T-Mobile US Inc (TMUS) 2021 Q2 法說會逐字稿

Good afternoon.

下午好。

(Operator Instructions) I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US.

（操作員說明）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。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Welcome to T-Mobile's Second Quarter 2021 Earnings Call.

歡迎來到 T-Mobile 的 2021 年第二季度財報電話會議。

Joining me on the call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

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 will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements.

在此次電話會議中，我們將做出前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與我們的前瞻性陳述存在重大差異。

We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review.

我們在提交給美國證券交易委員會的文件中提供了一份完整的風險因素清單，我鼓勵您查閱。

Our earnings release, investor fact book and other documents related to our Q2 results as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found on the Quarterly Results section of our Investor Relations website.

我們的收益發布、投資者資料手冊和其他與我們第二季度業績相關的文件，以及本次電話會議上討論的 GAAP 和非 GAAP 結果之間的調節，可以在我們的投資者關係網站的季度業績部分找到。

I would like to remind everyone that historical results prior to the second quarter of 2020 represent standalone T-Mobile prior to the merger with Sprint.

我想提醒大家，2020 年第二季度之前的歷史業績代表與 Sprint 合併之前的獨立 T-Mobile。

I would also like to note that we are in the quiet period for Auction 110 and will not comment directly or indirectly on that spectrum.

我還想指出，我們正處於拍賣 110 的靜默期，不會直接或間接對該頻譜發表評論。

With that, let me now turn it over to Mike.

有了這個，現在讓我把它交給邁克。

Okay.

好的。

Thanks, Jud.

謝謝，賈德。

Hi, everybody.

大家好。

Wow, it is so great to be coming to you live from our Bellevue, Washington headquarters here, all gathered together, with increasing numbers of our employees with each passing week.

哇，很高興能從我們位於華盛頓貝爾維尤的總部來到這裡，大家聚集在一起，我們的員工人數每週都在增加，真是太好了。

And it's just great to feel the energy of this team, and it's no doubt fueled by this quarter's fantastic results.

能夠感受到這支球隊的活力真是太棒了，毫無疑問，本季度的出色成績推動了它的發展。

T-Mobile delivered another outstanding quarter of profitable and industry-leading growth, beating our numbers across the board and leading the industry in postpaid net subscriber growth and service revenue growth yet again.

T-Mobile 又一個出色的季度實現了盈利和行業領先的增長，全面超越了我們的數字，並在後付費淨用戶增長和服務收入增長方面再次領先行業。

And we did it while simultaneously delivering record core adjusted EBITDA and free cash flow above expectations, all of this while accelerating the transition of Sprint customer traffic onto the T-Mobile network, further extending our 5G network lead and increasing our expected merger synergies for the year.

我們做到了這一點，同時提供了創紀錄的核心調整後 EBITDA 和超出預期的自由現金流，所有這一切同時加速了 Sprint 客戶流量向 T-Mobile 網絡的轉移，進一步擴大了我們在 5G 網絡方面的領先優勢，並增加了我們預期的合併協同效應年。

And these results all culminate in a 16% year-over-year increase in free cash flow, 16%, which is just the beginning of our rapid free cash flow expansion journey and the unlocking of massive shareholder value.

這些結果最終導致自由現金流同比增長 16%，即 16%，這只是我們自由現金流快速擴張之旅和釋放大量股東價值的開始。

Listen, we're just past halftime in the game here for 2021, and our team is feeling more confident than ever.

聽著，2021 年的比賽剛剛結束，我們的團隊比以往任何時候都更有信心。

So we're increasing our guidance expectations across the board with today's announcement.

因此，我們通過今天的公告全面提高了我們的指導預期。

Net additions, core EBITDA, synergies, CapEx investments and cash flow outlooks for the year are all being increased today.

今年的淨增加、核心 EBITDA、協同效應、資本支出投資和現金流量前景今天都在增加。

These results stem from our focus on executing on our 3 core ambitions that I've talked with you about before.

這些結果源於我們專注於執行我之前與您討論過的 3 個核心目標。

Delivering industry-leading profitable growth by expanding our addressable market and growing customer relationships; delivering substantial enterprise value by realizing merger synergies faster and bigger while transforming our business; and positioning the company for long-term success with sustained 5G leadership, our strong brand and the best customer experiences.

通過擴大我們的目標市場和發展客戶關係，實現行業領先的盈利增長；通過在業務轉型的同時更快、更大地實現合併協同效應，提供可觀的企業價值；並通過持續的 5G 領導地位、我們強大的品牌和最佳的客戶體驗，為公司的長期成功定位。

Let's start by talking about growth.

讓我們從談論增長開始。

Our 1.3 million postpaid nets were the best in the industry.

我們的 130 萬個後付費網絡是業內最好的。

And we continue to lead the industry in postpaid phone growth year-to-date as well, adding another 627,000 postpaid phone net adds in Q2, above our plan and consensus.

年初至今，我們在後付費電話增長方面也繼續引領行業，在第二季度又增加了 627,000 部後付費電話淨增，超出了我們的計劃和共識。

This includes another strong quarter of growth from T-Mobile for Business driven by customer wins in key industries, including airlines, automotive and retail and government agencies such as the Department of Veteran Affairs and the U.S. Army.

這包括 T-Mobile for Business 的又一個強勁增長季度，這得益於關鍵行業的客戶贏得，包括航空公司、汽車和零售業以及退伍軍人事務部和美國陸軍等政府機構。

But importantly, our reliable, profitable growth is the product of our progress on churn.

但重要的是，我們可靠、盈利的增長是我們在客戶流失方面取得進展的產物。

T-Mobile again produced the biggest sequential improvement in postpaid phone churn compared to all other wireless operators this quarter, delivering 0.87%.

與本季度所有其他無線運營商相比，T-Mobile 再次在後付費電話客戶流失率方面取得了最大的環比改善，達到 0.87%。

We continue to make great strides in improving churn for both our T-Mobile and Sprint customers by providing them with best-in-class experiences, and we continue to see the lowest churn in the entire industry from our loyal T-Mobile-branded customers.

我們通過為 T-Mobile 和 Sprint 客戶提供一流的體驗，繼續在改善客戶流失率方面取得長足進步，我們繼續看到忠誠的 T-Mobile 品牌客戶在整個行業中的流失率最低.

Our T-Mobile brand's consumer churn is lower than Verizon's, and this quarter, so is our business churn.

我們 T-Mobile 品牌的消費者流失率低於 Verizon，本季度，我們的業務流失率也是如此。

This achievement is a testament to our awesome customer-loving team and also to our synergy-backed model, which allows us to sustainably deliver the best value while rapidly building fame as America's best 5G network.

這一成就證明了我們熱愛客戶的優秀團隊以及我們協同支持的模式，它使我們能夠持續提供最佳價值，同時迅速成為美國最好的 5G 網絡。

And unlike the other guys, we've got room to run.

與其他人不同，我們有奔跑的空間。

Our higher Sprint churn is rapidly improving, giving us ongoing potential tailwinds in this area.

我們更高的 Sprint 流失率正在迅速改善，為我們在這一領域提供了持續的潛在順風。

Speaking of our customer-loving team, just this morning, we were awarded the #1 ranking from J.D. Power in U.S. customer care performance for the 22nd time.

說到我們熱愛客戶的團隊，就在今天早上，我們第 22 次獲得 J.D. Power 頒發的美國客戶服務表現第一名。

And our Net Promoter Score for customer care among our Sprint customers is up 48% year-over-year.

我們的 Sprint 客戶在客戶服務方面的淨推薦值同比增長 48%。

The way we care for our customers is part of our secret sauce and it's an important moat around our business.

我們關心客戶的方式是我們秘訣的一部分，也是我們業務的重要護城河。

Now with all the line growth we've been seeing in the industry, another strong metric to watch is postpaid accounts, which represents new overall customer billing relationships.

現在，隨著我們在行業中看到的所有線路增長，另一個值得關注的重要指標是後付費帳戶，它代表了新的整體客戶計費關係。

As we said during our Analyst Day, our strategy is built upon establishing new account relationships and growing them over time with additional products and services to drive ARPA growth.

正如我們在分析師日所說，我們的戰略建立在建立新的客戶關係並隨著時間的推移通過額外的產品和服務來推動 ARPA 增長的基礎上。

This quarter, we delivered our highest-ever postpaid account growth at 349,000, and we continue to focus on capturing quality, profitable growth.

本季度，我們實現了 349,000 個有史以來最高的後付費賬戶增長，並且我們將繼續專注於實現高質量、可盈利的增長。

I'll say it again, this quarter's account growth was our highest ever, at least in all the years I've been here.

我再說一遍，本季度的客戶增長是我們有史以來最高的，至少在我來這裡的所有這些年裡是這樣。

That's over 600,000 net postpaid accounts added year-to-date, compared to Verizon, which is still negative for so far this year, and AT&T, who doesn't want to share account growth information.

今年迄今新增超過 600,000 個淨後付費賬戶，而 Verizon 今年到目前為止仍為負，而 AT&T 則不願分享賬戶增長信息。

In addition, we are the largest prepaid provider in the country, and we're consistently growing and delivering strong ARPUs in this valuable customer segment despite our size and despite the ongoing industry growth of postpaid at the expense of prepaid.

此外，我們是該國最大的預付費提供商，儘管我們的規模很大，而且儘管後付費行業以預付費為代價不斷增長，但我們仍在不斷增長並在這個有價值的客戶群中提供強勁的 ARPU。

In Q2, we delivered 76,000 net adds, which reflected record low industry-leading prepaid churn of just 2.62%.

在第二季度，我們交付了 76,000 個淨增加，這反映了創紀錄的行業領先的預付費流失率僅為 2.62%。

Okay.

好的。

Let's discuss the financial outcomes.

讓我們討論財務結果。

One thing that continues to distinguish us as an investment is that only T-Mobile is converting that record service revenue and our synergy-backed model into industry-leading core EBITDA, adjusted EBITDA, free cash flow growth.

作為一項投資，我們繼續與眾不同的一件事是，只有 T-Mobile 將創紀錄的服務收入和我們的協同支持模型轉化為行業領先的核心 EBITDA、調整後的 EBITDA 和自由現金流增長。

What's even more exciting is that we're delivering these results before we begin to fully capitalize on our 5G leadership and before we fully tap into the new market opportunities and underpenetrated segments we've been discussing.

更令人興奮的是，在我們開始充分利用我們的 5G 領導地位之前，以及在我們充分利用我們一直在討論的新市場機會和滲透不足的細分市場之前，我們正在交付這些結果。

Peter will tell you more about our financial results here in a minute, but what I'll say is that T-Mobile showed again today that we consistently deliver smart growth on the top line metrics while consistently leading on financial outcomes, like core EBITDA and cash flow, pacing nicely to unlock the massive cash flows we outlined in our 5-year plan, a plan that promised outcomes, we are reiterating here today, built around consistent, disciplined, market-leading profitable growth.

Peter 稍後會在這裡詳細介紹我們的財務業績，但我要說的是，T-Mobile 今天再次表明，我們始終如一地在頂線指標上實現明智的增長，同時始終領先於核心 EBITDA 和現金流，很好地釋放我們在我們的 5 年計劃中概述的大量現金流，這是一個承諾結果的計劃，我們今天在這裡重申，建立在一致、有紀律、市場領先的盈利增長的基礎上。

Our opportunities are enabled by the fact that we already have America's largest, fastest and most reliable 5G network.

我們已經擁有美國最大、最快和最可靠的 5G 網絡，這為我們帶來了機遇。

And as we continue to pull further away from the pack with the pace of our network build, we're clearly beginning to differentiate ourselves, not just on 5G but on network performance overall.

隨著我們隨著網絡建設的步伐繼續走得更遠，我們顯然開始與眾不同，不僅在 5G 上，而且在整體網絡性能上。

Already, this year, 7 third-party network reports show that T-Mobile customers get the fastest 5G speeds and spend the most time connected to 5G.

今年，已有 7 份第三方網絡報告顯示，T-Mobile 客戶獲得了最快的 5G 速度，並且連接到 5G 的時間最長。

While others are clutching to the work of a single paid consultant to support their network claims, our 5G leadership is showing up loud and clear, time and again, in reports that are coming from multiple, independent, industry-leading firms that look at real customer usage from billions of device measurements.

當其他人依靠單一付費顧問的工作來支持他們的網絡聲明時，我們的 5G 領導地位一次又一次地在來自多家獨立的行業領先公司的報告中顯露無疑，這些公司著眼於真實情況數十億次設備測量的客戶使用情況。

Now I know we all spend a lot of time talking about 5G and for good reason.

現在我知道我們都花很多時間談論 5G 並且有充分的理由。

But we have also quietly eliminated the legacy advantages that AT&T and Verizon previously enjoyed on LTE, which is where most traffic remains today.

但我們也悄悄消除了 AT&T 和 Verizon 以前在 LTE 上享有的傳統優勢，而 LTE 是當今大部分流量的來源。

In fact, the latest Ookla data shows that T-Mobile customers get the fastest overall network speeds nationwide, and T-Mobile swept every mobile category in Ookla's latest report.

事實上，最新的 Ookla 數據顯示，T-Mobile 客戶獲得了全國最快的整體網絡速度，在 Ookla 的最新報告中，T-Mobile 包攬了所有移動類別。

This is in addition to OpenSignal's latest findings that T-Mobile delivers the best 4G availability and umlaut's latest report, which highlights again that T-Mobile has the most reliable network overall.

這是對 OpenSignal 最新發現 T-Mobile 提供最佳 4G 可用性和 umlaut 最新報告的補充，後者再次強調 T-Mobile 擁有最可靠的網絡。

So whether customers are on 4G, LTE or 5G, they are covered by a far-reaching and speedy network at T-Mobile.

因此，無論客戶是使用 4G、LTE 還是 5G，他們都可以享受 T-Mobile 覆蓋範圍廣且速度快的網絡。

Speaking of far-reaching, did all of you catch Neville's blog earlier this week?

說到影響深遠，你們所有人都在本週早些時候看到了 Neville 的博客嗎？

He announced that T-Mobile's Extended Range 5G now reaches 305 million people.

他宣布 T-Mobile 的 Extended Range 5G 現已覆蓋 3.05 億人。

That's nearly everybody.

幾乎每個人都是這樣。

And we surpassed our year-end milestone roughly 6 months ahead of schedule, thanks to the terrific momentum of our team.

由於我們團隊的強大動力，我們提前大約 6 個月超過了年終里程碑。

Think of it this way.

這樣想。

Our 5G network covers 92% of interstate highway miles across 5G, across America, with 5G, 92%, today, compared to just 68% for AT&T and only 51% for Verizon, as an example.

我們的 5G 網絡覆蓋了全美 92% 的 5G 州際公路里程，今天 5G 覆蓋率為 92%，而 AT&T 僅為 68%，Verizon 僅為 51%，例如。

However, where we are really unlocking transformative experiences for our customers is with our game-changing Ultra Capacity 5G, which, as you know, we are rolling out at an unprecedented pace.

然而，我們真正為客戶帶來變革性體驗的地方是我們改變遊戲規則的超大容量 5G，如您所知，我們正在以前所未有的速度推出。

We already cover half of the U.S. population, delivering average download speeds to -- of 350 megabits per second to 165 million people with Ultra Capacity 5G.

我們已經覆蓋了一半的美國人口，通過 Ultra Capacity 5G 為 1.65 億人提供每秒 350 兆比特的平均下載速度。

And we continue to increase both the breadth and depth of our mid-band deployment, providing a 50% increase in our customers' average 5G download speeds just since the beginning of this year, according to billions of real-time device measurements by OpenSignal.

根據 OpenSignal 對數十億個實時設備的測量，我們繼續增加中頻部署的廣度和深度，自今年年初以來，我們客戶的平均 5G 下載速度提高了 50%。

That's because we're not just rolling out Ultra Capacity 5G to more of the population, targeting 200 million people by year-end, but we are also adding spectrum, targeting 100 megahertz before year-end, about what AT&T and Verizon will light up sometime next year with C-band combined.

這是因為我們不僅要向更多人口推出超大容量 5G，目標是到年底達到 2 億人，而且我們還在增加頻譜，目標是年底前達到 100 兆赫茲，這是關於 AT&T 和 Verizon 將點亮的內容明年某個時候與 C 波段合併。

We're well ahead in our 5G leadership.

我們在 5G 領導地位方面遙遙領先。

What I hope, is also becoming increasingly clear, is that T-Mobile is positioned to maintain our 5G leadership for the duration of the 5G era, thanks to our superior spectrum portfolio, our unprecedented deployment momentum and our synergy-backed model.

我希望，也越來越清楚的是，T-Mobile 能夠在 5G 時代保持我們在 5G 方面的領先地位，這要歸功於我們卓越的頻譜組合、我們前所未有的部署勢頭和我們的協同支持模型。

We're doing just what we said we would do during the merger process, leading America into the 5G era and doing it without leaving rural areas behind.

我們正在做我們在合併過程中所說的我們會做的事情，帶領美國進入5G時代並且在不離開農村地區的情況下做到這一點。

And this leadership is beginning to really matter to customers.

這種領導力開始對客戶產生真正的影響。

The 5G era is here, and 7 out of 10 customers say they are excited about it.

5G時代來臨，10個客戶中有7個表示對此感到興奮。

T-Mobile's 5G network perception is rapidly changing.

T-Mobile 對 5G 網絡的看法正在迅速改變。

And just since March, T-Mobile has seen a 25% increase in people viewing us as the leader in 5G.

就在 3 月以來，T-Mobile 發現將我們視為 5G 領導者的人數增加了 25%。

Now at 26%, we're closing in on Verizon's stagnant 35% number on this metric.

現在為 26%，我們正在接近 Verizon 在該指標上停滯不前的 35%。

And we're way ahead of AT&T.

我們遠遠領先於 AT&T。

And as for business customers, already, over 40% of enterprise decision-makers think of T-Mobile as a leader in 5G.

至於企業客戶，超過 40% 的企業決策者已經將 T-Mobile 視為 5G 的領導者。

With 5G quickly becoming one of the top things that customers say they're looking for in their next wireless provider, our network is increasingly becoming a catalyst for them to choose T-Mobile.

隨著 5G 迅速成為客戶表示他們在下一個無線提供商中尋找的首要條件之一，我們的網絡越來越成為他們選擇 T-Mobile 的催化劑。

This network progress is also helping to fuel the rapid realization of merger synergies and our continued progress on integration.

這種網絡的進步也有助於推動合併協同效應的快速實現和我們在整合方面的持續進展。

For the second quarter in a row, we are raising our synergy guidance for 2021.

我們連續第二個季度提高了 2021 年的協同增效目標。

This progress includes continuing to migrate Sprint customers to the T-Mobile network and improve their experience, which is key to unlocking synergies.

這一進展包括繼續將 Sprint 客戶遷移到 T-Mobile 網絡並改善他們的體驗，這是釋放協同效應的關鍵。

We've already moved 1/3 of Sprint customers to the T-Mobile network.

我們已經將 1/3 的 Sprint 客戶轉移到 T-Mobile 網絡。

And this is important, we're now carrying approximately 80% of the total Sprint customer traffic on the T-Mobile network.

這一點很重要，我們現在在 T-Mobile 網絡上承載了大約 80% 的 Sprint 客戶流量。

This is all within just 5 quarters of closing the merger.

這一切都在完成合併後的短短 5 個季度內完成。

And as planned, we're also expanding into new and underpenetrated businesses.

按照計劃，我們還擴展到新的和滲透率低的業務。

We commercially launched our broad 5G Home Internet offering at the beginning of the second quarter.

我們在第二季度初商業推出了廣泛的 5G 家庭互聯網產品。

We continue to see great customer satisfaction, and product demand continues to put us on track for our target of 500,000 Home Internet customers this year, even with demand exceeding our supply for modems at times earlier this year.

我們繼續看到很高的客戶滿意度，產品需求繼續使我們走上實現今年 500,000 名家庭互聯網客戶目標的軌道，即使今年早些時候的需求有時超過我們對調製解調器的供應。

And we're already seeing third-party recognition, including PCMagazine recently publishing its Readers' Choice awards, where T-Mobile Home Internet is ranked higher than every single cable provider by actual customers for overall satisfaction and likelihood to recommend.

我們已經看到了第三方的認可，包括 PCMagazine 最近發布的讀者選擇獎，其中 T-Mobile 家庭互聯網在整體滿意度和推薦可能性方面的實際客戶排名高於每家有線電視提供商。

For enterprise and government, our plan is built on taking share in core wireless, and it's well on track, as I discussed earlier.

對於企業和政府，我們的計劃是建立在分享核心無線的基礎上的，而且正如我之前討論的那樣，它進展順利。

But in addition, our 5G network creates a platform for growth beyond core wireless.

但除此之外，我們的 5G 網絡創造了一個超越核心無線的增長平台。

And we are focused on helping customers realize value from emerging technologies, such as private networks and mobile edge compute, which are exciting potential upsides to our plan.

我們專注於幫助客戶從專用網絡和移動邊緣計算等新興技術中實現價值，這些都是我們計劃中令人興奮的潛在優勢。

We're already in trial programs with major enterprises in these areas, including 12 of the Fortune 50, even though we don't issue empty press releases about it every week.

我們已經在這些領域的主要企業中進行了試用計劃，其中包括財富 50 強中的 12 家，儘管我們不會每週發布有關它的空洞新聞稿。

Meanwhile, we're building our best value, best network, best customer experiences formula to smaller markets and rural areas as well, which make up 40% of U.S. households.

與此同時，我們正在為占美國家庭 40% 的較小市場和農村地區打造最佳價值、最佳網絡和最佳客戶體驗方案。

We've kicked off initiatives to add significantly more points of distribution to reach beyond urban areas as well as new initiatives and offers.

我們已經啟動了計劃，以增加更多的分銷點以覆蓋城市地區以外的地區，以及新的計劃和優惠。

We're already seeing some early success as smaller markets and rural areas drove nearly 1/3 of our new postpaid account activations in Q2, up from about 1/4 last year.

我們已經看到了一些早期的成功，因為較小的市場和農村地區在第二季度推動了我們新的後付費帳戶激活的近 1/3，高於去年的約 1/4。

The potential here is super exciting.

這裡的潛力非常令人興奮。

So as I get ready to turn it over to Peter to take you through our financials, I want to take a moment to thank our team for delivering another remarkable quarter, delivering the highest postpaid customer growth and service revenue growth in the industry, while translating that into the highest core adjusted EBITDA and free cash flow growth in the industry.

因此，當我準備將其轉交給 Peter 向您介紹我們的財務狀況時，我想花點時間感謝我們的團隊帶來了另一個非凡的季度，實現了業內最高的後付費客戶增長和服務收入增長，同時翻譯這是業內最高的核心調整後 EBITDA 和自由現金流增長。

We continue to execute our integration playbook to unlock merger synergies ahead of schedule.

我們繼續執行我們的整合計劃，以提前釋放合併協同效應。

And we further expanded our 5G lead with the nation's largest, fastest and most reliable 5G network, planting the seeds for our future success.

我們通過全國最大、最快和最可靠的 5G 網絡進一步擴大了我們在 5G 方面的領先優勢，為我們未來的成功播下了種子。

So okay, let me turn it over to Peter to take you through the financials and our guidance.

好吧，讓我把它交給彼得，帶你了解財務狀況和我們的指導。

All right.

好的。

Thanks, Mike.

謝謝，邁克。

As you can see, we continue to have strong momentum across the business.

如您所見，我們在整個業務中繼續保持強勁勢頭。

We beat expectations yet again in Q2 as we delivered on our winning playbook.

我們在第二季度再次超出預期，因為我們交付了獲勝的劇本。

So let me briefly discuss these great results.

因此，讓我簡要討論一下這些偉大的成果。

Service revenues grew to $14.5 billion, up an industry-leading 10% year-over-year or roughly 6%, normalizing for the Boost MVNO, and 2% sequentially driven primarily by our continued customer growth.

服務收入增長至 145 億美元，同比增長 10% 或約 6%，處於行業領先地位，對於 Boost MVNO 來說是正常的，而環比增長 2% 主要是由於我們持續的客戶增長。

Both cost of services and SG&A expenses, excluding merger-related costs, were lower as a percentage of service revenue on a year-over-year and sequential basis, reflecting the continued scale benefits we are delivering from merger synergy realization.

服務成本和 SG&A 費用（不包括合併相關成本）佔服務收入的百分比同比和連續下降，反映了我們從合併協同效應實現中帶來的持續規模效益。

Net income of $978 million and diluted earnings per share of $0.78 were both also better than consensus expectations.

9.78 億美元的淨收入和 0.78 美元的攤薄後每股收益也都好於市場普遍預期。

Core adjusted EBITDA was a record $6 billion and up 7% year-over-year driven by continued profitable service revenue growth and synergy realization.

在持續盈利的服務收入增長和協同效應實現的推動下，核心調整後 EBITDA 達到創紀錄的 60 億美元，同比增長 7%。

Net cash provided by operating activities grew to $3.8 billion driven by our strong operating performance and synergy realization, while cash purchases of property and equipment, including capitalized interest, amounted to $3.3 billion, which was up $1 billion from a year ago as we continue to aggressively invest in the buildout of our nationwide 5G network.

在我們強勁的經營業績和協同效應實現的推動下，經營活動提供的現金淨額增長到 38 億美元，而包括資本化利息在內的財產和設備現金采購額達到 33 億美元，比一年前增加了 10 億美元，因為我們繼續積極投資建設全國 5G 網絡。

Free cash flow, excluding gross payments for settlement of interest rate swaps, amounted to $1.7 billion, which grew an industry best 16% from a year ago even with a significantly higher CapEx investment and was also fully burdened by merger-related costs of $190 million.

自由現金流（不包括利率掉期結算的總付款）為 17 億美元，與一年前相比增長了 16%，創行業最佳水平，儘管資本支出投資顯著增加，並且還完全負擔了 1.9 億美元的合併相關成本.

Postpaid ARPA, or average revenue per account, was $133.55 as we continue to deepen customer account relationships.

隨著我們繼續深化客戶帳戶關係，後付費 ARPA（或每個帳戶的平均收入）為 133.55 美元。

Postpaid phone ARPU was $47.61, up from the low watermark in Q1 as we foreshadowed.

後付費電話 ARPU 為 47.61 美元，高於我們預示的第一季度的低水位線。

We expect continued tailwinds from premium service revenue adoption, including benefits from Magenta MAX, to be partially offset by the remaining tail of Sprint customer rate plan migrations and growing lines per account.

我們預計，採用優質服務收入帶來的持續順風，包括來自 Magenta MAX 的收益，將部分被 Sprint 客戶費率計劃遷移的剩餘尾部和每個賬戶增長的線路所抵消。

Overall, we continue to expect full year 2021 postpaid phone ARPU dilution to be less than 1% compared to 2020.

總體而言，我們繼續預計與 2020 年相比，2021 年全年後付費電話 ARPU 的稀釋率將低於 1%。

And we continue to strengthen our balance sheet and lower our cost of capital.

我們繼續加強我們的資產負債表並降低我們的資本成本。

In May, we issued senior notes in an aggregate amount of $3 billion at an average interest rate of approximately 2.97%, including setting a record in the high-yield market for the lowest yield ever for a 5-year tranche, underscoring our momentum as we progress towards our goal of an all investment-grade capital structure.

5 月，我們發行了總額為 30 億美元的優先票據，平均利率約為 2.97%，其中創下了高收益市場 5 年期最低收益率的記錄，突顯了我們作為我們朝著全投資級資本結構的目標邁進。

We used the proceeds to retire 3 notes with coupons roughly double the cost of the newly raised debt.

我們用所得款項償還了 3 份附有息票的票據，大約是新籌集債務成本的兩倍。

Amazing execution yet again by the team all around to deliver these strong Q2 results.

團隊再次以驚人的執行力交付了這些強勁的第二季度業績。

So let's touch on how this momentum impacts our outlook for 2021 with another beat and raise quarter from T-Mobile, as Mike mentioned.

因此，正如邁克提到的那樣，讓我們談談這種勢頭如何影響我們對 2021 年的展望，T-Mobile 的另一個季度業績將有所提升。

Our guidance reflects the OpEx investments ahead of us, both in the network and growth initiatives that Mike discussed, while simultaneously delivering on our promise of continued profitable growth.

我們的指導反映了我們前面的 OpEx 投資，包括 Mike 討論的網絡和增長計劃，同時實現了我們對持續盈利增長的承諾。

We now expect total postpaid net additions to be between 5 million and 5.3 million, taking the low end above the top of our prior guidance range of 4.4 million to 4.9 million, reflecting continued profitable growth and prudent share-taking opportunities from expected increased switching activity in the second half of the year.

我們現在預計後付費淨增總數將在 500 萬至 530 萬之間，低於我們先前指導範圍 440 萬至 490 萬的上限，反映出持續的盈利增長和預期增加的轉換活動帶來的審慎的股票收購機會在下半年。

This also assumes a higher mix of postpaid phone net additions as a percentage of the total postpaid net additions in the second half.

這還假設下半年後付費電話淨增佔總後付費淨增的百分比更高。

Core adjusted EBITDA is now expected to be between $23 billion and $23.3 billion, primarily driven by service revenue growth and our expectation for higher merger synergies in 2021, which are now expected to be between $2.9 billion and $3.2 billion as we continue our progress towards rapid synergy realization.

核心調整後 EBITDA 現在預計在 230 億美元到 233 億美元之間，這主要是受服務收入增長和我們對 2021 年更高合併協同效應的預期推動，隨著我們繼續朝著快速發展的方向前進，現在預計在 29 億美元到 32 億美元之間協同實現。

We continue to expect merger-related costs, which are not included in core adjusted EBITDA, to be between $2.7 billion and $3 billion before taxes, with the second half being relatively evenly split between Q3 and Q4.

我們繼續預計，不包括在核心調整後 EBITDA 中的與合併相關的稅前成本在 27 億美元至 30 億美元之間，下半年在第三季度和第四季度之間相對平均分配。

Net cash provided by operating activities, including payments for merger-related costs, is now expected to be in the range of $13.6 billion to $13.9 billion, up from our prior guidance of $13.2 billion to $13.6 billion.

經營活動提供的淨現金，包括支付與合併相關的成本，目前預計在 136 億美元至 139 億美元之間，高於我們之前 132 億美元至 136 億美元的指導。

We expect cash CapEx to now be between $12 billion and $12.3 billion, up from our prior guidance to be at the high end of the original range of $11.7 billion to $12.0 billion as we continue the robust pace of our 5G deployment and network integration.

我們預計現金資本支出現在將在 120 億美元至 123 億美元之間，高於我們之前指導的 117 億美元至 120 億美元的初始範圍的高端，因為我們將繼續保持 5G 部署和網絡集成的強勁步伐。

Together, this results in free cash flow, including payments for merger-related costs, increasing to $5.2 billion to $5.5 billion, which does not assume any material proceeds from securitization.

總之，這導致自由現金流增加到 52 億美元至 55 億美元，其中包括支付與合併相關的費用，這不包括證券化的任何實質性收益。

This reflects our increasingly strong cash flow generation more than fully funding higher levels of capital investment.

這反映了我們日益強勁的現金流產生，而不是為更高水平的資本投資提供充分的資金。

And finally, we now expect our full year effective tax rate to be between 23% and 25%, the improvement versus our prior guide being primarily driven by certain state tax benefits.

最後，我們現在預計我們的全年有效稅率將在 23% 至 25% 之間，與我們之前的指南相比有所改善主要是由某些州的稅收優惠推動的。

All together, our strong momentum and execution enable us to continue to invest in our network and the business to deliver significant expansion in future free cash flow.

總之，我們強勁的動力和執行力使我們能夠繼續投資於我們的網絡和業務，以實現未來自由現金流的顯著擴展。

We're on track with our plans to unlock significant value for our shareholders, potentially including substantial share repurchases ahead in the future.

我們正在按計劃為股東釋放巨大價值，未來可能包括大量股票回購。

All right.

好的。

Let's get to your questions.

讓我們回答您的問題。

You can ask questions via phone or via Twitter.

您可以通過電話或 Twitter 提問。

We will start with a question on the phone.

我們將從電話中的一個問題開始。

Operator, first question, please.

接線員，請問第一個問題。

(Operator Instructions) And our first question comes from Jonathan Chaplin with New Street Research.

（操作員說明）我們的第一個問題來自 New Street Research 的 Jonathan Chaplin。

Just one for me.

只給我一個。

I'm wondering if you could give us some more context on the DISH deal.

我想知道您是否可以為我們提供更多關於 DISH 交易的背景信息。

It would be great to get a little bit more of an understanding of kind of the mechanics behind the scenes and the reasons why you let that relationship go.

如果能更多地了解幕後的機制以及你放棄這種關係的原因，那就太好了。

But also, I would love to get some context from you on how you think that sort of the new deal that they've got with AT&T impacts the wireless industry overall?

而且，我很想從您那裡了解一些背景信息，您認為他們與 AT&T 達成的那種新交易對整個無線行業有何影響？

Thanks, Jonathan.

謝謝，喬納森。

I mean, well, first of all, Peter, you owe me $100.

我的意思是，嗯，首先，彼得，你欠我 100 美元。

The first question was, in fact, about DISH.

事實上，第一個問題是關於 DISH 的。

Let me point out a couple of things.

讓我指出幾件事。

I hate to be predictable.

我討厭被預測。

Yes.

是的。

Let me point out a couple of things about this.

讓我指出幾件事。

One is, I want to make sure people understand, particularly investors understand, that when we presented to you our 5-year plan, we had already factored in rapid declines for DISH revenue into our plans.

一是，我想確保人們理解，尤其是投資者理解，當我們向您介紹我們的 5 年計劃時，我們已經將 DISH 收入的快速下降納入我們的計劃。

And so that's kind of in the run rate.

所以這有點像運行率。

I'll get to it.

我會去做的。

It could go a little faster than we had thought.

它可能比我們想像的要快一點。

But I want to make sure you understand that.

但我想確保你明白這一點。

And then we have done that for a number of reasons.

然後我們出於多種原因這樣做了。

One, we can observe a rapid decline in customers over at DISH.

第一，我們可以觀察到 DISH 的客戶數量迅速下降。

And we don't have a lot of knowledge about their operations, and so there's no reason for us to do anything other than drag right on that when we make our plans.

而且我們對他們的運作了解不多，所以我們沒有理由做任何事情，只能在製定計劃時拖延。

And secondly, we took them at their word that they would build a facilities-based network and vacate ours as soon as possible.

其次，我們相信他們的話，他們將建立一個基於設施的網絡並儘快騰出我們的網絡。

So all of that was built into our run rate.

所以所有這些都內置在我們的運行率中。

So much so that in our 5-year planning horizon, by the end of it, we had substantially taken out all of the DISH revenues in our plans and the vast majority of them by the end of our planning period.

如此之多，以至於在我們的 5 年規劃範圍內，到它結束時，我們已經在我們的計劃中基本上取出了所有 DISH 收入，並且在我們的計劃期結束時絕大部分收入。

Now it's possible that with this development with AT&T that they will move faster than even we anticipated in moving off our network.

現在，隨著 AT&T 的這種發展，他們離開我們的網絡的速度可能比我們預期的還要快。

And that will open up some -- both opportunities as well as some gaps in our financial plan.

這將為我們的財務計劃帶來一些機會和一些差距。

And I want to make sure a couple of things are clear.

我想確保有幾件事是清楚的。

First of all, we've looked at this carefully, and we are here today reiterating every aspect of our 5-year plan, both in the medium term and in the long term that we communicated earlier this year, and there's a couple of reasons for that.

首先，我們仔細研究了這一點，今天我們在這裡重申我們今年早些時候傳達的中期和長期五年計劃的各個方面，有幾個原因為了那個原因。

When we look at this, yes, one of the things I've learned in wireless is that every time you've got a good guy coming at you there's some opposing bad guy you have to manage.

當我們看這個時，是的，我在無線領域學到的一件事是，每當你有一個好人來找你時，你就必須管理一些反對的壞人。

Like great growth, it's going to cost you an EBITDA, for example, and you've got to manage that, or in AT&T's case, billions and billions of dollars in future revenue reversals hung up on their balance sheet.

就像巨大的增長一樣，它會讓你付出 EBITDA 的代價，例如，你必須管理它，或者在 AT&T 的案例中，數十億美元的未來收入逆轉掛在他們的資產負債表上。

But on the other hand, when you get a bad guy, like potentially DISH moving faster off our network than we had thought, it opens up opportunities.

但另一方面，當你遇到一個壞人時，比如 DISH 可能比我們想像的更快地離開我們的網絡，它就會打開機會。

And one of the things that we see right away is that when they move off of our network that's going to open up both management attention, but more importantly, capacity.

我們馬上看到的一件事是，當他們離開我們的網絡時，這將引起管理層的關注，但更重要的是，能力。

And so many things in our plan are predicated on available capacity.

我們計劃中的很多事情都取決於可用容量。

Like, for example, home broadband, where we don't think we're going to be so much paced by the demand, we're going to be paced by the available network capacity, so there's an opportunity to go faster; or enterprise share-taking, where our ability to put ambitious offers in front of customers is paced by what?

例如，家庭寬帶，我們認為我們不會因需求而變化太多，我們會因可用網絡容量而變化，因此有機會走得更快；或企業股份收購，我們向客戶提供雄心勃勃的報價的能力取決於什麼？

Available capacity or ability to bring in new wholesale partners or double-down with our existing ones.

引入新的批發合作夥伴或與我們現有的合作夥伴加倍努力的可用能力或能力。

This is something that, ultimately, when we look at it, we're not really that displeased, which gets to the core premise of your question because it's going to allow us to do what we do best, focus on our knitting and get after share-taking and building this great network.

最終，當我們看到它時，我們並沒有那麼不高興，這就是你問題的核心前提，因為它會讓我們做我們最擅長的事情，專注於我們的編織並追求分享並建立這個偉大的網絡。

And that's always been sort of the core premise of the 5-year plan that we put in front of you.

這一直是我們擺在你們面前的 5 年計劃的核心前提。

I'll say a couple of things to wrap up.

我會說幾件事來結束。

One, we like and respect the DISH team, and we're here for them.

第一，我們喜歡並尊重 DISH 團隊，我們在這里為他們服務。

So to the extent that they want us we're here.

因此，就他們想要我們的程度而言，我們就在這裡。

More or less, it's up to them.

或多或少，這取決於他們。

We will honor every obligation and continue to honor every obligation that we've made to both them and to the government.

我們將履行每一項義務，並將繼續履行我們對他們和政府承擔的每一項義務。

And overall, we're going to get after growing our core business and working with our core partners.

總的來說，我們將在發展我們的核心業務並與我們的核心合作夥伴合作之後取得進展。

And we're here today, after looking at it carefully, to reiterate every single promise that we made to you in our 5-year plan.

我們今天在這裡，在仔細研究之後，重申我們在我們的 5 年計劃中對你們做出的每一個承諾。

And our next question comes from Craig Moffett with MoffettNathanson.

我們的下一個問題來自 Craig Moffett 和 MoffettNathanson。

I may cost you another $100 because I'm going to go back to the DISH deal one more time.

我可能會再花你 100 美元，因為我要再回到 DISH 交易。

And just -- the duration of the DISH deal is quite a bit longer than what you were willing to offer when you originally signed the deal.

只是 - DISH 交易的持續時間比您最初簽署交易時願意提供的時間要長得多。

Can you just talk about were you willing to extend the deal or was the duration a significant part of the negotiation?

你能談談你是否願意延長交易或者持續時間是談判的重要部分嗎？

And then, I guess, just a more general question.

然後，我想，只是一個更一般的問題。

Where's all the growth in the market coming from?

市場的所有增長來自哪裡？

I mean we're seeing growth that's now, what, 5x population growth rate in total phone subscriptions.

我的意思是我們現在看到的增長是什麼，總電話用戶的人口增長率是 5 倍。

Can you just talk about what it is that's driving that kind of growth and how sustainable you think that will be for how long?

您能否談談推動這種增長的因素是什麼，以及您認為這種增長將持續多長時間？

Yes.

是的。

Let's jump in on both of those, and then I might ask Peter or Jon to add to it.

讓我們先談談這兩個問題，然後我可能會請 Peter 或 Jon 補充一下。

As for the agreement, one of the things, obviously, to point out, and I think everybody knows this, is that our arrangement with DISH is a product of a merger remedy package.

至於協議，顯然要指出的一件事是，我想每個人都知道，我們與 DISH 的安排是合併補救方案的產物。

And it's highly negotiated.

而且這是高度協商的。

And it wasn't something that we looked at in our business plan and had built in originally.

這不是我們在商業計劃中看到的，也不是最初內置的。

We've planned to operate the Boost business.

我們計劃經營 Boost 業務。

So it was part of a remedy package.

所以它是補救措施的一部分。

And in that sense, we were sort of thrust together and asked to negotiate this.

從這個意義上說，我們有點被推到一起並要求就此進行談判。

We did have a shorter term than what we saw communicated in the AT&T agreement, but I don't really have much comment on that.

我們的期限確實比我們在 AT&T 協議中看到的要短，但我對此沒有太多評論。

I'm not privy to what interactions happen between them and -- between DISH and AT&T.

我不知道他們之間以及 DISH 和 AT&T 之間發生了什麼互動。

I'm very immersed in the interactions we've had with DISH.

我非常沉浸在我們與 DISH 的互動中。

And yes, it had a certain term and it had it for a reason.

是的，它有一個特定的術語並且它有它是有原因的。

Because remember, the remedy package was meant for DISH to get after building their own facilities-based network as fast as possible and to move their revenues and their customers onto that as fast as possible.

因為請記住，補救方案旨在讓 DISH 在盡快建立自己的基於設施的網絡後獲得，並儘快將他們的收入和客戶轉移到該網絡上。

That was always the intention.

這一直是我們的意圖。

And some are asking whether this still enables that or still, we'll see that happen or not.

有些人問這是否仍然能夠實現，我們將看到它是否會發生。

I don't know.

我不知道。

You'll have to check with them.

你得和他們核實一下。

As it relates to the second question, what we'll see going forward, one of you guys want to jump in?

關於第二個問題，我們會看到什麼，你們中有人想加入嗎？

Yes.

是的。

Let me jump in on just DISH one more because I know we have -- before it costs me $300.

讓我再試一試 DISH，因為我知道我們有——在它花費我 300 美元之前。

We have some questions coming in on the impact.

我們有一些關於影響的問題。

And as Mike said, right, we're here today reiterating the mid- and long-term guidance that we put out there at Analyst Day.

正如邁克所說，對，我們今天在這裡重申我們在分析師日發布的中長期指導。

And there's been some questions out there around, well, is it $2.5 billion of revenue currently?

周圍有一些問題，嗯，目前的收入是 25 億美元嗎？

I think there's some extrapolation perhaps from DISH's cost-to-service line item.

我認為可能從 DISH 的服務成本項目中可以得出一些推斷。

I'm just here to say it's already less than $2 billion on an annual basis in 2021.

我只是想說，到 2021 年，每年的收入已經不足 20 億美元。

And again, because we assumed DISH would be a successful competitor and would build out their own facilities and take customers off, that was already reflected as a decrease in the run rate.

再一次，因為我們假設 DISH 將成為一個成功的競爭對手，並且會建立自己的設施並吸引客戶，這已經反映為運行率的下降。

But also, one of the things that we talked about at Analyst Day is the prudent plan that we put in front of you, right, with multiple upside opportunities.

而且，我們在分析師日討論的其中一件事是我們擺在你面前的審慎計劃，對，有多個上行機會。

And that included things, as Mike alluded to, mobile edge compute, virtual networking, but also the ability to either slow down the ARPU dilution that was assumed in the plan as we expanded relationships, go deeper, faster in smaller markets, rural areas and a whole host of other factors, the ability to grow ARPA on a faster rate as we deepen relationships.

正如 Mike 提到的那樣，這包括移動邊緣計算、虛擬網絡，還包括隨著我們擴大關係、在較小的市場、農村地區和一大堆其他因素，隨著我們加深關係，以更快的速度發展 ARPA 的能力。

And what you're really seeing in 2021 and what's encouraging is the success that we've had to date from a new account perspective, from an ARPA growth perspective, from the ARPU stability that we're giving you.

您在 2021 年真正看到的和令人鼓舞的是，從新客戶的角度來看，從 ARPA 增長的角度，從我們為您提供的 ARPU 穩定性來看，我們迄今為止所取得的成功。

So we're here to absolutely reaffirm everything in the mid- and long-term guidance, all the way down to free cash flow.

因此，我們在這裡絕對重申中長期指導中的所有內容，一直到自由現金流。

I see some questions on Twitter coming in that way.

我看到 Twitter 上的一些問題是以這種方式出現的。

So I just wanted to make sure that was out there.

所以我只是想確保它在那裡。

And again, that's the focus of this team.

再一次，這是這個團隊的重點。

We put out prudent plans and then our job is to beat them.

我們制定了審慎的計劃，然後我們的工作就是擊敗他們。

And that's why we're here reaffirming things.

這就是我們在這裡重申事情的原因。

And we still see the upsides that we saw then.

我們仍然看到我們當時看到的好處。

Absolutely.

絕對地。

Very exciting potential.

非常令人興奮的潛力。

So as it relates to accounts, this is one I know that everybody is asking this, and all of us only have a lens on our own business.

因此，就賬戶而言，我知道每個人都在問這個問題，我們所有人都只關注自己的業務。

And so we really can't give you all that much to go on.

所以我們真的不能給你那麼多繼續下去。

I can tell you a few things.

我可以告訴你幾件事。

One, as you heard in my remarks, that we're making sure that everybody understands where our focus is.

第一，正如你在我的發言中所聽到的，我們正在確保每個人都明白我們的重點在哪裡。

And our focus is on growing profitable overall account relationships.

我們的重點是發展有利可圖的整體客戶關係。

600,000 of them on the postpaid side so far this year.

今年到目前為止，其中 600,000 個在後付費方面。

This last quarter, the biggest new account quarter in our history.

最後一個季度是我們歷史上最大的新客戶季度。

And accounts are a great metric because they're a totally new billing relationship.

帳戶是一個很好的指標，因為它們是一種全新的計費關係。

It's probably somebody porting over, and they're an important metric.

這可能是有人移植過來的，它們是一個重要的指標。

I heard during the earnings season, one of my competitors sort of said, "Hey, we're focused on quality growth and not all accounts are created equal." And what I would say to that is, but service revenues are.

我聽說在財報季，我的一位競爭對手說，“嘿，我們專注於高質量的增長，並不是所有的客戶都是平等的。”我要說的是，但服務收入是。

And T-Mobile led again on service revenue growth with 10%, normalized for some things last year, 6% overall service revenue growth, the best in the industry.

T-Mobile 再次以 10% 的服務收入增長領先，去年的某些事情正常化，整體服務收入增長 6%，是業內最好的。

And so look, there's some prepaid to postpaid transference going on.

所以看，有一些預付費到後付費的轉移正在進行。

There's some deepening of account relationships with add lines going on.

隨著添加行的增加，帳戶關係有所加深。

There's a lot of dynamics, but it's one of the reasons why I want to make sure that you're hearing us focusing on our knitting about growing overall profitable relationships that result in the market's best service revenue and EBITDA growth.

有很多動態，但這是我想確保你聽到我們專注於我們編織的原因之一，即關於不斷增長的整體盈利關係，從而帶來市場最好的服務收入和 EBITDA 增長。

Does anyone want to pile on and say where things are coming from?

有沒有人想堆積並說出事情的來源？

I think that's perfect.

我認為那是完美的。

I mean the only thing I would add, Mike, and, Hi, Craig, is, yes, there's a big transference from the prepaid category to the postpaid category.

我的意思是我唯一要補充的是，邁克，嗨，克雷格，是的，從預付費類別到後付費類別有很大的轉移。

You're seeing that happen more from a macro perspective, lots and lots of people from prepaid moving into the postpaid based on the economic realities that you're seeing in the country, which makes our prepaid growth that much more impressive.

從宏觀角度來看，你會看到這種情況更多地發生，根據你在該國看到的經濟現實，很多人從預付費轉向後付費，這使得我們的預付費增長更加令人印象深刻。

When you think about us being the leading prepaid provider in the entire industry and putting up another 76,000 postpaid phones -- excuse me, prepaid nets, and having our industry -- or a record-low churn on prepaid, just really incredible in terms of what's happening in that space.

當你想到我們是整個行業領先的預付費提供商，並推出了另外 76,000 部後付費電話——對不起，預付費網絡，以及我們的行業——或者預付費的歷史最低流失率，就那個空間裡發生了什麼。

And that's a big draw into postpaid specifically, is what you're seeing from a macro perspective in prepaid.

這對後付費來說是一個很大的吸引力，這就是你從預付費的宏觀角度所看到的。

You bet.

你打賭。

So let's do another one from the phone, and then let's see if somebody is scanning the ones coming in on Twitter.

那麼讓我們通過電話再做一個，然後讓我們看看是否有人正在掃描 Twitter 上的信息。

We can pick 1 or 2 of those, if you want to call them out.

如果您想召集他們，我們可以選擇其中的 1 或 2 個。

But first, let's go back to the phone.

但首先，讓我們回到電話。

And our next phone question will come from Brett Feldman with Goldman Sachs.

我們的下一個電話問題將來自高盛的布雷特費爾德曼。

So as you highlighted during your remarks, this was a pretty solid churn quarter.

因此，正如您在發言中強調的那樣，這是一個非常穩定的客戶流失季度。

As you observe the Sprint customer base kind of go through this transition into a T-Mobile customer base, what are the points along the way that seem to be correlated with step-function improvements in churn among those legacy Sprint customers?

當您觀察到 Sprint 客戶群正在經歷這種向 T-Mobile 客戶群的轉變時，沿途有哪些點似乎與那些遺留 Sprint 客戶的流失率階梯式改進相關？

And as you look out over the next couple of quarters, as you continue to go through the process, how often are we going to be hitting those?

當你展望接下來的幾個季度時，隨著你繼續經歷這個過程，我們將多久達到一次？

Because I think that the real focus here is, it seems like you're making great headway at moving the base over, so how low can churn go?

因為我認為這裡真正的重點是，看起來你在轉移基地方面取得了很大進展，那麼客戶流失率能降到多低？

And how quickly can it get there as you move through that process?

當你完成這個過程時，它能以多快的速度到達那裡？

Yes.

是的。

Thanks, Brett.

謝謝，布雷特。

I mean we have a lot of work left to do, and we're pleased with our progress.

我的意思是我們還有很多工作要做，我們對我們的進展感到滿意。

We're ahead of schedule.

我們提前了。

But this next year is a really critical time.

但明年是一個非常關鍵的時期。

And remember, in an integration like ours, there are separate -- we designed this to be able to do separate discrete events when it comes to the migration.

請記住，在像我們這樣的集成中，有單獨的 - 我們設計這個是為了能夠在遷移時執行單獨的離散事件。

One is when do you migrate the substantial portion of their network traffic.

一個是您何時遷移大部分網絡流量。

Two is when do you migrate their account relationship in terms of the core network that they're attached to.

二是您何時根據他們所連接的核心網絡遷移他們的帳戶關係。

Three is when do you migrate their rate plan to a destination rate plan.

三是您何時將他們的費率計劃遷移到目的地費率計劃。

Four is when do you migrate their biller because that can be a discrete event.

四是你什麼時候遷移他們的賬單，因為這可能是一個離散事件。

And finally, when do you start telling them they're T-Mobile, migrate their brand.

最後，你什麼時候開始告訴他們他們是 T-Mobile，遷移他們的品牌。

All of these can be discrete events.

所有這些都可以是離散事件。

And all of them can contribute to churn improvement.

所有這些都有助於改善客戶流失率。

By the way, there's some bumpiness.

順便說一句，有一些顛簸。

We're actually starting the process long promised of turning down the network on the source side and adding that capacity to the destination side.

我們實際上開始了長期承諾的過程，即關閉源端的網絡並將該容量添加到目標端。

And that will create mostly delight, but it will also create some bumpiness.

這主要會帶來愉悅，但也會帶來一些坎坷。

So there will be opportunities netted out with some pressures, and overall, it looks like a net opportunity to us.

所以會有一些機會被一些壓力所抵消，總的來說，這對我們來說是一個淨機會。

But we're entering a really acute stage here over the next 12 months, where we will begin doing billing migrations at a faster pace, we'll begin doing brand migrations.

但在接下來的 12 個月裡，我們將進入一個非常尖銳的階段，我們將開始以更快的速度進行計費遷移，我們將開始進行品牌遷移。

The way we serve people with our exclusive team of experts model, we'll be starting to ramping -- to ramp up and we'll simultaneously start turning down those network sites that are not keep sites so that we can start to get you those concrete synergy flows.

我們以我們獨家專家團隊模型為人們服務的方式，我們將開始增加——增加，同時我們將開始關閉那些不保留網站的網站，以便我們可以開始為您提供那些具體的協同流動。

And all those things will be happening simultaneously.

所有這些事情都將同時發生。

And so far, we're just delighted with how it's going.

到目前為止，我們只是對它的進展感到高興。

But at the same time, we see lots of opportunity to put an arm around and love those Sprint customers, and we're all over it.

但與此同時，我們看到了很多機會來擁抱和愛那些 Sprint 客戶，我們全力以赴。

If you don't mind, if I can ask a quick follow-up.

如果你不介意，我可以要求快速跟進。

Early in the process, there was a lot of questions about whether the Sprint customer base had the potential to have the churn profile of the legacy T-Mobile base.

在這個過程的早期，有很多關於 Sprint 客戶群是否有可能擁有傳統 T-Mobile 客戶群的流失概況的問題。

Now that you're several quarters in and some of those customers have been with you for a while, what's your latest assessment there?

現在你已經進入了幾個季度，其中一些客戶已經和你在一起一段時間了，你對那裡的最新評估是什麼？

Do you think that the long-term churn profile, that acquired base, can match or get close to what you've historically shown us?

您是否認為獲得的基礎的長期流失情況可以匹配或接近您在歷史上向我們展示的內容？

Absolutely.

絕對地。

And one of the ways you can look at that is when we look underneath that there are different kinds of situations of Sprint customers.

您可以查看的一種方法是，當我們在下面查看 Sprint 客戶的不同情況時。

For example, people who are happily into a device payment plan that was given to them on fair terms and who have a great rate plan, their churn is already remarkably low.

例如，如果人們樂於接受以公平條件提供給他們的設備支付計劃，並且有很好的費率計劃，那麼他們的流失率就已經非常低了。

And most of their data is on the T-Mobile network.

他們的大部分數據都在 T-Mobile 網絡上。

And so we see that situation in our base.

所以我們在我們的基地看到了這種情況。

On the other hand, people who have a situation that's less palatable to them from a variety of promotions that had raising prices or the way their device plan works or they're not in a device relationship with us, and they're kind of a jump, yes, those churn numbers are still higher.

另一方面，由於價格上漲的各種促銷活動或他們的設備計劃的運作方式或他們與我們沒有設備關係，他們的情況不太適合他們，他們有點像跳躍，是的，那些流失數字仍然更高。

And our job is to welcome them to T-Mobile, with the great taxes and fees included in rate plans and Netflix On Us and T-Mobile Tuesdays and Team of Experts care and of course, the best 5G network in the country.

我們的工作是歡迎他們使用 T-Mobile，費率計劃和 Netflix On Us 和 T-Mobile 星期二以及專家團隊的關懷中包含高額稅費，當然還有該國最好的 5G 網絡。

And that's happening at pace, but we're only working our way through the base.

這種情況正在發生，但我們只是在努力通過基地。

And Brett, to your point, this is one of those areas of opportunity that we highlighted at Analyst Day, where the plan over the medium term was really to close the gap in half for T-Mobile.

布雷特，就你的觀點而言，這是我們在分析師日強調的機會領域之一，中期計劃實際上是將 T-Mobile 的差距縮小一半。

So to the extent that we get through this period, this next period of 12, 18 months, roll out all the benefits of T-Mobile, it's an opportunity, right, as we see maybe closer alignment during that period through the Magenta base.

因此，就我們度過這個時期，下一個 12、18 個月的時期而言，推出 T-Mobile 的所有好處，這是一個機會，對吧，正如我們看到的那樣，在那個時期通過洋紅色基地可能會更加緊密。

That could wind up being a nice upside because only closing half the gap, yes, that's what's written into our plan.

這最終可能會成為一個不錯的優勢，因為只縮小了一半的差距，是的，這就是我們計劃中的內容。

All right.

好的。

What are we seeing on Twitter before we go back to the phone?

在我們回到手機之前，我們在 Twitter 上看到了什麼？

Well, you've got -- Walt's got a couple of good questions in here.

好吧，你已經 - 沃爾特在這裡有幾個很好的問題。

One about 2.5 gigahertz deployment, which I'm sure Neville could hit, and a little bit about on postpaid phone gross adds and add a lines, which I think we have some great insights on.

一個大約 2.5 GHz 的部署，我相信 Neville 會成功，還有一點關於後付費電話總添加和添加線路，我認為我們對此有一些很好的見解。

As Walt doesn't do the calls anymore, he's just a digital...

由於 Walt 不再接電話，他只是一個數字...

He's on Twitter.

他在推特上。

Okay.

好的。

Fair enough.

很公平。

You got in multiple questions that way though.

不過，您遇到了多個問題。

All right.

好的。

Well, let's read it out.

好吧，讓我們把它讀出來。

So we'll go to one.

所以我們會去一個。

Let's see.

讓我們來看看。

Does the DISH move to T impact free cash flow guidance?

DISH 移至 T 是否會影響自由現金流量指導？

No.

不。

Why is there only 40 megahertz of 2.5 gig in some markets?

為什麼某些市場只有 40 兆赫的 2.5 兆赫？

When will it be 100 megahertz or 160 everywhere?

什麼時候到處都是 100 兆赫或 160 兆赫？

Let's talk about that because how our advantage, Neville, translates into not only people-covered POPs, but megahertz deployed to those POPs, to geek out on an old industry term, megahertz POPs, the difference between what we can offer in the next few months versus AT&T and Verizon and then how that translates into a year's long advantage, it's pretty stark.

讓我們來談談這個，因為我們的優勢，Neville，如何不僅轉化為覆蓋人員的 POP，而且轉化為部署到這些 POP 的兆赫茲，以了解一個舊的行業術語，兆赫 POPs，我們在接下來的幾年中可以提供的東西之間的區別與 AT&T 和 Verizon 相比幾個月，然後將其轉化為一年的長期優勢，這是非常明顯的。

Maybe you can talk about where we are and where we're going.

也許你可以談談我們現在在哪里以及我們要去哪裡。

Yes.

是的。

Absolutely.

絕對地。

So if we pick up on Mike's comments earlier and the 165 million covered people we have already today with our Ultra Capacity mid-band solution with 35 million away from an end-of-year goal of 200 million people covered with the Ultra Capacity solution, which is a nationwide claim basis.

因此，如果我們早些時候接受 Mike 的評論，以及我們今天已經有 1.65 億人使用我們的 Ultra Capacity 中頻解決方案，距離 2 億人使用 Ultra Capacity 解決方案的年底目標還有 3500 萬，這是一個全國性的索賠基礎。

So that's the progress we're making.

這就是我們正在取得的進展。

We're super close.

我們超級親密。

It's July.

現在是七月。

I'm very confident about our ability to hit the 200 million.

我對我們有能力衝擊 2 億非常有信心。

And to your question, Walt, that's the point in time we're targeting, on average, 100 megahertz of spectrum, will be available across that footprint, 100 megahertz of the 2.5 gigahertz spectrum, the best mid-band spectrum there is out there in this 5G category.

對於你的問題，Walt，這就是我們的目標時間點，平均而言，100 兆赫的頻譜將在整個覆蓋範圍內可用，2.5 GHz 頻譜中的 100 兆赫，那裡最好的中頻帶頻譜在這個 5G 類別中。

So that's exciting.

所以這很令人興奮。

And if you compare and contrast that to what AT&T and Verizon have announced to date, they're talking about 100 million people covered at some point in time in the new year.

如果你將其與 AT&T 和 Verizon 迄今為止宣布的內容進行比較和對比，他們談論的是在新的一年的某個時間點覆蓋 1 億人。

And between them, on their C-band spectrum holdings, they have 100 megahertz.

在他們之間，在他們持有的 C 波段頻譜上，他們擁有 100 兆赫茲。

Verizon 60 and AT&T 40.

威瑞森 60 和 AT&T 40。

So when you compound the footprint and the spectrum available, obviously, we have a massive lead.

因此，當您將足跡和可用頻譜結合起來時，顯然，我們擁有巨大的領先優勢。

And the good news is that, that lead is there, and it's durable and it's sustainable as we move into the coming years.

好消息是，領先優勢就在那裡，而且隨著我們進入未來幾年，它是持久且可持續的。

AT&T and Verizon will try and match what we will do this year by the end of 2023, when they get more C-band spectrum available in the second tranche.

AT&T 和 Verizon 將在 2023 年底之前嘗試與我們今年的工作相匹配，屆時他們將在第二批中獲得更多可用的 C 波段頻譜。

Of course, we get C-band spectrum at the end of 2023, too.

當然，我們也會在 2023 年底獲得 C 波段頻譜。

But the important piece is we're not sitting at 200 million covered POPs at the end of this year.

但重要的是，我們不會在今年年底坐擁 2 億個受保護的持久性有機污染物。

Our goal is to be at 300 million covered POPs by the end of '23 and to double that spectrum position from 100 megahertz of mid-band to 200 megahertz.

我們的目標是到 23 年底達到 3 億個 POP，並將頻譜位置從中頻帶的 100 兆赫茲增加一倍到 200 兆赫茲。

And then your question, Walt, you mentioned 160 megahertz of 2.5.

然後是你的問題，Walt，你提到了 2.5 的 160 兆赫茲。

Our plan is to have all of that deployed for 5G, plus additional mid-band from our AWS and PCS holdings, to set us up for an incredible leadership position that AT&T and Verizon will spend many years trying to match.

我們的計劃是將所有這些部署到 5G，再加上我們持有的 AWS 和 PCS 的額外中頻，讓我們獲得令人難以置信的領導地位，而 AT&T 和 Verizon 將花費很多年的時間試圖與之匹敵。

Well, I was expecting a follow-up question.

好吧，我期待一個後續問題。

I forgot he's on Twitter.

我忘了他在推特上。

Okay.

好的。

So good.

超好的。

So let's go back to the phone, and we'll get ready for another Twitter one after this.

那麼讓我們回到電話上，我們將在這之後為另一個 Twitter 做好準備。

Our next question comes from Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

You noted the fact that the phone increase was driven in part by T-Mobile for Business.

您注意到電話增長的部分原因是 T-Mobile for Business。

Where are you on that?

你在哪裡？

Can you quantify the size of that customer base and the growth?

您能否量化該客戶群的規模和增長情況？

And then similar on home broadband, can you tell us what the contribution was there in the quarter and how that should pace from here?

然後在家庭寬帶上類似，你能告訴我們本季度的貢獻是什麼以及從這裡應該如何發展？

Beautiful.

美麗的。

Well, we'll turn it over to the leaders of those 2 business groups.

好吧，我們將把它交給這兩個業務組的領導。

I am just delighted with what we're seeing on T-Mobile for Business.

我對我們在 T-Mobile for Business 上看到的內容感到非常高興。

It's a big contributor.

這是一個很大的貢獻者。

We outpaced Verizon this quarter, fantastic.

我們在本季度超過了 Verizon，太棒了。

Even outpaced Verizon on churn.

在客戶流失率方面甚至超過了 Verizon。

So people wonder whether we're for real in business.

所以人們想知道我們是否真的在做生意。

We're for real.

我們是真的。

Maybe Mike, you can talk about what's driving it and then we'll flip over and talk about what we're seeing in home broadband.

也許邁克，你可以談談是什麼在推動它，然後我們會翻過來談談我們在家庭寬帶中看到的東西。

Yes.

是的。

Thanks, Mike.

謝謝，邁克。

I'm really pleased with what we saw this quarter.

我對本季度的情況感到非常滿意。

And as we talked about in Analyst Day, our focus has really been going after the postpaid core connection opportunity because if you look at all the opportunities in enterprise, core connectivity still is the largest opportunity, both from number of subscribers but also from revenue.

正如我們在分析師日談到的那樣，我們的重點實際上是在後付費核心連接機會之後，因為如果你看看企業中的所有機會，核心連接仍然是最大的機會，無論是從用戶數量還是從收入。

So we've been really focused on taking share there.

所以我們一直專注於在那里分享。

And we've been really leveraging several very distinct strategies to go do that.

我們一直在利用幾種非常不同的策略來做到這一點。

First and foremost, it's network.

首先，它是網絡。

And it's all the things that Neville just talked about with 5G.

這就是 Neville 剛剛談到的關於 5G 的所有內容。

We have a distinct advantage right now in the 5G network.

我們現在在5G網絡上有明顯的優勢。

We've got a huge lead that, right now, our competitors can't touch.

我們擁有巨大的領先優勢，目前我們的競爭對手無法企及。

And that matters in this enterprise space.

這在這個企業領域很重要。

And so we've been using that to really get conversations started with enterprise, using it to get into testing with enterprise.

因此，我們一直在使用它來真正開始與企業的對話，使用它來與企業進行測試。

And when they test us side-by-side, we win.

當他們並排測試我們時，我們贏了。

We simply win because we can't be touched in 5G right now.

我們只是贏了，因為我們現在不能在 5G 中被觸及。

We're also really focused on disrupting in enterprise, specifically around simplicity and value.

我們也真正專注於企業的顛覆，特別是圍繞簡單性和價值。

One of the things that you heard us talk earlier in the year when we launched WFX solutions was how complex the enterprise space is with core wireless, still lots of pooled plans and sharing.

今年早些時候，當我們推出 WFX 解決方案時，您聽到我們談論的其中一件事是企業空間與核心無線的複雜性，仍然有很多合併計劃和共享。

And when you're doing that across tens of thousands of employees, it's incredibly complex.

當你在數万名員工中這樣做時，它會非常複雜。

So complex, in fact, that we see enterprises hiring third-party companies to manage it.

如此復雜，事實上，我們看到企業僱傭第三方公司來管理它。

And we've really seen enterprise respond favorably when we can come in and offer a much more simple, much more straightforward value proposition.

當我們能夠提供更簡單、更直接的價值主張時，我們確實看到了企業的積極響應。

So those have been some of the big key sets we're doing it.

所以這些是我們正在做的一些重要的關鍵集。

And like Mike said, it's really translated into incredible results.

就像邁克所說的那樣，它真的轉化為令人難以置信的結果。

We beat Verizon again in total postpaid adds, and that growth is translating both into year-over-year revenue improvements that are double digit and the network is really resonating with the base, where we saw both year-over-year and sequential decreases in churn from our postpaid customers.

我們在後付費添加總量方面再次擊敗 Verizon，這種增長正在轉化為兩位數的同比收入增長，而且網絡確實與基數產生共鳴，我們看到同比和環比下降從我們的後付費客戶中流失。

And you heard Mike mention in the opening comments, lower than Verizon this quarter.

你聽到 Mike 在開場評論中提到，本季度低於 Verizon。

So...

所以...

We're talking about blended, not just on the T-Mobile side, but overall.

我們談論的是混合，不僅僅是在 T-Mobile 方面，而是在整體方面。

Blended overall.

整體混搭。

Yes.

是的。

Terrific.

了不起。

Well done.

做得好。

Your second part of your` question, Phil, was about home broadband.

菲爾，你問題的第二部分是關於家庭寬帶的。

And we're just out of the gates.

我們剛剛走出大門。

We're really pleased with what we're seeing.

我們對所看到的感到非常滿意。

Dow Draper leads all of our emerging businesses.

Dow Draper 領導著我們所有的新興業務。

And one of the things I'll say to tee up Dow is that one of our early insights is that it sure doesn't look like this is going to be about demand.

我要為道瓊斯指數做準備的一件事是，我們的早期見解之一是，這看起來肯定不會與需求有關。

This is going to be paced by network capacity, as I mentioned in my answer on DISH, by device capacity for a minute here as we recover from COVID, but not by demand.

正如我在 DISH 上的回答中提到的那樣，這將由網絡容量來決定，當我們從 COVID 中恢復時，設備容量會持續一分鐘，而不是按需求來決定。

And by the way, the customer experience is pretty exciting too.

順便說一句，客戶體驗也非常令人興奮。

But Dow, why don't you tell us what you're seeing?

但是道，你為什麼不告訴我們你看到了什麼？

Yes.

是的。

No.

不。

Thanks, Mike.

謝謝，邁克。

First off, thanks for the question, Phil, because we're super enthusiastic about this business.

首先，感謝 Phil 的提問，因為我們對這項業務非常熱情。

And as you -- as we talked about, previous this year, we really entered '21 with 100,000 customers in a pilot.

正如你——正如我們所說，今年早些時候，我們真的進入了 21 世紀，在試點中有 100,000 名客戶。

And then we officially launched in April to 30 million households with our 5G Home Internet service.

然後我們在 4 月份正式向 3000 萬家庭推出了我們的 5G 家庭互聯網服務。

And there's really -- it's early days here.

真的 - 現在還處於早期階段。

To basically echo what Mike said, we started and what we've learned is that, one, is the customer satisfaction and what customers are telling us about the product is really positive.

為了基本上回應邁克所說的，我們開始了，我們了解到的是，一是客戶滿意度，客戶告訴我們的產品是非常積極的。

Our customer satisfaction scores are very high in an industry that is known for basically bottom-of-the-barrel customer satisfaction metrics.

我們的客戶滿意度得分在一個以最低限度的客戶滿意度指標而聞名的行業中非常高。

And so that's really great to see.

所以這真的很高興看到。

And it's nice to get the results of the survey in PCMagazine's Readers' Choice article.

很高興在 PCMagazine 的讀者選擇文章中獲得調查結果。

And so it's great to see that.

所以很高興看到這一點。

And then what that's also translating to is we are seeing demand outpace -- really outpace supply in the second quarter.

然後這也轉化為我們看到需求超過 - 第二季度確實超過供應。

And we've done a lot of things where we're working to catch up with that.

我們已經做了很多事情來努力趕上它。

We think we're going to be caught back up here in the next month.

我們認為我們將在下個月再次回到這裡。

And so what that means is our aspiration was to end the year with 500,000 Home broadband customers, and we feel really good about that trajectory.

因此，這意味著我們的目標是在今年年底擁有 500,000 名家庭寬帶客戶，我們對這一軌跡感到非常滿意。

Terrific.

了不起。

Thanks, Phil.

謝謝，菲爾。

What else do we have on Twitter?

我們在 Twitter 上還有什麼？

I think we should go to -- there's a couple in here about prepaid, which you touched on, but there's lots of -- we'll go from Bill Ho.

我認為我們應該去 - 這裡有幾個關於預付費的，你提到了，但有很多 - 我們將從 Bill Ho 開始。

Prepaid seems to have a resurgence given yesterday's aggressive offer.

鑑於昨天的激進報價，預付費似乎復甦了。

Given the comments on postpaid and prepaid blurring, has anything triggered this second half prepaid thinking?

鑑於關於後付費和預付費模糊的評論，是否有什麼觸發了下半年預付費的想法？

And any color on this amazing stellar drop in prepaid churn?

預付費客戶流失率的驚人下降有何影響？

And he kind of goes on about the aggressive offer that we just launched.

他繼續談論我們剛剛推出的激進報價。

Well, one of the things, it's 5G.

好吧，其中之一就是 5G。

Look, we just -- as a company, we don't believe that 5G is for rich people on postpaid plans.

看，我們只是——作為一家公司，我們不認為 5G 適合有後付費計劃的富人。

We think it's for everybody.

我們認為它適合所有人。

And that's really important.

這真的很重要。

And we're moving absolutely ambitiously to make sure everybody gets a chance to see and experience this remarkable network.

我們正在雄心勃勃地行動，以確保每個人都有機會看到和體驗這個非凡的網絡。

And by the way, with prepaid customers, that's even more important for so many of them because their phone, for many of them, is their only connection to the Internet, and it has to be a great connection.

順便說一句，對於預付費客戶來說，這對他們中的許多人來說更為重要，因為他們的手機對他們中的許多人來說是他們與互聯網的唯一連接，而且必須是良好的連接。

And it's just such an advantage for us to have the nation's leading prepaid brand on the nation's leading 5G network.

在全國領先的5G網絡上擁有全國領先的預付費品牌對我們來說就是一個優勢。

And we never held back.

我們從不退縮。

From day 1, we said, "Hey, that's for you also." And right now, we have an incredible offer for people to switch from Boost or Cricket, that don't seem to be going at a fast pace to introduce prepaid customers to 5G, and not only to give them a great rate plan but also to give them a brand-new Samsung Galaxy 5G phone.

從第一天起，我們就說，“嘿，那也是給你的。”現在，我們為人們從 Boost 或 Cricket 轉換提供了令人難以置信的優惠，這似乎並沒有很快將預付費客戶引入 5G，不僅為他們提供了一個很好的費率計劃，而且給他們一部全新的三星 Galaxy 5G 手機。

And so it's a fantastic offer.

所以這是一個很棒的提議。

Really, it's about celebrating this 5G moment and getting people to come see what our network leadership is all about.

實際上，這是為了慶祝這個 5G 時刻，並讓人們來看看我們的網絡領導地位。

And I think that's a contributor.

我認為這是一個貢獻者。

That network leadership, both on 4G and 5G, is certainly a contributor to the lowest churn we've ever seen or anybody has ever seen from a major prepaid brand.

無論是在 4G 還是 5G 上，這種網絡領先地位無疑是我們所見過的或任何人見過的主要預付費品牌的最低流失率的貢獻者。

So let's go back to the phone.

那麼讓我們回到電話。

And we'll go to Doug Mitchelson with Crédit Suisse.

我們將與 Crédit Suisse 一起去 Doug Mitchelson。

You mentioned in the prepared remarks you're expecting higher switching activity in the second half of the year.

您在準備好的評論中提到，您預計今年下半年會有更高的轉換活動。

So I'm just curious if that's something you're already seeing.

所以我很好奇這是否是您已經看到的。

And is that suggesting that there will be a higher churn environment for the higher -- the entire industry as a result?

這是否意味著更高的 - 整個行業將有更高的流失環境？

Just curious of the implications there.

只是好奇那裡的含義。

And then, for Neville, beyond putting more spectrum into use, since the growth in fixed wireless might be constrained by you delivering capacity to the team versus demand for the product, is there other things that are happening in the future years beyond that to drive capacity?

然後，對於 Neville 來說，除了投入更多的頻譜之外，由於固定無線的增長可能受到您向團隊提供的容量與產品需求的限制，未來幾年是否還有其他事情會發生，以推動容量？

Are you going to go back and touch the towers again?

你要回去再次觸摸塔樓嗎？

Are there going to be software updates?

會有軟件更新嗎？

Are there sort of new antenna deployments that you're not doing this go-around?

是否有您沒有進行複飛的新天線部署？

Anything on capacity beyond putting the spectrum to use would be helpful.

除了使用頻譜之外，任何關於容量的事情都會有所幫助。

So I'll start and hand it to Neville and then we'll go back to your first question.

所以我將開始並將它交給 Neville，然後我們將回到你的第一個問題。

It's funny.

這很有趣。

It's the opposite -- the question we often get asked is actually the opposite, the converse of yours, which is you're building all this incredible capacity, what are the use cases?

恰恰相反——我們經常被問到的問題實際上是相反的，與你的相反，你正在構建所有這些令人難以置信的能力，用例是什麼？

Tell us, please, Neville, about 5G use cases.

Neville，請告訴我們有關 5G 用例的信息。

How are you going to fill up all that capacity?

你打算如何填滿所有這些容量？

And it's really important you asked the question the way you did because wireless home broadband is one of the killer apps of 5G.

你問問題的方式非常重要，因為無線家庭寬帶是 5G 的殺手級應用之一。

And that's why I mentioned earlier that anything that frees up capacity to allow us to go faster on this multibillion-dollar opportunity is a good guy.

這就是為什麼我之前提到任何可以釋放產能以讓我們在這個價值數十億美元的機會上走得更快的東西都是好人。

And -- but maybe we can talk about that whole equation on what you're seeing when it comes to enabling home broadband and other high-capacity applications, Neville.

而且 - 但也許我們可以談談你在啟用家庭寬帶和其他高容量應用程序時所看到的整個方程式，Neville。

Yes.

是的。

I mean, I think, obviously, the heart of the opportunity is spectrum.

我的意思是，我認為，顯然，機會的核心是頻譜。

And we are in a -- this strong position, and I outlined for you the pace at which we're deploying that 5G spectrum, which is going to create a fairly sharp contrast with our competition.

我們處於 - 這個強勢地位，我向您概述了我們部署 5G 頻譜的速度，這將與我們的競爭對手形成鮮明對比。

I mean I love our messaging on 5G for all.

我的意思是我喜歡我們為所有人提供的 5G 消息傳遞。

And part of that is the prepaid segment of the customer base that we just talked about.

其中一部分是我們剛才談到的客戶群的預付費部分。

But it's also really hitting all corners of the United States, right, going into rural markets, small-town America and bringing 5G capacity and capability at an incredible pace.

但它也真正觸及了美國的各個角落，進入農村市場、美國小鎮，並以令人難以置信的速度帶來 5G 容量和能力。

And I think that's going to position us for a long-term advantage in those market areas.

我認為這將使我們在這些市場領域獲得長期優勢。

That capacity and capability going into those marketplaces is going to open up enormous opportunity on in-home broadband.

進入這些市場的容量和能力將為家庭寬帶帶來巨大的機會。

So it's not just the application of a great set of spectrum.

因此，這不僅僅是一組很棒的頻譜的應用。

It's where and how and the pace at which we do it.

這是我們做事的地點、方式和速度。

I think the other piece is, not to get too geeky, right, but 5G is just really beginning.

我認為另一點是，不要太古怪，對吧，但 5G 才剛剛開始。

And the features and capabilities and the spectral efficiency that we can secure from a 5G bearer, we're at the very beginning of that journey.

以及我們可以從 5G 承載獲得的特性和功能以及頻譜效率，我們正處於這一旅程的開始。

We're only just now rolling out 5G in the mid-band space.

我們現在才剛剛在中頻段推出 5G。

And if you look at what happened with LTE over a decade-plus, material improvements in the capacity and capability of what we could support with our radio network, and that's going to come with 5G, too.

如果你看看 LTE 十多年來發生的事情，我們可以用我們的無線電網絡支持的容量和能力的實質性改進，5G 也將隨之而來。

There's a very rich future and road map to enhance the capacity and capability that we can bring.

有一個非常豐富的未來和路線圖來增強我們可以帶來的能力。

So you add all those pieces together, this is an incredible 5G factory that we're building.

所以你把所有這些部分加在一起，這是我們正在建造的一個令人難以置信的 5G 工廠。

And to Mike's comment, I mean, we're excited about all of the opportunities with which we can fill up this capacity bucket that we'll roll out over the next 3, 4, 5 years.

對於 Mike 的評論，我的意思是，我們對所有可以填補我們將在未來 3、4、5 年推出的容量桶的機會感到興奮。

But that leadership opportunity, especially in the near term, is going to be critical across the country and especially in those major markets where we make the first stop.

但這種領導機會，尤其是在短期內，將在全國范圍內至關重要，尤其是在我們作為第一站的那些主要市場。

Cool.

涼爽的。

All right.

好的。

Your first question was about switching and trends we're seeing with churn in the second half.

您的第一個問題是關於我們在下半年看到的客戶流失的轉變和趨勢。

I'll tee it up and hand it to Jon.

我會準備好並交給喬恩。

A lot of this is seasonal.

其中很多是季節性的。

I mean second half is usually a period with higher switching activity and higher churn.

我的意思是下半年通常是切換活動和流失率更高的時期。

This year, there's the additional dynamic of COVID, which is a little bit of a wildcard.

今年，還有 COVID 的額外動態，這有點像通配符。

But the broad trends, notwithstanding Delta variant, do look like a continuation of opening up.

但是，儘管有 Delta 變體，但總體趨勢確實看起來像是開放的延續。

And then, of course, in the fall time, in prior years, we've generally had a big, important new phone launches.

然後，當然，在往年的秋季，我們通常都會推出重要的新手機。

And as you take all that together, we've made sure, as you saw in the guidance, to fund our plan to compete profitably, ambitiously, reasonably, but to compete in the second half to make sure that we're competitive.

當你把所有這些放在一起時，正如你在指南中看到的那樣，我們已經確保為我們的計劃提供資金，以盈利、雄心勃勃、合理地競爭，但要在下半年競爭以確保我們具有競爭力。

But Jon, why don't you say what you're seeing?

但是喬恩，你為什麼不說出你所看到的呢？

Yes, that's exactly what I was going to say, Mike, that seasonally, in the second half of the year, you have 3 big moments.

是的，這正是我要說的，邁克，季節性的，在下半年，你有 3 個重要時刻。

You've got a big back-to-school moment that will be much more of a prominent moment this year versus perhaps last year.

你有一個重要的返校時刻，今年可能比去年更重要。

Then, like Mike said, you have a premium smartphone introduction that's typically in the fall time frame, you never know, but typically in the fall time frame.

然後，就像邁克說的那樣，你有一個優質的智能手機介紹，通常在秋季時間範圍內，你永遠不知道，但通常在秋季時間範圍內。

And then, of course, you have a holiday period.

然後，當然，你有一個假期。

So what we're seeing is we're seeing the continued reopening.

所以我們看到的是我們正在看到繼續重新開放。

We've been seeing that.

我們一直看到這一點。

I think I said last quarter that there were some places throughout the country, even last quarter, like Texas and Florida and some states like that that were fully open and then other places like New York and California still gradually reopening.

我想我上個季度說過，全國有一些地方，甚至上個季度，比如德克薩斯州和佛羅里達州以及類似的一些州已經完全開放，然後紐約和加利福尼亞等其他地方仍在逐步重新開放。

We're still seeing that in terms of those states and some of those big markets that are still gradually reopening.

就那些仍在逐步重新開放的州和一些大型市場而言，我們仍然看到了這一點。

We expect that to continue.

我們希望這種情況繼續下去。

Like Mike said just a few moments ago, we don't know where Delta is going or any other kind of variants that might be out there, but we're well in the position of a post-vaccine environment to be able to manage that.

就像邁克剛才說的那樣，我們不知道 Delta 的去向或可能存在的任何其他類型的變體，但我們處於疫苗後環境的良好位置，能夠管理它.

We expect there to be much more activity in the second half of the year versus the first half.

我們預計下半年的活動將比上半年多得多。

We're prepared to win in that space.

我們準備在那個領域取勝。

That's where we win the most.

那是我們贏得最多的地方。

That's what we love, to see that kind of competitive activity.

這就是我們喜歡的，看到那種競爭活動。

And there's more people evaluating their options out there.

並且有更多的人在那裡評估他們的選擇。

We love that because we want them to look at T-Mobile and when they look at T-Mobile, when they're in the market to shop and perhaps switch, they pick us more than not.

我們喜歡這一點，因為我們希望他們看 T-Mobile，當他們看 T-Mobile 時，當他們在市場上購物並可能轉換時，他們往往會選擇我們。

So we're excited about it.

所以我們對此感到興奮。

All right.

好的。

You bet.

你打賭。

Okay.

好的。

Let's go back to the phone.

讓我們回到電話。

Our next phone question will come from John Hodulik with UBS.

我們的下一個電話問題將來自瑞銀的 John Hodulik。

Okay.

好的。

Great.

偉大的。

Maybe let's go back to the rural and suburban strategy.

也許讓我們回到農村和郊區戰略。

It's nice to hear that the contribution in terms of accounts has ticked up to 1/3 of the new accounts this quarter.

很高興聽到本季度帳戶方面的貢獻已上升到新帳戶的 1/3。

How high can that go?

那能漲多高？

And do you expect it to continue to tick up?

你希望它繼續上漲嗎？

And I guess, along with that, how far through the investment phase are we?

我想，除此之外，我們的投資階段還有多遠？

You talked about hiring local expects and increasing distribution.

你談到了僱傭當地人和增加分配。

Is that in the run rate?

那是在運行率中嗎？

Or should we expect more?

還是我們應該期待更多？

And then lastly, along with that, you guys talked about sort of getting on the synergies, especially the taking down and decommissioning the Sprint network.

最後，除此之外，你們還談到了某種程度上的協同效應，尤其是 Sprint 網絡的關閉和退役。

And it seems there's an equation there, with either some increased investment on distribution and -- but eventually, we're going to see the costs come through.

似乎那裡有一個等式，要么增加對分銷的投資，要么——但最終，我們將看到成本得以實現。

When do we see that inflection and the synergies override the new investments and we start to see acceleration in the adjusted EBITDA number?

我們什麼時候會看到這種變化和協同效應超越新投資，我們開始看到調整後的 EBITDA 數字加速？

Terrific.

了不起。

Well, first of all, let me just say on small markets and rural areas, my opinion, I'll toss it to Jon, is we're in the first inning.

好吧，首先，我只想說一下小市場和農村地區，我的意見，我會把它扔給喬恩，我們是在第一局。

We're just getting going.

我們剛剛開始。

A lot of these investments around distribution, around a new way of distributing product, around new offers, around reputation, where those things take a little time, it's just at the very first inning.

很多這些投資圍繞分銷，圍繞產品分銷的新方式，圍繞新產品，圍繞聲譽，這些事情需要一點時間，這只是在第一局。

And yet, we're seeing the market respond.

然而，我們看到了市場的反應。

So that -- that makes us very optimistic.

所以 - 這讓我們非常樂觀。

Peter, I think, rightly pointed out, that in our 5-year plan we shared with you, there were a number of important upsides.

我認為，彼得正確地指出，在我們與您分享的 5 年計劃中，有許多重要的好處。

And one of them is, we would hope there might be a chance to exceed our migration from the 13% market share we had today to the destination of 20% in the 5-year horizon that we communicated to you.

其中之一是，我們希望有機會超過我們從今天的 13% 的市場份額遷移到我們與您溝通的 5 年期限內的 20% 的目標。

I just told you that in this quarter, in the first inning, we're seeing about 1/3 of our activations come from those markets.

我剛剛告訴過你，在本季度的第一局中，我們看到大約 1/3 的激活來自這些市場。

Pretty exciting.

非常令人興奮。

So -- and Jon, some of these questions are about, okay, what have we accomplished and what's next and what can we expect.

所以 - 喬恩，其中一些問題是關於，好吧，我們取得了什麼成就，下一步是什麼以及我們可以期待什麼。

Yes, like Mike said, I too just am so excited and increasingly enthusiastic about this opportunity for us.

是的，就像邁克說的那樣，我也對我們的這個機會感到非常興奮和越來越熱情。

And as Mike highlighted in his opening comments, this is a huge opportunity for us.

正如邁克在開場白中強調的那樣，這對我們來說是一個巨大的機會。

It's roughly 40% of the market, call it, 15 million households, 140 million people, call it, a low-teens market share.

它大約佔市場的 40%，稱之為 1500 萬戶家庭，1.4 億人，稱之為低十幾歲的市場份額。

So we have a huge opportunity.

所以我們有一個巨大的機會。

Specifically to the activities, we said this year that we would be opening 200 retail stores, that's well on pace to be able to get done, also hiring 1,000 mobile Hometown Experts.

具體到這些活動，我們今年說我們將開設 200 家零售店，這是能夠順利完成的，同時還聘請了 1,000 名移動家鄉專家。

And these 1,000 Hometown Experts, just remember, are going into cities, in towns where it doesn't really make a whole lot of economic sense to build brick-and-mortar distribution.

請記住，這 1,000 名家鄉專家正在進入城市，在建立實體分銷並沒有多大經濟意義的城鎮。

So this is more extending our reach into places that we ordinarily couldn't get to with retail distribution.

因此，這更多地將我們的業務範圍擴展到我們通常無法通過零售分銷到達的地方。

That's well on pace as well.

這也進展順利。

So 200 stores for this year, 1,000 Hometown Experts this year.

所以今年有200家門店，今年有1000名家鄉專家。

We made a commitment to have up to 2,500 Hometown Experts.

我們承諾擁有多達 2,500 名家鄉專家。

So we'll have 1,000 this year as a downpayment on that 2,500 and then the balance of that coming into the future quarters and into the next couple of years.

因此，我們今年將有 1,000 美元作為 2,500 美元的首付，然後將餘額用於未來幾個季度和未來幾年。

So we're just increasingly excited about it.

所以我們對此越來越興奮。

Like Mike said, almost 1/3 of our postpaid new accounts coming in from smaller markets, rural areas, up from, call it, 1/4 in 2020.

正如邁克所說，我們近 1/3 的後付費新賬戶來自較小的市場、農村地區，而 2020 年這一比例為 1/4。

And it's a big opportunity.

這是一個很大的機會。

It is in the first inning.

這是在第一局。

It's a slow burn.

這是一個緩慢的燃燒。

We got a lot of perception to change, but we're capitalizing with this distribution push based on the incredible network that Neville and his team are building out there and bringing 5G to a lot of these places.

我們有很多觀念需要改變，但我們正在利用這種基於 Neville 和他的團隊正在構建的令人難以置信的網絡並將 5G 帶到很多地方的分發推動。

I mean it's incredible when you think about it.

我的意思是，當你想到它時，它是不可思議的。

There's not really a 5G strategy, I think, from some of our competitors in rural America.

我認為，我們在美國農村的一些競爭對手並沒有真正的 5G 戰略。

And they shouldn't be left behind, and we have a huge opportunity to go out there and bring Ultra Capacity 5G in so many places and be able to make a big difference to these markets.

他們不應該落在後面，我們有很大的機會走出去，在這麼多地方帶來超大容量 5G，並能夠對這些市場產生重大影響。

Terrific.

了不起。

There was a question -- the second part of this question was about synergies.

有一個問題——這個問題的第二部分是關於協同作用的。

Synergies and EBITDA.

協同效應和 EBITDA。

So I think the run rate, as Jon mentioned, it's really -- continues in the second half from an investment perspective, both in distribution here, both in, as we talked before, bringing our Team of Experts model into the Sprint base on a more full basis.

所以我認為運行率，正如喬恩提到的那樣，它真的 - 從投資的角度來看，在下半年繼續，無論是在這裡的分配，還是正如我們之前所說的那樣，將我們的專家團隊模型帶入 Sprint 基地更充分的基礎。

So there continues to be investments in also the second half, of course, as we said, with the larger switching opportunities, with more of the "phone launches" that we don't know about but may know about and of course, holiday season and such.

因此，下半年也將繼續進行投資，當然，正如我們所說，隨著更多的轉換機會，更多我們不知道但可能知道的“手機發布”，當然還有假期等等。

And then our promotional constructs, as you know, tend to be more front-loaded.

然後，如您所知，我們的促銷結構往往更靠前。

We don't hang that up on the balance sheet.

我們不會把它掛在資產負債表上。

But as we go through that that tends to impact core EBITDA in period.

但隨著我們的經歷，這往往會影響期間的核心 EBITDA。

So you'll see a lot of that, the investments, the promotions that we anticipate to be higher as we have more switching and a higher postpaid phone net add in the second half.

所以你會看到很多這樣的投資，我們預計會有更高的促銷活動，因為我們在下半年有更多的轉換和更高的後付費電話淨增加。

That all comes through in core EBITDA.

這一切都體現在核心 EBITDA 中。

But all that is offset by the continuation of synergy unlock.

但這一切都被協同解鎖的持續所抵消。

And I think you've asked when is the inflection point, in particular as it regards to the network.

我想你已經問過拐點是什麼時候，特別是在網絡方面。

Well, we're starting.

好吧，我們開始了。

We are still targeting 7,000, 8,000 decoms by the end of this year And with the pace that Neville is going, we feel confident about what we put out there at Analyst Day.

到今年年底，我們的目標仍然是 7,000、8,000 個 decom 並且按照 Neville 的步伐，我們對我們在分析師日發布的內容充滿信心。

And so you see, by 2023, we're already assuming we will overachieve against the $6 billion and ultimately on our way to $7.5 billion of run rate synergies by 2024.

所以你看，到 2023 年，我們已經假設我們將超過 60 億美元，並最終在 2024 年達到 75 億美元的運行率協同效應。

So very exciting, and you're already seeing that happen when you look at the year-over-year margin as a percentage of service revenue.

非常令人興奮，當您查看同比利潤率佔服務收入的百分比時，您已經看到了這種情況。

The competition obviously both went down in terms of margin as a percentage of service revenue and we went up.

顯然，就利潤佔服務收入的百分比而言，競爭對手都下降了，而我們上升了。

So you see the power of those synergies and that unlock already starting.

所以你看到了這些協同作用的力量，並且已經開始解鎖。

Very exciting.

非常令人興奮。

Terrific.

了不起。

So we'll go back to the phone and then maybe do we have a couple more on Twitter as well?

那麼我們將回到電話上，然後也許我們在 Twitter 上也有幾個？

Maybe one and then you have a...

也許一個然後你有一個...

Oh, I have to go?

哦，我得走了？

When do I have to go?

我什麼時候必須去？

Really after one more phone call and...

真的是再打一個電話之後...

Okay.

好的。

Great.

偉大的。

We'll go to Simon Flannery with Morgan Stanley.

我們將與摩根士丹利一起去西蒙弗蘭納里。

So coming back to the fixed wireless, the home broadband, maybe, Neville, you could just talk a little bit about the learnings that you're seeing and this critique about your ability to handle the usage of the typical broadband customers.

所以回到固定無線，家庭寬帶，也許，內維爾，你可以談談你所看到的知識，以及對你處理典型寬帶客戶使用能力的批評。

So what are you seeing so far?

那麼到目前為止你看到了什麼？

And I think you've been advertising a speed around 100 megabits a second.

而且我認為您一直在宣傳每秒 100 兆比特左右的速度。

But at the same time, you're saying your Ultra Capacity network is averaging at 350 megabits a second.

但與此同時，您說您的 Ultra Capacity 網絡平均每秒 350 兆位。

So what's the upgrade path for those speeds as you roll this network and add more spectrum in there?

那麼，當您推出該網絡並在其中添加更多頻譜時，這些速度的升級路徑是什麼？

And then any color on where the customers are coming from?

然後客戶來自哪裡的任何顏色？

Are these coming from DSL, coming from cable and new to broadband?

這些是來自 DSL、電纜還是寬帶？

Any color there would be great.

任何顏色都會很棒。

We'll go to Neville for the first and Dow for the second?

我們先去 Neville，然後去 Dow？

Yes.

是的。

So -- thanks, Simon.

所以 - 謝謝，西蒙。

I mean obviously, so far, we're making great progress.

我的意思是，顯然，到目前為止，我們正在取得很大進展。

I mean Dow and the team have been working really hard to get this business moving.

我的意思是陶氏和團隊一直在非常努力地推動這項業務的發展。

And the network is moving at a real pace to support the capacity and capabilities that are required.

網絡正在以真實的速度發展，以支持所需的容量和功能。

The real sweet spot on this program is really the Ultra Capacity.

該程序真正的亮點是 Ultra Capacity。

And you've heard us multiple times now talk about the pace and rollout of that Ultra Capacity layer.

您現在已經多次聽到我們談論超容量層的步伐和推出。

And that's what really brings this home broadband solution to life and allows us to move into these higher-tier speeds.

這才是真正讓這種家庭寬帶解決方案栩栩如生並讓我們能夠進入更高級別速度的原因。

I mean we've committed that, and we've talked for many months now around the speeds and capabilities that we can support across this network, across this entire network, and those speeds being north of 400 megabits per second.

我的意思是我們已經承諾了這一點，並且我們已經討論了好幾個月我們可以在這個網絡上，在整個網絡上支持的速度和功能，以及那些超過每秒 400 兆比特的速度。

And that all comes to life as we realize all of that spectrum I talked about earlier on moving on to a 5G layer and a massive rollout unlike, I think, anything the U.S. has seen on a mid-band spectrum layer.

當我們意識到我之前談到的所有頻譜轉向 5G 層和大規模部署時，這一切都變得栩栩如生，我認為這與美國在中頻帶頻譜層上看到的任何東西都不一樣。

And so our ability to support the growth is absolutely there.

因此，我們支持增長的能力絕對存在。

The economics are there because we have a deep and heavy layer of mid-band spectrum in 2.5 gigahertz.

經濟性是存在的，因為我們在 2.5 GHz 中有一個又深又厚的中頻帶頻譜層。

And so we can secure these upgrades and the economics with almost a single radio deployment to leverage and unleash the 2.5 gigahertz spectrum.

因此，我們可以通過幾乎單一的無線電部署來確保這些升級和經濟性，以利用和釋放 2.5 GHz 頻譜。

Very tough to do this stuff if you have to pull together lots of fragmented bands of spectrum as, for example, AT&T has to do.

如果您必須像 AT&T 那樣必須將許多零散的頻譜帶放在一起，那麼做這些事情就非常困難。

So for us, big, big multi-lane highway being opened up, not just in Metro where we've been focused primarily for the last 4 quarters or so, but across the nation.

因此，對我們來說，開闢了大型多車道高速公路，不僅僅是在我們過去 4 個季度左右主要關注的 Metro，而是在全國范圍內。

And our ability to really transform that home broadband space in many parts of the country, where there's very little competition and very poor service at times, is absolutely there for us to go run at.

我們在國內許多地方真正改變家庭寬帶空間的能力，在這些地方競爭很少，有時服務也很差，這絕對是我們可以努力的方向。

Terrific.

了不起。

Cool.

涼爽的。

All right.

好的。

So where are we going now?

那麼我們現在要去哪裡？

Last question?

最後一個問題？

You can do -- you have to move...

你可以做——你必須移動……

I have to go.

我得走了。

But we're going to take the last question.

但是我們要回答最後一個問題。

Therefore, we'll go to the phone and operator?

因此，我們會去找電話和運營商嗎？

Our next question will come from Michael Rollins with Citi.

我們的下一個問題將來自花旗的邁克爾羅林斯。

A couple of follow-up questions.

幾個後續問題。

First, on ARPU, just curious if you can unpack what's happening in the ARPU in the quarter and for the year in terms of some of the helps and hurts and how Magenta MAX may also be contributing.

首先，在 ARPU 上，只是好奇您是否可以根據一些幫助和傷害以及 Magenta MAX 可能做出的貢獻來分析本季度和全年 ARPU 發生的情況。

And then just taking a step back, what's the expected pace going forward to introduce new Un-carrier initiatives?

然後退後一步，引入新的 Un-carrier 計劃的預期速度是多少？

And when you look at the totality of the value that you're offering, are you seeing a continued evolution in the take rates for services such as Netflix or the T-Mobile Tuesday program.

當你審視你所提供的價值的整體時，你是否看到 Netflix 或 T-Mobile Tuesday 計劃等服務的接受率在持續演變。

Okay.

好的。

First to Peter and then to Jon.

首先是彼得，然後是喬恩。

And I'll make my thank yous and excuses.

我會說聲謝謝和藉口。

I've got to do one on-air hit.

我必須做一個空中打擊。

So thank you, guys, and we'll hand it to Peter.

所以謝謝你們，伙計們，我們會把它交給彼得。

All right.

好的。

Yes.

是的。

Thank you, Mike, and thanks, Mike, for the question.

謝謝邁克，也謝謝邁克提出的問題。

So ARPU and really the story of ARPA.

所以 ARPU 和真正的 ARPA 的故事。

I'm very pleased, like I said in the prepared remarks, around what's happening with ARPU and really a lot of tailwind that we're seeing with the adoption of Magenta MAX, which is just really a manifestation, is another use case of the power of this network and bringing this differentiated product out into the marketplace and the ability for Jon and team on the consumer side to really translate that into value from an ARPU perspective.

我很高興，就像我在準備好的評論中所說的那樣，圍繞 ARPU 發生的事情以及我們在採用 Magenta MAX 時看到的很多順風，這真的是一種表現，是另一個用例這個網絡的力量，並將這種差異化產品推向市場，以及 Jon 和消費者方面的團隊從 ARPU 角度真正將其轉化為價值的能力。

So that's a lot of the tailwind that we saw from a value-add service on a sequential basis.

因此，這是我們在順序基礎上從增值服務中看到的很多順風。

Remember, we told you, Q1 was going to be the low watermark as we really focused in Q1 on moving a significant portion of the Sprint base into their target rate plans.

請記住，我們告訴過你，第一季度將成為低水位線，因為我們在第一季度真正專注於將 Sprint 基地的很大一部分轉移到他們的目標利率計劃中。

And a little bit of that will continue throughout the latter part of this year.

其中一點點將在今年下半年繼續。

And of course, there's going to be continued investment in terms of expanding account relationships because remember, this plan is built on ARPA growth, not ARPU growth.

當然，在擴大客戶關係方面將繼續投資，因為請記住，該計劃是建立在 ARPA 增長的基礎上的，而不是 ARPU 的增長。

ARPU is still throughout the duration of the plan, through the end of '23, expected to decline roughly 1% on a year-over-year basis.

ARPU 仍在整個計劃期間，到 23 年底，預計將同比下降約 1%。

So those are a lot of the puts and takes.

所以這些都是很多的投入和投入。

Again, the ARPU trajectory this year, very, very confident in less than 1% dilution given all the tailwinds there.

同樣，考慮到那裡的所有順風，今年的 ARPU 軌跡非常、非常有信心稀釋不到 1%。

And the other part that also is an impact here is business.

在這裡也有影響的另一部分是業務。

And you heard about the success in business.

你聽說過商業上的成功。

Business tends to have larger, particularly enterprise and government, larger account sizes.

企業往往擁有更大的賬戶規模，尤其是企業和政府。

So you typically see that coming in at a lower ARPU than the average consumer, but also tremendously valuable customer relationships there.

所以你通常會看到它的 ARPU 低於普通消費者，但也有非常有價值的客戶關係。

So very happy there.

在那裡很開心。

In terms of Un-carrier, I wish I could just -- maybe I'll Twitter you out exactly what we're going to do from an Un-carrier perspective and when it's coming.

在 Un-carrier 方面，我希望我可以——也許我會在 Twitter 上告訴你我們從 Un-carrier 的角度確切地知道我們將要做什麼以及它什麼時候到來。

But the one thing that's true from this team, maniacal focus on profitable growth but never losing that entrepreneurial spirit that we have.

但是這個團隊的一件事是真實的，瘋狂地關注盈利增長，但從未失去我們擁有的企業家精神。

So there's more on the horizon, I'm sure, when it comes to Un-carrier moves.

因此，我敢肯定，當涉及到非運營商移動時，地平線上會有更多。

So we are not done solving the pain points in this industry or new industries like home broadband.

所以我們還沒有解決這個行業或家庭寬帶等新興行業的痛點。

So really appreciate it, Mike.

非常感謝，邁克。

Thank you.

謝謝。

And I think probably, with that, we'll have to, at this point, conclude the call.

而且我認為，我們可能必須在這一點上結束電話會議。

So thank you, everybody, for tuning in.

所以，謝謝大家收看。

It's just an amazing set of results again, another beat and raise quarter for T-Mobile.

這又是一組驚人的結果，是 T-Mobile 的又一個業績增長季度。

And we're just very optimistic about where we're going.

我們對我們的發展方向非常樂觀。

I'm very glad that you could spend the time with us.

我很高興你能花時間和我們在一起。

So operator, can you now please conclude the call?

接線員，現在可以結束通話了嗎？

Ladies and gentlemen, this concludes the T-Mobile US Second Quarter 2021 Earnings Call.

女士們，先生們，T-Mobile 美國 2021 年第二季度財報電話會議到此結束。

If you have any further questions, you may contact the Investor Relations or Media departments.

如果您有任何進一步的問題，您可以聯繫投資者關係或媒體部門。

Thank you for your participation.

感謝您的參與。

You may now disconnect, and have a pleasant day.

您現在可以斷開連接，並度過愉快的一天。