T-Mobile US Inc (TMUS) 2022 Q3 法說會逐字稿

Good afternoon. (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.

下午好。 （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 Third 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 年第三季度財報電話會議。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'll 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.

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。

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

我們的收益發布、投資者概況介紹和其他與我們的業績相關的文件以及 GAAP 與本次電話會議中討論的非 GAAP 業績之間的對賬可在投資者關係網站的季度業績部分找到。

With that, let me turn it over to Mike.

有了這個，讓我把它交給邁克。

Okay. Thanks, Jud. Thanks, everybody. Welcome to our third quarter call. Thanks for tuning in. It is so great to be back to talk about another quarter of outstanding results by this team. Our differentiated strategy is working. Our ongoing focus on delivering the best value while simultaneously capitalizing on our network leadership position has delivered another quarter of industry-leading growth in customers, EBITDA and cash flow. And we're raising our 2022 guidance for the third consecutive quarter this year. All of this while completing our biggest integration milestone. I am incredibly proud of this team.

好的。謝謝，賈德。謝謝大家。歡迎來到我們的第三季度電話會議。感謝收看。很高興能回來談論這支球隊又一個季度的出色成績。我們的差異化戰略正在奏效。我們持續專注於提供最佳價值，同時利用我們的網絡領導地位，在客戶、EBITDA 和現金流方面實現了另一個行業領先的增長。我們將在今年連續第三個季度上調 2022 年的指導。所有這一切都在完成我們最大的集成里程碑的同時。我為這支球隊感到無比自豪。

As we told you when our merger closed, our plan was to expand on our fame as the industry's best value while building and becoming known for having the best network in the country, finally giving customers the ability to have both from one provider for the first time ever. Now just 2.5 years later, we're doing exactly what we planned. Our brand strength for value leadership has never been better. And it's been further aided by our competitors' price increases.

正如我們在合併完成時告訴您的那樣，我們的計劃是擴大我們作為行業最佳價值的聲譽，同時建立並以擁有該國最好的網絡而聞名，最終讓客戶能夠首先從一個提供商處獲得兩者永遠的時間。現在僅僅 2.5 年後，我們正在按照我們的計劃進行。我們在價值領先方面的品牌實力從未如此出色。我們的競爭對手的價格上漲進一步助長了這一點。

And our long-established 5G lead is translating to overall network leadership for the first time and giving customers the beginnings of really a powerful network that they're really noticing. Our results this quarter are a clear demonstration of how differentiated and sustainable our growth strategy really is.

我們長期確立的 5G 領先地位正在首次轉化為整體網絡領導地位，並為客戶提供他們真正注意到的真正強大網絡的開端。我們本季度的業績清楚地證明了我們的增長戰略的差異化和可持續性。

Only T-Mobile has both this unique combination of network and value leadership and multiple large-scale new and underpenetrated segments to tap into.

只有 T-Mobile 擁有這種獨特的網絡和價值領導地位組合，以及多個大規模的新的和未充分滲透的細分市場可供開發。

To grow our business, we are also driving innovation where it matters most for customers. Through Magenta MAX, our most popular plan and the best expression of T-Mobile's 5G network, we're providing features that are meaningful to customers in their daily lives like with the recent addition of Apple TV+ and our Un-carrier move, Coverage Beyond. Well, we're not just keeping people connected on the ground, but also in the air and when they go abroad. With the launch of Easy Switch and Network Pass, we're making it simple and risk-free to experience our network and make the switch to T-Mobile.

為了發展我們的業務，我們還在對客戶最重要的領域推動創新。通過 Magenta MAX，我們最受歡迎的計劃和 T-Mobile 5G 網絡的最佳體現，我們正在提供對客戶日常生活有意義的功能，例如最近添加的 Apple TV+ 和我們的非運營商舉措，Coverage Beyond .好吧，我們不僅讓人們在地面上保持聯繫，而且還在空中和他們出國時保持聯繫。隨著 Easy Switch 和 Network Pass 的推出，我們讓體驗我們的網絡並切換到 T-Mobile 變得簡單且無風險。

It has long been established that T-Mobile is the 5G leader. But with the rapidly growing adoption of 5G by consumers and businesses, we're now seeing that 5G lead translate into overall network leadership. And to back it up, we're beginning to win more third-party recognition for our network leadership from multiple third parties like Ookla, umlaut and PCMagazine. This is precisely the network evolution that we planned. We knew that 5G leadership would eventually translate into overall network leadership, and that's exactly what is now unfolding.

長期以來，T-Mobile 是 5G 的領導者。但隨著消費者和企業對 5G 的迅速採用，我們現在看到 5G 的領先地位轉化為整體網絡的領先地位。為了支持這一點，我們開始從 Ookla、umlaut 和 PCMagazine 等多個第三方對我們的網絡領導地位贏得更多第三方的認可。這正是我們計劃的網絡演進。我們知道 5G 的領先地位最終會轉化為整體網絡的領先地位，而這正是現在正在展開的。

And speaking of network, we just hit our biggest merger integration milestone. By the end of Q3, we had successfully decommissioned substantially all targeted Sprint macro sites, more than a year earlier than our original merger plan. And our Ultra Capacity 5G now reaches 250 million Americans. Think about that. Today, we're already where Verizon hopes to be more than 2 years from now.

說到網絡，我們剛剛達到了最大的合併整合里程碑。到第三季度末，我們已經成功關閉了幾乎所有目標 Sprint 宏站點，比我們最初的合併計劃提前了一年多。而我們的超容量 5G 現已覆蓋 2.5 億美國人。考慮一下。今天，我們已經達到了 Verizon 希望在 2 年後達到的目標。

And we're not stopping. We recognize the importance of coverage to customers, and we will continue to pursue more opportunities to ensure our network is there for them whenever and wherever they need us. This lean and data-informed customer-driven coverage approach will guide us as we enhance and expand our network to even higher levels and in a capital-efficient way using our spectrum resources.

而且我們不會停止。我們認識到覆蓋對客戶的重要性，我們將繼續尋求更多機會，以確保我們的網絡隨時隨地為他們提供服務。這種精益且以數據為依據的客戶驅動覆蓋方法將指導我們使用我們的頻譜資源以一種資本高效的方式增強和擴展我們的網絡到更高的水平。

We also recognize that there are some places where it's just not practical for any wireless operator to build a terrestrial network. But because we want T-Mobile customers to have peace of mind that we have them covered no matter where they go, in Q3, we announced our joint effort with SpaceX to do just that, combining a slice of our mid-band spectrum that's already compatible with existing customer devices with next-gen satellite technology from SpaceX. Our goal is for T-Mobile customers to be connected anywhere in the U.S. where they can see the sky.

我們還認識到，在某些地方，任何無線運營商都無法建立地面網絡。但是因為我們希望 T-Mobile 客戶放心，無論他們走到哪裡，我們都能為他們提供保障，因此在第三季度，我們宣布與 SpaceX 共同努力做到這一點，並結合我們已經擁有的中頻頻譜的一部分與具有 SpaceX 下一代衛星技術的現有客戶設備兼容。我們的目標是讓 T-Mobile 客戶能夠在美國任何可以看到天空的地方進行連接。

Overall, this differentiated growth strategy and emerging network leadership produced another quarter of truly differentiated results. So let's get right into them. In Q3, we posted a record 394,000 postpaid account net adds, the highest in company history and the highest reported in the industry again. Winning the switching decisions in this industry and growing share through our core growth strategies I've outlined for you many times is the central growth ambition of our company. And this quarter, we did that better than ever before.

總體而言，這種差異化的增長戰略和新興的網絡領導地位產生了另一個真正差異化的結果。因此，讓我們直接進入它們。在第三季度，我們發布了創紀錄的 394,000 個後付費帳戶淨增加，這是公司歷史上的最高水平，也是行業報告的最高水平。贏得該行業的轉換決策並通過我多次為您概述的核心增長戰略增加份額是我們公司的核心增長目標。本季度，我們比以往任何時候都做得更好。

In addition, our network and value proposition are consistently attracting the industry's best customers, which is contributing to an all-time high in our customer prime mix. And we delivered an industry-best 1.6 million postpaid net additions, more than AT&T and Verizon combined.

此外，我們的網絡和價值主張一直在吸引業內最好的客戶，這有助於我們的客戶主要組合達到歷史最高水平。我們提供了業界最佳的 160 萬後付費淨增加量，超過了 AT&T 和 Verizon 的總和。

We had our highest postpaid phone net adds since the merger with an industry-leading 854,000. Our postpaid phone churn of just 0.88% improved 8 basis points from last year. Once again, we were the only wireless service provider to improve year-over-year. And our postpaid phone churn, including Sprint, was lower than Verizon's for the second consecutive quarter.

自與行業領先的 854,000 人合併以來，我們的後付費電話淨增加量最高。我們的後付費電話流失率僅為 0.88%，比去年提高了 8 個基點。再一次，我們是唯一一個逐年改善的無線服務提供商。我們的後付費電話流失率（包括 Sprint）連續第二個季度低於 Verizon。

And as I said, our multiple growth opportunities are all contributing to this success. Consider smaller markets in rural areas, which include 40% of the U.S. population. At the end of last year, we only had a competitive network and distribution to effectively compete in 30% of those households. Today, thanks to our accelerated network build, we have already surpassed our year-end target to compete in 50% of these households, and we now expect to reach roughly 60% by the end of this year.

正如我所說，我們的多種增長機會都促成了這一成功。考慮農村地區的較小市場，其中包括 40% 的美國人口。去年底，我們只有一個有競爭力的網絡和分銷渠道，才能在 30% 的家庭中有效競爭。今天，由於我們加快了網絡建設，我們已經超過了年終目標，即在 50% 的這些家庭中進行競爭，我們現在預計到今年年底將達到大約 60%。

We also continue to grow in the top 100 markets as we win the prime network seekers who are increasingly recognizing that T-Mobile has the best network for them, an audience we never effectively competed for in the past. We achieved share leadership in many of these markets in the past without winning on network. All of that is changing. So the same advantages in network and value proposition that are driving growth in smaller markets and rural areas where we're underpenetrated and are driving it in the top 100 where we've always been strong. In fact, our net account growth in the quarter was split roughly equally between these two geographic segments.

我們還繼續在前 100 名市場中增長，因為我們贏得了主要網絡尋求者，他們越來越認識到 T-Mobile 擁有最適合他們的網絡，我們過去從未有效競爭過這些受眾。過去，我們在許多此類市場中取得了份額領先地位，但並未在網絡上獲勝。所有這一切都在改變。因此，在網絡和價值主張方面的相同優勢正在推動我們滲透不足的較小市場和農村地區的增長，並推動它進入我們一直很強大的前 100 名。事實上，我們在本季度的淨賬戶增長在這兩個地理區域之間大致平均分配。

Okay. Let's talk business. We continue to win business customers from incumbents as T-Mobile for Business continues to build momentum, delivering one of our highest ever postpaid phone net addition quarters in Q3. The impact we're having can be clearly seen in Verizon's business churn, which was up again at the highest levels they've ever reported. Meanwhile, we added more business accounts and had lower business phone churn than Verizon in the quarter, delivering one of our lowest ever postpaid phone churn quarters for business.

好的。讓我們談談生意。隨著 T-Mobile for Business 繼續發展勢頭，我們繼續從現有企業那裡贏得商業客戶，在第三季度實現了我們有史以來最高的後付費電話淨增加季度之一。我們在 Verizon 的業務流失中可以清楚地看到我們所產生的影響，該流失率再次達到他們報告的最高水平。與此同時，與 Verizon 相比，我們在本季度增加了更多的商業賬戶，並且商業電話流失率低於 Verizon，這是我們有史以來最低的商業後付費電話流失率季度之一。

Our 5G network leadership, particularly as it relates to our lead in advanced 5G services, is increasingly enabling us to become a strategic partner for enterprises and for government agencies.

我們在 5G 網絡方面的領先地位，尤其是與我們在先進 5G 服務方面的領先地位有關，正日益使我們成為企業和政府機構的戰略合作夥伴。

Okay. Let me briefly touch on high-speed Internet where net additions of 578,000 hit another record high. And once again, we expect to lead the industry in net adds. In fact, I anticipate that T-Mobile had more broadband net additions than AT&T, Verizon, Comcast and Charter combined for the second quarter in a row. In addition, our high-speed Internet attracted consumers and businesses who are new to T-Mobile at an increasing pace, establishing new relationships that we can grow with additional products and services over time. In just 1.5 years since our commercial launch, we now serve more than 2 million customers with Net Promoter Scores more than 30 points higher than cable and even higher than the average fiber provider.

好的。讓我簡單談談高速互聯網，578,000 的淨增加量再創歷史新高。再一次，我們希望在淨增加方面引領行業。事實上，我預計 T-Mobile 的寬帶淨增加量將連續第二季度超過 AT&T、Verizon、Comcast 和 Charter 的總和。此外，我們的高速互聯網以越來越快的速度吸引了不熟悉 T-Mobile 的消費者和企業，建立了新的關係，隨著時間的推移，我們可以通過更多的產品和服務來發展。自我們商業推出以來僅 1.5 年，我們現在為超過 200 萬客戶提供服務，淨推薦值比有線電視高出 30 多分，甚至高於平均光纖供應商。

These results demonstrate that our differentiated growth strategy and our Un-carrier playbook to provide customers with the best value and the best network continues to win, and our differentiation is a particular source of strength in this ever-changing competitive and macroeconomic environment.

這些結果表明，我們的差異化增長戰略和我們為客戶提供最佳價值和最佳網絡的非運營商劇本繼續獲勝，我們的差異化是在這個不斷變化的競爭和宏觀經濟環境中的特殊力量來源。

And importantly, we translated our leading customer growth into industry-leading financial growth in postpaid service revenues, core adjusted EBITDA and cash flows. This momentum has enabled us to raise our guidance every quarter this year, including today.

重要的是，我們將領先的客戶增長轉化為後付費服務收入、核心調整後 EBITDA 和現金流方面的行業領先財務增長。這種勢頭使我們能夠在今年每個季度提高我們的指導，包括今天。

Finally, as you know, thanks to our strong execution and confidence in the future, our Board authorized a substantial share repurchase program and did so earlier than our initial Analyst Day plans to begin in 2023. I could not be prouder of this team and of these results.

最後，如您所知，由於我們強大的執行力和對未來的信心，我們的董事會批准了一項重大的股票回購計劃，並且比我們最初的分析師日計劃在 2023 年開始的時間更早。我為這個團隊和這些結果。

Okay, Peter, over to you to talk about our key financial highlights and some more information on our guidance.

好的，彼得，請您談談我們的主要財務亮點以及有關我們指導的更多信息。

All right. Thanks, Mike. It's such a pleasure to watch this team reliably deliver on our commitments, and we did it yet again with another strong quarter in Q3. Our industry-leading growth in postpaid customer accounts resulted in the best postpaid service revenue growth once again, up 7% year-over-year. Our disciplined focus on driving profitability translated at strong service revenue growth, combined with our continued execution on merger synergies, into year-over-year core adjusted EBITDA growth of over 11%. That increase in customers and profitability is driving industry-leading operating and free cash flow expansion and further unlocks the massive cash flow potential of our business.

好的。謝謝，邁克。很高興看到這支團隊可靠地兌現了我們的承諾，我們在第三季度又一個強勁的季度再次做到了這一點。我們行業領先的後付費客戶賬戶增長再次帶來最佳後付費服務收入增長，同比增長 7%。我們對推動盈利能力的嚴格專注轉化為強勁的服務收入增長，再加上我們對合併協同效應的持續執行，核心調整後 EBITDA 同比增長超過 11%。客戶和盈利能力的增加正在推動行業領先的運營和自由現金流擴張，並進一步釋放我們業務的巨大現金流潛力。

These robust operating results also enabled us to achieve two major financial milestones. First, we're extremely proud to have reached an investment-grade rating from all three major agencies, opening access to a much deeper and cost-effective capital pool for the company. We also closed our first asset-backed securities issuance related to our equipment receivables, which provides yet another established and attractive capital source as we continue to be opportunistic in optimizing both our capital structure and cost.

這些強勁的經營業績也使我們實現了兩個主要的財務里程碑。首先，我們非常自豪能夠獲得所有三個主要機構的投資級評級，從而為公司開放了更深、更具成本效益的資本池。我們還完成了與我們的設備應收賬款相關的首次資產支持證券發行，這提供了另一個既定且有吸引力的資本來源，因為我們繼續在優化我們的資本結構和成本方面有機會。

And second, as Mike mentioned, we commenced the significant share repurchase program in September, and we repurchased 4.9 million shares for a total purchase price of $669 million in Q3. Cumulatively, through October 20, we have repurchased 10.9 million shares for a total purchase price of $1.5 billion.

其次，正如邁克所說，我們在 9 月開始了重大的股票回購計劃，我們在第三季度以 6.69 億美元的總購買價格回購了 490 萬股股票。截至 10 月 20 日，我們累計回購了 1090 萬股股票，總購買價為 15 億美元。

Also in Q3, we announced the planned sale of our wireline business, which resulted in a pretax loss of $1.1 billion that had substantially no cash impact to the quarter. This includes the financial liability associated with the commercial take-or-pay arrangement, the impairment to the carrying value of the associated assets and other cost to sell. The transaction is not expected to have any material financial impact to 2023 based on the expected closing time line.

同樣在第三季度，我們宣布計劃出售我們的有線業務，導致稅前虧損 11 億美元，對本季度的現金影響基本沒有。這包括與商業照付不議安排相關的金融負債、相關資產賬面價值的減值以及其他銷售成本。根據預期的完成時間線，該交易預計不會對 2023 年產生任何重大財務影響。

All right. Let's jump into the details of our increased guidance for 2022. We now expect total postpaid net customer additions to be between 6.2 million and 6.4 million, up 150,000 at the midpoint, reflecting both the great execution of our differentiated growth strategy and progress on reducing churn. We continue to expect nearly half of postpaid net adds coming from phones for the full year.

好的。讓我們來看看我們增加的 2022 年指導的細節。我們現在預計後付費淨客戶總數將在 620 萬至 640 萬之間，中點增加 15 萬，這既反映了我們差異化增長戰略的出色執行，也反映了在減少客戶流失方面取得的進展.我們繼續預計全年近一半的後付費淨增加來自手機。

Turning to core adjusted EBITDA. We now expect full year 2022 to be between 26.2 billion and 26.4 billion, up 11% year-over-year at the midpoint and up 150 million from our prior guidance, driven by our profitable growth in service revenues and increased merger synergies. Core adjusted EBITDA excludes leasing revenues, which we expect to be between $1.3 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 262 億至 264 億之間，中點同比增長 11%，比我們之前的預期增長 1.5 億，這得益於我們的服務收入的盈利增長和合併協同效應的增加。核心調整後 EBITDA 不包括租賃收入，隨著我們繼續讓 Sprint 客戶擺脫設備租賃，我們預計該收入將在 13 億美元至 14 億美元之間。

We now expect merger synergies to be between $5.7 billion to $5.8 billion, up $250 million at the midpoint, primarily as we unlock more network savings driven by accelerated site decommissioning.

我們現在預計合併協同效應將在 57 億美元至 58 億美元之間，中點增加 2.5 億美元，主要是因為我們通過加速站點退役來釋放更多的網絡節省。

Merger-related costs, which are not included in core adjusted EBITDA, are expected to be between $4.8 billion and $5 billion before taxes, primarily representing network decommissioning activities. Net cash provided by operating activities, which include payments for merger-related costs, are now expected to be in the range of $16.3 billion to $16.5 billion up 18% year-over-year at the midpoint and up $250 million from the prior guidance.

未包含在核心調整後 EBITDA 中的合併相關成本預計在稅前 48 億美元至 50 億美元之間，主要代表網絡退役活動。經營活動提供的淨現金（包括合併相關成本的支付）現在預計在 163 億美元至 165 億美元之間，中點同比增長 18%，比之前的指引增加 2.5 億美元。

Turning to cash CapEx. We now expect it to be between $13.7 billion and $13.9 billion, which is up $200 million at the midpoint, reflecting the ongoing robust pace of our 5G deployment and success in high-speed Internet where we capitalize the routers. Together, we now expect free cash flow, including payments for merger-related costs, to be in the range of $7.4 billion to $7.6 billion, higher by $50 million at the midpoint. This results in free cash flow increasing by more than 30% over last year, even with the higher levels of investments and does not assume any material net cash inflows from securitization.

轉向現金資本支出。我們現在預計它將在 137 億美元和 139 億美元之間，中點增加 2 億美元，這反映了我們 5G 部署的持續強勁步伐以及我們在利用路由器的高速互聯網方面取得的成功。我們現在預計自由現金流（包括與合併相關成本的支付）將在 74 億美元至 76 億美元之間，中點高出 5000 萬美元。這導致自由現金流比去年增加了 30% 以上，即使投資水平更高，並且不假設證券化帶來任何重大的淨現金流入。

We now expect our full year effective tax rate to be between 17% and 19% based on favorability, primarily from nonrecurring benefits we've seen year-to-date. Additionally, we continue to expect postpaid phone ARPU to be up approximately 2% for the full year driven by continued customer adoption of value-added services, including Magenta MAX. And with greater success in attracting new to T-Mobile customers with high-speed Internet, we now expect full year postpaid ARPA to be up in the mid- to high 2% range.

我們現在預計我們的全年有效稅率將在 17% 到 19% 之間，這主要來自我們年初至今看到的非經常性福利。此外，由於客戶繼續採用包括 Magenta MAX 在內的增值服務，我們繼續預計全年後付費電話 ARPU 將增長約 2%。隨著高速互聯網在吸引新的 T-Mobile 客戶方面取得更大成功，我們現在預計全年後付費 ARPA 將在 2% 的中高範圍內上升。

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. All right, let's get to your questions. (Operator Instructions) Let's start with a question on the phone. Operator, first question, please.

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

We'll take our first question from Jonathan Chaplin of New Street Research.

我們將向 New Street Research 的喬納森卓別林提出第一個問題。

Congratulations on a great set of results. I had just a quick question on fixed wireless broadband, actually. It looks like net adds are leveling off pretty much as you described they would last quarter, Mike. And I'm just wondering, you're still expanding your addressable market as you deploy 2.5 gigahertz spectrum. Are you starting to run out of capacity in some of the early markets that you deployed such that the sort of markets open for sale isn't growing anymore? Is that what's causing the leveling off in net adds?

祝賀取得了一系列出色的成果。實際上，我只是有一個關於固定無線寬帶的快速問題。邁克，看起來淨增加量正在趨於平穩，就像你在上個季度所描述的那樣。我只是想知道，當您部署 2.5 GHz 頻譜時，您仍在擴展您的潛在市場。您是否開始在您部署的一些早期市場中出現產能不足，以致開放銷售的市場不再增長？這是導致淨增加量趨於平穩的原因嗎？

Not at all. In fact, our -- the capacity picture is actually more sector by sector than market by market, and that's sort of what makes it different than other models. Just to kind of remind everybody how this works. So we took the entire country and looked at every sector of every tower and predicted mobile usage for years to come through share-taking and additional mobile usage per device and then looked at each sector, whether or not to approve addresses in that sector. And then once we get enough addresses in that sector, which is very rarely achieved so far, we stop approving addresses in that sector. And so it's not really a market-by-market basis.

一點也不。事實上，我們的容量圖實際上更多的是逐個部門而不是逐個市場，這就是使其與其他模型不同的原因。只是為了提醒大家這是如何工作的。因此，我們走遍了整個國家，研究了每座塔的每個部門，並通過共享和每台設備的額外移動使用量來預測未來幾年的移動使用情況，然後查看每個部門，是否批准該部門的地址。然後，一旦我們在該扇區中獲得足夠的地址（迄今為止很少實現），我們將停止批准該扇區中的地址。因此，這並不是真正的逐個市場基礎。

And it's also, therefore, not a model that requires us to allocate significant extra capital, meaning we can go after this market very, very cost effectively because the network is substantially complete only for mobile usage. It's just a fantastic model. When we laid that out for people in '21, we said that we saw that particular model getting us to 6 million to 8 million postpaid homes, and that would be about the model. But that doesn't mean we might not go beyond that. We'll have to watch how it all unfolds. And we just really like this run rate. It's competitive. It's rapidly growing. I love the fact that the premise of your question is why the slowdown, only as many net adds as AT&T, Verizon, Comcast and Charter combined? What's going wrong with your model? So it's just -- it's a fantastic place for us to be.

因此，它也不是一個需要我們分配大量額外資金的模式，這意味著我們可以非常、非常有效地進入這個市場，因為網絡基本上只用於移動使用。這只是一個很棒的模型。當我們在 21 年為人們制定這個計劃時，我們說我們看到這種特定模式讓我們擁有 600 萬到 800 萬套後付費房屋，這就是模式。但這並不意味著我們可能不會超越這一點。我們將不得不觀察這一切是如何展開的。我們真的很喜歡這個運行速度。這是有競爭力的。它正在迅速增長。我喜歡你的問題的前提是為什麼放緩，只有 AT&T、Verizon、Comcast 和 Charter 加起來的淨增加量？你的模型出了什麼問題？所以它只是 - 這對我們來說是一個很棒的地方。

But the answer to your question specifically is no. Other than in some particular neighborhoods where we have lots of neighbors all joining on at once, we're not seeing any issues with capacity. And remember, and I'll ask Neville to finish this answer, we're only getting started when it relates to applying the capacity. It's not a finite quantum. In fact, right now, we have 120 megahertz, is it, deployed in the mid-band Ultra Capacity, and we're on our way to 200. Maybe you can talk about the journey because it's not a fixed capacity story.

但具體來說，您的問題的答案是否定的。除了在我們有很多鄰居同時加入的一些特定社區之外，我們沒有看到任何容量問題。請記住，我會要求 Neville 完成這個答案，我們只是在涉及到應用容量時才開始。它不是一個有限的量子。事實上，現在，我們有 120 兆赫茲，是嗎，部署在中頻超容量，我們正朝著 200 兆赫邁進。也許你可以談談這個旅程，因為這不是一個固定容量的故事。

Yes. Just build on your comments, Mike. I'd say, Jonathan, the reverse is happening. We're just coming off the back of a tremendous quarter, actually, our busiest quarter since close of the merger with Sprint in terms of how many sites we modernized and upgraded with mid-band 5G. And so the footprint is expanding, which is tremendous. We're also adding more spectrum across the footprint, both the existing and the new footprint. And that's not just in 2.5 gigahertz now. We're also adding PCS in the 1,900 megahertz band to those sites. So we have more sites and more spectrum coming online as we move through the future months and years for the company.

是的。邁克，建立在您的評論之上。我想說，喬納森，相反的事情正在發生。實際上，就我們使用中頻 5G 對多少站點進行現代化和升級而言，我們剛剛結束了一個巨大的季度，這是自與 Sprint 合併以來最繁忙的一個季度。因此，足跡正在擴大，這是巨大的。我們還在現有和新的足跡中增加了更多的頻譜。這不僅僅是現在的 2.5 GHz。我們還將 1,900 兆赫頻段的 PCS 添加到這些站點。因此，隨著公司未來幾個月和幾年的發展，我們有更多的網站和更多的頻譜上線。

And it's not just that, right? The other great piece is that 5G is becoming more efficient. We're rapidly moving to all SA, all stand-alone. And what does that mean? It means we can leverage and transport all of that home Internet traffic on a pure 5G length. So that's more efficient. It's more spectrally efficient. And from a performance perspective, of course, we get better latency. So we're still in the early innings of rolling out this mid-band network. Obviously, we have a tremendous leadership position.

不僅如此，對吧？另一個偉大的部分是 5G 正在變得更加高效。我們正在迅速轉向所有 SA，所有這些都是獨立的。那是什麼意思？這意味著我們可以在純 5G 長度上利用和傳輸所有家庭互聯網流量。所以這樣更有效率。它的光譜效率更高。當然，從性能的角度來看，我們得到了更好的延遲。因此，我們仍處於推出這個中頻網絡的早期階段。顯然，我們擁有巨大的領導地位。

But in terms of our ability to support the numbers we've talked about by 2025, we're in a good place. And as Mike said, we will continue to work to see if we can beat those opportunities.

但就我們支持我們談到的到 2025 年的數字而言，我們處於一個很好的位置。正如邁克所說，我們將繼續努力，看看我們是否能抓住這些機會。

One thing I love about this, just to wrap it up, is that -- I mentioned this in my remarks, but the Net Promoter Scores that we're seeing on this product are just fantastic. And people love this product because it's lower price and because it does exactly what it promises. And for us, it's really, really important that we keep all of that in balance on our journey to millions and millions of homes served. So great. Thanks, Jonathan.

我喜歡這個的一件事，只是總結一下，是 - 我在我的評論中提到了這一點，但是我們在這個產品上看到的淨推薦值非常棒。人們喜歡這個產品，因為它的價格更低，而且它完全符合它的承諾。對我們來說，在我們為數以百萬計的家庭服務的旅程中保持所有這些平衡是非常非常重要的。很好。謝謝，喬納森。

And moving on to Craig Moffett of MoffettNathanson SVB Securities.

然後轉到 MoffettNathanson SVB Securities 的 Craig Moffett。

Two questions. First, as 5G chipsets become increasingly commonplace and sort of more the norm than the exception, how do you think about telling the story of 5G network advantage in a way that particularly the consumer market sort of internalizes it? What kind of metrics should we be looking at for a sense that your network advantage is really something that is becoming known and resonating with customers?

兩個問題。首先，隨著 5G 芯片組變得越來越普遍，並且越來越成為常態而不是例外，您如何看待以一種特別是消費市場將其內部化的方式來講述 5G 網絡優勢的故事？我們應該關注什麼樣的指標，才能讓您的網絡優勢真正成為廣為人知並引起客戶共鳴的東西？

And then second on just a purely more financial note. As you -- for example, as you bought in some previously leased spectrum and that sort of thing, how should we be thinking about the margin trajectory for the business going forward? And where you think service margins can get to longer term?

然後是純粹的財務說明。正如你——例如，當你購買了一些以前租用的頻譜之類的東西時，我們應該如何考慮未來業務的利潤率軌跡？您認為服務利潤可以在哪些方面達到更長期的水平？

Okay. Great. Let's start with the second question about bringing on lease spectrum. What's the margin trajectory? Where can margins get? I'll start with Peter.

好的。偉大的。讓我們從關於引入租賃頻譜的第二個問題開始。什麼是保證金軌跡？利潤從哪裡來？我將從彼得開始。

Yes. Well, there hasn't been a lot of that yet, Craig. I mean we announced our transaction with Columbia Capital. That, again, is subject to regulatory approval and would close 6 months thereafter. But again, as I think about the long-term trajectory of this business, we laid out, obviously, our set of mid- and long-term aspirations in Analyst Day, and there are some service revenue margins that are inferred from there. But this has been a question that's come up multiple times in terms of the competitive set and where do we land relative to the competitive set.

是的。好吧，還沒有很多，克雷格。我的意思是我們宣布了與哥倫比亞資本的交易。這同樣需要獲得監管部門的批准，並將在 6 個月後關閉。但同樣，當我考慮這項業務的長期發展軌跡時，我們顯然在分析師日列出了我們的中長期目標，並從中推斷出一些服務收入利潤率。但這一直是一個在競爭環境中多次出現的問題，以及我們相對於競爭環境的位置。

And the most important thing to look at, because it is what powers the growth of the ability to both return shareholder capital, to invest further in the business and to continue this flywheel success, is how are you able to translate that service revenue into free cash flow. And that's where we're tremendously proud and excited about the opportunity ahead of us.

最重要的是，因為它推動了回報股東資本、進一步投資業務和繼續這種飛輪成功的能力的增長，你如何能夠將服務收入轉化為免費的現金周轉。這就是我們對擺在我們面前的機會感到無比自豪和興奮的地方。

And you see even with our Analyst Day projections for 2023, even before we get the full run rate cash potential of this business in the later periods, we're projected to convert service revenue into free cash flow as a leader in this industry. And so that's really what we're laser-focused on. It gets rid of the question of leased fiber versus owned fiber, takes all that noise out of it and really shows you the value creation capability of this business.

即使根據我們對 2023 年分析師日的預測，即使在我們在後期獲得該業務的全部運行率現金潛力之前，我們也預計將作為該行業的領導者將服務收入轉化為自由現金流。這就是我們真正關注的焦點。它擺脫了租賃光纖與自有光纖的問題，消除了所有噪音，真正向您展示了該業務的價值創造能力。

Yes. And just back to the consumer question. I'd be interested if anybody else wants to jump in. Ultimately, consumers and businesses want an available signal. And where they have available signal, they want speed and capacity, and they want that at a great price from a company that will treat them right and love them. And that's the bottom line.

是的。回到消費者問題。如果還有其他人想加入，我會很感興趣。最終，消費者和企業想要一個可用的信號。在他們有可用信號的地方，他們想要速度和容量，並且他們希望以高價從一家能夠正確對待他們並愛他們的公司那裡獲得。這就是底線。

Our lead in 5G puts us in a position now that 5G is becoming the norm to be the leader in overall network. And network is one of the top 2 reasons why people switch. They switch either because they're not satisfied with the price or the terms around those prices or they switch because they want a different or more powerful network signal. And more and more, they're learning that T-Mobile is the company that offers that.

我們在 5G 方面的領先地位使我們處於一個位置，因為 5G 正在成為成為整個網絡領導者的常態。網絡是人們轉換的兩大原因之一。他們切換要么是因為他們對價格或圍繞這些價格的條款不滿意，要么他們切換是因為他們想要不同或更強大的網絡信號。而且，他們越來越多地了解到 T-Mobile 是提供這種服務的公司。

Remember, all the companies now provide signal just about everywhere people go. The question is, when you are moving around, what kind of signal do you have? When you walk into buildings, are you begging for a Wi-Fi password or do you have T-Mobile where your signal is probably faster than the Wi-Fi and the building you just walked into? And that kind of thing is habit-forming. We're seeing usage move really fast.

請記住，現在所有的公司都在人們所到之處提供信號。問題是，當你四處走動時，你有什麼樣的信號？當您走進建築物時，您是在乞求 Wi-Fi 密碼，還是您有 T-Mobile，您的信號可能比 Wi-Fi 和您剛走進的建築物更快？這種事情就是習慣形成。我們看到使用量的變化非常快。

The most popular plan we have and, as I said, the best expression of our 5G network is Magenta MAX. It's now our most popular plan, and people are using it significantly more than they were using prior plans and certainly more than they were using LTE, like several times more. And so those are the kinds of things that I think people look to. It's applications like gaming. It's media consumption. It's the emergence of new use cases like AR and VR that are the underpinnings of the metaverse. No matter what you believe about how the metaverse might or might not unfold, clearly, more immersive 3D experiences are on their way. And all those things require ultra-high capacity, low latency powerful network signals. And that's what T-Mobile uniquely provides with our 5G advantage.

我們擁有的最受歡迎的計劃，正如我所說，我們 5G 網絡的最佳體現是 Magenta MAX。它現在是我們最受歡迎的計劃，人們使用它的次數比使用以前的計劃要多得多，當然也比他們使用 LTE 的次數要多，像好幾倍。所以這些是我認為人們期待的東西。它是遊戲之類的應用程序。是媒體消費。虛擬現實的基礎是 AR 和 VR 等新用例的出現。無論您對元宇宙如何展開或不展開有何看法，顯然，更身臨其境的 3D 體驗即將到來。而所有這些都需要超高容量、低延遲的強大網絡信號。這就是 T-Mobile 憑藉我們的 5G 優勢所提供的獨特優勢。

The last thing I'll say, and I know your question was about consumers, is that businesses don't just go on the reputation. They actually go have a look at it. They take 100-or-so phones from each of the providers and test it for some weeks. And our win share is like it's never been. And so it really shows you that when they take a hard look at where all their customers go, where their employees go, and they look at it side by side, they come back, and more times than not and certainly more times than the past, it's T-Mobile. So we're really at the beginnings of, I think, this 5G revolution taking hold. Anybody want to add to that?

我要說的最後一件事，我知道你的問題是關於消費者的，企業不只是為了聲譽。他們實際上去看看它。他們從每個供應商那裡拿了 100 多部手機，並測試了幾個星期。我們的勝利份額就像從未有過的一樣。因此，它確實向您表明，當他們認真審視所有客戶的去向，員工的去向，並肩並肩觀察時，他們會回來，而且比過去更多次，當然也比過去更多次，它是 T-Mobile。因此，我認為，我們真的處於這場 5G 革命的開端。有人想補充嗎？

I might just say one or two things to emphasize a couple that you said. 5G is more and more becoming the network. And so one of the ways that we're measuring our success in 5G is how are we succeeding in overall network perception, how are people perceiving that T-Mobile competes overall in the marketplace against our two main competitors. And I think increasingly, you're seeing us close the perception gap. You're also seeing us win awards for overall network leadership that we had never won before, and Neville can double-click into some of those.

我可能只說一兩件事來強調你所說的一對。 5G越來越成為網絡。因此，我們衡量 5G 成功的方法之一是我們如何在整體網絡感知方面取得成功，人們如何看待 T-Mobile 在市場上與我們的兩個主要競爭對手進行整體競爭。我認為越來越多，你看到我們縮小了認知差距。您還看到我們贏得了我們以前從未獲得過的整體網絡領導力獎項，Neville 可以雙擊其中一些。

I think the way that we'll continue to talk about this is coverage in places where customers really care, about and with our Coverage Beyond move, we've featured coverage both on the ground, the best 5G network, and increasingly, the best network when you're on the ground, covered when you're in the air and covered internationally. And I think you'll start to see more and more of these use cases emerge about experiences that both businesses and consumers can appreciate as we progress over the next couple of years that we'll feature and talk a little bit more about the kinds of experiences that could be unlocked by a leading network.

我認為我們將繼續討論這個問題的方式是在客戶真正關心的地方進行覆蓋，關於我們的 Coverage Beyond 移動，我們已經在地面、最好的 5G 網絡以及越來越多的最好的網絡中提供了覆蓋當您在地面上時網絡，當您在空中時覆蓋並在國際上覆蓋。而且我認為您會開始看到越來越多的這些用例出現，這些用例是企業和消費者都可以欣賞的體驗，因為我們在接下來的幾年中取得進展，我們將重點介紹並更多地討論這些類型的可以通過領先的網絡解鎖的體驗。

Final words to quantify that for you. Now that 5G usage is most of the usage and 5G devices are most of the devices, we're seeing our 5G lead take root, not just in reputation and reality, but in quantitative measures. So for example, the Ookla data that came back said our average customer is experiencing speeds twice as fast as just a year ago, average customer, regardless of device type, and twice as fast as they can get from AT&T or Verizon. And that's very powerful because they noticed that, and they tell other people about it. Did you have a follow-up question? I was just starting to hear you jump in.

最後的話為你量化。既然 5G 的使用佔了大多數，5G 設備佔了大多數，我們看到我們的 5G 領先地位正在紮根，不僅在聲譽和現實上，而且在量化指標上。例如，返回的 Ookla 數據表明，我們的普通客戶體驗速度是一年前的兩倍，無論設備類型如何，普通客戶的速度是他們從 AT&T 或 Verizon 獲得的速度的兩倍。這非常強大，因為他們注意到了這一點，並將其告訴其他人。您有後續問題嗎？我剛開始聽到你跳進去。

No. Just -- is it an issue of coverage that you can see on a map? Or is your 2.5 gigahertz spectrum more an issue about fewer dead spots because the propagation is going to be better than, say, the C-band?

不。只是——這是您可以在地圖上看到的覆蓋範圍問題嗎？或者您的 2.5 GHz 頻譜更多的是關於更少死點的問題，因為傳播將比 C 波段更好？

Well, I mean, if you total the people that we reach right now, it's 250 million with Ultra Capacity. And with C-band and other forms of Ultra Wideband as Verizon calls it, that's where they hope to be by their public disclosures over 2 years from now.

嗯，我的意思是，如果你把我們現在接觸到的人加起來，那就是 2.5 億超容量。 Verizon 稱之為 C 波段和其他形式的超寬帶，這就是他們希望在 2 年後公開披露的地方。

And so years ago, I said we were 2 years ahead in this 5G race. And in 2 years, we'd still be 2 years ahead. That continues to appear to be the case, even though our competitors are now in rapid deployment of their C-band assets.

幾年前，我說我們在這場 5G 競賽中領先 2 年。 2 年後，我們仍然領先 2 年。情況似乎仍然如此，儘管我們的競爭對手現在正在快速部署他們的 C 波段資產。

And of course, they are different assets. Ours is underpinned on one 5G network with a 5G stand-alone core by a massive low-band 5G network that reaches 97% of Americans. And that's a huge difference maker as well, and we see it in all kinds of scenarios, including even the resiliency of our network. When issues happen with a storm or something, we can beam in from miles away and save the day with a very high capacity 5G signal on low band. And those things are very important to our customers, they notice.

當然，它們是不同的資產。我們的 5G 網絡以一個具有 5G 獨立核心的 5G 網絡為基礎，由覆蓋 97% 美國人的大規模低頻段 5G 網絡支撐。這也是一個巨大的差異製造者，我們在各種場景中都看到了它，甚至包括我們網絡的彈性。當暴風雨或其他什麼問題發生時，我們可以從數英里之外的地方接收信號，並在低頻段使用非常高容量的 5G 信號來挽救局面。他們注意到，這些事情對我們的客戶來說非常重要。

And moving on to John Hodulik with UBS.

並繼續與 UBS 聯繫 John Hodulik。

Two questions. First, churn and the ARPU. First one on the postpaid churn, 0.88%, obviously, very solid improvement. I mean, in the past, you've talked about the difference between Sprint churn and Magenta turn, and now with everybody sort of on the same network, and I think on the same plan -- or on the T-Mo plans, is there room for continued improvement just given all the improvements you guys just outlined in terms of the network?

兩個問題。首先，客戶流失和 ARPU。第一個是後付費客戶流失率，0.88%，顯然是非常穩固的改善。我的意思是，在過去，你談到了 Sprint churn 和 Magenta turn 之間的區別，現在每個人都在同一個網絡上，我認為在同一個計劃上——或者在 T-Mo 計劃上，是鑑於你們剛剛概述的網絡方面的所有改進，還有繼續改進的空間嗎？

And then the other one is on the postpaid phone ARPU. I guess where are you in terms of sort of Magenta MAX penetration? And given what I think is still relatively low, do you think that low single-digit ARPU growth can continue as we look into 2023?

然後另一個是在後付費電話 ARPU 上。我猜你在 Magenta MAX 的滲透率方面在哪裡？鑑於我認為仍然相對較低，您認為隨著我們展望 2023 年，低個位數的 ARPU 增長是否會繼續？

Okay. Great. I'm going to go turn to, just so you have a heads up, to Peter and to Jon on ARPU and Magenta MAX. On churn, I'll just personalize it. I'm not going to be satisfied until we're the lowest. Magenta was the lowest. We're -- right now, we're #2 on churn. I want to be #1. And we have the best network and the best value and a team that loves its customers. We should make our way to #1. I can't really outlook for you the journey because it's a competitive marketplace. Our competitors aren't standing still. I respect them. But I think with our team and our assets and our unique proposition, we should be #1.

好的。偉大的。我將轉向彼得和喬恩談談 ARPU 和 Magenta MAX。在流失時，我將對其進行個性化。在我們處於最低水平之前，我不會滿足。洋紅色是最低的。我們 - 現在，我們在流失率方面排名第二。我想成為#1。我們擁有最好的網絡、最高的價值和一個熱愛客戶的團隊。我們應該前往#1。我無法真正為您展望旅程，因為這是一個競爭激烈的市場。我們的競爭對手並沒有停滯不前。我尊重他們。但我認為，憑藉我們的團隊、我們的資產和我們獨特的主張，我們應該成為第一。

We're not going to probably be unpacking it for you a lot more than that. We used to do the here's the T-Mobile and give you some color on the churn and how many people and Sprint starting to look just like Magenta now, et cetera, because the premise of your question was accurate. We've shut down the Sprint network. We hope the billing migration that happens in '23 will be largely invisible to customers. And so yes, we have a lot of work to do. We need to get them under commitment. We need to get them on the right plans, give them the full Un-carrier benefit. Here's some improvement we can undertake still, but it's one customer base. And we're going to be focused on how do we improve churn for that one customer base, and I won't be satisfied until we're #1.

我們可能不會為您解包更多。我們曾經做過這裡的 T-Mobile 並給你一些關於流失的顏色，有多少人和 Sprint 現在開始看起來像 Magenta 等等，因為你的問題的前提是準確的。我們已經關閉了 Sprint 網絡。我們希望 23 年發生的計費遷移對客戶來說基本上是不可見的。所以是的，我們有很多工作要做。我們需要讓他們接受承諾。我們需要讓他們制定正確的計劃，為他們提供完整的非運營商福利。這是我們仍然可以進行的一些改進，但這是一個客戶群。我們將專注於如何改善這一客戶群的流失率，直到我們成為第一名，我才會感到滿意。

Okay. So turning to ARPU and ARPU development and Magenta MAX and what we're hearing from customers, Peter and Jon.

好的。所以轉向 ARPU 和 ARPU 開發以及 Magenta MAX 以及我們從客戶 Peter 和 Jon 那裡聽到的內容。

Perfect. So I'll let Jon talk about Magenta MAX. But really, I mean, the trajectory of ARPU has just been just such a success this year. And when you think about the history of T-Mobile and even the plans that we had anticipated during Analyst Day when we came out, the ability to have Magenta MAX be such a tailwind and allow us to get to the point where we're increasing ARPU guidance year-over-year and expecting a 2% increase is just phenomenal.

完美的。所以我會讓 Jon 談談 Magenta MAX。但實際上，我的意思是，ARPU 的軌跡今年剛剛取得瞭如此成功。當您考慮 T-Mobile 的歷史，甚至我們在分析師日發佈時所預期的計劃時，讓 Magenta MAX 成為一股順風的能力，讓我們能夠達到我們正在增加的地步ARPU 指引同比增長 2% 是驚人的。

But at the same time, as you know, ARPU is very much a mix-driven metric. And one of the reasons why we're so focused on ARPU itself, and just some of the examples are, of course, as you deepen relationships, for example, with our Sprint customers, as we saw migration happen, we had an opportunity to expand relationships. And so while that second, third, fourth line is obviously a lower ARPU and can impact blended ARPU, it's tremendously accretive from a CLV perspective. So that's one.

但與此同時，如您所知，ARPU 在很大程度上是一個混合驅動的指標。我們如此專注於 ARPU 本身的原因之一，當然，其中一些例子是，隨著您加深關係，例如，與我們的 Sprint 客戶，當我們看到遷移發生時，我們有機會擴大關係。因此，雖然第二、三、四線顯然是較低的 ARPU，並且會影響混合 ARPU，但從 CLV 的角度來看，它具有巨大的增值作用。所以這是一個。

In business where you're seeing some of the success in business, large enterprise, obviously, has a lower blended ARPU basis than what you typically see, but it's a tremendously CLV accretive business to bring in. Our segmentation approach, 55-plus that's bringing in such a significant amount of prime customers and driving switching is another one where you see ARPU may be mixture differently than what we see on a blended average, but high CLVs. And so that's part of the reason why you've always heard us focus on ARPA and the strategy to land and continue to expand the relationships, both with more phones, but also beyond the phone, such as with fixed wireless. And that's where we're seeing mid- to high 2% year-over-year increase in ARPA. So that gives me a lot of comfort there.

在您看到一些業務成功的業務中，大型企業的混合 ARPU 基礎顯然比您通常看到的要低，但這是一個非常值得引入的 CLV 增值業務。我們的細分方法是 55+帶來如此大量的主要客戶並推動轉換是另一種情況，您會看到 ARPU 可能與我們在混合平均值上看到的不同，但 CLV 很高。這就是為什麼你總是聽到我們關注 ARPA 以及登陸和繼續擴大關係的戰略的部分原因，既包括更多的手機，也包括手機之外，比如固定無線。這就是我們看到 ARPA 同比增長 2% 的中高水平的地方。所以這給了我很多安慰。

And I do think with ARPU, you're going to see a mixture of things happen. But Magenta MAX has just been such a great tailwind. And I'd love to give Jon the opportunity to brag about it a little.

我確實認為使用 ARPU，你會看到各種各樣的事情發生。但是，Magenta MAX 就是這麼大的順風車。我很樂意讓 Jon 有機會吹噓一下。

Yes. We couldn't be more pleased with what's happened with Magenta MAX. I mean when you think about all of our new accounts that are joining T-Mobile, we're having north of 60% of our new bands choosing Magenta MAX. And like what Mike said just a few moments ago, it's our most popular plan for not only new customers that are joining, but also existing customers who are changing the rate plans. We're still under 20% of our total base on Magenta MAX. So with what Peter was saying just a few moments ago, we still have tailwinds and opportunities still within our base, not only for the business benefits that, that represents, but also for the incredible consumer benefits that it represents as well.

是的。我們對 Magenta MAX 所發生的一切感到非常滿意。我的意思是，當您考慮我們所有加入 T-Mobile 的新帳戶時，我們有超過 60% 的新樂隊選擇了 Magenta MAX。就像邁克剛才所說的那樣，這是我們最受歡迎的計劃，不僅適用於加入的新客戶，也適用於正在更改費率計劃的現有客戶。我們仍然不到 Magenta MAX 總基地的 20%。因此，正如彼得剛才所說的那樣，我們的基礎仍然有順風和機會，不僅是因為它所代表的商業利益，而且還因為它所代表的令人難以置信的消費者利益。

You got to remember, too, that when you look at Magenta MAX, for customers with 2 lines or more, it's $225 per month in savings and value that consumers get. And when you think about this inflation, pressured budget cycle that so many households are in and you think about what we're doing with Apple TV+ now included on Magenta MAX, Netflix included, all of the Wi-Fi included on airplanes, think about taxes and fees, that's something that we talked about and rolled out some number of years ago, I think at the beginning of 2017. That's 15% to 18% of the bill with our competitors that's completely included within our value proposition on the Magenta MAX. So our customers are loving it.

您還必須記住，當您查看 Magenta MAX 時，對於擁有 2 條或更多線路的客戶而言，消費者獲得的每月節省和價值為 225 美元。當你考慮到這種通貨膨脹，許多家庭都處於壓力大的預算週期，你想想我們正在用 Apple TV+ 做什麼，現在包括在 Magenta MAX 上，包括 Netflix，包括在飛機上的所有 Wi-Fi，想想稅費，這是我們幾年前討論過並推出的東西，我想是在 2017 年初。這是我們競爭對手賬單的 15% 到 18%，完全包含在 Magenta MAX 的價值主張中.所以我們的客戶很喜歡它。

Like Mike said, there's incredible utility, 5x more gaming, 2.5x more social media, 2x more video, including all those emerging technologies that Mike was referring to just a few moments ago, an augmented reality and virtual reality as well. So our customers are loving it. We have a lot more opportunity still to go within Magenta MAX, but we're feeling great and just could not be more pleased with the overall performance of that particular rate card.

就像 Mike 所說的那樣，有令人難以置信的實用性、5 倍的遊戲、2.5 倍的社交媒體、2 倍的視頻，包括 Mike 剛才提到的所有新興技術，以及增強現實和虛擬現實。所以我們的客戶很喜歡它。我們還有更多機會進入 Magenta MAX，但我們感覺很好，對這張特定價目表的整體表現再滿意不過了。

Okay. Before we go back to the phone, I want to go out to Twitter where we're seeing questions come in. We have a question from Roger Entner and a similar one from @LinkedIn, right? So I'll go with Roger's version. So it's a question for Callie Field and TFB. In what business sector do you see the most success? Where are you gaining traction? Is it SMB, midsize or large enterprises?

好的。在我們回到電話之前，我想去推特，在那裡我們看到了問題。我們有一個來自 Roger Entner 的問題和一個來自@LinkedIn 的類似問題，對吧？所以我會選擇羅傑的版本。所以這是 Callie Field 和 TFB 的問題。您認為哪個業務領域最成功？你在哪裡獲得牽引力？是中小企業、中型企業還是大型企業？

And maybe I'll also add to the question, Callie, because all of the competitors said in their calls, business is going fine. Business is going fine. So what's going on? We just said business is going fine. How can it be going fine for everybody? So maybe if you can answer both.

凱莉，也許我還要補充一下這個問題，因為所有競爭對手在電話中都表示，業務進展順利。生意很順利。發生什麼了？我們只是說生意很好。怎麼可能對每個人都好？所以也許如果你能回答這兩個問題。

Yes. I -- thanks, Mike. I can't -- and Roger, thanks for the question. Good to hear from you. I can't speak too much to AT&T and Verizon, but I do see the TAM expanding. Mike, we see in business this year, mobile subs are expected to grow by 4.6%. 1/3 of all business hubs will have a 5G connection by the end of '22. IoT connections are expected to grow by 16%. And of course, private networks and managed services are supposed to be well over 44% CAGR year-over-year.

是的。我——謝謝，邁克。我不能——還有羅傑，謝謝你的提問。很高興聽到你的消息。我不能對 AT&T 和 Verizon 說太多，但我確實看到 TAM 正在擴大。邁克，我們在今年的業務中看到，移動用戶預計將增長 4.6%。到 22 年底，1/3 的商業中心將擁有 5G 連接。物聯網連接預計將增長 16%。當然，專用網絡和託管服務的年復合增長率應該超過 44%。

We see work-from-home as a category expander, and we see companies that are providing employee lines to have less than 10% attrition. So this is a benefit that they're coming and talking to us about. And then when we see regulation and some of the environment from the SEC, maintaining and providing secure electronic communications allows us to expand our product portfolio and the way that we're delivering solutions. So there's a lot of really great and interesting opportunity for us. We're having a lot of conversations.

我們將在家工作視為類別擴展，我們看到提供員工線的公司流失率低於 10%。所以這是他們來和我們談論的一個好處。然後，當我們看到 SEC 的監管和一些環境時，維護和提供安全的電子通信使我們能夠擴展我們的產品組合和我們提供解決方案的方式。所以對我們來說有很多非常棒和有趣的機會。我們正在進行很多對話。

And then, Roger, to your question, our revenue in enterprise is up 20% year-over-year. In SMB, we're seeing double-digit growth quarter-over-quarter. In our offering for business Internet, which is really the only 5G nationwide fixed wireless solution, we've seen double-digit growth quarter-over-quarter for 4 quarters in a row. So in this last particular quarter in automotive and in airlines, those verticals we saw a lot of growth. We signed the deal with VinFast, which is a global EV manufacturer. Ford, we announced a partnership for our Advanced Network Solutions. We won with Boeing, Delta, a partnership with our SMRA growth in consumer, let us win in rural America with Tractor Supply, which is America's largest rural retailer where we started with fixed wireless and have the opportunity to land and expand.

然後，羅傑，對於你的問題，我們的企業收入同比增長 20%。在 SMB 中，我們看到了兩位數的季度環比增長。在我們提供的商業互聯網產品中，這確實是唯一的 5G 全國固定無線解決方案，我們已經連續 4 個季度實現了兩位數的環比增長。因此，在汽車和航空公司的最後一個特定季度，我們看到了這些垂直領域的大量增長。我們與全球電動汽車製造商 VinFast 簽署了協議。福特，我們宣布了我們的高級網絡解決方案的合作夥伴關係。我們贏得了波音、達美航空，與我們的 SMRA 在消費者方面的增長合作，讓我們通過 Tractor Supply 在美國農村贏得勝利，這是美國最大的農村零售商，我們從固定無線開始，並有機會登陸和擴展。

So in the public sector as well, Roger, we're seeing great deals with Dallas ISD, Chicago PD, the IRS. So it really is a pretty exciting time for business. Overall, across several different product categories outside of only voice and (inaudible). We're in SMB, we're continuing to see growth there.

所以在公共部門也是如此，羅傑，我們看到了與達拉斯 ISD、芝加哥警察局和國稅局的大筆交易。因此，對於企業來說，這確實是一個非常激動人心的時刻。總的來說，除了語音和（聽不清）之外的幾個不同的產品類別。我們在 SMB，我們將繼續看到那裡的增長。

So two things are happening, right? So one, we're taking their share. That's just very clearly happening, and that's exactly what we told you would happen because of the superior network and the better value. But secondly, the pressure is a little bit being taken off of our competitors, which I think is a good thing, by the category expansion that Callie just talked about. And we forecasted this for you a while back. We told you that we thought, because of this really tight labor pool, that employees -- employers would be looking at all kinds of way to retain employees, and great phone plans are certainly one of those.

所以有兩件事正在發生，對吧？因此，我們正在分擔他們的份額。這很明顯正在發生，這正是我們告訴你的，因為優越的網絡和更好的價值會發生。但其次，通過 Callie 剛剛談到的品類擴張，我們的競爭對手的壓力有所減輕，我認為這是一件好事。我們不久前為您預測了這一點。我們告訴過你，我們認為，由於勞動力資源非常緊張，員工——雇主會尋找各種方式來留住員工，而出色的電話計劃肯定就是其中之一。

And this hybrid workplace that companies find themselves in has persisted longer than a lot of people predicted. And now with employees distributed outside the office, employee-sponsored phone plans become a more important piece. And so you see growth in the sector, which I think takes a little pressure off of the underlying dynamic, which is we're taking their share. Good. Okay. So let's go back to the phone for the next one.

公司發現自己所處的這種混合工作場所持續的時間比很多人預測的要長。現在，隨著員工分佈在辦公室外，員工贊助的電話計劃變得更加重要。因此，您會看到該行業的增長，我認為這減輕了潛在動力的壓力，即我們正在分擔他們的份額。好的。好的。因此，讓我們回到電話上進行下一個。

Next, we'll hear from Simon Flannery of Morgan Stanley.

接下來，我們將聽取摩根士丹利的 Simon Flannery 的來信。

Great. Just continuing on the TAM expansion there, we've had another quarter. It looks like the industry will do over 2 million postpaid phone adds. Can you just talk to the sustainability of that? And any broader comments on customer behavior, bad debts, day sales outstanding, et cetera? We hear a lot of other companies talking about a weaker consumer. That may help you in terms of value-seeking behavior, but any updated thoughts there would be great.

偉大的。只是繼續在那裡進行 TAM 擴展，我們還有另一個季度。看起來該行業將增加超過 200 萬個後付費電話。你能談談它的可持續性嗎？還有關於客戶行為、壞賬、日銷售額等方面的更廣泛的評論嗎？我們聽到很多其他公司在談論弱勢消費者。這可能會在尋求價值的行為方面對您有所幫助，但是任何更新的想法都會很棒。

Great. I'll have Peter start it off, and then I have a couple of comments.

偉大的。我會讓彼得開始，然後我有幾點意見。

Yes. So let me start with bad debt and consumer behavior. We -- as you know, year-over-year, certainly, you saw bad debt increase from the more muted pandemic-related commissions. And we're seeing involve churn roughly normalized to prepandemic levels, 2019 levels, which was actually our best year prepandemic. And it's exactly what we foreshadowed for you in Q2. We did see bad debt sequentially step down, and we do believe Q2 was the high-water mark in terms of percentage of total revenue from a bad debt perspective. So we're seeing exactly what we anticipated seeing there. Remember, this is a core strength of ours, and we'll continue to work with consumers.

是的。因此，讓我從壞賬和消費者行為開始。我們——正如你所知，與去年同期相比，你當然看到與大流行相關的佣金更加低迷導致壞賬增加。我們看到客戶流失大致正常化到大流行前的水平，即 2019 年的水平，這實際上是我們在大流行前最好的一年。這正是我們在第二季度為您所預示的。我們確實看到壞賬連續下降，我們確實認為從壞賬的角度來看，第二季度佔總收入的百分比是最高的。所以我們看到的正是我們預期看到的。請記住，這是我們的核心優勢，我們將繼續與消費者合作。

To your point, is it an opportunity set? Yes, I think that's another thing we've talked about before. And we see continued, as Jon mentioned, really, really strong uptake on our highest-featured rate plan. And we're also seeing, as you see, tremendous uptake on high-speed Internet, both within our current base, but also with new to T-Mobile relationships that then allow us to expand beyond that. So that's a lot of, I think, what we're seeing very, very optimistic about those trends. And I hope I hit all the questions for you. Is there another one, Simon?

就您而言，這是一個機會集嗎？是的，我認為這是我們之前討論過的另一件事。正如喬恩所提到的，我們看到我們的最高特色費率計劃繼續得到非常非常強大的吸收。正如您所見，我們還看到高速互聯網的巨大吸收，無論是在我們當前的基礎內，還是與 T-Mobile 的新關係，這都使我們能夠超越這一點。因此，我認為，我們對這些趨勢非常非常樂觀。我希望我能回答你所有的問題。還有一個嗎，西蒙？

The sustainability of the overall postpaid growth.

整體後付費增長的可持續性。

Yes. Well, it's another one where we've been saying for the longest time, we do believe, ultimately, the industry growth will normalize. And that was always in our plans. It always continues to be in our plans. But remember, the differentiator for us is that not only do we have this tremendous combination of the value proposition and our fame for value and the 5G network leadership that is turning into overall network leadership. But it's also combined -- those two things combined with the tremendous growth opportunities that are, again, differentiated for us that Mike spoke about earlier, network seekers in the top 100, our expansion in smaller markets and rural areas, TFE and the success that we're continuing to see there.

是的。嗯，這是我們一直在說最長的另一個，我們相信，最終，行業增長將正常化。這一直在我們的計劃中。它始終在我們的計劃中。但請記住，對我們而言，與眾不同之處在於，我們不僅擁有價值主張和我們的價值聲譽以及正在轉變為整體網絡領導地位的 5G 網絡領導地位的巨大組合。但它也是結合在一起的——這兩件事結合了巨大的增長機會，這對我們來說再次與眾不同，邁克之前談到的，前 100 名中的網絡尋求者，我們在較小市場和農村地區的擴張，TFE 和成功我們將繼續看到那裡。

So for us, we believe we're going to continue to take share because of that combination of value and network and the differentiated growth opportunities despite the fact that we do anticipate the industry will normalize. And the proof as we continue to deliver is in the results. Our highest-ever postpaid account net adds, a true measure of switching and relationships and the ability to land those and grow those now in the mid- to high 2% range for ARPA. So that's kind of how we're thinking about it. I know, Mike, if there's anything to add, thoughts.

因此，對我們來說，我們相信我們將繼續佔有份額，因為價值和網絡的結合以及差異化的增長機會，儘管我們確實預計該行業將正常化。我們繼續提供的證據就在結果中。我們有史以來最高的後付費賬戶淨值增加，真正衡量轉換和關係的能力，以及現在在 ARPA 的中高 2% 範圍內登陸和增長的能力。這就是我們正在考慮的方式。我知道，邁克，如果有什麼要補充的，想法。

Well, just that normalization is starting to happen. You see these last couple of quarters, overall postpaid growth was more moderate. And yet our performance is fantastic. And so it does underscore what Peter said, which is our strategy isn't actually predicated deeply on category expansion. It's predicated on share-taking, something we consistently and reliably do quarter-after-quarter.

好吧，這種正常化正在開始發生。你看這最後幾個季度，整體後付費增長較為溫和。然而我們的表現很棒。所以它確實強調了彼得所說的，這是我們的戰略實際上並沒有深深地基於品類擴張。它以分享為前提，這是我們一個季度一個季度一貫可靠地做的事情。

Now there's -- as I mentioned, there's some pressure being taken off. Prepaid continues to contribute to postpaid, but at more modest levels. Business expansion is happening, and that's a newer phenomenon. And by the way, that looks to us to be partly incremental. So some people are actually carrying 2 phones around. And so that's good for the category. And we'll have to see what happens.

現在有 - 正如我所提到的，有一些壓力正在減輕。預付費繼續為後付費做出貢獻，但水平較低。業務擴張正在發生，這是一個較新的現象。順便說一句，這在我們看來是部分增量的。所以有些人實際上隨身攜帶了兩部手機。所以這對這個類別有好處。我們必須看看會發生什麼。

But what's different, of course, about our strategy, as Peter said, is that unlike our competitors, we have big growing underpenetrated segments where we are positioned to win with the team, the assets and the value proposition that resonates. And we're proving that, that's true quarter in and quarter out. And I think that's one of the things that makes our story a little different.

但是，正如彼得所說，我們的戰略當然不同的是，與我們的競爭對手不同，我們有大量增長不足的細分市場，我們有能力與團隊、資產和引起共鳴的價值主張一起取勝。我們正在證明這一點，這是真實的。我認為這是讓我們的故事有點不同的原因之一。

Back to the phone. You got to force us to Twitter or are you going to bring us...

回到電話上。你必須強迫我們上推特，還是要把我們帶到……

If we can move to Twitter.

如果我們可以轉移到 Twitter。

Okay. All right. So we do have a couple of questions that are pending. So looking Neville at the network that we've just finished the substantial shutdown of the Sprint network. We now have one integrated network, but we did keep a lot of the Sprint sites. What percentage of them have been converted and upgraded? And also, could you give an update on where we are with VoNR, that's voice over new radio. What that means is voice over 5G kind of like voice over LTE work in the LTE days.

好的。好的。所以我們確實有幾個問題懸而未決。看看 Neville 的網絡，我們剛剛完成了 Sprint 網絡的大規模關閉。我們現在擁有一個集成網絡，但我們確實保留了很多 Sprint 站點。其中有多少百分比已轉換和升級？另外，您能否介紹一下我們在 VoNR 方面的最新情況，那就是新電台的語音。這意味著 5G 語音類似於 LTE 時代的 LTE 語音。

Yes. I'll hit these quick, Mike. So we've talked about how we've effectively completed our network integration. And a big part of that was not just decom, it was incorporating literally thousands upon thousands of Sprint sites into the T-Mobile network, and that's the definition of the term that's used their keep sites. And that work is in the majority now complete, too.

是的。邁克，我會很快擊中這些的。所以我們已經討論了我們如何有效地完成我們的網絡集成。其中很大一部分不僅僅是解構，而是將成千上萬的 Sprint 站點整合到 T-Mobile 網絡中，這就是使用其保留站點的術語的定義。現在大部分工作也已經完成。

So this last quarter, a lot of decom, a lot of these keep sites were upgraded and brought on air. And so we've made -- it was just a cracking quarter for us with all the 5G build, too. So really, really pleased to have the vast majority of all of that work behind us. And now we can move on with continued expansion of coverage and performance in 5G.

所以上個季度，很多decom，很多這些保持網站都升級並播出了。所以我們已經做到了——這對我們來說只是一個擁有所有 5G 構建的開裂季度。真的，真的很高興能將所有這些工作中的絕大多數放在我們身後。現在我們可以繼續擴大 5G 的覆蓋範圍和性能。

It was the single biggest capital deployment quarter of the single biggest year in our business plan for capital. So you should look more tired than you are.

這是我們資本業務計劃中最大的一年中最大的資本部署季度。所以你應該看起來比實際更累。

Thankfully, I have a great team. Thank you, guys. But yes, I think last quarter, Mike, was the busiest network quarter in the company's history. I don't think we've ever seen the level of delivery and performance on decom, on new sites, on modernization. It was a remarkable set of performance characteristics.

謝天謝地，我有一個很棒的團隊。感謝你們。但是，是的，我認為邁克上個季度是公司歷史上最繁忙的網絡季度。我認為我們從未見過 decom、新站點和現代化的交付和性能水平。這是一組非凡的性能特徵。

That means you're touching the network with upgrades and decommissionings at the highest rate in our history, while being the only player with year-over-year churn improvements, 8 basis points and beating Verizon for the second quarter in a row. That -- when you touch a network, there's people -- some people get affected very temporarily. That's powerful that -- and it really shows the planful-ness of the build that we were able to do that substantial of a set of improvements, and yet simultaneously deliver churn improvement, showing that customers are noticing, and they're not just noticing -- pardon our dust, they're noticing improvements.

這意味著您正在以我們歷史上最高的速度升級和停用網絡，同時成為唯一一個客戶流失率同比提高 8 個基點並連續第二個季度擊敗 Verizon 的玩家。那——當你接觸一個網絡時，有人——有些人會受到非常暫時的影響。這很強大 - 它確實顯示了構建的計劃性，我們能夠進行大量改進，同時提供客戶流失改進，表明客戶注意到了，而且他們不僅僅是注意到了——請原諒我們的灰塵，他們注意到了改進。

Right. And there was an intense focus from the team on, obviously, churn management, but more importantly, the customer experience throughout that process. And as we moved into '22, we were way, way better executing on the plan we put together some time back.

正確的。顯然，團隊非常關注客戶流失管理，但更重要的是，整個過程中的客戶體驗。當我們進入 22 年時，我們在執行我們一段時間前製定的計劃方面做得更好。

Quickly on Voice over NR. So we always seem to forget to bring voice along with the next generation of technology. We've done it multiple times now. But I see us as in a leadership position globally. We have Voice over NR, so 5G voice live in several markets. We continue to test. We continue to optimize. Why is that important? It's important because we want to have all of our traffic, all of that customer experience on a 5G lane. Today, we have to drop our customers down off of that 5G lane on to LTE. And we've talked before about how we see our businesses and all 5G network, and having VoNR and that voice service is critical to executing on that strategy and making sure we have a full 5G network with for stand-alone capability.

快速開啟語音 NR。因此，我們似乎總是忘記將語音與下一代技術一起帶來。我們現在已經做過很多次了。但我認為我們在全球處於領先地位。我們有 Voice over NR，因此 5G 語音在多個市場存在。我們繼續測試。我們繼續優化。為什麼這很重要？這很重要，因為我們希望在 5G 通道上擁有所有流量和所有客戶體驗。今天，我們必須讓我們的客戶離開 5G 通道，轉向 LTE。我們之前已經討論過我們如何看待我們的業務和所有 5G 網絡，擁有 VoNR 和語音服務對於執行該戰略並確保我們擁有完整的 5G 網絡以及獨立功能至關重要。

So we're making progress, still got work to do. I'm not going to say it's where we want it to be yet, but I'm confident over the next couple of quarters, we will materially expand that footprint.

所以我們正在取得進展，還有工作要做。我不會說它是我們想要的地方，但我有信心在接下來的幾個季度裡，我們將實質性地擴大這一足跡。

And with that stall tactic -- Neville and I can just bro out on network all afternoon while you guys watch, or if the operator is back, we can take a question.

有了這種拖延戰術——內維爾和我可以在你們看的時候整個下午都在網絡上閒聊，或者如果接線員回來了，我們可以提出問題。

And next, we'll go to Michael Rollins with Citi.

接下來，我們將與花旗一起前往邁克爾羅林斯。

Two questions, if I could. So first, as we're getting closer to 2023 and we look back at the previously issued guidance, can you unpack some of the development in 2022 that can impact those ranges for core EBITDA and free cash flow, whether it's inflation, the pace of synergy realization or the CapEx intentions after looking at the growth that you've achieved to date?

兩個問題，如果可以的話。因此，首先，隨著我們越來越接近 2023 年，我們回顧之前發布的指引，您能否解開 2022 年可能影響核心 EBITDA 和自由現金流範圍的一些發展，無論是通貨膨脹，還是在查看您迄今為止實現的增長之後，協同實現或資本支出意圖？

And then just secondly, just as you're looking at the progress for the business model and the network, how are you thinking about fiber these days in a couple of respects, one, more ownership of the fiber to run the network on? And also, on the home broadband front, is that -- does the success of fixed wireless increase your interest to have a fiber pipe into a substantial number of homes and businesses?

其次，就在您關注商業模式和網絡的進展時，您最近在幾個方面如何看待光纖，第一，更多的光纖所有權來運行網絡？此外，在家庭寬帶方面，固定無線的成功是否會增加您將光纖管道接入大量家庭和企業的興趣？

Great. Well, let me start with the second one on fiber. It's -- we're in the same place really as we were the last time we talked about this. I think I got asked about this the last time, which is as a management team, we have a fantastic business model and a fantastic business plan, and we are focused on it. And we love our ability to move fast and serve customers as a wireless pure play, and it's been a big source of strength. That said, we are very open-minded about whether our team, our ability to execute, our brand, our in-place 5G network could serve broader markets. And so we're, of course, interested in adjacencies that would very smartly utilize all of those assets, including our physical and digital distribution capabilities. And so we're interested, and we haven't drawn any conclusions about it.

偉大的。好吧，讓我從關於光纖的第二個開始。這是 - 我們真的在同一個地方，就像我們上次談論這個時一樣。我想我上次被問到這個問題，作為一個管理團隊，我們有一個很棒的商業模式和一個很棒的商業計劃，我們專注於它。我們喜歡我們快速行動和為客戶提供無線服務的能力，這是一個重要的力量來源。也就是說，我們對我們的團隊、我們的執行能力、我們的品牌、我們的就地 5G 網絡是否可以服務於更廣闊的市場持非常開放的態度。因此，我們當然對能夠非常巧妙地利用所有這些資產的鄰接感興趣，包括我們的物理和數字分發能力。所以我們很感興趣，我們還沒有得出任何結論。

And I really can't answer whether 5G fixed wireless success makes us more interested or less interested. It could be a little of both for the obvious reason. So you'll have to stay tuned. We're having a look at -- one of the things that we do is we try to learn. We have some partnerships that we're pursuing now called T-FIBER and -- at a very small scale, so we can make sure that we're learning.

我真的無法回答 5G 固定無線的成功是讓我們更感興趣還是更不感興趣。出於顯而易見的原因，兩者可能都有一點。所以你必須保持關注。我們正在研究——我們所做的其中一件事是我們嘗試學習。我們現在正在尋求一些合作夥伴關係，稱為 T-FIBER，而且規模非常小，因此我們可以確保我們正在學習。

And then, of course, with our -- surprising to many people, but not to us, consistent with plans, success in 5G, we're also learning a lot about what it takes to be a home broadband operator. I'm very pleased with the Net Promoter Scores that our customers are realizing because many looked at us and said, "Hey, you guys are pretty good at swinging smartphones and taking care of customers on mobile, but could you do that broadband thing?" It's different. And we're starting to be able to answer that for ourselves, and we're growing some confidence in that.

然後，當然，我們的 - 讓很多人感到驚訝，但對我們來說並不奇怪，與計劃一致，在 5G 方面取得成功，我們也學到了很多關於成為家庭寬帶運營商所需要的東西。我對我們的客戶意識到的淨推薦值感到非常滿意，因為許多人看著我們說：“嘿，你們很擅長使用智能手機和照顧移動設備上的客戶，但是你能做寬帶的事情嗎？ "這不一樣。我們開始能夠自己回答這個問題，而且我們對此越來越有信心。

So no conclusions. We're just a team that hopefully is building trust with you that, a, we like our plan. We're confident in our plan. And if we can find accretive smart ways to augment that plan in a way that makes this a better investment for you, we'll look at those things. And we haven't drawn any conclusions.

所以沒有結論。我們只是一個希望與您建立信任的團隊，我們喜歡我們的計劃。我們對我們的計劃充滿信心。如果我們能找到增值的聰明方法來增強該計劃，從而使這對您來說是一項更好的投資，我們將研究這些事情。而且我們還沒有得出任何結論。

As it relates to the question about '23 guide, I mean I'm glad you asked. In a moment we'll just lay -- ask Peter to go ahead and lay it all out for you, a few months early. No, I'll just start and then ask Peter to amplify. The short answer is a lot has changed, but nothing has changed. A lot has changed. We laid out those guidelines for 2023 and beyond in the spring of '21, and that was a very different world that we now live in. And it's one of the things that's pretty gratifying for us because as we look ahead in '23, even though so much has changed, and it'll land differently than we thought.

因為它與關於 '23 指南的問題有關，我的意思是我很高興你問。一會兒我們就躺下——請彼得繼續為你準備好一切，提前幾個月。不，我只是開始，然後請彼得放大。簡短的回答是很多變化，但什麼都沒有改變。很多東西都變了。我們在 21 年春季制定了 2023 年及以後的指導方針，那是我們現在生活的一個非常不同的世界。這對我們來說是非常令人滿意的事情之一，因為當我們展望 23 年時，即使儘管發生了很多變化，但它的著陸方式與我們想像的不同。

So initial thought is, yes, the parameters we laid out for you, although they were incredibly audacious and although they didn't anticipate some of the changes that have hit the market since then, look to us to be on track, including things like the EBITDA range we shared, the revenue range that we shared, the customer aspirations, the cash flow aspirations, and therefore, the share buyback potential in our plan and also the CapEx outlook. All those things look to us like roughly the right answers, even though so much has changed. And that's one of the things that makes our story so different than the other stories out there in tech and in telecom. Peter?

所以最初的想法是，是的，我們為您制定的參數，儘管它們非常大膽，雖然他們沒有預料到從那時起進入市場的一些變化，但期待我們走上正軌，包括像這樣的事情我們共享的 EBITDA 範圍、我們共享的收入範圍、客戶期望、現金流期望，因此，我們計劃中的股票回購潛力以及資本支出前景。所有這些事情在我們看來都是大致正確的答案，儘管發生了很多變化。這就是使我們的故事與科技和電信領域的其他故事如此不同的原因之一。彼得?

Yes. As I reflect back on Analyst Day, what we said is there's a lot of opportunity and, to your point, Mike, so much has changed. When we just think about where the macroeconomic situation is now, certainly, I can rattle off a lot of things that have changed since then such as the DISH relationship and our ability to secure a long-term arrangement that while it's under the Analyst Day assumptions, it still secures about 3/4 of that revenue. But we've had so much success in the business as well.

是的。當我回顧分析師日時，我們所說的是有很多機會，而且，就你而言，邁克，已經發生了很大的變化。當我們只考慮現在的宏觀經濟形勢時，當然，我可以滔滔不絕地說出自那時以來發生的許多變化，例如 DISH 關係以及我們在分析師日假設下確保長期安排的能力，它仍然保證了大約 3/4 的收入。但我們在業務上也取得了很大的成功。

The share-taking that we anticipated has happened. What we've seen from Magenta MAX as a tailwind from an ARPA and ARPU perspective has been just tremendous. And we talked about how a lot of the inflationary impacts -- well, of course, they're happening on the edges in terms of bad debt, in the macroeconomic environment and labor. And you saw the moves that we made early on to address labor with our rate changes. We've been insulated from a lot of that because, again, I think a lot of the brilliant moves that were done on the part of Neville and team to secure just long-term arrangements with a lot of our large cost categories.

我們預期的股權收購已經發生。從 ARPA 和 ARPU 的角度來看，我們從 Magenta MAX 看到的順風順風順水。我們談到了很多通脹影響——當然，它們發生在壞賬、宏觀經濟環境和勞動力方面的邊緣。您也看到了我們早期為通過費率變化解決勞動力問題而採取的舉措。我們已經遠離了很多這樣的事情，因為我再次認為內維爾和團隊採取了很多出色的舉措來確保與我們的許多大成本類別的長期安排。

So in a sense, as you said, Mike, so much of the world has changed since then. And there's been so many puts and takes. But the success of this team gives us confidence in achieving those audacious goals that we set out there for '23. And we're looking forward, obviously. This is not the time to update '23 guide. I'd like to. Maybe I can tweet that later. But what we'll do is we'll, of course, update you on that at our Q4 call and looking forward to that.

所以從某種意義上說，正如你所說，邁克，從那時起，世界發生了很大變化。而且有這麼多的看跌期權。但是這個團隊的成功讓我們有信心實現我們為 23 年設定的那些大膽目標。顯然，我們期待著。現在不是更新 '23 指南的時候。我想。也許我可以稍後發推文。但是我們要做的是，當然，我們會在第四季度的電話會議上向您更新這一點，並期待著這一點。

And next, we'll go to Brett Feldman with Goldman Sachs.

接下來，我們將與高盛一起去布雷特費爾德曼。

You guys hear me, okay?

你們聽我說，好嗎？

Yes.

是的。

Okay. Great. Kind of a follow-up on network. You nudged up your CapEx guidance for the year. You talked about accelerating the build-out of the 5G network and also the sensitivity to the high-speed Internet routers. And so the bigger picture question is, from this point forward, now that you've completed the network integration, what are the principal drivers of your network CapEx? What's it most sensitive to? And to what extent is it going to be increasingly sensitive to your traction with fixed wireless? Or put another way, if you keep putting up over 0.5 million net adds a quarter, does that inevitably mean you're going to have to keep nudging up CapEx? Or do you think you're at a run rate to support that growth right now?

好的。偉大的。有點像網絡上的跟進。您推動了今年的資本支出指導。您談到了加速 5G 網絡的建設以及對高速互聯網路由器的敏感性。所以更大的問題是，從現在開始，既然您已經完成了網絡集成，那麼您的網絡資本支出的主要驅動因素是什麼？它對什麼最敏感？它會在多大程度上對您對固定無線的牽引力越來越敏感？或者換一種說法，如果你每季度持續增加超過 50 萬的淨增量，這是否不可避免地意味著你將不得不繼續推動資本支出？還是您認為您現在的運行速度可以支持這種增長？

Yes, I'll start. No, it doesn't mean that. And because, again, our business plan on fixed wireless is essentially an incremental capital free plan. Now if we look at -- to the previous question about we're learning and there's opportunity and we're growing increasingly confident, if we look at that fixed wireless space and decide to augment our capital-free business plan with an additional business plan that's burdened with some capital, we'll let you know about that. We won't surprise you with that. But that's something we wouldn't completely rule out because we have great assets.

是的，我會開始的。不，不是那個意思。而且因為，我們的固定無線業務計劃本質上是一個增量資本免費計劃。現在，如果我們看 - 關於我們正在學習並且有機會並且我們越來越有信心的上一個問題，如果我們看那個固定無線空間並決定通過額外的商業計劃來增加我們的無資本商業計劃這有一些資本負擔，我們會讓你知道的。我們不會對此感到驚訝。但這是我們不會完全排除的事情，因為我們擁有豐富的資產。

We've barely tapped our millimeter wave assets. We have fantastic mid-band. The recent auction has given us potential access soon as soon as those licenses are assigned to significant additional mid-band in areas where we actually already have the towers deployed. And that's fascinating. Well, this is the first auction that's like that where our winning bids, when they are assigned, we have already deployed the radios to -- by the end of this year to 13,000 towers, reaching 45 million people. It's like flipping a switch. Neville is going -- it's not like flipping a switch. But for me, it's like flipping a switch.

我們幾乎沒有利用我們的毫米波資產。我們有很棒的中頻。一旦這些許可證被分配給我們實際上已經部署了塔的地區的大量額外中頻，最近的拍賣就讓我們有可能獲得訪問權。這很迷人。嗯，這是第一次拍賣，就像我們中標時一樣，當他們被分配時，我們已經將無線電部署到 - 到今年年底到 13,000 座塔，達到 4500 萬人。這就像撥動開關一樣。內維爾要走了——這不像是撥動開關。但對我來說，這就像撥動開關。

Almost.

幾乎。

It's almost immediate because the radios are there, and they're not allowed to transmit into the white spaces that we just want in the auction. So we're very anxious to see those being assigned. And the FCC did a great job getting this auction done, and I know they'll do a great job getting the process completed.

這幾乎是即時的，因為無線電就在那裡，並且不允許它們傳輸到我們在拍賣中想要的空白空間。所以我們非常渴望看到那些被分配的人。聯邦通信委員會在完成這次拍賣方面做得很好，我知道他們會在完成這個過程方面做得很好。

So that -- so the answer to the fixed wireless and capital is no, unless we see an additional business because to the very first question in the call, it's not something that is predicated on capital or on capacity. Our core plan is going to add a lot more capacity as Neville moves from that 120 to the 200 he commented about a few minutes ago. Anybody want to add to that?

所以 - 所以固定無線和資本的答案是否定的，除非我們看到額外的業務，因為對於電話中的第一個問題，它不是基於資本或容量的東西。隨著內維爾從 120 人增加到幾分鐘前他評論的 200 人，我們的核心計劃將增加更多容量。有人想補充嗎？

I'll just add quickly. I mean, obviously, the modernization of the network continues on, but we've achieved so much to date. I mean we're way ahead of our competition. I mean we're not in -- we're majority complete on our network modernization and the addition of those mid-band radios. We still have more to do, and that's going to continue into '23 and '24, and that will continue to open up more opportunity, as we referenced earlier, for fixed wireless.

我會快速添加。我的意思是，顯然，網絡的現代化仍在繼續，但迄今為止我們已經取得瞭如此多的成就。我的意思是我們遠遠領先於我們的競爭對手。我的意思是我們不在——我們在網絡現代化和增加那些中頻無線電方面已經完成了大部分工作。我們還有更多工作要做，這將持續到 23 年和 24 年，正如我們之前提到的，這將繼續為固定無線開闢更多機會。

I think the other piece we will continue to make, coverage investments. These networks continue to grow. Customer demands continue to grow. We have great growth, as Callie referenced in our business and enterprise space. We need to feed that. We've got work to do still in small-town, rural America. So our CapEx profile is feeding both. It's all back to delivering that overall best network experience. And it's the combination of 5G. And everything we add on coverage is 5G capable, of course. So the network, as Mike K. referenced earlier on, is all about 5G. And we have a great leadership position, and our plan as we go forward is to extend that.

我認為我們將繼續進行的另一部分，覆蓋投資。這些網絡繼續增長。客戶需求持續增長。正如 Callie 在我們的業務和企業領域中提到的那樣，我們有很大的增長。我們需要餵牠。在美國的小城鎮，我們還有工作要做。因此，我們的資本支出概況同時滿足了兩者。這一切都回到了提供整體最佳網絡體驗的過程中。而且是5G的結合。當然，我們在覆蓋範圍內添加的所有內容都支持 5G。因此，正如 Mike K. 之前提到的，網絡完全是關於 5G 的。我們有一個很好的領導地位，我們前進的計劃是擴大這一地位。

Terrific. All right. Let's go back to the phone. I think this is the last -- is this the last question? You tell me, Jan. Timing-wise, we'll take one more. Okay. Great. So we'll go back to the phone. Operator?

了不起。好的。讓我們回到電話上。我認為這是最後一個問題——這是最後一個問題嗎？你告訴我，Jan。在時間上，我們會再拿一個。好的。偉大的。所以我們會回到電話上。操作員？

And that question will come from David Barden with Bank of America.

這個問題將來自美國銀行的大衛巴登。

So I guess two, if I could. I mean the first would be, I guess, for Peter, which is presupposing we get to this point where T-Mobile shares are over $150 a share. We have this 48.8 million shares that we're going to issue to SoftBank, and you've got this buyback. And you've left a lot of options on the table for how you can use that buyback to use open market operations or structured buybacks. I was wondering if you could kind of share with the market a little bit of your thinking about how to address that overhang and what the -- what SoftBank's potential selling of those shares could mean for T-Mobile?

所以我猜兩個，如果可以的話。我的意思是，我猜第一個是彼得，這是假設我們已經到了 T-Mobile 股價超過每股 150 美元的地步。我們將向軟銀髮行這 4880 萬股股票，而你已經獲得了這次回購。對於如何使用回購來使用公開市場操作或結構性回購，您已經留下了很多選擇。我想知道你是否可以與市場分享一點你對如何解決這一問題的想法，以及軟銀出售這些股票的潛在可能性對 T-Mobile 意味著什麼？

And then if I could, the second question, Mike, would be -- Verizon advertised at the very beginning of this quarter that they were going to have a big churn bubble and that, that would contribute a lot of switchers to the market and that they expect that, that's going to change in the fourth quarter. Could you address kind of how you think that "churn bubble" affected your performance in the third quarter? And how we should think about the fourth quarter as that unfolds?

然後，如果可以的話，邁克，第二個問題是——Verizon 在本季度開始時就宣傳說他們將有一個很大的客戶流失泡沫，這將為市場帶來很多轉換者，而且他們預計，這將在第四季度發生變化。您能否談談您認為“流失泡沫”如何影響您在第三季度的表現？隨著第四季度的展開，我們應該如何看待它？

Great. Well, maybe we'll have Peter start with the first one. I'll just give you a premise on it, which is ever since we wrote this business plan during the merger and then gave you our outlook for what we thought we could accomplish, we've always been assuming that, that dilution event is coming because it's only $150 where it would trigger, and that's all the way out to, what, 2025, I think. And so our minds have always been, yes, that's on its way. It's sort of nothing new. I hope we're right about that. But maybe, Peter, you can talk about the question, which is how do we address the overhang, and is there any interplay with the share buyback? And then we'll get to the second piece about share.

偉大的。好吧，也許我們會讓彼得從第一個開始。我只是給你一個前提，自從我們在合併期間寫了這個商業計劃，然後給你我們認為我們可以完成的事情的前景，我們一直假設，稀釋事件即將到來因為它觸發的地方只有 150 美元，而且我認為這一直到 2025 年。所以我們的想法一直是，是的，這是在路上。這不是什麼新鮮事。我希望我們是對的。但也許，彼得，你可以談談這個問題，即我們如何解決懸而未決的問題，與股票回購有任何相互作用嗎？然後我們將進入關於分享的第二篇文章。

Yes. Absolutely. And as you'd expect, Dave, obviously, we consider all of those things. But frankly, there's no serious discussion happening around that now. And that's probably because you'll have to ask SoftBank, but I would assume that they much like we assume that this was going to happen, right? And that delivery on this plan and those audacious goals that we gave out to you would achieve $150 a share. And so there really are no significant ongoing discussions at the moment around that, probably because that's exactly what SoftBank assumes.

是的。絕對地。正如你所料，戴夫，顯然，我們考慮了所有這些事情。但坦率地說，現在還沒有關於這個問題的嚴肅討論。這可能是因為你必須問軟銀，但我認為他們很像我們假設這會發生，對吧？而這個計劃的交付和我們給你的那些大膽的目標將達到每股 150 美元。因此，目前確實沒有圍繞這一點進行重要的討論，可能是因為這正是軟銀所假設的。

So -- and I got to tell you, we're just -- we're so pleased on being able to start that share buyback earlier on the success of the integration progress, the business progress as well as achieving core family investment-grade rating and to be able to begin a significant share buyback program early.

所以——我得告訴你，我們只是——我們很高興能夠在整合進展、業務進展以及實現核心家族投資級成功的情況下更早開始股票回購評級，並能夠及早開始重大的股票回購計劃。

Now I will remind you on the SoftBank shares, that 48.8 million, it does come with some restrictions. You were asking me about what happens in terms of them selling those shares, and again we hope they'll be long-term holders with us, but that's a question for them. But there are restrictions on their ability to sell those shares. That's part of the agreement between them and DT that's public out there. For example, they can't sell any of those shares at DT is not at 51% ownership at a minimum. There's a certain amount they can't sell through the end of '24 no matter what. They have some ability to monetize a portion of those shares, not via sale, but other mechanics that they might employ. But there's some restrictions there that everybody should keep in mind in terms of the SoftBank shares.

現在我要提醒你軟銀的股票，4880 萬，它確實有一些限制。你問我他們出售這些股票會發生什麼，我們再次希望他們能成為我們的長期持有者，但這對他們來說是個問題。但他們出售這些股票的能力受到限制。這是他們與 DT 之間公開的協議的一部分。例如，他們不能在 DT 至少擁有 51% 的所有權時出售任何這些股份。無論如何，他們都無法在 24 年底前賣出一定數量的產品。他們有能力將部分股票貨幣化，不是通過出售，而是他們可能採用的其他機制。但就軟銀股票而言，每個人都應該牢記一些限制。

Right. And then on the churn bubble. Look, I mean time will tell whether or not what we're seeing in the competitive dynamic is long term or short term. I mean to us, these last few quarters have looked like really consistent competitive mill use. Yes, it's very competitive out there. Yes, our competitors sort of stepped in it by jacking people up with price increases while they're stuck into phone payment plans and surprising them that way.

正確的。然後是流失泡沫。看，我的意思是時間會證明我們在競爭動態中看到的是長期的還是短期的。我的意思是對我們來說，最近幾個季度看起來確實是有競爭力的工廠使用。是的，那裡的競爭非常激烈。是的，我們的競爭對手通過在人們陷入電話支付計劃並以這種方式讓他們感到驚訝的情況下通過提價來提高價格來介入其中。

And I do think, by the way, that there's a difference in philosophy between our companies. Our company is absolutely obsessed with the power of our brand. And for a decade now, we have been building fame and trust as the company that puts you first those customers, that gives you the best value and that changes the rules of this industry in your favor.

順便說一句，我確實認為我們公司之間的理念有所不同。我們公司絕對沉迷於我們品牌的力量。十年來，我們一直在建立聲譽和信任，作為一家將您放在客戶首位、為您提供最佳價值並改變行業規則對您有利的公司。

And our competitors saw inflation as an excuse to go grab some short-term money and said, "Don't worry, it'll all be over in a few weeks." I mean some people will leave, and there will be a bubble. But then it's all over. And of course, it's not all over. People don't forget that. That's the power of brand. And we've shown that for a decade now what happens when you gain fame as a customer advocate.

而我們的競爭對手則以通貨膨脹為藉口去搶一些短期資金，並說：“別擔心，幾週後一切都會結束。”我的意思是有些人會離開，會有泡沫。但後來一切都結束了。當然，這還沒有結束。人們不會忘記這一點。這就是品牌的力量。十年來，我們已經證明，當您作為客戶擁護者而聲名鵲起時會發生什麼。

We're all duking it out on the network side now that T-Mobile has become competitive, and we've got the best 5G, and that's rapidly transforming into the best network. And you could say that perception-wise, there's a lot of similarity these days. It's not even close on value and customer trust and Net Promoter Score. We're up this year. They're down. Our fame for having the best value was twice theirs. It's not even close, and they made it worse this year. And so we'll see how that unfolds.

既然 T-Mobile 已經變得具有競爭力，我們都在網絡方面爭執不下，而且我們擁有最好的 5G，而且它正在迅速轉變為最好的網絡。你可以說，在感知方面，這些天有很多相似之處。它甚至沒有接近價值、客戶信任和淨推薦值。今年我們漲了。他們下來了。我們擁有最佳價值的名聲是他們的兩倍。它甚至沒有接近，今年他們讓情況變得更糟。所以我們將看到它是如何展開的。

Yes, I bet you that there will be some short-term effects that may be the initial onslaught of people leaving because of what they did to their customers might slow down. But in terms of the word-of-mouth value and the ability for us to perpetuate our ongoing success built on our fame is the customer advocate, that gets better and better with the passage of time because they're carriers, and we're the Un-carrier.

是的，我敢打賭，會有一些短期影響，可能是人們離開的最初衝擊，因為他們對客戶所做的事情可能會放慢速度。但就口碑價值和我們在名聲基礎上保持持續成功的能力而言，客戶擁護者隨著時間的推移變得越來越好，因為他們是運營商，我們是非承運人。

Okay. Great. And Jud, is that all the time we got?

好的。偉大的。賈德，這就是我們所有的時間嗎？

That is all the time we have today. But again, we really appreciate everybody joining us. If you have any other questions, please reach out to the Investor Relations or Media Relations team, and we look forward to speaking with you again soon. Thank you, everyone.

這就是我們今天的所有時間。但是，我們再次感謝大家加入我們。如果您有任何其他問題，請聯繫投資者關係或媒體關係團隊，我們期待很快再次與您交談。謝謝大家。

Thanks, everybody.

謝謝大家。

Ladies and gentlemen, this concludes the T-Mobile Third 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 第三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。