T-Mobile US Inc (TMUS) 2018 Q3 法說會逐字稿

Good afternoon.

下午好。

Welcome to the T-Mobile US Third Quarter 2018 Earnings Call.

歡迎參加 T-Mobile 美國 2018 年第三季度財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Mr. Nils Paellmann, 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 美國投資者關係主管 Nils Paellmann 先生。

Please go ahead, sir.

請繼續，先生。

Yes, thank you very much.

是的謝謝你。

Welcome to T-Mobile Third Quarter 2018 Earnings Call.

歡迎來到 T-Mobile 2018 年第三季度財報電話會議。

With me today are John Legere, our CEO; Mike Sievert, our President and COO; Braxton Carter, our CFO; and other members of the senior leadership team.

今天和我在一起的是我們的首席執行官 John Legere； Mike Sievert，我們的總裁兼首席運營官； Braxton Carter，我們的首席財務官；和高級領導團隊的其他成員。

Let me read the disclaimer.

讓我閱讀免責聲明。

During this call, we will make forward-looking statements that include projections and statements about our future financial operating results, our plans, the benefits we expect to receive from the proposed merger with Sprint, and other statements that are not historical facts.

在本次電話會議期間，我們將做出前瞻性陳述，包括對我們未來財務運營結果、我們的計劃、我們期望從與 Sprint 的擬議合併中獲得的利益的預測和陳述，以及其他非歷史事實的陳述。

Such statements are based upon the current beliefs and expectations of our management, are subject to significant risks and uncertainties outside of our control that could cause our actual results to differ materially, including the risk factors set forth in our annual report on Form 10-K and quarterly reports on Form 10-Q.

此類陳述基於我們管理層當前的信念和期望，受到我們無法控制的重大風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果出現重大差異，包括我們在 10-K 表格中的年度報告中列出的風險因素表格 10-Q 上的季度報告。

Reconciliations between GAAP and the non-GAAP results we discuss on this call can be found in the quarterly results section of the Investor Relations page of our website.

我們在本次電話會議上討論的 GAAP 和非 GAAP 結果之間的對賬可以在我們網站投資者關係頁面的季度業績部分找到。

In addition, in connection with the proposed transaction, on July 30, 2018 we filed the registration statement on Form S-4 with the SEC related to the merger.

此外，就擬議交易而言，我們於 2018 年 7 月 30 日向 SEC 提交了與合併相關的 S-4 表格登記聲明。

The registration statement became effective yesterday on October 29, 2018 and is available on the new T-Mobile website.

註冊聲明於 2018 年 10 月 29 日昨天生效，可在新的 T-Mobile 網站上獲取。

It contains some important information about T-Mobile and Sprint, the merger and related matters.

它包含有關 T-Mobile 和 Sprint、合併和相關事宜的一些重要信息。

With that, let me turn it over to John Legere.

有了這個，讓我把它交給 John Legere。

Okay, good afternoon, everyone.

好的，大家下午好。

Welcome to T-Mobile's Third Quarter 2018 Earnings Call and Twitter Conference.

歡迎參加 T-Mobile 2018 年第三季度財報電話會議和 Twitter 會議。

I'm coming to you live from Bellevue, Washington.

我要從華盛頓州貝爾維尤來找你。

Q3 was another incredible quarter, and I can hardly wait to discuss these results.

第三季度是另一個令人難以置信的季度，我迫不及待地想討論這些結果。

Let me quickly touch on the highlights, then Braxton can jump into the details and then we'll get to your questions.

讓我快速談談重點，然後布拉克斯頓可以跳到細節，然後我們會回答你的問題。

The headline for T-Mobile in Q3 is that we delivered another record-breaking quarter.

第三季度 T-Mobile 的頭條新聞是我們交付了另一個創紀錄的季度。

Yes, another one.

是的，另一個。

We continue to drive our business beyond expectations despite the work underway to close the merger.

儘管正在努力完成合併，但我們繼續推動我們的業務超出預期。

In Q3, we posted our best financials ever and we lead the industry in postpaid phone nets for the 19th quarter in a row.

在第三季度，我們發布了有史以來最好的財務數據，我們連續第 19 個季度在後付費電話網絡行業處於領先地位。

Our business is firing on all cylinders and it's a beautiful thing.

我們的業務蒸蒸日上，這是一件美好的事情。

Service revenues, total revenues and adjusted EBITDA are all hitting record highs.

服務收入、總收入和調整後的 EBITDA 均創歷史新高。

And oh, by the way, we also posted record low Q3 branded postpaid phone churn.

哦，順便說一下，我們還發布了創紀錄的第三季度品牌後付費電話流失率。

Our increased guidance shows our confidence for the remainder of the year.

我們增加的指導顯示了我們對今年剩餘時間的信心。

T-Mobile continues to meet the needs of wireless customers quarter after quarter and that is translating into incredible results.

T-Mobile 不斷滿足無線客戶一個季度又一個季度的需求，這正在轉化為令人難以置信的成果。

Q3 was a busy quarter to say the least.

至少可以說，第三季度是一個繁忙的季度。

T-Mobile's network led the industry in 4G LTE speeds, extending our winning streak to 19 quarters in a row.

T-Mobile 的網絡在 4G LTE 速度方面處於行業領先地位，將我們的連勝紀錄延長至連續 19 個季度。

Now think about that.

現在想想。

Nearly, 5 straight years of Un-carrier wireless customers having the fastest network in the U.S. Only Neville Ray could have dreamed a few years ago that, that was even possible.

幾乎連續 5 年擁有美國最快網絡的非運營商無線客戶幾年前只有 Neville Ray 可以夢想，這甚至是可能的。

We also launched our most recent Un-carrier move, Team of Experts nationwide in Q3, had an iPhone launch, and got even more recognition from J.D. Powers.

我們還在第三季度推出了最新的 Un-carrier 舉措，即全國專家團隊，推出了 iPhone，並獲得了 J.D. Powers 的更多認可。

So we packed a lot into the fourth quarter.

所以我們在第四季度做了很多工作。

And clearly, made the most of it.

顯然，充分利用了它。

So let's dive into our record-breaking third quarter.

因此，讓我們深入了解我們創紀錄的第三季度。

First, I've got to highlight our very strong financial results.

首先，我必須強調我們非常強勁的財務業績。

Service revenues hit record highs reaching $8.1 billion, growing by 6% year-over-year.

服務收入創歷史新高，達到 81 億美元，同比增長 6%。

Total revenues increased by 8% year-over-year to $10.8 billion, also a record high.

總收入同比增長 8% 至 108 億美元，也創歷史新高。

Net income was strong at $0.8 billion, up 45% year-over-year and fully diluted earnings per share came in at $0.93, up $0.30 or 48% year-over-year.

淨收入強勁，達到 8 億美元，同比增長 45%，完全攤薄後每股收益為 0.93 美元，同比增長 0.30 美元或 48%。

We hit another record high with adjusted EBITDA of $3.2 billion, up 15% year-over-year with a 40% adjusted EBITDA margin.

我們以 32 億美元的調整後 EBITDA 再創歷史新高，同比增長 15%，調整後 EBITDA 利潤率為 40%。

Customer results were very strong as well.

客戶結果也非常強勁。

We, once again, added 1.6 million total net customers, extending our winning streak to 22 quarters in a row with more than 1 million.

我們再次增加了 160 萬總淨客戶，將我們的連勝紀錄擴大到連續 22 個季度超過 100 萬。

And we added 774,000 branded postpaid phone customers.

我們增加了 774,000 名品牌後付費電話客戶。

Now based on consensus for Sprint and actual results from all the others, we expect to capture more than 60% of the industry's postpaid phone growth, grew nearly 75% faster than Verizon, AT&T, Sprint, Comcast and Charter combined, and more than 2.6x faster than our next closest competitor, Verizon.

現在，基於對 Sprint 的共識和所有其他公司的實際結果，我們預計將獲得該行業 60% 以上的後付費電話增長，其增長速度比 Verizon、AT&T、Sprint、Comcast 和 Charter 的總和快近 75%，超過 2.6 x 比我們最接近的競爭對手 Verizon 快。

And our growth in postpaid phone nets accelerated again, benefiting from the investments we have made in our network and marketing and the continued focus on underpenetrated segments such as new geographies, 55+, Military and T-Mobile for Business, all of which contributed to our great quarter.

我們的後付費電話網絡增長再次加速，這得益於我們在網絡和營銷方面的投資，以及對新地區、55 歲以上、軍事和 T-Mobile for Business 等未充分滲透的細分市場的持續關注，所有這些都有助於我們偉大的季度。

We also had strong total branded postpaid net additions of $1.1 million, supported by continued strong growth of wearables.

在可穿戴設備持續強勁增長的支持下，我們還實現了 110 萬美元的強勁品牌後付費淨增加。

This means we've added 3.1 million postpaid customer year-to-date, allowing us to raise our customer guidance once again.

這意味著我們今年迄今已增加 310 萬後付費客戶，使我們能夠再次提高客戶指導。

These wireless customers are coming and staying longer than ever before.

這些無線客戶的到來和停留時間比以往任何時候都長。

In Q3, we had our lowest ever branded postpaid phone churn for a third quarter, which was 1.02%, that's down 21 basis points year-over-year.

在第三季度，我們的品牌後付費電話客戶流失率是第三季度以來最低的，為 1.02%，同比下降 21 個基點。

This was an even bigger year-over-year reduction than in Q2.

這比第二季度的同比下降幅度更大。

Branded prepaid net customer additions came at 35,000.

品牌預付費淨客戶增加量為 35,000。

As you may know, MetroPCS just became Metro by T-Mobile on October 8, launching attractive new unlimited plans that include premium features such as Amazon Prime and Google One.

您可能知道，MetroPCS 於 10 月 8 日被 T-Mobile 更名為 Metro，推出了有吸引力的新無限計劃，其中包括 Amazon Prime 和 Google One 等高級功能。

We expect that these changes will help us appeal to new customer segments and double down on our efforts to aggressively go after postpaid and prepaid customers from our competitors.

我們預計這些變化將有助於我們吸引新的客戶群，並加倍努力從競爭對手那裡積極爭取後付費和預付費客戶。

Now turning to network.

現在轉向網絡。

We continue to expand coverage and deliver industry-leading network performance.

我們繼續擴大覆蓋範圍並提供行業領先的網絡性能。

We now cover 324 million POPs with 4G LTE, well on our way to 325 million by year-end.

我們現在使用 4G LTE 覆蓋 3.24 億個 POP，到年底將達到 3.25 億個。

And we continue to aggressively roll out low-band spectrum with our 700 megahertz deployment virtually complete and our 600 megahertz deployment continuing at a furious pace.

我們繼續積極推出低頻段頻譜，我們的 700 兆赫部署幾乎完成，我們的 600 兆赫部署繼續以驚人的速度進行。

We now have low-band spectrum deployed to 291 million POPs and 600 megahertz is live in more than 1,500 cities and towns in 37 states across the continent of U.S. and Puerto Rico.

我們現在為 2.91 億個 POP 部署了低頻段頻譜，並且在美國和波多黎各大陸 37 個州的 1,500 多個城鎮中使用了 600 兆赫茲。

In states like Arizona, California, Iowa, Kansas and New York, just to name a few.

在亞利桑那州、加利福尼亞州、愛荷華州、堪薩斯州和紐約州等州，僅舉幾例。

We currently have 21 devices with band 71 compatible with LTE on 600 megahertz, including the latest generation iPhones.

我們目前有 21 款 71 頻段的設備與 600 兆赫的 LTE 兼容，包括最新一代的 iPhone。

And the 600 megahertz network hardware we're deploying is upgradable to 5G with a software update.

我們正在部署的 600 兆赫網絡硬件可通過軟件更新升級到 5G。

Our stand-alone plan calls for 5G equipment to be deployed in 6 of the top-10 markets, including New York and Los Angeles, and hundreds of cities across the U.S. in 2018.

我們的獨立計劃要求在 2018 年在包括紐約和洛杉磯在內的前 10 大市場中的 6 個以及美國數百個城市部署 5G 設備。

This network will be ready for the introduction of the first 5G smartphones in 2019.

該網絡將為 2019 年推出首批 5G 智能手機做好準備。

We plan on the delivery of a nationwide 5G network in 2020, and we're building 5G with global standards-based equipment, the true 5G.

我們計劃在 2020 年交付全國性的 5G 網絡，我們正在使用基於全球標準的設備構建 5G，即真正的 5G。

And throughout our pending merger with Sprint, we will be able to deliver a 5G performance capability well beyond what either company can deliver on a standalone basis.

在我們即將與 Sprint 合併的整個過程中，我們將能夠提供遠遠超出兩家公司單獨提供的 5G 性能能力。

And as I mentioned earlier, we continue to lead the industry in 4G LTE speeds.

正如我之前提到的，我們在 4G LTE 速度方面繼續引領行業。

In Q3, our average download 4G LTE speed was 31.7 megabits per second, well ahead of all of our competitors.

在第三季度，我們的 4G LTE 平均下載速度為每秒 31.7 兆比特，遠遠領先於我們所有的競爭對手。

Like I mentioned, Q3 marks nearly 5 years that T-Mobile has had the fastest 4G LTE network.

就像我提到的那樣，第三季度標誌著 T-Mobile 擁有最快的 4G LTE 網絡將近 5 年。

Our frontline is setting the standard for customer experience.

我們的前線正在為客戶體驗設定標準。

It's been 2 months since we said, no bouncing, no bots, and no BS in customer care when we launch Team of Experts nationwide.

自從我們在全國范圍內推出專家團隊時，我們已經說過 2 個月了，沒有彈跳、沒有機器人，也沒有客戶服務方面的 BS。

Since then, our Net Promoter Score, which measures likelihood to recommend a brand, hit all-time highs.

從那時起，我們衡量推薦品牌可能性的淨推薦值創下歷史新高。

These scores are the highest in the history of the wireless industry, and we're seeing employee satisfaction score soar to record highs as well.

這些分數是無線行業歷史上的最高分，我們看到員工滿意度得分也飆升至歷史新高。

We've transformed the traditional call center job into a career.

我們已經將傳統的呼叫中心工作轉變為職業。

And employee turnover and care has been nearly cut in half with the Team of Experts.

借助專家團隊，員工流動率和關懷幾乎減少了一半。

And last week, we made good on our promise to help others up their customer service game by adopting Team of Experts with a 2-day TEX Talk event at our Charleston customer experience center with 67 companies including several Fortune 100 brands in attendance.

上週，我們兌現了幫助他人提升客戶服務水平的承諾，在查爾斯頓客戶體驗中心舉辦了為期 2 天的 TEX Talk 活動，有 67 家公司參加，其中包括多個財富 100 強品牌。

Our friends at AT&T, Comcast and Verizon were no-shows at the event.

我們在 AT&T、Comcast 和 Verizon 的朋友沒有參加此次活動。

We tried calling them, but we couldn't get through to a real person.

我們試著給他們打電話，但我們無法接通一個真實的人。

It's pretty clear that Team of Experts is a game changer and a major competitive advantage for T-Mobile.

很明顯，專家團隊是遊戲規則的改變者，也是 T-Mobile 的主要競爭優勢。

Our strong momentum in Q3 and record Q3 means that we're increasing our guidance for 2018 once again.

我們在第三季度的強勁勢頭和創紀錄的第三季度意味著我們再次提高了對 2018 年的指導。

Our outlook now calls for 3.8 million to 4.1 million branded postpaid net customer additions, an adjusted EBITDA of $12.0 billion to $12.5 billion.

我們現在的展望要求品牌後付費淨客戶增加 380 萬至 410 萬，調整後的 EBITDA 為 120 億至 125 億美元。

Our 3-year CAGR estimate of free cash flow remains at 46% to 48% with cash CapEx still expected to be at the high end of the guidance range of $4.9 billion to $5.3 billion.

我們對自由現金流的 3 年復合年增長率估計保持在 46% 至 48% 之間，現金資本支出仍預計處於 49 億美元至 53 億美元指導範圍的高端。

Now we're using today's call to focus on our Q3 results.

現在我們利用今天的電話會議關注我們的第三季度業績。

Before I hand it over to Braxton, let me give you a quick update on the progress on our pending merger with Sprint.

在我把它交給 Braxton 之前，讓我給你一個關於我們即將與 Sprint 合併的進展的快速更新。

This combination will enable us to build America's best nationwide 5G network, that is both broad and deep and it will ensure that America retains its global leadership in wireless, and then American-based companies and entrepreneurs are at the forefront of the explosion of innovation and economic growth that 5G is going to spawn.

這種組合將使我們能夠建立美國最好的全國性 5G 網絡，既廣泛又深入，並將確保美國保持其在無線領域的全球領導地位，然後美國公司和企業家處於創新和創新爆炸的最前沿。 5G 將催生的經濟增長。

The new T-Mobile will supercharge competition in wireless, broadband and beyond, which will result in lower prices for consumers and create jobs starting on day 1.

新的 T-Mobile 將加劇無線、寬帶及其他領域的競爭，這將為消費者帶來更低的價格，並從第一天開始創造就業機會。

Now we have a lot of respect for the regulatory process, which is not yet finished.

現在我們非常尊重尚未完成的監管程序。

We have completed a number of major milestones and remain optimistic and confident that once the facts are reviewed by regulators, they will recognize the significant procompetitive and proconsumer benefits of this combination.

我們已經完成了許多重要的里程碑，並保持樂觀和信心，一旦監管機構審查了事實，他們將認識到這種組合的顯著促進競爭和促進消費者利益。

A few milestones to update you on since our last earnings call.

自我們上次財報電話會議以來，有幾個里程碑可以讓您了解最新情況。

On September 17, we filed our response to the petitions to deny with the FCC.

9 月 17 日，我們向 FCC 提交了對拒絕請求的回應。

On October 1, Sunit Patel started his new position as Executive Vice President of Merger and Integration.

10 月 1 日，Sunit Patel 開始擔任併購執行副總裁的新職位。

I've known Sunil for a very long time and I'm very excited that he decided to join our team.

我認識 Sunil 很長時間了，我很高興他決定加入我們的團隊。

On July 30, 2018, we filed a registration statement on Form S-4 with the SEC related to the merger.

2018 年 7 月 30 日，我們向 SEC 提交了與合併相關的 S-4 表格註冊聲明。

The registration statement became effective yesterday, October 29.

註冊聲明於昨天 10 月 29 日生效。

Tomorrow, October 31, the formal comment period comes to a close at the FCC.

明天，10 月 31 日，正式的評論期將在 FCC 結束。

And we continue to work through the process for with the Department of Justice.

我們將繼續與司法部一起完成整個流程。

At the state level, we have ongoing conversations with state regulators and already received approvals for more than half of the State Public Utility Commissions that are reviewing the merger.

在州一級，我們正在與州監管機構進行對話，並且已經獲得了一半以上正在審查合併的州公用事業委員會的批准。

As you can see, we're making progress.

如您所見，我們正在取得進展。

We continue to expect this merger to close in the first half of 2019.

我們繼續預計此次合併將在 2019 年上半年完成。

In the meantime, we look forward to continuing to work with the regulators to share our story about how this merger will be good for consumers and good for the country.

與此同時，我們期待繼續與監管機構合作，分享我們關於此次合併將如何對消費者和國家有利的故事。

Okay, Braxton.

好的，布拉克斯頓。

Braxton, will take us through, look at the financial results and the details of our guidance.

布拉克斯頓將帶領我們了解財務業績和我們指導的細節。

So Braxton, let's take a closer look.

所以布拉克斯頓，讓我們仔細看看。

Absolutely, John, and happy Halloween to everybody.

當然，約翰，祝大家萬聖節快樂。

And we're so excited to announce another monster quarter here at T-Mobile.

我們很高興在 T-Mobile 宣布另一個怪物季度。

Net income amounted to $795 million, up 45% year-over-year.

淨收入為 7.95 億美元，同比增長 45%。

This was due to higher operating income, lower interest expense and lower tax expense.

這是由於較高的營業收入、較低的利息支出和較低的稅收支出。

Net income included a benefit of $101 million from the new revenue recognition standard and also benefited from $88 million in after-tax reimbursements for the hurricane impacts, net of costs incurred.

淨收入包括新的收入確認標準帶來的 1.01 億美元收益，以及颶風影響的 8800 萬美元稅後補償（扣除已發生成本）。

On the other hand, net income was impacted by $53 million in after-tax cost associated with the pending Sprint merger.

另一方面，淨收入受到與 Sprint 合併相關的 5300 萬美元稅後成本的影響。

Our effective tax rate ticked up to 29.6% this quarter compared to 26.8% in Q2.

本季度我們的有效稅率升至 29.6%，而第二季度為 26.8%。

Taxes this quarter were impacted by a onetime state income tax charge and nondeductible merger cost.

本季度的稅收受到一次性州所得稅費用和不可扣除的合併成本的影響。

And we now anticipate an effective tax rate of 26% to 27% in 2018.

我們現在預計 2018 年的有效稅率為 26% 至 27%。

Adjusted EBITDA amounted to $3.2 billion, up 15%, and including lease revenues of $176 million versus $159 million in the prior year.

調整後的 EBITDA 為 32 億美元，增長 15%，其中包括 1.76 億美元的租賃收入，而去年同期為 1.59 億美元。

Note that adjusted EBITDA included a positive impact from last year's hurricanes, net of cost of $138 million due to insurance reimbursements and $136 million from the new revenue recognition standard.

請注意，調整後的 EBITDA 包括去年颶風帶來的積極影響，扣除保險報銷產生的 1.38 億美元成本和新收入確認標準產生的 1.36 億美元成本。

The adjusted EBITDA performance is a reflection of strong cost management.

調整後的 EBITDA 表現反映了強大的成本管理。

Cost of services as a percent of service revenue increased by just 40 basis points year-over-year despite the rapid rollout of 600 megahertz spectrum, excluding the impact from hurricanes.

儘管 600 兆赫頻譜迅速推出，但不包括颶風的影響，服務成本佔服務收入的百分比僅同比增長 40 個基點。

Again, this reflects a culture of strong cost control and optimization.

同樣，這反映了強大的成本控制和優化文化。

The new revenue recognition standard added $24 million to the cost of services in Q3.

新的收入確認標准在第三季度的服務成本中增加了 2400 萬美元。

SG&A as a percentage of service revenue decreased by 20 basis points year-over-year, despite the acceleration in growth.

儘管增長加速，SG&A 佔服務收入的百分比仍同比下降 20 個基點。

This is adjusted for the $53 million of costs associated with the Sprint merger, which are also excluded from adjusted EBITDA.

這是針對與 Sprint 合併相關的 5300 萬美元成本進行調整的，這些成本也被排除在調整後的 EBITDA 之外。

Equipment losses decreased by $28 million or 5.6% year-over-year, in connection with a still light postpaid upgrade rate of 6% and a year-over-year decrease in the number of devices sold.

設備損失同比減少 2800 萬美元或 5.6%，這與 6% 的後付費升級率仍然很低以及售出的設備數量同比減少有關。

Free cash flow was roughly stable year-over-year at $0.9 billion.

自由現金流同比大致穩定在 9 億美元。

This was driven by a 27% decrease in net cash provided by operating activities and a 21% increase in gross proceeds related to our deferred purchase price from securitization transactions.

這是由於經營活動提供的淨現金減少了 27%，以及與我們的證券化交易遞延購買價格相關的總收益增加了 21%。

The decrease in net cash provided by operating activities was entirely due to higher net cash outflows from working capital, which increased by $0.7 billion year-over-year.

經營活動提供的淨現金減少完全是由於營運資金的淨現金流出增加，同比增加 7 億美元。

Outflows from working capital were primarily impacted by an incremental paydown of accounts payable of a $253 million year-over-year to cash our early-paid discounts, and $228 million year-over-year build-up in inventories in connection with the launch of the new iPhone generation.

營運資金流出主要受到應付賬款同比增加 2.53 億美元以兌現我們的提前支付折扣以及與推出相關的庫存同比增加 2.28 億美元的影響。新一代 iPhone。

Please note that net cash outflow from securitization amounted to $80 million in Q3 and an outflow of $143 million in the first 9 months of 2018.

請注意，第三季度證券化的淨現金流出為 8000 萬美元，2018 年前 9 個月為 1.43 億美元。

Therefore, free cash flow did not benefit from any net proceeds from securitization.

因此，自由現金流並未受益於證券化的任何淨收益。

Cash CapEx was relatively steady year-over-year at $1.4 billion.

現金資本支出同比相對穩定，為 14 億美元。

Importantly, free cash flow for the first 9 months, amounted to $2.3 billion, up 47% year-over-year.

重要的是，前 9 個月的自由現金流為 23 億美元，同比增長 47%。

Branded postpaid phone ARPU amounted to $46.17, down 0.8% sequentially and 1.6% year-over-year.

品牌後付費手機 ARPU 為 46.17 美元，環比下降 0.8%，同比下降 1.6%。

The sequential decrease was primarily due to the continued adoption of tax-inclusive plans, including the growing success of new customer segments such as business, 55+ and Military.

環比下降主要是由於繼續採用含稅計劃，包括商業、55 歲以上和軍事等新客戶群的日益成功。

In addition, the year-over-year reduction was also due to a reduction in certain nonrecurring charges, including the noncash net benefit from Data Stash.

此外，同比減少也是由於某些非經常性費用的減少，包括來自 Data Stash 的非現金淨收益。

Importantly, for the year as a whole, we still expect ARPU to be generally stable, excluding the impact from the new revenue recognition standard.

重要的是，就全年而言，我們仍預計 ARPU 將總體穩定，不包括新收入確認標準的影響。

In terms of customer quality, our results in the third quarter were strong.

在客戶質量方面，我們第三季度的業績表現強勁。

Total bad debt expense and losses from sales receivables were $128 million or 1.18% of total revenue compared to $190 million or 1.89% in the third quarter of 2017, even with a significantly higher customer base.

壞賬費用和銷售應收賬款損失總額為 1.28 億美元，佔總收入的 1.18%，而 2017 年第三季度為 1.90 億美元，佔總收入的 1.89%，即使客戶群顯著增加。

While bad debt expense increased quarter-over-quarter, as expected as a result of typical seasonality, the results still reflect a significant year-over-year improvement.

儘管由於典型的季節性因素，壞賬費用環比增加，但結果仍反映出同比顯著改善。

Now let me come to our 2018 guidance.

現在讓我來談談我們的 2018 年指導。

We expect branded postpaid net customer additions to be between 3.8 million and 4.1 million, an increase narrowing from the prior guidance range of 3 million to 3.6 million.

我們預計品牌後付費淨客戶增加量將在 380 萬至 410 萬之間，增幅從之前的 300 萬至 360 萬的指導範圍收窄。

The guidance takes into account our long-term strategy to balance growth and profitability and the lower-switcher volume we have seen in recent quarters as well as our pursuit of growth adjacencies.

該指南考慮了我們平衡增長和盈利能力的長期戰略，以及我們在最近幾個季度看到的較低轉換量，以及我們對增長鄰域的追求。

We expect adjusted EBITDA to be in the range of $11.8 billion to $12 billion, not including the impact of the new revenue recognition standard, an increase in narrowing from our prior guidance range of $11.5 billion to $11.9 billion.

我們預計調整後的 EBITDA 將在 118 億美元至 120 億美元之間，不包括新收入確認標準的影響，從我們之前的指導範圍 115 億美元至 119 億美元有所收窄。

The new revenue recognition standard will increase adjusted EBITDA by another $0.2 billion to $0.5 billion for an all-in new guidance range of $12 billion to $12.5 billion.

新的收入確認標準將使調整後的 EBITDA 再增加 2 億美元至 5 億美元，新的指導範圍為 120 億美元至 125 億美元。

This guidance takes into account leasing revenues of $600 million to $700 million in 2018.

該指南考慮了 2018 年 6 億至 7 億美元的租賃收入。

We now expect leasing revenues to be at the high end of this range.

我們現在預計租賃收入將處於該範圍的高端。

Note that we have now increased the ranges for branded postpaid net additions and for adjusted EBITDA 3x this year.

請注意，我們現在已經將品牌後付費淨增加的範圍和調整後的 EBITDA 今年增加了 3 倍。

We target cash CapEx of $4.9 billion to $5.3 billion, excluding capitalized interest.

我們的目標現金資本支出為 49 億至 53 億美元，不包括資本化利息。

We continue to expect to come in at the high end of the guidance range.

我們繼續期望進入指導範圍的高端。

Finally, we expect free cash flow to increase at a 3-year CAGR of 46% to 48% from full year 2016 to full year 2019, unchanged from the prior range.

最後，我們預計從 2016 年全年到 2019 年全年，自由現金流將以 46% 至 48% 的 3 年復合年增長率增長，與之前的範圍持平。

During the same period, we expect the underlying net cash provided by operating activities to increase at an unchanged CAGR of 7% to 12%.

在同一時期，我們預計經營活動提供的基本淨現金將以 7% 至 12% 的複合年增長率保持不變。

Let me emphasize that free cash flow guidance does not assume any material net cash inflows from securitization going forward.

讓我強調一下，自由現金流指引並不假設未來證券化會產生任何重大的淨現金流入。

Now let's get to your questions.

現在讓我們來回答你的問題。

As during last quarter earnings call, I would ask you to focus your questions on our operational results.

與上一季度財報電話會議一樣，我會要求您將問題集中在我們的運營業績上。

Also, we cannot answer any questions related to the current millimeter wave auctions due to the quiet period around these auctions.

此外，由於這些拍賣的安靜期，我們無法回答與當前毫米波拍賣有關的任何問題。

You can ask questions via phone, via message or via Twitter or Facebook.

您可以通過電話、消息或 Twitter 或 Facebook 提問。

We will start with the question on the phone.

我們將從電話中的問題開始。

Operator, first question, please.

接線員，第一個問題，請。

(Operator Instructions) We'll take our first question from Simon Flannery with Morgan Stanley.

（操作員說明）我們將向摩根士丹利的 Simon Flannery 提出第一個問題。

On 5G, you talked a lot about the rollout.

在 5G 上，您談了很多關於推出的問題。

And I don't know, if Neville maybe can talk through some of the spectrum beyond 600, you've been very active in the CBRS and C-band processes, so perhaps you can talk about your interest in those.

而且我不知道，如果內維爾可能會談論超過 600 的一些頻譜，那麼您在 CBRS 和 C 波段流程中非常活躍，所以也許您可以談論您對這些的興趣。

And then any updates on Layer3 rollout?

然後第三層推出的任何更新？

Neville, why don't you give an overview from a network standpoint on 5G.

Neville，你為什麼不從網絡的角度來概述一下 5G。

Opening this Pandora box to Neville, by the time his answer's done, 5G handsets may be available.

向內維爾打開這個潘多拉魔盒，等他回答完畢，5G 手機可能已經上市了。

I'll try be a little angel.

我會努力做一個小天使。

How's that?

怎麼樣？

Thanks, John, and thanks for the question Simon.

謝謝，約翰，謝謝西蒙的問題。

I mean, obviously, we are incredibly focused on the combination with Sprint, and the 5G opportunity that we can deliver through that combination is unique, it's incredibly compelling.

我的意思是，顯然，我們非常專注於與 Sprint 的結合，而我們可以通過這種結合提供的 5G 機會是獨一無二的，它非常引人注目。

It's going to bring a level of 5G capability and service to the U.S. market that nobody can do on their own, none of the 4 players including ourselves can deliver anything like what we can deliver with Sprint.

它將為美國市場帶來無人能獨自完成的 5G 能力和服務水平，包括我們自己在內的 4 家參與者都無法提供像 Sprint 所能提供的任何東西。

And that deal is all down to spectrum from a network perspective and the combination of our mid, low and high-band assets delivering capabilities in terms of breadth of 5G coverage and also depth of 5G coverage, which will create compelling user experiences.

從網絡的角度來看，這筆交易完全取決於頻譜，以及我們的中、低頻段和高頻段資產的組合，在 5G 覆蓋廣度和 5G 覆蓋深度方面提供能力，這將創造引人注目的用戶體驗。

Wireless, fixed wireless alternatives and on and on.

無線、固定無線替代方案等等。

If you haven't read our PIS and our various filings, go have a look, there's a ton of data in there and it's an incredibly compelling opportunity.

如果您還沒有閱讀我們的 PIS 和我們的各種文件，請去看看，那裡有大量數據，這是一個非常有吸引力的機會。

That said, we're laying down outside of the deal discussion itself.

也就是說，我們正在交易討論本身之外。

I mean, we're obviously laying down the foundational layer for much of that now as T-Mobile.

我的意思是，我們現在顯然正在為 T-Mobile 奠定基礎。

We're very busy on 600 megahertz deployment, as John referenced during the call.

正如約翰在電話會議中提到的那樣，我們正忙於 600 兆赫的部署。

1,500 cities now live with LTE in 600 megahertz across 37, 38 states, including Puerto Rico inside a year.

一年之內，包括波多黎各在內的 38 個州、37 個州的 1,500 個城市現在擁有 600 兆赫的 LTE。

So we're very proud of what we're doing there.

所以我們為我們在那裡所做的事情感到非常自豪。

And we're building a 5G-capable network.

我們正在建立一個支持 5G 的網絡。

Already 6 of the top 10 markets and hundreds of cities underway with that 5G build.

前 10 大市場中已有 6 個和數百個城市正在建設 5G。

So a lot of activity fully underway for us to put that 5G capability into the hands of our customers in 2019.

因此，我們正在開展大量活動，以便在 2019 年將 5G 功能交付給我們的客戶。

Handsets coming online in that time frame, so super excited.

手機在那個時間段內上線，非常興奮。

Obviously, as Braxton referenced, we are participating, we intend to participate in the upcoming millimeter wave auctions.

顯然，正如布拉克斯頓所說，我們正在參與，我們打算參與即將到來的毫米波拍賣。

So there is more spectrum coming for the 5G era, which is great.

因此，5G 時代會有更多頻譜出現，這很棒。

We're always going to need more spectrum.

我們總是需要更多的頻譜。

And so I look at millimeter waves as the first opportunity that the FCC has lined up.

因此，我將毫米波視為 FCC 安排的第一個機會。

I think the CBRS spectrum that you referenced -- real opportunities for commercial deployment there, Simon, as we move into probably mid-'19 time frame.

我認為你提到的 CBRS 頻譜——西蒙，因為我們可能進入 19 年中期的時間框架，在那裡進行商業部署的真正機會。

As the SaaS systems get matured and certified so that we can start to deploy in the unlicensed space ahead of any licensed spectrum options on CBRS.

隨著 SaaS 系統的成熟和認證，我們可以在 CBRS 上的任何許可頻譜選項之前開始在未經許可的空間中進行部署。

And then a lot of activity on C-band.

然後是 C 波段的大量活動。

A lot of discussion, filings yesterday.

很多討論，昨天提交的文件。

I mean, obviously, we'd like to see a lot more spectrum come through than is currently being proposed by the incumbent holders on that spectrum.

我的意思是，顯然，我們希望看到比現有頻譜持有者目前提議的頻譜多得多。

We think it's critical that more mid-band spectrum is brought to the U.S. so that we've got a good, strong roadmap for future 5G services.

我們認為將更多的中頻頻譜引入美國至關重要，這樣我們才能為未來的 5G 服務制定良好、強大的路線圖。

I'll stop there, so I don't consume the whole call.

我會停在那裡，所以我不會消耗整個電話。

Yes, I'm going to throw the ball to Mike to talk about Layer3.

是的，我要把球扔給 Mike 來談談 Layer3。

But as we do, Simon, your question about 5G is so important and it's so on the mind of everybody in the country and around the world about what 5G is.

但正如我們所做的那樣，西蒙，你關於 5G 的問題非常重要，而且在全國和世界各地的每個人的腦海中，關於 5G 是什麼的問題都非常重要。

And not only our time lines being looked at, but I'm going to introduce what I call a continuum of reality.

不僅我們的時間線被關注，而且我將介紹我所說的現實的連續體。

The continuum of what people are announcing for 5G and where it fits between fantasy and ultimate reality.

人們為 5G 宣布的內容的連續性，以及它在幻想和終極現實之間的位置。

And you won't be surprised that one end of the spectrum is real, true 5G standards-based nationwide deployment, that would be T-Mobile.

你不會對頻譜的一端是真實的、真正的基於 5G 標準的全國性部署感到驚訝，那就是 T-Mobile。

On the other side, in the total lack of reality would be Verizon.

另一方面，完全缺乏現實的將是Verizon。

And that is a nonstandards-based fixed broadband replacement using millimeter wave in some buildings in some parts of 4 cities, so that the startling impact could be that people will be able to surf Netflix in their home as they were able to before.

這是一個基於非標準的固定寬帶替代方案，在 4 個城市的某些部分的一些建築物中使用毫米波，因此令人吃驚的影響可能是人們將能夠像以前一樣在家中瀏覽 Netflix。

I would call that a laboratory marketing-based fiction approach.

我稱之為基於實驗室營銷的虛構方法。

And AT&T is somewhere in between.

AT&T 介於兩者之間。

This is very, very important because what we are doing with the merger with Sprint to really bring what the country will have as the first real deep and broad 5G capability.

這非常非常重要，因為我們與 Sprint 的合併是為了真正帶來該國將擁有的第一個真正的深度和廣泛的 5G 能力。

It's very important for our country and it's a very important, because it will continue to put pressure on AT&T and Verizon to invest, and the overall winner will be the United States looking at those 3 million jobs that will be brought by the evolution of 5G and $0.5 trillion of economic impact.

這對我們國家來說非常重要，而且非常重要，因為它將繼續對 AT&T 和 Verizon 施加投資壓力，而總的贏家將是美國，因為 5G 的發展將帶來 300 萬個工作崗位以及 0.5 萬億美元的經濟影響。

So appreciate your question on 5G, the work that Neville is doing is important, but the merger with Sprint is also very, very important on this front.

所以感謝你關於 5G 的問題，內維爾所做的工作很重要，但與 Sprint 的合併在這方面也非常非常重要。

Mike, do you want to talk about Layer3?

Mike，你想談談Layer3嗎？

That's a great segue into the TV topic, Simon.

西蒙，這是電視話題的一個很好的轉折點。

Because what we're busily building, we have our heads down creating the first TV service for the 5G era.

因為我們正在忙於建設，所以我們埋頭打造 5G 時代的第一個電視服務。

And that means a couple of things.

這意味著幾件事。

That means, first of all, preparing for the day when we take on broadband in people's homes and not in sporadic parts of some cities, as John was just saying, with millimeter wave where you have to be 500 feet from a tower, but nationwide.

這意味著，首先，為我們在人們的家中而不是在某些城市的零星地區使用寬帶的那一天做準備，正如約翰剛才所說，使用毫米波，你必須距離塔 500 英尺，但在全國范圍內.

We intend to bring broadband competition to 52% of U.S. ZIP Codes with the new T-Mobile.

我們打算通過新的 T-Mobile 將寬帶競爭帶入 52% 的美國郵政編碼。

And obviously, for us to be able to be there serving people's home with 5G broadband, we need to have an incredible 5G TV service to be able to provide an integrated suite, and that's what we have our heads down building, a TV service that is free from having to have wires, that has hundreds of high-definition choices coming in wirelessly.

顯然，為了讓我們能夠為人們的家提供 5G 寬帶服務，我們需要擁有令人難以置信的 5G 電視服務，以便能夠提供集成套件，這就是我們正在努力打造的電視服務無需有線，有數百種無線高清選擇。

That's free from a particular cable box, that puts you in control, that's met your smartphone, that's connected to your social, digital and mobile life in a way that TV has never been before as an island.

無需特定的有線電視機頂盒，讓您掌控一切，與您的智能手機相遇，與您的社交、數字和移動生活相連接，電視從未像孤島一樣呈現。

So that's what we're busy building.

這就是我們正在忙於構建的東西。

And yes, the journey will start later this year.

是的，旅程將於今年晚些時候開始。

And we're very excited about that.

我們對此感到非常興奮。

And the second phase of the journey next year will be expanding into mobile.

明年旅程的第二階段將擴展到移動領域。

Because as John was saying, 5G is about mobility, not just fixed.

因為正如約翰所說，5G 是關於移動性的，而不僅僅是固定的。

And we're the only company with a strategy to bring 5G nationwide to every customer instead of just some parts of some cities like our competitors.

我們是唯一一家製定了將全國范圍內的 5G 帶給每一位客戶的戰略的公司，而不僅僅是像我們的競爭對手這樣的一些城市的部分地區。

And that's why the TV service will also follow with a mobile TV service next year.

這就是為什麼電視服務也將在明年推出移動電視服務。

So we're heads down, hard at work.

所以我們低著頭，努力工作。

We're very excited about the strategy, and it plays very tightly to the 5G strategy of the new T-Mobile.

我們對該戰略感到非常興奮，它與新 T-Mobile 的 5G 戰略非常緊密。

Okay, now that we've answered Simon's questions, we're out of time.

好的，既然我們已經回答了西蒙的問題，我們就沒有時間了。

I'm just kidding.

我只是在開玩笑。

Operator, next question.

接線員，下一個問題。

We'll take our next question from Phil Cusick with JPMorgan.

我們將向摩根大通的菲爾庫斯克提出下一個問題。

Braxton, I want to make sure I understand the cost numbers.

布拉克斯頓，我想確保我了解成本數字。

It looks like insurance payments of $81 million in Q3 and another $63 million recognized in 3Q.

看起來第三季度的保險付款為 8100 萬美元，第三季度確認了另外 6300 萬美元。

What lines did that impact?

這影響了哪些線路？

And are there any more to come this year?

今年還會有更多嗎？

And then Neville, not to press but -- I'm sorry, go ahead.

然後是內維爾，不要催促，但是 - 對不起，請繼續。

No, go ahead, Phil.

不，繼續，菲爾。

Finish pressing.

完成按壓。

I was just going to say, Neville, not to press, I'll finish pressing.

我只是想說，內維爾，不要逼迫，我會完成逼迫。

But given the more than 300 megahertz of low and mid-band spectrum you'll have with Sprint, do you still see yourself as a substantial buyer of C-band work to come available?

但是，鑑於 Sprint 將擁有超過 300 兆赫的低頻段和中頻段頻譜，您是否仍將自己視為 C 頻段工作的重要買家？

Or is this more a theoretical exercise in your filings?

或者這在你的文件中更像是一個理論練習？

Yes.

是的。

So first of all, Phil, we have closed out all of last year's hurricane claims.

所以首先，菲爾，我們已經結束了去年的所有颶風索賠。

Very, very successful in doing so.

這樣做非常非常成功。

Remember, we took the full hit to our EBITDA last year.

請記住，去年我們的 EBITDA 受到了全面打擊。

All the recoveries this year that can flow through to the bottom line and are part of our 3x increase in EBITDA guidance that we've done this year.

今年所有的複蘇都可以流向底線，並且是我們今年完成的 EBITDA 指導增加 3 倍的一部分。

So we've returned all that back to the bottom line performance of the company.

因此，我們將所有這些都歸還給了公司的底線表現。

If you want a complete reconciliation of all components of where the hurricane had an impact, I refer you to our Factbook as well as our queue, where we do a detailed line-by-line analysis of that so that you can track with full transparency what impacts it has.

如果您想要全面協調颶風影響的所有組成部分，我建議您參考我們的 Factbook 以及我們的隊列，我們會在其中進行詳細的逐行分析，以便您可以完全透明地跟踪它有什麼影響。

As you know, we're committed to full transparency and best-of-class reporting of any of our peers out in an marketplace.

如您所知，我們致力於為市場上的任何同行提供完全透明和一流的報告。

As we throw the ball to Neville, I would like to point out that Phil is attempting for the first time in industry to get Neville to say there's some spectrum he doesn't desperately -- won't survive.

當我們把球扔給內維爾時，我想指出菲爾第一次在工業界試圖讓內維爾說有些頻譜他並不拼命——不會生存。

So Neville?

那麼內維爾？

I got to say, I've never seen a megahertz I don't like, John, I always -- I say it every call.

我得說，我從來沒有見過我不喜歡的兆赫，約翰，我總是——我每次打電話都說。

No, I mean Phil, I think, you have to look at the scale and size of the 5G opportunity as we build and rollout these networks.

不，我的意思是菲爾，我認為，在我們建立和推出這些網絡時，你必須看看 5G 機會的規模和規模。

And so, obviously, as I said at the beginning, we're very focused on combining our combination with Sprint and the opportunity that creates.

因此，顯然，正如我一開始所說，我們非常專注於將我們與 Sprint 的組合以及創造的機會結合起來。

But it gets us moving.

但它讓我們感動。

And if you look at what's happening in other parts of the world right now, where governments are bringing forward hundreds of megahertz of free and clear mid-band spectrum so that the wireless operators can move aggressively into this 5G opportunity.

如果你看看現在世界其他地區正在發生的事情，政府正在推出數百兆赫的免費和清晰的中頻頻譜，以便無線運營商可以積極地進入這個 5G 機會。

We need those opportunities here in the U.S. and with a deal, without a deal, C-band is going to be important.

我們在美國需要這些機會，無論有沒有交易，C 波段都將很重要。

And right now, the volume of spectrum there, it's clearly an underutilized asset today, and so there is a real opportunity to bring a meaningful volume of spectrum to the marketplace.

現在，那裡的頻譜量，顯然是當今未充分利用的資產，因此確實有機會將有意義的頻譜量帶入市場。

And we filed yesterday on it.

我們昨天就它提出了申請。

We think that the approach we've outlined would be in the best interest of wireless consumers as well as the average taxpayer and U.S. citizen.

我們認為我們概述的方法將符合無線消費者以及普通納稅人和美國公民的最大利益。

So have a read through our filings, but the answer is yes.

因此，請閱讀我們的文件，但答案是肯定的。

We're interested in that spectrum.

我們對那個頻譜感興趣。

Operator, we'll go to the next question, and while we do, why don't you guys take a look at some of the online questions, and maybe after this question we'll take some of the ones that are coming in.

接線員，我們會去下一個問題，在我們這樣做的時候，你們為什麼不看看網上的一些問題，也許在這個問題之後我們會拿一些進來的問題。

Operator?

操作員？

We'll hear now from Michael Rollins with Citi.

我們現在將聽到花旗的邁克爾·羅林斯 (Michael Rollins) 的消息。

I was wondering if you talk a bit more about ARPU and churn performance.

我想知道您是否更多地談論 ARPU 和流失性能。

So on the ARPU side, maybe talk a little bit about what's happening on the pricing front, and how that relates to the guidance, I believe, roughly flattish for the year?

所以在 ARPU 方面，也許可以談談定價方面發生的事情，以及這與指導有何關係，我相信，今年大致持平？

And on the churn side, and as the churn has come down and you're looking at the aging of your customers, is there a room for that churn to further improve?

在客戶流失方面，隨著客戶流失率下降並且您正在關注客戶的老齡化，是否還有進一步改善客戶流失率的空間？

Or are you hitting an area where you think that it could potentially stay around these levels for some time?

或者你是否觸及了一個你認為它可能會在這些水平附近停留一段時間的區域？

Brax, you want to start on ARPU, and then Mike, you talk about...

Brax，你想從 ARPU 開始，然後 Mike，你說...

Yes, sure.

是的，當然。

So, yes, Mike, the ARPU equation always has a little bit of seasonality to it.

所以，是的，邁克，ARPU 方程總是有一點季節性。

But when you look at the macro, and there are puts and takes going both ways, our guidance is generally stable.

但是，當您從宏觀上看時，看跌期權是雙向的，我們的指導通常是穩定的。

And we have defined that for the capital markets as plus or minus 1%.

我們將資本市場定義為正負 1%。

And we have definitely performed within that guidance level for multiple years at the same time that you've seen massive drops in ARPUs from the other carriers.

在您看到其他運營商的 ARPU 大幅下降的同時，我們肯定多年來一直在該指導水平內執行。

When you look at Q3 in particular, in the reiteration of that guidance, what that will tell you when you do the math on it that ARPUs is going up in Q4.

當您特別查看第三季度時，在該指南的重申中，當您對其進行數學運算時，它將告訴您什麼，即 ARPU 將在第四季度上升。

To stay within that reiterated guidance range that definitely will be the case.

保持在重申的指導範圍內，肯定會如此。

But let's talk a little bit about the theory here.

但是，讓我們在這裡談談這個理論。

We often get asked by investors, why don't you go out and try to monetize more from your customers and drive ARPU up?

我們經常被投資者問到，為什麼不走出去嘗試從客戶那裡獲得更多收益並提高 ARPU 呢？

Yes, and you're certainly seeing that happen with some of the carriers out there.

是的，你肯定會看到一些運營商發生這種情況。

And our responses were the Un-carrier, and the terminal benefit from increased scale of our model, which is a great story for years to come, far outweighs any monetization that we could do in the marketplace.

我們的回應是 Un-carrier，終端受益於我們模型規模的擴大，這是未來幾年的一個好故事，遠遠超過我們可以在市場上做的任何貨幣化。

And you look around the genius of the marketing that's being deployed here in a very highly saturated market going after particular segments.

你會環顧一下在一個高度飽和的市場中部署的營銷天才，這些市場追求特定的細分市場。

And the interesting thing about going after particular segments is looking at the underlying full economic characteristics.

關注特定細分市場的有趣之處在於觀察潛在的完整經濟特徵。

How often do they upgrade?

他們多久升級一次？

What is their churn characteristics?

他們的流失特點是什麼？

What is the bad debt profile?

什麼是壞賬概況？

And all of our segments are actually creating more overall enterprise value, customer lifetime value, net present value in the way that we're approaching the marketplace.

我們所有的細分市場實際上都在以我們接近市場的方式創造更多的整體企業價值、客戶終身價值和淨現值。

So we're happy to execute in a generally stable environment with some potential dilution as long as we're driving more value to the enterprise.

因此，只要我們為企業帶來更多價值，我們很高興在一個總體穩定的環境中執行，並有一些潛在的稀釋。

And you can see that translating into the very significant cash flow growth and just looking at net income for the quarter, I think it's very wise economics.

而且您可以看到這轉化為非常顯著的現金流增長，並且僅查看本季度的淨收入，我認為這是非常明智的經濟學。

So great question, I'll hand it over to Mike for churns.

這麼好的問題，我會把它交給邁克來解決。

Yes, Michael, on churn, this was the best Q3 performance we've ever seen and as John was saying in his remarks, the year-over-year 21 basis point improvement was even better than last quarter where we experienced our all-time lowest churn.

是的，邁克爾，在客戶流失率方面，這是我們見過的最好的第三季度表現，正如約翰在他的講話中所說，同比 21 個基點的改善甚至比我們經歷了歷史最高的上個季度還要好最低的流失率。

So we've got great momentum here.

所以我們在這裡有很好的勢頭。

And to your question, we don't see any reason why there isn't room to run here.

對於你的問題，我們看不出這裡沒有空間運行的任何理由。

In fact, with the new T-Mobile, as an example, we don't see why there would ever be air in the long run between our churn rate and AT&T's or Verizon's.

事實上，以新的 T-Mobile 為例，我們不明白為什麼從長遠來看，我們的客戶流失率與 AT&T 或 Verizon 之間會有空缺。

We expect to build a network that's demonstrably superior.

我們期望建立一個明顯優越的網絡。

At the end of the day, churn is a function of the network, first and foremost.

歸根結底，客戶流失首先是網絡的一項功能。

It's a function of the customer experience and we are differentiated there with Team of Experts in a very significant way.

這是客戶體驗的一項功能，我們在專家團隊中以非常重要的方式與眾不同。

It's a function of the brand and what it feels like to be a part of a company that puts customers first and treats them right.

這是品牌的一項功能，也是作為一家將客戶放在首位並正確對待他們的公司的一員的感覺。

And you can see that as a leading indicator in our Net Promoter Scores.

您可以將其視為我們的淨推薦值的領先指標。

Our Net Promoter Scores are the highest that this industry has ever seen.

我們的淨推薦值是該行業有史以來最高的。

Right now, we're simultaneously experiencing our highest levels of customer satisfaction and our lowest cost-to-care for our customers in our history because of the innovation of Team of Experts.

現在，由於專家團隊的創新，我們同時體驗了歷史上最高水平的客戶滿意度和最低的客戶服務成本。

So we see room to run here.

所以我們看到了在這裡運行的空間。

Listen, this -- I could say it 10 times, wireless customers, wireless customers, wireless customers.

聽著，這個——我可以說 10 次，無線客戶，無線客戶，無線客戶。

It's kind of what this company is about and from a standpoint of the things that drive them as we focus on them, the network capability is getting better every day and we're not slowing down, as Neville has continued to discuss.

這就是這家公司的意義所在，從驅動它們的事物的角度來看，當我們專注於它們時，網絡能力每天都在變得更好，而且我們並沒有放慢速度，正如內維爾繼續討論的那樣。

Team of Experts, as amazing as the results are, is in it's infancy and we're learning more and more.

專家團隊，儘管結果令人驚嘆，但仍處於起步階段，我們正在學習越來越多。

And if you look at the employee base of T-Mobile that is absolutely obsessed with our customers, I would say, these results for churn are amazing.

如果你看看 T-Mobile 的員工群，他們絕對痴迷於我們的客戶，我會說，這些流失的結果是驚人的。

We are extremely proud of them.

我們為他們感到非常自豪。

But we're just getting started and that's -- that will be fun to report in the future.

但我們才剛剛開始，那就是 - 將來報告會很有趣。

Okay, I would go -- we have taken questions from this young, amazing journalist before, his name is Kyle Romanoff.

好的，我會去——我們之前接受過這位年輕、了不起的記者的提問，他的名字叫凱爾·羅曼諾夫。

Amazing that whether it's Slow Cooker Sunday or whether it's the earnings call, somehow he gets through the clutter.

令人驚訝的是，無論是星期天的慢燉鍋還是財報電話會議，他都能以某種方式度過難關。

So I don't know if there is a earnings call version of a hackathon, but we've got to figure how this guy gets through.

所以我不知道是否有黑客馬拉鬆的收益電話版本，但我們必須弄清楚這個人是如何度過難關的。

And Kyle has about 15 question in here.

凱爾在這裡有大約 15 個問題。

So I'm going to pick one.

所以我要挑一個。

Any updates on T-Mobile for Business?

T-Mobile for Business 有更新嗎？

And any major changes coming on that front from a broad perspective in the coming year?

從廣義的角度來看，來年在這方面會發生什麼重大變化？

Mike?

麥克風？

Yes, our business team led by Mike Katz and his leadership team is firing on all cylinders.

是的，我們由 Mike Katz 和他的領導團隊領導的業務團隊正在全力以赴。

This quarter was in fact an all-time record on gross activations and net activations for our business group.

實際上，本季度是我們業務組的總激活和淨激活的歷史記錄。

And what's interesting is the complexion of the customers that are coming to us is also changing and improving.

有趣的是，來到我們這裡的客戶的膚色也在發生變化和改善。

More and more, we're winning big enterprises and large public sector customers that we just weren't able to complete for, a couple of years ago.

我們越來越多地贏得了幾年前我們無法完成的大型企業和大型公共部門客戶。

And that's driving most of the growth right now and those are great customers that have a very considerate sale, but once they pick you, stick with you.

這推動了現在的大部分增長，那些是銷售非常周到的優秀客戶，但一旦他們選擇了你，就會堅持下去。

We're also seeing that these wins are not just 10% of the base where they are using us as a price cup, but where they're picking us as their standard bearer for their company or their government entity, and that's huge.

我們還看到，這些勝利不僅僅是他們將我們用作價格杯的基礎的 10%，而且他們選擇我們作為他們公司或政府實體的旗手，這是巨大的。

We're seeing the world's biggest retailers, the biggest electronics and cell phone manufacturers, we're seeing online leaders, global consulting firms, hotel companies and casinos.

我們看到了世界上最大的零售商、最大的電子產品和手機製造商，我們看到了在線領導者、全球諮詢公司、酒店公司和賭場。

We're seeing the federal government including some of the biggest agencies, one particularly notable win, a huge win in the public center this quarter, state government.

我們看到聯邦政府包括一些最大的機構，一個特別顯著的勝利，本季度公共中心的巨大勝利，州政府。

So lots of bigger enterprises choosing us because the value proposition that we keep talking about in response to the rest of the questions.

很多大企業之所以選擇我們，是因為我們在回答其餘問題時一直在談論的價值主張。

The network has finally earned our way into those discussions.

網絡終於讓我們進入了這些討論。

The wireless network is second to none now.

無線網絡現在是首屈一指的。

Public sector and government customers don't go on reputation.

公共部門和政府客戶不享有聲譽。

They try it first, they usually take 100 phones and try them for weeks, and then, more than any time in our history, they're picking T-Mobile.

他們首先嘗試，通常會拿 100 部手機試用數週，然後，比我們歷史上任何時候都多，他們選擇了 T-Mobile。

Yes, Mike, I would just like to add.

是的，邁克，我想補充一下。

A lot of questions have come in and our statements about the quarter have made it very clear that our growth is being driven by, amongst other things, geographic expansion and serving segments like 55+, Military and business, et cetera, that have heretofore been underserved.

出現了很多問題，我們關於本季度的聲明非常清楚地表明，我們的增長主要受到地域擴張和服務領域（如 55 歲以上、軍事和商業等）的推動，而這些領域此前一直是服務不足。

We have a great leader, Mike Katz, who's running TSB, as they call it T-Mobile for Business.

我們有一位偉大的領導者 Mike Katz，他正在運行 TSB，他們稱之為 T-Mobile for Business。

I would say the energy of that organization has surged possibly the most inside our company in addition to business customers having now a network experience that's a different and a care experience that's different.

我想說的是，除了商業客戶現在擁有不同的網絡體驗和不同的護理體驗之外，該組織的能量可能在我們公司內部激增最多。

T-Mobile for Business is adding a significant part to our growth, and the fascinating part is we are a significant low-share player to what has dominated by the duopoly in a very unsatisfied base.

T-Mobile for Business 為我們的增長增添了重要的一部分，令人著迷的是，我們在一個非常不滿意的基礎上由雙頭壟斷主導的市場是一個重要的低份額參與者。

So not just now, but as we move through the merger with Sprint, this is a gigantic bringing of competition to an area that is desperately needed and our success in this space has so much more to follow.

因此，不僅僅是現在，而且隨著我們與 Sprint 的合併，這是一個巨大的競爭，將競爭帶到了一個迫切需要的領域，我們在這個領域的成功還有很多事情要做。

So we are very, very proud of that.

所以我們為此感到非常非常自豪。

We have remaining less than 5% of enterprise share and less than 10% overall of business share in this country.

在這個國家，我們只剩下不到 5% 的企業份額和不到 10% 的整體業務份額。

So that's room to run.

所以這是運行的空間。

And I think the fun part is, as Mike said, 5% share, but almost the rest of it is held by the bad guys who the customers absolutely are waiting every day to leave, which is beautiful.

而且我認為有趣的部分是，正如邁克所說，5% 的份額，但幾乎其餘的份額都被那些顧客每天都在等待離開的壞人所擁有，這很漂亮。

So the two together suggest, Kyle, you had a -- I was waiting for Kyle to be asking follow-up questions, I realized he's not on, so we're not going to go on.

所以兩人一起建議，凱爾，你有一個——我在等凱爾問後續問題，我意識到他不在，所以我們不會繼續。

All right, operator, let's take the next question on the phone.

好的，接線員，讓我們通過電話回答下一個問題。

Absolutely, we'll hear now from John Hodulik with UBS.

當然，我們現在將聽到瑞銀的 John Hodulik 的消息。

John, maybe you can comment on the competitive environment and what you expect to see sort of heading into the holiday selling season, especially with the new iPhones out there?

約翰，也許您可以評論一下競爭環境以及您期望在假期銷售旺季看到的情況，尤其是在新 iPhone 上市的情況下？

And then secondly, if you could give us any porting data you might have, and if you're seeing any impact from the entry of the cable companies into the market?

其次，您是否可以向我們提供您可能擁有的任何移植數據，並且您是否看到有線電視公司進入市場帶來的任何影響？

Yes, those are all great questions, and certainly, it's been a -- wireless in general is a very competitive market.

是的，這些都是很好的問題，當然，無線網絡總體上是一個競爭非常激烈的市場。

And we hear quarter in and quarter out, we hear it's highly competitive, it's not competitive.

而且我們聽到季度和季度的消息，我們聽到它的競爭非常激烈，它沒有競爭力。

And we consistently drive right through that.

我們始終如一地推動這一點。

I would say, it's steady, competitive environment.

我想說，這是一個穩定的競爭環境。

The cable players are clearly coming into this place, I'll comment on that in a second.

有線電視播放器顯然正在進入這個地方，我將在稍後發表評論。

From a standpoint of what's happening between us and the major players.

從我們和主要參與者之間發生的事情的角度來看。

Obviously, as you see from the postpaid phone nets, that we are growing significantly faster than everybody.

顯然，正如您從後付費電話網絡中看到的那樣，我們的增長速度明顯快於所有人。

Postpaid porting on Q3 was about 1.73.

第三季度的後付費移植約為 1.73。

Very strong, if you think about these numbers, that's an overall average, 1.73 to 1. And that's about as high as we've seen since about Q1 of 2017, outside of last quarter.

非常強勁，如果您考慮這些數字，這是一個總體平均值，1.73 比 1。這與我們自 2017 年第一季度以來（除上一季度外）所見的一樣高。

So these last 2 quarters, these are very high numbers.

所以這最後兩個季度，這些都是非常高的數字。

We would expect Q4 to be strong as well.

我們預計第四季度也將強勁。

Q4 is a fascinating quarter.

第四季度是一個迷人的季度。

October is kind of a quieter period.

十月是一個比較安靜的時期。

But if you look, say, starting last weekend and going through where we are now, yes, the postpaid porting, it was about 1.7%, so it's kind of in that range, strong, feel very good about it, feel good about it for the quarter.

但是如果你看，比如說，從上週末開始，一直到我們現在的狀態，是的，後付費移植，大約是 1.7%，所以它在那個範圍內，很強，感覺很好，感覺很好本季度。

And I would say, the cable guys are definitely here.

我會說，有線電視人員肯定在這裡。

Couple of things.

幾件事。

Comcast has has had a pretty steady flow of a couple hundred thousand nets.

康卡斯特擁有相當穩定的數十萬網流量。

My assessment is those are coming almost exclusively from Verizon.

我的評估是這些幾乎完全來自Verizon。

So you -- thus the 5G focus on fixed broadbrand, et cetera.

所以你——因此 5G 專注於固定的廣泛品牌等。

But we're not feeling that major pressure from them, it's too early to tell for Charter.

但我們並沒有感受到來自他們的巨大壓力，現在說查特還為時過早。

And I would say the one thing that's -- should be noted, these are very deep pockets.

我要說的一件事是- 應該指出的是，這些資金非常雄厚。

We're used to seeing these in the duopolists, and now you've got really big companies that seem to be willing to spend tremendous amounts of money on -- I mean, I think Comcast dropped about $178 million to get 222,000 customers.

我們已經習慣於在雙頭壟斷者中看到這些，現在你已經有了一些似乎願意花巨資購買的大公司——我的意思是，我認為康卡斯特為了獲得 222,000 名客戶而投入了大約 1.78 億美元。

That's not really scalable and they should've just handed that money to Verizon to push those customers over to them.

這並不是真正的可擴展性，他們應該只是將這筆錢交給 Verizon，以將這些客戶推給他們。

But it makes for a very competitive environment.

但它創造了一個非常有競爭力的環境。

We feel very comfortable in what we're doing in the response and what brings customers to T-Mobile.

我們對我們在響應中所做的事情以及將客戶帶到 T-Mobile 的原因感到非常自在。

But there are clearly 2 additional players in the wireless space now, in Comcast and Charters, and I'm sure others could follow.

但是現在無線領域顯然還有另外兩家公司，康卡斯特和查特斯，我相信其他人也可以效仿。

We'll now take our next question from Jonathan Chaplin with New Street Research.

我們現在將接受來自 New Street Research 的喬納森卓別林的下一個問題。

A quick one for Braxton.

布拉克斯頓的一個快速的。

Braxton, if you haven't been building out new geographies and building capabilities to go up market for new business segments, what would margins have looked like?

布拉克斯頓，如果你沒有建立新的地域和能力來為新的業務部門開拓市場，那麼利潤率會是什麼樣子？

I'm really just trying to get a sense for what the underlying operating leverage in the business would be with the kind of growth you're generating at the moment.

我真的只是想了解業務中的潛在運營槓桿與您目前正在產生的那種增長。

Yes, so Jonathan, great question.

是的，喬納森，很好的問題。

First of all, it's not just building out new geographies.

首先，這不僅僅是建立新的地域。

What Neville is doing is laying the foundation for 5G in our network in connection with the deployment of 600.

Neville 正在做的是為我們網絡中的 5G 與 600 的部署奠定基礎。

An extremely innovative and cost-effective way to ready our network for nationwide 5G.

一種極具創新性和成本效益的方式，可讓我們的網絡為全國 5G 做好準備。

We're the only announced carrier who is doing that.

我們是唯一一家宣布這樣做的運營商。

And quite frankly, that's where the a lot of the expense is being associated.

坦率地說，這就是很多費用相關的地方。

If you want more of a normalized run rate without that activity, I would go back about a year, where you are seeing incredible scale over a multiple-year period on what was happening from a cost-of-service standpoint before we got into the significant expansion.

如果您希望在沒有該活動的情況下獲得更多的標準化運行率，我會回到大約一年，在我們進入之前，從服務成本的角度來看，您在多年期間看到了令人難以置信的規模。顯著擴張。

And even then, we have projects, the 700 megahertz project.

即便如此，我們也有項目，700 兆赫項目。

So what we're doing is we're investing in the future.

因此，我們正在做的是投資於未來。

We're wisely investing in the future, we're laying the foundation for 5G, and we're doing it extremely cost effectively.

我們正在明智地投資於未來，我們正在為 5G 奠定基礎，而且我們正在以極具成本效益的方式進行。

Neville, you want to add anything to that?

內維爾，你想補充什麼嗎？

I wouldn't.

我不會。

So Braxton, if I can follow-up.

所以布拉克斯頓，如果我能跟進的話。

With a lot of the groundwork for 5G and for 600 megahertz done by the end of this year, would you expect to see the same kind of margin expansion next year that you saw a year ago?

到今年年底完成了 5G 和 600 兆赫的大量基礎工作，您是否期望明年看到與一年前相同的利潤率增長？

Well, probably not as much as we did a year ago.

好吧，可能沒有我們一年前那麼多。

And the reason for that is this will be truly a multiple-year project.

原因是這將是一個真正的多年項目。

Neville, you want to give a little insight about how much you progressed clearing in that testing?

Neville，你想稍微了解一下你在那次測試中的清除進度嗎？

I think that might be informative here.

我認為這可能在這裡提供信息。

Yes.

是的。

I mean, obviously, we do have a lot of the work underway and under our belt.

我的意思是，很明顯，我們確實有很多工作正在進行中。

But we still have a lot to get done.

但我們還有很多工作要做。

And so I am ecstatic with the progress we've made on 600 megahertz.

所以我對我們在 600 兆赫茲方面取得的進展感到欣喜若狂。

I think anybody in the industry, including the folks at the FCC would tell you that this is the fastest they've ever seen an auction spectrum band get put into commercial service, and just this last week, we crossed 21 devices now with 600 megahertz capability, including the new range of iPhones and even the tablets that were announced today.

我認為業內的任何人，包括 FCC 的人都會告訴你，這是他們見過的拍賣頻譜帶投入商業服務的最快速度，就在上週，我們現在用 600 兆赫的頻率跨越了 21 台設備能力，包括新系列的 iPhone 甚至是今天發布的平板電腦。

So we're making tremendous progress on generating and creating a 600 megahertz ecosystem as T-Mobile , which is phenomenal progress.

因此，我們在生成和創建 T-Mobile 的 600 兆赫生態系統方面取得了巨大進展，這是一項了不起的進步。

The fact that as we deploy radio now, we can build 5G-ready equipment waiting for software that will come online early in the new year, is another huge bonus, as Braxton referenced.

正如布拉克斯頓所說，隨著我們現在部署無線電，我們可以構建支持 5G 的設備，等待新年初上線的軟件，這是另一個巨大的好處。

But we do have to continue to clear the 600 megahertz airwaves.

但我們確實必須繼續清除 600 兆赫的電波。

We're making material progress on that, but there's an agreed-to schedule with the FCC that we find the broadcasters, which we fully respect, and that runs through 2020.

我們在這方面取得了實質性進展，但我們與 FCC 達成了一個我們完全尊重的廣播公司的時間表，該時間表將持續到 2020 年。

So we have work to do that's scheduled in '19, we have to work to do that's scheduled in 2020.

所以我們有工作要做，計劃在 19 年完成，我們必須努力完成計劃在 2020 年完成的工作。

We continue to look at acceleration opportunities.

我們繼續尋找加速機會。

But back to Braxton's point, this is a 3-year program.

但回到布拉克斯頓的觀點，這是一個為期 3 年的計劃。

It's not all done, and it's going to take some time to get completed.

還沒有全部完成，還需要一些時間才能完成。

We'll hear now from Craig Moffett with MoffettNathanson.

我們現在將聽到 Craig Moffett 和 MoffettNathanson 的講話。

I'm going to give Neville a chance to give us more time to wait for the 5G phones to hit the market here.

我將給 Neville 一個機會，讓我們有更多時間等待 5G 手機在這裡上市。

Sprint, published an ex parte that was, I think, sort of self -- quite self-effacing, I suppose, about the 2.5 spectrum.

Sprint 發表了一篇單方面的文章，我認為這有點自我——我想，關於 2.5 範圍內相當謙虛。

Can you just talk about what you've learned as you continue to dig into the 2.5 spectrum, both the EBS and EBRS spectrum, just to get a sense of what you think you can do with it, and whether the characteristics and economics of putting it to use are different than you might have expected before you started the due diligence process?

你能不能談談你在繼續挖掘 2.5 頻譜時學到的東西，包括 EBS 和 EBRS 頻譜，只是為了了解你認為你可以用它做什麼，以及推桿的特性和經濟性是否它的使用與您在開始盡職調查過程之前可能預期的不同？

Yes, Craig.

是的，克雷格。

I don't want to keep consuming the call time here, I mean, this is fairly deep technical stuff, right?

我不想在這裡浪費通話時間，我的意思是，這是相當深入的技術內容，對吧？

But obviously we are excited about that 2.5 gig opportunity.

但顯然我們對 2.5 次演出的機會感到興奮。

It's a good slug of mid-band spectrum, it's predominantly used, obviously, for LTE today, and the combination of the 2 companies allows us to free up a lot that spectrum for 5G services quicker than Sprint could do on their own, or any company could do on their own, come to that.

這是一個很好的中頻段頻譜，顯然，它主要用於當今的 LTE，兩家公司的合併使我們能夠比 Sprint 自己或任何其他公司更快地為 5G 服務騰出更多的頻譜公司可以自己做，來吧。

I think the piece that's exciting, obviously, we've done a huge amount of network modeling and analysis and work on the opportunity of the combination.

我認為令人興奮的部分顯然是，我們已經完成了大量的網絡建模和分析，並致力於結合的機會。

And what we see there is that the 2.5 gig spectrum, I mean, it's always a required density of network in comparison to traditional sub-2 gig spectrum, right?

我們看到的是 2.5 gig 頻譜，我的意思是，與傳統的 sub-2 gig 頻譜相比，它始終是所需的網絡密度，對吧？

Because of the propagation limitations.

因為傳播限制。

That said, the other aspect of this combination with Sprint is that we can densify what's already the most dense network in the U.S. from T-Mobile.

也就是說，與 Sprint 結合的另一個方面是，我們可以通過 T-Mobile 使美國已經是最密集的網絡更加密集。

And when you look at that density amplification or combination, and you apply 2.5 gigahertz spectrum, BRS or EBS, on that dense grid, you end up in a pretty special place.

當您查看該密度放大或組合，並在該密集網格上應用 2.5 GHz 頻譜、BRS 或 EBS 時，您最終會處於一個非常特別的位置。

So it's something that the combination of the 2 companies and the assets of the 2 companies can really make that 2.5 gig spectrum sing and perform in a way that no single company can do on their own today.

因此，這兩家公司的結合和兩家公司的資產可以真正讓 2.5 gig 頻譜以當今沒有任何一家公司自己能夠做到的方式歌唱和表演。

And sorry, if I could just ask one follow-up clarification.

對不起，如果我能要求一個後續澄清。

When you said earlier that you have generally stable ARPU, is that as reported?

當您之前說您的 ARPU 總體穩定時，是否如報導的那樣？

Or on a 606 accounting adjusted basis?

還是在 606 會計調整的基礎上？

No, that's as reported.

不，正如報導的那樣。

Plus or minus 1%, same tolerance as before.

正負 1%，與以前相同的容差。

And a footnote on what Neville has said -- and these are things that have been part of our filings and story, because obviously, we are quite limited in how much we can do outside of planning with Sprint during this preapproval period.

還有關於內維爾所說的話的腳註——這些都是我們的文件和故事的一部分，因為顯然，在這個預先批准期間，除了與 Sprint 進行計劃之外，我們可以做的事情非常有限。

But certainly, we've done tremendous amounts of modeling the business and the network, and one thing I can say that our filings have shown is that since we announced the deal on April 27 to now, the network and the modeling in the business has only gotten better.

但可以肯定的是，我們已經對業務和網絡進行了大量建模，我可以說我們的文件顯示的一件事是，自從我們在 4 月 27 日宣布交易到現在，網絡和業務建模已經只會變得更好。

So from a standpoint of the things that we're learning and finding out the story from a business and from a network standpoint gets better.

因此，從我們正在學習的事物的角度來看，從企業和網絡的角度來看故事會變得更好。

I would also like to say, maybe I'll just do this quickly.

我還想說，也許我會盡快做這件事。

Very proudly stated one of the items that we see as a status point that should be viewed for what it is.

非常自豪地陳述了我們認為應該被視為狀態點的項目之一。

Not only that we have hired a person to lead the integration of the companies, but the caliber and the capability and the depth of who we were able to get that many of you know and Sunit Patel.

不僅我們聘請了一個人來領導公司的整合，而且我們能夠讓你們中的許多人和 Sunit Patel 認識的人的素質、能力和深度。

And I think maybe just take a second, I'll introduce Sunit, and ask him if he wants to make a quick comment in his long tenure here in being in charge of putting together 2 companies that we can't really put together yet.

我想也許請稍等一下，我將介紹 Sunit，並問他是否想在他長期在這裡負責組建 2 家我們還無法真正組建的公司的任期內快速發表評論。

Thank you, John, and good afternoon, everyone.

謝謝你，約翰，大家下午好。

So I joined about a month ago, and I was quite impressed at the breadth and depth of the amount of work going on in integration planning with both companies.

所以我大約一個月前加入，我對兩家公司在整合規劃工作的廣度和深度印象深刻。

At this stage, we are really focused on our readiness for closing and how we operate in the marketplace soon after closing.

在這個階段，我們真正專注於我們的關閉準備情況以及我們在關閉後不久在市場上的運作方式。

For the last month, we've been vectoring in on their specific requirements and deliverables, we need to do that.

上個月，我們一直在關注他們的具體要求和可交付成果，我們需要這樣做。

Between now and the end of the year, we expect to finalize that and start on the work and planning needed for us to be ready.

從現在到年底，我們希望最終確定這一點，並開始為我們做好準備所需的工作和規劃。

In addition, we'll be spending time on how we should be organized as a combined company.

此外，我們將花時間研究如何將我們作為一家合併後的公司組織起來。

The integration teams from both companies are working well together with strong alignment and support from the leadership at both companies.

兩家公司的整合團隊在兩家公司領導層的緊密配合和支持下合作良好。

The effort is organized around both key workstreams and functional areas.

這項工作圍繞關鍵工作流和功能領域進行組織。

So overall, I plunged in, a lot of work to do, happy with what I'm seeing.

所以總的來說，我投入了很多工作要做，對我所看到的感到滿意。

Quite a few decisions and challenges ahead, and we'll provide another update on our next earnings call.

未來有很多決定和挑戰，我們將在下一次財報電話會議上提供另一個更新。

Okay.

好的。

Operator, I think we have time for 1 or 2 more.

接線員，我想我們還有一兩個時間。

And I would say that no earnings call would be complete without the question from the next person.

我想說，如果沒有下一個人的提問，任何財報電話會議都是不完整的。

And certainly, I would like to commit up front that even as we embark on creating the new T-Mobile, we will set precedent of also continuing to take this next caller's questions.

當然，我想提前承諾，即使我們著手創建新的 T-Mobile，我們也將開創先例，繼續回答下一個來電者的問題。

So Operator, next question, please.

接線員，請下一個問題。

We'll take our next question from Walter Piecyk with BTIG.

我們將向 BTIG 的 Walter Piecyk 提出下一個問題。

John, it's definitely a relief to hear, thank you very much.

約翰，聽到這個消息絕對是一種解脫，非常感謝。

I want to go back to the comment on the different business segments, because your gross ads have been up the last couple of quarter.

我想回到對不同業務部門的評論，因為您的總廣告在過去幾個季度一直在上升。

It seems like it's from enterprise, maybe Military, the over 55 group.

它似乎來自企業，也許是軍事，超過 55 歲的群體。

Where are you in terms of those penetration rates on the suburban side?

就郊區的滲透率而言，您在哪裡？

Because that's where a lot of this low-band spectrum and some of the new stores were supposed to resonate.

因為這是很多低頻段頻譜和一些新商店應該引起共鳴的地方。

So can you give us any update there?

那麼你能告訴我們任何更新嗎？

And then maybe Mike, your thoughts on how is it that the AT&T and Verizon are seeing increasing gross ads.

然後也許邁克，您對 AT&T 和 Verizon 看到越來越多的總廣告有何看法。

Is this just, you think churn between them?

這只是，你認為他們之間的攪動嗎？

Or is there just overall velocity that's happening in the market right now?

或者現在市場上是否存在整體速度？

Yes, well, your first one -- your second one first.

是的，好吧，你的第一個 - 你的第二個首先。

Overall, and I think you've noted this in the past, postpaid is taking share from prepaid.

總體而言，我認為您過去已經註意到這一點，後付費正在從預付費中分一杯羹。

So that's why the category is generally up.

所以這就是為什麼這個類別通常是上升的。

But for us, yes, this strategy is working on all fronts.

但對我們來說，是的，這一戰略正在各個方面發揮作用。

We did a distribution expansion from 230 million to 265 million POPs now covered by our stores.

我們的門店現在覆蓋的 POP 數量從 2.3 億個擴大到 2.65 億個。

We talked a lot about that through '16 and '17.

我們在 16 和 17 年談了很多。

That's now largely complete that phase that we had been talking about.

現在基本上完成了我們一直在談論的那個階段。

The new T-Mobile certainly sees lots of room to run for ongoing distribution expansion, up to 300 million.

新的 T-Mobile 肯定有很大的空間來進行持續的分銷擴張，高達 3 億。

So big future potential there.

那裡的未來潛力如此之大。

And also, as we've been saying, big present potential, because there is a curve to these stores, and we're just now starting to see the productivity that you would expect.

而且，正如我們一直在說的那樣，目前的潛力很大，因為這些商店有一條曲線，我們現在才開始看到你所期望的生產力。

Really running ahead of our expectations, particularly in greenfield areas, where we put a lot of the stores, so that's great.

真的超出了我們的預期，特別是在我們開設了很多商店的綠地地區，所以這很棒。

And then segments, suburban families, prime credit customers, military families, rural customers, over 55, all these are underpenetrated areas where we're starting to see success, and some we've been at, at for a little over a year, some a little less than a year, but in the grand scheme of things, we're just getting started in so many of these areas.

然後是細分市場，郊區家庭，主要信貸客戶，軍人家庭，農村客戶，超過 55 歲，所有這些都是我們開始看到成功的滲透不足的領域，有些我們已經在這一領域工作了一年多，有些還不到一年，但總體而言，我們在這些領域中的許多領域才剛剛起步。

And then finally, business, which I gave a long answer to before.

最後是業務，我之前給出了很長的答案。

We have very low shares, but very high current success rates and that's something that, I think, can only build on itself.

我們的份額非常低，但目前的成功率非常高，我認為這只能依靠自身。

So we're feeling very optimistic right now about the ability to serve wireless customers in more and more segments.

因此，我們現在對在越來越多的細分市場中為無線客戶提供服務的能力感到非常樂觀。

And then on the flip side of that on prepaid.

然後在預付費的另一面。

I mean, is it that you're just not responding to offers in the market from AT&T, because you look at your churn, it's obviously improved year-on-year, absolutely, it's fine.

我的意思是，你只是沒有回應 AT&T 的市場報價嗎，因為你看看你的流失率，它顯然比去年有所改善，絕對沒問題。

But the gross ads are down, I think, a bit.

但我認為，總廣告有所下降。

Is that just not reacting to AT&T?

那隻是對AT&T沒有反應嗎？

Is Sprint taking those customers?

Sprint 是否會吸引這些客戶？

What's going on on prepaid, is there a game plan to reverse that?

預付費是怎麼回事，有什麼遊戲計劃可以扭轉這種情況嗎？

Or you're happy where it's at?

或者你很高興它在哪裡？

Well, the way we think about it, it's all one market.

嗯，按照我們的想法，這是一個市場。

And the way -- I would turn it around and say, AT&T has been forced to retreat to the prepaid part of the market, because it's the only place they can find success.

順便說一句——我會轉過頭來說，AT&T 被迫撤退到市場的預付費部分，因為這是他們唯一可以找到成功的地方。

If you look at total branded nets that prepaid is a subcomponent of, we're up.

如果您查看預付費是其子組件的總品牌網絡，我們就支持了。

We're up sequentially and we're up overall year-over-year.

我們連續上升，整體同比上升。

And so prepaid is a component of that, what you've seen is an approving of our mix with overall branded nets up, more and more of ours are coming from the postpaid side, which is our aspiration, it's what our owners would expect of us, and it's what we're delivering.

所以預付費是其中的一個組成部分，你所看到的是對我們與整體品牌網絡組合的認可，我們越來越多的人來自後付費方面，這是我們的願望，也是我們的所有者所期望的我們，這就是我們正在提供的。

Okay.

好的。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

Okay, one more question, operator.

好的，還有一個問題，接線員。

Absolutely.

絕對地。

We will now take our next question from Brett Feldman with Goldman Sachs.

我們現在將向高盛的 Brett Feldman 提出我們的下一個問題。

I'm actually going to just follow up on the prepaid question.

我實際上只是跟進預付費問題。

Mike, I was hoping you could maybe just talk more about that category.

邁克，我希望你能多談談那個類別。

What has been the shift in the market that you're adjusting to with the rebranding?

通過品牌重塑，您正在適應的市場變化是什麼？

What gives you confidence you can actually rebrand and not maybe trip over your momentum there, because the Metro brand is very well regarded?

是什麼讓您有信心真正重塑品牌，而不是因為 Metro 品牌備受推崇，而不會因為您的勢頭而絆倒？

And then ultimately, how we're going to know if this pivot worked?

然後最終，我們將如何知道這個支點是否有效？

Are you trying to reinvigorate sub growth?

您是否試圖重振次增長？

Or do you think by attaching the T-Mobile brand directly to Metro, you can actually drive ARPUs higher?

或者您認為通過將 T-Mobile 品牌直接附加到 Metro，您實際上可以提高 ARPU 嗎？

Thanks.

謝謝。

Our team under Tom Keys did research here and concluded some very simple things, which is, there's a lot of people on the postpaid side at AT&T and Verizon who ought to be on an offer like Metro.

我們在 Tom Keys 領導下的團隊在這裡進行了研究，並得出了一些非常簡單的結論，那就是 AT&T 和 Verizon 的後付費方面有很多人應該接受 Metro 這樣的報價。

And who weren't giving Metro the kind of consideration because it was seen as so separate.

誰沒有給予 Metro 那種考慮，因為它被視為如此獨立。

And these are all 1 market.

這些都是1個市場。

As John said, when we announced Metro by T-Mobile, prepared and postpaid are increasingly -- the distinction is, when did you pay?

正如約翰所說，當我們宣布 T-Mobile 推出 Metro 時，準備付費和後付費越來越多——區別在於，您什麼時候付款？

At the beginning of the month, or the end of the month?

月初還是月底？

But there has been, over the years, a stigma to it that has caused some postpaid customers not to take a close look.

但多年來，它一直受到恥辱，導致一些後付費客戶沒有仔細觀察。

And we feel like there's a big opportunity to showcase to certain people at AT&T and Verizon who absolutely, based on their credit profile, their income profile, where they live, they ought to be on an offer like Metro, and this is going to put them more in the consideration set to look at us, because it's Metro by T-Mobile.

我們覺得這是一個向 AT&T 和 Verizon 的某些人展示的大好機會，根據他們的信用狀況、收入狀況、居住地，他們絕對應該接受 Metro 這樣的報價，這將他們更多地考慮將目光投向我們，因為它是 T-Mobile 的 Metro。

And you'll see that the T-Mobile brand and network is standing behind Metro.

您會看到 T-Mobile 品牌和網絡支持 Metro。

As to further complexities, remember, the distribution is separate.

至於進一步的複雜性，請記住，分佈是分開的。

So we're not worried about cannibalization rates or some of the internal complexities.

所以我們並不擔心自相殘殺率或一些內部複雜性。

This is just about focusing externally on customers at AT&T and Verizon.

這只是在外部關注 AT&T 和 Verizon 的客戶。

And just to follow-up, it sounds like you'll see this in the sub numbers if it works the way you hope, is that fair?

只是為了跟進，如果它按您希望的方式工作，聽起來您會在子編號中看到這一點，這公平嗎？

Remember, you're going to be looking at the total.

請記住，您將查看總數。

As I said in the last question that Walt was asking, we're chasing overall performance in our branded portfolio and we want to see an improving of the mix over time.

正如我在沃爾特問的最後一個問題中所說，我們正在追求品牌組合的整體表現，我們希望看到隨著時間的推移組合有所改善。

Prepaid plays an important role in that.

預付在其中扮演著重要的角色。

So yes, but we'll be looking at the total competitiveness of the company, not any one particular subcomponent.

所以是的，但我們將關注公司的整體競爭力，而不是任何一個特定的子組件。

Yes, want to thank everyone for tuning in to today's call.

是的，感謝大家收聽今天的電話。

We look forward to speaking to you again next quarter and continuing the tradition.

我們期待著下個季度再次與您交談並繼續這一傳統。

Thank you very much.

非常感謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes the T-Mobile U.S. Third Quarter 2018 Earnings Call.

T-Mobile 美國 2018 年第三季度財報電話會議到此結束。

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

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。

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，度過愉快的一天。