AT&T Inc (T) 2024 Q1 法說會逐字稿

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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。 （操作員指示）提醒一下，本次電話會議正在錄音。我想將電話會議交給主持人，財務和投資者關係資深副總裁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，早安！歡迎參加我們第一季的電話會議。我是 AT&T 投資者關係主管 Brett Feldman。今天和我一起參加電話會議的還有我們的執行長 John Stankey 和財務長 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.

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

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

說完這些，我將把電話轉給約翰·斯坦基。約翰？

Thanks, 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。感謝各位今天早上的到來。我們以穩健的第一季業績開啟了新的一年，並繼續穩步推進以投資為主導的策略，即透過5G和光纖成為最佳的連接提供者。我們正透過增加寶貴的長期無線和寬頻用戶，朝著正確的方向發展。由於帕斯卡將詳細介紹第一季的業績，我想花一些時間重點介紹我們的策略重點如何幫助我們取得積極成果，並為永續成長奠定了長期基礎。

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.

深入觀察，不難發現我們最大、最強勁的EBITDA成長引擎——行動業務——運作良好。我們強大的價值主張協助我們在本季新增34.9萬支後付費電話用戶。目前，我們擁有約7,160萬高價值後付費電話用戶，較去年同期成長150萬。這些新增用戶並非徒勞無功。我們的業績反映了客戶成長的質量，ARPU更高、調整後營業收入更高、利潤率更高，後付費用戶流失率更低。

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.

得益於我們一貫簡潔的市場策略，我們也實現了高效率成長。我們的後付費手機用戶流失率為0.72%，創下第一季歷史新低。我們預計本季後付費手機用戶流失率將再次成為主要服務供應商中最低的。這凸顯了客戶對我們無線服務的重視，以及我們「人人享有最適價格」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.

現在讓我們來談談光纖，這是我們成長最快的引擎。這是一個我們熟悉的故事，也是我們樂見的。哪裡有光纖，哪裡就有勝利。而且，我們為更多美國人帶來了光纖服務。自去年第一季以來，我們的光纖覆蓋了約240萬個地點，目前已覆蓋超過2700萬個消費者和商業地點。

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.

過去一年，我們的 AT&T Fiber 消費者用戶群成長了約 110 萬，達到近 860 萬。其中包括第一季淨增的 25.2 萬 AT&T Fiber 用戶。由於我們光纖業務的成功以及 AT&T Internet Air 早期用戶的成長，我們的消費者寬頻用戶群已連續三個季度實現成長。我們預計這一趨勢將持續下去。

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與光纖融合的強大力量更加興奮。在擁有AT&T Fiber的同時，我們強大的全國性5G無線品牌讓我們有機會成為客戶的單一融合服務提供商，為他們提供無縫連接，無論在家中還是在旅途中。

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.

我們能夠提供同業無法比擬的融合水平，因為我們是唯一一家能夠從業主的經濟效益和規模效益中獲益的5G和光纖營運商。這一切都至關重要，因為融合的優勢顯而易見。當客戶同時擁有我們的無線和光纖產品時，客戶流失率和淨推薦值都會顯著改善。這最終將轉化為融合客戶的更高生命週期價值。

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，我們承諾在未來十年內投入50億美元，以幫助彌合我國的數位落差。我們已經為大約500萬美國人的網路連線做出了貢獻。我們的目標是到2030年幫助總共2500萬人實現網路連線。

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，互聯互通改變一切，我們必須共同努力，提升國家在下一個世紀而非上一個世紀所需的溝通能力。為了實現這一目標，我們需要製定合理且有效的政策。我們的團隊正在努力實現這一目標。未來的互聯互通對於社會發展至關重要。正因如此，我們專注於發展和改進我們的人脈。

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，我們在5G和光纖領域投入最大的領域表現非常出色。展望2023年，行動業務和消費者有線業務合計貢獻了我們通訊部門80%以上的收入和約85%的EBITDA。這意味著我們正在實現大部分業務的成長，並提升整個業務的營運槓桿率。我們預計這種勢頭將持續下去。

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，我們仍在轉型一些遺留業務，尤其是在商業有線業務方面。由於全行業傳統語音業務的長期衰退，本季度商業有線業務的息稅折舊攤銷前利潤 (EBITDA) 下降了 16.5%。雖然批發市場已經趨於穩定，但現實情況是，隨著疫情後職場結構調整的深入，企業正在加速向行動和雲端服務轉型。

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.

我們在商業解決方案領域看到了這種連接轉型帶來的效益，無線服務收入在第一季成長了4.6%，超過了我們整體行動服務收入的成長。我們將繼續積極推動傳統產品過渡策略，以淘汰產品、減少營運足跡並消除固定成本，同時，我們也在推動多項成本節約和生產力提升計劃，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，面向未來的商業解決方案領域與我們的核心連結能力高度契合。我們將繼續建立具有真正長期成長潛力的連結產品組合。以FirstNet為例，這項優先服務是針對急救人員，充分展現了我們在傳統上關注度較低的領域發展業務時所取得的成就。

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，加上更廣泛的分銷管道，將帶來新的成長。目前，我們已與近250萬企業客戶建立合作關係，並有機會贏得更多中小企業的青睞。

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.

我們計劃透過全新的固定無線服務 AT&T Internet Air for Business 來滿足中小企業的連線需求。我們相信，這項服務將持續覆蓋全國，因為它能夠作為可靠的 5G 主要互聯網連接，尤其是在偏遠地區無法使用光纖的情況下、需要臨時訪問時，或者對於不需要始終在線視頻流的中小企業來說，都能提供可靠的連接。雖然這項服務尚處於初期階段，但我們對企業強勁的需求感到非常滿意。

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.

鑑於我們在核心連結方面取得的成功，我們專注於以對企業客戶至關重要的方式進一步提升 AT&T 的價值主張。而安全是重中之重。因此，我們推出了 AT&T 動態防禦系統，它在世界一流的存取基礎上提供內建的安全控制。

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.

關鍵在於，我們完全有能力利用與企業之間迫切的連接機會，這得益於我們與幾乎所有財富 1000 強企業建立的牢固關係、我們在光纖領域的領先地位以及我們運營著美國最大的無線網路。

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.

我們的商業有線電視業務轉型並非一蹴可幾。目前，我們正經歷著最艱難的時期。然而，我們在行動和寬頻等成長領域的強勁勢頭，使我們能夠克服傳統業務的下滑，並取得積極的合併業績。我們仍在按計畫實現1月份發布的所有合併財務指引。

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，讓我們花點時間談談我們的第二個優先事項：確保我們所做的每一件事都有效且有效率。去年，我們設定了一個新的目標，即到2026年年中，實現營運成本節省20億美元以上。這是在我們去年實現的60億美元以上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.

持續應用人工智慧不僅幫助我們朝著這個目標邁進，也提升了員工和客戶的體驗。儘管通膨持續高企，但對效率的關注正在轉化為營運槓桿的提升。您可以從我們的現金營運支出中看到這一點。第一季度，現金營運支出較去年同期下降，推動調整後EBITDA利潤率成長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.

這讓我想到了我們最後一個優先事項，那就是我們審慎均衡的資本配置方法。正如我們先前所指出的，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，我們仍然是美國網路連接領域的頂級投資者，並將繼續穩步擴展光纖網路。

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.

即使持續投資，我們第一季的自由現金流仍達31億美元，而去年同期為10億美元。這符合我們對更可比季度自由現金流的預期，而我們透過有效提升EBITDA、改善現金週轉率和減少短期融資餘額實現了這一目標。

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。第一季末，我們的淨債務與調整後EBITDA比率為2.9倍，並預計2025年上半年將達到2.5倍左右的目標。因此，很顯然，我們的營運情況良好，符合我們的業務重點。因此，我們的5G和光纖市場份額正在成長。

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，即使沒有固定無線業務的助力，我們在無線服務收入成長中的份額也一直在成長，這體現在消費者有線業務中。我們預計，這將是過去13個季度中第11次實現業界最低的後付費電話用戶流失率。在消費者有線電視業務中，隨著寬頻用戶的增加，我們的成長速度正在超越有線電視。這得歸功於AT&T Fiber，過去三年來，該公司一直佔據主要營運商寬頻淨增用戶的三分之一以上。

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，在對未來至關重要的5G和光纖等服務和技術方面，我們表現良好，並在健康的產業環境中持續提升市場佔有率。這讓我對我們的策略充滿信心，也顯示我們的團隊正在穩步推進各項優先事項。

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

說完這些，我就把麥克風交給帕斯卡了。帕斯卡？

Thank you, John, and good morning, everyone. So let's start by reviewing our first quarter financial summary on Slide 7.

謝謝約翰，大家早安。我們先來回顧一下投影片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，由於低利潤率的行動裝置收入和商業有線業務收入的下降抵消了高利潤率的無線服務收入和光纖業務收入的成長，收入略有下降。由於行動業務、消費者有線業務和墨西哥業務的成長被商業有線業務的持續下滑部分抵消，本季調整後EBITDA成長4.3%。我們仍預計全年調整後EBITDA成長率將在3%左右。

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，我們上一季討論的四個因素合計對每股收益造成了約0.11美元的不利影響，包括折舊增加、非現金退休後福利成本增加、資本化利息減少以及來自DIRECTV的股權收益減少。我們預計全年調整後每股盈餘仍為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，較去年同期增加逾20億美元。值得一提的是，EBITDA向自由現金流的轉換率提高，使我們能夠償還短期供應商債務。這些貸款的償還將有助於我們繼續保持更可比的季度自由現金流。

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.

經營活動現金流為75億美元，去年同期為67億美元。需要提醒的是，第一季通常是設備支出的最高點。我們預計全年支出將逐步下降。本季資本投資為46億美元，較去年同期下降約18億美元。資本支出為38億美元，去年同期為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，我們來看看第8張幻燈片上的行動業務營運表現。無線產業保持健康發展，我們的行動業務持續取得強勁業績，這得益於我們始終如一的市場化策略和穩健的執行力。本季度，我們報告了34.9萬部後付費電話淨增。服務收入成長了3.3%，其中包括客戶信用額度的影響。但這被設備收入的下降所抵消，後付費升級率為3%，低於去年的3.7%。我們仍預計全年無線服務收入將成長3%左右。

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年增7%，約6億美元，以美元計算，超過了服務收入的增幅。這表明我們正在顯著提升營運槓桿，並凸顯了我們持續推行的市場策略的有效性，該策略使我們能夠降低業務成本。我們預計，今年行動業務EBITDA將實現中等個位數的高位成長，這得益於商業無線客戶業績好於預期，以及我們持續嚴格的成本管理。

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.

我們的後付費手機ARPU為55.57美元，年增近1%，主要得益於ARPU的提升和傳統方案的推出。我們預計今年後付費手機ARPU將持續小幅成長。

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.

現在我們來看看第9張幻燈片上的消費者有線業務業績。我們的消費者有線業務成長再次由光纖用戶成長引領，持續帶來了強勁的回報。本季度，我們的AT&T光纖用戶淨增加25.2萬戶，與我們預期的一致。這是AT&T光纖用戶淨增加超過20萬戶的第17季。我們目前的光纖普及率已達到40%，其中多個市場遠超這一水準。

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%。我們預計全年寬頻收入將持續成長7%以上。光纖用戶每用戶平均收入(ARPU)為68.61美元，較去年同期成長超過4%，接取用戶每用戶平均收入(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，消費者有線業務的EBITDA成長了14.6%。我們目前預計，今年消費者有線業務的EBITDA將實現中高個位數成長，這得益於光纖收入持續強勁增長和嚴格的成本管理，但部分抵消了傳統銅線業務的持續下滑。

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，這得益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，但我們仍然對 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，已覆蓋 95 個地區。目前，我們擁有超過 20 萬名 AT&T Internet Air 消費者用戶，本季新增了 11 萬。

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，我們對消費者有線業務的未來感到無比興奮，AT&T Fiber 將很好地引領我們的成長，而 AT&T Internet Air 則幫助我們為沒有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.

現在讓我們來看看第10張投影片上的Business Wireline業務。由於我們傳統語音服務的下滑速度快於預期，Business Wireline的EBITDA下降了16.5%。年初，我們曾表示，預計Business Wireline的EBITDA全年趨勢將有所改善。然而，由於傳統語音服務的下滑速度快於預期，我們現在預期Business Wireline全年EBITDA的降幅將在10%左右，而我們先前的預測是降幅約10%。

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.

正如約翰所說，我們正在推動多項成本節約和生產力提升計劃。這應該會對下半年的業績產生正面影響，屆時我們的年比業績也會更加可觀。隨著業務轉型，我們相信5G和光纖的擴張將帶來巨大的成長機會。

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.

我們今天已在更廣泛的商業解決方案業績中看到了這一點。 FirstNet 就是一個很好的例子，其無線連線數較上季成長了約 32 萬。我們也對 AT&T Internet Air for Business 的早期需求感到滿意，預計這將對下半年的業績產生正面影響。

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.

現在請翻到第11張投影片，了解我們資本配置策略的最新情況。我們的資本配置策略依然審慎。我們成功地平衡了長期網路投資，以推動用戶和服務收入的可持續成長，償還債務，並為股東帶來價值回報。我們預計全年資本投資將在210億美元至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2024年的整體資本投資將低於近幾年，但鑑於這些投資的豐厚回報，我們將繼續在關鍵成長領域進行投資。在行動領域，我們專注於透過Open RAN計畫實現網路現代化。在光纖方面，我們預計在2025年底前覆蓋超過3000萬個消費者和商業場所。

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.

正如我們先前所述，光纖投資的回報遠超預期，這有可能使我們有機會超越最初的目標，新增約1000萬至1500萬個地點。這也假設了類似的建設參數，以及對基礎設施建設仍然具有吸引力的相關監管環境。

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支出將會減少，同時，由於我們繼續投資光纖擴展和無線網路轉型，我們直接投入網路的總投資將會增加。換句話說，即使我們增加了對網路的投資，我們預計今年的總資本投資和資本密集度將會下降。

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.

我們仍高度重視去槓桿。過去四個季度，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年上半年將這一比例控制在2.5倍左右。

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%.

正如我上個季度提到的，我們預計將利用手頭現金解決短期債務到期問題。本季度，我們償還了47億美元的長期債務到期。展望未來，我們的債務到期情況非常可控，我們的狀況良好，超過95%的長期債務已固定償還，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。這部分被我們證券化工具的4億美元額外收益所抵銷。這些努力凸顯了我們自由現金流的品質。

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.

DIRECTV 本季的分配額為 5 億美元，而 2023 年第一季為 13 億美元。今年及以後，我們將繼續要求 DIRECTV 現金分配額以與 2023 年類似的速度下降，即每年下降約 20%。

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.

我們第一季的自由現金流達到31億美元，大幅提升了自由現金流的可比性，正如我們去年承諾的那樣。展望未來，我們仍預期上半年將產生2024年總自由現金流的約40%，並繼續預計全年自由現金流將在170億美元至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，我對我們團隊在本季的整體表現非常滿意。儘管經歷了傳統業務的下滑，但我們在行動業務和消費者有線業務方面的強勁表現，使我們有望實現全年合併財務預期。

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

布雷特，我們的演講到此結束。現在開始問答環節。

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

謝謝帕斯卡。接線員，我們準備好回答第一個問題了。

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

（操作員指示）我們的第一個問題來自摩根士丹利的西蒙·弗蘭納裡。

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?

很高興聽到重申明年初2.5倍的槓桿率目標。如果您能簡單介紹一下您對各種資本配置方案的考慮，包括股票回購、股息成長、去槓桿、新增1000萬到1500萬股光纖以及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?

我們該如何考慮這個概況？大概明年這個時候，我們會進行更全面的討論。不過，如果您能補充更多相關資訊就更好了。然後，關於停駛的後續工作，或許您可以為我們估算一下信用額度。這對本季的淨增用戶有什麼影響嗎？

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.

所以我不知道我能給比之前更多的東西。我的意思是，有選擇真的很好。我們顯然也面臨選擇。我們一直非常努力地讓自己處於這樣的位置。我告訴過你，董事會會經歷一個非常謹慎的流程，以了解在這些選擇開始實現時他們想要做什麼。我們正在進行這項工作。我們正在進行一個相當系統化的流程。最重要的是，正如你所想像的，我們非常清楚，我們希望確保善待股東，並盡可能以明智的方式回報資本。

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，屆時我們會評估利率等因素的現狀。我們會評估股息殖利率相對於股權價值的水平，以及我們在業務上有哪些再投資的機會，並大致了解我們認為這些因素的正確組合。我們有一個非常慎重的方法來實現這一點。我現在想向大家介紹一下我們在過去幾年為確保股息安全所付出的努力。我想你們已經看到我們做到了。我們的財務狀況非常強勁。這對我們來說至關重要，因為我們正處於轉型的關鍵階段。

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.

您聽到了帕斯卡的評論，相對於我們為資產負債表資本支付的金額以及我們未來管理這些資本的能力，我們對目前的資產負債表狀況感到相當滿意。我不認為我們迫切需要改變目前的軌跡。所以，如果我在等待，我們會等待我們考慮過的其他選擇，以及我們想要如何實現正確的組合。所以我認為到年底您會看到更多消息。正如我所說，董事會正在努力解決這個問題。考慮到我們到達時的市場情況，我不想剝奪他們進行討論並確定他們想要做什麼的自由和空間。

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.

關於這次宕機，我對此感到很沮喪。這很不幸。整個團隊都覺得自己應該要為此負責。我們知道我們可以做得更好。我們已經採取了很多措施，以確保我們在未來做得更好。我相信我們已經做到了。我覺得我們的營運可以比那天早上更好。話雖如此，我為他們在事件發生時的反應方式感到非常自豪。他們處理得和預期的一樣好。事實上，我想你可以在各項指標中看到這一點。你可以看到，我們這個季度的客戶流失率非常非常好。顯然，如果我們沒有正確對待客戶群，就不會有這樣的結果。

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.

就目前業界報告的客戶成長情況而言，我感到很滿意。我確信，由於停電，可能有幾天的業務活動受到了抑制。我認為這可能是以天為單位的，而不是以週或月為單位的。但我們對目前的狀況感到相當滿意。當然，正如您可能猜到的那樣，我們採用了多種調查方法，用於對現有客戶和潛在客戶進行研究。這些指標並沒有顯示任何讓我對已經發生的事情感到擔憂的情況。

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.

我認為我們針對客戶群採取的一些恢復措施是正確的。這些措施大部分已經反映在第一季的財務表現中。根據帳單週期的進展，部分影響會延續到第二季。但您應該已經看到，大部分影響已經透過我們的數據體現出來。我很滿意，我們最終實現了服務收入和利潤率的成長，總體而言，這是一個強勁的季度，這包括我們在信貸方面所做的努力。

And on BEAD?

那麼 BEAD 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.

我覺得沒什麼——西蒙，正如我上個季度所說，我認為BEAD是2025年的問題，而不是2024年的問題。感覺它在州一級的進展並沒有那麼快。而且正如我之前指出的，我很清楚，根據各州的具體處理方式，有些地方我們會更有活力地比賽，有些地方我們會不那麼有活力地比賽。

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.

我可以直截了當地告訴你，目前沒有任何與2024年相關的調整，我們不會再對我們的業績指引或類似內容進行任何修改。我認為，今年我們可能會在2025年討論一些漸進式的舉措，例如如何選擇資本再投資以及我們的發展方向。但在我看來，這些都不是目前最核心的問題。

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

我們的下一個問題來自瑞銀的 John Hodulik。

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，作為對西蒙問題的後續回答，關於資料洩露，這是第二季度的問題，但我只是想確保看看資料外洩是否在本季度初造成了影響。

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率的環境。儘管我們今年稍後可能會推出某種人工智慧設備，您預計這種情況會持續下去嗎？展望今年剩餘時間，這種低流失率的環境是否會為整個產業，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種情況，但除了AT&T和網路環境之外，還有很多事情正在發生。我相信你們顯然都是消費者，並且都看到了正在發生的事情的動態。顯然，我認為，在過去幾個月裡，不法分子的行動已經升級了。如果我退一步來說，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駭客和那些想要對人們施加不良行為的人擁有多麼強大的商業機會，部分原因是，我認為，由於報告要求，我預計你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此次停電非常相似。我沒有從客戶指標或任何正在發生的事情中看到任何跡象表明它會對市場情緒造成長期影響。但這並不意味著我們沒有認真對待此事，也不意味著我們沒有反思2019年發生的事情，並試圖找出其根本原因。這些行動正在進行中。但在我看來，它不會對我們2024年的業務造成任何影響。我們會繼續評估，並繼續努力應對正在發生的動態。

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.

我想說的是，就升級率和客戶流失率而言，正如我上個季度所說，我們看到產業正在逐漸減少。我們預料到了這種情況。我們預計升級率會比去年略有下降。目前我沒有發現任何跡象顯示我們與制定2024年計畫時的預期有偏差。我們可能每個季度都會看到一些波動。我不確定我是否認為設備組合中會發生一些重大變化，在今年下半年發生重大變化。

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.

節慶促銷活動照常進行。節慶期間，個人也會有各種設備和機會來打造特別的商品。但這是我們習以為常的季節性模式。我認為我們會看到一些邊緣事物不斷調整。我只是不相信我們會陷入一個我認為無論如何都不符合常規的周期。

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.

關於我們的定價能力，我將給出我一直以來的答案。我認為這個行業是健康的。正如我之前所說，我們正在擺脫那些推動產業投資創紀錄的政策。我認為，在創紀錄的投資水準之後，所有參與者都會謹慎行事，努力獲得在投資完成後應獲得的相應回報。我看到這種動態正在發生。我知道我們都在關注這一點，我們希望確保從這種資本水準中獲得合理的回報。

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.

從過去幾季的報告來看，我發現其他公司也在做同樣的事情。我們為客戶提供的價值大幅提升。他們使用我們產品的次數增加了30%，每年成長35%。這些網路的效能也越來越好。新的選擇層出不窮，他們也正在利用行動技術來解決問題。因此，人們可以預期，或許有機會改變價值等式，並繼續在某些領域收取少量費用。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.

我們認為某些產品具有這種持久力，而我認為過去幾年我們一直堅持認為有機會做到這一點。我想，我們一直在努力向大家強調，當我們這樣做時，我們會非常謹慎地採取明智的做法。我相信我們的客戶流失率反映出我們在這方面表現得相當出色。我很高興我們能夠提高每位使用者平均收入 (ARPU)，控制利潤率，即使不能提高利潤率，並且繼續在我們認為可以控制價值等式的某些領域採取一些有一定價格的措施。我預計，今年我們將繼續這樣做。

Peter Supino of Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

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?

關於行動業務方面的問題。顯然，合併或分部業績都非常好。從息稅折舊攤銷前利潤（EBIT）的成長來看，它與新增客戶和客戶流失率較低的季度的服務收入成長率相似，這是一件好事，成本也更低。我只是想知道為什麼——成本結構中還發生了什麼變化，導致EBITDA在這樣的季度不會超過服務收入的成長？

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?

然後快速問一下關於商業互聯網廣播 (Internet Air for Business) 的問題。你們打算在全國推廣嗎？還是會像 IA 迄今為止在住宅市場推廣的策略一樣，採取更具區域性的策略？

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 (EBIT) 而言，您指的是包含折舊在內的營業收入，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，我們曾預計，由於愛立信Open RAN交易，我們將加速與先前網路中部分設備相關的折舊，這些設備原本將在較短的線路上進行折舊。這就是您所看到的動態。我對整體費用管理和整體成本狀況感到非常滿意。您可以看到，這體現在我們該業務的EBITDA利潤率成長。

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，正如我在演講中提到的，我們總體上認為「商務互聯網航空」是一款全國性的產品。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，我們預告了一些即將推出的針對商務市場的產品的廣告。這並不意味著它適合所有企業，但我想說的是，它肯定適合每個州。

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.

我們希望確保產品與擁有合適使用特徵的企業相匹配，以便我們能夠提供優質的服務和合適的價值。許多企業都符合這些特徵。而且，許多企業的使用特徵和行為方式與典型的獨戶住宅不同。因此，我們認為這是一個值得投入時間、精力和金錢的好地方。我認為這與我們在產品創立之初的預期以及我們將其推向市場的初衷一致。

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.

約翰，您能否談談目前如何在客戶獲取和客戶留存之間平衡行銷和銷售預算，以及這如何影響AT&T相對於競爭對手的業績？我們常聽到投資人擔心的一個問題是，雖然客戶流失率一直很高，但新增用戶數連續幾季下降。但我認為這至少在某種程度上是戰略問題。所以，如果您能就此談談，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。這是策略的意圖所在。我非常樂意在我認為能夠獲利的地方增加總收入。我認為在某些情況下，我們必須考慮人們為成長支付了多少錢，然後我們還必須考慮總收入，以及如果最終用戶接入網路時支付的費用是這筆收入，那麼這筆收入是否真的有收益。

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.

所以我認為，正如我在開場白中提到的，有些數據最終有點低卡路里。我不太想涉足低卡路里領域。我想確保自己能從高卡路里用戶中獲得公平的份額。這就是為什麼我們專注於服務收入份額，因為它或許是一個更好的基準，可以衡量一家公司是否以正確的方式平衡成長。

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.

想想我們如何平衡預算以及內部運作，你會發現我們非常嚴格地思考這些問題，包括我們瞄準的細分市場、如何擴展這些細分市場以及產品壽命。而且，客戶流失率是投資成長的關鍵驅動因素。我一直都希望客戶流失率更低。我認為這不一定是個壞兆頭。我完全滿意我們目前的現狀。

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，我喜歡我們市場現狀的原因之一，坦白說，我認為這種現狀大概在一年半或兩年前是可持續的。這次電話會議上，大多數人問到的是成長來自哪裡，我一直說成長是均衡的。成長來自很多不同的領域。我們看到它來自商業界的不同領域。而且，我們向大家展示了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.

我們看好住宅市場和消費市場中的進展，也看到了我們未來成長的潛力。因此，我們目前的分銷策略相當均衡，我認為多元化是有益的。多元化使我們的投資組合更加多元化，客戶基礎更加多元化。這也是客戶流失率如此強勁的原因之一。

David Barden of Bank of America.

美國銀行的戴維·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，首先，如果可以的話，我想問一個後續問題。約翰，謝謝你提到我們已經消化了停電的影響。但本季後付費電話的ARPU值明顯下降了約1%多一點。我假設，至少部分（如果不是全部）與信用額度以及按照美國通用會計準則（GAAP）的會計處理有關。所以，帕斯卡，如果我們將信用額度標準化，那麼我們能否從ARPU的實際水準出發，得出一個起點。

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，另一個比較棘手的問題是，Sky Mexico 被賣給了 Televisa，現在情況如何？這會對今年剩餘時間的報道產生什麼影響？

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，這兩個問題我都可以回答。首先，關於後付費手機的ARPU，我假設你指的是環比趨勢，而不是同比，因為我們統計的是同比。關於環比趨勢，有幾點要注意。是的，信貸是一個因素，但它是綜合因素的一部分。我們當時告訴過你，它並不重要。但它仍然是環比趨勢中的一個因素。

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?

另外要注意的是，國際漫遊有季節性，有些時期國際漫遊量會比較高，也會影響ARPU。總的來說，我們對今年ARPU溫和成長的預期非常滿意，所以這方面沒有什麼實質的改變。你的第二個問題是，提醒我了嗎？

Sky Mexico.

墨西哥天空。

Sky Mexico, it's a nonevent.

墨西哥天空電視台，這沒什麼大不了的。

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.

這真的不算什麼，戴夫。我們沒有合併。它是一家權益法核算的被投資公司，對AT&T來說，它不算什麼重大項目。

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...

太好了。如果可以的話，我還有一個後續問題。帕斯卡，您之前說過，我們預期數位電視現金貢獻的年化成長率會下降20%，也就是說，未來會下降20%？是這樣嗎…

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。這也是我們年初給的指引，至今沒有改變。第一季有一些——去年有一些一次性項目。這可能就是你看到同比下降的原因。但我們對之前給予的指引感到滿意，這應該會讓我們達到——戴夫，你還在嗎？

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

我在這裡，我正在聽，我正在聽這一切。

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

是的。好的。所以今年我們預計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 年成長 4.3% 並將其與全年 3% 的預期範圍進行比較時，您能否概括出一些可能發生改變的因素，無論是按部門還是在收入和現金支出之間，只是想思考一下其中的差異？

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?

那麼這可能是一個相關的問題。您能否回顧一下您對 ACP 計劃的了解，以及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.

Mike，謝謝你的提問。首先，就我們分部層級的業績指引而言，相對於年初而言，正如我在評論中提到的，我預計Business Wireline的業績會比我們預想的要差一些，主要是因為傳統語音業務的下滑速度加快，所以預計會下降到15%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，您看到了，我們的行動業務開局強勁，客戶流失率創歷史新低。而消費者有線業務，我的意思是，我們的EBITDA成長超過14%。我們預計，這兩個業務的動態——您在第一季看到的情況，我們預計在今年餘下時間裡也會保持這種成長勢頭。這些業務運作得非常好。過去幾年我們所做的轉型工作，確實為我們在這些業務中實現利潤率成長奠定了基礎。我們對這兩個業務的發展軌跡感到非常樂觀。

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%.

商業有線業務正處於產品轉型的早期階段。我們的光纖收入正在成長，正如約翰所提到的，AT&T Internet Air for Business 也將持續成長。當然，無線業務關係也會成長。但這些成長將被傳統業務的下滑所抵消。我們有信心在今年餘下時間克服這些困難，並保持 3% 左右的成長率。

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，我想我們上個季度就曾表示過，而且現在依然如此，如果ACP真的到期，我們可以順利完成。而且我認為，ACP到期的可能性更大。而且我們無需修改或更改先前給您的指導，就能做到這一點。我們仍然這麼認為。正如您可能猜到的那樣，我們已經啟動了通知客戶並與他們合作的流程。我們不會袖手旁觀。我認為，在許多情況下，我們都能成功找到與客戶維持良好關係的方法，並幫助他們適應各種對他們來說合理的方案。

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.

但我對我們如何使用該計劃感到滿意。我認為我們的使用方式與政策制定者可能希望看到的方式一致，即更多地關注固定寬頻能力。而且我認為，相對於該計劃的設定方式，我們擁有優質的客戶群。這或許可以讓我們幫助其中一些客戶轉向其他服務使用方式，而我們最終這樣做是因為補助即將到期。我認為這不會最終影響我們為您提供的服務，也不會影響我們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?

幾個簡單的內部問題。約翰，我想您剛才談到了行動業務的均衡成長。您提到了一些滲透率較低的細分市場。我希望您能介紹一下這方面的機遇，我認為是行動業務的中小企業、價值型和光纖銷售。您預計這些細分市場的市佔率何時會有所成長？這更像是…我們能在2024年內看到嗎？這需要一些時間來鞏固2025年及以後的業績嗎？

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?

至於BusinessWireline方面，我認為顯然有些人關注EBITDA（息稅折舊攤提前利潤）的趨勢。但您提到正在加速一些成本削減計劃。這些計劃是在20億美元成本削減計劃的框架內實施的嗎？或者我們應該將這些計劃視為該計劃的補充？

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.

我想告訴大家，正如我們之前提到的，我們已經加快了一些正在進行的工作。所以，這些事情很可能會在我們推進的周期後期發生。因此，我們可能會因此獲得一些增量的運行率收益，並且加速我們的預測，但不一定會改變最終結果，我想，我是這樣描述的。

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.

關於我們在確保更有效率運作方面的進展，以及我們在通路分銷方面如何運作，我想說，我們已經取得了一些合理的進展，並且在如何滲透光纖、如何為符合條件的無線用戶提供光纖服務以及如何為符合條件的無線用戶提供光纖服務等方面都取得了一些進展。我對我們在這方面的安排感到非常滿意。我認為，隨著2024年的到來，我們將在這方面取得進展。

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.

我們在商業計劃以及與大家溝通的業績中都預期會在這方面取得進展。我確實認為，現在一切開始朝著正確的方向運作。我們正在努力將自己定位在價值領域。我想說的是，我們在這個領域的發展速度略慢一些，尤其是在將合適的產品線和合適的產品投放到合適的位置方面。我確實預計，隨著今年的推進，我們在這方面會取得進展。

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.

再次強調，我們預期在這方面會取得進展，就我們如何引導對業務表現的預期而言。我們將繼續努力。我想說，當我們發現某些族裔群體的情況時，我們或許可以做得比現在更好一些，這或許也是同樣的說法和事實。我們也會繼續努力。

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?

快速跟進一下麥克關於 ACP 的問題。顯然，AT&T 的接入計劃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機會，可以藉此機會利用 AT&T 的接入，從 ACP 用戶那裡獲得一些市場份額，而這些用戶可能正在從同行流失？或者，您認為這是一個機會，可以稍微向低收入者傾斜，從而隨著時間的推移推動寬頻的普及？

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，我們打算繼續在市場上保留 AT&T 的接取服務，並將繼續積極推廣，嘗試在適當的領域應用它。我認為，我們將繼續看到與 ACP 上線時相同的細分市場，並找到一個有吸引力的接入點。我不知道我們的一些競爭對手是如何利用 ACP 補貼的。我知道自己是怎麼用的。我認為我們利用補貼的方式，我們相信我們抓住了我們認為應該向其提供補貼的正確客戶群體，這些客戶應該獲得 AT&T 的接入服務。

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.

這是否意味著我們會逐步看到更多利多？我不知道。我本能地希望，在我們營運的競爭性市場中，我們的訊息能夠平等地傳達給選擇我們的人和沒有選擇我們的人。所以，我不知道僅僅因為ACP的消失，這種平衡性是否會發生巨大變化。因此，我並不認為會出現強勢轉向AT&T的局面。我希望或預期我們的競爭對手可能會繼續為符合條件的用戶提供某種折扣優惠。因此，我並不預期由此會帶來巨大的轉變。

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，考慮到我稱之為固定寬頻市場的整體狀況，以及我們在該領域的成長情況，我實際上感到非常自豪和安心。這意義非凡。我們剛好達到40%——目前光纖網路的普及率大約是40%。如果你兩年前問我，考慮到我們正在新增和建造的家庭數量，我認為我們能達到這個水平，我可能不會說我們會這麼快就實現。所以我認為我們的目標是保持一如既往的高效運營，並抓住即將到來的良好成長機會。我想你也能從整體業績數據中看到這一點。

Frank Louthan of Raymond James.

雷蒙德詹姆斯公司的弗蘭克洛森。

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?

我想深入談談業務方面。首先，您能否介紹一下您對經濟的整體看法以及您的展望？其次，商業有線業務的最終結局如何？它還在繼續下滑，現在觸底了嗎？您能否將語音業務和其他數據服務的收入分成幾個部分，讓我們了解業務的弱點在哪裡？

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，我不認為──我不會坐在這裡告訴你，我認為商業領域的轉變是由經濟驅動的。我知道關於商業投資和通訊服務領域正在發生的事情已經有一些討論。我完全預料到，會有一些企業四處尋找，然後說：「天哪，我需要找到增量資金來投資人工智慧。」我們都知道，我們所在的公司是如何運作的，有時你會從一家公司拿錢去投資另一家公司。我預計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，商業領域正在發生的事情背後的根本原因很大程度上是由技術驅動的。我想我們早就知道，傳統語音的壽命有限。最終，它將被整合式通訊服務和基於IP的「即服務」功能所取代。我認為，我們看到的是，在疫情期間，改變受到了抑制。無論出於何種原因，人們都不在辦公室。這不是優先事項。人們不想在努力適應不同的混合工作環境的同時，還要忙於調整自己的通訊基礎設施。

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.

現在我們看到這種演變正在加速發展。這其中可能有一些好的商業原因，例如人們正在合理化辦公空間，他們正在遷移辦公地點，他們正在以不同的方式工作，並因此評估他們想要採用的技術。在我看來，這就是為什麼我們看到語音轉型正在加速，以及正在發生的事情。我認為我們將嘗試與您進行更廣泛的合作，而不僅僅是針對特定業務，我們將為您提供透明度和可見性，讓您了解遺留業務中還剩下什麼，以及圍繞這些業務正在發生的事情。

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.

隨著今年的推進，我想我們正在研究一些安排，以便您大致了解那裡正在發生的事情。我理解您想要了解的願望。我認為，我要平衡的是，正如我們今天早上多次強調的那樣，我們目前正在投資的那些領域，我們擁有非常好、強勁、穩健的成長業務。這些成長業務建立在 5G 和光纖的基礎上。而業務的最終目標也沒有什麼不同。我們正在轉型，打造一家擅長將 5G 和光纖銷售給企業，並在企業中銷售 5G 和光纖的公司，不僅僅是在財富 1000 強企業的高端市場，而是在整個市場中。

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，無論對錯，我們賴以生存的領域一直是高端市場。因此，隨著我們轉向中端市場，創造更多收入和份額，我們必須重建一些實力、一些分銷管道以及合適的產品組合來進入高端市場。我們能做到。最終目標是，我們將抓住這個機會，最終透過光纖和5G等基於連接的服務來彌補這一不足。我們正在經歷這個轉變，以實現這一目標。不幸的是，如你所知，一些歷史悠久的語音服務利潤率確實很高。它們正在被利潤率不錯但不如AT&T高的服務取代。

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.

在我們經歷這場轉型的幾個季度裡，這將會有些痛苦。但我堅信，AT&T 品牌在商業領域將擁有極為出色的表現。我們所有的研究都顯示了這一點。我非常有信心，當我們走進企業，與各種規模的企業洽談使用 AT&T 進行無線或固定連接時，我們都會成為他們優先考慮的對象，並能夠贏得這筆業務。而且，正如我在開場白中提到的，我相信，在這種連結的基礎上，還會有新一代的增量服務。我們正在做的動態防禦就是一個很好的例子，它是一種在傳輸基礎上疊加的增量服務，使我們能夠代表客戶清理流量，從而改善他們的安全態勢。

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，由於中端市場缺乏成熟度，缺乏全職員工專注於這些業務，因此這類業務在中端市場可以實現更多。我認為，將我們的能力擴展到這個領域是理所當然的。而且，鑑於我們的品牌影響力、分銷通路能力以及產品製造方式，我長期看好同時涉足固定和無線市場是正確的選擇。

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

我們的最後一個問題來自 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，我只是想聽聽你對固定無線市場的新看法。如果你看看Verizon，他們透過固定無線技術為整體無線市場成長貢獻了1個百分點。 T-Mobile的成長，我想是160個基點。我們看到的廣告，我想，就是你所說的免費無線服務之類的。

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是什麼？如果您能夠獲得一些額外的頻譜，或者甚至利用現有頻譜，正如您從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-Mobile 那樣廣闊的機會？

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.

我想對你問題最後一部分的簡短回答是，我不打算像Verizon和T-Mobile那樣在市場上推廣它。我只是——我坐在場邊觀察，我也看到他們目前正在做一些事情，試圖管理圍繞這些產品組合的動態，這些動態反映了我認為的最終結果，以及我一段時間以來一直在說的話，那就是無線網絡並不是最適合那些每天要觀看數小時視頻的獨戶住宅，並試圖為他們提供每月50美元的產品或服務的最佳場所。

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.

我只是不認為這會為業務帶來長期可持續或健康的回報成長。我一直以來都這麼說，現在仍然如此。正因如此，我們在資本配置中決定加大對光纖的投資，以此為基礎進行投資，我們認為這項投資擁有長期發展前景和長期收益流，並且能夠靈活應對我們所知的、對家庭和企業高性能網絡持續增長的需求。

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，我一直非常明確地表示，固定無線在我們的產品組合中佔有一席之地。我認為我的觀點沒有任何改變，我們的執行方式也沒有任何不同。我從一開始就說過，許多企業並不具備獨棟住宅的特色。因此，固定無線可以是一種真正有效的方式，滿足他們的需求，並以對他們來說合理的價值主張、價格和性能來實現，尤其是當你開始考慮那些同時擁有固定和移動需求的公司時。在這種情況下，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.

我希望積極參與這個市場。我會像我的競爭對手一樣積極地進軍這個市場，在全國範圍內盡可能地爭取任何商業客戶。我認為，考慮到我們在頻譜投資和光纖投資之間如何分配資本，這是一個能夠增加利潤的決定。

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，我會在某些領域應用這項技術。我舉了幾個具體的例子。在一些地方，我們擁有良好的銅線DSL基礎，但我們正在部署光纖。在某些情況下，固定無線的效能比我們的銅線網路更好。我們知道，距離光纖部署還有12個月到18個月的時間，我們可能會希望留住一些客戶，為他們提供更好的服務。我們會將其作為一種橋接或留住策略，用於那些對我們來說很重要的客戶。我們將繼續盡可能地使用這項技術。

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.

我之前表示，我們會利用這個機會減少覆蓋範圍。所以，如果我擁有少量資料客戶，我需要讓他們脫離我最終想要關閉的固定基礎設施，因為這樣我就可以拒絕那些固定網路利用率低、利潤低的地區。我可以關掉這些設施，走開，降低成本。我會這麼做的。我也說過，在一些特定市場，我們的行動滲透率較低，而我們的頻譜地位較高。我們可能會選擇在這些市場進行一些增量行銷，正如您所說，以爭取一些我們認為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.

這就是團隊圍繞這一目標的運作方式。但最終，當所有這些策略整合在一起時，我認為你不會看到我們採取與兩個競爭對手相同的態勢，因為我們的態勢不同。我們正在投資光纖。我不認為我進入市場只是為了購買頻譜，以便改變我剛才向你描述的營運態勢。

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

好的。謝謝大家的參與。接線員，您可以結束通話了。

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，今天的電話會議到此結束。我謹代表今天的專家小組，感謝您參加今天的收益電話會議，並感謝您使用我們的服務。祝您擁有美好的一天。現在您可以斷開連線了。