T-Mobile US Inc (TMUS) 2024 Q1 法說會逐字稿

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

午安. （操作員指示）我現在將會議交給 T-Mobile US 投資者關係高級副總裁兼策略顧問 Jud Henry 先生。請繼續，先生。

Welcome to T-Mobile's First Quarter 2024 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.

歡迎參加 T-Mobile 2024 年第一季財報電話會議。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 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. 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 our Quarterly Results section of the Investor Relations website.

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。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。

And with that, let me turn it over to Mike.

接下來，讓我把它交給麥克。

Okay. Thanks, Jud. Good afternoon, everybody. Welcome. If you're watching online, you can see that I've got a good part of the senior team here. We're coming to you from Bellevue, Washington today, and we're looking forward to a great discussion.

好的。謝謝，賈德。大家下午好。歡迎。如果你在網路上觀看，你會發現我在這裡有很多高級團隊的成員。我們今天從華盛頓州貝爾維尤來到您這裡，我們期待著一場精彩的討論。

And as you can see from our Q1 results, we are off to a great start in 2024. The year is unfolding right in line with what we expected across the board, and in fact, better in some areas, and we're increasing our guidance for the year accordingly. I'll briefly touch on a few highlights, and then we'll get right to your questions.

正如您從我們第一季的業績中看到的，我們在2024 年有了一個良好的開端。增加我們的相應的年度指導。我將簡要介紹一些要點，然後我們將直接回答您的問題。

First, a comment on growth. We continue to take share in Q1 just as expected with postpaid phone net adds that were right in line with Q1 last year, while industry net adds were lower by a double-digit percentage. Our best value, best network proposition continues to resonate in the market with our postpaid phone gross adds up year-over-year for the fourth consecutive quarter even while industry gross adds were down. And we matched our best ever Q1 postpaid phone churn, showing that customers love the Un-carrier value proposition and network.

首先，對成長進行評論。正如預期的那樣，我們繼續在第一季佔據份額，後付費電話淨增加量與去年第一季一致，而產業淨增加量下降了兩位數百分比。我們的最佳價值、最佳網絡主張繼續在市場上引起共鳴，儘管行業總收入有所下降，但我們的後付費電話總收入連續第四個季度同比增長。我們在第一季實現了有史以來最好的後付費電話流失率，這表明客戶喜歡非營運商的價值主張和網路。

Second, a comment on those lowest ever postpaid upgrades for phones in Q1. I think this metric showcases our ongoing winning formula by demonstrating that customers choose to stay with T-Mobile for the best-in-class value and network they enjoy, which is the only retention strategy that drives profitable growth over the long term. The network is an increasingly powerful part of our customers' loyalty as 3/4 of our postpaid phone customers already have a 5G smartphone, and they're having a differentiated experience on the T-Mobile network. It also demonstrates how we put our investments where they can have the greatest customer impact, letting natural customer demand drive the pace of upgrades.

其次，對第一季手機後付費最低升級的評論。我認為該指標展示了我們持續的致勝公式，表明客戶選擇留在 T-Mobile 是因為他們享受一流的價值和網絡，這是推動長期盈利增長的唯一保留策略。這個網路是我們客戶忠誠度中日益強大的一部分，因為我們 3/4 的後付費電話客戶已經擁有 5G 智慧型手機，並且他們在 T-Mobile 網路上獲得了差異化的體驗。它也展示了我們如何將投資放在能夠對客戶產生最大影響的地方，讓客戶的自然需求推動升級的步伐。

Overall, from consumers in major metros to smaller markets and businesses from large enterprises to SMBs, T-Mobile's durable, differentiated growth momentum continues across the segments. And the most exciting part is that there are still many years of market-leading growth runway ahead for our core business.

總體而言，從主要都市的消費者到較小的市場以及從大型企業到中小企業的企業，T-Mobile 在各個細分市場中持續保持持久、差異化的成長勢頭。最令人興奮的是，我們的核心業務仍有多年市場領先的成長跑道。

Okay. Let's talk broadband. Home broadband customers love a great value on a great network, too. That's been the formula that's made us the fastest-growing broadband provider for the past 2 years. And we did it again in Q1 as our 405,000 nets are expected to represent a higher share of industry broadband net adds than even a year ago and are expected to be more than half of all nets from the major providers once again. Our broadband strategy is unfolding exactly the way we said it would. And we now proudly serve over 5 million high-speed Internet customers.

好的。我們來談談寬頻。家庭寬頻客戶也喜歡優質網路帶來的巨大價值。這就是我們在過去兩年中成為成長最快的寬頻供應商的秘訣。我們在第一季再次做到了這一點，因為我們的 405,000 個網路預計將比一年前在行業寬頻淨增加中所佔的份額更高，並且預計將再次佔主要供應商所有網路的一半以上。我們的寬頻策略正在按照我們所說的方式展開。我們現在很自豪地為超過 500 萬高速網路客戶提供服務。

And as we previously announced, we're also growing the value of that customer base, successfully sunsetting our [launch era] promotions and attracting customers at our nominal price points. In addition, our new rate plans for home mesh networks and for on-the-go usage are just the latest ways we intend to continue to enhance the value of this space and find new ways to serve customers better.

正如我們之前宣布的那樣，我們還在增加該客戶群的價值，成功地結束了我們的[發布時代]促銷活動並以我們的名義價格點吸引客戶。此外，我們針對家庭網狀網路和行動使用的新費率計劃只是我們打算繼續提高該領域價值並尋找更好地為客戶服務的新方法的最新方法。

Okay. Let me comment on fiber. I've been saying for a while that smart fiber partnerships would allow us to profitably serve even more broadband customers. And today, we announced a joint venture with EQT that will acquire Lumos. Consistent with everything we've said for the last year, this JV is the latest example of a capital-light model, and we're excited to have such great and experienced partners. EQT is one of the leading infrastructure investors across the U.S. and Europe and brings a wealth of knowledge to the table.

好的。讓我評論一下纖維。我已經說過一段時間了，智慧光纖合作夥伴關係將使我們能夠為更多寬頻客戶提供有利可圖的服務。今天，我們宣布與 EQT 成立合資企業，該合資企業將收購 Lumos。與我們去年所說的一切一致，這家合資企業是輕資本模式的最新例子，我們很高興能擁有如此優秀且經驗豐富的合作夥伴。殷拓是美國和歐洲領先的基礎設施投資者之一，擁有豐富的知識。

The Lumos management team under Brian Stading is outstanding and has years of experience building fiber in an efficient, cost-effective and targeted build model. We're really excited to be able to accelerate what Lumos has already been doing to reach more and more households in the years ahead.

Brian Stading 領導下的 Lumos 管理團隊非常出色，擁有多年以高效、經濟且有針對性的建造模型構建光纖的經驗。我們非常高興能夠加快 Lumos 已經開展的工作，在未來幾年內惠及越來越多的家庭。

Together, we target 3.5 million homes passed by 2028, and T-Mobile expects to invest about $950 million upon close, which we expect less than a year from now, and another $500 million between 2027 and '28 to get there. T-Mobile will be a 50% owner of Lumos and will own the customer relationships, including their existing fiber customers at close, as Lumos will convert to a wholesale model.

我們的目標是到2028 年建成350 萬戶家庭，T-Mobile 預計在交易完成後投資約9.5 億美元（我們預計從現在起不到一年），並在2027 年至28 年間再投資5 億美元來實現這一目標。 T-Mobile 將持有 Lumos 50% 的股份，並將擁有客戶關係，包括現有的光纖客戶，因為 Lumos 將轉變為批發模式。

This is exactly the type of value-creating investment that we had contemplated with our strategic envelope of funds that we set aside back when we shared the current stockholder return program with you last fall. And we expect to remain on track as it relates to our stockholder return ambitions.

這正是我們去年秋天與您分享當前股東回報計劃時預留的策略資金範圍所考慮的創造價值的投資類型。我們預計將繼續走上正軌，因為這關係到我們股東回報的雄心。

Lastly, I am so happy to report that we have received regulatory approval to acquire Mint and Ultra Mobile. And we, therefore, currently expect to close on May 1. We are really looking forward to welcoming them to the Un-carrier family. And I know they're going to fit in because they are hyper-focused on offering customers compelling products at a great value. We'll work to further fuel their success while also learning from their team who are absolute rock stars in the direct-to-consumer and value segments.

最後，我很高興地向大家報告，我們已獲得監管部門批准收購 Mint 和 Ultra Mobile。因此，我們目前預計將於 5 月 1 日關閉。我知道他們會融入其中，因為他們非常專注於為客戶提供極具吸引力的超值產品。我們將努力進一步推動他們的成功，同時向他們的團隊學習，他們是直接面向消費者和價值領域絕對的搖滾明星。

Financially, in Q1, we again showed how T-Mobile translates profitable growth into market-leading consolidated service revenue growth and core adjusted EBITDA growth that was double the rate of our principal competitors. And T-Mobile again delivered the highest free cash flow margins in the industry.

在財務方面，第一季度，我們再次展示了 T-Mobile 如何將獲利成長轉化為市場領先的綜合服務收入成長和核心調整後 EBITDA 成長（是我們主要競爭對手的兩倍）。 T-Mobile 再次實現了業界最高的自由現金流利潤率。

So to wrap up. Our model is working. It's consistent. And our confidence in it only builds with each passing quarter of success. We remain focused on continuing to take share in wireless and broadband while delivering industry-leading growth in service revenue, profitability and cash flows. I couldn't be more excited about what's ahead for T-Mobile.

所以總結一下。我們的模型正在發揮作用。這是一致的。我們對它的信心只會隨著每季的成功而增強。我們仍然專注於繼續佔據無線和寬頻市場份額，同時在服務收入、獲利能力和現金流方面實現領先業界的成長。我對 T-Mobile 的未來感到非常興奮。

And I want you to know that we plan to have a Capital Markets Day this fall, where we look forward to going deeper with you on topics like the big opportunities that we see coming, how we're seizing them and how that will translate into enormous value creation for our company in the years ahead. And I think you're going to see once again that in many ways, we're just getting started.

我想讓你們知道，我們計劃在今年秋天舉辦資本市場日，我們期待與你們深入探討我們認為即將到來的巨大機遇、我們如何抓住這些機會以及如何將其轉化為其他主題。我們公司創造巨大的價值。我想你會再次看到，在很多方面，我們才剛開始。

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

好的。彼得，請您談談我們的主要財務亮點和我們的指導的最新情況。

Well, thank you, Mike. All right. As you can see, we kicked off 2024 with great momentum. Mike already highlighted our best-in-class growth in both the top and bottom line and how our industry-leading conversion of service revenue to adjusted free cash flow continues to differentiate T-Mobile. So let me jump into our updated expectations for how that growth will continue in 2024.

嗯，謝謝你，麥克。好的。如您所見，我們以強勁的勢頭開啟了 2024 年。 Mike 已經強調了我們在營收和利潤方面的最佳成長，以及我們業界領先的服務收入到調整後自由現金流的轉換如何繼續讓 T-Mobile 脫穎而出。因此，讓我談談我們對 2024 年這種成長將如何持續的最新預期。

Starting with customers, where we now expect total postpaid net customer additions to be between 5.2 million and 5.6 million, up 150,000 at the midpoint. We now expect full year postpaid ARPA to grow up to 3% in 2024, a further acceleration of the growth we saw in 2023 from both the continued execution of our strategy to win and expand account relationships and as we anticipate taking further rate plan optimization actions within the base.

從客戶開始，我們現在預計後付費淨新增客戶總數將在 520 萬至 560 萬之間，中間增加 15 萬。我們現在預計2024 年全年後付費ARPA 將成長至3%，這將進一步加速我們在2023 年看到的成長，這得益於我們持續執行贏得和擴大客戶關係的策略，以及我們預計採取進一步的費率計畫優化行動基地內。

There is no change in our expectations for postpaid phone net adds from our original guidance last quarter with Q1's strong growth coming in as we expected and because we anticipate slight year-over-year headwinds to postpaid phone net adds in Q2 and Q3 related to those rate plan optimizations, which are accretive to the business on an all-in basis.

我們對後付費電話網絡增加量的預期與上季度最初的指導相比沒有變化，第一季的強勁增長正如我們預期的那樣，因為我們預計第二季度和第三季度的後付費電話網絡增加量將出現輕微的同比阻力。

Core adjusted EBITDA is now expected to be between $31.4 billion and $31.9 billion, up 9% year-over-year at the midpoint. And as I mentioned on the last earnings call, we expect our industry-leading service revenue growth to accelerate at a higher rate in 2024 than we delivered in 2023 even with the discontinuation of the Affordable Connectivity Program that appears imminent at this point in time and is contemplated within the increased guidance. We continue to expect cash CapEx to be between $8.6 billion and $9.4 billion as we deliver a capital efficiency unmatched in our industry on the back of our network integration and 5G leadership.

核心調整後 EBITDA 目前預計在 314 億美元至 319 億美元之間，年比中點成長 9%。正如我在上次財報電話會議上提到的那樣，我們預計 2024 年我們行業領先的服務收入增長將以高於 2023 年的速度加速，即使目前看來即將終止的平價連接計劃也是如此增加的指導中考慮了這一點。我們仍然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行業中無與倫比的資本效率。

Lastly, we now expect adjusted free cash flow, including payments for merger-related costs, to be in the range of $16.4 billion to $16.9 billion. This is up 23% 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. This also represents an adjusted free cash flow to service revenue margin, which is multiple percentage points higher than peers.

最後，我們現在預計調整後的自由現金流（包括合併相關成本的支付）將在 164 億至 169 億美元之間。由於我們的利潤率擴張和資本效率，並且不假設證券化產生任何實質淨現金流入，這比去年中點增長了 23%，是我們第二大競爭對手預期增長率的 5 倍。這也代表了調整後的自由現金流與服務收入利潤率的比值，比同業高出多個百分點。

So in closing, we continue to expect 2024 to be another year of differentiated profitable growth as we continue to extend our network leadership and further scale our unique growth opportunities. We expect this to continue to translate into industry-leading growth in service revenue, core adjusted EBITDA and free cash flow along with the highest adjusted free cash flow margin in the industry, unlocking shareholder value. I couldn't be more excited about the continued enormous value creation opportunity that we have in front of us for years to come.

因此，最後，我們繼續預計 2024 年將是差異化獲利成長的另一年，因為我們將繼續擴大我們的網路領先地位並進一步擴大我們獨特的成長機會。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 和自由現金流的成長，以及業界最高的調整後自由現金流利潤率，釋放股東價值。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。

Okay. Before we open it up for Q&A, I just want to take a moment to announce a changing of the guard in our Investor Relations leadership. After 11 years and an unbelievable 44 earnings cycles in IR, I'm tremendously excited for Jud to take on a broader role within our finance organization. And I'm equally excited to introduce Cathy Yao as our new SVP of Investor Relations. Many of you may know Cathy, from her time on the sell side at MoffettNathanson or on the corporate side at Altice USA among other roles on her fabulous resume. We look forward to Cathy continuing T-Mobile's strong tradition of Investor Relations excellence.

好的。在我們開始問答之前，我想花點時間宣布我們投資者關係領導層的換崗。經過 11 年的 IR 工作和令人難以置信的 44 個收益週期後，我非常高興 Jud 在我們的財務組織中扮演更廣泛的角色。我同樣很高興地介紹 Cathy Yao 擔任我們新任投資者關係資深副總裁。你們中的許多人可能都認識 Cathy，從她在 MoffettNathanson 的銷售部門或 Altice USA 的公司部門以及她精彩的簡歷中的其他職位開始。我們期待 Cathy 繼續 T-Mobile 卓越投資者關係的強大傳統。

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

現在，我將把電話轉回給賈德，開始他的最後一次問答。賈德？

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

謝謝，彼得。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。

The first question comes from Michael Rollins with Citi.

第一個問題來自花旗銀行的麥可‧羅林斯。

Congrats, Jud, on the new role. Just a couple of questions, if I could. So first, you mentioned that you may be taking some pricing actions and that could affect some of the subscriber performance in 2Q, 3Q. Can you unpack the plan on how you're approaching those actions and how to think about the net benefit? And then just secondly, taking a step back, if you can give us an update on how you're seeing the competitive landscape, how you're seeing the switcher pool and how T-Mobile is navigating some of these changes with the industry seemingly having lower upgrades, lower churn.

恭喜賈德擔任新角色。如果可以的話，我只想問幾個問題。首先，您提到您可能會採取一些定價行動，這可能會影響第二季、第三季的一些訂戶表現。您能否解釋一下您如何實施這些行動以及如何考慮淨收益的計劃？其次，退後一步，您能否向我們介紹您如何看待競爭格局、如何看待切換池以及 T-Mobile 如何應對行業的一些變化？

Okay. Great. Well, why don't I jump in, and I'll give a comment on -- or a lack of a comment on the first question, and then I'll hand it to John Freier for the second one. No, we're not really going to announce any particular plans today. I will tell you that nothing we do is going to question or challenge our long-standing strategy of being the value leader in this market. But surely, over the span of many years, what that means kind of changes over time. Costs have risen. Changes have happened in a broader industry context. And we're going to jealously guard that value leadership. And I think customers understand that if there are changes around the margins once every many years in a world where costs change, they'll understand and accept that.

好的。偉大的。好吧，我為什麼不介入，我會對第一個問題發表評論——或者缺乏評論，然後我將把第二個問題交給約翰·弗雷爾。不，我們今天並不打算宣布任何具體計劃。我會告訴你，我們所做的任何事情都不會質疑或挑戰我們成為這個市場價值領導者的長期策略。但可以肯定的是，隨著時間的推移，這意味著什麼會改變。成本上升了。更廣泛的行業背景發生了變化。我們將小心翼翼地捍衛這種價值領先地位。我認為客戶明白，在成本變化的世界中，如果每隔很多年利潤率就會發生變化，他們就會理解並接受這一點。

We've actually made changes here and there over the past 6 months. We've understood what that looks like and what that takes. And there may be more changes, particularly with older rate plans. But we're not here to announce anything. I will tell you that all the outcomes that we see from all of that on the customer side as well as on the ARPA side and on the EBITDA and revenue side are contained within the guidance that Peter just shared. Do you want to add anything in the first question before we go to the second one?

事實上，在過去的 6 個月裡，我們已經到處做出了改變。我們已經了解這是什麼樣子以及需要做什麼。可能還會有更多變化，尤其是較舊的費率計劃。但我們來這裡並不是要宣布任何事情。我會告訴你，我們從客戶方面、ARPA 方面以及 EBITDA 和收入方面看到的所有結果都包含在 Peter 剛剛分享的指導中。在我們討論第二個問題之前，您想在第一個問題中添加任何內容嗎？

I think you got it.

我想你明白了。

Okay. Competitive context on up -- what are we seeing on upgrades? What's driving that? What's happening with the competition, Jon?

好的。競爭環境加劇－我們在升級方面看到了什麼？是什麼推動了這一點？喬恩，比賽怎麼了？

Yes, you bet. So I'll tell you a little bit about what's happening competitively. It's been an intense competitive environment in the marketplace, but it's been generally consistent as you look at this overall competitive intensity. And for our business, we continue to have these differentiated growth opportunities, whether that be smaller markets and rural areas, whether that be within our high-speed Internet or in our overall enterprise and government space that Callie can talk about in just a few moments as well. And so during that overall competitive context, we have these unique growth vectors that we continue to be underpenetrated on, driving a lot of good success so far but continue to have a lot of runway in front of us.

是的，你敢打賭。所以我會告訴你一些關於競爭中發生的事情。市場競爭環境非常激烈，但從整體競爭強度來看，情況大致上是一致的。對於我們的業務來說，我們繼續擁有這些差異化的成長機會，無論是較小的市場和農村地區，無論是在我們的高速互聯網範圍內還是在我們的整體企業和政府領域，Callie 可以在幾分鐘內談論這一點以及。因此，在整體競爭背景下，我們擁有這些獨特的成長向量，但我們仍然沒有充分利用這些成長向量，迄今為止取得了許多良好的成功，但我們面前仍然有很多跑道。

So while that competitive environment is intense, sometimes one competitor is leaning in. Sometimes one competitor is leaning out. We're always navigating that. Things are always changing. Sometimes it's a little bit more device oriented. Sometimes it might be more rate oriented in terms of how the competitive environment is unfolding. But we've navigated that for years and years now and continue to be very comfortable with how that overall competitive environment is playing out.

因此，儘管競爭環境非常激烈，但有時競爭對手會向前傾斜，有時競爭對手會向後傾斜。我們一直在努力解決這個問題。事情總是在變化。有時它更面向設備。有時，就競爭環境如何展開而言，它可能更以利率為導向。但我們已經經歷了很多年，並且仍然對整體競爭環境的發展感到非常滿意。

With respect to upgrades, we continue to meet the natural demand of upgrades. As you can see, the upgrade rate is a low 2.4% at the same time when we're matching the best Q1 postpaid phone churn performance in the company's history. We've been more targeted than surgical with some of our upgrade offers, for sure. But the overall natural demand and the upgrade cycle is lengthening. It's really kind of the best of both worlds when you have customers that are staying at incredible rates, record low rates and not staying for free devices exclusively. They're staying for this differentiated value proposition, the network and the overall experience, something we're very, very pleased with how it's unfolding.

在升級方面，我們不斷滿足升級的自然需求。正如您所看到的，當我們匹配公司歷史上最好的第一季後付費電話流失率表現時，升級率僅為 2.4%。當然，我們的一些升級優惠比手術更有針對性。但整體自然需求和升級週期正在拉長。當您的客戶以令人難以置信的價格、創紀錄的低價格並且不只使用免費設備時，這確實是兩全其美。他們留下來是為了這種差異化的價值主張、網絡和整體體驗，我們對它的發展方式非常非常滿意。

I'll just add one last thing. As I said in my prepared remarks, 75% of our customers have 5G devices, and those customers are having a very differentiated experience with T-Mobile's lead in 5G. And we can talk more about that, I hope, during the call. I'm so pleased with what's happened. We continue to extend our lead. And so that -- the impetus when you're having a fantastic experience on your phone, to prematurely swap it out, just isn't there. And they'll do it in a stepwise way. They continue to do it. And you can tell we're upgrading people fast enough by the fact that all those people have 5G phones, which is right at or even above competitive benchmark. So our customers continue to upgrade at just the pace that we think is appropriate.

我將添加最後一件事。正如我在準備好的演講中所說，我們 75% 的客戶擁有 5G 設備，這些客戶透過 T-Mobile 在 5G 領域的領先地位獲得了非常差異化的體驗。我希望，我們可以在通話期間更多地討論這一點。我對所發生的事情感到非常高興。我們繼續擴大領先優勢。因此，當您在手機上獲得美妙的體驗時，就沒有動力過早地更換它。他們會逐步進行。他們繼續這樣做。從所有這些人都擁有 5G 手機的事實來看，我們正在以足夠快的速度升級人員，這恰好達到甚至高於競爭基準。因此，我們的客戶繼續以我們認為合適的速度進行升級。

The next question comes from John Hodulik with UBS.

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

Maybe first on the Lumos transaction. Firstly, should we expect similar deals in other parts of the country? And you talked about 3.5 million homes passed. Is that about -- I mean that's just in one small part of the country. Should we expect something similar as we look at the rest of the U.S.? And then in the release today, you guys had a line about not being able to meet all the demand for broadband with your fixed wireless network. Can you talk a little bit about how much growth there is left there and if you're seeing capacity constraints in any particular areas?

也許首先是 Lumos 交易。首先，我們是否應該期待全國其他地區出現類似的交易？你提到有 350 萬戶家庭經過。我的意思是，這只是這個國家的一小部分地區。當我們觀察美國其他地區時，我們是否應該期待類似的情況？然後在今天的發布中，你們說無法透過固定無線網路滿足所有寬頻需求。您能否談談還有多少成長，以及您是否看到任何特定領域的產能限制？

What kind of partner ecosystem are you building to execute on your strategy?

您正在建立什麼樣的合作夥伴生態系統來執行您的策略？

Let's go straight to Callie.

我們直接去找卡莉吧。

Well, thanks, [John], for the question. We saw very strong growth in Q1, outpacing our benchmark competitor again in postpaid phone nets. And to comment a little bit on the question that John was answering in the business category if we're seeing pressure in that category, I think it might be us. And one of the interesting things, I think, that's going on in our business right now is that not only are we delivering on top line growth but also on CLV growth across all segments.

嗯，謝謝[約翰]提出的問題。我們在第一季看到了非常強勁的成長，在後付費電話網路方面再次超過了我們的基準競爭對手。如果我們在商業類別中看到壓力，我想對約翰在商業類別中回答的問題進行一些評論，我認為可能是我們。我認為，我們業務目前正在發生的一件有趣的事情是，我們不僅實現了營收成長，而且還實現了所有細分市場的 CLV 成長。

And in enterprise, we just delivered our strongest postpaid nets ever in the history of the company. We also delivered our lowest churn in enterprise. In SMB, we had our highest ever port ratios, and we're net positive for 7 consecutive quarters. So we're really liking the pace of the business. We've really graduated from just being a price comp to really a solution-oriented sale for customers. And we see that with partnerships with Dialpad Ai with delivering mission-critical push-to-talk.

在企業領域，我們剛推出了公司史上最強大的後付費網路。我們也實現了企業客戶流失率最低的目標。在中小型企業中，我們擁有有史以來最高的連接埠比率，並且連續 7 個季度實現淨正成長。所以我們真的很喜歡業務的節奏。我們確實已經從單純的價格競爭轉變為真正以解決方案為導向的客戶銷售。我們透過與 Dialpad Ai 合作提供關鍵任務一鍵通來實現這一點。

And I know, John , you also asked who are some of the partners that we're working with in building our ecosystem. Obviously, we're partnering with the largest OEMs, working with Ericsson and Cisco as well as industry segment experts like [OCS] when it comes to serve our government customers. So really building out our ecosystem that allows us to really focus on enterprise solutions, enabling them to innovate and to love their customers at scale.

我知道，約翰，您也問過我們正在與誰合作建立生態系統的合作夥伴。顯然，在為政府客戶提供服務時，我們正在與最大的 OEM 廠商、愛立信和思科以及 [OCS] 等行業專家合作。因此，真正建立我們的生態系統，使我們能夠真正專注於企業解決方案，使他們能夠創新並大規模地愛他們的客戶。

I will mention just a couple of key wins in the Advanced Network Solution business. You might have read about our partnership agreement with Delta, where they named us as their preferred wireless provider. But we're also deploying a 5G hybrid network solution at their Atlanta headquarters, which we're really excited about. Also the U.S. Coast Guard is working with us build out a private network to deliver seamless secure connectivity from ship to shore. And then with Ericsson, not only as a strategic partner, but we're also working with them to deploy our first network slice on a SIM-based SASE solution within a 5G connected laptop. So we're really excited about the kinds of solutions, the sort of enterprises that we're bringing on and the momentum in the business overall.

我將僅提及高級網路解決方案業務中的幾個關鍵勝利。您可能已經閱讀過我們與達美航空的合作協議，他們將我們指定為他們的首選無線提供者。但我們也在亞特蘭大總部部署 5G 混合網路解決方案，對此我們感到非常興奮。此外，美國海岸防衛隊正在與我們合作建立一個專用網絡，以提供從船舶到岸上的無縫安全連接。然後與愛立信合作，我們不僅作為策略合作夥伴，而且還與他們合作，在 5G 連接筆記型電腦內基於 SIM 的 SASE 解決方案上部署我們的第一個網路切片。因此，我們對各種解決方案、我們正在建立的企業類型以及整體業務的勢頭感到非常興奮。

It's really interesting when you hear us talk about enterprise, how different it is from 4 or 5 years ago. I mean we were trying our best to sell SIMs to companies that would take meetings with us like the procurement department. And what's happened in this 5G strategy as it's unfolded is Callie and team have built solutions to some of the most pressing connectivity problems that enterprises of all kinds face. And suddenly, we're in strategic conversations because we have capabilities like network slicing, like SIM-based security and many other emerging 5G capabilities that are way out in front.

當你聽到我們談論企業時，真的很有趣，它與四、五年前有多麼不同。我的意思是，我們正在盡最大努力將 SIM 出售給那些願意與我們會面的公司，例如採購部門。隨著 5G 策略的展開，Callie 和團隊已經為各類企業面臨的一些最迫切的連結問題建立了解決方案。突然之間，我們開始進行策略對話，因為我們擁有網路切片等功能，例如基於 SIM 卡的安全性以及許多其他遙遙領先的新興 5G 功能。

And that's not just giving us revenues in those advanced 5G services, but it's also winning us all those smartphones that we used to struggle so hard and back then have to price so hard to win. So it's been this really nice evolution. And make no mistake, we love low prices, and we're going to be the value leader here. But today, we're solving some of the most complicated connectivity problems that enterprises and organizations face. And that is a great place to compete.

這不僅為我們帶來了先進 5G 服務的收入，還為我們贏得了所有智慧型手機，而這些智慧型手機是我們過去苦苦掙扎、不得不付出巨大代價才能贏得的。所以這是一個非常好的演變。毫無疑問，我們喜歡低價，我們將成為這裡的價值領導者。但今天，我們正在解決企業和組織面臨的一些最複雜的連結問題。那是一個競爭的好地方。

Yes. Thank you, Mike. Totally agree.

是的。謝謝你，麥克。完全同意。

Okay. All right. Let's try this again. Operator, can we get a question?

好的。好的。讓我們再試一次。接線員，我們可以提問嗎？

The next question comes from John Hodulik with UBS.

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

Okay. Great. So I have a couple of questions on the Lumos transaction. So first of all, should we just think of this transaction as sort of a one-off? Or should we expect other deals similar to this in other regions? And then of the 3.5 million homes that you guys are talking about passing, how big could that get over the next 5 years? So that's first. And then second of all, in the release, you guys talked about not being able to fulfill the demand that you're seeing in broadband on the fixed wireless side. How much growth is still left in fixed wireless? And are you seeing areas today where you're running out of capacity?

好的。偉大的。我對 Lumos 交易有幾個問題。首先，我們是否應該將這筆交易視為一次性交易？或者我們應該期待其他地區出現類似的交易？那麼，你們談論的 350 萬套房屋在未來 5 年內會增加到多少？這是第一名。其次，在發布中，你們談到無法滿足固定無線寬頻方面的需求。固定無線領域還剩多少成長空間？您現在是否發現某些領域的產能已經耗盡？

Okay. Let's start with the second one. All along, if I remind all of our listeners, I know you know this, our fixed wireless strategy has always been about selling excess capacity, where we predict normal cell phone usage won't suck up that 5G capacity. And so this gives us the opportunity to serve broadband customers. And now at scale, we're serving millions and millions of them under this strategy. We had originally said we saw this strategy leading to about 7 million to 8 million total customers in terms of opportunity. We don't have any updates on that. I've said several times, we're working on thinking about examining ways that we could try to extend that, and we haven't drawn any conclusions yet. We have to make sure it's done in an economic way, and we have to make sure it's done in a way that customers will love, and they have a fantastic product experience.

好的。讓我們從第二個開始。一直以來，如果我提醒我們所有的聽眾，我知道你們知道這一點，我們的固定無線策略一直是出售多餘的容量，我們預測正常的手機使用不會消耗 5G 容量。因此，這使我們有機會為寬頻客戶提供服務。現在，我們正在按照這項策略為數以百萬計的人提供服務。我們最初表示，我們看到這項策略可為客戶帶來約 700 萬至 800 萬的機會。我們沒有任何更新。我已經說過好幾次了，我們正在考慮研究可以嘗試擴展這一點的方法，但我們尚未得出任何結論。我們必須確保它以經濟的方式完成，我們必須確保它以客戶喜歡的方式完成，並且他們擁有美妙的產品體驗。

That being said, what's interesting about fiber, fiber can be a strategy that relieves some pressure on the 5G network and extend the TAM, if you think about it, right, because some customers will -- where we offer fiber in the future, will be able to naturally graduate up to fiber, which is really a totally separate category. And that obviously opens up an opportunity for their neighbor to then become a 5G customer. So there's some TAM expansion there.

話雖這麼說，光纖的有趣之處在於，光纖可以成為一種緩解5G 網路壓力並擴展TAM 的策略，如果你仔細想想，對吧，因為一些客戶會——我們未來提供光纖的地方——會能夠自然地升級到光纖，這實際上是一個完全獨立的類別。這顯然為他們的鄰居提供了成為 5G 客戶的機會。所以那裡有一些 TAM 擴充。

And then to your point, even in places where Lumos currently operates, we have a long wait list of people who applied. They put their address in our system. They applied to be a fixed wireless customer, and we haven't accepted them yet because their address isn't one of those places that I described where we have the predicted excess capacity. So there's lots of opportunity there.

然後就你的觀點而言，即使在 Lumos 目前運營的地方，我們也有一長串申請者的等待名單。他們將他們的地址放入我們的系統中。他們申請成為固定無線客戶，但我們尚未接受他們，因為他們的地址不是我所描述的預計有過剩容量的地方之一。所以那裡有很多機會。

As it relates to your first question around is this the first of many, et cetera, look, we don't have anything to say about that other than our strategy is to opportunistically find ways that are very capital-light, very smart to put our brand in this space, and we've done that here. And we think this will lead to millions of homes passed. And that's a great place for us to be. We're going to continue to learn, grow, expand. And we're open-minded about this. But we're not interested in any wholesale changes that basically change who we are.

因為它與你的第一個問題有關，這是許多問題中的第一個，等等，看，我們對此沒有什麼可說的，除了我們的策略是機會主義地尋找資本輕、非常明智的方法我們在這個領域的品牌，我們已經在這裡做到了。我們認為這將導致數百萬家庭通過。這對我們來說是一個很棒的地方。我們將繼續學習、成長、擴展。我們對此持開放態度。但我們對任何從根本上改變我們是誰的大規模改變不感興趣。

No big on-balance sheet acquisitions are currently being examined. It's not something that -- we know our investors like our fast, efficient, capital efficient, high capital return strategy, and we have no intentions of changing all that. That being said, if we can lay track for the long term in a very capital-efficient way, we're open-minded. And we really like this model that we've struck with EQT and Lumos, and can't wait to get started and get this approved through the regulatory bodies and begin to see this build out and accelerate.

目前尚未審查大型資產負債表內收購。這並不是——我們知道我們的投資者喜歡我們快速、有效率、資本高效、高資本回報的策略，而且我們無意改變這一切。話雖這麼說，如果我們能夠以一種非常資本高效的方式為長期發展做好準備，我們就是持開放態度的。我們真的很喜歡我們與 EQT 和 Lumos 合作的這種模式，迫不及待地想開始並獲得監管機構的批准，並開始看到這種模式的發展和加速。

The next question is from Craig Moffett with MoffettNathanson.

下一個問題由 Craig Moffett 和 MoffettNathanson 提出。

First, Jud, congratulations. But thank you for all those 40-some-odd quarters of your able support and help. And congratulations to Cathy if she's on the call. A question about ACP just because that's the obligatory topic this quarter. Can you just talk about what you expect with ACP, how you think that might affect your business, especially perhaps your prepaid business, but whether you think it will have an impact on your postpaid business as well? And you just introduced a plan where you no longer do credit checks, which I think was a head scratcher to me just coming right before the expiry of ACP. I wonder if you could just talk about how you plan to sort of ensure that ACP customers without government support won't upend that kind of an offer.

首先，賈德，恭喜你。但感謝你們 40 多個季度的大力支持和幫助。如果凱西正在通話，恭喜她。關於 ACP 的問題只是因為這是本季的必修主題。您能否談談您對 ACP 的期望，您認為這可能會如何影響您的業務，特別是您的預付費業務，但您是否認為它也會對您的後付費業務產生影響？您剛剛推出了一項不再進行信用檢查的計劃，我認為在 ACP 即將到期之前，這對我來說是一個令人頭痛的問題。我想知道您是否可以談談您計劃如何確保沒有政府支持的 ACP 客戶不會顛覆此類報價。

Well, let's start out with Mike Katz so we can disentangle some of these offers for you because there could be some misunderstanding out there. And then we'll go to Peter and talk about the financial, what we see in the financial picture as it relates to the expected turndown of ACP.

好吧，讓我們從 Mike Katz 開始，這樣我們就可以為您理清其中一些優惠，因為其中可能存在一些誤解。然後我們會去找 Peter 討論財務問題，我們在財務狀況中看到的情況，因為它與 ACP 的預期關閉有關。

Yes. Thanks, Craig. First, to answer the first part of your question on what our expectations are with ACP, at this point, we're expecting that the program funding is going to end. And the impact of that is fully contemplated in the guidance that Peter talked about and shared earlier.

是的。謝謝，克雷格。首先，回答你問題的第一部分，即我們對 ACP 的期望是什麼，目前，我們預計該計劃資金將結束。彼得之前談到和分享的指導中充分考慮了其影響。

And as a reminder, I think it's important to contextualize like how T-Mobile has participated in the ACP program. First of all, we have not participated in any form in postpaid across any products. It's nonexistent in our postpaid business. We have a small amount. I think we've said a couple of hundred thousand inside of our prepaid, our owned prepaid portfolio. And the vast amount of our participation is inside wholesale via wholesale partners that we work with. So for -- so just to contextualize where our participation is.

提醒一下，我認為了解 T-Mobile 如何參與 ACP 計畫的背景非常重要。首先，我們沒有以任何形式參與任何產品的後付費。這在我們的後付費業務中是不存在的。我們有少量。我想我們已經說過我們的預付費、我們擁有的預付費投資組合中有幾十萬。我們大量的參與是透過與我們合作的批發合作夥伴進行的。因此，只是為了了解我們的參與情況。

That being said, we are both in the small amount that we have in our own prepaid business but also with the wholesale partners, working with them on communication and plans to help those customers transition. We think wireless is not a category that customers are going to walk away from. So these customers need another alternative, and we're working closely with the partners and with the customers to find them another alternative, whether it's other plans or other programs like Lifeline. So we're deep in doing that.

話雖這麼說，我們不僅在自己的預付費業務中擁有少量資金，而且還與批發合作夥伴合作，與他們進行溝通併計劃幫助這些客戶過渡。我們認為無線不是顧客會放棄的類別。因此，這些客戶需要另一種選擇，我們正在與合作夥伴和客戶密切合作，為他們尋找另一種選擇，無論是其他計劃還是其他計劃，例如生命線。所以我們正在深入這樣做。

And look, like we think if you look at T-Mobile, and Mike talked a lot about our passion around and focus around guarding our value position and the brands in our portfolio like Metro and soon to be Mint, these are all value brands that are focused on delivering value. And we think that's a great opportunity, both to help customers inside of our wholesale partners to transition, but honestly, customers that also may feel stranded from competitors to come to find a value to continue their wireless services. So I hope that's helpful for the question you're answering.

看，就像我們認為如果你看看T-Mobile，麥克談到了我們對保護我們的價值地位的熱情和專注，以及我們投資組合中的品牌，如Metro 和即將成為Mint，這些都是有價值的品牌專注於提供價值。我們認為這是一個很好的機會，既可以幫助我們批發合作夥伴內部的客戶進行轉型，但老實說，也可以讓那些感覺被競爭對手困住的客戶來尋找繼續其無線服務的價值。所以我希望這對您回答的問題有所幫助。

Yes. And let me maybe add to that just a little bit on your other questions, Craig. And I think Mike really highlighted our thinking around this well. Of course, it's in front of us, more so than behind us. No new activations as of February, but it's in front of us, but we think it's fully baked into the guidance range that we gave you, the range of outcomes that we anticipate.

是的。克雷格，也許讓我補充一下你的其他問題。我認為麥克確實強調了我們對這口井的思考。當然，它就在我們前面，而不是在我們後面。截至二月份，沒有新的激活，但它就在我們面前，但我們認為它已完全納入我們給您的指導範圍，即我們預期的結果範圍。

And when we think about -- you asked about the no credit check. And I can tell you, one, that we continue to see very healthy levels of bad debt. We continue to actually be the leader compared to our peers in terms of bad debt as a percentage of total revenue. So we're very happy with what we see there.

當我們想到──你問過無信用檢查的問題。我可以告訴你，第一，我們繼續看到壞帳處於非常健康的水平。就壞帳佔總收入的百分比而言，與同業相比，我們實際上仍然處於領先地位。所以我們對在那裡所看到的感到非常滿意。

We're always testing and trying new things. For example, we have a way and an ability for prepaid customers who have a certain number of on-time payments to graduate into postpaid without an incremental credit check. And that's because we have data and know exactly how those customers behave over time and what the really data informed credit risk around those consumers are. So we're always going to be testing around edges what is really beneficial for consumers while being very thoughtful around, of course, risk protection for the entity, and that's why we sit at the bad debt rates that we do.

我們總是在測試和嘗試新事物。例如，我們有一種方法和能力，可以讓按時付款一定數量的預付費客戶升級為後付費，而無需進行增量信用檢查。這是因為我們擁有數據，並且確切地知道這些客戶隨著時間的推移如何表現，以及真正的數據告知這些消費者的信用風險是什麼。因此，我們總是會在邊緣測試什麼對消費者真正有利，同時非常周到地考慮實體的風險保護，這就是我們維持壞帳率的原因。

And that's not new. We've had that program in place for many years.

這並不新鮮。我們已經實施該計劃很多年了。

Of course, yes. Absolutely. Absolutely.

當然，是的。絕對地。絕對地。

Is there any risk, though, that ACP customers who've been essentially getting their bills paid by the government and therefore have good credit histories might be higher credit risk as ACP ends?

但是，隨著 ACP 結束，那些基本上由政府支付帳單並因此擁有良好信用記錄的 ACP 客戶可能會面臨更高的信用風險，這是否有任何風險？

Yes, absolutely. You're absolutely right, and that's thoughtful around -- remember, as Mike Katz said, the amount of ACP customers that are sitting in our prepaid base and Metro is very small. So that's a very small exposure.

是的，一點沒錯。你說得完全正確，而且這是經過深思熟慮的——請記住，正如 Mike Katz 所說，我們的預付費基礎和 Metro 中的 ACP 客戶數量非常少。所以這是一個非常小的曝光。

And the amount in the postpaid base...

以及後付費基礎中的金額...

Zero. Postpaid is absolutely 0 for us. And so it's really finding products. And you saw us probably launch out there some ways to help consumers and think about can you get into other programs like T-Mobile Connect or other low-cost opportunities or Lifeline type of construct. So look, we're going to be very thoughtful around making sure customers in this critical category stay connected while being, of course, very thoughtful around the risk profile to T-Mobile.

零。後付費對我們來說絕對是0。所以它確實是在尋找產品。您看到我們可能推出了一些方法來幫助消費者，並考慮您是否可以參與其他計劃，例如 T-Mobile Connect 或其他低成本機會或生命線類型的構造。因此，我們將非常周到地確保這個關鍵類別的客戶保持聯繫，同時當然也會非常周到地考慮 T-Mobile 的風險狀況。

Yes. As Mike pointed out, it's not just our customers that are facing this, right? Everybody else is. But we've got this incredible portfolio of brands that are famous for value. And we're going to make sure that those brands are in front of people because we're going to stand up and serve them at a time when they might find that they need a new offer, and we will be there with incredible offers for them.

是的。正如麥克指出的，不僅僅是我們的客戶面臨這個問題，對嗎？其他人都是。但我們擁有令人難以置信的品牌組合，這些品牌以價值而聞名。我們將確保這些品牌出現在人們面前，因為當他們可能發現他們需要新優惠時，我們將站出來為他們提供服務，並且我們將為他們提供令人難以置信的優惠他們。

And the next question comes from Jonathan Chaplin with New Street Research.

下一個問題來自新街研究公司的喬納森·卓別林。

Congratulations to Jud and Cathy. That's fantastic news. Since it's Jud's last call, I've got 9 questions to ask. I'll try and consolidate them. So Mike, I'm wondering if you can give us just an update on the sort of the fiber strategies that you're collecting together in aggregate. So you've announced so far pilot, the Lumos deal. I think there are deals out there with Tillman, Intrepid and SiFi. How many -- when you put all of those together, how many homes passed does it amount to?

祝賀賈德和凱西。這是個好消息。由於這是賈德的最後一次通話，我有 9 個問題要問。我會嘗試並鞏固它們。麥克，我想知道您是否可以向我們提供您正在收集的纖維策略類型的最新資訊。到目前為止，你們已經宣布了 Lumos 試點交易。我認為 Tillman、Intrepid 和 SiFi 都有交易。有多少——當你把所有這些加在一起時，總共有多少個家庭被通過？

And for the Lumos deal specifically, can you -- how much cash is EQT putting in? We're just trying to get a sense of sort of the total capitalization here. And then how much comes from sort of incremental debt? And then my last question on this is, how do you see -- all of the deals that we've had about so far seem to be focused on guys building new infrastructure. How about -- how do you think about those sorts of assets versus partnering with guys who have existing copper infrastructure that they're upgrading?

具體來說，對於 Lumos 交易，殷拓投入了多少現金？我們只是想了解這裡的總資本。那麼有多少是來自於增量債務呢？我的最後一個問題是，你怎麼看——到目前為止我們達成的所有交易似乎都集中在建設新基礎設施的人身上。怎麼樣—您如何看待這些類型的資產以及與擁有正在升級的現有銅基礎設施的人合作？

You bet. We won't be able to give you too much on sort of broad strategy here other than the fact that we're opportunistic. The strategies we've employed so far, both across wholesale, which we got started on in a very small way already, as well as this new partnership, are about putting the T-Mobile brand and team to work, selling a fiber product that complements our wildly successful 5G product. And to us, that's a great strategy because we believe we have an opportunity to generate superior returns than a purely disinterested investor could do by virtue of our assets and our know-how. And we've proven that know-how to ourselves through our success with 5G Home Internet.

你打賭。除了我們是機會主義的事實之外，我們無法在這裡向您提供太多廣泛的策略。到目前為止，我們在批發方面採用的策略（我們已經以很小的方式開始了）以及這種新的合作夥伴關係，都是為了讓 T-Mobile 品牌和團隊發揮作用，銷售一種光纖產品，補充了我們非常成功的5G 產品。對我們來說，這是一個很好的策略，因為我們相信，憑藉我們的資產和專業知識，我們有機會獲得比純粹公正的投資者更高的回報。我們已經透過 5G 家庭網路的成功向自己證明了這項專業知識。

You think about our incredible distribution, our leading brand, our tens of millions of customers, our incredible team. We have very insightful data that our customers give us permission to use to put relevant offers about their T-Mobile experience in front of them. These are all advantages that are purely financial or disinterested investor wouldn't have. And so when we look at this area and say, can we extract a return that's better than others could, we have some confidence. And so we think about it from that opportunistic standpoint, not from a convergence defensive standpoint.

你想想我們令人難以置信的分銷、我們的領先品牌、我們數以千萬計的客戶、我們令人難以置信的團隊。我們擁有非常有洞察力的數據，客戶允許我們使用這些數據向他們提供有關他們的 T-Mobile 體驗的相關優惠。這些都是純粹的財務或公正的投資者所不具備的優勢。因此，當我們審視這個領域並說，我們能否獲得比其他人更好的回報時，我們有一些信心。因此，我們從機會主義的角度來考慮這個問題，而不是從趨同防禦的角度來考慮。

We believe that our T-Mobile offers stand tall and stand alone and don't "need" convergence. We just think that this is a place where we can make customers happy and generate a superior financial return and that it complements a leadership product that we already have out there. Beyond that, I can't say much more about the strategy other than what I said earlier. We like this partnership. We're very excited about where it could go.

我們相信，我們的 T-Mobile 服務是獨立的，不需要「融合」。我們只是認為這是一個可以讓客戶滿意並產生卓越財務回報的地方，並且它補充了我們已經擁有的領先產品。除此之外，除了我之前所說的之外，我不能對策略說更多的內容。我們喜歡這種夥伴關係。我們對它的發展方向感到非常興奮。

Maybe Peter can comment on the capital structure. But one of the things I do like about it is that we decided as we formed this to fund it and give it the wherewithal with some additional debt to have everything it needs from an equity standpoint to get to the 3.5 million homes passed, which we think is a nice threshold for us. It will be a multistate footprint. It will be big enough to matter. And of course, that will be through a combination of debt and equity.

也許彼得可以評論一下資本結構。但我確實喜歡它的一件事是，我們在組建這個項目時決定為其提供資金，並為其提供必要的資金和一些額外的債務，從股權的角度來看，它擁有實現350 萬戶住房所需的一切，我們認為對我們來說是一個很好的門檻。這將是一個多州足跡。它足夠大，足以產生影響。當然，這將透過債務和股權的結合來實現。

Yes. And again, Jon, I can't give you all the details because we have counterparties involved in this. First, it is a 50-50 joint venture. It will be unconsolidated for us. So it's an equity method investment for us. So everybody kind of captures that fine point. And then as Mike said, there -- just given that it's a 50-50, there will be, obviously, cash infusion from EQT as a partner in this as well.

是的。再說一遍，喬恩，我無法向您提供所有詳細信息，因為我們有交易對手參與其中。首先，它是一家50-50的合資企業。對我們來說它將是不合併的。所以這對我們來說就是權益法投資。所以每個人都抓住了這個要點。然後，正如麥克所說，考慮到這是 50-50，顯然，EQT 作為合作夥伴也會向這方面注入現金。

And when you think about that incremental 500 million, for example, that would be an equivalent cash infusion from EQT. And there is -- given this is an infrastructure and a great anchor tenant in the form of T-Mobile having the retail customers, there is an ability to also lever the entity up. And the overarching thought process is this is about a maximum of 2:1 debt-to-equity ratio, but it will be based on what the funding needs of the entity actually is to get to that 3.5 million.

例如，當你想到增量的 5 億美元時，這將是 EQT 的同等現金注入。而且，考慮到這是一個基礎設施和一個以 T-Mobile 形式擁有零售客戶的重要租戶，因此也有能力提升該實體的水平。總體思路是，債務股本比最多約為 2:1，但這將基於該實體達到 350 萬美元的實際融資需求。

One quick follow-up, Peter, if I can. You mentioned at the beginning that you sort of set capital aside for things like this in 2024. You haven't used up that whole sort of reservoir of capital yet. If you look at what's left there, is it more directed towards fiber transactions like this or spectrum? Like how do you sort of balance between those 2 assets?

彼得，如果可以的話，請快速跟進。您在一開始提到，您在 2024 年為此類事情預留了資金。如果你看看剩下的東西，它是否更傾向於像這樣的光纖交易或頻譜？例如你如何平衡這兩種資產？

It really is looking at what the best return profile for T-Mobile is. And sometimes, as you know, spectrum opportunities may come up. They may not come up. We could have some of the 2.5-gig leased spectrum come up, and then we have rights of first refusal around those. So it's still a balance. We don't have line of sight to how we would use every dollar of what's still remaining in that bucket. But as opportunities come up, we're going to tumble it through the normal capital allocation thought process that we have that we've described very many times, and that's exactly how you think we should think about it.

它實際上是在研究 T-Mobile 的最佳回報情況是什麼。如您所知，有時可能會出現頻譜機會。他們可能不會出現。我們可以使用一些 2.5 兆的租賃頻譜，然後我們擁有這些頻譜的優先購買權。所以這還是一個平衡。我們不知道如何使用桶中剩餘的每一美元。但隨著機會的出現，我們將透過我們已經描述過很多次的正常資本配置思考過程來解決它，而這正是你認為我們應該考慮的方式。

And nor should we, right? So I mean one of the reasons why we were this transparent, maybe unusually transparent with you, is that we wanted you to know that we could, in the normal course, pursue opportunities and yet still honor our stockholder return ambitions. And we wanted to make it clear that, that -- nothing has changed in that.

我們也不應該，對吧？所以我的意思是，我們對您如此透明（也許是異常透明）的原因之一是，我們希望您知道，在正常情況下，我們可以在追求機會的同時仍然實現我們的股東回報目標。我們想要明確的是，這一切都沒有改變。

And that's why we put an envelope out there at the beginning so that you would have confidence that whether it was spectrum, partnerships like this, other things that we would see that we could use our know-how and embedded assets to be able to extract a superior financial return and delight customers that we would have the wherewithal to seize those things within that range. So we're really pleased to have been able to bring this one to fruition and can't wait to get started once we get approval.

這就是為什麼我們一開始就放了一個信封，這樣你們就有信心，無論是頻譜、這樣的合作夥伴關係，還是我們看到的其他東西，我們都可以利用我們的專業知識和嵌入式資產來提取卓越的財務回報，並使客戶感到高興，因為我們有足夠的資金來抓住這個範圍內的這些東西。因此，我們非常高興能夠實現這一目標，一旦獲得批准就迫不及待地想要開始。

And the next question is from Simon Flannery with Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

Great. And best of luck, Jud. Thanks for all the help. And welcome, Cathy. Peter, I wanted to talk a little bit about margins, if I could. You had nice EBITDA growth of 8%, margins up nearly 200 basis points year-over-year. I think in the past, you sort of suggested the cadence would kind of ramp through the year. So perhaps just talk a little bit about margin trajectory, both this year and just longer term, the opportunity? I think, Mike, you said we're just getting started here. So talk about the cost side, if you could. And then maybe on spectrum, just any update you can give us on the status of the 800-megahertz spectrum. Given we passed the DISH April 1 deadline, what should we expect in coming months from you in terms of auctioning that off to third parties?

偉大的。祝你好運，賈德。感謝您的所有幫助。歡迎，凱茜。彼得，如果可以的話，我想談談利潤。您的 EBITDA 成長了 8%，利潤率年增了近 200 個基點。我想在過去，你曾暗示過全年的節奏會有所加快。那麼，也許只是談談今年和更長期的利潤軌跡，機會是什麼？我想，麥克，你說過我們才剛開始。如果可以的話，談談成本方面。然後也許在頻譜方面，您可以向我們提供有關 800 兆赫頻譜狀態的任何更新。鑑於我們已經過了 DISH 4 月 1 日的最後期限，在接下來的幾個月裡，我們應該對你們將其拍賣給第三方有何期望？

You take the first one, and I'll take the second.

你拿第一個，我拿第二個。

Yes, absolutely. Thanks, Simon. It's a tremendously exciting story, actually. One of the reasons, as we've talked about before, is we've now achieved as of Q4 of last year, in this tremendously successful merger integration, the run rate synergies, which we raised a couple of times during the pendency of the deal and execution itself. And so now though, we continue with this guide to see run rates EBITDA increases that are significant, in fact, quite similar to what we had during those synergy unlock days. And there's a couple of things that create that.

是的，一點沒錯。謝謝，西蒙。事實上，這是一個非常激動人心的故事。正如我們之前談到的，原因之一是，截至去年第四季度，在這次非常成功的合併整合中，我們已經實現了運行率協同效應，我們在該計劃懸而未決期間曾多次提出過這一點。現在，我們繼續閱讀本指南，看到 EBITDA 運行率顯著增加，事實上，與我們在協同效應解鎖期間的情況非常相似。有幾件事造成了這一點。

One is continued outsized profitable share taking, of course, taking those fixed costs and leveraging the fact that we're continuing to take outsized share and turning that into outsized service revenue growth. So when you have postpaid service revenue growth like we delivered this quarter of 6.5% year-over-year on a lot of fixed cost nature of the base, that obviously gives you leverage. Besides that, we're going to continue. And really, it's a culture. It's kind of a flow of thinking here that we have around continued optimization efficiencies, where can we extract efficiency out of the business so that we can plow it back into customer acquisition, margin expansion.

當然，其中之一是持續獲取超額獲利份額，利用這些固定成本並利用我們繼續獲取超額份額並將其轉化為超額服務收入成長的事實。因此，當你的後付費服務收入成長，就像我們本季在大量固定成本基礎上實現的同比 6.5% 的成長一樣，這顯然會為你帶來槓桿作用。除此之外，我們還要繼續。事實上，這是一種文化。這是一種圍繞持續優化效率的思維流程，我們可以從哪裡提取業務效率，以便我們可以將其重新投入到客戶獲取和利潤擴張中。

And most importantly, and we've talked about this, we tend to think about it as service revenue to free cash flow conversion. That free cash flow is what unlocks all the ability for further value-creating investments, whether it's spectrum purchases, whether it's capital returns.

最重要的是，我們已經討論過這一點，我們傾向於將其視為服務收入到自由現金流的轉換。這種自由現金流可以釋放進一步創造價值的投資的所有能力，無論是頻譜購買，還是資本回報。

And so we're hyper-focused on how do we make sure that we create efficiencies in the expense profiles and how do we make sure that in our CapEx profile, we're making every single dollar count and delivering the next best tranche of value for us. And I think we have some really bespoke unique ways that we approach that. But that's how we continue to see this expansion, particularly in that service revenue to free cash flow play out over a period of time.

因此，我們高度關注如何確保我們在費用概況中創造效率，以及如何確保在我們的資本支出概況中，我們使每一美元都發揮作用並提供下一個最佳價值部分為了我們。我認為我們有一些真正客製化的獨特方法來實現這一目標。但這就是我們繼續看到這種擴張的方式，特別是在一段時間內服務收入與自由現金流的關係。

I hope it doesn't sound like we're sort of flogging our book when we say we look at cash flow margins. We are. But also, I think cash is king, and a view that doesn't look at cash flow margins would miss the fact that we have, we think, a durably more capital-efficient strategy than our benchmark competitors. And therefore, from a geography standpoint, EBITDA margins don't tell the whole story, even though I'm pleased we're up 200 bps almost, and we're making great progress there. But the cash margins are the story because they are inclusive of what we think is a durably superior capital investment profile. And we'll talk a lot more about what we think our secret sauce is with you at some point when we have more time. But this is a strategy we have growing confidence in that it's going to be durable.

我希望當我們說我們關注現金流利潤率時，聽起來不像是在敲詐我們的書。我們是。而且，我認為現金為王，不考慮現金流利潤率的觀點會忽略這樣一個事實：我們認為，我們擁有比我們的基準競爭對手更持久的資本效率策略。因此，從地理角度來看，EBITDA 利潤率並不能說明全部情況，儘管我很高興我們幾乎上漲了 200 個基點，並且我們在這方面取得了巨大進展。但現金利潤率才是最重要的，因為它們包含了我們認為持久優越的資本投資狀況。當我們有更多時間時，我們會更多地討論我們認為我們的秘密武器是什麼。但我們對這項戰略的持久性越來越有信心。

Okay. So the second question around 800. Well, first of all, I will just remind you what Peter, I know, has told people in the past, that we've chosen our business plan to be pretty conservative as it relates to how to think about the 800. And what I mean by that is we didn't include any proceeds from this auction in our financial plan so that they would be found money going into that reserve fund. We were talking about a few minutes ago with Jonathan.

好的。所以第二個問題大約是800。 ，我們沒有將這次拍賣的任何收益納入我們的財務計劃中，這樣他們就會發現資金進入了儲備基金。幾分鐘前我們正在和喬納森談話。

But secondly, we also did not put the usage of that spectrum into our network planning and capacity plan. And so kind of no matter what happens here with this auction, which has begun. We either get found spectrum and capacity that we get to keep and figure out a way to use. And this is a great spectrum, nationwide, contiguous low band, lots of interesting things we can do with it, especially with emerging technologies. But also, this action may conclude successfully. And if it does, we'll have cash on hand that enhances our profile.

但其次，我們也沒有將該頻譜的使用納入我們的網路規劃和容量規劃中。因此，無論這次拍賣會發生什麼，已經開始了。我們要么找到我們可以保留的頻譜和容量，然後找出使用的方法。這是一個偉大的光譜，全國性的、連續的低頻段，我們可以用它做很多有趣的事情，特別是新興技術。而且，這項行動可能會成功結束。如果確實如此，我們將擁有現金來提升我們的形象。

So what's the update? We have commenced. We have interested parties. We have nonbinding indications of interest. There's reason to believe that we will meet the reserve. So it's a little too soon. Everything is nonbinding, but we'll have more to say after we get past kind of the binding parts of this. So stay tuned. But again, whichever way it shakes out for us, it's a win because of our conservative planning.

那麼更新了什麼呢？我們已經開始了。我們有感興趣的各方。我們有不具約束力的興趣指示。有理由相信我們會遇到保護區。所以現在有點太早了。一切都是非約束性的，但在我們討論了其中的約束部分之後，我們會有更多的話要說。所以請繼續關注。但同樣，無論結果如何，這都是一場勝利，因為我們保守的計劃。

The next question is from David Barden with Bank of America.

下一個問題來自美國銀行的 David Barden。

Perfect. Congrats to Jud and Cathy. So I guess my first question would be related to the comments in the results about how kind of going after the business market has kind of impacted the ARPU calculation, and that's been trending down for a couple of quarters. And so I was wondering if you could kind of maybe unpack the kind of subscriber number that we're watching evolve here and how it balances between consumer versus business. Obviously, I'm obligated to ask you how free lines and other things contribute to the reported postpaid number.

完美的。恭喜賈德和凱西。因此，我想我的第一個問題與結果中的評論有關，即商業市場的發展對 ARPU 計算產生了何種影響，而 ARPU 計算在幾個季度中一直呈下降趨勢。所以我想知道你是否可以解開我們在這裡看到的訂戶數量的變化以及它如何在消費者與企業之間取得平衡。顯然，我有義務問您免費線路和其他因素如何影響報告的後付費號碼。

And the second question, if I could, maybe, Mike, just to go back to this Lumos situation. You're basically saying that today, you're prepared to invest about $1.45 billion between now and 2028 to own 50% of basically 2.5% of the households in America. And if you got 50% of that, you would have slightly around under -- between 1% and 1.5%. So what is the point? Like why is it worth the brain damage to spend the money, the years building the organization to get something that looks realistically so small in the grand scheme?

第二個問題，麥克，也許我可以回到 Lumos 的情況。您基本上是說，今天您準備從現在到 2028 年投資約 14.5 億美元，以擁有美國 2.5% 家庭中的 50%。如果你得到了其中的 50%，那麼你的收入就會略低於 1% 到 1.5% 之間。那麼有什麼意義呢？例如，為什麼花這些錢、花這麼多年時間建立組織來獲得一些在宏偉計劃中實際上看起來如此渺小的東西是值得的？

Yes. Thanks, David. Well, let me start with the second one, and then I'll hand it to Peter on the first one. Look, I'm really excited about this because I think we're getting a lot and enabling this company to accelerate growth. And if you think about close to $1.5 billion spread over in time, 3.5 million passings being the goal for that funding, from what we -- the capital we put out, that's less than $500 per passing. And to the premise of the question, that's not for sort of like half of it because the other way it works is that T-Mobile is the branded entity for all of those passings. And it's up to us to make sure that it stays that way and we perform and so on.

是的。謝謝，大衛。好吧，讓我從第二個開始，然後我將第一個交給彼得。看，我對此感到非常興奮，因為我認為我們得到了很多，並使這家公司能夠加速成長。如果你考慮一下近 15 億美元的時間分佈，350 萬次傳遞是該資金的目標，從我們投入的資本來看，每次傳遞不到 500 美元。對於這個問題的前提，這並不是一半，因為它的另一種運作方式是 T-Mobile 是所有這些傳遞的品牌實體。我們有責任確保它保持這種狀態並確保我們的表現等等。

But our strategy is to be able to get augmentations to an already nationwide multimillion customer broadband strategy. And this is a smart way to do that. And I signaled we're open to constructs like this around the margins. And so maybe in the end, it'll add up to more than this, and certainly, 3.5 million isn't where this probably ends. This is a growth engine that could continue into the future. We're not obligated for it, too.

但我們的策略是能夠擴充已經全國數百萬客戶的寬頻策略。這是一個聰明的方法。我表示我們對這樣的邊緣結構持開放態度。所以也許最終，它加起來會比這個更多，當然，350 萬並不是這可能結束的地方。這是一個可以持續到未來的成長引擎。我們也沒有義務這麼做。

So I love the strategy. And I think it's about getting a better return based on our embedded assets and complementing a complementary product that's already scaled, and that makes it very appealing for us to think about the efficiencies of how we would go to market. And we are the go-to-market entity in this construct as Lumos pivots into a wholesale model. So hopefully, that helps.

所以我喜歡這個策略。我認為這是基於我們的嵌入式資產獲得更好的回報，並對已經規模化的補充產品進行補充，這使得我們非常有吸引力地思考如何進入市場的效率。隨著 Lumos 轉向批發模式，我們是這種結構中的進入市場實體。希望這會有所幫助。

To your first question on ARPU, maybe you could unpack it a little bit vis-a-vis business versus consumer and then answer once again the age-old question of free lines and all that stuff.

對於你關於 ARPU 的第一個問題，也許你可以稍微從企業與消費者的角度來分析一下，然後再次回答免費線路等舊問題。

Yes, absolutely. And Dave, as we've been long saying, our focus is primarily on ARPA, drive accounts, land them, expand them. And we just gave an updated guide with respect to ARPA, both from that as well as those continued rate plan optimization. And we'll probably see that more unfold in the second half of the year. But that trickles down into ARPU as well. So I'd say probably this year, we're expecting ARPU to be up, say, maybe 0.5%, again, more weighted to the second half of the year. But it is very much, as you say, a mix-driven metric.

是的，一點沒錯。 Dave，正如我們一直以來所說的，我們的重點主要是 ARPA，推動客戶、登陸並擴展客戶。我們剛剛提供了有關 ARPA 的更新指南，包括來自該指南以及持續的費率計劃優化。我們可能會在今年下半年看到更多的進展。但這也會滲透到 ARPU 中。所以我想說，今年我們預計 ARPU 可能會上升，比如說 0.5%，同樣，下半年的權重更大。但正如你所說，它很大程度上是一個混合驅動的指標。

And now we don't separately disclose consumer versus business, but there's just so much goodness in terms of ARPA, both accounts and ARPA accretion, that you would expect us to go heavily after, as Callie was talking about, the enterprise space and the government space where naturally, ARPUs are lower. But account and CLVs and enterprise value creation is really great and strong. So you see success in -- even in the consumer space with segmented consumer offers like in the 55-plus segment in the military segment. Once again, we're willing to do lower ARPUs because you have great CLVs with those types of customers for differential reasons each in their own segment. So we're going to continue to pursue this strategy. But again, now we expect about probably 0.5% increase in ARPU.

現在，我們不會單獨揭露消費者與企業的情況，但就 ARPA 而言，無論是帳戶還是 ARPA 成長，您都會期望我們大力追求，正如 Callie 所說的，企業空間和政府領域的ARPU 值自然較低。但帳戶、CLV 和企業價值創造確實是偉大而強大的。因此，即使在細分消費者產品的消費領域（例如軍事領域的 55 歲以上細分市場），您也能看到成功。再一次，我們願意降低 ARPU，因為這些類型的客戶在各自的細分市場中出於不同的原因，擁有出色的 CLV。因此，我們將繼續推行這項戰略。但同樣，現在我們預期 ARPU 可能會成長 0.5% 左右。

Now this whole age-old free line question, I understand because there's some stuff that's happening in the industry. As you know, we don't do first free lines. Now we've long had a construct in our rate plan constructs that encourages higher number of lines in terms of our accounts because the higher number of lines get to be more sticky, generate more ARPA and greater lifetime value.

現在這個古老的免費線路問題，我理解，因為這個行業正在發生一些事情。如您所知，我們不提供第一條免費線路。現在，我們的費率計劃結構中長期以來一直鼓勵我們的帳戶使用更多的線路，因為線路數量越多，黏性就越大，產生更多的 ARPA 和更大的生命週期價值。

But there's really been no trajectory change there at all from a year-over-year sequential perspective. In fact, I would say it contributed less this Q1 than it did last Q1. But that to me is very much a rate plan construct. And again, we don't do first free lines. And so that's kind of -- it's not really any sort of a contributor to what you see have happened year-over-year in terms of our net add performance relative to the industry.

但從逐年連續的角度來看，確實沒有任何軌跡變化。事實上，我想說它在第一季的貢獻比上一季少。但對我來說，這很大程度上是一個費率計劃的構建。再說一次，我們不做第一條免費線。因此，就我們相對於行業的淨增加表現而言，它實際上並沒有對您所看到的逐年發生的情況做出任何貢獻。

And the next question comes from Eric Luebchow with Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Great. Just a follow-up on the fiber-to-the-home strategy at a high level. As you look at potential future opportunities, is the goal to target areas where you might be underpenetrated in either fixed wireless or traditional mobile to kind of expand your addressable market? Or is it in part to provide an alternative for existing FWA subs to offload to a higher capacity option? Any color there would be helpful.

偉大的。只是高階光纖到戶策略的後續行動。當您審視未來潛在的機會時，您的目標是否是瞄準固定無線或傳統行動領域可能滲透不足的領域，以擴大您的潛在市場？或者它在一定程度上是為現有的 FWA 潛艇提供一種替代方案，以卸載到更高容量的選項？任何顏色都會有幫助。

And then secondly, just on the network positioning today, maybe you could talk about how you're sequencing capital to put additional spectrum to work between C-band, the DoD spectrum, 2.5 gigahertz, refarming AWS. Just anything -- any color you could provide on how you're working to maintain your network advantage, particularly as your 2 large peers have made further progress in building out mid-band spectrum.

其次，就今天的網路定位而言，也許您可以談談如何對資本進行排序，以便在 C 頻段、DoD 頻譜、2.5 GHz 和重新分配 AWS 之間使用額外的頻譜。任何事情 - 您可以提供有關您如何努力保持網路優勢的任何顏色，特別是當您的兩個大型同行在構建中頻頻譜方面取得了進一步進展時。

Sounds good. Let's start with the second one about network. I mean I am really pleased with what is happening with Ulf and team. We continue to actually extend our lead. If you look nationwide, don't look at somebody's favorite denominator, but just look nationwide at all of the customers and all of the experience that all the customers are having. We're actually pulling ahead, and our average speeds are double our competitive benchmarks.

聽起來不錯。讓我們從第二個關於網路的開始。我的意思是，我對烏爾夫和團隊所發生的事情感到非常滿意。我們實際上繼續擴大領先優勢。如果你放眼全國，不要看某人最喜歡的分母，而只看全國範圍內的所有客戶以及所有客戶所擁有的所有體驗。我們實際上正在領先，我們的平均速度是我們競爭基準的兩倍。

And so -- and one of the reasons for this is that it's not just looking underneath the 5G, but it's looking at the availability of that 5G that for us is in so many more places reaching so many more people. And with that full layer cake, which keeps the customers connected to 5G, all that results in a fantastic experience. Maybe you can give a little color on what's been unfolding, talk about Auction 108 and how we're deploying advanced technologies, Ulf.

因此，原因之一是，它不僅著眼於 5G 的底層，而且著眼於 5G 的可用性，對我們來說，5G 可以在更多的地方覆蓋到更多的人。憑藉讓客戶保持與 5G 連接的全層蛋糕，所有這些都會帶來美妙的體驗。也許您可以對正在發生的事情進行一些說明，談談 Auction 108 以及我們如何部署先進技術，Ulf。

Well, thank you, Mike. And yes, we're very excited about the network and how it keeps advancing. And you mentioned C-band. So some of our competitors have launched C-band and put it out there. And in the areas where they launched it, we do see that the gap between us and them narrowed a little bit even though we are still way ahead. But as you said, we also noticed that the overall median downlink speeds, we are gaining another quarter again.

嗯，謝謝你，麥克。是的，我們對這個網絡及其不斷發展感到非常興奮。你提到了C波段。因此，我們的一些競爭對手已經推出了 C 頻段並將其投放到市場上。在他們推出的領域，我們確實看到我們和他們之間的差距縮小了一點，儘管我們仍然遙遙領先。但正如您所說，我們也注意到，整體下行鏈路速度中位數再次增長了四分之一。

And the main reason for us doing that is really the unique way we've built and constructed the network. We are the only one in the country who has 3 completely dedicated bands towards 5G. We have 2.5. We have 1,900 now. And we have 600. And that gives us that big advantage together with the stand-alone network and the larger deployment in the footprint that we have. In fact, we have now 90% of our sites capable of 5G. We have, traffic-wise, about 85% of our traffic on these tri-band sites that are all working with stand-alone technology and working with carrier...

我們這樣做的主要原因實際上是我們建立和建立網路的獨特方式。我們是國內唯一擁有 3 家完全專用於 5G 的頻段的公司。我們有2.5。我們現在有 1,900 名。我們有 600 個。事實上，我們現在 90% 的站點都支援 5G。從流量角度來看，我們大約 85% 的流量來自這些三頻站點，這些站點都使用獨立技術並與營運商合作...

Let's talk more about that one. Somebody -- so 85% of the time, our people are attaching to a site with all 3 bands of 5G. And how does that affect the quality of the connection and the reliability of the 5G connection?

讓我們多談談這個吧。有人——所以在 85% 的時間裡，我們的員工都連接到一個擁有所有 3 個 5G 頻段的網站。這對連接品質和 5G 連接的可靠性有何影響？

Well, very much so because out of that, we also have -- and this is an even more remarkable stat. We have 93% of the traffic on mid-band, which means that there is no toggling. It just creates a much more consistent experience. There is no toggling between when you're an LTE. In fact, you're staying in 5G the entire -- no targeting between low band and mid-band. So another factor of no toggling.

嗯，非常如此，因為除此之外，我們還擁有——這是一個更引人注目的統計數據。我們 93% 的流量位於中頻，這意味著沒有切換。它只是創造了更一致的體驗。當您使用 LTE 時，無需進行切換。事實上，您始終停留在 5G 中，沒有瞄準低頻段和中頻段。所以另一個因素是不能切換。

The other one is that we have a grid, and this is a unique thing for T-Mobile. We have a grid that is based from the beginning on a mid-band experience. So when we deploy 2.5, we get a very consistent experience between our towers as opposed to some of our competitors who has a low-band grid and therefore -- and a higher band on the C-band. C-band is higher than 2.5. That creates a less -- more sort of interrupted, not so clear and consistent experience.

另一個是我們有一個網格，這對 T-Mobile 來說是獨一無二的。我們的網格從一開始就基於中頻體驗。因此，當我們部署 2.5 時，我們在塔之間獲得了非常一致的體驗，而我們的一些競爭對手則擁有低頻段網格，因此在 C 頻段上具有較高頻段。 C波段高於2.5。這就創造了一種更少——更多的是中斷的、不那麼清晰和一致的體驗。

That's why we are differentiated with somebody experiencing a cell edge condition of 5G, right, because our grid is tighter and our spectrum reaches further. And the net effect of those 2 things is you're on 5G and a high-quality 5G link more of the time. And 85% of the time, you're seeing all 3 bands where a lot of the time, we use advanced carrier aggregation techniques so that you get the benefit of all those bands in terms of your signal strength like the uplink might be in the low band, the downlink might be in the mid-band, et cetera, et cetera. And these are all advanced techniques that the rollout with our competitors is quite variable. But we're really focused on giving everybody a consistent experience.

這就是為什麼我們與經歷 5G 小區邊緣條件的人有所不同，對吧，因為我們的網格更緊密，我們的頻譜覆蓋更遠。這兩件事的最終效果是您更多時間使用 5G 和高品質 5G 連結。 85% 的時間，您會看到所有 3 個頻段，很多時候，我們使用先進的載波聚合技術，以便您在訊號強度方面獲得所有這些頻段的優勢，例如上行鏈路可能在低頻段，下行鏈路可能在中頻段，等等。這些都是先進的技術，我們的競爭對手的推出情況變化很大。但我們真正專注於為每個人提供一致的體驗。

That's very right, Mike. And it's recognized. I mean we saw in the Ookla measurements another quarter where we came in at the overall network leader. We were also recognized by Opensignal as having the most reliable experience. So I think those are remarkable facts showing.

說得很對，麥克。並且它被認可了。我的意思是，我們在另一個季度的 Ookla 測量中看到，我們在整體網路中處於領先地位。我們也被 Opensignal 認可為擁有最可靠的經驗。所以我認為這些都是顯著的事實。

And then you mentioned also our 108 auction and how quickly we deployed. It took us 2 weeks to get it all lit up in our entire network. Over a population of about 60 million, we were able to shoot up our 5G median linked speeds by about 20% or a little bit more even. So really a good result and very quickly and shows that we can deploy our spectrum very fast.

然後您還提到了我們的 108 拍賣以及我們部署的速度。我們花了兩週時間才將其在整個網路中全部點亮。在約 6,000 萬人口中，我們能夠將 5G 中位數連結速度提高約 20% 甚至更多。所以這確實是一個很好的結果，而且非常快，這表明我們可以非常快速地部署我們的頻譜。

Well, thank you all for joining our fireside chat about network. And -- but I did want to make sure because there is this kind of misnomer out there that everybody is catching up and the party is over. And it's -- and I've been saying this for years. We remain 2 years ahead of the party on 5G, and our customers are having a radically differentiated experience. And you can see it in the data, not just in the rhetoric. So really glad you asked about that.

好的，謝謝大家參加我們關於網路的爐邊談話。而且——但我確實想確定一下，因為存在這種用詞不當，每個人都在迎頭趕上，聚會就結束了。多年來我一直這麼說。我們在 5G 方面仍領先業界 2 年，我們的客戶正在享受截然不同的體驗。你可以從數據中看到這一點，而不僅僅是在言語中。很高興你問這個問題。

Now there was another question, though, about fiber and where we intend to target. Look, I can't help you much on that because we don't have -- we're not rolling out a plan that this is the beginning of a big wave of initiatives here. We're really happy about this initiative and how it augments 5G broadband. And we intend to go put our energy into it. So -- but look, I do want to remind people that this isn't a regional thing for 5G Home Internet. It's really a sector-by-sector assessment, neighborhood by neighborhood as to where will we have excess capacity because that sector gets hung in order to give the kind of competitive experience that we were just coffee talking about.

不過，現在還有另一個問題，關於纖維以及我們打算瞄準的目標。聽著，我在這方面幫不了你太多，因為我們沒有——我們沒有推出一個計劃，這是這裡一大波舉措的開始。我們對這項舉措及其增強 5G 寬頻的方式感到非常高興。我們打算投入精力。所以，但我確實想提醒人們，這不是 5G 家庭網路的區域性問題。這實際上是一個逐個行業、一個街區一個街區的評估，以確定我們在哪裡會有過剩產能，因為該部門為了提供我們剛剛在咖啡中談論的那種競爭體驗而陷入困境。

But then if mobile usage isn't predicted to soak up all that capacity, then individual households get approved for home broadband. And so now if those neighborhoods are neighborhoods where we roll out fiber, then we can actually have some of those neighbors be added to the 5G who wouldn't otherwise be added. And that's TAM expanding, potentially. But we're really focused on these things right now. Very happy to have this initiative out the door and nothing further to report about it.

但如果預計行動使用不會耗盡所有容量，那麼個別家庭就會獲得家庭寬頻的批准。因此，現在如果這些社區是我們推出光纖的社區，那麼我們實際上可以將其中一些原本不會添加到 5G 的鄰居添加到 5G 中。這就是 TAM 的潛在擴張。但我們現在確實專注於這些事情。非常高興能夠推出這項舉措，並且沒有任何進一步的報告。

That was great. I'm sorry, I didn't bring my popcorn for that one.

那很棒。抱歉，我沒帶爆米花。

And the next question is from Sam McHugh with BNP Paribas.

下一個問題來自法國巴黎銀行的 Sam McHugh。

Just on fiber to begin with, on the existing wholesale agreement you have, can you give us any color on what kind of penetration levels you're seeing kind of year 1, year 2, so we can think about the potential in the new JV? And then secondly, I think on FWA, I've seen some reports suggesting you might start selling notifications to people who move the products from the home address. Do you think that will have any impact on the kind of net adds going forward? And I guess more broadly, how should we think about that cadence of FWA through the rest of this year?

首先就光纖而言，根據您現有的批發協議，您能否告訴我們您在第一年、第二年看到的滲透水平，以便我們可以考慮新合資企業的潛力？其次，我認為在 FWA 上，我看到一些報告建議您可能開始向將產品從家庭住址搬走的人出售通知。您認為這會對未來的淨增量產生任何影響嗎？我想更廣泛地說，我們該如何思考今年剩餘時間 FWA 的節奏？

Thank you. And we'll go to Mike for both questions.

謝謝。我們將向麥克詢問這兩個問題。

Yes. So first, on the fiber question. Remember, a lot of these wholesale markets that we've launched are brand new and haven't even been existing for a year. But when you heard Mike talking about the assets that T-Mobile has and how we think that those give us advantage relative to other investors, that is exactly what we're starting to see play out in these wholesale markets. Remember, at small scale, we're in parts of about 16 markets spread around the country. But what we're seeing is a pace that would get us over 20% in the first year inside those markets. So we're really pleased with the penetration that we're seeing there.

是的。首先，關於纖維問題。請記住，我們推出的許多批發市場都是全新的，甚至還沒有成立一年。但是，當您聽到 Mike 談論 T-Mobile 擁有的資產以及我們認為這些資產如何為我們提供相對於其他投資者的優勢時，這正是我們開始在這些批發市場中看到的情況。請記住，我們的業務規模較小，分佈在全國約 16 個市場的部分地區。但我們看到的是，我們在進入這些市場的第一年就將取得超過 20% 的進展。因此，我們對所看到的滲透率感到非常滿意。

Now on your FWA question. And specifically, earlier this week, we launched a couple of new products. And let me just give a little bit of context to those. Mike talked about us moving over 5 million customers in our home broadband business this quarter, which obviously is a huge milestone for us. And we now sit at the center of millions of homes with the most important technology in their house. And we think that gives us an opportunity, and I think I've mentioned this in the last couple of calls, to look at opportunities to expand into other products and services inside the home as well as give us tons of insight from what we're hearing from customers of additional needs.

現在回答你的 FWA 問題。具體來說，本週早些時候，我們推出了幾款新產品。讓我簡單介紹一下這些內容。 Mike 談到本季我們的家庭寬頻業務轉移了超過 500 萬客戶，這對我們來說顯然是一個巨大的里程碑。現在，我們位於數百萬家庭的中心，他們的家中擁有最重要的技術。我們認為這給了我們一個機會，我想我在最近幾次電話會議中已經提到過這一點，尋找擴展到家庭內其他產品和服務的機會，並從我們的產品和服務中為我們提供大量的見解。

So earlier this week, we launched a program called Whole Home, which gives customers the ability to -- in addition to the CPE and router that we provide in our regular HSI package, they can expand that and add mesh that integrates into our CPE. So they can give themselves a much larger WiFi footprint inside their home. We also include some additional support for all the peripheral devices that attach to your network. So if you've got a laptop or a printer that you need support on, we'll offer that as part of this program.

因此，本週早些時候，我們推出了一個名為Whole Home 的計劃，該計劃使客戶能夠——除了我們在常規HSI 包中提供的CPE 和路由器之外，他們還可以擴展該功能並添加集成到我們的CPE 中的網格。因此他們可以在家中提供更大的 WiFi 覆蓋範圍。我們也為連接到您網路的所有周邊設備提供一些額外的支援。因此，如果您有需要支援的筆記型電腦或印表機，我們將作為該計劃的一部分提供支援。

And then secondly, we offered a new program called Away. And I'm really excited about this one because one of the things we've heard from customers is because this is a product that only requires power, we're not running a wire into your house or anything like that, it just requires power. And we see customers that want to use this on their boat or in their RV or while they're camping. And we created a couple of new plans specifically for those use cases that allow customers to move this as their life move along in their RV.

其次，我們提供了一個名為 Away 的新計劃。我對此感到非常興奮，因為我們從客戶那裡聽到的一件事是，這是一款只需要電源的產品，我們不會在你的房子裡佈線或類似的東西，它只需要電源。我們看到客戶希望在船上、房車或露營時使用它。我們專門針對這些用例創建了幾個新計劃，允許客戶隨著他們的房車生活的發展而移動它。

The other thing I'm really excited about in combination with that is we struck a partnership with Camping World. And Camping World, if you're not familiar with them, is the largest camping and RV retailer in the country, and they're going to be partnering with us on these Away programs to sell to their customers and to integrate our HSI routers inside RVs that they sell.

另一件令我真正興奮的事情是我們與露營世界建立了合作關係。如果您不熟悉 Camping World，他們是全國最大的露營和房車零售商，他們將在這些 Away 計劃上與我們合作，向他們的客戶銷售產品並將我們的 HSI 路由器整合到內部他們出售的房車。

And you can send your orders for our new Away product at mike.katz@...

您可以透過 mike.katz@... 發送我們新 Away 產品的訂單。

By the way, you asked one last question, which is about what we're seeing with the wholesale fiber penetration rates. It's all very early because remember, these are greenfield projects. And so these were -- our partners were starting out after the wholesale partnerships were struck. But so far, so good. At a small scale, we're seeing year 1 penetration rates trending to 20%. That's above industry benchmarks. That's a good sign on your way to terminal penetration rates that are much higher than that. So everything we're seeing from these small scale so far anyway, it's going to grow. But so far, small-scale pilots in the wholesale range was very positive. And that's adding, of course, to our confidence to do news like today. So hopefully, that covers your question, Sam.

順便說一句，您問了最後一個問題，即我們所看到的批發光纖滲透率。一切還為時過早，因為請記住，這些都是綠地計畫。因此，我們的合作夥伴在批發合作夥伴關係達成後就開始了。但到目前為止，一切都很好。在小範圍內，我們看到第一年​​的滲透率趨向於 20%。這高於行業基準。這是您邁向遠高於此的終端滲透率的好兆頭。所以到目前為止，我們從這些小規模看到的一切，無論如何，它都會成長。但到目前為止，批發範圍內的小規模試點非常積極。當然，這增強了我們做今天這樣的新聞的信心。希望這能解決你的問題，山姆。

Just the cadence on FWA.

只是 FWA 上的節奏。

Cadence, tell me one more time what that part's about.

Cadence，再告訴我一次那部分的內容。

In terms of kind of net add development through the rest of the year. We've obviously seen some moves from T and others. Kind of how we should think about growth going forward.

就今年剩餘時間的淨增加發展而言。我們顯然已經看到了 T 和其他人的一些舉動。這就是我們應該如何思考未來的成長。

We don't guide on it. But one thing we did do when we made the changes around sunsetting our [launch era] promotions is we indicated that this quarter would be more like 400,000 instead of the 500,000 we've seen in the past. And that's what happened. We delivered 405,000. We haven't guided on the rest of the year, but we've said we're well on track to the goal that we have always anticipated being by the end of 2025 in that 7 million to 8 million customers range.

我們不對此進行指導。但是，當我們圍繞取消[發布時代]促銷活動做出改變時，我們確實做了一件事，那就是我們表示本季度的促銷數量將是 400,000，而不是我們過去看到的 500,000。這就是發生的事情。我們交付了 405,000 份。我們尚未對今年剩餘時間做出指導，但我們表示，我們正在順利實現我們一直預期的到 2025 年底實現 700 萬至 800 萬客戶範圍的目標。

And what's interesting is that 400,000 and 500,000 net additions this quarter actually represented, as I said in my prepared remarks, a higher percentage of total broadband net adds than last year's 500-and-some thousand. And so we're sticking right in there with a very competitive more than half, that means more than all the others combined, number of net adds in the space. And so we're really happy with where it is because at the same time, we're seeing the value of this customer base start to appreciate, and that's also important, not just through pricing or promotion sunsets but through the kinds of value-added services that Mike just summarized.

有趣的是，正如我在準備好的發言中所說，本季的 400,000 和 500,000 淨增用戶實際上佔寬頻淨增用戶總數的比例高於去年的 500 和數千。因此，我們堅持在那裡，擁有超過一半的非常有競爭力的人，這意味著該領域的淨增加數量比所有其他人的總和還要多。因此，我們對目前的情況感到非常滿意，因為同時，我們看到這個客戶群的價值開始升值，這也很重要，不僅僅是透過定價或促銷日落，而是透過各種價值——添加了麥克剛剛總結的服務。

Operator, let's squeeze in one question, please.

接線員，請讓我們提一個問題。

And that question comes from Kannan Venkateshwar with Barclays.

這個問題來自巴克萊銀行的 Kannan Venkateshwar。

Congratulations, Jud and Cathy, once more. Mike, I'm trying to maybe nudge you along a little bit more on your prior response on broadband. You now have scale in broadband, and you're already one of the biggest operators in this market through fixed wireless. But you seem to be hedging your comments a little bit on fiber in terms of the scale or the kind of ambitions that you might have here long term. So could you maybe talk about what the ultimate scale ambitions here are? Are you viewing this as a cheap option at this point and you want to test out the market a little bit to see where it goes? Or is there a longer-term vision behind this in terms of how you see the company as a whole evolving in terms of its business mix?

再次恭喜賈德和凱西。麥克，我想也許能推動您進一步了解您之前關於寬頻的回應。您現在已經在寬頻領域形成規模，並且已經成為該市場上最大的固定無線營運商之一。但就光纖的規模或您可能長期擁有的雄心而言，您似乎對光纖的評論有所保留。那麼您能否談談這裡的最終規模目標是什麼？您目前是否認為這是一個便宜的選擇，並且想稍微測試市場，看看它會走向何方？或者這背後是否有一個更長期的願景，即您如何看待公司作為一個整體在業務組合方面的發展？

Yes, I can say a couple of things. And one of them -- and this will be a little unsatisfying, but I do plan to lay out a more long-term view on how we think about this space at our Capital Markets Day that I mentioned would be this fall because I know that people want a multiyear view. Even that view will include an element that we intend to be patient, opportunistic. And it will also include an element that says we have no interest in fundamentally changing who we are. We are a highly successful mobile business that's mobile-first that's generating superior cash flow returns in this industry because of our superior strategy. And we're embarked upon a shareholder return program that we think makes a lot of sense in this piece of our life.

是的，我可以說幾件事。其中之一 - 這會有點令人不滿意，但我確實計劃在我提到的今年秋天的資本市場日上就我們如何看待這個領域提出更長遠的觀點，因為我知道人們想要一個多年的視角。即使這種觀點也包含了我們打算保持耐心和機會主義的元素。它還將包括一個元素，表明我們沒有興趣從根本上改變我們是誰。我們是一家非常成功的行動企業，以行動為先，由於我們卓越的策略，我們在這個行業中產生了卓越的現金流回報。我們正在啟動一項股東回報計劃，我們認為該計劃對我們的這一生非常有意義。

So look, we're going to -- we like this area for all the reasons I said on this call. But it's premature for us to lay out kind of a detailed strategy on where we expect to be. And even when I lay it out, there will be some element of it that you'll have to be patient with us because we're going to be patient. We're going to be smart. We're going to be opportunistic because we have so much confidence in our core strategy. And hopefully, you see that patience on our part as a sign of our confidence in our core business.

所以看，我們將——出於我在這次電話會議上所說的所有原因，我們喜歡這個領域。但對我們來說，就我們的預期目標制定詳細的策略還為時過早。即使當我把它擺出來時，你也必須對我們保持耐心，因為我們也會有耐心。我們會變得聰明。我們將採取機會主義態度，因為我們對我們的核心策略充滿信心。希望您能將我們的耐心視為我們對核心業務充滿信心的標誌。

Well, that's all the time we have for questions, and we definitely appreciate everyone joining us today. It's been an absolute privilege working with you. And if you have any additional questions, please reach out to either the Investor Relations or Media Relations departments. And with that, have a great day.

好了，我們的提問時間就到此為止，我們非常感謝今天大家加入我們。與您合作絕對是我的榮幸。如果您還有任何其他問題，請聯絡投資者關係或媒體關係部門。就這樣，祝你有美好的一天。

Thanks, everybody.

謝謝大家。

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

女士們先生們，T-Mobile 第一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。