AT&T Inc (T) 2019 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the AT&T First Quarter 2019 Earnings Conference Call.

歡迎參加 AT&T 2019 年第一季財報電話會議。

(Operator Instructions) I would also like to remind you that this conference is being recorded.

（操作員指示）我還想提醒您，本次會議正在錄製中。

I would now like to turn the conference over to your host, Michael Viola, Senior Vice President, Investor Relations.

現在我想將會議交給主持人、投資者關係高級副總裁 Michael Viola。

Please go ahead, sir.

請繼續，先生。

Okay.

好的。

Thanks, Greg.

謝謝，格雷格。

Good morning, everyone, and welcome to the first quarter conference call.

大家早安，歡迎參加第一季電話會議。

Like Greg said, I'm Mike Viola.

就像格雷格說的，我是麥克維奧拉。

I'm Head of the Investor Relations here at AT&T.

我是 AT&T 投資人關係主管。

And joining me on the call today is Randall Stephenson, AT&T's Chairman and CEO; and John Stephens, AT&T's Chief Financial Officer.

今天和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。

Randall is going to provide an update of the key 2019 initiatives, then John is going to cover our operating results.

蘭德爾將提供 2019 年關鍵舉措的最新情況，然後約翰將介紹我們的營運表現。

Then, of course, we'll follow that with a Q&A.

當然，接下來我們將進行問答。

Before we begin, I need to call your attention to our safe harbor statement.

在我們開始之前，我需要提請您注意我們的安全港聲明。

It says that some of our comments today may be forward-looking.

它說我們今天的一些評論可能是前瞻性的。

As such, they're subject to risks and uncertainties.

因此，它們面臨風險和不確定性。

Results may differ materially, and additional information is available on the Investor Relations website.

結果可能會大不相同，更多資訊可在投資者關係網站上找到。

I also need to remind you that we're in the quiet period for the FCC Spectrum Auctions, Spectrum Auctions 101/102.

我還需要提醒您，我們正處於 FCC Spectrum Auctions（Spectrum Auctions 101/102）的靜默期。

So we can't address any questions about that today.

所以我們今天無法解決任何相關問題。

And as always, our earnings materials are available on the IR page of the AT&T website, and that includes the news release, investor briefing, 8-K, associated schedules, et cetera.

與往常一樣，我們的收益資料可在 AT&T 網站的 IR 頁面上找到，其中包括新聞稿、投資者簡報、8-K、相關時間表等。

And so now I'd like to turn the call over to Randall Stephenson.

現在我想把電話轉給蘭德爾史蒂芬森。

Okay.

好的。

Thanks, Mike.

謝謝，麥克。

And we do appreciate you joining us this morning.

我們非常感謝您今天早上加入我們。

I came to you back in January, and I outlined 6 priorities for 2019.

我一月份就來找過你們，概述了 2019 年的 6 個優先事項。

And we have those again listed on the third slide.

我們在第三張投影片上再次列出了這些內容。

But if I could quickly summarize, what I would tell you is in all 6 of these areas, we're either on track or well ahead of schedule.

但如果我能快速總結一下，我會告訴您的是，在所有這 6 個領域，我們要么步入正軌，要么遠遠領先於計劃。

And the first one, as you remember, I told you that paying down the $40 billion in debt that we took on to acquire Time Warner that, that will be our top priority.

第一個，你還記得，我告訴過你，償還我們為收購時代華納而承擔的 400 億美元債務，這將是我們的首要任務。

And we are on target to retire 75% of that by year-end.

我們的目標是到年底退休其中的 75%。

This quarter, we generated free cash flow of $5.9 billion and brought our net debt down by $2.3 billion.

本季度，我們產生了 59 億美元的自由現金流，淨債務減少了 23 億美元。

And that puts us well on track for generating at least $26 billion of free cash flow for the full year.

這使我們預計全年創造至少 260 億美元的自由現金流。

And then already here in the second quarter, we've sold our stakes in Hulu and Hudson Yards.

然後在第二季度，我們已經出售了 Hulu 和 Hudson Yards 的股份。

That generated an additional $3.6 billion of cash.

這額外產生了 36 億美元的現金。

And then John Stephens' team is doing their typical great job.

然後約翰·史蒂芬斯的團隊正在做他們典型的偉大工作。

They're driving down working capital and restructuring some collateral arrangements, and this is also adding significant cash flow, and it's giving us very clear line of sight to reaching our target of $6 billion to $8 billion from asset monetizations.

他們正在減少營運資本並重組一些抵押品安排，這也增加了大量的現金流，這讓我們非常清楚地實現資產貨幣化 60 億至 80 億美元的目標。

So bottom line, we committed to driving our net debt-to-EBITDA ratio to around 2.5x by year-end, and we are right on track for achieving that.

因此，最重要的是，我們承諾到年底將淨債務與 EBITDA 比率提高到 2.5 倍左右，而且我們正在朝著實現這一目標的方向前進。

Second priority was mobility.

第二要務是流動性。

And we had another really strong quarter, and it continues to grow and build momentum with customers.

我們又度過了一個非常強勁的季度，並且繼續成長並與客戶建立動力。

Our wireless service revenues increased by 2.9%.

我們的無線服務收入成長了 2.9%。

EBITDA grew.

EBITDA 成長。

And that's even with some significant accounting pressures.

即使有一些重大的會計壓力也是如此。

Our postpaid and prepaid phones grew very nicely and churn remains low across both products.

我們的後付費和預付費手機成長非常好，這兩種產品的流失率仍然很低。

So all in all, I'd have to tell you I'm very pleased with our wireless performance.

總而言之，我必須告訴您我對我們的無線效能非常滿意。

And then stabilizing profitability of our Entertainment Group.

然後穩定我們娛樂集團的獲利能力。

This was a must-do for us this year.

這是我們今年必須要做的事。

And John Donovan and his team are exceeding expectations.

約翰·多諾萬和他的團隊的表現超出了預期。

And not only are they stabilizing EBITDA, but they're growing it by nearly 7%.

他們不僅穩定了 EBITDA，而且還實現了近 7% 的成長。

There was a small onetime item in there from a carriage dispute settlement, but even removing that, growth was a very healthy, I think, around 5% excluding that.

其中有一個來自運輸糾紛解決的一次性小項目，但即使去掉它，我認為增長也是非常健康的，排除這一點大約在 5% 左右。

And so that was led by 8% growth in broadband revenues.

寬頻收入成長 8% 帶動了這一成長。

I got to tell you, our fiber product, the AT&T Fiber product, is doing very well in the marketplace.

我必須告訴你，我們的光纖產品 AT&T 光纖產品在市場上表現非常好。

On the cost side, the team is doing terrific work on controlling content costs, promotion costs and all the other operating costs.

在成本方面，團隊在控制內容成本、促銷成本和所有其他營運成本方面做得非常出色。

And then finally, some aggressive customer segmentation and targeting are driving some higher video ARPUs.

最後，一些積極的客戶細分和定位正在推動視訊 ARPU 的提高。

And so I think what you should expect is as we work through the year, we'll continue to see declines in traditional TV subs, particularly those areas where we can't bundle with broadband.

因此，我認為您應該期望的是，隨著我們今年的工作，我們將繼續看到傳統電視用戶的下降，特別是那些我們無法與寬頻捆綁的領域。

But as we get into the second half of the year, we roll out our thin client video product, it will be a much lower-priced product in the marketplace.

但當我們進入下半年時，我們推出了瘦客戶端視訊產品，它將是市場上價格低得多的產品。

What I think you'll see is subscriber losses should lessen as we get into 2020.

我認為您會看到，隨著 2020 年的到來，訂閱用戶的流失將會減少。

And then I think the DIRECTV NOW customer base, that's our streaming over-the-top product.

然後我認為 DIRECTV NOW 客戶群就是我們的串流 OTT 產品。

That should be pretty stable for the rest of the year.

今年剩餘時間這應該會相當穩定。

We might see some slight customer losses in the second quarter as the price increases continue to flow through, but second half of the year should be decent.

隨著價格繼續上漲，我們可能會在第二季看到一些輕微的客戶流失，但下半年應該會不錯。

Bottom line, I remain comfortable that we're either going to meet or exceed our Entertainment Group EBITDA target for the full year, and that's going to lay the groundwork for continued stability as we move beyond 2019.

最重要的是，我仍然相信我們將達到或超過娛樂集團全年 EBITDA 目標，這將為我們在 2019 年後保持持續穩定奠定基礎。

At WarnerMedia, it's been a really strong start to the year.

在華納傳媒，今年的開局非常強勁。

Revenue growth was solid.

營收成長穩健。

Operating income grew by double digits.

營業收入達到兩位數成長。

Our merger-related synergies are on track, and we expect to hit $700 million in run rate by the end of this year.

我們與合併相關的綜效正在步入正軌，預計到今年年底，運行率將達到 7 億美元。

Stankey and his team have reorganized the business to compete in a world of streaming and streaming content.

斯坦基和他的團隊重組了業務，以便在串流媒體和串流內容的世界中競爭。

We brought in some great new talent like Bob Greenblatt.

我們引進了一些很棒的新人才，像是鮑伯‧格林布拉特。

He's a known commodity.

他是一個眾所周知的商品。

He's running WarnerMedia Entertainment and he's also leading the SVOD development project for us.

他負責營運 WarnerMedia Entertainment，也負責領導我們的 SVOD 開發專案。

And I got to tell you, I think he's one of the best around, and I couldn't be more excited to have him onboard.

我必須告訴你，我認為他是最好的人之一，我對他的加入感到無比興奮。

Bob and his team's top priority is to develop our new SVOD service.

Bob 和他的團隊的首要任務是開發我們新的 SVOD 服務。

And as we've discussed, this is a service that will be centered on HBO and significantly enhanced by the Warner Bros.

正如我們所討論的，這項服務將以 HBO 為中心，並由華納兄弟公司顯著增強。

library, which is a very, very deep and prolific library.

圖書館，這是一個非常非常有深度和多產的圖書館。

The closer we get to launching this service, the more excited I get.

距離推出這項服務越近，我就越興奮。

We're planning a WarnerMedia Day for everybody in the September to October time frame.

我們計劃在 9 月至 10 月期間為每個人舉辦華納媒體日。

And we're bringing in all the executive team across from WarnerMedia and we're going to give you a detailed look at the product, and that includes the breadth of new and existing content.

我們將邀請華納傳媒的所有執行團隊，讓您詳細了解該產品，其中包括新內容和現有內容的廣度。

So just stay tuned for that.

所以請繼續關注。

And we're making significant investments here, and we think our customers are going to love this product.

我們在這裡進行了大量投資，我們認為我們的客戶會喜歡這個產品。

Now every facet of our strategy is built on a foundation of world-class connectivity.

現在，我們策略的各個面向都建立在世界一流的互聯互通的基礎上。

And a few years ago, we set out to build the best video delivery platform in the world, and we invested billions of dollars securing spectrum licenses.

幾年前，我們著手建立世界上最好的視訊傳輸平台，並投資了數十億美元來獲得頻譜許可證。

And we made it among our highest priorities to go after and to win FirstNet.

我們將追求並贏得 FirstNet 作為我們的首要任務之一。

That's the national network for first responders.

這是急救人員的全國網路。

And today, our FirstNet build has now passed the halfway mark and is running well ahead of schedule.

今天，我們的 FirstNet 建置已經完成了一半，並且比計劃提前運行。

We now have more than 7,000 agencies signed up across the country with more than 570,000 subscribers, and those numbers are growing.

目前，我們在全國擁有 7,000 多家簽約機構，訂閱用戶超過 570,000 名，而且這些數字還在不斷增長。

This initiative, along with our vast portfolio of spectrum, has catapulted AT&T into the leadership position in network quality.

這項舉措以及我們龐大的頻譜組合使 AT&T 在網路品質方面躍居領先地位。

Over the last few months, AT&T has been recognized as both the best as well as the fastest wireless network, and FirstNet has enabled us to accelerate our 5G and fiber build-out.

在過去的幾個月裡，AT&T 被公認為最好、最快的無線網絡，FirstNet 使我們能夠加速 5G 和光纖建設。

Our 5G service is now in parts of 19 cities, and we'll have 5G coverage nationwide next year.

目前我們的5G服務已經涵蓋19個城市的部分地區，明年我們將實現全國5G覆蓋。

We're the only carrier to offer 5G service to businesses and consumers and we're well ahead of our competition here.

我們是唯一一家向企業和消費者提供 5G 服務的營運商，我們在這方面遠遠領先競爭對手。

And our AT&T fiber network now surpasses 20 million locations.

我們的 AT&T 光纖網路現已超過 2000 萬個地點。

That's both consumers and businesses.

這既是消費者也是企業。

In short, our network investments are paying off, and we're not done yet.

簡而言之，我們的網路投資正在獲得回報，而且我們的工作還沒有完成。

Finally, Brian Lesser and his team continue to grow Xandr.

最後，Brian Lesser 和他的團隊繼續發展 Xandr。

That's our advertising business.

這就是我們的廣告業務。

Revenues were up 26%, including the AppNexus acquisition.

營收成長了 26%，其中包括對 AppNexus 的收購。

They had strong EBITDA margins, and we're continuing to invest in new product development and capabilities as we integrate more of Turner's ad inventory.

他們擁有強勁的 EBITDA 利潤率，隨著我們整合更多特納的廣告庫存，我們將繼續投資於新產品開發和能力。

So we're very pleased with the progress we're making.

因此，我們對所取得的進展感到非常滿意。

Our strategy is working.

我們的策略正在發揮作用。

Our key initiatives are on track.

我們的關鍵舉措正步入正軌。

And you can expect strong execution on these priorities as we continue in the quarters ahead.

隨著我們在未來幾季的繼續，您可以期待這些優先事項得到強有力的執行。

And so with that, I'm now going to turn it over to our CFO, John Stephens, and he'll take you through the results.

因此，我現在將把它交給我們的財務長 John Stephens，他將帶您了解結果。

Thanks, Randall.

謝謝，蘭德爾。

And good morning, everyone.

大家早安。

And once again, thanks for being on the call today.

再次感謝您今天接聽電話。

Let me begin with our financial summary on Slide 5.

讓我從投影片 5 上的財務摘要開始。

Adjusted EPS was $0.86 in the quarter.

本季調整後每股收益為 0.86 美元。

WarnerMedia continues to be accretive.

華納傳媒持續保持成長動能。

Mobility is adding customers, and we saw EBITDA growth in our Entertainment Group.

行動性正在增加客戶，我們看到娛樂集團的 EBITDA 成長。

Offsetting these positive signs was about $400 million of noncash impact from the reversal of rev rec and fulfillment deferrals.

抵消這些積極跡象的是，轉速記錄逆轉和履行延期帶來的約 4 億美元的非現金影響。

We expect those headwinds to continue throughout the year and we've included all of those in our guidance.

我們預計這些不利因素將在全年持續存在，並且我們已將所有這些因素納入我們的指導中。

Adjusted earnings included higher interest expense from the Time Warner acquisition and the noncash impact of lower capitalized interest as we continue to put additional spectrum into service in our mobility business.

調整後的收益包括收購時代華納帶來的更高的利息支出以及隨著我們繼續在行動業務中投入更多頻譜而降低資本化利息的非現金影響。

During the quarter, we also had a mark-to-market adjustment to our pension plan based on our expected distributions for the coming year.

在本季度，我們還根據來年的預期分配對退休金計劃進行了按市價調整。

The $0.05 impact reflects lower interest rate even though we significantly exceeded our returns on plan asset assumptions.

儘管我們大大超出了計劃資產假設的回報，但 0.05 美元的影響反映了較低的利率。

Consolidated revenues came in at $44.8 billion, up 18%, thanks mostly to the acquisition of Time Warner.

綜合營收達到 448 億美元，成長 18%，這主要歸功於對時代華納的收購。

The gains in mobility service revenues, WarnerMedia and broadband were offset by a foreign exchange impact of approximately $550 million and lower U.S. wireless equipment sales of about $175 million as well as a little bit of ongoing legacy product pressure.

行動服務收入、WarnerMedia 和寬頻的收益被約 5.5 億美元的外匯影響、約 1.75 億美元的美國無線設備銷售額下降以及一些持續的遺留產品壓力所抵消。

When you look at a pro forma basis, revenues were down slightly due entirely to the impact of foreign exchange and lighter equipment revenues.

當你看一下預計的基礎時，收入略有下降，完全是由於外匯和打火機設備收入的影響。

Without those impacts, revenues were up.

如果沒有這些影響，收入就會增加。

Operating income showed solid growth, and adjusted consolidated operating margins were 21.4% or up 170 basis points with strong growth in WarnerMedia and mobility and significant improvement in our Entertainment Group.

營業收入呈現穩健成長，調整後綜合營業利潤率為 21.4%，成長 170 個基點，華納媒體和行動業務強勁成長，娛樂集團顯著改善。

EG's first quarter EBITDA puts us in solid shape to meet or beat our full year EBITDA target for EG.

EG 第一季的 EBITDA 使我們處於穩固的狀態，可以達到或超過 EG 的全年 EBITDA 目標。

Our cash flows also continue to be impressive.

我們的現金流也持續令人印象深刻。

Let's look at those on Slide 6. Both our cash from operations and free cash flow saw strong growth.

讓我們看看幻燈片 6 上的內容。我們的營運現金和自由現金流都出現了強勁成長。

Cash from operations is up 24%, mostly reflecting WarnerMedia.

營運現金成長 24%，主要反映華納傳媒。

Free cash flow was $5.9 billion.

自由現金流為 59 億美元。

The addition of WarnerMedia operations obviously made an impact.

華納傳媒業務的加入顯然產生了影響。

For example, our securitization efforts got a lift of more than $1 billion from adding WarnerMedia to our program.

例如，將華納傳媒納入我們的計畫後，我們的證券化工作獲得了超過 10 億美元的提升。

This helped overcome $700 million in pressure from income taxes where, in the first quarter of last year, we received a significant refund from the December 2017 passage of tax reform.

這幫助我們克服了 7 億美元的所得稅壓力，去年第一季度，我們從 2017 年 12 月稅制改革的通過中獲得了巨額退款。

When you look at our free cash flow for the past 12 months, we're well over $25 billion.

如果你看看我們過去 12 個月的自由現金流，你會發現我們遠遠超過 250 億美元。

And with a full year of Time Warner, we have confidence in meeting or exceeding our $26 billion range cash flow guidance.

憑藉著時代華納全年的業績，我們有信心達到或超過 260 億美元的現金流指引。

Our dividend payout of free cash flow is about 63% in the first quarter, another healthy amount.

第一季我們的自由現金流股息支付率約為 63%，又是健康的數字。

We also continue to invest at high levels.

我們也繼續高水準投資。

Our reporting CapEx was $5.2 billion, and total capital investment was right at $6 billion when you include $800 million of payments for vendor financing arrangements.

我們報告的資本支出為 52 億美元，如果算上 8 億美元的供應商融資安排付款，總資本投資正好為 60 億美元。

We have been receiving favorable payment terms from several suppliers, which allow us to be more efficient with our spending.

我們已經從多家供應商那裡獲得了優惠的付款條件，這使我們能夠更有效地支出。

And you see that in our capital investment in the quarter.

您可以從我們本季的資本投資中看到這一點。

We had about $700 million of equipment assets put into service during the first quarter that we won't have to pay for and aren't included in our CapEx number because of these new vendor financing activity.

第一季度，我們有約 7 億美元的設備資產投入使用，由於這些新的供應商融資活動，我們無需支付這些資產，也不包含在我們的資本支出數字中。

And as a reminder, payments made under our vendor financing obligations are classified in the cash flow statement as financing activities, not investing activities.

提醒一下，根據我們的供應商融資義務支付的款項在現金流量表中被歸類為融資活動，而不是投資活動。

I'll get into more detail about our leverage a little later, but our net debt declined a solid $2.3 billion in the quarter.

稍後我將詳細介紹我們的槓桿率，但我們的淨債務在本季大幅下降了 23 億美元。

In addition to strong free cash flow in the quarter, we amended many of our collateral support agreements with our lenders, which allows us to reclaim most of the collateral posted for our foreign currency hedges.

除了本季強勁的自由現金流之外，我們還修改了與貸方的許多抵押品支援協議，這使我們能夠收回大部分用於外匯對沖的抵押品。

The net result was more than $1 billion in cash returned to us, fully offsetting our vendor financing payments.

最終結果是超過 10 億美元的現金回饋給我們，完全抵消了我們的供應商融資付款。

And we don't expect to post much additional collateral during the 5 years of this arrangement.

我們預計在該安排的 5 年內不會提供太多額外的抵押品。

In fact, we expect to get another $300 million or more in collateral returned to us in the second quarter.

事實上，我們預計第二季將獲得另外 3 億美元或更多的抵押品回饋。

Let's now look at our segment operating results, starting with communications on Slide 7. Mobility turned in another solid quarter with service revenue growth, solid margins and postpaid and prepaid phone growth.

現在讓我們來看看我們的部門營運業績，從幻燈片 7 上的通訊開始。行動業務又迎來了一個穩健的季度，服務收入成長、利潤穩定，後付費和預付費電話成長。

Our Entertainment Group got off to a good start in stabilizing EBITDA for the year.

我們的娛樂集團在今年穩定 EBITDA 方面取得了良好的開端。

In fact, we grew at nearly 7% in the quarter thanks to broadband revenues growing more than 8% and tight cost controls.

事實上，由於寬頻收入成長超過 8% 以及嚴格的成本控制，我們本季的成長率接近 7%。

In fact, our broadband growth exceeded our legacy revenue change in the quarter.

事實上，我們的寬頻成長超過了本季的傳統收入變化。

Communication revenues were up slightly when you exclude lower equipment revenues from the fewer smartphone upgrades, and margins are up 20 basis points even with the accounting headwinds and lower Business Wireline EBITDA.

如果排除智慧型手機升級減少導致的設備收入下降，通訊收入略有增長，即使面臨會計不利因素和美國商業資訊 EBITDA 下降，利潤率仍增長了 20 個基點。

Business continues to be impacted by legacy declines and then transition to lower-margin services.

業務繼續受到傳統業務下降的影響，然後轉向利潤率較低的服務。

The first quarter had a tough year-over-year compare, and this year, we had higher deferral amortization and a wholesale business customer default, but we still posted $2.5 billion of EBITDA for the quarter.

第一季的年比情況比較嚴峻，今年我們的遞延攤提和批發業務客戶違約較高，但該季度的 EBITDA 仍為 25 億美元。

Now let's take a deeper look at our mobility results on Slide 8. Solid service revenue growth drove wireless revenue gains even as equipment revenues dipped to the lowest upgrade rate in our history.

現在，讓我們更深入地了解幻燈片 8 上的行動結果。儘管設備收入下降至我們歷史上最低的升級率，但穩健的服務收入成長推動了無線收入成長。

Service revenues grew by nearly $400 million or 2.9% in the quarter, and EBITDA grew by about 2% even with noncash accounting headwinds of $200 million and subscriber gains in postpaid and prepaid phones.

本季服務收入成長了近 4 億美元，即 2.9%，儘管非現金會計逆風達到 2 億美元，且後付費和預付費電話的用戶成長，但 EBITDA 仍成長了約 2%。

We grew postpaid phone net adds by 80,000 in the quarter, a significant improvement compared to a year ago.

本季我們的後付費電話網路增加了 8 萬戶，與去年同期相比有了顯著改善。

And FirstNet continued to be a tailwind to customer growth.

FirstNet 繼續成為客戶成長的推動力。

In prepaid, we had 85,000 phone net adds, our 17th consecutive quarter of growth.

在預付費方面，我們的電話淨增加量為 85,000 部，這是我們連續第 17 個季度成長。

We continue to be strategic here as well, focusing on the high-value prepaid market.

我們在這裡也持續保持策略性，專注於高價值預付費市場。

Cricket is our flagship brand in prepaid.

Cricket 是我們預付費領域的旗艦品牌。

It generated strong subscriber growth and had its lowest-ever quarterly churn rate of less than 3%, down more than 60 basis points year-over-year.

它實現了強勁的用戶成長，季度客戶流失率創歷史新低，低於 3%，年減超過 60 個基點。

Prepaid revenue growth was solid, up more than 6%.

預付費收入成長穩健，增幅超過 6%。

We now have more than 10 million Cricket subscribers, double what we had when we acquired the company in 2014, with more than 17 million total prepaid customers under the umbrella of AT&T.

我們現在擁有超過 1,000 萬板球用戶，是 2014 年收購該公司時的兩倍，AT&T 旗下的預付費客戶總數超過 1,700 萬人。

Randall already mentioned our many network achievements.

蘭德爾已經提到了我們的許多網路成就。

But I will also point out that the percentage of new FirstNet customers is shifting to more customers new to AT&T and fewer migrations.

但我還要指出，FirstNet 新客戶的比例正在轉向更多新加入 AT&T 的客戶，而遷移的客戶則更少。

Let's now look at our Entertainment Group results on Slide 9. The headline in Entertainment Group is growing EBITDA and operating contributions, and we're confident we'll meet or exceed our target of stabilizing EG EBITDA for the full year.

現在讓我們來看看幻燈片 9 上的娛樂集團業績。娛樂集團的主要內容是 EBITDA 和營運貢獻不斷增長，我們有信心達到或超過全年穩定 EG EBITDA 的目標。

EBITDA grew by more than $180 million and margins expanded by 180 basis points to 24.7%, reversing a trend that we saw last year, as the chart shows.

EBITDA 成長超過 1.8 億美元，利潤率成長 180 個基點，達到 24.7%，扭轉了我們去年看到的趨勢，如圖所示。

A few things drove that improvement.

有幾件事推動了這項改進。

First was good expense control, both with content cost moderation from some recent renewals and operational cost, such as lower advertising expense and promotional spending.

首先是良好的費用控制，最近的一些續約和營運成本都降低了內容成本，例如較低的廣告費用和促銷支出。

Also, we had a onetime settlement of a prior year carriage dispute that helped the first quarter by about $40 million.

此外，我們也一次解決了去年的運輸糾紛，為第一季帶來了約 4,000 萬美元的收入。

So even without that onetime event, we'd had growth of over 5%.

因此，即使沒有那個一次性事件，我們的成長率也超過 5%。

Third, our video ARPU increased as we focused on higher-value customers, reduced promotions that move our pricing to market for both premium and over-the-top service offerings.

第三，我們的影片 ARPU 有所增加，因為我們專注於更高價值的客戶，減少了促銷活動，從而將我們的定價推向了優質和頂級服務產品的市場。

Advertising revenues also continued to grow.

廣告收入也持續成長。

Our premium ARPU grew for the first time in 5 quarters, up more than 2%, and DIRECTV NOW ARPU was up more than $10 year-over-year.

我們的優質 ARPU 五個季度以來首次成長，增幅超過 2%，DIRECTV NOW ARPU 年增超過 10 美元。

The number of premium TV customers on a 2-year price-locked promotion declined by about 700,000 in the quarter.

本季度，參加為期 2 年價格鎖定促銷的優質電視客戶數量減少了約 70 萬人。

We still have about 1.6 million customers left on that pricing, and we'll work through those for the rest of the year.

我們仍有約 160 萬客戶仍採用該定價，我們將在今年剩餘時間內解決這些問題。

Our focus is on the long-term value customers.

我們的重點是長期價值客戶。

Secular declines and pricing moves we've made did result in fewer gross adds and 544,000 fewer video subscribers.

我們採取的長期下降和定價舉措確實導致總增量減少，影片訂閱者減少了 544,000 人。

Changes to packaging and pricing in DIRECTV NOW impacted over-the-top net adds as well, but significantly less than the fourth quarter.

DIRECTV NOW 的包裝和定價變化也影響了 OTT 淨增加，但明顯低於第四季度。

Broadband revenues grew by more than 8% and contributed to EBITDA stability and growth.

寬頻收入成長超過 8%，為 EBITDA 穩定和成長做出了貢獻。

We've seen continued ARPU improvement in both video and broadband for the past year helping us stabilize and grow EBITDA.

去年，我們看到視訊和寬頻領域的 ARPU 持續提高，幫助我們穩定並成長了 EBITDA。

We expect IP broadband ARPU growth to continue, but at somewhat more moderate rates as we lap the step-up that we saw in the second quarter of last year.

我們預計 IP 寬頻 ARPU 將繼續成長，但隨著去年第二季的成長，成長速度會更加溫和。

We gained nearly 300,000 AT&T Fiber customers in the quarter, bringing the total in service to more than 3 million.

本季我們獲得了近 30 萬 AT&T Fiber 客戶，使服務總數超過 300 萬。

And we now passed more than 12 million customer locations with fiber.

現在，我們已經透過光纖覆蓋了超過 1200 萬個客戶地點。

For the quarter, we added 45,000 broadband customers.

本季度，我們增加了 45,000 名寬頻客戶。

During the quarter, we updated our billing process for premium video and broadband customers.

本季度，我們更新了優質視訊和寬頻客戶的計費流程。

Customers are now billed and receive service for the full month when they stay -- when they are in the last month of service, which is consistent with our content cost and mobility customer policies as well as the rest of the industry.

現在，客戶在入住時（即服務的最後一個月）將被計費並獲得整月的服務，這與我們的內容成本和行動客戶政策以及行業的其他政策一致。

This generated additional revenues for us and gave us additional time to win back customers.

這為我們帶來了額外的收入，並給了我們更多的時間來贏回客戶。

Customers in service at the end of the period were higher because of this change, about 117,000 subscribers in premium TV and 38,000 in broadband.

由於這項變化，期末的服務客戶數量有所增加，付費電視用戶數量約為 117,000 人，寬頻用戶數量約為 38,000 人。

We expect the video net add challenges we saw in the first quarter will continue.

我們預計第一季的視訊網路添加挑戰將持續下去。

Achieving EBITDA growth for the first quarter was a tremendous accomplishment for our Entertainment Group team.

第一季實現 EBITDA 成長對我們的娛樂集團團隊來說是一項巨大的成就。

We continue to have confidence that we will meet or exceed our EBITDA target for the full year.

我們仍然有信心達到或超過全年 EBITDA 目標。

Let's move to WarnerMedia's first quarter results, which are on Slide 10.

讓我們來看看幻燈片 10 上的 WarnerMedia 第一季業績。

WarnerMedia continues to exceed our expectations and had a strong start to the year.

華納媒體持續超越我們的預期，今年開局強勁。

Revenue growth was up more than 3%, and operating income once again showed double-digit growth at nearly 12% with gains in all 3 units.

營收成長超過 3%，營業收入再次呈現兩位數成長，接近 12%，三個部門皆成長。

And WarnerMedia continues to be accretive to both earnings and free cash flow.

華納媒體持續增加獲利和自由現金流。

Warner Bros.

華納兄弟。

revenue grew by nearly 9%.

營收成長近9%。

Theatrical revenues increased primarily due to carry-over revenue from Aquaman.

戲劇收入的成長主要是由於《水行俠》的結轉收入。

Television revenues increased primarily due to higher initial telecast revenues.

電視收入的成長主要是由於初始電視收入的增加。

HBO revenues declined, mainly related to a carriage dispute with one of our distributors, but still realized operating income growth for the quarter.

HBO 收入下降，主要與我們的發行商之間的運輸糾紛有關，但該季度仍實現營業收入成長。

HBO's operating income was up due to lower programming costs.

由於節目成本下降，HBO 的營業收入有所成長。

We continue to increase investment in high-quality content.

我們持續加大對優質內容的投入。

However, programming costs declined primarily due to the timing of content releases and some lower amortization expense.

然而，節目製作成本下降主要是由於內容發布的時間表和攤銷費用的降低。

Turner revenues were down slightly.

特納收入略有下降。

Subscription revenues continue to grow thanks to higher domestic affiliate rates, but this revenue growth was offset by ad revenue declines, primarily from the every-other-year shift of the NCAA Final Four games.

由於國內聯盟費率上升，訂閱收入繼續增長，但這種收入增長被廣告收入下降所抵消，廣告收入下降主要是由於 NCAA 四強賽每隔一年的變化造成的。

We aired the Final Four games in the first quarter last year and reported all that ad revenue.

我們在去年第一季播出了四強賽，並報告了所有廣告收入。

This year, CBS reported that.

今年，哥倫比亞廣播公司報道了這一點。

In years which CBS broadcast the Final Four games, we report our share as participation interest, not as ad revenue.

在哥倫比亞廣播公司轉播四強賽的年份中，我們將我們的份額報告為參與興趣，而不是廣告收入。

That explains the difference, virtually all the difference in our ad revenues.

這就解釋了我們廣告收入的差異，幾乎所有的差異。

With that, Turner's operating income was up 7%.

至此，特納的營業收入成長了 7%。

WarnerMedia is set for a solid year.

華納傳媒今年將迎來堅實的一年。

The final season of Game of Thrones is underway and viewership is breaking records.

《權力的遊戲》最後一季正在進行中，收視率正在打破紀錄。

More than 17 million people turned in for the season premiere, and to date, more than 27 million people have watched the episode.

超過 1700 萬人觀看了本季首播，迄今為止，已有超過 2700 萬人觀看了該集。

In fact, we added more HBO NOW subscribers in the week leading up to the season 8 premiere of Game of Thrones than in any other week in the service's history.

事實上，在《權力的遊戲》第八季首播前一周，我們增加的 HBO NOW 訂戶數量比該服務歷史上任何一周都多。

Those numbers will show up in the second quarter customer counts.

這些數字將顯示在第二季的客戶數量中。

We also had another successful airing of the March Madness.

我們也成功播出了瘋狂三月。

The NBA Playoffs are going full steam on TNT.

NBA 季後賽正在 TNT 上如火如荼地進行。

Warner Bros.

華納兄弟。

Shazam opened earlier this month and is doing well at both domestic and international box office.

《Shazam》於本月初上映，在國內和國際票房上都取得了不錯的成績。

And later this year, we have our next Godzilla movie, It: Chapter Two and then Joker, to name just a few of the great movies slated to be released.

今年晚些時候，我們將推出下一部《哥吉拉》電影《它：第二章》和《小丑》，僅舉幾例即將上映的精彩電影。

Now let's look at Xandr and Latin America results on Slide 11.

現在讓我們來看看幻燈片 11 上的 Xandr 和拉丁美洲結果。

Still very much in the early days for Xandr, but it continues to execute and expand.

Xandr 仍處於早期階段，但它仍在繼續執行和擴展。

Revenues were up more than 26%, including AppNexus, our strongest first quarter growth in the last 3 years.

營收成長超過 26%，其中 AppNexus 是我們過去 3 年來最強勁的第一季成長。

Growth rates in this business tend to be seasonal and event-driven, such as election days, with growth ramping throughout the year.

該業務的成長率往往是季節性和事件驅動的，例如選舉日，全年增長率都在上升。

EBITDA margins continue to be strong, and we continue to invest in developing our advertising platforms.

EBITDA 利潤率持續保持強勁，我們繼續投資開發我們的廣告平台。

We're making progress integrating the Xandr marketplace across all of AT&T, and Xandr is now helping optimize Turner inventory.

我們在整合整個 AT&T 的 Xandr 市場方面取得了進展，Xandr 現在正在幫助優化特納庫存。

Xandr will also be working with Viacom as a result of our recent content negotiations, so we're excited about that.

由於我們最近的內容談判，Xandr 也將與維亞康姆合作，因此我們對此感到興奮。

We've discussed many times the potential joint benefits of blending premium content with our data and distribution to take advantage of targeted and relevant advertising opportunities.

我們已經多次討論了將優質內容與我們的數據和分發相結合以利用有針對性的相關廣告機會的潛在共同好處。

These agreements can help distributors and help content providers, and most importantly, help our customers.

這些協議可以幫助經銷商和內容提供者，最重要的是幫助我們的客戶。

Turning to Latin America.

轉向拉丁美洲。

We continue to deal with foreign exchange and local economy challenges.

我們繼續應對外匯和當地經濟挑戰。

Total Latin America revenues and EBITDA were down year-over-year primarily due to those pressures.

拉丁美洲總收入和 EBITDA 年比下降主要是由於這些壓力。

But on a constant currency basis and excluding Venezuela, revenues would have grown 0.3% on a comparable basis.

但如果以固定匯率計算且不包括委內瑞拉，營收將在可比較基礎上成長 0.3%。

In Mexico, we saw solid service revenue growth, which was offset by lower handset sales in the quarter.

在墨西哥，我們看到服務收入穩健成長，但被本季手機銷量下降所抵銷。

We're making good progress on our goal to achieve profitability in Mexico.

我們在墨西哥實現盈利的目標方面取得了良好進展。

While we still have plans for more improvement, EBITDA improved by $58 million year-over-year.

雖然我們仍有進一步改進的計劃，但 EBITDA 年比提高了 5800 萬美元。

We are improving operating income and maintain line of sight for EBITDA to breakeven in the second half of the year.

我們正在提高營業收入，並維持 EBITDA 在下半年實現損益兩平的目標。

Coming into 2019, we adjusted our subscriber base in Mexico to reflect the impact of a double count from certain third-party distributors and the sunset of 2G services.

進入 2019 年，我們調整了墨西哥的用戶群，以反映某些第三方經銷商重複計算和 2G 服務退出的影響。

We continue to take operational steps to improve the quality of our sales and profitability.

我們繼續採取營運措施來提高銷售品質和獲利能力。

This includes focusing on higher-value customers, adjustments to dealer commission structures, reduction in the subsidies and targeted price increases.

這包括關注高價值客戶、調整經銷商佣金結構、減少補貼和有針對性的漲價。

Each of these changes improves the long-term value of our business but puts pressure on volume comparisons.

每一項變化都提高了我們業務的長期價值，但也給銷售比較帶來了壓力。

Even with our focus on higher-value customers, we continue to grow our subscriber base of nearly 18 million subscribers.

儘管我們專注於更高價值的客戶，但我們的訂閱者數量仍在不斷增長，已達到近 1800 萬。

Given our focus on quality, we expect to see continued net add growth as churn improves.

鑑於我們對品質的關注，我們預計隨著客戶流失率的改善，淨增加將持續成長。

Foreign exchange significantly Vrio, but revenues were flat sequentially.

外匯交易顯著Vrio，但營收季持平。

If you look at the results in constant currency, revenues were up year-over-year and the business continues to be profitable and generate positive cash flow.

如果您以固定匯率計算結果，您會發現收入同比增長，並且業務繼續盈利並產生正現金流。

The beginning of the year customer base was adjusted for the prior year after we identified and shut off a group of nonpaying customers.

在我們識別並關閉了一批不付費客戶後，年初對去年的客戶群進行了調整。

Vrio net adds were down, but our total subscriber base remained stable from a year ago.

Vrio 淨增加量有所下降，但我們的總用戶群與一年前相比保持穩定。

Now before we get to your questions, let me give you an update on deleveraging.

現在，在回答你們的問題之前，讓我先向你們介紹一下去槓桿化的最新情況。

That's on Slide 12.

這是投影片 12 上的內容。

As you know, our goal is to get to the 2.5 net debt-to-EBITDA range by the end of this year through free cash flow, asset sales and overall cash management.

如您所知，我們的目標是透過自由現金流、資產出售和整體現金管理，到今年年底達到 2.5 的淨債務與 EBITDA 範圍。

And we're off to a really good start.

我們有了一個非常好的開始。

First, our free cash flow, working capital and collateral agreement initiatives helped us reduce net debt by $2.3 billion in the first quarter.

首先，我們的自由現金流、營運資金和抵押協議措施幫助我們在第一季減少了 23 億美元的淨債務。

Remember, the first quarter is usually our toughest quarter for free cash flow.

請記住，第一季通常是我們自由現金流最困難的季度。

We still expect our free cash flow after dividends to generate about $12 billion this year and expect to use it to pay down the debt.

我們仍然預計今年股息後的自由現金流將產生約 120 億美元，並預計用它來償還債務。

Second, we have significant asset sales that put us well on our way to our asset monetization target.

其次，我們進行了大量的資產出售，這使我們能夠順利實現資產貨幣化目標。

And it includes the sale of our interest in Hulu for $1.4 billion, which closed on April 15; and the pending $2.2 billion sale of our interest in Hudson Yards, which was just announced.

其中包括以 14 億美元的價格出售我們在 Hulu 的權益，該交易已於 4 月 15 日完成；以及我們剛剛宣布的以 22 億美元出售哈德遜城市廣場權益的計劃。

This puts us in solid position to meet our leverage target for the 2.5x range by the end of the year.

這使我們能夠在年底前實現 2.5 倍槓桿目標。

We're sharply focused on this.

我們非常關注這一點。

The team has done a superb job so far, and we expect that to continue through the rest of this year.

到目前為止，該團隊已經完成了出色的工作，我們預計今年剩餘時間將繼續保持這種狀態。

Mike, with that, we're ready to take some questions.

麥克，我們準備好回答一些問題了。

Okay.

好的。

Thanks, John.

謝謝，約翰。

Greg, we'll start with the Q&A, and we'll take our first question, please.

格雷格，我們將從問答開始，請回答第一個問題。

(Operator Instructions) Your first question comes from the line of John Hodulik from UBS.

（操作員說明） 您的第一個問題來自 UBS 的 John Hodulik。

Maybe a couple of questions on EG.

也許有幾個關於 EG 的問題。

First, maybe for John, the 5% growth -- adjusted growth on EBITDA was quite a bit better than we thought.

首先，也許對 John 來說，調整後 EBITDA 的 5% 成長比我們想像的要好得多。

And we were led to believe, given the price changes, that you would actually see improving trends later as the year progressed versus the first year.

我們相信，考慮到價格變化，隨著今年的進展，與第一年相比，您實際上會看到後來的趨勢有所改善。

So would it make sense?

那麼這有意義嗎？

I know you didn't really change guidance.

我知道你並沒有真正改變指導。

You said there could be some upside.

你說可能會有一些好處。

But how should we think of the cadence of that as some of these price increases work through the system there?

但是，當其中一些價格上漲是透過那裡的系統發揮作用時，我們應該如何看待這種節奏？

And then maybe drilling down on the traditional sub losses.

然後也許會深入研究傳統的子損失。

I guess we get some -- we understand how NOW is going to continue to moderate given what's going on with Game of Thrones in HBO.

我想我們得到了一些——我們了解 NOW 將如何繼續溫和地考慮到 HBO 權力的遊戲正在發生的事情。

But on the traditional side, we're using [6 61] for losses this quarter given the $117,000 sub adjustment.

但在傳統方面，考慮到 117,000 美元的子調整，我們使用 [6 61] 來表示本季的損失。

First of all, is that the way to look at that?

首先，這是看待這個問題的方式嗎？

And then, Randall, in your remarks, you said things should improve in the second half.

然後，蘭德爾，在您的演講中，您說下半場情況應該會有所改善。

And John, during your remarks, you said that you'd still expect to see challenges.

約翰，在您的演講中，您說您仍然希望看到挑戰。

What is the cadence of that?

那節奏是怎樣的？

Should we be using the 6 61 this quarter as the base of losses going forward?

我們是否應該使用本季的 6 61 作為未來虧損的基礎？

And the 1.6 million still on promo, what's the cadence of those guys coming off and adding to churn?

還有 160 萬仍在促銷中，這些人退出並增加客戶流失的節奏是怎樣的？

Just how should we think of that line going forward?

我們該如何看待這條線的未來呢？

Yes.

是的。

So John, let me try this.

約翰，讓我試試這個。

Let Randall kind of clear up what maybe I don't make clear.

讓蘭德爾來澄清我可能沒有說清楚的事情。

First, on EBITDA, it was really great growth.

首先，就 EBITDA 而言，成長確實非常快。

We did have -- we mentioned a onetime adjustment.

我們確實提到過一次調整。

It was about $40 million.

金額約 4000 萬美元。

But the EBITDA growth was close to $200 million, so it was only a small part of it.

但 EBITDA 成長接近 2 億美元，所以只是其中的一小部分。

So it was really good, that growth, and we're pleased and have confidence that we're going to meet our goal of stability.

所以這種成長真的很好，我們很高興並且有信心我們將實現穩定的目標。

We're not raising our guidance.

我們不會提高指導意見。

But as Randall said, and I repeat it, it's clear that we're on line of sight to not only meet but exceed that target.

但正如蘭德爾所說，我重複一遍，很明顯，我們不僅有望達到而且超過該目標。

So we're just being careful with our representations going out.

因此，我們在對外表達時要小心謹慎。

We'll continue to balance things and continue to measure cost and go after high-value customers.

我們將繼續平衡一切，繼續衡量成本並追求高價值客戶。

So we're leaving ourselves that flexibility.

所以我們給自己留下了彈性。

But we are clearly on track.

但我們顯然已經步入正軌。

I wouldn't suggest to you that you can draw a straight line out, but I feel really good about where we are on EBITDA growth.

我不建議你畫一條直線，但我對我們的 EBITDA 成長感到非常滿意。

So that's my best attempt to make a direct answer.

所以這是我做出直接回答的最佳嘗試。

We feel very good about it.

我們對此感覺非常好。

We continue to expect to meet our guidance.

我們繼續期望達到我們的指導意見。

At this stage, I understand why you would think we're going to exceed it.

在這個階段，我理解為什麼你會認為我們會超越它。

We'll let that happen and we're going to stick with our guidance as it is today with the understanding that we're outperforming on many respects.

我們會讓這種情況發生，我們將像今天一樣堅持我們的指導，並理解我們在許多方面都表現出色。

With regard to the sub losses, I think of it as -- the [5 44] is the right number.

關於子損失，我認為 [5 44] 是正確的數字。

I understand we pointed out the change in the billion.

據我了解，我們指出了十億的變化。

But remember, that's just an item that continually gets refreshed and is always out there.

但請記住，這只是一個不斷更新且始終存在的項目。

So it's not a loss each quarter or an adjustment each quarter.

所以並不是每季都有虧損，也不是每季都有調整。

In the second quarter, it just refreshes itself.

在第二季度，它只是煥然一新。

So it's just kind of just a timing item on a onetime basis.

所以這只是一次性的計時項目。

Secondly, we did price increases on an annual basis in January.

其次，我們在一月進行了年度漲價。

So that affected -- all the customers got some price increase.

因此，這受到了影響——所有客戶的價格都上漲了。

That affected the linear.

這影響了線性。

And we had about 700,000 customers impacted by the 2-year price lock.

我們有大約 70 萬名客戶受到 2 年價格鎖定的影響。

As we go through the year, we won't have another annual price increase per se.

隨著這一年的過去，我們本身不會再出現年度價格上漲。

So that will have -- that impact on customer accounts won't necessarily be there in that light.

因此，從這個角度來看，對客戶帳戶的影響不一定會存在。

And then secondly, as we get through now down to about 1.6 million -- at the beginning of the year, 2.4 million on price locks.

其次，今年年初，我們現在已將數量減少到約 160 萬，其中 240 萬處於價格鎖定狀態。

As we get through the rest of those, we'll see less and less impact from those just because we get through the process.

當我們完成其餘的過程時，我們會看到這些影響越來越小，因為我們完成了這個過程。

We expect that process to continue through November, which is the 2-year anniversary of the last time we had an offer on this.

我們預計這一過程將持續到 11 月，這是我們上次就此發出報價的兩週年紀念日。

But we'll see a lot of that activity going through in the second quarter.

但我們將在第二季看到大量此類活動的進行。

That's the difference between the first quarter and the rest of the year in the sense of the annual price increase as well as the largest group of the 700,000 customers hitting by the 2-year price lock.

這是第一季與今年剩餘時間之間的差異，從年度價格上漲的角度來看，也是受兩年價格鎖定影響的 70 萬客戶中最大的群體。

Randall, what would you add?

蘭德爾，你會補充什麼？

Yes.

是的。

On the subscriber losses, I said particularly on DIRECTV NOW, our streaming product, that we've put the price increases in.

關於訂戶損失，我特別在我們的串流媒體產品 DIRECTV NOW 上表示，我們已經將價格上漲考慮在內。

And we've seen the effect of that in the fourth quarter and the first quarter.

我們已經在第四季度和第一季看到了其效果。

Second quarter, you'll see that moderate.

第二季度，你會看到這種溫和的情況。

And I actually believe second half of the year, based on what we're seeing in terms of uptake in the market on the new platform and the new product, that we should have a decent second half of the year on DIRECTV NOW.

事實上，我相信今年下半年，根據我們在新平台和新產品的市場吸收方面所看到的情況，我們應該在 DIRECTV NOW 上有一個不錯的下半年。

On the traditional premium product, DIRECTV, I said you should expect -- continue to see losses as we move through this year, but we'll be launching second half of the year the thin client, which think of that as our satellite replacement product.

關於傳統的優質產品 DIRECTV，我說你應該預料到，今年我們將繼續看到虧損，但我們將在今年下半年推出瘦客戶端，它將其視為我們的衛星替代產品。

And why this is so important, it allows us to get into the market at a lower price point.

為什麼這麼重要，因為它使我們能夠以較低的價格進入市場。

When you look at the DIRECTV churn, it's interesting.

當你觀察 DIRECTV 的流失情況時，你會發現這很有趣。

What you see is not people at the high end in terms of ARPUs that are churning.

你看到的並不是 ARPU 高端的人正在流失。

It's disproportionally at the low end and where we don't have broadband.

在低端和我們沒有寬頻的地方，這種情況不成比例。

And so this thin client gives us an opportunity to meet that low end with a better price point, and this should start to moderate the subscriber losses.

因此，這款瘦客戶端讓我們有機會以更好的價格點滿足低端市場的需求，這應該會開始緩解用戶流失。

And particularly as we get into 2020, we think this product is going to have a really good appeal for people down market in terms of their expectations of video pricing.

尤其是進入 2020 年，我們認為這款產品將對低端市場的人們對影片定價的期望具有很大的吸引力。

Your next question comes from the line of David Barden from Bank of America.

您的下一個問題來自美國銀行的 David Barden。

I guess first, I guess a kind of a bigger picture question with respect to the DTC strategy, Randall or John Stankey, if he's on.

我想首先，我想是關於 DTC 策略的一個更大的問題，蘭德爾或約翰·斯坦基（如果他在的話）。

A couple of weeks ago, we saw Disney launch a DTC product or announce a launch with lower-than-expected pricing, bigger-than-expected losses.

幾週前，我們看到迪士尼推出了 DTC 產品或宣布推出價格低於預期、虧損大於預期的產品。

Numbers came down and the stock jumped 10% because people were looking at this as kind of a standalone Netflix being incubated inside Disney.

數字下降，股價上漲 10%，因為人們將其視為迪士尼內部孵化的獨立 Netflix。

And I was wondering if you guys could kind of address how you guys think about how the market would react to a similar announcement at AT&T and if you could, at this stage, kind of dissect a little bit about what you think is good and strong about the Disney platform announcement and what's maybe vulnerable about their approach and the opportunities you see for yourself to come into that market.

我想知道你們是否可以談談你們如何看待市場對 AT&T 類似公告的反應，以及你們是否可以在這個階段對你們認為好的和強大的東西進行一些剖析關於迪士尼平台的公告以及他們的方法可能存在的弱點以及您看到的進入該市場的機會。

I guess kind of on a related topic, could you talk a little bit about what, if anything, the Hulu sale might mean to the financials of the business?

我想在一個相關的話題上，你能談談 Hulu 的銷售對公司的財務狀況可能意味著什麼（如果有的話）嗎？

My guess is that you'll kind of see less losses from that flowing through to the earnings statement.

我的猜測是，您會看到流向損益表的損失減少。

And if you could kind of size that, that will be helpful for us.

如果你能確定這個大小，對我們會有幫助。

Sure, David.

當然，大衛。

This is Randall.

這是蘭德爾。

On Hulu, fewer losses and less capital requirements.

在 Hulu 上，損失更少，資本要求也更少。

No cap, no calls.

沒有上限，沒有電話。

So -- but we received $1.4 billion in cash.

所以——但我們收到了 14 億美元現金。

And we're no longer in it, and so the capital calls go away, obviously.

我們不再參與其中，所以資本的呼喚顯然消失了。

So on the Disney launch, I was impressed by what Disney did.

所以在迪士尼的發表會上，迪士尼的所作所為給我留下了深刻的印象。

I was -- also, I thought the market reaction was an indication that people look at what Disney would be able to bring to market in terms of original content, library of content, deep, strong brand content and new and original content and talking about the licensing that they'd be pulling back in.

我也認為市場反應表明人們關注迪士尼能夠在原創內容、內容庫、深刻、強大的品牌內容以及新的原創內容方面向市場帶來什麼，並談論他們將撤回的許可。

And I think what it did is gave the market an appreciation that this is a viable direct-to-consumer product that will have good appeal for a broad number of customers, not just in the U.S. but around the world.

我認為它所做的讓市場認識到這是一種可行的直接面向消費者的產品，將對廣大客戶產生良好的吸引力，不僅在美國，而且在世界各地。

And so I thought it was very instructive from that standpoint.

所以我認為從這個角度來看這是非常有啟發性的。

From our standpoint, you'll be able to formulate your own opinion in September or October about what we'll be bringing to bear.

從我們的角度來看，您將能夠在 9 月或 10 月對我們將採取的措施形成自己的看法。

But in terms of premium content, think about the HBO brand.

但就優質內容而言，請想想 HBO 品牌。

In terms of breadth of content, consider the Warner Bros.

就內容的廣度而言，請考慮華納兄弟。

library and the depth of that library, the new original content creation machine at Warner Bros, which is really an impressive scale machine in terms of producing theatrical as well as TV productions.

圖書館和該圖書館的深度，華納兄弟的新原創內容創作機器，在製作戲劇和電視作品方面確實是一台令人印象深刻的規模機器。

And we're actually quite optimistic that we have something from both a magnitude of content, breadth of content, depth of content, new and original generation and creation capabilities that we believe we can bring to market and will have significant customer uptake.

事實上，我們非常樂觀地認為，我們擁有內容的規模、內容的廣度、內容的深度、新的原創生成和創作能力，我們相信我們可以將這些內容推向市場，並將獲得大量客戶的認可。

And we'll lay out for you those details in terms of what we think that looks like, what our expectations are for this product, including pricing and so forth.

我們將向您展示我們認為的樣子、我們對此產品的期望（包括定價等）的詳細資訊。

We're not ready to fully disclose all that yet.

我們還沒有準備好完全披露所有這些。

There's a lot of work being done.

有很多工作正在進行中。

Bob Greenblatt is just getting his hands into this and working it aggressively.

鮑勃·格林布拉特 (Bob Greenblatt) 剛開始涉足這一領域並積極進取。

But I would tell you we're very, very optimistic, and the Disney announcement gave us nothing but more optimism in terms of what we think we'll be able to bring to market.

但我想告訴你，我們非常非常樂觀，迪士尼的公告讓我們對我們將能夠推向市場的產品更加樂觀。

Your next question comes from the line of Simon Flannery from Morgan Stanley.

您的下一個問題來自摩根士丹利的西蒙‧弗蘭納裡 (Simon Flannery)。

I wonder if we could turn to wireless.

我想知道我們是否可以轉向無線。

Perhaps you could just update us on the outlook on the wireless service revenues for the rest of the year.

或許您可以向我們介紹今年剩餘時間無線服務收入的最新展望。

Another good performance and the adds turning around despite churn continuing to be a little bit higher year-over-year.

儘管流失率比去年同期繼續略高，但又取得了良好的表現，並且新增用戶也出現了好轉。

So talk us through the network improvements and how you're going to market to take advantage of that and how that should shape during the year.

因此，請告訴我們網路的改進以及您將如何進行行銷以利用網路改進以及在這一年中應該如何形成。

And any updated color on the 5G rollout?

5G 推出時有任何更新的顏色嗎？

We haven't really seen a lot on the commercial side.

我們在商業方面還沒有真正看到很多。

So when do we see more kind of opportunities in terms of pricing, plans and so forth?

那麼我們什麼時候會在定價、方案等方面看到更多機會呢？

Is that when the sub-6 gigahertz chipsets come out?

那是 sub-6 GHz 晶片組問世的時候嗎？

Sure, Simon.

當然，西蒙。

Let me take a run at it and ask Randall to back me up on it.

讓我嘗試一下並請蘭德爾支持我。

First of all, the wireless revenue outlook continue to be positive.

首先，無線收入前景持續樂觀。

I stand by our guidance and expect new service revenues.

我堅持我們的指導並期待新的服務收入。

We had a great growth, almost 3%, 2.9% in the first quarter.

我們的成長非常快，第一季成長了近 3%、2.9%。

I will point out that last second quarter is where we saw some service revenue growth, so our compares get a little tougher in the second quarter and then a little bit more tough in the third quarter next year because of the growth we had last year.

我要指出的是，上個第二季度我們看到了一些服務收入的成長，因此我們的比較在第二季變得更加艱難，然後由於去年的成長，明年第三季的比較變得更加艱難。

But that's all right.

但沒關係。

We'll still expect to grow it.

我們仍然期望它能夠成長。

It just has little tougher compares.

它只是沒有什麼更難比較的。

That's one.

這是一個。

Two, why do we expect the growth?

第二，為什麼我們預期成長？

Because we do expect customer net adds.

因為我們確實預期客戶淨增加。

This first quarter was a first time in, I think, 5 years we had positive postpaid phone growth.

我認為，第一季是五年來我們首次實現後付費電話的正成長。

We had solid prepaid phone growth.

我們的預付費電話成長強勁。

I think probably close to 170,000 or so voice net adds in the first quarter.

我認為第一季語音網路新增量可能接近 17 萬左右。

In total, it's really a great number for us and a game changer.

總的來說，這對我們來說確實是一個很大的數字，也是一個遊戲規則的改變者。

It shows the impact we're having in the marketplace.

它顯示了我們在市場中的影響力。

So we feel good about the momentum coming out of that and that opportunity going forward.

因此，我們對由此產生的勢頭和未來的機會感到滿意。

I'll give you a sidebar.

我會給你一個側邊欄。

Our reseller losses were small as they've been in years -- in quarters, I should say, excuse me.

與多年來一樣，我們的經銷商損失很小——對不起，我應該說是幾季的損失。

So that's even showing an impact on that service revenue item.

因此，這甚至對服務收入項目產生了影響。

From a network improvement perspective, Randall mentioned the multiple awards that we're getting.

從網路改進的角度來看，蘭德爾提到了我們獲得的多個獎項。

Anybody who's heard Mike and I do presentations know that we test the speeds walking down the hallways

任何聽過麥克和我做示範的人都知道我們測試在走廊上行走的速度

Before our presentations and it's working.

在我們的演示之前，它正在發揮作用。

And it's working.

它正在發揮作用。

We get e-mails from investors and so forth.

我們收到來自投資者等的電子郵件。

So it's having a real impact.

所以它產生了真正的影響。

That, we believe, is impacting our ability to gain and retain customers.

我們相信，這正在影響我們贏得和留住客戶的能力。

It's going to take a while to make sure we get that story fully understood.

我們需要一段時間才能確保我們完全理解這個故事。

It takes a little while to convince people.

說服人們需要一點時間。

So we're optimistic that we'll see the benefit of that later in the year.

因此，我們樂觀地認為，我們將在今年晚些時候看到它的好處。

We're at 53% of our network build-out for FirstNet as of the end of the first quarter.

截至第一季末，我們的 FirstNet 網路建設已完成 53%。

We expect to get to 60% clearly by the end of the third quarter because that's the next billing milestone and payment milestone with FirstNet Authority.

我們預計到第三季末將明顯達到 60%，因為這是 FirstNet Authority 的下一個計費里程碑和付款里程碑。

And as we've told you, we expect to get reimbursed, first year reimbursed, going to get that done.

正如我們告訴過你的，我們希望得到報銷，第一年報銷，以完成這項工作。

And we expect to do that.

我們希望這樣做。

We're well ahead of schedule.

我們比計劃提前了很多。

Team's doing a great job in that.

團隊在這方面做得很好。

Putting all that spectrum into use at once may be causing me some interest expense pressure, but it's working.

立即將所有頻譜投入使用可能會給我帶來一些利息支出壓力，但它正在發揮作用。

And it's working in the quality of the network.

它在網路品質方面發揮作用。

5G, we're in 19 markets today, operational.

5G，我們今天在 19 個市場投入營運。

Still using that 39-gigahertz millimeter wave.

仍使用 39GHz 毫米波。

I will tell you, we still have plans to get a couple hundred.

我會告訴你，我們仍然計劃獲得數百個。

We have, if you will, a couple of hundred million on our 5G Evolution network coverage by the end of this year.

如果你願意的話，到今年年底，我們的 5G Evolution 網路覆蓋範圍將達到數億。

But end of next year, we'll have over 200 million of our POPs covered on a 5G network.

但到明年年底，我們將有超過 2 億個 POP 被 5G 網路覆蓋。

So our plans for 5G are going quite well.

所以我們的 5G 計劃進展順利。

We -- as we mentioned earlier, we don't expect that revenue to come until next year and the year after, but we're working on a number of things, whether it's in the hospital, in coordinating medical centers, whether it's in the factories, whether it's doing a whole host of automated, if you will, campuses for our big customers.

正如我們之前提到的，我們預計收入要到明年和後年才能實現，但我們正在做很多事情，無論是在醫院，在協調醫療中心，無論是在工廠，無論是為我們的大客戶建造一整套自動化園區（如果你願意的話）。

We're seeing lots of really good progress for that.

我們在這方面看到了很多非常好的進展。

But from a revenue perspective for a company of our size, we're still -- we're very optimistic.

但從我們這種規模的公司的收入角度來看，我們仍然非常樂觀。

We're leading in 5G.

我們在 5G 領域處於領先地位。

But we'll see those revenue impacts growing over next year into the 2021 timeframe.

但我們將看到這些收入影響在明年到 2021 年的時間範圍內不斷擴大。

I would -- Simon, I'd add that this is the wireless piece.

我會——西蒙，我要補充一點，這是無線部分。

The network quality piece is probably the area within our business where I take more satisfaction than just about anywhere else.

網路品質可能是我們業務中我比其他任何地方都更滿意的領域。

And this has been a long time coming.

這已經是很長一段時間了。

We've been investing billions.

我們已經投資了數十億美元。

As you know, we've invested tens of billions of dollars in building the spectrum portfolio.

如您所知，我們已投資數百億美元來建立頻譜組合。

And so bringing on FirstNet and having the opportunity to begin turning up all that spectrum as we're going across the country and turning up FirstNet is having exactly the impact that we hoped that it would have.

因此，引入 FirstNet 並有機會開始出現所有這些頻譜，因為我們正在全國推出 FirstNet，這正是我們所希望的影響。

And it is changing the value proposition for our customers.

它正在改變我們客戶的價值主張。

The value proposition is now one of quality and speed and delivery of video.

現在的價值主張是視訊的品質、速度和交付之一。

And we're not going out and doing a lot of aggressive promotions, and we're not doing pricing to try to get customers to stay and come on to the network.

我們不會出去進行大量積極的促銷活動，也不會透過定價來試圖吸引客戶留下來並使用該網路。

It is happening just organically and by virtue of the strategy that we implemented.

它是透過我們實施的策略有機地發生的。

The 5G Evolution product that we have out there, as we turn all this spectrum up and put the new technology on MIMO and so forth -- our competitors hate it, but it's having exactly the effect that you want it to have.

我們現有的 5G Evolution 產品，當我們打開所有頻譜並將新技術應用於 MIMO 等時，我們的競爭對手討厭它，但它確實具有您想要的效果。

Our customers see this tag and they go and do a speed check.

我們的客戶看到這個標籤後就會進行速度檢查。

And they're seeing 80, 90, 100, 150 meg speeds, depending on where they are.

他們看到的速度有 80、90、100、150 兆兆，取決於他們所在的位置。

It is truly a step-change difference in product capability, and it's having exactly the effect that we had hoped.

這確實是產品能力的巨大變化，並且達到了我們所希望的效果。

And so of all the areas that I look at right now and say I'm pleased with, this is the #1 area that I'm most pleased with.

因此，在我現在看到的並表示令我滿意的所有領域中，這是我最滿意的第一個領域。

Obviously, second would be getting the Entertainment Group EBITDA stabilized and actually growing, and we're feeling really good about that as well.

顯然，第二點是讓娛樂集團的 EBITDA 穩定並真正成長，我們對此也感覺非常好。

But this is really, really an important accomplishment for us.

但這對我們來說確實是一項非常重要的成就。

Your next question comes from the line of Phil Cusick from JPMorgan.

您的下一個問題來自摩根大通的 Phil Cusick。

Two follow-ups.

兩個後續。

Can you dig first into the wireless growth and help us quantify what FirstNet is doing for the sub line?

您能否先深入了解無線成長並幫助我們量化 FirstNet 在子線方面所做的工作？

And then second, a follow-up on the video side.

其次，視訊方面的後續行動。

Can you expand on your relationship with the NFL, and particular, on the exclusivity of SUNDAY TICKET?

您能否拓展一下與 NFL 的關係，特別是 SUNDAY TICKET 的獨家經營權？

Sure.

當然。

Wireless growth, we're having a lot of success with FirstNet even with only 50% of the nation now completed in terms of the network build.

在無線成長方面，我們在 FirstNet 方面取得了巨大的成功，儘管目前全國只有 50% 的地區完成了網路建置。

And you heard 570,000 subscribers.

您聽說有 57 萬名訂閱者。

And John articulated that we've hit a threshold where more and more of those are coming new on to the network.

約翰明確表示，我們已經達到了一個門檻，越來越多的新內容進入網路。

They're not just migrations on to our network.

它們不僅僅是遷移到我們的網路。

And what we are finding is the FirstNet community, we put some very attractive offers out there for their families.

我們發現 FirstNet 社群為他們的家庭提供了一些非常有吸引力的優惠。

And so every FirstNet subscriber that comes on to the network, I think the latest number, John, is we're getting 2 family members with it?

所以每一個進入該網路的 FirstNet 用戶，我認為最新的數字，約翰，我們是否有 2 個家庭成員使用它？

Yes.

是的。

And so this is driving a not-inconsequential impact on subscriber gains, the network quality being the best and FirstNet being a main driver of it.

因此，這對用戶收益產生了不可忽視的影響，網路品質是最好的，而 FirstNet 是其主要驅動力。

So FirstNet is going to be a very important strategic element for us for a number of years to come, and we continue to be more enthused about it than when we won the bid and won the deal.

因此，FirstNet 將在未來幾年內成為我們非常重要的戰略要素，而且與我們中標並贏得交易時相比，我們仍然對它更加熱情。

In terms of the NFL, I think we're not allowed to discuss much, but the exclusivity should remain as we go forward on DIRECTV.

就 NFL 而言，我認為我們不被允許討論太多，但隨著我們在 DIRECTV 上前進，排他性應該保留。

You probably saw news that the NFL Network was taken down on our U-verse network.

您可能在我們的 U-verse 網路上看到了 NFL Network 被撤下的消息。

And look, we're heavily invested in the NFL on DIRECTV, but we're limited to carrying the SUNDAY TICKET just on DIRECTV.

看，我們在 DIRECTV 上對 NFL 進行了大量投資，但我們僅限於在 DIRECTV 上播放週日門票。

And so our customers that have a high affinity to the NFL, we tend to have them over on DIRECTV.

因此，對於對 NFL 有較高親和力的客戶，我們傾向於透過 DIRECTV 吸引他們。

When you look at the NFL Network, there's a cost attached to that.

當你查看 NFL Network 時，你會發現這是有代價的。

And when you consider the games on the NFL Network or the NFL Draft, our customers can watch the NFL Draft on ABC.

當您考慮 NFL Network 或 NFL 選秀上的比賽時，我們的客戶可以在 ABC 上觀看 NFL 選秀。

They can watch the Thursday night games on Fox.

他們可以觀看福克斯電視台週四晚上的比賽。

And so it's all stuff we carry.

所以這就是我們攜帶的所有東西。

And so the NFL Network was -- where a product, U-verse, that was not allowed to carry the SUNDAY TICKET.

NFL Network 的產品 U-verse 不允許攜帶週日門票。

It just didn't really make sense to continue carrying it over there.

繼續把它帶到那裡確實沒有意義。

So it will save some content cost, and we'll give our customers access to the NFL through other mediums.

因此，這將節省一些內容成本，並且我們將讓我們的客戶透過其他媒體訪問 NFL。

If they really are an NFL-centric customer, we'll move them to DIRECTV.

如果他們確實是以 NFL 為中心的客戶，我們會將他們轉移到 DIRECTV。

Got it.

知道了。

And at one point, you talked about bending the content cost curve on DIRECTV.

有一次，您談到如何彎曲 DIRECTV 的內容成本曲線。

You re-signed Viacom.

你重新簽了維亞康姆。

Is there something coming that you think might bend that curve?

您認為有什麼事情可能會改變這條曲線嗎？

Or we should look at it sort of linear from here?

或者我們應該從這裡開始線性地看待它？

So we have nondisclosures generally on these deals.

因此，我們對這些交易總體上保密。

But what I would tell you is that the content cost or the content deals that we have negotiated over the last few months have all been curve vendors.

但我要告訴你的是，過去幾個月我們談判的內容成本或內容交易都是曲線供應商。

And we feel good about where we're coming in.

我們對自己的處境感到滿意。

And I think the margins on Entertainment Group are reflecting that.

我認為娛樂集團的利潤率反映了這一點。

So bottom line, I am satisfied with the progress that John Donovan and his team are making on the content deals as they're coming up and in getting them recrafted to make sure we can distribute them to all our various platforms and controlling the cost curve.

所以最重要的是，我對約翰·多諾萬和他的團隊在內容交易方面所取得的進展感到滿意，因為他們正在對內容進行重新設計，以確保我們可以將它們分發到所有不同的平台並控製成本曲線。

And remember, Phil, the ability to work with them on -- that's not at all.

請記住，菲爾，與他們一起工作的能力——這根本不是。

The content distributors have more advertising minutes than we as the distributor do.

內容發行商的廣告時間比我們作為發行商的廣告時間還要多。

So if we can use our advertising resources to increase our ARPUs and our advertising dollars, like you've seen with Xandr's growth, and then we can offer that to the content guys, there's a different -- there's a solution to the situation where they can gain advertising revenues and not have the content costs but still be revenues for them.

因此，如果我們可以利用我們的廣告資源來增加我們的ARPU 和廣告收入，就像您在Xandr 的成長中看到的那樣，然後我們可以將其提供給內容人員，那就有一個不同的解決方案——有一個解決方案可以解決他們的情況可以獲得廣告收入，並且沒有內容成本，但仍然是他們的收入。

And both of us benefit as do the customers.

我們和客戶都受益。

And quite frankly, we're really excited about Viacom.

坦白說，我們對維亞康姆感到非常興奮。

As we said, we're working at Xandr with Viacom on things just like that.

正如我們所說，我們正在 Xandr 與維亞康姆就類似的事情進行合作。

So there's solutions here that are -- can be mutually beneficial to all 3 of the parties: the distributors, the content providers and the advertisers.

因此，這裡的解決方案可以對所有 3 方（分銷商、內容提供者和廣告商）互惠互利。

So it's a lot of work we're doing and the team is doing a great job.

因此，我們正在做大量工作，團隊做得非常出色。

But we believe that there are solutions here that made sense for everybody.

但我們相信這裡有對每個人都有意義的解決方案。

Your next question comes from the line of Brett Feldman from Goldman Sachs.

你的下一個問題來自高盛的布雷特·費爾德曼。

On the slide where you show your fiber broadband net adds, what we can see is that there's been gradual improvement in that performance, which makes sense because you've been building out the fiber network.

在展示光纖寬頻網路新增的投影片上，我們可以看到效能正在逐步提高，這是有道理的，因為您一直在建立光纖網路。

I was hoping you could give us just a little more insight into what's driving that.

我希望您能讓我們更深入地了解推動這一趨勢的因素。

For example, to what extent has the mix of that been shifting from upgrades to maybe winning new customers?

例如，這種組合在多大程度上從升級轉向可能贏得新客戶？

How do you see that trending as you complete the fiber build-out?

當您完成光纖建設時，您如何看待這種趨勢？

And if you can give us any insight into the success you've had at bundling that fiber with some of your other projects, that would be really helpful.

如果您能讓我們了解您將該光纖與其他一些項目捆綁在一起所取得的成功，那將非常有幫助。

Yes.

是的。

So great, Brett, let me take a shot at it.

太好了，布雷特，讓我試試看。

And I appreciate you bringing this up because I should dovetail this in -- for our prior question.

我很感謝你提出這個問題，因為我應該將這個問題與我們之前的問題相吻合。

When you look at the Entertainment Group margins in total, broadband is really a driver.

當你觀察娛樂集團的總利潤時，寬頻確實是一個驅動因素。

Broadband is really a grower.

寬頻確實是一個種植者。

If you remember my comments, broadband growth this year-over-year quarter exceeded the challenges, the headwinds we faced from the local, voice and the other equipment revenues.

如果您還記得我的評論，本季寬頻年增率超過了我們面臨的本地、語音和其他設備收入帶來的挑戰和阻力。

So that's actually -- when you put broadband there, broadband's growth exceeded that.

事實上，當你把寬頻放在那裡時，寬頻的成長就超過了這個數字。

So broadband, specifically fiber-driven is doing well, and it is -- and it in itself is helping drive EBITDA margin improvement at Entertainment Group.

因此，寬頻，特別是光纖驅動的寬頻表現良好，而且它本身正在幫助推動娛樂集團 EBITDA 利潤率的提高。

That's one.

這是一個。

Two, we'll continue to see some revenue growth on broadband throughout the year.

第二，我們全年將持續看到寬頻收入成長。

Just like wireless, compares get a little bit more challenging in the second and third quarters, but we still expect to see ARPU growth and revenue growth.

就像無線一樣，第二季和第三季的比較會更具挑戰性，但我們仍然預期 ARPU 成長和營收成長。

So feel really good about that.

所以對此感覺很好。

Yes, you're right.

你是對的。

We've kept about 25% of the available fiber out there.

我們保留了大約 25% 的可用光纖。

We've been pretty consistent that no matter how much more we put out, 1 million or 1.5 million a quarter, we continue to immediately utilize 25% of that because we've -- continued to add capacity and we'll finish off adding that capacity, at least from the FCC requirements we have in July.

我們一直非常一致地認為，無論我們每季投入多少，100 萬或 150 萬，我們都會繼續立即利用其中的 25%，因為我們已經——繼續增加產能，並且我們將完成增加至少從我們7 月份的FCC 要求來看是這樣的。

We'll then start to further penetrate that market.

然後我們將開始進一步滲透該市場。

So we feel like we'll be able to grow it.

所以我們覺得我們能夠發展它。

If you think about the time frame, keeping up with 25% is a pretty good penetration rate when you continue to add as much fiber as we've had.

如果您考慮一下時間範圍，當您繼續添加我們已有的纖維時，保持 25% 的滲透率就已經是相當不錯的了。

We see it in areas where we have the video, the wireless and the fiber together.

我們在視訊、無線和光纖結合在一起的領域看到了這一點。

Bundling is going well.

捆綁銷售進展順利。

It continues to give us an opportunity to participate and take market share in the broadband space.

它繼續為我們提供參與寬頻領域並佔據市場份額的機會。

You are right.

你是對的。

We continue to see, on the early stages, migrations of existing customers.

我們在早期階段繼續看到現有客戶的遷移。

But once again, as we get past that initial stage, we get in to be able to attract more and take share, which we've said in the past and we'll continue to see going forward.

但是，當我們度過這個初始階段時，我們將能夠吸引更多人並獲得份額，正如我們過去所說的那樣，我們將繼續看到未來的發展。

So with that being said, I expect we'll get to around 14 billion or maybe just under that range by the end of June, end of July kind of a time frame to fulfill our FCC requirement.

話雖如此，我預計到 6 月底、7 月底，我們的數量將達到 140 億左右，或略低於這個範圍，以滿足 FCC 的要求。

That will give us 22 million customer locations in total.

這將為我們提供總共 2,200 萬個客戶位置。

But that 14 million, we'd expect to continue to see that 25% penetration very quickly and move up from there and get into an on-par market share with our competitors as we take share or convert more customers.

但是，隨著我們搶佔份額或轉換更多客戶，我們預計這 1,400 萬用戶的滲透率將繼續很快達到 25%，並在此基礎上提升，達到與競爭對手同等的市場份額。

Let me stop at that and see -- Randall, if there's anything you want to add or anything I forgot?

讓我就此停下來看看——蘭德爾，您是否有什麼要補充的或我忘記了什麼？

No.

不。

I think you've covered it well.

我認為你已經涵蓋得很好了。

This is probably one of the more exciting areas of the business in terms of where we have invested heavily, and now we're seeing the fruits of the investment.

就我們大量投資而言，這可能是該業務中最令人興奮的領域之一，現在我們正在看到投資的成果。

And getting to 25% penetration, that's almost mechanical.

達到 25% 的滲透率，這幾乎是機械的。

To be candid with you, whenever we go into a neighborhood and turn up fiber, 25% comes fast and 50% is eminently achievable.

坦白說，每當我們進入社區並開通光纖時，25% 很快就能實現，50% 是完全可以實現的。

And we actually think we can hopefully get beyond 50% as we continue to get this build completed.

事實上，我們認為，隨著我們繼續完成此構建，我們預計將超過 50%。

And I'm telling you, where we get AT&T Fiber, a video product and a mobile product, churn rates just drop.

我告訴你，當我們使用 AT&T Fiber、視訊產品和行動產品時，客戶流失率就會下降。

And the value effect of that is really, really powerful.

它的價值效應非常非常強大。

Customers love it, and the services are all premium services.

顧客很喜歡，服務都是超值服務。

And so this is going to be a really important element of us as we go through the rest of this year in 2020 in terms of keeping the Entertainment Group EBITDA stable.

因此，在 2020 年剩下的時間裡，這將成為我們保持娛樂集團 EBITDA 穩定的一個非常重要的因素。

Your next question comes from the line of Mike McCormack from Guggenheim Partners.

您的下一個問題來自古根漢合夥人公司的麥克麥科馬克。

Maybe just a quick comment on the wireless business.

也許只是對無線業務的快速評論。

It sounds like you guys grew -- you're fairly aggressive in 1Q on the buy one, get one offers.

聽起來你們已經成長了——你們在第一季在買一送一的優惠上相當積極。

Clearly, FirstNet is having a positive impact.

顯然，FirstNet 正在產生正面的影響。

But how should we think about, on a going-forward basis through 2019, the appetite for that trade-off between promotional activity, margin and phone net adds?

但展望 2019 年，我們該如何考慮促銷活動、利潤和電話網路增加之間的權衡需求？

And then secondly, on the broadband side, the IP broadband side, could you give us a sense -- I know you're going to be lapping that allocation -- the revenue allocation change.

其次，在寬頻方面，IP寬頻方面，您能否給我們一個感覺——我知道您將接受該分配——收入分配的變化。

How should we think about the spot pricing in broadband sort of today versus, say, a year ago?

與一年前相比，我們應該如何看待今天的寬頻現貨定價？

So let me take the first one.

所以讓我採取第一個。

On the mobility margins and the perception of BOGOs and so forth, remember, our equipment revenues are really down.

請記住，在行動利潤率和 BOGO 等方面，我們的設備收入確實在下降。

So in -- so that may have an effect depending upon on how any of our promotions are done on the BOGO stuff.

所以，這可能會產生影響，具體取決於我們在 BOGO 上進行的任何促銷活動。

But let me say it this way.

但讓我這樣說吧。

If you look at our results and you say service revenues were up about $375 million, $400 million, and our -- about $375 million; and our EBITDA was about $133 million, $150 million; and then you say, I had noncash accounting rev rec commission and amortization in the rev rec and so forth of about $200 million, effectively, of that $375 million service revenue, $350 million -- or almost $350 million of it fell to the bottom line from making that accounting adjustment.

如果你看看我們的結果，你會說服務收入成長了約 3.75 億美元、4 億美元，而我們的收入成長了約 3.75 億美元；我們的 EBITDA 約為 1.33 億美元、1.5 億美元；然後你說，我有大約 2 億美元的非現金會計 Rev Rec 佣金和攤銷，實際上，在 3.75 億美元的服務收入中，有 3.5 億美元——或者說其中幾乎 3.5 億美元落入了底線進行會計調整。

So from that perspective, it won't be really effective in controlling cost, controlling promos, being prudent with advertising and promotional expense.

所以從這個角度來看，它在控製成本、控制促銷、謹慎對待廣告和促銷費用方面並不會真正有效。

So we feel good about the quality of our customer count net adds and the ability to do that.

因此，我們對淨增加客戶數量的品質以及做到這一點的能力感到滿意。

I mean I understand your question, Mike, but I don't want to leave you with the impression that somehow -- this was a very thoughtful process and focused on valued customers.

我的意思是，麥克，我理解你的問題，但我不想給你留下這樣的印象：這是一個非常深思熟慮的過程，並且專注於有價值的客戶。

And we, I believe, were really successful.

我相信，我們確實取得了成功。

So I would tell you that the value of FirstNet, the quality experience of the market and the opportunity it provides and further geographic coverage -- and quite frankly, we're putting more distribution points out there with opening new stores.

因此，我想告訴您 FirstNet 的價值、市場的優質體驗、它提供的機會以及進一步的地理覆蓋範圍——坦白說，我們正在透過開設新店來設置更多的分銷點。

That's part of our investment that we're making that sometimes shows up in the expense line as opposed in the CapEx line.

這是我們正在進行的投資的一部分，有時會顯示在費用線中，而不是資本支出線。

But we are expanding our stores in the places where we didn't have stores before.

但我們正在在以前沒有商店的地方擴大我們的商店。

So all of that based on FirstNet, based on a solid -- very, very solid first quarter results, based on this expanded, if you will, geographic footprint and distribution footprint, we feel really good about wireless going forward.

因此，這一切都基於 FirstNet，基於非常非常可靠的第一季業績，基於擴展的地理足跡和分銷足跡，我們對無線的未來發展感到非常滿意。

That point John just made, as we build out FirstNet into these rural communities, as we deploy, we're turning up new distribution in these rural communities.

約翰剛才提出的這一點，當我們在這些農村社區建立 FirstNet 時，當我們部署時，我們正在這些農村社區中建立新的分佈。

And these tend to be communities that have had one option for the last number of years.

這些社區往往在過去幾年只有一種選擇。

And we're having a lot of success as we move into these smaller communities, set up new distribution and taking market share.

當我們進入這些較小的社區、建立新的分銷管道並佔領市場份額時，我們取得了巨大的成功。

So that's just another side benefit of the FirstNet build.

這只是 FirstNet 建置的另一個附帶好處。

But with regard to the IP broadband side.

但是關於IP寬頻方面。

I'd just refer you to the kind of the ARPUs, I think, that we got published out there with regard to this quarter being at about $50 -- a little over $50 on the broadband ARPU.

我只想向您介紹我們在本季度發布的 ARPU 類型，大約為 50 美元——寬頻 ARPU 略高於 50 美元。

It's about 8% growth.

大約有8%的成長。

But if you compare it to next quarter, you'll see next quarter year-over-year, we jumped from first quarter to second quarter last year.

但如果你將其與下個季度進行比較，你會發現下個季度同比，我們去年從第一季跳到了第二季。

And so that's all we're trying to tell you about.

這就是我們要告訴您的全部內容。

It's not a sensitivity at all about the success of the project.

這根本不是專案成功與否的敏感度。

We feel really good about it.

我們對此感覺非常好。

And we do feel like, as we get more of the fiber put in service, we have the opportunity to -- our customers will want higher speed, and they'll be willing to pay a fair price for those higher speeds.

我們確實覺得，隨著更多的光纖投入使用，我們有機會——我們的客戶會想要更高的速度，並且他們願意為這些更高的速度支付合理的價格。

So we're optimistic about it.

所以我們對此持樂觀態度。

We're just being careful from a numerical comparison perspective.

我們只是從數字比較的角度小心謹慎。

If you look at the first quarter last year, both on wireless and on broadband, to second quarter, you saw us step up in those ARPU numbers.

如果你看看去年第一季的無線和寬頻業務，到第二季度，你會發現我們的 ARPU 數字有所提高。

And we just want to make sure the compares are right.

我們只是想確保比較是正確的。

Great.

偉大的。

And Randall, can you maybe just comment?

蘭德爾，你能發表評論嗎？

We're seeing a lot of price increases across the board on over-the-top streaming video products.

我們看到頂級串流影音產品的價格全面上漲。

How does DIRECTV NOW sort of stand up against that?

DIRECTV NOW 如何應對這項挑戰？

And in this landscape, how do you view price elasticity for your customer?

在這種情況下，您如何看待客戶的價格彈性？

Yes.

是的。

Mike, we made our move on OTT pricing and rationalizing the whole content lineup for our OTT product in the fourth quarter.

麥克，我們在第四季度在 OTT 定價和合理化 OTT 產品的整個內容陣容方面採取了行動。

And you've now seen most of the other players that have a streaming product out there follow.

現在您已經看到大多數擁有串流媒體產品的其他玩家也紛紛效仿。

And I think we're getting to a place where the product, we all look at it and say, "Okay, this is a sustainable place." If you can get the advertising revenues to where we think we can get them, this is probably a sustainable level.

我認為我們正在達到一個這樣的境界，我們所有人都會看到產品並說：“好吧，這是一個可持續發展的地方。”如果你能讓廣告收入達到我們認為可以達到的水平，這可能是可持續的水平。

It is, as you're seeing, highly price-sensitive.

正如您所看到的，它對價格高度敏感。

This is a segment of the market that had, by and large, left the linear product market because of pricing.

這是一個總體上由於定價問題而離開線性產品市場的細分市場。

And so as we came in with a $40 product, you saw significant uptake, and it was largely people who had left the market.

因此，當我們推出一款 40 美元的產品時，您會看到大量用戶被採用，而且大部分人都離開了市場。

And as you begin to move the pricing and try to get the profit equation right, you saw some fall out.

當你開始調整定價並試圖使利潤方程式正確時，你會看到一些結果。

But now we're in the market at this $50 price point, and we're early on in terms of getting the new platform out there.

但現在我們以 50 美元的價格進入市場，我們處於推出新平台的早期階段。

It came out, I think, very end of March.

我想，它是在三月底發布的。

But we're seeing good uptake on the new platform, the new pricing.

但我們看到新平台和新定價得到了很好的採用。

As I said during the second quarter, you may still see the OTT product be negative in terms of subscribers as we continue to experience price increases on the base.

正如我在第二季所說，隨著我們繼續經歷價格上漲，您可能仍會看到 OTT 產品的訂閱者數量為負。

But what we're seeing on the uptake of the new product with a new price point is giving us confidence.

但我們所看到的新產品和新價位的採用給了我們信心。

So we get to second half of the year, this thing ought to do decent growth.

所以到了下半年，這個事情應該會有不錯的成長。

And so we're actually optimistic.

所以我們其實很樂觀。

But it is a very price-sensitive product, Mike.

但這是對價格非常敏感的產品，麥克。

Make no mistake about it.

別搞錯了。

That question comes from the line of Michael Rollins from Citi.

這個問題來自花旗集團的麥可‧羅林斯。

Two, if I could.

兩個，如果可以的話。

First, as you look at the performance of full fiber subscribers when you made the upgrade, relative to the implied decline of customers with DSL and fiber-to-the-node, how are you think about what portion of your homes ultimately need to get the full fiber capability and how quickly you want to get there?

首先，當您查看升級時全光纖用戶的性能時，相對於使用 DSL 和光纖到節點的客戶的隱含下降，您如何看待您家庭的哪些部分最終需要獲得完整的光纖功能以及您希望多快達到目標？

And then secondly, you described the growth in fixed broadband ARPU as customers are buying up the higher-speed packages.

其次，您描述了隨著客戶購買更高速度的套餐，固定寬頻 ARPU 的成長。

Do you see a multiyear opportunity in the wireless segment to change the pricing model and charge higher prices for higher bit rate, especially as you introduce 5GE and then eventually full 5G?

您是否認為無線領域存在多年的機會來改變定價模式並對更高的比特率收取更高的價格，特別是當您推出 5GE 並最終推出全 5G 時？

Yes.

是的。

On the 5G piece, Mike, I will be very surprised if, as we move into wireless, the pricing regime in wireless doesn't look something like the pricing regime you see in fixed line.

在 5G 方面，麥克，如果當我們進入無線領域時，無線領域的定價制度看起來與固定電話的定價制度不同，我會感到非常驚訝。

If you can offer a gig speed -- because there are some customers that are willing to pay a premium for 500 meg to 1 gig speed and so forth.

如果您可以提供千兆速度 - 因為有些客戶願意為 500 兆到 1 千兆的速度支付溢價等等。

And so I expect that to be the case.

所以我希望情況會如此。

We're 2 or 3 years away from seeing that play out.

我們距離看到這項結果還需要兩三年的時間。

Right now, from a 5G standpoint, what we're seeing in terms of adoption tends to be business.

目前，從 5G 的角度來看，我們所看到的採用往往是商業化。

In fact, it's exclusively business for us right now.

事實上，現在這只是我們的生意。

It's serving as a LAN replacement product.

它是 LAN 的替代產品。

And we're having really impressive demand, where we turn up the 5G service from businesses basically saying, "We want to put a router in," and it becomes their LAN replacement.

我們的需求確實令人印象深刻，我們向企業提供 5G 服務，基本上是說，“我們想要安裝一個路由器”，它就成為了他們 LAN 的替代品。

And so now as you begin to think about equipment, whether it be handsets or tablets or laptops that have 5G modems within them, which that will happen starting this year and really pick up over the next year, then that truly does become a LAN replacement.

因此，現在當你開始考慮配備 5G 數據機的設備時，無論是手機、平板電腦還是筆記型電腦，這些設備將從今年開始出現，並在明年真正普及，那麼它確實會成為 LAN 的替代品。

You don't even need the router at that stage.

在那個階段你甚至不需要路由器。

And so the idea that just like business customers pay more for more speed in a fixed line environment, we expect that there's going to be demand and that there will be price differentiation for speed as you move into a 5G environment.

因此，就像企業客戶在固網環境中為更快的速度支付更多費用一樣，我們預計，當您進入 5G 環境時，將會有需求，速度上也會出現價格差異。

In terms of fiber upgrades, we have, as you know, over the last 3 plus, 4 years, had the most aggressive fiber deployment program probably in the United States.

在光纖升級方面，如您所知，在過去的 3 年多、4 年裡，我們可能擁有美國最積極的光纖部署計畫。

And so we've been going at a really hot rate in putting fiber out.

因此，我們一直在以非常高的速度推出光纖。

As I mentioned earlier, I think it was to Mike McCormack's question, the adoption on fiber deployment in terms of taking market share and customer upgrades is fairly mechanical.

正如我之前提到的，我認為這是針對 Mike McCormack 的問題，在獲取市場份額和客戶升級方面採用光纖部署是相當機械的。

It doesn't take rocket science to figure out what this looks like as you deploy fiber.

不需要複雜的科學知識就能弄清楚部署光纖時的情況。

And so while we're going to kind of finish off this first phase of our fiber deployment between 5G and FirstNet and just our natural desire and preference for fiber on new builds, you're going to see fiber continue to be pushed into this network.

因此，雖然我們即將完成 5G 和 FirstNet 之間光纖部署的第一階段，並且只是我們對新建置中的光纖的自然渴望和偏好，但您將看到光纖繼續被推入該網路。

And as business locations demand fiber, you're just going to see a capital area of fiber deployment continue over the next 4 or 5 years.

隨著商業地點需要光纖，您將看到光纖部署的資本區域在未來 4 到 5 年內持續存在。

And it's not going to go at the same pace you've been seeing it for the last 4, but it's going to continue and I don't see that stopping.

它不會以過去 4 場比賽的速度發展，但它會繼續下去，而且我認為這種情況不會停止。

And so I see our fiber opportunity just continuing to grow as we move 2020 through 2025.

因此，我認為隨著 2020 年到 2025 年，我們的纖維機會將繼續成長。

Okay.

好的。

Well, listen, I appreciate everybody joining us.

好吧，聽著，我感謝大家加入我們。

And once again, punchline to this quarter is we have basically done exactly what we told you we would do at the Analyst Day and then again our January guidance.

再一次，本季的亮點是，我們基本上完全按照我們在分析師日告訴您的方式以及我們一月份的指導方針進行了操作。

Debt reduction is right on track.

債務削減正步入正軌。

Asset sales and asset monetizations are right on track.

資產銷售和資產貨幣化正步入正軌。

Our free cash flow forecast is actually ahead of schedule, and Entertainment Group is on track and actually ahead of schedule as well.

我們的自由現金流預測實際上提前了，娛樂集團也步入正軌，而且實際上也提前了。

So stay tuned.

所以請繼續關注。

We'll be getting more details to you in terms of our WarnerMedia Day to come in the September, October timeframe.

我們將在九月、十月的時間範圍內向您提供有關華納媒體日的更多詳細資訊。

And I appreciate your time and look forward to talking to again.

感謝您抽出寶貴的時間，並期待再次與您交談。

Thank you.

謝謝。

Thanks.

謝謝。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，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 高階主管電話會議。

You may now disconnect.

您現在可以斷開連線。