(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.

謝謝你的支持。歡迎來到 AT&T 的 2023 年第一季度財報電話會議。 （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, 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 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，早上好。歡迎來到我們的第一季度電話會議。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, including 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。其他信息，包括我們的收益材料，可在投資者關係網站上找到。

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 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，大家早上好。感謝您加入我們。今天早些時候，我們分享了第一季度的業績，這再次說明了我們如何履行我們對發展高質量、持久的 5G 和光纖客戶關係的承諾。得益於一貫的紀律和以回報為中心的上市方法。我們的團隊正在平衡客戶增長與有利可圖的長期價值創造，因為我們將人們與更大的可能性聯繫起來。

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.

我對我們新增用戶的質量感到特別自豪。儘管在我們行業的部分地區看到了很高的促銷活動，但我們繼續保持穩定的低流失率，同時提高我們高價值 5G 和光纖計劃的採用率。我們相信我們的結果表明，我們近 3 年前推出的以客戶為中心的戰略繼續提供優質用戶和利潤增長的正確組合，這將在長期內證明是可持續的。

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.

因此，讓我強調我們的一些進展。讓我們從流動性開始。一月份，我分享了我們預計行業需求趨勢將繼續正常化到大流行前的水平。然而，由於我們對客戶體驗、分銷渠道和網絡的投資，我們仍然希望它能夠增加後付費電話用戶和無線利潤，而這正是我們團隊所提供的。

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.

我們在第一季度有 424,000 部後付費電話淨增，無線服務收入、EBITDA 和後付費電話 ARPU 繼續增長，同時保持歷史低位的流失率。勾選這些成功指標中的每一個方框，可以清楚地描繪出可持續、盈利的無線增長是什麼樣子的。

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.

我們現在已經連續 11 個季度擁有超過 400,000 部後付費電話淨增加或更好，並且在過去 4 個季度中我們總共有 260 萬部後付費電話淨增加。我們通過繼續致力於培養解決客戶痛點並為客戶帶來巨大價值的持久關係來追求長期增長。

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.

我們在以客戶至上為中心並利用我們改進的分銷的嚴格的上市戰略上執行得很好。

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.

我們還繼續磨練我們的能力，以提供有針對性的解決方案，為我們歷史上滲透率低的細分市場（如急救人員和中小型企業）的客戶提供真正的價值。這種方法建立了一個長期的增長軌跡，可以在客戶增加與盈利回報之間取得平衡。

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.

現在讓我們談談我們的纖維業務。一個季度又一個季度，我們的團隊證明，無論我們在哪裡建造光纖，我們都會獲勝。第一季度也不例外，增加了 272,000 個 AT&T 光纖。這標誌著連續 13 個季度淨增加超過 200,000。這些淨增加是一項重大成就，許多家庭搬遷是纖維銷售的一個關鍵增長指標，在全國范圍內有所下降。正如我們在去年年底指出的那樣，我們的光纖用戶現在超過了非光纖和 DSL 用戶。我們現在擁有大約 750 萬 AT&T 光纖用戶，光纖的採用和利潤率的增長推動了消費者有線收入和 EBITDA 的增長。

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 提供隨處可用的最佳有線互聯網服務，這種提升的 AT&T 光纖體驗提供了強大的順風。

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.

因此，總的來說，在 5G 和光纖方面，我對我們在本季度實現的高質量用戶增加感到非常滿意，這些長期的客戶關係為現在和未來提供了巨大且有利可圖的收入流。即使在宏觀經濟不確定性增加的情況下，在圍繞我們的連接優勢重新定位我們的業務後，我們的執行也更加敏銳和高效。我們仍然有望在年底前實現 60 億美元以上的成本節約運行率目標，如果不是更早的話。

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，這些努力帶來的好處預計將越來越多地降到底線。雖然我們基本上已經實現了 3 年前設定的目標，但我們的旅程只會增強我們的信心，讓我們相信我們可以繼續發展和改進。事實上，我們相信隨著今年的進展，我們可以進一步加快成本削減。其中一部分需要改造我們的網絡，因為我們最終用一流的光纖連接取代我們的銅線服務足跡，並且在對客戶有意義的地方，更換基於我們的無線網絡的產品。

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.

考慮一個不再依賴於傳統網絡技術和軟件堆棧的成本結構。例如，除了光纖的所有增強彈性和卓越的傳輸特性之外，我們已經看到光纖使用更少的能源、更少的維護成本和需要更少的服務調度。

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.

隨著我們減少我們的銅服務足跡和相關的遺留基礎設施，我們希望不斷提高我們的利潤率，增加 EBITDA 並最終提高我們的資本效率。

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.

另一個貢獻因素依賴於解鎖新功能，這些功能可以通過我們的數字化轉型更輕鬆地協作和完成工作。通過與 NVIDIA 合作的早期試驗，我們看到這已經成為現實，我們正在測試使用人工智能來改進車隊調度，以便我們的現場技術人員可以更好地為客戶服務。另外，我們正在使用人工智能為客戶匹配正確的客戶服務支持路徑，從而更有效地解決問題。我們認為這只是可能性的冰山一角。

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.

現在讓我們轉向我們的最後一個優先事項，它以我們如何分配資本為中心。我們繼續以創紀錄的水平投資於我們的 5G 和光纖網絡，以實現長期可持續的收益增長。我們的目標是建立一個網絡，不僅能滿足當今的需求，還能滿足我們客戶未來幾十年的需求。這是我們所做工作和我們作為一家公司的核心。這也是我們繼續成為美國最大的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絡優勢，還要推進它，我們在這樣做的同時，也在繼續致力於為更多美國人提供可靠、高品質的服務。速度寬帶。我們計劃積極尋求珠子資金以支持我們有線足蹟的轉變，並期望成為公共和私人合作夥伴關係的重要參與者。

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.

雖然我們明確致力於投資我們的網絡，但我們也仍然專注於加強我們的資產負債表和減少我們的淨債務。我們希望隨著時間的推移增加現金產生，這將使我們能夠通過提高信貸質量繼續提供有吸引力的股息。通過執行簡化的資本配置框架，我們希望從長遠來看提高我們的財務靈活性。這將為我們提供採取額外行動的機會，例如投資以加速我們的業務增長或為我們的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。今年年初，我們預計我們將在一個難以預測的宏觀背景下運營。到目前為止，這種信念已被證明是正確的。我們所看到的與我們在 1 月份的指導中所設定的預期一致，包括無線服務增長放緩。

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.

我們預計將過渡回更多的歷史債務成本。隨著對某些經濟領域的信貸緊縮的增加，這肯定正在進行中。我顯然沒有打破這些觀察的任何基礎，但這就是為什麼我們在過去幾年一直專注於降低杠桿率和優化我們的資本使用。

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%.

隨著經濟適應可能出現的資本供應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。首先是過去幾年我們為加強資產負債表所做的繁重工作。我們已經減少了債務，利用我們剩餘債務之前的低利率環境，並在未來幾年管理我們的債務塔。因此，我們 95% 以上的債務現在固定在 4.1% 的平均利率。

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.

第二個是我們業務的重新定位，專注於專門的通信服務，尤其是 5G 和光纖。正如過去幾年所證明的那樣，我們提供的解決方案比以往任何時候都更加重要，我們只希望對專門構建的一流 Internet 訪問的需求會增長。我們提供的服務的彈性，加上我們改進的財務靈活性，為我們提供了正確的工具集來駕馭經濟環境。

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.

我們仍有望兌現年初向股東做出的 2023 年財務和運營承諾。然而，如果有需要，我們可以放心地使用我們擁有的工具來使我們的行動適應更具挑戰性的經濟背景，無論是加速成本轉型行動、更加審慎地考慮我們的資本支出還是增加我們的流動性。

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.

在結束我的發言時，我只想再次強調，我為我們的團隊今年的開端感到自豪。上個季度，我說過我們 2023 年的方法和戰略是再做一次。今年第一季度，我們的團隊就做到了這一點。

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. 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，大家早上好。如您所知，此時我們通常會在準備好的評論中簡要回顧我們的訂戶趨勢。但今天，我想縮小範圍，將我們在重新定位核心業務的多年旅程中迄今取得的進展聯繫起來。

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.

我們的目標是通過以正確的方式增加客戶，利用對無線和寬帶連接的預期增長需求，並關注長期價值。我們認識到，為了做到這一點，我們必須增加對業務的投資，以增強我們的客戶價值主張，並與我們的客戶建立更令人難忘和持久的聯繫。我們知道這些投資會對無線 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有吸引力的回報。

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.

在過去的幾個季度中，我們已經開始看到這些努力的全貌和結果。在我們最大的業務部門移動領域，我們正在增加用戶並擴大份額。我們還繼續看到非常健康的 ARPU。這轉化為無線服務收入和 EBITDA 的增長，同時提高了利潤率。我們的收入和 EBITDA 已連續 4 個季度同比增長，上個季度是公司歷史上移動 EBITDA 最好的第一季度。

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 Consumer Wireline 中，我們投資增加我們的光纖足跡，為客戶提供一流的接入技術。在過去 3 年的過程中，我們增加了大約 600 萬個我們現在可以服務的光纖位置。通過這樣做，我們成功地將長期下滑的業務轉變為增長業務，光纖增長超過了傳統有線線路的下滑。我們在 5G 和光纖方面的結果的一致性使我們相信，我們的上市方法既可持續又能帶來有吸引力的回報。

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.

這些結果是我們團隊辛勤工作的結果，展示了我們過去 3 年一直在努力的價值，現在我們要繼續以有吸引力的回報實現高質量的增長。因此，我們再次明確地以正確的方式發展並著眼於長期。

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.

現在讓我們轉到幻燈片 6 上的第一季度財務摘要。第一季度綜合收入增長 1.4%，主要受無線服務收入的推動，其次是墨西哥和 Consumer Wireline。這部分被 Business Wireline 的預期下降以及移動設備收入的下降所抵消。本季度調整後的 EBITDA 增長 3.9%，原因是移動、墨西哥和消費者有線業務的增長被美國商業有線業務的預期下滑所部分抵消。

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，而去年同期為 0.63 美元。本季度，養老金增加、DIRECTV 股票收入減少和有效稅率增加導致每股收益總計約 0.06 美元的不利因素。這部分被流動性的強勁增長所抵消。來自經營活動的現金為 67 億美元，而去年為 76 億美元。這主要是由於營運資金的時間安排，其中包括較低的證券化。提醒一下，第一季度通常是設備支付的高水位線，我們預計隨著今年餘下時間的推移，支付會逐漸降低。

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.

隨著我們繼續對 5G 和光纖進行歷史最高水平的投資，資本投資為 64 億美元。本季度的自由現金流為 10 億美元。這與我們的預期一致，並說明了幾個季節性和預期的營運資金影響。我們對 160 億美元或更高的自由現金流的全年前景充滿信心。這種預期主要是由於資本投資、設備付款、激勵補償的時間安排，這些都在第一季度達到頂峰。

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.

現在讓我們看看我們在幻燈片 7 上的移動運營結果。在我們開始之前，我們在 3 月初披露我們修改了我們的業務部門報告，不再記錄我們各個業務部門的先前服務信用。前期業務部門的結果已針對此更改進行了重鑄。合併營業收入沒有影響，因為價格服務信用繼續記錄在其他收入中。

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.

查看我們的流動性結果。在用戶增長和更高的 ARPU 的推動下，收入增長了 2.5%，服務收入增長了 5.2%。與 2022 年第一季度相比，受訂戶、服務收入和 3G 網絡關閉成本資產增長的推動，移動業務 EBITDA 本季度增長 6.21 億美元或 8%。移動業務後付費電話 ARPU 為 55.05 美元，同比增長 1.05 美元或近 2% -超過一年。 ARPU 增長的主要驅動因素仍然是去年定價行動遺留計劃的 ARPU 增加、向更高價值費率計劃的持續組合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.

本季度後付費電話客戶流失率仍然很低，為 0.81%。我們相信，我們團隊的持續成功在很大程度上歸功於我們為構建快速可靠的 5G 網絡所做的持續投資，以及我們為確保我們的客戶感到受到重視和讚賞而採取的行動。在預付費方面，我們有 40,000 部電話淨增。我們的預付費總流失率低於 3%，這主要是由於 Cricket 客戶的忠誠度推動的，他們因我們的價值和可靠性而留在我們身邊。總的來說，我真的很高興團隊在行業需求放緩的情況下實現了穩定的用戶增長。

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.

我還想快速確認我們在墨西哥的團隊發布的出色結果。我們對墨西哥無線業務的表現感到非常滿意，由於運營執行力和規模的改善，該業務的收入和利潤穩步增長。

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.

現在讓我們轉到幻燈片 8 上的消費者和商業有線結果。讓我們從消費者有線開始，我們的增長是由我們對光纖的投資帶動的，它一直在產生強勁的回報。我們在本季度增加了 272,000 名光纖客戶。這說明了我們提供的服務質量以及對當今可用的最佳互聯網技術的持續需求。由於我們的光纖用戶現在超過了我們的非光纖用戶，從傳統產品到光纖的不斷增加的組合繼續推動強勁的寬帶結果。

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.

寬帶收入同比增長超過 7%，其中光纖收入同比增長超過 30%。光纖 ARPU 為 65.92 美元，環比上漲超過 1 美元，新光纖客戶的 ARPU 約為 70 美元。越來越多的客戶選擇利用速度更快的套餐帶來的優勢，這也支持了 ARPU 的增長。

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.

由於光纖收入和轉型節省的增長，本季度消費者有線 EBITDA 增長了 3.2%，部分被西海岸風暴成本增加所抵消，這對本季度的增長造成了約 250 個基點的影響。總的來說，我們對消費者有線業務的未來充滿信心，光纖在未來十年將引領我們的增長。

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.

轉向商業有線。 EBITDA 同比下降 2.3 億美元，符合我們的預期。這在一定程度上是由約 5000 萬美元的同比可比性因素推動的，包括去年第一季度有利的薪酬調整。我們在 Business Wireline 的合理化進程也在繼續，因為我們仍然專注於 5G 和光纖擴展創造的機會，特別是在中小型企業類別中。

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.

儘管行業增長放緩，但我們的業務解決方案無線服務收入增長了近 7%，因為我們的增長速度繼續快於同行。這一增長的一個驅動力仍然是 FirstNet，其中無線連接連續增長了約 300,000，其中約 40% 是後付費電話。最終，我們在轉變我們的 Business Wireline 運營方面取得了進展。當我們對本季度的一次性比較項目進行標準化時，我們仍然看到相同的潛在趨勢，並繼續預期全年業績與我們在 1 月份的指導一致。

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.

現在結束我的評論。我要重申，我們在全年展望中嵌入了對相對較慢的宏觀背景的預期，因此，我們仍有望實現我們的全年指導。我們將繼續密切關注經濟。如果我們發現自己在一個比我們預期更具挑戰性的宏觀環境中運營，那麼就有一些槓桿可以拉動。最終，我們覺得我們已經找到了通過盈利的 5G 和光纖用戶收益來提供可持續結果的正確方法。

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.

我們通過增加綜合 EBITDA、提高 ARPU 以及增加寬帶和無線服務收入以及持續保持較低的後付費電話流失率來證明這一點，我們相信這個公式將繼續發揮作用。

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 Phil Cusick with JPMorgan.

（操作員說明）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?

讓我們從自由現金流開始。鑑於去年第二季度的自由現金流量指南有所下降，您可以在您的評論中添加什麼來讓投資者放心我們不會進入另一個其中？

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 - 我們完全符合我們的預期。請記住，在我年底給出指導時的評論中，我們說第一季度將成為自由現金流的低水位線，原因有幾個。第一，這是設備支付最高的四分之一。回想一下，第 4 季度假期銷售是我們為第 1 季度支付的設備的最大銷量。你看到我們的資本支出相對於我們給出的年度指導有所增加。 Q1 是我們支付激勵補償的季度。當您將所有這些因素以及我們對我們將繼續增長 EBITDA 的預期考慮在內時，我們對交付 160 億美元或更多資金感到非常滿意。

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?

也許我可以在那裡跟進，如果這有點業餘，請原諒我。但只要看看截至 22 日 6 月的資產負債表，今天的淨債務就比 9 個月前高出 30 億美元。考慮到所有正在發生的事情，我知道現金還有其他用途，但是除了股息之外的現金產生是否會開始實際償還公司的淨債務？

We expect net debt to decline this year and thereafter.

我們預計今年及以後的淨債務將下降。

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

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

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?

我想知道你是否可以在光纖上給我們多一點顏色。構建程序進行得如何？我想我在消費者方面的新地點看到了大約 600,000 次通過，但只是向我們更新了 200 萬到 250 萬的構建計劃。還有你在同類群組滲透率和採用率方面看到的情況。您確實略微降低了移動活動，但 12 個月、24 個月的滲透率如何？然後關於 GigaPower 的時間或結構的任何更新都會很棒嗎？

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。看，一切都很順利。無需擔心執行構建、供應鍊主幹的能力。供應商社區內的資源配置能力都很好。團隊執行良好。我不認為我有任何不同的評論，是的，在某些地方存在一點點通脹壓力。到目前為止，這一切都是可控的。沒有什麼會破壞商業案例。

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，當你抵消每個居住單元的成本增加時，實際證明比我們在基本業務案例中更快的滲透率和更高的 ARPU，當我們開始這個過程時，它很好抵消了我們在 [突發] 成本方面必須擔心的任何事情。所以我會從一個角度告訴你，我們對我們告訴你的關於我們的 3000 萬美元承諾以及我們將如何處理的內容感到非常滿意。那不是佔用我時間或讓我徹夜難眠的事情。

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.

就我們的執行而言，我可能會向公司中一直在這方面非常努力工作的幾個人致敬。我會告訴你，相對於我們的花費和我們將如何去做，我認為我們在滲透我們的基地方面做得比我們更快，正如我剛才提到的。我認為這給了我們信心。之前我已經與大家分享過，提高纖維業務案例投資回報的 3 大主要影響之一是，如果您能夠比預期更快地滲透並帶來對 NBV 產生巨大影響的現金流案例和最終回報，我們正在看到這種情況發生。

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，看，我們正在建設需要光纖的地方。因此，我認為我們的有效性表明了市場的成功和市場的接受度。我不知道如果它保持這種狀態，你是否可以在構建中獲得 3 年的時間。我們將不得不繼續觀察。但我認為我們作為一個團隊共同開發的策略和技術包括我們如何推廣品牌、我們的運營人員為提高知名度所做的工作、我們如何吸引這些客戶、我們向他們營銷的方式、有效性我們正在向他們推銷，我真的很喜歡我們所看到的。

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.

而且我認為，隨著我們繼續沿著這條道路前進，我們正處於學習曲線上，並且我們會變得更好，因為我們正處於學習曲線上，並且我們正在做的事情正在擴大規模。這就是所有的好處。在 GigaPower 方面，我們處於良好狀態。我們非常接近完成交易。你應該期待這一點迫在眉睫。我們正在努力以正確的方式做到這一點，並且感覺非常舒服。我們將以正確的方式完成它。我還會告訴你我們有我們的第一個——即使交易還沒有結束，我們在我們的一個市場上有我們的第一個現場客戶。

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，我們擁有能夠通過我們的渠道銷售和支持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產品的第一銷售商，通過激活我們的分銷渠道和區域外市場的過程，我們能夠擁有一切，這樣他們就可以與我們交談，這並不是一個微不足道的成就客戶並銷售和支持產品和服務，我們可以推動我們想要在該基礎設施中推動的那種滲透。

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。我只想告訴你一些軼事，當我在這個組織工作時，我對我們的能力和我們開始做這件事的能力感到非常強烈。我喜歡我在參與其中的團隊中看到的能量，他們可能比我對此更有信心。他們有很大的動力在那裡做得好，我認為這將在我們前進的過程中為我們服務。

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?

偉大的。最後一件事。在固定無線網絡上，您將獲得更多的 C 波段頻譜，即將推出 3.45。您現在如何考慮 - 對於銅線捕獲，然後可能在區域外做更多的固定無線業務以滿足對融合捆綁包的需求？

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，我在這裡的評論沒有任何改變，西蒙。我們今天在市場上。我們最近推出了一種消費產品。我們正在對其進行擴展，以確保我們以正確的方式進行。我們將在我們認為我們可以為客戶提供比他們目前擁有的服務更好的服務集的地方使用它，特別是當我們有機會去使用它來保持我們將在下一個建造光纖時幾年並落後於它。

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.

在我們擁有該網絡容量的地方，就您而言，我們正在增加頻譜。我們有我們擁有容量的地方，我們這樣做是明智的做法，可以讓客戶留在家庭中。在某些情況下，還利用機會進行交叉銷售並將無線添加到產品組合中。我們將在消費者中運行該遊戲，運行它是有意義的。我們從客戶那裡看到了很好的反饋，我們已經在消費者領域推出了產品。我們看到他們的服務水平有了顯著提高。這是一件好事，我們認為這是定位和使用產品的正確方式。

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，正如我之前多次說過的那樣，該產品非常適合部分業務部門。考慮到企業如何根據您所服務的細分市場類型使用數據的特點，它不僅在短期內非常適合，而且可以成為長期可行的產品。我們在業務部署產品方面取得了巨大成功。我們將繼續部署它。在這方面感覺非常好，當我們將產品與正確的用戶檔案、正確的細分檔案相匹配時，它可以成為可持續和有效產品的非常、非常可行的機會。事實上，我們現在正在市場上看到這一點。

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。

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?

偉大的。也許這個問題類似於 Phil 關於自由現金流的第一個問題，但與 EBITDA 相關。你們本季度實現了 3.9% 的增長，而預期為 3%，但你們在無線方面有一些簡單的比較。所以你可以告訴我們任何關於你擁有的顏色或你對達到 3% 數字的信心。您還提到了加利福尼亞州的一些風暴成本，這些數字中的任何其他類型的一次性人員可以給我們更多評論嗎？

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，你提到了可能加快員工人數或降低成本的計劃。所以那裡只有任何額外的顏色。還有更多的人手要走嗎？你離這 60 億美元還有多遠？我們應該看到這轉化為更高的利潤率嗎？

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，這是我描述這個季度的方式。這是一個非常穩定的近 4% 的增長。有——是的，前一年有 3G 關閉，但也有一些項目是相反的。因此，當我穿透所有這些，所有一次性項目時，這完全符合我們在年初設定的 3% 或更高增長的預期。

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，西海岸，我認為，在與降雨相關的事情上得到了很好的宣傳，我們仍然有一個很大的，我稱之為，遺留下來的足跡，最終我們花了很多時間和能源和工作我們的出路。當你在銅上弄濕很多時，你會看到仍然會發生什麼，它就是不能很好地工作。我認為這是讓我們高度相信我們有機會在這項業務中減少額外成本的事情之一。

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.

當我們重新定位到 5G 和光纖時，我們仍然保持這種成本結構。我真的很高興我們大約一年前在我們如何組織業務以及我們如何關注我們的運營成本結構方面做出了一些改變，這使得我們能夠正確地了解我們如何圍繞成本遷移執行。因此，這在一定程度上回答了您的問題，即什麼是不尋常的，以及我們希望在 60 億美元之後做些什麼。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勢頭，我認為我們正在採取必要的步驟，以便能夠在地理基礎上做到這一點，而不是我們不需要看到最後一個客戶在成本開始從業務中消失之前消失。

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.

所以我們有更好的儀器。我認為我們正在圍繞如何做到這一點建立肌肉。這不是一件容易的事。我承認這一點。我會 - 我希望我們不必花費那麼多時間和精力，但我們確實如此。而且我認為我們正在把它帶到一個我多年來一直關注這個行業的地方，飛輪將開始轉動，我們將從中獲益。我對此感覺非常好。

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.

我認為那是我談論超越 60 億美元的時候。其中之一是對業務進行根本性的重組，並將其推到背後。您可能也已經註意到，向您展示了我們對此的認真態度以及我們的工作積極性。我們提交了一份在加利福尼亞州公開的關於重組加利福尼亞州監管結構的大型文件。該程序將在明年進行。我們一直在與政策制定者一起努力工作，以正確的方式做到這一點，確保我們以實現公共政策目標的方式為客戶提供服務，同時為企業做好定位為了在州內實現可持續的成本結構和激勵投資。我相信我們可以完成這個過程。

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.

我要在第一季度評論的最後一件事是，你可能看到美國各地的天氣模式非常具有挑戰性。因此，雖然它們在西海岸最為明顯，但我們正在廣泛地追逐很多與冰和我們正在推進的各種權力動態有關的問題。我想說的是，一般來說，僅僅為了處理我們需要處理的事情以確保網絡持續運行，這對運營成本來說並不是一個友好的季度。而且我認為相對於我們的承諾，我們以相當不錯的狀態度過了難關。而且我認為，從現金生產的角度來看，這是我們相信在我們度過這一年的過程中將處於良好狀態的事情之一。

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

我們的下一個問題來自布雷特費爾德曼與高盛的合作。

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，第一個實際上是對 John 問題的快速跟進，第二個是關於無線的。因此，後續行動是，關於裁員，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成本。我認為您不會將其添加回調整後的財務狀況。所以我很好奇你是否可以評估這些成本的影響。

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?

然後在無線方面，正如您所指出的，您期待無線行業趨勢的這種正常化，您已經在第一季度看到了其中的一些趨勢。我很好奇這會如何影響您進入市場的方式。換句話說，您是否調整了廣告和營銷預算？您是否以任何方式縮小了誰有資格獲得您的一些最佳報價的範圍？而且你也即將迎來上次定價的將近 1 週年紀念日，我很好奇你如何看待這種環境下的定價能力？

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，要記住的是它與第一季度有關，我們在第一季度看到的大量裁員是在去年年底累積的，這是前一年的數字.所以真的沒有對第一季度產生實質性影響。總的來說，這是我們過去幾年一直在做的一個項目。而 3 月將 - 我們預計它會繼續下去，並且在正常過程中會導致這些遣散費，但在這家公司的背景下，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，在進入市場方面我要告訴你的是，實際上根本沒有任何變化。事實上，我認為標題是我們正在做我們一直在做的事情。我們正在尋找我們認為有利可圖的客戶，並且我們正在以同樣的方式進行。其中一些只是一個問題——我認為它的可變部分是當你在逐個客戶的基礎上進行補貼時，當然會有調整。因此，當您看到數量下降時，某些設備成本等將根據這些數量進行調整。

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.

但是當你開始考慮我們如何在市場上推廣時，我不會說你在分銷渠道成本或上市成本上看到的任何東西都會有任何實質性的變化，這與之前的有什麼不同從 700,000 的數量淨增加到 400,000 的可變成本可能會流經佣金和設備成本等非常典型的東西。

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.

看，我們一直在尋找可以管理價值方程的地方。我們特意從準備好的發言中的一些評論開始，向你們展示，我認為，我們在這方面做得非常有效。如果有什麼我想請你不要失去的，那就是我們正在經歷無線業務歷史上最賺錢的季度和最賺錢的 EBITDA 一代，它具有低流失率、更高的 ARPU 和客戶增長的好處。這個等式就在那裡，我們正在有意地管理它。而且您不只是拉動一個槓桿來實現這一目標。有各種各樣的事情必須結合在一起，配方，其中之一是你有機會把客戶提升到一個連續統一體，或者你有機會為市場定價不同，你使用這些槓桿。我們將在這一年中繼續這樣做。我認為我們這樣做的信心表明了我們在推進過程中為您提供的指導。

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.

我們動態觀察市場信用。那是——在許多情況下它是算法。我們在一年中做事。我們正在研究各種不同細分市場中的各種不同事物，並進行調整。這對這個時刻來說並不新鮮。這是我們在經營公司時動態地做的事情。我們一直在不斷調整不同的細分市場和不同的報價。我會說，看，隨著我們這一年的發展，如果情況發生變化，或者我們看到特定細分市場以不同的方式受到壓力，那麼，我們會做一些事情來調整某些地方某些優惠的可用性，是的。我們這樣做了嗎？這只是正常的業務過程嗎？是的，也是如此。

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邁克爾羅林斯。

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?

只是好奇您是否可以根據行業影響與您在總增加份額中看到的相比，進一步分析無線後付費電話性能的放緩。在這種情況下，您是否可以在消費者和業務部門之間看到的活動水平上提供一些顏色？

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，邁克。所以首先，我認為我沒有看到任何東西。我們是第一個報告的，所以我不知道其他地方的數字。顯然，我們使用許多與您使用的相同的車輛來感知市場上正在發生的事情，以確定。我會告訴你，我現在的結論是，我們正在看到，我稱之為市場中正在發生的比例動態。我認為現狀是我描述它的方式。隨著事情的發展，我不會 - 如果它與我們現在從前幾個季度看到的比率有很大不同，我會感到驚訝，坦率地說，考慮到我們如何遵守紀律，我感覺很好我們一直在尋找合適的客戶。我認為價值主張仍然很強。

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.

我會告訴你，在客戶群方面，我們可能已經在這兩個細分市場中看到，低端市場的消費者可能會做出人們在資金緊張時做出的那種決定。他們可能會延長設備的使用時間。這不是他們不想要這項服務的問題，他們只是決定再堅持使用他們目前的手機一段時間，並且可能會推動這個酌情決定升級。因此，相對於一些傳統的升級率和與之相關的購物率，我們看到了一些下降。

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.

然後我會告訴你在商業上，這可能是事情的結合。一是，正如我們已經告訴過你的那樣，在 COVID 期間，我認為增長好於預期。我們一直在說，其中一些是由 COVID 本身驅動的。需要解決方案來應對運營變化的企業，這可能是他們以更遠程的方式處理事情的方式，也可能是他們與員工一起做的事情，使他們能夠在辦公室外工作.隨著人們重返工作崗位和經濟正常化，其中一些產品和服務已經達到了他們不再需要的使用點。人們正在使他們的業務更加高效和精簡，這其中有一些正在發生。

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相關，並且由於一些企業已經採取了一些措施來削減員工隊伍，您會看到手機和數據卡等方面的流動。再一次，就行業整體增長而言，這與我們預期的模式沒有什麼不同。我們仍然有非常健康的商業服務增長。我們對自己的份額感到非常滿意。我們在開場白中與您分享了我們在公共安全領域等細分市場的滲透率優於整個市場。綜合考慮，這與我們今年的預期非常一致。

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.

邁克，還有一點需要強調。當我們查看一些關鍵指標，如移植率、我們的流失率時，這些都表明，正如約翰所說，我們所做的只是相對於該行業的總體增長人口。因此，我們對自己的表現感到非常滿意，這確實符合我們對 2023 年消費者需求正常化的預期。

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 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.

我想 2，如果可以的話。第一個，Pascal，感謝您分享補充自由現金流量走向調整後的 EBITDA 數字。我認為最突出的事情之一是負的 27 億美元營運資金。如果我想查看此頁面並根據您之前的評論考慮 2023 年全年的情況，營運資金數必須為正數，這是一個巨大的變化，這對我們來說非常困難圍欄的一側真正建模，理解和觀察。因此，如果您能盡可能詳細地解釋一年中的變化將非常有幫助。

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，如果我可以問你一個問題。本季度發生的一些重大變化是，無論是在股票市場還是在債券市場，DISH 都已成為一種不良證券。我認為——我的問題是，這是否改變了您對 DTV-DISH 組合潛力的計算？和/或這是獲取新頻譜的潛在機會（如果出現這種情況），還是新頻譜並不是您的資本配置的真正優先事項？我很想听聽您對這種進化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，這就是我要指出的。在第一季度，正如我在準備好的發言中提到的那樣——我們處於設備支付的高水位線。這是唯一一個有我們年度激勵薪酬的季度。這兩件事，再加上我們相對於全年指南的資本支出增加，使第一季度損失了 30 億至 40 億美元，我們預計這種情況將在這一年中機械地發生變化。這真的沒有比這難多少。就像基於我們的支出——我們期望在這些類別中花費的東西，那些應該機械地轉變。所以我們對能夠交付 16% 或更好的成績感到非常高興。

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，我不希望我們對你的描述做出必要的規定。我敢肯定查理可能不會向他們規定。但首先，我從來沒有真正評論過我對 DIRECTV 和 DISH 組合中微積分的觀點，我不希望今天這樣做。這不是我們通常推測的東西。我認為查理是主要對此發表評論的人。他當然有權這樣做。所以在這種情況下你可能是一個更好的人選，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.

看，我認為我們一直在退後一步，問自己行業向前發展的結構是什麼，將會發生什麼。而且我想我只想說，有時預測未來的最好方法是回顧過去，即當通過任何形式或時尚提供有價值的頻譜時，無論是決定進行業務組合，例如我們對 LEAP 做了什麼，或者它是否在拍賣中做了我們認為負責任和適當的事情，我們認為我們總是希望通過業務的可持續性進行這些投資。

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.

如果出於任何原因要進行頻譜重新排序，無論是通過拍賣還是資產變更，或者我們會做什麼 - 我們理解它，想了解其中是否存在比我們將資金投入網絡更有效的元素建立密度和那些類型的東西，我們將繼續評估並做出適當的決定，因為我們可以向前邁進。

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.

而且它 - 我不打算詳細說明我們如何考慮場景是什麼以及我們可以玩什麼，但你可以猜到它涉及的金額以及對業務的重要性，我們正在不斷評估這些事情並確定可能發生的情況，我們可能會做什麼以及對公司有意義的事情。

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

我們的下一個問題來自 Frank Louthan 和 Raymond James 的台詞。

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?

您能否描述 FirstNet 必須達到的門檻才能保持在政府指導方針之內，這將是第一個問題。第二個是排除了超過 3000 萬家庭的光纖，不包括加利福尼亞，從監管的角度來看，你的剩餘足跡中有多少百分比是免費的，可以用固定無線或某種形式或類似的東西取代銅纜？

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

弗蘭克，當你說政府指導方針時，你能不能為我澄清一下，你在那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?

我的印像是在特定時間段內需要一定數量的訂閱者才能訪問 FirstNet。只是好奇相對於您今天在網絡中擁有的訂戶數量，您處於什麼位置？

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 - 我會告訴你我們的狀態非常好。我們差不多已經完成了，我稱之為，構成合同前 7 年的第一組里程碑，我們已經按預期完成了所有這些責任和義務，沒有任何問題或任何事情警報。事實上，從廣義上講，我認為我們的表現非常好。我的 - 我不想代表 FirstNet 當局發言，但我認為雙方都覺得這是一種非常富有成效的公私合作夥伴關係，我們將繼續計劃未來可以做些什麼來擴展以其他方式使用它並用它做大事。

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，在足蹟的其餘部分，加利福尼亞確實有點異常。我們可以擺脫我們的最後選擇航母，幾乎在我們運營的所有其他地區都有義務。每個地區的完成方式略有不同，但我們有做我們需要做的事情的自由度。我們一直在做很多工作，這是我們在加利福尼亞州處於備案階段的原因之一，以確保我們必須捕獲產品才能為客戶提供支持。我對我們所處的位置感到非常滿意。您顯然知道我們可以通過固定無線在無線網絡上使用數據服務做什麼。就在幾分鐘前，我談到了我們在市場上的位置以及我們在那裡的能力。

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.

但我們也一直在為基本電話服務提供可擴展的有線替代品，它具有所有相同的功能和特性，並且符合我們今天可以通過無線網絡支持的傳統銅鍋服務的監管標準。這些是 2 個例子，還有更多是必要的，但是 2 個替換產品的例子更適合在我們的前瞻性架構中發揮作用，這是一個可擴展的無線網絡，而不是服務於銅線等低速服務。

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，在許多情況下，為客戶提供比他們今天獲得的更好的利益。我認為監管機構對此很感興趣。由於我們正在做所有正確的事情來向前發展，他們不希望那裡的耗電銅增加溫室氣體。他們不希望人們使用 100 年前建立的技術，但在下雨時就會失效。所以我覺得我們處在一個非常好的位置，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 Walter Piecyk 與 LightShed Partners 的合作。

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 在智能手機推出時發揮了非常關鍵的作用，我的意思是，特別是 iPhone，推出時，我認為可能在平板電腦上發揮的作用較小。關於增強現實作為下一種設備的討論很多。我只是想知道您對無線運營商的角色有何看法。你有沒有就這些關係如何與那裡的設備製造商數量合作進行過任何初步討論？

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，看，我認為所有無線提供商都將有助於實現這一目標。而且我相信你已經聽過我談論的現實是 5G 變得無處不在，並且實際上以 5G 旨在從設計角度運行的方式運行，即你擁有那種無處不在的無線電層。您實際上擁有額外的頻譜，可以為您提供適當的性能水平，因為 5G 獨立核心已得到完善，因此它們可以按照預期的方式工作，與任何新技術一樣，這需要一段漫長的旅程考慮到美國無線電接入層的複雜性，讓他們以正確的方式在無線電接入層實際運行，實際上，像增強現實這樣的東西將成為新服務的機會到位。

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.

而且我認為這不會是 AT&T 獨有的。我認為我們的競爭對手也會做同樣的事情，我們都在構建能夠支持這一點的網絡。我們將像過去一樣，可能成為幫助分發這些附加設備的渠道之一，人們最終將以新的方式使用這些設備。更有可能的是，它們將成為家庭計劃的重要補充。正如我所談到的，這些網絡的使用量不斷增加的現實，以及為什麼擁有固定成本結構如此重要，這些都是我認為非常非常重要的事情。

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，突然間新設備出現並成為家庭計劃的一部分，推動了另外幾千兆位的使用，並且你在可變的基礎上支付，那將不會是一個舒適的當下一代應用的現實出現在 5G 中時。我希望這會發生。你——我知道你做了很多功課，你知道製造商現在正在做什麼。我們知道製造商現在正在做什麼，我們知道他們什麼時候可能會出現，當這些網絡被擴展時，他們就會出現。隨著我們今年退出，網絡將得到擴展。我認為您將開始看到新的應用程序因此開始彈出。

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?

我還有一個關於行業結構的後續問題。我的意思是，在很多情況下，有線電視顯然是在贈送免費電話，然後只是重新分配寬帶業務的收入。我認為他們已經取得了成功，就用戶而言，也許不是更高的 ARPU，但你如何看待 AT&T 在利用提供寬帶和移動的捆綁方法方面的長期定位 - 更多市場比你只有光纖的地方？

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.

好吧，我們使用耐用牆這個詞是有原因的，我不想只是——我不想為從現在起 18 個月或 24 個月後看起來像（聽不見）。我正在努力讓業務專注於做那些為未來十年的基礎設施定位的困難事情。因此，我的言論一直非常一致，即在我們的網絡中會有容量未充分利用的地方，而我沒有固定的基礎設施，並且將有一些部分可以最好地利用未充分利用的容量在耐用的地方使用。

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.

我在電話會議的前面提到過，有許多企業的使用概況，我相信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產品，而且在未來很長一段時間內都會持久。在我看來，某些消費者群體是持久的，但不是大多數消費者群體。因此，我們將繼續利用這一點，我相信客戶獲取成本將值得維持與客戶的關係並將維持自身。

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 - 我們正在研究我們的光纖在用線路，例如，現在發生了什麼，我們的光纖在用線路正在擴展我們的傳統銅線和服務線路，因為它是一個很棒的產品，人們希望保留它。我知道那些在用線路是什麼。而且我知道人們將該產品投入使用多長時間。最棒的是，當他們持有 4.5、5 年時，我可以在這段時間內擴展產品，而且利潤很高。我們需要考慮在這方面帶來的每一位客戶，我們非常努力地分配我們的客戶投資、我們的網絡基礎設施和我們的資本基礎設施，以一種我們試圖帶來那些持久的方式關係。

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.

再一次，我會指出你回到我們一直在兩個產品集上提供的客戶流失數字，我們正努力在我們所做的事情中做到這一點。就訂閱基礎而言，隨著時間的推移，它對你來說效果很好。這只是為了確保發生這種情況而經過深思熟慮和紀律處分。

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。我想這就是我們提問的全部時間。約翰，我會把它交給你做最後的評論。

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.

因此，我感謝本季度加入我們的每個人。在我看來，這是一個穩健的季度，讓我們走上了正確的道路，向您交付我們今年的承諾。我們專注於非常非常基本的事情。它在我們的市場中執行，同時我們繼續重組業務成本，並為未來定位我們的基礎設施，正如我剛剛結束與沃爾特所說的話。

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的方式感到非常滿意。在很多方面，我都審視了本季度我們在運營方面所做的工作，並將其描述為平安無事。正如我們現在與管理團隊談論的那樣，當我們以我們設計的方式調用劇本並運營和執行時，會發生一些平靜的事情，這絕對是我們作為管理團隊、作為公司和我覺得我們正在朝著這個方向邁進。

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

感謝您今天與我們在一起。希望大家在春天好好休息。

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。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。