T-Mobile US Inc (TMUS) 2022 Q4 法說會逐字稿

Good morning. (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。 （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 fourth quarter and full Year 2020 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。歡迎來到 T-Mobile 的第四季度和 2020 年全年財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert；我們的首席財務官 Peter Osvaldik；以及高級領導團隊的其他成員。

During this call, we will make forward-looking statements, which involve 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.

在此次電話會議中，我們將做出前瞻性陳述，其中涉及可能導致實際結果與我們的前瞻性陳述存在重大差異的風險和不確定性。我們在提交給美國證券交易委員會的文件中提供了一份完整的風險因素清單，我鼓勵您查閱。

Our earnings release, investor fact book and other documents related to our results, as well as reconciliations between GAAP and 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、投資者資料簿和與我們的結果相關的其他文件，以及本次電話會議上討論的 GAAP 和非 GAAP 結果之間的調節，可以在投資者關係網站的季度結果部分找到。

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. Hi, everybody. As you can see, we're here in New York City with the whole senior team, and I am very much looking forward to talking about 2022 and a look ahead to what, I think, is going to be an even more exciting future.

好的。謝謝，賈德。大家好你們好。正如你所看到的，我們和整個高級團隊都在紐約市，我非常期待談論 2022 年，並展望未來，我認為這將是一個更加激動人心的未來。

2022 was a record year for our company. It was our best year ever. We welcomed more customers to the Un-carrier than ever before in our history, and we translated this customer growth to industry-leading financial growth, finishing with a strong Q4. Our T-Mobile team delivered at or above the high end of our guidance across the board.

2022 年對我們公司來說是創紀錄的一年。那是我們最好的一年。在我們的歷史上，我們迎來了比以往任何時候都多的客戶加入 Un-carrier，我們將這種客戶增長轉化為行業領先的財務增長，並以強勁的第四季度結束。我們的 T-Mobile 團隊提供的服務全面達到或超過我們指導的高端水平。

2022 was also the biggest investment year in our history. By accelerating these investments, we rewrote the competitive dynamic on network competition for good and laid the foundation for a highly capital-efficient run rate business beginning this year.

2022 年也是我們歷史上最大的投資年。通過加速這些投資，我們永遠改寫了網絡競爭的競爭動態，並為今年開始的高資本效率運行率業務奠定了基礎。

When I took responsibility as CEO almost 3 years ago, I spoke to you about an opportunity we saw that if we could execute well, we can position T-Mobile to be the first company in our space to simultaneously offer the best network and the best value, breaking a decades old forced choice on consumers and businesses.

將近 3 年前，當我擔任首席執行官時，我曾與您談過一個我們看到的機會，如果我們能夠很好地執行，我們可以將 T-Mobile 定位為我們所在領域的第一家同時提供最佳網絡和最佳服務的公司。價值，打破了幾十年來消費者和企業被迫做出的選擇。

While the results are in, with the latest network awards, and we've done it. T-Mobile is not only the 5G leader, but now the overall network leader, and this opens big growth pathways for our future. Along the way, we successfully completed the Sprint customer migration and network shutdown faster than planned, while also delivering industry-leading growth in both customers and cash flows through our differentiated and profitable growth strategy. And we launched our most ambitious ESG initiatives ever.

雖然結果已經出來，但有了最新的網絡獎項，我們已經做到了。 T-Mobile 不僅是 5G 領導者，而且現在是整個網絡的領導者，這為我們的未來開闢了巨大的增長途徑。在此過程中，我們比計劃更快地成功完成了 Sprint 客戶遷移和網絡關閉，同時還通過我們差異化的盈利增長戰略實現了行業領先的客戶和現金流增長。我們推出了有史以來最雄心勃勃的 ESG 計劃。

Our financial outcomes allowed us to accelerate our network deployments and begin share repurchases earlier than planned. And looking ahead to 2023, we're very confident in our differentiated strategy. In fact, we're on track to meet or exceed all of the aspirations for this year that we shared with you way back at our Analyst Day in early 2021. I'm excited to talk more about all of this today, and let's start with our merger integration.

我們的財務成果使我們能夠加快網絡部署並比計劃更早地開始股票回購。展望2023年，我們對我們的差異化戰略非常有信心。事實上，我們有望實現或超越我們在 2021 年初的分析師日與您分享的今年的所有願望。我很高興今天能更多地談論所有這些，讓我們開始吧通過我們的合併整合。

Back when we closed the merger, few people would have thought that we could shut down the Sprint network faster than planned and deliver the lowest churn in our history at the same time, but that's exactly what our team did. We moved all Sprint customers off the network and completed the decom of Sprint sites, all within 2.5 years.

當我們結束合併時，很少有人會想到我們可以比計劃更快地關閉 Sprint 網絡，同時實現我們歷史上最低的客戶流失率，但這正是我們團隊所做的。我們將所有 Sprint 客戶移出了網絡，並在 2.5 年內完成了 Sprint 站點的分解。

And not only that, we had our best postpaid phone churn year in the company's history at just 0.88, and we were the only one in the industry to deliver year-over-year improvement for full year 2022.

不僅如此，我們還創造了公司歷史上最好的後付費電話流失率，僅為 0.88，而且我們是業內唯一一家在 2022 年全年實現同比改善的公司。

Diving into network. While T-Mobile has been the clear 5G leader for years, we can now say that T-Mobile has the best overall network in the United States. That is a big statement. For the first time ever, T-Mobile won a clean sweep across every single overall network category in Ookla's recent report.

潛入網絡。雖然 T-Mobile 多年來一直是 5G 的明顯領導者，但我們現在可以說 T-Mobile 擁有美國最好的整體網絡。這是一個重要的聲明。在 Ookla 最近的報告中，T-Mobile 有史以來第一次橫掃所有網絡類別。

And recent data from OpenSignal and umlaut also show T-Mobile as the clear leader. With over 12 billion data points across these network coverage and performance tests, the facts show T-Mobile is the new network leader.

來自 OpenSignal 和 umlaut 的最新數據也顯示 T-Mobile 是明顯的領導者。在這些網絡覆蓋和性能測試中擁有超過 120 億個數據點，事實表明 T-Mobile 是新的網絡領導者。

And this brings with it an exciting new opportunity. Convincing people that this 30-year forced choice between network and value is gone when you choose T-Mobile. This is no small task, but our results show that more and more people are beginning to notice, and they're choosing T-Mobile.

這帶來了一個令人興奮的新機會。讓人們相信，當您選擇 T-Mobile 時，這種在網絡和價值之間 30 年的強制選擇已經不復存在。這是一項不小的任務，但我們的結果表明，越來越多的人開始注意到這一點，並且他們選擇了 T-Mobile。

In fact, our results in '22 demonstrated how differentiated and effective our growth strategy really is. Kind of feels like deja vu. When I think back to this time last year, and everyone was worried about what would happen when industry growth began to normalize. And I sense that's top of mind for everyone again as we enter 2023.

事實上，我們在 22 年的結果證明了我們的增長戰略是多麼的差異化和有效。有點似曾相識的感覺。回想去年這個時候，大家都在擔心行業增長開始正常化後會發生什麼。當我們進入 2023 年時，我感覺到這再次成為每個人的首要考慮。

Well, it didn't show up immediately last year. The industry did see lower year-over-year growth in the second half. And guess what? Our unique ability to offer customers both the best network and the best value across multiple new and underpenetrated segments of the market led to T-Mobile's best growth year ever, with 2 of our best quarter since the merger coming in the second half, even as market growth began to normalize.

好吧，它去年並沒有立即出現。下半年該行業的同比增長率確實有所下降。你猜怎麼著？我們在多個新的和未充分滲透的市場細分市場為客戶提供最佳網絡和最佳價值的獨特能力使 T-Mobile 實現了有史以來最好的增長，自合併以來我們最好的兩個季度出現在下半年，即使市場增長開始正常化。

We posted a record 1.4 million postpaid account net adds, the highest in company history and the highest reported in the industry once again. We're winning the highest share of switching decisions in the industry through our core growth strategies. And we delivered our highest-ever postpaid net adds of over 6.4 million, above the high end of our recently raised guidance. This included our highest postpaid phone net adds since the merger with an industry-leading 3.1 million.

我們發布了創紀錄的 140 萬後付費帳戶淨增加，這是公司歷史上最高的，也是行業報告中最高的。通過我們的核心增長戰略，我們在行業中贏得了最高份額的轉換決策。我們實現了超過 640 萬的有史以來最高的後付費淨增加，高於我們最近提高的指引的上限。這包括自合併以來我們最高的後付費電話淨增加量，達到行業領先的 310 萬。

We've explained it before. Our strategy is differentiated and durable because it's driven by taking share in places where we're massively underpenetrated relative to the competition and where we now have the winning hand, including T-Mobile for Business, where we just delivered one of our highest ever phone net add quarters in Q4.

我們之前已經解釋過了。我們的戰略具有差異化和持久性，因為它的驅動力是在我們相對於競爭對手滲透率低得多的領域，以及我們現在擁有製勝法寶的領域，包括 T-Mobile for Business，我們剛剛交付了有史以來最高的手機之一第四季度淨增季度。

And we're clearly having an impact on the incumbents, as you can see in Verizon's highest-ever business churn in 2022. In the top 100 markets for consumer, we're winning with prime network seekers who increasingly recognize that T-Mobile offers the best combination of network coverage and capacity for their needs and at a lower cost.

我們顯然正在對現有企業產生影響，正如您在 Verizon 2022 年有史以來最高的業務流失中所看到的那樣。在前 100 名消費者市場中，我們贏得了主要網絡搜索者的青睞，他們越來越認識到 T-Mobile 提供網絡覆蓋和容量的最佳組合以滿足他們的需求，並且成本更低。

We're only beginning to tap into this new opportunity. And in smaller markets in rural areas, where we're bringing a better value proposition and a better network to new geographies we really didn't play in before, we're capturing a win share of switchers in the high 30s, which says a lot because in many of these places, we're only just getting started.

我們才剛剛開始利用這個新機會。在農村地區的較小市場中，我們正在為我們以前真正沒有涉足的新地區帶來更好的價值主張和更好的網絡，我們正在贏得 30 多歲的切換器的勝利份額，這表明很多，因為在許多這樣的地方，我們才剛剛開始。

In addition, we added 2 million high-speed Internet customers in our first full year since our commercial launch. In fact, T-Mobile had more broadband net adds in '22 than AT&T, Verizon, Comcast and Charter combined. This is a powerful new phenomenon for our brand, in addition to being a good business.

此外，自推出商業服務以來的第一個完整年度，我們還增加了 200 萬高速互聯網客戶。事實上，T-Mobile 在 22 年的寬帶淨增加量超過了 AT&T、Verizon、Comcast 和 Charter 的總和。這對我們的品牌來說是一個強大的新現象，也是一項良好的業務。

And not only did we deliver industry-leading customer growth, but our focus on profitable growth translated into industry best financial performance, with core adjusted EBITDA up 12% year-over-year and free cash flow up 36%.

我們不僅實現了行業領先的客戶增長，而且我們對盈利增長的關注轉化為行業最佳財務業績，核心調整後 EBITDA 同比增長 12%，自由現金流增長 36%。

The investments we've made in 2022, including in our cybersecurity capabilities, showed up in a critical way a few weeks ago. I want to take a moment to address the recent cyber incident. After address -- identifying a criminal attempt to access our data through an API, we shut it down within 24 hours. And more importantly, our systems and policies protected the most sensitive kinds of customer data from being accessed.

我們在 2022 年所做的投資，包括在我們的網絡安全能力方面的投資，在幾週前以一種關鍵的方式顯現出來。我想花點時間談談最近的網絡事件。在地址 - 識別通過 API 訪問我們的數據的犯罪企圖後，我們在 24 小時內將其關閉。更重要的是，我們的系統和政策保護最敏感的客戶數據不被訪問。

We take this issue very seriously. While I am disappointed that the criminal actor was able to obtain any customer information, we are confident that our aggressive cybersecurity plan, working with the support of some of the world's experts, will allow us to achieve our goal of becoming second-to-none in this area.

我們非常重視這個問題。雖然我對犯罪分子能夠獲取任何客戶信息感到失望，但我們相信，在世界一些專家的支持下，我們積極的網絡安全計劃將使我們能夠實現成為首屈一指的目標在這個區域。

Before I wrap up, I want to touch on some of the ways we're building a more connected and sustainable future. Nearly 3 years ago, we launched our digital divide initiative called Project 10Million to bring connectivity to underserved students nationwide with free or highly subsidized service, and I am proud to say we're now more than halfway to achieving our goal. To date, we've provided $4.8 billion in services and connected more than 5.3 million students, and we're not slowing down.

在結束之前，我想談一談我們正在建設一個聯繫更緊密、更可持續的未來的一些方式。將近 3 年前，我們啟動了名為 Project 10Million 的數字鴻溝計劃，通過免費或高補貼服務為全國服務欠佳的學生帶來連接，我很自豪地說我們現在已經實現了一半以上的目標。迄今為止，我們已經提供了 48 億美元的服務並連接了超過 530 萬名學生，而且我們並沒有放慢腳步。

We're also working hard to create a more sustainable future, recently committing to our most ambitious sustainability goal yet to achieve net-zero emissions across our entire carbon footprint by 2040. This makes T-Mobile one of the only 4 Fortune 100 companies to do so.

我們也在努力創造一個更可持續的未來，最近承諾實現我們最雄心勃勃的可持續發展目標，即到 2040 年在我們的整個碳足跡中實現淨零排放。這使 T-Mobile 成為僅有的 4 家財富 100 強公司之一這樣做。

Our work in this space is being recognized, including being named in the top 20 of JUST Capital's 2023 rankings, which measures companies against metrics that matter to our communities, including environmental impact, where we ranked #1 in our industry.

我們在這一領域的工作正在得到認可，包括在 JUST Capital 的 2023 年排名中名列前 20 名，該排名根據對我們社區至關重要的指標（包括環境影響）衡量公司，我們在行業中排名第一。

Okay. Let me wrap up with some comments on 2023 and what's ahead. With these record results, we've clearly shown that our differentiated strategy has lots of room to run. And I strongly believe that this will prove to be the case, even as industry as a whole is seeing moderating growth and potentially a challenging macroeconomic environment.

好的。讓我總結一下 2023 年和未來的發展。有了這些創紀錄的業績，我們已經清楚地表明，我們的差異化戰略有很大的運行空間。我堅信事實會證明是這樣，即使整個行業的增長都在放緩，而且宏觀經濟環境可能充滿挑戰。

In fact, it may be especially true in that case as our unique high-quality positioning is proving remarkably well suited to the times. We believe 2023 will also be a year in which we begin to see the payoff in terms of EBITDA and massive cash flow expansion, of years of work, on merger integration, synergy attainment and the most ambitious network build in U.S. history, all of which are mostly behind us now, and an ongoing differentiated profitable growth, which is durable results in front of us. I could not be more proud of this team and our employees, and I am so excited for all that's ahead in 2023 and beyond.

事實上，在這種情況下可能尤其如此，因為我們獨特的高質量定位被證明非常適合時代。我們相信 2023 年也將是我們開始看到 EBITDA 和大規模現金流擴張、多年工作、合併整合、協同效應實現和美國歷史上最雄心勃勃的網絡建設方面的回報的一年，所有這些現在大部分已經過去了，持續的差異化盈利增長，這是擺在我們面前的持久結果。我為這個團隊和我們的員工感到無比自豪，我對 2023 年及以後的一切感到非常興奮。

Okay. Peter, over to you to talk about our key financial highlights and our guidance for 2023.

好的。彼得，請您談談我們的主要財務亮點和我們對 2023 年的指導。

Awesome. Thanks, Mike. As you can see, our 2022 results highlighted our strong execution in accelerating the merger integration, while leveraging our network leadership to deliver industry-leading growth in both traditional postpaid and broadband customers.

驚人的。謝謝，邁克。如您所見，我們 2022 年的業績突顯了我們在加速合併整合方面的強大執行力，同時利用我們的網絡領導地位在傳統後付費和寬帶客戶方面實現行業領先的增長。

This translated into industry-leading postpaid service revenue growth of 8% in 2022. We delivered core adjusted EBITDA of $26.4 billion, up 12%, and reaching a record high and at the high end of our recently raised guidance. We realized approximately $6 billion of synergies in 2022 or roughly the total run rate synergies expected in our original merger plan in 2018.

這轉化為 2022 年行業領先的後付費服務收入增長 8%。我們實現了 264 億美元的核心調整後 EBITDA，增長 12%，創下歷史新高，處於我們最近上調指引的高端。我們在 2022 年實現了約 60 億美元的協同效應，大致相當於我們 2018 年最初合併計劃中預期的總運行率協同效應。

Our strong margin expansion also unlocked rapid free cash flow growth, which grew at an industry-best 36% year-over-year to $7.7 billion, and that's even after funding our peak CapEx year in 2022.

我們強勁的利潤率擴張也開啟了自由現金流的快速增長，同比增長 36% 達到行業最高水平，達到 77 億美元，這甚至是在為我們 2022 年的資本支出峰值提供資金之後。

This strong financial performance allowed us to commence our share buybacks ahead of our original 2023 time line. We repurchased 16.5 million shares for $2.3 billion in Q4, bringing the cumulative total repurchased to 21.4 million shares for $3 billion in 2022. This is such an exciting start to this opportunity to deliver significant shareholder value.

這種強勁的財務表現使我們能夠在原定的 2023 年時間表之前開始股票回購。我們在第四季度以 23 億美元的價格回購了 1,650 萬股股票，到 2022 年累計回購的股票總數達到 2,140 萬股，價格為 30 億美元。這是實現重大股東價值的機會的一個令人興奮的開端。

So let's talk about how our great execution and investments in '22 set us up for another strong year of growth in 2023. We expect total postpaid net additions to be between 5 million and 5.5 million, reflecting continued focus on profitable growth as we execute our differentiated growth strategy, even while expecting total industry net additions to be down versus 2022.

因此，讓我們談談我們在 22 年的出色執行和投資如何為我們在 2023 年實現又一個強勁增長做好準備。我們預計後付費淨增總數將在 500 萬至 550 萬之間，這反映出我們在執行我們的計劃時繼續關注盈利增長差異化增長戰略，即使預計行業總淨增加量將低於 2022 年。

This guidance assumes roughly half of postpaid net adds coming from phones. That profitable growth leads to core adjusted EBITDA that is expected to be between $28.7 billion and $29.2 billion, or up 10% at the midpoint based on continued growth in service revenues and merger synergies and above our Analyst Day guidance for 2023. This excludes leasing revenues of approximately $300 million as we transition substantially all remaining customers off device leasing by year-end.

本指南假設大約一半的後付費淨增加來自手機。盈利增長導致核心調整後 EBITDA 預計在 287 億美元至 292 億美元之間，或根據服務收入和合併協同效應的持續增長以及我們 2023 年分析師日指引的中點增長 10%。這不包括租賃收入大約 3 億美元，因為我們將在年底前將所有剩餘客戶從設備租賃中轉移出來。

Our merger synergies are expected to further ramp to between $7.2 billion to $7.5 billion in 2023, approaching a full run rate synergy target from our Analyst Day a year ahead of schedule.

我們的合併協同效應預計將在 2023 年進一步增加到 72 億美元至 75 億美元，提前一年接近我們分析師日的全面運行率協同目標。

And thanks to great execution by the teams, we not only delivered accelerated synergies, but now also expect higher run rate synergies of approximately $8 billion in 2024, of which approximately $2 billion is avoided cost, which is consistent with the amount expected at our Analyst Day.

由於團隊的出色執行，我們不僅實現了加速的協同效應，而且現在還預計到 2024 年將產生約 80 億美元的更高運行率協同效應，其中約 20 億美元是避免成本，這與我們分析師的預期金額一致天。

With the major integration work now behind us, we expect merger-related costs, which are not included in adjusted or core adjusted EBITDA, to be approximately $1 billion before taxes and is expected to be front-end loaded with roughly 40% expected in Q1. This is expected to be the last year of material merger-related costs from a P&L perspective.

隨著主要整合工作的結束，我們預計與合併相關的成本（未包括在調整後或核心調整後的 EBITDA 中）稅前約為 10 億美元，預計第一季度將在前端加載約 40% .從損益表的角度來看，預計今年將是與重大合併相關成本的最後一年。

And just as we have highlighted at Analyst Day, cash payments related to merger costs have underrun the P&L recognition to date and are expected to invert and be between $1.5 billion to $2 billion for 2023, with almost half of that total heading in Q1.

正如我們在分析師日強調的那樣，迄今為止，與合併成本相關的現金支付低於損益確認，預計到 2023 年將反轉並在 15 億至 20 億美元之間，其中近一半是在第一季度。

Net cash provided by operating activities, including these payments for merger-related costs, is expected to be in the range of $17.8 billion to $18.3 billion. We expect cash CapEx to be between $9.4 billion and $9.7 billion as we deliver a capital efficiency unmatched in our industry on the back of our network integration and 5G leadership.

經營活動提供的現金淨額，包括這些與合併相關的費用支付，預計在 178 億美元至 183 億美元之間。我們預計現金資本支出將在 94 億美元至 97 億美元之間，因為我們在網絡集成和 5G 領導地位的支持下提供了業內無與倫比的資本效率。

I would expect this to be a bit more weighted towards the first half of the year. Our capital efficience and data-informed customer-driven coverage approach guides us as we continue to enhance and further expand our network.

我預計這將在今年上半年更加重要。我們的資本效率和以數據為依據的客戶驅動覆蓋方法指導著我們繼續增強和進一步擴展我們的網絡。

Together, this results in expected free cash flow, including payments for merger-related costs, to be in the range of $13.1 billion to $13.6 billion. This is up approximately 75% over last year, thanks to our margin expansion and capital efficiency, and does not assume any material net cash inflows from securitization. And this also represents a free cash flow service revenue margin multiple percentage points higher than peers.

總之，這導致預期的自由現金流量（包括與合併相關的成本的支付）在 131 億美元至 136 億美元之間。這比去年增長了約 75%，這要歸功於我們的利潤率擴張和資本效率，並且不假設證券化產生任何實質性淨現金流入。而這也代表著自由現金流服務的收入利潤率比同行高出多個百分點。

Turning now to taxes. We expect our full year effective tax rate to be between 24% and 26%. And finally, as we continue to execute our strategy of winning and expanding account relationships, we expect full year postpaid ARPA to be up approximately 1% in 2023, as we continuously win and then deepen our account relationships.

現在轉向稅收。我們預計全年有效稅率將在 24% 至 26% 之間。最後，隨著我們繼續執行贏得和擴大客戶關係的戰略，我們預計 2023 年全年後付費 ARPA 將增長約 1%，因為我們不斷贏得併加深我們的客戶關係。

Altogether, we expect 2023 to be another year of profitable growth and even greater free cash flow expansion as we continue to extend our network leadership and further scale our differentiated growth opportunities.

總而言之，隨著我們繼續擴大我們的網絡領導地位並進一步擴大我們的差異化增長機會，我們預計 2023 年將是又一個盈利增長和自由現金流擴張的一年。

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

有了這個，我現在將把電話轉回 Jud 開始問答。賈德？

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

好的。讓我們回答您的問題。 （操作員說明）

Our first question comes from Craig Moffett with SVB MoffettNathanson.

我們的第一個問題來自 SVB MoffettNathanson 的 Craig Moffett。

So 2 questions, if I could. One is you've now had a number of announcements about dabbling in the wireline market. I wonder if you could just talk about your wireline ambitions and maybe bridge from that into the role that you think FWA plays in making bundled offers. Is that something that you need to have nationally? And if so, how do you think you get there on the wireline side?

所以 2 個問題，如果可以的話。一是你現在已經發布了一些關於涉足有線市場的公告。我想知道您是否可以談談您的有線野心，並從中橋接您認為 FWA 在提供捆綁服務方面所扮演的角色。這是你需要在全國范圍內擁有的東西嗎？如果是這樣，您認為您如何在有線線路方面到達那裡？

And then second, just a financial question for Peter. I wonder if you could just talk about the pacing of share repurchases. I understand that there's some debt paydown that was always expected to come first. Now that we're sort of well into the repurchase segment, what does the pace of that looks like over the next year or couple of years?

其次，只是彼得的財務問題。我想知道你是否可以談談股票回購的節奏。我知道有一些債務償還總是被認為是最先發生的。既然我們已經進入回購領域，那麼未來一年或幾年的步伐如何？

Well, I'll start, Craig. Let me start by telling you a little bit about how we view the convergence space. And obviously, to the premise of your question, we are competing very ambitiously in this space with more new broadband net additions in 2022 than the rest of the industry combined. So we're very happy with our position, and it has lots of room to run for years to come.

好吧，我要開始了，克雷格。讓我首先告訴您一些我們如何看待收斂空間。顯然，在你提出問題的前提下，我們在這個領域的競爭非常雄心勃勃，到 2022 年新增的寬帶淨增數量將超過業內其他公司的總和。所以我們對我們的位置非常滿意，並且它在未來幾年有很大的運行空間。

But on the other hand, the larger question is whether or not we're doing this for offensive reasons or defensive reasons. And our view is that the market has shown that customers will accept bundles, but it's far from certain whether bundles are something that they will require.

但另一方面，更大的問題是我們這樣做是出於進攻原因還是防禦原因。我們的觀點是，市場已經表明客戶會接受捆綁，但還遠不能確定捆綁是否是他們需要的東西。

And so we're not interested in convergence because we feel like some flank is exposed that we have to protect. We're interested in convergence because we have a lot to offer. And we have a great brand, a great capability, a great team, great distribution and the ability to add value to the space as you're seeing in our present success in home broadband through 5G.

所以我們對收斂不感興趣，因為我們覺得有些側翼暴露了，我們必須保護。我們對融合很感興趣，因為我們可以提供很多東西。我們擁有偉大的品牌、強大的能力、強大的團隊、強大的分銷能力以及為空間增值的能力，正如您在我們目前通過 5G 在家庭寬帶方面取得的成功所看到的那樣。

So we're very interested in the space. But I'll tell you, we haven't decided whether or not that would translate into augmenting that strategy with a wireline approach. But if we did, it would be because it's a good business, not because we feel like there's some flank that we have exposed that we need to protect.

所以我們對這個空間非常感興趣。但我會告訴你，我們還沒有決定這是否會轉化為通過有線方法來增強該戰略。但如果我們這樣做了，那將是因為這是一項好生意，而不是因為我們覺得我們已經暴露了一些需要保護的側翼。

And so while we haven't made a decision about it, I can tell you a few things that we've decided not to do, and I think that's important for people to understand. I personally have no interest in having some kind of major change to our strategy as a company or the financial outcomes that will flow from that strategy or the shareholder remuneration that flows from our financial outcomes.

所以雖然我們還沒有做出決定，但我可以告訴你一些我們決定不做的事情，我認為這對人們理解很重要。我個人沒有興趣對我們作為公司的戰略或該戰略產生的財務結果或我們的財務結果產生的股東薪酬進行某種重大改變。

We're on a mission to become the best in the world at wireless, and we're pursuing that mission ambitiously and so far very successfully. That is the place where the future lies and where we want to be. And I'm interested in delivering all of the financial outcomes that we promised you, that flow from that business plan, and the shareholder remuneration and share buybacks that flow from that, and we're not interested in something that would cause a material change in any of that.

我們的使命是成為世界上最好的無線網絡公司，我們正在雄心勃勃地追求這一使命，迄今為止非常成功。那是未來所在的地方，也是我們想要去的地方。我有興趣交付我們向您承諾的所有財務成果，這些成果來自該商業計劃，以及由此產生的股東薪酬和股票回購，我們對會導致重大變化的事情不感興趣在任何一個。

Secondly, because of that, I think we've looked at it and said, if we got involved, we would do it most likely with partners. It would make -- it would just be smart to do it with partners versus by ourselves, and that means whether it's purely through a partnership or if we have an ownership stake of some type -- of some kind, it would be off balance sheet and, again, would not be at a level that would have a material change in terms of who we are.

其次，正因為如此，我認為我們已經看過它並說，如果我們參與其中，我們很可能會與合作夥伴一起做。與合作夥伴一起做而不是我們自己做這件事會很明智，這意味著無論是純粹通過合夥關係還是如果我們擁有某種類型的所有權股份 - 某種類型的，它都會在資產負債表之外而且，再一次，不會達到對我們是誰有實質性改變的水平。

And then finally, as I said, we'd be interested in it if it's something that we could add value and make the market better for customers and make some money doing it directly for the merits of the business, not necessarily for the merits of how it would attribute to wireless.

最後，正如我所說，如果我們可以為客戶增加價值並讓市場變得更好，並且直接為了業務的優點而不一定是為了它將如何歸因於無線。

And that's because consumers are sort of voting with their feet. And so far, we haven't seen a benefit to convergence that really translates into consumer value beyond just a discount. And there are plenty of ways to deliver customers' discounts when you have the superior assets in wireless, superior balance sheet in wireless, the best overall network and a tradition of a brand that delivers outstanding value. So hopefully, that helps clear that one up.

那是因為消費者有點用腳投票。到目前為止，除了折扣之外，我們還沒有看到真正轉化為消費者價值的融合帶來的好處。如果您在無線領域擁有卓越的資產、卓越的無線資產負債表、最佳的整體網絡以及提供卓越價值的品牌傳統，那麼您可以通過多種方式為客戶提供折扣。所以希望這有助於解決這個問題。

Yes. And then on share buybacks, Craig, I think the important thing is that the strategy hasn't changed other than, of course, the ability with the financial performance of the company to initiate those earlier. And so we couldn't have been more excited to get that first $14 billion through Q3 approved, and you saw we delivered $3 billion of that in 2022.

是的。然後關於股票回購，克雷格，我認為重要的是戰略沒有改變，當然，除了公司的財務業績能夠更早啟動這些回購。因此，我們非常高興能夠通過第三季度獲得首批 140 億美元的批准，你看到我們在 2022 年交付了其中的 30 億美元。

We continue to have line of sight to the up to $60 billion. And so nothing's changed with regards to the strategy. We're very excited about the cash flow generation of the business and the flexibility that, that provides.

我們繼續關注高達 600 億美元的資金。所以關於戰略沒有任何改變。我們對業務產生的現金流量以及所提供的靈活性感到非常興奮。

If you think about shaping, of course, I'm not going to talk the about day-to-day or week-to-week shaping for natural reasons. But of course, you've got the growth of core EBITDA coming throughout the years, which gives you financial flexibility. As you know, we're very prudent in just the leverage target that we've set overall. But again, nothing has changed with respect to the strategy. Very excited about the free cash flow generation and the shareholder remuneration that affords.

如果你考慮塑形，當然，出於自然原因，我不會談論每天或每週的塑形。但當然，多年來核心 EBITDA 的增長不斷，這為您提供了財務靈活性。如您所知，我們在整體設定的槓桿目標上非常謹慎。但同樣，關於戰略沒有任何改變。對自由現金流的產生和提供的股東報酬感到非常興奮。

Our next question comes from Philip Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Philip Cusick。

I wonder if you can dig into the business growth a little bit. What type of contracts are you signing? Are we -- what's sort of enterprise versus SMB mix? And where do these customers tend to come in on ARPU?

我想知道您是否可以深入了解業務增長。您要簽署什麼類型的合同？我們 - 什麼樣的企業與 SMB 組合？這些客戶往往從哪裡獲得 ARPU？

We've heard about some free heavy discounting that you've done to win some big contracts. And as it goes to that, as we think about our POP up 1% this year, should we think of ARPU more like flat? Or does that start to drift a little bit lower year-over-year?

我們聽說你們為贏得一些大合同所做的一些免費大幅折扣。就此而言，當我們考慮今年 POP 增長 1% 時，我們是否應該認為 ARPU 更像是持平？或者這是否開始逐年下降一點點？

We'll start with Callie on what we're seeing and then switch over to Peter on ARPA.

我們將從我們所看到的 Callie 開始，然後切換到 ARPA 的 Peter。

Okay. Thanks, Mike. So in T-Mobile for Business, as Mike mentioned earlier, we continue to build very strong momentum, which is driven by our 5G network leadership, combined with award winning customer service model.

好的。謝謝，邁克。因此，正如 Mike 之前提到的，在 T-Mobile for Business 中，我們繼續建立非常強勁的勢頭，這是由我們的 5G 網絡領導地位以及屢獲殊榮的客戶服務模式推動的。

In Q4, we continued to grow our service revenue. We delivered one of our highest-ever postpaid phone net add performances. We recorded our lowest postpaid phone churn since the merger with Sprint, and we grew our voice ARPU. In fact, we grew phone net adds every quarter in '22, and it's having an impact, as you can see in Verizon's business trend, which was its highest ever levels in '22. And their business phone net adds declined sequentially for the last 3 quarters. We've also achieved 5 consecutive quarters of business Internet growth.

第四季度，我們的服務收入繼續增長。我們實現了有史以來最高的後付費電話淨增表現之一。自與 Sprint 合併以來，我們記錄了最低的後付費電話流失率，並且我們提高了語音 ARPU。事實上，我們在 22 年每個季度都增加了電話淨增加，並且它正在產生影響，正如您在 Verizon 的業務趨勢中看到的那樣，這是 22 年的最高水平。過去 3 個季度，他們的商務電話淨增加量連續下降。我們還實現了連續 5 個季度的商業互聯網增長。

Some of our key wins in strategic verticals we found in the airline industry, where we've won 9 out of 10 major airlines, growing our base with these customers by over 15% in Q4 alone. In the health care industry, we welcomed to Ensign, who is a nursing company, who's deploying our mobility as a service solution to their 25,000 employees.

我們在航空業發現的戰略垂直領域的一些關鍵勝利，我們贏得了 10 家主要航空公司中的 9 家，僅在第四季度，我們與這些客戶的基礎就增加了 15% 以上。在醫療保健行業，我們歡迎 Ensign，這是一家護理公司，正在將我們的移動即服務解決方案部署到他們的 25,000 名員工中。

In banking, large financial institutions are fast adopting our multiline solutions. We won 2 new logos in Q4 for a total of 24 accounts. In the public sector, we welcomed Chicago PD, Harris County, Dallas ISD.

在銀行業，大型金融機構正在迅速採用我們的多線解決方案。我們在第 4 季度為總共 24 個帳戶贏得了 2 個新徽標。在公共部門，我們歡迎芝加哥警察局、哈里斯縣和達拉斯 ISD。

And even in our Advanced Network Solutions category, we signed on Formula 1, where we'll, for the Las Vegas Grand Prix, be providing powering their operations and ensuring top performance speeds. And we also welcomed Vail Resorts, the largest mountain resort operator, where we're working together to provide innovative guest experiences, helping meet their sustainability goals and enhance resort operations.

甚至在我們的高級網絡解決方案類別中，我們也簽署了一級方程式賽車，我們將在拉斯維加斯大獎賽中為他們的運營提供動力並確保最高性能速度。我們還歡迎最大的山區度假村運營商 Vail Resorts，我們正在共同努力提供創新的賓客體驗，幫助他們實現可持續發展目標並加強度假村運營。

And if you want to know why we're winning, it's not a race to the bottom. It's not a bid for the lowest rate or pricing down. We always treat our customers first. And in a modern workplace where CIOs are focused on productivity, digital transformation, these are more considered sales. And therefore, it matters that we have a 2-year head start in 5G network leadership. It matters that we deploy customer-driven coverage, and we're differentiated as a superior network and unparalleled service model.

如果您想知道我們為什麼獲勝，那不是逐底競爭。這不是最低費率或降價的出價。我們始終首先對待我們的客戶。在 CIO 專注於生產力、數字化轉型的現代工作場所，這些更多地被視為銷售。因此，重要的是我們在 5G 網絡領導地位方面領先 2 年。重要的是我們部署了以客戶為導向的覆蓋範圍，我們以卓越的網絡和無與倫比的服務模式脫穎而出。

I'll hand it over to you, Peter.

我會把它交給你，彼得。

Yes, yes. Let me just add to that. I think what you heard Callie say is we're competing on quality, by and large, and ARPUs are rising. They rose in 2022 in the business space. And to the premise of your question, they're lower than consumer, but they rose in 2022 because CIOs are picking us because we have the best network and the best solutions. And they're interested in what we can bring in 5G that our competitors are behind on. And so that's, I think, very much to the premise of your question.

是的是的。讓我補充一下。我想你聽到 Callie 說的是我們在質量上競爭，總的來說，ARPU 正在上升。他們在 2022 年在商業領域崛起。在你提出問題的前提下，它們低於消費者，但它們在 2022 年有所上升，因為首席信息官選擇我們是因為我們擁有最好的網絡和最好的解決方案。他們對我們可以在 5G 中帶來競爭對手落後的東西很感興趣。所以，我認為，這非常符合你提出問題的前提。

As we go forward, one of the things to keep in mind is that even though business ARPUs are lower than consumer and always have been, and there's no structural change happening there, these are very good. The cost to sell in that area is lower, longevity, so there's plenty of reasons to like that business that are different from ARPU. That's why you've got to be careful about ARPU as a guiding metric for the profitability of the business because it's not.

在我們前進的過程中，要記住的一件事是，儘管企業 ARPU 低於消費者，而且一直如此，而且那裡沒有發生結構性變化，但這些都非常好。在該地區的銷售成本較低，壽命長，因此有很多理由喜歡與 ARPU 不同的業務。這就是為什麼您必須謹慎對待 ARPU 作為企業盈利能力的指導指標，因為它不是。

Yes. Absolutely, Mike. And with your question, we're definitely not anticipating ARPU to be down on a year-over-year basis. In fact, I'd say, probably, our guide right now would be generally stable, and that's primarily the mix-driven metric, as we just said, the continued success in T-Mobile for Business, for example, being a mix-driven metric, first responders or segmentation approach.

是的。當然，邁克。對於你的問題，我們絕對不會預計 ARPU 會同比下降。事實上，我想說，我們現在的指南可能總體上是穩定的，這主要是混合驅動的指標，正如我們剛才所說的，T-Mobile for Business 的持續成功，例如，混合 -驅動指標、急救人員或細分方法。

But there's been just a tremendous amount of tailwind. We continue to see strength in Magenta MAX take rates in Q4. So as you get further into the year, there's potentially opportunity that we could even see some increases over that. But I'd say, right now, generally stable with potential upside later in the year, and we'll see how that develops.

但是有大量的順風。我們繼續看到第四季度 Magenta MAX 的強勢採用率。因此，隨著今年的深入，我們甚至有可能看到一些增長。但我想說，現在總體穩定，今年晚些時候有潛在的上漲空間，我們將拭目以待。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Great. Two quick ones, if I could. First, I guess, following up on the business market question. Could you give some details on the rural market strategy? In the past, you've talked about where you are from a sort of spectrum deployment and distribution standpoint and sort of how well you're doing in terms of penetrating that market.

偉大的。兩個快速的，如果可以的話。首先，我想是跟進商業市場問題。您能否詳細介紹一下農村市場戰略？過去，您談到了從某種頻譜部署和分配的角度來看您所處的位置，以及您在滲透該市場方面的表現如何。

And then on the CapEx guide, about $9.5 billion, is this a sustainable level? And for Neville maybe, could you give us a sense for sort of what you have in store for the network in '23? Maybe update us on sort of the spectrum deployment at 2.5, what you're thinking for C-band and the other spectrum deployments as we look out to '23 and beyond would be great.

然後在資本支出指南上，大約 95 億美元，這是一個可持續的水平嗎？也許對於內維爾來說，你能否讓我們了解一下你在 23 年為網絡準備的東西？也許向我們更新 2.5 的頻譜部署，您對 C 波段的想法以及我們展望 23 年及以後的其他頻譜部署會很棒。

Thanks, John. Those are 2 great ones. First, on smaller markets in the rural areas, and I'll hand it to Jon, I am so pleased with what's happening here. We set out to do something we hadn't really done at scale before a couple of years ago, and 2022 was a pivotal year to do all of that at scale.

謝謝，約翰。那是兩個很棒的。首先，在農村地區的小市場上，我會把它交給喬恩，我對這裡發生的事情感到非常滿意。我們著手做一些幾年前我們沒有真正大規模做過的事情，而 2022 年是大規模完成所有這些工作的關鍵一年。

We moved from 30% to 60% of the marketplaces where we're really competing, what we -- I think we've explained to you before what we call internally license to play or better. And in those places, the numbers have been great.

我們真正競爭的市場從 30% 增加到 60%，我們——我想我們在我們稱之為內部許可或更好玩之前已經向你解釋過了。在那些地方，人數一直很大。

So maybe, Jon, you can give a little bit of color on how all that's going and maybe even some numbers to back it up, and then we'll switch and talk about what's going on with the network.

所以也許，喬恩，你可以給出一些顏色來說明這一切是如何進行的，甚至可以提供一些數字來支持它，然後我們將切換並討論網絡正在發生的事情。

Yes. Like Mike said, from 30% one year ago to 60% where we'll keep hitting it. Just to remind everybody the size of this market. This is 140 million people across the entire country. It's 50 million households. It's 40% of the U.S. in terms of how we define smaller markets in rural areas, which is everything outside of the top 100 markets.

是的。正如 Mike 所說，從一年前的 30% 到 60%，我們將繼續努力。只是提醒大家這個市場的規模。這是全國 1.4 億人。這是5000萬戶家庭。就我們如何定義農村地區較小的市場而言，這是美國的 40%，這是前 100 大市場之外的所有市場。

But this overall business, it's been so fun. My heritage is I started out 25 years ago selling into rural market, bringing cell phone service into rural markets, and it's been so fun to actually bring usable Internet service, whether it be in your home or the mobile service in these rural markets. So it's a very, very fun adventure so far.

但整個業務非常有趣。我的傳統是 25 年前我開始向農村市場銷售，將手機服務帶入農村市場，實際帶來可用的互聯網服務非常有趣，無論是在您的家中還是在這些農村市場的移動服務。所以到目前為止，這是一次非常非常有趣的冒險。

And I've got to tell you, our switching is up 350 basis points on a year-over-year basis. And when we look at where we're competing, again, 60% of the markets across all small markets, rural areas, we're on right on the heels of Verizon of taking over the leadership position in share of port ends across the entire market. So it's been a lot of fun.

我必須告訴你，我們的轉換率同比上升了 350 個基點。當我們看看我們在哪裡競爭時，再次，所有小型市場、農村地區的 60% 的市場，我們緊隨 Verizon 之後接管了整個港口端份額的領導地位市場。所以這很有趣。

When we look at what's happening, too, with high-speed Internet, that's a new front-door opportunity for us in smaller markets and rural areas. About 1/3 of our total HSI, high-speed Internet, net adds were coming out of smaller markets and rural areas, and that's been a big catalyst for us in these particular geographies to be that front door in that consideration.

當我們審視高速互聯網正在發生的事情時，這對我們在較小的市場和農村地區來說是一個新的前門機會。大約 1/3 的 HSI、高速互聯網、淨增加來自較小的市場和農村地區，這對我們在這些特定地區成為考慮的前門是一個重要的催化劑。

But when you look at -- Mike has been talking about this for a while in terms of not having to make the choice between a great value and a great network, that's never been more important, particularly in these areas that have been underserved for the last 25 years and certainly in the last 10 years from a mobile Internet perspective. So we're having a lot of fun doing it.

但是當你看——邁克已經談論了一段時間，不必在巨大的價值和偉大的網絡之間做出選擇，這從來沒有像現在這樣重要，特別是在那些服務不足的領域從移動互聯網的角度來看，過去 25 年，當然還有最近 10 年。所以我們玩得很開心。

And to see shares switching well into the 30s, given that a lot of these places, we really just started. I mean, we have less than a year of experience, and that shows that those customers have a resonance with our brands and with our story, and they want in. So we're very pleased with these markets and consumers, and the markets are responding.

考慮到很多這樣的地方，看到股價在 30 年代很好地轉變，我們真的才剛剛開始。我的意思是，我們只有不到一年的經驗，這表明這些客戶對我們的品牌和我們的故事產生了共鳴，他們想要加入。所以我們對這些市場和消費者非常滿意，而且市場正在響應。

Sure thing. Let's go back -- sorry, Jud, the second part of his question was CapEx, the one that (inaudible) this year.

當然可以。讓我們回去——抱歉，賈德，他問題的第二部分是資本支出，即今年（聽不清）的那個。

I almost forgot that network.

我差點忘了那個網絡。

Yes. So let me just stop.

是的。所以讓我停下來。

(inaudible) where the answer is yes, $9 billion to $10 billion is our run rate. That was also what are we getting done without lying, '23 and beyond.

（聽不清）答案是肯定的，90 億到 100 億美元是我們的運行率。這也是我們在不說謊的情況下所做的事情，23 歲及以後。

Thanks for the question, John. We're coming off what has been a historic year for network investment in this company. I mean, we had an accelerated spend in 2022. And you can see in Mike's opening comments the results that are coming from that. Our 5G leadership is just not disputed in the marketplace.

謝謝你的問題，約翰。我們即將結束對這家公司進行網絡投資具有歷史意義的一年。我的意思是，我們在 2022 年加快了支出。您可以在 Mike 的開場白中看到由此產生的結果。我們的 5G 領導地位在市場上沒有爭議。

So that's now translating to overall network leadership, which is just tremendous progress for the business and affords us a series of great growth opportunities as John just outlined [enrollment] across many other parts of the country, too.

因此，這現在正在轉化為整體網絡領導地位，這對業務來說是巨大的進步，並為我們提供了一系列巨大的增長機會，正如約翰剛剛概述的那樣 [註冊] 在該國許多其他地區也是如此。

So as we look at sustainable level in '23, we're in a great place because we've got the integration effectively complete last year. That was a massive effort, but we're ahead of schedule there. And as we look at the build program on 5G and overall network, we just took great strides.

因此，當我們審視 23 年的可持續發展水平時，我們處於一個很好的位置，因為我們在去年有效地完成了整合。這是一項巨大的努力，但我們在這方面提前了。當我們審視 5G 和整個網絡的建設計劃時，我們取得了長足的進步。

Today, we announced 265 million people now covered with our ultra capacity footprint in the U.S., and that number will be at 300 million people covered with our ultra capacity footprint by the end of this year. So we continue to expand that great powerful 5G service across the country. 300 million is a number that neither of our major competitors have even considered announcing a target to reach or to achieve.

今天，我們宣佈在美國有 2.65 億人被我們的超容量覆蓋，到今年年底，這個數字將達到 3 億人。因此，我們繼續在全國范圍內擴展強大的 5G 服務。 3 億是一個數字，我們的主要競爭對手都沒有考慮過宣布要達到或實現的目標。

And in addition to that part of your question, John, we continue to pile in spectrum assets on 5G. I mean, we're a 5G business. We're trying to commit a spectrum, our entire portfolio to 5G as fast as we can. Why? Because it's delivering just a tremendous experience to our customers.

除了你問題的那一部分，約翰，我們繼續在 5G 上積累頻譜資產。我的意思是，我們是一家 5G 企業。我們正在努力盡快將我們的整個產品組合投入到 5G 中。為什麼？因為它為我們的客戶提供了絕佳的體驗。

So that spectrum position today, we have 150 megahertz thereabouts dedicated to 5G across our markets. That's, I think, currently more than AT&T and Verizon combined having the 5G space. And that number, we've said, we're targeting 200 megahertz just on mid-band spectrum by the end of this year.

所以今天的頻譜位置，我們有大約 150 兆赫茲專門用於我們市場上的 5G。也就是說，我認為，目前超過 AT&T 和 Verizon 擁有 5G 空間的總和。這個數字，我們已經說過，我們的目標是到今年年底在中頻帶頻譜上達到 200 兆赫茲。

And so we've recently talked about how we're not just deploying 2.5 gigahertz. We're also adding powerful PCS spectrum in the space, that's a big part of the program, as we move through in 2023. You asked about DoD and C-band spectrum. We have some great assets there, probably a 2024 deployment plan for us as the opportunity to leverage and deploy that spectrum cleans up with the FAA, et cetera. But 200 megahertz on mid-band is going to be an industry-leading proposition long before we get to those spectrum assets.

所以我們最近談到了我們如何不只是部署 2.5 GHz。我們還在空間中添加強大的 PCS 頻譜，這是該計劃的重要組成部分，我們將在 2023 年完成。您詢問了 DoD 和 C 波段頻譜。我們在那裡有一些很棒的資產，可能是我們的 2024 年部署計劃，因為有機會利用和部署與 FAA 等一起清理的頻譜。但是，在我們獲得這些頻譜資產之前很久，中頻 200 兆赫將成為行業領先的提議。

So delighted with the progress. I mean, the 5G network is just unbeatable today across all markets in the U.S. The recent benchmarking clearly demonstrates that. But I think more exciting for the business, and especially for the network team, is this overall network leadership, something that we've been working way on for, as Mike referenced, decades and now is in our hands. So a lot to do. '23 will be a continued busy year for us, but the plan is to extend on network leadership.

對進展感到非常高興。我的意思是，今天的 5G 網絡在美國所有市場都是無與倫比的。最近的基準測試清楚地證明了這一點。但我認為，對於企業，尤其是網絡團隊來說，更令人興奮的是這種整體網絡領導地位，正如邁克所提到的那樣，我們一直在努力，幾十年來，現在掌握在我們手中。有很多事情要做。 23 年對我們來說將是持續忙碌的一年，但計劃是擴大網絡領導地位。

One of the things you can take away, John, from what Neville just said is that this network leadership story that has emerged has lots of room to run. We said 3 years ago that we had jumped out in front on 5G, and we were at least 2 years ahead of our competitors. And I quoted, in 2 years from now, we'll still be 2 years ahead of our competitors.

約翰，從內維爾剛才所說的，你可以學到的一件事是，這個已經出現的網絡領導力故事有很大的發展空間。 3年前我們就說，我們在5G上領先了，我們至少比競爭對手領先了2年。我引用過，從現在開始的 2 年內，我們仍將比競爭對手領先 2 年。

And that's exactly what has unfolded. If you listen to Neville's statistics, he told you that we're already, as you know, at 265 million people covered by ultra capacity. Neither of our competitors has stated the goal to be there anytime in the next 2 years. In fact, they've stated to go for the end of next year, 2 years from now, that's less than that.

而這正是已經展開的。如果你聽過 Neville 的統計數據，他告訴你，如你所知，我們已經有 2.65 億人被超容量覆蓋。我們的競爭對手都沒有說明未來 2 年內任何時候都在那裡的目標。事實上，他們已經表示要在明年年底，即從現在起的 2 年，這比那個要少。

And yet, we're not stopping there. We're on our way to 300 million people this year. But to me it's -- actually, the more exciting part about the future testing you heard from Neville is going from 130 megahertz deployed of mid-band, 150 overall, 130 in mid-band to 200. That's a massive capacity expansion that's happening because that's not just factors on the experience you get every day.

然而，我們並沒有就此止步。今年我們正朝著 3 億人的目標邁進。但對我來說——實際上，你從 Neville 那裡聽到的關於未來測試的更令人興奮的部分是從中頻部署的 130 兆赫，整體 150，中頻 130 到 200。這是一個大規模的容量擴展，因為這不僅僅是影響您每天獲得的體驗的因素。

So far, our medium speeds are 5x faster than just 3 years ago. Our Magenta MAX customers, and you know how popular Magenta MAX is, they're using 30 gigs a month. These are big advantages versus our competition. Home broadband, where we're generating more net adds than the rest of the industry combined, has lots of room to run.

到目前為止，我們的中等速度比 3 年前快了 5 倍。我們的 Magenta MAX 客戶，您知道 Magenta MAX 有多受歡迎，他們每月使用 30 場演出。與我們的競爭對手相比，這些都是很大的優勢。家庭寬帶，我們產生的淨增加量超過了其他行業的總和，有很大的運行空間。

And so -- and that's all on the heels of this massive capacity that's not just in the network, that's still coming, and within the run rate of the $9 billion to $10 billion in capital per year.

所以——這一切都是在這種巨大的容量之後發生的，這種容量不僅在網絡中，而且仍在不斷湧現，並且在每年 90 億至 100 億美元的資本運行率之內。

Our next question comes from Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙弗蘭納里。

Mike, you teed up my question. You said you've got lots of room to run on fixed wireless. Some of the competitors critique the product around limitations on capacity, on speed. So perhaps, now you've got a base of customers, you've seen the behavior over a couple of years now.

邁克，你回答了我的問題。你說你有很多空間可以在固定無線上運行。一些競爭對手圍繞容量和速度的限制批評該產品。所以也許，現在您已經有了一定的客戶群，您已經在幾年內看到了這種行為。

What were the learnings? How much market share do you think this product can take? And what's your ability to continue to expand the footprint to continue to expand the capacity of the network? And then maybe just a quick word on macro. You talked about some concerns. Are you seeing anything on payment patterns or any other cautious behavior yet?

學到了什麼？您認為該產品可以佔據多少市場份額？您有什麼能力繼續擴大足跡以繼續擴大網絡容量？然後可能只是簡單介紹一下宏觀。你談到了一些擔憂。您是否看到任何有關付款方式或任何其他謹慎行為的信息？

Great. Well, first on broadband, it's kind of stating the obvious. When somebody who is a fiber provider, so as you know that product is not as good as our product. It's kind of like the people at Ferrari pointing a finger at the world's best-selling car, Toyota saying, "We're faster. We have the faster car." Yes, but Toyota is the world's best-selling car, and that's because -- and if you look in the case of T-Mobile 5G home broadband, because it's perfectly suited to what people want.

偉大的。好吧，首先是在寬帶方面，這是顯而易見的。當某人是纖維供應商時，您知道該產品不如我們的產品。這有點像法拉利的人指責世界上最暢銷的汽車，豐田說，“我們更快。我們有更快的車。”是的，但豐田是世界上最暢銷的汽車，這是因為 - 如果你看看 T-Mobile 5G 家庭寬帶的情況，因為它非常適合人們的需求。

And although it has less overall potential for capacity than a strand of fiber, which is patently obvious, it's radically simple. It's low cost. It's transparent. It's portable within tens of millions of households. And it has the speed and capacity that allows people to do what they want.

儘管它的整體容量潛力不如一根纖維，這是顯而易見的，但它非常簡單。這是低成本的。它是透明的。千家萬戶隨身攜帶。它具有讓人們做他們想做的事情的速度和容量。

And therefore, their net promoter scores are some of the highest in the industry, 10 points higher than fiber, 30 points higher than cable. And most of our customers are coming directly from cable, not just from rural areas or unconnected places or DSL.

因此，他們的淨推薦分數在業內名列前茅，比光纖高 10 分，比電纜高 30 分。我們的大多數客戶都直接來自有線電視，而不僅僅是來自農村地區或未連接的地方或 DSL。

And so it kind of demonstrates that we've got a product here with the right mix of services to meet people's needs. Lots of room to run. When we launched this product, we talked about 7 million to 8 million homes. And as you can see from our numbers, we're tracking beautifully to that.

因此，這表明我們這裡的產品具有正確的服務組合，可以滿足人們的需求。有很大的運行空間。當我們推出這個產品時，我們談到了 700 萬到 800 萬戶家庭。正如您從我們的數字中看到的那樣，我們正在完美地跟踪這一點。

And the question now is where do we go from here. And I gave comments before about whether or not we're looking at ways that could augment that strategy. Of course, we are. But that's because we have a winning product and massively expanding capacity to support it.

現在的問題是我們從這裡何去何從。我之前就我們是否正在尋找可以增強該戰略的方法發表評論。當然，我們是。但那是因為我們有一個成功的產品和大規模擴展的能力來支持它。

One of the things to keep in mind is that economically, this unlike fiber and cable, this product so far is not burdened by amortization of capital and the cost structure, right? So we're able to take the capital that we deployed from mobile and find places with excess capacity and market broadband there. And those places are rapidly expanding, even though we have millions of customers on board now soaking some of it up.

要記住的一件事是，在經濟上，這與光纖和電纜不同，到目前為止，該產品沒有受到資本攤銷和成本結構的負擔，對吧？因此，我們能夠利用我們從移動設備部署的資金，並在那裡找到容量過剩和市場寬帶的地方。這些地方正在迅速擴張，儘管我們現在有數百萬客戶在吸收其中的一部分。

We're moving our eligible homes from 40 million to 50 million, and that means that there's 50 million homes out of 140 million nationwide, where if tomorrow morning you applied for service, we'd say yes. And so that is a big footprint. And we think the product is beautifully suited to the times.

我們正在將符合條件的家庭從 4000 萬增加到 5000 萬，這意味著全國 1.4 億家庭中有 5000 萬家庭，如果明天早上您申請服務，我們會同意。所以這是一個很大的足跡。我們認為該產品非常適合時代。

I can speak to the question on the macro environment. From a consumer perspective, no, we're not seeing it. Of course, this is an area where we're very cautious. But when we think about just Q3 to Q4, we actually saw a little bit of improvement in voluntary churn.

我可以談談宏觀環境的問題。從消費者的角度來看，不，我們沒有看到它。當然，這是我們非常謹慎的領域。但是當我們只考慮第三季度到第四季度時，我們實際上看到了自願流失的一點點改善。

And bad debt was exactly what we laid out in Q2, stable on a percentage of revenue and, in fact, actually lower than AT&T or Verizon on those metrics. So it's something we're looking at and making sure we would closely monitor.

壞賬正是我們在第二季度提出的，佔收入的百分比穩定，事實上，在這些指標上實際上低於 AT&T 或 Verizon。所以這是我們正在關注的事情，並確保我們會密切監控。

As we said, this could also be a moment of opportunity for us because as a consumer set, to the extent that you're pressured from a recessionary perspective, from an inflationary perspective, it might make you consider a lot of categories of spend and wireless being one of those.

正如我們所說，這對我們來說也可能是一個機會時刻，因為作為一個消費者群體，從經濟衰退的角度來看，從通脹的角度來看，你可能會受到壓力，這可能會讓你考慮很多類別的支出和無線就是其中之一。

And any time you create the consideration moment, you go look around. And again, this is the time where not only the 5G leadership, but has translated into overall network leadership, coupled with that value proposition just being a fabulous time, and it could be a tailwind for us. So again, looking there and making sure we're cautious, but nothing we're seeing right now gives us cause for concern.

每當你創造考慮時刻時，你都會四處看看。再一次，這不僅是 5G 領導地位的時代，而且已經轉化為整體網絡領導地位，再加上價值主張只是一個美妙的時代，這對我們來說可能是一個順風。因此，再一次，看看那裡並確保我們保持謹慎，但我們現在看到的任何東西都不會讓我們擔心。

We're making sure our company is ready for all scenarios. I mean -- but the fact that we saw bad debt moderate from Q2 when inflation first spiked and surprised consumers last spring, both Q3 and Q4 were lower than Q2. Involuntary churn was actually lower in Q4 than Q3. Our bad debt rates are lower than AT&T or Verizon, showing the quality of our customer base, which has always been a question people had, especially after the Sprint merger.

我們正在確保我們的公司已準備好應對所有情況。我的意思是——但事實上，當通脹率在去年春天首次飆升並令消費者感到意外時，我們看到第二季度的壞賬有所減少，第三季度和第四季度都低於第二季度。第四季度的非自願流失實際上低於第三季度。我們的壞賬率低於 AT&T 或 Verizon，顯示了我們客戶群的質量，這一直是人們的疑問，尤其是在 Sprint 合併之後。

And so we're side-eyeing the future like everybody else, but we take it as far from a foregone conclusion that very stressful economic times are coming. We're prepared if they are. We're financially prepared. And as importantly, we're prepared to serve American consumers that, in that situation, may be questioning whether they ought to be having a great network at a better value.

因此，我們像其他人一樣對未來持側眼態度，但我們認為非常緊張的經濟時代即將到來，這遠非一個已成定局的結論。如果他們是，我們已經準備好了。我們在經濟上做好了準備。同樣重要的是，我們準備好為美國消費者提供服務，在這種情況下，他們可能會質疑他們是否應該以更高的價值擁有一個偉大的網絡。

And we're ready to stand up and serve them if they start questioning whether or not they should be saving money in this category because we are uniquely positioned with our high-quality value positioning for economic times like what might be coming. And so we're ready in other case, but the emphatic answer to the question is, no, we are not seeing it.

如果他們開始質疑他們是否應該在這一類別中省錢，我們準備站起來為他們服務，因為我們在經濟時代（如可能即將到來的經濟時代）擁有獨特的高質量價值定位。所以我們已經準備好在其他情況下，但對這個問題的明確回答是，不，我們沒有看到它。

Yes. So Jud, should we go -- in between here, should we go up to -- you guys can't see this, but we always have screens pointing at us with Twitter questions, and we'd like to open it up. And I was going to have you call out a couple, but there's one that's from (inaudible). So there, you win, they win (inaudible).

是的。所以 Jud，我們是否應該 - 在這之間，我們是否應該 - 你們看不到這個，但我們總是有屏幕用 Twitter 問題指向我們，我們想打開它。我本來想讓你叫出一對，但有一個來自（聽不清）。所以在那裡，你贏了，他們贏了（聽不清）。

But it's actually a really good question. It kind of goes to something we've been talking about, which is what's T-Mobile doing to maintain its industry-leading growth given cable starting to build momentum in the telco space.

但這實際上是一個非常好的問題。這有點像我們一直在談論的事情，這就是 T-Mobile 在電纜開始在電信領域建立勢頭的情況下為保持其行業領先的增長所做的事情。

And we talked about convergence earlier on. And it's interesting to me that we keep getting this question. We saw cables results coming. I talked about them in Q4. And I would just tell you that it looks to us like cable, who's been in the run rate now for a long time, has had a recent uptick.

我們早些時候談到了融合。我們不斷收到這個問題，這對我來說很有趣。我們看到電纜結果來了。我在第四季度談到了它們。我只想告訴你，在我們看來，長期以來一直處於運行率狀態的有線電視最近有所上升。

It looks to us like you're seeing lots of transference in terms of net adds that add to the category, additional adds being printed, et cetera, for customers, new phone numbers being created, people coming over from prepaid as a dynamic. But what's interesting is you see that recent surge in growth from cable, and this is interesting.

在我們看來，您看到了很多轉移，包括添加到類別中的淨添加、正在打印的附加添加等等，對於客戶、正在創建的新電話號碼、來自預付費的人作為一種動態。但有趣的是，你看到最近有線電視的增長激增，這很有趣。

At a time when every 1 of the 3 wireless incumbents experienced better-than-expected churn, so churn was better than expected. For us, it was falling. AT&T was falling in Q4 as well versus a year ago. And at the moment when cable has -- for some -- well, it didn't surprise us, but for some, a surprise uptick in net adds.

當時 3 家無線運營商中每 1 家都經歷了好於預期的客戶流失，所以客戶流失好於預期。對我們來說，它正在下降。與一年前相比，AT&T 在第四季度也出現下滑。目前，對於某些人來說，有線電視已經——好吧，這並不讓我們感到驚訝，但對於一些人來說，淨增加量出現了意外的上升。

And that should kind of tell you a little bit about what's going on. For me, we look at it as sort of as you would expect. Since this is a contact sport, it's sort of us against everybody else, right? And so if I look at the second half of the year, what's interesting is T-Mobile was able to deliver 17% more postpaid phone net additions in the second half of this year versus last year, while the rest of the industry, Verizon, AT&T, Charter and Comcast combined in wireless, delivered 19% less postpaid phone net additions in the second half of this year versus '21.

這應該告訴你一些關於正在發生的事情。對我來說，我們就像您期望的那樣看待它。因為這是一項接觸性運動，所以有點像我們對抗其他人，對吧？因此，如果我看一下今年下半年，有趣的是 T-Mobile 在今年下半年能夠提供比去年多 17% 的後付費電話淨增加量，而該行業的其他公司 Verizon， AT&T、Charter 和 Comcast 在無線領域的結合，與 21 年相比，今年下半年的後付費電話淨增加量減少了 19%。

So in terms of our separation from the market at a time when people ask us about cable, we're doing better and better. Jud, any -- one more on Twitter before we go back.

因此，當人們向我們詢問有關電纜的問題時，就我們與市場的分離而言，我們做得越來越好。 Jud，任何人——在我們回去之前在 Twitter 上再發一個。

Not yet. Let's go back to the line, and we'll keep watching. Great.

還沒有。讓我們回到線上，我們將繼續關注。偉大的。

Our next question comes from Jonathan Chaplin with New Street Research.

我們的下一個問題來自 New Street Research 的 Jonathan Chaplin。

You gave really great context on sort of what the market size is for rural and small markets, and the fact that you've moved from 30% of that market to 60%. I'm wondering if you can give us a little bit more context around the business market in terms of, like, how your market shares have progressed over the course of this year and what you see the size of the overall market being.

關於農村和小型市場的市場規模，以及您已經從該市場的 30% 上升到 60% 的事實，您提供了非常好的背景信息。我想知道您是否可以為我們提供更多關於商業市場的背景信息，比如您的市場份額在今年的進展情況以及您對整個市場規模的看法。

I mean, one of the things you heard from Callie before is that Q4 was one of the best net add quarters ever in our history. So we're really comfortable with where this is -- how this is shaping up. And one of the reasons for that is there are long sales cycles in this market. And we've been at this 5G story longer than anybody else.

我的意思是，你之前從 Callie 那裡聽到的一件事是，第四季度是我們歷史上最好的淨增季度之一。所以我們真的很滿意現在的情況——這是如何形成的。原因之一是這個市場的銷售週期很長。我們參與 5G 故事的時間比任何人都長。

CIOs are very interested in more strategic engagements than they were interested in a couple of years ago. And now we're in those conversations, but we're way down the pike in them. So we're very comfortable with where we are. We're competing extraordinarily well. And to your market share question, we're very much on track for the Analyst Day aspirations that we shared with you.

與幾年前相比，CIO 對更具戰略性的參與非常感興趣。現在我們正在進行這些對話，但我們在其中處於劣勢。所以我們對我們所處的位置非常滿意。我們的競爭非常好。對於您的市場份額問題，我們非常希望與您分享的分析師日願望。

Mike, can you give us the mix of business in fixed wireless broadband? .

邁克，你能給我們介紹一下固定無線寬帶的業務組合嗎？ .

You mean should I disclose that right now as a new fact? Actually, I don't think we did. I'm kidding, but I don't think we did.

你的意思是我現在應該把它作為一個新事實來披露嗎？事實上，我不認為我們做到了。我在開玩笑，但我不認為我們做到了。

We haven't. I think what we've said is it continues to be the majority from consumer, but you're seeing continued uptick in the business side, as just Callie mentioned in growth there. So we see a lot of room to run on the business side as well and, obviously, continued room in the consumer space.

我們沒有。我想我們所說的是它仍然是消費者的大部分，但你看到業務方面的持續增長，正如 Callie 在增長中提到的那樣。因此，我們在業務方面也看到了很大的運行空間，顯然，在消費者領域也有持續的空間。

I did see some notes on that. They kind of got it wrong. It said maybe business is what's surging in that area. The business is doing well, but it's the overwhelming majority for us is consumer in that space, yes.

我確實看到了一些註釋。他們有點弄錯了。它說也許業務是那個地區的風起雲湧。業務做得很好，但對我們來說，絕大多數是該領域的消費者，是的。

Our next question comes from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特費爾德曼。

So you've been able to sustain very strong postpaid phone net adds throughout the merger integration, despite those results being burdened by elevated churn related to those integration activities at certain points in time. And I know it sounds like -- it seems like a lot of that is behind you, but I'm curious how you think about the levers to drive churn lower from here.

因此，儘管在某些時間點與這些整合活動相關的客戶流失增加，但在整個合併整合過程中，您已經能夠維持非常強勁的後付費電話淨增加。我知道這聽起來像——似乎很多事情都在你身後，但我很好奇你如何看待從這裡開始降低客戶流失率的槓桿。

I'm wondering if there's actually any residual benefits from the integration we haven't seen yet. I don't know how important the remaining billing migration maybe to churn. And maybe just at a higher level, what type of churn outlook is embedded in your postpaid phone -- your postpaid net add estimates for this year?

我想知道我們還沒有看到的集成是否真的有任何剩餘的好處。我不知道剩餘的計費遷移可能對流失有多重要。也許只是在更高的層次上，你的後付費手機中嵌入了什麼樣的客戶流失前景——你今年的後付費淨增加估計？

Yes. First of all, yes, on integration, there's more room to run. But principally, I think most of the room to run comes from value, network, service, brand. And look, we've been through this journey. We drove the Magenta brand to the best churning brand in this industry. And I certainly won't be satisfied until T-Mobile blended postpaid is the best churning brand in this industry.

是的。首先，是的，在集成方面，有更多的運行空間。但主要是，我認為大部分的運行空間來自價值、網絡、服務和品牌。看，我們已經經歷了這段旅程。我們將 Magenta 品牌推向了這個行業中最好的品牌。在 T-Mobile 混合後付費成為該行業中最好的攪動品牌之前，我當然不會滿意。

And that shows you we've got some room to run because while we're the most improved, we have a great price, we're not the best yet. And so that's where we're going. That's the goal. And it is, of course, there's some room to run on integration. But we're not separating it for you anymore because it's very hard to chop up at this point.

這表明我們有一些運行空間，因為雖然我們是最先進的，但我們的價格很高，但我們還不是最好的。這就是我們要去的地方。這就是目標。當然，在集成方面還有一些運行空間。但我們不再為您分離它，因為此時很難切碎。

All the customers are on the destination network. Some of them are on the destination biller. It's not that determinative anymore as to which biller you have because we try to make that biller sort of very opaque to you and not transparent. You're called T-Mobile in many cases. So it's just hard to chop it up now.

所有客戶都在目標網絡上。其中一些在目的地賬單上。它不再決定您擁有哪個計費器，因為我們試圖使該計費器對您來說非常不透明並且不透明。在許多情況下，您被稱為 T-Mobile。所以現在很難把它切碎。

But yes, there's still room to run to get people settled into fantastic rate plans, both on their device as well as on their service, and to feel very cared for with clear transparent services. But I'd say the bigger opportunity is our worst to first game plan that we know how to execute, which is give people a great deal, give them Un-carrier moves that allow them to voice that deal and express it and advocate for T-Mobile.

但是，是的，要讓人們在他們的設備和服務上接受出色的費率計劃，並通過清晰透明的服務感到非常關心，仍然有很大的空間。但我想說，更大的機會是我們最糟糕的第一個遊戲計劃，我們知道如何執行，這就是給人們很多東西，給他們 Un-carrier 的動作，讓他們說出這個交易並表達它並倡導 T -移動的。

Give them the best network, bar none. Give them a fantastic path to great devices. Give them a brand that's famous for caring for them and the best customer service in the industry. That's why our net promoter scores are the highest in the industry, and I expect that to translate to the lowest churn by the time we're done.

給他們最好的網絡，沒有之一。為他們提供通往偉大設備的絕妙途徑。給他們一個以關心他們和業內最好的客戶服務而聞名的品牌。這就是為什麼我們的淨推薦值是業內最高的，我希望到我們完成時，這將轉化為最低的流失率。

If you don't mind, if I could ask a churn follow-up question. Where are you in understanding the churn profile of your fixed wireless base, either just as a standalone broadband customer or perhaps the impact it has on your mobile churn to the extent it's bundled?

如果你不介意，我可以問一個客戶流失的後續問題。您在哪裡了解固定無線基站的流失情況，無論是作為獨立的寬帶客戶，還是它可能對您的移動用戶流失產生的影響（在捆綁範圍內）？

We're really happy with it. What we do with any business is we age it into cohorts and look at it sort of based on people that have been with us 1.5 years, people that have just been with us a few weeks. And what you see is what you -- exactly what you would expect, which is the more aged cohorts are settling into a beautiful pattern.

我們真的很高興。我們對任何企業所做的是，我們將其年齡劃分為隊列，並根據與我們在一起 1.5 年的人、剛剛與我們在一起幾週的人來看待它。你所見即所見——正是你所期望的，也就是年齡越大的人群正在適應一種美麗的模式。

We have the youngest broadband base in the industry because we went from nothing to 2.5 million subscribers all in the last few months. And so we have to really break it down to understand it. And when we do, we're very pleased.

我們擁有業內最年輕的寬帶用戶群，因為我們在過去幾個月裡從零發展到 250 萬用戶。所以我們必須真正分解它才能理解它。當我們這樣做時，我們非常高興。

And one of the things that happens as a dynamic on this business is that the barriers to trial, therefore, the cost to us of encouraging that trial are totally different than wireline. We're not sending some truck to your house to dig ditches or drill holes in the side of your house and all kinds of cost. We're letting you take home a modem and router and give it a shot. And if you love it, you wind up sticking with it. And if not, there's sort of a no harm, no foul relationship. Let's try it again in a year. That wasn't perfect for you right now because we're pouring capacity into this network.

在這項業務中作為動態發生的事情之一是試驗的障礙，因此，我們鼓勵試驗的成本與有線線路完全不同。我們不會派卡車到您家去在您家的一側挖溝或鑽孔以及各種費用。我們讓您將調製解調器和路由器帶回家並試一試。如果你喜歡它，你最終會堅持下去。如果沒有，那就是一種無害、無惡趣味的關係。讓我們一年後再試一次。現在這對你來說並不完美，因為我們正在為這個網絡注入容量。

And as long as we treat customers really well, and they gave this a shot, and we were transparent with them that -- as to whether or not it would work, the vast majority keep it. But a small portion of people that don't doesn't really wind up costing us anything. So the dynamics of early churn in a business like this are totally different than traditional broadband is one of the things that makes it a better business model.

只要我們真正善待客戶，他們就會試一試，我們對他們保持透明——至於它是否有效，絕大多數人都會堅持下去。但是一小部分不這樣做的人並沒有真正讓我們付出任何代價。因此，像這樣的企業早期流失的動態與傳統寬帶完全不同，這是使其成為更好的商業模式的原因之一。

Our next question comes from David Barden with Bank of America.

我們的下一個問題來自美國銀行的大衛巴登。

So I guess, the first question would be for Peter. If you could kind of step us through the guidance and the changes from the Analyst Day outlook from $28 billion to $29 billion, what's changed to move your midpoint expectations up? And then from the free cash flow original guidance of $13 billion to $14 billion, what's moved your midpoint down? And what are the moving parts in between those 2 things?

所以我想，第一個問題是給彼得的。如果您能幫助我們逐步了解分析師日展望從 280 億美元到 290 億美元的變化，那麼是什麼改變了您的中點預期？然後從 130 億美元到 140 億美元的自由現金流最初指導，是什麼讓你的中點下降了？這兩件事之間的活動部分是什麼？

And the second question would be, Mike, what would be your appetite to proactively reach out to SoftBank within the confines of the stock buyback program and clean up this 48.8 million share issue that seems to be keeping for whatever reasons, and I understand the lockup and everything. But it seems to be keeping T-Mobile stock from going north of $150. Is there an appetite to just get rid of that and just make sure that, that's not a headwind for the stock on a go-forward basis?

第二個問題是，邁克，你有什麼興趣在股票回購計劃的範圍內主動接觸軟銀，並清理這 4880 萬股似乎出於任何原因而保留的股票發行，我理解禁售和所有。但這似乎阻止了 T-Mobile 的股價升至 150 美元以上。是否有興趣擺脫它並確保這不會在前進的基礎上對股票造成不利影響？

Those are both great questions, Dave. Let's start with EBITDA and cash flow, as you could just eliminate all the headwinds and tailwinds since the early 2021 kind of give us a high level.

這些都是很好的問題，戴夫。讓我們從 EBITDA 和現金流開始，因為您可以消除自 2021 年初以來的所有逆風和順風，這會給我們一個高水平。

Yes.

是的。

But we're the only one still talking about our 2021 guidance. And we're talking about pulling into the stations feeding it. And that should say a lot about our business plan and the integrity of it. But it is actually quite different than what we were expecting in terms of some of the shaping of it inside.

但我們是唯一仍在談論 2021 年指南的人。我們正在談論拉進車站餵養牠。這應該充分說明我們的商業計劃及其完整性。但就內部的一些造型而言，它實際上與我們預期的完全不同。

Peter, maybe you can give some color.

彼得，也許你可以給點顏色。

Absolutely. When I just think, Dave, back to Analyst Day and what's happened since then, you've certainly seen a tremendous amount of incremental profitable growth than what we see. And then you saw the ARPA trajectory grow, you've seen high-speed Internet and the tremendous growth that we've had there and the ability to accelerate synergies.

絕對地。當我想，戴夫，回到分析師日，從那以後發生的事情，你肯定看到了比我們看到的更多的增量利潤增長。然後你看到了 ARPA 軌蹟的增長，你看到了高速互聯網和我們在那裡取得的巨大增長以及加速協同作用的能力。

On the flip side, of course, the world has changed a lot since then, and inflation is one of the elements that's impacted a lot of companies. For us, we've been a lot more insulated than others, and we've talked before around why that is with our ability, early on after the merger, to walk down major categories of costs during a time when the negotiation looks a lot different in low interest rate environments and low inflation rate environment.

當然，另一方面，自那時以來世界發生了很大變化，通貨膨脹是影響許多公司的因素之一。對我們來說，我們比其他人更加孤立，我們之前已經討論過為什麼我們有能力在合併後的早期，在談判看起來很多的時候降低主要成本類別低利率環境和低通貨膨脹率環境不同。

So there's a lot of the kind of puts and takes and why you see us now being able and confident to express a guide that's actually above Analyst Day.

因此，有很多類型的投入和投入，以及為什麼您現在看到我們能夠並且有信心表達實際上高於分析師日的指南。

When I think about just the shaping of the core EBITDA, throughout the course of the year, what you're going to have, of course, is continued profitable growth and continued synergy unlock. And one of the things that's assumed in the core EBITDA guide is the wireline sale close somewhere around midyear, and that's a little bit of a drag on core EBITDA. So as I think about like Q1 probably in the approximately [6.9] range and then continue to unlock throughout the course of the year on core EBITDA.

當我考慮核心 EBITDA 的塑造時，在整個一年中，您當然會擁有持續的盈利增長和持續的協同效應。核心 EBITDA 指南中假設的一件事是有線銷售在年中左右結束，這對核心 EBITDA 有一點拖累。因此，正如我所想的那樣，Q1 可能在大約 [6.9] 的範圍內，然後在全年核心 EBITDA 上繼續解鎖。

And then how I think about from there to free cash flow, really, free cash flow in 2023 has a few onetime items that you need to consider. And first and foremost is we're actually now in '23 achieving what we've been talking about for a long time now, which is the highest conversion of service revenue to free cash flow in the industry, despite these kind of few onetime things that I'll highlight.

然後我如何考慮從那裡到自由現金流，真的，2023 年的自由現金流有一些你需要考慮的一次性項目。首先也是最重要的是，我們實際上在 23 年實現了我們長期以來一直在談論的目標，即行業中服務收入向自由現金流的最高轉化率，儘管這些都是一次性的事情我會強調。

One is merger-related expenses, and I spoke in the prepared remarks around $1.5 billion to $2 billion. And that's a little bit higher than we assumed at Analyst Day in terms of total merger-related expenses by about $400 million, and that gives you now an incremental unlock up to $8 billion in total run rate synergies. So that's one.

一是與合併相關的費用，我在準備好的發言稿中談到了大約 15 億至 20 億美元。就與合併相關的總支出而言，這比我們在分析師日假設的高出約 4 億美元，這讓您現在可以逐步釋放高達 80 億美元的總運行率協同效應。這就是一個。

The other is the '21 cyber event. And remember, you saw us take a lot of the expense-related charges in 2022, but we anticipate the cash flow associated with the class action settlement to outflow in '23.

另一個是'21網絡事件。請記住，您看到我們在 2022 年承擔了很多與費用相關的費用，但我們預計與集體訴訟和解相關的現金流將在 23 年流出。

And then the last again is related to wireline, where, as you recall, we have an IP-related take-or-pay agreement. The first year after close is $350 million and then tapers down significantly from there. And so we're assuming about half of that flowing into '23. So that's how you kind of take core EBITDA down to free cash flow guide. And hopefully, that answered almost all the puts and takes.

然後最後一個與有線線路有關，正如你記得的那樣，我們有一個與 IP 相關的照付不議協議。關閉後的第一年是 3.5 億美元，然後從那里大幅減少。因此，我們假設其中大約一半流入 23 年。這就是您將核心 EBITDA 降低為自由現金流量指南的方式。希望這能回答幾乎所有的問題。

Yes. I just love the question, by the way, Dave, because our guide on cash flow for next year is to have 75% year-on-year growth. And you're like, right. We have just a little more respect. And the answer is I hope so. Let's see what happens.

是的。順便說一下，戴夫，我只是喜歡這個問題，因為我們明年的現金流量指南是同比增長 75%。你就像，對的。我們只是多了一點尊重。答案是我希望如此。讓我們看看發生了什麼。

So -- and you had a second question about SoftBank. We -- obviously, we know the SoftBank guys very well. We talk a lot. We're in constant communication. But I wouldn't say there's a deal imminent, and there's a reason for that, which is people on both sides of a potential transaction believe that we're moving past [1 50] anyway. And so they don't have a lot of incentive to give us a deal or a discount because they think they're getting this event.

所以——你有第二個關於軟銀的問題。我們 - 顯然，我們非常了解 SoftBank 的人。我們談了很多。我們一直在溝通。但我不會說即將達成交易，這是有原因的，潛在交易雙方的人都認為我們無論如何都會超過 [1 50]。所以他們沒有太多動力給我們優惠或折扣，因為他們認為他們正在參加這個活動。

We've always planned for it. We've always believed -- the average analyst's target is [1 70] on this business. If you look at our rapidly expanding cash flow profile and the durability of our growth strategy, we think this event is probably coming.

我們一直在為此計劃。我們一直相信 - 分析師的平均目標是 [1 70] 在這項業務上。如果你看看我們快速擴張的現金流狀況和我們增長戰略的持久性，我們認為這一事件可能即將到來。

So it doesn't feel like -- it feels like, for us, we would want to discount it. We were going to take that out, and they look at it and say, "Yes, but why would I give you a discount?" And so there's -- that's a little bit of color on it. So I wouldn't say a transaction is imminent, but I wouldn't say it's impossible either.

所以感覺不像 - 感覺就像，對我們來說，我們想要打折它。我們打算把它拿出來，他們看著它說，“是的，但我為什麼要給你折扣呢？”所以有——上面有一點顏色。所以我不會說交易迫在眉睫，但我也不會說這是不可能的。

I think the operator cut you off. But yes, we know and thank you for that. It's awesome. Great.

我想接線員打斷了你。但是，是的，我們知道並為此感謝你。這很棒。偉大的。

And so looking over -- if we look at the Twitter, Bill Hull always has some great questions. T-Mobile, Jon Freier, Mike Katz, state of prepaid for T-Mobile, competitors, including MVNOs. And T-Mobile was the only net positive on prepaid. Others had losses. What's going on with prepaid? And also what's going on with the MVNO market?

所以回顧一下——如果我們看一下 Twitter，Bill Hull 總是有一些很好的問題。 T-Mobile、Jon Freier、Mike Katz、T-Mobile 的預付費狀態、競爭對手，包括 MVNO。 T-Mobile 是預付費的唯一淨積極因素。其他人有損失。預付是怎麼回事？ MVNO 市場的情況如何？

Since it includes the MVNO market, I'll actually switch to Mike Katz. You can tell us a little bit about what's happening on prepaid.

由於它包括 MVNO 市場，我實際上會轉向 Mike Katz。您可以告訴我們一些關於預付費的情況。

Yes. Like Mike said, we're really excited about what happened in prepaid. We were the only one with positive gains. And I think, most importantly, we have and continue to have the #1 brand in prepaid with Metro. And we see the Metro growth being a big tailwind for us.

是的。正如 Mike 所說，我們對預付費發生的事情感到非常興奮。我們是唯一獲得正收益的人。而且我認為，最重要的是，我們已經並將繼續擁有 Metro 預付費的第一品牌。我們看到 Metro 的增長對我們來說是一個巨大的推動力。

We also have a really healthy and robust MVNO set of partnerships, including big exclusive partners that also had significant growth over the course of '22 and in Q4. And we've got a diverse set of partners that both focus in unique distribution that we don't always fully reach with the T-Mobile brand and unique segments that also sometimes are underrepresented with the T-Mobile brand. So we feel really good about the portfolio of products and brands that are reaching the prepaid market.

我們還有一組真正健康和強大的 MVNO 合作夥伴關係，包括大型獨家合作夥伴，它們在 22 世紀和第四季度也有顯著增長。我們有各種各樣的合作夥伴，他們都專注於我們並不總是通過 T-Mobile 品牌完全觸及的獨特分銷，以及有時在 T-Mobile 品牌中代表性不足的獨特細分市場。因此，我們對進入預付費市場的產品和品牌組合感到非常滿意。

I find it particularly gratifying that in an environment where there's lots of transference from prepaid to postpaid going on, and which has lasted longer than most people predicted it would last.

我發現特別令人欣慰的是，在這樣一個環境中，從預付費到後付費的轉變正在發生，而且這種轉變持續的時間比大多數人預測的要長。

Our prepaid brand continues to be the strongest in the market and the only one that grew this quarter. That's fantastic because you have seen lots of momentum across the industry from prepaid to postpaid. Because of the economic times, people are qualifying for postpaid and continue to do so for -- to the premise of the earlier question about what we're seeing in the macroeconomic environment. And yet our prepaid brand remains this strong.

我們的預付費品牌仍然是市場上最強大的品牌，也是本季度唯一增長的品牌。這太棒了，因為你已經看到整個行業從預付費到後付費的巨大發展勢頭。由於經濟時代的原因，人們有資格使用後付費服務，並且繼續這樣做——這是關於我們在宏觀經濟環境中看到的問題的前提。然而，我們的預付費品牌仍然如此強大。

The lowest churn ever in our history on prepaid and the lowest in the industry was in 2022. And so this is a business where -- that has a great bond with its customers. They stick with it for a long time. They love Metro by T-Mobile, and it's a real source of strength.

2022 年是我們歷史上預付費和行業中最低的客戶流失率。因此，這是一家與客戶有著良好聯繫的企業。他們堅持了很長時間。他們喜歡 T-Mobile 的 Metro，這是真正的力量來源。

Cool. Jud, is that -- does that take us to the end of the program?

涼爽的。 Jud，那是——這會把我們帶到節目的結尾嗎？

It does. We can probably take one more question and then we got to hop it up. So operator, one more and then we got a call it a day.

確實如此。我們可能可以再回答一個問題，然後我們就可以跳起來了。所以接線員，再接一個，然後我們每天都接到電話。

So our next question comes from Peter Supino with Wolfe Research.

所以我們的下一個問題來自 Wolfe Research 的 Peter Supino。

A question on postpaid phone ARPU. For many years, your ARPU model was flat to down annually, and 2022 is a fantastic year for ARPU, thanks in part to MAX. MAX sell-in still sounds really steady for '23. And so thinking about your outlook for flattish, I'm just wondering why we might not expect to see more growth in ARPU and maybe even a similar year to 2022 in '23.

關於後付費電話 ARPU 的問題。多年來，您的 ARPU 模型每年都持平甚至下降，而 2022 年對於 ARPU 來說是非常棒的一年，這在一定程度上要歸功於 MAX。 23 年的 MAX 銷量聽起來仍然非常穩定。因此，考慮到您的持平前景，我只是想知道為什麼我們可能不會期望看到 ARPU 有更多增長，甚至可能與 23 年的 2022 年相似。

A part of it is because it's early in the year, and it's not that clear where the dynamics of competition will be. If you look back to our multiyear Analyst Day targets, we actually thought back then, back to all the puts and takes, and Peter just kind of talked about this, that there would be much more going on, on sort of the service revenue ARPU side. And we didn't anticipate as much as what wound up happening on the device side.

部分原因是因為時間還早，而且競爭的動態在哪裡還不是很清楚。如果你回顧我們多年的分析師日目標，我們實際上回想了所有的投入和投入，彼得只是談到了這一點，在服務收入 ARPU 方面會有更多的事情發生邊。我們沒有預料到設備端會發生什麼。

And so we guided accordingly on service revenues and ARPU where we achieved the '23 service revenues last year, and ARPU growth was a big reason for that. But we had unexpected costs on the device side because the factors of competition sort of shifted.

因此，我們對服務收入和 ARPU 進行了相應的指導，去年我們實現了 23 年的服務收入，而 ARPU 的增長是一個重要原因。但由於競爭因素發生了變化，我們在設備方面產生了意想不到的成本。

So it's a little early to comment on ARPU. We do know that if there's an opportunity for growth versus just generally stable, it would be more in the second half than the first half, and there's lots of reasons for that. But we really like where this is.

所以現在評論 ARPU 還為時過早。我們確實知道，如果有增長的機會而不是總體穩定，那麼下半年的機會會比上半年多，這有很多原因。但我們真的很喜歡這裡。

The underlying dynamics on Magenta MAX are stronger. They're not moderating. They are stronger than they've ever been. But on the other hand, we're finding success with military, with seniors, with business and other things that could be dilutive to ARPU, but are fantastic on a CLV basis. And that's why we have to be careful about not getting people too hooked into ARPU.

Magenta MAX 的潛在動力更強。他們沒有節制。他們比以往任何時候都更強大。但另一方面，我們發現在軍事、老年人、商業和其他可能會稀釋 ARPU 的方面取得成功，但在 CLV 的基礎上非常棒。這就是為什麼我們必須小心不要讓人們過於沉迷於 ARPU。

ARPA, we're guiding for growth because we see lots of opportunity for customers to continue to double down on their relationships with us across the board, including new device types and including home and business broadband. So hopefully, that gives you a little bit of the puts and takes on kind of why it unfolded the way it unfolded.

ARPA，我們正在指導增長，因為我們看到客戶有很多機會繼續全面加倍與我們的關係，包括新設備類型以及家庭和企業寬帶。所以希望這能給你一些看跌期權，並解釋為什麼它會以它展開的方式展開。

Thanks, everybody, for joining us today. Again, I look forward to catching up with you again soon. If you have any other questions, please reach out to the Investor Relations and Media Relations team, and have a great day.

謝謝大家今天加入我們。再一次，我期待著很快再次見到你。如果您有任何其他問題，請聯繫投資者關係和媒體關係團隊，祝您愉快。

Thanks, everybody.

謝謝大家。

Ladies and gentlemen, this concludes the T-Mobile fourth 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 第四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，並度過愉快的一天。