(T) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to AT&T's Second Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加 AT&T 2022 年第二季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would like to turn the conference call over to our host, Amir Rozwadowski, Senior Vice President of Finance and Investor Relations. Please go ahead.

我想將電話會議轉交給我們的主持人，財務和投資者關係高級副總裁 Amir Rozwadowski。請繼續。

Thank you, and good morning, everyone. Welcome to our second quarter call. I'm Amir Rozwadowski, Head of Investor Relations for AT&T. Joining me on the call today are John Stankey, our CEO; and Pascal Desroches, our CFO.

謝謝大家，大家早上好。歡迎來到我們的第二季度電話會議。我是 AT&T 投資者關係主管 Amir Rozwadowski。今天和我一起參加電話會議的是我們的首席執行官 John Stankey；和我們的首席財務官 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.

在我們開始之前，我需要提醒您注意我們的安全港聲明。它說我們今天的一些評論可能是前瞻性的。因此，它們受到 AT&T 提交給美國證券交易委員會的文件中描述的風險和不確定性的影響。結果可能大不相同。

I also want to remind you that we are in the quiet period for the FCC Spectrum Auction 108. So unfortunately, we can't answer questions about that today. And as always, additional information and earnings materials are available on the Investor Relations website.

我還想提醒您，我們正處於 FCC Spectrum Auction 108 的靜默期。很遺憾，我們今天無法回答有關此問題的問題。與往常一樣，投資者關係網站上提供了更多信息和收益材料。

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

有了這個，我會把電話轉給 John Stankey。約翰？

Thanks, Amir. And good morning, everyone. Thank you for joining us today. Last quarter, I shared that AT&T had entered a new era with the right asset base capabilities and financial structure to become America's best broadband provider. I'm happy to share this morning that we're continuing our progress, improving our infrastructure and expanding our customer base across our twin engines of growth, 5G and Fiber.

謝謝，阿米爾。大家早上好。感謝您今天加入我們。上個季度，我分享了 AT&T 已經進入了一個新時代，擁有正確的資產基礎能力和財務結構，成為美國最好的寬帶提供商。今天早上我很高興與大家分享，我們正在繼續我們的進步，改善我們的基礎設施，並通過我們的雙引擎 5G 和光纖擴大我們的客戶群。

We saw historic levels of second quarter net additions, thanks to our discipline and consistent go-to-market strategy and solid execution, building fiber and deploying our mid-band 5G spectrum assets. In Mobility, we brought in the most second quarter postpaid phone net adds in more than a decade, just like last quarter, building on our momentum from 2021.

由於我們的紀律和一致的上市戰略以及穩健的執行、建設光纖和部署我們的中頻 5G 頻譜資產，我們看到了第二季度淨增加的歷史水平。在 Mobility 方面，我們在 2021 年的勢頭的基礎上，帶來了十多年來最多的第二季度後付費電話淨增加量，就像上個季度一樣。

It's noteworthy that we've sustained this momentum in a highly competitive environment. Industry growth in the first half of 2022 has been stronger than the expectations I shared with you late last year. In our view, this strong performance reinforces that our success is not solely promotion-led, but instead reflective of our improved value proposition in the market.

值得注意的是，我們在競爭激烈的環境中保持了這種勢頭。 2022 年上半年的行業增長強於我去年年底與大家分享的預期。在我們看來，這種強勁的表現強化了我們的成功不僅僅是促銷主導，而是反映了我們在市場上改進的價值主張。

Even though better-than-anticipated customer growth metrics resulted in some higher-than-expected success-based investment, ARPU and profitability in 2Q improved, and we expect that trend line to accelerate in the second half of the year. As Pascal will discuss shortly, we're, in fact, increasing our service revenue growth guidance for 2022.

儘管好於預期的客戶增長指標導致一些基於成功的投資高於預期，但第二季度的 ARPU 和盈利能力有所改善，我們預計該趨勢線將在下半年加速。正如 Pascal 不久將討論的那樣，我們實際上正在提高 2022 年的服務收入增長指導。

In Fiber, we continue to invest in building out a premium network, drive a great build velocity and deliver on our stated expectations for accelerated customer growth through improved penetration rates. We're finding success in serving more customers in new and existing markets with what we believe is the best wired Internet offering available.

在 Fiber 方面，我們繼續投資建設優質網絡，提高建設速度，並通過提高滲透率實現我們對加速客戶增長的預期。我們在為新市場和現有市場的更多客戶提供服務方面取得了成功，我們相信這是最好的有線互聯網產品。

This is evidenced by our more than 300,000 second quarter AT&T Fiber net adds, marking our 10th straight quarter with more than 200,000 Fiber net adds. The strength and value of the AT&T Fiber experience is enabling us to increase share in our Fiber footprint and convert more IP broadband Internet subscribers to Fiber subscribers.

我們第二季度超過 300,000 的 AT&T 光纖淨增加量證明了這一點，這標誌著我們連續第 10 個季度增加了超過 200,000 的光纖淨增加量。 AT&T 光纖體驗的優勢和價值使我們能夠增加光纖足蹟的份額，並將更多的 IP 寬帶互聯網用戶轉變為光纖用戶。

Ultimately, our Fiber strategy is a sustainable and long-term technology play that will support key macro trends. We expect to see a continuation of favorable ARPU trends as we expand the availability of what we believe is a best-in-class network with a multi-decade lifespan. So I'm very pleased with the strong customer growth we're seeing.

歸根結底，我們的纖維戰略是一項可持續的長期技術戰略，將支持關鍵的宏觀趨勢。隨著我們擴大我們認為具有數十年生命週期的一流網絡的可用性，我們預計將看到有利的 ARPU 趨勢的延續。因此，我對我們看到的強勁客戶增長感到非常滿意。

Our success only reinforces the improved value proposition we're providing, and we expect our investment in top-tier technology to translate into strong resiliency for our services for years to come. Over the last 8 quarters, we've achieved an industry-best 6 million postpaid phone net adds while adding nearly 2.3 million AT&T Fiber customers, increasing our Fiber subscriber base by more than 50%.

我們的成功只會強化我們提供的改進的價值主張，我們希望我們對頂級技術的投資能夠轉化為我們未來幾年服務的強大彈性。在過去的 8 個季度中，我們實現了行業最佳的 600 萬後付費電話淨增加，同時增加了近 230 萬 AT&T 光纖客戶，使我們的光纖用戶群增加了 50% 以上。

I'm also very proud with the progress our teams have made in rapidly expanding our 5G and fiber footprints. I'm pleased to say that we've achieved our target of covering 70 million mid-band POPs 2 quarters ahead of our year-end target, and are now on track to approach 100 million mid-band POPs by the end of this year.

我也對我們的團隊在快速擴展 5G 和光纖足跡方面取得的進展感到非常自豪。我很高興地說，我們比年終目標提前兩個季度實現了覆蓋 7000 萬個中頻 POP 的目標，現在有望在今年年底前接近 1 億個中頻 POP .

And our expanded Consumer Wireline fiber footprint now gives us the ability to serve 18 million customer locations. This is an increase of nearly 2 million from the start of the year. Our teams are running hard to deliver these world-class services to our customers. And we expect our commitment to investing in our core connectivity networks to serve as the foundation for AT&T's growth for decades to come.

現在，我們擴大的消費者有線光纖覆蓋範圍使我們能夠為 1800 萬個客戶位置提供服務。這比年初增加了近200萬。我們的團隊正在努力為我們的客戶提供這些世界一流的服務。我們希望我們對核心連接網絡的投資能夠成為 AT&T 未來幾十年增長的基礎。

Moving to our second major priority. It's more important than ever we'd be effective and efficient across our operations. The dispositions we executed over the last 2 years provide us with operating flexibility to adjust, as needed, what is proving to be an increasingly pressured economic backdrop without requiring us to materially compromise on our investment priorities and financial obligations.

轉到我們的第二個主要優先事項。比以往任何時候都更重要的是，我們將在我們的運營中保持高效和高效。我們在過去 2 年執行的處置為我們提供了運營靈活性，可以根據需要調整壓力越來越大的經濟背景，而無需我們在投資重點和財務義務上做出實質性妥協。

We have strong visibility on achieving more than $4 billion of our $6 billion transformation cost savings run rate target by the end of this year. As we shared before, we've initially reinvested these savings to fuel growth in our core connectivity businesses. However, as we enter the back half of this year, we expect these savings to start to contribute to the bottom line.

我們對在今年年底前實現 60 億美元的轉型成本節約運行率目標中的 40 億美元有強烈的認識。正如我們之前分享的那樣，我們最初將這些儲蓄再投資於推動我們核心連接業務的增長。然而，隨著我們進入今年下半年，我們預計這些節省將開始為盈利做出貢獻。

As you're likely aware, we're taking proactive measures, such as selective pricing adjustments, to address as much of the very real inflationary pressures that are clearly impacting all parts of our economy. The pricing strategy we implemented is being executed in a proactive and methodical way that enables some of our longest-standing customers the opportunity to take advantage of our most robust offers while also ensuring that we're responding to the real-time cost pressures in our business.

正如您可能知道的那樣，我們正在採取積極措施，例如選擇性定價調整，以盡可能多地解決明顯影響我們經濟各個方面的非常真實的通脹壓力。我們實施的定價策略以積極主動和有條不紊的方式執行，使我們的一些長期客戶有機會利用我們最強大的報價，同時確保我們能夠應對我們的實時成本壓力商業。

I believe we've navigated this difficult reality effectively and, thus far, are seeing results that are consistent with our expectations, although not sufficient to cover all inflationary impacts. Last quarter, I shared that we're seeing inflationary pressures, and we estimate those to be more than $1 billion above the elevated cost expectations embedded into our outlook.

我相信我們已經有效地駕馭了這一艱難的現實，到目前為止，我們看到的結果與我們的預期一致，儘管不足以涵蓋所有通脹影響。上個季度，我分享說我們看到了通脹壓力，我們估計這些壓力比我們展望中的高成本預期高出 10 億美元以上。

We're clearly operating in different times, and the macroeconomic backdrop is evolving in a dynamic manner. Still, we're confident in our ability to emerge in this chapter a stronger company, thanks to our position as one of the world's largest-scaled telecom operators, our improved underlying financial flexibility, the cost reduction initiatives we have in place, the essential nature of the services we provide and our pricing actions that help partially offset these impacts.

我們顯然是在不同的時期運作，宏觀經濟背景正在以動態的方式演變。儘管如此，由於我們作為世界上規模最大的電信運營商之一的地位、我們改進的基本財務靈活性、我們實施的降低成本的舉措、必不可少的我們提供的服務的性質以及有助於部分抵消這些影響的定價行為。

With that said, the current environment is not easy to predict. We're seeing more pressure on Business Wireline than expected. And on the consumer side of our business, we're seeing an increase in bad debt to slightly higher than pre-pandemic levels as well as extended cash collection cycles.

話雖如此，當前的環境並不容易預測。我們看到美國商業有線的壓力比預期的要大。在我們業務的消費者方面，我們看到壞賬增加至略高於大流行前的水平，以及現金回收週期延長。

However, it's important to note that historical patterns in previous economic cycles suggest customers have managed their accounts similar to what we're experiencing today. In fact, we feel even better about the resiliency of our services, given the elevated importance of connectivity in everyone's lives. We view this cycle no differently and still expect customers will pay their bills, albeit a little less timely.

然而，重要的是要注意，以前經濟周期的歷史模式表明，客戶管理他們的賬戶的方式與我們今天所經歷的類似。事實上，鑑於連通性在每個人的生活中越來越重要，我們對服務的彈性感覺更好。我們對這個週期的看法沒有什麼不同，並且仍然希望客戶會支付他們的賬單，儘管會不那麼及時。

Furthermore, as I mentioned before, we feel better about our underlying financial flexibility that we have in quite a while. This is why we're confident, we can maintain our focus for growth over the long term by investing in the future of connectivity through 5G and fiber. It's our belief that near-term cyclical economic uncertainty does not warrant a retrenchment in the deployment of long-lived assets.

此外，正如我之前提到的，我們對我們在相當長一段時間內擁有的潛在財務靈活性感覺更好。這就是為什麼我們有信心，通過投資 5G 和光纖連接的未來，我們可以長期保持對增長的關注。我們認為，近期的周期性經濟不確定性並不需要縮減長期資產的部署。

The long-term economic justification for these investments remain sound, and timing of the market development supports our intent to invest through this cycle. Importantly, we maintained our focus on paying down debt, with the $40 billion in proceeds from the completion of the WarnerMedia Discovery transaction in April helping us to significantly reduce our net debt in the quarter.

這些投資的長期經濟理由仍然合理，市場發展的時機支持我們在這個週期中進行投資的意圖。重要的是，我們繼續專注於償還債務，4 月份完成 WarnerMedia Discovery 交易的 400 億美元收益幫助我們顯著減少了本季度的淨債務。

I'd also like to touch on free cash flow directly. While free cash did come in lower than we expected this quarter, there were several notable factors that drove this. The first is the timing of higher success-based investments on the back of our robust customer growth.

我還想直接談談自由現金流。雖然本季度的自由現金確實低於我們的預期，但有幾個值得注意的因素推動了這一點。首先是在我們強勁的客戶增長的支持下進行更高的基於成功的投資的時機。

Additionally, we front-end loaded our capital investment plans in order to kick-start our growth initiatives. We expect these plans to seasonally moderate through the course of the year as we achieve our $24 billion in capital investment plan. And I'm pleased we've been able to effectively manage our supply chain and front-end load some of our work this year.

此外，我們在前端加載了我們的資本投資計劃，以啟動我們的增長計劃。隨著我們實現 240 億美元的資本投資計劃，我們預計這些計劃將在全年中季節性放緩。我很高興我們今年能夠有效地管理我們的供應鍊和前端負載我們的一些工作。

In addition to these investment-driven impacts, we're seeing some longer collection cycles and inflationary costs that we've not been successful in fully offsetting. These cash flow impacts, along with expectations for a more tempered economic climate in the latter half of the year, have led us to adjust our cash flow expectations for the full year, even with our expected material improvements over the next 2 quarters.

除了這些投資驅動的影響外，我們還看到一些較長的收款週期和通脹成本，我們未能成功地完全抵消這些影響。這些現金流影響，以及對下半年經濟環境更加溫和的預期，導致我們調整了全年的現金流預期，即使我們預計未來兩個季度會有實質性改善。

The key takeaway is that we understand the emerging economic pressures on our business and feel confident in our ability to manage through them while, at the same time, investing for the long-term benefit of our customers and shareholders. While we're not immune to the pressures impacting the broader economy, the repositioning of our business to focus on core connectivity solutions, the underlying financial flexibility achieved through a significant reduction of our debt and the ability to invest in access technologies built for the long term allows us to opportunistically maneuver through this economic climate.

關鍵的收穫是，我們了解我們業務面臨的新興經濟壓力，並對我們應對這些壓力的能力充滿信心，同時為客戶和股東的長期利益進行投資。雖然我們不能倖免於影響更廣泛經濟的壓力，但我們的業務重新定位以專注於核心連接解決方案，通過顯著減少我們的債務實現的基本財務靈活性以及投資於長期構建的接入技術的能力期限使我們能夠在這種經濟環境中投機取巧。

Finally, I want to take a moment to discuss our Business Wireline unit and our focused efforts to reposition the asset. There is a sizable base of business revenue coming from legacy voice and data services, and this business is increasingly facing secular pressures as customers replace traditional voice services with mobile and other collaboration solutions.

最後，我想花點時間討論一下我們的商業有線部門以及我們重新定位資產的重點工作。傳統語音和數據服務有相當大的業務收入基礎，隨著客戶用移動和其他協作解決方案取代傳統語音服務，該業務面臨越來越多的長期壓力。

On the data front, VPN and legacy transport services are being impacted by technology transitions to software-based solutions. Today, approximately half of our segment revenue comes from these types of services. Last quarter, we shared that we're experiencing additional government sector pressure related to the reallocation of spending priorities. This pressure, tied to the timing and restructuring of government spending, continued in 2Q.

在數據方面，VPN 和傳統傳輸服務正受到技術向基於軟件的解決方案過渡的影響。今天，我們大約一半的部門收入來自這些類型的服務。上個季度，我們分享說，我們正在經歷與重新分配支出優先事項相關的額外政府部門壓力。這種與政府支出的時機和重組相關的壓力在第二季度繼續存在。

While we're hopeful that some spending will return and the Enterprise Infrastructure Solutions contract volumes and share gains will offset pricing reductions over time, we consider it prudent to reset expectations. It's worth noting that approximately 20% of the year-over-year Business Wireline revenue declines in the second quarter were due to government spending impacts.

雖然我們希望一些支出能夠恢復，企業基礎設施解決方案的合同量和份額收益將隨著時間的推移抵消降價，但我們認為重新設定預期是謹慎的做法。值得注意的是，第二季度商業有線收入同比下降的大約 20% 是由於政府支出的影響。

Lastly, we saw inflation and wholesale network access charges we incur to provide services to customers outside of our footprint due to contractual resets. This cost pressure resulted in more than 20% of the segment's year-over-year EBITDA decline. This pressure will be managed through opportunities to operate more efficiently, movement of traffic to alternate providers, symmetrical wholesale pricing adjustments and natural product migration trends.

最後，我們看到由於合同重置，我們為向我們足蹟之外的客戶提供服務而產生的通貨膨脹和批發網絡訪問費用。這種成本壓力導致該部門的 EBITDA 同比下降超過 20%。這種壓力將通過提高運營效率的機會、將流量轉移到替代供應商、對稱批發定價調整和天然產品遷移趨勢來管理。

Looking ahead, these developments only strengthen our resolve in executing our transformation, including actions to accelerate cost take-outs and simplify our product portfolio. We expect these actions to mitigate the year-over-year pressure in this segment's profitability over time. But we now expect Business Wireline EBITDA declines in the low double digits this year, and our expectation for stabilization extends to the back half of 2024.

展望未來，這些發展只會增強我們執行轉型的決心，包括加快成本削減和簡化產品組合的行動。我們預計這些行動將隨著時間的推移減輕該部門盈利能力的同比壓力。但我們現在預計 Business Wireline EBITDA 今年將以兩位數的低位下滑，我們對企穩的預期將延續到 2024 年下半年。

However, we remain confident in our efforts to reposition the segment. The deployment of Fiber is leading to an acceleration of growth each quarter in our connectivity solutions, which delivered close to 15% growth this quarter.

但是，我們對重新定位該細分市場的努力仍然充滿信心。光纖的部署使我們的連接解決方案每個季度都加速增長，本季度實現了近 15% 的增長。

Our Fiber expansion also provides us with the ability to gain market share in SMB, which is an underpenetrated segment for us. Moreover, we continue to utilize our business relationships to expand opportunities in Mobility. Since last year, we've taken more than 1 full point of share in the business Mobility space.

我們的光纖擴展還使我們有能力在 SMB 中獲得市場份額，這對我們來說是一個未充分滲透的細分市場。此外，我們繼續利用我們的業務關係來擴大移動領域的機會。自去年以來，我們在商業移動領域的份額已超過 1 個百分點。

Our focus on Fiber and 5G continues to gain traction. And we expect to use our strong enterprise and growing SMB relationships to take advantage of opportunities as they expand. We know this transformation won't happen overnight. But similar to our turnarounds in Mobility and Consumer Wireline, we're confident we have the right strategy in place and in our ability to execute it successfully.

我們對光纖和 5G 的關注繼續受到關注。我們希望利用我們強大的企業和不斷發展的 SMB 關係來利用它們擴展的機會。我們知道這種轉變不會在一夜之間發生。但與我們在移動和消費者有線方面的轉變類似，我們相信我們有正確的戰略並有能力成功執行它。

I'll now turn it over to Pascal to discuss the details for the quarter. Pascal?

我現在將把它交給帕斯卡來討論本季度的細節。帕斯卡？

Thank you, John. And good morning, everyone. Let's start by taking a look at our subscriber results for our market focus areas on Slide 5. As John mentioned, our consistent and disciplined go-to-market strategy continues to resonate with customers.

謝謝你，約翰。大家早上好。讓我們首先在幻燈片 5 上查看我們的市場重點領域的訂戶結果。正如約翰所提到的，我們一致且有紀律的進入市場戰略繼續引起客戶的共鳴。

In the quarter, we had a remarkable 813,000 postpaid phone net adds, our best second quarter in more than a decade. Looking at Fiber, we had 316,000 net adds as we delivered upon our expectations to accelerate our subscriber growth. Our Fiber deployment plans remain on track, and we expect to continue our solid momentum with customers.

在本季度，我們增加了 813,000 個後付費電話網絡，這是十多年來最好的第二季度。看看光纖，我們實現了 316,000 的淨增加，因為我們實現了加速用戶增長的預期。我們的光纖部署計劃仍在按計劃進行，我們預計將繼續與客戶保持強勁勢頭。

Now let's move to our second quarter consolidated financial summary on Slide 6. First, it's important to note, with the closing of the WarnerMedia transaction in April, historical financial results have been recast to present WarnerMedia and certain other divested businesses, including Vrio, Xandr and Playdemic, as discontinued operations.

現在讓我們轉到幻燈片 6 上的第二季度合併財務摘要。首先，重要的是要注意，隨著 4 月華納媒體交易的結束，歷史財務業績已被重鑄以呈現華納媒體和某些其他被剝離的業務，包括 Vrio、Xandr和 Playdemic，作為已終止的業務。

While continuing operations provide a clearer view of our remaining operations, keep in mind that there continues to be some year-over-year comparative challenges as the prior year results also include DIRECTV and certain other dispositions. Therefore, where applicable, I will highlight our financial results on a comparative like-for-like basis in addition to continuing from operations.

雖然持續運營可以更清晰地了解我們的剩餘業務，但請記住，由於上一年的結果還包括 DIRECTV 和某些其他處置，因此仍然存在一些與去年同期相比的挑戰。因此，在適用的情況下，除了繼續運營之外，我還將在比較類似的基礎上強調我們的財務業績。

Comparative revenues for the quarter were $29.6 billion, up 2.2% or more than $600 million year-over-year. This was largely driven by wireless revenue growth and, to a lesser extent, higher Mexico and Consumer Wireline revenues, partially offset by declines in Business Wireline.

本季度的比較收入為 296 億美元，同比增長 2.2% 或超過 6 億美元。這主要是由無線收入增長推動的，在較小程度上，墨西哥和消費者有線收入增加，部分被商業有線的下降所抵消。

Comparative adjusted EBITDA was up 1.7% year-over-year as growth in Wireless, Mexico and lower corporate costs were partially offset by Business Wireline declines. We continue to expect the year-over-year EBITDA trend line to progressively improve through the year as we begin to lap 3G shutdown costs and step up investments in technology that began in the second half of 2021.

比較調整後的 EBITDA 同比增長 1.7%，原因是無線、墨西哥的增長和較低的企業成本被商業有線的下降部分抵消。隨著我們開始計算 3G 關閉成本並加大對 2021 年下半年開始的技術投資，我們繼續預計 EBITDA 同比趨勢線將在全年逐步改善。

Adjusted EPS from continuing operations for the quarter was $0.65. On a comparative stand-alone AT&T basis, adjusted EPS was $0.64 in the year-ago quarter. Adjustments for the quarter were made to exclude a gain in our benefit plans, noncash restructuring and impairment charges and our proportionate share of DIRECTV intangible amortization.

本季度持續經營業務的調整後每股收益為 0.65 美元。在比較獨立的 AT&T 基礎上，去年同期調整後的每股收益為 0.64 美元。本季度的調整不包括我們的福利計劃收益、非現金重組和減值費用以及我們在 DIRECTV 無形攤銷中的比例份額。

Cash from operations for our continuing operations came in at $7.7 billion for the quarter. Capital investments of $6.7 billion was up $1.7 billion year-over-year. Free cash flow was $1.4 billion. DIRECTV cash distributions were $800 million in the quarter.

本季度，我們持續運營的運營現金為 77 億美元。資本投資 67 億美元，同比增長 17 億美元。自由現金流為 14 億美元。本季度 DIRECTV 的現金分配為 8 億美元。

Cash flow for the quarter was affected by several key factors. First, as expected, we had higher front-end loaded capital investments as we ramped our Fiber and 5G mid-band spectrum deployment. As John already noted, we expect lower capital investment levels in the back half of the year, in line with our expectations of $24 billion.

本季度的現金流受到幾個關鍵因素的影響。首先，正如預期的那樣，隨著我們擴大光纖和 5G 中頻頻譜部署，我們有更高的前端負載資本投資。正如約翰已經指出的那樣，我們預計今年下半年的資本投資水平會下降，這與我們對 240 億美元的預期相符。

The second is the timing of consumer collections, as it's taking about 2 more days than last year to collect customer receivables. The impact of this is almost $1 billion for the quarter. The last item is some incremental success-based investments, including device payments tied to accelerate subscriber growth.

第二個是消費者收款的時間，因為它比去年多花了大約 2 天來收集客戶應收款。這對本季度的影響接近 10 億美元。最後一項是一些基於成功的增量投資，包括與加速用戶增長相關的設備支付。

Now let's take a deeper look at our Communications segment operating results, starting with Mobility on Slide 7. Our Mobility business continues its record-level momentum. Revenues were up 5.2%, with service revenues growing 4.6%, driven by subscriber growth.

現在讓我們從幻燈片 7 中的移動性開始更深入地了解我們的通信部門的運營結果。我們的移動性業務繼續保持創紀錄的勢頭。在用戶增長的推動下，收入增長了 5.2%，服務收入增長了 4.6%。

Mobility postpaid phone ARPU was $54.81, up $0.81 sequentially or 1.1% year-over-year. This is ahead of our prior expectations for stabilizing in the second half of the year. This improvement is largely a result of more customers trading up to higher-priced unlimited plans and improved roaming trends.

移動後付費電話 ARPU 為 54.81 美元，環比增長 0.81 美元，同比增長 1.1%。這超出了我們此前對下半年企穩的預期。這種改進主要是由於更多的客戶購買了更高價格的無限計劃和改進的漫遊趨勢。

Our June pricing actions were a modest benefit as well. But given the timing of the increases, we would expect our pricing access to be a larger factor in the back half of the year. Given our expectations for ARPU, we now expect service revenue growth of 4.5% to 5% for the year. That is up from our previously stated expectations of 3%-plus.

我們 6 月份的定價行動也帶來了適度的收益。但考慮到漲價的時間，我們預計我們的定價渠道將在今年下半年成為一個更大的因素。鑑於我們對 ARPU 的預期，我們現在預計全年服務收入增長 4.5% 至 5%。這高於我們之前預期的 3% 以上。

Mobility EBITDA increased 2.5% year-over-year despite an approximately $100 million impact from lower CAF II government credits and higher FirstNet cost. We also had around $130 million of higher bad debt expense during the quarter.

儘管較低的 CAF II 政府信貸和較高的 FirstNet 成本影響了約 1 億美元，但移動性 EBITDA 同比增長 2.5%。本季度我們還增加了大約 1.3 億美元的壞賬費用。

While bad debt is now slightly higher than pre-pandemic levels, it is being offset by better-than-expected customer revenue growth. We remain confident that Mobility adjusted EBITDA growth accelerates in the second half of the year due to revenue growth and the lapping of 3G shutdown investments that began in the second half of 2021.

雖然壞賬現在略高於大流行前的水平，但被好於預期的客戶收入增長所抵消。我們仍然相信，由於收入增長和 2021 年下半年開始的 3G 停產投資的滯後，移動調整後的 EBITDA 增長將在下半年加速。

Again, our customer growth performance was better than we expected, especially when you consider we became less active in promotional activities compared to others in our industry. So it's clear to us that the strategic change we made to simplify our go-to-market strategy 2 years ago continue to yield great results and that our value proposition is resonating in the marketplace.

同樣，我們的客戶增長表現好於我們的預期，尤其是當您認為與我們行業的其他公司相比，我們在促銷活動中變得不那麼活躍時。因此，我們很清楚，兩年前我們為簡化進入市場戰略而進行的戰略變革繼續產生了巨大的成果，我們的價值主張在市場上引起了共鳴。

Now let's turn to our operating results for Consumer and Business Wireline on Slide 8. Our Fiber growth was solid as we continue to win share where we have fiber. Our total Consumer Wireline revenues were up again this quarter, even with declines from copper-based broadband services.

現在讓我們看看幻燈片 8 上的消費者和商業有線業務的經營業績。我們的光纖增長穩健，因為我們繼續贏得擁有光纖的市場份額。本季度我們的消費者有線總收入再次上升，即使銅基寬帶服務有所下降。

Broadband revenues grew 5.6% due to Fiber revenue growth and higher broadband ARPU, driven by a customer mix shift to Fiber and recent broadband pricing actions. Our Fiber ARPU was $61.65, up 5.3% year-over-year, with gross addition intake ARPU in the $65 to $70 range.

寬帶收入增長 5.6%，原因是光纖收入增長和更高的寬帶 ARPU，這是由客戶組合轉向光纖和最近的寬帶定價行動推動的。我們的纖維 ARPU 為 61.65 美元，同比增長 5.3%，總收入增加的 ARPU 在 65 美元至 70 美元之間。

We expect overall Fiber ARPU to continue to improve as more customers roll off promotional pricing and on to simplified pricing constructs. We accelerated our fiber footprint build and now have the ability to serve 18 million customer locations with great AT&T Fiber experience that consistently receives high Net Promoter Scores.

隨著越來越多的客戶放棄促銷定價並轉向簡化的定價結構，我們預計整體光纖 ARPU 將繼續提高。我們加快了我們的光纖足跡建設，現在有能力為 1800 萬個客戶位置提供服務，並擁有出色的 AT&T 光纖體驗，並始終獲得高淨推薦值。

As you heard at Analyst Day, our plans center on pivoting from a copper-based product to fiber, and we're doing just that. We continue to expect EBITDA growth to accelerate through the remainder of 2022, driven by continued growth in broadband revenues and the lapping of technology investments that began in the second half of 2021.

正如您在分析師日所聽到的那樣，我們的計劃重點是從基於銅的產品轉向光纖，我們正在這樣做。我們繼續預計，在寬帶收入的持續增長和 2021 年下半年開始的技術投資的推動下，EBITDA 將在 2022 年剩餘時間內加速增長。

Looking at Business Wireline, as John stated, revenues and earnings came in lower than we expected. There are 2 main factors that are driving the shortfall to our expectation: the first is lower revenue than anticipated from the government sector; the second is inflationary pressure on wholesale network access costs.

正如 John 所說，從 Business Wireline 來看，收入和收益低於我們的預期。導致低於我們預期的主要因素有兩個：首先是政府部門的收入低於預期；二是批發網絡接入成本的通脹壓力。

On a combined basis, these 2 factors accounted for about $100 million in EBITDA pressure year-over-year. While the Business Wireline transition and portfolio rationalization creates incremental pressure on near-term revenues, it underscores the importance of transitioning to our owned and operated connectivity services as well as growing 5G and Fiber-integrated solutions.

綜合來看，這兩個因素造成的 EBITDA 壓力同比約為 1 億美元。雖然 Business Wireline 轉型和產品組合合理化對近期收入造成了越來越大的壓力，但它強調了向我們擁有和運營的連接服務以及不斷增長的 5G 和光纖集成解決方案轉型的重要性。

In fact, our connectivity services revenue growth continues to accelerate as we are up nearly 15% year-over-year. Both areas, Business 5G and Fiber, continue to perform well, with Business Wireline service revenue growth of 7.4% and a sequential increase in our FirstNet wireless base of more than 300,000.

事實上，我們的連接服務收入增長繼續加速，同比增長近 15%。商業 5G 和光纖這兩個領域繼續表現良好，商業有線服務收入增長 7.4%，我們的 FirstNet 無線基礎連續增長超過 300,000。

Before we shift to questions, I want to provide you an update on how we are thinking about the rest of the year, given the dynamic macro environment we're operating in. As I mentioned previously, we like the momentum in our Mobility business, both on a service revenue and EBITDA basis.

在我們轉向問題之前，鑑於我們所處的動態宏觀環境，我想向您介紹一下我們對今年剩餘時間的看法。正如我之前提到的，我們喜歡移動業務的發展勢頭，以服務收入和 EBITDA 為基礎。

While we maintain expectations that 2022 industry postpaid phone demand levels are unlikely to replicate 2021, the strength we experienced in the first half of the year, coupled with better ARPU trends, give us confidence in our raised service revenue outlook and expectations for an improved EBITDA trajectory.

雖然我們維持 2022 年行業後付費電話需求水平不太可能複制 2021 年的預期，但我們在上半年經歷的強勁勢頭，加上更好的 ARPU 趨勢，使我們對提高的服務收入前景和對改善 EBITDA 的預期充滿信心彈道。

On Consumer Wireline, we are largely trending on plan, given mix shift to higher-ARPU Fiber plans, which is driving both revenue and adjusted EBITDA growth. On Business Wireline, you know the near-term challenges we are facing, which reduces our expectations.

在 Consumer Wireline 上，鑑於混合轉向更高 ARPU 的光纖計劃，我們在很大程度上傾向於計劃，這正在推動收入和調整後的 EBITDA 增長。在商業有線上，您了解我們面臨的近期挑戰，這降低了我們的期望。

We now expect Business Wireline to decline in the low double-digit EBITDA range for the year. Putting this all together, we remain comfortable in our ability to deliver revenue, adjusted EBITDA and EPS within our prior guidance ranges for the year.

我們現在預計美國商業有線公司今年的 EBITDA 將下降到兩位數的低位。綜上所述，我們仍然有能力在我們之前的年度指導範圍內提供收入、調整後的 EBITDA 和每股收益。

Moving to free cash flow. Given the combination of elevated success-based investment, the potential for further extension of payments by our customers, inflation and the more challenging environment facing our Business Wireline unit, we consider it prudent to take a more conservative outlook to free cash flow for the year.

轉向自由現金流。鑑於基於成功的投資增加、客戶進一步延長付款的潛力、通貨膨脹以及我們的商業有線部門面臨的更具挑戰性的環境，我們認為謹慎的做法是對今年的自由現金流採取更保守的展望.

Given these factors, we anticipate pressure of about $2 billion to our free cash flow guidance from our prior $16 billion range for the year. Now before the questions on how we get to the implied $10 billion of free cash flow in the second half of the year when we generated $4 billion in the first half of the year, let me provide you with some specific items to consider.

鑑於這些因素，我們預計我們的自由現金流指導將面臨約 20 億美元的壓力，而我們之前的年度範圍為 160 億美元。現在，在關於我們如何在上半年產生 40 億美元的情況下獲得隱含的 100 億美元自由現金流的問題之前，讓我為您提供一些需要考慮的具體事項。

Our outlook reflects the following expectations: $3 billion-plus lower device payment versus the first half of the year due to timing; nearly $2 billion lower capital investment versus the first half of the year as we reach our $24 billion expectations for the full year. The balance of the improvement relative to the first half of the year is due to wireless customer growth, including our recent pricing increases and lower cash interest expense.

我們的展望反映了以下預期：由於時間原因，設備支付與上半年相比減少了 30 億美元以上；隨著我們達到全年 240 億美元的預期，與上半年相比，資本投資減少了近 20 億美元。相對於上半年的改善餘額是由於無線客戶的增長，包括我們最近的定價上漲和較低的現金利息支出。

We expect these benefits to be partially offset by reduced distributions from DIRECTV and our expectations for incremental tax payments in the second half of the year. However, we do expect full year tax payments to be lower than we previously anticipated. Additionally, we expect typical free cash flow seasonality, with the fourth quarter higher than the third quarter.

我們預計這些收益將被 DIRECTV 減少的分配以及我們對下半年增加的稅收的預期所部分抵消。但是，我們確實預計全年納稅額將低於我們之前的預期。此外，我們預計典型的自由現金流季節性，第四季度高於第三季度。

Although we're not providing an updated 2023 outlook, we expect improved cash conversion of EBITDA in 2023. Here's how. Better Mobility cash flow as we get a full year benefit from a larger subscriber base at higher ARPU level. We expect MVNO volumes to ramp and become more material through the course of the year. International roaming trends should improve as well.

儘管我們沒有提供更新的 2023 年展望，但我們預計 2023 年 EBITDA 的現金轉換將有所改善。方法如下。更好的流動性現金流，因為我們從更高 ARPU 水平的更大用戶群中獲得全年收益。我們預計 MVNO 的數量將在一年中增加並變得更加重要。國際漫遊趨勢也應有所改善。

We expect broadband revenue growth from the mix shift to higher-priced fiber to continue. On the cost structure, we expect a full year benefit from our cost transformation efforts implemented in 2022 in conjunction with reaching our $6 billion-plus target by the end of 2023.

我們預計從混合轉向更高價格的光纖的寬帶收入增長將繼續。在成本結構方面，我們預計 2022 年實施的成本轉型工作將全年受益，同時在 2023 年底實現超過 60 億美元的目標。

Additionally, the cost actions we plan to execute in Business Wireline in the second half of the year should produce more than $300 million of savings in 2023 relative to 2022. Also recall that we have no 3G shutdown costs in 2023.

此外，與 2022 年相比，我們計劃在 2023 年下半年在 Business Wireline 中執行的成本行動應該會節省超過 3 億美元。另外請記住，我們在 2023 年沒有 3G 關閉成本。

In addition, we expect lower cash interest expense as we get a full year benefit from the debt paydown actions taken in 2022. All these factors should more than offset the expected lower distribution from DIRECTV and an expected year-over-year increase in cash taxes.

此外，我們預計現金利息支出會降低，因為我們從 2022 年採取的債務償還行動中獲得了全年收益。所有這些因素應該足以抵消 DIRECTV 的預期較低的分配以及現金稅的預期同比增長.

In summary, there is no doubt we're operating in a dynamic macro environment, but we feel confident in both the resilient nature of our business and the underlying financial flexibility we gained from recent dispositions. Amir, that's our presentation. We're now ready for the Q&A.

總而言之，毫無疑問，我們在動態的宏觀環境中運營，但我們對我們業務的彈性和我們從最近的處置中獲得的潛在財務靈活性充滿信心。阿米爾，那是我們的介紹。我們現在準備好進行問答了。

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

謝謝你，帕斯卡。接線員，我們準備回答第一個問題。

(Operator Instructions) Our first question will come from the line of John Hodulik with UBS.

（操作員說明）我們的第一個問題將來自瑞銀的 John Hodulik。

(technical difficulty)

（技術難度）

John, you're breaking up.

約翰，你要分手了。

John, you're breaking up.

約翰，你要分手了。

Okay. Can you hear me now?

好的。你能聽到我嗎？

Yes.

是的。

Okay. Yes, 2 parts. First, on the -- I guess, for Pascal. (technical difficulty)

好的。是的，2 部分。首先，關於 - 我猜是 Pascal。 （技術難度）

John, sorry, you're breaking up right now. Why don't we go to the next question and reconnect you?

約翰，對不起，你現在要分手了。我們為什麼不轉到下一個問題並重新連接您？

Okay.

好的。

Our next question will come from Simon Flannery with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Simon Flannery。

Just coming back to the 2023 free cash flow, can you help us a little bit with the CapEx? Is that still expected to be about $24 billion before dropping off the following year, especially given that you've said you've pulled forward some of the 5G spend?

剛剛回到 2023 年的自由現金流，你能幫我們一點資本支出嗎？在第二年下降之前，這是否仍有望達到約 240 億美元，特別是考慮到您已經說過您已經提前了部分 5G 支出？

And I guess, any updated thoughts on what you want to do in terms of fiber? Are you going to continue at this 3.5 million, 4 million homes or locations a year, and you're going to stop at 30 million? What's the latest thought there?

我想，關於你想在纖維方面做什麼的任何更新的想法？您是否要繼續在每年 350 萬、400 萬個家庭或地點，而您將停止在 3000 萬個？最新的想法是什麼？

And then you've referenced DIRECTV a couple of times. I just want to make clear, has anything changed at DIRECTV? Or is this just a quarterly kind of cadence of the payments? Or are you still expecting the same distributions that you put out in your guidance for the '22 and '23 as overall?

然後你已經引用了幾次 DIRECTV。我只是想澄清一下，DIRECTV有什麼變化嗎？或者這只是一個季度的付款節奏？或者您是否仍然期待與您在 '22 和 '23 總體指南中提出的相同分佈？

Sure. Thanks, Simon. Look, the thing is -- I think you have to keep in mind is one of the things that we -- when we did all the dispositions, we wanted -- our plan was to invest significantly this year and next year, both the $24 billion level.

當然。謝謝，西蒙。看，問題是 - 我認為你必須記住的是我們 - 當我們進行所有處置時，我們想要 - 我們的計劃是今年和明年進行大量投資，都是 24 美元億級。

And as you see, so far, the momentum in our business remains really strong. Those investments are providing attractive returns. And everything we see suggests that these were really good decisions. So yes, we are expecting $24 billion next year. We continue to expect to deploy fiber at the pace we've previously guided.

如您所見，到目前為止，我們業務的勢頭仍然非常強勁。這些投資正在提供有吸引力的回報。我們所看到的一切都表明這些都是非常好的決定。所以是的，我們預計明年將達到 240 億美元。我們繼續期望以我們之前指導的速度部署光纖。

And as it relates to DIRECTV, nothing has changed at all. We expected around $4 billion this year. As you can see from the first couple of quarters, that's more front-end loaded. And as we -- and next year, we expect $3 billion. So nothing has changed in that regard, and we feel really good about how the business is performing.

與 DIRECTV 相關，一切都沒有改變。我們預計今年約為 40 億美元。正如您從前幾個季度看到的那樣，前端負載更多。正如我們 - 以及明年，我們預計 30 億美元。因此，在這方面沒有任何改變，我們對業務的表現感覺非常好。

Great. And just a quick follow-up. On the price increases, what's your early read of what customers are doing? Are they paying the extra $6 or $12? Are they migrating to unlimited plans? Is that accretive or not? And any surprises on churn?

偉大的。只是一個快速的跟進。關於價格上漲，您對客戶在做什麼的早期了解是什麼？他們是在支付額外的 6 美元還是 12 美元？他們是否正在遷移到無限計劃？這是增值還是不增值？客戶流失有什麼意外嗎？

Everything is tracking as we kind of expected when we laid it out, Simon. As I shared with you, I think when we indicated we were going to do it, what we have is past models from executing these types of things that allow us to go and try to evaluate how customers are going to react and behave when the changes occur.

西蒙，一切都在按照我們佈置時的預期進行跟踪。正如我與您分享的那樣，我認為當我們表明我們將要這樣做時，我們所擁有的是過去執行這些類型的事情的模型，這些模型使我們能夠去嘗試評估客戶在變化時將如何反應和行為發生。

And in this particular case, we had a great opportunity to ensure that, while we are going through a price increase on a segment of plans, we were able to also provide the option for a customer to think about moving to other plans and ultimately get more value, and I think, in many cases, very attractive characteristics associated with that. And we're seeing customers do both.

在這種特殊情況下，我們有一個很好的機會來確保，在我們對部分計劃進行價格上漲的同時，我們還能夠為客戶提供考慮轉向其他計劃並最終獲得的選項更多的價值，我認為，在很多情況下，與此相關的非常有吸引力的特徵。我們看到客戶兩者兼而有之。

In some cases, they're choosing to pay the increase of their existing plan and not move. But as you would expect, there's a degree of inertia in any subscription base. Sometimes it takes a little bit of time for somebody to process what's occurred and react.

在某些情況下，他們選擇支付現有計劃的增加費用而不是搬家。但正如您所料，任何訂閱基礎都存在一定程度的慣性。有時某人需要一點時間來處理髮生的事情並做出反應。

And we're also seeing some use this an opportunity to migrate into better plans and trade up and take not only some of that value that we're giving. But as you're seeing, we're starting to drive the improvements in ARPUs that we told you would occur. And certainly, this is a component of that happening.

我們還看到一些人利用這個機會遷移到更好的計劃和交易中，不僅獲得了我們提供的一些價值。但正如您所看到的，我們開始推動我們告訴您將會發生的 ARPU 的改進。當然，這是發生這種情況的一個組成部分。

But I would tell you, it is tracking as we expected. It will be accretive as we expected. And I think everything we've given you for end of year forecast is consistent with what is occurring right now in the market in the early days of the change.

但我會告訴你，它正在按照我們的預期進行跟踪。正如我們預期的那樣，它將是增值的。而且我認為我們為您提供的年底預測的所有內容都與變化初期市場上正在發生的事情一致。

Our next question will come from Brett Feldman with Goldman Sachs.

我們的下一個問題將來自高盛的布雷特費爾德曼。

And just, I guess, sort of a two-part question related to the timing issue that you highlighted with collections. So the first one is, what gives you confidence it really is a timing issue and not really a nonpayment issue? You alluded to some prior experience in different economic cycles. So I was hoping you can maybe just elaborate on that.

而且，我想，這是一個與您在集合中強調的時間問題相關的兩部分問題。所以第一個問題是，是什麼讓你確信這確實是時間問題而不是真正的未付款問題？您提到了在不同經濟周期中的一些先前經驗。所以我希望你能詳細說明一下。

And then I'm curious, to what extent this might be shaping the way you think about going to market, particularly in your wireless business? As you move into the back half of the year? You've obviously done very well with a certain offer or a suite of promotions.

然後我很好奇，這可能會在多大程度上影響您考慮進入市場的方式，尤其是在您的無線業務中？當你進入下半年？顯然，您在某項優惠或一系列促銷活動方面做得很好。

Does it make sense to maintain the same promotional stance in a more difficult environment, particularly where there may be some timing issues? It certainly seems like your financial guidance anticipates lower volumes in the back half. But if that's a misunderstanding, any color there would be helpful.

在更困難的環境中保持相同的促銷立場是否有意義，尤其是在可能存在一些時間問題的情況下？看來您的財務指導似乎預計後半部分的交易量會減少。但如果這是一個誤解，那麼任何顏色都會有幫助。

Brett, first of all, I'd say that our most recent experience in looking at kind of a challenged cycle is probably coming out of the 2008 recession and the dynamic around it. And as I indicated in my earlier remarks, we've evaluated that. We looked at that.

布雷特，首先，我要說的是，我們最近在看待一個充滿挑戰的周期方面的經驗可能來自 2008 年的經濟衰退及其周圍的動態。正如我在之前的評論中指出的那樣，我們已經對此進行了評估。我們看著那個。

And that was a pretty stressed time, if you recall. And I don't know that I can exactly predict what's going to occur over the next year or so. But my guess is it probably won't be quite as shocking as that cycle is, what's occurred in a worst-case scenario.

如果你還記得的話，那是一個壓力很大的時期。而且我不知道我能否準確預測未來一年左右會發生什麼。但我的猜測是，它可能不會像那個週期那樣令人震驚，在最壞的情況下會發生什麼。

And we go back and we look at patterns and behaviors that have occurred in those cycles and evaluated them. And the other great thing we know that today is we have far better data than we've ever had, that's more dynamic in how we do algorithmic scoring and things like that, that allow us to be even more effective in managing customer risk. So I think we feel pretty comfortable that we've got a reasonable record of data that allows us to do some projection on that as we start to see these things move.

然後我們回過頭來查看在這些週期中發生的模式和行為並對其進行評估。我們今天知道的另一件好事是我們擁有比以往更好的數據，這在我們如何進行算法評分和類似的事情上更加動態，這使我們能夠更有效地管理客戶風險。所以我認為我們感到很舒服，因為我們有合理的數據記錄，當我們開始看到這些事情發生變化時，我們可以對此進行一些預測。

And as I said, this typically is not an issue of people not paying, it's an issue of when they pay. And I don't believe there's anything in our credit scoring and how we've looked at our customer base coming in that would cause those trends to be dramatically different than a previous period.

正如我所說，這通常不是人們不付款的問題，而是他們何時付款的問題。而且我不相信我們的信用評分以及我們如何看待我們的客戶群會導致這些趨勢與之前的時期截然不同。

In terms of how we go to market, I think we had a fantastic quarter. And I don't know that I want to go to market any differently than the quarter that we've put on the Board. In fact, looking at many of your commentaries, you've been articulating that others have been much more aggressive in the market and probably leaning in to promotional activity in a heavier way.

就我們如何進入市場而言，我認為我們有一個很棒的季度。而且我不知道我想進入市場的方式與我們在董事會上的季度有什麼不同。事實上，看看你的許多評論，你一直在表達其他人在市場上的侵略性要大得多，並且可能更傾向於以更重的方式進行促銷活動。

And I would say, I would characterize our approach as being much more tempered and consistent with the past. And we have not really responded to that increased promotional activity that we're seeing from others in the market right now. We've kind of been continuing to play our game, and we've put up a record quarter or a second quarter for ourselves in the 10-year period.

我會說，我會將我們的方法描述為更加溫和和與過去保持一致。我們還沒有真正回應我們現在從市場上其他人那裡看到的增加的促銷活動。我們一直在繼續玩我們的遊戲，我們在 10 年期間為自己創造了一個創紀錄的季度或第二季度。

And as I've told you before, we like each of these incremental subscribers we're bringing in. We think the economics of them are very strong, albeit there is investment at the front end to bring them on to the network. But I'm not going to shy away from that kind of growth.

正如我之前告訴過你的那樣，我們喜歡我們引入的每一個增量訂閱者。我們認為它們的經濟性非常強，儘管前端有投資將它們引入網絡。但我不會迴避這種增長。

I don't know what the overall market is going to do for the next several quarters. I expect it will be, as I said in my comments, a bit more tepid as maybe economic stress comes in. But I've been saying that we expected it to be a little bit slower for the better part of 9 months now, and it hasn't materialized yet.

我不知道未來幾個季度整體市場會發生什麼。正如我在評論中所說，隨著經濟壓力的到來，我預計它會變得不溫不火。但我一直在說，我們預計現在 9 個月的大部分時間它會慢一些，並且它還沒有實現。

We'll take the growth if it comes in. I expect it's going to slow a little bit. And I'm going to continue to play our game as long as it's working, and it's working right now.

如果它進入，我們將接受增長。我預計它會放緩一點。只要它有效，我就會繼續玩我們的遊戲，而且它現在有效。

And Brett, one other point as it relates to the overall credit quality of our customer base. While we did see an uptick in bad debt, overall, it is nothing at all concerning. It's up slightly from pre-pandemic levels. So our call out here was really just to caution investors, given the broader macro trends that are happening. So we're not, in any way, alarmed by this.

還有布雷特，另一點與我們客戶群的整體信用質量有關。雖然我們確實看到壞賬有所增加，但總體而言，這並不令人擔憂。它比大流行前的水平略有上升。因此，鑑於正在發生的更廣泛的宏觀趨勢，我們在這裡的呼籲實際上只是為了提醒投資者。所以我們無論如何都不會對此感到震驚。

Our next question will come from the line of Phil Cusick with JPMorgan.

我們的下一個問題將來自摩根大通的 Phil Cusick。

A couple of follow-ups and one new one. Can you, John, talk anything about recent customer trends, June and July? You just said a minute ago, you expect things to slow down, but it doesn't sound like you've seen slower customer trends so far. It's a little surprising, given the elevated DSOs.

幾個跟進和一個新的。約翰，你能談談 6 月和 7 月最近的客戶趨勢嗎？您剛剛在一分鐘前說過，您預計事情會放緩，但聽起來您到目前為止還沒有看到客戶趨勢放緩。考慮到提升的 DSO，這有點令人驚訝。

And it sounds like you guys don't have a lot of confidence in that 2023 free cash flow number. What -- is there just less visibility so you don't want to cut that now? Or are you still reasonably confident in the $20 billion, and you think you can get there? Or we could use a little more?

聽起來你們對 2023 年的自由現金流數字沒有太大的信心。什麼 - 能見度較低，所以你現在不想削減它？或者你對這 200 億美元仍有相當的信心，並且你認為你可以做到這一點？或者我們可以多用一點？

And then finally, can you just get into the recent launch of plans that don't include HBO? What's the potential cost savings from that shift of customers away? And what's been the reaction?

最後，您能否了解最近推出的不包括 HBO 的計劃？客戶轉移可能會節省多少成本？反應如何？

Phil, so let me touch on these first, and then Pascal can come in and backfill to the extent he wishes to do so. So customer trends, first of all, I don't want to go down a path on stuff we haven't disclosed. But the first part of July, as you'd expect, tends to be a little bit more suppressed because it's a high holiday and vacation period. And that's what I would call seasonal and cyclical, and we certainly saw a little bit of that occurring. But I've not seen anything in the market right now that suggests we're seeing a move away from what the first half of the year represented.

菲爾，所以讓我先談談這些，然後帕斯卡可以進來並在他希望的範圍內回填。所以客戶趨勢，首先，我不想在我們沒有披露的東西上走上一條道路。但正如你所預料的那樣，7 月上旬往往會受到更多的壓抑，因為這是假期和假期的高峰期。這就是我所說的季節性和周期性，我們當然看到了這種情況的發生。但我目前在市場上還沒有看到任何跡象表明我們正在看到與上半年所代表的情況有所不同。

And I think kind of moving into the second part of your question, I hate to describe it this way, but I think we got a little bit of a tale of 2 cities going on here. And when you see 9% inflation, it tends to hit those in the low end of the market really, really hard. And it's difficult when you walk up to the gas pump and have to fill the car, and you get the electric bill come in and you see the kind of step-ups that people are seeing. And I think there's an adjustment period that goes on.

我想進入你問題的第二部分，我不想這樣描述它，但我認為我們有一個關於兩個城市的故事。當你看到 9% 的通脹率時，它往往會對市場低端的人造成非常非常嚴重的打擊。當你走到加油站前必須給汽車加油時，你會遇到電費賬單，你會看到人們正在看到的那種升級，這很困難。而且我認為還有一個調整期。

The flip side is, you've got another segment of the population that banked a lot of money during the pandemic. They weren't traveling. They weren't dining out. They were feeling a little bit more flush, and they're making different decisions. And as you know, our postpaid base is probably skewed a little bit more to the higher socioeconomic dynamics and probably a bit more insulated.

另一方面，在大流行期間，還有另一部分人存了很多錢。他們不是在旅行。他們不是在外面吃飯。他們感覺有點臉紅，他們正在做出不同的決定。如您所知，我們的後付費基礎可能更傾向於更高的社會經濟動態，並且可能更加絕緣。

But there is a portion of the base that clearly is starting to adjust to this dynamic that there's higher calls on their cash in any given quarter, and they're having to adjust betting patterns and behaviors and prioritization of how they order bills. And I think we're seeing that there's a little bit of that starting to occur.

但是有一部分基礎顯然開始適應這種動態，即在任何給定季度都有更高的現金需求，他們不得不調整投注模式和行為以及他們訂購賬單的優先級。我認為我們看到有一點點開始發生。

As Pascal said, it's not alarming in the way it's happening, but it is moving out collection cycles a bit, as we typically see when this type of stress starts to show up. And that's what the working capital issue is around it.

正如 Pascal 所說，它的發生方式並不令人擔憂，但它正在稍微延長收集週期，正如我們通常看到的那樣，這種壓力何時開始出現。這就是圍繞它的營運資金問題。

So I would tell you, I don't see anything in here that would be out of pattern for this occurring. I think you've got 2 different parts of the economy, though, that are working in different ways. And how they develop over the course of the next several quarters is a little bit of a visibility issue, to be candid with you.

所以我會告訴你，我在這裡看不到任何不符合這種情況的東西。不過，我認為你有兩個不同的經濟部分，它們以不同的方式運作。坦率地說，它們在接下來的幾個季度中如何發展是一個知名度問題。

And I don't know, if you'd asked me 6 months ago, we would be seeing 9% inflation annualized. I don't think I would have picked it as being that strong, but here we are. And now the question is, how fast do we eradicate it and what rate? And if you have a good pick on that or good insights, then I can probably be a little bit more precise than what I think '23 brings.

而且我不知道，如果你在 6 個月前問我，我們會看到年化率為 9%。我不認為我會選擇它那麼強大，但我們在這裡。現在的問題是，我們以多快的速度根除它，速度又是多少？如果你對此有很好的選擇或很好的見解，那麼我可能會比我認為的 23 年帶來的更精確一點。

I think what's important to understand is -- Pascal articulated in his comments is the fundamentals of the business are really strong. We feel really good about some of the mechanical things that will improve cash flow yields into '23. That's not going to change.

我認為重要的是要理解 - 帕斯卡在他的評論中闡明的是，業務的基本面非常強大。我們對一些可以提高 23 年現金流收益的機械設備感覺非常好。這不會改變。

But what happens in the overall economic pattern is a bit uncertain. And without seeing how the Fed reacts, how fast we see the curve starting to abate on the inflation side, trying to make that pick right now just feels like it's a bit of an overreach. And so I think we're reserving the right to get a little bit more visibility on '23 to declare.

但整體經濟格局中發生的情況有點不確定。在沒有看到美聯儲如何反應的情況下，我們看到曲線在通脹方面開始減弱的速度有多快，現在試圖做出這個選擇感覺有點過頭了。因此，我認為我們保留在 23 年獲得更多知名度的權利來宣布。

But I think the strong improvement dynamics are what I would call mechanical. And the performance of the business is supporting the fact that we're going to see that improved conversion on cash flow as we move through the year.

但我認為強大的改進動力就是我所說的機械。業務的表現支持了這樣一個事實，即我們將在這一年中看到現金流轉換的改善。

And then finally, on your question about the plans is, look, we still have a lot of streaming services in our base that we're using. We're trying a couple of different things. Part of this has been segment driven to look at opportunities for us to address areas that we think there is potential for stronger growth. And we shifted the mix of our plan and what we gave away, so to speak, in some of the benefits, especially as we were executing the price changes that we have talked about previously.

最後，關於你關於計劃的問題，看，我們的基地仍然有很多我們正在使用的流媒體服務。我們正在嘗試幾種不同的方法。部分原因是細分市場為我們尋找機會來解決我們認為有可能實現更強勁增長的領域。我們改變了我們的計劃組合和我們放棄的東西，可以這麼說，在一些好處中，特別是在我們執行我們之前談到的價格變化時。

And we felt that, this quarter, and where we stood, that working on things like more generous hotspot capabilities and better roaming moving into the summer might be a better play in the market. And I would tell you, we kind of like what we saw in our results despite a lot of the changes by others in the industry in terms of what their value proposition is to customers.

而且我們認為，在本季度以及我們所處的位置，致力於更慷慨的熱點功能和更好的漫游進入夏季可能是市場上更好的選擇。我會告訴你，我們有點喜歡我們在結果中看到的結果，儘管業內其他人在他們對客戶的價值主張方面發生了很多變化。

And it feels like it was a good pivot and rotation at this moment for what we needed to do with the kind of changes we were making broadly in our plans. That doesn't mean that, that's the strategy forever. And it doesn't mean it's the strategy for the rest of the year.

感覺這是一個很好的支點和輪換，因為我們需要對我們在計劃中廣泛進行的那種改變做些什麼。這並不意味著，這就是永遠的策略。這並不意味著這是今年剩餘時間的策略。

As we move through the summer months and we get through the peak travel periods and we look at what other options we have, we could choose to do something different in what we decide to do from a promotional perspective and what we choose to bring in as part of the bundles moving forward. I don't think anything should be viewed as static.

隨著我們度過夏季的幾個月，我們度過了旅行高峰期，我們看看我們還有哪些其他選擇，我們可以選擇做一些不同的事情，從促銷的角度來看我們決定做的事情，以及我們選擇帶來的東西部分捆綁向前移動。我不認為任何事情都應該被視為靜態的。

And I think entertainment, as part of a wireless bundle, is probably something that's going to be around with us in this industry for a good period of time because I think customers -- certain customers resonate with it. And HBO Max is a great product. We like the fact that we're kind of viewed as being the place to come to get it. And when it's right for us to put that up in the front line to do that, we'll continue to do that.

而且我認為娛樂，作為無線捆綁的一部分，可能會在這個行業中伴隨我們很長一段時間，因為我認為客戶 - 某些客戶會與之產生共鳴。 HBO Max 是一款很棒的產品。我們喜歡這樣一個事實，即我們被視為是來獲得它的地方。當我們把它放在第一線去做這件事對我們來說是正確的時候，我們將繼續這樣做。

Our next question comes from the line of Michael Rollins with Citi.

我們的下一個問題來自花旗銀行的邁克爾·羅林斯 (Michael Rollins)。

So a follow-up and a question. When you're discussing some of the impact that your customers are experiencing this inflationary environment, can you talk about how AT&T is using the ACP program, the size of it, and the opportunity to use that, which may be different than some past cycles customers had deal with potentially tougher macro climate?

所以一個跟進和一個問題。當您討論您的客戶正在經歷這種通貨膨脹環境的一些影響時，您能否談談 AT&T 如何使用 ACP 計劃、它的規模以及使用它的機會，這可能與過去的一些週期不同客戶是否應對了可能更為嚴峻的宏觀氣候？

And then secondly, just in terms of the infrastructure money that's out there, can you give us an update on your expectations for the size of the opportunity that AT&T could pursue?

其次，就現有的基礎設施資金而言，您能否告訴我們您對 AT&T 可以追求的機會規模的最新預期？

Sure, Michael. First of all, I think the most significant change in the ACP program is the fact that we have put out a new product, Access by AT&T (sic) [Access from AT&T]. It's very easy for you to look at that product. All you need to do is search on the Internet, Access by AT&T, and you'll be taken directly to the page that talks about what this is. And it's, of course, tied to ACP dollars.

當然，邁克爾。首先，我認為 ACP 計劃最顯著的變化是我們推出了一個新產品，即 Access by AT&T (sic) [Access from AT&T]。你很容易看那個產品。您需要做的就是在 Internet 上搜索 AT&T 訪問，然後您將被直接帶到討論這是什麼的頁面。當然，它與 ACP 美元掛鉤。

And that program, I think, is a great program. I think it's good for the consumer. As you know, it offers 100 by $20 -- $30 fixed connection. And we also have options that are available in the wireless space around it as well. And we've been able to, in most of our channels, activate eligibility requirements for ACP. And we're working on ensuring that, that's done.

我認為那個程序是一個很棒的程序。我認為這對消費者有好處。如您所知，它提供 100 x 20 美元 - 30 美元的固定連接。我們也有在它周圍的無線空間中可用的選項。我們已經能夠在我們的大多數渠道中激活 ACP 的資格要求。我們正在努力確保這已經完成。

The government still continues to move around a little bit on some of the qualification criteria and those types of things, and we have to adjust our operations. But I would say, by and large, in most of our mainline channels, we have the ability to qualify customers and to move them into products and service as a result of it. And I think this is a -- it's a healthy program to get those that maybe are a little bit more income challenged to get them into not only new products but better products.

政府仍然在一些資格標準和那些類型的事情上繼續進行一些調整，我們必須調整我們的操作。但我想說，總的來說，在我們的大多數主線渠道中，我們有能力使客戶合格並因此將他們轉移到產品和服務中。我認為這是一個健康的計劃，讓那些可能收入更高的人面臨挑戰，讓他們不僅生產新產品，而且生產更好的產品。

And so I think that's a good thing. I think we still have an issue from a policy perspective in this country on how we sustain this for the long haul. And universal service reform is going to need to be a key element of that as we get out several years from now and the original ACP funding starts to have to be renewed, and we have to look at it differently. But right now, I'd say the program is healthy. I think we're in as good a position as anybody in the market as to what we're doing.

所以我認為這是一件好事。我認為從這個國家的政策角度來看，我們仍然存在一個問題，即我們如何長期維持這一點。普遍服務改革將需要成為其中的一個關鍵要素，因為幾年後我們將退出，原始的 ACP 資金必須開始更新，我們必須以不同的方式看待它。但現在，我會說這個程序是健康的。我認為在我們正在做的事情上，我們與市場上的任何人一樣處於有利地位。

And it's needs-based. But we make it very easy for those needs-based customers to self-identify and qualify at the point of sale and then take advantage of it and move into a product or service. And we think that will be actually, over the long haul, something that makes for more continuity in our relationships with customers as it insulates them a little bit from economic cycles and some of the things that are going on, like higher inflation.

它是基於需求的。但是我們讓那些基於需求的客戶在銷售點很容易自我識別和獲得資格，然後利用它並進入產品或服務。而且我們認為，從長遠來看，這實際上會增強我們與客戶的關係的連續性，因為它可以使他們與經濟周期和正在發生的一些事情（例如更高的通貨膨脹）稍微隔離開來。

On the infrastructure side, look, I'm optimistic. We haven't given any guidance on what we think that number will be. And I will tell you, frankly, timing-wise, this is a little bit out in the future right now. As you know, the maps are not going to be issued from the FCC until a little bit later this year. And until that happens, the money really can't start to flow at the state level. So we got to get the maps in place.

在基礎設施方面，看，我很樂觀。我們沒有就我們認為的數字給出任何指導。我會告訴你，坦率地說，在時間方面，這在未來有點過時了。如您所知，這些地圖要到今年晚些時候才會由 FCC 發布。在那之前，錢真的不能開始在州一級流動。所以我們必須把地圖準備好。

We've got the procedural process being defined as to how the states will come back to the federal government and seeking the distribution of these funds. They will have to go through there. The state will have to go through their processes to do that. I expect that, that will start to occur into next year. Awards will probably start to materialize, maybe in some meaningful levels, in the middle part, latter part of next year. And then you have to go and build and ultimately bring these things online.

我們已經確定了各州將如何回到聯邦政府並尋求分配這些資金的程序過程。他們將不得不經過那裡。國家將不得不通過他們的流程來做到這一點。我預計，這將開始發生到明年。獎項可能會開始兌現，也許在一些有意義的層面，在明年的中期，下半年。然後你必須去構建並最終將這些東西帶到網上。

So you're not looking at these things creating what I would call material impact on the '22, '23 plans right now as it moves through the cycle. How much, we'll get a better idea once the rules are set. And each state is going to have authorship over their strategies and approaches. I've shared before that we're actively working with states trying to shape them in ways that we think are meaningful for our business and are good policy for each of the states.

因此，您現在並沒有看到這些事情對 '22、'23 計劃產生了我所說的實質性影響，因為它正在經歷整個週期。多少，一旦規則確定，我們會得到一個更好的主意。每個州都將對他們的戰略和方法擁有署名權。我之前分享過，我們正在積極與各州合作，試圖以我們認為對我們的業務有意義的方式塑造它們，並且對每個州都是好的政策。

I would point out, there is no company that's building a 2 million connected locations of fiber in 6 months like we are. We are scaling in a way that nobody else is. We are deploying wireless infrastructure at a torrid pace. I think that makes us a good partner. I think at the end of the day, states do care about somebody who's reputable, that can execute, that has a mature supply chain, and a scaled engine to go after should make us very competitive for this money.

我要指出，沒有一家公司像我們這樣在 6 個月內建立了 200 萬個連接的光纖位置。我們正在以一種其他人都沒有的方式進行擴展。我們正在以驚人的速度部署無線基礎設施。我認為這使我們成為了一個很好的合作夥伴。我認為歸根結底，各州確實關心信譽良好、執行能力強、擁有成熟供應鍊和規模化引擎的人，這應該會讓我們在這筆錢方面很有競爭力。

And we intend to, through a combination of what we're doing with ACP and our operational prowess and our scale that we're demonstrating and the fact that we've got a product in the market that customers love. It's got the highest NPS out there. I think we should be a very qualified partner to work with government on that, and I'm optimistic that we can avail ourselves with some of that money.

我們打算通過將我們在 ACP 上所做的事情、我們的運營能力和我們展示的規模以及我們在市場上擁有客戶喜愛的產品這一事實相結合。它的 NPS 最高。我認為我們應該成為與政府合作的非常合格的合作夥伴，我很樂觀地認為我們可以利用其中的一些資金。

That question will come from David Barden with Bank of America.

這個問題將來自美國銀行的大衛巴登。

I guess I wanted to talk about the second half free cash flow guidance, if you will, for $10 billion and the jumping-off point for 2023. I think, Pascal, you said the biggest moving part is going to be $3 billion less spend on equipment in the second half, which is -- which would not be normal, I think, just because it's a higher upgrade period. You've got the iPhone refresh. I was wondering if you could kind of explain why that's going to be such a big tailwind.

我想我想談談下半年的自由現金流指導，如果你願意的話，100 億美元和 2023 年的起點。我想，帕斯卡，你說最大的變動部分是減少 30 億美元的支出關於下半年的裝備，我認為這是不正常的，因為這是一個更高的升級期。你已經更新了 iPhone。我想知道你是否能解釋一下為什麼這會是一個如此大的順風。

I think the second question would be $2 billion less in CapEx in the second half. We've been expecting AT&T to kind of come with the C-band development and the Auction 110 Spectrum in kind of one big push. And so why is it that the CapEx is coming down even as that begins?

我認為第二個問題是下半年的資本支出將減少 20 億美元。我們一直期待 AT&T 能夠在 C 波段開發和 Auction 110 Spectrum 中大展身手。那麼為什麼資本支出在開始時就下降了呢？

And if I could, one last one is, obviously, the cash flow seems very sensitive to this 1 or 2 days lengthening billing cycle. Are we convinced that the billing cycle has lengthened? Or should we be concerned that it's lengthening as we look into the back part of the year?

如果可以的話，最後一個顯然是，現金流似乎對這 1 或 2 天的延長計費周期非常敏感。我們是否確信計費周期已延長？還是我們應該擔心今年下半年它會延長？

Okay. Let me try hitting all of those, and obviously, John can chime in. First, look, the thing to keep in mind is the second -- we pay devices, for example, probably a quarter to 1.5 quarter after the sale has happened. So for Q2, as an example, we're paying for the last part of Q4 and Q1.

好的。讓我嘗試一下所有這些，顯然，約翰可以加入。首先，看，要記住的是第二個 - 例如，我們可能會在銷售發生後的四分之一到 1.5 個季度為設備付款。因此，以 Q2 為例，我們支付 Q4 和 Q1 的最後一部分。

So in Q -- for the back half of the year, it's going to be largely activity from the back half of Q2 and Q3. So the holiday sales and the upgrade season, we're going to pay for that in the first half of 2023. And so mechanically, we have really good visibility in terms of the payments that we are likely going to make in the back half of the year.

所以在 Q ——在今年下半年，這將主要是 Q2 和 Q3 的後半部分的活動。因此，假期銷售和升級季節，我們將在 2023 年上半年支付這筆費用。從機制上講，就我們可能在下半年支付的款項而言，我們有很好的可見性那一年。

But overall, given the strong growth we had in the first half of the year, our overall device payments for the year are higher than we anticipated, which, candidly, this is a very good -- it's a very good situation because we think this is attractive growth, and we feel really good about it.

但總體而言，鑑於我們上半年的強勁增長，我們今年的整體設備支付高於我們的預期，坦率地說，這是一個非常好的情況——這是一個非常好的情況，因為我們認為這是有吸引力的增長，我們對此感覺非常好。

As it relates to CapEx, our fiber build was front-end loaded for the year. Remember, last year, we had some supply chain disruptions, and it took us a while to ramp. We got good exit velocity and exiting 2021, and that continued. And in the first half of the year, we delivered 2 million locations passed. So we feel really good about that.

由於與資本支出有關，我們的光纖構建在這一年是前端加載的。請記住，去年，我們的供應鏈出現了一些中斷，我們花了一段時間才緩過來。我們獲得了良好的退出速度並退出了 2021 年，並且這種情況仍在繼續。上半年，我們交付了 200 萬個地點。所以我們對此感覺非常好。

In terms of our C-band deployment and the pace of that, nothing has changed. We said we were guiding to $24 billion of capital. That remains the case. So we're not spending any more capital than we thought for the year. And remind me the last part of your question?

就我們的 C 波段部署和步伐而言，沒有任何改變。我們說我們正在引導 240 億美元的資本。情況仍然如此。因此，我們今年花費的資金並沒有超出我們的預期。並提醒我你問題的最後一部分？

Days sales outstanding movement.

天銷量出眾的機芯。

Oh, days sales outstanding movement. So in terms of DSOs, here's what we know. This is a trend that is relatively nascent. It is probably 6 weeks or so that we start to see an uptick in days sales outstanding. Is it a trend? Is it going to get worse? We don't know. But here's what we do know.

哦，天銷售出眾的運動。因此，就 DSO 而言，這就是我們所知道的。這是一個相對新生的趨勢。大概是 6 週左右，我們開始看到銷售天數增加。這是一種趨勢嗎？它會變得更糟嗎？我們不知道。但這就是我們所知道的。

We do know that, as John alluded to, in prior recessions, customers may have paid late, but they paid us. So there's nothing to suggest, given the mission-critical nature of our services, that customers won't pay us because they're going to want to maintain connectivity. So in that regard, we think it is a timing issue.

我們確實知道，正如約翰所暗示的那樣，在之前的經濟衰退中，客戶可能延遲付款，但他們付錢給我們。因此，鑑於我們服務的關鍵任務性質，沒有什麼可以表明客戶不會因為他們想要保持連接而向我們付款。所以在這方面，我們認為這是一個時間問題。

And I think, in this macro environment, I'm not going to call whether it's going to get much, much worse than where we are today. But we're taking a prudent view and not assuming it's going to get better, given all the uncertainty.

而且我認為，在這種宏觀環境下，我不會說它是否會變得比我們今天的情況更糟糕。但考慮到所有的不確定性，我們採取謹慎的態度，並沒有假設它會變得更好。

Dave, the only other thing I would add to what Pascal said is, as you -- we obviously hit our 70 million POP coverage commitment that we made to you that was part of the capital plan for this year 6 months early. And as we told you, we'll be around that 100 million neighborhood as we get to the end of this year. I think it's probably intuitive to you.

戴夫，我要對帕斯卡所說的唯一補充一點是，正如你一樣，我們顯然已經達到了我們對你做出的 7000 萬個 POP 覆蓋承諾，這是今年提前 6 個月的資本計劃的一部分。正如我們告訴你的那樣，到今年年底，我們將接近 1 億社區。我認為這對您來說可能很直觀。

But just to remind you, the first 100 million POPs in wireless coverage are very different than the next 100 million POPs, just in terms of kind of capital intensity and what has to be done to make them happen on the number of physical sites you have to touch.

但提醒您，無線覆蓋中的前 1 億個 POP 與接下來的 1 億個 POP 有很大不同，只是在資本密集度方面，以及在您擁有的物理站點數量上必須採取哪些措施來實現它們觸摸。

So if you want to think about this, it would not be right to kind of straight-line level of activity and investment as you make your journey to covering most of the United States. And that will probably help you understand maybe some of the rate and pace of things as we move through the year.

因此，如果您想考慮這一點，那麼在您踏上覆蓋美國大部分地區的旅程時，採用直線水平的活動和投資是不正確的。這可能會幫助您了解我們在這一年中發生的一些事情的速度和步伐。

That question will come from the line of Frank Louthan with Raymond James.

這個問題將來自 Frank Louthan 和 Raymond James 的觀點。

Can you comment a little bit on your dividend policy going forward? Is it a priority to grow the dividend by various amounts? That would be great.

您能否對您未來的股息政策發表一些評論？是否優先增加不同數量的股息？那很好啊。

And then on part of the business side, I think you commented earlier this year about exiting some lines of business that were really low to no margin. How is that going? And to what extent is that impacting the declines that we're seeing in the business line?

然後在業務方面，我想你今年早些時候評論過退出一些利潤很低甚至沒有利潤的業務。情況如何？這在多大程度上影響了我們在業務線中看到的下滑？

Frank, look, we've been pretty clear on the dividend policy as to what we're doing. And the Board ultimately makes this call and this decision. And as I've said before, we set this at what we think is an incredibly attractive return in the market right now. And I think we are still standing there relative to the yields on the stock.

弗蘭克，聽著，我們在股息政策上已經很清楚我們在做什麼了。董事會最終做出了這個決定和決定。正如我之前所說，我們將其設定為我們認為目前市場上極具吸引力的回報。而且我認為相對於股票的收益率，我們仍然站在那裡。

As I said, the Board will evaluate dividends, along with other choices in front of us to return to shareholders. As we've indicated, our priority right now is to get the balance sheet where we want it, which is a full rush and push to getting to 2.5x, and then we can evaluate what other options are at that point in time.

正如我所說，董事會將評估股息以及我們面前的其他選擇以回報股東。正如我們所指出的，我們現在的首要任務是讓資產負債表達到我們想要的位置，這是全力以赴並推動達到 2.5 倍，然後我們可以評估當時還有哪些其他選擇。

And those other options will range from whether or not we want to do something on dividend policy or something we want to invest more back into the business or whether we want to push on some buybacks. And those decisions will be weighted at the time when we have those options in front of us and evaluate the market as to where it stands.

這些其他選擇將包括我們是否想在股息政策上做點什麼，或者我們想對業務進行更多投資，或者我們是否想推動一些回購。當我們面前有這些選擇並評估市場的位置時，這些決定將被加權。

Our intent is to ensure that we're returning a good and competitive dividend out to our shareholders, which we have today. And we'll continue to be mindful of that as we go forward, and we see the stock price adjust in what occurs in the value of the business.

我們的目的是確保我們向我們的股東返還良好且有競爭力的股息，我們今天擁有這些股息。在我們前進的過程中，我們將繼續注意這一點，我們會看到股價會隨著業務價值的變化而調整。

On the ABS side, look, I think as you've heard, the repositioning of the asset is -- it's a multi-quarter. This set of processes and approach are backing away from lower-margin products is relatively straightforward. I say relatively because we can make the decision to do it at the front end.

在 ABS 方面，我認為正如你所聽到的，資產的重新定位是 - 這是一個多季度。這套流程和方法正在遠離利潤率較低的產品，相對簡單。我說是相對的，因為我們可以在前端做出決定。

Obviously, in this customer base, we have contracts that sometimes extend for multiple years in a period of time, where we then have to kind of go through a wind-down and wrap-up cycle once we stop selling something. And we're in the middle of that occurring. But the process of choosing not to drive new sales at the front end has been a relatively straightforward set of decisions, and I feel like we're executing reasonably well around that piece of it.

顯然，在這個客戶群中，我們的合同有時會在一段時間內延長多年，一旦我們停止銷售某些東西，我們就必須經歷一個結束和結束的周期。我們正處於這種情況的中間。但是選擇不在前端推動新銷售的過程是一組相對簡單的決定，我覺得我們在這部分執行得相當好。

We have dropped the number of products we have in the market pretty demonstrably over the last 1.5 years, and we'll continue down that path. And I think it's that reduction in complexity that will allow us to then scale up what's essential to have a viable franchise moving forward in a robust and growing franchise moving forward, which is one centered on moving product that is on our owned and operated infrastructure.

在過去的 1.5 年裡，我們已經明顯減少了市場上的產品數量，我們將繼續沿著這條道路前進。而且我認為正是這種複雜性的降低將使我們能夠擴大對於在一個強大且不斷增長的特許經營中向前發展的可行特許經營至關重要的東西，這是一個以移動我們擁有和運營的基礎設施上的產品為中心的特許經營。

And what's right about our segment here that I want to stress that we report a little bit differently than some of our peers, we do not report a consolidated business entity in both wireless and wireline services. You should understand, a lot of our strength in the wireless business is coming from our success in our Enterprise business. It's coming from increases in the public sector, in our success of what we've done with FirstNet. It's coming from our success in penetrating deeper into our Enterprise accounts with wireless services.

關於我們的細分市場，我想強調的是，我們的報告與我們的一些同行略有不同，我們沒有報告無線和有線服務的合併業務實體。您應該明白，我們在無線業務中的很多優勢都來自我們在企業業務中的成功。它來自公共部門的增長，來自我們在 FirstNet 上所做的成功。這是因為我們成功地通過無線服務深入滲透到我們的企業帳戶中。

We're really pleased with the share gains that we've seen in Enterprise moving forward, where we believe we have the opportunities in the mid-market and the low end of the market. And the attractive part about that is it's a twofer. It's not only getting more transport on the fiber infrastructure we're deploying, but we are underpenetrated in the wireless space as we move into those accounts.

我們對我們在 Enterprise 中看到的份額增長感到非常滿意，我們相信我們在中端市場和低端市場都有機會。吸引人的部分是它是一個雙胞胎。它不僅在我們正在部署的光纖基礎設施上獲得更多的傳輸，而且隨著我們進入這些賬戶，我們在無線領域的滲透率也很低。

So when we deploy fiber and we have an opportunity to talk to mid-market customers about putting more of their transport on AT&T, we also oftentimes get the opportunity to talk to them about moving their wireless account as well. And that's an attractive opportunity for us. It requires us to tune our distribution differently. That's a slow -- a slower process. And we've been making progress around it.

因此，當我們部署光纖時，我們有機會與中端市場客戶討論將更多傳輸服務放在 AT&T 上，我們也經常有機會與他們討論移動無線帳戶的問題。這對我們來說是一個有吸引力的機會。它要求我們以不同的方式調整我們的分佈。這是一個緩慢的過程。我們一直在圍繞它取得進展。

You heard Pascal talk about the growth that we're seeing in our Fiber products. We're seeing some progress in the wireless space in the mid-market, but we're not up to where we need to be yet. We will get there. We play very well in that space. Our brand plays very well in that space. We know how to sell product in that space.

您聽過 Pascal 談到我們在光纖產品中看到的增長。我們在中端市場的無線領域看到了一些進展，但我們還沒有達到我們需要的水平。我們會到達那裡。我們在那個空間打得很好。我們的品牌在那個領域表現得非常好。我們知道如何在那個領域銷售產品。

But it's getting the engine kind of hitting all 8 cylinders. It's going to take us a couple more quarters than what we expected. But I'm optimistic we can get there. It's the right asset base. It's the right brand. We know how to approach these customers. And we will make that happen.

但它讓發動機的所有 8 個氣缸都受到衝擊。這將比我們預期的多花幾個季度。但我很樂觀，我們可以到達那裡。這是正確的資產基礎。這是正確的品牌。我們知道如何接近這些客戶。我們會做到這一點。

That question will come from the line of Tim Horan with Oppenheimer.

這個問題將來自蒂姆霍蘭和奧本海默的觀點。

Two questions. Could you just elaborate a little bit more on the wireline side of the business market? What are you replacing your legacy virtual private line networks with? The same thing with voice. Are you -- I guess, are you retaining these customers? Do you have a product for them? Is it just a lower ARPU issue?

兩個問題。您能否詳細說明一下商業市場的有線方面？您用什麼來替換舊的虛擬專線網絡？語音也是一樣。你——我猜，你留住這些客戶了嗎？你有適合他們的產品嗎？這只是一個較低的 ARPU 問題嗎？

And then secondly, on the CapEx. We're hearing CapEx equipment costs, labor costs are up 10%, 15%. I know you gave your guidance out quite a while ago for next year. I guess, how are you offsetting those price increases that we're hearing about out there, keeping your CapEx flat?

其次，在資本支出上。我們聽說資本支出設備成本、勞動力成本上漲了 10%、15%。我知道你很久以前就為明年提供了指導。我想，你如何抵消我們聽到的那些價格上漲，保持你的資本支出持平？

Tim, so look, the move, as I just articulated, is we want people on owned and operated infrastructure. And so it is -- as people migrate away from VPN and we have a more dense fiber bases, we're selling more fundamental underlying transport, frankly, at higher speeds, and therefore, higher connection values in that segment of the market. And that's where our future is.

蒂姆，所以看，正如我剛才所說的那樣，我們希望人們擁有和運營的基礎設施。事實就是如此——隨著人們從 VPN 遷移出來，並且我們擁有更密集的光纖基礎，坦率地說，我們正在以更高的速度銷售更基本的底層傳輸，因此在該市場領域具有更高的連接價值。這就是我們的未來所在。

We work with layering that on an SDN capability that aggregates that. And that is the replacement product for VPN. And we do very well in the market on that, although there is, typically, in a network replacement, at the top end of the market, some trade-down in total value when that occurs.

我們將其分層在聚合它的 SDN 功能上。那是VPN的替代產品。我們在市場上做得很好，儘管通常在網絡替代中，在市場的高端，發生這種情況時總價值會有所下降。

That's why this move into the mid-market is so important to us, where we are typically underpenetrated. Because offsetting that trade-down in the enterprise -- top end of the enterprise space, where we are a sheer leader on VPN and have these complex networks, as we have some of that trade-down and the migration on the technology side, market replacement in the mid-market is, is what offsets that and allows us to move the sector back to growth over time as we make that happen.

這就是為什麼進入中端市場對我們如此重要，因為我們通常在這些市場中滲透不足。因為抵消了企業中的折衷 - 企業空間的高端，我們是 VPN 的絕對領導者並擁有這些複雜的網絡，因為我們在技術方面有一些折衷和遷移，市場中端市場的替代品是抵消這一點的原因，並使我們能夠隨著時間的推移使該行業恢復增長。

And again, it's why this investment in fiber in our core business is so critical and important in repositioning our distribution to make that happen. The world, for us, moving forward is a data VPN-replacement world. And that's where we're going to make our bread and butter. Our play in voice is to penetrate more deeply into wireless in these spaces.

再說一次，這就是為什麼在我們的核心業務中對光纖的投資對於重新定位我們的分銷以實現這一目標如此重要和重要。對我們來說，前進的世界是一個數據 VPN 替代世界。這就是我們要做麵包和黃油的地方。我們在語音方面的遊戲是在這些空間中更深入地滲透到無線領域。

Generally speaking, when you look at what's happened on collaboration services, it's moved to other providers that are doing that kind of work. We want the underlying data infrastructure for those collaboration services to run on. And we want to sell more scaled wireless solutions on top of our transport services into these customers to extend our relationship with them. And I think, as I said just a moment to Frank's question, we're doing that fairly effectively. And that's what the future is and how we move forward on it.

一般而言，當您查看協作服務上發生的情況時，它會轉移到正在從事此類工作的其他提供商。我們希望這些協作服務在其上運行的底層數據基礎設施。我們希望在我們的運輸服務之上向這些客戶銷售更大規模的無線解決方案，以擴展我們與他們的關係。我認為，正如我剛才對弗蘭克的問題所說的那樣，我們正在相當有效地做到這一點。這就是未來的樣子，也是我們前進的方式。

On the cost side, we're certainly seeing some pressures as we move through. We've articulated that. We're able to navigate it better than a lot. As we've shared with you previously, we have a lot of long-term contracts in place. I think those help us a lot. I won't tell you they entirely insulate us.

在成本方面，我們肯定會看到一些壓力。我們已經闡明了這一點。我們能夠更好地導航它。正如我們之前與您分享的那樣，我們有很多長期合同。我認為這些對我們幫助很大。我不會告訴你他們完全隔離了我們。

We want our suppliers to be healthy. We pay attention to that. We have good, long-standing partnerships with our suppliers. And I will be candid, we have sat down with them. In some cases, even though not had to pay people more, I've elected to pay people more because I think that makes for a healthier win-win relationship on things moving forward. And we are having to take some costs into our build and what we're doing.

我們希望我們的供應商健康。我們關注這一點。我們與供應商有著良好的長期合作夥伴關係。我會坦率地說，我們已經和他們坐下來了。在某些情況下，即使不必多付錢，我也會選擇多付錢，因為我認為這有助於在未來的事情上建立更健康的雙贏關係。而且我們不得不在我們的構建和我們正在做的事情中花費一些成本。

However, these are long-lived assets. And some increase in our build costs, for example, on putting fiber out there is not the end of the world for us. We've shared with you a lot of data on the effectiveness of our build. We've shared with you that when we did the original business case on these things, we're penetrating a lot more rapidly than we thought we would. That has a big impact on the overall return characteristics of this investment. That can overcome maybe some of those per-living unit cost increases.

然而，這些都是長期資產。我們的建造成本增加了一些，例如，將光纖放在外面對我們來說並不是世界末日。我們已經與您分享了很多關於我們構建有效性的數據。我們已經與您分享，當我們在這些事情上做最初的商業案例時，我們的滲透速度比我們想像的要快得多。這對這項投資的整體回報特徵有很大影響。這也許可以克服每生活單位成本增加的一些問題。

We really like the ARPU trends we're seeing. We really like the churn trends we're seeing. All those things still make this a really smart and important investment for our business. And I think it's a balancing act as we move through it.

我們真的很喜歡我們看到的 ARPU 趨勢。我們真的很喜歡我們所看到的客戶流失趨勢。所有這些事情仍然使這對我們的業務來說是一項非常明智和重要的投資。我認為這是我們通過它時的一種平衡行為。

And as we've said before, when you get the asset in the ground and ultimately work through multiple quarters of inflation, building it today is better than building it a year from today. And if it's a long-lived asset and it's an important product, ultimately, we'll probably see some accretion move into ARPUs over time. So I feel like we can manage through this reasonably well, given our scale, given our long-term relationships with folks and the importance and durability of the product over time.

正如我們之前所說，當您獲得資產並最終通過多個季度的通貨膨脹時，今天建造它比一年後建造它要好。如果它是一種長期資產並且它是一種重要的產品，最終，隨著時間的推移，我們可能會看到一些增長進入 ARPU。所以我覺得考慮到我們的規模，考慮到我們與人們的長期關係以及隨著時間的推移產品的重要性和耐用性，我們可以相當好地管理這個問題。

So folks, I really appreciate you taking the time to be with us this morning. And I know you got, from maybe, hopefully, the last time, a little extra work to do this quarter as we work through the disaggregation of discontinued operations and the like in results. And I'm excited about finishing this in this quarter and now moving forward in a more consistent fashion.

所以伙計們，我真的很感謝你們今天早上抽出時間和我們在一起。而且我知道您可能希望上一次在本季度完成一些額外的工作，因為我們通過對已停產業務等結果的分類進行工作。我很高興能在本季度完成這項工作，現在以更加一致的方式向前推進。

We made some hard moves that brought us to this moment that I'll acknowledge. But those hard moves were to, number one, give us the ability and the flexibility to invest heavily in this business and to make sure that we could respond to what goes on in the environment economically, whether economic stress, rising interest rates, et cetera.

我們採取了一些艱難的舉措，讓我們走到了這一刻，我會承認這一點。但這些艱難的舉措首先是讓我們有能力和靈活性在這項業務上進行大量投資，並確保我們能夠在經濟上應對環境中發生的事情，無論是經濟壓力、利率上升等等.

And I would say, I'm really pleased we're in this position for having made those decisions. And it's allowed us to do exactly what we intended to do, which is to think about how do we create a durable AT&T with a consistent machine that can deliver the right kind of subscription services for broadband moving forward.

我想說，我真的很高興我們處於這個位置，因為我們做出了這些決定。它使我們能夠完全按照我們的意圖去做，那就是思考我們如何創建一個耐用的 AT&T，它具有一致的機器，可以為向前的寬帶提供正確的訂閱服務。

And I think we are doing that. We're building a world-class infrastructure where we're doing that. You're seeing the momentum in the market that we're able to achieve. I view these customer relationships as durable customer relationships that are highly accretive and attractive.

我認為我們正在這樣做。我們正在建立一個世界級的基礎設施，我們正在這樣做。您正在看到我們能夠實現的市場勢頭。我將這些客戶關係視為具有高度增值和吸引力的持久客戶關係。

And I will tell you that, as I work with the team, 90 days in this business, with the way we operate and the infrastructure we build, is sometimes a bit like trying to land a plane on the top of a pin. And so when I think about the reality of what we're doing here, we want to look at it over the course of the year. And as the business has the right kind of momentum and I've got people doing their work, we continue to invest. We make sure we put the right things out there.

我會告訴你，當我與團隊一起工作時，在這項業務中工作 90 天，以我們的運營方式和我們建立的基礎設施，有時有點像試圖讓一架飛機降落在針尖上。因此，當我想到我們在這裡所做的現實時，我們希望在這一年中審視它。由於業務發展勢頭良好，而且我已經讓人們在做他們的工作，我們會繼續投資。我們確保我們把正確的東西放在那裡。

And a 90-day cycle is not the end of the world in any way, shape or form. Hopefully, we've given you the confidence that we understand what's going to occur in the balance of this year and that we're investing in a way that's going to return for shareholders in a fashion that, I think, we'll all be proud of moving forward.

90 天的周期在任何方面、形狀或形式上都不是世界末日。希望我們已經給了你信心，我們了解今年剩餘時間會發生什麼，並且我們正在以一種能夠為股東回報的方式進行投資，我認為，我們都會成為為前進而自豪。

So thank you very much. I hope you all enjoy the rest of your summer, and we'll talk with you in 90 days.

所以非常感謝。我希望你們都能享受剩下的夏天，我們將在 90 天內與你們交談。

Ladies and gentlemen, that does conclude our conference for today. We thank you for your participation and for using AT&T conferencing service. You may now disconnect.

女士們先生們，今天的會議到此結束。我們感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。