(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.

謝謝你的支持。歡迎參加 AT&T 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，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轉交給我們的主持人、財務和投資者關係高級副總裁阿米爾·羅茲瓦多夫斯基 (Amir Rozwadowski)。請繼續。

Thank you, and good morning, everyone. Welcome to our 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. 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.

謝謝大家，大家早上好。歡迎致電我們的第二季度。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約翰·斯坦基 (John Stankey)；以及我們的首席財務官帕斯卡·德羅什 (Pascal Desroches)。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，它們面臨 AT&T 向 SEC 提交的文件中描述的風險和不確定性。結果可能存在重大差異。其他信息，包括我們的盈利材料，請訪問投資者關係網站。

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

這樣，我會將電話轉給約翰·斯坦基。約翰？

Thanks, Amir. Good morning, everyone. I appreciate you joining us. 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, this past call 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. 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.

謝謝，阿米爾。大家，早安。我很感謝你加入我們。我想在今天的討論開始時分享一下，在今年過半的時候，我們的業績和結果與我們向您提供的指導完全一致。事實上，過去的電話會議與您分享了具體細節。我想您會得出這樣的結論：我們的業績繼續證明我們的戰略正在實現我們 3 年前概述的目標，即推動持續增長、簡化公司並降低杠桿率。為此，我今天想花一些時間總結一下所取得的進展，以及我們相信這將如何使我們的公司未來實現可持續和盈利的增長。

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.

讓我們首先看看我們的無線業務。在過去的三年裡，我們的團隊執行的戰略使我們能夠從逐年失去份額到現在提供持續的後付費電話增加、低後付費客戶流失、每用戶平均收入不斷增長以及盈利能力增長的正確組合。具體來說，在過去 3 年裡，我們增加了 830 萬後付費電話網絡用戶。 2020 年 7 月之前的 3 年裡，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.

在過去 3 年中，我們不僅將與後付費電話行業領先者的差距縮小了約 350 個基點，而且還將我們的無線服務收入份額與行業領先者提高了約 250 個基點。在後付費電話流失率方面，自 2020 年初以來，我們實現了 28 個基點的改善。我們還在這 3 年中的 2 年中實現了季度後付費電話流失率的歷史新低。

In stark contrast, the wireless industry's leaders postpaid phone churn was relatively flat over the same time. Statistics aside from my seat are 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.

與此形成鮮明對比的是，無線行業領先者的後付費電話流失率同期相對平穩。除了我的座位之外的統計數據顯示，客戶流失率處於歷史低位，並且移動淨推薦值有所提高，這表明我們的客戶對我們在 AT&T 的客戶體驗和網絡質量方面所做的投資非常滿意，並且我們的團隊正在提供巨大的價值。

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. We're also more profitable as evidenced by our increasing postpaid phone ARPU and service revenues.

最終，這意味著我們的客戶更有可能長期留在 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 並留在 AT&T。我們的後付費電話 ARPU 和服務收入不斷增加就證明了我們的利潤更高。

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. 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.

過去 3 年裡，我們的後付費電話 ARPU 增長了 1 美元以上。這表明顧客正在用錢包投票。我們在服務成本和提供的價值之間實現了適當的平衡。最後，讓我們看看無線收入和盈利能力。從2018年第二季度到2020年第二季度，我們的無線服務收入基本持平。在此期間，我們的盈利能力略有上升。然而，在過去 3 年中，我們的季度無線服務收入增長了約 20 億美元，增幅約為 15%，並且我們的年度盈利能力也大幅提高。

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所取得的成功，其中 Cricket 通過繼續將預付費語音客戶添加到該行業價值最高的用戶群之一來實現持續增長。

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.

現在讓我們轉向我們的光纖業務。我們建設更多光纖的投資理念始於我們的理解，即人們需要比現有更好、更快的寬帶連接，而這些需求只會呈指數級增長。我們相信，通過提供地球上最好的接入技術，我們可以將我們的消費者有線業務轉變為光纖驅動的可持續增長特許經營業務。

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%. 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.

隨著回報繼續超出我們最初的預期，我們的業績只會增強這種信心。在過去 3 年裡，我們的 AT&T 光纖網絡新增用戶超過 340 萬，使我們的用戶群增加了大約 80%。在我們將纖維埋入地下的每一個地方，我們都對自己贏得消費者的能力感到滿意。事實上，我們的平均滲透率約為38%。在過去的三年裡，我們的光纖網絡新增數量超過了領先的有線電視提供商的寬帶網絡新增數量。考慮到他們的足跡規模，這是一項令人印象深刻的成就。自 2020 年第二季度以來，我們的季度光纖寬帶收入翻了一番，本季度達到 15 億美元以上。過去 3 年，向光纖的混合轉型不斷增加，推動我們的寬帶 ARPU 增長了 10 美元以上，增幅達 20%。這再次表明客戶正在用他們的美元投票。我們還有很大的運行空間，因為我們的價格仍然比市場上的競爭產品便宜。

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. 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.

那麼讓我總結一下。我們的無線業務在 ARPU 中所佔的份額不斷增長，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滲透率，提高 ARPU 份額，同時降低客戶流失率並提高利潤率。這是可持續的頂線和底線結果的公式，我們相信這種成功將在未來 3 年內持續下去。原因如下。隨著行業融合的加速，我們所有者在光纖和無線領域的經濟效益為 AT&T 提供了難以匹敵的戰略優勢。我們的移動客戶的生命週期價值明顯高於有線 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. 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.

有線公司正忙於以非常低的生命週期價值增加無線客戶，只是為了保護他們已經擁有的客戶。我們不僅讓當前的高價值客戶滿意，而且還增加了更多客戶。轉向我們的下一個優先事項。我對我們如何繼續簡化業務並提高效率感到滿意。我們的成本節約計劃已經實現了 60 億美元的運行率節約目標，我們相信，在未來 3 年內，我們有機會在此勢頭基礎上再節省 20 億美元以上。

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，這項工作為我們最近的利潤率改善奠定了基礎，本季度調整後的 EBITDA 利潤率與去年同期相比提高了 210 個基點。這些額外的成本節省將主要由我們的遺留產品組合和支持基礎設施的淘汰所推動。隨著我們加大這項工作的執行力度，我們將開始享受簡化對無線和光纖的關注所帶來的好處。

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. 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. 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. At the same time, we're investing in the future of our company and the future of our country's connectivity.

談到我們的最後一個優先事項，我們繼續審慎地分配資本，為客戶創造一流的體驗，推動可持續的盈利增長，並為股東創造長期價值。過去 3 年裡，我們的淨債務減少了約 200 億美元。我們最近還通過購買保險年金轉移了 80 億美元的養老金負債。正如帕斯卡將討論的那樣，我們已經解決了一次性和離散項目的數量問題，現在預計將使用越來越多的股息後自由現金流來加速我們的債務削減工作。我們仍然致力於在 2025 年上半年實現淨債務與調整後 EBITDA 的 2.5 倍。我們對實現這一目標的能力感到滿意，同時提供有吸引力的股息並改善信用質量，因為我們預計將增加現金生成時間。與此同時，我們正在投資於我們公司的未來和我們國家互聯互通的未來。

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. 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. 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.

自2020年7月以來，我們的資本投資總額約為650億美元。作為美國寬帶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 和光纖網絡。我們致力於在最多的地點連接最多的人，並提供最佳的體驗。在過去 3 年裡，我們新增了約 700 萬個光纖站點，使站點數量增加了約 40%。與此同時，我們已將全國 5G 網絡擴展至覆蓋約 2.9 億人口，目前中頻 5G 頻譜覆蓋人數已超過 1.75 億。雖然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，但我們正在投資數十億美元，以便在未來幾十年為美國人提供最好的互聯網服務。

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.

在結束髮言時，我要重申，我們業務的重新定位可以歸功於我們團隊對我們戰略的信念以及為客戶提供真正價值的持續承諾。我們致力於確保 AT&T 成為滿足我們國家連接需求的明確選擇，不僅是在今天，而且是在未來。

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

有了這個，我會把它交給帕斯卡。帕斯卡？

Thank you, John, and good morning, everyone. Let's move to our second quarter financial summary on the next slide. 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. 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%.

謝謝約翰，大家早上好。讓我們轉到下一張幻燈片上的第二季度財務摘要。第二季度綜合收入增長近 1%，主要受到無線服務收入和光纖收入的推動。此外，由於批發和設備收入的增加以及有利的外匯，我們墨西哥業務的收入也有所增加。這些增長被低利潤移動設備收入的預期下降和美國商業資訊的下降部分抵消。隨著移動、消費者有線和墨西哥業務的增長，本季度調整後 EBITDA 增長了 7%。美國商業資訊的預期下滑部分抵消了這一影響。我們有望提供全年調整後 EBITDA 指引。鑑於我們迄今為止的勢頭，我們有信心實現調整後 EBITDA 增長超過 3%。

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. 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.

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 美元的非現金匯總 EPS 阻力，這些阻力來自養老金信貸減少、資本化利息減少、DIRECTV 股權收入減少，所有這些都是我們預期的。經營活動產生的現金為 99 億美元，去年為 77 億美元，比上一季度增加了 32 億美元。推動這一同比增長的主要因素是盈利增長推動的收入增加、證券化程度提高以及設備和利息支付減少。

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. 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.

本季度資本投資為 59 億美元，年初至今資本投資為 124 億美元。這反映出對 5G 和光纖的投資持續處於歷史高位。我們預計，今年結束時，資本投資水平將超過峰值。我們對本季度 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，我們預計我們的現金生成將在此基礎上加速。儘管 DIRECTV 現金分配減少了約 8 億美元，應收賬款銷售的淨影響減少了約 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 年剩餘時間內的自由現金流約為 110 億美元（加權第四季度）。以下是推動自由現金流相對於上半年表現加速的因素。第一，我們預計資本投資在上半年達到峰值後，下半年將減少約 10 億美元。第二，我們預計設備付款將比今年上半年減少約 45 億美元。第三，上半年包括超過 10 億美元的年度激勵薪酬，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 EBITDA 增長將超過 3%。最後，我們預計下半年其他營運資本較上半年改善約 10 億美元，包括遞延收購成本的非現金攤銷增加。

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

這些改善預計將被 DIRECTV 下半年現金分配較上半年減少約 5 億美元所部分抵消。還有現金稅，下半年比上半年高出約 10 億美元。因此，我們有望實現 160 億美元或更高的全年自由現金流。現在讓我們看看下一張幻燈片上的移動性結果。

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. 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.

查看我們的移動性結果。後付費電話淨增額為 326,000 美元。我們最大的業務部門的總收入和利潤在第二季度創下歷史新高。收入增長 2%，服務收入增長 4.9%。這些增長是由用戶增長和 ARPU 提高推動的。本季度移動 EBITDA 增長 8.3%。移動後付費電話 ARPU 為 55.63 美元，同比增長 1.5%。 ARPU 增長的主要驅動力是去年定價行動帶來的傳統計劃 ARPU 的提高、持續向利潤率更高的高價值費率計劃的混合轉變以及消費者國際漫遊趨勢的持續改善。

Postpaid phone churn remains low at 0.79% for the quarter. In prepaid, we had 123,000 phone net additions with total churn of 2.5%, primarily driven by Cricket. 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.

本季度後付費電話流失率仍保持在 0.79% 的低水平。在預付費領域，我們新增了 123,000 部電話，總流失率為 2.5%，這主要是由板球運動推動的。讓我們轉到下一張幻燈片和我們的有線結果。我們的光纖投資正在推動消費有線業務的增長和強勁的回報。我們新增光纖客戶 251,000 家。與近幾個季度由於搬遷活動大幅減少而放緩的行業相比，這是強勁的增長。光纖收入增長 28%，帶動寬帶收入同比增長 7%。我們的光纖收入正在超過我們的傳統收入，並且這種分離將隨著時間的推移而繼續擴大。

Fiber ARPU was $66.70, up 8%. 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. 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.

光纖 ARPU 為 66.70 美元，增長 8%。客戶越來越多地選擇更快的速度層，這也支持了 ARPU 的增長。消費者有線 EBITDA 增長 10.2%。這反映了纖維收入的增長，以及約 3500 萬美元的離散比較項目有助於 EBITDA 增長。轉向美國商業資訊。 EBITDA 同比下降約 7500 萬美元。本季度包括約 7500 萬美元的離散比較項目，其中包括一次性訪問成本效益。

Ultimately, we still see the same underlying trend that went into our guidance and our full year expectations are unchanged. 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. 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.

最終，我們仍然看到與我們的指導相同的基本趨勢，並且我們的全年預期保持不變。我們的業務解決方案無線服務收入增長了 9.1%。 FirstNet 繼續成為這一增長的推動力。連接數連續增長約 350,000 美元，其中略高於 1/3 的增長來自後付費電話。我們通過 FirstNet 取得的成就確實令人矚目。不久前，這還是我們客戶群中滲透率較低的部分，但通過致力於為急救人員提供一流的網絡和量身定制的解決方案，我們通過專門為公共安全社區提供 5 個服務，成為無可爭議的行業領導者。短短 5 年內就有 100 萬個 FirstNet 連接。我們相信有繼續這種增長的途徑。

Now I'd like to close by taking a moment to provide an update on our capital allocation on the next slide. 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. So why didn't net debt decline by a proportionate amount?

最後，我想花點時間在下一張幻燈片上提供有關我們資本配置的最新信息。我們希望提供一些有關減少淨債務預期的補充信息。我們減少淨債務並在 2025 年上半年達到 2.5 倍範圍的計劃仍在按計劃進行。在過去 12 個月中，我們產生了 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。這給我們留下了 59 億美元的剩餘現金。那麼為什麼淨債務沒有相應減少呢？

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 NHL Sunday ticket payment and redeeming in full the $8 billion preferred interest in our Mobility 2 subsidiary. We partly funded this with $7 billion of issuances for other preferred subsidiary shares. 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.

簡而言之，我們有大約 40 億美元的一次性項目和離散債務需要償還。其中包括我們的 WarnerMedia 交割後調整付款、我們最終的 NHL 週日門票付款以及全額贖回我們 Mobility 2 子公司的 80 億美元優先權益。我們通過發行 70 億美元的其他優先子公司股票來提供部分資金。此外，淨債務反映了外匯對按市值計價的約 15 億美元的影響。請記住，我們的外幣債務是完全對沖的。因此，從經濟角度來看，我們在衍生品方面擁有抵消外幣收益的能力。

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，我們預計第四季度將支付與 2021 年頻譜收購相關的約 20 億美元的最終清算付款。這筆付款後，我們將履行所有非經常性近期財務義務。我們的大部分債務都固定在非常低的利率，並且我們已經以非常有吸引力的利率對一些近期債務到期進行了再融資或預先融資。與此同時，資本投資將從歷史最高水平回落。這將增加現金轉換，並為我們提供更多現金來減少淨債務。

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，從現在到 2025 年上半年，我們預計將越來越多地利用股息後的自由現金流來減少債務，而且速度會更快。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 的比率約為 3 倍。這使我們有望在 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. Let me turn it back to John to close out our remarks.

總之，我們對去槓桿化計劃和第二季度業績感到滿意，這表明我們有能力持續增長用戶、服務收入和利潤。讓我回到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 industries handling of lead-clad cables in our networks. 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 rest. 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.

在我們開始問答之前，我想簡要評論一下電信行業在我們的網絡中處理鉛包層電纜的情況。作為背景，眾所周知，當今我國基礎設施中廣泛使用鉛包層電纜。從電力電纜到電信電纜，鉛已被用來保護內部電線免於暴露在自然環境中，因為鉛非常穩定並且不會靜止。這種做法早已為人所知，幾十年來，聯邦和州當局一直在監管其與密切接觸者接觸的風險。

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，電信行業在 20 世紀 50 年代開始逐步淘汰新的含鉛電信電纜的鋪設。然而，鉛包層電纜非常耐用，以至於它們繼續在我們的電網、鐵路系統和工業中使用，其中一些電纜仍然提供重要的客戶語音和數據服務，包括連接 911 服務、火災報警器和其他中央監控站。

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. 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.

我們非常認真地對待提出的問題，因為沒有什麼比我們員工以及我們生活和工作的社區的健康和安全更重要的了。我們相信，與 EPA 和我們的行業合作夥伴合作進行深思熟慮的審查，以可靠的科學為前沿，是評估這一問題的負責任的方式。獨立專家和長期科學表明，我們沒有理由相信這些電纜會對公共健康構成風險。我們自己之前的測試（我們公開分享）證實了既定的科學。為了回應最近報告提出的任何擔憂，我們正在選定的地點進行額外的測試，並且我們正在與環境保護局合作，為他們提供所需的信息，以便利用最先進的技術對問題進行徹底評估。最新可靠的科學。

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 (inaudible) requirements for our employees who work with lead.

我們與我們的工會合作夥伴一起為這些電纜上進行維護和維修工作的人員解決員工安全問題，對此我們的記錄感到非常自豪。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，並滿足或超過州和聯邦（聽不清）對從事鉛工作的員工的要求。

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，我們採取的一項額外措施是擴大現有的為參與電纜拆除的員工提供測試的做法，並為任何使用或曾經使用過鉛包電纜的員工增加了一項自願測試計劃。我們在公司時間提供測試，費用由公司承擔。請放心，如果有新的可靠信息供我們考慮，我們將與行業其他人、科學專家和政府機構建設性地合作，做我們一直努力做的事情，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.

我希望我們一直提供的信息（包括鉛包電纜構成我們網絡的一小部分，其中大部分位於地下、套管和保護性導管）能夠為該主題提供有用的背景信息。對於引線電纜，我們始終採取正確的做法。根據當前的科學和協議，我們今天正在做正確的事情，如果當前的科學技術開發出新的可靠證據來保證方法的改變，我們也會做正確的事情。

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

話雖如此，我們現在準備好提問了。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.

（操作員說明）我們的第一個問題將來自高盛的布雷特·費爾德曼（Brett Feldman）。

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?

您向我們展示了您對本季度無線業務的淨增長趨勢的一些了解。這非常有幫助。我希望您能與我們分享一下您對下半年的能見度。例如，您是否需要更廣泛地應對任何獨特的逆風，您正在圍繞什麼類型的市場環境管理業務？市場層面的變化是否足以讓您開始調整相對於您多年來一直使用的簡化方法進入市場的方式？

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 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，我會告訴你，我對回答你的問題感到非常滿意。考慮到我們在一個賬戶上遇到的第二季度問題，我沒有再擔心我們面前的另一個賬戶，我會更廣泛地說，市場表現出的彈性比我想像的要強一些比如說去年第四季度的預期。

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.

我們當然不會看到 20 世紀和 21 世紀那樣的泡沫，但市場的數量和活動都很好。我們對一些報告的數字進行了自己的調整。我不知道市場上的每一個淨添加都彼此相等。所以我們會關注那些具有經濟價值的東西。但即使我們做出這些調整，我認為市場需求仍然相當穩定。

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 is 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 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.

就你的觀點而言，第二季度人們的報價發生了很多結構性變化，它們大約是在同一時間發生的。當新的消息傳遞進入市場時，我們看到了我們通常看到的情況，即消費者在處理新產品時會出現一點凍結。當然，和你一樣，我們坐下來觀看，想知道最終的反應是什麼，我會告訴你，我們已經度過了那個凍結期，我看到了我們退出本季度的情況在一個非常非常好的地方，考慮到過去幾年我們在市場上的價值主張和報價，這與我們的預期一致。

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 bet 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.

所以我對事情的進展感覺很好。我認為消費者現在繼續表現出他們非常健康的跡象。我沒有看到任何讓我對近期需求感到擔憂的事情。我不知道路上會發生什麼。任何人都可以猜測經濟會發生什麼。我對此持相當保守的態度。我認為這對我們很有幫助。在我們管理今年剩餘時間的業務時，我將保持保守的賭注。但我認為市場肯定支持健康增長，而且我認為該行業甚至更好，並且對這種增長做出了良好的反應。我看到玩家進行投資，我看到他們採取行動以確保他們能夠收回這些投資的回報。這對我們所有人都有好處。我認為這對整個行業有利，對消費者和他們獲得的服務也有利。

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

我們的下一個問題將來自瑞銀集團的約翰·霍德威克。

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? 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?

也許是布雷特問題的後續。約翰，關於無線競爭，看起來總增加量下降了十幾歲左右，我意識到你說過子增長的大部分變化是由於第二季度的客戶流失造成的。但您是否認為您需要從促銷角度做出回應，以推動總收入回升？我的意思是——以及你能指出的任何事情來解釋為什麼你在總增加方面失去了份額嗎？與此同時，您的一些競爭對手或您的兩個競爭對手都宣布了最近的價格上漲。您能否評論一下無線領域更廣泛的定價環境？您是否認為今年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 re-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 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. You look at some of our business results, we just shared with you some of our FirstNet growth.

所以約翰，我認為我們沒有必要——從我上次的評論來看，這一點並不清楚。第二季度發生了一些轉變。其中一部分是重新核算。其中一部分是市場上的新報價。我們已經看到了正常化，我們認為我們在市場上的表現非常好，我回到我在前幾個季度反復發表的評論。我們一直非常專注於我們選擇開展活動的細分市場。我不知道廣泛的促銷活動一定是我們吸引客戶的主要手段，或者無論如何，是唯一的手段。我們真的是經過深思熟慮的。你看看我們的一些業務成果，我們剛剛與你分享了我們 FirstNet 的一些增長。

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. 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 to come in and pay good recurring rates that are going to stay with us a long period of time.

我們知道可以進入消費市場的渠道，以攔截正確的流量。我們已經看到了非常好的結果，因為我們已經進入了第二季度初期。所以我覺得市場是健康的。我覺得我們的戰術仍然是持久的。他們表現良好。我們一直非常注重確保我們獲得正確的增長。我不想要空洞的卡路里增長。我們希望客戶進來並支付良好的經常性利率，這將在我們這里長期存在。

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. 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.

我們有機會向客戶聯合營銷多種產品，這使得它們更具粘性並提高終身價值。這些都是非常適合我們消磨時間和精力的地方，我們對此感到很舒服。所以我覺得沒必要。當你說你需要回應時，你不會看到我們的方法、我們傳遞的信息或我們處理事情的方式發生重大轉變。

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，我想如你所知，我是經過深思熟慮的。我們不會預先宣布任何定價，也不會真正公開談論變化。但正如我之前所說，我認為行業中的每個人都做出了很多努力，以確保他們在網絡和業務方面的投資水平獲得回報。你們很清楚我們過去所做的事情，我們非常成功，非常深思熟慮，非常深思熟慮。這就是我們如何設法將客戶流失率保持在現有水平，同時繼續在我們的業務中獲得一些 ARPU 增長。

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 as 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.

我認為您應該期望我們有能力管理我們擁有的龐大訂戶群，並且我們尋找機會將價值方程式改變回給客戶，讓他們認為他們獲得了更好的價值和更好的服務以及更多東西它會隨著我們能夠增加 ARPU 值而融入到業務中。我們當然已經這樣做了。我們這樣做是正常的。有時這些舉動對你來說更加明顯。有時它們會少一些，但我們將繼續有效地管理業務並向前發展，並對我們在指導中向您提供的增長特徵以及我們將在增長和服務收入中看到的內容感到非常滿意。正如您所看到的，我們的盈利能力非常非常強勁。這一切都來自於管理完整的方程式，我認為我們在這方面做得非常好。

Our next question will come from the line of Simon Flannery of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的西蒙·弗蘭納里。

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. 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?

如果可以的話，我想專注於資本支出。我想，帕斯卡，你說過下半年會減少約 10 億美元。我只是想確保我有這個。我想您之前說過 240 億美元的資本支出，我認為上半年的資本投資為 123 億美元。所以看起來你可能會進入 230 億美元到 235 億美元的範圍。是對的嗎？那麼 240 億美元就會低於這個數字。只是想讓那些人排隊。獲取有關您在無線網絡上的位置的最新信息也很有趣。您談到要實現 2 億美元的中頻 POP。之後有什麼計劃？達到 2.5 億美元及以上的計劃是什麼？也許有關於 3.45 投入使用的任何更新以及 Internet Air 或固定無線產品的進展情況嗎？

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. 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.

西蒙，是的，正如我們所說，我們給出了非常明確的指導，我們將達到與去年相同的水平。今年上半年，我們花費了123億至124億美元。根據定義，我們大約 240 億美元的支出已完成一半以上。所以，指導方針沒有改變。重要的是，當我們思考我們的頻譜部署效率如何時，這是我們進入這一年的一件事，我們了解到我們所獲得的頻譜正在更有效地部署和傳播。這就是我們提供的估計。我們看到這種情況仍在繼續，我們今年的所有計劃，無論是覆蓋水平還是光纖通過的家庭水平，所有這些都仍在正軌上。所以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.

在 Internet Air 上，西蒙，你看，它表現得很好。如您所知，在我們看來，它有某些最有吸引力的細分市場。我喜歡業務部門的產品，我們確實在這方面取得了一些成功。當我們進入下一階段的成本削減工作時，這對於我們消費領域的某些部分來說將是關鍵。這是我們開始尋找關閉其他基礎設施並仍然為客戶服務的好方法的一種手段。因此，我們將有針對性地使用它，這將有助於我們在成本方面以及保留有價值的客戶，我們認為我們可以擁有合適的網絡容量來支持產品的未來發展。

We still have a little bit of scaling to do. I'm not quite satisfied with the self-install rates yet on, it depends. 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. 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.

我們還有一些擴展工作要做。我對自我安裝率還不太滿意，這取決於情況。這不是有問題的東西，當我們擴展產品並以第一種方式將其推出時，這是典型的，我們將像往常一樣解決這些問題。因此，基礎是正確使用它的基礎。我很高興擁有這個工具。它肯定會幫助我們管理一些已安裝的基礎設施，特別是幫助我們從我們隨著時間的推移需要的一些遺留基礎設施中進行過渡。

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

偉大的。對於 2024 年 POP 覆蓋範圍和總體資本支出水平有何想法？

We'll give you guidance on '24 as we typically do later 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 is performing in a great way and all of our indicators back from our customers, they're very satisfied with the level of experience they have. So everything, I think, feels pretty good about that right now.

正如我們通常在今年晚些時候所做的那樣，我們將在 '24 中為您提供指導，並且我們將詳細說明所有內容。但正如您所看到的，從我們所取得的所有進展以及目前正在發生的事情來看，我們真的很滿意我們擁有合適的機器來構建我們想要的方式，並且網絡正在運行這是一種很好的方式，我們的所有指標都來自客戶，他們對自己的經驗水平非常滿意。所以我認為現在一切都感覺很好。

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've seen us invest in '22 and '23.

是的。西蒙，澄清一下，我在評論中說過。今年我們退出時，我們已經過了投資高峰期。我們將在通常的時間範圍內提供指導。但顯然，我們預計不會達到我們在 '22 和 '23 投資的資本水平。

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

我們的下一個問題將來自摩根大通的菲爾·庫西克。

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

首先是西蒙提出的一個更直接的問題。您在整個蜂窩站點部署 5G 3 GHz 頻譜的進展如何？然後是一個更大的問題。您能談談纖維業務第二季度的季節性嗎？這是更多的總增加還是流失驅動？您現在預計第三季度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.

Phil，到第二季度末，我們的 POP 覆蓋率約為 1.75 億美元，有望實現今年早些時候指導的 2 億美元目標。

Look, I don't think I'd characterize second quarter's 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. As you know, there's device introductions that occur in the latter part of the year that certainly drives the seasonality of 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?

聽著，我認為我不會描述第二季度的季節性本身。菲爾，我想我已經說得很清楚了，一方面，我們遇到了重大的帳戶遷移問題；第二，我們的兩個重要競爭對手都重新調整了他們在市場上的報價，這導致了份額的一些變化。我預計我們現在可能會看到更多正常化的事情。如您所知，今年下半年推出的設備肯定會推動升級週期的季節性。通常在第三季度，總是存在這樣的問題：具體發生在哪一個月。它是在第三季度末發生還是被推到第四季度？

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 that 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.

我們可能會在同一時間了解到今年周期中會發生什麼。有時這可能會改變第三季度和第四季度的一些數字，但這些數字通常可以直接根據市場上的報價進行定制。與去年同期相比，這可能會影響到“23 年”和“24 年”發生的情況存在差異，以及如果活動激增的話，所提供的設備會有多大差異。

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。我問的是第二季度纖維有點軟？

I'm sorry Phil.

我很抱歉菲爾。

Seasonally stronger.

季節性較強。

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, 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.

是的。所以，是的，光纖和寬帶存在季節性變化，對於誤解你的問題，我深表歉意。可能有兩件事在推動它。一是，您可能從業內其他人那裡聽說，總體而言，搬遷活動較少。這已經產生了一定程度的影響。一些大學和大學的工作也存在季節性動態。我預計市場情況可能會繼續疲軟，因為我預計我們不會看到房地產市場必然復甦。

I don't -- I think it's a artifact of mortgage rates and people's ability to make those discretionary moves. 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.

我不認為——我認為這是抵押貸款利率和人們採取這些酌情行動的能力的產物。但是看，我對我們繼續添加我們現在正在添加的剪輯的能力感到非常滿意，因為我們更依賴於分享而不是移動者活動。這對我們來說與市場上其他不一定擁有我們所擁有的分享機會的其他人有點不同。

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，我認為您不會看到我們在第二季度看到的情況進一步放緩。我認為你會看到第三季度通常發生的情況會出現一些季節性上升，但會有點溫和，因為我預計房地產市場的變動活動會稍微減少。

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

我們的下一個問題將來自花旗銀行的邁克爾·羅林斯。

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?

只是好奇您能否向我們介紹一下您的長期想法的最新情況，即您希望看到您的光纖和寬帶足跡相對於您歷史上的 ILEC 足跡在哪裡？您如何看待 BEAD 和 ACP 等計劃對這些長期願望的影響？

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.所以看，我們已經做了很多工作，而且我們的視線非常好。我以前用過這個特徵，我不認為它有什麼不同。各州的情況有所不同，但有一個簡單的商業案例可以對基礎設施進行再投資，稱之為 2/3 的足跡。通常，當您進入外部計劃投資時，週期通常開始的方式是新技術的出現或新架構，您認為前 1/3 具有吸引力，並且這就是該過程的開始。隨著學習曲線上升，技術規模和價格下降，市場成熟，你最終會達到第二個 1/3 開始看起來非常有吸引力的程度，你最終會投資並經歷這一過程。

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 into your question, that's where the issue of subsidy will play out.

這確實取決於市場。有時，最後的1/3成為是否值得投資的問題。有時，它是最後的 20%，在這個範圍內的某個地方。我認為這實際上就是我們要討論你的問題的地方，這就是補貼問題將發揮作用的地方。

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's strategically injects to position the 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.

我們在分析中非常具體，我稱之為最後的 1/3。我粗暴地概括了。但我將其稱為最後 1/3，我們認為我們想要嘗試真正具有競爭力並建立基礎設施，因為它戰略性地註入以定位我們服務的其他領域，或者我們認為增長隨著時間的推移，該市場的特徵將會很好，或者我們擁有良好的現有客戶基礎，或者它與我們的無線業務是互補的，我們會考慮很多不同的參數，但我們對我們認為應該在哪裡進行有自己的看法喜歡為此競爭。

And we intend to go into the process and lean into that and try to compete. 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 interest 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.

我們打算進入這個過程並深入其中並嘗試競爭。這並不意味著我們會贏。我預計會有其他人關注某些市場，並且會有我們感興趣的地方以及其他人感興趣的地方。我們試圖了解其他競爭對手如何看待這些市場，考慮到他們如何排列自己的足跡以及他們在哪裡有商業利益，希望我們能成為一個知情的投標人，我們會成功，我們”將能夠提出令人信服的案例來推動進展。

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.

我覺得我們有很多可以使用的工具，可以在這個過程中保持非常有競爭力。我已經討論過這些是什麼。在社區活動方面，我們可以做很多事情。我們擁有出色的勞動力結構。我們一直在與我們的供應商就我們的基礎設施和設備中的許多美國和美國內容進行合作。我們正在推出一項令人驚嘆的技術，人們認為它更優越、更好。

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. 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 give 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. Is that healthy enough?

因此，我認為我們將在我們想要具有競爭力的地方具有很強的競爭力，但我們能贏得多少仍有待觀察。然後我會繼續告訴你，我的期望是這個過程將在 24 世紀展開，獎項可能會是——而不是你將看到的影響 24 世紀業務的事物類型。我們將參與監管流程和招標。我希望當我們開始思考我們贏得了什麼以及我們在哪裡取得成功時，您會看到我們將這些結論納入我們 25 年及以後的業務觀點中。我想先介紹幾個較大的州，看看我們取得了多大的成功，然後我才開始為您的前進構建和描述這一點。這樣夠健康嗎？

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，這非常有幫助。也許還有一個子問題，即固定無線是否扮演著與您之前在寬帶願望中描述的不同的角色？

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，正如我之前所描述的那樣，我之前給出的一個描述是，看，美國的某些地區將最好地通過固定無線服務提供服務，至少我相信它們將是最好的由固定無線服務。當我在不同的州走動時，我認為有些州相信情況確​​實如此，有些州正在研究如何盡快讓盡可能多的人上網並獲得最高的經濟回報。我認為那些持這種觀點的州可能會支持固定無線獎項。

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 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. 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.

現在我告訴你，並非所有 50 個州都一定有這種觀點。在某些情況下，我認為某些州的政策制定者可能更傾向於地面基礎設施。我不知道結果如何。我的猜測是，根據補貼的金額和現有的情況，他們在為每個人提供服務之前就已經用完了錢，但時間會告訴我們他們是否堅持這一點，或者當他們開始看到這一點時，可能會稍微修改他們的方法但我確實預計，在某些地方，經濟上的固定無線是最佳解決方案，可以盡快獲得良好的可靠互聯網，從而維持一段時間。我預計我們的足跡中的某些部分對我們來說將是一個非常好的捕獲產品，我們可能不會看到補貼的到來，也不會看到在接下來的幾年里為這些客戶投資光纖的商業案例。幾十年。

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 in 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，正如我之前所說，當今的商業市場中的某些細分市場的使用特徵與家庭消費者截然不同，家庭消費者往往需要相當大的帶寬，進行大量的娛樂流媒體播放，消費量以 30 的速度增長。每年 % 和 40%，您不會看到這種動態出現在一些小型企業和中型市場的低端，而固定無線作為可以使用此類服務的客戶的解決方案，尤其是當他們需要將其與移動服務結合起來以補充他們的業務，這對於我們考慮使用該產品和基礎設施來說是一個非常有吸引力的地方，我喜歡它的收益。

Our next question will come from the line of David Barden of Bank of America.

我們的下一個問題將來自美國銀行的大衛·巴登。

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 to this issue to AT&T that put it on the radar screen in a way that maybe we all should have known about?

我想一定是我會問這個問題，約翰，我相信你面前有很多談話要點。所以領先的情況。那麼，在過去的 50 或 70 年裡，是否有聯邦州或市政組織向 AT&T 舉報過這個問題，並以一種我們都應該知道的方式將其放在雷達屏幕上？

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

其次，是否曾有過大量聲稱，人們因您網絡中這種潛在客戶的存在而受到傷害？然後人們就到處亂扔數字。當您與信用評級機構交談時，他們怎麼想？您如何向他們談論這個問題以及這對您的槓桿情況意味著什麼？最後，這個問題如何影響您對股息資本分配的看法？

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.

所以，戴夫，謝謝你提出了我認為需要提出的問題。我能說的有限。我會盡力做出一些回應來分享。但如果你對我給你的一些背景不滿意，我很抱歉，但你也必須明白我們處於一個獨特的地位，我們現在確實有關於太浩湖的一些實際訴訟懸而未決，這也許讓我們處於一個有點不同的境地。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. 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 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.

所以讓我從後端開始，然後我會嘗試勾選。我認為這不會改變我對股息的看法。我不知道——現在還沒有形成特徵。當我回答你的問題時，我們與聯邦州監管機構就所有安全問題建立了很長的合作關係。作為其中之一，我們與工作場所監管機構合作。我們與外部環境監管機構合作。如您所知，我們是一家大公司，我們做了很多事情。我們使用各種不同的物質和材料，並受到監管，我們在業務內部擁有健康和安全組織的基礎設施，專業從事這些工作，它已經成為我們業務 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事情上是否表現良好，我們關心他們是否健康，或者我們是否我們花錢去修理東西，為什麼人們的健康會被破壞，這是一個良性循環，或者我們花費大量時間和精力的東西只是我們業務 DNA 的一部分。

And I think to answer your question, and those normal cycles and those interactions as anybody come in and said, hey, we've got issues around what you're doing with lead tables 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.

我想回答你的問題，以及那些正常的周期和那些互動，因為任何人進來都會說，嘿，我們在你對線索表所做的事情上遇到了問題，或者你沒有正確處理這個問題。答案是不。作為持續嚴格執法的一部分，我們是否遇到過遵守某項特定事項的情況，當然，我們必須進去證明遵守情況或採取行動。

That's what regulators do, and that's what workplace safety people do. And I think we're proud of our track record and 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.

這就是監管機構所做的事情，這也是工作場所安全人員所做的事情。我認為我們對我們的記錄和我們所能夠做的事情感到自豪。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，以及我們現在正在與他們建設性地解決這個問題的事實，表明了一些已經到位的事情，並且已經成為了我們的 DNA。我們的確是。

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. 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, it's any different than what we shared with you right now.

我們沒有公開披露任何有關索賠的信息，因為我要告訴你的是，沒有任何重大信息需要披露。我不知道我會走得更遠。我們與信用機構討論這個問題的方式也正是我們與您討論這個問題的方式。所以我認為我們與他們分享的任何內容都是我們沒有提供給他們的，這與我們現在與你們分享的內容有任何不同。

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

我們的下一個問題將來自沃爾夫研究中心的彼得·蘇皮諾（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?

我想詢問消費者有線業務的利潤率。考慮到更長遠的發展，您能否向我們通報舊網絡關閉的最新時間表？該業務的長期利潤率與純寬帶業務的利潤率之間是否存在永久性差異？

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“關閉”的描述，因為我認為你不必將這次關閉視為一個確定到來的日期，那個日期將會到來。但我們將其視為一種滾動過程。我們將其視為逐個地理位置或逐個郵政編碼的過程。當您考慮我們的成本結構如何與該業務保持一致時，您開始對基礎設施進行現代化改造，並且最終不必支持老一代基礎設施的產品或服務，那麼成本就會開始下降。

We've done an awful lot of work separating out the variable and fixed cost structure in 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.

我們已經做了大量的工作，將可變成本結構和固定成本結構分開，我稱之為半固定成本結構，以了解當我們滾動地域以最終獲得固定成本層時我們需要做什麼。 、半固定和可變。因此，我認為，重要的不是說您不再提供全部產品和服務的日期，而是您在這些產品和服務所在領域所取得的進展。服務依然存在。

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. I do believe that as we simplify given how we allocate costs in the business and our reporting 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.

正如您在我的開場白中聽到的那樣，我們現在已經在市場上出現了捕撈產品，這使我們能夠開始加速這項工作。這項工作是我們在 3 年內重新承諾的 20 億美元的一部分，我們預計我們將能夠兌現這些承諾。我確實相信，考慮到我們如何分配業務成本和報告公司，隨著我們的簡化，我們開始關閉其中一些平方里程，是的，這將有助於增加未來的利潤結構我們消費市場的寬帶業務。

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 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這些成本的那一天，據我所知，我們的光纖基礎設施目前在獨立基礎上的表現如何，這都是好事。事實上，本週，我和我們的網絡運營團隊一起出去了，對於像我這樣在公司工作了很長時間的人來說，這是令人振奮的一天，看到了已經實施的成本結構和客戶滿意度這種情況正在發生，技術人員隊伍的效率，即將投入使用的產品的耐用性。我的意思是，這一切都很好，因此，當你退後一步說，一旦我們最終擺脫了一些嵌入成本結構，以與其餘部分完全競爭的特徵，我們是否能夠經營這項業務？行業？答案是，是的，我有信心我們能夠實現這一目標。

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·詹姆斯的弗蘭克·勞森。

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 just a higher number of customers on newer on promos? And where do you think that can go in the next 12 months? 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?

偉大的。光纖 ARPU 同比增長相當不錯。仍略低於市場水平。您能否告訴我們為什麼新促銷活動的客戶數量會增加？您認為未來 12 個月會發生什麼變化？在您通過光纖經過的 2500 萬個地點中，有多少個包含在您經過的最新 1500 萬個家庭中？當該項目完成時，總數會是多少？

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，你能再重新表述一下這個問題的第二部分嗎，所以我只是——你刪掉了一點。

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，您透露了——我認為您有 2500 萬個地點通過了光纖。我認為其中一些是您最新的 1500 萬次主頁推送。您能否向我們介紹一下您在這 1500 萬個地點的建設進展情況？當最終項目完成時，總數是多少？

Yes. So we haven't changed any of our guidance, Frank, on 30 million locations passed by 25 million. 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。因此，弗蘭克，我們沒有改變任何關於 3000 萬個地點的指導方針，而超過 2500 萬個地點。我可能不明白你問題的微妙之處。我想我們剛剛告訴過你我們在評論中通過了 2000 萬個地點。所以我們——我錯過了你問的問題嗎？

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?

好吧，我只是想弄清楚您已經通過了上一個項目的 1500 萬套房屋，您今天在該項目上處於什麼位置？ 1500 萬的建造量還剩下多少？

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, these things are pursuing according to our plan.

弗蘭克，我不確定你所說的 1500 萬指的是什麼。需要明確的是，目前，我們在企業和消費者之間傳遞了大約 2400 萬個家庭，其中絕大多數顯然是消費者。正如約翰提到的，我們的計劃沒有改變。我們對我們的建設速度感到非常滿意。當我們構建時，我們對所看到的轉化率感到非常滿意。所以總而言之，這些事情都是按照我們的計劃去進行的。

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，在 ARPU 方面，我們歷來都處於行業的低位。部分原因是我們客戶群的成熟度。我所說的，就任期而言，我們的基礎比現任球員要少一些。因此，如果您是較長時間的客戶並且您的連續性上升，這顯然會對您的 ARPU 有所幫助。

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.

但有些是故意的。我認為，我們以某種方式在市場上定價，正如您可能知道的那樣，我們正在嘗試進行日常簡單定價，我們不使用促銷，並且我們傾向於在前面獲得更多一點因此，平均而言，後端的滲透率可能會少一些，而且我認為，當你滲透時，擁有有競爭力的價格點，有助於更快地在前端實現更快的滲透，這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，並將家庭的無線和固定寬帶數量增加一倍，這些對家庭來說確實很有吸引力。他們確實是很有吸引力的客戶。我認為，當我們擁有優質的產品時，我們不必打太多折扣，但我們希望無線和寬帶產品之間都有報價，以確保我們處於我們認為合適的價格點那個家庭。這一策略一直在發揮作用。我認為它因此影響了我們的一些定價策略。

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.

但你確實強調了一點，這就是我們對這項業務充滿信心的原因。我們繼續在保護傘下工作，這是一件好事，它使我們能夠確保我們能夠繼續增加 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，你會珍惜這些東西並且非常小心地使用它們，隨著我們的前進，我們將繼續非常小心地使用它們。

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

非常感謝，弗蘭克。接線員，這就是我們提問的時間了。

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，我們要感謝你們今天參加今天的電話會議。我們衷心感謝您使用我們的服務並祝您度過愉快的一天。您現在可以斷開連接。