T-Mobile US Inc (TMUS) 2023 Q1 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, 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 First Quarter 2023 Earnings Call. Joining me on the call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; and as well as other members of the senior leadership team.

好的。歡迎來到 T-Mobile 的 2023 年第一季度財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert；我們的首席財務官 Peter Osvaldik；以及高級領導團隊的其他成員。

During this call, we will make forward-looking statements, which involve 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. With that, I'll turn it over to Mike.

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。有了這個，我會把它交給邁克。

Okay. Thanks, Jud. Hi, everybody. Well, welcome to the call. And as you can see, we're coming to you live from Bellevue, Washington at our headquarters, and I'm here gathered with a great group of our senior leadership team as we share with you some terrific results that we are posting today to kick off 2023.

好的。謝謝，賈德。大家好。好的，歡迎來電。如您所見，我們將從華盛頓州貝爾維尤的總部現場為您而來，我和我們高級領導團隊的一大批人聚集在這裡，與您分享我們今天發布的一些了不起的成果2023 年開始。

And I'll start by saying our results for Q1 continue to demonstrate that no matter the competitive environment, our unique formula of offering the best network and the best value continues to produce best-in-class outcomes. We again led the industry in postpaid and broadband customer net adds while continuing to deliver the best profitability growth. And our consistent focus on reliably translating customer growth into industry-leading postpaid service revenue growth and unlocking substantial cash flow gives us the confidence to raise our full year guidance just 1 quarter into the new year.

我首先要說的是，我們第一季度的業績繼續證明，無論競爭環境如何，我們提供最佳網絡和最佳價值的獨特公式將繼續產生一流的成果。我們再次在後付費和寬帶客戶淨增加方面領先行業，同時繼續實現最佳盈利增長。我們始終專注於將客戶增長可靠地轉化為行業領先的後付費服務收入增長並釋放大量現金流，這使我們有信心在新的一年的第一個季度提高我們的全年指導。

Now I'll also say Q1 was a quarter of celebration at T-Mobile. I am so proud of how our now 10-year history of more than 20 Un-carrier moves have transformed this wireless industry and more recently, broadband for the benefit of customers. And as you often hear us say, we won't stop.

現在我還要說 Q1 是 T-Mobile 慶祝活動的四分之一。我為我們現在 10 年的 20 多次非運營商舉措如何改變了這個無線行業以及最近的寬帶行業以造福於客戶而感到自豪。正如您經常聽到我們說的那樣，我們不會停止。

So we announced last week our latest Un-carrier move with Phone Freedom, a move aimed to free customers and other wireless providers locked into those 3-year contracts, while they're subjected to relentless pricing changes and gotchas. We continue to make it easier for customers to come to T-Mobile and switch to T-Mobile for peace of mind, knowing that with price lock, we won't raise their price for talk, text and data.

因此，我們上周宣布了我們最新的 Un-carrier 舉措，即 Phone Freedom，此舉旨在讓客戶和其他無線供應商擺脫鎖定在這些 3 年期合同中的束縛，同時他們會受到無情的價格變化和陷阱的影響。我們繼續讓客戶更輕鬆地使用 T-Mobile 並為了安心而切換到 T-Mobile，因為我們知道通過價格鎖定，我們不會提高他們的通話、文本和數據價格。

And now with New in Two, a part of Phone Freedom, they'll be upgrade-ready in 2 years because 3 years is too long to force customers to wait.

現在有了 New in Two，這是 Phone Freedom 的一部分，它們將在 2 年內準備好升級，因為 3 年太長了，無法迫使客戶等待。

Here's kind of a crazy sort of fact to get your head around. AT&T reported the lowest postpaid phone churn in the industry this quarter. And yet quantitative research states that their customers have the highest self-reported likelihood of switching away. Their customers report being almost 50% more likely to switch than Verizon's or T-Mobile's customers. The lowest churn, but the highest apparent dissatisfaction. And to me, that means one thing. Their customers are trapped and we're here to solve it. And that's what our latest Un-carrier move is all about. That's what Phone Freedom is all about. And it's the way we've been designing our groundbreaking Un-carrier moves for a full decade now.

這是一個讓你頭腦清醒的瘋狂事實。 AT&T 報告稱，本季度後付費電話客戶流失率在業內最低。然而，定量研究表明，他們的客戶自述離開的可能性最高。他們的客戶報告說，他們轉換的可能性比 Verizon 或 T-Mobile 的客戶高出近 50%。最低的流失率，但最高的明顯不滿。對我來說，這意味著一件事。他們的客戶被困住了，我們是來解決這個問題的。這就是我們最新的 Un-carrier 舉措的全部意義所在。這就是電話自由的意義所在。整整十年來，這就是我們設計突破性的 Un-carrier 移動的方式。

And as you know, we hit another milestone this month, the 3-year anniversary of our merger. We're wrapping up an integration that many have deemed, and I think will conclude that it is, the most successful merger in telecom history. And most of all, we're celebrating what it was always about, the dream we had of leapfrogging from last place in the 4G era to leadership in the 5G era, smashing the biggest pain point of all by finally giving customers in this industry both the best network and the best value from the same provider. And you know what? We did it. And we did it ahead of schedule, meeting our commitments and unlocking massive value in the process.

如您所知，本月我們達到了另一個里程碑，即我們合併 3 週年。我們正在完成一項許多人認為的整合，我認為這將是電信歷史上最成功的合併。最重要的是，我們正在慶祝它一直以來的目標，我們的夢想是從 4G 時代的最後一名躍升到 5G 時代的領導者，通過最終為這個行業的客戶提供既來自同一提供商的最佳網絡和最佳價值。你知道嗎？我們做到了。我們提前完成了，履行了我們的承諾並在此過程中釋放了巨大的價值。

And yes, we brought about a new level of competition to this market and a 5G network to America that would not have been possible without this merger. And that makes customers and businesses everywhere, the real winners.

是的，我們為這個市場帶來了新的競爭水平，並為美國帶來了 5G 網絡，如果沒有這次合併，這是不可能的。這使得各地的客戶和企業成為真正的贏家。

Speaking of network, another round of results are in, and our team is again celebrating wins as the largest, fastest and most awarded 5G network as well as the best overall network for the second quarter in a row according to Ookla. And this is not just a snapshot in time. It is a durable network lead. And I'm confident that Ulf and team in his new role as President of Technology, congratulations, and thank you for stepping in to lead us, will continue to keep us ahead in this race over the next years with our great spectrum assets in both depth and breadth deployed rapidly and our rapid execution of our unique process called customer-driven coverage, and finally, continued leadership in implementing advanced technologies such as stand-alone 5G and multi-carrier aggregation.

說到網絡，又一輪的結果出來了，根據 Ookla 的說法，我們的團隊再次慶祝勝利，成為最大、最快和獲獎最多的 5G 網絡，以及連續第二個季度的最佳整體網絡。這不僅僅是時間的快照。它是一種耐用的網絡引線。我相信 Ulf 和他的團隊在他擔任技術總裁的新職位上，祝賀並感謝你們介入領導我們，將在未來幾年繼續保持我們在這場競賽中的領先地位快速部署的深度和廣度以及我們快速執行我們稱為客戶驅動覆蓋的獨特流程，最後，在實施獨立 5G 和多載波聚合等先進技術方面繼續處於領先地位。

All of these things, importantly are contributing to the best capital efficiency in our sector. All of these strengths, coupled with our unique opportunity in underpenetrated markets are what enables a differentiated and profitable growth strategy that separates us from the competition. And you know what, we showed that again in Q1.

重要的是，所有這些都有助於我們行業實現最佳資本效率。所有這些優勢，再加上我們在滲透率低的市場中的獨特機會，使我們能夠制定差異化和盈利的增長戰略，使我們在競爭中脫穎而出。你知道嗎，我們在第一季度再次展示了這一點。

We added 287,000 postpaid account net additions, the highest reported in the industry once again. And that means we're winning the switching decisions in the market because this looks at it at the account level. And we had postpaid net additions of 1.3 million, more than AT&T and Verizon combined. This included postpaid phone net adds of 538,000.

我們增加了 287,000 個後付費賬戶淨增，再次成為行業中的最高報告。這意味著我們正在贏得市場的轉換決策，因為這是從賬戶層面來看的。我們的後付費用戶淨增 130 萬，超過 AT&T 和 Verizon 的總和。這包括 538,000 部後付費電話淨增。

We won a higher share of net adds year-over-year even as the industry continues to moderate, just like we predicted we would in previous calls. Our increased share was driven by our strong phone gross adds as well as being the only national wireless provider to improve postpaid phone churn year-over-year.

就像我們在之前的電話會議中預測的那樣，即使行業繼續放緩，我們也獲得了更高的淨增加份額。我們增加的份額是由我們強勁的電話總增加量以及作為唯一一家同比改善後付費電話流失率的全國性無線提供商推動的。

Our consistent approach to profitable growth continues to deliver right on and sometimes even above our ambitious plans. And that's even as the competitive landscape continues to shift and evolve.

我們實現盈利增長的一貫方法繼續正確實現，有時甚至超出我們雄心勃勃的計劃。即使競爭格局不斷變化和發展，情況也是如此。

In recent quarters, we've seen cable giving away free first lines that don't, by the way, appear to be incrementally pulling from existing customers and incumbent providers but definitely are driving their ARPUs down.

在最近幾個季度，我們看到有線免費贈送第一條線路，順便說一下，這些線路似乎並沒有逐漸從現有客戶和現有提供商那里拉走，但肯定會降低他們的 ARPU。

We've seen AT&T and Verizon significantly outspend us in media advertising. I mean Verizon alone spent almost 60% more than T-Mobile in Q1. And we continue to see, as I mentioned earlier, others lean into expensive, long-term device contract offers to lock up their customers, while T-Mobile was the only ones who improve churn year-over-year and have the lowest upgrade rate. Improving churn, but with the lowest upgrades, that's because our approach is not to slam customers with expensive unwanted upgrade contracts to tie them down for 3 years.

我們已經看到 AT&T 和 Verizon 在媒體廣告方面的支出大大超過我們。我的意思是 Verizon 在第一季度的支出比 T-Mobile 高出近 60%。正如我之前提到的，我們繼續看到，其他公司依靠昂貴的長期設備合同來鎖定他們的客戶，而 T-Mobile 是唯一一家客戶流失率逐年提高且升級率最低的公司.改善客戶流失率，但升級最少，這是因為我們的方法不是用昂貴的不必要的升級合同來打擊客戶，以將他們束縛 3 年。

Customers genuinely choose to stay with T-Mobile for the network, for the value proposition and for the experiences. And you know what, that's how we want it to be.

客戶真正選擇留在 T-Mobile 是為了網絡、價值主張和體驗。你知道嗎，這就是我們想要的樣子。

You've heard us say before, our strategy is differentiated and durable because it's driven by taking share in the places where we continue to be underpenetrated relative to the market, but where we now have new permission to win. This profitable growth playbook and the momentum we saw in Q1 is exactly what gives us the confidence to raise our postpaid net add and financial guidance for the year.

你以前聽過我們說過，我們的戰略是差異化和持久的，因為它是通過在我們相對於市場滲透率仍然不足的地方佔據份額來驅動的，但我們現在有新的許可來取勝。這一盈利增長劇本和我們在第一季度看到的勢頭正是讓我們有信心提高今年的後付費淨增加和財務指導。

A perfect example of this, T-Mobile for Business where we just posted one of our highest ever phone net add quarter in Q1 with the lowest business phone churn in our history and we're profitably taking share with more business account net adds and more business phone net adds than Verizon in the quarter.

T-Mobile for Business 就是一個很好的例子，我們剛剛在第一季度發布了有史以來最高的電話淨增加季度之一，這是我們歷史上最低的商業電話流失率，我們正在通過更多的企業賬戶淨增加等獲利商務電話網在本季度增加的數量超過了 Verizon。

On the consumer side, we're winning with prime network seekers in the top 100 markets who increasingly recognize that T-Mobile offers the best combination of network coverage and capacity for their needs. In fact, our prime customer base hit an all-time high again this quarter.

在消費者方面，我們贏得了 100 強市場中的優質網絡尋求者，他們越來越認識到 T-Mobile 提供了滿足他們需求的最佳網絡覆蓋和容量組合。事實上，本季度我們的主要客戶群再次創下歷史新高。

And in smaller markets and rural areas, we're now capturing a win share of switchers in the upper 30s, and that's in the roughly 2/3 of this geography where we're competing. This is great news because it's showing that our strategy here is very much on track.

在較小的市場和農村地區，我們現在贏得了 30 多歲的切換器的勝利份額，這大約是我們競爭的這個地理區域的 2/3。這是個好消息，因為它表明我們的戰略已經步入正軌。

In addition, we added 523,000 high-speed Internet customers as we have continued to grow our gross adds every quarter since we launched 2 years ago. I would expect that we added more broadband customers than AT&T, Verizon, Comcast and Charter combined for the fourth consecutive quarter. And not only did we have the highest net adds, but our focus on profitable growth translated into strong financial performance with core adjusted EBITDA up 9% year-over-year and free cash flow up over 45%.

此外，我們還增加了 523,000 名高速互聯網客戶，因為自 2 年前推出以來，我們每個季度的總增加量都在持續增長。我預計我們增加的寬帶客戶數量將連續第四個季度超過 AT&T、Verizon、Comcast 和 Charter 的總和。我們不僅擁有最高的淨增幅，而且我們對盈利增長的關注轉化為強勁的財務業績，核心調整後 EBITDA 同比增長 9%，自由現金流增長超過 45%。

Our Q1 results were just the latest example of how we have lots of room to run at T-Mobile and I'm confident in our ambitions for this year and beyond. One thing you've come to expect from this management team is that we are never satisfied. And you saw that again with our latest Un-carrier move to free customers from 3-year contracts and introduce new Go5G plans that offer even more value than before.

我們第一季度的業績只是我們在 T-Mobile 有很大發展空間的最新例子，我對我們今年及以後的目標充滿信心。您對這個管理團隊的期望是，我們永遠不會滿足。通過我們最新的 Un-carrier 讓客戶免於簽訂 3 年合同並推出新的 Go5G 計劃，您再次看到了這一點，這些計劃提供了比以前更多的價值。

As proud as I am of what we've accomplished in our 10 years as the Un-carrier and in Q1 most recently, I am even more excited about what's ahead for T-Mobile. And I'm so thankful that all of you are on this journey with us. Okay. Peter, over to you to talk about the key financial highlights and our updated guidance for '23.

我為我們作為 Un-carrier 10 年和最近第一季度所取得的成就感到自豪，但我對 T-Mobile 的未來更加興奮。我非常感謝你們所有人都和我們一起踏上這段旅程。好的。彼得，請你談談主要的財務亮點和我們為 23 年更新的指南。

Absolutely. Thank you, Mike. 2023 is positioned to be another year of best-in-class profitable growth based on our Q1 results and the updated guidance I'll share with you in a moment.

絕對地。謝謝你，邁克。根據我們第一季度的業績和我稍後將與您分享的更新指南，2023 年將是又一個實現一流盈利增長的一年。

Our continued increases in postpaid accounts and postpaid ARPA resulted in the best postpaid service revenue growth in the industry, up 6% year-over-year. Our disciplined focus on profitability resulted in a 9% year-over-year increase in core adjusted EBITDA, and we grew our core adjusted EBITDA margin by 270 basis points year-over-year while AT&T and Verizon were flat to down.

我們在後付費賬戶和後付費 ARPA 方面的持續增長導致了業內最好的後付費服務收入增長，同比增長 6%。我們對盈利能力的嚴格關注導致核心調整後 EBITDA 同比增長 9%，我們的核心調整後 EBITDA 利潤率同比增長 270 個基點，而 AT&T 和 Verizon 持平甚至下降。

In addition, as Mike mentioned, free cash flow was up over 45% and unlocked the highest free cash flow margin relative to our peers. We expect our industry-leading free cash flow margin to be a durable and differentiated unlock of shareholder value going forward. This strong financial performance also supported our share buybacks as we repurchased 33 million shares for $4.8 billion in Q1, with a cumulative total of 59.4 million shares repurchased for $8.5 billion as of April 21.

此外，正如 Mike 所提到的，自由現金流增長了 45% 以上，並釋放了相對於我們同行最高的自由現金流利潤率。我們預計我們行業領先的自由現金流利潤率將成為未來股東價值的持久和差異化釋放。這一強勁的財務業績也支持了我們的股票回購，因為我們在第一季度以 48 億美元的價格回購了 3300 萬股股票，截至 4 月 21 日累計回購了 5940 萬股，價值 85 億美元。

It was also great to see our continued execution on profitable growth reflected in the recent rating upgrades from both Moody's to Baa2 and Fitch who recently upgraded us 2 notches to BBB+. These rating increases further strengthen our access to lower cost capital in the deep investment grade market.

也很高興看到我們對盈利增長的持續執行反映在最近評級從穆迪上調至 Baa2 和惠譽最近將我們上調 2 個等級至 BBB+。這些評級上調進一步加強了我們在深度投資級市場中獲得低成本資本的途徑。

All right. Let's jump into the details of our increased guidance for 2023. We now expect total postpaid phone net customer additions -- total postpaid net customer additions to be between 5.3 million and 5.7 million, up 250,000 at the midpoint, reflecting growth across all of our market opportunities. And we continue to expect nearly half of postpaid net adds coming from phones for the full year.

好的。讓我們詳細了解 2023 年增加的指導意見。我們現在預計後付費電話淨客戶總數增加——後付費淨客戶總數將在 530 萬至 570 萬之間，中點增加 250,000，反映了我們所有市場的增長機會。我們繼續預計全年近一半的後付費淨增加來自手機。

Our focus on profitable growth allows us to fund those higher customer net adds and still increase our core adjusted EBITDA expectations, which are now expected to be between $28.8 million and $29.2 billion. This is up 10% year-over-year at the midpoint based on higher service revenues and merger synergies, of course, excludes leasing revenues of approximately $300 million as we transition substantially all remaining customers off device leasing by year-end.

我們對盈利增長的關注使我們能夠為那些更高的客戶淨增加提供資金，並仍然提高我們的核心調整後 EBITDA 預期，目前預計在 2880 萬美元至 292 億美元之間。基於更高的服務收入和合併協同效應，這比中點同比增長 10%，當然，這不包括大約 3 億美元的租賃收入，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去。

Our merger synergies are expected to be between $7.3 billion to $7.5 billion in 2023, approaching the full run rate synergy target from our Analyst Day a year ahead of schedule as we build towards the recently raised run rate synergy target of $8 billion in 2024.

到 2023 年，我們的合併協同效應預計將在 73 億美元至 75 億美元之間，提前一年接近我們分析師日的全運行率協同目標，因為我們正在朝著最近提高的 2024 年 80 億美元的運行率協同目標邁進。

We continue to expect merger-related costs, which are not included in adjusted or core adjusted EBITDA to be approximately $1 billion before taxes. And we also continue to expect cash merger-related costs of $1.5 billion to $2 billion for 2023 as they have underrun the P&L recognition to date.

我們繼續預計，不包括在調整後或核心調整後 EBITDA 中的與合併相關的稅前成本約為 10 億美元。我們還繼續預計 2023 年與現金合併相關的成本為 15 億至 20 億美元，因為它們迄今已低於損益確認。

Net cash provided by operating activities, which includes payments for merger-related costs, is now expected to be in the range of $17.9 billion to $18.3 billion. We continue to expect cash CapEx to be between $9.4 billion and $9.7 billion, driven by a capital efficiency unmatched in our industry on the back of our network integration and 5G leadership.

經營活動提供的淨現金（包括與合併相關的費用的支付）目前預計在 179 億美元至 183 億美元之間。我們繼續預計現金資本支出將在 94 億美元至 97 億美元之間，這得益於我們在網絡集成和 5G 領導地位的支持下實現了業內無與倫比的資本效率。

We expect Q2 to remain elevated, just slightly lower than Q1 and then moderating in the back half of the year. Together, this results in higher free cash flow, including payments for merger-related costs, which is now expected to be in the range of $13.2 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.

我們預計第二季度將保持高位，略低於第一季度，然後在今年下半年放緩。總之，這導致更高的自由現金流，包括支付與合併相關的成本，目前預計在 132 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。

And as I mentioned, this also represents a free cash flow to service revenue margin, which is multiple percentage points higher than peers. And based on the cadence of CapEx, I would expect free cash flow in Q2 to be slightly higher than Q1 and then ramp in the back half of the year.

正如我所提到的，這也代表了服務收入利潤率的自由現金流，比同行高出多個百分點。根據資本支出的節奏，我預計第二季度的自由現金流將略高於第一季度，然後在下半年上升。

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

我們繼續預計全年有效稅率將在 24% 至 26% 之間。最後，隨著我們執行贏得和擴大客戶關係的戰略，我們繼續預計 2023 年全年後付費 ARPA 將增長約 1%。

All right. Before I wrap up, I want to give a quick update on the sale of our wireline assets to Cogent. The process is progressing very smoothly led by Dave and the team at Cogent and we now expect the transaction to close in early May.

好的。在結束之前，我想簡要介紹一下我們將有線資產出售給 Cogent 的最新情況。在 Dave 和 Cogent 團隊的領導下，該過程進展非常順利，我們現在預計交易將在 5 月初完成。

On a quarterly basis, this will lead to approximately $125 million lower wholesale and other service revenue and approximately $175 million lower cost-of-service expenses with a nominal impact to SG&A. With the mid-quarter closing, we expect a partial impact in Q2 with the full quarter impact beginning in Q3.

按季度計算，這將導致批發和其他服務收入減少約 1.25 億美元，服務成本費用減少約 1.75 億美元，對 SG&A 產生名義上的影響。隨著季度中期的結束，我們預計第二季度會產生部分影響，而整個季度的影響將從第三季度開始。

So in closing, 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 profitable growth opportunities. And with that, I'll now turn the call back over to Jud to begin the Q&A. Jud?

因此，最後，我們預計 2023 年將是盈利增長的又一年，隨著我們繼續擴大我們的網絡領導地位，並進一步擴大我們差異化的盈利增長機會，自由現金流將進一步擴大。有了這個，我現在將把電話轉回 Jud 開始問答。賈德？

Thanks, Peter. All right. (Operator Instructions) Operator, let's take our first question, please.

謝謝，彼得。好的。 （接線員說明）接線員，請回答我們的第一個問題。

Our first question comes from Phil Cusick with JPMorgan.

我們的第一個問題來自摩根大通的 Phil Cusick。

Maybe we can start with the revenue per user. I think you said the same thing about ARPU this quarter that you did last, approximately up 1% in 2023. We've been looking at the Go5G plans, which were launched recently. Can you remind us of the path of customers moving to Magenta MAX, how long that took and sort of the -- and is that a good guide for the pace of the Go5G upgrades and how that drives that ARPU lift?

也許我們可以從每個用戶的收入開始。我認為您本季度對 ARPU 的評價與上一季度相同，2023 年約增長 1%。我們一直在研究最近推出的 Go5G 計劃。您能否提醒我們客戶轉向 Magenta MAX 的路徑，這花了多長時間，以及 - 這是否是 Go5G 升級步伐的一個很好的指南，以及它如何推動 ARPU 提升？

Phil, I'll start and maybe turn to Mike and Peter. First of all, we're really excited about this new lineup. But I want to point out a couple of things. One, Magenta MAX continues to be in the lineup. And so this is being added to Magenta MAX. And as we think about the price point represented by these kind of mainstream popular plans, we're going to be kind of thinking of it as Magenta MAX and higher. So that would include Magenta MAX, it would include the new Go5G Plus Plan kind of as a category. And what you see is -- our expectation is that, that run rate we've been seeing in that 60s will carry forward. And we've certainly seen that since the launch, and it was true for Magenta MAX all through Q1.

Phil，我會開始，也許會轉向 Mike 和 Peter。首先，我們對這個新陣容感到非常興奮。但我想指出幾件事。第一，Magenta MAX 繼續在陣容中。所以這被添加到 Magenta MAX 中。當我們考慮這些主流流行計劃所代表的價格點時，我們會將其視為 Magenta MAX 或更高。所以這將包括 Magenta MAX，它將包括新的 Go5G Plus 計劃作為一個類別。你看到的是——我們的期望是，我們在 60 年代看到的運行率將會繼續下去。自發布以來，我們肯定已經看到了這一點，而且整個第一季度的 Magenta MAX 都是如此。

So really great to see that our popular plans are also our highest-value plans packed with the things T-Mobile customers are looking for. And maybe, Mike, you can talk about -- unpack that a little bit.

很高興看到我們廣受歡迎的計劃也是我們最高價值的計劃，其中包含 T-Mobile 客戶正在尋找的東西。也許，邁克，你可以談談——把它拆開一點。

Yes. I mean, I think like Mike said, it's a great representation of the differentiation of our strategy, particularly as it comes to the way that we construct rate plans and do pricing because with Go5G and Go5G Plus, you see new plans that are incremental to our portfolio that really give customers choice. And with these plans, we packed in the most benefits that we've ever done in the plan with increased roaming in Mexico and Canada, which is the most popular destination for our customers, increased hotspot, which we're seeing utilized more, especially in a post-pandemic world where people are moving around and working everywhere and with Go5G Plus, the first plan, we're guaranteed in the plan, new and existing customers get the same deal on phones, not a promotion like you see from other folks.

是的。我的意思是，我認為就像邁克所說的那樣，這很好地體現了我們戰略的差異化，特別是在我們制定費率計劃和定價的方式方面，因為有了 Go5G 和 Go5G Plus，你會看到新的計劃是增量的我們的產品組合真正為客戶提供選擇。通過這些計劃，我們在計劃中獲得了我們曾經做過的最大好處，增加了在墨西哥和加拿大的漫遊，這是我們客戶最受歡迎的目的地，增加了熱點，我們看到這些熱點得到了更多的利用，尤其是在人們四處走動和工作的後大流行世界中，我們在第一個計劃 Go5G Plus 中得到保證，新客戶和現有客戶在手機上獲得相同的優惠，而不是像其他人看到的那樣促銷伙計們。

So we're really bullish on these plans. The early response to them has been really good. One of the things I'll say about ARPU is ARPU is a mix-driven metric. And one of the things that you see with us, particularly with the success in some of the segments that we've talked about as being opportunities for us, whether it's business or 55-plus. The mix of our success in those segments is reflected in our ARPU. And it's one of the reasons why we look a lot at ARPA and we focus a lot on opportunities where we can attract customers and retain customers that demonstrate a really high CLV, like we see with business customers and like we see with 55-plus customers. So you'll see us continue to focus on those kinds of accretive value-creating opportunities in our portfolio.

所以我們真的很看好這些計劃。對他們的早期反應非常好。關於 ARPU，我要說的一件事是 ARPU 是一個混合驅動的指標。你在我們身上看到的一件事，特別是我們談到的某些細分市場的成功對我們來說是機會，無論是商業還是 55 歲以上。我們在這些領域的成功組合反映在我們的 ARPU 中。這也是我們非常關注 ARPA 的原因之一，我們非常關注可以吸引客戶並留住客戶的機會，這些客戶表現出非常高的 CLV，就像我們看到的商業客戶和 55 歲以上的客戶一樣.所以你會看到我們繼續關注我們投資組合中那些增值的創造機會。

Anything to add?

有什麼要補充的嗎？

Yes. I think the only thing -- and Mike said it really well is it's such a mix-driven metric. And for example, on the segments that Mike spoke about, 55-plus brings in customers with CLVs that are actually above the average CLV, right? They may have lower ARPUs but very high accretive CLVs because that's how we really model everything and the growth that we're trying to drive, as you know, is profitable growth for us.

是的。我認為唯一的事情 - 邁克說得很好就是它是一個混合驅動的指標。例如，在 Mike 談到的細分市場中，55 歲以上的客戶帶來的 CLV 實際上高於平均 CLV，對嗎？他們的 ARPU 可能較低，但增值 CLV 非常高，因為這就是我們真正模擬一切的方式，而我們試圖推動的增長，正如你所知，對我們來說是盈利增長。

So on an ARPU-based metric, because of that mix shift, I'd probably expect it to be sequentially relatively flat. But yes, as you pick up some more mix of potentially 5G -- can Go5G Plus, everywhere here, then you could see some opportunity in the latter half of the year. But ARPA and accounts is really where the focus is to create that value expansion in the company.

因此，在基於 ARPU 的指標上，由於這種混合轉變，我可能預計它會連續相對平穩。但是，是的，當你選擇更多可能的 5G 組合時——可以 Go5G Plus，到處都是，那麼你可能會在今年下半年看到一些機會。但 ARPA 和賬戶才是真正關注在公司中創造價值擴張的地方。

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。

This is Landon on for Simon. I'm wondering if we could start on the home broadband side. Maybe can you talk about how you're seeing churn in the different cohorts there and what your latest thoughts are on some of the fiber trials you've been running as well as the latest thoughts on a potential millimeter wave overlay on that front?

這是西蒙的蘭登。我想知道我們是否可以從家庭寬帶方面開始。也許你能談談你是如何看到那裡不同隊列中的客戶流失的，你對你一直在進行的一些光纖試驗的最新想法是什麼，以及關於在這方面潛在的毫米波覆蓋的最新想法？

Yes, I'll start and then we'll see who wants to jump in. There's a bunch there. First of all, you're asking about our fiber trials. And I don't have a lot new to report there other than this is a team that, obviously, through our leadership in high-speed Internet on 5G is very committed to being winners in broadband. And so for us, being able to get involved, learn, understand what drives CLV, understand the service models, the technology models, et cetera. is something that's very important, and you see us continuing to do that.

是的，我先開始，然後我們看看誰想加入。那裡有很多人。首先，你問的是我們的纖維試驗。我沒有太多新東西要報告，除了這個團隊，顯然，通過我們在 5G 高速互聯網方面的領導地位，我們非常致力於成為寬帶領域的贏家。因此，對我們來說，能夠參與、學習、了解驅動 CLV 的因素、了解服務模型、技術模型等。是非常重要的事情，你會看到我們繼續這樣做。

We haven't taken any decisions beyond that other than anything we learn there is accretive to us being in this business, and you see that we are already in this business as a major player in the 5G variant.

除了我們了解到的任何對我們從事這項業務有好處的事情之外，我們還沒有做出任何其他決定，而且你會看到我們已經作為 5G 變體的主要參與者參與了這項業務。

As it relates to what we're seeing in the business itself, I'm very pleased. I mean Net Promoter Scores for this business continue to be higher than average cable and higher-than-average fiber in the country. So people love what T-Mobile is serving up to them. And that's important, and it informs the churn models, as you're saying. Now we have a very young base and so to your point, we look at it on a cohorted view and some of those aging customers from earlier, we really like what we're seeing in terms of their retention. So really pleased and you can see Net Promoter Score as kind of an indicator of that. Mike, why don't you jump in, anything else you want to share on that?

由於這與我們在業務本身中看到的有關，我感到非常高興。我的意思是這項業務的淨推薦值繼續高於該國平均電纜和高於平均光纖。所以人們喜歡 T-Mobile 為他們提供的服務。這很重要，正如您所說，它會告知客戶流失模型。現在我們有一個非常年輕的基礎，所以就你的觀點而言，我們從隊列的角度來看它，一些早期的老客戶，我們真的很喜歡我們在他們的保留方面看到的。非常高興，您可以將淨推薦值視為一種指標。邁克，你為什麼不加入，你還有什麼想分享的嗎？

I would just say to Mike's point, as the customer base is growing as we're seeing more cohorts in the longer tenures, we are seeing sequential decreases in churn. And it really does start with what Mike said, this is a great product. It's a product that really -- that doesn't require any trade-offs from customers. It's got a great NPS. And you're seeing it pull heavily from cable. Cable is the biggest contributor to our customer base in this business. And we've built a model and a go-to-market process that now is reliably delivering plus or minus 500,000 customers a quarter, which gives us a lot of confidence in this number that we talked about a couple of years ago of us getting to 7 million or 8 million customers at the end of this planning period.

我只想說邁克的觀點，隨著客戶群的增長，因為我們在更長的任期內看到更多的隊列，我們看到客戶流失率連續下降。它確實從邁克所說的開始，這是一個很棒的產品。這是一款真正不需要客戶做出任何取捨的產品。它有一個很好的 NPS。你看到它從電纜上拉得很重。電纜是我們這項業務客戶群的最大貢獻者。我們已經建立了一個模型和一個上市流程，現在每個季度可以可靠地交付正負 500,000 名客戶，這讓我們對幾年前談到的這個數字充滿信心在此計劃期結束時，將增加到 700 萬或 800 萬客戶。

Okay. And Landon, last part of your question was about where do we go beyond our current model. And I want to remind everybody what the current model is before answering that because it kind of speaks to the opportunity here because others have side-eyed what we're doing and said, well, you know there's a limited opportunity to that, what they're doing over there. And we're like, well, right. I mean we've said that all along. We expect this to be a 7 million to 8 million unit opportunity the way we're doing it right now, which is essentially selling excess capacity on our network. So remember, the way this works is, we have created a nationwide mapping of every household in this country, mapped them to every sector on every tower and determined which sectors no normal amount of mobile wireless use will take up our rapidly expanding capacity. And that is where we approve applicants for high-speed Internet on 5G.

好的。蘭登，你問題的最後一部分是關於我們在哪些方面超越了我們目前的模式。在回答這個問題之前，我想提醒大家當前的模式是什麼，因為它在某種程度上說明了這裡的機會，因為其他人對我們正在做的事情不以為然，並說，好吧，你知道機會有限，他們在那邊做。我們就像，嗯，對。我的意思是我們一直都這麼說。我們預計這將是一個 700 萬到 800 萬單位的機會，就像我們現在正在做的那樣，這實際上是在我們的網絡上出售過剩的容量。所以請記住，它的工作方式是，我們已經為這個國家的每個家庭創建了一個全國性的地圖，將它們映射到每座塔的每個部門，並確定哪些部門沒有正常的移動無線使用量將佔用我們迅速擴大的容量。這就是我們批准申請 5G 高速互聯網的地方。

So we're essentially selling our excess capacity. We see that, that takes us into those high single-digit millions of households in the planning period. Now the question that you asked about millimeter wave is really part of a broader question that says, whether for millimeter wave or not, would we entertain the idea of a capital burdened 5G home Internet plan. And yes, we would entertain that. It would have to be smart. We'd have to have a way to make it capital efficient. We haven't taken any decisions on that.

所以我們實質上是在出售我們的過剩產能。我們看到，這將我們帶入規劃期間的數以百萬計的高個位數家庭。現在你問的關於毫米波的問題實際上是一個更廣泛問題的一部分，這個問題說，無論是否使用毫米波，我們是否會接受資本負擔沉重的 5G 家庭互聯網計劃的想法。是的，我們會接受的。它必須很聰明。我們必須有一種方法來提高資本效率。我們還沒有就此做出任何決定。

I don't know if you want to share a little bit of our thinking or kind of what we see as the opportunity of, but the short answer of it is we haven't taken a decision on it, but of course, we're interested in it.

我不知道你是否想分享一點我們的想法或我們認為的機會，但簡短的回答是我們還沒有就此做出決定，但當然，我們'重新對它感興趣。

Well, thanks, Mike, and great question, Simon. And I would say that our 2.5 spectrum that we're using today is serving us so well because we have so much excess capacity. We are moving now from 200 -- this quarter, we're reporting 275 million POPs covered by this mid-band spectrum. And we're moving towards 300 million coverage by the end of the year, giving us new opportunities also to serve other HSI opportunities.

好吧，謝謝，邁克，好問題，西蒙。我會說我們今天使用的 2.5 頻譜為我們提供了很好的服務，因為我們有太多的過剩容量。我們現在從 200 個移動——本季度，我們報告了這個中頻帶頻譜覆蓋的 2.75 億個持久性有機污染物。到今年年底，我們的覆蓋範圍將達到 3 億，這也為我們提供了服務其他 HSI 機會的新機會。

Then I would say that we're always looking at millimeter wave when we are doing trials and testing but it's limited in reach and we have to remember that it's limited in reach, and we will put it into an economic formula over time to see if it makes sense to pursue it.

然後我會說，我們在進行試驗和測試時一直在關注毫米波，但它的覆蓋範圍有限，我們必須記住它的覆蓋範圍有限，我們會隨著時間的推移將其納入經濟公式，看看是否追求它是有意義的。

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. Mike, maybe a couple of questions. First just on the competitive environment. You mentioned Verizon has been a little bit sort of louder from an advertising statement. I think from a promotion standpoint, too, and Comcast, we had some success with their sort of free line offer similar to what Charter has been doing. Just how would you characterize the competitive environment in wireless as it stands today? And sort of what gives you the confidence to sort of raise the postpaid numbers as we look into the rest of the year.

偉大的。邁克，也許有幾個問題。首先是關於競爭環境。你提到 Verizon 在廣告聲明中的聲音有點大。我認為從促銷的角度來看，Comcast 也取得了一些成功，他們提供的免費線路類似於 Charter 一直在做的事情。您如何描述當今無線領域的競爭環境？在我們展望今年剩餘時間的時候，是什麼讓你有信心提高後付費用戶的數量。

And then on the buyback, a bit higher than we thought, and you're sort of pretty far along on the authorization, should we expect the buyback to slow through the year as you bump up against that existing authorization?

然後在回購方面，比我們想像的要高一點，而且你在授權方面還有很長的路要走，我們是否應該預期回購會在你遇到現有授權時放緩？

Great. So competition and buyback. I'll start on competition and then turn to Jon Freier. I would say it's competitive out there. And that being said, I've probably done 50 of these calls for T-Mobile, and that's been the case for all 50 of them. It's competitive out there. And we've made it more competitive through the creation of this version of T-Mobile. What I said in my prepared remarks is that we have demonstrated time and time again that regardless of the competitive milieu, we find our way through to accretive profitable growth, and that's because our strategy is so differentiated. So I'm not going to repeat all that here, other than to say, of course, it's really competitive.

偉大的。所以競爭和回購。我將從競爭開始，然後轉向 Jon Freier。我會說那裡很有競爭力。話雖這麼說，我可能已經為 T-Mobile 完成了 50 次這樣的通話，而且所有 50 次都是如此。那裡很有競爭力。我們通過創建此版本的 T-Mobile 使其更具競爭力。我在準備好的發言中所說的是，我們一次又一次地證明，無論競爭環境如何，我們都能找到實現盈利增長的方法，這是因為我們的戰略是如此差異化。所以我不打算在這裡重複所有這些，除了說，當然，它真的很有競爭力。

I find the industry a rational level of competition, even the competitors you talked about have been pulsing in and out. Some of the offers have been eyebrow raising but they pulse in and out. I think to me, it feels competitive and rational and we look at our differentiated strategy. And what we have within our control and we see our way through to increasing our overall guidance for the year. But maybe tell us on the ground, Jon, what your team is seeing as we compete last quarter and this quarter.

我覺得這個行業的競爭水平是理性的，就連你說的競爭對手也在不斷地進進出出。有些提議令人大跌眼鏡，但它們來來去去。我認為對我來說，感覺競爭和理性，我們看我們的差異化戰略。在我們的控制範圍內，我們看到了增加今年整體指導的方法。但也許可以告訴我們，喬恩，你的團隊在我們上個季度和這個季度的比賽中看到了什麼。

Yes, you bet. So yes, like Mike said, it is a competitive environment, but that's nothing really new for us. And we're seeing -- continuing to see real solid demand out there. When you look at our overall traffic, when you look at the interest, we're seeing incredible demand that you can see, obviously manifested in our Q1 numbers.

是的，你打賭。所以是的，就像邁克說的那樣，這是一個競爭激烈的環境，但這對我們來說並不是什麼新鮮事。我們看到 - 繼續看到真正的穩健需求。當您查看我們的整體流量時，當您查看興趣時，我們會看到您可以看到的令人難以置信的需求，這顯然體現在我們的第一季度數字中。

And even so far in Q2, we're seeing really strong demand. And like we said earlier in our prepared comments, not only strong demand as a whole, but strong demand around prime customers and the fact that we had our highest mix of prime customers. We're continuing to see a very healthy activating revenue number in terms of new accounts switching to Magenta MAX and now Go5G Plus and since we even launched that on Sunday, we're seeing really good numbers kind of an early peek into what's happening there.

即使在第二季度到目前為止，我們也看到了非常強勁的需求。就像我們之前在準備好的評論中所說的那樣，不僅整體需求強勁，而且主要客戶的需求強勁，而且我們擁有最高的主要客戶組合。我們繼續看到一個非常健康的激活收入數字，就新帳戶切換到 Magenta MAX 和現在的 Go5G Plus 而言，自從我們甚至在周日推出它以來，我們看到了非常好的數字，可以提前了解那裡發生的事情.

And then I would just tell you, too, from what's happening in the marketplace is, again, our differentiated position in what we're doing in smaller markets and rural areas. And one of the things that we talked to you about in 2021 at Analyst Day was we had this ambition to move from 13% share of households to 20% by the end of 2025. And what we're really excited about is that we're already halfway there. We're now at 16.5% in terms of our share of household position. So more than halfway there or halfway there, but in less than half the time over that planning horizon.

然後我也想告訴你，從市場上發生的事情來看，我們在較小的市場和農村地區所做的事情中的差異化定位。我們在 2021 年分析師日與您討論的其中一件事是，我們的目標是到 2025 年底將家庭份額從 13% 提高到 20%。我們真正感到興奮的是，我們'已經到一半了。就我們在家庭職位中所佔的份額而言，我們現在為 16.5%。所以超過一半或一半，但在規劃範圍內的時間不到一半。

And when you look at what we're doing relative to others, it's really coming down to 4 things in smaller markets, rural areas. One, is we're building out this -- the markets out there with network and distribution. We're now playing in 2/3 of smaller markets in rural areas, 140 million people, 50 million households, 40% of the U.S.

當你看看我們相對於其他人所做的事情時，它實際上歸結為較小市場和農村地區的 4 件事。第一，我們正在構建這個——具有網絡和分銷的市場。我們現在在農村地區 2/3 的較小市場、1.4 億人、5000 萬個家庭、40% 的美國開展業務。

Two, we're really unlocking switching and getting switching moving. Last quarter, I told you that switching was up 350 basis points on a year-over-year basis. We're sustaining that with now postpaids win share in the upper 30s.

第二，我們真的在解鎖開關並讓開關移動。上個季度，我告訴過你轉換同比增長了 350 個基點。我們正在維持這一點，現在後付費在 30 多歲的人中贏得了份額。

Three, is when you look at what's happening with high-speed Internet, we talked about that just a few moments ago, but that's a new front door for us that gets -- even before people are thinking about switching mobile, we can get into the household as a catalyst for customers to be thinking about moving their mobile services into T-Mobile from AT&T, Verizon, et cetera.

第三，當你看看高速互聯網正在發生什麼時，我們剛才談到了這一點，但這對我們來說是一個新的前門——甚至在人們考慮切換移動設備之前，我們就可以進入家庭作為催化劑，促使客戶考慮將他們的移動服務從 AT&T、Verizon 等轉移到 T-Mobile。

And then lastly, what we have that's different in those particular markets is we have a dedicated and focused team where we're building out hundreds of stores about a little bit more than 400 stores since we've started this venture out in the smaller markets and rural areas.

最後，我們在這些特定市場的不同之處在於，我們擁有一支敬業且專注的團隊，自從我們在較小的市場開始這項業務以來，我們正在建立數百家商店，大約 400 多家商店和農村地區。

So when you look at what's happened under the ground, strong demand really getting after it in 40% of the U.S. from smaller markets and rural areas. And then when you look at the overall health and the quality of the customer that we're talking to, it's never been better.

因此，當你看看地下發生的事情時，強勁的需求確實在美國 40% 的地區來自較小的市場和農村地區。然後，當您查看與我們交談的客戶的整體健康狀況和質量時，情況從未如此好過。

So it's been 2 years, and we've made our way halfway from 13% to 16.5% market share, and we're only really competing in 2/3 of the space. It's just been this rapid-fire deployment, and it's -- you should be so proud of what's happening there.

所以已經 2 年了，我們已經從 13% 到 16.5% 的市場份額取得了一半，而我們實際上只在 2/3 的空間中競爭。這只是這種快速部署，它是——你應該為那裡發生的事情感到自豪。

Jon, at the risk of filibustering your competition question, I have one more thing. I feel like we shouldn't answer a question about competition unless we talk about cable. And we're a very competitive company. So one thing I'll give our team a little bit of credit on is that we have pretty good diagnostics and telemetry on what's going on in the marketplace. And so we're able to kind of see what happens with each of the competitors as the quarter unfolds. And I can make a couple of predictions for you.

喬恩，冒著阻撓你的競爭問題的風險，我還有一件事。我覺得除非我們談論電纜，否則我們不應該回答有關競爭的問題。我們是一家非常有競爭力的公司。因此，我要給我們的團隊一點點信任的一件事是，我們對市場上正在發生的事情進行了很好的診斷和遙測。因此，隨著季度的展開，我們能夠看到每個競爭對手會發生什麼。我可以為你做一些預測。

You saw it in Comcast numbers this morning, very strong. Charter had a blockbuster quarter, we think, in phone net additions and we saw that unfolding through the quarter. But one of the things we try to do when we sort of make out -- at least for us, when we make our operating decisions is we try to figure out, well, what's behind it and double click into it. And what we see going on is that, for example, in this big number, they're about to report, about 75%, we think, of the uptick from prior normal levels, let's say, a year ago, are in non-parts sort of printed net adds, like drop you a free line in the bag or kind of low-calorie net adds.

你今天早上在康卡斯特的數字中看到了它，非常強大。我們認為，Charter 在電話淨增加方面有一個轟動一時的季度，我們在整個季度都看到了這一點。但是，當我們弄清楚時，我們嘗試做的一件事——至少對我們來說，當我們做出運營決策時，我們試圖弄清楚，好吧，它背後是什麼，然後雙擊進入它。我們看到的是，例如，在這個大數字中，我們認為，大約 75% 的數據比之前的正常水平有所上升，比方說，一年前，是非-零件有點像印刷網添加，比如在包裡放一條免費的線或一種低熱量的網添加。

And so we try to kind of adjust for that when we make our operating decisions as to how fast to run and where and how to compete because they're really -- it's kind of a quantitative easing happening in the marketplace. There's just new adds being printed that don't appear to be coming from any of the incumbent players. So it's kind of important to adjust for all that, at least for us, as we make our operating decisions. It looks to us about 75% of the uptick has been those kinds of nets.

因此，當我們做出關於運行速度、競爭地點和競爭方式的運營決策時，我們會嘗試對此進行調整，因為它們確實——這是市場上正在發生的一種量化寬鬆政策。剛剛打印的新添加似乎不是來自任何現任玩家。因此，在我們做出運營決策時，至少對我們而言，對所有這些進行調整是很重要的。在我們看來，大約 75% 的增長來自這些類型的網絡。

So you actually asked 2 questions -- your second question was about the buyback. And let me say a couple of things and I'll turn it over to Peter. I wouldn't read too much into how fast we're going, and I cannot make any predictions for you as to how that will play out in the future. I could just tell you that generally speaking, we're going fast because we think we're getting a relative great deal on the stock. And it's not normal for management to talk a lot about valuation. But since you've hired us to conduct this buyback on your behalf, we have to make operating decisions with an idea in mind about whether or not we're getting a relative value and our team thinks and our Board thinks it is.

所以你實際上問了兩個問題——你的第二個問題是關於回購的。讓我說幾件事，然後我會把它交給彼得。我不會過多地了解我們的發展速度，而且我無法為您做出任何關於未來將如何發展的預測。我只能告訴你，一般來說，我們進展得很快，因為我們認為我們在股票上獲得了相對較大的交易。管理層經常談論估值是不正常的。但是，由於您已聘請我們代表您進行回購，因此我們必須在做出運營決策時考慮到我們是否獲得了相對價值以及我們的團隊和董事會認為的相對價值。

And so we have authorized moving quickly because we look at this rapidly developing cash flow picture and a lot of people are increasingly valuing T-Mobile on our value relative to cash production, and we see a lot of potential ahead for a diminishing opportunity for us to be able to grab shares at these share prices. And so we're moving really fast. I cannot predict for you, though, what that means going forward. Obviously, we're going to take it one step at a time.

因此，我們已經授權快速行動，因為我們看到了這個快速發展的現金流圖，並且很多人越來越重視 T-Mobile 相對於現金生產的價值，我們看到未來有很多潛力可以減少我們的機會能夠以這些股價搶到股份。所以我們進展得非常快。不過，我無法為您預測這對未來意味著什麼。顯然，我們要一步一個腳印。

Yes. The only thing I'd add, Mike, is, of course, we -- I'm personally very excited about how it's gone. And while we can't speak about anything more than the $14 billion target, that's been approved by the Board, remember, what allows all of that is the cash flow generation of this business, as you've mentioned. And frankly, both with regards to the longer term and the underpinning of that opportunity for up to $60 billion in share buybacks through just the end of 2025, and here we are in 2023 already. Remember, this machine and this free cash flow production continues into '26 and beyond.

是的。邁克，我唯一要補充的是，當然，我們——我個人對它的消失感到非常興奮。雖然我們不能談論超過 140 億美元的目標，但董事會已經批准了這一目標，請記住，正如您所提到的，允許所有這些的是該業務的現金流量生成。坦率地說，無論是從長期來看還是到 2025 年底回購高達 600 億美元股票的機會的支撐，我們已經到了 2023 年了。請記住，這台機器和這種自由現金流生產一直持續到 26 世紀及以後。

But the one thing I look at is that is the underpinnings that allows the shareholder return machine to go. And you just saw us once again raise what was already ambitious guidance for the year based on our confidence just a quarter in. So in that regard and how the share buybacks are progressing, I'm very pleased.

但我關注的一件事是，讓股東回報機器運轉的基礎。你剛剛看到我們基於我們僅僅四分之一的信心再次提高了今年已經雄心勃勃的指導。因此，在這方面以及股票回購的進展情況，我感到非常高興。

Okay. We better keep moving.

好的。我們最好繼續前進。

We gave you quite an answer there, John.

約翰，我們在那裡給了你一個很好的答案。

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。

I'm going to ask 2 questions as well, if that's okay. The color you just gave us on small markets, some of the progress you're making on market share is super helpful. I'm wondering if you can give us exactly the same context for business in terms of where you are in share? And any color you can give us around sort of the number of business accounts or business lines you have would be super helpful.

如果可以的話，我也會問2個問題。你剛剛在小市場上給我們的顏色，你在市場份額上取得的一些進展非常有幫助。我想知道您是否可以就您所處的位置為我們提供完全相同的業務背景？您可以為我們提供的任何顏色表示您擁有的企業帳戶或業務線的數量，這將非常有幫助。

And then on the Phone Freedom plan which looks like it really has the potential to unlock trapped customers, as you suggest. Can you help us understand what the impact of that is on EBITDA expectations for the rest of the year? You've got, on the positive side, obviously, you're pushing people into higher ARPU plans. But then presumably you trigger a higher upgrade rate, and so that's a cost against it? And how do those 2 things net together in the guidance?

然後是 Phone Freedom 計劃，正如您所建議的那樣，它看起來確實有可能解鎖被困客戶。您能否幫助我們了解這對今年剩餘時間的 EBITDA 預期有何影響？顯然，從積極的方面來看，您正在推動人們制定更高的 ARPU 計劃。但是大概你觸發了更高的升級率，所以這是對它的成本？這兩件事如何在指南中結合在一起？

Okay. Sounds great. Well, let's go first to Callie. I'll just say she's going to give you exactly what you asked for, which is some color on what's going on, but probably not what was behind what you asked for, which is lots of racking and stacking of market share numbers and things like that. We're moving really fast here, and we want to keep it competitive as to some of the details. But maybe tell us what you're seeing in the marketplace.

好的。聽起來不錯。好吧，讓我們先去找卡莉。我只想說她會準確地給你你想要的，這是正在發生的事情的一些顏色，但可能不是你所要求的背後的東西，這是大量的市場份額數字和諸如此類的東西那。我們在這裡進展得非常快，我們希望在一些細節上保持競爭力。但也許可以告訴我們您在市場上看到了什麼。

Thanks, Mike, and thanks, John, for the question. You know we have a long-standing goal to be the growth leader in business. And I'm really pleased to see that we're making very nice progress towards doubling our market share. We're growing in customers and in revenue. And we're taking share from AT&T and Verizon. In fact, in Q1, as Mike mentioned in his opening remarks, our business account growth, our phone net adds and our phone churn were all better than Verizon. And while AT&T reported declines in FirstNet quarter-over-quarter, we saw a 2.5x growth in Connecting Heroes.

謝謝邁克，也謝謝約翰提出這個問題。您知道我們的長期目標是成為業務增長的領導者。我真的很高興看到我們在將市場份額翻番方面取得了非常好的進展。我們的客戶和收入都在增長。我們正在從 AT&T 和 Verizon 手中奪取份額。事實上，在第一季度，正如邁克在開場白中提到的那樣，我們的企業客戶增長、我們的電話淨增加和我們的電話流失率都比 Verizon 好。雖然 AT&T 報告 FirstNet 環比下降，但我們看到 Connecting Heroes 增長了 2.5 倍。

So we're winning and we're winning across every segment. In Enterprise, we were selected to be the exclusive partner nationwide for AAA to develop roadside connectivity using partners like Dialpad with a collaboration tool and in our phone solutions. Siemens Energy selected T-Mobile, their exclusive partner, UPS, Oracle, Vail Resorts. These are all companies that are choosing T-Mobile because of the quality, the value and the performance of our network.

所以我們贏了，我們在每個細分市場都贏了。在 Enterprise 方面，我們被選為 AAA 在全國范圍內的獨家合作夥伴，使用帶有協作工具的 Dialpad 等合作夥伴在我們的電話解決方案中開發路邊連接。西門子能源選擇了T-Mobile，他們的獨家合作夥伴，UPS，Oracle，Vail Resorts。這些都是因為我們網絡的質量、價值和性能而選擇 T-Mobile 的公司。

In the government space, I'll add, I'm actually really proud of the team for the work that we've been doing with Veteran Affairs. The VA just selected T-Mobile as a primary partner for 9 years with over 50,000 phone lines as well as to create health care 5G solutions in the vertical. So we're very excited about that.

在政府領域，我要補充一點，我真的為團隊在退伍軍人事務部所做的工作感到自豪。 VA 剛剛選擇 T-Mobile 作為主要合作夥伴 9 年，擁有超過 50,000 條電話線，並在垂直領域創建醫療保健 5G 解決方案。所以我們對此感到非常興奮。

In SMB, what I can say in SMB is that we've seen net positive port trends versus Verizon for 4 quarters straight in a row. So it's great profitable rates, great CLVs competing not only like I said, on the best value, but also a superior product and experience. And you know businesses buy because they've tested the product. And we surpassed the competition.

在 SMB 中，我可以在 SMB 中說的是，我們已經連續 4 個季度看到了與 Verizon 相比的淨正端口趨勢。所以這是很高的利潤率，很棒的 CLV 不僅像我說的那樣在最佳價值上競爭，而且還在卓越的產品和體驗上競爭。你知道企業購買是因為他們已經測試了產品。我們超越了競爭對手。

It could be a little bit of a canary in the coal mine for us, too, because of that fact, that last fact that you just shared, Callie, that businesses aren't going so much on brand reputation. They actually check out the phones, like sometimes hundreds of them before making these decisions and compare us head-to-head. And so businesses through their testing know that we now have the best network. And we do get questions about, "Well, how are you going to keep competing if the incumbent guys just keeps slashing their prices to hang on to those customers?" And what is missed in that dialogue is that that's not actually the only factor going into this decision process. I mean businesses have corporate liable lines for a reason. They want to take responsibility for this connection because it's mission-critical. And we can save them some money. I mean we're the Un-carrier but they're picking us because we're the best network. And that's been a breakthrough that I would say was not the case the same way a couple of years ago.

對我們來說，這也可能是煤礦中的金絲雀，因為那個事實，你剛剛分享的最後一個事實，Callie，企業在品牌聲譽上並沒有那麼多。在做出這些決定之前，他們實際上會檢查手機，有時會檢查數百部手機，並與我們進行面對面的比較。因此，企業通過他們的測試知道我們現在擁有最好的網絡。我們確實收到了這樣的問題：“好吧，如果現任者不斷削減價格以留住這些客戶，您將如何繼續競爭？”該對話中遺漏的是，這實際上並不是進入該決策過程的唯一因素。我的意思是企業有公司責任線是有原因的。他們希望對這種連接負責，因為它是關鍵任務。我們可以為他們節省一些錢。我的意思是我們是非運營商，但他們選擇我們是因為我們是最好的網絡。這是一個突破，我想說幾年前情況不同了。

So you're hearing a lot of optimism there. One thing we did here as we listened in, were some in the industry is kind of saying, hey, there's a sort of a sector decline happening, lots of layoffs, companies aren't interested in business lines anymore. There's sort of a pause going on. That is not our experience, and you can hear that in the optimism of what Callie is saying.

所以你在那裡聽到了很多樂觀情緒。我們在這裡做的一件事是，行業中的一些人在說，嘿，有一種行業衰退正在發生，大量裁員，公司不再對業務線感興趣。有點停頓。那不是我們的經驗，您可以從 Callie 所說的樂觀情緒中聽出這一點。

Okay. Your second question was about Phone Freedom and what's going on there. So maybe we'll start with Mike and then there was a particular EBITDA outlook question associated with it.

好的。你的第二個問題是關於電話自由以及那裡發生了什麼。所以也許我們將從 Mike 開始，然後有一個與之相關的特定 EBITDA 前景問題。

Yes. Like I mentioned before, Phone Freedom kind of had 2 big components to it. One was the rate plan Go5G, Go5G Plus which, Jonathan, as you indicated, has this benefit of upgrade built into it. And then the second thing, which I think is also an important input to the second part of the question you asked is we launched a promotional program called the Easy Unlock. And what the Easy Unlock -- the insight it's really going off of is both what Mike talked about in terms of the dissatisfaction that AT&T customers have. 50% more reports that they want to leave their current carrier than in Verizon and T-Mobile. And when they want to leave, it's incredibly difficult, both because of long-term contracts but also because they have the most customer unfriendly unlock process in the entire industry. And what we wanted to do is make switching incredibly easy. And that's what we did with that program. And I think that's one of the things that will really help us unlock the switcher pool a little bit, which when we know happens, T-Mobile is the disproportionate winner.

是的。就像我之前提到的，Phone Freedom 有兩個重要組成部分。一個是費率計劃 Go5G、Go5G Plus，正如您所說，Jonathan 內置了升級的好處。然後第二件事，我認為這也是對你提出的問題第二部分的重要輸入，是我們推出了一個名為 Easy Unlock 的促銷計劃。 Easy Unlock 的真正意義在於邁克所說的 AT&T 客戶的不滿。與 Verizon 和 T-Mobile 相比，他們希望離開當前運營商的報告多 50%。當他們想離開時，這非常困難，這既是因為長期合同，也是因為他們擁有整個行業中對客戶最不友好的解鎖流程。我們想要做的是讓切換變得異常簡單。這就是我們對該程序所做的。而且我認為這是真正幫助我們稍微解鎖切換器池的事情之一，當我們知道發生這種情況時，T-Mobile 是不成比例的贏家。

Yes. And with regards, Jonathan, to the EBITDA guidance, I mean, frankly, even at year-end, we had already assumed a certain level of opportunity here. Customers were clearly telling us, especially through the back half of last year that they are looking for what this best value, best network combination can provide in the form of Magenta MAX at the time. And so that was an inspiration that we said we were going to pack an even more fully featured plan out there. So I'd say all of the revenue assumptions around this as well as customer acquisition leading to high CLVs is all packed into core EBITDA, the guide that we provided to you. I know there was also a question on social around -- well, how does that impact the contract asset and frankly, to say that was -- the contract asset went up sequentially from Q4, but that was really some of the promotions that we had in place and continued into Q1 as well as some of the business promotions.

是的。關於喬納森，關於 EBITDA 指導，我的意思是，坦率地說，即使在年底，我們也已經在這裡假設了一定程度的機會。客戶清楚地告訴我們，尤其是在去年下半年，他們正在尋找這種最佳價值、最佳網絡組合能夠以當時的 Magenta MAX 形式提供的內容。所以這是一個靈感，我們說我們將在那裡打包一個功能更齊全的計劃。因此，我想說的是，圍繞此的所有收入假設以及導致高 CLV 的客戶獲取都包含在核心 EBITDA 中，這是我們提供給您的指南。我知道還有一個關於社交的問題——嗯，這對合約資產有何影響，坦率地說，是——合約資產從第四季度開始連續上升，但這實際上是我們進行的一些促銷活動到位並持續到第一季度以及一些業務促銷活動。

But in the current core EBITDA guidance that we put out there, there's an assumption actually that the contract asset will decrease to quite an immaterial net impact for the year, and again, in the current guide that we gave.

但在我們目前發布的核心 EBITDA 指南中，實際上有一個假設，即合同資產將減少到今年相當微不足道的淨影響，而且在我們給出的當前指南中也是如此。

Why don't we go over to the ones coming in on Twitter. So Ulf get ready, there's -- you're always popular, and your topic is always popular online. Let's see. I'll go to [Bill Ho], I want to talk about the network. And this is really about -- he's giving some stats here. But I think the question is really about, can you tell us about depth and breadth. So we have 275 million people covered by ultra capacity 5G mid-band, and we're going to 300 million. How easy or hard is it in these last 25 million or how easy or hard is it in the last 100 million and that's kind of interesting if you compare to where the competitors are right now and what's still ahead of them. But then in that, can you also talk about the depth, how much spectrum is where we're going.

為什麼我們不轉到 Twitter 上的那些人。所以 Ulf 做好準備，你總是很受歡迎，而且你的話題在網上總是很受歡迎。讓我們來看看。我會去 [Bill Ho]，我想談談網絡。這真的是——他在這裡給出了一些統計數據。但我認為真正的問題是，你能告訴我們深度和廣度嗎？所以我們有 2.75 億人被超大容量 5G 中頻覆蓋，我們將達到 3 億。在最後的 2500 萬中它有多容易或多難，或者在最後 1 億中它有多容易或多難，如果你與競爭對手現在的位置以及仍然領先於他們的位置進行比較，這會很有趣。但是在那之後，你能否也談談深度，我們要去的地方有多少頻譜。

Right. I mean if we start with the breadth, we continue to build out, and we are now reporting the 275 million as you catch here, and we are -- have about 25 million to go. We're very confident that we're going to reach the 300 million by the end of the year. It gets harder and harder. And as a rule of thumb, I would say that it's about 3x harder for every 10 million that you add. So that's about how hard it gets.

正確的。我的意思是，如果我們從廣度開始，我們會繼續擴大，我們現在報告的是你在這裡捕獲的 2.75 億，而且我們還有大約 2500 萬。我們非常有信心在年底前達到 3 億。它變得越來越難。根據經驗，我會說每增加 1000 萬，難度就會增加 3 倍。這就是它變得多麼困難。

And the reason is, of course, the geography of the U.S., where it's a very vast geography with a very high population density in some communities. So it's very easy when you start out and it gets harder and harder to do it. But we are very confident that we're going to reach that with the build plan that we have today.

原因當然是美國的地理，美國幅員遼闊，某些社區的人口密度非常高。所以當你開始的時候很容易，做起來會越來越難。但我們非常有信心，我們將通過今天的建設計劃實現這一目標。

When it comes to the depth of the network, it's just amazing how we continue to just move more and more frequency assets over from LTE to 5G. We today have 150 megahertz dedicated on our mid-band, which is giving us tremendous speeds. We've increased our speed advantage on the downlink speeds compared to competition in this last quarter. And we are actually going to end up the year with 200 megahertz of dedicated spectrum just on the mid-band. So it's just fantastic to see that journey moving forward with our tech team.

談到網絡的深度，我們如何繼續將越來越多的頻率資產從 LTE 轉移到 5G，真是令人驚訝。我們今天有 150 兆赫茲專用於我們的中頻帶，這給了我們巨大的速度。與上個季度的競爭對手相比，我們在下行鏈路速度方面的速度優勢有所提高。實際上，我們將在今年年底在中頻段提供 200 兆赫的專用頻譜。因此，很高興看到我們的技術團隊繼續推進這一旅程。

Which means with each passing day, the overall capacity of this network is rapidly expanding. And it's a fascinating thing when you listen to what Ulf says too, about how the easy part is that first 100-and-something million POPs, right, which generally corresponds to where our competitors are. And so we get questions a lot about, hey, you guys jumped out with a couple of year lead in 5G. Aren't they catching you? And hopefully, you can understand when you see where we already are and where we are at the end of the year. Now there's still years behind us because that last part is really difficult, and it's really important for the overall perception that a customer has about the brand. You have to be great outside the core urbans with a high-capacity offering for somebody to believe you have a high capacity offering. And that matters to them even if they don't leave that space all the time. So it's really important, and it's one of the many reasons why we have a durable lead. Okay. Should we go back to the calls?

這意味著日新月異，這個網絡的整體容量正在迅速擴大。當你聽到 Ulf 所說的話時，這是一件令人著迷的事情，關於最簡單的部分是前 100 和大約 100 萬個 POP，對，這通常與我們的競爭對手所在的位置相對應。因此，我們收到了很多關於，嘿，你們在 5G 領域領先幾年的情況下跳出來了。他們不抓你嗎？希望當您看到我們已經達到的水平以及我們在年底的水平時，您能理解。現在我們還有很多年，因為最後一部分真的很困難，而且對於客戶對品牌的整體看法非常重要。你必須在核心城市以外的地方表現出色，提供高容量的產品，才能讓別人相信你有高容量的產品。這對他們來說很重要，即使他們不會一直離開那個空間。所以這真的很重要，這也是我們擁有持久領先優勢的眾多原因之一。好的。我們應該回到通話中嗎？

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 made an interesting observation when you were talking about churn. You pointed out that you had the best year-on-year improvement in churn. But you also noted that you don't yet have the lowest churn in this category. And that's interesting because you also noted that you have very large cohorts in your customer base and as a group exhibit a lower churn profile than comparable cohorts at your peers. So it certainly seems like there's an opportunity to keep driving churn down across the base. So when you look at the pockets of your customers where the churn profile is still elevated, why is that -- how do you think about how much of an opportunity that is? And is it actually part of your underlying business plan to continue driving churn lower? Or do you think you've hit some sort of plateau?

所以當你談到客戶流失時，你做了一個有趣的觀察。你指出你在客戶流失方面取得了最好的同比改善。但您還指出，您在該類別中的流失率還不是最低的。這很有趣，因為您還注意到您的客戶群中有非常龐大的群體，並且作為一個群體，與同行中的同類群體相比，客戶流失率較低。因此，看起來似乎有機會繼續降低整個基地的流失率。因此，當您查看流失率仍然很高的客戶的口袋時，為什麼會這樣——您如何看待這有多大機會？繼續降低客戶流失率實際上是您基本業務計劃的一部分嗎？或者你認為你已經達到了某種穩定狀態？

Yes. Thanks, Brett. Listen, I think we're at a fascinating sort of historical moment in the history of our company. If you think about it, we have spent 6 years on the chapter of our company comprised of dreaming about and then completing and then integrating the merger that would allow us to leapfrog AT&T and Verizon from being last place in the LTE era to first place in the 5G era.

是的。謝謝，布雷特。聽著，我認為我們正處於公司歷史上一個迷人的歷史時刻。如果你想一想，我們已經花了 6 年的時間來完成我們公司的篇章，包括夢想、完成和整合合併，這將使我們能夠超越 AT&T 和 Verizon，從 LTE 時代的最後一名躍升為 LTE 時代的第一名。 5G時代。

And now we've generally gotten that done. We have the best network in the country. We have the best values, and we've generally completed that merger. And so now we have work to do to convince the American public that it's true.

現在我們通常已經完成了。我們擁有全國最好的網絡。我們擁有最好的價值，而且我們通常已經完成了合併。所以現在我們要努力讓美國公眾相信這是真的。

And to me, I'm inspired a little bit by the journey of stand-alone T-Mobile that did achieve the lowest churn rates in the industry, even without the advantages of the network strength. And so now you see us really focused on prime customers. We have the highest prime rate in the history of our company right now. You see us focusing on business customers. You see us focusing on travelers, some of the best customers in the industry now waking up more and more to the fact that T-Mobile is the best choice for them. And that's a journey, convincing the country that what's true is true, will take some time.

對我來說，即使沒有網絡優勢，獨立的 T-Mobile 也確實實現了行業最低的客戶流失率，這給我帶來了一些啟發。所以現在你看到我們真正專注於主要客戶。我們現在擁有公司歷史上最高的優惠利率。你看到我們專注於商業客戶。你看到我們專注於旅行者，業內一些最優秀的客戶現在越來越意識到 T-Mobile 是他們的最佳選擇。這是一段讓全國相信真實的事情是真實的旅程，需要一些時間。

But let me tell you this, our goal -- the answer to your question is, yes, our goal is to have the lowest churn in the industry on postpaid phones. And we already have it on prepaid. We're going to have it on postpaid phones. Of course, we should. I mean we have the best network and the best prices. That means we should have the lowest churn. And so we've been through this worst to first journey before we stand-alone T-Mobile. We're kind of midway through it with the new version of the company and full of optimism about where it can finally land.

但是讓我告訴你，我們的目標——你的問題的答案是，是的，我們的目標是在後付費電話行業中擁有最低的客戶流失率。我們已經預付了。我們將在後付費電話上使用它。當然，我們應該。我的意思是我們擁有最好的網絡和最優惠的價格。這意味著我們的流失率應該最低。因此，在我們獨立的 T-Mobile 之前，我們已經經歷了從最糟糕到第一次的旅程。我們對公司的新版本有點半途而廢，對它最終能在哪裡著陸充滿樂觀。

Those big sort of quarter-by-quarter kind of merger-driven lurches forward are mostly behind us, right, because the integration is behind us. So now it's that hard slog just like we showed you we could do when we were stand-alone T-Mobile.

那些由合併驅動的按季度進行的大規模向前推進大多已經過去了，對，因為整合已經過去了。因此，現在就像我們向您展示了我們在獨立的 T-Mobile 時可以做的那樣艱難。

Our next question comes from Michael Rollins with Citigroup.

我們的下一個問題來自花旗集團的邁克爾羅林斯。

Two questions. First, going back to the customer unlock opportunities, where is the industry and T-Mobile on eSIM capabilities? And is this a topic that's important to helping you propel unlocks and switching opportunities?

兩個問題。首先，回到客戶解鎖機會，行業和 T-Mobile 的 eSIM 功能在哪裡？這是一個對幫助您推動解鎖和轉換機會很重要的主題嗎？

And then just secondly, do you have visibility on whether or not DISH will exercise its option to buy your 800 megahertz spectrum? And if they don't, what is the next steps for T-Mobile with respect to that spectrum band?

其次，您是否了解 DISH 是否會行使其購買您的 800 兆赫頻譜的選擇權？如果他們不這樣做，T-Mobile 在該頻段方面的下一步是什麼？

Great. I'll start with the DISH one, and then give Mike a chance to think up and answer on the eSIM one.

偉大的。我將從 DISH 開始，然後讓 Mike 有機會思考並回答 eSIM 問題。

No, we don't have visibility into it yet. DISH asked for an extension in the decision. We didn't object to that of about 60 days. And the way our consent decree works is it's entirely up to them. We're here to support them. And so we'll wait to hear what they decide. I'm in touch with Charlie. So as I learn more, we may engage and be able to be helpful in that. But it's -- the way it works is it's entirely up to them. And so if they want the spectrum under the terms of the consent decree, it's theirs. And if not, the way it works is that it would go to auction and it would maybe be in the hands of someone else. And so we'll wait and see how it all unfolds and we're here to support whatever decision that they make.

不，我們還沒有看到它。 DISH 要求延期決定。我們沒有反對大約 60 天的期限。我們同意令的運作方式完全取決於他們。我們在這裡支持他們。所以我們等著聽他們的決定。我和查理有聯繫。因此，隨著我了解更多，我們可能會參與其中並能夠提供幫助。但它 - 它的工作方式完全取決於他們。因此，如果他們想要根據同意令的條款獲得頻譜，那就是他們的。如果沒有，它的運作方式是它會去拍賣，它可能會在其他人的手中。因此，我們將拭目以待，看看這一切如何展開，我們將在這裡支持他們做出的任何決定。

On eSIM, this is fascinating how this has all happened across the industry, and there hasn't been that much discussion about it. One of the limiters has been this phone locking phenomenon that we're talking about with Phone Freedom because what happens with an eSIM is on a locked phone, even though that second SIM is available, if the phone is locked, you still can't use that second SIM very easily. And so there's been some barriers to the friction coming out of the system, the way eSIM may be promised.

在 eSIM 上，整個行業都發生了這一切，這令人著迷，而且還沒有太多討論。限制因素之一是我們在 Phone Freedom 中談論的這種手機鎖定現象，因為 eSIM 發生在鎖定的手機上，即使第二個 SIM 卡可用，如果手機被鎖定，您仍然不能非常輕鬆地使用第二張 SIM 卡。因此，系統中出現的摩擦存在一些障礙，eSIM 可能被承諾的方式。

But we're big fans of it. You saw us a few months ago, introduced great switching capabilities for you to actually try our network on the second SIM if your phone allows that. That's been a lot of fun for people to be able to test drive our network. But Mike, maybe you can give some color on what we're seeing.

但我們是它的忠實粉絲。您幾個月前見過我們，介紹了強大的切換功能，如果您的手機允許，您可以在第二張 SIM 卡上實際試用我們的網絡。人們能夠試駕我們的網絡非常有趣。但是邁克，也許你可以給我們所看到的一些顏色。

Yes. I was going to say something really similar. We're big fans of eSIM, really, for 2 big reasons. One, we think it's a much better customer experience. You don't have to deal with plastic and switching in and out of your phones every couple of years when people are upgrading. And for a company that wins when switching happens, eSIM does make switching easier. And we've tried to take advantage of that with the technology that Mike mentioned earlier, where we launched an app where you can easily test the T-Mobile network side by side with your incumbent network on the same phone. And when you're ready to switch, you can just do it in a couple of clicks.

是的。我正要說一些非常相似的話。我們是 eSIM 的忠實粉絲，真的，有兩個重要原因。第一，我們認為這是一種更好的客戶體驗。當人們升級時，您不必每隔幾年處理一次塑料和切換手機。對於在發生切換時獲勝的公司而言，eSIM 確實讓切換變得更容易。我們已經嘗試通過 Mike 之前提到的技術來利用這一點，我們推出了一個應用程序，您可以在同一部手機上輕鬆地同時測試 T-Mobile 網絡和現有網絡。當您準備好切換時，只需單擊幾下即可完成。

So we're fans of eSIM. We're really supportive of it, and we're optimistic that it will help accelerate even programs that we talked about today with that Phone Freedom.

所以我們是 eSIM 的粉絲。我們非常支持它，我們樂觀地認為它甚至可以幫助加速我們今天討論的有關電話自由的計劃。

Okay. How about Twitter? [Roger Entner] want to talk about T-Mobile for Business. I think we hit most of that, unless you want to provide any color on what we're seeing with HSI in T-Mobile for Business. And then a separate question about -- with our new Go5G plans, they are raised prices, do we think that will impact our subscriber growth. And I'm glad you asked that because no. And in fact, the way we kind of did this is we added these plans and that won't be immediately obvious to everybody, but we added them. So if you present at retailer online, you can still get Magenta and Magenta MAX. But these new plans in the early days, now that we've put them out there, they're really turning out to be very popular. And so I'm not worried even notwithstanding the fact that they're being added, I'm not worried at all. These are going to be really popular plans because we design them right to the needs that we're hearing customers want in the marketplace.

好的。推特怎麼樣？ [Roger Entner] 想談談 T-Mobile for Business。我認為我們實現了大部分目標，除非您想對我們在 T-Mobile for Business 中看到的 HSI 提供任何顏色。然後是一個單獨的問題——我們新的 Go5G 計劃，他們提高了價格，我們認為這會影響我們的用戶增長嗎？我很高興你這麼問，因為沒有。事實上，我們這樣做的方式是我們添加了這些計劃，這對每個人來說不會立即顯而易見，但我們添加了它們。因此，如果您在網上零售商處展示，您仍然可以獲得 Magenta 和 Magenta MAX。但是早期的這些新計劃，現在我們已經把它們放在那裡，它們真的很受歡迎。因此，即使添加了它們，我也不擔心，我一點也不擔心。這些將成為非常受歡迎的計劃，因為我們根據客戶在市場上的需求設計它們。

And this is really an interesting thing because we called it Go5G for a reason. Our 5G customers are using massive amounts of data on our network. And people say, what's the killer app of 5G? There are a lot of killer apps of 5G, but one of them is usage on your smartphone, which if you have T-Mobile and Magenta MAX or now Go5G plus, you have massive connectivity and customers are soaking it up. And that's a real differentiator for us. And so we want to play into that advantage and encourage that kind of usage because once they see what their phone can do, they're not going to want to live without it. And we're already seeing that now at scale with millions of customers at Magenta MAX or above.

這真的是一件有趣的事情，因為我們稱它為 Go5G 是有原因的。我們的 5G 客戶正在我們的網絡上使用大量數據。人們說，5G 的殺手級應用是什麼？ 5G 有很多殺手級應用，但其中之一就是在您的智能手機上使用，如果您擁有 T-Mobile 和 Magenta MAX 或現在的 Go5G plus，您將擁有巨大的連接性，並且客戶正在吸收它。這對我們來說是一個真正的差異化因素。因此，我們希望發揮這一優勢並鼓勵這種使用方式，因為一旦他們看到手機的功能，他們就不會想離開手機生活。我們現在已經在 Magenta MAX 或更高級別的數百萬客戶中看到了這一點。

Okay. So let's go back to the phone, Jud.

好的。那麼讓我們回到電話上，賈德。

Our next question comes from Craig Moffett with MoffettNathanson.

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

Two questions, if I could. One is I want to stay with the DISH theme for a minute. It's becoming more and more openly discussed that DISH may eventually be a liquidation story. If that were to happen and if the FCC were willing, how much appetite do you have for more spectrum?

兩個問題，如果可以的話。一是我想停留在 DISH 主題上一分鐘。人們越來越公開地討論 DISH 最終可能會成為一個清算故事。如果發生這種情況並且 FCC 願意，您對更多頻譜的胃口有多大？

And it sort of leads into my second question, which is just with respect to 5G, the new applications have been somewhat slower to develop than might have been expected. I wonder if you could just update us on 5G usage growth and how quickly the consumption of network resources is proceeding with 5G. And if that is the differentiator you had hoped and expected it to be given your spectrum and network advantage.

這有點引出了我的第二個問題，即關於 5G，新應用的開發速度比預期的要慢一些。我想知道您是否可以向我們介紹 5G 使用增長情況以及 5G 網絡資源消耗的速度。如果這是您所希望和期望的差異化因素，那麼它會獲得您的頻譜和網絡優勢。

Yes, on the first one, and I'll turn to Mike for the second one. On the first one, Craig, I'm not going to answer it because my friend, John Stankey did kind of did answer it, and I think he was very unfairly misquoted. He gave an innocent answer to a hypothetical kind of along the lines of any time there's spectrum, of course, we're interested. And there are all kinds of headlines whether he wants to buy a DISH's spectrum.

是的，關於第一個，我將求助於 Mike 進行第二個。關於第一個問題，克雷格，我不打算回答這個問題，因為我的朋友約翰斯坦基確實回答了這個問題，我認為他被錯誤引用是非常不公平的。他對任何時候都有頻譜的假設給出了一個無辜的回答，當然，我們很感興趣。而他要不要買一個DISH的頻譜，各種頭條都有。

Listen, first of all, I'll say, I think it's a little premature question too. I don't count DISH or Charlie out very easily. I've known him for a long time. So I think it's a premature question. But then finally, it raises a larger issue. And if you reframe it this way, which is, does this wireless industry have enough spectrum over the long haul for American competitiveness. I'd say never. Always there's an opportunity for more. And that speaks to public policy.

聽著，首先，我會說，我認為這也是一個有點過早的問題。我不會輕易將 DISH 或 Charlie 排除在外。我認識他很久了。所以我認為這是一個過早的問題。但最後，它提出了一個更大的問題。而且，如果您以這種方式重新構建它，那麼從長遠來看，這個無線行業是否有足夠的頻譜來提高美國的競爭力。我會說永遠不會。總是有機會獲得更多。這與公共政策有關。

The FCC lost its auction authority this year. And T-Mobile and others have been urging Congress to restore that. Because we need our strong regulatory body to be able to work with other agencies, create an ongoing long-term pipeline of spectrum for all the players in this industry so that we can continue to have connectivity in this country that's the best in the world. And I know the FCC feels that way. I presume my competitors feel that way. But I think it's very important that we get back on track with this and that auctions that are completed get put to use for the American consumer because there's work that's pending there. And that the FCC regains its authority quickly to be able to lead in this space going forward, the way they've done so well in the past.

FCC今年失去了拍賣權。 T-Mobile 和其他公司一直在敦促國會恢復這一點。因為我們需要我們強大的監管機構能夠與其他機構合作，為該行業的所有參與者創建一個持續的長期頻譜管道，以便我們能夠繼續在這個世界上最好的國家擁有連接。我知道 FCC 有這種感覺。我想我的競爭對手也有這種感覺。但我認為我們回到正軌非常重要，並且完成的拍賣將用於美國消費者，因為那裡有待處理的工作。並且 FCC 迅速重新獲得權威，能夠在這個領域向前發展，就像他們過去做得很好的方式一樣。

And I think that's very important for our company, for our competitors, but also for American competitiveness.

我認為這對我們公司、我們的競爭對手以及美國的競爭力都非常重要。

Your second question is about apps and 5G. And it was sort of -- it kind of came out -- and I will say our competitors kind of led the way on this with a lot of hype and euphoria around 20 gigabit connectivity and millimeter wave, and it's going to change the world and we're all going to be kind of human cyborgs and stuff like that. And we kind of never felt that way. I mean early on, we went right to 5G is a much better, like 10x better at least 4G and that the killer apps are going to be smartphones at first, and they're going to be our ability to get after home broadband. And we focused on the mid-band asset. And eventually, the rest of the industry followed. We were right. And the average T-Mobile customer is getting 10x the connectivity that they got in 2018, 10x faster. That's amazing.

你的第二個問題是關於應用程序和 5G。它有點——它有點出來了——我會說我們的競爭對手在這方面處於領先地位，圍繞 20 吉比特連接和毫米波進行了大量炒作和興奮，這將改變世界，我們都將成為人類機器人之類的東西。我們從來沒有那種感覺。我的意思是，在早期，我們直接使用 5G，它要好得多，至少比 4G 好 10 倍，而且殺手級應用首先將是智能手機，它們將成為我們追求家庭寬帶的能力。我們專注於中頻帶資產。最終，其他行業也緊隨其後。我們是對的。 T-Mobile 客戶的平均連接能力是 2018 年的 10 倍，速度也提高了 10 倍。太棒了。

And so -- and what they're doing with it is amazing. And so that obviously is unfolding. But there's still the kind of side eye questions people get, which is where is all this augmented reality you said would come? And I'd say, well, first of all, our job is to create a great network, and we have the best in the country. And as hardware and software developers look to a network to create innovations around, I think they will choose T-Mobile. Whether they're moving faster or slower than predicted, doesn't directly affect our business that much. We need to be the network that they choose as they get inspired with massive connectivity, not just in fits and starts and parts of the country, but all across this country the way T-Mobile can uniquely provide. And that's why we work with developers the way we do. But the rate and pace they go, that's up to them. Anything to add?

所以——他們用它做的事情是驚人的。所以這顯然正在展開。但是人們仍然會遇到一些旁觀者的問題，即您所說的所有這些增強現實都將出現在哪裡？我會說，嗯，首先，我們的工作是建立一個偉大的網絡，我們擁有全國最好的網絡。當硬件和軟件開發人員希望通過網絡進行創新時，我認為他們會選擇 T-Mobile。無論他們的行動速度比預期快還是慢，都不會直接影響我們的業務。我們需要成為他們選擇的網絡，因為他們受到大規模連接的啟發，不僅在全國各地的適合和開始和部分地區，而且在整個國家，T-Mobile 可以獨特地提供這種方式。這就是我們以這種方式與開發人員合作的原因。但是他們前進的速度和步伐，這取決於他們。有什麼要補充的嗎？

The only other thing I'd add is that let's not forget about HSI because HSI, I do think is still one of the big killer apps for 5G that you're seeing play out right now. 3.2 million customers running their home Internet in their house over our 5G wireless network and using hundreds of gigs a month on average, both in the big top 100 markets, but also importantly, many customers in rural areas, some of which this is the first high-speed option that existed and it only happened because of 5G. So I don't think we can forget about HSI being one of those big killer 5G applications.

我要補充的另一件事是，我們不要忘記 HSI，因為我確實認為 HSI 仍然是您現在看到的 5G 殺手級應用之一。 320 萬客戶在家中通過我們的 5G 無線網絡運行家庭互聯網，平均每月使用數百個演出，這不僅在前 100 大市場中，而且重要的是，許多客戶在農村地區，其中一些是第一批存在的高速選項，它只是因為 5G 而發生。所以我認為我們不能忘記 HSI 是 5G 殺手級應用之一。

Operator, we've got time for one more question.

接線員，我們有時間再問一個問題。

Oh, it's the last one, already. We were just getting warmed up.

哦，已經是最後一個了。我們剛剛熱身。

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。

The -- I guess the first question would be with the stock. The performance of the business has been great and the stock kind of just keeps bumping up against this $150 level. And I want to come back to this notion of the SoftBank top-up shares 48.8 million. Has there been any evolution in your thinking or conversations between yourselves and DT and SoftBank about using the remaining buyback authorization to simply clean that whole exercise up? It seems like it would be the most elegant and nondisruptive way to do it, and I'd love your comments on that.

- 我想第一個問題是股票。該公司的業績一直很好，股票一直在上漲 150 美元的水平。我想回到軟銀增持 4880 萬股的概念。您與 DT 和 SoftBank 之間關於使用剩餘的回購授權來簡單地清理整個過程的想法或對話是否有任何進展？這似乎是最優雅、最無中斷的方式，我希望您對此發表評論。

And then the second question is, and I kind of know what your answer is, but I just kind of want to hear how you frame it which is that you originally for most of the states, not every state, pledged that you would not raise prices in T-Mobile for 3 years and that expired in April 1, 2023, and then you came out with your new Un-carrier plan. But it's within your toolkit now to be able to raise prices if inflation or other things happened. Could you kind of give us a sense as to how you think about that relative to kind of T-Mobile's brand positioning in the market?

然後是第二個問題，我有點知道你的答案是什麼，但我只是想听聽你是如何構想的，你最初是針對大多數州，而不是每個州，承諾你不會提出T-Mobile 的價格為 3 年，並於 2023 年 4 月 1 日到期，然後您推出了新的 Un-carrier 計劃。但是，如果發生通貨膨脹或其他事情，現在您可以提高價格。相對於 T-Mobile 在市場上的品牌定位，您能否告訴我們您是如何看待這一點的？

Yes, sure. We maintain and have for the entire decade-long journey of the Un-carrier an envelope of superior pricing versus our benchmark competitors. And we intend for that to continue. Now as things shift and move, we maintain that envelope. And it's not a matter of sort of a static price or being dogmatic about price has always got to be static, but we always want to be a relative value. And we can do that sustainably because we have a great balance sheet, we have the right capital structure. We have the right spectrum structure and other advantages that allow us to continue to profitably have a pricing envelope superiority versus our benchmark competitors.

是的，當然。在 Un-carrier 的整個十年旅程中，我們保持並擁有比我們的基準競爭對手更高的定價範圍。我們打算繼續這樣做。現在隨著事情的變化和移動，我們保持著這個信封。這不是某種靜態價格的問題，也不是教條式的價格總是必須是靜態的，但我們總是希望成為一個相對價值。我們可以可持續地做到這一點，因為我們擁有良好的資產負債表，我們擁有正確的資本結構。我們擁有正確的頻譜結構和其他優勢，使我們能夠繼續盈利，與我們的基準競爭對手相比具有定價優勢。

But as things move in the market with inflation or otherwise, of course, there's an opportunity for us to move along with those things. But we have the customers are North Star and our brand value proposition to take care of. That's why you have seen us so focused on offering higher value offers that customers self-select up to. And it really shows their love for our brand that when we put something out there like Magenta MAX or now Go5G plus, they flock to it. Our customers are buying up our rate card voluntarily in an era of inflation because they appreciate the value of what we're putting in front of them. That speaks a lot about the brand and about the covenant between us and our customers on this brand.

但是，隨著市場隨著通貨膨脹或其他因素的變化而變化，當然，我們有機會與這些事物一起發展。但我們的客戶是北極星，我們的品牌價值主張需要照顧。這就是為什麼您看到我們如此專注於提供客戶自行選擇的更高價值的產品。當我們推出諸如 Magenta MAX 或現在的 Go5G plus 之類的產品時，他們就會蜂擁而至，這確實表明了他們對我們品牌的熱愛。在通貨膨脹時代，我們的客戶自願購買我們的價目表，因為他們欣賞我們擺在他們面前的東西的價值。這充分說明了品牌以及我們與客戶之間關於該品牌的契約。

Okay. Your first question was about the Soft Bank true-up shares. And just to kind of remind everybody, there is this 48 million some shares that would trigger upon $150 stock price being at an average 45-day VWAP. And the short answer to your question is, of course, I mean, of course, we talk to them. They're a close partner of ours. We talk to DT all the time. We're aware of this question and this issue, but we have nothing to report. And so -- but I mean it's of interest, and it's not lost on us why you're asking the question. If there ever was to be a transaction, it has to be something that would work for everyone.

好的。你的第一個問題是關於軟銀的真實股票。只是想提醒大家，這 4800 萬股股票將在 150 美元的股價處於平均 45 天 VWAP 時觸發。對你的問題的簡短回答當然是，我的意思是，當然，我們與他們交談。他們是我們的親密夥伴。我們一直在和 DT 交談。我們知道這個問題和這個問題，但我們沒有什麼可報告的。所以 - 但我的意思是它很有趣，我們並沒有忘記你為什麼要問這個問題。如果要進行交易，就必須對每個人都有效。

I will say this, in the earlier question about our buyback pace, we've already bought back more shares than this potential dilution event. And we intend to buy back a lot more shares going forward, should our capital program continue to support that as we've outlooked it would.

我要說的是，在之前關於我們回購速度的問題中，我們已經回購了比這次潛在稀釋事件更多的股票。如果我們的資本計劃繼續支持我們的預期，我們打算在未來回購更多的股票。

And so this is actually a fairly small potential event in the grand scheme of the shareholder remuneration that our cash flow production supports. And so anyway, with that, anything to add to? Anything to add to the whole show?

因此，在我們的現金流生產支持的股東薪酬宏偉計劃中，這實際上是一個相當小的潛在事件。所以無論如何，有什麼要補充的嗎？有什麼可以添加到整個節目中的嗎？

The show must go on. All right.

演出必須繼續。好的。

Well, we appreciate you guys. Thanks for tuning in and for asking all these questions. I am so proud of our team. It's a fascinating year. It was fascinating for us to watch how it all started and the different perceptions people have. But one thing I hope that you take away from us is that we are a team maniacally focused on delivering for you what we promised you we would do. And that's what we show up and try to do every single time. And I'm so proud that this was one more quarter where we were able to put down great results and outlook for you in 2023 that we're going to be proud of. So thanks for tuning everybody. See you later.

好吧，我們感謝你們。感謝您收看並提出所有這些問題。我為我們的團隊感到驕傲。這是迷人的一年。看到這一切是如何開始的，以及人們有不同的看法，這讓我們著迷。但我希望您能從我們這裡學到的一件事是，我們是一個瘋狂地專注於為您提供我們向您承諾我們會做的事情的團隊。這就是我們每次出現並嘗試做的事情。我很自豪，這又是一個季度，我們能夠在 2023 年為您取得出色的成果和展望，我們將為此感到自豪。所以感謝大家的調整。回頭見。

Ladies and gentlemen, this concludes the T-Mobile First Quarter Earnings Call. We thank you for your participation. You may now disconnect.

女士們，先生們，T-Mobile 第一季度財報電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。