T-Mobile US Inc (TMUS) 2021 Q4 法說會逐字稿

Good afternoon. Please note that today's call is being recorded. (Operator Instructions)

下午好。請注意，今天的通話正在錄音中。 （操作員說明）

I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile U.S. Please go ahead, sir.

我現在想將會議轉交給 T-Mobile 美國高級副總裁兼投資者關係主管 Jud Henry 先生。先生，請繼續。

All right. Welcome to the T-Mobile Fourth Quarter and Full Year 2021 Earnings Call. Joining me on the call today is Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

好的。歡迎參加 T-Mobile 2021 年第四季度和全年財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert；我們的首席財務官 Peter Osvaldik；以及高級領導團隊的其他成員。

During this call, we'll make forward-looking statements that involve a number of risks and uncertainties. It may cause -- forward-looking or may cause actual results to differ materially, which we have in our SEC filings and I encourage you to review. Our earnings release, investor fact book and other documents related to our Q4 and full year results as well as reconciliations between our GAAP and non-GAAP metrics are all available on the Quarterly Results section of the Investor Relations website.

在這次電話會議中，我們將做出涉及許多風險和不確定性的前瞻性陳述。它可能會導致 - 前瞻性或可能導致實際結果出現重大差異，我們在美國證券交易委員會的文件中對此進行了審查，我鼓勵您進行審查。我們的收益發布、投資者概況介紹和其他與我們的第四季度和全年業績相關的文件以及我們的 GAAP 和非 GAAP 指標之間的對賬都可以在投資者關係網站的季度業績部分獲得。

With that, I'll now turn the call over to Mike.

有了這個，我現在將把電話轉給邁克。

Okay. Thanks, Jud. Well, my buddy and I here are excited to be here today to discuss another remarkable year at T-Mobile. We shared with you a year ago that 2021 would be a foundational year for us as a merged company, a year in which we set bold goals for ourselves in terms of customer growth, profitability, network leadership and merger integration. Well, we not only exceeded our own targets, but also Wall Street's expectations.

好的。謝謝，賈德。好吧，我和我的朋友很高興今天能在這裡討論 T-Mobile 又一個非凡的一年。一年前我們與您分享，2021 年將是我們作為合併公司的基礎一年，在這一年中，我們在客戶增長、盈利能力、網絡領導力和合併整合方面為自己設定了大膽的目標。嗯，我們不僅超出了我們自己的目標，也超出了華爾街的預期。

We are experiencing the greatest growth momentum in our history, setting record customer growth and service revenue growth, all because of the important investments we've made and will continue to make in our network leadership and in underpenetrated markets. This momentum sets us up for a very strong 2022 with plans to deliver another year of industry-leading postpaid growth, 10% in core adjusted EBITDA and over 30% growth in free cash flow at the midpoint of our guidance. We have big aspirations for this year, as Peter will explain more about in a minute.

我們正在經歷歷史上最大的增長勢頭，創造了創紀錄的客戶增長和服務收入增長，這一切都是因為我們已經並將繼續在我們的網絡領導地位和滲透不足的市場中進行重要投資。這一勢頭使我們為 2022 年的強勁增長奠定了基礎，併計劃在我們指導的中點實現另一年行業領先的後付費增長、10% 的核心調整後 EBITDA 和超過 30% 的自由現金流增長。我們對今年抱有很大的期望，彼得稍後會詳細解釋。

Our historic network build is a driving force behind our growth opportunity, and it's central to unlocking our merger synergies. For the second year in a row, we set an audacious goal for Neville and the technology team, and they crushed it yet again. We set our sights on getting Ultra Capacity 5G to 200 million people, and the team blew right past that goal, reaching 210 million in 2021. This is no small feat when you consider that it takes roughly 3x the number of cell site upgrades to get from 100 million to 200 million.

我們歷史悠久的網絡建設是我們增長機會背後的驅動力，也是釋放我們合併協同效應的核心。連續第二年，我們為 Neville 和技術團隊設定了一個大膽的目標，但他們再次粉碎了它。我們的目標是讓超容量 5G 的用戶數量達到 2 億人，而團隊很快就超過了這個目標，在 2021 年達到 2.1 億人。考慮到大約需要 3 倍的蜂窩基站升級數量才能實現這一目標，這可不是一件小事從1億到2億。

And that gives you a sense of the challenge that AT&T and Verizon have ahead of them. Once they woke up to our 5G lead and differentiation, they finally began lighting up mid-band 5G POPs, but still only tens of millions compared to our hundreds of millions. According to their own build plan, it will take them multiple years to reach 200 million people, and they still won't be anywhere near the depth of mid-band spectrum that we're putting to work across our larger footprint. This demonstrates the remarkable deployment machine that we have spent years building and how hard it is to replicate.

這讓您了解 AT&T 和 Verizon 面臨的挑戰。一旦他們意識到我們的 5G 領先和差異化，他們終於開始點亮中頻 5G POP，但與我們的數億相比，仍然只有數千萬。根據他們自己的建設計劃，他們需要多年的時間才能覆蓋 2 億人，而且他們仍然不會接近我們在更大範圍內投入工作的中頻頻譜深度。這展示了我們花費數年時間打造的卓越部署機器，以及復制它的難度。

And don't forget our extended-range 5G reached 94% of all Americans at the end of 2021 with speeds double that of typical LTE. This reinforces the importance of not just having the best spectrum portfolio, but how quickly T-Mobile puts spectrum to work for the benefit of consumers and businesses.

不要忘記，我們的擴展範圍 5G 在 2021 年底達到了 94% 的美國人，其速度是典型 LTE 的兩倍。這不僅強調了擁有最佳頻譜組合的重要性，還強調了 T-Mobile 讓頻譜為消費者和企業的利益而發揮作用的速度。

We continue to add to our mid-band portfolio with our recent purchase in Auction 110. Once again, our prudent and opportunistic approach meant that we concentrated on supplementing our mid-band spectrum holdings in major urban and suburban areas, mostly aligned with our C-band purchases and importantly, in places where these frequencies are well suited to the density of our network grid. That means we'll be able to deliver meaningful customer benefit with very little network capital and OpEx using existing towers, thanks to our completed agreements with American Tower and Crown Castle. And we're not slowing down.

我們通過最近在 Auction 110 中的購買繼續增加我們的中頻產品組合。再一次，我們謹慎和機會主義的方法意味著我們專注於補充我們在主要城市和郊區的中頻頻譜持有量，主要與我們的 C頻段購買，重要的是，在這些頻率非常適合我們網絡網格密度的地方。這意味著，由於我們與 American Tower 和 Crown Castle 達成的協議，我們將能夠以很少的網絡資本和 OpEx 使用現有的鐵塔來提供有意義的客戶利益。我們並沒有放慢腳步。

We continue to extend our years-long 5G lead on the competition, and independent network experts continue to recognize this. More than 20 reports from third-party testing firms in the last year confirmed T-Mobile is top in 5G speed and coverage. In Ookla's latest testing, T-Mobile delivered a clean sweep of every category. And we're not just talking about individual 5G category wins like speed and availability. This is important. T-Mobile also won for overall network performance, meaning customers have a winning experience on the T-Mobile network. Period. OpenSignal's new report published last week stated that T-Mobile customers enjoy the fastest 5G speeds and can connect to 5G more often and in more places than anyone else. And the gap has only gotten wider as we keep increasing our speeds and reach. Meanwhile, AT&T somehow managed to see their 5G speeds get slower year-over-year with an LTE-like 49 megabits per second.

我們繼續在競爭中擴大我們多年的 5G 領先優勢，獨立網絡專家繼續認識到這一點。去年來自第三方測試公司的 20 多份報告證實，T-Mobile 在 5G 速度和覆蓋範圍方面名列前茅。在 Ookla 的最新測試中，T-Mobile 對每個類別進行了徹底的掃描。而且我們不只是在談論單個 5G 類別的勝利，例如速度和可用性。這個很重要。 T-Mobile 還贏得了整體網絡性能，這意味著客戶在 T-Mobile 網絡上獲得了成功的體驗。時期。 OpenSignal 上週發布的新報告稱，T-Mobile 客戶享有最快的 5G 速度，並且可以比其他任何人更頻繁、在更多地方連接到 5G。隨著我們不斷提高速度和範圍，差距只會越來越大。與此同時，AT&T 以某種方式設法看到他們的 5G 速度同比下降，達到 49 兆比特每秒。

Okay. Let's talk about our industry-leading growth. Last year, we posted the best growth in our company's history. Across the entire span of our years-long Un-carrier journey, our best postpaid net add growth ever was in 2021. Our Magenta brand momentum is just incredible. And we added 1.2 million postpaid account net adds, doubling 2020's adds, the highest reported in the industry yet again. This measure of total billing relationships is the best barometer of winning the switching decisions in the industry, something we're famous for as the Un-carrier. And our highest-ever postpaid net adds were 5.5 million, leading the industry for the seventh consecutive year and exceeding the guidance that we raised again just last quarter. And our 2.9 million postpaid phone net adds were up 32% from last year, even during our accelerated Sprint customer integration.

好的。讓我們談談我們行業領先的增長。去年，我們實現了公司歷史上最好的增長。在我們長達數年的非運營商旅程的整個跨度中，我們有史以來最好的後付費淨增加增長是在 2021 年。我們的 Magenta 品牌勢頭令人難以置信。我們增加了 120 萬個後付費賬戶淨增加量，是 2020 年增加量的兩倍，再次創下業內報告的最高水平。這種對總計費關係的衡量是贏得行業轉換決策的最佳晴雨表，我們以非運營商而聞名。我們有史以來最高的後付費淨增加量為 550 萬，連續第七年領先行業，超過了我們在上個季度再次提出的指導。即使在我們加速 Sprint 客戶整合期間，我們的 290 萬後付費電話淨增加量也比去年增長了 32%。

Thanks to the strength of our Magenta brand, we're delivering at best-ever levels. Our Magenta postpaid phone churn in 2021 was the lowest in the industry for the second year in a row.

憑藉我們 Magenta 品牌的實力，我們以前所未有的水平提供服務。我們在 2021 年的 Magenta 後付費電話流失率連續第二年在行業中最低。

We exited the year with great momentum as well. In Q4, we not only had the highest phone gross adds in the industry, but also the highest in our history. This last quarter, interesting fact, our Magenta postpaid porting ratio was above 1.5x in Q4, and we're seeing those ratios trend even higher against AT&T and Verizon so far in Q1, while seeing our overall phone churn so far in Q1 move down seasonally just as expected. And to put this underlying momentum into perspective, if the Sprint churn was the same as the Magenta churn, postpaid phone net adds in Q4 would have been closer to 1.4 million and would represent the highest quarterly postpaid phone net adds in our history.

我們也以強勁的勢頭結束了這一年。在第四季度，我們不僅擁有業內最高的手機總增加量，而且也是我們歷史上最高的。上個季度，有趣的事實是，我們的 Magenta 後付費移植比率在第四季度高於 1.5 倍，我們看到這些比率在第一季度迄今為止與 AT&T 和 Verizon 相比甚至更高，同時看到我們在第一季度迄今為止的整體手機流失率下降季節性正如預期的那樣。從這個潛在的勢頭來看，如果 Sprint 流失與 Magenta 流失相同，那麼第四季度的後付費電話淨增加量將接近 140 萬，這將是我們歷史上最高的季度後付費電話淨增加量。

And I couldn't be more excited about high-speed Internet, where T-Mobile was the fastest-growing broadband provider in the industry in Q4. Let me say that again. In Q4, T-Mobile, and not Comcast, not Charter or AT&T or Verizon, posted the most broadband net adds in the industry, and we're just getting started.

我對高速互聯網感到無比興奮，T-Mobile 是第四季度業內增長最快的寬帶提供商。讓我再說一遍。在第四季度，T-Mobile 而非 Comcast、Charter、AT&T 或 Verizon 發布了行業中最多的寬帶淨增加量，而我們才剛剛開始。

And mobile customers are taking our Magenta MAX plan in record numbers with over 55% of new customers choosing our best plan. This wasn't part of our playbook before and is now a tailwind as our continuously improving network perception and competitive device offers are enticing customers right to the top of our rate card. And there's still a huge potential upside here as fewer than 15% of our postpaid phone customers are on Magenta MAX or equivalent plans.

移動客戶正在以創紀錄的數量購買我們的 Magenta MAX 計劃，超過 55% 的新客戶選擇了我們的最佳計劃。這以前不是我們劇本的一部分，現在是順風，因為我們不斷提高的網絡感知和有競爭力的設備報價正在吸引客戶到我們的價目表頂部。而且這裡仍有巨大的潛在優勢，因為我們的後付費電話客戶中只有不到 15% 使用 Magenta MAX 或同等計劃。

This affects ARPU and ARPA. When we shared our plan with you at Analyst Day last year, we assumed postpaid phone ARPU would decline 1% every year through 2023, consistent with our historical trends and any benefit from the Magenta MAX would be upside to the plan. Well, you're already seeing that upside as we just delivered flat ARPU, actually up $0.01 in 2021.

這會影響 ARPU 和 ARPA。當我們去年在分析師日與您分享我們的計劃時，我們假設到 2023 年後付費電話 ARPU 將每年下降 1%，這與我們的歷史趨勢一致，並且 Magenta MAX 的任何好處都將對該計劃有利。好吧，您已經看到了這種上升空間，因為我們剛剛交付了持平的 ARPU，實際上在 2021 年上漲了 0.01 美元。

And not to steal Peter's thunder, but on the strength of this trend, we now see postpaid phone ARPU being flat to slightly up in 2022 for the first time ever. In addition, we've seen our prime mix of credit apps increase year-over-year every quarter in 2021, showing that our network and brand is consistently attracting some of the industry's best customers.

並不是要搶走彼得的風頭，而是憑藉這一趨勢的力量，我們現在看到後付費電話 ARPU 在 2022 年首次持平或略有上升。此外，我們看到我們的主要信貸應用組合在 2021 年每個季度都在逐年增加，這表明我們的網絡和品牌一直在吸引一些業內最好的客戶。

We're off to a great start, bringing the same winning formula to smaller markets and rural areas. This is 40% of the country where we haven't meaningfully played before. We're growing our presence here as we expand the reach of our distribution and network. In just 1 year, our share has grown from approximately 13% to roughly 15%. Our share of portings in smaller markets and rural areas has increased multiple percentage points year-over-year, and these markets accounted for more than 1/3 of our new accounts.

我們有了一個良好的開端，將同樣的製勝法寶帶到了較小的市場和農村地區。這是我們之前沒有進行過有意義比賽的國家的 40%。隨著我們擴大分銷和網絡的覆蓋範圍，我們正在擴大我們的業務。在短短 1 年內，我們的份額從大約 13% 增長到大約 15%。我們在較小市場和農村地區的移植份額同比增長了多個百分點，這些市場占我們新賬戶的 1/3 以上。

This is one place our network leadership is beginning to shine. We're already the only 5G game in town for many of these communities. Our extended range 5G provides speeds more than double the average LTE and reaches nearly 5x more geographic coverage than Verizon's 5G. And we're rapidly rolling out our Ultra Capacity 5G to more of these communities at an unprecedented clip, expanding our mid-band 5G coverage to 5x the land area that we cover today by the end of next year as we move from 210 million people covered to over 300 million exiting 2023.

這是我們網絡領導力開始大放異彩的地方。對於許多這些社區，我們已經是鎮上唯一的 5G 遊戲。與 Verizon 的 5G 相比，我們的擴展範圍 5G 提供的速度是平均 LTE 的兩倍多，地理覆蓋範圍擴大了近 5 倍。我們正在以前所未有的速度迅速向更多這些社區推出超容量 5G，隨著我們從 2.1 億人口轉移到明年年底，將我們的中頻段 5G 覆蓋範圍擴大到我們今天覆蓋的陸地面積的 5 倍到 2023 年覆蓋超過 3 億。

Meanwhile, AT&T and Verizon have finally started rolling out mid-band 5G and hope to soon be where we were almost 2 years ago. I'll say it again. We're 2 years ahead of AT&T and Verizon in 5G and 2 years from now will still be 2 years ahead.

與此同時，AT&T 和 Verizon 終於開始推出中頻 5G，並希望很快能達到我們近 2 年前的水平。我再說一遍。在 5G 方面，我們比 AT&T 和 Verizon 領先 2 年，從現在起 2 年後仍將領先 2 年。

T-Mobile for Business had another great year as enterprise and government customers continue to do hands-on testing and when they do, they see the strength of our network. This differentiation on the network experience is delivering win share well above our market share. Just to put that in perspective, we're already, today, at a win share in enterprise and government that would get us to our targeted 20% market share by 2025, that's if we just hold our win share at current levels. And we've still got room to run.

T-Mobile for Business 又度過了美好的一年，因為企業和政府客戶繼續進行實際測試，當他們這樣做時，他們看到了我們網絡的實力。網絡體驗的這種差異化帶來的勝利份額遠高於我們的市場份額。換個角度來看，我們今天已經在企業和政府中獲得了勝利份額，這將使我們到 2025 年達到 20% 的目標市場份額，前提是我們將勝利份額保持在當前水平。而且我們還有運行的空間。

We're in many ways just beginning the expansion of our solutions and capabilities. Last week, others said they were still in proof-of-concept for advanced 5G network solutions like mobile edge compute and private networks that they hope to commercialize at some point in the future. At T-Mobile, we already have commercial revenue-generating agreements for advanced 5G solutions with multiple large corporations, including the federal government and a very large logistics company. I'm excited about building on our momentum with businesses in 2022 with our ever-expanding 5G network lead.

我們在很多方面才剛剛開始擴展我們的解決方案和能力。上週，其他人表示，他們仍處於高級 5G 網絡解決方案的概念驗證階段，例如移動邊緣計算和專用網絡，他們希望在未來的某個時候將其商業化。在 T-Mobile，我們已經與包括聯邦政府和一家超大型物流公司在內的多家大公司就先進的 5G 解決方案簽訂了商業創收協議。憑藉我們不斷擴大的 5G 網絡領先優勢，我很高興能夠在 2022 年與企業建立聯繫。

And let me just go back and touch just a little bit more on high-speed Internet. At the beginning of 2021, we were actually still in pilot. While we closed out the year with 646,000 customers, far exceeding our 500,000 target, it's abundantly clear that customers are loving the network performance and the simplicity of this 5G-based product. And with roughly 40% of high-speed Internet customers being new to T-Mobile, it creates another front door to fuel our mobile growth.

讓我回過頭來再談談高速互聯網。 2021 年初，我們實際上還處於試點階段。雖然我們以 646,000 名客戶結束了這一年，遠遠超過了我們 500,000 名的目標，但很明顯，客戶喜歡這款基於 5G 的產品的網絡性能和簡單性。大約 40% 的高速互聯網客戶是 T-Mobile 的新手，它為推動我們的移動業務增長創造了另一個大門。

We're excited about the revenue and margin contribution potential of this business as we ramp up further this year and next as our planned network capacity really hits its pace. T-Mobile 5G home Internet is ready for its prime time moment. And I think a lot of people are going to be surprised by how mainstream this product really is with our unique 5G network capacity to back it up.

我們對這項業務的收入和利潤率貢獻潛力感到興奮，因為我們今年和明年將進一步增加，因為我們計劃的網絡容量確實達到了它的速度。 T-Mobile 5G 家庭互聯網已準備好迎接黃金時段。而且我認為很多人都會對這款產品的主流程度感到驚訝，因為我們擁有獨特的 5G 網絡容量來支持它。

Okay. Let's touch on our progress on our accelerated merger integration. While our Magenta business is firing on all cylinders, we're also successfully powering through the transition of the higher-churning Sprint customers faster than planned.

好的。讓我們談談我們在加速合併整合方面取得的進展。雖然我們的 Magenta 業務正在全力以赴，但我們也比計劃更快地成功地推動了高流失 Sprint 客戶的過渡。

At our Analyst Day last year, we laid out our post-merger plan to accelerate our integration, bringing many of our biggest milestones forward by a year or more. The Sprint customer network migration is an essential part of this integration. At the end of 2021, 64% of Sprint customers have been migrated onto the T-Mobile network, well ahead of the 60% target that we laid out back at Analyst Day. This is impressive in 1 year when you consider that less than 10% were migrated at the end of 2020. As we've previously said, we expect the billing migration to be relatively seamless to the customer as we begin to ramp up this final part of the integration over the course of 2022 and into the first half of 2023.

在去年的分析師日上，我們制定了合併後計劃以加速我們的整合，將我們許多最大的里程碑提前一年或更長時間。 Sprint 客戶網絡遷移是這種集成的重要組成部分。到 2021 年底，64% 的 Sprint 客戶已遷移到 T-Mobile 網絡，遠高於我們在分析師日制定的 60% 目標。當您考慮到 2020 年底遷移不到 10% 時，這在 1 年內令人印象深刻。正如我們之前所說，隨著我們開始增加最後一部分，我們預計計費遷移對客戶來說相對無縫2022 年和 2023 年上半年的整合。

As we enter the home stretch in '22 for many of our Sprint customer integration initiatives, we believe that Q4 of '21 was the high watermark for churn in terms of our overall postpaid phone churn during the integration. Having seen the integration results so far, we're now confident that churn will improve because we've seen the performance of a now material cohort of migrations.

當我們在 22 年為我們的許多 Sprint 客戶整合計劃進入最後階段時，我們認為 21 年第四季度是整合期間我們整體後付費電話流失率的高水位線。到目前為止，我們已經看到了集成結果，我們現在相信流失率會有所改善，因為我們已經看到了現在重要的遷移隊列的性能。

As customers migrate to fully compatible devices anchored on the T-Mobile network and have a new EIP instead of leasing, they show churn rates similar to our Magenta customers. A sizable minority of Sprint customers have now hit these milestones. Completing these upgrades and migrations won't happen overnight, but the bottom line is simple. While others are temporarily padding their net adds from elevated Sprint churn today, we're working to make that very short lived, which will create a growth tailwind for us, as you saw from our underlying Magenta performance while simultaneously creating a corresponding headwind for them. And we like those kinds of trends.

隨著客戶遷移到基於 T-Mobile 網絡的完全兼容設備並擁有新的 EIP 而不是租賃，他們的流失率與我們的 Magenta 客戶相似。相當多的 Sprint 客戶現在已經達到了這些里程碑。完成這些升級和遷移不會在一夜之間發生，但底線很簡單。雖然今天其他人暫時從 Sprint 流失率上升中填補了他們的淨增加，但我們正在努力使這種情況變得非常短暫，這將為我們創造增長順風，正如您從我們潛在的 Magenta 表現中看到的那樣，同時為他們創造相應的逆風.我們喜歡這些趨勢。

Okay. Finally, before I wrap up, I do want to touch on our accomplishments as a leading corporate citizen in our industry. We not only set and exceeded our bold business and financial goals in '21, we also stayed true to our commitments to use our new network, scale and resources for good, building a more connected, equitable and sustainable future for all of our stakeholders.

好的。最後，在結束之前，我想談談我們作為行業領先企業公民的成就。我們不僅在 21 年設定並超越了我們大膽的業務和財務目標，我們還信守承諾，善用我們的新網絡、規模和資源，為我們所有的利益相關者建立一個更加互聯、公平和可持續的未來。

T-Mobile was the first telecom to commit to sourcing 100% of our total electricity usage with renewable energy. And we're proud to announce this week that we're the first to achieve that goal, just another example of where we're leading the industry.

T-Mobile 是第一家承諾將 100% 的總用電量用於可再生能源的電信公司。本週我們很自豪地宣布，我們是第一個實現這一目標的公司，這只是我們引領行業的另一個例子。

We also further extended our leadership position in helping to bridge the digital divide. We're removing economic and geographic barriers in multiple ways. Our centerpiece is Project 10Million, which has already connected 3.2 million students with free or subsidized service. And we're expanding our high-speed Internet availability to millions of rural households, providing an important new connectivity option right where it's needed most. We also have an active participation in the government's affordable connectivity program through Metro by T-Mobile and Assurance Wireless, providing lower cost subsidized connectivity for many at a time when it's needed most.

我們還進一步擴大了我們在幫助彌合數字鴻溝方面的領導地位。我們正在以多種方式消除經濟和地理障礙。我們的核心是 1000 萬項目，該項目已經為 320 萬學生提供免費或補貼服務。我們正在將我們的高速互聯網可用性擴展到數百萬農村家庭，在最需要的地方提供重要的新連接選項。我們還通過 Metro by T-Mobile 和 Assurance Wireless 積極參與政府負擔得起的連接計劃，在最需要的時候為許多人提供低成本的補貼連接。

Okay. So let me sum it up. 2021 was our best year ever, and that's just because '22 hasn't happened yet. Our positioning to simultaneously offer the best network and the best value is working while we also rushed to successfully expand into big underpenetrated segments. We saw strong ongoing growth ahead. We see it ahead in 2022 with a strategy that is really resonating with customers.

好的。所以讓我總結一下。 2021 年是我們有史以來最好的一年，那隻是因為 22 年還沒有發生。我們同時提供最佳網絡和最佳價值的定位正在發揮作用，同時我們也急於成功擴展到未充分滲透的大型細分市場。我們看到了強勁的持續增長。我們在 2022 年看到了它的未來，其戰略真正引起了客戶的共鳴。

Our network excellence has unlocked unprecedented growth for our Magenta brand, allowing us to move upmarket in urban and suburban areas with prime consumers and with enterprises and government. And at the same time, we've expanded our reach into smaller markets and rural areas and new product categories like high-speed Internet. We delivered big milestones in each of these areas in 2021 that really demonstrate our growth thesis with results. That customer growth helped to deliver industry-leading service revenue growth, and combined with our accelerated execution on our merger synergies, has enabled us to nearly double our free cash flow year-over-year in 2021.

我們卓越的網絡為我們的 Magenta 品牌帶來了前所未有的增長，使我們能夠與主要消費者以及企業和政府一起進入城市和郊區的高端市場。與此同時，我們將業務範圍擴大到較小的市場和農村地區以及高速互聯網等新產品類別。 2021 年，我們在這些領域中的每一個都實現了重大里程碑，真正證明了我們的增長論點並取得了成果。客戶增長有助於實現行業領先的服務收入增長，再加上我們對合併協同效應的加速執行，使我們的自由現金流在 2021 年同比增長了近一倍。

Only T-Mobile has this unique recipe with permission to win and room to run across multiple paths to unlock the massive shareholder value potential of this business.

只有 T-Mobile 擁有這種獨特的配方，可以贏得勝利，並有跨越多條路徑的空間，以釋放該業務的巨大股東價值潛力。

I'm incredibly excited to carry our momentum into 2022. This is a huge year, and there's no team I'd rather tackle it with.

能夠將我們的勢頭延續到 2022 年，我感到非常興奮。這是重要的一年，沒有哪支球隊是我更願意與之抗衡的。

So Peter, over to you.

所以彼得，交給你了。

All right. Thanks, Mike. As you can see, our strong results in 2021 highlighted our unique ability to leverage our 5G network to execute our exciting growth initiatives and accelerate the merger integration. Let's start by talking about growth.

好的。謝謝，邁克。如您所見，我們在 2021 年的強勁業績突顯了我們利用 5G 網絡執行令人興奮的增長計劃並加速合併整合的獨特能力。讓我們從談論增長開始。

We achieved our highest postpaid accounts and customer growth ever in 2021, which resulted in the best service revenue growth in company history and in the industry. We delivered strong ARPA and ARPU trends throughout 2021 with postpaid ARPA up nearly 2% from a year ago, consistent with our accounts and ARPA growth strategy we have shared with you. This postpaid ARPA growth is driven by both customer growth across both postpaid phones, including the success of our Magenta MAX offering and value-accretive postpaid other connections.

我們在 2021 年實現了有史以來最高的後付費賬戶和客戶增長，這帶來了公司歷史和行業中最好的服務收入增長。我們在 2021 年實現了強勁的 ARPA 和 ARPU 趨勢，後付費 ARPA 比一年前增長了近 2%，這與我們與您分享的賬戶和 ARPA 增長戰略一致。這種後付費 ARPA 的增長是由兩款後付費手機的客戶增長推動的，包括我們的 Magenta MAX 產品和增值後付費其他連接的成功。

We realized approximately $3.8 billion in synergies in 2021, nearly tripling year-over-year, with around $2.8 billion in P&L savings, which funded our growth initiatives and network build and roughly $1 billion in avoided costs. Through our higher service revenues and merger synergies, we reached record high core adjusted EBITDA of $23.6 billion, exceeding the high end of our recently raised guidance. Our growth in synergies have also unlocked rapid free cash flow expansion, which nearly doubled year-over-year to $5.6 billion in 2021 and it's just the beginning of our unique journey to deliver significant shareholder value.

2021 年，我們實現了約 38 億美元的協同效應，同比增長近兩倍，節省了約 28 億美元的損益，為我們的增長計劃和網絡建設提供了資金，並避免了約 10 億美元的成本。通過我們更高的服務收入和合併協同效應，我們達到了創紀錄的核心調整後 EBITDA 236 億美元，超過了我們最近提出的指導的高端。我們在協同效應方面的增長也開啟了自由現金流的快速擴張，到 2021 年同比增長近一倍，達到 56 億美元，這只是我們為股東創造巨大價值的獨特旅程的開始。

So let's talk about how our great execution and investments in 2021 set us up for another strong year of growth in 2022. We expect total postpaid net additions to be between 5 million and 5.5 million, reflecting continued focus on profitable growth with our Magenta brand as we continue the accelerated Sprint customer migration. This assumes roughly half of postpaid net adds coming from phones and continued growth in high-speed Internet. This net adds guidance does not include an expected small subset of customers who will not migrate upon the sunset of the Sprint network, which will be treated as a base adjustment at the end of Q1 for CDMA and the end of Q2 for LTE. The anticipated small impact of these adjustments is fully incorporated into our core adjusted EBITDA and free cash flow guidance.

因此，讓我們談談我們在 2021 年的出色執行和投資如何使我們在 2022 年迎來又一個強勁增長的一年。我們預計後付費淨增加量將在 500 萬至 550 萬之間，這反映了我們繼續關注 Magenta 品牌的盈利增長我們繼續加速 Sprint 客戶遷移。這假設大約一半的後付費淨增加來自手機和高速互聯網的持續增長。該網絡補充指南不包括預計在 Sprint 網絡結束後不會遷移的一小部分客戶，這將被視為 CDMA 第一季度末和 LTE 第二季度末的基數調整。這些調整的預期小影響已完全納入我們的核心調整後 EBITDA 和自由現金流指導。

So we expect core adjusted EBITDA to be between $25.6 billion and $26.1 billion, up approximately 10% at the midpoint based on continued growth in service revenues and merger synergies. And this excludes leasing revenues, which we expect to be between $1.1 billion to $1.4 billion as we continue to transition Sprint customers off device leasing.

因此，基於服務收入和合併協同效應的持續增長，我們預計核心調整後 EBITDA 將在 256 億美元至 261 億美元之間，中點增長約 10%。這不包括租賃收入，我們預計將在 11 億至 14 億美元之間，因為我們將繼續讓 Sprint 客戶擺脫設備租賃。

Our merger synergies are expected to further ramp to $5 billion to $5.3 billion in 2022, primarily as we unlock more network savings, particularly as we get into the second half of the year. Merger-related costs not included in adjusted or core adjusted EBITDA are expected to be between $4.5 billion and $5 billion before taxes, primarily representing network activities. These costs will peak this year as we laid out at Analyst Day, and we expect roughly 1/3 of the total to occur in Q1 and another 1/3 in Q2 and then taper off in the second half of the year as merger-related costs precede synergy realization.

到 2022 年，我們的合併協同效應預計將進一步增加至 50 億至 53 億美元，這主要是因為我們釋放了更多的網絡儲蓄，尤其是進入下半年。未包括在調整後或核心調整後 EBITDA 中的合併相關成本預計在稅前 45 億美元至 50 億美元之間，主要代表網絡活動。正如我們在分析師日所述，這些成本將在今年達到頂峰，我們預計大約 1/3 將在第一季度發生，另外 1/3 在第二季度發生，然後在下半年逐漸減少，因為與合併相關成本先於協同效應的實現。

Net cash provided by operating activities, including payments for merger-related costs, is expected to be in the range of $15.5 billion to $16.1 billion, up more than 10% year-over-year. We expect cash CapEx to be between $13 billion and $13.5 billion as we continue the robust pace of our 5G deployment and network integration while also accelerating additional components of our build plan in order to capitalize on growth opportunities and enhance the customer experience.

經營活動提供的淨現金，包括與合併相關的費用，預計將在 155 億美元至 161 億美元之間，同比增長 10% 以上。我們預計現金資本支出將在 130 億美元至 135 億美元之間，因為我們將繼續加快 5G 部署和網絡集成的步伐，同時加快構建計劃的其他組成部分，以利用增長機會並增強客戶體驗。

It is important to reiterate that our overall network capital budget remains unchanged. This acceleration further strengthens our competitive advantage by continuing the unprecedented pace of deployment, which unlocks the differentiated growth and significant cash flow generation potential of this business. Together, this results in expected free cash flow, including payments for merger-related costs, to be in the range of $7.1 billion to $7.6 billion. This is up more than 30% over last year, even with the higher levels of investment and does not assume any material net cash inflows from securitization.

重要的是要重申，我們的整體網絡資本預算保持不變。這種加速通過繼續前所未有的部署速度進一步增強了我們的競爭優勢，從而釋放了該業務的差異化增長和顯著的現金流產生潛力。總之，這導致預期的自由現金流量（包括與合併相關成本的支付）將在 71 億美元至 76 億美元之間。這比去年增長了 30% 以上，即使在投資水平較高的情況下，也沒有假設證券化帶來任何重大的淨現金流入。

We expect our full year effective tax rate to be between 24% and 26% as 2021 included significant onetime benefits. And finally, we expect full year postpaid ARPA to be up again in 2022 as we execute on our strategy to continuously deepen our account relationships.

我們預計我們的全年有效稅率將在 24% 至 26% 之間，因為 2021 年包括可觀的一次性福利。最後，隨著我們執行不斷深化客戶關係的戰略，我們預計 2022 年全年後付費 ARPA 將再次上升。

As Mike mentioned, we expect postpaid phone ARPU to be flat to slightly up year-over-year in 2022, driven by continued customer adoption of Magenta MAX. Altogether, we expect 2022 to be a year of profitable growth and free cash flow expansion as we continue to invest in our network and the business. Our unique opportunity to unlock significant expansion in free cash flow is what we find so exciting and look forward to building on our momentum this year.

正如邁克所提到的，由於客戶繼續採用 Magenta MAX，我們預計 2022 年後付費電話 ARPU 將與去年同期持平或略有上升。總而言之，隨著我們繼續投資於我們的網絡和業務，我們預計 2022 年將是盈利增長和自由現金流擴張的一年。我們發現自由現金流顯著擴張的獨特機會令人興奮，並期待在今年繼續發展。

And with that, I will now turn the call over to Jud Henry for Q&A. Jud?

有了這個，我現在將把電話轉給 Jud Henry 進行問答。賈德？

All right. Thanks, Peter. Let's get to your questions. (Operator Instructions)

好的。謝謝，彼得。讓我們來回答你的問題。 （操作員說明）

We'll start with a question on the phone.

我們將從電話中的一個問題開始。

(Operator Instructions) And we will go to our first question at this time from Phil Cusick of JPMorgan.

（操作員說明）此時我們將回答摩根大通的菲爾·庫斯克提出的第一個問題。

Detail on the base adjustment at the end of the...

底部調整的詳細信息...

Hey, Phil, we lost you at the beginning. Can you start over?

嘿，菲爾，我們一開始就失去了你。你能重新開始嗎？

Sorry. let me start over. So thanks for the direction on postpaid phones being half of adds. What do you -- can you give us more detail on how you think of this base adjustment at the end of the transition? Do you expect that these are sort of nonresponsive customers that you'll treat it as an adjustment rather than people who actually leave? And how else would you think about fixed wireless broadband for 2022 within that guide?

對不起。讓我重新開始。所以感謝後付費電話的方向是增加的一半。您怎麼看？您能否更詳細地說明您如何看待過渡結束時的基本調整？您是否期望這些是您將其視為一種調整而不是實際離開的人而不是那些沒有反應的客戶？您如何看待該指南中的 2022 年固定無線寬帶？

Yes, absolutely. Thanks, Phil. So yes, we couldn't be more excited to continue on this journey and get the CDMA network shutdown and transition that technology and really unlock things for customers, particularly with 5G.

是的，一點沒錯。謝謝，菲爾。所以，是的，我們非常興奮地繼續這一旅程，讓 CDMA 網絡關閉並過渡該技術，並真正為客戶解鎖東西，尤其是 5G。

In terms of what we expect there, what we're anticipating is probably in order of a couple hundred thousand phone subscribers. And really what those represent is the nonusage subscribers that we've seen really tail off. So it's not customers really leaving. I think it's really the tail of nonusage customers there.

就我們對那裡的期望而言，我們預期的可能是幾十萬電話用戶。真正代表的是我們已經看到真正減少的不使用訂閱者。因此，真正離開的並不是客戶。我認為這確實是那裡不使用客戶的尾巴。

And of course, we'll probably see some other devices. It's a little unique. You have some end-of-life devices that really aren't practical to be replaced. So that's really there. But again, couldn't be more excited about the progress that we're making towards decommissioning these networks and both unlocking the synergies that come from that, but also putting all of that spectrum to use in the 5G space. And all of that is incorporated in the guidance that we gave you.

當然，我們可能會看到其他一些設備。它有點獨特。您有一些實際無法更換的報廢設備。所以那是真的。但同樣，對於我們在退役這些網絡、釋放由此產生的協同效應以及將所有頻譜用於 5G 空間方面所取得的進展，我們再興奮不過了。所有這些都包含在我們為您提供的指導中。

With respect to fixed wireless, what we really see is 2022 will be a bigger year than 2021. And that's how we thought about it in the context of the guide that we gave you, but not specific figures.

就固定無線而言，我們真正看到的是 2022 年將比 2021 年更大。這就是我們在給您的指南中考慮它的方式，但沒有具體數字。

And maybe, Don, you can give a little color on how it's going out there with mobile Internet and what we're seeing and why is '22 going to be a bigger year?

或許，Don，您可以對移動互聯網的發展情況以及我們所看到的情況以及為什麼 22 年會是更重要的一年給出一點看法？

Yes. As we said earlier, I mean, this last year was our launch, our official launch -- we did 542 -- or ended the year with just under 650,000 customers. So it's a great growth year for us. And the thing that's really exciting about this business is customer satisfaction continues to actually improve. I mean we're already 3x higher than cable, and we're seeing it improve. So the customers are liking it. We have momentum.

是的。正如我們之前所說，我的意思是，去年是我們的發布，我們的正式發布——我們做了 542 次——或者以不到 650,000 名客戶結束了這一年。所以這對我們來說是一個巨大的增長年。這項業務真正令人興奮的是客戶滿意度實際上在不斷提高。我的意思是我們已經比有線電視高出 3 倍，而且我們正在看到它在改進。所以客戶很喜歡。我們有動力。

The other exciting piece about this is that 40% of the customers we're bringing on are new to T-Mobile, which is a fantastic opportunity for us to cross-sell our wireless services. So this continues to be the case. And our economics, as we stated back at Analyst Day, continue to be something that's really great and attractive, postpaid-like ARPU, much lower acquisition costs. So economically, this is a really good piece for us.

另一個令人興奮的事情是，我們帶來的 40% 的客戶是 T-Mobile 的新客戶，這對我們來說是交叉銷售無線服務的絕佳機會。所以這種情況繼續存在。正如我們在分析師日所說的那樣，我們的經濟仍然是非常棒和有吸引力的東西，類似於後付費的 ARPU，而且購置成本要低得多。所以在經濟上，這對我們來說是一件非常好的作品。

So we're seeing all the things that we had expected continue to trend as we expected -- even more favorably than we expected. And the penetration we're seeing across different market types also continues to be really positive.

因此，我們看到所有我們預期的事情繼續按預期發展——甚至比我們預期的要好。我們在不同市場類型中看到的滲透率也繼續非常積極。

I mean, the majority of our customers are coming from suburban and urban areas. And don't get me wrong, we do very well in rural areas where people are looking for even one choice of high-speed Internet. So that's been great. But the value proposition that we have, the simplicity, the price, the quality of the product, the fact that we have backed it with amazing customer service, it's so easy to set up, all these are resonating with customers, whether they come from cable, which is still the majority of customers that we're bringing on, or customers that are just looking for a great Internet provider.

我的意思是，我們的大多數客戶來自郊區和城市地區。不要誤解我的意思，我們在農村地區做得很好，人們甚至在尋找一種高速互聯網的選擇。所以這很棒。但是我們擁有的價值主張、簡單性、價格、產品質量、我們以出色的客戶服務支持它的事實、設置起來非常容易，所有這些都引起了客戶的共鳴，無論他們來自有線電視，這仍然是我們帶來的大多數客戶，或者只是在尋找出色的互聯網提供商的客戶。

So all these things give us great momentum in the fourth quarter, again, where we were #1 in industry net adds, and we continue to -- we expect to lean into that going into 2022.

因此，所有這些事情在第四季度再次為我們提供了巨大的動力，我們在行業淨增加量中排名第一，而且我們將繼續——我們預計到 2022 年將繼續保持這種勢頭。

Last word on home Internet, Phil. I would say -- I think some people are going to be surprised. I mentioned this in my remarks at how mainstream this product really is. And you certainly saw it in our growth numbers in Q4 where we beat the industry. But more importantly, you see it in our usage profiles. Average users are using 300 to 400 gigs a month. We have a mid-single digit using more than a terabyte.

家庭互聯網上的最後一句話，菲爾。我會說——我認為有些人會感到驚訝。我在評論該產品的主流程度時提到了這一點。您肯定在我們擊敗行業的第四季度增長數據中看到了這一點。但更重要的是，您可以在我們的使用配置文件中看到它。平均用戶每月使用 300 到 400 場演出。我們有一個使用超過 TB 的中個位數。

And people might say, "Well, that's not the same as cable. Cable uses more than that." But if you look at the broad distribution of cable users, their medians are right in that range. Their averages are only higher because they have some 10%, 20% of people that use multiple terabytes. Look, we can support some of that, too, as we're demonstrating today. But we don't have to target those people. I mean 80%, 90% of the customers are right in the sweet spot of where our product performs. And that's a wide, huge TAM for us. This is a very mainstream product for one reason. Our 5G is backed by the massive capacity of our rollout advancements and our spectrum portfolio. Nobody else is anywhere close or like that for quite some time. Yes, please, Phil.

人們可能會說，“嗯，這和電纜不一樣。電纜的用途不止於此。”但如果你看看有線電視用戶的廣泛分佈，他們的中位數正好在這個範圍內。他們的平均值更高，因為他們有大約 10%、20% 的人使用數 TB。看，我們也可以支持其中的一些，正如我們今天所展示的那樣。但我們不必針對那些人。我的意思是 80%、90% 的客戶都處於我們產品性能的最佳位置。這對我們來說是一個廣泛而巨大的 TAM。這是一個非常主流的產品，原因之一。我們的 5G 得到了我們推出的巨大容量和頻譜組合的支持。在相當長的一段時間內，沒有其他人接近或喜歡那樣的地方。是的，拜託，菲爾。

Mike, just a follow-up on one thing. I think that Peter said -- and thanks on the fixed wireless side. That couple of hundred thousand customers that you said mostly nonusage. Is it fair to assume that the revenue associated with those are substantially less than average for those customers?

邁克，只是對一件事的跟進。我認為Peter 說過-- 並感謝固定無線方面。你說的那幾十萬客戶大多沒有使用。假設與這些相關的收入大大低於這些客戶的平均水平是否公平？

Yes. And it's -- we don't have it exactly sized yet, and it's low usage and no usage and lower revenue. But it's basically the people who you've offered them a phone completely brand-new, totally free phone several times, and they haven't responded. And in many cases, they have lower revenue profiles, little or no usage. And we don't have it perfectly sized yet. But it's -- what Peter is trying to get at is it's not material to either our total subscriber enrollment nor our revenues.

是的。而且它 - 我們還沒有確切的大小，它的使用率低，沒有使用率和收入低。但基本上是那些你給他們提供了幾次全新的、完全免費的電話的人，他們都沒有回應。而且在許多情況下，它們的收入狀況較低，使用量很少或根本沒有。而且我們還沒有完美的尺寸。但它 - 彼得試圖得到的是它對我們的總訂閱人數和我們的收入都不重要。

And so at some point, when we begin our orderly transition, which looks like it's right on track for March 31, we'll begin that orderly shutdown of CDMA, we'll do a residual base adjustment, but it won't have a material impact on our financials. And certainly, whatever impact we do expect is fully embedded in the guidance we shared with you today.

因此，在某個時候，當我們開始有序過渡時，看起來正處於 3 月 31 日的軌道上，我們將開始有序關閉 CDMA，我們將進行剩餘基數調整，但不會有對我們的財務狀況產生重大影響。當然，我們所期望的任何影響都完全包含在我們今天與您分享的指導中。

(Operator Instructions) And we're going to be moving next to our question from Brett Feldman of Goldman Sachs.

（操作員說明）接下來，我們將繼續討論高盛的 Brett Feldman 提出的問題。

And great to hear the confidence you have in the cash flow profile of the company. Going back, that's one of the principal reasons why you had expressed confidence that you would be getting to a point where you could seek approval from the Board to pursue a fairly meaningful buyback program. Could you maybe just revisit for us what are some of the conditions you would hope that the business would be in, in order to be in a position to go seek that approval? And to what extent would that be operational milestones like completing certain elements of the integration, such as the network integration versus maybe being in line with certain financial objectives, such as where you're looking to get leverage?

很高興聽到您對公司現金流狀況的信心。回過頭來看，這是您表示有信心達到可以尋求董事會批准以實施相當有意義的回購計劃的地步的主要原因之一。您能否為我們重新審視一下您希望該業務處於哪些條件，以便能夠尋求批准？這在多大程度上是運營里程碑，例如完成集成的某些元素，例如網絡集成，而不是可能符合某些財務目標，例如您希望在哪裡獲得槓桿？

Of course. I'll just take you back to Analyst Day because essentially nothing's changed. We're a year smarter, but all that year has done is demonstrate that the thesis we shared with you last year is completely intact, if not better than before. And what we said back then is that it's all predicated on the massive cash flow potential of this business, particularly in the years '23, '24, '25 and beyond.

當然。我將帶您回到分析師日，因為基本上沒有任何改變。我們比以前聰明了一年，但這一年所做的只是證明我們去年與您分享的論文是完全完整的，即使不是比以前更好。我們當時所說的是，這一切都取決於這項業務的巨大現金流潛力，尤其是在 23 年、24 年、25 年及以後。

So we set an aspiration of about a $60 billion program during those years, the possibility of starting sooner, and all of that remains intact because the thesis is intact. And you saw that we authorized a pretty good capital build for this year because we're running well ahead of schedule on integration. We want to get this thing behind us. That means next year's capital profile will be lower. We're going to see a significant step down in capital next year versus this year.

所以我們在那些年裡設定了一個大約 600 億美元的計劃，有可能更早開始，所有這些都保持不變，因為論文是完整的。你看到我們今年批准了相當不錯的資本建設，因為我們在整合方面比計劃提前了很多。我們想把這件事拋在腦後。這意味著明年的資本狀況將會降低。與今年相比，明年我們將看到資本大幅下降。

We don't have any formal updates for you, but the entire thesis that, that magnitude of buyback makes sense and is a great way to return value in those time frames, including the possibility of starting earlier, all of that's intact. But I can't really parse it for you any more than that in terms of our deliberations. So sorry about that.

我們沒有為您提供任何正式更新，但整個論點是，回購的規模是有道理的，並且是在這些時間範圍內回報價值的好方法，包括更早開始的可能性，所有這些都是完整的。但就我們的審議而言，我真的無法為您解析它。很抱歉。

Well, can I ask a follow-up for Pete. You had previously expressed the goal of getting to investment grade. I don't think that was a prerequisite for pursuing buybacks, but obviously, the rate environment has changed, so I'm wondering if your thinking around your balance sheet priorities have evolved at all.

好吧，我可以問一下皮特的後續情況嗎？您之前曾表達過達到投資級別的目標。我不認為這是追求回購的先決條件，但顯然，利率環境已經改變，所以我想知道你對資產負債表優先事項的思考是否已經發生了變化。

No. They haven't. And look, it's very straightforward. We are going to achieve in this time frame according to our outlooks, investment grade. We are going to, according to our outlooks, have the wherewithal to be able to do these buybacks. They're not in tension with one another. And there are no preset predicates to when we might pursue these things. But I don't have a formal update for you.

不，他們沒有。看，它非常簡單。根據我們的前景和投資等級，我們將在這個時間框架內實現。根據我們的展望，我們將有足夠的資金進行這些回購。他們彼此之間並不緊張。並且沒有預設的謂詞來判斷我們何時可以追求這些東西。但我沒有正式的更新給你。

And so we'll move to our next question from Craig Moffett of MoffettNathanson.

因此，我們將轉到 MoffettNathanson 的 Craig Moffett 提出的下一個問題。

So let's stay with -- you talked a lot about fixed wireless broadband. Let's stay with the cable theme for a second. Having now seen the rapid growth that the cable operators posted in their wireless businesses, can you talk about how you think about coexisting with cable? I'm guessing they probably don't take a lot of subscribers directly from you, but they now sort of occupy a similar kind of value price that you occupy. How much do you think that affects your growth trajectory?

所以讓我們繼續——你談了很多關於固定無線寬帶的話題。讓我們停留一下有線電視主題。現在看到有線運營商在無線業務中的快速增長，您能談談您對與有線共存的看法嗎？我猜他們可能不會直接從你那裡獲得很多訂閱者，但他們現在佔據了與你所佔據的類似的價值價格。您認為這會在多大程度上影響您的成長軌跡？

Well, as you know, Craig, we also posted the biggest postpaid numbers in the entire industry in that same quarter you're asking about, Q4, the one we're reporting, and the highest postpaid net adds in our history in the full year 2021, all during which we're seeing this trend on cable, which isn't new.

好吧，如你所知，克雷格，我們還在你詢問的同一季度發布了整個行業中最大的後付費數字，第四季度，我們正在報告的那個，以及我們歷史上最高的後付費淨增加量2021 年，在此期間，我們在有線電視上看到了這種趨勢，這並不新鮮。

Cable had a strong quarter in Q4, but it wasn't an outsized quarter. I mean basically, it was 10.4% of gross adds. And we've been saying for a long time, we see them right around 10%. They've been consistent performers. And when you have those kinds of smaller bases that -- you'll see a little bit more variability in nets. But their activations are very consistent. And you see how we're thriving in that environment.

有線電視在第四季度表現強勁，但並不是一個超大的季度。我的意思是，基本上，它佔總添加量的 10.4%。我們已經說了很長時間了，我們看到它們大約在 10% 左右。他們一直是一貫的表演者。當你擁有那些較小的鹼基時——你會看到網絡的可變性更多一些。但是它們的激活非常一致。你會看到我們在那種環境中是如何蓬勃發展的。

And one of the issues is what you talked about. We think our value proposition is distinct, and it's resonating. And I'm really talking about the Magenta value proposition because that's the one we bring to the market.

其中一個問題就是你所說的。我們認為我們的價值主張是獨特的，並且會引起共鳴。我真的在談論洋紅色的價值主張，因為這是我們推向市場的價值主張。

We talked about the fact that if Magenta churn matched Sprint churn, and they were both at the Magenta levels right now, which is certainly a long-term trend, this performance this last quarter would have been 1.4 million postpaid phone net adds, the highest in our history. And it's not meant to give you some alternate reality on Q4. It's meant to express what we see in the underlying trends of our business that don't always come through in the reports.

我們談到了這樣一個事實，如果 Magenta 流失率與 Sprint 流失率相匹配，並且它們現在都處於 Magenta 水平，這當然是一個長期趨勢，那麼上個季度的這一表現將是 140 萬後付費電話淨增加，最高在我們的歷史中。這並不意味著在第四季度給你一些替代現實。它旨在表達我們在業務的潛在趨勢中所看到的，這些趨勢並不總是在報告中體現出來。

So look, we are coexisting with them. We've been coexisting with them and we're really just not concerned about some step change catalyst.

所以看，我們正在與他們共存。我們一直與他們共存，我們真的只是不關心一些改變的催化劑。

We'll go next to a question from Michael Rollins of Citi.

接下來，我們將回答花旗銀行的邁克爾·羅林斯提出的問題。

I wanted to touch upon the flow of performance over the course of '22. I think you mentioned earlier that the integration investments would be, I think, 1/3, 1/3 and then the balance in the back half of the year. I'm just curious how we should be thinking about the pace of churn -- normal course churn or Sprint related churn over the course of the year as you're continuing with the integration, how to think about the synergy realization and whether EBITDA growth is back-end loaded for the timing of those savings and then as it relates to free cash flow.

我想談談 22 年的表演流程。我想你之前提到過，我認為整合投資將是 1/3、1/3，然後是下半年的餘額。我只是好奇我們應該如何考慮流失的速度——當你繼續整合時，一年中的正常課程流失或與 Sprint 相關的流失，如何考慮協同效應的實現以及 EBITDA 是否增長為這些儲蓄的時間安排後端加載，然後因為它與自由現金流有關。

Sure. Let me make a comment on churn, and then I'll hand it to Peter on what you can expect in terms of timing, so he can give you his usual nonanswer on how it will all unfold during the year.

當然。讓我對流失發表評論，然後我將把它交給彼得關於你在時間方面的預期，這樣他就可以給你他通常不回答的關於這一年將如何展開的答案。

But look, on churn, what I mentioned in my remarks is that we're, as expected, seeing a seasonal step down in churn. But we're also seeing an improvement in our relative performance with our underlying Magenta porting better so far in Q1 than in Q4, where it was already very strong. So we're really pleased with the progress that we're seeing. And then underneath that, I mentioned that I believe that Q4 would be the high watermark quarter for churn overall, certainly through this multiyear integration period. And the reason why we were able to express some confidence in that is that you remember last time, I said there had been a small group of people that have sort of fully completed the migration. And we weren't sure if there was a selection bias or what was going on, but they looked exactly like or even a little better than Magenta.

但是，關於客戶流失，我在講話中提到的是，正如預期的那樣，我們看到客戶流失的季節性下降。但我們也看到我們的相對錶現有所改善，到目前為止，我們的基礎 Magenta 在第一季度的移植比在第四季度已經非常強勁。因此，我們對所看到的進展感到非常滿意。然後在此之下，我提到我相信第四季度將是整體流失率的高水位季度，當然在這個多年的整合期內。我們之所以能夠對此表達一些信心，是因為你記得上次，我說有一小部分人已經完全完成了遷移。而且我們不確定是否存在選擇偏差或發生了什麼，但它們看起來完全一樣，甚至比洋紅色好一點。

And now we have a significant cohort, millions that have moved across. It's still a minority. I mean, it's going to take some time because it's driven by upgrades, which are stepwise. But now we have a big material cohort of people who have a compatible device. They have one or more on their account T-Mobile payment plans or T-Mobile-like payment plans, not the leasing, on a compatible device, domiciled on the T-Mobile network. And when you have those pieces in place, there are lots of pieces. But when you have those pieces in place, you see churn just like Magenta. And we have now a significant minority of Sprint customers that have that in place. And it makes sense.

現在我們有一個重要的群體，數以百萬計的人已經跨越。它仍然是少數。我的意思是，這需要一些時間，因為它是由逐步升級驅動的。但是現在我們有一大群擁有兼容設備的人。他們的賬戶上有一個或多個 T-Mobile 支付計劃或類似 T-Mobile 的支付計劃，而不是租賃，在兼容設備上，位於 T-Mobile 網絡上。當你把這些碎片準備好時，就會有很多碎片。但是，當您將這些部分準備好時，您會看到像 Magenta 一樣的流失。我們現在有相當少數的 Sprint 客戶擁有這一點。這是有道理的。

If you have one or more phones on your band, doesn't have to be every single one. A band is an account. If you have one or more phones that are on a new T-Mobile-like payment plan, then you see how user-friendly it is versus the leases. You see how it performs on the network versus your prior product. And there's a dynamic there of having a level of commitment to the company. And so you see that taste of Magenta and what it's like, and that corresponds to churn just like Magenta. So now we're able to say, "Look, we just got to get the job done. We have to sweep across all these bands, make sure that they have the experience of Magenta, particularly compatible phones and compatible phone plans, and we're going to see the performance that we expect." And it's easier to predict now that we have a material cohort that's come all the way across.

如果您的手環上有一部或多部手機，則不必是每一部。樂隊是一個帳戶。如果您有一部或多部手機採用新的類似 T-Mobile 的付款計劃，那麼您會看到它與租約相比對用戶的友好程度。您會看到它與您之前的產品在網絡上的表現如何。那裡有一種對公司的承諾水平的動態。所以你會看到洋紅色的味道和它的感覺，這與洋紅色一樣對應於流失。所以現在我們可以說，“看，我們剛剛完成了工作。我們必須掃描所有這些頻段，確保他們擁有 Magenta 的體驗，特別是兼容的手機和兼容的手機套餐，我們'將會看到我們期望的表現。”現在更容易預測，因為我們有一個貫穿始終的物質群體。

As to the time frames on some of the financials through the quarter, what kind of color can you share, Peter?

至於本季度某些財務數據的時間框架，您可以分享哪種顏色，彼得？

Yes, absolutely. I'll try to give more than a nonanswer to say, Mike. But you mentioned, Mike, on the merger-related costs, and we said out of the guide that we provided, we anticipate about 1/3 of that in Q1 and about 1/3 of that in Q2. And you see that, of course, as you're starting to decommission the cell sites, you're going to start seeing the majority of this cost be associated with that decom.

是的，一點沒錯。邁克，我會盡量給出更多的答案。但是邁克，你提到了與合併相關的成本，我們在提供的指南中說，我們預計第一季度約為 1/3，第二季度約為 1/3。當然，您會看到，當您開始停用蜂窩基站時，您將開始看到大部分成本與該停用有關。

By the way, and all of this acceleration of synergy that we provided, including beating 2021 and this 2022 guide, we're still projecting the same total amount of merger-related costs, which remember, were $15 billion. I do think now instead of the 11.5 OpEx, 3.5 CapEx, what we'll see is about 12 OpEx and 3 CapEx because the acceleration actually meant some things that we thought would be capitalized and now flipped to OpEx given the shorter time frame.

順便說一句，以及我們提供的所有這些加速協同效應，包括擊敗 2021 年和本 2022 年指南，我們仍然預計與合併相關的總成本是 150 億美元。我確實認為現在我們將看到的不是 11.5 OpEx、3.5 CapEx，而是大約 12 OpEx 和 3 CapEx，因為加速實際上意味著一些我們認為會被資本化的東西，現在考慮到更短的時間框架，現在轉向了 OpEx。

So that's it with respect to merger-related costs. And those perceive the synergies. So as I said, as you start decomm-ing the cell sites, in particular, you're going to start seeing the network synergies build in the second half of the year. And those are the things that will give you color around how it develops with respect to core EBITDA. And of course, you have other things such as seasonality and holiday and gross add flows that will affect some of that, but at least color around merger-related cost and synergy developments throughout the course of the year.

這就是與合併相關的成本。而那些感知協同效應的人。因此，正如我所說，當您開始淘汰蜂窩站點時，特別是，您將開始看到網絡協同效應在今年下半年建立。這些東西會讓你了解它在核心 EBITDA 方面的發展情況。當然，您還有其他因素，例如季節性和假期以及總新增流量會影響其中的一些因素，但至少會影響全年與合併相關的成本和協同發展。

Okay. Sounds good. Let's go to Twitter for a couple and then come right back to the phone. So Neville, Bill Ho asks, with Auction 110 spectrum expanding our mid-band TDD, what are the issues beyond clearing to put this new spectrum into service? And while you're at it, with 5G ultra capacity, 260 million POPs targeted by the end of this year and 300 at the end of next year, is that organic or with roaming partners or what should we expect there?

好的。聽起來不錯。讓我們去推特找一對夫婦，然後馬上回到電話上。所以內維爾，Bill Ho 問道，隨著 Auction 110 頻譜擴展了我們的中頻 TDD，除了清理以將這個新頻譜投入服務之外，還有哪些問題？當你在它的時候，擁有 5G 超容量，到今年年底有 2.6 億個 POP，明年年底有 300 個，這是有機的還是有漫遊合作夥伴的，或者我們應該期待什麼？

Great. Yes. Thanks, Mike, and thanks for the Q, Bill. So Auction 110, so we're very pleased with the outcome, as Mike referenced in his opening comments, a great addition for us to our mid-band spectrum position. Your question there about what are the issues, well, obviously, this is a new band. So -- and it does have some complexity with coordination with the DoD to navigate. So that takes a little bit of time.

偉大的。是的。謝謝，邁克，謝謝你的問，比爾。所以拍賣 110，所以我們對結果非常滿意，正如邁克在他的開場評論中提到的那樣，這對我們來說是對我們的中頻頻譜位置的一個很好的補充。你的問題是什麼問題，嗯，很明顯，這是一個新樂隊。所以 - 它確實有一些複雜性與國防部協調導航。所以這需要一點時間。

The radio infrastructure is new. So that has to be brought on and made available. And obviously, supply chain can play in there. And then third, but certainly not the last issue, is handsets and devices. And so we see kind of from the major OEMs, availability on devices in this band, tail end of this year, early next.

無線電基礎設施是新的。因此，必須提出並提供這一點。顯然，供應鏈可以發揮作用。第三個問題，但肯定不是最後一個問題，是手機和設備。因此，我們從主要 OEM 那裡看到了該頻段設備的可用性，今年年底，明年年初。

So for T-Mobile, our plan is to look at starting deployment of that 110 spectrum in '23 in conjunction with the C-band spectrum that we purchased last year. And that's a one and done for us. That's a single radio. Unlike the AT&T approach you've heard about, which is 2 radios kind of integrated together. So for us, I mean, we're looking to deploy the spectrum at the perfect time as we move into '23.

因此，對於 T-Mobile，我們的計劃是考慮在 23 年開始部署 110 個頻譜以及我們去年購買的 C 波段頻譜。這是為我們完成的。那是一個收音機。與您聽說過的 AT&T 方法不同，後者是將 2 個無線電集成在一起。所以對我們來說，我的意思是，我們希望在進入 23 世紀的最佳時機部署頻譜。

So very pleased with the outcome there. And I think the other important piece, as Mike referenced, we purchased spectrum in key areas of the country where the spectrum is most suited for deployment and capacity use.

對那裡的結果非常滿意。正如邁克所提到的，我認為另一個重要的部分是，我們在該國頻譜最適合部署和容量使用的關鍵地區購買了頻譜。

On the target for 260 million POPs by the end of '22 and then 300 million by the end of '23, nobody more excited about those numbers than me. That's one hell of a footprint and looks to really extend the powerful lead we have today.

關於到 22 年底 2.6 億 POPs 和到 23 年底 3 億人的目標，沒有人比我更對這些數字感到興奮。這是一個地獄般的足跡，看起來真的會擴大我們今天擁有的強大領先優勢。

And are we going to be using roaming partners? I think they're going to be very few and far between. I think the question out there, Bill, is how many folks are going to be coming to T-Mobile and asking if they can roam on our great 5G with all of that footprint and capacity and capability that's out there. So it's an organic build. I won't say 100%, but effectively, it's a T-Mobile build, so excited on both those fronts.

我們會使用漫遊合作夥伴嗎？我認為他們將非常少。比爾，我認為問題是有多少人將來到 T-Mobile，並詢問他們是否可以在我們偉大的 5G 上漫遊，並擁有所有這些足跡、容量和能力。所以這是一個有機的構建。我不會說 100%，但實際上，這是一個 T-Mobile 版本，在這兩個方面都非常興奮。

Okay. Back to the phones in a minute. But first, Roger Entner, Mike Katz, he asked, can you talk about progress in the business segment, both for phone and for fixed wireless. So a little color on the quarter and maybe what you see ahead in '22.

好的。一分鐘後回到電話。但首先，羅傑·恩特納 (Roger Entner) 和邁克·卡茨 (Mike Katz) 問道，您能談談電話和固定無線業務領域的進展嗎？所以這個季度有點色彩，也許是你在 22 年看到的未來。

Yes. No, thanks for the question, Roger. And look, I'm very, very proud of the progress that we made in business this last year. As you heard Mike talk about at the beginning of the call, we left '21 in with a win rate and a corresponding net add velocity that gets us to the 20% target share target that we talked about at Analyst Day in 2025.

是的。不，謝謝你的問題，羅傑。看，我為我們去年在業務上取得的進展感到非常非常自豪。正如您在電話會議開始時聽到 Mike 所說的那樣，我們在 21 年留下了贏率和相應的淨增加速度，這使我們達到了我們在 2025 年分析師日談到的 20% 的目標份額目標。

So I'm really thrilled with the momentum that we're building there. And we left the year with a lot of momentum. Last time we were here together, I talked about it being the best quarter that we've had in enterprise. Q4 bested Q3 in enterprise. So we've left '21 with a lot of momentum.

所以我對我們在那裡建立的勢頭感到非常興奮。我們帶著很大的動力離開了這一年。上次我們在一起時，我談到這是我們在企業中經歷過的最好的一個季度。第四季度在企業中優於第三季度。所以我們在 21 年留下了很大的動力。

And one of the things that we're seeing is the size of the wins that we're getting. It's not just new companies picking us, but it's the depth of wins. And it's really well demonstrated by one of the ones we announced this last quarter with Alaska Airlines picking us to not just be a partner but be their primary wireless provider. And those are the kinds of partnerships that we see striking, both in enterprise and government throughout the course of '21.

我們看到的一件事是我們獲得的勝利的規模。選擇我們的不僅僅是新公司，還有獲勝的深度。我們在上個季度宣布的其中一個很好地證明了這一點，阿拉斯加航空公司選擇我們不僅是合作夥伴，而且是他們的主要無線提供商。這些是我們在 21 年期間在企業和政府中看到的引人注目的合作夥伴關係。

The wins are coming both in phone, but also in postpaid other, the latter of which we're really excited about because we are seeing CLVs on other connectivity that are greater than phone and enterprise and government. So it's really profitable business for us. And in that part of the business, we led the industry in growth there. So it's coming both simultaneously from phone and postpaid other.

勝利既來自電話，也來自其他後付費，後者我們真的很興奮，因為我們看到其他連接上的 CLV 比電話、企業和政府更重要。所以這對我們來說確實是有利可圖的業務。在這部分業務中，我們引領了該行業的增長。所以它同時來自電話和後付費其他。

On fixed wireless, Dow will tell you that part of the growth that we had this year certainly came from business customers, and I see that as one of the big growth vectors for us this coming year. Certainly in small business where they -- we talk about the lack of choices that consumers have in fixed wireless, just think about how rough it is for small businesses. Man, they get gouged. They have very few choices and the choices they have, they really get gouged. So we think there's a big growth opportunity in small business.

在固定無線方面，陶氏化學會告訴你，我們今年的部分增長肯定來自商業客戶，我認為這是我們來年的一大增長動力。當然，在他們的小企業中——我們談論消費者在固定無線方面缺乏選擇，想想這對小企業來說有多艱難。伙計，他們被挖了。他們的選擇很少，而他們擁有的選擇，他們真的會被挖走。所以我們認為小企業有很大的增長機會。

And we think there's opportunities across other business segments as well, including large enterprise, where we can provide both primary and redundant service in certain use cases. So Dow and I are working closely on that, and I see that as one of our big growth opportunities as we roll into '22.

我們認為其他業務領域也有機會，包括大型企業，我們可以在某些用例中提供主要和冗餘服務。因此，陶氏和我正在密切合作，我認為這是我們進入 22 年時的巨大增長機會之一。

We'll go next to Jonathan Chaplin of New Street.

我們會去新街的喬納森卓別林旁邊。

Two quick ones, one for Peter. I'm wondering if you can give us some context for what you're assuming in your net add guidance for the industry. Is it another year of 9 million adds to the industry? Are we heading back towards a sort of a pre-pandemic trend of maybe 5.5, 6?

兩個快速的，一個給彼得。我想知道您是否可以為我們在您的網絡添加行業指南中假設的內容提供一些背景信息。是不是又一年增加了900萬的行業？我們是否正在回到可能 5.5、6 的大流行前趨勢？

And then maybe for Mike, sticking with the fixed wireless broadband theme, I'd love to get your thoughts on the pricing environment in broadband and a sense for other markets where you're up against Verizon's fixed wireless broadband product. And if so, how does your message around 5G resonate against their $30 pricing?

然後也許對於堅持固定無線寬帶主題的邁克來說，我很想了解您對寬帶定價環境的看法，以及您對 Verizon 固定無線寬帶產品的其他市場的看法。如果是這樣，您關於 5G 的信息如何與他們 30 美元的定價產生共鳴？

Terrific. Okay. First to Peter.

了不起。好的。首先是彼得。

Yes, absolutely. And look, Jonathan, I think the important thing is, at some point, this industry will probably normalize more to pre-pandemic levels, right? That's -- no doubt about it that it will happen at some point. It might come in ebbs and flows.

是的，一點沒錯。看，喬納森，我認為重要的是，在某個時候，這個行業可能會更加正常化到大流行前的水平，對吧？那是——毫無疑問，它會在某個時候發生。它可能會起起落落。

The most important thing is in what we provided you from a net add guidance and what we, of course, delivered in 2021 that you have to ask yourself is, who really has a clearly articulated strategy backed up with proof points in terms of how they're going to generate their growth. And that's why we're so excited about the guide that we gave you because of all the underpenetrated opportunities that we have, smaller markets and rural areas, you just heard Mike Katz talk about enterprise and government, of course, what we have in terms of high-speed Internet, and we're going into all of these areas while we're building a completely differentiated network that is going to stay ahead.

最重要的是我們從網絡上為您提供的指導，當然，我們在 2021 年交付的內容是您必須問自己的是，誰真正有一個明確的戰略，並在他們如何實施的方面有證據支持'將產生他們的成長。這就是為什麼我們對我們給你的指南如此興奮，因為我們擁有所有未被充分利用的機會，較小的市場和農村地區，你剛剛聽到 Mike Katz 談論企業和政府，當然，我們有什麼高速互聯網，我們正在進入所有這些領域，同時我們正在建立一個完全差異化的網絡，並將保持領先地位。

And that's going to fuel the opportunity to bring the best product and the best value and fuel the growth that we're seeing and the momentum and the stats that you've heard, whether it's from smaller markets and rural areas that are generating that account growth. We're just tremendously excited about it.

這將為帶來最佳產品和最佳價值的機會提供動力，並推動我們所看到的增長以及您所聽到的勢頭和統計數據，無論是來自較小市場和農村地區的產生該帳戶的地區生長。我們對此感到非常興奮。

And so despite what the industry does in 2022, we feel very confident in the guide that we gave because of, again, the product differentiation on the network and our ability and traction and growth opportunities in these underrepresented areas.

因此，儘管該行業在 2022 年做了什麼，但我們對我們給出的指南感到非常有信心，因為網絡上的產品差異化以及我們在這些代表性不足的領域的能力、牽引力和增長機會。

Yes. And on mobile broadband or fixed wireless, no, we're not really running into that. But remember, we're just operating at a different scale.

是的。在移動寬帶或固定無線上，不，我們並沒有真正遇到這種情況。但請記住，我們只是在以不同的規模運作。

So in Q4, we delivered more net adds than Verizon has delivered in the entire time frame they've been swinging the bat on fixed wireless, 3 years plus. So we're operating at completely different scales.

因此，在第四季度，我們提供的淨增加量超過了 Verizon 在整個時間範圍內提供的淨增加量，他們一直在 3 年多的時間裡在固定無線領域揮舞蝙蝠。所以我們在完全不同的規模上運作。

And you have to remember that while they're starting with mid-band 5G, they're starting with a very small amount of geographic coverage and concentrating POPs in urban areas where it's easiest to do deployment. We know. We started planning our mid-band 5G in 2018 with permitting and licensing and started rolling it out in earnest over 2 years ago so -- or about 2 years ago. So we know that, that's a different opportunity. So we're not really running into them much. As to their pricing, it's interesting. We'll have to see where that goes.

你必須記住，雖然他們從中頻段 5G 開始，但他們從非常小的地理覆蓋範圍開始，並將 POP 集中在最容易部署的城市地區。我們知道。我們於 2018 年開始規劃我們的中頻 5G，並獲得許可和許可，並在 2 年前或大約 2 年前開始認真推出。所以我們知道，這是一個不同的機會。所以我們並沒有真正遇到他們。至於他們的定價，這很有趣。我們將不得不看看它的去向。

I'll tell you this, the response we're getting to our offers is phenomenal. The idea of being able to have a product with massive capacity and mainstream usage across vast swaths of this country for $50.00, including all taxes and fees and no promotional gotchas like our WIRED into the fine print on that Verizon offer. That's really cool, and it's resonating, and we're really not out to respond to other people's initiatives. We're out to delight customers with an offer we're proud of.

我會告訴你這一點，我們對我們的報價的反應是驚人的。能夠以 50.00 美元的價格在這個國家的廣大地區擁有一個具有大容量和主流使用的產品的想法，包括所有稅費，並且沒有像我們的 WIRED 這樣的促銷陷阱進入該 Verizon 報價的細則。這真的很酷，而且會引起共鳴，我們真的不會回應其他人的倡議。我們竭誠為客戶提供我們引以為豪的優惠。

And the thing that I think they will see is that it's backed by this massive capacity network. And others -- it just kind of shows the time-to-market advantage. Others do have massive capacity in a few places with millimeter wave, but there are also demonstrated issues there with self-install and other complications. And so we feel like we've got the right sweet spot and we're just heads down, executing our strategy and really not worrying about all the noise.

我認為他們會看到的是，它得到了這個巨大容量網絡的支持。和其他人——它只是顯示了上市時間的優勢。其他人確實在毫米波的幾個地方擁有巨大的容量，但那裡也存在自我安裝和其他並發症的問題。所以我們覺得我們找到了正確的最佳位置，我們只是低著頭，執行我們的策略，真的不用擔心所有的噪音。

We'll move next to Simon Flannery of Morgan Stanley.

我們將搬到摩根士丹利的西蒙弗蘭納里旁邊。

Great. Neville, I wonder if you could just talk a little bit about some of the key priorities for the CapEx program. I think we were a little bit surprised about last month when the guide -- or in December when the guide went up year-over-year given that you've achieved the 210 million already. So any color around that?

偉大的。 Neville，我想知道你是否可以談談資本支出計劃的一些關鍵優先事項。我認為我們對上個月的指南有點驚訝 - 或者在 12 月指南同比上升，因為你已經達到了 2.1 億。那麼周圍有什麼顏色嗎？

And also color around the dispute with the FAA around the C-band availability and maybe also pivoting to Mike, does that give you an opportunity to do more with enterprises that rely on connectivity around airports. How and when do you think this issue will be resolved.?

並且還圍繞與 FAA 圍繞 C 波段可用性的爭議以及可能還轉向 Mike，這是否讓您有機會與依賴機場周圍連接的企業做更多的事情。您認為這個問題將如何以及何時解決。？

You do capital, I'll do the FAA.

你做資本，我做FAA。

Sure. Yes. We'll split the 2. Yes. Thanks, Simon. So obviously, this is a year with this powerful lead that we just talked about. We really want to press that home in '22.

當然。是的。我們將拆分 2。是的。謝謝，西蒙。很明顯，這是我們剛剛談到的強大領先優勢的一年。我們真的很想在 22 年壓住那個家。

And Mike referenced earlier, how this is our time. We've built a very, very high-performing deployment machine. It's not just deployment. It's supply chain logistics, radio features. There's so much to pulling together this type of deployment at this pace, which is record breaking. So while we have that wind in our sails, it's a great opportunity for us to really push the envelope and gap our competition.

邁克之前提到過，這是我們的時代。我們已經構建了一個非常非常高性能的部署機器。這不僅僅是部署。它的供應鏈物流，無線電功能。以這樣的速度將這種類型的部署整合在一起有很多東西，這是破紀錄的。因此，儘管我們的風帆有風，但對我們來說，這是一個很好的機會，可以真正突破極限並與我們的競爭拉開差距。

For Verizon to come close to what we're delivering, it's a multiyear task. And AT&T with their announced strategy have really said meaningful for our 5G customer -- meaningful experience for our 5G customers, it kind of may start in '23, maybe. So they've almost put another year on the clock for themselves. So they're also way behind. So it's a perfect opportunity where we have such a high-performing machine.

Verizon 要接近我們提供的產品，這是一項多年的任務。 AT&T 宣布的戰略確實對我們的 5G 客戶有意義——對我們的 5G 客戶有意義的體驗，它可能從 23 年開始，也許。因此，他們幾乎為自己又推遲了一年。所以他們也落後了。因此，我們擁有如此高性能的機器是一個絕佳的機會。

There's a bunch of other pieces in there, Simon. Obviously, we continue to expand and increase our coverage. We're working hard on in building and supporting Mike and the team on the TFB side. That's another area of growth for us.

裡面還有一堆其他的東西，西蒙。顯然，我們繼續擴大和增加我們的覆蓋範圍。我們正在努力建立和支持邁克和 TFB 方面的團隊。這對我們來說是另一個增長領域。

And we want to wrap up on this integration. Part of that program is upgrading a high volume of Sprint sites that we always said we would integrate and combine into the T-Mobile network, adding coverage and capacity. And part of the pull forward is to get all of that work done inside the '22 envelope as well.

我們想結束這種集成。該計劃的一部分是升級大量 Sprint 站點，我們一直說我們將集成並合併到 T-Mobile 網絡中，從而增加覆蓋範圍和容量。向前推進的一部分是在 '22 信封內完成所有這些工作。

So lots of things ongoing, but we have incredible momentum. We have the crews, the equipment, the team, the process. And so this is a great year for us to really look to extend that leadership we've now established.

很多事情正在進行中，但我們擁有令人難以置信的動力。我們有工作人員、設備、團隊和流程。因此，對於我們來說，這是一個偉大的一年，可以真正尋求擴大我們現在已經建立的領導地位。

Simon, just to double down on what Neville said. Neville's plan respects and understands that there's a lot more to a customer's network assessment than just our massive 5G lead. They also want coverage everywhere it matters to them. And we have such a great coverage footprint, but we've always talked about in our merger plan the idea of 10,000 incremental sites going after smaller markets and rural areas and pursuing great business opportunities for us in underpenetrated segments. And our thought is, let's get after that now and get it done. And so that's one of the reasons why you see the capital, but you don't see a different goal on the POP coverage other than around the margins on 5G because a big part of this is about chasing meaningful coverage for consumers and, as Neville said, for businesses. And we think that's very important to our overall competitive story.

西蒙，只是為了加倍強調內維爾所說的話。 Neville 的計劃尊重並理解客戶的網絡評估不僅僅是我們巨大的 5G 領先優勢。他們還希望在對他們重要的任何地方都有報導。而且我們的覆蓋範圍如此之大，但我們一直在合併計劃中談到增加 10,000 個站點的想法，這些站點將針對較小的市場和農村地區，並在滲透不足的細分市場為我們尋求巨大的商機。我們的想法是，讓我們現在就完成它。這就是為什麼你看到資本的原因之一，但除了圍繞 5G 的邊際之外，你沒有看到 POP 覆蓋範圍的不同目標，因為其中很大一部分是為了為消費者爭取有意義的覆蓋範圍，就像內維爾一樣說，對於企業。我們認為這對我們的整體競爭故事非常重要。

As it relates to the controversy we see AT&T and Verizon embroiled in, first of all, it would be awfully tempting to sit on the outside of a controversy like that and take pot shots. But honestly, we think that in the final analysis after the work has been done, the studies have been completed, we think the wireless industry, AT&T, Verizon, the FCC positions will be validated. And we think they're right. So these are different frequencies than what radio altimeters operate in. And a properly functioning radio altimeter, I think, will ultimately be shown not to be interfered with by C-band.

由於它與我們看到的 AT&T 和 Verizon 捲入的爭議有關，首先，坐在這樣的爭議之外並採取行動是非常誘人的。但老實說，我們認為歸根結底在工作已經完成、研究已經完成之後，我們認為無線行業、AT&T、Verizon、FCC 的立場都會得到驗證。我們認為他們是對的。因此，這些頻率與無線電高度計的工作頻率不同。我認為，一個正常工作的無線電高度計最終將被證明不會受到 C 波段的干擾。

I regret that this has been so widely reported as a 5G issue and that we've been a little left out of the story there. It would be great if what sold clicks for the press was to say, "And by the way, T-Mobile is already nationwide with a frequency that has nothing to do with this controversy." But that doesn't really sell page views, and so it's not showing up in a lot of the reports.

我很遺憾，這已被廣泛報導為 5G 問題，而我們在那裡的故事中被忽略了一點。如果賣給媒體的點擊量是這樣說的話，那就太好了，“順便說一下，T-Mobile 已經在全國范圍內使用與這場爭議無關的頻率。”但這並沒有真正出售頁面瀏覽量，因此它沒有出現在很多報告中。

But as I said, when this -- when everything is said and done and the assessments are completed this year and people take a breath because of the importance of this issue, I think the positions of AT&T, Verizon and the FCC will be validated. And that's our company's view.

但正如我所說，當一切都說完了並且今年完成了評估並且人們因為這個問題的重要性而喘口氣時，我認為 AT&T、Verizon 和 FCC 的立場將得到驗證。這就是我們公司的觀點。

Obviously, we've taken interest in this because we hope to deploy C-band down the road. We're not in a rush. But to me, that's very important. And if it's ultimately found that some old or faulty radio altimeters are picking up stray signals, then I'm sure that the country will deal with that. I for one would prefer to have a world where there aren't old and faulty radio altimeters out there. So look, we'll see how it all unfolds. But I think the positions of the industry and the FCC will ultimately be validated.

顯然，我們對此很感興趣，因為我們希望在未來部署 C 波段。我們並不著急。但對我來說，這非常重要。如果最終發現一些舊的或有故障的無線電高度計正在接收雜散信號，那麼我相信國家會處理這個問題。我寧願擁有一個沒有舊的和有故障的無線電高度計的世界。所以看，我們會看到這一切是如何展開的。但我認為行業和 FCC 的立場最終會得到驗證。

And we'll go next to a question from John Hodulik of UBS.

接下來，我們將回答瑞銀的約翰·霍杜利克提出的問題。

A couple of questions, first on fixed wireless. Do you guys have a sense of where those customers are coming from? I mean, whether it's cable or maybe starts of new fixed services or customers new to the category?

幾個問題，首先是關於固定無線的。你們知道這些客戶來自哪裡嗎？我的意思是，無論是有線電視還是新固定服務的啟動，還是該類別的新客戶？

And then in terms of the ramp, I mean, at what point -- how long does it take to get to sort of the run rate in net adds where you think you're sort of going full speed, you've got all the logistics worked out and then the business model sort of clicking?

然後就坡道而言，我的意思是，在什麼時候 - 需要多長時間才能達到你認為你正在全速運行的淨運行率，你已經得到了所有物流解決了，然後商業模式有點點擊？

And then my quick question, a follow-up to the buyback, I think that obviously is a big focus of investors. Is there any chance that you could see the buyback, given the potential magnitude of this over the next few years, starting in the second half of the year, given it really looks like, as really Peter called out, you'll be really largely through or really starting to see the sort of the end of the integration at that point?

然後是我的快速問題，回購的後續行動，我認為這顯然是投資者的一大焦點。考慮到未來幾年的潛在規模，從今年下半年開始，你是否有機會看到回購，因為它看起來真的像彼得所說的那樣，你真的會在很大程度上到那時還是真正開始看到整合的結束？

Sounds great. Well, Dow, let's go back to you on some of these statistics on urban and suburban or on cable switchers, new to T-Mobile and what you're seeing, also the ramp rate for this year and next.

聽起來很棒。好吧，陶氏，讓我們回過頭來談談關於城市和郊區或有線電視切換台的一些統計數據，T-Mobile 的新手以及你所看到的，還有今年和明年的斜坡率。

Yes. So I mean, the great thing about our position here and what Neville and his team have built is we're all across the country in all different markets, all different types of markets. So -- and we're seeing wins -- customer wins across all of those. So we're certainly seeing a small percentage of people who have never had wireless before coming to us. And we certainly do very well. And as you would imagine, in rural and small town America where they have either no or a choice and that choice isn't very good, and so we're doing well there.

是的。所以我的意思是，我們在這裡的地位以及內維爾和他的團隊所建立的偉大之處在於，我們遍布全國所有不同的市場，所有不同類型的市場。所以 - 我們看到了勝利 - 客戶在所有這些方面都取得了勝利。因此，我們肯定會看到一小部分人在來找我們之前從未使用過無線設備。我們當然做得很好。正如你想像的那樣，在美國的農村和小鎮，他們要么沒有選擇，要么沒有選擇，而且選擇不是很好，所以我們在那裡做得很好。

The thing that's been also validating for us is that we are also winning well in urban and suburban markets. In fact, the majority of our customers come from suburban and urban markets, and the majority of those are coming from cable and fiber and other things. You might say, "Well, why is that?" And look, quite frankly, we're half the price in a lot of cases against cable companies when you add in their fees and all the different charges they have. Also, it's simplistic. We don't have price hikes. I mean, customers are generally very unhappy with the cable industry.

對我們來說同樣有效的是，我們在城市和郊區市場也取得了不錯的成績。事實上，我們的大多數客戶來自郊區和城市市場，其中大部分來自電纜和光纖等。你可能會說，“嗯，這是為什麼呢？”看，坦率地說，當你加上有線電視公司的費用和所有不同的收費時，在很多針對有線電視公司的案件中，我們的價格只有一半。此外，它很簡單。我們沒有漲價。我的意思是，客戶通常對有線電視行業非常不滿。

So that tends to be why we see people coming to us from all different types of geographies, all different providers, especially cable and fiber, is it's just a better value proposition. They get treated right and it's a good product.

因此，這往往就是為什麼我們看到人們來自所有不同類型的地區，所有不同的供應商，尤其是電纜和光纖，這只是一個更好的價值主張。他們得到了正確的對待，這是一個很好的產品。

And in terms of the trajectory, remember, we are really following the network build. And so as you're seeing, Neville is covering the country in terms of coverage. We're adding capacity, and that capacity just keeps getting bigger and bigger and bigger over the next several years. And so I think our business will continue to grow and scale along with that build, at least that's our plan as more availability, more capacity and supportability arise.

就軌跡而言，請記住，我們實際上是在關注網絡構建。正如你所看到的，內維爾正在覆蓋全國。我們正在增加產能，而且在接下來的幾年裡，產能只會越來越大。所以我認為我們的業務將隨著這個構建繼續增長和擴展，至少這是我們的計劃，因為更多的可用性、更多的容量和可支持性的出現。

Great. And then on the share buyback, I think what you're getting at, is there a preconceived milestone? And no, there's no particular preconceived milestone that we're looking for.

偉大的。然後在股票回購方面，我認為你的意思是，是否有一個先入為主的里程碑？不，沒有我們正在尋找的特定先入為主的里程碑。

And beyond that, I can't really update you on our deliberations and our Board's deliberations other than to repeat what I said a minute ago, which is that when we put out this thesis a year ago, we saw a future that of rapidly accelerating cash flow, massive value creation opportunity and the wherewithal to do $60 billion in share buybacks in '23, '24 and '25 with the possibility of starting sooner. And everything we saw then is still intact and obviously, many of the underlying trends, as you saw with our great cash flow beat this year, if anything, are improving.

除此之外，除了重複我在一分鐘前所說的話之外，我無法真正向您介紹我們的審議情況和董事會的審議情況，也就是說，當我們一年前提出這篇論文時，我們看到了一個快速加速的未來現金流、巨大的價值創造機會以及在 23 年、24 年和 25 年進行 600 億美元股票回購的資金，並有可能更早開始。我們當時看到的一切仍然完好無損，很明顯，許多潛在的趨勢，正如你在今年我們的現金流強勁所看到的那樣，如果有的話，正在改善。

We'll go to our next caller, Doug Mitchelson of Credit Suisse.

我們將去找下一位來電者，瑞士信貸的道格·米切爾森。

Sorry to follow up on broadband, but I'm just curious if you're able to offer any context on business versus residential, but also relative to the follow -- the build-out of the network, is there any reason why the fourth quarter isn't the right growth pace to look at for fixed wireless net adds in 1Q and beyond? That would be interesting.

很抱歉跟進寬帶，但我只是好奇你是否能夠提供任何關於商業與住宅的背景，但也與以下相關 - 網絡的建設，有什麼理由為什麼第四對於第一季度及以後的固定無線網絡增加而言，本季度的增長速度不是正確的嗎？那會很有趣。

And then separately, just your comment on premiums like Netflix and Apple TV+ and Paramount+, how have those impacted marketing? Would you look to add more services? Has that been efficient for you? That would be helpful.

然後單獨談談你對 Netflix、Apple TV+ 和派拉蒙+ 等溢價的評論，這些對營銷有何影響？您是否希望添加更多服務？這對你有效嗎？那會很有幫助。

You bet. Well, first of all, as it relates to the trends, as Dow was saying, we see '22 significantly bigger than '21, and we see '23 bigger than '22. So we do see a ramp-up happening. We probably -- fixed wireless is such a new industry, and we're by far the leaders in the U.S. I don't think there's a seasonality trend well established yet for this part of the industry.

你打賭。嗯，首先，正如陶氏所說，因為它與趨勢有關，我們看到'22 明顯大於'21，我們看到'23 大於'22。因此，我們確實看到了增長。我們可能 - 固定無線是一個如此新的行業，到目前為止，我們是美國的領導者。我認為這部分行業還沒有很好的季節性趨勢。

And so look, we're going into places informed by our capital and our network capacity and where we're able to market. And there's so much great opportunity in smaller markets and rural areas, which I think we should talk about, both for mobile and for fixed. So it's going to be a year of, I think, increasing momentum as essentially we follow that network build. You remember in '21, including Q4 with this record performance. We're still in the process of allocating capacity to the Destination Network. We're still in the height of an integration, and that capacity starts to massively increase and that opens up more and more doors for us because all of our opportunity in fixed wireless is centered around our excess capacity model being able to offer fixed wireless services in places where our analysis says mobile capacity won't take it up.

所以看，我們正在進入由我們的資本和網絡容量以及我們能夠進行營銷的地方提供信息的地方。在較小的市場和農村地區有很多很好的機會，我認為我們應該談論移動和固定的機會。因此，我認為，隨著我們基本上遵循網絡建設，這將是增長勢頭的一年。您還記得 21 年，包括第四季度的創紀錄表現。我們仍在為目標網絡分配容量。我們仍處於整合的高度，容量開始大幅增加，這為我們打開了越來越多的大門，因為我們在固定無線領域的所有機會都集中在我們能夠提供固定無線服務的過剩容量模型上在我們的分析表明移動容量不會佔用它的地方。

As it relates to the second piece on marketing, I'll ask Jon Freier to comment on what he's seeing. And a big piece of this, John, is as consumers are trying to get to know us in smaller markets and rural areas and our brand differentiation with the Un-carrier, things like Netflix on Us, Apple TV+ for a year, all of the things that we provide, some of which we're talking about in this question, what are people in smaller markets and rural areas and nationwide seeing as it relates to our value proposition.

由於它與營銷的第二篇文章有關，我會請 Jon Freier 評論他所看到的。約翰，其中很大一部分是因為消費者正試圖在較小的市場和農村地區了解我們，以及我們與 Un-carrier 的品牌差異化，比如 Netflix on Us、Apple TV+ 一年，所有的我們提供的東西，其中一些是我們在這個問題中討論的，小型市場、農村地區和全國范圍內的人們如何看待與我們的價值主張相關的東西。

Yes. So thank you for the question. I got to tell you, we are just incredibly excited about what's happening with this space. Like Mike said, we pioneered this entire space of having content that people love and get into the very best value with Netflix on Us that we introduced back in 2017 and then have followed up with YouTube TV and a discount on YouTube TV and Philo and Apple TV+ on Us for a period of 12 months on us and then also with what we announced in Q4 on Paramount+ on Us for 12 months as well. So all of that is going incredibly well because it is the very best content that you can get that is at -- is brought to you at the very best value. And so when you look at all of that put together, we love how that's working.

是的。所以謝謝你的問題。我得告訴你，我們對這個空間正在發生的事情感到非常興奮。就像邁克說的那樣，我們開創了整個空間，讓人們喜歡的內容，並通過我們在 2017 年推出的 Netflix on Us 獲得最佳價值，然後跟進 YouTube TV 和 YouTube TV 以及 Philo 和 Apple 的折扣TV+ on Us 為期 12 個月，然後還有我們在第四季度在 Paramount+ 上宣布的內容，為期 12 個月。所以所有這一切都進行得非常好，因為它是你可以獲得的最好的內容——以最高的價值帶給你。因此，當您將所有這些放在一起時，我們喜歡它的工作方式。

And like Mike said, in the smaller markets and rural area space, People are just loving that because you got to remember, these people -- and just let me just back up, 140 million people, 50 million households, 40% of the entire country have been looking at these T-Mobile television commercials for years and years and years and seeing what the Un-carrier is doing and wishing they could have some of that. And now what we're being able to do is bring them that, that incredible value, that incredible offer set that they haven't been able to get before.

就像邁克所說，在較小的市場和農村地區，人們只是喜歡它，因為你必須記住，這些人——讓我支持一下，1.4 億人，5000 萬戶家庭，佔整個家庭的 40%國家多年來一直在關注這些 T-Mobile 電視廣告，並看到 Un-carrier 正在做什麼，並希望他們能夠獲得其中的一些。而現在我們能夠做的是給他們帶來那些令人難以置信的價值，以及他們以前無法獲得的令人難以置信的優惠組合。

And what Neville was talking about a little while ago with this network pull forward, it's given us a huge opportunity to go after this space. I'm really proud with what we've done so far in 2021, 13% market share increased to 15% market share. That's fantastic. But we really see a much bigger opportunity in front of us because when you think about the markets that we have a permission to win in, we've taken all of our markets and kind of diced them up into 770 pipe markets across the country. And when you -- and we're looking at them from a full network superiority position all the way to -- we need to make some investment.

不久前內維爾所說的隨著這個網絡的推進，它給了我們一個巨大的機會去追求這個空間。我對我們在 2021 年迄今為止所做的工作感到非常自豪，13% 的市場份額增加到 15% 的市場份額。這太妙了。但是我們確實看到了更大的機會擺在我們面前，因為當您考慮我們有權贏得的市場時，我們已經佔領了所有市場，並將它們切成了全國 770 個管道市場。當你——我們從一個完整的網絡優勢地位一直到——我們需要進行一些投資。

And there's a few steps along the way. But when you look at the markets where we have a permission to win across the 775 markets and smaller markets and rural areas, it's about 1/3. It's about 1/3. So we're moving this market share position of 13% to 15% by playing really only about 1/3 of the markets in smaller markets and rural areas. And that's why this coverage expansion is so incredibly important so as we can continue to get more and more markets with the permission to win, and we can follow that with our infamous sales and marketing playbook that the Un-carrier is famous for, we see huge opportunities here.

沿途有幾步。但是，當您查看我們獲准在 775 個市場以及較小的市場和農村地區贏得勝利的市場時，大約是 1/3。大約是 1/3。因此，我們通過在較小的市場和農村地區僅佔據大約 1/3 的市場，將這個 13% 的市場份額位置轉移到 15%。這就是為什麼這種覆蓋範圍的擴大如此重要，這樣我們才能繼續獲得越來越多的市場並獲得勝利，我們可以通過 Un-carrier 聞名的臭名昭著的銷售和營銷手冊來遵循這一點，我們看到這裡有巨大的機會。

And just remember, these are places that from a wireless perspective, it's really kind of a page out of the 1990s with really kind of 2 choices, and it's like high cost and higher costs. Those are the 2 choices that are in those particular areas. So with us bringing our value proposition and a superior 5G network declaration in these markets, we think we have a huge opportunity to continue to bring this winning formula across the entire country.

請記住，從無線的角度來看，這些地方確實是 1990 年代的一頁，有兩種選擇，就像高成本和高成本一樣。這些是這些特定領域的兩個選擇。因此，隨著我們在這些市場中帶來我們的價值主張和卓越的 5G 網絡聲明，我們認為我們有巨大的機會繼續在全國推廣這一制勝模式。

And we'll go to our next question from David Barden of Bank of America.

我們將回答美國銀行的大衛巴登提出的下一個問題。

I guess just one quick numbers question, guys. Obviously, last year, with the DISH announcement with the relationship with AT&T, the closing of the Verizon TracFone announcement, high-margin wholesale revenue is kind of this unknown quantity as we look into 2022. Could you kind of share with us -- you said in the past you expected this trajectory to go to 0 over time. But can you kind of give us more color as to kind of how you think this is going to unfold into 2022?

伙計們，我想只是一個快速的數字問題。顯然，去年，隨著與 AT&T 的關係的 DISH 公告，Verizon TracFone 公告的結束，高利潤的批發收入在我們展望 2022 年時是一個未知數。你能和我們分享一下 - 你過去說過，您預計此軌跡會隨著時間的推移變為 0。但是，您能否為我們提供更多關於您認為到 2022 年將如何展開的信息？

Sure. In that particular question, I think you were talking about DISH because we sure don't see wholesale going to 0, but that's always been our plan with DISH is that ultimately, they would build their own network and wouldn't need ours. And as you know, the AT&T deal that they struck last year looked to us like it would accelerate that. And that's fully embedded in our guidance.

當然。在那個特定的問題中，我認為您在談論 DISH，因為我們肯定不會看到批發量會下降到 0，但我們對 DISH 的計劃一直是，最終他們將建立自己的網絡，而不需要我們的網絡。如你所知，他們去年達成的 AT&T 交易在我們看來會加速這一進程。這完全包含在我們的指導中。

So I think we've previously disclosed that in '21, our revenues from DISH were under $2 billion. The guidance we gave you today assumes that in '22, it's a lot less than that, a material step down in '22. And -- but at the same time, that means there's a materially less usage of our network from DISH, and that opens up other opportunities. First of all, in wholesale, we recently struck a deal to make sure we have a thoughtful transition with TracFone over multiple years, and that's something I think is very productive for both us and for Verizon. We have been able to strike a multiyear exclusive agreement with Google for the Google offer, and that's very exciting. And we're in discussions with several other opportunities, both renewals and greenfield. So -- and that's just in the wholesale area.

所以我認為我們之前已經披露過，在 21 年，我們來自 DISH 的收入低於 20 億美元。我們今天給你的指導假設在 22 年，它比 22 年的實質性下降要少得多。而且 - 但與此同時，這意味著我們的 DISH 網絡的使用量大大減少，這開闢了其他機會。首先，在批發方面，我們最近達成了一項協議，以確保我們在多年內與 TracFone 進行深思熟慮的過渡，我認為這對我們和 Verizon 都非常有效。我們已經能夠就 Google 的報價與 Google 達成多年獨家協議，這非常令人興奮。我們正在與其他幾個機會進行討論，包括續約和綠地。所以 - 這只是在批發領域。

The other opportunity, of course, as these millions of customers come off our network is increased capacity for us to pursue our core business. And our core business is on fire, if there's nothing else we've gotten across on this call, including the fixed wireless that's subject of so much interest today because that's a consumptive product, and it's all driven on a detailed excess capacity model. So as capacity frees up, that frees up new eligible households. So lots of opportunity, but I wanted to be clear on at least what the guidance that Peter shared with you today assumed. And hopefully, that helps.

當然，隨著數百萬客戶離開我們的網絡，另一個機會是增加我們追求核心業務的能力。我們的核心業務正在火熱，如果我們在這次電話會議上沒有得到任何其他信息，包括今天備受關注的固定無線，因為這是一種消耗性產品，而且它都是基於詳細的產能過剩模型。因此，隨著容量的釋放，新的符合條件的家庭也隨之釋放。有很多機會，但我想至少弄清楚彼得今天與您分享的指導假設是什麼。希望這會有所幫助。

We'll go to that last question from Peter Supino of Bernstein.

我們將回答 Bernstein 的 Peter Supino 提出的最後一個問題。

So time flies when you're having fun, right? I just wanted to ask a -- very long-term oriented questions, so please expand your aperture out many years.

所以當你玩得開心時，時間過得很快，對吧？我只是想問一個非常長期的問題，所以請把你的視野擴大很多年。

T-Mobile has about 27 million accounts. The market is trending towards -- albeit just recently, towards a more bundled relationship with consumers and your fixed wireless broadband initiative looks extremely timely in that context. But one question we get often from investors is, how does T-Mobile thrive over the long run? How does T-Mobile keep a valuation multiple when it has a finite ability to sell fixed wireless in a converging marketplace? And I'd love to know your thoughts on that. Is that -- does that get solved by densification, by adding spectrum? What's the long-term plan for that?

T-Mobile 擁有大約 2700 萬個帳戶。市場正在趨向——儘管只是最近，與消費者建立更緊密的關係，在這種情況下，您的固定無線寬帶計劃看起來非常及時。但我們經常從投資者那裡得到的一個問題是，從長遠來看，T-Mobile 如何蓬勃發展？當 T-Mobile 在融合市場中銷售固定無線網絡的能力有限時，它如何保持估值倍數？我很想知道你對此的看法。是不是 - 是否可以通過緻密化、增加光譜來解決？對此有什麼長期計劃？

Yes. It's a great question. Well, first of all, I would say that the question presumes some things about convergence, which I don't know how they -- it will apply in the United States.

是的。這是一個很好的問題。嗯，首先，我會說這個問題假設了一些關於收斂的事情，我不知道它們是如何 - 它將適用於美國。

One broad trend, if we're going macro, that we certainly keep in mind is the underlying health and vitality of mobile. The broad trends are that all the content and communications of all kinds are leaving and have left their prior linear forms and landing on the Internet, and eyeball time and usage and customers on the Internet are going mobile. So the broad trend is from linear to Internet to mobile.

如果我們從宏觀角度來看，我們當然要牢記的一個廣泛趨勢是移動的潛在健康和活力。大趨勢是，所有類型的內容和通信都在離開並已經離開其先前的線性形式並登陸互聯網，互聯網上的眼球時間、使用和客戶正在移動。所以大趨勢是從線性到互聯網再到移動。

And we're the country's leading pure-play mobile Internet company, and that is a great place to be. And we're backed by a differentiated asset base that really does have the ability to deliver massive capacity. We don't talk much about our second best in the industry millimeter wave portfolio, the years' long lead we have deploying spectrum against our mid-band leadership portfolio. And all of this builds to a position of massive potential capacity that we can use to create businesses. And those businesses may be pure connectivity or they may be things that surround connectivity as we're already starting to see in the enterprise space.

我們是該國領先的純移動互聯網公司，這是一個很棒的地方。我們得到了真正有能力提供巨大容量的差異化資產基礎的支持。我們很少談論我們在行業毫米波產品組合中第二好的產品，多年來我們在中頻領先產品組合中部署頻譜的長期領先地位。所有這些都建立在我們可以用來創建業務的巨大潛在能力的位置上。這些業務可能是純粹的連接性，也可能是圍繞連接性的事物，正如我們已經開始在企業領域看到的那樣。

In my remarks earlier, I said that we're entering actual revenue agreements for advanced 5G services with major organizations, including the federal government itself, not trials, but major agreements. And so there's lots of opportunity when you have a differentiated asset base, a strong balance sheet, a killer brand, a creative, fast and entrepreneurial team and the wherewithal to be able to turn those things into businesses.

在我之前的講話中，我說過我們正在與包括聯邦政府本身在內的主要組織簽訂先進的 5G 服務的實際收入協議，而不是試驗，而是主要協議。因此，當您擁有差異化的資產基礎、強大的資產負債表、殺手級品牌、創意、快速和創業團隊以及能夠將這些東西轉化為業務的資金時，就會有很多機會。

What I can tell you is that we thought it through at a level deeper than that for the 5- or 6-year picture. And we see the trends that we've been describing to you pretty clearly within that time frame. And it gives us a lot of confidence in the massive shareholder value creation that we see ahead. I hope that helps.

我可以告訴你的是，我們在比 5 年或 6 年的情況下更深入地考慮了這一點。在那個時間範圍內，我們非常清楚地看到了我們向您描述的趨勢。它讓我們對我們看到的巨大股東價值創造充滿信心。我希望這會有所幫助。

Okay. Great, Peter. Well, Jud, anything -- any final words?

好的。太好了，彼得。好吧，賈德，有什麼——最後的話？

No, I just appreciate everybody joining us today. Obviously, we look forward to speaking with you again soon and telling you more of this exciting journey in 2022. If you have any additional questions, feel free to reach out to the Investor Relations team or the media relations team. And again, we look forward to speaking again soon. Thank you.

不，我只是感謝今天加入我們的每個人。顯然，我們期待很快再次與您交談，並在 2022 年向您詳細介紹這一激動人心的旅程。如果您有任何其他問題，請隨時與投資者關係團隊或媒體關係團隊聯繫。再次，我們期待很快再次發言。謝謝你。

Bye, everybody.

大家再見。

And so ladies and gentlemen, this concludes the T-Mobile Investor Relations Fourth Quarter Earnings Call. Again, if you have any further questions, you may contact the Investor Relations or media departments. Thank you for your participation. And you may now disconnect, and have a pleasant day.

女士們先生們，T-Mobile 投資者關係第四季度財報電話會議到此結束。同樣，如果您有任何其他問題，您可以聯繫投資者關係或媒體部門。感謝您的參與。您現在可以斷開連接，度過愉快的一天。