(TMUS) 2023 Q4 法說會逐字稿

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

午安. （操作員說明）。請注意此事件正在被記錄。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。請繼續，先生。

All right. Welcome to T-Mobile's Fourth Quarter and Full Year 2023 Earnings Call. Joining me on the call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; and as well as other members of the senior leadership team.

好的。歡迎參加 T-Mobile 2023 年第四季和全年財報電話會議。今天和我一起參加電話會議的是我們的總裁兼執行長 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 will make forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review.

在本次電話會議中，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有重大差異的風險和不確定性。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 fact book and other documents related to our results as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found in the Quarterly Results section of the Investor Relations website. With that, let's get it over to Mike to tell us about our results.

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。接下來，請 Mike 告訴我們我們的結果。

Thanks, Jud. Welcome, everybody. As you can see if you're viewing online, I'm here with a good cross-section of our senior team once again. We're coming to you today from Bellevue, Washington and looking forward to a great discussion.

謝謝，賈德。歡迎大家。正如您在網上查看時所看到的，我再次與我們的高級團隊進行了全面的交流。我們今天從華盛頓州貝爾維尤來到您這裡，期待與您進行精彩的討論。

But first, I'd like to take a moment to reflect on a historic year for T-Mobile and the exciting momentum that we bring into 2024. '23 was another year for T-Mobile of industry-leading growth in both customers and key financials, including all-time record results across many metrics.

但首先，我想花點時間回顧一下T-Mobile 歷史性的一年，以及我們為2024 年帶來的令人興奮的勢頭。23 年是T-Mobile 在客戶和關鍵業務方面實現行業領先增長的又一年。財務數據，包括許多指標的歷史記錄結果。

It was also a year where T-Mobile became established as the overall network leader built on our extensive advantages in 5G. And it was the year that we effectively completed the biggest, arguably the most successful, telecommunications merger integration in the world, delivering synergies bigger and faster than even our own ambitious goals and doing it while also accelerating 5G investment in this country, to the benefit of consumers and businesses.

同年，T-Mobile 憑藉在 5G 領域的廣泛優勢，確立了整體網路領導者的地位。這一年，我們有效地完成了世界上最大、可以說是最成功的電信併購整合，實現了比我們自己的雄心勃勃的目標更大、更快的協同效應，同時也加速了這個國家的5G投資，從而受益的消費者和企業。

Our remarkably consistent best value best network strategy delivered industry-leading postpaid phone net additions of 3.1 million in 2023. This was driven by our highest postpaid phone gross adds in company history, up 2% for the year and up 6% in Q4, and by our lowest postpaid phone churn in company history for the year.

我們非常一致的最佳價值最佳網路策略在2023 年實現了業界領先的後付費電話淨增數310 萬部。這是由我們公司歷史上最高的後付費電話總增加量推動的，今年成長了2%，第四季成長了6%，我們今年公司史上最低的後付費電話流失率。

Our net adds essentially matched our great results from '22 despite industry postpaid phone adds decreasing year-over-year. You know what that means? It means that our unique formula enabled us to take a higher share of postpaid phone net adds than a year ago. In fact, '23 was our highest share of postpaid phone net adds since the merger, showing the ongoing durability of our differentiated strategy.

儘管行業後付費電話增加量逐年下降，但我們的淨增加量基本上與 22 年以來的出色業績相匹配。你知道這意味著什麼？這意味著我們獨特的公式使我們能夠比一年前獲得更高的後付費電話網路新增份額。事實上，23 年是我們自合併以來後付費電話網路新增份額的最高份額，這表明我們差異化策略的持久性。

And we finished the year on a high note, with Q4 postpaid phone net adds of 934,000, highest in the industry by a wide margin, and we did it with rising ARPA, up almost 2%, delivering industry-leading growth in postpaid service revenue and core EBITDA in Q4 while also nearly doubling our adjusted free cash flow.

我們以優異的成績結束了這一年，第四季度後付費電話淨增數量達到 934,000 部，大幅領先於行業，而且我們的 ARPA 增長了近 2%，實現了行業領先的後付費服務收入增長和第四季的核心EBITDA，同時調整後的自由現金流也幾乎翻倍。

Let's talk about broadband. We added over 2.1 million customers in '23, our biggest growth year yet, with more net new customers than the other largest providers combined as our product just continues to resonate in the market. And we finished strong with 541,000 nets in Q4, making us one of the largest ISPs in the nation, with 4.8 million customers and counting at year-end.

我們來談談寬頻。我們在 23 年增加了超過 210 萬客戶，這是我們迄今為止增長最快的一年，隨著我們的產品繼續在市場上引起共鳴，淨新客戶數量比其他最大提供者的總和還要多。第四季度，我們的網路數量達到 541,000 個，表現強勁，使我們成為全國最大的 ISP 之一，擁有 480 萬客戶，並且到年底這一數字仍在增加。

At T-Mobile, our network is the key enabler of our growth, not only for the success that we've had to date, but also for years to come. I predicted years ago that our well-established 5G leadership would eventually translate into overall network leadership, and that was proven loud and clear in 2023 by leading third-parties like Ookla and OpenSignal time and again, with T-Mobile sweeping every category of their test for overall network performance.

在 T-Mobile，我們的網路是我們發展的關鍵推動因素，不僅是我們迄今為止的成功，也是未來幾年的成功。我多年前就預測，我們穩固的 5G 領先地位最終將轉化為整體網絡領先地位，這一點在 2023 年被 Ookla 和 OpenSignal 等領先的第三方一次又一次地證明，T-Mobile 席捲了其所有類別測試整體網路效能。

Listen, it boils down to this. T-Mobile has the broadest and the deepest and the most advanced 5G network in the U.S. today, and we have the assets and capabilities to further extend our network leadership in '24 and beyond. Okay. One final network point. We recently celebrated a pivotal moment in our groundbreaking alliance with SpaceX by kicking off testing of direct satellite to cellular communications. Our teams are really excited about what's coming.

聽著，歸根究底就是這一點。 T-Mobile 擁有當今美國最廣泛、最深入、最先進的 5G 網絡，我們擁有在 24 年及以後進一步擴大我們的網絡領先地位的資產和能力。好的。最後一個網路點。最近，我們啟動了衛星到蜂窩通訊的直接測試，慶祝了我們與 SpaceX 開創性聯盟的關鍵時刻。我們的團隊對即將發生的事情感到非常興奮。

Let me just remind you of one thing. Our network leadership still isn't yet fully recognized by millions of network seekers who are still potential future customers for T-Mobile. And yet that same network leadership is already driving our strong win share, particularly in underpenetrated areas like enterprise and government and also in smaller markets and rural areas in our consumer business. Let me just double-click on that growth momentum.

讓我提醒你一件事。我們的網路領導地位尚未得到數百萬網路尋求者的充分認可，他們仍然是 T-Mobile 未來的潛在客戶。然而，同樣的網路領導地位已經在推動我們強勁的贏利份額，特別是在企業和政府等滲透不足的領域，以及我們消費業務的較小市場和農村地區。讓我雙擊該成長動能。

T-Mobile for Business delivered the highest postpaid phone net adds in company history in 2023, and we exited the year with great momentum, with Q4 being our highest quarterly net adds ever. Meanwhile, in our consumer group, we continued to grow our share of households, both in smaller markets and rural areas where we are well on our way to our 2025 targets, and even in the top 100 markets, where we grew our share year-over-year on the strength of our network and our compelling value proposition.

T-Mobile for Business 在 2023 年實現了公司歷史上最高的後付費電話淨增加量，我們以強勁的勢頭結束了這一年，第四季度是我們有史以來最高的季度淨增加量。同時，在我們的消費者群體中，我們的家庭份額繼續增長，無論是在較小的市場還是農村地區，我們都在朝著2025 年的目標邁進，甚至在前100 個市場中，我們的份額在去年也有所增長——憑藉我們的網路實力和令人信服的價值主張，我們的業績超過了去年。

We're executing our balanced growth playbook with great and consistent success, and the best part is we still have a lot of room to run. All of this added up to delivering the highest consolidated service revenue growth in the industry in '23, and it was an 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.

我們正在執行我們的平衡成長策略，並取得了巨大且持續的成功，最好的部分是我們仍然有很大的運行空間。所有這些加在一起，實現了 23 年行業中最高的綜合服務收入增長，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絡的良性競爭中獲勝。

On that all-important postpaid service revenue metric, we delivered 6% growth in 2023, way above our next closest competitor. That growth led to core adjusted EBITDA growth of over 10% and free cash flow growth of nearly 80%. All of this enables our substantial stockholder return model, which has returned $17 billion to stockholders so far through the end of '23, including our first-ever quarterly dividend in Q4.

在最重要的後付費服務收入指標上，我們在 2023 年實現了 6% 的成長，遠高於我們第二大的競爭對手。這一成長導致核心調整後 EBITDA 成長超過 10%，自由現金流成長近 80%。所有這些都使我們的股東回報模式變得可觀，截至 2023 年底，該模式已向股東回報了 170 億美元，其中包括我們在第四季度首次發放的季度股息。

Now Peter will share our guidance with you in a moment, but the short version is this. We see continued strong customer and revenue growth translating into rapid growth in cash flows in 2024 and beyond and supporting our ambitious plans for shareholder returns that we've already shared with you.

現在彼得將與您分享我們的指導，但簡短的版本是這樣的。我們看到持續強勁的客戶和收入成長將轉化為 2024 年及以後現金流的快速成長，並支持我們已與您分享的雄心勃勃的股東回報計畫。

Before I wrap up, because this is a year-end report, I want to touch on some of the ways we're building a connected world where everyone can thrive. We believe reliable and affordable wireless and Internet service is a necessity for all in today's highly connected and digital world, and that's why we are so proud to have connected nearly 6 million students and provided $6.4 billion in products and services so far under our flagship initiative Project 10Million and our other education initiatives.

在結束之前，因為這是一份年終報告，我想談談我們建構一個人人都能蓬勃發展的互聯世界的一些方法。我們相信，在當今高度互聯和數位化的世界中，可靠且價格實惠的無線和互聯網服務是所有人的必需品，這就是為什麼我們如此自豪能夠在我們的旗艦計劃下迄今為止連接了近600 萬名學生並提供了64 億美元的產品和服務1000 萬計劃和我們的其他教育計劃。

We've also partnered with Welcome.US to provide service through Metro by T-Mobile to refugees entering the U.S. as part of a multiyear commitment of 200,000 lines. It is difficult to imagine restarting a new life in a new country without the connectivity that most of us take for granted. We are also working hard to create a more sustainable future, and we are proud to be the first U.S. wireless provider to commit to achieving net-zero emissions across our entire carbon footprint by 2040 using SBTi's net-zero standard.

我們還與 Welcome.US 合作，透過 T-Mobile 的 Metro 為進入美國的難民提供服務，這是多年承諾的 200,000 條線路的一部分。很難想像如果沒有我們大多數人認為理所當然的網路連接，在一個新的國家重新開始新的生活。我們也努力創造一個更永續的未來，我們很自豪成為第一家致力於使用 SBTi 的淨零標準到 2040 年在整個碳足跡中實現淨零排放的美國無線供應商。

All right. Let me just wrap up with why I am so excited about what's ahead. We are now entering a period of tremendous value creation at T-Mobile, driven by ongoing growth leadership and by having completed both a historic merger and a massive 5G network build that are foundational to unlocking the cash flow potential of this business. Our network is now a differentiated competitive advantage that complements our well-established value leadership.

好的。讓我總結為什麼我對未來的事情如此興奮。在持續成長的領導地位以及完成歷史性合併和大規模 5G 網路建設的推動下，我們現在正進入 T-Mobile 創造巨大價值的時期，這些都是釋放該業務現金流潛力的基礎。我們的網絡現已成為一種差異化的競爭優勢，補充了我們既定的價值領導地位。

This unique and powerful formula means that our significant growth and value creation opportunities only continue to scale, and they have lots of room to run. As we enter 2024 with momentum, I could not be more proud of this team and of our employees who remind us every day that it's better over here at T-Mobile. All right, Peter. Over to you to talk about our key financial highlights as well as our 2024 guidance.

這種獨特而強大的公式意味著我們的顯著成長和價值創造機會只會繼續擴大，並且有很大的運作空間。當我們充滿動力地進入 2024 年時，我為這個團隊和我們的員工感到無比自豪，他們每天都提醒我們，T-Mobile 的情況會更好。好吧，彼得。現在請您談談我們的主要財務亮點以及我們 2024 年的指引。

All right. Well, thank you, Mike. As you can see, our 2023 results highlighted our strong execution in accelerating our merger integration while leveraging our network leadership and fame for value to deliver industry-leading growth in both traditional postpaid and broadband customers. Our land and expand strategy also led to industry-leading growth in postpaid account net adds as well as ARPA growth of 1.3%.

好的。嗯，謝謝你，麥克。正如您所看到的，我們 2023 年的業績凸顯了我們在加速合併整合方面的強大執行力，同時利用我們的網路領先地位和價值聲譽，在傳統後付費和寬頻客戶方面實現業界領先的成長。我們的土地和擴張策略也帶來了業界領先的後付費帳戶淨增加成長以及 1.3% 的 ARPA 成長。

Before I jump into our guidance, I would also like to take a moment to note a couple of items impacting our Q4 earnings per share. In December of 2023, we issued 48.8 million shares to SoftBank as the 45-day VWAP of our stock price reached the threshold price under the letter agreement from 2020. This obviously increased our share count, which impacted our diluted EPS as it is treated as if those shares had been issued for the full quarter.

在開始我們的指導之前，我還想花點時間注意一些影響我們第四季每股收益的因素。 2023 年12 月，我們向軟銀發行了4,880 萬股，因為我們的股價45 日成交量加權平均價格達到了2020 年起信函協議規定的門檻價格。這顯然增加了我們的股票數量，這影響了我們的稀釋每股收益，因為它被視為這些股票是否已在整個季度發行。

We expect that dilution to be more than offset by our ongoing share repurchases in 2024. We also accelerated depreciation on certain technology assets in Q4 and would anticipate a year-over-year increase in depreciation and amortization of approximately $500 million to $1 billion in full year 2024 as we continue to modernize our network and technology systems and platforms.

我們預計，這種稀釋將被我們2024 年正在進行的股票回購所抵消。我們還在第四季度加速了某些技術資產的折舊，預計折舊和攤提將同比增加約5 億美元至10 億美元。2024 年，我們將繼續實現網路、技術系統和平台的現代化。

Mike already highlighted our best-in-class growth in both the top line and the bottom line and how our industry-leading conversion of service revenue to free cash flow continues to differentiate T-Mobile, so let me jump into how we expect that growth to continue in 2024.

麥克已經強調了我們在營收和利潤方面的最佳增長，以及我們行業領先的服務收入到自由現金流的轉換如何繼續使 T-Mobile 脫穎而出，所以讓我談談我們對這種增長的預期2024年繼續。

Starting with customers, we expect total postpaid net customer additions to be between 5 million and 5.5 million, the same starting guidance as last year, reflecting continued focus on profitable growth as we execute our differentiated strategy even while expecting total industry net additions to moderate.

從客戶開始，我們預計後付費淨新增客戶總數將在500 萬至550 萬之間，與去年的起始指導相同，反映出我們在執行差異化策略時繼續關注利潤增長，儘管預計行業總淨新增客戶數量將放緩。

This assumes roughly half of postpaid net adds will be phones, and the guidance also assumes the final portion of deactivations of our lower ARPU postpaid other data devices in the education sector, with most of that impact already having been accelerated into the second half of 2023.

這假設大約一半的後付費淨增加將是手機，並且該指南還假設教育行業中 ARPU 較低的後付費其他數據設備的最後一部分停用，其中大部分影響已經加速到 2023 年下半年。

As we noted last quarter, we had always anticipated many of these connections, which supported educational institutions through the pandemic would roll off as the emergency connectivity program wound down and things returned to normal.

正如我們在上個季度指出的那樣，我們一直預計，隨著緊急連接計劃的結束和一切恢復正常，這些支持教育機構度過大流行的許多連接將會消失。

Turning to core adjusted EBITDA. We expect it to be between $31.3 billion and $31.9 billion, up nearly 9% year-over-year at the midpoint and above the midpoint of our Capital Markets Day guidance for 2024. This is 3x the growth rate of peers and a year-over-year dollar increase comparable to what we delivered in 2023 despite no material incremental merger synergy benefits in 2024.

轉向核心調整後 EBITDA。我們預計該數字將在313 億美元至319 億美元之間，年成長近9%，高於我們資本市場日2024 年指引的中位數。這是同比成長率的3 倍，也是年成長率的3倍。儘管 2024 年沒有實質的增量合併協同效益，但我們在 2023 年實現的年度美元增長相當。

Our sustained growth represents the power of our industry-leading service revenue growth, the operating leverage of our profitable growth model and the opportunity to continue to drive operating efficiencies in the business. We would expect slightly different shaping across the quarters now that we are past the integration.

我們的持續成長代表了我們領先業界的服務收入成長的力量、我們獲利成長模式的營運槓桿以及繼續提高業務營運效率的機會。既然我們已經完成了整合，我們預計各個季度的情況會略有不同。

For example, we would expect slightly less sequential improvement from Q4 2023 to Q1 of this year than we saw last year as we achieved full run rate synergies in Q4 2023 and no longer have that as an incremental sequential factor as we had in past Q4 to Q1 progressions. We would expect the operating leverage and efficiencies to drive EBITDA this year to build throughout the year, layered against the seasonal trends of the business.

例如，我們預計從2023 年第四季到今年第一季的環比改善將略低於去年，因為我們在2023 年第四季實現了全面的運行率協同效應，並且不再像過去第四季那樣將其作為增量環比因子。Q1 進展。我們預計營運槓桿和效率將推動今年的 EBITDA 全年不斷成長，並與業務的季節性趨勢相結合。

We expect cash CapEx to be between $8.6 billion and $9.4 billion as we deliver a capital efficiency unmatched in the industry on the back of our network integration and 5G leadership. Our pull forward of CapEx into 2022 and 2023 has provided us with a broad multilayer 5G network on which we can now deploy additional spectrum for capacity across those existing radios without material incremental CapEx required. Our capital-efficient and data-informed customer-driven coverage approach guides us as we continue to enhance and further expand our network.

我們預計現金資本支出將在 86 億美元至 94 億美元之間，因為我們在網路整合和 5G 領先地位的支持下提供了業界無與倫比的資本效率。我們將資本支出提前到 2022 年和 2023 年，這為我們提供了一個廣泛的多層 5G 網絡，我們現在可以在現有無線電上部署額外的頻譜以提高容量，而無需增加大量的資本支出。我們的資本效率和數據知情的客戶驅動的覆蓋方法指導我們繼續增強和進一步擴大我們的網路。

Our expectations for free cash flow, including payments for merger-related costs, is in the range of $16.3 billion to $16.9 billion. This is up approximately 22% over last year at the midpoint and 5x the expected growth rate of our next closest competitor, thanks to our margin expansion and capital efficiency, and does not assume any material net cash inflows from securitization, and this also represents a free cash flow to service revenue margin multiple percentage points higher than peers.

我們對自由現金流（包括支付合併相關成本）的預期在 163 億至 169 億美元之間。由於我們的利潤率擴張和資本效率，這比去年中點增長了約22%，是我們第二大競爭對手預期增長率的5 倍，並且不假設任何來自證券化的實質性淨現金流入，這也代表了自由現金流佔服務收入的比例比同業高出多個百分點。

We expect Q1 free cash flow to be approximately 20% of that full year midpoint given several items that fall early in the year. First, we expect Q1 to be the peak CapEx quarter at probably 30% of the full year midpoint of the CapEx guidance I just shared with you. Second, we expect approximately half of the $600 million to $700 million of anticipated full year '24 cash merger-related costs to be in Q1.

考慮到今年稍早出現的一些項目下降，我們預計第一季自由現金流將約為全年中點的 20%。首先，我們預計第一季將是資本支出高峰季度，大約是我剛剛與您分享的資本支出指引全年中點的 30%。其次，我們預計 24 年全年預期現金合併相關成本 6 億至 7 億美元的約一半將出現在第一季。

Third, we have cash severance for workforce actions taken late last year. Fourth, the monthly payments to Cogent following the Wireline sale will taper after April. And finally, there are working capital seasonality elements coming off the higher holiday sales period. And finally, as we continue to execute our strategy of winning and expanding account relationships, we expect full year postpaid ARPA to be up approximately 2% in 2024, further acceleration of the growth we saw in 2023.

第三，我們為去年年底採取的員工行動提供了現金遣散費。第四，有線銷售後每月向 Cogent 支付的款項將在 4 月後逐漸減少。最後，假日銷售較高的期間也帶來了營運資金季節性因素。最後，隨著我們繼續執行贏得和擴大客戶關係的策略，我們預計 2024 年全年後付費 ARPA 將成長約 2%，進一步加速我們在 2023 年看到的成長。

In closing, we expect '24 to be another year of profitable growth as we continue to extend our network leadership and further scale our differentiated growth opportunities. We expect this to continue to translate into industry-leading growth in service revenue, core adjusted EBITDA and free cash flow, delivering the highest free cash flow margin in the industry to unlock shareholder value.

最後，我們預計 24 年將是另一個獲利成長的一年，因為我們將繼續擴大我們的網路領導地位並進一步擴大我們的差異化成長機會。我們預計這將繼續轉化為業界領先的服務收入、核心調整後 EBITDA 和自由現金流成長，提供業界最高的自由現金流利潤率，以釋放股東價值。

I couldn't be more excited about the continued enormous value creation opportunity that we have in front of us for years to come. And with that, I will now turn the call back to Jud to begin the Q&A. Jud?

對於未來幾年我們將繼續面臨的巨大價值創造機會，我感到非常興奮。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) We'll start with a question on the phone. Operator, first question please.

好的。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，第一個問題請。

The first question is from Simon Flannery with Morgan Stanley.

第一個問題來自摩根士丹利的西蒙‧弗蘭納裡。

Great. I was wondering if you could give us a little bit more update on where you are on some of the smaller markets in terms of your market share gain and how that's factoring into your guide for this year, and the same sort of thing for enterprise and government. Where are we in that status?

偉大的。我想知道您是否可以向我們提供更多有關您在一些較小市場上的市場份額增益情況的最新信息，以及如何將其納入您今年的指南，以及企業和企業的類似情況。政府。我們處於那種狀態？

And perhaps on fixed wireless, it was a strong result despite some seasonality. Where are you in terms of exploring additional capacity options on a cost-effective manner?

也許在固定無線領域，儘管存在一些季節性因素，但這是一個不錯的結果。在以具成本效益的方式探索額外容量選項方面，您處於什麼階段？

Okay. Let's start with smaller markets and rural areas. Jon, why don't you jump in?

好的。讓我們從較小的市場和農村地區開始。喬恩，為什麼不跳進去呢？

Yes, you bet. Simon, I'm just delighted with what's happening here in smaller markets and rural areas. I've been talking to all of you about this since our Analyst Day event back in March of 2021. And back in that time, we were at a 13% share of household position, and we set this incredibly ambitious goal to get to 20% by the end of the year 2025 across the entire segment, which, by the way, is 140 million people, 40% of the U.S., about 50 million households.

是的，你敢打賭。西蒙，我對小市場和農村地區發生的事情感到很高興。自 2021 年 3 月的分析師日活動以來，我一直在與大家談論這個問題。當時，我們的家庭地位份額為 13%，我們設定了這個令人難以置信的雄心勃勃的目標，即達到 20到2025 年底，整個細分市場的人口將達到1.4 億，占美國的40%，約5,000 萬個家庭。

And I updated you last time when we, during our Q3 earnings report, about our share-taking progress in those markets and some of the really good results that we're seeing, and I'm pleased to tell you that we've now arrived at a share of household position in smaller markets of rural areas of about 17.5%. And so I'm really, really pleased by that.

上次我在第三季財報期間向您通報了我們在這些市場的股份收購進展以及我們看到的一些非常好的結果，我很高興地告訴您，我們現在已經農村地區較小市場的家庭地位比例達約17.5%。所以我對此感到非常非常高興。

And the last time I talked to you about this was about 9 months ago, and we were at 16.5%, so a full percentage point since that time. And when you look at what we're doing with the 5G network build that Ulf and his team have been doing, the distribution expansion and bringing this incredible marketing infrastructure out to smaller markets and rural areas, people are just loving what we're doing.

上次我和你們談論這個問題是在大約 9 個月前，當時我們的比例是 16.5%，自那時以來已經上升了整整一個百分點。當你看到我們正在做的5G 網路建設、Ulf 和他的團隊一直在做的事情、分銷擴張以及將這種令人難以置信的營銷基礎設施帶到較小的市場和農村地區時，人們就會喜歡我們正在做的事情。

We're having a lot of fun doing it, and I got to tell you that it looks like we're really in a place where we can achieve that 20% goal by 2025 based on where we are, but I'm really more excited, and I think the more compelling opportunity is what we can do beyond the 20%. I don't have anything to tell you about right here, right now about that, but I tell you, I'm getting really excited about what we can be doing beyond this 20% goal as you think about our continued velocity in these particular markets.

我們這樣做很有趣，我必須告訴你，根據我們目前的情況，看起來我們真的可以在 2025 年實現 20% 的目標，但我真的更喜歡很興奮，我認為更引人注目的機會是我們可以在20% 之外做些什麼。我現在沒有什麼可以告訴你的，但我告訴你，當你想到我們在這些特定領域的持續速度時，我對我們在 20% 目標之外可以做的事情感到非常興奮市場。

Absolutely. Great, Jon. And also on fixed wireless, the product is just really resonating. Maybe Mike, you can say what -- some of the things that we're doing to respond to this ongoing growth and the acceptance of the product in the marketplace.

絕對地。太棒了，喬恩。而且在固定無線方面，該產品也確實引起了共鳴。也許麥克，你可以說我們正在做的一些事情，以應對這種持續的成長和市場對產品的接受度。

Yes. I mean one thing that is kind of just amazing when you look back at it, we've essentially been in the market with our fixed wireless product for 2 years, and in 2 years, we've gone from a launch product to what you saw at the end of Q4, which is nearly 5 million customers on fixed wireless, making us one of the largest ISPs in America, with a product that still leads versus every other industry in customer satisfaction.

是的。我的意思是，當你回顧它時，有一件令人驚奇的事情，我們的固定無線產品基本上已經進入市場兩年了，在兩年內，我們已經從一個發布產品變成了你所知道的產品。截至第四季度末，我們擁有近 500 萬固定無線客戶，使我們成為美國最大的 ISP 之一，我們的產品在客戶滿意度方面仍領先於其他所有行業。

So we're really proud of what's been built here, and continued momentum. We saw gross adds this year, the highest they've ever been. So we have a lot of demand for this product. And so one of the decisions you saw us recently take was reverting back to our standard pricing in our fixed wireless product. We've been -- so moving away from our promotional pricing that we've been on for the last 2 years to our standard pricing, which we put into market earlier this month.

因此，我們對這裡的建設以及持續的發展勢頭感到非常自豪。我們看到今年的總增加量是有史以來最高的。所以我們對這個產品有很大的需求。因此，您最近看到我們做出的決定之一就是恢復固定無線產品的標準定價。我們已經從過去兩年的促銷定價轉向本月稍早投放市場的標準定價。

And we think that still offers the best value inside the broadband business and the best experience as demonstrated by the NPS scores that I just talked about. So we think there's still room to grow in HSI. We still -- with a 5 million customer base, still runway in front of us to grow both in new customers but also in services. We think having a 5 million customer broadband base gives us the opportunity to bring more services into the home, which the team is actively exploring.

我們認為，正如我剛才談到的 NPS 分數所證明的那樣，這仍然提供了寬頻業務中的最佳價值和最佳體驗。因此我們認為恆生指數仍有成長空間。擁有 500 萬客戶群的我們仍然在新客戶和服務方面都有成長。我們認為擁有 500 萬客戶寬頻基礎使我們有機會將更多服務帶入家庭，團隊正在積極探索這一點。

And then finally, Simon and not to steal your thunder, Ulf, just to make the short version. We haven't drawn any new conclusions versus what we previously told you about possible models.beyond this initial capital-light model that we have for high-speed Internet.

最後，西蒙並不是想要搶你的風頭，烏爾夫，只是為了製作簡短的版本。與我們之前告訴您的可能模型相比，我們沒有得出任何新的結論。除了我們針對高速互聯網的初始輕資本模型之外。

As you know, our forecast all along have said that model takes us to 7 million to 8 million subscribers. We're well on our way. We'll monitor that as we get closer, and we got a lot of time left. So stay tuned if we're able to provide you with an update on that in the future, but no update today.

如您所知，我們一直以來的預測都表明該模型將使我們擁有 700 萬到 800 萬訂閱者。我們一切順利。當我們接近時，我們會監控這一點，我們還有很多時間。因此，如果我們將來能夠向您提供相關更新，請繼續關注，但今天沒有更新。

The next question is from Craig Moffett with MoffettNathanson.

下一個問題由 Craig Moffett 和 MoffettNathanson 提出。

You just talked about the pricing of FWA and the move to your standard pricing. I wonder if you could just talk about the outlook for pricing of your mobile service as well. How do you see ARPU playing out over the course of 2024? And there's been a lot of talk that we're in a market where prices are rising, generally. Should we sort of think about baking that into our expectations for the coming year?

您剛剛談到了 FWA 的定價以及向標準定價的轉變。我想知道您是否也可以談談您的行動服務定價的前景。您如何看待 2024 年 ARPU 的表現？很多人都說我們正處於一個價格普遍上漲的市場。我們是否應該考慮將其納入我們對來年的預期中？

Thanks, Craig. A couple of things. First of all, you heard Peter guide a confident guide on 2% growth in ARPA on the year, and that's terrific to see. And obviously, there's this ongoing trend that customers who buy T-Mobile can't get enough of it, and they're moving up our rate card, and that's great to see.

謝謝，克雷格。有幾件事。首先，您聽到 Peter 自信地預測 ARPA 今年將成長 2%，這真是太棒了。顯然，有一種持續的趨勢，即購買 T-Mobile 的客戶無法獲得足夠的服務，他們正在提高我們的價目表，這是很高興看到的。

So we're in a great spot. And before I say more about what opportunities we might see, I'll remind everybody listening that we're in an era of unprecedented value that consumers and businesses are realizing from this category generally. I've mentioned previously that typically today, across the category, not just at T-Mobile, customers are getting 3x more data than just 5 years ago, and at 4x greater speeds industry-wide than 5 years ago.

所以我們處於一個很好的位置。在我談論更多我們可能看到的機會之前，我要提醒每個人，我們正處於一個消費者和企業普遍從這個類別中實現前所未有價值的時代。我之前提到過，如今，整個產業（不只是 T-Mobile）的客戶獲得的數據比 5 年前多了 3 倍，全產業的速度比 5 年前快了 4 倍。

So there's tremendous value being given to customers in this category and if there are ways for us to find optimizations in terms of how we deliver that enormous value so that we can be more competitive and more efficient at how we operate, including looking in our rate card and looking at our rate plans and looking at our policies and procedures, we'll find those opportunities.

因此，這一類別的客戶獲得了巨大的價值，如果我們有辦法在如何提供巨大價值方面找到優化方案，以便我們在運營方式上更具競爭力和效率，包括查看我們的費率卡並查看我們的費率計劃並查看我們的政策和程序，我們會發現這些機會。

Q4, we took some of those opportunities. We found a more efficient way to handle auto pay discounts with our customers and fully put that through the base throughout Q4, and that's an important optimization. Right now, taking a lead from Netflix as they've changed their portfolio, we've made changes to the Netflix benefits that we give, which have been well accepted by customers.

第四季度，我們抓住了其中一些機會。我們找到了一種更有效的方式來與客戶處理汽車支付折扣，並在整個第四季度將其完全納入基礎，這是一項重要的優化。目前，在 Netflix 改變產品組合的帶動下，我們對 Netflix 提供的福利進行了更改，這些福利已得到客戶的廣泛接受。

So there's a theme here. We may find optimizations, but we will be guided by a couple of things. One, what customers accept and appreciate, because that's really important. And number two, we have no intentions of sacrificing our brand position as the value leader in terms of what you get for what you pay in this marketplace.

所以這裡有一個主題。我們可能會找到優化，但我們將受到一些事情的指導。第一，客戶接受和欣賞的內容，因為這非常重要。第二，就在這個市場上一分錢一分貨而言，我們無意犧牲我們作為價值領導者的品牌地位。

That's always been a differentiator for us, and we will defend that jealously. But I'd tell you, there's opportunities that could be there in an era of unprecedented value being seen by consumers and businesses. And if we can take those and meet those guidelines that I've laid out, we'll do so.

這一直是我們的與眾不同之處，我們將謹慎地捍衛這一點。但我想告訴你，在消費者和企業看到前所未有的價值的時代，可能有機會。如果我們能夠接受這些並滿足我制定的指導方針，我們就會這樣做。

Yes. And Craig, with respect to ARPU, I mean, as we've talked about multiple times, it's very much a mix-driven metric. And on the consumer side, we have seen continued growth in ARPU. Now that's offset with some of the success and tremendous value creation that we've had in enterprise and government. Those are obviously lower ARPU customers with high CLVs, larger ARPAs.

是的。克雷格，關於 ARPU，我的意思是，正如我們多次討論的那樣，它在很大程度上是一個混合驅動的指標。在消費者方面，我們看到 ARPU 持續成長。現在，這被我們在企業和政府中取得的一些成功和巨大的價值創造所抵消。這些顯然是較低的 ARPU 客戶，但具有較高的 CLV、較大的 ARPA。

And so that's why the focus on, one, the customer value differential that we're bringing, and our ARPA playbook, we believe, is the right way to go. And you can see that demonstrated in what we delivered in 2023 and Q4. From a postpaid service revenue perspective, that's where you're kind of focused in with postpaid ARPU. And frankly, what we see from a service revenue opportunity in 2024 is even larger percentage growth than what we delivered in 2023.

因此，這就是為什麼重點關注我們帶來的客戶價值差異，以及我們認為 ARPA 手冊是正確的出路。您可以在我們 2023 年和第四季交付的成果中看到這一點。從後付費服務收入的角度來看，這就是您關注後付費 ARPU 的地方。坦白說，我們從 2024 年的服務收入機會中看到的成長百分比甚至比 2023 年的成長還要大。

So more than the 3.1% full year growth we'll see in '24 despite, of course, some slight ongoing headwinds in wholesale with the offset of TracFone and other carriers. So we couldn't be more excited about, this is the right playbook that delivers the most value creation in the industry.

因此，儘管在批發方面持續存在一些輕微的阻力（被 TracFone 和其他運營商所抵消），我們仍將在 24 年看到超過 3.1% 的全年增長。因此，我們非常興奮，這是一本能夠在行業中創造最大價值的正確劇本。

The next question comes from Jonathan Chaplin from New Street.

下一個問題來自新街的喬納森·卓別林。

Actually, just a few sort of housekeeping questions, actually. I'm wondering if you can give us what the number of ACP subs in your base is and whether you're sort of anticipating using some of those if the benefit goes away and how that sort of factors into guidance. And then ditto on bonus depreciation. If bonus depreciation gets extended, how would that impact your free cash flow guidance?

實際上，其實只是一些家務問題。我想知道您是否可以告訴我們您基地中的 ACP 潛艇數量是多少，如果好處消失，您是否預計會使用其中的一些潛艇，以及如何將此類因素納入指導。然後紅利折舊也是如此。如果紅利折舊延長，這將如何影響您的自由現金流指引？

I'll start on ACP, and then hand it to Peter to finish on ACP and take the bonus depreciation question. When it comes to the number of subscribers in our reported base, it's substantially none. There's a very, very small amount of Metro customers, and that's it.

我將從 ACP 開始，然後將其交給 Peter 完成 ACP 並回答紅利折舊問題。就我們報告的訂閱者數量而言，實際上是零。 Metro 的顧客數量非常非常少，僅此而已。

So it's constrained to our Assurance Wireless business, which is not reported as subscribers and to our wholesale business. And as it relates to ACP and what's happening to it, obviously, that's in motion. You may have noticed that our EBITDA guide was a tiny bit wider this year. I would tell you that all the outcomes that we see for ACP are fully embedded in the guide that we gave you on EBITDA.

因此，它僅限於我們的 Assurance Wireless 業務（該業務未報告為訂戶）和我們的批發業務。由於它與 ACP 及其發生的情況有關，顯然，它正在改變。您可能已經注意到，今年我們的 EBITDA 指南範圍稍寬一些。我想告訴您，我們在 ACP 中看到的所有成果都完全體現在我們為您提供的 EBITDA 指南中。

And look, our risk profile around ACP is a little different than, say, a broadband company. They went very big into it, committed lots of customers and numbers to it, and also, I think one -- subscribers that may or may not stick around. Mobile is different. Mobile is a product that customers will keep, and if they lose that discount, our job, and I think our team is up to the task, is to go win them over with our high-value offers.

看，我們圍繞 ACP 的風險狀況與寬頻公司等公司略有不同。他們投入了極大的精力，投入了大量的客戶和數量，而且，我認為還有一個——可能會或可能不會留下來的訂戶。移動設備則不同。行動裝置是顧客會保留的產品，如果他們失去折扣，我們的工作以及我認為我們的團隊能夠勝任這項任務，就是用我們的高價值優惠贏得他們的支持。

And we have some of the best brands in the space with incredible value propositions. And as other wireless providers see the same thing happen, we will get after it and position our brands as the place that those people land. So there's a risk profile around it for T-Mobile, but I think much smaller than with other players, and it's fully embedded in the guidance. That said, I'll let Peter pick up there as well as talk about the bonus depreciation.

我們擁有該領域一些最好的品牌，具有令人難以置信的價值主張。當其他無線供應商看到同樣的事情發生時，我們將追隨它，並將我們的品牌定位為這些人登陸的地方。因此，T-Mobile 存在風險概況，但我認為比其他參與者小得多，並且它完全嵌入到指南中。也就是說，我將讓 Peter 繼續討論紅利折舊問題。

Yes. And just housekeeping-wise, again, we don't participate in ACP on the postpaid side. We have a little immaterial amount through Metro and the rest. Assurance isn't reported in our subscriber counts and of course, wholesale customers are not either. So that's it with respect to ACP.

是的。再次強調，就內務管理而言，我們不參與後付費方面的 ACP。我們透過地鐵和其他方式獲得了一些無關緊要的金額。我們的訂戶數量中沒有報告保證，當然批發客戶也沒有報告。這就是 ACP 的情況。

And on bonus depreciation, look, we're continuing to monitor the developments. And of course, we're very supportive of a tax regime that stimulates investment into the network, and the U.S. leadership on this front. With regards to '24, we're not anticipating to be a significant cash taxpayer, so it wouldn't impact the guide for 2024. And we'll see where it goes. And of course, as it develops, we could update you later in the year for outer years.

關於紅利折舊，我們將繼續關注事態的發展。當然，我們非常支持刺激網路投資的稅收制度，以及美國在這方面的領導地位。至於“24”，我們預計不會成為重要的現金納稅人，因此它不會影響 2024 年的指南。我們將看看它的走向。當然，隨著事情的發展，我們可能會在今年稍後向您更新外部年份的情況。

The next question is from John Hodulik with UBS.

下一個問題來自瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik)。

If we could talk a little bit about competition, that would be great. I guess, from -- we can take it from both sides. First, from a gross adds standpoint, you guys saw some acceleration in phone gross adds quarter-to-quarter, so just what you're seeing in terms of sort of competitive offers in the market in the fourth quarter and maybe into the first quarter.

如果我們能談談競爭，那就太好了。我想，我們可以從雙方角度來看。首先，從總增加的角度來看，你們看到手機總增加量逐季度有所加速，所以你們所看到的就是第四季甚至第一季市場上的競爭產品。

And then on the other side, churn ticked up for after the first time in a while, I think. So what's potentially driving that in terms of postpaid phone churn? And do you expect it to that to remain elevated or keep moving in that direction? Or what should we expect there?

然後在另一邊，我認為，客戶流失率在一段時間以來第一次出現了上升。那麼，是什麼因素可能導致後付費電話流失呢？您預計它會保持高位還是繼續朝這個方向發展？或者我們應該期待什麼？

I'll start on churn and maybe hand it to Mike on competition. Churn was up 9 basis points sequentially. And if you look at the last several years since we completed the merger, from Q3 to Q4, the average is 10 basis points sequentially. So it's right in line, maybe even a little better, than past sequential moves.

我將從客戶流失開始，也許會將競爭問題交給麥克。客戶流失率較上季上升 9 個基點。如果你看看我們完成合併以來的過去幾年，從第三季度到第四季度，平均值依序為 10 個基點。因此，與過去的連續走勢相比，它是正確的，甚至可能更好一些。

Our business tends to be seasonal, with Q4 being a higher time period of churn. And that being said, I was really pleased with getting the 9 basis points, given some of the optimizations that were fully implemented in Q4 that I mentioned in response to an earlier question.

我們的業務往往是季節性的，第四季是客戶流失率較高的時期。話雖這麼說，考慮到我在回答之前的問題時提到的第四季度完全實施的一些優化，我對獲得 9 個基點感到非常高興。

Look, there's no question in my mind that we are on a journey towards the best churn in this industry. And that's because we have the best value and the best network and a history of being able to treat customers with respect. And so we'll find that journey making its way.

看，在我看來，毫無疑問，我們正在走向這個行業最好的客戶流失率。這是因為我們擁有最好的價值、最好的人脈以及能夠尊重客戶的歷史。所以我們會發現這段旅程正在順利進行中。

'24 is going to be an interesting year because as I mentioned earlier, there are optimizations across the board that we may find are in our best interest to take as long as they don't put at risk our superior value proposition, as long as there are things that will be well accepted or even appreciated by customers.

24 年將是有趣的一年，因為正如我之前提到的，我們可能會發現進行全面的優化，只要它們不危及我們的卓越價值主張，就符合我們的最佳利益。有些東西會被客戶很好地接受甚至讚賞。

And so I can't give you specifics on the guide. I can tell you that with this churn, 9 basis points higher sequentially, we delivered a big beat in postpaid net additions on phones of 934,000, bigger than we guided even during the middle of the quarter. And so we're very comfortable with the formula. And we're comfortable with the formula in part because competition has been remarkably consistent. I'll let Mike talk about what we're seeing.

所以我無法向您提供該指南的具體資訊。我可以告訴你，隨著這次流失（比上一季高出9 個基點），我們的後付費手機淨增加量大幅增加，達到934,000 部，甚至比我們在本季度中期的指導值還要高。所以我們對這個公式非常滿意。我們對這個公式感到滿意，部分原因是競爭非常一致。我會讓麥克談談我們所看到的。

Yes. This has always been a really competitive environment in the industry and -- dynamic and competitive. And honestly, that's the way we like it. For us, when there's lots of competition and customers are looking around shopping, T-Mobile ends up being the net winner.

是的。這一直是產業中一個真正競爭的環境——充滿活力和競爭。老實說，這就是我們喜歡的方式。對我們來說，當競爭激烈且客戶四處購物時，T-Mobile 最終成為淨贏家。

And you see that both in '23 with -- and in Q4, specifically, with T-Mobile having the highest share of net adds, and you saw it consistently throughout the year with the account growth that T-Mobile posted, which was highest by far in the industry.

您會看到，無論是在 23 年，還是在第四季度，特別是 T-Mobile 的淨增加份額最高，而且您全年都看到 T-Mobile 發布的帳戶增長是最高的迄今為止在行業中。

What we saw in Q4 I would describe as generally consistent with what we saw last year. Offers were pretty much the same. Very aggressive, but pretty consistent with previous year. I think what's been different is the way that T-Mobile -- or what's evolved, maybe I should say, is the way that T-Mobile competes.

我認為我們在第四季度看到的情況與去年看到的情況基本一致。報價幾乎相同。非常激進，但與去年相當一致。我認為不同的是 T-Mobile 的方式——或者我應該說，進化的是 T-Mobile 的競爭方式。

Mike and Peter both talked about this value proposition we have of best value, which historically has always been the thing that T-Mobile has owned. And then more recently, developed the best network. And those two things together really creates a unique value proposition that's unmatched in the industry and is resonating with customers.

麥克和彼得都談到了我們擁有的最有價值的價值主張，這在歷史上一直是 T-Mobile 所擁有的。最近，開發了最好的網路。這兩件事結合在一起確實創造了行業中無與倫比的獨特價值主張，並引起了客戶的共鳴。

You saw it again in Q4, and you continue to see us enhance it as we did this year with the launch of the Go5G plans; the launch of Phone Freedom, which in a shopping time like Q4 as customers are looking to upgrade, we think really resonated; and you saw it in the net add performance.

您在第四季度再次看到了這一點，並且繼續看到我們對其進行了增強，就像我們今年推出的 Go5G 計劃一樣； Phone Freedom 的推出，在第四季度這樣的購物季，客戶希望升級，我們認為它確實引起了共鳴；你在淨添加性能中看到了這一點。

The next question is from Michael Rollins with Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

Just two questions, if I could. First, when you look at the core EBITDA margin profile, are you still targeting to get to a margin at or above 50%? And how do you see the pacing to get there?

如果可以的話，只有兩個問題。首先，當您查看核心 EBITDA 利潤率情況時，您是否仍將利潤率目標定為 50% 或以上？您如何看待實現這目標的步伐？

And then second, was there anything specific that influenced the pace of share buyback dollars? I think it was down a little bit year-over-year, down sequentially, and maybe put that into the context of your current capital return goals that you highlighted a few months back.

其次，是否有任何具體因素影響了股票回購的速度？我認為它同比下降了一點，連續下降，也許可以將其納入您幾個月前強調的當前資本回報目標的背景下。

All right. Let's start with core EBITDA and core EBITDA margin. Peter?

好的。讓我們從核心 EBITDA 和核心 EBITDA 利潤率開始。彼得？

All right. Well, Mike, certainly, our long-run aspiration is to continue to see margin expansion in core EBITDA. But much like you see us focus really, the primary focus here is to continue to be the leader and continue expanding in our ability to deliver free cash flow margin relative to service revenue because that takes out all the noise of relative differentials and how P&Ls are recognized, backhaul, et cetera, and really provides a true color for value creation. And that's where we're already in a leadership position and continue to see more expansion opportunity there.

好的。好吧，麥克，當然，我們的長期願望是繼續看到核心 EBITDA 利潤率的擴張。但就像你看到我們真正關注的那樣，這裡的主要重點是繼續成為領導者，並繼續擴大我們提供相對於服務收入的自由現金流利潤率的能力，因為這消除了相對差異以及損益表的所有噪音。認可、回程等等，並真正為價值創造提供了真實的色彩。這就是我們已經處於領先地位的領域，並且繼續在那裡看到更多的擴張機會。

Great. And you obviously saw us in Q4 take some investments to make sure that we could have a beat on customers and revenues, and that's just helping with our confident guide in 2024. So when we see opportunities like that, we take them. We've talked with you many times about that in the past.

偉大的。您顯然看到我們在第四季度進行了一些投資，以確保我們能夠在客戶和收入方面取得領先，這有助於我們對2024 年充滿信心的指導。因此，當我們看到這樣的機會時，我們會抓住它們。過去我們曾多次與您討論過這個問題。

Second question was about share buybacks. What happened in Q4? There was a little bit of a slowdown. What are we seeing now? What do people expect?

第二個問題是關於股票回購。第四季發生了什麼事？有一點放緩。我們現在看到了什麼？人們期望什麼？

Naturally, Mike, I think what you saw was a little bit of a tapering, we're not going to talk about day-to-day dynamics, but a little bit of a tapering of the share buyback program.as we were nearing that issuance and that trigger point of the SoftBank share. So we're past that now. We're confident in our ability to deliver what we've signed up for here, which is another incremental up to $16 billion currently authorized in share buybacks and dividends for 2024 and pacing towards that.

當然，麥克，我認為你看到的是股票回購計劃的逐漸縮減，我們不會談論日常動態，而是股票回購計劃的逐漸縮減。當我們接近這一目標時發行和軟銀股票的觸發點。所以我們現在已經過去了。我們對實現我們在此簽署的協議的能力充滿信心，這是目前授權的 2024 年股票回購和股息的又一個增量，金額高達 160 億美元，並正在朝著這個目標邁進。

The next question is from Eric Luebchow with Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Appreciate it. Maybe I just wanted to touch on the cost side of the business. I know you mentioned you're at your target merger synergy run rate and you had the headcount reduction earlier this year. What other initiatives are on the table to kind of help you keep moving leverage up in the business, either on the technology side in distribution of small markets or anything else that you could comment on?

欣賞它。也許我只是想談談業務的成本方面。我知道您提到您已達到目標合併協同運行率，並且今年早些時候進行了裁員。還有哪些其他措施可以幫助您不斷提高業務槓桿率，無論是在小市場分銷的技術方面還是您可以評論的其他方面？

Yes, I'll just start by kind of reminding everybody that, as Peter already pointed out, the '24 guide at the midpoint is higher than our earlier Capital Markets Day guide, and it's 9% year-over-year, which is 3x the expectation of our peers, and so it's really terrific to see this business scaling.

是的，我首先要提醒大家，正如 Peter 已經指出的那樣，24 世紀中期指南高於我們之前的資本市場日指南，同比增長 9%，是去年同期的 3 倍我們同行的期望，因此看到這項業務規模擴大真是太棒了。

And without the incremental year-over-year benefit of big expansions and synergies, that's mostly behind us almost entirely. And so that's really great to see. It obviously comes from ongoing progression of valuable customers, some of the best customers with the best payment records in the industry as well as efficiencies that we can see in how we run the business.

如果沒有大規模擴張和綜效帶來的逐年增量效益，我們幾乎完全落後了。很高興看到這一點。這顯然來自於有價值客戶的不斷發展，一些最好的客戶擁有業內最好的付款記錄，以及我們在業務運營中看到的效率。

Yes. And on to that, as we said, a big part of this is also the service revenue growth leadership that we anticipate, that we expect to actually increase in 2024 on a growth basis relative to '23. And then there's -- it's across the business. I mean we've made tremendous investments as we are expanding the network, as we are expanding distribution. We're reaping some of that.

是的。關於這一點，正如我們所說，其中很大一部分也是我們預期的服務收入成長領先地位，我們預計到 2024 年，相對於 23 年的成長，服務收入成長將實際增加。然後是整個行業。我的意思是，我們在擴大網路、擴大分銷的過程中進行了大量投資。我們正在收穫其中的一些。

But make no mistake, this is a very scrappy team that's looking at not only just currently where can you continue to drive efficiencies, but how do you take advantage of network modernization, of technology modernization, of all the buzzwords that you hear these days around AI and other things, but how do you do it in an un-carrier fashion with the customer at the center of it while driving efficiencies out of the business. So we see a lot of room to run here over a multiyear arc on this front.

但請不要誤會，這是一個非常鬥志旺盛的團隊，他們不僅關注目前可以在哪裡繼續提高效率，還關注如何利用網絡現代化、技術現代化以及這些天你聽到的所有流行語。人工智能和其他東西，但如何以非運營商的方式做到這一點，以客戶為中心，同時提高業務效率。因此，我們認為在這方面，在多年的時間裡還有很大的運行空間。

The next question is from Bryan Kraft with Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Kraft。

I had 2, if I could. First, can you talk a little bit about your expectations for upgrade rates as they relate to this year's free cash flow guidance? Do you think these low upgrade rates we're seeing across the industry are going to begin to tick up anytime soon? And are you doing anything proactively in retention that might drive it up?

如果可以的話，我有2個。首先，您能否談談您對升級率的預期，因為它們與今年的自由現金流指導有關？您認為我們在整個產業中看到的低升級率很快就會開始上升嗎？您是否主動採取了一些措施來提高保留率？

And then separately, Mike, you mentioned that you're in testing with SpaceX on their device -- direct-to-device solution. When you do get to the commercial deployment of the service, just curious as to what your expectations are for the products capabilities for customers, how it fits into the product set. And also, if you have any sense for how much of your base this feature or this capability is actually important to.

另外，麥克，您提到您正在 SpaceX 的設備上進行測試——直接到設備的解決方案。當您確實進行服務的商業部署時，只是想知道您對客戶的產品功能的期望是什麼，以及它如何適應產品集。而且，如果您知道此功能或此功能實際上對您的基礎有多少重要性。

Terrific. Great. Well, let's start with upgrade rates. We don't see big catalysts for change here. Around the edges, there may be some, and we can talk about those. For example, we have a brand-new rate plan called Go5G Next, which offers upgrade benefits, could change it on the margin and other things.

了不起。偉大的。好吧，讓我們從升級率開始。我們在這裡看不到變革的重大催化劑。在邊緣，可能有一些，我們可以討論這些。例如，我們有一個名為 Go5G Next 的全新費率計劃，它提供升級優惠，可以在保證金和其他方面進行更改。

But generally speaking, people are keeping their phones longer. And they're doing that because the phones are very expensive, and they're very capable. For our customers, 75% of them have 5G phones that are able to take advantage of the vast majority of our advanced network capabilities that we already have implemented. And so those kinds of things are a great position to be in, and I don't think there's a big catalyst for change in 2024.

但總的來說，人們使用手機的時間越來越長。他們這樣做是因為手機非常昂貴，而且功能非常強大。對於我們的客戶來說，其中 75% 擁有 5G 手機，能夠利用我們已經實施的絕大多數先進網路功能。因此，這些事情是一個很好的位置，我認為 2024 年不會有太大的變革催化劑。

As it relates to SpaceX, yes, we're really excited about it. And way back when we announced it, we talked about the capabilities, starting with text messaging, peer-to-peer text messaging, the ability to reach people if you can see the sky. We expect it to cover the Continental U.S. big parts of Alaska, big parts of the world's oceans and be able to allow you to stay in connection with your loved ones.

是的，因為它與 SpaceX 有關，我們對此感到非常興奮。早在我們宣布這一消息時，我們就談到了這些功能，從簡訊、點對點簡訊開始，如果你能看到天空，就能聯繫到人們。我們希望它能夠覆蓋美國大陸阿拉斯加的大部分地區和世界海洋的大部分地區，並能夠讓您與親人保持聯繫。

That will progress into picture messaging and eventually talk and other capabilities. And the beta we expect, if things go well, we should have these capabilities in customer hands this year. As it relates to who it appeals to, look, anybody that finds themselves on occasion in one of the 500,000 square miles in this country not covered by any of the networks. And that's most of us.

這將發展為圖片訊息傳遞，並最終發展為通話和其他功能。我們預計，如果一切進展順利，我們今年應該就能將這些功能交到客戶手中。因為它涉及到它所吸引的對象，看看，任何偶爾發現自己身處這個國家 500,000 平方英里未被任何網絡覆蓋的地區之一的人。這就是我們大多數人。

And so there's something about the peace of mind of knowing that if you can see the sky, generally speaking, you're connected. And that's our dream.

因此，如果你知道如果你能看到天空，一般來說，你就已經與外界連結在一起了，那麼你就會感到安心。這就是我們的夢想。

That's the aspiration that we set out when we announced this partnership, and it's great to have the first satellites in the sky.

這就是我們在宣布這項合作關係時所表達的願望，並且很高興能夠在天空中擁有第一顆衛星。

The next question is from Kannan Venkateshwar with Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Two, if I could. First is on fixed wireless. Earlier in the year, I guess, in '23, I think we all thought that the second derivative might slow down a little bit, and in terms of growth rates, it might be closer to 500,000. But when we look at the second half of the year, it feels like there is still some second derivative growth left.

兩個，如果可以的話。首先是固定無線。今年早些時候，我想，在23年，我想我們都認為二階導數可能會放緩一點，就成長率而言，可能會接近50萬。但當我們看下半年時，感覺二階衍生性商品仍然有些成長。

And so it would be great to understand if this is demand driven, or to some extent, as you open up spectrum and as your distribution channels become more efficient, this is more supply driven. So it would be good to understand the mix of what's driving that growth.

因此，很高興了解這是否是需求驅動的，或者在某種程度上，當您開放頻譜並且隨著您的分銷管道變得更加高效時，這將更加由供應驅動。因此，了解推動這種成長的因素是有好處的。

And then secondly, on the ACP side, sorry, one more housekeeping question. I mean as you explained, I mean, it's not a big impact, and it's mostly on the wholesale side, but the general article today mentioned some of the wholesale providers and their exposures, which seemed pretty big, and I think some of them use your network.

其次，在 ACP 方面，抱歉，還有一個內務問題。我的意思是，正如您所解釋的，我的意思是，這並不是一個很大的影響，而且主要是在批發方面，但是今天的一般文章提到了一些批發提供者及其風險敞口，這似乎相當大，我認為其中一些使用你的網路。

This is a high-margin revenue stream. So is there any way for us to understand if there is any time line around when we might see this? As you mentioned, it's not material, so maybe it doesn't matter in the full year scheme of things, but I don't know if it changes the cadence of EBITDA in any way.

這是一個高利潤的收入來源。那麼，我們有什麼方法可以了解是否有時間軸可以看到這一點呢？正如您所提到的，這並不重要，所以也許在全年計劃中這並不重要，但我不知道它是否會以任何方式改變 EBITDA 的節奏。

Okay. Great. We don't know whether it will be material, but we do know that, and are reasonably confident, that it's fully embedded within all of the outcomes that we provided in our guidance range to you. But let's start with fixed wireless and go to Mike. And then Mike, if you want to transition to what we're seeing with ACP, and Peter will probably pile on.

好的。偉大的。我們不知道它是否重要，但我們確實知道這一點，並且有理由相信，它完全嵌入到我們在指導範圍內向您提供的所有結果中。但讓我們從固定無線開始，然後去找麥克。然後麥克，如果你想過渡到我們所看到的 ACP，彼得可能會繼續。

Yes. I think on the fixed wireless side, like I mentioned earlier, we've seen steady demand for this product since it's launched. And a lot of the things that you mentioned are absolutely true. Like our execution has gotten better. We have built more stores. So like we've got distribution closer to customers in areas like rural areas. There's more awareness of the product, both generally in the overall market but also within our base.

是的。我認為在固定無線方面，正如我之前提到的，自從該產品推出以來，我們看到了對該產品的穩定需求。而且你提到的很多事情都是絕對正確的。就像我們的執行力變得更好了。我們建立了更多商店。就像我們在農村地區等地區的配送更接近客戶一樣。無論是在整個市場還是在我們的基地內，人們對產品的認知度都提高了。

All of those things certainly have been factors. I think the other big thing that's been a factor is churn. Because remember that the net additions are the difference between gross adds and the number of customers that churn, and we've seen a steady improvement with churn with HSI year-over-year really across every single 10-year cohort.

所有這些事情肯定都是因素。我認為另一個重要因素是客戶流失。因為請記住，淨增加量是總增加量與流失客戶數量之間的差值，而且我們已經看到，在每個 10 年隊列中，HSI 的流失量逐年穩步改善。

We knew that churn would come down as our base aged and got into later cohorts, which we see the later cohorts of customers in this churn at a rate that's pretty comparable with cable. We knew that churn would come down as our base aged.

我們知道，隨著我們的客戶群年齡增長並進入後來的群體，客戶流失率會下降，我們看到後來的客戶群的流失速度與有線電視相當。我們知道，隨著我們的基礎年齡增長，客戶流失率將會下降。

But what's really exciting is as the product has improved itself and as the experience has improved, and frankly, as our execution has improved, even the early 10-year cohort churn has started to reduce, and we've seen that consistently throughout the year.

但真正令人興奮的是，隨著產品本身的改進和體驗的改善，坦白說，隨著我們的執行力的提高，即使是早期10 年的隊列流失也開始減少，而且我們全年都看到這種情況。

Yes. And I would just add on to that. To your point, remember, we're well on our way to our 7 million to 8 million target and hence, some of the moves we made to really optimize value creation. And so I'd probably expect, on a quarterly basis, nets might be in the 400,000 range, which is really what you need to get to that ambition while creating more value, given some of the promotional pricing that we've now pared back.

是的。我想補充一點。就您的觀點而言，請記住，我們正在順利實現 700 萬至 800 萬的目標，因此，我們採取了一些舉措來真正優化價值創造。因此，我可能預計，按季度計算，網絡數量可能會在 400,000 個範圍內，考慮到我們現在削減的一些促銷價格，這確實是您在創造更多價值的同時實現這一目標所需要的。 。

On ACP, I think the important element is we'll see where it goes. But our anticipation with everything that Mike highlighted around the category itself is the outcomes, inclusive of should ACP not continue on, is embedded in the core EBITDA guidance range that we provided as well as in our expectation that service revenue growth will be larger in full year '24 than 2023. So that's all embedded in the guidance that we provided.

關於 ACP，我認為重要的是我們將看到它的走向。但我們對麥克強調的圍繞該類別本身的一切的預期是結果，包括ACP 是否繼續下去，這些結果都包含在我們提供的核心EBITDA 指導範圍中，以及我們對服務收入增長將全面更大的預期中。24 年 而不是 2023 年。所以這一切都包含在我們提供的指南中。

The next question is from Rick Prentiss with Raymond James & Associates.

下一個問題來自 Raymond James & Associates 的 Rick Prentiss。

I want to follow on the same lines a little bit. Can you help us understand, obviously, TracFone's coming off, maybe some DISH coming off on the wholesale side as well. How much magnitude should we be expecting wholesale might drop this year knowing that you have some ranges out there?

我想稍微遵循同樣的思路。您能否幫助我們理解，顯然，TracFone 正在消失，也許批發方面的一些 DISH 也正在消失。知道你們有一些產品範圍，我們預計今年批發量可能會下降多少？

Yes. We haven't specifically guided to that. And remember, we have a little bit of visibility given some of the MPGs, which do trail off with respect to DISH. But I'd expect a continued year-over-year sequential decline, but not a specific guide on wholesale.

是的。我們還沒有專門指導這一點。請記住，考慮到某些 MPG，我們有一點可見性，這些 MPG 相對於 DISH 確實有所減弱。但我預計會持續同比下降，但沒有針對批發的具體指引。

And that's obviously factored into the guidance that we've provided.

這顯然已納入我們提供的指南中。

Absolutely. Absolutely.

絕對地。絕對地。

Right. And then any update on Mint? I think we're going on, what, 10, 11 months. What is their position on ACP?

正確的。那麼 Mint 有什麼更新嗎？我想我們會持續 10、11 個月。他們對 ACP 的立場是什麼？

Yes. So Mint, we anticipate Mint to close in Q1, and that is included in the guide itself. And of course, that will result, once it does close, in a little bit of service revenue and cost geography changes with minimal net impact to core EBITDA as we talked about earlier. But all of that, including ACP contemplation, is considered in the guide that we gave. But it wouldn't be appropriate for me to speak specifically about Mint as we haven't closed yet.

是的。所以 Mint，我們預計 Mint 將在第一季關閉，這包含在指南本身。當然，一旦關閉，這將導致服務收入和成本地理發生一些變化，而對核心 EBITDA 的淨影響最小，正如我們之前討論的那樣。但所有這些，包括 ACP 的思考，都在我們提供的指南中被考慮。但我不適合專門談 Mint，因為我們還沒結束。

And last one for me is, you talked a lot about your net adds doing strong service revenue, adjusted EBITDA, particularly versus the peer group. Will we ever hear you guys talk about EPS? Because clearly the peer group talks EPS as well. I know the footnotes say there are some things that make it tough, but will there be some day where you think about talking to us about an EPS guide?

對我來說，最後一個問題是，您談到了很多關於您的淨增加量表現強勁的服務收入、調整後的 EBITDA，特別是與同業相比。我們會聽到你們談論 EPS 嗎？因為顯然同業團體也在談論每股盈餘。我知道腳註說有些事情會讓事情變得困難，但是有一天您會考慮與我們討論 EPS 指南嗎？

Yes. I think that day will come. Obviously, we're still in this period in 2023, we had significant merger-related costs. We're going to have a little bit of merger-related costs in 2024, probably $150 million in Q1 and $50 million in Q2. But you are going to see us have more and more focus on EPS.

是的。我想那一天將會到來。顯然，我們仍處於 2023 年的這個時期，我們有大量與合併相關的成本。到 2024 年，我們將產生一些與合併相關的成本，第一季可能為 1.5 億美元，第二季可能為 5,000 萬美元。但你會看到我們越來越關注每股收益。

And obviously, there was a couple, as I mentioned, a couple of catalysts, including the 48.8 million shares for Q4, but you'll see us more and more focused on EPS. Look, the margin expansion is going to flow into the bottom line, and you'll see us there. We're not quite there yet. Little bit more work to do with the merger-related costs and other things, but it's definitely something we keep an eye on, and it's important.

顯然，正如我所提到的，有幾個催化劑，包括第四季度的 4880 萬股，但你會看到我們越來越關注每股收益。看，利潤率的擴張將流入利潤，你會在那裡看到我們。我們還沒有完全做到這一點。與合併相關的成本和其他事情還需要做更多的工作，但這絕對是我們密切關注的事情，而且很重要。

And the shareholder return program that we have underway really helps with it overall. Despite this dilution event that we saw, the overall trend is antidilution as we retire shares through the program. So it's a good trend to be on.

我們正在進行的股東回報計劃確實對整體有所幫助。儘管我們看到了這種稀釋事件，但隨著我們透過該計劃退役股票，整體趨勢是反稀釋的。所以這是一個很好的趨勢。

All right. We've got a lot of activity on social. Janice, do you want to tell us what we're seeing?

好的。我們有很多社交活動。珍妮絲，你想告訴我們我們看到了什麼嗎？

Yes. I think there's one. We're seeing this theme in a few places, so we'll take this question. So first of all, congratulations on a great year, but could you provide more color on your enterprise business, especially beyond connectivity and revenue and traction? And I know we haven't really covered that yet.

是的。我想有一個。我們在一些地方看到了這個主題，所以我們將回答這個問題。首先，恭喜您度過了美好的一年，但是您能否為您的企業業務提供更多色彩，尤其是在連結性、收入和吸引力之外？我知道我們還沒有真正討論過這一點。

Callie?

凱莉？

Okay. Well, thanks, Janice. And let me just tell you we're in a different phase in our business. Last year, my leaders transformed the talent and activity of our sales team, and we've upgraded our product portfolio with solutions like T-SIMsecure and our connected workplace managed services with Cisco Meraki that we just announced yesterday.

好的。嗯，謝謝，賈妮絲。讓我告訴你，我們的業務正處於不同的階段。去年，我的領導者對我們銷售團隊的人才和活動進行了改造，我們透過 T-SIMsecure 等解決方案以及昨天剛剛宣布的 Cisco Meraki 互聯工作場所託管服務升級了我們的產品組合。

We've moved from transacting with lower-level procurement employees to sitting at the table with CIOs as their trusted partners for connectivity solutions. And also, business customers, as we talked about before, they test our network before purchasing. And what they find is the most modern, the most distributed nationwide tri-band 5G stand-alone commercially available for slicing network, and they've determined its superiority.

我們已經從與較低級別的採購員工進行交易，轉變為與首席資訊長坐在一起，作為他們值得信賴的連接解決方案合作夥伴。而且，正如我們之前談到的，商業客戶在購買之前會測試我們的網路。他們找到了最現代化、分佈最廣的全國性三頻5G獨立商用切片網絡，並確定了它的優越性。

And all of this translates right back into our core business. So we delivered on our highest quarter and year ever in business postpaid phone net additions and gross adds. And our results outperformed our benchmark competitor once again. In enterprise, we delivered our highest win share rate with postpaid phone net additions, and our results allowed us to bring on new customers like Salesforce and REI, and deepen our relationships with Delta, DoorDash, Meta, UPS, just to name a few.

所有這些都直接轉化為我們的核心業務。因此，我們實現了有史以來最高的季度和年度商業後付費電話淨增量和總增量。我們的結果再次超過了我們的基準競爭對手。在企業領域，我們透過增加後付費電話網路實現了最高的獲勝份額，我們的業績使我們能夠吸引 Salesforce 和 REI 等新客戶，並加深與 Delta、DoorDash、Meta、UPS 等的關係。

And in the public sector, we drove double-digit growth in our new public safety accounts, especially with first responders who recognize that we at T-Mobile provide a more secure, prioritized connection over a faster and larger network. We continue to grow and compete successfully in small businesses, best quarter and year yet and saw positive porting trends versus both of our principal competitors in the third consecutive quarter in a row.

在公共部門，我們推動了新公共安全帳戶的兩位數成長，尤其是急救人員認識到我們 T-Mobile 透過更快、更大的網路提供了更安全、更優先的連接。我們繼續在小型企業中成功發展和競爭，這是迄今為止最好的季度和年度，連續第三個季度與我們的兩個主要競爭對手相比，我們看到了積極的移植趨勢。

So we're bringing in, as Peter mentioned earlier, both highly profitable customers with attractive CLVs, and as it relates to revenue outside of phones, we also saw some key wins in our Advanced Network Solutions this past quarter with Formula 1 in Las Vegas, where we successfully demonstrated our commercial application of network slicing with 230 points of sale, that was incredible, Ulf, and also signed a deal with PGA of America , where we're the official 5G innovation partner, enhancing how players and fans both experience the game. So hopefully, that gives you a little bit of insight on what we're seeing.

因此，正如彼得之前提到的，我們引入了具有有吸引力的CLV 的高利潤客戶，並且由於它與手機以外的收入相關，因此上個季度我們在拉斯維加斯一級方程式賽車的高級網路解決方案中也看到了一些關鍵的勝利，我們在230 個銷售點成功展示了網路切片的商業應用，這太不可思議了，Ulf，我們還與美國PGA 簽署了一項協議，我們是美國PGA 的官方5G 創新合作夥伴，增強了球員和球迷的體驗遊戲。希望這能讓您對我們所看到的內容有一些了解。

It's kind of neat to see that, if you just listen to that, that essentially our whole business effort has just kind of grown up. And we're now competing to solve really important organizational problems for enterprise and government with the corner office. And that's just a different place for us.

如果你仔細聽的話，你會發現我們的整個業務工作基本上已經成長起來，這真是太好了。我們現在正在與角落辦公室競爭，為企業和政府解決真正重要的組織問題。這對我們來說只是一個不同的地方。

And it's been interesting to see. You've had to retool all the skills and the capabilities and the solutions, and now we have this business that is just breaking records. So there's a lot of room to run, because we're at the very beginning, I think, of CIOs and organizational leaders rethinking their connectivity in the era of AI.

這很有趣。您必須重新配備所有技能、能力和解決方案，而現在我們的業務剛剛打破記錄。因此，還有很大的發展空間，因為我認為，我們正處於資訊長和組織領導者重新思考人工智慧時代的連結性的起點。

And when they start to assess who's best positioned in this era to provide reliable, secure connectivity with dedicated spectrum, it's T-Mobile. And so it's just -- we're lucky to be in this moment at the very moment that everyone is rethinking everything in technology thanks to the advent of AI and related technologies. So it's a great place to be.

當他們開始評估這個時代誰最有能力透過專用頻譜提供可靠、安全的連接時，T-Mobile 就是最佳選擇。因此，我們很幸運能夠處於這個時刻，由於人工智慧和相關技術的出現，每個人都在重新思考科技中的一切。所以這是一個很棒的地方。

The next question is from Peter Supino with Wolfe Research.

下一個問題來自 Wolfe Research 的 Peter Supino。

Wondering -- two things, one about fixed wireless. You talked a bit about a slowing net add growth rate still obviously at a really attractive level with better price and value for you. I wondered, as you get closer to your target thinking out a couple of years, do you manage this business at a high rate of speed right up to the target and then slam on the brakes? Or is there some organizational benefit to a more gradual deceleration?

想知道兩件事，一是關於固定無線。您談到淨增加成長率放緩，但顯然仍處於非常有吸引力的水平，並且對您來說具有更好的價格和價值。我想知道，當你思考幾年的時間越來越接近你的目標時，你是否會以很高的速度管理這項業務，直到你達到目標，然後猛踩煞車？或者更漸進的減速對組織有什麼好處？

And then a second question related to postpaid phone ARPU. I know that you're not guiding to it, and just wondered if you could discuss the drivers in '24 and how they might differ from '23.

第二個問題與後付費電話 ARPU 相關。我知道您並不是在指導它，只是想知道您是否可以討論 24 中的驅動程式以及它們與 23 中的不同之處。

Sounds good. I'll take the first one and then maybe hand it to Peter. As we said in response to an earlier question, it's kind of too early to tell what's going to happen as we start to get towards that initial goal for our fixed wireless business of 7 million to 8 million subscribers, as Jon reminded us.

聽起來不錯。我會拿第一個，然後也許會把它交給彼得。正如我們在回答之前的問題時所說，正如喬恩提醒我們的那樣，當我們開始實現固定無線業務 700 萬至 800 萬用戶的初始目標時，現在判斷會發生什麼還為時過早。

And right now, we want to make sure that we're serving mainstream customers with a fantastic product at a fair price, and we start to ease our way towards that moment. But we also don't know, as we said earlier, whether that's really the final destination or not, whether or not there may be other models that allow us to extend past that.

現在，我們希望確保以合理的價格為主流客戶提供優質的產品，並且我們開始輕鬆實現這一時刻。但正如我們之前所說，我們也不知道這是否真的是最終目的地，是否有其他模型可以讓我們超越這一點。

And so look, we'll learn more with each passing quarter. But I think the moves we've made that Mike outlined, I think, well, a few minutes ago, this is the right time for them to make sure that we're serving mainstream customers with our great product, we're meeting the demand appropriately and that we're correctly monetizing it so that we're able to continue serving customers in the best possible way.

所以看，我們將在每個季度了解更多。但我認為麥克幾分鐘前概述的我們採取的舉措，現在是他們確保我們用我們出色的產品為主流客戶服務的正確時機，我們正在滿足適當地滿足需求，並正確地將其貨幣化，以便我們能夠繼續以最佳方式為客戶提供服務。

So I'm really happy with where we are. The demand for this product based on the quality of the product has just been phenomenal. And I think a lot of it now is word of mouth, because that's what happens when you get 4.8 million customers using this product every day at very high, nearly the best in the industry, Net Promoter Scores.

所以我對我們現在的處境非常滿意。基於產品品質的對該產品的需求非常驚人。我認為現在很多都是口碑傳播，因為當你每天有 480 萬客戶以非常高的、幾乎是業內最好的淨推薦值使用該產品時，就會發生這種情況。

Well, what they do, they tell other people that they've discovered something great. and that just feeds on itself. So that's a really good place to be. Secondly, unpacking ARPU, and is there anything different in the dynamics for '24 versus '23?

好吧，他們所做的就是告訴其他人他們發現了一些很棒的東西。這只會自食其果。所以那真是一個好地方。其次，分析一下 ARPU，「24 年」和「23 年」的動態有什麼不同嗎？

Yes. '24, we'd expect to be generally stable to 2023. And in terms of dynamics, it's going to be the same set of dynamics. You have growth in high-value creating enterprise and government customers. You have growth in tremendously great CLV segment customers like 55+ and military on the consumer side, which Jon has just seen tremendous success with.

是的。 '24，我們預計到 2023 年將整體穩定。就動態而言，這將是同一組動態。高價值創造企業和政府客戶數量不斷增加。您在消費者方面的 CLV 細分客戶（例如 55 歲以上和軍隊）取得了巨大的成長，喬恩剛剛看到了巨大的成功。

You're going to see uptake of our highest tier, highest value rate plans continue at a great clip, and then it just becomes a mix-driven metric. And again, we tend to solve for ARPA and ARPA growth and overall service revenue growth as the focus point. So that's -- it's going to be more of the same with regards to ARPU.

您將看到我們的最高級別、最高價值費率計劃的採用率持續大幅上升，然後它就變成了一個混合驅動的指標。同樣，我們傾向於將 ARPA 和 ARPA 成長以及整體服務收入成長作為重點來解決。所以，就 ARPU 而言，情況會更加相似。

Hopefully, you can tell we're trying to get to absolutely as many questions as we can this time, so let's keep moving.

希望您能看出我們這次正在努力解決盡可能多的問題，所以讓我們繼續前進。

And the next question comes from Timothy Horan with Oppenheimer.

下一個問題來自蒂莫西·霍蘭和奧本海默。

You had a goal a few years ago of a 15-fold increase in wireless capacity. Could you give us an update kind of where we are at this point in just what 5G is meant for maybe latency or anything else with the network? And I know you talked touched on network slicing. What was Formula 1 and PGA doing kind of before you kind of came along for wireless capacity? How much of improvement was this at this point?

幾年前，您的目標是將無線容量增加 15 倍。您能否向我們介紹一下我們目前所處的最新情況，即 5G 對於延遲或網路其他方面的影響？我知道您談到了網絡切片。在您推出無線功能之前，一級方程式賽車和 PGA 正在做什麼？此時進步了多少？

Well, first, on overall capacity, it's a good opportunity to turn it to Ulf and maybe you can say what we're seeing now that we're substantially complete with the initial build.

嗯，首先，就整體容量而言，這是將其交給 Ulf 的好機會，也許您可以說我們現在所看到的情況，因為我們已經基本完成了初始構建。

Yes. Thanks a lot, Mike, and thanks for the question. Well, overall, the network capacity of this fantastic network is outstanding and keeps increasing on 5G as we are pivoting over frequency from our LTE customers over to 5G.

是的。非常感謝，麥克，也謝謝你的提問。總體而言，這個出色的網路的網路容量非常出色，並且隨著我們將頻率從 LTE 客戶轉向 5G，該網路容量在 5G 上不斷增加。

And we keep doing that all the time. That's why we can stay ahead of the curve, both with our HSI customers being inside that mobile umbrella, but also making sure that we have enough capacity to grow for all the traffic growth on the network.

我們一直這樣做。這就是為什麼我們能夠保持領先地位，既讓我們的 HSI 客戶位於行動保護傘內，又確保我們有足夠的容量來應對網路上所有流量的成長。

And as Mike alluded to earlier, we just see an increasing usage. People use more and more of the goodness that we provide. I'll also say that this is across our entire geography. We have to remember that our network is much, much larger in size in 5G than any of our competitor in this country. We have, on our 5G coverage, more than twice the area of our closest competitor on our Ultra Capacity, which is what provides all that capacity.

正如麥克之前提到的，我們看到使用量不斷增加。人們越來越多地使用我們提供的美好事物。我還要說，這遍及我們整個地理區域。我們必須記住，我們的 5G 網路規模比這個國家的任何競爭對手都要大得多。我們的 5G 覆蓋範圍是我們最接近的競爭對手的兩倍以上，而我們的超級容量正是提供所有這些容量的。

When it comes to the second question, which was around network slicing in Las Vegas, and as Callie alluded to, this was a true success story. We were the only operator in the world or in the country that could provide a true beta version because of our stand-alone core that we have in this network -- of network slicing. In other words, we can program our network to make sure that services work while all the other services and serving all the other customers on the network at the same time.

當談到第二個問題時，即有關拉斯維加斯網路切片的問題，正如 Callie 所提到的，這是一個真正的成功故事。我們是世界上或國內唯一一家可以提供真正測試版的營運商，因為我們在這個網路中擁有獨立的核心——網路切片。換句話說，我們可以對網路進行編程，以確保服務在所有其他服務正常運作的同時為網路上的所有其他客戶提供服務。

We were able to provide network slicing during the start of the race, which means that we could both make sure that all those points of sales had full service to everything they were doing at the same time as hundred thousand customers per day were using our network during that start of the race, watching their apps, doing all the activities that they will be doing.

我們能夠在比賽開始時提供網路切片，這意味著我們可以確保所有這些銷售點在每天有數十萬客戶使用我們的網路的同時為他們所做的一切提供全面的服務在比賽開始期間，觀看他們的應用程序，進行他們將要做的所有活動。

This has almost never happened in Formula 1 history. It's normally very congested, very difficult to do anything when so many customers are accessing the network at the same time. And that's what network slicing was proving to do in Las Vegas, and it's just started. Early to come. We're going to roll these kind of things out to much more events in the future.

這在一級方程式歷史上幾乎從未發生過。當這麼多客戶同時存取網路時，通常會非常擁堵，很難做任何事情。這就是網路切片在拉斯維加斯被證明的作用，而且它才剛剛開始。早來了。我們將在未來將此類事情推廣到更多活動中。

As it relates to your specific question on the 15x, I actually don't have the answer at my fingertips, so I'm going to look into that. I can tell you that when we made that estimate, what we had in mind were the commercial results that we have delivered in spades, being able to see phone usage grow the way it has grown at T-Mobile. It's now more than triple what it was 5 years ago, 4x speed and then some, and being able to handle this massive home broadband business on top as well as all the growth that we see in enterprise.

由於它與您關於 15x 的具體問題有關，實際上我手頭上沒有答案，因此我將對此進行研究。我可以告訴你，當我們做出這個估計時，我們想到的是我們確實交付的商業成果，能夠看到手機使用量像 T-Mobile 一樣成長。現在它是 5 年前的三倍多，速度提高了 4 倍，甚至更高，並且能夠處理如此龐大的家庭寬頻業務以及我們在企業中看到的所有增長。

So as we laid out this network way back in 2018 and planned it, we have met every single expectation that we laid out there, including some stringent commitments that we made to the FCC as part of the merger process, and just completed a massive nationwide drive in order to be able to make those goals. So I would be surprised if it's anything other than the 15x has been achieved, but I'll have to double check on that.

因此，當我們早在2018 年就佈局並規劃了這個網路時，我們已經滿足了我們在那裡提出的每一個期望，包括我們在合併過程中向FCC 做出的一些嚴格承諾，並且剛剛完成了大規模的全國範圍的網路建設。驅動力以便能夠實現這些目標。因此，如果實現了 15 倍以外的其他目標，我會感到驚訝，但我必須仔細檢查這一點。

As it relates to the F1, it's fascinating, you hear Ulf talking about network slicing and what it's doing for people, and there have been lots of applications. We talk about F1 because it's very public and it's going to be a great case study for all of our executive briefing center visits, et cetera, but there have been lots of these now.

當它與 F1 相關時，它很有趣，你會聽到 Ulf 談論網路切片以及它為人們所做的事情，並且已經有很多應用程式。我們談論 F1 是因為它非常公開，對於我們所有的高階主管簡報中心訪問等來說，這將是一個很好的案例研究，但現在已經有很多這樣的案例了。

And look, your previous options were either string wires everywhere, which was not ideal, or rely on WiFi, where you have no control over the radio spectrum and it's a best efforts service with a shared spectrum. And so this is a breakthrough for organizations that they need mission-critical distributed connectivity. Network slicing on 5G is a breakthrough solution for that. We're going to see lots of applications like powering the commercial operations at F1, where it's the perfect solution.

你看，你以前的選擇要么是到處都是串線，這並不理想，要么依賴 WiFi，你無法控制無線電頻譜，它是共享頻譜的盡力而為的服務。因此，對於需要關鍵任務分散式連接的組織來說，這是一個突破。 5G 網路切片是一個突破性的解決方案。我們將看到許多應用，例如為 F1 的商業營運提供動力，它是完美的解決方案。

So Mike, do you think there's a way that the industry can grow ARPA faster? I mean, we've been kind of growing way, way below inflation for a long period of time, but we're seeing major improvements in the network. I mean is there any way to kind of get to inflation-type ARPA growth longer term?

那麼 Mike，您認為有什麼方法可以讓 ARPA 產業更快發展嗎？我的意思是，在很長一段時間內，我們的成長速度遠低於通貨膨脹率，但我們看到網路有了重大改進。我的意思是，有什麼辦法可以長期實現通膨型 ARPA 成長嗎？

I mean this industry gives remarkable value, and we've been talking about that a little bit during the call. As it relates to T-Mobile, we're always looking for ways that we can serve customers better and make sure that we build a profitable business around that. And we have to do that smartly so that we defend and extend our fame as the value provider because that's so important, and we have lower costs.

我的意思是這個行業提供了非凡的價值，我們在電話會議期間一直在談論這一點。就 T-Mobile 而言，我們一直在尋找能夠更好地為客戶服務的方法，並確保我們圍繞這一點建立盈利業務。我們必須巧妙地做到這一點，以便捍衛和擴大我們作為價值提供者的聲譽，因為這非常重要，而且我們的成本更低。

So that should be defensible over the long haul as evidenced by things like a lower debt structure and lower cost to service that debt than anybody else in the industry. So it's a defensible place, but we have to defend it by making smart decisions. And we have the best network, and that should allow us to find the right optimizations to be able to serve customers better.

因此，從長遠來看，這一點應該是站得住腳的，比業內其他公司更低的債務結構和更低的償債成本就證明了這一點。所以這是一個可以防守的地方，但我們必須透過做出明智的決定來保衛它。我們擁有最好的網絡，這應該使我們能夠找到正確的優化方案，以便更好地為客戶服務。

We can't give you predictions over the long haul other than to say that in 2024, we see opportunities, and that's why we've got a confident guide in 2% year-over-year gain in ARPA. And over the long haul, we'll see what happens. But I will tell you that I'm pleased that customers are getting such incredible value from this category, and that certainly does open up opportunities for us to make sure, for T-Mobile, that if there are opportunities for us to monetize that in smart ways that it will be appreciated by customers, we'll find ways to do that.

我們無法為您提供長期預測，只能說，在 2024 年，我們看到了機遇，這就是為什麼我們有信心 ARPA 同比增長 2% 的原因。從長遠來看，我們會看看會發生什麼。但我要告訴你的是，我很高興客戶從這個類別中獲得瞭如此令人難以置信的價值，這確實為我們提供了機會，以確保我們對T-Mobile 來說是否有機會將其貨幣化我們會找到方法來做到這一點，以明智的方式受到客戶的讚賞。

All right. I think we've got time for one final question. Operator?

好的。我想我們還有時間回答最後一個問題。操作員？

That question comes from Greg Williams with TD Cowen.

這個問題來自 TD Cowen 的 Greg Williams。

Great. First question is just on the industry as a whole. It's the third carrier to report this week and showing some strength here. In your postpaid add guidance, I'm just curious to what degree do you expect the industry to soften up in 2024? Is it sort of the same level of softening you saw in 2023?

偉大的。第一個問題是關於整個產業的。這是本週發布報告的第三家營運商，並在此展示了一些實力。在您的後付費添加指南中，我只是好奇您預計該行業在 2024 年會軟化到什麼程度？這與您在 2023 年看到的軟化程度相同嗎？

Second question is just on capital allocation. Just curious how sacrosanct is your buyback if I think about, say, fiber M&A materializing and you thinking rates could potentially come down over time, would you consider cutting the buyback for M&A? Or again, is it sacrosanct, and you consider levering up and keeping the buyback? Just curious to hear your thoughts.

第二個問題是關於資本配置。只是好奇，如果我考慮一下纖維併購的實現，並且您認為利率可能會隨著時間的推移而下降，您會考慮減少併購的回購嗎？或者，它是神聖不可侵犯的，你考慮提高槓桿率並保持回購嗎？只是好奇想聽聽你的想法。

In the context of the guide for the industry as a whole, we do expect some moderation year-over-year, probably a little bit more moderation in our expectation than what you saw in '22 to '23. Look, we look at it from a number of scenarios and kind of give a range. And our job is to within, whatever happens in there, to continue to be the share-taking leader. And when we see accretive opportunities to go above and beyond, much like we did in Q4 and all of 2023, we'll deliver on those.

就整個行業的指南而言，我們確實預計同比會出現一些放緩，我們的預期可能比您在 22 年至 23 年看到的要溫和一些。看，我們從許多場景來看它，並給出一個範圍。我們的工作是，無論內部發生什麼，繼續成為股份收購的領導者。當我們看到更多超越的機會時，就像我們在第四季和 2023 年全年所做的那樣，我們將兌現這些機會。

So that's kind of what we look to and work within. In terms of capital, I mean, we talk about fiber and all of that. If you recall, what we said is we thought it was the right time and a prudent thing to do in the rate environment and what we saw to delever a little bit more rapidly to the 2.5 point by the end of 2024. We're there at the end of 2023, but there are some puts and takes in terms of timing of payments, for example, with respect to Columbia Capital, but it was the right thing to do there.

這就是我們所關注和努力的方向。就資本而言，我的意思是，我們談論纖維等等。如果你還記得的話，我們所說的是，我們認為現在是正確的時機，在利率環境下是明智的做法，我們認為到2024 年底，利率會更快地去槓桿化至2.5 點。我們已經做到了2023 年底，但在付款時間方面存在一些不確定性，例如就哥倫比亞資本而言，但在那裡做是正確的事情。

But even within that, which allowed that envelope that we've announced of share buybacks and dividends, there was some room for investment. And so we'll look within there. But the capital allocation methodology that we look at is the same it's always been and will continue to be. What are the highest value-creating opportunities that we can see as a management team, investing in the network, investing in growth of the core business, the adjacent businesses.

但即使在我們宣布的股票回購和股息的限度內，仍有一些投資空間。所以我們要去看看裡面。但我們所關注的資本配置方法一直都是如此，並將繼續如此。作為管理團隊，投資網絡、投資核心業務、鄰近業務的成長，我們能看到哪些創造最高價值的機會？

And then, of course, we'll look at all other things beyond that, whether that's in the fiber space, whether that's the U.S. cellulars. We'd look at that process and see are there value-creating opportunities. That would be the right thing to do and invest in. But we have a little bit of wiggle room in there in terms of an envelope for investment even within the guide that we gave you.

當然，然後我們會考慮除此之外的所有其他事情，無論是在光纖領域，還是在美國的蜂窩領域。我們會研究這個過程，看看是否有創造價值的機會。這將是正確的做法和投資。但即使在我們為您提供的指南中，我們在投資信封方面也有一點迴旋餘地。

And if it's further comfort, I will tell you, obviously, we're going to be guided by what creates value, and there are no absolutes there. So -- but I will tell you, we're not pursuing -- to the premise of the example in your question, we're not pursuing a big like on-balance sheet transaction in this space. There's no big deal on the horizon that we see that would knock us off our pace. And I think that's important calculus. If something presented itself that made a lot of sense for shareholders, our job is to bring it to you. But right now, we don't see it.

如果這是進一步的安慰，我會告訴你，顯然，我們將以創造價值的事物為指導，並且沒有絕對的東西。所以，但我會告訴你，我們不會追求你問題中例子的前提，我們不會在這個領域追求類似資產負債表內的大型交易。我們認為沒有什麼大事會打亂我們的步伐。我認為這是重要的微積分。如果某件事對股東來說很有意義，我們的工作就是把它帶給您。但現在，我們還看不到它。

Thank you, Greg. That's all the time we have today. Really appreciate everybody joining us, and we look forward to speaking with you again soon. If you have any further questions, please don't hesitate to reach out to either the Investor Relations or Media Relations departments. With that, thank you very much.

謝謝你，格雷格。這就是我們今天的全部時間。非常感謝大家加入我們，我們期待很快再次與您交談。如果您還有任何疑問，請隨時聯繫投資者關係或媒體關係部門。在此，非常感謝。

Ladies and gentlemen, this concludes the T-Mobile Fourth Quarter Earnings Call. Thank you for your participation. You may now disconnect, and have a pleasant day.

女士們先生們，T-Mobile 第四季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。