AT&T Inc. (T) 2026 Q2 法說會逐字稿

Good morning, and welcome to AT&T's second quarter 2026 earnings call (Operator Instructions). As a reminder, this conference is being recorded.

早安，歡迎參加 AT&T 2026 年第二季財報電話會議（接線員指示）。提醒各位，本次會議將被錄音。

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

接下來我想把電話會議交給我們的主持人——財務主管兼投資人關係負責人 Brett Feldman。請開始。

Thank you, and good morning. Welcome to our second 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。歡迎參加我們的第二季電話會議。我是 AT&T 的財務主管兼投資人關係負責人 Brett Feldman。今天與我一同出席的還有董事長兼執行長 John Stankey，以及財務長 Pascal Desroches。

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

在開始之前，我需要提醒各位注意我們的「安全港」聲明。其中指出，我們今天的部分評論可能屬於前瞻性陳述。因此，這些陳述將受到 AT&T 向 SEC 申報文件中所描述之風險與不確定性影響。實際結果可能出現重大差異。更多資訊以及我們的財報資料可於投資人關係網站取得。

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

接下來我把時間交給 John。

Thanks, Brett, and good morning, everyone. I do appreciate you joining us today. Earlier this year, we provided an outlook for accelerated growth and execution of our strategy and that's exactly what we delivered in the second quarter. We gained more than 1 million advanced connectivity subscribers from fiber, fixed wireless, and postpaid phones.

謝謝，Brett，大家早安。非常感謝各位今天加入我們。今年稍早，我們提供了加速成長與策略執行的展望，而這正是我們在第二季所交出的成果。我們在光纖、固定無線與後付費手機方面，新增了超過 100 萬名先進連線（advanced connectivity）用戶。

With all three product categories posting higher net additions year over year. This was our best ever second quarter for AT&T fiber net adds and a record quarter for combined fiber and fixed wireless net adds. We also continued to grow our base of converged customers.

三大產品類別的淨增用戶數皆較去年同期提升。這是 AT&T 光纖歷來最佳的第二季淨增表現，也是光纖與固定無線合計淨增的創紀錄季度。我們也持續擴大融合（converged）客戶基礎。

At the end of the second quarter, 42.5% of our advanced home Internet customers also have a postpaid wireless account with AT&T. And this convergence rate reached 45% when excluding customers within our acquired footprint from Lumen. These are high lifetime value subscribers, and our strong customer growth is a key driver of our accelerated financial growth during the second quarter.

截至第二季末，我們的先進家用網際網路客戶中，有 42.5% 同時擁有 AT&T 的後付費無線帳戶。若排除我們自 Lumen 收購之覆蓋範圍內的客戶，該融合率達到 45%。這些都是終身價值（lifetime value）很高的用戶，而強勁的客戶成長是我們第二季加速財務成長的關鍵驅動因素。

At a consolidated level, we reported faster year-over-year growth in service revenue, adjusted EBITDA, and adjusted EPS compared to our growth in the first quarter. We also achieved our highest consolidated adjusted EBITDA margin since we refocused our business on advanced connectivity at the beginning of this decade. This was driven by our improved operating leverage as we gain scale in 5G and fiber, reduce legacy costs as we shrink our footprint, and through continued implementation of our cost transformation initiatives across the company.

在合併層級，我們的服務營收、調整後 EBITDA 與調整後 EPS 的年增成長，均較第一季更快。我們也達成自本十年初將業務重新聚焦於先進連線以來，最高的合併調整後 EBITDA 利潤率。這主要來自營運槓桿的改善：我們在 5G 與光纖規模擴大、隨著覆蓋範圍縮減而降低傳統（legacy）成本，以及持續在全公司推動成本轉型計畫。

And we're driving growth in our Advanced Connectivity segment across both consumer and business channels. During the second quarter, we achieved year-over-year growth in Advanced Connectivity business service revenues. This reflects our success at repositioning the business around fiber and 5G just as we did in consumer and expanding our reach through a more balanced direct, indirect, and digital distribution model.

我們也在先進連線事業部門中，於消費者與企業通路雙向推動成長。第二季，我們的先進連線企業服務營收實現年增成長。這反映出我們成功將企業業務重新定位於光纖與 5G（如同在消費者業務所做的一樣），並透過更均衡的直營、間接與數位分銷模式擴大觸及範圍。

The result is growth in converged relationships and new logos, and you're seeing that momentum in our improved financial performance. It's taken a lot of work to get here. We continue to expect Advanced Connectivity business service revenues will grow at a low single-digit CAGR through 2028.

其結果是融合關係與新客戶（new logos）的成長，而你們也在我們改善的財務表現中看見這股動能。走到今天花了很多努力。我們仍預期，先進連線企業服務營收在 2028 年前將以低個位數的年複合成長率（CAGR）成長。

The strength of our performance comes from the structural advantages we've established after years of consistent and targeted investment. So it will be our largest year ever for fiber expansion with plans to reach 8 million new locations including over 4 million locations acquired from Lumen.

我們表現強勁，來自多年來持續且聚焦投資所建立的結構性優勢。因此，今年將是我們光纖擴張規模最大的一年，計畫新增覆蓋 800 萬個新據點，其中包含自 Lumen 收購的超過 400 萬個據點。

As I've said in the past, where we have fiber, we win with fiber and wireless. And I expect that as we expand our funnel of new fiber locations, we'll drive strong growth in our converged customer base and financial results.

如我過去所說，在我們有光纖的地方，我們就能以光纖與無線取勝。我也預期，隨著我們擴大新增光纖據點的漏斗，我們將推動融合客戶基礎與財務成果的強勁成長。

The dense urban and suburban areas where we build fiber at scale, we believe that our competitors cannot and will not match our network performance or our operating scale and proficiency. This includes the AT&T Fiber brand, widely recognized among the best home Internet products in the market, local teams of technicians and in-home experts, capable technical support infrastructure, extensive owned and partner distribution, sophisticated device logistics, and the ability to harness our national advertising and brand campaigns to rapidly drive penetration as we reach new geographies with our fiber and converged services.

在我們以規模建置光纖的高密度都會與郊區地帶，我們相信競爭對手無法、也不會在網路效能或營運規模與熟練度上與我們匹敵。這包括 AT&T Fiber 品牌（廣受認可為市場上最佳家用網路產品之一）、在地技術人員與到府專家團隊、完善的技術支援基礎設施、廣泛的自有與合作夥伴分銷通路、成熟的裝置物流能力，以及能運用全國性廣告與品牌行銷活動，在我們以光纖與融合服務進入新地區時快速提升滲透率的能力。

Simply put, we believe that we are the best positioned to serve customers the way they want to be from one trusted connectivity provider. When customers consolidate their Internet access with us, we see lower churn, outstanding brand affinity, higher lifetime values, and we carry the vast majority of their Internet traffic over our advanced infrastructure.

簡而言之，我們相信自己最具優勢，能以客戶想要的方式，由一家值得信賴的連線供應商提供服務。當客戶把網際網路接取整合到我們這裡時，我們看到更低的流失率（churn）、極佳的品牌黏著度、更高的終身價值，且其絕大多數網際網路流量都透過我們的先進基礎設施承載。

And for those limited circumstances, when the AT&T network is not available to one of our converged customers, we expect to be in a position to solve many of these corner cases as we move into 2027. Consistent with our ability to extend our scale and operating proficiency, I'd like to give you a brief update on our progress integrating our recently acquired Lumen footprint into our operations.

而在少數情況下，若 AT&T 網路無法提供給某位融合客戶使用，我們預期在邁入 2027 年時，將有能力解決其中許多邊緣案例（corner cases）。基於我們延伸規模與營運熟練度的能力，我想簡要更新我們近期收購之 Lumen 覆蓋範圍整合進營運的進度。

We spent the past six months standing up operations to support a faster pace of growth and network deployment and customers as we accelerate the branded rollout of AT&T Fiber but we're already utilizing our existing distribution and converged offers to tap into pent-up demand in these underpenetrated areas, which is translating into improved growth.

過去六個月，我們建立了營運體系，以支援更快的成長節奏、網路部署與客戶服務，並加速 AT&T Fiber 的品牌化推廣；但我們已在這些滲透率偏低的區域，運用既有的分銷通路與融合方案來承接累積需求（pent-up demand），並轉化為更佳的成長表現。

We're not just adding fiber customers. Our June converged gross adds in these territories were up 45% compared to February. Our convergence playbook is taking hold here just as it has in our traditional footprint, creating a clear runway to deepen customer relationships and accelerate growth in converged accounts as we complete our integration activities and scale the pace of fiber expansion.

我們不只是新增光纖客戶。在這些地區，我們 6 月的融合總新增（converged gross adds）較 2 月成長 45%。我們的融合作戰手冊（playbook）在此地正如同在傳統覆蓋範圍一樣逐步奏效，為深化客戶關係並加速融合帳戶成長提供清晰跑道；同時我們也將完成整合工作並提升光纖擴張速度的規模。

While the benefits of our investment-led strategy are evident today and our improved operating momentum, we continue to build a business that is best positioned to meet the future advanced networking demands of AI-driven connectivity. The rise of agentic AI is fundamentally reshaping network traffic, not just in volume, but in shape, symmetry, and criticality.

儘管以投資帶動的策略效益在今日已清楚可見，且我們的營運動能有所改善，我們仍持續打造一個最能滿足未來由 AI 驅動之連線所需先進網路需求的業務。代理式 AI（agentic AI）的崛起，正從根本上重塑網路流量——不僅是量的變化，也包括形態、對稱性與關鍵性。

The proliferation of Agentic and autonomous AI workloads will require networks to sense, decide, and act in near real time. Emerging use cases, including drones, autonomous driving, robotics, and AR glasses, all require ubiquitous high-performing uplink optimized connectivity.

代理式與自主式 AI 工作負載的普及，將要求網路能在近乎即時的情況下進行感知、決策與行動。新興使用情境，包括無人機、自動駕駛、機器人與 AR 眼鏡，都需要無所不在、上行（uplink）最佳化的高效能連線。

Today, industry research shows AI agents generate up to 450% more total traffic per task than a human performing the same work. Agentic adoption is projected to drive approximately 9x growth in enterprise traffic and approximately 7x growth in consumer traffic by 2035.

目前，產業研究顯示，AI 代理在執行同一項任務時，所產生的總流量最高可比人類多出 450%。預估到 2035 年，代理式 AI 的採用將帶動企業流量約 9 倍成長，並帶動消費者流量約 7 倍成長。

Distribution of AI inference to the edge necessitates, low latency, and high bandwidth connectivity to access end points. This is why we believe fiber-enabled network convergence at the edge will create a true competitive advantage. Additionally, we're already seeing rapid increases in large-scale data traffic, which demands high-capacity metro and intercity fiber infrastructure.

將 AI 推論分散到邊緣端（edge）需要低延遲與高頻寬的連線，以存取端點。這也是為什麼我們相信，在邊緣端以光纖為基礎的網路融合將創造真正的競爭優勢。此外，我們已看到大規模資料流量快速增加，這需要高容量的都會區與城際光纖基礎設施。

As AI fundamentally changes how consumers and businesses connect, it will drive a fundamental change in their expectations for connectivity. We believe AT&T is the only provider building and investing in this infrastructure at the scale necessary today to support the demands a decade from now. We aren't missing any critical elements necessary to execute our strategy. We have the necessary building blocks in place, the technology, agreements, and the assets for our strategic path forward.

隨著 AI 從根本上改變消費者與企業的連線方式，也將推動他們對連線的期待產生根本性改變。我們相信，AT&T 是唯一一家以今日所需的規模建置並投資此一基礎設施的供應商，以支援十年後的需求。我們並未缺少任何執行策略所需的關鍵要素。我們已具備前進策略路徑所需的基礎——技術、協議與資產。

The enabling connectivity of the future is in our hands today. By the end of this decade, we expect to operate the most advanced and technologically open communications network in the US, built on a foundation of dense interconnected metro fiber and deep nationwide spectrum. This is exactly the asset base we want as AI begins to shape the next era of connectivity, and I wouldn't trade our assets for anyone else's.

未來的賦能連結性，如今就掌握在我們手中。在本十年末之前，我們預期將在美國營運最先進且在技術上最開放的通訊網路，其建立於高密度互聯的都會光纖與深厚的全國頻譜基礎之上。當 AI 開始塑造下一個連結性時代時，這正是我們想要的資產基礎，而我不會拿我們的資產去換任何人的。

While we position for the future of connectivity, our shareholders are benefiting from our growth today. This is supporting our improved capital returns and provides us with the flexibility to further increase our pace of planned share repurchases this year by up to 25% to approximately $10 billion to capture what we see as a disparity between our operating fundamentals and the valuation of our stock.

在我們為未來的連結性布局之際，我們的股東也正從當前的成長中受益。這支撐了我們資本回饋的改善，並讓我們具備彈性，得以在今年將既定股票回購的步伐最多再提高 25%，至約 100 億美元，以把握我們所見營運基本面與股價估值之間的落差。

Momentum also picked up this quarter and our work to exit inefficient copper-based services accelerated by positive actions by the FCC. We appreciate the leadership of FCC Chairman, Carr, and the commission for recognizing the urgency to modernize the nation's communications infrastructure and upgrade customers to more reliable service.

本季動能也有所加速，而在 FCC 的正向作為推動下，我們退出低效率的銅纜型服務的工作也加快了。我們感謝 FCC 主席 Carr 與委員會的領導，認同現代化全國通訊基礎建設、並將客戶升級至更可靠服務的迫切性。

Last month, the FCC gave us permission to discontinue legacy copper voice service and about 60% of our wire centers in California, so we can upgrade our customers to AT&T phone advanced, fiber, and wireless.

上個月，FCC 允許我們停止提供傳統銅纜語音服務，以及加州約 60% 的線路中心服務，讓我們能將客戶升級至 AT&T Phone Advanced、光纖與無線服務。

Looking more broadly in our efforts to discontinue copper network services and operations nationwide, we continue to make great progress on our exit plans. We have approval to discontinue legacy services in over 30% of our wire centers, which will be effective by late 2026. By the end of the year we expect a couple of hundred wire centers to have zero customers.

更廣泛來看，在我們全國範圍內停止銅纜網路服務與營運的努力上，我們的退出計畫持續取得重大進展。我們已獲准在超過 30% 的線路中心停止提供傳統服務，並將於 2026 年底前生效。我們預期到今年年底，將有數百個線路中心客戶數為零。

This is an important step, providing the path to unlock access to descaling parts of our cost structure and to further streamline our operations. Nearly two years ago, we told you we would establish a path to effect an orderly turndown of legacy copper services by the end of the decade. In my view, we've now reached the tipping point, and that goal is firmly in sight.

這是重要的一步，為我們開啟途徑以解鎖成本結構中可縮減規模的部分，並進一步精簡營運。將近兩年前，我們曾告訴各位，我們將建立一條路徑，在本十年末之前有序地逐步關停傳統銅纜服務。依我看，我們如今已到達臨界點，而該目標已清晰可見。

Finally, before I turn the call over, I'd like to comment on last month's announcement that Pascal has decided to retire at the end of the year. He's been a great partner, and all no doubt have much more to say about his contribution when his work is finished. Until that time, we're executing a deliberate and carefully planned transition and AT&T is fortunate to welcome back Jennifer Biry. There's no doubt that Pascal is a tough act to follow, but we have the person to do just that in Jennifer, and we'll do so without missing a beat.

最後，在我把電話會議交給下一位之前，我想談談上個月的公告：Pascal 已決定於年底退休。他一直是很棒的夥伴，毫無疑問，等他完成工作時，大家會對他的貢獻有更多要說的。在此之前，我們正執行一項審慎且周密規劃的交接，而 AT&T 也很幸運能歡迎 Jennifer Biry 回歸。毫無疑問，Pascal 很難被超越，但我們有 Jennifer 這位能接棒的人選，我們也將在不失節奏的情況下完成交接。

She knows many on our team. She understands the business. Her views on how we should run the company are aligned with how Pascal and I see the world. And she returns with a broader and deeper understating the fundamentals of running a software-driven enterprise. This is something that will be very important to AT&T as we move forward. That said, we still have some important things to accomplish between now and year-end, and we all intend to make good use of the time.

她認識我們團隊中的許多人。她了解這門生意。她對公司應如何運作的看法，與 Pascal 和我看待世界的方式一致。而且她回歸時，對於經營一家以軟體驅動的企業之基本面，具備更廣且更深的理解。這將在我們向前邁進時，對 AT&T 非常重要。話雖如此，從現在到年底我們仍有一些重要事項要完成，我們也都打算善用這段時間。

With that, Pascal, over to you.

那麼，Pascal，交給你。

Thank you, John, and good morning, everyone. At a consolidated level, total revenues in the second quarter were up 2.3% year over year, driven by service revenue growth of 2.7%. Adjusted EBITDA was up 5.2% year over year, and our adjusted EBITDA margin increased 110 basis points to 39.1%.

謝謝你，John，各位早安。在合併層級，第二季總營收年增 2.3%，主要由服務營收年增 2.7% 所帶動。調整後 EBITDA 年增 5.2%，調整後 EBITDA 利潤率提升 110 個基點至 39.1%。

For the full year, we continue to expect consolidated service revenues to grow in the low single-digit range and consolidated adjusted EBITDA to grow in the 3% to 4% range. Adjusted EPS was $0.65 in the second quarter which is up more than 20% from $0.54 the prior year, driven primarily by growth in adjusted EBITDA and lower depreciation expense.

就全年而言，我們仍預期合併服務營收將以低個位數百分比成長，合併調整後 EBITDA 將以 3% 至 4% 的區間成長。第二季調整後 EPS 為 0.65 美元，較去年同期的 0.54 美元成長逾 20%，主要由調整後 EBITDA 成長與折舊費用下降所帶動。

We continue to expect full year adjusted EPS to be in the range of $2.25 to $2.35. We added over 1 million fiber locations during the second quarter as we accelerated the pace of our deployment. This contributed to higher capital investment of $6.1 billion compared to $5.1 billion a year ago.

我們仍預期全年調整後 EPS 將落在 2.25 至 2.35 美元區間。第二季我們新增超過 100 萬個光纖據點，因我們加快了部署速度。這使資本投資提高至 61 億美元，高於一年前的 51 億美元。

Second quarter free cash flow increased by roughly $300 million year over year to $4.7 billion, which exceeded the high end of our guidance range of $4 billion to $4.5 billion. For the full year, we continue to expect $18 billion-plus of free cash flow and $23 billion to $24 billion of capital investment.

第二季自由現金流年增約 3 億美元至 47 億美元，超出我們 40 億至 45 億美元指引區間的上緣。就全年而言，我們仍預期自由現金流將超過 180 億美元，資本投資為 230 億至 240 億美元。

Compared to the second half of last year, where we're ramping up our fiber deployment. We expect our capital investment to be more ratable during the second half of this year. We also expect higher cash flow from operations during the fourth quarter of this year compared to last year when our results were impacted by discrete items, including legal settlements and a large contribution to our pension. As a result, we expect free cash flow will be relatively stable year over year in the third quarter with strong year-over-year growth in the fourth quarter.

相較於去年下半年（當時我們正加速提升光纖部署）。我們預期今年下半年的資本投資將更為均衡。我們也預期今年第四季的營運現金流將高於去年，因去年業績受到一次性項目影響，包括法律和解以及對退休金的一筆大額提撥。因此，我們預期第三季自由現金流將與去年同期大致持平，而第四季將呈現強勁的年增成長。

Our consolidated growth continues to be driven by our Advanced Connectivity segment, which contributes over 90% of our service revenue and nearly all of our adjusted EBITDA. Advanced Connectivity service revenues grew 5.1% year over year in the second quarter, accelerating by 150 basis points compared to our growth in the first quarter.

我們的合併成長持續由 Advanced Connectivity（先進連結）部門帶動，該部門貢獻超過 90% 的服務營收，並貢獻幾乎全部的調整後 EBITDA。第二季 Advanced Connectivity 服務營收年增 5.1%，較第一季的成長加速 150 個基點。

EBITDA for this segment grew even faster increasing 8% year over year driven by top line momentum and our continued cost transformation initiatives. The team is really doing a good job here, and we remain on pace to achieve $4 billion in consolidated annual cost savings by the end of 2028.

該部門的 EBITDA 成長更快，年增 8%，受惠於營收動能以及我們持續推動的成本轉型計畫。團隊在這方面確實做得很好，我們仍按計畫在 2028 年底前達成合併口徑每年 40 億美元的成本節省。

Wireless service revenues grew 3.3% year over year, driven by growth in our customer base, including 432,000 postpaid phone net adds and the uplift from pricing actions that took effect during the second quarter. We are pleased with the execution of our pricing strategy in wireless, including the rollout of new plans and pricing actions during the first half of the year.

無線服務營收年增 3.3%，主要由客戶基礎成長所帶動，包括 432,000 的後付費手機淨增，以及第二季生效的調價措施所帶來的提升。我們對無線業務的定價策略執行感到滿意，包括上半年推出新方案與採取的調價措施。

Impressively, we grew postpaid phone ARPU year over year while reducing postpaid phone churn. Our wireless growth is increasingly driven by new accounts and not simply additional lines of service. During the second quarter, we added 147,000 consumer postpaid wireless accounts, which is our best result in more than three years. We believe this is a direct result of our converged go-to-market strategy, which is driving improved growth in new customer accounts that choose AT&T for Wireless and Home Internet.

令人印象深刻的是，我們在降低後付費手機流失率的同時，仍實現後付費手機 ARPU 的年增。我們的無線成長愈來愈多來自新帳戶，而不僅僅是增加額外的服務門號。第二季我們新增 147,000 個消費者後付費無線帳戶，這是三年多以來的最佳表現。我們相信這是我們融合式上市策略的直接成果，該策略正推動新客戶帳戶成長改善，這些客戶選擇 AT&T 的無線與家用網路服務。

Advanced Home Internet service revenues grew by more than 27% year over year. This was primarily driven by improved fiber net adds as we accelerate our fiber deployment and center our go-to-market strategy around our converged offers as well as our acquisition of fiber assets from Lumen in the first quarter.

Advanced Home Internet（先進家用網路）服務營收年增超過 27%。這主要由光纖淨增改善所帶動，因我們加速光纖部署，並將上市策略聚焦於融合式方案，同時也受惠於我們在第一季自 Lumen 收購的光纖資產。

Fiber ARPU declined 1.3% compared to a year ago, which primarily reflects a full quarter impact of our transaction with Lumen whose subscribers have lower ARPUs. Excluding customers in the footprint that we acquired from Lumen, Fiber ARPU was approximately flat year over year. This reflects our focus on growing converged customer accounts, which enjoy discounted pricing, but typically stay with us longer and increase their spending over time.

光纖 ARPU 較一年前下降 1.3%，主要反映我們與 Lumen 交易的完整季度影響，因其訂戶的 ARPU 較低。若排除我們自 Lumen 收購之覆蓋範圍內的客戶，光纖 ARPU 年比約為持平。這反映我們聚焦於成長融合式客戶帳戶；這些帳戶享有折扣定價，但通常會與我們維持更久，並隨時間增加其支出。

We expect our focus on convergence to drive continued strong net additions in Advanced Home Internet and postpaid phone subscribers during the third quarter and continued growth in converged customers. In the near term, this will likely put some pressure on fiber ARPU, but we feel really good about our ability to manage our back book pricing as we grow our base of fiber customers that also subscribe to our wireless services.

我們預期，我們對融合（convergence）的聚焦將在第三季持續帶動 Advanced Home Internet 與後付費手機用戶的強勁淨增，並推動融合客戶持續成長。短期內，這可能會對光纖 ARPU 造成一些壓力，但隨著我們擴大同時訂閱無線服務的光纖客戶基礎，我們對於管理既有客群（back book）定價的能力非常有信心。

As we said before, our goal is not to maximize ARPU of individual products, but instead to maximize total Advanced Connectivity service revenues in order to drive attractive returns on our investments in 5G and fiber, and we are expecting continued strong growth in service revenue.

如同我們先前所說，我們的目標不是將單一產品的 ARPU 最大化，而是要最大化 Advanced Connectivity 服務的總營收，以便為我們在 5G 與光纖上的投資帶來具吸引力的報酬；我們也預期服務營收將持續強勁成長。

And as John noted, we are achieving this growth in Advanced Connectivity service revenues across consumer and business operations. Business Advanced Connectivity service revenues grew 1.8% year over year in the second quarter, driven by momentum in wireless, fiber and fixed wireless. We have turned the corner and expect the AT&T business to remain a driver of growth in Advanced Connectivity service revenues going forward.

而且如 John 所提到的，我們在消費者與企業營運兩端都實現了 Advanced Connectivity 服務營收的成長。第二季企業端 Advanced Connectivity 服務營收年增 1.8%，主要由無線、光纖與固定無線的動能所帶動。我們已經走出谷底，並預期 AT&T 企業業務未來仍將是 Advanced Connectivity 服務營收成長的驅動力。

Our Advanced Connectivity segment enters the second half of the year with strong momentum, and we continue to expect full year service revenue growth of 5%-plus and EBITDA growth of 6%-plus.

我們的 Advanced Connectivity 事業群以強勁動能進入下半年，並持續預期全年服務營收成長 5% 以上、EBITDA 成長 6% 以上。

In our Legacy segment, service revenues declined 26% year over year, and EBITDA declined about 46% as we accelerate the process of powering down our legacy copper network and migrate customers to more advanced and reliable voice and Internet services.

在我們的 Legacy 事業群，服務營收年減 26%，而 EBITDA 約年減 46%，因為我們加速關閉既有銅纜網路，並將客戶遷移至更先進且更可靠的語音與網際網路服務。

The retirement of our legacy network is a critical piece of our transformation into a scale provider of Advanced Connectivity. As we complete our network modernization and other transformation initiatives, we expect that by the end of the decade, we will have the best-performing network with a highly competitive cost structure.

淘汰我們的既有網路，是我們轉型為具規模的 Advanced Connectivity 供應商的關鍵一環。隨著我們完成網路現代化與其他轉型計畫，我們預期在本十年末，我們將擁有表現最佳的網路，並具備高度具競爭力的成本結構。

We returned $4.1 billion to shareholders during the second quarter, including approximately $2.2 billion of share repurchases. We are on pace to repurchase nearly $1 billion of stock in July. And as John previously shared, we now expect to buy back approximately $10 billion of our shares in 2026. This compares to our prior target of $8 billion of share repurchases this year and represents a pull forward of our planned buybacks through 2028. Together, our planned share repurchases and expected dividend payments will total approximately $18 billion this year, which is essentially 100% of our outlook for free cash flow.

第二季我們向股東回饋 41 億美元，其中約 22 億美元為庫藏股回購。我們預計在 7 月回購接近 10 億美元的股票。此外，如 John 先前分享，我們目前預期在 2026 年回購約 100 億美元的自家股票。相較之下，我們先前的目標是今年回購 80 億美元，這代表我們將原本規劃至 2028 年的回購時程提前。綜合而言，我們規劃的股票回購與預期股利發放今年合計約 180 億美元，基本上相當於我們對自由現金流的展望之 100%。

Our cash flow and liquidity provides us with flexibility to sustain our dividend and accelerate our planned buybacks, while also maintaining our commitment to reduce balance sheet leverage following our planned acquisition of Spectrum Licenses from EchoStar. We are well positioned to fund the transaction, which we expect to close by the end of July.

我們的現金流與流動性讓我們具備彈性，可在維持股利的同時加速既定的回購計畫，並在完成向 EchoStar 收購頻譜執照的交易後，仍能維持我們降低資產負債表槓桿的承諾。我們具備充足條件為該交易提供資金，並預期在 7 月底前完成交割。

We ended the second quarter with net debt to adjusted EBITDA of 2.68 times, which was essentially flat with the first quarter. We continue to expect that our net leverage ratio will increase following the close of our transaction with EchoStar to the 3.2 times range and then return to a level consistent with our target in the 2.5 times range within approximately three years following the close of the EchoStar transaction.

第二季末，我們的淨負債對調整後 EBITDA 倍數為 2.68 倍，與第一季基本持平。我們仍預期，在與 EchoStar 的交易完成交割後，我們的淨槓桿比率將上升至約 3.2 倍區間，並在 EchoStar 交易完成後約三年內回到與我們目標一致的約 2.5 倍水準。

I'm really pleased with how we have the company position heading into the back half of the year. We have great operating momentum, a leading position in fiber and converged connectivity and a team that's motivated to win in the marketplace.

我對公司在進入下半年之際的布局感到非常滿意。我們擁有很強的營運動能、在光纖與融合連線方面的領先地位，以及一支渴望在市場上取勝的團隊。

Brett, we're now ready for the Q&A.

Brett，我們現在準備進入問答環節。

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

謝謝你，Pascal。接線員，我們準備好接受第一個問題。

(Operator Instructions) Sean Diffley, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Sean Diffley。

Great. Thanks very much. I was hoping you could elaborate on the traction you're seeing with some of your new plans like Build-a-Plan and OneConnect. It seems like you're targeting a bit more of the value segment and going down market. Maybe talk about some of the success you're seeing there. Is it all incremental and just markets you have been focused on before.

很好。非常感謝。我想請你更詳細說明一下，你們在一些新方案（例如 Build-a-Plan 與 OneConnect）上看到的推進力（traction）。看起來你們更鎖定價值型客群，並往更下沉的市場走。也許談談你們在那裡看到的一些成功。這些是否都是增量，且只是你們以前就已經關注的市場？

And then just on fiber, you talked about balancing volume and pricing going forward. I think you mentioned ARPU flat ex Lumen, how should we think about managing pricing broadly on fiber and levers on the back book? And then last one just on satellite, does that change your assumptions on unit economics or penetration rates and maybe some rural markets over the next few years?

另外關於光纖，你提到未來要在量與定價之間取得平衡。我想你提到 ARPU（不含 Lumen）持平；我們應該如何看待你們在光纖整體上的定價管理，以及在既有客群（back book）上的調價槓桿？最後一個關於衛星：這是否會改變你們對單位經濟（unit economics）或滲透率假設，並影響未來幾年一些鄉村市場？

Good morning, Sean. So we're going to do the whole call here in three questions. So let me start with where we are kind of on the planned execution. I would say the recalibration we did on the plans was done quite artfully and quite well by the team. And I think you've seen that in the results. And I would add to that, as you know, we've done some rejiggering and pricing on the base, and you see the churn performance that we've been able to generate.

早安，Sean。所以我們要用三個問題把整場電話會議講完。我先從我們在計畫執行上的進展談起。我會說，我們對方案所做的重新校準，是由團隊相當巧妙且做得很好的。我想你也在結果中看到了。另外，如你所知，我們也對既有用戶基礎做了一些重新調整與定價，你也看到我們所帶來的流失率（churn）表現。

And so you take all those together and what I think they are indicative of is a pretty seasoned team that understands kind of how to manage in this environment and do it effectively. I think, I mentioned in my remarks, we were at a three-year high for new account additions this quarter. And I would have credited a lot of that to the shifting of the plan and our focus on the value segment where we see a lot of that new account entry coming in, not at a line into existing accounts.

把這些放在一起看，我認為它們反映出一支相當成熟的團隊，了解如何在這樣的環境中管理並有效執行。我在談話中提到，本季新帳戶新增數達到三年新高。我會把其中很大一部分歸功於方案的調整，以及我們聚焦在價值型客群；我們看到許多新帳戶的進入來自這裡，而不是在既有帳戶中新增門號。

And I think that's healthy for us, especially when you look at our overall service revenue performance. The margin numbers that we put forward, our growth in EBITDA, I mean, all those things, in my view, are a very healthy combination of what you want to try to achieve. So yes, we're being deliberate about moving into some segments of the market where maybe we're a bit underpenetrated. But I think you're seeing we're doing that with a nice balance on profitability and ensuring that we do it in a way that's accretive.

我認為這對我們是健康的，特別是當你看我們整體服務營收表現時。我們提出的毛利率數字、EBITDA 的成長——在我看來，這些組合起來非常健康，正是你想要達成的狀態。所以是的，我們正有意識地進入一些我們可能滲透率較低的市場區隔。但我想你也看到，我們在這麼做的同時，仍能在獲利性上取得良好平衡，並確保以具增益（accretive）的方式推進。

And as you know, I've got a typical dynamic here where I want to see percentage of service revenue in the industry grow. And frankly, our goal is to make sure that our average revenue per account grows. And as you can see in the disclosures we've given you, we're doing all that. And so that's a good thing.

而且如你所知，我這裡有一個典型的動態：我希望我們在產業中的服務營收占比能成長。坦白說，我們的目標是確保每戶平均收入（average revenue per account）成長。如你在我們提供的揭露中所見，我們正在做到這些。所以這是件好事。

Same thing on fiber. I don't think it's any different. Once we put the fiber infrastructure in place, my point of view is there isn't a customer out there that shouldn't be ours. We have the best technology. It can be operated at the lowest marginal cost. And yes, it can offer some very premium services with symmetrical gigabit and multi-gigabit services. And there is a segment of the population that wants to pay for that, needs that level of performance. But we also know that there's clearly a segment of the population that's more value oriented.

光纖也是同樣的道理。我不認為有什麼不同。一旦我們把光纖基礎建設鋪好，我的觀點是：市場上沒有任何一位客戶不應該是我們的。我們擁有最好的技術。它可以用最低的邊際成本來營運。而且是的，它也能提供非常高階的服務，例如對稱式 Gigabit 與多 Gigabit 服務。確實有一部分人願意為此付費、也需要那樣的效能水準。但我們也知道，顯然還有一部分人更偏向價值導向。

But the silly thing would be to serve those value-oriented customers on a higher cost infrastructure. And so we want to make sure that our fiber product offerings match to the continuum, both the value-oriented and the performance-oriented shopper. And we can do that really well, especially when the customers converge, because we're not just optimizing for one product, but we're optimizing for the suite of products that the customer has in home. And as we shared with you, we get lower churn on those customers, a higher lifetime value and higher brand affinity. So that's what drives the lifetime value they stay with us longer.

但愚蠢的做法，是用更高成本的基礎設施去服務那些以價值為導向的客戶。因此，我們希望確保我們的光纖產品供給能夠對應到這個連續光譜，既能滿足重視價格的消費者，也能滿足重視效能的消費者。而且我們確實能做得很好，特別是在客戶走向融合時，因為我們不只是針對單一產品做最佳化，而是針對客戶在家中所擁有的一整套產品組合做最佳化。正如我們與各位分享的，這些客戶的流失率更低、終身價值更高，且對品牌的黏著度更強。所以，這就是推動終身價值的原因——他們會跟我們待得更久。

So you should expect that on fiber, we're going to be very, very aggressive at making sure we get our fair share along the continuum of price points. And I will do that, and I will use that expertise that I mentioned earlier that the team has demonstrated to make sure that as we have the life cycle with that customer that we ultimately get a value equation that is accretive to the business allows us to continue to grow our share of service revenues. And that we improve our share position overall in the industry.

因此你們應該預期，在光纖方面，我們會非常、非常積極，確保在各個價位帶的連續光譜上拿到我們應得的市占。我會這麼做，也會運用我先前提到、團隊已經展現出的專業能力，確保在與客戶互動的整個生命週期中，我們最終能形成一個對公司具增益的價值方程式，讓我們得以持續提升服務營收的市占。並且整體上改善我們在產業中的市占地位。

And that's the play we're running, and we know that it's a long game that we have to run it against, and we think about this over multiple years, and I'm very comfortable with mix and the overall performance that you saw this quarter and carrying that forward.

這就是我們正在執行的策略。我們也知道這是一場長期戰，必須長期投入；我們以多年為尺度來思考這件事。我對本季你們看到的產品組合與整體表現，以及未來延續這樣的走勢，都非常有信心。

And then on the rural side of things, like we're investing heavily in urban and suburban for a reason, because we think it matches best to our capabilities. We think that's where we can drive returns most effectively. I also think that it's possible you could see some shift in serving architectures, moving forward in rural areas.

接著談到鄉村地區：我們之所以在都會與郊區大舉投資，是有原因的，因為我們認為那最符合我們的能力。我們認為那是我們最能有效帶動報酬的地方。我也認為，未來在鄉村地區的服務架構上，可能會出現一些轉變。

I do believe there'll be areas that satellite might serve adequately that allow us to maybe shrink our terrestrial footprint on, what I would refer to as, poverty sites, sites sit out there and pick up relatively small amounts of traffic, but provide continuity of connectivity, and that might be able to positively impact our cost structure in those instances and at the same time, give the customer a really good experience. So I do expect rule of characteristics of our business change. As you know, in the fixed part of my business, I'm trying very hard to shrink footprint.

我確實相信，有些區域衛星可以提供足夠的服務，讓我們或許能縮小我們的地面（陸地）網路覆蓋範圍——我所說的「貧困站點」，是指那些位在偏遠地區、只承載相對少量流量、但能提供連續連線的站點；在這些情況下，這可能有助於正向改善我們的成本結構，同時也能讓客戶獲得非常好的體驗。因此，我確實預期我們業務的一些特性會改變。如你所知，在我負責的固網業務部分，我正非常努力地縮小覆蓋範圍。

That's all the comments I made about shutting down wire centers and going to zero customers. I want assets out of those areas. I want to take costs out. I don't want to be problem there, where I want to be problem is where I can build fiber and where I can use fiber to put wireless transmitting entities at the end of the edge points and use those networks effectively in consolidating traffic. And that's the fundamental underpinning of the business we want to build.

這就是我先前提到關閉線路中心、把客戶數降到零的那些評論。我希望把資產撤出那些區域。我希望把成本移除。我不想在那裡成為問題；我想成為問題的地方，是我能建置光纖、並且能用光纖把無線發射設備部署在邊緣端點，並有效運用這些網路來匯聚流量的地方。而這就是我們想打造的業務的根本基礎。

And then establish parent relationships or joint relationships with other providers to fill in that small percentage of the time that the customer walks off our network, that 2% of the traffic that maybe we can't get on that infrastructure. I like coming at the customer where we own and operate 98% of the traffic. We have control of it. We have control of the product and the service that we offer and that maybe we do the integration of leasing on the other 2% as opposed to the other way around.

然後，與其他供應商建立母公司關係或合資關係，以補足客戶偶爾離開我們網路的那一小段時間——也就是那可能無法在我們基礎設施上承載的 2% 流量。我喜歡以我們擁有並營運 98% 流量的方式來面對客戶。我們能掌控它。我們能掌控我們提供的產品與服務；而且或許我們去整合那另外 2% 的租用，而不是反過來。

Thanks for the question, Sean. Operator, we'll go to the next one.

謝謝你的提問，Sean。接線員，我們進入下一位。

John Hodulik, UBS.

UBS 的 John Hodulik。

Great. John, could we talk about the broadband volumes, especially fiber and your comments that June adds were significantly better than February. I mean, does that suggest that these numbers are going to continue to ramp? Or do you think the Lumen property is, you're just sort of tapping into some pent-up demand? Just trying to get a sense for how you expect those volumes to shake out.

很好。John，我們能談談寬頻的量，特別是光纖，以及你提到 6 月的新增用戶明顯優於 2 月的評論嗎？我的意思是，這是否表示這些數字會持續爬升？還是你認為 Lumen 的資產只是你們在消化一些被壓抑的需求？我只是想了解你們預期這些量會如何發展。

And then secondly, the comments on the Agentic traffic. That definitely confirms a lot of things you've been hearing from the data center companies and other areas of the sort of AI ecosystem. And how does AT&T -- I realize it's a longer-term view. But how does the AT&T as a connectivity provider of wireless and the fixed side, how do you monetize that over the next, say, five-plus years? I know this is sort of a high-level question, but I'd love to get a sense for how AT&T may benefit from other traffic?

第二點是關於 Agentic 流量的評論。那確實印證了你從資料中心公司以及 AI 生態系其他領域所聽到的許多事情。AT&T——我知道這是較長期的觀點——但作為無線與固網的連線供應商，AT&T 在未來例如五年以上要如何將其變現？我知道這是個比較高層次的問題，但我很想了解 AT&T 可能如何從其他流量中受益？

Good morning, John. So let me clarify so that you understand what I said in my comment. What I said is that the converged rate in the Lumen footprint rose to 45%. I wasn't suggesting that the broadband sales rate increased 45%. So our ability to pair when we sell a broadband service to pair with wireless improved to 45%. So what we're demonstrating there is in the Lumen footprint, we could run the same kind of play that we've done in the non-Lumen footprint and getting converged customers brought together and all the goodness that comes with that.

早安，John。我先澄清一下，讓你理解我在評論中說的是什麼。我說的是，在 Lumen 覆蓋範圍內，融合（converged）比率上升到 45%。我並不是在暗示寬頻銷售率提高了 45%。所以，我們在銷售寬頻服務時，與無線進行搭配的能力提升到 45%。我們在那裡所展現的是：在 Lumen 覆蓋範圍內，我們可以採用與非 Lumen 覆蓋範圍相同的打法，把融合客戶帶進來，並獲得隨之而來的所有好處。

Now we are improving our sales rates in the Lumen footprint. As we've told you, we have expectations that we can take penetrations up in those areas that we'll start to look like it does in a traditional AT&T footprint. And we're systematically moving through that.

現在，我們確實正在提升 Lumen 覆蓋範圍內的銷售率。如同我們告訴各位的，我們預期能提高那些區域的滲透率，讓它開始看起來像傳統 AT&T 覆蓋範圍的表現。我們正有系統地推進這件事。

As I indicated, we have steps to take to get there. What we're effectively doing right now is converting all the infrastructure, all the branding, all the support systems that we have with customers, all the methodologies, the technicians use when they show up in a house, all the CPE that a customer gets that provides that world-class WiFi that we put in place inside of a home that makes the high-bandwidth connectivity actually sync.

如我所指出的，我們還有一些步驟要做才能到達那裡。我們目前實際在做的，是把所有基礎設施、所有品牌、所有客戶支援系統、所有方法論（技術人員到府時的作業方式）、以及客戶拿到的所有 CPE（用戶端設備）都進行轉換；這些 CPE 能在家中提供我們部署的世界級 Wi‑Fi，讓高頻寬連線真正協同運作。

We're converting market-by-market, and we're pretty much getting to the back end of that now. Once we have the AT&T brand in those markets, then we can go in and really start to put a little more gasoline on the fire and start to drive those volumes up, and we're getting to that moment now where you're going to see us begin to lean into it and it's showing up in the numbers. That's part of why you're seeing these really strong results. But we have another step-up to take here as we move through the year, and that's part of our plan. When we talked to you about accelerating performance that we're going to make that happen.

我們正以市場為單位逐一轉換，而現在幾乎已經進入尾聲。一旦在那些市場導入 AT&T 品牌，我們就能進去真正加把勁，開始推升那些量；我們現在正接近那個時點，你們會看到我們開始更用力投入，而這也已反映在數字上。這也是你們看到這些非常強勁結果的部分原因。但隨著我們在今年持續推進，我們還有另一個台階要再往上，這也是我們計畫的一部分。當我們跟各位談到要加速表現時，我們會讓它發生。

And then, of course, the other shoe drop on that is we've got to get the footprint scaling faster, right? You got to get the construction engine up. And we're doing that work as well. But that's a little bit longer cycle time work. It's something that we need to take well into next year to ramp up to the rate and pace of build that we want.

然後，當然，接下來另一個關鍵是：我們必須讓覆蓋範圍更快擴張規模，對吧？你得把建設引擎拉起來。我們也正在做那項工作。但那是週期稍長的工作。這是我們需要一路延伸到明年，才能把建置速度與節奏提升到我們想要的水準。

And we're seeing progress in that area, but it's like anything that has to do with civil work. It's bumpy in places and you do a little bit better in one geography and a little slower in another. Eventually, we get there. We know how to do that. We've got everything in place to do that. We've got all the supply agreements. We're normalizing all the construction agreements and all the things we need. But that's taking shovel work that we still got to get through to kind of make the equation all in together.

我們在那個領域確實看到進展，但這就像任何與土木工程相關的事情一樣。有些地方會顛簸不順，在某些地區做得快一些、在另一些地區則慢一些。最終我們會達成。我們知道怎麼做。我們已把需要的條件都準備到位。我們已經簽妥所有供應協議。我們正在把所有施工合約以及所需的各項事項標準化。但這仍需要一些實際的鏟土工程要完成，才能把整個方程式整合到一起。

Monetizing the agentic traffic is the way I think about it is this. First of all, the wireless network, you need to build better upstream. And so part of why we did the Spectrum acquisition we did and why we leaned into the 600 megahertz is we believe the best way to manage a robust upstream in an agentic environment is to have really strong low-band position.

我對代理式流量（agentic traffic）變現的思考方式是這樣。首先，無線網路需要打造更好的上行能力。因此，我們之所以進行那次頻譜收購、以及為何加碼投入 600 兆赫，是因為我們相信：在代理式環境中管理強健上行的最佳方式，就是擁有非常強的低頻段優勢。

And we already have an advantaged low-band position in the market. The 600 is going to make that advantage even more substantial. And because you can engineer the Spectrum a little bit differently, given how those bands are set up, we intend to try to engineer a really robust upstream network that reaches deep into buildings and has a lot of consistency to it. And we think that's what the low band is going to allow us to do.

而我們在市場上已經具備有利的低頻段位置。600 頻段會讓這個優勢更加顯著。而且由於在這些頻段的配置方式下，你可以用稍微不同的方式來進行頻譜工程設計，我們打算打造一個非常強健的上行網路，能深入建築物內，並且具備高度一致性。我們認為低頻段將使我們能做到這一點。

The other thing that's really important, of course, is to get density in the network and owning fiber footprint allows us to get density. So we're now introducing into our network PON-fed, small cell infrastructure, taking advantage of all that PON infrastructure we put out there using the backhaul on the wireless infrastructure to get more radiating points deeper into the network.

當然，另一個非常重要的事情是提升網路密度，而擁有光纖覆蓋版圖能讓我們做到密度提升。因此，我們現在正把由 PON 供給的小型基地台基礎設施導入我們的網路，利用我們已鋪設的 PON 基礎設施，並透過無線基礎設施的回傳（backhaul），在網路更深處增加更多發射點。

That then allows us to use all the capabilities you've been hearing about for multiple years as to why we did 5G. Why do you do slicing? And why do you have quality the service capabilities that you drive in that are driven towards specific applications? This is what this enables. And so do I believe that just like you do in fixed broadband, where we differentiate and we drive better yields on higher-performing services, we charge more for a gig than we do for a 500 meg circuit.

這接著就讓我們能運用你們多年來一直聽到、也是我們為何要做 5G 的各項能力。為什麼要做切片（slicing）？為什麼要具備服務品質（QoS）能力，並把它導向特定應用？這就是它所能實現的。所以我是否相信，就像在固網寬頻一樣，我們會做出差異化，並在高效能服務上取得更好的收益率——我們對 1Gbps 的收費會高於 500Mbps 線路。

You are going to see in wireless, differentiations and service, in my view. And whether it's an enterprise, the needs to buy a slice that is specific to a particular application that they need to support or a customer who has a particular way that they operate and do things in their life that requires it, I think you're going to see service differentiation. And my view is, it's managing the performance in the upstream that will be the most critical that will differentiate that.

我認為你們也會在無線領域看到服務差異化。不論是企業需要購買一個針對特定應用的切片來支援其需求，或是某位客戶在生活中有特定的運作方式而需要這種能力，我認為你們都會看到服務差異化。而在我看來，最關鍵、也最能形成差異化的，將是對上行效能的管理。

And the last thing I'd probably share with you and the way to think about it is, you hear me say it often, I think history repeats itself in this industry. And there was a long history or segment of history where VPN was really, really important to customers. And why was VPN important? One was security. And the other was that it managed performance when there were situations of constricted or not plentiful bandwidth. And those are the two fundamental foundations of what made VPN effective.

最後我想分享的是一個思考角度：你常聽我說，我認為這個產業的歷史會重演。過去有一段很長的歷史時期，VPN 對客戶非常、非常重要。那 VPN 為什麼重要？其一是安全性。其二是在頻寬受限或頻寬不充裕的情況下，它能管理效能。這兩點就是讓 VPN 有效的兩個根本基礎。

The place in networks where we still see restricted bandwidth is in the wireless business. Fiber basically over-provisions, and you don't have to worry about bandwidth in those circumstances, but we know that based on how wireless networks perform now and probably for the near future, we're still going to have moments where there's restricted bandwidth or restricted performance.

在網路中，我們仍看到頻寬受限的地方是在無線業務。光纖基本上是超額配置（over-provision），在那種情況下你不太需要擔心頻寬；但我們知道，基於目前無線網路的表現，以及可能在可預見的未來，我們仍會遇到頻寬受限或效能受限的時刻。

And so I do believe the dynamics of VPN and why those engineered and highly managed networks were important for a period of time in the wireline space, will start to become more prevalent in the wireless space just simply because of bandwidth constraints and the need for higher performance given the kind of applications that are going to be always on and mobile moving forward. And I think that's where that monetization premium comes in as kind of a corollary to what you've seen in the past.

因此，我確實相信：VPN 的動態，以及為何那些經過工程設計且高度管理的網路在有線領域曾在一段時間內很重要，將會在無線領域變得更常見——原因很單純，就是頻寬限制，以及面對未來那些將長時間保持連線、且以行動為主的應用，對更高效能的需求。我認為這也正是變現溢價（monetization premium）出現的地方，可視為你們過去所見情況的一種對應延伸。

Thanks for the questions, John. Operator, we'll go to the next one.

謝謝你的提問，John。接線員，我們進入下一位。

David Barden, New Street Research.

David Barden，New Street Research。

So two for you, John. Just first, in the prepared remarks, you said that you were going to solve for corner cases into 2027 in the fiber-to-the-home business. I was interested to know if that meant that M&A is potentially in your future.

我有兩個問題要問你，John。第一，在事先準備的發言中，你提到在家用光纖到戶（FTTH）業務上，你們會一路把邊角案例（corner cases）解決到 2027 年。我想知道這是否意味著你們未來可能會進行併購（M&A）。

And then the second is your take on what Brendan Carr's announcement was that the upper C-band will be basically undeployable, even though it's going to be auctioned in 2027 until 2031, how does that affect your thinking about how you deploy capital in the coming years?

第二個問題是，你怎麼看 Brendan Carr 的宣布：上部 C 頻段基本上將無法部署；即使它會在 2027 年拍賣，也要到 2031 年才能部署。這會如何影響你對未來幾年資本部署的思考？

Morning, Dave. So you know me, I'm always dropping little breadcrumbs about future M&A and everything I say. That comment was not intended for that.

早安，Dave。你也了解我，我總是會在我說的每句話裡，撒一些關於未來併購的麵包屑。但那句話並不是這個意思。

(laughter) Okay.

(笑聲) 好的。

The comment was -- maybe I wasn't clear enough and I said, if you think about what we do today for a converged customer, we handle 90%-plus of the traffic they need to get on and off the Internet once we have a converged customer through mobile and our fixed services.

那句話的意思是——也許我講得不夠清楚——如果你想想我們今天對一位融合型客戶（converged customer）所做的事，一旦我們透過行動與固網服務擁有這位融合型客戶，我們可以處理他們上網進出所需流量的 90% 以上。

And occasionally, they walk off the network. They get in their boat, and they maybe go out beyond the coast, or they go to a national park where we don't have coverage. And so what I talked about handling the corner cases, at those moments where they walk off the network. It's the 2%. It's what something like satellite constellation would be good for.

但偶爾他們會離開我們的網路。他們可能上船，開到海岸線以外，或是去到我們沒有覆蓋的國家公園。所以我所說的處理邊角案例，就是指他們離開網路的那些時刻。那是剩下的 2%。像衛星星座這類方案就很適合用來補足。

And so the work that we're doing through combinations of the JV and all the technical work we've been doing up at this point in time, for example, with one of the partners who are working with AST SpaceMobile, those are all going to come to fruition as we move into next year, and it's going to be the product that we've been working on with the AST offering. Will be a very intuitive product that doesn't require the customer to do anything differently. They have their device and it behaves and operates just like it does today as they're moving around.

因此，我們透過合資企業（JV）的組合，以及截至目前為止所做的所有技術工作——例如與其中一個合作夥伴、也就是與 AST SpaceMobile 合作的夥伴所進行的工作——這些都將在我們進入明年時開花結果，而那將會是我們與 AST 方案共同打造的產品。它會是一個非常直覺的產品，不需要客戶改變任何使用方式。他們拿著裝置，行為與運作方式就跟今天一樣，隨著他們移動而運作。

But if they walk off the network, they're not going to walk off the network. We're going to provide a seamless transition into coverage via satellite on a directed device basis. And so those are the corner cases I was alluding to that by the time we get into next year, we will have solved for that other 2%, and we will be in the market doing what customers want, which is providing in the assurance that they can buy from one provider, and always be on the Internet.

但如果他們走出網路覆蓋，他們其實不會真的「離線」。我們會在以特定裝置為基礎的前提下，提供透過衛星的無縫切換，讓覆蓋不中斷。所以這就是我所指的邊角案例：到明年這個時候，我們將把另外那 2% 也解決掉，並在市場上提供客戶想要的東西——也就是讓他們確信：可以向同一家供應商購買服務，並且永遠保持連上網際網路。

And in that respect, we will be first in the market with that. We will be the best in the foundation of what we provide in fixed broadband. And that's a really strong position to be in, and it's what others have to come and beat, and I think it's going to be unbeatable.

就這點而言，我們會是市場上第一個做到的。在我們所提供的固網寬頻基礎上，我們也會是最強的。這是一個非常有利的位置，其他人必須來挑戰並超越，而我認為這將是無法被超越的。

Relative to the announcement on what Commissioner Carr has said about the C-band auction is that it is a long time out. I think we expected it was going to be a long time out from a planning perspective. Certainly, we've worked aggressively on the public policy front to try to get auctions back up and moving in. To this administration's credit, they stepped up and have started to get that pipeline going again.

就 Carr 委員關於 C 頻段拍賣的說法而言，是還要很久才會發生。我想從規劃的角度來看，我們原本就預期會拖很久。當然，我們在公共政策面一直積極推動，試圖讓拍賣重新啟動並推進。值得肯定的是，本屆政府挺身而出，已開始讓那條管線重新運轉起來。

But after four years of inactivity from the previous administration, it's hard to make up for lost time. That is really what precipitated our decision to do the EchoStar transaction. That allows us to have the spectrum we need to kind of control our destiny for the next several years and feel very comfortable about that and a combination of -- I'm sure there's going to be some opportunities that pop up in the secondary market that we look at and say, look attractive to us.

但在前一屆政府四年幾乎沒有作為之後，要把失去的時間補回來很難。那正是促使我們決定進行 EchoStar 交易的原因。那讓我們能擁有所需的頻譜，某種程度上在未來幾年掌握自己的命運，並且對此感到非常安心；同時——我相信二級市場還會出現一些機會，我們會去看，並說：這些對我們很有吸引力。

And then you add that into what I said earlier, which is we have this ability now to go and use the dense fiber infrastructure we put in place to begin to be more targeted in how we augment capacity into the network to where we need it in dense areas.

再加上我先前提到的：我們現在有能力運用已建置的高密度光纖基礎設施，更有針對性地在需要的高密度區域為網路擴增容量。

If you think about how wireless networks have now evolved where there's a pretty healthy amount of spectrum that's out there on most cell towers. We're providing really, really good service. The pockets of where you need better density and more bandwidth are becoming more and more contained. We've built a lot on the interior. You go into a stadium you're not hitting the cell site outside. You're hitting infrastructure that's been deployed in the stadium. Same thing in the hospital. Same thing in the high-rise building.

如果你想想無線網路如今的演進，多數基地台上都有相當充足的頻譜。我們提供的服務真的非常、非常好。需要更高密度與更大頻寬的區域，正變得越來越集中、範圍越來越小。我們在室內做了很多建設。你走進體育場，連到的不是外面的基地台。你連到的是部署在體育場內的基礎設施。醫院也是一樣。高樓大廈也是一樣。

So now we're in a situation where you go outside of those locations where when you augment capacity, it's going to be much more targeted, and you're just fine in the broader macro. And if you look at how a typical cell site works, if there's three sectors on the cell site, oftentimes, when you hit exhaust, it's not because all three sectors have exhausted. It's because there's one face on that cell site that happens to point toward a densely populated area that has a park that is busy on a Saturday or it's a congregating area.

所以現在我們處於這樣的情況：離開那些場域之後，你要擴增容量會更具針對性，而在更廣泛的宏觀層面上其實已經足夠。而且如果你看典型基地台的運作方式，假設基地台有三個扇區，很多時候當你碰到容量耗盡，並不是三個扇區都耗盡。而是因為其中一個扇區剛好朝向人口稠密區，可能有個公園在週六很熱鬧，或是一個人群聚集的區域。

And so now with technology where you can go in and do this, I don't think that the notion of having to get these really dense national swatches of spectrum and painting it with a paint brush across the US is the game anymore. I think the game is using your infrastructure to penetrate where you need more density and then being very selective at where you go and get that broad paint brush of additional spectrum to add in.

因此，隨著技術讓你可以進去做這些事，我不認為「必須取得非常密集、全國性的大塊頻譜，然後像用油漆刷一樣塗滿全美」仍然是現在的玩法。我認為現在的玩法是運用你的基礎設施，在需要更高密度的地方深入部署，然後在你要取得那種「大油漆刷」式的額外頻譜來補強時，做到非常有選擇性。

And so my point of view is we're very well positioned to deal with the pipeline that's coming, the length of time, and being very strategic, surgical, and deliberate about how we add into the Spectrum portfolio at this time. At the same time, leveraging this great infrastructure we put in place, which is this dense fiber that we have throughout the network.

所以我的觀點是：我們非常有利於因應即將到來的拍賣管線、所需的時間，並在此時以非常策略性、精準、外科手術式且審慎的方式，來擴充頻譜組合。同時，善用我們已建置的這套優秀基礎設施，也就是遍布全網的高密度光纖。

Thanks for the question, Dave. Operator, we'll go to the next one.

謝謝你的提問，Dave。接線生，我們進下一位。

Craig Moffett, MoffettNathanson.

Craig Moffett，MoffettNathanson。

Two questions, if I could. First, John, when you talked about the AI usage-led growth and the 7x increase by 2035. How do you think about that with respect to the amount of network capacity available for FWA? Does the -- do you reprioritize higher-value mobility traffic in that scenario?

如果可以的話，我有兩個問題。第一個，John，你談到 AI 使用帶動的成長，以及到 2035 年增加 7 倍。就 FWA 可用的網路容量而言，你怎麼看待這件事？在那種情境下，你是否會把更高價值的行動（mobility）流量重新排優先順序？

And then just to return to the issue of satellite for just a second. There has been so much speculation about Starlink potentially competing on the basis of an MVNO. I wonder if you could just comment on not so much Starlink as an augmentation to your network, but Starlink as a potential competitor. And what do you think that would take? And is there a scenario where you would partner with them with an MVNO agreement?

然後再回到衛星的議題一下。外界對 Starlink 可能以 MVNO 方式競爭有很多揣測。我想請你評論的不是 Starlink 作為你們網路的補強，而是 Starlink 作為潛在競爭者。你認為那需要具備什麼條件？是否存在你們會與他們以 MVNO 協議合作的情境？

Good morning, Craig. So look, on the point of view, fixed wireless access, I think I've been fairly consistent about this, which is I don't consider it to be the optimal technology to serve fixed traffic over the long haul, and I have been pretty clear that, that's why we invest in fiber because that is the optimal technology to use.

早安，Craig。所以你看，從固定無線接取（fixed wireless access）的角度，我在這點上一直相當一致：我不認為它是長期用來承載固定流量的最佳技術；我也很清楚地說過，這就是我們投資光纖的原因，因為那才是最適合使用的技術。

However, it clearly has its point and use in the market at this juncture and in places. And I've been pretty clear about those kind of places where I think it has more staying power and longevity than where it doesn't.

不過，在目前這個時間點以及某些地點，它在市場上顯然有其定位與用途。而且我也相當清楚地說過，我認為哪些類型的地方它更有持久力與長期性，哪些地方則沒有。

I've used examples like there's a whole bunch of businesses that we support where fixed wireless access is an excellent technology for them and the nature of their business and will be for years to come, given the nature of how they do things. And they tend to be more mobile-dominated businesses with maybe a fixed location to construction yard with a bunch of people that are out every day at sites.

我舉過例子：我們支援的很多企業，固定無線接取對他們以及他們的商業型態而言是非常好的技術，而且在未來很多年都會是，因為他們做事的方式就是如此。這些通常是以行動為主的企業，可能有一個固定據點，例如工地料場，有一群人每天都外出到各個工地。

The yard needs some support, but it doesn't need gigs and gigs of services. And those things tend to move around, and they like the flexibility associated with it. So my point of view is it's a really important tool in the portfolio. But with -- to your point, you always want to be prioritizing your scarce spectrum resources that I just talked about in the answer to the previous question with John, to use it for mobility. The answer is yes. And I never want to compromise buying the next opportunity for a mobile service at the expense of serving Netflix in a fixed location. There's a way to maybe characterize it.

料場需要一些支援，但不需要好幾 G、好幾 G 的服務。而且這些據點往往會移動，他們喜歡這種方案所帶來的彈性。所以我的觀點是：它在產品組合中是一個非常重要的工具。但就——回到你提的點，你永遠都會想把我剛才在回答上一題（與 John 那題）時提到的稀缺頻譜資源，優先用在行動服務上。答案是會。我絕不希望為了在固定地點提供 Netflix 這類服務，而犧牲掉取得下一個行動服務機會的能力。大概可以這樣描述。

And I think our strategy is matched to that. I don't have a problem with using fixed wireless access to test markets and do things like shut down fixed infrastructure that's old and tired and needs to be retired, and we're using it extensively in copper.

我認為我們的策略也與此相符。我不反對用固定無線接取來測試市場，或做一些事情，例如關停老舊、疲弱、需要退場的固定基礎設施；我們在銅纜（copper）上就大量這麼做。

I don't have a problem using it to see where we can go and build some presence in a market that then indicates we should come and overbuild it with fiber, and we already start with warm revenues in place to do that. And I think we'll do that probably more effectively than anybody else moving forward. But I'm never going to sit here and tell you that the way I want to serve fixed traffic is by buying more spectrum and build more wireless infrastructure is the primary means to do that.

我也不反對用它來觀察我們是否能在某個市場建立一些存在感，進而顯示我們應該回頭用光纖去覆蓋（overbuild）那個市場，而且我們一開始就已經有溫熱的營收基礎在那裡。我想未來我們可能會比任何人都更有效率地做到這件事。但我絕不會坐在這裡告訴你：我想服務固定流量的方式，是把「買更多頻譜、建更多無線基礎設施」當作主要手段。

Speaking more broadly about satellite and satellites competition on a direct-to-device, I tried to be pretty deliberate in my comments. We sit here today with everything we need to put the best product in the market. I'm not betting on the next turn of a chip. I don't need any fantastic developments and technology in any way shape or form to do what I need to do. I mean, it's not rocket science for what we need to do to be successful in the market.

更廣泛地談到衛星，以及衛星在直連終端（direct-to-device）上的競爭，我在評論時一直試著非常審慎。我們今天坐在這裡，已經具備把市場上最好的產品做出來所需要的一切。我不會把賭注押在晶片的下一次迭代上。我不需要任何驚人的研發突破或技術進展，無論以任何形式，來完成我需要做的事。我的意思是，我們要在市場上成功所需要做的事，並不是什麼火箭科學。

And so we're doing that today, and I think we can build the best converged product today. And we can be in the market and be effective and penetrate today. And when we think about a wholesale arrangement, as I said before, the motivation for a wholesale arrangement is always to get on a part of the market that you can't get at yourself.

所以我們今天就在做，而且我認為我們今天就能打造最好的融合式（converged）產品。我們今天就能進入市場、有效運作並滲透。而當我們思考批發安排（wholesale arrangement）時，如我之前所說，批發安排的動機永遠是為了切入你自己無法觸及的那一部分市場。

And what I just described to you, and all the things we're doing and recalibrating our plans, how we're tuning distribution, the success we're having in adding accounts would suggest to me that for customers that want to buy wireless and broadband, fixed broadband together, we're doing just fine in reaching those markets. We understand how to do that. We have the technology to do it. We have the distribution to do it. Those have been built up over years.

我剛才向你描述的內容，以及我們正在做的所有事情、重新校準我們的計畫、我們如何調整通路配置、以及我們在新增帳戶方面取得的成功，都讓我認為：對於想同時購買無線與寬頻、固定寬頻的客戶而言，我們在觸及這些市場方面做得相當不錯。我們知道該怎麼做。我們有技術可以做到。我們有通路可以做到。這些都是多年來逐步建立起來的。

We have the infrastructure in place to put a really robust product in front of them that had been built up over years, and we can do that just fine on our own. And I don't necessarily need a wholesale arrangement to go and address that 2% of the traffic that I can't get at today, because I can get at 98% of the traffic. I'm solving for a much smaller equation.

我們已經具備完善的基礎設施，能把一個非常強健的產品呈現在他們面前，而這也是多年來累積建立的；而且我們靠自己就能做得很好。我不一定需要透過批發安排去處理我今天無法觸及的那 2% 流量，因為我可以觸及 98% 的流量。我是在解一個小得多的方程式。

If that number was inverse maybe I would think differently about it. So I'm not prone to look for a wholesale agreement to go solve the problem I don't have. I am from to look for a partnership to solve the 2%.

如果那個數字是相反的，也許我會用不同的方式看待。所以我不太會去尋找一個批發協議來解決一個我其實沒有的問題。我反而會去尋找合作夥伴關係來解決那 2%。

Thanks for the questions, Craig. Operator, we'll go to the next one.

謝謝你的提問，Craig。接線員，我們進入下一位。

Michael Rollins, Citi.

Michael Rollins，花旗。

First, I was curious if you could talk a little bit more about customer behavior. If you look at the decline in churn, the lower upgrade rates, are you seeing the -- almost the opposite of last year where customers were replacing devices in the category more quickly. Now they may be slowing down. And is that something that can further press down the churn rate for you?

首先，我想請你再多談一點客戶行為。如果你看用戶流失率（churn）的下降、較低的升級率，你是否看到——幾乎與去年相反的情況：去年客戶更快地在這個品類更換裝置。現在他們可能正在放慢。而這是否可能進一步壓低你們的流失率？

And then second to that, with device prices potentially going higher for a variety of reasons, how does that influence your approach to subsidies? And if that cost to the end customer goes up, does that also help slow this rate of device replacement, help your churn in the process?

第二，若因各種原因導致裝置價格可能走高，這會如何影響你們對補貼的做法？如果終端客戶的成本上升，是否也會放慢裝置更換速度，並在過程中有助於降低你們的流失率？

And then just one more separately on capital allocation. Just curious as you've identified, for example, in this quarter, some additional financial flexibility, the choice was to add to the repurchase target for this year by about $2 billion. Just curious, more broadly, if you could discuss if you're able to create more flexibility in the future to pull forward cash available, how you think about buybacks versus debt reduction versus accelerating fiber builds and pressing your advantage with convergence?

另外再一題，關於資本配置。我只是好奇，既然你們指出例如在本季出現了一些額外的財務彈性，選擇是把今年的回購目標提高約 20 億美元。更廣泛地說，如果未來你們能創造更多彈性、把可用現金提前釋放出來，你們如何在股票回購、減債、加速光纖建設，以及透過融合（convergence）擴大優勢之間做取捨？

So I think the customer behavior issue on churn is not a single thing. Obviously, we've been wanting to ensure that we can improve our churn performance. You know how important it is to the business from a cost-effective perspective, and you see what it does when we can keep it in check, you get margin performance like what you saw this quarter which we all aspire to have happened consistently.

我認為，關於流失率的客戶行為問題不是單一因素造成的。顯然，我們一直希望確保能改善我們的流失率表現。你知道從成本效益角度來看，這對業務有多重要；而且你也看到，當我們能把它控制住時，就能帶來像本季這樣的利潤率表現——這是我們都希望能持續發生的。

I think we've been able to achieve that through a combination of things. One is data to help us understand the base a little bit better. We've been treating really important cohorts that have helped. I think there is a little bit of suppression right now in device switching, that helps. I think that we've done a better job on convergence and bringing people on both products. That helps.

我認為我們能做到，是透過多種因素的組合。其中之一是運用數據，幫助我們更好地理解用戶基礎。我們也針對一些非常重要的客群（cohorts）進行經營，這很有幫助。我認為目前裝置更換確實有些被壓抑，這也有幫助。我認為我們在融合方面做得更好，讓用戶同時使用兩項產品。這也有幫助。

And when you kind of go in and look at it, it's a -- it's always a complex story on churn. It's never like, oh, we did this one thing and it worked out. It literally is cohort-by-cohort, product group-by-product group. You have to go and look at standalone wireless versus standalone broadband, converged customers, geographic dynamics. So it's always a contribution of those things. But I will tell you, if there's less device upgrading going on, does that ultimately oftentimes help on churn? Yes, it does. And it's a contributing dynamic around it.

當你深入去看，流失率一直都是——一直都是一個複雜的故事。從來不會是「喔，我們做了這一件事就奏效了」。它真的是按客群一個一個看、按產品群一個一個看。你必須去看單一無線、單一寬頻、融合客戶，以及地理區域的動態。所以它總是由這些因素共同貢獻。但我可以告訴你，如果裝置升級變少，最終是否常常有助於降低流失率？是的，確實如此。而這也是其中一個促成的動態因素。

Getting to your second question, I would expect that device costs are going to go up. I mean, I don't think it's a mystery to anybody. Apple has certainly indicated that that's the direction they're going. We know that memory costs are going up. I would expect when costs go up, prices go up. And when prices go up, demand goes down. I think that's what happened in economics in normally functioning markets.

回到你的第二個問題，我預期裝置成本會上升。我的意思是，我不覺得這對任何人來說是個謎。Apple 當然已經表示這是他們前進的方向。我們也知道記憶體成本正在上升。我預期當成本上升時，價格就會上升。而當價格上升時，需求就會下降。我認為這就是在正常運作的市場中，經濟學所發生的事情。

And it would be my expectation that if costs are going up, prices are going to go up and demand will probably be suppressed in some way, shape or form. And that is what I would expect to see moving forward and certainly probably my expectations in how we run the business moving forward.

因此我預期，如果成本上升，價格就會上升，而需求可能會以某種方式、某種程度受到抑制。這就是我預期未來會看到的情況，也很可能是我對未來如何經營業務的預期。

On your question on capital allocation. Look, this is a decision for the Board. It's not my decision to make exclusively. It's something this Board is actively engaged in, in a nonstop level. And certainly, the events of the last couple of months have flavored those discussions differently than they might have been a year ago.

至於你關於資本配置的問題。你看，這是董事會的決定。不是我能單方面做的決定。董事會一直在持續、密集地參與這件事。而且，過去幾個月發生的事件，確實讓這些討論帶上了不同於一年前的色彩。

I would tell you sitting here today with what I view as being a very suppressed valuation on the stock, I probably have a bias that says, I'd like to buy more of it back because I think it's incredibly undervalued.

我會說，以我今天坐在這裡的觀點來看，股價估值被大幅壓低，我可能會有一種偏好：我想回購更多，因為我認為它被嚴重低估。

Now what does it look like three months from now, how do we calibrate that over the next two or three years? The Board will ultimately make that decision. You can tell what our short-term decision was to bring some of our buyback forward as a result of this circumstance. As the Board reconsiders their authorization that they've already communicated and put out there, we'll refine that moving forward, and it will obviously be an artifact and a reflection of kind of where the stock is currently valued and what's going on.

那麼三個月後會是什麼樣子？我們如何在未來兩到三年校準這件事？最終將由董事會做出決定。你可以看到，我們的短期決策是在這種情況下，把部分回購提前。當董事會重新審視他們已經對外溝通並公布的授權時，我們會在未來進一步精煉；而這顯然會是目前股價估值水準與當前情勢的產物與反映。

I feel like the balance sheet is in a good place. We have a lot of flexibility to do a variety of things and can cut it either way. But we just got to kind of see how things develop over the next couple of months.

我覺得資產負債表處於良好狀態。我們有很大的彈性可以做各種事情，也可以往任一方向調整。但我們得看看接下來幾個月事情如何發展。

The markets, it's a little bit different right now, and we're all looking at it, trying to understand it, and we're taking a little bit of time to see how some things settle in, and this Board will be deliberate. They'll spend some time in September, at their September meeting on this topic. And when we have news to give you, we'll give you some more news.

目前市場有點不一樣，我們都在觀察、試著理解；我們也花一點時間，看看一些事情如何塵埃落定，而董事會會審慎行事。他們會在 9 月的會議上花一些時間討論這個議題。等我們有消息可以告訴你們時，我們會再提供更多資訊。

Thanks for the questions, Mike. Operator, go to the next one.

謝謝你的提問，Mike。接線員，請進入下一位。

Sam McHugh, BNP.

Sam McHugh，BNP。

Revenue growth in Advanced Home Internet still running below that 30% target you have at the year, but wireless is doing quite a bit better. Has your view changed on how you deliver revenue growth this year between wireless and fiber?

Advanced Home Internet 的營收成長仍低於你們今年 30% 的目標，但無線業務表現好得多。你們對今年在無線與光纖之間如何帶動營收成長的看法有改變嗎？

And then Pascal, you talked about flattish underlying fiber ARPU this quarter, implying close to 250 bps deceleration in 1Q. How should we think about that underlying fiber ARPU for the rest of this year?

另外，Pascal，你提到本季光纖 ARPU 的基礎趨勢大致持平，這意味著相較於第一季約有接近 250 個基點的減速。我們應該如何看待今年剩餘時間的光纖 ARPU 基礎趨勢？

Yes. Sam, I'll start and then Pascal can come in. And I think I get what you're driving that, and you're referring to kind of the broadband revenue growth. Look, our point of view on this is, as I said, is our goal is that we want to drive growth in service revenues, and we want to drive growth and share service revenues.

是的。Sam，我先開始，然後 Pascal 可以補充。我想我明白你想問的方向，你指的是寬頻營收成長的部分。你看，我們對此的觀點是，如我所說，我們的目標是推動服務營收成長，並且提升服務營收的成長與市占。

And in a converged world, there's a lot that depends on whether or not the customer starts as a customer of a wireless that ultimately adds broadband, but they start as broadband and add wireless. And based on that, sometimes the incentive to get somebody into a combined relationship shifts from one product to the other.

而在一個融合的世界裡，有很多取決於客戶一開始是無線客戶、最後加購寬頻，還是先是寬頻客戶、再加購無線。基於此，有時候要把某人導入「組合式關係」的誘因，會從一個產品轉移到另一個產品。

And I don't want my team hamstrung in how they think about that. I want the converged relationship. And if it means that on a percentage basis that we need to use broadband as the lead to consolidate an account, and we take a little bit of a revenue hit to do that. And then over time, we gain that back and it sustains a really accretive relationship in wireless. I'm perfectly okay with that because the net result of that are the kind of results that you see this quarter. Really strong margin performance, churn heading the right way and growth accelerating.

我不希望我的團隊在思考這件事時被綁手綁腳。我想要的是融合式關係。如果這代表在百分比的角度，我們需要以寬頻作為主打來整合某個帳戶，並為此承受一點營收上的影響。然後隨著時間推移，我們把那部分賺回來，並在無線業務上維持一段非常具增益的關係。我完全可以接受，因為其淨結果就是你在本季看到的這類成果。毛利率表現非常強勁、流失率朝正確方向走、成長正在加速。

And so I get less concerned about the discrete dynamics of the single product. I pay more attention to average count revenue growth. I pay more attention to whether or not we can manage the base effectively through the continuum, and I gave you some data points at the beginning of the call to show you that this is a very capable team that understands how to manage that life cycle. And I have every degree of confidence that in the coming years, we're going to take advantage of that if we run our play effectively to drive those converged numbers up.

因此，我對單一產品的個別動態就不那麼擔心。我更關注每戶平均營收（ARPA）的成長。我更關注我們是否能在整個連續體中有效管理客戶基礎；我在電話會議一開始也給了你一些數據點，來說明這是一支非常有能力、懂得如何管理該生命週期的團隊。我非常有信心，在未來幾年，只要我們把策略執行到位，就能利用這點把融合的數字推升上去。

Pascal?

Pascal？

Sam, the only a couple of points I would add, first, overall, we reiterated our guidance for advanced connectivity service revenue to be 5%-plus. And that underscores our confidence that on a combined basis, we're going to be able to deliver the service revenues that we thought. And we -- in fact, we feel really good about how we are pacing today. I have no concern. We do trade-off between products.

Sam，我只補充幾點。首先，整體而言，我們重申先進連線服務營收的指引為 5% 以上。這凸顯我們的信心：在合併基礎上，我們將能交付我們原先預期的服務營收。而且——事實上，我們對目前的進度感覺非常好。我沒有任何疑慮。我們確實會在產品之間做取捨。

And is it possible that you're going to see broadband come in a little less than we guided -- the broadband guidance a little less and wireless a little more? Yes. But on balance, we're still really happy with the performance, and that's why we reiterated all of our full year guidance.

那麼，是否可能你會看到寬頻略低於我們所給的指引——寬頻指引略低、無線略高？是的。但整體而言，我們仍對表現非常滿意，這也是為什麼我們重申了全年所有指引。

The other point I think is -- shouldn't be lost in all this is, in addition to our consumer business, our enterprise business is really performing well. We delivered 1.8% service revenue growth on really strong fiber and fixed wireless growth. So there are a lot of things working well. And we -- and our goal is to really try to optimize all of them. And I think the team is doing a great job at that.

我認為另一點——在這些討論中不應被忽略的是，除了消費者業務之外，我們的企業業務也表現得非常好。在光纖與固定無線強勁成長的帶動下，我們交出了 1.8% 的服務營收成長。所以有很多事情都運作得很好。而我們——我們的目標是盡可能把它們都最佳化。我認為團隊在這方面做得非常出色。

Thanks for the questions. Operator, we're going to take our last question now.

謝謝你的提問。接線員，我們現在要進行最後一個問題。

Peter Supino, Wolfe Research.

Wolfe Research 的 Peter Supino。

I want to ask another question on churn. Starting at the industry level, churn seems to be settling down both for you as you forecasted at the beginning of the year and also seemingly for the industry after accelerating in 2025. And I wondered if you'd just share your perspective on what happened last year, what's happening this year and maybe put that in context of what you're seeing in terms of consumer sensitivity to price increases like the one that you executed in April.

我想再問一個關於流失率的問題。從產業層面來看，流失率似乎正在趨於穩定，對你們而言如同你們在年初所預測的那樣；而對整個產業而言，在 2025 年加速之後，看起來也正在穩定下來。我想請你分享一下你們對去年發生了什麼、今年正在發生什麼的看法，並且也請把這放在你們所觀察到的消費者對價格上調敏感度的脈絡中，例如你們在 4 月執行的那次調價。

Yes, Peter. So things obviously stepped up a bit on the promotion side from last year to kind of moving into this year. And as you've heard me say before, I'm not sure that was all unexpected when LTVs are improving, it's likely that there's going to be a little bit more activity put in place to promote and try to attract customers. And I think we saw the general per account, per customer economics improving in the industry. And as a result of that, there was a willingness to invest a little bit more to bring customers in, and that's the pattern we saw last year.

是的，Peter。所以很明顯地，在促銷面，從去年到今年初有些升溫。而如同你之前聽我說過的，我不確定這是否完全出乎意料；當客戶終身價值（LTV）在改善時，很可能就會有更多活動被推出，用來促銷並嘗試吸引客戶。我認為我們看到產業整體每戶、每位客戶的經濟性在改善。因此，大家更願意多投資一些來導入客戶，這就是我們去年看到的模式。

The fact that it's now hit a different level and maybe it's stabilized a bit doesn't surprise me because I think people rationally look at it and say, do I want to take it the next step up if I'm not seeing fundamental shifts in LTV? And the answer from an economic perspective would be, of course, I'm going to be a little bit more deliberate about that.

至於現在達到另一個水準、也許稍微穩定下來，這並不讓我意外，因為我認為大家會理性地看著它並說：如果我沒有看到 LTV 的根本性變化，我是否要再把它推到更高一個檔次？從經濟角度來看，答案當然是：我會更審慎一些。

I can speak for our game, and it really didn't change last year to this year, which is we spent a lot of time focusing on getting converged customers. We want people paired with our best products and services. And that, in particular, are -- those are accretive and effective customers to chase, and we're getting a lot better at doing that, and we're opening more footprint where we can do that.

我可以談談我們的打法；其實從去年到今年並沒有改變，那就是我們花了很多時間聚焦在取得融合客戶。我們希望客戶搭配我們最好的產品與服務。而這些客戶特別——這些是具增益且值得追逐的客戶；我們在這方面做得越來越好，而且我們也在擴大可這樣做的覆蓋範圍。

And so we've been directing a lot of our promotional activity. We've been directing a lot of our retention activity in a way that plays into our strengths in that regard. And I think that's why you're seeing the strong margin performance you're seeing where we're able to keep our costs in check at the same time, managing good customer volumes and getting the kind of metric performance on convergence that you're seeing moving forward. The team has executed well in making those things happen.

因此，我們把大量促銷活動導向這個方向。我們也把大量留存活動導向能發揮我們優勢的方式。我認為這就是為什麼你會看到我們強勁的毛利率表現：我們能在控制成本的同時，維持良好的客戶量，並在融合相關指標上取得你所看到的那種持續改善的表現。團隊在推動這些事情落地方面執行得很好。

So I think that's how it works for us. That's the game I want to play. I can't speak to others. Some aren't, I don't think, reporting churn anymore in the same way. So it's sometimes hard to understand exactly what's going on.

所以我認為這就是我們的運作方式。這就是我想玩的那場仗。我無法替其他人發言。有些公司我想已經不再用同樣方式揭露流失率了。所以有時候很難確切理解到底發生了什麼。

But I can tell you this is what's working for us, and I feel pretty comfortable that play has some durability and sustainability and why we're engineering ourselves to do that. And I think we're going to see the balance of the year look very much the same to what you saw right now.

但我可以告訴你，這套做法對我們有效；我也相當有把握，這套打法具有一定的耐久性與可持續性，這也是為什麼我們正在把自己打造得能做到這件事。我認為今年剩餘時間的表現，會和你現在看到的非常相似。

All right. Thanks for the question. Appreciate it, Peter. Operator, you can go ahead and close out the call.

好的。謝謝你的提問。謝謝你，Peter。接線員，你可以結束電話會議了。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。