AT&T Inc (T) 2024 Q4 法說會逐字稿

Good morning, and welcome to AT&T's fourth-quarter 2024 earnings call.

早安，歡迎參加 AT&T 2024 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）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, Finance and Investor Relations.

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)。

Please go ahead.

請繼續。

Thank you and good morning.

謝謝你，早安。

Welcome to our fourth-quarter call.

歡迎撥打我們的第四季電話。

I'm Brett Feldman, Head of Investor Relations for AT&T.

我是布雷特‧費爾德曼 (Brett Feldman)，AT&T 投資者關係主管。

Joining me on the call today are John Stankey, our CEO; and Pascal Desroches, our CFO.

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.

在我們開始之前，我需要提請您注意我們的安全港聲明。

It says that some of our comments today may be forward-looking.

它說我們今天的一些評論可能是前瞻性的。

As such, they are subject to risks and uncertainties described in AT&T's SEC filings.

因此，它們面臨 AT&T 向 SEC 提交的文件中描述的風險和不確定性。

Results may differ materially.

結果可能存在重大差異。

Additional information, as well as earnings materials, are available on the Investor Relations website.

更多資訊以及收益資料可在投資者關係網站上取得。

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

這樣，我會將電話轉給約翰·斯坦基。

John?

約翰？

Thanks, Brett.

謝謝，布雷特。

I appreciate you joining us.

我很感謝你加入我們。

I hope you'll find there aren't going to be any surprises on today's call.

我希望您會發現今天的電話會議不會有任何意外。

We finished 2024 strong, like we said we would at our Analyst and Investor Day in December.

正如我們在 12 月分析師和投資者日所說的那樣，我們在 2024 年取得了強勁的業績。

We achieved full year results that are in line or better than all the consolidated financial guidance we provided at the beginning of the year.

我們所取得的全年業績符合或優於我們年初提供的所有綜合財務指引。

Before I cover our accomplishments, I'd like to extend my heartfelt sympathies to everyone in Southern California.

在介紹我們的成就之前，我想向南加州的每個人致以衷心的慰問。

Our thoughts and prayers with all those people whose lives, homes, and families have been deeply impacted by the most destructive wildfires in modern US history.

我們向那些生活、家園和家人深受美國現代歷史上最具破壞性的野火影響的人們致以思念和祈禱。

In these moments, the importance of connection becomes increasingly apparent.

在這些時刻，連結的重要性變得越來越明顯。

And I'd like to thank our teams for their commitment to keeping customers, communities, and first responders connected in the face of this historic devastation.

我要感謝我們的團隊在面對這場歷史性災難時致力於讓客戶、社區和急救人員保持聯繫。

Now turning to our 2024 performance, our team delivered another solid year as they again drove durable 5G and fiber subscriber growth.

現在轉向 2024 年的業績，我們的團隊再次推動了 5G 和光纖用戶的持久成長，又取得了堅實的一年。

In Mobility, our consistent go-to-market strategy continues to resonate, as more customers are choosing and staying with AT&T.

在行動領域，隨著越來越多的客戶選擇並留在 AT&T，我們一貫的市場進入策略繼續引起共鳴。

Last year, we had about 1.7 million postpaid phone net additions with service revenue growth of 3.5%.

去年，我們的後付費電話淨新增用戶約為 170 萬部，服務收入成長了 3.5%。

We also expect to lead the industry in postpaid phone churn for the 14th time in the last 16 quarters and to lead the industry on an annual basis for the fourth straight year.

我們也預計在過去 16 個季度中第 14 次在後付費電話流失率方面領先行業，並連續第四年在年度基礎上領先該行業。

This is an impressive winning run in wireless.

這是無線領域令人印象深刻的勝利。

And as you've heard me say before, where we have fiber, we won as well.

正如您之前聽我說過的，只要我們有光纖，我們就能獲勝。

We've now added one million or more AT&T Fiber subscribers for a remarkable seven straight years.

現在，我們已連續七年增加了 100 萬或更多 AT&T Fiber 用戶。

It's clear that fiber is the best broadband alternative technology available.

顯然，光纖是最好的寬頻替代技術。

And this was validated by Ookla just last week when they named AT&T Fiber America's Fastest Internet with the Most Reliable Speeds.

上週，Ookla 證實了這一點，他們將 AT&T Fiber America 評為最快、最可靠的網路。

Following another strong quarter for both AT&T Fiber and AT&T Internet Air, we've now achieved six consecutive quarters of positive broadband net adds.

繼 AT&T Fiber 和 AT&T Internet Air 又一個強勁的季度之後，我們現在已經連續六個季度實現寬頻淨成長。

Once again, we demonstrated our ability to grow in a healthy and sustainable manner by adding valuable subscribers, while simultaneously simplifying experiences and processes for our customers and employees.

我們再次證明了我們透過增加有價值的訂閱者以健康和永續的方式發展的能力，同時簡化了客戶和員工的體驗和流程。

You see the results of these efforts, and the margin expansion and free cash flow growth we delivered in 2024 as we outlined at our Analyst and Investors Day.

您將看到這些努力的成果，以及我們在 2024 年實現的利潤率擴張和自由現金流增長，正如我們在分析師和投資者日上概述的那樣。

We expect these trends will continue.

我們預計這些趨勢將持續下去。

Our investment in 5G and fiber is fueling this sustained growth.

我們對 5G 和光纖的投資正在推動這種持續成長。

This is why we're so focused on building a durable franchise for the long term.

這就是為什麼我們如此專注於建立長期持久的特許經營權。

Our deliberate and balanced approach to capital allocation is putting us on a strong foundation to deliver attractive returns for years to come.

我們深思熟慮且平衡的資本配置方法為我們在未來幾年提供有吸引力的回報奠定了堅實的基礎。

With about $22 billion in capital investment last year, we again invested at the top of the industry as we continue to focus on building the largest, highest-capacity, lowest-marginal-cost converged broadband network in the country.

去年我們的資本投資約220億美元，再次位居行業前茅，繼續專注於建立全國最大、容量最高、邊際成本最低的融合寬頻網路。

Investing to build a truly differentiated network will provide long-term benefits to AT&T and the many customers, businesses, and communities we serve.

投資建立真正差異化的網路將為 AT&T 以及我們服務的眾多客戶、企業和社區帶來長期利益。

And if the new Trump administration is successful in extending expiring tax incentives this year, we feel there's ample opportunity for even more investment in US communications infrastructure.

如果川普新政府今年成功延長即將到期的稅收優惠政策，我們認為有充足的機會對美國通訊基礎設施進行更多投資。

Ultimately, we did what we said we would last year.

最終，我們做了去年所說的事。

And as a result, we exited 2024 in a stronger competitive position.

因此，我們在 2024 年結束時處於更強大的競爭地位。

We still have a few things to accomplish.

我們還有一些事情要完成。

In 2025, we'll focus on executing against the priorities we laid out at our Analyst and Investor Day.

2025 年，我們將專注於執行我們在分析師和投資者日制定的優先事項。

This starts with our customers.

這要從我們的客戶開始。

We plan to grow 5G and fiber subscribers by offering an elevated customer experience with a compelling opportunity to enjoy both of these connectivity services from one provider.

我們計劃透過提供提升的客戶體驗以及享受同一提供者提供的這兩種連接服務的絕佳機會來增加 5G 和光纖用戶。

We remain focused on growing our business the right way, which we expect to achieve by once again gaining profitable customers and operating our business more efficiently.

我們仍然專注於以正確的方式發展我們的業務，我們期望透過再次贏得有利可圖的客戶並更有效地經營我們的業務來實現這一目標。

In December, we established a new $3 billion-plus run rate cost savings target that runs through the end of 2027.

12 月，我們制定了新的 30 億美元以上運行成本節約目標，該目標將持續到 2027 年底。

In 2025, we'll make progress on this goal by further integrating AI throughout our operations.

2025 年，我們將透過進一步將人工智慧整合到我們的營運中，在這一目標上取得進展。

We also expect to realize cost savings as we evolve our technology stacks and work to exit our legacy copper network operations across the large majority of our wireline footprint by the end of 2029.

我們還希望透過發展我們的技術堆疊來實現成本節約，並努力在 2029 年底之前退出我們大部分有線網路覆蓋的傳統銅網路營運。

Last month, we received FCC approval to begin the process to stop selling, transition, and discontinue legacy voice services and a small number of wire centers, utilizing our AT&T Phone-Advanced service as a replacement.

上個月，我們獲得了 FCC 的批准，開始停止銷售、過渡和終止傳統語音服務和少數有線中心，並使用我們的 AT&T Phone-Advanced 服務作為替代品。

This was an important first step to establish a template that supports a deliberate and planned transition to a more capable and modern communications infrastructure.

這是建立一個模板的重要第一步，該模板支援有計劃地向功能更強大、更現代的通訊基礎設施過渡。

Within the next few weeks, we will make detailed filings with the FCC to stop selling legacy products in about 1,300 wire centers, which is about a quarter of the wire centers across our footprint.

在接下來的幾週內，我們將向 FCC 提交詳細文件，停止在大約 1,300 個電線中心銷售舊產品，這大約占我們覆蓋範圍內電線中心的四分之一。

We look forward to working with the [CAR] FCC to accelerate and advance policies and actions that stimulate investment in modernization of the US communications infrastructure.

我們期待與 [CAR] FCC 合作，加速和推進刺激美國通訊基礎設施現代化投資的政策和行動。

On the investment front, we anticipate capital investment in the $22 billion range again this year as we invest in modernizing our wireless network, expanding where we're able to offer fiber.

在投資方面，我們預計今年的資本投資將再次達到 220 億美元，因為我們將投資於無線網路現代化，擴大我們能夠提供光纖的範圍。

We also expect to achieve our target of net debt to adjusted EBITDA in the 2.5 times range in the first half of this year.

我們也預計今年上半年實現淨債務與調整後 EBITDA 比率在 2.5 倍範圍內的目標。

This keeps us on pace to commence common stock repurchases using our initial Board-approved tranche of approximately $10 billion during the second half of 2025.

這使我們能夠在 2025 年下半年利用董事會批准的約 100 億美元的初始資金開始普通股回購。

This is part of a broader $40 billion-plus shareholder return plan that we expect to deliver over the next three years, which includes more than $20 billion in total dividend payments and an overall capacity for about $20 billion in share repurchases.

這是我們預計在未來三年內實現的更廣泛的 400 億美元以上股東回報計劃的一部分，其中包括超過 200 億美元的股息支付總額和約 200 億美元的股票回購總體能力。

Under this plan, we also have an additional $10 billion in incremental financial flexibility to pursue strategic opportunities, improve our balance sheet, or deliver further capital returns to shareholders.

根據該計劃，我們還將獲得額外 100 億美元的增量財務靈活性，以尋求策略機會、改善我們的資產負債表或為股東提供進一步的資本回報。

Now before I wrap, I'd like to finish where I started, with the customer, and briefly share how the AT&T Guarantee builds on the vision we shared with you in December.

現在，在結束之前，我想與客戶一起結束我的開頭，並簡要分享 AT&T 擔保如何建立在我們 12 月與您分享的願景的基礎上。

Over the past several years, we've pivoted the AT&T brand by using our deep knowledge and insights to orient our services around putting our customers and what they want first.

在過去的幾年裡，我們利用深厚的知識和洞察力來調整我們的服務，將客戶和他們的需求放在第一位，以此來打造 AT&T 品牌。

This has led to improvements in how customers feel about AT&T, as evidenced by our broadband customer satisfaction leadership, our improving wireless net promoter scores, and our overall continued low churn.

這改善了客戶對 AT&T 的看法，我們的寬頻客戶滿意度領先地位、不斷提高的無線網路推薦分數以及整體持續的低客戶流失率就證明了這一點。

After over a year of research and preparation, we are taking the important step to establish a platform to differentiate our brand in the marketplace with the AT&T Guarantee.

經過一年多的研究和準備，我們正在邁出重要的一步，建立一個平台，透過 AT&T 擔保讓我們的品牌在市場上脫穎而出。

AT&T is the first and only telecommunications company to offer a guarantee for both its wireless and fiber network.

AT&T 是第一家也是唯一一家為其無線和光纖網路提供保障的電信公司。

AT&T Guarantee is a bold promise to our customers that we'll deliver connectivity that they can depend on, deals they want, and the prompt, friendly service they deserve.

AT&T 保證是對我們客戶的大膽承諾，我們將提供他們可以信賴的連接、他們想要的優惠以及他們應得的及時、友好的服務。

Or we'll make things right if we fall short.

或者，如果我們做得不夠，我們會改正。

With the AT&T Guarantee, customers have peace of mind that the company stands behind our products and services in a way that no one else in our industry is doing.

憑藉 AT&T 擔保，客戶可以放心，因為該公司以業內其他公司無法比擬的方式為我們的產品和服務提供支援。

Our guarantee is a truly converged full company effort.

我們的保證是真正融合的全公司努力。

It spans across both wireless and fiber, covering both consumers and small businesses.

它跨越無線和光纖，涵蓋消費者和小型企業。

And with enterprise customers, we remain committed to providing high-quality service in our contractual agreements as we always have.

對於企業客戶，我們將一如既往地致力於在合約協議中提供高品質的服務。

We were able to offer this unique promise to our customers because we own and operate scaled 5G and fiber networks, where we control the network architecture, operations, and end-to-end customer experience.

我們能夠向客戶提供這項獨特的承諾，因為我們擁有並經營規模化的 5G 和光纖網絡，我們可以控製網路架構、營運和端到端客戶體驗。

This allows us to provide a proactive and compelling customer guarantee that's tough to beat and an internal operating posture that focuses all of AT&T's employees on getting it right for our customers.

這使我們能夠提供難以超越的主動且令人信服的客戶保證，以及讓 AT&T 的所有員工專注於為我們的客戶提供正確服務的內部營運態勢。

We feel confident that our customers will repay us with loyalty, and we can attract new customers as well.

我們相信我們的客戶會忠誠地回報我們，我們也可以吸引新客戶。

So in summary, we have a clear strategy in place to advance the plan we shared at our Analyst and Investor Day.

總而言之，我們制定了明確的策略來推進我們在分析師和投資者日分享的計劃。

We have the right people, capabilities, and differentiated assets to achieve our goals in 2025 and beyond.

我們擁有合適的人員、能力和差異化資產來實現 2025 年及以後的目標。

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

有了這個，我會把它交給帕斯卡。

Pascal?

帕斯卡？

Thank you, John, and good morning, everyone.

謝謝約翰，大家早安。

Let's start by reviewing our fourth quarter financial summary on slide 8.

讓我們先回顧一下投影片 8 上的第四季財務摘要。

Overall, we're really pleased with how our team closed out the year as we continue to grow subscribers profitably.

總體而言，我們對我們的團隊在這一年的收官表現感到非常滿意，因為我們繼續增加訂戶並實現盈利。

Fourth-quarter revenues were up nearly 1%, largely driven by wireless service and equipment revenues as well as broadband revenues.

第四季營收成長近 1%，主要受到無線服務和設備收入以及寬頻收入的推動。

This was partly offset by a decline in Business Wireline.

美國商業資訊的下滑部分抵消了這一影響。

Adjusted EBITDA for the quarter was up 2.2% as growth, primarily in Mobility and Consumer Wireline, were partially offset by declines in Business Wireline.

本季調整後 EBITDA 成長 2.2%，主要是行動和消費者有線業務的成長部分被商業有線業務的下降所抵消。

Adjusted EPS was $0.54 in the quarter, in line with the prior year despite $0.04 of below-the-line net headwinds that we outlined at the beginning of the year.

儘管我們在年初概述了 0.04 美元的線下淨阻力，但本季調整後每股收益為 0.54 美元，與去年持平。

Fourth-quarter free cash flow was $4.8 billion, which included about $1.1 billion in pretax DIRECTV distributions.

第四季自由現金流為 48 億美元，其中包括約 11 億美元的稅前 DIRECTV 分配。

Fourth-quarter cash from operating activities came at $11.9 billion, up about $500 million year over year.

第四季營運活動現金為 119 億美元，年增約 5 億美元。

Beginning with the fourth quarter, all cash distributions from DIRECTV are now reported within cash from operating activities.

從第四季開始，DIRECTV 的所有現金分配均在經營活動現金中報告。

However, as a reminder, starting with our first quarter of 2025 results, we will exclude all cash received from DIRECTV from reported free cash flow.

然而，提醒一下，從我們 2025 年第一季的業績開始，我們將從 DIRECTV 收到的所有現金排除在報告的自由現金流之外。

Fourth-quarter capital expenditures were $6.8 billion with capital investment of $7.1 billion.

第四季資本支出為 68 億美元，其中資本投資為 71 億美元。

We delivered a strong financial performance during the quarter, while absorbing strong impacts that were slightly higher than the estimate we provided on our third-quarter call.

我們在本季度實現了強勁的財務業績，同時吸收了略高於我們在第三季度電話會議中提供的估計的強烈影響。

Now let's take a look at the results we delivered against our 2024 financial guidance on slide 9.

現在讓我們來看看我們根據幻燈片 9 中的 2024 年財務指導提供的結果。

For the full year, we achieved all our consolidated financial guidance.

全年，我們實現了所有綜合財務指導。

We expected Mobility service revenue growth in the 3% range and achieved growth in the 3.5% range, primarily by growing profitable customer relationships.

我們預計行動服務收入將成長在 3% 範圍內，並實現了 3.5% 範圍內的成長，這主要是透過不斷成長有利可圖的客戶關係。

In Consumer Wireline, we met our target of 7%-plus growth in broadband revenues driven by fiber revenue growth of nearly 18%.

在消費有線領域，我們在光纖收入成長近 18% 的推動下，實現了寬頻收入成長 7% 以上的目標。

Consolidated (technical difficulty) grew 3.1% for the full year compared to our expectation of growth in the 3% range.

全年綜合（技術難度）成長 3.1%，高於我們預期的 3% 成長幅度。

Adjusted EPS for the full year came in at $2.26, which is slightly better than the high end of the $2.20 to $2.25 range we provided at our Analyst and Investor Day.

全年調整後每股收益為 2.26 美元，略優於我們在分析師和投資者日提供的 2.20 美元至 2.25 美元範圍的上限。

As we shared previously, in 2025, we plan to report adjusted EPS excluding DIRECTV.

正如我們之前分享的，我們計劃在 2025 年報告調整後的每股盈餘（不包括 DIRECTV）。

When excluding approximately $0.31 related to equity in net income of DIRECTV, full-year adjusted EPS in 2024 was $1.95.

如果排除 DIRECTV 淨利潤中與股權相關的約 0.31 美元，2024 年全年調整後每股收益為 1.95 美元。

Capital investment for the full year was approximately $22 billion, consistent with our guidance at the high end of the $21 billion to $22 billion range.

全年資本投資約為 220 億美元，與我們對 210 億至 220 億美元範圍上限的指導一致。

On free cash flow, we delivered slightly better than the midpoint of our guidance in the $17 billion to $18 billion range, with full-year free cash flow coming in at $17.6 billion.

在自由現金流方面，我們的業績略優於 170 億至 180 億美元範圍內的指導中位數，全年自由現金流為 176 億美元。

In 2025, we also plan to report free cash flow excluding DIRECTV.

2025 年，我們也計劃報告不包括 DIRECTV 的自由現金流。

For comparison, 2024 free cash flow was $15.3 billion, excluding approximately $2.3 billion of after-tax cash distributions from DIRECTV.

相較之下，2024 年自由現金流為 153 億美元，不包括 DIRECTV 約 23 億美元的稅後現金分配。

Now let's look at our Mobility operating results on slide 10.

現在讓我們來看看幻燈片 10 上的行動營運結果。

Our Mobility business continues to deliver strong results, growing both revenues and EBITDA for the seventh consecutive year.

我們的行動業務持續取得強勁業績，營收和 EBITDA 連續第七年成長。

We posted 482,000 postpaid phone net adds in the quarter as we continued to successfully add high-value subscribers.

隨著我們繼續成功地增加高價值用戶，本季我們的後付費電話淨增加量為 482,000 部。

Mobility revenues were up 3.3% for the quarter with service revenues also up 3.3%.

本季行動收入成長 3.3%，服務收入也成長 3.3%。

Fourth-quarter Mobility EBITDA was up about $500 million or by 6.1% driven by growth in service revenues.

在服務收入成長的推動下，第四季度行動 EBITDA 成長了約 5 億美元，即 6.1%。

Similar to recent quarters, about 100% of the year-over-year growth in our Mobility service revenues flow through to EBITDA.

與最近幾季類似，我們的行動服務收入年增的約 100% 都流入了 EBITDA。

This is the result of sustained low churn and our focus on driving operating efficiencies.

這是持續的低客戶流失率和我們專注於提高營運效率的結果。

For the full year, Mobility EBITDA grew 6.3%.

全年行動業務 EBITDA 成長 6.3%。

This is consistent with our guidance for growth in the high end of the middle single-digit range.

這與我們對中個位數範圍高端成長的指導一致。

Mobility postpaid phone ARPU was $56.72 in the fourth quarter, up nearly 1% year over year.

第四季行動後付費電話 ARPU 為 56.72 美元，較去年同期成長近 1%。

ARPU growth continues to be largely driven by our targeted pricing actions and from plan mix.

ARPU 的成長繼續在很大程度上受到我們的目標定價行動和計劃組合的推動。

Postpaid phone churn for the quarter was 0.85%, up 1 basis point versus the prior year, while the upgrade rate declined 10 basis points to 4.6%.

本季後付費電話流失率為 0.85%，比上年上升 1 個基點，而升級率下降 10 個基點至 4.6%。

Customers reaching the end of their device promotions return to a more normalized level on a seasonal basis in the fourth quarter, and we expect this to continue during 2025.

設備促銷結束的客戶將在第四季度恢復到更正常的季節性水平，我們預計這種情況將在 2025 年持續下去。

In prepaid, our phone churn was less than 3% with Cricket phone churn substantially lower.

在預付費中，我們的電話流失率低於 3%，而 Cricket 的電話流失率則低得多。

Similar to last year, our 2025 guidance anticipates a healthy wireless market with further normalization of net adds and overall activity levels.

與去年類似，我們的 2025 年指引預計無線市場將呈現健康發展，淨增量和整體活動水準將進一步正常化。

We're confident that our Mobility business will deliver solid performance again in 2025.

我們相信，我們的行動業務將在 2025 年再次取得穩健的業績。

And we continue to expect full-year growth in service revenues in the higher end of the 2% to 3% range and EBITDA in the higher end of the 3% to 4% range.

我們繼續預計全年服務收入成長將在 2% 至 3% 範圍的高端，而 EBITDA 將在 3% 至 4% 範圍的高端成長。

Now let's move to Consumer Wireline results, which are on slide 11.

現在讓我們來看看投影片 11 上的消費者有線結果。

Our Consumer Wireline business again delivered strong performance with 307,000 AT&T Fiber net adds, our highest ever during the fourth quarter.

我們的消費者有線業務再次表現強勁，AT&T 光纖網路新增 307,000 戶，這是第四季以來的最高水準。

This solid subscriber growth reflects durable demand for AT&T Fiber as a result of its superior experience, as well as the increased pace at which we've been expanding customer locations served by our fiber network.

使用者的穩健成長反映了對 AT&T Fiber 的持久需求，這是由於其卓越的體驗，以及我們不斷擴大光纖網路服務的客戶位置的步伐。

We also believe we benefited from some pent-up demand following a one-month work stoppage in the Southeast during the third quarter.

我們也認為，第三季東南部停工一個月後，我們受惠於一些被壓抑的需求。

AT&T Internet Air continues to perform well in the marketplace.

AT&T Internet Air 在市場上持續表現良好。

We added 158,000 AT&T Internet Air consumer subscribers in the quarter and totaled more than 0.5 million net adds for the full year.

本季我們增加了 158,000 名 AT&T Internet Air 消費者訂戶，全年淨增用戶總數超過 50 萬。

Our combined success with AT&T Fiber and AT&T Internet Air continues to more than offset declines in our legacy copper subscriber base, which helped us achieve 123,000 total broadband net adds in the quarter.

我們與 AT&T Fiber 和 AT&T Internet Air 的結合所取得的成功繼續抵消了我們傳統銅纜用戶群的下降，這幫助我們在本季度實現了 123,000 戶寬頻淨增量。

Fiber ARPU was $71.71, up $1.35 sequentially and 4.7% year over year.

光纖 ARPU 為 71.71 美元，季增 1.35 美元，年增 4.7%。

The improved trend in fiber ARPU growth in 4Q was driven by pricing actions and favorable plan mix.

第四季光纖 ARPU 成長趨勢的改善是由定價行為和有利的計畫組合所推動的。

Fourth-quarter broadband revenues grew 7.8% driven by fiber revenue growth of 17.8%.

第四季寬頻營收成長 7.8%，光纖營收成長 17.8%。

In 2025, we expect fiber revenue growth in the mid-teens, which is consistent with the multiyear guidance we provided at our Analyst and Investor Day.

到 2025 年，我們預計光纖收入將成長到十幾歲左右，這與我們在分析師和投資者日提供的多年指導一致。

Consumer Wireline EBITDA grew 9.8% for the quarter and 10% for the full year, which exceeded our guidance for full-year growth in the mid- to high single-digit range.

消費有線 EBITDA 本季成長 9.8%，全年成長 10%，超出了我們對全年中高個位數成長的指引。

This was driven by growth in high-margin fiber revenues and by our ongoing transition away from providing service over our legacy copper network.

這是由於高利潤光纖收入的成長以及我們不斷從透過傳統銅網路提供服務的轉變所推動的。

We expect these dynamics to continue in 2025 and to drive Consumer Wireline EBITDA growth in the high single to low double-digit range.

我們預計這些動態將在 2025 年持續下去，並推動消費有線 EBITDA 在高個位數到低兩位數範圍內成長。

And while our fiber investment is delivering strong returns on a standalone basis, it's also benefiting our Mobility business as we add more converged customers.

雖然我們的光纖投資在獨立基礎上帶來了豐厚的回報，但隨著我們增加更多融合客戶，它也使我們的行動業務受益。

Our AT&T Fiber penetration is 40% today, with 4 out of every 10 AT&T Fiber households also choosing AT&T as their wireless provider.

如今，我們的 AT&T 光纖普及率為 40%，每 10 個 AT&T 光纖家庭中就有 4 個選擇 AT&T 作為其無線供應商。

Both these metrics improved by about 100 basis points versus the prior year, reflecting strong demand for our fiber and 5G services together.

這兩項指標均較前一年提高了約 100 個基點，反映出對我們的光纖和 5G 服務的強勁需求。

As we discussed at our Analyst and Investor Day, over the long term, we expect to grow our fiber penetration and our penetration of converged services within our fiber footprint.

正如我們在分析師和投資者日討論的那樣，從長遠來看，我們預計將提高光纖覆蓋率以及光纖覆蓋範圍內融合服務的滲透率。

Now let's turn to Business Wireline on slide 12.

現在讓我們轉向投影片 12 上的 Business Wireline。

In the quarter, Business Wireline revenues declined 10%, and EBITDA was down 22% primarily due to continued industry-wide secular declines in legacy services.

本季度，美國商業資訊 (Business Wireline) 收入下降了 10%，EBITDA 下降了 22%，這主要是由於全行業傳統服務的持續長期下降。

For the full year, Business Wireline EBITDA declined 18%.

美國商業資訊全年 EBITDA 下降 18%。

This is in line with the latest guidance we provided for declines in the high teens range.

這與我們針對高青少年範圍的下降提供的最新指導一致。

For full-year 2025, we expect Business Wireline EBITDA to decline in the mid-teens range.

對於 2025 年全年，我們預計 Business Wireline EBITDA 將下降至十幾位數。

In the fourth quarter, our Business Solutions wireless service revenues grew 3.5%, which is faster than our overall growth in Mobility service revenues.

第四季度，我們的業務解決方案無線服務收入成長了 3.5%，高於我們行動服務收入的整體成長速度。

FirstNet continues to be a consistent growth category for us, with wireless connections up about 300,000 sequentially.

FirstNet 仍然是我們持續成長的類別，無線連線數連續增加約 30 萬個。

And we ended the year with more than 6.7 million total connections.

截至年底，我們的總連線數已超過 670 萬。

Now let's move to slide 13 for an update on our capital allocation strategy.

現在讓我們前往投影片 13，以了解我們資本配置策略的最新情況。

In 2024, we were able to strengthen our balance sheet while maintaining industry-leading capital investment.

2024 年，我們得以強化資產負債表，同時維持業界領先的資本投資。

For the full year, we reduced net debt by $8.8 billion.

全年，我們減少了 88 億美元的淨債務。

And during the fourth quarter, we reduced net debt by $5.7 billion sequentially.

第四季度，我們淨債務連續減少了 57 億美元。

Fourth-quarter net debt included a $2.4 billion noncash FX benefit related to our foreign-denominated debt.

第四季淨債務包括與我們以外幣計價的債務相關的 24 億美元非現金外匯收益。

However, there was no net balance sheet impact, as there was an offsetting FX loss related to associated hedges.

然而，這並沒有對資產負債表產生淨影響，因為存在與相關對沖相關的外匯損失的抵銷。

Another item that contributed to the reduction of net debt in the fourth quarter was the completion of a distribution of about $1.5 billion in cash from previously restricted assets.

另一個有助於減少第四季淨債務的項目是完成了從先前受限資產中分配約15億美元的現金。

This is reflected in cash from investing and therefore, did not impact our reported free cash flow.

這反映在投資現金中，因此不會影響我們報告的自由現金流。

As a result of our adjusted EBITDA growth and strong cash generation, we ended 2024 with net debt to adjusted EBITDA below 2.7 times.

由於我們調整後 EBITDA 的成長和強勁的現金產生能力，2024 年末，我們的淨債務與調整後 EBITDA 比率低於 2.7 倍。

Additionally, we lowered vendor and direct supplier financing, which more than offset securitization facilities for a net reduction of $400 million year over year.

此外，我們也減少了供應商和直接供應商融資，足以抵銷證券化融資年淨減少 4 億美元的影響。

Over the past two years, we've reduced our vendor financing balance by about $4.7 billion.

過去兩年，我們的供應商融資餘額減少了約 47 億美元。

Our efforts to reduce vendor and direct supplier financing have helped us to lower our interest expense and to improve the quality and ratability of our cash flows.

我們減少供應商和直接供應商融資的努力幫助我們降低了利息支出並提高了現金流量的品質和可評級性。

Given these efforts, we feel good about our combined vendor and direct supplier financing levels, and do not expect to materially reduce them on a year-over-year basis in 2025.

鑑於這些努力，我們對供應商和直接供應商的綜合融資水準感到滿意，並且預計 2025 年不會出現年比大幅下降。

We continue to expect to close the sale of our 70% stake in DIRECTV to TPG in the middle of this year.

我們仍預計將在今年年中完成向 TPG 出售 DIRECTV 70% 股份的交易。

Since signing this agreement, we have received $1.7 billion in pretax cash distributions from DIRECTV and expect to receive an additional $5.9 billion in after-tax cash payments related to this transaction through 2029.

自簽署協議以來，我們已從 DIRECTV 收到 17 億美元的稅前現金分配，預計到 2029 年將額外收到與本次交易相關的 59 億美元的稅後現金支付。

This includes $5.4 billion that we continue to expect this year.

其中包括我們今年仍預期的 54 億美元。

The strength of our operating trends, growth in our free cash flow, and improvement in our balance sheet have positioned us to increase our capital returns to shareholders.

我們的經營趨勢、自由現金流的成長以及資產負債表的改善使我們能夠增加股東的資本回報。

As discussed at our Analyst and Investor Day, we expect to maintain our dividend per share and to begin share buybacks in the second half of 2025 once we're in the 2.5 times range for net debt to adjusted EBITDA.

正如我們在分析師和投資者日討論的那樣，一旦我們的淨債務與調整後 EBITDA 的倍數達到 2.5 倍，我們預計將維持每股股息，並在 2025 年下半年開始股票回購。

Our operating momentum and capital allocation framework positions AT&T to drive shareholder value through a combination of capital appreciation and capital returns in 2025 and beyond.

我們的營運動力和資本配置框架使 AT&T 能夠在 2025 年及以後透過資本增值和資本回報來推動股東價值。

Now let's cover our 2025 financial guidance.

現在讓我們來介紹一下 2025 年財務指引。

Our outlook for the year is unchanged from the guidance we shared at our Analyst and Investor Day.

我們對今年的展望與我們在分析師和投資者日分享的指導沒有變化。

But I'd like to highlight a few key drivers of our guidance for adjusted EPS and free cash flow in order to help you with your modeling.

但我想強調我們調整後每股盈餘和自由現金流指南的幾個關鍵驅動因素，以幫助您進行建模。

As mentioned earlier, beginning in the first quarter, we plan to report adjusted EPS and free cash flow, excluding DIRECTV due to the pending 2025 disposition of our equity investment.

如前所述，從第一季開始，我們計劃報告調整後的每股盈餘和自由現金流，不包括 DIRECTV，因為我們的股權投資待於 2025 年處置。

On this basis, our guidance anticipates growth in both of these metrics this year, driven primarily by our outlook for growth in consolidated adjusted EBITDA of 3% or better.

在此基礎上，我們的指引預計今年這兩個指標都會成長，這主要是由於我們對綜合調整後 EBITDA 成長 3% 或更高的預期推動的。

Our adjusted EPS guidance for 2025 of $1.97 to $2.07 also assumes depreciation and amortization expense in 2025 to be slightly higher than 2024 from continued investment in our 5G and fiber networks, lower interest expense from lower debt balances, and an effective tax rate around 23%.

我們調整後的2025 年每股收益指引為1.97 美元至2.07 美元，也假設2025 年的折舊和攤銷費用將略高於2024 年，原因是我們對5G 和光纖網路的持續投資、債務餘額減少帶來的利息費用降低以及有效稅率約為23% 。

Our planned share repurchases starting later this year are not expected to materially benefit our adjusted EPS in 2025.

我們計劃從今年稍後開始的股票回購預計不會為我們 2025 年調整後的每股盈餘帶來實質好處。

Looking a little further ahead, we continue to expect adjusted EPS to grow at a double-digit CAGR from 2027, as outlined at our Analyst and Investor Day.

展望未來，正如我們的分析師和投資者日所概述的那樣，我們繼續預計從 2027 年起調整後每股收益將以兩位數的複合年增長率增長。

This is driven by our outlook for annual adjusted EBITDA growth of 3% or better, as well as accumulating benefits of reducing our share count through planned share repurchases.

這是由於我們對年度調整後 EBITDA 成長 3% 或更高的預期，以及透過計畫股票回購減少股票數量所累積的收益所推動的。

It also assumes lower depreciation expense beyond 2025 as we complete our wireless network modernization and take legacy assets out of service.

它還假設 2025 年之後，隨著我們完成無線網路現代化並使遺留資產停止服務，折舊費用會降低。

Our guidance for $16 billion-plus of free cash flow this year assumes lower cash interest from lower debt balances, the absence of network termination fee payments in 2025, and lower working capital impacts in 2025 compared to 2024.

我們對今年超過 160 億美元的自由現金流的指導假設，債務餘額較低導致現金利息較低，2025 年無需支付網絡終止費，以及 2025 年營運資本影響較 2024 年較低。

Collectively, these items as well as our anticipated adjusted EBITDA growth are expected to more than offset an increase in cash taxes.

總的來說，這些項目以及我們預期的調整後 EBITDA 成長預計將足以抵消現金稅的增加。

Excluding DIRECTV, we expect 2025 cash taxes to be $3.3 billion, which is up about $1.5 billion from 2024 on a comparable basis.

不包括 DIRECTV，我們預計 2025 年現金稅為 33 億美元，以可比基礎比 2024 年增加約 15 億美元。

This expectation is based on current tax law, including the continued phaseout of bonus depreciation.

這項預期是基於現行稅法，包括繼續逐步取消紅利折舊。

We also expect that our free cash flow will continue to have a more ratable profile over the course of the year.

我們也預計，今年我們的自由現金流將繼續保持更佳的評級。

As a reminder, we typically see seasonally lower free cash flow in 1Q, primarily driven by the timing of device payments and annual incentive compensation payout.

提醒一下，我們通常會看到第一季的自由現金流出現季節性下降，這主要是由設備付款時間和年度激勵薪資支付造成的。

Also keep in mind that DIRECTV contributed $500 million to last year's first-quarter free cash flow.

另請記住，DIRECTV 為去年第一季的自由現金流貢獻了 5 億美元。

We're excited about our outlook for the year and beyond.

我們對今年及未來的展望感到興奮。

We're reiterating all the long-term financial and operational guidance we shared at our Analyst and Investor Day in December.

我們重申我們在 12 月的分析師和投資者日分享的所有長期財務和營運指引。

Brett, that's our presentation.

布雷特，這就是我們的演講。

We're now ready for the Q&A.

我們現在準備好進行問答了。

Thank you, Pascal.

謝謝你，帕斯卡。

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

接線員，我們準備好回答第一個問題了。

(Operator Instructions) John Hodulik, UBS.

（操作員說明）John Hodulik，UBS。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

John, maybe a couple of quick regulatory questions for you.

約翰，也許有幾個簡單的監管問題想問您。

First of all, on the regulatory filing about the legacy products, are there any direct cost savings that would come with this, that you could potentially see in '25 if that's successful?

首先，關於遺留產品的監管備案，是否會帶來任何直接的成本節省，如果成功的話，您可能會在 25 年看到這一點？

And I think this is probably the first step in terms of heading towards a decommissioning of that copper infrastructure.

我認為這可能是銅基礎設施退役的第一步。

How would you expect the sort of steps to proceed if you're successful with that filing?

如果您成功提交該文件，您預計將如何進行這些步驟？

So that's number one.

所以這是第一。

And then number two, on tax reform.

第二點是稅改。

One, just what's your view on the chance of getting that through?

第一，您對實現這一目標的機會有何看法？

And you mentioned that you could go a little faster with some of the CapEx.

您提到您可以加快一些資本支出的速度。

Would that be a '25 issue or '26?

這是 25 年的問題還是 26 年的問題？

And what are some of the areas do you think that you could do more spending and accelerate the plan?

您認為哪些領域可以增加支出並加快該計劃？

Thanks.

謝謝。

Hi, John.

嗨，約翰。

Good morning.

早安.

So the legacy filings, first of all, what you should understand is as we laid out our new cost savings objectives for you over the next three years as we discussed in the Analyst Day, as we gave you that detail, you can see that we are expecting that we're going to make progress in taking those costs out of the business.

因此，首先，您應該了解的遺留文件是，正如我們在分析師日討論的那樣，我們為您制定了未來三年的新成本節約目標，正如我們向您提供的詳細信息一樣，您可以看到我們預計我們將在消除這些成本方面取得進展。

And that's a key foundational element to those estimates.

這是這些估計的關鍵基礎要素。

So what you would expect here in this filing is, we've kind of factored all those into the guidance we've given you and the timing of those things.

因此，您在這份文件中所期望的是，我們已將所有這些因素納入我們為您提供的指導以及這些事情的時間表中。

I'm not going to break out on a per central office basis exactly how long it takes us to recognize that.

我不會詳細說明我們需要多長時間才能認識到這一點。

But these are processes that take some time, is what you should think about.

但這些過程需要一些時間，這是你應該考慮的。

We have to go through notice cycles with customers.

我們必須與客戶一起經歷通知週期。

We then have to ultimately transition them.

然後我們必須最終轉變它們。

We grandfather them.

我們是他們的祖父。

So these are not things, like, you file, and 90 days later, you're starting to see a dramatic shift or a step function shift in costs.

所以這些都不是事情，例如，你提交文件，90 天后，你開始看到成本的巨大變化或階梯函數變化。

These are what gets us to our objectives by '29 and ultimately, reshaping the footprint in the cost structure of the business.

這些都是我們在 29 年實現目標並最終重塑業務成本結構的原因。

How those steps proceed, as I said in my comments, the first step is we now have a framework.

正如我在評論中所說，這些步驟如何進行，第一步是我們現在有了一個框架。

We're now going to put the first scale test of that framework in with about 1,300 wire centers.

我們現在將在大約 1,300 個線路中心對該框架進行首次規模測試。

We expect that when we do that, the commission is going to say, what do I do with 1,300 wire centers?

我們預計，當我們這樣做時，委員會會說，我該如何處理 1,300 個電訊中心？

And we're going to work collaboratively with them to build a process to move through that as quickly and expeditiously as possible.

我們將與他們合作，建立一個流程，盡可能快速地完成這項任務。

My expectations are, from the dialogue that's occurring right now, the new administration is interested in finding approaches to scale these more rapidly and have an appropriate way to clear them through faster.

我的期望是，從現在正在進行的對話來看，新政府有興趣尋找更快速地擴大這些規模的方法，並有一個適當的方法來更快地清除它們。

Because they believe if the right policies are in place, it will, in fact, stimulate investment in the right kind of going-forward technologies.

因為他們相信，如果制定正確的政策，實際上會刺激對正確的前瞻性技術的投資。

And we intend to embrace that and work with them, and figure out how we take 1,300 successfully through the commission and then move through another tranche as we move through that.

我們打算接受這一點並與他們合作，弄清楚如何讓 1,300 人成功通過委員會，然後在我們完成這一階段時再進行另一部分。

So that's all part of the process.

這就是整個過程的一部分。

And it's kind of how we expected this back two years ago, when we started moving down this path and putting this framework in place and building the technologies to enable it.

這就是我們兩年前的預期，當時我們開始沿著這條道路前進，建立這個框架並建立實現它的技術。

This is kind of what we expected would be the case.

這正是我們所期望的情況。

And I feel good, as I mentioned I think at the Analyst Day, I think with the administration change, we kind of moved to a little bit of a tailwind in terms of the receptivity of the approach as we go through that.

我感覺很好，正如我在分析師日提到的，我認為隨著政府的更迭，我們在經歷這一過程時，在方法的接受度方面有點順風順水。

On the tax reform side, look, I'm hopeful and I'm optimistic that a Washington that has one party in control can figure out how to set priorities for themselves.

在稅改方面，我充滿希望並且樂觀地認為，一個政黨控制的華盛頓能夠弄清楚如何為自己設定優先事項。

My indications would be that from an economic growth perspective that the Republicans believe this is a key driver of what will get the economy moving in the right direction.

我的意思是，從經濟成長的角度來看，共和黨人認為這是讓經濟朝正確方向發展的關鍵驅動力。

I would certainly say from my little part of the economy, those policies would drive accelerated and stimulated investment as they did the first time we were in place.

我肯定會說，從我所涉足的經濟領域來看，這些政策將推動加速和刺激投資，就像我們第一次實施時一樣。

I've used this comparison; we were peaking in about $24 billion of investment a couple of years ago.

我用過這個比較；幾年前，我們的投資達到了約 240 億美元的頂峰。

It's not an accident.

這不是意外。

Our tax bill is up about the same amount that we're down in capital investment right now.

我們的稅單增加的金額與我們目前資本投資減少的金額大致相同。

I don't expect we'd ever get back to $24 billion at this juncture, given how far along we are in our reinvestment strategies.

考慮到我們的再投資策略已經取得了多大進展，我預計我們目前不會回到 240 億美元。

But do I think that the first place I would go if I had a little bit of latitude might be to accelerate some of the fiber build, the answer to that is, yeah, I probably would look at tweaking that.

但我是否認為，如果我有一點自由度，我首先要做的可能是加速一些光纖的構建，答案是，是的，我可能會考慮調整它。

And some of that might go into investment and completing the fiber plan earlier.

其中一些可能會用於投資並提前完成光纖計劃。

Some of that may be returned to shareholders.

其中一些可能會返還給股東。

We can't turn on a dime to answer your question.

我們無法立即回答您的問題。

When you think about what occurs with the fiber build, as I shared with you at the analyst conference, if you want to think about increments of $1 million a year -- so if we're building $3 million right now, and we wanted to move to $4 million.

當您考慮光纖建設會發生什麼時，正如我在分析師會議上與您分享的那樣，如果您想考慮每年 100 萬美元的增量 - 那麼如果我們現在正在建設 300 萬美元，並且我們想要增加到400 萬美元。

That's probably a 12-month best case, 18-month worst case scenario to ramp to that level.

這可能是 12 個月的最佳情況和 18 個月的最壞情況，才能達到這一水平。

And when you start thinking about how you gracefully do these things, increments of $1 million are kind of the graceful way to go about doing it.

當你開始思考如何優雅地做這些事情時，增加 100 萬美元是一種優雅的方式。

We're not whipsawing vendor communities, supply chains, doing things that are inappropriate.

我們不會破壞供應商社群、供應鏈，也不會做不恰當的事。

So I think about that within the course of the year.

所以我會在這一年考慮這個問題。

Can you scale yourself up to get to another $1 million, that's a decision that we'd have to make after we saw some tangibility that the tax cuts are, in fact, going to go into place.

你能否擴大規模以達到另外 100 萬美元，這是我們在看到減稅實際上即將實施的一些具體情況後必須做出的決定。

Thanks for your question, John.

謝謝你的問題，約翰。

We'll go to the next one.

我們將進入下一個。

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys.

嘿，夥計們。

Thanks so much for taking the questions.

非常感謝您提出問題。

I guess my first one for you, John, just returning to a topic that we discussed on the Analyst Day, which was this notion of home games and away games and the benefits the fiber brings to the Mobile business.

約翰，我想我的第一個主題是回到我們在分析師日討論的主題，即主場比賽和客場比賽的概念以及光纖為行動業務帶來的好處。

I'm noticing in the fourth quarter that the gains in Mobile net adds among fiber customers was equal to the total net adds for the quarter and about probably 22%, 23% of gross adds.

我注意到第四季光纖客戶的行動淨增加量的成長與該季度總淨增加量相等，大約佔總增加量的 22%、23%。

Is that something -- is there some information value in examining how those pieces fit together?

在檢查這些部分如何組合在一起時是否有一些資訊價值？

And then the second question, if I could, Pascal, this Reign real estate deal and the $850 million it's contributing, I guess the question is going to be was that -- was knowing that that's coming part of the $16 billion, or is it part of the plus?

然後第二個問題，如果可以的話，Pascal，這筆 Reign 房地產交易及其貢獻的 8.5 億美元，我想問題是——知道這是 160 億美元的一部分，還是它加的一部分？

And how do we think about maybe as we decommission the copper plant, especially, future real estate deals contributing to this cash flow picture?

當我們關閉銅廠時，我們如何看待可能對現金流狀況做出貢獻的未來房地產交易？

Thank you.

謝謝。

Hi, Dave.

嗨，戴夫。

I don't know that I would over-rotate on the information value, if I understand your question correctly.

如果我正確理解你的問題，我不知道我會過度旋轉資訊價值。

I think, typically, when you look at what our strategies are for how we actually penetrate within the base, there isn't necessarily perfectly a timing to what I would call the net add dynamics that occur in broadband, whether or not we're successful at penetrating.

我認為，通常情況下，當你看到我們如何實際滲透到基地的策略時，你會發現寬頻中發生的我所說的淨增加動態不一定有完美的時機，無論我們是否成功滲透。

There is some activity we get on installation, which is helpful to us.

我們在安裝方面進行了一些活動，這對我們很有幫助。

But when you start thinking about what we want to do to drive up that penetration number, the base of unaddressed individuals is much larger than the base of new customers going in.

但是，當你開始考慮我們要採取哪些措施來提高滲透率時，你會發現未解決的個人基數比新進入的客戶基數大得多。

And so we have to do well in that unaddressed base in order to get net adds in it.

因此，我們必須在未解決的基礎上做得很好，才能獲得淨增量。

There's different strategies associated with it.

有與之相關的不同策略。

Pascal, do you want to address the Reign dynamic and the fact that it doesn't run through cash flow?

帕斯卡，你想解決君臨的動態以及它不通過現金流運行的事實嗎？

Yeah.

是的。

So Dave, the Reign deal is -- we're accounting for it as a financing transaction.

戴夫，君臨交易是－我們將其視為融資交易。

It's not going to run through cash from operations or free cash flow.

它不會透過營運現金或自由現金流來運作。

It will be running through our financing section of the balance sheet.

它將貫穿我們資產負債表的融資部分。

You zoom out, Dave, when I think about what are the drivers of free cash flow in 2025, it starts with our expected EBITDA growth.

戴夫，當我思考 2025 年自由現金流的驅動因素是什麼時，你把目光放遠一點，首先是我們預期的 EBITDA 增長。

We also, as we highlighted at Investor Day, in 2024, there was a, call it, about $0.5 billion of headwind associated with paying out a termination fee associated with our O-RAN modernization effort.

正如我們在投資者日上所強調的那樣，2024 年，我們還面臨著大約 5 億美元的阻力，因為我們需要支付與我們的 O-RAN 現代化工作相關的終止費用。

Additionally, the other tailwind you should expect is, you're going to see some benefit from interest and working capital.

此外，您應該期待的另一個有利因素是，您將看到利息和營運資金帶來的一些好處。

We have -- if you saw the way we ended the year, our interest expense was down, and I would expect that to continue into 2025.

如果你看到我們年底的方式，我們的利息支出下降，我預計這種情況將持續到 2025 年。

And I wouldn't expect working capital to be a major factor one way or the other.

我不認為營運資金會成為一個主要因素。

And so really, those are the dynamics driving it.

事實上，這些都是推動它的動力。

All right, helpful.

好的，有幫助。

Thank you, guys, both.

謝謝你們，兩位。

Appreciate it.

欣賞它。

We'll go to the next question, please.

我們將進入下一個問題。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks, and good morning.

謝謝，早安。

You used the same or similar language around the healthy wireless market and a further normalization of net add and activity levels.

您在健康的無線市場以及淨添加和活動水平的進一步正常化方面使用了相同或相似的語言。

Curious if you could just put some additional context around that, how that -- they look similar or different than last year in terms of characteristics -- and how AT&T is looking at the mix between volume growth and ARPU opportunity within the '25 guidance.

很好奇您是否可以圍繞這一點提供一些額外的背景信息——它們在特徵方面與去年相似或不同——以及 AT&T 如何在 25 年指導中考慮銷量增長和 ARPU 機會之間的組合。

And just one other quick item, in the trending schedule, you added a much larger number of resale subs.

還有另一個快速項目，在趨勢表中，您添加了更多數量的轉售訂閱者。

I think it was up 13.5% quarter on quarter.

我認為季度環比增長了 13.5%。

I'm just curious what drove that performance?

我只是好奇是什麼推動了這種表現？

And does reseller become a more significant component of Mobility service revenue growth during 2025?

2025 年，經銷商是否會成為行動服務收入成長的更重要組成部分？

Thanks.

謝謝。

Hi, Mike.

嗨，麥克。

Good to hear from you.

很高興收到你的來信。

So I would tell you it's the same or similar as to what we said last year.

所以我可以告訴你，這與我們去年所說的相同或相似。

That's why they're similar language.

這就是為什麼它們是相似的語言。

We expect further normalization.

我們期待進一步的正常化。

I don't think we're seeing a whole lot different.

我認為我們看到的情況並沒有太大不同。

As I said before, how we think about the customers that we want to attack that are long-term durable, sustainable customers versus what gets counted in the bucket in aggregate, they don't all necessarily represent that number.

正如我之前所說，我們如何看待我們想要攻擊的長期持久、可持續的客戶，以及在桶中總計計算的客戶，它們並不一定都代表這個數字。

But we've seen a bit of a moderation going on, and we expect there's going to be a little bit of a moderation going on this coming year that we worked through.

但我們已經看到了一些溫和的情況正在發生，我們預計明年我們會經歷一些溫和的情況。

As with previous years, we're going to do everything we can to do both.

與往年一樣，我們將盡一切努力實現這兩點。

We're going to have some volume improvement as we gain customers, and we're also going to manage the base like we effectively manage the base.

隨著我們獲得客戶，我們的銷售量將會提高，我們也會像有效管理基地一樣管理基地。

I'm not going to break out for you what represents in each of those.

我不會向您詳細說明其中每一項代表什麼。

We never do talk about those things.

我們從不談論這些事情。

I don't intend to do that going forward.

我不打算繼續這樣做。

But you can expect that we know how to manage the subscription business, and we know how to balance the two out.

但您可以期望我們知道如何管理訂閱業務，並且我們知道如何平衡兩者。

There's going to be pockets of our base out there, where we can move them through continuum of either getting more value through different plans or finding pockets where maybe we're priced differently than the market, what needs to be, as well as growing subscribers.

我們的基地將會有一些地方，我們可以透過連續統一體來移動它們，要么透過不同的計劃獲得更多價值，要么找到我們的定價可能與市場不同、需要的價格以及不斷增長的訂戶的地方。

And we'll do both, and we'll do it effectively.

我們將兩者兼而有之，而且我們將有效地做到這一點。

What you're seeing on the resale side is, I think we've been really clear and we indicated that we were a provider to DISH and their migration and how they've been handling their customer accounts.

您在轉售方面看到的是，我認為我們已經非常清楚，我們表明我們是 DISH 及其遷移以及他們如何處理客戶帳戶的提供者。

We're a beneficiary, I think, of some of their decisions as to what works they're putting our customers on and how they're operating that.

我認為，我們是他們的一些決定的受益者，這些決定涉及他們為我們的客戶提供哪些服務以及他們如何運作這些服務。

That was certainly not the only contributor but a significant contributor to what's occurring in that.

這當然不是唯一的貢獻者，但卻是其中發生的事情的重要貢獻者。

And then we've also had some success in some other MVNO reseller accounts that are now starting to generate some volume as well that are contributing to that.

然後，我們在其他一些 MVNO 經銷商帳戶中也取得了一些成功，這些帳戶現在也開始產生一定的銷量，這也對此做出了貢獻。

Thanks, Mike.

謝謝，麥克。

We're going to go to the next question, operator.

我們將討論下一個問題，操作員。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Thanks.

謝謝。

Good morning.

早安.

Question on fiber and one on Mobility.

關於光纖的問題和關於移動性的問題。

Pascal, I think you mentioned maybe some pent-up demand benefited the fourth quarter coming off the labor strikes at the end of Q3.

帕斯卡，我想你提到也許一些被壓抑的需求因第三季末的勞工罷工而受益於第四季。

Any ability to size that for us?

有能力為我們確定尺寸嗎？

And then I'm curious, you guys had really strong fiber ARPU growth in the fourth quarter and the year.

然後我很好奇，你們在第四季和今年的光纖 ARPU 成長非常強勁。

We've seen some of our cable competitors get more aggressive with their own converged offers.

我們已經看到一些有線電視競爭對手透過自己的融合產品變得更加激進。

It doesn't seem like that's having any impact.

這似乎沒有任何影響。

But I'm just wondering if you could talk a little bit about your confidence in fiber ARPU growth heading into '25.

但我只是想知道您是否可以談談您對 25 年光纖 ARPU 成長的信心。

And then just on Mobility, great churn results.

然後就行動性而言，客戶流失率很高。

Any update on sort of how you're thinking about gross adds and whether that can maybe inflect positive in '25 as Jen and the team kind of put a lot of their initiatives into place.

關於您如何看待總增加的任何更新，以及隨著 Jen 和團隊將許多舉措落實到位，這是否可能在 25 年產生積極影響。

Thanks so much.

非常感謝。

Hi, Ben.

嗨，本。

So look, the pent-up demand dynamic, it's not substantial.

所以看，被壓抑的需求動態並不大。

I just think that there's -- there clearly was some -- there were some customers after we were out of the market for 30 days in the Southeast that decided they were going to wait.

我只是認為，顯然有一些客戶在我們離開東南部市場 30 天後決定等待。

And we were able to work through that effectively.

我們能夠有效地解決這個問題。

And I think that's certain amount of what you're expecting or what we saw in the fourth quarter of turning in that 307,000 number.

我認為這正是您所期望的，或者是我們在第四季度看到的 307,000 份數字。

I don't see anything in our overall trends that suggest anything different moving forward right now.

我在我們的整體趨勢中沒有看到任何跡象表明目前有任何不同的進展。

We've given you an indication.

我們已經給了你一個指示。

There's a variety of things that drive kind of what you should expect in volumes in fiber in a quarter, one of which is the size of the footprint and what we have to sell into.

有許多因素可以推動一個季度光纖產量的成長，其中之一就是佔地面積的大小以及我們必須銷售的產品。

And then, of course, there's a seasonality dynamic goes into that.

當然，還有季節性因素。

So as we move into the first quarter, seasonality adjustments tend to be a little bit slower than what we see otherwise.

因此，當我們進入第一季時，季節性調整往往比我們看到的要慢。

And we still have good footprint to sell into, but that pent-up demand will disappear.

我們仍然有良好的銷售足跡，但被壓抑的需求將會消失。

So you should expect that that's not going to carry into the first quarter.

所以你應該預料到這種情況不會延續到第一季。

Exactly what that number is, I don't know that I can precisely put a number on it.

這個數字到底是多少，我不知道我能準確地寫出一個數字。

But I don't see anything in the market that suggests to me right now that there's any fundamental trend difference in how we're penetrating the market and what we're doing overall.

但目前市場上沒有任何跡象表明我們滲透市場的方式以及我們總體上所做的事情存在任何根本性的趨勢差異。

And the ARPU growth, what I would tell you is, as I just indicated, we continue to manage the base effectively and look for opportunities to either remove customers up in plan to buy higher speeds or work on pricing adjustments where it makes sense to do that.

至於 ARPU 的成長，我要告訴你的是，正如我剛才所指出的，我們將繼續有效地管理基礎，並尋找機會取消計劃購買更高速度的客戶，或者在有意義的情況下進行定價調整那。

We did get a benefit of a price increase on some portions of our cohort that work through the fourth quarter that I think you're seeing roll through that.

我們確實從第四季度工作的某些部分的價格上漲中受益，我認為您會看到這一點。

But there's also a dynamic of a higher percentage of the base moving into fiber versus copper legacy products that usually comes with a step-up in ARPU that we get improvements on.

但與銅纜傳統產品相比，還有更高比例的基數轉向光纖，這些傳統產品通常會帶來 ARPU 的提升，我們會對此進行改進。

And we're going to continue to actively manage that, but you should understand we're actively managing that underneath an umbrella.

我們將繼續積極管理這一點，但你應該明白，我們正在保護傘下積極管理這一點。

We're still lower than cable on an ARPU basis.

以 ARPU 計算，我們仍然低於有線電視。

And that's one of the reasons we do as well as we do and why we don't feel that we need to necessarily discount a better product when we're putting two together is because we are selling currently in the market on -- kind of underneath cable's pricing umbrella at a more competitive price.

這就是我們做得很好的原因之一，也是為什麼我們覺得當我們將兩種產品放在一起時，我們不需要一定要打折更好的產品，因為我們目前在市場上銷售的產品是——有點在電纜的定價保護傘下，價格更具競爭力。

So that still continues to be the case as we move forward.

因此，隨著我們前進，情況仍然如此。

What I would expect on where we are in the Mobile side is -- should our gross add performance get a little bit better relative to what we want to do on the share side in certain segments?

我對行動端的預期是——相對於我們在某些​​細分市場的共享端的目標，我們的總增加業績是否應該更好一點？

Yes.

是的。

But do I expect that we're going to be looking at outsized numbers, given the overall pool of growth is getting smaller?

但考慮到整體成長池正在變小，我是否預期我們會看到龐大的數字？

No.

不。

Pascal, I don't know if there's anything you want to add to what I shared there.

帕斯卡，我不知道你是否想在我分享的內容中添加任何內容。

No.

不。

Look, I think all well said.

聽著，我覺得都說得很好。

Great.

偉大的。

Thanks so much.

非常感謝。

We'll go to the next question, please.

我們將進入下一個問題。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾，沃爾夫研究中心。

Hey, good morning, everybody.

嘿，大家早安。

A question on upgrades and one on immigration.

一個關於升級的問題和一個關於移民的問題。

On upgrades, I'm not going to ask you about iPhone innovation.

關於升級，我不會問你 iPhone 創新的問題。

I'm wondering if you could comment on just the average age of the phones in your customer fleet in the postpaid phone business, and maybe describe directionally how that number has evolved and whether we're approaching an inflection point for upgrade simply based on aging as we get into the middle of the 5G cycle here.

我想知道您是否可以評論一下後付費電話業務中客戶群中手機的平均年齡，並可能定向描述該數字是如何演變的，以及我們是否正在接近僅基於年齡的升級拐點當我們進入5G 週期的中期時。

And then on immigration, if you could comment on the sensitivity of your postpaid phone business to potential major changes in immigration statistics over the next couple of years after the change in the administration.

然後是關於移民，您能否評論一下您的後付費電話業務對政府更迭後未來幾年移民統計數據潛在重大變化的敏感性。

Thank you.

謝謝。

Hi, Peter.

嗨，彼得。

Peter, so I would say that I don't see anything in the data that we're looking at that would suggest there's any fundamental shift going on in customers' desires to hold handsets.

彼得，所以我想說，我在我們正在查看的數據中沒有看到任何表明客戶持有手機的願望發生任何根本性轉變的內容。

Sure, different carriers have different points of view on this.

當然，不同的業者對此有不同的看法。

And if you're investing heavier in promotions, you may see a shift.

如果您在促銷方面加大投入，您可能會看到變化。

You may incent more customers to choose to upgrade.

您可以激勵更多客戶選擇升級。

And the richer those promotions get, the higher that rate.

這些促銷活動越豐富，比例就越高。

And therefore, you walk away and say, well, maybe there's a shift going on.

因此，你走開並說，好吧，也許正在轉變。

I think we are pretty disciplined in what we chose to do over the course of the quarter.

我認為我們在本季選擇做的事情上非常有紀律。

And if I would tell you when we did forecast of what percentage of our customers might be coming in for an upgrade, we're not seeing anything out of pattern relative to that, given how we're performing in the market and what offers we're putting in the market.

如果我告訴你，我們何時預測了我們的客戶可能會進行升級的比例，考慮到我們在市場上的表現以及我們提供的服務，我們沒有看到任何與此相關的異常情況。

And I'm not expecting to see that change any time in the near future.

我預計這種情況在不久的將來不會改變。

The customer will ultimately make that decision.

客戶最終將做出該決定。

And of course, later in this year, we'll end up with some new devices coming into the market.

當然，今年晚些時候，我們最終將推出一些新設備進入市場。

And once we know what those devices are and how compelling they are, customers will decide whether or not they want to shift that dynamic and move at a higher rate.

一旦我們知道這些設備是什麼以及它們有多引人注目，客戶就會決定是否要改變這種動態並以更高的速度移動。

But right now, I didn't see anything that occurred in the fourth quarter that I can explain from -- what were the offers in the market, and was it something that somebody wanted to do gift giving on based on what those incentives were as opposed to what I would call a fundamental shift in customers' points of view of their fleet getting more tired, so to speak.

但現在，我沒有看到第四季度發生的任何事情，我可以從中解釋——市場上有哪些報價，以及是否有人想要根據這些激勵措施贈送禮物可以這麼說，這與我所說的客戶對他們的車隊變得更加疲憊的觀點的根本轉變相反。

The fact of the matter is phones perform pretty well.

事實上，手機的性能非常好。

They're more durable.

它們更耐用。

People know how to take care of them more.

人們更懂得如何照顧他們。

There's better insurance and upgrade processes in place to keep devices in customers' hands for a longer period of time.

更好的保險和升級流程可以讓設備在客戶手中保留更長時間。

I don't think those things have fundamentally shifted in the market.

我認為市場上的這些事情並沒有根本性的改變。

On immigration, I'd probably say relative to the industry, we're a bit less sensitive to it.

在移民方面，我可能會說，相對於該行業，我們對此不太敏感。

Because as you've heard me say, we maybe don't play as effectively as I'd like in that part of the market or had what I would think should be more of our fair share.

因為正如你所聽到的，我們在這部分市場上的表現可能沒有我希望的那麼有效，或者沒有得到我認為應該更多的公平份額。

I guess, the good news is if there is a downward trend on it, we'll be less impacted.

我想，好消息是，如果有下降趨勢，我們受到的影響就會較小。

It doesn't mean that I wouldn't like to be more effective in that space.

這並不意味著我不想在這個領域變得更有效率。

But we just aren't quite as well distributed in that segment of the market as maybe some other folks are.

但我們在該市場領域的分佈並不像其他一些人那麼好。

Now in aggregate, do I think that having more people living in the United States is good for a business like ours?

現在總的來說，我認為有更多的人生活在美國對我們這樣的企業有好處嗎？

I think the answer is yes because we like economic growth in this country.

我認為答案是肯定的，因為我們喜歡這個國家的經濟成長。

And part of what we all want to see is that the economy continues to grow and services continue to be invested in.

我們都希望看到的部分原因是經濟持續成長，服務業繼續投資。

And I think a key element to that is we have to have the right immigration policies.

我認為其中一個關鍵因素是我們必須制定正確的移民政策。

And I'm hopeful that as policymakers kind of go through the next number of months and they think about what they want to do, they get to an appropriate place that understands that for the US economy to continue to grow, we need smart immigration.

我希望，隨著政策制定者在接下來的幾個月思考自己想要做什麼，他們能夠到達一個合適的位置，並了解為了美國經濟的持續成長，我們需要明智的移民。

We need to do this the right way, and that is in everybody's interest to do that.

我們需要以正確的方式做到這一點，這樣做符合每個人的利益。

Hopefully, wise minds prevail, and that's what takes place, and we'll see what happens.

希望明智的頭腦佔上風，這就是所發生的事情，我們將看看會發生什麼。

Thanks for the questions, Peter.

謝謝你的提問，彼得。

We're going to go to the next question, please.

我們將進入下一個問題。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could maybe expand, John, on your earlier comments around the broadband market and the competitive trends within it.

約翰，我想知道您是否可以擴展一下您之前對寬頻市場及其競爭趨勢的評論。

I mean, clearly, some of your competitors in the cable space are getting a little bit more aggressive on pricing.

我的意思是，很明顯，有線電視領域的一些競爭對手在定價方面變得更加激進。

It sounds like you don't see the need to follow that.

聽起來您認為沒有必要遵循這一點。

But I'm just sort of curious whether you expect there to be sort of more opportunities for jump balls or a little bit more kind of competition within the sort of existing non-home movers in the market going into 2025.

但我只是有點好奇，您是否預計到 2025 年，市場上現有的非搬家公司會出現更多的跳球機會，或者會有更多的競爭。

And then separately, on the Business Wireline outlook, that's a relatively muted outlook, not different from what you talked about in 2024.

另外，就 Business Wireline 的前景而言，這是一個相對溫和的前景，與您在 2024 年談到的沒有什麼不同。

But I'm wondering if you see any opportunities on the horizon here that could jump-start sort of top-line opportunities, whether that's from a fiber connectivity for AI or otherwise.

但我想知道您是否看到任何即將出現的機會可以啟動某種頂線機會，無論是來自人工智慧的光纖連接還是其他機會。

I think you'd sort of moderate those EBITDA declines sooner rather than later.

我認為你應該儘早緩和 EBITDA 的下降。

Thank you.

謝謝。

Hi, good morning, Jim.

嗨，早上好，吉姆。

I don't see a shift right now in our tactics in the broadband market.

我認為目前我們在寬頻市場的策略沒有改變。

I mean, as I've said before, where we have fiber, we win.

我的意思是，正如我之前所說，只要我們有光纖，我們就能獲勝。

We win because it's a better product.

我們贏了，因為它是更好的產品。

And the other tailwind, if you want to call it that, that I think we have that I've mentioned and talked about in the Analyst Day is it's a heck of a lot easier to sell into a market where we're 40%, 50% built as opposed to a market where we're just starting to build.

另一個順風車，如果你想這麼稱呼的話，我認為我們在分析師日提到和討論過的就是，在我們佔 40% 的市場上銷售要容易得多， 50% 的市場已經建成，而我們剛開始建設。

And we're getting more and more markets where our distribution of fiber and where we are in the build starts to give us scale in the metropolitan area.

我們正在獲得越來越多的市場，我們的光纖分佈和建設位置開始讓我們在大都會區形成規模。

So we get more effective in that case in the latter stages of our penetration, where we can begin to more efficiently buy mass media awareness.

因此，在這種情況下，我們在滲透的後期階段會變得更加有效，我們可以開始更有效地購買大眾媒體意識。

Word of mouth starts to show up with customers who do their own promoting on our behalf because they have the product.

口碑開始出現在那些代表我們進行促銷的客戶中，因為他們擁有產品。

They talk to their friends.

他們和朋友聊天。

So yeah, I would expect that our competitors are having to do things to adjust because we continue to win.

所以，是的，我預計我們的競爭對手必須做出調整，因為我們繼續獲勝。

But we're fundamentally winning on the product being better.

但從根本上來說，我們的勝利在於產品變得更好。

We're not necessarily winning because people are shopping for a lower price right now.

我們不一定會獲勝，因為人們現在正在以較低的價格購物。

And I actually think the lower-price shoppers are probably migrating more towards fixed wireless.

事實上，我認為價格較低的消費者可能會更多地轉向固定無線網路。

And they maybe have less scale demands as we've talked about.

正如我們所討論的，他們的規模需求可能較小。

Our product is the one for the scaled household that requires great performance and consistent performance.

我們的產品是適合需要卓越性能和一致性能的規模化家庭的產品。

And that's what we're doing very well in.

這就是我們做得很好的一面。

And I think we know how to play in that space, and we'll continue to do that.

我認為我們知道如何在這個領域發揮作用，我們將繼續這樣做。

And ultimately, as general consumption continues to increase year over year, we think fiber will be waiting there to pick up more and more customers as they need that high performance.

最終，隨著整體消費量逐年持續成長，我們認為光纖將在那裡等待越來越多的客戶，因為他們需要高性能。

So we feel really good about that.

所以我們對此感覺非常好。

We gave you an outlook at the Analyst Day as kind of what we expect in recovery in business.

我們在分析師日向您提供了我們對業務復甦的預期。

And when we did that, it was, as we shared with you, driven by an orientation away from our legacy products.

正如我們與您分享的那樣，當我們這樣做時，是受到遠離我們傳統產品的導向的驅動。

The good news is we had a lot of share, and we did really well in that space.

好消息是我們有很多份額，而且我們在這個領域做得非常好。

The bad news is some of those products are in a secular repositioning right now.

壞消息是其中一些產品目前正在長期重新定位。

And they're repositioning to fiber and high-bandwidth connectivity-based products and services, which we'll also do well in.

他們正在重新定位到基於光纖和高頻寬連接的產品和服務，我們也將在這方面做得很好。

But dollar for dollar is a little bit of a trade down when you make those transitions.

但當你進行這些轉變時，美元對美元的交易會有點下降。

And as we forecasted for you what we thought the recovery in that segment would be, it included what our expectations were and being effective in deploying our fiber and ultimately picking up on some of that transition.

正如我們為您預測的那樣，我們認為該細分市場的復甦將是什麼，其中包括我們的期望以及有效部署光纖並最終實現部分轉型的預期。

So do I expect that we can go in and probably be a little more effective in middle-mile infrastructure as AI becomes more critical in places?

那麼，隨著人工智慧在某些地方變得更加重要，我是否期望我們能夠進入並可能在中英里基礎設施方面變得更加有效？

Yeah, we expect we will be.

是的，我們希望我們會。

Is that something that we expected when we gave you our forecast moving forward?

當我們向您提供未來的預測時，這是我們所期望的嗎？

Yes.

是的。

Is it stuff we're working on right now that we'll have some success?

我們現在正在做的事情是否會取得一些成功？

And yes.

是的。

Did I see in the fourth quarter probably some of our best fiber growth in business across the board in all segments and what we've historically had?

我是否在第四季度看到了我們在所有領域以及我們歷史上所擁有的最好的光纖業務成長？

Yes.

是的。

Is that expected?

這是預期的嗎？

Yes.

是的。

Should it continue?

應該繼續嗎？

Yes.

是的。

We still have to outrun the legacy base, which -- that's just a mathematical equation over time that we have to work our way through.

我們仍然必須超越遺留基礎，這只是隨著時間的推移我們必須解決的數學方程式。

So I don't think it's going to change anything that we shared with you in terms of the direction and performance of the business.

因此，我認為這不會改變我們與您分享的業務方向和業績方面的任何內容。

One other point is on AIA.

另一點是關於友邦保險的。

We -- as it relates to business, we continue to believe it is a great opportunity for us.

我們——就業務而言，我們仍然相信這對我們來說是一個很好的機會。

If you look, we introduced a product middle part of last year.

如果你看的話，我們在去年中期推出了一個產品。

And so we think we have plenty of room to run as it relates to AIA for business.

因此，我們認為我們有足夠的運作空間，因為它與友邦保險的業務有關。

And that's AT&T Internet Air for business.

這就是 AT&T 商務 Internet Air。

That's our internal acronym.

這是我們的內部縮寫。

Yes.

是的。

All right.

好的。

We'll take the next question.

我們將回答下一個問題。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Hi, thank you for taking the question.

您好，感謝您提出問題。

I guess maybe, John, kind of sticking with business, but from the wireless side, obviously, you broke out the wireless service revenue growth, maybe outperformed consolidated Mobility growth on the business side.

約翰，我想也許會堅持業務，但從無線方面來看，顯然，您爆發了無線服務收入成長，也許超過了業務方面的全面行動性成長。

Can you maybe pack -- unpack a little bit of what you're seeing in that market, John, obviously, against the context of the broader industry and normalization there?

約翰，顯然，你能否在更廣泛的行業和正常化的背景下，整理一下你在該市場看到的一些東西？

At the Analyst Day, you did outline that AT&T does have a share opportunity, given your mix of customers across the board in the Fortune 1000 and how you see that evolving.

在分析師日，您確實概述了 AT&T 確實有分享機會，考慮到您在財富 1000 強中的全面客戶組合以及您如何看待這種變化。

But you also -- it seems like there's tailwinds in that business as well, whether it be from corporate liable, maybe demand growing.

但你也 - 似乎該業務也有順風，無論是來自企業責任，也許是需求成長。

So it'd be helpful if you could perhaps unpack that and how you're thinking about that evolving over a multiyear basis within AT&T.

因此，如果您能解開這個問題，以及您如何思考 AT&T 內部多年來的發展情況，那將會很有幫助。

Thank you.

謝謝。

So Sebastiano, good morning.

塞巴斯蒂亞諾，早安。

I would tell you the biggest driver, I think, of our success in business over time is how well we do in improving our distribution, our effectiveness in the mid and low end of the market.

我想告訴你，我認為，隨著時間的推移，我們在業務上取得成功的最大推動力是我們在改善我們的分銷以及中低端市場的有效性方面做得如何。

And that's, I think, the biggest driver and that -- we all like the fact that if there's investment in the country and the economy grows, businesses grow, and they consume more in communication services.

我認為，這是最大的驅動力，我們都喜歡這樣一個事實：如果國家有投資，經濟成長，企業就會成長，他們在通訊服務上的消費就會增加。

That's a good thing, and it's an important thing for our industry, and we tend to be highly correlated to that.

這是一件好事，對我們的產業來說也是一件重要的事情，我們往往與之高度相關。

But in terms of us doing better as a company and where I think the operating leverage is, it's in us getting better in our distribution structure in that segment of the market.

但就我們作為一家公司做得更好以及我認為營運槓桿而言，我們在該市場領域的分銷結構變得更好。

And as I shared with you, that's our intent when we went through the Analyst Day.

正如我與您分享的，這就是我們度過分析師日時的意圖。

Those don't change in 30 days.

這些在 30 天內不會改變。

These are things that require some work and partnerships.

這些事情需要一些工作和夥伴關係。

And they require you to work with those partners in ways that you give them the right kind of tools to be more effective in prospecting and converting.

他們要求您與這些合作夥伴合作，為他們提供正確的工具，以便更有效地進行勘探和轉換。

And we're midstream on doing that.

我們正在做這件事。

And our expectations on ramp, back to what I shared to Jim's question or part of what's into our forecast that we've given you an improvement segment and what we're going to ultimately be able to do.

我們對斜坡的期望，回到我對吉姆的問題所分享的內容，或者我們預測的一部分，即我們已經為您提供了改進部分以及我們最終將能夠做什麼。

So that's how I think about for AT&T, what we need to do to be more effective in business and where there's opportunity.

這就是我對 AT&T 的看法，我們需要做些什麼來提高業務效率以及哪裡有機會。

And it really gets down to how effectively we distribute.

這實際上取決於我們分發的效率。

And I don't know that there's, if you want to call that tailwind, I just think that's hard to pick-and-shovel work that we kind of have to do as our business.

我不知道是否存在，如果你想稱之為順風，我只是認為我們必須將這種工作作為我們的業務來做，這是很難的。

And that's the kind of thing that we do.

這就是我們所做的事情。

All right, thanks for the question, Sebastiano.

好的，謝謝你的提問，塞巴斯蒂亞諾。

Operator, we're going to take our last question.

接線員，我們將回答最後一個問題。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Thanks, guys.

謝謝，夥計們。

You've been pretty early in migrating your operations and networks to the cloud and open source.

您很早就將營運和網路遷移到雲端和開源。

I'm sure you've seen DeepSeek has created a much lower-cost large language model out there.

我確信您已經看到 DeepSeek 創建了一種成本低得多的大型語言模型。

Can you maybe just give us your thoughts on using cloud and AI to both improve relationships with customers, improve your product, and lowering your overall expenses?

您能否告訴我們您對使用雲端和人工智慧來改善與客戶的關係、改進您的產品並降低整體費用的想法？

And then maybe just the same thing on your infrastructure, just any updated thoughts, how you can use your infrastructure to support AI?

然後，也許你的基礎設施上也有同樣的事情，只是任何更新的想法，你如何使用你的基礎設施來支援人工智慧？

Thank you.

謝謝。

Good morning, Tim.

早安，提姆。

We've actually -- I think this is a place we've already done a lot of work and picked up a lot of benefits in terms of how you operate internally.

事實上，我認為我們已經做了很多工作，並在內部運作方式方面獲得了很多好處。

We've -- if you kind of look at our cost of service dynamics, what we've been able to do in our call centers, and how we operate within our customer base, a lot of that has been driven by AI tool application.

如果你看看我們的服務動態成本、我們在呼叫中心能夠做的事情以及我們在客戶群中的運作方式，你會發現其中許多都是由人工智慧工具應用程式驅動的。

And it's not that we're necessarily exclusively replacing individuals with the technology, but we're making them a lot more effective and efficient in how they handle customer needs and then complementing that with customer supported AI.

這並不是說我們一定要用科技完全取代個人，而是我們讓他們在處理客戶需求方面更加有效和高效，然後用客戶支援的人工智慧來補充這一點。

And when you look at things like our call volumes, despite the fact that we're growing, our customer base dropping 30% year over year.

當你看到我們的呼叫量等情況時，儘管我們正在成長，但我們的客戶群卻比去年同期下降了 30%。

That's driven by the application of that technology and what we're able to do with it.

這是由該技術的應用以及我們能夠利用它所做的事情所驅動的。

We've used it a lot internally in our operations.

我們在內部營運中大量使用了它。

We're seeing demonstrative improvements in our code effectiveness.

我們看到程式碼效率有了顯著的改進。

And I shared this on a previous call.

我在之前的電話會議上分享了這一點。

We're spending less right now to develop new code internally and getting more.

我們現在在內部開發新程式碼方面花費更少，但得到的卻更多。

And it's through the application of AI and the technology and what we're able to do with generative AI.

這是透過人工智慧和技術的應用以及我們能夠利用生成式人工智慧所做的事情。

I fully expect, as I mentioned earlier in kind of my comments on CNBC, we're very early in this technology cycle right now.

正如我之前在 CNBC 的評論中提到的那樣，我完全預計，我們現在正處於這個技術週期的早期。

And this is a seminal technology cycle.

這是一個開創性的技術週期。

It's going to be every bit as big as the founding of the Internet when it's all said and done.

當一切塵埃落定之後，它的規模將與網路的建立一樣大。

And because we're very early in it, we should expect there's going to be days we wake up like this one when somebody comes in and says they figured out a way to get as much benefit out of the model by consuming less power or using less processing capability, where they fine-tune the models to work in a particular domain area more effectively, where they can run locally as opposed to in the cloud, which is going to open up and facilitate new applications and business models.

因為我們還處於早期階段，所以我們應該預料到，有一天我們會像這樣醒來，當有人進來並說他們找到了一種方法，通過消耗更少的電力或使用更少的能量來從模型中獲得盡可能多的好處。模型。

I would expect for a nascent technology like this that we're going to have those moments because necessity is the mother of invention.

我希望像這樣的新興技術能夠實現這樣的時刻，因為需求是發明之母。

And there's a lot of money, an awful lot of money and a lot of creative minds working on this.

為此投入了大量的資金和大量的創意人才。

And people are going to come up with better ways to apply it.

人們將會想出更好的方法來應用它。

And we're all going to have to stay on our game to make sure we use it effectively, so none of us are in a disadvantaged position relative to our competitors on cost structure effectiveness.

我們都必須堅持我們的遊戲，以確保我們有效地使用它，因此，在成本結構有效性方面，我們中沒有一個人相對於我們的競爭對手處於不利地位。

I think there are places where I would like to see our business get better at doing this, which is using the data that we have to start doing things that are unique to us, which handling particular customers and segments of the base and those that we don't have as customers and understanding how we price and attack those things and using the unique data sets that we have around our infrastructure, how that lines up to particular customer segments, in particular, industries to get more effective in the market.

我認為在某些地方，我希望看到我們的業務在這方面做得更好，即使用我們必須開始做的事情，我們獨特的事情，處理特定的客戶和基地的部分以及我們的那些沒有客戶，了解我們如何定價和攻擊這些東西，並使用我們圍繞基礎設施擁有的獨特數據集，如何與特定客戶群（特別是行業）保持一致，以在市場上獲得更有效的效果。

If I were to say I had a goal for 2025, I would like to, this time next year, be talking about good momentum we've received in business as a result of executing on some of those things moving forward.

如果我要說我有一個 2025 年的目標，那麼我想在明年這個時候談論我們因執行其中一些向前推進的事情而獲得的良好業務勢頭。

And finally, I'd just say we continue to find innovative ways to use it in our business today.

最後，我只想說，我們今天繼續尋找創新的方法在我們的業務中使用它。

And maybe I'm not being as effective at talking about all the great things we've done to effectively use that, but we're tuning our RF capabilities dynamically in our wireless network today based on traffic flows and customer movement using machine learning capabilities and AI.

也許我沒有有效地談論我們為有效利用它所做的所有偉大的事情，但我們今天正在使用機器學習功能根據流量和客戶移動動態調整無線網路中的射頻功能和人工智慧。

And those things always help us on the margin, and we're going to continue to do them moving forward.

這些事情總是在某種程度上幫助我們，我們將繼續前進。

Appreciate the question, Tim.

感謝這個問題，蒂姆。

Let me go ahead and close this out for all of you.

讓我繼續為大家結束這一切。

And I would just say one thing.

我只想說一件事。

We outlined for you what we intended to do in 2024 in January of the year.

我們在 2024 年 1 月為您概述了 2024 年的計劃。

And when you kind of look at what we delivered, we did exactly what we said we were going to do, if not a little bit more.

當你看看我們交付的東西時，我們完全按照我們所說的去做，甚至多了一點。

And I think what we've, hopefully, demonstrated to you over the course of '24 and the previous years, our execution is getting very consistent.

我認為，我們希望在 24 年和前幾年向您展示的內容是，我們的執行力變得非常一致。

And that's not a surprise as we refocused the business, and we put our energy towards being a great communications company.

這並不奇怪，因為我們重新調整了業務重點，並致力於成為一家偉大的通訊公司。

We're on that learning curve, and we're getting more consistent and better at what we do.

我們正處於學習曲線上，我們的工作變得更加一致和更好。

And we still have opportunities to improve upon the progress we've made.

我們仍然有機會改進已經取得的進展。

This is going to be an important year for us as we hit the midpoint of this year, and we have an opportunity to recalibrate on our capital allocation.

今年對我們來說將是重要的一年，因為我們已經到了今年的中點，我們有機會重新調整我們的資本配置。

And that's been the deliberate plan to do that.

這是經過深思熟慮的計劃。

We look forward to that moment.

我們期待那一刻的到來。

And we think we're in a great position to continue to invest in this business and drive the same level of consistency and improvement that you've seen over the last couple of years.

我們認為我們處於有利位置，可以繼續投資這項業務，並推動過去幾年所看到的相同水平的一致性和改進。

So thank you very much for your interest in us.

非常感謝您對我們的興趣。

And I hope everybody has a good rest of the year.

我希望每個人今年都能過得愉快。

Operator, you can go ahead and end the call.

接線員，您可以繼續結束通話了。