(T) 2024 Q1 法說會逐字稿

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（技術難度）

quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would like to turn the conference call over to your host, Brett Feldman, Senior Vice President, Finance and Investor Relations. Please go ahead.

2024 年季度財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我想將電話會議轉交給主持人、財務和投資者關係高級副總裁布雷特·費爾德曼 (Brett Feldman)。請繼續。

Thank you, and good morning, everyone. Welcome to our first quarter call. I'm Brett Feldman, 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，大家早安。歡迎致電我們的第一季。我是布雷特‧費爾德曼 (Brett Feldman)，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執行長約翰‧斯坦基 (John Stankey)；以及我們的財務長 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 are subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially. Additional information as well as our earnings materials are available on the Investor Relations website.

在我們開始之前，我需要提請您注意我們的安全港聲明。它說我們今天的一些評論可能是前瞻性的。因此，它們面臨 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。更多資訊以及我們的獲利資料可在投資者關係網站上取得。

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, Brett. I appreciate you all joining us this morning. We started the year with a solid first quarter as we continue to make steady progress on our investment-led strategy of being the best connectivity provider through 5G and fiber. We're growing the right way by adding valuable long-term wireless and broadband subscribers. Since Pascal will cover first quarter results in detail, I'd like to spend some time highlighting how our strategic priorities are enabling us to deliver positive results and build a long runway for sustainable growth.

謝謝，布雷特。我感謝大家今天早上加入我們。我們以穩健的第一季開局，繼續穩步推進以投資為主導的策略，即透過 5G 和光纖成為最佳連接供應商。我們正在以正確的方式發展，增加有價值的長期無線和寬頻用戶。由於帕斯卡將詳細介紹第一季的業績，我想花一些時間強調我們的策略優先事項如何使我們能夠取得積極的成果並為永續成長鋪平道路。

When you look under the hood, it's clear that our largest and most powerful EBITDA growth engine, Mobility, is running well. Our strength in value proposition helped us deliver 349,000 postpaid phone net adds in the quarter. We now have about 71.6 million high-value postpaid phone subscribers, which is up 1.5 million from a year ago. And these aren't empty calorie additions. Our results reflect the quality of our customer growth with higher ARPU, higher adjusted operating income, improved margins and lower postpaid churn.

當您深入觀察時，您會發現我們最大、最強大的 EBITDA 成長引擎 Mobility 運作良好。我們的價值主張優勢幫助我們在本季度實現了 349,000 部後付費電話淨增長。目前，我們擁有約 7,160 萬高價值後付費電話用戶，比一年前增加了 150 萬人。這些並不是空洞的卡路里添加物。我們的業績反映了我們的客戶成長質量，包括更高的 ARPU、更高的調整後營業收入、更高的利潤率和更低的後付費客戶流失率。

We're also growing efficiently, thanks to our consistent and simple go-to-market strategy. Our postpaid phone churn of 0.72% was our lowest first quarter churn ever on record. And once again, we expect to report the lowest postpaid phone churn among the major service providers this quarter. This highlights the value customers place on the wireless service we provide and the continued strength of our best deals for everyone's strategy.

得益於我們一致且簡單的市場進入策略，我們也實現了高效成長。我們的後付費電話流失率為 0.72%，是有史以來第一季最低的流失率。我們預計本季將再次報告主要服務提供者中後付費電話流失率最低的情況。這突顯了客戶對我們提供的無線服務的重視，以及我們為每個人提供最佳優惠策略的持續優勢。

Now let's move to fiber, which is our fastest-growing engine. The story here is familiar and one we like. Where we have fiber, we win. And we're bringing fiber to more Americans than anyone else. Since the first quarter of last year, we passed about 2.4 million locations with fiber and now pass more than 27 million consumer and business locations.

現在讓我們轉向光纖，這是我們成長最快的引擎。這裡的故事很熟悉，也是我們喜歡的。只要有纖維，我們就能獲勝。我們為更多的美國人提供了光纖。自去年第一季以來，我們已經通過了大約 240 萬個光纖網點，現在已經通過了超過 2,700 萬個消費者和企業網點。

Over the last year, we grew our AT&T Fiber consumer subscriber base by about 1.1 million to nearly 8.6 million customers. This includes 252,000 AT&T Fiber net additions in the first quarter. As a result of our established fiber success and early AT&T Internet Air subscriber growth, we've grown our consumer broadband subscriber base for 3 consecutive quarters. And we expect this trend to continue.

去年，我們的 AT&T Fiber 消費者用戶群增加了約 110 萬，達到近 860 萬。其中包括第一季 AT&T Fiber 淨新增 252,000 戶。由於我們在光纖方面取得的成功以及早期 AT&T Internet Air 用戶的成長，我們的消費者寬頻用戶群已連續 3 個季度成長。我們預計這種趨勢將持續下去。

We're even more excited about the converging power of 5G and fiber together. Where we have AT&T Fiber, our strong national 5G wireless brand provides us the opportunity to be customers' single converged provider, seamlessly connecting them both in the home and on the go.

我們對 5G 和光纖的融合能力感到更加興奮。在我們擁有 AT&T Fiber 的地方，我們強大的全國 5G 無線品牌使我們有機會成為客戶的單一融合提供商，在家庭和移動中無縫連接他們。

We're able to deliver convergence at a level that none of our peers can match as we're the only provider that benefits from owners' economics and scale with both 5G and fiber. This all matters because convergence presents clear benefits. When a customer has both our wireless and fiber products, we see a meaningful improvement in churn and Net Promoter Scores. This ultimately translates to much higher lifetime values for converged customers.

我們能夠提供同行無法比擬的融合水平，因為我們是唯一一家從 5G 和光纖的所有者經濟效益和規模中受益的提供者。這一切都很重要，因為融合帶來了明顯的好處。當客戶同時擁有我們的無線和光纖產品時，我們會看到客戶流失率和淨推薦值顯著改善。這最終將為融合客戶帶來更高的生命週期價值。

We're also making great progress on ensuring more Americans have access to high-speed Internet. Just this month, we expanded our commitment to $5 billion over this decade to help bridge the digital divide in our country. We've already contributed to connecting approximately 5 million Americans. And our goal is to help connect 25 million people in total by 2030.

我們在確保更多美國人能夠使用高速網路方面也取得了巨大進展。就在本月，我們將十年內的承諾擴大到 50 億美元，以幫助彌合我國的數位落差。我們已經為連接大約 500 萬美國人做出了貢獻。我們的目標是到 2030 年幫助總共 2500 萬人建立聯繫。

We believe that connecting changes everything, and that we must collectively address the communications capabilities of our country's needs for the next century, not the last one. To make this happen, we need sound policy that's done right. And our teams are working hard to make that happen. The future of connectivity is critical to advancing our society. That's why we're focused on growing and evolving our networks.

我們相信，連結改變一切，我們必須共同解決我國下個世紀而不是上個世紀所需的通訊能力。為了實現這一目標，我們需要製定正確的健全政策。我們的團隊正在努力實現這一目標。互聯互通的未來對於推動我們的社會發展至關重要。這就是為什麼我們專注於發展和發展我們的人脈。

As a result of these efforts, the areas where we're investing most heavily through 5G and fiber are performing very well. For perspective, in 2023, Mobility and Consumer Wireline together represented more than 80% of revenue and about 85% of EBITDA in our Communications segment. This means we're growing the large majority of our business and driving improved operating leverage across it. We expect this to continue.

由於這些努力，我們透過 5G 和光纖投入最多的領域表現非常出色。從長遠來看，到 2023 年，行動和消費者有線業務合計占我們通訊部門收入的 80% 以上，約佔 EBITDA 的 85%。這意味著我們的大部分業務正在成長，並推動整個業務營運槓桿的提升。我們預計這種情況會持續下去。

However, we still have legacy elements of our business that we're in the midst of transitioning, particularly in Business Wireline. In the quarter, Business Wireline EBITDA was down 16.5% as the industry-wide secular decline of legacy voice continues. While the wholesale market has stabilized, the reality is that businesses are transitioning to mobile and cloud-based services at an accelerated rate as post-pandemic workplace restructuring takes hold.

然而，我們仍然有業務中的遺留元素正在轉型，特別是在 Business Wireline 中。本季度，隨著全行業傳統語音的長期衰退持續，美國商業資訊 EBITDA 下降了 16.5%。雖然批發市場已經穩定，但現實情況是，隨著疫情後工作場所重組的發生，企業正在加速向行動和基於雲端的服務過渡。

We see the benefits from this connectivity transition in Business Solutions, where wireless service revenues grew 4.6% in the first quarter, outpacing our overall Mobility services revenue growth. While we continue to actively work our legacy transition strategies to end-of-life products, reduce our operating footprint and eliminate fixed costs, we're advancing several cost savings and productivity initiatives to align with this reality such as vendor and management workforce rationalization.

我們看到了商業解決方案中這種連接轉型的好處，第一季無線服務收入成長了 4.6%，超過了我們整體行動服務收入的成長。在我們繼續積極實施向報廢產品的遺留過渡策略、減少營運足跡並消除固定成本的同時，我們正在推進多項成本節約和生產力舉措，以適應這一現實，例如供應商和管理人員的合理化。

We also strongly believe that the future-focused area of Business Solutions aligns well with our core connectivity competencies. And we continue to build out a connectivity portfolio with real long-term growth opportunity. Take FirstNet, this prioritized service for first responders shows what we're able to accomplish when we focus on growing our business in areas where we have traditionally under-indexed.

我們也堅信，面向未來的業務解決方案領域與我們的核心連結能力非常契合。我們將繼續打造具有真正長期成長機會的連​​結產品組合。以 FirstNet 為例，這項針對急救人員的優先服務表明，當我們專注於在傳統索引不足的領域發展業務時，我們能夠取得什麼成就。

Additionally, our continued 5G and fiber expansion will enable new growth when paired with broader distribution. We have relationships with nearly 2.5 million business customers today and an opportunity to win with more small- to medium-sized businesses.

此外，我們持續的 5G 和光纖擴張與更廣泛的分銷相結合將實現新的成長。如今，我們與近 250 萬企業客戶建立了合作關係，並有機會贏得更多中小型企業的青睞。

One way we intend to meet small and medium businesses connectivity needs is with our new fixed wireless service, AT&T Internet Air for Business. We believe this is a durable national play with business because it's able to serve as a reliable 5G-powered primary Internet connection, where fiber is not available in remote locations, when temporary access is needed or with small and medium businesses that don't require always-on video streaming. While it's still early, we've been very pleased with the solid demand we're seeing from businesses.

我們打算滿足中小型企業連線需求的一種方式是使用我們新的固定無線服務 AT&T Internet Air for Business。我們相信，這是一項持久的全國性商業活動，因為它能夠作為可靠的 5G 驅動的主要互聯網連接，在偏遠地區、需要臨時訪問或不需要光纖的中小型企業時，始終在線的視頻流。儘管現在還為時過早，但我們對企業的強勁需求感到非常滿意。

Given our success growing core connectivity, we're focused on furthering the AT&T value proposition in ways that matter to our business customers. And security is at the top of the list. That's why we introduced AT&T Dynamic Defense, which provides built-in security controls on top of world-class access.

鑑於我們在發展核心連結方面取得的成功，我們致力於以對我們的企業客戶重要的方式進一步推進 AT&T 的價值主張。安全性是重中之重。這就是我們推出 AT&T 動態防禦的原因，它在世界一流的存取之上提供內建安全控制。

The takeaway is that we're well positioned to capitalize on urging connectivity opportunities with businesses, thanks to the strong relationships we have with almost all of the Fortune 1000 and our leading position in fiber and the fact we operate the largest wireless network in the U.S.

結論是，由於我們與幾乎所有財富1000 強企業都建立了牢固的關係，而且我們在光纖領域處於領先地位，而且我們運營著美國最大的無線網絡，因此我們處於有利地位，能夠充分利用與企業的連結機會。

Our Business Wireline operations transformation will not be a linear process. And we're going through the heaviest lift right now. However, our strong momentum across our growth areas of Mobility and broadband is allowing us to outpace legacy declines and drive positive consolidated results. And we remain on track to deliver on all the consolidated financial guidance we shared in January.

我們的 Business Wireline 營運轉型不會是一個線性過程。我們現在正在經歷最艱難的時刻。然而，我們在行動和寬頻成長領域的強勁勢頭使我們能夠超越傳統的下滑並推動積極的綜合業績。我們仍然有望實現我們一月份分享的所有綜合財務指導。

Now let's spend a moment on our second priority of being effective and efficient in everything we do. Last year, we set a new target for an incremental $2 billion-plus in run rate cost savings by mid-2026. This came on top of the $6 billion-plus run rate cost savings target we achieved last year.

現在讓我們花點時間討論第二要務，即在我們所做的一切事情上保持有效和有效率。去年，我們設定了一個新目標，到 2026 年中期將運行成本節省 20 億美元以上。這是我們去年實現的超過 60 億美元運行成本節約目標的基礎上實現的。

The continued adoption of AI is not only helping us make progress on this goal but also benefiting our employee and customer experiences. This focus on efficiency is translating into improved operating leverage despite continued elevated inflation. You can see this in our cash operating expenses, which were down year-over-year in the first quarter, contributing to adjusted EBITDA margin expansion of 170 basis points.

人工智慧的持續採用不僅幫助我們在這一目標上取得進展，而且也有利於我們的員工和客戶體驗。儘管通膨持續走高，但對效率的關注正在轉化為營運槓桿的改善。您可以從我們的現金營運支出中看到這一點，第一季現金營運支出較去年同期下降，導致調整後 EBITDA 利潤率擴大 170 個基點。

This brings me to our final priority, which is our deliberate and balanced approach to capital allocation. As we indicated would happen, our capital investment levels have come down year-over-year as we move past the peak of our 5G rollout. Still, we remain a top investor in America's connectivity and continue to expand fiber at a steady pace.

這讓我想到了我們的最後一個優先事項，即我們審慎且平衡的資本配置方法。正如我們所指出的，隨著 5G 部署高峰期的過去，我們的資本投資水準逐年下降。儘管如此，我們仍然是美國連接的最大投資者，並繼續以穩定的速度擴展光纖。

Even with this continued investment, we delivered first quarter free cash flow of $3.1 billion compared to $1 billion a year ago. This aligns with the expectations we shared for more ratable quarterly free cash flow, which we've accomplished by efficiently growing EBITDA, improving cash conversion and reducing our short-term financing balances.

即使持續進行投資，我們第一季的自由現金流仍達到 31 億美元，而去年同期為 10 億美元。這符合我們對提高季度自由現金流的預期，我們透過有效成長 EBITDA、改善現金轉換和減少短期融資餘額來實現這一目標。

Our strong free cash flow has also enabled us to pay down debt. We finished the first quarter with net debt to adjusted EBITDA of 2.9x and continue to expect to reach our target in the 2.5x range in the first half of 2025. So it's clear we're operating well against our business priorities. And as a result, we're growing share with 5G and fiber.

我們強勁的自由現金流也使我們能夠償還債務。第一季結束時，我們的淨債務與調整後EBITDA 比率為2.9 倍，並繼續預計在2025 年上半年達到2.5 倍的目標。優先事項。因此，我們的 5G 和光纖份額不斷增加。

In Mobility, we've been increasing our share of wireless service revenue growth even without the benefit of fixed wireless, which is reported in Consumer Wireline. We also expect that this will be the 11th time in the last 13 quarters where we deliver the industry's lowest postpaid phone churn. In Consumer Wireline, we're outpacing cable as we add broadband customers. This is driven by AT&T Fiber, which has consistently captured over 1/3 of broadband net adds across major providers for the past 3 years.

在行動領域，即使沒有固定無線的好處，我們也一直在增加無線服務收入成長的份額，這一點在消費者有線業務中有所報導。我們也預計，這將是過去 13 個季度中我們第 11 次提供業界最低的後付費電話流失率。在消費有線電視領域，隨著寬頻客戶的增加，我們正在超越有線電視。這是由 AT&T Fiber 推動的，該公司在過去 3 年中一直佔據主要供應商超過 1/3 的寬頻網路增量。

So in summary, across the services and technologies most important to the future, 5G and fiber, we're performing well and growing our share in a healthy industry environment. This gives me confidence in our strategy and tells me our team is making solid progress on our priorities.

總而言之，在對未來最重要的服務和技術（5G 和光纖）中，我們表現良好，並在健康的產業環境中擴大了我們的份額。這讓我對我們的策略充滿信心，並告訴我我們的團隊正在我們的優先事項上取得紮實的進展。

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. So let's start by reviewing our first quarter financial summary on Slide 7.

謝謝約翰，大家早安。讓我們先回顧一下投影片 7 上的第一季財務摘要。

In the first quarter, revenues were down slightly as the decline in low-margin Mobility equipment revenues and Business Wireline revenues offset growth in high-margin wireless service revenues and fiber revenues. Adjusted EBITDA was up 4.3% for the quarter as growth in Mobility, Consumer Wireline and Mexico were partially offset by a continued decline in Business Wireline. For the full year, we still expect adjusted EBITDA growth in the 3% range.

第一季度，由於低利潤行動裝置收入和商業有線收入的下降抵消了高利潤無線服務收入和光纖收入的成長，收入略有下降。本季調整後 EBITDA 成長 4.3%，行動、消費有線和墨西哥業務的成長被商業有線業務的持續下滑部分抵銷。就全年而言，我們仍預期調整後 EBITDA 成長在 3% 範圍內。

Adjusted EPS was $0.55 compared to $0.60 in the year-ago quarter. In the quarter, there were about $0.11 of aggregated EPS headwinds from four items we discussed last quarter. These include higher depreciation, higher noncash postretirement benefit costs, lower capitalized interest and lower equity income from DIRECTV. For the full year, our expectations remain for adjusted EPS of $2.15 to $2.25.

調整後每股收益為 0.55 美元，去年同期為 0.60 美元。本季度，我們上季度討論的四個項目為每股收益帶來的阻力總計約為 0.11 美元。其中包括更高的折舊、更高的非現金退休後福利成本、更低的資本化利息以及來自 DIRECTV 的更低的股權收入。對於全年，我們的預期調整後每股收益仍為 2.15 美元至 2.25 美元。

First quarter free cash flow of $3.1 billion was up more than $2 billion compared to last year. The important takeaway is that improved conversion of EBITDA to free cash flow has allowed us to pay down short-term supplier obligations. The paydown of these facilities should allow us to continue to drive more ratable quarterly free cash flow.

第一季自由現金流為 31 億美元，比去年同期增加超過 20 億美元。重要的一點是，EBITDA 向自由現金流的轉換率的提高使我們能夠償還短期供應商債務。這些設施的償還應該使我們能夠繼續推動更可評估的季度自由現金流。

Cash from operating activities came in at $7.5 billion versus $6.7 billion last year. As a reminder, the first quarter is typically the high-water mark for device payments. And we expect payments to get progressively lower throughout the year. Capital investment for the quarter was $4.6 billion, down about $1.8 billion compared to the prior year. Capital expenditures were $3.8 billion compared to $4.3 billion in the prior year.

經營活動產生的現金為 75 億美元，去年為 67 億美元。提醒一下，第一季通常是設備支付的高水位。我們預計全年付款將逐漸減少。本季資本投資為 46 億美元，比去年同期減少約 18 億美元。資本支出為 38 億美元，而前一年為 43 億美元。

Now let's look at our Mobility operating results on Slide 8. The wireless industry remains healthy, and our Mobility business continues to deliver strong results, driven by our consistent go-to-market strategy and solid execution. For the quarter, we reported 349,000 postpaid phone net adds. We grew service revenue by 3.3%, which included the impact of customer credits. This was offset by lower equipment revenues with postpaid upgrade rate of 3%, which was down from 3.7% last year. We continue to expect wireless service revenue growth in the 3% range for the full year.

現在讓我們來看看幻燈片 8 上的行動營運表現。我們報告本季後付費電話淨增數為 349,000 部。我們的服務收入成長了 3.3%，其中包括客戶信用的影響。這被設備收入下降所抵消，後付費升級率為 3%，低於去年的 3.7%。我們繼續預計全年無線服務收入將成長 3%。

Mobility EBITDA grew 7% or about $600 million year-over-year, which exceeded service revenue growth on a dollar basis. This demonstrates we're significantly improving operating leverage and highlights the efficiency of our consistent go-to-market strategy, which has enabled us to take cost out of the business. We now expect our Mobility EBITDA to grow in the higher end of the mid-single-digit range this year, driven by better-than-expected performance with Business Wireless customers and continued disciplined cost management.

行動業務 EBITDA 年成長 7%，即約 6 億美元，以美元計算超過了服務收入成長。這表明我們正在顯著提高營運槓桿，並凸顯了我們一貫的進入市場策略的效率，這使我們能夠降低業務成本。現在，我們預計，在商業無線客戶好於預期的業績以及持續嚴格的成本管理的推動下，今年我們的行動 EBITDA 將成長至中個位數範圍的高端。

Our postpaid phone ARPU was $55.57. This was up nearly 1% year-over-year, largely driven by higher ARPU and legacy plans. For the year, we continue to expect modest postpaid phone ARPU growth.

我們的後付費電話 ARPU 為 55.57 美元。這一數字同比增長了近 1%，主要是由於 ARPU 和舊計劃的提高。今年，我們繼續預期後付費電話 ARPU 將小幅成長。

Now let's move to Consumer Wireline results on Slide 9. Our growth in Consumer Wireline was led once again by our fiber subscriber growth, which consistently yielded strong returns. In the quarter, we had 252,000 AT&T Fiber net adds, which is in line with the outlook we provided. This is the 17th consecutive quarter with AT&T Fiber net adds above 200,000. We now have fiber penetration of 40% with several markets well above that level.

現在讓我們轉向幻燈片 9 上的消費者有線業務結果。本季度，我們的 AT&T Fiber 淨新增用戶數為 252,000，這與我們提供的前景相符。這是 AT&T Fiber 網路新增數量連續 17 季超過 20 萬。目前，我們的纖維滲透率已達到 40%，其中幾個市場遠高於該水準。

Broadband revenues grew 7.7%, including strong fiber revenue growth of 19.5%. For the full year, we continue to expect broadband revenue growth of 7%-plus. Fiber ARPU of $68.61 was up more than 4% year-over-year with intake ARPU remaining above $70.

寬頻收入成長 7.7%，其中光纖收入強勁成長 19.5%。我們繼續預計全年寬頻收入將成長 7% 以上。光纖 ARPU 為 68.61 美元，年成長超過 4%，而光纖 ARPU 仍維持在 70 美元以上。

Consumer Wireline EBITDA grew 14.6% due to growth in broadband revenues and ongoing cost transformation. We now expect Consumer Wireline EBITDA to grow in the mid- to high single-digit range this year, driven by continued strong fiber revenue growth and disciplined cost management, partially offset by continued legacy copper declines.

由於寬頻收入的成長和持續的成本轉型，消費者有線 EBITDA 成長了 14.6%。我們現在預計，在持續強勁的光纖收入成長和嚴格的成本管理的推動下，今年消費有線 EBITDA 將在中高個位數範圍內成長，但部分被傳統銅纜的持續下滑所抵消。

As our customer base continues to migrate to fiber from legacy services, our broadband support costs are decreasing, thanks to fiber's more efficient operating model, greater reliability and higher quality service. While fiber remains our focus and lead product, we continue to be encouraged by the early performance of AT&T Internet Air, our targeted fixed wireless service, which is available in parts of 95 locations. We now have more than 200,000 AT&T Internet Air consumer subscribers, having added 110,000 in the quarter.

隨著我們的客戶群不斷從傳統服務遷移到光纖，我們的寬頻支​​援成本正在下降，這要歸功於光纖更有效率的營運模式、更高的可靠性和更高品質的服務。雖然光纖仍然是我們的重點和主導產品，但我們繼續對 AT&T Internet Air 的早期表現感到鼓舞，這是我們的目標固定無線服務，該服務在 95 個地點的部分地區提供。我們現在擁有超過 20 萬名 AT&T Internet Air 消費者訂戶，本季增加了 11 萬名 AT&T Internet Air 消費者訂戶，本季增加了 11 萬名。

Ultimately, we couldn't be more excited about the future of Consumer Wireline with AT&T Fiber well positioned to lead our growth and AT&T Internet Air helping us provide quality broadband service to customers where we don't offer fiber.

最終，我們對消費有線的未來感到無比興奮，AT&T Fiber 能夠很好地引領我們的發展，而 AT&T Internet Air 則幫助我們為不提供光纖的客戶提供優質的寬頻服務。

Now let's cover Business Wireline on Slide 10. Business Wireline EBITDA was down 16.5% due to faster-than-anticipated rate of decline for our legacy voice services. At the start of the year, we shared that we expected Business Wireline EBITDA trends to improve on a full year basis. However, due to faster-than-expected decline of legacy voice services, we now expect full year Business Wireline EBITDA declines in the mid-teens range versus our prior outlook of a decline of 10%, plus or minus.

現在讓我們來介紹投影片 10 上的 Business Wireline。今年年初，我們表示，我們預計美國商業資訊 EBITDA 趨勢將在全年基礎上有所改善。然而，由於傳統語音服務的下降速度快於預期，我們現在預計 Business Wireline 全年 EBITDA 下降幅度在 10% 左右，而我們先前的預測是下降 10%（上下）。

As John mentioned, we're advancing several cost-saving and productivity initiatives. This should benefit results in the second half of the year, when we also have more favorable year-over-year comparison. As we transition this business, we believe our 5G and fiber expansion presents plenty of growth opportunities.

正如約翰所提到的，我們正在推動多項節省成本和提高生產力的措施。這應該會有利於今年下半年的業績，屆時我們也會有更有利的年比比較。當我們轉型這項業務時，我們相信 5G 和光纖擴張會帶來大量成長機會。

We're already seeing this in some of the parts of our broader Business Solutions results today. A great example is FirstNet, where wireless connections grew about 320,000 sequentially. We're also pleased with early demand for AT&T Internet Air for Business, which we expect to benefit results in the second half of the year.

今天，我們已經在更廣泛的業務解決方案結果的某些部分中看到了這一點。 FirstNet 就是一個很好的例子，其中無線連線連續成長了約 320,000 個。我們也對 AT&T Internet Air for Business 的早期需求感到高興，我們預計這將有利於今年下半年的業績。

Now let's move to Slide 11 for an update on our capital allocation strategy. Our approach to capital allocation remains deliberate. We're successfully balancing long-term network investment to fuel sustainable subscriber and service revenue growth, paying down debt and returning value to shareholders. We remain on track for full year capital investments in the $21 billion to $22 billion range versus approximately $24 billion in 2023.

現在讓我們前往投影片 11，以了解我們資本配置策略的最新情況。我們的資本配置方法仍然是經過深思熟慮的。我們成功地平衡了長期網路投資，以推動可持續的用戶和服務收入成長、償還債務並為股東回報價值。我們預計全年資本投資將在 210 億至 220 億美元之間，而 2023 年約為 240 億美元。

While our overall capital investment will be lower in 2024 compared to recent years, we continue to invest in key growth areas, given the compelling returns on these investments. In Mobility, we are focused on modernizing our network through our Open RAN initiative. And with fiber, we remain on track to pass 30 million-plus consumer and business locations by the end of 2025.

雖然我們到 2024 年的整體資本投資將低於近年來，但鑑於這些投資的回報令人矚目，我們將繼續投資於關鍵成長領域。在行動領域，我們專注於透過 Open RAN 計畫實現網路現代化。憑藉光纖，我們預計在 2025 年底之前覆蓋超過 3,000 萬個消費者和企業地點。

As we've stated before, the better-than-expected returns we're seeing on our fiber investment potentially expands the opportunity to go beyond our initial target by roughly 10 million to 15 million additional locations. This also assumes similar build parameters and a regulatory environment that remains attractive to building infrastructure.

正如我們之前所說，我們在光纖投資上看到的優於預期的回報可能會增加超出我們最初目標約 1000 萬至 1500 萬個額外地點的機會。這也假設了類似的建置參數和對基礎設施建設仍然有吸引力的監管環境。

It's important to note that as we continue to build out our network this year, we expect to have lower vendor financing payments while increasing the total investment we make directly into our networks as we continue to invest in fiber expansion and wireless network transformation. In other words, we expect our total capital investment and capital intensity to decline this year even as we boost investments in our network.

值得注意的是，隨著我們今年繼續建立網絡，我們預計供應商融資付款會降低，同時隨著我們繼續投資於光纖擴展和無線網路改造，增加我們直接對網路的總投資。換句話說，即使我們增加了網路投資，我們預計今年的總資本投資和資本強度仍將下降。

We also remain laser-focused on deleveraging. Over the last 4 quarters, we reduced the debt by about $6 billion. At the end of March, net debt to adjusted EBITDA was 2.9x. And we're making steady progress on achieving our target in the 2.5x range in the first half of 2025.

我們也持續高度關注去槓桿化。在過去 4 個季度中，我們減少了約 60 億美元的債務。截至 3 月底，淨債務與調整後 EBITDA 比率為 2.9 倍。我們正在穩步推進，力爭在 2025 年上半年實現 2.5 倍的目標。

As I mentioned last quarter, we expect to address near-term maturities with cash on hand. And this quarter, we repaid $4.7 billion of long-term debt maturities. Looking forward, our debt maturities are very manageable, and we are in a great position with more than 95% of our long-term debt fixed with an average rate of 4.2%.

正如我上季度提到的，我們預計用手頭現金來解決近期到期問題。本季度，我們償還了 47 億美元的長期債務到期。展望未來，我們的債務期限非常可控，我們處於有利地位，超過 95% 的長期債務是固定的，平均利率為 4.2%。

In addition to paying down debt, we reduced vendor and direct supplier financing obligations by about $2.3 billion during the quarter. This was partially offset by $400 million in additional proceeds on our securitization facility. These efforts highlight the quality of the free cash flow we're delivering.

除了償還債務外，本季我們還減少了約 23 億美元的供應商和直接供應商融資義務。這部分被我們的證券化工具額外收益 4 億美元所抵銷。這些努力凸顯了我們所提供的自由現金流的品質。

DIRECTV distributions in the quarter were $500 million compared to $1.3 billion in the first quarter of 2023. For the year, and thereafter, we continue to exact DIRECTV cash distributions to decline at a similar rate to 2023 or by about 20% annually.

本季的 DIRECTV 分配額為 5 億美元，而 2023 年第一季為 13 億美元。

With $3.1 billion in first quarter free cash flow, we've dramatically improved our free cash flow ratability just as we committed we would last year. Looking forward, we still anticipate generating approximately 40% of our total 2024 free cash flow in the first half of the year and continue to expect full year free cash flow of $17 billion to $18 billion range.

第一季自由現金流為 31 億美元，正如我們去年所承諾的那樣，我們大大提高了自由現金流的評級。展望未來，我們仍預計上半年將產生 2024 年自由現金流總額的約 40%，並繼續預計全年自由現金流在 170 億至 180 億美元之間。

To close, I'm really pleased with our team's overall performance in the quarter. Despite managing through legacy declines, our strength in Mobility and Consumer Wireline has us on pace to deliver on our full year consolidated financial guidance.

最後，我對我們團隊本季的整體表現感到非常滿意。儘管克服了傳統的下滑，但我們在行動和消費有線領域的實力使我們能夠穩步實現全年綜合財務指導。

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

布雷特，這就是我們的演講。我們現在準備好進行問答了。

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

謝謝你，帕斯卡。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question will come from the line of Simon Flannery of Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的西蒙·弗蘭納裡（Simon Flannery）。

Good to hear the reiteration of the 2.5 leverage target for early next year. It would be great if you could just go through how you're thinking about the various capital allocation alternatives, buybacks, dividend growth, deleveraging, the 10 million to 15 million fiber adds, BEAD investments. Any other considerations?

很高興聽到明年初重申 2.5 的槓桿目標。如果您能詳細了解您如何考慮各種資本配置替代方案、回購、股息成長、去槓桿化、增加 1,000 萬至 1,500 萬條光纖、BEAD 投資，那就太好了。還有其他考慮嗎？

And how we should think about the profile? Presumably this time next year, we'll be having a more fulsome conversation. But anything more you could add around that would be great. And then just housekeeping on the outage, maybe you could just size the credit for us. And was there any impact on net adds in the quarter?

我們該如何考慮個人資料？想必明年的這個時候，我們將會進行更充實的對話。但如果你能添加更多的東西那就太好了。然後只是停電時的內務處理，也許您可以為我們確定信用額度。對本季的淨增加有什麼影響嗎？

So I don't know that I'm going to give you a whole lot more than what I've previously said. I mean, it's really good to have choices. And we clearly have choices coming up. And we've worked really hard to put ourselves in this position to do that. And I told you there would be a very deliberate process that the Board would go through to understand what they want to do as those choices start to materialize. And we're in the middle of doing that. We are working through a pretty systemic process. And at the top of that, as you can well imagine, is we're very cognizant of a desire to ensure that we're treating our shareholders well and returning capital where we can and doing it in a smart way.

所以我不知道我會給你比我之前所說的更多的東西。我的意思是，有選擇真的很好。我們顯然還有選擇。我們非常努力地將自己置於這樣的位置來做到這一點。我告訴過你們，董事會將經歷一個非常深思熟慮的過程，以了解當這些選擇開始實現時他們想要做什麼。我們正在這樣做。我們正在經歷一個相當系統化的過程。最重要的是，正如您可以想像的那樣，我們非常清楚地希望確保我們善待股東，並盡可能以明智的方式返還資本。

And so as I've said before, we'll evaluate at that time where things like interest rates stand. We'll evaluate where we are on the dividend yield relative to the equity value and where we have opportunities for reinvestment in the business and kind of understand what we think the right combination of those are. And we have a pretty deliberate approach to making that happen. I would give you some characterization right now as we've worked really hard over the last couple of years to ensure we protect the dividend. I think you've seen that we've done that. And we've put ourselves in a really strong financial position. That's paramount and important to us as we move into this.

正如我之前所說，我們將在那時評估利率等情況。我們將評估我們的股息收益率相對於股權價值的情況，以及我們在業務中進行再投資的機會，並了解我們認為這些的正確組合是什麼。我們有一個非常深思熟慮的方法來實現這一目標。我現在會給你一些描述，因為我們在過去幾年裡非常努力地確保我們保護股息。我想你已經看到我們已經做到了。我們已經讓自己處於非常強大的財務狀況。當我們進入這個領域時，這對我們來說是最重要和重要的。

You heard Pascal's comments that we feel pretty good about where the balance sheet sits today relative to what we're paying for the capital on the balance sheet and our abilities to manage that moving forward. I don't feel like we've got some immediate need to move differently than the trajectory we've been on. And so if I was awaiting, we'll be waiting against those other options that we think about and how we want to go and get the mix right. So I think you'll see more as we get to the end of the year. As I said, the Board is working really hard on this issue. And I don't want to take away any degrees of freedom and latitude they have to debate it and figure out what they want to do, given what's going on in the market at the time we arrive.

您聽到帕斯卡的評論說，相對於我們為資產負債表上的資本支付的費用以及我們管理未來發展的能力，我們對今天的資產負債表狀況感到非常滿意。我不認為我們迫切需要改變我們目前的軌跡。因此，如果我在等待，我們將等待我們考慮的其他選項以及我們想要如何進行正確的組合。所以我想當我們到年底的時候你會看到更多。正如我所說，董事會正在努力解決這個問題。我不想剝奪任何程度的自由度和自由度，他們必須根據我們到達時市場的情況進行辯論並弄清楚他們想要做什麼。

On the outage, look, I'm upset that we had it. It's unfortunate we had it. The entire team feels responsible for it. We know we can do better. We've put in place an awful lot of steps to ensure that we do better moving forward. I think I'm confident that we have done that. And I feel like we can operate better than what we exhibited on that particular morning. Now having said that, I'm really proud of the way they responded to the circumstances when they occurred. And they managed through the situation as well as could be expected. And in fact, I think you see that in the metrics. You see that we had a really, really good churn quarter. Obviously, that wouldn't happen if we didn't do the right things with the customer base.

關於停電，聽著，我很沮喪我們遇到了這種情況。不幸的是我們擁有了它。整個團隊都覺得自己有責任。我們知道我們可以做得更好。我們已經採取了很多措施來確保我們能夠更好地前進。我想我有信心我們已經做到了這一點。我覺得我們可以比那天早上表現得更好。話雖如此，我對他們在事件發生時的反應感到非常自豪。他們按照預期順利度過了難關。事實上，我認為您可以在指標中看到這一點。你看，我們的流失季度非常非常好。顯然，如果我們不對客戶群採取正確的措施，這種情況就不會發生。

I'm pleased relative to what I've seen reported so far in the industry of our customer growth. I'm sure there were a couple of days of maybe some suppressed activity as a result of the outage. I think it's probably something that's measured in days, it wasn't measured in weeks and months. But we feel pretty good about where we stand right now. Certainly, as you might guess, we have a variety of survey methodologies that we use in research with our customer base and prospective customers. Those indicators don't show me anything that causes me to be concerned about what transpired or what occurred.

相對於迄今為止我所看到的產業客戶成長報告，我感到很高興。我確信由於停電，可能有幾天的活動受到抑制。我認為這可能是以天來衡量的，而不是以周和月來衡量的。但我們對目前的處境感覺很好。當然，正如您可能猜到的，我們有多種調查方法用於對我們的客戶群和潛在客戶進行研究。這些指標沒有向我顯示任何使我擔心發生的事情或發生的事情。

I think some of our recovery methods that we use with our customer base was -- they were the right decisions. And you've seen most of that reflected in the first quarter financials. There's a little bit that will drag into the second quarter base on how bill rounds go. But you should expect that you've seen the bulk of that move through our numbers. And I'm satisfied that where we ended up on service revenue growth and margins that, that was a strong quarter in aggregate, inclusive of what we had to do in terms of the credits.

我認為我們對客戶群使用的一些恢復方法是——它們是正確的決定。您已經看到其中大部分反映在第一季的財務數據中。根據帳單輪調的進展情況，第二季會有一些影響。但你應該預料到，你已經透過我們的數據看到了其中的大部分變化。我很滿意我們最終的服務收入成長和利潤率，總體來說這是一個強勁的季度，包括我們在積分方面必須做的事情。

And on BEAD?

那麼在珠子上呢？

Nothing that I think -- as I said last quarter, Simon, I think BEAD is a 2025 issue, it's not a 2024 issue. It doesn't feel like it's moving in any particular way all that fast at the state level. And as I've also indicated, it's pretty clear to me that there's places where we're going to be more energized about playing and places where we're going to be less energized about playing based on how various states are approaching this.

我沒有什麼想法——正如我上個季度所說，Simon，我認為 BEAD 是 2025 年的問題，而不是 2024 年的問題。感覺在州一級的進展並沒有那麼快。正如我也指出的那樣，我很清楚，根據各州的處理方式，有些地方我們會更加積極地比賽，有些地方我們會不太積累地比賽。

And I don't think there's anything right now, I can tell you point blank, we won't be coming back in with any revisions to our guidance or anything like that, that is relevant to 2024. I think through this year, there may be some incremental things that we talk about in 2025 in terms of how we choose to reinvest capital and where we choose to go. But it's not anything that I see right now that's front and center.

我認為現在沒有任何與 2024 年相關的事情，我可以直截了當地告訴你，我們不會對我們的指導或類似的內容進行任何修改。 ，包括我們如何選擇資本再投資以及我們選擇去往何處。但我現在看到的並不是最重要的。

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

我們的下一個問題將來自瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik)。

First, sort of a follow-up to Simon's question, on the data breach, that's a sort of a second quarter issue, but just want to make sure to see if there's any impact that you saw early in the quarter from the data breach.

首先，這是西蒙問題的後續，關於資料洩露，這是第二季度的問題，但只是想確保看看您在本季度初看到的資料外洩是否有任何影響。

And then certainly, one of the themes that we're seeing here in the first quarter is the low upgrades and low churn environment. Do you expect that to continue despite the fact that we may have a sort of AI device launch later this year? And does that low churn environment give the industry and AT&T, in particular, pricing power as you look into the rest of the year?

當然，我們在第一季看到的主題之一是低升級和低流失環境。儘管我們可能會在今年稍後推出某種人工智慧設備，但您預計這種情況會繼續下去嗎？展望今年剩餘時間，這種低流失率環境是否會為產業和 AT&T（尤其是 AT&T）帶來定價權？

I don't want to characterize this incorrectly, but there are a lot of things going on broadly beyond AT&T and the cyber environment. I'm sure you're all obviously consumers and are seeing the dynamics of what's happening. There's clearly -- the bad actors have stepped up a level in the last several months, I think. And if I were to broadly step back and say, are we going to see more activity and more problems partly because of just the activity level and how robust the business opportunities are for hackers and those that want to inflict bad acts on folks and partly, I think, because of reporting requirements, I expect you're probably going to see the noise level go up.

我不想錯誤地描述這一點，但除了 AT&T 和網路環境之外，還有很多事情正在發生。我相信你們都是消費者，並且正在看到正在發生的事情的動態。我認為，很明顯，在過去幾個月裡，不良行為者的水平已經提高了一個等級。如果我退一步說，我們是否會看到更多的活動和更多的問題，部分原因是活動水平以及黑客和那些想要對人們造成不良行為的人的商業機會有多大，部分原因是，我認為，由於報告要求，我預計您可能會看到噪音水平上升。

What we have seen from our notification is very similar to the outage. I don't see anything in the customer metrics or anything that's going on that suggests that it creates a long-term issue on sentiment. That doesn't mean we don't take it seriously. That doesn't mean that we're not examining what happened back in 2019 and trying to understand what root causes are around that. Those actions are all underway. But it doesn't appear to me that it's doing anything to impact our business as we stand here today in 2024. But we'll continue to evaluate that, and we'll continue to work through the dynamics that are occurring.

我們從通知中看到的情況與中斷非常相似。我沒有看到任何客戶指標或任何正在發生的事情表明它會造成長期的情緒問題。這並不意味著我們不認真對待它。這並不意味著我們沒有審視 2019 年發生的事情並試圖了解其根本原因。這些行動都正在進行中。但在我看來，2024 年的今天，它似乎不會對我們的業務產生任何影響。

I would tell you that on the upgrade rates and churn, we've seen, as I've said last quarter, a little bit of tapering in the industry. We expected that to occur. We expected upgrade rates to be a little bit more tempered than what we had seen last year. I don't see anything going on right now that suggests we're out of pattern to what our expectations were as we set up a plan for 2024. We'll probably see a little bit of ebb and flow each quarter. I'm not sure that I'm of the mindset that there's going to be something that occurs in the device portfolio that dramatically changes things in the latter part of the year.

我想告訴你，正如我上個季度所說，在升級率和客戶流失方面，我們已經看到該行業有所縮減。我們預計會發生這種情況。我們預計升級率將比去年有所緩和。我現在沒有看到任何事情表明我們在製定 2024 年計劃時與我們的預期背道而馳。我不確定我是否認為設備組合中會發生一些事情，從而在今年下半年發生巨大的變化。

There will be the usual holiday promotions. There will be the usual devices and opportunities for individuals to create something that's special during the holidays. But that's a seasonal pattern we're accustomed to. And I think we'll be seeing things on the margin adjusting left and right. I just don't believe we're going to be into a cycle that's what I would consider to be an out-of-pattern cycle in any way, shape or form.

將會有平常的假期促銷活動。假期期間，個人將有常用的設備和機會來創造一些特別的東西。但這是我們習慣的季節性模式。我認為我們會看到一些事情在左右調整。我只是不相信我們會進入一個我認為在任何方式、形狀或形式上都脫離模式的周期。

And I'm going to give you the same answer I always give on where we are in pricing power. Look, I think the industry is healthy. I think as I've indicated before, we're coming off of policies that drove record levels of investment in the industry. I think all players are mindful after record levels of investment to try to yield the appropriate returns that you would have to get after making those things. And I see that kind of dynamic occurring. I think I know we're mindful of it, and we want to make sure that we're getting reasonable returns off that level of capital.

對於我們的定價能力，我將給出我一直給出的相同答案。看起來，我認為這個行業是健康的。我認為正如我之前所指出的，我們正在擺脫推動該行業創紀錄投資水平的政策。我認為所有玩家在創紀錄的投資水平之後都會留意，試圖在做出這些事情後獲得適當的回報。我看到這種動態正在發生。我想我知道我們注意到了這一點，並且我們希望確保我們能夠從該水平的資本中獲得合理的回報。

And my observations of what I see being reported over the last couple of quarters is that others are doing the same. And we're providing tremendous amount more value to customers. They're using 30% more of our product, 35% more every year. The performance of these networks is increasingly better. There's choices that are coming in and how they apply the use of the technology for mobile to fix. So one would expect that maybe there's an opportunity to change the value equation and continue to take a little price in places. And we're going to continue to do that.

根據我對過去幾季的報導的觀察，其他人也在做同樣的事情。我們正在為客戶提供更多的價值。他們對我們產品的使用量增加了 30%，每年增加 35%。這些網路的效能越來越好。有一些選擇正在出現，以及他們如何應用行動技術來解決問題。因此，人們會期望也許有機會改變價值方程式並繼續在某些地方收取一點價格。我們將繼續這樣做。

Where we think certain products have that kind of staying power, I think we've been pretty consistent over the last couple of years of saying there's opportunities to do that. I think we've tried to stress with you when we do it, we're very mindful of doing it intelligently. I believe our churn numbers reflect that we've executed pretty well on that front. And I feel good about the fact that we've been able to drive our ARPUs up, keep our margins in check, if not improve them, and continue to do some things that take some price in certain places where we think we can keep the value equation in check. And I expect we're going to continue to do that as we move through this year.

當我們認為某些產品具有這種持久力時，我認為我們在過去幾年中一直非常一致地表示有機會做到這一點。我認為，當我們這樣做時，我們已經盡力向您施加壓力，我們非常注意明智地這樣做。我相信我們的客戶流失數字反映了我們在這方面的執行得相當好。我對這樣的事實感到高興：我們已經能夠提高我們的 ARPU，控制我們的利潤（如果不能提高的話），並繼續在某些我們認為可以保持利潤的地方做一些需要付出一些代價的事情。方程式。我預計今年我們將繼續這樣做。

Peter Supino of Wolfe Research.

沃爾夫研究中心的彼得‧蘇皮諾。

A question about the Mobility side. Obviously, the consolidated or segment results were really good. In looking at the EBIT growth, it's similar to the rate of service revenue growth in a quarter when gross adds and churn were lower, a great thing, less cost. And I'm just wondering why -- what else is happening in the cost structure so that EBITDA wouldn't outgrow service revenue in a quarter like this?

關於移動方面的問題。顯然，合併或分部業績非常好。從息稅前利潤成長來看，它與一個季度的服務收入成長率類似，當時總增加和客戶流失率較低，這是一件好事，成本也較低。我只是想知道為什麼 - 成本結構中還發生了什麼，使得 EBITDA 的增長不會在這樣一個季度超過服務收入？

And then a quick one on Internet Air for Business. Is your intent to distribute that nationally? Or will that be a more regional strategy in the way that IA has been so far in residential?

然後快速瀏覽一下 Internet Air for Business。您打算在全國發行嗎？或者說，這會是一種更具區域性的策略，就像 IA 迄今為止在住宅領域所採取的那樣？

Peter, Pascal. In terms of EBIT, and you're talking about operating income that's inclusive of the depreciation, correct?

彼得，帕斯卡。就息稅前利潤而言，您談論的是包含折舊的營業收入，對嗎？

Yes, I am.

我是。

Remember, we guided that, as a result of the Ericsson Open RAN deal, we would have accelerated depreciation associated with some of the equipment that was previously in our network that we were going to depreciate over shorter lines. That's a dynamic you're seeing come through there. I feel really good about the overall expense management and overall cost profile. And you see that coming through in our EBITDA margin expansion in that business.

請記住，我們指出，由於愛立信 Open RAN 協議，我們將加速與我們網路中之前存在的一些設備相關的折舊，這些設備將在較短的線路上進行折舊。這是你看到的一種動態。我對整體費用管理和整體成本狀況感覺非常好。您可以在該業務的 EBITDA 利潤率擴張中看到這一點。

And Peter, we broadly, as I indicated in my remarks, see Internet Air for Business being a national product. You probably maybe noticed that -- you may not be a golfer, but you noticed during the Masters, we kind of previewed some of our advertising that we'll be coming out on the product that's geared toward the business market segment. And it doesn't mean that it's a product for every business, but it certainly is a product for every state is what I would say.

彼得，正如我在演講中指出的那樣，我們廣泛地將商業網路空氣視為全國性產品。你可能注意到了——你可能不是高爾夫球手，但你注意到在大師賽期間，我們預覽了一些廣告，我們將推出商業市場的產品。這並不意味著它是適合每個企業的產品，但我想說的是，它肯定是適合每個州的產品。

We want to be mindful of making sure that we match the product to businesses that have the right usage characteristics that we think we can provide a quality level of service and right value. There are many businesses that match that. And there are many businesses that have usage characteristics and behaviors that are atypical to a typical single-family dwelling. And that's why we think it's a good place to invest time, energy, money. And I think that was consistent with what our expectations were from the founding of the product and where we thought we'd go to market with it.

我們要注意確保我們的產品與具有正確使用特徵的企業相匹配，我們認為我們可以提供高品質的服務水準和正確的價值。有很多企業可以與之相符。許多企業的使用特徵和行為與典型的單戶住宅不同。這就是為什麼我們認為這是一個投資時間、精力和金錢的好地方。我認為這與我們從產品創立之初的期望以及我們認為我們將把它推向市場的方向是一致的。

Bryan Kraft of Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

John, can you talk about how you're balancing the marketing and sales budget today between customer acquisition and retention and how that's driving AT&T's performance relative to your competitors? One of the concerns we often hear from investors is that while churn has been great, gross adds have been down for several quarters. But I suspect this is at least partly a function of the strategy. So if you could shed some light there, that would be great.

John，您能否談談您目前如何在客戶獲取和保留之間平衡行銷和銷售預算，以及這如何推動 AT&T 相對於競爭對手的業績？我們經常從投資者那裡聽到的擔憂之一是，雖然客戶流失率很高，但總增量已經連續幾季下降。但我懷疑這至少部分是策略的作用。所以如果你能在那裡闡明一些觀點，那就太好了。

You've answered your question. It's intentional with the strategy. I'm more than happy to take gross in places where I think I can drive gross profitably. And I think in some cases, we have to think about how much people are paying for growth and then we also have to think about gross and we have to think about whether or not that gross really has yield on it if it's what the end user is paying ultimately when they come on a network.

你已經回答你的問題了。這是戰略上有意為之的。我非常樂意在我認為可以提高毛利的地方獲得毛利。我認為在某些情況下，我們必須考慮人們為增長付出了多少錢，然後我們還必須考慮毛額，我們必須考慮毛額是否真的有收益（如果它是最終用戶的）當他們進入網絡時最終會付費。

And so I think some of the numbers ultimately are, what I referred to in my opening remarks, a bit low calorie. I don't really want to play in the low-calorie space. I want to make sure I'm getting my fair share of the high-calorie subscribers. And that's why we're focused on share of service revenues as maybe being a better benchmark of is the company balancing its growth in the right way.

因此，我認為最終的一些數字，正如我在開場白中提到的，熱量有點低。我真的不想在低熱量的空間打球。我想確保我能公平地分享高熱量訂閱者的份額。這就是為什麼我們關注服務收入份額，因為這可能是公司是否以正確的方式平衡其成長的更好基準。

And when you think about how we balance our budget and what we do internally is we're pretty rigorous around asking ourselves those questions and the segments we attack, how we go after them, the longevity. And look, churn is a key driver when you're investing for that growth. And I'll take lower churn all the time. I don't think that's a bad sign necessarily. I'm perfectly okay with where we stand on that front.

當你想到我們如何平衡我們的預算和我們內部所做的事情時，我們非常嚴格地問自己這些問題和我們攻擊的細分市場，我們如何追求它們，壽命。看，當您為成長進行投資時，客戶流失是一個關鍵驅動因素。我會一直降低客戶流失率。我認為這不一定是個壞兆頭。我完全同意我們在這方面的立場。

We've talked previously, Bryan, that one of the things I like about where we've been in the market and that I think is, frankly, sustainable probably 1.5 years ago or 2 years ago, most of the questions on this call was where's the growth coming from, and I kept saying the growth was balanced. It's coming from a lot of different segments. We're seeing it come from different parts of the business community. And we're giving you the fact that our business growth has been strong.

布萊恩，我們之前談過，我喜歡我們在市場上的位置，坦白說，我認為可持續的事情之一可能是 1.5 年前或 2 年前，這次電話會議的大多數問題是成長從哪裡來，我一直說成長是平衡的。它來自很多不同的領域。我們看到它來自商界的不同部分。我們向您提供的事實是，我們的業務成長強勁。

We like what we're picking up in the residential environment and the consumer environment and where we see our growth coming from there in terms of what we're taking. So we have a pretty balanced approach to our distribution right now that I think that diversity is helpful. It diversifies our portfolio. It diversifies the base. And that's one of the reasons why the churn numbers are as strong as they are.

我們喜歡我們在住宅環境和消費環境中所取得的成果，我們看到我們的成長來自於我們所取得的成果。因此，我們現在對分配採取了相當平衡的方法，我認為多樣性是有幫助的。它使我們的投資組合多樣化。它使基地多樣化。這就是為什麼客戶流失率如此之高的原因之一。

David Barden of Bank of America.

美國銀行的大衛‧巴登。

I guess, first, a follow-up question if I could. John, thank you for your comments about kind of having digested the impact of the outage. But the postpaid phone ARPU was obviously down about a little over 1% in the quarter. And I'm assuming at least some, if not all, of that had to do with the credit and the GAAP accounting for that. And so I was wondering if we could get maybe, Pascal, a jumping-off point from where ARPU really is if we normalize for that credit.

我想，如果可以的話，首先我想問一個後續問題。約翰，感謝您對消化停電影響的評論。但本季後付費電話 ARPU 明顯下降了約 1% 多一點。我假設其中至少有一部分（如果不是全部的話）與信用和公認會計準則會計有關。所以我想知道如果我們對這個信用進行標準化，我們是否可以得到一個從 ARPU 實際值出發的起點，Pascal。

And then second, another kind of housekeeping question is with the sale of Sky Mexico back to, I think, Televisa, what happens now? Like how does that affect the reporting as we think about the rest of the year?

其次，另一個管理問題是將墨西哥天空電視台出售給 Televisa，我想現在會發生什麼？當我們考慮今年剩餘時間時，這對報告有何影響？

All right. Dave, I can take both questions. First, on postpaid phone ARPU, I'm assuming you're citing the sequential trend as opposed to year-over-year because we [do] year-over-year. The sequential trend, a couple of things to keep in mind. Yes, the credit was a factor. But it's part of the mix. And we told you, at the time, it was not significant. But it was still a factor in sequential trends.

好的。戴夫，我可以回答這兩個問題。首先，關於後付費電話 ARPU，我假設您引用的是連續趨勢，而不是逐年趨勢，因為我們是逐年趨勢。連續趨勢，需要記住一些事情。是的，信用是一個因素。但這是混合的一部分。我們告訴過你，當時這並不重要。但這仍然是連續趨勢的因素。

And the other thing to keep in mind, too, is there is seasonality associated with international roaming, that there are periods where international roaming is going to be higher than not. And that impacts ARPU as well. Overall, we feel really good about the guidance we gave for modest ARPU growth for the year, so nothing substantive there. And your second question was, remind me?

另一件需要記住的事情是，國際漫遊具有季節性，即有些時期國際漫遊量會高於正常水平。這也會影響 ARPU。總體而言，我們對今年 ARPU 適度增長的指導感到非常滿意，因此沒有任何實質內容。你的第二個問題是，提醒我嗎？

Sky Mexico.

天空墨西哥。

Sky Mexico, it's a nonevent.

墨西哥天空電視台，這沒什麼。

It really is a nonevent, Dave. We didn't consolidate. It was an equity method investee that it was, in the context of AT&T, not a significant item.

這確實是一件小事，戴夫。我們沒有合併。這是一個權益法投資對象，在 AT&T 的背景下，它不是一個重要項目。

Great. And then just one follow-up if I could. Pascal, you said that we should expect a 20% rate of kind of run rate decline in DTV cash contributions on an annual basis, on a kind of go-forward basis? Is that the...

偉大的。如果可以的話，然後再做一次後續行動。帕斯卡，您說我們應該預期 DTV 現金捐款的運作率每年會下降 20%，在未來的基礎上？難道是那個…

Yes, that is our best judgment, yes. And that's the guidance we gave at the beginning of the year. And that hasn't changed. In Q1, there was some -- last year, there were some one-time items. And that's probably why you saw some of the decline year-over-year. But we feel good about the guidance we previously provided, which should put us at around -- Dave, are you still there?

是的，這是我們最好的判斷，是的。這就是我們在年初給的指導。這一點沒有改變。在第一季度，有一些——去年，有一些一次性項目。這可能是您看到同比有所下降的原因。但我們對之前提供的指導感到滿意，這應該讓我們處於——戴夫，你還在嗎？

I'm here, I'm listening, all of it.

我在這裡，我在聽，這一切。

Yes. All right. So for the year, we expect to have overall $3 billion of cash distribution from DIRECTV.

是的。好的。因此，今年我們預計 DIRECTV 的現金分配總額將達到 30 億美元。

Michael Rollins of Citi.

花旗銀行的麥可‧羅林斯。

When we look at the EBITDA growth for the first quarter of 4.3% year-over-year and compare that to the guidance of 3% range for the full year, can you just frame some of the elements that may be changing, whether it's by segment or between revenue and cash expenses, just to think about the differences there?

當我們看到第一季 EBITDA 同比增長 4.3% 並將其與全年 3% 範圍的指導進行比較時，您能否列出一些可能發生變化的因素，無論是透過部門或收入和現金支出之間，試想那裡有差異？

And then this could be a related question. Can you review your exposure to the ACP program, your expectations on the program possibly being discontinued and potential impact to AT&T's financial results?

這可能是個相關的問題。您能否回顧一下您對 ACP 計劃的了解、您對該計劃可能終止的預期以及對 AT&T 財務業績的潛在影響？

Mike, thank you for the question. So first, as it relates to our segment-level guidance, relative to the start of the year, as I noted in my comments, I anticipate Business Wireline will be a little bit worse than we thought principally because of an acceleration of the legacy voice decline, so putting that down in the mid-teens.

麥克，謝謝你的提問。首先，正如我在評論中指出的那樣，由於它與我們的細分市場層面的指導相關，相對於今年年初，我預計Business Wireline 的表現將比我們想像的要差一些，主要是因為傳統聲音的加速下降，所以把它放在十幾歲左右。

But look, you saw the strong start to both our Mobility business, including the record low churn. And Consumer Wireline, I mean, we delivered over 14% of EBITDA growth. And the dynamics for both, we would anticipate -- what you saw in Q1, we would anticipate being there for the balance of this year. Those businesses are operating really well. The transformation work we've done the last few years is really setting us up to have margin expansion in those businesses. And we feel really good about the trajectory of those two businesses.

但是看，您看到了我們的行動業務的強勁開局，包括創紀錄的低流失率。我的意思是，消費者有線業務的 EBITDA 成長超過 14%。我們預計兩者的動態 - 正如您在第一季看到的那樣，我們預計今年剩餘時間都會出現這種情況。這些企業經營得非常好。我們過去幾年所做的轉型工作確實使我們能夠擴大這些業務的利潤率。我們對這兩項業務的發展軌跡感到非常滿意。

Business Wireline is at an earlier point in the product transition. And while we are growing fiber revenues, and then John mentioned, AT&T Internet Air for Business, that's going to grow. And of course, the wireless business relationships will also grow. But those will be offset by legacy declines. And we're confident we can manage through that in the balance of the year and still deliver on or around 3%.

Business Wireline 處於產品轉型的早期階段。雖然我們的光纖收入不斷成長，然後約翰提到 AT&T Internet Air for Business，但光纖收入將會成長。當然，無線業務關係也會成長。但這些將被遺留的下降所抵消。我們有信心在今年剩餘的時間內解決這個問題，並且仍然實現 3% 左右的目標。

Mike, I think we indicated last quarter and are still no different position that we could work through the ACP sunset if, in fact, that occurs. And I would say it's probably more likely than not that it does occur. And we could do so without any revisions or changes to what we guided you to. And we still feel that way. We've started the process, as you might guess, of notifying customers and working with them. And we're not just idly sitting by. I think we'll be successful, in many instances, finding ways to continue relationships with customers and ease them into different constructs that make sense for them.

麥克，我認為我們在上個季度表示，如果確實發生這種情況，我們仍然可以在 ACP 日落期間繼續努力。我想說，這種情況確實發生的可能性更高。我們可以這樣做，而無需對我們指導您的內容進行任何修改或更改。我們仍然有這種感覺。正如您可能猜到的那樣，我們已經開始通知客戶並與他們合作。我們並不是袖手旁觀。我認為，在許多情況下，我們會成功地找到與客戶保持關係並讓他們輕鬆融入對他們有意義的不同結構的方法。

But I feel good about how we went about using the program. I think we used it consistent with the way that policymakers probably would have liked to have seen it used, which is to over-index more than anything else on fixed broadband capabilities. And I think we had a quality customer base relative to how the program was set up. And that's going to allow us to probably transition some of them into other approaches for how to use the service and those that we ultimately do is because the subsidy sunsets. I don't think it's going to be anything that impacts ultimately what we're giving you in terms of our ability to operate the business and hit our financials.

但我對我們使用該程式的方式感到滿意。我認為我們使用它的方式與政策制定者可能希望看到的方式一致，即對固定寬頻功能進行過度索引。我認為，與該計劃的設置方式相關，我們擁有優質的客戶群。這將使我們能夠將其中一些方法轉變為其他使用該服務的方法，而我們最終所做的那些方法是因為補貼取消了。我認為這不會最終影響我們為您提供的業務營運能力和財務狀況。

Sebastiano Petti of JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

A couple of quick housekeeping questions. John, I think you talked about the balanced growth on the Mobility side. You have cited though some underpenetrated segments. I was hoping you can give us an update on the opportunity there, I think SMB, value and fiber selling on the Mobility side. When do you expect to see some of the share gains, I guess, within some of these segments? Is that more of a -- is that -- could we see that within '24? Does that take some time to build on '25 and beyond?

幾個簡單的內務問題。約翰，我認為您談到了移動性方面的平衡增長。您引用了一些滲透不足的部分。我希望您能給我們介紹那裡的機會的最新情況，我認為是中小企業、行動方面的價值和光纖銷售。我想，您預計什麼時候會在其中一些細分市場中看到一些份額成長？這更像是——是嗎——我們能在 24 年內看到這一點嗎？ 25 年及以後的基礎上需要一些時間嗎？

And then on the Business Wireline side, I think, obviously, some focus there on the EBITDA trajectory. But you mentioned you are accelerating some cost-cutting initiatives. Would that be within the context of the $2 billion cost-cutting program? Or should we maybe think of these as additive to that program?

然後在美國商業資訊方面，我認為顯然有些人關注 EBITDA 軌跡。但您提到您正在加速一些成本削減措施。這是否屬於 20 億美元成本削減計畫的範圍內？或者我們是否應該將這些視為該計劃的附加內容？

I would tell you that as we indicated, we've accelerated some of the work that we're doing. So this is things that probably would have occurred later in the cycle that we're moving forward. So we'll get some incremental run rate benefit to that maybe and accelerating our forecast, not necessarily change the endpoint, I guess, is the way I would describe that.

我想告訴你，正如我們所指出的，我們已經加快了我們正在做的一些工作。因此，這可能是我們正在推進的周期後期發生的事情。因此，我們可能會獲得一些增量運行率優勢，並加速我們的預測，不一定會改變終點，我想，這就是我描述的方式。

And on our progress around where we're trying to make sure that we're operating more effectively and how our channel distribution works within distribution, I would say that we've made some reasonable progress and have things in place around what we're able to do to penetrate fiber, where we don't have fiber on a wireless subscriber that is eligible to get fiber and the reverse of that. I feel pretty good about what we have lined up around that front. I think we're going to see progress in that regard as we move through '24.

關於我們在努力確保我們更有效地運作以及我們的通路分銷如何在分銷中運作的進展，我想說我們已經取得了一些合理的進展，並且圍繞我們正在做的事情已經就位。 ，而我們沒有資格獲得光纖的無線用戶上有光纖，反之亦然。我對我們在這方面的安排感到非常滿意。我認為，隨著 24 年的到來，我們將在這方面看到進展。

We expected in our business plan and how we've communicated to you our performance that we would have progress in that regard. And I do think I'm starting to see the machine work the right way. We're working hard in trying to position ourselves in the value segment. I would say that it's been a little bit slower ramping in that space and specifically getting the right lineup and the right products in the right place. I do expect as we move through this year, that we will make progress in that regard.

我們期望在我們的業務計劃以及我們向您傳達我們績效的方式中我們會在這方面取得進展。我確實認為我開始看到這台機器以正確的方式工作。我們正在努力將自己定位在價值領域。我想說的是，該領域的發展速度有點慢，特別是在正確的地方獲得正確的陣容和正確的產品。我確實希望今年我們能夠在這方面取得進展。

Again, we expected we would make progress in that regard in terms of how we guided our expectations around the performance of the business. And we'll keep pushing and working on it. And I would also say that it's probably the same statement and truth in where we see certain ethnic segments that maybe we could do a little bit better at than what we're doing right now. And we'll continue to work those as well.

同樣，我們預計我們將在如何指導我們對業務績效的預期方面取得進展。我們將繼續推動並努力。我還想說，這可能是同樣的說法和事實，我們看到某些種族群體也許我們可以比我們現在所做的做得更好一點。我們也將繼續致力於這些工作。

Following up quickly just on Mike's question about the ACP, obviously, access from AT&T program was a portion within the commitment that you made earlier in the month. Do you see this as an opportunity to leaning in perhaps on access from AT&T as an opportunity to gain some share from ACP subs that are maybe churning from peers? Or do you see this as an opportunity to lean in a little bit into the low-income segments to drive greater adoption of broadband over time?

快速跟進 Mike 關於 ACP 的問題，顯然，來自 AT&T 計劃的訪問是您本月早些時候做出的承諾的一部分。您是否認為這是一個依靠 AT&T 的機會，或者是一個從可能從同行中流失的 ACP 潛艇中獲得一些份額的機會？或者您認為這是一個向低收入群體傾斜的機會，以隨著時間的推移推動寬頻的廣泛採用？

So we intend to continue to keep the access from AT&T in the market, and we'll continue to actively promote it and try to apply it where it makes sense. And I think we're going to continue to see the same segments we were attempting when ACP was live to find that an attractive place to go. I don't know exactly how some of our competitors have used the ACP subsidy. I know how I've used it. I think we've used it in a way where we believe we're catching the waterfront of what we think are the right customers to be putting the subsidy in front of, which are the right customers that should get access from AT&T.

因此，我們打算繼續保留 AT&T 的市場准入，我們將繼續積極推廣它並嘗試在有意義的地方應用它。我認為我們將繼續看到 ACP 上線時所嘗試的相同部分，以找到一個有吸引力的地方。我不知道我們的一些競爭對手是如何使用 ACP 補貼的。我知道我是如何使用它的。我認為我們使用它的方式是我們相信我們正在抓住我們認為應該將補貼放在前面的合適客戶的海濱，這些客戶應該從 AT&T 獲得訪問權限。

Does that mean that incrementally we should see more coming back our way? I don't know. I would have intuitively hoped that in the form of the competitive markets in which we operate that our message is equally communicated to those who chose us and those who didn't choose us. So I don't know that just because ACP goes away that I'm going to dramatically see that equation change. And so I don't expect there's going to be a strong pivot over to AT&T. And I would hope or expect that our competitors might continue to leave some kind of a discounted offer in place for those that qualify for it. So I'm not expecting huge shifts as a result of that.

這是否意味著我們應該逐漸看到更多的人回歸我們的道路？我不知道。我本能地希望，在我們經營的競爭市場中，我們的訊息能夠平等地傳達給那些選擇我們和那些沒有選擇我們的人。所以我不知道僅僅因為 ACP 消失，我就會看到方程式發生巨大的變化。因此，我預計不會出現向 AT&T 的強力轉向。我希望或期望我們的競爭對手可能會繼續為有資格的人提供某種折扣優惠。所以我預計不會因此而發生巨大的轉變。

Sebastiano, I'm pretty proud actually and comfortable, given the overall state of what I'll call the fixed broadband market of our performance and how we've been growing in that space. It's a big deal. We just hit 40% -- about 40% penetration of our fiber base right now. And if you'd ask me 2 years ago that I think we'd arrive at that level, given the number of households we're adding and building to, I probably wouldn't have said that we'd arrive that quickly. So I think our goal is to just keep operating as effectively as we have been and taking the good growth that's coming our way. And I think you see that reflected in the overall performance of the numbers.

塞巴斯蒂亞諾，考慮到我所說的固定寬頻市場的整體狀況以及我們在該領域的發展情況，我實際上感到非常自豪和舒適。這是一件大事。目前我們的纖維基礎滲透率剛好達到 40%——大約 40%。如果你兩年前問我，考慮到我們正在增加和建立的家庭數量，我認為我們會達到這個水平，我可能不會說我們會這麼快達到這個水平。因此，我認為我們的目標是繼續保持高效運營，並實現即將到來的良好成長。我認為您已經看到了這一點反映在數字的整體表現中。

Frank Louthan of Raymond James.

雷蒙德詹姆斯的弗蘭克勞森。

I want to delve in on the business side. First, can you give us your overall read on the economy and your outlook there? And then secondly, what is sort of the endgame on the Business Wireline side? It continues to kind of decline. Is there a bottom there? And can you give us maybe a split between what's left in that revenue that's voice versus other data services to get an idea of where the weakness might be?

我想深入研究業務方面。首先，您能為我們介紹一下您對經濟的整體看法以及您對經濟的展望嗎？其次，美國商業資訊方面的結局是什麼？它繼續下降。那裡有底嗎？您能否告訴我們語音服務收入與其他數據服務收入中的剩餘部分之間的差距，以便了解弱點可能在哪裡？

Yes, Frank. So first of all, look, I don't -- I'm not going to sit here and tell you that I think the shifts in the business segment are economic-driven. I know there's been some discussion around what's happening in business investment and communication services. And I fully expect there are going to be businesses that look around and say, "Gosh, I need to find incremental money to invest in AI." And as we all know how corporations that we're part of work, sometimes it's -- you take from one to invest in another. And I expect we're going to see that happening.

是的，弗蘭克。首先，我不會坐在這裡告訴你們，我認為業務部門的轉變是經濟驅動的。我知道人們對商業投資和通訊服務領域的情況進行了一些討論。我完全預計會有企業環顧四周並說：“天哪，我需要找到增量資金來投資人工智能。”眾所周知，我們所參與的公司是如何運作的，有時是－你從一家公司拿來投資另一個公司。我希望我們會看到這種情況發生。

But I think the fundamentals under what's occurring in the business segment are largely technology-driven. I think we've known for a long time that traditional voice had a shelf life. And ultimately, it was going to get replaced with integrated communication services and as-a-service capabilities that run over the top of IP. I think what we saw is, a bit during the pandemic, there was a suppression of change. For whatever reason, people were out of the office. It wasn't a priority. People didn't want to mess around with their communications infrastructure while they were working hard to accommodate a different hybrid work environment.

但我認為業務領域發生的事情的基本面很大程度上是技術驅動的。我想我們很早就知道傳統聲音有保存期限。最終，它將被整合式通訊服務和在 IP 之上運行的即服務功能所取代。我認為我們看到的是，在大流行期間，變革受到了壓制。無論出於何種原因，人們都不在辦公室。這不是一個優先事項。人們不想在努力適應不同的混合工作環境時擾亂他們的通訊基礎設施。

And now we're kind of seeing that evolution kind of pick up with a degree of steam. There's probably some good business reasons that's occurring, people are rationalizing office space. They're moving things around. They're working differently. They're evaluating the kind of technology they want in place as a result of that. And that's, from my point of view, why we're seeing a little bit of that step-up in that voice transition and what's occurring. I think we're going to try to do some work with you broadly, not just specific to business, but we'll give you some transparency and visibility of what's left in the legacy businesses and what's going on around those things.

現在我們看到這種進化在某種程度上加速了。可能有一些好的商業原因正在發生，人們正在合理化辦公空間。他們正在移動東西。他們的工作方式不同。因此，他們正在評估他們想要採用的技術類型。從我的角度來看，這就是為什麼我們在語音轉換和正在發生的事情中看到了一些進展。我認為我們將嘗試與您進行廣泛的合作，而不僅僅是特定於業務，但我們將為您提供一些透明度和可見性，讓您了解遺留業務中剩餘的內容以及圍繞這些事情發生的事情。

As we move through this year, I think we're working on maybe some ways to schedule some of that for you, so you kind of get a sense of what's occurring there. I understand your desire to want to understand it. I think what I would balance that with is, as we stressed multiple times this morning, those things that we're investing in right now, we've got a really good, strong, solid growth business. And those growth businesses are built on 5G and fiber. And business' endgame is really no different. We're shifting to build a company that is good at selling 5G and fiber into business, and selling 5G and fiber in the business, not just at the top end of the market for the Fortune 1000 but across the continuum of the market.

隨著今年的進展，我認為我們可能正在研究一些方法來為您安排一些活動，以便您了解那裡發生的事情。我理解你想要了解它的願望。我認為我要平衡的是，正如我們今天早上多次強調的那樣，我們現在正在投資的那些事情，我們擁有一個非常好的、強大的、穩健的成長業務。這些成長業務建立在 5G 和光纖的基礎上。商業的結局也確實沒有什麼不同。我們正在轉變方向，打造一家擅長在業務中銷售 5G 和光纖的公司，並在業務中銷售 5G 和光纖，不僅是在財富 1000 強的高端市場，而且是整個市場的連續體。

And that's a bit of a transition for AT&T. Because I would say where we made our bread and butter over the last decade, rightly or wrongly, has been at the top end of the market. And so as we shift and generate more revenues and more share out of the mid-portion of the market, we're having to rebuild some muscle and some distribution and the right product mix to attack that. And we can do that. And the endgame is we will catch this decline and we'll ultimately catch the decline with connectivity-based services both in fiber and 5G. We're just going through that transition to make that happen. And unfortunately, as you know, some of the historic voice services are really high-margin services. They're being replaced with good margin services but not quite as high.

這對 AT&T 來說是一個轉變。因為我想說，過去十年我們生產麵包和黃油的地方，無論正確與否，一直處於市場的高端。因此，當我們轉變並從中間部分市場中產生更多收入和更多份額時，我們必須重建一些力量、一些分銷以及正確的產品組合來解決這個問題。我們可以做到。最終，我們將抓住這一衰退的機會，並最終透過光纖和 5G 中基於連接的服務來抓住這一衰退。我們正在經歷這一轉變以實現這一目標。不幸的是，如您所知，一些歷史悠久的語音服務確實是高利潤服務。它們正在被利潤率較高的服務所取代，但利潤沒有那麼高。

And it's going to be a little bit painful for a couple of quarters as we move through this transition. But I have ultimate confidence that the AT&T brand plays incredibly well in business. All of our research suggests that. I have very high confidence that when we walk in and we talk to businesses of any size about using AT&T for either their wireless or fixed connectivity, we're high in the consideration set and can win that business. And I have confidence that there is another generation of incremental services that go on top of that connectivity, as I alluded to in my opening remarks, and what we're doing with Dynamic Defense is a good example, which is overlay incremental service that comes on top of the base of transport that allows us to scrub traffic on behalf of the customer to improve their security posture.

當我們經歷這轉變時，接下來的幾季將會有點痛苦。但我堅信 AT&T 品牌在商業上的表現令人難以置信。我們所有的研究都顯示這一點。我非常有信心，當我們走進來與任何規模的企業討論使用 AT&T 進行無線或固定連接時，我們的考慮度很高，並且能夠贏得該業務。我相信，正如我在開場白中提到的那樣，在連接之上還有另一代增量服務，我們正在做的動態防禦就是一個很好的例子，它是覆蓋增量服務在傳輸基礎之上，我們可以代表客戶清理流量，以改善他們的安全狀況。

I think there's a lot more of those things that can come on in the middle market, given the lack of sophistication, the lack of ability to have full-time staff dedicated to those things. And I think that's just natural for us to extend our capabilities into that space. And I'm long-term bullish that it's the right thing for us to be in both the fixed and the wireless market, given our brand presence, our distribution channel capabilities and how we build products.

我認為，由於缺乏成熟度，缺乏專門從事這些事情的全職員工的能力，中間市場可能會出現更多這樣的事情。我認為將我們的能力擴展到該領域是很自然的事。考慮到我們的品牌影響力、分銷通路能力以及我們建立產品的方式，我長期看好我們進入固定和無線市場是正確的。

Our last question in queue will come from the line of Walter Piecyk of LightShed.

我們隊列中的最後一個問題將來自 LightShed 的 Walter Piecyk。

John, I just want to get your kind of refreshed views on the fixed wireless market. If you look at Verizon, they've added 1 percentage point of overall wireless growth using fixed wireless. T-Mobile has added, I think, 160 basis points. We're seeing advertisements for, I guess, I think what you call free air or something like that.

約翰，我只是想聽聽您對固定無線市場的最新看法。如果你看看 Verizon，他們使用固定無線的整體無線成長增加了 1 個百分點。我認為 T-Mobile 已經增加了 160 個基點。我想，我們看到的廣告是你們所謂的免費空氣或類似的東西。

What do you think in terms of the growth opportunity here? And if you were able to get some additional spectrum or maybe even with your existing spectrum, as you've seen the usage from some of your early learnings, can this be as broad of an opportunity for you as it's been for Verizon and T-Mobile?

您認為這裡的成長機會如何？如果您能夠獲得一些額外的頻譜，或者甚至可以使用現有的頻譜，正如您從一些早期學習中看到的使用情況一樣，這對您來說是否是一個像 Verizon 和 T- 一樣廣泛的機會？移動的？

I think the short answer to the last part of your question is I don't intend to promote it in the market in the manner that Verizon and T-Mobile are promoting it in the market. And I just -- I sit along the sideline and I observe, I also see them doing some things right now to try to manage the dynamics around those product sets that are reflective of what I believe the ultimate outcome was going to be and what I've been saying for a period of time, which is wireless networks aren't particularly the best place to take the single-family home that streams hours and hours of video a day and try to serve them with a kind of $50 a month product or service.

我認為對你問題最後一部分的簡短回答是，我不打算以 Verizon 和 T-Mobile 在市場上推廣它的方式在市場上推廣它。我只是——我坐在一旁觀察，我也看到他們現在正在做一些事情來嘗試管理圍繞這些產品集的動態，這些動態反映了我相信最終的結果將會是什麼以及我的想法一段時間以來，人們一直在說，無線網路並不是特別適合那些每天播放數小時影片的單戶家庭，並嘗試為他們提供每月50 美元的產品。

And I just don't see that as long-term sustainable or healthy growth of returns for the business. And I've been pretty consistent in saying that, and I'm still consistent in saying that. And that's why we're making a choice in our capital allocation to invest more heavily in fiber as the basis of which to make an investment that we think has long runway and a long annuity stream and is a technology that has flexibility to deal with what we know is going to be continuing calls and demands on growth for high-performance networking in homes and businesses.

我只是不認為這會帶來長期可持續或健康的業務回報成長。我一直這麼說，現在還是這麼說。這就是為什麼我們在資本配置中選擇加大對光纖的投資，以此為基礎進行投資，我們認為這種投資具有較長的跑道和較長的年金流，並且是一項能夠靈活應對各種情況的技術。

Now having said that, I've also been very, very clear that there is a place for fixed wireless in our portfolio. And I don't believe my point of view on this has changed in any way, shape or form nor our execution is any different than that. I've said from the start that there are many businesses that do not have the characteristics of single-family homes. And as a result of that, fixed wireless can be a really effective way of meeting their needs and doing so at a value proposition, price and performance that makes sense for them, especially when you start to think about those companies that have a convergence of both fixed and mobility needs. It's a natural in those cases.

話雖如此，我也非常非常清楚地表明，固定無線在我們的產品組合中佔有一席之地。我不認為我對此的觀點有任何方式、形狀或形式的改變，我們的執行也沒有任何不同。我從一開始就說過，有很多企業不具備獨棟住宅的特質。因此，固定無線可以是滿足他們需求的一種真正有效的方式，並以對他們有意義的價值主張、價格和性能來實現這一點，特別是當你開始考慮那些擁有融合的公司時固定和移動需求。在這些情況下這是很自然的。

And I'd like to participate in that market aggressively. And I will go after it as aggressively as my competitors and picking up any of those business customers that I can on a national basis. And I think that's a margin-accretive decision within the context of how we're allocating capital between spectrum investments and fiber investments.

我想積極參與這個市場。我將像我的競爭對手一樣積極地追求它，並在全國範圍內盡可能地爭取任何商業客戶。我認為，在我們如何在頻譜投資和光纖投資之間分配資本的背景下，這是一個增加利潤的決定。

I've also said that in the consumer space, there are places where I would apply the technology. I gave a couple of specific examples. We have some places where we have a good copper DSL base that we're in the process of deploying fiber. And in some cases, fixed wireless can give better performance than what our copper network can deliver. And we know that we'll be 12 months, 18 months from fiber deployment, and we may want to hold some customers, offering them a better service. And we'll use it as a bridging or hold strategy for customers that are high value to us. And we'll continue to use that technique where we can.

我也說過，在消費領域，有些地方我會應用該技術。我舉了幾個具體的例子。我們在一些地方擁有良好的銅纜 DSL 基礎，並且正在部署光纖。在某些情況下，固定無線可以提供比銅線網路更好的效能。我們知道距離光纖部署還有 12 個月、18 個月，我們可能希望留住一些客戶，為他們提供更好的服務。我們將把它用作對我們來說具有高價值的客戶的過渡或保留策略。我們將繼續盡可能地使用該技術。

I've indicated that we will use it as an opportunity for us to turn down footprint. So where I've got small numbers of data customers in place, I need to get them off of fixed infrastructure that I ultimately want to shutter because that allows me to turn down a geography that is a low utilization geography and a low profitable geography on the fixed side. And I can turn out the lights, walk away, take cost out of business. I will do that. And I've also said we have some select markets where our penetration levels in Mobility are low and our spectrum position is high. And we may choose in those markets to do some incremental marketing to do, as you indicated, to buy some incremental growth that we believe has a longer runway.

我已經表示我們將利用它作為我們減少足跡的機會。因此，在我擁有少量數據客戶的地方，我需要讓他們脫離我最終想要關閉的固定基礎設施，因為這使我能夠拒絕低利用率和低利潤地區的地理位置。我可以關掉燈，走開，消除業務成本。我去做。我還說過，我們有一些選定的市場，在這些市場中，我們的行動滲透率較低，而我們的頻譜地位較高。正如您所指出的，我們可能會選擇在這些市場進行一些增量行銷，以購買一些我們認為具有更長跑道的增量成長。

So that's how the team is operationalizing around this. But in the end, when all those plays are put together, no, I don't think you're going to see us have the same posture that two of our competitors do because our posture is different. We're investing in fiber. And I don't see myself moving into the market just to buy spectrum so that I can change the operating posture I just described to you.

這就是團隊圍繞著這個運作的方式。但最終，當所有這些比賽放在一起時，不，我認為你不會看到我們和我們的兩個競爭對手有相同的姿勢，因為我們的姿勢不同。我們正在投資纖維。我不認為自己進入市場只是為了購買頻譜，這樣我就可以改變我剛才向你們描述的經營狀況。

All right. Well, thank you, everyone, for joining us. Operator, you can go ahead and close out the call.

好的。好的，謝謝大家加入我們。接線員，您可以繼續結束通話。

Ladies and gentlemen, that does conclude our conference call for today. On behalf of today's panel, we'd like to thank you for your participation in today's earnings call, and thank you for using our service. Have a wonderful day. You may now disconnect.

女士們先生們，我們今天的電話會議到此結束。我們謹代表今天的小組感謝您參加今天的財報電話會議，並感謝您使用我們的服務。祝你有美好的一天。您現在可以斷開連線。