AT&T Inc (T) 2025 Q4 法說會逐字稿

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

早上好，歡迎參加AT&T 2025年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference call over to our host, Brett Feldman, Treasurer and Head of Investor Relations. Please go ahead.

現在我將把電話會議交給我們的主持人，財務主管兼投資者關係主管布雷特·費爾德曼。請繼續。

Thank you and good morning. Welcome to our fourth-quarter call. I'm Brett Feldman, Treasurer and 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。歡迎參加我們的第四季財報電話會議。我是布雷特·費爾德曼，AT&T 的財務主管兼投資者關係主管。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，以及我們的財務長帕斯卡爾·德羅什。

Before we begin, I need to call your attention to our Safe Harbor statements. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in AT&T's SEC filings, results may differ materially. Additional information, as well as our earnings materials are available on the Investor Relations website.

在開始之前，我需要提請大家注意我們的「安全港」聲明。它表示，我們今天發表的一些評論可能具有前瞻性。因此，它們會受到 AT&T 向美國證券交易委員會提交的文件中所述的風險和不確定性的影響，結果可能與預期有重大差異。更多資訊以及我們的獲利報告可在投資者關係網站上查閱。

With that, I'll turn things over to John. Thank you. John?

那麼，接下來就交給約翰了。謝謝。約翰？

Thanks, Brett. And happy New Year to everybody. I appreciate you joining us today. As you can see in our earnings materials, we have a lot to cover. So I'm going to quickly summarize a few highlights from our results and then spend most of my time discussing how our investments and differentiated position support our long-term outlook for improved growth and significant capital returns.

謝謝你，布雷特。祝大家新年快樂。感謝您今天蒞臨。正如您在我們的收益資料中看到的那樣，我們有很多內容需要涵蓋。因此，我將快速總結我們業績中的幾個亮點，然後花大部分時間討論我們的投資和差異化地位如何支持我們實現長期成長和顯著資本回報的前景。

After that, Pascal will provide a little more color on our fourth-quarter performance, plan changes to our segment reporting next quarter, and key drivers of our financial guidance through 2028. So our prepared comments are probably going to run a little bit longer than usual, but we'll allow a little extra time to take your questions.

之後，帕斯卡爾將更詳細地介紹我們第四季度的業績、下季度分部報告的計劃變更，以及我們到 2028 年的財務指引的關鍵驅動因素。因此，我們準備好的發言時間可能會比平常稍長一些，但我們會留出一些額外的時間來回答你們的問題。

During our Analyst and Investor Day at the end of 2024, we outlined our path to become the best advanced connectivity provider in America, and I believe our team executed well against the strategy in 2025. We met or exceeded all of our consolidated full-year financial guidance driven by another solid year of 5G and fiber subscriber growth. We reported over 1.5 million postpaid phone net ads for the fifth consecutive year and over 1 million AT&T fiber net ads for the eighth consecutive year.

在 2024 年底的分析師和投資者日上，我們概述了成為美國最佳先進連接提供商的路線圖，我相信我們的團隊在 2025 年很好地執行了該策略。由於 5G 和光纖用戶數量連續第二年穩定成長，我們達到或超越了全年綜合財務預期。我們連續第五年報告了超過 150 萬則後付費電話網路廣告，連續第八年報告了超過 100 萬則 AT&T 光纖網路廣告。

We also accelerated the growth of AT&T Internet Air with 875,000 net ads, which more than doubled our customer base from where we began the year. The result of this operating momentum was the best year for consumer broadband subscriber growth in a decade. This strong growth is the result of over five years of executing a sustainable investment-led business model that centers on providing customers with all of their advanced connectivity needs from one trusted provider.

我們也加快了 AT&T Internet Air 的成長，淨用戶數達到 875,000，使我們的客戶群比年初時增加了一倍多。這種營運動能帶來了十年來消費者寬頻用戶成長最好的一年。這一強勁成長源自於五年多來持續推行以投資為主導的可持續商業模式，該模式的核心是為客戶透過一個值得信賴的供應商滿足其所有先進的連接需求。

We also made progress on many of our capital allocation commitments in 2025. During the first half of the year, we achieved our target of net debt to adjusted EBITDA in the 2.5 times range and commenced a share repurchase program. Overall, we returned over $12 billion to our shareholders through dividends and buybacks, which was more than a 50% increase from 2024.

我們在 2025 年的許多資本配置承諾方面也取得了進展。今年上半年，我們實現了淨債務與調整後 EBITDA 比率在 2.5 倍範圍內的目標，並啟動了股票回購計畫。總體而言，我們透過股利和股票回購向股東返還了超過 120 億美元，比 2024 年成長了 50% 以上。

Our improved financial flexibility and confidence in our investment thesis also positioned us to make opportunistic strategic investments to benefit our customers and ultimately our shareholders. This includes our agreements to acquire spectrum licenses from EchoStar and fiber assets from Lumen. And we continue to expect both these transactions to close early this year. These transactions represent key building blocks that significantly expand the total addressable market for our advanced connectivity services in the years ahead.

我們財務靈活性的提高和對投資理念的信心，也使我們能夠進行機會主義的策略投資，從而使我們的客戶和最終的股東受益。這包括我們與 EchoStar 達成的頻譜許可證收購協議以及與 Lumen 達成的光纖資產收購協議。我們仍然預計這兩筆交易都將在今年年初完成。這些交易是未來幾年大幅擴大我們先進連接服務潛在市場規模的關鍵組成部分。

Our investments in 5G and fiber, both organically and through our acquisitions, have positioned us to accelerate and scale the execution of our strategy in 2026. This includes the pace of our fiber expansion. Within our traditional operating region, we continue to expect that our annual pace of fiber construction will ramp from 3 million new locations in 2025 to a run rate of 4 million by the end of this year.

我們在 5G 和光纖領域的投資，無論是透過自身發展還是透過收購，都使我們能夠在 2026 年加速和擴大策略的執行。這包括我們纖維業務擴張的速度。在我們傳統的營運區域內，我們仍然預計，到 2025 年，光纖建設的年新增數量將從 300 萬個增加到今年年底的 400 萬個。

We also expect to accelerate the availability of our fiber internet services outside of these areas, following our acquisition of Lumen's fiber assets and build capabilities, including Gigapower and the fiber assets that we're acquiring from Lumen. We expect to reach over 40 million customer locations with our fiber services by the end of this year, up from 32 million at the end of 2025.

我們也希望在收購 Lumen 的光纖資產和建置能力（包括 Gigapower 和我們正在從 Lumen 收購的光纖資產）後，加快在這些地區以外提供光纖網路服務的步伐。我們預計到今年年底，我們的光纖服務將覆蓋超過 4,000 萬個客戶地點，而到 2025 年底，這一數字將達到 3,200 萬。

Beyond 2026, we plan to expand our fiber reach by approximately 5 million locations annually through the end of this decade. We expect this to drive rapid expansion of our opportunity to sell fiber and 5G together to both households and businesses at unmatched scale. The size and pace of our fiber deployment has positioned us to achieve these objectives with consistent execution and a high degree of capital efficiency.

到 2026 年，我們計劃到本十年末，每年將光纖覆蓋範圍擴大約 500 萬個地點。我們預計這將推動我們以前所未有的規模向家庭和企業同時銷售光纖和 5G 的機會迅速擴大。我們光纖部署的規模和速度使我們能夠以持續的執行力和高度的資本效率實現這些目標。

Over the past two years, in an inflationary environment, our average deployment cost per fiber passing has increased by approximately 2% annually. And we expect a similar trend over the next three years. While our internet strategy will remain fiber first, our investments in wireless network modernization and spectrum materially expand our opportunity to offer our advanced internet services over fixed wireless to the right customers in areas where we do not reach with fiber.

過去兩年，在通貨膨脹的環境下，我們每根光纖的平均部署成本每年增長約 2%。我們預計未來三年也會出現類似的趨勢。雖然我們的互聯網策略仍將以光纖為先，但我們對無線網路現代化和頻譜的投資極大地擴展了我們透過固定無線網路向光纖尚未覆蓋地區的合適客戶提供先進互聯網服務的機會。

Today, we're able to offer advanced internet services over fiber or 5G to over 90 million customer locations across the country. You can see the benefits of our scale and the improved growth of our advanced home internet connections. During each of the past two quarters, we've added over half a million combined AT&T fiber and Internet Air customers, which is nearly 30% growth in net ads versus the second half of 2024. Our convergence strategy is a winning play, both structurally and in the market.

如今，我們能夠透過光纖或 5G 為全國超過 9,000 萬個客戶地點提供先進的網路服務。您可以看到我們規模帶來的好處，以及我們先進的家庭網路連線帶來的成長提升。在過去的兩個季度中，我們新增了超過 50 萬 AT&T 光纖和 Internet Air 用戶，與 2024 年下半年相比，淨廣告成長了近 30%。我們的融合策略無論從結構上或市場上來說，都是一項致勝之舉。

During the fourth quarter, we once again saw acceleration in the portion of AT&T fiber customers that also have our wireless services. Our fiber convergence rate climbed 200 basis points year over year to 42%, which is our fastest annual increase since we began tracking this metric. This is further evidence that where we have fiber, we win, with fiber and 5G. The impact of this success on our wireless business is material. We estimate that our share of postpaid phone subscribers is 10 percentage-points higher in areas where we offer fiber than in areas where we don't.

第四季度，我們再次看到同時擁有 AT&T 光纖用戶和無線服務用戶的比例加速成長。我們的光纖融合率年增 200 個基點，達到 42%，這是我們開始追蹤該指標以來最快的年度成長。這進一步證明，只要有光纖，我們就能贏，光纖和 5G 都是如此。這項成功對我們的無線業務產生了實質的影響。我們估計，在我們提供光纖服務的地區，我們的後付費電話用戶份額比在未提供光纖服務的地區高出 10 個百分點。

The power of our converged offers is evident across our business. In areas where we offer converged services, we rank number one in brand love and number one in net promoter score with consumers and small businesses in both wireless and internet connectivity. And we're number one or number two with medium sized businesses and enterprises.

我們整合後的產品和服務優勢在整個業務中都顯而易見。在我們提供融合服務的地區，我們在無線和網路連線方面，品牌喜愛度和淨推薦值均排名第一，深受消費者和小型企業歡迎。我們在中型企業和大型企業中排名第一或第二。

Scores for our converged offers are not simply better than our stand-alone services, they're improving in most categories. So it's no surprise that our converged customers remain our most valuable, lower churn and a propensity to take higher Internet speeds, attach more wireless lines and stay with us longer.

我們的融合服務得分不僅比我們的獨立服務更好，而且在大多數類別中都在增加。因此，我們的融合客戶仍然是我們最有價值的客戶，他們的流失率較低，並且傾向於選擇更高的網路速度、連接更多的無線線路，以及與我們保持更長時間的合作關係，這也就不足為奇了。

Our acquisition of Lumen fiber assets, which we expect to close in short order, is a key example of how we positioned AT&T to materially improve share in the home Internet and wireless. We're acquiring a fiber network with only 25% customer penetration, well below AT&T fiber penetration of 40%. We estimate that fewer than 20% of these customers also subscribe to our wireless services. This is less than half of the convergence rate we've achieved in our current fiber footprint.

我們收購 Lumen 光纖資產的交易預計很快就會完成，這是我們如何使 AT&T 在家庭互聯網和無線領域大幅提升市場份額的關鍵例證。我們正在收購一個光纖網絡，其客戶滲透率僅為 25%，遠低於 AT&T 的光纖滲透率 40%。我們估計，這些客戶中只有不到 20% 的人同時訂閱了我們的無線服務。這還不到我們目前光纖覆蓋範圍內所達到的融合率的一半。

We already have extensive wireless distribution in Lumen geographies. And soon, we'll have the network assets and deployment capabilities needed to offer customers a better choice for connectivity at home and on the go. When we complete our work at the fiber location, we believe we're able to offer that customer access to the Internet on a lower marginal cost structure than any competitor with industry-leading product performance.

我們在 Lumen 的業務覆蓋範圍內已經擁有廣泛的無線網路覆蓋範圍。不久之後，我們將擁有必要的網路資產和部署能力，為客戶提供更好的家庭和行動連線選擇。當我們完成光纖線路的鋪設工作後，我們相信能夠以比任何競爭對手更低的邊際成本結構，為客戶提供業界領先的產品性能的網路存取服務。

We see this as a structural advantage that provides us with the flexibility to price and position our fiber services to reach customers in underserved categories and geographies, and ultimately achieve higher penetration. This includes value-conscious consumers who are currently being served by networks with lower capacity and higher marginal costs. Our ability to put the right offer in front of expanding customer opportunity positions AT&T to compete on performance, and value and not by leading with uneconomical device offers.

我們認為這是一個結構性優勢，使我們能夠靈活地對光纖服務進行定價和定位，從而涵蓋服務不足的類別和地區的客戶，並最終實現更高的市場滲透率。這其中包括注重性價比的消費者，他們目前使用的是容量較低、邊際成本較高的網路。我們能夠將合適的優惠擺在不斷擴大的客戶機會面前，這使得 AT&T 能夠在性能和價值方面展開競爭，而不是以不經濟的設備優惠為先導。

As we accelerate the expansion of our fiber availability, this is how we expect to go to market, with offers and marketing strategies that yield attractive returns by driving deeper fiber penetration and growth in high-value converged customer relationships. We're also making progress towards our goal of discontinuing legacy services in the large majority of our footprint by the end of 2029.

隨著我們加快光纖網路覆蓋範圍的擴大，我們希望透過以下方式進入市場：推出優惠活動和行銷策略，透過提高光纖網路的滲透率和促進高價值融合客戶關係的成長，從而獲得可觀的回報。我們也朝著 2029 年底前在絕大部分地區停止傳統服務的目標穩步邁進。

We stopped the sales of all targeted legacy copper-based services in 85% of our wire centers. The FCC has approved our applications to discontinue copper-based services in more than 30% of our wire centers by the end of 2026. We appreciate the FCC and Chairman Carr's continued recognition, the importance of modernizing communications infrastructure, and remain committed to supporting our customers every step of the way.

我們在 85% 的線纜中心停止了所有針對特定目標的傳統銅基服務的銷售。美國聯邦通訊委員會已批准我們的申請，允許我們在 2026 年底前停止在超過 30% 的線路中心提供銅纜服務。我們感謝聯邦通訊委員會和卡爾主席一直以來對我們的認可，以及對通訊基礎設施現代化重要性的重視，並將繼續致力於在每一步都為客戶提供支援。

The transformation of our network and support infrastructure is also driving the transformation of our cost structure as we benefit from open technologies, simplify our business processes and deliver a better customer experience. Last year, we achieved over $1 billion of cost savings, and we plan to accelerate efficiency gains across the company by leveraging AI, moving more customer transactions to digital and achieving greater operating leverage as we grow our customer base.

隨著我們受益於開放技術、簡化業務流程並提供更好的客戶體驗，我們的網路和支援基礎設施的轉型也推動了我們成本結構的轉型。去年，我們實現了超過 10 億美元的成本節約，我們計劃透過利用人工智慧、將更多客戶交易轉移到數位化以及隨著客戶群的成長實現更大的營運槓桿，來加快全公司的效率提升。

We've been investing at the top of our industry for years, and we expect this to continue based on the capital investment outlook we provided through 2028. This outlook anticipates that our major capital projects will be substantially completed by the end of 2030 or sooner. As we complete these investments, we expect our capital intensity to decline from a high-teens percent of revenue to the mid-teens, driving higher durable long-term cash flow. But our shareholders will see the benefit much sooner.

多年來，我們一直在產業頂尖領域進行投資，根據我們先前發布的到 2028 年的資本投資展望，我們預計這種情況將持續下去。該展望預計，我們的主要資本項目將在 2030 年底或更早之前基本完成。隨著這些投資的完成，我們預期資本密集度將從收入的十幾個百分點下降到十幾個百分點，從而推動更持久的長期現金流。但我們的股東將更快看到收益。

We believe the nature of our sustained investments and execution against the priorities I just outlined position us to drive improved growth now. That's exactly what's reflected in our long-term outlook. Over the next three years, we expect to drive accelerated growth in adjusted EBITDA, double-digit adjusted EPS growth and strong free cash flow.

我們相信，我們持續的投資以及對剛才我概述的優先事項的執行，使我們能夠推動當前更好的成長。這正是我們長期展望的體現。未來三年，我們預計調整後 EBITDA 將加速成長，調整後每股盈餘將達到兩位數成長，自由現金流也將強勁成長。

We also expect to return $45 billion-plus to our shareholders over the next three years through our attractive dividend and consistent pace of share repurchases. This represents nearly 30% of our market cap and over 75% of our expected free cash flow. Over time, we expect that our improved growth, declining capital intensity, and higher free cash flow will provide us with even greater flexibility to support enhanced shareholder returns.

我們也預計，未來三年將透過優厚的股利和持續的股票回購，向股東返還超過 450 億美元。這相當於我們市值的近 30%，以及我們預期自由現金流的 75% 以上。隨著時間的推移，我們預計成長的改善、資本密集度的下降以及自由現金流的增加將為我們提供更大的靈活性，以支持股東回報的提高。

Over the past five years, we've evolved how we operate our business to be investment led, customer-centric and focused on being the best advanced connectivity company in America. This has changed how we talk about our company, and I think it reflects how we see industry assets reordering to compete with our success. So beginning with our first quarter results, we plan to adopt new segment reporting that aligns with this reality, the ongoing transformation of our company through the end of this decade.

過去五年，我們不斷發展業務運作方式，以投資為主導，以客戶為中心，致力於成為美國最好的先進連結公司。這改變了我們談論公司的方式，我認為這反映了我們如何看待行業資產重新排序以與我們的成功競爭。因此，從第一季業績開始，我們計劃採用新的分部報告方式，以反映這一現實，即我們公司在本十年末的持續轉型。

Pascal will walk you through the details of our planned new segment reporting and long-term guidance in just a moment. At a high level, we'll begin reporting the growth in our domestic wireless and fiber-based businesses, which we refer to as advanced connectivity, separate from the results of our legacy operations. By separating the performance of our advanced connectivity business from our declining legacy segment, we believe investors will have greater transparency into the returns we're generating on our growth investments in 5G and fiber.

帕斯卡爾稍後將詳細介紹我們計劃中的新分部報告和長期指導。從宏觀層面來說，我們將開始報告國內無線和光纖業務的成長情況，我們稱之為先進連接，並將其與我們傳統業務的業績分開報告。透過將我們先進的連接業務的業績與不斷下滑的傳統業務的業績分開，我們相信投資者將能更清楚地了解我們在 5G 和光纖領域的成長投資所產生的回報。

I'd like to close by reiterating a point that I made last quarter, which is that this is a great time to be in our industry. In my career, I've never seen federal policy this supportive of market-based investment in advanced networks. This welcome policy stance has been adopted at the front end of an AI revolution that we expect to increase the need for dense fiber networks and more symmetrical connectivity into and out of homes, businesses and devices.

最後，我想重申我上個季度提出的觀點，那就是現在是我們這個產業的絕佳時機。在我職業生涯中，我從未見過如此支持以市場為基礎的先進網路投資的聯邦政策。這項令人欣喜的政策立場是在人工智慧革命的初期階段採取的，我們預計這將增加對密集光纖網路以及家庭、企業和設備之間更對稱連接的需求。

We operate in a competitive marketplace. This is not new, and neither are the keys to success, which you're investing in best-in-class technologies at scale in order to provide customers with connectivity that they can depend on at a good value. This is a winning play. And by running it well, I'm confident that we'll lead our industry in advanced connectivity service revenue and adjusted EBITDA by the end of this decade.

我們身處競爭激烈的市場之中。這並非新鮮事，成功的關鍵並非新鮮事，那就是大規模投資一流的技術，以便為客戶提供物有所值的可靠連結。這是一招制勝之舉。我相信，只要營運得當，到本十年末，我們將在先進連接服務收入和調整後 EBITDA 方面引領業界。

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

接下來，我將把麥克風交給帕斯卡。帕斯卡？

Thanks, John. We had a strong finish in the year and met or exceeded all of our 2025 financial guides. In my view, one of the key takeaways from our fourth quarter performance is that it demonstrates our continued success at driving profitable growth even in a competitive operating environment.

謝謝你，約翰。我們今年的業績表現強勁，達到或超過了我們2025年的所有財務目標。在我看來，我們第四季業績的關鍵結論之一是，它表明即使在競爭激烈的經營環境中，我們也能持續成功地推動獲利成長。

We achieved over 4% growth in consolidated adjusted EBITDA during the fourth quarter, while expanding adjusted EBITDA margins by 20 basis points. This reflects the margin gains we achieved from growth in 5G, fiber and fixed wireless service revenues, driven by gains in convergence relationships while taking cost out across the company. We are also winning with the right customers, with the right offers, and we believe that our investment-led convergence strategy positions us to sustain profitable growth over the next several years.

第四季度，我們實現了合併調整後 EBITDA 成長超過 4%，同時調整後 EBITDA 利潤率提高了 20 個基點。這反映了我們從 5G、光纖和固定無線服務收入的成長中獲得的利潤率提升，這得益於融合關係的改善，同時公司整體成本的降低。我們憑藉合適的客戶和合適的產品贏得了市場，我們相信，我們以投資為主導的融合策略將使我們能夠在未來幾年內保持獲利成長。

Before I cover our long-term outlook, I want to highlight a few items from our fourth quarter and full year results. Adjusted EPS grew by over 20% in the fourth quarter to $0.52 and nearly 9% for the year to $2.12. This was above our 2025 guidance for adjusted EPS at the higher end of the $1.97 to $2.07 range, with the upside primarily driven by a lower-than-expected effective tax rate and solid growth in adjusted EBITDA.

在展望長期前景之前，我想先重點介紹一下我們第四季和全年業績中的幾個亮點。第四季調整後每股收益成長超過 20% 至 0.52 美元，全年成長近 9% 至 2.12 美元。這高於我們先前對 2025 年調整後每股收益 1.97 美元至 2.07 美元區間的上限，成長主要得益於低於預期的實際稅率和調整後 EBITDA 的穩健成長。

Full year free cash flow was $16.6 billion, which grew by over $1 billion and came in towards the higher end of our 2025 guidance in the low to mid $16 billion range. This includes cash taxes of $1.1 billion, excluding DIRECTV, which were below the low end of the expected range by approximately $400 million. However, this cash tax benefit was offset by a decision to accelerate our planned pension funding by a similar amount.

全年自由現金流為 166 億美元，成長超過 10 億美元，接近我們 2025 年約 160 億美元的預期範圍的高端。這其中包括 11 億美元的現金稅款，不包括 DIRECTV，其金額比預期範圍的下限低了約 4 億美元。然而，這項現金稅收優惠被我們加快退休金計畫繳款（金額相近）的決定所抵銷。

So in the quarter, the combination of lower cash taxes and higher pension contributions were effectively neutral to free cash flow. We made a $1.15 billion cash contribution to our employee pension plan in 2025 and expect to contribute an additional $350 million this year. As a result, we remain on track to contribute $1.5 billion of cash tax savings from provisions in the One Big Beautiful Bill Act to our employee pension plan by the end of 2026.

因此，本季現金稅收減少和退休金繳款增加的組合實際上對自由現金流沒有產生影響。2025年，我們向員工退休金計畫投入了11.5億美元的現金，預計今年還將額外投入3.5億美元。因此，我們仍有望在 2026 年底前，將《美好大法案》條款中節省的 15 億美元現金稅收貢獻給我們的員工退休金計畫。

Looking ahead, we expect annual cash taxes of approximately $1 billion to $1.5 billion through 2028. Our cash tax outlook primarily reflects further assessment of expected savings due to this legislation. Our goal is to put these savings to work over the next three years to fund working capital and growth initiatives.

展望未來，我們預計到 2028 年，每年的現金稅收約為 10 億至 15 億美元。我們的現金稅收展望主要反映了對該立法預期帶來的節省的進一步評估。我們的目標是在未來三年內利用這些節省下來的資金，為營運資金和成長計畫提供資金。

As John discussed, we are planning to adopt new segment reporting beginning with our first quarter 2026 results. Our largest segment going forward will be called Advanced Connectivity, which primarily represents results for our domestic 5G and fiber services. In 2025, Advanced Connectivity drove about 90% of our revenues and over 95% of our adjusted EBITDA on a recast basis, and substantially all of our organic and inorganic investments to support growth in Advanced Connectivity.

正如約翰所討論的，我們計劃從 2026 年第一季業績開始採用新的分部報告方式。我們未來最大的業務板塊將稱為“高級連接”，主要代表我們國內 5G 和光纖服務的業績。到 2025 年，先進連接業務貢獻了我們約 90% 的收入和超過 95% 的經調整 EBITDA（按重述基準計算），以及我們為支持先進連接業務增長而進行的幾乎所有有機和非有機投資。

Our Legacy segment represents results from our domestic services provided over our copper-based network. We have a goal of discontinuing a large majority of copper-based services by the end of 2029, and are managing our legacy segment to achieve this outcome.

我們的傳統業務板塊代表了我們透過銅纜網路提供的國內服務所取得的表現。我們的目標是在 2029 年底前停止絕大多數銅纜服務，並且正在管理我們的傳統業務部門以實現這一目標。

As John noted, the separation of our Advanced Connectivity results from our domestic legacy operations should provide investors with a better framework for assessing the returns on our investments in 5G and fiber. For example, over the past two years, our consolidated adjusted EBITDA grew by over 3% annually, while EBITDA from Advanced Connectivity grew considerably faster at an average of more than 6% annually.

正如約翰所指出的，將我們的先進連接業務與國內傳統業務分開，應該能為投資者提供一個更好的框架來評估我們在 5G 和光纖領域的投資回報。例如，在過去兩年中，我們的合併調整後 EBITDA 每年成長超過 3%，而來自進階連線業務的 EBITDA 成長速度更快，平均每年成長超過 6%。

We also expanded EBITDA margin in this segment each in the past two years, which highlights how we are achieving profitable growth across 5G and fiber services to both consumers and businesses, even in periods of increased competitive activity and while making significant investments to scale our growing fiber and fixed wireless footprint. We've posted materials to our Investor Relations website that recasts our results over the past three years under our planned new segments. We also intend to provide results for our Mobility business as a supplemental disclosure for a transitional period.

過去兩年，我們在該業務板塊的 EBITDA 利潤率也逐年擴大，這凸顯了我們如何在面向消費者和企業的 5G 和光纖服務領域實現盈利增長，即使在競爭加劇的時期，以及在不斷擴大光纖和固定無線業務規模的同時，我們仍然能夠進行大量投資。我們已在投資者關係網站上發布了相關資料，根據我們計劃中的新業務板塊，重新闡述了過去三年的業績。我們也計劃在過渡期內以補充揭露的形式提供出行業務的績效。

Now let's talk about where our business is headed. In our earnings release, we provided long-term guidance through 2028 that anticipates improved growth in consolidated financial performance, driven by investments in our Advanced Connectivity segment. Here's how we expect to achieve that growth across our primary service categories. We expect total wireless service revenue growth in the 2% to 3% range annually over the next three years. The primary driver of this outlook is growth in consumer and business customer relationships as we continue to gain wireless subscriber share through convergence in areas where we offer fiber and fixed wireless Internet services.

現在我們來談談公司未來的發展方向。我們在獲利報告中提供了到 2028 年的長期業績指引，預計在先進連接業務部門的投資推動下，合併財務業績將實現成長。以下是我們預期如何在主要服務類別中實現成長的方式。我們預計未來三年無線服務總收入將每年增長 2% 至 3%。這一前景的主要驅動力是消費者和企業客戶關係的成長，因為我們透過在提供光纖和固定無線網路服務的地區融合，不斷獲得無線用戶份額。

Our outlook assumes a relatively stable trend in postpaid phone ARPU as our consistent disciplined approach to pricing is balanced by gains in underpenetrated categories such as value-focused customers as well as growth in converged customer relationships who enjoy a service discount that typically more than offset over time through lower churn and the purchase of additional services.

我們預期後付費電話的 ARPU 將保持相對穩定的趨勢，因為我們始終如一的定價策略，以及在滲透率較低的類別（例如注重價值的客戶）和融合客戶關係（他們享受服務折扣）方面的增長，都能夠平衡後付費電話的 ARPU 增長。這些客戶關係通常會隨著時間的推移，透過降低客戶流失率和購買其他服務來彌補後付費電話 ARPU 的損失。

We also continue to plan for an operating environment with elevated levels of new and existing customers that are eligible for device offers. While this has no impact on our service pricing, it does impact the calculation of ARPU as we amortize a portion of our device offers through our wireless service revenue. This was approximately a 90 basis points headwind to our reported postpaid phone ARPU growth in 2025, and our outlook anticipates a similar headwind this year.

我們也將持續規劃營運環境，為更多符合設備優惠資格的新舊客戶提供服務。雖然這不會影響我們的服務定價，但會影響 ARPU 的運算，因為我們透過無線服務收入攤提了部分設備優惠。這對我們 2025 年報告的後付費手機 ARPU 成長造成了約 90 個基點的不利影響，我們預計今年也將面臨類似的不利影響。

We expect our advanced home Internet service revenues to grow organically by 20%-plus annually through 2028, which is consistent with the annual growth we have achieved in these revenues over the past two years. The primary driver of this outlook is growth in customer relationships as we expand the reach of AT&T Fiber and the availability of Internet Air as we complete our 5G network modernization and continue to deploy spectrum from our EchoStar transaction.

我們預計到 2028 年，我們的高級家庭網路服務收入將以每年 20% 以上的有機速度成長，這與我們過去兩年在該收入方面取得的年增長率一致。這一前景的主要驅動力是客戶關係的成長，因為隨著我們擴大 AT&T 光纖的覆蓋範圍，隨著我們完成 5G 網路現代化改造並繼續部署從 EchoStar 交易中獲得的頻譜，Internet Air 的可用性也將得到提升。

Our long-term outlook assumes a lower contribution from ARPU growth than we have seen over the past few years. Similar to our approach in wireless, we intend to maintain a consistent approach to home Internet pricing balanced by gains in underpenetrated customer categories at different price points as we materially expand the availability of home Internet services.

我們的長期展望假設 ARPU 成長的貢獻將低於過去幾年的水準。與我們在無線網路領域的做法類似，我們打算在家庭網路定價方面保持一致的做法，同時在家庭網路服務大幅擴展的過程中，透過在不同價位上提高滲透率較低的客戶群體的市場份額來實現平衡。

Our outlook also factors in the portion of our convergence discount that we allocate to Internet services as we grow our converged customer base. We continue to expect that we will close our acquisition of fiber assets from Lumen during the first quarter, which will add approximately $900 million of annualized fiber revenues. So we expect that our reported growth in advanced home Internet revenues in 2026 will exceed 30%.

我們的展望也考慮到了隨著我們融合客戶群的成長，我們將融合折扣的一部分分配給網路服務。我們仍然預計，我們將在第一季完成對 Lumen 光纖資產的收購，這將為公司帶來約 9 億美元的年度光纖收入。因此，我們預計到 2026 年，我們報告的先進家庭網路收入成長將超過 30%。

Our business customers continue to utilize a range of fixed connectivity services at different stages in their life cycles. Over the past few years, growth in our business fiber and advanced connectivity services, which includes fixed wireless, has been more than offset by declines in business transitional and other services, which includes mature product categories such as VPN.

我們的企業客戶在其生命週期的不同階段會持續使用各種固定連接服務。過去幾年，我們的商業光纖和高級連接服務（包括固定無線）的成長被商業轉型和其他服務（包括 VPN 等成熟產品類別）的下滑所抵消。

Our outlook anticipate that service revenues from business customers across wireless, fiber, and fixed wireless will accelerate over the next several years and more than offset expected continued declines in transitional and other services. Altogether, we expect that total business service revenues within the Advanced Connectivity segment will grow at a low single-digit CAGR through 2028.

我們預計，未來幾年，來自無線、光纖和固定無線等商業客戶的服務收入將加速成長，並足以抵消過渡服務和其他服務預計持續下降的影響。整體而言，我們預計到 2028 年，高階連結業務部門的總業務服務收入將以較低的個位數複合年增長率成長。

We also intend to maintain our cost transformation initiatives across the business. We achieved over $1 billion of cost savings in 2025 and expect to achieve an additional $4 billion annual cost savings by the end of 2028. We expect these savings will be driven by the operating efficiencies John discussed earlier, along with reductions in legacy operations and support costs. Our long-term outlook does not anticipate any material contribution to EBITDA growth from our pending acquisitions until 2028, which is also when we expect these investments to become accretive to adjusted EPS.

我們也計劃在整個業務範圍內繼續推行成本轉型措施。我們在 2025 年實現了超過 10 億美元的成本節約，預計到 2028 年底每年將額外實現 40 億美元的成本節約。我們預計這些節省將主要來自約翰之前提到的營運效率提升，以及傳統營運和支援成本的降低。根據我們的長期展望，預計在 2028 年之前，我們待完成的收購不會對 EBITDA 成長做出任何實質貢獻，我們也預期這些投資將在 2028 年開始增加調整後的每股盈餘。

Putting this all together, we expect to achieve growth in consolidated adjusted EBITDA in the 3% to 4% range in 2026, improving to 5% or better in 2028. We expect adjusted EPS to be in the $2.25 to $2.35 range in 2026 with a double-digit three year CAGR through 2028. For 2026, our outlook for adjusted EPS includes approximately $0.05 of dilution from stand-up costs and higher interest expense related to our transactions with Lumen and EchoStar and an effective tax rate in the 22% range.

綜合來看，我們預計 2026 年合併調整後 EBITDA 成長率將達到 3% 至 4%，2028 年將提高到 5% 或更高。我們預計 2026 年調整後每股盈餘將在 2.25 美元至 2.35 美元之間，到 2028 年將達到兩位數的三年複合年增長率。2026 年，我們對調整後每股收益的預期包括：由於 Lumen 和 EchoStar 的交易而產生的啟動成本和更高的利息支出，導致每股收益稀釋約 0.05 美元，以及 22% 左右的有效稅率。

We also expect depreciation and amortization expense of about $20 billion annually through 2028 as incremental depreciation from our growth investments is offset by the roll-off of depreciated assets that have reached the end of their useful lives. For 2026, we expect free cash flows of $18 billion-plus, reflecting primarily growth in adjusted EBITDA, lower pension contributions and lower legal settlements, partially offset by higher capital investments and cash interest. We expect free cash flows to grow by $1 billion-plus in 2027 and approximately $2 billion in 2028, driven primarily by growth in adjusted EBITDA.

我們也預計，到 2028 年，每年的折舊和攤提費用約為 200 億美元，因為我們成長投資產生的增量折舊將被已達到使用壽命終點的折舊資產的攤銷所抵銷。預計 2026 年自由現金流將超過 180 億美元，主要反映在調整後 EBITDA 的成長、退休金繳款減少和法律和解金減少，部分被更高的資本投資和現金利息所抵銷。我們預計，2027 年自由現金流將成長 10 億美元以上，2028 年將成長約 20 億美元，主要受調整後 EBITDA 成長的推動。

As John discussed, we have plans to accelerate and scale the execution of our strategy this year, and we expect some upfront investments to drive this outcome will be reflected in our first quarter results. This includes incremental spending as we prepare to integrate and scale the retail operations we've agreed to acquire from Lumen and investments to drive acceleration in the pace of our fiber deployment.

正如約翰所討論的，我們計劃在今年加快並擴大戰略的執行力度，我們預計一些用於推動這一目標的預先投資將反映在我們第一季的業績中。這包括為整合和擴大我們已同意從 Lumen 收購的零售業務而進行的增量支出，以及為加快光纖部署速度而進行的投資。

We are also lapping approximately $100 million of onetime benefits we disclosed in the first quarter of last year. So in the first quarter of this year, we expect adjusted EBITDA growth to be below the run rate we expect for the full year, with free cash flows in the $2 billion to $2.5 billion range.

我們也將收回去年第一季披露的約 1 億美元的一次性收益。因此，我們預計今年第一季調整後的 EBITDA 成長率將低於我們預期的全年成長率，自由現金流將在 20 億美元至 25 億美元之間。

Before we take your questions, I want to cover our outlook for capital allocation and capital returns. We ended 2025 with net debt to adjusted EBITDA of 2.53 times and cash and cash equivalents of $18.2 billion. During the fourth quarter, we closed on a $17.5 billion delayed draw term facility. Based on our strong balance sheet, ability to draw on this facility and our outlook for $18 billion-plus of free cash flow in 2026, we are in excellent liquidity position as we plan to close our acquisition of assets from Lumen and EchoStar early this year.

在回答各位的問題之前，我想先談談我們對資本配置和資本回報的展望。截至 2025 年底，我們的淨債務與調整後 EBITDA 比率為 2.53 倍，現金及現金等價物為 182 億美元。第四季度，我們完成了一筆 175 億美元的延期提取定期貸款。憑藉我們強勁的資產負債表、利用該融資管道的能力以及我們對 2026 年超過 180 億美元自由現金流的預期，我們處於極佳的流動性狀態，併計劃在今年年初完成對 Lumen 和 EchoStar 資產的收購。

Immediately following the closing of these transactions, we expect our net debt to adjusted EBITDA to increase to approximately 3.2 times and then to decline to approximately 3 times by year-end as we grow adjusted EBITDA and free cash flow. We also expect to receive cash from an equity partner that will also co-invest in the acquired Lumen fiber assets.

這些交易完成後，我們預計淨債務與調整後 EBITDA 的比率將立即上升至約 3.2 倍，然後隨著調整後 EBITDA 和自由現金流的增長，到年底將下降至約 3 倍。我們也預計將從股權合作夥伴處獲得現金，該合作夥伴也將共同投資於收購的 Lumen 光纖資產。

We continue to expect that our net leverage will return to a level consistent with our target in the 2.5 times range within approximately three years following the closing of these acquisitions. And we continue to expect that we can achieve our deleveraging objectives by maintaining a consistent approach to capital returns.

我們仍然預期，在這些收購完成後的大約三年內，我們的淨槓桿率將恢復到與我們目標一致的水平，約 2.5 倍。我們仍然期望透過維持資本回報方面的一致性，實現我們的去槓桿化目標。

In 2025, we returned over $12 billion to shareholders, including over $8 billion in dividends and over $4 billion in share repurchases. As we outlined in our earnings release, we expect to return $45 billion-plus to shareholders during 2026 to 2028. Under this capital return plan, we expect to maintain our current common stock dividend with a consistent pace of share repurchases through 2028, including approximately $8 billion of buybacks in 2026.

2025年，我們向股東返還了超過120億美元，其中包括超過80億美元的股利和超過40億美元的股票回購。正如我們在獲利報告中所述，我們預計在 2026 年至 2028 年期間向股東返還超過 450 億美元。根據這項資本回報計劃，我們預計將在 2028 年之前保持目前的普通股股息，並保持穩定的股票回購速度，其中包括 2026 年約 80 億美元的回購。

Our Board has authorized an additional $10 billion of share repurchases after we complete buybacks under the current authorization. This means we have the necessary Board approvals to execute our planned share repurchases through approximately the end of next year. To wrap up, we executed well in 2025 and we're confident that we're positioned to drive improved growth and strong capital returns over the next three years.

在完成目前授權範圍內的股票回購後，我們的董事會已批准額外回購100億美元的股票。這意味著我們已獲得董事會的必要批准，可以執行我們計劃的股票回購計劃，該計劃將持續到明年年底左右。綜上所述，我們在 2025 年的執行情況良好，我們有信心在未來三年內推動成長並實現強勁的資本回報。

Thanks for listening to our extended presentation. Brett, we're now ready for the Q&A.

感謝各位聆聽我們的完整報告。布雷特，我們現在可以進入問答環節了。

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

謝謝你，帕斯卡爾。接線員，我們準備好回答第一個問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

And while you're assembling that, I want to point out to Jeff McElfresh, our Chief Operating Officer, is joining us for the Q&A portion of the call. Thanks, Rocco.

在你準備的時候，我想指出，我們的營運長傑夫·麥克爾弗雷什將參加本次電話會議的問答環節。謝謝你，羅科。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great. Good morning, guys. Two questions, if I could. First, on the fiber convergence rate, 42%, and increased by 200 basis points. John, where do you expect this level to get to over time, maybe over the course of the decade? And do you expect the sort of rate of penetration to continue to improve from here? And then a follow-up to that, do you think you can play catch-up in the Lumen territory and get to those numbers?

偉大的。各位早安。如果可以的話，我想問兩個問題。首先，在光纖收斂率方面，提高了 42%，增加了 200 個基點。約翰，你認為隨著時間的推移，例如十年後，這個水準會達到什麼程度？你認為這種滲透率會繼續提高嗎？那麼，你認為你能在流明領域迎頭趕上，達到那些數字嗎？

And then second, Consumer Wireline revenue growth looks like it slowed in the quarter. Could you just talk about some of the drivers of that slowdown? I think Pascal, you mentioned some of the discounting going on that side and just how you expect that to progress as we look through '26? Thanks.

其次，消費者有線業務收入成長在本季似乎有所放緩。您能否談談導致經濟放緩的一些原因？帕斯卡爾，我想說的是，你提到了那邊的一些折扣，以及你預計這種情況在2026年會如何發展？謝謝。

Morning John. So first of all, I do expect the convergence rate to continue to improve. And we've, I think, shared that we have an objective when we were talking to you in our investor call -- on our investor conference last December that right now, we've got plans in place and we're going to drive that to 50% and feel very comfortable with that. I don't expect it to stop there.

早安，約翰。首先，我預期收斂速度會繼續提高。我認為，我們在去年 12 月的投資者電話會議上與您談到我們的目標時已經說過，目前我們已經制定了計劃，我們將把目標提高到 50%，並且對此感到非常有信心。我預計事情不會就此結束。

You've heard me say many times that I think we're in a structural realignment of the industry. And ultimately, this is going to be an industry of converged providers that operate assets that allow for consolidated services to businesses. And if I think back, looking in the rearview mirror on history and you look at what bundle rates were when there were other compelling bundles in the market, we approach periods of time where 80% of consumers were bundling, and certainly I would expect that at some point in time, over the long haul, you might see something similar to that occur. Whether it's 75% or 80% or 70%, I don't know where it settles in, but our expectation is that you're going to continue to see improvement in that rate ratably over time.

你們已經聽我說過很多次了，我認為我們正處於產業結構重組之中。最終，這將成為一個融合型服務提供者的行業，這些服務提供者所經營的資產能夠為企業提供整合服務。如果我回顧過去，看看市場上其他有吸引力的捆綁套餐的捆綁價格，我們會發現，曾經有一段時間，80% 的消費者都在使用捆綁套餐。當然，從長遠來看，我預計在某個時候，可能會出現類似的情況。無論是 75%、80% 還是 70%，我不知道最終會穩定在哪個水平，但我們預計隨著時間的推移，這個比率會持續穩定地提高。

And in fact, that's the realignment that we're dealing with here, which is as churn goes up on unbundled customers by a bit, we're dealing with that problem right now. Ultimately, the fix to that is to get to more consolidated customers that give us a better churn rate. And that realignment is what we're betting on in our financials moving forward.

事實上，這就是我們目前正在處理的調整，隨著非捆綁客戶的流失率略有上升，我們現在正在處理這個問題。歸根究底，解決這個問題的方法是獲得更集中的客戶，這樣可以降低客戶流失率。而這種調整正是我們未來財務表現所押注的。

And simply put, if we finish this year at 32 -- finish 2025 at 32 million fiber passings and we're going to finish this year at 40 million, just do the math on it, and that's how we're basically driving our revenue growth and our share and controlling our service revenues and what we're doing moving forward.

簡而言之，如果我們今年的光纖傳輸量達到 3200 萬，到 2025 年達到 3200 萬，而今年達到 4000 萬，算一下就知道了，這就是我們推動收入增長、擴大市場份額、控制服務收入以及未來發展方向的根本方式。

In terms of our out of -- what I'll call traditional out-of-region footprint, I'll throw Lumen into that right now. We have, traditionally, just like we did with Gigapower, have been more conservative in our business case expectations as to how we perform in those footprints. As I've shared with you previously, we started the Gigapower construct that way.

就我們位於區域外的業務而言——我稱之為傳統的區域外業務——我現在就把 Lumen 也算進去。傳統上，就像我們對待 Gigapower 一樣，我們對自身在這些領域的業績預期一直比較保守。正如我之前和你們分享過的，我們就是這樣開始建造 Gigapower 的。

And actually, we see ourselves in the early quarters of Gigapower performing very similarly what we do in region. And whether or not we can hold that dynamic all the way through the life cycle over three and four years remains to be seen, but I'm really optimistic right now that we've seen better performance than what we might have assumed as we kind of do our traditional financial modeling.

事實上，我們看到 Gigapower 在早期季度的表現與我們在該地區的表現非常相似。我們能否在三到四年的生命週期內保持這種動態還有待觀察，但我現在非常樂觀，因為我們所取得的業績比我們根據傳統財務模型所預期的要好。

We expect Lumen to be derated a bit, in what I would call terminal penetration, when it's all said and done. But if it's not and we actually perform equal to what we do within our current footprint, that's going to be upside in terms of our business case and our financial modeling and how we think about our future projections that we shared with you in our guidance.

我們預計，最終流明值會略有下降，我稱之為終端穿透力下降。但如果不是這樣，如果我們實際的業績與目前規模下的業績持平，那麼就我們的商業案例、財務模型以及我們在指導意見中與您分享的未來預測而言，都將是有利的。

So that one will play out over the course of the next couple of years. And I'm confident the team's demonstrated that they can be pretty fluid and creative in how they approach these things. And I'm sure we'll learn some new things and new tactics in how we operate in those markets and allow us to continue to get better.

所以這件事將在未來幾年逐漸明朗。我相信團隊已經證明，他們在處理這些事情時能夠非常靈活和富有創造力。我相信我們會在這些市場中學到一些新的知識和新的策略，從而不斷進步。

On the Consumer Wireline side, we were -- I think part of it is if you kind of look at how we've ratably dealt with pricing over the year and try to be clear and -- as I've said, look for opportunities where we can add value when we do price adjustments, so we manage the customer base effectively. That certainly has been one of the reasons that we've seen a little bit of a slowing on a comparative year-over-year basis. That doesn't mean that I think we're done with taking price opportunity. I think we're just being very careful and strategic when we do it in an intensely competitive market, and we'll continue to be that way.

在消費者有線業務方面，我認為部分原因是，如果你看看我們過去一年來是如何合理地處理定價的，並努力做到清晰透明，正如我所說，尋找在進行價格調整時能夠增加價值的機會，以便有效地管理客戶群。這無疑是導致我們看到同比增速略有放緩的原因之一。但這並不意味著我認為我們已經錯過了把握價格機會的最佳時機。我認為，在競爭激烈的市場中，我們只是採取了非常謹慎和有策略的做法，而且我們將繼續這樣做。

Pascal in his comments clearly indicated to you, as we bundle more customers, we are making the decision at the front end to provide some better economics to customers to do that. We think that plays out effectively over time through the form of lower churn. But when you do that, you tend to slow some of your growth on ARPU at the front end as you're adding the second product into the household.

Pascal 在他的評論中明確地向你們表明，隨著我們捆綁更多客戶，我們正在提前做出決定，以便為客戶提供更好的經濟效益。我們認為，隨著時間的推移，這會透過降低客戶流失率的形式有效地體現出來。但這樣做，在將第二個產品添加到家庭中時，前期 ARPU 的成長速度往往會減慢一些。

Again, as I said on the call, I think last quarter, that's more of a feature, not a buck, and we're being pretty deliberate about it. And when you hear us being able to continue to improve margin structure, even though you're seeing some ARPU dynamics soften a bit, look that's a good combination, and I'll take that, and I think we can continue to run the business that way given our opportunities for managing through the cost structure.

正如我在電話會議上所說，我認為上個季度，這更多的是一項特色，而不是一項利潤，我們對此非常謹慎。當你聽到我們能夠繼續改善利潤結構，即使你看到一些 ARPU 動態有所放緩時，這是一個很好的組合，我接受這一點，我認為鑑於我們有機會透過成本結構進行管理，我們可以繼續以這種方式經營業務。

John, one other thing that I would add is, when you think about just the cadence of the quarter, there were some pricing adjustments made probably in the November time frame that didn't have a full quarter effect that will have a full year effect going into 2026. And more importantly, we gave you our forward guide for our expectations of growth in advanced home internet.

約翰，我還要補充一點，如果你只考慮季度的節奏，那麼在 11 月可能進行了一些價格調整，這些調整並沒有對整個季度產生影響，但會對 2026 年產生全年的影響。更重要的是，我們也向您展示了我們對未來高級家庭網路發展預期的展望指南。

That's the combination of both our fiber and our fixed wireless products. We expect those to grow organically 20%-plus, and that's all before the positive impact of the Lumen territories, which should bring it over 30%. So we feel really good about how we're performing there, and it is right in line with our strategy.

這是我們光纖產品和固定無線產品的結合。我們預計這些產品將實現 20% 以上的有機成長，而這還不包括 Lumen 地區的正面影響，這些影響應該會使其成長超過 30%。所以我們對目前的表現非常滿意，這完全符合我們的策略。

Great, thanks for the color guys.

太好了，謝謝各位提供的顏色。

Thanks, we'll take the next question, please.

謝謝，我們來回答下一個問題。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Thank you. Good morning. I guess two questions around your long-term outlook. One is whether you guys are saving any capacity for meaningful spectrum investments. There's a potential for a lot -- several auctions over the next couple of years under the current FCC. I know you guys obviously have the EchoStar transaction getting ready to close. But just any envelope for additional spectrum investments or just your view on any needs there would be helpful.

謝謝。早安.我想問兩個關於您長期展望的問題。一是你們是否為有意義的光譜投資留出了任何空間。未來幾年，在現任聯邦通訊委員會 (FCC) 的領導下，可能會有好幾次拍賣，這其中蘊藏著許多可能性。我知道你們的 EchoStar 交易肯定已經準備完成了。但如果您能提供一些關於額外頻譜投資的建議，或分享您對這方面需求的看法，那就太好了。

And then, I guess, similar kind of question, more near term, definitely getting more questions from investors about a foldable iPhone and what that might mean in terms of consumer demand and upgrade rates. Just curious if the '26 guidance incorporates any view at AT&T on sort of what that might mean for the business and the competitive environment? Thanks guys.

然後，我想，類似的問題，更近期的問題，投資者肯定會問更多關於可折疊 iPhone 的問題，以及這可能對消費者需求和升級率意味著什麼。我只是好奇，2026年的業績指引是否包含了AT&T對這可能對公司業務和競爭環境的影響的任何看法？謝謝各位。

Yeah, Ben, let me maybe start and then I can have Jeff give you a little bit more color on the device. Yes, we have reserved capacity for other strategic options. My point of view on spectrum is -- I think I indicated this when we did the EchoStar transaction that by doing this transaction, I viewed it as preemptive and opportunistic for us, that allowed us to be a lot more strategic and judicious about what we do moving forward. And I still believe that's going to be the case.

好的，本，或許我可以先開始，然後讓傑夫再給你詳細介紹一下這個設備。是的，我們已預留資源用於其他策略選擇。我對光譜的看法是——我認為我在進行 EchoStar 交易時已經表明了這一點，我認為透過進行這項交易，我們採取了先發製人和抓住機會的策略，這使我們能夠在未來的行動中更加具有戰略性和審慎性。我仍然相信情況會是這樣。

My point of view right now is that the industry is lining up where there's particular spectrum bands that are most useful to particular players in the industry. And we should see a dynamic moving forward where it's less of a buffet rush with everybody moving for the exact same bands all at the same time. I think that, that could be good over time. And I think we can all pick our moments when it's appropriate to go visit the buffet. And that may not require us to be as aggressive all the time.

我現在的觀點是，整個產業都在爭相搶佔那些對產業內特定參與者最有用的特定頻譜頻段。我們應該會看到一種新的趨勢，不再像自助餐那樣，大家同時湧向同樣的樂團。我認為，從長遠來看，這可能是件好事。我認為我們都可以自己選擇合適的時機去享用自助餐。這可能並不需要我們一直採取如此激進的態度。

And I also believe part of the reason that we're so bullish on fiber and why we're investing the way we are is we are getting to a point where networks are densifying and the technology is getting a lot better at price points and how we radiate more deeply in the networks. And we get dynamics of how we offload as we pick up more our combined customers. We have market share dynamics that play out.

而且我認為，我們如此看好光纖並進行如此大規模投資的部分原因在於，我們正處於網路密集化、技術在價格方面越來越好、以及我們在網路中更深入地輻射訊號這一階段。隨著我們合併後的客戶越來越多，我們就能了解我們如何逐步減少業務量。市場佔有率的動態變化正在發生。

One should conclude that given the depth of the networks that are out there today, when we're all hanging 300 megahertz off of the cell tower. This isn't the days where we're growing 10 megahertz at a time on these networks. We've put large swatches of capacity out there. We have a lot more flexibility in how we manage things. And that means that you maybe don't need to think it the same nationally about how you invest in spectrum assets as maybe you have done in the past, and that has a bit of an opportunity for you to think differently about returns in markets and investments as you move forward. But we'll be in a position to do what we need to do to sustain the business.

鑑於當今網路的深度，我們應該得出這樣的結論：我們都從手機訊號塔上接收 300 兆赫的訊號。現在的情況已經不是我們每次在這些網路上增加 10 兆赫茲頻寬了。我們已經展示了大量的容量樣本。我們在管理方面擁有更大的靈活性。這意味著，你可能不必像過去那樣，從全國範圍來考慮如何投資頻譜資產，這為你未來在市場和投資回報方面提供了一些不同的思考機會。但我們將有能力採取一切必要措施來維持業務運作。

You've heard me talk about how important the spectrum is to this company and our business model, and we pay a lot of attention to it and try to make sure we have the degrees of freedom. On the foldable iPhone, I just offer a perspective and Jeff can maybe go into a little more color. There are foldable devices in the market today, and they are very capable devices, some really impressive ones. And if you look at the user base who is -- has a strong affinity for those manufacturers and you look at the conversion rate of those that have left nonfoldable devices to foldable, it's pretty predictable as to who sees a foldable device being a good form factor for them.

你們都聽我說過光譜對這家公司和我們的商業模式有多重要，我們非常重視它，並努力確保我們有足夠的自由。關於可折疊 iPhone，我只是提供一個視角，Jeff 或許可以更詳細地介紹一下。目前市面上已經有可折疊設備，而且它們功能非常強大，其中一些真的令人印象深刻。如果你觀察一下用戶群體——那些對這些製造商有強烈好感的用戶——以及那些從非折疊設備轉向折疊設備的用戶的轉換率，那麼很容易預測哪些用戶認為折疊設備對他們來說是一個不錯的形態。

And I think that's a good indicator that if you were to apply those same kind of acceptance factors and put it in and just say just because there's a different manufacturer making them is everybody suddenly going to be more in tune or desirous of a foldable device, the indications in the market would be that, that's not a broadly applicable form factor. It certainly has its place and there's a utility that it brings. But I don't think this is going to be the kind of thing where 80% of the base as they need that form factor.

我認為這很好地表明，如果你應用同樣的接受因素，僅僅因為換了製造商生產，就認為每個人都會突然更接受或更渴望可折疊設備，那麼市場上的跡象表明，這並不是一種廣泛適用的外形尺寸。它當然有其存在的價值和實用價值。但我認為，這不會是那種80%的使用者都需要這種外型尺寸的產品。

I have to move to it. Jeff, do you have a point of view?

我必須搬過去。傑夫，你有什麼看法？

Not much to add to that, John, other than you should expect that AT&T will remain focused on the acquisition of quality customers. We're very disciplined in offering the right value proposition to the right customer segment. And then we're not anticipating any significant elevation, one way or another, as John just described.

約翰，我沒什麼要補充的，你只需要預料到 AT&T 將繼續專注於獲取優質客戶。我們非常注重為合適的客戶群提供合適的價值主張。正如約翰剛才所描述的那樣，我們預計不會出現任何顯著的上升趨勢。

Thank you.

謝謝。

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

謝謝你，本。請回答下一個問題。

Peter Sapino, Wolfe Research.

Peter Sapino，Wolfe Research。

Hi, good morning everybody. Two, if I may. The first -- both on broadband actually. First, regarding your comments on fiber ARPU. I think we all appreciated your point about mix and promotions and how those are accounted for in ARPU.

大家早安。如果可以的話，我想說兩個。第一種——實際上都是透過寬頻實現的。首先，關於您對光纖ARPU的評論。我想我們都同意你關於產品組合和促銷活動以及如何在 ARPU 中考慮這些因素的觀點。

At the same time, Comcast and Charter are behaving differently in terms of the way they price existing customer broadband rates. And so I'm wondering how you're thinking about the price of fiber for your existing subs, your retail rate outlook?

同時，康卡斯特和Charter在現有客戶寬頻資費的定價方式上卻採取了不同的做法。所以我想知道您是如何看待現有用戶的光纖價格以及您對零售價格的預期？

And then a question about FWA growth. Looking out two years, it looks like your DSL base will be gone if we just extrapolate the recent decline rates. And I wonder in that scenario, should we expect FWA sales to hold up? And if so, should we worry about a supply-demand problem in high-capacity broadband if that DSL demand goes away and three powerful carriers continue to try to grow DSL? Thank you.

然後是一個關於FWA成長的問題。從目前的下降率來看，兩年後你的DSL用戶群似乎將不復存在。在這種情況下，我們是否應該預期FWA的銷售量能夠保持穩定？如果是這樣，如果DSL需求消失，而三家實力雄厚的營運商繼續嘗試發展DSL，我們是否應該擔心高容量寬頻的供需問題？謝謝。

Hi Peter. Look, I've said it before, I think we're in a distinctly different place than cable. One is we currently sit under their pricing umbrella. We're not at their levels. So we have a lot more degrees of freedom in how we manage our ARPUs and our various offers in the market that they have. So it's one thing. I understand why they're having to make the changes they're making. They're priced higher and their product is inferior. And so they're the ones that's having to readjust to the market, not us. We've got the better product and we're priced lower. And that's why this is a problem for them.

你好，彼得。我之前就說過，我認為我們現在的情況與有線電視截然不同。一是我們目前處於他們的定價體系之下。我們還沒達到他們的水平。因此，我們在管理 ARPU 和我們在市場上提供的各種優惠方面擁有更大的自由。這是一件事。我理解他們為什麼要做出這些改變。它們的價格更高，但產品品質卻更差。所以，需要重新適應市場的是他們，而不是我們。我們的產品品質更好，價格也更低。這就是為什麼這對他們來說是個問題。

And as a result of that, I think we've got all the actions we need. When you think about the fact that we have owner's economics on both our products, we can play with the value across and we don't have to run one product to zero to make the other one worthwhile to somebody. I just think we're in a great place for us to be able to manage our value to the customer and what we bring out to them. And when you're doing it on the foundation of a better product, that's a good thing.

因此，我認為我們已經採取了所有必要的行動。考慮到我們兩款產品都實現了所有者經濟效益，我們可以靈活調整它們的價值，而不必將一款產品的利潤降至零，才能使另一款產品對某些人來說有價值。我認為我們現在處於非常有利的位置，能夠更好地管理我們為客戶創造的價值以及我們為他們提供的產品和服務。如果你的改進是基於更好的產品，那當然是件好事。

I made the point I made in my comments for a reason. How do we continue to win and grow and share. We continue to grow our footprint, 32 million fiber passings at the end of 2025, 40 million at the end of this year. That's a growth rate that is -- we've never had that. And it's going to be 5 million a year thereafter.

我在評論中提出那些觀點是有原因的。我們如何繼續贏得勝利、發展壯大並分享成果？我們將繼續擴大業務範圍，到 2025 年底將達到 3,200 萬根光纖，到今年年底將達到 4,000 萬支。這是前所未有的成長率。此後每年將達到500萬美元。

And when we work on that base and you have a product that people love, they love it. It's number one. I said that for a reason. It's priced competitively in the market. It performs better. You put a great wireless product with it. You have all the tailwinds you need to be able to continue to do the right things in the market. And there's a structural advantage on how that technology works and performs as well as the cost of operating it once it's in service and what you do with it.

當我們以此為基礎，打造出人們喜愛的產品時，他們就會非常喜歡它。它是第一名。我這麼說是有原因的。它的價格在市場上很有競爭力。它的性能更好。你還搭配了一款很棒的無線產品。你擁有所有必要的順風條件，可以繼續在市場中做正確的事。而且，這項技術在運作方式和性能方面具有結構性優勢，投入使用後的營運成本以及你如何使用它也有優勢。

And then, yeah, the DSL base is going to go away. That's by design and the plan. It probably can't happen fast enough. We're working really hard to try to make that done -- get that done in a graceful fashion. The fact that we have access to the EchoStar spectrum has helped us tremendously in managing a lot of those customers into the right place and allows us to preposition a bridge product in some cases before we have fiber deployed under this aggressive rate and pace that we're working through.

然後，是的，DSL用戶群將會消失。這是事先設計好的，也是計畫好的。這件事恐怕越快發生越好。我們正在努力以優雅的方式完成這件事。我們能夠使用 EchoStar 頻譜這一事實極大地幫助我們將許多客戶引導到合適的位置，並且使我們能夠在以我們正在採取的這種積極的速度和節奏部署光纖之前，在某些情況下預先部署橋接產品。

And I don't worry about a supplier demand problem. Market really isn't growing too much today, and it's pretty staged given the lack of home movement. So it's a tough environment right now. It probably won't stay that way. At some point, I expect home switching to probably increase at some point, and that's going to be to our advantage when that happens because it will open up a whole bunch of choices and jump balls that don't occur today that we're going to win more than our fair share on.

我並不擔心供應商需求問題。鑑於房屋交易的缺乏，目前的市場成長並不太快，而且市場走勢也比較人為。所以現在的環境很難熬。這種情況可能不會一直持續下去。我預計在某個時候，家庭轉會可能會增加，而當這種情況發生時，這將對我們有利，因為它將帶來許多現在不會出現的機會和機遇，我們將從中獲得更多好處。

And when I step back and think about the supply and demand, we win because we have a better product. And I'll take share as a result of that. And so no, I don't worry about it. We have -- if you've noticed, our conversion rate on our fiber customers have been dropping like rock. Most of our growth right now is in new accounts. So we know how to play in this market. We're giving you volume today, and we're going to continue to do it.

當我冷靜下來思考供需關係時，我們之所以能贏，是因為我們有更好的產品。因此，我將獲得一部分收益。所以，我並不擔心。如果您注意到了，我們的光纖客戶轉換率一直在急劇下降。我們目前的大部分成長都來自新客戶。所以我們知道如何在這個市場中運作。今天我們為您提供銷量，而且我們將繼續這樣做。

Jeff, you want to add anything?

傑夫，你還有什麼要補充的嗎？

No. You've nailed it.

不。你說得太對了。

Thanks for the questions, Peter, we're going to go to the next one, operator.

謝謝你的提問，Peter，我們接下來要進行下一個問題了，操作員。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Thanks and good morning. A couple of questions on wireless. So first, can you discuss the macro factors that you may be seeing that can influence postpaid phone growth for AT&T in 2026, whether it's population growth, including immigration, demographics, business and the prepaid to postpaid transfers?

謝謝，早安。關於無線網絡，我有幾個問題。首先，您能否討論一下您認為可能影響 AT&T 2026 年後付費手機業務成長的宏觀因素，例如人口成長（包括移民）、人口結構、商業以及預付費用戶向後付費用戶的轉移？

And then second, how is AT&T responding to the promotional changes from your competitors to sustain your financial performance? And within this context, AT&T maintained the annual wireless service revenue growth guide of 2% to 3%. And as you look into that, I'm curious if there's different contributing factors with respect to price and volume relative to what you anticipated when you established the target during the Analyst Day. Thanks.

其次，為了維持財務業績，AT&T 如何因應競爭對手的促銷策略變化？在此背景下，AT&T 維持了 2% 至 3% 的年度無線服務收入成長預期。當您研究這個問題時，我很好奇，相對於您在分析師日上設定目標時所預期的，價格和成交量方面是否存在不同的影響因素。謝謝。

Jeff, you want to pick that up? I want to take a sip of tea.

傑夫，你想把它撿起來嗎？我想喝口茶。

Yeah, happy to. Thanks for the question, Mike. At a macro level, it's no surprise that the wireless industry itself is penetrated and very mature. And so you do see a lot of switching activity that's occurring between competitors. Are there macro factors that are slowing incremental new entrants into the traditional postpaid voice?

是的，我很樂意。謝謝你的提問，麥克。從宏觀層面來看，無線通訊產業本身滲透率高且非常成熟，這並不令人意外。因此，你會看到競爭對手之間發生許多轉換活動。是否存在一些宏觀因素正在減緩傳統後付費語音服務領域新用戶的逐步進入？

Certainly, there is some aspect to that. But from our perspective, the plays that we've been running in this competitive environment have delivered not only growth in our margins, but overall growth in customers. And so we're able to withstand some of the competitive dynamics.

當然，這其中確實存在一些因素。但從我們的角度來看，我們在這種競爭環境下所採取的策略不僅提高了我們的利潤率，也帶來了客戶數量的整體成長。因此，我們能夠抵禦一些競爭壓力。

As we mentioned before, and John has alluded to earlier in his remarks, we still see incremental opportunity in underpenetrated segments for AT&T. And those segments are being served at a growing accelerated rate for us with the plays that we're running around convergence. We still don't have the share we aspire to have in some value-conscious price-sensitive segments, I think 55+, one to two line accounts and as well in the small and medium business segment, both of which we're seeing some success, and interestingly enough, we're seeing success in those segments as a result of our go-to-market convergence strategy.

正如我們之前提到的，約翰也在他的演講中提到過，我們仍然看到 AT&T 在滲透率較低的細分市場中存在著成長機會。而我們透過圍繞融合策略開展的業務，正以越來越快的速度服務這些細分市場。在一些注重價值、價格敏感的細分市場，我們仍然沒有達到我們期望的市場份額，我認為是 55 歲以上、擁有 1 到 2 條線路的客戶以及中小企業市場。我們在這兩個市場都取得了一些成功，有趣的是，我們在這些細分市場中取得成功，是由於我們採取了市場融合策略。

John kind of alluded to this a second ago, the actual number of accounts that we see that we're growing, it's not just adding wireless customers to existing fiber accounts, but we're actually pulling existing wireless counts adding fiber and the new accounts that we're establishing in the market are from many of these growth segments. So from that perspective, we plan for the competitive intensity to continue. It's not as though it's going to abate. And the playbook that we have proof points that we're winning in, we're going to continue to execute that.

約翰剛才也提到這一點，我們看到實際成長的帳戶數量，不僅僅是將無線客戶添加到現有的光纖帳戶中，而是將現有的無線客戶數量增加到光纖，而我們在市場上建立的新帳戶則來自許多這樣的成長領域。因此，從這個角度來看，我們計劃繼續保持這種競爭強度。這種情況不會自行緩解。我們已經證明，我們採用的策略是行之有效的，我們將繼續執行這些策略。

John mentioned this expansion of growth opportunity. The funnel is going to grow incredibly here in 2026. A couple of points that he called out in his prepared remarks. We've got (inaudible) rates and fiber inside the Lumen footprint at 20%, 25% and we've got attach rates of AT&T Mobility services in that base by our estimate, somewhere around 20%. So there's immediate opportunity for AT&T to continue to grow, to continue to provide value to customers with a superior set of products, and all of that is factored into the guidance that we've offered.

約翰提到了這種成長機會的擴大。到 2026 年，這裡的銷售漏斗將會迎來驚人的成長。他在事先準備好的發言稿中提到了幾點。我們在 Lumen 覆蓋範圍內實現了 20% 到 25% 的光纖存取率，據我們估計，AT&T 行動服務在該區域的附加率約為 20%。因此，AT&T 有直接的機會繼續發展，繼續透過一系列卓越的產品為客戶創造價值，而所有這些都已納入我們所提供的指導意見中。

Thanks.

謝謝。

Thanks, Mike. We'll go to the next question, please.

謝謝你，麥克。我們進入下一個問題。

Sebastiano Petti, JP Morgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Hi, thank you for taking the question. I guess, Pascal, one quick clarification question. Does the year-end leverage target, does that assume some level of cash inflows from the Lumen JV and just, I guess, monetizing a portion of that with a network partner?

您好，感謝您回答這個問題。帕斯卡，我想問你一個需要澄清的問題。年末槓桿目標是否假設 Lumen 合資企業會有一些現金流入，然後，我猜，只是將其中的一部分與網路合作夥伴一起變現？

And then I guess second question for Jeff and or John, just helping us think about -- as I think about the shape of the fiber build taste, John, you talked about going from 32 million to 40 million exiting the year, can you help us think about what does that mean from a seasonality perspective as we think about FWA and fiber over -- net additions over the course of the year?

然後我想問 Jeff 或 John 第二個問題，只是想幫我們思考一下——John，你提到今年年底纖維產量從 3200 萬增加到 4000 萬，你能幫我們思考一下，從季節性角度來看，當我們考慮 FWA 和纖維產量——以及全年的淨增產量時，這意味著什麼嗎？

I mean, similar to prior years is one half. Look, the second half higher than first half in terms of net additions there. And then I guess, what, if any, distribution changes should we be thinking about as it relates to fiber and FWA, whether its may be training the stores, opening up distribution channels? Just help us maybe think about the shaping there as well. Thank you.

我的意思是，與往年類似的情況只佔一半。你看，下半季的淨增人數比上半季多。那麼，關於光纖和固定無線接入（FWA），我們應該考慮哪些分銷方面的改變（如果有的話），例如培訓門市、開闢分銷管道等等？也請您幫我們考慮那裡的形狀。謝謝。

Hey, Sebastiano. A couple of points I noted in my remarks. We expect to close on an equity partner later on this year, which will bring us some proceeds associated with the percentage of the assets that they acquire. And we also expect to grow our EBITDA during the course of the year, which should also help in our overall leverage target. So we feel really good about our ability to do both.

嘿，塞巴斯蒂亞諾。我在發言中提到了幾點。我們預計今年稍後完成股權合作，屆時我們將獲得與他們收購資產比例相關的收益。我們也預計，今年的 EBITDA 將實現成長，這也有助於我們實現整體槓桿目標。所以我們對能夠同時做到這兩點感到非常滿意。

Hi Sebastiano, I expect there's going to continue to be seasonality in our broadband dynamic. And I think that the consumer part of it, which is the bigger part, we'll probably always have that to some degree. And yes, there'll be better volumes in the second half of the year than the first half of the year. Third quarter will be better than fourth quarter.

嗨，塞巴斯蒂亞諾，我預計我們的寬頻業務動態仍將存在季節性波動。我認為，消費者部分（也就是更重要的部分）可能在某種程度上會一直存在。是的，下半年的銷售量會比上半年好。第三季會比第四季好。

And as I -- I think I tried to share all -- with all of you when I was at one of the conferences late in the fourth quarter that there would be some down seasonality in fixed wireless that would occur in the fourth quarter, but none of you listened in your estimate changes. But -- so I do think that's just going to be part of the dynamic that we're all going to work through. And that's perfectly okay.

正如我——我想我在第四季末的一次會議上試圖與大家分享的那樣——固定無線網路在第四季度會出現一些季節性的下滑，但你們在調整預測時都沒有聽進去。但是——所以我認為這將會是我們所有人都要努力克服的動態的一部分。這完全沒問題。

Now offsetting some of that seasonality as we have footprint expansion. And so we have -- even though there's seasonality to it, when you have an opportunity to sell that increases, you're going to have some volume that comes in as a result of that. And that's going to be really hard for all of you to estimate this year because not only do you have footprint increases, but we have a ramping dynamic we're going to be working through.

現在，隨著我們業務規模的擴大，我們正在抵消部分季節性影響。因此，儘管存在季節性因素，但當銷售機會增加時，銷量也會隨之增加。今年這對你們所有人來說都很難估算，因為不僅業務規模擴大了，而且我們還要應對產能爬坡的動態變化。

We have closed the Lumen transaction in a record time or we will close it in a record time, I'm projecting. And as a result of that, that means we've had a more compressed time to be able to do the preplanning you would normally do at the day of close, to be able to operationally turn up those assets and move forward. And we have some things that we're going to have to continue to finish up and ramp and scale to get to be our best self.

我預計，我們已經以創紀錄的速度完成了 Lumen 交易，或者我們將以創紀錄的速度完成交易。因此，這意味著我們有更短的時間來進行通常在交易完成當天進行的預先規劃，以便能夠啟動這些資產並向前推進。我們還有一些事情需要繼續完成、推進和擴大規模，才能達到我們最好的狀態。

We're going to execute on this asset in a way that we are normalizing products between the two operating companies. You're going to do all the things that you should do when you do a transaction like this, which is rationalize your information technology infrastructure, standardize positions on brands in the market, go to common ways of driving the supply chains and engineering and putting data into databases and all those things.

我們將以一種使兩家營運公司之間的產品正常化的方式來執行這項資產。進行此類交易時，您應該做的所有事情，例如合理化您的資訊技術基礎設施，規範市場上的品牌定位，採用通用方式驅動供應鏈和工程，將資料放入資料庫等等。

And that's some hard and challenging stuff. We have all that planned out. In many cases, we're in pretty good shape. But I know that for the first quarter or two, we're going to be on a learning curve on some of that stuff with people from a different company having to learn some new processes and new ways of doing things. So that ramp dynamic on that footprint is going to take a little bit of time. And that will factor into clouding quote-on-quote seasonality as you think about those things.

那可真是些棘手又具挑戰性的事情。我們已經把一切都計劃好了。在很多情況下，我們的處境都相當不錯。但我知道，在最初的一兩個季度裡，我們會經歷一個學習過程，因為來自不同公司的人需要學習一些新的流程和新的做事方式。因此，該佔地面積的斜坡動態需要一些時間才能實現。當你考慮這些事情時，這會影響到所謂的季節性。

You've got to ramp dynamics, you've got seasonality. You've got a larger footprint. You have offers that are going to be moved in the market training that has to be done for individuals that are going to be distributing and selling those products. So I think it's going to be a little bit challenging for all of you to kind of just go back and look in the rearview mirror and come up with the dynamic around it, and we'll give you some updates. But you should expect we're going to be on probably a solid two-quarter ramp here of getting ourselves up the learning curve and getting more effective.

你必須調整動態，還要考慮季節性因素。你的佔地面積更大。你們有一些產品即將推向市場，需要對那些將要分銷和銷售這些產品的人進行培訓。所以我覺得對你們所有人來說，回顧過去，分析其中的動態，可能會有點挑戰性，我們會為你們帶來一些最新消息。但你們應該預料到，我們可能需要兩個季度的時間來提升學習效率，並提高工作效率。

And Jeff, why don't you make some comments on some of the distribution changes we have lined up?

傑夫，你能否就我們計劃中的一些分銷管道變更發表一些看法？

Yeah. And so our distribution assets that are in the Lumen footprint and territory are already there, and we've got a solid position just as we did with our Gigapower experiences in the markets out of footprint that we were building. And as you should expect that our product offers and our ability to service that base will be available in short order, akin to the commentary that John made.

是的。因此，我們在 Lumen 的業務覆蓋範圍和區域內的分銷資產已經存在，並且我們已經擁有了穩固的地位，就像我們在 Gigapower 的業務覆蓋範圍之外的市場中建立的市場地位一樣。正如約翰所評論的那樣，您應該預料到，我們的產品供應和服務能力將很快到位。

I mean, the pace at which the team is moving to get this transaction closed is record setting. It's akin to the speed at which we lifted the initial tranche of the 3.45 EchoStar spectrum up on our wireless network. That, too, in terms of fixed wireless, we expect to sell more this year than we did last year. The ramping of that will occur nationwide as our AT&T Internet advertising and messaging to build top of funnel awareness hits the marketplace in full force, and you should expect that to continue to ramp as the year goes by.

我的意思是，這支球隊完成這筆交易的速度是破紀錄的。這類似於我們在無線網路上架首批 3.45 EchoStar 頻譜的速度。同樣，就固定無線業務而言，我們預計今年的銷售量將比去年更多。隨著 AT&T 的網路廣告和資訊宣傳全面進入市場，旨在提升消費者對產品認知度的認知，這一趨勢將在全國範圍內加速發展，而且預計隨著時間的推移，這一趨勢還將繼續增強。

At the end, we are focused on building a durable long-term sustainable build engine inside of the Lumen footprint just like we are in our organic footprint, and the distribution changes that we have to support activating that network in each of the footprints is a play that we know how to run. We don't anticipate many changes to our go-to-market distribution strategy from what's already proven to be a winning play.

最終，我們專注於在 Lumen 的足跡內建立一個持久的、長期的、可持續的建設引擎，就像我們在自己的有機足跡中所做的那樣。為了支援在每個足跡中啟動該網絡，我們必須進行分銷方面的改變，而我們知道如何執行這些改變。我們預計不會對現有的市場分銷策略做出太多改變，因為該策略已被證明是行之有效的。

Thanks for the question, Sebastiano. We're going to go take the next one now.

謝謝你的提問，塞巴斯蒂亞諾。我們現在要去拿下一個。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hi, good morning. Thank you for the question. I just have two. First, I was just wondering if you could talk a little bit more about the EBITDA growth inflection to 5%-plus in 2028. What are the key drivers? Is it more on advanced EBITDA growth accelerating or the legacy declines improving? And then any thoughts on 2027 and just the linearity as we think about the next three years? Thank you, and I just have a quick follow-up.

您好，早安。謝謝你的提問。我只有兩個。首先，我想請您再詳細談談 2028 年 EBITDA 成長拐點達到 5% 以上的情況。關鍵驅動因素是什麼？是高階 EBITDA 成長加速，還是傳統業務下滑趨勢有所改善？那麼，對於2027年以及我們展望未來三年所呈現的線性發展趨勢，您有什麼想法呢？謝謝，我還有一個後續問題。

Sure thing, Michael. Here's the thing to think about that we are going through. This year, we're bringing in the Lumen assets. We're going to incur a pretty significant acquisition -- initial cost to integrate those assets and to build this -- and to add to the distribution behind them. We expect those to moderate as you look out the next two, three years.

當然可以，麥可。這是我們正在經歷的事情，值得思考。今年，我們將引進 Lumen 的資產。我們將投入相當可觀的資金進行收購——包括整合這些資產和建造這個平台的初始成本，以及增加其背後的分銷管道。我們預計未來兩三年內這些趨勢將會有所緩和。

Plus, we've mentioned to you, those assets haven't been fully penetrated. And over time, more and more of those assets will become penetrated contributing to earnings growth. That, coupled with the fact that each year that goes by, you have less and less of a contribution or dilution from our legacy footprint. Those things in combination gives us great confidence we're going to be able to drive an acceleration of EBITDA growth as you work your way through each year of the plan.

此外，我們也曾向你提過，這些資產尚未完全開發利用。隨著時間的推移，越來越多的此類資產將被滲透，從而促進獲利成長。再加上隨著時間的推移，我們傳統業務的貢獻或影響力會越來越小，或者說影響力會被稀釋。這些因素結合起來，讓我們非常有信心，隨著計劃的逐年推進，我們將能夠推動 EBITDA 成長加速。

Perfect. Thank you Pascal. And just my follow-up. Yeah, just on mobility service margins, really strong in the quarter. I think the fourth quarter was the first time this year it was up on a year-over-year basis, which seems positive just given all the concerns around competition. I was just wondering if there's anything you would call out from a cost perspective that may have been particularly impactful this quarter relative to the rest of 2025 and maybe some of the key cost initiatives as we go over time. You guys talked about AI and digital transactions, but just would love to hear about anything notable for the quarter and the next year. Thank you.

完美的。謝謝你，帕斯卡爾。我再補充一點。是的，單就出行服務利潤率而言，本季表現非常強勁。我認為第四季是今年以來首次實現同比增長，考慮到目前競爭方面的種種擔憂，這似乎是一個積極的信號。我只是想問一下，從成本角度來看，本季有哪些方面對 2025 年剩餘時間的影響特別大？以及隨著時間的推移，我們有哪些關鍵的成本控制措施？你們談到了人工智慧和數位交易，但我很想聽聽本季和明年有什麼值得關注的事情。謝謝。

Mike, look, across the board, we continue to do a really good job of managing all the costs that are not geared towards customer growth. This -- in 2025, we incurred a pretty significant step-up in customer acquisition costs along with advertising. And those -- if you strip those out and you look at the underlying business, it was pretty substantial cost savings. You can see some of those dynamics in our trending schedules, and it's across the board.

麥克，你看，總的來說，我們在控制所有與客戶成長無關的成本方面做得非常好。這意味著到 2025 年，我們在客戶獲取成本和廣告支出方面將出現相當大的成長。如果剔除這些因素，只看公司的基本業務，就會發現節省了相當可觀的成本。您可以從我們的熱門節目單中看到這些動態，而且這種情況普遍存在。

You look at where we -- what we are doing, whether it's in AI, shuttering legacy footprint and the underlying infrastructure, all those things are contributing. And we expect that to continue. In fact, we expect the next three years to say $4 billion -- more than $4 billion in cost, and it's a muscle we have built, and I feel really good about our ability to do so as you look ahead.

看看我們——我們正在做的事情，無論是在人工智慧領域，還是關閉傳統設施和底層基礎設施，所有這些都在發揮作用。我們預計這種情況還會持續。事實上，我們預計未來三年將達到 40 億美元——超過 40 億美元的成本，這是我們已經培養的能力，展望未來，我對我們實現這一目標的能力感到非常滿意。

Great. That's very clear. Thank you, Pascal.

偉大的。這一點很清楚。謝謝你，帕斯卡爾。

Thanks Mike. We promised we'd give you a little extra time because we went a little long on the prepared remarks. So operator, you can go ahead and take one more question here.

謝謝你，麥克。我們承諾會給你們多一點時間，因為我們準備的發言稿講得有點長了。操作員，您可以再回答一個問題。

Sam McHugh, BNP.

Sam McHugh，英國國家黨。

Yeah, thank you guys. Two questions, if I can. First, on bad debt. I think it steps up a little bit in this quarter. I don't know if you could give us some color on what you're seeing amongst consumers at the moment?

是啊，謝謝大家。如果可以的話，我想問兩個問題。首先，關於壞帳。我認為本季情況有所改善。不知道您能否為我們介紹一下您目前觀察到的消費者行為？

And then secondly, the guidance and cost cutting and accelerated EBITDA growth. What are we thinking about in terms of cost reduction? Obviously, you've kind of stepped back from giving color on cost reductions. I don't know if you could talk about what you're seeing over the next few years and whether they just accelerate as we decommission copper through the outlook period? Thank you.

其次，還有業績指引、成本削減以及 EBITDA 加速成長。我們在降低成本有哪些考量？顯然，你已經不再過度談及成本削減問題了。我不知道您能否談談您對未來幾年的觀察，以及隨著我們在預測期內逐步淘汰銅礦，這些趨勢是否會加速發展？謝謝。

Sam, a couple of things. On bad debt, what I would tell you is this. It's really -- we haven't seen any discernible changes in consumer payment patterns. The increase in bad debt is a function of the higher equipment sales that we have that come -- that often comes with long-term receivables and along with just higher service revenues. That's really what's driving the overall dynamics in bad debt.

山姆，有幾件事。關於壞賬，我想說的是：事實上，我們還沒有看到消費者支付模式有任何明顯的改變。壞帳增加是由於設備銷售增加所致——這通常伴隨著長期應收帳款和更高的服務收入。這才是真正驅動不良債權整體動態的因素。

And as it relates to our overall cost plan, as I mentioned in my commentary is we expect about over $4 billion over the next three years of cost savings. And I would tell you, it is across the board. Yes, legacy decommissioning will contribute pretty significantly to it. But other areas, we are garnering productivity gains through the use of digital, through the use of AI, and we expect that to continue. And it's a muscle we have built over the last several years and have a high degree of confidence we're going to be able to continue to execute on that.

至於我們的整體成本計劃，正如我在評論中提到的，我們預計未來三年將節省超過 40 億美元的成本。我可以告訴你，這種情況普遍存在。是的，遺留設施的退役將對此產生相當大的影響。但在其他領域，我們透過使用數位化和人工智慧來提高生產力，我們預計這種情況會持續下去。這是我們過去幾年逐漸培養的能力，我們非常有信心能夠繼續保持這種能力。

Yeah. I maybe add something to think about here, Sam, in terms of what we've been doing. We are investing at high levels, and I acknowledge that we're doing that. And we expect that we need to demonstrate returns and improvement as a result of those decisions to invest at a higher level. We talk a lot about what we're doing on the network side and how that's driving revenues and share and opportunity there. We haven't spent a lot of time.

是的。山姆，就我們一直在做的事情而言，我或許可以補充一些值得思考的內容。我們投入了大量資金，我承認這一點。我們希望透過加強投資力度來證明這些決策能夠帶來回報和改進。我們經常討論我們在網路方面所做的工作，以及這些工作如何推動收入、市場份額和機會的成長。我們沒有花很多時間。

We're investing at high levels in our software technology base in this business to improve our ability to face off against customers be more agile in the market, take advantage of some of the things that Pascal just talked about from a digital perspective that I think you're going to see a lot of movement on this year. But what's important to understand is we're investing at pretty high levels there. We're getting very large increases in our productivity for the software we're developing and writing right now.

我們正在大力投資於我們業務中的軟體技術基礎，以提高我們與客戶競爭的能力，在市場上更加靈活，並利用帕斯卡剛才從數位化角度談到的一些事情，我認為今年你會看到這方面有很多進展。但要理解的是，我們在那裡的投資規模相當大。我們目前正在開發和編寫的軟體的生產效率得到了大幅提升。

So we haven't pulled back our investment because of the effectiveness or efficiency savings. We're getting more done and we intend to get more done because there's a lot of good opportunities to apply improvements in software and how we change our processes than what we've traditionally been able to fit through the funnel. And as a result of that increased capacity and improvements and effectiveness, we can see a lot more of these projects now start to drop through.

因此，我們並沒有因為效率或效益方面的節省而撤回投資。我們正在完成更多的工作，我們打算完成更多的工作，因為在軟體改進和流程變革方面有很多很好的機會，而這些機會是我們過去無法透過流程來解決的。由於產能提升、改進和效率提高，我們現在可以看到更多這類專案開始落地。

And so we did a nice job this year in managing our cost structure and business as an example, and I will tell you that, that's an artifact of us having been able to do some more work on software to improve our labor cost structure in that area than what we probably would have guessed we could have done 24 months ago.

例如，今年我們在成本結構和業務管理方面做得不錯，我可以告訴你，這要歸功於我們在軟體方面做了更多工作，以改善該領域的勞動力成本結構，而這在我們24個月前可能是無法想像的。

And so we kept investment levels up. We use that extra capacity to go do a few more things. We get benefits from cost on it. And I guess the good news is, and I think my team's tired of me hearing about it is, I keep turning over rocks and seeing more opportunities to go after things, and we go after things. And I'm not worried about running out of rocks to turn over. So I think it's just a matter of us executing around it.

因此，我們維持了高投資水準。我們利用多餘的產能去做一些其他的事情。我們從成本中獲益。我想好消息是，雖然我的團隊可能已經聽膩了我的話，但我不斷地挖掘，發現更多可以追求的目標，而我們也確實去追求這些目標。我並不擔心找不到石頭翻來翻去。所以我覺得這只是我們要如何執行的問題。

Thanks for the question, Sam. Operator, we'll take one last question, and then we'll turn it back to John for a few final thoughts.

謝謝你的提問，山姆。接線員，我們再回答最後一個問題，然後把麥克風交還給約翰，讓他做最後總結。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah, great. Thank you all for fitting me in. John, a quick one for you and a quick follow-up for Pascal, if I could. So looking at your national advertising right now, the converged offering, very little differentiation provided between fiber and fixed wireless. So just wondering how you're thinking about maybe we're rifle shot targeting FWA for the remainder of 2026 and your view on the market opportunity there.

好的，太棒了。謝謝大家抽空讓我參與。約翰，請你問一個簡短的問題，如果可以的話，也請帕斯卡爾問一個後續問題。所以看看你們目前的全國廣告，融合產品，光纖和固定無線之間幾乎沒有差別。所以我想知道您對我們或許會在 2026 年剩餘時間裡以 FWA 為目標進行步槍射擊有何看法，以及您對那裡的市場機會有何看法。

Hi Mike, we didn't just fit you in. We had a plan to make sure you could be in. So it's good to hear from you.

嗨，麥克，我們可不是隨便幫你安排的。我們制定了計劃，確保你能參加。很高興收到你的來信。

We spent a lot of time paying attention to where customers' understanding are of our products and our perceptions, and that's discrete for consumer and business. And we believe, and we've done a lot of AV testing on this and we know this, that actually we have more to gain right now from a broader, I'll call it, a generic Internet message than at the national level, a targeted message.

我們花了很多時間關注客戶對我們產品的理解和看法，這對消費者和企業來說都是不同的。我們相信，而且我們已經對此進行了大量AV測試，我們也知道，實際上，我們現在從更廣泛的，我稱之為通用互聯網信息中獲得的收益，比在國家層面上進行有針對性的信息要多。

We want to build awareness that AT&T is a capable national Internet provider across consumers and business broadly, and we have a lot of upside in the customer base to do that and our tracking of our advertising, our approach on that would suggest we've made some really good calls around that, and it's helping.

我們希望讓消費者和企業普遍認識到 AT&T 是一家有能力的全國性互聯網服務提供商，我們擁有龐大的客戶群來實現這一目標，而且我們對廣告的跟踪以及我們在這方面採取的方法表明，我們在這方面做出了一些非常好的決定，並且這些決定正在發揮作用。

What we then do is we come underneath that with, as you refer to with the targeted rifle shot. There are other ways to go put the targeted rifle shot in front of the right customer in the right place. And this is fundamental and core to our strategy, which is right product, right customer, right place. And you can use digital means and you can use information on our customer base and third-party information to go and put the right offer in front of the right customer that matches up to the technology that we have in the particular geography that then comes in and builds and extends on that national message that you're referring to.

然後我們所做的，就是用你所說的瞄準步槍射擊的方式，從下方射擊。還有其他方法可以將精準的步槍射擊送到合適的客戶面前，並在適當的地點進行。而這正是我們策略的根本和核心，即：合適的產品，合適的客戶，合適的地點。您可以利用數位手段，利用我們客戶群的資訊和第三方訊息，將合適的優惠訊息推送給合適的客戶，使其與我們在特定地區的技術相匹配，從而建立並擴展您提到的全國性訊息。

So we track a lot of things, as you might guess, and we're looking at -- do people have an awareness of AT&T as a leading fiber provider? Where are we -- where does it not match up against where we got inventory to go sell? You can do things on that given it's a very geographic and regionally centric business to do things below the national level to bolster those kinds of things that you may not see based on where your home residents is and what you do, and you should want us to do it that way because at the end of the day, capabilities like fiber are local, and you want to be very, very discreet about how you do things.

正如你可能猜到的那樣，我們追蹤了很多事情，我們正在研究——人們是否了解 AT&T 作為領先的光纖供應商？我們現在的情況是怎麼樣的？ ——哪些地方與我們備貨銷售的地方不符？鑑於這是一個高度地域性和區域性的行業，你可以採取一些措施，在國家層面以下開展工作，以加強那些你可能無法根據你的居民所在地和你的業務範圍而看到的方面。你應該希望我們這樣做，因為歸根結底，像光纖這樣的能力是本地化的，你需要非常非常謹慎地處理你的工作。

Now having said that, when you get up to 60 million fiber footprint, your decisions on where you do certain things in the funnel are going to change than when you're at 30 million. So you'll see an evolution of this over time. I hope that gives you enough context on it.

話雖如此，當你的光纖覆蓋範圍達到 6000 萬時，你在銷售漏斗中執行某些操作的決策將與 3000 萬時有所不同。所以你會看到這種情況隨著時間的推移而演變。希望這些資訊能讓你對這件事有足夠的了解。

Okay. And with that, I'd -- go ahead.

好的。然後，我就——繼續吧。

I'm sorry. Pascal, can I ask one of you as well. You mentioned you expect handset amortization to basically be flat year-over-year, I think, in 2026. Just curious what that says about your view of wireless competition in the marketplace or AT&T's willingness to compete?

對不起。帕斯卡爾，我可以問你們其中一位嗎？我認為，您提到預計到 2026 年，手機攤銷將基本上與前一年持平。我只是好奇，這反映了您對無線市場競爭的看法，或者AT&T參與競爭的意願？

Yeah. A couple of things, Michael, to keep in mind. One, my commentary was that we expect about the same level of headwinds that we saw this year on a percentage basis. Overall, I think, John, laid this out in his remarks, our basis of competition is going to be a bit different than our peers. Ours is about using our broadening base of fiber customers to drive additional converged relationships.

是的。邁克爾，有幾件事你需要記住。第一，我的評論是，我們預計今年遇到的不利因素的百分比與今年大致相同。總的來說，我認為約翰在他的演講中已經闡述了這一點，我們的競爭基礎將與同行略有不同。我們的目標是利用不斷擴大的光纖客戶群，推動更多融合關係的建立。

That's our priority when we are looking at our investment spend. And that -- we will be much more disciplined outside of those areas. Therefore, I think on balance, we are confident in our ability to manage the overall ARPU dynamic despite having to incur the additional promotional costs.

這是我們審視投資支出時優先考慮的因素。而在其他領域，我們將更加自律。因此，我認為總體而言，儘管需要承擔額外的促銷成本，但我們有信心管理整體的 ARPU 動態。

All right. With that, I really appreciate you all joining us this morning and maybe spending a few extra minutes, given we wanted to kind of refresh guidance and give you a little insight into what we're going to be doing after we bring on some of these additional assets. So we've now kind of shared that plan with you. And I think what we've outlined is a view of the future of how we're not only going to report in this business, but how we're going to operate it.

好的。在此，我非常感謝各位今天早上抽出幾分鐘時間參加我們的會議，因為我們想重申一下指導方針，並讓大家了解一下在我們引入這些額外資產後我們將要做的事情。所以，我們現在已經把這個計劃跟你們分享過了。我認為我們已經勾勒出了未來發展的方向，不僅包括我們在這個行業如何進行報道，還包括我們在這個行業如何運作。

And I appreciate your patience and understanding in our segment adjustments. I know it's more work for all of you. We didn't take this lightly. We're going to try to assist you through it and make sure that we can get you through it in a way where you view it as being completely transparent and more insightful for how we're operating the business.

感謝您對我們業務調整的耐心與理解。我知道這對你們所有人來說都是更繁重的工作。我們非常重視此事。我們將盡力協助您完成整個過程，並確保我們能以一種讓您覺得完全透明且更能深入了解我們業務運作方式的方式來幫助您完成。

But look, I think the numbers speak for themselves when we start to talk to you about how we're generating profits in this business and how we're investing. The time has come for us to look at things differently. And the shift that's occurring in this industry is pretty significant. And as a result of that, it's time for us to adjust and make these changes.

但是，當你開始和我們談論我們如何在這個行業中創造利潤以及我們如何投資時，我認為數字本身就能說明一切。是時候換個角度看待事物了。這個行業正在發生的轉變相當顯著。因此，現在是我們做出調整和改變的時候了。

We have the right assets in hand after we close these transactions in front of us, in my view. And frankly, it's up to us and it's entirely in our control as to how we deliver on this plan that we just laid out for you and shared with you today. And I feel really good about that. And I feel like we're entering the fund cycle here in what's been a bit of a slog over the last couple of years to get us in a position to do these kinds of things.

在我看來，完成眼前的這些交易後，我們就擁有了合適的資產。坦白說，如何落實我們今天向你們闡述並分享的這個計劃，完全取決於我們自己，也完全由我們掌控。我對此感到非常滿意。我覺得我們現在正進入基金週期，過去幾年我們一直在努力奮鬥，才使我們有能力做這些事。

I believe that we have the right regulatory environment for us to operate this business in. I think the incentives to invest in this industry are strong and good right now. I think AT&T has put forward the right technical and technology direction, and our foundation in that regard sets us up with an ability to differentiate. I think we have the right position structurally in this industry as things are changing fairly dramatically and as we start to approach what's going to be a very, very clear increase in importance and connectivity with the dawn of AI.

我相信我們擁有適合我們開展這項業務的監管環境。我認為目前投資該行業的激勵措施非常充分且有利。我認為AT&T提出了正確的技術發展方向，我們在這一方面的基礎使我們具備了差異化優勢。我認為，隨著人工智慧時代的到來，行業結構正在發生相當大的變化，而且我們將迎來人工智慧重要性和連接性的顯著提升，因此我們在這個行業中佔據了正確的地位。

And I believe strongly, we've got the right team in place to do this that is clear on their mission and their charter. And the combination of those things, I think, should give you a lot of confidence that we can deliver on this plan moving forward. And we look forward to coming back and reporting with you on our progress. So thank you very much for your time.

我堅信，我們已經組建了一支合適的團隊來完成這項工作，他們清楚自己的使命和職責。我認為，這些因素結合起來，應該能讓你們對我們能夠繼續推進這項計劃充滿信心。我們期待著回來向您報告我們的進展。非常感謝您抽出時間。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。