AT&T Inc (T) 2023 Q1 法說會逐字稿

Thank you for standing by. Welcome to AT&T's First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

感謝您的支持。歡迎參加 AT&T 2023 年第一季財報電話會議。 （接線生指示）溫馨提示：本次會議正在錄製中。

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

我想將電話會議交給我們的主持人，財務和投資者關係高級副總裁阿米爾·羅茲瓦多夫斯基 (Amir Rozwadowski)。請繼續。

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

謝謝大家，早安！歡迎參加我們的第一季電話會議。我是AT&T投資者關係主管阿米爾·羅茲瓦多夫斯基（Amir Rozwadowski）。今天和我一起參加電話會議的還有我們的執行長約翰·斯坦基（John Stankey）和財務長帕斯卡爾·德羅什（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, including our earnings materials, are available on the Investor Relations website.

在開始之前，我需要提醒大家注意我們的安全港聲明。聲明指出，我們今天的部分評論可能具有前瞻性。因此，這些評論可能受到 AT&T 提交給美國證券交易委員會 (SEC) 的文件中所述的風險和不確定性的影響。實際結果可能存在重大差異。更多信息，包括我們的收益材料，請訪問投資者關係網站。

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

說完這些，我將把電話轉給約翰·斯坦基。約翰？

Thanks, Amir, and good morning, everyone. I appreciate you joining us. Earlier today, we shared our first quarter results, which again illustrate how we're meeting our commitment to grow high-quality, durable 5G and fiber customer relationships. Thanks to a consistent discipline and return focused go-to-market approach. Our team is balancing customer growth with profitable long-term value creation as we connect people to greater possibility.

謝謝，阿米爾，大家早安。感謝各位的參與。今天早些時候，我們公佈了第一季業績，這再次證明了我們正在履行發展高品質、持久的5G和光纖客戶關係的承諾。這要歸功於我們始終如一的紀律和以回報為導向的市場導向策略。我們的團隊正在平衡客戶成長與長期獲利價值創造，致力於將人們與更大的可能性連結起來。

And I'm particularly proud of the quality of our subscriber additions. Despite high promotional activity seen in parts of our industry, we continue to achieve consistently low churn levels while increasing the take rate of our high-value 5G and fiber plans. We believe our results demonstrate that the customer-centric strategy we launched almost 3 years ago continues to deliver the right mix of quality subscriber and profit growth that will prove sustainable over the longer term.

我尤其為我們新增用戶的品質感到自豪。儘管我們行業部分領域促銷活動頻頻，但我們的用戶流失率始終保持在低位，同時高價值5G和光纖套餐的接受率也持續提升。我們相信，我們的業績證明，我們在近三年前推出的以客戶為中心的策略，繼續實現了優質用戶和利潤成長的完美結合，並將在長期內保持永續性。

So let me highlight some of our progress. Let's start with mobility. In January, I shared that we anticipated industry demand trends would continue to normalize to pre-pandemic levels. However, we still expect it to grow both postpaid phone subscribers and wireless profits, thanks to investments in our customer experience, distribution channels and network, and that's exactly what our team's delivered.

那麼，讓我來重點介紹一下我們的一些進展。首先是行動業務。今年1月，我曾表示，我們預期產業需求趨勢將持續恢復到疫情前的正常水準。然而，我們仍預期後付費電話用戶數量和無線業務利潤都將實現成長，這要歸功於我們在客戶體驗、分銷管道和網路方面的投資，而這正是我們團隊所取得的成果。

We had 424,000 postpaid phone net adds in the first quarter and continued to grow wireless service revenues, EBITDA and postpaid phone ARPU, all while maintaining historically low churn. Checking the box for each of these success metrics paints a clear picture of what sustainable, profitable wireless growth looks like.

我們第一季新增了42.4萬部後付費電話，無線服務收入、EBITDA（息稅折舊攤提前利潤）和後付費電話ARPU（每用戶平均收入）持續成長，同時維持了歷史最低的客戶流失率。勾選這些成功指標，就能清楚描繪出永續、獲利的無線成長景象。

We've now had more than 11 straight quarters of 400,000 postpaid phone net adds or better, and we've totaled 2.6 million postpaid phone net adds over the past 4 quarters. We're pursuing longer-term growth by remaining committed to fostering durable relationships that solve customer pain points and bring great value to our customers.

我們已經連續11季新增後付費電話用戶數達到或超過40萬，過去4季累計新增後付費電話用戶數達到260萬。我們將繼續致力於建立持久的合作關係，解決客戶痛點，為客戶創造巨大價值，從而實現長期成長。

We're executing well on our disciplined go-to-market strategy that centers around putting the customer first and takes advantage of our improved distribution.

我們正在順利執行嚴格的市場進入策略，該策略以客戶為中心，並利用我們改進的分銷優勢。

We also continue to hone our ability to deliver targeted solutions that provide real value to customers in our historically underpenetrated segments, like first responders, as well as small and medium businesses. This approach establishes a long-term growth trajectory that thoughtfully balances customer additions with profitable returns.

我們持續提升提供精準解決方案的能力，為以往滲透率較低的細分市場（例如急救人員以及中小企業）的客戶提供真正的價值。這種方法確立了長期成長軌跡，在客戶成長與獲利回報之間實現了精準的平衡。

Now let's turn to our fiber business. Quarter after quarter, our teams proved that wherever we build fiber, we win. And the first quarter was no exception, with 272,000 AT&T fiber net adds. This marks 13 straight quarters with more than 200,000 net adds. These net adds were a significant achievement with a number of household moves, a key growth metric for fiber sales, decreasing nationwide. As we noted at the end of last year, our fiber subscribers now outnumbered nonfiber and DSL subscribers. We now have about 7.5 million AT&T fiber subscribers, with the fiber adoption and margin expansion driving Consumer Wireline revenue and EBITDA growth.

現在讓我們來談談我們的光纖業務。我們的團隊第一季又一季證明，無論在哪裡鋪設光纖，我們都能取得成功。第一季也不例外，AT&T 光纖淨增用戶數達 27.2 萬。這標誌著我們連續 13 個季度淨增用戶數超過 20 萬。在全國範圍內，隨著家庭遷移數量（光纖銷售的關鍵成長指標）的下降，這些淨增用戶數是一項重大成就。正如我們去年年底所指出的，我們的光纖用戶數量現已超過非光纖和 DSL 用戶。目前，我們擁有約 750 萬 AT&T 光纖用戶，光纖的普及和利潤率的提升推動了消費者有線業務的收入和 EBITDA 的成長。

We believe that AT&T offers the best wired Internet service available anywhere, that this elevated AT&T fiber experience is providing a strong tailwind.

我們相信，AT&T 提供的有線網路服務是世界上最好的，而 AT&T 光纖體驗的提升將帶來強勁的推動力。

So overall, across both 5G and fiber, I'm very happy with the high-quality subscriber adds we achieved in the quarter, and these long-term customer relationships provide a great and profitable revenue stream now and into the future. Even in the midst of increased macroeconomic uncertainty, we're executing more sharply and efficiently after repositioning our operations around our connectivity strengths. We remain on track to achieve our $6 billion plus cost savings run rate target by the end of the year, if not sooner.

整體而言，無論是在5G還是光纖領域，我對本季我們新增的高品質用戶感到非常滿意，這些長期的客戶關係為現在和未來帶來了巨大且可觀的收入來源。即使在宏觀經濟不確定性加劇的背景下，圍繞我們的連接優勢重新定位營運後，我們的執行力也更加敏銳和高效。我們預計在年底前（甚至更早）實現60億美元以上的成本節約運行率目標。

As we mentioned before, the benefits from these efforts are expected to increasingly fall to the bottom line. While we've largely delivered what we set out to accomplish 3 years ago, our journey has only raised our confidence that we can continue to evolve and improve. In fact, we believe we can further accelerate cost take-outs as we progress through the year. Part of this entails transforming our network as we ultimately replace our copper services footprint with best-in-class fiber connectivity, and where it makes sense for customers, replacement products built on our wireless network.

正如我們之前提到的，這些努力帶來的收益預計將逐漸體現在公司業績中。雖然我們三年前設定的目標基本上已經實現，但這段歷程更增強了我們繼續發展和改進的信心。事實上，我們相信，隨著今年的推進，我們可以進一步加快成本削減的速度。其中一部分包括改造我們的網絡，最終用一流的光纖連接取代銅線服務，並在客戶認為合適的情況下，基於我們的無線網路建立替代產品。

Think about a cost structure that's no longer anchored to legacy network technologies and software stacks. For example, in addition to all of fiber's enhanced resiliency and its superior transport characteristics, we're already seeing that fiber uses less energy, costs less to maintain and requires fewer service dispatches.

想像一下，成本結構不再侷限於傳統的網路技術和軟體堆疊。例如，除了光纖增強的彈性和卓越的傳輸特性之外，我們已經看到光纖能耗更低、維護成本更低、服務調度需求更少。

And as we reduce our copper services footprint and related legacy infrastructure, we expect to consistently improve our margins, grow EBITDA and, ultimately, improve our capital efficiency.

隨著我們減少銅服務足跡和相關遺留基礎設施，我們預計將持續提高利潤率、增加 EBITDA，並最終提高資本效率。

Another contributing element relies on unlocking new capabilities that make it easier to collaborate and get work done by leaning into our digital transformation. We're seeing this already come to life through early trials in our collaboration with NVIDIA, where we're testing the use of artificial intelligence to improve fleet dispatches so our field technicians can better serve customers. Separately, we're using AI to match customers with the right customer care support path, resulting in more effective issue resolution. We think this is only the tip of the spear of what's possible.

另一個促成因素在於，我們依靠數位轉型來解鎖新功能，從而更輕鬆地協作並完成工作。我們與 NVIDIA 合作的早期試驗已經見證了這一點。我們正在測試如何使用人工智慧來改善車隊調度，以便我們的現場技術人員能夠更好地服務客戶。此外，我們正在使用人工智慧為客戶匹配合適的客戶服務路徑，從而更有效地解決問題。我們認為，這只是未來可能性的冰山一角。

Now let's turn to our final priority, which centers on how we're allocating capital. We continue to invest in our 5G and fiber networks at record levels in order to deliver long-term sustainable earnings growth. Our goal is to build a network that not only meets today's demands but will serve the needs of our customers for decades to come. This is at the core of what we do and who we are as a company. It's also why we continue to be 1 of America's largest capital investors.

現在，讓我們談談我們最後一個優先事項，即我們如何配置資本。我們持續以創紀錄的水平投資於5G和光纖網絡，以實現長期可持續的獲利成長。我們的目標是建立一個不僅能滿足當前需求，還能在未來幾十年滿足客戶需求的網路。這是我們工作的核心，也是我們作為一家公司的核心。這也是我們繼續成為美國最大資本投資者之一的原因。

We're investing in our connectivity infrastructure, and using our team's proven expertise to not only maintain our network advantages but to advance it, and we're doing this while moving forward on our commitment to provide more Americans with access to reliable, high-speed broadband. We plan to actively pursue bead funding to support the transition of our wireline footprint and expect to be a significant participant in public, private partnerships.

我們正在投資我們的連接基礎設施，並利用我們團隊久經考驗的專業知識，不僅要保持我們的網路優勢，還要進一步發展。同時，我們也在努力履行為更多美國人提供可靠高速寬頻存取的承諾。我們計劃積極尋求專款，以支持我們有線電視網絡覆蓋範圍的轉型，並期望成為公私合作的重要參與者。

And while we're clearly committed to investing in our networks, we also remain focused on the strengthening of our balance sheet and reducing our net debt. We expect to increase cash generation over time, which will allow us to continue delivering an attractive dividend with improving credit quality. And by executing on the simplified capital allocation framework, we expect to improve our financial flexibility in the long run. This will provide us with the opportunity to take additional actions, such as investing to accelerate our business growth or generating incremental values and returns for our shareholders.

雖然我們明確承諾投資於我們的網絡，但我們也將繼續專注於加強資產負債表並減少淨債務。我們預計未來現金流將有所增加，這將使我們能夠在提高信貸品質的同時繼續提供具有吸引力的股息。透過執行簡化的資本配置框架，我們預期長期內將提升財務靈活性。這將為我們提供採取額外行動的機會，例如透過投資來加速業務成長或為股東創造增量價值和回報。

Now before I wrap up, I'd like to quickly touch on some developments we're seeing in the macroeconomic environment. We started the year with the expectation that we'd be operating against a less-predictable macro backdrop. This belief has proven true thus far. And what we're seeing is in line with the expectations we built into our guidance in January, including a moderation of growth for wireless services.

在結束之前，我想快速談談我們在宏觀經濟環境中看到的一些發展。年初我們預期宏觀經濟環境將更難以預測。到目前為止，這一預期已得到證實。目前的情況與我們在1月業績指引中提出的預期一致，包括無線服務的成長放緩。

We expected to transition back to more historical cost of debt. That is certainly underway, with the added dose of tighter credit availability to some segments of the economy. I'm clearly not breaking any ground with these observations, but this is why we have been focused on reducing our leverage and optimizing our use of capital over the last few years.

我們預計債務成本將回歸歷史水準。這無疑正在進行中，部分經濟領域信貸供應也進一步收緊。我的這些觀察顯然並非開創性的觀點，但這正是我們過去幾年專注於降低槓桿率和優化資本使用的原因。

As the economy adjusts to a likely period of tighter capital availability and higher interest rates, I take comfort in the state of our business for 2 reasons. The first is the heavy lifting we did to strengthen our balance sheet over the last several years. We've reduced our debt, taking advantage of the prior low interest rate environment on our remaining debt and managed our debt towers for the next several years. As a result, more than 95% of our debt is now fixed at an average rate of 4.1%.

隨著經濟逐漸適應可能出現的資金緊張和利率上升的時期，我對我們的業務狀況感到欣慰，原因有二。首先，過去幾年我們為增強資產負債表付出了巨大努力。我們利用先前的低利率環境減少了債務，並在接下來的幾年裡控制了債務高企。因此，我們目前超過95%的債務平均利率固定在4.1%。

The second is the repositioning of our business to focus on exclusively communication services, particularly 5G and fiber. As the last few years have demonstrated, the solutions we provide are more critical than ever before, and we only expect the demand for purpose-built, best-in-class Internet access to grow. The resiliency of the services we provide, coupled with our improved financial flexibility, provide us with the right tool set to navigate the economic environment.

第二是重新定位我們的業務，專注於通訊服務，尤其是5G和光纖。正如過去幾年所表明的那樣，我們提供的解決方案比以往任何時候都更加重要，我們預計對專用、一流的網路存取的需求只會不斷增長。我們所提供服務的彈性，加上我們增強的財務靈活性，為我們提供了應對經濟環境的正確工具。

We remain on track to deliver the 2023 financial and operating commitments we made to our shareholders at the start of the year. However, should the need arise, we feel comfortable using the tools we have at our disposal to align our actions with a more challenging economic backdrop, whether that's accelerating cost transformation actions, being more deliberate with our capital spend or increasing our liquidity.

我們仍在按計畫履行年初向股東做出的2023年財務和營運承諾。然而，如有需要，我們樂意運用現有工具，使我們的行動與更具挑戰性的經濟環境保持一致，無論是加快成本轉型行動、更審慎地規劃資本支出，或是增強流動性。

To conclude my remarks, I'd simply reemphasize that I'm proud of how our team started the year. Last quarter, I said that our approach and strategy for 2023 was to do it again. In the first quarter of the year, our teams have done just that.

最後，我想再次強調，我為我們團隊今年的開局感到自豪。上個季度，我曾說過，我們2023年的方法和策略是再次實現這一目標。今年第一季度，我們的團隊確實做到了這一點。

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

說完這些，我就把麥克風交給帕斯卡了。帕斯卡？

Thank you, John, and good morning, everyone. As you know, we typically provide a brief review of our subscriber trends at this point in our prepared remarks. But today, I'd like to zoom out and connect the dots on the progress we've made so far on our multiyear journey to reposition our core operations.

謝謝約翰，大家早安。如你們所知，我們通常會在準備好的發言稿中簡要回顧一下我們的用戶趨勢。但今天，我想把話題拉遠，把我們多年來在核心業務重新定位方面取得的進展串連起來。

Our goal has been to take advantage of the expected increased demand for wireless and broadband connectivity by adding customers the right way, with a focus on long-term value. We recognize that in order to do that, we had to increase our investments in the business to enhance our customer value proposition and make more memorable and lasting connections with our customers. We understood that these investments would have a short-term impact on wireless ARPU and profits, but over time, would build durable customer relationships and deliver attractive returns.

我們的目標是充分利用無線和寬頻連線預期成長的需求，以正確的方式吸引客戶，並著眼於長期價值。我們認識到，為了實現這一目標，我們必須增加對無線業務的投資，以增強我們的客戶價值主張，並與客戶建立更難忘、更持久的連結。我們明白，這些投資會對無線ARPU和利潤產生短期影響，但隨著時間的推移，將建立持久的客戶關係並帶來豐厚的回報。

Over the last few quarters, we've started to see the full picture and the results of these efforts. In mobility, our largest business unit, we're growing subscribers and taking share. We also continue to see very healthy ARPU. This translates to growth in wireless service revenues and EBITDA, while improving margins. We've grown both revenues and EBITDA year-over-year for 4 consecutive quarters, and this past quarter was the best first quarter for mobility EBITDA in the company's history.

在過去幾個季度，我們開始看到這些努力的全貌和成果。在我們最大的業務部門—行動業務，我們的用戶數量和市場份額都在成長。我們的每位用戶平均收入 (ARPU) 也持續保持健康。這轉化為無線服務收入和息稅折舊攤提前利潤 (EBITDA) 的成長，同時利潤率也在增加。我們已連續四個季度實現收入和息稅折舊攤銷前利潤 (EBITDA) 的同比增長，而上一季更是創下了公司歷史上移動業務 EBITDA 表現最好的第一季。

In Consumer Wireline, we've invested to increase our fiber footprint to provide customers with best-in-class access technology. Over the course of the past 3 years, we added about 6 million fiber locations that we can now serve. By doing this, we successfully transformed the business that was in secular decline into a growth business, with fiber growth outpacing legacy wireline declines. The consistency of our results across 5G and fiber provides us with confidence that our go-to-market approach is both sustainable and delivers attractive returns.

在消費有線領域，我們持續投資，擴大光纖覆蓋範圍，為客戶提供一流的接取技術。過去三年，我們新增了約600萬個光纖位置，目前可供服務。透過這項舉措，我們成功地將長期下滑的業務轉變為成長業務，光纖業務的成長速度超過了傳統有線業務的下滑速度。我們在5G和光纖業務上取得的一致業績，讓我們有信心，我們的市場推廣策略既可持續，又能帶來豐厚的回報。

These results are the outcome of the hard work our teams have done and show the value in what we've been working towards the last 3 years, and now it's about continuing to deliver quality growth with attractive returns. So again, we're clearly growing the right way and focused on the long term.

這些業績是我們團隊辛勤工作的成果，也反映了我們過去三年努力的價值。現在，我們的目標是繼續實現高品質成長和可觀的回報。因此，我們顯然正朝著正確的方向發展，並著眼於長遠發展。

Now let's turn to our first quarter financial summary on Slide 6. Consolidated revenues were up 1.4% in the first quarter, largely driven by wireless service revenues and to a lesser extent, Mexico and Consumer Wireline. This was partially offset by an expected decline in Business Wireline as well as lower mobility equipment revenues. Adjusted EBITDA was up 3.9% for the quarter as growth in mobility, Mexico and Consumer Wireline were partially offset by an expected decline in Business Wireline.

現在我們來看看投影片6上的第一季財務摘要。第一季合併收入成長1.4%，主要得益於無線服務收入，以及墨西哥和消費者有線業務（其影響較小）的成長。這部分被商業有線業務的預期下滑以及行動裝置收入的下降所抵消。本季調整後EBITDA成長3.9%，其中行動業務、墨西哥和消費者有線業務的成長被商業有線業務的預期下滑所部分抵銷。

Adjusted EPS was $0.60 compared to $0.63 in the year ago quarter. In the quarter, there were about $0.06 of aggregated EPS headwinds from higher pension, lower DIRECTV equity income and higher effective tax rate. This was partially offset by strong growth in mobility. Cash from operating activities came in at $6.7 billion versus $7.6 billion last year. This was largely due to the timing of working capital, which includes lower securitizations. As a reminder, the first quarter is typically the high watermark for device payments, and we expect payments to progressively get lower as we make our way through the balance of the year.

調整後每股收益為0.60美元，去年同期為0.63美元。本季度，退休金增加、DIRECTV股權收益下降以及有效稅率上升對每股收益造成了約0.06美元的不利影響。但這部分抵消了行動業務的強勁成長。經營活動現金流為67億美元，去年同期為76億美元。這主要是由於營運資金的時機選擇，包括較低的證券化金額。需要提醒的是，第一季通常是設備付款的高點，我們預計，隨著年底的到來，付款金額將逐步下降。

Capital investments were $6.4 billion as we continue to make historically high levels of investments in 5G and fiber. Free cash flow for the quarter was $1 billion. This was consistent with our expectations and accounts for several seasonal and anticipated working capital impacts. We remain confident in our full year outlook for free cash flow of $16 billion or better. This expectation is largely due to the timing of capital investments, device payments, incentive compensation, which all peaked in the first quarter.

資本投資達64億美元，這得益於我們持續在5G和光纖領域進行創紀錄的投資。本季自由現金流為10億美元，符合我們的預期，並已計入多項季節性和預期營運資本影響。我們仍然對全年自由現金流達到或超過160億美元的預期充滿信心。這項預期主要源自於資本投資、設備付款和激勵性薪酬的時機選擇，這些因素均在第一季達到高峰。

Now let's look at our mobility operating results on Slide 7. Before we get started, we disclosed in early March that we modified our business unit reporting and no longer record prior service credits to our individual business units. Prior period business unit results have been recast for this change. There is no impact to consolidate the operating income, as price service credits continue to be recorded in other income.

現在讓我們來看看幻燈片7上的行動業務營運表現。在開始之前，我們於3月初揭露，我們修改了業務部門的報告方式，不再將先前的服務積分計入各個業務部門。此前各業務部門的業績已根據此變更進行了調整。由於價格服務積分仍計入其他收入，因此合併營業收入不會受到影響。

Looking at our Mobility results. Revenues were up 2.5% and service revenues were up 5.2% driven by subscriber growth and higher ARPU. Mobility EBITDA was up $621 million or 8% for the quarter, driven by growth in subscribers, service revenue and the assets of 3G network shutdown costs versus the first quarter of 2022. Mobility postpaid phone ARPU was $55.05, up $1.05 or nearly 2% year-over-year. ARPU growth remains largely driven by higher ARPU on legacy plans from last year's pricing actions, a continued mix shift to higher-value rate plans and a continued improvement in consumer international rolling trends.

回顧我們的行動業務業績。受用戶成長和每用戶平均收入 (ARPU) 提升的推動，營收成長 2.5%，服務收入成長 5.2%。受用戶成長、服務收入以及 3G 網路停運成本資產的推動，行動業務本季息稅折舊攤提前利潤 (EBITDA) 較 2022 年第一季成長 6.21 億美元，增幅達 8%。行動後付費手機每用戶平均收入 (ARPU) 為 55.05 美元，年增 1.05 美元，增幅近 2%。 ARPU 的成長主要得益於去年定價策略帶來的傳統套餐 ARPU 提升、套餐組合持續向高價值套餐轉變，以及消費者國際滾動趨勢的持續改善。

Postpaid phone churn remains low at 0.81% for the quarter. We believe our team's ongoing success can be largely attributed to the consistent investment we've made to build a fast and reliable 5G network and the actions we've taken to ensure our customers feel valued and appreciated. In prepaid, we had 40,000 phone net additions. Our total prepaid churn was below 3%, primarily driven by loyalty from Cricket customers who stayed with us as a result of our value and reliability. Overall, I'm really pleased that the team achieved solid subscriber growth even against a moderation in industry demand.

本季後付費電話用戶流失率維持在0.81%的低點。我們相信，團隊持續的成功很大程度上歸功於我們為建立快速可靠的5G網路所做的持續投資，以及我們為確保客戶感受到被重視和被重視而採取的行動。預付費用戶淨增加4萬部。我們的預付費總用戶流失率低於3%，這主要得益於Cricket用戶的忠誠，他們因我們的價值和可靠性而選擇繼續使用我們的服務。總體而言，我非常高興團隊在行業需求放緩的情況下仍實現了穩健的用戶成長。

I'd like to also quickly acknowledge the strong results posted by our team in Mexico. We're very pleased with the performance of our Mexico wireless operations, which boasted strong revenue and steady profit growth, thanks to improved operational execution and scale.

我還想快速地承認一下我們墨西哥團隊的強勁業績。我們對墨西哥無線業務的業績非常滿意，得益於營運執行力和規模的提升，該業務的收入強勁，利潤穩步增長。

Now let's move to Consumer and Business Wireline results, which are on Slide 8. Let's start with Consumer wireline where our growth was led by our investment in fiber, which is consistently yielding strong returns. We added 272,000 fiber customers in the quarter. This speaks to the quality of the service we're providing and the continued demand for the best Internet technology available today. With our fiber subscribers now outnumbering our nonfiber subscribers, the increasing mix shift from legacy products to fiber continues to drive strong broadband results.

現在我們來看看消費者和商業有線業務的業績，它們位於第8張幻燈片上。首先是消費者有線業務，我們的成長主要得益於對光纖的投資，該業務持續帶來強勁的回報。本季我們新增了27.2萬名光纖客戶。這證明了我們提供的服務質量，以及對當今最佳互聯網技術的持續需求。由於我們的光纖用戶數量現已超過非光纖用戶，從傳統產品轉向光纖的轉變持續推動寬頻業務的強勁成長。

Broadband revenues grew by more than 7% year-over-year, including accelerated year-over-year fiber revenue growth of more than 30%. Fiber ARPU was $65.92, up more than $1 sequentially, with ARPU for new fiber customers at about $70. Customers are increasingly choosing to take advantage of the benefits offered by faster speed tiers, which is also supporting ARPU growth.

寬頻收入年增超過7%，其中光纖收入年增超過30%。光纖ARPU為65.92美元，季增超過1美元，新光纖用戶的ARPU約70美元。越來越多的客戶選擇享受更高網路速度帶來的優惠，這也支撐了ARPU的成長。

Consumer Wireline EBITDA grew 3.2% for the quarter due to growth in fiber revenues and transformation savings, partially offset by higher storm costs on the West Coast, which hurt growth by about 250 basis points in the quarter. Overall, we could not be more confident in the future of our Consumer Wireline business, with fiber well positioned to lead our growth in the decade ahead.

本季度，消費者有線業務EBITDA成長3.2%，這得益於光纖收入的成長和轉型成本的降低，但部分抵消了西海岸風暴成本的上升，導致本季成長下降約250個基點。整體而言，我們對消費者有線業務的未來充滿信心，光纖業務將在未來十年引領我們的成長。

Turning to Business Wireline. EBITDA was down $230 million year-over-year, which was in line with our expectations. This was partially driven by about $50 million in year-over-year comparability factors, including favorable compensation adjustments in the first quarter of last year. Our rationalization process in Business Wireline also continues as we remain focused on the opportunities that 5G and fiber expansion create, particularly in the small and midsized business category.

談到Business Wireline。 EBITDA年減2.3億美元，符合我們的預期。部分原因是同比可比性因素減少了約5000萬美元，其中包括去年第一季有利的薪酬調整。 Business Wireline的合理化進程仍在繼續，我們將繼續關注5G和光纖擴展帶來的機遇，尤其是在中小企業領域。

Our Business Solutions wireless service revenues grew nearly 7% despite a moderation in industry growth as we continue to grow faster than our peers. One driver of this growth continues to be FirstNet, where wireless connections grew by about 300,000 sequentially, about 40% of which are postpaid phones. Ultimately, we're making progress on transforming our Business Wireline operations. And when we normalize out for onetime comparison items in the quarter, we still see the same underlying trends and continue to expect full year results aligned to what we guided in January.

儘管產業成長放緩，但我們的商業解決方案無線服務收入仍成長近7%，因為我們的成長速度仍快於同業。 FirstNet仍是此成長的驅動力之一，其無線連線數較上季成長了約30萬，其中約40%是後付費電話。最終，我們在商業有線業務轉型方面取得了進展。即使在本季剔除一次性比較項目後，我們仍然看到了相同的基本趨勢，並繼續預期全年業績將與我們1月份的預期保持一致。

Now to wrap up my comments. I'll restate that we embedded expectations for a comparatively slower macro backdrop in our full year outlook and, therefore, remain on track to deliver on our full year guidance. We will continue to monitor the economy closely. And if we find ourselves operating in a more challenging macro environment than we anticipated, there are levers to pull. Ultimately, we feel like we have found the right formula to deliver sustainable results with profitable 5G and fiber subscriber gains.

現在總結一下我的評論。我想重申一下，我們在全年展望中已經考慮到了相對放緩的宏觀經濟環境，因此我們仍然有望實現全年預期。我們將繼續密切關注經濟情勢。如果我們發現自己的宏觀環境比預期更具挑戰性，我們可以採取一些措施。最終，我們覺得我們已經找到了正確的方法，能夠透過獲利性的5G和光纖用戶成長來實現永續的業績。

We've demonstrated this by growing consolidated EBITDA, improving ARPUs and growing broadband and wireless service revenues, with consistently low postpaid phone churn, and we are confident that this formula will continue to work.

我們已經透過不斷增長的合併 EBITDA、提高的 ARPU 和不斷增長的寬頻和無線服務收入以及持續較低的後付費電話流失率證明了這一點，我們相信這種模式將繼續發揮作用。

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

阿米爾，我們的演示就到這裡。現在開始問答環節。

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

謝謝帕斯卡。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question today comes from the line of Phil Cusick with JPMorgan.

（操作員指示）我們今天的第一個問題來自摩根大通的 Phil Cusick。

Let's start with free cash flow. Given the 2Q free cash flow guide down last year, what can you add to your comments already to get investors comfortable that we aren't walking into another one of those?

我們先從自由現金流說起。鑑於去年第二季自由現金流指引下降，您能補充哪些內容，讓投資人放心，我們不會再陷入類似的困境？

Phil, thank you for the question. Overall, our -- we came in exactly as we anticipated. Remember, in my commentary on at the year-end when we gave guidance, we said that Q1 was going to be the low watermark for free cash flow for several reasons. One, it's the highest quarter of device payments. Recall, Q4 holiday sales is the heaviest volume for devices we pay for those in Q1. You saw our capital spend is elevated relative to the annual guidance that we gave. And Q1 is the quarter we pay incentive comp. When you factor all those things in, along with our expectations that we will continue to grow EBITDA, we feel really good about delivering $16 billion or better.

菲爾，謝謝你的提問。總的來說，我們的業績完全符合預期。記得，我在年底發布業績指引時說過，第一季將是自由現金流的低谷，原因有幾個。首先，這是設備付款最高的一個季度。回想一下，第四季的假日銷售是我們第一季設備付款最多的一個季度。你也看到了，我們的資本支出相對於我們給的年度指引增加。而且第一季是我們支付激勵性薪酬的季度。考慮到所有這些因素，再加上我們對EBITDA（息稅折舊攤提前利潤）將繼續增長的預期，我們對實現160億美元或更高的業績感到非常有信心。

Maybe if I can follow up there, and forgive me if this is a little amateurish. But just looking at the balance sheet as of June '22, net debt today is $3 billion higher than it was 9 months ago. Given all the things that are happening, I understand there are other uses of cash, but is there a point at which the cash generation over and above the dividend starts to actually pay down the net debt of the company?

也許我可以繼續補充，如果說得有點不專業，請原諒。但僅從截至2022年6月的資產負債表來看，今天的淨債務比9個月前高出了30億美元。考慮到目前發生的所有事情，我知道現金還有其他用途，但股息以外的現金流是否真的能夠開始償還公司的淨債務？

We expect net debt to decline this year and thereafter.

我們預計今年及以後淨債務將會下降。

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

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

I wonder if you could just give us a little bit more color on the fiber. How is the build program going? I think I saw about 600,000 passings in the new locations on the consumer side, but just update us on that 2 million to 2.5 million build program. And also what you're seeing in terms of cohort penetration and take rates. You did slightly lower move activity, but how the kind of the 12-month, 24-month penetration rates are going? And then any updates on timing or structure around GigaPower would be great?

能否請您再多介紹一下光纖的狀況？光纖建設計劃進度如何？我看到消費者端新地點的光纖使用量大約有60萬，請您更新200萬到250萬的建設計劃。此外，您還了解到了群組滲透率和使用率的情況。您確實略微降低了移動量，但12個月和24個月的滲透率如何？還有，關於GigaPower的時間安排或結構，您能更新一下嗎？

Sure, Simon. Look, everything is going great. It's no concerns whatsoever about ability to execute the build, supply chain spine. Resourcing capabilities within the vendor community is all good. Teams are executing well. I don't think I have any different commentary of, yes, there's been a little bit of inflationary pressure in some places. By far and away, it's all manageable. It's nothing that blows the business case.

當然，西蒙。你看，一切都進展順利。完全不用擔心建置能力和供應鏈主幹的執行能力。供應商社群內的資源配置能力都很好。團隊執行力也很好。我認為我對此沒有什麼不同的看法，是的，有些地方確實存在一些通膨壓力。但總的來說，一切都在可控範圍內。這不會對商業案例造成任何影響。

In fact, when you offset the cost per living unit increases against what is actually turning out to be faster penetration and higher ARPU than what we had in the, I would call, the fundamental business case, and when we started this process, it well offsets anything we have to worry about in terms of [burst] cost. So I would tell you from a perspective of we feel very comfortable with what we've told you about our $30 million commitment and where we're going with that. That's not the thing that's taking my time or keeping me up at night.

事實上，當你用實際的滲透速度和更高的每用戶平均收入（ARPU）來抵消每個生活單元成本的上漲時，你會發現，這比我們所謂的基本商業案例中以及我們啟動這一流程時的情況要快得多，這很好地抵消了我們在成本爆發方面所擔心的一切。所以我想從某個角度告訴你，我們對我們之前提到的3000萬美元的承諾以及我們的發展方向感到非常放心。這並不是讓我浪費時間或夜不能寐的事情。

Where we are in terms of our execution, I would probably take my hat off to a couple individuals in the company that have been working very hard in this area. And I would tell you, relative to what we spend and how we're going about doing it, I think we're doing a much better job of penetrating our base faster than we are, as I just mentioned. I think that gives us confidence. I've shared with all of you before that 1 of the 3 major impacts to improving payback in a fiber business case is if you can penetrate faster than what your expectations are and bring cash flows forward that has an outsized impact on the NBV of the case and the ultimate payback, and we're seeing that happen.

就我們的執行力而言，我得向公司裡幾位在這方面付出巨大努力的人致敬。而且，我想說，相對於我們的支出和執行方式，我認為我們在快速滲透客戶群方面做得比預期要好得多，正如我剛才提到的。我認為這給了我們信心。我之前和大家分享過，在光纖業務案例中，提高投資回報率的三大因素之一，就是能否以超出預期的速度滲透，並提前帶來現金流，從而對案例的新業務價值和最終投資回報率產生巨大的影響，而我們正在見證這種情況的發生。

Now I would tell you, look, we're building in places that are fiber hungry. And so I think our effectiveness is indicative of the success of the market and the receptiveness of the market. I don't know if you get 3 years out on the build if it stays that way. We'll have to continue to watch that. But I think the tactics and the techniques that we've developed collectively as a team between how we promote the brand, what our operations folks do to raise awareness, how we capture those customers, the way we're marketing to them, the effectiveness at which we're marketing to them, I really like what we're seeing.

現在我要告訴你，你看，我們正在光纖需求旺盛的地方建設。所以我認為我們的成效體現了市場的成功和接受度。如果保持這種狀態，我不知道這項建設是否能持續三年。我們必須繼續關注。但我認為，我們團隊共同開發的策略和技術，包括我們如何推廣品牌、營運人員如何提升知名度、我們如何吸引客戶、我們向客戶行銷的方式以及我們行銷的有效性，我非常滿意我們所看到的結果。

And I think as we continue in this path, we're on the learning curve, and we're going to get better because we're on that learning curve, and we're getting scale on what we're doing. And that's all goodness. On the GigaPower side, we're in good shape. We're very close to closing on the transaction. You should expect that imminently. We're trying to do it the right way and feel very comfortable. We're going to get it done the right way. I will also tell you we have our first -- even though the transaction hasn't closed, we have our first live customer up in one of our markets.

我認為，隨著我們繼續沿著這條道路前進，我們正處於學習曲線上，而且我們會變得更好，因為我們正處於學習曲線上，而我們正在做的事情正在擴大規模。這一切都很好。在GigaPower方面，我們的情況很好。我們非常接近完成交易。你應該很快就會看到這一點。我們正在努力以正確的方式進行交易，並且感覺非常安心。我們一定會以正確的方式完成它。我還要告訴你，我們已經有了第一個——儘管交易還沒有完成，但我們在我們的一個市場中已經有了第一個活躍客戶。

So we are in place with all the infrastructure that we need to be able to sell and support customers through our channels. And I want to stress, we are the first seller of product on that infrastructure, and it's not an insignificant accomplishment for us to be able to have everything through the processes of activating our distribution channels and out of region markets so that they can talk to customers and sell and support the product and service, and we can drive the kind of penetration that we want to drive in that infrastructure.

因此，我們已具備透過通路銷售產品和支援客戶所需的所有基礎設施。我想強調的是，我們是該基礎設施上首家銷售產品的公司，能夠透過激活分銷管道和區域外市場，讓它們能夠與客戶溝通、銷售和支援產品和服務，並推動我們在該基礎設施上實現我們期望的滲透率，這對我們來說意義非凡。

So we feel really good about the progress there. And I will just tell you anecdotally, as I work around the organization, I felt very strongly about our competency and our ability to go and start doing this. I like the energy I see in the teams that are involved in it who feel probably even more confident than I do about it. And they have a lot of motivation to do well there, and I think that's going to serve us well as we move forward.

所以我們對那裡的進展感到非常滿意。我想跟大家分享一些軼事，我在公司工作期間，我非常確信我們的能力和能力能夠著手進行這項工作。我喜歡看到參與其中的團隊充滿活力，他們可能比我更有信心。他們有很強的動力去做好這項工作，我認為這將對我們未來的發展大有裨益。

Great. And just one last thing. On fixed wireless, you're getting a lot of more C-band spectrum, you have 3.45 coming on. How are you thinking now about -- for the copper catch and then potentially out of region doing more in fixed wireless to address the desire for converged bundles?

太好了。最後還有一件事。在固定無線方面，你們正在獲得更多的C波段頻譜，即將推出3.45GHz頻段。您現在如何考慮——對於銅纜捕獲，以及可能在區域外在固定無線方面做更多工作，以滿足人們對融合捆綁的需求？

Yes, nothing's changed in my commentary here, Simon. We're out in the market today. We have a consumer product that's there that we've recently brought into play. We are in the process of scaling it so that we make sure that we do it the right way. And we are going to use it where we think we can offer the customer a better set of services than what they currently have, especially when we have an opportunity to go and use it to hold as we're going to build fiber over the next couple of years and come in behind it.

是的，西蒙，我的評論沒有任何變化。我們今天在市場上。我們最近推出了一款消費性產品。我們正在擴大規模，以確保以正確的方式運作。我們將在我們認為可以為客戶提供比現有服務更好的服務的地方使用它，尤其是在我們有機會用它來保持領先地位的時候，因為我們將在未來幾年內建立光纖網絡，並對其進行支援。

Where we have that network capacity, to your point, we are adding spectrum in. We have places where we have capacity, and it's a smart play for us to do that to keep a customer in the family. Also uses an opportunity, in some cases, to cross sell and add wireless into the portfolio as we do that. And we will run that play in consumer where it makes sense to run that. And we're seeing good feedback from our customers that we've put out the product with in the consumer space. We are seeing substantial improvements in their service levels. That's a good thing, and we feel that, that's the right way to kind of target and use the product.

正如您所說，我們在擁有網路容量的地方正在增加頻譜。我們有一些地方擁有足夠的容量，這樣做對我們來說是一個明智的選擇，可以留住客戶。在某些情況下，我們也會利用這個機會進行交叉銷售，並將無線業務加入產品組合中。我們會在消費者市場中合理地運用這種策略。我們看到，在消費者領域推出產品的客戶回饋良好。我們看到他們的服務水準顯著提高。這是一件好事，我們認為，這是確定目標客戶和使用產品的正確方法。

On the other side of the equation, as I've said many times before, this product is incredibly well suited to parts of the business segment. It's not only well suited in the near term, but it can be a long-term viable product, given the characteristics of how businesses use data depending on the type of segment you're serving. And we've had really good success in business deploying the product. We will continue to deploy it. And feel really good about it in that regard that when we match the product to the right user profile, the right segment profile, it can be a very, very viable opportunity for a sustainable and effective product. And we're seeing that, in fact, play out in the market right now.

另一方面，正如我之前多次提到的，這款產品非常適合某些商業細分市場。它不僅在短期內非常適用，而且考慮到企業使用數據的方式取決於其所服務的細分市場類型，它也可能是長期可行的產品。我們在商業部署這款產品方面取得了非常大的成功。我們將繼續部署它。我們對此感到非常滿意，因為當我們將產品與正確的用戶畫像和正確的細分市場相匹配時，它可能會成為一個非常可行的可持續有效產品的機會。事實上，我們現在就看到這一點在市場上得到了體現。

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

我們的下一個問題來自瑞銀的 John Hodulik。

Great. Maybe a question similar to Phil's first question on free cash flow, but related to EBITDA. You guys did 3.9% growth this quarter against 3% guidance, but you've got some easy comps on the wireless side. So anything you can tell us about sort of the color you have or the sort of confidence you have in hitting that 3% number. You also called out some storm costs in California, any other sort of one-timers inside of these numbers that can give us more comments?

太好了。這個問題可能和菲爾第一個關於自由現金流的問題類似，但與息稅折舊攤提前利潤（EBITDA）有關。你們本季實現了3.9%的成長，而預期是3%，但無線業務方面也有一些比較容易比較的業績。所以，您能否談談你們的預期，或者說，你們對實現3%的成長目標有多大的信心？您還提到了加州的一些風暴成本，這些數字中還有其他一次性因素嗎？您可以給我們一些評論嗎？

And then lastly, on the cost side, you guys have been aggressive taking out headcount. And John, you mentioned potentially accelerating the headcount or the cost-reduction initiative. So just any additional color there. Is there more headcount to go? How far through the $6 billion are you? And should we see that translate into better margins?

最後，在成本方面，你們一直在積極裁員。約翰，您提到可能會加速裁員或降低成本。所以，請補充一下。還需要裁員嗎？ 60億美元目標完成到什麼程度了？這是否意味著利潤率會更高？

John, here is the way I would characterize the quarter. It was a really solid nearly 4% growth. There are -- yes, there were 3G shutdown in the prior year, but there were also some items that went the other way. So when I pierce through all of that, all the onetime items, this is right in line with the expectations we set at the beginning of the year of 3% or better growth.

約翰，我是這樣描述這個季度的。這是一個非常穩健的成長，接近4%。當然，去年確實有3G網路關閉的情況，但也有一些因素影響了成長。所以，當我把所有這些一次性因素都考慮進去時，這完全符合我們年初設定的3%或更高的成長預期。

So John, West Coast, I think, is pretty well publicized in what went on out there relative to the rains, and we still have a large, I'll call it, legacy footprint that ultimately we're spending a lot of time and energy and working our way out of. And you see what happens still when you get a lot of wetness on copper, it just doesn't work well. And I think this is one of the things that gives us a high degree of confidence we have opportunities for additional cost takeout in this business.

所以約翰，我認為西海岸地區與降雨相關的問題已經廣為人知，我們仍然面臨著巨大的遺留問題，我稱之為“遺留問題”，最終我們投入了大量的時間和精力來解決這個問題。你看，當銅線受潮時，效果會很差。我認為這讓我們對這項業務有很高的信心，相信我們有機會進一步降低成本。

As we reposition to 5G and fiber, that cost structure we still carry. And I'm really pleased we made some changes about a year ago in how we organize within the business and how we focus on our operating cost structure that is putting the right kind of exposure on how we execute around that cost migration. So this is partly an answer to your question of what was unusual and also what we expect to do moving forward beyond the $6 billion. We will now start to see some momentum build in that regard as we begin to shutter legacy costs in the business, and I think we're making the steps that need to be made to be able to do that on a geography basis, as opposed to we don't need to see the last customer disappear before costs start to come out of the business.

隨著我們重新定位到5G和光纖，我們仍然保留著這種成本結構。我很高興我們在大約一年前對業務組織方式以及營運成本結構的關注進行了調整，這為我們如何圍繞成本遷移進行實施提供了正確的視角。所以，這在一定程度上回答了你關於哪些方面不尋常，以及我們預計在60億美元之後會做什麼的問題。隨著我們開始削減業務中的遺留成本，我們現在將開始看到這方面的一些動力。我認為我們正在採取必要的措施，以便能夠在地理範圍內做到這一點，而不是像我們不希望看到最後一位客戶消失後才開始產生成本。

And so we have much better instrumentation. I think we're building the muscles around how to do this. It's not easy stuff. I will admit to that. I would -- I wish we didn't have to spend as much time and energy on it, but we are. And I think we're getting it into a place that I've watched this business for years, that the flywheel will start to turn and we'll get the benefits out of it. And I feel really good about that.

所以，我們擁有了更好的儀器。我認為我們正在為此做好準備。這並非易事。我承認這一點。我希望我們不必在這上面花那麼多時間和精力，但我們確實在做。我認為我們正在把它推向一個我多年來一直關注的行業高度，飛輪將開始轉動，我們將從中獲益。我對此感到非常高興。

And I think that's when I talk about moving beyond the $6 billion. One of it is it's the fundamental restructuring of the business and getting to the backside of that. You may have noticed as well to show you how serious we are about this and how aggressively we're working it. We made a large filing that's public in California about restructuring the regulatory construct in California. That proceeding will take place over the course of the next year. And it's one that we've been working really hard with policymakers out there to do it the right way, make sure that we step up to serving customers in a way that accomplishes public policy objectives, while at the same time, positions the business well for a sustainable, cost structure and incentive investment in the state moving forward. And I'm confident that we can move through that process.

我想這就是我談論超越60億美元的時候了。其中之一就是對業務進行根本性的重組，並深入研究背後的原因。你們可能也注意到了，這體現了我們對此的認真態度以及我們正在積極推進的步伐。我們在加州公開提交了一份關於重組加州監管架構的大型文件。該程序將於明年進行。我們一直在與政策制定者密切合作，以正確的方式推動這項工作，確保我們能夠以符合公共政策目標的方式為客戶提供服務，同時確保業務在未來保持可持續的成本結構和激勵性投資。我相信我們能夠順利完成這個過程。

The last thing I'll just comment on in the first quarter, you probably saw that the weather patterns broadly across the United States were pretty challenging. And so while they were most pronounced on the West Coast, we were chasing a lot of issues broadly with ice and a variety of power dynamics that we're moving on. And I would say just generally speaking, it was not a friendly quarter to operating costs just to deal with the things that we need to deal with to make sure the network keeps running. And I think we came through it in pretty good shape relative to our commitments. And I think that's one of the things that we believe will be in good shape from a cash production perspective as we move through the year.

最後我想談談第一季的情況，大家可能已經注意到，美國各地的天氣狀況都相當嚴峻。雖然西海岸的天氣狀況最為嚴峻，但我們也積極應對冰災和各種電力供應動態等諸多問題。總的來說，對於營運成本而言，這是一個艱難的季度，我們需要處理好這些事情，確保網路持續運作。但我認為，相對於我們的承諾，我們還是很好地完成了這一季度。而且，我認為，從現金流的角度來看，隨著全年的推進，我們相信這一點將會持續保持良好狀態。

And our next question comes from the line of Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

Two, the first one is actually a quick follow-up to John's question and the second one is on wireless. So the follow-up is, with regards to your headcount reductions, typically there are costs associated with your workforce, whether it's severance or other separation costs. I don't think you're adding that back to your adjusted financials. So I'm just curious if you could potentially size what the impact of those costs have been.

第二，第一個問題其實是對約翰問題的快速跟進，第二個問題是關於無線業務的。所以，接下來的問題是，關於你們的裁員，通常會產生與員工相關的成本，無論是遣散費還是其他離職費用。我認為你們不會將這些成本重新計入調整後的財務報表中。所以我很好奇，您能否評估一下這些成本的影響？

And then on wireless, as you noted, you're expecting this normalization of wireless sector trends, you've already seen some of that in the first quarter. I'm curious how that's impacting the way you go to market. In other words, have you resized your advertising and your marketing budgets? Have you, in any way, narrow the scope of who's eligible for some of your best offers? And you're also coming up on almost a 1-year anniversary of the last time you took some price, I'm curious how you're thinking about pricing power in this environment?

關於無線業務，正如您所說，您預計無線行業趨勢將趨於正常化，您在第一季已經看到了一些跡象。我很好奇這會對您的行銷方式產生什麼影響。換句話說，您是否調整了廣告和行銷預算？您是否以某種方式縮小了部分最佳優惠的適用範圍？而且，距離您上次定價已經快一周年了，我很好奇您如何看待在這種環境下的定價權？

Brett, on the first part of your question, the thing to keep in mind is as it relates to Q1, a lot of the headcount reduction we saw in Q1 was accrued for as of the end of the year that was in the prior year numbers. So really didn't impact Q1 materially. By and large, look, this is a program we've been on for the last several years. And March will -- we expect it to continue, and it's one that in the normal course will incur severance on those, but it's all pretty manageable within the context of this company.

布雷特，關於你問題的第一部分，需要注意的是，就第一季而言，我們在第一季度看到的裁員人數，很大一部分是截至年底的累積數據，與去年同期的數據一致。因此，對第一季並沒有造成實質影響。總的來說，這是我們過去幾年一直在執行的計劃。我們預計三月會繼續執行，正常情況下，裁員會產生遣散費，但就我們公司的情況而言，這一切都是可以控制的。

Brett, what I would tell you on the go-to-market side is there really hasn't been any change at all. In fact, I think the headline is we're doing what we've been doing. And we're going after customers that we think are profitable customers, and we're doing it in the same way. And some of that is just a matter of -- I think the variable piece of it is when you're doing subsidy on a customer-by-customer basis, there's, of course, adjustment in that. So as you see volumes come down, certain equipment costs and the like are going to resize themselves to those volumes.

布雷特，關於行銷方面，我想告訴你的是，實際上沒有任何變化。事實上，我認為最重要的一點是我們仍在做我們一直在做的事情。我們追逐那些我們認為能帶來利潤的客戶，我們的做法也是一樣的。其中一部分原因在於——我認為其中的可變因素在於，當你根據每個客戶的情況進行補貼時，當然會進行調整。所以，當你看到銷售量下降時，某些設備成本等等也會根據銷售量進行調整。

But when you start thinking about how we're promoting in the market, I won't say that there's going to be any substantial changes in anything that you see on distribution channel costs or go-to-market costs that would be anything different than the variable cost of moving from volume of 700,000 net adds to 400,000 net adds that might flow through things like commissions and equipment costs, et cetera, that are pretty typical.

但是當您開始思考我們如何在市場上推廣時，我不會說您所看到的分銷渠道成本或上市成本會發生任何實質性變化，這些變化與從 700,000 個淨增加到 400,000 個淨增加的變動成本有什麼不同，這些變動可能會流向佣金和設備成本等，這些都是非常典型的佣金。

Look, we continue to always look for places where we can manage the value equation. And we opened with some of the comments in the prepared remarks deliberately to demonstrate to you that, I think, we do a pretty effective job of that. If there's something I would ask you not to lose is we're coming off the most profitable quarter and most lucrative EBITDA generation in our wireless business in its history and it's got the goodness of low churn, higher ARPU and customer growth. And that equation is there, and we're managing it deliberately. And you don't just pull one lever to make that happen. There's all kinds of things that have to come together and the recipe, one of which is where you have opportunities to move customers up a continuum or you have opportunities where you maybe are priced differently to market, you use those levers. And we'll continue to do that as we move through the year. And I think our confidence in doing that is indicative of the guidance that we've given you as we move through it.

瞧，我們一直在尋找能夠管理價值方程式的領域。我們在準備好的演講稿中特意提到了一些評論，以此向大家展示，我認為我們在這方面做得相當有效。如果有什麼事情是我希望大家不要忽略的，那就是我們剛剛經歷了無線業務歷史上盈利能力最強的季度，創下了歷史上最高的EBITDA（息稅折舊攤銷前利潤），而且它還具備低客戶流失率、更高的ARPU（每用戶平均收入）和客戶增長等優勢。這個價值方程式就在那裡，我們正在用心管理它。要做到這一點，你不能只拉動一個槓桿。需要綜合運用各種因素，秘訣之一就是找到提升顧客體驗的機會，或是找到可能與市場價格不同的機會，你需要利用這些槓桿。我們將在今年繼續這樣做。我認為，我們對此的信心反映了我們在這過程中給予大家的指導。

We dynamically watch credit in the market. That's -- it's algorithmic in many instances. We do things as we go through the year. We're looking at a variety of different things in a variety of different segments, and we adjust. That's not new to this moment in time. That's something we do kind of dynamically as we run the company. We've been making adjustments to different segments and different offers consistently. And I would say, look, as we move through the year, if circumstances change or we see particular segments being stressed in different ways, well, we'll do things to adjust the availability of certain offers in certain places, yes. And have we done that and is that just a normal course of business? Yes to that as well.

我們動態地關注市場上的信貸情況。這在很多情況下是由演算法決定的。我們會在一年中不斷調整。我們會注意不同細分市場中的各種不同因素，並進行調整。這在目前並不新鮮。這是我們在營運公司過程中動態進行的工作。我們一直在針對不同的細分市場和不同的優惠進行持續調整。我想說，隨著一年中的推移，如果情況發生變化，或者我們發現某些細分市場面臨不同的壓力，那麼我們會調整某些優惠在某些地區的供應情況。我們這樣做了嗎？這是正常的業務流程嗎？答案也是肯定的。

And our next question comes from the line of Michael Rollins with Citi.

我們的下一個問題來自花旗銀行的 Michael Rollins。

Just curious if you could unpack a little bit more of the slowdown in wireless postpaid phone performance in terms of the industry impact versus what you're seeing in the share of gross adds. And within that context, if you could provide some color on the activity levels that you're seeing between the consumer and the business segments?

我很好奇，您能否從產業影響和新增用戶佔比的角度，進一步分析無線後付費手機業績放緩的原因？在此背景下，您能否具體介紹一下消費者和企業用戶群之間的活躍程度？

Sure, Mike. So first of all, I don't think there's anything that I see. We're the first to report, so I don't know numbers from elsewhere. Obviously, we use many of the same vehicles you use to sense what's going on in the market, to determine. I would tell you that my conclusion right now is we're seeing, what I will call, proportional dynamics going on in the market. I think status quo is the way I would characterize it. As things kind of roll out here, I wouldn't -- I'll be surprised if it's dramatically different than ratios that we've seen from previous quarters right now, which I feel pretty good about, frankly, given our discipline around how we've been going after the right kind of customers. I think the value proposition is still strong.

當然，麥克。首先，我認為我沒有看到任何變化。我們是第一批報告的，所以我不知道其他公司的數據。顯然，我們使用了許多與您用來感知市場動態和做出判斷的工具相同的工具。我可以告訴您，我目前的結論是，我們看到的市場正在發生我稱之為比例動態的變化。我認為現狀就是我對此的描述。隨著事態的發展，如果它與前幾季的比例有顯著差異，我不會感到驚訝。坦白說，考慮到我們一直在嚴格追求合適的客戶群體，我對前幾季的比例感到相當滿意。我認為價值主張仍然很強勁。

I would tell you that on the customer base side, we've seen probably places in both segments where consumer at the lower end of the market are probably making the kind of decisions that people make when money is a little bit tighter. They're maybe extending the use of their device a little bit longer. It's not an issue of them not wanting the service, they're just making a decision to stick with their current handset a little bit longer and maybe pushing that discretionary decision to move up. So we've seen a little bit of a drop-off relative to some of the traditional upgrade rates and the shopping rates associated with that.

我想說的是，從客戶群來看，我們可能在兩個細分市場中都看到，低端市場的消費者可能會做出一些像人們在資金緊張時會做出的決定。他們可能會延長設備的使用時間。這並不是說他們不想要這項服務，而是他們決定繼續使用現有手機一段時間，並可能將這種自主決定推向升級。因此，我們看到，相對於一些傳統的升級率以及與之相關的購物率，升級率略有下降。

And then I would tell you in business, it's probably a combination of things going on. One is, as we've told you, going through the COVID period, there was better-than-projected growth I think. And we have been saying all along that some of that was being driven by COVID itself. Businesses that needed solutions to deal with the change in their operations, and that could have been how they were dealing with things in a more remote fashion or it could have been what they were doing with their employees to equip them to work outside of the office. As people have been coming back into work and as the economy has been normalizing, some of those products and services have reached their point of use that they no longer need them. And there's a little bit of that going on where people are making their businesses more efficient and trimming.

然後我想告訴你們，在商業領域，這可能是多種因素共同作用的結果。首先，正如我們之前所說，在新冠疫情期間，我認為成長比預期好。我們一直在說，部分成長是由新冠疫情本身所推動的。企業需要解決方案來應對營運變化，這可能是他們以更遠端的方式處理事情，也可能是他們為員工提供在辦公室外工作所需的技能。隨著人們重返工作崗位，經濟逐漸恢復正常，一些產品和服務已經達到了使用極限，不再需要它們。還有一些類似的情況正在發生，人們正在提高業務效率，精簡開支。

And the wireless business is, of course, correlated to headcount and as some businesses have done some things to trim their employee ranks, you see that flowing through on handsets and data cards and things like that. It's, again, nothing that's out of the pattern of what we expected in terms of overall growth in the industry. We still have very healthy business services growth. We feel very comfortable about our share. We've shared with you in the opening remarks that we're penetrating in segments like in the public safety area better than the market in total. And all considered, that's pretty consistent with what we expected this year.

當然，無線業務與員工人數息息相關，由於一些企業已採取一些措施精簡員工隊伍，你會看到這會影響到手機、數據卡等產品。同樣，就行業整體成長而言，這並沒有超出我們的預期。我們的商業服務成長仍然非常健康。我們對自己的市場佔有率感到非常滿意。我們在開場白中已經提到，我們在公共安全等領域的滲透率高於整體市場。綜合來看，這與我們今年的預期基本一致。

Mike, one other point just to underscore. When we look at some of the key measures like porting ratios, our level of churn, those would all suggest, as John said, we are doing just on relative to the overall population of growth that is out there in the industry. So we feel really good about our performance, and it's really in line and consistent with our expectations of a normalization of consumer demand that we expected to come in 2023.

麥克，還有一點要強調。正如約翰所說，當我們觀察一些關鍵指標，例如移植率、客戶流失率等時，這些指標都表明，我們的表現相對於整個產業的成長速度而言還不錯。因此，我們對自己的表現非常滿意，這與我們對2023年消費者需求正常化的預期完全一致。

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大衛‧巴登 (David Barden)。

I guess 2, if I could. The first one, Pascal, thank you for sharing the supplemental free cash flow walk to the adjusted EBITDA number. I think that one of the things that stands out there is the negative $2.7 billion working capital. And if I wanted to look at this page and think about how it looked for the full year 2023 based on your prior comments, that working capital number would have to be positive, which is a huge change, and it's very hard for us on our side of the fence to really model and understand and see. So if you could be as granular as possible about explaining how that changes over the course of the year would be super helpful.

如果可以的話，我想是2個。第一個問題，帕斯卡，謝謝你分享補充自由現金流對調整後EBITDA的影響。我認為其中一個突出的問題是27億美元的負營運資本。如果我想根據你之前的評論，看看這個頁面，並思考一下2023年全年的情況，那麼營運資本數字必須是正的，這是一個巨大的變化，對於我們這邊的人來說，很難真正建模、理解和觀察。所以，如果你能盡可能詳細地解釋這一年中營運資本是如何變化的，那將非常有幫助。

And then, John, if I could ask you a question. Something material that's changed over the course of this quarter is that DISH has kind of become a distressed security, both in the equity and in the bond markets. And I think that -- my question is, has that changed your calculus about the potential for a DTV-DISH combination? And/or is that a potential opportunity for new spectrum acquisition, if that were to come about, or is new spectrum not really a priority for your capital allocation? I'd love to hear your thoughts on how that evolution is impacting your thinking?

然後，約翰，我可以問你一個問題。本季發生的一個重大變化是，DISH 在股票和債券市場上都變成了不良資產。我想，我的問題是，這是否改變了您對 DTV-DISH 合併可能性的考慮？或者，如果合併真的發生，這是否是一個獲取新光譜的潛在機會？或者，新頻譜實際上並非您資本配置的優先事項？我很想聽聽您對於這種演變如何影響您的想法的看法？

Dave, here's what I would point you to. Within the first quarter, as I mentioned in my prepared remarks, there is -- we are at the high watermark of our device payments. And it's the only quarter that has our annual incentive compensation. Those 2 things, coupled with our elevated CapEx relative to our full year guide, hurt Q1 to the tune of $3 billion to $4 billion, and we expect that to turn during the course of the year just mechanically. It really isn't much harder than that. Like based upon our spend -- what we expect to spend in those categories, those should turn mechanically. So we feel really good about being able to deliver 16% or better.

戴夫，我想告訴你的是。正如我在準備好的發言中提到的，第一季我們的設備支出達到了最高水準。而且這是唯一有年度激勵薪酬的季度。這兩點，再加上我們相對於全年預期有所上升的資本支出，對第一季造成了30億到40億美元的損失，我們預計這一數字將在年內自動回升。其實沒有比這更難的。根據我們的支出——我們預計在這些類別上的支出，這些支出應該會自動回升。所以我們對能夠實現16%或更高的增幅感到非常滿意。

Dave, on your commentary on DISH, I don't want us stipulate necessarily to your characterization. I'm sure Charlie probably doesn't stipulate to them. But first of all, I've never really commented on my point of view of what the calculus is in the combination of DIRECTV and DISH, and I don't expect to do that today. It's just not something we typically speculate on. I think Charlie has been the one that largely had commentary on that. He's certainly entitled to do that. So you might be a better person to ask given the circumstances, he's probably far more intimate to his business than I am.

戴夫，關於你對 DISH 的評論，我不希望我們必須對你的定義做出規定。我相信查理可能不會對他們做出規定。但首先，我從未真正評論過我對 DIRECTV 和 DISH 合併背後的算計的看法，我今天也不打算這麼做。這通常不是我們猜測的事情。我認為查理才是對此發表最多評論的人。他當然有權這麼做。所以，考慮到目前的情況，你或許更適合回答這個問題，他可能比我更了解他的業務。

Look, I think we step back all the time and ask ourselves what's the structure of the industry moving forward and what's going to occur. And I think I would just say the best way to maybe sometimes predict the future is look at the past, which is when there's been valuable spectrum available through any form or fashion, whether it is the decision to do a combination of a business, like what we did with LEAP, or whether it's doing things at auction that we think are responsible and appropriate, we think that we always want to make those investments with the sustainability of the business.

我覺得我們一直在回顧過去，思考產業未來的結構是什麼樣的，以及未來會發生什麼事。我想說，預測未來的最佳方式或許就是回顧過去，回顧過去，看看那些以任何形式或方式存在的寶貴光譜。無論是像我們之前對LEAP所做的那樣進行業務合併，還是透過我們認為負責任且合適的拍賣方式進行投資，我們都始終希望這些投資能夠確保業務的可持續性。

If there were to be a spectrum reordering for whatever reason, either from auction or asset changes or whatever would we be -- we understand it, want to understand if there's elements of that, that are more effective than us putting capital into the network to build density and those types of things, we'll continue to evaluate that and make appropriate decisions as we can moving forward.

如果出於任何原因（拍賣、資產變更或其他原因）需要重新排序頻譜，我們會——我們理解這一點，想了解其中是否存在比我們向網絡投入資金建設密度等更有效的因素，我們會繼續評估這一點，並在未來做出適當的決定。

And it's -- I'm not going to go into the details of how we think about what the scenarios are and what we can play out, but you can guess that given the amount of money that's involved in it and the importance to the business, that we're constantly evaluating those things and determining what scenarios might play out, what we might do and what makes sense for the company.

而且——我不會詳細說明我們如何看待這些情景以及我們可以採取哪些措施，但你可以猜到，考慮到其中涉及的金額和對業務的重要性，我們會不斷評估這些事情並確定哪些情景可能會發生，我們可能會做什麼以及什麼對公司有意義。

And our next question comes from the line of Frank Louthan with Raymond James.

我們的下一個問題來自 Raymond James 的 Frank Louthan。

Can you characterize the threshold that you have to hit for FirstNet to remain within the government guidelines, will be the first question. The second was sort of excluding the 30 million homes surpassing with fiber and excluding California, what percentage of the rest of your footprint are you free from a regulatory perspective to replace the copper with fixed wireless or some form or something else like that?

第一個問題，您能否描述一下FirstNet必須達到的門檻，才能使其符合政府的指導方針？第二個問題是，如果排除掉已經部署光纖的3000萬戶家庭，並且不包括加州，那麼從監管角度來看，您剩餘的覆蓋區域有多少比例可以用固定無線或其他類似方式取代銅線？

Frank, would you maybe clarify for me when you say government guidelines, exactly what you're alluding to in that question?

弗蘭克，當您說政府指導方針時，您能否為我澄清一下，您在這個問題中到底指的是什麼？

I was under the impression there was a certain number of subscribers needed to hit for the FirstNet over a certain time period. Just curious where you are on that relative to the number of subscribers you have in the network today?

在我印像中，FirstNet 需要在特定時間內達到一定數量的使用者。我很好奇，相對於目前網路中的使用者數量，您目前處於什麼水平？

I just wanted to make sure I was answering your question in a straightforward fashion. We -- I would tell you we are in really good shape. We're kind of through, what I would call, the first set of milestones that frame the first 7 years of the contract, and we've ticked through all those responsibilities and obligations as expected, and there's nothing there that's a problem or anything alerting. In fact, broadly speaking, I think we've performed incredibly well. And my -- I don't want to speak on behalf of the FirstNet authority, but I think both parties feel like it's been a very productive public-private partnership, and we continue to plan for what we can do in the future to extend it in other ways and do big things with it.

我只是想確保我以直截了當的方式回答了你的問題。我們——我想告訴你，我們的狀況非常好。我們差不多完成了合約前七年的第一組里程碑，我們也按預期履行了所有責任和義務，沒有任何問題或值得警惕的地方。事實上，總的來說，我認為我們的表現非常好。而且——我不想代表FirstNet管理局發言，但我認為雙方都認為這是非常富有成效的公私合作夥伴關係，我們正在繼續規劃未來如何以其他方式擴展它，並利用它做大事。

So on the rest of the footprint, California is really kind of the outlier. We have freedom from our carrier of last resort, obligations in virtually every other territory we operate in. How that gets done is a little bit different in each territory, but we have the latitude to do what we need to do. We've been doing a lot of work, and this is one reason we're at the filing stage in California on ensuring that we have to catch products to be able to support customers. And I'm really pleased with where we are. You obviously know what we can do with data services on the wireless network with fixed wireless. I talked about that just a few minutes ago as to where we are in the market and our ability to be there.

因此，就其餘業務而言，加州確實算得上是個例外。在我們營運的幾乎所有其他地區，我們都不受最後承運商的約束，也不受任何義務的約束。具體做法在每個地區略有不同，但我們擁有自主權，可以做我們需要做的事情。我們一直在努力，這也是我們在加州處於申請階段的原因之一，確保我們能夠獲得產品，從而更好地服務客戶。我對目前的狀況非常滿意。您顯然知道我們可以在無線網路和固定無線上提供數據服務。幾分鐘前我談到了我們在市場上的現狀以及我們的能力。

But we've also been putting in place a scaled wireline replacement for basic phone service that has all the same features and characteristics and meets the regulatory criteria of what has traditionally been copper-fed pot services that we can support off the wireless network today. And those are 2 examples, there's more that are necessary, but 2 examples of replacement products that are better suited to play into our forward-looking architecture, which is a scaled wireless network than to serve off low-speed services, like copper.

但我們也在部署一個可擴展的有線網絡，以取代基本電話服務。這種網路擁有與傳統銅纜網路相同的功能和特性，並符合我們目前在無線網路之外支援的銅纜網路服務的監管標準。以上只是兩個例子，我們還需要更多例子，但這兩個替代產品更適合我們面向未來的架構，即可擴展的無線網絡，而不是像銅纜這樣的低速服務。

And we feel like those are really, really good products. In fact, in many instances, offer a customer better benefits than what they get today. And I think regulators are interested. As we are doing all the right things to move forward, they don't want power-consumptive copper out there adding to greenhouse gases. They don't want people on technology that was built 100 years ago that fails when it rains. And so I feel like we're in a very good place to be able to do what we need to do.

我們覺得這些都是非常非常好的產品。事實上，在很多情況下，它們能為客戶帶來比現在更好的收益。我認為監管機構對此很感興趣。我們正在採取一切正確的措施來推進，他們不希望耗電的銅線增加溫室氣體排放。他們不希望人們使用100年前開發的技術，而這些技術一旦下雨就會失效。所以我覺得我們目前處於非常有利的位置，能夠做我們需要做的事情。

And our next question comes from the line of Walter Piecyk with LightShed Partners.

我們的下一個問題來自 LightShed Partners 的 Walter Piecyk。

John, AT&T played a pretty critical role when smartphones, I mean, specifically the iPhone, was rolled out, less so, I think, probably with tablets. There's been a lot of buzz about augmented reality as kind of the next device. I'm just curious what your thoughts are on like what an operator -- wireless operators role will be. Have you had any initial discussions on how those relationships would work with the number of device makers out there?

約翰，AT&T 在智慧型手機（尤其是 iPhone）推出時扮演了相當關鍵的角色，但我認為在平板電腦方面可能沒那麼重要。關於擴增實境（AR）作為下一代設備的討論很多。我很好奇您對運營商—無線運營商的角色有何看法？您是否就如何與眾多設備製造商建立合作關係進行初步討論？

Walt, the answer is, look, I think all wireless providers are going to be instrumental to making this happen. And I believe you've heard me talk about the reality is 5G becomes pervasive and actually operates in the way 5G was intended to operate from a design perspective, which is you have the kind of ubiquity and the radio layer that's out there. You have actually the additional spectrum that gives you the right level of performance as 5G stand-alone cores are perfected so that they work the way they were intended to work, which, as with any new technology, that's been a little bit of a journey to get them to actually operate in the right way with the radio access layer given the complexity of the radio access layer in the United States, things like augmented reality are going to, in fact, become the opportunity of what are the new services that can come in place.

沃爾特，答案是，你看，我認為所有無線運營商都將在實現這一目標方面發揮重要作用。我相信你已經聽我說過，現實情況是5G正在普及，並且實際上按照5G設計時預期的方式運行，也就是說，它擁有無處不在的無線層。實際上，隨著5G獨立核心的完善，它們能夠按照預期的方式工作，你擁有額外的頻譜，可以提供合適的性能等級。與任何新技術一樣，考慮到美國無線存取層的複雜性，讓它們真正以正確的方式與無線存取層運作需要一些時間，而像擴增實境這樣的技術實際上將成為未來新服務的機會。

And I don't think it's going to be unique to AT&T. I think our competitors are going to do the same thing, and we're all building networks that are capable of supporting that. And we will, as we have in the past, probably be one of the types of channels that help distribute these additional devices that people ultimately will use in new ways. And more than likely, they're going to be things that are nice add-ons to family plans. And as I talked about, the reality of usage going up on these networks and why it's so important to have a fixed cost structure, these are the kind of things that I think are really, really important.

我認為這並非AT&T獨有。我們的競爭對手也會這麼做，我們都在建立能夠支援這種模式的網路。正如我們過去所做的那樣，我們很可能會成為分銷這些附加設備的管道之一，最終人們會以新的方式使用這些設備。而且，它們更有可能成為家庭套餐的附加功能。正如我之前提到的，這些網路使用量不斷增長的現實情況，以及為什麼固定成本結構如此重要，我認為這些都是非常非常重要的因素。

Because if you're in a variable dynamic and all of a sudden the new device shows up and becomes part of the family plan that drives another couple gigabits of usage and you're paying on a variable basis, that's not going to be a comfortable place to be when the realities of the next generation of applications come in 5G. And I expect that's going to happen. You -- I know you do a lot of homework, you know what the manufacturers are working on right now. We know what the manufacturers are working on right now, and we know when they're likely to come about, they're going to come about when these networks are scaled. The networks are going to be scaled as we exit this year. And I think you're going to start to see the new application to start to pop up as a result of that.

因為如果你處在一個可變的動態中，突然出現了新的設備並成為家庭計劃的一部分，這又帶來了幾千兆的使用量，而你卻在按可變方式付費，那麼當下一代應用 5G 真正到來時，這將不是一個舒服的處境。我預計這將會發生。你——我知道你做了很多功課，你知道製造商現在在做什麼。我們知道製造商現在在做什麼，我們知道他們什麼時候可能會出現，他們會在這些網路擴展時出現。當我們今年退出時，網路將會擴展。我認為你會開始看到新的應用程式因此而出現。

I also just have a follow-on question on the structure of the industry. I mean cable is obviously, in many cases, giving away free phones and then just reallocating revenue from the broadband business. And they've had success, I think, in terms of subs, maybe not at higher ARPU, but how do you see AT&T position long term in terms of also taking advantage of a bundled approach of offering broadband and mobile on -- in more markets than where you just have your fiber?

我還有一個關於產業結構的後續問題。我的意思是，有線電視顯然在許多情況下會免費贈送手機，然後重新分配寬頻業務的收入。我認為，他們在用戶方面取得了成功，雖然可能沒有達到更高的每用戶平均收入 (ARPU)，但您如何看待 AT&T 在利用捆綁模式在更多市場（而不是只有光纖的市場）提供寬頻和行動服務方面長期佔據優勢？

Well, we use the term durable wall for a reason, which is I don't want to just -- I don't want to spend empty calories for something that 18 months from now or 24 months from now, just looks like a (inaudible). And I'm trying to keep the business focused on doing the things that are the hard things that position the infrastructure for the next decade. And so I've been pretty consistent in my remarks, which is there are going to be places in our network where we have underutilized capacity and I don't have fixed infrastructure, and there's going to be segments where that underutilized capacity can best be used where it's durable.

嗯，我們使用「耐用牆」這個詞是有原因的，因為我不想僅僅為了18個月或24個月後看起來只是（聽不清楚）的東西而浪費無用功。我正努力讓公司專注於那些真正棘手的事情，為未來十年的基礎設施奠定基礎。所以我的觀點一直很一致，那就是我們的網路中會有一些地方的容量未充分利用，而且我沒有固定的基礎設施。而有些部分，這些未充分利用的容量可以在耐用的地方得到最佳利用。

I mentioned earlier in the call, there are many businesses that have usage profiles where I believe fixed wireless bundled in with other wireless services is a very durable offer, and it will be durable for a long period of time to come. There are certain consumer segments where that's durable, but it's not most consumer segments, in my view. And so we will continue to take advantage of that, where I have confidence that the customer acquisition cost will be worth maintaining the relationship with the customer and will sustain itself.

我在之前的電話會議中提到過，我認為許多企業的使用情況表明，將固定無線與其他無線服務捆綁在一起是一種非常持久的方案，而且這種方案在未來很長一段時間內都將保持下去。在某些消費族群中，這種方案確實可以持續下去，但在我看來，並非大多數消費族群都能如此。因此，我們將繼續利用這一優勢，我相信，客戶獲取成本足以維持與客戶的關係，而這種優勢將持續下去。

I just -- we were looking at our fiber in-service lines, for example, what's going on right now, and our fiber in-service lines are extending over our traditional copper and service lines because it's a great product and people want to keep it. And I know what those in-service lines are. And I know how long people keep that product in service. And the great thing is, when they hold it for 4.5, 5 years, I can scale the product over that period of time, and it's highly profitable. And we need to think about every customer we bring on in that regard, and we're being very diligent in how we allocate our customer investment and our network infrastructure and our capital infrastructure in a way that we're trying to bring on those durable relationships.

我只是——例如，我們正在研究我們的光纖在用線路，看看現在的情況。我們的光纖在用線路正在延伸到傳統的銅線和服務線路，因為它是一款很棒的產品，人們想要保留它。我知道這些在用線路是什麼。我也知道人們會將該產品使用多長時間。最棒的是，當他們使用該產品4.5年或5年時，我可以在那段時間內擴大產品規模，這會帶來很高的利潤。我們需要在這方面考慮我們帶來的每一位客戶，我們非常認真地分配我們的客戶投資、網路基礎設施和資本基礎設施，以努力建立持久的關係。

Again, I would point you back to the churn numbers that we've been putting up on both product sets, and we're trying to be true to that in what we're doing. And to the extent that you do that to subscription base, it plays out well for you over time. And it's just about being deliberate and disciplined in making sure that happens.

再次提醒大家，我們一直在公佈兩款產品的流失率數據，我們也努力確保我們的工作符合這項標準。只要我們能對訂閱用戶群進行這樣的調整，從長遠來看，最終都會帶來好的結果。關鍵在於我們是否能夠深思熟慮、嚴守紀律，確保這一點。

Thanks very much. I think that's all the time we have for questions. John, I'll turn it over to you for final remarks.

非常感謝。我想我們的提問時間就到此為止了。約翰，我把時間交給你做最後的發言。

So I appreciate everybody joining us this quarter. From my point of view, it was a solid quarter that set us off on the right path to deliver to you what we've committed for this year. We are focused on something very, very basic. It's executing in our markets while we're continuing to restructure the cost of the business, and position our infrastructure for the future, as I just wrapped up with what I said with Walt.

感謝各位本季的參與。在我看來，這是一個紮實的季度，它讓我們走上了正確的道路，能夠兌現我們今年的承諾。我們專注於一些非常非常基本的事情。那就是在我們的市場中執行，同時我們將繼續重組業務成本，並為未來做好基礎設施的佈局，就像我剛才和沃爾特說的那樣。

And I feel really good about the way we're able to do that. In many respects, I kind of look at what we did operationally this quarter, and I characterize it as uneventful. And as we talk about with the management team right now having a few uneventful things occur when we get to call the plays and operate and execute in the fashion that we designed is absolutely what we want to achieve as a management team, as a company and I feel like we're making strides to do that.

我對我們能夠做到這一點感到非常滿意。從很多方面來看，我回顧我們本季的營運情況，我認為一切順利。正如我們現在與管理團隊討論的那樣，當我們能夠制定策略、按照我們設計的方式運作和執行時，有些事情會比較順利，這絕對是我們作為管理團隊、作為一家公司想要實現的目標。我覺得我們正在朝著這個目標邁進。

Thanks for being with us today. I hope you all have a good rest of the spring.

感謝大家今天與我們相聚。祝大家有個愉快的春天。

And ladies and gentlemen, that does conclude your 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，今天的會議到此結束。感謝您的參與及使用AT&T會議服務。現在您可以斷開連線了。