AT&T Inc (T) 2023 Q2 法說會逐字稿

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

感謝您的支持。歡迎參加 AT&T 2023 年第二季財報電話會議。 （接線生指示）溫馨提示：本次會議正在錄製中。

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

現在，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)。請開始。

Thank you, and good morning, everyone. Welcome to our second 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！歡迎參加我們的第二季電話會議。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. Good morning, everyone. I appreciate you joining us.

謝謝，阿米爾。大家早安。感謝大家的參與。

I'd like to open our discussion today by sharing that at the halfway point of the year, our performance and results are tracking entirely consistent with the guidance we provided to you. In fact, as Pascal shares the specifics with you, I think you'll conclude that our performance continues to demonstrate our strategy is on track to achieve the objectives we outlined 3 years ago: to drive consistent growth; simplify the company; and reduce leverage.

今天，我想首先分享的是，在年中之際，我們的業績和結果與我們之前向各位提供的指引完全一致。事實上，隨著帕斯卡與各位分享具體細節，我想各位會得出結論，我們的業績繼續證明，我們的策略正朝著實現我們三年前提出的目標邁進：推動持續成長；簡化公司架構；降低槓桿率。

To that end, I'd like to spend a few moments today summarizing that progress and how we believe this positions our company for sustainable and profitable growth going forward.

為此，今天我想花幾分鐘時間總結這一進展，以及我們認為這將如何幫助我們公司實現未來的可持續獲利成長。

Let's start by looking at our wireless business. For the last 3 years, our teams have executed on the strategy that enabled us to go from annually losing share to now delivering the right combination of continued postpaid phone adds, low postpaid churn, growing average revenue per user and profitability growth. Specifically, over the past 3 years, we've added 8.3 million postpaid phone net adds. That's up from fewer than 1 million in the 3 years prior to July 2020.

首先來看看我們的無線業務。過去三年，我們的團隊始終堅持執行策略，使我們從市場份額逐年下滑的困境中走出來，如今實現了持續增長的後付費電話用戶、較低的後付費用戶流失率、不斷增長的每用戶平均收入以及盈利能力的良好組合。具體來說，過去三年，我們的後付費電話淨增用戶數已達830萬，而截至2020年7月之前的三年，這一數字還不到100萬。

During the past 3 years, not only did we close the gap to the industry share leader for postpaid phones by about 350 basis points, but we also improved our wireless service revenue share versus the industry leader by roughly 250 basis points. On postpaid phone churn, we drove an improvement of 28 basis points since the beginning of 2020. We also achieved a record-low quarterly postpaid phone churn in 2 of those 3 years.

過去三年，我們不僅將與後付費手機產業領導者的份額差距縮小了約350個基點，而且無線服務收入佔比也提升了約250個基點。自2020年初以來，我們的後付費手機用戶流失率改善了28個基點。在這三年中，我們有兩年的季度後付費手機用戶流失率創下了歷史新低。

In stark contrast, the wireless industry's leaders' postpaid phone churn was relatively flat over the same time. Statistics aside, from my seat, our historically low levels of churn along with improved Mobility Net Promoter Scores shows me that our customers are very happy with the investments we've made in AT&T's customer experience and network quality and that our teams are delivering great value.

與之形成鮮明對比的是，無線產業領導者的後付費手機用戶流失率同期相對穩定。撇開統計數據不談，就我個人而言，我們歷史性的低用戶流失率以及行動淨推薦值（NPS）的提升，都表明我們的客戶對我們在AT&T客戶體驗和網路品質方面的投資非常滿意，我們的團隊也正在創造巨大的價值。

Ultimately, this means our customers are more likely to stay with AT&T over the long haul. And this is confirmed by external indicators like The American Customer Satisfaction Index, which recently named AT&T as the #1 in wireless customer satisfaction. So more customers are choosing AT&T and staying with AT&T.

最終，這意味著我們的客戶更有可能長期選擇 AT&T。美國客戶滿意度指數等外部指標也證實了這一點，該指數最近將 AT&T 評為無線客戶滿意度第一名。因此，越來越多的客戶選擇 AT&T 並長期使用 AT&T。

We're also more profitable, as evidenced by our increasing postpaid phone ARPU and service revenues. Over the past 3 years, our postpaid phone ARPU is up more than $1. This shows that customers are voting with their wallets. We've achieved the right balance between the cost of our services and the value we provide.

我們的獲利能力也提高了，這從我們不斷增長的後付費電話ARPU和服務收入中可見一斑。過去三年，我們的後付費電話ARPU成長了超過1美元。這表明客戶正在用錢包投票。我們在服務成本和價值之間取得了良好的平衡。

Lastly, let's look at wireless revenues and profitability. From 2Q 2018 to 2Q 2020, our wireless service revenues were essentially flat. Our profitability was up modestly over that time period. However, in the past 3 years, we've grown quarterly wireless service revenues by about $2 billion, up roughly 15%, and we've materially increased profitability on an annual basis.

最後，我們來看看無線業務的收入和獲利能力。從2018年第二季到2020年第二季度，我們的無線服務收入基本上持平。在此期間，我們的獲利能力略有上升。然而，在過去三年中，我們的季度無線服務收入成長了約20億美元，增幅約為15%，我們的年度獲利能力也實現了大幅提升。

I should also call out the success we're seeing in our prepaid business, where Cricket has sustained growth by continuing to add prepaid voice customers to one of the highest value subscriber bases in the sector.

我還應該指出我們在預付費業務中取得的成功，Cricket 透過繼續增加預付費語音客戶，成為該行業價值最高的用戶群之一，從而實現了持續成長。

Now let's turn to our fiber business. Our investment thesis for building more fiber started with our understanding that people needed better and faster broadband connectivity than what was available, that those needs would only grow exponentially. We believe that by providing the best access technology on the planet, we could transform our Consumer Wireline business into a fiber-fueled sustainable growth franchise.

現在讓我們來談談我們的光纖業務。我們投資建造更多光纖的理念源自於我們的理解：人們需要比現有更好、更快的寬頻連接，而這些需求只會呈指數級增長。我們相信，透過提供全球最佳的接入技術，我們可以將我們的消費者有線業務轉型為由光纖驅動的可持續成長業務。

Our results have only strengthened that confidence as returns continue to exceed our initial expectations. Over the past 3 years, we've had more than 3.4 million AT&T Fiber net adds boosting our subscriber base by roughly 80%. Everywhere we put fiber in the ground, we feel good about our ability to win with consumers. In fact, our average penetration rate is about 38%.

我們的業績進一步增強了這種信心，因為回報持續超出我們最初的預期。過去三年，AT&T Fiber 淨新增用戶超過 340 萬，用戶群成長了約 80%。在我們鋪設光纖的每個地方，我們都對自己贏得消費者的能力充滿信心。事實上，我們的平均滲透率約為 38%。

Over the past 3 years, our fiber net additions outpaced the leading cable providers' broadband net additions. This is an impressive accomplishment given the size of their footprint. Since the second quarter of 2020, we've doubled our quarterly fiber broadband revenues, reaching more than $1.5 billion this quarter. Over the past 3 years, the accretive mix shift to fiber has driven our broadband ARPU up more than $10, an increase of 20%. This again shows that customers are voting with their dollars. We also have plenty of room to run as we're still less expensive than competitive offerings in the market.

過去三年，我們的光纖淨增用戶數超過了領先有線電視供應商的寬頻淨增用戶數。考慮到他們的規模，這是一個令人印象深刻的成就。自2020年第二季以來，我們的光纖寬頻季度營收翻了一番，本季超過15億美元。過去三年，我們向光纖的增值組合轉變推動我們的寬頻ARPU值成長了10美元以上，增幅達20%。這再次表明，客戶是用錢投票的。我們也有很大的發展空間，因為我們的價格仍然低於市場上的競爭產品。

So let me summarize. Our wireless business is growing share in ARPU with low churn and improving margins. And our fiber business is accelerating new build penetration, growing share in ARPU, while lowering churn and improving margins. This is the formula for sustainable top and bottom line results, and we're confident this success will be sustainable over the next 3 years.

讓我總結一下。我們的無線業務在ARPU（每用戶平均收入）的份額不斷增長，客戶流失率較低，利潤率不斷提高。我們的光纖業務正在加速新建網路的滲透，在ARPU（每位用戶平均收入）的份額不斷增長，客戶流失率不斷降低，利潤率不斷提高。這是實現永續營收和利潤的秘訣，我們相信，這種成功將在未來三年持續下去。

Here's why. As industry convergence accelerates, our owners' economics in both fiber and wireless provide AT&T with a strategic advantage that will be hard to match. The lifetime value of our mobile customer is significantly higher than that of a cable MVNO customer.

原因如下。隨著產業融合加速，我們業主在光纖和無線領域的經濟實力將為AT&T帶來難以匹敵的戰略優勢。我們移動客戶的終身價值遠高於有線MVNO客戶。

Cable is busy adding wireless customers at very low lifetime values just to protect customers they already have. We're not only keeping our current high-value customers happy, but also adding more of them.

有線電視公司正忙於增加生命週期價值極低的無線客戶，以保護現有客戶。我們不僅要確保現有高價值客戶的滿意度，還要吸引更多新客戶。

Moving to our next priority. I'm pleased with how we continue to simplify our business and improve our efficiency. Our cost-savings initiative has achieved our $6 billion run rate savings target, and we believe there is significant opportunity to build on this momentum with another $2 billion plus over the next 3 years.

談談我們的下一個重點。我很高興看到我們持續精簡業務、提升效率。我們的成本節約計畫已實現 60 億美元的營運成本節約目標，我們相信，未來三年，我們有很大機會在此基礎上再節省 20 多億美元。

After a period of reinvestment, this work has been the foundation for our recent margin improvements, as shown in our adjusted EBITDA margin improvement this quarter of 210 basis points compared to the same quarter last year. These additional cost savings will be largely driven by the sunsetting of our legacy product portfolio and supporting infrastructure. As we ramp our execution on this work, we'll begin to enjoy the benefits of our simplified focus on wireless and fiber.

經過一段時間的再投資，這項工作已成為我們近期利潤率提升的基礎，本季調整後的EBITDA利潤率較去年同期提升了210個基點。這些額外的成本節約將主要得益於我們傳統產品組合和配套基礎設施的淘汰。隨著我們逐步推進這項工作，我們將開始享受專注於無線和光纖的簡化所帶來的益處。

Turning to our final priority, we continue to allocate capital in a deliberate manner to create best-in-class experiences for customers, drive sustainable, profitable growth and deliver long-term value for shareholders.

談到我們的最後一個優先事項，我們將繼續以審慎的方式分配資本，為客戶創造一流的體驗，推動可持續的獲利成長，並為股東創造長期價值。

Over the past 3 years, we've reduced our net debt by about $20 billion. We also recently transferred $8 billion of pension liabilities through the purchase of insurance annuities. As Pascal will discuss, we've addressed the number of onetime and discrete items and now expect to use an increasing amount of our free cash flows after dividends to accelerate our debt-reduction efforts.

過去三年，我們已將淨債務減少了約200億美元。最近，我們也透過購買保險年金轉移了80億美元的退休金負債。正如帕斯卡即將討論的那樣，我們已經解決了一次性和零散項目的數量問題，現在預計將動用更多股息後的自由現金流來加速我們的債務削減工作。

We remain committed to achieving the 2.5x range for net debt to adjusted EBITDA in the first half of 2025. We feel good about our ability to accomplish this goal, while providing an attractive dividend with improving credit quality as we expect to increase cash generation over time.

我們仍致力於在 2025 年上半年實現淨債務與調整後 EBITDA 比率達到 2.5 倍。我們對實現這一目標的能力充滿信心，同時提供有吸引力的股息和不斷提高的信貸質量，因為我們預計隨著時間的推移現金產生量會增加。

At the same time, we're investing in the future of our company and the future of our country's connectivity. Since July 2020, our capital investment has totaled about $65 billion. As one of the largest investors in America's broadband infrastructure, we're enhancing our 5G and fiber network at a historic pace. We're focused on connecting the most people, in the most places and with the best experience.

同時，我們正在投資公司的未來以及國家互聯互通的未來。自2020年7月以來，我們的資本投資總額已達約650億美元。作為美國寬頻基礎設施最大的投資者之一，我們正在以歷史性的速度增強我們的5G和光纖網路。我們致力於在最多的地方連結最多的人，並提供最佳體驗。

Over the past 3 years, we've passed about 7 million new fiber locations, increasing our locations pass by about 40%. Over the same time, we've expanded our nationwide 5G network to cover approximately 290 million people, and we now reach more than 175 million with mid-band 5G spectrum.

過去三年，我們新增了約700萬個光纖部署點，覆蓋範圍增加了約40%。同時，我們擴展了全國5G網絡，覆蓋約2.9億人，目前中頻段5G頻譜覆蓋用戶已超過1.75億人。

While some of our peers spend time trying to convince you why their services are good enough for now, we're investing billions to provide Americans access to the best Internet offering for decades to come.

當我們的一些同行花時間試圖說服您為什麼他們的服務目前已經足夠好時，我們正在投資數十億美元，為美國人提供未來幾十年最好的互聯網服務。

I'll end my remarks by reiterating that the repositioning of our business can be credited to our team's belief in our strategy and ongoing commitment to delivering real value for our customers. We're focused on ensuring AT&T as the clear choice to serve our country's connectivity needs, not only today, but well into the future.

最後，我想重申，我們業務的重新定位歸功於我們團隊對策略的堅定信念，以及持續致力於為客戶提供真正價值的承諾。我們致力於確保AT&T成為滿足我國連結需求的明智之選，不僅在當下，而且在長遠的未來。

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. Let's move to our second quarter financial summary on the next slide.

謝謝約翰，大家早安。下一張投影片我們來看第二季的財務摘要。

Consolidated revenues were up nearly 1% in the second quarter, largely driven by wireless service revenue and fiber revenues. Additionally, revenues in our Mexico operations were also higher due to increases in wholesale and equipment revenues, as well as favorable FX. These increases were partially offset by an expected decrease in low-margin Mobility equipment revenues and a decline in Business Wireline.

第二季綜合營收成長近1%，主要得益於無線服務收入及光纖服務收入。此外，由於批發和設備收入的成長，以及有利的外匯因素，墨西哥業務的收入也實現了成長。這些成長被低利潤率的行動裝置收入的預期下降以及商業有線業務的下滑部分抵消。

Adjusted EBITDA was up 7% for the quarter with growth in Mobility, Consumer Wireline and Mexico. This was partially offset by an expected decline in Business Wireline. We are on track to deliver our full year adjusted EBITDA guidance. Given our momentum to date, we are confident in delivering adjusted EBITDA growth of better than 3%.

本季調整後EBITDA成長7%，主要得益於行動業務、消費者有線業務及墨西哥業務的成長。這部分抵消了商業有線業務的預期下滑。我們可望實現全年調整後EBITDA預期。鑑於我們迄今為止的發展勢頭，我們有信心實現調整後EBITDA超過3%的增幅。

Adjusted EPS was $0.63 compared to $0.65 in the year ago quarter. This includes about $0.07 of noncash aggregated EPS headwinds from lower pension credits, lower capitalized interest, lower DIRECTV equity income, all of which we expected.

調整後每股收益為0.63美元，去年同期為0.65美元。這包括約0.07美元的非現金每股收益不利因素，這些不利因素包括退休金抵免額減少、資本化利息減少以及DIRECTV股權收益減少，這些均符合我們的預期。

Cash from operating activities was $9.9 billion versus $7.7 billion last year and was up $3.2 billion sequentially. The main factors driving this year-over-year increase were higher receipts driven by earnings growth, higher securitizations and lower device and interest payments.

經營活動現金流為99億美元，去年同期為77億美元，較上季成長32億美元。推動這一同比增長的主要因素包括盈利增長帶來的現金流增長、證券化支出增加以及設備和利息支出減少。

Capital investment was $5.9 billion in the quarter and $12.4 billion year-to-date. This reflects continued historically high levels of investment in 5G and fiber. We expect to move past peak capital investment levels as we exit the year.

本季資本投資為59億美元，年初至今已達124億美元。這反映出5G和光纖領域的投資持續保持歷史高點。我們預計，到今年年底，資本投資將突破高峰。

We feel really good about free cash flow of $4.2 billion in the quarter. For the first half of 2023 compared to the first half of 2022, free cash flow was up about $1 billion, and we expect our cash generation to accelerate from here. We delivered this year-over-year growth in the first half despite about $800 million lower DIRECTV cash distributions and roughly $700 million in lower net impact of sales of receivables.

我們對本季42億美元的自由現金流感到非常滿意。與2022年上半年相比，2023年上半年的自由現金流增加了約10億美元，我們預計此後現金產生速度將進一步加快。儘管DIRECTV的現金分配減少了約8億美元，應收帳款銷售的淨影響也減少了約7億美元，但我們上半年仍實現了同比增長。

We expect free cash flow of about $11 billion for the remainder of 2023, weighted towards the fourth quarter. Here are the factors driving this acceleration of free cash flow relative to the first half performance. One, we expect capital investments to be about $1 billion lower in the second half of the year after peaking in the first half. Two, we anticipate device payments to be about $4.5 billion lower than the first half of the year. Three, the first half of the year included more than $1 billion of annual incentive compensation payments that won't repeat in the second half. Four, and as I mentioned earlier, we expect full year adjusted EBITDA growth of more than 3%. And lastly, we expect other working capital improvement of roughly $1 billion in the second half of the year relative to the first half of the year, including higher noncash amortization of deferred acquisition costs.

我們預計 2023 年剩餘時間的自由現金流約為 110 億美元，主要集中在第四季。以下是推動自由現金流相對於上半年表現加速成長的因素。第一，我們預期資本投資在上半年達到高峰後，下半年將減少約 10 億美元。第二，我們預計設備支出將比上半年減少約 45 億美元。第三，上半年包括超過 10 億美元的年度激勵薪酬支出，下半年不會重複。第四，正如我之前提到的，我們預計全年調整後的 EBITDA 成長率將超過 3%。最後，我們預計下半年其他營運資本改善幅度將比上半年增加約 10 億美元，包括遞延收購成本的非現金攤提增加。

These improvements are expected to be partially offset by lower cash distributions from DIRECTV of about $500 million in the second half of the year relative to the first half; and cash taxes, about $1 billion higher in the second half of the year versus the first half of the year. As a result, we're on track to achieve full year free cash flow of $16 billion or better.

預計這些改善將部分抵銷DIRECTV下半年現金分配較上半年減少約5億美元，以及下半年現金稅項較上半年增加約10億美元的影響。因此，我們預計將實現全年自由現金流達到或超過160億美元。

Now let's turn to our Mobility results on the next slide.

現在讓我們來看看下一張投影片上的移動性結果。

Looking at our Mobility results, postpaid phone net adds were 326,000. Total revenues and profits of our largest business unit are at an all-time second quarter highs. Revenues were up 2% and service revenues were up 4.9%. These gains were driven by subscriber growth and higher ARPU.

縱觀我們的行動業務業績，後付費電話淨增用戶32.6萬。我們最大業務部門的總收入和利潤創下第二季歷史新高。收入成長2%，服務收入成長4.9%。這些成長主要得益於用戶成長和更高的ARPU值。

Mobility EBITDA was up 8.3% in the quarter. Mobility postpaid phone ARPU was $55.63, up 1.5% year-over-year. The primary drivers of ARPU growth are higher ARPU on legacy plans from last year's pricing actions, a continued mix shift to higher value rate plans with higher margins and continued improvements in consumer international roaming trends. Postpaid phone churn remains low at 0.79% for the quarter.

本季度，行動業務的息稅折舊攤銷前利潤 (EBITDA) 成長了 8.3%。行動後付費電話的 ARPU 為 55.63 美元，年增 1.5%。 ARPU 成長的主要驅動因素包括：去年定價調整後，傳統套餐的 ARPU 有所提高；套餐組合持續向利潤率更高的高價值套餐轉變；以及消費者國際漫遊趨勢的持續改善。本季後付費電話用戶流失率維持在 0.79% 的低點。

In prepaid, we had 123,000 phone net additions with total churn of 2.5%, primarily driven by Cricket.

在預付費方面，我們的電話淨新增量為 123,000 部，總流失率為 2.5%，這主要得益於 Cricket 的推動。

Let's move to the next slide and our wireline results. Our fiber investment is driving Consumer Wireline growth and strong returns. We added 251,000 fiber customers. This is strong growth against an industry that slowed in recent quarters due to significantly lower move activity. Strong fiber revenue growth of 28% drove broadband revenues up by 7% year-over-year. Our fiber revenues are outpacing our legacy revenues, and this separation will continue to grow over time.

讓我們來看看下一張投影片，了解我們的有線業務表現。我們的光纖投資正在推動消費者有線業務的成長和強勁回報。我們新增了25.1萬光纖客戶。相較於最近幾季由於行動業務大幅減少而放緩的行業，這無疑是強勁的成長。光纖營收強勁成長28%，頻寬寬頻營收年增7%。我們的光纖收入正在超過傳統業務收入，而這種差距將隨著時間的推移而持續擴大。

Fiber ARPU was $66.70, up 8% (sic) [8.2%]. Customers are increasingly choosing faster speed tiers, which is also supporting ARPU growth. Consumer Wireline EBITDA grew 10.2%. This reflects fiber revenue growth, and about $35 million of discrete comparison items that helped EBITDA growth rates.

光纖每用戶平均收入 (ARPU) 為 66.70 美元，成長 8%（原文如此）[8.2%]。越來越多的客戶選擇更快的網速，這也支撐了 ARPU 的成長。消費者有線業務 EBITDA 成長 10.2%。這反映了光纖收入的成長，以及約 3500 萬美元的獨立可比較項目，這些項目也推動了 EBITDA 的成長。

Turning to Business Wireline, EBITDA was down about $75 million year-over-year. This quarter included about $75 million in discrete comparison item, including a onetime access cost benefit. Ultimately, we still see the same underlying trend that went into our guidance and our full year expectations are unchanged.

談到Business Wireline，EBITDA年減約7,500萬美元。本季包含約7,500萬美元的獨立比較項目，其中包括一次性接入成本收益。最終，我們仍然看到了與指引中相同的基本趨勢，我們對全年的預期保持不變。

Our Business Solutions wireless service revenues grew 9.1%. FirstNet continues to be a driver of this growth. Connections grew by about 350,000 sequentially, with a little more than 1/3 of this growth from postpaid phones.

我們的商業解決方案無線服務收入成長了9.1%。 FirstNet繼續成為這一成長的主要驅動力。連線數季增約35萬，其中略高於三分之一的成長來自後付費手機。

What we've accomplished with FirstNet is truly remarkable. Not long ago, this was an underpenetrated segment of our customer base, but by committing to delivering a best-in-class network and tailored solutions for first responders, we've become the unquestioned industry leader by exclusively serving the public safety community with 5 million FirstNet connections in just 5 years. We believe there is runway to continue this growth.

FirstNet 所取得的成就確實令人矚目。不久前，這部分客戶群的滲透率還很低。但透過致力於為急救人員提供一流的網路和客製化解決方案，我們已成為當之無愧的行業領導者，在短短五年內就為公共安全領域提供了 500 萬個 FirstNet 連接。我們相信，我們擁有繼續保持成長的潛力。

Now I'd like to close by taking a moment to provide an update on our capital allocation on the next slide.

最後，我想花一點時間在下一張投影片中介紹我們的資本配置的最新情況。

We wanted to provide some added information around our expectations for reducing net debt. Our plan to reduce net debt and reach the 2.5x range in the first half of 2025 remains on track. Over the course of the past 12 months, we generated $15.2 billion of free cash flow and paid out total dividends and other distributions of $9.3 billion. This left us with $5.9 billion of remaining cash.

我們想補充一些關於減少淨債務預期的資訊。我們計劃在2025年上半年減少淨債務並達到2.5倍的目標，這一目標仍在按計劃進行。在過去12個月中，我們創造了152億美元的自由現金流，並支付了總計93億美元的股息和其他分配。這意味著我們剩餘的現金為59億美元。

So why didn't net debt decline by a proportionate amount? The short answer is that we had approximately $4 billion of onetime items and discrete obligations to pay off. These included our WarnerMedia post-closing adjustment payment, our final NFL Sunday Ticket payment and redeeming in full the $8 billion preferred interest in our Mobility II subsidiary. We partly funded this with $7 billion of issuances for other preferred subsidiary shares.

那麼，為什麼淨債務沒有相應下降呢？簡而言之，我們有大約40億美元的一次性項目和零散債務需要償還。這些債務包括華納媒體的收盤後調整付款、NFL週日門票的最終付款，以及全額贖回我們子公司Mobility II價值80億美元的優先股。我們透過發行70億美元的其他子公司優先股來部分彌補這些損失。

Additionally, net debt reflects about $1.5 billion of mark-to-market impacts from foreign exchange. Keep in mind that our foreign-denominated debt is fully hedged. So economically, we have an offsetting foreign currency gain in derivatives.

此外，淨債務反映了約15億美元的外匯市價影響。請記住，我們的外幣債務已完全對沖。因此，從經濟角度來看，我們在衍生性商品方面獲得了抵銷性的外匯收益。

Looking forward, in the fourth quarter, we expect to make final clearance payment of about $2 billion tied to our 2021 spectrum acquisitions. After this payment, we will be in a position in which we've satisfied: all nonrecurring near-term financial obligations; the majority of our debt is fixed at very low rates; and we've refinanced or prefunded some of our near-term debt maturities at really attractive rates. At the same time, capital investment will be coming down from all-time peak levels. This will increase cash conversion and give us more cash to reduce net debt.

展望未來，我們預計將在第四季支付約20億美元的最終清算款項，用於支付2021年頻譜收購。支付此款項後，我們將處於以下狀態：所有非經常性短期財務義務已得到滿足；我們的大部分債務已以極低的利率固定；並且我們已以極具吸引力的利率對部分短期債務到期進行了再融資或預融資。同時，資本投資將從歷史高峰迴落。這將提高現金週轉率，並為我們帶來更多現金以減少淨債務。

So going forward, from now until the first half of 2025, we expect to increasingly use our free cash flows after dividend to reduce debt, and at a faster pace. By the end of this year, we expect to reduce net debt by around $4 billion, excluding any potential FX impacts, which will put us at about the 3x range for net debt to adjusted EBITDA. This puts us on our trajectory to achieve the targeted 2.5x range in the first half of 2025.

因此，展望未來，從現在到2025年上半年，我們預計將更多地利用股息後的自由現金流來減少債務，並且速度會更快。到今年年底，我們預計淨債務將減少約40億美元（不包括任何潛在的外匯影響），這將使我們的淨債務與調整後EBITDA的比例達到3倍左右。這使我們能夠在2025年上半年實現2.5倍的目標。

In summary, we feel good about our plans to delever and about our Q2 results, which demonstrate our ability to sustainably grow subscribers, service revenues and profits.

總而言之，我們對我們的去槓桿計劃和第二季業績感到滿意，這表明我們有能力持續增加用戶數量、服務收入和利潤。

Let me turn it back to John to close out our remarks.

讓我把發言時間交還給約翰來結束我們的發言。

Before we open it up for Q&A, I'd like to briefly comment on the telecommunication industry's handling of lead-clad cables in our networks.

在我們開始問答之前，我想簡單評論一下電信業對我們網路中的鉛包電纜的處理。

As background, it's well understood that lead-clad cables are used broadly in our nation's infrastructure today. From power cables to telecommunication cables, lead has been used to protect interior wires from exposure to the elements because lead is very stable and it doesn't rust. The practice has long been known and its risks of exposure to those in close contact to it has been regulated by federal and state authorities for decades.

背景是，眾所周知，鉛包電纜在當今我國的基礎設施中被廣泛使用。從電力電纜到電信電纜，鉛一直被用來保護室內電線免受自然風吹日曬，因為鉛非常穩定，而且不會生鏽。這種做法早已為人所知，幾十年來，聯邦和州政府一直嚴格監管密切接觸者接觸鉛的風險。

Generally, the telecommunications industry began to phase out placement of new lead-clad telecom cables in the 1950s. However, lead-clad cables are so durable that they continue to be used in our power grid, in our railway systems and in our industry, and some of these cables still provide important customer voice and data services, including connecting 911 service, fire alarms and other central monitoring stations.

一般來說，電信業在1950年代開始逐步淘汰新的鉛包電信電纜。然而，鉛包電纜非常耐用，至今仍在我們的電網、鐵路系統和工業領域使用，其中一些電纜仍在提供重要的客戶語音和數據服務，包括連接911服務、火災警報系統和其他中央監控站。

We take the concerns raised very seriously as there is no higher priority than the health and safety of our employees and the communities where we live and work, period. We believe that a deliberate review in collaboration with the EPA and our industry partners with reliable science at the forefront is the responsible way to evaluate this issue.

我們非常重視大家提出的擔憂，因為沒有什麼比員工以及我們生活和工作的社區的健康和安全更重要。我們相信，與美國環保署和我們的產業夥伴合作，以可靠的科學為先導，進行審慎的審查，才是評估這一問題的負責任的方式。

Independent experts, long-standing science have given us no reason to believe these cables pose a public health risk. And our own prior testing, which we shared publicly confirms the established science. Still, to be responsive to any concerns raised by recent reporting, we're doing additional testing at selected sites, and we're working cooperatively with the Environmental Protection Agency to provide them the information needed to conduct a thorough assessment of the issue using the most up-to-date reliable science.

獨立專家和長期的科學研究均表明，我們沒有理由相信這些電纜會對公眾健康構成威脅。我們先前進行的測試也已公開發表，證實了這些已證實的科學基礎。儘管如此，為了回應近期報道中提出的任何擔憂，我們正在選定的地點進行額外測試，並與美國環保署合作，為他們提供所需的信息，以便他們利用最新的可靠科學手段對該問題進行全面評估。

We're very proud of our track record, along with our union partners, in addressing employee safety for those who perform maintenance and repair work on these cables. We fully comply with the established regulatory standards and science related to potential lead exposure for workers and meet or exceed state and federal OSHA requirements for our employees who work with lead.

我們與工會合作夥伴攜手，在保障電纜維護和維修人員安全方面取得了驕人的成績，對此我們深感自豪。我們完全遵守與工人潛在鉛暴露相關的既定監管標準和科學規範，並達到或超過了州和聯邦職業安全與健康管理局 (OSHA) 對鉛接觸員工的要求。

In the abundance of caution, one extra measure we've taken is to expand our existing practice of providing testing for employees involved in cable removal and have added a voluntary testing program for any employee who works with or has worked with lead-clad cables. We're offering the testing on company time and at company expense. Rest assured that if there's new and reliable information for us to consider, we will constructively work with others in our industry, scientific experts and government agencies to do what we always endeavor to do, which is act responsibly.

出於謹慎考慮，我們採取了一項額外措施，即擴大我們現有的為參與拆除電纜工作的員工提供檢測的實踐，並增加了一項針對所有接觸或曾經接觸過鉛包電纜的員工的自願檢測計劃。我們將利用公司時間提供檢測，費用由公司負擔。請放心，如果有新的可靠資訊可供我們參考，我們將與業內其他人士、科學專家和政府機構進行建設性合作，履行我們一貫致力於的職責，即負責任地行事。

I hope the information that we've been providing, including that lead-clad cables make up a small part of our network with the majority underground and cased and protective conduit, serves as helpful background on the topic. We've always done the right thing related to lead cables. We're doing the right thing today based on current science and protocols, and we'll do the right thing should current scientific techniques develop new and reliable evidence that warrants a change in approach.

我希望我們一直以來提供的信息，包括鉛包電纜在我們的網絡中只佔一小部分，大部分電纜都埋在地下，並採用套管和保護性導管，能夠為大家提供一些有用的背景信息。在鉛包電纜方面，我們始終堅持正確行事。今天，我們根據目前的科學和規程，採取了正確的行動。如果目前的科學技術能夠提供新的、可靠的證據，證明有必要改變方法，我們也會繼續堅持正確的行動。

With that said, we're now ready for questions. Amir?

話雖如此，我們現在可以回答問題了。阿米爾？

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

謝謝約翰和帕斯卡。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question will come from the line of Brett Feldman of Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的布雷特·費爾德曼。

You had given us some visibility into the net add trends you expected in your wireless business during the quarter. That was very helpful. I was hoping you could share with us what degree of visibility you have into the second half of the year. So for example, are there any unique headwinds that you have to manage through? More broadly, what type of market environment are you managing the business around? And are things changing enough at a market level that you're beginning to tweak how you go to market relative to the simplified approach you've been using for a number of years now?

您向我們介紹了本季無線業務淨增趨勢的預期，這非常有幫助。我希望您能與我們分享您對下半年的期望。例如，您是否面臨一些獨特的挑戰？更廣泛地說，您目前在什麼樣的市場環境中管理業務？市場層面的變化是否足以讓您開始調整行銷方式，而不是像過去幾年那樣採用簡化策略？

Brett, look, I would tell you, I feel really comfortable with where things are to kind of tick through your questions. Given the second quarter issue we had with one account, I don't have another one of those sitting in front of us that I'm aware of or concerned about. I would say more broadly, the market demonstrates a bit more resiliency than probably what I would have expected in the fourth quarter of, say, last year.

布雷特，聽著，我跟你說，我對目前的狀況很放心，可以大致回答你的問題。考慮到我們第二季度遇到的一個帳戶的問題，我目前沒有遇到其他類似的問題，也不知道或擔心什麼。總的來說，市場表現出的韌性可能比我之前對去年第四季度，比如說去年第四季的預期要強一些。

We're certainly not seeing the kind of frothiness that was around in '20 and '21, but volumes and activity in the market is good. We do our own adjustments for some of the reported numbers. I don't know that every net add in the market is equivalent to the other, so we kind of look at the ones that are economic valuable. But even when we make those adjustments, I think demand has been pretty solid in the market.

我們當然沒有看到2020年和2021年那樣的泡沫，但市場交易量和活動都很好。我們會對一些報告的數據進行調整。我不知道市場上所有的淨增量是否都相同，所以我們會關注那些有經濟價值的。但即使我們做了這些調整，我認為市場需求仍然相當穩健。

To your point, there were lot of structural changes in people's offers in the second quarter. They came roughly at about the same time. When new messaging gets put into the market, we saw what we typically saw, which was a little bit of a freezing that occurs as consumers process what new offers are out there. And of course, like you, we sat and watched and wanted to know what the ultimate reaction was going to be. And I would tell you, we've kind of moved through that freezing period, and I see a situation where we exited the quarter in a very, very good place, a place that's consistent with what we would have expected given the value propositions and offers we've had in the markets over the past couple of years.

正如您所說，第二季度人們的報價發生了很多結構性變化。這些變化大致同時發生。當新的資訊進入市場時，我們看到了我們通常會看到的情況，那就是消費者在處理新報價時會出現一點凍結。當然，和您一樣，我們也在觀望，想知道最終的反應會是什麼。我想告訴您，我們已經度過了凍結期，我看到的情況是，我們在本季度結束時處於一個非常非常好的位置，這與我們根據過去幾年在市場上的價值主張和報價所預期的位置一致。

So I feel fine about where things are going. I think the consumer continues to show signs that they're pretty healthy right now. I don't see anything that gives me near-term concern about demand. I don't know what happens down the road. It's anybody's guess what the economy does. I've had a fairly conservative bent on that. I think it's served us well. I'll keep that conservative bent as we manage the business going through the balance of the year. But the market is certainly supporting, I think, a healthy growth and the industry is, I think, even better and is responding well to that growth. I see players investing, and I see them making moves to make sure that they can recover returns on those investments. And that's good for all of us. I think it's good for the industry overall, and it's good for consumers and the services that they're getting.

所以我對目前的情況感到滿意。我認為消費者繼續顯示出他們目前相當健康的跡象。我沒有看到任何讓我對短期需求感到擔憂的情況。我不知道未來會發生什麼事。經濟情勢如何，誰也說不準。我在這方面一直比較保守。我認為這對我們很有幫助。在今年剩下的時間裡，我會繼續保持這種保守的傾向。但我認為，市場肯定在支持健康的成長，而且我認為整個產業甚至更好，並且對這種成長做出了良好的反應。我看到參與者在投資，我看到他們正在採取行動，以確保能夠收回這些投資的回報。這對我們所有人都有利。我認為這對整個行業都有利，對消費者以及他們獲得的服務也有利。

Our next question will come from the line of John Hodulik of UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Maybe a follow-up to Brett's question. John, on wireless competition, it looks like gross adds are down sort of mid-teens, and I realize you said that a lot of the change in the sub growth is due to customer loss you had in the second quarter. But do you feel you need to respond from either a promotional standpoint to sort of drive gross adds back up? I mean -- and sort of anything you can point to for sort of why you're losing share in terms of those gross adds?

也許可以跟進一下Brett的問題。 John，關於無線競爭，總新增用戶數量似乎下降了大約15%左右，我知道您說過，用戶成長的很大一部分變化是由於第二季度的客戶流失造成的。但是，您是否認為需要從促銷的角度來推動總新增用戶數量的回升？我的意思是——您能指出一些原因，解釋一下為什麼總新增用戶數量的份額正在下降嗎？

And then along with that, a number of your competitors or both of your competitors have announced recent price increases. If you could just comment on the sort of broader pricing environment in wireless? And do you believe that you have room to take similar pricing action as we move through the year?

同時，您的一些競爭對手，或者說雙方都宣布了近期的漲價。您能否評論一下無線領域更廣泛的定價環境？您是否認為，隨著時間推移，您還有空間採取類似的定價行動？

So John, I don't see a need for us to -- it wasn't clear from my last comment. There was a little bit of shift that occurred in the second quarter. Part of it was the account. Part of it was new offers in the market. We've seen a normalization, and we think what we have out in the market is performing very well, and I'd go back to comments I've made repetitively in previous quarters. We've been very focused segment-wise around where we're choosing to get our activity. And I don't know that broad promotions has necessarily been the primary or, by any means, the exclusive means of us getting customers. We've been really deliberate.

所以約翰，我認為我們沒有必要——我上次的評論沒有明確說明。第二季度確實發生了一些變化。一部分原因是帳戶，一部分原因是市場上出現了新的優惠。我們已經看到了正常化，我們認為我們在市場上的產品表現非常好，我想回顧一下我在前幾個季度中反覆提到的觀點。我們一直非常專注於細分市場，選擇合適的活動來開展地點。我不知道大範圍的促銷是否一定是我們獲取客戶的主要或唯一的手段。我們一直在非常謹慎地進行。

You look at some of our business results, we just shared with you some of our FirstNet growth. We know the channels in the consumer market that we can go to, to intercept the right kind of traffic. And we've seen really good results as we've kind of gotten into the early part of the second quarter relative to that.

大家可以看看我們的一些業務成果，我們剛剛分享了FirstNet的一些成長。我們知道在消費市場中，我們可以利用哪些管道來攔截合適的流量。而且，隨著我們進入第二季初期，我們已經看到了非常好的表現。

So I feel like the market is healthy. I feel like our tactics continue to be durable and they're performing well. We have been very focused on ensuring that we're getting the right kind of growth. I don't want empty calorie growth. We want customers that come in and pay good recurring rates that are going to stay with us a long period of time.

所以我覺得市場很健康。我覺得我們的策略持續有效，而且效果良好。我們一直非常專注於確保正確的成長。我不想要空洞的成長。我們希望客戶能夠光顧，支付合理的經常性費用，並長期與我們合作。

We have opportunities where we can co-market multiple products into a customer, which makes them even stickier and drives up lifetime values. Those are all very right places for us to go spend time and energy, and we feel very comfortable about that.

我們有機會將多種產品聯合行銷給同一客戶，從而增強客戶的黏著度，並提升終身價值。這些都是我們投入時間和精力的絕佳領域，我們對此感到非常安心。

So I don't feel a need. When you say you need to respond, you're not going to see some dramatic shift in our approach or what we're messaging or how we're going about things.

所以我覺得沒必要。當你說需要回應時，你不會看到我們的做法、傳遞的訊息或處理事情的方式發生重大變化。

On the pricing side, I think as you know, I've been very deliberate. We don't preannounce any pricing, and we don't really talk publicly about changes. But there have been, as I said earlier, I think a lot of efforts in the industry by everybody to ensure that they're getting returns on the level of investments that they're making back into their networks and their business. And you're well aware of what we've done in the past, and we've been really successful and really deliberate and really calculated in how we've done that. That's how we've managed to keep our churn at the levels that we have, while at the same time, continuing to get some ARPU accretion in our business.

在定價方面，正如你所知，我一直非常謹慎。我們不會預先宣布任何定價，也不會公開談論任何價格變動。但正如我之前所說，我認為業內各方都在做出巨大努力，以確保他們在網路和業務上的投資能夠獲得相應的回報。你也很清楚我們過去的做法，我們在這方面非常成功，而且我們非常謹慎，也經過深思熟慮。正因如此，我們才能將客戶流失率保持在現有水平，同時繼續保持業務的每用戶平均收入 (ARPU) 成長。

I think you should expect that we're capable of managing the large subscriber base that we have and we look for opportunities to alter that value equation back to the customer where they perceive that they're getting a better value and better service and something more and it accretes into the business in terms of us being able to grow ARPUs. And we certainly have placed we'll do that. We do that as a normal course. Sometimes those moves are a little bit more obvious to you. Sometimes they're a little less, but we'll continue to manage the business effectively moving forward and feel really comfortable about our growth characterizations that we've given you in our guidance and what we're going to see in accretion and service revenues. And as you can see, our profitability numbers have been really, really strong. And that all comes from managing the complete equation, and I think we're doing a pretty good job of that.

我認為您應該相信我們有能力管理我們現有的龐大用戶群，並且我們正在尋找機會將價值方程式重新賦予客戶，讓他們感受到他們獲得了更好的價值、更好的服務等等，並將其融入到我們的業務中，從而提高我們的每用戶平均收入 (ARPU)。我們當然已經做好準備，我們會這樣做。我們會將其作為常規做法。有時這些舉措對您來說比較明顯，有時則不那麼明顯，但我們將繼續有效地管理業務，並對我們在業績指引中給出的增長特徵以及我們將在增值和服務收入方面看到的前景感到非常放心。如您所見，我們的獲利數據非常非常強勁。這一切都源自於我們對整個方程式的管理，我認為我們在這方面做得相當好。

Our next question will come from the line of Simon Flannery of 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 wanted to focus on CapEx, if I could. I think, Pascal, you said it would be about $1 billion lower in the second half. I just want to make sure I had that. I think previously you said $24 billion of CapEx, capital invested was $12.3 billion I think, in the first half. So it looks like you might come in the $23 billion, $23.5 billion range. Is that right? And then $24 billion would be lower than that number? Just want to get those in line.

如果可以的話，我想重點談談資本支出。帕斯卡，我記得您說過下半年會減少約10億美元。我只是想確認一下這一點。我記得您之前說過，上半年的資本支出是240億美元，投資金額大概是123億美元。所以看起來您的資本支出可能會在230億美元到235億美元之間。對嗎？那麼240億美元會比這個數字低嗎？我只是想確認一下這些數字是否一致。

And just be interesting just getting your update on where you are on the wireless network. You talked about getting to 200 million mid-band POPs. What's the plan after that? What's the plan on getting to 250 million and beyond? And maybe any update on putting 3.45 into use and how the Internet Air or fixed wireless product is going?

順便問一下，您最近在無線網路方面的情況如何？您之前提到要實現2億個中頻段POP點，之後有什麼計畫？達到2.5億甚至更高的目標有什麼計畫？還有關於3.45投入使用以及Internet Air或固定無線產品進度的最新消息嗎？

Simon, yes, as we said, we gave pretty clear guidance that we would be around the same levels as we were last year. In the first half of the year, we spent $12.3 billion to $12.4 billion. And by definition, that is -- we're more than halfway through a roughly $24 billion spend. So that's -- the guidance hasn't changed.

西蒙，是的，正如我們所說，我們給出了非常明確的指導，即我們的支出水平將與去年大致相同。今年上半年，我們的支出為123億美元至124億美元。顧名思義，我們已經完成了約240億美元支出目標的一半以上。所以，指導方針沒有改變。

And importantly, as we think about how efficient our deployment of spectrum has been, that's been one of the things that when we came into the year, we understood that the spectrum that we had acquired was deploying and propagating much more efficiently. And that was in the estimates that we provided. And we're seeing that continue and our -- all of our plans for the year, whether it be the level of coverage or -- and the level of homes passed in fiber, all those remain on track. So we feel really good about the progress.

重要的是，當我們思考頻譜部署的效率時，我們意識到，進入新年後，我們所獲得的頻譜的部署和傳播效率要高得多。這體現在我們提供的估算中。我們看到這種情況正在持續，我們今年的所有計劃，無論是覆蓋率，還是光纖入戶率，都仍在按計劃進行。因此，我們對進展感到非常滿意。

On Internet Air, Simon, look, it's performing well. It's got, as you know, in our view, certain segments that are most attractive to that. I like the product of the business segment, and we're certainly having some success with that. It's going to be key for us in certain parts of our consumer segment as we move through the next phase of our cost-reduction efforts. It is a means for us to begin finding a good catch to shut down other infrastructure and still serve customers. So we will use it surgically and selectively that will help us both on the cost side as well as retaining valuable customers where we think we can have the right kind of network capacity that will support the product going forward.

西蒙，網路航空業務表現不錯。如你所知，我們認為它在某些細分市場最具吸引力。我喜歡商務部門的產品，而且我們在這方面確實取得了一些成功。隨著我們進入下一階段的成本削減工作，網路航空業務將成為我們在某些消費細分市場的關鍵。它能讓我們找到一個合適的切入點，關閉其他基礎設施，同時繼續為客戶提供服務。因此，我們將精準地、選擇性地使用它，這既能幫助我們降低成本，又能留住有價值的客戶，因為我們認為，只要我們擁有合適的網路容量，就能支持產品未來的發展。

We still have a little bit of scaling to do. I'm not quite satisfied with the self-install rates yet on it, but that's not problematic stuff, that's typical when we're kind of scaling the product and putting it out there in the first way, and we'll work through those things as we always do.

我們還需要做一些規模擴展。我對它的自安裝率還不太滿意，但這不是什麼問題，這在我們擴大產品規模並首次推出時很常見，我們會像往常一樣努力解決這些問題。

So the foundation is there to use it the right way. I'm excited about having that tool. It's certainly going to help us in managing some of our installed base and in particular, help us kind of make the transition out of some of our legacy infrastructure that we'll need over time.

所以，基礎已經建立，可以幫助我們正確使用它。我很高興擁有這個工具。它肯定會幫助我們管理一些現有客戶群，特別是幫助我們逐步擺脫一些未來所需的遺留基礎設施。

Great. And any thoughts on 2024 in terms of POP coverage and overall CapEx levels?

太好了。您對2024年的POP覆蓋率和整體資本支出水準有什麼看法？

We'll give you guidance on '24 as we typically do latter part of this year, and we'll detail all that out. But as you can see, from all the progress we've made and what's going on right now, we're really satisfied that we've got the right kind of machine to build the way we want to build and the network's performing in a great way and all of our indicators back from our customers where they're very satisfied with the level of experience they have. So everything, I think, feels pretty good about that right now.

我們會像往常一樣在今年下半年提供2024年的業績指引，屆時我們會詳細說明。但正如您所見，從我們取得的所有進展以及目前的進展來看，我們非常滿意，因為我們擁有合適的設備，可以按照我們想要的方式進行建設，網絡運行良好，而且客戶反饋的所有指標都表明，他們對目前的體驗水平非常滿意。所以，我認為目前一切都感覺良好。

Yes. Simon, just to be clear, I said it in my commentary. We are past peak investment as we exit this year. And we'll give our guidance at the same time frame we usually do. But clearly, we don't expect to be at the levels of capital you have seen us invest in '22 and '23.

是的。西蒙，需要澄清的是，我在我的評論中已經說過了。當我們今年退出時，我們已經過了投資高峰期。我們會按照往常的同期給予指引。但顯然，我們預期的資本投資水準不會達到您在2022年和2023年看到的水準。

Our next question will come from the line of Phil Cusick of JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

First, just a little more direct on one of Simon's questions. Where are you on the deployment of 3-gigahertz spectrum for 5G across your cell sites?

首先，我想更直接地回答西蒙的一個問題。你們在基地台部署 3 千兆赫 5G 頻譜的進展如何？

And then a bigger question. Can you talk about the 2Q seasonality in the fiber business? Is this more gross add or churn driven? And do you now expect positive seasonality in the third quarter?

然後是一個更大的問題。您能談談光纖業務第二季的季節性嗎？這主要是因為總新增業務還是客戶流失？您現在預計第三季會出現積極的季節性嗎？

Phil, through the end of the second quarter, we are at around 175 million POPs covered, well on track to deliver on the 200 million we had guided to earlier in the year.

菲爾，截至第二季末，我們的覆蓋 POP 約為 1.75 億，預計將實現我們今年稍早預測的 2 億的目標。

And look, I don't think I'd characterize second quarter as seasonality per se. I think I've been pretty clear, Phil, on one, we had a significant account migration issue; two, both of our significant competitors rejiggered their offers in the market which drove some shift in share. And I expect we'll probably see more normalized things now.

而且，我不認為第二季本身就具有季節性。菲爾，我想我已經說得很清楚了，首先，我們遇到了嚴重的帳戶遷移問題；其次，我們兩家重要的競爭對手都調整了市場報價，這導致了市場份額的一些變化。我預計現在情況可能會更加正常化。

As you know, there's device introductions that occur in the latter part of the year that certainly drives the seasonality to the upgrade cycle. And typically in 3Q, there's always that question of exactly what month that happens in. Does it happen in the end of 3Q? Or does it get pushed into 4Q? And we'll all probably find out about the same time on that as to what happens in this year's cycle. That sometimes can move some numbers in 3Q and 4Q, but those are usually directly tailorable to the offer that's in the market. And on a year-over-year basis, that could impact things if there's a difference of what happens in '23 versus '24 as well as how different the devices are that are offered if that spikes a little bit of activity.

如你所知，每年下半年都會有一些新設備的發布，這無疑會影響到設備升級週期的季節性。通常在第三季度，人們總是會問，這些新設備究竟會在哪個月發布。它會在第三季末發布嗎？還是會延到第四季？我們很可能會在大致相同的時間得知今年的周期狀況。這有時會影響第三季和第四季的一些數據，但這些數據通常直接取決於市場上的供應情況。與去年同期相比，如果2023年和2024年的情況有所不同，以及如果設備交易量略有增加，那麼所提供的設備也會有所不同，這可能會對情況產生影響。

Sorry, John, I wasn't clear. I was asking about the fiber, little bit softer in the second quarter?

抱歉，約翰，我沒說清楚。我問的是纖維的問題，第二季纖維市場稍微疲軟了？

I'm sorry Phil.

我很抱歉，菲爾。

Seasonally stronger.

季節性更強。

Yes. So yes, there is that seasonal movement in fiber and broadband and I apologize for misunderstanding your question. There's probably 2 things driving it. One is, as you probably heard from others in the industry, there is less move activity going on in general. And that has had a degree of impact. There is the seasonal dynamic that occurs in some of the out for college and university work as well. I expect that things are probably going to continue to be a bit softer in the market because I don't expect that we're going to see housing movement necessarily recover. I don't -- I think it's a artifact of mortgage rates and people's ability to make those discretionary moves.

是的。光纖和寬頻確實存在季節性波動，抱歉誤解了您的問題。可能有兩個因素在起作用。首先，正如您可能從業內其他人那裡聽到的，總體而言，房屋搬遷活動有所減少。這確實產生了一定的影響。其次，一些大學和學院的搬遷也存在季節性波動。我預計市場可能會繼續疲軟，因為我不認為房屋市場一定會復甦。我認為這是抵押貸款利率和人們自主決定搬遷能力的產物。

But look, I feel really comfortable about our ability to continue to add along the clip that we're adding right now because we're more dependent on share take than we are on mover activity. And that's a little bit different for us than maybe others in the market that don't necessarily have the share take opportunity that we have.

不過，我對我們繼續保持目前成長勢頭的能力感到非常有信心，因為我們更依賴市場份額，而不是推動因素。這對我們來說可能與市場上其他公司略有不同，他們可能沒有我們這樣的市場份額成長機會。

So I don't think you're going to see further slowing on what we've kind of witnessed in the second quarter. And I think you will see a little bit of a seasonality uptick that's going to come with what typically happens in third quarter, but it will be a bit muted because I expect that there's going to be a little bit less movement activity in the housing market.

因此，我認為我們不會再看到第二季度那樣的經濟放緩。我認為你會看到一些季節性的上升趨勢，就像通常第三季度那樣，但幅度會比較小，因為我預計房地產市場的流動性會略有減弱。

Our next question will come from the line of Michael Rollins of Citi.

我們的下一個問題來自花旗銀行的麥可‧羅林斯。

I'm just curious if you can give us an update on your longer-term thoughts of where you want to see your fiber and broadband footprint relative to your historic ILEC footprint? And how you're thinking about the programs such as BEAD and ACP influencing those longer-term aspirations?

我很好奇，您能否向我們介紹一下您的長期規劃，即相對於過去ILEC的佈局，您希望光纖和寬頻的佈局達到什麼水平？您認為BEAD和ACP等計畫會如何影響這些長期願景？

Michael, so look, we've done an awful lot of work, and we have a pretty good line of sight. And I've used this characterization before, and I don't think it's a whole lot different. It will vary state by state, but there is an easy business case to be made on reinvestment in infrastructure around, call it, 2/3 of the footprint. And typically, when you get into outside plan investment, the way the cycle typically starts is a new technology comes out or a new architecture, you see the first 1/3 as being attractive, and that kind of starts the process. And as you get up the learning curve and technology scales and prices come down and the market matures, you end up getting to a point where the second 1/3 starts to look very attractive and you end up investing and going through.

邁克爾，你看，我們已經做了大量的工作，而且我們有相當好的前景。我以前用過這個說法，我覺得沒什麼不同。每個州的情況會有所不同，但對大約2/3區域進行基礎設施再投資，很容易就能找到商業案例。通常情況下，當你進行外部計畫投資時，週期通常是這樣開始的：一項新技術或一種新架構出現，你覺得前1/3區域很有吸引力，於是就開始了投資流程。隨著你學習曲線的上升，技術規模擴大，價格下降，市場逐漸成熟，你最終會發現後1/3區域也開始變得非常有吸引力，所以你會投資並堅持下去。

And then it really depends market by market. Sometimes it's the final 1/3 that becomes the question around whether or not there is merit for investment. And sometimes, it's the final 20%, somewhere in that range. And I think that's effectively where we're going to be and, to your question, that's where the issue of subsidy will play out.

這真的取決於每個市場。有時，最後的1/3才是投資價值的關鍵。有時，最後的20%才是關鍵，也就是這個範圍內的某個部分。我認為這實際上就是我們最終要面對的局面，而正如你剛才提到的，補貼問題也將在這裡顯現。

We've been pretty specific in our analysis of looking at, I'll call it, that final 1/3. I'm generalizing grossly. But I'll call it that final 1/3 of saying where is it that we think we would like to try to be really competitive and build that infrastructure out because it strategically injects the position to other areas that we serve or we think the growth characteristics of that market will be good over time or we have a good existing base of customers or it's complementary to our wireless business. There's a lot of different parameters we look at, but we have a point of view on where we think we'd like to compete for that. And we intend to go into the process and lean into that and try to compete.

我們對所謂的「最後三分之一」的分析非常具體。我這麼說可能有點泛泛而談，但我認為「最後三分之一」指的是，我們認為我們應該在哪些領域真正保持競爭力，並構建相應的基礎設施，因為它能從戰略上將我們的地位注入到我們服務的其他領域，或者我們認為該市場的增長特徵會隨著時間的推移而良好，或者我們擁有良好的現有客戶群，或者它與我們的無線業務互補。我們會考慮很多不同的參數，但我們對應該在哪些領域競爭有一個清晰的認知。我們打算深入研究，並以此為基礎，努力參與競爭。

That doesn't mean we're going to win it. I expect there'll be others that look at some markets and there'll be places where we're interested and somebody else is interested. We try to be informed in thinking about how other competitors might think about those markets given how they line up to their footprint and where they have business interests and hopefully, we'll be an informed bidder and we'll be successful, and we'll be able to put a compelling case moving forward.

這並不意味著我們會贏。我預計會有其他人關注某些市場，有些地方我們感興趣，有些地方其他人也感興趣。我們會盡力了解其他競爭對手對這些市場的看法，考慮到他們與我們的佈局以及他們的商業利益所在。希望我們能夠成為一個知情的競標者，取得成功，並且能夠提出一個令人信服的方案來推進未來。

I feel like we have a lot of tools at our disposal to be very competitive in the process. And I've talked about what those are. We have a lot that we can do in terms of our presence in communities. We've got great labor constructs. We've been working with our vendors on a lot of U.S.- and American-based content in our infrastructure and equipment. We're putting out a fantastic technology that people view as being superior and better. So I think we're going to be very competitive in the places we want to be competitive, but it remains to be seen how much of that we win.

我覺得我們有很多工具可以讓我們在這個過程中保持競爭力。我已經談過這些工具是什麼了。就我們在社區中的影響力而言，我們有很多可以做的事情。我們擁有優秀的勞動力結構。我們一直在與供應商合作，在我們的基礎設施和設備上整合大量美國本土和美國本土的內容。我們正在推出一項很棒的技術，人們認為它更勝一籌，更優秀。所以我認為，在我們想要保持競爭力的領域，我們將保持非常強的競爭力，但我們能在多大程度上贏得勝利，還有待觀察。

I would then go ahead and tell you, my expectation is this process is going to unfold in '24. Awards probably are going to be not the types of things that you're going to see impact '24's business. We'll be in the regulatory process and bidding. I would expect when we start thinking about what we win and where we have success, you will see us incorporate those conclusions into our '25-and-beyond-kind of view of the business. And I'd like to get through a couple of the larger states to see how successful we are before I start to frame and characterize that for you moving forward. Does that help you enough?

然後我想告訴你們，我預計這個過程將在2024年展開。合約授予可能不會對2024年的業務產生影響。我們將參與監管流程和競標。我希望，當我們開始思考我們贏得了什麼以及我們在哪些方面取得了成功時，你們會看到我們將這些結論融入到我們面向2025年及以後的業務規劃中。在開始為你們描述未來發展方向之前，我想先走幾個較大的州，看看我們取得了多大的成功。這對你們有幫助嗎？

Yes, that's very helpful. And just maybe one other sub- question that does fixed wireless play a different role than you previously described in your broadband aspirations?

是的，這很有幫助。另外還有一個子問題，固定無線在寬頻願景中扮演的角色與您之前描述的有什麼不同嗎？

No. I mean, as I previously described it as -- and I gave a characterization earlier, is that, look, there will be some parts of the United States that are best served by fixed wireless, at least I believe that they will be best served by fixed wireless. As I move around different states, I think there are some states who believe that's the case. And there are some states that are looking at how do you get as many people on the Internet as quickly as possible at the highest economic return? And those states that have that point of view, I think, will probably support fixed wireless awards.

不。我的意思是，正如我之前描述的那樣——我之前也給過一個特徵，那就是，你看，美國有些地區最適合使用固定無線服務，至少我相信這些地區最適合使用固定無線服務。當我走訪不同的州時，我認為有些州確實持有這種觀點。還有一些州正在研究如何以最高的經濟回報盡快讓盡可能多的人使用網路？我認為，持有這種觀點的州可能會支持固定無線獎勵計劃。

Now I will tell you, not all 50 states necessarily have that viewpoint. In some cases, I think there are policymakers in certain states who are maybe biased to more terrestrial infrastructure. And I don't know how that plays out. My guess is they run out of money before they serve everybody based on the amount of money that's available in subsidy and what's out there, but time will tell whether they stick to their guns on that or maybe slightly revise their approach as they start to see bids coming in.

現在我要告訴你，並非所有50個州都持有這種觀點。在某些情況下，我認為某些州的政策制定者可能更傾向於建造陸地基礎設施。我不知道結果會如何。根據現有的補貼金額和現有資源，我猜他們在服務所有人之前就已經用完了資金。但時間會證明他們是會堅持自己的立場，還是會在看到投標後稍微調整策略。

But I do expect there'll be places where economically fixed wireless is the optimum solution to get good solid Internet out as quickly as possible that will sustain things for a period of time. And I expect there'll be parts of our footprint where it will be a very good catch product for us, where we don't maybe see either subsidy coming in or the business case to invest in fiber for those customers for the next couple of decades.

但我確實預計，在某些地方，經濟實惠的固定無線網路將是盡快推出良好穩定的網路服務的最佳解決方案，並能維持一段時間。我預計，在我們涵蓋的某些地區，無線網路將是一個非常好的搶手貨，因為在未來幾十年內，我們可能既看不到補貼到位，也看不到為這些客戶投資光纖的商業案例。

And then thirdly, as I've said before, there are segments in the business market today that have very different use characteristics than a consumer or household that tends to be pretty bandwidth-intensive, doing a lot of entertainment streaming, growing consumption at 30% and 40% a year. You don't see those kind of dynamics showing up in some of the small business and lower end of the midsize market and fixed wireless as a solution for those customers that can use that kind of service, especially when they need to marry it with mobile services to complement their business is a very attractive place for us to be thinking about using the product and the infrastructure, and I like the yields on that.

第三，如我之前所說，如今商業市場中，有些細分市場的使用特性與消費者或家庭截然不同。消費者或家庭往往非常佔用頻寬，進行大量的娛樂串流播放，消費量每年以30%到40%的速度成長。在一些小型企業和中型企業的低端市場中，你不會看到這種動態。對於可以使用此類服務的客戶來說，固定無線是一種解決方案，尤其是在他們需要將其與行動服務結合起來以補充其業務時，這對我們來說是一個非常有吸引力的領域，值得我們考慮使用該產品和基礎設施，而且我很看好其收益率。

Our next question will come from the line of David Barden of 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 it has to be me that's going to ask this question, John, and I'm sure you have a bunch of talking points in front of you. So the lead situation. So in the last 50 or 70 years, has there been a federal state or municipal organization that's ever flagged this issue to AT&T that put it on the radar screen in a way that maybe we all should have known about?

我想這個問題該由我來問了，約翰，我相信你面前有很多話題。所以先說說主要情況。那麼在過去的50年或70年裡，有沒有哪個聯邦、州或市政組織向AT&T反映過這個問題，並以一種我們都應該知道的方式將其納入關注範圍？

And then second, has there ever been a material amount of claims that somehow people were harmed by the existence of this lead in your network?

其次，是否有大量索賠聲稱由於你們網絡中存在這種線索而導致人們受到傷害？

And then people are throwing numbers around. When you talk to the credit rating agencies, what do they think? How do you talk about this issue to them and what it means to your leverage situation?

然後人們就開始到處亂丟數字。當你和信用評等機構溝通時，他們是怎麼想的？你如何和他們談論這個問題？這對你的槓桿率狀況意味著什麼？

And then finally, how does this issue affect how you think about capital allocation of the dividend?

最後，這個問題如何影響您對股利資本配置的看法？

So Dave, thanks for asking the question that, I guess, needed to be asked. I'm limited in how much I can say. I'll try to be somewhat responsive to share, but if you are unsatisfied with a little bit of the background I give you, I apologize, but you also have to understand we're in a unique position that we do have actual litigation pending right now on some of this out in Lake Tahoe, and that maybe puts us in a little bit different place. So I need to be somewhat sensitive around that.

戴夫，謝謝你問了這個問題，我想這個問題是需要問的。我的發言空間有限。我會盡量回复，但如果你對我提供的某些背景資訊不滿意，我深表歉意。但你也必須理解，我們的情況比較特殊，目前在太浩湖地區確實有一些訴訟正在進行，這可能會讓我們的情況有所不同。所以我需要對此保持一定的敏感度。

So let me start at the back end, and then I'll try to tick through. I don't think it changes my point of view of how I think about the dividend. I don't -- that hasn't come into characterization right now.

所以，讓我先從後端說起，然後再試著梳理一下。我認為這不會改變我對股利的看法。我不認為——股息現在還沒有被納入我的描述中。

When I go through your questions, we've had relationships with federal state regulators on all safety issues for a very long time, lead being one of them. We work with our workplace regulators. We work with external environmental regulators. And as you know, we are a big company and we do an awful lot. We work with a variety of different substances and materials that are regulated, and we have infrastructure inside of our business of health and safety organizations that do this stuff professionally, and it's been part of the DNA of our business.

當我回答您的問題時，我發現我們長期以來一直與聯邦和州監管機構就所有安全問題保持聯繫，鉛就是其中之一。我們與工作場所監管機構合作，也與外部環境監管機構合作。如您所知，我們是一家大公司，業務範圍非常廣泛。我們處理各種受監管的物質和材料，並且我們公司內部擁有由健康和安全組織組成的基礎設施，這些組織專業地處理這些事務，這已成為我們公司DNA的一部分。

We have those relationships. We communicate. We share data. I think as you know, we provide health plans to an awful lot of employees, and we pay attention to whether or not our employees are doing well on a variety of things, and we care about whether or not they're healthy or if we're spending money fixing things, why are things broken in people's health? That's been a virtuous cycle or something that we spend a lot of time and energy on is just part of the DNA of our business.

我們擁有這些關係。我們溝通，我們共享數據。我想，如你所知，我們為大量員工提供健康計劃，我們關注員工在各種方面的表現是否良好，我們關心他們是否健康，或者如果我們花錢去解決問題，為什麼人們的健康狀況會受到影響？這是一個良性循環，或者說，我們投入大量時間和精力去做的事情，是我們業務DNA的一部分。

And I think to answer your question, in those normal cycles and those interactions, has anybody come in and said, hey, we've got issues around what you're doing with lead cables or you're not handling this correctly? The answer is, no. Have we -- as part of that rigorous enforcement that goes on, have we had circumstances where compliance with a particular thing maybe has popped up, and we've had to go in and demonstrate compliance or do things? Of course. That's what regulators do, and that's what workplace safety people do. And I think we're proud of our track record in what we've been able to do. And I think the constructive relationship that we have with our labor union around workplace safety and the fact that we're constructively working through this issue with them right now is indicative of something that's been in place and has just been kind of the DNA of what we do.

我想回答你的問題，在這些正常的循環和互動中，是否有人跑來問我們，『嘿，你們處理鉛纜的方式有問題，或者你們處理得不正確？ ’答案是，沒有。作為持續嚴格執法的一部分，我們是否遇到過某些情況，例如突然出現合規問題，我們不得不介入並證明合規性或採取措施？當然。這是監管機構的工作，也是工作場所安全人員的工作。我認為，我們為我們過去所做的工作感到自豪。我認為，我們與工會在工作場所安全方面建立的建設性關係，以及我們目前正在與他們建設性地合作解決這個問題，都表明我們之間已經建立了某種聯繫，並且這種聯繫已經成為我們工作的DNA。

We haven't disclosed anything out publicly about claims because there hasn't been anything material to disclose is what I would tell you. And I don't know that I would go any further than that.

我沒有公開披露任何與索賠相關的信息，因為目前還沒有任何實質性內容可以披露，這就是我要告訴你的。而且我不知道我是否會透露更多。

And the way we're talking to credit agencies around this issue is exactly how we're talking to you about it. So I don't think there's anything we've shared with them in context that we haven't given to them that's any different than what we've shared with you right now.

我們與信用機構就此問題溝通的方式，和我們與你們溝通的方式完全一樣。所以我認為，我們與他們分享的訊息，和我們現在分享的訊息沒有什麼不同。

Our next question will come from the line of Peter Supino of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Peter Supino。

I wanted to ask about Consumer Wireline segment margins. Thinking about the longer run, could you just update us on the time line for legacy network shutdowns? And are there permanent differences between the long-term heading of your margins in that business and those of pure-play broadband businesses?

我想問一下消費者有線業務的利潤率。考慮到長期來看，您能否介紹一下傳統網路關閉的時間表？該業務的長期利潤率與純寬頻業務的利潤率是否有永久性差異？

Peter, we haven't given, what I will call, a characterization of the "shutdown" because I don't think you should necessarily think about this shutdown as like a date certain that arrives. That date will arrive, but we think about it as kind of a rolling process. We think about it as a geography-by-geography or ZIP Code-by-ZIP Code process. And when you think about how our cost structure is aligned to that business as you begin to modernize infrastructure and ultimately, not have to support products or services of infrastructure of older legacy generations, then costs start to fall away.

彼得，我們還沒有給出我所說的「停擺」的具體描述，因為我認為你不應該把這次停擺想像成一個確定的日期。這個日期終將到來，但我們認為這是一個滾動的過程。我們把它看作是一個逐個地區或逐個郵遞區號的過程。當你開始對基礎設施進行現代化改造，最終不再需要支援老一代基礎設施的產品或服務時，考慮到我們的成本結構如何與業務保持一致，成本就會開始下降。

We've done an awful lot of work separating out the variable and the fixed cost structure and the, what I will call, semi-fixed cost structure to know what we need to do as we roll through geographies to ultimately get at the layers of fixed, semi-fixed and variable. And so I don't think it's as important about saying what is the date that you're no longer offering the entire totality of products and services as much as what is the progress you're making in working through the areas where those products and services still exist.

我們做了大量工作，將可變成本結構、固定成本結構以及我稱之為半固定成本結構的部分區分開來，以便了解在跨地區運營過程中需要做什麼，最終達到固定成本、半固定成本和可變成本的層次。因此，我認為，與其說是明確停止提供所有產品和服務的日期，不如說是明確在仍然存在這些產品和服務的地區取得了哪些進展。

And as you heard in my opening remarks, we now have catch products showing up in the market that allows us to begin accelerating that work. That work is part and parcel of some of the recommitment of $2 billion over 3 years that we expect we're going to be able to take out.

正如各位在我的開場白中聽到的，我們現在市場上出現了一些捕撈產品，這使我們能夠開始加快這項工作。這項工作是我們未來三年20億美元再承諾資金的一部分，我們預計能夠兌現。

I do believe that as we simplify given how we allocate costs in the business and our reporting, that the company and we start to shutter some of that square mileage, yes, that's going to help contribute to accretion back into the margin structure of the going-forward broadband business in our consumer markets.

我確實相信，隨著我們簡化業務和報告中的成本分配方式，公司和我們開始關閉部分平方英里，是的，這將有助於促進我們消費市場未來寬頻業務的利潤結構回升。

And I believe the day that we arrive at ultimately exercising all those costs from the business, what I know about how our fiber infrastructure is performing on a stand-alone basis right now, it's all goodness. In fact, this week, I was out with our network operations team, and it was just such an uplifting day for somebody who's worked in the company as long as I have, to see the cost structure that's been put in place, the customer satisfaction that's occurring, the efficiency of the technician ranks, the durability of what's going into service. I mean it's all good. And as a result of that, when you step back from it and say, should we be able to operate this business once we ultimately move our way out of some of the embedded cost structure in a perfectly competitive characterization of the rest of the industry? The answer is, yes, I have confidence we can get to that.

我相信，當我們最終從業務中扣除所有成本的那一天，就我目前對光纖基礎設施獨立運作情況的了解而言，一切都會好起來。事實上，本週我和網路營運團隊一起外出，對於像我這樣在公司工作了這麼久的人來說，這真是令人振奮的一天，看到已經實施的成本結構、客戶滿意度的提升、技術人員隊伍的效率以及投入服務的持久性。我的意思是，一切都很好。因此，當你退一步思考，一旦我們最終擺脫了部分嵌入的成本結構，在與業內其他公司形成完全競爭的格局下，我們是否還能繼續經營這項業務？答案是肯定的，我有信心我們能夠做到這一點。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Our last question will come from the line of Frank Louthan of Raymond James.

我們的最後一個問題來自雷蒙德詹姆斯公司的弗蘭克洛森。

Great. The fiber ARPU is up pretty nicely year-over-year. Still a little bit below market. Can you give us an idea of why that is? Is it just a higher number of customers on -- newer on promos? And where do you think that can go in the next 12 months?

太好了。光纖的ARPU年增率相當不錯，但仍略低於市場水準。您能解釋一下原因嗎？是因為參與促銷活動的顧客數量增加了嗎？您認為未來12個月會如何發展？

And of the 25 million locations you have passed with fiber, how many of those are included in this latest 15 million homes that you have passed? And where will that total be when that project is completed?

你們已經涵蓋了2500萬個光纖地點，其中有多少是最近覆蓋的1500萬戶家庭？當專案完工後，覆蓋範圍會在哪裡？

I'm sorry, Frank, could you rephrase the second part of that question again so I just kind of -- you clipped a bit.

對不起，弗蘭克，你能再重新表達這個問題的第二部分嗎？我只是有點——你有點截斷了。

Sorry, you disclosed -- I think you had 25 million locations passed with fiber. I assume some of that is the latest 15 million home push that you have. Can you give us an idea of where you are in building out to those 15 million locations? And what will that total number be when that final project is finished?

抱歉，您透露過——我記得你們已經為2500萬個地點鋪設了光纖。我猜想其中一部分是你們最近推進的1500萬戶家庭的計劃。您能告訴我們你們在1500萬戶地點的建設方面進展如何嗎？最終專案完成後，總數會是多少？

Yes. So we haven't changed any of our guidance, Frank, on 30 million locations passed by '25. And I may be not understanding the subtlety of your question. I think we just told you we passed in the remarks, 20 million locations. So we're -- am I missing what you're asking there?

是的。弗蘭克，所以我們沒有改變任何關於2025年之前實現3000萬家門市的目標。我可能沒理解你問題的微妙之處。我記得我們剛才在評論裡提到過，我們實現了2000萬家門市的目標。所以，我是不是沒理解你問的是什麼？

Well, I'm just trying to figure out the 15 million homes that you've passed that last project, where are you today on that project? How many more do you have left in that 15 million of build?

嗯，我想問，你們上一個計畫已經蓋了1500萬套房屋，現在進展如何？這1500萬套房屋還剩下多少套？

Frank, I'm not sure what you're referring to when you say the 15 million. Just to be clear, right now, between business and consumer, we are passing around 24 million homes and the vast majority of that obviously being consumers. And as John alluded to, our plans haven't changed. We feel really good about the pace at which we're building. And when we build, we feel really good about the take rates that we're seeing. So all in all, things are pursuing according to our plan.

弗蘭克，我不確定你說的1500萬指的是什麼。需要澄清的是，目前，在企業和消費者層面，我們大約有2,400萬戶家庭，其中絕大多數顯然是消費者。正如約翰所提到的，我們的計劃沒有改變。我們對目前的建設速度感到非常滿意。而且，在建設過程中，我們對目前看到的收益率也非常滿意。總而言之，一切都在按照我們的計劃進行。

And on the ARPU side, Frank, we've historically been a bit under the industry. Part of it is the maturity of our base of customers. We have, what I would call, tenure-wise a little bit less established base than maybe the incumbent players. And so if you're a customer for a longer period of time and you move up a continuum, that obviously helps your ARPU.

弗蘭克，就ARPU（每位使用者平均收入）而言，我們一直以來都略遜於產業平均。部分原因是我們的客戶群不夠成熟。從用戶生命週期來看，我們的用戶群可能比老牌公司略短。所以，如果你的客戶週期更長，並且你的ARPU值不斷提升，這顯然會提升你的ARPU值。

But some of it is deliberate. We're, I think, priced in the market in a way, as you are probably aware, we're trying to do everyday simple pricing where we don't use promotions, and we tend to get a little bit more at the front end as a result of that and maybe a little bit less at the back end on the average side. And the fact that when you're penetrating having a competitive price point is, I think, helpful in getting that faster penetration at the front end quicker, which is a driver of return in the overall investment.

但有些是經過深思熟慮的。我認為，我們的定價在某種程度上是貼近市場的，正如你可能知道的，我們嘗試採用日常簡單的定價，不使用促銷。因此，我們往往在前期獲得更高的利潤，而在後期平均利潤可能會更低。我認為，在滲透過程中，擁有一個有競爭力的價格點有助於更快地在前期滲透，而這又是整體投資回報的驅動因素。

And then finally, we're doing a lot of work where we're trying consolidated products and services and doubling up households on both wireless and fixed broadband and those are really attractive households to get. They're really attractive customers to get. And I think when we have a good high-quality product, we don't have to discount a lot, but we want an offer between both the wireless and the broadband product to make sure we're at a price point that we think holds that household. And that strategy has been working. And I think it plays into some of our pricing strategy as a result of that.

最後，我們正在做大量工作，嘗試整合產品和服務，讓家庭同時擁有無線和固定寬頻，這些家庭非常有吸引力，也非常值得爭取。我認為，當我們擁有優質的優質產品時，我們不必大幅降價，但我們希望在無線和寬頻產品之間找到一個價格點，以確保我們的價格能夠吸引這些家庭。這個策略一直都很有效。我認為，它對我們的定價策略也產生了一定的影響。

But you're really highlighting a point that is why we have so much confidence in this business. We continue to have an umbrella to work under and that's a good thing, and it allows us to make sure we can continue to grow ARPUs and grow with those customers. And as I said earlier, when you run a subscription business, you cherish those things and you use them very carefully, and we'll continue to use it very carefully as we move forward.

但您確實強調了一點，這也是我們對這項業務如此充滿信心的原因。我們繼續擁有一個保護傘，這是一件好事，它使我們能夠確保繼續提高每位用戶平均收入 (ARPU)，並與這些客戶一起成長。正如我之前所說，當你經營訂閱業務時，你會珍惜這些，並且會非常謹慎地使用它們，而我們在未來的發展中也會繼續非常謹慎地使用它。

Thanks very much, Frank. Operator, that's all the time we have for questions.

非常感謝，弗蘭克。接線員，我們的提問時間到此為止。

And ladies and gentlemen, we'd like to thank you for your participation today in today's teleconference call. We'd like to thank you for using our service and have a wonderful day. You may now disconnect.

女士們，先生們，感謝您今天參加電話會議。感謝您使用我們的服務，祝您有美好的一天。現在您可以掛斷電話了。