AT&T Inc (T) 2015 Q2 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 the AT&T second-quarter 2015 earnings conference call.

歡迎參加 AT&T 2015 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I'd now like to turn the conference over to our host, Senior Vice president, Investor Relations for AT&T, Mr. Mike Viola.

現在我想將會議交給我們的東道主、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, thank you Lori.

好的，謝謝你，洛瑞。

Good afternoon everybody.

大家下午好。

Welcome to our second-quarter conference call.

歡迎參加我們的第二季電話會議。

Thank you for joining us today.

感謝您今天加入我們。

As Lori said, I'm Mike Viola, head of Investor Relations for AT&T.

正如洛里所說，我是麥克‧維奧拉 (Mike Viola)，AT&T 投資人關係主管。

Joining me on the call today is John Stephens, AT&T's

今天和我一起參加電話會議的是 AT&T 的 John Stephens

Chief Financial Officer.

首席財務長。

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

約翰將提供有關本季度的最新情況，然後我們將進行問答環節。

Let me remind you that our earnings material is available on the investor relations page of the AT&T website and that's ATT.com/investor.relations.

讓我提醒您，我們的獲利資料可在 AT&T 網站的投資者關係頁面上找到，即 ATT.com/investor.relations。

I need to call your attention on page 2 to our Safe Harbor statement before we begin.

在我們開始之前，我需要提醒您注意第 2 頁的安全港聲明。

The Safe Harbor statement says that some of our comments today may be forward-looking and as such they are subject to risks and uncertainties.

安全港聲明稱，我們今天的一些評論可能具有前瞻性，因此存在風險和不確定性。

Results may

結果可能

differ materially and additional information is available on the investor relations page of AT&T Pulse website.

存在重大差異，更多資訊可在 AT&T Pulse 網站的投資者關係頁面上找到。

Before I turn it over to John let me cover slide 3, cover our consolidated financial summary.

在我把它交給約翰之前，讓我先介紹一下投影片 3，介紹一下我們的綜合財務摘要。

Adjusted EPS for the quarter was $0.69.

該季度調整後每股收益為 0.69 美元。

That's up more than 11% over last year's second quarter.

比去年第二季成長超過 11%。

This includes adjustments for a non-cash charge related to Leap's network decommissioning and other merger-related costs which include DIRECTV and Mexico.

這包括與 Leap 網路退役相關的非現金費用以及其他與合併相關的成本（包括 DIRECTV 和墨西哥）的調整。

This strong year-over-year growth comes even with earnings pressure from our Mexican wireless operations as well as the impact from our divested Connecticut Wireline business and our equity investment in America Movil.

儘管我們的墨西哥無線業務帶來獲利壓力，以及我們剝離的康乃狄克州有線業務和我們對 America Movil 的股權投資的影響，但仍實現了強勁的同比增長。

Consolidated revenues grew to $33 billion.

合併收入成長至 330 億美元。

It's up more than 2% when you adjust for the sale of our Connecticut Wireline property.

如果對我們康乃狄克州有線資產的出售進行調整，則上漲超過 2%。

This growth was driven by continued solid performance in wireless as we repositioned our smartphone base.

隨著我們重新定位智慧型手機基礎，無線業務持續穩定的表現推動了這一成長。

We had impressive gains in strategic business services and strong Wireline consumer revenue growth.

我們在策略性業務服務和有線消費者收入強勁成長方面取得了令人矚目的成就。

Cash flows also grew significantly in the quarter.

本季現金流也大幅成長。

Cash from ops for the quarter totaled more than $9 billion, up more than 13% over last year's second quarter.

本季來自營運的現金總額超過 90 億美元，比去年第二季成長超過 13%。

And free cash flow was $4.5 billion and more than $7 billion on a year-to-date basis.

自由現金流為 45 億美元，年初至今超過 70 億美元。

And that brought our free cash flow dividend payout to 67% on a year-to-date basis.

這使得我們的自由現金流股息支付率今年迄今達到 67%。

So with that overview I will now turn the call over to AT&T's Chief Financial Officer John Stephens and he'll discuss our operational highlights.

因此，在概述之後，我現在將把電話轉給 AT&T 的財務長 John Stephens，他將討論我們的營運亮點。

John?

約翰？

Thank you, Mike, and hello everyone.

謝謝你，麥克，大家好。

Thanks for joining us today and as always thanks for your interest in AT&T.

感謝您今天加入我們，並一如既往地感謝您對 AT&T 的興趣。

As you can see in our second-quarter results our moves to transform the Company are working and working well.

正如您在第二季業績中看到的那樣，我們公司轉型的舉措正在發揮作用，而且效果良好。

We grew revenues, expanded margins and achieved double-digit adjusted EPS growth.

我們增加了收入，擴大了利潤，並實現了兩位數的調整後每股收益成長。

Cash flows were strong allowing us to invest in our business, return substantial value to shareholders and strengthen our cash position.

現金流強勁，使我們能夠投資於我們的業務，為股東回報豐厚的價值並增強我們的現金狀況。

Our moves to reposition our smartphone customer base are working, achieving the expected results.

我們重新定位智慧型手機客戶群的舉措正在發揮作用，達到了預期結果。

Almost 80% of the smartphone based is already on Mobile Share Value plans and 68% of our smartphone sales and upgrades were on AT&T Next.

近 80% 的智慧型手機已採用 Mobile Share Value 計劃，我們 68% 的智慧型手機銷售和升級均透過 AT&T Next 進行。

When you add in the customers who brought their own device nearly three-quarters of smartphone sales were without subsidies.

如果算上自備設備的客戶，近四分之三的智慧型手機銷售都沒有補助。

This helped drive strong post-paid phone-only with Next ARPU growth and best-ever service margins.

這有助於推動純後付費電話業務的強勁成長，實現下一個 ARPU 成長和有史以來最好的服務利潤率。

In Wireline our transition to IP services continues at a strong clip.

在有線方面，我們持續快速轉型為 IP 服務。

U-verse services are more than 70% of consumer revenues and helped drive near 4% adjusted revenue growth.

U-verse 服務佔消費者收入的 70% 以上，並幫助推動了近 4% 的調整後收入成長。

Strategic services are now a third of our Wireline business revenues and continue to grow at a very strong pace.

策略服務目前占我們有線業務收入的三分之一，並且繼續以非常強勁的速度成長。

So all in all a very strong quarter as we begin the diversification of our Company.

總而言之，隨著我們開始公司多元化，這是一個非常強勁的季度。

Our growth in cost initiatives such as Project VIP and Project Agile are working.

我們在 VIP 專案和敏捷專案等成本計劃方面的成長正在發揮作用。

We're executing at a high level and we have a solid foundation for growth as we move forward.

我們的執行水準很高，並且在不斷前進的過程中我們擁有堅實的成長基礎。

Now let's take a closer look at our operational highlights starting with Wireless on slide 5. Our Wireless strategy is working.

現在，讓我們從幻燈片 5 上的無線開始，仔細看看我們的營運亮點。我們的無線策略正在發揮作用。

Our efforts to reposition the smartphone base to the no-subsidy model had taken hold.

我們將智慧型手機基礎重新定位為無補貼模式的努力已經取得成效。

We continue to see solid evidence that our efforts are paying off.

我們繼續看到確鑿的證據表明我們的努力正在得到回報。

First, the most significant shift of our smartphone customers to Mobile Share Value plans is behind us.

首先，我們的智慧型手機客戶向行動共享價值計畫的最重大轉變已經過去。

This has helped stabilize service revenues which were essentially flat for the quarter.

這有助於穩定服務收入，本季服務收入基本上持平。

There was heavy promotional activity in last year's second quarter which pressured service revenues.

去年第二季的大量促銷活動給服務收入帶來了壓力。

So our disciplined sales approach this year helped in our year-over-year comparison.

因此，我們今年嚴格的銷售方法有助於我們進行年比比較。

Second, as service revenues stabilized and the number of customers using AT&T Next increases we have seen our post-paid phone ARPU with Next increase steadily.

其次，隨著服務收入的穩定和使用 AT&T Next 的客戶數量的增加，我們看到我們的 Next 後付費電話 ARPU 穩步成長。

It was up more than 6% year over year.

年增超過6%。

And our post-paid phone-only revenues increased sequentially, reaching its highest level in three quarters.

我們的後付費電話業務收入連續成長，達到三個季度以來的最高水準。

We are about halfway through the expected Next sales cycle as customers upgrade their smartphones.

隨著客戶升級智慧型手機，我們預計下一個銷售週期已過半。

As they do we expect continued ARPU with Next growth as more customers upgrade.

正如他們所做的那樣，我們預計隨著更多客戶升級，ARPU 將持續成長。

Our focus on costs, Cricket's operational efficiencies and other cost savings programs such as Project Agile helped drive strong margin expansion in the quarter.

我們對成本的關注、Cricket 的營運效率和其他成本節約計畫（例如敏捷專案）幫助推動了本季利潤率的強勁成長。

Our adjusted wireless EBITDA service margin was 48.5%, our best performance ever and an almost 600 basis point improvement over last year's second quarter.

我們調整後的無線 EBITDA 服務利潤率為 48.5%，這是我們有史以來最好的業績，比去年第二季度提高了近 600 個基點。

The story of the last six quarters has been repositioning our smartphone base.

過去六個季度的故事一直在重新定位我們的智慧型手機基礎。

This has moved subscribers away from the heavy handset subsidies in exchange for lower monthly pricing.

這使得用戶擺脫了高額的手機補貼，以換取較低的月費。

For the last several quarters customers on pre-Next pricing have been ahead of us but we are starting to see the benefits of this strategy.

在過去的幾個季度中，客戶在 Pre-Next 定價方面一直領先於我們，但我們開始看到這項策略的好處。

Let's talk more about that on slide 6. We have made remarkable progress in transitioning our customers to Mobile Share Value plans.

讓我們在幻燈片 6 上詳細討論這一點。我們在將客戶轉變為行動共享價值計劃方面取得了顯著進展。

In a little more than a year nearly two-thirds of our smartphone base has moved to the no-subsidy discount pricing of Mobile Share Value.

在一年多一點的時間裡，我們近三分之二的智慧型手機用戶已轉向採用行動共享價值的無補貼折扣定價。

While customers continue to choose these plans the growth rate is slowing as the penetration has been achieved.

雖然客戶繼續選擇這些計劃，但隨著滲透率的實現，成長率正在放緩。

On the other hand, the revenue growth opportunity with AT&T Next has much farther to go.

另一方面，AT&T Next 的營收成長機會還有很長的路要走。

About 68% of our smartphone sales in the quarter were on AT&T Next but our Next customer base is only about 37%.

本季我們約 68% 的智慧型手機銷售來自 AT&T Next，但我們的 Next 客戶群僅佔 37% 左右。

That gives us substantial opportunity to grow revenues as these customers upgrade their smartphones.

隨著這些客戶升級他們的智慧型手機，這為我們提供了增加收入的巨大機會。

We expect penetration rates for both Mobile Share Value and AT&T Next to continue to grow.

我們預計 Mobile Share Value 和 AT&T Next 的滲透率將持續成長。

AT&T Next and bring your own device are about 90% of post-paid smartphone sales in our company-owned stores and have programs, and we have programs in place to generate similar or better rates in our other channels.

AT&T Next 和自備設備約占我們公司自有商店的後付費智慧型手機銷量的 90%，並且我們有計劃，我們也有計劃在我們的其他管道中產生類似或更好的費率。

And the value of Mobile Share Value plans continues to draw new customers.

行動共享價值計畫的價值持續吸引新客戶。

Only about 12% of our smartphone base is still on unlimited data plans and that has been steadily dropping as customers choose to move to our new Mobile Share Value plans.

只有大約 12% 的智慧型手機用戶仍然使用無限數據套餐，隨著客戶選擇轉向我們新的行動共享價值套餐，這一比例正在穩步下降。

We also continue to see growth in the percentage of our post-paid base on Mobile Share Value Family plans or business plans.

我們也看到行動共享價值家庭計畫或商業計畫的後付費基礎百分比不斷增長。

That total has reached 96% in this past quarter.

上個季度這一比例已達 96%。

These plans tend to be more sticky with lower churn.

這些計劃往往更具黏性，流失率較低。

We also turned in another strong net add quarter as post-paid, prepaid and connected devices drove our highest net adds in more than three years.

我們也迎來了另一個強勁的淨成長季度，後付費、預付費和連網設備推動了三年多來最高的淨成長。

Those details are on slide 7.

這些細節在幻燈片 7 上。

Total net adds came in at 2.1 million subscribers, including 410,000 post-paid subscribers and 1.4 million connected devices.

淨新增訂戶總數為 210 萬，其中包括 41 萬後付費訂戶和 140 萬台連網裝置。

Cricket is really kicking into gear.

板球運動真的開始起步了。

Prepaid voice had a strong turnaround year from a year ago.

預付費語音與一年前相比今年出現了強勁的轉變。

We gained more than 330,000 prepaid voice customers after losing about that many in the year-ago quarter.

在去年同期失去約 33 萬名預付費語音客戶後，我們又贏得了超過 33 萬名預付費語音客戶。

Our process has been benefited by our ability to transition the Cricket customers to our new high quality 4G LTE network.

我們能夠將 Cricket 客戶過渡到我們全新的高品質 4G LTE 網絡，這讓我們的流程受益匪淺。

Our strong sales efforts and the near completion of the Cricket integration helped drive that turnaround.

我們強大的銷售努力和即將完成的板球整合幫助推動了這一轉變。

97% of Cricket customers are now on our GSM platform as we continue the integration and as we shut down the CDMA networks.

隨著我們繼續整合並關閉 CDMA 網絡，97% 的 Cricket 客戶現在使用我們的 GSM 平台。

These are premium prepaid customers.

這些是高級預付費客戶。

Almost all are choosing smartphones when they go on to our GSM platform and about two-thirds of the gross adds are choosing our highest value plans, those are plans that have higher ARPU.

幾乎所有人在使用我們的 GSM 平台時都選擇了智慧型手機，大約三分之二的總增加者選擇了我們最高價值的計劃，這些計劃具有更高的 ARPU。

In fact those ARPU levels are similar and sometimes better than other carriers' postpaid ARPU.

事實上，這些 ARPU 水平與其他營運商的後付費 ARPU 水平相似，有時甚至更好。

And we're doing this integration faster and with less churn than we originally anticipated, even with our network conversion.

即使進行了網路轉換，我們的整合速度也比我們最初預期的更快，而且流失率也更少。

We had our lowest ever prepaid churn thanks to continued progress with Cricket even as we decommissioned the networks.

儘管我們停用了網絡，但由於 Cricket 的持續進步，我們的預付費客戶流失率達到了歷史最低水準。

We also had our second largest connected device net add quarter ever.

我們還實現了有史以來第二大的連接設備淨增加季度。

Our leadership in connected cars drove that growth.

我們在連網汽車領域的領導地位推動了這一成長。

Our relationship with eight car manufacturers, producing more than half of the new connected cars in the United States, is driving this as more and more manufacturers make connectivity a key part of their new-car strategies.

我們與八家汽車製造商的關係正在推動這一趨勢，因為越來越多的製造商將互聯作為其新車戰略的關鍵部分，這八家汽車製造商生產了美國一半以上的新型互聯汽車。

The Company had 7.2 million branded smartphone gross adds and upgrades in the second quarter.

第二季度，該公司品牌智慧型手機的新增和升級總量為 720 萬部。

We increased our high quality branded smartphone base by about 1.2 million in the quarter.

本季我們的高品質品牌智慧型手機數量增加了約 120 萬部。

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

這包括我們未包含在淨添加數中的品牌升級和遷移。

The smartphone momentum plus strength in prepaid led to a positive branded voice net adds in the quarter.

智慧型手機的發展動能加上預付費業務的強勁勢頭，為本季帶來了積極的品牌語音網路成長。

Churn continues to be solid.

客戶流失率持續保持穩定。

Postpaid churn was down slightly from the first quarter of this year and for the year we are still running below last year's best ever annual postpaid churn record of 1.04%.

後付費客戶流失率較今年第一季略有下降，今年我們仍低於去年 1.04% 的最佳年度後付費客戶流失率紀錄。

Total churn was also impressive.

總流失率也令人印象深刻。

It dropped 16 basis points to 1.31% from a 1.47% in the year-ago quarter, driven in large part by the significant improvements in prepaid.

其成長率從去年同期的 1.47% 下降 16 個基點至 1.31%，這在很大程度上是由於預付費業務的顯著改善所致。

And branded churn was also down year-over-year as we added more than 740,000 branded devices.

隨著我們增加了超過 74 萬台品牌設備，品牌流失率也逐年下降。

Now let's look at our Wireline operation.

現在讓我們看看我們的有線操作。

That information is on slide 8.

此資訊位於幻燈片 8 上。

The repositioning of our Wireline base also is working.

我們有線基地的重新定位也正在發揮作用。

The challenge here is to maintain margins while transitioning customers to IP services from higher-margin legacy services.

這裡的挑戰是維持利潤，同時將客戶從利潤較高的傳統服務過渡到 IP 服務。

That's not a simple task.

這不是一個簡單的任務。

But the team's extraordinary efforts to control costs and focus on profitability has helped stabilize or even expand margins as we made this transition.

但在我們進行這項轉型的過程中，團隊在控製成本和關注獲利能力方面付出的非凡努力幫助我們穩定甚至擴大了利潤率。

That was true this quarter, even with about $40 million, or 30 basis points of additional pressure from spring storms that hit our network and our footprint.

本季情況確實如此，儘管春季風暴對我們的網路和足跡造成了約 4000 萬美元（即 30 個基點）的額外壓力。

We have taken several measures to make this possible.

我們採取了多項措施來實現這一目標。

You know of our efforts to exit low-margin wholesale businesses causes revenue pressure but it does improve the future of our business.

您知道，我們退出低利潤批發業務的努力造成了收入壓力，但它確實改善了我們業務的未來。

Our customer service focus has helped reduce cycle times in provisioning services for customers and added network on-demand capabilities with our next-generation network investments.

我們對客戶服務的關注有助於縮短為客戶提供服務的周期時間，並透過我們的下一代網路投資增加了網路按需功能。

These efforts were recently recognized by IDC which named AT&T a leader in seeking new innovations to improve customer service.

這些努力最近得到了 IDC 的認可，並將 AT&T 評為尋求新創新以改善客戶服務的領導者。

Our Project Agile is more of a mindset than just a cost efficiency program.

我們的敏捷專案更多的是一種心態，而不僅僅是一個成本效率計劃。

We're not only finding ways to take cost out of our business but also working to make things simpler to start with for both our customers and us.

我們不僅在尋找降低業務成本的方法，而且還努力讓客戶和我們自己的起步變得更簡單。

Our transformation to IP technologies continued to drive strong performance in both strategic business services and Wireline consumer in the quarter.

我們向 IP 技術的轉型持續推動本季策略性業務服務和有線消費者的強勁業績。

Adjusted strategic service revenues grew by nearly 14% and when you adjust for the foreign exchange pressure growth was even stronger, coming in at more than 16%.

調整後的策略服務收入成長了近 14%，如果考慮到外匯壓力，成長則更為強勁，超過 16%。

At the same time we see the impact of IP with our data revenues.

同時，我們看到了知識產權對我們數據收入的影響。

Total data revenues are nearly 60% of Wireline business revenues and more than half of those revenues are from strategic services as we transition customers from legacy data services.

總數據收入佔有線業務收入的近 60%，其中超過一半來自策略服務，因為我們將客戶從傳統數據服務轉變為策略服務。

This has helped drive total data year-over-year revenue growth for the third consecutive quarter.

這有助於推動總數據收入連續第三個季度年增。

Adjusted Wireline business revenues were down 3.9%; however, if you adjust for the impact of our discontinued wholesale businesses and FX the decline would have been 1.7%.

調整後有線業務收入下降 3.9%；然而，如果考慮我們已停止的批發業務和外匯的影響，下降幅度將為 1.7%。

There was revenue pressure across our Wireline business operation but was most pronounced in wholesale where we have been focusing on profitable sales even if it meant a reduction in revenue.

我們的有線業務營運存在收入壓力，但在批發領域最為明顯，我們一直專注於獲利銷售，即使這意味著收入減少。

Small business revenue was down slightly over the first quarter of the year but we continue to see fiber sales accelerate.

小型企業收入比今年第一季略有下降，但我們繼續看到纖維銷售加速。

And we are very excited to hear that AT&T has been named the highest-ranked brand in overall business Wireline customer satisfaction performance in the J.D. Power small to medium business segment for 2015.

我們非常高興得知 AT&T 被評為 2015 年 J.D. Power 中小型業務部門整體有線客戶滿意度表現排名最高的品牌。

That's quite a tribute to the business team's efforts in this space.

這是對業務團隊在這一領域所做努力的高度讚揚。

On the consumer side U-verse services are more than 70% of consumer revenues and adjusted revenues grew about 19% year-over-year.

在消費者方面，U-verse 服務佔消費者收入的 70% 以上，調整後營收年增約 19%。

That helped drive our strongest consumer revenue growth in five quarters, growing by 3.7% when adjusting for the sale of Connecticut operations.

這幫助推動了我們五個季度以來最強勁的消費者收入成長，在對康乃狄克州業務出售進行調整後成長了 3.7%。

You also see our focus on profitability and repositioning our customer base with U-verse.

您還可以看到我們對盈利能力的關注以及透過 U-verse 重新定位我們的客戶群。

Video net adds dropped with fewer promotions and our targeting of high-value subscribers.

由於促銷活動的減少以及我們對高價值訂戶的定位，影片網路增加量有所下降。

We did add about 240,000 IP broadband customers in the quarter as we continue to reposition our DSL base to IP.

隨著我們繼續將 DSL 基礎重新定位為 IP，我們在本季確實增加了約 24 萬個 IP 寬頻客戶。

That work is nearing completion with less than 1 million eligible DSL subscribers left to transition.

這項工作已接近完成，還有不到 100 萬符合資格的 DSL 用戶需要進行過渡。

Now let's look at consolidated margins which are on slide 9. The strength in wireless and stable Wireline margins had a positive impact on our consolidated margins.

現在讓我們來看看幻燈片 9 上的合併利潤率。無線和穩定的有線利潤率的優勢對我們的合併利潤率產生了積極影響。

In the second quarter our adjusted EBITDA grew to $11.1 billion and the adjusted consolidated margin was 33.6% compared to 31.5% last year.

第二季度，我們調整後的 EBITDA 成長至 111 億美元，調整後的綜合利潤率為 33.6%，而去年為 31.5%。

That's a more than 200 basis point improvement.

這是超過 200 個基點的改進。

Adjusted operating income also is showing continued improvement.

調整後的營業收入也顯示出持續改善。

It was $6.5 billion, up 12.4% year-over-year.

為 65 億美元，年增 12.4%。

And adjusted operating income margin grew to 19.6%, up more than 190 basis points from the year-earlier second quarter.

調整後營業利益率成長至 19.6%，較去年同期第二季成長超過 190 個基點。

This was largely due to cost focus initiatives which included Project Agile, our strength in wireless, growth in consumer revenues and gains in strategic business services.

這主要歸功於成本重點計劃，其中包括敏捷專案、我們在無線領域的優勢、消費者收入的成長以及策略性業務服務的收益。

The Company also benefited from lower trailing expenses from capital spending as Project VIP was completed.

隨著 VIP 專案的完成，公司也受益於資本支出減少的尾隨費用。

And our move to next-generation networks is starting to make a real difference as well.

我們向下一代網路的轉變也開始產生真正的影響。

Now let's move to cash flow where we had an outstanding quarter.

現在讓我們轉向現金流，我們有一個出色的季度。

The summary is on slide 10.

摘要位於投影片 10 上。

Our ability to generate cash continues to be strong.

我們產生現金的能力仍然很強。

Cash from operations totaled $9.2 billion.

營運現金總額為 92 億美元。

That's nearly four times our dividend commitment and our best cash generation in seven quarters and we generated $15.9 billion in cash year to date.

這幾乎是我們股息承諾的四倍，也是我們七個季度以來最好的現金產生能力，今年迄今為止我們創造了 159 億美元的現金。

Capital expenditures totaled $4.7 billion and $8.7 billion year to date.

年初至今，資本支出總額分別為 47 億美元及 87 億美元。

We still expect standalone capital spending in the $18 billion range this year but we are now including our expansion efforts in Mexico in that amount.

我們仍然預計今年的獨立資本支出將在 180 億美元範圍內，但我們現在將這筆金額納入墨西哥的擴張努力中。

Free cash flow was $4.5 billion and $7.2 billion year to date.

今年迄今為止，自由現金流分別為 45 億美元和 72 億美元。

We are well on our way to hitting our standalone free cash flow guidance we gave you earlier this year.

我們正在順利實現今年稍早向您提供的獨立自由現金流指引。

We now expect standalone free cash flow excluding any impact from DIRECTV in the $12 billion range or better and this includes the operational and capital impacts from our Mexican acquisitions.

我們現在預計，不包括 DIRECTV 的任何影響的獨立自由現金流將在 120 億美元或以上，其中包括我們墨西哥收購帶來的營運和資本影響。

In terms of uses of cash, dividends totaled $2.4 billion which gives us a free cash flow to dividend payout ratio of 55% for the quarter and about 67% year to date.

在現金使用方面，股息總額為 24 億美元，這使得我們本季的自由現金流與股息支付比率為 55%，今年迄今約為 67%。

Our net debt to adjusted EBITDA ratio was 2.15, similar to the first quarter.

我們的淨債務與調整後 EBITDA 比率為 2.15，與第一季相似。

We did issue debt in the second quarter to help finance our acquisition activities.

我們確實在第二季發行了債務，以幫助為我們的收購活動提供資金。

Our long-range goal is to get these levels back to the 1.8 range and expect our cash focus to be on paying down debt in the near-term.

我們的長期目標是讓這些水準回到 1.8 的範圍，並預計我們的現金重點將在短期內用於償還債務。

The strong financial performance in the first half of the year sets us up well for the transformation and diversification of our business.

上半年強勁的財務表現為我們的業務轉型和多元化奠定了良好的基礎。

Now let me close with a quick summary of the quarter on slide 11 before we get to your questions.

現在，在回答您的問題之前，讓我在投影片 11 上對本季進行快速總結。

Our transformation plan is working.

我們的轉型計劃正在發揮作用。

When you build a great network, develop next-generation products and focus on the customer good things happen.

當您建立良好的人脈、開發下一代產品並專注於客戶時，好事就會發生。

This focus drove strong results in the quarter that saw growing revenues, expanding margins and double-digit adjusted EPS growth.

這一重點推動了本季的強勁業績，收入不斷增長，利潤率不斷擴大，調整後每股收益將實現兩位數增長。

But just as important was our ability to generate cash from our business which we did.

但同樣重要的是我們從我們所做的業務中賺取現金的能力。

All this is in line or better than guidance that we gave you earlier this year.

所有這些都符合或優於我們今年早些時候給您的指導。

These results add to our confidence that we're on track to hit our standalone guidance metrics.

這些結果增強了我們對實現獨立指導指標的信心。

Wireless financials were solid as we near completion of our shift to Mobile Share Value plans.

由於我們即將完成向行動共享價值計畫的轉變，無線財務狀況穩健。

Next take rates continue to increase, helping drive increasing postpaid phone with Next ARPU.

下一次使用率持續增加，有助於推動後付費電話的下一次 ARPU 成長。

Our prepaid brands are doing great and our expense management helped drive our best-ever service margins.

我們的預付費品牌表現出色，我們的費用管理幫助我們實現了有史以來最好的服務利潤。

Our move into Mexico positions us as the only Company who owns and operates a North American mobile service area that will serve more than 400 million people with 4G LTE service.

進軍墨西哥使我們成為唯一擁有並經營北美行動服務區的公司，將為超過 4 億人提供 4G LTE 服務。

And we expect to reach 350 million people by year-end.

我們預計到年底將達到 3.5 億人。

Owning these network assets not only provides a high level of service quality for our customers but also gives us owners' economics advantages.

擁有這些網路資產不僅可以為我們的客戶提供高水準的服務質量，還可以為我們業主帶來經濟優勢。

We're also very pleased that in order to approve our DIRECTV transaction with certain conditions is circulating at the FCC.

我們也非常高興的是，為了批准我們的 DIRECTV 交易，在某些條件下正在 FCC 流通。

We expect final approval at any time.

我們隨時期待最終批准。

We won't be able to address any of your questions about the deal today during this call but I can tell you this.

在今天的電話會議中，我們無法回答您有關該交易的任何問題，但我可以告訴您這一點。

First, as far as any conditions that Chairman Wheeler alluded to earlier this week we feel very confident that we can make an adequate return on any investment we make as part of this deal.

首先，就惠勒主席本週稍早提到的任何條件而言，我們非常有信心能夠從我們作為這筆交易的一部分進行的任何投資中獲得足夠的回報。

Our threshold for investment and determining what's best for our shareholders has not changed.

我們的投資門檻和確定對股東最有利的決定沒有改變。

Second, we still fully expect to achieve $2.5 billion worth of cost synergies from this transaction.

其次，我們仍然完全期望透過此交易實現價值 25 億美元的成本綜效。

That also has not changed.

這也沒有改變。

We plan to webcast an Analyst Day from Dallas very soon after the deal closes to discuss our strategy in much more detail.

我們計劃在交易結束後不久在達拉斯舉行分析師日網路直播，更詳細地討論我們的策略。

We are more confident than ever about the opportunity this transaction brings.

我們對這筆交易帶來的機會比以往任何時候都更有信心。

We are building a unique communications and entertainment Company that we believe will not only transform us but transform our industry as well.

我們正在建立一家獨特的通訊和娛樂公司，我們相信這不僅會改變我們，還會改變我們的產業。

And we are very anxious to talk with you about it.

我們非常渴望與您討論此事。

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

洛瑞，讓我們繼續回答一些問題。

(Operator Instructions)

（操作員說明）

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Okay, thanks.

好的謝謝。

Good afternoon guys.

各位下午好。

The two things I think that stood out the most in the report were the service revenue trends and the Wireless margins.

我認為報告中最突出的兩件事是服務收入趨勢和無線利潤率。

So first on the service revenue, given the trends you're seeing and the slowing shift to Mobile Share Value, do you feel confident that we can get to growth in that line item in the second half of the year given the competitive environment?

首先是服務收入，考慮到您所看到的趨勢以及向行動份額價值的轉變放緩，考慮到競爭環境，您是否有信心我們能夠在下半年實現該訂單項目的成長？

And then on the margins, a big improvement there, 600 basis points on a year-over-year basis.

然後在利潤率方面，出現了很大的改善，比去年同期提高了 600 個基點。

There were some add-backs but is that the kind of improvement we should see throughout the rest of the year?

有一些補充，但這是否是我們今年剩餘時間應該看到的改進？

Thanks.

謝謝。

Yes, John, good question thanks.

是的，約翰，好問題，謝謝。

First let me say that we're pleased with the team's efforts on the cost containment and that really helped push the margins up.

首先我要說的是，我們對團隊在成本控制方面所做的努力感到滿意，這確實有助於提高利潤率。

They did a great job and they continue with that focus.

他們做得很好，並將繼續關注這一點。

On the service revenues we did get a little bit of benefit this year or this quarter from the promotional activity that took place last year.

在服務收入方面，我們今年或本季確實從去年的促銷活動中獲得了一些好處。

So the disciplined sales approach that the team took was really important to driving that good performance in service revenues.

因此，團隊採取的嚴格銷售方法對於推動服務收入的良好表現非常重要。

While we're not giving specific guidance on either on service margins or on the specific amount of Wireless margins, we're going to stay with our guidance that we did have out there that we continue to expect to grow overall revenues in our business and then we're going to continue to expect to grow margins both on the Wireless and on the consolidated side.

雖然我們沒有就服務利潤率或無線利潤率的具體數額提供具體指導，但我們將繼續堅持我們已有的指導意見，即我們繼續期望業務的整體收入增長，並且那麼我們將繼續期望無線和綜合方面的利潤率都能成長。

So I'll stick with that.

所以我會堅持下去。

But yes we are very encouraged by the discipline that the team has shown is impressive and we see every reason to continue that focus and discipline.

但是，是的，我們對團隊所表現出的令人印象深刻的紀律感到非常鼓舞，我們認為有充分的理由繼續保持這種專注和紀律。

All right, thanks John.

好的，謝謝約翰。

Phil Cusick, JPMorgan.

菲爾·庫斯克，摩根大通。

Hey guys, thanks.

嘿夥計們，謝謝。

I guess if we could talk about Mexico, can you expand for us on the plan there?

我想如果我們可以談談墨西哥，你能為我們詳細介紹那裡的計劃嗎？

You've talked about $3 billion investment.

您談到了 30 億美元的投資。

How does that split out across CapEx, OpEx, what's the timing and when can we see those networks really integrated and ready to start ramping growth?

如何在資本支出和營運支出之間進行分配？時機是什麼？我們什麼時候才能看到這些網路真正整合並準備好開始加速成長？

Thanks, John.

謝謝，約翰。

So thanks, Phil.

所以謝謝，菲爾。

The $3 billion capital investment is capital dollars.

30億美元的資本投資是資本。

It's expected over about a four-year period.

預計需要大約四年的時間。

I won't suggest to you and it will include updating 100 million POPs to LTE.

我不會向你建議，它將包括將 1 億個 POP 更新為 LTE。

But as I've said before, that won't be linear, each additional POP won't have the same capital investment associated with it because we will focus our efforts on those in best position to be upgraded and those best positioned to serve customers.

但正如我之前所說，這不會是線性的，每個額外的POP 都不會有與之相關的相同資本投資，因為我們將把精力集中在那些最有能力進行升級和最有能力為客戶提供服務的地方。

That's how we'll get the 40 million we're targeting by the end of this year.

這就是我們在今年年底前實現 4000 萬目標的方式。

So if you will capital will not be spread evenly or ratably over the cycle time.

因此，如果您願意，資本將不會在周期內均勻或按比例分配。

With that being said I think you can view us as getting to that $40 million next year and at the end of 2018 we talked about will get to the full $100 million.

話雖如此，我認為您可以認為我們明年將達到 4000 萬美元，到 2018 年底我們談到的將達到 1 億美元。

That's the spread plan that we have, Phil, but the $3 billion is capital dollars.

這就是我們的分攤計劃，菲爾，但是 30 億美元是資本。

With regard to this year what we really want to make sure is clear is as we spelled out in the separate International segment, the International business right now is requiring some investment.

關於今年，我們真正想要確定的是，正如我們在單獨的國際部門中所闡明的那樣，國際業務目前需要一些投資。

We're of aware of that, we expected it and we're going to make those investments.

我們意識到了這一點，我們也預料到了這一點，我們將進行這些投資。

And with that investment and the investment in capital this year we still believe two things will happen.

透過這項投資和今年的資本投資，我們仍然相信會發生兩件事。

We'll be able to come through in a CapEx in the $18 billion range for the total Company including the Mexico CapEx and we'll generate free cash flow in the $12 billion range or better including both the capital and operational expense requirements of the Mexico business.

我們將能夠實現整個公司 180 億美元的資本支出（包括墨西哥資本支出），我們將產生 120 億美元或更高的自由現金流，包括墨西哥的資本和營運費用要求商業。

If I can just follow-up, the $18 billion in CapEx this year implies a nice downtick in the US spending.

如果我能跟進的話，今年 180 億美元的資本支出意味著美國支出大幅下降。

What's driving that?

是什麼推動了這一點？

Are you finding that you just don't need to spend it or are you sort of pushing that out to next year?

您是否發現您根本不需要花費它，或者您是否想將其推遲到明年？

Well I think a couple of things.

嗯，我想有幾件事。

The simplest thing is to say the network team did a great job in getting the work done and we got nearly 310 million POPs with LTE right now and we're putting on a spectrum to use as opposed to building towers.

最簡單的說法是，網路團隊在完成工作方面做得很好，我們現在有近 3.1 億個 POP 使用 LTE，我們正在放置頻譜來使用，而不是建造塔。

And so that aspect of it is just a utilization of spectrum we own and capabilities we have that don't require as much CapEx.

因此，這方面只是利用我們擁有的光譜和我們擁有的能力，不需要太多的資本支出。

Secondly, the 57 million IP broadband and what is now approximately 900,000 business customer locations passed with fiber.

其次，5,700 萬個 IP 寬頻和目前約 90 萬個商業客戶位置均透過光纖傳輸。

Once again the network has done a great job in getting the Project VIP initiatives completed and when they're done the additional spend isn't necessary because the project's been completed.

該網絡再次在完成 VIP 項目計劃方面做得非常出色，完成後不需要額外支出，因為項目已經完成。

And not for lack of anything but for success.

並不是因為缺乏任何東西，而是因為成功。

That's what's driving our changes.

這就是推動我們變革的原因。

We continue to focus on working capital and construction work in progress and driving down cycle times and a whole host of other efforts the team is doing really good work on and that's also helping out.

我們繼續專注於營運資金和正在進行的建設工作，並縮短週期時間，以及團隊正在做的一系列其他努力，這些工作非常出色，這也有所幫助。

But it's really positive things that are driving this capability.

但推動這種能力的確實是正面的事情。

We're going to continue to invest in capacity.

我們將繼續對產能進行投資。

We're going to continue to invest in successful sales.

我們將繼續投資於成功的銷售。

We feel very good about our ability to continue to respond to customers in a positive way.

我們對繼續以積極方式回應客戶的能力感到非常滿意。

Thanks, John.

謝謝，約翰。

Mike McCormack, Jefferies.

麥克麥科馬克，傑弗里斯。

Hey guys, thanks.

嘿夥計們，謝謝。

John had just a quick comment on competitive positioning.

約翰剛剛對競爭定位進行了簡短評論。

Thinking about the handset losses in the quarter, clearly it's ceding a little bit of share here at the benefit of probably margins and probably some of the ARPU trends.

考慮到本季的手機損失，顯然它正在放棄一點份額，這可能是因為利潤率和 ARPU 趨勢的一些變化。

But just maybe a comment on those sub losses you're seeing in the handset side, the quality of those subs.

但也許只是對您在手機方面看到的那些低音炮損失以及這些低音炮的質量發表評論。

And then secondly, John, your thoughts on cash taxes as we look into 2016.

其次，約翰，您對 2016 年現金稅的看法。

A couple of things Mike.

有幾件事麥克.

Thanks for the question.

謝謝你的提問。

First of all let me say this right.

首先我要說的是這個道理。

On a branded net add-backs we weren't negative on voice, we were positive.

在品牌網絡附加回饋方面，我們對聲音並非持負面態度，而是持正面態度。

We added voice customers.

我們新增了語音客戶。

Now on the postpaid category we did lose some feature phones which have our lowest ARPUs.

現在，在後付費類別中，我們確實失去了一些 ARPU 最低的功能手機。

But on the prepaid side with both

但在預付費方面

our Cricket and our GoPhone brands we added some premium customers.

我們的 Cricket 和 GoPhone 品牌增加了一些優質客戶。

I think I mentioned that two-thirds of the Cricket customers are buying out of the higher plans.

我想我提到過三分之二的板球客戶都購買了更高的計劃。

Those are the $50 and $60 a month plans, two-thirds or more of our customers are buying those plans.

這些是每月 50 美元和 60 美元的計劃，我們三分之二或更多的客戶正在購買這些計劃。

And those ARPUs are higher than the feature phone ARPUs we're losing and quite frankly higher than a lot of some people in the market's postpaid ARPU.

這些 ARPU 高於我們正在失去的功能手機 ARPU，而且坦白說，高於市場上許多人的後付費 ARPU。

So we're getting great trade-off.

所以我們得到了很大的權衡。

The beauty of that, though, and the thing that's helping margins is there's very low acquisition subsidy cost with regard to those customers.

不過，這樣做的好處是，對這些客戶的獲取補貼成本非常低，有助於提高利潤。

We did sell over 7 million smartphones in the quarter.

本季我們確實售出了超過 700 萬部智慧型手機。

A lot of those were in our prepaid space but we did sell a lot.

其中很多都在我們的預付費空間中，但我們確實賣了很多。

The beauty of it is is that the customers are satisfying the financial requirements of those phones such that it's allowing us to keep our margins up.

其美妙之處在於，客戶滿足了這些手機的財務要求，從而使我們能夠保持利潤成長。

And John, were you seeing a meaningful amount of those sort of postpaid feature phones moving over to the Cricket brand or the prepaid brands?

約翰，您是否看到大量此類後付費功能手機轉向 Cricket 品牌或預付費品牌？

No, those would be migrations so we would account those as migration so you wouldn't have those in our net add numbers.

不，這些將是遷移，因此我們將其視為遷移，這樣您就不會在我們的淨添加數字中包含這些內容。

The 330,000 voice net adds in prepaid were all customers we acquired that had not had service with anybody before or we took from other providers.

預付費的 33 萬個語音網路新增客戶都是我們從未與任何人合作過的客戶，或是我們從其他供應商獲得的客戶。

So we feel really good about our competitive positioning.

因此，我們對自己的競爭定位感到非常滿意。

And we're really excited about our prepaid brands and very excited about what's happening with Cricket and the quality of the customers we're getting and quite frankly the great job the team has done in accelerating the integration, getting us over on our GSM, on our LTE networks, getting smartphones in these customers' hands and really providing quality service.

我們對我們的預付費品牌感到非常興奮，對板球運動的發展以及我們所獲得的客戶質量感到非常興奮，坦率地說，團隊在加速集成方面所做的出色工作，讓我們在GSM 上取得了進展，在我們的 LTE 網路上，讓智慧型手機到達這些客戶的手中，並真正提供優質的服務。

Churn is the reduction in churn is really impressive.

客戶流失率的降低確實令人印象深刻。

As you can see from our slides overall churn, total churn was down 16 basis points.

正如您從我們的幻燈片中看到的整體客戶流失率，總客戶流失率下降了 16 個基點。

That's mainly driven by the improvements in our prepaid.

這主要是由我們的預付費業務的改進所推動的。

Okay.

好的。

And the cash taxes in 2016 as we look at it?

那麼2016年的現金稅呢？

I think the key issue in cash taxes for 2016 would generally be expected to go up because of the tax rules and currently in place right now no legislation for bonus depreciation.

我認為，由於稅收規定，2016 年現金稅的關鍵問題通常會上升，而且目前還沒有針對紅利折舊的立法。

With that being said there has been a bill that came out of the Senate Finance Committee I think just last week, there has been a lot of activity in the House to extend the various tax extenders, research bill and credit and other things and include bonus depreciation, some say for a two-year cycle, others say to a three- to five-year cycle depending upon which piece of legislation we're talking about.

話雖這麼說，參議院財務委員會已經提出了一項法案，我認為就在上週，眾議院開展了很多活動，以延長各種稅收延期、研究法案和信貸以及其他事項，包括獎金折舊，有人說以兩年為週期，有人說以三到五年為週期，取決於我們所討論的立法。

If those happen we would see a significant benefit from a company who invests in the United States and invests in jobs through CapEx in the United States.

如果這些發生，我們將看到在美國投資並透過美國資本支出投資就業的公司將獲得顯著收益。

So that's yet to be seen as what will happen.

因此，這還有待觀察會發生什麼。

Okay, great, John.

好的，太好了，約翰。

Thanks.

謝謝。

David Barden, Bank of America Merrill Lynch.

大衛巴登，美銀美林。

Hey guys, thanks for the taking the questions.

嘿夥計們，感謝您提出問題。

I guess first, John, if I could ask the Wireless margin question another way which is looking at the sequential change in the cost is about almost $750 million of sequential cost went away after you subtract out the merger and integration expenses.

約翰，我首先想，如果我能以另一種方式問無線利潤率問題，即考慮成本的連續變化，那麼在扣除合併和整合費用後，大約 7.5 億美元的連續成本就消失了。

So could you parse down what happened quarter over quarter in the Wireless business and can we expect this as a starting point to be where we should look at Wireless margins for the rest of the year and into 2016?

那麼，您能否分析一下無線業務逐季度發生的情況，我們能否以此為起點來研究今年剩餘時間和 2016 年的無線利潤率？

And then I guess as a second question it's no secret we're all trying to figure out the implications of the potential conditions here.

然後我想作為第二個問題，我們都在試圖找出這裡潛在條件的影響，這已經不是什麼秘密了。

But I think as a level set in that conversation could you go through what you're able to talk about in terms of the scope of the current GigaPower initiative, the economics around that initiative, cost to home passed and so we could all be on the same page in that conversation.

但我認為，作為這次對話中設定的一個級別，您能否從當前 GigaPower 計劃的範圍、圍繞該計劃的經濟情況、家庭成本等方面討論您可以談論的內容，以便我們都可以參與其中該對話中的同一頁。

Thanks.

謝謝。

So let me start with the Wireless margins.

讓我從無線利潤開始。

A couple of things we need to be focused on.

我們需要關註一些事情。

One is we made significant progress with regard to Cricket and the integration of it.

一是我們在板球及其整合方面取得了重大進展。

So we've been able to free up a lot of spectrum over the year to take in capacity in a very efficient and low cost way, so to be able to serve customers more effectively get more LTE add.

因此，我們在這一年中釋放了大量頻譜，以非常高效、低成本的方式吸收容量，從而能夠更有效地為客戶提供服務，並獲得更多 LTE 服務。

Secondly we have the Cricket, as you know the company we bought was operating in a we'll say in a challenged environment with challenged results from a margin and an operating income perspective.

其次，我們有板球，正如你所知，我們購買的公司是在一個充滿挑戰的環境中運營的，從利潤和營業收入的角度來看，其業績也受到挑戰。

The team has put in place integration plans and activated those and affectuated those that are now improving and growing EBITDA and operating contribution in that piece of it.

該團隊已經制定了整合計劃，並啟動了這些計劃並影響了那些正在改善和成長 EBITDA 和營運貢獻的計劃。

So if you go back and look at the prior public company we bought the Leap company you can get a sense if you can turn those numbers positive you can have a real improvement on your quarter.

因此，如果你回顧我們收購 Leap 公司之前的上市公司，你就會明白，如果你能將這些數字轉為正值，你的季度就能得到真正的改善。

That's one.

這是一個。

Two, we have seen efforts in our customer tier and specifically on our mobility customer care centers where we've done a whole variety of things.

第二，我們看到了我們在客戶層面所做的努力，特別是在我們的行動客戶服務中心，我們做了各種各樣的事情。

Whether it's the sales guys keeping consistent sales offers out there, whether it's the retail stores having the sales agents spend more time to make sure customers explain it, whether it's moving towards getting it right the first time and getting the first call resolution or it's our extensive investments over the last few years in digital first and allowing customers to for example order, upgrade, buy different packages, pay their bills, those types of things on their smartphones.

無論是銷售人員保持一致的銷售報價，無論是零售商店讓銷售代理商花更多的時間來確保客戶解釋它，無論是朝著第一次就做對並獲得第一次呼叫解決的方向還是我們的過去幾年，我們對數位優先進行了大量投資，並允許客戶在智慧型手機上訂購、升級、購買不同的套餐、支付帳單等。

All that is driven, call volume is down significantly in our care centers to the tune of we'll probably have a drop for this year of about 10 million phone calls out of our mobility care centers alone.

在所有這些因素的推動下，我們的護理中心的通話量大幅下降，今年僅從我們的行動護理中心打出的電話就可能減少約 1000 萬個。

So that's another activity that going.

這是另一項正在進行的活動。

Our LTE network is a lower cost network and we're continuing to see people use more data and buying up into bigger plans.

我們的 LTE 網路是一個成本較低的網絡，我們不斷看到人們使用更多的數據併購買更大的計劃。

That's helping.

這很有幫助。

Additionally and we are seeing our customers seem to want to hold their phones longer under the Next plan, at least longer than we had initially expected.

此外，我們發現我們的客戶似乎希望在 Next 計劃下持有手機的時間更長，至少比我們最初預期的時間更長。

And with that we are seeing cost savings there.

由此，我們看到了成本的節省。

So those are all part of what we saw in the second quarter.

這些都是我們在第二季度看到的情況的一部分。

And we're optimistic that we'll be able to continue much of that momentum maybe at different levels but we're owing to be able to continue that momentum going forward.

我們樂觀地認為，我們將能夠在不同層面上繼續保持這種勢頭，但我們應該能夠繼續保持這種勢頭。

So we're very optimistic about that.

所以我們對此非常樂觀。

With regard to the transaction I won't make any comments with regard to GigaPower.

關於此次交易，我不會對GigaPower發表任何評論。

We have announced an effort to go into 25 major markets to place fiber to the prem in those.

我們已宣布努力進入 25 個主要市場，在這些市場部署光纖到本地。

We had done it, started in some initial markets in Dallas and Austin and some others.

我們已經做到了，從達拉斯和奧斯汀等一些最初的市場開始。

Our initial results have been very encouraging.

我們的初步結果非常令人鼓舞。

Our sales have exceeded our expectations.

我們的銷售額超出了我們的預期。

We're seeing great if you will net promoter scores from our customers who take those services and we're encouraged by that.

如果您能從使用這些服務的客戶那裡獲得淨推薦分數，我們會感到非常高興，我們對此感到鼓舞。

And I think based on prudence I'll leave the comments with regard to it at that.

我認為出於謹慎考慮，我將就此發表評論。

But we are encouraged by what we've seen out of GigaPower and the capabilities it brings not only to our customers but to us as a service provider.

但我們對 GigaPower 的所見所聞以及它不僅為我們的客戶而且為我們作為服務提供者帶來的功能感到鼓舞。

Great, thanks, John.

太好了，謝謝，約翰。

Amir Rozwadowski, Barclays Capital.

阿米爾·羅茲瓦多夫斯基，巴克萊資本。

Thank you very much.

非常感謝。

John, I was wondering if we could switch gears back to sort of assessing the competitive environment, in particular the wireless arena.

約翰，我想知道我們是否可以重新評估競爭環境，特別是無線領域。

There's been a lot of discussions around levels of promotional activity in the first part of the year whether or not we're at elevated levels or depressed levels versus last year.

關於今年上半年的促銷活動水平，人們進行了​​很多討論，無論我們與去年相比是處於高水平還是低水平。

As you look out towards the remainder of the year you had mentioned that you're taking a disciplined approach.

當您展望今年剩餘時間時，您提到您正在採取嚴格的方法。

I was wondering if you could give us a bit more color in terms of your strategy going forward here in terms of either from a promotional standpoint or if there is some new products coming down the line with this merger the type of strategies that you're taking for customer acquisition?

我想知道您是否可以就您的未來戰略向我們提供更多信息，無論是從促銷的角度來看，還是從這次合併中推出一些新產品（您所採用的戰略類型）來看。獲取客戶？

So let me just say it this way.

那我就這樣說吧。

We are certainly evaluating and watching our competitors' moves in the marketplace.

我們當然正在評估和觀察競爭對手在市場上的舉動。

What I would tell you is that we're not responding to each and every one from a discounting program.

我要告訴您的是，我們不會對折扣計劃中的每一項都做出回應。

We've shown that kind of discipline.

我們已經展現了這種紀律。

We have responded with an effort to make customer care easier, customer service easier, customer data situations like rollover data where we can meet some of the customers' pain points and satisfy them.

我們做出了回應，努力讓客戶關懷更容易，客戶服務更容易，客戶數據情況（例如滾動數據）我們可以滿足客戶的一些痛點並滿足他們。

And we've done a great job in providing value customer solution with our prepaid brands.

我們在透過我們的預付費品牌提供有價值的客戶解決方案方面做得非常出色。

Those are the kinds of things we're going to do and continue to do.

這些是我們將要做並繼續做的事情。

I think you've seen it in our numbers that this disciplined approach has paid off and as I mentioned we did have positive voice net adds so we feel good about what it has done to the positioning.

我想你已經從我們的數據中看到，這種嚴格的方法已經得到了回報，正如我提到的，我們確實增加了積極的語音網絡，所以我們對它對定位的影響感到滿意。

Quite frankly the biggest strategy play we've had in that wireless space was probably the acquisition of Cricket and giving us that capability, that platform and that distribution to really serve those value customers in a different way.

坦白說，我們在無線領域所採取的最大策略可能是收購了 Cricket，並為我們提供了能力、平台和分銷方式，以便以不同的方式真正為這些價值客戶提供服務。

But if you will, yes, it's a competitive market.

但如果你願意的話，是的，這是一個競爭激烈的市場。

It continues to be a noisy and competitive market.

它仍然是一個喧鬧且競爭激烈的市場。

But it's been that way for some time and I wouldn't expect it necessarily to change.

但這種情況已經有一段時間了，我不認為它一定會改變。

But I do like our ability to compete with the tools that we have that are different than our competitors.

但我確實喜歡我們利用與競爭對手不同的工具進行競爭的能力。

Having that premium prepaid, having Mobile Share Value, having Next, having connected cars and connected devices, having all those tools in this great network I believe we're in the best position to compete going forward and are looking forward to that opportunity.

擁有優質的預付、行動共享價值、Next、連網汽車和連網設備，以及這個偉大網路中的所有這些工具，我相信我們處於未來競爭的最佳位置，並期待著這個機會。

Thank you and then if I may one brief follow-up, in thinking about sort of of churn levels I mean we've seen a tick down from the prior quarter and in thinking about the scope of the competitive landscape how do you think that sort of churn should progress through the course of the year?

謝謝，然後我可以做一個簡短的跟進，在考慮某種客戶流失水平時，我的意思是我們已經看到比上一季度有所下降，在考慮競爭格局的範圍時，您認為這種情況如何客戶流失率在這一年應該有所進展嗎？

Yes, we won't give any predictions, Amir.

是的，我們不會給出任何預測，阿米爾。

Specifically on that we're focused on churn as a way of giving good service, lowers churn, lowers churn, gives good profitability.

具體來說，我們專注於客戶流失，將其視為提供優質服務、降低客戶流失、降低客戶流失、提供良好獲利能力的一種方式。

So we certainly value it and we'll continue to focus on it.

因此，我們當然重視它，並將繼續關注它。

I'll just leave it to say that through six months our churn on a postpaid basis is lower than last year's full year and last year's full year was our best year ever.

我只想說，在六個月內，我們的後付費客戶流失率低於去年全年，而去年全年是我們有史以來最好的一年。

And secondly as I mentioned if you peel through our numbers you can see our total churn dropped 16 basis points which means our prepaid churn which I did mention had its best quarter ever for us and our prepaid churn is really improving.

其次，正如我所提到的，如果你仔細查看我們的數據，你會發現我們的總客戶流失率下降了16 個基點，這意味著我們的預付費客戶流失率（我確實提到過）經歷了有史以來最好的季度，而且我們的預付費客戶流失率確實在改善。

So we're really focused on it and we believe that gives us that opportunity to really generate value while still being very competitive in the marketplace.

因此，我們非常關注它，我們相信這為我們提供了真正創造價值的機會，同時在市場上仍然具有強大的競爭力。

Thank you very much for the additional color.

非常感謝您的額外顏色。

Brett Feldman, Goldman Sachs.

布雷特·費爾德曼，高盛。

Thanks for taking the question.

感謝您提出問題。

John, during your statements you mentioned that you are increasingly focused on driving profitability in the Wireline side and you noted that there was a small loss of video customers against that strategy.

約翰，在您的演講中，您提到您越來越注重提高有線業務的盈利能力，並且您指出，與該策略相比，視頻客戶略有流失。

It implies you saw something in the market that you just didn't want to respond to.

這意味著您在市場上看到了一些您不想回應的東西。

So if you could maybe give us a little color in terms of what you saw , what you didn't like and where you were really focused strategically that would be helpful.

因此，如果您能給我們一些關於您所看到的、您不喜歡的以及您真正關注的戰略重點的信息，那將會很有幫助。

And just along those lines since the broadband numbers were just a little under run rate on U-verse, I think you had talked about where you were from a penetration standpoint in an upgrade cycle, if you could revisit that that would be helpful.

沿著這些思路，由於U-verse 上的寬頻資料運行率略低於運行率，我認為您已經討論過從升級週期的滲透角度來看您所處的位置，如果您可以重新審視這一點，那將會有所幫助。

So I'll take a couple of things.

所以我會採取一些措施。

One with regard to we do have a tremendous focus on driving cost out of our Wireline business.

其一，我們確實非常注重降低有線業務的成本。

And as all of you know when legacy services drop off they usually have very high margins that go with them.

眾所周知，當傳統服務下降時，它們通常會獲得非常高的利潤。

So as we're growing our strategic services and our U-verse services we're really focused on controlling costs so we can replace that to maintain our profitability.

因此，當我們發展策略服務和 U-verse 服務時，我們真正專注於控製成本，以便我們可以取代它來維持我們的獲利能力。

With that being said on the U-verse video side the first point to make is second quarter is always seasonally a challenge.

話雖如此，在 U-verse 影片方面，首先要指出的是，第二季始終是季節性挑戰。

You got a lot of relocations, you've got a lot of students returning from college.

你們有很多搬遷，有很多學生從大學回來。

And with our currently limited footprint with regard to video capabilities it's always a challenge for us.

由於我們目前在視訊功能方面的足跡有限，這對我們來說始終是一個挑戰。

The issue then is do you go out and do a lot of promotional activities to stimulate growth?

那麼問題是你是否出去做很多促銷活動來刺激成長？

We chose to be very disciplined and very limited in those promotional activities.

我們在這些促銷活動中選擇非常嚴格且非常有限。

As you can see, it really had a unique impact in the sense that our revenues grew 3.7% or almost 4%.

正如您所看到的，它確實產生了獨特的影響，我們的收入增加了 3.7% 或幾乎 4%。

So it was from this disciplined approach of not getting out of hand with regard to promotional pricing.

因此，這源自於這種在促銷定價方面不失控的嚴格方法。

That's how we think about it.

我們就是這麼想的。

When we are capable of bundling all our services together we're very optimistic about our ability to compete.

當我們能夠將所有服務捆綁在一起時，我們對我們的競爭能力非常樂觀。

With regard to our IP broadband it really has more to do at this time not only with the seasonality but also with the fact that we were

就我們的 IP 寬頻而言，目前確實有更多的事情要做，不僅與季節性有關，而且與我們

converting our DSL at a very high rate to our IP broadband or our high-speed broadband.

以非常高的速率將我們的 DSL 轉換為我們的 IP 寬頻或高速寬頻。

That process has achieved 13 million of these high-speed broadband and we only have about 1 million left.

這個過程已經實現了 1300 萬個高速寬頻，而我們只剩下大約 100 萬個。

So coming from a number of years ago where we had 14 million to convert we're down to 1 million and so you'll see it's just a different pool to draw from.

因此，幾年前我們有 1400 萬美元需要轉換，現在我們減少到 100 萬美元，所以你會發現這只是一個不同的資金池。

Once again as we had a somewhat challenged video footprint at the current time and the opportunities before us are clear with that high quality broadband service that we have.

由於我們目前的視訊足跡再次面臨一些挑戰，並且我們擁有的高品質寬頻服務擺在我們面前的機會是明確的。

So I'll leave it at that.

所以我就這樣吧。

All right, thank you.

好吧。謝謝。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Thank you very much.

非常感謝。

John it sounds like the FCC is getting ready to put out the final rules for the broadcast incentive auction.

約翰，聽起來聯邦通訊委員會正準備制定廣播激勵拍賣的最終規則。

You have put out a commitment around $9 billion under certain conditions.

你們已承諾在一定條件下提供約 90 億美元的資金。

Can you just review your perspective on the 600 auction?

能簡單回顧一下您對 600 拍賣的看法嗎？

And then any color you can give us on securitization during the quarter?

那麼您能給我們提供有關本季度證券化的任何資訊嗎？

Thanks.

謝謝。

Yes, so with regard to securitizations, Simon, we did do some of this quarter.

是的，關於證券化，西蒙，我們本季確實做了一些工作。

They were about $1 billion this quarter and we did about $800 million in the year-ago quarter.

本季他們的營收約為 10 億美元，而我們去年同期的營收約為 8 億美元。

So a slight increase in the securitizations, I'm assuming we're talking about the net securitizations.

因此，證券化略有增加，我假設我們正在談論淨證券化。

Continue to see strong demand, continue to see a real interest in that investment by a number of banks at very attractive rates.

繼續看到強勁的需求，繼續看到許多銀行以非常有吸引力的利率對這項投資產生真正的興趣。

And we're getting to the point now that we've lapped a full year and are building a history with regard to this program which is very good for the Company.

現在我們已經度過了一整年，正在為該計劃創造歷史，這對公司來說非常有利。

This has to give us flexibility going forward.

這必須給我們前進的靈活性。

So very pleased with it, expect we'll continue to do it.

所以對此非常滿意，希望我們會繼續這樣做。

But the differential year over year was not dramatic as it may have been in some prior quarters.

但同比差異並不像前幾季那麼巨大。

That's one.

這是一個。

Two, as far as overall spectrum goes we're always interested in looking at spectrum and the opportunities to improve our spectrum position.

第二，就整體光譜而言，我們始終對研究頻譜和改善頻譜地位的機會感興趣。

And we plan for that other regular basis.

我們也為其他定期計劃做好了計劃。

With regard to the dissipation in the broadcast auction, we did offer to participate when we first announced our intention to acquire DTV.

關於廣播拍賣的耗散，我們在最初宣布有意收購DTV時確實提出參與。

We'll wait and see what the final terms and conditions with regard to any approval of that merger are.

我們將拭目以待，看看有關合併批准的最終條款和條件是什麼。

But in any event I would suggest to you that we'll be interested and prudent in investigating the opportunities to see what's available and participate in an appropriate way as we move forward.

但無論如何，我建議您，我們將有興趣並謹慎地調查機會，了解可用的內容，並在我們前進的過程中以適當的方式參與。

Great, thank you.

太好了謝謝。

Joe Mastrogiovanni, Credit Suisse.

喬·馬斯特羅喬瓦尼，瑞士信貸。

Hi guys, thanks for taking the question.

大家好，感謝您提問。

John, so you're on track to bring the CapEx down to the $18 billion range but this does follow some heavy investment the past few years.

John，所以您預計將資本支出降低至 180 億美元的範圍，但這確實是在過去幾年進行了大量投資之後進行的。

As you look out over the technology road map like 5G coming down the pipeline do you anticipate that we'll see another period of elevated investment?

當您審視即將推出的 5G 等技術路線圖時，您是否預期我們會看到另一個投資增加的時期？

Good question Joe.

好問題，喬。

I would tell you this.

我會告訴你這一點。

From kind of a longer-term perspective what we're seeing is our move to get this fiber deep into the network and getting LTE out deep into the Wireless network and the solutions that we're finding in a software-defined network opportunity we seen a real opportunity to actually strive to bring investments if you will lower or more efficient from historical levels.

從更長遠的角度來看，我們看到的是我們將光纖深入網路、將 LTE 深入無線網路的舉措，以及我們在軟體定義網路機會中找到的解決方案如果您能從歷史水平降低或提高效率，那麼這是一個真正努力帶來投資的真正機會。

Right now I'll tell you that this year's investment is going to be in that $18 billion range which is about 15%.

現在我告訴你，今年的投資將在180億美元的範圍內，大約是15%。

Certainly we're not going to give any guidance with regard to next year or the year after and we'll give an update on this year's guidance if and when at our endless conference if we get that opportunity.

當然，我們不會就明年或後年提供任何指導，如果有機會的話，我們將在我們無休止的會議上提供今年指導的最新資訊。

With that being said I think there's a real opportunity with some of the activities that are going on in software-defined networks on a longer-term basis to actually bring that capital intensity to a more modest level.

話雖如此，我認為從長遠來看，軟體定義網路中正在進行的一些活動確實有機會將資本密集度降低到更適度的水平。

Got it.

知道了。

Thanks.

謝謝。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great, thank you.

太好了謝謝。

Can you give us an update on how many homes you've passed with GigaPower and sort of what the cost is running on that right now?

您能否向我們介紹一下您已經通過了多少個使用 GigaPower 的家庭以及目前的費用是多少？

And then secondly on the wholesale business what exactly is the trend there?

其次，批發業務的趨勢到底是什麼？

Are you losing share or is it just lower pricing or is it lower volumes or where is that actually going?

您是否正在失去份額，或者只是價格降低，還是銷量減少，或者實際情況如何？

So on the wholesale business the first thing is we exited our global hubbing the business.

因此，在批發業務方面，第一件事是我們退出了全球樞紐業務。

We've really turned that down, not pursuing it anymore.

我們真的拒絕了，不再追求它。

That's having a significant impact on the wholesale business.

這對批發業務產生了重大影響。

That's the first point.

這是第一點。

The second point what we're saying is the continued not only pressure on the legacy analog services but a movement towards more efficient IP strategic services.

我們所說的第二點是，不僅傳統模擬服務面臨持續的壓力，而且朝著更有效率的 IP 策略服務的方向發展。

So when the customers move up sometimes they have both services in place but even after they shut off the legacy services the strategic services oftentimes have more efficiency.

因此，當客戶升級時，有時他們會同時擁有這兩種服務，但即使在他們關閉遺留服務之後，策略服務通常也具有更高的效率。

And so until the volumes grow to absorb that there's a disconnect between those revenue sources.

因此，在銷售成長到吸收之前，這些收入來源之間會存在脫節。

But with that being said we still feel very good about our win percentages and our ability to hold onto that business and our ability to grow going forward.

但話雖如此，我們仍然對我們的勝率、我們保住業務的能力以及我們未來發展的能力感到非常滿意。

The biggest first issue with regard to wholesale, though, is the fact that we've decided to get out of some business and on the second piece is some of this growing as they've transitioned to strategic services, to Ethernet and other things.

然而，關於批發的最大的第一個問題是，我們已經決定退出一些業務，而第二個問題是，隨著他們轉向策略服務、乙太網路和其他業務，其中一些業務正在成長。

But we will continue to be positive and we continue to be able to compete well in that wholesale space.

但我們將繼續保持積極態度，並繼續能夠在批發領域保持良好競爭。

With regard to GigaPower I would suggest we're not giving out cost per unit price at this time.

關於 GigaPower，我建議我們目前不給出每單位價格的成本。

And let me give you some insights into why that would be challenging at this point.

讓我給你一些見解，解釋為什麼此時這會是一個挑戰。

There is a difference between whether you do it on aerial basis or a buried cable basis, there is a difference between whether you do it to multi-dwelling units or whether you do it to a single home and single residence.

無論是在空中或埋地電纜上進行，都存在差異；在多住宅單元上進行還是在單戶住宅和單戶住宅​​上進行時，也存在差異。

So all of those factors at this stage could mislead folks with regard to any kind of factual numbers.

因此，現階段的所有這些因素都可能誤導人們對任何事實數字的看法。

So we've chosen not to do that.

所以我們選擇不這樣做。

But we are just getting started with the fiber to the prem activity.

但我們剛開始進行光纖到Prem活動。

We're very pleased with it.

我們對此非常滿意。

I can suggest to you that we're probably still in the early stages of it but the take rates and the satisfaction rates continue to outperform our expectations with our customers.

我可以向您建議，我們可能仍處於早期階段，但接受率和滿意度繼續超出我們對客戶的期望。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Lori, we'll take one more question.

洛瑞，我們再問一個問題。

Very good.

非常好。

James Ratcliffe, Buckingham Research.

詹姆斯·拉特克利夫，白金漢研究中心。

Hi, thanks for taking the question.

您好，感謝您提出問題。

Two on the Wireless side if I could.

如果可以的話，在無線方面有兩個。

First of all can you give a little more color about what's driving the improvement you're seeing in prepaid churn?

首先，您能否詳細說明是什麼推動了您所看到的預付費客戶流失率的改善？

Is it just improving credit quality or better retention or is something else going on there?

只是提高信用品質或提高保留率還是還有其他原因？

And second, given the continued growth in connected cars, any insight you can provide ground the economics around those, what ARPU are running and if there are any subsidies or revenue shares involved?

其次，考慮到連網汽車的持續成長，您可以提供任何有關這些經濟的見解、ARPU 正在運作以及是否涉及任何補貼或收入分成？

Thanks.

謝謝。

So on the prepaid business it's a couple of things.

因此，在預付費業務上有兩件事。

One great plans, great attention to our customers, but quite frankly they're running on a great network.

一個偉大的計劃，對我們的客戶的極大關注，但坦率地說，他們正在一個偉大的網絡上運行。

So they're getting great service with cost-efficient plans and we're able to do it because they're paying for their own phones.

因此，他們透過具有成本效益的計劃獲得了優質的服務，而我們能夠做到這一點是因為他們為自己的手機付費。

So it's really just a lot of hard work by our network team in getting these customers converted from the network that they were on, the CDMA network they're on on to our LTE network so they're having a great experience.

因此，我們的網路團隊確實付出了很多努力，讓這些客戶從他們所在的網路（即 CDMA 網路）轉換到我們的 LTE 網絡，以便他們獲得良好的體驗。

That's one.

這是一個。

Two, we're giving a good pricing.

第二，我們給了一個很好的定價。

We can do that because they're paying for their own phones essentially.

我們可以做到這一點，因為他們基本上是在為自己的手機付費。

So and then our sales team and our operations team is working very hard to integrate the quality of our networks, our backbone and our cost structure.

因此，我們的銷售團隊和營運團隊正在非常努力地整合我們的網路品質、骨幹網路和成本結構。

All of those things are what's driving it.

所有這些都是推動它的因素。

But the churn is really I'm sure has a lot to do with this great network that they're riding on.

但我確信這種流失確實與他們所依賴的這個偉大的網絡有很大關係。

So I would suggest you that.

所以我建議你這樣做。

On the connected car there's three relationships I think of when I think of that connected car on our revenue side.

在連網汽車上，當我想到收入方面的連網汽車時，我會想到三種關係。

There is one on the wholesale relationship with the auto manufacturer/dealers and that's the ability to deliver on-time information and real-time information to the cars or take it from the cars for whether it be design, marketing activities, analysis upgrades to mapping and so on and so forth.

與汽車製造商/經銷商的批發關係之一是能夠向汽車提供及時信息和實時信息，或者從汽車上獲取信息，無論是設計、營銷活動、分析升級還是地圖繪製等等等等。

That's a wholesale relationship we have with the auto manufacturers.

這是我們與汽車製造商的批發關係。

And as we continue to develop applications and they continue to develop applications and information needs out of that process we'll continue, we're hopeful to continue to grow that revenue.

隨著我們繼續開發應用程序，他們繼續開發應用程式和資訊需求，我們將繼續這個過程，我們希望繼續增加收入。

The key to that is much of that activity can be done in off-peak hours.

關鍵在於大部分活動可以在非尖峰時段完成。

And so the auto manufacturers can gather that time and gather that data at times when it's very cost-efficient for us to do it so we can utilize our networks when they're somewhat underutilized and they can still get really good quality data.

因此，汽車製造商可以在我們這樣做非常具有成本效益的時候收集這些時間和數據，這樣我們就可以在我們的網絡未得到充分利用時利用我們的網絡，並且他們仍然可以獲得真正高品質的數據。

Two, there's that ability to put it into a Mobile Share Value plan.

第二，能夠將其納入行動共享價值計劃。

And part of our Mobile Share Value plans is an add-on service.

我們的行動共享價值計畫的一部分是一項附加服務。

We're just getting started with that.

我們才剛開始。

We're very optimistic about the opportunities there.

我們對那裡的機會非常樂觀。

But quite frankly the cars first are just rolling off and secondly there is some promotional time and promotional activities where that capability is available before we sign them up to a retail package so that process is just getting started.

但坦白說，汽車首先只是下線，其次還有一些促銷時間和促銷活動，在我們將它們簽署零售套餐之前，就可以使用該功能，因此該過程才剛剛開始。

We feel very good about it and think it fits within the overall connected life strategy that our mobility team is running.

我們對此感覺非常好，並認為它符合我們行動團隊正在運作的整體互聯生活策略。

And then lastly there's a prepaid opportunity for someone who doesn't own the car but yet wants to utilize that connectivity in that car.

最後，對於那些沒有汽車但又想利用汽車中的連接功能的人來說，還有一個預付的機會。

And we are seeing some utilization of that today and we'll continue to see that develop.

今天我們看到了它的一些利用，並且我們將繼續看到它的發展。

We're optimistic and very jazzed up so to speak about the opportunities in the connected car.

可以說，我們對連網汽車的機會感到樂觀和興奮。

I would suggest to you that a company that's our scale and size, we look to this to be not only a success in today's net adds and today's relationship with our business customers but a success going forward in revenue generation and margin generation improvement.

我想向您建議，像我們這樣的規模和規模的公司，我們不僅希望在今天的淨增長和與​​我們的業務客戶的關係方面取得成功，而且在收入創造和利潤創造改善方面取得成功。

Lori, I think we have time for one more question.

洛瑞，我想我們還有時間再問一個問題。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Thanks a lot.

多謝。

So John, a great job on the financial discipline.

約翰在財務學科方面做得很好。

So you think the Wireless expenses is a good run rate here?

那麼您認為這裡的無線費用運作率不錯嗎？

I know there's a lot of moving parts, do you think maybe you were a little light on the marketing this quarter or that wasn't an impact and can you also just lastly give us some data usage statistics?

我知道有很多變動的部分，您是否認為本季的行銷工作有點輕，或者這沒有產生影響，您能否最後給我們一些數據使用統計數據？

Thanks.

謝謝。

Sure, Tim.

當然，提姆。

Let me say this.

讓我這麼說吧。

On the margins there's always going to be seasonality and we're always going to have the challenges that are in our business.

在邊緣，總是會有季節性，我們的業務總是會遇到挑戰。

We're going to have a much smoother seasonality.

我們將會有一個更平穩的季節性。

We may have because of the way we've shifted the business flipped some of the pressure quarters and the higher-end quarters around, we'll have more smoother.

由於我們轉移業務的方式，我們可能會扭轉一些壓力季度和高端季度的局面，我們會變得更加順利。

But we will have additional activities as we get into the holiday season with more units and more activities with regard to that.

但隨著假期的到來，我們將會有更多的活動，包括更多的單位和更多的活動。

Secondly while we are going to continue to be disciplined with all costs including marketing I would suggest to you we will continue to market and believe we've been effective with our marketing but have not shut it down.

其次，雖然我們將繼續遵守包括行銷在內的所有成本，但我建議您我們將繼續進行行銷，並相信我們的行銷一直有效，但尚未關閉。

With regard to b- Tim, what was your last question?

關於b-提姆，你的最後一個問題是什麼？

Wireless data usage and where maybe customers are in terms of the utilization of their existing capacity.

無線數據使用情況以及客戶現有容量的使用率。

We continue to see data growth per handset to be significant.

我們繼續看到每支手機的數據成長顯著。

And it's been running at kind of the 50% year-over-year increase for a while.

一段時間以來，它一直以 50% 的同比增幅運行。

With regard to the data plans we're seeing customers a couple of things.

關於數據計劃，我們向客戶展示了一些情況。

We continue to see customers buy the bigger data plan, some of the 20 gig and bigger plans.

我們繼續看到客戶購買更大的數據套餐，其中一些是 20 兆和更大的套餐。

And the unique thing that's helped our service revenues this quarter was we continue to see people do some overages.

本季對我們的服務收入有所幫助的獨特之處在於，我們繼續看到人們出現了一些超額的情況。

Even though we gave rollover out to our customers to help them manage their plans they took advantage of it we continued to see some overage usage.

儘管我們向客戶提供了延期以幫助他們管理他們的計劃，但他們還是利用了這一優勢，但我們仍然看到一些超額使用情況。

So we view that as an opportunity to get the customers to buy some bigger buckets and move themselves out of that stressed opportunity.

因此，我們認為這是一個讓客戶購買更大桶並擺脫這種壓力機會的機會。

But usage continues to be a positive for our revenue opportunities and continues to be something our network guys watch very closely so we keep this high quality service.

但使用率仍然對我們的收入機會產生積極影響，並且仍然是我們的網路人員密切關注的事情，因此我們保持這種高品質的服務。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks Lori.

謝謝洛瑞。

For everyone on the call I want to thank you for being with us today.

對於參加電話會議的每個人，我要感謝你們今天和我們在一起。

In closing let me say this, for the last three years we have laid a plan that deployed next-generation networks, that developed some innovative products and services and that has been focused on repositioning our customer base.

最後，我想說的是，在過去的三年裡，我們制定了部署下一代網路的計劃，開發了一些創新產品和服務，並專注於重新定位我們的客戶群。

And at the same time we've been focused on cost management.

同時，我們一直專注於成本管理。

Second-quarter results show that this strategy is working.

第二季的業績顯示這項策略正在發揮作用。

We now stand ready to continue this process with our strategic investments in spectrum and Leap in Mexico as well as our pending transaction with DIRECTV.

我們現在已做好準備，透過對墨西哥頻譜和 Leap 的戰略投資以及與 DIRECTV 的懸而未決的交易，繼續這一進程。

We are ready to take advantage of our new opportunities as we transform our business and our industry.

我們準備好利用我們的業務和行業轉型的新機會。

Thanks again for being on the call and as always thank you for your interest in AT&T.

再次感謝您接聽電話，並一如既往地感謝您對 AT&T 的興趣。

Have a good evening.

祝你晚上愉快。

Thank you very much.

非常感謝。

Ladies and gentlemen, that will conclude our conference call for today.

女士們先生們，我們今天的電話會議到此結束。

Thank you for your participation and for using AT&T executive teleconference service and you may now disconnect.

感謝您的參與和使用 AT&T 高階主管電話會議服務，您現在可以斷開連線。