T-Mobile US Inc (TMUS) 2024 Q3 法說會逐字稿

Good afternoon. (Operator Instructions)

午安. （操作員說明）

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.

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 afternoon. Welcome to T-Mobile's third-quarter 2024 earnings call. Joining me on our call today are Mike Sievert, our President and CEO; and Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

午安.歡迎參加 T-Mobile 2024 年第三季財報電話會議。今天參加我們電話會議的有我們的總裁兼執行長 Mike Sievert；和我們的財務長 Peter Osvaldik；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 back book, and other documents related to our results, as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found in the Quarterly Results section of the Investor Relations website.

我們的收益發布、投資者背書和與我們的業績相關的其他文件，以及本次電話會議中討論的 GAAP 和非 GAAP 業績之間的調節表，可以在投資者關係網站的季度業績部分找到。

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

現在讓我把它交給麥克。

Okay. Thanks, Cathy. Hi, everybody. Welcome to the Q3 call. We're coming to you from Bellevue today, and I'm joined by several members of our senior leadership team to talk about another outstanding quarter for T-Mobile.

好的。謝謝，凱茜。大家好。歡迎撥打Q3電話。今天我們從貝爾維尤來到您這裡，我們高級領導團隊的幾位成員將與我一起談論 T-Mobile 另一個出色的季度。

Now, given our recent Capital Markets Day, Peter and I are going to keep our remarks pretty light so that we can get right to your questions. And before I get into our quarter, I do want to take a moment to recognize our team for their hard work around the clock to help our customers, fellow employees, and communities to get back on their feet in the wake of hurricanes Helene and Milton. It was devastating to have back-to-back storms of this scale form in such rapid succession, but I am so proud of how our team showed up from readiness to recovery, their tireless efforts, and use of innovative technologies made a huge difference in affected communities.

現在，考慮到我們最近的資本市場日，彼得和我將保持我們的言論相當輕鬆，以便我們能夠正確回答你們的問題。在進入我們的季度之前，我確實想花一點時間來表彰我們的團隊，他們晝夜不停地辛勤工作，幫助我們的客戶、同事和社區在颶風海倫和米爾頓之後重新站起來。連續如此大規模的風暴是毀滅性的，但我為我們的團隊從準備狀態到恢復的表現感到非常自豪，他們的不懈努力以及創新技術的使用為我們的工作帶來了巨大的變化。的社區。

Okay. Turning to the quarter. In short, it was a really strong one. In fact, Q3 is an example of the consistent execution we talked about a few weeks ago as a core enabler of our bold multiyear plan. As you know, achieving that plan is predicated on delivering strong results reliably and repeatedly to keep pace with our ambition, and we did just that in Q3, empowering us to raise our 2024 guidance yet again.

好的。轉向季度。總而言之，這確實是個很強的東西。事實上，第三季是我們幾週前談到的一致執行的一個例子，它是我們大膽的多年計劃的核心推動因素。如您所知，實現該計劃的前提是可靠且反复地交付強勁成果，以跟上我們的雄心壯志，我們在第三季度就做到了這一點，使我們能夠再次提高2024 年的指導。

I'll start with our mobile business. We delivered the best Q3 postpaid phone net adds in a decade, fueled by record low Q3 postpaid phone churn and continued year-over-year growth in gross adds. We also continue to lead the industry and share of switchers and we grew share of households in both top 100 and smaller markets and rural areas. Our powerful combination of our best network, best value, and best customer experience continues to be a winning formula. We believe we have lots of room to run in our underpenetrated areas and segments, including among those who shop primarily on network attributes all across this country.

我將從我們的行動業務開始。在第三季後付費電話流失率創歷史新低以及總增加量持續同比增長的推動下，我們實現了十年來最好的第三季後付費電話淨增加量。我們也繼續引領行業和轉換者份額，並且我們在前 100 名和較小市場以及農村地區的家庭份額有所增加。我們將最佳網路、最佳價值和最佳客戶體驗的強大結合仍然是我們的致勝法寶。我們相信，我們在滲透率較低的領域和細分市場有很大的發展空間，包括全國各地主要透過網路屬性購物的人群。

Now, you heard us lay down some pretty audacious digitalization goals at our Capital Markets Day event, and we're making steady progress. I'm proud to share that our total digital mix of iPhone launch sales in Q3 is up 40% just year over year. And that for the first time, the majority of T-Mobile-branded iPhone preorders this year were digital. This highlights the early progress we've already begun to make in further simplifying and digitalizing and transforming the customer buying experience, and it validates the appetite our customers have for buying online when they are given the option for a more seamless process.

現在，您聽到我們在資本市場日活動中製定了一些相當大膽的數位化目標，並且我們正在穩步取得進展。我很自豪地告訴大家，我們第三季推出的 iPhone 數位產品總銷量年增了 40%。今年 T-Mobile 品牌 iPhone 預購中的大部分都是數位版，這還是第一次。這突顯了我們在進一步簡化、數位化和轉變客戶購買體驗方面已經開始取得的早期進展，並且驗證了客戶在可以選擇更無縫的流程時對線上購買的興趣。

Our customer momentum also continues in broadband, where we delivered industry-leading net adds once again and reached a major milestone of 6 million customers in just three years. We're now halfway to our long-term target of 12 million customers by 2028.

我們在寬頻領域的客戶成長動能也在持續，我們再次實現了業界領先的淨增加量，並在短短三年內達到了 600 萬客戶的重要里程碑。目前，我們已完成到 2028 年擁有 1,200 萬客戶這一長期目標的一半。

Our performance is fueled by our leading 5G network, which was recently awarded once again as having the best 5G availability in the world by Opensignal. And our industry-leading technology will continue to further differentiate us as more and more new handsets come into the marketplace that can take advantage of our new technologies like Voice over New Radio, our incredible four-way carrier aggregation technology and so many other things. Across the board, our team is doing awesome work to further extend our 5G network leadership for the benefit of customers. And they're noticing the superior speed, capacity, and consistency relative to our competition.

我們領先的 5G 網路推動了我們的業績，該網路最近再次被 Opensignal 評為全球最佳 5G 可用性。隨著越來越多的新手機進入市場，我們領先業界的技術將繼續進一步使我們脫穎而出，這些手機可以利用我們的新技術，如新無線電語音、我們令人難以置信的四路載波聚合技術和許多其他技術。總體而言，我們的團隊正在做出色的工作，以進一步擴大我們的 5G 網路領先地位，為客戶帶來利益。他們注意到我們相對於競爭對手的卓越速度、容量和一致性。

Okay. Moving on to our financials. In Q3, we once again demonstrated our ability to deliver profitable customer growth, which we translated to industry-leading service revenue growth, including year-over-year postpaid service revenue growth, about 2x that of peers, driven by our highest ARPA growth in seven years as we continue to deepen customer relationships. Our core adjusted EBITDA growth of 9% led the industry by a wide margin. That, combined with our unparalleled capital efficiency, led once again to industry-leading free cash flow conversion.

好的。繼續我們的財務狀況。在第三季度，我們再次證明了我們實現盈利性客戶成長的能力，我們將其轉化為行業領先的服務收入增長，包括同比後付費服務收入增長，約為同行的2 倍，這得益於我們在2019 年最高的ARPA 成長。我們的核心調整後 EBITDA 成長率為 9%，大幅領先於產業。再加上我們無與倫比的資本效率，再次實現了業界領先的自由現金流轉換。

I said I'd keep it brief. So let me sum it up. Our formula for generating outsized value creation from focusing on smart and profitable growth continues to work really well. We have lots of runway ahead of us to continue to deliver profitable industry-leading growth as we drive forward on the ambitious plan we shared with you last month.

我說過我會保持簡短。那麼讓我總結一下。我們透過專注於智慧和獲利成長來創造巨大價值的公式仍然非常有效。在我們推進上個月與您分享的雄心勃勃的計劃的同時，我們還有很長的路要走，可以繼續實現行業領先的盈利增長。

Okay. Peter, over to you to provide an update on our guidance, please.

好的。 Peter，請您提供我們指導的最新資訊。

All right. Thanks, Mike, and thanks, everybody, for joining us. As Mike highlighted, we delivered yet another fantastic quarter and are raising our guidance yet again. So let me provide a quick update on our expectations for 2024.

好的。謝謝麥克，也謝謝大家加入我們。正如麥克所強調的，我們又交付了一個出色的季度，並再次提高了我們的指導。讓我快速更新一下我們對 2024 年的期望。

Starting with customers, we are once again raising total postpaid customer net additions and now expect between 5.6 million and 5.8 million, up 150,000 at the midpoint relative to our prior guide. We now expect the postpaid phone customer net additions component of that total to be approximately 3 million for the full year.

從客戶開始，我們再次提高後付費客戶淨增量總數，目前預計在 560 萬至 580 萬之間，比我們先前的指導值中位數增加 15 萬。我們現在預計全年後付費電話客戶淨增加部分約 300 萬。

We expect our full year postpaid ARPA to be up around 3% year over year with industry-leading service revenue growth continuing to accelerate at a higher rate in 2024 than we delivered in 2023. We now expect core adjusted EBITDA to be between $31.6 billion and $31.8 billion for the full year, up $50 million at the midpoint. Turning to cash CapEx, we now expect to be between $8.8 billion and $9 billion, unchanged at the midpoint. Our longer-term expectations continue to be in the $9 billion to $10 billion range annually as we outlined for you at our Capital Markets Day a few weeks ago.

我們預計我們的全年後付費ARPA 將年增3% 左右，業界領先的服務收入成長將在2024 年繼續以高於2023 年的速度加速。億美元之間全年 318 億美元，比中位數增加 5,000 萬美元。談到現金資本支出，我們現在預期現金資本支出將在 88 億美元至 90 億美元之間，中位數不變。正如我們在幾週前的資本市場日為您概述的那樣，我們的長期預期繼續保持在每年 90 億美元至 100 億美元的範圍內。

And finally, we now expect adjusted free cash flow, which includes payments for merger-related costs to be in the range of $16.7 billion to $17 billion, up $50 million at the midpoint driven by both margin expansion and capital efficiency, resulting in industry-leading service revenue to free cash flow conversion.

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167 億美元至170 億美元之間，在利潤率擴張和資本效率的推動下，中點增加5000 萬美元，從而導致產業-領先服務收入轉換為自由現金流的。

In closing, when we spoke with you all a few weeks ago at Capital Markets Day, we outlined an ambitious plan of evolving from Challenger to Champion, one that requires consistently strong execution. Our Q3 results are another proof point on that journey with our unique combination of the best value, best network, and best experiences continuing to resonate with customers.

最後，當我們幾週前在資本市場日與大家交談時，我們概述了一項從挑戰者到冠軍的雄心勃勃的計劃，該計劃需要始終如一的強大執行力。我們第三季的業績是這趟旅程的另一個證明，我們將最佳價值、最佳網路和最佳體驗的獨特組合繼續與客戶產生共鳴。

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

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. (Event Instructions)

好的。讓我們來回答你的問題。 （活動須知）

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

我們將從電話中提問開始。接線員，第一個問題。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Great, thank you very much. Good evening. I wonder, Mike, if you could just talk to the buyback or Peter, the pacing of that. It sounds like you were very active in the last few weeks but less so in Q3. I remember last quarter, you've been active in June. Was that the grid was that Capital Markets Day? What's the thought about this and your -- how you think about the rest of this because obviously, it's been sort of stop/start for a little while here.

太好了，非常感謝。晚安.我想知道，麥克，你是否可以談談回購或彼得，談談回購的節奏。聽起來您在過去幾週非常活躍，但在第三季度則不太活躍。我記得上個季度，六月你就很活躍。那是資本市場日的網格嗎？關於這件事和你的想法是什麼——你如何看待這件事的其餘部分，因為顯然，這裡已經停止/開始了一段時間了。

And then, Peter, maybe just help us on wholesale. You've messaged that there would be impacts there from ongoing secular factors from ACP, from Mint Mobile, just help us level set as we see this down to the sort of $700 million a quarter level. Is there still some more to go there? How should we think about that going forward? Thank you.

然後，彼得，也許只是幫我們批發。您曾表示，來自 ACP、Mint Mobile 的持續長期因素將會產生影響，這只是幫助我們設定水平，因為我們看到這一水平下降到了每季 7 億美元的水平。還有一些可以去嗎？未來我們該如何思考這個問題？謝謝。

Thanks, Simon. First of all, I'll hand it to Peter for both of those questions. But first of all, I just want to say congratulations to you on your retirement and thank you for, first of all, keeping us all honest. But I also know that investors have hung on every word for many years, and you've served them so well. So we're all going to miss you. And I thought maybe your last question would be a softball, but instead, come on, Peter, what happened with those buybacks? You don't ever disappoint there, Simon.

謝謝，西蒙。首先，我將把這兩個問題交給 Peter。但首先，我只想祝賀你退休，並首先感謝你讓我們所有人保持誠實。但我也知道投資者多年來一直堅持每一句話，而你為他們提供了很好的服務。所以我們都會想念你的。我想也許你的最後一個問題會是一個壘球，但是，來吧，彼得，這些回購發生了什麼？你永遠不會讓人失望，西蒙。

Thank you so much, Simon. What happened both on the Q2 call, we anticipate it to be back in the marketplace, and we saw a similar dynamic happen after our Q2 call as we saw before Q2. And that was our trading plan really didn't anticipate the faster-than-expected or earlier-than-expected run up in the share price. And what that meant for us is really, it gave us an opportunity after that happened a second time to step back and rethink strategically how we want to approach the buybacks, and we did that.

非常感謝你，西蒙。在第二季度電話會議上發生的情況，我們預計它會回到市場，並且我們在第二季度電話會議之後看到了與第二季度之前看到的類似的動態。那就是我們的交易計畫確實沒有預見股價上漲的速度快於預期或早於預期。這對我們來說實際上意味著，在第二次發生之後，它給了我們一個機會退後一步，從戰略上重新思考我們想要如何進行回購，而我們做到了。

And now, you see something that's less informed by quick movements towards where we think it's going and more of a consistent execution. Still thoughtful of many factors. Of course, I can't get into all of those, but it's a little bit of a change in strategy and that's what you saw happen after that strategic change. Since that point, we've been in the market place consistently. So that's the buyback story.

而現在，你看到的一些東西並沒有那麼快速地朝著我們認為的方向發展，而更多的是一致的執行。還是考慮了很多因素。當然，我無法詳細討論所有這些，但這是戰略上的一點變化，這就是您在戰略變化後看到的情況。從那時起，我們就一直在市場上。這就是回購的故事。

And on wholesale, much like I said, in 2025, what we expect is the trough of wholesale and other service revenue. And underpinning that, though, there's actually growth in wholesale and our partnerships if you consider, as you mentioned, both the ACP decline, which we now expect to be towards the higher end of that $350 million to $450 million range that we gave previously. And of course, the long planned transition of TracFone away to Verizon as they complete that merger integration. So the underlying dynamics are great when you take out the ACP and the TracFone, and that's what we expect as we hit that trough to continue to fuel growth past 2025.

在批發方面，就像我說的那樣，到 2025 年，我們預計批發和其他服務收入將觸底。不過，如果你考慮到 ACP 的下降，批發和我們的合作夥伴關係實際上都會有所增長，我們現在預計 ACP 的下降將接近我們之前給出的 3.5 億至 4.5 億美元範圍的高端。當然，隨著 TracFone 完成合併整合，TracFone 也計劃向 Verizon 過渡。因此，當你去掉 ACP 和 TracFone 時，潛在的動力是巨大的，這就是我們在達到谷底時所期望的，將在 2025 年後繼續推動成長。

Great, thanks a lot.

太好了，非常感謝。

You bet.

你打賭。

Operator, next question, please.

接線員，請下一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Hey, thank you. Maybe two, if I could, guys. First on spectrum, there's been some -- you guys have made some moves in the market. It looks like you're trading some of your 3.45 for -- some 2.5. Just so any thoughts on the strategy there? Obviously, Verizon buying some spectrum from USM, are you guys also in the market for additional spectrum at the right price? And maybe an update on the 800 megahertz spectrum that's one topic that didn't come up at your Capital Markets Day.

嘿，謝謝你。如果可以的話，也許兩個。首先在光譜方面，你們已經在市場上採取了一些行動。看起來您正在用 3.45 的一部分換取 2.5 的一部分。那麼對那裡的策略有什麼想法嗎？顯然，Verizon 從 USM 購買了一些頻譜，你們也在市場上以合適的價格購買額外的頻譜嗎？也許還有 800 兆赫頻譜的更新，這是您的資本市場日上沒有提到的主題。

And then secondly, some good info on the digitalization efforts, Mike. I mean, is there a way for you to sort of frame or quantify maybe the potential upside or improvement in costs you can get as you sort of work through that process? Thanks.

其次，關於數位化工作的一些好信息，麥克。我的意思是，有沒有一種方法可以讓您對在整個過程中可能獲得的潛在好處或成本改善進行框架或量化？謝謝。

Well, let's do the digitalization one first, John. If you recall at Capital Markets Day, we laid out a pretty ambitious plan for value creation over the years. And signaled 2027 core adjusted EBITDA, about $10 billion at the high point of our guidance above 2023 levels. And so that kind of shows you the potential.

好吧，約翰，讓我們先進行數位化。如果您還記得在資本市場日，我們多年來制定了一個相當雄心勃勃的價值創造計劃。並表示 2027 年核心調整後 EBITDA 約 100 億美元，高於 2023 年指引水準。這向你展示了潛力。

Now, a lot of that's revenue growth, which is partly driven by digitalization. And a lot of that is recrafting the underlying operation, getting more precise in our marketing, preventing customer problems that are a source of so much value loss in this industry. And so we didn't unpack all the details of which parts to drive which parts. But I can tell you that we arrived at that plan after working on it for almost two years. And after detailing out a 14-quarter quarter-by-quarter detailed plan of what will land when so that we have the barometers of knowing if we're running ahead of our plan that we can increase our promises to you. If it looks like we're going to be running behind, we can course crack -- that's how we do these things.

現在，其中很大一部分是收入成長，這在一定程度上是由數位化推動的。其中很大一部分是重新設計基礎運營，使我們的行銷更加精確，防止客戶問題，這些問題是該行業巨大價值損失的根源。因此，我們沒有解開哪些部件驅動哪些部件的所有細節。但我可以告訴你，我們經過近兩年的努力才達成這個計畫。在詳細列出了 14 個季度的逐季度詳細計劃以及何時落地的詳細計劃後，我們就有了晴雨表來了解我們是否提前完成了計劃，從而可以增加對您的承諾。如果看起來我們要落後了，我們當然可以破解——這就是我們做這些事情的方式。

And if you go back to our 2021 plans when a lot of people thought what we said back then was unbelievably ambitious, and we did it. But we did it because we had a detailed plan. We don't always provide a lot of transparency. I think we do a good job there. We provide more than others on transparency, but we also have to keep some of the secret sauce to ourselves for competitive reasons.

如果你回顧一下我們的 2021 年計劃，當時很多人都認為我們當時所說的雄心勃勃，而我們做到了。但我們這樣做是因為我們有詳細的計劃。我們並不總是提供很大的透明度。我認為我們在那裡做得很好。我們在透明度方面比其他公司提供更多，但出於競爭原因，我們也必須保守一些秘密。

To make sure you saw the barometers underneath that, though, we put some markers out there. We said we wanted person-to-person customer service interactions to be reduced by 75% in the planning horizon; that's a big marker. We said we wanted the majority of all activations to be digital and many other markers that we put out there. And one of the things that Peter said was that the actual business plan that we laid out didn't assume full achievement of each of those KPIs. So in a world where we deliver each and every one of those KPIs, there's upside beyond the guidance range. And so we try to put out a plan that's realistic, but at the same time, ambitious.

不過，為了確保您看到下面的氣壓計，我們在那裡放了一些標記。我們說過，我們希望在規劃範圍內將人與人之間的客戶服務互動減少 75%；這是一個很大的標誌。我們說過，我們希望所有激活的大部分都是數位的，並且我們在那裡放置了許多其他標記。彼得說的一件事是，我們制定的實際業務計劃並沒有假設所有這些 KPI 都得到充分實現。因此，在我們交付每一項 KPI 的世界中，存在著超出指導範圍的上升空間。因此，我們試圖制定一個既現實又雄心勃勃的計劃。

And that's kind of what we mean by Challenger to Champion. It's a plan for the future that's an evolution from Challenger to Champion that really causes us to have to do things that nobody's ever done and really rethink how this industry works as you see us doing in so many ways. And hopefully, that came across well at Capital Markets Day.

這就是我們所說的「從挑戰者到冠軍」的意思。這是一個面向未來的計劃，是從挑戰者到冠軍的演變，這確實使我們必須做一些從未有人做過的事情，並真正重新思考這個行業的運作方式，正如你看到的我們在很多方面所做的那樣。希望這一點在資本市場日能得到很好的體現。

Now, switching to spectrum. You asked a couple of different questions. One of them was about 3.45 specifically, and I'll just ask Ulf to talk about what's going on there.

現在，切換到頻譜。你問了幾個不同的問題。其中之一具體是關於 3.45，我將請 Ulf 談談那裡發生的事情。

Right. Well, thanks, Mike. Well, on our journey, when we are building our network, which is a dense 5G multilayer network, we are always working with our different layers and the different spectrum assets we have. We have a superior sub-6 gigahertz holding today, which is providing us with our enormous capacity benefit. And in that, we always value spectrum short term, long term, and midterm. And we see that 3.45 is not part of this plan. So that's why we did it.

正確的。嗯，謝謝，麥克。好吧，在我們的旅程中，當我們建立密集的 5G 多層網路時，我們始終使用不同的層和我們擁有的不同頻譜資產。今天，我們擁有優越的 6GHz 以下頻段，這為我們帶來了巨大的容量優勢。在這一點上，我們始終重視頻譜的短期、長期和中期。我們看到 3.45 不是這個計劃的一部分。這就是我們這樣做的原因。

Then this transaction goes through a number of different approvals and so on, and we will see. But the way we did it, we are very satisfied, I could say, with how it came out.

然後這筆交易會經過許多不同的批准等等，我們拭目以待。但我可以說，我們對它的結果非常滿意。

On the 800 band, we concluded the auction without really a bid that was qualifying. That gives us now new optionality, really. We can either deploy it or we could look at doing something to benefit monetarily from it. So we have those optionalities as we go forward. We're always working on our spectrum portfolio and continue to build this leading 5G network based on it.

在 800 區間，我們在沒有真正合格的出價的情況下結束了拍賣。這確實為我們帶來了新的選擇。我們可以部署它，或者我們可以考慮做一些事情來從中獲利。因此，在我們前進的過程中，我們有這些選擇。我們始終致力於我們的頻譜組合，並繼續在此基礎上建立領先的 5G 網路。

Okay. Hopefully that answered the question, John.

好的。希望這回答了問題，約翰。

Yes.

是的。

Okay, operator -- Thanks, John. Operator, next question, please.

好的，接線生－謝謝，約翰。接線員，請下一個問題。

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys. Thank so much. So I guess to start, I guess, would be for Mike. You were in Germany at the DT CMD, where they kind of elaborated on the hope that they would see that their interest -- ownership interest in T-Mobile would rise. I think they said to the high 50% range from the current levels. Can you elaborate a little bit on your understanding of how that timing might work because that will impact how the mechanics of the buyback on the float work, and it could magnify that effect and make it much more beneficial for the US investors?

嘿，夥計們。非常感謝。所以我想首先是麥克。你在德國的 DT CMD 那裡，他們詳細闡述了希望看到他們的興趣——T-Mobile 的所有權權益將會上升。我認為他們說的是從當前水平到高 50% 的範圍。您能否詳細說明您對這一時機如何運作的理解，因為這將影響流通股回購機制的運作方式，並可能放大這種影響並使之對美國投資者更加有利？

And then the second question, if I could. Maybe, Peter, your 3 million postpaid phone net kind of target for the year implies about 100,000 reduction in year-over-year nets in fourth quarter versus flat year over year in the third quarter. Is that just being conservative or is there something else to watch out for? Thank you.

然後是第二個問題，如果可以的話。 Peter，也許您今年 300 萬部後付費電話網絡的目標意味著第四季度網絡數量同比減少約 100,000 部，而第三季度同比持平。這只是保守還是有其他需要注意的地方？謝謝。

Okay. Well, I'll start, Dave. And I'm sorry to disappoint you without being able to really answer the question much. I guess the prototypical answer would be, you kind of have to ask them. I will say that in this long journey, being an independent company with DT as our controlling shareholder. We've seen their position range from the 40s to the mid-60s. They've maintained a controlling stake the entire time, and that governance structure for us, from our lens, has been pretty unchanged. In other words, the Board structure the people involved. We have all been together a long time.

好的。好吧，我要開始了，戴夫。很抱歉，我無法真正回答這個問題，讓您失望了。我想典型的答案是，你必須問他們。我會說，在這個漫長的歷程中，作為一個獨立的公司，DT作為我們的控股股東。我們看到他們的位置從 40 年代到 60 年代中期。他們一直保持著控股權，而從我們的角度來看，我們的治理結構幾乎沒有改變。換句話說，董事會決定了相關人員的結構。我們都在一起很久了。

At this point, TMUS is a very, very important part of what they do, and they're very clear about that. We're much larger as a company than they are now, et cetera. And I think from a standpoint of governance, it really works. What's good for us is generally good for them, especially because of the relative value and size, et cetera. They've been incredibly supportive of our strategy. They're a great Board.

在這一點上，TMUS 是他們工作中非常非常重要的一部分，他們對此非常清楚。作為一家公司，我們比他們現在規模大得多，等等。我認為從治理的角度來看，它確實有效。對我們有利的事情通常也對他們有利，特別是因為相對價值和規模等。他們非常支持我們的策略。他們是一個很棒的董事會。

I feel that having industry experts on our Board from DT has been very helpful to us. I think a lot of companies in our space don't have that benefit of insiders that are really able to ask the three layers of whys and all the things we want to do. And at the end of the day, this management team and this Board have made a lot of moves together that have created enormous value and success.

我覺得 DT 的產業專家加入我們的董事會對我們非常有幫助。我認為我們這個領域的許多公司都沒有真正能夠詢問三個層面的原因以及我們想做的所有事情的內部人士的好處。最終，這個管理團隊和董事會共同採取了許多舉措，創造了巨大的價值和成功。

Now, they did mention that they wanted to -- they have multiple strategies and multiple capital allocation strategies that may result in them concentrating their position over time. But how -- when that happens, how that happens, whether that happens, you'll have to ask them. As to your second question?

現在，他們確實提到他們想要——他們有多種策略和多種資本配置策略，這可能會導致他們隨著時間的推移集中自己的立場。但是，當這種情況發生時，如何發生，是否發生，你必須問他們。至於你的第二個問題？

Yeah. Dave, on the 3 million, so it's approximately 3 million from a postpaid phone perspective. And as you know, Q4 has a unique attribute in that the last couple of months, which are really in front of us here are a period of really great activity. We have certainly positioned well, as you saw in Q3. And of course, we have ambitions to outperform what we put there. But we're always cautious with the two biggest months of Q4 ahead of us in terms of putting a guide out there that's achievable for us. So somewhere approximately in that 3 million, not right on with, of course, the ability and aspiration for us to get after it.

是的。戴夫，是 300 萬，所以從後付費電話的角度來看，大約是 300 萬。如您所知，第四季度有一個獨特的屬性，即我們面前的最後幾個月是一段非常活躍的時期。正如您在第三季度看到的那樣，我們的定位當然很好。當然，我們有超越我們所設定的目標的雄心。但我們始終對即將到來的第四季最重要的兩個月保持謹慎態度，以製定我們可以實現的指南。因此，大約在這 300 萬中，當然不符合我們追求它的能力和願望。

Perfect, thank you guys.

完美，謝謝你們。

Thanks, Dave. Operator, next question, please.

謝謝，戴夫。接線員，請下一個問題。

I will say, while we're teeing up the next. We almost always get that question at this time of the year. And because it's weird to have a guy with only two months left. But you also have to remember that the biggest part of the quarter is the part that's still in front of us. So every year at this time, and we do get accused of being a little cautious. I don't think it's cautious. It's just that so much is unfolding later in the quarter. I will comment that our quarter-to-date trends are spot on our plan and looking really strong. So no question marks there whatsoever.

我會說，當我們準備下一場比賽時。我們幾乎總是在每年的這個時候收到這個問題。因為有一個只剩兩個月的人是很奇怪的。但您還必須記住，本季最大的部分是仍在我們面前的部分。所以每年的這個時候，我們都會被指責過於謹慎。我不認為這是謹慎的。只是本季晚些時候發生了很多事情。我要評論的是，我們季度至今的趨勢符合我們的計劃，而且看起來非常強勁。所以沒有任何問號。

Thanks, Mike. Next question, please.

謝謝，麥克。請下一個問題。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks, and good afternoon. Two questions, if I could. First, curious if you could give us an update on the journey for deepening penetration in the SMRA markets as well as within the business vertical?

謝謝，下午好。如果可以的話，有兩個問題。首先，您是否可以向我們介紹一下在 SMRA 市場以及垂直業務領域深化滲透的最新進展？

And then secondly, with respect to postpaid phone ARPU, it looks like it was up, I think, 1.8% year over year. And if I remember correctly, just from some of the discussions in the past, the base case expectation for the back half of the year may have been up 1%. I'm just curious if you could unpack the strength in ARPU? And is there something to take from this strength as we look at future quarters? Thanks.

其次，就後付費電話 ARPU 而言，我認為年增了 1.8%。如果我沒記錯的話，僅從過去的一些討論來看，今年下半年的基本狀況預期可能會上漲 1%。我只是好奇你是否能揭示 ARPU 的優勢？當我們展望未來幾季時，這種優勢有什麼值得借鏡的地方嗎？謝謝。

Okay. It turns out to be a three-part question. So I'm going to ask three different speakers to try to keep it tight. But we're going to go to Jon on SMRA, quickly to Callie on business, and then back to Peter on ARPU, and I'm going to predict he's going to pivot you to ARPA. But, Jon?

好的。事實證明這是一個由三個部分組成的問題。因此，我將請三位不同的發言者盡量保持緊張。但我們會先聯絡 Jon 討論 SMRA，很快再聯絡 Callie 討論業務，然後回到 Peter 討論 ARPU，我預測他會將你轉向 ARPA。但是，喬恩？

Yeah. Hi, Mike. So just smaller markets or rural areas, I always take a moment to remind everyone that this is 40% of the market, 140 million people, 50 million households. We could not be more pleased with the progression of our growth in this space.

是的。嗨，麥克。所以只是較小的市場或農村地區，我總是花點時間提醒大家，這是40%的市場，1.4億人，5000萬個家庭。我們對這一領域的發展進展感到非常滿意。

Q2 was our highest win share quarter that we've ever delivered. And here in Q3, we beat Q2. And so we've got a great series of momentum happening in the marketplace where we're driving switching, winning those switching decisions, number one in terms of win share in the marketplace in smaller markets and rural areas.

第二季是我們有史以來獲利份額最高的季度。在第三季度，我們擊敗了第二季度。因此，我們在市場上發生了一系列巨大的勢頭，我們正在推動轉換，贏得這些轉換決策，在較小市場和農村地區的市場贏得份額方面排名第一。

And like I talked about at Capital Markets Day, too, the thing that built a lot of confidence for me is that our overall Net Promoter Score in smaller markets and rural areas is now number one, and it's 20% higher than the next highest competitor. For me, that builds ongoing customer advocacy, customer loyalty, and continues to build that overall growth momentum that we have in that particular marketplace. And that's while we're continuing to build net new accounts in the top 100 markets as well. So we're having a lot of fun doing this. I've been talking about it for three years, and we're continuing to drive new highs in our switching activity in smaller markets and rural areas.

就像我在資本市場日談到的那樣，給我帶來很大信心的是，我們在較小市場和農村地區的整體淨推薦值現在排名第一，比第二高的競爭對手高 20% 。對我來說，這建立了持續的客戶擁護和客戶忠誠度，並繼續建立我們在該特定市場中的整體成長勢頭。同時，我們也在前 100 個市場中繼續建立淨新帳戶。所以我們這樣做很有趣。我已經談論這個問題三年了，我們在較小市場和農村地區的轉換活動中繼續創下新高。

And I know you didn't ask out this, Mike, but one of the things we reminded you of at the Capital Markets Day is we deaveraged that top 100 set of markets for you a little bit. And this dynamic that Jon is talking about that has been a huge tailwind for us in SMRA is present in a lot of those top 100 markets. There's a big part of those.

我知道您沒有問過這個問題，麥克，但我們在資本市場日提醒您的一件事是，我們對前 100 個市場進行了一些去平均化處理。 Jon 所說的這種動態對我們 SMRA 來說是一個巨大的推動力，在許多排名前 100 的市場中都存在。其中有很大一部分。

Well, we're not number one, and some of them were not even number two. And so there's big tailwind potential there. And in all 3 types, where we're number one, where we're number two or even while we're number three, T-Mobile is growing. So it really shows that our formula works across the board.

嗯，我們不是第一，有些甚至不是第二。因此，那裡存在著巨大的順風潛力。在所有 3 種類型中，我們排名第一，排名第二，甚至排名第三，T-Mobile 都在成長。所以這確實表明我們的公式是全面有效的。

And now to the second part of your 3-part question, what's going on with the business. And by the way, Callie, while you're talking about that, maybe you could hit Chaitin Sharma's question about enterprise solution deals, what are we seeing? Could you name names, what's going on out there?

現在討論由三部分組成的問題的第二部分，即業務進展。順便說一句，Callie，當你談論這個問題時，也許你可以回答 Chaitin Sharma 關於企業解決方案交易的問題，我們看到了什麼？你能說出名字嗎？

Okay. Will do. Well, Jon mentioned that they're having a lot of fun. And I got to tell you, so is this TFB team. We beat our benchmark competitor again in postpaid phone net adds in postpaid net adds and invoice churn. We're continuing to see profitable growth, rising CLVs in all segments. And we also just declared our ninth consecutive quarter of positive trends in all segments against our competitors.

好的。會做。嗯，喬恩提到他們玩得很開心。我必須告訴你，這支 TFB 球隊也是如此。我們在後付費電話網路增加、後付費網路增加和發票流失方面再次擊敗了我們的基準競爭對手。我們繼續看到利潤成長，所有細分市場的 CLV 都在上升。我們也剛剛宣布，與競爭對手相比，我們的所有細分市場連續第九個季度呈現正面趨勢。

In enterprise, let me narrow in specifically on a couple of the segments and some customer wins and use cases. Enterprise, we had our best activations on record. So considerable growth across all of our solutions and working with existing customers like American Airlines, where we're developing BTS solutions for their airplane operations or new logo growth with New York Life Insurance, where we are helping them combine solution with Smarsh to make sure that their voice communications are secure.

在企業中，讓我專門關注幾個細分市場以及一些客戶贏得和用例。 Enterprise，我們實現了有史以來最好的啟動。我們所有的解決方案以及與美國航空等現有客戶的合作都取得了相當大的增長，我們正在為他們的飛機運營開發BTS 解決方案，或者與紐約人壽保險公司合作開發新徽標，我們正在幫助他們將解決方案與Smarsh 結合起來，以確保他們的語音通訊是安全的。

In government, we saw double-digit growth quarter over quarter in net adds across phone, BTS, and in HSI. And a lot of that growth is supported by wins in the Fed via the Spiral 4 contract. So we are growing and winning with the Army, the Air Force, and the Y-12 National Security complex.

在政府方面，我們看到電話、BTS 和 HSI 的淨增量環比增長兩位數。其中很大一部分的成長是由聯準會透過 Spiral 4 合約獲勝所支持。因此，我們正在與陸軍、空軍和 Y-12 國家安全綜合體一起成長並取得勝利。

And then when I think about HSI in particular, this is one of our strongest quarters ever, highest net adds in fixed wireless, and we're doing really well. So we -- we saw a lot of wins this quarter with retail multisite. So new customers include Lowe's, Spirit Halloween, PetSmart. And then in education, where we're able to solve some connectivity problems with some of the largest school districts in the country like Houston ISD. And then again, like I mentioned, bringing our fixed wireless solutions to the Department of Defense. And we certainly have more room to run.

然後，當我特別考慮恆生指數時，這是我們有史以來最強勁的季度之一，固定無線淨增量最高，而且我們做得非常好。因此，本季度我們在零售多站點方面取得了許多勝利。新客戶包括 Lowe's、Spirit Hawaii、PetSmart。然後在教育領域，我們能夠解決與休士頓獨立學區等國內一些最大學區的一些連結問題。然後，就像我提到的，將我們的固定無線解決方案帶到國防部。我們當然還有更多的運行空間。

With ANS, we had some really cool deployments this year. We're starting with advanced network solutions to really see our pipeline continue to grow and then continuing to see more and more deals closed each quarter, which the team is working hard against that target. Oxy Petroleum is an example. Chaitin, to answer your question online, where we deployed a hybrid ANS solution across of 20 of their manufacturing plants. And so that's some of the work that we've been doing this last quarter.

借助 ANS，我們今年進行了一些非常酷的部署。我們從先進的網路解決方案開始，以真正看到我們的管道繼續成長，然後繼續看到每個季度完成越來越多的交易，團隊正在努力實現這一目標。氧氣石油公司就是一個例子。 Chaitin，在線回答您的問題，我們在 20 個製造工廠部署了混合 ANS 解決方案。這就是我們上個季度一直在做的一些工作。

I'll hand part three.

我將交出第三部分。

Great. Thanks. Well done. And ARPU trying to --

偉大的。謝謝。幹得好。 ARPU 試圖——

Part three. Well, I'll definitely be truthful and redirect you to ARPA in just a second. But honestly, we do see strength there. And previously, what we had said is, from an ARPU perspective, we see probably about 0.5% year-over-year increase probably now see about 75 bps of that, so a little bit of strength there. But the reason we don't focus on ARPU as much as you know, is because it is very much a mix-driven metric. And so things like the success that Callie just described in the business group where you don't have high ARPUs, you tend to have lower ARPUs with higher ARPAs, very, very strong CLVs, segment plans, things like that. That's why we pivot into ARPA and again, continued strength there and just increased our guide very exciting to be at 3% year-over-year increase from an ARPA perspective.

第三部分。好吧，我一定會說實話並在一秒鐘內將您重定向到 ARPA。但老實說，我們確實看到了那裡的力量。之前，我們說過，從 ARPU 的角度來看，我們預計同比增長約為 0.5%，現在可能會增長約 75 個基點，所以那裡有一點實力。但如您所知，我們之所以不那麼關注 ARPU，是因為它在很大程度上是一個混合驅動的指標。因此，就像 Callie 剛剛在業務組中描述的成功一樣，您沒有高 ARPU，但 ARPU 往往較低，而 ARPA 較高，CLV 非常非常強大，細分計劃，諸如此類。這就是為什麼我們轉向 ARPA，並再次保持在那裡的實力，並且剛剛增加了我們的指南，從 ARPA 的角度來看，我們的指南非常令人興奮，同比增長了 3％。

Thank you, Mike. Thank you, Peter. Operator, next question, please.

謝謝你，麥克。謝謝你，彼得。接線員，請下一個問題。

Jonathan Chaplin, New Street Research.

喬納森·卓別林，新街研究。

Thanks. Two; one for Ulf on the 800 megahertz again. We've seen some challenges to your request to use PCS spectrum for the direct-to-device service with Starlink. Wondering if you think those challenges posed a real sort of headwind you're being able to use that spectrum and whether 800 megahertz might be an alternative?

謝謝。二;再次為烏爾夫提供 800 兆赫茲的頻率。我們發現您使用 PCS 頻譜透過 Starlink 提供直接到裝置服務的請求遇到了一些挑戰。想知道您是否認為這些挑戰對您使用該頻譜構成了真正的阻力，以及 800 兆赫茲是否可以作為替代方案？

And then, Mike, a question for you. AT&T said something that totally shocked us today that at some point, they think they could open their network, their fiber network to wholesale. I'd love to get perspectives on that. Would it make sense for you guys if they did that to leverage their wholesale network to self-bundled products? Thanks.

然後，麥克，問你一個問題。 AT&T 今天說了一些讓我們完全震驚的話，他們認為在某個時候他們可以開放他們的網絡，他們的光纖網路進行批發。我很想了解對此的看法。如果他們這樣做是為了利用他們的批發網絡來自行捆綁產品，對你們來說有意義嗎？謝謝。

Okay. Great. Well, I'll start out on -- I guess, on both of them and then see if Ulf wants to add anything. On the direct-to-sell, there -- no, we don't really see any barriers to progress there. We're very much looking forward to getting our beta underway.

好的。偉大的。好吧，我想，我將從這兩方面開始，然後看看烏爾夫是否想添加任何內容。在直銷方面，不，我們確實沒有看到任何進展障礙。我們非常期待測試版的開始。

During the hurricanes, we were able to test with a temporary authorization and saw hundreds of thousands of successfully completed text messages to people that otherwise wouldn't have seen them even though our network was recovered at a remarkable pace. And so it's just -- it's getting closer and closer. We have over 200 satellites in the air. I think this will work itself out despite the obvious process that has to happen through the FCC. I think this is a fundamental good, and we will be off to the races very soon.

在颶風期間，我們能夠通過臨時授權進行測試，並看到數十萬條成功發送給人們的短信，否則即使我們的網絡以驚人的速度恢復，他們也不會看到它們。所以它只是——它越來越近了。我們在空中有超過 200 顆衛星。我認為，儘管必須透過聯邦通信委員會進行明顯的流程，但這個問題將會自行解決。我認為這是一個根本性的好處，我們很快就會開始比賽。

As it relates to 800, as Ulf said, there's a lot of optionality for 800 now. We were required to sell it as an artifact of the merger and the consent decree and to auction it under a set of auction rules. We did that, and there wasn't a qualifying bid as defined in the consent decree. And so we're no longer are required to sell it. That gives us optionality.

正如 Ulf 所說，與 800 相關，現在 800 有很多選擇。我們被要求將其作為合併和同意令的產物出售，並根據一套拍賣規則進行拍賣。我們這樣做了，但沒有同意令中定義的合格投標。因此我們不再需要出售它。這給了我們選擇權。

I'll remind you of a few things that Peter has said, one, proceeds from selling it are not currently in our financial plan. So should we sell that spectrum, that will be, in essence, incremental.

我要提醒您彼得說過的幾件事，第一，出售它的收益目前不在我們的財務計劃中。因此，我們是否應該出售該頻譜，這本質上是增量的。

And secondly, in Ulf's network plan, utilizing that spectrum is not currently in the plan. So the reason I point this out is that just we have a lot of optionality and that's valuable spectrum. It's important spectrum. And you'll have to stay tuned as it relates to our resolution on how we plan to use it.

其次，在Ulf的網路規劃中，利用該頻譜目前並不在計畫之內。所以我指出這一點的原因是我們有很多選擇，這是有價值的範圍。這是重要的頻譜。您必須保持關注，因為這與我們計劃如何使用它的決議有關。

As it relates to fiber and open fiber, one of the things that has made cable kind of interesting is that you do see a certain amount of collaboration in that space because there aren't overlaps. Look, it's hard to predict what the future will look like. This is a very, very competitive market. I think it always will be very, very competitive. And that being said, a lot of things will unfold over the years, and we'll have to see what's the very best way we can serve consumers and businesses. But we're open-minded to all future constructs.

由於它與光纖和開放光纖相關，使電纜變得有趣的原因之一是，您確實在該領域看到了一定程度的協作，因為沒有重疊。聽著，很難預測未來會是什麼樣子。這是一個競爭非常非常激烈的市場。我認為競爭總是非常非常激烈。話雖如此，多年來將會發生很多事情，我們必須看看我們為消費者和企業提供服務的最佳方式是什麼。但我們對所有未來的構造都持開放態度。

I can tell you that we're very, very excited about our fiber plans, and we intend to compete vigorously with them. Our strategy is to be first to fiber in the places where we go, and that's why we teamed up with some of the fastest-moving players in this industry so that we can race with abandon to provide this incredible service we know we can provide. That being said, I wouldn't speculate more on the future than that.

我可以告訴你，我們對我們的光纖計劃非常非常興奮，我們打算與他們展開激烈的競爭。我們的策略是首先在我們所到之處鋪設光纖，這就是為什麼我們與這個行業中一些發展最快的參與者合作，以便我們可以全力以赴地提供我們知道我們可以提供的令人難以置信的服務。話雖如此，我不會對未來做出更多推測。

Thank you, Jonathan, for the question. Next question, please.

謝謝喬納森提出的問題。請下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

Sure, thank you. First, let me embarrass Cathy by wishing her a happy birthday today.

當然可以，謝謝。首先，讓我為凱西尷尬一下，祝她今天生日快樂。

Thanks, Craig.

謝謝，克雷格。

Happy Birthday, Cathy.

生日快樂，凱茜。

Appreciate it.

欣賞它。

I know you're not going to forgive me for that, Cathy. Let me ask the obligatory question about upgrade rates because you, like your peers, continue to see very, very low upgrade rates on handsets. My guess is the kind of the debate about whether we're going to see a big handset upgrade rate this year is largely already settled. But as you look out to next year and what at least the handset makers have said is expected to be a more robust AI-driven upgrade cycle, how do you think about that? How do you prepare for it? And how do you -- as a share gain or how do you potentially benefit from it?

我知道你不會原諒我的，凱西。讓我問一個關於升級率的強制性問題，因為您和您的同行一樣，仍然看到手機的升級率非常非常低。我的猜測是，關於今年我們是否會看到手機大幅升級的爭論基本上已經解決了。但當你展望明年時，至少手機製造商表示，預計將有一個更強大的人工智慧驅動的升級週期，你對此有何看法？你準備怎麼做？你如何－作為股票收益或如何從中受益？

Yeah, a great set of questions, Craig. Why don't we start with Mike Katz and talk about the upgrade rates we're seeing and little future casting?

是的，一系列很好的問題，克雷格。為什麼我們不從麥克·卡茨開始討論我們所看到的升級率和未來的選角呢？

Yeah. I mean in terms of the current upgrade rates, like you said, they were low. And a lot of that is just because of what we've been talking about the last several quarters that we see customers having their natural demand met by virtue of the way that our upgrade programs work. And by virtue of how good the T-Mobile version of the 5G devices are, both in terms of penetration, we have over 80% of our customers using 5G devices. But also, and maybe Ulf can comment on this later, some of the unique capabilities that are available in some of these devices because of our standalone 5G network.

是的。我的意思是，就目前的升級率而言，正如您所說，它們很低。這很大程度上是因為我們在過去幾個季度一直在談論，我們看到客戶透過我們的升級計劃的工作方式滿足了他們的自然需求。而憑藉T-Mobile版本的5G設備的良好表現，無論是在滲透率方面，我們都有超過80%的客戶使用5G設備。而且，也許 Ulf 稍後可以評論這一點，因為我們的獨立 5G 網絡，其中一些設備中提供了一些獨特的功能。

So what we see is customers having devices that generally work better and devices that are becoming more expensive and lasting longer. And we think all those factors have come into play affecting, and you're seeing the outcomes of the upgrade rates.

因此，我們看到客戶擁有的設備通常工作得更好，但設備變得更昂貴且使用壽命更長。我們認為所有這些因素都發揮了影響作用，並且您正在看到升級率的結果。

Looking forward, look, it's hard to predict. A lot of the OEMs don't share their long-term plans and what their devices are going to look like next year. But like -- just like going into this iPhone cycle, I'd say the next -- the same thing about next year's cycles, both with iPhone and with other OEMs, we think we're really well-positioned on whether it's a big upgrade cycle or not.

展望未來，看吧，很難預測。許多原始設備製造商並沒有分享他們的長期計劃以及他們明年的設備將會是什麼樣子。但是，就像進入這個 iPhone 週期一樣，我想說的是下一個週期，對於 iPhone 和其他 OEM 來說，明年的周期也是如此，我們認為我們確實處於有利位置，無論它是否是一個大的產品。升級週期與否。

In the case of a big upgrade cycle, T-Mobile has constantly been the winner when there's a lot of switching in the marketplace. And we saw that again during this last iPhone launch, and it's demonstrated in a lot of the results that you saw here in Q3 with 315,000 net new accounts by far, the most out of anybody that reports in this industry.

在升級週期較大的情況下，當市場出現大量轉換時，T-Mobile 始終是贏家。在上一次 iPhone 發布期間，我們再次看到了這一點，並且在第三季度的許多結果中都得到了證明，到目前為止，淨新帳戶數量為 315,000 個，是該行業報告中最多的。

So we think in a world where there is a lot of switching because of a new device that creates a lot of upgrades because of this unique proposition of best network, best value, and best experience when customers are shopping, T-Mobile is going to win. And that's, I think, been demonstrated quarter over quarter for many years now.

因此，我們認為，在一個因新設備而產生大量升級的世界中，由於客戶購物時最佳網路、最佳價值和最佳體驗的獨特主張，T-Mobile 將贏。我認為，多年來這一點已經逐季得到證實。

Okay. Anybody want to add to that?

好的。有人想補充一下嗎？

Well, the only comment there on the phones that Mike mentioned is that many phones are coming up and getting four-carrier aggregation, two-carrier aggregation in the uplink. This gives enormous benefits. It's 30% higher speeds in the downlink, 15% in the uplink. So this stuff performs really well on our network.

好吧，麥克提到的關於手機的唯一評論是，許多手機即將推出並在上行鏈路中實現四載波聚合、兩載波聚合。這帶來了巨大的好處。下行鏈路速度提高了 30%，上行鏈路速度提高了 15%。所以這個東西在我們的網路上表現得非常好。

And just a reminder on what Mike brought up is that we are the only one who has pure standalone core. We've had it since 2020. It's well tuned. It's rolled out over entire network, and it allows us to do these things. It allows us to the four-carrier in the downlink, it allows us for the two-carrier in the uplink with all those benefits for the new devices coming out.

提醒一下麥克所說的是，我們是唯一擁有純粹獨立核心的人。我們從 2020 年就開始使用它了。它在整個網路上推廣，它允許我們做這些事情。它允許我們在下行鏈路中使用四載波，它允許我們在上行鏈路中使用兩載波，為即將推出的新設備帶來所有這些好處。

And it also allows us now to use voice over the new air interface as you mentioned in your opening; that's a huge thing. It really leads to much better call setup times. It leads to better quality, and it gives us the opportunity for more effective spectrum use.

正如您在開場白中提到的，它現在還允許我們透過新的空中介面使用語音；這是一件大事。它確實可以縮短呼叫建立時間。它可以帶來更好的質量，並讓我們有機會更有效地使用頻譜。

So it's interesting, why do we say these things? Well, first of all, we pointed out for the reason Mike said, which is when people are having a fantastic experience that's differentiated with their current device at T-Mobile, then they're not as compelled to move. They're having a great experience, so they shop less. That's great. We have low upgrade rates as a result.

所以很有趣，我們為什麼要說這些？好吧，首先，我們指出了麥克所說的原因，即當人們在 T-Mobile 獲得與他們當前設備不同的美妙體驗時，他們就不會那麼被迫移動。他們獲得了很棒的體驗，因此購物次數減少了。那太棒了。因此，我們的升級率很低。

When they wind up switching, we win because we win the switching moment. So there's not enough talking in this industry about switching, but it's very clear that these numbers show once again we're the switching winner. And if there's a super cycle in the future and that spurs switching, that will be great for us.

當他們最終切換時，我們獲勝，因為我們贏得了切換時刻。因此，這個行業關於轉換的討論還不夠，但很明顯，這些數字再次表明我們是轉換的贏家。如果未來出現一個超級週期並刺激轉換，對我們來說將是一件好事。

And this point that Ulf that you're pointing out around the newer devices, taking advantage of our advanced capabilities, it really speaks to another issue. At Capital Markets Day, we were pretty clear that we don't expect to just defend this 5G network lead. We expect to extend it over time, and the evidence continues to back us up on that. We are much our margin of superiority is greater today than it was two years ago.

Ulf 您在新設備上指出的這一點，利用了我們的先進功能，它確實談到了另一個問題。在資本市場日，我們非常明確地表示，我們不希望僅僅捍衛這個 5G 網路領先地位。我們希望隨著時間的推移將其延長，並且證據繼續支持我們這一點。今天我們的優勢比兩年前大得多。

And one of the drivers of this is not just the rate and pace of our deploying technologies but it's the tailwind represented by the fact that a lot of the devices out there today in people's hands don't take full advantage of the network.

其驅動因素之一不僅是我們部署技術的速度和步伐，而且是當今人們手中的許多設備沒有充分利用網路這一事實所代表的順風。

For example, the latest iPhone 16 has advanced capabilities that are uniquely unlocked by T-Mobile's network. And the more those get in people's hands, the more it will unlock the embedded technology we've already rolled out, creating a tailwind for us to further extend our lead. And that will be a great dynamic down the road when people have those in their hands and they're faced later with whether to upgrade further and they're going to be very happy with what they have. So really nice trends unfolding there. Hope that helps, Craig?

例如，最新的 iPhone 16 具有由 T-Mobile 網路獨家解鎖的高級功能。這些產品越多進入人們的手中，就越能解鎖我們已經推出的嵌入式技術，為我們進一步擴大領先地位創造有利條件。當人們擁有這些產品並在稍後面臨是否進一步升級時，這將是一個巨大的動力，他們會對自己擁有的東西感到非常滿意。那裡正在呈現非常好的趨勢。希望有幫助，克雷格？

And maybe I would add just one little bit because of those dynamics that we're seeing, what Mike described, as I think about Q4, we'll probably see the same seasonality from an equipment revenue perspective that we saw last year. So the same kind of absolute dollar increase that we saw Q3 to Q4 is what I expect to happen from Q3 to this Q4. Obviously, higher than Q3 with that holiday seasonality happening there, but that's the trend that we'd expect.

也許我會補充一點，因為我們所看到的動態，麥克所描述的，當我想到第四季度時，從設備收入的角度來看，我們可能會看到與去年相同的季節性。因此，我預計從第三季到第四季將會發生與我們看到的第三季到第四季相同的絕對美元成長。顯然，高於第三季度，因為那裡發生了假期季節性，但這是我們預期的趨勢。

Thank you.

謝謝。

Thanks, Craig. Next question, please.

謝謝，克雷格。請下一個問題。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Good afternoon. Thank you for taking my question. I was wondering if you could maybe comment on your plans for network upgrades on the wireless side for next year. Maybe talk about the relative prioritization of your 3 gigahertz-plus 5G upgrades as well as how much you plan on doing in terms of rural and markets outside of the Tier 1 against any other priorities you may have? Thank you.

午安.感謝您回答我的問題。我想知道您是否可以評論一下明年無線方面的網路升級計劃。也許可以談談您的 3 GHz 以上 5G 升級的相對優先級，以及您計劃在農村和一級以外的市場方面與您可能擁有的任何其他優先級進行多少合作？謝謝。

Thanks, Jim. This might be a good opportunity for Ulf to kind of remind that we have a different approach for how to do this than many. And it's algorithmic, it's driven by deep data. And in that sense, the planfulness around big macro topics like that are a little bit different for us. In other words, we're looking now at a much more micro level than kind of a broad secular level without as much preference for whether it's rural or whether it's urban, et cetera. But maybe you can explain customer-driven coverage and how it drives our priorities into 2025.

謝謝，吉姆。對烏爾夫來說，這可能是一個很好的機會來提醒我們，我們有與許多人不同的方法來做到這一點。它是演算法性的，由深層資料驅動。從這個意義上說，圍繞此類重大宏觀主題的計劃對我們來說有點不同。換句話說，我們現在關注的是更微觀的層面，而不是廣泛的世俗層面，而沒有那麼多的偏好，無論是農村還是城市，等等。但也許您可以解釋一下以客戶為導向的覆蓋範圍，以及它如何推動我們的優先事項進入 2025 年。

Right. And first of all, I mean, we have the greatest assets, as I said before, on the below 6 gigahertz those assets are allowing us to build a very consistent network. So means that also all the towers that we have, and we have more than 80% of our towers are equipped very similarly. We are the only player in the market who has three layers dedicated to 5G.

正確的。首先，我的意思是，正如我之前所說，我們擁有最大的資產，在 6 GHz 以下的頻率上，這些資產使我們能夠建立一個非常一致的網路。這意味著我們擁有的所有塔，以及我們超過 80% 的塔的裝備都非常相似。我們是市面上唯一擁有專門針對 5G 的三層網路的廠商。

In that, when we are allowing us to build and expand this, we are using a methodology that we call customer-driven coverage. And customer-driven coverage is something we have spent about 1.5 years about developing a methodology. It's an algorithmic methodology based on AI, where we're using billions and billions of data points that we are assessing from customer experience data across the network. We're correlating that with business data and with real customer outcomes. In other words, what customers decide to do on our network.

因此，當我們允許我們建立和擴展它時，我們正在使用一種稱為客戶驅動覆蓋的方法。我們花了大約 1.5 年的時間來開發一種以客戶為導向的覆蓋方法。這是一種基於人工智慧的演算法方法，我們使用數十億個數據點，我們從整個網路的客戶體驗數據中評估這些數據點。我們將其與業務數據和真實的客戶結果相關聯。換句話說，客戶決定在我們的網路上做什麼。

And then we are assigning a CLV value, a customer lifetime value, to a grid across the country, more than 4 million little hexagons that we have created across the country, 165 meter-wide hexagons. We are signing those values relative to competition to allow us to know exactly where we can build to please customers. Because at the end of the day, this is not a pop drive where you're just chasing populations and where populations live, it's a much more complicated art to figure out exactly where customers will value most our build. And that's what we're doing on our capital allocation. And to answer your question, Jim, it's really what we're doing on our capital allocation for next year. We're taking full advantage of our customer-driven coverage.

然後我們給全國的一個網格分配一個CLV值，一個客戶終身價值，我們在全國創建了超過400萬個小六邊形，165米寬的六邊形。我們正在簽署這些與競爭相關的價值觀，以便我們準確地知道我們可以在哪些方面進行建設來取悅客戶。因為歸根究底，這不是一場流行驅動，你只是追逐人口和人口居住的地方，這是一門更複雜的藝術，要準確地弄清楚客戶最重視我們的建築的地方。這就是我們在資本配置方面所做的事情。吉姆，為了回答你的問題，這實際上是我們在明年的資本配置所做的事情。我們正在充分利用我們以客戶為導向的覆蓋範圍。

Now, looking then at our assets and our -- to your question about the 3 gigahertz band. How much do we really need to deploy that? Well, today, we have a -- and we went very smart into the auction around C-band, where we selected 50 markets where we really could see that this spectrum fits very well to our grid. So when we deploy it, it will be optimized for our grid, our tower-to-tower distance in a way that makes it very effective. And it's very -- in markets where there could potentially over time be a need to expand our capacity.

現在，看看我們的資產以及您關於 3 GHz 頻段的問題。我們真正需要多少資金來部署它？嗯，今天，我們非常聰明地參與了圍繞 C 頻段的拍賣，我們選擇了 50 個市場，在這些市場中我們確實可以看到該頻譜非常適合我們的電網。因此，當我們部署它時，它將針對我們的網格、塔到塔的距離進行最佳化，使其非常有效。隨著時間的推移，市場可能需要擴大我們的產能。

But as we see it now, it is not needed. We have so much more room to run. We are only about 60% deployed on our mid-band spectrum to 5G today. And we have much more other things that we can take an action in among the others, the technology leadership that you just explained, Mike. So that's where we are on our C-band plan.

但正如我們現在所看到的，這是沒有必要的。我們還有更多的運行空間。目前，我們的 5G 中頻段頻譜僅部署了約 60%。我們還有更多其他事情可以採取行動，其中包括你剛才解釋的技術領先地位，麥克。這就是我們 C 頻段計畫的目標。

Perfect. So Jim, what you can take away from that are a couple of things. One is, with apologies, what you can take away is what you just heard. We keep a little close to the vest. How and when we will deploy each band and exactly where we will deploy. And we do that for all kinds of reasons.

完美的。吉姆，你可以從中得到一些東西。一是，抱歉，你能帶走的就是你剛剛聽到的。我們保持保守一點。我們將如何以及何時部署每個頻段以及我們將部署的確切位置。我們這樣做是出於各種原因。

But one of the transparency we attempt to offer you is the following. One, we outlooked at Capital Markets Day that the $9 billion to $10 billion capital envelope is sufficient with our detailed planning to not only defend but to extend our 5G leadership and to meet the goals that we established in our business plan. We've modeled this at a very detailed level.

但我們試圖為您提供的透明度之一如下。第一，我們在資本市場日預計，90 億至 100 億美元的資本封套足以滿足我們的詳細規劃，不僅可以捍衛而且可以擴大我們的 5G 領先地位，並實現我們在業務計劃中製定的目標。我們已經在非常詳細的層面上對此進行了建模。

The way -- the lens is different. The set of tools are different. They're not blunt tools like, let's go after the countryside and let's go after -- it's much more algorithmic, both just described that we have tens of thousands of projects. They might be small upgrades, they might be reorientations, they might be adding C-band in the future, to the premise of your question.

方式——鏡頭是不同的。工具集不同。它們不是生硬的工具，例如，讓我們去追尋鄉村，讓我們去追尋——它更具演算法性，兩者都只是描述了我們有數以萬計的項目。它們可能是小的升級，它們可能是重新定位，它們可能在未來添加 C 波段，以您的問題為前提。

We have tens of thousands of future projects that gets stacked ranked based on some practical concerns like zoning permitting but mostly based on the outputs from our AI-driven algorithmic model called customer-driven coverage. And the result of that will be that we will stay ahead of the demand curve and continue to extend our overall performance and 5G experience leadership in the country within the CapEx envelope that we provided to you.

我們有數以萬計的未來項目，這些項目的排名是基於一些實際問題，例如分區許可，但主要基於我們稱為客戶驅動覆蓋範圍的人工智慧驅動演算法模型的輸出。結果將是，我們將保持領先於需求曲線，並在我們為您提供的資本支出範圍內繼續擴大我們在該國的整體性能和 5G 體驗領先地位。

That's very helpful color. Thank you. And then just as a quick follow-up. Can you maybe comment on whether you see anything in either your macro indicators or your underlying consumer data that have you at all concerned that we are about to see a significant deceleration in the overall kind of gross add environment in the consumer wireless space? Thank you.

這是非常有用的顏色。謝謝。然後作為快速跟進。您能否評論一下您是否在宏觀指標或基礎消費者數據中看到任何讓您擔心我們即將看到消費者無線領域總體總增長環境顯著減速的內容？謝謝。

Okay. And again, I'm going to apologize. I feel like you've asked me two in a row that I'm not all that well equipped to answer. And the reason why the second one is difficult is that we have sort of determined that T-Mobile, or maybe even our industry at large, is not really that great of a canary in the coal mine on macroeconomic things. And part of that is, I think, the essential nature of our service. And so we are not going to be the guys to ask to give you early indicators of changes or nuances in consumer behavior.

好的。再次，我要道歉。我覺得你連續問了我兩個問題，而我沒有足夠的能力回答。第二個問題之所以困難，是因為我們已經確定，T-Mobile，甚至我們整個產業，在宏觀經濟問題上並不是煤礦裡的金絲雀。我認為，其中一部分是我們服務的本質。因此，我們不會要求您提供消費者行為變化或細微差別的早期指標。

And one of the -- and that's borne out by our numbers. Our customers are kind of per category, per segment paying at traditional norms, valuing the service, just no real secular changes there that are noteworthy.

其中之一——我們的數據證實了這一點。我們的客戶按類別、按細分市場按傳統標準付費，重視服務，只是沒有值得注意的真正長期變化。

As it relates to growth in the industry, there are weird dynamics that are hard to predict there. We've done a pretty good job predicting our business, almost remarkably good job predicting our business. But predicting what happens sort of in the, quote-unquote, market growth has been more difficult. And a lot of that is because some of what gets added to the industry is kind of questionable sort of lower calorie net adds, et cetera. And it's one of the reasons why we focus so much on switching. We focus on the core business, our families on postpaid traditional plans who've been in this industry for a while and who switched to us from another provider. That continues to be just sort of at a modest rate and pace, the bread and butter of our superior revenue growth story.

由於它與行業的成長相關，因此存在難以預測的奇怪動態。我們在業務預測方面做得非常好，幾乎非常好。但預測市場成長中會發生什麼事卻更加困難。這很大程度上是因為添加到該行業的一些東西是一種可疑的低卡路里淨添加物，等等。這也是我們如此關注轉換的原因之一。我們專注於核心業務，我們的家庭採用後付費傳統計劃，他們已經在這個行業工作了一段時間，並從其他提供者轉向我們。這仍然是我們卓越的收入成長故事的基礎和適度的速度和步伐。

The other dynamic we focus on is an ongoing transference from prepaid to postpaid. Now this one, this one could possibly be a canary in the coal mine you're looking for, because we have seen over the past five years during these vibrant economic times, lots of transference from prepaid to postpaid.

我們關注的另一個動態是從預付費到後付費的持續轉變。現在，這個，這個可能是您正在尋找的煤礦中的金絲雀，因為我們在過去的五年裡，在這些充滿活力的經濟時期看到了從預付費到後付費的大量轉移。

In this most recent quarter, we saw it, yet again, a strong -- I think it was 175,000 net transfers from our prepaid to our postpaid showing that, that trend just continues that one -- maybe that one would be an indicator if you see that slowdown because this is a demonstration that customers are qualifying for postpaid plans over these last five years. So that's one to watch and it continues to be in recent trends in recent history consistent with. Okay.

在最近一個季度，我們再次看到了強勁的勢頭——我認為從我們的預付費到後付費的淨轉賬有 175,000 筆，表明這一趨勢仍在延續——如果你看到這種放緩是因為這表明客戶在過去五年中有資格享受後付費計劃。因此，這是一個值得關注的問題，而且它仍然與近代歷史上的最新趨勢一致。好的。

Thanks.

謝謝。

Thanks, Jim. Operator, next question, please.

謝謝，吉姆。接線員，請下一個問題。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾，沃爾夫研究中心。

Hi, and thank you. A question that's a bit longer term in nature on spectrum costs. Your stock valuation multiple expansion shows a lot of market confidence in your growth outlook. And if you put your investor hat on, may you'd agree that the other key value driver is the cost of that growth. And so, I want to ask you about a distant but potentially expensive issue, the 6G cycle. 4G and 5G costs, each of the major MNOs, tens of billions of dollars, your 5G solution with Sprint was quite elegant. I'm wondering if you'd share your view on that and whether anything about your business today sets up the long run for a different level of spectrum and RAN costs than we saw for the 4G and 5G cycles? Thanks.

你好，謝謝你。這個問題本質上是一個關於頻譜成本的長期問題。您的股票估值倍數擴張顯示市場對您的成長前景充滿信心。如果您戴上投資者的帽子，您可能會同意另一個關鍵價值驅動因素是成長成本。因此，我想問您一個遙遠但可能代價高昂的問題，即 6G 週期。 4G和5G成本，每個主要的MNO，數百億美元，你們與Sprint的5G解決方案相當優雅。我想知道您是否願意分享您對此的看法，以及您今天的業務是否會為長期頻譜和 RAN 成本設定與我們在 4G 和 5G 週期中看到的不同水平？謝謝。

Well, it's a great question, Peter, and it's -- the premise of your question acknowledges this, it's a little premature. But there's a lot of reasons to be optimistic about the long-term trends. And that's one of the reasons why we wanted to talk with you at our Capital Markets Day about our vision for what comes after this current 5G cycle, AI RAN, and what it can be.

嗯，這是一個很好的問題，彼得，而且你的問題的前提承認了這一點，現在有點為時過早。但有很多理由對長期趨勢持樂觀態度。這就是我們想在資本市場日與您討論我們對當前 5G 週期、AI RAN 及其未來發展的願景的原因之一。

And yes, there's a potential big cycle coming. But on the other hand, it may be a cycle that's fundamentally more efficient to roll out than prior cycles. And the promises of Open RAN that have been made for years may finally be realized at scale in the AI RAN era. And this allows you to offset potential future cost of replacement of future technologies with fundamental efficiency and so we're optimistic.

是的，一個潛在的大周期即將到來。但另一方面，這可能是一個從根本上比以前的周期更有效的周期。而 Open RAN 多年來的承諾或許最終會在 AI RAN 時代大規模實現。這使您能夠以基本效率抵消未來技術替換的潛在未來成本，因此我們持樂觀態度。

And so, we were able to indicate that for our planning horizon over the next few years, this $9 billion to $10 billion CapEx area makes sense. Now that's not full-scale 6G timeframes yet. But at the same time, we wanted to put down markers about our vision for what comes next with AI RAN because it's so promising on the ability to do more.

因此，我們能夠表明，對於我們未來幾年的規劃範圍，90 億至 100 億美元的資本支出領域是有意義的。現在還不是全面的 6G 時間表。但同時，我們希望對 AI RAN 的未來願景做出標記，因為它很有希望能夠做更多事情。

One of the things that we drive our plan around is the two core metrics, which is technology over time should allow us to extract more and more network performance per CapEx and OpEx dollar and it should allow us to extract more and more network performance per unit of spectrum. And that's what has happened, and that's what we think will continue to happen.

我們推動計劃的其中一件事是兩個核心指標，隨著時間的推移，技術應該使我們能夠從每單位資本支出和營運支出中提取越來越多的網路效能，並且它應該使我們能夠從每單位提取越來越多的網路效能的頻譜。這就是已經發生的事情，我們認為這將繼續發生。

But this next cycle may be more efficient than the big verticalized 5G cycle was. I will also say that the net cost of 5G involved -- a big part of that cost involved our competitors rushing in to spend an inordinate amount of money to try to get mid-band spectrum and that was caused by the extra competition brought on by our merger. Had that unfolded differently, it may have happened over time. And it really showcases how much competition our merger brought to this industry and how quickly. And today, customers are the beneficiaries of that.

但下一個週期可能比大型垂直化 5G 週期更有效率。我還要說的是，5G 的淨成本——其中很大一部分涉及我們的競爭對手蜂擁而至，花費大量資金試圖獲得中頻段頻譜，這是由 5G 帶來的額外競爭造成的。 。如果情況以不同的方式展開，它可能會隨著時間的推移而發生。它確實展示了我們的合併為這個行業帶來了多少競爭以及競爭有多快。如今，客戶是其中的受益者。

But so is the industry. One of the things I've talked about in the past is that yet while 5G has been costly for some, overall, you see industry cash flows at or around all-time highs. And yet you see consumers benefiting with three to four times more speed and three to four times more data usage at similar price points to five or six years ago. So consumers are -- are giant winners from the 5G cycle, but the industry remains quite healthy as well.

但行業亦是如此。我過去談到的一件事是，雖然 5G 對某些人來說成本高昂，但總體而言，行業現金流處於或接近歷史最高水平。然而，您會看到消費者在與五、六年前相似的價格點上受益於三到四倍的速度和三到四倍的數據使用量。因此，消費者是 5G 週期的巨大贏家，但該行業也仍然相當健康。

And I think the future bodes very nicely for 6G. One of the things we intend, like we did in 5G, when we looked around corners, and we saw that it would unfold on smartphones and in mid-band, we intend to be a company that drives the future on 6G as well. And that's why we've struck our unique partnership with Ericsson, Nokia, and NVIDIA to help invent AI RAN and bring the future about in a way that disproportionately benefits T-Mobile customers.

我認為 6G 的未來是非常美好的。我們打算做的事情之一，就像我們在5G 領域所做的那樣，當我們環顧四周時，我們看到它將在智慧型手機和中頻段上展開，我們打算成為一家在6G 上推動未來的公司。這就是為什麼我們與愛立信、諾基亞和 NVIDIA 建立了獨特的合作夥伴關係，幫助發明 AI RAN，並以一種讓 T-Mobile 客戶受益匪淺的方式實現未來。

Thank you, Peter. Thanks, Mike. Operator, next question, please.

謝謝你，彼得。謝謝，麥克。接線員，請下一個問題。

Sam McHugh, BNP Paribas.

薩姆·麥克休，法國巴黎銀行。

Yeah. Maybe just a follow-up on that in some ways. It's good to hear about like the consumer benefits that your scale through the Sprint deal brought. How is engagement going with different parties on the UScellular deal ever as much you could add on that?

是的。也許只是在某些方面的後續行動。很高興聽到您透過 Sprint 交易擴大規模為消費者帶來的好處。您可以補充一下，與不同各方在 UScellular 交易上的接觸進度如何？

And then a second, just quick follow-up on the ARPU growth. I know ARPU, not ARPA. But in terms of the upside surprise, is that more of a mix effect of the gross adds or is it the price rise that's landed better than maybe you anticipated? Thanks very much.

然後是 ARPU 成長的第二個快速跟進。我知道 ARPU，而不是 ARPA。但就上行驚喜而言，這更多的是總增加的混合效應，還是價格上漲的效果比您預期的更好？非常感謝。

Okay. I'm going to start with Peter on ARPU and ARPA. And is it mix driven? Or what's it driven by and then probably turn to Mike Katz to talk about how UScellular is unfolding?

好的。我將從 Peter 開始討論 ARPU 和 ARPA。它是混合驅動的嗎？或者它是由什麼驅動的，然後可能會轉向 Mike Katz 談論 UScellular 的發展？

Yeah. ARPA is a number of factors, as you know. On the consumer side, it's a continual expansion of the relationship, including with 5G home broadband, other connected devices, really seeing strength in growth and expansion of customer relationships. Callie spoke a lot about the success in T-Mobile for business across the segments and how you see ARPA expansion there.

是的。如您所知，ARPA 涉及多種因素。在消費者方面，這是關係的持續擴展，包括 5G 家庭寬頻、其他連接設備，真正看到了客戶關係成長和擴展的力量。 Callie 談到了 T-Mobile 在各個領域取得的成功以及您如何看待 ARPA 在那裡的擴張。

In terms of the rate plan optimization, that was a very minor component of the year-over-year ARPA change and certainly not the driver for the 3% increase now that we anticipated really is core expansion of customer relationships that's so exciting.

就費率計劃優化而言，這是 ARPA 同比變化的一個非常小的組成部分，當然不是 3% 增長的驅動因素，因為我們預計真正是客戶關係的核心擴展，這非常令人興奮。

Okay. And maybe while you're at it, Mike, you can talk about not just UScellular, but you might as well talk about Metronet and Lumos. We've been pretty busy out there. So what's going on with these new combinations that we have --

好的。麥克，也許您不僅可以談論 UScellular，還可以談論 Metronet 和 Lumos。我們在外面一直很忙。那麼我們擁有的這些新組合發生了什麼事——

Yeah. We have several transactions. And I would say all of them are in the process, and the processes are going really well. In terms of Lumos, we expect that to close in the first -- the first part of next year. UScellular, which is also in the process, maybe the middle part of next year. And then Metronet, we also expect to close in 2025. So good progress through the whole regulatory process. There's obviously several different groups that have to review and approve them and feel like those are going really well so far.

是的。我們有幾筆交易。我想說，所有這些都在這個過程中，而且過程進展得非常順利。就 Lumos 而言，我們預計將在明年上半年完成。 UScellular也在進行中，可能會在明年中期。然後 Metronet，我們也預計在 2025 年關閉。顯然有幾個不同的團體必須審查和批准它們，並且感覺到目前為止進展非常順利。

We happen to have at the end of the table, one of the nation's most accomplished antitrust lawyers. So our General Counsel, Mark Nelson, any commentary on things we're learning as we go along.

我們碰巧坐在桌子的最後一位，是全國最有成就的反壟斷律師之一。我們的總法律顧問馬克·尼爾森（Mark Nelson）對我們正在學習的事情的任何評論。

Yeah. And we've cleared -- both Lumos and Metronet have cleared the DOJ review process. They're still pending for the FCC, and that will take a little more time, as Mike just indicated. On UScellular, we think this is great for consumers. It's going to lead to lower pricing, especially for the UScellular customers.

是的。我們已經批准了 Lumos 和 Metronet 都批准了 DOJ 的審查流程。他們仍在等待聯邦通信委員會的批准，這將需要更多的時間，正如麥克剛剛指出的那樣。在 UScellular 上，我們認為這對消費者來說非常有利。這將導致價格降低，特別是對於美國行動客戶而言。

It's going to lead to better coverage for all customers. So we're confident in that, and we think we'll get clearance in due course, but we're working through the process with the various agencies right now.

這將為所有客戶帶來更好的覆蓋範圍。所以我們對此充滿信心，我們認為我們會在適當的時候獲得許可，但我們現在正在與各個機構合作完成這個過程。

We have begun some planning with the counterparties, particularly UScellular and because that's a more complicated set of planning that we have to do. And we've met the teams, they're fired up. I can tell you that they are excited about that core premise that Mark just reminded everybody of. This is a -- and this isn't always the case. This is a transaction that very clearly will result in both lower prices and better network.

我們已經開始與交易對手進行一些規劃，特別是美國移動，因為這是我們必須做的一套更複雜的規劃。我們見過這些團隊，他們都很興奮。我可以告訴你，他們對馬克剛剛提醒大家的核心前提感到興奮。這是——但情況並非總是如此。這筆交易顯然將帶來更低的價格和更好的網路。

Both T-Mobile and UScellular customers will have a better network experience. There's no question about that. And UScellular customers will be offered lower prices as they migrate to the T-Mobile plans. And that's just a classic win-win. So we're very confident, but we have to keep our heads down and go through the process and explain our case to all the parties involved. Very exciting time.

T-Mobile 和 UScellular 客戶都將獲得更好的網路體驗。毫無疑問。 UScellular 客戶在遷移到 T-Mobile 套餐時將獲得更低的價格。這就是典型的雙贏。所以我們非常有信心，但我們必須保持低調，走完整個流程，向所有相關方解釋我們的情況。非常激動人心的時刻。

Great, thank you.

太好了，謝謝。

Thanks, Sam. Our next question, please?

謝謝，山姆。我們的下一個問題，好嗎？

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Thank you. Maybe one on pricing. Mike, when you look at pricing across the industry right now, it just seems like it's taking much better than expected. I mean, churn is not as high when these price increases are taken and we've seen multiple price increases, of course, from your peers. Does that make you think that the value gap is maybe bigger in wireless and maybe this becomes a recurring opportunity?

謝謝。也許是關於定價的。麥克，當你看看現在整個行業的定價時，你會發現它的情況比預期要好得多。我的意思是，當價格上漲時，客戶流失率並沒有那麼高，而且我們已經看到了同行的多次價格上漲。這是否讓您認為無線領域的價值差距可能更大，而這可能成為一個反覆出現的機會？

And related to that, when you think about your volume growth, you're over-indexing versus the rest of the industry by a significant amount. And that's obviously great from a share perspective, but it does come with its own cost in the form of working capital and equipment margin rise and so on. So is it a thought that if prices are getting better, then maybe the balance can shift a little bit more towards price and drive the rest of the P&L and cash flow in a slightly different direction? Thanks.

與此相關的是，當您考慮銷售成長時，您會發現與行業其他公司相比，您的指數過高。從股票的角度來看，這顯然很棒，但它確實會帶來營運資本和設備利潤率上升等形式的成本。那麼，是否有人認為，如果價格好轉，那麼平衡可能會更多地向價格傾斜，並推動其餘的損益和現金流向稍微不同的方向發展？謝謝。

Yeah, that's a great question. Thanks for it. Our strategy here has been remarkably consistent. And as it relates to, for example, the working capital and other P&L impacts of a growth orientation, that's kind of very much in the run rate. It's true this quarter, we had the best Q3 in a decade, so that's on the margin, helpful. But it's in the same area code. I mean, we're growing methodically, consistently, repeatedly, and that's what you want to see from us as we chase these very ambitious goals for the outyear.

是的，這是一個很好的問題。謝謝你。我們的策略非常一致。例如，由於它與成長方向的營運資本和其他損益影響相關，因此在運行率中起著很大的作用。確實，本季度，我們的第三季度是十年來最好的，所以這只是邊際，有幫助。但它是在同一個區號。我的意思是，我們正在有條不紊地、持續地、反覆地成長，這就是你在我們追求明年這些非常雄心勃勃的目標時希望從我們身上看到的。

I will put our revenue growth plan up against anybody's. It -- our plan is one that favors customers, that focuses on value, that promises value, and that has resulted in service revenue growth and postpaid service revenue growth that lead the industry by a wide margin.

我會將我們的收入成長計劃與任何人的計劃進行比較。我們的計劃是一項有利於客戶、注重價值、承諾價值的計劃，這導致了服務收入成長和後付費服務收入成長，大幅領先於該行業。

So I want to make sure to caution us because the strategy we have, which is to emphasize value and network and experience as this team keeps reminding in every answer, that really works. And so we're very cautious about putting that at risk. That being said, we have to keep up with the times. You've seen us doing some of that. I think you could even be said that, that's gone very well. But we have to make sure that anything we do now and in the future is consistent with our vision that the Un-carrier stands for superior value.

因此，我想確保提醒我們，因為我們的策略是強調價值、網絡和經驗，正如團隊在每個答案中不斷提醒的那樣，這確實有效。因此，我們對於將其置於危險之中非常謹慎。話雖如此，我們必須跟上時代的腳步。您已經看到我們做了其中一些事情。我想你甚至可以這樣說，一切都很順利。但我們必須確保我們現在和未來所做的任何事情都符合我們的願景，即 Un-Carrier 代表著卓越的價值。

And to your premise of your question, that may leave room. What it means to be that may allow us to make changes over time. but we will make changes with the NorthStar being true to our brand should there be changes in the future.

對於你的問題的前提，這可能會留下空間。這意味著什麼可能會讓我們隨著時間的推移做出改變。但如果未來有變化，我們將做出改變，讓北極星忠於我們的品牌。

Thanks, Mike. Before we go to our last question on the phone, I'm going to take one question from social media, probably for Peter. Given the nice EBITDA take-up for the year, can you help us understand what's driving that? Is it the rate increase or are there other puts and takes we should think about?

謝謝，麥克。在我們透過電話討論最後一個問題之前，我將從社群媒體上回答一個問題，可能是問彼得的。鑑於今年 EBITDA 的表現不錯，您能幫助我們了解推動這一趨勢的因素嗎？是升息還是還有其他我們應該考慮的看跌期權和看跌期權？

Yeah, absolutely. Thank you, Cathy. There's a number of things. Of course, we're at that time of the year when the year guide is the Q4 guide. And so maybe I'll just focus on all the puts and takes within Q4. Of course, there's more adds for the year as we just raised guidance yet again on total postpaid as well as total postpaid phone.

是的，絕對是。謝謝你，凱西。有很多事情。當然，我們正處於一年中的這個時候，年度指南是第四季度指南。因此，也許我會只關注第四季度的所有看跌期權和賣出期權。當然，今年還會有更多的增加，因為我們剛剛再次提高了後付費總量和後付費電話總量的指導。

And then there's a few puts and takes as I think about. While the net is an increase in the midpoint, there is a noncash spectrum swap gain as that deal has closed. That's about $137 million. But that is primarily offset by slightly higher ACP decline. So as I mentioned earlier, we'll be at the higher end of that $350 million to $450 million range. And then, of course, there's hurricane costs that we're incurring in Q4 to make sure that we get the network back up and running and serve customers as quickly as possible on that front.

然後我想到了一些投入和採取的事情。雖然淨值是中間值的成長，但隨著交易的結束，存在非現金頻譜交換收益。這大約是 1.37 億美元。但這主要被 ACP 下降幅度略有上升所抵消。正如我之前提到的，我們將處於 3.5 億至 4.5 億美元範圍的高端。當然，我們在第四季度會產生颶風成本，以確保我們使網路恢復正常運作並儘快為客戶提供服務。

So with all those puts and takes, we still saw a nice increase of $50 million at the midpoint, and I'm very excited about that.

因此，透過所有這些看跌期權和看跌期權，我們仍然看到中間值增加了 5000 萬美元，我對此感到非常興奮。

Every guidance we give is fundamentally driven by the underpinnings of the business, right? And every quarter has sort of some tailwinds and some headwinds that are onetime, and this one is no different. Good one. Was that question from at Cathy's birthday online? (laughter)

我們提供的每項指導從根本上都是由業務基礎驅動的，對嗎？每個季度都會有一些順風和逆風，這次也不例外。好一個。這個問題是凱西生日時在網路上提出的嗎？ （笑聲）

All right. Last question. Thanks, operator.

好的。最後一個問題。謝謝，接線生。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Eric.

埃里克.

Great. Appreciate you squeezing me in. So I just wanted to maybe touch on the high HSI or fixed wireless business. Obviously, you updated your guide at Capital Markets Day [$12 million] aspiration. And I know we talked about it implies a modest decel in net adds if we straight line it, but you've been pretty consistent at this [$400,000] quarterly run rate. So does that still feel like an achievable number near term?

偉大的。感謝您邀請我參與。 所以我只是想談談高恆指或固定無線業務。顯然，您更新了資本市場日 [1200 萬美元] 願望指南。我知道我們討論過，如果我們直線計算的話，這意味著淨增加會適度減速，但你在這個 [400,000 美元] 的季度運行率上非常一致。那麼，這在短期內仍然是一個可以實現的數字嗎？

And maybe, any other color you could provide on kind of how gross adds versus churn have trended? And then any geographical splits kind of between urban versus suburban versus rural areas where you rolled it out? Thank you.

也許，您可以提供任何其他顏色來說明總增加與流失的趨勢？然後你推出的城市、郊區和鄉村地區之間有什麼地理上的分歧嗎？謝謝。

Sure. The majority come from cable. The majority come from -- with existing T-Mobile customers. The broad trend lines haven't changed much. As we grow, gross adds have to grow in order to outrun even if churn is consistent. Broadly, every quarter is different. But broadly over time, our churn trends have looked very nicely as this cohort has aged. So that's really good.

當然。大部分來自有線電視。大多數來自現有的 T-Mobile 客戶。整體趨勢線沒有太大變化。隨著我們的發展，即使流失率持續穩定，總增加量也必須成長才能超越。一般來說，每季都有所不同。但總的來說，隨著時間的推移，隨著這個群體的老化，我們的流失趨勢看起來非常好。所以這真的很好。

Every quarter, we'll be a little different on that front. But generally, I've been pleased with that over the last 1.5 years. But gross adds have to keep rising. And so that's one of the reasons why there's a difference between the current run rate and the terminal size by 2028, quote-unquote, at least for now. And we'll have to see how it goes.

每個季度，我們在這方面都會有所不同。但總的來說，我對過去 1.5 年的表現感到滿意。但總增加金額必須繼續上升。因此，這就是為什麼目前運行速度與 2028 年終端規模之間存在差異的原因之一，至少目前是如此。我們得看看事情進展如何。

You're right. It's been remarkably consistent, consistent in that. We've been gaining more net adds than anyone else in the industry, some quarters more than everyone else combined. And one of the things that gives us a lot of confidence here is that people just love this product. This is the highest Net Promoter Score by some measures product in the country. And so that gives us a lot of confidence.

你說得對。這是非常一致的，在這方面是一致的。我們的淨增量比業內其他任何公司都多，有些季度比其他所有公司的總和還要多。讓我們充滿信心的事情之一是人們非常喜歡這個產品。從某些指標來看，這是全國最高的淨推薦值產品。這給了我們很大的信心。

Our average speeds are just like the cable averages. Our usage is 0.5 gig or 0.5 terabyte a month and growing. The average speed and experience is triple what it was three years ago. So it's not a static thing. It's rapidly improving. And again, it matches cable, but it's a lot -- it's differentiated versus other fixed wireless offerings as well. So we're just really confident in the product, and we will keep investing time and energy in the customer experience to make sure it remains truly great. And so far, so good.

我們的平均速度就像電纜的平均速度一樣。我們的使用量是每月 0.5 GB 或 0.5 TB，而且還在持續成長中。平均速度和體驗是三年前的三倍。所以這不是一個靜態的事情。它正在迅速改善。再說一次，它與有線產品相匹配，但它有很多特點——它與其他固定無線產品也有區別。因此，我們對產品非常有信心，我們將繼續在客戶體驗上投入時間和精力，以確保它保持真正的卓越。到目前為止，一切都很好。

Thank you, Mike. That's all the time we have for questions, and we appreciate everyone joining us today.

謝謝你，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。

Thanks, everybody.

謝謝大家。

We look forward to speaking to you again soon. If you have any further questions, you may contact the Investor Relations or media departments. Thank you.

我們期待很快再次與您交談。如果您還有任何疑問，您可以聯絡投資者關係或媒體部門。謝謝。

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

女士們先生們，T-Mobile 第三季財報電話會議到此結束。我們感謝您的參與。您現在可以斷開連接，並度過愉快的一天。