(TMUS) 2023 Q2 法說會逐字稿

Good afternoon. (Operator Instructions) I would now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US. Please go ahead, sir.

下午好。 （操作員指示）我現在將會議交給 T-Mobile US 高級副總裁兼投資者關係主管 Jud Henry 先生。請繼續，先生。

Welcome to T-Mobile's Second Quarter 2023 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. 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.

歡迎參加 T-Mobile 2023 年第二季度財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert； Peter Osvaldik，我們的首席財務官；以及高級領導團隊的其他成員。在本次電話會議中，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。

We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review. Our earnings release, investor fact book and other documents related to our results as well as reconciliations between GAAP and the non-GAAP results discussed on this call can be found in the Quarterly Results section of the Investor Relations website.

我們在向 SEC 提交的文件中提供了完整的風險因素列表，我鼓勵您查看。我們的收益發布、投資者情況手冊和與我們的業績相關的其他文件以及本次電話會議中討論的 GAAP 和非 GAAP 業績之間的調節表可以在投資者關係網站的季度業績部分找到。

With that, let me turn it over to Mike.

接下來，讓我把它交給邁克。

Okay. Thanks, Jud. Hi, everybody. Welcome to the call. As you can see, we're here with several members of our senior management team. We're coming to you live from Bellevue, Washington, and we're ready to take your questions. But first, let me share just a few comments. If you'll recall at our Analyst Day in early 2021, we shared our strategy to build the best network couple it with a leading Un-carrier value proposition and customer experience and grow our share in areas where T-Mobile was massively underpenetrated relative to our peers.

好的。謝謝，賈德。大家好。歡迎來電。正如您所看到的，我們這裡有幾位高級管理團隊成員。我們將從華盛頓州貝爾維尤向您進行現場直播，我們已準備好回答您的問題。但首先，讓我分享一些評論。如果您還記得在 2021 年初的分析師日上，我們分享了構建最佳網絡的戰略，將其與領先的非運營商價值主張和客戶體驗相結合，並在 T-Mobile 相對於其他公司滲透率嚴重不足的領域擴大我們的份額我們的同齡人。

That strategy and our approach has remained remarkably consistent and our Q2 results continue to show that it's working better than ever. In fact, T-Mobile delivered our highest Q2 postpaid phone net adds in 8 years, fueled by both industry-leading gross adds and the lowest postpaid phone churn in company history.

該戰略和我們的方法仍然非常一致，我們第二季度的結果繼續表明它比以往任何時候都運作得更好。事實上，在行業領先的總增加量和公司歷史上最低的後付費電話流失率的推動下，T-Mobile 在第二季度實現了 8 年來最高的後付費電話淨增加量。

And importantly, we did this while industry growth normalized, proving that the growth opportunities and durable advantages we've been sharing with you really are unique to T-Mobile. We also told you that if we delivered the best product and the best value and the best experiences, there was no reason we couldn't get to the lowest churn in the industry. Remember that.

重要的是，我們在行業增長正常化的情況下做到了這一點，證明我們與您分享的增長機會和持久優勢確實是 T-Mobile 所獨有的。我們還告訴您，如果我們提供最好的產品、最好的價值和最好的體驗，我們就沒有理由不能實現行業最低的客戶流失率。請記住這一點。

And in Q2, we did it. For the first time in our history, T-Mobile reported the lowest postpaid phone churn in the industry. That is a remarkable statement, and it's a testament to the work our team has done to build the best network. And to further our value proposition to deliver even better experiences to customers. Now I'm sure there's still going to be some back and forth between us and the other guys before we consistently put them in the rearview mirror for good on churn, but all the same.

在第二季度，我們做到了。 T-Mobile 有史以來第一次報告了業內最低的後付費電話流失率。這是一個了不起的聲明，它證明了我們的團隊為構建最佳網絡所做的工作。並進一步推進我們的價值主張，為客戶提供更好的體驗。現在，我確信在我們始終將他們放在後視鏡中以防止客戶流失之前，我們和其他人之間仍然會有一些來回，但無論如何。

It is great to get this first win. We also continue to run the business in a smart and sustainable manner, translating our industry-leading customer growth in Q2 into industry-leading service revenue growth and core adjusted EBITDA growth while growing free cash flow by more than 60% year-over-year. This industry-leading customer and financial growth led us to raise guidance for the year again.

獲得首場胜利真是太好了。我們還繼續以智能和可持續的方式運營業務，將第二季度行業領先的客戶增長轉化為行業領先的服務收入增長和核心調整後 EBITDA 增長，同時自由現金流同比增長 60% 以上。這種行業領先的客戶和財務增長促使我們再次提高了今年的指導。

And we're fortunate to deliver these industry-leading results within the context of a vibrant wireless industry, with growing industry service revenues and industry cash flows and healthy competition that continues to deliver more value and better networks to customers. In fact, on network, we not only defended, but extended our leadership in both overall and 5G performance. With the latest third-party reports showing that T-Mobile's lead is widening.

我們很幸運能夠在充滿活力的無線行業背景下提供這些行業領先的成果，行業服務收入和行業現金流不斷增長，以及持續為客戶提供更多價值和更好網絡的良性競爭。事實上，在網絡方面，我們不僅捍衛了而且擴大了我們在整體性能和 5G 性能方面的領先地位。最新的第三方報告顯示，T-Mobile 的領先優勢正在擴大。

Looking at Ookla data, T-Mobile once again swept every category for overall network performance with median download speeds, more than double our closest competitor. We've long talked about our dedicated 5G spectrum assets with superior propagation would result in a demonstrable advantage in customers' everyday lived experiences even as the competitors try to catch us.

從 Ookla 數據來看，T-Mobile 再次橫掃整體網絡性能的各個類別，中位下載速度是我們最接近的競爭對手的兩倍多。我們長期以來一直在談論，即使競爭對手試圖趕上我們，我們具有卓越傳播能力的專用 5G 頻譜資產也將為客戶的日常生活體驗帶來明顯的優勢。

T-Mobile's head start, our dedicated 5G spectrum assets and our technology leadership are the things that allow us to stay meaningfully ahead as in like 2 years or more ahead in 5G reach and overall network performance and to stay ahead for years to come. And the most exciting part is that many prospective customers are only just beginning to notice, which means lots of the benefit from this is in front of us. And importantly, these things also allow it to do it all with the best capital efficiency in the industry. Now we also continue to build on our fame for providing the best value. Our latest Un-carrier move, Phone Freedom, frees customers locked up into those 3-year contracts at the carriers. And our new Go5G Plus rate plan delivers the best value in wireless.

T-Mobile 的領先地位、我們專用的 5G 頻譜資產和我們的技術領先地位使我們能夠在 5G 覆蓋範圍和整體網絡性能方面保持有意義的領先地位（例如 2 年或更長時間），並在未來幾年保持領先地位。最令人興奮的是，許多潛在客戶才剛剛開始注意到，這意味著我們可以從中受益。重要的是，這些東西也使其能夠以業內最佳的資本效率來完成這一切。現在，我們還繼續鞏固我們提供最佳價值的聲譽。我們最新的無運營商舉措“電話自由”讓客戶擺脫了運營商三年期合同的束縛。我們新的 Go5G Plus 費率計劃可提供無線領域的最佳價值。

The response from customers has been really amazing. In fact, Go5G Plus instantly became our most popular plan, and we're seeing improved porting ratios against every competitor including yet another quarter of year-over-year improvement against cable. In fact, total postpaid porting ratios for us have improved every month since we launched Phone Freedom including in July. As more and more customers learn that they can break free from those 3-year contracts come to a better network and get a better value at T-Mobile.

客戶的反應真是太棒了。事實上，Go5G Plus 立即成為我們最受歡迎的計劃，我們看到相對於每個競爭對手的移植率有所提高，包括相對於有線的又一個季度的同比改善。事實上，自從我們推出 Phone Freedom（包括 7 月份）以來，我們的後付費移植總比率每個月都在提高。隨著越來越多的客戶了解到他們可以擺脫這些 3 年期合同，獲得更好的網絡並在 T-Mobile 獲得更高的價值。

All of these catalysts, coupled with our unique growth opportunities in underpenetrated markets, are what enable a differentiated and profitable growth strategy that separates us from the competition and you're seeing it again in these Q2 results. We added 299,000 postpaid account net adds, the highest reported in the industry showing that we continue to win the switching decisions in the market.

所有這些催化劑，加上我們在滲透不足的市場中獨特的增長機會，使我們能夠實現差異化和盈利的增長戰略，使我們在競爭中脫穎而出，您在第二季度的業績中再次看到了這一點。我們增加了 299,000 個後付費帳戶淨增加量，這是業內報告的最高水平，這表明我們繼續贏得市場的轉換決策。

And we had postpaid net additions of 1.6 million again leading the industry by a wide margin. This included postpaid phone net adds of 760,000, our highest Q2 in 8 years, even as the industry sees more normalized levels of growth. Our increased share was driven by our industry best phone gross adds, which grew over last year's Q2 as well as the lowest postpaid phone churn in our history. And as I mentioned, the lowest in the industry for the first time ever at just 0.77%.

我們的後付費淨增用戶數達到 160 萬，再次大幅領先於行業。其中包括 76 萬部後付費電話淨增長，這是我們 8 年來第二季度的最高水平，儘管該行業的增長水平更加正常化。我們的份額增加是由於我們行業中最好的手機總銷量（比去年第二季度增長）以及我們歷史上最低的後付費手機流失率推動的。正如我所提到的，這一比例首次達到行業最低水平，僅為 0.77%。

In T-Mobile for Business, we had a record quarter with best ever phone net adds and our lowest-ever phone churn. Enterprise and government customers buy based on their own rigorous testing of the networks, not just price, and our network leadership, innovative solutions and customer experiences are driving major wins and fueling our momentum in these segments. We're attracting profitable customers with CLVs in the hundreds of dollars each and still growing. As I mentioned, consumers are beginning to take notice of our network strides as well, as we're winning prime network seekers in the top 100 markets who increasingly recognize that T-Mobile offers the best combination of network coverage and capacity to meet their needs. We saw our share of switchers in the top 100 markets increase both sequentially and year-over-year.

在 T-Mobile for Business 中，我們創下了創紀錄的季度電話網絡增加量和有史以來最低的電話流失率。企業和政府客戶的購買依據是他們自己對網絡的嚴格測試，而不僅僅是價格，我們的網絡領導力、創新解決方案和客戶體驗正在推動重大勝利，並推動我們在這些領域的發展勢頭。我們通過每張數百美元的 CLV 來吸引盈利客戶，並且還在不斷增長。正如我所提到的，消費者也開始注意到我們的網絡進步，因為我們贏得了前 100 個市場中的主要網絡尋求者，他們越來越認識到 T-Mobile 提供了網絡覆蓋和容量的最佳組合來滿足他們的需求。我們看到我們在前 100 個市場中的切換者份額連續不斷地增長，並且同比增長。

In smaller markets and rural areas, where we continue to bring the first and in many places, only 5G network, we're seeing an incredible response. We're capturing a win share of switchers in these areas in the upper 30s, which shows we're not only on track to meet our goal of 20% share in 2025, but it gives us confidence we have room to run in the years beyond. In addition to mobile wireless, we added 509,000 high-speed internet customers.

在較小的市場和農村地區，我們繼續提供第一個且在許多地方僅提供 5G 網絡，我們看到了令人難以置信的反響。我們在這些領域的轉換者中獲得了 30 多歲的勝利份額，這表明我們不僅有望實現 2025 年 20% 份額的目標，而且讓我們有信心在未來幾年裡還有發展空間超過。除了移動無線之外，我們還增加了 509,000 名高速互聯網客戶。

Notably, we've continued to grow our gross adds every quarter since we launched over 2 years ago as demand for the product just continues to grow. And we saw a sequential improvement in churn again this quarter and Net Promoter Scores that remain multiples higher than cable, demonstrating how our high-speed internet resonates with and satisfies an important target audience within this larger broadband market.

值得注意的是，自兩年多前推出以來，隨著對該產品的需求持續增長，我們每個季度的總增加額都在持續增長。我們看到本季度客戶流失率再次連續改善，淨推薦值仍然比有線電視高出幾倍，這表明我們的高速互聯網如何與這個更大的寬帶市場中的重要目標受眾產生共鳴並滿足其需求。

We also celebrated another major milestone in our Sprint merger integration as we are now substantially complete with both the billing migration and retail rationalization, well ahead of our year-end target. At every step of our integration journey, the customer has been our primary focus.

我們還慶祝了 Sprint 合併整合的另一個重要里程碑，因為我們現在基本上完成了計費遷移和零售合理化，遠遠超出了我們的年底目標。在我們集成之旅的每一步中，客戶一直是我們的首要關注點。

As you know, this has allowed us to not only unlock synergies bigger and faster than expected, but also to deliver industry-leading growth and record low churn at the same time. I could not be more proud of what our team has accomplished in this area. Okay. I'm going to wrap it up. We are pulling into the station halfway 2023 with great momentum. Our postpaid phone net adds year-to-date are right on track with last year, which was a growth record year for us.

如您所知，這不僅使我們能夠比預期更大、更快地發揮協同效應，而且還能實現行業領先的增長和創紀錄的低客戶流失率。我對我們團隊在這一領域取得的成就感到非常自豪。好的。我要把它包起來。我們正以強勁的勢頭在 2023 年中途進站。我們的後付費電話網絡今年迄今的增幅與去年持平，去年對我們來說是創紀錄的增長年。

We continue to extend our durable network and value leadership over the competition, which fuels our growth opportunities. And our profitable growth strategy continues to translate into the highest core adjusted EBITDA growth and year-to-date cash flow conversion in the industry. Listen, in our industry, change is a constant, but our team navigates it definitely with the customer as our North Star. And because of that, there has never been a more exciting time to be at T-Mobile.

我們繼續擴展我們持久的網絡和在競爭中的價值領先地位，這推動了我們的增長機會。我們的盈利增長戰略繼續轉化為業內最高的核心調整後 EBITDA 增長和年初至今的現金流轉換。聽著，在我們的行業中，變化是永恆的，但我們的團隊絕對以客戶為北極星來引導它。正因為如此，T-Mobile 迎來了前所未有的激動人心的時刻。

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

好的。 Peter，請您談談我們的主要財務亮點以及 2023 年指導的最新情況。

Absolutely. Thanks, Mike. Q2 was another quarter of best-in-class profitable growth, which underpins the updated guidance that I'll share with you in a moment. It starts with the best postpaid service revenue growth in the industry, up over 5% year-over-year driven by continued increases in both postpaid accounts and postpaid ARPA. Our disciplined focus on profitability resulted in an 11% year-over-year increase in core adjusted EBITDA, and we grew our core adjusted EBITDA margin by over 300 basis points year-over-year.

絕對地。謝謝，邁克。第二季度是又一個同類最佳盈利增長的季度，這支撐了我稍後將與您分享的更新指導。在後付費賬戶和後付費 ARPA 持續增長的推動下，後付費服務收入增長達到行業最高水平，同比增長超過 5%。我們對盈利能力的嚴格關注導致核心調整後 EBITDA 同比增長 11%，核心調整後 EBITDA 利潤率同比增長超過 300 個基點。

In addition, free cash flow was up 64% year-over-year and with the highest free cash flow to service revenue margin relative to our peers year-to-date. We expect this to be a durable and differentiated unlock of shareholder value going forward. This strong financial performance also supported our share buybacks as we repurchased 25.2 million shares for $3.5 billion in Q2 with a cumulative total of 83.5 million shares repurchased for $11.8 billion as of July 21.

此外，自由現金流同比增長 64%，與今年迄今為止的同行相比，自由現金流與服務收入的比率最高。我們預計這將是未來股東價值的持久且差異化的釋放。強勁的財務業績也支持了我們的股票回購，第二季度我們以 35 億美元的價格回購了 2520 萬股股票，截至 7 月 21 日累計回購了 8350 萬股股票，價值 118 億美元。

All right. Let's jump into the details of our increased guidance for 2023. We now expect total postpaid net customer additions to be between 5.6 million and 5.9 million, up 250,000 at the midpoint, reflecting growth across all of our market opportunities, and we continue to expect roughly 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。我們現在預計後付費淨新增客戶總數將在 560 萬至 590 萬之間，中點增加 25 萬，反映了我們所有市場機會的增長，並且我們繼續預計大約全年後付費淨增量的一半來自手機。

Our focus on profitable growth allows us to fund those higher customer net adds and still increase our core adjusted EBITDA expectation, which we now expect to be between $28.9 billion and $29.2 billion. This is up 10% year-over-year at the midpoint based on higher service revenues and merger synergies and 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，我們現在預計該預期在 289 億美元至 292 億美元之間。由於更高的服務收入和合併協同效應，這一數字同比增長了 10%，並且不包括約 3 億美元的租賃收入，因為我們在年底前幾乎所有剩餘客戶都不再使用設備租賃。

Our merger synergies are expected to be approximately $7.5 billion in 2023, achieving the full run rate synergy target provided at our Analyst Day a year ahead of schedule as we build towards the full run rate synergies of $8 billion in 2024. 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 now expect cash merger-related costs of $1.6 billion to $2 billion for 2023 as they have underrun the P&L recognition to date.

我們的合併協同效應預計將在 2023 年達到約 75 億美元，提前一年實現分析師日提出的全面運行率協同效應目標，同時我們將在 2024 年實現 80 億美元的全面運行率協同效應。我們繼續預計合併相關成本，不包括在調整後或核心調整後的 EBITDA 中，稅前金額約為 10 億美元。我們現在預計 2023 年現金合併相關成本為 16 億至 20 億美元，因為迄今為止這些成本低於損益確認。

Net cash provided by operating activities, which include payments for merger-related costs, is now expected to be in the range of $18 billion to $18.3 billion, and we now expect cash CapEx to be between $9.5 billion and $9.7 billion delivering a capital efficiency unmatched in our industry, unlocked by our network leadership. We expect CapEx to taper in Q3 and then further in Q4.

經營活動提供的淨現金（包括支付合併相關成本）目前預計將在 180 億至 183 億美元之間，我們目前預計現金資本支出將在 95 億至 97 億美元之間，從而實現無與倫比的資本效率在我們的行業中，由我們的網絡領導力解鎖。我們預計資本支出將在第三季度逐漸減少，然後在第四季度進一步減少。

The slightly higher operating cash flows fund the increased CapEx resulting in strong free cash flow of $13.2 billion to $13.6 billion, which includes payments for merger-related costs. 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. This also represents a free cash flow to service revenue margin, which is multiple percentage points higher than peers with further expansion expected next year.

運營現金流的略高為增加的資本支出提供了資金，從而產生了 132 億至 136 億美元的強勁自由現金流，其中包括支付合併相關成本。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，並且不考慮證券化帶來的任何實質性淨現金流入。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，預計明年將進一步擴張。

We continue to expect our full year effective tax rate to be between 24% and 26%. And finally, we now expect full year postpaid ARPA to increase slightly more than the 1% we had previously guided for 2023 as we continue to expand our account relationships across products and services as part of our land-and-expand account strategy to grow service revenue.

我們仍然預計全年有效稅率在 24% 至 26% 之間。最後，我們現在預計全年後付費 ARPA 將略高於我們之前為 2023 年指導的 1%，因為我們將繼續擴大跨產品和服務的客戶關係，作為我們發展服務的土地和擴張客戶戰略的一部分收入。

Before I wrap up, I want to remind folks that we closed the sale of our wireline assets to Cogent on May 1, which had a partial impact on our results in Q2, and we expect the full run rate impact beginning in Q3 as I laid out last quarter. In closing, we continue to extend our network leadership and further scale our differentiated profitable growth opportunities to deliver the highest free cash flow conversion in the industry and unlock shareholder value.

在結束之前，我想提醒大家，我們於 5 月 1 日結束了向 Cogent 出售有線資產的交易，這對我們第二季度的業績產生了部分影響，正如我所說，我們預計從第三季度開始對運行率產生全面影響上個季度出來了。最後，我們將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盈利增長機會，以實現行業內最高的自由現金流轉換並釋放股東價值。

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

現在，我將把電話轉回給賈德，開始問答。賈德？

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

好的。讓我們來回答你的問題。 （操作員說明）

We'll start with a question on the phone. Operator, first question, please.

我們首先通過電話提問。接線員，第一個問題。

That will come from the line of Brett Feldman with Goldman Sachs.

這將來自布雷特·費爾德曼 (Brett Feldman) 和高盛 (Goldman Sachs) 的家族。

And it was great to see -- great to see the strong cash flow in the quarter. In light of that, we've gotten a few questions around why you decided to downtick a little bit on the buyback. And I guess maybe the higher level question we're getting now that you're much further into the program. How do you think about managing that program going forward? I mean cash flow is obviously an input. You're going to be making some payments for C-band spectrum this year. So what's the right way for investors to kind of frame your expectations around how you're going to manage that on a go-forward basis.

很高興看到本季度強勁的現金流。有鑑於此，我們收到了一些關於您為何決定稍微下調回購價格的問題。我想也許我們現在遇到了更高級別的問題，因為您已經更深入地了解了該計劃。您如何看待未來管理該計劃？我的意思是現金流顯然是一種投入。今年您將為 C 波段頻譜支付一些費用。那麼，對於投資者來說，圍繞如何在未來的基礎上進行管理來構建您的期望，正確的方法是什麼？

Sounds great. Thanks, Brett. I'll start and then maybe hand it to Peter for some comments. The way I think about it is we're buying at a pace through -- mostly through predesigned 10b5-1 programs in order to be able to meet the authorization during the time frame of the authorization.

聽起來很棒。謝謝，布雷特。我會開始，然後可能會將其交給彼得徵求一些意見。我的想法是，我們正在加快購買速度——主要是通過預先設計的 10b5-1 計劃，以便能夠在授權期限內滿足授權要求。

So if you recall, the initial authorization of this program, it's a $14 billion program that takes us through September. And if you look at some of our activity early in the year where we were able to grab some additional run rate. Now the remaining funds relative to the remaining time suggests a run rate where we have it.

因此，如果您還記得，該計劃的最初授權是一個價值 140 億美元的計劃，將持續到 9 月份。如果你看看我們今年年初的一些活動，我們能夠獲得一些額外的運行率。現在，剩餘資金相對於剩餘時間表明了我們擁有的運行率。

So it's not really a downtick so much as just kind of a programmatic view. And then -- and maybe Peter can pile in on the second part. The way we think about it broadly is that there's essentially been no underlying change to the thesis we've been communicating all along. Now our Board hasn't made a determination yet about the second step, but the inputs to those steps have to do with the free cash flow development of this company, which, as you mentioned in the premise of your question is right on track.

因此，這並不是真正的下降，而只是一種程序化的觀點。然後——也許彼得可以補充第二部分。我們廣泛地思考這個問題的方式是，我們一直在傳達的論點本質上沒有發生根本性的變化。現在我們的董事會尚未就第二步做出決定，但這些步驟的投入與該公司的自由現金流發展有關，正如您在問題前提中提到的那樣，這一切都在正確的軌道上。

We're guiding to 75% year-over-year cash flow growth this year. And the underpinnings of the growth in the business, as you saw from our fantastic Q2 momentum suggest another good year in '24. And so -- as the cash flow develops, that's what gives us the confidence that, that original thesis of around $60 billion through 2025 is intact.

我們預計今年現金流同比增長 75%。正如您從我們出色的第二季度勢頭中看到的那樣，業務增長的基礎表明 24 年又是一個美好的一年。因此，隨著現金流的發展，我們有信心認為，到 2025 年約 600 億美元的最初設想是完整的。

But maybe you can also comment, Peter, on kind of how we think about this from a dedication of resources to this versus spectrum and other things as Brett asked.

但也許你也可以評論一下，彼得，我們如何看待這個問題，從資源投入到頻譜和布雷特所問的其他事情。

Absolutely, Brett. One of the things that we had underpinned at Analyst Day is that it's about up to $65 billion of free cash flow that's going to support the $60 billion of potential shareholder remuneration. And within that, we had some room and had reserved some capacity for spectrum purchases and other things.

絕對是，布雷特。我們在分析師日強調的一件事是，高達 650 億美元的自由現金流將支持 600 億美元的潛在股東薪酬。其中，我們有一些空間，並為頻譜購買和其他事情保留了一些容量。

And of course, we'll fundamentally continue throughout this whole period, one, to deliver because the underlying delivery of the free cash flow is what allows everything to happen. And, of course, always look at opportunities before us for the highest value creation opportunity. With your question on C-band, that was already included in our assumption here. So when we continue to say, we have optimism around the program in totality, C-band is fully contemplated within that.

當然，我們將從根本上繼續在整個時期內，一，交付，因為自由現金流的基礎交付是允許一切發生的原因。當然，始終關注擺在我們面前的機會，尋找最高價值創造機會。關於你關於C波段的問題，這已經包含在我們的假設中。因此，當我們繼續說，我們對該計劃總體持樂觀態度時，C 頻段已在其中得到充分考慮。

That's great color. If I can ask a quick follow-up question as we're talking about overall liquidity. Any update on the spectrum option that DISH hold? And if that were to get exercised, how do you think about putting that proceeds to work?

那顏色真棒。當我們談論整體流動性時，我可以問一個快速的後續問題嗎？ DISH 持有的頻譜選項有任何更新嗎？如果要行使這一點，您如何考慮將其收益發揮作用？

Sure. Well, the first thing I would point out is that any proceeds from that have not been contemplated in the long-range cash planning. So if there's cash that comes from that soon, that be incremental to the planning expectations. We're still awaiting DISH's decision. So just as an update, and I think our filings made some of this clear. The deadline has come and gone for them to determine whether or not they would exercise their privilege to buy that spectrum for $3.6 billion.

當然。嗯，我要指出的第一件事是，長期現金規劃中並未考慮由此產生的任何收益。因此，如果很快就能獲得現金，那麼這將增加規劃預期。我們仍在等待 DISH 的決定。因此，作為更新，我認為我們的文件已經明確了其中的一些內容。他們決定是否行使特權以 36 億美元購買該頻譜的最後期限已經過去了。

But they asked for some additional time of the DOJ, and we did not object to that. And so we have committed that we would not terminate their agreement and right to do that at any time before August 11. But in fact, we're in discussions with DISH about whether or not there might be a win-win that's different from their initial privilege. And if there is that would be wonderful. But obviously, that deadline is coming. So -- but our view was it was worth taking the extra time, especially since they asked for it in case there's a bigger win-win to be had here.

但他們要求司法部給予一些額外的時間，我們沒有反對。因此，我們承諾在 8 月 11 日之前的任何時間都不會終止他們的協議和這樣做的權利。但事實上，我們正​​在與 DISH 討論是否可能實現與他們不同的雙贏。初始特權。如果有那就太好了。但顯然，這個最後期限即將到來。所以，但我們的觀點是，花額外的時間是值得的，特別是因為他們要求這樣做，以防在這裡實現更大的雙贏。

That will come from the line of Craig Moffett with MoffettNathanson.

這將來自克雷格·莫菲特 (Craig Moffett) 和莫菲特·內桑森 (MoffettNathanson) 的血統。

Two questions. One, as long as we're on the topic of DISH. Outside of the 800, if the opportunity came up, would you have an appetite for more mid-band spectrum, either from DISH or perhaps any other source.

兩個問題。第一，只要我們談論 DISH 的話題。除了 800 之外，如果有機會，您是否有興趣獲得更多中頻頻譜（無論是來自 DISH 還是任何其他來源）。

And we're talking about sort of meaningful size chunks here. And then second, if you could just talk about the pacing and trajectory of fixed wireless, as you now with a little more experience under your belt, as you look out toward your long-term guidance, how do you think about the pacing to get to 8 million or so households?

我們在這裡討論的是有意義的大小塊。其次，如果您能談談固定無線的步伐和軌跡，因為您現在有了更多的經驗，當您展望長期指導時，您如何看待固定無線的步伐和軌跡到800萬左右的家庭？

Sounds great. Well, I'll tackle the first one and then maybe hand to Mike Katz for the second one. And I don't mean to be flip, Craig, but I think you've been following us for so long. You know we've never met spectrum, we didn't like. And so of course. And -- but one thing that distinguishes us from other providers is that when we get our hands on spectrum, we put it to work right away for the benefit of the American consumer.

聽起來很棒。好吧，我將解決第一個問題，然後可能會交給邁克·卡茨（Mike Katz）解決第二個問題。我並不是有意輕率，克雷格，但我想你已經關注我們這麼久了。你知道我們從未見過頻譜，我們不喜歡。當然也是如此。而且，我們與其他提供商的區別在於，當我們獲得頻譜時，我們會立即將其投入使用，以造福美國消費者。

And so that's not only in the public interest, but that's in the interest of T-Mobile and our customers. And so you see that in how we're deploying so ambitiously the 2.5 gigahertz that are the proceeds of the merger, having built the best 5G network in history on that spectrum acquisition that came through the merger.

因此，這不僅符合公共利益，也符合 T-Mobile 和我們客戶的利益。因此，您可以看到，我們如何雄心勃勃地部署合併所得的 2.5 GHz，並在通過合併獲得的頻譜上建立了歷史上最好的 5G 網絡。

So look, I mean, we're always on the hunt for other ways to add capacity to our network because it allows us to do amazing things like not only continue to take share and grow and meet ever rising needs of customers on their smartphones, but also to get after the subject of your second question, which is fixed wireless access. And -- to the first part of your second question, nothing has changed in our aspiration. We're still on the hunt for that single-digit penetration. And maybe Mike could comment about what we're seeing in the marketplace and the rate and pace of our growth versus our expectations.

所以，我的意思是，我們一直在尋找其他方法來增加我們的網絡容量，因為它使我們能夠做一些令人驚奇的事情，例如不僅繼續獲得份額和增長並滿足客戶對智能手機不斷增長的需求，還要回答第二個問題的主題，即固定無線接入。關於第二個問題的第一部分，我們的願望沒有任何改變。我們仍在尋找個位數的滲透率。也許邁克可以評論一下我們在市場上看到的情況以及我們的增長速度和步伐與我們的預期相比。

Yes. Thanks, Mike. Thanks, Craig, for the question. We couldn't be happier with what's going on with this HSI business. You probably saw from all of our results, we just crossed over 3.7 million customers in this business. And this pacing that we're on, which we told you last quarter and the quarter before, right around where we were in Q2, right around 500,000 customers, we -- it gives us confidence that the 7 million to 8 million total customers that we committed to at the end of this planning period that we've got high confidence that we're going to get there. One of the things that Mike mentioned in his comments that I think is worth reiterating is, we saw in Q2 again, our highest gross adds. And our gross adds have increased every single quarter since we launched this product.

是的。謝謝，邁克。謝謝克雷格的提問。我們對恆生指數業務的進展感到非常滿意。您可能從我們所有的結果中看到，我們剛剛在該業務中覆蓋了超過 370 萬客戶。我們正在採取的這種節奏，我們在上個季度和前一個季度告訴過您，就在我們第二季度的情況下，大約有 500,000 名客戶，這讓我們有信心，700 萬到 800 萬的客戶總數我們承諾，在本規劃期結束時，我們對實現這一目標充滿信心。邁克在評論中提到的我認為值得重申的一件事是，我們在第二季度再次看到了我們最高的總增加額。自從我們推出該產品以來，我們的總增加量每個季度都在增長。

And then again, in Q2, we saw sequential decreases in churn. And I think that really speaks to the fact that this is a great product. It's a great product that customers are really, really loving. And you see that both in this sequential churn decrease, but also just in the overall NPS scores, which continue to be the highest amongst any broadband category in America. So we're really thrilled with where we are with this product.

然後，在第二季度，我們再次看到客戶流失率連續下降。我認為這確實說明了這是一個很棒的產品。這是一款深受客戶喜愛的出色產品。您可以看到，客戶流失率連續下降，而且整體 NPS 分數也有所下降，該分數仍然是美國所有寬帶類別中最高的。因此，我們對這款產品的現狀感到非常興奮。

Back to my comments, upfront, I said things have been remarkably consistent with what we rolled out to you at our Analyst Day in '21. This is one of those things.

回到我的評論，首先，我說過事情與我們在 21 年分析師日向您推出的內容非常一致。這是其中之一。

We said we saw a potential here of 7 million to 8 million subscribers based on the excess capacity profile of our built mobile network. That means it's not capital burdened. And because of that, we can make profit there. And so it plays a role. It's a single-digit penetration role, and we're on our way to going and seizing it for the benefit of our shareholders and our customers, and it's right on track.

我們表示，根據我們建成的移動網絡的過剩容量情況，我們看到這裡有 700 萬到 800 萬用戶的潛力。這意味著它沒有資本負擔。正因為如此，我們可以在那裡獲利。所以它發揮了作用。這是一個個位數的滲透角色，我們正在努力抓住它，以造福我們的股東和客戶，而且它正在走上正軌。

That will come from the line of Jonathan Chaplin with New Street Research.

這將來自喬納森·卓別林 (Jonathan Chaplin) 與新街研究公司 (New Street Research) 的合作。

Wonder if you can give us context on a couple of things. So firstly, how are you thinking about the evolution of upgrades in the second half of the year as we go through a new iPhone cycle? And kind of what have you factored into your guidance on EBITDA for that? It looks like upgrades to the industry have been coming in sort of lower than expected, much lower than historical trends.

想知道您能否向我們介紹一些事情的背景。首先，當我們經歷新的 iPhone 週期時，您如何看待下半年的升級演變？為此，您在 EBITDA 指導中考慮了哪些因素？看起來該行業的升級速度低於預期，遠低於歷史趨勢。

I'm wondering how that shifts in the second half of the year. And then wondering if you can give us a little bit more context on fixed wireless broadband churn. You mentioned that it's come down sequentially, which isn't surprising in that it's always lower in the broadband market in the second quarter. But what does it look like on a year-over-year basis? Maybe you can give us some context around the kind of levels that it's at for the mature portion of the base that's been with you maybe for a year or more.

我想知道下半年情況會如何變化。然後想知道您是否能為我們提供更多有關固定無線寬帶流失的背景信息。您提到它是連續下降的，這並不奇怪，因為第二季度寬帶市場的數字總是較低。但與去年同期相比，情況如何呢？也許你可以給我們一些背景信息，說明你已經陪伴了一年或更長時間的成熟部分的水平。

Yes, Jonathan, you're spot on in the premise of the question that looking at the aging of the base is the way to get at it. We'll come to Mike on that in a minute. But first, on upgrades, historically low upgrades, Peter, what's contemplated for the rest of the year and maybe a little commentary on why do we think we're seeing that.

是的，喬納森，你的問題前提是正確的，即觀察基地的老化程度是解決這個問題的方法。我們稍後會來找邁克討論這個問題。但首先，關於升級，歷史上較低的升級，彼得，今年剩餘時間的預期，也許還有一些關於我們為什麼認為我們會看到這種情況的評論。

Yes. Well, let me start with why do we think we're seeing that. And fundamentally, we believe we're meeting customers' needs and desires. And if you look at what we've talked about from a network perspective and a value perspective, it makes a lot of sense. You come onto this network, and you have a 5G device. Remember, about 2/3 of our postpaid base already has a 5G device. And they get experience on this network that is just phenomenal in the broadest sense of the word, much more than the competitive sense can bring.

是的。好吧，讓我首先談談為什麼我們認為我們會看到這種情況。從根本上說，我們相信我們正在滿足客戶的需求和願望。如果你從網絡角度和價值角度來看我們所討論的內容，就會發現它很有意義。你進入這個網絡，並且擁有一個 5G 設備。請記住，我們大約 2/3 的後付費用戶已經擁有 5G 設備。他們在這個網絡上獲得的經驗在最廣泛的意義上是驚人的，遠遠超過了競爭意識所能帶來的。

And we think that we're just meeting their natural demand. Customers are happy with their devices. They're happy with their devices from a longer perspective, Remember, we continue to have 2-year financing constructs, so they have the ability to upgrade earlier than the competition, one of the unlocks of Phone Freedom that we put out there that led to the port ratio changes. So fundamentally, we think we're exactly meeting what customers need. In regards to the second half, the second half always tends to have slightly higher upgrade rates. And you mentioned that you have new product introduction from Apple.

我們認為我們只是滿足了他們的自然需求。客戶對他們的設備感到滿意。從更長遠的角度來看，他們對自己的設備感到滿意，請記住，我們繼續擁有 2 年期融資結構，因此他們有能力比競爭對手更早升級，這是我們推出的電話自由的解鎖之一端口比率的變化。所以從根本上來說，我們認為我們完全滿足了客戶的需求。至於下半年，下半年的升級率總是會稍高一些。您提到蘋果公司推出了新產品。

You tend to have promotional constructs and a little bit higher switching in the second half, and we're typically the beneficiary of that. We also obviously make very, very solid offers to our base from an upgrade perspective. So we do have higher upgrade rates contemplated than what we saw in Q2, but we don't specifically guide to those other than directionally.

下半年往往會出現促銷結構和更高的轉換率，而我們通常是其中的受益者。從升級的角度來看，我們顯然還為我們的基地提供了非常非常可靠的報價。因此，我們確實考慮了比第二季度更高的升級率，但除了定向之外，我們沒有具體指導其他方面。

Okay. And Mike, over to you on a little bit more color on high-speed internet churn.

好的。邁克，請您為高速互聯網攪動提供更多的色彩。

Yes. I mean I think building on what you're saying, Mike, what -- we have the youngest base of broadband customers in America. And like I think we said in a couple of calls, the churn curves that we see for customers like in our mobile business tends to be higher in the earlier 10-year months and then reduces as customers achieve greater tenure lengths with us.

是的。我的意思是，我認為根據你所說的，邁克，我們擁有美國最年輕的寬帶客戶群。正如我認為我們在幾次電話會議中所說的那樣，我們在移動業務中看到的客戶流失曲線往往在前 10 年的月份中較高，然後隨著客戶在我們的任期更長而減少。

And we're seeing the exact same thing in our broadband business. And customers that have been with us for some months, their churn has decreased to the point that was right where we expected it. So it's looking right on where our plan was, and the behavior has been just right in line with what we expected.

我們在寬帶業務中也看到了完全相同的情況。已經使用我們幾個月的客戶，他們的流失率已經減少到我們預期的程度。所以它看起來很符合我們的計劃，而且行為也完全符合我們的預期。

Okay. Terrific. And maybe, Jud, tell us when it's time to go to Twitter. So that we're not ignoring the people coming in on Twitter because we always do some of that as well. And -- but while you're thinking about it, we'll go operator to one more online.

好的。了不起。也許，賈德，告訴我們什麼時候該上推特。這樣我們就不會忽視 Twitter 上的人們，因為我們也總是這樣做。而且——但是當你在考慮這個問題的時候，我們會再聯繫一個在線客服。

That will come from the line of John Hodulik with UBS.

這將來自瑞銀集團 (UBS) 的約翰·霍杜利克 (John Hodulik) 家族。

Two questions, if I could. First, on margins. Obviously, a lot of progress there at 300 basis points, but you guys still trail AT&T and Verizon by about 500 basis points. And do you see that closing over time? Or is it really just a function of those sort of lower ARPU and in fact our sub growth? That's number one.

如果可以的話，有兩個問題。首先，在邊緣。顯然，300 個基點已經取得了很大進展，但你們仍然落後 AT&T 和 Verizon 約 500 個基點。隨著時間的推移，你認為這種情況會逐漸結束嗎？或者它真的只是較低的 ARPU 以及實際上我們的子增長的函數嗎？這是第一。

And number two, Mike, I think you said that your porting versus cable has improved. And I don't think you've called that out before. But maybe just some commentary about what you're seeing in terms of competition in wireless and cable. I mean, they're talking about sort of more and more bundled offerings. And I guess Comcast was sort of flattish on a year-over-year basis, but just what the posture is there and what's driving that improvement in porting from cable?

第二，邁克，我想你說過你的移植相對於電纜有所改進。我認為你以前沒有說過這一點。但也許只是一些關於您所看到的無線和有線競爭的評論。我的意思是，他們正在談論越來越多的捆綁產品。我猜康卡斯特的業績同比持平，但具體情況如何？是什麼推動了有線電視移植方面的改進？

Okay. I'll take that one, but Peter, we'll start with you.

好的。我會接受那個，但是彼得，我們將從你開始。

Yes. Certainly, on the margin question, it's a lot more than an ARPU differential. It's really some structural differences that we always call out. For example, the whole leased versus owned backhaul strategy. The other thing that always note is that with this significant higher switching that we see and the net add production that we're giving, obviously, we have more S in SG&A than the competition does. We have a very dense network built out.

是的。當然，就利潤率問題而言，這不僅僅是 ARPU 差異。這確實是我們經常指出的一些結構性差異。例如，整個租賃與自有回程策略。另一件需要注意的事情是，隨著我們看到的顯著更高的轉換和我們給出的淨增加產量，顯然，我們在 SG&A 方面的 S 比競爭對手多。我們建立了一個非常密集的網絡。

So there's fundamental some structural differences that also mean there's a CapEx OpEx differential and when you compare AT&T and Verizon and us. And that's why it's always important to fundamentally look at conversion of service revenue into free cash flow. Free cash flow is the value generation engine that allows you to further invest, return capital to shareholders or do all sorts of other things to create value.

因此，當您將 AT&T 和 Verizon 與我們進行比較時，存在一些根本性的結構差異，這也意味著存在資本支出和運營支出差異。這就是為什麼從根本上審視服務收入轉化為自由現金流始終很重要的原因。自由現金流是價值生成引擎，可讓您進一步投資、向股東返還資本或做各種其他事情來創造價值。

And that is the measure by which we're really comparing ourselves to the competition to get rid of all the structural noise. And on that regard, you heard what we announced today already there from a year-to-date basis in terms of beating them on the conversion ratio when next year anticipated to expand that ratio further. So that's how I think about margins.

這就是我們真正將自己與競爭對手進行比較的衡量標準，以消除所有結構性噪音。在這方面，您聽到了我們今天宣布的內容，從年初至今，我們已經在轉換率方面擊敗了他們，而明年預計會進一步擴大該比率。這就是我對利潤的看法。

It's interesting that when you listen to a few of that and you hear that even with our superior growth and our lower prices, both of which hit margins, we have the superior cash production per service revenue dollar in the industry year-to-date and that's rapidly expanding. 75% year-over-year guide, this year, on our way to higher cash flows next year.

有趣的是，當你聽其中的一些內容時，你會發現，即使我們擁有出色的增長和較低的價格，這兩者都影響了利潤率，但我們今年迄今為止在行業中每美元服務收入的現金產出仍然很高，並且這種情況正在迅速擴大。今年同比指導增長 75%，明年我們將實現更高的現金流。

And so it really shows you the power of this model based on this team's ability to execute, but also based on the balance sheet, the incredible assets that we control, the track record of execution, the head start and many other benefits.

因此，它確實向您展示了該模型的力量，該模型基於該團隊的執行能力，但也基於資產負債表、我們控制的令人難以置信的資產、執行記錄、領先地位和許多其他好處。

Okay. Great. The second one was -- oh, second one was cable. So John, let me come back to that. Yes, we did make a very light comment on it, but it was light that we had been seeing improvements in our port ratios with cable last quarter because we wanted to provide some commentary because cable and Q4 started to see some pretty big net add trajectory changes.

好的。偉大的。第二個是——哦，第二個是電纜。約翰，讓我回到那個話題。是的，我們確實對此做出了非常輕微的評論，但上個季度我們看到有線端口比率有所改善，因為我們想提供一些評論，因為有線和第四季度開始看到一些相當大的淨增加軌跡變化。

And so we kind of double clicked into that. Because you kind of have to do that as a competitor to figure out -- is this going to come from us or what's going on. And it's kind of interesting, you fast forward to this quarter. And I'll remind you that even in a world where cable is now a pretty big share taker in overall postpaid, T-Mobile produced the highest postpaid phone net additions for Q2 in 8 years and not only the lowest churn ever in our history, but the lowest in the industry.

所以我們雙擊了它。因為作為競爭對手，你必須這樣做才能弄清楚——這是來自我們還是正在發生的事情。這很有趣，你快進到這個季度。我要提醒您的是，即使現在有線電視在整體後付費市場中佔據相當大的份額，T-Mobile 在第二季度的後付費電話網絡增量也是 8 年來最高的，而且不僅是我們歷史上最低的客戶流失率，但在行業中是最低的。

And that kind of answers a question as to whether or not this dynamic from cable is coming from our side, right? I mean we're performing better than before they were in the industry. But obviously, there's a dynamic that affects others, both of our 2 look-a-like competitors, plus prepaid. There's a lot of brands that have been affected by this, and they're viable competitors to be taken seriously. But it's just, as you can see in our performance, not affecting our results.

這就回答了一個問題：來自有線電視的這種動態是否來自我們這邊，對嗎？我的意思是我們的表現比他們進入這個行業之前更好。但顯然，有一種動態會影響其他人，包括我們的兩個相似的競爭對手，以及預付費的。有很多品牌都受到了影響，它們是值得認真對待的可行競爭對手。但這只是，正如您在我們的表現中看到的那樣，並沒有影響我們的結果。

Okay. Jud, who do we -- what do we have coming in online?

好的。賈德，我們是誰——我們在網上看到了什麼？

We've got a question from Roger Entner on how strong was the business growth this quarter. Maybe we can anti that one up. And then we've got a follow-on question around enterprise sector as well so we can hit those.

羅傑·恩特納 (Roger Entner) 向我們提出了有關本季度業務增長有多強勁的問題。也許我們可以反對這一點。然後我們還有一個關於企業部門的後續問題，以便我們可以解決這些問題。

Okay. Great. So Roger Entner asked how strong was business growth this quarter. Can you talk about the VA? And any additional color on overall business growth. We also have Chetan Sharma coming in. Congrats on another great quarter. Thank you. I was wondering if you could provide some color on traction you're seeing in the enterprise sector beyond connectivity.

好的。偉大的。因此羅傑·恩特納詢問本季度的業務增長有多強勁。你能談談VA嗎？以及整體業務增長的任何其他色彩。我們還有 Chetan Sharma 加入。祝賀又一個偉大的季度。謝謝。我想知道您是否可以提供一些關於您在連接性之外的企業領域所看到的吸引力的信息。

What about vertical industries, people using 5G, 5G advanced services, et cetera. So maybe, Callie, why don't you start on both of those and anybody else can jump in.

垂直行業、使用 5G 的人們、5G 先進服務等等呢？所以也許，Callie，你為什麼不從這兩方面開始，其他人都可以加入。

Okay. Thanks, Mike. And thanks, Roger, and Chetan for the questions. As Mike mentioned earlier, we delivered on our highest phone net adds and lowest phone churn ever, handily being Verizon again. And we're seeing profitable growth in all 3 segments. In SMB, we achieved positive port trends against AT&T and this makes 5 consecutive quarters against Verizon, and we grew ARPU quarter-over-quarter again. As Mike mentioned in his opening remarks, in enterprise and in government, our business is good business with very profitable CLVs, but roughly 60% to 70% relative to consumer, and they're rising year-over-year, quarter-over-quarter.

好的。謝謝，邁克。感謝羅杰和切坦提出的問題。正如邁克之前提到的，我們實現了有史以來最高的電話網絡增加量和最低的電話流失率，輕鬆地再次成為 Verizon。我們看到所有三個細分市場都實現了盈利增長。在中小型企業中，我們實現了與 AT&T 相比的積極端口趨勢，這使得我們連續 5 個季度與 Verizon 相比，並且我們的 ARPU 再次實現季度環比增長。正如邁克在開場白中提到的那樣，在企業和政府中，我們的業務是良好的業務，擁有非常有利可圖的 CLV，但相對於消費者而言，大約有 60% 到 70%，而且它們逐年、逐季增長。四分之一。

And Q2 for enterprise, for instance, we welcomed both the largest global asset management firm and yet another leading global bank as new accounts. We also landed 2 huge government contracts with the EPA and the IRS and continue to double our net adds quarter-over-quarter with first responders, most significantly in rural areas where an older LTE network just doesn't cut it for critical response.

以企業為例，第二季度，我們迎來了全球最大的資產管理公司和另一家領先的全球銀行作為新賬戶。我們還與 EPA 和 IRS 簽訂了兩份巨額政府合同，並繼續將我們的急救人員淨增加量逐季度增加一倍，最重要的是在農村地區，那裡較舊的 LTE 網絡無法滿足關鍵響應的需要。

So a lot of really good growth this quarter from an incredible team in the business group. And then for the VA question, if I could just take that one for a second. I wanted to say, as you may remember, we took Verizon share back in 2018.

因此，本季度業務部門一支令人難以置信的團隊取得了非常好的增長。接下來是關於 VA 的問題，我能否先簡單解答一下這個問題。我想說，你可能還記得，我們​​在 2018 年收回了 Verizon 的份額。

And now because of our network, we've taken the pole position and have added roughly 20,000 phones year-to-date supporting more than 50% of the VA phones today. And I'll note to our contract also includes T-Mobile's 5G internet for the VAs community-based outpatient clinics. So we're able to provide health care for veterans in rural areas because of the network that we have built. So just wanted to add some clarity on the VA subject. And then one last thing on use cases for 5G applications outside of pure connectivity.

現在，由於我們的網絡，我們已經佔據了領先地位，今年迄今已增加了大約 20,000 部電話，支持當今超過 50% 的 VA 電話。我要指出的是，我們的合同還包括 T-Mobile 為 VA 社區門診診所提供的 5G 互聯網。因此，由於我們建立的網絡，我們能夠為農村地區的退伍軍人提供醫療保健。所以只是想對 VA 主題進行一些澄清。最後一件事是關於純連接之外的 5G 應用用例。

I'll start, Chetan, with some of the verticals where we're seeing the most traction. And that would be in retail, where we see many use cases for fixed 5G solutions where people are looking to look at better cost and less truck rolls and support for perhaps older wireline services and are replacing that with T-Mobile's 5G in multiunit national retailers.

Chetan，我將從一些我們認為最具吸引力的垂直領域開始。這將是在零售業，我們看到固定 5G 解決方案的許多用例，人們希望獲得更好的成本和更少的上門服務以及對可能較舊的有線服務的支持，並在多單位全國零售商中用 T-Mobile 的 5G 取代它。

And then in health care, this is another area where we're seeing CTOs and CIOs from large hospitals come to us and say, "Look, we need ubiquitous connectivity, both indoor and outdoor. We need more of a programmable network. We need certain places in our buildings where we want to designate private networks."

然後在醫療保健領域，我們看到大型醫院的 CTO 和 CIO 來找我們說：“看，我們需要無處不在的連接，無論是室內還是室外。我們需要更多的可編程網絡。我們需要我們希望在建築物中的某些地方指定專用網絡。”

And because of our public 5G network and the solutions that we can offer with our stand-alone core, we're able to offer a hybrid solution that's really working in a place like a hospital that has lots of different variation to the types of connectivity they need. And then lastly, I'll say we're seeing some traction in education. Large campuses that want to provide connectivity for their students, but also ways to use their data differently and to get in all of the dorms and places in the campus and rooms and libraries and perhaps older buildings, where there's really a need for ubiquitous coverage throughout the campus.

由於我們的公共 5G 網絡以及我們可以通過獨立核心提供的解決方案，我們能夠提供一種混合解決方案，該解決方案在像醫院這樣的地方確實有效，因為連接類型有很多不同的變化他們需要。最後，我想說我們在教育方面看到了一些吸引力。大型校園希望為學生提供連接，但也希望以不同的方式使用數據，並進入校園內的所有宿舍和場所、房間和圖書館，也許還有較舊的建築，這些地方確實需要無處不在的覆蓋校園。

Those are the 3 hours that really pop out to me. The last one I would say is in the federal use cases with the Department of Defense where not a surprise to anyone, lots of areas for us to begin to deploy hybrid networks and private networks for use cases specific to the military.

這就是我真正印象深刻的三個小時。我要說的最後一個是在國防部的聯邦用例中，這對任何人來說都不奇怪，我們在很多領域開始為特定於軍隊的用例部署混合網絡和專用網絡。

Well, hopefully, that answers it and more. I mean if you listen to Callie, it just reinforces what I said in my upfront remarks, which is some of the biggest and most sophisticated and profitable customers are choosing T-Mobile because of the sophistication of our advanced network capabilities and our ability to translate that into solutions for their business.

好吧，希望這能回答這個問題以及更多。我的意思是，如果您聽 Callie 的話，它只會強化我在前面的評論中所說的話，即一些最大、最成熟和利潤最高的客戶選擇 T-Mobile 是因為我們先進的網絡功能和翻譯能力的複雜性將其轉化為他們的業務解決方案。

And that's just so different from where we were a few years ago. It's a complete 180 and it's fueling momentum. In fact, all-time record results in our business group. So hopefully, that answers the question, guys. Terrific. Should we go back to the phones?

這與幾年前的情況截然不同。這是一個 180 度的大轉變，並且正在增強動力。事實上，我們的業務部門創下了歷史記錄。希望這能回答這個問題，伙計們。了不起。我們應該回到手機嗎？

Let's do it. Operator next question, please.

我們開始做吧。請接線員下一個問題。

That will come from the line of Phil Cusick with JPMorgan.

這將來自菲爾·庫斯克 (Phil Cusick) 與摩根大通 (JPMorgan) 的血統。

Mike, the wireless industry is still running maybe hotter than many expected at the beginning of the year. Certainly, your momentum is strong. Are you seeing improving porting ratios versus other MNOs and maybe the MVNOs? Or do you think there's a growing mix of customers who are coming in without a phone history or a number? And then second, if I can, CapEx, Mike, you talked about tapering in the second half. Does that jumping off rate in the fourth quarter indicate a much lower '24 CapEx level?

邁克，無線行業的運行情況可能比年初許多人的預期還要熱。當然，你的勢頭很強勁。與其他 MNO 甚至 MVNO 相比，您是否發現移植率有所提高？或者您是否認為越來越多的客戶沒有電話記錄或號碼？其次，如果可以的話，資本支出，邁克，你談到了下半年的縮減。第四季度的跳躍率是否表明 24 年資本支出水平要低得多？

Okay. Great. I'm going to let Peter answer the second CapEx question. The first one is really interesting. The answer to the question is yes and yes. Both are true. So yes, our port ratios are improving each and every month since we launched Phone Freedom against each and every competitor, including cable overall and cable individually. And that's a really interesting fact that it shows that not only are people starting to discover our network advantages, which has sort of been a slow improvement over the last 1.5 years. But we have really sparked intrigue with consumers around this idea that we can free them from being trapped with the other guys.

好的。偉大的。我將讓 Peter 回答第二個資本支出問題。第一個真的很有趣。這個問題的答案是肯定的。兩者都是真的。所以，是的，自從我們針對每個競爭對手（包括整體電纜和單獨的電纜）推出“電話自由”以來，我們的端口比率每個月都在提高。這是一個非常有趣的事實，它表明人們不僅開始發現我們的網絡優勢，而且在過去 1.5 年裡我們的網絡優勢一直在緩慢改善。但我們確實激發了消費者的興趣，因為我們可以讓他們擺脫與其他人的束縛。

And cable in some ways, actually is helpful in that -- in a dynamic competitive industry, more people are jump balls. And more people are saying, "Should I be with 1 of those 2 look-a-like kind of old line providers? Or should I be with somebody new? And when they get asked that question, they are picking cable by and large. They're picking T-Mobile, as you saw we had the industry-leading postpaid phone net additions. Now what is happening is cable is growing very rapidly and faster than I think a lot of people expected.

從某些方面來說，有線電視實際上是有幫助的——在一個動態競爭的行業中，更多的人在跳球。越來越多的人說，“我應該選擇這兩家看起來類似的老線路提供商中的一家嗎？還是應該選擇新的提供商？當他們被問到這個問題時，他們總體上會選擇有線電視。他們選擇了 T-Mobile，正如您所看到的，我們擁有業界領先的後付費電話網絡。現在發生的情況是，有線電視增長非常迅速，速度超出了我認為很多人的預期。

But specifically to your premise of your question, our port ratios with cable have been improving for year-over-year for 9 quarters in a row. And what you see is that the big step forward they started to take in Q4, according to our analysis, about 80% of the year-over-year increment in their performance from the same period a year ago, Q4, Q1 and Q2 is from non-ports.

但具體到您問題的前提，我們的電纜端口比率已連續 9 個季度同比改善。你看到的是，他們在第四季度開始向前邁出了一大步，根據我們的分析，與去年同期相比，第四季度、第一季度和第二季度，他們的業績同比增量大約有80%是來自非港口。

So they're actually not growing the porting side of their business at the same rate as the non-porting side of their business, instead kind of printing postpaid ads. They might be coming over from prepaid. They might be just simply net new. They might be kind of dropped in the bag.

因此，他們實際上並沒有以與非移植業務相同的速度來發展移植業務，而是打印後付費廣告。他們可能是預付費的。它們可能只是全新的。它們可能會被扔進袋子裡。

I don't really know. There's probably several different factors to it. And we just -- we don't know quite how to unpack it because we don't have all the information. I mean, we double-click into things like Verizon's wholesale revenue and note that it's not growing. That's sort of an interesting diagnostic for us that helps us understand what might be happening. So anyway, hopefully, that helps it. Our industry-leading account growth of 299,000 shows that T-Mobile is winning the switching decisions in high-quality prime paying families, the kind everybody is going for.

我真的不知道。可能有幾個不同的因素。我們只是 - 我們不太知道如何拆開它，因為我們沒有所有信息。我的意思是，我們雙擊查看 Verizon 的批發收入等數據，發現它沒有增長。這對我們來說是一種有趣的診斷，可以幫助我們了解可能發生的情況。所以無論如何，希望這能有所幫助。我們行業領先的 299,000 個賬戶增長表明，T-Mobile 正在贏得高質量優質付費家庭的轉換決策，而這是每個人都追求的類型。

Yes. And on CapEx, Phil, the way I think about next year, although we're not specifically guiding is we're still comfortable in the $9 billion to $10 billion range that we gave out. Remember, I wouldn't take Q4 as a jumping-off point because really, the way Ulf and team have built this is a very lean manufacturing approach to the build. One of the secrets to our capital efficiency there. And so it isn't that I take a run rate and an exit run rate and projected, but $9 billion to $10 billion feels about right for next year at this point in time.

是的。關於資本支出，菲爾，我對明年的看法是，雖然我們沒有具體指導，但我們仍然對我們給出的 90 億美元到 100 億美元的範圍感到滿意。請記住，我不會將第四季度作為起點，因為實際上，Ulf 和團隊的構建方式是一種非常精益的構建方法。我們資本效率的秘訣之一。因此，我並不是根據運行率和退出運行率進行預測，而是認為明年此時 90 億至 100 億美元是合適的。

On speaking of a lean network performance machine, I think it would be a good time to just stop and take note of what's been delivered with this incredibly capital-efficient profile that you're asking about. Ulf and team, you guys deserve incredible credit. We've now reached 285 million people with ultra-capacity 5G. This is something that neither of our competitors -- principal competitors have promised to ever do, certainly not in the next 2 years. And so we've been talking about this idea of being 2 or more years ahead in the 5G race. But if anything, it's expanding. Maybe you could share a few of the statistics of kind of where we are and also a little shadowing of where we're going.

在談到精益網絡性能機器時，我認為現在是停下來並記下您所詢問的這種令人難以置信的資本效率配置文件所提供的內容的好時機。烏爾夫和團隊，你們值得難以置信的榮譽。現在，我們已經為 2.85 億人提供了超大容量的 5G。這是我們的競爭對手——主要競爭對手——都沒有承諾過會做的事情，當然也不會在未來兩年內做。因此，我們一直在討論在 5G 競賽中領先兩年或更長時間的想法。但如果有的話，那就是它正在擴大。也許您可以分享一些有關我們所處位置的統計數據，以及一些我們要去的地方的影子。

Well, thanks, Mike. And yes, the last quarter, we actually pulled ahead in our leadership. And 285 mid-band POPs, we're heading towards 300 by the end of this year. We have to remember that we reached 200 mid-band POPs 2 years ago in 2021. On our low band, we reached 300 2 years ago, where others are now pulling into the station. It gets harder and harder with the POPs as you grow through every 100 million POPs takes about 3x the efforts in terms of upgrading and building new towers to be able to deliver the same POP growth.

嗯，謝謝，邁克。是的，上個季度，我們實際上在領導地位上取得了領先。到今年年底，我們將擁有 285 個中頻段 POP，目標是 300 個。我們必須記住，我們在 2 年前的 2021 年達到了 200 個中頻段 POP。在我們的低頻段，我們在 2 年前達到了 300 個，而其他人現在正在進入該電台。隨著每 1 億個 POP 的增長，POP 的難度會越來越大，需要大約 3 倍的升級和建造新塔才能實現相同的 POP 增長。

So this network is just fantastic, and we are so proud of it, and we're proud to support also what Callie commented on early, 5G being capable of not only being that tremendous consumer driver, it also drives now more and more of the business inside the enterprise space, which is a dream for Oliver (inaudible), who has followed the 5G for many, many years.

因此，這個網絡非常棒，我們對此感到非常自豪，並且我們很自豪能夠支持 Callie 早期的評論，5G 不僅能夠成為巨大的消費者驅動力，而且現在還推動越來越多的企業空間內的業務，這是奧利弗（聽不清）的夢想，他已經關注 5G 多年了。

On top of that, we have lots of room to move ahead. We have today 255 megahertz of spectrum that is dedicated to 5G on our mid-band. And you have to remember that our low band is all dedicated to 5G. When others are talking about their coverage, they're sharing this between LTE and 5G, and we're not -- we're dedicating spectrum.

最重要的是，我們還有很大的前進空間。目前，我們的中頻段擁有專用於 5G 的 255 兆赫頻譜。而且您必須記住，我們的低頻段全部專用於 5G。當其他人談論他們的覆蓋範圍時，他們是在 LTE 和 5G 之間共享覆蓋範圍，而我們不是——我們正在專用頻譜。

The mid-band megahertz will grow to 200 megahertz dedicated to 5G by the end of the year by migrating more LTE spectrum over to 5G. And then we haven't even started on what we can use for '24 and beyond, which is our C-band. We can use our 345 auction results. We can use our 108 auction results, which is enhancing our 2.5 capabilities even more, and we have yet to refarm spectrum, for example, on AWS as well. So there is just so much more for us to run at, and I couldn't be more excited that we're extending our lead in terms of our network.

通過將更多 LTE 頻譜遷移到 5G，中頻兆赫將在今年年底增長到專用於 5G 的 200 兆赫。然後我們甚至還沒有開始研究我們可以在 24 世紀及以後使用的內容，即我們的 C 頻段。我們可以使用 345 次拍賣結果。我們可以使用 108 個拍賣結果，這進一步增強了我們 2.5 的能力，而且我們還沒有重新分配頻譜，例如在 AWS 上。因此，我們還有很多事情要做，我對我們在網絡方面擴大領先地位感到非常興奮。

Well, it's a good thing you are because we're filling it up. So what's interesting is that with 3.7 million high-speed internet customers and rapidly growing, the average speeds on our network are not just twice as fast as our competitors, but growing. We're speeding up, not slowing down on this network in terms of the average person's lived experience. And that's just phenomenal. And it's -- and we've got tons of capacity that we have not yet rolled out, which opens up more and more opportunity on our way to not only the 7 million to 8 million high-speed internet customers, but our ability to, with the best network, continue to take share from our competitors.

嗯，你是件好事，因為我們正在填滿它。有趣的是，隨著 370 萬高速互聯網客戶的增長，我們網絡的平均速度不僅是競爭對手的兩倍，而且還在不斷增長。就普通人的生活體驗而言，我們在這個網絡上正在加速，而不是減速。這真是太驚人了。我們還有大量尚未推出的容量，這不僅為我們的 700 萬至 800 萬高速互聯網客戶提供了越來越多的機會，而且為我們的能力提供了，憑藉最好的網絡，不斷從競爭對手手中奪取市場份額。

We said at the beginning, we had a 2-plus year advantage, and we would have it for the duration of the 5G era, and you're proving us right with that work. So thank you.

我們一開始就說過，我們有兩年多的優勢，而且我們會在整個 5G 時代都保持這種優勢，你們用這項工作證明了我們的正確性。所以謝謝。

Your next question comes from the line of Simon Flannery with Morgan Stanley.

您的下一個問題來自摩根士丹利的西蒙·弗蘭納里 (Simon Flannery)。

Just following up, if I could, on that spectrum deployment. I think in the past, you've talked about rolling out fixed wireless to a majority of the U.S. Perhaps you could just help us understand where you are on coverage today with the base offer and how that should evolve over time now that you're at 285 going to 300. And I guess a related question is for Ulf. You didn't mention the millimeter wave. I know you've been looking at potentially a macro overlay product. How are you thinking about that at the moment or attacking MDUs with millimeter wave.

如果可以的話，我只是跟進頻譜部署情況。我想在過去，您曾談論過向美國大部分地區推出固定無線網絡。也許您可以幫助我們了解您目前的基本服務覆蓋範圍，以及隨著時間的推移，您的基本服務應如何發展從 285 到 300。我想烏爾夫有一個相關的問題。你沒有提到毫米波。我知道您一直在尋找潛在的宏覆蓋產品。你現在怎麼想這個問題或者用毫米波攻擊MDU？

Well, let's start with the millimeter wave question and then we can come back to the coverage on fixed wireless. I can touch on that one.

好吧，讓我們從毫米波問題開始，然後我們可以回到固定無線的覆蓋範圍。我可以談談那個。

Right. So we are actually using millimeter wave today. We have deployments that we early on started off in Manhattan, for example, in Los Angeles in some areas where we really have that extraordinary capacity need, we can use the tool of millimeter wave. Our general strategy is not based on millimeter wave. It's based on a macro strategy, which is our layered approach with our low band and our mid-band and now also deploying our PCS spectrum for 5G.

正確的。所以我們今天實際上使用的是毫米波。我們很早就在曼哈頓開始了部署，例如在洛杉磯，在我們確實有非凡容量需求的一些地區，我們可以使用毫米波工具。我們的總體策略不是基於毫米波。它基於宏觀戰略，即我們採用低頻段和中頻段的分層方法，現在還為 5G 部署 PCS 頻譜。

But millimeter wave could also be potentially an interesting play for us when it comes to enhancing capacities that could be used, for example, for HSI. And we are working with our vendors, and we are working through our OEMs to figure out if we can make a viable economic and technical performance case out of that with them.

但在增強可用於恆指等的能力方面，毫米波對我們來說也可能是一個有趣的領域。我們正在與我們的供應商合作，我們正在與我們的原始設備製造商合作，以確定我們是否可以與他們一起制定可行的經濟和技術性能案例。

And that kind of bridges to your second question. Maybe this is a good time to remind everybody how our capacity model works for fixed wireless access. Essentially, right now, we serve about the potential of about 50 million homes, but they're not in certain geographies. They're geographically dispersed all over the U.S. because the way our model works is we're selling excess capacity sector by sector.

這就是你的第二個問題的橋樑。也許現在是提醒大家我們的容量模型如何適用於固定無線接入的好時機。本質上，目前我們為大約 5000 萬個潛在家庭提供服務，但這些家庭並不位於某些地區。它們在地理上分散在美國各地，因為我們的模式運作方式是我們逐個部門出售過剩產能。

And so what we do is study every sector from every tower in our network and determine what amount of normative smartphone usage will there be over the next several years. And in areas where there's still excess capacity, we today approve applicants for home internet use. And right now, there's about 50 million home addresses, where if you were to go into our tool and apply to be our customer, we'd say, yes, out of the 145 million in the country. But what's interesting is if you and several of your neighbors all did the same, the end person would get a no because it's a dynamic model.

因此，我們所做的就是研究網絡中每個塔的每個部分，並確定未來幾年智能手機的規範使用量。在容量仍然過剩的地區，我們今天批准申請者使用家庭互聯網。目前，大約有 5000 萬個家庭地址，如果您進入我們的工具併申請成為我們的客戶，我們會說，是的，在全國 1.45 億個家庭地址中。但有趣的是，如果你和你的幾個鄰居都做了同樣的事情，最終的人會得到否定的答案，因為這是一個動態模型。

What we're selling is excess capacity. And because of that, what we -- our modeling shows us that we will get to, as we said at the very beginning, about 7 million or 8 million households with this excess capacity model that's not burdened by capital. And since it's not burdened by capital with an already built mobile network that you need for great coverage and competitiveness, we're able to profitably build this business at very low prices.

我們賣的是過剩產能。正因為如此，我們的模型向我們表明，正如我們一開始所說的那樣，大約 700 萬或 800 萬個家庭將擁有這種不受資本負擔的過剩產能模式。由於它不受資本負擔，因此我們能夠以非常低的價格建立這項業務，從而實現盈利。

It's just a win-win for a sort of single-digit penetration part of the market. Now to the premise of your question and what Ulf was getting into, of course, we're studying whether there are ways to go beyond that initial excess capacity capital-free model, capital-free-ish model. And we haven't drawn any conclusions about that yet. I mean, we're looking hard at millimeter wave.

對於個位數滲透率的市場來說，這只是一種雙贏。現在，對於你的問題的前提以及烏爾夫正在研究的內容，當然，我們正在研究是否有辦法超越最初的產能過剩無資本模型，無資本模型。我們還沒有對此得出任何結論。我的意思是，我們正在努力研究毫米波。

We're looking at whether or not dedicating mid-band spectrum to HSI would make sense, whether they're nonstandard-based solutions. And we just haven't drawn any conclusions. It's not immediately obvious that there are economic ways to grow this business beyond its initial single-digit penetration. But you may see us doing trials in the marketplace as we experiment with this and try to crack the code.

我們正在研究將中頻頻譜專用於 HSI 是否有意義，無論它們是否是基於非標準的解決方案。我們只是還沒有得出任何結論。目前尚不明顯的是，是否存在經濟方法可以使該業務的滲透率超越最初的個位數。但您可能會看到我們在市場上進行試驗並嘗試破解代碼。

And so you'll hear about us trying millimeter wave things or MDU strategies or nonstandards-based solutions to see if there's a way to get after it. And you see us trialing fiber, whether or not there's a way for our team, our distribution, our brand to add value in the fiber ecosystem and I've made mention of that before. All these things are things we're doing to try to learn.

因此，您會聽說我們嘗試毫米波技術、MDU 策略或基於非標準的解決方案，看看是否有辦法實現這一目標。你會看到我們正在嘗試纖維，無論我們的團隊、我們的分銷、我們的品牌是否有辦法在纖維生態系統中增加價值，我之前已經提到過這一點。所有這些都是我們正在努力學習的事情。

And the good news is we've got some time because we'll hit this kind of initial terminal sizing of HSI, still we've got 2 more years to run. So our heads are down seeing if there's a way to crack the code on this.

好消息是我們還有一些時間，因為我們將達到恆生指數的這種初始終端規模，但我們還有兩年的時間。所以我們正在低頭看看是否有辦法破解這個密碼。

And of course, any of the things we do there that we just talked about, a capital burden model or something with fiber or all things that would have to be accretive to our Analyst Day guidance that we put out there.

當然，我們剛才談到的任何事情，資本負擔模型或光纖或所有必須增加我們在那裡發布的分析師日指導的東西。

That will come from the line of Tim Horan with Oppenheimer.

這將來自蒂姆霍蘭和奧本海默的血統。

Just curious, why wouldn't you be raising fixed wireless prices now? It seems like you have very, very strong demand from everything we hear out there and you kind of have somewhat limited supply. And I guess related to that, the Go5G plan, can you give us some color what that means for ARPU growth in the next couple of years?

只是好奇，為什麼現在不提高固定無線價格？我們聽到的一切似乎都對您有非常非常強烈的需求，但供應卻有些有限。我想與此相關的是 Go5G 計劃，您能否給我們一些說明，這對未來幾年的 ARPU 增長意味著什麼？

Okay. Let's start with the second one on Go5G and where is ARPU going and ARPA and all that stuff. Peter, we can start with you.

好的。讓我們從 Go5G 的第二個開始，ARPU 和 ARPA 以及所有這些東西的去向。彼得，我們可以從你開始。

Yes, absolutely. I'll let John comment on the success of Go5G Plus. But as I always say, when we think about ARPU and you saw a sequential increase of about $0.20.

是的，一點沒錯。我將讓約翰評論一下 Go5G Plus 的成功。但正如我常說的，當我們考慮 ARPU 時，您會發現環比增加了約 0.20 美元。

And we continue to believe on a year-to-year basis, ARPU will be generally stable. There's probably some potential for sequential increase again from Q2 to Q3 but since it is such a mix-driven metric, and you have to put everything into it, whether we're talking about all the benefits we see from Go5G Plus, whether we talk about the benefits we see from a segmented approach, whether it's military, 55+ and how those might be lower ARPU customers than the average that we see but are high CLV customers coming in very high-quality customers.

我們仍然相信，逐年來看，ARPU 將總體穩定。從第二季度到第三季度，可能有再次連續增長的潛力，但由於它是一個混合驅動的指標，因此您必須將所有內容都投入其中，無論我們是在談論從 Go5G Plus 中看到的所有好處，還是在談論關於我們從細分方法中看到的好處，無論是軍事、55 歲以上，以及這些客戶的 ARPU 可能低於我們看到的平均水平，但 CLV 較高的客戶來自非常高質量的客戶。

Similarly, in business. Business, you tend to get enterprise, government, large accounts that have very, very great CLVs but would have, given the nature of the volume purchasing, lower ARPU. So all of that blends into ARPU that we see as generally stable. But it's the ARPA strategy that we have. It's the switching attracting accounts into T-Mobile and then the land-and-expand ARPA strategy, which you just saw, an exciting update to the guide from plus 1% to slightly over 1% on a year-over-year basis there. And that's really the focus point for us. But -- the question on Go5G Plus, I think, I hand it to John for a moment because it's been a phenomenal success.

同樣，在商業領域。商業方面，您往往會獲得企業、政府、大型客戶的 CLV 非常非常高，但考慮到批量採購的性質，ARPU 會較低。因此，所有這些都融入了 ARPU，我們認為總體穩定。但這是我們的 ARPA 戰略。這是將吸引客戶的賬戶轉移到 T-Mobile，然後是土地和擴張 ARPA 策略，正如您剛才看到的，這是對指南的令人興奮的更新，同比增長從 1% 上升到略高於 1%。這確實是我們關注的焦點。但是，關於 Go5G Plus 的問題，我想，我暫時把它交給約翰，因為它取得了巨大的成功。

Yes. And then I think, Peter, just to remind everybody, the Go5G Plus is really kind of a front book initiative. We're not going into the base and asking people to migrate to Go5G Plus and doing all of that within the base. It's really kind of a front book initiative. But this is going fantastic. And we had an opportunity to mention this on our Q1 earnings call back on April 27, when we launched Phone Freedom, Go5G, Go5G Plus in mid-April. And like Mike said a few moments ago, when you look at the overall porting ratios and the attractiveness of this offer, and what's happening that we've increased our porting ratios every month against every competitor and have followed that through so far in July.

是的。然後我想，Peter，只是提醒大家，Go5G Plus 確實是一種前書倡議。我們不會進入基地並要求人們遷移到 Go5G Plus 並在基地內完成所有這些工作。這確實是一種前書倡議。但這太棒了。我們有機會在 4 月 27 日的第一季度財報電話會議上提到這一點，當時我們在 4 月中旬推出了 Phone Freedom、Go5G、Go5G Plus。正如邁克剛才所說，當您查看整體移植比率和此優惠的吸引力時，以及我們每個月相對於每個競爭對手都提高了移植比率的情況，並且一直到 7 月份都遵循這一趨勢。

And over 60% of the accounts that are joining T-Mobile are now subscribing to Go5G Plus. And there's a utility that's different than Magenta MAX in terms of hotspot data that we've increased in terms of high speed, roaming in Mexico and Canada, across North America that we've increased. But the big pain point that I think Go5G Plus is solving is that new and to promise. First of all, paired with the easy unlock in helping people get out of AT&T and Verizon, mostly AT&T given the unlocked devices, helping people get out of that switch into T-Mobile, but this 3-year contract cycle that AT&T and Verizon has.

超過 60% 的加入 T-Mobile 的帳戶現在訂閱了 Go5G Plus。還有一個與 Magenta MAX 不同的實用程序，我們在熱點數據方面有所增加，在墨西哥和加拿大以及整個北美的高速漫遊方面我們有所增加。但我認為 Go5G Plus 正在解決的最大痛點是新的和有希望的。首先，與輕鬆解鎖相結合，幫助人們擺脫 AT&T 和 Verizon，主要是 AT&T 提供了解鎖設備，幫助人們擺脫這種情況，轉而使用 T-Mobile，但 AT&T 和 Verizon 的這個 3 年合同周期。

We knew this was a big insight and a big opportunity that even I underestimated how big of a pain point that is, the fact that you can basically go to law school and complete law school faster than you can complete a phone contract at AT&T and Verizon. And so that's a huge pain point and the promise of Go5G Plus of being able to get in a new device, same device offer as a new customer every 2 years. It's a differentiated and unique proposition in the marketplace that's really different and is really resonating with customers.

我們知道這是一個偉大的見解和一個巨大的機會，即使我也低估了它的痛點有多大，事實上，你基本上可以比你在 AT&T 和 Verizon 完成電話合同更快地進入法學院並完成法學院學業。 。因此，這是一個巨大的痛點，Go5G Plus 承諾每兩年能夠為新客戶提供新設備、相同的設備。這是市場上的一個差異化和獨特的主張，非常不同，並且真正引起客戶的共鳴。

Well said. Okay. And your last question was about HSI pricing. I'll just answer it briefly. I don't normally give sort of forward-looking commentary on pricing. So I'll answer it this way instead, which is do we see ARPU and are we interested in ARPU enhancement for HSI. And the answer is yes, of course. But generally, when you look at our track record, our philosophy in the past as to how to get about that isn't to jack up people's prices, is to add value to their life, bring new services, show them increased offers and let themselves select their way up. And obviously, we're interested in that in this space.

說得好。好的。你的最後一個問題是關於恆指定價的。我簡單回答一下。我通常不會對定價做出前瞻性評論。所以我會這樣回答，即我們是否看到 ARPU，以及我們是否對 HSI 的 ARPU 增強感興趣。答案當然是肯定的。但總的來說，當你看看我們的業績記錄時，我們過去關於如何實現這一目標的理念不是抬高人們的價格，而是為他們的生活增加價值，帶來新的服務，向他們展示增加的優惠，讓他們他們自己選擇上升的道路。顯然，我們對此領域感興趣。

That will come from the line of Michael Rollins with Citi.

這將來自邁克爾·羅林斯（Michael Rollins）與花旗銀行的血統。

Just following on the earlier comment, on some of the integration milestones that you've hit. What are the activities that are left to get to the full synergy run rate of $7.5 billion for this year's guidance, $8 billion next year? And can you unpack and maybe even size some of the opportunities for further cost efficiencies that may be embedded in your multiyear plan to drive that longer-term margin expansion.

緊接著之前的評論，關於您所達到的一些集成里程碑。為達到今年指導值 75 億美元、明年 80 億美元的全面協同運行率，還需要開展哪些活動？您是否可以分析甚至評估一些進一步提高成本效率的機會，這些機會可能包含在您的多年計劃中，以推動長期利潤率擴張。

Okay. Great, Michael. Well, let's talk about where we are on synergies this year and what's left to be done. I mean on the what's left to be done front, not much the major milestones are behind us, but that doesn't mean the synergy run rates are quite there yet. So maybe you can comment on that dynamic, Peter.

好的。太棒了，邁克爾。好吧，讓我們談談今年我們在協同效應方面的進展以及還有哪些工作要做。我的意思是，在剩下要做的事情方面，我們身後還沒有多少主要里程碑，但這並不意味著協同運行率已經存在。所以也許你可以評論一下這種動態，彼得。

Yes, exactly. A few things in there. Of course, we said we have a small tail of customers to still get over and that will allow the final decommissioning of systems and things to that, whether it's front office, back office, those are the things that are kind of left to do. Certainly, from a cost perspective, there's a little bit in terms of physical decom while the sites are shut off, there's still physical decom happening. And on the synergy development, as we get from $7.5 billion to the $8 billion next year, really, the big chunk of that is avoided costs. So we'll realize the vast majority of the run rate synergies by the end of this year, which you'd naturally expect given we're saying we're substantially done. And then the shift to next year will be fundamentally those avoided site build costs.

對，就是這樣。裡面有一些東西。當然，我們說我們還有一小部分客戶需要克服，這將允許系統和其他事物的最終退役，無論是前台、後台，這些都是剩下要做的事情。當然，從成本角度來看，在站點關閉的情況下，物理解碼方面仍然存在一些物理解碼的情況。在協同發展方面，當我們明年從 75 億美元增加到 80 億美元時，實際上，其中很大一部分是避免的成本。因此，到今年年底，我們將實現絕大多數運行率協同效應，鑑於我們說我們已經基本完成，您自然會期望這一點。然後到明年的轉變將從根本上避免網站建設成本。

And then just one other. Can you just share how T-Mobile is looking at the role and mix of online distribution and how you're viewing the durability of customers wanting a physical retail location to buy an upgrade devices?

然後只是另一個。您能否分享一下 T-Mobile 如何看待在線分銷的角色和組合，以及您如何看待希望在實體零售店購買升級設備的客戶的持久性？

Yes, absolutely. And it kind of goes to the premise of your follow-on question, your initial follow-on question, Michael. I mean, obviously, across consumer markets generally, customers want a transaction that's fast, transparent, simple and mostly digital. And our industry has been very stubborn on that front, mostly due to the complexity of the offers across all the providers. And so that's something that we're very focused on. And I know everybody in the industry is. Our digital capabilities are rapidly improving, especially as it relates to self-service for our customers.

是的，一點沒錯。這有點符合你的後續問題，你最初的後續問題的前提，邁克爾。我的意思是，顯然，在整個消費市場中，客戶通常希望交易快速、透明、簡單且大部分是數字化的。我們的行業在這方面一直非常頑固，主要是由於所有提供商提供的服務非常複雜。所以這是我們非常關注的事情。我知道這個行業的每個人都是。我們的數字能力正在迅速提高，尤其是與客戶的自助服務相關的能力。

It's incredible what's going on left to right in our company as to how we're already applying AI technologies and machine learning to speed things up, serve customers in a better way. And we can get into some examples around that. But because of emerging technologies, there's a lot of potential over the coming years to not only meet customers where they are finally in this industry because we've been kind of slow in this industry due to the complexity of our offers, but also to potentially realize some efficiencies over time.

我們公司從左到右正在發生的事情令人難以置信，我們已經應用人工智能技術和機器學習來加快速度，以更好的方式為客戶服務。我們可以圍繞這個問題舉一些例子。但由於新興技術的出現，未來幾年有很大的潛力，不僅可以滿足客戶最終進入這個行業的需求，而且由於我們提供的產品和服務的複雜性，我們在這個行業的進展有點緩慢。隨著時間的推移，實現一些效率。

And that's a good thing because the cost of competition is high. And as you've seen over the last few years, it's gone up. And so it's all about us seizing opportunities to be able to continue this formula that works so well. And for us to continue to do what we do with this flywheel of success, we can't sit on our hands. We have to be able to seize new opportunities, not necessarily to outperform the promises we made you.

這是一件好事，因為競爭的成本很高。正如您在過去幾年中看到的那樣，它有所上升。因此，我們必須抓住機會，繼續這種行之有效的模式。為了讓我們繼續利用這個成功的飛輪做我們所做的事情，我們不能袖手旁觀。我們必須能夠抓住新的機遇，而不一定要超越我們向您做出的承諾。

Those promises were really high, fulsome promises, but in some cases, to achieve them in light of what we have seen in the past, which is some increased cost of competition. So at the end of the day, it's great for consumers.

這些承諾確實很高，但在某些情況下，根據我們過去所看到的情況來實現這些承諾，這會增加競爭成本。所以歸根結底，這對消費者來說是件好事。

That will come from the line of Rick Prentiss with Raymond James.

這將來自里克·普倫蒂斯和雷蒙德·詹姆斯的血統。

Couple of questions. I want to follow up on the private network question. Where do you feel that private networks -- 5G private networks will become a material enough number on the revenues, an associated question, do you feel customers, whether it's consumer or enterprise really understand what 5G means for them and why they should choose you with your head start. It just seems like the market is still just kind of like, oh, I'm not sure what 5G is.

有幾個問題。我想跟進專用網絡問題。您認為專用網絡——5G專用網絡將在收入中佔據足夠重要的地位，一個相關的問題是，您是否認為客戶（無論是消費者還是企業）真正了解5G對他們意味著什麼以及為什麼他們應該選擇您你的領先優勢。市場似乎仍然有點像，哦，我不確定 5G 是什麼。

On the consumer piece, I kind of agree and what people want is a really strong, powerful signal everywhere they go. That's what they want. And 5G is a means for us to get that better than anyone else. Whether or not they give us credit that the thing that got them that was 5G, I really don't care.

在消費者方面，我有點同意，人們想要的是無論走到哪裡都有一個真正強大的信號。這就是他們想要的。 5G 是我們比其他任何人都更好地實現這一目標的一種手段。無論他們是否相信我們讓他們獲得了 5G，我真的不在乎。

But we have the highest performing network with incredible reach of the high-performing parts of our network, 5G than anybody else. Like by far, like twice the land mass covered of ultra-capacity 5G than our next closest competitor and rapidly expanding, as Ulf explained. And you're right, they don't really give 5G credit for that.

但我們擁有性能最高的網絡，5G 網絡的高性能部分的覆蓋範圍比其他任何公司都高。正如 Ulf 解釋的那樣，到目前為止，超大容量 5G 覆蓋的土地面積是我們最接近的競爭對手的兩倍，並且正在迅速擴張。你是對的，他們並沒有真正認可 5G。

But what they want, make no mistake, is a very powerful signal everywhere they go because they're watching video more than ever, they're glued to their TikTok and their Instagram stories and their sports and their YouTube and their videos and their Zooms and they don't want buffering.

但毫無疑問，他們想要的是無論走到哪裡都能得到一個非常強大的信號，因為他們觀看視頻的次數比以往任何時候都多，他們沉迷於 TikTok、Instagram 故事、體育賽事、YouTube、視頻和 Zoom他們不想要緩衝。

They want that signal with no latency and no buffering and no jitter and that's the power of 5G, whether they give it credit or not. On the Business side, I'll say the short version, which is we don't really know. I mean whether -- to your question, literally material means something in our company, and that's big. We're a big company. We don't know when it will be bigger than a bread basket, but we do know that we're best positioned to capture it. And as Peter pointed out, back at our Analyst Day, 2-plus years ago, we actually did not, for that reason, factor a lot of revenues in or really any at all from some of these advanced 5G network services.

他們希望信號沒有延遲、沒有緩衝、沒有抖動，這就是 5G 的力量，無論他們是否認可。在商業方面，我會說簡短的版本，我們真的不知道。我的意思是，對於你的問題，物質在我們公司是否意味著什麼，這很重要。我們是一家大公司。我們不知道它什麼時候會比麵包籃還大，但我們確實知道我們處於捕獲它的最佳位置。正如彼得在兩年多前的分析師日所指出的那樣，出於這個原因，我們實際上並沒有將大量收入計入這些先進的 5G 網絡服務中，甚至根本沒有計入任何收入。

Our strategy was, let's make sure we are best positioned to capture them. And Callie, I think, very deftly explained some of the things that we're doing in this area with early adopting customers. But when it becomes something that's bigger than a bread basket and really contributes, we don't really know. And because we didn't know, we made you no promises in our long-range plan on it. But I can tell you this promise, as that market develops, we are beautifully positioned to capture it.

我們的策略是，確保我們處於捕獲它們的最佳位置。我認為 Callie 非常巧妙地解釋了我們在這一領域與早期採用客戶所做的一些事情。但當它變得比麵包籃更大並且真正做出貢獻時，我們真的不知道。因為我們不知道，所以我們在長期計劃中沒有向您做出任何承諾。但我可以告訴你這個承諾，隨著市場的發展，我們處於完美的位置來抓住它。

All right. It looks like we're right at time. So I appreciate everybody joining us today. If you have any further questions, please reach out to either Investor Relations or the media relations department. Again, we look forward to talking to you again soon. Thank you.

好的。看來我們來得正是時候。所以我感謝今天大家加入我們。如果您還有任何疑問，請聯繫投資者關係或媒體關係部門。我們再次期待很快再次與您交談。謝謝。

Thanks, everybody.

謝謝大家。

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

女士們、先生們，T-Mobile 第一（原文如此）[第二]季度財報電話會議到此結束。感謝您的參與。您現在可以斷開連接，並度過愉快的一天。