AT&T Inc (T) 2017 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the AT&T First Quarter 2017 Earnings Call.

女士們、先生們，感謝大家的支持，並歡迎參加 AT&T 2017 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to our host, Michael Viola, Senior Vice President, Investor Relations.

（操作員指示）我現在想將會議轉交給我們的東道主、投資者關係高級副總裁邁克爾·維奧拉（Michael Viola）。

Please go ahead, sir.

請繼續，先生。

Okay.

好的。

Thank you, Kathy, and good afternoon, everyone.

謝謝凱西，大家下午好。

Welcome to the first quarter conference call.

歡迎參加第一季電話會議。

Good to have everybody with us today.

很高興今天大家都和我們在一起。

Joining me on the call is Randall Stephenson, AT&T's Chairman and Chief Executive Officer; and John Stephens, AT&T's Chief Financial Officer.

與我一起參加電話會議的是 AT&T 董事長兼執行長 Randall Stephenson； AT&T 財務長 John Stephens。

John is going to cover our operational results first.

約翰將首先介紹我們的營運結果。

Randall is going to follow that with an overall business strategy update and then we'll get through the Q&A session.

蘭德爾將隨後更新整體業務策略，然後我們將完成問答環節。

As always, our earnings materials are available on our Investor Relations page, and you can find that on att.com/investor.relations.

與往常一樣，我們的收益資料可在我們的投資者關係頁面上找到，您也可以在 att.com/investor.relations 上找到。

I need to call your attention to 2 safe harbor statements before we begin, that's on Slide 3 and Slide 4. They say that some of these comments today may be forward looking, and as such, they're subject to risks and uncertainties.

在我們開始之前，我需要提醒您注意幻燈片3 和幻燈片4 上的2 個安全港聲明。他們說，今天的一些評論可能是前瞻性的，因此，它們會受到風險和不確定性的影響。

Results may differ materially.

結果可能存在重大差異。

And additional information is available on AT&T's and Straight Path's SEC filing and on the Investor Relations page of each company's respective websites.

如需了解更多信息，請參閱 AT&T 和 Straight Path 向 SEC 提交的文件以及各公司各自網站的投資者關係頁面。

And finally, we still remain in the quiet period for the FCC Spectrum Auction.

最後，我們仍處於 FCC 頻譜拍賣的靜默期。

And so with that, I'd like to turn the call over to AT&T's CFO, John Stephens.

因此，我想將電話轉給 AT&T 的財務長 John Stephens。

Thanks, Mike, and thanks to all of you for being on the call.

謝謝麥克，也謝謝大家的參與。

Before I turn it over to Randall, I'd like to provide you a brief overview of our first quarter results.

在將其交給蘭德爾之前，我想向您簡要概述我們第一季的業績。

We opened the year on a very competitive note.

我們以非常有競爭力的方式開啟了這一年。

The wireless market moved unlimited, several over-the-top video players launched new services and a major cable company announced [ play, install ] for wireless service in an effort to duplicate the integrated experience we offer today.

無線市場無限發展，多家頂級視訊播放器推出了新服務，一家大型有線電視公司宣布推出無線服務[播放、安裝]，以複製我們今天提供的整合體驗。

All this reinforce our belief that we are the best prepared for the new world for capacity, networks and entertainment intersect.

所有這些都強化了我們的信念，即我們已為容量、網路和娛樂交叉的新世界做好了最好的準備。

A year from now, you may look back on the return to unlimited plans as the moment when the battle for network reach and capacity began.

一年後，您可能會回顧無限計劃的回歸，因為網路覆蓋範圍和容量之戰開始了。

In a world of unlimited plans and growing mobile video usage, you need a network and the capacity to handle the load and meet customer expectations for quality service.

在無限套餐和不斷增長的行動視訊使用的世界中，您需要一個網路和能力來處理負載並滿足客戶對優質服務的期望。

We have just that, and Randall will talk more about that in just a few minutes.

我們就這樣，蘭德爾將在幾分鐘內詳細討論這一點。

But let's first look at the results for the quarter.

但讓我們先來看看本季的業績。

Consolidated revenues were pressured by a record low postpaid upgrade rates in wireless and pressure in legacy wireline from grooming.

無線後付費升級率創歷史新低，以及傳統有線線路疏導帶來的壓力，對合併收入造成壓力。

But at the same time, we continue to operate efficiently and drive cost out of the business.

但同時，我們繼續高效運作並降低業務成本。

Adjusted consolidated margins were up 80 basis points year-over-year to 20.7%.

調整後綜合利潤率年增 80 個基點，達到 20.7%。

Credit for this goes to our entire management team, but especially to our technology network ops group and their work on automation, digitization and network virtualization.

這要歸功於我們的整個管理團隊，尤其是我們的技術網路營運團隊以及他們在自動化、數位化和網路虛擬化方面的工作。

We are well on our way to virtualizing 55% of the network functions by the end of the year, and we are seeing the cost in capital savings from those efforts.

我們正在順利實現到今年年底虛擬化 55% 的網路功能，並且我們看到了這些努力所節省的資本成本。

We grew adjusted earnings.

我們增加了調整後的收益。

Our adjusted EPS for the quarter was $0.74, up about 3%.

本季調整後每股收益為 0.74 美元，成長約 3%。

That includes about $0.02 of pressure from storm damage on the West Coast and legal settlements.

其中包括西海岸風暴破壞造成的約 0.02 美元的壓力以及法律和解。

Also during the quarter, we wrote down the book value of our legacy publishing investment.

同樣在本季度，我們減記了傳統出版投資的帳面價值。

That was partially offset by gains from a spectrum swap with Verizon, both of those items were adjusted for EPS purposes.

這被與 Verizon 頻譜交換帶來的收益部分抵消，這兩項都針對每股收益進行了調整。

Cash flows continue to be strong.

現金流持續強勁。

Cash from operations reached $9.2 billion.

營運現金達到 92 億美元。

Free cash flow was $3.2 billion, the same as last year, even though we increased capital spending to $6 billion for the quarter.

儘管我們將本季的資本支出增加到 60 億美元，但自由現金流為 32 億美元，與去年相同。

We had improved working capital and lower tax payments in the first quarter and chose to reinvest those efforts in the business.

我們在第一季改善了營運資金並降低了納稅額，並選擇將這些努力重新投資於業務。

While this made first quarter capital spending levels higher year-over-year, our CapEx guidance remains unchanged.

雖然這使得第一季的資本支出水準比去年同期更高，但我們的資本支出指引保持不變。

This also is a key strategic quarter for AT&T.

這也是 AT&T 的一個關鍵策略季度。

We've made several significant moves that put us in a strong spectrum position for the future.

我們已經採取了幾項重大舉措，使我們在未來的頻譜領域處於有利地位。

Signing an agreement to acquire FiberTower, a whole [ lore ] of 39 gigahertz millimeter wave spectrum.

簽署收購 FiberTower 的協議，該公司擁有 39 GHz 毫米波頻譜的全部[傳說]。

And we were rewarded the FirstNet contract to build and operate a national first responders network.

我們獲得了 FirstNet 合同，負責建立和營運全國急救人員網絡。

And earlier this month, we announced our intention to acquire Straight Path.

本月早些時候，我們宣布有意收購 Straight Path。

We have now been informed by Straight Path that their board has received a superior proposal.

現在，我們已從 Straight Path 獲悉，他們的董事會收到了更好的提案。

Under our existing contract with Straight Path, we have the right to negotiate with the company over the next 5 business days to match or exceed the new bid.

根據我們與 Straight Path 的現有合同，我們有權在接下來的 5 個工作天內與該公司進行談判，以匹配或超過新的出價。

We will evaluate the situation and make a decision in that time frame.

我們將評估情況並在該時間範圍內做出決定。

And we also received the expected $1.4 billion refund of our deposit from the FCC broadcast auction last week.

上週我們也從 FCC 廣播拍賣中收到了預期的 14 億美元押金退款。

Randall will provide more insights into our overall strategy in a few minutes.

蘭德爾將在幾分鐘內提供有關我們整體策略的更多見解。

Now let's look at our operational, starting with wireless.

現在讓我們看看我們的操作，從無線開始。

Those details are on Slide 6.

這些細節在幻燈片 6 上。

As a reminder, AT&T's domestic mobility operations are divided between the business solutions and consumer wireless segments.

需要提醒的是，AT&T 的國內行動業務分為商業解決方案和消費者無線部分。

For comparison purposes, the company's providing supplemental information for its total U.S. wireless operations.

出於比較目的，該公司為其美國無線業務總量提供補充資訊。

The reintroduction of unlimited plans made an already competitive market even more so.

重新引入無限計劃使本已競爭激烈的市場變得更加激烈。

We were disciplined with our response, which was to launch new unlimited plus plans that give customers a $25 credit for bundling DIRECTV or DIRECTV Now with their mobile service.

我們的回應是嚴格的，即推出新的無限附加計劃，為將 DIRECTV 或 DIRECTV Now 與其行動服務捆綁在一起的客戶提供 25 美元的積分。

And earlier this month, we announced the limited promotion for free HBO for our unlimited plus customers.

本月早些時候，我們宣佈為我們的無限+客戶提供免費 HBO 的有限促銷活動。

The changes in the market did impact our postpaid net adds, especially in the first part of the quarter before we began offering our new unlimited plans.

市場的變化確實影響了我們的後付費淨增加，特別是在我們開始提供新的無限計劃之前的本季度第一部分。

Our moves to combine the value of mobile with video have had the desired positive effect.

我們將行動裝置的價值與影片結合的措施取得了預期的正面效果。

In fact, trends are now back to where things stood before unlimited plans were reintroduced by our competitors back in February.

事實上，現在的趨勢已經回到了我們的競爭對手在二月重新推出無限計劃之前的情況。

Revenues were also impacted by fewer phone sales.

收入也受到手機銷售減少的影響。

We had our lowest ever postpaid upgrade rate of 3.9% in the quarter, selling 1 million fewer phones than a year ago, while Bring Your Own Device customers remained strong.

本季我們的後付費升級率為 3.9%，為有史以來最低，手機銷量比一年前減少了 100 萬部，而自帶設備客戶依然強勁。

This obviously impacted equipment revenues, and to a lesser degree, service revenues.

這顯然影響了設備收入，並在較小程度上影響了服務收入。

But despite all the competitive noise in the quarter, we turned in our best ever EBITDA margins.

儘管本季競爭激烈，我們仍實現了有史以來最好的 EBITDA 利潤率。

Our EBITDA margin was 41.8% with wireless service margins of 49.3%.

我們的 EBITDA 利潤率為 41.8%，無線服務利潤率為 49.3%。

Postpaid phone-only churn was also record first quarter low of 0.90%.

僅後付費電話的客戶流失率也創下第一季 0.90% 的歷史新低。

So with the lower phone sales, we also had fewest postpaid tablet net adds in more than 5 years, adding about 100,000 new tablets.

因此，隨著手機銷量的下降，我們的後付費平板電腦淨增量也是 5 年多來最少的，新增平板電腦數量約為 10 萬台。

We did add more than 2 million subscribers as record connected device net adds at a solid prepaid quarter helped to offset tougher postpaid and reseller results.

我們確實增加了超過 200 萬用戶，因為預付費季度的連網設備淨成長創紀錄，有助於抵消後付費和經銷商業績的下滑。

We also continue to grow our branded smartphone base, adding nearly 500,000 smartphones in the quarter.

我們也繼續擴大我們的品牌智慧型手機基礎，本季增加了近 50 萬部智慧型手機。

Our Entertainment Group also saw competitive pressure.

我們的娛樂集團也面臨競爭壓力。

Revenue and margins were relatively stable.

收入和利潤率相對穩定。

West Coast storms did drive up expenses by about $100 million in the quarter with about 2/3 of that allocated to our Entertainment Group and the rest of business solutions.

西海岸風暴確實使本季的支出增加了約 1 億美元，其中約 2/3 分配給了我們的娛樂集團和其餘業務解決方案。

But these costs, along with higher content costs and our investments in DIRECTV Now, were largely offset by merger synergies and disciplined cost management.

但這些成本，加上更高的內容成本和我們對 DIRECTV Now 的投資，在很大程度上被合併協同效應和嚴格的成本管理所抵消。

Linear TV subscriber gross adds were consistent with previous quarters, but with annual price increases due to content cost going up, churn was up particularly in markets where we don't have broadband to bundle with video.

線性電視用戶總成長與前幾季一致，但由於內容成本上漲導致年度價格上漲，用戶流失率上升，特別是在我們沒有寬頻與視訊捆綁的市場。

Competitive pressure from cable and the increasing number of over-the-top video alternatives resulted in our video subscribers declining in the quarter.

來自有線電視的競爭壓力和越來越多的 OTT 視訊替代品導致我們的視訊訂戶在本季下降。

We're taking steps to address this situation, including simplifying offers and bundling with unlimited wireless.

我們正在採取措施解決這個問題，包括簡化優惠和捆綁無限無線。

At the same time, DIRECTV Now is important part of our strategy and continues to add customers.

同時，DIRECTV Now 是我們策略的重要組成部分，並且不斷增加客戶。

We deliberately pulled back on marketing to give the platform time to mature and improve, and we're seeing just that.

我們故意減少行銷力度，以便讓平台有時間成熟和改進，我們也看到了這一點。

You should expect us to be more aggressive with DIRECTV Now in the second half of the year with additional features and content.

您應該期待我們在今年下半年透過 DIRECTV Now 更加積極地推出更多功能和內容。

Last week, we added 14 FOX affiliates to DIRECTV Now.

上週，我們為 DIRECTV Now 增加了 14 個 FOX 附屬機構。

You should expect we will be targeting those cities with additional marketing.

您應該預料到我們將針對這些城市進行額外的行銷。

We're still only 5 months since the DTV Now launch, but we like what we see and feel very good about the service and where it's headed.

距離 DTV Now 推出還只有 5 個月的時間，但我們喜歡我們所看到的，並且對該服務及其發展方向感覺非常好。

Broadband had a very strong quarter with 115,000 subscribers added.

寬頻季度表現非常強勁，新增用戶 11.5 萬。

Our moves to simplify pricing are paying off and our fiber deployment is making inroads.

我們簡化定價的措施正在取得成效，我們的光纖部署也正在取得進展。

AT&T fiber is now in 52 metro areas and marketed to 4.6 million customer location.

AT&T 光纖現已覆蓋 52 個都會區，並向 460 萬個客戶銷售。

We expect to add 2 million fiber locations this year to reach 6 million by the end of the year and to meet our 12.5 million merger commitment goal by 2019.

我們預計今年將增加 200 萬個光纖站點，到年底將達到 600 萬個，並在 2019 年實現 1250 萬個合併承諾目標。

Now let's look at business solutions on Slide 7.

現在讓我們來看看幻燈片 7 上的業務解決方案。

In the business segment, we saw a weaker demand than we expected.

在業務領域，我們看到需求弱於我們的預期。

U.S. business investment, as a percent of GDP, continues to be low.

美國商業投資佔 GDP 的百分比仍然很低。

Growth expectations in economy have been rising, but we've yet to see that translate in economic gains or demand.

經濟成長預期一直在上升，但我們尚未看到這轉化為經濟收益或需求。

We're still hopeful that growing consumer confidence and the possibility of tax reform will turn into increased business investment later this year.

我們仍然希望，消費者信心的增強和稅收改革的可能性將在今年稍後轉化為商業投資的增加。

But the near term view is cautious.

但近期觀點持謹慎態度。

We also continue to see the impact of technology shifts away from the traditional voice lines and other legacy services.

我們也持續看到科技的影響逐漸遠離傳統語音線路和其他遺留服務。

Customers are still buying our strategic business services, which were up more than $200 million in the quarter.

客戶仍在購買我們的策略性業務服務，該服務在本季成長了 2 億多美元。

And wireless service revenues grew in the quarter of lower equipment sales pressured overall results.

由於設備銷售下降對整體業績造成壓力，本季無線服務收入有所成長。

Like in other parts of our business, we stayed ahead with our relentless focus on cost efficiencies.

與我們業務的其他部分一樣，我們透過不懈地專注於成本效率來保持領先地位。

You can see that in our margins.

您可以在我們的頁邊空白處看到這一點。

Margins actually expanded by 90 basis points over the highest in 4 years, and that included improvements in both wireline and the wireless margin.

利潤率實際上比 4 年來的最高水準成長了 90 個基點，其中包括有線和無線利潤率的改善。

Our business team is doing a good job in a tough situation, increasing profitability in a challenging revenue environment is not easy.

我們的業務團隊在困難的情況下做得很好，在充滿挑戰的收入環境中提高獲利能力並不容易。

Meanwhile, our international business has had a very good quarter.

同時，我們的國際業務季度表現非常好。

We grew revenues in both our Latin American and Mexican operations, improved margins and added customers.

我們在拉丁美洲和墨西哥的業務實現了收入成長，提高了利潤並增加了客戶。

In fact, EBITDA has more than doubled year-over-year.

事實上，EBITDA 年成長了一倍以上。

We've made a lot of headway in building our network and our brand in Mexico.

我們在墨西哥建立人脈和品牌方面取得了很大進展。

We now reach 85 million people with our LTE networks.

現在，我們的 LTE 網路覆蓋了 8500 萬人。

We've rebranded, updated and open new stores and trained our people.

我們重新命名、更新並開設了新商店並培訓了我們的員工。

We are now actively scaling our customer base to match those investments.

我們現在正在積極擴大我們的客戶群以匹配這些投資。

We added 3 million subscribers last year, and we had a good start to this year by adding more than 600,000 new customers in the first quarter.

去年我們增加了 300 萬訂戶，今年第一季增加了超過 60 萬新客戶，今年開了個好頭。

That brings our customer base to 12.6 million.

這使我們的客戶群達到 1260 萬。

Revenue grew and margins improved both sequentially and year-over-year.

收入環比和年比均有所增長，利潤率有所提高。

Latin America satellite operations also showed revenue growth and margin expansion.

拉丁美洲衛星業務也顯示收入成長和利潤率擴大。

Revenues were up more than 10% even when excluding the foreign exchange lift in the quarter.

即使排除本季外匯影響，營收也成長了 10% 以上。

The bottom line for our video business in Latin America is that it's profitable and continues to generate positive free cash flow.

我們在拉丁美洲的視訊業務的底線是獲利並持續產生正的自由現金流。

Now before I turn this over to Randall, let me quickly review our outlook for the year.

現在，在我將此事交給蘭德爾之前，讓我快速回顧一下我們對今年的展望。

As we told you earlier in the year, when the first net contract was officially awarded, we would update our 2017 guidance.

正如我們今年稍早告訴您的那樣，當第一份淨合約正式授予時，我們將更新 2017 年指導。

And we'll update again following the close of the Time Warner acquisition.

我們將在時代華納收購完成後再次更新。

Because the FirstNet state opt-in process is expected to flow into the fourth quarter, FirstNet is now expected to have little impact on our 2017 P&L results.

由於 FirstNet 州選擇加入流程預計將在第四季度進行，因此目前預計 FirstNet 對我們 2017 年損益表的影響不大。

With that being said, the personnel build efforts and reimbursement process might have a manageable impact on CapEx and cash flows depending upon the timing of FirstNet reimbursement.

話雖如此，人員建設工作和報銷流程可能會對資本支出和現金流量產生可控的影響，這取決於 FirstNet 報銷的時間。

So as it relates to guidance, we're still expecting adjusted EPS growth in the mid-single-digit range.

因此，就指引而言，我們仍然預期調整後的每股盈餘成長在中個位數範圍內。

We're expecting adjusted operating margin expansion even in the current competitive environment.

即使在目前的競爭環境下，我們預期調整後的營業利潤率也會擴大。

Our capital guidance -- our capital spending guidance remains in the $22 billion range.

我們的資本指引—我們的資本支出指引仍然在 220 億美元的範圍內。

But with FirstNet, it could be at the higher end of that $22 billion range.

但對於 FirstNet，它可能處於 220 億美元範圍的高端。

And free cash flow is expected to be in the $18 billion range.

自由現金流預計在 180 億美元左右。

And there may be a little bit at the low end of that range with the timing of the FirstNet reimbursements.

隨著 FirstNet 報銷的時間安排，可能會處於該範圍的低端。

You'll notice that we have stopped providing revenue guidance.

您會注意到我們已停止提供收入指導。

The reason is pretty simple, upgrade rates are hitting record lows.

原因很簡單，升級率正創下歷史新低。

Our record -- revenue forecast depending on how many phones we expect to sell during the year, and that's uncertain.

我們的記錄—收入預測取決於我們預計今年將銷售多少部手機，這是不確定的。

And we don't know how much demand there will be for any of the new product offerings that come out.

我們不知道任何新產品的推出會有多少需求。

Changes in customer phone buying habits have minimal impact on our profitability, but it does make revenue forecast more unpredictable.

客戶手機購買習慣的變化對我們的獲利能力影響很小，但確實使收入預測變得更難預測。

With that, I would now like to hand this over to Randall Stephenson, who is going to provide a strategic update on our overall business.

現在，我想將其交給蘭德爾·史蒂芬森，他將提供我們整體業務的策略更新。

Randall?

蘭德爾？

Thanks, John.

謝謝，約翰。

Listen, I thought what we'd do before we get into the strategy update is just I want to just kind of give you my take on the quarter and there's just a handful of things that stood out.

聽著，我想在進入戰略更新之前我們要做的只是我想向您提供我對本季度的看法，只有少數幾件事很突出。

And the first was that churn was up significantly on our stand-alone pay TV product.

首先是我們獨立付費電視產品的流失率大幅上升。

And that's where TV is a bundle with our other services.

這就是電視與我們其他服務捆綁在一起的地方。

And that's really what's behind the decline in TV subscribers for the quarter.

這確實是本季電視訂戶數量下降的原因。

And so you should expect us to make some adjustments to the market to address that, as we move into the rest of the year.

因此，隨著今年剩餘時間的到來，您應該期望我們對市場做出一些調整來解決這個問題。

The second thing I'd call out is the performance in cost management.

我要指出的第二件事是成本管理的績效。

And to grow EPS, John pointed this out, but to grow EPS and cash flow and expand margins in this kind of competitive environment, I think is noteworthy and it doesn't happen without some really terrific execution in driving cost out.

約翰指出，為了增加每股收益，但為了在這種競爭環境中增加每股收益和現金流並擴大利潤率，我認為值得注意，如果沒有一些真正出色的執行力來降低成本，這是不可能實現的。

And it's that execution on the cost side that gives us a lot of confidence to reaffirm our profit outlook for the year.

正是成本方面的執行給了我們很大的信心來重申我們今年的利潤前景。

And that's a big deal.

這是一件大事。

My third observation is one that John talked at length about, and that's the return of unlimited plans.

我的第三個觀察是約翰詳細談到的一個，那就是無限計畫的回歸。

And obviously, this has made an already competitive market even more so.

顯然，這使得本已競爭激烈的市場變得更加激烈。

And our response to the unlimited data plans was probably a little slow.

我們對無限數據計劃的反應可能有點慢。

And we'd lost some share in the quarter.

我們在本季失去了一些份額。

But it was really important that our unlimited offers be unique and play to our strengths.

但真正重要的是，我們的無限優惠必須獨一無二並發揮我們的優勢。

And John talked about this as well a little bit, that we're combining our unlimited with some significant discounts on TV and free HBO.

約翰也談到了這一點，我們將無限量與電視和免費 HBO 的一些大幅折扣結合起來。

And as these officers are now in the market, our subscriber metrics have returned to kind of the same levels they were before all these unlimited offers began and kind of the sum of it is, it appears the industry is going through a lot of activity during the quarter and has essentially landed back in the same place where it started.

隨著這些官員現在進入市場，我們的訂戶指標已恢復到所有這些無限優惠開始之前的相同水平，總而言之，該行業似乎在該季度基本上已經回到了開始時的位置。

So what the return of unlimited really highlights, and that is in the industry's position in terms of network capacity because if the industry is going to stay with unlimited, we're prepared and can probably sustain it better than anyone else because of our spectrum position.

因此，無限的回歸真正凸顯了這一點，那就是行業在網路容量方面的地位，因為如果行業要繼續使用無限，我們就做好了準備，並且由於我們的頻譜地位，我們可能比其他任何人都可以更好地維持它。

And it is the best in the industry.

而且它是業內最好的。

And this will probably be a good place to talk about the foundation that we built for a world of intense video consumption in the world of mobility.

這可能是一個談論我們為行動世界中激烈的視訊消費世界所建立的基礎的好地方。

And so let's go to Slide 10.

讓我們看投影片 10。

This network we built, it was designed for video.

我們建立的這個網路是為視訊而設計的。

And our LTE network covers more than 400 million people in Latin America.

我們的LTE網路覆蓋拉丁美洲超過4億人口。

And this morning, we announced that we're significantly increasing the network speeds in several major cities this year as part of our 5G evolution, and Austin is now live.

今天早上，我們宣布，作為 5G 演進的一部分，我們今年將顯著提高幾個主要城市的網路速度，奧斯汀現已上線。

Indianapolis, will turn up this summer, and then at least 18 additional markets will be turned up later this year.

印第安納波利斯 (Indianapolis) 將於今年夏天出現，然後今年稍後將出現至少 18 個其他市場。

And then we have the new Samsung Galaxy S8, which is the first device that's going to be able to take advantage of these higher speeds.

然後我們推出了新款三星 Galaxy S8，這是第一款能夠利用這些更高速度的裝置。

Obviously, our satellite distribution is very well equipped for a world with 4K video, and it covers the U.S. and most of Latin America.

顯然，我們的衛星分佈非常適合 4K 視訊世界，覆蓋美國和拉丁美洲大部分地區。

We have the largest fiber footprint in the country.

我們擁有全國最大的光纖足跡。

We pass nearly 6 million business locations with fiber today, and we're in the process of deploying fiber to more than 12.5 million customer locations by 2019.

如今，我們已為近 600 萬個業務地點提供了光纖，並且到 2019 年，我們正在為超過 1,250 萬個客戶地點部署光纖。

Now this fiber footprint is proving to be a huge competitive advantage as the industry's moving towards 5G.

現在，隨著產業向 5G 邁進，這種光纖覆蓋範圍被證明是一個巨大的競爭優勢。

We're also leading the industry in software-defined networking, and this is the driving force behind our cost structure, and it's also changing how we deliver new services.

我們在軟體定義網路方面也處於業界領先地位，這是我們成本結構背後的驅動力，它也改變了我們提供新服務的方式。

And then on spectrum, it became clear several years ago, as we began to anticipate a world of premium mobile video, that spectrum would be the difference maker.

然後在光譜方面，幾年前，當我們開始預測優質行動視訊的世界時，這一點就變得很清楚，頻譜將成為差異的創造者。

So we took a deliberate, strategic approach to building up our position.

因此，我們採取了深思熟慮的策略方法來鞏固我們的地位。

And today, we have the leading spectrum position in the U.S. And I'm going to discuss that more here in a moment.

今天，我們在美國擁有領先的頻譜地位，我稍後將在這裡詳細討論這一點。

All these investments are creating a very unique platform for what we think is a very unique customer base.

所有這些投資正在為我們認為非常獨特的客戶群創建一個非常獨特的平台。

It's 147 million mobile subscribers, 47 million pay TV subscribers, a fast-growing OTT video service and 16 million broadband subscribers.

它有 1.47 億行動用戶、4700 萬付費電視用戶、快速成長的 OTT 視訊服務和 1,600 萬寬頻用戶。

And if you look at Slide 11, I now want to drill down on the spectrum position that we've spoken on a lot here on this call.

如果你看一下投影片 11，我現在想深入了解我們在這次電話會議上多次討論過的頻譜位置。

We picked up 20 megahertz of nationwide mid-band spectrum with our WCS acquisition back in 2012.

早在 2012 年，我們就透過收購 WCS 獲得了 20 兆赫的全國中頻頻譜。

Recall, this is already picked up a lot of companies, and the FCC helped us get these licenses for mobile broadband.

回想一下，這已經得到了很多公司的支持，FCC 幫助我們獲得了這些行動寬頻許可證。

Then we bought another 20 megahertz of mid-band spectrum in the 2015 spectrum auction, and that block covers virtually the entire country.

然後我們在 2015 年頻譜拍賣中又購買了 20 兆赫的中頻頻譜，該區塊幾乎涵蓋了整個國家。

And then after extensive assessment of the FirstNet RFP, we set winning the contract as a top priority for this company.

經過對 FirstNet RFP 的廣泛評估，我們將贏得合約作為該公司的首要任務。

We worked it hard and our effort paid off last month.

我們努力工作，上個月的努力得到了回報。

And along with winning FirstNet, we get another 20 megahertz of premium low-band Spectrum to build this network.

除了贏得 FirstNet 之外，我們還獲得了另外 20 兆赫的優質低頻段頻譜來建立該網路。

And then any surplus capacity can be used for our commercial customers.

然後任何剩餘產能都可以用於我們的商業客戶。

Then finally, we shut down our analog 2G network last year, and we're redeploying that spectrum nationwide as well.

最後，我們去年關閉了模擬 2G 網絡，並且我們也在全國範圍內重新部署該頻譜。

So you add it all up, we now have more than 60 megahertz of fallow spectrum that were ready to light up, and we'll be deploying all the bands simultaneously starting this fall when states begin to opt in to the FirstNet.

因此，將所有這些加起來，我們現在擁有超過 60 兆赫的閒置頻譜，已準備好點亮，並且從今年秋天開始，當各州開始選擇加入 FirstNet 時，我們將同時部署所有頻段。

The efficiencies we'll gain from climbing the tower once to put up multiple bands of spectrum, those efficiencies are significant.

我們透過爬塔一次來建立多個頻譜段所獲得的效率是非常顯著的。

And we're going to see those cost savings and the network performance materialize immediately, and then throughout the life of this multiyear build-out.

我們將看到這些成本節省和網路效能立即實現，然後在這個多年建設的整個生命週期中實現。

And so with that, let's talk about 5G.

那麼，我們來談談 5G。

As you know, it requires higher-band spectrum that can transmit huge amounts of data over a very short distances.

如您所知，它需要更高頻段的頻譜，可以在很短的距離內傳輸大量資料。

So earlier this year, we announced our first millimeter wave acquisition with FiberTower.

今年早些時候，我們宣布了對 FiberTower 的首次毫米波收購。

And this gives us a very nice nationwide deep footprint in the higher bands.

這使我們在全國範圍內的較高頻段中擁有非常好的足跡。

We filed for the license transfer, and we expect the FCC to approve this in late summer.

我們申請了許可證轉讓，預計 FCC 將在夏末批准。

And then a few weeks ago, we announced our intent to acquire Straight Path and its nationwide millimeter licenses.

幾週前，我們宣布有意收購 Straight Path 及其全國毫米波許可證。

And there's now a competing offer, as John pointed out, and we're going to be evaluating that over the next few days and decide how to respond.

正如約翰指出的那樣，現在有一個競爭性的報價，我們將在接下來的幾天內對其進行評估並決定如何回應。

The bottom line, we built the overall leading spectrum position is going to allow us to fulfill our goal.

最重要的是，我們建立了整體領先的頻譜地位將使我們能夠實現我們的目標。

And our goal is to put 1 gig speeds in our customer's hand no matter where they are on our network.

我們的目標是為客戶提供 1 GB 的速度，無論他們位於我們網路的哪個位置。

Before I get to your questions, I'd like to briefly address what's been going on in Washington, and there's an outline of that on Slide 12.

在回答你們的問題之前，我想先簡單介紹一下華盛頓正在發生的事情，投影片 12 上有對此的概述。

It's obviously been an amazing few months in our industry, and there's clearly a return to a lighter touch pro-growth regulatory philosophy.

顯然，這幾個月對我們的產業來說是令人驚奇的，而且顯然正在回歸寬鬆的促進成長監管理念。

That's not only in our industry, but it's across all industries right now.

這不僅存在於我們的行業，而且現在遍及所有行業。

And we think this is incredibly positive for our country, and that it could catalyze economic growth all of us have been looking for.

我們認為這對我們的國家來說是非常積極的，它可以促進我們所有人一直在尋求的經濟成長。

On the Time Warner deal approval, it's moving along as expected.

時代華納交易的批准，正在按預期進行。

The European Commission has approved it.

歐盟委員會已批准該法案。

The Department of Justice is now reviewing it, and we're working closely with them to answer any questions that they may have.

司法部正在對此進行審查，我們正在與他們密切合作，回答他們可能提出的任何問題。

On the FCC side, since there are no license transfers involve, we don't anticipate the FCC will review it at all.

在FCC方面，由於不涉及許可證轉讓，我們預計FCC根本不會對其進行審查。

So bottom line, we continue to expect approval of the deal into this year.

因此，我們仍然預計該交易將在今年獲得批准。

On regulation in general, the changes that the FCC have been quite positive.

總體而言，就監管而言，FCC 的變化相當積極。

The controversial rules around business data services that have been proposed earlier have been abandoned, and they've been replaced by a logical common sense approach that preserves competition.

先前提出的有關業務數據服務的有爭議的規則已被放棄，取而代之的是保持競爭的邏輯常識方法。

The proposed set-top box regulations are now off the table.

擬議的機上盒法規現已不再討論。

On data privacy, the President has signed legislation that should give us a consistent set of rules that apply equally to all companies.

在資料隱私方面，總統已經簽署了立法，該立法應該為我們提供一套平等適用於所有公司的一致規則。

And then Title II regulation is under review.

然後，第二篇法規正在接受審查。

And I want to be real clear about this.

我想真正明確這一點。

We do continue to support fundamental tenets of net neutrality, and we remain committed to open Internet rules that are fair and equal to all players.

我們確實繼續支持網路中立的基本原則，並且我們仍然致力於開放對所有參與者公平和平等的網路規則。

However, we do continue to think it's illogical to regulate the Internet using rules that were put in place 83 years ago for the rotary dial telephone.

然而，我們仍然認為使用 83 年前針對旋轉撥號電話制定的規則來監管網路是不合邏輯的。

We're hopeful the SEC will follow through on that as well.

我們希望 SEC 也能跟進此事。

On corporate tax reform, we continue to believe that something does get done this year, but the timing and the magnitude of it are anybody's guess.

在企業稅改革方面，我們仍然相信今年確實會有所作為，但具體時間和力度誰也說不準。

But achieving competitive corporate tax rates, this is probably the biggest catalyst available for our public policy makers if they want to increase capital investment and job creation.

但是，如果我們的公共政策制定者想要增加資本投資和創造就業機會，那麼實現具有競爭力的企業稅率可能是他們可用的最大催化劑。

So we think this is really important.

所以我們認為這非常重要。

And so with that, Mike, I'm going to hand it back to you and we can go to questions.

因此，麥克，我將把它交還給你，我們可以開始提問。

Okay.

好的。

With that, Kathy, we're ready for the Q&A, and we'll take our first caller.

凱西，我們已經準備好進行問答了，我們將接聽第一個來電者。

(Operator Instructions) Our first question will come from John Hodulik with UBS.

（操作員說明）我們的第一個問題將來自 UBS 的 John Hodulik。

Maybe first on the -- first on the satellite businesses, the linear TV.

也許首先是——首先是衛星業務，線性電視。

Are you guys seeing cannibalization from the DIRECTV Now product?

你們看到 DIRECTV Now 產品被蠶食了嗎？

And the churn you mentioned, is there way you could describe it to maybe traditional competitors versus these over-the-top guys and have you seen that accelerate since the launch of the YouTube TV a few weeks ago?

您提到的客戶流失情況，您是否可以將其描述為傳統競爭對手與這些頂級企業的對比？自幾週前 YouTube TV 推出以來，您是否看到這種情況加速？

That's first.

這是第一名。

And then maybe on the Straight Path and FiberTower deals.

然後也許還有 Straight Path 和 FiberTower 交易。

Could you just comment on how quickly you think that gets deployed?

您能否評論一下您認為部署的速度有多快？

And is the holdings of the millimeter wave spectrum that you would have if you were able to successfully complete the Straight Path transaction, is that sort of what you need to sort of fulfill your sort of 5G initiatives?

如果您能夠成功完成直線交易，您將擁有的毫米波頻譜是您實現 5G 計劃所需的嗎？

I'll start, John, and I'll let John Stephens clean up after me, okay?

我先開始，約翰，我會讓約翰史蒂芬斯在我後面清理，好嗎？

On the satellite question, there's obviously some cannibalization of DIRECTV Now, but it's fairly nominal, to be quite honest with you.

關於衛星問題，顯然對 DIRECTV Now 有一些蠶食，但老實說，這只是名義上的。

This -- the satellite churn that I referenced, I mean, it is heavily concentrated, John.

這——我提到的衛星流失，我的意思是，它是高度集中的，約翰。

And in those customers where we just had a stand-alone TV product, it's not bundled with broadband or it's not bundled with our wireless service.

對於我們只有獨立電視產品的客戶來說，它沒有與寬頻捆綁在一起，也沒有與我們的無線服務捆綁在一起。

And so, obviously, it's a world where the integrated offers are what's winning in the marketplace.

因此，顯然，在這個世界上，綜合產品才是贏得市場的關鍵。

And so you can figure out who were losing those subscribers, too, it's traditional cable players.

這樣你就可以弄清楚誰也失去了這些訂戶，那就是傳統的有線電視播放器。

And so this is where we're going to have to get aggressive in a number of areas, moving aggressively on bundling these satellite customers with our wireless offers and also doing some new things in the marketplace that we think can shore this up.

因此，我們必須在許多領域採取積極行動，積極將這些衛星客戶與我們的無線產品捆綁在一起，並在市場上做一些我們認為可以支持這一點的新事物。

But it's no secret where these are coming from.

但這些來自哪裡已經不是什麼秘密了。

It's coming from integrated offers from other players in the market.

它來自市場上其他參與者的綜合報價。

And where we have multiproduct bundles in the marketplace, those customers, the churn rates continue to be very strong.

當我們在市場上有多種產品捆綁時，這些客戶的流失率仍然非常高。

And in fact, you saw phone churn, 0.9%.

事實上，您看到手機流失率為 0.9%。

You put TV or broadband with it, and those churn rates just get even better.

如果加上電視或寬頻，客戶流失率就會變得更好。

So we continue to be big, big advocates of the integrated bundle and multiple service bundles.

因此，我們繼續大力倡導整合捆綁和多種服務捆綁。

And so we [ don't see that change as ] going to require us to get a little more aggressive on those single-play stand-alone TV offers.

因此，我們[不認為這種變化]會要求我們在單人獨立電視節目上採取更積極的態度。

On Straight Path and FiberTower, so we've talked at length about when the standards are going to be out for 5G.

關於 Straight Path 和 FiberTower，我們已經詳細討論了 5G 標準何時出台。

I think we're now in 2018 time horizon.

我認為我們現在處於 2018 年的時間範圍內。

And so having equipment and handsets, we're talking 2019 before we start deploying at 2020.

因此，對於設備和手機，我們討論的是 2019 年，然後在 2020 年開始部署。

You probably have what I would call scale offerings.

你可能擁有我所說的規模產品。

If we get both Straight Path and FiberTower accomplished, it pretty much builds our spectrum requirements we need for a long period of time as it relates to 5G deployment, John.

John，如果我們同時實作 Straight Path 和 FiberTower，那麼它幾乎就建立了我們在很長一段時間內所需的頻譜要求，因為它與 5G 部署相關。

So right now, this is all preparing for the future of 5G.

所以現在這一切都是在為5G的未來做準備。

And the standards are on track, and we hope to be deploying and putting this spectrum to work in the 2018, 2019 time frame, scaling in 2020.

標準正在步入正軌，我們希望在 2018 年、2019 年的時間範圍內部署並投入使用該頻譜，並在 2020 年進行擴展。

John, with regard to that, as Randall said, the FiberTower itself gives us a base of 39 gigahertz nationwide to really build on and plan on.

約翰，關於這一點，正如 Randall 所說，FiberTower 本身為我們提供了全國範圍內 39 GHz 的基礎，可供我們真正進行建設和規劃。

And then, so that in and of itself is a great starting point and gives our network team an opportunity to incorporate that planning into our project evolution in this next generation network.

然後，這本身就是一個很好的起點，讓我們的網路團隊有機會將該規劃納入下一代網路的專案演進中。

When you look at Straight Path, it really has 2 holdings.

當你查看 Straight Path 時，它確實擁有 2 個資產。

The 39 gigahertz, which would complement FiberTowers and give us that depth that we would prefer, and so that would be great.

39 GHz，它將補充 FiberTowers 並為我們提供我們想要的深度，所以這會很棒。

But it also has a strong 28 gigahertz speed, which we could incorporate into our network and use that way, or we could, as we've done in the past, use it as an opportunity for spectrum swaps to take advantage of other opportunities.

但它也具有強大的28 GHz 速度，我們可以將其合併到我們的網路中並以這種方式使用，或者我們可以像過去所做的那樣，將其用作頻譜交換的機會，以利用其他機會。

I can give you a perfect example.

我可以給你一個完美的例子。

This last quarter, I mentioned that we got about $100 million gain on the spectrum swap with Verizon, where we traded some PCS and AWS-3 licenses to get both of ourselves on a better position to serve our customers.

上個季度，我提到我們在與 Verizon 的頻譜交換中獲得了約 1 億美元的收益，我們交換了一些 PCS 和 AWS-3 許可證，以使我們雙方都能更好地為客戶服務。

So that's where it leave us.

這就是它留給我們的地方。

The 39 gigahertz would be a great depth of position.

39 GHz 將是一個很大的位置深度。

And quite frankly, with FiberTower, an opportunity to really plan on that build as we go into project evolution.

坦白說，有了 FiberTower，我們就有機會在專案演進時真正規劃該建置。

Our next question is from Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

John, you mentioned the project evolution.

約翰，你提到了專案的演變。

Can we talk about the timing of the FirstNet process and evolution?

我們可以談談 FirstNet 流程和演進的時間安排嗎？

My impression is you have a lot of pressure to get that deployed.

我的印像是你有很大的壓力來部署它。

And given the timing of the state build process could take a while, what are the things we should be watching to see this ramp up?

考慮到狀態建構過程的時間可能需要一段時間，我們應該關注哪些事情才能看到這種成長？

And what happens in the states where you don't get the state to come along on your FirstNet effort?

如果您沒有得到該州支持您的 FirstNet 努力，那麼在那些州會發生什麼？

And then, Randall, can you just talk quickly about how do you see -- I guess this is also for John, though -- any big issues in the corporate tax discussion that you might see out there that we should be sort of cognizant of?

然後，蘭德爾，你能快速談談你如何看待——不過，我想這也是約翰的觀點——你可能會看到我們應該認識到的公司稅討論中的任何重大問題？

First of all, in the FirstNet process, we will post the state plans here in June, open up the opportunity for the states to opt in.

首先，在FirstNet流程中，我們將在6月在這裡發布州計劃，為各州提供選擇加入的機會。

We'll actively work with the states, try to answer any questions/concern they have, [ stand ], work with them and with the FirstNet organization, who have been really good to work with and convincing the states that opting in is the right answer.

我們將積極與各州合作，嘗試回答他們的任何問題/擔憂，[立場]，與他們以及 FirstNet 組織合作，他們非常善於與各州合作，並說服各州選擇加入是正確的回答。

So we'll go through that process through the summer and hope to get the states to move as quickly as possible with the, if you will, encouragement that we are ready to go.

因此，我們將在整個夏天完成這一過程，並希望讓各州盡快採取行動，如果您願意的話，鼓勵我們做好準備。

And the first ones that opt in are going to get that first investment in their state, that build in their state, that job creation in their state.

第一批選擇加入的人將在他們的州獲得第一筆投資，在他們的州進行建設，在他們的州創造就業機會。

So we think that's a good strategy.

所以我們認為這是一個很好的策略。

Secondly, with regard to the -- your question about opting out.

其次，關於您關於選擇退出的問題。

There's a couple of things that make it challenging, I think, for a state to go down that route.

我認為，有幾件事使得一個州走這條路具有挑戰性。

One is there is a collection of funding that's related to the contract within ourselves with regard to setting some national standards, setting up portals and other abilities to communicate with FirstNet responders, to communicate with states to set national standards of interoperability and so forth.

其中之一是我們收集了與我們內部的合約相關的資金，這些資金涉及製定一些國家標準、建立門戶網站和其他與 FirstNet 響應者溝通的能力、與各州溝通以製定國家互通性標準等。

Those monies are committed to the award winner and not to the states.

這些資金將捐獻給獲獎者，而不是捐給各州。

Secondly, if the states choose to do it alone, they take the risk of any project or cost overruns.

其次，如果各州選擇單獨行動，他們將承擔任何專案或成本超支的風險。

And third, they generally don't have, and quite frankly, one of our last competitors, doesn't have any own network in the states to rely on.

第三，他們通常沒有，坦白說，我們最後的競爭對手之一，在各州沒有任何自己的網路可供依賴。

So they have a huge catch up to do with a company like ours.

因此，他們需要大力追趕像我們這樣的公司。

So we feel really good about the process and think that we are going to -- we'll be very cooperative, we'll be very encouraging with the states to work with them to make sure they feel comfortable.

因此，我們對這個過程感到非常滿意，並認為我們將非常合作，我們將非常鼓勵各州與他們合作，以確保他們感到舒適。

But our target is all 56 -- 50 states, 5 territories in the District of Columbia.

但我們的目標是所有 56 個州——哥倫比亞特區的 50 個州、5 個地區。

We want to win them all, and that's our goal.

我們想贏得所有人，這就是我們的目標。

So that's how we'll go about it.

這就是我們將要採取的方式。

Randall, do you want to take corporate tax?

蘭德爾，你想繳公司稅嗎？

I'll talk corporate tax.

我來談談公司稅。

We can tag team this one, too, because John is actively involved with folks in Congress on this.

我們也可以給這個團隊貼上標籤，因為約翰積極地與國會人士一起參與這件事。

But look, there appears to be significant motivation and significant interest by all parties to get our corporate tax rate to a more competitive level.

但看，各方似乎都有很大的動機和興趣，希望將我們的企業稅率提高到更具競爭力的水平。

And you can't find anybody in Washington -- you might be able to find 1 or 2, but it's rare to find even somebody in Washington who would argue that our tax rates are uncompetitive on corporations.

你在華盛頓找不到任何人——你也許能找到一兩個人，但在華盛頓也很少人會認為我們的稅率對企業沒有競爭力。

So there is a definite interest in seeing this move.

因此，人們肯定對這一舉動感興趣。

From a business standpoint, what we're all advocating is really simple.

從商業角度來看，我們所提倡的其實很簡單。

It's got to be a competitive rate and it needs to be a territorial system for taxing profits overseas.

它必須是一個有競爭力的稅率，並且需要是一個對海外利潤徵稅的地域制度。

And if it was just a matter of trying to get to a competitive rate, that is probably achievable in short order.

如果只是想獲得有競爭力的價格，那麼這可能會在短時間內實現。

If you said, what's a competitive rate?

如果你說，什麼是有競爭力的價格？

25%, 26%, 27%, that's probably inherently achievable and that would be very advantageous to the U.S. But I think there are some who aspire to try to do better than that, and you heard the President just this week articulate a desire and, in fact, challenge his team in the White House to get to a 15% rate.

25%、26%、27%，這可能本質上是可以實現的，這對美國非常有利，但我認為有些人渴望做得更好，你本週聽到總統表達了一個願望，事實上，他向白宮的團隊發起挑戰，要求達到15% 的利率。

Now we would obviously stand up and cheer.

現在我們顯然會站起來歡呼。

We'd be huge advocates of that.

我們會大力倡導這一點。

But I think the practical reality of getting to 15% is you have to get yourself reconciled to some level of deficits for a period of time as you get the economic stimulation.

但我認為達到 15% 的實際情況是，當你獲得經濟刺激時，你必須在一段時間內接受一定程度的赤字。

So can you get some fashion of dynamic score keeping to justify it.

那麼你能得到一些動態記分的方式來證明它的合理性嗎？

The second is to get to a 15% rate without just blowing out the budget, you probably have to consider things like either VATs or border adjustment taxes.

第二個是在不超出預算的情況下達到 15% 的稅率，您可能必須考慮增值稅或邊境調節稅等問題。

And we know the emotion that those are met with across the country.

我們知道全國各地對此的情緒。

Now we would probably be supportive candidly, AT&T, if we could get a tax rate of 15%, we could -- we would be supportive of those kinds of vehicles to make it happen.

現在我們可能會坦率地支持 AT&T，如果我們能夠獲得 15% 的稅率，我們可以——我們會支持此類車輛來實現這一目標。

But we, as a business, may be in a minority in terms of entities receptive to those kind of vehicles to help get the tax rate down.

但作為一家企業，在接受此類工具以幫助降低稅率的實體方面，我們可能屬於少數。

So there's going to be a lot of brashing on this in Congress and with the White House in terms of really what is in objective.

因此，國會和白宮將會對這個問題進行大量的批評，以真正客觀地看待這個問題。

And if the President is committed to a 15% tax, he's going to have to -- it's going to take some kind of really serious changes in how we tax corporations to get there, which we happen to think would be quite positive to economic growth and capital investment in this country.

如果總統承諾徵收 15% 的稅，他將不得不——我們對企業徵稅方式進行一些真正重大的改變才能實現這一目標，我們碰巧認為這對經濟成長非常積極以及對該國的資本投資。

What would you say, John?

約翰，你會說什麼？

Yes.

是的。

I mean -- and with that economic growth and capital investment drives revenue for us, and that's really is as important as the tax savings that driving those revenues would really be significant, and we would be able to invest with the cash flow benefits on a more rapid pace than even where we are now.

我的意思是，隨著經濟成長和資本投資為我們帶來收入，這確實與推動這些收入的稅收節省一樣重要，而且我們將能夠利用現金流收益進行投資甚至比我們現在的速度還要快。

What's interesting is, you remember the Dave Kent proposal.

有趣的是，你還記得戴夫肯特的提議。

You can get to 25% to 28% rate just by getting rid of all the loopholes and exclusions.

只需消除所有漏洞和排除，您就可以達到 25% 至 28% 的利率。

And that would be nice, that would be really helpful.

那太好了，真的很有幫助。

But -- and I think it would stimulate some growth.

但是——我認為這會刺激一些成長。

It's just not game changer, if you will.

如果你願意的話，它就是不會改變遊戲規則。

So let me make one other comment about FirstNet to make sure I'm straightening up loose ends.

因此，讓我對 FirstNet 發表另一條評論，以確保我正在解決未解決的問題。

We'll make some investments here starting right away with regard to the portals, with regard to the interoperability standard, that kind of equipment, that kind of investment.

我們將立即開始在門戶、互通性標準、此類設備、此類投資方面進行一些投資。

And that could affect our operating expenses and our CapEx.

這可能會影響我們的營運費用和資本支出。

But we'll get reimbursements from the FirstNet fund, and we're expecting those will kind of generally offset this in this year.

但我們將從 FirstNet 基金獲得補償，我們預計這些補償將在今年得到普遍抵銷。

Secondly, the reason for the not significant impact on our financial results in '17 from the overall is that 2 things.

其次，整體來說對我們17年的財務表現沒有重大影響的原因有兩件事。

One, the state opting in probably at the fourth quarter time frame, at least in large numbers.

第一，該州可能會在第四季度選擇加入，至少是大量選擇。

And two, the spectrum being put to use, is generally being up and running in probably '18, at the earliest, late '17, but it probably more like '18.

第二，投入使用的頻譜通常會在 18 年左右啟動並運行，最早在 17 年末，但可能更像是 18 年。

In the accounting world, those few things will drive the accounting activity.

在會計領域，這幾件事將推動會計活動。

And so the accounting for the spectrum costs and other things that are involved in this really don't start until you place that spectrum into service or until you've got this complete -- completion of this state opt-in process.

因此，直到您將該頻譜投入使用或完成此州選擇加入流程後，才真正開始計算頻譜成本和其他涉及的事項。

That's why we're saying while there may be some impact that's not going to be material.

這就是為什麼我們說雖然可能會產生一些影響，但不會是實質的。

But I will add, if we had -- if we were convinced that a state was opting and if they had elected so and we have approvals, appropriate approvals from the state in the FirstNet authorities, we would be willing to start that investment process right away.

但我要補充一點，如果我們確信某個州正在做出選擇，並且他們已經做出了這樣的選擇，並且我們得到了FirstNet 當局的批准，獲得了該州的適當批准，我們將願意正確啟動該投資流程離開。

We are anxious to get going, and we have the vendors lined up and the opportunity lined up to get it done.

我們急於開始行動，我們已經安排了供應商和機會來完成它。

We'll go next to Mike McCormack with Jefferies.

接下來我們將與傑弗里斯一起前往麥克·麥科馬克。

John, maybe just a quick comment on the wireless share loss.

約翰，也許只是對無線份額損失的快速評論。

Where you're seeing that?

你在哪裡看到的？

Is it more family share plans?

是否有更多的家庭共享計劃？

Or is it [ single plans ] and feature phones?

還是[單一方案]和功能手機？

And then on ARPU, what should we think about going forward as far as stabilization?

那麼就 ARPU 而言，我們該如何考慮未來的穩定？

Sure, Mike.

當然，麥克。

Let me say on the share loss, the feature phone continue to lose, but quite frankly, with the unlimited plans we announced, we did see an uptick in the family plan losses and attention on that.

讓我說一下份額損失，功能手機繼續損失，但坦白說，隨著我們宣布的無限計劃，我們確實看到家庭計劃損失和對此的關注有所增加。

As we've come back with these unlimited plans and specifically, with the offers to give the, as Randall mentioned, a $25 credit on DTV or DTV Now and the opportunity for the HBO feature, we have seen the plans come back down, and we believe that, that the part of the reason that's coming back to, if you will, normal or to pre-unlimited operate is because it's holding on to the families.

當我們帶著這些無限的計劃回來時，特別是，正如蘭德爾所提到的，提供了DTV 或DTV Now 的25 美元信用以及HBO 功能的機會，我們已經看到這些計劃又被取消了，而我們相信，如果你願意的話，恢復正常或無限制運行之前的部分原因是因為它保留了家庭。

We still need to go through that.

我們仍然需要經歷這個過程。

It's been just a couple, 3 weeks.

才過了幾個星期，三個星期。

So it's early.

所以現在還早。

But yes, we did see some impact on both the stand-alone, if you will, feature phone type that we've seen in the past and the family plan.

但是，是的，我們確實看到了對我們過去看到的獨立功能手機類型和家庭計劃的一些影響。

With regard to ARPU, I would suggest to you, we still have a little bit to go with regard to ARPU because we have really smart customer base.

關於 ARPU，我建議你，我們在 ARPU 方面還有一點進步，因為我們擁有非常聰明的客戶群。

And they go through this process of figuring out which is the best plan for them and going to it.

他們會經歷這個過程，找出最適合他們的計劃並付諸實行。

And that will continue on.

這種情況還會持續下去。

Secondly, we still have some customers on plans that have overage.

其次，我們仍然有一些客戶的計劃超額。

And as I said, if they're smart customers, they will migrate over to these unlimited plans and work through that.

正如我所說，如果他們是聰明的客戶，他們就會轉向這些無限的計劃並完成它。

But we are, I will tell you, if you look at our service revenues for the quarter, about 1% of the decline was really related to a decision we made last year to get out of the resale business in one of our specific large resale contracts are going to reduce that business because the prices just weren't appropriate and capacity was going to be important to us for our quality customers.

但我會告訴你，如果你看看我們本季的服務收入，大約 1% 的下降實際上與我們去年做出的決定有關，即在我們的一項特定的大型轉售業務中退出轉售業務合約將減少該業務，因為價格不合適，而且產能對我們的優質客戶來說非常重要。

And so we've seen some of the service revenue declines based under decisions in a back off of that reseller market.

因此，我們看到一些服務收入下降是由於經銷商市場退出的決定所造成的。

And I think you saw that in our customer count.

我想您在我們的客戶數量中看到了這一點。

You saw that in our customer counts this quarter but you saw that in our customer count at the end of last year, the reseller, right.

您在本季度的客戶數量中看到了這一點，但在去年年底的客戶數量中也看到了這一點，經銷商，對吧。

That was just a solid business decision we made based on realization, ARPU and per MB realization.

這是我們根據實作、ARPU 和每 MB 實作做出的可靠業務決策。

We now have a question from David Barden with Bank of America.

現在我們有來自美國銀行的大衛巴登 (David Barden) 提出的問題。

I guess, my first one would be, John, for you.

我想，約翰，我的第一個任務就是給你的。

If we kind of look at the mid-single-digit earnings per share growth target, it kind of implies that we've got to maintain this $0.74 level of earnings for most of the rest of the year.

如果我們看一下中個位數的每股盈餘成長目標，這意味著我們必須在今年餘下的大部分時間裡維持 0.74 美元的收益水準。

And coming off kind of all-time low handset upgrade rates, it's more likely than not, it's going to be a headwind as we go into the Galaxy and then the iPhone later this year.

隨著手機升級率處於歷史最低水平，當我們今年稍後推出 Galaxy 和 iPhone 時，這很可能會成為一個阻力。

Can you kind of walk us through the geography of the income statement where we offset those headwinds and generate the kind of positive mid-single-digit earnings growth?

您能否向我們介紹一下損益表的地理情況，我們在其中抵消了這些不利因素並產生了中個位數的正收益增長？

And then the second question, if I could, would be maybe either for you or maybe Randall.

然後第二個問題，如果可以的話，可能是問你，也可能是問蘭德爾。

Just on this SD-WAN.

就在這個 SD-WAN 上。

It's a big emerging topic, a big conversation about whether it's a threat or an opportunity, especially for an incumbent like yourself.

這是一個新興的大話題，一場關於它是威脅還是機會的大討論，特別是對於像你這樣的現任者來說。

And finally, how real it is as a technology in the world?

最後，作為一項技術，它在世界上的真實性如何？

That would be super helpful.

那會非常有幫助的。

Sure.

當然。

Let me try the EPS question first, Dave.

讓我先嘗試一下 EPS 問題，戴夫。

Let me go to this.

讓我來說說這個。

If I hearken back to the comment I made in the presentation that we had about a $0.01 -- $0.02 of pressure in the quarter, $0.01 from some legal settlements, some IP and other issues and quite frankly, $0.01 from some storm cost.

如果我回想一下我在演示中所做的評論，我們在本季度面臨大約0.01 - 0.02 美元的壓力，其中0.01 美元來自一些法律和解、一些知識產權和其他問題，坦率地說，0.01 美元來自一些風暴成本。

If you -- and we did not adjust for them.

如果你——而我們沒有針對他們進行調整。

But if you look at our results taking those out, you see this quarter $0.76.

但如果你看看我們的結果，將這些去掉，你會發現本季為 0.76 美元。

And you can understand then that the growth rate goes up to just under 6%.

那麼你就可以理解成長率將上升到略低於 6%。

And you can understand how we would feel that, that quarter supports an ongoing activity.

您可以理解我們如何看待該季度支持正在進行的活動。

You're right.

你說得對。

We could have a step up from an equipment sales and upgrade rates.

我們可以提高設備銷售和升級率。

We're just admitting that we can't predict that at this time.

我們只是承認目前我們無法預測這一點。

But generally speaking, if that happens, we have significant offsets, whether it be the next accounting, whether it be the revenue recognition or quite frankly, if it's just the benefits of having customer additions, any additional service revenues and so forth.

但一般來說，如果發生這種情況，我們會有很大的抵消，無論是下一次會計，無論是收入確認，還是坦白說，如果只是增加客戶、任何額外服務收入等帶來的好處。

So that's something that does not scare us, so to speak.

所以可以這麼說，這並不會嚇到我們。

We can manage through that.

我們可以解決這個問題。

The third thing is, as we mentioned, the entire team here has been really focused on cost.

第三件事是，正如我們所提到的，整個團隊都非常關注成本。

But as we go quarter by quarter, we continue to increase the network function virtualization percentages.

但隨著我們每季的發展，我們不斷提高網路功能虛擬化的百分比。

And we're on this [ march ] from 34% at the end of last year to 55% at the end of this year.

今年 [3 月]，我們的比例從去年年底的 34% 上升到今年年底的 55%。

So that's just going to continue on in generating savings.

因此，這將繼續產生節省。

And we're getting to that point where the mass or the base of savings that we have, hitting it to 40% and 50%, that's overcoming the reinvestment dollars that are required to grow it.

我們已經達到這樣的程度：我們擁有的儲蓄總量或基礎達到 40% 和 50%，足以克服成長儲蓄所需的再投資資金。

So all that put together, that's why we feel comfortable by staying in the hunt for that guidance and keeping things moving forward.

因此，所有這些加在一起，就是為什麼我們對繼續尋找指導並保持事情向前發展感到放心。

On the SD-WAN, yes, it's real.

在 SD-WAN 上，是的，這是真實的。

It tends to be real down market, David.

大衛，這往往是真正的低端市場。

And you should assume that we're developing capability ourselves because it's a viable offer down market.

你應該假設我們正在自己開發能力，因為這是一個可行的下游市場報價。

We're seeing some effect from it.

我們看到了一些效果。

It's not material yet.

這還不是物質。

But we think it's a legitimate capability.

但我們認為這是合法的能力。

We need to be there.

我們需要在那裡。

We need to have it.

我們需要擁有它。

And so up market, the traditional VPN capabilities, as always, we think it's going to be the enduring capability.

因此，在高階市場，傳統的 VPN 功能一如既往，我們認為它將成為持久的功能。

But down market, we're going to have to be prepared to compete with this kind of offering.

但在下游市場，我們必須做好與此類產品競爭的準備。

David, Mike just reminded me, one of the things I mentioned is, if you noticed that improvement we had in the first quarter in Mexico and the fact that their customer base is now close to 13 million.

大衛，麥克剛剛提醒我，我提到的一件事是，如果你注意到我們在墨西哥第一季的進步，以及他們的客戶群現在接近 1300 萬。

I think were 12.6 million.

我想是 1260 萬。

And that was -- we made -- it was an investment cycle, all of last year.

這就是——我們所做的——這是一個投資週期，去年一整年都是如此。

And it's starting to turn, the team down there is doing well.

現在情況開始好轉，下面的團隊表現不錯。

But I'd suggest to you, that's another support for our business proposition for the year.

但我建議您，這是對我們今年業務主張的另一個支持。

We need to keep working at it, and we need to keep that market straightening.

我們需要繼續努力，我們需要保持市場的正常化。

But we feel good about the fact that, that provides us another opportunity.

但我們對此感到高興，這為我們提供了另一個機會。

Secondly, I would tell you that, that the DIRECTV Latin American properties are just really -- it's a lot of elbow grease, it's a lot of hard work, but they're doing well for us in what is challenging environments, but they are producing and that's helping, too.

其次，我要告訴你的是，DIRECTV 拉丁美洲的資產確實需要大量的體力勞動，大量的艱苦工作，但它們在充滿挑戰的環境中為我們做得很好，但它們生產，這也有幫助。

So they may not be the focus of most of our discussions, but they sure are helping with our efforts this year.

因此，它們可能不是我們大多數討論的焦點，但它們確實對我們今年的努力有所幫助。

Our next question is from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

I'd like to go back and talk a little bit about some of the elevated churn you signaled where you have an unbundled video product.

我想回過頭來談談您在擁有非捆綁視訊產品時所暗示的一些高流失率。

I think it's easy to envision some of the corrective measures you could take within your traditional landline region, especially in light of all the fiber that you're deploying.

我認為很容易想像您可以在傳統固定電話區域內採取的一些糾正措施，特別是考慮到您正在部署的所有光纖。

So I was hoping we can maybe just spend a little bit more time talking about how you think about fortifying the bundle that you can offer outside that traditional region.

因此，我希望我們可以多花一點時間討論您如何考慮加強您可以在傳統區域之外提供的捆綁包。

You talked a little bit about some of the millimeter wave licenses.

您談到了一些毫米波許可證。

But is there really a broader set of options you think you have to go into the market to make sure your bundle remains differentiated nationwide?

但是，您是否認為必須進入市場才能確保您的捆綁包在全國範圍內保持差異化，是否真的有更廣泛的選擇？

There's a few things, Brett.

有幾件事，布雷特。

In the short run, obviously, it's bundling DIRECTV stand-alone with wireless outside of our traditional footprint, where we don't have a broadband product.

顯然，從短期來看，它將獨立的 DIRECTV 與無線捆綁在一起，超出了我們傳統的覆蓋範圍，因為我們沒有寬頻產品。

So bundling with wireless is really, really important.

因此，與無線捆綁真的非常非常重要。

That is a part of the customer base, the standalone that has been also somewhat sheltered, is that the right word, by virtue of being rural in nature.

這是客戶群的一部分，也受到一定程度的保護，這是正確的詞，因為它本質上是農村的。

And so being rural in nature, it's hard to find an opportunity to bundle.

因此，由於本質上是農村地區，很難找到捆綁銷售的機會。

Well, we have Cap II funding.

嗯，我們有第二章資金。

We are turning up right now a wireless local loop is the term we use.

我們現在使用的術語是無線本地環路。

But basically, it's a wireless fixed broadband solution.

但基本上，它是一種無線固定寬頻解決方案。

400,000 that we're turning up.

我們將出現 40 萬名。

We have an opportunity to turn up a lot of these.

我們有機會發現很多這樣的東西。

As we build FirstNet, by the way, we have to turn up significant improvements to our entire rural footprint.

順便說一句，當我們建造 FirstNet 時，我們必須對整個農村足跡做出重大改進。

And so having a wireless opportunity to provide a broadband bundle into rural America really can shore up this customer base.

因此，擁有向美國農村地區提供寬頻捆綁的無線機會確實可以支撐這一客戶群。

And so traditional wireless go immediately with bundling traditional wireless.

因此，傳統無線技術立即與捆綁傳統無線技術結合。

Obviously, there is some things we can do just on price, and they'll do some -- we'll do some promotional things.

顯然，我們可以在價格上做一些事情，他們會做一些事情——我們會做一些促銷事情。

But then getting our fiber local loop product is being rolled out right now, being introduced as we speak, getting it targeted to this customers can also shore this up.

但是，我們的光纖本地環路產品現在正在推出，正如我們所說，將其瞄準這些客戶也可以支撐這一點。

So it's a multi-pronged effort.

所以這是一個多管齊下的努力。

And then longer term, you mentioned it.

然後從長遠來看，你提到了這一點。

Longer term, 5G, this is the nationwide broadband opportunity.

從長遠來看，5G，這是全國寬頻的機會。

As we turn up 5G, we can now have a very high speed, competitive with cable broadband offering in all the major metropolitan countries, where we don't have traditional fixed line footprint.

當我們推出 5G 時，我們現在可以擁有非常高的速度，與所有主要大都市國家的有線寬頻服務相比具有競爭力，而這些國家沒有傳統的固定線路覆蓋範圍。

So it's about to be a new competitive gain as we get into the world of 5G.

因此，當我們進入 5G 世界時，這將成為新的競爭優勢。

We're getting very, very enthusiastic about it.

我們對此變得非常非常熱情。

And just what I would call fixed-type configurations of 5G will come out before mobile configuration.

我所說的5G固定型配置將先於移動配置出現。

So 2018, we'll be doing some fixed line deployments of 5G.

因此，2018 年，我們將進行一些 5G 固網部署。

And you'll be seeing some of that.

你會看到其中的一些。

And even the offerings, the speed increases we're doing right now in Austin that we just announced, we're talking competitive to cable speeds on our wireless network in Austin, soon-to-be Indianapolis in 18 other markets this year.

甚至我們剛剛宣布的我們現在在奧斯汀所做的產品和速度提高，我們正在談論與我們在奧斯汀的無線網路的有線速度競爭，今年即將在其他 18 個市場成為印第安納波利斯。

So the competitive landscape is changing.

因此，競爭格局正在改變。

And I think we are convinced that it's going to change faster than a lot of people believe it will.

我認為我們確信它的變化速度會比許多人想像的要快。

And we're going to have some truly substitutable capabilities in the wireless infrastructure with some of our fixed line competitors.

我們將在無線基礎設施方面擁有一些真正可以與我們的一些固網競爭對手取代的功能。

So we're optimistic, and we still think the bundled offering is going to be very, very important in the long term.

因此，我們很樂觀，而且我們仍然認為從長遠來看，捆綁產品將非常非常重要。

Our next question is from Amir Rozwadowski with Barclays.

我們的下一個問題來自巴克萊銀行的阿米爾·羅茲瓦多夫斯基。

Understanding that fluctuations in handset sales are the primary driver for your shift in your top line guidance policy, I was wondering if you could provide some color on how you think about the cash flow trajectory of the business.

了解手機銷售的波動是您調整營收指導政策的主要驅動力，我想知道您是否可以提供一些關於您如何看待業務現金流軌蹟的資訊。

John, I know you mentioned there are some fluctuations depending on the timing of FirstNet reimbursements this year.

約翰，我知道你有提到過，根據今年 FirstNet 報銷的時間，會有一些波動。

But how should we think about the long-term ability to grow cash flow organically against this evolving competitive landscape and potentially inclusive of Time Warner?

但我們應該如何考慮在不斷變化的競爭格局和潛在的時代華納包容性下有機成長現金流的長期能力？

That's a good question.

這是個好問題。

I mean, I feel really good about our opportunities to generate cash flow.

我的意思是，我對我們產生現金流的機會感到非常滿意。

The best way I can explain is what we saw in margins.

我能解釋的最好方法就是我們在利潤率中看到的情況。

The margin improvement was up and down from this cost initiatives, whether we talk about network function virtualization, whether we talk about digitalization, whether we talk about automation, whether we -- even as we have some challenges with regard to our legacy revenues, we have opportunities then to shed legacy costs.

無論我們是否談論網路功能虛擬化，是否談論數位化，是否談論自動化，即使我們在傳統收入方面面臨一些挑戰，我們是否——即使我們在遺留收入方面面臨一些挑戰，然後就有機會削減遺留成本。

So I am comfortable with where we're at on cash flows for the year.

因此，我對今年的現金流狀況感到滿意。

I will also tell you, is [ the eye of the evidence is ] handsets slow down.

我還要告訴你，[肉眼可見的證據是]手機速度變慢。

We have the outlay for handsets on an upfront basis, and then receive monthly payments for the payments over time.

我們預先支付手機費用，然後隨著時間的推移每月收到付款。

So as that happens, even with our next financing with the banks, it actually can relieve some of the pressure off of the company because the next outlay for, if you will, the equipment outlay for handsets actually slows.

因此，當這種情況發生時，即使我們與銀行進行下一次融資，它實際上也可以減輕公司的一些壓力，因為如果你願意的話，手機設備支出的下一次支出實際上會放緩。

You guys know the background on the Time Warner and its capability to generate cash and its much different capital intensity structure as well as its great margin business.

你們都知道時代華納的背景、它產生現金的能力、它截然不同的資本密集度結構以及它龐大的利潤率業務。

So we're very excited on being able to combine the 2, about being able to farm out some growth initiatives and some cost savings.

因此，我們非常高興能夠將兩者結合起來，能夠外包一些成長計劃並節省一些成本。

And so we look forward to that.

所以我們對此充滿期待。

We are still on a track to grow cash flows that we believe is so important to not just and not at all, and it's very important to sustain and continue to grow the dividend, but not just that, but to create real wealth and opportunities and flexibility for the company on a going forward basis.

我們仍然走在增加現金流的軌道上，我們認為這不僅非常重要，而且根本不重要，而且維持並繼續增加股息非常重要，但不僅如此，還要創造真正的財富和機會，為公司未來的發展提供靈活性。

And then just one follow-up, if I may.

如果可以的話，然後只是一個後續行動。

It seems like we are beginning to see demonstrable shifts in the regulatory landscape.

我們似乎開始看到監管環境有明顯的變化。

For example, as you mentioned, Randall, we saw recent developments in BDS legislation, and it also seems like we may see some updated thoughts in the future of net neutrality in the coming days.

例如，正如您所提到的，蘭德爾，我們看到了 BDS 立法的最新進展，而且似乎我們可能會在未來幾天看到有關網路中立性的未來的一些更新的想法。

How do you feel about the prospects of your integrated service provider offering against this shifting regulatory backdrop?

在這種不斷變化的監管背景下，您對您的綜合服務提供者產品的前景有何看法？

In other words, are there new opportunities from monetizing your portfolio of assets in ways that previously may not have been available?

換句話說，是否存在以以前無法實現的方式將您的資產組合貨幣化的新機會？

Yes, it's an interesting question.

是的，這是一個有趣的問題。

I would tell you the area that we are most focused on and we're obviously, very cautious about ensuring that we get our customers' consent to use data.

我想告訴你我們最關注的領域，而且我們顯然非常謹慎地確保我們得到客戶的同意才能使用數據。

But as we bring Time Warner into the family at AT&T, we are convinced that we can really enhance Time Warner's advertising revenue streams by virtue of some of the customer data, the viewership data that we have on the distribution side of the house.

但當我們將時代華納納入 AT&T 的大家庭時，我們相信，憑藉我們在分銷方面擁有的一些客戶數據和收視率數據，我們可以真正增強時代華納的廣告收入流。

And as an example, we have a little advertising business on the AT&T side today.

舉個例子，我們今天在 AT&T 方面有一點廣告業務。

It's about $1.5 billion business, and it's growing at double digits.

該業務價值約 15 億美元，並且正在以兩位數的速度成長。

And what we're doing with customer consent where appropriate, we're doing addressable advertising and getting very localized on the advertising that's delivered to our customers.

在適當的情況下，我們在徵得客戶同意的情況下所做的事情是，我們正在做可尋址的廣告，並對交付給客戶的廣告進行高度本地化。

And we're getting revenues per impression that are 3 and 4x what you would consider traditional revenue per impression in this industry.

我們獲得的每次展示收入是該行業傳統每次展示收入的 3 到 4 倍。

Well, to what extent can we have that same type of impact on the Time Warner, the Turner network advertising revenues, which are much more substantial than the AT&T revenue streams.

那麼，我們能在多大程度上對時代華納、特納網路廣告收入產生同類型的影響，這些收入比 AT&T 的收入來源大得多。

And so there are some opportunities there as the rules are clarified as it relates to the utilization of data.

因此，隨著與數據利用相關的規則的澄清，存在一些機會。

And then we have our own policies in terms of getting customer consent and working hard to get our customer consent to do this.

然後，我們在獲得客戶同意方面有自己的政策，並努力獲得客戶同意這樣做。

But this provides new opportunities for new revenue streams and just improving yield on existing revenue streams.

但這為新的收入流提供了新的機會，並且只是提高了現有收入流的收益率。

And then, obviously, there is a lot of consternation at the end of last year with the former FCC surrounding things like sponsored data and set-top box and so forth.

然後，顯然，去年底，前聯邦通信委員會圍繞贊助數據和機頂盒等問題引起了很多恐慌。

Well, all of those issues and those concerns are now gone.

好吧，所有這些問題和擔憂現在都消失了。

And so the ability to do some unique pricing on sponsored data and so forth are now in front of us and available to us.

因此，對贊助數據等進行一些獨特定價的能力現在就擺在我們面前並且可供我們使用。

And in a world of unlimited, it changes how that looks and so forth.

在一個無限的世界中，它改變了它的外觀等等。

But as we have the need to use flexibility to differentiate our offers, it gives us some new opportunities to do those things.

但由於我們需要利用靈活性來差異化我們的產品，這為我們提供了一些新的機會來做這些事情。

So we're actually very positive.

所以我們實際上非常積極。

The thing I'm most encouraged about, though, with the new tone in the FCC is it probably, Amir, those that offer a whole lot of new opportunity for new services, but it takes a decision point out of the investment philosophy.

不過，阿米爾，最讓我感到鼓舞的是，聯邦通訊委員會的新基調可能為新服務提供了大量新機會，但它從投資理念中得出了一個決策點。

If you want to invest in a new capability, if you want to invest in fixed wireless, local loop, if you want to invest in 5G, you don't have this stop, pause, how is this going to be regulated?

如果你想投資新的能力，如果你想投資固定無線、本地環路，如果你想投資5G，你沒有這樣的停止、暫停，這將如何監管？

We have a pretty good idea now that it's going to be regulated with somewhat of a light touch as long as there's competitive alternatives in the marketplace.

我們現在有一個很好的想法，只要市場上有競爭性的替代品，就會對其進行稍微寬鬆的監管。

And that just changes the whole investment philosophy, and I think it's going to free up investment as we move forward, and you combine that with tax reform.

這只會改變整個投資理念，我認為隨著我們的前進，這將釋放投資，並將其與稅收改革結合。

I think even this industry that has been the top investor in the country for the last 5 years, this industry can actually go higher in investment, you get these kind of changes.

我認為即使這個行業在過去五年中一直是該國最大的投資者，這個行業實際上可以在投資方面走得更高，你會得到這些變化。

Our next question is from Jennifer Fritzsche with Wells Fargo.

我們的下一個問題來自富國銀行的 Jennifer Fritzsche。

I wanted to ask about fiber.

我想問一下纖維的事。

With Verizon's announcement last week, it's kind of a game changer, as you alluded to, in terms of out-of-network footprint.

隨著 Verizon 上週的宣布，正如您所提到的，就網絡外足跡而言，它在某種程度上改變了遊戲規則。

And as you expand fiber, I assume it's easier to do so in your own ILX footprint.

當您擴展光纖時，我認為在您自己的 ILX 足跡中實現這一點會更容易。

What are your thoughts on outside that ILX footprint?

除了 ILX 足跡之外，您有何想法？

Would you pursue a similar path?

你會追求類似的道路嗎？

And does that require further fiber investment or possible acquisitions?

這是否需要進一步的光纖投資或可能的收購？

So Jennifer, let me take a stab and I'll ask Randall to comment on it.

所以詹妮弗，讓我嘗試一下，我會請蘭德爾對此發表評論。

First and foremost, I think we need to get some clarity with regard to how we measure fiber and whether you measure it by miles of fiber cover or by strands within the pair within the fiber itself, that gives a differentiated aspect to the magnitude of the dollars being talked about in the marketplace.

首先也是最重要的，我認為我們需要清楚地了解如何測量光纖，以及是透過數英里的光纖覆蓋層還是透過光纖本身內的線對進行測量，這為光纖的大小提供了不同的方面。市場上正在談論美元。

But you're right, we are in a significant investment on fiber with the 12.5 million, fiber-to-the-prem.

但您是對的，我們對光纖進行了大量投資，投資了 1250 萬光纖到本地。

But quite frankly, because of our legacy of our business, both the local exchange business, which we've held on to an historic Bell operating company business, which gives us a tremendous footprint, but also relates to long line business which had fiber throughout the country.

但坦白說，由於我們的業務傳統，我們保留了本地交換業務以及歷史悠久的貝爾運營公司業務，這為我們提供了巨大的足跡，而且還涉及長線業務，該業務遍及光纖國家。

And so we do have more fiber than anyone else as it exists today.

因此，我們目前擁有的纖維數量確實比其他任何國家都多。

But we look at, though, we are open, we make evaluations on build or buy all the time with regard to wireless -- with regard to backhaul for towers that kind of fiber initiatives.

但我們認為，我們是開放的，我們一直在無線方面對建造或購買進行評估——關於塔的回程，這種光纖計劃。

What we will do is we will look at all the opportunities out there and decide whether it's going to be cheaper to buy or build.

我們要做的是，我們將審視所有的機會，並決定購買或建造是否會更便宜。

But we are open to it.

但我們對此持開放態度。

We believe we have a big lead because of what we've been doing over the last 5 years in our VIP investments.

我們相信，由於過去 5 年我們在 VIP 投資方面所做的努力，我們擁有巨大的領先優勢。

We believe we have a big lead because we are the largest, if you will, legacy consumer business and the footprint we're associated with the Bell operating companies.

我們相信我們有很大的領先優勢，因為我們是最大的（如果你願意的話）傳統消費者業務以及我們與貝爾經營公司相關的足跡。

And we also have a big lead with regard to the extensive fiber that was part of the AT&T long lines business.

我們在 AT&T 長線業務的廣泛光纖方面也處於領先地位。

When you put all of that together, we feel very good about it.

當你把所有這些放在一起時，我們感覺非常好。

We continue to invest.

我們繼續投資。

I would suggest at, as much as, if not more than anybody's investing right now in fiber, it's very significant.

我建議，即使不超過任何人現在對光纖的投資，也是非常重要的。

We have always -- I mean, we've talked about this for many years, Jennifer, and obviously, we gave some thought and consideration to when we create value if we separated our fixed line and our wireless business a few years ago.

我們一直——我的意思是，我們已經討論這個問題很多年了，詹妮弗，顯然，如果幾年前我們將固定電話和無線業務分開，我們會在創造價值時進行一些思考和考慮。

And I got to tell you, the thing that was -- that cause you the greatest pause as you thought about doing those things was this wireless business is going to need a fiber access.

我必須告訴你，當你考慮做這些事情時，讓你最猶豫的是無線業務將需要光纖接入。

It's going to need that last mile fixed line access.

它將需要最後一英里的固定線路接入。

And so having a big footprint of fixed line access was always going to be critical.

因此，擁有大量固定線路存取始終至關重要。

And then as we now move into the world of 5G, as we're deploying fiber to 12.5 million homes, it's just -- you're looking for the capillaries.

然後，當我們現在進入 5G 世界時，當我們向 1250 萬個家庭部署光纖時，您正在尋找毛細血管。

If you deploy it to a home, what capillaries does that make available for deploying small cells?

如果您將其部署到家庭中，那麼哪些毛細血管可用於部署小型基地台？

What capillaries are now being run to businesses?

現在企業有哪些毛細血管？

And so it just -- it begins to feed on itself, the incremental cost of that next kind of layer of fiber goes down.

因此，它開始以自身為食，下一種纖維層的增量成本下降。

And then, as John said, we make literally daily decisions outside our traditional footprint on lease versus buy.

然後，正如約翰所說，我們每天都會在傳統的租賃還是購買方面做出決策。

And there's plenty of fiber available.

並且有充足的纖維可用。

Dark fiber is available in virtually all metropolitan areas.

幾乎所有大都會區都提供暗光纖。

And so our ability to buy access to fiber for 5G is readily available.

因此，我們可以隨時購買 5G 光纖。

And where the cost, the availability is there, we will run fiber.

只要成本和可用性都存在，我們就會運行光纖。

So I think the U.S. is going to see a lot of fiber being deployed over the next few years as a byproduct of 5G.

因此，我認為作為 5G 的副產品，美國將在未來幾年內部署大量光纖。

And I like where we stand in that rate.

我喜歡我們目前的情況。

So I think we start with a head start.

所以我認為我們從一個好的開始開始。

Jennifer, one other thing I'd add is and this could be repeated in kind of every question we've had.

詹妮弗，我要補充的另一件事是，這可以在我們遇到的每個問題中重複。

But the FirstNet contract award and the requirements that it provides to build out a nationwide first responder network and the funding that it provides to do that gives us a great opportunity to incorporate, and the team has done this, incorporate fiber builds and fiber requirements for both -- not only for FirstNet in and of itself, but anything that can leverage off of that.

但是 FirstNet 合約授予及其提供的建立全國第一響應者網路的要求以及它提供的資金為我們提供了一個很好的整合機會，並且該團隊已經做到了這一點，將光纖構建和光纖要求納入其中兩者兼而有之——不僅適用於FirstNet 本身，也適用於任何可以利用這一點的事物。

And we do this with building, as we've talked about before, with the one tower climb and putting the AWS-3, the WCS spectrum to use at the same time, we're doing the 700.

我們透過建設來做到這一點，正如我們之前談到的，透過攀登一座塔並同時使用 AWS-3、WCS 頻譜，我們正在做 700。

But in all aspects of the FirstNet contract, it's providing us a real opportunity to leverage off the existing fiber and then to further add to what we consider to be the lead in that market that we have.

但在 FirstNet 合約的各個方面，它為我們提供了一個真正的機會，可以利用現有光纖，然後進一步增強我們認為在該市場中的領先地位。

And then our final question will come from Simon Flannery with Morgan Stanley.

我們的最後一個問題將由摩根士丹利的西蒙·弗蘭納裡提出。

So, John, I understand the uncertainty around the phone sales.

所以，約翰，我理解手機銷售的不確定性。

Maybe you can just talk a little bit, but what exactly are you hearing from the field?

也許你可以簡單說一下，但你從現場到底聽到了什麼？

Is this the natural impact of EIP?

這是EIP的自然影響嗎？

Is this people just no form factor change?

難道這個人只是沒有改變外形嗎？

Do you expect this to come back?

你預計這會回來嗎？

The Galaxy has obviously been delayed.

銀河顯然被推遲了。

Any more color around should we be thinking about this something that has changed dramatically or this is just a pause and will get back to some more normal rates?

我們是否應該考慮一下已經發生了巨大變化的任何更多顏色，或者這只是一個暫停，並將恢復到一些更正常的利率？

And then, Randall, just continuing on the fiber.

然後，蘭德爾，繼續使用光纖。

You've talked about the 12 million, what's the strategy for the copper getting the speeds up to have a competitive broadband product there where you may not be planning to roll fiber right now, what can you do to those lines to stay competitive?

您已經談到了 1200 萬，銅纜提高速度以獲得具有競爭力的寬頻產品的策略是什麼，而您現在可能不打算鋪設光纖，您可以對這些線路採取什麼措施來保持競爭力？

Let me take the phone sales first.

我先來談談電話銷售。

And quite frankly, you made a lot of the right point.

坦白說，你提出了很多正確的觀點。

The first thing is we are seeing a change with regard to Next, if you will, and the impact that customers are understanding the cost of a phone differently.

首先，如果你願意的話，我們看到了 Next 方面的變化，以及客戶對手機成本的不同理解所帶來的影響。

They were acting differently.

他們的行為有所不同。

We're seeing that, not only in this slower handset sales, but we continue to have in this kind of 400,000 or 500,000 a quarter BYOD devices.

我們不僅看到手機銷售放緩，而且每季仍擁有 400,000 或 500,000 台 BYOD 設備。

So not only are they when they do buy another phone, they are holding on to the other one and having -- handing it down, giving it to someone else to use.

因此，當他們購買另一部手機時，他們不僅會保留另一部手機，並將其交給其他人使用。

And so we're seeing that.

所以我們看到了這一點。

That is an impact of it.

這就是它的影響。

There has been a lot of discussion that most of the changes in the phone's capabilities are software enabled.

有許多討論認為，手機功能的大部分變化都是由軟體實現的。

We talk about it, wanting to do it from our network perspective.

我們談論它，想從我們網路的角度來做這件事。

We're seeing a little bit of it in the handset business, where the upgrades to the capabilities or software focus as opposed to form factors.

我們在手機業務中看到了一些這樣的情況，其中功能或軟體的升級側重於功能或軟體的升級，而不是外形因素。

So that's it.

就是這樣了。

We are actually seeing, so to speak, a slowness in overall consumer activity.

可以說，我們實際上看到了整體消費者活動的放緩。

It seems like while the consumers, the economics and the consumer world maybe improving, it seems like they're being very careful.

雖然消費者、經濟和消費世界可能有所改善，但他們似乎非常小心。

And so that's the third thing.

這是第三件事。

We have studied it, everything from the amount of tax refund dollars that impacts and when that comes in to all those things we've looked at, I would suggest to you, I think it is a more permanent change in the environment because of the change in who pays for it.

我們已經研究了它，從影響的退稅金額到我們研究過的所有這些事情，我建議你，我認為這是環境中更持久的變化，因為支付費用的人發生變化。

I don't believe, I'm not trying to suggest it's going to stay to this 30.9% rate.

我不相信，我並不是試圖建議它會保持在 30.9% 的水平。

I would expect that it will come back, not only for new phones coming out, but quite frankly, for example, as we, if you will, get our network even hotwired more than it is, as the Austin-type situation where you can get multiple hundred MB speeds on your phones, you'll see people want to get those devices.

我希望它會回來，不僅是新手機問世，而且坦率地說，例如，如果你願意的話，我們的網絡甚至會比現在更熱連線，就像奧斯汀式的情況一樣，你可以如果您的手機獲得數百MB 的速度，您將看到人們想要獲得這些設備。

So I think that will help.

所以我認為這會有幫助。

But I clearly believe it is a permanent change from where we were in the subsidy model.

但我顯然相信，這對我們的補貼模式來說是一個永久性的改變。

And I believe that the upgrade rates will be down on a permanent basis.

我相信升級率將永久下降。

And the copper plan, Simon, it's real simple.

西蒙，銅計劃非常簡單。

It's wireless.

它是無線的。

It's 5G.

這是5G。

And that's -- I mean, we'll continue to push the envelope of fiber deeper and deeper.

那就是——我的意思是，我們將繼續將纖維的範圍推得越來越深。

But you get to a place on the fixed line side where it doesn't make sense to keep running fiber and economically in our default architecture long term, default architecture is a wireless architecture.

但是，在固定線路方面，繼續運行光纖是沒有意義的，而且從長遠來看，在我們的預設架構中，預設架構是無線架構。

And so world of 5G, that's when the copper gets replaced with a high-speed wireless offering to the home.

因此，在 5G 世界中，銅線將被家庭高速無線服務所取代。

How close does the fiber has to get to the home for that vision?

為了實現這個願景，光纖距離家庭有多遠？

It obviously depends on what speeds you want, right.

這顯然取決於您想要的速度，對吧。

But if you think about where we have copper today, you don't have a ton of situations where you need a gig of bandwidth.

但如果你想想我們今天在哪裡有銅纜，你會發現，在很多情況下你不需要千兆頻寬。

But as we said, our objective is to get a gig of bandwidth to everybody we touch.

但正如我們所說，我們的目標是為我們接觸到的每個人提供大量頻寬。

And so in a world of 5G, you should think of a 200-meter propagation, all right.

因此，在 5G 世界中，您應該考慮 200 公尺的傳播，好吧。

So that takes a lot.

所以這需要很多。

But you don't need in suburban and rural America those kind of bandwidths to be competitive.

但在美國郊區和農村，你不需要那種頻寬來保持競爭力。

So you can go to your traditional cell structure, use more traditional spectrum positions and get very competitive speeds in those areas with wireless even with an LTE arrangement.

因此，您可以採用傳統的小區結構，使用更傳統的頻譜位置，並在這些無線區域（甚至採用 LTE 安排）獲得非常有競爭力的速度。

So think about the configuration in Austin.

所以想想奧斯汀的配置。

You're going to get some serious, serious bandwidth there.

您將在那裡獲得一些非常非常大的頻寬。

You have the potential for 500 or 600 MB.

您有可能獲得 500 或 600 MB 的空間。

Now obviously, on a loaded network, you're going to get about 1/10 of that.

顯然，在負載較高的網路上，您將獲得大約 1/10。

But 50, 60 MB, that's a competitive offer.

但 50、60 MB，這是一個有競爭力的報價。

And we think we have a lot of legs with that and over time, just keep pushing the small cell structure deeper and deeper.

我們認為我們在這方面有很多優勢，隨著時間的推移，不斷將小細胞結構推得越來越深。

We haven't mentioned, I think you all know this.

我們沒有提到，我想你們都知道這一點。

But with the move towards the carrier aggregation in 4 ways, which the Galaxy S8 has the capability of doing that.

但隨著以 4 種方式實現載波聚合，Galaxy S8 有能力做到這一點。

With regard to MIMO and the ability to have the on and off ramp operate much quickly and move into that [ Plum 256 ], all 3 of those things are now available for us, and we're working this through our Austin.

關於 MIMO 以及讓進出坡道快速運行並進入 [Plum 256] 的能力，所有這 3 個東西現在都可供我們使用，我們正在通過奧斯汀進行這方面的工作。

And we're seeing tremendous, tremendous results there.

我們在那裡看到了巨大的成果。

So that's what's so encouraging about it.

這就是令人鼓舞的地方。

I'll tell you about discontinuation of wireless in this opportunity to support an overall brand -- broadband solution as well as coordinated with a FirstNet build that is consistent with the government's requirements.

我將藉此機會向您介紹無線業務的終止，以支援整體品牌——寬頻解決方案，並與符合政府要求的 FirstNet 建置相協調。

Okay.

好的。

Thanks, Simon.

謝謝，西蒙。

I appreciate the question.

我很欣賞這個問題。

With that, I want to thank everybody for being on the call.

在此，我要感謝大家的參與。

And just a couple of closing comments.

最後還有幾句話。

It was a competitive quarter, both in wireless and video for us.

對我們來說，這是一個競爭激烈的季度，無論是在無線還是視訊領域。

And we took some steps and made some adjustments in the market to try and address this.

我們採取了一些措施並對市場進行了一些調整來嘗試解決這個問題。

And we'll continue to do that.

我們將繼續這樣做。

But at the same time, we were able to grow adjusted earnings and adjusted margins in this environment as we drove costs out of the business, kept going hard on software-defined networking in a year from now.

但同時，我們能夠在這種環境下增加調整後的收益和調整後的利潤，因為我們將成本從業務中剔除，並在一年後繼續努力發展軟體定義網路。

I think we're going to look back on the return to unlimited plans as the moment when the battle for network reach and capacity really began.

我認為我們將回顧無限計劃的回歸，因為網路覆蓋範圍和容量之戰真正開始的那一刻。

And we're prepared for the fight.

我們已做好戰鬥準備。

We're ready to go.

我們準備出發了。

And so thanks again for being on the call.

再次感謝您接聽電話。

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

一如既往，感謝您對 AT&T 的關注。

Thanks.

謝謝。

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

女士們、先生們，我們今天的會議到此結束。

Thank you for your participation and for using AT&T Executive TeleConference.

感謝您的參與和使用 AT&T Executive TeleConference。

You may now disconnect.

您現在可以斷開連線。