AT&T Inc (T) 2015 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to AT&T first-quarter 2015 earnings conference call.

歡迎參加 AT&T 2015 年第一季度收益電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question-and-answer session.

稍後，我們將進行問答環節。

Instructions will be given at that time.

屆時將給出指示。

(Operator Instructions)

（操作員說明）

And at this time, I will turn the conference call over to your host, Senior Vice President of Investor Relations for AT&T, Mr. Mike Viola.

此時，我將把電話會議轉交給主持人，AT&T 投資者關係高級副總裁 Mike Viola 先生。

Please go ahead, Sir.

請繼續，先生。

Okay, thanks, Tony, and good afternoon, everyone.

好的，謝謝托尼，大家下午好。

Welcome to our first-quarter conference call.

歡迎來到我們的第一季度電話會議。

Thanks for joining us.

感謝您加入我們。

Joining me on the call today is John Stephens, AT&T's Chief Financial Officer.

今天和我一起參加電話會議的是 AT&T 的首席財務官約翰·斯蒂芬斯 (John Stephens)。

John will provide an update with a perspective on the quarter, and then we'll follow that with Q's & A's.

約翰將提供有關本季度的最新觀點，然後我們將通過問答來跟進。

One reminder, our earnings material is available on the Investor Relations page of AT&T's website, and that's ATT.com/investor.relations.

提醒一下，我們的收益資料可在 AT&T 網站的投資者關係頁面上找到，網址為 ATT.com/investor.relations。

Before we begin, let me call your attention to our Safe Harbor statement.

在我們開始之前，讓我提請您注意我們的安全港聲明。

The Safe Harbor statement says that some of our comments today may be forward-looking.

安全港聲明說，我們今天的一些評論可能是前瞻性的。

As such, they are subject to risks, uncertainties; results may differ materially, and additional information is available on the Investor Relations page of AT&T's website.

因此，它們受到風險和不確定性的影響；結果可能存在重大差異，更多信息可在 AT&T 網站的投資者關係頁面上找到。

So with that as an overview, I'll now turn the call over to AT&T's Chief Financial Officer, John Stephens.

因此，作為概述，我現在將把電話轉給 AT&T 的首席財務官約翰斯蒂芬斯。

John?

約翰？

Thanks, Mike.

謝謝，邁克。

And hello, everyone.

大家好。

Thank you for joining us today and thank you for your interest in AT&T.

感謝您今天加入我們，感謝您對 AT&T 的關注。

We are very excited about the progress we've seen in our business the last three years.

我們對過去三年在業務中取得的進步感到非常興奮。

We've set some ambitious goals to transform our business -- every part of our business -- to lay a new foundation for the future and for growth.

我們設定了一些雄心勃勃的目標來轉變我們的業務——我們業務的每個部分——為未來和增長奠定新的基礎。

The first quarter was another significant step in that transformation.

第一季度是該轉型的又一重要步驟。

To put it simply, we are executing very well.

簡而言之，我們執行得很好。

We have completed or are near completion with all of our project VIP network initiatives.

我們已經完成或接近完成所有項目 VIP 網絡計劃。

We are also ahead of plans with many of the transformational customer and operational initiatives that we now have underway.

我們還領先於我們現在正在進行的許多轉型客戶和運營計劃的計劃。

The results are impressive.

結果令人印象深刻。

You know the story.

你知道這個故事。

Our 4G LTE network now covers 308 million people, with ultrafast speeds.

我們的 4G LTE 網絡現已覆蓋 3.08 億人，速度超快。

We also deployed new Spectrum, densified the network, and added DAS and Wi-Fi capabilities to improve the quality and reach of our best-in-class network.

我們還部署了新的 Spectrum，加密了網絡，並添加了 DAS 和 Wi-Fi 功能，以提高我們一流網絡的質量和覆蓋範圍。

Our expanded wireline, IP broadband footprint reaches 57 million customer locations, and we now are offering 75 megabit speeds in 90 cities.

我們擴展的有線 IP 寬帶覆蓋範圍達到 5700 萬個客戶位置，我們現在在 90 個城市提供 75 兆比特的速度。

We've also deployed fiber to nearly 800,000 additional business locations with our 1 million goal in sight, enabling strategic services growth and Network On Demand possibilities.

我們還為近 800,000 個額外的業務地點部署了光纖，我們的 100 萬個目標在望，從而實現戰略服務增長和網絡隨需應變的可能性。

While transforming these networks, we've also invested heavily to transition our customer base.

在改造這些網絡的同時，我們還投入了大量資金來改造我們的客戶群。

Many of those transitions are nearing completion as well.

其中許多過渡也接近完成。

Several years ago, we started to move our postpaid base to smartphones and usage-based pricing.

幾年前，我們開始將後付費基礎轉移到智能手機和基於使用的定價。

Today, 84% of our postpaid phone base use smartphones, and almost 90% are on usage-based plans.

今天，我們 84% 的後付費電話用戶使用智能手機，而近 90% 的用戶使用基於使用的計劃。

And just one year ago, we accelerated the shift to the no-device subsidy model for smartphones when we launched Mobile Share Value plans.

就在一年前，當我們推出移動共享價值計劃時，我們加快了向智能手機無設備補貼模式的轉變。

Customer response to these plans has been tremendous.

客戶對這些計劃的反應是巨大的。

About 60% of our postpaid smartphone subscribers already are on no-device subsidy plans.

我們大約 60% 的後付費智能手機用戶已經在享受無設備補貼計劃。

The surge of customers coming to value plans provides for some expected tough comparisons when looking at year-over-year financial results, but our record-breaking churn demonstrates that we made the right move in introducing these plans.

在查看同比財務結果時，採用價值計劃的客戶激增提供了一些預期的艱難比較，但我們破紀錄的客戶流失表明我們在引入這些計劃時採取了正確的舉措。

We also move to strengthen our position in new growth areas.

我們還採取行動加強我們在新增長領域的地位。

In prepaid, we acquired Cricket and paired it with our LTE network to provide a premium prepaid experience.

在預付費方面，我們收購了 Cricket 並將其與我們的 LTE 網絡配對以提供優質的預付費體驗。

We also saw the future of the Internet of Things, and developed platforms, such as the connected car and home automation.

我們還看到了物聯網的未來，開發了聯網汽車和家庭自動化等平台。

We now have more than 20 million connected devices on our network, and the future is very bright for additional growth.

現在，我們的網絡上連接了超過 2000 萬台設備，未來還會有更多的增長。

In wireline, the transformation IP broadband is nearing completion.

有線方面，IP寬帶轉型已接近尾聲。

That means most of the costs associated with this transformation are also behind us.

這意味著與此轉型相關的大部分成本也已經過去。

Today, nearly 80% of our broadband base is on IP, and about 90% of the customers with access to IP broadband already have it.

今天，我們近 80% 的寬帶基礎是 IP，大約 90% 的接入 IP 寬帶的客戶已經擁有它。

And more than 30% of our business wireline revenues come from our strategic IP services.

我們超過 30% 的有線業務收入來自我們的戰略 IP 服務。

And finally, we have been laser-focused on improving our operations, driving efficiencies across the board.

最後，我們一直專注於改善我們的運營，全面提高效率。

We are seeing good traction with several Project Agile cost savings initiatives, including Digital First, which is our companywide effort to make it easy for customers to do business online.

我們看到了多項 Project Agile 成本節約計劃的良好牽引力，其中包括 Digital First，這是我們全公司範圍內為讓客戶輕鬆開展在線業務而做出的努力。

The number of digital transactions with our customers has increased by the tens of millions the last two years, and we expect to see that increase by millions more in this coming year.

在過去的兩年裡，與我們客戶的數字交易數量增加了數千萬，我們預計在來年還會再增加數百萬。

We also have been reducing cycle times in provisioning new services.

我們還一直在縮短提供新服務的周期時間。

This improves our competitiveness, our revenue opportunities, and the customer experience, while reducing expenses as well.

這提高了我們的競爭力、我們的收入機會和客戶體驗，同時也減少了開支。

And we took a giant step with our leading software-defined network initiative when we launched Network On Demand capabilities for business customers in 100 cities.

當我們為 100 個城市的企業客戶推出網絡隨需應變功能時，我們在領先的軟件定義網絡計劃方面邁出了一大步。

We continue to take steps to make our capital structure more efficient, including monetization of assets, reducing borrowing costs, and implementing working capital improvements.

我們繼續採取措施提高我們的資本結構效率，包括資產貨幣化、降低借貸成本和改善營運資本。

This has contributed to our strong balance sheet, and given us the financial strength we need to continue to invest and diversify our business.

這有助於我們穩健的資產負債表，並賦予我們繼續投資和實現業務多元化所需的財務實力。

The moves to diversify our business also continue on track in the first quarter.

我們業務多元化的舉措也在第一季度繼續推進。

Those details are on slide 4.

這些詳細信息在幻燈片 4 上。

We've executed Project VIP in our transformation well, doing the hard work necessary to enable the Company to move forward.

我們在轉型中很好地執行了 VIP 項目，做了必要的艱苦工作，使公司能夠向前發展。

This puts us in a great position to achieve the vision we laid out for you last quarter -- a vision of a new AT&T, a diversified integrated wireless and wireline company for both business and consumers, uniquely positioned in a world of high-speed mobile connectivity and video.

這使我們處於有利地位，可以實現我們上個季度為您制定的願景——新 AT&T 的願景，一家面向企業和消費者的多元化綜合無線和有線公司，在高速移動世界中獨樹一幟連接和視頻。

We expect the DirecTV transaction will close this quarter.

我們預計 DirecTV 交易將在本季度完成。

We have done a lot of work identifying opportunities for additional cost synergies between these two great companies.

我們已經做了大量工作來確定這兩家偉大公司之間額外成本協同效應的機會。

This includes savings from supply chain, installation, customer care, and even sending just one bill.

這包括節省供應鏈、安裝、客戶服務，甚至只寄一張賬單。

This has increased our confidence that we can significantly exceed the original $1.6 billion expected in cost synergies.

這增加了我們的信心，我們可以大大超過最初預期的 16 億美元的成本協同效應。

In fact, we now believe cost synergies alone will exceed a $2.5 billion run rate by year-three.

事實上，我們現在相信，到第三年，僅成本協同效應就會超過 25 億美元的運行率。

In wireless, we closed on IUSACELL, the first of our Mexico wireless acquisitions.

在無線領域，我們收購了 IUSACELL，這是我們在墨西哥的第一筆無線收購。

And we expect to close the Nextel Mexico deal shortly.

我們預計不久將完成與 Nextel Mexico 的交易。

Together, these properties will give us a leading Spectrum position in a dynamic wireless market that is just beginning its transformation to the mobile Internet.

總之，這些特性將使我們在剛剛開始向移動互聯網轉型的動態無線市場中處於領先地位。

We plan to deploy near-nationwide 4G LTE network, something we know how to do very well.

我們計劃在全國范圍內部署 4G LTE 網絡，我們知道如何做得很好。

It will be covering about 100 million people in a country that borders the United States.

它將覆蓋一個與美國接壤的國家的大約 1 億人。

The cross-border opportunities that this opens up are exciting from both a consumer and a business standpoint.

從消費者和企業的角度來看，這開闢的跨境機會都令人興奮。

We've also significantly improved our Spectrum position here in the United States.

我們還顯著改善了我們在美國的 Spectrum 地位。

Our LEAP acquisition brought with it an average of 10 megahertz of Spectrum in the top 100 markets, covering 137 million people.

我們對 LEAP 的收購為前 100 個市場帶來了平均 10 兆赫的頻譜，覆蓋了 1.37 億人。

Some of it was unused Spectrum.

其中一些是未使用的 Spectrum。

We've already put much of that unused Spectrum to work in more than 200 markets.

我們已經將大部分未使用的 Spectrum 用於 200 多個市場。

And we've begun shutting down the legacy CDMA networks.

我們已經開始關閉傳統的 CDMA 網絡。

We expect that process to be complete by the end of the year, and we will quickly redeploy that Spectrum as well.

我們預計該過程將在今年年底完成，我們也將迅速重新部署該 Spectrum。

We also made a major investment earlier this year when we acquired licenses for near-nationwide contiguous 2 by 10 megahertz block of high-quality AWS-3 Spectrum.

今年早些時候，我們還進行了一項重大投資，當時我們獲得了近乎全國范圍的連續 2 x 10 兆赫高質量 AWS-3 頻譜塊的許可。

Needless to say, we feel good about our Spectrum position.

不用說，我們對我們的 Spectrum 職位感到滿意。

This takes a lot of uncertainty out of the process with our ability to add capacity and maintain quality in a cost-efficient manner.

通過我們以具有成本效益的方式增加產能和保持質量的能力，這消除了流程中的很多不確定性。

We know what we have, and we know what we need to do.

我們知道我們擁有什麼，也知道我們需要做什麼。

And we have a clear path to delivering a network that customers want, that customers expect, and that customers will use.

我們有一條清晰的路徑來提供客戶想要的、客戶期望的和客戶將使用的網絡。

With that as background, let's take a look at our consolidated financial summary on slide 5.

以此為背景，讓我們看一下幻燈片 5 上的綜合財務摘要。

Adjusted consolidated revenues grew to more than $32.6 billion, and that's up about $375 million when you adjust for the sale of our Connecticut wireline properties.

調整後的綜合收入增長到超過 326 億美元，如果您對我們康涅狄格州有線資產的銷售進行調整，則增加了約 3.75 億美元。

This growth was driven by continued success in wireless, as we repositioned our business model; strong demand for strategic business services; and adjusted wireline consumer revenue growth.

隨著我們重新定位我們的商業模式，這種增長是由無線業務的持續成功推動的；對戰略業務服務的強烈需求；並調整了有線消費者收入增長。

Adjusted wireline revenues were down about 1%, but revenues were essentially flat year-over-year, if you adjust for the impact of foreign exchange and discontinued businesses.

調整後的有線收入下降了約 1%，但如果針對外彙和停產業務的影響進行調整，則收入同比基本持平。

Adjusted EPS for the quarter was $0.63.

本季度調整後的每股收益為 0.63 美元。

That includes adjustments for LEAP integration expenses as well as costs associated with the voluntary employee retirement plan.

這包括 LEAP 整合費用的調整以及與員工自願退休計劃相關的費用。

It also excludes a one-time $0.05 benefit from a tax planning-related matter.

它還不包括從稅務規劃相關事項中獲得的一次性 0.05 美元收益。

And while we don't show this on an adjusted basis, first-quarter 2014 earnings also include the income we received from our previous equity ownership at America Movil, as well as net income from our divested Connecticut wireline operations.

雖然我們沒有在調整後的基礎上顯示這一點，但 2014 年第一季度的收益還包括我們從之前在 America Movil 的股權中獲得的收入，以及從我們剝離的康涅狄格州有線業務中獲得的淨收入。

Those two provided about $0.03 of EPS in the first quarter of the last year that we don't have this year.

這兩個在去年第一季度提供了我們今年沒有的每股收益約 0.03 美元。

Our business also continues to generate solid cash flows, with free cash flow of $2.8 billion.

我們的業務還繼續產生穩定的現金流，自由現金流為 28 億美元。

Cash from operations totaled $6.7 billion, and that includes an additional $500 million investment in our next customer base.

運營現金總額為 67 億美元，其中包括對我們下一個客戶群的額外 5 億美元投資。

And capital expenditures were $4 billion.

資本支出為 40 億美元。

At the end of the quarter, our cash balance was $4.4 billion.

本季度末，我們的現金餘額為 44 億美元。

And in terms of uses of cash, dividend payouts totaled $2.4 billion.

在現金使用方面，股息支付總額為 24 億美元。

At the same time, we maintained a solid balance sheet while continuing to invest in the business.

與此同時，我們在繼續投資業務的同時保持了穩健的資產負債表。

During the quarter, we funded investments in AWS Spectrum and IUSACELL, and we're also well-positioned for our planned investments in DirecTV and Nextel Mexico.

在本季度，我們資助了對 AWS Spectrum 和 IUSACELL 的投資，我們也為我們計劃對 DirecTV 和 Nextel Mexico 的投資做好了準備。

Net debt to adjusted EBITDA at the end of the quarter was 2.19.

本季度末淨債務與調整後 EBITDA 之比為 2.19。

And as we said before, with our transformational investments in DirecTV, Mexico, and Spectrum, we will go above our normal net debt to EBITDA target.

正如我們之前所說，通過我們對 DirecTV、墨西哥和 Spectrum 的轉型投資，我們將超過正常的淨債務與 EBITDA 目標。

But after we close the DirecTV transaction, our focus with free cash flow after dividends will be on paying down debt and getting back to our target range.

但在我們完成 DirecTV 交易後，我們對分紅後自由現金流的關注點將是償還債務並回到我們的目標範圍。

Now, let's turn to our operational highlights starting with wireless on slide 6. Our wireless results this quarter only include our domestic operations.

現在，讓我們從幻燈片 6 上的無線開始轉向我們的運營亮點。我們本季度的無線業績僅包括我們的國內業務。

Information on our IUSACELL operations is included under the International segment in our financial statements and is separately broken out.

有關我們 IUSACELL 運營的信息包含在我們財務報表的國際部分下，並單獨列出。

The repositioning of our smartphone base by giving customers the choice of lower-priced service with no-device subsidy plans continues to show positive results.

通過為客戶提供低價服務和無設備補貼計劃，我們重新定位了我們的智能手機用戶群，繼續取得積極成果。

Postpaid churn was 1.02%, the best first-quarter that we have ever had and the best in the industry this quarter.

後付費客戶流失率為 1.02%，是我們有史以來最好的第一季度，也是本季度業內最好的。

This continues the positive trend we saw last year, and comes in a very noisy and competitive marketplace.

這延續了我們去年看到的積極趨勢，並且出現在一個非常嘈雜和競爭激烈的市場中。

And prepaid churn also showed strong continued signs of improvement, thanks to the strength of our Cricket operations.

由於我們 Cricket 業務的實力，預付費客戶流失率也顯示出持續改善的跡象。

Total net adds came in strong at 1.2 million.

總淨增加量強勁，達到 120 萬。

That was led by gains in postpaid and connected devices.

這是由後付費和連接設備的增長帶動的。

We added more than 440,000 postpaid subscribers in what is traditionally a slow net add quarter, thanks to strength in tablets.

由於平板電腦的強勁表現，我們在傳統上淨增緩慢的季度增加了超過 440,000 名後付費用戶。

These tablet gains more than offset a decline of feature phone subscribers.

這些平板電腦的收益足以抵消功能手機用戶的下降。

We also grew our high-quality postpaid smartphone base by another 500,000 in the quarter.

本季度，我們的高質量後付費智能手機用戶群又增加了 500,000 部。

This includes postpaid upgrades and migrations, which we don't include in our net add number.

這包括後付費升級和遷移，我們不包括在我們的淨增加數中。

And when you look at total branded smartphones, which includes both postpaid and prepaid, we added about 1.2 million smartphones to our base during the quarter.

當您查看包括後付費和預付費在內的品牌智能手機總數時，我們在本季度新增了約 120 萬部智能手機。

We also added about 1 million connected devices, thanks to a continued strong showing by connected cars.

由於聯網汽車的持續強勁表現，我們還增加了約 100 萬台聯網設備。

Connected device net adds were impacted by a change in how we report our session-based tablets.

我們報告基於會話的平板電腦的方式發生了變化，從而影響了連接設備的淨增加。

Previously, we included them as part of our prepaid base.

以前，我們將它們作為預付費基礎的一部分。

Now they are reported as connected device subscribers.

現在他們被報告為連接的設備訂閱者。

This gives us and you a better view of phone growth in prepaids, which now essentially includes only phone activity.

這讓我們和您可以更好地了解預付費電話增長情況，現在基本上只包括電話活動。

You see that this quarter, thanks to strong results from our Cricket offering, we had positive growth in prepaid.

您會看到，本季度，由於我們的板球產品取得了強勁的業績，我們的預付業務實現了正增長。

Cricket is just the latest example of our ability to integrate new businesses.

板球只是我們整合新業務能力的最新例子。

The team has done a very good job of transforming this business.

該團隊在轉變這項業務方面做得非常出色。

Retention is at a schedule, churn is less than expected and certainly much less than historical levels prior to our ownership.

保留是按計劃進行的，流失率低於預期，當然也遠低於我們擁有之前的歷史水平。

And we're doing a great job of moving customers off the legacy CDMA network.

我們在將客戶從傳統的 CDMA 網絡中轉移出來方面做得很好。

More than 90% of Cricket customers already are on the GSM platform.

超過 90% 的 Cricket 客戶已經在 GSM 平台上。

However, we do expect to see some pressure over the next quarters as we complete the transition to GSM and shut down the legacy CDMA networks.

然而，隨著我們完成向 GSM 的過渡並關閉傳統的 CDMA 網絡，我們確實預計在接下來的幾個季度會出現一些壓力。

Overall, postpaid gross adds and upgrades continue at a solid pace.

總體而言，後付費總增加和升級繼續保持穩健的步伐。

We had about 6.2 million smartphone sales in the quarter, slightly higher than last year's total.

本季度我們的智能手機銷量約為 620 萬部，略高於去年的總銷量。

Our postpaid upgrade rate was 6.6%.

我們的後付費升級率為 6.6%。

Smartphones were 94% of all phone sales and now make up about 84% of our postpaid phone base.

智能手機佔所有手機銷量的 94%，現在約占我們後付費手機群的 84%。

We still have about 16% of our phone base to transition to smartphones, but the bulk of the smartphone transformation has been completed.

我們仍有大約 16% 的手機要過渡到智能手機，但大部分智能手機轉型已經完成。

Transforming our phone base to LTE smartphones and moving those customers to no-subsidy and usage-based pricing has been a big investment for us.

將我們的手機基地轉變為 LTE 智能手機，並將這些客戶轉移到無補貼和基於使用的定價對我們來說是一項巨大的投資。

But once again, we made these investments, executed our plan, and are now in a strong position to move forward.

但是，我們再次進行了這些投資，執行了我們的計劃，並且現在處於向前發展的有利位置。

Now let's look at the progress we're making with shifting our customers to AT&T Next and Mobile Share.

現在讓我們看看我們在將客戶轉移到 AT&T Next 和 Mobile Share 方面取得的進展。

That information and revenue are on slide 7.

該信息和收入在幻燈片 7 上。

AT&T Next sales reached record levels -- nearly two-thirds of smartphone sales.

AT&T Next 的銷售額達到了創紀錄的水平——幾乎佔智能手機銷售額的三分之二。

Another 5% brought their own devices to our network.

另有 5% 的人將他們自己的設備帶到我們的網絡中。

That means 70% of phone sales in the quarter didn't carry a subsidy.

這意味著本季度 70% 的手機銷售沒有補貼。

Total wireless revenue was up about 2%, driven by 36% growth in equipment revenue.

在設備收入增長 36% 的推動下，無線總收入增長了約 2%。

The customers who choose to bring their own devices don't increase equipment expense for us, so the no-device subsidy model works for our customers and us, whether it's with Next or with bring your own device.

選擇自帶設備的客戶不會增加我們的設備費用，因此無設備補貼模式適用於我們的客戶和我們，無論是使用 Next 還是自帶設備。

As expected, service revenues this quarter were impacted by Mobile Share Value Plans.

正如預期的那樣，本季度的服務收入受到移動共享價值計劃的影響。

But because we have now passed the anniversary of the introduction of these plans, we expect the year-over-year comparisons will improve in the coming quarters.

但由於我們現在已經過了這些計劃推出的周年紀念日，我們預計未來幾個季度的同比比較將會有所改善。

At the end of the first quarter, more than 70% of our postpaid base is on Mobile Share Plans, with more than 60% of the postpaid smartphone base on no-device subsidy pricing.

在第一季度末，我們超過 70% 的後付費基礎是移動共享計劃，超過 60% 的後付費智能手機基於無設備補貼定價。

This means our first-quarter Next flow share percentage has exceeded the percentage of smartphone subs on no-device subsidy pricing.

這意味著我們第一季度的 Next 流量份額百分比已經超過了無設備補貼定價的智能手機訂閱者的百分比。

Mobile Share customers continue to buy up to larger buckets of data.

Mobile Share 客戶繼續購買更大的數據桶。

About half of all accounts are on plans 10 gigabytes or larger.

所有帳戶中大約有一半的計劃是 10 GB 或更大。

And about 20% are on plans of 15 gigabytes or more.

大約 20% 的計劃容量為 15 GB 或更多。

That's more than twice as many as a year ago.

這是一年前的兩倍多。

This helped drive a 14% increase in data billings.

這有助於推動數據賬單增長 14%。

As expected, the strong Next take rate helped drive the third consecutive quarter of sequential phone ARPU growth when you factor in Next billings.

正如預期的那樣，當您考慮 Next 賬單時，強勁的 Next take rate 幫助推動電話 ARPU 連續第三個季度增長。

The metric gives you a more accurate idea of what an average customer pays us each month.

該指標讓您更準確地了解普通客戶每月向我們支付的費用。

Phone-only ARPU with Next was more than $66 in the quarter, with the average monthly Next billings about $6.00 and growing.

Next 的純電話 ARPU 在本季度超過 66 美元，平均每月 Next 賬單約為 6.00 美元，並且還在增長。

That strong sequential increase comes even when you factor in the impact of our new data rollover plan, which generated about $0.25 of ARPU pressure in the quarter.

即使考慮到我們新的數據滾動計劃的影響，該強勁的連續增長也會出現，該計劃在本季度產生了約 0.25 美元的 ARPU 壓力。

As the Next base grows, so does the impact on billings.

隨著下一個基地的增長，對賬單的影響也在增加。

More than 30% of our smartphone base is now on AT&T Next, but 65% of our sales were on Next.

我們超過 30% 的智能手機用戶現在使用 AT&T Next，但我們 65% 的銷售額來自 Next。

So our ARPU with Next is expected to continue to grow.

因此，我們與 Next 的 ARPU 預計將繼續增長。

Now let's move to our wireline operations on slide 8. Our focus on profitability and transforming to IP technologies can be seen in our wireline results.

現在讓我們轉到幻燈片 8 上的有線業務。從我們的有線結果中可以看出我們對盈利能力和向 IP 技術轉型的關注。

On the business side, strategic business services are now close to one-third of the business wireline revenues.

在業務方面，戰略業務服務現在接近業務有線收入的三分之一。

And we continue to see strong demand for those services.

我們繼續看到對這些服務的強勁需求。

Adjusted strategic business service revenues improved by more than 15% in the quarter.

本季度調整後的戰略業務服務收入增長了 15% 以上。

And when you adjust for FX, growth was more than 17%.

當你調整外匯時，增長率超過 17%。

Adjusted wireline business revenues were down 3.3%.

調整後的有線業務收入下降了 3.3%。

However, about half of that decline comes from the impact of FX and our discontinued low-margin businesses, such as global hubbing.

然而，其中大約一半的下降來自外彙和我們停止的低利潤業務的影響，例如全球樞紐。

If you consider those items, the decline would've been 1.7%.

如果考慮這些項目，下降幅度為 1.7%。

And if you look at our combined business, wireline and wireless operations, revenue actually increased year-over-year.

如果你看看我們的合併業務、有線和無線業務，收入實際上是同比增長的。

While overall wireline business operations saw pressure, it was most pronounced in wholesale, in part due to our focus on profitable sales and the continued impacts of network grooming.

雖然整體有線業務運營面臨壓力，但批發業務最為明顯，部分原因是我們專注於盈利銷售和網絡修飾的持續影響。

Enterprise revenue was down less than 1% when you adjust for Connecticut and FX.

當您針對康涅狄格州和外匯進行調整時，企業收入下降不到 1%。

Small business revenues were also down.

小型企業的收入也有所下降。

However, there are some positive signs with new business starts and growing sales from our fiber build.

然而，有一些積極的跡象表明，新業務的開始和我們纖維構建的銷售額不斷增長。

We also took a significant step recently in our transition to software-defined networks.

最近，我們在向軟件定義網絡的過渡方面也邁出了重要一步。

We introduced Network On Demand for business customers in more than 100 cities.

我們為 100 多個城市的企業客戶推出了網絡點播。

This allows businesses to easily order, add, or change network services on their own in real-time.

這使企業可以輕鬆地實時自行訂購、添加或更改網絡服務。

In consumer, viewer services now make up about 70% of consumer revenues and help drive adjusted consumer revenue growth of more than 2%.

在消費者領域，觀眾服務現在約佔消費者收入的 70%，有助於推動調整後的消費者收入增長超過 2%。

U-verse started the year with solid subscriber gains, increasing penetration and strong revenue growth, including adding more than 400,000 IP broadband subscribers.

今年年初，U-verse 的用戶數量穩步增長，滲透率不斷提高，收入增長強勁，包括新增超過 400,000 名 IP 寬帶用戶。

That helped drive a net gain of almost 70,000 new subscribers to our overall broadband base.

這有助於為我們的整體寬帶基礎帶來近 70,000 名新用戶的淨收益。

We are nearing the completion of our broadband conversion to IP.

我們即將完成寬帶到 IP 的轉換。

About 80% of our broadband base is now on IP.

我們大約 80% 的寬帶基礎現在都在 IP 上。

That's 90% of our IP-eligible customers.

這是我們符合 IP 條件的客戶的 90%。

So we expect the number of migrations to ease throughout the year, as well as the costs associated with those conversions.

因此，我們預計全年的遷移數量以及與這些轉換相關的成本都會減少。

At the same time, we continue to increase broadband speeds.

與此同時，我們繼續提高寬帶速度。

We expanded our 75 megabits services to nearly 90 cities, and we offer GigaPower in 10 markets, including a just-announced deployment in Chicago.

我們將 75 兆比特服務擴展到近 90 個城市，並在 10 個市場提供 GigaPower，包括剛剛宣布的芝加哥部署。

We also hit a milestone with our Voice over IP services in the quarter.

本季度我們的 IP 語音服務也達到了一個里程碑。

We now have more than 5 million VoIP subscribers.

我們現在擁有超過 500 萬的 VoIP 用戶。

All this helped drive an increase in adjusted U-verse consumer revenues of almost 20%.

所有這些都有助於推動調整後的 U-verse 消費者收入增長近 20%。

Now let's move to margins, starting with wireless margins on slide 9. Wireless service margins were essentially stable year-over-year.

現在讓我們轉向利潤率，從幻燈片 9 的無線利潤率開始。無線服務利潤率同比基本穩定。

There was pressure from customers on no-device subsidy pricing in advance of upgrades and from the full quarter of inclusion of Cricket operations.

客戶對升級前的無設備補貼定價以及 Cricket 業務納入的整個季度都施加了壓力。

And our new data rollover plan also had about a 20 basis point impact on margins.

我們新的數據滾動計劃也對利潤率產生了大約 20 個基點的影響。

This was offset by the impact of AT&T Next and cost-saving initiatives in the quarter.

這被本季度 AT&T Next 和成本節約舉措的影響所抵消。

Wireline margins continue to stabilize, and operating margins were flat year-over-year.

有線業務利潤率繼續穩定，營業利潤率同比持平。

There was pressure from non-cash benefit expenses and TV content costs, but this was offset by growth in consumer and strategic business service revenues and solid execution on our cost initiatives.

非現金福利支出和電視內容成本帶來壓力，但這被消費者和戰略業務服務收入的增長以及我們成本計劃的穩健執行所抵消。

For the quarter, our adjusted consolidated operating margin was 18.5% compared to 19.6% in the year-ago quarter and 18.9% two years ago.

本季度，我們調整後的綜合營業利潤率為 18.5%，而去年同期為 19.6%，兩年前為 18.9%。

But most of the year-over-year difference is due to our strategic investments in Mexico and Cricket.

但大部分同比差異是由於我們在墨西哥和板球的戰略投資。

Cost efficiencies continue to be a priority with us.

成本效率仍然是我們的首要任務。

We discussed the success of our digital first initiative earlier.

我們之前討論了數字優先計劃的成功。

We also have made headway in cutting cycle times to provision new business services.

我們還在縮短提供新業務服務的周期時間方面取得了進展。

We are seeing up to a 40% reduction in cycle times on some IP products, with more than a 50% reduction in the fiber-ready buildings.

我們看到一些 IP 產品的周期時間減少了 40%，光纖就緒建築減少了 50% 以上。

Our software-defined network initiatives will help even more.

我們的軟件定義網絡計劃將提供更多幫助。

Before we open up the call for your questions, let me do a quick recap of the quarter on slide 10.

在我們開始徵求您的問題之前，讓我在幻燈片 10 上快速回顧一下本季度。

The first quarter was another big step in the transformation and diversification of our Company.

第一季度是我們公司轉型和多元化的又一大步。

Customers are moving to Mobile Share Value Plans and AT&T Next in increasing numbers.

越來越多的客戶轉向 Mobile Share Value Plans 和 AT&T Next。

This helped drive industry-leading postpaid churn and more than 1.2 million wireless net adds.

這有助於推動行業領先的後付費客戶流失和超過 120 萬無線網絡增加。

The success of the migration to IP technologies can clearly be seen in our wireline revenue numbers.

從我們的有線收入數字中可以清楚地看出向 IP 技術遷移的成功。

IP services now make up 70% of our consumer revenues.

IP 服務現在占我們消費者收入的 70%。

And our migration to IP broadband is near complete.

我們向 IP 寬帶的遷移已接近完成。

In business, strategic business services, which include our IP services, is close to one-third of the wireline business revenues.

在商業領域，戰略業務服務（包括我們的 IP 服務）接近有線業務收入的三分之一。

Strong demand has revenue growing at more than 15%.

強勁的需求使收入增長超過 15%。

At the same time, the moves we are making to diversify our business through video and international operations are on track.

與此同時，我們通過視頻和國際業務實現業務多元化的舉措正在按計劃進行。

We are confident the DirecTV and Nextel Mexico deals will close this quarter.

我們相信 DirecTV 和 Nextel Mexico 的交易將在本季度完成。

And we are taking steps to get all plans in place to close these transactions quickly.

我們正在採取措施制定所有計劃以快速完成這些交易。

Our solid balance sheet and cash flows provide the financial strength to invest and to make these transformative moves.

我們穩健的資產負債表和現金流為投資和實施這些變革性舉措提供了財務實力。

We feel very confident with our standalone guidance for the year.

我們對今年的獨立指導非常有信心。

We are on track and on plan.

我們正在按計劃進行。

In fact, we are at actually ahead of plan in many of the areas, including free cash flow.

事實上，我們在許多領域實際上都領先於計劃，包括自由現金流。

That gives us even greater confidence that we can hit our growth targets for the year, while also being prepared for the DirecTV and Nextel Mexico acquisitions.

這讓我們更有信心實現今年的增長目標，同時也為收購 DirecTV 和 Nextel Mexico 做好準備。

We are on the starting blocks for a very exciting year for AT&T.

對於 AT&T，我們正處於激動人心的一年的起跑線上。

We have made the investments and done the hard work necessary to position us to be a very different company.

我們進行了投資並完成了必要的艱苦工作，使我們成為一家截然不同的公司。

And we are ready for the opportunity ahead of us.

我們已準備好迎接擺在我們面前的機會。

With that, Tony, let's go ahead and take some questions.

有了這個，托尼，讓我們繼續回答一些問題。

(Operator Instructions) Simon Flannery, Morgan Stanley.

（操作員說明）西蒙弗蘭納里，摩根士丹利。

John, thanks for the update on DirecTV.

約翰，感謝您更新 DirecTV。

Can you just go into the merger synergy guidance a little bit more?

你能再多談談合併協同指導嗎？

Just what are the main buckets there?

那裡的主要桶是什麼？

And help us think about how it phases with year-one, two, three.

並幫助我們思考它如何在第一年、第二年、第三年分階段進行。

And then you sound confident on the closing this quarter.

然後你對本季度結束充滿信心。

Given all the headlines we have out there, just can you just give us some more sense of what makes you so confident?

考慮到我們所有的頭條新聞，你能否讓我們更多地了解是什麼讓你如此自信？

Thanks.

謝謝。

Thank you, Simon.

謝謝你，西蒙。

Real quickly, Simon, the base of most of our savings that we previously announced was going to content contracts as we understood them to be standard in the industry.

很快，西蒙，我們之前宣布的大部分儲蓄的基礎是內容合同，因為我們認為它們是行業標準。

And that was the basis for a large part of our $1.6 billion original target.

這是我們 16 億美元原始目標的很大一部分的基礎。

That, along with some of the normal synergies associated with bringing two public companies together.

那，連同與兩家上市公司合併相關的一些正常協同作用。

The additional ones are the opportunities we now see in going to, for example, one single truck roll to install products.

額外的機會是我們現在看到的機會，例如，一次上門安裝產品。

So combining the installation of both our broadband capabilities and our video capabilities into one truck roll, or giving the customers on one single bill, one single customer care operation, the ability to go to our supply chain to get better pricing with regard to our equipment, because specifically, one of us was buying set-top boxes and other equipment at lower numbers than the other one was.

因此，將我們的寬帶功能和視頻功能的安裝結合到一次上門服務中，或者讓客戶在一張賬單上，一次客戶服務操作中，能夠進入我們的供應鏈，以獲得更好的設備價格，因為具體來說，我們中的一個人購買機頂盒和其他設備的數量低於另一個人。

And so when you combine those, we are confident that we can get some more supply chain savings.

因此，當您將這些結合起來時，我們相信我們可以獲得更多的供應鏈節省。

There is also the standard cost of things like combined advertising, combined customer care, combined activities.

還有組合廣告、組合客戶服務、組合活動等標準成本。

But that's what we've built up to this $2.5 billion.

但這就是我們積累的 25 億美元。

They are cost savings.

它們是成本節約。

But we believe that they are very much real, very achievable, and we believe that they will grow -- certainly, in that third year is when they get to that 2.5 level, but they are significant during the 2017 third-year timeframe.

但我們相信它們非常真實、非常可實現，而且我們相信它們會增長——當然，在第三年達到 2.5 水平時，但它們在 2017 年第三年的時間框架內非常重要。

They will build starting in 2015, but build really in 2016, and really move towards significant amounts in 2017.

他們將在 2015 年開始建設，但真正在 2016 年開始建設，並在 2017 年真正實現顯著增長。

With regard to our confidence in the transaction closing, it really comes down to what that -- what the transactional value, and that is bringing customers greater choice, bringing more competition to the marketplace, bringing expanded opportunities for customers to get bundled services, services that they want, and really to improve the broadband capacity that's out there for customers through our additional investments of some of these savings.

關於我們對交易完成的信心，它實際上歸結為什麼——交易價值是什麼，這給客戶帶來了更多選擇，給市場帶來了更多競爭，為客戶帶來了更多獲得捆綁服務、服務的機會他們想要的，並通過我們對其中一些節省的額外投資，真正提高客戶的寬帶容量。

So as we continue to go through the process, we continue to feel good about where we are at.

因此，隨著我們繼續完成這個過程，我們繼續對自己所處的位置感覺良好。

And we are optimistic and continue to believe we'll close it this quarter.

我們很樂觀，並繼續相信我們會在本季度關閉它。

Great, thank you.

太好了謝謝。

Thank you.

謝謝你。

Phil Cusick, JPMorgan.

菲爾庫西克，摩根大通。

Hey, John, thanks.

嘿，約翰，謝謝。

Quick follow-up on Simon's question.

快速跟進西蒙的問題。

Have you had any indication from the DOJ or FCC either way in terms of approval?

在批准方面，您是否從 DOJ 或 FCC 獲得過任何指示？

And then second, if you can talk about the Mexican business, sort of the same thing.

其次，如果你能談談墨西哥的業務，那就差不多了。

What barriers remain to closing Nextel?

關閉 Nextel 還存在哪些障礙？

And how do you think about integrating those businesses from here and the need to ramp up CapEx to do that?

您如何看待從這裡整合這些業務以及需要增加資本支出來做到這一點？

Thanks.

謝謝。

Yes.

是的。

So, as would be normal in a transaction like the merger of DTV and AT&T, our legal representatives are having the normal process and context with parties within the rules and the normal course.

因此，在像 DTV 和 AT&T 的合併這樣的交易中，我們的法律代表在規則和正常過程中與各方進行正常的流程和背景是正常的。

I won't go into those details.

我不會深入這些細節。

But I will tell you, Phil, if you look at what's on the record out there and the benefits this brings, I think there's an easy path to see why this deal would get approved, and the benefits it will bring to consumers.

但我會告訴你，菲爾，如果你看看那裡的記錄以及它帶來的好處，我認為有一條簡單的途徑可以看出為什麼這筆交易會獲得批准，以及它會給消費者帶來什麼好處。

So I will leave it at that -- just we continue to feel good about it.

所以我會保留它 - 只要我們繼續對此感覺良好。

With regard to Mexico, the process for Nextel first had to go through the US bankruptcy process and the opportunity for other bidders to come in.

關於墨西哥，Nextel 的流程首先要經過美國的破產程序，並有機會讓其他競標者進來。

That process has all been completed.

該過程已全部完成。

The U.S. Bankruptcy Court has approved the sale, so we are now just left with getting the regulatory authorities in Mexico with Nextel to approve it.

美國破產法院已經批准了此次出售，所以我們現在只剩下讓墨西哥的監管機構和 Nextel 批准它了。

We are in, as you might expect, normal contact and that would be normal in a deal, respectful contact, and working through issues with them.

正如您所預料的那樣，我們處於正常接觸狀態，這在交易、尊重接觸以及與他們解決問題中都是正常的。

Our experience with them on IUSACELL, our experience with them on the regulatory framework that they've set up, and the economic environment they set up, gives us confidence that that deal could close shortly.

我們在 IUSACELL 上與他們的經驗，我們在他們建立的監管框架方面的經驗，以及他們建立的經濟環境，讓我們相信這筆交易很快就會完成。

And in terms of integrating those two mobile businesses once you have them?

一旦你擁有這兩個移動業務，就整合它們而言？

Yes.

是的。

So we will operate as one business.

因此，我們將作為一家企業運營。

We will get significant benefits from the two networks.

我們將從這兩個網絡中獲得顯著的收益。

And so we will be able to utilize the infrastructure of both companies to really help us manage and really prioritize capital investments.

因此，我們將能夠利用兩家公司的基礎設施來真正幫助我們管理資本投資並確定優先順序。

So it really will allow us, on a combined basis, to ramp up the networks much more quickly.

因此，它真的會讓我們在綜合的基礎上更快地提升網絡。

As we mentioned in my prepared remarks, when you combine the two companies, they clearly have a leading Spectrum position in Mexico, which also gives us an opportunity to very efficiently ramp up.

正如我們在準備好的發言中提到的那樣，當您將兩家公司合併時，他們顯然在墨西哥擁有領先的 Spectrum 地位，這也讓我們有機會非常有效地擴大規模。

Your comment or question, Phil, with regard to will we need to spend capital on that asset?

Phil，關於我們是否需要在該資產上投入資金，您有什麼意見或問題？

Absolutely.

絕對地。

We intend to get the network quality up to our standards in as quickly, as prudently possible.

我們打算盡快、盡可能謹慎地使網絡質量達到我們的標準。

We're working through those plans.

我們正在製定這些計劃。

And once we get the Nextel Mexico merger completed, we'll have all the information at our disposal to finalize those plans.

一旦完成與 Nextel Mexico 的合併，我們將掌握所有信息以完成這些計劃。

And then we'll come back to The Street at the same time we do with the DirecTV merger, and update you on those plans.

然後我們將在與 DirecTV 合併的同時回到 The Street，並向您更新這些計劃。

But it will take some additional capital.

但這需要一些額外的資金。

But, quite frankly in the Company, the size that we will become once the DirecTV and Nextel Mexico deal are closed, it will be a very manageable level of additional capital.

但是，坦率地說，在公司中，一旦 DirecTV 和 Nextel Mexico 交易完成，我們將達到的規模，這將是一個非常可控的額外資本水平。

Okay.

好的。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝你。

Mike McCormack, Jefferies.

邁克麥科馬克，傑富瑞。

Just a couple of things.

只是幾件事。

I guess first on the wireless side.

我想首先是在無線方面。

I think your comment is sort of, the way we would read it is, that phone-only ARPU and service revenue from a year-over-year growth perspective, have we sort of bottomed out and hit the tipping point there?

我認為你的評論有點像，我們的解讀方式是，從同比增長的角度來看，僅電話 ARPU 和服務收入，我們是否已經觸底並達到臨界點？

And then secondly, on wireless, what is the experience that you're having with customers that are on the Mobile Share Value when they go to upgrade?

其次，在無線方面，當客戶升級時，您對移動共享價值的客戶有什麼體驗？

Are you seeing any unusual churn activities around those guys?

您是否看到這些人周圍有任何不尋常的客戶流失活動？

Mike, we're not -- quite frankly, we're not seeing any unusual trend activities, really.

邁克，我們沒有——坦率地說，我們沒有看到任何不尋常的趨勢活動，真的。

And I don't mean to be inappropriate, but the 1.02% postpaid churn is the best we've ever had.

我並不是有意不當，但 1.02% 的後付費用戶流失率是我們有史以來最好的。

So -- and if you go beyond our -- if you subdivide our post-paid base into postpaid smartphones, as you can imagine, the churn is even lower.

所以 - 如果你超越我們 - 如果你將我們的後付費基礎細分為後付費智能手機，正如你可以想像的那樣，流失率甚至更低。

So, we feel very good about that.

所以，我們對此感覺很好。

With your comments with regard to service revenues, when you look at our service revenues this quarter, clearly was impacted by, so to speak, a full year of opportunity for customers to transition to Mobile Share.

關於您對服務收入的評論，當您查看本季度我們的服務收入時，顯然受到了影響，可以說，客戶有整整一年的機會過渡到 Mobile Share。

And really not only about a month -- no time prior to the first-quarter 2014, and only about a month of 2014 first-quarter for customers to transition.

實際上不僅是大約一個月——在 2014 年第一季度之前沒有時間，而且只有 2014 年第一季度大約一個月的時間供客戶過渡。

So, this is going to be the starkest comparison or the most significant comparison time.

因此，這將是最明顯的比較或最重要的比較時間。

We expect that those comparisons to get easier or to be less challenging as we go through the year, because we've established much more of a stable Mobile Share Value base, as of the end of the first-quarter compared to where we were at the end of the first quarter last year.

我們預計這些比較會隨著今年的推移變得更容易或更具挑戰性，因為與我們當時相比，截至第一季度末，我們已經建立了更加穩定的移動份額價值基礎去年第一季度末。

Okay, John, if I can just sneak one in on just thinking about the cash flow.

好吧，約翰，如果我能偷偷地談談現金流的話。

Any thoughts on plans for factoring in 2015 sort of a magnitude question?

對考慮 2015 年這種重大問題的計劃有什麼想法嗎？

And then CapEx run rate a little lower than we anticipated?

然後資本支出運行率比我們預期的要低一點？

Is that just ahead of the deals closing?

那是在交易結束之前嗎？

CapEx is just what we needed.

資本支出正是我們所需要的。

It is lower than run rate.

它低於運行速率。

We're not changing any guidance on CapEx.

我們不會改變資本支出的任何指導。

It's just more of a philosophy of spend it as you need it, don't spend it early.

這更像是一種按需花錢的理念，不要過早花錢。

With regard to factoring, you can expect us to factor every quarter this year.

關於保理業務，您可以期待我們今年每個季度都會進行保理業務。

Part of that process is to get an established track record on that.

該過程的一部分是在這方面獲得既定的跟踪記錄。

We've -- we did do it in the quarter.

我們已經 - 我們確實在本季度做到了。

Even with the factoring we did in the first quarter, we added to -- as I mentioned in the prepared remarks, we added to our total investment in our next customer base by about $500 million.

即使我們在第一季度進行了保理，我們也增加了 - 正如我在準備好的評論中提到的那樣，我們增加了我們對下一個客戶群的總投資約 5 億美元。

But I think we'll -- we expect to continue to use that securitization process in an effort to eventually get to a point where we'll have another option for financing our business, whether we choose to use it or not.

但我認為我們會 - 我們希望繼續使用該證券化流程，以最終達到我們將有另一種選擇為我們的業務融資的地步，無論我們是否選擇使用它。

Great.

偉大的。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝你。

John Hodulik, UBS.

約翰·霍杜里克，瑞銀。

Hey, John, just a couple of questions.

嘿，約翰，只是幾個問題。

First -- actually can you give us a number of how much factoring was done in the quarter?

首先——實際上你能告訴我們本季度完成了多少保理業務嗎？

And then a couple of follow-ups to previous questions.

然後是對先前問題的一些跟進。

The 70% of adds coming on no-subsidized plans is a big number.

70% 的無補貼計劃是一個很大的數字。

Is that the sort of top that we can expect?

這是我們可以期待的那種頂級嗎？

Or can you push that still higher?

或者你能把它推得更高嗎？

And then lastly, I think switching gears over to wireline, margins were off -- EBITDA margins were off a little bit on a year-over-year basis.

最後，我認為將設備切換到有線線路，利潤率下降了——EBITDA 利潤率同比略有下降。

Can you give us a sense for maybe what's driving that, and how that should trend on a year-over-year basis?

您能否告訴我們可能是什麼推動了這一點，以及它應該如何逐年發展？

Should we continue to see declines?

我們應該繼續看到下降嗎？

Or with some of the costs coming out of the Connecticut properties, do you expect that to be bottoming around here?

或者隨著康涅狄格州房產的一些成本，你預計它會在這裡觸底嗎？

Thanks.

謝謝。

So, listen, John.

所以，聽著，約翰。

Let me try to make sure I hit all these, and ask me -- challenge me, if I skip one, let me know.

讓我試著確保我達到了所有這些，然後問我 - 挑戰我，如果我跳過一個，請告訴我。

Sure.

當然。

First, I think we mentioned that we had about 65% take rate on Next on about a 0.2 million net adds upgrade sales.

首先，我想我們提到過，在大約 20 萬的淨增加升級銷售方面，我們對 Next 的接受率約為 65%。

So around 4 million Next sales.

所以大約有 400 萬的 Next 銷售額。

You guys can do the math on an average price of a phone to get kind of the gross receivable.

你們可以對手機的平均價格進行數學計算，以獲得應收賬款總額。

We mentioned that we increased our receivables, net increase in our investment in our customers by about $500 million.

我們提到我們增加了應收賬款，我們對客戶的投資淨增加了約 5 億美元。

The offset to the rest of the purchase price was about $1.5 billion of factoring.

其餘購買價格的抵消約為 15 億美元的保理費用。

And then some collections from customers for previously sold Next phones in early 2014, or even a few that we sold in 2013, that are now paying us monthly fees that we are collecting and keeping at the Company, but were not subject to prior monetizations or securitizations.

然後是 2014 年初以前售出的 Next 手機的一些客戶收藏，甚至是我們在 2013 年售出的一些，現在每月向我們支付費用，我們在公司收取並保留這些費用，但不受先前貨幣化或證券化。

On the net adds, at 70%, I think the key assumption there is, we've seen this 60%, 65% Next take rate before, and we've seen it again in this quarter.

在 70% 的淨增加率上，我認為關鍵假設是，我們之前已經看到了 60%、65% 的下一個採用率，並且我們在本季度再次看到了它。

The one thing I will tell you is that to get it to 70%, we had about 5% or about 300,000 -- a little over 300,000 BYOD devices.

我要告訴你的一件事是，為了達到 70%，我們有大約 5% 或大約 300,000 - 超過 300,000 個 BYOD 設備。

Those are great net adds for us.

這些對我們來說是很好的淨增加。

While they don't bring in any equipment revenue, they do -- they don't bring any equipment expense.

雖然他們沒有帶來任何設備收入，但他們確實帶來了 - 他們沒有帶來任何設備費用。

And so that's a good deal for us.

所以這對我們來說很划算。

And they often join Mobile Share Value Plans, so they are sticky customers.

而且他們經常加入 Mobile Share Value Plans，所以他們是粘性客戶。

That is the unknown, if you will, that 300,000 is a little bit below what it was running on a quarterly basis the last three quarters of last year.

這是未知數，如果你願意的話，300,000 比去年最後三個季度的季度運行量略低。

But this is typically a slower -- first quarter is typically a slower quarter.

但這通常比較慢——第一季度通常是一個較慢的季度。

We are still encouraged by the level of that.

我們仍然對這一水平感到鼓舞。

That will be the determinant of where we come out, whether we come out in that 60% to 65% range or if we get higher than that.

這將決定我們的結果，無論我們是在 60% 到 65% 的範圍內還是高於這個範圍。

We'll just have to wait and see.

我們只需要拭目以待。

But I do feel very good about the fact that, in total, that no-device subsidy is at 70%.

但我確實對這樣一個事實感到非常滿意，即總體而言，無設備補貼為 70%。

And quite frankly, the overall base on Mobile Share Value for smartphones is at 62%, so we are running hotter than that.

坦率地說，智能手機移動份額價值的總體基數為 62%，因此我們的預測比這更高。

And then, third, the amount of those customers that are actually paying us monthly for Next today is down in the 32% range.

然後，第三，今天實際每月為 Next 支付給我們的客戶數量下降了 32%。

So I'm very optimistic that the monthly Next ARPU piece, the monthly billings piece, is going to pick up from that $6.00 level.

因此，我非常樂觀地認為每月 Next ARPU 部分，每月賬單部分將從 6.00 美元的水平回升。

EBITDA margins, we are going to continue to focus on, particularly on wireline, on cost savings.

EBITDA 利潤率，我們將繼續關注成本節約，尤其是有線線路。

I think you are aware that we did an early -- a voluntary early retirement program.

我想你知道我們做了一個提前 - 一個自願提前退休計劃。

I think our take rates were on that were in the [3,300] range.

我認為我們的採用率在 [3,300] 範圍內。

So we'll see some savings from that going forward.

因此，我們將從中看到一些節省。

Additionally, we did see some pressure in the first quarter as we converted some of our former backhaul or interconnection and Connecticut from company-owned to leased arrangements.

此外，我們在第一季度確實看到了一些壓力，因為我們將一些以前的回程或互連和康涅狄格從公司擁有的安排轉換為租賃安排。

So they moved out of depreciation and some of those characteristics into COE.

因此，他們將折舊和其中一些特徵轉移到 COE 中。

And we'll manage through that and manage the efficiencies of our operations will overcome that during the year.

我們將解決這個問題，並管理我們的運營效率，將在這一年中克服這個問題。

And those of the things we're working on to improve those margins.

以及我們正在努力提高這些利潤率的那些事情。

And as I said, we're still confident with our guidance.

正如我所說，我們仍然對我們的指導充滿信心。

And that guidance included improving margins in wireline, wireless and overall.

該指導意見包括提高有線、無線和整體的利潤率。

Okay, great.

好，太棒了。

Thanks, John.

謝謝，約翰。

Brett Feldman, Goldman Sachs.

布雷特費爾德曼，高盛。

And just to follow up a bit on churn, if I listen to some of the things you were saying, you've got a growing share of your base on Mobile Share Value Plans, and there's obviously a lot more value in those plans because they are more attractive.

只是跟進一點客戶流失，如果我聽了你說的一些事情，你的移動共享價值計劃的基礎份額越來越大，而且這些計劃顯然有更多的價值，因為它們更有吸引力。

You have a growing percentage of your base on smartphones, which you said have a lower churn profile.

您的智能手機用戶群比例越來越大，您說智能手機的流失率較低。

And you keep selling tablets, meaning your average customer probably has multiple devices, and usually that means lower churn.

而且您一直在銷售平板電腦，這意味著您的普通客戶可能擁有多種設備，通常這意味著客戶流失率較低。

So, is it reasonable to think you could actually continue to improve churn from here?

那麼，認為您實際上可以從這裡繼續改善客戶流失率是否合理？

I know the second quarter of last year is a tough comp, so putting that aside, or are there mitigating factors, including the competitive environment, that might just create a little bit of a floor on where you can go right now?

我知道去年第二季度是一個艱難的時期，所以拋開這一點，或者是否有緩解因素，包括競爭環境，可能只是為你現在可以去的地方創造一點底線？

Well, I'll say this.

好吧，我會說這個。

We are very pleased with where we came in on churn in the first quarter, particularly with the noisy and competitive environment that we operate in.

我們對第一季度的客戶流失情況感到非常滿意，尤其是在我們運營的嘈雜和競爭環境中。

But we are not giving into the fact that we can't do better from here on out.

但我們並沒有承認我們不能從現在開始做得更好這一事實。

We're not predicting that.

我們不是這樣預測的。

We're not guiding to that, but we're certainly striving to do that.

我們並沒有為此提供指導，但我們肯定會努力做到這一點。

You are right, Brett, that the second quarter of last year is going to be a really tough comparison.

你是對的，布雷特，去年第二季度將是一個非常艱難的比較。

But with that being said, we still are striving to do better each and every quarter than we did the last quarter.

但話雖如此，我們仍在努力每個季度都比上個季度做得更好。

And we'll keep that effort up.

我們會繼續努力。

When you think about a Mobile Share Value account, there are just under about 20 million of those accounts.

當您考慮移動共享價值帳戶時，這些帳戶中只有不到 2000 萬個。

And they average just under three devices per account.

他們平均每個帳戶只有不到三台設備。

I think -- we can get you the detailed numbers, but it's probably about 19.5 million accounts, and there's about 2.9 devices per account.

我認為 - 我們可以為您提供詳細數字，但它可能大約有 1950 萬個帳戶，每個帳戶大約有 2.9 台設備。

And yes, that really does help with churn.

是的，這確實有助於客戶流失。

Additionally, our smartphone churn is lower than our total postpaid; effectively our feature phone churn is higher.

此外，我們的智能手機流失率低於我們的總後付費率；實際上，我們的功能手機流失率更高。

And as we've reduced that base, down to 16% now of our base and of our postpaid base, and we are seeing flow share of only about 6%, we are optimistic that we can increase the smartphone base.

由於我們已經降低了這一基數，現在我們的基數和後付費基數已降至 16%，而且我們看到流量份額僅為 6% 左右，我們對增加智能手機基數持樂觀態度。

And that will give us another lever to really attempt to manage churn to a lower level.

這將為我們提供另一個槓桿來真正嘗試將客戶流失率控制在較低水平。

With all that being said, it is a competitive environment.

儘管如此，這是一個競爭激烈的環境。

And we have to be ready to handle whatever situation issues offers come out from others parties in this environment, regardless of the logic that may or may not be behind them.

我們必須準備好處理這種環境中其他各方提出的任何情況問題，無論其背後可能存在或可能不存在的邏輯。

Great.

偉大的。

And just a quick follow-up since you mentioned the feature phone base.

既然你提到了功能手機基地，那就是一個快速的跟進。

You know, as you sort of come towards the tail end of migrating them to smartphones, how do you think about that residual base?

你知道，當你接近將它們遷移到智能手機的尾聲時，你如何看待剩餘的基礎？

Is there a proactive effort to get all of them into smartphones?

是否有積極的努力讓它們全部進入智能手機？

Or is there just an acknowledgment that some of those customers will probably eventually just come to end-of-life and you are going to let them go?

還是只是承認其中一些客戶可能最終會報廢而您打算讓他們離開？

We don't want to necessarily lose any customers, but we want to keep -- and we've got a lot of really good ones that are still on feature phones.

我們不想失去任何客戶，但我們想留住——我們有很多非常好的客戶仍在使用功能手機。

But the issue is the functionality of our networks is so dramatically different when you're using a smartphone, and the value our customers can get out of our networks is so significantly -- so much greater with a smartphone, so we are certainly encouraging that.

但問題是，當您使用智能手機時，我們網絡的功能會大不相同，而且我們的客戶可以從我們的網絡中獲得如此巨大的價值——智能手機的價值要大得多，所以我們當然鼓勵.

What I will tell you that's encouraging to us, though, is that we're finding that we are having real success in the prepaid space, you know, kind of the traditional no-subsidy or low-subsidy model prepaid space, and still getting really good ARPUs, and still using a lot of maybe lower costs, but a lot of smartphones there.

不過，我要告訴你的是，令我們感到鼓舞的是，我們發現我們在預付費領域取得了真正的成功，你知道，有點像傳統的無補貼或低補貼模式的預付費領域，並且仍在獲得非常好的 ARPU，並且仍然使用很多可能更低的成本，但那裡有很多智能手機。

We had a significant number of smartphones added to our prepaid base.

我們的預付費用戶群中增加了大量智能手機。

So I would tell you that a feature phone that may not want to go to the full postpaid smartphone relationship might stay with us in a prepaid relationship, and still get the benefits of some very good network and quality and phones, and yet do it in a different pricing and different subsidy mechanism.

所以我會告訴你，可能不想進入完整的後付費智能手機關係的功能手機可能會以預付費關係與我們保持聯繫，並且仍然可以獲得一些非常好的網絡和質量以及手機的好處，但仍然這樣做不同的定價和不同的補貼機制。

Great.

偉大的。

Thank you for taking the question.

謝謝你提出這個問題。

Sure.

當然。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Can you give us a little more color on what we said about seeing some increased signs and some improvement SMB and patch comm to fiber, some additional business of the fiber build.

您能否就我們所說的關於看到一些增加的跡象和一些改進的 SMB 和補丁通信到光纖，光纖構建的一些額外業務，給我們更多的顏色。

How many additional businesses have you built?

你建立了多少額外的業務？

And what are some of the signs you are seeing a little bit of turn in that part of the business?

您在這部分業務中看到的一些跡像是什麼？

Yes.

是的。

So, Frank, we built 800,000 customer locations have been passed with fiber.

所以，弗蘭克，我們已經建立了 800,000 個客戶位置，並通過了光纖。

What we did is we built a significant amount of those to customer order with customers -- existing customers, new customers, order that and want us to build.

我們所做的是，我們與客戶建立了大量的客戶訂單 - 現有客戶，新客戶，訂購併希望我們建立。

But we also built a measurable amount to, if you will, into areas where we were confident we could sell and to be effective.

但我們也建立了可衡量的數量，如果你願意的話，進入我們有信心可以銷售並有效的領域。

In those areas that we built and spread the copper before we had a contract in place, we are now aggressively selling into those areas.

在我們簽訂合同之前我們建造和鋪設銅的那些地區，我們現在正在積極地向這些地區銷售。

And we have been pleased about the ability to penetrate those buildings and to sell into those.

我們很高興能夠滲透這些建築物並將其出售。

So that's the encouragement.

這就是鼓勵。

In many of those buildings, you've seen how it works.

在其中許多建築物中，您已經看到它是如何工作的。

You go into a building, it might have 20 potential customers in there and you have to sell to the first one.

你走進一座大樓，那裡可能有 20 個潛在客戶，你必須向第一個銷售。

And once you get the first one sold, you can come back and then have some credibility with selling to the second and the third one.

一旦你賣出了第一個，你就可以回來，然後再賣給第二個和第三個。

So we are making some significant progress in getting those first sales inside the building.

因此，我們在大樓內進行首次銷售方面取得了一些重大進展。

And the team is working hard under Ralph de la Vega's leadership to then go back and really maximize all the opportunities in those buildings.

團隊在拉爾夫德拉維加的領導下努力工作，然後回去真正最大限度地利用這些建築物中的所有機會。

People love the fiber and the high-speed that it provides, the quality of that service.

人們喜歡光纖及其提供的高速和服務質量。

So this investment ahead of an order is starting to show signs of paying off.

因此，這項在訂單之前的投資開始顯示出回報的跡象。

That's what's encouraging.

這就是令人鼓舞的地方。

Additionally, we are continuing to see interest from normal business, small business customers in some of our packaged deals with regard to a combination of our bundled mobility and wired IP services.

此外，我們繼續看到普通企業和小型企業客戶對我們的一些打包交易感興趣，這些交易涉及我們的捆綁移動和有線 IP 服務的組合。

Don't want to suggest that we are seeing the small business market take off, but we are -- and our numbers will explain reasonably saying that -- but we are seeing continued strong demand for IP and strategic-based services, those ethernet-based services, those IP-based services.

不想暗示我們看到小型企業市場正在起飛，但我們是——我們的數字將合理地解釋這一點——但我們看到對 IP 和基於戰略的服務的持續強勁需求，那些以太網-基於服務，那些基於 IP 的服務。

And what should we expect going forward on a quarterly or annual basis for these types of businesses to pass?

我們應該期望這些類型的企業在每季度或每年的基礎上通過什麼？

How many more do you have?

你還有多少？

Well, we are going to get to 1 million business customer locations passed.

好吧，我們將通過 100 萬個商業客戶地點。

If you think about the run rate we've been on, it's pretty easy to think that we can get to that 1 million by the end of the year.

如果你考慮一下我們一直以來的運行率，很容易認為我們可以在年底前達到 100 萬。

And that would be a very reasonable process.

這將是一個非常合理的過程。

We've publicly stated that we could get there by the end of the year or shortly thereafter.

我們已經公開表示，我們可以在今年年底或之後不久實現這一目標。

So that is what I think you can expect.

所以這就是我認為你可以期待的。

With regard to predicting growth rates or trends in the small business area, we haven't done that.

關於預測小型企業領域的增長率或趨勢，我們還沒有這樣做。

But I will tell you on the overall strategic business services, I am encouraged that we are at the 32% level of revenues.

但我會告訴你關於整體戰略業務服務，我感到鼓舞的是我們處於 32% 的收入水平。

I'm very encouraged that it's reached $2.6 billion.

我很高興它達到了 26 億美元。

I'm very encouraged that even in this tough environment, it grew 15% on a adjusted basis.

我感到非常鼓舞的是，即使在這種艱難的環境下，它在調整後的基礎上也增長了 15%。

And when you take into account FX pressures, it would of grown 17%.

當你考慮到外匯壓力時，它會增長 17%。

I think the team is doing very well.

我認為球隊做得很好。

And the network we've built is attracting customers for its quality, its security, and its speed.

我們建立的網絡以其質量、安全性和速度吸引著客戶。

Great, thank you.

太好了謝謝。

Amir Rozwadowski, Barclays.

Amir Rozwadowski，巴克萊銀行。

Just wanted to follow-up on the questions around the competitive landscape.

只是想跟進有關競爭格局的問題。

How do you think about the level of promotional activity for the course of this year versus last year?

與去年相比，您如何看待今年課程的促銷活動水平？

And specifically, how should we think about your strategy going forward?

具體來說，我們應該如何考慮您未來的戰略？

Last year, obviously, you made a concerted effort to adjust pricing in order to migrate more of your subscribers onto Next.

顯然，去年你們齊心協力調整定價，以便將更多訂閱者遷移到 Next。

Do you foresee needing to have to do that again?

您是否預見到需要再次這樣做？

It doesn't seem like, based on the comments you made on ARPU trajectory, but just wanted to confirm.

根據您對 ARPU 軌跡所做的評論，這似乎不是，但只是想確認一下。

And then I'd also be interested to hear your thoughts on the Google announcement today, and whether you view it as a possible new competitor over the mid to longer-term, even though it seems fairly limited in scope, based on what they announced today?

然後我也很想听聽你對今天谷歌公告的看法，以及你是否認為它在中長期內是一個可能的新競爭對手，儘管根據他們宣布的內容，它的範圍似乎相當有限今天？

Good.

好的。

I think with your first question, Amir, I think you'll continue to see us taking actions on the strategy that we have laid out already, that we are going to continue to focus on profitable customers and providing smartphone growth, Mobile Share Value, getting customers on Next or BYOD, and continuing to migrate -- now we've got 90% migrated to usage-based plans -- and use the LTE deployment of phones and the, so to speak, year-over-year growth that we've -- data growth that we've seen on those phones of about 50% to then drive data growth, and then drive higher buckets.

我想關於你的第一個問題，阿米爾，我想你會繼續看到我們按照我們已經制定的戰略採取行動，我們將繼續專注於有利可圖的客戶並提供智能手機增長，移動份額價值，讓客戶使用 Next 或 BYOD，並繼續遷移——現在我們已經將 90% 遷移到基於使用的計劃——並使用手機的 LTE 部署，可以說，我們的同比增長已經 - 我們在這些手機上看到的數據增長了大約 50%，然後推動數據增長，然後推動更高的水桶。

So that's the strategy there.

這就是那裡的策略。

Sure, I'm certain we'll have some promotional activity as we always do, but I wouldn't suggest to you that it would be out of the ordinary, out of the normal process.

當然，我確定我們會像往常一樣進行一些促銷活動，但我不會向您建議這會不尋常，超出正常流程。

I will also suggest to you that we are just in the beginning phases of the connected car, of the Internet of Things, and of the opportunities that that's going to provide us.

我還將向您建議，我們正處於聯網汽車、物聯網以及將為我們提供的機會的開始階段。

This really deep, high-quality 308 million people are covered with LTE, or have LTE available to them, is really a great thing for all of the Internet of Thing products and services, whether they be the connected cars or the other platforms we have out there.

這非常深入、高質量的 3.08 億人被 LTE 覆蓋，或者他們可以使用 LTE，這對所有物聯網產品和服務來說都是一件好事，無論是聯網汽車還是我們擁有的其他平台在那裡。

And we believe that over terms, that we'll see really great growth there.

我們相信，從長遠來看，我們會在那裡看到真正的巨大增長。

I think we added close to 700,000 connected cars in the quarter.

我認為我們在本季度增加了近 700,000 輛聯網汽車。

So, it still has a long way to go, but it's growing very quickly.

所以，它還有很長的路要走，但它的增長速度非常快。

And remember, what we're seeing today is really just mostly the wholesale arrangement.

請記住，我們今天看到的實際上主要是批發安排。

And here, as we mature through this process, we'll get that opportunity to get the retail arrangement.

在這裡，隨著我們在這個過程中的成熟，我們將有機會獲得零售安排。

With regard to Google, I would suggest to you I'm not an expert on the matter, so I don't mean to be, but I understand your commentary about it's very limited.

關於谷歌，我建議你我不是這方面的專家，所以我不是故意的，但我知道你對此的評論非常有限。

So I understand it's limited -- it's got a very limited number of devices.

所以我知道它是有限的——它的設備數量非常有限。

That's not generally the way we like to present options to customers.

這通常不是我們向客戶展示選項的方式。

We like to provide a lot.

我們喜歡提供很多。

My understanding it's limited in this case.

我的理解在這種情況下是有限的。

My understanding also is that there's going to be very limited distribution and customer care.

我的理解是，分銷和客戶服務將非常有限。

And those things are items that we found our customers value.

這些東西是我們發現客戶看重的東西。

So, we'll just have to wait and see.

所以，我們只能拭目以待。

But it's just another one of the plays in the environment that's out there.

但這只是環境中的另一齣戲。

Great.

偉大的。

Thank you very much for the color.

非常感謝你的顏色。

Take care.

小心。

David Barden, Bank of America Merrill Lynch.

大衛·巴登，美銀美林。

Thanks for taking the questions.

感謝您提出問題。

Maybe two, if I could.

也許兩個，如果可以的話。

The first one, Verizon is getting a lot of attention on the OTT strategy, both skinny bundles and the wireless side.

第一個，Verizon 在 OTT 戰略上得到了很多關注，包括瘦包和無線方面。

But depending on how things shake out, AT&T could be the nation's largest video player.

但根據情況的發展，AT&T 可能成為美國最大的視頻播放器。

Could you kind of give us a sense as to the timing and what we should be expecting coming from AT&T on this front?

您能否讓我們了解一下時間以及我們應該對 AT&T 在這方面的期望？

Are you kind of working on this pro forma knowing that the DTV deal is behind do?

您是否知道 DTV 交易已經落後，是否正在做這個備考？

Or do you have to wait for the DTV deal?

還是必須等待 DTV 交易？

I think people would love to know where you guys stand on that.

我認為人們很想知道你們在這方面的立場。

And then just second, I think, John, you've thrown out a deleveraging target at some of the conferences about like 1.8 times within a three-year timeframe post the deal.

其次，我認為，約翰，在交易後的三年時間範圍內，你在一些會議上提出了大約 1.8 倍的去槓桿化目標。

Could you kind of divide -- kind of waterfall how you get there from a combination of operations and asset sales?

你能不能劃分一下——你是如何從運營和資產銷售的結合中得到那種瀑布的？

And then rumor has it you are running the Real Estate group at AT&T now.

然後有傳言說你現在在 AT&T 經營房地產部門。

Could you kind of map out where the buckets for asset sales inside AT&T are and kind of scope it for us?

您能否為我們繪製出 AT&T 內部資產出售的範圍以及範圍？

That would be helpful.

那會很有幫助。

Thanks.

謝謝。

Yes.

是的。

So let me get to a couple of things.

所以讓我談談幾件事。

One, I won't get into any detailed plans about post-DTV AT&T.

第一，我不會討論任何關於後數字電視 AT&T 的詳細計劃。

I don't think that would be prudent at this time.

我認為此時這樣做並不明智。

But what I will tell you is that over-the-top distribution of video on wireless, on broadband connections with or without linear subscription is something that I'm sure we'll see.

但我要告訴你的是，我相信我們會看到通過無線、寬帶連接（無論是否有線性訂閱）分發視頻。

And it's something that we will see be a part of packages in the future.

我們將在未來看到它成為軟件包的一部分。

My own experience is that I see it as an add-on to a subscription package.

我自己的經驗是，我將其視為訂閱包的附加組件。

And I think we believe that that will be the way a lot of the opportunities will go.

而且我認為我們相信這將是很多機會的去向。

But we are certainly open to it.

但我們當然對此持開放態度。

And we are going to certainly be in a position to help develop that part of the process.

我們肯定能夠幫助開發流程的這一部分。

I won't go into the Verizon situation or any specific offers on our part.

我不會討論 Verizon 的情況或我們方面的任何具體報價。

With regard to deleveraging -- and I will go this way.

關於去槓桿化——我會這樣做。

We are expecting free cash flow to exceed dividends, and provide cash not only in this year but in the future, to pay down debt.

我們預計自由現金流將超過股息，不僅在今年而且在未來提供現金來償還債務。

That's one.

那是一個。

Two, we are expecting EBITDA to expand.

第二，我們預計 EBITDA 會擴大。

Not only just from the acquisition of DTV, but from the content savings -- or excuse me, from the cost savings that we've talked about even today.

不僅來自對 DTV 的收購，還來自內容節省——或者對不起，來自我們今天談到的成本節省。

And that will expand EBITDA even more, which will, by simple math, help the metrics of net debt to EBITDA.

這將進一步擴大 EBITDA，通過簡單的數學計算，這將有助於衡量淨債務對 EBITDA 的指標。

Third, we'll continue to look at all aspects of our asset portfolio.

第三，我們將繼續關注我們資產組合的各個方面。

As I've mentioned before, we have about a $300 billion total asset portfolio today, and will only get larger with DTV and Nextel Mexico.

正如我之前提到的，我們今天擁有大約 3000 億美元的總資產組合，並且隨著 DTV 和 Nextel Mexico 的加入只會變得更大。

And so we will continue to look for opportunities.

因此，我們將繼續尋找機會。

I would suggest to you that if you look at our record over the last three years, we have a pretty reliable record of generating over $15 billion worth of cash from asset monetizations.

我建議你，如果你看看我們過去三年的記錄，我們有一個非常可靠的記錄，從資產貨幣化中產生了價值超過 150 億美元的現金。

And we've done it very tax-efficiently, so we've netted a significant amount of that cash to be able to use.

而且我們已經非常節稅地做到了這一點，因此我們已經淨賺了大量現金以供使用。

And we'll just continue to do the same process that we've done.

我們將繼續執行我們已經完成的相同流程。

I don't want to -- I wouldn't expect anyone to think that we are complete in that process, but I'm not going to get into listing any specific items.

我不想--我不希望任何人認為我們已經完成了該流程，但我不打算列出任何具體項目。

Got it.

知道了。

Thanks, John.

謝謝，約翰。

Sure.

當然。

Thanks, David.

謝謝，大衛。

Michael Rollins, Citigroup.

邁克爾·羅林斯，花旗集團。

Thanks for taking my questions.

感謝您回答我的問題。

Two, if I could.

兩個，如果可以的話。

Just one, could you disclose what the postpaid revenues were in the quarter?

就一個，你能透露一下這個季度的後付費收入是多少嗎？

I think it's something that you've given out in the past.

我認為這是你過去給出的東西。

I didn't see it in this quarter's release.

我沒有在本季度的發布中看到它。

Then secondly, if we just take a step back on the wireline business, you talked about the investment you made, a lot of broadband for homes with the VIP project.

其次，如果我們只是退一步談有線業務，你談到了你所做的投資，很多家庭寬帶和 VIP 項目。

How should we be thinking about the impact that should have on broadband units over time being able to grow that residential broadband business?

隨著時間的推移，我們應該如何考慮對寬帶單位的影響，以便能夠發展住宅寬帶業務？

Does it take a certain amount of time before you get some benefit for the sales?

您是否需要一定的時間才能從銷售中獲益？

Or is there something else that we should be looking out for in terms of impact there?

或者在影響方面我們應該注意其他什麼？

Thanks.

謝謝。

Yes.

是的。

Mike, I'll let Mike and the team follow-up with you on the details of the postpaid revenue details, you know, post -- and referred to what we put on the website, whatever we give you, but we'll make sure it's out there on the AT&T website.

邁克，我會讓邁克和他的團隊跟進你關於後付費收入細節的細節，你知道，發布 - 並提到我們在網站上發布的內容，無論我們給你什麼，但我們會讓確定它在 AT&T 網站上。

I don't have those numbers right in front of me.

我面前沒有這些數字。

With regard to the wireline business and the VIP project, and specifically, I think, Mike, you are probably referring to the 57 million IP broadband locations, I'd suggest to you this -- what we really need to see is the DirecTV deal to close.

關於有線業務和 VIP 項目，特別是，我想，邁克，你可能指的是 5700 萬個 IP 寬帶位置，我建議你——我們真正需要看到的是 DirecTV 交易關閉。

Because the transaction, the key to being successful in that area is that customers want a bundle.

因為交易，在那個領域取得成功的關鍵是客戶想要一個捆綁包。

And so, with the closing of that transaction, we'll be able to have a bundle not only of the video services that DTV provides, but of the broadband services that we can provide.

因此，隨著該交易的完成，我們不僅可以捆綁 DTV 提供的視頻服務，還可以捆綁我們可以提供的寬帶服務。

As I mentioned before, about 30 million of those 57 million broadband locations, a little bit under that number, don't currently have a video product.

正如我之前提到的，在這 5700 萬個寬帶站點中，大約有 3000 萬個（略低於這個數字）目前沒有視頻產品。

Once we can do a real bundle with owner's economics and provide the efficiencies of one truck roll, the efficiencies of one service call, the efficiency of one troubleshooting call for the customers, one offer, one pricing structure, we believe that that will not only be good for our Company, but it will be very good for customers, that they will have a new competitive offer out in the marketplace.

一旦我們能夠真正與所有者的經濟捆綁在一起，並提供一次上門服務的效率、一次服務電話的效率、一次故障排除電話的效率、一種報價、一種定價結構，我們相信這不僅會這對我們公司有利，但對客戶也非常有利，因為他們將在市場上獲得具有競爭力的新報價。

And so, we think that the completion of our DirecTV/AT&T merger is a key factor in that process, and a key factor in bringing great quality services to customers.

因此，我們認為完成 DirecTV/AT&T 合併是該過程中的一個關鍵因素，也是為客戶提供優質服務的關鍵因素。

And from our surveys and from the information I've seen, it's what customers want.

從我們的調查和我所看到的信息來看，這就是客戶想要的。

So, that will be the focus point.

所以，這將是重點。

I would suggest to you that we'll probably have more to say on that and give some insight to that when we have our Investor Day, which will likely be within about a month after the closing of DTV.

我建議你，當我們舉辦投資者日時，我們可能會對此有更多話要說，並對此提供一些見解，這可能會在 DTV 結束後大約一個月內進行。

Thanks very much.

非常感謝。

Sure.

當然。

Hey, Tony, we'll take one more question.

嘿，托尼，我們再回答一個問題。

Thank you very much.

非常感謝你。

And that question will come from Colby Synesael with Cowen and Company.

這個問題將來自 Colby Synesael 和 Cowen and Company。

Please go ahead.

請繼續。

I have two, if I may.

如果可以的話，我有兩個。

The first one, I was wondering if you can give us an update on your fixed wireless strategy?

第一個，我想知道您是否可以向我們介紹一下您的固定無線戰略？

I know that was part of VIP a while ago, but I was wondering if it's changed at all with what you received in the AWS-3 option?

我知道那是 VIP 的一部分，但我想知道它是否與您在 AWS-3 選項中收到的內容完全不同？

And then the second question is, it's my understanding that for the AWS-3 debt that you raised to pay for those proceeds, that you are capitalizing that interest.

然後第二個問題是，據我了解，對於你為支付這些收益而籌集的 AWS-3 債務，你正在利用這些利息。

I was wondering if you could just talk about how much debt is actually being associated with the AWS-3 auction?

我想知道您是否可以談談與 AWS-3 拍賣實際相關的債務有多少？

Thanks.

謝謝。

Yes.

是的。

So, first of all, your second question of AWS -- yes, we are capitalizing that.

所以，首先，你關於 AWS 的第二個問題——是的，我們正在利用它。

And the amount of the debt that is being associated with that is a ratable share of our overall debt portfolio, that an overall interest cost has come down significantly over the last three years as we've refinanced debt.

與此相關的債務數額占我們整體債務組合的一定比例，在過去三年中，隨著我們為債務再融資，整體利息成本顯著下降。

But it is an allocated share based on the $18 billion -- approximately $18 billion purchase price.

但它是基於 180 億美元的分配份額——大約 180 億美元的購買價格。

So that is what is getting capitalized.

這就是資本化的原因。

With regard to the fixed wireless local loop, Colby, I wouldn't suggest to you that anything's changed at this time.

關於固定無線本地環路，Colby，我不建議你此時進行任何更改。

We still have the commitments out there in the DTV transaction.

我們在 DTV 交易中仍有承諾。

And we still stand ready to live up to those and to satisfy those in full.

我們仍然準備好實現這些目標並完全滿足這些目標。

We think that's a clear benefit for the consumer and the marketplace as a part of that transaction.

我們認為，作為該交易的一部分，這對消費者和市場來說是一個明顯的好處。

So we're -- but we are still confident that we can satisfy that.

所以我們 - 但我們仍然相信我們能夠滿足這一要求。

And we'll see how that comes out.

我們將看看結果如何。

That's probably -- the finalization of the DTV deal is probably going to have to come before we are going to go through, and I'd be ready to discuss any modifications, if any, to the fixed wireless local loop plans.

這可能是 - DTV 交易的最終確定可能必須在我們進行之前完成，我準備討論對固定無線本地環路計劃的任何修改（如果有的話）。

Okay, thank you.

好的謝謝。

Thank you.

謝謝你。

With that, I want to thank all of you for being on the call today.

有了這個，我要感謝你們所有人今天的電話會議。

Our work the last few years sets us up for a transformative 2015.

我們過去幾年的工作為我們迎接變革性的 2015 年做好了準備。

We are ready to move quickly once the DirecTV and Nextel Mexico deals close.

一旦 DirecTV 和 Nextel Mexico 的交易完成，我們就準備好迅速採取行動。

Our networks are in place, our customer transformation is on track, and we are seeing tangible results in our Digital First and software-defined network initiatives.

我們的網絡已經到位，我們的客戶轉型正在進行中，我們在數字優先和軟件定義網絡計劃中看到了切實的成果。

Our performance in the first quarter adds to that confidence.

我們在第一季度的表現增強了這種信心。

Wireless turned into another solid performance in a competitive environment.

在競爭激烈的環境中，無線變成了另一種可靠的表現。

Wireline's focus on profitability and strong demand for IP services brought margin stability and growing IP revenues.

Wireline 對盈利能力的關注和對 IP 服務的強勁需求帶來了穩定的利潤率和不斷增長的 IP 收入。

We are ready for our next transformative steps, and we are excited about the opportunity we have before us.

我們已經為下一步的變革步驟做好了準備，我們對擺在我們面前的機會感到興奮。

One last thing before we go.

我們走之前的最後一件事。

As a good friend of ours, Kathy, would tell you -- on your way home tonight, don't text and drive.

作為我們的好朋友，凱西會告訴你——今晚在回家的路上，不要邊開車邊發短信。

It can wait.

它可以等待。

Thanks again for being on the call.

再次感謝您的來電。

And, as always, thank you for your interest in AT&T.

並且，一如既往地感謝您對 AT&T 的關注。

Have a good evening.

晚上好。

Thank you very much.

非常感謝你。

And ladies and gentlemen, that does conclude your conference call for today.

女士們，先生們，今天的電話會議到此結束。

We do thank you for your participation and for using AT&T's executive teleconference.

我們非常感謝您的參與和使用 AT&T 的高管電話會議。

You may now disconnect.

您現在可以斷開連接。