T-Mobile US Inc (TMUS) 2023 Q3 法說會逐字稿

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

早安. （操作員指示）我現在想將會議轉交給 TSU Mobile（原文如此）[T-Mobile US] 高級副總裁兼投資者關係主管 Jud Henry 先生。請繼續。

All right. Welcome to T-Mobile's Third 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.

好的。歡迎參加 T-Mobile 2023 年第三季財報電話會議。今天和我一起參加電話會議的是我們的總裁兼執行長 Mike Sievert； Peter Osvaldik，我們的財務長；以及高階領導團隊的其他成員。

During this call, we'll make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review.

在本次電話會議中，我們將做出前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。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。

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

我們的收益發布、投資者背書和其他與我們的業績相關的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 said, let me kick it over to Mike.

話雖如此，讓我把它交給麥克。

Okay. Thanks, Jud. Good morning, everybody. If you're watching on our webcast, you can see we're coming to you from New York City and I'm here with several members of my senior leadership team, where we're looking forward to discussing another quarter of great results.

好的。謝謝，賈德。大家早安。如果您正在觀看我們的網路廣播，您可以看到我們從紐約市來到您這裡，我和我的高級領導團隊的幾位成員在這裡，我們期待討論另一個季度的出色成果。

Our strategy to deliver the best network, coupled with the best value and the best customer experience, has remained remarkably consistent. And our Q3 results again show how well that strategy is working with another quarter of industry-leading customer and financial growth.

我們提供最佳網路、最佳價值和最佳客戶體驗的策略始終如一。我們第三季的業績再次表明，該策略與行業領先的客戶和財務成長的另一個季度的配合效果如何。

I want to thank our amazing team nationwide. We have tackled a lot of change together recently to position our company for success in the future, and it hasn't all been easy. But this team showed once again what loving customers looks like and how that simple philosophy translates into success.

我要感謝我們全國出色的團隊。最近，我們共同應對了許多變革，以使我們的公司在未來取得成功，但這一切並不容易。但這支團隊再次展現了充滿愛心的客戶是什麼樣子，以及這種簡單的理念如何轉化為成功。

I'm sure you've seen the numbers already. So I'm going to spare you the greatest hits album of all the quarterly results and just [pick up a few things] with a few comments so that we can [get to your questions]. First, as we announced yesterday, I am so proud of our network team for reaching our audacious goal of 300 million people covered with dedicated mid-band 5G over 2 months ahead of our year-end target. We announced this goal nearly 3 years ago and then we got to work and got it done. And to this day, no one else in our industry has stated any plans to match it at any time in the future.

我相信你已經看過這些數字了。因此，我將向您展示所有季度業績中最熱門的專輯，並[挑選一些內容]和一些評論，以便我們可以[回答您的問題]。首先，正如我們昨天宣布的那樣，我為我們的網路團隊感到非常自豪，他們提前 2 個月實現了為 3 億人提供專用中頻 5G 覆蓋的大膽目標。我們在大約三年前宣布了這個目標，然後我們開始努力並完成了它。直到今天，我們行業中還沒有其他人表示在未來任何時候有任何與之相匹配的計劃。

I know it may get confusing with others celebrating their C-band deployments, which might have the casual observer believe our network lead could be narrowing. But the opposite is true. In fact, even after their C-band deployments, according to Ookla, T-Mobile's nationwide median speeds were double the next competitor's speeds in September. Double in September. And our mid-band 5G square mile coverage is also double the next closest competitor, meaning others still have a lot of wood to chop beyond just population-dense pockets to ever reach the expansive geography where T-Mobile is today.

我知道這可能會讓其他人慶祝他們的 C 頻段部署感到困惑，這可能會讓不經意的觀察者相信我們的網路領先優勢可能正在縮小。但事實恰恰相反。事實上，根據 Ookla 的說法，即使在部署 C 頻段之後，T-Mobile 9 月的全國平均速度仍是下一個競爭對手速度的兩倍。九月雙倍。我們的中頻5G 平方英里覆蓋範圍也是第二大競爭對手的兩倍，這意味著其他公司除了人口密集的地區之外，還有很多工作要做，才能到達T-Mobile 今天所處的廣闊地理區域。

And we have more spectrum dedicated to 5G than anyone else before we've even begun to deploy our C-band, our 3.45-gigahertz spectrum or Auction 108 2.5 gigahertz licenses, let alone refarming our AWS. Listen, we started the 5G era 2 years ahead of the competition, and today, we remain 2 or more years ahead. And I predict that 2 years from now, we still will be.

在我們開始部署 C 頻段、3.45 GHz 頻譜或拍賣 108 個 2.5 GHz 授權之前，我們擁有比其他任何人都多的專用於 5G 的頻譜，更不用說重新分配我們的 AWS 了。聽著，我們比競爭對手提前 2 年開啟了 5G 時代，而今天，我們仍然領先 2 年或更多年。我預測兩年後，我們仍然會這樣做。

What this all translates to is a superior customer experience. We're rapidly putting our spectrum resources to work for the benefit of consumers and businesses and we're doing it with the best capital efficiency in the industry. The most exciting part, many prospective customers are only just beginning to take notice that T-Mobile is the overall network leader, leaving lots of growth runway ahead.

這一切意味著卓越的客戶體驗。我們正在迅速將我們的頻譜資源用於造福消費者和企業，並且我們正在以業內最佳的資本效率來做到這一點。最令人興奮的是，許多潛在客戶才剛開始注意到 T-Mobile 是整體網路領導者，還有很大的成長空間。

And we're also expanding on our long-held fame for delivering the best value. Our latest Un-carrier move is freeing customers locked into 3-year contracts, and our new Go5G rate plans are delivering the most feature-rich options in wireless. Phone Freedom has turned out to be one of our most exciting Un-carrier moves ever, and it continues to bring high-quality switchers to T-Mobile, as you could see in our industry-leading postpaid account growth.

我們也正在擴大我們長期以來因提供最佳價值而享有的聲譽。我們最新的 Un-Carrier 措施讓客戶擺脫了 3 年合約的束縛，而我們新的 Go5G 費率方案則提供了功能最豐富的無線選項。事實證明，電話自由是我們有史以來最令人興奮的無運營商舉措之一，它繼續為T-Mobile 帶來高品質的切換器，正如您在我們行業領先的後付費帳戶增長中看到的那樣。

We're also executing on our ARPA revenue growth strategy, posting another strong quarter, well over plus 1% versus a year ago, and revenue per account on the strength of Go5G Plus and multiple products.

我們也執行 ARPA 營收成長策略，憑藉 Go5G Plus 和多種產品的優勢，再創一個強勁的季度，與一年前相比成長了 1% 以上，每個帳戶的收入也成長了 1%。

Some have asked, if our new higher-value rate plans are our most popular with consumers, then why isn't ARPU growing faster, too? And I'll point out that consumer ARPU does continue to grow even after offsets from growing segments like 55+ and Military. And consumer overall is being partially offset by profitable growth in the enterprise space at somewhat lower ARPUs but attractive CLVs, a development that's contributing well to our financial growth.

有人問，如果我們新的高價值費率方案最受消費者歡迎，那麼為什麼 ARPU 成長速度卻沒有更快呢？我要指出的是，即使在 55 歲以上和軍事等不斷增長的細分市場抵消影響後，消費者 ARPU 確實仍在繼續增長。整體消費者的成長被企業領域的利潤成長所部分抵消，其 ARPU 略低，但 CLV 有吸引力，這一發展對我們的財務成長做出了巨大貢獻。

And we're doing all of this within a backdrop of a wireless industry that continues to grow service revenues and cash flows, while simultaneously seeing customers win from healthy competition that delivers more value and better networks. In fact, this industry produces cash flow and EBITDA much higher than 5 years ago while, at the same time, customers are enjoying 3x more data at 4x higher speeds while paying just a fraction of the price per unit consumed versus before. And that's before factoring in the expanded device promotions now routinely offered.

我們在無線行業的背景下完成所有這一切，該行業的服務收入和現金流持續增長，同時看到客戶從提供更多價值和更好網路的良性競爭中獲勝。事實上，該行業產生的現金流和EBITDA 遠高於5 年前，同時，客戶可以以4 倍的速度享受3 倍以上的數據，而只需支付與以前相比每單位消耗價格的一小部分。這還不包括現在例行提供的擴大的設備促銷活動。

A vibrant, profitable business delivering rapidly improving network service and value. That's the win-win 5G dividend nobody's talking about. And it helps to showcase why T-Mobile's 5G leadership is so important. This is certainly true in T-Mobile for Business where we had the highest ever account net adds overall and our highest-ever postpaid nets in enterprise based on the strength of our 5G-enabled solutions.

一個充滿活力、有利可圖的企業，提供快速改進的網路服務和價值。這就是無人談論的雙贏5G紅利。這有助於展示為什麼 T-Mobile 的 5G 領導地位如此重要。這在 T-Mobile for Business 中確實如此，基於我們支援 5G 的解決方案的優勢，我們擁有有史以來最高的整體帳戶淨增加量和有史以來最高的企業後付費網路。

Consumers are also choosing T-Mobile above all others. Prime network seekers in the top 100 markets increasingly recognize that T-Mobile offers the best combination of network coverage and capacity to meet their needs. And for the first time ever, T-Mobile also won the highest share of switchers in smaller markets and rural areas in Q3.

消費者也優先選擇 T-Mobile。前 100 個市場中的優質網路尋求者越來越認識到 T-Mobile 提供的網路覆蓋範圍和容量的最佳組合可以滿足他們的需求。第三季度，T-Mobile 也首次在較小市場和農村地區贏得了最高的切換者份額。

Broadband also had another strong quarter. We now serve over 4.2 million customers who are enjoying a great experience with Net Promoter Scores that remain more than 30 points higher than cable with churn improving year-over-year as well. We remain very much on pace for our longer-term goals with 5G broadband.

寬頻也有另一個強勁的季度。現在，我們為超過 420 萬客戶提供服務，他們享受著出色的淨推薦值體驗，淨推薦值比有線電視高出 30 分以上，客戶流失率也逐年改善。我們仍然非常努力地實現 5G 寬頻的長期目標。

Overall, our customer growth strategy remains differentiated and durable resulting in industry-leading service revenue growth, both at the total company level and at the postpaid service revenue level where most of the value is created, which grew more than 6% or more than 1.5x the growth rate of peers.

整體而言，我們的客戶成長策略仍保持差異化和持久性，從而實現了業界領先的服務收入成長，無論是在整個公司層面還是在創造大部分價值的後付費服務收入層面，成長超過6%或超過1.5 x 同業增長率。

That top line leadership, coupled with our synergy realization and focus on cost efficiencies, drove double-digit growth in core adjusted EBITDA with the highest free cash flow conversion in the industry. This allows us to not only raise our guidance for this year again, it also gives us excitement and confidence in the future.

這種頂級領導地位，加上我們實現協同效應和對成本效率的關注，推動了核心調整後 EBITDA 實現兩位數增長，並實現了業內最高的自由現金流轉換。這不僅讓我們再次提高了今年的指引，也讓我們對未來感到興奮和信心。

With our significant growth opportunities continuing to scale with lots of room to run, it sets us up for sustained leadership in both customer and service revenue growth as we look ahead.

隨著我們重要的成長機會繼續擴大，並有很大的運作空間，這使我們在展望未來時能夠在客戶和服務收入成長方面保持領先地位。

And we see opportunities amid the rapidly changing technology landscape as well all across our business to drive further revenue growth, margin expansion and free cash flow growth that will allow us to fund our growth investments in our customers and network as well as provide the potential for substantial ongoing shareholder returns.

我們在快速變化的技術環境以及整個業務中看到了推動收入進一步成長、利潤率擴張和自由現金流成長的機遇，這將使我們能夠為客戶和網路的成長投資提供資金，並為我們的客戶和網路提供成長潛力。持續的可觀股東回報。

This amazing customer-loving team continues to perform beautifully with so much exciting potential ahead, showing why it's not just a tagline when we say that for customers, employees and investors alike it's better over here at T-Mobile.

這個令人驚嘆的熱愛客戶的團隊繼續表現出色，未來擁有如此令人興奮的潛力，這表明為什麼當我們說「對於客戶、員工和投資者來說，T-Mobile 更好」時，這不僅僅是一個口號。

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

好的，彼得，現在請您談談我們的主要財務亮點和我們的指導的最新情況。

All right. Thanks, Mike. Our ongoing delivery of best-in-class customer and financial growth quarter after quarter enables us to increase our guidance once again. So let's jump into the details.

好的。謝謝，麥克。我們逐季持續提供一流的客戶和財務成長，使我們能夠再次提高我們的指導。那麼讓我們深入了解細節。

We now expect total postpaid net customer additions to be between 5.7 million and 5.9 million, up 50,000 at the midpoint. This reflects continued progress across all our core growth initiatives, partially offset by the deactivation of lower ARPU postpaid other data devices in the education sector, the largest of which arose during Q3.

我們目前預計後付費淨新增客戶總數將在 570 萬至 590 萬之間，中間值增加 5 萬。這反映出我們所有核心成長計畫的持續進展，但部分被教育領域 ARPU 較低的後付費其他數據設備的停用所抵消，其中最大的設備出現在第三季度。

As you know, our ability to uniquely solve customer pain points led to significant connection growth in the educational sector during the pandemic, supporting the rapid need for remote learning solutions. As things are increasingly returning to normal, we had anticipated many of these connections to roll off in 2023 and do not expect the deactivation of these educational connections to have any material impact to service revenue looking forward.

如您所知，我們獨特地解決客戶痛點的能力導致大流行期間教育行業的連接顯著增長，滿足了對遠距學習解決方案的快速需求。隨著事情逐漸恢復正常，我們預計其中許多連結將在 2023 年停止，並且預計這些教育連結的停用不會對未來的服務收入產生任何實質影響。

Included in the 5.7 million to 5.9 million is our expectation of approximately 3 million postpaid phone net additions for the full year.

我們預計全年後付費電話淨新增數量約 300 萬部，其中包括 570 萬至 590 萬部。

Our focus on profitable growth allows us to fund those higher postpaid phone net adds and still increase our core adjusted EBITDA expectation, which we now expect to be between $29 billion and $29.2 billion. This is up over 10% year-over-year at the midpoint, fueled by higher service revenues and synergies and excludes leasing revenues of approximately $300 million as we transition substantially all remaining customers off device leasing by year-end.

我們對獲利成長的關注使我們能夠為更高的後付費電話網路增加提供資金，並仍然提高我們的核心調整後 EBITDA 預期，我們現在預計在 290 億美元至 292 億美元之間。由於服務收入和綜效增加，這一數字年增超過 10%，不包括約 3 億美元的租賃收入，因為我們在年底前基本上所有剩餘客戶都不再租賃設備。

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. Now with the merger integration now substantially behind us, we will discontinue reporting synergies separately from overall business results going forward.

我們的合併綜效預計將在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。現在透過合併整合現在，我們基本上已經落後了，我們將停止將綜效與未來的整體業務績效分開報告。

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 $1.7 billion to $1.9 billion for 2023 as they have underrun the P&L recognition to date.

我們仍預計，不包含在調整後或核心調整後 EBITDA 中的合併相關成本約為稅前 10 億美元。我們現在預計 2023 年現金合併相關成本為 17 億至 19 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, are now expected to be in the range of $18.3 billion to $18.5 billion.

經營活動提供的淨現金（包括支付合併相關成本）目前預計在 183 億美元至 185 億美元之間。

We now expect cash CapEx to be between $9.6 billion and $9.8 billion, delivering our network milestones ahead of schedule at a capital efficiency unmatched in our industry.

我們現在預計現金資本支出將在 96 億美元至 98 億美元之間，以業界無與倫比的資本效率提前實現我們的網路里程碑。

The higher operating cash flows not only fund the increased CapEx, but also allow for a slight increase to free cash flow now expected to be between $13.4 billion to $13.6 billion, which includes payments for merger-related costs. Not only is this up approximately 75% over last year, thanks to our margin expansion and capital efficiency, but also represents a free cash flow-to-service revenue margin, which is multiple percentage points higher than peers with further expansion expected next year.

較高的營運現金流不僅為增加的資本支出提供資金，而且還使自由現金流略有增加，目前預計在 134 億美元至 136 億美元之間，其中包括支付合併相關成本。由於我們的利潤率擴張和資本效率，這不僅比去年增長了約 75%，而且還代表了自由現金流到服務收入的利潤率，比預計明年進一步擴張的同行高出多個百分點。

Consistent with the entire year -- related free cash flow guidance does not assume any material net cash inflows from securitization.

與全年相關的自由現金流指引一致，並未假設任何來自證券化的實質淨現金流入。

Turning to income taxes. We continue to expect our full year effective tax rate to be between 24% and 26%.

轉向所得稅。我們仍然預計全年有效稅率在 24% 至 26% 之間。

And finally, we continue to expect full year postpaid ARPA to increase slightly more than 1% as we continue to expand our account relationships as part of our land-and-expand account strategy to grow service revenue.

最後，我們繼續預計全年後付費 ARPA 將成長略高於 1%，因為我們將繼續擴大我們的客戶關係，作為我們增加服務收入的土地和擴張客戶策略的一部分。

In closing, our differentiated and profitable growth strategy continues to deliver industry-leading growth in service revenue, core adjusted EBITDA and free cash flow along with the highest free cash flow conversion in the industry to unlock shareholder value.

最後，我們的差異化獲利成長策略持續在服務收入、核心調整後 EBITDA 和自由現金流方面實現領先業界的成長，以及業界最高的自由現金流轉換，以釋放股東價值。

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

現在，我將把電話轉回給賈德，開始問答。

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

好吧，讓我們來回答你的問題。 （操作員說明）我們先透過電話提問。接線員，第一個問題。

Our first question is from the line of John Hodulik with UBS.

我們的第一個問題來自瑞銀集團的 John Hodulik。

Two questions, if I can. First of all, the comments on the rapid share gains in the rural markets were sort of new this quarter. Mike, anything you could tell us about sort of where you are and sort of how much room you have to grow to penetrate these markets?

有兩個問題，如果可以的話。首先，關於農村市場份額快速增長的評論在本季有些新鮮。麥克，您能告訴我們您現在的處境以及您需要多大的發展空間才能滲透這些市場嗎？

And then secondly, maybe for Peter, there was a comment in the 10-Q about the workforce reduction and the fact that it would drive OpEx down on a year-over-year basis in '24. I guess two parts there. One, are there any way you could sort of quantify the OpEx reduction? And are there other factors involved that are potentially allowing you to see that OpEx reduction on a year-over-year basis?

其次，也許對 Peter 來說，10-Q 中有一個關於勞動力減少的評論，以及這將導致 24 年營運支出同比下降的事實。我猜有兩個部分。第一，有什麼方法可以量化營運支出的減少嗎？是否還有其他因素可能讓您看到營運支出較去年同期下降？

Okay, John. Let's start with Jon Freier, who maybe can give a little color on what we're seeing in smaller markets and rural areas.

好的，約翰。讓我們從 Jon Freier 開始，他或許可以為我們在較小市場和農村地區所看到的情況提供一些資訊。

As you heard in my prepared remarks, this is a huge milestone because T-Mobile achieved leadership in share of switchers for the first time ever across the entirety of what we call smaller markets and rural areas, which is about 40% of the country.

正如您在我準備好的演講中所聽到的，這是一個巨大的里程碑，因為T-Mobile 首次在整個我們所說的較小市場和農村地區（約佔全國的40%）在切換者份額方面取得了領先地位。

Yes, you bet, Mike. So yes, just picking up on that. 40% of the country, everything else out of the top 100 markets, is how we define smaller markets and rural areas. It's about 140 million people, 50 million households, and again, 40% of the market. And we just could not be more delighted. I've been talking to you about this for a couple of years now relative to our ambitions in smaller markets and rural areas and bringing real 5G.

是的，你敢打賭，麥克。所以是的，只是繼續關注這一點。全國 40% 的地區（前 100 個市場中的其他地區）是我們定義較小市場和農村地區的方式。大約有 1.4 億人、5000 萬個家庭，佔了 40% 的市場。我們非常高興。幾年來，我一直在與大家討論這個問題，涉及我們在較小市場和農村地區的雄心壯誌以及帶來真正的 5G。

When you think about a lot of the places that we're playing, we're bringing the only 5G network into town, and given the announcement that we just made a couple of days ago around 5G Ultra Capacity, now bringing that to 300 million people across the entire country. So it's a huge opportunity. When we bring the network, we're bringing the distribution, we're bringing our marketing and our special sauce relative to our value proposition and more choice to smaller markets and rural areas. And it's been fantastic.

當你想到我們正在做的很多地方時，我們正在將唯一的 5G 網路引入城鎮，考慮到我們幾天前剛發布的有關 5G 超大容量的公告，現在將其數量增加到 3 億全國人民。所以這是一個巨大的機會。當我們帶來人脈時，我們帶來了分銷，我們帶來了與我們的價值主張相關的行銷和特殊醬料，以及為較小市場和農村地區提供更多選擇。這太棒了。

It's a huge milestone for us to be across all these markets now the leader of share of port-ins. We're not playing in all the markets, just as a reminder. It's about 70% of the markets that we're playing in. We're not even playing across all the markets. And even with that, now we're the share leader in terms of -- share taker, I should say, not necessarily a share leader, but share taker.

對我們來說，現在在所有這些市場上成為移植份額的領導者是一個巨大的里程碑。我們並沒有涉足所有市場，只是提醒一下。我們涉足的市場大約有 70%。我們甚至沒有涉足所有市場。即便如此，現在我們在股票接受者方面是股票領導者，我應該說，不一定是股票領導者，而是股票接受者。

And I've mentioned this a few times, we've had a dedicated team, was a big part of our success and smaller markets, rural areas and really getting active this with our dedicated team that's focused on driving the kind of commercial success that we're looking for. And our overall ambition is unchanged, and we're right on track to hit 20% share of household by the end of 2025.

我已經多次提到這一點，我們有一支敬業的團隊，這是我們成功的重要組成部分，在較小的市場、農村地區，我們的敬業團隊真正積極地參與其中，專注於推動商業成功，我們正在尋找。我們的總體目標沒有改變，我們預計在 2025 年底前達到 20% 的家庭份額。

You take these last couple of quarters and drag them, right? We'll be the share leader soon enough for smaller markets and rural areas.

你把最後幾季拖走，對吧？我們很快就會成為較小市場和農村地區的市場份額領導者。

Peter, any comments on OpEx for 2024? Why don't you just go ahead and roll out the guidance for 2024?

Peter，對 2024 年的營運支出有何評論？為什麼不直接推出 2024 年的指導方針呢？

Yes. Exactly.

是的。確切地。

You got up early. I think you got up early, Peter.

你起得很早。我想你起得很早，彼得。

Yes. I got up too early to roll out '24 guidance, that's for sure. But in your question of workforce transformation, look, I think Mike touched upon it at the beginning and you saw us comment around this before. This is really about a tough set of actions. But as we got through the balance of the integration, we had to make some changes.

是的。我起得太早了，無法推出 24 小時指導，這是肯定的。但在你關於勞動力轉型的問題上，我認為麥克一開始就談到了這個問題，你之前也看到我們對此發表過評論。這實際上是一系列艱難的行動。但當我們完成了整合的平衡後，我們必須做出一些改變。

That's what this team does: it looks around corners and it says we need to make sure we create clarity in operating of this organization, bring that entrepreneurial spirit back and make sure that we're looking at what are the headwinds and what are the tailwinds.

這就是這個團隊所做的：它環顧四周，它說我們需要確保我們在這個組織的運作中保持清晰，帶回創業精神，並確保我們正在考慮什麼是逆風和什麼是順風。

As we think about what we laid out at Analyst Day, which seems like so long ago, with respect to 2024 and what we're going to do there, a lot in the world has changed. But it's a set of all of these tailwinds and actions that we've created that still gives us confidence that we think certainly from a core EBITDA perspective, again, I'm not going to roll out all the '24 guidance, that we're going to come right in there in the middle of the range. And these are the kind of actions that are necessary to create that opportunity and keep bringing the ability to invest in customers and the network and the business as we are.

當我們思考我們在分析師日上製定的關於 2024 年的計劃以及我們將在那裡做什麼時，世界已經發生了許多變化。但我們創造的所有這些順風車和行動仍然讓我們有信心，我們肯定從核心 EBITDA 的角度來看，我不會推出所有「24 指導方針，我們將來到範圍的中間。這些都是創造機會並不斷帶來投資於客戶、網路和業務的能力所必需的行動。

I was kind of kidding, but you did roll out the guidance. That's pretty good. It is remarkable that we did this Analyst Day years ago, I think early in '21, and laid out several years of expectations. And as we sit here today, knocking on 2024, we're able to outlook a year next year that looks just like we had anticipated right down the middle.

我有點開玩笑，但你確實推出了指導。那很好。值得注意的是，我們幾年前（我想是在 21 世紀初期）舉辦了分析師日活動，並提出了幾年的期望。當我們今天坐在這裡，敲響 2024 年時，我們可以展望明年，它看起來就像我們中間的預期一樣。

And that's something that I'm particularly proud of, given that it's not all like we thought. I mean, it's really different than we thought. And yet we make course corrections as we go to keep the promises that we made to you front and center: a vibrant, growing business, developing EBITDA and cash flow and doing breakthrough things for customers and businesses. And that's what's happening. So we couldn't be more excited about next year.

這是我特別自豪的事情，因為事情並不像我們想像的那樣。我的意思是，這真的和我們想像的不一樣。然而，我們會做出調整，以兌現我們向您做出的首要承諾：充滿活力、不斷成長的業務，發展 EBITDA 和現金流，並為客戶和企業做出突破性的事情。這就是正在發生的事情。因此，我們對明年感到無比興奮。

Our next question is from the line of Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

Mike, you talked about some of the additional growth opportunities and perhaps if you just revisit the fiber pilot and how that's going, how you're thinking about that. There's been a lot of speculation about different assets. I think you've talked about in the past about asset light.

麥克，您談到了一些額外的成長機會，也許您重新審視光纖試點以及它的進展以及您的想法。人們對不同的資產有許多猜測。我想您過去曾談論過輕資產。

And then related to that, fixed wireless expansion and analyzing millimeter wave, overlay solutions and other ways to add capacity, any updates on that? It sounds like you still got C-band and 3.45 to bring to bear on that. But any color there would be great.

與此相關的是，固定無線擴展和分析毫米波、覆蓋解決方案和其他增加容量的方法，有什麼更新嗎？聽起來你仍然有 C 頻段和 3.45 來發揮作用。但任何顏色都會很棒。

Yes. Thanks, Simon. Well, nothing's changed in terms of our philosophy and approach as it relates to broadband. And just to take you back, what we had said still holds, which is we are conducting all kinds of experiments in the space, including observing our national performance in 5G home broadband which, if anything, that performance and the resonance of our brand and our team's ability to execute in the space, along with the trials that we're doing in fiber only bolster our confidence that our brand and our team belong in this market.

是的。謝謝，西蒙。嗯，我們與寬頻相關的理念和方法沒有任何改變。回想一下，我們所說的仍然有效，那就是我們正在該領域進行各種實驗，包括觀察我們在 5G 家庭寬頻方面的國家表現，如果有的話，那就是我們的品牌表現和共鳴，以及我們團隊在該領域的執行能力，以及我們在纖維方面所做的試驗，只會增強我們對我們的品牌和團隊屬於這個市場的信心。

But nothing has changed in terms of our philosophy. We like this business model. And to the extent we make investments or partnerships in the area, our view is it should be capital-light, generally off-balance sheet, et cetera.

但我們的理念沒有任何改變。我們喜歡這種商業模式。就我們在該領域進行的投資或合作而言，我們的觀點是它應該是輕資本的，通常是表外的，等等。

Speculation, I know, is out there. I can clarify, we're not the partner to [Jana] in the transaction that was rumored a couple of weeks ago, although we remain interested in partnerships like the kinds we have rolled out pilots around and other constructs that are generally capital-light, generally off-balance sheet.

我知道，猜測是存在的。我可以澄清一下，在幾週前傳聞的交易中，我們不是[Jana]的合作夥伴，儘管我們仍然對合作夥伴關係感興趣，例如我們已經推出的試點和其他通常資本較少的結構，一般在資產負債表外。

And that's for a reason. We're performing really well and demonstrating through our test as well as our broad scale performance in 5G home broadband that our brand and our team belong in this space, and we can create value.

這是有原因的。我們的表現非常好，並通過我們的測試以及我們在 5G 家庭寬頻方面的廣泛表現證明，我們的品牌和我們的團隊屬於這個領域，我們可以創造價值。

As it relates to new ways to do wireless broadband, you said at the very end there, and I mentioned in my remarks, Ulf and team now that they've reached 300 million people with mid-band Ultra Capacity 5G are now setting about the task of deploying all of our spectrum resources to that base. And we're only just beginning. We have the bulk of our 2.5 gigahertz now rolling out, but our target is to be at 200 megahertz around the end of this year deployed against the 300 million people. And then more room to run next year because, as I said, we have Auction 108 proceeds still pending, we have C-band that we haven't deployed, 3.45 as well as refarming potential from spectrum being used for LTE right now like AWS.

因為它涉及無線寬頻的新方法，你在最後說過，我在發言中也提到過，Ulf 和團隊現在已經為 3 億人提供了中頻超容量 5G，現在正在著手製定將我們所有頻譜資源部署到該基地的任務。而我們才剛開始。我們現在已經推出了大部分 2.5 GHz 頻段，但我們的目標是在今年年底左右為 3 億人部署 200 MHz 頻段。然後明年還有更多的運行空間，因為正如我所說，我們還有 108 號拍賣收益懸而未決，我們還有尚未部署的 C 頻段、3.45 以及目前用於 LTE 的頻譜的重新分配潛力，如 AWS 。

And so lots of room to run as it relates to pouring new capacity into this network. And that means we, right now, at a broad scale, are not looking at alternatives to that from a wireless standpoint. We use millimeter wave pretty strategically in very dense places, and so far, that's a great use for it.

因此有很大的運行空間，因為這涉及向該網路注入新容量。這意味著我們目前並沒有從無線的角度尋找替代方案。我們在非常密集的地方非常策略性地使用毫米波，到目前為止，這是它的一個很好的用途。

I will say, as we said last time, so no change, that we remain open-minded to whether there are techniques that would allow us to deploy capital specifically for 5G broadband and make a great return for you. But so far, we haven't drawn any conclusions that, that's a scalable opportunity for us.

我要說的是，正如我們上次所說的那樣，沒有任何改變，我們對是否有技術可以讓我們專門為 5G 寬頻部署資本並為您帶來豐厚回報保持開放的態度。但到目前為止，我們還沒有得出任何結論，這對我們來說是一個可擴展的機會。

Our next question is from the line of Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

Two, if I can. One, Peter, can you talk about potential savings from the layoffs in August? And will those hit the fourth quarter or should we think of that all next year?

兩個，如果可以的話。第一，彼得，你能談談八月裁員可能帶來的節省嗎？這些會出現在第四季嗎？還是我們應該考慮明年？

And then maybe one for Callie. Can you talk about the contribution of business to subscriber growth numbers? And what's the typical ARPU of your business [formats]?

然後也許是給凱莉的。能談談業務對用戶成長數量的貢獻嗎？您的業務[格式]的典型 ARPU 是多少？

Okay. Let's start with Callie on business and then we'll go to another crack at OpEx. So what's going on in business, Callie?

好的。讓我們從 Callie 的業務開始，然後我們將討論 OpEx 的另一個問題。那麼，凱莉，生意上發生了什麼事？

Well, thanks, Phil, for the question. And I'll tell you, as a result of our network leadership and the solutions that are built for today's unique challenges of a CIO, we continue to deliver highly profitable growth. One of our highest postpaid phone net adds and lowest phone churn quarters in history, and delivered results once again that outperformed our benchmark competitor.

嗯，謝謝菲爾提出這個問題。我會告訴您，由於我們的網路領導力和針對當今 CIO 的獨特挑戰而建立的解決方案，我們將繼續實現高利潤成長。這是我們歷史上後付費電話網絡增加量最高和電話流失率最低的季度之一，並再次取得了優於我們基準競爭對手的業績。

This quarter also, we delivered our highest enterprise postpaid net adds ever. So we're seeing growth in all segments in small business and in enterprise.

本季度，我們也實現了有史以來最高的企業後付費淨增量。因此，我們看到小型企業和企業的所有領域都在成長。

As for the macro environment, while there's probably a portion that are pricing sensitive, we know from years of experience that price alone doesn't determine a win with enterprise and government who are uncompromising when it comes to network performance and complete solutions. Solutions like we recently deployed at Boston Children's Hospital, which is the health care industry's first-ever hybrid 5G network solution for over 18 buildings, which is supporting critical applications, not only reliable connectivity, but also with security and MDM solutions for doctors to provide telehealth services to their patients.

至於宏觀環境，雖然可能有一部分對價格敏感，但我們從多年的經驗中知道，單靠價格並不能決定企業和政府的勝利，他們在網路效能和完整解決方案方面毫不妥協。像我們最近在波士頓兒童醫院部署的解決方案，這是醫療保健行業有史以來第一個針對超過18 棟建築的混合5G 網路解決方案，它支援關鍵應用，不僅提供可靠的連接，還為醫生提供安全和MDM 解決方案為患者提供遠距醫療服務。

So let me pause there, and Mike, see if there's anything.

讓我暫停一下，麥克，看看有沒有什麼。

Yes. And specifically on ARPU, we said in our prepared remarks it's somewhat lower than consumer, but highly accretive from a CLV and value-creation standpoint. So these are great customers. We are finding, as Callie said, that enterprises are not picking us because we're the lowest price, although we compete ambitiously on price. They're picking us because of the solutions that Callie's team has brought to the market. And that's very helpful from a value-creation standpoint for us.

是的。特別是在 ARPU 方面，我們在準備好的評論中表示，它略低於消費者，但從 CLV 和價值創造的角度來看，它具有很高的增值性。所以這些都是很棒的客戶。正如卡莉所說，我們發現，儘管我們在價格上雄心勃勃地競爭，但企業並不是因為我們的價格最低而選擇我們。他們選擇我們是因為 Callie 團隊為市場帶來的解決方案。從價值創造的角度來看，這對我們非常有幫助。

So we continually look at the customer lifetime value, net of all the cost, to serve these customers and find that enterprise customers are highly attractive and therefore contributing to our financial results. And that's why Peter always warns you ARPU's a mix-driven metric, and we're not solving for it. We're solving for value creation and return on our effort and investment. And enterprise is a great place to put our effort and investment.

因此，我們不斷關注客戶的生命週期價值（扣除所有成本），以服務這些客戶，並發現企業客戶​​非常有吸引力，因此對我們的財務表現做出了貢獻。這就是為什麼 Peter 總是警告您 ARPU 是混合驅動的指標，而我們並沒有解決它。我們正在解決價值創造以及我們的努力和投資的回報。而企業是我們努力和投資的好地方。

And then, Phil, with regards to the [$1 billion] crack at OpEx, so again, the actions that we took are really ways for us to create tailwind and further fuel the growth for the company. And so I'm not giving specific line item, OpEx guide. All of those actions were then contemplated in the updated guide for 2023 that we gave, and again, kind of the teaser we just gave about 2024 and core EBITDA there.

然後，菲爾，關於營運支出的 [10 億美元] 破解，我們採取的行動確實是我們創造順風並進一步推動公司成長的方法。因此，我不會提供具體的項目、營運支出指南。所有這些行動都在我們提供的 2023 年更新指南中得到考慮，同樣，我們剛剛提供了有關 2024 年和核心 EBITDA 的預告片。

Our next question is from the line of Craig Moffett with MoffettNathanson.

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

You guys recently took a price increase for legacy plans. And we've heard a bit about -- it certainly drew some unwelcome press, and we've heard a little bit about pulling back from that a little bit. Can you just talk about the kind of response you've had and how you think about industry pricing going forward and the ability to walk some of your ARPUs higher?

你們最近對舊計劃提價了。我們聽說過一些關於它確實引起了一些不受歡迎的媒體的報道，而且我們也聽說過一些關於從這一點上撤回的消息。您能否談談您收到的回饋以及您對未來產業定價以及提高 ARPU 的能力的看法？

Yes, of course, Craig. And by the way, that was sort of not very accurately reported. So let me just kind of clear it up. As you guys know, because you follow us so closely, more so than the press, we tend to do tests and pilots of things quite a bit to try to figure out what's the right answer. In this case, we had a test cell to try to understand customer interest in and acceptance of migrating off old legacy rate plans to something that's higher value for them and for us. And we had planned to test and did some training around that. And then it leaked. And it leaked as if it was a broad national thing, and it kind of wasn't.

是的，當然，克雷格。順便說一句，這方面的報道並不十分準確。讓我來澄清一下。正如你們所知，因為你們比媒體更密切地關注我們，所以我們傾向於進行大量的測試和試點，試圖找出正確的答案。在這種情況下，我們有一個測試單位來嘗試了解客戶對從舊的傳統費率計劃遷移到對他們和我們來說更高價值的計劃的興趣和接受程度。我們計劃對此進行測試並進行一些培訓。然後它就洩漏了。它被洩露出去，好像這是一件全國性的事情，但事實並非如此。

Now I don't know that we still have to do that test cell because, to your point, we did get plenty of feedback thanks to the erroneous context of the leak. And I think we've learned that particular test cell isn't something that our customers are going to love.

現在我不知道我們是否仍然需要進行該測試單元，因為就您而言，由於洩漏的錯誤背景，我們確實獲得了大量反饋。我認為我們已經了解到，特定的測試單元並不是我們的客戶會喜歡的。

Now exactly none have rolled out. So even to your question that we recently rolled out, we didn't. We had planned it. We had planned it as a test cell and then we aren't doing it because I think we've got plenty of feedback.

現在還沒有推出。因此，即使對於我們最近推出的您的問題，我們也沒有這樣做。我們已經計劃好了。我們曾計劃將其作為測試單元，但我們沒有這樣做，因為我認為我們已經得到了很多回饋。

But maybe, Mike, you can talk about our philosophy on pricing, things we're interested in, what we're hearing from customers and also what we're seeing with Go5G Plus and Next.

但麥克，你也許可以談談我們的定價理念、我們感興趣的事情、我們從客戶那裡聽到的內容以及我們在 Go5G Plus 和 Next 中看到的內容。

Yes. Maybe I can start with that. Go5G Plus and Next have been, like we've talked about the last couple of cycles, incredible successes for us. And it really starts with the fact that these are, hands down, the best value in this industry. If you look at all the features that come with those plans, there's hundreds of dollars of value for customers on a monthly basis with the streaming benefits and the in-flight WiFi and roaming benefits around those plans.

是的。也許我可以從那裡開始。就像我們在過去幾個週期中談到的那樣，Go5G Plus 和 Next 為我們帶來了令人難以置信的成功。這確實始於這樣一個事實：這些毫無疑問是這個行業中最有價值的。如果您查看這些計劃附帶的所有功能，您會發現每月為客戶帶來數百美元的價值，包括這些計劃的串流媒體優惠、機上 WiFi 和漫遊優惠。

But in a time when the market and customers are so focused on device value, there is not a plan in the industry that gives customers more flexibility and more value on device than the Go5G plans do. And you really saw that in this last iPhone cycle where we really differentiated with the flexibility on upgrade. When the rest of the market is at 3 years, we had offers for customers that allowed them to upgrade as frequently as 1 year.

但在市場和客戶如此關注設備價值的時代，業界還沒有一個計畫能夠比 Go5G 計畫為客戶提供更大的靈活性和更多的設備價值。你確實看到了，在上一個 iPhone 週期中，我們透過升級的靈活性真正實現了差異化。當市場上的其他產品都是 3 年時，我們為客戶提供了允許他們以 1 年的頻率升級的優惠。

Those plans really create the platform for our core pricing strategy, which is how can we give customers more and more value and allow them to move up our price card because they feel like they're getting something additional from us. So that is the foundation of our core pricing value.

這些計劃確實為我們的核心定價策略創建了平台，即我們如何為客戶提供越來越多的價值，並允許他們提高我們的價格卡，因為他們覺得他們從我們這裡得到了額外的東西。這就是我們核心定價價值的基礎。

As Mike said, we conduct tests and pilots all the time, all the time, and we will continue to do so because we still think there's opportunities both to deliver more value for customers in a bunch of different ways, but also look for opportunities to simplify our overall portfolio.

正如麥克所說，我們一直在進行測試和試點，我們將繼續這樣做，因為我們仍然認為有機會以多種不同的方式為客戶提供更多價值，同時也尋找機會簡化我們的整體投資組合。

So I would expect to see more of those kinds of tests from us because it's been a consistent practice throughout the entire Un-carrier journey so that we get it right for the experience for our customers.

因此，我希望看到我們進行更多此類測試，因為這是整個 Un-carrier 旅程中的一致做法，以便我們為客戶提供正確的體驗。

Yes. Although that particular test cell doesn't need to be executed now, we remain very interested in rationalizing our legacy rate plans for IT purposes, simplification purposes, revenue realization purposes, customer satisfaction and retention purposes. So we're going to stay at it. But that particular idea is -- we'll probably do something different. Good. Okay.

是的。儘管現在不需要執行該特定測試單元，但我們仍然對出於 IT 目的、簡化目的、收入實現目的、客戶滿意度和保留目的而合理化我們的舊費率計劃非常感興趣。所以我們會堅持下去。但這個特殊的想法是——我們可能會做一些不同的事情。好的。好的。

Can you just comment on just the industry pricing environment overall and what your sense is about the pricing -- the competitive intensity on the rate plan side?

您能否簡單評論一下整個行業的定價環境以及您對定價的看法——費率計劃方面的競爭強度？

Yes, absolutely. In fact, I'll give a broader picture, rate plan and device promotions, which have become a part of the competitive milieu over the last couple of years. It's intense. It's really competitive. And it is pretty consistent, too. I mean, I think it's been consistently competitive all year. And you saw we delivered an incredible Q2 and Q3 in that context, some of the best performance in our history. The lowest churn ever for a Q2 and for a Q3 in our history. We continue to lead in postpaid net additions and delivered EBITDA performance and outlooks on EBITDA that show that we're monetizing that growth as well.

是的，一點沒錯。事實上，我將提供更廣泛的情況、費率計劃和設備促銷，這些都已成為過去幾年競爭環境的一部分。很激烈。真的很有競爭力。而且它也非常一致。我的意思是，我認為全年競爭一直持續。你看到我們在這個背景下交付了令人難以置信的第二季度和第三季度，這是我們歷史上最好的表現。我們史上第二季和第三季的最低流失率。我們繼續在後付費淨增量方面處於領先地位，並提供了 EBITDA 業績和 EBITDA 前景，表明我們也將這種成長貨幣化。

So we're really comfortable in this competitive dynamic, and it's stable and consistent. So that's what's going on out there. It's intense. We like it that way. And I would say we're entering a typically very intense seasonal period around the holidays, and I expect it to be a slog out there just like it is every year.

因此，我們對這種競爭動態感到非常滿意，而且它是穩定且一致的。這就是外面發生的事情。很激烈。我們喜歡這樣。我想說，我們正在進入假期前後一個典型的非常激烈的季節性時期，我預計這將是一個艱難的時期，就像每年一樣。

Our next question is from the line of 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。

During your prepared remarks, I think you had mentioned that your fixed wireless churn has come down. I was hoping you can maybe give us a little bit of insight into what's driving that. Maybe broadly speaking, what you've learned about what creates churn and what causes greater levels of retention across that base? And do you think you're getting to a point where churn is getting into a mature run rate? Or is there still opportunity to keep driving that lower?

在您準備好的發言中，我想您已經提到您的固定無線客戶流失率已經下降。我希望你能給我們一些關於是什麼推動了這一點的見解。也許從廣義上講，您對造成客戶流失的原因以及導致該群體更高水平保留的原因了解了什麼？您是否認為您已經達到了客戶流失率達到成熟營運率的程度？或者還有機會繼續降低這個水準嗎？

Yes, I'd love to take credit for that. I think a lot of it is just the math of the aging of our base. So this product was great when we launched it, and that's because we had made sure it would be great before we took it national. And so it's generally been pretty consistent. One of the ways you can look at that is the Net Promoter Scores, which have been pretty consistent.

是的，我很樂意為此獲得榮譽。我認為這很大程度上只是我們基地老化的數學問題。因此，當我們推出這款產品時，它非常棒，那是因為我們在將其推向全國之前就已經確定它會很棒。所以整體來說是相當一致的。查看這一點的方法之一是淨推薦值，它非常一致。

Yes. In fact, leading industry of all kinds of -- different kinds of broadband products. Yes, I think there's two things. One is the one that Mike just said and we've talked about this previously that when you have a new broadband business, one that literally has doubled in size year-over-year, then we have many more customers that are brand-new customers that churn at a higher rate. That's just the way that the churn curve works on products like these, including wireless. Early 10-year customers churn at a higher rate. And as customers mature and our base matures, we expected to see a decrease in churn, which we, in fact, have seen.

是的。事實上，主導產業有各種──不同種類的寬頻產品。是的，我認為有兩件事。一個是麥克剛才說的，我們之前已經討論過，當你擁有一項新的寬頻業務，其規模逐年翻倍時，我們就會擁有更多的全新客戶以更高的速度流失。這正是顧客流失曲線在此類產品（包括無線產品）上的作用方式。十年前的客戶流失率更高。隨著客戶的成熟和我們的基礎的成熟，我們預期客戶流失率會減少，事實上我們已經看到了這一點。

Additionally, across all of our 10-year cohorts, we've also seen churn come down. And a lot of that is because as we get mature in our execution and as we get more feedback and data from customers about their performance, we've been able to tune our execution. We've been able to do things and address things like common things that cause confusion for customers either with install or with peripheral devices being attached to their CPEs. We've created better tools to be able to troubleshoot for customers. And those things have had an impact on churn.

此外，在我們所有的 10 年群組中，我們也看到客戶流失率下降。這在很大程度上是因為隨著我們的執行變得成熟，並且隨著我們從客戶那裡獲得更多有關其績效的反饋和數據，我們已經能夠調整我們的執行。我們已經能夠解決並解決諸如常見問題之類的問題，這些問題可能會導致客戶在安裝或將週邊設備連接到其 CPE 時感到困惑。我們創建了更好的工具來為客戶排除故障。這些事情對客戶流失產生了影響。

And I do expect, as we learn more, we'll get better there as well. So our goal with all of our businesses is always to be the best in churn, and that's no different for us than in the HSI business.

我確實希望，隨著我們了解更多，我們也會變得更好。因此，我們所有業務的目標始終是在客戶流失方面做到最好，這對我們來說與恆生指數業務沒有什麼不同。

Our next question is from the line of Jonathan Chaplin with New Street Part -- Research.

我們的下一個問題來自喬納森·卓別林（Jonathan Chaplin）與《新街部－研究》（New Street Part - Research）的對話。

So Mike, when you talk about why your business is so great, it always starts with a discussion of the fact that you have the best network and it's built on this incredible spectrum portfolio that's unmatched across the industry. Is there something about the broadband business that means you don't have to own and control the underlying asset in order to have the same kind of defensible position in broadband? And I'm thinking specifically of fiber here as opposed to fixed wireless access.

因此，麥克，當您談論為什麼您的業務如此出色時，總是首先討論您擁有最好的網絡，並且它建立在整個行業無與倫比的令人難以置信的頻譜組合之上。寬頻業務是否意味著您不必擁有和控制基礎資產，就能在寬頻領域擁有相同的防禦地位？我在這裡特別考慮的是光纖，而不是固定無線存取。

Well, it's a great question. For me, in the wireless space, you have this national competitive intensity where brand trust around this intangible of value and network is really, really important. And we have so carefully built that brand trust over so many years that we think it's somewhat transferable. People believe in this brand, being an advocate for them, putting them first, changing the rules in their favor.

嗯，這是一個很好的問題。對我來說，在無線領域，全國競爭激烈，圍繞這種無形價值和網路的品牌信任非常非常重要。多年來，我們精心建立了這種品牌信任，我們認為它在某種程度上是可以轉移的。人們相信這個品牌，成為他們的倡導者，把他們放在第一位，改變規則以利於他們。

And in wireless, there's a big intangible on network, which is you can't really buy 3 phones and then travel the whole country. There are services that do that and people make advertising claims based on what those services find, but people don't believe all that stuff. So it really comes down to their own lived experience and the covenant -- sort of the contact and the connection they have with the brand that they use. And what we're finding in our work is that, that brand is highly transferable into adjacent spaces because of that trust.

在無線領域，網路有一個很大的無形資產，那就是你不可能真的買三支手機然後走遍整個國家。有些服務可以做到這一點，人們根據這些服務發現的內容進行廣告宣傳，但人們並不相信所有這些東西。所以這其實取決於他們自己的生活經驗和契約——他們與所使用的品牌的接觸和連結。我們在工作中發現，由於這種信任，該品牌可以高度轉移到相鄰空間。

And so we're interested in the space. We're finding that our brand really resonates, but we're not interested in changing who we are from sort of a capital structure standpoint. And that's why we've talked about fiber the way we have.

所以我們對這個空間很有興趣。我們發現我們的品牌確實引起了共鳴，但從資本結構的角度來看，我們對改變我們的身份不感興趣。這就是我們這樣談論纖維的原因。

A quick follow-up, Mike. Can you just update us on how many homes you're addressing with fixed wireless access and how that's changed over the course of the quarter?

快速跟進，麥克。您能否向我們介紹一下您正在為多少個家庭提供固定無線接入以及在本季度內發生了哪些變化？

Yes. And I'll address it, but I will remind you, it's a bit of a different metric than homes passed in the broadband and fiber space. We generally talk about marketing to about 50 million homes right now. But it's a dynamic number and it changes based on penetration of given neighborhoods.

是的。我會解決這個問題，但我會提醒您，這與家庭在寬頻和光纖空間中通過的指標有點不同。目前我們通常談論的是向大約 5000 萬個家庭進行行銷。但這是一個動態數字，它會根據特定社區的滲透率而改變。

And so what happens, I'll remind you, is that on every sector of every tower, we have an assessment of capacity, not just now, but out into the future, assuming ongoing wireless smartphone share taking and ongoing rapid increase in wireless consumption per smartphone. And once we plot all of that out, there are sectors of towers where no normal amount of share taking or wireless smartphone consumption will use up our capacity anytime soon. And in those places, and only those places, are we approving applicants for our home broadband service.

因此，我要提醒您的是，我們對每座塔的每個部分的容量進行了評估，不僅是現在，而且是未來，假設無線智慧型手機份額不斷增加，無線消費持續快速增長每部智慧型手機。一旦我們把所有這些都規劃出來，就會發現，在某些鐵塔領域，正常數量的份額佔用或無線智慧型手機的消費不會很快耗盡我們的容量。在這些地方，而且只有那些地方，我們才會批准家庭寬頻服務的申請。

And what that means is we're essentially monetizing and selling excess capacity through this initial 5G broadband strategy. And so those are the "homes passed". Now if 3 people in your neighborhood sign up or 4 or 5 people, depends on the sector, the whole neighborhood comes off our list until such time as we've got that excess capacity again.

這意味著我們本質上是透過最初的 5G 寬頻策略來貨幣化和出售過剩容量。這些就是「經過的家」。現在，如果您所在社區中有 3 個人或 4 或 5 人註冊（取決於行業），則整個社區都會從我們的名單中刪除，直到我們再次獲得過剩產能。

Now as I mentioned earlier, Ulf is rapidly rolling out new capacity enhancements and we're only part way into it. I think as we wrapped up the quarter, we had, what, Ulf, about 155 megahertz deployed against our Ultra Capacity?

現在，正如我之前提到的，Ulf 正在迅速推出新的容量增強功能，而我們只是其中的一部分。我認為當我們結束本季度時，我們已經為我們的超級容量部署了大約 155 兆赫的 Ulf？

That's right. And we continue -- I mean, we have now 70% of the payload is 5G on the network. As we continue to see more and more 5G traffic, that means we can move over frequencies that are used for LTE into 5G. And as you said earlier, we have this enormous spectrum asset in mid-band, which is where the Home Internet products are residing that we can continue to leverage. We have more spectrum than anyone else has on mid-band as a potential. By the end of the year, we are approaching 200 megahertz that we will have dedicated for 5G products.

這是正確的。我們繼續——我的意思是，我們現在 70% 的有效負載是網路上的 5G。隨著我們不斷看到越來越多的 5G 流量，這意味著我們可以將 LTE 的頻率轉移到 5G。正如您之前所說，我們在中頻段擁有巨大的頻譜資產，這是我們可以繼續利用的家庭網路產品所在的地方。在中頻段方面，我們擁有比其他人更多的頻譜潛力。到今年年底，我們將專用於 5G 產品的頻率接近 200 兆赫。

So that gives you a sense of how rapidly this is changing in terms of how we're deploying capacity. It sits in the high 150s now. It's on its way to 200 around the end of the year against Ultra Capacity 5G. And that's before broad deployments of C-band, 3.45, most of the Auction 108 proceeds, which we don't have yet and ongoing refarming from LTE. So lots of room to run.

因此，這可以讓您了解我們部署容量的方式正在發生多麼迅速的變化。現在它位於 150 左右。到今年年底，它的數量將達到 200 個，與超容量 5G 競爭。這是在廣泛部署 C 頻段、3.45 之前的情況，這是 Auction 108 收益的大部分，我們還沒有這樣做，並且正在進行 LTE 的重新分配。所以有很大的運行空間。

So Mike, that 50 million is about the same as it was last quarter. So the acceleration in net adds must have come either from gaining share of decisions within the 50 million or from the reduction of churn that you mentioned earlier.

麥克，這 5,000 萬與上個季度大致相同。因此，淨增加的加速必定來自於在 5,000 萬個決策中獲得份額，或來自於您之前提到的客戶流失的減少。

Yes. And net adds have been relatively consistent. I mean, I know it was in the high 500s this time. Every quarter will be a little different. But I would say net adds have been pretty consistent.

是的。淨增加量相對穩定。我的意思是，我知道這次的價格是 500 多美元。每個季度都會有點不同。但我想說的是，淨增加量相當穩定。

All right. Let's go to social. We've got a question from [Bill Ho]. Given the 3Q iPhone launch and 3Q take rate, how does Q4 look for existing subscriber upgrades on devices and plans?

好的。我們去社交吧。 [Bill Ho]向我們提出了一個問題。鑑於第三季 iPhone 的發布和第三季的使用率，第四季如何看待現有用戶的設備和計畫升級？

Okay. Well, let's start with Jon and maybe talk about what we're seeing out there in the consumer space with upgrades and what's driving that.

好的。好吧，讓我們從喬恩開始，也許談談我們在消費領域看到的升級情況以及推動因素。

Yes, you bet. So like we said in Q3, we had a great overall quarter when you look at what's happening with the iPhone. First of all, this iPhone 15 is a fantastic device and it drove a lot of switching in the marketplace as you saw relative to our results.

是的，你敢打賭。就像我們在第三季所說的那樣，當你看看 iPhone 的發展時，我們整個季度的表現都非常出色。首先，這款 iPhone 15 是一款出色的設備，正如您在我們的結果中看到的那樣，它推動了市場的大量轉變。

And not just a iPhone 15 on a differentiated 5G network that I talked about just a few moments ago, but a different iPhone 15 because of some capabilities that really work on our network versus others. When you think about 4-carrier aggregation, when you think about voice over new radio, 20% download speeds that are faster versus an iPhone that doesn't have that, that's all great. Customers love it, et cetera. And it drove a lot of switching activity.

不僅僅是我剛才談到的差異化 5G 網路上的 iPhone 15，而是一款不同的 iPhone 15，因為某些功能確實可以在我們的網路上運行，而不是在其他網路上運行。當你想到 4 載波聚合時，當你想到新無線電語音時，下載速度比不具備該功能的 iPhone 快 20%，這一切都很棒。客戶喜歡它等等。它推動了很多轉換活動。

Now relative to our existing customer base, what you're finding is you're finding us landing upgrade offers with people who need it and not necessarily with people who don't need it. Because remember, our overall base is about 70% with the 5G handset that's out there today.

現在，相對於我們現有的客戶群，您會發現我們向需要的人提供升級優惠，而不一定是提供給不需要的人。因為請記住，我們的整體基數約為 70%，目前已推出 5G 手機。

And when you think about customers that are having a great lived experience today on an incredible 5G network, they look at upgrades as an opportunity to, am I really going to improve my experience. For a lot of customers, that's not really happening relative to the network that they have out there and relative to our overall positioning with our 5G devices.

當您想到今天在令人難以置信的 5G 網路上獲得出色生活體驗的客戶時，他們將升級視為一個機會，我真的要改善我的體驗嗎？對於許多客戶來說，相對於他們現有的網路以及我們對 5G 設備的整體定位來說，這種情況並沒有真正發生。

Remember, we had a lot of upgrades back in 2021 and 2022 in the Sprint base. We got a lot of that upgrade base happening at that time.

請記住，我們在 2021 年和 2022 年對 Sprint 基地進行了大量升級。當時我們進行了許多升級基礎。

So like we said, when you look at the overall iPhone 15 launch, I feel fantastic about that. When you look at upgrades, it's a little lower. You've seen the upgrade rate at 2.7%. It's a little lower, but also with against the backdrop of the lowest Q2 churn we've ever had followed up with the lowest Q3 postpaid phone churn that we've ever had. And I like how those dynamics are playing out.

正如我們所說，當你看到 iPhone 15 的整體發佈時，我對此感覺非常棒。當你查看升級時，會發現它有點低。您已經看到升級率為 2.7%。這個數字要低一些，但也是在我們經歷過的第二季最低流失率和第三季最低後付費電話流失率的背景下進行的。我喜歡這些動態的發揮方式。

Yes. And I would just add, Bill, to that question. I think I'd expect the same dynamic to play out in Q4. That same meeting consumer demand exactly as it is. That same dynamic of because of the 5G device penetration and how the lived experience on those network actually exists for those customers.

是的。比爾，我想補充這個問題。我想我預計第四季也會出現同樣的情況。這同樣完全滿足了消費者的需求。同樣的動態是由於 5G 設備的普及以及這些網路上的實際體驗如何為這些客戶提供的。

I feel our equipment revenue, which as you know, isn't the value-creating element of the company, that's service revenue, that will continue to have industry-leading growth. On the equipment revenue side, I'd expect it to be in the same kind of low $3 billion range for Q4 as a result of that dynamic.

我覺得我們的設備收入，如你所知，不是公司的價值創造要素，而是服務收入，它將繼續保持業界領先的成長。在設備收入方面，由於這種動態，我預計第四季其營收將處於 30 億美元的低點。

It's been a nice tailwind for us to see these upgrade rates so low and yet our churn so low at the same time. And it really speaks to the everyday experience that T-Mobile customers are having on the most advanced 5G network. And they just don't feel as compelled to take action because they have a 5G device, and it's working remarkably well.

看到這些升級率如此之低，同時我們的客戶流失率如此之低，這對我們來說是一個很好的推動力。它確實體現了 T-Mobile 客戶在最先進的 5G 網路上的日常體驗。他們只是不覺得有必要採取行動，因為他們有 5G 設備，而且效果非常好。

And that trend could continue because as Jon -- Jon said it kind of fast, but the newest iPhones take advantage of 4-way carrier aggregation on T-Mobile because our network is so far ahead with standalone 5G and core 5G capabilities that are much more advanced.

這種趨勢可能會持續下去，因為正如喬恩所說，速度有點快，但最新的iPhone 充分利用了T-Mobile 上的4 路運營商聚合，因為我們的網絡在獨立5G 和核心5G 功能方面遙遙領先。更先進。

Now the devices are starting to take advantage of those things, which means they're very future-proofed. And so it's great to be at T-Mobile because these advanced phone features take advantage of advanced network features and may mean that you don't need a new one again as quickly as you might otherwise.

現在這些設備開始利用這些東西，這意味著它們非常面向未來。因此，加入 T-Mobile 真是太棒了，因為這些先進的手機功能充分利用了先進的網路功能，並且可能意味著您不再需要像其他手機一樣快地再次購買新手機。

For some people, that's what they want. They just want a new one every year, I'm one of those people. And T-Mobile reaches that audience as well with our breakthrough plans like Go5G Next. So we feel like we're speaking to the right audiences with the right offers here.

對某些人來說，這就是他們想要的。他們只是每年都想要一個新的，我就是其中之一。 T-Mobile 也透過 Go5G Next 等突破性計畫吸引了這些受眾。因此，我們覺得我們正在向合適的受眾提供合適的產品和服務。

Okay. Great. Operator, let's go back to the phones.

好的。偉大的。接線員，讓我們回到電話。

Certainly. Our next question is from the line of David Barden with Bank of America.

當然。我們的下一個問題來自美國銀行的大衛·巴登（David Barden）。

I guess, two threads, if I could. Mike, I just wanted to follow up on your comments. I mean, in the past, you've historically said that higher switching environments were environments where T-Mobile thrive because you were bringing your value proposition to the market more frequently.

我想，如果可以的話，兩個線程。麥克，我只是想跟進你的評論。我的意思是，過去您曾說過，更高的切換環境是 T-Mobile 蓬勃發展的環境，因為您更頻繁地將您的價值主張推向市場。

But now that upgrade rates and churn is falling across all the telco players, does this mean that you're getting just super normal switcher share from the telcos? Or is some of this now coming to you from cable as that base kind of ages in their experience in the cable industry and the promotions come off?

但現在所有電信業者的升級率和客戶流失率都在下降，這是否意味著您從電信公司獲得的切換器份額非常正常？或者其中一些現在是來自有線電視，因為他們在有線電視行業的經驗和促銷活動已經結束了？

And then I guess the second question, if I could, Peter, you kind of talked about how these head count reductions in the summer were part of some of this larger plan for transformation of the business. Is there more to come on the transformation, and maybe for lack of a better word, synergy realization as we look into the 2024-2025 period? Or are we there now?

然後我想第二個問題，如果可以的話，彼得，你談到了夏季的裁員是如何成為業務轉型的更大計劃的一部分的。當我們展望 2024 年至 2025 年期間，是否還會有更多關於轉型的事情發生，也許缺乏更好的詞彙來實現協同效應？或者我們現在就在那裡？

Yes. Thanks, David. Well, let me comment first on the competitive dynamic. You're right. I mean, we love a dynamic where there are more jump balls, more people who are category [contenders]. And let me clarify, though, that devices and upgrade rates are only one input to that. So devices can be a great catalyst for switching carriers, but they're by far not the only one.

是的。謝謝，大衛。好吧，讓我先評論一下競爭動態。你說得對。我的意思是，我們喜歡這樣一種動態，即有更多的跳球，更多的人屬於類別[競爭者]。不過，讓我澄清一下，設備和升級率只是其中的一個因素。因此，設備可以成為更換運營商的重要催化劑，但到目前為止它們並不是唯一的催化劑。

And so our job through our offers is to create those moments where people stop and say, hey, maybe I'd be better off. Maybe it's better over there at T-Mobile. And that's something we've consistently done and our Un-carrier moves have always been a technique we've used. This latest one this year, Phone Freedom and all the related offers around it, is really resonating with people.

因此，我們的工作就是透過我們的優惠來創造這樣的時刻，讓人們停下來說，嘿，也許我會過得更好。也許 T-Mobile 那裡更好。這是我們一直在做的事情，我們的非航空母艦移動一直是我們使用的技術。今年最新推出的「電話自由」以及與之相關的所有相關優惠確實引起了人們的共鳴。

We looked into it and found that AT&T, for example, was experiencing really low churn and yet high intentions to switch by their base and that told us that people felt trapped. And so we released an offer that was about untrapping them. And that's been the kind of thing the Un-carrier has always done. So we're out there competing ambitiously and it's working, as you can see, in our industry-leading postpaid phone net additions and other metrics.

例如，我們調查發現，AT&T 的客戶流失率非常低，但他們的基礎切換意願很高，這告訴我們，人們感到被困住了。因此我們發布了一項旨在擺脫他們的報價。這就是 Un-Carrier 一直在做的事情。因此，我們正在雄心勃勃地競爭，正如您所看到的，我們在行業領先的後付費電話網絡增加量和其他指標方面正在發揮作用。

We are also seeing, mostly due to the aging of the base, as you said, that switching relative to cable has been improving quarter-over-quarter for several quarters in a row. That's good to see. There's no real new dynamic there with cable. They've been pretty consistent since about a year ago, and we expect that to continue. And you can see how well we're competing in a dynamic where cable is out there doing what they do relatively consistently.

正如您所說，我們還看到，主要是由於基礎設施的老化，相對於電纜的切換已經連續幾個季度逐季改善。很高興看到這一點。有線電視並沒有真正的新動力。自大約一年前以來，它們一直非常穩定，我們預計這種情況會持續下去。你可以看到我們在動態的競爭中表現得有多好，有線電視在那裡做著他們相對一致的事情。

And then finally, you were asking about transformation and what's going on there and what we see. Do we have room to run? In many ways, we're really just getting started.

最後，你問的是轉型、那裡發生了什麼以及我們看到了什麼。我們還有奔跑的空間嗎？從很多方面來說，我們真的才剛開始。

Yes. And you kind of asked it in the context of workforce transformation. And no, there's no broad plans to do any more of that in 2024. But on transformation and efficiency, absolutely, and how we'll grow core EBITDA and continue to expand that.

是的。您是在勞動力轉型的背景下提出這個問題的。不，我們沒有在 2024 年做更多這樣的廣泛計劃。但絕對是關於轉型和效率，以及我們將如何增加核心 EBITDA 並繼續擴大它。

Two elements there. One, as you know, we made significant investments in the last couple of years, whether it's in network and the pull forward that we did there, that now we're able to leverage. Similarly, in smaller markets and rural areas where you had distribution expansion and that investment is things that you can now leverage.

那裡有兩個元素。第一，如您所知，我們在過去幾年中進行了重大投資，無論是在網路方面還是在我們在那裡所做的推動方面，現在我們都能夠利用這些投資。同樣，在較小的市場和農村地區，您進行了分銷擴張，並且您現在可以利用該投資。

And beyond that, of course, I mean, that's one thing this team does phenomenally well is looking at how do you harness the latest technologies? How are you really looking around corners to create the efficiency so that we can have that reinvestment into customer acquisition and profitability? So there's more of that on the runway ahead of us for sure.

當然，除此之外，我的意思是，這個團隊做得非常出色的一件事就是研究如何利用最新技術？您如何真正環顧四周以提高效率，以便我們能夠將資金再投資於客戶獲取和盈利能力？所以我們前面的跑道上一定還有更多這樣的事。

And obviously -- yes. And I'll just add one thing. I mean, obviously, we're not the only company that has noticed this, but the technology landscape around us is rapidly changing. And so that means there's an opportunity for us in our post integration era as we plot the next chapter to think about recrafting our company, taking advantage of the technologies that are now available to us to become much more deeply data informed, much more AI-enabled, much more digital-first, those kinds of things.

顯然——是的。我只想補充一件事。我的意思是，顯然我們不是唯一一家注意到這一點的公司，但我們周圍的技術格局正在迅速變化。因此，這意味著我們在後整合時代有一個機會，因為我們計劃下一章考慮重塑我們的公司，利用我們現在可用的技術來變得更深入的數據信息，更多的人工智能——啟用，更加數位化優先，諸如此類的事情。

And so we're -- that's taking up a lot of our team's time and attention now to reimagine how can we create a business model that really creates a fantastic experience for each customer individually, but at the same time is more efficient to operate and that's where we have ambitions.

因此，我們現在花費了我們團隊的大量時間和注意力來重新構想如何創建一種商業模式，真正為每個客戶單獨創造美妙的體驗，但同時運營和運營效率更高這就是我們的雄心壯志。

Okay. Jud, where do we go now?

好的。賈德，我們現在要去哪裡？

Next question, please, operator.

接線員，請下一個問題。

Certainly. Our next question is from the line of Kannan Venkateshwar with Barclays.

當然。我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So Mike, I just wanted to push you a little more on the capital allocation [budget]. When you think about the broadband business in the next couple of years, you'll probably be either the #3 or the #4 biggest player in broadband. And that could either mean that you need more capacity spectrum or get an opportunity to update the fiber.

麥克，我只是想在資本分配[預算]方面向您提出更多建議。當您考慮未來幾年的寬頻業務時，您可能會成為寬頻領域的第三或第四大參與者。這可能意味著您需要更多容量頻譜，或有機會更新光纖。

And then, of course, there is the opportunity -- I mean, from -- you have potential on to maybe expand [after] certain segments in the market. So if you guys think about it, make it out over the next few quarters, but if we were to look at a wider lens over the next few [years], could you help us think through how you evaluate some of these opportunities longer term in terms of both fiber as well as these asset (inaudible) opportunities that may (inaudible)?

當然，還有機會——我的意思是——你有潛力在市場的某些細分市場之後進行擴張。因此，如果你們考慮一下，請在接下來的幾個季度內解決這個問題，但如果我們要在未來幾年內以更廣泛的視角來看待這個問題，您能否幫助我們思考如何長期評估其中一些機會就纖維以及這些資產（聽不清楚）的機會而言，可能（聽不清楚）？

Yes. Thank you. And I'm really sorry, your line is really garbled. And so I'm going to paraphrase what I think you're asking, but we really couldn't hear the words. I apologize.

是的。謝謝。我真的很抱歉，你的台詞真的是亂碼。所以我要解釋一下我認為你在問的問題，但我們真的聽不到這些話。我道歉。

I think you're asking about longer term, how do we think about playing in the broadband space. I made comments about wireless over the next year and kind of how we think in the immediate term about fiber, but what do we see as the bigger picture, especially given the finite nature of capacity in the wireless space.

我認為您問的是更長遠的問題，我們如何考慮在寬頻領域開展業務。我對明年的無線技術以及我們對光纖的近期看法進行了評論，但我們如何看待更大的前景，特別是考慮到無線空間容量的有限性。

And I'd say we haven't taken decisions about that. We are interested in whether or not there are techniques that are capital efficient that could extend the capacity and competitiveness of wireless into the future, and we've not yet cracked the code on that. But our team is working hard on that to see whether there are techniques that would work to do that, and that would be -- that would support a business model where we could make a fair return. So we're hard at work on that.

我想說我們還沒有就此做出決定。我們感興趣的是是否存在資本效率高的技術可以將無線技術的容量和競爭力擴展到未來，但我們尚未破解這方面的密碼。但我們的團隊正在努力解決這個問題，看看是否有技術可以做到這一點，那就是——這將支持我們可以獲得公平回報的商業模式。所以我們正在努力做到這一點。

We're hard at work executing our current strategy centered around mid-band spectrum and competing ambitiously towards that high single-digit target that we had talked about. And that seems to be very much on track.

我們正在努力執行目前以中頻段頻譜為中心的策略，並雄心勃勃地朝著我們談到的高個位數目標展開競爭。這似乎已經步入正軌。

And then as we said, we're interested in fiber. And to the premise of your question, fiber is a technology for the decades and that's not lost on us. We know that fiber will serve households and businesses a long time from now. And we also are rapidly, I think, gaining confidence that our brand and our team belong in the broadband space.

正如我們所說，我們對纖維感興趣。對於你問題的前提，光纖是一項已有數十年歷史的技術，我們並沒有忽略這一點。我們知道，光纖將在很長一段時間內為家庭和企業服務。我認為，我們也正在迅速獲得信心，相信我們的品牌和團隊屬於寬頻領域。

That being said, we don't have an interest right now in changing the basic capital structure of this company nor the philosophy of it nor the centricity we have around wireless. And so we're looking for ways that we can, over the next couple of years, continue to learn, continue to expand, bring our brand of fiber through partnerships, through capital-light methods, investments, collaborations, those kinds of things. And they won't all be as small probably as the small pilots we're doing now. We may get after it a little more significantly because our confidence is building in the space.

話雖這麼說，我們現在沒有興趣改變這家公司的基本資本結構，也沒有興趣改變它的理念，也沒有興趣改變我們圍繞無線的中心地位。因此，我們正在尋找在未來幾年中繼續學習、繼續擴張的方法，透過合作夥伴關係、輕資本方法、投資、合作等方式來打造我們的光纖品牌。而且它們可能不會都像我們現在正在做的小型飛行員那麼小。我們可能會更努力地追求它，因為我們對這個領域的信心正在增強。

And then -- and I know you want a longer-term vision for it, but I think we go do that for a couple of years and get good at it and execute and prove we can give returns and also get through some of that initial capital intensity period and then kind of see where we are.

然後 - 我知道你想要一個更長期的願景，但我認為我們會這樣做幾年，並擅長執行並證明我們可以提供回報，並完成一些最初的工作資本密集期，然後看看我們處於什麼位置。

What this team is very focused on is making sure that the efforts that we embark on, on your behalf deliver a great return back to you. And we're in this phase now in wireless where we're starting to realize the benefits of a disciplined strategy that has balanced growth and profitability so well over the last few years that we are now into a major shareholder return phase. And we think that's a great place to be.

團隊非常關注的是確保我們為您所做的努力能為您帶來豐厚的回報。我們現在正處於無線領域的這個階段，我們開始意識到嚴格策略的好處，該策略在過去幾年中很好地平衡了成長和獲利能力，以至於我們現在進入了大股東回報階段。我們認為這是一個很棒的地方。

I'm sorry, we couldn't hear your question as well. I hope I got close.

抱歉，我們也聽不到您的問題。我希望我已經接近了。

Our next question is from the line of 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。

First on the capital investment side. Can you discuss a little bit more over the course of the year what were the activities that drove the incremental investment? And maybe you can give us an early read on how 2024 looks from an investment perspective and how those spending activity may be similar or different to the current year?

首先是資金投入方面。您能否多討論一下這一年中推動增量投資的活動有哪些？也許您可以讓我們提前了解一下從投資角度來看 2024 年的情況以及這些支出活動與今年有何相似或不同？

And then just one other quick question. In the past, you discussed the mix of postpaid phones of overall postpaid net adds, I think being around 50% for 2023. But in the third quarter, that percentage ticked up because of the educational sector deactivations. So just curious if you can give us an update on how you're thinking about the mix of postpaid phones within the total postpaid net add guidance.

然後還有一個簡單的問題。過去，您討論了後付費電話佔整體後付費淨增加的比例，我認為到 2023 年該比例約為 50%。但在第三季度，由於教育部門的停用，這一比例有所上升。因此，我很好奇您是否可以向我們提供有關您如何考慮後付費手機在總後付費淨添加指南中的組合的最新資訊。

Okay. Let's start with the easy one at the end because I think you gave some specific numbers there, Peter. But then if you don't mind, why don't you talk about our capital philosophy for next year, and then I'll hand it to Ulf to talk about how he's going to spend all that money.

好的。讓我們從最後的簡單的開始，因為我認為你在那裡給出了一些具體的數字，彼得。但如果你不介意的話，為什麼不談談我們明年的資本理念，然後我會把它交給烏爾夫，談談他將如何花掉所有這些錢。

Very wisely, as he always does. Yes. You're right, Mike. Q3 was kind of a unique phenomenon, which is why we gave more specific guidance as to the subset of the overall that will be postpaid phone, the approximately 3 million total for the year. And that's because Q3 in and of itself was kind of that period where we anticipated more of these educational deacts to come through and they did.

非常明智，就像他一貫做的那樣。是的。你是對的，麥克。第三季是一種獨特的現象，這就是為什麼我們對後付費電話總數（全年約 300 萬部）給出了更具體的指導。這是因為第三季本身就是我們預期會發生更多此類教育行為的時期，而它們確實做到了。

So I wouldn't read through Q3's mix of phone to other, but really take it in the context of what we gave with regards to the 3 million overall for the year.

因此，我不會仔細閱讀第三季的手機與其他手機的組合，而是將其真正放在我們提供的全年 300 萬部手機的背景下。

Now -- and turning into everybody's teasing out 2024 guidance from me. But as we hand it over to Ulf to talk about how the investments have been made and how the shift is really into this customer-driven coverage, very data-driven, informed build to make sure that we're focused on where the best ROI is, where the best customer experience benefits will come, we've seen a lot of benefit from that. The way we're able to deliver, you just saw it, with 300 million POPs delivered and yet we are the most capital-efficient company in the industry.

現在——變成了每個人都在嘲笑我的 2024 年指導。但是，當我們將其交給 Ulf 來討論如何進行投資以及如何真正轉變為這種客戶驅動的覆蓋範圍、非常數據驅動的、知情的構建時，以確保我們專注於最佳投資回報率的地方也是說，最好的客戶體驗優勢將會出現，我們從中看到了許多好處。您剛剛看到了我們的交付方式，交付了 3 億個 POP，但我們是業內資本效率最高的公司。

And so when you turn to 2024, we continue to believe that, that's really the mechanism that's going to drive capital investment, particularly with regards to the network. And so I could see us maybe -- we gave a [$9 billion to $10 billion] as a range for '24 previously. I could see us probably being on the lower end of that. We'll see what transpires in the longer term. But that's kind of the early read on where we think '24 could land.

因此，當你轉向 2024 年時，我們仍然相信，這確實是推動資本投資的機制，特別是在網路方面。所以我可以看到我們可能 - 我們之前給出了 [90 億至 100 億美元] 作為 24 年前的範圍。我可以看到我們可能處於低端。我們將看看從長遠來看會發生什麼。但這是我們認為《24小時》可能落地的早期解讀。

Yes. And I want to hand it to Ulf and team and Neville before him. We have really built, thanks, Ulf, to your leadership, a really different approach on how to deploy capital. And it is lean, it's efficient. It's plan-ful. And we're realizing real benefits from that right now. And we can see all of our diagnostics how we're getting more for less. And so I'm just really, really proud of that.

是的。我想把它交給烏爾夫和他的團隊以及他之前的內維爾。感謝烏爾夫，在您的領導下，我們確實建立了一種完全不同的資本配置方法。而且它很精簡、有效率。這是有計劃的。我們現在正在從中實現真正的好處。我們可以看到我們所有的診斷如何以更少的投入獲得更多的成果。所以我對此感到非常非常自豪。

And maybe we can talk about what the priorities are for 2024. And as a part of that, we can also hit Tech life Channel, @Techlife32, congrats on the 300 million. What's the progress on the new site builds 10,000 we had talked about in the merger plan. Will that complete this year or will that run into 2024? And tell us about the capital priorities for the network next year.

也許我們可以討論 2024 年的優先事項是什麼。作為其中的一部分，我們還可以點擊科技生活頻道，@Techlife32，恭喜您獲得了 3 億。我們在合併計畫中談到的新站點建設10,000的進展如何。該專案會在今年完成還是持續到 2024 年？請告訴我們明年該網路的資本優先事項。

Yes. Thanks, Mike. And I couldn't be more delighted that we were able to pull into the station months ahead on -- 300 million POP coverage. And as you said, Mike, it's very much attributed to how we do this. We do this different from other operators in the world, I would say, with our lean just-in-time process, which is focused on lead times and deliveries of precise upgrades where we need them on the ground. And that's why we were able to pull in on that.

是的。謝謝，麥克。我非常高興我們能夠提前幾個月進入電台——覆蓋 3 億個 POP。正如你所說，麥克，這很大程度上取決於我們的做法。我想說，我們的做法與世界上其他運營商不同，我們採用精益的準時制流程，重點關注交貨時間和在我們需要的地方交付精確升級。這就是我們能夠參與其中的原因。

We will continue to refine this process. And now it's becoming, with the teams, much more having input from AI, from all the data we have, from the market on precisely what the biggest and best returns on investments are as we continue to build and upgrade the network. We have a lot of room to run that was said earlier here in terms of putting frequencies to work in our mid-band, the mid-band that actually creates this enormous experience, the Un-carrier -- sorry, Ultra Capacity on the phone that you see with the UC. That experience, we will continue to enhance.

我們將繼續完善這項流程。現在，隨著我們繼續建立和升級網絡，團隊越來越多地從人工智慧、我們擁有的所有數據、市場中獲得最大和最好的投資回報。我們有很大的運行空間，正如前面所說的，在我們的中頻中使用頻率，中頻實際上創造了這種巨大的體驗，無載波——對不起，手機上的超大容量你在加州大學看到的。那些經驗，我們將繼續加強。

Let me remind everybody that we got our C-band left and we got 3, 4, 5 left, for example. Those will need capital next year and we're looking into a precise deployment of those. But we also have more LTE spectrum, as we said earlier, to put at work, more 600 with a current or a newly announced lease with Comcast that we are putting to work as well. But those actually don't need capital because we have smartly built this network in a way that we can just, with command, upgrade the network to make use of those into next year.

讓我提醒大家，我們還剩下 C 波段，例如，我們剩下 3、4、5 個波段。這些明年將需要資金，我們正在研究這些資金的精確部署。但正如我們之前所說，我們還有更多的 LTE 頻譜可供使用，超過 600 個與康卡斯特當前或新宣布的租約我們也正在投入使用。但這些實際上不需要資金，因為我們已經巧妙地構建了這個網絡，我們只需通過命令即可升級網絡，以便在明年使用這些網絡。

So a very effective year in terms of staying very competitive, being staying ahead of others a couple of years as we are on our 5G advantage with capital efficiency.

因此，就保持競爭力而言，這是非常有效的一年，我們在 5G 優勢和資本效率方面領先其他公司幾年。

That's fantastic. And I know every company is being asked, how are you taking advantage of emerging AI technologies and it's really exciting that this is one of the areas where our business can benefit because the team has already begun making capital deployment decisions, as Ulf just said, based on an AI analysis of network usage and how it correlates to individual churn and satisfaction patterns at a person-by-person level. It's very exciting stuff. And that, and many other things, including the breadth of our portfolio, lead to a capital efficiency profile. So we'll see.

這太妙了。我知道每家公司都被問到，你們如何利用新興的人工智慧技術，令人興奮的是，這是我們的業務可以受益的領域之一，因為團隊已經開始做出資本部署決策，正如烏爾夫剛才所說，基於網路使用情況及其與個人流失和滿意度模式之間的關聯的人工智慧分析。這是非常令人興奮的事情。這以及許多其他因素，包括我們投資組合的廣度，都會導致資本效率狀況。所以我們拭目以待。

I know Peter teased you, we don't know. It's not time to guide on next year yet. But our hope is that because of that capital efficiency and what we're now seeing, we may be able to accomplish everything we set out to accomplish next year at the lower end of that capital range. So we'll see and we'll give you an updated view as we get into next year.

我知道彼得取笑了你，但我們不知道。現在還不是指導明年的時候。但我們希望，由於資本效率和我們現在所看到的情況，我們也許能夠在資本範圍的較低端完成我們明年計劃完成的一切。因此，我們將拭​​目以待，並在進入明年時為您提供更新的觀點。

All right. Yes. Lots of congratulatory on social on 300 million. So great job, Ulf.

好的。是的。社群媒體紛紛祝賀突破3億。幹得好，烏爾夫。

Our next question is from the line of Greg Williams with TD Cowen.

我們的下一個問題來自 Greg Williams 和 TD Cowen。

Great. I know the industry has asked this question for quite some time, but you just hit 850,000 phone adds. You're the third carrier [to turn a] solid phone growth. Cable's going to announce their numbers in the next 48 hours. But just getting your latest thoughts on where these additional phones are coming from and how you see industry phone growth playing out in 2024?

偉大的。我知道業界問這個問題已經有一段時間了，但您剛剛添加了 850,000 通電話。您是第三家實現手機業務穩健成長的營運商。 Cable 將在接下來的 48 小時內公佈他們的數字。但是，您只是想了解一下您對這些額外手機的來源以及您對 2024 年行業手機增長的看法的最新想法嗎？

Second question is just on private networks. One of your competitors spoke yesterday saying that perhaps private networks could move the needle in 2025. We've been down this road before. But you talked constructively on advanced strategy in the past. I'm curious to hear if you're seeing similar views on 2025 for private networks?

第二個問題只在專用網路上。你們的一位競爭對手昨天表示，也許專用網路可以在 2025 年取得重大進展。我們以前也曾走過這條路。但您過去曾就先進策略進行過建設性的談論。我很想知道您是否對 2025 年專用網路有類似的看法？

I mean, well, first of all, let's start there. I mean, for some competitors with standalone 5G capabilities, private networks are here now. We're just aren't managing it through press release and vaporware. We're just quietly serving customers. Maybe -- I don't know if you want to talk about any of those, Callie, that we're doing. There's a lot of exciting examples nationwide of customers who are benefiting from this today at T-Mobile. And then we'll get to your second question.

我的意思是，首先，讓我們從這裡開始。我的意思是，對於一些擁有獨立 5G 功能的競爭對手來說，專用網路現在已經到來。我們只是沒有透過新聞稿和汽件來管理它。我們只是默默地為顧客服務。也許——我不知道你是否想談談我們正在做的這些事情，Callie。如今，T-Mobile 全國各地有許多令人興奮的客戶從中受益。然後我們將討論你的第二個問題。

Well, I mentioned this earlier, Mike. And when we think about the challenges ahead of CIOs today, they're looking for ways to take a campus, like Boston Children's Hospital that I mentioned before, and take the millions of connections with WiFi and say, hey, we've got to have something that meets the needs of the data and the connectivity in our business. And so we have a very real-time example in the health care industry and several more that we're building out that are allowing doctors and nurses and their patients to have reliable connectivity, but also with security and MDM solutions.

好吧，我之前提到過這一點，麥克。當我們思考今天首席資訊長面臨的挑戰時，他們正在尋找方法來建立一個園區，就像我之前提到的波士頓兒童醫院，並利用 WiFi 的數百萬個連接，然後說，嘿，我們必須擁有滿足我們業務中數據和連接需求的東西。因此，我們在醫療保健行業中有一個非常即時的範例，我們正在建立更多範例，這些範例允許醫生、護士及其患者擁有可靠的連接，同時還提供安全性和 MDM 解決方案。

Another thing that we -- is real for us today is the first commercial offering of a network slice that will deliver an incremental layer of security and control for our customers, combined with T-SIMsecure, which is a SIM-based SASE solution reducing complexity for IT administrators.

今天對我們來說真正的另一件事是網路切片的第一個商業產品，它將為我們的客戶提供增量的安全性和控制層，並與T-SIMsecure 相結合，T-SIMsecure 是一種基於SIM 的SASE 解決方案，可降低複雜度對於 IT 管理員。

So we're able to take these solutions and pair that with a hybrid 5G network solutions, sometimes in parts of the campus private, some parts utilizing the incredible public network that we have. So these are very real deployments today that have significant pull-through on other types of connectivity that we offer and really meet the challenges that CIOs are looking for. Not to cut off a couple of dollars on a phone connection, but to really look at their entire solution for data and connectivity and that's where we're playing because of the 5G standalone core that we have.

因此，我們能夠採用這些解決方案，並將其與混合 5G 網路解決方案配對，有時在校園的某些部分是私有的，而另一些部分則利用我們擁有的令人難以置信的公共網路。因此，這些是當今非常真實的部署，對我們提供的其他類型的連接具有顯著的影響，並且真正滿足了 CIO 所尋求的挑戰。不是要削減手機連接上的幾美元，而是要真正了解他們的整個數據和連接解決方案，這就是我們正在發揮的作用，因為我們擁有 5G 獨立核心。

I mean, it's well timed because CIOs are interested in secure connections more than ever before and they're interested in saving money, not necessarily on a per-smartphone subscription, but broadly in their system of connectivity and our solutions do that. And so it's great to see and obviously an all-time record quarter for enterprise for us.

我的意思是，它的時機恰到好處，因為首席資訊長比以往任何時候都對安全連接更感興趣，並且他們對省錢感興趣，不一定是針對每部智慧型手機的訂閱，而是廣泛地在在他們的連接系統中，而我們的解決方案可以做到這一點。因此，很高興看到我們的企業季度創下歷史新高。

And then you asked about the overall postpaid phone growth rate. And yes, it's turned out to be more resilient than a lot of people predicted. We didn't predict. We told you when you asked us last year that we weren't going to predict the whole category. But overall, postpaid phone growth continues to roll on, although at slightly more modest rates.

然後您詢問了後付費電話的整體成長率。是的，事實證明它比許多人預測的更有彈性。我們沒有預測到。當您去年問我們時，我們告訴過您，我們不會預測整個類別。但總體而言，後付費電話的成長仍在繼續，儘管增速略為溫和。

And there's lots of things driving that. You see enterprises carrying 2 lines, sometimes on the same phone, sometimes on separate phones. You see postpaid growing at the expense of prepaid. That trend continues, although T-Mobile continues to grow our prepaid base across all types of connections. So we continue to lead in that space. All the donations are coming from someplace else.

有很多因素在推動這一點。您會看到企業攜帶兩條線路，有時在同一通電話上，有時在不同的電話上。您會看到後付費的成長是以預付費為代價的。儘管 T-Mobile 繼續擴大所有類型連接的預付費基礎，但這種趨勢仍在繼續。因此，我們繼續在該領域處於領先地位。所有的捐款都來自其他地方。

And then what I called in the past kind of low-calorie net adds that you see principally at some of our competitors, including newer competitors.

然後，我過去所說的低熱量淨添加，您主要在我們的一些競爭對手中看到，包括新的競爭對手。

And thank you for giving me the opportunity to go ahead and pre-announce cable's results for them as I usually do. No, I'm kidding. We do have telemetry that tries to show us all quarter long what's happening with our competitors, and I think it's a remarkably consistent trend. So you see intense competition out there, probably not a lot of big surprises. And you saw us perform yet again with a market-leading, very high-quality, mostly prime 850,000 postpaid phone net additions in a quarter where we experienced an all-time record Q3 churn. So just really proud of how we're competing in an ongoing competitive dynamic.

感謝您給我機會像往常一樣為他們提前宣布有線電視的結果。不，我在開玩笑。我們確實有遙測技術，試圖向我們展示整個季度競爭對手的情況，我認為這是一個非常一致的趨勢。所以你會看到激烈的競爭，可能不會有很多大的驚喜。您看到我們再次表現出色，在第三季客戶流失率創歷史新高的季度中，我們新增了 85 萬部優質後付費電話，處於市場領先地位，品質非常高。因此，我們對我們在持續的競爭動態中的競爭感到非常自豪。

All right. That's a good place to wrap up. All right. Thanks, everybody, for joining us. Really appreciate all your support. And if you have any further questions, please feel free to reach out to both the Investor Relations or the Media Relations department. Again, thanks again for joining us today.

好的。這是一個結束的好地方。好的。謝謝大家加入我們。非常感謝大家的支持。如果您還有任何其他問題，請隨時聯絡投資者關係或媒體關係部門。再次感謝您今天加入我們。

This concludes the T-Mobile third quarter earnings call. Thank you for your participation. You may disconnect, and have a pleasant day.

T-Mobile 第三季財報電話會議到此結束。感謝您的參與。您可能會斷開連接，並度過愉快的一天。