模式的轉變，繼續對合併利潤率構成壓力。這些經過深思熟慮的投資預計將在今年下半年推動更強勁的成長。

Cash from operations continues to be strong. Cash from operating activities in the quarter totaled $8.1 billion. Capital spending was $6 billion, with strong investments in Project VIP. Year to date, our free cash flow is more than $5 billion and that's after our more than $1.5 billion investment in our customers through AT&T Next.

來自營運的現金持續強勁。本季經營活動產生的現金總額為 81 億美元。資本支出為 60 億美元，其中 VIP 項目投資強勁。今年迄今為止，我們的自由現金流超過 50 億美元，這是我們透過 AT&T Next 對客戶投資超過 15 億美元的結果。

Now let me turn to our operational highlights on slide 6. As you can see, we continue to execute at a high level, even as we transform our business. In wireless, the growing popularity of AT&T Next and the Mobile Share Value plan is having an impact on our results. The customer transition to these plans is driving a major shift in the subsidy model and, at the same time, helping to reduce churn, increase postpaid subscribers, drive strong growth of large buckets of data, and improve our Net Promoter Scores, or our customer satisfaction results.

現在讓我來談談投影片 6 中的營運亮點。正如您所看到的，即使在我們進行業務轉型的同時，我們仍繼續保持高水準的執行力。在無線領域，AT&T Next 和行動共享價值計畫的日益普及正在對我們的業績產生影響。客戶向這些計劃的過渡正在推動補貼模式的重大轉變，同時有助於減少客戶流失，增加後付費用戶，推動大量數據的強勁增長，並提高我們的淨推薦值或我們的客戶滿意的結果。

I'll let Ralph give you the details in just a moment, but we are very pleased with what we are seeing from our wireless repositioning and confident in our strategy.

我將讓拉爾夫稍後向您提供詳細信息，但我們對無線重新定位所看到的結果感到非常滿意，並對我們的策略充滿信心。

In wireline, U-verse continues its steady performance of subscriber gains and increasing revenue. It is now approaching $15 billion in annualized revenues, growing at about 25% year over year. Strategic business services also continues to grow, at more than 13%, and is an annualized $9 billion revenue stream. We also reached a milestone in the second quarter when our U-verse high-speed broadband reached 70% of our total broadband base; clearly, the transition is underway.

在有線網路方面，U-verse 持續保持用戶成長和收入成長的穩定表現。目前年化收入接近 150 億美元，較去年同期成長約 25%。策略商業服務也持續成長，成長率超過 13%，年收入流達到 90 億美元。我們也在第二季達到了一個里程碑，我們的 U-verse 高速寬頻達到了總寬頻基數的 70%；顯然，過渡正在進行中。

While we have made great progress, we still have a lot of room for growth, as we expand our base through Project VIP and continue to bundle broadband with other valuable services.

雖然我們取得了巨大進步，但我們仍然有很大的成長空間，因為我們透過 Project VIP 擴大了我們的基礎，並繼續將寬頻與其他有價值的服務捆綁在一起。

And of course, in the second quarter we announced our intention to acquire DIRECTV. This will take our video and bundling strategies and our cost structure to a whole new level. We're really excited about what this transaction can do. Service bundles are a proven winner for us and we believe the ability to bundle services nationally will be a big plus.

當然，我們在第二季宣布了收購 DIRECTV 的意向。這將使我們的視訊和捆綁策略以及成本結構達到一個全新的水平。我們對這筆交易的作用感到非常興奮。事實證明，捆綁服務對我們來說是一個贏家，我們相信在全國範圍內捆綁服務的能力將是一個很大的優勢。

Overall, we're on track with full-year guidance and look forward for trends to improve in the second half of the year.

整體而言，我們正朝著全年指引邁進，並期待下半年趨勢會有所改善。

I would now like to turn it over to Ralph de la Vega, who will provide more insight on the strong wireless performance and the repositioning of the wireless business model. Ralph?

我現在想將其交給 Ralph de la Vega，他將提供有關強大無線性能和無線業務模式重新定位的更多見解。拉爾夫？

Thank you, John, and good afternoon, everyone. It is great to be with you today. I will start on slide 7.

謝謝約翰，大家下午好。今天很高興和大家在一起。我將從幻燈片 7 開始。

As John said, this was truly a remarkable quarter for our wireless business, with results coming in better than expected. We have been very successful in repositioning the business model and it is happening at breakneck speed.

正如約翰所說，對於我們的無線業務來說，這確實是一個非凡的季度，業績優於預期。我們在重新定位商業模式方面非常成功，而且進展速度極快。

The shift to the no-device-subsidy model is unmistakable. More and more customers are choosing the simplicity of Mobile Share Value plans and AT&T Next.

轉變為無設備補貼模式的是明確無誤的。越來越多的客戶選擇簡單的 Mobile Share Value 方案和 AT&T Next。

This model shift is driving impressive results. Postpaid churn was a record low 0.86%, the best ever for AT&T and likely an industry best this quarter. This customer loyalty helped drive our largest postpaid subscriber gain in nearly five years, more than 1 million postpaid net adds in the quarter, including very strong smartphone net adds.

這種模式轉變正在帶來令人印象深刻的成果。後付費客戶流失率為 0.86%，創歷史新低，是 AT&T 有史以來最好的，而且可能是本季業界最好的。這種客戶忠誠度幫助我們推動了近五年來最大的後付費用戶成長，本季後付費用戶淨增加量超過 100 萬，其中包括非常強勁的智慧型手機淨增加量。

The shift to Mobile Share Value and Next has been dramatic in transitioning our smartphone customer base. Half of our smartphone sales in the second quarter were on AT&T Next and nearly half of our smartphone subscriber base has moved to Mobile Share Value plans since we first introduced value plans in February.

向行動共享價值和下一步的轉變極大地改變了我們的智慧型手機客戶群。第二季我們一半的智慧型手機銷售來自 AT&T Next，自 2 月首次推出價值計畫以來，我們近一半的智慧型手機用戶群已轉向行動共享價值計畫。

Even better, when customers do switch to Mobile Share, they are moving to larger and larger data buckets. We now have more than 41 million connections across 15 million accounts on Mobile Share, with half on plans of 10 gigabytes or higher. And the number on larger data plan continues to grow.

更好的是，當客戶確實轉向行動共享時，他們正在轉向越來越大的數據桶。現在，我們在 Mobile Share 上的 1500 萬個帳戶中擁有超過 4100 萬個連接，其中一半的計劃容量為 10 GB 或更高。更大數據計劃的數量持續增長。

As more and more customers move to usage-based data plans, data use is increasing. We are still seeing a nearly 50% year-over-year data usage increase on smartphones, and we continue to add more smartphones, connected devices, and tablets.

隨著越來越多的客戶轉向基於使用的數據計劃，數據使用量正在增加。我們仍然看到智慧型手機的數據使用量年增近 50%，我們繼續增加更多智慧型手機、連網裝置和平板電腦。

We're also starting to see the next wave of wireless growth. Digital Life is gaining momentum and had its best net gain quarter. Connected car growth is accelerating with new models entering the market, such as the Audi A3, as well as 10 GM models that will grow to 30 by the end of the year. These are in addition to those that are already in the market, such as Tesla, BMW, and others.

我們也開始看到下一波無線成長。數位生活正在蓄勢待發，並迎來了最好的季度淨收益。隨著奧迪 A3 等新車型的上市，以及通用汽車的 10 款車型（到年底將增加到 30 款），連網汽車的成長正在加速。這些還不包括特斯拉、BMW等已經上市的產品。

We feel these are incredibly good results in a time of transition. Let me give you more detail, starting with our strong postpaid net adds and churn on slide 8.

我們認為這些在轉型時期取得了令人難以置信的好成績。讓我向您提供更多詳細信息，從幻燈片 8 上我們強大的後付費淨增加和流失開始。

The move to Mobile Share Value plan has really solidified our customer base and this is critically important. Retaining our smartphone base is the basis for future growth. Postpaid churn was at an all-time low, and churn for Mobile Share and smartphone customers were even lower. That was even more remarkable in a noisy competitive environment.

轉向行動共享價值計畫確實鞏固了我們的客戶群，這一點至關重要。保留我們的智慧型手機基礎是未來成長的基礎。後付費客戶流失率處於歷史最低水平，行動共享和智慧型手機客戶的流失率甚至更低。在喧鬧的競爭環境中，這一點更加引人注目。

This helped to drive more than 1 million postpaid net adds, with more than half of those being phone customers, a significant improvement from the past several quarters. Overall, we had more than 600,000 total net adds, and that includes prepaid declines due to the second-quarter seasonal pressure and continued migration of session-based outlets to postpaid.

這幫助推動了超過 100 萬後付費淨增加，其中一半以上是電話客戶，比過去幾季有了顯著改善。總體而言，我們的總淨增加量超過 600,000，其中包括由於第二季度季節性壓力以及基於會話的商店繼續向後付費遷移而導致的預付費下降。

We also saw expected second-quarter pressure from our Cricket integration. We expect this prepaid pressure will moderate in the third quarter, and, in fact, we have already seen our prepaid trends improving. Branded tablet net adds for the quarter were 250,000 and that includes 366,000 postpaid tablet net adds in the quarter.

我們也看到了板球整合帶來的預期第二季壓力。我們預計這種預付費壓力將在第三季緩解，事實上，我們已經看到我們的預付費趨勢有所改善。本季品牌平板電腦淨增數量為 25 萬台，其中後付費平板電腦淨增數量為 366,000 台。

We also saw pressure in reseller and connected devices as we transition off the old 2G network. All this drove total churn higher, even with our record low postpaid churn.

當我們從舊的 2G 網路過渡時，我們也看到了經銷商和連接設備的壓力。所有這些都導致​​總客戶流失率更高，儘管我們的後付費客戶流失率創歷史新低。

We continue to grow our smartphone base. Including migrations, we added nearly 1.6 million in the quarter. We had more than 700,000 smartphone net adds in the quarter, and more than 90% of our postpaid phone sales in the second quarter were smartphones.

我們繼續擴大我們的智慧型手機基礎。包括遷移在內，本季我們增加了近 160 萬人。本季我們的智慧型手機淨增量超過 70 萬部，第二季後付費手機銷量中 90% 以上是智慧型手機。

Sales of LTE devices also continued at a strong clip, which is great for both us and our subscribers. LTE devices provide the best customer experience, while also being the most network efficient. Almost two-thirds of our postpaid smartphone base now have LTE phones.

LTE 設備的銷售也持續強勁，對我們和我們的用戶來說都是好事。 LTE 設備可提供最佳的客戶體驗，同時網路效率最高。現在，我們近三分之二的後付費智慧型手機用戶都擁有 LTE 手機。

You see the dramatic impact Mobile Share Value plans have on churn and postpaid net adds; now let me show you the impact on the subsidy model and revenues. Those details begin on slide 9.

您將看到行動共享價值計劃對客戶流失和後付費淨增加的巨大影響；現在讓我向您展示對補貼模式和收入的影響。這些細節從幻燈片 9 開始。

Total wireless revenues for the quarter were up nearly 4%, as revenues continued to shift to equipment from service. Equipment revenue growth was strong in the quarter, up 45%, but as we expected, service revenues were impacted. We also saw revenue pressure from promotional activity early in the quarter and from a change in the recognition of revenue with the sales of phones through our agents, due to the AT&T Next offering. Together, these two items had about a 200 basis-point impact on total wireless growth.

由於收入繼續從服務轉向設備，本季無線總收入成長了近 4%。本季設備收入成長強勁，成長 45%，但正如我們預期的那樣，服務收入受到了影響。我們也看到了本季初促銷活動帶來的收入壓力，以及由於 AT&T Next 產品而導致透過我們的代理商銷售手機的收入確認變化帶來的收入壓力。這兩項合計對無線總成長產生了約 200 個基點的影響。

We're also seeing significant increases in the number of customers who bring their own devices. This is a good thing for us as it takes all the subsidy expense out of our model and brings on a profitable customer.

我們也發現攜帶自己設備的客戶數量顯著增加。這對我們來說是一件好事，因為它消除了我們模型中的所有補貼費用，並帶來了有利可圖的客戶。

We are continuing to see customers choosing Mobile Share Value plans in unprecedented numbers. In just five months, about 24 million smartphones, or about 44% of our postpaid smartphone base, have moved off the subsidy model. That includes about 2 million subscribers on unlimited data plans who chose to move to Mobile Share plans.

我們繼續看到數量空前的客戶選擇行動共享價值計劃。在短短 5 個月內，約 2,400 萬部智慧型手機（約占我們後付費智慧型手機基數的 44%）已經擺脫了補貼模式。其中包括約 200 萬名使用無限數據套餐的用戶，他們選擇轉向行動共享套餐。

We now have less than 10 million subscribers on unlimited plans, our lowest level in years. At the same time, customers who are ready to upgrade are increasingly turning to AT&T Next. More than half of our smartphone sales in the quarter, or 3.1 million, were on Next. As you can see on the pie chart on the left of this slide, we have about 7 million AT&T customers who were Next customers at the end of the quarter, but the total number of subscribers on non-subsidy plans is about 24 million.

目前，我們的無限套餐訂戶數量不足 1000 萬，這是多年來的最低水準。同時，準備升級的客戶也越來越多地轉向 AT&T Next。我們本季智慧型手機銷售的一半以上（即 310 萬支）來自 Next。正如您在這張投影片左側的圓餅圖上看到的那樣，截至本季末，我們有大約 700 萬 AT&T 客戶是 Next 客戶，但非補貼計畫的訂戶總數約為 2,400 萬。

This gives us a large number of subscribers who will move to AT&T Next when they buy a new device. By the end of the year, we expect the percentage of Next sales to increase considerably as customers begin to upgrade their phones. And in fact, we are already seeing customers do this. Virtually all of our pre-Next customers are choosing AT&T Next when they upgrade in our Company-owned stores, and we expect sales to increase with our agents and in national retail, where we are just beginning to ramp up Next.

這為我們帶來了大量訂閱者，他們在購買新設備時將轉向 AT&T Next。到今年年底，隨著客戶開始升級手機，我們預計 Next 的銷售百分比將大幅增加。事實上，我們已經看到客戶這樣做了。事實上，我們所有的 Pre Next 客戶在我們公司自有商店升級時都會選擇 AT&T Next，我們預計我們的代理商和全國零售業的銷售額將會增加，而我們剛開始在全國零售業增加 Next。

The change in the device subsidy model is driving a shift in our wireless revenue mix, but it is also driving higher value with improved churn and more sustainable margins.

設備補貼模式的變化正在推動我們無線收入結構的轉變，但它也透過改善客戶流失率和更永續的利潤率來推動更高的價值。

I will turn it back to John, so he can give you those financial details on slide 10. John?

我會將其轉回給約翰，以便他可以向您提供幻燈片 10 上的財務詳細資料。約翰？

Thanks, Ralph.

謝謝，拉爾夫。

Ralph talked about the great results we saw in wireless in the second quarter. Let me take just a minute to dive deeper into the financial and customer value impacts.

拉爾夫談到了我們在第二季度在無線領域看到的出色業績。讓我花一點時間更深入探討財務和客戶價值的影響。

If you look at the overall customer value, the shift away from the subsidy model is very positive. Churn plays a big role in this. Take a look at the customer value illustration on the upper or left of the slide 10.

如果你看看整體客戶價值，你會發現補貼模式的轉變是非常正面的。客戶流失在其中扮演重要角色。請看投影片 10 上方或左側的顧客價值插圖。

With a year-over-year 16 basis-point improvement in postpaid churn, the average life of each of our customers is extended by 18 months. With Mobile Share Value pricing, service ARPUs do drop on a comparable basis, but when you factor in the average life of a customer, lifetime service revenues actually increase.

後付費客戶流失率年增了 16 個基點，每位客戶的平均壽命延長了 18 個月。透過行動份額價值定價，服務 ARPU 確實會在可比基礎上下降，但當考慮到客戶的平均壽命時，終身服務收入實際上會增加。

In the example presented, they've increased $400 per customer. When you are AT&T with over 50 million phone customers, that's a real opportunity to generate great value.

在所提供的範例中，他們為每位客戶增加了 400 美元。當您是擁有超過 5000 萬電話客戶的 AT&T 時，這就是一個創造巨大價值的真正機會。

So in short, the customer value increases with Next. And this doesn't even take into account the reduction in equipment subsidy. Going to AT&T Next also takes away most, if not all, of the net subsidy costs. That's why you can't just look at service ARPUs anymore to get a comprehensive view of our business.

簡而言之，客戶價值隨著 Next 的增加而增加。而且這還不考慮設備補貼的減少。轉向 AT&T Next 也會消除大部分（如果不是全部）淨補貼成本。這就是為什麼您不能再只查看服務 ARPU 來全面了解我們的業務。

Phone-only service ARPU is down for the quarter, but when you add in Next billings, you get a more accurate idea of what an average customer pays us each month. The average monthly Next billings for the equipment are about $27 per month, driving our phone-only ARPU higher with Next.

本季純電話服務 ARPU 有所下降，但是當您添加下一個帳單時，您可以更準確地了解平均客戶每月向我們支付的費用。該設備的平均每月 Next 帳單約為每月 27 美元，透過 Next 推動我們的純電話 ARPU 更高。

When this $27 per month is spread over the entire base, it adds about $2 in ARPU per customer in the quarter. As the Next base grows, so will this impact on ARPU. We have actually already seen this. Service ARPU with Next improved throughout the second quarter, and for June, it was more than $65, or almost $1 higher than the quarterly average, as equipment purchases increased throughout the quarter.

當每月 27 美元分攤到整個基礎時，該季度每位客戶的 ARPU 值會增加約 2 美元。隨著 Next 基數的成長，這對 ARPU 的影響也會增加。我們實際上已經看到了這一點。 Next 的服務 ARPU 在整個第二季度都有所改善，6 月的 ARPU 超過 65 美元，比季度平均高出近 1 美元，因為整個季度的設備採購量有所增加。

Another benefit of moving off the subsidy model is that the previous highs and lows of our margins become more stable. We have been in this business a long time and we have seen two big drivers of sales and upgrades -- that's the holiday season and the introduction of new devices. In the past, we used to have mixed feelings about those events. It was great for sales, but that subsidy cost pressured margins and financial results.

擺脫補貼模式的另一個好處是，我們的利潤率之前的高點和低點變得更加穩定。我們從事這個行業已經很長一段時間了，我們看到了銷售和升級的兩大驅動因素——那就是假期和新設備的推出。過去，我們對這些事件的感受是複雜的。這對銷售來說非常有利，但補貼成本對利潤率和財務表現帶來了壓力。

Now, with about half of our smartphone subscribers already on non-subsidy plans, and that number going up every day, we're feeling really pretty good about the position we're in. If you look at expectations for the rest of the year, we anticipate service margins to be more than 40%, while postpaid phone-only ARPU with Next billings will continue to increase as more customers upgrade their phones.

現在，我們大約一半的智慧型手機用戶已經採用了非補貼計劃，而且這個數字每天都在增加，我們對自己所處的位置感覺非常好。如果你看看對今年剩餘時間的預期，我們預計服務利潤率將超過40%，而隨著越來越多的客戶升級手機，純後付費電話的ARPU 和Next billing 將繼續增加。

Our wireless repositioning story is definitely a work in progress, but it is definitely working. The benefits are clear -- lower overall churn, higher postpaid net adds, customers buying larger buckets of data, and a shift away from the unlimited plans. Best of all, customers like it. They like the clear and simple pricing, and we feel really good about where we are and we are excited and look forward to the second half of the year.

我們的無線重新定位故事絕對是一項正在進行的工作，但它絕對正在發揮作用。好處是顯而易見的——整體流失率更低、後付費淨增加量更高、客戶購買更多數據，以及擺脫無限方案。最重要的是，客戶喜歡它。他們喜歡清晰簡單的定價，我們對自己的現狀感到非常滿意，我們對下半年感到興奮和期待。

Those are our wireless highlights. I would now like to discuss our wireline business, starting with consumer on slide 11.

這些是我們的無線亮點。我現在想討論我們的有線業務，從幻燈片 11 上的消費者開始。

U-verse has been a solid and consistent story for us. We continue to see solid subscriber and revenue growth. This helped drive 3% revenue growth in consumer. Total U-verse revenues are now approaching a $15 billion annualized revenue stream and they're growing at about 25% year over year. U-verse now represent 62% of consumer revenues.

U-verse 對我們來說是一個堅實而一致的故事。我們繼續看到訂閱者和收入的穩健成長。這有助於推動消費者收入成長 3%。 U-verse 總收入現已接近 150 億美元的年化收入，並且每年以 25% 左右的速度成長。 U-verse 目前佔消費者收入的 62%。

We have 11.5 million broadband customers, after adding almost 500,000 in the quarter. That's more than 70% of our total broadband base. That compares to just 40% two years ago.

我們的寬頻客戶數量已達 1,150 萬，本季增加了近 50 萬。這占我們寬頻總數的 70% 以上。相比之下，兩年前這一比例僅 40%。

We also added 190,000 TV subscribers in the quarter, which gives us 5.9 million total U-verse TV customers.

本季我們還增加了 19 萬名電視訂戶，這使我們的 U-verse 電視客戶總數達到 590 萬。

A big factor in the success of U-verse is our ability to bundle. More than 97%, or virtually all, of our video customers have some kind of bundle with us. And two-thirds of our U-verse TV subscribers take three or four services with us. ARPU for U-verse triple-play customers continues to be more than $170 a month. That helps drive revenue growth, while reducing churn. In fact, triple-play bundled customers have significantly lower churn than standalone customers.

U-verse 成功的一個重要因素是我們的捆綁能力。我們超過 97% 或幾乎所有的視訊客戶都與我們有某種捆綁。我們三分之二的 U-verse TV 用戶使用我們的三到四項服務。 U-verse 三網合一客戶的 ARPU 持續超過每月 170 美元。這有助於推動收入成長，同時減少客戶流失。事實上，三重播放捆綁客戶的流失率明顯低於獨立客戶。

We see a continued opportunity here. Our market penetration stands around 20% for U-verse broadband and TV, but that penetration increases the longer we are in a market. Plus, as Project VIP expands our customer reach, we believe we can achieve much more.

我們在這裡看到了持續的機會。我們的 U-verse 寬頻和電視市場滲透率約為 20%，但我們進入市場的時間越長，滲透率就會越高。此外，隨著 Project VIP 擴大我們的客戶範圍，我們相信我們可以取得更多成就。

We also continue to deploy GigaPower as part of our Project VIP build. Sales of our ultrafast broadband service have exceeded expectations in Austin and we have announced our intention to deploy in Dallas and North Carolina.

我們也繼續部署 GigaPower 作為我們的 VIP 專案建置的一部分。我們的超高速寬頻服務在奧斯汀的銷售超出了預期，我們已宣布打算在達拉斯和北卡羅來納州部署。

Now let me take you to our business wireline results on slide 12. Wireline business continues to be a story of the economy and the shift to IP data and away from legacy services. Strategic business services, services such as VPN, Ethernet, hosting, and other advanced IP services, grew by more than 13% in the quarter and more than 14% year to date and now represent a more than $9 billion annualized revenue stream.

現在讓我帶您看看幻燈片 12 上的有線業務結果。有線電視業務仍然是經濟發展以及向 IP 數據和遠離傳統服務的轉變的故事。策略性業務服務（例如 VPN、乙太網路、主機和其他高級 IP 服務）本季成長超過 13%，年初至今成長超過 14%，目前年收入流超過 90 億美元。

They now make up more than 27% of business wireline revenue, and for the first time, strategic business service revenues are now more than half of our total wireline business data revenues. Overall wireline business revenues were down 2.9%. Service revenues were down a little more than 2% in the second quarter, but that's on track with recent trends and the slow economy.

它們現在佔企業有線收入的 27% 以上，而且策略性業務服務收入現在首次占我們有線業務數據總收入的一半以上。整體有線業務收入下降 2.9%。第二季服務收入下降略多於 2%，但與近期趨勢和經濟放緩相符。

When you look at each of the business components that make up our wireline business, you will see some different stories and some different trends. Enterprise service revenues were actually up about 1% year over year, and this was its fifth consecutive quarter of year-over-year growth rate improvement, and our enterprise channel continues to provide significant sales opportunities for our wireless services.

當您查看構成我們有線業務的每個業務組件時，您會看到一些不同的故事和一些不同的趨勢。企業服務收入實際上年增了約1%，這是連續第五個季度同比增長率提高，我們的企業通路繼續為我們的無線服務提供重要的銷售機會。

Wholesale again was challenged by network grooming of some of our wireless customers, and we also saw the impact of our acquisition of Leap this quarter, as those previous external wholesale revenues now are internal to AT&T. And while small business is benefiting from wireless bundles and continued U-verse broadband growth, the lack of new business formations is still impacting the business opportunity.

批發業務再次受到我們一些無線客戶的網路疏導的挑戰，我們也看到了本季度收購 Leap 的影響，因為以前的外部批發收入現在是 AT&T 的內部收入。儘管小型企業受益於無線捆綁和 U-verse 寬頻的持續成長，但新業務形式的缺乏仍然影響著商機。

Now let's look at our margin story on slide 13. You can see the margin impacts from changes in the wireless subsidy model and Project VIP on our margins. In the second quarter, when adjusting for Leap integration expense, wireless EBITDA service margin was up slightly, to 42.6%. That's a strong performance, especially when you consider our very strong postpaid and smartphone net adds in the quarter.

現在讓我們來看看投影片 13 上的利潤狀況。您可以看到無線補貼模式和 VIP 專案的變化對我們利潤的影響。第二季度，在調整 Leap 整合費用後，無線 EBITDA 服務利潤率略有上升，達到 42.6%。這是一個強勁的表現，尤其是考慮到我們本季非常強勁的後付費和智慧型手機網路成長。

Adjusted EBITDA was $6.5 billion, stable year over year, but total EBITDA margin was down, due to the impact of the 24 million smartphones moving to Mobile Share Value pricing, some promotional activity we had in the first half of the year, and new business investments in things like Cricket and Digital Life.

調整後 EBITDA 為 65 億美元，年比穩定，但 EBITDA 總利潤率有所下降，原因是 2400 萬部智慧型手機轉向行動共享價值定價、我們上半年進行的一些促銷活動以及新業務的影響對板球和數位生活等領域的投資。

For the quarter, our adjusted consolidated margin was 17.7%, compared to 19.1% in the year-ago quarter. As Ralph said, the shift to Mobile Share plans ahead of equipment purchases pressured our results. Wireline margins were down from a year ago, but essentially flat with first-quarter levels. The decline in revenue from legacy services was part of the impact, but at the same time, success-based video content cost, retransmission price increases, and expenses from Project Agile and VIP also caused pressure.

本季度，我們調整後的綜合利潤率為 17.7%，而去年同期為 19.1%。正如拉爾夫所說，在設備採購之前轉向行動共享計劃給我們的業績帶來了壓力。固網利潤率較去年同期下降，但與第一季水準基本持平。傳統服務收入的下降是部分影響，但同時，基於成功的視訊內容成本、轉播價格上漲以及Project Agile和VIP的費用也造成了壓力。

For example, overall content cost increases were more than double the total increase of wireline operating expenses for the entire quarter.

例如，整體內容成本成長是整個季度有線營運支出總成長的兩倍以上。

But this wireline pressure was partially offset by growth in consumer revenues, gains in strategic business services, and solid execution of cost initiatives. We expect Project Agile and our move to software-defined networks to provide margin help. Project Agile will drive efficiency and speed to market as we transform how the Company organizes and operates, all around our customers.

但這種有線壓力被消費者收入的成長、策略性商業服務的成長以及成本計劃的紮實執行所部分抵消。我們預計敏捷專案和我們向軟體定義網路的轉變將提供利潤幫助。隨著我們圍繞客戶轉變公司的組織和營運方式，敏捷專案將提高效率和上市速度。

As we've said before, we are reinvesting savings at this point, but we see real opportunity to reduce costs through this effort. We expect run rate savings in the $3 billion range by 2017.

正如我們之前所說，我們目前正在將節省的資金進行再投資，但我們看到了透過這項努力降低成本的真正機會。我們預計到 2017 年，運行率將節省 30 億美元。

Now let's move to cash flow. Our summary is on slide 14. In the first half of the year, cash from operations totaled nearly $17 billion and about $8.1 billion in the second quarter. Capital expenditures were up, $11.8 billion for the six months and $6 billion for the quarter. Free cash flow before dividends was $5.1 billion year to date, on track with full-year guidance, even with investments in Project VIP and our wireless customer base.

現在讓我們轉向現金流。我們的摘要在投影片 14 中。上半年，營運現金總額接近 170 億美元，第二季約為 81 億美元。資本支出增加，前六個月為 118 億美元，本季為 60 億美元。年初至今，股息前自由現金流為 51 億美元，即使在對 Project VIP 和我們的無線客戶群進行投資的情況下，仍符合全年指引。

We did monetize $800 million of our Next receivables in the quarter and there continues to be great interest in additional sales, but even after that, our net investment in customers increased by more than $1.5 billion during the year. So we expect to meet our free cash flow guidance, even with the substantial working capital invested in AT&T Next customers.

我們確實在本季度將Next 應收帳款貨幣化了8 億美元，並且人們對額外銷售仍然抱有濃厚的興趣，但即使在那之後，我們對客戶的淨投資在這一年中也增加了超過15 億美元。因此，即使我們向 AT&T Next 客戶投入了大量營運資金，我們也希望能夠滿足我們的自由現金流指引。

And net debt to adjusted EBITDA was at 1.71, as we maintain the best credit rating of any major US telecom company.

淨債務與調整後 EBITDA 比率為 1.71，因為我們維持美國主要電信公司的最佳信用評級。

In terms of cash, I think you know the story. Dividend payments remain our first priority and year to date totaled $4.8 billion, and we continue to be opportunistic with our share buyback program.

就現金而言，我想你知道這個故事。股息支付仍然是我們的首要任務，今年迄今的股息支付總額為 48 億美元，我們繼續對股票回購計畫保持機會主義態度。

Our assets sales, including America Movil, also strengthened our cash position and balance sheet. We ended the quarter with more than $11 billion of cash. About $4.6 billion of that has already been used for debt redemption, leaving more than $6 billion of cash on hand at the current time.

我們的資產出售（包括美國行動公司）也增強了我們的現金狀況和資產負債表。本季結束時，我們的現金超過 110 億美元。其中約 46 億美元已用於償還債務，目前手上還有超過 60 億美元的現金。

We have the balance-sheet flexibility to pay down more debt and position ourselves for the upcoming spectrum auctions and the DIRECTV acquisition, while investing in the growth of our business. In fact, I believe we are continuing to maximize our balance-sheet efficiency. We expect another $3 billion of asset monetizations by the end of the year, with the sale of our Connecticut wireline property and the remaining proceeds from our America Movil sale.

我們的資產負債表具有靈活性，可以償還更多債務，為即將到來的頻譜拍賣和 DIRECTV 收購做好準備，同時投資我們的業務成長。事實上，我相信我們正在繼續最大限度地提高資產負債表效率。我們預計，透過出售康乃狄克州有線資產以及出售 America Movil 的剩餘收益，到今年年底，資產將再實現 30 億美元的貨幣化。

The DIRECTV transaction continues to move forward. Brazil's antitrust regulator has approved it without restrictions and we have completed the review process at the state level without conditions, which included Arizona, Louisiana, and Hawaii.

DIRECTV交易繼續向前推進。巴西反壟斷監管機構已無限制地批准了該法案，我們已無條件完成了州級審查程序，包括亞利桑那州、路易斯安那州和夏威夷州。

We also received good news today when the Department of Labor's approval notice, allowing us to fund our pension plans with a preferred equity interest at AT&T Mobility, was posted in the Federal Register website.

今天我們也收到了好消息，美國勞工部批准通知，允許我們透過 AT&T Mobility 的優先股權為我們的退休金計畫提供資金，該通知發佈在《聯邦公報》網站上。

Now let me close with a quick summary and a recap of our full-year 2014 expectations. There continues to be a lot of moving parts in this quarter and throughout the remainder of the year, but we are confident we are heading in the right direction. We staked out our course and our plan for the year and we are confident that we are on the right track.

現在讓我對 2014 年全年的預期進行快速總結和回顧。本季和今年剩餘時間仍然有很多變化，但我們相信我們正在朝著正確的方向前進。我們制定了今年的方針和計劃，我們相信我們正走在正確的軌道上。

First, we expect consolidated revenue growth at the low end of the 5% range. To define that, let's say that we will say that the range -- we define that range as 4.5% to 5.5% and expect the numbers of AT&T Next upgrades to ramp substantially in the second half of the year, powering that growth.

首先，我們預計綜合收入成長將在 5% 範圍的低端。為了定義這個範圍，我們將這個範圍定義為 4.5% 到 5.5%，並預計 AT&T Next 升級的數量將在今年下半年大幅增加，從而推動這一增長。

Second, we see stable consolidated margins as we begin to realize greater benefits as more customers shift away from the subsidy model in the back half of the year.

其次，隨著下半年更多客戶放棄補貼模式，我們開始實現更大的收益，我們看到穩定的綜合利潤率。

We continue to expect adjusted EPS in the low end of the mid single-digit range, even with the pressure from Leap integration costs and loss of the America Movil equity income. We are still targeting capital spending in the $21 billion range, even as we accelerated investment in the first half of the year. And we expect free cash flow in the $11 billion range, even with strong AT&T Next sales.

即使面臨 Leap 整合成本和 America Movil 股權收入損失的壓力，我們仍預期調整後每股盈餘將處於中個位數範圍的低端。儘管我們在上半年加快了投資，但我們的資本支出目標仍然在 210 億美元範圍內。即使 AT&T Next 銷售強勁，我們預計自由現金流仍將達到 110 億美元。

I now will turn it back to Susan to take your questions.

現在我將把它轉回給蘇珊回答你們的問題。

Thank you, John. Nick, I am going to turn the call back to you for instructions for our Q&A session.

謝謝你，約翰。尼克，我將把電話轉回給您，以獲取我們問答環節的說明。

(Operator Instructions). Mike McCormack, Jefferies.

（操作員說明）。麥克麥科馬克，傑弗里斯。

Maybe just a comment on the churn side. Obviously, you're getting a benefit, probably somewhat due to lower pricing points. How do we get more comfort that this is going to be a longer-term benefit?

也許只是對流失的評論。顯然，您正在獲得好處，這可能在某種程度上是由於較低的定價點。我們如何才能更加放心這將是一個長期利益？

And then, just secondarily on the Leap side, how many of those customers, if any, were able to migrate onto the postpaid platform? Thanks.

其次，在 Leap 方面，有多少客戶（如果有的話）能夠遷移到後付費平台？謝謝。

Ralph, do you want to take the questions?

拉爾夫，你想回答問題嗎？

Yes, let me comment a little bit on that. Mike, when John was going over the chart, he was explaining just the extension that we see in the customer lifetime value when you take our overall churn going from 1.02% to [0.86%] (corrected by company after the call).

是的，讓我對此發表一點評論。麥克，當約翰查看圖表時，他只是解釋了當您將我們的整體流失率從 1.02% 提高到 [0.86%] 時我們在客戶生命週期價值中看到的擴展（由公司在通話後糾正）。

The thing that is really encouraging to me is that that is the total average for postpaid. When you look at smartphones, you see a similar change, and what is driving the overall churn down are smartphones. And then when you look at smartphones on Mobile Share Value plans and Next, they are even lower. So, what we are doing is working.

真正令我鼓舞的是，這是後付費的總平均數。當你觀察智慧型手機時，你會看到類似的變化，而推動整體銷售下降的正是智慧型手機。然後，當您查看行動共享價值計劃和 Next 的智慧型手機時，它們甚至更低。所以，我們正在做的事情正在發揮作用。

I will give you one proofpoint that was really encouraging to me in the second quarter. In the second quarter, typically churn for our Company goes up in May and June, compared to April. What we saw in this quarter was a change in the trend, so both May and June were actually lower in churn than April, despite all the competitive activity that is going on. So we feel very certain that as more and more customers sign up to Mobile Share Value plans and Next, it solidifies our scores in terms of churn.

我會給你一個在第二季對我來說真正令人鼓舞的證據。在第二季度，與 4 月相比，我們公司的客戶流失率在 5 月和 6 月通常會上升。我們在本季看到的是趨勢的變化，因此，儘管競爭活動正在進行，但 5 月和 6 月的客戶流失率實際上低於 4 月。因此，我們非常確定，隨著越來越多的客戶註冊行動共享價值計畫和 Next，我們在客戶流失方面的得分將得到鞏固。

And we are seeing the same thing in our Net Promoter Scores. Our Net Promoter Scores for customers who are Mobile Share Value plans, compared to FamilyTalk, for example, are twice the number.

我們在淨推薦值中也看到了同樣的情況。例如，與 FamilyTalk 相比，我們針對行動共享價值計畫客戶的淨推薦值是其兩倍。

So, every indication we have from our customers is that these are sustainable and sustainable even during some pretty intense competitive activities, as we always see in the wireless business.

因此，我們從客戶那裡得到的每一個跡像都表明，即使在一些相當激烈的競爭活動中，這些也是可持續的和可持續的，正如我們在無線業務中經常看到的那樣。

Now you were asking about Cricket. Let me give you a quick update on Cricket. As you know, we actually launched Cricket on a nationwide basis, the new Cricket, on May 19. So that was relatively short, but I'm very pleased with what happened. We successfully converted both the Aio brand and the old Cricket brand to the new Cricket brand. We rebranded the stores and we started converting customers at rates that we expected from the old CDMA network that Leap had to our GSM network. And Mike, the results are really, really encouraging.

現在你問的是板球。讓我向您簡要介紹一下板球運動的最新情況。如您所知，我們實際上在 5 月 19 日在全國範圍內推出了 Cricket，即新的 Cricket。所以時間相對較短，但我對所發生的事情感到非常滿意。我們成功地將 Aio 品牌和舊 Cricket 品牌轉換為新 Cricket 品牌。我們重新命名了商店，並開始以我們預期的速度將客戶從 Leap 擁有的舊 CDMA 網路轉換為我們的 GSM 網路。麥克，結果真的非常非常令人鼓舞。

As you know, that network covers 97% of the customers. It doesn't include roaming. But what we are seeing is Net Promoter Scores, again, of Cricket customers improving month after month as they get to sample the GSM network compared to their old CDMA network. And so, the migrations are on schedule and we are seeing improving trends in terms of the net additions since we completed the conversion.

如您所知，該網路覆蓋了 97% 的客戶。它不包括漫遊。但我們再次看到，隨著 Cricket 客戶試用 GSM 網路（與舊的 CDMA 網路相比），他們的淨推薦值逐月提高。因此，遷移正在按計劃進行，自從完成轉換以來，我們看到淨增量的趨勢正在改善。

In fact, if you look at the second-quarter Cricket numbers compared to a year ago, we have reduced the defections by one-third just in the first quarter alone, and what we are seeing in July is an improving trend that I am sure will continue throughout the year. Again, as customers sample this great network that they have now that is a nationwide network, as we move those customers over, we are seeing lower churn.

事實上，如果你看看第二季的板球數據與一年前相比，我們僅在第一季就將叛逃減少了三分之一，而且我確信我們在7 月看到的是一個改善的趨勢將持續全年。同樣，當客戶體驗他們現在擁有的這個全國性網路的強大網路時，當我們將這些客戶轉移到其他地方時，我們發現客戶流失率降低了。

So, we feel really good about what we did with Cricket, and we're really excited about the results we are seeing with Mobile Share Value plans and Next in driving lower churn.

因此，我們對 Cricket 所做的事情感到非常滿意，並且對行動共享價值計劃和 Next 在降低客戶流失方面看到的結果感到非常興奮。

Ralph, I'm sorry, just for clarification on the Leap migration, did you get any benefit on the postpaid side from customers from Leap?

Ralph，很抱歉，我想澄清一下 Leap 遷移，您從 Leap 的客戶那裡獲得了後付費方面的任何好處嗎？

No, not any significant improvement. No, Mike, there was no significant movement from prepaid to postpaid in our case.

不，沒有任何重大改進。不，麥克，在我們的案例中，從預付費到後付費沒有重大變化。

Great, that's helpful. Thanks, Ralph.

太好了，很有幫助。謝謝，拉爾夫。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Maybe first just a follow-up to Mike's question for Ralph, and another one for John. Ralph, is there any -- I liked where you were going with the churn. But is there any risk that churn could start to move up within the Next base once maybe the pre-Next people that you have moved over that are eligible for handset and are probably looking at -- eyeing the new iPhone later this year -- start to see the build -- they have already seen the build go down, start to see it go back up again, and maybe talk about your experience there.

也許首先是麥克向拉爾夫提出的問題的後續問題，然後是約翰提出的另一個問題。拉爾夫，有沒有──我喜歡你的攪拌方式。但是，一旦您移走的前 Next 人員有資格購買手機，並且可能正在考慮今年晚些時候推出新 iPhone，那麼 Next 基地內的流失率是否會開始上升？看到構建- 他們已經看到構建下降，開始看到它再次恢復，也許會談論你在那裡的經歷。

And then maybe for John, in your prepared remarks at the beginning of the call, you talked about some stronger growth and stronger trends in the second half. Is it just equipment driven or could you give us a little bit more detail on what some of those trends are, and are we to the point where we have an eye towards when we will start to see service revenue trends start to turn? Thanks.

也許對約翰來說，在電話會議開始時準備好的演講中，您談到了下半年的一些更強勁的成長和更強勁的趨勢。它只是設備驅動的還是您能給我們更多關於其中一些趨勢的細節嗎？我們是否已經到了我們關注何時開始看到服務收入趨勢開始轉變的地步？謝謝。

John, on your comment about what happens as people upgrade to Next, as we mentioned in my comments, we are already seeing about half of our smartphone sales go on Next and that's the same experience that you were referring to.

約翰，關於您對人們升級到 Next 後會發生什麼的評論，正如我們在評論中提到的，我們已經看到大約一半的智慧型手機銷量在 Next 上進行，這與您提到的體驗相同。

And those customers, when we sample them, their Net Promoter Scores are high, so we are not seeing any concerns at this point and I think that once they get on Next, they are going to be able to get the new smartphone every year or every 18 months, depending on the plans that they select. So, we feel really good so far about everything we have seen from the plans. No major concerns.

當我們對這些客戶進行抽樣時，他們的淨推薦值很高，因此我們目前沒有看到任何擔憂，我認為一旦他們使用 Next，他們將能夠每年獲得新的智慧型手機或每18 個月一次，具體取決於他們選擇的計劃。因此，到目前為止，我們對計劃中看到的一切感覺非常好。沒有什麼大問題。

And John, specifically the customers that we allowed to go up on the Mobile Share Value plans early and that have subsequently come in, we have seen great stay-on rates, over 90% of the Company-owned stores, where they've stayed on the Next program.

約翰，特別是我們允許提前加入行動共享價值計畫並隨後加入的客戶，我們看到了很高的留店率，超過 90% 的公司自營商店都曾留過店關於下一個節目。

So they like it. They really seem to be very sticky with it, so we feel good about where it's going, but we're going to watch it closely.

所以他們喜歡它。他們似乎真的對此非常執著，所以我們對它的發展方向感到滿意，但我們將密切關注它。

Got you.

明白你了。

With regard to the stronger churns, there is a couple of things that are just really important. One, when you add 1 million customers in a quarter and we added -- total change was 1.6 million smartphones. That was a conversion of about 900,000 feature phones to smartphones, and then there was net adds -- postpaid smartphone net adds of 700,000. So those were really significant numbers.

關於更強烈的客戶流失，有幾件事非常重要。第一，當你在一個季度內增加 100 萬客戶時，我們補充道，總變化量為 160 萬部智慧型手機。大約有 90 萬部功能手機轉變為智慧型手機，然後淨增加了 70 萬支後付費智慧型手機。所以這些數字非常重要。

We had another good quarter of tablets, about 350,000, but we really had great performance on our smartphone net adds, so that gives us confidence in generating more revenue.

我們的平板電腦銷量又達到了一個不錯的季度，約為 35 萬台，但我們在智慧型手機網路上的表現確實非常出色，這讓我們有信心創造更多收入。

Additionally, we are seeing people take insurance almost at a 50% clip on our Next sales. So that's going to help, and we continue to find satisfaction. Those insurance rates are anywhere from $7 to $10 a month. We see really good results with that.

此外，我們發現人們在我們的 Next 銷售中幾乎以 50% 的折扣購買保險。所以這會有幫助，我們會繼續找到滿足感。這些保險費率從每月 7 美元到 10 美元不等。我們看到了非常好的結果。

Third, we are seeing people buy bigger buckets, as we mentioned. I think we mentioned -- Ralph mentioned that there was 14 million or so Mobile Share Value accounts. Over half or about half of those are taking 10 gig or better, and with the new phones coming out, people are using more data. We continue to see usage growth, which is going to drive revenue growth.

第三，正如我們所提到的，我們看到人們購買更大的水桶。我想我們提到過——拉爾夫提到大約有 1400 萬個行動股票價值帳戶。其中超過一半或大約一半使用 10 GB 或更多數據，隨著新手機的推出，人們正在使用更多數據。我們繼續看到使用量的成長，這將推動收入的成長。

All of those things are what give us confidence in what we see and why we believe there is going to be real opportunity for improving revenue trends.

所有這些都讓我們對所看到的充滿信心，也讓我們相信將有真正的機會改善收入趨勢。

But lastly, very much so we think the Next take rate, and especially with the opportunity for maybe some new devices in the holiday season, will also generate some improvement in our numbers.

但最後，我們認為 Next 的使用率，尤其是在假期期間可能有一些新設備的機會，也將使我們的數字有所改善。

So, feel really good about the whole package, not just the equipment story.

所以，對整個包感覺非常好，而不僅僅是裝備故事。

John, one other thing that I think we both feel good about is if you look at those larger data buckets, we mentioned that about half of our base is on buckets that are 10 gigs or higher. But if you look at actually as customers add lines to their Mobile Share Value plans, we are seeing that number that are selecting the 10 gig or higher plan be 70%.

約翰，我認為我們都感覺良好的另一件事是，如果你看看那些更大的數據桶，我們提到我們的基礎大約有一半是在 10 GB 或更高的數據桶上。但如果您實際觀察一下，當客戶將線路添加到其移動共享價值計劃中時，我們會發現選擇 10 場或更高級別計劃的人數為 70%。

So we got about half the base, but on the ones that are getting added, the take rates are even significantly higher. So it gives us great encouragement that as you look at Mobile Share and Next, number one, it's producing lower churn and number of customer lifetimes. Number two, it is actually reducing our subsidies, and number three, it's resulting in these large data bucket purchases that we know will increase ARPU, as we define it now to be phone-only ARPU plus Next billings. Those are expected to increase for the remainder of the year.

所以我們得到了大約一半的基礎，但在添加的基礎上，採用率甚至要高得多。因此，當您查看 Mobile Share 和 Next 時，第一，它正在降低客戶流失率和客戶生命週期數量，這給了我們很大的鼓勵。第二，它實際上減少了​​我們的補貼，第三，它導致了我們知道這些大數據桶的購買會增加 ARPU，因為我們現在將其定義為純電話 ARPU 加上下一個賬單。預計今年剩餘時間這些數字將會增加。

So we feel really good the strategy is working and it is having its intended results.

因此，我們感覺該策略正在發揮作用，並且正在取得預期結果，這非常好。

John, let me go ahead and add one other thing that I make clear that you got out of the presentation. There was about a 200 basis-point pressure in the wireless revenue growth this quarter, and it has to do with we are now selling our Next program through our agent. And so instead of recognizing the revenue when we deliver to the agent, we recognize the revenue when they deliver to the customer, and so that delayed and had an impact on revenue this quarter.

約翰，讓我繼續補充另一件事，我已經明確表示你在演示中沒有提到這一點。本季無線營收成長面臨約 200 個基點的壓力，這與我們現在透過代理商銷售 Next 計畫有關。因此，我們不是在向代理商交付產品時確認收入，而是在他們向客戶交付產品時確認收入，因此延遲並對本季度的收入產生了影響。

By the end of the year, we think we will get that back, especially in the holiday season when inventories are traditionally low.

到今年年底，我們認為我們將恢復這一水平，特別是在庫存傳統上較低的假期期間。

In addition, we had some -- early on in the quarter, we had some pressure from some promotional activities. As you know, we really haven't run any significant promotional activities since the April timeframe. So we think we've got most of that pressure behind us.

此外，我們在本季初也面臨一些促銷活動帶來的壓力。如您所知，自四月以來我們確實沒有開展任何重大促銷活動。所以我們認為我們已經克服了大部分壓力。

When you put those two things together, we have a better starting point than we may appear, based on our -- on the appropriately reported results.

當你把這兩件事放在一起時，根據我們適當報告的結果，我們有一個比看起來更好的起點。

Got it. Okay, thanks for all the detail, guys.

知道了。好的，謝謝你們提供的所有細節。

Joe Mastrogiovanni, Credit Suisse.

喬·馬斯特羅喬瓦尼，瑞士信貸。

Thanks for taking the question. Ralph, can you give us a sense for the exit rate for churn at the end of the quarter?

感謝您提出問題。拉爾夫，您能為我們介紹一下季度末的流失退出率嗎？

And then, John, you just mentioned the promotional activity. Do you have an idea of how much of the sub growth was actually driven by the promotional activity we saw early on in the quarter?

然後，約翰，你剛才提到了促銷活動。您是否知道有多少子成長實際上是由我們在本季度初看到的促銷活動所推動的？

First, on the churn in the quarter, as I mentioned earlier, what is really encouraging is that we saw both May and June be lower than our postpaid churn in April, and usually it's the reverse.

首先，關於本季的流失率，正如我之前提到的，真正令人鼓舞的是，我們看到5 月和6 月的後付費流失率都低於4 月份的後付費流失率，而且通常情況恰恰相反。

So it says that the plans that we have put in place are bending the curve in the right direction, trending to lower churn in the back half of the quarter, as opposed to being higher, which is traditionally what we have seen in mobility. So, it is very encouraging and we are seeing very good churn levels at this point. So, I don't see anything that will drive it in a different direction.

因此，這表明我們制定的計劃正在使曲線向正確的方向彎曲，在本季度後半段趨於降低客戶流失率，而不是傳統上我們在行動領域看到的更高的客戶流失率。因此，這是非常令人鼓舞的，我們目前看到的客戶流失率非常高。所以，我看不出有什麼會推動它朝不同的方向發展。

This is John. We both -- and the whole operation -- we remain very optimistic about churn continuing to improve on a year-over-year basis, compared to the historical levels, so we feel really good about that.

這是約翰。與歷史水平相比，我們雙方以及整個營運部門對客戶流失率繼續逐年改善仍然非常樂觀，因此我們對此感覺非常好。

With regard to the net adds we had, we really haven't had any significant promotional programs in effect in May or June. We had some in March and some of the cost of those were appropriately accounted for when the customers earned those discounts, or actually in April. So, we really didn't see much in the way of significant customer change with regard to that. We may have seen some of that benefit in March, but I will tell you it seems like in the [noisy] environment, we have a lot of our competitors who are very active in that, and quite frankly, we were not. We were not as active as others.

就我們的淨增加而言，我們在五月或六月確實沒有任何重大的促銷計劃。我們在三月有一些，當客戶獲得這些折扣時，或者實際上在四月份，這些費用的一些成本已經被適當地計算在內。因此，我們確實沒有看到客戶在這方面發生太多重大變化。我們可能在三月看到了一些好處，但我會告訴你，似乎在[吵雜]的環境中，我們有很多競爭對手在這方面非常活躍，但坦白說，我們並不活躍。我們不像其他人那麼活躍。

By the way, Joe, one other point of reference, the 0.86% churn number, as far as I know, if you go back and look at the history of wireless, is the second lowest churn ever reported by a company in the history of wireless, and the one that was lower than that was only 2 basis points lower two years ago.

順便說一句，喬，另一個參考點，據我所知，如果你回顧一下無線的歷史，0.86% 的流失率是歷史上公司報告的第二低的流失率。無線，比兩年前只低了2個基點。

So, not only is it the lowest for AT&T, but some of the lowest churns ever reported by any company in wireless.

因此，這不僅是 AT&T 最低的流失率，而且也是無線行業有史以來報告的最低流失率的公司之​​一。

Obviously, Joe, we feel real good about where we are at and how we are performing. The team is doing a great job.

顯然，喬，我們對我們所處的位置以及我們的表現感到非常滿意。該團隊做得很好。

Okay, guys, thanks.

好的，夥計們，謝謝。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

John, on capital spending, you reiterated the $21 billion. That implies about a 20% drop, second half versus first half, and I know there has been a lot of talk in the market around CapEx freezes and so forth. So perhaps you could just provide a little clarity about how you are going to get there and what impact that has on wireless or wireline.

約翰，關於資本支出，您重申了 210 億美元。這意味著下半年與上半年相比下降了約 20%，而且我知道市場上有很多關於資本支出凍結等問題的討論。因此，也許您可以稍微澄清一下您將如何實現這一目標以及這對無線或有線有何影響。

And then, for Ralph, I think in the June release, you said about one-half of customers would be on no-device plans by midyear and about two-thirds by the end of the year, and I think you hit 44%. So as we go into Q3 and Q4, are you still targeting that two-thirds number or are we coming in a little bit lower than that? Thanks.

然後，對於Ralph，我認為在6 月份的版本中，您曾表示，到年中大約一半的客戶將採用無設備計劃，到年底大約三分之二的客戶將採用無設備計劃，我認為您達到了44%。因此，當我們進入第三季和第四季時，您仍然以三分之二的數字為目標，還是我們的目標比這個數字低一點？謝謝。

Let me answer the last one first, Simon, and yes, that's exactly what we are targeting.

讓我先回答最後一個問題，西蒙，是的，這正是我們的目標。

What we have seen, Simon, is, first of all, we started with our Company-owned retail stores and it was a huge smash hit. Then we brought in our dealers, and they have been a huge smash hit, almost exactly the same performance that we saw in our Company-owned retails, which are much higher than the averages that we are reporting.

西蒙，我們所看到的是，首先，我們從公司擁有的零售店開始，這引起了巨大的轟動。然後我們引入了我們的經銷商，他們取得了巨大的成功，幾乎與我們在公司擁有的零售店中看到的表現完全相同，遠高於我們報告的平均水平。

Now we are bringing national retails. These are national retail agents that have not sold Next up to this point who will be coming online, and so we expect those to come online in the third and fourth quarters, further increasing the rate. So, we're fairly confident that you're going to see an increase from the rates that we reported in the second quarter.

現在我們正在帶來全國零售。這些是迄今為止尚未銷售 Next 的全國性零售代理商，他們將上線，因此我們預計這些代理商將在第三和第四季上線，從而進一步提高比率。因此，我們相當有信心您會看到我們第二季報告的費率增加。

Simon, with regard to the CapEx story, yes, we did reiterate that we are going to be in the $21 billion range, and we're going to stay with that.

Simon，關於資本支出的故事，是的，我們確實重申我們將在 210 億美元的範圍內，我們將堅持這一點。

With regard to the commentary on the overload of that $1 billion spend in the first six months, I guess I am well aware of the commentary and the talk that many people have had that we had changed our spending patterns, but based on those numbers, it would seem that some people were misinformed. It may have been more about the spread or the sharing amongst our spend.

關於前六個月 10 億美元超額支出的評論，我想我很清楚許多人的評論和言論，即我們已經改變了支出模式，但基於這些數字，看來有些人受到了誤導。可能更多的是關於我們支出之間的傳播或分享。

If you are thinking about how we're going to get down to the $21 billion range, I would suggest this, we are very near complete with our $300 million LTE build, and in fact, we expect to complete that later this summer. So most of the spending for that and much of the spending for the network densification has been already placed. We just need to go out and utilize and put those assets into service, which we are apt to do.

如果您正在考慮我們將如何降低到 210 億美元的範圍，我建議您這樣做，我們已經非常接近完成 3 億美元的 LTE 建設，事實上，我們預計將在今年夏天晚些時候完成。因此，大部分支出以及網路緻密化支出已經到位。我們只需要走出去，利用這些資產並將其投入使用，這是我們很容易做到的。

Secondly, we have done a lot of other of our systems and other corporate work with regard to laying out fiber and other things that we expect will moderate in the second half of the year and focus more on the utilization of assets that we placed in service. So, certainly, it will be a challenge, going to be a lot of work, but feel good about the fact that we can stay in that $21 billion range.

其次，我們已經完成了許多其他系統和其他公司工作，涉及鋪設光纖和其他事情，我們預計這些工作將在今年下半年緩和，並更專注於我們投入使用的資產的利用率。因此，當然，這將是一個挑戰，需要大量工作，但我們對能夠保持在 210 億美元的範圍內感到高興。

Thank you.

謝謝。

Amir Rozwadowski, Barclays.

阿米爾·羅茲瓦多夫斯基，巴克萊銀行。

Earlier this quarter, you folks mentioned that you have been able to secure some financing for your handset receivables, which I believe Randall had alluded to as an opportunity during your most recent analyst event. Now that we've seen a couple of quarters of the Next program, do you see further opportunities to finance some of these receivables?

本季早些時候，你們提到你們已經能夠為手機應收帳款獲得一些融資，我相信蘭德爾在你們最近的分析師活動中暗示這是一個機會。既然我們已經看到了 Next 計劃的幾個季度，您是否看到了為其中一些應收帳款提供融資的進一步機會？

And then, secondly, there has also been a lot of chatter around the possibility of extending bonus depreciation. I know, John, this is an area that you spent a decent amount of time looking at. Would love to hear your thoughts around where you think legislation is and where it ultimately shakes out, and the potential opportunity here with respect to your cash flow positioning.

其次，圍繞延長紅利折舊的可能性也有很多討論。我知道，約翰，您花了相當多的時間研究這個領域。我很想聽聽您對立法的看法以及最終的結果，以及您的現金流定位的潛在機會。

Sounds great, Amir, let me try to handle it.

聽起來不錯，阿米爾，讓我試著處理一下。

First of all, Citi was our lead bank in the Next monetization transaction that we completed in June. We received about $800 million in cash from the monetization of some of our Next accounts receivables.

首先，花旗是我們六月完成的下一個貨幣化交易的牽頭銀行。我們透過部分 Next 應收帳款的貨幣化獲得了約 8 億美元的現金。

With that being said, we still had a net investment in our customers of $1.5 billion -- more than $1.5 billion, actually, from January 1 through June 30. What we learned from that is it wasn't just Citi, but it was a number of other banks stepped up and were very interested in joining in the consortium to buy those receivables. There was plenty of demand. The financing costs were extremely low, very, very attractive, and the terms and conditions were very attractive. So, we went ahead and did it.

話雖如此，從 1 月 1 日到 6 月 30 日，我們對客戶的淨投資仍然為 15 億美元——實際上超過 15 億美元。我們從中學到的不僅僅是花旗，而且是許多其他銀行也紛紛加入，對加入該財團購買這些應收帳款非常感興趣。需求量很大。融資成本極低，非常非常有吸引力，條款和條件也非常有吸引力。所以，我們繼續做下去。

We're also very pleased with the fact that the collection of major banks established the real validity and the real value of those receivables, and we believe there continues to be great demand. In fact, all the participants in that have come back to us and said -- and asked us.

我們也非常高興的是，主要銀行的催收確定了這些應收帳款的真實有效性和真實價值，我們相信需求仍然很大。事實上，所有參與者都回來找我們並詢問我們。

So we will look at further opportunities, and we believe that's one of the reasons why I feel comfortable about our cash flow guidance for the year, in the sense that we have one of those levers is the monetization process, so that gives us great comfort.

因此，我們將尋找更多機會，我們相信這就是我對今年現金流指引感到滿意的原因之一，因為我們擁有的槓桿之一就是貨幣化流程，這給了我們很大的安慰。

Second piece is we're optimistic on bonus depreciation getting at least extended. There has been a number of bills out there, some to make it permanent, others to extend it. There seems to be a general sense that the extenders will get completed and approved, but maybe not until later this year. That would be a very good thing for a capital-intensive industry like us and help us continue to make significant investments in our network.

第二點是我們對紅利折舊至少會延長持樂觀態度。已經有許多法案出台，其中一些法案將其永久化，另一些法案則將其延長。人們似乎普遍認為擴展將完成並獲得批准，但可能要到今年晚些時候才能完成。對於我們這樣的資本密集產業來說，這將是一件非常好的事情，並幫助我們繼續對我們的網路進行重大投資。

The biggest cash impact for us would be in 2015. It would certainly help 2014, but the biggest cash impact for us would be in 2015 because of some of the nuances of the tax rules. And we are -- we file carefully and we are looking for every opportunity to promote that legislation.

對我們來說最大的現金影響將是在 2015 年。這肯定會對 2014 年有所幫助，但對我們來說最大的現金影響將是在 2015 年，因為稅收規則存在一些細微差別。我們正在仔細歸檔，我們正在尋找一切機會來推動這項立法。

Mike Rollins, Citi Investment Research.

麥克‧羅林斯，花旗投資研究部。

Thanks for taking the questions. Just a couple of follow-ups, if I could, please. I think last quarter you mentioned what the installment net receivables were at the end of the quarter. I was wondering if you can give us an update there.

感謝您提出問題。如果可以的話，請進行一些後續行動。我想上個季度您提到了季度末的分期付款淨應收帳款是多少。我想知道你能否給我們最新消息。

And then, secondly, if I can just go back to the churn improvement that you saw during the quarter, how should we think about who specifically the improvement came from? In other words, did it come from customers that were out of contract and were able to churn, but took advantage of the no-subsidy Mobile Share Value? Was it customers earlier in their life that may have churned prematurely where you were able to capture a benefit from? Is there a way to think about the segments of customers where you saw that churn savings? Thanks.

其次，如果我可以回顧一下您在本季看到的客戶流失率改善情況，我們應該如何考慮改善具體是誰？換句話說，它是否來自合約到期且能夠流失但利用了無補貼行動共享價值的客戶？是否是早期的客戶可能在您能夠從中獲益的情況下過早地流失了？有沒有一種方法可以考慮您看到節省的客戶流失率？謝謝。

I think the -- Mike, a couple things. One, I think the biggest churn improvements we saw were, quite frankly, in smartphones, in the overall category of smartphones, where the smartphone churn is lower than that 0.86 postpaid churn we saw.

我認為──麥克，有幾件事。第一，坦白說，我認為我們看到的最大的客戶流失率改善是在智慧型手機領域，在整個智慧型手機類別中，智慧型手機客戶流失率低於我們看到的 0.86 後付費客戶流失率。

Secondly, the customers who participated in our Mobile Share Value plan, their churn is also lower than the 0.86%.

其次，參與我們的Mobile Share Value計畫的客戶，他們的流失率也低於0.86%。

So as those plans grow and as our smartphone -- 80% smartphone base continues to go to our flow share of 92%, you can understand why we are optimistic about further churn improvement and the opportunity to continue this good run we're having.

因此，隨著這些計劃的發展，以及我們的智慧型手機（80% 的智慧型手機基數）繼續達到92% 的流量份額，您可以理解為什麼我們對客戶流失率的進一步改善以及繼續保持良好運行的機會持樂觀態度。

Mike, let me add a little more color to that. Like John said, when you compare the 1.02 churn to the 0.86, that extends the life of a customer by a year and half.

麥克，讓我為此添加更多色彩。正如約翰所說，當你將 1.02 的流失率與 0.86 的流失率進行比較時，客戶的生命週期延長了一年半。

If you do the same analysis, not on the total base, but on smartphones, that life extension goes to 2-1/2 years. The churn difference is actually greater if you compare smartphones on the same basis. So, you extend the life of a customer by 2-1/2 years, and then if you take smartphones who have Mobile Share Value and Next, you extend it even further than that.

如果你做同樣的分析，不是針對總基數，而是針對智慧型手機，則壽命延長至 2-1/2 年。如果在相同基礎上比較智慧型手機，流失率差異實際上更大。因此，您可以將客戶的壽命延長 2-1/2 年，然後如果您使用具有 Mobile Share Value 和 Next 功能的智慧型手機，則可以將壽命延長得更遠。

These results are early on, but are really encouraging, and it basically says that customers who choose Mobile Share Value and Next on smartphones are driving this thing down to really low levels.

這些結果還處於早期階段，但確實令人鼓舞，它基本上表明，在智慧型手機上選擇 Mobile Share Value 和 Next 的客戶正在將這種情況降低到非常低的水平。

And by the way, the numbers that we are quoting on churn are, of course, total churn. There is some involuntary churn, so the voluntary churn numbers are actually even lower than the ones that we have just published.

順便說一句，我們引用的流失率數據當然是總流失率。存在一些非自願流失，因此自願流失的數字實際上甚至低於我們剛剛發布的數字。

Michael, as you said on the installment sales, I will tell you it's a mixed bag of numbers, so I don't want to -- I want to make sure I don't direct you to some -- one specific line on the financial statements.

邁克爾，正如你在分期付款銷售中所說的那樣，我會告訴你這是一個混合的數字，所以我不想 - 我想確保我不會引導你到一些 - 上的一個特定行財務報表。

But if you look at our accounts receivable and then you add in our long-term assets that relate to Next, because some of the receivables are over 12 months, and then you look at the deferred purchase price from the Citi organization, you get a sense that we are in the area of $3.2 billion of total receivables, and that is after taking into account of reducing it for the monetization we did.

但是，如果您查看我們的應收帳款，然後添加與 Next 相關的長期資產，因為有些應收帳款超過 12 個月，然後您查看花旗組織的遞延購買價格，您會得到感覺我們的應收帳款總額約為32 億美元，而且這是在考慮到我們所做的貨幣化而減少的情況下的。

We will disclose this information in our 10-Q, so I will give you that back to say we will make sure we, as we have in the first-quarter Q, disclose that.

我們將在 10-Q 中披露這些信息，所以我會告訴你，我們將確保我們像第一季 Q 中那樣披露這一點。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

I guess two quick ones. First, the buyback pace was a little slower. Should we think of that as the new run rate, given the DTV transaction out there, and I know you said opportunistic, but assuming this -- at this level, give or take?

我猜有兩個快的。首先，回購步伐稍慢。考慮到 DTV 交易，我們是否應該將其視為新的運行率，我知道您說的是機會主義，但假設這一點 - 在這個水平上，給予還是接受？

And then, second, speaking of DTV, there are a lot of opportunities in Latin America. AMX may sell some assets. The Brazil auction is coming up. Would you anticipate being involved in anything in Latin America between now and the close of the DTV deal or in the future, or do you think of DTV it is as it is for a while? Thanks.

其次，說到數位電視，拉丁美洲有很多機會。 AMX 可能會出售一些資產。巴西拍賣即將舉行。從現在到 DTV 交易結束或將來，您是否預計會參與拉丁美洲的任何活動？或者您認為 DTV 會在一段時間內保持現狀嗎？謝謝。

Phil, real quick, on the buyback, you are absolutely right. The pace has moderated, and certainly we take into consideration all factors -- the DTV deal, our CapEx spending, quite frankly, our investment in our customers with Next.

菲爾，很快，關於回購，你是絕對正確的。步伐已經放緩，當然我們考慮了所有因素——DTV 交易、我們的資本支出，坦白說，我們對 Next 客戶的投資。

So, I am going to stick with the guidance we gave before that we are going to continue to be opportunistic, but you are absolutely right that the pace has moderated as compared to last year.

因此，我將堅持我們之前給予的指導，我們將繼續機會主義，但你說得對，與去年相比，步伐有所放緩。

With regard to any transactions, other than the accountants have already made on DTV, we really wouldn't want to speculate on any -- or comment on any speculation that is out there, so we will just -- we are just really focused on continuing to work with the regulatory agencies and getting the DTV transaction approved and moving forward with that. We still -- we are more excited about it and more confident that it is the right thing to do than ever, and so we want to push it forward.

關於任何交易，除了會計師已經在 DTV 上進行的交易之外，我們真的不想對任何交易進行推測，或者對任何現有的推測發表評論，所以我們只是——我們只是真正專注於繼續與監管機構合作，獲得數位電視交易的批准並繼續推進。我們仍然——我們對此感到更加興奮，並且比以往任何時候都更加相信這是正確的事情，因此我們希望推動它向前發展。

Nick, I think we are going to call for the last question.

尼克，我想我們要問最後一個問題。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

I think last quarter you gave the normalized ARPU, and maybe I missed it this quarter, if you normalized for the sale of the equipment. And maybe, I know you have the channel sales and a few other moving parts. Can you give us what your best guess on what the normalized revenue growth was for the quarter?

我認為上個季度您給出了標準化的 ARPU，如果您對設備銷售進行標準化，也許本季度我會錯過它。也許，我知道你們有通路銷售和其他一些活動部分。您能否告訴我們您對本季正常化營收成長的最佳猜測？

And then, lastly, I know you said customers are bringing their own -- more of their own devices, but are you seeing customers trade down to lower-cost devices with the Next plan now that they have to pay for it on their own? Thanks a lot.

最後，我知道您說過客戶會自帶更多自己的設備，但是您是否看到客戶現在必須自己支付費用，因此透過 Next 計劃轉而購買更低成本的設備？多謝。

Tim, a couple of things. If you look on slide 10 that we showed there, you can see that the ARPU plus the Next billings was about a little bit over $64, $64.35. That compares to last year's $67, so it's down around the 4%, 4.5% range.

提姆，有幾件事。如果您查看我們展示的幻燈片 10，您會發現 ARPU 加上下一個帳單大約略高於 64 美元，即 64.35 美元。與去年的 67 美元相比，下降了 4% 至 4.5% 左右。

Secondly, I will tell you that if you look at that as of the month of June, as opposed to the average for the quarter, that's about $1 higher. And so, what we are seeing is an expectation that through the rest of this year, you will see the ARPU plus those Next billings definitely increase, and we will be -- we are very optimistic about the opportunity to get back on track for growth. I will let Ralph take the other question.

其次，我會告訴你，如果你看看截至 6 月的數據，與該季度的平均值相比，你會發現價格大約高出 1 美元。因此，我們預計，在今年剩餘的時間裡，您將看到 ARPU 加上那些下一個賬單肯定會增加，我們將 - 我們對重回增長正軌的機會非常樂觀。我請拉爾夫回答另一個問題。

Yes, and Tim, what we are seeing today in terms of bring your own devices are devices that are typically hand-me-downs, but we are very excited because we see a new wave of low-cost smartphones where customers can outright purchase the device for a very low cost and, in essence, bring their own device by paying cash.

是的，Tim，我們今天看到的自帶設備通常都是二手設備，但我們非常興奮，因為我們看到了新一波的低成本智慧型手機，客戶可以直接購買設備的成本非常低，本質上是透過支付現金來攜帶自己的設備。

And the new lineup of smartphones that we will have in the second half will have several options of good-looking devices, very functional, large screens, at lower costs that will allow a customer to get our best price by a very simple purchase of the device. So we think that BYOD will probably increase as the year goes on.

And the new lineup of smartphones that we will have in the second half will have several options of good-looking devices, very functional, large screens, at lower costs that will allow a customer to get our best price by a very simple purchase of the裝置.因此，我們認為隨著時間的推移，BYOD 可能會增加。

For the quarter, Tim, I think our BYOD units were about 3 times or more than 3 times what they were last year, but the encouraging thing for us is about three-quarters or more of those went on accounts under contract. And so, while the BYOD doesn't require a contract, when they bring them, put them on an account that has a contract, we feel real good about the sustainability of those.

提姆，我認為本季我們的 BYOD 數量約為去年的 3 倍或 3 倍以上，但對我們來說令人鼓舞的是，其中大約四分之三或更多的數量是根據合約進行的。因此，雖然 BYOD 不需要合同，但當他們帶來它們，將它們放在有合約的帳戶上時，我們對這些的可持續性感到非常滿意。

And quite frankly, as Ralph mentioned, the fact that there is no subsidy cost of those makes it really a financially attractive situation.

坦白說，正如拉爾夫所提到的，事實上，這些沒有補貼成本，這使得它在財務上確實具有吸引力。

As we close, I want to thank you all for being with us this afternoon. We have made significant progress in transforming our business for growth in the second quarter, and in particular with repositioning our wireless business model. Postpaid net adds were very strong. Specifically, smartphone net adds were very strong, and we had our best-ever postpaid churn. And we have made great strides in moving smartphone subscribers off the subsidy model.

在我們結束之際，我要感謝大家今天下午和我們在一起。第二季度，我們在業務轉型以實現成長方面取得了重大進展，特別是在重新定位我們的無線業務模式方面。後付費淨增量非常強勁。具體來說，智慧型手機淨增加量非常強勁，我們實現了有史以來最好的後付費流失率。我們在讓智慧型手機用戶擺脫補貼模式方面取得了巨大進展。

We feel really good about our current momentum heading into the back half of the year and believe even stronger that our decision to go with this model was appropriate.

我們對進入今年下半年的當前勢頭感到非常滿意，並且更加相信我們採用這種模式的決定是合適的。

Thanks again for the call, and as always, thank you for your interest in AT&T. Have a great evening. Good night.

再次感謝您的來電，並一如既往地感謝您對 AT&T 的關注。祝您有個美好的夜晚。晚安。

With that, ladies and gentlemen, that does conclude our conference for today. We thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.

女士們、先生們，我們今天的會議到此結束。我們感謝您的參與和使用 AT&T 高階主管電話會議。您現在可以斷開連線。