AT&T Inc (T) 2024 Q2 法說會逐字稿

Thank you for standing by. Welcome to AT&T's second-quarter 2024 earnings call. (Operator Instructions) And as a reminder, this conference is being recorded.

謝謝你的支持。歡迎參加 AT&T 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference call over to your host, Brett Feldman, Senior Vice President of Finance and Investor Relations. Please go ahead.

現在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 second 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。歡迎致電我們的第二季。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're 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 in 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。它表示，我們今天的一些評論可能是前瞻性的，因此它們受到 AT&T 向 SEC 文件中描述的風險和不確定性的影響。結果可能存在重大差異。更多資訊以及我們的收益資料可在投資者關係網站上找到。

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

這樣，我會將電話轉給約翰·斯坦基。約翰？

Thank you, Brett. I appreciate you joining the call. Hard to believe we are already halfway through the year, but we are and our team delivered solid second quarter results as we continued to grow the right way by efficiently adding high-value wireless and broadband subscribers.

謝謝你，布雷特。感謝您加入通話。很難相信今年已經過去一半了，但我們和我們的團隊在第二季度取得了穩健的業績，因為我們透過有效增加高價值無線和寬頻用戶繼續以正確的方式成長。

Our strong start to the year is built on the foundation of what our team has accomplished over the past four years. As a result of this hard work, we're now repositioned around our connectivity strengths. This puts us on a clear path to becoming the leading provider of converged 5G and fiber services.

我們今年的強勁開局是建立在我們團隊過去四年所取得的成就的基礎上的。經過這些努力，我們現在圍繞著我們的連接優勢進行了重新定位。這為我們成為融合 5G 和光纖服務的領先供應商奠定了明確的基礎。

Since Pascal will go through the quarter in detail, I'd like to spend some time highlighting how our team's execution of our investment-led strategy is driving consistent results. In mobility, we delivered 419,000 postpaid phone net adds in the second quarter and 768,000 during the first half of the year. This put us modestly ahead of last year's pace despite ongoing wireless market normalization, and we're not just growing customers.

由於帕斯卡將詳細介紹本季度，我想花一些時間強調我們的團隊執行投資主導策略如何推動一致的結果。在行動領域，我們第二季新增了 419,000 部後付費電話網絡，上半年新增了 768,000 部後付費電話。儘管無線市場正在正常化，但這使我們略微領先去年的步伐，而且我們不僅僅是在成長客戶。

Our mobility EBITDA grew by more than 5% in the second quarter, driven by more than 3% growth in service revenue and 100 basis points of service margin expansion. We're delivering consistent results by keeping the customer, the center of everything we do. It's a winning play that we continue to run.

在服務收入成長超過 3% 和服務利潤率擴張 100 個基點的推動下，第二季度我們的行動 EBITDA 成長超過 5%。我們將客戶作為我們一切工作的中心，從而提供一致的結果。這是我們繼續進行的勝利之舉。

The efficient first half growth we achieved in our mobility business positions us well for the back half of the year when we expect higher activity levels driven by the availability of new devices and features, seasonal purchasing activity and promotional cycles.

上半年我們的行動業務實現了高效成長，這為我們下半年的發展奠定了良好的基礎，我們預計新設備和功能的推出、季節性採購活動和促銷週期將推動更高的活動水平。

In consumer wireline, we added broadband subscribers for the fourth consecutive quarter, driven by consistent growth in AT&T Fiber and early success with AT&T Internet Air. Once again, this story is about growing both customers and profitability as our consumer wireline business delivered more than 7% EBITDA growth during the second quarter. This was driven by approximately 18% growth in fiber revenues and improved operating leverage as we transition from legacy networks to advanced broadband infrastructure.

在消費有線領域，我們連續第四個季度增加了寬頻用戶，這得益於 AT&T Fiber 的持續成長以及 AT&T Internet Air 的早期成功。我們的消費者有線業務在第二季度實現了超過 7% 的 EBITDA 成長，因此這個故事再次涉及客戶和獲利能力的成長。這是由於光纖收入成長了約 18%，並且隨著我們從傳統網路過渡到先進的寬頻基礎設施，營運槓桿也有所提高。

While some portions of our business are still being pressured as customers transition off legacy voice and data services, our significant investment in 5G and fiber and consistent execution is driving durable growth across the large majority of our business. I expect this performance to continue putting this on track to deliver on our full year financial guidance.

雖然隨著客戶放棄傳統語音和數據服務，我們的某些業務仍然面臨壓力，但我們對 5G 和光纖的大量投資以及一致的執行正在推動我們大部分業務的持久增長。我預計這項業績將繼續推動我們實現全年財務指引。

Durable trends in 5G and fiber are being driven by more than the solid individual execution within each business. We believe the success of our fiber business is driving growth in mobility and vice versa as consumers increasingly prefer to purchase mobility and broadband together as a converged service. For example, today, nearly 4 out of every 10. AT&T fiber households also choose AT&T as their wireless provider. As a result, our share of postpaid phone subscribers within the AT&T Fiber footprint is about 500 basis points higher than our national average.

推動 5G 和光纖持久趨勢的不僅是每個企業內部紮實的個人執行力。我們相信，我們光纖業務的成功正在推動行動性的成長，反之亦然，因為消費者越來越喜歡將行動性和寬頻作為融合服務一起購買。例如，如今，近十分之四的 AT&T 光纖家庭也選擇 AT&T 作為其無線供應商。因此，我們在 AT&T Fiber 覆蓋範圍內的後付費電話用戶份額比全國平均高出約 500 個基點。

In our Fiber business, we continue to achieve key penetration milestones faster than we anticipated and considerably faster than the fiber providers that do not operate wireless networks based on publicly available data. A key reason for this strong performance is our ability to sell fiber to our mobile customers.

在我們的光纖業務中，我們繼續以比我們預期更快的速度實現關鍵滲透里程碑，並且比不基於公開資料運營無線網路的光纖供應商快得多。取得如此強勁業績的一個關鍵原因是我們有能力向行動客戶銷售光纖。

Additionally, we're able to reach new broadband customers through our substantial mobile distribution channel. The key point here is that our proven ability to drive higher share in both mobility and broadband through converged service penetration is the true benefit of owning and operating both 5G and fiber networks at scale.

此外，我們還能夠透過我們龐大的行動分銷管道吸引新的寬頻客戶。這裡的關鍵點是，我們已經證明有能力透過整合服務滲透來推動行動和寬頻領域更高的份額，這是大規模擁有和營運 5G 和光纖網路的真正好處。

Over time, we expect this to drive greater returns on invested capital in both our mobility and broadband businesses than either would be expected to achieve as stand-alone operations. While our convergence strategy began with a focus on our own fiber footprint, we also see attractive opportunities to expand the availability of AT&T Fiber in our converged offers outside of it.

隨著時間的推移，我們預計這將為我們的行動和寬頻業務帶來比單獨業務預期實現的更高的投資回報。雖然我們的融合策略始於我們自己的光纖足跡，但我們也看到了在我們的融合產品中擴展 AT&T Fiber 可用性的誘人機會。

This includes the continued scaling of our Gigapower joint venture and through capital light arrangements with other providers of commercial open access fiber networks. We expect the continued expansion of AT&T's fiber, both in footprint and outside of it will enable us to drive significant growth with converged customers.

這包括繼續擴大我們的 Gigapower 合資企業規模，並透過與其他商業開放接入光纖網路供應商的輕資本安排。我們預計 AT&T 光纖的持續擴張（無論是在覆蓋範圍內還是在其外部）將使我們能夠推動融合客戶的顯著成長。

Ultimately, our convergence strategy closely aligns with our primary focus over the last four years, growing in a durable, sustainable and efficient way. We still have a lot to accomplish as we execute the strategy, but I am encouraged by our momentum and see a long runway of growth with 5G and Fiber together.

最終，我們的融合策略與我們過去四年的主要關注點緊密結合，以持久、可持續和高效的方式發展。在執行該策略時，我們還有很多工作要做，但我對我們的勢頭感到鼓舞，並看到 5G 和光纖的共同發展將帶來漫長的發展。

More importantly, I like the distance between us and our competitive set with respect to our positioning to organically address more customers more profitably.

更重要的是，我喜歡我們與競爭對手之間的距離，因為我們的定位是有機地為更多客戶提供更多利潤。

Our commitment to our investment-led strategy has played a pivotal role in our success and made AT&T, the largest capital investor in the US connectivity infrastructure since 2019. In addition to our ongoing network investment, we continue to reduce our net debt leverage due to a combination of higher EBITDA and growing free cash flow.

我們對投資主導策略的承諾在我們的成功中發揮了關鍵作用，並使AT&T 成為自2019 年以來美國連接基礎設施最大的資本投資者。槓桿，因為更高的 EBITDA 和不斷增長的自由現金流的結合。

We expect these trends to continue and remain on pace to meet our target of net debt to adjusted EBITDA in the 2.5 times range in the first half of next year. This should provide us with greater financial flexibility to support sustained investment and growth as well as enhanced shareholder returns. We're excited about what all this means for the future of AT&T.

我們預計這些趨勢將持續下去，並保持步伐，以實現明年上半年淨債務與調整後 EBITDA 比率在 2.5 倍範圍內的目標。這將為我們提供更大的財務靈活性，以支持持續投資和成長以及提高股東回報。我們對這一切對 AT&T 的未來意味著什麼感到興奮。

And given that our direction remains constant and our performance consistent, I'm going to avoid belaboring what we've been discussing for a number of quarters now and turn it over to Pascal. Pascal?

鑑於我們的方向保持不變，我們的表現也保持一致，我將避免重複我們幾個季度以來一直在討論的內容，並將其交給帕斯卡。帕斯卡？

Thank you, John, and good morning, everyone. Let's start by reviewing our second quarter financial summary on slide 7. Second quarter results were in line with our expectations with revenues down slightly as the decline in Business Wireline Service revenue and low margin mobility equipment revenues offset growth in higher margin wireless service revenues and fiber.

謝謝約翰，大家早安。讓我們先回顧一下幻燈片7 上的第二季財務摘要。光纖收入的成長。

Adjusted EBITDA was up 2.6% for the quarter as growth in mobility, consumer wireline and Mexico, which collectively drove more than 80% of our total revenue in the quarter were partially offset by continued declines in business wireline.

本季調整後 EBITDA 成長 2.6%，原因是行動、消費者有線和墨西哥的成長（這些業務合計占我們本季總收入的 80% 以上）的成長被商業有線的持續下降部分抵消。

In the first half, adjusted EBITDA grew 3.4%, and we continue to expect adjusted EBITDA growth in the 3% range for the full year. Adjusted EPS was $0.57 compared to $0.63 in the year ago quarter. Consistent with 1Q the quarter include about $0.09 of aggregated EPS headwinds from the four items we discussed earlier this year.

上半年，調整後 EBITDA 成長 3.4%，我們繼續預期全年調整後 EBITDA 成長在 3% 範圍內。調整後每股收益為 0.57 美元，去年同期為 0.63 美元。與第一季一致，本季包括我們今年稍早討論的四個項目帶來的每股收益總計約 0.09 美元的不利因素。

For the full year, our expectations remain for adjusted EPS in the range of $2.15 to $2.25. We generated second quarter free cash flow of $4.6 billion, up nearly $400 million year-over-year. This is the result of sustained growth in adjusted EBITDA improved conversion of EBITDA to free cash flow and lower capital investment.

對於全年而言，我們預計調整後每股收益仍然在 2.15 美元至 2.25 美元之間。第二季我們產生了 46 億美元的自由現金流，年增近 4 億美元。這是調整後 EBITDA 持續成長、EBITDA 向自由現金流轉換率提高以及資本投資降低的結果。

Capital investment for the quarter was $4.9 billion, down $1 billion compared to the prior year, primarily as a result of lower payments for vendor financing. Capital expenditures were $4.4 billion, up approximately $100 million compared to the prior year. We remain on track for capital investments in the $21 billion to $22 billion range for the year with higher spending in the back half of the year as we ramp our wireless network monetization. The quarter also included lower net impact from securitization of $1.5 billion relative to last year's second quarter.

該季度的資本投資為 49 億美元，比去年同期減少 10 億美元，主要是由於供應商融資付款減少。資本支出為 44 億美元，比上年增加約 1 億美元。我們今年的資本投資仍將維持在 210 億至 220 億美元的範圍內，隨著我們提高無線網路貨幣化程度，下半年的支出將會增加。與去年第二季相比，本季證券化的淨影響減少了 15 億美元。

Now let's look at our Mobility operating results on slide 8. For the quarter, we delivered 419,000 postpaid phone net adds, up from 326,000 a year ago. This improvement was driven by a 9 basis points decline in churn to 0.70%. We grew mobility service revenues by 3.4%, driven by strong execution and our balanced go-to-market strategy.

現在讓我們來看看幻燈片 8 上的行動營運表現。這項改善是由於客戶流失率下降了 9 個基點至 0.70%。在強大的執行力和平衡的上市策略的推動下，我們的出行服務收入成長了 3.4%。

Postpaid phone ARPU was $56.42, up 1.4% year-over-year, largely driven by higher RPU on legacy plans. As expected, service revenue growth was partially offset by lower equipment revenues with a postpaid upgrade rate of 2.9%, which was down slightly from 3.1% last year.

後付費電話 ARPU 為 56.42 美元，年增 1.4%，主要是由於傳統方案的 RPU 較高。如預期，服務收入的成長被設備收入的下降部分抵消，後付費升級率為 2.9%，略低於去年的 3.1%。

For the year, we continue to expect modest postpaid phone RPU growth and mobility service revenue growth in the 3% range. Mobility EBITDA of $9.2 billion grew 5.3% or by more than $450 million year-over-year as we converted over 85% of our service revenue growth into EBITDA.

今年，我們繼續預期後付費電話 RPU 成長和行動服務收入將成長在 3% 範圍內。行動業務 EBITDA 為 92 億美元，年成長 5.3%，超過 4.5 億美元，因為我們將超過 85% 的服務收入成長轉化為 EBITDA。

During the first half of 2024, Mobility EBITDA grew 6.1%, and we continue to expect mobility EBITDA growth in the higher end, the mid single digit range for the full year. As John noted during his remarks, our Mobility outlook anticipates higher activity levels in the back half, consistent with seasonal trends.

2024 年上半年，行動業務 EBITDA 成長 6.1%，我們繼續預期全年行動業務 EBITDA 成長處於較高水平，即中等個位數範圍。正如約翰在演講中指出的那樣，我們的移動前景預計下半年的活動水平將會更高，這與季節性趨勢一致。

In particular, we anticipate higher marketing spend in the third quarter compared to last year. We also expect to see greater benefits from our announced pricing actions in 4Q versus 3Q. Based on our strong subscriber and EBITDA growth through the first half of the year, we believe our mobility business is well-positioned to capitalize on a more dynamic wireless market in the back half while achieving our financial targets.

特別是，我們預計第三季的行銷支出將高於去年。我們也預期第四季宣布的定價行動將比第三季帶來更大的好處。基於我們上半年用戶和 EBITDA 的強勁成長，我們相信我們的行動業務處於有利位置，可以利用下半年更加活躍的無線市場，同時實現我們的財務目標。

Now let's move to consumer wireline on slide 9. Our growth in consumer wireline was once again led by fiber subscriber growth, which has consistently yielded strong returns. Overall, we added 52,000 total broadband subscribers in the quarter. This is the fourth consecutive quarter of positive broadband net gains. And we expect this trend to continue.

現在讓我們轉向幻燈片 9 上的消費者有線業務。總體而言，本季寬頻用戶總數增加了 52,000 名。這是寬頻淨收益連續第四個季度實現正成長。我們預計這種趨勢將持續下去。

Where we have fiber, we win and we added 239,000 AT&T fiber subscribers in the quarter. Our 2Q AT&T Fiber net adds are consistent with the three primary drivers of quarterly net adds variability that we've previously shared. These are the pace at which we put new fiber locations into service, which is the largest variable in any given quarter as new inventory we're able to serve can fluctuate.

只要有光纖，我們就能獲勝，本季我們增加了 239,000 名 AT&T 光纖用戶。我們的第二季 AT&T Fiber 淨增加量與我們先前分享的季度淨增加量變化的三個主要驅動因素一致。這些是我們將新光纖站點投入服務的速度，這是任何特定季度最大的變量，因為我們能夠提供服務的新庫存可能會波動。

Second, overall broadband market dynamics, which have remained fairly stable. And finally, typical seasonality. We expect these to remain the primary drivers of quarterly trends in AT&T's fiber net adds in the back half of the year.

其次，整體寬頻市場動態保持相當穩定。最後，典型的季節性。我們預計這些仍將是今年下半年 AT&T 光纖網路新增季度趨勢的主要驅動力。

And as a reminder, the third quarter typically has favorable seasonality relative to the second quarter. We now passed nearly 28 million consumer and business locations with fiber. And remain on track to surpass 30 million-plus fiber locations by the end of 2025.

提醒一下，第三季相對於第二季通常具有有利的季節性。現在，我們已透過光纖覆蓋了近 2800 萬個消費者和企業地點。到 2025 年底，光纖站點數量將可望超過 3,000 萬個。

As we've stated before, the better than expected returns we're seeing on our fiber investments potentially expands the opportunity to go beyond our initial build targets by roughly 10 to 15 million additional locations.

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建設目標約 10 至 1500 萬個額外地點的機會。

This assumes similar growth parameters and a regulatory environment that remains attractive to building infrastructure. We are also encouraged by the early performance of AT&T Internet Air and our success in proactively migrating customers with legacy copper-based Internet connections onto this fixed wireless service.

這假設了類似的成長參數和對基礎設施建設仍然有吸引力的監管環境。我們也對 AT&T Internet Air 的早期表現以及我們主動將使用傳統銅線互聯網連接的客戶遷移到此固定無線服務的成功感到鼓舞。

We now have AT&T in that area parts of 137 markets with nearly 350,000 total consumer subscribers, including 139,000 added during the quarter. Second quarter broadband revenues grew 7% due to strong fiber revenue growth of approximately 18%.

目前，AT&T 已在該地區 137 個市場的部分地區擁有近 35 萬名消費者訂戶，其中本季新增 13.9 萬名。由於光纖收入約 18% 的強勁成長，第二季寬頻營收成長了 7%。

For the full year, we continue to expect broadband revenue growth of 7%-plus. Fiber RPU of $69 was up $2.30 year-over-year, with intake RPU remaining above $70. Consumer Wireline EBITDA grew 7.1% as growth in broadband revenues and ongoing cost transformation continued to improve profitability. We still expect Consumer Wireline EBITDA to grow in the mid to high single digit range this year.

我們繼續預計全年寬頻收入將成長 7% 以上。纖維 RPU 為 69 美元，年增 2.30 美元，攝取 RPU 仍高於 70 美元。由於寬頻收入的成長和持續的成本轉型持續提高獲利能力，消費者有線 EBITDA 成長了 7.1%。我們仍預期今年消費有線 EBITDA 將在中高個位數範圍內成長。

Now let's cover business wireline on slide 10. Business Wireline EBITDA was down 13.9% due to continued industry-wide secular declines in legacy voice services, consistent with the trends we discussed last quarter. The reported decline in EBITDA slightly improved in 2Q versus the first quarter. This primarily represents benefits from favorable timing of anticipated items and early traction on cost-saving initiatives.

現在讓我們來討論幻燈片 10 上的商業有線業務。報告稱，第二季 EBITDA 下降幅度較第一季略有改善。這主要體現了預期專案的有利時機和成本節約計劃的早期牽引帶來的好處。

Looking into the back half of the year. I want to remind you that we benefited from approximately $100 million of IP sales in the third quarter of last year that are not expected to recur next quarter. So the year-on-year trend in Business Wireline EBITDA is likely to see some pressure in 3Q before improving in 4Q as comparisons ease.

展望下半年。我想提醒您的是，我們從去年第三季約 1 億美元的 IP 銷售中受益，預計下季不會再發生這種情況。因此，隨著比較的緩和，美國商業資訊 EBITDA 的年比趨勢可能會在第三季面臨一些壓力，然後在第四季有所改善。

Also, I'd like to note that 2Q results include less than one month of revenues from our cyber security business prior to deconsolidating its operations into a joint venture. On average this low margin business contributed about $100 million in quarterly revenue.

另外，我想指出的是，第二季的業績包括我們的網路安全業務在將其業務拆分為一家合資企業之前不到一個月的收入。平均而言，這項低利潤業務貢獻了約 1 億美元的季度收入。

The key point is that business wireline is performing in line with the outlook we provided last quarter. So for the full year, we still expect Business Wireline EBITDA declines in the mid-teens range. While near term declines in legacy voice revenues are likely to [weigh] on Business Wireline EBITDA trends for the remainder of the year.

關鍵是商業有線的表現與我們上季度提供的前景一致。因此，就全年而言，我們仍預計美國商業資訊 EBITDA 的下降幅度將在十幾歲左右。雖然傳統語音收入的近期下降可能會影響美國商業資訊公司今年剩餘時間的 EBITDA 趨勢。

Our 5G and fiber expansion continue to present attractive growth opportunities in Business Solutions. This includes sustained growth in FirstNet, which now has more than 6 million total connections. Similarly, we're excited about the potential we have with emerging growth products like AT&T Internet Air for business, which we launched nationwide and dynamic defense.

我們的 5G 和光纖擴張繼續為商業解決方案帶來有吸引力的成長機會。其中包括 FirstNet 的持續成長，目前總連線數已超過 600 萬。同樣，我們對 AT&T Internet Air 等新興成長產品的潛力感到興奮，我們在全國推出了動態防禦。

Now let's move to slide 11 for an update on our capital allocation strategy. Our approach to capital allocation remains consistent and deliberate. We're successfully balancing efficient growth with long-term investments in delivering converged network services to more customers, paying down debt and returning value to shareholders, remains focused on deleveraging and have reduced our net debt by about $2 billion year-to-date.

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保持一致且經過深思熟慮。我們成功地平衡了高效成長與長期投資，為更多客戶提供整合網路服務、償還債務並為股東回報價值，仍然專注於去槓桿化，今年迄今已將淨債務減少了約 20 億美元。

At the end of June, net debt to adjusted EBITDA was below 2.9 times, and we're making steady progress on achieving our target in the 2.5 times range in the first half of 2025. We continue to address near-term maturities with cash on hand. And this quarter, we repaid $2.2 billion of long-term debt maturities.

截至 6 月底，淨債務與調整後 EBITDA 比率低於 2.9 倍，我們正在穩步推進，以實現 2025 年上半年 2.5 倍範圍內的目標。本季度，我們償還了 22 億美元的長期債務到期日。

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 a weighted average rate of 4.2%. In addition to paying down debt we reduced direct supplier and vendor financing obligations by about $700 million versus the first quarter.

展望未來，我們的債務期限非常可控，而且我們處於有利地位，超過 95% 的長期債務是固定的，加權平均利率為 4.2%。除了償還債務外，我們還比第一季減少了約 7 億美元的直接供應商融資義務。

Additionally, the second quarter net impact from securitization facilities was a $700 million use of cash. These efforts highlight the improving quality of free cash flow we're delivering. We expect to continue reducing our aggregate net balance of direct supplier and vendor financing on a year-over-year basis, which should lower our interest expense and continue to improve cash flow ratability over time.

此外，第二季證券化工具的淨影響是現金使用量為 7 億美元。這些努力凸顯了我們正在提供的自由現金流品質的提升。我們預計將繼續同比減少直接供應商和供應商融資的淨餘額總額，這將降低我們的利息支出，並隨著時間的推移繼續提高現金流比率。

DIRECTV distributions in the quarter were about 740 million and we continue to expect DIRECTV cash distributions to decline at a similar rate to 2023 or by about 20% annually. We generated $4.6 billion of free cash flow in the quarter and $7.7 billion in the first half of the year. Free cash flow was up $2.5 billion compared to the first half of last year, which is consistent with our goal of driving more ratable free cash flow.

本季 DIRECTV 分配額約為 7.4 億，我們繼續預期 DIRECTV 現金分配額將以與 2023 年類似的速度下降，即每年下降約 20%。我們本季產生了 46 億美元的自由現金流，上半年產生了 77 億美元。與去年上半年相比，自由現金流增加了 25 億美元，這與我們推動更多可評估自由現金流的目標是一致的。

Looking into the second half of the year, we expect cash taxes to be about $1 billion higher compared to the second half of last year. We also expect to incur a one-time payment of $480 million in the third quarter related to our wireless network transformation. Overall, we're on pace to deliver on our full year free cash flow guidance in the $17 billion to $18 billion range.

展望今年下半年，我們預計現金稅將比去年下半年增加約 10 億美元。我們也預計第三季將支付與無線網路轉型相關的一次性付款 4.8 億美元。總體而言，我們正在努力實現 170 億至 180 億美元範圍內的全年自由現金流指引。

To close. I'm very pleased with our team's performance in the first half of the year, and we're on pace to deliver on all of our full year financial guidance.

關閉。我對我們團隊今年上半年的表現非常滿意，我們正在努力實現所有全年財務指導。

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。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Great. Thanks, guys. A couple of I could. First, John, you talked about higher activity levels in the second half in wireless. And obviously, there's a lot of concern about upgrade rates with the new iPhone. I mean, are the comments you made just a function of sort of typical seasonality? Are you expecting a sort of a new upgrade sort of initiate? And what does that mean, for the levels of churn? We've been saying and profitability and sort of overall competition in the sense, that's number one.

偉大的。多謝你們。幾個我可以。首先，約翰，您談到下半年無線領域的活動量較高。顯然，人們對新 iPhone 的升級率有很多擔憂。我的意思是，您發表的評論只是典型季節性的函數嗎？您是否期待某種新的升級啟動？對於客戶流失程度而言，這意味著什麼？我們一直在說，從某種意義上說，獲利能力和整體競爭是第一位的。

And then number two you had some comments about Gigapower and the potential open access relationships. As it relates to Gigapower, any color you can give us on how that relationship or partnership is doing in terms of rollout and customer uptake? And then is there room for more of these relationships, since other third party open access providers? Are you talking to anyone else and how could they have that opportunities?

第二，您對 Gigapower 和潛在的開放取用關係有一些評論。就 Gigapower 而言，您能為我們介紹一下這種關係或合作關係在推出和客戶吸收方面的表現嗎？那麼，除了其他第三方開放獲取提供者之外，還有更多此類關係的空間嗎？您是否正在與其他人交談，他們怎麼可能有這樣的機會？

Good morning, John, how are you? So on your first question, -- first, I would start out by saying whatever happens going forward, we've been focused on ensuring that we tried to set up the business to respond to what the customer wants to do with their accounts and keep that a focus of what we think our strategy ought to be and how we go to market.

早安，約翰，你好嗎？因此，關於你的第一個問題，首先，我首先要說的是，無論未來發生什麼，我們一直致力於確保我們嘗試建立業務來回應客戶想要對其帳戶執行的操作，並保持這是我們認為我們的策略應該是什麼以及我們如何進入市場的重點。

And I think it's important to understand that whatever happens going forward is going to be a factor of how customers decide to do things. And I think we'll be positioned as a company to deal with that either way. There is seasonality. First of all, as you know, when we get into a new device cycle coming out from typically one of the handset providers. There's a little bit of a suppression effect that occurs a month or two before they go to market and then there's a increase in acceleration that occurs. And as you heard both Pascal and I talk about, we've expected that cycle is going to continue. And I think we're in a good position with our guidance to, be able to adjust it whichever way it goes.

我認為重要的是要明白，無論未來發生什麼，都將成為客戶決定如何做事的因素。我認為我們將作為一家公司來處理這兩種情況。有季節性。首先，如您所知，當我們進入通常來自手機提供者之一的新設備週期時。在上市前一兩個月，會出現一些抑制效應，然後加速效應就會增加。正如您聽到帕斯卡和我談論的那樣，我們預計這種循環將繼續下去。我認為我們處於有利的位置，有我們的指導，能夠以任何方式進行調整。

I've looked at some of the notes that have been written recently about sizing and looking at this particular dynamic. And I think that they're directionally consistent. When you start thinking about the reality of it, we have accounts that have discrete handsets that mature in their cycles at different times.

我查看了最近撰寫的一些關於規模調整和研究這一特定動態的註釋。我認為它們的方向是一致的。當你開始思考現實時，我們的客戶擁有不同時間成熟週期的獨立手機。

You typically don't have an entire account list and how we built our customer base that gets to a upgrade cycle all at the same time. So we're able to kind of look at history and understand a little bit about it. And if the customer decides that there's meaningful features on the new devices, we're going to respond to it. We're going to deal with it, but I feel like we're in pretty good shape to make that happen one way or another.

您通常沒有完整的帳戶清單以及我們如何建立同時進入升級週期的客戶群。因此，我們能夠回顧歷史並對其有所了解。如果客戶認為新設備上有意義的功能，我們就會做出回應。我們會解決這個問題，但我覺得我們的狀態非常好，可以以某種方式實現這一目標。

Now whether or not, there is something more compelling in this cycle. Frankly, none of us know exactly what's going to kind of. We do have some reference points. There have been other AI devices that have come into the handset ecosystem over the last couple of months. I haven't seen anything in them that suggests to me it's going to cause customers to immediately say this is world changing for them. But it doesn't mean that somebody doesn't unlock the key at some point. Typically these feature enhancements take one or two cycles to get them right and ultimately bring them forward. But time will tell remains to be seen.

不管是否，這個週期中有一些更引人注目的東西。坦白說，我們都不知道接下來會發生什麼事。我們確實有一些參考點。在過去的幾個月裡，還有其他人工智慧設備進入了手機生態系統。我沒有在其中看到任何跡象表明這會導致客戶立即說這對他們來說是世界的改變。但這並不意味著有人在某個時刻沒有解鎖鑰匙。通常，這些功能增強需要一兩個週期才能使其正確並最終向前推進。但時間會證明一切還有待觀察。

I would also say that there's a lot of ways you can experience AI without having to necessarily change out hardware per se. I mean, we're already seeing that in ways that AI is implemented into search and browsers and things like that.

我還想說，您可以透過多種方式體驗人工智慧，而無需更換硬體本身。我的意思是，我們已經看到人工智慧在搜尋和瀏覽器等領域的應用方式。

So how customers get comfortable with it? And start to adopt it. We'll watch and I think we'll go through the cycle on that. There's a little bit of spike at the front end and then it slows down a little bit later. We've been through those cycles before and we'll do fine. Pascal, I don't know if you want to add anything to that,

那麼如何讓客戶滿意呢？並開始採用它。我們會觀察，我想我們會對此進行循環。前端有一點尖峰，然後慢慢減慢。我們以前經歷過這些週期，我們會做得很好。帕斯卡，我不知道你是否想補充什麼，

John, I would just add one thing. When you look at our performance for the overall company as well as mobility, we are running ahead halfway through the year, the full year guidance that we gave. And so whatever the environment is, I feel like we are incredibly well positioned for it.

約翰，我只想補充一件事。當你看到我們整個公司的表現以及流動性時，你會發現我們在今年的半年中領先，這是我們給予的全年指導。因此，無論環境如何，我覺得我們都處於非常有利的位置。

On your question about where we are with Gigapower, I'm going to defer the answer to your question. I planned, I think I told you when we started this, -- I mean, -- good insight and transparency on the data to the investment community around how we perform and I kind of put a benchmark out there and we did that. That said, we needed 18 months to go through what I consider to be a reasonable cycle of investment.

關於您關於 Gigapower 的進展的問題，我將推遲回答您的問題。我計劃，我想我在我們開始時就告訴過你，我的意思是，對投資界關於我們表現的數據有良好的洞察力和透明度，我在那裡設立了一個基準，我們做到了。也就是說，我們需要 18 個月的時間來經歷我認為合理的投資週期。

Turning the product up getting into markets and penetrating and giving an data to understand how we're performing. And we will be at that point, right about it [communi Copia] And I expect they'll probably spend a little bit of my time at that session giving you the kind of insight you'd like. And I would tell you I'm looking forward to that opportunity to have that conversation.

將產品推向市場並滲透並提供數據以了解我們的表現。我們將在這一點上，正確地討論它 [communi Copia]，我希望他們可能會在該會議上花費我的一點時間，為您提供您想要的那種見解。我想告訴你，我很期待有機會進行這樣的對話。

And my belief is we have a lot of opportunity to grow profitably on Fiber and convergence in a variety of different models, and it's go back to the remarks, I just made. We understand how to sell both products together, number one. And I think as I move around the industry, one of the things I pick up I'm being shared with those that we can partner with is I think people notice that we seem to have a formula that's different in its capabilities and its effectiveness then maybe what they see occurring in other pockets around the United States.

我的信念是，我們有很多機會在光纖和各種不同模式的融合上實現盈利增長，這又回到了我剛剛發表的言論。第一，我們了解如何一起銷售這兩種產品。我認為，當我在這個行業中移動時，我與那些我們可以合作的人分享的一件事是，我認為人們注意到我們似乎有一個在功能和有效性方面與當時不同的公式也許他們看到美國其他地區正在發生的事情。

And so I think we are acknowledged as being pretty confident in this area. And I'd like to press my bets in that regard. And we've done things such as you as you would expect, we do. One, we're not selling fixed wireless broadly across the footprint. So I think our competitive positioning with partners looks a little bit different than some.

因此，我認為我們在這一領域被認為非常有信心。我願意在這方面下注。我們已經完成了您所期望的事情，我們確實做到了。第一，我們不會在整個地區廣泛銷售固定無線網路。因此，我認為我們與合作夥伴的競爭定位看起來與某些合作夥伴有點不同。

Two, because we did Gigapower. We built a back office for Gigapower that already has a wholesale relationship structure that works with AT&T and the Gigapower entity work. We make that available to others. And if somebody wants to use that infrastructure and use that as a means to jointly market our products and services where our wireless can help their fixed assets. We view that as being a very helpful dynamic as somebody who's trying to get scale.

第二，因為我們做了 Gigapower。我們為 Gigapower 建立了一個後台辦公室，該辦公室已經擁有與 AT&T 和 Gigapower 實體合作的批發關係結構。我們將其提供給其他人。如果有人想使用該基礎設施並將其用作聯合行銷我們的產品和服務的手段，我們的無線技術可以幫助他們的固定資產。我們認為，對於想要擴大規模的人來說，這是一種非常有幫助的動力。

So I do see further runway and opportunity there for us to do more. And we're active in that space. And you should expect that as we move forward and we continue this race to convergence. It's one of the tools we're going to do to put distance between ourselves and everybody else.

因此，我確實看到了進一步的跑道和機會，讓我們可以做更多的事情。我們在這個領域很活躍。你應該預料到，隨著我們向前邁進，我們將繼續這場趨同的競賽。這是我們用來拉開自己和其他人之間距離的工具之一。

Operator, we'll take the next question.

接線員，我們將回答下一個問題。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Thank you. Good morning. I think we managed to get this far without mentioning ACP. I wonder if you could just give us an update what you've seen so far, what do you expect in the third quarter? And then coming back to the comment about in-region fiber, you've talked a few times about the 10 to 15, I think you're almost at 28 million locations, pretty near that 30 million.

謝謝。早安.我認為我們在沒有提及 ACP 的情況下就已經做到了這一點。我想知道您能否向我們介紹一下您迄今為止所看到的最新情況，您對第三季有何期望？然後回到關於區域內光纖的評論，您已經多次談到了 10 到 15 個位置，我認為您幾乎在 2800 萬個位置，非常接近 3000 萬個位置。

So help us understand out where you are on that evaluation process and what should we expect in terms of you giving us a new kind of map for the next three years or whatever, and how that flows through to CapEx, et cetera?

因此，請幫助我們了解您在評估過程中的進展情況，以及您為我們提供未來三年或其他時間的新地圖時我們應該期待什麼，以及它如何流向資本支出等？

Good morning, Simon, On ACP, I think we indicated to you probably last quarter, maybe even a quarter before, --

早安，西蒙，關於 ACP，我想我們可能在上個季度，甚至可能是一個季度之前向您表明，--

The start of the year.

新年伊始。

Yes, that we would be effective at working through this, and we didn't see it as being material or significant night characterized that we saw no reason we continue to be able to deliver on our commitments back to you. And that is, in fact, happening and will happen.

是的，我們會有效地解決這個問題，我們不認為這是實質性的或重要的夜晚，我們認為沒有理由繼續能夠兌現我們對您的承諾。事實上，這正在發生並且將會發生。

We are most of the way through the ACP effect. Has there been an effect? A little bit, it's not the sole reason. We're a little bit down on fixed broadband this quarter. There's other reasons moves are continuing to be a bit suppressed is one of them seasonally second quarter tends to be down a bit.

我們已經經歷了 ACP 效應的大部分過程。有效果了嗎？有一點，這不是唯一的原因。本季我們的固定寬頻略有下降。還有其他原因導致股價走勢持續受到抑制，其中之一是第二季的季節性走勢往往會略有下降。

But we had a little bit of an impact because of some adjustments that were made go into that. But the vast majority of our customers. Most importantly, we know who these customers are right, because we know that they're getting the discounts are through a transition process and we feel fine about it. I'm pretty proud and pleased with how our prepaid business perform this quarter. It had some impact from ACP associated with it.

但由於對此進行了一些調整，我們產生了一些影響。但絕大多數是我們的客戶。最重要的是，我們知道這些客戶誰是對的，因為我們知道他們透過過渡過程獲得折扣，我們對此感覺很好。我對我們的預付費業務本季的表現感到非常自豪和滿意。它受到了與之相關的 ACP 的一些影響。

I think if you look at where we were with churn, and where we were with gross adds and net adds in that space. I think we came through it demonstrated that we had good quality customers who still need to use the service one way or the other. And we've accommodated them.

我想如果你看看我們的客戶流失情況，以及我們在該領域的總增加和淨增加。我認為我們的經驗表明我們擁有優質的客戶，他們仍然需要以某種方式使用該服務。我們已經接待他們了。

So we still got a couple of people hanging out there on some what I will call transitional promotions. I expect that they'll be a little bit of shrink in some of those transitional promotions there. They're all following our expectations as we calculated what we thought the impacts are going to be they're all consistent with the guidance that we have been giving you. So I wish we hadn't had to go through this with our customer base, we did. But I think we've handled it well, and we're largely through the impacts at this juncture and moving on to do other good growth.

因此，我們仍然有一些人在那裡閒逛，進行一些我稱之為過渡促銷的活動。我預計那裡的一些過渡促銷活動會有所縮減。當我們計算我們認為的影響時，它們都遵循我們的期望，它們都與我們一直向您提供的指導一致。所以我希望我們不必與我們的客戶群經歷這個過程，我們做到了。但我認為我們處理得很好，我們基本上已經度過了目前的影響，並繼續實現其他良好的成長。

In terms of where we are, we've been very clear that we'll give you kind of an update on our capital allocation strategy as we approach this 2.5 times adjusted net debt to EBITDA ratio in the first half of next year, I would expect that as we go through our normal cycle toward the end of the year here. As we start to give guidance for next year, you'll get what you need in terms of moving forward.

就我們目前的情況而言，我們非常明確，隨著我們在明年上半年接近 2.5 倍的調整後淨債務與 EBITDA 比率，我們將向您提供有關我們資本配置策略的最新信息，我想預計當我們在今年年底經歷正常週期時會出現這種情況。當我們開始為明年提供指導時，您將獲得您前進所需的一切。

And I don't think there's going to be any shocks in this and our priorities remain the same. We want to make sure we continue to grow the business. That's first and foremost, I want to leave a business to whoever sits in my chair later that has a good, strong, sustainable franchise that can be healthy and that the next generation of individuals that work at this company feel confident and proud about where the company is going to go.

我認為這不會造成任何衝擊，我們的優先事項保持不變。我們希望確保我們的業務繼續發展。首先，也是最重要的一點，我想將一家企業留給後來坐在我椅子上的人，該公司擁有良好、強大、可持續的特許經營權，可以健康發展，並且在該公司工作的下一代人對自己的業務充滿信心和自豪。

And we'll invest in a way that we make sure that we have that capability and that kind of a franchise built. And then of course, we want to continue to maintain our commitments. So our bondholders and our dividend and those are, what I would say, the top three. But as you know, we'll have some optionality to go beyond that as we get into next year.

我們將採取某種方式進行投資，以確保我們擁有這種能力和建立的那種特許經營權。當然，我們希望繼續信守我們的承諾。所以我想說的是，我們的債券持有人和股息是前三名。但如您所知，進入明年後，我們將有一些超越這一點的選擇。

And I think we'll be very deliberate about that. The Board has been very deliberate about it right now. We're spending multiple cycles on it. We're spending a lot of time looking at scenarios. I think, we'll continue to invest in growth in this business at some level in some way, but I also believe we have optionality to change our formula around how we return to shareholders and I think you'll see us employ the right approach to that.

我認為我們對此會非常慎重。董事會目前對此進行了深思熟慮。我們在這上面花了多個週期。我們花了很多時間研究場景。我認為，我們將繼續以某種方式在某種程度上投資於這項業務的成長，但我也相信我們可以選擇改變我們如何回報股東的公式，我認為你會看到我們採用正確的方法對此。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning. Thanks for taking my question. Two, if I may. First, on Fiber side, relative to the long-term fiber passings target of 40 million, 45 million which we talked about. Can you help us understand whether you're seeing stronger returns and actually accelerating the pace of build-out from here? And how roughly would you expect pace of additions or passings to add to trend in 2025?

早安.感謝您提出我的問題。如果可以的話，兩個。首先，在光纖方面，相對於我們談到的長期光纖通過量目標4000萬、4500萬。您能否幫助我們了解您是否看到了更強勁的回報並實際上加快了擴建步伐？您預期 2025 年趨勢增加或減少的速度約為多少？

And then secondly, in terms of Internet Air, you mentioned that is now available for business nationally. Does that imply that the run rate of net adds could accelerate materially in the coming quarters? And how much headroom do you see in your overall network capacity relative to adding business fixed wireless subscribers. Thank you.

其次，就互聯網航空而言，您提到現在可以在全國範圍內開展業務。這是否意味著未來幾季淨增加的運行速度可能會大幅加快？相較於增加企業固定無線用戶，您的整體網路容量還有多少空間。謝謝。

Good morning, Jim. So our Fiber targets, as Simon alluded to earlier, it's 30 million passings by next year, and we're well on our way to doing that. And you can check the box that's going to occur. And as I just said, I expect that with what we've been seeing and the performance of fiber, and I've been pretty clear about this for our in-region organically developed and built fiber.

早安，吉姆。因此，正如 Simon 之前提到的，我們的光纖目標是到明年達到 3000 萬次，我們正在努力實現這一目標。您可以選取將要發生的方塊。正如我剛才所說，我希望根據我們所看到的情況和纖維的性能，對於我們在該地區有機開發和建造的纖維，我已經非常清楚這一點。

Our returns on the overall investment portfolio have been better than we expected when we kind of started into this process and call it the 2014, 2015 timeframe. And we're giving you some additional insight this quarter as you now understand what some of the strengths are as we get into these markets where we begin to have some scale on the fiber footprint that we can jointly market, both wireless and fixed together that's a really powerful combination for us.

當我們開始進入這個過程並稱之為 2014 年、2015 年時間框架時，我們整體投資組合的回報比我們預期的要好。本季我們將向您提供一些額外的見解，因為您現在了解了我們進入這些市場時的一些優勢，在這些市場中，我們開始在光纖足跡上取得一定規模，我們可以共同行銷無線和固定的光纖，這就是對我們來說這是一個非常強大的組合。

And that return characteristic I would say is still, call it in the early innings. We still have a ways to go. As you saw by the numbers we put out there. It's great progress. It's clearly, I think probably the strongest in the industry, but there's still a lot of headroom in there.

我想說的回球特徵仍然是，在前幾局稱之為。我們還有很長的路要走。正如您從我們公佈的數字中看到的那樣。這是很大的進步。顯然，我認為這可能是業界最強的，但仍有很大的發展空間。

And I think to the extent that we fine tune that play. And we begin to bring in some of the product innovation that we want. That's joint between these things in the service innovation. We can do even better and improve that return. Hence, my comment to Simon's or my answer to Simon's question, do I think we're going to continue to invest in growth moving forward and move beyond 30 million passings.

我認為我們可以對比賽進行微調。我們開始引入一些我們想要的產品創新。這就是服務創新中這些東西之間的結合。我們可以做得更好並提高回報。因此，我對西蒙的評論或對西蒙問題的回答是，我認為我們是否會繼續投資於未來的成長並超越 3000 萬的通行證。

I think the answer to that is probably exactly what that number is and pace will give you a little bit more color as we get into the latter part of this year and make sure that we've got the board to 100% where, we were all in the same mindset around that. And as I said, we're going through that process right now to make sure we're deliberate.

我認為這個問題的答案可能正是這個數字，當我們進入今年下半年時，步伐會給你更多的色彩，並確保我們已經讓董事會達到 100%，我們是圍繞這一點，所有人都抱有同樣的心態。正如我所說，我們現在正在經歷這個過程，以確保我們是經過深思熟慮的。

I think one of the things that you should keep in mind as we go through that is what I said to John, we have a lot of tools of which we can go in and put a good converged offer in place and a lot of ways to do it. And I think because our financial returns have been as strong as they are. There's a lot of capital out there available and people want enable partner. And there's a lot of ways we can go about doing this, whether that's through capital-light approaches with straight wholesale and becoming a good partner to others that are building or doing partnership arrangements are doing organic build.

我認為，在我們經歷這個過程時，你應該記住的一件事就是我對約翰說的，我們有很多工具，我們可以使用它們並提供良好的融合報價，並且有很多方法可以做吧。我認為是因為我們的財務回報一直如此強勁。有大量可用資金，人們需要支持合作夥伴。我們可以採取許多方法來做到這一點，無論是透過直接批發的輕資本方法，還是成為其他正在建設或正在進行有機建設的合作夥伴安排的良好合作夥伴。

And I think we're going to take advantage of all three, and we can do that in a way that drives really good returns back into the business that everybody looks at and says that makes a lot of sense. In terms of where we are on the Internet Air run rate, you should expect that we're going to continue to grow and you'll see improvements in our rates associated with that.

我認為我們將充分利用這三者的優勢，我們可以透過一種方式來實現這一點，從而為業務帶來非常好的回報，每個人都在關注並說這很有意義。就我們在網路空氣運行率方面的情況而言，您應該期望我們將繼續增長，並且您會看到與此相關的我們的運行率的提高。

But I don't want you to take that and say that's an artifact of a change in strategy. We are executing the strategy we put out and again, I don't want to sound like a broken record, but I've articulated that our strategy is a bit different than others. We're not broadly offering Internet Air everywhere we do business. We're being selective in how we do that. We're doing it in places where it makes sense to aid our transition from legacy technology to new technology that helps us take cost out of the business.

但我不希望你認為這是策略變化的結果。我們正在執行我們提出的策略，我不想聽起來像是破紀錄的聲音，但我已經明確表示，我們的策略與其他策略有點不同。我們不會在開展業務的所有地方廣泛提供互聯網空氣。我們在如何做到這一點上是有選擇性的。我們正在有意義的地方這樣做，以幫助我們從傳統技術過渡到新技術，從而幫助我們降低業務成本。

We're doing it in places where we have very fallow capacity that we can be confident will be long live in nature. And not something that we end up having to incrementally invest in two years out after we sell into the market.

我們正在那些具有非常閒置能力的地方進行這項工作，我們有信心這些地方將在大自然中長期存在。而不是我們在進入市場後兩年內必須增量投資的東西。

We're doing it, as I said last quarter, anyplace, the right business customer wants to buy it, we'll sell it. And that means whether we've got capacity or not the business product is a different product. The business product has different usage characteristics. Business product has different RPU characteristics and the business product has different characteristics around how you can bundle and serve multiple products together.

正如我上個季度所說，我們正在這樣做，無論在任何地方，合適的商業客戶想要購買它，我們都會出售它。這意味著無論我們是否有能力，業務產品都是不同的產品。業務產品具有不同的使用特性。業務產品具有不同的 RPU 特徵，並且圍繞著如何將多個產品捆綁在一起並為其提供服務，業務產品也具有不同的特徵。

And so I feel very comfortable in a nationwide offer on business that when we pick up the right customer there and how we employ that capability, either for primary or backup, that we can profitably add it to other portfolios -- into our service offerings and reinvest in it in a way that makes sense for the business. So and you'll continue to see us scale further in the business market. We're still getting the distribution tuned and honed in that space. And I would expect to see improvement in our numbers and the business segment as we move forward in the coming quarters.

因此，我對全國範圍內的業務提供感到非常滿意，當我們在那裡找到合適的客戶以及我們如何利用這種能力（無論是主要還是備用）時，我們可以將其添加到其他產品組合中，從而有利可圖地添加到我們的服務產品和服務中。因此，您將繼續看到我們在商業市場上進一步擴大規模。我們仍在該領域對發行版進行調整和磨練。我預計隨著我們在未來幾個季度的前進，我們的數位和業務部門將會有所改善。

And next question, operator?

下一個問題，操作員？

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys, thanks so much for taking the questions. John, I wanted to maybe go back to something you just said, which was that there's a race to convergence in the market, and I think that not everyone agrees that that's a true statement. That maybe it's more of a race for AT&T to exploit the opportunity it has in its footprint too converge as much as possible.

嘿，夥計們，非常感謝您提出問題。約翰，我想也許回到你剛才所說的，那就是市場上存在著一場趨同的競賽，我認為並不是每個人都同意這是一個真實的說法。對於 AT&T 來說，這可能更像是一場競賽，以盡可能地利用其足跡中所擁有的機會。

You mentioned, that you've got a 500 basis points market share advantage in the areas where you've deployed Fiber. Could you kind of share more data that would support your argument that there should be a race to convergence. That AT&T is in a unique position to take advantage of these economics beyond simply market share.

您提到，您在部署光纖的領域擁有 500 個基點的市佔率優勢。您能否分享更多數據來支持您的論點，即應該進行一場趨同的競賽。 AT&T 處於獨特的地位，可以利用這些經濟效益，而不僅僅是市場份額。

And then if I could. The second question would be, there's been a series of events over the course of the year network outages, data breaches, disclosures about previous data breaches. Is there anything that we need to know about how that's impacting either your go to market or the possibility of future financials. Thank you.

然後如果可以的話。第二個問題是，這一年發生了一系列網路中斷、資料外洩、先前資料外洩事件的揭露。我們需要了解這對您進入市場或未來財務的可能性有何影響嗎？謝謝。

Hi, good morning, David. So look you will get more and more as we move forward over time. I think Pascal gave you just a lot of insight with what we shared today and I am not necessarily going to tick off other things that we look at. But you should conclude a couple of things.

嗨，早上好，大衛。所以，隨著時間的推移，隨著我們的前進，你會得到越來越多的東西。我認為帕斯卡透過我們今天分享的內容給了您很多見解，我不一定會勾選我們所關注的其他內容。但你應該總結出幾件事。

One, our combined customers are happier customers. They have lower churn and they have longer lifetime values. Why -- to convergence because that's a good way to make money. And it's a good way to keep customers in the fold. And I don't know, I hope not everybody believes that's the right strategy. I think it is we're going to continue to push the pedal on it because we're uniquely positioned to do it well.

第一，我們的合併後的客戶更滿意。它們的流失率較低，生命週期價值較長。為什麼——走向融合，因為這是賺錢的好方法。這是留住客戶的好方法。我不知道，我希望不是每個人都認為這是正確的策略。我認為我們將繼續加大力度，因為我們擁有獨特的優勢來做好這件事。

And that's what I think is the exciting thing about this company. We have an opportunity for great organic growth and organic investment that allows us to control our own destiny. And when part of that is constructed around a share take dynamic. We don't necessarily have to tie ourselves to the overall growth of the market and whether or not there's growth in fixed broadband connections we can play into. We just want somebody else's connection.

我認為這就是這家公司令人興奮的地方。我們有機會實現巨大的有機成長和有機投資，使我們能夠掌控自己的命運。當其中一部分是圍繞份額構建時，就會產生動態。我們不必將自己與市場的整體成長以及我們可以利用的固定寬頻連線的成長聯繫起來。我們只是想要別人的連結。

And I think we're demonstrating that we can do that effectively. So maybe that's why it's more important to me than somebody else is already a dominant player in the space and wants to think about it in a different lens.

我認為我們正在證明我們可以有效地做到這一點。所以也許這就是為什麼它對我來說比其他人更重要，因為其他人已經是這個領域的主導者，並且想要從不同的角度思考它。

And when I say race, I mean this race is going to take place over years. It's not going to take place in a quarter or a year or two years. It's a reordering of assets. And I think if it's done right, it's going to be really, really effective. I think customers are another driver behind this raise and I don't think customer's intuitively love to have more relationships in their life with suppliers of critical services to them, than they have to.

當我說比賽時，我的意思是這場比賽將持續多年。這不會在一個季度、一年或兩年內發生。這是資產的重新排序。我認為如果做得正確的話，將會非常非常有效。我認為客戶是這次加薪背後的另一個驅動因素，而且我認為客戶的直覺並不喜歡在生活中與為他們提供關鍵服務的供應商建立更多的關係，而不是他們必須做的。

I think they'd like to have a few trusted relationships if it works well. And so whoever figures that out over time, whoever can give the customer great value and ensure for them that wherever they go around the globe at whatever time, either through organic owned-and-operated relationships or third party aggregation can be the one place somebody goes to get that connectivity. I think that's a winning combination.

我認為，如果運作良好的話，他們希望擁有一些值得信賴的關係。因此，無論誰隨著時間的推移認識到這一點，無論誰能夠為客戶提供巨大的價值，並確保他們無論何時何地到全球各地，無論是透過有機的擁有和運營關係還是第三方聚合，都可以成為某人的地方去獲得連結。我認為這是一個成功的組合。

And I believe the person that does that the best will ultimately return the best in this industry and gain scale the best. So that's my rationale behind it and where we're going. And I think that's our true north of how we think about orienting this company, how we're thinking about product development, how we're thinking about how we want to structure pricing plans. We're just keeping that at the back of our mind over the next decade because I think that's where the management team needs to go and what needs to happen.

我相信，在這方面做得最好的人最終將在這個行業中獲得最好的回報，並獲得最好的規模。這就是我背後的理由以及我們的目標。我認為這就是我們如何思考公司定位、如何思考產品開發、如何建立定價計畫的真正方向。我們只是在接下來的十年中將這一點牢記在心，因為我認為這就是管理團隊需要去的地方以及需要發生的事情。

And I understand this will be a race that we fight year after, year after year. It's not quarter after, quarter after quarter. Look, going to your second question, there's nobody more disappointed that we have to actually address your question and work through these issues than I am. And I know that all of my coworkers hears share that same disappointment that we've had some instances where we've let down customers.

我知道這將是一場我們年復一年地戰鬥的比賽。這不是一個季度又一個季度又一個季度。聽著，關於你的第二個問題，沒有人比我更對我們必須真正解決你的問題並解決這些問題感到失望了。我知道我所有的同事都聽過同樣的失望，因為我們曾經有過讓客戶失望的情況。

Now, having said that, I think we've done the right things and responding to it. We care about our reliability. We care about how well we run this business from a privacy and data security perspective. I think we know how to do those things. We are operating in an incredibly dynamic environment on two fronts. One, we're changing a lot in our business, which is necessary, and I'm proud of the changes we've been making. And I'm proud of the progress we're making, but it comes with a lot of moving parts.

現在，話雖如此，我認為我們已經做了正確的事情並做出了回應。我們關心我們的可靠性。我們關心從隱私和資料安全的角度來看我們經營這項業務的情況。我想我們知道如何做這些事情。我們在兩個方面都在一個極其動態的環境中運作。第一，我們的業務正在發生很大變化，這是必要的，我為我們所做的變化感到自豪。我為我們所取得的進步感到自豪，但它也伴隨著許多變化。

And two, the threat environment we're in is a really difficult environment and it's going to get probably more difficult. Some of the geopolitical dynamics that are going on or putting pressure on that. Good companies just like ours are all having to learn some new things and are seeing new threats and new environments that they have to adjust to.

第二，我們所處的威脅環境是一個非常困難的環境，而且可能會變得更加困難。一些正在發生或施加壓力的地緣政治動態。像我們這樣的優秀公司都必須學習一些新事物，並看到他們必須適應的新威脅和新環境。

And unfortunately, because we have a big large customer base, I think there's a little bit more focus put on that kind of missteps or issues and learnings that we might go through versus some others from time to time. But everybody dealing with this problem. What I'm proud of is how we've dealt with it. We've been responsive. We've done it in a way that I think we've taken good action to learn from those things internally.

不幸的是，因為我們擁有龐大的客戶群，所以我認為與其他人相比，我們會更專注於我們可能會遇到的失誤或問題和教訓。但每個人都在處理這個問題。我感到自豪的是我們處理這個問題的方式。我們一直在積極響應。我認為我們已經採取了良好的行動來從內部學習這些事情。

We've been transparent with our customers around what the circumstances are. I think we've stood behind our product in those instances. We are, I think, navigating that from a communications perspective from all evidence that I see data-wise in a way that we are doing as good a job maintaining our customers' competences, as I could hope, and I'm not dismissing the issue in any way, shape or form. I view, it is very, very important. It's clearly something I don't ever wish to go through, but we've handled it about as well as we can going through it.

我們一直對客戶保持透明的情況。我認為在這些情況下我們一直在支持我們的產品。我認為，我們正在從溝通的角度出發，從我所看到的所有證據來看，我們在維護客戶能力方面做得很好，正如我所希望的那樣，而且我並不否認任何方式、形狀或形式的問題。我認為，這是非常非常重要的。這顯然是我不想經歷的事情，但我們已經盡力處理了。

And as I've indicated to you and as Pascal indicated to you, we feel confident in our financial guidance going forward. We feel confident in our public statements and filings that we've made on these subjects where we described the fact that these are not material over the performance of the business, and that's where we stand today, and we're going to continue to strive every day to do better and not have this conversation again.

正如我和帕斯卡向您表示的那樣，我們對未來的財務指導充滿信心。我們對我們就這些主題所做的公開聲明和文件充滿信心，我們描述了這樣一個事實，即這些對業務績效並不重要，這就是我們今天的立場，我們將繼續努力每天都做得更好，不再有這樣的談話。

Sebastiano Petti, JP Morgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Thanks for taking the question. Pascal, just want to see if I could, if we could follow up perhaps on the fibers $480 million one-timer to in the back half of the year that you anticipate from the wireless transmission. Maybe a little bit of color on what that is, perhaps there was this fully contemplated within guidance at the beginning of the year.

感謝您提出問題。帕斯卡，我只是想看看我是否可以，我們是否可以在今年下半年跟進無線傳輸的一次性耗資 4.8 億美元的光纖。也許對這是什麼有一點色彩，也許在今年年初的指導中充分考慮了這一點。

And then an additional question for John. Just kind of help us think about given where we are from an FCC perspective, with a lack of spectrum authority and maybe lack of a pipeline as well on the spectrum side, how are you and the team perhaps thinking about the spend and augmentation of the wireless network or how you're planning around that just kind of given those two dynamics? Thank you.

然後還有一個問題要問約翰。只是幫助我們思考一下，從 FCC 的角度來看，由於缺乏頻譜授權，而且可能也缺乏頻譜方面的管道，您和團隊可能如何考慮頻譜的支出和增強無線網路或考慮到這兩種動態，您如何計劃？謝謝。

Hi Sebastiano. In terms of the payment, we expect to make as we've said, we reported late last year that we were entering into a new agreement, and that's part of that would be phasing out. One of these, one of our vendors and we expected some level of termination payment associated with that. And whether or not that was contemplated in our guidance. I'm not going to get into.

嗨塞巴斯蒂亞諾。就付款而言，我們預計將支付，正如我們所說的那樣，我們去年年底報告稱，我們正在簽訂一項新協議，其中一部分將逐步取消。其中之一是我們的供應商之一，我們預計會得到一定程度的與之相關的終止付款。以及我們的指導中是否考慮到了這一點。我不打算進去。

But we are very comfortable sitting here today that we are going to be able to payback and still deliver on our full year commit.

但今天我們很高興坐在這裡，因為我們將能夠回報並仍然兌現我們的全年承諾。

So to answer your question, first of all, I think it's important to frame that it starts with the point of view that I we view capacity as being a fixed resource that -- has to be managed very carefully. And so made some comments earlier about or point of view around fixed wireless and how we deploy that spectrum and where we deploy that capacity.

因此，為了回答你的問題，首先，我認為重要的是要從這樣的觀點開始：我認為容量是一種固定資源，必須非常仔細地管理。因此，先前對固定無線以及我們如何部署該頻譜以及在何處部署該容量發表了一些評論或觀點。

I mean, it ties into a point of view of how do we invest in the network moving forward and how do we monetize that scarce resource as effectively as we can. And that's part of our planning. And look, the good news is we put a lot of capacity out there over the course of last couple of years. And we have a little bit more to go, but we're using that wisely. We're being very deliberate around how we deploy it. We want to make sure we give ourselves the longest runway to return as we can.

我的意思是，它與我們如何投資網路的發展以及我們如何盡可能有效地利用稀缺資源貨幣化的觀點有關。這是我們計劃的一部分。看，好消息是我們在過去幾年中投入了大量產能。我們還有一些工作要做，但我們正在明智地利用它。我們非常慎重地考慮如何部署它。我們希望確保盡可能為自己提供最長的返程跑道。

And I think our strategies are directly proportional to that. And I don't think you should disconnect our investment in Fiber from the fact that we've got spectrum planning issues to do, and I'll get to maybe that part in just a minute. We think that a good way to pick up high density traffic in places is to do it over fiber, not to do it over wireless. And so that's a difference. And maybe my point of view on Dave's question convergence and how the market develops over time and trying to be deliberate in how we do capital allocation.

我認為我們的策略與此成正比。我認為您不應該將我們對光纖的投資與我們有頻譜規劃問題要做的事實脫節，我可能會在一分鐘內討論這部分。我們認為，在某些地方接收高密度流量的一個好方法是透過光纖進行，而不是透過無線進行。這就是差別。也許我對戴夫的問題收斂以及市場如何隨著時間的推移而發展以及試圖深思熟慮我們如何進行資本配置的看法。

Now in the near term, I expect we're going to be using every trick in the book as we historically do to ensure that we can deal with the 30% growth, one trick in the book as you continue to advocate for policy change, and I've been pretty vocal. I mean, -- you go and look in some of the comments I've made. I've gone out of my way to walk into some public forums to say that I do not think spectrum policy in this country is on the right path right now.

現在，在短期內，我預計我們將像歷史上那樣使用書中的每一個技巧，以確保我們能夠應對 30% 的增長，當你繼續倡導政策變革時，書中的一個技巧，我一直很直言不諱。我的意思是，——你去看看我發表的一些評論。我特意走進一些公共論壇，表示我認為這個國家的光譜政策目前沒有走在正確的道路上。

And that change could come possibly with a change of posture from the existing administration, which may get tweaked and adjusted by a new leader or by an administration change. And that's important because I think, there are things we can do from a policy side to improve the availability of spectrum, which is the most effective way to increase capacity in a network. And we'll continue to advocate and push for those changes as we move forward.

這種變化可能會隨著現有政府態度的改變而出現，而新領導人或政府更迭可能會對這種態度進行調整和調整。這很重要，因為我認為，我們可以從政策方面做一些事情來提高頻譜的可用性，這是增加網路容量最有效的方法。隨著我們的前進，我們將繼續倡導和推動這些變革。

Second and there are some options in the secondary market, some of them that will be available through normal course, and frankly, some others that could be made available if there were some policy and Spectrum adjustments made to how particular spectrum assets that have been put into the speculative market that they're out there could potentially be used and put to use.

其次，二級市場上有一些選擇，其中一些將透過正常流程提供，坦白說，如果對特定頻譜資產的投放方式進行一些政策和頻譜調整，則可以提供其他一些選擇進入投機市場，它們可能會被使用並投入使用。

And I think good policy for this country right now would be that for everything that we have license that we wanted to actually be invested in turned into service. And it seems to me that would be a good thing, especially when this country is behind other countries like China and other regions of the world and getting licensed spectrum into service.

我認為現在對這個國家來說好的政策是，我們擁有許可證的所有東西，我們希望實際投資轉化為服務。在我看來，這將是一件好事，特別是當這個國家落後於中國和世界其他地區等其他國家並獲得許可頻譜投入服務時。

So I would suggest that if we look at that, there's some near term opportunity to use existing license spectrum that's out there by just tweaking some rules and doing some things differently to get investment in it and actually get capacity in.

因此，我建議，如果我們專注於這一點，短期內就有機會使用現有的許可頻譜，只需調整一些規則並做一些不同的事情即可獲得投資並實際獲得容量。

Third, we talked about what we're doing around RAN. And I think if you go back to my comments, I shared with you that one of the reasons we think that it's so critical that we open these interfaces up, and we take this step is to play in the next generation of wireless deployment in more distributed radiation points rather than macro sites and they get the benefits of openness in the cost curves and the flexibility. Busting those interfaces open and getting a multi-vendor environment.

第三，我們討論了我們圍繞 RAN 所做的事情。我想如果你回到我的評論，我與你分享了我們認為開放這些接口如此重要的原因之一，我們採取這一步是為了在下一代無線部署中發揮更多作用分佈式輻射點而不是宏站點，它們獲得了成本曲線開放性和靈活性的好處。開放這些介面並獲得多供應商環境。

And then using our dense fiber assets, we're deploying is a match made in heaven to be able to deal with that growth in a more cost effective way. And so that's a deliberate aspect of our strategy as to why we're doing O-RAN the way we're doing. Why we're thinking about O-RAN is busting open the smaller cell structure to get more innovation, more providers and how to then layer that on top of the fact that we're putting denser fiber reaches into our network that allows for us to take advantage of that.

然後，利用我們的密集光纖資產，我們正在部署天作之合，能夠以更具成本效益的方式應對這種成長。因此，這是我們策略的一個深思熟慮的方面，也是我們為什麼要這樣做 O-RAN 的原因。為什麼我們考慮O-RAN 是為了打破更小的蜂窩結構以獲得更多的創新、更多的提供者以及如何在我們將更密集的光纖連接到我們的網路的基礎上進行分層，這使我們能夠利用這一點。

That allows for a more efficient growth of capacity as we move forward. So I would tell you that I think we've got a lot of tools in place to be able to do this. But it starts with market discipline around how you sell the product and service. And I feel like we're in a pretty good shape around our mix of fixed and mobile assets and how we're thinking about that evolution of convergence.

隨著我們的前進，這使得產能能夠更有效地成長。所以我想告訴你，我認為我們已經有很多工具可以做到這一點。但這始於圍繞如何銷售產品和服務的市場紀律。我覺得我們在固定和移動資產的組合以及我們如何思考融合的演變方面處於非常好的狀態。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks and good morning. Two topics, if I could. First on mobility, just curious if you could further unpack where the strength in the postpaid phone that -- came from during the quarter. And if you're seeing any changes in the competitive landscape with some of the adjustments to the promotional strategies from some of the cable and MNO competitors?

謝謝，早安。如果可以的話，兩個主題。首先是行動性，只是好奇您是否可以進一步分析本季後付費手機的優勢。您是否發現競爭格局發生了一些變化，一些有線電視和行動電信商競爭對手對促銷策略進行了一些調整？

And second on the cost structure. I'm curious if you could share your progress on the multiyear cost-cutting targets? And how you're looking at the durability for EBITDA growth on a consolidated basis to potentially outpace the consolidated service revenue performance?

其次是成本結構。我很好奇您是否可以分享您在多年成本削減目標方面的進展？您如何看待合併後 EBITDA 成長的持久性，以可能超過合併服務收入表現？

Hi, Michael. So look, I would tell you the story really isn't a whole lot different than it's been. We're intercepting customers and channels where we think we can make a difference in where we can add them profitably. You can look at the macro numbers and you'll notice one of the things that's occurring is we're growing a little bit faster in the business segment on wireless than we are in the consumer segment.

嗨，邁克爾。所以看，我會告訴你這個故事其實與以前沒有太大不同。我們正在攔截那些我們認為可以有所作為的客戶和管道，從而增加他們的利潤。您可以查看宏觀數據，您會注意到正在發生的事情之一是我們在無線業務領域的成長速度比在消費者領域的成長速度要快一些。

And part of why we grow better in businesses because we're doing better in some of the government public safety first responder structures. And that's a help of what's occurring there. And as we get our large enterprise relationships do the right thing in that space that can help us grow a little bit quicker. But our Intercept channels around how we've been picking up customers in the consumer space are they've been strong. They've gotten a little bit stronger.

我們在企業中發展得更好的部分原因是我們在一些政府公共安全第一響應機構中做得更好。這對那裡發生的事情有幫助。當我們建立與大型企業的關係時，在該領域做正確的事情可以幫助我們更快地成長。但我們圍繞著如何在消費領域吸引客戶的 Intercept 管道一直很強大。他們變強了一些。

We've been able to demonstrate that we can work with them on a quarter-to-quarter basis and do some things to tweak, how we're going to market and make them more successful. And I think you're going to see that if you went and dissected that. We got a little bit from a lot of different places, we didn't just get it from one. And I'm particularly pleased that we're really not just driving this, as I've said before, from very aggressive, low vol national offers with low price entry points to be able to pick up those customers.

我們已經能夠證明，我們可以按季度與他們合作，並做一些調整，我們將如何行銷並使他們更加成功。我想如果你去剖析它，你會看到這一點。我們從很多不同的地方得到了一點，而不僅僅是從一個地方得到的。我特別高興的是，正如我之前所說，我們不僅僅是透過非常積極的、低波動性的全國性報價和低價格切入點來推動這一趨勢，從而能夠吸引這些客戶。

When you look at our growth of converged services, you should conclude that we're getting incrementally better quarter-over-quarter around marketing to our consolidated basis of either wireless, no broadband or broadband wireless. So as all those things come together, that's why we did a bit better and we'll continue to take that where we can as long as we can take it profitably.

當您看到我們融合服務的成長時，您應該得出這樣的結論：我們在無線、無寬頻或寬頻無線的綜合基礎上的行銷逐季改善。因此，當所有這些事情結合在一起時，這就是我們做得更好的原因，只要我們能夠獲利，我們就會繼續盡可能地做到這一點。

Where we are on kind of costs. Look, I just point to the fact that we're continuing to get margin accretion in our business and you're seeing it. And you're getting margin accretion that outstrips the service revenue growth because we're managing the cost structure more effectively.

我們的成本情況。看，我只是指出這樣一個事實，即我們的業務利潤率持續增加，您也看到了。由於我們更有效地管理成本結構，您的利潤成長將超過服務收入的成長。

And I don't go to sleep at night worrying about not having more opportunities to run the business more effectively. I think we have opportunities as we reposition this business to be a 5G and fiber provider. There's a lot of infrastructure and a lot of overheads that have burdened built up to make this business what it was over a century.

我晚上睡覺時不會擔心沒有更多機會更有效地經營業務。我認為，當我們將這項業務重新定位為 5G 和光纖供應商時，我們有機會。為了使這項業務發展到一個多世紀以來的水平，需要建立大量的基礎設施和大量的管理費用。

And on a base of technology. That was great, it was available and it served its time, but it's not going to be the technology that takes us forward into the next decade. And so we're getting better every year at mining out those costs.

並以技術為基礎。這太棒了，它可用並且已經過時了，但它不會成為引領我們進入下一個十年的技術。因此，我們在消除這些成本方面每年都在進步。

We continue to make progress on the regulatory front. It's a state-by-state battle, but we're making progress on the regulatory front and getting the flexibility to change those cost structures. I think this management team has done an exceptional job of retooling our labor structure around these things. And I feel really good about what we've been able to do.

我們繼續在監管方面取得進展。這是一場逐州之爭，但我們正在監管方面取得進展，並獲得改變這些成本結構的靈活性。我認為這個管理團隊在圍繞這些事情重組我們的勞動力結構方面做得非常出色。我對我們所做的事情感到非常滿意。

And I think we're positioning this company for an opportunity for growth and a sustainable franchise moving forward that will give people an opportunity for great careers advancing. That I feel really good about. It's hard work. We still got a ways to go, but we're getting there and technology is working in our favor right now.

我認為我們正在為這家公司定位一個成長機會和一個可持續發展的特許經營權，這將為人們提供實現偉大職業發展的機會。我對此感覺非常好。這很辛苦。我們還有很長的路要走，但我們正在實現這一目標，而且科技現在正在對我們有利。

When I said earlier that we put a lot of fiber out there. I've mentioned it to you. We are seeing the benefits in our operating costs as a result of that. And I don't mean to beat a dead horse. But as I said, I wish I was early in my career right now operating in our network organization because what we see in failure rates and reliability and on-time performance.

當我之前說過我們在那裡放了很多纖維。我已經向你提過。我們看到了由此帶來的營運成本優勢。我並不是要打敗一匹死馬。但正如我所說，我希望我現在在我們的網路組織中處於職業生涯的早期，因為我們看到了故障率、可靠性和準時效能。

And what we're able to do to avoid missed appointments because the network just works the right way and we're not dealing with unexpected things makes for an operating environment that is far more cost effective than it's ever been.

我們能夠避免錯過預約，因為網路以正確的方式運行，我們不會處理意外的事情，這使得操作環境比以往任何時候都更具成本效益。

And we're getting help with technology on the software side. And that software is allowing us to do more of that's taking labor out of our labor-intensive processes that allows us to serve customers better and have them walk away, feeling better about their experience with AT&T. So we're making good progress. We're going to continue to do that. And I would tell you, I think we can continue to take cost out of this business, continue to improve our consumer margins continue to hold what I think are some of the best competitive margins in the wireless industry and grow the business.

我們正在軟體方面獲得技術協助。該軟體使我們能夠做更多的事情，將勞動力從勞動密集型流程中解放出來，使我們能夠更好地為客戶服務，並讓他們離開時對 AT&T 的體驗感覺更好。所以我們正在取得良好進展。我們將繼續這樣做。我想告訴你，我認為我們可以繼續降低這項業務的成本，繼續提高我們的消費者利潤率，繼續保持我認為無線行業中最具競爭力的利潤率，並發展業務。

And operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Thanks. Good morning. I have a question just on the industry. Investors are growing concerned over the potential for a volume slowdown in the wireless industry. And also that perhaps the industry is taking as much pricing power as it can for a while with the minimal room for further pricing actions.

謝謝。早安.我有一個關於這個行業的問題。投資人越來越擔心無線產業銷售放緩的可能性。此外，也許該行業在一段時間內正在盡可能地掌握定價權，而進一步採取定價行動的空間卻很小。

Just wanted to ask what are you seeing in the market as it relates to these issues? Do you share any of these concerns on either volumes or pricing power Thank you.

只是想問一下您在市場上看到的與這些問題相關的是什麼？您對銷售或定價能力有同樣的擔憂嗎？

I don't mean to sound like a broken record again, Brian, but I'm going to. I think we've been talking about the fact that we saw volumes moderating in the market for a period of time. And I think what we're seeing this year or even though we're a little bit ahead of first half of last year, I still expect we're going to see a little bit moderating volumes in aggregate in the industry. And that's been all part and parcel to our guidance and our expectations moving forward with you.

我不想讓自己聽起來又像一張破唱片，布萊恩，但我會這麼做的。我認為我們一直在討論這樣一個事實：我們看到市場交易量在一段時間內有所放緩。我認為我們今年所看到的情況，即使我們比去年上半年提前了一點，我仍然預計我們將看到該行業的整體交易量略有放緩。這是我們的指導和期望與您一起前進的重要組成部分。

I would go back to the fact that I think what makes our circumstances unique is, yes, we have part of our business focused on the fact that you want the industry to continue to grow. And it's doing that. It's doing that because people need to use more of your product. They'll pay you more for better performance and more features. And we're certainly seeing that.

我想回到一個事實，我認為我們的情況之所以獨特，是的，我們的部分業務專注於您希望該行業繼續增長的事實。它正在這樣做。這樣做是因為人們需要更多地使用你的產品。他們會為您提供更好的性能和更多功能，並支付更多費用。我們確實看到了這一點。

But we also have a share take opportunity. And that share take opportunity allows us to create our own growth by ultimately winning customers from others. And that's part of our formula that's been effective moving forward. And, if we get the formula figured out in the mid part of the business market, which we continue to work really hard on and haven't gotten quite where I'd like to get. I think that could be, you know, another great opportunity for us to show incremental improvement in our performance.

但我們也有搶股的機會。這種分享機會使我們能夠透過最終贏得他人的客戶來創造自己的成長。這是我們有效推進的公式的一部分。而且，如果我們在商業市場的中間部分找到了公式，我們將繼續努力工作，但還沒有達到我想要的目標。我認為這可能是我們展示業績逐步改進的另一個絕佳機會。

Look, what I would also tell you is, do I think that ultimately we're going to see a situation where the quality of growth is examined more carefully.

我還要告訴你的是，我是否認為最終我們會看到成長品質受到更仔細審查的情況。

Yes, I do. And I feel really good about what we've done around that. I think the quality of growth that we're bringing forward in this quarter, you can tie a direct relationship to customers that are coming on the payroll to ultimately EBITDA growth in this business. And they're all paying. They're all doing the right thing, and I'll take that quality of growth going forward.

是的，我願意。我對我們在這方面所做的事情感到非常滿意。我認為我們在本季度提出的成長質量，您可以將與薪資單上的客戶的直接關係與該業務的最終 EBITDA 成長聯繫起來。他們都在付錢。他們都在做正確的事情，我將繼續保持這種成長品質。

I don't worry about the circumstances. I don't get nervous about it because we've been doing that for many quarters. It's not an adjustment to our plan. We're going to continue to go find those quality customers with a competitive offering and bring them in, and that will ultimately sustain the business going forward.

我不擔心情況。我對此並不感到緊張，因為我們已經這樣做了很多季度了。這不是對我們計劃的調整。我們將繼續尋找那些提供有競爭力的產品的優質客戶並將他們引入，這最終將維持業務的發展。

And I don't think this is a issue of price increases or price increases say we've been able to demonstrate more value to our customer. We've been able to give them more things. We've been able to do more for them on their accounts. We have continued room to be able to do that to differentiate the product and service. And when we deliver that value ultimately command some improvement in ARPUs moving forward.

我不認為這是價格上漲的問題，或者價格上漲表明我們已經能夠向客戶展示更多價值。我們已經能夠給他們更多的東西。我們已經能夠為他們的帳戶做更多的事情。我們仍然有空間能夠做到這一點，以實現產品和服務的差異化。當我們實現這一價值時，最終會導致 ARPU 值提高。

With that, Brett, I'm going to thank everybody for their time this morning. Appreciate it. As I said in my opening remarks, it feels like we're in a little bit of a repeat and rinse and repeat cycle here. That's a good thing. We've been pretty consistent in our approach. I don't have a lot of new things to tell you about how we've been executing around things other than we're doing what we did the previous quarter.

布雷特，我要感謝大家今天早上抽出寶貴的時間。欣賞它。正如我在開場白中所說，感覺我們正處於一個重複、沖洗和重複的循環中。這是好事。我們的方法非常一致。除了我們上一季所做的事情之外，我沒有太多新的事情可以告訴你們我們是如何執行其他事情的。

I don't mean to belabor it, but I think at the end of the day that was clearly one of the objectives of this management team, which was to get to something that allows us week-in and week-out, month-in and month-out, quarter-in and quarter-out to trying to manage the same set of issues and get incrementally better. And I think you're seeing that happen in this company right now. And that focus is helpful for us over time. And I think we still have more miles to run and actually improving that place.

我不想多說，但我認為歸根結底，這顯然是這個管理團隊的目標之一，那就是實現讓我們一周又一周、一個月又一天的目標。並逐步變得更好。我想你現在正在這家公司看到這種情況發生。隨著時間的推移，這種關注對我們很有幫助。我認為我們還有更多里程需要跑，並真正改善這個地方。

So thank you for your time, and thank you for your interest in AT&T, and I hope everybody enjoys the balance of their summer.

感謝您抽出寶貴的時間，感謝您對 AT&T 的興趣，我希望每個人都能度過愉快的夏天。

And operator, you can close out the call. Thanks everyone.

接線員，您可以結束通話。感謝大家。

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 teleconference call and have a wonderful day.

女士們先生們，我們今天的電話會議到此結束。我們謹代表今天的專家小組感謝您參加今天的電話會議，並祝您有美好的一天。

You may now correct or sorry, your conference is ending. Now please hang in.

您現在可以糾正或抱歉，您的會議即將結束。現在請堅持下去。