T-Mobile US Inc (TMUS) 2022 Q2 法說會逐字稿

Good morning. Following opening remarks, the earnings call will be open for questions (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. Please go ahead, sir.

早上好。在開幕致辭之後，收益電話會議將公開提問（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。請繼續，先生。

All right. Welcome to T-Mobile's Second Quarter 2022 Earnings Call. 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.

好的。歡迎參加 T-Mobile 2022 年第二季度財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert；我們的首席財務官 Peter Osvaldik；以及高級領導團隊的其他成員。

During this call, we 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. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review. Our earnings release, investor fact book and other documents related to the quarter as well as reconciliations between our GAAP and non-GAAP metrics can be found on the Quarterly Results section of the Investor Relations website. Also, we're in a quiet period for Auction 108, so we cannot discuss or comment on anything related to the 2.5 gigahertz licenses.

在本次電話會議期間，我們將做出前瞻性陳述，其中涉及許多可能導致實際結果與我們的前瞻性陳述產生重大差異的風險和不確定性。我們在提交給 SEC 的文件中提供了一份全面的風險因素列表，我鼓勵您對其進行審查。我們的收益發布、投資者概況和其他與本季度相關的文件以及我們的 GAAP 和非 GAAP 指標之間的對賬可以在投資者關係網站的季度業績部分找到。此外，我們正處於 Auction 108 的靜默期，因此我們無法討論或評論與 2.5 GHz 許可證相關的任何事情。

And with that, let me turn the call over to Mike.

有了這個，讓我把電話轉給邁克。

Okay. Thanks, Jud. Good morning, everybody. Well, you can see, if you're watching us live on the Web stream, we've got most of our senior team here in New York City today, and we are here to share our Q2 results. And I am extremely proud of our team for delivering another quarter of great results while completing major integration milestones.

好的。謝謝，賈德。大家早上好。好吧，您可以看到，如果您在網絡直播上觀看我們的直播，我們今天的大部分高級團隊都在紐約市，我們在這里分享我們的第二季度業績。我為我們的團隊在完成主要集成里程碑的同時又取得了四分之一的好成績感到非常自豪。

Q2 was another strong quarter of industry-leading growth for us in customers, postpaid service revenues and EBITDA. And based on our momentum, we are raising our full year guidance across the board again. This just shows that the Un-carrier playbook, putting customers first and providing them with the best value and the best network, continues to work in a competitive climate and in the changing macroeconomic environment.

第二季度是我們在客戶、後付費服務收入和 EBITDA 方面實現行業領先增長的又一個強勁季度。基於我們的勢頭，我們再次全面提高全年指導。這只是表明，將客戶放在首位並為他們提供最佳價值和最佳網絡的 Un-carrier 劇本在競爭激烈的環境和不斷變化的宏觀經濟環境中繼續發揮作用。

Before I go into our results, I do want to take a moment to acknowledge this challenging economic climate for consumers and businesses and what T-Mobile is doing to help customers stay connected. Inflation has been dominating headlines and dinner table conversations. It's a reality that millions of American families are facing as prices every day for essentials are skyrocketing all around them. That's why we did what the Un-carrier does best with 3 big moves last quarter to help customers when they need it most. Prioritizing customers' needs is exactly what continues to fuel our growth.

在談到我們的結果之前，我確實想花點時間承認這種對消費者和企業來說充滿挑戰的經濟環境，以及 T-Mobile 正在採取哪些措施來幫助客戶保持聯繫。通貨膨脹一直佔據頭條新聞和餐桌談話的主導地位。這是數百萬美國家庭面臨的現實，因為他們周圍的必需品每天都在飛漲。這就是為什麼我們做了 Un-carrier 上個季度最擅長的 3 大舉措，以便在客戶最需要的時候幫助他們。優先考慮客戶的需求正是我們持續增長的動力。

Others in the industry notified their customers that their already overpriced bills are going up when they could least afford it. Naturally, some have asked when will T-Mobile raise its rates. Well, building on our proud history as the Un-carrier, our answer is that we're not. Instead, we introduced price lock. We're standing by our commitment to customers and those who switched to T-Mobile that we won't raise the price of their rate plans.

業內其他人通知他們的客戶，他們已經高估的賬單在他們最買不起的時候上漲。自然，有人問 T-Mobile 何時會提高費率。好吧，基於我們作為非承運人的自豪歷史，我們的答案是我們不是。相反，我們引入了價格鎖定。我們恪守對客戶和那些改用 T-Mobile 的客戶的承諾，即我們不會提高他們的費率計劃的價格。

We're here to help broadband customers across the country as well with our recent launch of Internet Freedom. Broadband customers are some of the least satisfied in America, the fees, the contracts, the price hikes, the terrible customer service, it's all ridiculous. And it looks a lot like the wireless industry a decade ago. But it's all changing because we're making it easy for customers to break up with big Internet, lock in their price and finally feel appreciated.

我們也在這里通過我們最近推出的 Internet Freedom 來幫助全國的寬帶客戶。寬帶用戶在美國是最不滿意的，收費、合同、價格上漲、糟糕的客戶服務，這一切都是荒謬的。它看起來很像十年前的無線行業。但這一切都在改變，因為我們讓客戶可以輕鬆地與大互聯網分手，鎖定他們的價格並最終感到被欣賞。

And we made T-Mobile Business Internet available nationwide, which makes T-Mobile the first and only nationwide Internet provider for business. And third, we saw another opportunity to help customers as travel is on the rebound. But like everything else, travel has become more expensive and more complicated. So T-Mobile launched Coverage Beyond to help people get back out there and save money while doing it.

我們在全國范圍內提供 T-Mobile 商務互聯網，這使 T-Mobile 成為第一個也是唯一一個全國性的商業互聯網提供商。第三，隨著旅遊業的複蘇，我們看到了另一個幫助客戶的機會。但就像其他一切一樣，旅行變得更加昂貴和復雜。因此，T-Mobile 推出了 Coverage Beyond，以幫助人們回到那裡並在這樣做的同時節省資金。

We've got customers covered across the U.S., on their airline flights, on the road and in more than 210 countries and destinations. This is what the Un-carrier is all about, chasing down customer pain points and smashing them. And right now, with this economy, there are a lot of pain points out there. And you know what? This strategy works again and again.

我們的客戶遍及美國各地，包括他們的航空公司航班、旅途中以及 210 多個國家和目的地。這就是 Un-carrier 的全部意義所在，追踪客戶的痛點並粉碎它們。現在，在這種經濟環境下，存在很多痛點。你知道嗎？這種策略一次又一次地奏效。

We delivered another industry-leading quarter of both customer and financial growth. In fact, we posted a record 380,000 postpaid account net adds, the highest in company history and the highest reported in the industry yet again. As I've said before, this measure of total billing relationships is a strong barometer that we're winning the switching decisions in this industry.

我們實現了另一個行業領先的季度客戶和財務增長。事實上，我們發布了創紀錄的 380,000 個後付費賬戶淨新增，這是公司歷史上的最高記錄，也是行業報告的最高記錄。正如我之前所說，這種對總計費關係的衡量是一個強有力的晴雨表，我們正在贏得這個行業的轉換決策。

I know the competitive market trends are top of mind, and here's what we saw in Q2. Postpaid switching activity increased year-over-year, and we benefited from more than our fair share of those switching decisions. Importantly, our network and brand are consistently attracting the industry's best customers, driving the prime mix of our customer base to an all-time high.

我知道競爭激烈的市場趨勢是最重要的，這就是我們在第二季度看到的。後付費轉換活動逐年增加，我們從這些轉換決策中獲得的收益超過了我們應得的份額。重要的是，我們的網絡和品牌一直在吸引業內最好的客戶，將我們客戶群的主要組合推向歷史新高。

And we delivered our highest ever Q2 postpaid net additions with an industry best 1.7 million, more than AT&T and Verizon combined again. This includes 723,000 postpaid phone net adds. Our postpaid phone churn dropped 13 basis points sequentially to 0.80%, and we were the only wireless service provider to improve year-over-year.

我們實現了有史以來最高的第二季度後付費淨增加量，達到了行業最高的 170 萬，再次超過了 AT&T 和 Verizon 的總和。這包括 723,000 個後付費電話網添加。我們的後付費電話流失率環比下降 13 個基點至 0.80%，我們是唯一一家同比改善的無線服務提供商。

In fact, delivering lower churn than Verizon for the first time ever on a combined basis, including Sprint. The fact that our all-in churn, including Sprint, is trending so strongly just 2 years out from our merger shows our team's fantastic progress, and it is exactly what we told you would happen.

事實上，在包括 Sprint 在內的綜合基礎上，首次提供比 Verizon 更低的客戶流失率。合併後僅 2 年，包括 Sprint 在內的全員流失趨勢如此強勁，這表明我們團隊取得了驚人的進步，而這正是我們告訴您會發生的事情。

Okay. Let's talk about high-speed Internet, where our team delivered 560,000 net additions. I'm pretty confident that we'll see T-Mobile as the fastest-growing broadband provider in the industry for the third consecutive quarter and most likely by a wide margin.

好的。讓我們談談高速互聯網，我們的團隊在其中交付了 560,000 次淨增。我非常有信心，我們將連續第三個季度將 T-Mobile 視為業內增長最快的寬帶提供商，而且很可能大幅增長。

Demand continues to build from dissatisfied suburban cable customers to underserved customers in smaller markets and rural areas. I am so excited to see our broadband business hit this pace, which puts us right on track to meet the multiyear ambitions we shared with you last year.

需求繼續從不滿意的郊區有線電視客戶增加到較小市場和農村地區服務不足的客戶。我很高興看到我們的寬帶業務達到這樣的速度，這使我們走上了實現我們去年與您分享的多年抱負的正軌。

We continue to see great customer adoption of Magenta MAX, which is helping drive our strong ARPU and ARPA trends. With the trends we're seeing, we now expect postpaid ARPA to be up roughly 3% in 2022. These results reflect our differentiated strategy to unlock growth across smaller markets and rural areas, T-Mobile for Business, network seekers in the top 100 markets who hadn't previously considered us, and in new product categories like 5G broadband.

我們繼續看到大量客戶採用 Magenta MAX，這有助於推動我們強勁的 ARPU 和 ARPA 趨勢。根據我們所看到的趨勢，我們現在預計後付費 ARPA 將在 2022 年增長約 3%。這些結果反映了我們在小型市場和農村地區、T-Mobile for Business、前 100 名網絡尋求者中釋放增長的差異化戰略以前沒有考慮過我們的市場，以及 5G 寬帶等新產品類別。

They also reflect the strength of our network leadership, as supported by nearly every third party. Recent reports from Ookla and PCMagazine not only recognize T-Mobile for the fastest and most available 5G network, but for the best overall network experience. And OpenSignal recently reported that not only did our average speeds increase yet again, the gap over the competition widened even further despite their C-band deployments. We are winning this race. And as I've been telling you, we plan to stay ahead.

它們還反映了我們網絡領導力的力量，幾乎得到了所有第三方的支持。來自 Ookla 和 PCMagazine 的最新報告不僅認可 T-Mobile 提供了最快和最可用的 5G 網絡，而且還提供了最佳的整體網絡體驗。 OpenSignal 最近報導說，我們的平均速度不僅再次提高，而且在競爭中的差距進一步擴大，儘管他們部署了 C 波段。我們正在贏得這場比賽。正如我一直告訴你的那樣，我們計劃保持領先。

And speaking of network, we just hit some major integration milestones. Just over 2 years since we closed the merger, we have successfully shut down most of the Sprint network. As of the end of the quarter, we had cumulatively decommissioned nearly 2/3 of the 35,000 targeted sites and can now report that we will be substantially complete by the end of Q3 this current quarter. Remarkable work by the team to deliver these milestones ahead even of our recent year-end target and more than a year earlier than our original merger plan.

說到網絡，我們剛剛達到了一些主要的集成里程碑。自我們完成合併僅 2 年多，我們就成功關閉了大部分 Sprint 網絡。截至本季度末，我們已經累計停用了 35,000 個目標站點中的近 2/3，現在可以報告我們將在本季度第三季度末基本完成。團隊為實現這些里程碑所做的出色工作甚至超過了我們最近的年終目標，並且比我們最初的合併計劃提前了一年多。

Before I wrap up, I want to touch on cybersecurity, following the criminal attack we experienced roughly a year ago. Protecting our customers' data is a top priority for the company, which is why following the attack, we immediately took additional steps to protect our customers. We created a cyber transformation office and engaged some of the top -- world's top experts to help.

在結束之前，我想談談網絡安全，這是我們大約一年前經歷的犯罪攻擊之後的事情。保護我們客戶的數據是公司的首要任務，這就是為什麼在攻擊發生後，我們立即採取了額外的措施來保護我們的客戶。我們創建了一個網絡轉型辦公室，並聘請了一些世界頂級專家來提供幫助。

We're investing hundreds of millions of dollars to enhance our data security tools and capabilities to transform our cybersecurity program. We always knew that there would unfortunately be financial consequences from this attack, and we were pleased to recently reach settlements that will resolve the class actions and most of the consumer claims.

我們正在投資數億美元來增強我們的數據安全工具和能力，從而改變我們的網絡安全計劃。我們一直都知道這次攻擊會不幸造成財務後果，我們很高興最近達成和解，解決集體訴訟和大多數消費者索賠。

Together, we believe these settlements will represent the biggest component of those impacts. These costs were contemplated in our financial guidance and the amounts are consistent with precedents we've seen in other similar agreements. We're now focused on moving forward as we continue to invest in and enhance our company's cybersecurity.

總之，我們相信這些定居點將代表這些影響的最大組成部分。這些成本在我們的財務指導中有所考慮，金額與我們在其他類似協議中看到的先例一致。隨著我們繼續投資和加強公司的網絡安全，我們現在專注於向前發展。

Okay. Let me give a quick recap before I hand things over to Peter. I am very pleased with our company's performance and progress against our ambitious multiyear goals. Again, this quarter, we outperformed against our plans and again led the industry in net additions of postpaid customers and growth in postpaid service revenue, core adjusted EBITDA and cash flows. And as a result, we raised our guidance across the board again.

好的。在我把事情交給彼得之前，讓我快速回顧一下。我對我們公司在實現雄心勃勃的多年目標方面的表現和進展感到非常滿意。同樣，本季度，我們的表現超出了我們的計劃，並在後付費客戶的淨增加和後付費服務收入、核心調整後 EBITDA 和現金流的增長方面再次引領行業。因此，我們再次全面提高了我們的指導。

The Un-carrier value proposition resonates, and it's so well tuned to the (inaudible). People want the best network and now more than ever they wanted at the best value from a team that's obsessed with their satisfaction. Our strategy is so simple, but maybe that's why it works quarter after quarter, year after year.

Un-carrier 價值主張引起了共鳴，並且非常適合（聽不清）。人們想要最好的網絡，現在他們比以往任何時候都更希望從一個痴迷於他們滿意度的團隊那裡獲得最佳價值。我們的策略如此簡單，但也許這就是為什麼它一個季又一個季度、年復一年地奏效。

Okay, Peter, over to you to talk about our key financial highlights from Q2 and our increased guidance for 2022 in more detail.

好的，彼得，請您詳細談談我們第二季度的主要財務亮點以及我們對 2022 年增加的指導。

All right. Thanks, Mike. As you can see, we delivered another strong quarter with our Q2 results. Our industry-leading growth in postpaid accounts and postpaid ARPA resulted in the best postpaid service revenue growth in the industry, up over 9% year-over-year.

好的。謝謝，邁克。如您所見，我們在第二季度的業績中又迎來了一個強勁的季度。我們在後付費賬戶和後付費 ARPA 方面的行業領先增長帶來了業內最佳的後付費服務收入增長，同比增長超過 9%。

That strong service revenue growth, combined with our continued execution on merger synergies, delivered year-over-year core adjusted EBITDA growth of 10% for the second quarter in a row. This just highlights our profitable growth strategy when compared to the year-over-year decline in EBITDA margins that you see from others in our industry. That growth in profitability fueled higher operating cash flow and enabled us to deliver industry-leading growth in free cash flow while accelerating our CapEx investments in the network.

強勁的服務收入增長，加上我們對合併協同效應的持續執行，連續第二季度實現核心調整後 EBITDA 同比增長 10%。與您從我們行業的其他公司看到的 EBITDA 利潤率同比下降相比，這突出了我們的盈利增長戰略。盈利能力的增長推動了更高的運營現金流，使我們能夠實現行業領先的自由現金流增長，同時加速我們對網絡的資本支出投資。

And finally, I wanted to highlight a few special items that impacted earnings for the quarter. As we foreshadowed last quarter with the shutdown of the Sprint network, certain wireline assets acquired in the merger will no longer support the wireless business. As a result, we took a noncash impairment charge of $477 million on a pretax basis in Q2.

最後，我想強調一些影響本季度收益的特殊項目。正如我們上個季度 Sprint 網絡關閉所預示的那樣，合併中收購的某些有線資產將不再支持無線業務。因此，我們在第二季度按稅前基礎計提了 4.77 億美元的非現金減值費用。

In addition, we recorded a $400 million pretax charge related to the $350 million class action settlement and other expenses from the data breach a year ago, which was within our guidance expectations for the year.

此外，我們記錄了 4 億美元的稅前費用，與一年前的 3.5 億美元集體訴訟和解和其他數據洩露費用有關，這在我們今年的指導預期之內。

All right. Let's jump into the details of our increased guidance across the board for 2022. We now expect total postpaid net customer additions to be between 6 million and 6.3 million, up 600,000 at the midpoint, reflecting both the great execution of our differentiated growth strategy and progress on reducing Sprint churn. We continue to expect nearly half of postpaid net adds will be coming from phones for the full year.

好的。讓我們來詳細了解我們對 2022 年全面增加的指導。我們現在預計後付費淨客戶總數將在 600 萬至 630 萬之間，中點增加 60 萬，這反映了我們差異化增長戰略的出色執行和進展關於減少 Sprint 流失。我們繼續預計全年近一半的後付費淨增加將來自手機。

As we mentioned last quarter, the net adds guidance does not include the subset of customers who we do not expect to migrate upon our network sunsets, which were treated as a base adjustment. As we began the orderly network shutdowns at the end of Q2, we took an adjustment of 284,000 postpaid phones in line with what we had guided, as well as 946,000 postpaid other devices that were not practical to be upgraded.

正如我們上個季度提到的那樣，淨增加指南不包括我們不希望在我們的網絡日落時遷移的客戶子集，這被視為基本調整。隨著我們在第二季度末開始有序的網絡關閉，我們按照我們的指導調整了 284,000 部後付費電話，以及 946,000 部無法升級的其他後付費設備。

Turning to core adjusted EBITDA. We now expect full year 2022 to be between $26 billion and $26.3 billion, up more than 10% year-over-year at the midpoint and up $150 million from our prior guidance, driven by our profitable growth in service revenues and merger synergies. This excludes leasing revenues, which we expect to be between $1.2 billion to $1.4 billion, as we continue to transition Sprint customers off device leasing.

轉向核心調整後的 EBITDA。我們現在預計 2022 年全年將在 260 億美元至 263 億美元之間，中點同比增長 10% 以上，比我們之前的指引增長 1.5 億美元，這得益於我們在服務收入和合併協同效應方面的盈利增長。這不包括租賃收入，我們預計將在 12 億至 14 億美元之間，因為我們將繼續讓 Sprint 客戶擺脫設備租賃。

We now expect merger synergies to be between $5.4 billion to $5.6 billion, up $200 million at the midpoint as we unlock more network savings driven by accelerated site decommissioning. Merger-related costs, which are not included in core adjusted EBITDA, are expected to be between $4.7 billion and $5.0 billion before taxes, primarily representing network activities.

我們現在預計合併協同效應將在 54 億美元至 56 億美元之間，在中點增加 2 億美元，因為我們通過加速站點退役來釋放更多的網絡節省。未包括在核心調整後 EBITDA 中的合併相關成本預計在稅前 47 億美元至 50 億美元之間，主要代表網絡活動。

With Q2 being the peak quarter, we expect that Q3 will be closer to Q1 levels, and then taper off in Q4. Net cash provided by operating activities, including payments for merger-related costs, are now expected to be in the range of $16 billion to $16.3 billion, up more than 10% year-over-year at the midpoint and up $250 million from the prior guidance.

由於第二季度是高峰季度，我們預計第三季度將接近第一季度的水平，然後在第四季度逐漸減少。經營活動提供的淨現金，包括合併相關成本的支付，目前預計在 160 億美元至 163 億美元之間，中點同比增長 10% 以上，比上年增長 2.5 億美元指導。

Turning to cash CapEx. We now expect it to be between $13.5 billion and $13.7 billion, which is up $250 million at the midpoint with both the robust pace of our 5G deployment and our success in high-speed Internet, where we capitalize the routers.

轉向現金資本支出。我們現在預計它將在 135 億美元和 137 億美元之間，在中點增加 2.5 億美元，因為我們 5G 部署的強勁步伐以及我們在高速互聯網方面的成功，我們利用路由器。

Together, we now expect free cash flow, including payments for merger-related costs, to be in the range of $7.3 billion to $7.6 billion, which we raised $50 million at the midpoint. This is up more than 30% over last year, even with the higher levels of investment and does not assume any material net cash inflows from securitization.

我們現在預計自由現金流（包括合併相關成本的支付）將在 73 億美元至 76 億美元之間，我們在中點籌集了 5000 萬美元。這比去年增長了 30% 以上，即使在投資水平較高的情況下，也沒有假設證券化帶來任何重大的淨現金流入。

We continue to expect our full year effective tax rate to be between 24% and 26%. And finally, as we successfully executed our strategy to continuously deepen our account relationships, we now expect full year postpaid ARPA to be up 3%, and we expect postpaid phone ARPU to be up approximately 2% for the full year driven by continued customer adoption of value-add services, including Magenta MAX.

我們繼續預計我們的全年有效稅率將在 24% 至 26% 之間。最後，隨著我們成功執行不斷深化客戶關係的戰略，我們現在預計全年後付費 ARPA 將增長 3%，我們預計在持續客戶採用的推動下，全年後付費電話 ARPU 將增長約 2%增值服務，包括 Magenta MAX。

Before I wrap up, I want to celebrate an important milestone of achieving an investment-grade corporate family rating for the first time in our company's history. With the Moody's upgrade last week, in addition to our existing investment-grade rating from Fitch, T-Mobile now has investment-grade ratings from 2 of the 3 top ratings agencies. This is proof of the investment community's confidence in our Un-carrier playbook, delivering on our substantial -- delivering on our accelerated merger integration and synergies executing on our differentiated growth strategy and our ability to translate that into unprecedented free cash flow.

在結束之前，我想慶祝我們公司歷史上首次獲得投資級企業家族評級的重要里程碑。隨著穆迪上週上調，除了我們現有的惠譽投資級評級外，T-Mobile 現在還獲得了 3 家頂級評級機構中的 2 家的投資級評級。這證明了投資界對我們的 Un-carrier 劇本的信心，實現了我們的實質性 - 實現了我們加速合併整合和執行我們差異化增長戰略的協同效應，以及我們將其轉化為前所未有的自由現金流的能力。

And with that, I will now turn the call back to Jud to begin the Q&A.

有了這個，我現在將電話轉回給 Jud 開始問答。

Thanks, Peter. Let's get to your questions. (Operator Instructions) We'll start with a question on the phone. Operator, first question, please.

謝謝，彼得。讓我們來回答你的問題。 （操作員說明）我們將從電話中的一個問題開始。接線員，第一個問題，請。

We'll go first to David Barden with Bank of America.

我們將首先與美國銀行的大衛巴登聯繫。

So obviously, Peter, congratulations on the IG rating. Obviously, everyone's going to want to know how that informs your plans to begin executing on the stock buyback program and kind of your maybe updated thoughts around that in light of the recent actions?

很明顯，彼得，祝賀你的 IG 評級。顯然，每個人都想知道這如何影響您開始執行股票回購計劃的計劃，以及您根據最近的行動可能對此有何更新的想法？

And I guess second, if I could, just on the guidance increase in core adjusted EBITDA of $150 million. With the merger synergies now going up to $200 million, 2Q results kind of being, I think, ahead of where street expectations were, and in light of the new wholesale agreement that you struck with DISH, which likely means that the kind of pressure on the wholesale business is not going to be nearly as much as was feared, I guess, it sounds to me like that $150 million could be larger. And if you could talk a little bit about maybe some of the reasons why it might not be larger given some of the inflation and the other pressures in the market?

如果可以的話，我想第二個，只是核心調整後 EBITDA 的指導增加 1.5 億美元。隨著合併協同效應現在上升到 2 億美元，我認為第二季度的結果有點超出了市場的預期，並且鑑於你與 DISH 達成的新批發協議，這可能意味著對批發業務不會像人們擔心的那樣多，我想，在我看來，1.5 億美元可能會更大。如果你能談談考慮到一些通貨膨脹和市場上的其他壓力，它可能不會更大的一些原因？

I'll start with the first one and then get Peter wound up to answer the second one. First of all, I just want to congratulate this whole team and our finance department and Peter, first and foremost, for achieving this major milestone.

我將從第一個開始，然後讓彼得結束回答第二個。首先，我只想祝賀整個團隊和我們的財務部門，首先是最重要的，祝賀彼得實現了這一重要里程碑。

We have sought to be an investment-grade issuer for many years. It's been a goal of ours. And now we have 2 of the 3 rating agencies. I certainly hope to see S&P soon. And that's just an exciting moment for us, and particularly with what has happened this year in the high-yield market, it's particularly important.

多年來，我們一直致力於成為投資級發行人。這是我們的一個目標。現在我們有 3 個評級機構中的 2 個。我當然希望很快看到標準普爾。這對我們來說只是一個激動人心的時刻，尤其是考慮到今年在高收益市場上發生的事情，這一點尤為重要。

As we've said all along about the share buybacks, there was no preset designated things that needed to be accomplished before our Board would deliberate on this. But with where high-yield markets are right now, clearly, this is a very important milestone.

正如我們一直所說的股票回購，在我們的董事會對此進行審議之前，沒有預設的指定事情需要完成。但就目前的高收益市場而言，這顯然是一個非常重要的里程碑。

Unfortunately, we don't have an update for you other than to reiterate what we told you in the past. Looking at all of our momentum, our financial performance, we continue to see upwards of $60 billion in share buybacks in '23, '24 and '25 in total with the possibility of beginning sooner. And absolutely, nothing has changed on that front. But we've accomplished some very important milestones toward that end.

不幸的是，除了重申我們過去告訴您的內容外，我們沒有任何更新可供您使用。從我們的所有動力和財務表現來看，我們繼續看到 23 年、24 年和 25 年總共有超過 600 億美元的股票回購，並且有可能更早開始。絕對，在這方面沒有任何改變。但我們已經為此完成了一些非常重要的里程碑。

Absolutely. All right, Dave. And on your other question of core adjusted EBITDA and what are we seeing from inflation, what are we seeing from DISH and with synergies up $200 million and core adjusted EBITDA of $150 million, what are some of the delta items in there.

絕對地。好的，戴夫。關於核心調整後 EBITDA 的另一個問題，我們從通貨膨脹中看到了什麼，我們從 DISH 看到了什麼，協同效應增加了 2 億美元，核心調整後 EBITDA 為 1.5 億美元，其中的一些增量項目是什麼。

So first, just with regards to DISH. I think we're very pleased to have reached agreement, gone through all of the settlements of the disputes as well as the CDMA shutdown. And we're looking forward to being great partners with DISH in the future.

首先，關於 DISH。我認為我們很高興達成協議，完成了所有爭端的解決以及 CDMA 關閉。我們期待在未來成為 DISH 的優秀合作夥伴。

The agreement, as of the struck, gives us tremendous visibility into what revenues will be in the coming years. And while that's down over Analyst Day expectations, it's about 3/4 of what we anticipated at Analyst Day through the duration of the plan period. So very pleased with that.

協議簽訂後，讓我們對未來幾年的收入有很大的了解。雖然這低於分析師日的預期，但在整個計劃期間，這大約是我們在分析師日預期的 3/4。對此非常滿意。

The other thing I'll say from an inflation perspective, as we've talked before, there's been a great, great work by Neville and his team to early on lock in a lot of our significant cost into long-term contracts, whether that was on the CapEx side with the OEM vendors as the network rollout happened, whether it was with tower operators, whether that was with backhaul. So we've been able to get a lot of those costs fixed.

我將從通貨膨脹的角度說的另一件事，正如我們之前談到的那樣，內維爾和他的團隊進行了一項偉大而偉大的工作，以儘早將我們的大量成本鎖定在長期合同中，無論是隨著網絡的推出，無論是與鐵塔運營商合作，還是與回程合作，都與 OEM 供應商合作。因此，我們已經能夠固定很多這些成本。

Of course, we're seeing some pressure, as everybody else is, particularly in the labor space, but that's all contemplated into the guide itself. Synergy is up $200 million is just, again, speaks to Neville and his team and how quickly they're moving on decommissioning in a very efficient and customer-friendly manner.

當然，我們看到了一些壓力，就像其他人一樣，特別是在勞動力領域，但這一切都在指南本身中得到了考慮。 Synergy 增加了 2 億美元，這再次與 Neville 和他的團隊以及他們以非常有效和對客戶友好的方式進行退役的速度進行了交談。

And the other thing I'll point to is we just raised net adds guidance by 600,000 at the midpoint. So obviously, the S part of SG&A will be the thing that we're investing in to drive that growth, as well as that quicker acceleration of the network allows Neville to continue building quicker and you have some earlier costs associated with that, which, of course, pays off in the ability to acquire customers with this value prop. So those are all the components as I think about them.

我要指出的另一件事是，我們剛剛在中點增加了 600,000 的淨增加指導。很明顯，SG&A 的 S 部分將是我們為推動增長而投資的部分，以及更快的網絡加速使 Neville 能夠繼續更快地建設，並且您有一些與此相關的早期成本，其中，當然，用這種價值道具獲得客戶的能力是值得的。所以這些都是我想到的所有組件。

David, that last point is particularly important to me. As you've seen something from this report, you've seen that we have incredible momentum right now on growth. I mean more postpaid net additions than AT&T and Verizon combined, plus -- or including 560,000, by and large, high-speed Internet connections.

大衛，最後一點對我來說特別重要。正如您從本報告中看到的那樣，您已經看到我們現在的增長勢頭令人難以置信。我的意思是比 AT&T 和 Verizon 的總和還要多的後付費淨增加，再加上——或包括 560,000 個，總的來說，高速互聯網連接。

And those things cost us money to generate that growth in an in-period basis. And so we're anticipating, as you saw in the guide, continued success there. Also, our accounting approach, as Peter has explained in the past, is a little different than our competitors. We take the preponderance of those costs in period rather than racking up millions of dollars on our balance sheet that would come in the form of negative revenue charges later. So those are some of the key things that explain the difference between the increase in synergies and the increase in EBITDA.

而這些事情讓我們花費了金錢來在周期內產生這種增長。因此，正如您在指南中看到的那樣，我們期待在那裡繼續取得成功。此外，正如彼得過去解釋的那樣，我們的會計方法與我們的競爭對手略有不同。我們在一段時間內承擔了這些成本的優勢，而不是在我們的資產負債表上積累數百萬美元，這將在以後以負收入費用的形式出現。因此，這些是解釋協同效應增加與 EBITDA 增加之間差異的一些關鍵因素。

We'll go next to Simon Flannery with Morgan Stanley.

我們將和摩根士丹利一起去西蒙弗蘭納里。

Great. A couple on fixed wireless, if I could. First, if you could just update us. I think you talked about account growth being driven by fixed wireless. Can you just talk about new to T-Mobile, what's that doing in terms of pulling through phone adds and into reducing churn, what sort of impact you're seeing as this becomes a more important part every month of the base?

偉大的。如果可以的話，一對夫婦在固定無線上。首先，如果你能更新我們。我認為您談到了由固定無線驅動的帳戶增長。您能否談談 T-Mobile 的新成員，在增加手機數量和減少客戶流失方面做了什麼，您看到了什麼樣的影響，因為這成為每個月基礎的更重要的部分？

And then, I guess, a question for Neville and a way you're at 560,000 this quarter, annualizing at over 2 million. It seems like it's accelerating on a steady basis. If you extrapolate that out, that takes you pretty much to the top end of that 7 million to 8 million. By '25, it looks like you could exceed it. What's your capability in terms of network capacity to handle the 5 -- more than, say, 500,000, 600,000 adds per quarter? Or is this going to be sort of the run rate to take us to that guidance by 2025?

然後，我想，內維爾的問題和你本季度達到 560,000 的方式，年化超過 200 萬。似乎它正在穩步加速。如果您推斷出這一點，那您幾乎可以達到 700 萬到 800 萬的上限。到 25 年，您似乎可以超越它。您在處理 5 個網絡容量方面的能力是什麼？比方說，每季度增加 500,000 到 600,000 次？或者這是否會成為到 2025 年將我們帶到該指導的運行速度？

Great. Well, I'll jump in first and then turn it to Neville. I am so delighted with what's happening here. I mean 560,000 net adds is a run rate that if you just do the math, it gets us to the goals that we've established.

偉大的。好吧，我會先跳進去，然後把它交給內維爾。我對這裡發生的事情感到非常高興。我的意思是 560,000 的淨添加是一個運行率，如果你只是做數學，它會讓我們達到我們已經建立的目標。

And so this is really now a run rate business that we're very excited to be seeing success around. And not a lot has changed in that, it remains the case that the majority of our net additions are coming from existing T-Mobile customers. And that's terrific to see. And we not only like that trend, but we doubled down on it with offers during the quarter.

所以這現在真的是一個運行率的業務，我們很高興看到成功。在這方面並沒有太大變化，我們的大部分淨增加仍然來自現有的 T-Mobile 客戶。這真是太棒了。我們不僅喜歡這種趨勢，而且我們在本季度通過報價加倍努力。

As you saw, Internet Freedom put in an exciting offer for Magenta MAX customers to create a bundle, and we've seen the uptake of that has been really terrific. So for example, loading of the new high-speed Internet product late in the quarter and early in this quarter has been coming in a little above $45 as compared to $49 to $50 in the base. So you see that you're getting the benefit of that bundle blended in now and most of the sales continue to be to our existing customers.

正如您所看到的，Internet Freedom 為 Magenta MAX 客戶提供了一個令人興奮的優惠來創建一個捆綁包，我們已經看到它的吸收非常好。例如，在本季度末和本季度初加載新的高速互聯網產品的價格略高於 45 美元，而基礎價格為 49 至 50 美元。因此，您會看到您現在從該捆綁包中受益，並且大部分銷售繼續面向我們現有的客戶。

That being said, it also is a terrific front door for the company. And you can see that it's driving new relationships. But increasingly, those new relationships are not just stopping at high-speed Internet. So they're coming in buying high-speed Internet and then going ahead and switching, including Magenta MAX. So that's starting to work as a very successful cycle. Anything to add to that, Mike or Jon?

話雖如此，它也是公司的一個了不起的前門。你可以看到它正在推動新的關係。但越來越多地，這些新關係不僅僅停留在高速互聯網上。因此，他們開始購買高速互聯網，然後繼續進行切換，包括 Magenta MAX。因此，這開始成為一個非常成功的周期。有什麼要補充的嗎，邁克還是喬恩？

The only other thing I would add is we're also seeing more and more customers pick both at the point of sale. I think a dynamic that's been driven by exactly what you just said, Mike, this powerful bundling that we've done with Magenta MAX.

我要補充的唯一另一件事是，我們也看到越來越多的客戶在銷售點同時選擇兩者。我認為正是你剛才所說的推動了一種動態，邁克，我們用 Magenta MAX 完成的這個強大的捆綁。

And we continue to see growth coming from the 2 areas that Mike said upfront, about 2/3 coming from suburban and urban environments, where they're switching from cable, and 1/3 coming from rural, where we are the only high-speed alternative. And that's been an exciting area and pocket of growth that we'll continue to expand as the network expands.

我們繼續看到邁克前面提到的兩個領域的增長，大約 2/3 來自郊區和城市環境，他們正在從有線電視轉換，1/3 來自農村，我們是唯一的高 -速度替代。這是一個令人興奮的領域和增長點，隨著網絡的擴展，我們將繼續擴展。

A little over half were switching from cable. And here's an interesting thing that came out in the umlaut study this past month. And this is based on comprehensive -- it's Ookla comprehensive speed test. And for the first time, T-Mobile 5G surpassed the nationwide speeds of cable providers, looking at Comcast and Charter on cable connections as compared to T-Mobile customers on 5G smartphones, the T-Mobile customer 5G speed test nationwide median were higher. And that really shows you one more data point on the competitiveness of our ability to use this network to serve high-speed Internet customers. Okay. Second question.

一半多一點的人正在從電纜切換。上個月的變音符號研究中發現了一件有趣的事情。這是基於綜合的——它是Ookla 綜合速度測試。 T-Mobile 5G 首次超過全國有線電視供應商的速度，從 Comcast 和 Charter 的有線電視連接來看，與使用 5G 智能手機的 T-Mobile 客戶相比，T-Mobile 客戶在全國范圍內的 5G 速度測試中位數更高。這確實向您展示了我們使用該網絡為高速互聯網客戶提供服務的能力的競爭力的另一個數據點。好的。第二個問題。

Yes. Thanks. Thanks, Simon. You've opened the door for me to talk about 5G network. Lots to talk about.

是的。謝謝。謝謝，西蒙。你為我打開了談論 5G 網絡的大門。有很多話要說。

That's all the time we have.

這就是我們所有的時間。

I'll be brief. The in-home broadband story, it's just a tremendous testament to the progress we've made with rolling out at a really accelerated pace to our 5G network. I mean, we clearly have a very strong leadership position on 5G. It's significant. It's durable. We are here to lead on this 5G story for years to come.

我會簡短。家庭寬帶的故事，是我們在以真正加速的速度推出 5G 網絡方面所取得進展的一個巨大證明。我的意思是，我們顯然在 5G 方面擁有非常強大的領導地位。這很重要。它很耐用。我們將在未來幾年引領這個 5G 故事。

And so we announced in the materials today our low-band network, now 320 million people covered, 97% of all Americans. Our mid-band footprint, our ultra-capacity 5G, which is where the 5G story really comes to life, 235 million people covered well on our way to 260 million by the end of this year. And that footprint covers 87% of T-Mobile customers today. So a tremendous progress.

所以我們在今天的材料中宣布了我們的低頻段網絡，現在覆蓋了 3.2 億人，佔所有美國人的 97%。我們的中頻段足跡，我們的超容量 5G，這就是 5G 故事真正栩栩如生的地方，到今年年底，我們覆蓋了 2.35 億人，達到 2.6 億人。如今，這一足跡覆蓋了 87% 的 T-Mobile 客戶。如此巨大的進步。

We're actually hitting some of the highest production rates in our 2-year history rolling out mid-band, well over 1,000 sites moved into various radio upgrades on a weekly basis inside the month of July. So real momentum across the board. And what we can do on in-home broadband, to your question, Simon, is a real product.

實際上，我們在推出中頻段的 2 年曆史中達到了最高的生產率，在 7 月內每周有 1,000 多個站點進行各種無線電升級。所以真正的勢頭全面。對於您的問題，西蒙，我們可以在家庭寬帶上做的事情是真正的產品。

This in-home product, this in-home broadband product is a testament to our 5G network growth. And as Mike referenced, our Ookla report, if you look at the fixed broadband industry and the median speeds, it's lower than what T-Mobile is being recorded as delivering on a median speed basis. And so it's not just about footprint, it's about capacity and the spectrum story.

這款家用產品，這款家用寬帶產品是我們 5G 網絡增長的證明。正如邁克在我們的 Ookla 報告中提到的那樣，如果您查看固定寬帶行業和中位速度，它低於 T-Mobile 記錄的中位速度基礎。因此，這不僅僅是關於足跡，而是關於容量和頻譜故事。

And today, we have over 110 megahertz of dedicated mid-band spectrum on average across that mid-band footprint and over 30 megahertz of extended-range 5G spectrum. So 140 megahertz of dedicated 5G spectrum. And it's that capability of coverage, plus 5G depth and spectrum that allows us to push into these 5G broadband stories and this growth.

而今天，我們在中頻覆蓋範圍內平均擁有超過 110 兆赫的專用中頻頻譜和超過 30 兆赫的擴展範圍 5G 頻譜。所以 140 兆赫的專用 5G 頻譜。正是這種覆蓋能力，加上 5G 深度和頻譜，使我們能夠推動這些 5G 寬帶故事和這種增長。

And we are really -- I mean we're a year into this business, Simon. We're very confident about the projections and capabilities that we've mapped out over the coming years. But this network is really starting to now gain traction.

我們真的 - 我的意思是我們已經進入這項業務一年了，西蒙。我們對未來幾年制定的預測和能力非常有信心。但這個網絡現在真的開始受到關注。

The integration with Sprint is all over by the shelving, to be honest. 2/3 of the sites have been de-commed, less than 1% of the Sprint traffic -- customer traffic now on that legacy Sprint network, high confidence. We will bring that to a close as we exit this quarter, and that's driving a ton of goodness.

老實說，與 Sprint 的集成完全被擱置了。 2/3 的站點已停用，不到 Sprint 流量的 1%——客戶流量現在在舊版 Sprint 網絡上，信心十足。當我們退出本季度時，我們將結束這一切，這帶來了很多好處。

The spectrum that we can migrate and move across, the coverage and the capabilities that come with one very strong powerhouse network and a little over 2 years from when we started this process. So great progress, very confident in what we're delivering, delighted with the speeds that we're delivering on in-home broadband. And I think we're bringing to the market probably the real first 5G use case. Everybody has been hunting for this thing. But in-home broadband, fixed wireless is here and it's here to stay.

我們可以遷移和移動的頻譜，一個非常強大的強大網絡以及從我們開始這個過程開始的 2 年多一點時間所帶來的覆蓋範圍和功能。如此巨大的進步，對我們提供的內容非常有信心，對我們在家庭寬帶上提供的速度感到高興。而且我認為我們正在將真正的第一個 5G 用例推向市場。每個人都在尋找這個東西。但是，家庭寬帶、固定無線網絡已經存在並且會一直存在。

Simon, one of the things that Neville said, I think, has been under discussed, which is how much spectrum we have against this leading mid-band 5G footprint. There's a lot of discussion about the fact that we have 235 million people covered with mid-band ultra capacity 5G as compared to 70 million for AT&T, 135 million for Verizon, as they begin their C-band deployments.

西蒙，我認為內維爾所說的其中一件事已經被討論過，那就是我們擁有多少頻譜來對抗這個領先的中頻 5G 足跡。關於我們有 2.35 億人覆蓋了中頻超容量 5G 的事實有很多討論，而 AT&T 有 7000 萬人，Verizon 有 1.35 億人，因為他們開始部署 C 波段。

But what's really interesting is what Neville said about the depths of spectrum across that 235 million on average. He said 110 megahertz of mid-band plus 30 megahertz of low band, 140 megahertz dedicated to that 5G layer. And that's unique, and it will be unique for some time to come. And it really allows for the kinds of capacity throughput and performance that we've been talking about on this call. It opens up not just high-speed Internet opportunities, but really exciting opportunities in the business space that our competitors can issue press releases around, but where we're ready to execute and support businesses right now with advanced network 5G services. So we'll talk more about that later. But thanks for your question about that.

但真正有趣的是內維爾所說的平均 2.35 億的光譜深度。他說 110 兆赫的中頻段加上 30 兆赫的低頻段，140 兆赫專用於 5G 層。這是獨一無二的，而且在未來一段時間內也會是獨一無二的。它確實允許我們在本次電話會議上討論的各種容量吞吐量和性能。它不僅打開了高速互聯網的機會，而且在我們的競爭對手可以發布新聞稿的商業領域帶來了真正令人興奮的機會，但我們現在已經準備好通過先進的網絡 5G 服務來執行和支持業務。所以我們稍後會詳細討論。但感謝您對此提出的問題。

We'll go next to John Hodulik with UBS.

我們將與瑞銀一起去約翰霍杜利克旁邊。

Two issues or 2 areas I'd like to explore. First, on the macro side. Mike, you said the consumer is feeling some pressure. I mean any impact so far in terms of slower payment or bad debt? And are you seeing any evidence that your value proposition is actually driving some flow share versus your competitors? That's #1.

我想探索兩個問題或兩個領域。首先，在宏觀方面。邁克，你說消費者感受到了一些壓力。我的意思是到目前為止，在支付速度較慢或壞賬方面有什麼影響嗎？您是否看到任何證據表明您的價值主張實際上推動了與競爭對手相比的流量份額？那是#1。

And then I thought the highlight of the quarter was the phone churn, 80 bps. Any color you can give in terms of the disaggregating, what you're seeing on the Magenta side or on the Sprint side, and how close are we to getting that Sprint churn down to where we are with Magenta and further improvement in that metric?

然後我認為本季度的亮點是電話流失率，80 bps。您可以在分解方面給出任何顏色，您在 Magenta 方面或 Sprint 方面看到的內容，以及我們離讓 Sprint 流失到我們在 Magenta 的位置以及該指標的進一步改進有多近？

Absolutely, John. Well, first, let me just take the first question on what we're seeing. You saw that our bad debt returned to more historic levels this quarter, and we're very comfortable with it at this level.

絕對的，約翰。好吧，首先，讓我就我們所看到的內容提出第一個問題。你看到我們的壞賬本季度回到了歷史更高的水平，我們對這個水平非常滿意。

One of the things that makes us different than our competitors in this space is we have a long history and a deep confidence at dealing with customers who have variable economic circumstances. And so it's not new for us that some customers are stressed up financially. We know how to work with them on that front. And you've seen our bad debt levels return to more historic rates. There have been other things driving that bad debt as well.

在這個領域，我們與競爭對手不同的一件事是，我們擁有悠久的歷史，並且在與經濟環境多變的客戶打交道方面有著深厚的信心。因此，對於我們來說，一些客戶的財務壓力並不新鮮。我們知道如何在這方面與他們合作。你已經看到我們的壞賬水平恢復到歷史更高的水平。還有其他一些因素導致了壞賬。

One of the things you see is that our EIP balances continue to rise. And in EIP balances, when those go bad, it hits that bad debt metric as opposed to leasing, which we've been rapidly moving customers off does not. So there's an artifact there.

您看到的一件事是我們的 EIP 餘額繼續上升。在 EIP 餘額中，當這些餘額變壞時，它會達到壞賬指標，而不是租賃，而我們一直在迅速讓客戶離開，但租賃卻沒有。所以那裡有一個神器。

There's also some accounting artifacts that cause us to be more forward-looking in our bad debt charges now than before, plus the return to more historic norms. Long way of saying we're very comfortable with where it is, and we know how to execute in this environment.

還有一些會計偽影使我們現在比以前更有前瞻性地處理壞賬費用，以及回歸到更具歷史意義的規範。很長的一段話，我們對它的位置非常滿意，並且我們知道如何在這種環境中執行。

But to your point, it's very interesting. There is a flight to value that I believe is beginning to happen. You see it in our suppressed churn rates as people are comfortable where they are, our progress across both T-Mobile and Sprint, to the premise of your question, our net add performance. Our overall account growth performance was the highest ever in our history for any quarter in any season was this quarter, 380,000 new account additions.

但就你而言，這很有趣。我相信，一種價值外逃正在開始發生。您可以在我們抑制的流失率中看到它，因為人們對他們所處的位置感到舒適，我們在 T-Mobile 和 Sprint 上的進步，在您提出問題的前提下，我們的淨增加性能。我們的整體賬戶增長表現是我們歷史上有史以來最高的，任何季度的任何季度都是本季度，新增賬戶 380,000 個。

And so there is a flight to value that is beginning to happen, and T-Mobile is famous for value in our category. At a time when this product category is becoming more and more indispensable, we're famous for value while showing you that we're second to none on the quality of the product. And so that's something that I think positions us very, very well for the times.

因此，開始出現價值飛躍，而 T-Mobile 在我們的類別中以價值而聞名。在這個產品類別變得越來越不可或缺的時候，我們以價值著稱，同時向您展示我們在產品質量方面是首屈一指的。所以這就是我認為我們非常非常適合時代的東西。

On that 0.80%, look, I am just so proud of the team. We told you 2 years ago that we would execute our worst to first playbook. And a lot of people looked at us and said, "Yes, but you've got Sprint now." And here we are with 0.80% in combined churn and possibly some room to run. We'll see where we go.

在這 0.80% 上，看，我為團隊感到非常自豪。我們在 2 年前告訴過你，我們會執行我們最糟糕的第一個劇本。很多人看著我們說：“是的，但你現在有了 Sprint。”在這裡，我們的總流失率為 0.80%，可能還有一些運行空間。我們會看到我們去哪裡。

There's obviously offsetting pressures here on the involve side that all of the carriers are seeing. But we look at Q3, and it looks to us like we will be 2021 churn by a similar margin in Q3 as we beat it in Q2, mid- to high single-digit bps improvement versus last year.

在所有運營商都看到的參與方面，顯然存在抵消壓力。但我們看看第三季度，在我們看來，到 2021 年第三季度的流失率與第二季度相似，與去年相比提高了中高個位數基點。

And of course, there's seasonal effects in the second half of the year as switching tends to be higher due to phone launches. So we're very comfortable with what we're seeing, and we believe that as we continue to get more and more Sprint customers settled with the right rate plans, which is the last component of our integration that potentially there's some more momentum to see in the quarters ahead. Anything to add to that, Peter?

當然，下半年還會有季節性影響，因為手機推出的頻率更高。因此，我們對所看到的情況感到非常滿意，並且我們相信，隨著我們繼續讓越來越多的 Sprint 客戶以正確的費率計劃安頓下來，這是我們整合的最後一個組成部分，可能會看到更多的動力在前面的幾個季度。彼得，還有什麼要補充的嗎？

No, I think you hit it all really well.

不，我認為你打得很好。

We'll go next to Craig Moffett with MoffettNathanson.

我們將和 MoffettNathanson 一起去 Craig Moffett 旁邊。

Yes. So a theme we've been hitting with everybody sort of I wonder if you could reflect on the new revenue opportunities aside from fixed wireless that come from 5G, whether it's mobile edge compute, private networks, IoT, and talk about how your thinking has evolved about the size of those revenue opportunities and how it is that you think T-Mobile can most effectively compete to get what's there?

是的。因此，我們一直在與每個人討論的主題有點像我想知道您是否可以反思除了來自 5G 的固定無線之外的新收入機會，無論是移動邊緣計算、專用網絡、物聯網，並談談您的想法關於這些收入機會的規模以及您認為 T-Mobile 如何最有效地競爭以獲得那裡的東西？

You bet, Craig. Let me first start by saying we're a lot further along in this space and in thinking around it and execution around it than you would probably surmise from our press releases. And I'll have Callie talk about some of what's going on out there.

你打賭，克雷格。首先，讓我先說我們在這個領域以及圍繞它的思考和執行方面比你可能從我們的新聞稿中猜測的要遠得多。我會讓 Callie 談談外面發生的一些事情。

But we're hesitant to take an early business like this and forecast it forward for you when it's in its infancy. Our competitors haven't had much choice about that. And so they've gone ahead and given some big aspirations in this area. But our view is it's an emerging market. And we can achieve what we set out to achieve, generally speaking, in the core business.

但我們不願接受這樣的早期業務，並在它處於起步階段時為您預測它。我們的競爭對手對此沒有太多選擇。因此，他們繼續前進，並在該領域提出了一些遠大的願望。但我們認為這是一個新興市場。一般來說，我們可以在核心業務中實現我們設定的目標。

But that being said, there are exciting things happening. And what's interesting is this 5G network leadership is getting us conversations with CIOs, CEOs, the coroner office that our company never earned before. We were talking about such smartphone plans with the procurement office 2 years ago. And that's the big difference.

但話雖如此，令人興奮的事情正在發生。有趣的是，這種 5G 網絡領導地位讓我們與 CIO、CEO 以及我們公司從未獲得過的驗屍官辦公室進行對話。 2 年前，我們正在與採購辦公室討論此類智能手機計劃。這就是最大的不同。

And Callie, maybe you can share a little bit of what you're seeing and the kinds of conversations you and your team are having.

還有Callie，也許您可以分享一下您所看到的以及您和您的團隊正在進行的各種對話。

Yes. Thanks, Mike. So it's been an exciting time to spend time with CIOs and CTOs as they're looking at their own digital transformation. They're looking at their own ways to manage costs, be efficient and effective and get connectivity that is on not only the largest and fastest, most reliable 5G network, but the only provider that has a 5G standalone port, which CIOs understand that matters to solutions like Advanced Network Services.

是的。謝謝，邁克。因此，在 CIO 和 CTO 審視自己的數字化轉型時，與他們共度時光是一個激動人心的時刻。他們正在尋找自己的方法來管理成本、提高效率和效率，並獲得不僅在最大、最快、最可靠的 5G 網絡上的連接，而且是唯一擁有 5G 獨立端口的供應商，CIO 明白這一點很重要到高級網絡服務等解決方案。

We talked about how we launched Business Internet as a part of our Internet Freedom Un-carrier move this past quarter. But for business, this was significant because we're the only provider that truly has nationwide 5G Internet for businesses, which allows us a really great front door to sit down and talk about, yes, we can connect your retail locations, working with places like Tractor Supply and Circle K and AutoZone. But we also are sitting down and talking about, hey, how can we use edge compute solutions and IoT connectivity in order to really help you solve the business problems that you're facing as leaders.

我們談到了我們如何在上個季度推出商業互聯網作為我們的互聯網自由非運營商舉措的一部分。但對於企業來說，這很重要，因為我們是唯一一家真正為企業提供全國性 5G 互聯網的提供商，這讓我們有一個非常好的前門坐下來討論，是的，我們可以連接您的零售地點，與地點合作比如 Tractor Supply 和 Circle K 和 AutoZone。但我們也坐下來討論，嘿，我們如何使用邊緣計算解決方案和物聯網連接來真正幫助您解決作為領導者面臨的業務問題。

We also launched or announced our relationship, our new customer, SailGP, if you don't know SailGP, that's the world's most extreme sailing competition. And we saw in the last rate 240,000 data points transferred from 6,400 sensors, and we were able to deliver up to a 50% reduction in latency. That gives athletes a competitive advantage and fans a really stunning view of the race.

我們還推出或宣布了我們的合作關係，我們的新客戶SailGP，如果你不知道SailGP，那是世界上最極限的帆船比賽。我們在上一個速率中看到從 6,400 個傳感器傳輸的 240,000 個數據點，我們能夠將延遲降低多達 50%。這為運動員提供了競爭優勢，也為球迷提供了令人驚嘆的比賽視角。

So broadcasting retail. We're also doing a lot of work with this advanced network solutions in the automotive industry. And because of our relationship with DT and our TIoT platform that we launched and told you about last quarter, we're able to provide seamless global connectivity for their B2B2C solutions as well as for employees who are traveling internationally as a part of our last and most recent Un-carrier moves.

所以廣播零售。我們還在汽車行業使用這種先進的網絡解決方案做了大量工作。由於我們與 DT 的關係以及我們在上個季度推出並告訴您的 TIoT 平台，我們能夠為他們的 B2B2C 解決方案以及作為我們最後一次國際旅行的一部分的員工提供無縫的全球連接最近的非承運人行動。

So we've seen a lot of action. And we don't want to discount phone lines here. I mean we like to have the phone lines, and we're seeing the lowest levels of business phone churn in our history. And I think we just heard that Verizon reported some of their highest. And so we're growing in business. We're growing in enterprise and S&P and in the public sector as well. And we're very interested in where we're headed with these advanced network solutions.

所以我們看到了很多行動。我們不想在這裡打折電話線。我的意思是我們喜歡擁有電話線，而且我們看到了歷史上最低水平的商務電話流失率。我想我們剛剛聽說 Verizon 報告了一些最高的。因此，我們的業務正在增長。我們在企業和標準普爾以及公共部門也在成長。我們對這些先進的網絡解決方案的發展方向非常感興趣。

I'm glad you mentioned coverage beyond and all that, too, because not only are there incredible opportunities for us to do deep services for enterprises as they look to create network as a service and outsource some of that thinking to advanced networks like ours.

我很高興你提到了超越和所有這些，因為我們不僅有難以置信的機會為企業提供深度服務，因為他們希望創建網絡即服務並將其中一些想法外包給像我們這樣的高級網絡。

But we're still interested in the core. And coverage beyond was an investment in something that originally put us on the map with enterprises in the first place. Our simple global move in 2013 was our introduction to enterprise. And today, we've launched coverage beyond, which not just doubles down, it multiplies the power of that move by many times so that now business customers and consumers can travel the world and have high-speed data, the highest on offer in that country completely included in our most popular plan, not low-speed data. And it is a breakthrough. So we're very excited about what that portends for our business customers and consumers. Neville, I'll give you the last word on this question.

但我們仍然對核心感興趣。覆蓋範圍之外是對最初使我們與企業合作的事物的投資。我們在 2013 年的簡單全球舉措是我們對企業的介紹。而今天，我們已經推出了超越範圍的覆蓋範圍，它不僅將覆蓋範圍擴大了一倍，而且將這一舉措的力量倍增了許多倍，因此現在企業客戶和消費者可以環遊世界並擁有高速數據，這是目前提供的最高數據國家完全包含在我們最受歡迎的計劃中，不是低速數據。這是一個突破。因此，我們對這對我們的商業客戶和消費者來說意味著什麼感到非常興奮。內維爾，我會在這個問題上告訴你最後一句話。

Yes. I mean I think we -- I'd say this, Craig. We are the best positioned company in the U.S. for all of the 5G opportunities that Callie outlined. There's just no doubt.

是的。我的意思是我認為我們——我會這麼說，克雷格。對於 Callie 概述的所有 5G 機會，我們是美國定位最好的公司。毫無疑問。

I mean, this 5G thing is for real at T-Mobile. I mean more than 50% of our entire network traffic is now on 5G, over 55%, actually. And that number continues to increase as we see great engagement and great discussions with all manner of opportunities, business leaders as well as our consumer base.

我的意思是，這個 5G 的東西在 T-Mobile 是真實存在的。我的意思是，我們整個網絡流量的 50% 以上現在都在 5G 上，實際上超過 55%。隨著我們看到與各種機會、商業領袖以及我們的消費者群的廣泛參與和熱烈討論，這個數字還在繼續增加。

And we continue to really push the 5G architecture. We're the only company, as Callie referenced, with a standalone network core. We're the only company in the U.S. to push -- to move voice services, Voice over New Radio, onto that 5G layer.

我們繼續真正推動 5G 架構。正如 Callie 所說，我們是唯一一家擁有獨立網絡核心的公司。我們是美國唯一一家推動將語音服務（新無線電語音）轉移到 5G 層的公司。

Why is that important? Because as a company, we're a 5G business. We're not in the business yet of retiring LTE, but we are focused on that at some point in time in the coming years. This 5G network is moving at incredible pace, coverage, spectrum and architecture. And we have a lead on all corners of that dialogue against our competition, which positions us incredibly well for future growth across all segments.

為什麼這很重要？因為作為一家公司，我們是一家 5G 企業。我們還沒有退役 LTE 的業務，但我們會在未來幾年的某個時間點專注於這一點。這個 5G 網絡正以令人難以置信的速度、覆蓋範圍、頻譜和架構發展。我們在與我們競爭的對話的各個角落都處於領先地位，這使我們在所有領域的未來增長中都處於非常有利的地位。

So delighted with our progress. And the 5G story is not just beginning. I mean, we are into it at T-Mobile. And the growth vectors are starting to shape up around us incredibly well.

對我們的進步感到非常高興。而 5G 的故事並沒有剛剛開始。我的意思是，我們在 T-Mobile 很感興趣。增長向量開始在我們周圍形成得非常好。

Beautiful. Okay. And before we go back to the phones, I know we have some coming in on Twitter. I see a few upfront. Janice, did you find some what we should be tackling here?

美麗的。好的。在我們回到電話之前，我知道我們有一些來自 Twitter 的消息。我看到一些前期。珍妮絲，你有沒有找到一些我們應該在這裡解決的問題？

Yes. We have a couple. Let's start with Bill Ho. He's asking for some notable examples of enterprise or (inaudible) company wins from T-Mobile for Business. I know Callie may have some good things to talk about there. And to your point earlier on our coverage announcement, curious how that's impacting the business broadly both consumer and B2B.

是的。我們有一對。讓我們從何比爾開始。他要求提供一些著名的企業或（聽不清）公司從 T-Mobile for Business 中獲勝的例子。我知道凱莉在那裡可能有一些好話要說。在我們之前的報導公告中，您很想知道這對消費者和 B2B 的業務有何影響。

Anything to double down? I know you just kind of answered some of that.

有什麼要加倍的嗎？我知道你只是回答了一些問題。

Right. I mean, we had -- did some great work with AutoZone and General Mills, we spoke. We did an interesting solution using ANS and Edge compute and some smart warehousing, where we built a combination private network and public network.

正確的。我的意思是，我們與 AutoZone 和通用磨坊做了一些很棒的工作，我們談到了。我們使用 ANS 和邊緣計算以及一些智能倉儲做了一個有趣的解決方案，我們在其中構建了一個私有網絡和公共網絡的組合。

We've been working with a lot of global automakers using both our TIoT capabilities as well as edge solution for vehicle-to-vehicle communication. And then another cool thing in SMB because we're seeing a lot of growth in SMB as well. We just announced we partnered with Apple to launch the only wireless plan that includes Apple Business Essentials, which is really cool for small businesses to really where they're looking at cost, when they're looking at getting more efficient and effective, how they can manage all of their devices at once with an incredible rate plan and an iPhone 13 included. So that was a really big announcement recently.

我們一直在與許多全球汽車製造商合作，使用我們的 TIoT 功能以及用於車對車通信的邊緣解決方案。然後是中小型企業的另一件很酷的事情，因為我們也看到中小型企業也有很多增長。我們剛剛宣布我們與 Apple 合作推出了包括 Apple Business Essentials 在內的唯一無線計劃，這對於小型企業來說真的很酷，可以真正了解他們正在考慮成本的地方，當他們希望提高效率和效率時，他們如何可以通過令人難以置信的費率計劃和包括 iPhone 13 一次管理他們的所有設備。所以這是最近一個非常重要的公告。

So lots of exciting new logos, only some of which we say because of agreements with customers. But the other thing that's happening that's really interesting is that we are deepening relationships with enterprise customers across the board.

這麼多令人興奮的新標誌，我們只說其中一些是因為與客戶達成協議。但另一件真正有趣的事情是，我們正在全面深化與企業客戶的關係。

Remember, a couple of years ago, we were kind of winning some accounts along the lines of, "Hey, if I throw you a few of my lines kind of unofficially, will you help me reprice my AT&T business, and you'll get some of my," that's never really spoken, but you can see the RFPs were sort of designed for that.

請記住，幾年前，我們贏得了一些客戶，類似於“嘿，如果我非正式地向你介紹我的一些台詞，你能幫我重新定價我的 AT&T 業務嗎，你會得到我的一些，”這從未真正說過，但你可以看到 RFP 就是為此而設計的。

And what happens now is some years later, customers are coming back and saying, actually, I'd like you to bid for the whole kit and caboodle now. And so this potential to deepen with customers is really happening, and that's a dynamic that's driving our sales. So hopefully, Roger Entner and Bill, that answer some of your questions about TFP. So Jess, get ready for the next one. I'll go back to the phone while we do that. So operator?

現在發生的事情是幾年後，客戶回來說，實際上，我希望你現在就競標整個套件和堆垛。因此，這種與客戶加深的潛力確實正在發生，這是推動我們銷售的動力。所以希望 Roger Entner 和 Bill 能回答你關於 TFP 的一些問題。所以傑西，準備下一個。在我們這樣做的時候，我會回到電話旁。那麼運營商？

Yes. We'll go next to Jonathan Chaplin with New Street.

是的。我們將和新街一起去喬納森卓別林旁邊。

Thanks, guys. Two follow-ups on prior questions actually. So Neville, I'd love to just the context you gave around fixed wireless broadband and the capability for the network was great. But I'm wondering if you can address what you think you can serve in terms of capacity, the capacity that you've got in terms of the total number of subs you could put on the network.

多謝你們。實際上對先前的問題進行了兩次跟進。所以內維爾，我很想談談你關於固定無線寬帶的背景，網絡的能力很棒。但是我想知道您是否可以根據容量來解決您認為可以服務的內容，即您可以在網絡上放置的潛艇總數方面的容量。

I know you said in the past that 7 million to 8 million that you expect in 2025 isn't the limit. So I would love to know what the limit is. And then just to stick with the theme on enterprise for a second. I'm wondering if you guys could give us a sense of how you're progressing towards that 20% share where you are at this point.

我知道你過去說過，你預計 2025 年的 700 萬到 800 萬不是極限。所以我很想知道限制是什麼。然後只是堅持一下關於企業的主題。我想知道你們是否可以讓我們了解你們目前正在朝著 20% 的份額邁進。

And Mike, you said that you -- it's too soon to put a market sizing on the mobile edge compute and private network opportunity. Does that mean that none of that opportunity is in your long-term plan?

邁克，你說過你——現在對移動邊緣計算和專用網絡機會進行市場規模評估還為時過早。這是否意味著您的長期計劃中沒有任何機會？

Great. Let me start with Peter to talk about the last 2 questions about the plan and the 20% share, et cetera, and then we'll pivot back to your earlier questions.

偉大的。讓我從彼得開始談談關於計劃和 20% 份額等的最後兩個問題，然後我們將回到您之前的問題。

Yes, Jonathan. As you know, all of the -- because of all the reasons that Mike just described around an emerging business, while we're best positioned to capture it, it wasn't something that we built into the plan when we did Analyst Day targets because it was too early.

是的，喬納森。如你所知，所有的 - 由於邁克剛剛描述的關於新興業務的所有原因，雖然我們最有能力抓住它，但當我們制定分析師日目標時，這並不是我們計劃中的內容因為太早了。

We didn't want to make the plan with something that we didn't have a good view and a road map to how to get the growth, but we're seeing the capitalization of that. So that is all upside, potential upside to the plan, very excited about that.

我們不想用我們沒有很好的觀點和如何獲得增長的路線圖來製定計劃，但我們看到了它的資本化。所以這就是計劃的全部好處，潛在的好處，對此非常興奮。

In terms of progression in enterprise space, you heard Callie say, well, actually, what's exciting about this is we see growth across the entire T-Mobile for Business segment. It's not just enterprise. It's government. It's SMB. So we're excited about the progression in all of those categories against our goals.

就企業領域的發展而言，您聽到 Callie 說，實際上，令人興奮的是，我們看到整個 T-Mobile for Business 領域的增長。這不僅僅是企業。是政府。是中小企業。因此，我們對所有這些類別的進展都與我們的目標相提並論感到興奮。

Great. And then how many millions and millions of customers can we support? You know we're not really going to be able to answer that because we don't -- it kind of depends. One of the things that we've disclosed in the past that our model, which is an excess capacity model is based on our anticipated share gains in mobile and the usage of our base in mobile, which we expect to continue to rise at a rapid pace arriving in this planning period at around 80 gigs per mobile customer.

偉大的。那麼我們可以支持多少億客戶呢？你知道我們真的不能回答這個問題，因為我們不能——這取決於。我們過去披露的一件事是，我們的模型是一種產能過剩模型，它基於我們在移動領域的預期份額增長和我們在移動領域的基礎使用情況，我們預計移動領域將繼續快速增長在這個計劃期間，每個移動客戶大約有 80 個演出。

And maybe that will be higher. Maybe that will be lower. And that's obviously a very important input to this. And obviously, so is the availability of spectrum and our ability to refarm spectrum to deploy it, et cetera. But I don't know, do you want to take a stab at answering this question? Or are we just going to say we don't know?

也許這會更高。也許會更低。這顯然是一個非常重要的輸入。顯然，頻譜的可用性和我們重新分配頻譜以部署它的能力等等也是如此。但我不知道，你想嘗試回答這個問題嗎？還是我們只是說我們不知道？

Well, I'm not sure that we want to announce revised numbers today. So I mean, Jonathan, you know our story well. You know the 7 million to 8 million that we put out into the marketplace some time back.

好吧，我不確定我們今天是否要宣布修訂後的數字。所以我的意思是，喬納森，你很了解我們的故事。你知道我們在一段時間前投放市場的 700 萬到 800 萬。

But to Mike's comments just now, if you look at where we are, we're ahead on our coverage rollout on 5G. We're ahead on our spectrum transition. We're ahead on our integration goals that we established when we put that plan together. There are many factors coming in, but we see great consumer adoption on the 5G side and our capacity generation for this business is ahead of schedule. We always said that if you compare where this business would be as a combined T-Mobile and Sprint in '24/'25 against the standalone T-Mobile. That multiple was about a 14x on capacity. We're about halfway through that already in terms of the capacity we're generating.

但是對於邁克剛才的評論，如果你看看我們在哪裡，我們在 5G 的覆蓋推廣方面處於領先地位。我們在頻譜過渡方面處於領先地位。我們在製定該計劃時確定的集成目標處於領先地位。有很多因素影響，但我們看到 5G 方面的消費者採用率很高，我們為這項業務創造的容量提前了。我們總是說，如果您將這項業務作為 '24/'25 的合併 T-Mobile 和 Sprint 與獨立的 T-Mobile 進行比較。這個倍數大約是容量的 14 倍。就我們產生的容量而言，我們已經完成了一半。

So we're in the business of creating a lot of headroom for growth for the company. And can we bend that curve some more? I'm sure we can, but we're still early into this business. As we said, we're a year in driving great numbers. And we will see, I think, as we exit this year with continued strong growth in the space, we'll be in a position to look forward into '23 and '24 with great momentum and hopefully some stronger numbers.

因此，我們的業務是為公司創造大量的增長空間。我們可以再彎曲那條曲線嗎？我相信我們可以，但我們還處於這個行業的早期階段。正如我們所說，我們是推動大量數字的一年。我認為，隨著我們今年退出該領域的持續強勁增長，我們將看到 23 年和 24 年的發展勢頭強勁，並有望獲得更強勁的數字。

We've been an early adopter of so many techniques and technologies that have allowed us to unlock capabilities for our customers in the network space. And Neville and Ulf and Abdul and their teams are constantly chasing new ideas and capacity is one of the centerpieces of our conversations now because of the premise of your question. So it's a topic we're very interested in.

我們是眾多技術和技術的早期採用者，這些技術和技術使我們能夠在網絡空間中為客戶解鎖功能。內維爾、烏爾夫、阿卜杜勒和他們的團隊一直在追求新的想法，而能力是我們現在談話的核心之一，因為你的問題是前提。所以這是我們非常感興趣的話題。

I will tell you that we won't load customers beyond where we can give them a great experience. And right now, our Net Promoter Scores continue to rise. They're 30 points higher than the competition. They're triple what they are from a provider that our customers are switching from.

我會告訴你，我們不會加載超出我們可以為他們提供良好體驗的客戶。現在，我們的淨推薦值繼續上升。他們比競爭對手高出 30 分。它們是我們的客戶正在轉換的供應商的三倍。

We just won a major nationwide survey of all ISPs that are scaled, named us the second highest in customer satisfaction in the country, and #1 was a fiber provider. And so our customers love this product. And it's really important for us and for our brand that we continue to load customers where we know we can serve them well.

我們剛剛贏得了一項針對所有規模化 ISP 的全國性大型調查，將我們評為全國第二高的客戶滿意度，排名第一的是光纖供應商。所以我們的客戶喜歡這個產品。對於我們和我們的品牌來說，我們繼續在我們知道我們可以為他們提供良好服務的地方加載客戶非常重要。

And -- but hopefully, that gives you some color on where we stand.

而且——但希望這能讓你對我們的立場有所了解。

You bet. We want to go on to Twitter for another one.

你打賭。我們想繼續在 Twitter 上尋找另一個。

Sure. This is a great question from Roger about churn. You're growing significantly with often free connected devices. How are you going to prevent to have the same to your churn off experience that the others are having -- have experienced when they drove connected device net adds, kind of ties to Alan's question about churn from some of the smaller players as well.

當然。這是 Roger 關於流失的一個很好的問題。通過經常免費連接的設備，您的增長顯著。您將如何防止您的流失體驗與其他人所擁有的相同——當他們駕駛連接的設備網絡時體驗過，這與艾倫關於一些較小玩家的流失的問題有某種聯繫。

Yes. Maybe we start with Mike on this one. I will say, what's going on in the market is very different from what you saw from our competitors some years ago. There aren't, by and large -- we're not, by and large, driving this through free devices or free connections.

是的。也許我們從邁克開始。我會說，市場上發生的事情與幾年前您從我們的競爭對手那裡看到的情況大不相同。總的來說，我們沒有通過免費設備或免費連接來推動這一點。

What's happening is we live in a 5G world now and people are getting real utility and value out of tablets, watches and other devices because of the strength of our network and because of the changing lifestyles of connected lives. But Mike, maybe you can give a little more on what we're seeing.

正在發生的事情是，我們現在生活在一個 5G 世界中，由於我們的網絡實力以及互聯生活不斷變化的生活方式，人們正在從平板電腦、手錶和其他設備中獲得真正的實用性和價值。但是邁克，也許你可以就我們所看到的提供更多信息。

Yes. Roger, thanks for the question. I do think in a world where people only differentiate off of giving free phones, the risk that you point out is a real one. And in our model, we recognize that a lot of the competition has moved to free devices. And we feel like we've done a really good job figuring out how to deliver on free devices but not make that our big point of differentiation.

是的。羅傑，謝謝你的問題。我確實認為在一個人們只區分提供免費電話的世界裡，你指出的風險是真實的。在我們的模型中，我們認識到很多競爭已經轉向免費設備。而且我們覺得我們在弄清楚如何在免費設備上提供服務方面做得非常好，但並未將其作為我們的主要差異化點。

Our big point of differentiation is what you've heard from several of us today, it's this value proposition that gives customers the best value without having to make any trade-offs on network. And that proposition, I think, is more important now than it ever has been before, because with the macroeconomic environment, customers are looking for ways to save money and not have to make trade-offs and experience and really only T-Mobile is the one that provides that.

我們最大的差異化點是您今天從我們幾個人那裡聽到的，正是這種價值主張為客戶提供了最佳價值，而無需在網絡上進行任何權衡。我認為，這個主張現在比以往任何時候都更重要，因為在宏觀經濟環境下，客戶正在尋找省錢的方法，而不必做出取捨和體驗，而實際上只有 T-Mobile 是提供這一點的人。

Right now, T-Mobile customers, T-Mobile families can save $225 on T-Mobile, not just through their core wireless services, but with all the value that we pack into a plan like Magenta MAX and the included benefits that we give in things like streaming services and everything else.

現在，T-Mobile 客戶、T-Mobile 家庭可以在 T-Mobile 上節省 225 美元，這不僅是通過他們的核心無線服務，還包括我們打包到 Magenta MAX 等計劃中的所有價值以及我們提供的包含的好處像流媒體服務和其他一切。

So I think what you're seeing is and what you'll continue to see is customers picking us because we have the best overall value position, because we can save them in expenses across their entire lives. And that's translating into things like you saw this quarter with sequential and big year-over-year churn decreases. And as it relates to connected devices, we're also watching usage.

因此，我認為您所看到的以及您將繼續看到的是客戶選擇我們，因為我們擁有最佳的整體價值地位，因為我們可以為他們節省一生的開支。這轉化為您在本季度看到的情況，客戶流失率連續且同比大幅下降。由於它與連接的設備有關，我們也在關注使用情況。

And it's very important that those devices are actively used and paid for, and they are. And so that's something that's very important so we don't get surprised. It's a great question. Okay, let's go back to the phone.

積極使用這些設備並付費是非常重要的，而且確實如此。所以這是非常重要的事情，所以我們不會感到驚訝。這是一個很好的問題。好吧，讓我們回到電話上。

We'll go next to Phil Cusick with JPMorgan.

我們將與摩根大通一起去菲爾庫斯克旁邊。

Yes, Mike, you said that the prime mix is at an all-time high. What is the mix of the base as well as in first incoming accounts? Or if you can give us something sort of relative.

是的，邁克，你說主要組合處於歷史最高水平。基礎賬戶和首次傳入賬戶的組合是什麼？或者如果你能給我們一些相對的東西。

And then you talked about bad debt, and we noticed that DSO stretched out a couple of days. What changes have you seen lately in customer activity? Anything you can tell us around traffic levels, lower payments or traffic and increased charge-offs?

然後你談到了壞賬，我們注意到 DSO 延長了幾天。您最近在客戶活動中看到了哪些變化？關於流量水平、較低的付款或流量以及增加的沖銷，您有什麼可以告訴我們的嗎？

Sounds good. So Well, let's go to Peter to say what we're seeing.

聽起來不錯。那麼好吧，讓我們去找彼得談談我們所看到的。

Yes, definitely. We're not giving the prime mix of the base. Obviously, for various reasons, but it is up significantly. In terms of what we're seeing from a payment pattern perspective, on a year-over-year basis, Invol churn is up. And remember, last year was tremendously muted. There was still a lot of stimulus money. There was still not really the switching activity happening.

當然是。我們沒有給出基礎的主要組合。顯然，由於各種原因，但它顯著上升。就我們從支付模式的角度來看，Invol 流失率逐年上升。請記住，去年非常安靜。仍然有很多刺激資金。仍然沒有真正發生切換活動。

So we're seeing what we anticipated is that you would see an increase Invol churn still below pre-pandemic levels for us. And we talked about bad debt a little bit. And of course, what we did in Q2 as well is, remember, the accounting standard changed a couple of years ago now forces us rightfully so to look forward as well.

因此，我們看到我們預期的是，您會看到增加的 Invol 流失率仍低於我們大流行前的水平。我們談到了一些壞賬。當然，我們在第二季度所做的也是，請記住，幾年前改變的會計準則現在迫使我們也理所當然地向前看。

And so we did a macroeconomic loss overlay in Q2 that was significant, whereas last year, that wasn't happening. In fact, we had some releases happen as we saw Invol churn way down.

因此，我們在第二季度進行了宏觀經濟損失覆蓋，這很重要，而去年並沒有發生。事實上，當我們看到 Invol 流失率下降時，我們發布了一些版本。

So I do believe Q2, of course, we're watching the macroeconomic trends very carefully and customer payment patterns and behavior. But I believe Q2, based on everything we're seeing now, was the high watermark in terms of bad debt expense for us in 2022.

所以我相信第二季度，當然，我們正在非常仔細地觀察宏觀經濟趨勢以及客戶支付模式和行為。但我相信，根據我們現在所看到的一切，第二季度是 2022 年我們壞賬費用的最高水位線。

And again, it goes back to that tremendous core competency that we have that we actually built on even further when we saw some of the FCC holds happen, we created even further differentiated tools to help our customers, and we're seeing that pay off in dividends now.

再一次，它回到了我們擁有的巨大核心競爭力，當我們看到 FCC 的一些規定發生時，我們實際上進一步建立了這種核心競爭力，我們創造了更加差異化的工具來幫助我們的客戶，我們看到了回報現在分紅。

And like I said in my opening remarks, we're comfortable here and increasing our EBITDA, feel confident with how we're handling the macroeconomic picture. There are places in our P&L where there are pressure points, but there's also a lot of opportunity for us to stand up and serve customers at a time when they need a company to provide them with a fantastic value.

就像我在開場白中所說的那樣，我們在這裡感到很舒服並增加了我們的 EBITDA，對我們如何處理宏觀經濟形勢充滿信心。我們的損益表中有些地方存在壓力點，但我們也有很多機會在客戶需要一家公司為他們提供超值價值的時候站出來為他們服務。

Great. Let's go back to the phone.

偉大的。讓我們回到電話上。

We'll go next to Brett Feldman with Goldman Sachs.

我們將與高盛一起去布雷特費爾德曼旁邊。

And I have sort of 2 follow-ups. So you talked about migrating Sprint customers to the right rate plans. I was hoping you can maybe just give us an update where are you in terms of migrating the legacy Sprint subs fully over to T-Mobile? When do you think that will be done? And are you continuing to see the churn improvement in that cohort as that unfolds?

我有 2 次跟進。所以你談到了將 Sprint 客戶遷移到正確的費率計劃。我希望您可以向我們提供最新信息，將舊版 Sprint 潛艇完全遷移到 T-Mobile？你認為這會在什麼時候完成？隨著這種情況的發展，您是否繼續看到該群體的客戶流失率有所改善？

And then the second question is you seem comfortable with this kind of 500,000 or so fixed wireless net add quarterly run rate. What's going to be the driver of that, particularly as we think out the next few quarters? I'm specifically interested in the extent to which you may be expanding distribution. I think it's available to over 40 million potential customers today. I don't know where that might go. And what are you seeing or what are you expecting in terms of fixed wireless churn?

然後第二個問題是您似乎對這種 500,000 左右的固定無線網絡添加季度運行率感到滿意。這將是什麼驅動因素，尤其是在我們考慮未來幾個季度的時候？我對您可能擴大分佈的程度特別感興趣。我認為今天有超過 4000 萬潛在客戶可以使用它。我不知道那可能會去哪裡。就固定無線流失而言，您看到了什麼或您期望什麼？

You bet. Where do we want to start? Maybe turn to Mike on the first one.

你打賭。我們想從哪裡開始？也許在第一個問題上轉向邁克。

I can speak to that one maybe and Mike would do fixed wireless. In terms of migration of rate plans, you saw certainly in the first part of last year. As we said, we did a significant amount of the rate plan migrations to the target rate plans.

也許我可以和那個人說話，邁克會做固定無線。在費率計劃的遷移方面，你肯定在去年上半年看到了。正如我們所說，我們將大量的利率計劃遷移到目標利率計劃。

There's still some more of that to go in planned, both this year as well as the start of next year, but we're through the vast majority of it. I think inferred in the question was also, when are we going through the billing migration, which we always said was going to be disconnected from the network migration to make it as seamless to the customer as we can. And that plan goes through middle of next year as we build the capabilities on and then really seamlessly convert customers, which has already begun.

今年和明年年初，還有更多的計劃要做，但我們已經完成了大部分。我認為從問題中推斷出的還有，我們什麼時候進行計費遷移，我們一直說這將與網絡遷移斷開連接，以使其盡可能與客戶無縫連接。該計劃將持續到明年年中，因為我們在此基礎上構建功能，然後真正無縫地轉換客戶，這已經開始。

We're already in the process of doing that. But to make that, again, as churn-friendly and as consumer-friendly as possible, that's going to go through mid-next year. And so maybe I can...

我們已經在這樣做了。但要再次做到這一點，盡可能地讓客戶流失和消費者友好，這將持續到明年年中。所以也許我可以...

Yes. Just on the -- it's harder to answer. You saw we didn't disclose sort of a Sprint migration figure this time only because it's becoming harder and harder to do so.

是的。就在——更難回答。你看到我們這次沒有透露 Sprint 遷移數據，只是因為這樣做變得越來越難。

As Neville said in his remarks, less than 1% of the traffic is now on the legacy Sprint network. We will be at network shutdown this quarter, having decommissioned substantially all of the sites.

正如 Neville 在他的講話中所說，現在只有不到 1% 的流量在傳統的 Sprint 網絡上。我們將在本季度關閉網絡，基本上所有站點都已退役。

And so now it becomes much more of a picture of, do they have the right rate plan? Do they have the right device plan? Are we -- have we reengaged with them and gotten the recommitment from them, et cetera? That's a stepwise process. But you can see the incredible progress that we're making with combined churn being at 0.80%.

所以現在它更像是一張圖片，他們有正確的費率計劃嗎？他們有正確的設備計劃嗎？我們是否——我們是否與他們重新接觸並得到他們的重新承諾，等等？這是一個循序漸進的過程。但是你可以看到我們正在以 0.80% 的綜合流失率取得令人難以置信的進步。

And then as it relates to fixed wireless. First of all, what I said in my remarks was that we have achieved now a pace that if you were to extrapolate it forward gets us to our goals. That wasn't a forecast for you though. That wasn't a prediction that it will be at that pace, it could be higher, it could be lower. This is an emerging business. It's going really well.

然後因為它與固定無線有關。首先，我在講話中所說的是，我們現在已經達到了一個速度，如果你要向前推斷，我們就可以實現我們的目標。不過，這不是你的預測。這並不是預測它會以這樣的速度發展，它可能會更高，也可能會更低。這是一項新興業務。進展非常順利。

And what's interesting is I don't think we've yet fully tapped our base with this potential. I don't think we have yet fully tapped the opportunity of prepaid with this potential, which has been newer in distribution. Jon and team have done a fantastic job bringing this to Metro. TFB still represents a minority of our connections, and yet we're the only one with our most recent Un-carrier move to provide a nationwide broadband service to businesses. The sales cycles there are longer. And it's a good thing that we have lots of potential tailwinds here because, obviously, as the base grows, we know that math is math, and churn will drop. And that's just obvious.

有趣的是，我認為我們還沒有充分利用這種潛力。我認為我們還沒有充分利用具有這種潛力的預付費機會，這在分銷方面是較新的。 Jon 和他的團隊將這個帶到 Metro 上做得非常出色。 TFB 仍然代表我們連接的一小部分，但我們是唯一一個我們最近採取非運營商舉措為企業提供全國性寬帶服務的人。那裡的銷售週期更長。這是一件好事，我們在這裡有很多潛在的順風，因為顯然，隨著基礎的增長，我們知道數學就是數學，流失率會下降。這很明顯。

And so we have to outrun that and then some. And we're very confident and feeling like we're in a great spot. Anything both Mike and Jon to add to what we're seeing how distribution is going, the value proposition?

所以我們必須超越它，然後一些。我們非常有信心，感覺自己處於一個很好的位置。邁克和喬恩都有什麼可以補充到我們所看到的分銷情況，價值主張？

Yes. Maybe I'll take churn, and then Jon can talk about distribution. I think it's too early. We launched this business a year ago. So it's too early to make like big broad comments about churn.

是的。也許我會考慮流失，然後喬恩可以談論分配。我認為現在還為時過早。我們在一年前推出了這項業務。因此，現在就客戶流失問題發表廣泛而廣泛的評論還為時過早。

The thing that I'll point to that we've said in some of our earliest comments is NPS on this product is amongst the best and broadband providers only vested by 1 fiber provider by a single point. And then the performance that customers are getting is they're not making any trade-offs. And I think that's one of the things that's really resonating with customers is a great price that's reliable and predictable and not making a trade-off on their incumbent service.

我要指出的是，我們在最早的一些評論中已經說過，該產品的 NPS 是最好的，寬帶提供商僅由 1 個光纖提供商單點授予。然後客戶獲得的性能是他們沒有做出任何權衡。而且我認為，真正引起客戶共鳴的一件事是可靠且可預測的優惠價格，而不是對其現有服務進行權衡。

And I think that's what's resonating with customers, and that will be a big part of our strategy, is making more customers aware of that going forward. I don't know, Jon, if you want to talk about distribution?

我認為這就是與客戶產生共鳴的原因，這將成為我們戰略的重要組成部分，讓更多的客戶意識到這一點。我不知道，喬恩，如果你想談談分配？

Yes. The only thing I would say is that we're still ramping in distribution. We've got this product across all of our T-Mobile stores. We've got it service from a digital point of view. Our telesales teams, et cetera.

是的。我唯一想說的是，我們仍在擴大分銷。我們所有的 T-Mobile 商店都有這款產品。從數字的角度來看，我們已經得到了它的服務。我們的電話銷售團隊等等。

And then just most recently in the previous quarter, we announced this and launched this in Metro by T-Mobile. So we're still driving that and ramping it, like Mike said, we've got quite a bit of opportunity here still. When you think about an underserved segment like our prepaid customers with high-speed Internet, so many of these customers don't even have a product. They can't get it. They can't afford it, et cetera, from your typical mainstream cable provider.

然後就在最近的上一季度，我們宣布了這一點，並由 T-Mobile 在 Metro 推出。因此，正如邁克所說，我們仍然在推動它並加速它，我們在這裡仍然有很多機會。當您考慮像我們的高速互聯網預付費客戶這樣服務不足的細分市場時，其中許多客戶甚至沒有產品。他們無法得到它。他們無法從典型的主流有線電視提供商那裡得到它，等等。

And what you can get with this particular product at the price point with the all-in total cost of ownership is just incredible. So we continue to see that we have more runway here. We're continuing to build that, and we might have even more distribution opportunities with other partners in the future as well.

而且，您可以在價格點上以總擁有成本的價格使用這款特定產品獲得什麼，這簡直令人難以置信。所以我們繼續看到我們在這裡有更多的跑道。我們正在繼續建立這一點，未來我們可能還會與其他合作夥伴有更多的分銷機會。

And operator, we can probably squeeze in one last question.

運營商，我們可能會擠進最後一個問題。

We'll go next to Michael Rollins with Citi.

我們將與花旗一起去邁克爾羅林斯旁邊。

Two questions, if I could. First, just going back to the volume side of the equation. As you consider the updated postpaid net add and postpaid phone outlook, what are the expectations for the industry growth for the rest of the year? And are there any notable changes in the landscape early in the third quarter?

兩個問題，如果可以的話。首先，回到等式的體積方面。當您考慮更新後的後付費淨增加和後付費電話前景時，對今年剩餘時間的行業增長有何預期？第三季度初的情況是否有任何顯著變化？

And then separately, just maybe taking a step back. I was curious if you could give us an update on the possibility to monetize the Sprint wireline assets? And if there are other considerations for T-Mobile to consider the use of M&A to accelerate the core strategy for the company?

然後分開，只是可能後退一步。我很好奇您能否向我們提供有關將 Sprint 有線資產貨幣化的可能性的最新信息？而T-Mobile是否還有其他考慮因素可以考慮通過併購來加速公司的核心戰略？

Okay. On volume, our forecasts don't imply an industry run rate. Our job is to win switching decisions. And you saw in our quarter, that's exactly what we did.

好的。在數量上，我們的預測並不意味著行業運行率。我們的工作是贏得轉換決策。你在我們的季度看到了，這正是我們所做的。

And then so we're not deeply dependent on industry net adds. That being said, what we're seeing is overall switching is up about 3% in the marketplace. We have not seen any substantial changes to that as we've entered into the new quarter or any other substantial changes to the overall competitive dynamics since the quarter ended. So that's what we're seeing across the board.

因此，我們並沒有嚴重依賴行業淨增加量。話雖如此，我們看到的是市場上的整體轉換率上升了約 3%。隨著我們進入新的季度，我們沒有看到任何實質性的變化，也沒有看到自季度結束以來整體競爭動態的任何其他實質性變化。這就是我們全面看到的情況。

As it relates to Sprint wireline asset, you may have seen we made some announcements that we're no longer using that asset to support our wireless business. We are obviously conducting a review as to the best way to manage that asset. It's a terrific product with a deep, deep legacy in our company. And it's important that we make the right decisions there for the long haul, taking into account how the market has changed over time.

由於它與 Sprint 有線資產有關，您可能已經看到我們發布了一些公告，稱我們不再使用該資產來支持我們的無線業務。我們顯然正在審查管理該資產的最佳方式。這是一個了不起的產品，在我們公司有著深厚的遺產。重要的是，我們要長期做出正確的決定，同時考慮到市場隨時間的變化。

M&A, listen, you never rule that out. You never rule that out. That being said, one of the things I hope you're getting from this call is that we are very, very confident as a management team in our ability to execute with the hand we're holding. In a broad market where all content and communications have left their linear forms and have landed on the Internet, and the Internet is going mobile, we are this nation's leading pure-play mobile Internet company, and we are executing very solidly for our shareholders with a clear eye towards returning value to those shareholders as a result of our efforts.

併購，聽著，你永遠不會排除這一點。你永遠不會排除這種可能性。話雖如此，我希望你從這次電話會議中得到的一件事是，作為一個管理團隊，我們非常非常有信心用我們所握的手執行的能力。在所有內容和通信都離開線性形式並登陸互聯網，互聯網正在走向移動的廣闊市場中，我們是這個國家領先的純移動互聯網公司，我們正在為我們的股東提供非常紮實的執行力通過我們的努力，清晰地向那些股東回報價值。

And so we're very pleased with where we sit. But smart management teams never rule out ways to further benefit our position for shareholders. And that's a great place to leave it. Listen, I hope you got from this call, our confidence. We're having a lot of fun here. We're taking care of our customers. We're leading this company into a new era of the Un-carrier. And quarter after quarter, where our aspiration is to continue to post results that increase your confidence in us as a management team.

所以我們對我們的坐姿非常滿意。但聰明的管理團隊從不排除進一步使我們為股東受益的方法。這是一個離開它的好地方。聽著，我希望你能從這個電話中得到我們的信心。我們在這裡玩得很開心。我們正在照顧我們的客戶。我們正在帶領這家公司進入 Un-carrier 的新時代。一個季度又一個季度，我們的願望是繼續發布結果，以增加您對我們作為管理團隊的信心。

Thanks for tuning in today, everybody. Appreciate it.

感謝大家今天收看。欣賞它。

Ladies and gentlemen, this concludes the T-Mobile Second Quarter Earnings Call. Thank you for your participation. You may now disconnect, and have a pleasant day.

女士們先生們，T-Mobile 第二季度財報電話會議到此結束。感謝您的參與。您現在可以斷開連接，度過愉快的一天。