AT&T Inc (T) 2025 Q3 法說會逐字稿

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

早上好，歡迎參加 AT&T 2025 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在，我想將電話會議交給我們的主持人、財務和投資者關係高級副總裁布雷特·費爾德曼 (Brett Feldman)。請繼續。

Thank you and good morning. Welcome to our third 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。歡迎參加我們的第三季電話會議。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約翰‧斯坦基 (John Stankey) 和我們的財務長帕斯卡爾‧德羅什 (Pascal Desroches)。

Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially.

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。

Additional information, as well as our earnings materials, are available on our Investor Relations website. With that, I'll turn the call over to John Stankey. John.

更多資訊以及我們的收益資料可在我們的投資者關係網站上找到。說完這些，我將把電話轉給約翰·斯坦基。約翰。

Thank you, Brett. Good morning, everyone. I appreciate you making the time to join us and I hope everybody's doing well.

謝謝你，布雷特。大家早安。感謝您抽出時間來參加我們的活動，希望大家一切順利。

I'm pleased to report that we had another solid quarter and remain on track to achieve this year's consolidated financial guidance. We continue to attract and retain high-value customers and execute well across different operating environments, thanks to the durable and differentiated connectivity franchise we continue to build.

我很高興地報告，我們又度過了一個穩健的季度，並有望實現今年的合併財務指導。由於我們持續打造的持久且差異化的連結特許經營權，我們不斷吸引和留住高價值客戶，並在不同的營運環境中表現良好。

In Mobility, we delivered over 400,000 postpaid phone net adds in the quarter, which is slightly ahead of our performance a year ago. In Consumer Wireline, the scale we have achieved as a nationwide provider of home internet services through our significant investments in fiber and 5G is proving to be a winning play. At the end of the third quarter, we passed more than 31 million total locations with fiber, and we expect to reach more than 60 million customer locations by the end of 2030.

在行動領域，我們在本季新增了超過 40 萬部後付費電話，略高於去年同期的業績。在消費者有線業務方面，我們作為全國性家庭互聯網服務提供商，透過在光纖和 5G 方面的大量投資所取得的規模已被證明是一種成功的策略。截至第三季末，我們的光纖網路覆蓋總網點已超過 3,100 萬個，預計到 2030 年底，光纖客戶網點將超過 6,000 萬個。

We also offer our fixed wireless service, AT&T Internet Air, in parts of 47 states, and we continue to expand availability into new areas as we open and modernize our mobile network. You can see the durable impact of these investments in our third-quarter results, which include over 550,000 new subscribers to our most advanced broadband services: AT&T Fiber and Internet Air. This resulted in our highest total broadband net adds in more than eight years. Let me say that again. We achieved our highest total broadband net adds in eight years.

我們也在 47 個州的部分地區提供固定無線服務 AT&T Internet Air，並且隨著我們行動網路的開放和現代化，我們將繼續將服務範圍擴展到新的地區。您可以在我們的第三季業績中看到這些投資的持久影響，其中包括我們最先進的寬頻服務 AT&T Fiber 和 Internet Air 的新用戶超過 550,000 名。這使得我們的寬頻淨增量達到了八年多來的最高水準。讓我再說一次。我們實現了八年來最高的寬頻淨增量。

This includes a major milestone by reaching over 10 million premium AT&T Fiber subscribers, more than doubling our fiber customer base in less than five years, and nearly tripling our quarterly fiber revenues over that same period and the train keeps rolling.

這包括一個重要的里程碑：我們的優質 AT&T 光纖用戶超過 1000 萬，在不到五年的時間內光纖客戶群增加了一倍多，並且在同一時期我們的季度光纖收入增長了近兩倍，而且這一勢頭還在持續。

We offer fast and reliable connectivity for 5G and fiber at attractive price points. More people are choosing AT&T for both wireless and home internet services. Today, more than 41% of AT&T Fiber households also choose AT&T for wireless. And the pace of this convergence trend within our customer base continues to grow. These customers remain our most valuable, with the lowest churn profile and highest lifetime values.

我們以極具吸引力的價格提供快速可靠的 5G 和光纖連接。越來越多的人選擇 AT&T 的無線和家庭網路服務。如今，超過 41% 的 AT&T Fiber 家庭也選擇 AT&T 進行無線連線。我們客戶群中這種融合趨勢的步伐還在不斷加快。這些客戶仍然是我們最有價值的客戶，其流失率最低，終身價值最高。

Our success with convergence also extends to fixed wireless. More than half of our Internet Air subscribers also choose AT&T for their wireless service. Similar to fiber, these customers exhibit lower churn and drive higher lifetime values than customers with stand-alone services.

我們在融合方面的成功也延伸到了固定無線領域。我們超過一半的 Internet Air 用戶也選擇 AT&T 作為他們的無線服務。與光纖類似，這些客戶流失率較低，且比使用獨立服務的客戶具有更高的終身價值。

We continue to make solid progress, but our work is not done. Our goal is to become the best advanced communications provider in America and to lead our industry in share of retail connectivity service revenue by the end of this decade.

我們繼續取得紮實進展，但我們的工作尚未完成。我們的目標是成為美國最好的先進通訊供應商，並在本世紀末在零售連接服務收入份額方面領先於該行業。

This year, we've made a series of strategic moves that both strengthen our ability to lead in convergence and accelerate our future growth trajectory. Our planned acquisitions of spectrum licenses from EchoStar and fiber assets from Lumen significantly enhance and expand our advanced connectivity portfolio.

今年，我們採取了一系列策略性舉措，既增強了我們在融合方面的領先能力，也加速了我們未來的成長軌跡。我們計劃從 EchoStar 收購頻譜許可證，從 Lumen 收購光纖資產，這將大大增強和擴展我們先進的連接產品組合。

This aligns with our vision to build the most efficient, high-performance network with an ability to deliver traffic at the lowest marginal cost. We believe this will establish a durable competitive advantage for AT&T in the coming years.

這符合我們的願景，即建立最高效、高效的網絡，並能夠以最低的邊際成本傳輸流量。我們相信這將在未來幾年為 AT&T 建立持久的競爭優勢。

The EchoStar spectrum we agreed to acquire will improve our 5G wireless performance in a cost-efficient manner, while allowing us to grow Internet Air at a faster pace. We're already making great progress, delivering on our commitment to deploy this valuable spectrum for the benefit of American consumers and businesses.

我們同意收購的 EchoStar 頻譜將以經濟高效的方式提高我們的 5G 無線效能，同時使我們能夠更快地發展 Internet Air。我們已經取得了巨大的進展，履行了部署這項寶貴光譜以造福美國消費者和企業的承諾。

We started deploying the 3.45 GHz spectrum that we have agreed to acquire from EchoStar under a short-term spectrum manager lease. Based on our current rate and pace, we expect these mid-band licenses will be deployed in cell sites covering nearly two-thirds of the US population by mid-November. This should position us to further expand the availability of Internet Air in our sales channels in 2026.

我們開始部署 3.45 GHz 頻譜，這是我們同意根據短期頻譜管理租賃從 EchoStar 獲得的。根據我們目前的速度和步伐，我們預計到 11 月中旬，這些中頻段許可證將部署在覆蓋近三分之二美國人口的基地台。這將使我們能夠在 2026 年進一步擴大 Internet Air 在我們的銷售管道中的可用性。

Our ability to move this quickly reflects the great work of our teams and the FCC's pro-investment and supportive policy environment. We're also making great progress in preparing to close our transaction with Lumen. Most of the senior leadership team has been identified, and we now expect to close this transaction in the early part of 2026.

我們能夠迅速推進這一進程，這體現了我們團隊的出色工作以及聯邦通信委員會的支持性投資和政策環境。我們在準備完成與 Lumen 的交易方面也取得了很大進展。大部分高階領導團隊成員已經確定，我們目前預計在 2026 年初完成這筆交易。

As I've said before, where we have fiber, we win with both fiber and 5G, and we plan to win even more as our investments in these assets bring advanced connectivity to more Americans. The supportive policy environment is also making it easier for us to transition away from outdated legacy infrastructure and invest in the AI-ready connectivity that Americans want and need.

正如我之前所說，只要我們有光纖，我們就能透過光纖和 5G 贏得勝利，而且隨著我們對這些資產的投資為更多美國人帶來先進的連接，我們計劃贏得更多勝利。支持性的政策環境也使我們更容易擺脫過時的傳統基礎設施，並投資於美國人想要和需要的人工智慧連結。

The bottom line is that we now have the right building blocks in place to realize our scaled fiber and fixed wireless ambitions, complete our wireless modernization, and successfully transition away from legacy infrastructure.

最重要的是，我們現在已經擁有了正確的建造模組來實現我們規模化的光纖和固定無線目標，完成我們的無線現代化，並成功地從傳統基礎設施過渡。

As we complete our key investments, acquisitions, and transformation initiatives, we expect to increase our fiber and convergence penetration rates and see a majority of incremental revenue growth originate from converged customer relationships.

隨著我們完成關鍵投資、收購和轉型計劃，我們預計將提高光纖和整合滲透率，並看到大部分增量收入成長來自融合的客戶關係。

For several consecutive years, we've demonstrated that this strategy works by efficiently growing our business while investing in our network, strengthening our balance sheet, and returning value to shareholders. The opportunities ahead of us are in our control, and I wouldn't trade our assets and position for anyone else's in our marketplace.

連續幾年來，我們透過有效發展業務、投資網絡、強化資產負債表和為股東帶來價值，證明了這項策略的有效性。我們面前的機會掌握在我們自己的手中，我不會用我們的資產和地位去交換市場上任何其他人的資產和地位。

Now it's up to us to continue executing on our vision to become the best advanced communications provider in America. With that, I'll turn it over to Pascal for a detailed review of our third quarter results and outlook.

現在我們要繼續實現我們的願景，成為美國最好的先進通訊提供者。接下來，我將把會議交給帕斯卡，讓他詳細回顧我們的第三季業績和前景。

Thank you, John, and good morning, everyone. At a consolidated level, total revenues grew 1.6% year over year. Adjusted EBITDA grew 2.4%, and we expanded adjusted EBITDA margins by 30 basis points. Adjusted EPS was $0.54 in the quarter, consistent with the prior year.

謝謝你，約翰，大家早安。綜合來看，總營收年增1.6%。調整後的 EBITDA 成長了 2.4%，調整後的 EBITDA 利潤率提高了 30 個基點。本季調整後每股收益為 0.54 美元，與去年持平。

Adjusted EPS excludes a gain recognized on the sale of the DIRECTV investment, legal settlement costs, and other items. Third quarter free cash flow was $4.9 billion versus $4.6 billion a year ago.

調整後的每股盈餘不包括出售 DIRECTV 投資確認的收益、法律和解費用和其他項目。第三季自由現金流為 49 億美元，去年同期為 46 億美元。

Capital investment was $5.3 billion, which was down $200 million year over year. We also contributed $400 million to our employee pension plan in the third quarter, which is reported within cash from operations and therefore impacts free cash flow.

資本投資為53億美元，較去年同期減少2億美元。我們也在第三季向員工退休金計畫投入了 4 億美元，這筆資金在經營現金流中報告，因此會影響自由現金流。

As we discussed in our second quarter results, we expect to contribute $1.5 billion to our pension plan by the end of 2026, using a portion of the cash tax savings from provisions within the One Big Beautiful Bill Act. This includes an additional $400 million of contributions planned in the fourth quarter, with the remaining $700 million of contributions next year.

正如我們在第二季業績中所討論的那樣，我們預計到 2026 年底將向我們的退休金計劃投入 15 億美元，並使用《一項偉大的美麗法案》條款中規定的部分現金稅收節省。其中包括計劃在第四季額外捐贈 4 億美元，剩餘的 7 億美元將於明年捐贈。

Turning next to our business unit results. Starting with Mobility, our third quarter performance highlights how our differentiated strategy enables us to deliver consistent results across various operating environments. Similar to the first half of the year, switching activity remains elevated. However, our playbook is working, and we continue to execute well.

接下來談談我們的業務部門業績。從行動性開始，我們第三季的業績凸顯了我們的差異化策略如何使我們能夠在各種營運環境中提供一致的結果。與上半年類似，轉換活動依然活躍。然而，我們的劇本正在發揮作用，我們繼續執行得很好。

We grew Mobility service revenue by 2.3% year over year, which contributed to EBITDA growth of 2.2%. As a reminder, the prior year quarter included approximately $90 million in one-time service revenues related to certain administrative fees. This impacted our reported growth rates during the third quarter in Mobility service revenue by about 60 basis points and in Mobility EBITDA by about 100 basis points. We reported 405,000 postpaid phone net adds, which is up slightly from the third quarter of last year.

我們的行動服務營收年增 2.3%，推動 EBITDA 成長 2.2%。提醒一下，去年同期包括與某些管理費用相關的約 9,000 萬美元的一次性服務收入。這對我們報告的第三季度行動服務收入成長率產生了約 60 個基點的影響，對行動 EBITDA 成長率產生了約 100 個基點的影響。我們報告稱，後付費電話淨增量為 405,000 部，較去年第三季略有增加。

Postpaid phone churn was 0.92%, up 14 basis points versus a year ago. This reflects increased marketplace activity and, to a lesser degree, an increase in the portion of our customer base reaching the end of device financing periods, which normalized as we exited the quarter.

後付費電話流失率為 0.92%，比去年同期上升了 14 個基點。這反映了市場活動的增加，並且在較小程度上也反映了我們到達設備融資期末的客戶群比例的增加，這種情況在我們退出本季時已恢復正常。

Based on this operating environment, we continue to plan for postpaid phone churn and upgrades to follow seasonal patterns in the fourth quarter, when we typically see more switching and upgrade activity due to new device launches and the holiday season.

基於這種營運環境，我們繼續計劃後付費電話的流失和升級在第四季度遵循季節性模式，由於新設備的推出和假期，我們通常會看到更多的轉換和升級活動。

Postpaid phone ARPU was $56.64, essentially consistent with a year ago when normalizing for the previously mentioned one-time service revenue impact in the third quarter of 2024. ARPU was also impacted by our success in attracting customers in underpenetrated segments that have lower ARPUs, such as our plan that targets adults, 55 years old or older. Success in these underpenetrated segments drives higher incremental service revenues and attractive returns.

後付費電話 ARPU 為 56.64 美元，與去年同期基本一致，但請考慮到前面提到的 2024 年第三季的一次性服務收入影響。我們成功吸引了滲透率較低、ARPU 較低的細分市場的客戶，例如針對 55 歲或以上成年人的計劃，這也影響了 ARPU。這些滲透率較低的領域的成功將帶來更高的增量服務收入和可觀的回報。

The trend also reflects our success in growing our base of converged customers with higher lifetime values. These subscribers are typically eligible for a service discount but support growth in home internet revenues, which we report in Consumer Wireline. We expect these dynamics to continue in the fourth quarter, which typically sees seasonally lower ARPU with some offsetting benefits related to a pricing action that becomes effective at the beginning of December.

這一趨勢也反映了我們在擴大具有更高終身價值的融合客戶群方面取得的成功。這些用戶通常有資格享受服務折扣，但支持家庭網路收入的成長，我們在《消費者有線》中對此進行了報告。我們預計這些動態將在第四季度繼續，第四季度通常會出現季節性的 ARPU 下降，但 12 月初生效的定價行動會帶來一些抵銷效益。

Similar to the first half, we continue to operate in a marketplace where the cost of acquiring and retaining subscribers has increased. However, our continued success at adding high-value converged customer relationships points to the attractive returns we're driving through our offers.

與上半年類似，我們繼續在獲取和留住用戶的成本增加的市場中運作。然而，我們在增加高價值融合客戶關係方面取得的持續成功表明，我們透過我們的服務獲得了豐厚的回報。

While total Mobility operating expenses were up year over year, this was primarily driven by higher equipment costs and other acquisition-related expenses. We otherwise continue to execute well at managing our cost through operational efficiencies, including reductions in cost of service and customer support.

雖然行動營運總費用年增率上升，但這主要是由於設備成本和其他收購相關費用的增加。否則，我們將繼續透過提高營運效率來管理成本，包括降低服務和客戶支援成本。

I'm really pleased with how well the team is executing and remain confident in our ability to deliver on our full-year outlook for Mobility service revenue growth of 3% or better and Mobility EBITDA growth of approximately 3%.

我對團隊的出色表現感到非常滿意，並且對我們實現全年行動服務收入成長 3% 或更高以及行動 EBITDA 成長約 3% 的預期能力充滿信心。

Our Consumer Wireline business unit also delivered another strong quarter. Total revenues grew 4.1% year over year, driven by 16.8% growth in fiber revenue. Consumer Wireline EBITDA grew more than 15% for the quarter. This was driven by topline growth and cost takeout, including lower expenses associated with our legacy copper network.

我們的消費者有線業務部門也再次取得了強勁的業績。總收入年增 4.1%，其中光纖收入成長 16.8%。本季消費者有線業務 EBITDA 成長超過 15%。這是由營業收入成長和成本降低所推動的，包括與我們的傳統銅網路相關的費用降低。

As a result, Consumer Wireline EBITDA margins expanded by a robust 350 basis points year over year. Customer demand for our leading home internet offerings is growing, as we reported strong gains in both Fiber and Internet Air customers. We added 288,000 AT&T Fiber customers during the third quarter, reflecting seasonal tailwinds and the continued expansion of our fiber footprint.

因此，消費者有線業務的 EBITDA 利潤率比去年同期大幅成長了 350 個基點。由於我們報告光纖和互聯網航空客戶數量均出現強勁增長，因此客戶對我們領先的家庭互聯網產品的需求正在增長。我們在第三季增加了 288,000 名 AT&T Fiber 客戶，這反映了季節性的順風和我們光纖覆蓋範圍的持續擴大。

As a reminder, in the fourth quarter of last year, we benefited from some pent-up demand following the 3rd quarter work stoppage in the Southeast. This year, we expect our Fiber net adds to exhibit typical seasonality in the fourth quarter when we usually see lower levels of new connections as we get deeper into the holiday season.

提醒一下，去年第四季度，我們受益於東南部第三季停工後一些被壓抑的需求。今年，我們預計我們的光纖網路增加量將在第四季度表現出典型的季節性，因為隨著假期的深入，我們通常會看到新連接的數量減少。

Once again, we saw strong growth in the portion of our Fiber customer base that also subscribes to Mobility services. At the end of the third quarter, this convergence rate reached 41.5%, up 180 basis points from a year ago. This represents one of our largest convergence gains over the past three years.

我們再次看到，我們的光纖客戶群中訂閱行動服務的客戶比例強勁成長。第三季末，這一收斂率達41.5%，比去年同期上升了180個基點。這是我們過去三年來取得最大的融合成果之一。

We also reported 270,000 AT&T Internet Air net adds, doubling our subscriber gains year over year. Based on our operating momentum and strong performance through the first three quarters of the year, we continue to expect to achieve full-year growth in Consumer Fiber broadband revenue in the mid to high teens and Consumer Wireline EBITDA growth in the low to mid-teens range.

我們還報告稱，AT&T Internet Air 用戶淨增 27 萬人，用戶數量較上年同期翻了一番。根據我們今年前三個季度的經營勢頭和強勁表現，我們繼續預計全年消費者光纖寬頻收入將實現中高雙位數成長，消費者有線 EBITDA 收入將實現中低雙位數成長。

Business Wireline revenues declined 7.8% year over year, while EBITDA declined about 13%. As we shared last quarter, we've been reinvesting some of our cost savings into driving improved growth in Fiber and fixed wireless, and our third quarter results reflect early traction with these efforts.

商業有線營收年減 7.8%，EBITDA 下降約 13%。正如我們上個季度所分享的，我們一直在將部分成本節省重新投資於推動光纖和固定無線業務的成長，而我們的第三季業績反映了這些努力的早期進展。

Fiber and advanced connectivity service revenues grew 6% year over year, representing an acceleration from 3.5% growth in the second quarter. Value-added services, which contribute about one-third of these revenues, can be variable from quarter to quarter, but we expect continued acceleration in our Fiber and fixed wireless connectivity revenues in the fourth quarter.

光纖和先進連接服務收入年增 6%，高於第二季 3.5% 的增幅。加值服務約佔這些收入的三分之一，每季可能會有所不同，但我們預計第四季光纖和固定無線連線收入將繼續加速成長。

While Business Wireline continues to manage through structural declines in legacy services, the team is doing a great job positioning the business to drive sustained growth in advanced connectivity services while operating more efficiently. Based on this solid execution, we continue to expect Business Wireline EBITDA pressures to moderate versus last year, with a full-year decline in the low-double-digit range.

儘管 Business Wireline 繼續應對傳統服務的結構性下滑，但該團隊在定位業務方面做得很好，能夠在更有效率的營運同時推動高級連接服務的持續成長。基於這項穩健的執行，我們繼續預期商業有線 EBITDA 壓力將較去年有所緩和，全年降幅將在兩位數以下。

During the third quarter, we returned $3.5 billion to our shareholders. This includes nearly $1.5 billion of stock repurchases, keeping us on pace to achieve our full-year target of $4 billion in buybacks.

第三季度，我們向股東返還了 35 億美元。其中包括近 15 億美元的股票回購，使我們有望實現全年 40 億美元回購的目標。

We ended the third quarter with net debt to adjusted EBITDA of 2.59 times, down slightly from 2.64 times last quarter, reflecting strong cash generation and growth in adjusted EBITDA. We ended the quarter with more than $20 billion of cash, including proceeds from recent debt issuances. This puts us in a great position to fund our capital returns program and pending acquisitions.

第三季末，淨債務與調整後 EBITDA 比率為 2.59 倍，略低於上一季的 2.64 倍，反映出強勁的現金產生能力和調整後 EBITDA 的成長。本季末，我們擁有超過 200 億美元的現金，其中包括近期發行債券所得的收益。這使我們處於有利地位來資助我們的資本回報計劃和即將進行的收購。

We closed the sale of our remaining stake in DIRECTV in July and received approximately $320 million in cash in the quarter. We expect to receive an additional $3.8 billion of cash, with the large majority expected over the course of the fourth quarter and the early part of next year. As a reminder, these post-sale proceeds are reported within investing activities in the statement of cash flows and excluded from our reported free cash flow.

我們於 7 月完成了 DIRECTV 剩餘股份的出售，並在本季度獲得了約 3.2 億美元現金。我們預計將獲得額外的 38 億美元現金，其中大部分預計將在第四季和明年年初到位。提醒一下，這些售後收益在現金流量表的投資活動中報告，並不包含在我們報告的自由現金流中。

Overall, our third quarter results showed that we're executing well and are reiterating our full-year financial guidance. At a consolidated level, this includes service revenue growth in the low single-digit range and adjusted EBITDA growth of 3% or better.

總體而言，我們的第三季業績表明我們執行良好，並重申了我們的全年財務指導。從合併層級來看，這包括服務收入在低個位數範圍內的成長以及調整後的 EBITDA 成長 3% 或更高。

We had an opportunity to settle some out-of-pattern legal settlements that will impact our fourth quarter free cash flow by approximately $500 million. The expense associated with these settlements was accrued in the third quarter and excluded from adjusted EPS. However, we continue to expect full-year free cash flow in the low to mid $16 billion range, including about $4 billion in the fourth quarter.

我們有機會解決一些不正常的法律糾紛，這將對我們第四季的自由現金流造成約 5 億美元的影響。與這些和解相關的費用已在第三季累計，並且不計入調整後的每股盈餘。不過，我們仍然預計全年自由現金流將在 160 億美元左右，其中第四季約為 40 億美元。

We also continue to expect full-year capital investment in the $22 billion to $22.5 billion range, which implies fourth quarter capital investments of roughly $7 billion to $7.5 billion.

我們也繼續預期全年資本投資將在 220 億美元至 225 億美元之間，這意味著第四季的資本投資約為 70 億美元至 75 億美元。

We also reiterate our full-year outlook for adjusted EPS of $1.97 to $2.07 and expect that we will come in closer to the high end of this range. Embedded within this guidance is an outlook for full-year depreciation and amortization expense that is up slightly versus 2024.

我們也重申全年調整後每股收益為 1.97 美元至 2.07 美元的預期，並預計我們將接近該範圍的高端。本指引中包含了對全年折舊和攤銷費用的展望，該費用較 2024 年略有上升。

In the fourth quarter, we expect to see sequentially lower depreciation and amortization expense, as certain legacy assets become fully depreciated. So we expect our fourth quarter depreciation and amortization expense of about $5 billion is more aligned with the quarterly run rate we expect heading into next year.

在第四季度，我們預計折舊和攤提費用將連續下降，因為某些遺留資產將完全折舊。因此，我們預計第四季度的折舊和攤銷費用約為 50 億美元，與我們預計明年的季度運行率更加一致。

As John noted, we're making great progress towards closing our pending acquisitions of fiber assets from Lumen and spectrum licenses from EchoStar, so we expect to provide an update to our long-term financial outlook early next year. We expect both of these transactions to boost organic growth in revenues and profitability, and you should expect that this will be reflected in our updated outlook.

正如約翰所指出的，我們在完成對 Lumen 的光纖資產和 EchoStar 的頻譜許可證的收購方面取得了巨大進展，因此我們預計將在明年初更新我們的長期財務前景。我們預計這兩項交易都將促進收入和盈利能力的有機增長，您應該預料到這將反映在我們更新的展望中。

In summary, we continue to deliver value for our customers and our shareholders, and we're really pleased with the team's performance through three quarters of the year. Brett, that's our presentation. We're now ready for the Q&A.

總而言之，我們繼續為客戶和股東創造價值，我們對團隊在今年前三個季度的表現感到非常滿意。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.

謝謝接線員帕斯卡，我們準備好回答第一個問題了。

(Operator instructions) Peter Supino, Wolfe Research.

（操作員指示）Peter Supino，Wolfe Research。

Hi, good morning. The broadband results were really striking, and I have two questions on broadband and take them in whichever order you like. First, your 60 million fiber home target is the most important among numerous industry-wide fiber expansion plans. Our best attempt to estimate the intentions of all the fiber expanders, builders, developers rolled up is about 110 million in a country with 135 million homes.

嗨，早安。寬頻的結果確實令人震驚，我有兩個關於寬頻的問題，您可以按照自己喜歡的順序來回答。首先，在眾多全產業光纖擴展計畫中，6,000萬光纖入戶的目標是最重要的。我們盡力估計所有光纖擴展商、建築商和開發商的意圖，在一個擁有 1.35 億戶家庭的國家中，大約有 1.1 億人參與其中。

And so a question we hear frequently, and I think is important, is at what point do AT&T investors have to worry about insurgents getting to some of the homes that AT&T plans to pass before you do? And if they do, could that alter your plans at all? Would you be responsive to that?

因此，我們經常聽到的一個問題，我認為這個問題很重要，那就是 AT&T 的投資者在什麼時候需要擔心叛亂分子會搶先進入 AT&T 計劃進入的一些住宅區？如果他們這樣做了，這會改變你的計劃嗎？您會對此作出回應嗎？

And then a related question is, within two years, your DSL base will be gone or declining much more slowly. I mean, your VDSL base. And what should that mean for your broadband strategy and for your competitive outlook? Thank you.

然後一個相關的問題是，在兩年內，您的 DSL 基礎將會消失或下降得更慢。我的意思是，你的 VDSL 基地台。這對您的寬頻策略和競爭前景意味著什麼？謝謝。

Hi, good morning, Peter, and thank you for noting the broadband results. They are very, very strong. I'm delighted with them.

你好，早安，彼得，謝謝你記錄寬頻結果。他們非常非常強大。我對他們很滿意。

And as I said in my comments, despite all the other things going on in the industry and the questions that come in around change of tactics by various other players, this team continues to consistently deliver results quarter over quarter in this space because we have a great product and we feel really good about that.

正如我在評論中所說的那樣，儘管行業中發生了許多其他事情，並且圍繞其他參與者的策略變化也存在疑問，但這個團隊仍然在這個領域持續不斷地取得季度復一季度的成果，因為我們擁有出色的產品，我們對此感到非常滿意。

I'll tell you, we pride ourselves on being smart about how we build. We think we have the most scaled build engine in the industry. With that scalability comes a degree of agility. It means we have the flexibility to work with our base and move supply around.

我會告訴你，我們為自己的聰明建造方式而感到自豪。我們認為我們擁有業內規模最大的建置引擎。這種可擴展性帶來了一定程度的靈活性。這意味著我們可以靈活地與基地合作並調動供應。

We try to be very deliberate about ensuring that everybody knows when the train rolls into town, that the train's in town. And it's probably not a good place for anybody else to come and deploy their capital because this is a company that has a track record of going in and penetrating aggressively and being successful in markets. And there's probably easier places for people to go than come up against us.

我們盡力確保每個人都知道火車何時進城，火車已進城。對於其他任何人來說，這可能不是一個部署資本的好地方，因為這是一家有著積極進入和滲透市場並取得成功記錄的公司。而且對人們來說，可能還有比對抗我們更容易的地方。

And so we try to be very deliberate in how we allocate our capital in the markets that we're building in to make sure everybody knows where we're going and how aggressively we're going because we believe the right thing to do is to ensure that there's a good solid market structure for ourselves moving forward.

因此，我們試圖非常謹慎地分配我們在所建立的市場中的資本，以確保每個人都知道我們的目標和進取心，因為我們相信正確的做法是確保我們有一個良好且穩固的市場結構來推動我們未來的發展。

Occasionally, there are times where we lay our plans out three years in advance and we believe we have some insight and fidelity of what's going on in the market. Something changes in that period, and we have to recalibrate and think differently about how we're going to draw the boundaries about where we're going to build and how we're going to build.

有時，我們會提前三年制定計劃，並且相信自己對市場動態有一定的了解和掌握。那個時期有些事情發生了變化，我們必須重新調整並以不同的方式思考如何劃定建造地點和建造方式的界限。

But while I know there's a lot of announcements out there that maybe add 110 million homes being built, it doesn't mean they're getting built. It doesn't mean that people are effectively getting permits or they have their supply chain issues worked out. And our job is to remove that friction and be better than everybody else and ensure the 60 million that we're building are in fact the first, and that we're doing it more effectively than anybody else.

但儘管我知道有很多公告稱可能會增加 1.1 億套住房的建設，但這並不意味著這些住房就會建成。這並不意味著人們有效地獲得了許可證或他們的供應鏈問題已經解決。我們的職責就是消除這種摩擦，比其他任何人都做得更好，確保我們正在建造的 6000 萬個確實是第一批，而且我們做得比任何人都更有效率。

And when we run into those occasional circumstances where they're not, we rethink about where we deploy our capital and what we do. So I feel pretty comfortable that the team understands that and has been doing that by and large. And we also know that when somebody overbuilds a small portion of the metropolitan area, this is a scale business. Having 230,000 homes passed isn't going to cut it.

當我們偶爾遇到這種情況時，我們會重新考慮將資本部署到哪裡以及我們應該做什麼。因此，我感到很放心，因為團隊理解這一點，並且總體上一直在這樣做。我們也知道，當有人在大都市的一小部分地區過度建設時，這就是一項規模業務。僅覆蓋 23 萬戶家庭還不夠。

And so when we come in and we're able to use our brand and use our marketing position, we can do very well. And there's small amounts of overlap and still get the share we need to drive the returns into our business.

因此，當我們進入並能夠利用我們的品牌和行銷地位時，我們就能做得很好。雖然重疊部分很少，但我們仍然可以獲得所需的份額，從而為我們的業務帶來回報。

Your observation on the DSL base is accurate. As you know, we're trying to turn down our legacy infrastructure. The DSL base is part of that. We don't want that equipment on our network anymore. We don't want it sucking down power. We don't want to be maintaining copper.

您對 DSL 基礎的觀察是準確的。如您所知，我們正在嘗試關閉我們的遺留基礎架構。DSL 基礎是其中的一部分。我們不想再在我們的網路上使用該設備。我們不希望它消耗電力。我們不想維護銅。

And so part of what you're seeing is a very deliberate approach. In almost all instances, we can replace DSL with fixed wireless in places where we're not building fiber, or we can actively replace it with fixed wireless if we're in a holding pattern where we know we're not going to be getting our overbuild in place of fiber for another two years or so. And we're actively trying to hold those customers with more attractive conversion offers.

所以，您所看到的是一種非常謹慎的做法。在幾乎所有情況下，我們都可以在未建造光纖的地方用固定無線取代 DSL，或者，如果我們處於等待模式，知道在未來兩年左右的時間裡不會用過度建設來代替光纖，我們可以主動用固定無線替代它。我們正在積極嘗試透過更具吸引力的轉換優惠來留住這些客戶。

And that's part of the motion and the momentum that you're seeing in our converged bases and how we're using these products. We're really excited about the advanced spectrum that we picked up because we think it's going to give us even more tools to make that happen both within our base where we're going to overbuild and in those places where we will be wireless first. And we don't intend to build fiber as part of that deployment of capital that gets us just above 60 million.

這就是您在我們的融合基礎以及我們如何使用這些產品中看到的動向和動力的一部分。我們對獲得的先進頻譜感到非常興奮，因為我們認為它將為我們提供更多的工具來實現這一目標，無論是在我們將要過度建設的基地內，還是在我們將首先實現無線的地方。我們並不打算將建設光纖作為我們投資剛過 6000 萬美元的資本部署的一部分。

So we'll actively manage it. As you can see, we're getting better at managing it. That's why our nets are the best they've been in eight years. And I'm really confident that we haven't quite hit our full stride on that yet, that we can do even better on that front as we move forward in the coming quarters.

所以我們會積極管理它。如您所見，我們的管理能力正在不斷提高。這就是為什麼我們的網路是八年來最好的。我非常有信心，我們還沒有完全實現這一目標，但隨著未來幾季的推進，我們可以做得更好。

And to my point in my comments, I would not change position with any company in this industry right now, given the asset base we have and the plays that affords us to run.

正如我在評論中指出的那樣，考慮到我們擁有的資產基礎和我們能夠承受的經營策略，我現在不會改變與該行業任何公司的立場。

Thanks, Peter. We'll take the next question. Operator?

謝謝，彼得。我們將回答下一個問題。操作員？

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thank you. Two questions, John. The AT&T Internet Air momentum is pretty clear in your results. I'm wondering if you could talk a little bit, as the company expands your footprint, you mentioned parts of 47 states, how are you making sure you're sort of segmenting the market the right way between fiber and fixed wireless and being efficient with your marketing, etc.? And maybe you could comment on how you're approaching SMB as well.

謝謝。有兩個問題，約翰。從您的結果來看，AT&T Internet Air 的勢頭非常明顯。我想知道您是否可以稍微談談，隨著公司業務範圍的擴大，您提到了 47 個州的部分地區，您如何確保在光纖和固定無線之間正確細分市場，並提高行銷效率等？也許您也可以評論一下您如何處理 SMB。

And then for Pascal, you've mentioned the competitive environment in wireless this year has led to some higher equipment costs and subscriber acquisition costs, which we can see in Mobility EBITDA margins being a little pressured this year. Your three-year guidance assumes that gets better, that margins expand next couple of years. Just wanted to talk a little bit about how you deliver that, if we think that the competitive environment maybe stays this elevated over the period. Thank you.

然後對於帕斯卡，您提到今年無線領域的競爭環境導致設備成本和用戶獲取成本上升，我們可以看到今年移動 EBITDA 利潤率略有壓力。您的三年指導假設情況會好轉，利潤率在未來幾年會擴大。如果我們認為競爭環境可能會在一段時間內保持這種高水平，那麼我只是想稍微談談你如何實現這一目標。謝謝。

Good morning, Ben. So first of all, one of the big changes you've seen us make in our messaging is we're no longer leading kind of top-of-funnel awareness and advertising with a specific technology bent. We talk about getting internet from AT&T, and we're doing that in the business market and the consumer market because we're now approaching this point that we can offer internet nationwide.

早安，本。首先，您看到我們在訊息傳遞方面做出的重大改變之一是，我們不再以特定的技術為主導，進行漏斗頂端的宣傳和廣告。我們談論從 AT&T 獲取互聯網，我們正在商業市場和消費者市場這樣做，因為我們現在正接近可以在全國範圍內提供互聯網的階段。

So the first thing is to make awareness that people just think about going to AT&T for internet and that our messaging supports that. And you probably picked up on that if you watch any football or anything else in mass media.

因此，首先要讓人們意識到，人們只想透過 AT&T 上網，而我們的訊息支持這一點。如果你觀看足球比賽或觀看大眾媒體上的其他節目，你可能會注意到這一點。

And then to your point, underneath that top-of-funnel messaging is to make sure that we're tuning the messaging for what we offer in a particular geography. And digitally that's really straightforward because we can ring-fence literally what we want to do with a lead offer. And that's one reason why we're spending a little bit less in mass media is because, given our targeted approach to how we want to converge customers, we can get a lot more out of digital marketing based on knowing where the customer is and what the right best offer is to put in front of them.

然後回到你的觀點，在漏斗頂端的訊息傳遞之下，要確保我們根據我們在特定地區提供的內容調整訊息傳遞。從數位角度來看，這非常簡單，因為我們可以明確界定我們想要利用主要報價來做什麼。這就是我們在大眾媒體上投入較少的一個原因，因為考慮到我們希望如何聚集客戶的針對性方法，我們可以在了解客戶在哪里以及向他們提供最佳優惠的基礎上，從數位行銷中獲得更多收益。

We've had pretty good success doing that. I think we even shared with you in December during the Analyst Day, if I recall correctly, an example of a map of the metropolitan area where we sell those products. And you will see that there isn't Internet Air subscribers sitting in fiber footprint, and there really shouldn't be.

我們在這方面取得了相當大的成功。如果我沒記錯的話，我們甚至在 12 月的分析師日期間與你們分享了我們銷售這些產品的大都會區域的地圖範例。您會發現，光纖覆蓋範圍內並沒有 Internet Air 用戶，而且實際上也不應該有。

There not only shouldn't be any of our Internet Air subscribers in a fiber footprint, but there shouldn't be anybody else's Internet Air subscribers in a fiber footprint. And my intent is to ultimately market and sell and structure the product in a way that we make sure that that is in fact the case. Because there is no lower marginal cost way to deliver broadband than fiber. And once it's in, it's in. Ans it should basically have a preferred run at the market.

不僅我們的 Internet Air 用戶不應該出現在光纖覆蓋範圍內，而且任何其他人的 Internet Air 用戶也不應該出現在光纖覆蓋範圍內。我的目的是最終以確保事實確實如此的方式來行銷、銷售和建立產品。因為沒有比光纖更低邊際成本的寬頻傳輸方式。一旦進入，就進入了。答案是它基本上應該在市場上享有優先地位。

And I think we can still even get better than that. And that's one reason why I'm not as attached to ARPUs right now and worried about that. I'm worried about our growth in service revenues and managing our profitability because I think there are segments in the market that we can even do better at, given the technology and what we've deployed.

我認為我們可以做得更好。這就是為什麼我現在不太關注 ARPU 並且不太擔心這一點的原因之一。我擔心我們的服務收入成長和獲利能力管理，因為我認為，考慮到技術和我們所部署的資源，我們甚至可以在市場上的某些領域做得更好。

So you'll see us be very targeted in that, and it's very specific in our support systems when people come into the stores, etc. A lot of this is not left to the discretion of the individual. It's supported to them as to what they should be selling and can sell. And our effectiveness, as I mentioned when I answered Peter's question, in doing that over the coming years is a really important part of the success of this management team and managing the sustainability and durability of our profitability in the company. And we're very focused on making that happen operationally, both with our messaging as we work our way through the funnel and operationally how people move forward on it.

因此，你會看到我們在這方面非常有針對性，當人們進入商店等時，我們的支援系統非常具體。其中許多並非由個人自行決定。它支持他們了解他們應該銷售什麼以及可以銷售什麼。正如我在回答彼得的問題時提到的那樣，我們在未來幾年內這樣做的有效性對於管理團隊的成功以及管理公司盈利能力的可持續性和持久性非常重要。我們非常注重在營運上實現這一點，包括我們在漏斗中傳遞的訊息以及在營運上人們如何推進它。

We're getting our momentum in business around Internet Air. We're still not as good as we can be, but as I've told you many times before, we've always viewed fixed wireless as a good solution in the business market given the usage characteristics of a small business or a medium-sized business and the nature of how those companies operate. And it's getting your distribution lined up.

我們在互聯網航空業務方面正取得進展。我們仍然沒有達到應有的水平，但正如我之前多次告訴過你們的那樣，考慮到小型企業或中型企業的使用特點以及這些公司的運營性質，我們一直認為固定無線是商業市場中的一個很好的解決方案。並且它讓你的分佈井然有序。

I think we're doing pretty well on our owned and operated distribution channels, but as in the mid and low portion of the market, a large part of your distribution comes through the third-party. And we're not fully ramped in the third-party distribution yet. When I compare our effectiveness to others in the market, we can get there and we will get there. And we're scaling it and ramping into it, and that's why you're seeing results improve.

我認為我們在自有和經營的分銷管道上做得很好，但在中低端市場，很大一部分分銷來自第三方。我們尚未完全進入第三方分銷領域。當我將我們的效率與市場上的其他公司進行比較時，我發現我們能夠達到目標，而且我們一定會達到目標。我們正在擴大規模並不斷推進，這就是您看到結果改善的原因。

But I think our mix of business can be a little bit stronger moving forward, and I think it will hinge on how effectively we ramp in third-party channels to make that happen. So that's part of the -- when I say I think we can even get better than where we are, which I'm really pleased with the strong results, but I think we can get better. This would be an area, for example, where I think we can get better. Pascal?

但我認為，我們的業務組合在未來可以更加強大，而且我認為這將取決於我們如何有效地利用第三方管道來實現這一目標。所以這就是其中的一部分——當我說我認為我們甚至可以比現在做得更好時，我對強勁的業績感到非常高興，但我認為我們可以做得更好。例如，我認為我們可以在這個領域做得更好。帕斯卡？

Hey, Ben, good morning. With regards to margins, we continue to expect overall company margin expansion, consistent with what you saw this quarter. Keep in mind, when you look at the next several years, we are working through several transformations, all of which will continue to drive overall efficiency.

嘿，本，早安。關於利潤率，我們繼續預期公司整體利潤率將會擴大，與本季的情況一致。請記住，展望未來幾年，我們正在進行多項轉型，所有這些轉型都將繼續推動整體效率的提升。

With each passing day, we have less and less copper in the network and less underlying infrastructure to support it. Similarly, we're in mid-flight in modernizing our wireless network. We expect that to be substantially complete by the end of 2027.

隨著時間的推移，我們網路中的銅線越來越少，支援它的底層基礎設施也越來越少。同樣，我們也正在努力實現無線網路的現代化。我們預計到 2027 年底將基本完成。

As more and more towers get modernized, it's going to drive efficiency, not in maintenance and power, and it's going to deliver superior service. Also embedded in our strategy is our goal to continue to drive convergence. And over time, the more convergence we drive, the overall churn should come down, and as a result, the efficiency of our acquisition spend should also improve. So all those things together make me feel really good about how we're positioned for the future to continue to drive profitable growth.

隨著越來越多的塔樓現代化，它將提高效率，而不是維護和電力，並將提供優質的服務。我們的策略中也包含繼續推動融合的目標。隨著時間的推移，我們推動的整合程度越高，整體客戶流失率就會越低，因此，我們的收購支出效率也會提高。所以所有這些事情讓我對我們未來繼續推動獲利成長的定位感到非常滿意。

Thank you. Thanks for the question. Thanks, Ben. Operator, take the next question, please.

謝謝。謝謝你的提問。謝謝，本。接線員，請回答下一個問題。

John Hodulik, UBS.

瑞銀集團的約翰·霍杜利克（John Hodulik）。

Great, thanks. Good morning, guys. Two, if I may. Maybe first on wireless. John, how would you say that the company is positioned if we see higher promotional activity in the fourth quarter, given the changes at Verizon and T-Mobile actually? And maybe touch on the sort of cohorts coming off plan if you could, given what you've seen in the last couple of quarters.

太好了，謝謝。大家早安。如果可以的話，我說兩個。或許首先在無線領域。約翰，考慮到 Verizon 和 T-Mobile 的實際變化，如果我們看到第四季度促銷活動的增加，您認為公司的定位如何？如果可以的話，根據過去幾季的情況，您可以談論哪些群體沒有按照計劃行事。

And then for Pascal, the comments on ARPU, and actually the follow-up comment from John in your recent response. I mean, it sounds like you guys are down -- the pressure on ARPU is a little bit stronger than we expected, both in wireless and in broadband.

然後對於帕斯卡，關於 ARPU 的評論，以及實際上約翰在您最近的回復中的後續評論。我的意思是，聽起來你們的情況很糟——無論是在無線領域還是寬頻領域，ARPU 的壓力都比我們預期的要大一些。

With most of the growth coming from converged services going forward and your comments, should we expect continued pressure on ARPU on both wireless and broadband as we look at over the next several quarters?

由於大部分成長都來自未來的融合服務，根據您的評論，我們是否應該預期未來幾季無線和寬頻的 ARPU 將繼續面臨壓力？

John. Look, I think the answer to the question is we're well positioned with our competitive market. It's been competitive. It continues to be competitive. There are shifts in tactics all the time that occur in this market, and we're in a cycle right now that because of the maturity level, tactics have shifted.

約翰。看，我認為這個問題的答案是我們在競爭激烈的市場中處於有利地位。競爭非常激烈。它仍然具有競爭力。這個市場中的策略一直在變化，我們現在正處於一個週期中，由於成熟度的提高，策略也發生了變化。

And as Pascal just very effectively articulated to you, our shift in tactic is to focus on converged customers. And we know that there are some things we have to do differently for that to happen, but we also can project out given how we know they behave and their lifetime values and what occurs that when we're successful doing this and we drive the percentages of our base up higher on converged customers we're going to get in a position where we drive down churn, we make that base more profitable, we have happier customers who ultimately move up the continuum buy more.

正如帕斯卡剛才非常有效地向您闡述的那樣，我們的策略轉變是專注於融合客戶。我們知道，要實現這一目標，我們必須採取不同的做法，但根據我們對客戶行為和終身價值的了解，我們也可以預測，當我們成功做到這一點，並提高融合客戶群的百分比時，我們將處於一個可以降低客戶流失率、使客戶群更有利可圖、擁有更滿意的客戶，最終他們會購買更多產品。

And we believe that. And that is why we're architecting the business the way we are with the asset base we have and the strategies we're using moving forward.

我們相信這一點。這就是為什麼我們要利用現有的資產基礎和未來策略來建立業務。

In terms of the fourth quarter, I may be probably sit in a little different share. I actually don't believe many of my peers walk into their job and say, my goal is to lose share, and I'm going to deliberately do things to make that happen.

就第四季而言，我可能會坐在稍微不同的位置。事實上，我不相信我的許多同事會在上班時說，我的目標是減少市場份額，我會刻意做一些事情來實現這一目標。

I think most CEOs want to win, and I think they try to operate their business to win. And you can debate whether or not the tactics are right or need to be adjusted. We all make good decisions and bad decisions. But just because there's a change at the top. I don't know that that suggests to me that there's going to be a 180-degree posture change.

我認為大多數 CEO 都想贏，而且我認為他們會盡力經營自己的企業來贏得勝利。你可以爭論這些策略是否正確或是否需要調整。我們都會做出正確的決定和錯誤的決定。但只是因為高層發生了變化。我不知道這是否意味著我會有 180 度的姿態轉變。

I think our competitors have been pretty aggressive, and they've tried to win and they're going to continue to try to win moving forward. And we've demonstrated that we can be successful against all those tactics. And if there's a recalibration or a change, just like there may have been a recalibration or change in one of my competitors early this year or last quarter, we're going to adjust to that.

我認為我們的競爭對手非常積極，他們已經盡力爭取勝利，並且將繼續努力爭取勝利。我們已經證明，我們能夠成功抵禦所有這些策略。如果出現重新調整或變化，就像今年年初或上個季度我的某個競爭對手可能發生的重新調整或變化一樣，我們也會做出調整。

And we're going to continue to run the plays that we've outlined, which is to focus on convergence and focus on those customers that we can bring together and make sure that when we're acquiring new customers, we're getting those that we think it can be accretive which may be leaning into what Pascal is going to talk to you about on ARPU.

我們將繼續執行我們已經概述的策略，即專注於整合並專注於我們可以聚集的客戶，並確保當我們獲得新客戶時，我們會獲得那些我們認為可以增值的客戶，這可能傾向於 Pascal 將與您談論的有關 ARPU 的內容。

I would describe what's going on in ARPU more as a feature, not a bug. When we talk to you about the fact that we're underpenetrated in certain segments, and we know that we can do better in certain places. When we talk to you about our desire to push convergence, which at the front end of investing in convergence means that we give the customer a square deal and a lot of value, that's what happens at the front end of those things, and we believe we get to a more sustainable place moving forward.

我會將 ARPU 的變化描述為一個特性，而不是一個缺陷。當我們與您談論我們在某些​​領域的滲透率不足時，我們知道我們可以在某些地方做得更好。當我們與您談論我們推動融合的願望時，在投資融合的前端意味著我們為客戶提供公平的交易和很多價值，這就是在這些事情的前端發生的事情，我們相信我們將在未來走向更可持續的境地。

And over time, what we do is we end up getting more value out of the customer as a result of that. We deepen that relationship with the customer. We move them up a continuum of products and services. We -- as I've said before, we don't just raise prices to raise prices. We raised prices when we think we've given the customer greater value and we try to time it to that.

隨著時間的推移，我們最終會從客戶那裡獲得更多價值。我們加深了與客戶的關係。我們不斷提升他們的產品和服務。正如我之前所說，我們不會為了漲價而漲價。當我們認為我們為客戶帶來了更大的價值時，我們就會提高價格，並且我們會盡量把握時機。

And so investing in our wireless network to deliver massively superior performance with new spectrum that we're deploying opens up opportunities for us to do things like drive more value price relationship into the customer base to return on those investments. Pascal, do you want to talk about the ARPU characteristics?

因此，投資我們的無線網絡，利用我們正在部署的新頻譜提供極其卓越的性能，為我們提供了機會，可以做一些事情，例如為客戶群帶來更多的價值價格關係，以獲得這些投資回報。帕斯卡，你想談談 ARPU 特徵嗎？

Sure, thing. Here's the thing to keep -- when we look at our base of customers, we have a pretty broad base of customers. Candidly, we tend to over-index on the higher ARPU continuum. In order to grow service revenue, we have to be willing to also target other places where we're underpenetrated. And as John effectively laid out, that is a part of our strategy.

當然可以。需要記住的是——當我們審視我們的客戶群時，我們發現我們的客戶群相當廣泛。坦白說，我們傾向於對較高的 ARPU 連續體進行過度指數化。為了增加服務收入，我們必須願意瞄準我們尚未滲透的其他地方。正如約翰所闡述的，這是我們策略的一部分。

But it doesn't mean that going down ARPU is at the sacrifice of overall service revenue. we are trying to maximize service revenue. And in the fourth quarter, as an example, we expect to have a pricing action that becomes effective, that will contribute to service revenue growth.

但這並不意味著降低ARPU值就要以犧牲整體服務收入為代價，我們努力追求服務收入的最大化。以第四季為例，我們預期定價措施將生效，這將有助於服務收入的成長。

So overall, when you're managing a big base of customers like we are, it's important that we try to expand that base as well as, over time, drive more value by giving the customer more in driving more overall top line growth.

因此，總的來說，當您像我們一樣管理龐大的客戶群時，重要的是我們要努力擴大該客戶群，並隨著時間的推移，透過為客戶提供更多服務來創造更多價值，從而推動整體收入成長。

Thanks, John. Operator, we will take the next question.

謝謝，約翰。接線員，我們將回答下一個問題。

David Barden, New Street.

大衛巴登 (David Barden)，新街。

Thank you so much for taking the questions. I appreciate it. So John, just if I put all the pieces together, the Lumen deal, the Spectrum deal, the desire to get leverage back down to 2.5 times, the desire to maintain a dividend and an equity stock buyback return recognized in the upper C-band auctions coming. Is it fair to say that when you say that you wouldn't trade assets with anybody that you don't need any more assets that AT&T is out of the M&A acquisition game, the inorganic game and now it's time to build on what you have organically at the margin? And then I have a follow-up.

非常感謝您回答這些問題。我很感激。所以約翰，如果我把所有部分放在一起，Lumen 交易、Spectrum 交易、將槓桿率降至 2.5 倍的願望、維持股息的願望以及即將到來的上 C 波段拍賣中確認的股票回購回報。當您說您不會與任何人交易資產時，是否意味著您不需要更多資產，以至於 AT&T 退出了併購遊戲、退出了無機遊戲，現在是時候在邊際上建立您已有的有機資產了？然後我有一個後續問題。

Dave, first of all, I'm never going to answer a question absolutely and say never. But I will tell you what I've shared with the management team, which is we have all the assets in front of us, and we've run the plays that we need to run to be successful over the next five years and everything that's going on outside of our business right now is external and distraction. And there's going to be, to the question earlier, maybe new leadership or different tactics stake in or approaches used.

戴夫，首先，我永遠不會絕對地回答一個問題並說永遠不會。但我會告訴你們我與管理團隊分享的內容，那就是我們面前有所有的資產，我們已經運行了未來五年取得成功所需的策略，而現在我們業務之外發生的一切都是外部的和乾擾的。對於先前的問題，也許會有新的領導階層或採取不同的策略或方法。

I feel very, very confident in the path we set for this business, and I feel very confident that the actions we've taken over the course of the last several years have put us in a position to be the leader in this industry to lead on retail service revenues by the time we get to 2030, to effectively have better and deeper relationships with more customers for communication services than anybody else. And we have that asset base to do that at this point.

我對我們為這項業務設定的道路非常有信心，而且我非常有信心，我們在過去幾年中採取的行動將使我們成為這個行業的領導者，到 2030 年，我們將在零售服務收入方面處於領先地位，並且能夠有效地與更多的通信服務客戶建立比其他任何人都更好、更深的關係。目前，我們擁有實現這一目標的資產基礎。

And our job now is to organically invest in this business and make it a better company, operate better, serve customers better, become more efficient, and put a nail in the coffin of the legacy infrastructure that we have. And those plays all sit in front of us and are all contained within the four walls of AT&T, and they don't require uncertain regulatory approvals or difficult external issues or other partners to get it done.

我們現在的工作是有機地投資這項業務，使其成為一家更好的公司，運作得更好，更好地服務客戶，提高效率，並徹底終結我們現有的遺留基礎設施。這些劇本都擺在我們面前，都在 AT&T 的框架內進行，而且不需要不確定的監管部門批准或困難的外部問題或其他合作夥伴來完成。

It's about us getting it done. And that is absolutely the focus of the rallying cry within the four walls of AT&T and how we're talking about it at the leadership level. And I think you should take that as a strong indication that the management team right now is focused internally about doing the things we need to do to run those plays and do them effectively and not worrying much about what's going on outside of our industry and where assets are.

關鍵在於我們能否完成它。這絕對是 AT&T 內部的戰鬥口號的焦點，也是我們在領導層面討論這個問題的方式。我認為你應該將此視為一個強有力的信號，表明管理團隊現在專注於內部開展我們需要做的事情，以有效地開展這些工作，而不太擔心行業之外發生的事情以及資產在哪裡。

And so John, thank you so much for that. And so to key off that comment, I feel like I have to ask, outside the four walls of AT&T, there's been a lot of change in the C-suite. That's obviously what people don't know what they don't know. What is your or AT&T Board's succession plan? How would that look? When might it happen?

所以約翰，非常感謝你。因此，為了回應這一評論，我覺得我必須問一下，在 AT&T 之外，高階主管也發生了許多變化。這顯然是人們不知道自己不知道的事。您或 AT&T 董事會的繼任計畫是什麼？那看起來怎麼樣？什麼時候會發生？

Would you become Chairman and give up the CEO title to Jeff and then watch that happen? And could you just kind of elaborate a little bit because everybody is talking about it.

您會成為董事長，並將執行長的頭銜交給傑夫，然後看著這一切發生嗎？由於大家都在談論這個問題，能否稍微詳細說明一下？

Dave, nice question, but we're focused on what we need to do to operate our business every day right now, and we don't have those distractions that others have. And I know what I'm entirely focused on, which is making sure that the management team understands their priorities and execute effectively. And that's all we're worried about. We're not worried about your question.

戴夫，這個問題問得好，但我們現在專注於每天經營業務所需做的事情，我們不會像其他人那樣分心。我知道我所關注的重點是什麼，那就是確保管理團隊了解他們的優先事項並有效執行。這就是我們所擔心的一切。我們並不擔心您的問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Good morning. Thank you for the questions. Following up on the comment related to boosting the long-term organic revenue growth and EBITDA outlook early next year, has your confidence around accretion from the Lumen fiber assets and the EchoStar spectrum licenses, has that confidence increased? Have you spent more time strategizing and looking at those assets?

早安.謝謝您的提問。關於明年年初提高長期有機收入成長和 EBITDA 前景的評論，您對 Lumen 光纖資產和 EchoStar 頻譜授權的增值是否有信心，這種信心是否有所增強？您是否花了更多時間制定策略並關注這些資產？

And maybe you could spend a little bit of time also talking about kind of the key buckets in terms of the EchoStar spectrum accretion, whether that's AT&T Internet Air, passing acceleration, some of the kind of infrastructure deployment, cash tax savings, the Boost Hybrid MNO, that would be very helpful.

也許您可以花一點時間談論 EchoStar 頻譜成長方面的關鍵內容，無論是 AT&T Internet Air、加速傳輸、某種基礎設施部署、現金稅收節省、Boost Hybrid MNO，這些都會非常有幫助。

Mike, I don't think there's any change in our point of view. First of all, we're not that far down the road of when we did the transaction as to where we stand. I think we continue to get data points to support that we have very conservative modeling and our approach to these things. The most notable would be the Lumen asset base.

麥克，我認為我們的觀點沒有任何改變。首先，就我們目前的狀況而言，距離交易完成的時間還不算太遠。我認為我們不斷獲得的數據點可以證明我們擁有非常保守的模型以及對這些事情的處理方法。最值得注意的是 Lumen 資產基礎。

Certainly, we have not seen anything in our planning that is unexpected that we said where that come from or that's different than what we expected, I think most importantly, because we did pretty good diligence before we announced the transaction. We were buying a hard asset, in this case, and we did our diligence literally at the hard asset level.

當然，我們的計劃中沒有出現任何出乎意料的事情，或者與我們的預期不同的事情，我認為最重要的是，因為我們在宣布交易之前做了相當充分的調查。在這種情況下，我們購買的是硬資產，我們確實在硬資產層面進行了盡職調查。

So I think we know what we're getting. We've managed to get additional confidence. As you know, we're operating out of region with Gigapower and Gigapower has been scaling nicely. We're in that point right now where we can see the data coming in, in markets that we've been able to build enough that we're beyond very small pox of overbuild. And the assumption set that we've used in Lumen is based on our experience in having built outside the footprint, and we see that results are coming in the way we would have expected.

所以我想我們知道我們得到了什麼。我們已成功獲得了額外的信心。如您所知，我們與 Gigapower 合作在區域外開展業務，並且 Gigapower 的擴展狀況良好。我們現在正處於這樣的階段，我們可以看到數據流入，在我們已經能夠建立的市場中，我們已經擺脫了過度建設的困境。我們在 Lumen 中使用的假設集是基於我們在足跡之外建構的經驗，我們看到結果正按照我們預期的方式出現。

And it's doing all the things that we said we need to do on a converged basis, which is driving both products into a household, driving them at the right ARPU, seeing customer satisfaction levels go up, brand gets a better image, churn goes down. All those things are happening and that data is coming in.

它正在做我們所說的在融合基礎上需要做的所有事情，即將兩種產品推向家庭，以正確的 ARPU 推動它們，看到客戶滿意度水平上升，品牌形象得到改善，客戶流失率下降。所有這些事情都在發生，數據也不斷湧入。

So it gives us confidence that we're on the right path. And that's why I said earlier that our job is to look organically internally and go execute the place that we know we need to go execute. I would tell you, probably the upside around that is, as you know, we've largely built this as a consumer-oriented play. As we build brand reputation in a market and presence in a market, there's no reason to think we can't even move beyond that.

因此，它讓我們確信我們走在正確的道路上。這就是為什麼我之前說過，我們的工作是有機地審視內部，並且去執行我們知道需要執行的地方。我想告訴你，這樣做的好處可能是，如你所知，我們基本上將其打造為以消費者為導向的遊戲。當我們在市場上建立品牌聲譽和影響力時，沒有理由認為我們無法超越這一點。

And so I think there's upside in our conservative modeling on these things. On EchoStar, there's the old fashion way that accretion is driven in, which is just going to defer some capital because of the depth we get in the network in place is for capacity. So we defer out splits and augments on capacity. That's an important driver. That's pretty road. We do that every time we buy spectrum. We know how to do those things.

因此我認為我們在這些事情上的保守建模是有好處的。在 EchoStar 上，有一種老式的增生方式，這種方式只會推遲一些資本，因為我們在現有網路中的深度是為了容量。因此，我們延後了容量的分割和增強。這是一個重要的驅動因素。那是一條很漂亮的路。我們每次購買頻譜時都會這樣做。我們知道如何做這些事情。

We have a better wholesale play. As you know, this moves into a whole network as a service construct for the Boost brand and for whatever DISH, EchoStar chooses to do moving forward. That movement is underway now. I know that EchoStar is working through some of the regulatory issues around their consent decree to give them the freedom to do everything they need to do. That's probably a question better suited for them to ask how that progress is going.

我們的批發業務更好。如您所知，這將轉變為 Boost 品牌的整個網路即服務結構，無論 DISH、EchoStar 選擇做什麼。這項運動目前正在進行中。我知道 EchoStar 正在解決其同意令中的一些監管問題，以便讓他們可以自由地做他們需要做的一切。這個問題可能更適合他們詢問進展如何。

But I can see it on my side that they're migrating a lot of customers over to our network right now. So what we expected to have happen is happening, which is our wholesale revenues are growing and improving right now as a result of that. And we expect some incremental accretion over what we would have had in the business plan because of our previous wholesale relationship with EchoStar, which will add value into the acquisition.

但從我的角度來看，他們現在正在將大量客戶遷移到我們的網路。因此，我們預期發生的事情正在發生，我們的批發收入正在因此而成長和改善。由於我們先前與 EchoStar 的批發關係，我們預計業務計劃中的收益將會增加，這將為收購增加價值。

And then, of course, as you noted, the scaling that's going on in Internet Air, this is only going to allow us to be more successful in places where we're not building fiber and find those right business customers and find the right segment of the consumer base that we think has more durability with a converged offer and grow in that area when Pascal shared with you that we're going to be out talking with you in the early part of next year as we get close to the approval of both of these transactions that we would expect to happen early next year.

當然，正如您所說，Internet Air 的擴充只會讓我們在沒有鋪設光纖的地方取得更大的成功，找到合適的商業客戶，找到我們認為具有融合服務更持久的消費者群體，並在該領域實現成長。 Pascal 與您分享說，我們將在明年年初與您交談，因為我們即將獲得這兩項交易的批准，我們預計這兩項交易將在明年年初完成。

We'll come out and we'll give you the texture around that as to how we have that market segment and what we expect to do. The good news is, as you can see, operationally, we're moving through those continuums now including deploying the 3.45 spectrum that allows us to get the machine up and running even before we close that transaction, which should -- by the time we get those things in order, start to reflect our volumes in 2026 that we can ultimately give you some better insights too as we move forward.

我們將向您介紹我們如何擁有該細分市場以及我們期望做什麼。好消息是，如您所見，從營運角度來看，我們現在正在經歷這些連續過程，包括部署 3.45 頻譜，這使得我們甚至在完成交易之前就能啟動並運行機器，當我們把這些事情安排好時，應該開始反映我們在 2026 年的產量，最終我們可以在前進的過程中為您提供一些更好的見解。

Mike, one other point to know -- John said this, but I think it's worth underscoring. When you look at, in addition to adding fixed wireless, the mobility attachment associated with that, currently across our footprint, we are at 50% -- we're better than 50%. So -- and that's really before any meaningful marketing to put behind it. As the spectrum is deployed and as we become more aggressive with marketing, that's another pool of value that we're really excited about.

麥克，還有一點要知道──約翰說過這一點，但我認為值得強調。除了添加固定無線之外，與之相關的行動配件目前在我們的覆蓋範圍內已經達到了 50%——超過了 50%。所以——這其實是在進行任何有意義的行銷之前。隨著頻譜的部署以及我們在行銷方面變得更加積極，這是另一個讓我們真正興奮的價值池。

Thanks, Mike. We'll take the next question, please.

謝謝，麥克。請回答下一個問題。

Sebastiano Petti, JPMorgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Thanks for taking the question. Maybe Pascal or John, just a clarification question on FWA. You talked about the seasonality within the fiber business, typically in the fourth quarter, as you get towards the holidays, you see a little bit of a step down and 4Q '24 had a little bit of a onetimer because of the work stoppage. In FWA, I mean, have you noticed a similar pattern on an underlying basis because obviously, you will see an acceleration? I think, John, you talked about lighting up some of the 3, 4, 5 or 2/3, I think, of PoPs by mid-November.

感謝您回答這個問題。也許是 Pascal 或 John，只是對 FWA 有一個澄清問題。您談到了纖維業務的季節性，通常是在第四季度，隨著假期的臨近，您會看到業務略有下降，而由於停工，2024 年第四季度的業務略有下降。在 FWA 中，我的意思是，您是否注意到了底層的類似模式，因為顯然您會看到加速？約翰，我想，你談到了在 11 月中旬點亮 3、4、5 或 2/3 的 PoP。

Just any help on how we think about the pacing of FWA underlying subscriber results and then as we kind of think about the broader expansion from the EchoStar spectrum coming on? And then I guess also sticking with the broadband, I mean, any update on Gigapower and how that's perhaps going? I think there was a press report in the third quarter about Gigapower perhaps bringing on a new ISP onto their network. Just any way to kind of think about that and the risk that your wholesale partners within the, I think piggybacking on Peter's question about getting to the $60 million. Within that, obviously, a decent portion of that would come from open access wholesale partners, how do you assess the risk of your partners meeting that target over time?

您對我們如何看待 FWA 底層使用者結果的節奏以及 EchoStar 頻譜的更廣泛擴展有何幫助？然後我想還要堅持使用寬頻，我的意思是，Gigapower 有任何更新嗎？進展如何？我認為第三季有一份新聞報導 Gigapower 可能會在其網路上引入新的 ISP。無論以何種方式考慮這個問題以及你的批發合作夥伴面臨的風險，我認為都可以搭上彼得關於獲得 6000 萬美元的問題。其中，顯然相當一部分來自開放取用批發合作夥伴，您如何評估您的合作夥伴隨著時間的推移實現該目標的風險？

Sebastiano, so I'd say there are elements about the holiday season that I can speak to the Stankey household and what we noticed in some of our customer base as people become busy and distracted and they have a lot going on. And as a result of that, I think we all prioritize our time and energy. And while we like to make an acquisition of our product and service seamless and without friction, it isn't yet there.

塞巴斯蒂亞諾，我想說，我可以和斯坦基一家談談假期期間的一些因素，我們在一些客戶群中註意到，人們變得忙碌、心煩意亂，有很多事情要做。因此，我認為我們都應該優先考慮自己的時間和精力。儘管我們希望我們的產品和服務的收購能夠無縫且無摩擦，但目前還無法實現。

And so people sometimes do research and have to ask themselves some questions, is this the time they want to change a very important relationship in their life, which is there their Internet service provider? And I think because of the nature of that season and the bandwidth that people have to get things done, there's just some decisions that are deferred as a result of that.

因此，人們有時會進行研究並問自己一些問題，這是他們想要改變生活中非常重要的關係的時候嗎？他們的網路服務供應商是誰？我認為，由於那個季節的性質以及人們完成任務所需的頻寬，因此有些決定會被推遲。

And I don't -- I wouldn't expect that, that would be entirely different for fixed wireless, and it might be for a fiber installation short of the fact that somebody doesn't have to come out to the house. So do I think we can still move the product during the period? Yes, I do.

我不認為——我不會認為，這對於固定無線網路來說會完全不同，而且對於光纖安裝來說，可能只是不需要有人來到家裡而已。那麼我認為我們在這段期間還能銷售產品嗎？是的，我願意。

I think businesses are a little bit different than consumers. And certainly, fixed wireless has a little bit more of event on the business side right now with some of the penetration. So I wouldn't expect that to be as dramatic, but I do believe there's some seasonality that just works its way into consumers and businesses that are busy at that time of year. And that's why you get a degree of seasonality that occurs. Moves were down.

我認為企業與消費者略有不同。當然，隨著固定無線技術的普及，它在商業方面現在有更多的活動。因此，我並不認為這種情況會如此劇烈，但我確實相信，一些季節性因素會對每年那個時候繁忙的消費者和企業產生影響。這就是為什麼會出現一定程度的季節性。動作減少了。

People don't move homes during the fourth quarter. I don't think that's going to change. That's a dynamic of a buying decision. But we don't have multiple years of experience in fixed wireless where I can be perfectly empirical with you and tell you I know exactly where that's going to come in.

第四季人們不會搬家。我認為這不會改變。這就是購買決策的動態。但是我們在固定無線領域沒有多年的經驗，因此我不可能完全憑經驗告訴你我確切地知道這將會帶來什麼。

On Gigapower, look, I think our relationship with our partner there has been great. I think they're really satisfied. I think we're satisfied. We'd all like to go a little bit faster. But once footprint is turned up, I think people are looking at the model and saying it's working exactly the way it's working.

關於 Gigapower，我認為我們與合作夥伴的關係一直都很好。我認為他們確實很滿意。我想我們很滿意。我們都希望能走得更快一點。但一旦足跡出現，我認為人們就會看著這個模型，說它正是按照它的方式運作的。

And I would expect with our partner the way we meet our obligations around rate of penetration and how we bring customers on we are going to continue to be the anchor provider on that network and have the dominant share of customers that are supported over that network. And that is, as it was intended to do when the construct was designed will be the foundation of the profitability and the return on that network.

我希望與我們的合作夥伴一起，我們能夠履行在滲透率方面的義務，並繼續成為該網路的主要供應商，並擁有該網路支援的主要客戶份額。也就是說，正如設計該結構時所預期的那樣，它將成為該網路獲利能力和回報的基礎。

And I don't see anything changing in our results to date or anything that's going to be done going forward to be inconsistent with that. And I'm confident that we're going to get the customers that we need to get and that we're penetrating and the way we want to penetrate.

我認為迄今為止我們的結果沒有任何變化，未來所做的任何事情都不會與此不一致。我相信，我們將獲得我們需要的客戶，並且我們正在以我們想要的方式滲透市場。

And I don't worry about whether or not a second or third provider on the network ultimately creates a problem for AT&T's retail activities and brand in the market as opposed to are we attacking a segment that we just weren't effective at getting that wholesale can be an extension and increase in penetration at the margin.

我並不擔心網路上的第二或第三個供應商是否最終會給 AT&T 的零售活動和市場品牌帶來問題，而是擔心我們是否正在攻擊一個我們無法有效獲得的細分市場，即批發可以擴大並增加邊際滲透率。

Thanks Sebastiano. All right, we'll take your next question.

謝謝塞巴斯蒂亞諾。好的，我們將回答您的下一個問題。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks and good morning. John, there's some questions about whether or not LEO satellites pose competitive threats to your mobile service as direct-to-device LEO's get access to spectrum and improve their technology. And also whether these constellations will impact the future competitive landscape for broadband to the home and business locations.

謝謝，早安。約翰，有人質疑，隨著直接面向設備的 LEO 衛星獲得頻譜並改進其技術，LEO 衛星是否會對您的行動服務構成競爭威脅。以及這些星座是否會影響未來家庭和商業場所寬頻的競爭格局。

So just curious if you can give us an update on your views with respect to these constellations as competitors to your strategic wireless and broadband services. And if you could also give us an update on how you're planning to offer your own direct-to-device satellite offering to customers?

所以我很好奇您是否可以向我們介紹一下您對這些星座作為您的策略無線和寬頻服務的競爭對手的看法。您也可以向我們介紹一下您計劃如何向客戶提供自己的直接面向設備的衛星服務嗎？

Mike, I don't know that I'm going to add anything to what you probably heard me say before publicly. I view the LEO technology is a really exciting technology. I think it's going to be fantastic for consumers and businesses. I think it's going to bring a realm of innovation into networking that we're going to see new things pop up that are going to make networks more resilient, more trusted, do some things that they couldn't do before. So I'm really excited about them.

麥克，我不知道我是否要補充你之前可能公開聽過我說過的話。我認為 LEO 技術是一項真正令人興奮的技術。我認為這對消費者和企業來說都是一件好事。我認為它將為網路帶來創新領域，我們將看到新事物的出現，這些新事物將使網路更有彈性、更值得信賴，並能做到一些以前無法做到的事情。所以我對他們感到非常興奮。

I think we're a natural integrator of that technology given our extensive customer relationships, our ability to market, use our brand to aggregate, take friction out of acquisition. So I would expect moving forward that we can be a big purveyor of those products and services.

我認為，鑑於我們廣泛的客戶關係、我們的行銷能力、利用我們的品牌進行聚合的能力以及消除收購摩擦的能力，我們是該技術的天然整合者。因此，我希望未來我們能夠成為這些產品和服務的主要供應商。

As you know, we have a very close relationship with AST. We want to help them move along and scale their product, and we think it's a unique approach to it where they write from the start. We're designing satellites to be perfectly compatible with consumer end user devices that were out there that didn't require large investment in CPE and equipment to make it work and we think there is a space for that.

如您所知，我們與 AST 關係非常密切。我們希望幫助他們推進和擴大他們的產品，我們認為這是一種獨特的方法，他們從一開始就進行編寫。我們正在設計衛星，使其與現有的消費者終端用戶設備完美相容，並且不需要在 CPE 和設備上進行大量投資即可運行，我們認為這是有空間的。

And that's why we've advocated for that. I'm interested to see now that others in the LEO space are understanding that they maybe need to engineer these constellations to do more direct to device. And that will be good because I'd like to see a market where there's more than one purveyor of products and services. I think that would be healthy. And we'd certainly support that occurring over time.

這就是我們提倡這樣做的原因。我現在感興趣的是看到，低地球軌道空間的其他人是否意識到，他們可能需要設計這些星座，以便對設備進行更多的直接操作。這將是件好事，因為我希望看到一個擁有多個產品和服務供應商的市場。我認為那會很健康。我們當然會支持這種情況隨著時間的推移而發生。

The way I think about it is mostly complementary, and I can give you my reasons for that in a minute. But there's going to be places where the LEO constellation becomes maybe a better alternative to a terrestrial solution. Certainly in the IoT space, there's going to be circumstances where it might be easier to use LEO to solve certain types of IoT-related applications. That will be part of the innovation of what they bring forward.

我對此的看法大多是互補的，我馬上就可以告訴你我的理由。但在某些地方，低地球軌道衛星系統或許會成為比地面解決方案更好的替代方案。當然，在物聯網領域，在某些情況下使用 LEO 來解決某些類型的物聯網相關應用可能會更容易。這將是他們所提出的創新的一部分。

Complete replacement of terrestrial wireless networks strikes me as a -- it's probably not that it couldn't be done, but it would require an awful lot of time and money. I think you can probably ask Charlie Ergen about that people don't always recognize the fact that we do deploy cell sites, and that's part of our capital deployment. We do an awful lot of deployment of capital inside buildings.

對我來說，徹底取代地面無線網路可能並非不可能，但需要大量的時間和金錢。我想你可以問問查理·埃爾根，人們並不總是認識到我們確實部署了基地台，而這是我們資本部署的一部分。我們在建築物內部部署了大量資金。

Hospitals, stadiums, high-rises, hotels, those are things that are easily served necessarily from just laying up some 40 megahertz of spectrum on a satellite. And so if you really want a cohesive network that is going to deliver on the kind of AI demands moving forward, which is really managing traffic aggressively, giving strong quality of service on the uplink low latency, I would tell you that just generally speaking, it takes a lot of engineering to do that. It's embedded over years and years of deployment of capital and work. It's not replaced quickly. It's not necessarily optimal to see from the sky.

醫院、體育場、高樓大廈、飯店，這些都可以透過衛星上鋪設大約 40 兆赫的頻譜輕鬆提供服務。因此，如果你真的想要一個能夠滿足未來人工智慧需求的有凝聚力的網絡，即積極管理流量，在低延遲的上行鏈路上提供強大的服務質量，我會告訴你，一般來說，這需要大量的工程才能實現。它是經過多年的資本和工作部署而形成的。它沒有被快速替換。從天空觀看並不一定是最佳選擇。

I would tell you the other thing you need to think about is while spot beam technology will, of course, get better than maybe a 20-mile radius over time. there are physical limitations to what that can do. Typical cell site right now is probably running roughly about 2-mile radius, a little bit more, a little bit less, in some cases.

我想告訴你，你需要考慮的另一件事是，雖然點波束技術隨著時間的推移當然會比 20 英里半徑更好，但它所能做的事情有物理限制。目前典型的蜂巢式基地台的半徑約為 2 英里，在某些情況下，稍大一些，稍小。

And when you have over 300 megahertz of spectrum in a 2-mile radius, it's really hard to see 40 megahertz of spectrum over a 20-mile radius, replacing that capacity, especially when you multiply the fact that there are providers on a stick that are doing that and have those kind of scaled networks that have massive backhaul at that cell site 10 gig or better. It's hard to replace that, and it's also hard to outperform that from a performance perspective.

當 2 英里半徑範圍內有超過 300 兆赫的頻譜時，很難想像 20 英里半徑範圍內有 40 兆赫的頻譜可以取代該容量，尤其是當你考慮到有提供商在這樣做，並且擁有在蜂窩站點有 10 千兆或更好的大規模回程的那種規模網絡時。它很難被取代，而且從性能角度來看也很難超越它。

So I do believe they can be really complementary. I believe that ultimately hybrid networks can play. I think it's very hard in an AI world to build a hybrid network that's going to deliver the kind of performance indoor and outdoor over time that we're building. That's why we think fiber is so important. When you have dense fiber and you can pick up workloads closer to the customer, you're always going to have a better performing network and a more scalable network and a network that operates at a lower marginal cost. And that's our belief in why we're playing the way we're playing.

所以我確實相信它們可以真正互補。我相信最終混合網路可以發揮作用。我認為在人工智慧世界中建立一個能夠隨著時間的推移提供我們正在建構的室內和室外性能的混合網路非常困難。這就是我們認為纖維如此重要的原因。當您擁有密集的光纖並且可以更靠近客戶接收工作負載時，您將始終擁有性能更好的網路、更具可擴展性的網路以及以更低邊際成本運行的網路。這就是我們以這樣的方式比賽的信念。

We have come to the end of our time. So that was going to be our last one. Operator, I'll turn it back over to you.

我們的時代已經走到盡頭了。所以那將是我們的最後一次。接線員，我把它交還給您。

This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks.

我們的問答環節到此結束。我想將會議轉回並發表結束語。

We're all said. Thanks for everyone for joining us today.

我們都這麼說。感謝大家今天的參與。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。