AT&T Inc (T) 2019 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the AT&T Second Quarter of 2019 Earnings Call.

歡迎參加 AT&T 2019 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Just as a brief reminder, today's conference is being recorded.

簡單提醒一下，今天的會議正在錄製中。

And I would now like to turn the conference over to our host, Mr. Michael Viola, Senior Vice President of Investor Relations.

現在我想將會議交給我們的東道主投資者關係高級副總裁邁克爾·維奧拉先生。

Please go ahead.

請繼續。

Thank you, and good morning, everyone, and welcome to our second quarter conference call.

謝謝大家，大家早安，歡迎參加我們的第二季電話會議。

I'm Mike Viola, Head of Investor Relations for AT&T.

我是麥克‧維奧拉 (Mike Viola)，AT&T 投資者關係主管。

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 will provide an update of our key 2019 initiatives, and John will cover our operating results, and then we'll follow that up with a Q&A session.

蘭德爾將提供我們 2019 年關鍵舉措的最新情況，約翰將介紹我們的營運業績，然後我們將透過問答環節進行跟進。

Before we begin, I want to call your attention to our safe harbor statement, which says that some of our comments today may be forward-looking.

在我們開始之前，我想提請您注意我們的安全港聲明，該聲明表示我們今天的一些評論可能具有前瞻性。

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 want to remind you that we're in the quiet period for the FCC Spectrum Auction 103, so we can't address any questions about that today.

我還想提醒您，我們正處於 FCC 頻譜拍賣 103 的靜默期，因此我們今天無法解決任何相關問題。

As always, our earnings materials are available on the Investor Relations page of the AT&T website.

與往常一樣，我們的收益資料可在 AT&T 網站的投資者關係頁面上找到。

That includes our news release, investor briefing, 8-K, associated schedules, et cetera.

其中包括我們的新聞稿、投資者簡報、8-K、相關時間表等。

And one more item before I turn it over to Randall, we've scheduled our WarnerMedia Day for the afternoon of October 29 at Warner Bros.

在我把它交給 Randall 之前還有一件事，我們已經安排了 10 月 29 日下午在華納兄弟的華納媒體日。

Studios in Burbank, California.

工作室位於加州伯班克。

We will discuss more details on the new streaming service, HBO Max.

我們將討論有關新串流媒體服務 HBO Max 的更多細節。

And more details will come, but go ahead and mark your calendars.

更多詳細資訊將會出現，但請繼續標記您的日曆。

And so with that, I'd like to turn the call over to Randall Stephenson.

因此，我想將電話轉給蘭德爾史蒂芬森。

Thanks, Mike.

謝謝，麥克。

Good morning.

早安.

The headline of the second quarter and the first half of the year is we're hitting each of our commitments we made for 2019, and you can see those on Slide 3. I'll start with our deleveraging plans, which are right on track.

第二季和上半年的頭條新聞是我們正在兌現我們為2019 年所做的每一項承諾，您可以在幻燈片3 上看到這些承諾。我將從我們的去槓桿化計劃開始，這些計劃正在步入正軌。

Since we closed the merger last June, net debt is down $18 billion.

自去年 6 月完成合併以來，淨債務減少了 180 億美元。

We expect to further reduce net debt about another $12 billion in the second half of the year, and that should get us to a 2.5x net debt to adjusted EBITDA range by year-end.

我們預計下半年將進一步減少約 120 億美元的淨債務，到年底我們的淨債務將達到調整後 EBITDA 範圍的 2.5 倍。

And to the extent that we can overachieve on that objective, you can expect we'll take a hard look at allocating capital to share buybacks in the back half of the year.

如果我們能夠超額實現這一目標，您可以預期我們將在今年下半年認真考慮分配資本用於股票回購。

Wireless is about half of our overall EBITDA, and it continues to fire on all cylinders.

無線業務約占我們整體 EBITDA 的一半，並且它繼續全力以赴。

Last quarter, we grew revenues, EBITDA and phone subscribers, both postpaid and prepaid.

上個季度，我們的收入、息稅折舊攤提前利潤 (EBITDA) 和電話用戶（後付費和預付費）均有所成長。

Wireless service revenues were up 2.4% in the second quarter, and we're continuing to see the payoff on our investments with a world-class network.

第二季無線服務收入成長了 2.4%，我們持續看到世界一流網路投資的回報。

Our wireless network has been named the fastest, the best and the most reliable by independent testing services.

我們的無線網路被獨立測試服務評為最快、最好、最可靠的網路。

FirstNet continues to be the driver of our network performance as well as our 5G leadership.

FirstNet 繼續成為我們網路效能和 5G 領導地位的驅動力。

And at the end of the quarter, we were about 60% complete with our FirstNet coverage, ahead of plan, and we're now targeting 70% completion by year-end.

截至本季末，我們的 FirstNet 覆蓋率已提前完成約 60%，目前我們的目標是到年底完成 70%。

And our FirstNet build is accelerating our 5G deployment.

我們的 FirstNet 建置正在加速我們的 5G 部署。

As we deploy FirstNet, we're installing hardware that can be upgraded to 5G with a simple software release.

當我們部署 FirstNet 時，我們正在安裝可以透過簡單的軟體版本升級到 5G 的硬體。

As a result, we're on track for nationwide 5G coverage by the first half of 2020.

因此，我們預計在 2020 年上半年實現全國 5G 覆蓋範圍。

Turning to WarnerMedia, it was another strong quarter.

轉向華納傳媒，這是另一個強勁的季度。

Merger synergies remain on track, and we had solid operating income growth across all 3 business units.

合併綜效仍維持正軌，我們所有 3 個業務部門的營業收入均穩健成長。

This was a record year.

這是創紀錄的一年。

191 primetime Emmy nominations for WarnerMedia and HBO alone scored 137 nominations.

光是 WarnerMedia 和 HBO 就獲得了 191 項黃金時段艾美獎提名，共獲得 137 項提名。

That was the most in its history.

這是其歷史上最多的一次。

So what was the result of all of this?

那麼這一切的結果是什麼呢？

We had very strong HBO digital subscriber growth in the quarter, and we're set up really well for the second half of the year.

本季我們的 HBO 數位用戶成長非常強勁，我們為今年下半年做好了準備。

Bottom line, HBO's stepped-up investment in content is working, and this will be critical as we launch HBO Max next spring.

總而言之，HBO 對內容的加大投資正在發揮作用，這對於我們明年春天推出 HBO Max 至關重要。

And as Mike mentioned, we look forward to sharing more about HBO Max in October.

正如 Mike 所提到的，我們期待在 10 月分享更多有關 HBO Max 的資訊。

Our Entertainment Group continues to make solid progress.

我們的娛樂集團持續取得紮實進展。

We didn't just stabilize EBITDA, we actually grew it by 1.1% in the quarter.

我們不僅穩定了 EBITDA，本季實際上還成長了 1.1%。

Later this summer, we'll beta launch AT&T TV in a few markets.

今年夏天晚些時候，我們將在一些市場推出 AT&T TV 測試版。

That's our live TV service over broadband.

這就是我們透過寬頻提供的直播電視服務。

We have some really high expectations for this product, and we're going to learn from the pilot, and then we'll expand to more cities as we go through the year.

我們對這個產品抱有很高的期望，我們將從試點中學習，然後在這一年擴展到更多城市。

IP broadband revenue growth remains strong.

IP寬頻營收成長依然強勁。

We continue to see solid growth in our AT&T Fiber product.

我們繼續看到 AT&T Fiber 產品的穩健成長。

That product now reaches about 14 million customer locations or 22 million when you include businesses.

該產品目前已覆蓋約 1,400 萬個客戶地點，如果算上企業，則覆蓋 2,200 萬個客戶地點。

So all in all solid, steady progress against the commitments we made coming into the year, and I'm feeling even more confident that we're going to meet or exceed each of those commitments for the full year.

總而言之，我們在今年所做的承諾方面取得了堅實、穩定的進展，我更有信心我們將在全年實現或超過每一項承諾。

In fact, this morning, we've raised our free cash flow guidance for 2019 to the $28 billion range.

事實上，今天早上，我們已將 2019 年自由現金流指引上調至 280 億美元的範圍。

That's up $2 billion, and we reaffirmed all of our other guidance for the year.

增加了 20 億美元，我們重申了今年的所有其他指引。

So now for more detail on the quarter, I'm going to turn this over to John, and he'll take you through the results.

現在，有關本季度的更多詳細信息，我將把它交給約翰，他將帶您了解結果。

So John?

那麼約翰?

Thank you, Randall, and good morning, everyone.

謝謝蘭德爾，大家早安。

Let me begin with our financial summary on Slide 5. As Randall mentioned, we're on track with all of our financial targets.

讓我從投影片 5 上的財務摘要開始。正如蘭德爾所提到的，我們正在實現所有財務目標。

And in many areas, we're ahead of plan.

在許多領域，我們都領先於計劃。

Adjusted EPS was $0.89 in the quarter, including a $0.02 impact from a higher effective tax rate.

本季調整後每股收益為 0.89 美元，其中包括較高有效稅率帶來的 0.02 美元影響。

We continue to expect low single-digit growth for the full year as we are set up for a solid second half of the year performance.

我們繼續預計全年將實現低個位數成長，因為我們已為下半年的強勁業績做好了準備。

We grew revenue both on a reported and pro forma basis in the quarter.

本季我們的報告收入和預估收入均有所成長。

In fact, all segments are growing on a constant currency basis.

事實上，所有細分市場都在貨幣不變的基礎上成長。

Adjusted operating margin was up 90 basis points with the addition of WarnerMedia, strong growth in mobility and continued improvement in our Entertainment Group.

由於華納傳媒的加入、流動性的強勁增長以及娛樂集團的持續改善，調整後的營業利潤率增長了 90 個基點。

Our cash flows were very strong in the quarter.

本季我們的現金流非常強勁。

Let's look at this on Slide 6.

讓我們看看幻燈片 6 上的內容。

Cash from operations came in strong at $14.3 billion.

營運現金強勁，達到 143 億美元。

That's up 40%.

上漲了 40%。

And free cash flow was a record $8.8 billion.

自由現金流達到創紀錄的 88 億美元。

The addition of WarnerMedia operations made an impact, as did adding their receivables to our securitization efforts.

華納媒體業務的增加產生了影響，將其應收帳款添加到我們的證券化工作中也產生了影響。

The securitization lifted free cash flow by $2.6 billion.

證券化使自由現金流增加了 26 億美元。

Our ability to generate cash continues to be impressive.

我們產生現金的能力仍然令人印象深刻。

Over the last 12 months, we've generated $29 billion in free cash flow or about $4 a share.

在過去 12 個月中，我們產生了 290 億美元的自由現金流，即每股約 4 美元。

For the benefit of our securitization efforts, we have confidence to raise our free cash flow guidance for the full year to the $28 billion range.

為了我們的證券化工作的利益，我們有信心將全年自由現金流指引提高至 280 億美元的範圍。

Our strong cash position also allows us to continue to invest at industry-leading levels.

我們強大的現金狀況也使我們能夠繼續以行業領先的水平進行投資。

CapEx was $5.5 billion, and total capital investment was $6.5 billion when you include the $1 billion of payments for prior vendor financing activity.

資本支出為 55 億美元，如果算上先前供應商融資活動的 10 億美元付款，則總資本投資為 65 億美元。

And we reduced net debt by $6.8 billion in the quarter.

本季我們減少了 68 億美元的淨債務。

Let me speak more to deleveraging on Slide 7. We've paid off $18 billion in debt since we closed the merger, and we ended the quarter with our adjusted net debt-to-EBITDA ratio at just under 2.7x.

讓我在投影片 7 上詳細談談去槓桿化。自完成合併以來，我們已經償還了 180 億美元的債務，本季末調整後的淨債務與 EBITDA 比率略低於 2.7 倍。

This is down from 3x leverage ratio when we closed the deal, and we're squarely on track to hit our year-end target of being in the 2.5x range.

這比我們完成交易時的 3 倍槓桿率有所下降，並且我們完全有望實現 2.5 倍範圍內的年底目標。

Year-to-date, we reduced net debt by nearly $9 billion.

今年迄今為止，我們減少了近 90 億美元的淨債務。

That includes about $7 billion from free cash flow and nearly $4 billion in asset monetizations, offset by about $2 billion of vendor payments and other purchases and assets.

其中包括約 70 億美元的自由現金流和近 40 億美元的資產貨幣化，被約 20 億美元的供應商付款以及其他採購和資產所抵銷。

And these sales have come from assets that contribute no EBITDA.

而這些銷售額來自於不貢獻 EBITDA 的資產。

Looking at the remainder of the year, we're confident that we'll hit our year-end leverage target.

展望今年剩餘時間，我們有信心實現年終槓桿目標。

To the extent we can overachieve at that target, you can expect we'll take a hard look at allocating capital to share buybacks in the back half of the year.

如果我們能夠超額實現這一目標，您可以預期我們將在今年下半年認真考慮分配資本用於股票回購。

Let's now look at our segment operating results, starting with our Communications segment on Slide 8. The story of our Communications segment this quarter is stable revenues, growing EBITDA and expanding margins.

現在讓我們來看看我們的部門營運業績，從幻燈片 8 中的通訊部門開始。本季我們的通訊部門的業績是穩定的收入、不斷增長的 EBITDA 和不斷擴大的利潤率。

Mobility continues to build momentum and deliver solid results across the board with revenue, EBITDA and margin growth while adding phone subscribers.

行動業務繼續發展勢頭，在收入、息稅折舊攤銷前利潤 (EBITDA) 和利潤率增長的同時，全面實現穩健的業績，同時增加了電話用戶。

Our Entertainment Group is delivering EBITDA growth, and Business Wireline revenue trends improved in the quarter, thanks to strength in strategic and managed services and about $125 million from IP licensing.

由於策略和管理服務的實力以及約 1.25 億美元的 IP 許可，我們的娛樂集團實現了 EBITDA 成長，並且 Business Wireline 收入趨勢在本季度有所改善。

But even without those licensing proceeds, Business Wireline revenue trends were the best that we've seen in years.

但即使沒有這些授權收益，美國商業資訊的收入趨勢也是我們多年來見過的最好的。

And when you factor in strong business wireless performance, our Business Solutions revenue grew 2.3%.

如果考慮到強勁的企業無線效能，我們的企業解決方案收入成長了 2.3%。

On the cost side, the team is doing great work in controlling content, promotions and other operating costs.

在成本方面，團隊在控制內容、促銷和其他營運成本方面做得很好。

Solid cost management was evident throughout the business, especially in our Entertainment and Business Wireline units.

紮實的​​成本管理在整個業務中都很明顯，尤其是在我們的娛樂和商業有線部門。

Let me give you some more details, starting with Mobility on Slide 9. Our Mobility business continues to perform very well.

讓我向您提供更多詳細信息，首先從幻燈片 9 上的移動性開始。我們的移動性業務繼續表現出色。

Service revenues grew by 2.4%.

服務收入成長2.4%。

EBITDA growth was even higher at 3.1% and EBITDA margins expanded by 80 basis points with service margins of 56.1%.

EBITDA 成長率更高，達到 3.1%，EBITDA 利潤率擴大了 80 個基點，服務利潤率為 56.1%。

We had a strong quarter with 355,000 phone net adds, including 72,000 postpaid and 283,000 prepaid.

我們的季度表現強勁，電話淨增 355,000 部，其中後付費電話 72,000 部，預付費電話 283,000 部。

And we added 388,000 smartphones in the quarter, further strengthening our customer base.

本季我們新增了 388,000 部智慧型手機，進一步鞏固了我們的客戶群。

Postpaid phone churn was up slightly to 0.86%, but was down sequentially.

後付費電話流失率小幅上升至 0.86%，但較上季下降。

And at the same time, our prepaid business, especially Cricket, continues to perform at strong, consistent levels.

同時，我們的預付費業務，尤其是板球業務，持續保持強勁、穩定的表現。

Prepaid revenues were up nearly 10%.

預付費收入成長近 10%。

We had our 18th consecutive quarter of phone growth, and churn hit an all-time low at both Cricket and AT&T prepaid.

我們的手機連續第 18 季實現成長，Cricket 和 AT&T 預付費手機的流失率均創歷史新低。

With the network leadership and FirstNet expansion that Randall talked about earlier, we're confident that our wireless business will get even stronger as we evolve to 5G.

憑藉 Randall 之前談到的網路領導地位和 FirstNet 擴張，我們相信，隨著我們向 5G 發展，我們的無線業務將變得更加強大。

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

簡而言之，我們的網路投資，特別是頻譜部署，正在獲得回報，而且我們的工作還沒有結束。

Now let's go on to our Entertainment Group results on Slide 10.

現在讓我們繼續查看幻燈片 10 上的娛樂組結果。

Our focus on long-term customer value continues to impact our Entertainment Group.

我們對長期客戶價值的關注持續影響著我們的娛樂集團。

EBITDA grew both year-over-year and sequentially.

EBITDA 年比和季均成長。

This was the second straight quarter of EBITDA growth.

這是 EBITDA 連續第二季成長。

Year-to-date, EBITDA is up about 4%.

今年迄今為止，EBITDA 成長了約 4%。

Expense reduction outpaced revenue declines, setting the stage for EBITDA growth.

費用減少超過了收入下降，為 EBITDA 成長奠定了基礎。

Broadband revenue growth helped us as well as continued growth in video ARPUs.

寬頻收入的成長以及視訊 ARPU 的持續成長對我們都有幫助。

The number of premium TV customers on the 2-year price lock declined by more than 600,000 in the quarter.

本季度，實施 2 年價格鎖定的優質電視客戶數量減少了 60 萬以上。

Video subscriber numbers were in line with what we said to expect for the quarter, premium declined 778,000, and DIRECTV NOW declined 168,000.

視訊用戶數量與我們對本季的預期一致，付費用戶數量下降 778,000，DIRECTV NOW 下降 168,000。

And as Randall mentioned earlier, later this summer, we'll begin piloting AT&T TV, our thin client broadband TV product.

正如蘭德爾早些時候提到的，今年夏天晚些時候，我們將開始試用我們的瘦客戶端寬頻電視產品 AT&T TV。

We passed an important milestone with our fiber deployment reaching 14 million customer locations and satisfying our fiber build commitments.

我們實現了一個重要的里程碑，我們的光纖部署涵蓋了 1400 萬個客戶地點，並滿足了我們的光纖建設承諾。

This will be an important driver of growth going forward.

這將成為未來成長的重要動力。

In fact, we had more than 300,000 AT&T fiber net adds in the quarter, and IP broadband revenue grew by 6.5%.

事實上，本季我們增加了超過 30 萬個 AT&T 光纖網絡，IP 寬頻收入成長了 6.5%。

We expect AT&T Fiber penetration to grow as the service matures.

我們預計 AT&T 光纖滲透率將隨著服務的成熟而成長。

Bottom line, we remain comfortable that we'll meet or exceed our Entertainment Group EBITDA target for the full year and lay the groundwork for continued stability beyond 2019.

最重要的是，我們仍然相信我們將達到或超過娛樂集團全年 EBITDA 目標，並為 2019 年後的持續穩定奠定基礎。

Let's move to WarnerMedia's results, which are on Slide 11.

讓我們來看看幻燈片 11 上的 WarnerMedia 的結果。

WarnerMedia continues to be free-cash-flow-accretive.

華納媒體持續增加自由現金流。

Our expense management with merger-related synergies are on track.

我們的費用管理與合併相關的綜效正在步入正軌。

We expect to hit a $700 million run rate by the end of this year, and HBO Max is slated to launch next spring.

我們預計到今年年底，票房收入將達到 7 億美元，HBO Max 預計於明年春天推出。

Overall, WarnerMedia had another strong quarter with 5.5% revenue growth and solid operating income growth.

整體而言，WarnerMedia 季度營收成長 5.5%，營業收入穩健成長。

HBO revenues grew thanks to strong content sales, driven by home entertainment and international licensing.

HBO 收入的成長得益於家庭娛樂和國際授權推動的強勁內容銷售。

Turner revenues were up about 2% on subscription revenue growth, and this includes the advertising impact of not having the NCAA Men's Final Four championship this year.

由於訂閱收入成長，特納收入成長了約 2%，其中包括今年沒有獲得 NCAA 男子四強賽冠軍的廣告影響。

It will be back on Turner next year.

明年它將回歸特納。

And at Warner Bros., theatrical revenues increased due to home entertainment games and a highly successful release of Mortal Kombat 11, which drove game revenues.

在華納兄弟，由於家庭娛樂遊戲和《真人快打 11》的發行大獲成功，影院收入增加，推動了遊戲收入。

With that, Mike, we're now ready to take questions.

麥克，我們現在準備好回答問題了。

Operator, we're ready for the Q&A instructions.

接線員，我們已準備好接受問答說明。

(Operator Instructions)

（操作員說明）

It looks like first we have the line of John Hodulik of UBS.

看起來首先是瑞銀集團的約翰‧霍杜利克 (John Hodulik)。

Maybe some questions on the Entertainment segment, and specifically on the video subs.

也許有一些關於娛樂部分的問題，特別是關於視頻字幕的問題。

John, you said you've got about another 1 million subs left on the promotions.

約翰，你說促銷活動中還剩下大約 100 萬訂閱者。

When did those promotions expire?

這些促銷活動什麼時候到期？

And maybe if you could comment a little bit on the programming disputes you're having with CBS and Nexstar.

也許您可以對您與 CBS 和 Nexstar 之間的節目爭議發表一些評論。

One, is this -- is expectations for a resolution there driving some of the belief and continued growth in EBITDA in that segment?

第一，對解決方案的預期是否會推動該細分市場 EBITDA 的一些信念和持續成長？

And then how do you expect that to impact the sub-trends as we look into the second half of the year?

那麼，當我們展望今年下半年時，您預計這將如何影響次趨勢？

Hi, John.

你好，約翰。

It's Randall.

這是蘭德爾。

I'll take the carriage disputes that are going on with CBS and Nexstar first, and I'll hand it to John and let him just kind of reconcile the subscriber numbers for you.

我將首先處理與 CBS 和 Nexstar 之間的運輸糾紛，然後將其交給約翰，讓他為您核對訂戶數量。

As everybody probably knows, CBS has pulled their signal off DIRECTV, as has Nexstar.

大家可能都知道，CBS 已經取消了 DIRECTV 的訊號，Nexstar 也是。

And they're 2 very different situations.

這是兩種截然不同的情況。

On CBS, it's kind of an interesting situation.

在哥倫比亞廣播公司，這是一個有趣的情況。

The bid/ask candidly is not that wide, but it's kind of an interesting dynamic with them.

坦白說，出價/要價並沒有那麼廣泛，但這對他們來說是一種有趣的動態。

We sent what I thought was a reasonable fair offer over 5 days ago, and it's been crickets.

五天前我們發出了我認為合理的公平報價，而且是蟋蟀。

We haven't heard anything, haven't even had a response to the offer.

我們還沒有聽到任何消息，甚至還沒有對這個提議做出回應。

And when you're as close as we are, we find it a little interesting that we're still sitting here dark and not having interaction with CBS.

當你和我們一樣親密時，我們發現有點有趣的是我們仍然坐在這裡黑暗而不與哥倫比亞廣播公司互動。

I'm guessing they're probably distracted with other negotiations right now, but I don't know.

我猜他們現在可能忙於其他談判，但我不知道。

Nexstar, it's a very different situation.

Nexstar，這是一個非常不同的情況。

Nexstar, as you know, basically, their product is broadcast, the 4 big broadcast stations free-over-the-air content, I might point out, and their opening bid in the negotiation's like a 100% increase.

Nexstar，如你所知，基本上，他們的產品是廣播，我可能會指出，四大廣播電台的免費無線內容，他們在談判中的開價就像是 100% 的增長。

And not only was it a 100% increase, but the assets that they're trying to acquire, that they don't yet own yet, they were asking for a rather significant increase on assets they don't own.

不僅是 100% 的成長，而且他們試圖收購的、他們尚未擁有的資產，他們還要求對他們不擁有的資產進行相當顯著的成長。

So it began with kind of a nonstarter.

所以一開始就毫無進展。

They've pulled their signal and gone dark.

他們已經取消了信號並陷入黑暗。

Now the spread is they're asking for a 50% increase on broadcast channels that, again, are free over the air.

現在，他們要求廣播頻道的費用增加 50%，而這些頻道又是免費的。

And so that one may take longer, but we'll just have to be resolute on this one.

因此，這可能需要更長的時間，但我們必須在這一點上堅定不移。

We're just not going to impose those kind of price increases on our customers.

我們只是不會將這種價格上漲強加給我們的客戶。

And interestingly enough, unlike other times where we have gone through these type of blackouts for companies who've pulled their signal, our customers in a world of streaming are finding other ways to access this content.

有趣的是，與其他時候我們對那些撤回訊號的公司經歷過的此類停電不同，我們在串流媒體世界中的客戶正在尋找其他方式來存取這些內容。

And so there's other technologies.

還有其他技術。

These technologies can even flow right into the programming guide in our DIRECTV lineup.

這些技術甚至可以直接融入我們的 DIRECTV 系列節目指南中。

So customers are at a pretty significant way of finding other ways of getting to that content.

因此，客戶正在以非常重要的方式尋找其他方式來獲取該內容。

So that one could take a while.

所以可能需要一段時間。

CBS, I'm optimistic, but hopefully we can just get them back to the table and get this closed.

哥倫比亞廣播公司，我很樂觀，但希望我們能讓他們回到談判桌並結束這場比賽。

So John, taking that forward, we've got about 1 million customers left, as I mentioned, on these price locks, and those price locks expire in the fourth quarter.

所以約翰，展望未來，正如我所提到的，我們還有大約 100 萬客戶處於這些價格鎖定狀態，而這些價格鎖定將在第四季度到期。

Pretty much ratably I'd say throughout the second half of the year, but in November, they close out, and we expect to have through the process by the end of this year.

我想說的是整個下半年，但到了 11 月，他們就結束了，我們預計在今年年底前完成這個過程。

So we'd expect to continue to see some of the impacts of getting to this value-based, long-term customer value approach that we've taken on those customers and continue to see some of the same trends we've seen.

因此，我們預計將繼續看到我們對這些客戶採取的這種基於價值的長期客戶價值方法所產生的一些影響，並繼續看到我們已經看到的一些相同趨勢。

Additionally, we have, as you've seen the EBITDA grow and the performance of the business being really solid, certainly stable, but solid in my mind, you can see that we believe that this value of customer -- long-term value customer approach is working.

此外，正如您所看到的，我們的 EBITDA 不斷成長，業務業績非常穩健，當然穩定，但在我看來，您可以看到我們相信客戶的價值——長期價值客戶方法正在發揮作用。

So on the intake side, we're going to continue to follow that, and that will also continue to lead us through some -- working through the rest of this year.

因此，在招生方面，我們將繼續遵循這一點，這也將繼續引導我們完成一些工作——在今年剩餘的時間裡。

With that being said, we're encouraged about our early insights into AT&T TV.

話雖如此，我們對 AT&T TV 的早期見解感到鼓舞。

We're encouraged about the ability to get it out into beta, learn from it and take it forward the rest of this year.

我們對能夠將其推出測試版、從中學習並在今年剩餘時間繼續推進的能力感到鼓舞。

So when I look at 2020, and we've been through the 2-year price locks, we've been through a full year of adding long-term, value-based customers, and we have the potential to use AT&T TV.

因此，當我展望 2020 年時，我們已經經歷了兩年的價格鎖定，我們已經經歷了增加長期、基於價值的客戶的一整年，我們有潛力使用 AT&T TV。

We have more optimistic expectations for 2020.

我們對2020年抱持著更樂觀的預期。

That gives us the basis to believe that margins will continue to be stable next year.

這使我們有理由相信明年的利潤率將繼續保持穩定。

Just most importantly, what John just went through is as we come out of back end of 2019 and the customer base is cleaned up, we will have a customer base that is going to be perfectly suited for HBO Max.

最重要的是，約翰剛剛經歷的事情是，當我們結束 2019 年年底並且客戶群得到清理時，我們將擁有一個非常適合 HBO Max 的客戶群。

And we really had a really strong second quarter with HBO.

我們在 HBO 的第二季確實表現出色。

And I got to tell you, with what we saw on HBO in the second quarter, particularly on the digital subscriptions that were added, we're gaining more and more confidence that this DIRECTV base, as we come out of 2019, is going to be ideally suited for driving HBO, HBO Max penetration as we launch that next year.

我必須告訴你，根據我們在第二季在 HBO 上看到的情況，特別是增加的數位訂閱，我們越來越有信心，隨著 2019 年的結束，這個 DIRECTV 基礎將非常適合推動HBO、HBO Max 的滲透率（我們明年將推出）。

And next in queue, we'll go to the line of Phil Cusick with JPMorgan.

接下來，我們將進入菲爾庫西克 (Phil Cusick) 與摩根大通 (JPMorgan) 的隊伍。

Following up there, you've given, through the second quarter, some thoughts about typical seasonality in video losses in 2Q versus 1Q, and it came through around that 100,000.

接下來，您在整個第二季度對第二季度和第一季視訊遺失的典型季節性進行了一些思考，大約有 100,000 個視訊遺失。

How do you think about typical video losses in 3Q versus 2Q?

您如何看待第三季與第二季的典型視訊遺失情況？

And should we expect a continued sort of subdued level of promotion in video until you get to the -- a wider AT&T TV launch?

在 AT&T 電視更廣泛的推出之前，我們是否應該期待視訊推廣的持續低迷水平？

Yes, Phil.

是的，菲爾。

So I think you should expect, as you'd call it, subdued or what we'll call the long-term value focus promotional activity, I think that's right.

所以我認為你應該期待，正如你所說的那樣，受到抑製或我們所說的長期價值焦點促銷活動，我認為這是正確的。

You should expect that.

你應該預料到這一點。

We have some normal summer activity with video.

我們有一些正常的夏季活動，包括影片。

I wouldn't expect that to change.

我沒想到這種情況會改變。

What I would tell you though is the balancing of that with the same number of customers or the amount of customers getting off these 2-year price locks, putting that together, what I'm trying to say is we'd expect this level of losses to continue.

不過，我要告訴你的是，在相同數量的客戶或擺脫兩年價格鎖定的客戶數量之間進行平衡，將其放在一起，我想說的是，我們預計這一水平虧損繼續。

I'm not predicting what they are, but we need to get through this 1 million customer base and some of the other, if you will, less than value-conscious-focused promotions that we've done in prior years.

我並不是預測它們是什麼，但我們需要打通這 100 萬客戶群，以及其他一些（如果你願意的話）不如我們前幾年所做的注重價值的促銷活動。

We need to get through those.

我們需要克服這些。

That'll take us through the end of the year to do that.

這將需要我們在今年年底完成這項工作。

The positive side of that is I don't know what AT&T TV is going to do for us.

積極的一面是我不知道 AT&T TV 將為我們做什麼。

I think it's going to be a focus of real results in 2020 because we're going to roll it out later this quarter and then we'll test it.

我認為這將成為 2020 年實際結果的焦點，因為我們將在本季稍後推出它，然後我們將對其進行測試。

But you can be assured we're going to continue to focus on this long-term value of the customer.

但您可以放心，我們將繼續專注於客戶的長期價值。

And next up in queue, we have the line of Simon Flannery of Morgan Stanley.

隊列中的下一個是摩根士丹利的西蒙·弗蘭納裡 (Simon Flannery)。

Turning to the balance sheet on the buybacks, can you help us think about how you're going to balance buybacks versus continued deleveraging once you get to the 2.5?

談到回購的資產負債表，您能否幫助我們考慮一下，一旦達到 2.5，您將如何平衡回購與持續去槓桿化？

Where would you like to end up on the balance sheet?

您希望最終出現在資產負債表上的哪個位置？

And how are you going to divide your free cash flow between the 2?

您將如何在兩者之間分配自由現金流？

And then if you could update us on the $6 billion to $8 billion of net asset sales.

然後您能否向我們介紹 60 億至 80 億美元淨資產出售的最新情況。

You've obviously sold almost $4 billion already, but where do you see that trending at this point?

顯然您已經售出近 40 億美元，但您認為目前的趨勢在哪裡？

So Simon, I want to take the asset sales first.

所以西蒙，我想先進行資產出售。

I feel really good about where we're at.

我對我們所處的位置感覺非常好。

The -- and I bucket them -- I put them in 2 buckets.

我把它們放在兩個桶子裡。

One is a straight asset sale to Hulu and Hudson Yards, and that was the $4 billion, but we've also done a whole collection of other working capital impacts just like the WarnerMedia securitizations, a whole collection of that kind of activity.

一個是直接向 Hulu 和 Hudson Yards 出售資產，即 40 億美元，但我們也做了一系列其他營運資本影響，就像華納媒體證券化一樣，是此類活動的全部集合。

So I feel really good where we're at.

所以我對我們所處的位置感覺非常好。

With regard to asset sales, we're -- I think it's public knowledge that we're out there selling our collection of about 1,300 U.S. cell towers that we still have, we still own.

關於資產出售，我認為眾所周知，我們正在出售我們仍然擁有的約 1,300 座美國手機訊號塔。

We have a whole collection over 1,000 cell towers in Mexico.

我們在墨西哥擁有 1,000 多個手機訊號塔。

We probably have 250 parcels of real estate with a couple hundred million dollars under contract.

我們可能有 250 塊房地產，合約金額達數億美元。

We have an equity investment in a company called CME, and their independent Board is reviewing their strategic alternatives.

我們對一家名為 CME 的公司進行了股權投資，他們的獨立董事會正在審查他們的策略選擇。

So we've got a whole collection of things.

所以我們有一整套的東西。

That's not all of them, but we've got a whole collection of things that gives us confidence in meeting that $6 billion to $8 billion range, and hopefully doing very well with regard to that $6 billion to $8 billion target.

這還不是全部，但我們已經掌握了一系列的東西，使我們有信心實現 60 億至 80 億美元的範圍，並希望在 60 億至 80 億美元的目標方面做得很好。

And I'll remind you that that's on a net basis, too.

我會提醒您，這也是基於網路的。

So we're expecting to cover the investment we made in millimeter wave this year in the 24 auction.

因此，我們預計將在 24 日拍賣中涵蓋今年在毫米波方面的投資。

So the $6 billion to $8 billion target is going to include being able to pay for that with the proceeds.

因此，60 億至 80 億美元的目標將包括能夠用收益支付這筆費用。

We've just got a lot of opportunities.

我們剛剛有很多機會。

We feel good about it, and I'll leave that at that.

我們對此感覺很好，我就到此為止。

With regard to the balance sheet, I think you can think about it as we've talked about it after -- the fourth year after the close of the deal, we'd look to be -- I'd expect we'd be somewhere around the 2.0 range or below.

關於資產負債表，我想你可以考慮一下，就像我們在交易結束後的第四年討論過的那樣，我們希望——我預計我們會大約 2.0 範圍或更低。

That gives us great flexibility to pay down debt and take advantage of what now is a higher cash cost of equity capital than the cash cost of our debt capital.

這為我們提供了極大的靈活性來償還債務，並利用目前股權資本現金成本高於債務資本現金成本的優勢。

So when you look at it on a very methodical basis, right now, the cash flows of the overall operation on an after-dividend basis can be enhanced by shifting some of your focus from debt repayment to buyback.

因此，當你現在非常有條理地看待它時，透過將部分重點從債務償還轉移到回購，可以增強股息後整體營運的現金流。

But I want to make sure we stay focused on the fact that we're going to achieve, we expect to achieve our guidance, and we'll get there.

但我想確保我們始終專注於我們將要實現的目標，我們期望實現我們的指導，並且我們將實現這一目標。

And that is our focus, primary focus right now to make sure we (inaudible) that.

這是我們的重點，現在的主要重點是確保我們（聽不清楚）這一點。

We're well on track.

我們一切順利。

We feel good.

我們感覺很好。

I think you can tell that just by the fact that we just raised our guidance on free cash flow.

我想你可以透過我們剛剛提高了自由現金流的指導這一事實來看出這一點。

But that's how we think about it.

但這就是我們的想法。

And so these are historically low interest rate environments, and operating at this level's been something we can very reasonably do, very adequately do and feel very comfortable about.

因此，這些都是歷史上的低利率環境，在這個層面上操作是我們可以非常合理地、非常充分地做並且感到非常舒服的事情。

And next up in queue, we have the line of David Barden with Bank of America Merrill Lynch.

接下來是美國銀行美林銀行的大衛‧巴登 (David Barden)。

I guess, the first one would be it's been a while since the Business Wireline side surprised to the upside, and I think that you guys have been trying to kind of just maintain it, but is there something structural or competitively that has evolved that might be -- this might be the first data point in the trend?

我想，第一個是美國商業資訊方面已經有一段時間沒有令人驚訝的上漲趨勢了，我認為你們一直在努力維持它，但是是否有一些結構性或競爭性的變化可能會導致這種情況發生？這可能是趨勢中的第一個數據點？

Or is it more of an anomaly?

或者這更像是一種異常現象？

And then the second question, John Stephens, would be on the cash flow guide.

然後第二個問題，約翰·史蒂芬斯，將關於現金流量指南。

Could you kind of parse down the increase in the free cash flow guidance?

能否解析一下自由現金流指引的成長？

Is it related to lower CapEx as you shift CapEx to vendor financing?

當您將資本支出轉向供應商融資時，這是否與較低的資本支出有關？

Or is it related to the working capital benefits from the WarnerMedia asset sale or other things kind of that are going to come through the year?

還是與華納媒體資產出售或其他今年將要發生的事情帶來的營運資金收益有關？

It'd just be helpful to kind of get a picture of that.

拍一張照片會有幫助。

So [they could], David.

所以[他們可以]，大衛。

Let me take that free cash flow one first.

讓我先談談自由現金流。

And quite frankly, we're at the $26 billion range.

坦白說，我們的規模是 260 億美元。

I feel very good about that.

我對此感覺很好。

We did $2.6 billion securitization that we told you about.

正如我們所告訴的，我們進行了 26 億美元的證券化。

And quite frankly, some would suggest that raising the guidance to $28 billion could have been raised at an even higher number than the $28 billion range.

坦白說，有些人建議將指導意見提高到 280 億美元，籌集的金額本可以比 280 億美元的範圍更高。

But quite frankly, we're going to continue to invest in the network.

但坦白說，我們將繼續投資該網路。

Our FirstNet team, our network team is [putting in 24/7], quite frankly, ahead of schedule.

坦白說，我們的 FirstNet 團隊、我們的網路團隊正在 [24/7 投入]，比計劃提前。

They're being really efficient, but if they need more capital, I'm going to have the flexibility to do that and still meet what were -- what our guidance is.

他們非常高效，但如果他們需要更多資金，我將靈活地做到這一點，並且仍然滿足我們的指導。

If we can get software releases out quicker with regard to 5G and put those in place, I want to retain the flexibility to do that.

如果我們能夠更快地發布有關 5G 的軟體並將其落實到位，我希望保留這樣做的靈活性。

So quite frankly, the raise in guidance is something that's very reasonable to achieve, and I feel good about it and yet retains flexibility for us.

坦白說，指導意見的提高是非常合理的，我對此感覺良好，但同時也為我們保留了靈活性。

So I understand the reason for your question.

所以我理解你提問的原因。

But we have retained some flexibility in this to make sure that if we can continue to build at this -- the 60% achievement level that we're at is 9 months ahead of schedule.

但我們在這方面保留了一定的靈活性，以確保如果我們能夠繼續實現這一目標，那麼我們所達到的 60% 的成就水平就比原計劃提前了 9 個月。

If we can keep doing this, and the impacts on that overall wireless business are really showing up at lower churn in customer.

如果我們能夠繼續這樣做，那麼對整個無線業務的影響就會真正反映在客戶流失率的降低上。

We've had 1 million voice customers in the last year, 355,000 just in the last quarter.

去年我們擁有 100 萬語音客戶，光是上個季度就有 355,000 個。

So I feel really good about what it's doing.

所以我對它所做的事情感覺非常好。

So I want to be ready to support those really quality efforts.

所以我想準備好支持那些真正高品質的努力。

That's that aspect of it.

這就是它的那個面向。

On the B2B front, David, this is Randall, look, U.S. business is pretty healthy.

在 B2B 方面，大衛，這是蘭德爾，你看，美國業務相當健康。

U.S. business is doing very, very strong.

美國企業的表現非常非常強勁。

And we're now into, since tax reform, I think like our sixth quarter of really healthy fixed investment for businesses.

自從稅改以來，我們現在正進入第六季的企業固定投資真正健康的時期。

And that tracks really, really well with what we do.

這與我們所做的事情非常非常吻合。

And it's just been a little soft in the last quarter or 2 with the China trade discussions.

上一兩季的中國貿易談判有點疲軟。

The administration doesn't like to -- for us to talk about that, but, look, business has pulled in investment the last quarter or so as a result of the trade uncertainty.

政府不喜歡我們談論這個問題，但是，由於貿易不確定性，企業在上個季度左右吸引了投資。

But with all that said, it's been 6 quarters of pretty robust increase in business fixed investment, and that tracks very well with us.

但話雖如此，企業固定投資已經連續六個季度出現相當強勁的成長，這對我們來說進展順利。

Second is pricing has been pretty rational in this industry, and especially as we've worked off a lot of those whole legacy products where you had this incredible pricing pressure.

其次，這個行業的定價一直相當合理，尤其是我們已經擺脫了許多傳統產品，這些產品面臨著令人難以置信的定價壓力。

We're now in the market.

我們現在在市場上。

What's growing are the new IP-type services.

正在成長的是新的IP類型的服務。

And the pricing there in the marketplace has been pretty reasonable and stable, and the new product sets are doing well.

市場上的定價相當合理且穩定，新產品系列表現良好。

You saw special service as we call them, but I think those were up 6%plus for the quarter, which is a really nice healthy growth rate for those.

你看到了我們所謂的特殊服務，但我認為本季這些服務成長了 6% 以上，這對這些服務來說是一個非常好的健康成長率。

And then we had some IP sales in the quarter, and that propped it up a little bit.

然後我們在本季度實現了一些 IP 銷售，這稍微支撐了它。

So -- but even without that, the trends are really, really strong here.

所以——但即使沒有這些，這裡的趨勢也非常非常強勁。

We feel good -- we feel about as positive on this segment as we have in quite some time.

我們感覺很好——我們對這一領域的感覺與相當長一段時間以來一樣積極。

And as businesses keep investing, we'll continue to be really bullish on this segment.

隨著企業不斷投資，我們將繼續看好這一領域。

And the IP sales, by the way, I mean, I know those are -- come in big blocks, but they're not one-time.

順便說一句，我的意思是，我知道知識產權銷售是大批量的，但它們不是一次性的。

We've had these in the past, had a couple in this quarter, and we'll have probably, I suspect, more in the future.

我們過去已經有過這些，本季也有過一些，我懷疑將來我們可能會有更多。

That's become a nice little opportunity for us.

這對我們來說是一個很好的小機會。

And then we haven't even talked about the Microsoft and the IBM deals that were announced just recently.

然後我們甚至還沒有討論最近剛宣布的 Microsoft 和 IBM 交易。

And those are not inconsequential deals.

這些都不是無關緊要的交易。

Those have multifaceted implications.

這些具有多方面的影響。

And predominantly, those deals address a particular area.

這些交易主要針對特定領域。

The biggest cost item on AT&T's P&L are we call it the factory costs.

AT&T 損益表中最大的成本項目我們稱之為工廠成本。

But it's the network and the IT costs, the big iron costs.

但這是網路和 IT 成本，是巨大的鋼鐵成本。

And as you have seen over the last few years, we have very consistently -- with all the activity in the network going on, we have very consistently driven those cost levels down on an absolute basis 8%, 9%, 10% year-over-year very consistently.

正如您在過去幾年中所看到的，我們非常一致地——隨著網絡中所有活動的進行，我們非常一致地將這些成本水平逐年絕對降低了 8%、9%、10%——一年來非常一致。

We're kind of getting to a place where it's hard to continue getting those type of productivity increases.

我們正處於一個很難繼續提高生產力的情況。

What we're doing with both IBM and Microsoft is leveraging their capabilities in large-scale cloud deployments, and they're taking over a lot of applications for AT&T, moving those to the cloud.

我們正在與 IBM 和 Microsoft 合作，利用他們在大規模雲端部署方面的能力，他們正在接管 AT&T 的大量應用程序，並將其轉移到雲端。

And what it's going to do is allow us to continue at this type of cost-reduction curve on the network and IT side of the house and continue that momentum there.

它將允許我們繼續在網路和 IT 方面保持這種成本降低曲線，並繼續保持這種勢頭。

In addition, we are securing revenue opportunities with each of those companies and actually have go-to-market strategies that will allow us to continue to keep the momentum you're seeing on the wireline revenue side.

此外，我們正在確保與每家公司的收入機會，並且實際上擁有進入市場的策略，這將使我們能夠繼續保持您在有線收入方面看到的勢頭。

So all in all, I would tell you we're relatively bullish on the B2B side of the house, and hopeful that if we continue to have economic growth, the trade situation doesn't become a distraction for businesses, and we can continue and improve on this.

總而言之，我想告訴你，我們相對看好 B2B 方面，並希望，如果我們繼續實現經濟成長，貿易狀況不會成為企業的干擾，我們可以繼續並對此進行改進。

Next up, we have the line of Brett Feldman, Goldman Sachs.

接下來是高盛的布雷特費爾德曼 (Brett Feldman)。

For the last few quarters, we've seen a steady execution in the wireless business, and that's been without being fully deployed on FirstNet, without really having had a chance to do a lot yet with 5G.

在過去的幾個季度中，我們看到無線業務的穩定執行，但還沒有在 FirstNet 上完全部署，也沒有真正有機會在 5G 方面做很多事情。

But over the next year, both of those initiatives are going to be much more significantly deployed.

但在明年，這兩項措施都將得到更廣泛的部署。

Can you talk a little bit about how you think about your go-to-market in mobility and whether you think over the next few quarters there's an opportunity to maybe step on the gas a bit more?

您能否談談您對行動出行市場的看法，以及您是否認為在接下來的幾季裡有機會進一步加強？

Yes.

是的。

Thanks, Brett.

謝謝，布雷特。

This is Randall again.

這又是蘭德爾。

Yes, look, the wireless side of the house, we are feeling more and more confident every day as we execute through the network strategy and the FirstNet strategy.

是的，看，在無線方面，隨著我們執行網路策略和 FirstNet 策略，我們每天都感到越來越有信心。

And as you think about growth in the future, you've hit on the key elements.

當您思考未來的成長時，您已經抓住了關鍵要素。

FirstNet is just in its infancy.

FirstNet 還處於起步階段。

And we have a few hundred thousand subscribers that have moved to FirstNet.

我們有數十萬訂閱者已轉移到 FirstNet。

The first responder community is a rather large market, and it's a market where we come into it with very small share.

第一響應者社群是一個相當大的市場，而我們進入這個市場的份額很小。

And so our opportunity to grow share as we build out this First Responder Network is quite significant.

因此，在我們建立第一響應者網絡時，我們增加份額的機會非常重要。

And you're starting to see that play itself out.

你開始看到這種情況自行發生。

But just as importantly is as we build out the FirstNet network, we're moving into markets where we have had a pretty thin presence in the past.

但同樣重要的是，隨著我們建立 FirstNet 網絡，我們正在進入過去業務薄弱的市場。

These are rural communities.

這些是農村社區。

And as we move into these communities, we are standing up brand-new distribution in many communities.

當我們進入這些社區時，我們正在許多社區建立全新的分銷。

And everybody on this call who's followed this business for a while knows what the penetration numbers look like when a new entrant comes into a community.

這次電話會議中關注該業務一段時間的每個人都知道，當新進業者進入社區時，滲透率數據會是什麼樣子。

The first market share goes quick.

第一市場佔有率的成長速度很快。

It comes to you quick, and we're starting to see that as we stand up distribution in new communities.

它很快就會到來，當我們在新社區中進行分發時，我們開始看到這一點。

And we're at the very front end of this as well.

我們也處於這方面的最前端。

As we told you, we're 60% built out on our coverage.

正如我們告訴您的，我們的覆蓋範圍已達 60%。

We have 40% more to go, so there's a lot of opportunity left here.

我們還有 40% 的時間要完成，所以這裡還有很多機會。

And then the piece that's not inconsequential, in fact it's probably the most important of all of this, is that AT&T now has claimed the network quality mantle.

然後，並非無關緊要的部分，事實上它可能是所有這一切中最重要的部分，是 AT&T 現在已經聲稱擁有網路品質的職責。

Network quality is ours, and we feel very strongly about this.

網路品質是我們的，我們對此感受非常強烈。

And as I told you, we have been rated the best, the fastest and most reliable network by people who do this for a living on an independent basis.

正如我告訴過你的，我們被那些以獨立為生的人評為最好、最快、最可靠的網路。

And as a marketing position, that's a great place to be.

作為行銷職位，這是一個很好的地方。

And we're starting to see the impacts of this in key segment customer churn.

我們開始看到這對關鍵細分市場客戶流失的影響。

We're starting to see it in terms of gross add capability.

我們開始從總增加能力的角度來看待它。

And just having a strong network quality, brand and message in the marketplace by itself is a growth strategy.

在市場上擁有強大的網路品質、品牌和資訊本身就是一種成長策略。

And so bottom line, we're feeling pretty bullish about the wireless business right now.

因此，最重要的是，我們現在對無線業務非常樂觀。

John, would you add anything?

約翰，你能補充點什麼嗎？

Brett, we think of the first responder community as 3 million potential, we participate very little of that.

Brett，我們認為第一響應者社群有 300 萬的潛力，但我們參與其中的很少。

We're growing it quickly now.

我們現在正在快速成長。

But we also -- the secondary first responders, the guys that go in and restore power, restore hospitals and work in that environment that don't necessarily wear firefighter hats or police badges, that's another 8 million or brings that total almost -- or excuse me, that adds about 11 million to it.

但我們還有——第二急救人員，那些進去恢復供電、恢復醫院並在那種環境中工作的人，不一定戴消防員帽子或警察徽章，這又是800 萬人，或者幾乎是這個總數——或者對不起，這增加了約 1100 萬。

So that brings that community total to about 14 million.

這樣，社區總數就達到了 1400 萬左右。

That's a huge -- that's the opportunity we view.

這是一個巨大的機會——這就是我們看到的機會。

And then you think about them having multiple devices, whether it be a tablet or a phone, and then you think about them having family members.

然後你會想到他們擁有多種設備，無論是平板電腦還是手機，然後你會想到他們有家庭成員。

So it really is a very large scale.

所以它的規模確實非常大。

We're making great progress in getting authorized with agencies and adding customers, and adding customers that were previously served by somebody else, but we're also very, as Randall said, this network is outstanding, and it's going to serve our existing customer base.

我們在獲得代理機構授權、增加客戶以及增加以前由其他人提供服務的客戶方面取得了巨大進展，但正如蘭德爾所說，我們的網絡非常出色，它將為我們現有的客戶提供服務根據。

And so it's going to give us this opportunity, quite frankly, to lower churn, to give better quality service to this existing 80 million customers -- phone customers we have today.

因此，坦白說，這將為我們提供降低客戶流失率的機會，為現有的 8,000 萬客戶（我們今天的電話客戶）提供更優質的服務。

That's a real benefit that I have a difficult time putting a price tag on or giving predictions for, but I know it's a real benefit for us and for the shareholders, for the customers.

這是一個真正的好處，我很難給出價格標籤或做出預測，但我知道這對我們、股東、客戶來說都是真正的好處。

So we feel really good about that.

所以我們對此感覺非常好。

And that leaves us just in a very smooth transition into 5G.

這讓我們能夠非常順利地過渡到 5G。

This 5G Evolution's going on now, so 5G plus with our millimeter wave and our 20 markets that we're in today.

5G 演進正在進行中，因此 5G+ 與我們的毫米波以及我們今天所處的 20 個市場一樣。

And with the 5G and the core network where we'll have national -- nationwide coverage next year, we expect by the middle of the year.

憑藉 5G 和核心網絡，我們預計明年年中將實現全國覆蓋。

So we really are leading in 5G.

所以我們在 5G 方面確實處於領先地位。

We really are -- and FirstNet is enabling this, and it's going to have a lot of benefits to it.

我們確實做到了——FirstNet 正在實現這一點，並且它將帶來許多好處。

So you can -- you can understand why we do feel good.

所以你可以——你可以理解為什麼我們確實感覺良好。

We do feel good about what the team is doing and how they're performing and optimistic about meeting targets going forward.

我們確實對團隊正在做的事情以及他們的表現感到滿意，並對實現未來的目標感到樂觀。

Last thing I'll say as the accountant side of me, you get 70% of this complete by the end of this year.

最後我要說的是，作為我的會計師，到今年年底，您將完成 70% 的工作。

And our network guys have surprised me on the positive side before.

我們的網路人員之前也曾在正面的方面讓我感到驚訝。

We're going to have a lot of the CapEx behind us on the build side.

我們將在建構方面投入大量資本支出。

And the remaining piece would be software upgrades, so we feel really good about the financial aspects of this process also.

剩下的部分將是軟體升級，因此我們對流程的財務方面也感到非常滿意。

Will come from the line of Mike McCormack of Guggenheim.

將來自古根漢的邁克·麥科馬克的血統。

Randall, obviously, a lot of news out there, and it seems like the landscape is about to change, I guess, fairly dramatically in the wireless business.

蘭德爾，顯然，有很多新聞，我想，無線業務的格局似乎即將發生巨大的變化。

Just sort of thinking, what are your thoughts over the next 3, 4 years as you see potentially new entrants coming in?

只是想一想，當您看到潛在的新進入者進來時，您對未來 3、4 年有何想法？

How does that change the AT&T strategy going forward?

這將如何改變 AT&T 的未來策略？

And I guess, secondly on the Business Wireline side, just to circle back on that, it seems like -- it sounds like you guys are doing much more on retention efforts around that.

我想，其次是在美國商業資訊方面，回顧一下這一點，聽起來你們在這方面做了更多的保留工作。

Is there something there with regard to share loss being stemmed that's also having a positive impact?

在阻止股票損失方面是否存在一些也能產生正面影響的因素？

I'm sorry, Mike.

對不起，麥克。

That last question, say it again, Business Wireline we're in retention mode?

最後一個問題，再說一遍，美國商業資訊，我們處於保留模式嗎？

Just on the Business Wireline, it seems like I've been hearing that you guys have been doing a much better job in retaining customers and (inaudible) share to competitors.

就在美國商業資訊上，我似乎聽說你們在留住客戶和（聽不清楚）與競爭對手分享方面做得更好。

I just wanted to see if there's any commentary on that.

我只是想看看有沒有對此的評論。

That's -- and it happens to be accurate.

那是——而且它恰好是準確的。

We have done a very good job as new big deals come up retaining those.

隨著新的大交易的出現，我們做得非常好，保留了這些。

And as I told you, the pricing has been fairly rational in the marketplace.

正如我告訴你的，市場上的定價相當合理。

And so, yes, we really have had not only on a retention basis, but also on an acquisition basis, picking up new logos.

所以，是的，我們確實不僅在保留的基礎上，而且在收購的基礎上，選擇了新的標誌。

We picked up a number of new logos in the last year or so.

我們在去年左右選擇了一些新標誌。

And so that business, again, I just won't dwell on it, but it continues to surprise us in terms of how it's doing.

因此，我不會再詳細討論這項業務，但它的表現仍然讓我們感到驚訝。

And I'd love to say it's all 100% great execution, but a lot of that was just good economic health.

我很想說這都是 100% 出色的執行力，但其中很大一部分只是良好的經濟健康。

And American business is quite healthy right now.

美國商業目前相當健康。

In terms of industry structure, there's a lot of noise out there right now in industry structure.

從產業結構來看，目前產業結構存在許多噪音。

And the news this morning that maybe T-Mobile is close to having a deal with the DOJ, I just -- there's so many ifs around industry structure and who's going to be in the market and who's not.

今天早上有消息稱 T-Mobile 可能即將與司法部達成協議，我只是——圍繞行業結構以及誰將進入市場、誰不會進入市場存在很多假設。

It's actually hard to respond to it, but to answer your question directly, if Charlie Ergen has wireless assets and distribution or Sprint T-Mobile happens or doesn't happen, candidly, it doesn't change anything we're going to do for the next 3 years.

實際上很難對此做出回應，但要直接回答你的問題，如果Charlie Ergen 擁有無線資產和分銷，或者Sprint T-Mobile 發生或不發生，坦率地說，這不會改變我們要做的任何事未來3年。

Our strategy is pretty well baked, and I think the strategy is resilient as it relates to changes in industry structure.

我們的策略非常完善，而且我認為該策略具有彈性，因為它與行業結構的變化有關。

It's a strategy from a wireless standpoint that is, first and foremost, centered around FirstNet, getting the FirstNet capability deployed, built, standing up new distribution, tapping that new market and just continuing to drive network quality.

這是從無線角度來看的策略，首先也是最重要的是以 FirstNet 為中心，部署、建構 FirstNet 功能，建立新的發行版，開拓新市場，並持續提高網路品質。

And then, obviously, the 5G deployment is high, high priority.

顯然，5G 部署是高度優先的。

Also then pairing that with a unique content in HBO Max.

然後將其與 HBO Max 中的獨特內容配對。

It's not even here yet, but HBO Max will be a key part of this wireless strategy as we get into next year and pairing a very unique premium video content with our wireless and our TV and broadband business.

雖然還沒有實現，但隨著我們進入明年，HBO Max 將成為這項無線策略的關鍵部分，並將非常獨特的優質視訊內容與我們的無線、電視和寬頻業務結合。

So whether anything happens with that or not, it doesn't change our strategy.

因此，無論是否發生任何事情，都不會改變我們的策略。

Now the status of these deals, it's obviously one that we're watching very closely, but there are so many ifs around, does the industry structure change or not.

現在這些交易的狀況，顯然是我們正在密切關注的，但周圍有很多如果，行業結構是否會改變。

And the interesting part is it's set up where the DOJ is probably not going to be the last say on this deal.

有趣的是，司法部可能不會成為這筆交易的最後決定者。

And I've not seen this happen in M&A before, where the state AGs have positioned themselves, where they will be the last say on any deal that gets done and they're kind of in a position where they're going to be grading the DOJ's work as we go through this.

我以前從未在併購中看到過這種情況，州總檢察長已經對自己進行了定位，他們將是任何完成的交易的最後發言權，並且他們處於將進行評級的位置當我們經歷這一切時，司法部正在進行工作。

And so thinking about state AGs and then the rumors and so forth in the marketplace, what level of comfort they'll take that the antitrust concerns and fix is Charlie Ergen coming into the wireless business, that's been decades in the making, so it'll be interesting to see how they react to that.

因此，考慮一下國家股份公司以及市場上的謠言等等，當查理·埃爾根(Charlie Ergen) 進入無線業務時，他們會對反壟斷問題和解決方案感到多大程度的安慰，這已經醞釀了幾十年，所以它'看看他們對此有何反應將會很有趣。

So a lot of things up in the air.

所以很多事情都懸而未決。

It's hard to say which way this thing goes, but at the end of the day, it doesn't change anything we're doing.

很難說這件事會朝哪個方向發展，但最終，它不會改變我們正在做的任何事情。

Next up, we have the line of Michael Rollins of Citi.

接下來是花旗銀行的麥可‧羅林斯 (Michael Rollins)。

As you consider balancing revenue performance and profitability, can you discuss the role that content exclusivities will play in the future for AT&T in 2 respects?

當您考慮平衡收入表現和盈利能力時，您能否從兩個方面討論內容獨佔性將在未來對 AT&T 發揮的作用？

First, on the content in sports rights, like NFL SUNDAY TICKET that you distribute through DIRECTV, and then second, separately, how you think about monetizing the content library in WarnerMedia on an exclusive basis, whether it's through HBO Max or other distributors like Netflix?

首先，關於體育版權的內容，例如您透過 DIRECTV 分發的《NFL SUNDAY TICKET》；其次，您如何考慮以獨家方式將 WarnerMedia 的內容庫貨幣化，無論是透過 HBO Max 還是透過 Netflix 等其他發行商？

Sure.

當然。

Hi, Mike.

嗨，麥克。

Yes.

是的。

So start with the NFL SUNDAY TICKET exclusivity.

那就從 NFL 週日門票專屬開始吧。

That's something that served DIRECTV well for many years.

這也是 DIRECTV 多年來的良好表現。

However, unfortunately, right now, that content is tied to our satellite product.

然而，不幸的是，目前該內容與我們的衛星產品相關聯。

And so it serves a good value as we come into the fall.

因此，當我們進入秋季時，它具有很好的價值。

It'll be an important retention tool.

這將是一個重要的保留工具。

But in terms of an opportunity to grow our business with that, when it's anchored to a satellite product, it's kind of hard to utilize it.

但就發展我們業務的機會而言，當它固定在衛星產品上時，就很難利用它。

So hopefully, over time, we can address that and move it on to our other platforms.

因此，希望隨著時間的推移，我們能夠解決這個問題並將其轉移到我們的其他平台上。

And I think it can be a really important piece of growing our other platforms.

我認為這可能是發展我們其他平台的一個非常重要的部分。

As you think about NBA, Major League Baseball, a lot of the content that is -- content rights that are held by the Turner companies, whether it be TNT or TBS and the NBA Final 4, and then playoffs fit that as well, those are obviously really important variables.

當你想到 NBA、美國職棒大聯盟時，很多內容都是由特納公司持有的內容版權，無論是 TNT 還是 TBS 以及 NBA 總決賽 4 強，然後季後賽也符合這些內容，這些顯然是非常重要的變數。

And they've been very, very important in making Turner very unique content as we market it to other distributors, but also as we begin to put that content on our HBO Max platform.

當我們向其他發行商推銷特納的內容時，以及當我們開始將這些內容放到我們的 HBO Max 平台上時，它們對於使特納的內容變得非常非常重要。

This won't be at the early stages of HBO Max, but you should assume that ultimately, HBO Max will have live elements.

這不會是在 HBO Max 的早期階段，但你應該假設 HBO Max 最終將會有現場元素。

And those live elements, both unique live sports, premium sports, the ones we just went through, NBA, Major League Baseball, NCAA basketball, those are going to be really, really important elements for HBO Max.

這些直播元素，包括獨特的直播體育賽事、優質體育賽事，以及我們剛剛觀看的體育賽事、NBA、美國職棒大聯盟、NCAA 籃球，這些都將成為 HBO Max 非常非常重要的元素。

The same with news, and you can go through the areas of news that we think are very, very important, and will do quite well as an element of HBO Max.

新聞也是如此，您可以瀏覽我們認為非常非常重要的新聞領域，並且作為 HBO Max 的一個元素會表現得很好。

So exclusive content has been important for as long as the TV business has been around.

因此，自從電視行業存在以來，獨家內容就一直很重要。

We don't see that changing, and you should assume that we will take advantage of opportunities, both within Turner and don't forget Bleacher Report.

我們沒有看到這種情況發生變化，你應該假設我們會利用特納內部的機會，並且不要忘記看台報告。

We have some great exclusive live content in Bleacher Report, from NBA to soccer, European soccer and so forth.

我們在 Bleacher Report 中提供了一些很棒的獨家直播內容，從 NBA 到足球、歐洲足球等等。

So a lot of opportunities to take advantage of the unique content deals that we have within WarnerMedia.

因此，我們有許多機會利用華納媒體內部獨特的內容交易。

Next up, we have the line of Kannan Venkateshwar of Barclays.

接下來是巴克萊銀行的 Kannan Venkateshwar。

If I may on the Entertainment Business, if you just look at the performance this particular quarter, despite losing subs, you, of course, did well on revenues and EBITDA relative to expectation then.

如果我可以在娛樂業務方面，如果你只看這個特定季度的表現，儘管失去了訂閱者，你當然在收入和 EBITDA 方面相對於當時的預期表現良好。

So I guess, it's getting to a point where the yield is better than the sub-losses overall.

所以我想，現在已經達到了收益率優於整體損失的程度。

And therefore, when you look at some of these new product launches, the central line device going forward and even DIRECTV NOW, how are you thinking about -- what's the product vision behind it?

因此，當您看到其中一些新產品發布、未來的中心線設備甚至 DIRECTV NOW 時，您會如何思考——其背後的產品願景是什麼？

Is it more to manage that?

是不是更需要管理？

Or is it more for growth?

還是更多的是為了成長？

And is video growth from a subscriber perspective really important going forward?

從訂閱者的角度來看，影片成長真的很重要嗎？

Or should we just assume that because the focus is margins and growth, margins and top line stability, the focus will more be on price and costs?

或者我們應該假設，因為重點是利潤和成長、利潤和營收穩定性，所以重點將更多放在價格和成本上？

Yes.

是的。

Hi, Kannan.

嗨，卡南。

This is Randall again.

這又是蘭德爾。

You've nailed the equation.

你已經搞定這個等式了。

I mean, that's exactly what the equation is.

我的意思是，這正是等式的意思。

It's -- one has to ask, how is it that subscribers can decline like this and margins expand?

人們不得不問，為什麼訂戶數量會如此下降，而利潤率卻會擴大？

And it says a lot about the customers that are staying on the network, that they tend to be very high-value customers, tend to be very valuable customers as you think about where we are going as a company.

它充分說明了留在網路上的客戶，當你考慮到我們作為一家公司的發展方向時，他們往往是非常高價值的客戶，往往是非常有價值的客戶。

And that is distributing unique content through as many distribution points as possible.

這就是透過盡可能多的分發點來分發獨特的內容。

And so as you think about the product portfolio going forward, which is what you have teed up, it's interesting.

因此，當您考慮未來的產品組合（這就是您已經準備好的產品組合）時，這很有趣。

The DIRECTV product is going to have a really long life, and they're going to be segments of the market for a long time, but that's how you'll address those segments of the market.

DIRECTV 產品的壽命將會非常長，而且它們將在很長一段時間內成為市場的一部分，但這就是您應對這些市場部分的方式。

This thin client product that were bringing to market, it literally takes the customer acquisition costs and cuts it in half.

這款瘦客戶端產品推向市場後，實際上將客戶獲取成本削減了一半。

And the beauty of that is that you can begin to address a fundamental problem with the current linear TV business, and that is the price point, but the content costs just continuing to grow.

這樣做的好處在於，您可以開始解決當前線性電視業務的一個基本問題，那就是價格點，但內容成本仍在繼續增長。

You heard me talk about Nexstar wanting 100% increase on their broadcast rights and so forth.

你聽到我談到 Nexstar 希望增加 100% 的轉播權等等。

We've got to find a way to get the cost curve down on this product, so we can keep people into the product for a longer-term basis.

我們必須找到一種方法來降低該產品的成本曲線，這樣我們就可以讓人們長期使用該產品。

So as you drive customer acquisition costs in half on AT&T TV, the new product we're bringing to market, then you can bring the price points down and hold margins and still have the same value equation from a customer standpoint.

因此，當您將 AT&T TV（我們向市場推出的新產品）的客戶獲取成本降低一半時，您就可以降低價格並保持利潤，並且從客戶的角度來看仍然具有相同的價值等式。

So DIRECTV, good product, will be there for a long time.

所以DIRECTV這個好產品將會存在很長一段時間。

AT&T TV, you should assume, this will be the workhorse over the next couple of years.

你應該假設，AT&T TV 將成為未來幾年的主力。

And we will put our shoulder and our muscle behind AT&T TV, get a lower price point, shore up this customer base over the next couple of years.

我們將全力支持 AT&T TV，獲得更低的價格，在未來幾年鞏固這一客戶群。

And then the part that shouldn't be missed, and we haven't given any subscriber numbers on HBO digital because we just had Game of Thrones, and we added a lot of digital subscribers.

然後是不容錯過的部分，我們沒有給出 HBO 數位版的任何訂戶數量，因為我們剛剛播出了《權力的遊戲》，並且增加了很多數字訂戶。

And we will, as we get to the WarnerMedia Day, we'll give some visibility into those.

當我們進入華納媒體日時，我們將對這些內容進行一些介紹。

But until we kind of know what the churn characteristics of a product like this looks like, we're going to be a little guarded about giving subscribers.

但在我們了解此類產品的流失特徵之前，我們在向訂閱者提供服務時會有些謹慎。

But here's what we do know, and that is HBO -- DISH stopped carrying HBO.

但我們確實知道的是 HBO——DISH 不再播出 HBO。

And year-over-year, we're actually up HBO subscribers.

與去年同期相比，我們的 HBO 訂閱人數實際上有所增加。

That tells you how strong the digital subscriber performance of this thing was.

這告訴你這個東西的數位訂戶性能有多強。

And churn is hanging in there pretty strong in the third quarter because as Game of Thrones went off, the HBO folks, we gave them more capital to invest in content.

第三季的流失率相當高，因為隨著《權力的遊戲》的上映，HBO 的人們，我們給了他們更多的資金來投資內容。

So in comes the new season of Big Little Lies.

新一季的《大小謊言》即將到來。

It's performed very well.

表現得非常好。

Chernobyl was a blowout success.

切爾諾貝利核事故取得了巨大的成功。

After Big Little Lies ended last Sunday.

《大小謊言》上週日結束後。

Now we have Succession coming online.

現在我們的繼承上線了。

The new season of Barry is coming into play, and this thing is just feeling pretty good.

新一季的巴里即將上演，這件事感覺​​還不錯。

And so as you think about a video portfolio, DIRECTV, AT&T TV, HBO, which we're getting more and more conviction that HBO Max is going to be meaningful, you can imagine that those are the places we're going to put our shoulder and our muscle as we move forward.

因此，當您考慮視訊組合、DIRECTV、AT&T TV、HBO 時，我們越來越相信 HBO Max 將變得有意義，您可以想像這些就是我們將要放置我們的內容的地方。當我們前進時，肩膀和我們的肌肉。

And the implications of that to profitability, we think, are pretty important.

我們認為，這對獲利能力的影響非常重要。

And so we'll give more visibility on the WarnerMedia Day in October.

因此，我們將在 10 月的華納媒體日上給予更多關注。

But bottom line, we like how the video portfolio is shaping up here, and you can listen to that discussion and begin to appreciate where you would expect our marketing and customer acquisition muscle to go.

但最重要的是，我們喜歡這裡的影片組合的形成方式，您可以聆聽討論並開始了解您期望我們的行銷和客戶獲取力量的發展方向。

Randall, if I could, I have only one thing to add.

蘭德爾，如果可以的話，我只有一件事要補充。

All that investment that Randall was talking about and all these new shows that's showing up, first of all, you've seen the 3% revenue increase at HBO ties exactly to what Randall said.

蘭德爾所說的所有投資以及所有正在出現的新節目，首先，你已經看到 HBO 3% 的收入增長與蘭德爾所說的完全相關。

How are you doing that without strong digital performance?

如果沒有強大的數位效能，您如何做到這一點？

But technically all these new shows that he's talking about, we've made those content investments.

但從技術上講，他所說的所有這些新節目，我們都已經進行了內容投資。

We continue to invest in content just like CapEx throughout the year.

我們全年繼續對內容進行投資，就像資本支出一樣。

And that is in -- that is already included in those free cash flow numbers that we've shown up through this year and included in our guidance.

這已經包含在我們今年顯示並包含在我們的指導中的自由現金流數字中。

So we are making decisions to continue to invest.

因此，我們正在做出繼續投資的決定。

We're doing that today.

我們今天正在這樣做。

You're seeing the build on 5G today.

今天您將看到基於 5G 的建置。

You're seeing this investment in content today.

您今天看到了這種對內容的投資。

And with all of that, we're still coming back to this kind of $4 a share of free cash flow, not only for the trailing 12 months, but for this year.

儘管如此，我們仍然會回到每股 4 美元的自由現金流，不僅是過去 12 個月，而且今年也是如此。

So I'd say this, we are investing in the business, particularly in the comments that Randall made on WarnerMedia and HBO and those types, but also across the board.

所以我想說的是，我們正在投資這項業務，特別是蘭德爾對華納媒體和 HBO 等類型的評論，而且是全面投資。

It's just really important to keep that in mind, and we're still generating just tremendous cash flows, not only in total, but on a per-share basis.

牢記這一點非常重要，我們仍然產生巨大的現金流，不僅是總額，而且是每股現金流。

Our last question will come from the line of Tim Horan of Oppenheimer.

我們的最後一個問題將來自奧本海默的蒂姆霍蘭。

Randall, can you dive into the 5G strategy a little bit more?

Randall，您能更深入探討 5G 戰略嗎？

It does feel like now you could be a few years ahead of your peers, and it seems like a great opportunity to gain share, maybe grow ARPUs here, but are you going to be able to deploy the 5G software as soon as the FirstNet build is done by the end of next year?

現在確實感覺您可以領先同行幾年，這似乎是獲得份額的絕佳機會，也許可以增加 ARPU，但是一旦 FirstNet 構建，您就能部署 5G 軟體嗎？明年年底完成嗎？

And can you talk about maybe what the go-to-market strategy will look like?

能談談進入市場的策略會是什麼樣子嗎？

Will you look to gain share more so or will it be to grow ARPUs?

您會尋求更多的份額還是增加 ARPU？

And just practically speaking, from a customer perspective, how much more speed or network capacity or latency will they really see off the bat and starting in 2021?

實際上，從客戶的角度來看，從 2021 年開始，他們真正能看到速度、網路容量或延遲提高多少？

Yes.

是的。

Hi, Tim.

嗨，提姆。

You bet.

你打賭。

We are pretty consistent in talking about the advantages of FirstNet, and that it's allowing us to deploy this 5G hardware with one touch on the sales side.

我們在談論 FirstNet 的優勢方面非常一致，它使我們能夠在銷售方面一鍵部署 5G 硬體。

So we climbed the sales side, and we're doing a number of things.

因此，我們在銷售方面取得了進展，並且正在做很多事情。

We're turning up the FirstNet hardware and the FirstNet spectrum, and then we're turning up all this other latent spectrum that we own as we climb the tower and putting the 5G hardware in place.

我們正在打開 FirstNet 硬體和 FirstNet 頻譜，然後當我們爬上塔並將 5G 硬體安裝到位時，我們會打開我們擁有的所有其他潛在頻譜。

And we put the beta alpha tag on the phone for 5G Evolution.

我們在手機上貼上了 5G Evolution 的 beta alpha 標籤。

And I know some of our competitors didn't like that, but it's proving to be exactly what we told the market that it would be.

我知道我們的一些競爭對手不喜歡這樣，但事實證明這正是我們告訴市場的那樣。

You turn up all this spectrum, you put the new technology in place and there is a speed enhancement.

你打開所有這些頻譜，將新技術應用到位，速度就會提高。

And we are unquestionably the fastest network in the market just because of that capacity served.

毫無疑問，我們是市場上最快的網絡，正是因為所提供的容量。

And we are literarily in the process of, by end of 2019, we'll have increased the total capacity of this network, John had a slide on this, by 50%.

從字面上看，我們正在努力，到 2019 年底，我們將增加該網路的總容量，約翰對此做了幻燈片，增加了 50%。

There are just inherent performance improvements from that alone that we're seeing and our customers are experiencing, and our churn is reflecting this.

我們所看到的和我們的客戶正在體驗到的只是固有的性能改進，我們的客戶流失也反映了這一點。

Now 5G, to your question, will the software be ready?

現在5G了，對於你的問題，軟體準備好了嗎？

By mid-year next year, as we've turned all -- put all this hardware in place, we will have a nationwide footprint of 5G.

到明年年中，當我們將所有這些硬體都安裝到位時，我們將在全國範圍內實現 5G 覆蓋範圍。

So yes, the software will be turned up.

所以是的，該軟體將會出現。

And by mid-year, we'll have a nationwide footprint of 5G.

到年中，我們的 5G 將覆蓋全國。

We are also in the process of market-by-market turning up our millimeter wave spectrum 5G into that spectrum band.

我們也正在逐一市場地將我們的毫米波頻譜 5G 轉變為該頻段。

And as you know, when you put 5G into that millimeter wave band, that's when you get these radical speed lifts, and that's when you start to get the gig-type speeds.

如您所知，當您將 5G 放入毫米波頻段時，您就會獲得這些激進的速度提升，並且開始獲得演出型速度。

And we have it up in areas here in Dallas, for example.

例如，我們在達拉斯的一些地區就有這樣的服務。

And I have a Samsung phone that I carry around.

我有一部隨身攜帶的三星手機。

And I routinely, when I do speed tests here in Dallas, get over 1 gig speeds, get 2 gig on some occasions.

當我在達拉斯進行速度測試時，我通常會獲得超過 1 gig 的速度，有時甚至會達到 2 gig。

And so you're going to have some radically step-up in speed performance as we deploy this in the millimeter wave on top of our lower-ban spectrum when we turn it up over the course of next year.

因此，當我們在明年將其部署到低禁令頻譜之上的毫米波中時，速度效能將會得到根本性的提升。

The really high-performance millimeter wave spectrum is going to come market-by-market, and it will take a while to deploy the really high-speed spectrum.

真正的高性能毫米波頻譜將逐個市場出現，部署真正的高速頻譜還需要一段時間。

As we turn it up, Tim, you should expect our focus will be a little different than some of our competitors.

提姆，當我們打開它時，你應該預料到我們的重點將與我們的一些競爭對手有所不同。

It is a business-driven focus at the go-down.

這是一個由業務驅動的底層焦點。

And we think it's really important because we can deploy this technology.

我們認為這非常重要，因為我們可以部署這項技術。

If somebody needs a connected factory or connected plant, we're doing this in Austin now, you will see us do that.

如果有人需要互聯工廠或互聯工廠，我們現在正在奧斯汀這樣做，你會看到我們這樣做。

If somebody needs a Wi-Fi replacement for their business operations, we can deploy and we can replace that.

如果有人需要 Wi-Fi 替代品來進行業務運營，我們可以部署並更換它。

If somebody has IoT applications, we can begin to deploy this and roll these services out kind of commensurate with the network deployment.

如果有人擁有物聯網應用程序，我們可以開始部署它並推出與網路部署相稱的這些服務。

And so it will be business-driven at first.

因此，一開始它將是業務驅動的。

As we get broad coverage of the millimeter wave, and this is really important, as our customers begin to get handsets into their hands that can use this technology, which right now, is pretty limited number of handsets, but as we exit next year there'll be a significant -- they'll be in the dozen more handsets where people can use this technology, then you'll see us ratchet up, the marketing and the promotion.

隨著毫米波的廣泛覆蓋，這一點非常重要，因為我們的客戶開始將可以使用這項技術的手機交到他們手中，目前手機的數量相當有限，但隨著我們明年退出，這將是一個重要的——它們將出現在更多的手機中，人們可以使用這項技術，然後你會看到我們加強行銷和促銷。

We don't want to get too aggressive with the consumer right now when there aren't any handsets in the marketplace and there isn't significant coverage.

當市場上還沒有任何手機並且沒有大量的覆蓋範圍時，我們不想對消費者過於激進。

That will happen as we go through the course of next year.

當我們經歷明年的過程時，這將會發生。

And we do agree with you that we have an advantage here.

我們確實同意你的觀點，我們在這方面有優勢。

We have a deployment advantage, and we think we'll have nationwide, this broad 5G deployment mid-year, and that's going to be important for our customers.

我們擁有部署優勢，我們認為我們將在年中在全國範圍內進行廣泛的 5G 部署，這對我們的客戶來說非常重要。

And let me wrap up, and then hand it over for Randall for some closing comments.

讓我總結一下，然後將其交給蘭德爾進行一些結束評論。

But specifically on the quarter, we had solid revenue growth.

但特別是在本季度，我們的營收成長強勁。

And we met our service revenue growth in mobility.

我們在行動領域實現了服務收入的成長。

Quality EBITDA growth, solid EPS, strong free cash flows and continued investment in both content and network that are showing up in our results.

優質的 EBITDA 成長、穩健的每股盈餘、強勁的自由現金流以及對內容和網路的持續投資，這些都體現在我們的業績中。

So we feel like it was a very good quarter, and we are very -- and we remain optimistic going forward.

所以我們覺得這是一個非常好的季度，我們非常——並且我們對未來保持樂觀。

Our ability to generate cash and manage our balance sheet is without question, and we feel very good about it.

我們產生現金和管理資產負債表的能力是毫無疑問的，我們對此感覺非常好。

Randall, let me turn it over to you.

蘭德爾，讓我把它交給你。

I don't have much to add.

我沒有太多要補充的。

I would we just point out, all of the commitments we gave to you last year, at the end of the year, we are hitting every one of those.

我想指出的是，我們去年向大家所做的所有承諾，到今年年底，我們都將兌現每項承諾。

And we're checking the box on each of them.

我們正在勾選每個選項。

I am gaining greater and greater confidence we'll hit each of those as we go through the course of this year.

我越來越有信心在今年的過程中我們將實現這些目標。

The debt we'll have in a very reasonable place as we exit this year, I'll be -- I fully expect that we'll be buying some stock back as we go through this year and the cash flows continue to produce.

當我們今年退出時，我們的債務將處於一個非常合理的位置，我完全預計，當我們經歷今年並且現金流繼續產生時，我們將回購一些股票。

And look, I hope you're seeing in WarnerMedia why we thought this asset was so important for us to own.

我希望你能在華納傳媒看到為什麼我們認為擁有這項資產如此重要。

This is a great business, great talent, great people running it.

這是一家偉大的企業，擁有優秀的人才和優秀的經營者。

HBO is firing on all cylinders.

HBO 正在全力以赴。

Warner Bros.

華納兄弟。

is doing terrific.

做得很好。

And all this is coming together to give us great confidence that HBO Max is going to be something special in the marketplace.

所有這些都讓我們充滿信心，HBO Max 將在市場上脫穎而出。

And we'll get more to that, more of that to you in October.

我們將在 10 月為您提供更多資訊。

We look forward to seeing everybody there.

我們期待在那裡見到大家。

Thank you for joining the call, and look forward to seeing you.

感謝您加入通話，並期待見到您。

Okay.

好的。

So long, everyone.

久違了，大家。

And ladies and gentlemen still connected, that does conclude the presentation for this morning.

女士們先生們仍然保持聯繫，今天早上的演講到此結束。

Again, we thank you very much for all of your participation and for using our conferencing system with Event Management.

再次，我們非常感謝您的參與以及使用我們的會議系統和活動管理。

At this time, you may now disconnect.

此時，您可以斷開連線。