T-Mobile US Inc (TMUS) 2024 Q2 法說會逐字稿

(Operator Instructions) I would now like to turn the conference over to Cathy Yao, Senior Vice President of Investor Relations for T-Mobile US. Please go ahead.

（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 Cathy Yao。請繼續。

Good morning. Welcome to T-Mobile's Second Quarter 2024 Earnings Call.

早安.歡迎參加 T-Mobile 2024 年第二季財報電話會議。

Joining me on our call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

今天參加我們電話會議的有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 earnings as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found in the Quarterly Results section of the Investor Relations website.

我們的收益發布、投資者情況手冊和其他與我們的收益相關的文件以及本次電話會議中討論的 GAAP 和非 GAAP 業績之間的調節表可以在投資者關係網站的季度業績部分找到。

With that, let me now turn it over to Mike.

現在讓我把它交給麥克。

Thanks, Cathy. Hi, everybody. Welcome to the call. We're coming to you from New York today. And if you're watching online, you can see I'm with several members of the senior team ready to discuss these strong quarterly results and our recent news and, of course, to take your questions.

謝謝，凱茜。大家好。歡迎來電。我們今天從紐約來找你。如果您在網上觀看，您可以看到我和高級團隊的幾位成員準備討論這些強勁的季度業績和我們最近的新聞，當然，還會回答您的問題。

This T-Mobile team just continues to demonstrate strong execution across the board, and we're taking up our customer growth and cash flow guidance for the full year once again. I'm going to begin with a comment on customer growth because this quarter not only represented our highest-ever Q2 postpaid phone net adds in company history, but we also pushed past a major milestone: 100 million customer connections. This growth was once again balanced geographically, across both smaller markets and rural areas and top 100 markets.

T-Mobile 團隊繼續在各個方面展現出強大的執行力，我們將再次製定全年的客戶成長和現金流指導。我首先要評論客戶成長，因為本季不僅代表了我們公司歷史上第二季後付費電話網路增加量最高的水平，而且我們還突破了一個重要里程碑：1 億客戶連接。這種成長在地理上再次實現平衡，包括較小的市場和農村地區以及前 100 個市場。

We also grew our postpaid phone gross adds at the highest rate in nearly 3 years. And at the same time, we delivered yet another record low upgrade rate this quarter, speaking to the strength of our customers' experience on our differentiated 5G network. And speaking of experience, let me now turn to that network leadership.

我們的後付費電話總銷量也以近三年來的最高速度成長。同時，我們本季的升級率再創新低，證明了我們差異化 5G 網路上客戶體驗的優勢。說到經驗，現在讓我來談談網路領導層。

We swept every category for overall network performance in the latest Opensignal and Ookla test. According to Opensignal, T-Mobile's download speeds are up to 3x as fast as peers, alongside having nearly 6x the 5G availability as our next closest competitor. And our network was also awarded the most consistent by both independent third parties, a key indicator of an overall superior network experience.

我們在最新的 Opensignal 和 Ookla 測試中橫掃了整體網路效能的各個類別。據 Opensignal 稱，T-Mobile 的下載速度高達同業的 3 倍，同時其 5G 可用性是我們第二大競爭對手的近 6 倍。我們的網絡也被兩個獨立第三方評為最一致的網絡，這是整體卓越網絡體驗的關鍵指標。

We continue to invest thoughtfully and in a highly capital-efficient model to extend our network leadership, and it shows. It is really a privilege to see our team's hard work show up in recognition like this and to share it with you.

我們繼續深思熟慮地投資於高資本效率的模式，以擴大我們的網路領先地位，這一點也得到了體現。很榮幸看到我們團隊的辛勤工作得到這樣的認可並與您分享。

Okay. Turning to broadband. Our fixed wireless offering continues to resonate with customers, leading us to capture a record share of industry broadband net adds this quarter. And now we have an incredible 5.6 million fixed wireless broadband customers. I hope you all saw our news from last week as I'm excited to talk to you about our partnership with KKR to acquire Metronet. The Metronet team is the nation's fastest-growing pure-play fiber provider. This is a unique company and asset. They already reach over 2 million homes today, and with this partnership, are expected to grow to 6.5 million homes passed by 2030, bringing consumers greater choice where they need it most. And we are equally excited to work alongside KKR's expert infrastructure team on this project.

好的。轉向寬頻。我們的固定無線產品繼續引起客戶的共鳴，使我們在本季的行業寬頻淨增量中獲得了創紀錄的份額。現在我們擁有令人難以置信的 560 萬固定無線寬頻客戶。我希望你們都看到了我們上週的新聞，因為我很高興與你們談論我們與 KKR 合作收購 Metronet 的事情。 Metronet 團隊是全國發展最快的純光纖供應商。這是一家獨特的公司和資產。如今，他們已覆蓋超過 200 萬戶家庭，透過這項合作，預計到 2030 年將增至 650 萬戶家庭，為消費者在最需要的地方提供更多選擇。我們同樣很高興能與 KKR 的專家基礎設施團隊在這個專案上合作。

And as with our Lumos JV, T-Mobile will leverage our scale, brand, distribution and existing customer relationships to grow faster and to do it smarter.

與我們的 Lumos 合資企業一樣，T-Mobile 將利用我們的規模、品牌、分銷和現有客戶關係來實現更快成長並變得更聰明。

I can't highlight enough how both the Metronet and Lumos JVs represent best-in-class partnerships in the fiber space. Because of the partners that we've chosen and T-Mobile's unique assets and capabilities, I believe this is going to be a very successful initiative for our shareholders.

我無法充分強調 Metronet 和 Lumos 合資企業如何代表光纖領域的一流合作夥伴關係。由於我們選擇的合作夥伴以及 T-Mobile 的獨特資產和能力，我相信這對我們的股東來說將是一項非常成功的舉措。

Now going back to the current business and our financials. In Q2, we once again demonstrated our ability to deliver profitable growth in customers and translating that to industry-leading service revenue growth and industry-leading core adjusted EBITDA growth. That, combined with our capital efficiency, has led to a record adjusted free cash flow quarter that grew 54% year-over-year and once again led the major wireless companies in free cash flow margin. I could not be more proud of this team's results this quarter.

現在回到目前的業務和我們的財務狀況。在第二季度，我們再次證明了我們有能力實現客戶獲利成長，並將其轉化為業界領先的服務收入成長和業界領先的核心調整後 EBITDA 成長。再加上我們的資本效率，調整後的自由現金流季度創歷史新高，同比增長 54%，並再次在自由現金流利潤率方面領先主要無線公司。我對這個團隊本季的成績感到非常自豪。

Okay. To sum it all up, we are staying true to our Un-carrier DNA while focusing on smart and profitable growth, delivering record financial results. Our durable and differentiated model continues to outperform. And I look forward to sharing more about the Un-carrier's next chapter on value creation at our Capital Markets Day, which will be in the second half of September. And we're going to get that on your calendars very soon. So Peter, let's hand it to you to talk about our key financial highlights and an update on our guidance.

好的。總而言之，我們忠於 Un-carrier DNA，同時專注於智慧和獲利成長，實現創紀錄的財務表現。我們的耐用且差異化的模型繼續表現出色。我期待在 9 月下旬的資本市場日上分享更多關於 Un-Carrier 關於價值創造的下一章的內容。我們很快就會將其添加到您的日曆上。彼得，讓我們來談談我們的主要財務亮點和我們的指導的最新情況。

Thank you very much, Mike. As you can see, we delivered yet another strong quarter. Mike already highlighted the momentum in our wireless and broadband business as well as our impressive financial results. But before turning to our outlook, I wanted to briefly touch on our acquisition of Mint Mobile and Ultra on May 1. We couldn't be more excited for them to join Team Magenta. From a financial perspective, the acquisition resulted in a onetime prepaid base adjustment of approximately 3.5 million customers.

非常感謝你，麥克。正如您所看到的，我們又交付了一個強勁的季度。麥克已經強調了我們無線和寬頻業務的發展勢頭以及令人印象深刻的財務表現。但在展望我們的前景之前，我想先簡單談談我們於 5 月 1 日收購的 Mint Mobile 和 Ultra。從財務角度來看，此次收購導致約 350 萬客戶的一次性預付費基數調整。

Subsequent to the close, the incorporation of Mint and Ultra also resulted in approximately $100 million in net additional service revenue relative to Q1, which is net of the reduction in wholesale revenues. And also resulted in a small benefit to core EBITDA as the revenue was largely offset with SG&A expenses as we made additional investments into the business to drive customer growth.

收盤後，Mint 和 Ultra 的合併也帶來了相對於第一季約 1 億美元的淨額外服務收入（扣除批發收入的減少）。而且，隨著我們對業務進行額外投資以推動客戶成長，收入在很大程度上被 SG&A 支出所抵消，因此核心 EBITDA 也獲得了小幅收益。

All right. Let me shift to an update on our expectations for the remainder of 2024.

好的。讓我談談我們對 2024 年剩餘時間的預期的最新情況。

Starting with customers, we are excited to raise our total postpaid customer net additions to now be between 5.4 million and 5.7 million, up 150,000 at the midpoint relative to our prior guide. We now expect the total postpaid phone net customer additions component to be approximately half of our total postpaid additions, up from our expectations last quarter. And as part of that, we anticipate normal seasonal postpaid phone churn trends in the second half as we saw a year ago.

從客戶開始，我們很高興將後付費客戶淨增總數提高到目前的 540 萬至 570 萬之間，比我們之前的指南中點增加了 15 萬。我們現在預計後付費電話網路新增客戶總數將佔後付費新增客戶總數的一半左右，高於我們上季度的預期。作為其中的一部分，我們預計下半年後付費電話的正常季節性流失趨勢將與一年前一樣。

We continue to expect our full year postpaid ARPA to be up to 3% higher year-over-year and our industry-leading service revenue growth to accelerate at a higher rate in 2024 than we delivered in 2023. We now expect our core adjusted EBITDA to be between $31.5 billion and $31.8 billion for the full year, unchanged at the midpoint, which is up 9% year-over-year. This includes our latest estimate on the impact of ACP as well as funding our higher postpaid customer guide. On ACP, we now expect the year-over-year impact to be in the range of $350 million to $450 million, driven primarily by what we're seeing at some of our wholesale providers.

我們仍然預計我們的全年後付費 ARPA 將同比增長 3%，我們行業領先的服務收入增長將在 2024 年以高於 2023 年的速度加速。億美元至318 億美元之間，中位數不變，年增9%。這包括我們對 ACP 影響的最新估計以及為更高的後付費客戶指南提供資金。對於 ACP，我們現在預計同比影響將在 3.5 億至 4.5 億美元之間，這主要是由我們在一些批發供應商身上看到的情況推動的。

Okay. Turning to cash CapEx. We now expect to be between $8.7 billion and $9.1 billion as we continue to invest and lead in network performance with unmatched capital efficiency. While our longer-term expectations continue to be in the $9 billion to $10 billion range annually, as we discussed before, 2024 is a bit lower given certain capital-efficient network activities, such as spectrum refarming and deploying additional 2.5 gigahertz licenses from Auction 108, benefiting from the significant 5G radio deployments during our merger integration. We would expect Q3 to be the low watermark for the year before reaccelerating in Q4 with more site upgrades and build activity.

好的。轉向現金資本支出。隨著我們繼續投資並以無與倫比的資本效率引領網路效能，我們現在預計營收將在 87 億美元至 91 億美元之間。雖然我們的長期預期仍然在每年90 億至100 億美元的範圍內，但正如我們之前所討論的，考慮到某些資本效率較高的網絡活動，例如頻譜重整和部署來自Auction 108 的額外2.5 GHz 許可證，2024 年的預期要低一些，受益於我們合併整合期間重大的 5G 無線電部署。我們預計第三季將是今年的低水位，然後第四季將因更多站點升級和建設活動而重新加速。

Lastly, we now expect adjusted free cash flow, which includes payments for merger-related costs to be in the range of $16.6 billion to $17 billion, up $150 million at the midpoint and up 24% year-over-year, driven by both margin expansion and capital efficiency and translating to an industry-leading service revenue to adjusted free cash flow margin. In closing, we delivered another strong quarter and expect another year of durable and differentiated 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 adjusted free cash flow, along with the highest adjusted free cash flow margin in the industry.

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 166 億美元至 170 億美元之間，中間增加 1.5 億美元，年成長 24%，這主要是由利潤率推動的擴張和資本效率，並轉化為行業領先的服務收入和調整後的自由現金流利潤率。最後，我們實現了又一個強勁的季度，並預計隨著我們繼續擴大我們的網路領導地位並進一步擴大我們獨特的成長機會，又一年將實現持久和差異化的成長。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 和調整後自由現金流成長，以及業界最高的調整後自由現金流利潤率。

We are looking forward to sharing more on our multiyear plans to continue to unlock shareholder value at Capital Markets Day this fall. And with that, I will now turn the call back to Cathy to begin the Q&A. Cathy?

我們期待在今年秋天的資本市場日分享更多關於我們的多年計劃的信息，以繼續釋放股東價值。現在，我將把電話轉回給凱西，開始問答。凱茜？

Okay. Let's get to your questions. (Operator Instructions) We will 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）我們將從電話中提問開始。接線員，第一個問題。

The first question today comes from John Hodulik with UBS. Please go ahead.

今天的第一個問題來自瑞銀集團的 John Hodulik。請繼續。

Great. Good morning, guys. Can we talk a little bit about the fiber strategy? I mean, obviously, you guys have 2 big deals you announced and a number of other partnerships. Should we expect more deals sort of similar to what we saw with Lumos and Metronet?

偉大的。早上好傢伙。我們能談談纖維戰略嗎？我的意思是，顯然，你們宣布了兩筆大交易以及許多其他合作夥伴關係。我們是否應該期待更多類似 Lumos 和 Metronet 的交易？

And then can you give us any color on what you've seen in some of your pilot markets in terms of penetration rates and maybe the benefits of convergence, both in terms of matching broadband and wireless and what that does to maybe your wireless penetration in those markets?

然後，您能否向我們介紹一下您在一些試點市場中所看到的滲透率以及融合的好處，無論是在匹配寬頻和無線方面，還是在寬頻和無線方面，以及這對您的無線滲透率有何影響。

Yes, John, sure. Let me start and I'll just ask the team to jump in. First of all, we're just really excited about where we are. This was a terrific transaction for us to be able to partner with KKR to acquire Metronet on top of our previous transaction to partner to acquire Lumos. So now we have the beginnings of a critical mass in the space. And for me, this is big. I mean, these two transactions taken together with our partnerships in the wholesale arena are going to allow us to reach millions of homes. The Lumos transaction, we see 3.5 million homes passed by 2028.

是的，約翰，當然。讓我開始吧，我會要求團隊加入。對我們來說，在先前合作收購 Lumos 的交易基礎上，能夠與 KKR 合作收購 Metronet，對我們來說是一筆了不起的交易。所以現在我們在這個領域已經開始出現臨界質量。對我來說，這很重要。我的意思是，這兩筆交易加上我們在批發領域的合作關係將使我們能夠覆蓋數百萬個家庭。 Lumos 交易預計到 2028 年將有 350 萬套房屋通過。

The Metronet transaction, we see 6.5 million homes passed by 2030. There's probably a couple more million in the wholesale partnerships we have so far. And so that's a pretty significant footprint that we've put together. And more importantly, we've chosen the best assets in the space and we're very excited about this.

透過 Metronet 交易，我們看到到 2030 年將有 650 萬套房屋通過。因此，這是我們所累積的相當重要的足跡。更重要的是，我們選擇了該領域最好的資產，我們對此感到非常興奮。

Now to the premise of your question, I think what people can see from our strategy are a number of things. One, our bias is pure-play fiber, the simplicity and elegance of that model. It's doing it with partners so that we can get more leverage on our equity dollars. It's about best-in-class assets that are performing and growing like we're seeing.

現在回到你問題的前提，我認為人們可以從我們的策略中看到很多東西。第一，我們偏向純光纖，也就是該模型的簡單性和優雅性。它與合作夥伴一起這樣做，以便我們能夠從我們的股本資金中獲得更多的槓桿作用。這是關於像我們所看到的那樣表現和增長的一流資產。

And we have some further appetite, but not much. I want to make that clear. I mean, these transactions that we have done get us millions of homes passed and do it in a way that we think is really smart and positive for our shareholders. So while we're open-minded to things that fit this strategy, it would have to be the right deal. Our appetite is somewhat limited for more. I can tell you we're not currently working on another transaction like this. And since they've been coming every month or 2, I want to make that clear as well.

我們還有一些進一步的胃口，但不多。我想澄清這一點。我的意思是，我們所做的這些交易讓數以百萬計的家庭通過了我們的交易，並且我們以一種我們認為對股東來說非常明智和積極的方式進行了交易。因此，雖然我們對符合這項策略的事情持開放態度，但這必須是正確的交易。我們對更多的胃口有點有限。我可以告訴你，我們目前沒有進行其他類似的交易。由於他們每個月或兩個月都會來一次，我也想澄清這一點。

And -- but we're really excited about this. This is a chance for us to make a big impact in the space and to do it with teams that are already the best in class out there. So that's that piece.

而且——但我們對此感到非常興奮。這是我們在該領域產生巨大影響的機會，並與已經是同類最佳的團隊一起實現這一目標。這就是那件作品。

The second, you asked about performance. We can talk about our pilot markets. Those are going well. They're earlier in phasing, so it's hard to see, but absolutely on track. To me, what's more interesting is looking at the performance of these already in-market teams that we are now going to be partnering with. Like Metronet, we see penetrations in the upper 30s in their more mature markets because they already passed over 2 million homes. So we can see at more scale how that asset is performing. Now our thesis has always been that our brand and our distribution, our embedded customer base and our know-how can actually add performance to a partner like that and in a very cost-effective way. But it's on top of a team that's performing very, very well.

第二，你問的是性能。我們可以談談我們的試點市場。這些進展順利。它們處於較早的階段，所以很難看到，但絕對步入正軌。對我來說，更有趣的是看看我們現在要與之合作的這些已經進入市場的團隊的表現。與 Metronet 一樣，我們看到其更成熟市場中 30 歲以上的滲透率，因為它們已經覆蓋了超過 200 萬戶家庭。因此，我們可以更大規模地了解該資產的表現。現在，我們的論點始終是，我們的品牌和分銷、我們的嵌入式客戶群和我們的專業知識實際上可以以非常具有成本效益的方式為這樣的合作夥伴增加績效。但它是在一支表現非常非常好的團隊之上的。

Thanks, Mike.

謝謝，麥克。

You bet.

你打賭。

Operator, next question, please.

接線員，請下一個問題。

The next question comes from Simon Flannery with Morgan Stanley. Please go ahead.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。請繼續。

Great. Thanks for the disclosure on ACP. Perhaps if you could just give us a little bit more color on how that flows through? How much of that $350 million to $450 million was in Q2 and that impacts into Q3 and beyond? And then have you seen any benefit in terms of winning customers, say, in the Metro brand or anything like that?

偉大的。感謝您對 ACP 的揭露。也許您能給我們更多關於它如何流動的資訊嗎？這 3.5 億至 4.5 億美元中有多少是在第二季以及對第三季及以後的影響？那麼您是否看到了贏得客戶方面的任何好處，例如麥德龍品牌或類似品牌？

And then, Peter, you talked about the expectations for churn and so forth second half of the year. What are you assuming in terms of an iPhone cycle? There's obviously a lot of excitement about an AI iPhone given where your customers are, another low upgrade quarter. Do you think we're waiting for a bigger surge? Or do you think this will be looking fairly similar to last year, which is, I think, what you said. Thanks.

然後，彼得，您談到了對下半年客戶流失等的期望。您對 iPhone 的週期有何假設？考慮到您的客戶所處的位置，人工智慧 iPhone 顯然令人興奮，又是一個低升級季度。您認為我們正在等待更大的激增嗎？或者你認為今年看起來與去年非常相似，我認為這就是你所說的。謝謝。

So Peter, I'll turn to you on the ACP question and maybe I'll comment on the upcoming cycle.

Peter，我將就 ACP 問題向您求助，也許我會對即將到來的周期發表評論。

Okay. Yes, and thanks, Simon. And as you know and just as a little bit of a history lesson for us, is we didn't participate in ACP through our postpaid brand. So there were no subscribers out of there. And through Metro, we had a very small amount of customers. We primarily serve these customers through our Assurance brand, which didn't include subscriber counts and through supporting our wholesale partners.

好的。是的，謝謝，西蒙。如您所知，這對我們來說是一個歷史教訓，我們沒有透過我們的後付費品牌參與 ACP。所以那裡沒有訂戶。透過 Metro，我們的客戶數量非常少。我們主要透過我們的保證品牌（不包括訂戶數量）以及透過支持我們的批發合作夥伴來為這些客戶提供服務。

And if I think about the arc of the $350 million to $450 million impact, given, of course, ACP was still in play in Q1 and partially in Q2, I'd see the majority of that impact happening in the second half and even more of it in Q4 than Q3. There's still a little bit of a tail coming in Q3.

如果我考慮一下 3.5 億至 4.5 億美元影響的範圍，當然，考慮到 ACP 在第一季度和第二季度仍在發揮作用，我會看到大部分影響發生在下半年，甚至更多第四季度的增幅高於第三季。第三季仍有一點尾巴。

So that's the best view. Primarily, the majority of that, again, is going to be in wholesale and other service revenues and I'd expect Q4 to be probably the biggest impact there.

所以這就是最好的風景。首先，其中大部分將再次出現在批發和其他服務收入中，我預計第四季度可能會受到最大的影響。

And Simon, our prepaid nets of 179,000 were the best quarter we've posted in years. Part of that is obviously joining with Mint and Ultra. But part of that is that we have a fantastic portfolio of brands that meet the needs of value consumers. And to the premise of your question, this is a year when value consumers, because of these changes, will be reentering the market. So we think we're very well positioned there.

Simon，我們的預付費用戶數為 179,000，這是我們多年來發布的最好的季度。其中一部分顯然是與 Mint 和 Ultra 的合作。但部分原因是我們擁有出色的品牌組合，可以滿足價值消費者的需求。對於你問題的前提，今年是價值消費者因為這些變化而重新進入市場的一年。所以我們認為我們在這方面處於非常有利的位置。

And then to your question about the upgrade cycle, look, I'm really excited about this year. I think AI is on every customer's mind. I think we're seeing the major companies really pushing ambitiously in the space. There was a lot of excitement around Apple's launches.

然後關於你關於升級週期的問題，我對今年感到非常興奮。我認為每個客戶都關心人工智慧。我認為我們看到大公司確實在這個領域雄心勃勃地推進。蘋果公司的發表會引起了許多人的興奮。

Now some of those technologies are good on legacy phones as well, like last year's phones, we're told from those announcements. And so we'll have to see. I'm not really here to predict cycles. I'll tell you that we're very, very excited about what's coming.

現在，其中一些技術也適用於傳統手機，例如去年的手機，我們從這些公告中得知。所以我們必須拭目以待。我來這裡並不是為了預測週期。我告訴你，我們對即將發生的事情感到非常非常興奮。

And I want to remind people that our model isn't really dependent on that cycle. So we've been benefiting from very low upgrade rates. In many ways, that's good for the efficiency of our model. But should upgrade rates take off due to a larger cycle based on excitement of a new phone launch, which we certainly hope for, that's a share-taking moment for us. And so you either have a moment where we're able to be efficient like the last few quarters with some of these very low upgrade rates or because we are the net share taker in this industry, a chance for more jump balls.

我想提醒人們，我們的模型並不真正依賴這個週期。因此，我們一直受益於非常低的升級率。從很多方面來說，這有利於我們模型的效率。但是，如果由於新手機發布的興奮而導致更大的周期，升級率會上升（我們當然希望如此），這對我們來說是一個搶佔份額的時刻。因此，要么我們能夠像過去幾個季度一樣保持高效，其中一些升級率非常低，要么因為我們是這個行業的淨份額接受者，所以有機會獲得更多跳球。

And so we design our business plan to be responsive to what happens. And at the same time, we're excited about AI and we think consumers are excited about AI and we're looking forward to seeing what happens.

因此，我們設計的業務計劃能夠對發生的情況做出回應。同時，我們對人工智慧感到興奮，我們認為消費者對人工智慧感到興奮，我們期待看到會發生什麼。

Operator, next question, please.

接線員，請下一個問題。

Next question comes from Michael Rollins with Citi. Please go ahead.

下一個問題來自花旗銀行的麥可‧羅林斯。請繼續。

Hi, good morning. Curious if you could unpack a bit more of where you saw the strength of the postpaid phone net adds in the quarter. You mentioned, I think, somed iversified impacts during the quarter, but maybe a little bit more on where you stand on the rural market penetration versus top 100 and business versus consumer in terms of impacts. And then secondly, where is T-Mobile in terms of the multiyear return on capital goal? is still up to $60 billion? And is there any change in timing or magnitude as you look at the performance in the second quarter and how much is left over the next, call it, one-and-a-half to two-and-a-half years, if you're looking now at '26, to kind of get to the destination. Thanks.

早安.很好奇您是否能更多地了解本季度後付費電話網絡的實力增長情況。我認為您提到了本季度的一些多樣化影響，但也許更多的是您在農村市場滲透率與前 100 名市場滲透率以及企業與消費者市場滲透率方面的影響。其次，T-Mobile 在多年資本報酬率目標方面處於什麼位置？還是高達600億美元？當你觀察第二季的表現以及接下來的一年半到兩年半的表現時，時間或幅度是否有任何變化，如果你現在我們正在尋找'26'，以達到目的地。謝謝。

Sounds great, Mike. So I'm going to start with Jon Freier to talk about what we're seeing in the consumer space and where those customers are coming from.

聽起來不錯，麥克。因此，我將首先與 Jon Freier 討論我們在消費領域所看到的情況以及這些客戶來自哪裡。

Yes. You bet. So it's been at -- it was a fantastic quarter, as you guys saw, with 777,000 postpaid phone net additions in Q2, our highest Q2 ever in the company's history as we talked about just a few moments ago.

是的。你打賭。所以，正如你們所看到的，這是一個非常棒的季度，第二季度後付費電話淨增加了 777,000 部，這是我們公司歷史上最高的第二季度，正如我們剛才談到的那樣。

And when you look at smaller markets and rural areas, which is 40% of the U.S. population, our business continues to be incredibly responsive. As a matter of fact, in Q2, we had the highest switching that we have ever seen that quarter.

當你觀察較小的市場和占美國人口 40% 的農村地區時，我們的業務仍然具有令人難以置信的回應能力。事實上，在第二季度，我們的轉換率是該季度以來最高的。

And so that's great to see. We've been building a business, as I've been talking to you about for the last 3 years, in smaller markets and rural areas with the network expansion, distribution expansion, bringing our value proposition into these markets.

很高興看到這一點。正如我在過去三年中一直在與大家談論的那樣，我們一直在較小的市場和農村地區開展業務，透過網路擴張、分銷擴張，將我們的價值主張帶入這些市場。

And it's really, really doing incredibly well. So well that we're just excited about the next turn and as we're setting our sights on ultimately getting to our fair share in the marketplace. And so that's going really well.

而且它的表現真的非常非常好。太好了，我們對下一個轉折點感到興奮，因為我們的目標是最終在市場上獲得公平的份額。一切進展順利。

In addition to the growth in smaller markets and rural areas, we're seeing growth in the top 100 markets as well. And so this is where we -- legacy have been very successful over the last 2.5 decades. And for us to take the share position we have today and continue to build on it with more and more account growth is just great to see. And why that's really happening is because we have prime customers that are continuing to seek a better network experience. And with the best-in-class 5G network and Ultra Capacity capabilities that we have in the top 100 markets, in addition to smaller markets, rural areas as well, we're really attracting those prime customers into our overall franchise. So we're just really excited about the overall growth. We're seeing good geographic responsiveness across the entire set of segments.

除了較小市場和農村地區的成長之外，我們還看到前 100 個市場的成長。這就是我們的遺產在過去 2.5 十年中取得非常成功的地方。對我們來說，能夠佔據今天的份額，並繼續在此基礎上實現越來越多的客戶成長，真是令人高興。之所以會出現這種情況，是因為我們的主要客戶仍在不斷尋求更好的網路體驗。憑藉我們在前 100 個市場以及較小市場和農村地區擁有的一流 5G 網路和超大容量能力，我們確實吸引了這些主要客戶加入我們的整體特許經營業務。因此，我們對整體成長感到非常興奮。我們看到整個細分市場都具有良好的地理響應能力。

The other thing that we said in our prepared remarks, Mike, is that we took the highest percentage of broadband nets ever in our history this quarter, 75% or so. And that's huge and that adds to all this, and so we're obviously now resonating with customers on multiple topics. And that plays on itself in some ways and so that's terrific to see. So you're looking across geographies, across customer segments and even across product lines and seeing strength and those things start to play on each other.

麥克，我們在準備好的發言中所說的另一件事是，本季我們獲得了歷史上最高的寬頻網路比例，大約為 75%。這是巨大的，這增加了這一切，所以我們顯然現在在多個主題上與客戶產生共鳴。這在某些方面發揮了作用，所以看到這一點真是太棒了。因此，您可以跨地域、跨客戶群、甚至跨產品線進行觀察，並看到優勢，而這些因素開始相互影響。

Okay. And your second question was about capital allocation strategy. Maybe we could start with the highest level, Peter, on how we think about this.

好的。你的第二個問題是關於資本配置策略。也許我們可以從最高層開始，彼得，我們如何看待這個問題。

Yes, absolutely. And we've been remarkably, I think consistent on this, Mike, with regards to the multiyear arc. And how we think about capital allocation has always been invest in the core business; drive the differentiation, particularly in network performance, so that we can continue to have that unique combination of best value and best network. After that, it was look for higher value-accretive opportunities to create value over the long term for shareholders.

是的，一點沒錯。麥克，我認為我們在多年弧線方面一直非常一致。而我們對資本配置的思考一直是投資核心業務；推動差異化，特別是在網路效能方面，以便我們能夠繼續擁有最佳價值和最佳網路的獨特組合。之後，尋找更高的增值機會，為股東長期創造價值。

And when I think back around just from the last Analyst Day to now, it's been a significant amount of opportunity for us, whether that's been spectrum purchases to enhance the long-term continuing network leadership opportunity that we have, whether that's been things like Mint and Ultra and bringing that great brand into the Team Magenta family, whether that's some of the announced acquisitions of U.S. Cellular, Metronet, Lumos. So that's been great.

當我回想起從上一個分析師日到現在，這對我們來說是一個巨大的機會，無論是購買頻譜以增強我們擁有的長期持續網絡領導機會，還是像 Mint 這樣的機會和Ultra 並將這個偉大的品牌帶入Team Magenta 家族，無論是已宣布的對U.S. Cellular、Metronet、Lumos 的收購。所以這很棒。

And all while doing that and delivering the results we have, we've also now had significant, already to-date, shareholder returns. Almost 150 million shares already repurchased, and shortly here, our almost fourth dividend by the end of this year. So I couldn't be more excited about what we've done here. In terms of exactly what day we'll finish [ and it's ] sort of up to $60 billion, that's really hard to predict for you. We kind of put a mid-2026 time frame out there because we're going to be focused on exactly that strategy, that capital allocation and the underlying business itself has so much free cash flow generation and unlock there. That's the exciting part here is we can do all 3 of these things in our capital allocation framework and drive significant shareholder value.

在這樣做並交付我們所取得的成果的同時，我們現在也獲得了迄今為止可觀的股東回報。近 1.5 億股股票已回購，不久之後，我們將在今年年底前進行第四次股息。因此，我對我們在這裡所做的事情感到非常興奮。至於我們具體在哪一天完成，[金額]高達 600 億美元，這對你來說真的很難預測。我們設定了 2026 年中期的時間框架，因為我們將專注於這項策略，即資本配置和基礎業務本身擁有如此多的自由現金流產生和釋放。令人興奮的是，我們可以在資本配置框架中完成所有這三件事，並推動顯著的股東價值。

I think you asked about also Q2 progression. And I will say, you saw a little bit of a different arc in Q2 and that's nothing more than just -- as we think about how to set strategies in place, much like any prudent company, we do a multi-month 10b5-1 plans. And the particular plan we had in place hadn't anticipated maybe the pace of the run-up in the share price and so we got out of the market there because of that one plan. But now that we're past the blackout, we certainly anticipate being back in the marketplace and delivering that up to now remaining $8.7 billion inclusive of dividends for the year. So well on pace. The business itself is what allows all of this capital allocation and investment. And we're very proud of what we've done to date and what the future looks like here.

我想你也問過第二季的進度。我想說，你在第二季度看到了一些不同的弧線，這只不過是——當我們考慮如何制定適當的策略時，就像任何謹慎的公司一樣，我們做了一個為期數月的10b5 -1計劃。我們所製定的具體計畫並沒有預料到股價上漲的速度，因此我們因為這項計畫而退出了市場。但現在我們已經度過了停電期，我們當然預計會重返市場，並提供迄今為止剩餘的 87 億美元（包括今年的股息）。節奏很好。企業本身允許所有這些資本配置和投資。我們對迄今為止所做的事情以及這裡的未來感到非常自豪。

Well said, Peter. So I mean, for us, we're really pleased to be able to try to have it both ways here. So many incredible opportunities have presented themselves and we have seized on those things. That's certainly what you want us to be doing. And yet at the same time, we have these ambitions for shareholder returns that are principally unchanged.

說得好，彼得。所以我的意思是，對我們來說，我們真的很高興能夠在這裡嘗試兩者兼顧。許多令人難以置信的機會出現了，我們已經抓住了這些機會。這當然是您希望我們做的事情。但同時，我們對股東回報的抱負基本上沒有改變。

And to be able to have it both ways is amazing because you would expect the trade-offs, but that shows you the strength of our business.

能夠兩者兼得真是令人驚奇，因為您會期望進行權衡，但這向您展示了我們業務的實力。

And we've been talking for some time that it would take us probably into 2026 to realize the business support for that up to $60 billion in shareholder returns, and that's certainly the case as we look at all these transactions that are adding long-term value to the company. But stay tuned and we'll do the best we can to keep that cash flow rolling in for years to come.

一段時間以來，我們一直在談論，我們可能需要到 2026 年才能實現對股東回報高達 600 億美元的業務支持，當我們考慮所有這些增加長期收益的交易時，情況確實如此。但請繼續關注，我們將盡最大努力保持現金流在未來幾年持續成長。

Thank you

謝謝

Thank you, Mike. Operator, we're ready for our next question.

謝謝你，麥克。接線員，我們準備好回答下一個問題了。

The next question comes from Jim Schneider with Goldman Sachs. Please go ahead.

下一個問題來自高盛的吉姆·施奈德。請繼續。

Good morning. Thanks for taking my questions. Two, if I may. Now that you've begun to gain appreciable broadband scale with fixed wireless, can you comment on your penetration of mobile wireless subscribers inside your broadband base on fixed wireless?

早安.感謝您回答我的問題。如果可以的話，兩個。既然您已經開始透過固定無線獲得可觀的寬頻規模，您能否評論一下您在固定無線寬頻基礎上的行動無線用戶的滲透率？

And then secondly, could you comment on the overall pricing environment and long-term sustainability of pricing actions and the extent to which you contemplate additional actions given the well-controlled churn you reported in the quarter?

其次，您能否評論一下整體定價環境和定價行動的長期可持續性，以及鑑於您在本季度報告的良好控制的客戶流失情況，您考慮採取額外行動的程度？

Okay. Great. You can do the math on the first one. We've now reached 5.6 million homes with our broadband product. It's just an amazing result.

好的。偉大的。您可以根據第一個進行數學計算。我們的寬頻產品現已覆蓋 560 萬個家庭。這真是一個驚人的結果。

The strength continues with this quarter's performance being perhaps our best ever in the competitive context.

本季的表現可能是我們在競爭環境中最好的表現，而這種優勢仍在繼續。

And what's interesting is our customers love this product. So we're also winning so much great feedback from third parties and from customers as to how this product performs. It gives us lots of confidence for the long-term legs of the initiative.

有趣的是我們的客戶喜歡這個產品。因此，我們也從第三方和客戶那裡獲得了關於該產品性能的大量回饋。這讓我們對該倡議的長期發展充滿信心。

And you can do the numerator and denominator math. We have said the majority of that 5.6 million is from existing T-Mobile customers. That means they also have mobile and so they'd be part of our mobile accounts. But we haven't broken it out in exact numbers for you. And the rest represent kind of a land-and-expand strategy that we've been talking about, which is people coming in from the top 100 markets, also from smaller markets and rural areas and choosing T-Mobile through the broadband front door and then giving us an opportunity to sell wireless, which is a cool dynamic to see. But Mike Katz, maybe you can talk about how this product is resonating in the marketplace because I think it's one of the things that might surprise some people.

您可以計算分子和分母。我們說過，這 560 萬用戶中的大部分來自現有的 T-Mobile 客戶。這意味著他們也有行動設備，因此他們將成為我們行動帳戶的一部分。但我們還沒有為您提供確切的數字。其餘的代表了我們一直在談論的土地擴張策略，即人們來自前 100 個市場，也來自較小的市場和農村地區，並透過寬頻前門選擇 T-Mobile，然後給我們一個銷售無線的機會，這是一個很酷的動態。但是邁克·卡茨（Mike Katz），也許你可以談談這個產品如何在市場上引起共鳴，因為我認為這是可能讓一些人感到驚訝的事情之一。

Yes. And you said it at the beginning, I think the key to the success of this product is it's a great product. And one of the things that we're seeing, and we've seen this for some time, is the satisfaction rates on our FWA product lead the industry and every other category of broadband, including fiber, 3x higher than cable. And that is not just staying flat, it's actually improving. The delta of satisfaction between T-Mobile US, FWA and the rest of the industry is expanding, which we're really excited about.

是的。你一開始就說過，我認為這個產品成功的關鍵是它是一個很棒的產品。我們看到的一件事是，我們已經看到這一點有一段時間了，我們的 FWA 產品的滿意度在行業和所有其他寬頻類別（包括光纖）中處於領先地位，比電纜高 3 倍。這不僅是保持不變，而且實際上正在改善。 T-Mobile US、FWA 和行業其他公司之間的滿意度增量正在擴大，我們對此感到非常興奮。

And that's translating exactly into the results that we just talked about where you saw the biggest share of broadband growth in Q2 coming from T-Mobile US, both because we're attracting more customers and because we're seeing churn decrease across every 10-year cohort within the base and it's because it's a great product and it's serving a need in markets where there's been very, very little choice. So it's just fantastic job by the team.

這正好轉化為我們剛才談到的結果，您可以看到第二季寬頻成長的最大份額來自T-Mobile US，這不僅是因為我們吸引了更多客戶，也是因為我們看到每10 個客戶的流失率都在下降這是因為它是一款出色的產品，並且滿足了選擇非常少的市場的需求。所以這是團隊的出色工作。

James, to your second question about pricing, I can tell you that our strategy, which has been in place for so many years is not a strategy that we have any interest in changing. We are the service revenue growth leader in this industry. We are the postpaid service revenue growth leader by a wide margin. And we do that because we have a value proposition that customers trust us around. And that's not to say that we're not going to make changes. We made changes this year to keep up with the times, first in a decade. But we like being the value leader and that translates through our unique strategy into industry-leading revenue growth performance.

詹姆斯，關於你關於定價的第二個問題，我可以告訴你，我們已經實施了這麼多年的策略並不是我們有興趣改變的策略。我們是該行業服務收入成長的領導者。我們在後付費服務收入成長方面遙遙領先。我們這樣做是因為我們有一個值得客戶信任的價值主張。這並不是說我們不會做出改變。為了跟上時代的步伐，我們今年做出了十年來的第一次改變。但我們喜歡成為價值領導者，這可以透過我們獨特的策略轉化為行業領先的收入成長績效。

Now what you also see is the growth of per-customer revenues rising. We talked about our average revenue per account growing at well over 2%. And those kinds of things are great to see, but I want to make sure that people don't misinterpret our actions as anything other than keeping up with the times and reinforcing our strategy, which is a deeply trusted covenant with the world's consumers, American consumers, that we are and will be the best value in the marketplace.

現在您也可以看到每位客戶收入的成長。我們談到我們每個帳戶的平均收入成長超過 2%。這類事情很高興看到，但我想確保人們不會將我們的行為誤解為與時俱進和加強我們的策略以外的任何東西，這是與世界消費者、美國消費者深信不疑的契約。

And that sometimes includes changes that we'll make along the way, and you saw us do that. And I think you saw us perform through it because of that trusted relationship that we have with our consumers.

有時這包括我們一路上所做的改變，你看到我們這樣做了。我認為您看到我們透過它表現出色是因為我們與消費者之間建立了值得信賴的關係。

Thank you.

謝謝。

Thanks, Jim. Operator, next question, please.

謝謝，吉姆。接線員，請下一個問題。

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

下一個問題來自美國銀行的大衛‧巴登。

Hey, guys. Thanks so much for taking the questions. Just a couple of follow-ups, if I could. I want to kind of come back to Simon's question, Mike, obviously, with The Wall Street Journal article out there suggesting that the reason you're being coy about the fiber strategy is because that's the straight -- that's the game theory. You don't want people to believe that you have a bigger fiber strategy. In the Metronet press release, you called out it was unique, it was capital-light. But you kind of said the same thing about Lumos, that you had a $1 billion capital-light transaction, then you had a $5 billion capital-light transaction. Is there a reason to believe that you either need to do a $10 billion capital-light transaction or a $20 billion capital-light transaction? Or is there a reason that you definitely will not do those things? If you could kind of put a stake in the ground on that, that would -- I think a lot of people will be listening to that.

大家好。非常感謝您提出問題。如果可以的話，只需進行一些後續行動。我想回到西蒙的問題，麥克，顯然，《華爾街日報》的文章表明，你對纖維策略含糊其辭的原因是因為這是直截了當的——這就是博弈論。您不希望人們相信您有更大的纖維策略。在 Metronet 新聞稿中，您稱它是獨一無二的，它是輕資本的。但你對 Lumos 也說了同樣的話，你進行了 10 億美元的輕資本交易，然後又進行了 50 億美元的輕資本交易。是否有理由相信您需要進行 100 億美元的輕資本交易或 200 億美元的輕資本交易？或者有什麼理由讓你絕對不會做那些事？如果你能以此為基礎，我想很多人都會聽到這一點。

I think -- the second follow-up would be just I think in answer to, I think, it was Mike's question on sources of postpaid phone growth. I know that you guys had some real success in enterprise of late. If you could elaborate a little bit on how that contributed to the quarter, it would be great. Thank you.

我認為，第二個後續行動只是我認為回答麥克關於後付費電話成長來源的問題。我知道你們最近在企業方面取得了一些真正的成功。如果您能詳細說明這對本季的貢獻，那就太好了。謝謝。

Sure, Dave. We'll do both of those things. First of all, I'll just go back to my comments from a few minutes ago and reiterate our appetite for further transactions in this space is limited. We really like the ones we've done. They give us a material footprint and we're not currently working on something else like it. That being said, we're open minded. You hire us on your behalf to be pragmatic, practical strategic. And I think people can see our strategy. And if there's the right partner, the right asset, the right pricing on the right strategy, a bias and preference for pure play, we would be open minded, but with a limited further appetite.

當然，戴夫。這兩件事我們都會做。首先，我將回到幾分鐘前的評論，並重申我們對該領域進一步交易的興趣是有限的。我們真的很喜歡我們所做的那些。它們為我們提供了物質足跡，而我們目前還沒有從事其他類似的工作。話雖如此，我們持開放態度。您聘請我們代表您的務實、務實的策略。我認為人們可以看到我們的策略。如果有合適的合作夥伴、合適的資產、正確的策略、正確的定價、對純粹遊戲的偏見和偏好，我們將持開放態度，但進一步的興趣有限。

And part of that is we're balancing all of our objectives. You heard Peter talk about our capital allocation strategy. We take that seriously. We think our investors like the fact that we have a pure-play elegant model. As we step into fiber, we're keeping the elegance of that with a pure-play fiber model. We want to be an outstanding execution machine that's able to execute really, really well in the marketplace. And we don't have any interest in changing the complexion largely of who we are as a company because we perform so well. So we're open minded for our appetite is limited from here on out.

其中一部分是我們正在平衡我們的所有目標。您聽到彼得談論我們的資本配置策略。我們認真對待這一點。我們認為我們的投資者喜歡我們擁有純粹的優雅模型。當我們涉足光纖領域時，我們將保持純光纖模型的優雅。我們希望成為一台出色的執行機器，能夠在市場上執行得非常非常好。我們沒有興趣改變我們作為一家公司的面貌，因為我們的表現非常好。因此，我們持開放態度，因為從現在開始我們的胃口受到限制。

Thank you.

謝謝。

Now second question, we'll turn to Callie Field to talk about what's going on in the business and enterprise space.

現在是第二個問題，我們將請 Callie Field 談談商業和企業領域正在發生的事情。

Thanks, Mike. Appreciate the question, Dave. I'll start with, once again, we outpaced our benchmark competitor in overall phone nets and phone churn. And we saw once again positive port trends across all segments against all of our competitors. Our CLVs are healthy. We're very pleased with the contribution of the business to overall growth.

謝謝，麥克。感謝這個問題，戴夫。首先，我們在整體電話網路和電話流失方面再次超越了基準競爭對手。我們再次看到所有細分市場相對於所有競爭對手的積極港口趨勢。我們的 CLV 很健康。我們對該業務對整體成長的貢獻感到非常滿意。

And what I'll also mention is that in SMB, in particular, we had our best quarter ever in postpaid phone nets, up almost 20% year-over-year. And enterprise, our win share continues to beat our overall share. And I'll also mention our prices are competitive. We continue to be a value leader.

我還要提到的是，特別是在中小型企業中，我們在後付費電話網絡方面經歷了有史以來最好的季度，同比增長近 20%。對於企業來說，我們的勝利份額繼續超過我們的整體份額。我還要提到我們的價格具有競爭力。我們繼續成為價值領導者。

But customers are choosing us because we're the best. We have the best, the fastest, the largest, the most reliable, most consistent network. And what we've seen is that CIOs and CTOs at large enterprises and even in the federal government space are really seeing what a 5G stand-alone core, what a commercially available network slicing and Advanced Network Solutions can do for them. And we're starting to see some growth in our funnels and customers really coming to us to evaluate our entire solution portfolio. And so we see both growth, but also opportunities to expand our existing relationship with customers and growing ARPA.

但客戶選擇我們是因為我們是最好的。我們擁有最好、最快、最大、最可靠、最一致的網路。我們所看到的是，大型企業甚至聯邦政府領域的資訊長和技術長都真正看到了 5G 獨立核心、商用網路切片和高級網路解決方案可以為他們做些什麼。我們開始看到我們的管道有所成長，客戶真正來找我們評估我們的整個解決方案組合。因此，我們不僅看到了成長，還看到了擴大我們與客戶現有關係和不斷發展的 ARPA 的機會。

And some examples of that, that I'll just share really quickly is the largest oil and gas company in the United States chose us to provide Advanced Network Solutions in their innovation lab, but they also, for all of their mobile workforce, selected T-Mobile to provide phones and tablets and then added on to that our SASE T-SIMsecure product. So that's an example of how we're expanding our relationship with our customers in a way that's profitable, and we're very pleased with in our business overall.

我很快就會分享的一些例子是，美國最大的石油和天然氣公司選擇我們在他們的創新實驗室提供高級網路解決方案，但他們也為所有行動員工選擇了 T -行動裝置提供手機和平板電腦，然後加入到我們的SASE T-SIMsecure 產品中。這是我們如何以有利可圖的方式擴大與客戶關係的一個例子，我們對我們的整體業務感到非常滿意。

Thanks, Dave. Next question, please.

謝謝，戴夫。請下一個問題。

The next question comes from Craig Moffett with MoffettNathanson. Please go ahead.

下一個問題來自 Craig Moffett 和 MoffettNathanson。請繼續。

Hi, good morning. I want to return to the fiber strategy for a second. Can you talk -- I know you've said in the past that this is not really part of a convergence strategy, but it's been so much talked about by your peers and competitors, you've obviously learned quite a bit in offering a bundle of wireless -- mobile and fixed wireless access with your FWA product. How are you thinking about convergence and the need for a converged offer because, again, we go back to the same conversation we've been having about what to expect going forward. The two deals you've got give you eventually 10% coverage of the country by the end of the decade. Is that a sufficient strategy for you? Or do you need to think differently about what your converged offers and coverage will be?

早安.我想再回到纖維策略上來。您能談談嗎？ ——使用您的FWA 產品進行行動和固定無線存取。您如何看待融合以及融合產品的必要性，因為我們再次回到我們一直在討論的關於未來期望的對話。到本世紀末，您所獲得的兩項交易最終將使您覆蓋整個國家 10%。這對你來說是一個足夠的策略嗎？或者您需要以不同的方式思考您的融合產品和覆蓋範圍？

Craig, great question. Like I said, over the long haul, we're open-minded. We're very proud of these transactions. We want to execute them extremely well. We want to get them closed and we'll take a wider lens and see where we are and what we've learned.

克雷格，好問題。就像我說的，從長遠來看，我們持開放態度。我們對這些交易感到非常自豪。我們希望非常好地執行它們。我們希望關閉它們，我們將採取更廣泛的視角，看看我們所處的位置以及我們學到了什麼。

One thing we feel very strongly about, nd I'm not sure I like the phrasing not believers in convergence. I'll parse it differently for you, one thing we feel very strongly about is that these transactions are not defensive of our mobile business. We believe our mobile business stands strongly alone. Consumer choice has been made very clear that wireless is a deeply considered sale. It's the primary purchase decision in a connected life and that people will choose the wireless company that is right for them.

我們對一件事有非常強烈的感受，但我不確定我是否喜歡這種措辭，而不是融合的信徒。我會以不同的方式為您解析它，我們強烈感受到的一件事是這些交易並不能保護我們的行動業務。我們相信我們的行動業務是獨一無二的。消費者的選擇已經非常明確，無線是一項經過深思熟慮的銷售。這是互聯生活中的主要購買決定，人們將選擇適合他們的無線公司。

And we believe we will compete effectively as a pure-play wireless company regardless of our simultaneous participation in broadband.

我們相信，無論我們同時參與寬頻業務，我們都將作為一家純粹的無線公司進行有效競爭。

That being said, convergence is real in that the customers that buy both buy them together, and we have bundles today. Many of our 5.6 million broadband customers today purchase that in a bundle and realized discounts by doing so. And there's nothing wrong with that. We think that's a dynamic that makes sense. Customers love discounts, discounts make sense to customers, but they can come in many forms. And so I want to -- convergence is happening in that some people are buying these things together and they kind of like that. It's not happening in the sense that if you don't have this product, you can't compete in mobile. We have 0 evidence to support that thesis. And so I want to make sure that we parse it that way.

話雖這麼說，融合是真實存在的，因為購買兩者的客戶一起購買它們，而我們今天有捆綁銷售。如今，我們的 560 萬寬頻客戶中的許多人都捆綁購買了該服務，並通過這樣做獲得了折扣。這並沒有什麼問題。我們認為這是一種有意義的動態。顧客喜歡折扣，折扣對顧客來說很有意義，但折扣可以有多種形式。所以我想——融合正在發生，因為有些人一起買這些東西，他們有點喜歡這樣。這並不是說如果你沒有這個產品，你就無法在行動領域競爭。我們有 0 個證據支持這個論點。所以我想確保我們以這種方式解析它。

And then secondly, of course, over the long haul, we're open-minded about this. I just want to make sure that we're really smart about how we do it. And for us, joining with some of these very, very high-quality teams who are doing this the best in the country and her doing it in an elegant and pure way and at a pace that's really impressive is a fantastic way for us to step into this. And we're not going to make further decisions about where to go from here until we're able to get more experience in the ground.

其次，當然，從長遠來看，我們對此持開放態度。我只是想確保我們的做法非常明智。對我們來說，加入一些非常非常高素質的團隊，他們在這個國家做得最好，她以一種優雅和純粹的方式，以令人印​​象深刻的速度，對我們來說是一個很棒的方式進入這個。在我們能夠獲得更多實地經驗之前，我們不會就下一步的發展做出進一步的決定。

Thanks, Craig. Operator, next question, please.

謝謝，克雷格。接線員，請下一個問題。

The next question comes from Jonathan Chaplin with New Street Research. Go ahead.

下一個問題來自新街研究公司的喬納森·卓別林。前進。

Thanks, Mike. Just one follow-up on Craig's question. So AT&T said they're seeing 500 basis points of additional mobile market share in markets where they've got fiber. I take it from what you just said, you saw the zero evidence of the convergence benefit to mobile, that you're just not seeing that. Would that -- would you take that to sort of the benefit that AT&T is seeing there is really just on a selection bias?

謝謝，麥克。只是克雷格問題的一個後續行動。 AT&T 表示，在擁有光纖的市場中，他們的行動市佔率增加了 500 個基點。我從你剛才所說的來看，你看到了融合對行動裝置的好處的零證據，但你只是沒有看到這一點。您是否會認為 AT&T 所看到的好處實際上只是基於選擇偏差？

And then I have a bunch of questions on the Metronet deal. I'm hoping you guys can give us some more detail first on how much of the $4.9 billion went towards buying the retail business versus the network? How much of the $4.9 billion stays on the balance sheet to fund future investments? How much cash is coming in from KKR and Oak Hill alongside your cash? And how much additional debt you expect to take on in order to get to the 6.5 million?

然後我對 Metronet 交易有很多疑問。我希望你們能先向我們提供更多細節，說明 49 億美元中有多少是用來購買零售業務而不是網路？ 49 億美元中有多少留在資產負債表上以資助未來的投資？除了您的現金之外，還有多少現金來自 KKR 和 Oak Hill？為了達到 650 萬美元，您預計還需要承擔多少額外債務？

Okay. Well, Peter, why don't you just ship the spreadsheet over there to Jon...

好的。好吧，彼得，為什麼不把電子表格寄給喬恩呢…

Let me answer the first one. And you know, first of all, it's very hard for us to tell. And I think even for others who are saying those things to tell what's causal on. And so there does appear that the statement is true that that competitor share is higher or where they also have broadband, but they have a broadband in places of their historic strength and including back when their broadband product wasn't that interesting. And so it's hard to tell what's causal there.

我來回答第一個問題。你知道，首先，我們很難說。我認為即使對於其他說這些話的人來說，也能說出其中的因果關係。因此，確實有這樣的說法，即競爭對手的份額更高，或者他們也擁有寬頻，但他們在其歷史優勢的地方擁有寬頻，包括在他們的寬頻產品不那麼有趣的時候。因此很難說出其中的因果關係。

The one thing that does appear to be linked in a way that's somewhat causal is that churn looks to be lower. And when people buy these bundled offers, there does appear to be a marginal impact to churn, which is attractive. And again, that's one of the thesis for why we like this. We think we can outperform a purely disinterested financial investor because of the embedded customer base.

有一件事似乎確實以某種因果關係的方式連結在一起，那就是客戶流失率看起來較低。當人們購買這些捆綁優惠時，流失似乎確實會產生邊際影響，這是很有吸引力的。再說一遍，這就是我們為什麼喜歡這個的論點之一。我們認為，由於嵌入的客戶群，我們可以超越純粹公正的金融投資者。

But remember, churn in wireless is already historically low. So there's only so much benefit you can count on from that on the wireless side. And it's one of the reasons why again, we don't think it's necessary as a defense of our mobile business. Far from it.

但請記住，無線領域的流失率已經處於歷史低點。因此，您可以從無線方面獲得的好處有限。這也是我們認為沒有必要捍衛我們的行動業務的原因之一。離得很遠。

Yes. And on the Metronet deal, before I ship over the spreadsheet to everybody, I think let's -- if we step back, to your point, there's a number of components of the $4.9 billion.

是的。關於 Metronet 交易，在我將電子表格發送給每個人之前，我想讓我們——如果我們退一步，按照你的觀點，49 億美元有很多組成部分。

And one of those is, of course, 50% ownership in the JV itself. Another element of it is actually acquiring all of the residential customers as well as the exclusive rights to distribute service, et cetera, residential customers in the future as the build continues. And then the third part is funding the JV itself.

其中之一當然是合資企業本身 50% 的所有權。它的另一個要素實際上是獲取所有住宅客戶以及隨著建設的繼續而在未來分配服務等住宅客戶的專有權。第三部分是為合資企業本身提供資金。

So that to get to that 6.5 million households passed number, that business plan, as it stands, actually contemplates the need for no additional equity contributions. Of course, the JV itself will be appropriately levered. And this is a JV that's off of our balance sheet with counter-parties, so I can't unfortunately disclose all elements of this. But those are the three main components.

因此，為了達到 650 萬個家庭通過的數字，該商業計劃實際上考慮到不需要額外的股權出資。當然，合資企業本身也會得到適當的槓桿作用。這是一家合資企業，不屬於我們與交易對手的資產負債表，因此遺憾的是我無法透露其中的所有內容。但這些是三個主要組成部分。

And in fact, not only does it not require additional equity contributions, we anticipate that, again, to meet that business plan of 6.5 million households passed, that will get dividends back from the JV during the pendency of this through 2030 well in excess of $1 billion.

事實上，它不僅不需要額外的股權出資，我們預計，為了實現通過的 650 萬戶商業計劃，在該計劃懸而未決期間，到 2030 年，合資企業將獲得遠遠超過10 億美元。

So yes, I can't parse every element of it for you out, but it is all three of those together as well as kind of the dividends coming back and the great prefunding to keep this build machine going and get to that 6.5 million.

所以，是的，我無法為您解析其中的每一個要素，但這是所有這三個要素的總和，以及回報的股息和巨額預籌資金，以保持這台構建機器的運轉並達到650 萬美元。

Got it. One last follow-up question just on -- okay, great.

知道了。最後一個後續問題——好吧，太好了。

Thanks, Quay.

謝謝，奎伊。

That's okay, Jon.

沒關係，喬恩。

Go ahead.

前進。

You'll take it? Just on the business-consumer mix question, on fixed wireless broadband, can you give us a sense of how much of the adds coming in are from business and how that's evolved?

你會接受嗎？就固定無線寬頻的企業與消費者混合問題而言，您能否讓我們了解有多少新增內容來自企業以及它是如何演變的？

Sure. Yes. We have -- we saw this product across all of our major brands and segments. And so we have postpaid consumer, we have prepaid consumer and we have business. And it kind of speaks to the ongoing opportunity that we have in the other segments. And so that's just how it's been flowing in. And the product is really resonating with postpaid consumers.

當然。是的。我們在所有主要品牌和細分市場中都看到了這款產品。因此，我們有後付費消費者，我們有預付費消費者，我們有業務。這在某種程度上說明了我們在其他領域所擁有的持續機會。這就是它的流入方式。

And I talked earlier in the call about how these things tend to kind of feed on themselves. And inside of this segment, we're benefiting from so much person-to-person talk value. As people get this, they tell their friends about it, how much money they're saving. You heard from Mike about how this product is resonating. I mean, it's really performative and that surprises some people pleasantly. And so those things kind of feed on itself. And I think a lot of that opportunity might still be in front of us on the business side.

我早些時候在電話會議中談到了這些東西如何以自身為食。在這個細分市場中，我們受益於如此多的人與人之間的談話價值。當人們得到這個消息時，他們會告訴他們的朋友，他們節省了多少錢。您從 Mike 那裡聽說了該產品如何引起共鳴。我的意思是，它確實具有表演性，並且讓一些人感到驚喜。所以這些東西都是以自身為食的。我認為在業務方面，我們可能仍然面臨著許多機會。

Okay. Thank you. Next question, please.

好的。謝謝。請下一個問題。

The next question comes from Kannan Venkateshwar with Barclays. Please go ahead.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。請繼續。

Thank you. So Mike, maybe on the fiber part, it would be helpful to understand how you think about the build plan in the sense that is this maybe a strategy to open up capacity on the fixed wireless side by maybe migrating some subscribers over from fixed wireless to fiber? Or is this just an additional opportunity to expand the footprint? And so in that sense, do you really need to have an overlap as you think through the fiber build plan with your fixed wireless footprint? Or could you just think about this completely independently?

謝謝。因此，邁克，也許在光纖部分，了解您如何看待構建計劃會很有幫助，因為這可能是一種通過將一些用戶從固定無線遷移到固定無線側來開放固定無線側容量的策略。或者這只是擴大足跡的額外機會？因此，從這個意義上說，當您考慮光纖建置計劃與固定無線足跡時，您真的需要重疊嗎？或者你能完全獨立思考這個問題嗎？

And then, Peter, maybe from a housekeeping perspective, there's a lot of puts and takes in terms of EBITDA guidance this year. And you obviously have mentioned there is ACP, the price increases. So maybe if you could just parse out the components just to understand what the core trend lines look like, that would be really helpful. Thank you.

然後，彼得，也許從內務管理的角度來看，今年的 EBITDA 指導有很多變化。您顯然已經提到了 ACP，即價格上漲。因此，如果您可以解析出各個組成部分來了解核心趨勢線是什麼樣子，那可能會非常有幫助。謝謝。

Okay. Kannan, those are great questions. First of all, on the fiber and the interplay with our fixed wireless business, it's actually a fantastic question. I'll turn to Mike Katz.

好的。 Kannan，這些都是很好的問題。首先，關於光纖以及與我們固定無線業務的相互作用，這實際上是一個很棒的問題。我將轉向麥克·卡茨。

Yes. It is a fantastic question because we see -- one of the reasons why we're excited about fiber is we do think it is quite complementary to our fixed wireless business, both in situations where customers that are looking for a different kind of performance like symmetrical speeds have an upsell path. But also because, remember, our fixed wireless business is an excess capacity model. So we sell fixed wireless in places in the network where we have excess capacity that won't be consumed either now or in the future by normal mobile usage and that's where we sell fixed wireless.

是的。這是一個很好的問題，因為我們看到——我們對光纖感到興奮的原因之一是我們確實認為它對我們的固定無線業務具有很大的補充作用，無論是在客戶尋求不同性能的情況下，例如對稱的速度有一條追加銷售路徑。但也因為，請記住，我們的固定無線業務是一種產能過剩模式。因此，我們在網路中擁有過剩容量的地方銷售固定無線網絡，這些容量現在或將來都不會被正常的行動使用所消耗，而這就是我們銷售固定無線網路的地方。

And in places where we deploy fiber, there's an opportunity for us to take some of the demand that we're seeing in fixed wireless where those excess capacity pockets don't exist and move them to fiber. So there's really a bunch of complementary features to it. I think to your question, I think it's a really interesting one. I can tell you it's not the primary thesis of why we're doing fiber. I think we're doing fiber for all the reasons that Mike and Peter talked about. We think our unique asset set allows us to drive enterprise value and gives us advantage in fiber. That's the primary thesis.

在我們部署光纖的地方，我們有機會滿足固定無線中不存在過剩容量的部分需求，並將其轉移到光纖。所以它確實有很多互補的功能。我認為對於你的問題，我認為這是一個非常有趣的問題。我可以告訴你，這不是我們做光纖的主要論點。我認為我們做光纖是出於麥克和彼得談到的所有原因。我們認為，我們獨特的資產組合使我們能夠推動企業價值，並為我們提供光纖方面的優勢。這就是主要論點。

But I think a really unique potential tertiary opportunity is the one that you pointed out where fixed wireless users, as they migrate to fiber, opens up potentially additional spots for fixed wireless because of the nature of the excess capacity model.

但我認為，一個真正獨特的潛在第三次機會是您指出的，當固定無線用戶遷移到光纖時，由於容量過剩模型的性質，他們為固定無線開闢了潛在的額外機會。

So I think it's a really interesting point and probably an opportunity for us as we deploy more fiber footprint.

因此，我認為這是一個非常有趣的點，隨著我們部署更多光纖足跡，這對我們來說可能是一個機會。

And to illustrate that, we have a long, long list of people who have expressed interest in our fixed wireless product that we're not able to serve because we only put it in places where there's open capacity.

為了說明這一點，我們有一長串的人對我們的固定無線產品表示了興趣，但我們無法提供服務，因為我們只將其放置在有開放容量的地方。

Yes, that's right. I think that's one of the assets that we bring here is that we have demand in some sense that exceeds supply because of excess capacity that we can immediately move into fiber.

恩，那就對了。我認為我們在這裡帶來的​​資產之一是，我們的需求在某種意義上超過了供應，因為我們可以立即轉向光纖產能過剩。

So great question. ANd then on to the second piece, Peter.

很好的問題。然後是第二件作品，彼得。

Yes. I think it's a really astute question in terms of what's happening underneath and what are all the puts and takes of the EBITDA guide and how should I think about the core business underneath. Very, very important. And of course, predominantly what's happening with core EBITDA and the ongoing tremendous growth, 9% year-over-year at the midpoint of the guide, is continued profitable share-taking from a customer perspective. You see not only our ability to deliver, of course, outsized customer adds, whether that's in postpaid phone or total postpaid or the prepaid side of the house, but also translate that vis-a-vis ARPA and other initiatives into service revenue growth that's outsized as well from an industry perspective.

是的。我認為這是一個非常精明的問題，涉及到下面發生的事情、EBITDA 指南的所有看跌期權和收益以及我應該如何考慮下面的核心業務。非常非常重要。當然，核心 EBITDA 的主要變化以及持續的巨大增長（按指南中值計算，同比增長 9%）是從客戶角度持續進行盈利性份額分配。當然，您不僅可以看到我們提供大量客戶增加的能力，無論是後付費電話還是總後付費或預付費方面，而且還可以將相對於 ARPA 和其他計劃的能力轉化為服務收入增長，即從行業角度來看也是巨大的。

So the vast majority of what you're seeing on the trend line of EBITDA growth is the continued execution by this team on outsized customer share-taking and translation of that into financial performance. I'd say the counter to that in terms of a 1-year impact, so EBITDA perhaps would be even better had it not been for ACP and the impacts of the wind down of the government program, which again that is that $350 million to $450 million range, which we'll see primarily in the second half of this year and that will distort the trend line until that fully winds down, which we anticipate be fully gone by Q4. And then we'll soon be back to kind of this profitable growth element of it taking over without this onetime distortion.

因此，您在 EBITDA 成長趨勢線上看到的絕大多數是該團隊對大規模客戶份額的持續執行，並將其轉化為財務表現。我想說的是，就 1 年的影響而言，如果沒有 ACP 和政府計劃逐步結束的影響，EBITDA 可能會更好，這又是 3.5 億美元4.5 億美元的範圍，我們將主要在今年下半年看到，這將扭曲趨勢線，直到完全結束，我們預計到第四季將完全消失。然後我們很快就會回到這種獲利成長元素的接管，而不會出現這種一次性的扭曲。

Got it. Thank you, both.

知道了。謝謝你們倆。

Shall we take a moment to see what's online, Cathy? We do have questions coming in online we could hit in a rapid fire manner.

我們要花點時間看看網路上有什麼嗎，凱西？我們確實有網路上提出的問題，我們可以快速解決。

Tech life Channel. Are you completely averse to copper assets? Or would you consider them as a way to achieve more fiber?

科技生活頻道。您完全厭惡銅資產嗎？或者您會認為它們是獲得更多纖維的一種方式嗎？

I think the words I would use is strong bias. We love the idea of the elegant model of a pure-play fiber asset. The teams that have that are performing beautifully. So it's a bias. It's not a complete aversion to the premise of your question.

我認為我會用的字是強烈偏見。我們喜歡純光纖資產的優雅模型的想法。擁有這樣的團隊表現得非常出色。所以這是一種偏見。這並不是完全厭惡你問題的前提。

Roger Entner. How is TFB progressing?

羅傑恩特納. TFB進展如何？

Callie, you spoke earlier about enterprise strength. What about small and medium business, do you want to talk about that briefly?

Callie，您之前談到了企業實力。中小企業呢，想簡單談談嗎？

Yes, we continue to see strong growth. Obviously, our legacy business began in SMB, it's where we have the most share. It's where our channels and assets really shine in our core wireless business. And something I'm really pleased that our team has been able to do is to, as I was mentioning in enterprise, build a broader solutions portfolio that really addresses the needs of small businesses.

是的，我們繼續看到強勁的成長。顯然，我們的傳統業務始於中小企業，這是我們擁有最多份額的地方。這是我們的管道和資產在我們的核心無線業務中真正發揮作用的地方。我非常高興我們的團隊能夠做的就是，正如我在企業中提到的那樣，建立更廣泛的解決方案組合，真正滿足小型企業的需求。

So in both small- and medium-sized business, we continue to grow share. We continue to see very attractive CLVs and I'm pleased with the pace of the business. It's also a place where we see continued quarter-over-quarter growth in our fixed wireless business and still have opportunity to go back to our base and open up more opportunities in fixed wireless. So a lot of really good things going on for our small businesses there.

因此，在中小型企業中，我們的份額都在持續成長。我們繼續看到非常有吸引力的 CLV，我對業務的發展速度感到滿意。在這裡，我們的固定無線業務持續季度環比增長，並且仍然有機會回到我們的基地並在固定無線領域開闢更多機會。對於我們的小型企業來說，那裡發生了很多非常好的事情。

The strong CLVs across both consumer -- sorry, across both small and medium and across enterprise really points to the fact that customers are buying this product for the reasons you outlined, which is because it's a great product. It's also a great value, but they're buying it because it's a great product. And you see that in the strong CLV development. So great point.

跨消費者的強大 CLV（抱歉，跨中小型企業和跨企業）確實表明了這樣一個事實：客戶出於您概述的原因購買該產品，因為它是一款很棒的產品。它也很有價值，但他們購買它是因為它是一個很棒的產品。您可以在 CLV 的強勁發展中看到這一點。非常重要的一點。

Walt Piecyk. The U.S. is a big opportunity. So why not more fiber? Why stop there?

沃爾特·皮塞克.美國是一個很大的機會。那為什麼不增加纖維呢？為什麼停在那裡？

Kabletown with a K would say this confirms the questionable return on investment.

Kabletown with a K 會說，這證實了投資報酬率值得懷疑。

Look, we're open-minded over the long haul, as I said. And I would take exception to the questionable return on investment as it relates to T-Mobile. I really don't know enough about this to know whether or not, in the absence of T-Mobile, a lot of the companies out there are going to perform with great ROIs.

看，正如我所說，從長遠來看，我們持開放態度。我對 T-Mobile 的投資報酬率存疑表示反對。我真的對此了解不夠，不知道在沒有 T-Mobile 的情況下，許多公司是否會獲得很高的投資報酬率。

But T-Mobile can outperform because we have billions of dollars and years of embedded investment to create a capability and know-how that we bring to the game. And so you could actually -- the things could be simultaneously true. I don't know. Cable could say, look, these guys will struggle. We don't plan to struggle.

但 T-Mobile 能夠表現出色，因為我們擁有數十億美元和多年的嵌入式投資來創造我們為遊戲帶來的能力和專業知識。所以你其實可以──這些事情可以同時為真。我不知道。電纜可能會說，看，這些人會很掙扎。我們不打算掙扎。

We bring a lot to the fight.

我們為這場戰鬥帶來了很多。

Bill Ho. What's the long-term trend of ARPA service revenue contribution? We talked about revenue development. But I think talking about ARPA and where we see ARPA going as a key measure of revenue per customer.

比爾·何. ARPA服務收入貢獻的長期趨勢如何？我們討論了收入發展。但我認為談論 ARPA 以及我們將 ARPA 視為衡量每位客戶收入的關鍵指標。

Any comments on that, Peter?

彼得，對此有何評論？

Of course, I won't update long-term guidance here, but much like what you saw in 2024 and what our guide is, our strategy has been to continue to increase ARPA. And it's because this network, consumers' businesses are hungry for more of the experience that this network creates and provides. Whether that's in the postpaid phone category itself, whether that's in other connected devices such as fixed wireless, watches, tablets, new connectivity solutions out there, that is what's driving ARPA expansion.

當然，我不會在這裡更新長期指導，但就像您在 2024 年看到的以及我們的指導一樣，我們的策略是繼續增加 ARPA。正是因為這個網絡，消費者的企業渴望獲得這個網絡創造和提供的更多體驗。無論是在後付費電話類別本身，還是在固定無線、手錶、平板電腦、新的連接解決方案等其他連接設備中，這都是推動 ARPA 擴張的原因。

And that's the strategy: share taking, combined with ARPA expansion, earned ARPA expansion, with the network experience that they have and the value leadership that we provide to continue to drive for the long haul ARPA growth. That's the strategy here. And of course, we'll have more on longer-term trends at another time.

這就是我們的策略：股份收購與 ARPA 擴張相結合，憑藉他們擁有的網路經驗和我們提供的價值領導力，贏得了 ARPA 擴張，以繼續推動 ARPA 的長期成長。這就是這裡的策略。當然，我們將在其他時間提供更多有關長期趨勢的資訊。

Cathy, back to the callers.

凱茜，回到來電者那裡。

Sounds good. Operator, ready for the next question on the phone.

聽起來不錯。接線員，準備回答電話中的下一個問題。

Next question comes from Bryan Kraft with Deutsche Bank. Please go ahead.

下一個問題來自德意志銀行的 Bryan Kraft。請繼續。

Hi, good morning. I had two, if I could. First, volumes have obviously remained very strong across the industry so far this year. Every company has beat on net adds, including cable. Based on what you're seeing, just curious as to where you think the industry volume strength is coming from and how sustainable it is from here.

早安.如果可以的話，我有兩個。首先，今年到目前為止，整個產業的銷售量顯然仍然非常強勁。每家公司都有網路附加業務，包括有線電視。根據您所看到的情況，只是想知道您認為該行業的銷售優勢來自何處以及它的可持續性如何。

And then secondly, Mike had talked about the adaptability of the business plan to respond to opportunities that arise in the market. I just wanted to ask when we think about the EBITDA guidance, what is that assuming broadly about upgrade trends and/or industry switching activity in the second half of the year? Is there room in there for those to increase? Or if we did see an uptick in upgrades and industry switching, could that put some incremental pressure on EBITDA?

其次，麥克談到了商業計劃的適應性，以應對市場中出現的機會。我只是想問，當我們考慮 EBITDA 指導時，對下半年升級趨勢和/或產業轉換活動的廣泛假設是什麼？裡面還有增加的空間嗎？或者，如果我們確實看到升級和行業轉換的增加，這是否會給 EBITDA 帶來一些增量壓力？

Okay, Bryan. I'll take the first one and ask Peter to comment on the second. You'll find it a little unsatisfying as an answer, though, which is we find the industry level kind of hard to predict. The Q2 came in higher than we had expected in some cases and our business landed right about where we were planning. But if you look at the wider lens, the industry context was a little hard to predict. And you kind of see that in our guide. We were able to flow through our Q2 beat versus consensus in our guide. It was a very strong quarter for us, and you see that in the second half where we're sort of side-eyeing that industry question because we just don't know. We're very confident in our plans for the second half.

好吧，布萊恩。我將採取第一個並請彼得對第二個發表評論。不過，你會發現這個答案有點令人不滿意，因為我們發現產業水準很難預測。在某些情況下，第二季的業績超出了我們的預期，我們的業務正好達到了我們的計劃。但如果你從更廣泛的角度來看，產業背景有點難以預測。您可以在我們的指南中看到這一點。我們能夠在指南中了解第二季度的節奏與共識。這對我們來說是一個非常強勁的季度，你會發現在下半年我們有點側視這個行業問題，因為我們只是不知道。我們對下半年的計畫非常有信心。

And as it relates to how much that relies on upgrade rates, look, if upgrade rates rise, then we have more jump balls and the ability to grow faster. And of course, there's always at least for a quarter or two a geographic timing price to that growth. And so we'd need to be cautious about that, too. And you saw us hold firm on our EBITDA guidance as a result of that as well as a result of ACP. But maybe, Peter, you could talk about what upgrade rates are assumed generally speaking.

因為它與對升級率的依賴程度有關，所以看，如果升級率上升，那麼我們就有更多的跳球和更快增長的能力。當然，至少在一、兩個季度內，這種成長總是存在地理時間成本。因此我們也需要對此保持謹慎。您看到，由於這一點以及 ACP 的結果，我們堅持我們的 EBITDA 指導。但彼得，也許你可以談談一般情況下假設的升級率是多少。

Generally speaking, yes. I mean, look...

一般來說，是的。我的意思是，看...

Or I'll just send out all of my spreadsheets and we'll be in a good place. But that's -- it's exactly right, it's hard to predict. And again, if it's a higher upgrade rate, higher moment of switching, that creates higher ultimate customer value and enterprise value for us as well being the share taker. So that's part of the reason why we're always in a range scenario with EBITDA. Yes, we have the ACP element of it, but we also have element of what is the opportunity going to be. And if you see an opportunity where industry share-taking can flow to, to our benefit more than we think, of course, we'll take it. You saw that happen in Q2. As we saw opportunities, we made investments and we took more share. So that's part of the range. We are excited, of course, much like we all at every holiday season, at every new iPhone introduction as a moment of potential share-taking. Can't predict exactly what's going to happen. But the EBITDA range gives us flexibility to achieve exactly what we want to with the plan.

或者我只需發送所有電子表格，我們就會處於一個好的位置。但這是——這是完全正確的，很難預測。再說一次，如果是更高的升級率、更高的轉換時刻，就會為我們以及身為股東創造更高的最終客戶價值和企業價值。這就是我們的 EBITDA 始終處於區間範圍的部分原因。是的，我們有 ACP 要素，但我們也有機會的要素。如果你看到一個產業股權可以流向的機會，為我們帶來的好處比我們想像的更多，我們當然會抓住它。你在第二季就看到了這種情況。當我們看到機會時，我們進行了投資並獲得了更多份額。所以這是範圍的一部分。當然，就像我們每個假期一樣，每次推出新 iPhone 時，我們都會感到興奮，因為這可能是搶佔市場份額的時刻。無法準確預測將會發生什麼。但 EBITDA 範圍使我們能夠靈活地實現我們想要的計劃。

Thank you.

謝謝。

Thank you, both.

謝謝你們倆。

Next question, please.

請下一個問題。

The question comes from Peter Supino with Wolfe Research. Please go ahead.

這個問題來自沃爾夫研究中心的彼得‧蘇皮諾。請繼續。

Hey, good morning. A couple of questions on broadband. In FWA, I wonder if you could describe how the mix of your gross adds has shifted, say, from '23, maybe looking out to '25 or at least '24. I'm wondering if the percentage of gross adds or number of gross adds in dense metro and higher-value, more dense suburban areas is falling and whether it's rising in smaller towns.

嗨，早安。請教幾個關於寬頻的問題。在 FWA 中，我想知道您是否可以描述一下您的總增加量組合是如何變化的，例如從 23 年，也許展望到 25 年或至少是 24 年。我想知道密集的都會區和高價值、更密集的郊區的總增加百分比或總增加數量是否正在下降，而較小的城鎮是否正在上升。

And then another FWA question relating to the longer term of the fallow capacity model. Using one cell as an example, today's fallow capacity doesn't necessarily equal fallow capacities 3 years from now to the extent that consumption across mobile and home is rising. And so as cells that today have room in the future get busier, densification sometimes is the right answer.

然後是另一個與長期閒置產能模型相關的 FWA 問題。以一個小區為例，今天的閒置容量不一定等於 3 年後的閒置容量，因為行動和家庭的消費正在上升。因此，隨著今天有空間的電池在未來變得更加繁忙，緻密化有時是正確的答案。

Thank you.

謝謝。

Great. Well, let me start with the second one, which is the way our fallow capacity model works is pretty sophisticated. I mean, we look at every sector, and in fact, smaller geographic elements than a sector and look at the predicted, not current, usage of that sector, assuming ongoing share-taking in line with historical norms of share-taking in mobile phones and assuming dramatic growth of usage of mobile phones on a per-mobile phone basis and ongoing growth in line with historical norms of usage for the actual broadband customers that we bring on.

偉大的。好吧，讓我從第二個開始，我們的閒置容量模型的工作方式非常複雜。我的意思是，我們研究每個行業，事實上，比一個行業更小的地理元素，並研究該行業的預測而非當前使用情況，假設正在進行的股份收購符合移動電話領域股份收購的歷史規範假設每部手機的行動電話使用量大幅成長，且持續成長符合我們帶來的實際寬頻客戶的歷史使用規範。

We take all that forward and drag it right years and then approve applicants for broadband only when that capacity will still be there. And so that's one of the reasons why we have hundreds of thousands of people waiting for this product, on waiting list, because right down to your particular address unless we're convinced that product will serve you for years to come in a way that drives your happiness and does it without interrupting anybody's mobile service, we don't accept your application.

我們將這一切向前推進，拖了幾年，然後只有在容量仍然存在的情況下才批准寬頻申請。因此，這就是為什麼我們有數十萬人在等候名單上等待該產品的原因之一，因為一直到您的特定地址，除非我們確信該產品將在未來幾年內以一種推動的方式為您服務為了您的幸福，並且在不中斷任何人的行動服務的情況下完成此操作，我們不接受您的申請。

And it's a very sophisticated model. One of the online questioners said that Verizon commented that they're balancing and capping at 400,000 a quarter in order to avoid disrupting mobile subs. Are you doing the same thing? And the answer is no. Because our broadband subscribers don't do that by virtue of how we do this. So it's a really sophisticated model that we're quite proud of. And now I forget the second half.

這是一個非常複雜的模型。一位線上提問者表示，Verizon 評論稱，他們正在平衡每季 40 萬個用戶，以避免干擾行動用戶。你也在做同樣的事情嗎？答案是否定的。因為我們的寬頻用戶不會因為我們的做法而這樣做。所以這是一個非常複雜的模型，我們對此感到非常自豪。現在我忘了下半場。

Yes. It was really a question around the breakout of gross adds and are we still seeing the same amount coming from urban, suburban, high quality. And the answer is relatively yes. Of course, as we continue to build into smaller markets and rural areas, which, again, I remind everybody for us, it's 40% of the population. We have the top 100 markets and everything else is smaller markets and rural areas, which has a lot of geography, a lot of great customers in it.

是的。這實際上是一個關於總增加突破的問題，我們是否仍然看到相同的數量來自城市、郊區、高品質。答案是相對肯定的。當然，隨著我們繼續開拓較小的市場和農村地區，我再次提醒大家，這些地區佔人口的 40%。我們擁有前 100 個市場，其他都是較小的市場和農村地區，這些地區地理位置優越，有很多優質客戶。

So overall, yes, the majority is still coming from cable. The breakout between smaller markets and rural areas and our top 100 is relatively the same and they continue to be and more so very high-quality adds. In fact, ARPUs are up year-over-year. Churn is down year-over-year. Obviously, Mike Katz spoke a little bit about customer sentiment towards this product. So we couldn't be more proud of how the gross adds are continuing to flow in and the makeup of those and the value that we're creating for customers as well as for T-Mobile itself.

所以總的來說，是的，大部分仍然來自有線電視。較小市場和農村地區與我們的前 100 名之間的突破相對相同，而且它們仍然是非常高品質的新增產品。事實上，ARPU 逐年上升。客戶流失率逐年下降。顯然，麥克·卡茨談到了客戶對該產品的看法。因此，我們對總增加額的持續流入、其組成以及我們為客戶以及 T-Mobile 本身創造的價值感到非常自豪。

Thank you both.

謝謝你們倆。

Thanks, Peter.

謝謝，彼得。

Operator, we have time for one last question. Please go ahead.

接線員，我們還有時間回答最後一個問題。請繼續。

The last question today comes from Sebastiano Petti with JP Morgan. Please go ahead.

今天的最後一個問題來自摩根大通的塞巴斯蒂亞諾·佩蒂。請繼續。

Thanks for taking the question. Just a quick couple of housekeeping questions. On FWA, I think you're currently in the market with an online promo, I think for $55 relatively, but you had raised prices earlier in the year. Just help us think about the strategy behind that to the extent of how it fits into the overall strategy, particularly, Peter, what you just kind of described it; Mike, what you've been talking about on the call as well.

感謝您提出問題。只是幾個簡單的內務問題。在 FWA 上，我認為你們目前正在市場上進行線上促銷，我認為相對價格為 55 美元，但你們在今年早些時候提高了價格。請幫助我們思考背後的策略，以及它如何融入整體策略，特別是彼得，你剛才所描述的；麥克，你在電話中也談到了什麼。

And then another housekeeping question. You've mentioned, I think, Peter, in your prepared remarks that you expect normal seasonal postpaid phone churn trends in the second half of the year similar to a year ago. Should we be thinking about that on a sequential basis or more relative to the prior year? Just trying to get a sense of some -- what you meant there in terms of the guidance.

然後是另一個家政問題。我想，彼得，您在準備好的演講中提到，您預計下半年後付費電話的正常季節性流失趨勢將與一年前類似。我們應該按順序還是相對於前一年來考慮這個問題？只是想了解一些—您在指導中的意思。

Thank you.

謝謝。

Let's start with the second one.

讓我們從第二個開始。

Yes. On the churn, I really meant kind of sequential trends. So what we saw last year was Q2 to Q3 sequentially was up 10 bps and Q3 to Q4 sequentially was up 9 bps. And so those are generally the sort of trends we'd expect.

是的。關於流失，我真正指的是連續趨勢。所以我們去年看到的是第二季到第三季連續漲了 10 個基點，第三季到第四季連續漲了 9 個基點。因此，這些通常是我們所期望的趨勢。

So as you think about what we just delivered in Q2, I'd anticipate a similar sequential increase in terms of number of bps and similarly then from Q3 to Q4 of this year. So that's kind of the housekeeping around that.

因此，當您考慮我們剛剛在第二季度交付的內容時，我預計基點數量會出現類似的連續增長，並且今年從第三季度到第四季度也將出現類似的增長。這就是圍繞此進行的內務處理。

And we kind of wish it was that precise.

我們有點希望它是那麼精確。

On the 5G broadband pricing, I would say -- you were asking what should be read into that from a strategy standpoint. And I would say nothing. What you'll see from us is we try things, we learn. We have test cells. We do things online.

關於 5G 寬頻定價，我想說 - 你問的是從策略角度應該解讀什麼。我什麼也不說。您將從我們身上看到的是我們嘗試、我們學習。我們有測試單元。我們在網路上做事。

We do things in markets. And we're always looking to see kind of what resonates and what people respond to.

我們在市場上做事。我們一直在尋找引起共鳴的內容以及人們的反應。

But overall, the general trend for us is that we are post the period where we were discounting every customer all the time during the introductory years. We move back to a normative pricing that we think is highly attractive. And we like to understand those elasticities. And so you'll always see us doing things.

但總體而言，我們的總體趨勢是，我們已經過了在推出年份一直為每位客戶提供折扣的時期。我們回到了我們認為非常有吸引力的規範定價。我們喜歡了解這些彈性。所以你總是會看到我們在做事。

And before I hand it to Cathy to wrap things up, I will just tell you, thank you for all these great questions. It's just an absolute pleasure to be able to talk about this team's outstanding performance quarter after quarter.

在我把它交給凱西總結之前，我只想告訴你，謝謝你提出的所有這些好問題。能夠逐季談論這支球隊的出色表現絕對是我的榮幸。

We kept our prepared remarks to just 11 minutes, so we could get to lots and lots of your questions. That's because we love you and we listen to you, so we try to be responsive. And Cathy, we'll let you wrap this up.

我們將準備好的發言時間限制在 11 分鐘，這樣我們就可以回答你們很多很多的問題。那是因為我們愛您並且傾聽您的意見，因此我們會盡力回應。凱茜，我們會讓你把這件事結束。

Thanks, Mike. That's all the time we have for questions, and we appreciate everyone joining us today. We look forward to speaking to you again soon. If you have any further questions, you may contact the Investor Relations or media department.

謝謝，麥克。這就是我們提問的全部時間，我們感謝今天大家加入我們。我們期待很快再次與您交談。如果您還有任何疑問，可以聯絡投資者關係或媒體部門。

Ladies and gentlemen, this concludes the T-Mobile second-quarter earnings call. Thank you for your participation. You may now disconnect and have a pleasant day.

女士們先生們，T-Mobile 第二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。