AT&T Inc (T) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to AT&T's second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家早安，歡迎參加 AT&T 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我想把發言權交給主持人、財務和投資者關係資深副總裁 Brett Feldman。請繼續。

Thank you and good morning. 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 Chairman and CEO; and Pascal Desroches, our CFO.

謝謝，早安。歡迎參加我們的第二季電話會議。我是 AT&T 投資者關係主管 Brett Feldman。今天與我一起參加電話會議的還有我們的董事長兼執行長 John Stankey 和我們的財務長 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 on our investor relations website.

在我們開始之前，我需要提請您注意我們的安全港聲明。它說我們今天的一些評論可能是有前瞻性的。因此，它們受到 AT&T 提交給美國證券交易委員會 (SEC) 的文件中所述的風險和不確定性的影響。結果可能會有重大差異。您可以在我們的投資者關係網站上找到更多資訊以及我們的收益資料。

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

說完這些，我將把電話轉給約翰·斯坦基。約翰？

Thanks, Brett. I appreciate everyone joining us this morning. Five years ago, we laid out a goal of becoming the best connectivity provider in America. To accomplish this, we set out a clear strategy built around putting the customer first and building the best network experience.

謝謝，布雷特。我感謝今天早上與我們一起的各位。五年前，我們制定了成為美國最佳連線供應商的目標。為了實現這一目標，我們制定了明確的策略，以客戶為中心，打造最佳網路體驗。

We continue to make steady progress, and we're seeing the accumulating benefits from remaining consistent in our beliefs and investing in the most advanced and cost efficient technologies, while providing customers with the services and experiences they want.

我們繼續穩步前進，並且看到了透過堅持信念、投資最先進、最具成本效益的技術以及為客戶提供他們想要的服務和體驗而獲得的不斷積累的收益。

Halfway through the year, we've delivered growth in service revenues, adjusted EBITDA, and free cash flow. And were positioned to deliver on our full-year consolidated financial guidance for 2025. Pascal will cover the details of our second quarter results and update updated outlook, including the expected impacts of recent tax legislation in just a moment.

今年過半，我們的服務收入、調整後的 EBITDA 和自由現金流均實現了成長。並準備好實現 2025 年全年合併財務指導。帕斯卡將介紹我們第二季業績的細節並更新展望，包括近期稅收立法的預期影響。

So I'll use my time to discuss how we put considerable effort into building the business that's well-positioned to win across different operating environments, thanks to our leading investments in 5G and fiber.

因此，我將利用我的時間來討論我們如何付出巨大努力來打造能夠在不同營運環境中獲勝的業務，這要歸功於我們在 5G 和光纖方面的領先投資。

Before I do that, I'd like to acknowledge the recent Texas floods. Our heart goes out to all the families and communities affected by this devastating tragedy in our home state. I'd like to thank all of our employees who stepped up and worked tirelessly to support the many first responders and government agencies with FirstNet.

在此之前，我想先了解最近德州發生的洪水。我們向所有在我們家鄉遭受這場毀滅性悲劇影響的家庭和社區表示深切慰問。我要感謝所有挺身而出、不知疲倦地為 FirstNet 的眾多急救人員和政府機構提供支援的員工。

As public safety's partner, our support and obligations go beyond ensuring the continuity and availability of their purpose-built network to include meeting the special and dynamic needs of these vital public safety resources in a manner unique to our industry. This is a role that commands the highest attention and resources from our company, and one that we're proud to serve.

作為公共安全的合作夥伴，我們的支援和義務不僅限於確保其專用網路的連續性和可用性，還包括以我們行業獨有的方式滿足這些重要公共安全資源的特殊和動態需求。這個職位需要我們公司給予最高的關注和資源，我們很榮幸能擔任這個職位。

Now shifting back to the state of our business. Our second quarter results highlight consistent trends across our operations. In Mobility, we added over 400,000 postpaid phone customers, driving service revenue growth of 3.5%. We also added 243,000 fiber subscribers in the second quarter, in addition to 203,000 Internet Air Net additions. This represents nearly 450,000 new subscribers to our most advanced broadband services, driving further acceleration on the pace at which we're growing our base of home Internet customers.

現在回到我們的業務狀態。我們第二季的業績凸顯了我們整個營運業務的一致趨勢。在行動領域，我們增加了超過 40 萬名後付費電話客戶，推動服務收入成長 3.5%。我們還在第二季增加了 243,000 名光纖用戶，此外還增加了 203,000 名 Internet Air Net 用戶。這意味著我們最先進的寬頻服務新增了近 45 萬名用戶，進一步加快了我們家庭網路客戶群的成長速度。

In fact, we nearly tripled our quarterly total broadband net adds in only one year. Customers continue to choose AT&T because of the simplicity of our offers, the quality of our services, and increasingly, because they want to be served by one connectivity provider.

事實上，僅一年時間，我們的季度寬頻淨增量就增加了近兩倍。客戶繼續選擇 AT&T，是因為我們提供的服務簡單、品質高，而且越來越多的客戶希望由一個連線提供者提供服務。

Our convergence trend accelerated in the second quarter, driven by growth in new customer relationships that subscribe to both our fiber and 5G services. As we've discussed in the past, our Mobility share is higher in areas where we offer fiber. We're all seeing the high rates of converged service adoption among our Internet Air customer base, as well as lower churn and improved lifetime values compared to standalone services. We view this as further evidence that our brand can attract broadband Internet customers nationwide while also driving share gains and Mobility where we offer fiber or AT&T Internet Air.

我們的融合趨勢在第二季加速，這得益於訂購我們的光纖和 5G 服務的新客戶關係的成長。正如我們過去討論過的，在我們提供光纖的地區，我們的移動份額更高。我們都看到，我們的 Internet Air 客戶群對融合服務的採用率很高，而且與獨立服務相比，客戶流失率更低，終身價值更高。我們認為這進一步證明我們的品牌可以吸引全國的寬頻網路客戶，同時還可以推動市場份額的成長和我們提供光纖或 AT&T Internet Air 的行動性。

Our customers' preferences are being served by one connectivity provider and it's the key reason we launched the AT&T Guarantee earlier this year. Our guarantee is a promise to our customers that we will provide them with the connectivity they depend on, the deals they want, and the service they deserve guaranteed or we'll make it right. We make this promise because we know our customers increasingly rely on AT&T as a trusted provider for all their connectivity needs.

我們的客戶偏好由一個連線提供者來滿足，這也是我們今年稍早推出 AT&T 保證的主要原因。我們向客戶保證，我們將為他們提供他們所依賴的連接、他們想要的交易以及他們應得的服務，否則我們將予以糾正。我們做出這項承諾是因為我們知道我們的客戶越來越依賴 AT&T 作為滿足其所有連接需求的可信賴提供者。

The early data points indicate that this promise is resonating with our customers. For example, since launching the AT&T Guarantee in January, we've seen improved net promoter scores among our wireless and fiber customers following a network event. It's clear that we're winning with customers. And our performance through the first half of the year highlights the returns we're achieving as we accelerate our fiber deployment and complete our wireless network modernization.

早期數據點顯示這項承諾引起了我們客戶的共鳴。例如，自 1 月推出 AT&T 擔保以來，我們發現在網路事件發生後，我們的無線和光纖客戶的淨推薦值都有所提高。顯然，我們贏得了客戶的青睞。我們上半年的業績凸顯了我們在加速光纖部署和完成無線網路現代化過程中所取得的回報。

These initiatives are supported by pro-investment provisions in the One Big Beautiful Bill Act. Thanks to the policies in this legislation, we intend to invest more rapidly in next generation networks. This includes plans to invest a portion of these savings into our network, primarily by accelerating our fiber deployment to a pace of 4 million new locations per year, a run rate we expect to achieve by the end of 2026. This will support good-paying middle class jobs all right here in the US.

這些舉措得到了《一個大美麗法案》中支持投資條款的支持。由於該法案中的政策，我們打算更快地對下一代網路進行投資。這包括將部分節省下來的資金投資到我們的網路中，主要是透過加快光纖部署速度，達到每年 400 萬個新地點，我們預計到 2026 年底將實現這一運行率。這將為美國境內的高薪中產階級工作提供支援。

As a result of our stepped-up investment, we now expect that by the end of 2030, we'll reach approximately 50 million customer locations in more than 60 million fiber locations when including the Lumen Mass Markets fiber assets we've agreed to acquire, our Gigapower joint venture, and agreements with other commercial open access providers. This would double our fiber reach from more than 30 million total locations, a milestone we reached ahead of schedule during the second quarter.

由於我們加大了投資，我們現在預計，到 2030 年底，我們將覆蓋超過 6000 萬個光纖位置的約 5000 萬個客戶位置，其中包括我們同意收購的 Lumen Mass Markets 光纖資產、我們的 Gigapower 合資企業以及與其他商業開放接入提供商的協議。這將使我們的光纖覆蓋範圍翻一番，達到超過 3,000 萬個地點，這是我們在第二季提前實現的里程碑。

This bill also creates a pipeline of mid-band spectrum that will help meet soaring consumer demand and keep the US technologically competitive with other countries. Paired with the tax provisions in the bill, this legislation paves the way for the stated goals laid out by FCC Chairman, Brendan Carr, to unleash high-speed infrastructure builds and restore America's global lead in wireless technology through smart policy.

該法案還創建了中頻頻譜管道，這將有助於滿足不斷增長的消費者需求，並保持美國在技術上與其他國家保持競爭力。結合法案中的稅收條款，這項立法為聯邦通信委員會主席布倫丹·卡爾提出的目標鋪平了道路，即透過智慧政策推動高速基礎設施建設，恢復美國在無線技術領域的全球領先地位。

The sustained growth in our customer base and free cash flow, paired with our strong balance sheet, positions us with ample financial flexibility to make opportunistic growth enhancing investments in fiber and spectrum that result from these policies, all while delivering on the capital returns we outlined in our Analyst and Investor Day last year.

我們客戶群和自由現金流的持續成長，加上我們強勁的資產負債表，使我們擁有充足的財務靈活性，可以對光纖和頻譜進行機會性成長投資，從而實現我們去年在分析師和投資者日上概述的資本回報。

In addition to investing a portion of these cash tax savings into our network, we intend to contribute $1.5 billion to our pension plan by the end of next year. This, coupled with the job creation associated with our stepped-up investments in world-class US communications infrastructure, demonstrates why the One Big Beautiful Bill Act is great policy for American workers.

除了將部分現金稅收節省投資到我們的網路之外，我們還打算在明年年底前向我們的退休金計畫投入 15 億美元。再加上我們加大對世界級美國通訊基礎設施的投資，從而創造就業機會，證明了為什麼《一項偉大的美麗法案》對美國工人來說是一項偉大的政策。

We're also making progress retiring our inefficient legacy copper infrastructure. I'm pleased to report that we filed with the FCC to discontinue service across approximately 10% of wire centers in 17 states. This is a key step towards our target of discontinuing service across the large majority of our copper footprint by the end of 2029.

我們在淘汰低效率的傳統銅纜基礎設施方面也取得了進展。我很高興地報告，我們已向聯邦通訊委員會提交申請，要求停止 17 個州約 10% 的電信中心的服務。這是我們實現到 2029 年底停止在大部分銅線區域提供服務的目標的關鍵一步。

We feel great about the steps we're taking to be the best connectivity provider in America and how this industry is positioned to evolve over the next decade. Investment and policy tailwinds are as strong as I can remember since maybe the Telecommunications Act of 1996. We're significantly expanding or we're able to offer next generation 5G and fiber connectivity services, allowing us to provide exceptional customer experiences that are more efficient to run and maintain.

我們對自己為成為美國最佳連接提供者所採取的措施以及該行業在未來十年的發展定位感到非常高興。我記得，自 1996 年《電信法》頒布以來，投資和政策順風一直很強勁。我們正在大力擴展或能夠提供下一代 5G 和光纖連接服務，這使我們能夠提供更有效率的運作和維護的卓越客戶體驗。

We expect the result to be faster growth, higher operating leverage, and lower capital intensity as we complete the large majority of these network investments and transformation initiatives over the remainder of this decade. This is why I strongly believe AT&T's best days are in front of us.

我們預計，隨著我們在未來十年內完成大部分網路投資和轉型計劃，將會實現更快的成長、更高的營運槓桿和更低的資本密集度。這就是為什麼我堅信 AT&T 的最佳日子就在眼前。

And with that, I'll now turn it over to Pascal.

現在，我將把話題交給 Pascal。

Thank you, John. And good morning, everyone. At a consolidated level, total revenues and adjusted EBITDA each grew 3.5% year-over-year during the second quarter. Adjusted EPS was $0.54 in the quarter, which was up approximately 6% from $0.51 the prior year. Second quarter free cash flow was $4.4 billion, which was up from $4 billion the prior year. Capital investment came in at $5.1 billion, which was up modestly year-over-year. Looking forward, we expect third-quarter capital investment in the $5 billion to $5.5 billion range with free cash flow in the $4.5 billion to $5 billion range.

謝謝你，約翰。大家早安。綜合來看，第二季總營收和調整後 EBITDA 均較去年同期成長 3.5%。本季調整後每股收益為 0.54 美元，較去年同期的 0.51 美元成長約 6%。第二季自由現金流為 44 億美元，高於去年同期的 40 億美元。資本投資達 51 億美元，較去年同期略有成長。展望未來，我們預計第三季的資本投資將在 50 億美元至 55 億美元之間，自由現金流將在 45 億至 50 億美元之間。

During the second quarter, we repurchased approximately $1 billion of stock, and we have bought back about $300 million so far this quarter. Towards the end of my comments, I will provide an update on the expected impact of recent tax legislation on our full-year and long-term financial outlook and capital allocation.

第二季度，我們回購了約 10 億美元的股票，本季迄今我們已經回購了約 3 億美元的股票。在我的評論即將結束時，我將介紹最近的稅收立法對我們的全年和長期財務前景和資本配置的預期影響。

Turning next to our business unit results. Starting with Mobility where I want to spend a moment sharing our perspective on the operating environment and wireless and why we believe our differentiated strategy has enabled us to perform well across market cycles.

接下來談談我們的業務部門業績。從行動性開始，我想花點時間分享我們對營運環境和無線的看法，以及為什麼我們相信我們的差異化策略使我們能夠在整個市場週期中表現良好。

Over the course of the year, activity has picked up across the sector and our outlook assumes the operating environment remains similar during the second half of the year.

今年以來，整個產業的活動都有所回暖，我們預計下半年的經營環境將保持相似。

Against this backdrop, our Mobility business performed very well in the second quarter. On the top line, we grew Mobility service revenue 3.5% with EBITDA growth of 3.2% year-over-year. We delivered 401,000 postpaid phone net adds in the second quarter. The subscriber growth was ahead of our own expectations, driven by postpaid phone gross adds that increased more than 20% versus last year.

在此背景下，我們的行動業務在第二季度表現非常出色。在營收方面，我們的行動服務營收年增 3.5%，EBITDA 較去年同期成長 3.2%。我們在第二季新增了 401,000 部後付費電話。用戶成長超出了我們的預期，這得益於後付費電話總新增用戶數較去年同期成長了 20% 以上。

I'd also like to remind you that our postpaid phone net adds do not reflect prepaid customer migrations. These are new high value paying customer relationships which are fueling our strong growth in Mobility service revenues.

我還想提醒您，我們的後付費電話網路增加並不反映預付費客戶的遷移。這些新的高價值付費客戶關係推動了我們行動服務收入的強勁成長。

Additionally, our Mobility subscriber growth is increasingly fueled by customers taking both our wireless and broadband services. We continue to see a high adoption of our lead offers with our most valuable cohort of customers, which are converged subscribers.

此外，我們的行動用戶成長也日益受到使用我們的無線和寬頻服務的客戶所推動。我們繼續看到我們最有價值的客戶群（即融合用戶）對我們主要產品的廣泛採用。

Postpaid phone's churn up 0.87% and was up 17 basis points versus last year. A key driver of this trend was the portion of our base reaching the end of device financing periods, as well as the increased activity in the marketplace. Based on this operating environment, we're planning for postpaid phone churn to follow seasonal patterns in the back half of the year which typically sees more switching during new device launches and the holiday period.

後付費電話流失率上漲 0.87%，較去年同期上漲 17 個基點。這一趨勢的關鍵驅動因素是我們的部分客戶群已到達設備融資期的結束，以及市場活動的增加。基於這種營運環境，我們預計後付費電話的流失率將在下半年遵循季節性模式，通常在新設備發布和假期期間會出現更多轉換。

While the cost of acquiring and retaining subscribers has increased, our success at adding high-value customer relationships points to the attractive returns we're driving through our offers. As a result of the tailwinds in our Mobility business, we are increasing our full-year guides for Mobility service revenue growth to 3% or better, from our previous outlook for growth in the high end of the 2% to 3% range. We expect this will result in higher growth-related spending in the near term. And we now expect that Mobility EBITDA growth will be approximately 3% this year versus our initial outlook for growth in the high end of the 3% to 4% range.

雖然獲取和留住用戶的成本有所增加，但我們在增加高價值客戶關係方面的成功表明，我們透過我們的服務獲得了可觀的回報。由於我們的行動業務順風順水，我們將全年行動服務收入成長預期從先前預測的 2% 至 3% 的高端成長區間上調至 3% 或更高。我們預計這將在短期內導致與成長相關的支出增加。我們現在預計今年的行動業務 EBITDA 成長率將達到約 3%，而我們最初預測的成長幅度將在 3% 至 4% 的高端範圍內。

As a reminder, our third-quarter Mobility results last year, included a $90 million non-cash benefit to the service revenue and EBITDA related to certain administrative fees.

提醒一下，我們去年第三季的行動業績包括 9,000 萬美元的非現金收益，用於服務收入和與某些管理費用相關的 EBITDA。

It's also worth noting that higher Mobility equipment costs related to higher volumes and spending on the launch of AT&T Guarantee were the primary drivers of higher cash operating expenses in our Communication segment during the first half of the year.

另外值得注意的是，與銷售增加和推出 AT&T 擔保相關的支出增加導致的行動裝置成本上升，是導致我們上半年通訊部門現金營運費用增加的主要因素。

In the aggregate, all other cash operating expenses across Mobility and Wireline business units declined year-over-year. This was a result of our cost initiatives, and we expect this trend to continue during the second half of the year. This is allowing us to partially reinvest these savings into high-value customer growth, which we expect to improve our growth profile over the long term.

總體而言，行動和有線業務部門的所有其他現金營運費用同比均下降。這是我們的成本措施的結果，我們預計這一趨勢將在今年下半年持續下去。這使我們能夠將這些節省的部分資金重新投資於高價值客戶的成長，我們預計這將在長期內改善我們的成長狀況。

Also, improved cost trends are among the reasons we are increasing our full-year EBITDA guides for both Wireline business units. I'll discuss why in a few moments. But the key point is that our cost initiatives and Wireline outperformance are helping offset higher near-term growth related investment in Mobility. Accordingly, we continue to expect consolidated adjusted EBITDA growth of 3% or better.

此外，成本趨勢的改善也是我們提高兩個有線業務部門全年 EBITDA 指引的原因之一。我稍後會討論原因。但關鍵在於，我們的成本舉措和有線業務的優異表現有助於抵消行動業務近期成長相關的更高投資。因此，我們繼續預期合併調整後 EBITDA 成長率將達到 3% 或更高。

Consumer Wireline reported another quarter of strong financial performance. Total revenue grew 5.8% year-over-year, driven by approximately 19% growth in fiber revenue. We added 243,000 fiber customers in the second quarter, up slightly versus last year.

消費者有線業務報告稱其又一個季度的財務業績表現強勁。總收入年增 5.8%，其中纖維收入成長約 19%。我們在第二季增加了 243,000 名光纖客戶，比去年略有增加。

As a reminder, the second quarter is typically our lowest quarter for subscriber growth, and we expect higher fiber net adds in the third quarter. The pace at which our fiber customers are adopting our Mobility services accelerated during the quarter. We ended 2Q with a fiber and 5G convergence rate of 40.9%. This represents a 70-basis-point improvement from the first quarter and 140-basis-point improvement versus a year ago.

提醒一下，第二季通常是我們用戶成長最低的季度，我們預期第三季光纖淨增量會更高。本季度，我們的光纖客戶採用我們的行動服務的速度加快了。截至第二季度，我們的光纖和 5G 融合率為 40.9%。這比第一季提高了 70 個基點，比去年同期提高了 140 個基點。

Our success driving broadband growth and adoption of converged offers is not limited to our fiber customer base. During the second quarter, we also saw acceleration in our Internet Air net adds, which exceeded 200,000 for the first time ever. As a result, we exited the second quarter with over 1 million consumer Internet Air subscribers.

我們在推動寬頻成長和融合服務採用方面的成功不僅限於我們的光纖客戶群。在第二季度，我們的網路航空淨增用戶數也加速成長，首次超過 20 萬。因此，我們在第二季結束時擁有超過 100 萬消費者 Internet Air 用戶。

One driver of our ramp in AT&T Internet Air customers has been our wireless network modernization efforts, which have materially expanded the coverage of our mid-band spectrum and therefore, the regions where we can offer the service.

我們的無線網路現代化努力是 AT&T Internet Air 客戶數量成長的驅動因素之一，這大大擴展了我們的中頻頻譜覆蓋範圍，從而擴大了我們可以提供服務的區域。

Our broadband strategy is and will remain fiber first. However, we are increasingly able to offer Internet Air today in areas where we intend to offer fiber in the future. This positions us to leverage Internet Air's creative funnel of broadband customers that we can migrate to fiber over time as we expand Fiber as a Service areas where these customers live.

我們的寬頻策略是並將繼續以光纖為先。然而，我們目前越來越有能力在未來打算提供光纖服務的地區提供網路航空服務。這使我們能夠利用 Internet Air 的寬頻客戶創意管道，隨著我們擴大這些客戶所居住的光纖即服務區域，我們可以隨著時間的推移遷移到光纖。

Based on the expanded availability and strong demand, we expect a higher level of Internet Air net adds in the second half of the year, as compared to the first half.

基於擴大的可用性和強勁的需求，我們預計下半年網路航空淨增數將高於上半年。

Consumer Wireline EBITDA grew 17.8% for the quarter and is up more than 18% through the first half of the year. This represents a greater than 100% conversion of revenue growth into EBITDA growth despite ongoing declines in legacy revenues. The key drivers of this high operating leverage are the efficiencies from scaling our fiber network and customer base, as well as the traction we're seeing with cost savings initiatives, including progress with our legacy copper network retirement.

本季消費者有線業務 EBITDA 成長了 17.8%，今年上半年成長了 18% 以上。儘管傳統收入持續下降，但這意味著收入成長轉化為 EBITDA 成長的比例超過 100%。這種高營運槓桿的關鍵驅動因素是擴大我們的光纖網路和客戶群所帶來的效率，以及我們在成本節約計畫中看到的效果，包括我們傳統銅線網路退役的進展。

It's also important to note that while our Mobility business carries the bulk of the costs associated with growing our converged customer base, such as the cost of device offers, the positive impact of higher broadband revenues is reported within Consumer Wireline.

值得注意的是，雖然我們的行動業務承擔了與擴大融合客戶群相關的大部分成本（例如設備提供成本），但寬頻收入增加的正面影響是在消費者有線業務中報告的。

This is an example of how our stepped-up investment in Mobility growth positions us to drive long-term returns, not only in our Mobility business, but to our business overall.

這是一個例子，說明我們如何增加對行動業務成長的投資，從而不僅在行動業務中，而且在整體業務中推動長期回報。

Based on the momentum we're seeing in broadband and our improved operating efficiencies, we are increasing our full-year guidance for consumer fiber broadband revenues to growth in the mid to high teens from our previous outlook for growth in the mid-teens. We are also increasing our outlook for Consumer Wireline EBITDA growth to the low to mid-teens from our initial outlook for growth in the high single to low double-digit range.

根據我們在寬頻領域看到的發展動能和我們不斷提高的營運效率，我們將消費者光纖寬頻收入的全年預期從先前的十五六個百分點的成長提高到十五六個百分點。我們也將消費者有線業務 EBITDA 成長預期從最初預測的高個位數到低兩位數範圍上調至低十幾到中等水準。

Similarly, in Business Wireline, we are outperforming our initial outlook midway through the year, thanks to slightly less legacy wireline pressure than expected and solid execution of cost-takeout initiatives. In the quarter, Business Wireline revenues declined 9.3% year-over-year with Business Wireline EBITDA declining 11.3%.

同樣，在商業有線業務方面，由於傳統有線業務的壓力比預期略小，且成本削減計劃執行得當，我們在年中的表現超出了最初的預期。本季度，商業有線營收年減 9.3%，商業有線 EBITDA 下降 11.3%。

Business Wireline operating and support costs were down nearly $275 million year-over-year due to lower costs and contractor costs. We expect to reinvest some of these savings in the third quarter to drive future growth in fiber and advanced connectivity revenues. While this will put some incremental sequential pressure on third-quarter EBITDA, we now expect full-year Business Wireline EBITDA to decline in the low double-digit range versus our initial outlook for a mid-teens decline.

由於成本和承包商成本降低，商業有線營運和支援成本年減近 2.75 億美元。我們預計將在第三季重新投資部分儲蓄，以推動未來光纖和先進連接收入的成長。雖然這將對第三季的 EBITDA 造成一些連續的壓力，但我們現在預計全年商業有線 EBITDA 將在兩位數以下的範圍內下降，而我們最初預測的是中位數的下降。

Before we take your questions, I want to spend a few moments providing you with an update on capital allocation and the impact of recent tax legislation. Overall, we feel really good about the strength and management of our balance sheet based on current operating trends in our outlook for the business.

在回答您的問題之前，我想花一點時間向您介紹資本配置的最新情況以及最近稅收立法的影響。總體而言，基於我們對業務前景的當前營運趨勢，我們對資產負債表的實力和管理感到非常滿意。

We continue to operate within our leverage target of net debt-to-adjusted EBITDA in the 2.5 times range, ending the second quarter with net leverage of 2.64 times, which was essentially unchanged compared to 2.63 times at the end of the first quarter.

我們繼續在淨債務與調整後 EBITDA 比率 2.5 倍範圍內的槓桿目標範圍內運營，第二季度末的淨槓桿率為 2.64 倍，與第一季末的 2.63 倍相比基本保持不變。

Net debt increased slightly by $1.2 billion sequentially. A key factor driving this increase was a $2.8 billion non-cash re-measurement of our foreign debt related to the weakening of the US dollar. As a reminder, we fully hedge the FX impact on our foreign bonds, with the offset reported in other liabilities and other assets.

淨債務環比小幅增加 12 億美元。推動這一成長的一個關鍵因素是，由於美元疲軟，我們對外債進行了 28 億美元的非現金重新計量。提醒一下，我們完全對沖了外匯對我們外國債券的影響，並透過其他負債和其他資產報告了抵銷額。

At the start of July, we closed the sale of our full remaining stake in DIRECTV to TPG. Of the original $7.6 billion in cash proceeds, we have more than $4 billion remaining, and we expect to receive the significant majority in 2025. These proceeds will be reported within investing activities in the statement of cash flow, and will continue to be excluded from our reported free cash flow.

7 月初，我們完成了向 TPG 出售 DIRECTV 剩餘全部股份的交易。在最初的 76 億美元現金收益中，我們還剩下 40 多億美元，我們預計將在 2025 年收到絕大部分。這些收益將在現金流量表的投資活動中報告，並將繼續不包括在我們報告的自由現金流中。

Our approach to capital investments remains largely driven by our fiber deployment and wireless network modernization, consistent with the priorities we outlined at our 2024 Analyst and Investor Day. With that said, based on the passage of recent legislation, we'd like to provide a few key updates to how we're thinking about our long-term outlook as we see things right now.

我們的資本投資方式仍然主要由光纖部署和無線網路現代化驅動，這與我們在 2024 年分析師和投資者日概述的優先事項一致。話雖如此，根據最近通過的立法，我們想提供一些重要的更新，說明我們目前對長期前景的看法。

We expect to realize between $6.5 billion and $8 billion in cash tax savings from 2025 through 2027, as a result of the tax provisions included in the legislation.

由於該法案中包含的稅收條款，我們預計 2025 年至 2027 年間將實現 65 億美元至 80 億美元的現金稅收節省。

As a reminder, the initial guides we provided at our Analyst and Investor Day implied an outlook for cash taxes of approximately $3.5 billion in 2025, and approximately $4.5 billion in both 2026 and 2027. Relative to that guidance, we now expect has taxes to be lower by $1.5 billion to $2 billion in 2025 and $2.5 billion to $3 billion in both 2026 and 2027.

提醒一下，我們在分析師和投資者日提供的初步指南暗示，2025 年現金稅預計約為 35 億美元，2026 年和 2027 年現金稅預計約為 45 億美元。相對於該指導，我們現在預計 2025 年稅收將降低 15 億至 20 億美元，2026 年和 2027 年稅收將降低 25 億至 30 億美元。

As John noted, we intend to invest a portion of these savings in our network, primarily by accelerating the pace of our fiber deployment. This process is already underway and is expected to result in about $0.5 billion of additional capital investment in 2025, and about $3 billion of additional capital investment across 2026 and 2027 combined compared to the guides we provided at our Analyst and Investor Day.

正如約翰所說，我們打算將節省下來的一部分資金投資於我們的網絡，主要是透過加快光纖部署的速度。這一進程已在進行中，與我們在分析師和投資者日提供的指南相比，預計 2025 年將帶來約 5 億美元的額外資本投資，2026 年和 2027 年合計將帶來約 30 億美元的額外資本投資。

We also intend to contribute $1.5 billion of these savings into our employee pension plan by the end of 2026, with more than half of that coming in 2025. This contribution would elevate the plan's funded status to approximately 95% based on the last reported valuation. Our goal is to fully fund the employee pension plan by the early part of next decade.

我們還計劃在 2026 年底之前將其中 15 億美元存入我們的員工退休金計劃，其中一半以上將在 2025 年到位。根據上次報告的估值，這筆捐款將使該計劃的資助狀況升至約 95%。我們的目標是到下一個十年初期為員工退休金計畫提供充足的資金。

The remainder of the tax savings will be reflected in our free cash flow. In 2025, most of these savings will be reinvested. But we do see full-year free cash flow trending slightly ahead of our initial outlook. We now expect free cash flow in the low to mid-$16 billion range versus our prior guide of $16 billion plus.

剩餘的稅收節省將反映在我們的自由現金流中。2025年，這些儲蓄大部分將被重新投資。但我們確實看到全年自由現金流趨勢略高於我們最初的預期。我們現在預計自由現金流將在 160 億美元左右，而我們先前的預測是 160 億美元以上。

For 2026 and 2027. We expect approximately $1 billion of upside to the annual free cash flow guides we provided at our Analyst and Investor day. This will add to our financial flexibility, and we are evaluating options for allocating this capital, including strategic investments that complement or accelerate our organic growth strategy, additional capital returns, and debt reduction.

針對 2026 年和 2027 年。我們預計，在分析師和投資者日提供的年度自由現金流指南將上漲約 10 億美元。這將增加我們的財務靈活性，我們正在評估分配這些資本的方案，包括補充或加速我們的有機成長策略的策略投資、額外的資本回報和減少債務。

In the near term, we intend to accelerate the pace of share repurchases under our $10 billion authorization and now expect to buy back $4 billion of stock by year end.

短期內，我們打算以 100 億美元的授權金額加快股票回購的步伐，目前預計到年底將回購 40 億美元的股票。

So in summary, we're really pleased with the team's performance at the midway point in the year, as we continue to make progress on becoming the best connectivity provider in America.

總而言之，我們對團隊在今年年中的表現感到非常滿意，因為我們在成為美國最佳連接提供者的道路上繼續取得進展。

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

布雷特，這就是我們的示範。我們現在準備好進行問答了。

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

謝謝你，帕斯卡。接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員指示）

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Great. Thanks. Good morning, guys. If we could start with the wireless churn, you guys called out the 17-basis-point increase in phone's churn in the quarter. And Pascal, thanks for the comments about the seasonal patterns, but can you talk about whether you expect to see a similar increase in the second half of the year based on what you're seeing from competitive standpoint and from a cohort exploration standpoint?

偉大的。謝謝。大家早安。如果我們可以從無線客戶流失開始，你們指出本季手機客戶流失率增加了 17 個基點。帕斯卡，感謝您對季節性模式的評論，但您能否談談，根據您從競爭角度和群組探索角度所看到的情況，您是否預計下半年會出現類似的增長？

And then secondly, thanks for the info on the decommissioning in the 10% of wire centers. Is there any way to quantify the savings from this initial filing? Or talk about the opportunity for savings as far as that initiative is concerned. Thanks.

其次，感謝您提供有關 10% 電線中心退役的資訊。有什麼方法可以量化首次申報所節省的費用嗎？或者就該計劃而言，談談節省開支的機會。謝謝。

Hey, John. I appreciate the question. As we think about churn, let's go back to what we said at the beginning of the year. We said that this year we had a higher percentage of our customers coming off of financing contracts. And we, all things being equal, expect a higher level of churn plus a more continued normalization of the number of net adds.

嘿，約翰。我很感謝你提出這個問題。當我們思考客戶流失時，讓我們回顧一下年初所說的內容。我們說過，今年我們有更高比例的客戶終止了融資合約。並且，在其他條件相同的情況下，我們預期客戶流失率會更高，同時淨增客戶數量將持續正常化。

On top of that, in the first half of the year, I think it's fair to say we probably saw a little bit more impact from those than anticipated at the beginning of the year as well as probably a little bit of pull forward of demand on the consumer side because of tariffs. All those things together resulted in the first half that had higher activity.

除此之外，我認為，公平地說，在今年上半年，我們可能看到這些因素的影響比年初預期的要大一些，而且由於關稅，消費者方面的需求可能會略有提前。所有這些因素共同導致上半年的活動更加活躍。

As you look to the second half, I do believe there was some pull forward of demand, We haven't seen what the new device offer will bring. But for planning purposes, we are assuming that we're going to continue to have a competitive environment. And our outlook is underwritten in that regard. We're hopeful some of the activity does dissipate, but we're planning for a more active environment.

展望下半年，我確實相信需求會提前，但我們還沒有看到新設備的推出會帶來什麼。但出於規劃目的，我們假設我們將繼續擁有一個競爭環境。在這方面，我們的前景是有保證的。我們希望一些活動能夠消散，但我們正在計劃創造一個更活躍的環境。

In terms of cost savings, here's what I would tell you, we're already seeing the benefits of cost savings associated with our legacy transformation happening. I'm really proud of the team and what you're seeing in our performance.

在成本節約方面，我想告訴大家的是，我們已經看到了與傳統轉型相關的成本節約帶來的好處。我為這支球隊以及你們所看到的我們的表現感到非常自豪。

When you take out growth-related expenses, promotions, and our Guarantee advertising campaign, our expenses are down. And they're down because of all the great work that's happening across the board in field tech and importantly, in overall legacy transformation. Look, as you heard in my commentary, we expect that to continue in the back part of the year. And as more and more wirelines come offline, we're going to have the ability to continue to drive costs out. So we feel really good about our performance.

當我們扣除與成長相關的費用、促銷費用以及我們的保證廣告活動費用時，我們的費用就會下降。他們之所以會失望，是因為現場技術以及更重要的，整體遺留轉型方面正在發生的所有偉大工作。瞧，正如你在我的評論中聽到的，我們預計這種情況將在今年下半年繼續下去。隨著越來越多的有線線下線，我們將有能力繼續降低成本。所以我們對我們的表現感到非常滿意。

We'll go to the next question, operator.

接線員，我們來回答下一個問題。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

Hi. Good morning. A question going back to the subject of churn and then one on spectrum. On churn, I wondered if your outlook for the year should cause AT&T to rethink the velocity of price increases. I heard you loud and clear that the expiration of installment periods is playing a big role in this year's higher activity and wondering how you think about the other drivers.

你好。早安.這個問題又回到了客戶流失的話題，然後又回到了頻譜問題。關於客戶流失，我想知道您對今年的展望是否會促使 AT&T 重新考慮價格上漲的速度。我清楚地聽到您說，分期付款期限的到期在今年的高活動率中發揮了重要作用，我想知道您對其他驅動因素有何看法。

And then on spectrum, I wondered about the budget in your long-term guidance for acquisitions. Is it possible that spectrum's worth much more than you've allocated for acquisitions will come to market in general? And I wondered, if you would, in that instance, would you regard the budget for acquisitions in your long term guidance as subject to review or as limiting? Thank you.

然後關於頻譜，我想知道您在長期收購指導中的預算。是否有可能，價值遠超過您為收購所分配的頻譜，最終會進入整個市場？我想知道，在這種情況下，您是否會將長期指導中的收購預算視為需要審查或限制的預算？謝謝。

Good morning, Peter. What I would tell you on churn as we kind of think about what's been going on, I don't view pricing as being our issue in terms of managing churn. Obviously, every time we take a pricing action, we're cognizant that there's going to be some dislocation that we have been historically pretty good at assessing, modeling, and managing.

早安，彼得。關於客戶流失，我想告訴你的是，當我們思考發生了什麼事情時，我不認為定價是我們管理客戶流失的問題。顯然，每次我們採取定價行動時，我們都意識到會出現一些混亂，而我們過去一直非常擅長評估、建模和管理這些混亂。

We try to do our pricing in a way where we tie prices to values. So we find places where there's maybe recaptured value that we can price out differently so that the customer feels like it's not just the price increase, but they understand they've gotten something over time or in return for it, where they're less likely to go.

我們嘗試以將價格與價值掛鉤的方式來定價。因此，我們會找到可能重新獲得價值的地方，然後制定不同的價格，讓顧客感覺不僅僅是價格上漲，而且他們還明白自己隨著時間的推移得到了一些東西，或者作為回報，這樣他們就不太可能再去那些地方了。

And it's not to say that we don't get some churn when we price, but we get churn that's been in line with our expectations. I'm not going to sit here and tell you right now that what we're seeing in our churn performance is the result of miscalculations in our pricing decisions.

這並不是說我們在定價時不會出現客戶流失，而是說我們的客戶流失符合我們的預期。我現在不會坐在這裡告訴你，我們所看到的客戶流失率是因為我們定價決策錯誤造成的。

That having been said, we're always mindful when we make a pricing decision of the environment that we're in. And I'm very mindful right now of the environment we're in that we've got segments of the consumer base that are not in the same position as other segments of the consumer base. And as a result of that, as we think about our strategies and how we manage things, we try to be deliberate.

話雖如此，我們在製定定價決策時始終會留意我們所處的環境。我現在非常清楚我們所處的環境，我們的消費者群體中有些部分與其他部分處於不同的地位。因此，當我們思考我們的策略和如何管理事物時，我們會盡量深思熟慮。

Does that mean that on the margin we may make a decision here or there that's different at this moment in time given where the economy is and what's going on? Of course. I'm not going to tell you what those are because we never pre-discuss or give that kind of information out in a public forum like this. But I don't do pricing as kind of being our answer to churn issue one way or the other. And I think we've managed it pretty effectively over the last couple of years and we'll continue to do that.

這是否意味著，考慮到當前的經濟狀況和正在發生的事情，我們可能會做出此時此刻不同的決定？當然。我不會告訴你這些是什麼，因為我們從來沒有在這樣的公共論壇上預先討論或透露這類資訊。但我不會以定價作為解決客戶流失問題的解決方案。我認為我們在過去幾年中管理得相當有效，我們將繼續這樣做。

On the spectrum side, I think I could go back to comments I've made multiple times that I've shared with you, and they usually come up in the context of why is 2.5 times adjusted net debt-to-EBITDA the right level for our business. And I think I've tried to articulate that there's a lot of reasons why we arrived at that number as being the right place for us to be including our bias organic investment in the business versus strategic M&A.

在光譜方面，我想我可以回到我多次與您分享的評論，它們通常出現在為什麼 2.5 倍調整後淨債務與 EBITDA 之比對我們的業務來說是合適的水平的背景下。我想我已經試圖表達清楚，我們得出這個數字有很多原因，這對我們來說是正確的，包括我們對業務的有機投資傾向與策略併購傾向。

We feel pretty comfortable that we've got great opportunities to reinvest in the business as evidenced by the fact that we accelerated some of our capital investment, the key area where we're generating, I think, great long term value in the fiber space. And 2.5 times gives us an opportunity to go to market and pick up the kind of cash we need to pick up if in fact something that is non-strategic M&A that is what I would call asset acquisition presents itself to us like Lumen would be a great example of I thought what was an excellent asset acquisition opportunity that was in front of us, and we chose to do that.

我們感到非常放心，我們有很好的機會對業務進行再投資，這一點從我們加速部分資本投資這一事實就可以看出，我認為，這是我們在光纖領域創造巨大長期價值的關鍵領域。2.5 倍的估值讓我們有機會進入市場並獲得我們需要的現金，如果事實上有一些非策略性併購，也就是我所說的資產收購出現在我們面前，像 Lumen 就是一個很好的例子，我認為我們面前有一個絕佳的資產收購機會，我們選擇這樣做。

I would put spectrum in that category. As I said multiple times, we're constantly evaluating spectrum options in the market. I think the spectrum market just became really interesting. The fact that there's now an FCC that's back in business that can auction and there's a stated pipeline means that we have a more secure supply of spectrum coming forward in the market and the more secure supply of spectrum coming forward is a disciplining issue on valuations of spectrum. And it gives a lot of choices of what we can do and how we think about this and how we time it out when there is a pipeline that's declared and it will happen over a number of years.

我會把頻譜歸入這一類。正如我多次說過的，我們一直在評估市場上的頻譜選擇。我認為頻譜市場變得非常有趣。事實上，現在聯邦通訊委員會已經恢復運營，可以進行拍賣，並且有明確的管道，這意味著我們在市場上擁有更安全的頻譜供應，而更安全的頻譜供應是頻譜估值的約束問題。它為我們可以做什麼、如何考慮這個問題以及當宣布有管道時我們如何安排時間提供了很多選擇，而這將在數年內發生。

To be very deliberate in how we do our network planning where we carry forward to be sure spectrum is a lifeblood of our wireless business, we've always invested on it strategically, we always have been very satisfied with the decisions we've made on investment there, and I don't expect that to change. But what I would tell you is if something pops up, we have the opportunity within our capital structure today to go and take advantage of that. While at the same time honoring the commitments we've made back out to our shareholders and ensuring that we stay on the plans that were in place and not moving off of those or changing it. And that's why we engineered at the level we engineered at. And I think that's what you should take forward from that.

我們在進行網路規劃時要非常慎重，確保頻譜是我們無線業務的命脈，我們一直在策略性地投資頻譜，我們一直對我們在那裡做出的投資決策感到非常滿意，我不希望這種情況發生改變。但我想告訴你們的是，如果發生什麼情況，我們今天的資本結構就有機會去利用它。同時，我們也要履行對股東所做的承諾，確保我們繼續執行現有的計劃，不改變或改變計劃。這就是我們進行如此水平的工程的原因。我認為這就是你應該從中汲取的教訓。

Thanks, Peter. We're going to do the next question.

謝謝，彼得。我們將進行下一個問題。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thanks. Good morning. A bit of a bigger picture question on the fiber build, and then back to Mobility. Hit the 30 million fiber mark, now we're talking about 60 million-plus by 2030, can you talk about, since John you've been there the whole time, the returns you see in the 30 million ahead versus the 30 million look back? I mean there's sort of debates on whether you built the best parts of the country first. At the same time, I can imagine, your execution in fiber is improving as you build more expertise. I'd love to hear your thoughts on the returns and penetration profiles you see looking head versus looking back.

謝謝。早安.關於光纖構建的一個更大問題，然後回到移動性。達到 3000 萬根光纖的目標，現在我們談論的是到 2030 年達到 6000 多萬根，您能否談談，因為約翰，您一直在那裡，您認為未來 3000 萬根光纖的回報與過去 3000 萬根光纖的回報有何不同？我的意思是，關於是否首先建設國家最好的部分存在一些爭論。同時，我可以想像，隨著您累積更多的專業知識，您在光纖方面的執行能力也會提高。我很想聽聽您對展望未來和回顧過去所見的回報和滲透概況的看法。

And then, just on Mobility, how do you guys think about returns you're generating in this business? I mean churn is a huge focus. But just one input into return, could you talk a little bit about how you feel the quality of your incremental Mobility customers are coming in now when you put all the pieces together in the business relative to the churn focus that we all have out in the market? Thanks so much.

然後，就移動性而言，你們如何看待這項業務產生的回報？我的意思是客戶流失是一個很大的關注點。但是，對於回報，您能否稍微談談，當您將業務中的所有部分放在一起時，相對於我們在市場上關注的客戶流失問題，您認為增量行動客戶的品質如何？非常感謝。

Good morning, Ben. So first of all, not every house is created equal. I'm not going to tell you that the 60 million home we built is as profitable as the first one we built. But what you should understand is they are very profitable. They all hit our return rates. And as we've talked about more and more, as you start thinking about a converged dynamic, it's not just the cost of building fiber, it's what you can do in putting multiple products in a household which over time, as that penetration level of converged customer increases, it's only going to improve the economic returns of having built a world-class fixed infrastructure.

早安，本。首先，並不是每棟房子都是一樣的。我不會告訴你，我們建造的價值 6000 萬美元的房子和我們建造的第一棟房子一樣賺錢。但你應該要明白的是，它們的利潤非常高。他們都達到了我們的報酬率。正如我們越來越多地討論的那樣，當你開始考慮融合動態時，它不僅僅是建設光纖的成本，還包括將多種產品放入家庭中所能做的事情，隨著時間的推移，隨著融合客戶的滲透水平的提高，它只會提高建設世界一流固定基礎設施的經濟回報。

When we look at building into an area, it is always carried 100% on the foundation of whether or not we can make the money pay on broadband only. And so the fact that we're able to pick up on wireless is kind of the icing on top of the cake.

當我們考慮在某個地區建立網路時，我們總是 100% 地考慮是否能夠只為寬頻付費。因此，我們能夠透過無線網路接收訊息，這真是錦上添花。

I'm very familiar with a variety of different analyses that have come out over a period of time that talk about what the costs are to build, let's call it, the 60% to 80% range of the footprint versus the first 60% range of the footprint. I think I know my costs and my operation better than people who sit outside the business and I will tell you, what they report in many instances is patently wrong. It's not correct in terms of capturing what our relationships are with vendors, the costs of which we build, what we're doing in scaling economics, what we've been able to do to innovate and change things.

我非常熟悉一段時間內出現的各種不同的分析，這些分析討論了建設成本，我們稱之為 60% 到 80% 的足跡範圍與前 60% 的足跡範圍。我認為我比那些局外人更了解我的成本和運營，而且我可以告訴你，他們報告的內容在很多情況下顯然是錯誤的。在捕捉我們與供應商的關係、我們建構的成本、我們在擴大經濟規模方面所做的工作、我們能夠做些什麼來創新和改變事物等方面，它都是不正確的。

And yes, our cost per unit will go up as we move deeper into the footprint. But it does not go up at a level that deteriorates the competitive returns we need to offer back a fair return to our shareholder and the cost of capital that takes us to do those things. And I feel really confident about that and there's no reason for us to continue doing that if that were the case. There's probably other things we should be doing with the money like returning it back to the shareholder if we didn't think we can hit those hurdle rates.

是的，隨著我們進一步深入足跡，我們的單位成本將會上升。但它不會上升到損害競爭回報的水平，我們需要為股東提供公平的回報，並且降低我們做這些事情所需的資本成本。我對此非常有信心，如果情況確實如此，我們就沒有理由繼續這樣做了。如果我們認為無法達到這些最低收益率，我們可能應該用這筆錢做其他事情，例如將其回饋給股東。

On our Mobility returns, I think we've been pretty clear. I mean, the narrative that we gave you at the front end of this was all geared around us and we feel very comfortable with our growth. We feel that we're not going to grow for growth's sake. We're going to the right kind of growth. We're going to the kind of growth that first of all, customers are paying us for the lines. We're not out there giving away free lines. We're not adding the line to existing products and services that we have for free.

關於我們的行動回報，我想我們已經非常清楚了。我的意思是，我們在一開始給你的敘述都是圍繞著我們自己展開的，我們對我們的成長感到非常滿意。我們覺得我們不會為了成長而成長。我們正在走向正確的成長。我們首先要實現這樣的成長，即客戶為我們的線路付費。我們不會免費贈送線路。我們不會將該產品線添加到我們現有的免費產品和服務中。

We are bringing in paying customers. You see what's happening in our service revenue performance. We shared with you that because we've done what we've done over the last couple of years and margin improvement is driven through this business and it's scale in a different way, lifetime values have gotten better. It's not a surprise that you're going to invest a little bit more at the front end to pick up something with a higher lifetime value.

我們正在吸引付費客戶。您可以看到我們的服務收入表現如何。我們與你們分享了這一點，因為我們在過去幾年中做了我們所做的事情，並且利潤率的提高是透過這項業務和以不同的方式擴大規模來推動的，因此終身價值已經變得更好。為了獲得具有更高終身價值的東西，您會在前端投入更多一點，這並不奇怪。

And if you have some degree of confidence that a percentage of that base is ultimately going to be buying more than one product from you, which we do, and we're demonstrating with our results, then you invest to do that, and you invest to get those customers that you have the highest probability of consolidating.

如果你有一定程度的信心，相信該群體中的一部分人最終會從你這裡購買不止一種產品，我們確實有這種信心，而且我們正在用我們的業績來證明這一點，那麼你就會投資去實現這一點，你就會投資去獲得那些你最有可能整合的客戶。

And as we just shared with you in the narrative, our converged rate this quarter is actually accelerating. It accelerated at a faster rate than what we've seen at any point in our history. And so we feel good that we're executing on those strategies when we're investing in that growth that we are going to get the return.

正如我們剛才在敘述中與大家分享的那樣，本季我們的收斂速度實際上正在加快。它的加速速度比我們歷史上任何時候都快。因此，我們很高興看到，當我們投資於成長並獲得回報時，我們正在執行這些策略。

And I'm particularly excited about, as we shared earlier in our comments, we've done really well at the top end of the market with a premium product like fiber. And pairing it with our postpaid, we're now starting to get our groove and understanding where we can put the low-end product which I consider to be fixed wireless. It's more to the price-sensitive segments of the market and the less industrial strength. I think that only gives us another play to do this and do this well as we move forward. And we feel really comfortable about that portfolio and what we can do with it.

我特別興奮的是，正如我們之前在評論中分享的那樣，我們憑藉光纖等優質產品在高端市場取得了非常好的成績。並將其與我們的後付費相結合，我們現在開始找到自己的步調並了解我們可以將我認為是固定無線的低端產品放在哪裡。它更針對價格敏感的細分市場，而產業實力較弱。我認為這只會給我們提供另一種機會去做這件事，並且在我們前進的過程中做好這件事。我們對該投資組合以及我們可以用它做什麼感到非常滿意。

Ben, one other point, I think it's really important, when you look at our returns, look at the service revenue in Mobility. We're up 3.5%. And that doesn't include the benefits of fixed wireless which are reporting in our Consumer segment. And it doesn't include the really strong benefits of convergence which are reported in Consumer Wireline. So look, this business is performing as well as ever had, and we are incredibly bullish on the future.

本，還有一點，我認為這非常重要，當你查看我們的回報時，請看一下行動服務收入。我們上漲了 3.5%。這還不包括我們在消費者部門報告的固定無線的優點。而且它並不包括《消費者有線》雜誌報導的融合所帶來的真正巨大優勢。所以看，這項業務的表現一如既往地好，我們對未來非常樂觀。

Thank you. We'll take the next question, operator.

謝謝。接線員，我們將回答下一個問題。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks. Good morning. Two topics, EBITDA and the fiber footprint. So as a follow-up to your comments on the revised EBITDA growth guidance for Mobility, given that the first half is ahead of the full-year guide, are there additional pressures that you're seeing in the back half of the year relative to the first half that we all should be mindful of? And can you remind us where Mobility is on the journey to extract additional efficiencies and savings from the cost program? And then just on the fiber footprint, just curious if you have an update on the opportunities to expand the open access program to increase passings beyond the 60 million target that you outlined on today's call? Thanks.

謝謝。早安.兩個主題，EBITDA 和光纖足跡。因此，作為您對移動出行修訂後的 EBITDA 成長指南的評論的後續，鑑於上半年領先於全年指南，您是否認為下半年相對於上半年存在額外的壓力，我們都應該注意？您能否提醒我們，Mobility 在從成本計劃中獲取額外效率和節省方面處於什麼階段？然後就光纖足跡而言，我只是好奇您是否有機會擴大開放取用計劃，以將傳輸量增加到超過您在今天的電話會議上概述的 6000 萬的目標？謝謝。

Hey, Mike. I'll handle the first question. In terms of Mobility growth in the first half, we're really happy with it. As I mentioned in my commentary, when you look at the back half of the year, we're assuming that you're going to continue to have an active environment. We're hopeful that that's not the case. You'll see some dissipation in what's happening in the back half of the year because there was clearly some pull forward of demand related to the (inaudible) and all the uncertainty around that. With that said, we're planning for a more active second half, which is in line with seasonal pattern.

嘿，麥克。我來回答第一個問題。就上半年的行動成長而言，我們對此感到非常高興。正如我在評論中提到的那樣，當你展望今年下半年時，我們假設你將繼續擁有一個活躍的環境。我們希望事實並非如此。您會看到下半年發生的事情消散，因為與（聽不清楚）和周圍的所有不確定性相關的需求明顯有所提前。話雖如此，我們計劃在下半年採取更積極的行動，這符合季節性模式。

Keep in mind that last year in Q3, we had a one-time non-cash item that we called out that is also going to make comparisons in the back half particularly challenging. But other than those two cautions, we feel really good about the performance of Mobility and our ability to perform. So we're just being cautious because we don't know what environment we're going to be operating under.

請記住，去年第三季度，我們有一個一次性非現金項目，這也將使下半年的比較變得特別具有挑戰性。但除了這兩個警告之外，我們對 Mobility 的表現和我們的執行能力感到非常滿意。所以我們只是謹慎，因為我們不知道我們將在什麼樣的環境下運作。

Good morning, Mike. Your question on the fiber footprint, there are places where we can pick up some more open access opportunity. I'll probably maybe take the liberty to broaden your question a little bit to think about. We've now given you a roadmap between now and 2030 as to how we're going to be far above 60 million homes and what I'll call our owned operating control footprint, all things that we have visibility to right now in existing relationships entrenched with it.

早上好，麥克。您關於光纖足跡的問題，我們可以在一些地方獲得更多的開放接入機會。我或許可以冒昧地稍微擴展一下你的問題來思考一下。現在，我們為您提供了從現在到 2030 年的路線圖，說明了我們將如何涵蓋遠遠超過 6000 萬戶家庭，以及我所說的我們的自有營運控制足跡，所有這些都是我們現在在現有的根深蒂固的關係中可以看到的。

And job one to drive value right here is to execute really well on that set of strategies and Lumen is probably the next piece of that footprint that we need to bring that in under the umbrella and we need to do really well on how we execute around that and it can create a lot of value for us. And that kind of thing has some scale that can move some numbers.

而推動價值的首要任務就是很好地執行這套策略，而 Lumen 可能是我們需要將其納入其中的下一個足跡，我們需要很好地執行這項策略，它可以為我們創造很多價值。這類事情有一定的規模，可以改變一些數字。

I'm not dismissing the rest of the work, but a combination of open access and a combination overbuilders is a pretty fragmented space. And maybe it's better for me to comment on how I see over the course of this period, the 2030, the cards that we have and how we play them.

我並不是否定其餘的工作，但是開放存取和過度建設的組合是一個非常分散的空間。或許我最好評論一下我對這段時期，也就是 2030 年，我們手中掌握著什麼牌，以及我們該如何運用這些牌。

I control my ability to be a very strong footprint player through 2030 that we have now, since we came in five years ago and started to talk about this, and everybody said, well, what do you do with 20 million homes, what do you do with 30 million homes. We have a path outlined for you as we are going to be a scaled player on the best technology in the United States.

我控制著自己在 2030 年之前成為一個非常強大的足跡參與者的能力，自從我們五年前來到這裡並開始談論這個問題以來，每個人都說，好吧，你如何處理 2000 萬個家庭，你如何處理 3000 萬個家庭。我們為您規劃了一條發展道路，我們將成為美國最佳技術領域的規模化參與者。

I think there's others that are going to really struggle in this market because as I've been very clear, I think we're in a converged market space, I think we're going to see, over time, combination of national players that need assets to do both fixed and mobile together. And that's going to result in customer expectations. And to be successful, you're going to need to be able to do both.

我認為其他公司也會在這個市場上苦苦掙扎，因為正如我之前非常明確地指出的，我認為我們正處於一個融合的市場空間，我認為隨著時間的推移，我們將看到需要資產來同時開展固定和移動業務的全國性參與者的結合。這將會滿足客戶的期望。要想成功，你必須能夠同時做到這兩點。

And if you're kind of an island-based overbuilder or you're an open access provider that has a small footprint, that's not a hospitable environment necessarily to be in when scale costs are important and distribution is important. And I expect in some cases, some of these overbuilders are not entirely well capitalized, you can see their business plans are a bit stressed.

如果你是一個島嶼型的過度建設者，或者你是一個佔地面積較小的開放接入提供商，那麼在規模成本和分銷都很重要的情況下，這不一定是一個友好的環境。我預計在某些情況下，這些過度建設者中的一些人的資本並不充足，你可以看到他們的商業計劃有點緊張。

Look, I like picking up assets in a way that we can drive value out of them. I'm not going to go out and overpay to buy stuff that somebody wants to sell at an asset premium and they haven't figured out how to operate and unlock the value in the business.

聽著，我喜歡以一種能夠從中獲取價值的方式來獲取資產。我不會出去花高價購買某些人想以資產溢價出售的東西，而他們還沒有想出如何運作和釋放業務價值。

But to the extent that there's an opportunity that fits in with our existing footprint where we can continue to enjoy our economies of scale and our footprint and our operations footprint where we don't get fragmented, we don't get spread too thin, that's how I think about playing patiently over the long haul to take what I've already secured, which is a preferred footprint in the United States and maybe add a little bit to it over time.

但是，只要有機會與我們現有的足跡相適應，我們就可以繼續享受規模經濟、足跡和運營足跡，而不會變得分散，也不會分散得太薄，這就是我長期耐心考慮的方式，以利用我已經獲得的優勢，即在美國優先的足跡，並可能隨著時間的推移擴大一點。

Thanks, Mike. We'll take our next question, operator.

謝謝，麥克。接線員，我們將回答下一個問題。

Sebastiano Petti, J.P. Morgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Hi. Thank you for taking the question, just wanted to follow up on Consumer Wireline subscriber expectations for the back half of the year. I think Pascal said that you expect higher Internet Air adds, which is not surprising given the momentum. But typically, you would also see higher fiber net additions in the second half relative to the first half or a typical seasonality over the last several years with dictate that that would be the case. Any reason to think that that would not necessarily occur this year? And within that context perhaps, are you seeing any change in the level of competitiveness from the cable guys as they perhaps may lean in a little bit more on bundling, a little bit more on convergence? Thank you very much.

你好。感謝您提出這個問題，我只是想了解今年下半年消費者有線用戶的預期。我認為帕斯卡說過你預計網路航空的增幅會更高，考慮到目前的勢頭，這並不奇怪。但通常情況下，你還會看到下半年的光纖淨增加量相對於上半年更高，或者過去幾年的典型季節性決定了這種情況。有什麼理由認為今年不一定會發生這種情況嗎？在此背景下，您是否看到有線電視營運商的競爭力發生了變化，因為他們可能更傾向於捆綁，更傾向於融合？非常感謝。

Good morning, Sebastiano, I don't expect seasonality to be different this year. I mean, we're not planning on it being different this year. So I would expect because of that seasonality that you reference, you'll probably see historically our net add numbers on fiber adjust to that seasonality and move through it.

早上好，塞巴斯蒂亞諾，我預計今年的季節性不會有所不同。我的意思是，我們今年不打算做任何不同的事情。因此，我預計，由於您提到的季節性，您可能會從歷史上看到我們的光纖淨增數量會隨著季節性而調整併隨之變化。

I think the other thing that I would just kind of counsel on, we tried to give you a little bit of a sense of if we're going to build 4 million homes a year instead of 3 million, we've kind of given you a ramp rate into that. And you can now think about if that doesn't all come online at the same time, we ramp into it through 2026 and we ultimately reach about 4 million homes per year build rate by the time we exit 2026, you should expect as that inventory step-up occurs, as that build starts to escalate, that will certainly help.

我想我要提供的另一件事是，我們試圖讓您稍微了解一下，如果我們每年要建造 400 萬套房屋而不是 300 萬套，我們會給您一個上升率。現在您可以考慮一下，如果這些不能同時實現，我們將在 2026 年之前逐步實現，到 2026 年結束時，我們最終將達到每年約 400 萬套住房的建設速度，您應該預料到，隨著庫存的增加，隨著建設的開始升級，這肯定會有所幫助。

But I'd also like to point you back to something else. When you think about the mix of our fiber net adds today versus the mix of our fiber net adds three years ago, there's surprisingly small -- not surprisingly, I guess, you'd say there is a predictable smaller amount of migrations going on between our existing customers onto the fiber infrastructure from copper because we've worked through a lot of that. And we're maintaining these net add numbers, and we're increasing the share take that is effectively coming from cable. And we've been doing just fine. I'm very pleased with our growth rates of what we've been able to do given our inventory.

但我還想向你指出其他一些事情。當您將我們今天的光纖網路添加量與三年前的光纖網路添加量進行比較時，您會發現數量少得驚人——我想這並不奇怪，您會說我們現有客戶從銅線遷移到光纖基礎設施的數量是可以預見的，因為我們已經解決了很多這樣的問題。我們正在維持這些淨增數字，並增加有線電視的有效份額。我們一直做得很好。我對我們的庫存所取得的成長率感到非常滿意。

And as you see, we continue to march up our penetration. We're north of 40% penetrated now as we've been characterizing it for you, and we continue to march up that. And I've always said, the number between 40% and 50% is going to come slower than the number bid between zero and 20% and 20% to 30% and 30% to 40%. That's just the way it goes.

如您所見，我們繼續提高滲透率。正如我們為您所描述的，我們的滲透率現已超過 40%，並且我們將繼續提高這一水平。我一直說，40% 到 50% 之間的數字會比 0 到 20%、20% 到 30% 和 30% 到 40% 之間的數字增長得慢。事情就是這樣的。

The good news is we're producing a lot of cash at 40%. And we can be very patient to work our way through the next 10% in an economical fashion. And I'm not seeing anything right now that's going on in the market that restricts us from being able to get our fair share every quarter. And I feel really good about how the team's operating around that.

好消息是，我們以 40% 的比率產生了大量現金。我們可以非常耐心地以經濟的方式解決接下來的 10%。我現在沒有看到市場上發生任何阻礙我們每季獲得公平份額的事情。我對球隊的運作方式感到非常滿意。

Thanks for the question. We'll go to the next one, operator.

謝謝你的提問。我們去下一個，接線生。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Thank you. Good morning. I want to ask too if I could, I guess first, just how do you think this more elevated mobile churn and gross add environment across the industry impacts your ability to expand Mobility margins in 2026 and beyond? Do you continue to see that continued margin expansion opportunity? Or should we think about the healthy margins you have today as being more stable as opposed to increasing?

謝謝。早安.我還想問一下，首先，您認為整個產業更高的行動客戶流失率和總增加價值環境將如何影響您在 2026 年及以後擴大行動利潤的能力？您是否繼續看到利潤率持續擴大的機會？或者我們應該認為您目前的健康利潤率是更穩定而不是增加？

And then, I just wanted to check in separately on what you're seeing from a macro perspective. Anything to call out that you're seeing consumers or businesses, any potential impact from federal government cuts that might be coming that could impact Business Wireline or Mobility? Thank you.

然後，我只是想從宏觀角度分別檢查一下你所看到的內容。您是否注意到，對於消費者或企業來說，聯邦政府即將削減的開支是否可能對商業有線或行動業務產生影響？謝謝。

Hey Bryan. Let me start. When you look at our Mobility business, a big part of what you're seeing is higher growth-related spending in the first half of the year. But it's coming with high-quality revenues. As John alluded to earlier, we grew service revenues 3.5% in the second quarter. We raised guidance on service revenues for the year because we feel really good about that trajectory.

嘿，布萊恩。讓我開始吧。當您查看我們的行動業務時，您會看到很大一部分是上半年與成長相關的支出增加。但它帶來了高品質的收入。正如約翰之前提到的，我們第二季的服務收入成長了 3.5%。我們提高了今年的服務收入預期，因為我們對這一發展軌跡感到非常滿意。

As you know, growth-related spend will be lumpy, depending upon market conditions. Excluding growth-related spend, we expect the operating leverage to really be good in that business, and we would expect margins to continue to perform well. In any given quarter, it's going to be a function of the level of growth-related spend.

如您所知，與成長相關的支出將會不均衡，具體取決於市場狀況。除去與成長相關的支出，我們預計該業務的經營槓桿將會非常好，而且我們預期利潤率將繼續表現良好。在任何一個季度，它都將取決於與成長相關的支出水準。

Bryan, good morning. So on the macro perspective, let me start with this, let me reinforce what I offered in my opening comments. I can't remember who said it earlier, I guess Ben was making a comment about how long I've been around here and insulting me. But I've been around the industry a bit.

布萊恩，早安。因此，從宏觀角度來看，讓我從這一點開始，重申我在開場白中提出的觀點。我不記得之前是誰說的，我猜本是在評論我在這裡待了多久並侮辱我。但我對這個行業有些了解。

I don't know that I've ever seen, from pro-investment policy perspective that's out there right now in terms of incentives to invest organically in your business, a telecom policy perspective that's been laid out under this administration and where we see the SEC going, all the way from incentives to get out of old infrastructure and invest in new to spectrum pipelines that are in place, the desires to remove restrictions on useless regulations that drive costs in the business that the market takes care of now that we don't need to have around because we're no longer in common carrier models. I've not seen a situation where those tailwinds were all aligned and as strong as they are at any time in my career as they are right now.

我不知道我是否曾經見過，從目前存在的支持投資政策角度來看，即激勵措施對您的業務進行有機投資，從本屆政府制定的電信政策角度來看，以及我們看到的證券交易委員會的發展方向，從激勵措施到擺脫舊基礎設施和投資現有頻譜管道的新設施，都希望取消對無用法規的限制，這些法規會增加業務成本，而現在我們不再採用這些法規，因為我們不再採用這些法規，現在我們將不再採用這些法規，而現在我們不再採用這些法規的限制，這些法規會增加業務成本，現在我們不再採用這些法規，現在我們不再採用這些法規。在我的職業生涯中，我從未見過像現在這樣順風順水、勢頭強勁的情況。

And I'm surprised I don't see more commentary on that from those of you that watched the industry. I would even say the alignment of those policy things that are going on right now in the direction that's occurring and the lack of friction in getting some changes done is even more significant than when the Telecom Act of '96 was passed.

令我驚訝的是，關注這個行業的人們沒有對此發表更多評論。我甚至會說，目前正在進行的政策與正在發生的方向相一致，並且在完成一些變革時沒有遇到任何摩擦，這比 1996 年《電信法》通過時更為重要。

So I view that as a very good thing for this industry, especially at a time when there's a seminal change coming in the way workloads and traffic are generated like AI. And the need to be able to manage traffic across the fabric of fixed wireless networks for the purposes of securing performance into the cloud to be able to secure those packets in a consolidated way where you can manage those workloads for customers in both places, I think that macro dynamic is really, really good for our industry. And I feel good about it where we stand right now, being part of it as a result of that.

因此，我認為這對這個行業來說是一件非常好的事情，特別是在人工智慧等工作負載和流量產生方式發生重大變化的時代。為了確保雲端中的效能，需要能夠管理固定無線網路結構中的流量，以便能夠以整合的方式保護這些資料包，從而可以為兩個地方的客戶管理這些工作負載，我認為宏觀動態對我們的行業來說真的非常好。我對我們目前的立場感到很滿意，並因此成為其中的一部分。

And that's one of the things that gives me confidence to redirect some of the benefits we've gotten from the Reform Act back into the business. I might not have felt that way four years ago with what was on the horizon, and I do at this juncture.

這也是讓我有信心將改革法案帶給我們的部分利益重新投入業務的原因之一。四年前，我可能不會對即將發生的事情有這樣的感覺，但此時此刻，我卻有這樣的感覺。

Now, the second thing I would offer, there are other policy things that are going on that are impacting some aspects of the macro environment. In particular, I would say the public sector in combination with federal government spending, that has had some dislocation. And some of that's moving down into other public sector entities, maybe it's universities, maybe it's local governments. Because as the federal government changes their allocations in various places, we see other entities having to evaluate their spending patterns of what they're doing.

現在，我要提出的第二點是，正在實施的其他政策正在影響宏觀環境的某些方面。具體來說，我想說公共部門與聯邦政府支出結合，出現了一些混亂。其中一些正在轉移到其他公共部門實體，可能是大學，可能是地方政府。因為隨著聯邦政府在各個地方改變其分配，我們看到其他實體必須評估其支出模式。

And those numbers you're seeing a little bit and some of the softness in a couple of the areas that we've highlighted for you and they're showing in our numbers. But we also told you at the beginning of the year we expected some of that to happen. And we felt like we could manage through that and still meet our guidance to you.

您可以從這些數字中看到一些疲軟跡象，我們已經為您強調這些跡象，這些跡像都體現在我們的數字中。但我們在年初也告訴你們，我們預期會發生一些這樣的情況。我們覺得我們可以解決這個問題，並且仍然滿足對您的指導。

And in fact, immigration is another one. If you look at what's gone on in the postpaid and the prepaid market this quarter, I do believe some of that falls through the immigration and some of the dynamics that are occurring there. Again, we told you that there was going to be an impact, we told you it was manageable given our exposure to that particular piece of the market. And I think we're demonstrating that we're kind of working our way through it.

事實上，移民是另一個問題。如果你看一下本季後付費和預付費市場的情況，我確實認為其中一些是由於移民和那裡發生的一些動態造成的。再次，我們告訴您會產生影響，我們告訴過您，考慮到我們在該特定市場中的敞口，影響是可以控制的。我認為我們正在證明我們正在努力解決這個問題。

The piece that remains out there that I continue to watch and want to understand is we're an animal, a small animal in a larger economy. And what ultimately happens in the larger economy is certainly going to be important to us. I would really like to see some of the uncertainty around tariffs start to dissipate. And that's a piece that's still a bit unknown to everybody in business, as I speak to my peers. I'm not going to pontificate or handicap that as to how that works out any differently than people who are far more expert on it than I am. But clearly, getting some of that uncertainty out is like taking a macro environment that is really moving in the right direction right now. And that's like putting a little bit of jet fuel on it if you can get that one off the table.

我一直在觀察並且想要理解的一個問題是，我們只是動物，是更大經濟體中的一隻小動物。而最終在更大的經濟中發生的事情對我們來說肯定是重要的。我真心希望看到圍繞關稅的一些不確定性開始消散。當我與同儕交流時，我發現商界人士對此仍有些不了解。我不會對這一問題發表高談闊論或進行任何阻礙，也不會與那些比我更專業的人做出任何不同的解釋。但顯然，消除一些不確定性就像讓宏觀環境真正朝著正確的方向發展。如果你能解決這個問題，這就像是給它加了一點噴射燃料。

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

接線員，我們要回答最後一個問題。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Thank you. John, when you think about the scaling of both the fiber business as well as fixed wireless going forward, can you talk a little bit about how they fit together? I mean, are they mutually exclusive in terms of segments the way you're thinking about it or just fixed wireless to funding mechanism to reduce your (inaudible) for fiber? I mean, as both of these scale, how do they fit versus each other? It'll be great to get your thoughts on that.

謝謝。約翰，當您考慮未來光纖業務和固定無線業務的擴展時，您能否談談它們如何結合在一起？我的意思是，就您所考慮的部分而言，它們是否互相排斥，或者只是固定無線的融資機制，以減少您對光纖的（聽不清楚）？我的意思是，由於這兩者都是規模，它們如何相互適應？我很高興能聽到您對此的想法。

Morning. I guess you could say mutually exclusive or actually complementary is the way I would describe them. I think fiber is the scaled long-term solution at the top end of the market. But look, there is a price-sensitive segment and there is a less usage-intensive segment. And fixed wireless is a viable alternative to do that.

早晨。我想您可能會說，我對它們的描述是互相排斥或實際上是互補的。我認為光纖是高端市場的長期規模化解決方案。但請注意，有一個對價格敏感的部分，還有一個使用強度較低的部分。固定無線是一種可行的替代方案。

And given the dynamics of how spectrum is bought and how capacity is allocated, it'll be great if we never had to buy spectrum and end up with fallow capacity. But based on how licenses are done and the dynamics around those things, and based on how share plays out in certain parts of the country where -- we've been telling you, where we build fiber, we have great share position. Some places where we don't build fiber, we have lower share. Therefore, we have more fallow capacity in the network to possibly deploy because of the way we've had to buy licenses in instances.

考慮到頻譜購買方式和容量分配方式的動態，如果我們永遠不需要購買頻譜並且最終擁有閒置容量，那就太好了。但是，根據許可證的發放方式和相關動態，以及根據在該國某些地區的份額情況——我們一直告訴您，在我們建造光纖的地方，我們擁有很高的份額。在我們沒有鋪設光纖的某些地方，我們的份額較低。因此，由於我們必須在實例中購買許可證，因此我們在網路中擁有更多閒置容量可以部署。

And so I view them as highly complimentary. Our primary goal and objective is to put fiber where we can get the kind of workloads that justify that investment and offer the returns I addressed earlier. And we've given you a point of view of what that footprint is right now between now and 2030. Very transparent about that. We're very clear on where we're going to build those things.

因此我認為它們非常互補。我們的主要目標和目的是將光纖放置在能夠承載工作負載的地方，以證明投資的合理性並提供我之前提到的回報。我們已經向您介紹了從現在到 2030 年的足跡。對此非常透明。我們非常清楚我們要在哪裡建造這些東西。

On the flip side, any place where we're not doing that, why shouldn't we think about if we have fallow capacity and opportunity in our wireless business that we can deploy to converge a customer and we can attack the segments where the product is best suited.

另一方面，在我們沒有這樣做的任何地方，為什麼我們不應該考慮我們的無線業務中是否有閒置的容量和機會，我們可以部署它們來融合客戶，並且可以攻擊最適合該產品的細分市場。

And it's not for everybody. As I've said many times, there are many businesses where fixed wireless is the best solution for them. There are people living in studio apartments that are a consultants, that are at home two and three nights a week, that fixed wireless may be a really good solution for them. There are folks that can afford to buy some capacity, but they can't buy all the capacity, but they want something that's more reliable and higher performing dynamic at a lower price. Fixed wireless is really good for them. We should meet those customers where they are and we're now getting a lot better about doing that.

但這並不適合所有人。正如我多次說過的，對於許多企業來說，固定無線是最佳解決方案。有些人住在單間公寓裡，是顧問，每週有兩到三個晚上在家，固定無線網路對他們來說可能是一個非常好的解決方案。有些人有能力購買部分容量，但他們無法購買全部容量，但他們想要以更低的價格獲得更可靠、性能更高的動態產品。固定無線對他們來說確實很好。我們應該在客戶所在地與他們會面，現在我們在這方面做得越來越好了。

And look, when you know you're going to be building fiber in two years and you want to hold a particular segment where maybe you were doing business before or you want to early penetrate it and then enroll people, it's also a great tool to do that. You'll probably see us use that technique in parts of the Lumen footprint. But we have naturally little wireless share where we can go in a little bit more aggressively and know where we're going to be in three years to then upsell somebody to an even better solution.

而且，當你知道你將在兩年內建造光纖，並且你想要保持一個特定的細分市場，也許你之前已經在這個細分市場做過生意，或者你想儘早滲透這個市場，然後招募用戶時，它也是一個很好的工具。您可能會看到我們在 Lumen 足跡的部分中使用該技術。但我們的無線市場份額本來就很小，我們可以更積極地進軍，並知道三年後我們的發展方向，然後向客戶推銷更好的解決方案。

So maybe they're mutually exclusive because you don't want to be selling both in the same area, but I consider them complementary because you want to use them to attack different parts of the market or use it to supplement what is ultimately the long-term scaled solution which is fixed infrastructure with fiber.

因此，也許它們是互相排斥的，因為你不想在同一地區同時銷售這兩種產品，但我認為它們是互補的，因為你想用它們來攻擊市場的不同部分，或者用它來補充最終的長期規模化解決方案，即光纖固定基礎設施。

And I think it's why the story of organic investment is so strong and so important right now. We went at the top with fiber because it's a better product. And we take share and we can play at the bottom with a price-sensitive offer that hitting people at the top and the bottom is just a really good place to be and it feels really nice compared to where we were, say, 10 years ago.

我認為這就是為什麼有機投資的故事現在如此強大且如此重要。我們選擇纖維作為首要選擇，因為它是更好的產品。我們佔據市場份額，並且可以透過價格敏感的報價在底部發揮作用，既能打動頂部的顧客，又能打動底部的顧客，這是一個非常好的位置，與我們 10 年前的處境相比，這種感覺真的很好。

Thanks for the question, Kannan.

謝謝 Kannan 的提問。

Folks, thank you very much for your time this morning. I appreciate it. I think as you can see, we laid out a direction for our business five years ago as to how we felt like we needed to invest in infrastructure to secure the highest percentage of shares spend in this industry and do it better than anybody else. And I believe you're seeing the data points now establish themselves in our performance that demonstrate the approach we're using and the organic investment in our infrastructure and networks is paying off and how that has ultimately come to pass. And I believe when you look from a policy perspective and how our competitors are reacting in the market, it validates the direction we've been heading.

各位，非常感謝你們今天早上抽出時間。我很感激。我想正如你所看到的，我們在五年前就為我們的業務制定了一個方向，即我們認為我們需要如何投資基礎設施，以確保在這個行業中擁有最高的股份比例，並且比其他任何人都做得更好。我相信您現在已經看到數據點在我們的業績中確立，證明了我們正在使用的方法以及我們對基礎設施和網路的有機投資正在獲得回報，以及這最終是如何實現的。我相信，當你從政策角度觀察我們的競爭對手在市場上的反應時，它證實了我們前進的方向。

And I think I'm really proud of the team of what they've been able to do to demonstrate the results in that regard and move our business forward. As Pascal said earlier, we feel really good about the progress we made, but we know we're not quite all hitting on eight cylinders yet. And as a result of that, we feel really energized around what we can do to make the business even better and deliver strong results as we move forward. Thanks for your time this morning.

我認為我真的為團隊感到驕傲，他們在這方面取得了成果，並推動了我們的業務向前發展。正如帕斯卡之前所說，我們對所取得的進展感到非常滿意，但我們知道我們還沒有完全達到八個氣缸的水平。因此，我們對自己能做的事情充滿信心，相信自己能夠使業務變得更好，並在前進的道路上取得強勁的成果。感謝您今天上午抽出時間。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。