AT&T Inc (T) 2022 Q4 法說會逐字稿

Thank you for standing by. Welcome to AT&T's Fourth Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝你的支持。歡迎來到 AT&T 2022 年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would like to turn the conference call over to our host, Amir Rozwadowski, Senior Vice President of Finance and Investor Relations. Please go ahead.

我想將電話會議轉交給我們的主持人，財務和投資者關係高級副總裁 Amir Rozwadowski。請繼續。

Thank you, and good morning, everyone. Welcome to our fourth quarter call. I'm Amir Rozwadowski, Head of Investor Relations for AT&T. Joining me today on the call are John Stankey, our CEO; and Pascal Desroches, our CFO.

謝謝大家，早上好。歡迎來到我們的第四季度電話會議。我是 Amir Rozwadowski，AT&T 投資者關係主管。今天和我一起參加電話會議的是我們的首席執行官 John Stankey；和我們的首席財務官 Pascal Desroches。

Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they're subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially. Additional information as well as our earnings materials are available on the Investor Relations website.

在我們開始之前，我需要提請您注意我們的安全港聲明。它說我們今天的一些評論可能是前瞻性的。因此，它們受到 AT&T 提交給 SEC 的文件中描述的風險和不確定性的影響。結果可能存在重大差異。投資者關係網站上提供了更多信息以及我們的收益材料。

With that, I'll turn the call over to John Stankey. John?

有了這個，我會把電話轉給 John Stankey。約翰？

Thanks, Amir, and Happy New Year, everyone. I appreciate you joining us today, and I hope you enjoyed a restful and healthy holiday season. And at the conclusion of this call, I'm declaring the statute of limitations on this being the new year has run out. I'll share upfront that our commentary is a bit longer than usual. However, we thought it was important to provide a bit more clarity on our business today, primarily our fiber strategy since we haven't had an opportunity to discuss our December GigaPower joint venture announcement. Still, we'll ensure we have enough time to get to most of your questions.

謝謝，阿米爾，大家新年快樂。感謝您今天加入我們，希望您度過了一個寧靜而健康的假期。在本次電話會議結束時，我宣布新年的訴訟時效已經到期。我會預先分享我們的評論比平時長一點。然而，我們認為今天更清楚地說明我們的業務很重要，主要是我們的光纖戰略，因為我們沒有機會討論我們 12 月的 GigaPower 合資公告。不過，我們會確保有足夠的時間回答您的大部分問題。

As I reflect on not only this past year, but the past 2.5 years, it's clear that our teams have worked diligently to refocus AT&T around a connectivity strategy has simplified our company and positioned it for sustainable growth. Our results over the past 10 quarters demonstrate we are on our way to delivering the full promise of the strategy. We're operating a streamlined and return-focused business with an improved profit trajectory that's committed to generating sustained cash earnings growth while delivering an attractive dividend.

正如我不僅回顧過去的一年，而且回顧過去的 2.5 年，很明顯，我們的團隊一直在努力工作，將 AT&T 重新聚焦在連接戰略上，簡化了我們的公司，並將其定位為可持續增長。我們過去 10 個季度的業績表明，我們正在實現該戰略的全部承諾。我們正在經營精簡且以回報為中心的業務，利潤軌跡得到改善，致力於產生持續的現金收入增長，同時提供有吸引力的股息。

Underpinning all of our actions is a deep desire to connect our customers with greater possibility through 5G and fiber. And importantly, we're assembling the right assets, talent and capital structure to offer an experience and value proposition that customers appreciate. Our fourth quarter results are the latest example of how our teams continue to consistently deliver for our customers. We finished 2022 with strong momentum in growing customer relationships. As you can see from our profitability trends, we're growing them in the right way.

我們所有行動的基礎是通過 5G 和光纖將我們的客戶與更大的可能性聯繫起來的強烈願望。重要的是，我們正在整合正確的資產、人才和資本結構，以提供客戶欣賞的體驗和價值主張。我們的第四季度業績是我們的團隊如何繼續始終如一地為客戶提供服務的最新例證。 2022 年，我們在客戶關係發展方面表現強勁。正如您從我們的盈利趨勢中看到的那樣，我們正在以正確的方式發展它們。

So let me highlight some of our progress. Let's start with wireless. We delivered 656,000 postpaid phone net adds in the fourth quarter and nearly 2.9 million postpaid phone net adds for the full year. And over the past 2.5 years, we've increased our postpaid phone base by nearly 7 million to 69.6 million subscribers which represents our best 10-quarter stretch of wireless growth more than a decade. During the same 10-quarter time span, we've grown wireless service revenues, EBITDA and also increased our postpaid phone ARPU by nearly $1.

因此，讓我強調我們的一些進展。讓我們從無線開始。我們在第四季度交付了 656,000 部後付費電話淨增加，全年交付了近 290 萬部後付費電話淨增加。在過去的 2.5 年裡，我們的後付費電話用戶群增加了近 700 萬，達到 6960 萬，這是我們十多年來無線增長最好的 10 個季度。在同一個 10 個季度的時間跨度內，我們的無線服務收入和 EBITDA 有所增長，並且我們的後付費電話 ARPU 也增加了近 1 美元。

And while others may have jumped the gun, they claim that they were the only ones to reduce churn in the fourth quarter on a year-over-year basis, we also lowered our fourth quarter postpaid and postpaid phone churn without offering richer promotions or free line giveaways. We consider this yet another data point highlighting that our comprehensive approach to improving the entire customer experience is working from our simplified go-to-market strategy, to our better network experience, to our focused market segmentation practices.

雖然其他人可能搶先一步，但他們聲稱他們是唯一在第四季度同比減少客戶流失率的公司，我們還降低了第四季度的後付費和後付費電話客戶流失率，但沒有提供更豐富的促銷或免費線路贈品。我們認為這是另一個數據點，它強調我們改善整個客戶體驗的綜合方法正在從我們簡化的上市戰略、我們更好的網絡體驗，到我們專注的市場細分實踐。

On top of that, our growth was not only robust but profitable with 2022 being the most profitable year ever for our mobility business. We expect profit growth to continue in 2023 as we benefit from the investments we've made in our business over the last 2.5 years. Our network teams have also consistently outpaced our mid-band 5G spectrum rollout objective. In fact, we now reach 150 million mid-band 5G POPs, more than double our initial 2022 year-end target. Our goal remains to deploy our spectrum efficiently and in a manner that supports traffic growth. In the markets where we have broadly deployed mid-band 5G, 25% of our traffic in these areas already takes advantage of our mid-band spectrum.

最重要的是，我們的增長不僅強勁而且盈利，2022 年是我們移動業務有史以來盈利最多的一年。我們預計 2023 年利潤將繼續增長，因為我們受益於過去 2.5 年對業務的投資。我們的網絡團隊也始終超越我們的中頻段 5G 頻譜推出目標。事實上，我們現在已達到 1.5 億個中頻段 5G POP，是我們最初的 2022 年底目標的兩倍多。我們的目標仍然是以支持流量增長的方式有效地部署我們的頻譜。在我們廣泛部署中頻 5G 的市場中，我們在這些地區的 25% 流量已經利用了我們的中頻頻譜。

Now let's move to fiber where we build fiber, we continue to win. We had more than 1.2 million AT&T fiber net adds last year. The fifth straight year, we've totaled more than 1 million AT&T fiber net adds. And after 2.9 million AT&T fiber net adds over the last 2.5 years, we've now reached an inflection point where our fiber subscribers outnumber our non-fiber DSL subscribers. The financial benefits of our fiber focus are also becoming increasingly apparent as full year fiber revenue growth of nearly 29% has led to sustainable revenue and profit growth in our Consumer Wireline business. As we scale our fiber footprint, we also expect to drive margin expansion.

現在讓我們轉向我們構建光纖的光纖，我們繼續獲勝。去年我們有超過 120 萬的 AT&T 光纖網絡增加。連續第五年，我們的 AT&T 光纖淨增用戶總數超過 100 萬。在過去 2.5 年增加了 290 萬個 AT&T 光纖網絡之後，我們現在已經達到了一個轉折點，我們的光纖用戶數量超過了非光纖 DSL 用戶數量。由於全年光纖收入增長近 29%，導致我們的消費者有線業務的收入和利潤可持續增長，因此我們專注於光纖的財務收益也變得越來越明顯。隨著我們擴大我們的光纖足跡，我們也希望推動利潤增長。

In summary, we're enhancing and expanding our networks while extending our long runway for sustainable growth. And I'm very happy with the high quality and consistent customer adds we achieved last year. We've emphasized that our plan was to grow customer relationships in a thoughtful and responsible way grounded by an enhanced value proposition that resonated with customers. That's exactly what our teams have done, quarter after quarter. In addition to growing customer relationships, we've executed some of the most challenging actions associated with repositioning our operations. We've doubled down on our cost transformation. We've now achieved more than $5 billion of our $6 billion plus cost savings run rate target.

總之，我們正在加強和擴大我們的網絡，同時延長我們可持續增長的長跑道。我對我們去年取得的高質量和一致的客戶補充感到非常滿意。我們已經強調，我們的計劃是以引起客戶共鳴的增強價值主張為基礎，以深思熟慮和負責任的方式發展客戶關係。這正是我們的團隊每個季度都在做的事情。除了發展客戶關係外，我們還執行了一些與重新定位我們的業務相關的最具挑戰性的行動。我們在成本轉型方面加倍努力。我們現在已經實現了超過 60 億美元的成本節約運行率目標中的 50 億美元。

In 2023, you can expect the benefits from these efforts to increasingly fall to the bottom line. In fact, you've already seen the benefits of this cost transformation beginning to translate into operating leverage despite inflationary pressures. Our teams did an excellent job implementing pricing actions and business efficiencies to offset continued inflationary impacts, the impacts we anticipate will be with us in the near to midterm. Part of tapping into these efficiencies entails improving acquisition costs and further streamlining our operations and distribution. Another part entails rationalizing our Wireline copper infrastructure and reinvesting those savings into fiber and wireless where we're seeing improving returns.

到 2023 年，您可以預期這些努力帶來的收益將越來越低。事實上，儘管存在通脹壓力，您已經看到這種成本轉變的好處開始轉化為經營槓桿。我們的團隊在實施定價行動和業務效率方面做得非常出色，以抵消持續的通脹影響，我們預計這些影響將在中短期內伴隨我們。利用這些效率的一部分需要提高采購成本並進一步簡化我們的運營和分銷。另一部分需要使我們的有線銅纜基礎設施合理化，並將這些節省下來的資金重新投資到我們看到回報有所提高的光纖和無線領域。

As we look at our last priority, we also continue to generate meaningful levels of free cash flow even with record levels of investment. This gives us confidence in our ability to continue delivering an attractive dividend today and in the future, while also improving the credit quality of that dividend as we expect to increase our cash generation over time. We strengthened our balance sheet last year, reducing our net debt by about $24 billion. So as we close 2022, I'm proud of what the AT&T team accomplished despite a competitive market and challenging macro environment.

當我們審視我們的最後一個優先事項時，即使投資達到創紀錄水平，我們也將繼續產生有意義的自由現金流水平。這讓我們相信我們有能力在今天和未來繼續提供有吸引力的股息，同時隨著我們預計隨著時間的推移增加現金產生，我們也會提高股息的信用質量。去年我們加強了資產負債表，減少了約 240 億美元的淨債務。因此，在我們結束 2022 年之際，我為 AT&T 團隊在競爭激烈的市場和充滿挑戰的宏觀環境中取得的成就感到自豪。

Turning to 2023, what's our strategy? Well, it's simple. Do it again. What exactly does that mean? It means we're focused on the same 3 operational and business priorities we set in place 2.5 years ago. As I've mentioned time and again, our north star remains solely focused on becoming the best connectivity provider with 5G and fiber. We're confident we can achieve this because in wireless, we'll maintain our focus on building durable and sustainable customer growth in a rational, return-focused manner.

轉向2023年，我們的戰略是什麼？好吧，這很簡單。再來一遍。這到底是什麼意思呢？這意味著我們專注於我們 2.5 年前設定的相同的 3 個運營和業務優先事項。正如我一再提到的，我們的北極星仍然專注於成為 5G 和光纖的最佳連接提供商。我們有信心能夠實現這一目標，因為在無線領域，我們將繼續專注於以理性、注重回報的方式建立持久和可持續的客戶增長。

Just as we've done over the past 10 quarters, we'll continue to take a disciplined approach to selectively target underpenetrated areas of the consumer and business marketplace and improve the perception and execution of our value proposition. We also expect to continue our 5G expansion, reaching more than 200 million people with mid-band 5G by the end of 2023. In wired broadband, we have the nation's largest and fastest-growing fiber Internet, and we expect continued healthy subscriber growth as we grow our fiber footprint. As we keep expanding our subscriber base will drive efficiencies in everything we do. This includes consistently elevating our customer experience through the improved durability and reliability of our 5G and fiber networks.

正如我們在過去 10 個季度所做的那樣，我們將繼續採取有紀律的方法，有選擇地瞄準消費者和企業市場滲透不足的領域，並改善我們價值主張的認知和執行。我們還預計將繼續我們的 5G 擴展，到 2023 年底，中頻 5G 覆蓋超過 2 億人。在有線寬帶方面，我們擁有全國最大和增長最快的光纖互聯網，我們預計用戶將繼續健康增長，因為我們增加我們的纖維足跡。隨著我們不斷擴大我們的用戶群，我們所做的一切都會提高效率。這包括通過提高 5G 和光纖網絡的耐用性和可靠性來不斷提升我們的客戶體驗。

When we couple our evolving networks with further enhancements to our distribution and digital and self-service channels will make a competitive customer experience even more appealing. We expect to realize additional benefits from our consistent go-to-market strategy and lower cost structures we also benefit from our improved brand perception, strong fiber and wireless asset base, broad distribution and converged product offers.

當我們將不斷發展的網絡與我們的分銷、數字和自助服務渠道的進一步增強相結合時，將使具有競爭力的客戶體驗更具吸引力。我們希望從我們一貫的上市戰略和低成本結構中獲得額外收益，我們還受益於我們提高的品牌認知度、強大的光纖和無線資產基礎、廣泛的分銷和融合的產品供應。

Additionally, we have a clear line of sight to achieving our $6 billion plus cost savings run rate target by the end of this year. We expect even more of these savings to fall to the bottom line as the year progresses. With that improved performance, we remain focused on further strengthening the balance sheet by using cash after dividends to reduce debt as we progress toward our target of a 2.5x range for net debt to adjusted EBITDA. Our commitment to providing an attractive annual dividend also remains firm. As our CapEx is expected to moderate exiting this year, following the peak investment levels of 2022 and 2023, we expect the credit quality of our dividend to improve on the back of our higher free cash flow and improved financial flexibility.

此外，我們有一個明確的目標，即到今年年底實現 60 億美元以上的成本節約運行率目標。隨著時間的推移，我們預計這些節省中的更多將降至底線。隨著業績的改善，我們繼續專注於通過使用股息後的現金來減少債務來進一步加強資產負債表，因為我們正在朝著我們的目標邁進，即淨債務與調整後 EBITDA 的比率達到 2.5 倍。我們對提供有吸引力的年度股息的承諾也依然堅定。由於我們的資本支出預計將在 2022 年和 2023 年的峰值投資水平之後適度退出，我們預計我們的股息的信用質量將在我們更高的自由現金流和更高的財務靈活性的支持下得到改善。

In summary, we feel confident that our growth and profit trends are sustainable despite the uncertain macroeconomic backdrop. As I stated previously, we continue to expect that we will be operating in a challenging macroeconomic environment where wireless industry growth is likely to return to more normalized levels. The resiliency of the services we provide are time-tested and only growing in importance. When you couple this resiliency with the investments we've made to our networks and proven go-to-market strategy, we're confident in our ability to navigate potential economic headwinds that may emerge and our improving financial flexibility only further strengthens that confidence.

總而言之，儘管宏觀經濟背景不確定，但我們相信我們的增長和利潤趨勢是可持續的。正如我之前所說，我們繼續預計我們將在充滿挑戰的宏觀經濟環境中運營，無線行業的增長可能會恢復到更正常的水平。我們提供的服務的彈性是經過時間考驗的，而且越來越重要。當您將這種彈性與我們對網絡所做的投資和行之有效的上市戰略相結合時，我們相信我們有能力應對可能出現的潛在經濟逆風，而我們不斷提高的財務靈活性只會進一步增強這種信心。

Now I'd like to take a moment to touch upon our fiber strategy by quickly level setting on how I'm thinking about the success we've had, our plans for the next few years and how we'll hold ourselves accountable.

現在，我想花點時間談談我們的纖維戰略，通過快速調整我對我們取得的成功的看法、我們未來幾年的計劃以及我們將如何對自己負責。

Similar to the early days of wireless, we consider fiber, a multiyear opportunity that will transform the way consumers and businesses growing connectivity needs are met in the ensuing decade and beyond. For AT&T, we segment this opportunity into 3 distinct buckets based on the specific input parameters and return dynamics each one possesses. The first is our in-footprint build where we can take advantage of our existing infrastructure, deep insights on both the customer base and competitive landscape and our market presence in order to take share and deliver attractive returns. We believe our performance over the last few years supports the wisdom of allocating our capital to these opportunities with sustainable and solid return characteristics.

與早期的無線技術類似，我們認為光纖是一個多年的機會，它將改變消費者和企業在接下來的十年及以後滿足不斷增長的連接需求的方式。對於 AT&T，我們根據每個人擁有的特定輸入參數和回報動態將這個機會分為 3 個不同的桶。首先是我們的足跡建設，我們可以利用我們現有的基礎設施、對客戶群和競爭格局的深刻洞察以及我們的市場存在，以獲取份額並提供有吸引力的回報。我們相信我們過去幾年的表現支持將我們的資本分配給這些具有可持續和穩固回報特徵的機會的智慧。

As we stated previously, we currently size this opportunity is passing 30 million-plus consumer and business locations within our existing wireline footprint by the end of 2025. We finished last year with approximately 24 million fiber locations passed, including businesses, of which more than 22 million locations are sellable, which we define as our ability to serve. Our build to these locations is providing great returns, as you can see from our growing fiber revenues and ARPUs. As a general rule, about 5% of consumer locations passed may not be immediately sellable, primarily due to timing factors such as building access, construction or vacancies. Over time, we expect more of this inventory to become addressable for sale.

正如我們之前所說，我們目前認為這個機會是到 2025 年底在我們現有的有線線路覆蓋範圍內通過超過 3000 萬個消費者和商業地點。去年我們完成了大約 2400 萬個光纖地點，包括企業，其中超過2200 萬個地點可供銷售，我們將其定義為我們的服務能力。正如您從我們不斷增長的光纖收入和 ARPU 中看到的那樣，我們在這些地點的建設提供了豐厚的回報。作為一般規則，約有 5% 的消費者地點可能無法立即出售，這主要是由於時間因素，例如建築物通道、施工或空置。隨著時間的推移，我們預計會有更多此類庫存可供出售。

We remain on track to reach our target of 30 million plus past locations by the end of 2025. The simple math would suggest 2 million to 2.5 million consumer and business locations passed annually moving forward. As we previously shared, build targets will vary quarter-to-quarter in any given year based on how the market is evolving. The second bucket is availing ourselves a partnership opportunities to not only expand but also accelerate our coverage in excess of that 30 million-plus location target. This is where our recent GigaPower joint venture announcement with a BlackRock infrastructure fund resides. While this deal is not yet closed, we're very excited about the expected benefits. Through this endeavor, GigaPower plans to use a best-in-class operating team to deploy fiber to an initial 1.5 million locations, and I would expect that number to grow over time.

我們仍然有望在 2025 年底之前實現超過 3000 萬個過去地點的目標。簡單的數學表明，每年有 200 萬到 250 萬個消費者和商業地點通過。正如我們之前分享的那樣，根據市場的發展情況，任何給定年份的建設目標都會因季度而異。第二個桶是利用我們自己的合作機會，不僅擴大而且加速我們的覆蓋範圍超過 3000 萬以上的位置目標。這是我們最近與 BlackRock 基礎設施基金宣布的 GigaPower 合資企業聲明所在。雖然這筆交易尚未完成，但我們對預期收益感到非常興奮。通過這一努力，GigaPower 計劃使用一流的運營團隊將光纖部署到最初的 150 萬個位置，我預計這個數字會隨著時間的推移而增長。

This innovative risk-sharing collaboration will allow us to prove out the viability of a different investment thesis that expanding our fiber reach not only benefits our fiber business, but also our mobile penetration rates. But what makes me most enthusiastic about this endeavor is that we believe GigaPower provides us long-term financial flexibility and strategic optionality and what we believe is the definitive access technology for decades to come, all while sustaining near-term financial and shareholder commitments.

這種創新的風險分擔合作將使我們能夠證明不同投資論點的可行性，即擴大我們的光纖覆蓋範圍不僅有利於我們的光纖業務，還有利於我們的移動普及率。但讓我對這項努力最感興趣的是，我們相信 GigaPower 為我們提供了長期的財務靈活性和戰略選擇權，我們認為這是未來幾十年的最終接入技術，同時維持近期的財務和股東承諾。

If I were to draw parallel to this partnership approach, I'm reminded the early days of wireless where the race to grow footprint was somewhat time-bound and facilitated by a similar approach ultimately culminating in today's national networks. The last bucket is framed by opportunities to connect people who previously did not have access to best-in-class technologies through broadband stimulus and BEAD funding. As I shared before, we truly believe that connectivity is a bridge to possibility in helping close the digital divide by focusing on access to affordable high-speed Internet is a top priority of AT&T. The intent of these government programs is to provide the necessary funding and support to allow both AT&T and the broader service provider community that means to invest alongside the government at the levels needed to achieve the end state of a better connected America.

如果我要與這種夥伴關係方法相提並論，我會想起無線技術的早期，在這種情況下，擴大足蹟的競賽在某種程度上是有時間限制的，並且由最終在今天的國家網絡中達到頂峰的類似方法推動。最後一個桶是通過寬帶刺激和 BEAD 資金將以前無法獲得一流技術的人聯繫起來的機會。正如我之前分享的那樣，我們堅信連接是通向可能性的橋樑，通過專注於獲得負擔得起的高速互聯網是 AT&T 的首要任務，從而幫助縮小數字鴻溝。這些政府計劃的目的是提供必要的資金和支持，讓 AT&T 和更廣泛的服務提供商社區能夠與政府一起投資，達到實現更緊密聯繫的美國的最終狀態所需的水平。

As the year progresses, we expect to gain more clarity around additional opportunities that exist, none of which are included in the $30 million plus fiber location target I've mentioned. As we compete for the subsidy, we'll bring our operational and market experience to compete for contracts in a disciplined manner. In doing so, we may be the only participant that has the ability to bid as part of an embedded wireline operation, a scaled national wireless provider and GigaPower may participate as a focused and flexible commercial open access wireline fiber network.

隨著時間的推移，我們希望能夠更加清楚地了解存在的其他機會，這些機會都沒有包括在我提到的 3000 萬美元以上的光纖位置目標中。在我們爭奪補貼時，我們將利用我們的運營和市場經驗以有紀律的方式競爭合同。在這樣做的過程中，我們可能是唯一有能力作為嵌入式有線運營的一部分進行投標的參與者，一個規模化的國家無線提供商和 GigaPower 可能作為一個專注且靈活的商業開放接入有線光纖網絡參與。

We think this will prove to be a winning combination in pursuit of attractive growth. The bottom line is this. Our commitment to fiber is at the core of our strategy. In footprint, we're on track to deliver our $30 million-plus location commitment and we're building the strategic and financial capabilities to take advantage of further opportunities as they emerge.

我們認為這將被證明是追求有吸引力的增長的成功組合。底線是這個。我們對纖維的承諾是我們戰略的核心。在足跡方面，我們有望兌現超過 3000 萬美元的選址承諾，並且我們正在構建戰略和財務能力，以便在出現更多機會時加以利用。

To wrap up, regardless of what transpires in the macro economy in the year ahead, we remain confident in the resiliency of the services our customers depend on in their daily lives. I believe our plan for the year rings true to who we are at our core. For almost 150 years, AT&T has invested heavily into connecting our country. And in the process of doing so, we provided a spark for innovation that connects people to greater possibility. This year, we'll continue to honor this heritage by significantly investing in best-in-class technology to build on a foundation for the future of our country's evolving connectivity needs, needs that we expect to grow significantly in the coming years.

總而言之，無論來年宏觀經濟發生什麼變化，我們對客戶在日常生活中所依賴的服務的彈性充滿信心。我相信我們今年的計劃與我們的核心身份相吻合。近 150 年來，AT&T 投入巨資連接我們的國家。在這樣做的過程中，我們點燃了創新的火花，將人們與更大的可能性聯繫起來。今年，我們將繼續通過大力投資一流技術來紀念這一傳統，為滿足我國未來不斷變化的連接需求奠定基礎，我們預計這些需求在未來幾年將大幅增長。

With that, I'll turn it over to Pascal. Pascal?

有了這個，我會把它交給 Pascal。帕斯卡？

Thank you, John, and good morning, everyone. Since John already discussed the great momentum we have this past year in growing our customer base in 5G and fiber, I'd like to start by taking a look at our fourth quarter financial summary on Slide 8. First, as a reminder, with the close of the WarnerMedia transaction in April, historical financial results have been recast to present WarnerMedia and certain other divested businesses as discontinued operations. Therefore, where applicable, I will highlight our financial results on a comparative like-for-like basis.

謝謝約翰，大家早上好。由於 John 已經討論了我們過去一年在 5G 和光纖客戶群增長方面的巨大勢頭，我想首先看一下我們在幻燈片 8 上的第四季度財務摘要。首先，提醒一下，在 4 月份 WarnerMedia 交易結束時，歷史財務業績已經重鑄，將 WarnerMedia 和某些其他剝離的業務列為已終止的業務。因此，在適用的情況下，我將在同類比較的基礎上強調我們的財務業績。

For the fourth quarter, revenues were up nearly 1%. On a comparative basis, revenues for the full year were up around 2%, largely driven by wireless service revenue and, to a lesser extent, broadband in Mexico. This was partly offset by a decline in business wireline.

第四季度，收入增長近 1%。相比之下，全年收入增長約 2%，主要受無線服務收入的推動，其次是墨西哥的寬帶。這部分被商業有線業務的下滑所抵消。

Adjusted EBITDA was up about 8% for the quarter. For the full year, adjusted EBITDA was up around 3.5% on a comparative basis as growth in mobility, consumer wireline in Mexico were partly offset by a decline in business wireline. Adjusted EPS from continuing operations was $0.61, up about 9% for the quarter primarily due to strong organic growth in mobility and lower interest and benefit-related expenses.

本季度調整後的 EBITDA 增長了約 8%。全年，調整後的 EBITDA 同比增長約 3.5%，原因是墨西哥的流動性、消費者有線業務的增長部分被商業有線業務的下滑所抵消。持續經營的調整後每股收益為 0.61 美元，本季度增長約 9%，這主要是由於流動性的強勁有機增長以及較低的利息和福利相關費用。

For the full year, adjusted EPS from continuing operations was $2.57. I should note that we've taken a $24.8 billion noncash goodwill impairment charge in conjunction with our annual goodwill assessment primarily due to increases in discount rates associated with the overall rise in interest rates. We also took a noncash charge of $1.4 billion to abandon certain conduit assets related to the ongoing rationalization of our copper network.

全年，來自持續經營業務的調整後每股收益為 2.57 美元。我應該指出，我們已經將 248 億美元的非現金商譽減值費用與我們的年度商譽評估結合起來，這主要是由於與利率總體上升相關的貼現率增加。我們還收取了 14 億美元的非現金費用，以放棄與銅網絡持續合理化相關的某些管道資產。

Free cash flow for the quarter was $6.1 billion, including about $800 million in DIRECTV distributions. This is an improvement of $780 million year-over-year, even with a $1 billion lower distribution from DIRECTV and $500 million less in FirstNet capital reimbursements. We also delivered on our revised full year guidance with free cash flow of $14.1 billion for the year. Cash from operating activities for our continuing operations came in at $10.3 billion for the quarter, up $2.3 billion year-over-year. For the quarter, capital expenditures were $4.2 billion with capital investments of $4.7 billion. Full year capital investment marked an all-time high at $24.3 billion as we continue to make record investments in 5G and fiber.

本季度的自由現金流為 61 億美元，其中包括約 8 億美元的 DIRECTV 發行。這比去年同期增加了 7.8 億美元，即使 DIRECTV 的分配減少了 10 億美元，FirstNet 資本報銷減少了 5 億美元。我們還交付了修訂後的全年指引，全年自由現金流為 141 億美元。本季度來自我們持續經營業務的經營活動產生的現金為 103 億美元，同比增長 23 億美元。本季度資本支出為 42 億美元，資本投資為 47 億美元。隨著我們繼續對 5G 和光纖進行創紀錄的投資，全年資本投資創下 243 億美元的歷史新高。

Now let's look at our mobility segment operating results on Slide 9. For the fifth consecutive year, our mobility business grew both revenues and EBITDA. Revenues were up 1.7% for the quarter and 4.5% for the year. Service revenues were up more than 5% for both the quarter and the year, driven by continued subscriber growth. This exceeds the raised annual guidance we provided to you last quarter.

現在讓我們看看幻燈片 9 上的移動部門運營結果。我們的移動業務連續第五年實現收入和 EBITDA 的增長。本季度收入增長 1.7%，全年增長 4.5%。在用戶持續增長的推動下，本季度和全年的服務收入均增長了 5% 以上。這超過了我們上個季度提供給您的提高的年度指導。

Mobility EBITDA was up about $740 million or more than 10% for the quarter, driven by growth in service revenues, transformation savings and the absence of 3G network shutdown costs versus the fourth quarter of 2021. This was partially offset by higher bad debt levels. For the full year, mobility EBITDA grew nearly 4%. Even as competitors introduce richer promotional offers during the holiday seasons, our consistent go-to-market approach once again drove our results. This gives us confidence that we have the right formula and structure in place to continue to grow customers, service revenues and EBITDA at a healthy clip this year.

在服務收入增長、轉型節省以及與 2021 年第四季度相比沒有 3G 網絡關閉成本的推動下，本季度移動業務 EBITDA 增長了約 7.4 億美元，增幅超過 10%。這部分被較高的壞賬水平所抵消。全年，移動業務 EBITDA 增長近 4%。即使競爭對手在節日期間推出更豐富的促銷優惠，我們一貫的上市方法再次推動了我們的業績。這讓我們相信，我們擁有正確的公式和結構，可以在今年繼續以健康的速度增長客戶、服務收入和 EBITDA。

Mobility postpaid phone ARPU was $55.43, up $1.37 or 2.5% year-over-year. ARPU growth continues to come in ahead of our expectation and largely reflects our targeted pricing actions, customers trading up to higher price unlimited plans and improved roaming trends. As John previously mentioned, postpaid phone churn of 0.84% for the quarter declined year-over-year even as we were less promotional compared to our peers. We believe that this decline is reflective of our improved customer value proposition.

移動後付費電話 ARPU 為 55.43 美元，同比增長 1.37 美元或 2.5%。 ARPU 的增長繼續超出我們的預期，這在很大程度上反映了我們有針對性的定價行動、客戶交易更高價格的無限計劃和改善的漫遊趨勢。正如 John 之前提到的，本季度 0.84% 的後付費電話流失率同比下降，儘管與同行相比我們的促銷活動較少。我們認為，這種下降反映了我們改進的客戶價值主張。

In prepaid, our phone churn was less than 3% driven by cricket phone churn that was substantially lower than 3%. While we believe industry wireless subscriber volumes will continue to pace towards normalized levels this year, we also expect our consistent go-to-market strategy to help us deliver strong relative performance and ongoing customer growth.

在預付費方面，我們的電話流失率低於 3%，這是由遠低於 3% 的板球電話流失率推動的。雖然我們相信今年行業無線用戶數量將繼續朝著正常水平邁進，但我們也預計我們一貫的上市戰略將幫助我們實現強勁的相對業績和持續的客戶增長。

Now let's move to Consumer and Business Wireline results, which are on Slide 10. Let's start with consumer wireline. As John mentioned, our fiber customer growth and network expansion continue. And wherever we have fiber, we win share. We added 280,000 fiber customers even in a seasonally slow fourth quarter that was impacted by lower year-over-year household move activities and challenging December weather conditions. The increasing mix shift from legacy products to fiber drove strong broadband results, and we expect these trends to continue. Broadband revenues grew more than 7% year-over-year due to fiber subscriber growth and higher ARPU from the mix shift to fiber. Fiber ARPU was $64.82, up $2.20 sequentially with intake ARPU now approaching $70. Consumer wireline EBITDA grew over 20% for the quarter and nearly 10% for the full year due to growth in fiber revenues and transformation savings.

現在讓我們轉到幻燈片 10 上的消費者和商業有線結果。讓我們從消費者有線開始。正如約翰所提到的，我們的光纖客戶增長和網絡擴展仍在繼續。無論我們在哪裡擁有光纖，我們都會贏得份額。即使在季節性放緩的第四季度，我們也增加了 280,000 名光纖客戶，這是受到家庭搬家活動同比減少和 12 月天氣條件惡劣的影響。從傳統產品到光纖的不斷增加的組合轉變推動了強勁的寬帶業績，我們預計這些趨勢將繼續下去。寬帶收入同比增長超過 7%，這歸功於光纖用戶的增長以及從混合轉向光纖帶來的更高 ARPU。光纖 ARPU 為 64.82 美元，環比上漲 2.20 美元，接入 ARPU 現在接近 70 美元。由於光纖收入的增長和轉型節省，本季度消費者有線 EBITDA 增長超過 20%，全年增長近 10%。

Turning to business wirelines. EBITDA was relatively flat for the quarter due to $90 million in intellectual property transaction revenues and ongoing transformation savings as we continue to rationalize our portfolio of low-margin products. In fact, margins were up 110 basis points year-over-year, thanks to our transformation process. This rationalization process will continue in 2023 as we remain focused on the opportunities that our 5G and fiber expansion create in the small and midsized business category. Our Business Solution wireless services revenue grew more than 7%. This is very impressive given the fact that we already have the second largest share and are growing faster than our peers. FirstNet wireless connections grew by $377,000 sequentially.

轉向商業有線。由於 9000 萬美元的知識產權交易收入和持續的轉型節省，本季度的 EBITDA 相對持平，因為我們繼續合理化我們的低利潤產品組合。事實上，由於我們的轉型過程，利潤率同比增長了 110 個基點。這一合理化進程將在 2023 年繼續，因為我們將繼續關注我們的 5G 和光纖擴展為中小型企業類別創造的機會。我們的業務解決方案無線服務收入增長超過 7%。鑑於我們已經擁有第二大份額並且增長速度超過我們的同行，這是非常令人印象深刻的。 FirstNet 無線連接環比增長 377,000 美元。

Now let's move to Slide 11 for our 2023 financial guidance. Let me walk you through how we're thinking about operating expectations for 2023. First, we expect to continue to grow mobility subscribers against a return to a more normalized industry growth. We also expect continued benefits from a larger subscriber base and improving ARPUs. This should result in wireless service revenue growth of 4% plus for the full year.

現在讓我們轉到幻燈片 11，了解我們的 2023 年財務指南。讓我向您介紹一下我們如何考慮 2023 年的運營預期。首先，我們預計將繼續增加移動用戶，以恢復更正常的行業增長。我們還預計，更大的用戶群和更高的 ARPU 會持續帶來好處。這應該會導致全年無線服務收入增長 4% 以上。

For broadband, we expect revenue increases of 5% plus reflecting a higher mix shift to fiber with improving ARPUs partially offset by continued legacy revenue declines. Overall, we expect to grow total revenues next year. However, as you all know, variability in equipment revenues driven by industry volumes could be a factor on consolidated top line trends as we think about EBITDA trends in 2023. We expect to grow mobility EBITDA mid-single digits as our disciplined approach helps us grow our valuable subscriber base.

對於寬帶，我們預計收入將增長 5% 以上，這反映了向光纖的更高組合轉移，ARPU 的提高部分被傳統收入的持續下降所抵消。總體而言，我們預計明年總收入將增長。然而，眾所周知，在我們考慮 2023 年 EBITDA 趨勢時，由行業數量驅動的設備收入的可變性可能是綜合頂線趨勢的一個因素。我們預計移動 EBITDA 將增長中等個位數，因為我們有紀律的方法有助於我們增長我們寶貴的用戶群。

In business wireline, we expect EBITDA to be down high single digits due to continued declines in legacy products, partially offset by incremental cost savings and increased fiber-based revenues. As you consider the first quarter for Business Wireline, it's worth noting that 2022 included a onetime incentive compensation benefit that will impact year-over-year comparisons. In Consumer Wireline, we expect to grow EBITDA in a mid-single-digit range, plus or minus, due to continued growth in fiber revenues and transformation savings, partially offset by continued declines in legacy copper subscribers. We expect to benefit from ongoing corporate cost reductions. Altogether, this yields consolidated adjusted EBITDA growth of 3% plus for the full year.

在商業有線業務中，我們預計 EBITDA 將下降高個位數，原因是遺留產品的持續下降，部分被增量成本節約和基於光纖的收入增加所抵消。當您考慮 Business Wireline 的第一季度時，值得注意的是，2022 年包括一項一次性激勵補償福利，這將影響同比比較。在 Consumer Wireline 中，由於光纖收入和轉型節省的持續增長，我們預計 EBITDA 將在中等個位數範圍內增長，部分被傳統銅線用戶的持續下降所抵消。我們預計將從持續的企業成本削減中受益。總而言之，這使全年的綜合調整後 EBITDA 增長超過 3%。

When you think about adjusted EPS calculations, note that our guidance reflects nearly $0.20 per share of headwinds associated with noncash pension costs related to higher interest rates and to a lesser extent, lower spectrum interest capitalization. Importantly, we have no need to fund our pension plans for the foreseeable future. We also expect to incur more than $0.05 of noncash headwinds related to a higher effective tax rate of around 23% to 24%. Combined, these headwinds aggregates to about $0.25 year-over-year.

當您考慮調整後的每股收益計算時，請注意，我們的指引反映了與非現金養老金成本相關的近 0.20 美元的逆風，這些成本與較高的利率有關，在較小程度上與較低的頻譜利息資本化有關。重要的是，在可預見的未來，我們不需要為我們的養老金計劃提供資金。我們還預計，與 23% 至 24% 左右的更高有效稅率相關的非現金阻力將超過 0.05 美元。綜合起來，這些逆風合計約為 0.25 美元，同比增長。

Normalizing for these noncash items, our guidance would imply adjusted EPS growth consistent with our expected growth in adjusted EBITDA. Given these assumptions, adjusted EPS is expected to be in the $2.35 to $2.45 range. We also expect adjusted equity income from DIRECTV to be about $3 billion for the year versus $3.4 billion in 2022.

對於這些非現金項目，我們的指引將意味著調整後的每股收益增長與我們調整後 EBITDA 的預期增長一致。鑑於這些假設，調整後的每股收益預計在 2.35 美元至 2.45 美元之間。我們還預計今年 DIRECTV 的調整後股權收入約為 30 億美元，而 2022 年為 34 億美元。

Here's what to consider when looking at our free cash flows for 2023. First, we expect adjusted EBITDA growth of 3% plus. Next, expect cash interest to be down about $500 million. Assume your cash taxes will be higher in 2023 versus 2022 to the tune of about $1 billion. And expected cash distributions from DIRECTV should be down about $1 billion. We continue to expect that 2022 and 2023 will be our peak investment year. So capital investment is expected to be consistent with 2022 levels.

以下是我們在查看 2023 年的自由現金流時需要考慮的因素。首先，我們預計調整後的 EBITDA 增長率將超過 3%。接下來，預計現金利息將下降約 5 億美元。假設您的現金稅在 2023 年將比 2022 年更高，達到約 10 億美元。 DIRECTV 的預期現金分配應減少約 10 億美元。我們繼續預計 2022 年和 2023 年將是我們的投資高峰年。因此，資本投資預計將與 2022 年的水平保持一致。

We also expect about of $2 billion of working capital improvements, largely from lower deferrals and higher noncash amortization of deferred acquisition costs. As we mentioned earlier, we expect a more normalized industry growth volume which is expected to help working capital as well. When you combine all these factors, you get to a free cash flow expectation of $16 billion or better. This is about twice as much as our current annualized dividend and more than enough to cover other commitments.

我們還預計約 20 億美元的營運資本改善，主要來自遞延收購成本的較低延期和較高的非現金攤銷。正如我們之前提到的，我們預計行業增長量將更加正常化，這也有望幫助營運資金。當您將所有這些因素結合起來時，您將獲得 160 億美元或更高的自由現金流預期。這大約是我們目前年化股息的兩倍，足以支付其他承諾。

Similar to last year, we expect greater free cash flow generation in the back half of the year based on higher capital investment levels and device payments in the first half of the year as well as the timing of the annual incentive compensation payout. We will use our free cash flows to pay out our dividend and to pay down debt as we continue to progress towards our target of 2.5x net debt to adjusted EBITDA, which we anticipate will take place in early 2025.

與去年類似，我們預計今年下半年將產生更多的自由現金流，原因是上半年更高的資本投資水平和設備支付以及年度激勵薪酬支付的時間安排。隨著我們繼續朝著調整後 EBITDA 的 2.5 倍淨債務的目標邁進，我們將使用我們的自由現金流來支付股息和償還債務，我們預計這將在 2025 年初實現。

And lastly, the guidance we provided to you is based on our current reporting. We expect our segment reporting in 2023 will remain the same as last year. However, I'd like to note that we no longer plan to record prior service credit benefits to the individual business segments with a corporate elimination. Instead, it will only be recorded in other income.

最後，我們提供給您的指南是基於我們當前的報告。我們預計 2023 年的分部報告將與去年持平。但是，我想指出的是，我們不再計劃通過企業淘汰將先前的服務信用收益記錄到各個業務部門。相反，它只會記錄在其他收入中。

Overall, we are confident in our plan for the year. And as John mentioned, it takes into account our expectations for a more normalized industry growth backdrop against continued challenges in the macro environment. Our confidence is underscored by the resiliency of the services we offer, the consistent strength of our go-to-market strategy, our ongoing momentum in core connectivity and most importantly, our team's unwavering commitment to deliver best-in-class services to consumers and businesses alike.

總的來說，我們對今年的計劃充滿信心。正如約翰所提到的，它考慮到了我們對更正常的行業增長背景的預期，以應對宏觀環境的持續挑戰。我們的信心體現在我們提供的服務的彈性、我們進入市場戰略的一貫優勢、我們在核心連接方面的持續發展勢頭，最重要的是，我們團隊堅定不移地致力於為消費者和消費者提供一流的服務企業一樣。

Amir, that's our presentation. We're now ready for the Q&A.

阿米爾，這就是我們的介紹。我們現在準備好進行問答了。

Thank you, Pascal. Operator, we're ready to take the first question.

謝謝你，帕斯卡。接線員，我們準備好回答第一個問題。

(Operator Instructions) Our first question today comes from the line of Brett Feldman with Goldman Sachs.

（操作員說明）我們今天的第一個問題來自布雷特費爾德曼與高盛的合作。

I think I'll start off with a follow-up here on the outlook that you provided. I appreciate some of the color that Pascal provided about the different operating segments. Maybe at a higher level, could you give us a sense as to what you mean by a more difficult operating environment? In other words, to what extent does the outlook for this year anticipate maybe of a recession or ongoing inflationary pressures? And then I imagine one of the questions we beginning of the day are what are some of the key swing factors? And so if we were to use your adjusted EBITDA guidance as an example, what's the scenario that gets you to 3% growth? And what could be the swing factors that might take that into the or higher category?

我想我將從這裡開始跟進您提供的前景。我很欣賞 Pascal 提供的關於不同運營部門的一些顏色。也許在更高的層次上，你能告訴我們你所說的更困難的操作環境是什麼意思嗎？換句話說，今年的前景在多大程度上預示著經濟衰退或持續的通脹壓力？然後我想我們今天開始的問題之一是一些關鍵的搖擺因素是什麼？因此，如果我們以調整後的 EBITDA 指南為例，在什麼情況下可以使您實現 3% 的增長？可能將其納入或更高類別的搖擺因素是什麼？

Brad, let me go ahead, and I'll start and then Pascal can jump in. So first of all, look at the foundation of what we're telling you is we've been -- I think, very conservative and thoughtful in the guidance we pulled together. It is a tough environment to predict. There's a lot of geopolitical things going on that I think anybody would have a hard time seeing and do a crystal ball on, and that's probably the most difficult wildcard that I think we've tried to take a conservative stance of what we see in the economy today and what the foundation that's rested on is. We know that the services that we provide to customers are pretty resilient even during more challenged economic times. And so we have a reasonably high confidence level that our customers are going to continue to want to use the product and pay us for it.

布拉德，讓我繼續，我會開始，然後帕斯卡可以加入。所以首先，看看我們告訴你的事情的基礎是我們一直 - 我認為，非常保守和深思熟慮我們齊心協力的指導。這是一個難以預測的環境。有很多地緣政治事情正在發生，我認為任何人都很難看到並做出水晶球，這可能是我認為我們試圖對我們在今天的經濟以及所依賴的基礎是什麼。我們知道，即使在更具挑戰性的經濟時期，我們為客戶提供的服務也非常有彈性。因此，我們有相當高的信心，我們的客戶將繼續希望使用該產品並為此付費。

I think if you go back and look at my public comments probably over a year ago, I've had a relatively conservative view of where I thought the economy was going to go. I've been fairly vocal that I think inflation is a tough thing to have a healthy economic environment and that's good for everybody and it creates some challenges in places. And ultimately, a lot of that came to pass. The good news is I think we're through the worst of it, and we see it easy. But as you heard from my comments, we've expected that we're going to continue dealing with some of that pressures we move through this year.

我想如果你回頭看看我大概一年多以前的公開評論，我對我認為經濟的發展方向持相對保守的看法。我一直直言不諱地說，我認為通貨膨脹對於擁有一個健康的經濟環境來說是一件艱難的事情，這對每個人都有好處，而且它在一些地方造成了一些挑戰。最終，很多事情都發生了。好消息是我認為我們已經度過了最糟糕的時期，而且我們認為這很容易。但正如您從我的評論中聽到的那樣，我們預計我們將繼續應對今年我們經歷的一些壓力。

So we don't have an outlook that says that we've solved the problem. We have an outlook that says we're going to continue to deal with the pressures that are hitting some of our line items economically that we've got to account for and things like energy and some of the continued wage and employment pressures that we've had to deal with that will carry through, and we have some longer-term contracts that didn't come up during the last year that we know are going to hit us this year in renewals that we have to factor into that. And I think we've tried to do the best we can around it.

所以我們沒有一個前景表明我們已經解決了這個問題。我們的前景表明，我們將繼續應對經濟上影響我們某些項目的壓力，我們必須考慮這些壓力，以及能源等問題，以及我們的一些持續工資和就業壓力。我們不得不處理這將持續下去，我們有一些長期合同，這些合同在去年沒有出現，我們知道今年會在續約方面打擊我們，我們必須考慮到這一點。而且我認為我們已經盡力做到最好。

I see the economy being relatively stable right now. We're not seeing anything that's causing us to be extremely concerned about it. But what happens later in the year, who knows. The point we've made is we've kind of assumed that we're not going to be in a robust growth environment as we make our way through the year. And I would tell you if you're asking kind of what the swing factors are, I think the swing factor, frankly, is if there's some kind of a geopolitical disruption that's something significant that none of us anticipated or that we hope would never happen. It creates a disruptive event. That's probably the thing I'd look at and say, I couldn't predict it. I couldn't plan for it, and that's going to be the issue that we have to deal with that just pops up and isn't going to be just an AT&T issue.

我認為目前經濟相對穩定。我們沒有看到任何讓我們非常擔心的事情。但今年晚些時候會發生什麼，誰知道呢。我們提出的觀點是，我們在某種程度上假設，在我們度過這一年的過程中，我們不會處於強勁的增長環境中。如果你問的是什麼搖擺因素，我會告訴你，坦率地說，我認為搖擺因素是，是否存在某種地緣政治破壞，這種破壞是我們沒有人預料到的，或者我們希望永遠不會發生的。 .它會造成破壞性事件。這可能是我看到後說的，我無法預測。我無法為此做好計劃，這將是我們必須處理的問題，它會突然出現，而不僅僅是 AT&T 的問題。

Yes. Brett, the only other thing I would add is, look, we've assumed in our outlook a more normalized industry growth environment. So to the extent it's more than that or less than that, that could be a swing factor. But the thing that I think is important, and I said this in my commentary is whatever the environment is, we expect to perform relatively well versus the peer set.

是的。布雷特，我唯一要補充的是，看，我們在展望中假設了一個更加正常的行業增長環境。因此，在一定程度上，它是多於還是少於，這可能是一個搖擺因素。但我認為重要的是，我在評論中說過，無論環境如何，我們都希望與同行相比表現相對較好。

And our next question comes from the line of John Hodulik with UBS.

我們的下一個問題來自瑞銀集團的 John Hodulik。

Maybe just a couple of quick follow-ups on capital uses. Pascal, you may have said this in your remarks, but what's driving the $2 billion in working capital savings this year? And what are your confidence behind that?

也許只是對資本使用的一些快速跟進。 Pascal，您在發言中可能已經說過，但是是什麼推動了今年 20 億美元的營運資金節省？你的信心是什麼？

And then could you remind us on the working -- on the CapEx side, obviously, $24 billion again this year. But just what was the longer term sort of view? When can we expect that to start to come down? And what do you guys think of it a more normalized sort of CapEx, especially given what you have now with GigaPower and all the fiber initiatives?

然後你能否提醒我們在資本支出方面的工作——顯然，今年又是 240 億美元。但更長期的觀點是什麼？我們什麼時候可以期待它開始下降？你們認為這是一種更規範化的資本支出，尤其是考慮到你們現在擁有的 GigaPower 和所有光纖計劃？

Sure thing, John. Here is the way I think about the $2 billion that I flagged in our guidance for 2023. The last several years, we've been growing our subscribers in wireless with that came some upfront acquisition costs. We've said for a while we expect that to level out in 2023. And so once you have that leveling out, we are no longer going to be spending more each and every year than the prior year in acquisitions. So that leveling out, there is assets that are on the books associated with the deferred acquisition costs of those subscribers. That's going to be amortized. We have great visibility into that amortization, and that's obviously noncash because we spent the cash in the prior year. So that we have very good visibility too.

當然可以，約翰。這是我對我在 2023 年的指導中標記的 20 億美元的看法。在過去的幾年裡，我們一直在增加無線用戶，這帶來了一些前期購置成本。我們已經說過一段時間了，我們預計這種情況會在 2023 年趨於平穩。因此，一旦趨於平穩，我們將不再每年比前一年在收購上花費更多。因此，為了平衡，賬面上有與這些訂戶的遞延購置成本相關的資產。這將被攤銷。我們對攤銷有很好的了解，這顯然是非現金的，因為我們在前一年花掉了現金。所以我們也有很好的知名度。

And look, if we grow more than last year in terms of wireless subscribers, that could be a swing factor, but I don't anticipate that.

看，如果我們在無線用戶方面的增長超過去年，那可能是一個搖擺因素，但我預計不會。

Got it. And then the CapEx?

知道了。然後是資本支出？

CapEx, the thing to keep in mind is we plan to be at peak levels in '22 and '23 because of the significant contributions that we are getting from DIRECTV. In '22 and '23 CapEx -- is fairly meaningful amounts for spectrum deployment and transformation that will begin to moderate as we exit this year. We haven't updated the guide we provided at Investor Day. But clearly, we expect to trend down towards more normalized capital intensity as we exit this year.

CapEx，要記住的是，由於我們從 DIRECTV 獲得的重大貢獻，我們計劃在 22 年和 23 年達到峰值水平。在 22 年和 23 年的資本支出中——對於頻譜部署和轉型來說是相當有意義的數額，隨著我們今年退出，這些數額將開始放緩。我們尚未更新在投資者日提供的指南。但很明顯，我們預計隨著我們今年退出，資本密集度將趨於下降。

And our next question comes from the line of Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

Turning to fiber. GigaPower was a great announcement, but a little smaller than we had expected. John, how do you think about the $1.5 million versus the potential of that venture or for others in that model? And your own on-balance sheet fiber construction of 2 -- I think you said $2 million to $2.5 million annually. It seems like a slower pace than we had been discussing. Is there anything changing there?

轉向纖維。 GigaPower 是一個偉大的宣布，但比我們預期的要小一些。約翰，你如何看待 150 萬美元與該企業或該模型中其他企業的潛力？還有你自己的 2 的資產負債表纖維結構——我想你說的是每年 200 萬到 250 萬美元。這似乎比我們一直在討論的要慢。那裡有什麼變化嗎？

And then finally, just to John's question, one quick clarification on the free cash flow. Pascal, is that working capital going to contribute $2 billion to free cash flow in '23? Or is it just offsetting what had been a $2 billion drag, I think, in '22?

最後，就約翰的問題而言，對自由現金流進行快速澄清。帕斯卡，營運資金是否會在 23 年為自由現金流貢獻 20 億美元？或者它只是抵消了我認為在 22 年造成的 20 億美元拖累？

Phil. So first of all, as I mentioned in my comments, I view the fiber portfolio as that, a portfolio. It's a portfolio of options for us to look at where the return characteristics are most optimal and how we deploy capital around that. And I'm trying to be pretty overt in my commentary to all of you that we understand that we need to be very disciplined in demonstrating to all of you that each of those portfolio decisions and how we put capital against that is, in fact, driving acceptable returns.

菲爾。因此，首先，正如我在評論中提到的那樣，我將纖維產品組合視為一個產品組合。這是一個選項組合，我們可以查看哪裡的回報特徵最佳，以及我們如何圍繞它部署資本。我試圖在對你們所有人的評論中非常公開地表明我們理解我們需要非常有紀律地向你們所有人證明每一個投資組合決策以及我們如何投入資金來反對這些決策，事實上，推動可接受的回報。

I'm very mindful of the fact that the GigaPower announcement is a model that the investor base is unfamiliar with. This is something different and something new. And I want to be very sensitive to the fact, just like we did when we were deploying in Region Fiber and stepping up our investments. I've tried to be transparent with all of you around what our progress has been on the key drivers of the economic return of that investment. We've been sharing pretty aggressively things with you like ARPUs and penetration rates and a variety of other things that give you the confidence that in fact, that's a sustainable, smart long-term investment.

我非常注意 GigaPower 公告是投資者群體不熟悉的模型。這是不同的東西，也是新的東西。我想對這個事實非常敏感，就像我們在 Region Fiber 部署並加大投資時所做的那樣。我試圖對你們所有人保持透明，圍繞我們在該投資的經濟回報的關鍵驅動因素方面取得的進展。我們一直在積極地與您分享 ARPU 和滲透率等各種其他信息，讓您相信這是一項可持續、明智的長期投資。

This new GigaPower model is a bit different. And I think it would be normal for any of you to look at it and (inaudible), it's going to return at the same level. And so to demonstrate to you that I'm serious about ensuring that every incremental investment decision we make in this look, 1.5 million homes, you may say, well, that's not a lot. It's over $1 billion of investment to be able to go do this. We set up this first tranche to be able to come back to you over the course of 18 months and give you information that raises your confidence and in fact, we are driving the returns on this in the way that we anticipate them to be attractive.

這個新的 GigaPower 模型有點不同。而且我認為你們中的任何人看到它都是正常的（聽不清），它將返回到相同的水平。因此，為了向您證明，我認真地確保我們在這方面做出的每一項增量投資決策，150 萬套房屋，您可能會說，嗯，這並不多。能夠做到這一點需要超過 10 億美元的投資。我們設置這第一部分是為了能夠在 18 個月內返回給您，並為您提供提高您信心的信息，事實上，我們正在以我們預期它們具有吸引力的方式推動回報。

And the management team that has been put in place and how the partnership is set up is intended to do exactly that. We will be in the market very, very soon right after the announcement. I intend to have 12 months of penetration information that I can bring back to you. And you can bet that when we're successful doing this and we demonstrate to you that we have the numbers to back it up that it won't necessarily still be $1.5 million. I would also tell you, I want to be thoughtful about, as I've made the comment what is it that we should own and operate 100% to ourselves and what we want to do within the partnership, just like we might have done when we were building wireless infrastructure a couple of decades ago.

已經到位的管理團隊以及合作夥伴關係的建立方式正是為了做到這一點。公告發布後，我們將很快進入市場。我打算有 12 個月的滲透信息，我可以帶回給你。你可以打賭，當我們成功做到這一點並且我們向你證明我們有數據支持它時，它不一定仍然是 150 萬美元。我還要告訴你，我想深思熟慮，因為我已經發表了評論，我們應該擁有和經營 100% 給我們自己的東西是什麼，以及我們想在合作夥伴關係中做什麼，就像我們在什麼時候做的那樣幾十年前，我們正在建設無線基礎設施。

And if we hit the ball out of the park and things are great, we may choose to do some of this in-house and on our own and not necessarily subjected to a partnership. On the other hand, if we need more scale and we need to move faster, we have a vehicle now that's set up that we can move very quickly to increase the amount of funding and the amount of capacity that's in that entity to take advantage of that. And so we're going to have data that we can come back to you with, and we'll, I think, do the right thing and try to make sure that you're moving along with us every step of the way. And I just see this as another tool that gives me a lot of flexibility and a lot of options. Relative to the in-region fiber side of things. As I said, I'm looking for a portfolio of returns. And what I tried to stress in my opening remarks is I'm giving you a characterization right now of what we think are high-return options within the 30 million passings that we committed to and what that looks like, and I've tried to clarify because I know some of you have been trying to do the math on it.

如果我們將球擊出公園並且一切都很好，我們可能會選擇在內部和我們自己做一些這樣的事情，而不一定要受到合作夥伴關係的影響。另一方面，如果我們需要更大的規模並且我們需要更快地行動，我們現在已經建立了一個工具，我們可以非常快速地行動以增加資金量和該實體中可以利用的容量那。因此，我們將擁有可以返回給您的數據，我認為，我們會做正確的事情，並努力確保您在每一步都與我們一起前進。我只是將其視為另一種工具，它為我提供了很大的靈活性和很多選擇。相對於事物的區域內纖維方面。正如我所說，我正在尋找回報組合。我在開場白中試圖強調的是，我現在正在給你們描述我們認為在我們承諾的 3000 萬次傳球中的高回報選擇以及它的樣子，我已經嘗試過澄清一下，因為我知道你們中的一些人一直在嘗試對其進行數學計算。

But we have these other options now and want to balance out what I think the return characteristics will be through the GigaPower initiative and we are going to now see some volume and capacity coming in out of region -- or excuse me -- out of the $30 million build that will be subject to BEAD funding. And some of that subsidy may have a very different return characteristics than some of the stuff we're doing organically in region right now. And I want to have options open to understand that and look at that aspect of the portfolio as well. And I think we'll get clarity on that as we're end of the third quarter of this year that we start to see where we're successful in bidding for that money, how much it is, what kind of a build line do we put on the business in terms of having to add capacity to get the build accomplished and how does it fit into the kind of operating territories that we think set us up for a geography and a footprint that's intelligent for us to operate moving forward. So that's kind of how I think about it in aggregate, and I'll let Pascal pick up your question on the free cash flow clarification.

但我們現在有這些其他選擇，並希望通過 GigaPower 計劃平衡我認為的回報特徵，我們現在將看到一些數量和容量從該地區——或者對不起——從3000 萬美元的建造將由 BEAD 資助。並且其中一些補貼可能具有與我們目前在該地區有機地做的一些事情截然不同的回報特徵。我希望有開放的選擇來理解這一點，並看看投資組合的那個方面。而且我認為我們會在今年第三季度結束時弄清楚這一點，我們開始看到我們在何處成功競標這筆錢，它是多少，什麼樣的構建線我們根據必須增加的能力來完成構建以及它如何適應我們認為為我們設置的地理區域和足蹟的運營區域來開展業務，這些區域和足跡對我們的運營來說是明智的。所以這就是我總體上的想法，我會讓帕斯卡回答你關於自由現金流澄清的問題。

Hey, Phil, the simple way I think about the majority of the $2 billion is this. We have deferred acquisition cost that's on the books where the cash went out in prior years. That amortization -- it's going to continue to be amortized against EBITDA in 2023. That is noncash expenses burdening. So when you -- just the sheer mechanics of adding that back to our free -- to our EBITDA will elevate the cash EBITDA that the business produces.

嘿，菲爾，我對 20 億美元中的大部分的簡單看法是這樣的。我們已經遞延了前幾年現金支出的賬簿上的購置成本。攤銷——它將在 2023 年繼續根據 EBITDA 進行攤銷。這是非現金支出負擔。因此，當您 - 只是將其添加回我們的免費的純粹機制 - 我們的 EBITDA 將提高企業產生的現金 EBITDA。

John, if I can follow up on one start to be 2 split. Do you look at GigaPower and BEAD spending as alternative places to spend your capital and effectively now slowing the organic pace to get to that $30 million?

約翰，如果我能跟進一個開始是 2 分裂。您是否將 GigaPower 和 BEAD 支出視為支出資本的替代場所，並且現在有效地放慢了有機增長速度以達到 3000 萬美元？

I've given you the pace of how we get to the $30 million. And so I don't see that changing. I think we're committed to what I just articulated to you. So if you're asking am I going to see -- am I going to come back and give you an incremental revision of that $30 million to substitute? No.

我已經向您介紹了我們如何達到 3000 萬美元的進度。所以我認為這不會改變。我認為我們致力於我剛才向您闡述的內容。所以如果你問我是否會看到 - 我是否會回來給你一個 3000 萬美元的增量修訂來替代？不。

But to be clear, Phil, this -- the BEAD money and the GigaPower are incremental to the $30 million.

但需要明確的是，Phil，BEAD 資金和 GigaPower 是 3000 萬美元的增量。

Yes, if that's your question, that's 100%.

是的，如果這是你的問題，那就是 100%。

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

我們的下一個問題來自 Simon Flannery 與 Morgan Stanley 的對話。

Great. If I could just stay on the broadband theme, if I could. Perhaps I think you talked perhaps about providing extra color on the financial construct of the BlackRock JV? Are you contributing any capital? Any assets how exactly should we expect that to flow through the financials? And John, on the BEAD, perhaps you just give us a reflection on the status of the process, the timing, how this is going to play out. I think there's been a lot of concerns about delays, the mapping process, the challenges and also some of the state broadband offices maybe not being ready to stand this up. So how do you see this evolving? And when do you think you can actually get shovels in the ground to get know what funding been awarded?

偉大的。如果可以的話，我要是能留在寬帶主題上就好了。也許我認為你可能談到了為貝萊德合資企業的財務結構提供額外的色彩？你有出資嗎？任何資產我們應該如何準確地期望它通過財務流動？約翰，在 BEAD 上，也許你只是讓我們反思一下流程的狀態、時間安排以及結果如何。我認為人們對延遲、映射過程、挑戰以及一些州寬帶辦公室可能還沒有準備好應對這種情況有很多擔憂。那麼您如何看待這種演變？你認為你什麼時候才能真正在地上找到鐵鍬以了解獲得了哪些資金？

And then just finally, getting to 30 million locations is great. What about the prebuilding with fiber -- with fixed wireless in some of those locations. I think you've talked about that. And how does fixed wireless play into some of that other 30 million plus locations that won't be getting fiber in the near term?

最後，到達 3000 萬個地點很棒。使用光纖進行預建 - 在其中一些位置使用固定無線網絡。我想你已經談過了。固定無線如何在其他 3000 萬多個近期內無法獲得光纖的地點中發揮作用？

Sure. So Simon, I'll be -- I've got to be careful about how much the partnership. It's a partnership structure, it's an entirely separate partnership structure, so you shouldn't expect to see any of the financials pull-through. On a balance sheet structure for us, you should expect it to come in as investment income. We'll give you characterizations of the success of that and as it carries forward and you should think about this as both partners carrying equal weight in the execution of the entity. I think that probably gives you a good enough sense of how it carries through, and if you have something else you want to push on, I can try to give you a little more color.

當然。所以西蒙，我會 - 我必須小心合作夥伴關係的多少。這是一個合夥結構，它是一個完全獨立的合夥結構，所以你不應該期望看到任何財務上的成功。在我們的資產負債表結構上，您應該期望它作為投資收入出現。我們將為您描述成功的特徵以及它的發展，您應該將其視為兩個合作夥伴在實體的執行中承擔同等的權重。我認為這可能會讓您充分了解它是如何進行的，如果您還有其他想要推進的事情，我可以嘗試給您更多的顏色。

The BEAD timing, my point of view is I think there is -- there's been enough information put out there right now. We're going to go through a clarification cycle on the first set of data. I think that's moving along at a reasonably good cliff right now. And I think, frankly, the bigger states, those that have a more robust staffing capability are being pretty prompt and aggressive in working through getting that data set squared away. I would agree with you that there's going to be some states that are maybe a little bit slower than others, but my gut is when you're thinking about kind of the 80-20 rule, the bigger states, they're going to have the bulk of the funding are pretty zoned in on this, and they're moving pretty aggressively to get the process underway.

BEAD 的時機，我的觀點是，我認為現在已經有足夠的信息發布了。我們將對第一組數據進行澄清。我認為現在正處於一個相當好的懸崖上。而且我認為，坦率地說，那些擁有更強大人員配置能力的大州在通過整理數據集方面非常迅速和積極。我同意你的看法，有些州可能會比其他州慢一點，但我的直覺是，當你考慮某種 80-20 規則時，更大的州，他們會有大部分資金都集中在這方面，他們正在積極推進這一進程。

And while there may be some smaller states that take a little bit longer to get their act together or are waiting to see how models develop in some of the more lead states that have bigger staffs to consider these things and then kind of be fast followers. I don't think that's going to inhibit some of the more aggressive states and being in the process and us being in a situation where in the third quarter, there's going to be -- money is starting to flow down from the federal government and being turned back to the states for execution. So I don't think you're going to see any substantial shovels on the ground and certainly, customers being served to any substantial way this year, but I do think you're going to see projects and monies awarded before we exit this year, and you will see those volumes start to come online as we move into periods of 2024, and I expect that those will be concentrated in some of the bigger states that have more robust staff that can move through this fairly quickly.

雖然可能有一些較小的州需要更長的時間才能齊心協力，或者正在等待觀察模型如何在一些擁有更多員工的主要州發展，這些州有更多的員工來考慮這些事情，然後成為快速的追隨者。我不認為這會阻止一些更具侵略性的州並在這個過程中，我們在第三季度的情況下，將會有 - 資金開始從聯邦政府流出並正在返回各州執行死刑。因此，我認為您不會在地面上看到任何實質性的鏟子，當然，今年也不會以任何實質性方式為客戶提供服務，但我確實認為您會在我們今年退出之前看到項目和資金的授予，隨著我們進入 2024 年，你會看到這些數量開始上線，我預計這些數量將集中在一些更大的州，這些州擁有更強大的員工，可以相當快地完成這一過程。

And pretty much have a view of how they want to go about doing this. They're just trying to get the data to fit into the process. As I've said before, we view fixed wireless as being a tool in the toolbox that we can use to deal with opportunities in areas that are less densely populated. We'll have our next rendition of the product in the market this year. There will be places where we view it as being an acceptable substitute for fiber deployment. They tend to be -- they are going to be less densely populated areas where it makes sense to do that. We have a plan as to how we want to test our assumptions around that. We will deploy and take advantage of that. I think it can have an opportunity to help us on some of the long-standing hybrid fiber copper base that we have that maybe has some speed challenges, and it will probably help us manage some of the churn characteristics associated with that, and I would expect to use it in that case.

並且幾乎了解他們想要如何去做這件事。他們只是試圖讓數據適應流程。正如我之前所說，我們將固定無線視為工具箱中的一種工具，我們可以使用它來處理人口密度較低地區的機會。今年我們將在市場上推出該產品的下一個版本。在某些地方，我們將其視為光纖部署的可接受替代品。他們往往——他們將成為人口密度較低的地區，在那裡這樣做是有意義的。我們有一個關於如何測試我們的假設的計劃。我們將部署並利用它。我認為它可以有機會幫助我們解決我們擁有的一些可能存在速度挑戰的長期混合光纖銅纜基礎，並且它可能會幫助我們管理與此相關的一些流失特徵，我會期望在這種情況下使用它。

And then I would also add, look, there's a lot of businesses that maybe aren't in those less densely populated areas where this will be a perfectly acceptable and strong product, given the nature of how their business runs and what they need for their daily data needs and service needs. And so I do expect that we're going to have an opportunity to complement some of our strength in wireless distribution into the business market to provide a more robust fixed broadband alternative, fixed wireless broadband alternative to those customers in bundle and package it in where it makes sense.

然後我還要補充一點，看，有很多企業可能不在那些人口較少的地區，考慮到他們的業務運作方式的性質以及他們需要什麼，這將是一個完全可以接受的強大產品日常數據需求和服務需求。因此，我確實希望我們將有機會將我們在無線分配方面的一些優勢補充到商業市場中，以提供更強大的固定寬帶替代方案，固定無線寬帶替代方案捆綁並打包到這些客戶這說得通。

Simon, one other point on the capital structure for the JV to consider is that we do expect it to carry a meaningful amount of debt funding as well.

西蒙，合資企業要考慮的資本結構的另一點是，我們確實希望它也能承擔大量的債務融資。

Okay. Great. And are you contributing anything to it? Any capital any assets?

好的。偉大的。您是否為此做出了貢獻？任何資本任何資產？

We did. We have contributed some into the partnership. The reason you're going to see it get off the ground as quickly as it will and bring its first customers on in a relatively short orders because while we have been structuring and negotiating this, we've been doing a fair amount of work in parallel quietly. And so the partnership, as we've indicated, is already structured with the management team that's in place that has been doing a lot of work on the offer that knows the markets we're going to be in that has infrastructure and system setup that they can be ready to go on. And I think this is probably one of the things our partner found attractive about this. It's a first-class management team with a lot of capabilities behind it, and we will take some credit for the contribution of that work that we've done within the scope of this year.

我們做到了。我們為合作夥伴關係做出了一些貢獻。你會看到它盡快啟動並在相對較短的訂單中吸引第一批客戶的原因是，雖然我們一直在構建和談判這個問題，但我們已經做了相當多的工作悄悄平行。因此，正如我們已經指出的那樣，合作夥伴關係已經與現有的管理團隊一起構建，該團隊一直在為報價做大量工作，他們知道我們將進入的市場具有基礎設施和系統設置他們可以準備繼續了。而且我認為這可能是我們的合作夥伴認為對此有吸引力的事情之一。這是一個一流的管理團隊，背後有很多能力，我們將對我們在今年範圍內所做的工作做出貢獻。

And our next question comes from the line of David Barden with Bank of America.

我們的下一個問題來自美國銀行的 David Barden。

I guess first, I just wanted to go back to the notion of wireless postpaid phone market "normalizing". I think a lot of people look at the relatively high correlation between the substantial step-up that we've had in the industry to roughly 9 million postpaid phone nets a year for the last couple of years and AT&T's kind of resuscitated growth, as John pointed out, over the last 10 quarters. And as such, when people consider the industry "normalizing," there's a pension out there, I think, to disproportionately assume that whatever amount of tide comes out on industry growth will be disproportionately allocated to AT&T because it disproportionately benefited over the last couple of years.

我想首先，我只想回到無線後付費電話市場“正常化”的概念。我認為很多人都在關注過去幾年我們在行業中取得的每年大約 900 萬個後付費電話網絡的實質性提升與 AT&T 的複蘇增長之間的相對較高的相關性，正如 John指出，在過去的 10 個季度中。因此，當人們認為該行業正在“正常化”時，我認為存在養老金，不成比例地假設無論行業增長出現多少浪潮，都會不成比例地分配給 AT&T，因為它在過去幾年中不成比例地受益年。

I was wondering if you could kind of talk about that and whether you think that's realistic and that informs some of your working capital benefits that inform the cash flow or whether you think that, that's wrong and that you can kind of -- if there is a tide that goes out, it's more pro rata across the industry? That's number one.

我想知道你是否可以談談這個，你是否認為這是現實的，並且它會影響你的一些營運資本收益，這些收益會影響現金流量，或者你是否認為那是錯誤的，你可以 - 如果有潮水退去，整個行業的比例更高嗎？這是第一。

And then number two, John, you touched on something in the prepared remarks that we haven't talked about a lot here in the U.S., largely because we haven't been moving in this direction until you guys really started this fiber initiative, which is copper decommissioning. And for instance, in markets like Canada, it's a huge topic where they've widely overbuilt their copper plant and we're talking about timing and magnitude of the benefits that you start to get there. Could you kind of elaborate a little bit? Is it a little too early to start really talking about this as a tailwind in something like '24 or is it really with us?

然後第二，約翰，你在準備好的發言中提到了一些我們在美國沒有談過很多的東西，主要是因為在你們真正開始這個纖維倡議之前我們沒有朝著這個方向前進，是銅退役。例如，在加拿大這樣的市場，這是一個巨大的話題，他們廣泛過度建設了他們的銅廠，我們正在談論你開始到達那裡的好處的時間和規模。你能詳細說明一下嗎？現在開始真正談論它作為像'24這樣的順風還是為時過早，或者它真的與我們在一起嗎？

Sure, Dave. I don't agree with your thesis at its point. I absolutely 100% dismiss your thesis. And I don't think that's how the market is structured and functioning today by any stretch of the imagination. I think our -- I go back and I look at our performance over the last 2.5 years. First of all, I would tell you, I think the industry is a lot more healthy than many who would like to trying to come up with this narrative? Is competition up? Or is it destroying itself? I mean I see a pretty consistently competitive industry over this period of time. And I tend to look at it not just on the customer counts, but I look at things like both wholesale and retail revenues and how that's flowing through to service revenues. And I see a relatively balanced dynamic in the industry, but the math would tell you that balance dynamic would suggest we've been picking up a bit of no share when it's all said and done.

當然，戴夫。我不同意你的論點。我絕對 100% 駁回你的論文。而且我不認為這就是當今市場的結構和運作方式。我認為我們的 - 我回去看看我們過去 2.5 年的表現。首先，我想告訴你，我認為這個行業比許多想提出這種說法的人要健康得多？競爭激烈嗎？還是它在自我毀滅？我的意思是，在這段時間裡，我看到了一個競爭非常激烈的行業。而且我傾向於不僅關注客戶數量，還關注批發和零售收入，以及這些收入如何流入服務收入。我在這個行業看到了一個相對平衡的動態，但數學會告訴你，平衡動態表明我們在說完一切後一直沒有獲得一些份額。

And I don't think that's a benefit of the number moving from whatever you assume the normal stasis is $7.5 million to $9 million. In fact, I would say of customers that are paying a reasonable monthly bill, we've taken more than our fair share, and I'm more interested in taking revenue share and profitability share than I am necessarily just taking a subscriber share. And I think our numbers would suggest that we've seen an ever improving trend over the 2.5 years in our ability to do that. So I don't submit to your point of view that if the industry "normalizes" we revert back to kind of where we were 3 years ago. I think where we are is because of how we're performing today, not what was going on 3 years ago, and that's kind of how I think about it.

而且我不認為這是從你假設的正常停滯狀態 750 萬美元到 900 萬美元的數字移動的好處。事實上，對於每月支付合理賬單的客戶，我要說的是，我們已經超出了我們的公平份額，而且我更感興趣的是獲得收入份額和利潤份額，而不是我一定只是獲得訂戶份額。而且我認為我們的數字表明我們在過去 2.5 年中看到了我們做到這一點的能力不斷提高的趨勢。所以我不同意你的觀點，即如果行業“正常化”，我們就會回到 3 年前的狀態。我認為我們所處的位置是因為我們今天的表現，而不是 3 年前發生的事情，這就是我的想法。

What I would tell you, Dave, is I don't think there's a windfall that comes in on restructuring of legacy costs. And I've I think I've been on this theme for a little while. I mean we've been working this issue pretty aggressively since the day I came into the job, and I would say we had to start formulating the plans when I came in, but now we have a very robust and functioning organization that we're doing this kind of day in and day out. And I spend more time talking about investing in the new business and the growth that we can get on sustainable fiber and a 5G infrastructure than I do on talking about what we are taking out of service, but we are taking stuff out of service.

戴夫，我要告訴你的是，我認為重組遺留成本不會帶來意外收穫。我想我已經關注這個主題有一段時間了。我的意思是，自從我上任那天起，我們就一直在非常積極地解決這個問題，我會說我們必須在我上任時開始製定計劃，但現在我們擁有一個非常強大且運作良好的組織，我們日復一日地做著這樣的事情。而且我花更多的時間談論投資新業務以及我們在可持續光纖和 5G 基礎設施方面可以獲得的增長，而不是談論我們正在停止服務的內容，但我們正在停止服務。

And so when we start managing things like our energy costs down, it's because we're decommissioning equipment and taking it off the copper grid when we are able to manage our dispatches down and show you improvements in our operating dynamics on dispatches. It's because we have a smaller footprint to manage. We are doing this day in and day out. And our pace at which we're doing it is accelerating. We've -- I've given you some hints along the way about the number of products that we've shuttered and when we shuttered those products, it starts to take operating costs out of the business. This is part of what we have in our forecast to you to continue to improve our operating costs. So you're seeing this operating leverage start to come into the business, and it's partly contributed to the fact that we're managing through these legacy costs. And as we give you the forecast for cash this year, when we talk about improvements in our overall cost structure, some of it is coming on the backs of what we're doing here.

因此，當我們開始管理諸如降低能源成本之類的事情時，這是因為當我們能夠管理我們的調度並向您展示我們在調度操作動態方面的改進時，我們正在退役設備並將其從銅電網中移除。這是因為我們要管理的足跡較小。我們日復一日地這樣做。我們這樣做的步伐正在加快。我們已經——我已經給了你一些關於我們關閉的產品數量的提示，當我們關閉這些產品時，它開始從業務中扣除運營成本。這是我們向您預測要繼續降低運營成本的部分內容。所以你看到這種經營槓桿開始進入業務，這在一定程度上促成了我們正在管理這些遺留成本這一事實。當我們對今年的現金進行預測時，當我們談論整體成本結構的改進時，其中一些是在我們在這裡所做的事情的支持下實現的。

And I'm very well aware of where our cost structure is on a comparative basis to others that we compete with in the industry, some of which do not have the hybrid asset structure that we have of both fixed and mobile. And we are on this mission to ensure that we're not operating any of that at a disadvantage over the next 3, 4 and 5 years. And I think you're going to just see this ratably come in over that period of time as we work through what is -- it's frankly a bit of a painstaking process to go through. It's central office by central office, line-by-line, customer by customer, but it needs to be done. I think it can be done in a way that makes us a better and healthier business where we have a great hybrid of a fabulous fiber footprint with a fabulous wireless network that is ultimately the future of how customers are going to buy together, and I like that.

而且我非常清楚我們的成本結構與我們在行業中競爭的其他公司的比較基礎，其中一些沒有我們擁有的固定和移動混合資產結構。我們的使命是確保我們在未來 3 年、4 年和 5 年內不會以不利的方式運營其中任何一項。而且我認為，隨著我們正在努力解決這個問題，您會在那段時間裡看到這種情況——坦率地說，這是一個艱苦的過程。它是一個中心辦公室一個中心辦公室，一條一條線路，一個客戶一個客戶，但它需要完成。我認為它可以通過一種讓我們成為更好、更健康的企業的方式來完成，我們擁有極好的光纖足跡和極好的無線網絡的完美結合，這最終是客戶共同購買方式的未來，我喜歡那。

I think that hard work will be rewarded in that regard, but I will fully admit, we are creating new intellectual property here around how you get to this space. And I'm choosing to do it organically internally, not through a front-end private equity transaction that puts a little bit of cash from my pocket but ultimately has the value of it accrue to somebody else over the hard work of 3, 4 and 5 years.

我認為在這方面努力工作會得到回報，但我完全承認，我們正在圍繞你如何進入這個領域創造新的知識產權。而且我選擇在內部有機地做這件事，而不是通過前端私募股權交易，從我的口袋裡拿出一點現金，但最終通過 3、4 和5年。

And our next question comes from the line of Craig Moffett with SVB Moffett Nathanson.

我們的下一個問題來自 Craig Moffett 與 SVB Moffett Nathanson 的對話。

I want to stay, if I could, with this topic of your portfolio of broadband, John, if I think about your kind of overall mobility national footprint, it sort of maps with today roughly call it, 16%, 17% of the country already overbuilt with fiber, another 10% or 12% to be overbuilt with fiber. Can you just talk about how you think about the consumer value proposition in those different segments where you have wireless that doesn't have a fiber component where it does? And then -- and what role fixed wireless might play to sort of round out that consumer value proposition.

如果可以的話，我想繼續談談你的寬帶產品組合這個話題，John，如果我想一想你的整體移動性國家足跡，它有點像今天粗略地稱為全國 16%、17% 的地圖已經用光纖過度構建，另外 10% 或 12% 將用光纖過度構建。你能談談你如何看待那些不同領域的消費者價值主張嗎？在這些不同的領域，你有無線但沒有光纖組件？然後 - 以及固定無線可能發揮什麼作用來完善消費者價值主張。

Yes. The way I think about it, Craig, is -- and I tried to use this reference earlier is, I think it's a bit of a -- I don't want to use the term [LAN] rush, because it's not that easy to put fiber and it takes a little bit longer than a LAN rush, but we are definitely in a window right now where I do believe a good portion of the United States will ultimately have a fiber connection to it. And I believe there will be -- if you think about this over the long haul that we're moving to an industry, and I've been pretty clear about this, it ultimately, customers are going to want to buy connectivity from one place. They don't necessarily love making a distinction between their fixed provider and their mobile provider.

是的。克雷格，我的想法是——我之前嘗試使用這個參考是，我認為它有點——我不想使用術語 [LAN] 匆忙，因為它並不那麼容易鋪設光纖，它比 LAN 匆忙需要更長的時間，但我們現在肯定處於一個窗口期，我相信美國的大部分地區最終都會有光纖連接。而且我相信會有 - 如果你從長遠考慮我們正在轉向一個行業，我已經很清楚這一點，最終，客戶將希望從一個地方購買連接.他們不一定喜歡區分固定提供商和移動提供商。

And I think over time, we're going to see an ordering of industry assets that leans more toward that. And my point of view to be in a strong position as you -- if you have the best technology out there and you ultimately build the largest footprint fastest, you're going to be in a better position to ultimately play in the outcome of how that restructuring gets done, and you're going to have the strongest customer base on a relative basis and owning and operating those assets and having the ability to control the product offering and control the cost on it will be the best way to control your progress going forward.

而且我認為隨著時間的推移，我們將看到更傾向於這種方式的行業資產排序。我的觀點是和你一樣處於強勢地位——如果你擁有最好的技術，並且最終以最快的速度建立最大的足跡，那麼你將處於更好的地位，最終發揮作用重組已經完成，你將擁有相對強大的客戶群，擁有和運營這些資產並有能力控制產品供應和控製成本將是控制進展的最佳方式往前走。

So yes, it's a deliberate process to continue to build fiber infrastructure and ultimately overlay it with the wireless business, but that's a process that I think is incredibly durable and sustainable. And my job is to make sure I'm doing it faster and better than anybody else and I think it'll come out in an okay place as a result of that. And as I said, my job is to ensure that people who give us money to go and allow for us to make that investment feel that on a marginal basis, on an incremental basis, we're doing that in a way that's driving successful returns.

所以，是的，繼續構建光纖基礎設施並最終將其與無線業務疊加是一個深思熟慮的過程，但我認為這是一個非常持久和可持續的過程。我的工作是確保我比其他人做得更快更好，我認為它會因此在一個好的地方出現。正如我所說，我的工作是確保那些給我們錢並允許我們進行投資的人感到，在邊際的基礎上，在增量的基礎上，我們正在以一種能夠推動成功回報的方式做這件事.

I think fixed wireless, as I said, has its place in the portfolio. I don't see it's place long term in dense metropolitan areas, and I don't see it in reasonably well populated suburban areas. I don't see the dynamic of that product, and I've been pretty clear about this, if I start to think about consumer behavior and demand of consumption. And I start to take those curves out over 3 years. I don't see that as the optimal way to service a customer in the near term. So I think the mobile network's role in life is to ensure that whenever somebody is away from a fixed location, they can still get the same kind of capabilities that they get while they're at home, but there's only a certain amount of bandwidth that a mobile network will ever be able to foster and support in that regard.

正如我所說，我認為固定無線在產品組合中佔有一席之地。我認為它不會長期存在於人口稠密的大都市地區，我也不會在人口相當稠密的郊區看到它。我看不到那個產品的動態，如果我開始考慮消費者行為和消費需求，我對此已經很清楚了。我開始在 3 年內消除這些曲線。我不認為這是短期內為客戶提供服務的最佳方式。所以我認為移動網絡在生活中的作用是確保無論何時有人離開固定位置，他們仍然可以獲得與在家時相同的功能，但只有一定數量的帶寬可以移動網絡將永遠能夠在這方面促進和支持。

Mobile bits are going to be higher-value bits. They're going to need to be engineered differently. They should sell at a premium because of the supply and demand dynamics on it. And I want to ensure that my mobile network is, in fact, delivering that premium solution on those mobile bits when they need to be provided. And it's absolutely 100% there to do that. And I think at the end of the day, if your mobile network is doing that mad fashion, then you're going to have an opportunity to work in the high-value mobile space for what are going to be emerging capabilities that people need to facilitate the true promise of 5G and real-time transmission ubiquitously any place anywhere.

移動比特將成為更高價值的比特。他們將需要以不同的方式進行設計。由於其供需動態，它們應該溢價出售。而且我想確保我的移動網絡實際上在需要提供這些移動位時提供優質解決方案。它絕對是 100% 可以做到這一點。而且我認為歸根結底，如果您的移動網絡正在做那種瘋狂的時尚，那麼您將有機會在高價值的移動領域工作，以獲得人們需要的新興功能促進 5G 的真正承諾和隨時隨地無處不在的實時傳輸。

And that last question comes from the line of Michael Rollins with Citi.

最後一個問題來自花旗銀行的邁克爾羅林斯。

Just thinking a little bit more about the wireless growth opportunity. Can you share with us how AT&T is doing with the appearing of customers onto unlimited and premium unlimited plans? And then given some of the comments on inflation, are there opportunities for AT&T to update wireless and fiber pricing again this year? And are any of those opportunities included in the guidance?

只是多考慮一下無線增長機會。您能否與我們分享一下 AT&T 如何應對客戶出現在無限制和高級無限制計劃中的情況？然後考慮到一些關於通貨膨脹的評論，AT&T 今年是否有機會再次更新無線和光纖定價？指南中是否包含這些機會？

Mike, so I'm not going to -- look, it's just not good hygiene to talk about what our plans are on pricing, and I don't intend to do that today. I would just maybe point you back to -- we have a management team who is very good at understanding where we have great value to our customer and where we're selling in that market. And are we getting the maximum value and value exchange back from the customer. And that's across all of our products and services.

邁克，所以我不打算 - 看，談論我們的定價計劃只是不衛生，我今天不打算這樣做。我可能會指出你回到 - 我們有一個管理團隊，他們非常善於理解我們對我們的客戶有很大價值的地方以及我們在那個市場上銷售的地方。我們是否從客戶那裡獲得了最大的價值和價值交換。這貫穿於我們所有的產品和服務。

Last year, I mean, you can see we saw an area where we felt like -- we had some customers that weren't taking advantage of the best plans that we had to offer with the most recent features, and we decided to work in our customer base to help them understand that there were better places they could go where there was maybe an exchange for them to pay us a little bit more, but to get a lot more for what they were paying us. I think we executed that incredibly well. We just gave you churn numbers that were incredibly strong churn numbers, all while we did that, and I think you should step back from that and say that's pretty good execution. I'm not sitting here telling you about I grew service revenues and I'm dealing with a customer flight problem. I dealt with lower churn. And I think that's a testament to the fact that we were able to get a win-win proposition on our customer base with the customers walked away feeling better about the circumstances, and we'll continue to look for those opportunities.

去年，我的意思是，你可以看到我們看到了一個我們感覺的領域——我們有一些客戶沒有利用我們必須提供的具有最新功能的最佳計劃，我們決定在我們的客戶群，以幫助他們了解他們可以去更好的地方，那裡可能是他們支付給我們多一點的交換，但他們付給我們的錢會得到更多。我認為我們執行得非常好。在我們這樣做的同時，我們只是給了你非常強大的流失數字，我認為你應該退後一步，說這是非常好的執行。我不是坐在這裡告訴你我增加了服務收入，也不是在處理客戶航班問題。我處理了較低的流失率。我認為這證明了我們能夠在我們的客戶群中獲得雙贏的提議，客戶離開時對情況感覺更好，我們將繼續尋找這些機會。

Anywhere in our portfolio on any product where we think we can do those types of things, that's just part of being good management. I would expect that there's always opportunities for us to look into that -- where I think we are on our ability to walk people up the value continuum. We still have room. We're not -- we're not through the 5G replacement cycle. As you know, when a customer comes in and chooses to do that upgrade, that's a great opportunity for us to talk to them about what product and services that they have and to help them understand that maybe buying a more robust plan or fine-tuning how they're buying plans from us might fit into their portfolio and give them the best value.

在我們認為我們可以做這些類型的事情的任何產品組合中的任何地方，這只是良好管理的一部分。我希望我們總是有機會研究這一點——我認為我們有能力讓人們走上價值連續體。我們還有空間。我們沒有——我們還沒有完成 5G 更換週期。如您所知，當客戶進來並選擇進行升級時，這是我們與他們討論他們擁有的產品和服務並幫助他們了解可能購買更強大的計劃或進行微調的絕佳機會他們從我們這裡購買計劃的方式可能適合他們的投資組合併為他們提供最佳價值。

And we do expect we're going to continue to make headway on that. That's part of that service revenue growth the past call guided due to. I don't think anything that we've got in there is Herculean. We've been talking about this for the better part of 3 years with you. Every year, we've managed to do what we said we were going to do, and it's been consistent with the service revenue numbers that we forecasted for you. I think you should also understand that the global economy is not completely recovered from the pandemic. We still expect that as travel continues to normalize itself that we're going to see a little bit of uptick in relief coming from the likes of more global visitors coming in on roaming and people going places.

我們確實希望我們將繼續在這方面取得進展。這是過去電話引導的服務收入增長的一部分。我不認為我們在那裡得到的任何東西都是赫拉克勒斯。在過去 3 年的大部分時間裡，我們一直在與您討論這個問題。每年，我們都設法做到了我們所說的我們將要做的事情，並且它與我們為您預測的服務收入數字一致。我想你也應該明白，全球經濟並沒有完全從疫情中恢復過來。我們仍然預計，隨著旅行繼續正常化，我們會看到更多的全球遊客漫遊和人們去某個地方，這會帶來一些緩解。

I think Asia is still going to be suppressed for a period of time, but let's hope the back end of recent policy changes that have occurred in Asia means that we will eventually hit a normalization there that will ultimately get us back to kind of pre-pandemic norms at some point, which is it's good to be going down that path as opposed to having a major footprint that is kind of trying to create a fortress and not allow people to move back and forth between their borders. So we started at the beginning of the end there, which is good.

我認為亞洲在一段時間內仍將受到壓制，但讓我們希望亞洲最近發生的政策變化意味著我們最終會在那裡實現正常化，最終讓我們回到某種預大流行規範在某些時候，沿著這條路走下去是件好事，而不是有一個主要的足跡，試圖建立一個堡壘，不允許人們在他們的邊界之間來回移動。所以我們從頭到尾開始，這很好。

So I don't feel any concern around whether or not we can effectively move people up that continuum. We still have room to grow we're banking on that in our guidance and we'll execute around it just as we have any other years. I don't know if you want to add anything there, Pascal.

所以我不擔心我們是否可以有效地提升人們的連續性。我們仍然有增長的空間，我們在我們的指導中寄希望於此，我們將像其他年份一樣圍繞它執行。我不知道你是否想在那裡添加任何東西，Pascal。

No, I think that's all well said.

不，我認為這一切都說得很好。

So again, I appreciate your time this morning. I'm really pleased with the year. I thought it was a strong consistent execution year. I'm just equally as pleased that we've done the right things to set us up for continued growth as we move through '23. I hope you feel the same. I know the management team is very focused on delivering what we shared with you this morning is our expectations. I feel really good about where our customer base is. As I mentioned just a few moments ago, to have churn levels in our wireless business running at the position they're in with the competitive intensity that is occurring in the industry to have the position we have with our broadband base on fiber and the customer satisfaction is coming with it, I think, bodes incredibly well even in an uncertain environment as we're moving forward. And the good news is, I think we can grow in both those places to continue to drive the kind of tempered indirect growth that we shared with you.

再次感謝你今天早上的時間。我對這一年真的很滿意。我認為這是一個強有力的一致執行年。我同樣高興的是，我們已經做了正確的事情，讓我們在 23 年的時候繼續增長。我希望你也有同感。我知道管理團隊非常專注於實現我們今天早上與您分享的是我們的期望。我對我們的客戶群在哪裡感到非常滿意。正如我剛才提到的，要讓我們的無線業務中的客戶流失水平保持在他們所處的位置，而行業中正在發生的競爭激烈，以擁有我們在光纖和客戶基礎上的寬帶基礎上所處的位置我認為，即使在我們前進的不確定環境中，滿意也會隨之而來。好消息是，我認為我們可以在這兩個地方發展，以繼續推動我們與您分享的那種緩和的間接增長。

So we're looking forward to doing it again next year. I think we've got the right opportunities in place. I think there's a lot more that we know we can still do to run this business better, and we're about doing that to ensure that we deliver improved performance for you moving forward.

所以我們期待明年再次這樣做。我認為我們已經找到了合適的機會。我認為我們知道我們仍然可以做很多事情來更好地經營這項業務，我們正在這樣做以確保我們為您提供更好的性能。

So thank you very much. I hope you all have a great '23.

非常感謝。我希望你們都有一個偉大的 23 年。

And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。