T-Mobile US Inc (TMUS) 2024 Q4 法說會逐字稿

Good morning.

早安.

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

（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。

Please go ahead.

請繼續。

Good morning.

早安.

Welcome to T-Mobile's Fourth Quarter and Full Year 2024 Earnings Call.

歡迎參加 T-Mobile 2024 年第四季和全年財報電話會議。

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.

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有重大差異的風險和不確定性。

We encourage you to review the risk factors set forth in our SEC filings.

我們鼓勵您查看我們向 SEC 提交的文件中列出的風險因素。

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 on our Investor Relations website.

我們的收益發布、投資者背書和其他與我們的業績相關的文件，以及本次電話會議中討論的 GAAP 和非 GAAP 業績之間的調節表，可以在我們的投資者關係網站上找到。

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

現在讓我把它交給麥克。

Okay.

好的。

Thanks, Cathy.

謝謝，凱茜。

Good morning, everybody.

大家早安。

My senior team and I are coming to you from New York today, ready to close the books on a fantastic 2024 for T-Mobile.

我和我的高階團隊今天從紐約來到這裡，準備為 T-Mobile 美好的 2024 年畫下句點。

Before we start, I'd like to first express that our thoughts are with everyone affected by the devastating California wildfires.

在開始之前，我想先表示，我們的想法與受加州毀滅性野火影響的每個人同在。

And I want to thank our team members who worked tirelessly to keep Californians connected.

我要感謝我們的團隊成員，他們孜孜不倦地努力讓加州人保持聯繫。

Our network held up very well during the emergence restored to 99% within a few days, thanks to advanced network self-optimizing technologies.

由於先進的網路自最佳化技術，我們的網路在突發事件期間表現良好，幾天之內就恢復到了 99%。

And in addition, we activated T-Mobile Starlink satellite to cellular capabilities on an emergency basis, allowing customers to send hundreds of thousands of texts and receive emergency alerts via satellite even from affected areas.

此外，我們還緊急啟動了 T-Mobile Starlink 衛星到蜂窩功能，使客戶能夠發送數十萬條短信，並透過衛星接收緊急警報，甚至可以從受影響的地區接收緊急警報。

As we speak, our people remain on the ground, engaging in community support and we'll continue to do what we can to help.

當我們說話時，我們的員工仍在現場，參與社區支持，我們將繼續盡我們所能提供幫助。

Okay.

好的。

Let's shift to those fantastic 2024 results, which I know you're all eager to hear about.

讓我們轉向 2024 年那些出色的結果，我知道你們都渴望聽到它。

Once a year, at the end of the year, we have the opportunity to widen the aperture a little bit, and let's start with growth.

每年一次，年底的時候，我們有機會把光圈擴大一點，從成長開始。

In 2024, more customers than ever before, decided to join the Un-carrier.

2024 年，決定加入 Un-carrier 的客戶比以往任何時候都多。

We delivered our highest-ever postpaid phone gross additions.

我們實現了有史以來最高的後付費電話總增量。

We also saw our best-ever postpaid phone churn.

我們也看到了有史以來最好的後付費電話流失率。

In fact, 2024 marked our third straight year of more than 3 million postpaid phone net additions.

事實上，2024 年是我們後付費電話網路新增數量連續第三年超過 300 萬支。

Now sometimes I get asked whether our greatest growth years might be in our past.

現在有時我會被問到，我們最大的成長歲月是否可能在過去。

So, I want to be clear.

所以，我想澄清一下。

In our storied growth history, 2024 was our greatest growth year ever across multiple metrics and we finished strong.

在我們傳奇的成長歷史中，2024 年是我們有史以來在多個指標上成長最快的一年，而且我們表現強勁。

In Q4, we once again led the industry in postpaid phone net additions with 903,000, growing our share of households year-over-year across both the top 100 and smaller markets in rural areas, while leading the industry in postpaid switching share.

第四季度，我們在後付費電話淨新增數量方面再次領先業界，達到903,000 部，在前100 名和農村地區較小市場中，我們的家庭份額逐年增長，同時在後付費轉接份額方面領先業界。

At the same time, we continued to deepen our relationship with customers and meet them where they want us to be.

同時，我們繼續深化與客戶的關係，並在他們希望我們去的地方滿足他們的需求。

Many are taking the opportunity to self-select up the rate card.

許多人趁機自行選擇價目表。

In Q4, we continued to see over 60% of our new customers selecting our premium plans and we grew our postpaid ARPA at the highest rate in over seven years.

在第四季度，我們繼續看到超過 60% 的新客戶選擇我們的高級計劃，並且我們的後付費 ARPA 增長速度達到七年來的最高水平。

As you know, a big part of our growth trajectory centers on tapping into digital to transform customer experiences, and we're already seeing great results from our efforts in this area.

如您所知，我們成長軌蹟的很大一部分集中在利用數位化來改變客戶體驗，我們已經看到我們在這一領域的努力取得了巨大成果。

And one example is our flagship digital platform, T Life.

我們的旗艦數位平台 T Life 就是一個例子。

Customers are loving it.

客戶很喜歡它。

We said we'd see 40 million downloads by the end of the year, but we saw more than 50 million and with some incredible engagement numbers.

我們曾說過，到今年年底，下載量將達到 4000 萬次，但實際下載量卻超過了 5000 萬次，而且參與人數也令人難以置信。

And we are just delivering industry-leading growth in consumer mobile.

我們剛剛在消費移動領域實現了領先業界的成長。

We're also doing it in business.

我們也在做生意。

In Q4, we delivered our best-ever quarter in phone net additions, our best-ever quarter in phone net additions and saw our lowest ever total postpaid churn, driving our tenth consecutive quarter and positive port trends across every part of the T-Mobile business group.

在第四季度，我們實現了有史以來最好的電話網路新增季度，並實現了有史以來最低的後付費總客戶流失率，推動了我們連續第十個季度的發展，並推動了T-Mobile各部門的積極端口趨勢商業集團。

An example of this momentum, I'm excited to share that the City of New York awarded us with a significant contract, which includes services for the city's public safety network.

作為這一勢頭的一個例子，我很高興與大家分享，紐約市授予我們一份重要合同，其中包括為該市公共安全網絡提供服務。

Look, there's no city in the country with higher standards or more complex needs than New York.

瞧，這個國家沒有哪個城市比紐約有更高的標準或更複雜的需求。

Given our differentiated ability to deliver network capabilities, including our groundbreaking T priority service that I first unveiled to you at our Capital Markets Day.

鑑於我們提供網路功能的差異化能力，包括我在資本市場日首次向您推出的突破性 T 優先服務。

It's no wonder the City of New York chose the T-Mobile network to keep their team connected.

難怪紐約市選擇 T-Mobile 網路來保持團隊聯繫。

Speaking of network, third parties continue to affirm our leadership.

說到網絡，第三方不斷肯定我們的領先地位。

In January, OpenSignal named us the winner in all five overall network experience categories.

一月份，OpenSignal 將我們評為所有五個整體網路體驗類別的獲勝者。

And Ookla, once again recognized how our network outperformed others across the country by a lot.

Ookla 再次意識到我們的網路在全國範圍內的表現遠遠優於其他網路。

I promised you that we would not just defend, but we would further extend T-Mobile's 5G network leadership for the long haul, and that is exactly what we're doing.

我向你們保證，我們不僅會捍衛，而且會進一步長期擴大 T-Mobile 的 5G 網路領導地位，而這正是我們正在做的事情。

Let's hit on growth some more.

讓我們進一步關注成長。

This time, turning to our 5G broadband offering.

這次我們來談談我們的 5G 寬頻產品。

We captured our highest-ever share of industry net once again this year.

今年我們再次獲得了有史以來最高的行業網絡份額。

And in Q4, for the 12 quarter in a row, we led the industry in broadband growth with 428,000 net additions.

在第四季度，我們連續 12 個季度在寬頻成長方面領先產業，淨增用戶數達 428,000 人。

We also updated our pricing construct, allowing us to compete for the most price to certain customers while simultaneously creating opportunities to self-select up the rate card to more feature-packed plans.

我們還更新了定價結構，使我們能夠為某些客戶爭取最高價格，同時創造機會自行選擇價目表以獲取更多功能豐富的計劃。

In fact, in Q4, we delivered our highest year-over-year broadband ARPU growth.

事實上，在第四季度，我們實現了最高的寬頻 ARPU 年比成長。

And we did it while simultaneously winning customer hearts with superior value.

我們做到了這一點，同時以卓越的價值贏得了客戶的心。

That is a great formula.

這是一個很棒的公式。

And it's consistent.

而且它是一致的。

We have sustainable long-term structural advantages allowing us to continue to offer the unique combination of best network, best value and best experience and we have lots of room to run.

我們擁有可持續的長期結構優勢，使我們能夠繼續提供最佳網路、最佳價值和最佳體驗的獨特組合，並且我們有很大的發展空間。

Let me be clear, we are not chasing growth for growth's sake.

讓我明確一點，我們不是為了成長而追求成長。

In fact, we're focused on delivering thoughtful, smart, and profitable growth and that translated to industry-leading financial growth in 2024.

事實上，我們專注於實現深思熟慮、明智且盈利的成長，並在 2024 年實現領先業界的財務成長。

In Q4, our postpaid service revenue grew over 8%, a rate more than double that of peers.

第四季度，我們的後付費服務收入成長超過8%，是同業的兩倍多。

We saw our core adjusted EBITDA growth of 10% in the quarter and 9% for the full year, continuing to lead the industry by a wide margin.

我們的核心調整後 EBITDA 在本季度增長了 10%，全年增長了 9%，繼續大幅領先該行業。

And for the full year, we delivered our highest-ever diluted earnings per share, paired with our highest-ever free cash flow of $17 billion, generating industry-leading cash flow conversion from service revenues of 26%.

全年，我們實現了有史以來最高的稀釋每股收益，加上我們有史以來最高的 170 億美元自由現金流，服務收入產生了行業領先的現金流轉換率 26%。

This outsized cash generation has allowed us to return a cumulative $31.4 billion.

如此巨大的現金產生使我們累計返還 314 億美元。

The stellar year we just delivered, along with the strong Q4 exiting momentum sets us up extremely well for 2025.

我們剛剛度過了輝煌的一年，加上第四季度強勁的退出勢頭，為我們 2025 年的發展奠定了良好的基礎。

In fact, we're starting 2025 with our highest-ever beginning of the year guide for expected postpaid net additions.

事實上，我們在 2025 年伊始就制定了有史以來最高的預期後付費淨增量指南。

And in addition, we're increasing our service revenue growth expectation for '25 versus what we shared just a few months ago.

此外，與幾個月前分享的數據相比，我們也提高了 25 年的服務收入成長預期。

Peter is going to share our detailed guide in a minute, but it's clear that 2025 will be an exciting year that should outperform prior growth expectations while also setting the table for '26 and '27 with important network investments and transformation investments.

Peter 稍後將分享我們的詳細指南，但很明顯，2025 年將是令人興奮的一年，應該會超越先前的成長預期，同時也會透過重要的網路投資和轉型投資為26 和27 年奠定基礎。

Also, I am pleased to say that the next time we do this, Srini Gopalan will be here at the table with us as our new COO.

另外，我很高興地說，下次我們這樣做時，Srini Gopalan 將作為我們的新營運長與我們一起參與會議。

You may have seen our news on this Monday about his appointment starting March 1.

您可能已經在本週一看到了我們關於他從 3 月 1 日開始任命的新聞。

As we get deeper into our Challenger to Champion plan, arguably the most exciting chapter in our history, I decided now is the time to return to having a COO at T-Mobile, so I can have a left-to-right operating partner.

隨著我們深入了解「從挑戰者到冠軍」計劃，這可以說是我們歷史上最激動人心的篇章，我決定現在是時候重新在T-Mobile 擔任首席營運官了，這樣我就可以擁有一個從左到右的營運合作夥伴。

And therefore, focus even more of my time on our longer-term opportunities and strategy.

因此，我將更多的時間集中在我們的長期機會和策略上。

Srini is the right guy, and one of the reasons for that is he is well known to all the rock stars here at this table.

斯里尼是合適的人選，原因之一是他為這張桌子上的所有搖滾明星所熟知。

I can't wait to see his impact.

我迫不及待地想看看他的影響。

Let me wrap up by expressing pride in our incredible team who produced these powerful results.

最後，我要對我們令人難以置信的團隊表示自豪，他們創造了這些強大的成果。

This is a team who sets out to do hard things and is full of ambition.

這是一支立志幹硬事、充滿雄心壯志的團隊。

And often, we actually even over deliver on those ambitions.

通常，我們實際上甚至超額實現了這些雄心壯志。

Our 2024 results speak for themselves.

我們 2024 年的成果不言而喻。

But what I'm more excited about is the clear-eyed strategy we have for the future and the momentum running into '25 that should allow us to not only deliver strongly this year, but position us even better for '26, '27 and beyond.

但更令我興奮的是我們對未來的清晰策略以及進入 25 年的勢頭，這不僅能讓我們在今年取得強勁成果，而且還能讓我們在 26 年、27 年和超過。

This team is laser-focused on consistent execution and value creation, both for the short term and the long term, and I have never been more excited about what's ahead.

這個團隊專注於短期和長期的一致執行和價值創造，我對未來從未如此興奮。

All right, Peter, over to you to provide an update on our guidance.

好吧，Peter，現在請您提供我們指南的最新資訊。

All right.

好的。

Thanks a lot, Mike.

非常感謝，麥克。

As Mike already mentioned, we delivered industry-leading results in 2024, and that momentum is carrying on through 2025.

正如麥克已經提到的，我們在 2024 年取得了領先業界的業績，而這種勢頭將持續到 2025 年。

So, starting with customers.

所以，從客戶開始。

We expect to deliver total postpaid customer net additions of between 5.5 million and 6 million, our highest ever beginning of the year guide.

我們預計後付費客戶淨增總數將在 550 萬至 600 萬之間，這是我們今年年初指導的最高數字。

We expect approximately half of that toll to be postpaid phone net additions also representing our highest-ever beginning of the year outlook.

我們預計其中大約一半將是後付費電話網路的增加，這也代表了我們對今年年初的最高預期。

The strength we've seen in our service revenue growth underpins our expectation to now deliver approximately 5% growth in service revenue for the full year up from the 4% we indicated during our Capital Markets Day.

我們在服務收入成長方面看到的強勁勢頭支撐了我們的預期，即全年服務收入成長約 5%，高於我們在資本市場日期間所表示的 4%。

As part of that service revenue growth is our expectation for postpaid ARPA growth of around 3% for the full year as we see continued deepening of customer relationships and continue to find opportunities to optimize our rate plan structure.

作為服務收入成長的一部分，我們預計全年後付費 ARPA 成長約為 3%，因為我們看到客戶關係不斷深化，並繼續尋找優化我們費率規劃結構的機會。

We will intentionally leverage the strength in our top line to both fund our highest ever beginning of the year, total postpaid net customer additions expectation and also bolster investments across our network and digital capabilities, not only to deliver on 2025 but continuing to set up momentum against our multiyear guide.

我們將有意識地利用我們的營收實力，為今年年初最高的後付費淨客戶增加預期提供資金，並加強對我們網絡和數位能力的投資，不僅要在 2025 年實現目標，還要繼續建立勢頭反對我們的多年指南。

In line with what we told you in September, we expect core adjusted EBITDA to be between $33.1 billion and $33.6 billion for the full year, up 5% at the midpoint.

根據我們在 9 月告訴您的情況，我們預計全年核心調整後 EBITDA 將在 331 億美元至 336 億美元之間，中位數成長 5%。

Turning to cash CapEx.

轉向現金資本支出。

We expect cash CapEx to be approximately $9.5 billion as we outlined for you at our Capital Markets Day, fueling the investments to not only maintain but extend our network leadership.

正如我們在資本市場日為您概述的那樣，我們預計現金資本支出約為 95 億美元，這將推動投資，不僅維持而且擴大我們的網路領先地位。

Finally, we now expect adjusted free cash flow, including payments for merger-related costs in the range of $17.3 billion to $18 billion 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，包括在利潤擴張和資本效率的推動下支付 173 億至 180 億美元的合併相關成本，從而實現行業領先的服務收入到自由現金流的轉換。

To add some more color on this, this includes an expectation for 2025 cash income tax payments of approximately $700 million based on current tax policy and increased cash interest payments of approximately $3.9 billion adjusted EBITDA.

更重要的是，這包括根據當前稅收政策預計 2025 年現金所得稅支付約 7 億美元，以及調整後 EBITDA 增加的現金利息支付額約為 39 億美元。

And I want to be clear that none of this contemplates the impact of our announced and pending M&A.

我想澄清的是，所有這些都沒有考慮我們已宣布和即將進行的併購的影響。

We remain on track to close our outstanding transactions between early to mid-2025 and we'll provide additional information after they close.

我們仍有望在 2025 年初至中期之間完成未完成的交易，我們將在交易結束後提供更多資訊。

So looking back, 2024 was another strong milestone year that continued to highlight our consistent execution, delivering industry-leading growth once again.

回顧過去，2024 年是另一個具有里程碑意義的一年，繼續凸顯我們一貫的執行力，再次實現業界領先的成長。

And we are so excited for the long runway we have to further deliver our profitable growth in the years ahead.

我們對漫長的跑道感到非常興奮，我們必須在未來幾年進一步實現獲利成長。

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

現在，我將把電話轉回給凱西，開始問答。

Cathy?

凱茜？

Okay, let's get to your questions.

好的，讓我們來回答你的問題。

(Operator Instructions) We will start with a question on the phone.

（操作員說明）我們將從電話中提問開始。

Operator, first question, please.

接線員，第一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Maybe first on the -- Mike, on the guidance, the 5% service revenue growth.

也許首先是麥克，關於指導，5% 的服務收入成長。

And Peter, I think you sort of teased it out a little bit, but are you assuming faster postpaid service growth or sort of less of a slowdown on the wholesale side?

彼得，我認為你對此進行了一些梳理，但你是否假設後付費服務增長更快，或者批發方面的放緩程度較低？

Because wholesale obviously sequentially, which surprised us this quarter.

因為批發顯然是連續的，這讓我們本季感到驚訝。

But maybe a little color on what's going on in terms of the piece parts there.

但也許對那裡的零件發生的事情有一點色彩。

And then on the postpaid sub guide, the -- I'd say the guidance sort of goes against the narrative that we're seeing slowing growth in subscribers.

然後在後付費子指南上，我想說，該指南與我們看到訂戶成長放緩的說法背道而馳。

Can you talk about your confidence against that dynamic to put up these type of numbers?

您能談談您對這種動態提出此類數字的信心嗎？

And is it driven more by sort of changes in gross adds or potentially better churn as we look out into '25?

當我們展望 25 世紀時，它更多是由總增加的變化還是潛在的更好的客戶流失所驅動的？

Well, I'll let Peter start with the revenue guide, especially compared to what we saw a few months ago and then maybe I'll start on the postpaid subscribers and see who else wants to jump in.

好吧，我會讓彼得從收入指南開始，特別是與我們幾個月前看到的相比，然後也許我會從後付費訂戶開始，看看還有誰想加入。

Perfect.

完美的。

Thanks, John.

謝謝，約翰。

So yes, your question around wholesale.

是的，你的問題是關於批發的。

So, remember, what's happening in wholesale has long been foreshadowed and planned for us and particularly what's happened with, as we anticipated, both track phone as well as DISH as they build their own network and offload off of our network that we would see the tapering of those two ultimately going to zero.

因此，請記住，批發領域正在發生的事情早已為我們預示和計劃，特別是正如我們預期的那樣，當他們建立自己的網絡並從我們的網絡中卸載時，都會跟踪電話和DISH 所發生的情況，我們將看到這兩者的逐漸減少最終會趨於零。

And what we foreshadowed at Capital Markets Day is that 2025 would be the low point for wholesale revenue and with growth thereafter.

我們在資本市場日上預言，2025 年將是批發收入的低點，此後將出現成長。

Because underlying those two things plan to come off, there's growth in the wholesale base for us.

由於這兩件事計劃的實現，我們的批發基礎有所增長。

So, I'd expect probably the exit rate being very similar to what we'll see throughout 2025.

因此，我預計退出率可能與 2025 年全年的退出率非常相似。

And so to that point you're making, it really is both a function of growth in customers on total postpaid customers as well as postpaid phone customers as well as that deepening of the relationship that drives ARPA growth.

因此，就您所說的這一點而言，這實際上既是後付費客戶總數和後付費電話客戶數量增長的函數，也是推動 ARPA 成長的關係深化的結果。

We just delivered just over 3% ARPA growth in a very successful '24 and expect '25 to look the same there.

我們剛剛在非常成功的「24 年」中實現了略高於 3% 的 ARPA 成長，並預計「25 年」也將如此。

And that's fueled by all of those growth opportunities that Mike talked about across every single business sector that we have.

麥克在我們擁有的每個業務部門中談到的所有成長機會都推動了這一點。

So wholesale decline is slowing.

因此批發下降正在放緩。

ARPA growth picking up and the guide on subscribers is the third component, which you asked about.

ARPA 成長加速和訂戶指南是您所問到的第三個組成部分。

Look, as you look across our subscriber outlook, there's just not an area that's doing anything other than outperforming prior expectations.

看，當你縱觀我們的訂戶前景時，除了超出之前的預期之外，沒有一個領域在做任何事情。

I talked about in my prepared remarks, that we're gaining share in the top 100 markets, a place where a lot of people felt we would just defend.

我在準備好的演講中談到，我們正在獲得前 100 個市場的份額，很多人認為我們只會捍衛這個市場。

We are gaining share rapidly in smaller markets and rural areas, an area that represents more than 40% of the country.

我們在較小的市場和農村地區（佔全國面積的 40% 以上）迅速擴大份額。

We're having -- experiencing our best quarters ever and gaining share rapidly in T-Mobile for Business, fueled by all kinds of things, including groundbreaking tea priority offer and other related 5G advanced services like network slicing capabilities that are now starting to demonstrate that they allow us to unlock market share gains in highly CLV positive ways.

在各種因素的推動下，我們正在經歷有史以來最好的季度，並在T-Mobile for Business 中迅速獲得份額，其中包括突破性的茶優先優惠和其他相關的5G 高級服務，例如現在開始展示的網路切片功能它們使我們能夠以高度 CLV 積極的方式釋放市場份額。

And so there's -- and when we look across the board, this formula of best network, best value, best experiences, it just doesn't have a weak spot right now.

因此，當我們全面審視時，這個最佳網絡、最佳價值、最佳體驗的公式現在沒有弱點。

And so we looked at it and said, it's time to tune up that guidance as we enter the year.

因此，我們研究後說，是時候在進入新的一年時調整這項指導方針了。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

You kind of just touched on it, but I wanted to ask you a bit more about sort of the mix between kind of ARPU growth and account growth.

您剛剛談到了這個問題，但我想問您更多有關 ARPU 成長和帳戶成長之間的組合的問題。

You called out in the deck this morning sort of fewer stand-alone; I think fixed wireless net adds and maybe more selling into the base, a more bundled customer growth, which is driving such strong ARPU growth.

今天早上你在甲板上喊出的聲音有點少了；我認為固定無線網路增加了基礎銷售，也許更多的銷售，更捆綁的客戶成長，推動瞭如此強勁的 ARPU 成長。

Is that a function of sort of your sales and marketing strategy or just sort of how the markets kind of evolving at this point in fixed wireless?

這是您的銷售和行銷策略的功能，還是只是固定無線市場目前如何演變的功能？

And then I'm just wondering if -- I know it's not a huge check for T-Mobile, but I hope the Vistar acquisition was an interesting one.

然後我只是想知道——我知道這對 T-Mobile 來說並不是一筆巨額支票，但我希望收購 Vistar 是一筆有趣的交易。

And you talked about key ads back at your Capital Markets Day.

您在資本市場日談到了關鍵廣告。

Why is this business interesting?

為什麼這個生意很有趣？

What does it tell us about your ambition’s kind of in advertising and sort of the digital out-of-home space?

它告訴我們您在廣告和數位戶外空間方面的野心是什麼？

Great.

偉大的。

Let's start with the ARPU growth.

讓我們從 ARPU 成長開始。

I'll turn to Peter.

我將轉向彼得。

Yes.

是的。

And I think specific to your question around high-speed Internet and account growth, yes, I mean, we saw continued very strong account growth in Q4 of this year.

我認為具體到您關於高速互聯網和帳戶增長的問題，是的，我的意思是，我們在今年第四季度看到了持續非常強勁的帳戶增長。

And to the question of what happened relative to last Q4.

關於上個第四季發生了什麼的問題。

Every quarter, we see a little bit of ebbs and flows in terms of high-speed Internet and are those high-speed Internet-only accounts as an entry into T-Mobile that we can then sell into other connected devices like postpaid phone or are those existing customers taking it?

每個季度，我們都會看到高速互聯網方面的一些潮起潮落，這些僅限高速互聯網的帳戶是否可以作為進入T-Mobile 的入口，然後我們可以將其出售給其他連接設備，例如後付費電話或那些現有的客戶正在服用它？

And that relative mix changes quarter-to-quarter.

而且這種相對組合每季都會改變。

In Q4, we saw strong demand for our high-speed broadband product from existing customers still had lots of new to T-Mobile customers come in, but that just drives it.

在第四季度，我們看到現有客戶對我們的高速寬頻產品的強勁需求，仍然有許多新的 T-Mobile 客戶進來，但這只是推動了這一成長。

And so that will change quarter-to-quarter.

因此，這將逐季度發生變化。

Remember, at the same time, what we did was drive the highest-ever year-over-year fixed broadband ARPU growth.

請記住，同時，我們所做的是推動固定寬頻 ARPU 實現有史以來最高的同比增長。

And so, it's a fabulous result of what we've seen and what's been done from a rate plan introduction perspective there.

因此，這是我們所看到的以及從費率計劃引入角度所做的工作的一個驚人的結果。

And that underpins the sales.

這支撐了銷售。

Overarchingly ARPUs driven by both that, it's really growth across all of those vectors.

ARPU 總體上是由這兩者驅動的，它確實是所有這些向量的增長。

We talked a little bit about consumers continuing to self-select up the rate plan in our postpaid phone constructs.

我們討論了消費者繼續在我們的後付費電話結構中自行選擇費率計劃的問題。

We see great momentum in high-speed broadband.

我們看到高速寬頻的巨大發展動能。

And we see great momentum across all of our other products as well.

我們也看到了我們所有其他產品的強勁勢頭。

And that's given us the confidence to continue to see and guide on ARPA growth as significantly as we have in 2025.

這讓我們有信心繼續看到和指導 ARPA 的成長，就像 2025 年那樣顯著。

Yes, I have a couple of things to add.

是的，我有幾件事要補充。

Everything that's happened with high-speed Internet and account growth is as we forecasted for you and outlined.

高速互聯網和帳戶增長所發生的一切都正如我們為您預測和概述的那樣。

So, we had talked earlier in the year about settling into a pattern at this level of growth on HSI versus a prior pattern slightly higher when we were much smaller.

因此，我們在今年稍早曾討論過要適應恆生指數的這種成長水平，而不是我們規模小得多時的先前模式。

And so, we're in the 400s now per quarter, the last couple of quarters versus the 500s last year, and that has a small effect on the overall account growth.

因此，我們現在每個季度的數量為 400 多，過去幾季與去年的 500 多相比，這對整體帳戶成長影響很小。

I want to underscore, though, that this account growth is by far the highest reported in the industry.

不過，我想強調的是，這一帳戶成長是迄今為止業內最高的。

And this trend of kind of feeding on just selling into the base is something you're seeing from others.

這種只靠向基地銷售的趨勢是你從其他人身上看到的。

And you see that in their disclosures about a decline in account growth year-over-year pretty significantly.

您可以在他們的披露中看到，帳戶增長同比大幅下降。

So, we're much higher in reported account growth, and that's because we're the share-taking leader in mobile by far, share of port-ins, overall switching share.

因此，我們報告的帳戶成長要高得多，這是因為我們是迄今為止行動領域的份額領先者，無論是移植份額還是整體轉換份額。

That's a really important trend.

這是一個非常重要的趨勢。

As it relates to ARPA, in addition to the other sort of tailwinds that Peter talked about, I mean, we do have an ongoing opportunity to address legacy rate plans across the base.

由於它與 ARPA 相關，除了彼得談到的其他類型的順風之外，我的意思是，我們確實有一個持續的機會來解決整個基地的遺留費率計劃。

And we began a program last year on this.

我們去年就此啟動了一個計畫。

We didn't complete it -- there's more opportunity this year.

我們沒有完成它——今年有更多機會。

And I want to be clear that anything that we might do in this space, we will do in a way that really honors our brand value proposition that we will be the best value, and that means the lowest prices of the majors in this industry.

我想明確的是，我們在這個領域可能做的任何事情，我們都會以一種真正尊重我們品牌價值主張的方式來做，即我們將成為最佳價值，這意味著該行業主要產品的價格最低。

Look, there are legacy rate plans out there that are very outdated that we still can address at scale.

看，有一些遺留的費率計劃已經非常過時，我們仍然可以大規模解決。

And so, we began this program last year.

因此，我們去年開始了這個計劃。

It went very successfully, and we'll continue it this year.

非常成功，今年我們將繼續這樣做。

And so that's another potential tailwind for us as we address those outdated plans.

因此，當我們解決這些過時的計劃時，這對我們來說是另一個潛在的推動力。

You asked about Vistar.

你問過維斯塔的事。

This is really exciting.

這真的很令人興奮。

Maybe I'll ask Mike Katz to start this up.

也許我會邀請麥克·卡茨來啟動這個計畫。

Yes.

是的。

Thanks.

謝謝。

Yes, ma'am, we are really excited about this acquisition.

是的，女士，我們對這次收購感到非常興奮。

First and foremost, because is a great company.

首先也是最重要的，因為它是一家很棒的公司。

And it has a really incredible and impressive leadership team that we're excited to have join T-Mobile and have built out an industry-leading technology platform.

它擁有一支令人難以置信且令人印象深刻的領導團隊，我們很高興能夠加入 T-Mobile 並建立了領先業界的技術平台。

So excited about the company itself.

對公司本身非常興奮。

But what we're really excited about is the opportunity to transform an industry.

但我們真正興奮的是改變產業的機會。

If you think about out-of-home advertising, there hasn't been a lot of change in this industry really and maybe forever.

如果您考慮戶外廣告，您會發現這個行業實際上並沒有發生太大變化，而且可能永遠沒有太大變化。

And a lot of the -- if you think about how advertisers think about the outdoor industry, it's really difficult to understand who's seen these ads.

如果你考慮廣告商對戶外產業的看法，你會發現很多廣告確實很難理解誰看過這些廣告。

And it's very difficult to understand if a customer has seen the ads, what they do afterwards.

而且很難了解客戶是否看過廣告以及之後會做什麼。

And we think we can take this technology platform that Vistar has built, combined with the customer intelligence that T-Mobile has and bring new features into outdoor advertising that can transform the industry and bring things like measurability and impact to an advertising platform that hasn't had them before.

我們認為，我們可以利用 Vistar 構建的技術平台，結合 T-Mobile 擁有的客戶智能，為戶外廣告帶來新功能，從而改變整個行業，並為廣告平台帶來可衡量性和影響力等內容。沒有過。

And I can tell you, because T-Mobile is one of the biggest advertisers in the country, this is exciting for us and I think it's going to be really exciting for other advertisers.

我可以告訴你，因為 T-Mobile 是美國最大的廣告商之一，這對我們來說是令人興奮的，我認為這對其他廣告商來說也將是非常令人興奮的。

So I could not be more excited to get this started with these guys.

所以我對與這些人一起開始這件事感到非常興奮。

I don't want to overstate things, but it is a big piece of our ambition that we shared at Capital Markets Day.

我不想誇大事情，但這是我們在資本市場日分享的雄心壯志的重要組成部分。

And you think about the digital outdoor place-based media industry, right now it's about a $10 billion TAM.

想想戶外數位媒體產業，目前 TAM 約為 100 億美元。

We think it has the opportunity to grow rapidly and take share from nondigital.

我們認為它有機會快速成長並從非數位化領域奪取份額。

And look, our dream here is to transform like we think we have the capability to transform and we can give marketers insights into how that media performed, who saw it, what they did.

看，我們的夢想是進行轉型，就像我們認為我們有能力進行轉型一樣，我們可以讓行銷人員深入了解媒體的表現、誰看到了它、他們做了什麼。

And we can even in close quarters like bus, depots, retail media networks, we can even change what is shown based on who's present.

我們甚至可以在巴士、車站、零售媒體網路等近距離內，甚至可以根據在場人員來更改顯示的內容。

And we can do all this with the explicit opt-in permission of customers to make their digital lives and their advertising lives more relevant to them.

我們可以在客戶明確選擇加入的情況下完成這一切，使他們的數位生活和廣告生活與他們更加相關。

So, it's -- this is a great opportunity.

所以，這是一個很好的機會。

We think it's transformational and it's part of a larger focus on becoming a leading for marketers by marketers, advertising support service.

我們認為這是變革性的，它是行銷人員、廣告支援服務更專注於成為行銷人員的領導者的一部分。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

As you open the aperture of your broadband business to include fiber this year and going forward, how are you thinking about the overall broadband environment we're set into this year from a net add perspective.

當您今年和今後將寬頻業務納入光纖業務時，您如何從淨增加的角度考慮我們今年所處的整體寬頻環境。

And also sort of your ability to kind of either take price on your high-speed wireless product or to potentially segment the market with different price tiers across fiber and high-speed Internet, especially relative to cable competitors.

此外，您還可以對高速無線產品進行定價，或透過光纖和高速網路的不同價格等級來潛在地細分市場，尤其是相對於有線競爭對手而言。

And then maybe secondly, on the capital allocation front, how are you thinking about the potential pace of buybacks you're going to execute in 2025?

其次，在資本配置方面，您如何考慮 2025 年執行回購的潛在步伐？

In light of some of the cash needs you have to close the acquisitions you mentioned in the first half, are you going to keep that sort of ratable or be potentially a little bit more opportunistic throughout the year?

鑑於您必須完成上半年提到的收購的一些現金需求，您會在全年保持這種可評級還是可能會更加投機取巧？

Great.

偉大的。

Well, let's start the second question with Peter, and then we'll come back to fiber growth.

好吧，讓我們從彼得開始第二個問題，然後我們再回到纖維生長。

Absolutely.

絕對地。

So yes, you're right.

所以是的，你是對的。

We have -- 2025 is exciting from all the announced acquisitions that we have as well as JV partnerships.

2025 年我們宣布的所有收購以及合資夥伴關係都令人興奮。

So, US Cellular, Metro NetLemos.

因此，美國行動網路、Metro NetLemos。

All of those were contemplated in terms of the authorization that we came up with as the Board did and communicated the up to $14 billion in 2025.

所有這些都是我們在董事會提出的授權中考慮的，並傳達了 2025 年高達 140 億美元的授權。

So, all of that is contemplated within there.

所以，所有這些都是在那裡考慮的。

In terms of pacing, I'd anticipate '25 after -- we saw some things and learn some things and adjusted how we approach the marketplace from a share buyback perspective in 2024.

就節奏而言，我預計 25 年後——我們看到了一些東西，學到了一些東西，並從 2024 年股票回購的角度調整了我們進入市場的方式。

'25, I'd expect it to be probably more ratable during the course of the year as we think about it and approach shareholder returns.

'25，我預計在這一年中，當我們考慮這個問題並接近股東回報時，它的評級可能會更高。

Growth picture.

成長圖。

Like, first of all, I would just say it's not that big of an input to our algorithm.

首先，我想說這對我們的演算法來說並不是那麼大的輸入。

Like in other words, the rate of growth of the market is much less interesting to us than the rate of share taking because what we've been doing, the vast majority of people that sign up for T-Mobile 5G broadband are switching from something else.

換句話說，我們對市場成長率的興趣遠不如份額佔有率，因為我們一直在做的事情是，絕大多數註冊 T-Mobile 5G 寬頻的人正在從其他東西轉向別的。

And that goes to the second part of your question, which is making sure that we have a price construct that is very competitive.

這牽涉到你問題的第二部分，確保我們的價格結構非常有競爭力。

One of the things I said in my prepared remarks is we actually made some changes in Q4 that allowed us to compete for the most price discerning customers.

我在準備好的演講中所說的一件事是，我們實際上在第四季度做出了一些改變，使我們能夠爭奪最具價格洞察力的客戶。

But what's interesting is we did that while realizing some of the biggest gains in broadband ARPA that we've ever seen.

但有趣的是，我們在這樣做的同時，實現了我們所見過的寬頻 ARPA 的一些最大收益。

And so, what we've done is created a construct that addresses the value shopper, but also shows them that there's even more value if they trade up our rate card.

因此，我們所做的就是創建一個解決價值購物者問題的結構，同時也向他們表明，如果他們升級我們的價目表，就會獲得更多價值。

And so far, that's going really well.

到目前為止，一切進展順利。

And we have more opportunities to continue to deepen ARPU, not just within the core broadband service, but with associated services as time unfolds.

隨著時間的推移，我們有更多的機會繼續深化 ARPU，不僅在核心寬頻服務內，還包括相關服務。

And so, we're very optimistic about the revenue trends on this business.

因此，我們對該業務的收入趨勢非常樂觀。

Peter Supino, Wolfe Research.

彼得‧蘇皮諾，沃爾夫研究中心。

A question on your wholesale philosophy.

關於您的批發理念的問題。

I wondered, as you look at wholesale opportunities over the next couple of years, MVNO opportunities, what's the philosophy you bring to the opportunity to bid for and you're thinking about how to price those bids as new opportunities come up.

我想知道，當您審視未來幾年的批發機會、MVNO 機會時，您為投標機會帶來的理念是什麼，以及您正在考慮如何在新機會出現時對這些投標進行定價。

And then in fixed wireless, I wondered if you could talk about your strategy in cells that have become more highly utilized and where you continue to see high fixed wireless consumer demand.

然後在固定無線方面，我想知道您是否可以談談您在利用率更高的小區中的策略，以及您繼續看到固定無線消費者需求較高的地方。

Okay.

好的。

First on wholesale.

首先是批發。

It's a pretty straightforward algorithm.

這是一個非常簡單的演算法。

We look for partners that are able to go after audiences in a better way than we can go after them with our existing brands.

我們尋找能夠以比我們現有品牌更好的方式吸引受眾的合作夥伴。

Brands have a certain amount of liability, but there are audiences and pockets of opportunity out there that partners are better positioned with an alternative brand to go after in a cost-effective way.

品牌承擔一定的責任，但合作夥伴可以更好地定位受眾和機會，以更具成本效益的方式尋求替代品牌。

And that's what we generally look for.

這就是我們通常會尋找的。

As it relates to pricing, the algorithm is to get a great return on our network.

由於它與定價相關，該演算法是為了在我們的網路上獲得巨大的回報。

When you take out the cost of caring for customers and acquiring customers and you look down at the -- essentially the margin stream we get per unit of capacity on the network, we want it to be attractive at a wholesale level, not just at a retail level.

當你除去照顧客戶和獲取客戶的成本時，你會看到——本質上是我們在網路上每單位容量獲得的利潤流，我們希望它在批發層面上具有吸引力，而不僅僅是在零售層面。

And so that's generally the algorithm that we used.

這就是我們通常使用的演算法。

As it relates to capacity on fix, let me just remind that what we try to do in our business model is to avoid the situation that you talked about, which is certain sectors of certain towers becoming congested due to fixed wireless.

由於它與固定容量有關，讓我提醒一下，我們在商業模式中試圖做的是避免您談到的情況，即某些塔的某些部分由於固定無線而變得擁塞。

Because remember, what we do when approving applicants for fixed in the first place is we study our algorithm right down to the expi level, 165 meters across and look at not just the capacity available now but the capacity likely to be available for years to come with a normal amount of share taking on mobile in that sector as well as normal amount of mobile usage gains.

因為請記住，在批准固定申請時，我們首先要做的是研究我們的演算法，直至 165 公尺寬的 expi 級別，不僅考慮現在可用的容量，還考慮未來幾年可能可用的容量移動在該領域的份額正常，移動使用量也正常。

And if the algorithm says that sector will continue to have excess capacity, then we approve an applicant for home broadband.

如果演算法顯示該部門將繼續產能過剩，那麼我們就會批准家庭寬頻申請人。

And with that algorithm, we are, by far, for 12 quarters in a row, the leading home broadband growth provider in this industry with more growth than the rest of the industry combined.

透過該演算法，到目前為止，我們已連續 12 個季度成為該行業領先的家庭寬頻成長提供商，其成長速度超過了該行業其他公司的總和。

And so, it works really well.

所以，它的效果非常好。

And when it's working correctly, we don't see sectors or towers become saturated due to fixed wireless.

當它正常工作時，我們不會看到扇區或塔因固定無線而變得飽和。

David Barden, Bank of America.

大衛巴登，美國銀行。

I can't believe it got to me before we had to mention that the Satellite Live ad was kind of incredible.

我簡直不敢相信，在我們不得不提到衛星直播廣告有點令人難以置信之前，我就想到了這一點。

So, I thought that was a win.

所以，我認為這是一場勝利。

So, I guess, one question for Peter.

所以，我想，有個問題想問彼得。

Peter, this is an amazing guide.

彼得，這是一本很棒的指南。

Thank you for all the updated information, but there's a lot that's happening, right, the Vistar, the Lumos, the Metronet, the US Cellular deal.

感謝您提供所有更新的信息，但是有很多事情正在發生，對吧，Vistar、Lumos、Metronet、美國蜂窩交易。

Can you kind of just sum it up and say, obviously, it's revenue positive, but is -- what is it going to do to EBITDA in aggregate maybe either through the year or on a run rate basis and to free cash flow in terms of the investments that need to be made in these fiber projects so that we can kind of get a more holistic picture.

你能否總結一下，顯然，它的收入是積極的，但是——它會對全年或按運行率計算的 EBITDA 總體產生什麼影響，以及對自由現金流產生什麼影響？ ，以便我們能夠獲得更全面的了解。

And then, Mike, if I could, obviously, the subscriber growth guidance, very strong, strongest ever at the beginning of the year.

然後，麥克，如果可以的話，顯然，訂戶成長指導非常強勁，是今年年初以來最強勁的。

Obviously, there's still a lot of questions about T-Mobile's exposure to the immigration question.

顯然，T-Mobile 面臨的移民問題仍有許多疑問。

And what does your exposure to the prepaid market, the wholesale market even your retail base, how do we think about and get comfortable with that piece of it?

你們對預付費市場、批發市場甚至零售基地的接觸程度如何，我們如何看待並適應這一部分？

That would be helpful.

那會有幫助的。

Okay.

好的。

We'll start to Peter and fair warning; I'm going to go to John on the second one.

我們將從彼得和公平警告開始；我要去第二次去找約翰。

So, Peter?

那麼，彼得？

Yes absolutely.

是的，絕對是。

You're right.

你說得對。

And again, the guide that we gave, other than for purposes of leverage and the associated cash interest and, of course, being incorporated into the authorization from a capital returns perspective.

再說一次，我們提供的指南，除了出於槓桿和相關現金利息的目的之外，當然，也從資本回報的角度納入授權。

Everything else is incremental to the guide.

其他一切都是指南的增量內容。

And I think it's a little premature for a number of reasons for me to give you what does the aggregate look like.

我認為，出於多種原因，我現在向您提供總體情況還為時過早。

One is what -- when are we going to close each and every one of these two.

一是我們什麼時候關閉這兩個項目。

Some are private companies, some are public companies, I don't think it would be appropriate for me ahead of close to give that color.

有些是私人公司，有些是上市公司，我認為我不適合在收盤前給予這種顏色。

But I can tell you one thing, which is for example, with US Cellular, one of the things, and we'll give color on this as and when we close.

但我可以告訴你一件事，例如，美國行動電話就是其中之一，我們將在關閉時對此進行說明。

We're looking at, we learned a lot from a very successful integration with Sprint both from how to make it even better for customers, how to really quickly -- as quickly as possible with the customer in mind first connect these two companies and generate the synergies.

我們正在研究，我們從與 Sprint 的一次非常成功的整合中學到了很多東西，包括如何為客戶提供更好的服務，如何真正快速地——盡快以客戶為中心，首先連接這兩家公司並產生協同作用。

So we're looking at all of that as we're getting closer to close and assessing how quickly can we do this?

因此，當我們接近完成時，我們正在考慮所有這些，並評估我們能多快做到這一點？

What does that mean from a cost to achieve perspective, et cetera.

從實現成本等角度來看，這意味著什麼？

And I think when and as these close is probably the better time to give you color on it for all of those reasons.

我認為，出於所有這些原因，當這些接近時，可能是給你顏色的更好時機。

But they're all very accretive, certainly value accretive in the long run, which is why we did all of these very exciting for us.

但它們都非常具有增值性，從長遠來看肯定會增值，這就是為什麼我們所做的所有這些都對我們來說非常令人興奮。

And I'm just excited to get them closed, and I'll give you some color.

我很高興能讓它們關閉，我會給你一些顏色。

I will say a little bit more about the JVs and your question around investments and free cash flows.

我會多說一些關於合資企業以及您關於投資和自由現金流的問題。

Remember, part of the reason that we did the JV structure is to, one, focus on who's best at what element of it.

請記住，我們採用合資結構的部分原因是，第一，關注誰最擅長其中的哪個部分。

We're great at customer sales, servicing, marketing, and that's what we're taking on.

我們擅長客戶銷售、服務、行銷，這就是我們正在承擔的工作。

The JVs and the infrastructure co behind it is really great, some of the best in the US at laying fiber and the ability to have that JV there also means we can lever it up appropriately so and really leverage that capacity and go from a build perspective.

背後的合資企業和基礎設施公司確實很棒，其中一些是美國在鋪設光纖方面最好的公司，並且在那裡擁有合資企業的能力也意味著我們可以適當地利用它，從而真正利用這種能力並從建設的角度出發。

So there isn't a CapEx burden on us.

因此我們沒有資本支出負擔。

So it really will be very efficient, very effective from a P&L perspective with respect to the JVs for us.

因此，從損益角度來看，對於我們的合資企業來說，這確實非常有效率。

And these are some of the reasons why we've I think, provided the extra discipline of giving you our outlook before the consideration of all of these accretive opportunities that should drive the top line, should drive EBITDA and after sort of modest and normative cost to achieve should drive cash flows as well.

我認為，這些就是我們為什麼在考慮所有這些增值機會之前向您提供我們的前景的額外紀律，這些機會應該推動收入，應該推動 EBITDA，並在適度和規範的成本之後實現目標也應該推動現金流。

So, a really positive story developing on the acquisition front.

因此，收購方面正在發生一個非常積極的故事。

Okay.

好的。

Let's talk about prepaid and the dynamics that we see there.

讓我們談談預付費以及我們在那裡看到的動態。

Maybe what's going on in the prepaid business and what do we expect as it relates to the immigration question.

也許預付費業務正在發生什麼，以及我們對移民問題有何期望。

You bet.

你打賭。

So, hi Dave.

所以，嗨戴夫。

Our prepaid business is doing incredibly well.

我們的預付費業務做得非常好。

When you look at the overall contribution of this prepaid business with industry-leading brands, led by our flagship brand of Metro by T-Mobile, we're very, very pleased with the overall prepaid business.

當您看到以我們的旗艦品牌 Metro by T-Mobile 為首的行業領先品牌對預付費業務的整體貢獻時，我們對整體預付費業務非常非常滿意。

As you can see in our overall 2024 results over 250,000 prepaid net adds, the company's lowest churn ever for a full year in 2024.

正如您在我們 2024 年整體業績中看到的，預付費淨增加超過 250,000 名，這是該公司 2024 年全年流失率最低的一年。

So, we're very, very pleased with the stability of that business.

因此，我們對該業務的穩定性非常非常滿意。

Business continues to incrementally grow.

業務持續穩定成長。

Relative to immigration, it's really early for us to really say in terms of what's happening around immigration.

相對於移民，我們現在真正談論移民周圍發生的事情還為時過早。

But I can tell you this that when you look at the peak immigration flows into the country, whether legal immigration, legal -- the overall peak in 2022, when you look at our prepaid business, we didn't really see an outsized impact in terms of inflow into our prepaid business.

但我可以告訴你，當你觀察流入該國的移民高峰時，無論是合法移民還是合法移民——2022 年的總體高峰，當你觀察我們的預付費業務時，我們並沒有真正看到對流入我們的預付費業務的條款。

And we believe that's the case because our business is primarily revolving around the very highest premium monthly prepaid subscriptions and not necessarily the transactional prepaid business.

我們相信情況確​​實如此，因為我們的業務主要圍繞最高保費的每月預付訂閱，而不一定是交易預付費業務。

We have some of that, but most of that is concentrated within other companies throughout the entire prepaid category.

我們有一些，但其中大部分集中在整個預付費類別的其他公司。

So relative to our base, we feel that's very, very stable.

因此，相對於我們的基礎，我們覺得非常非常穩定。

We didn't see huge inflows in 2022 and 2023.

2022 年和 2023 年我們沒有看到大量資金流入。

So whatever might be playing out, we think we're very insulated from that perspective around our prepaid business and the overall broader business as a whole.

因此，無論發生什麼情況，我們認為我們的預付費業務和整個業務都不會受到這種影響。

I know we don't talk about prepaid off, and that's a good point about 22%, and it doesn't seem to be that correlated to immigration because of the nature of our portfolio of brands.

我知道我們不談論預付，這是 22% 的一個很好的觀點，而且由於我們品牌組合的性質，它似乎與移民沒有那麼相關。

That's good news.

這是個好消息。

I just want to say, like we don't talk about this business much and the team has done an extraordinary job.

我只是想說，我們不太談論這項業務，但團隊做得非常出色。

I mean we're growing prepaid reliably, consistently.

我的意思是，我們的預付費業務正在持續可靠地成長。

This quarter was, by far, the growth leader and we just -- we have the best portfolio of brands and the best executing teams, and our customers love our product.

到目前為止，本季度是成長領先者，我們擁有最好的品牌組合和最好的執行團隊，我們的客戶喜歡我們的產品。

And you think about they're getting this incredible market-leading 5G network at an extraordinary value.

您會想到他們正在以非凡的價值獲得這個令人難以置信的市場領先的 5G 網路。

And so, as the leader, you would expect -- you wouldn't necessarily expect the kind of consistent execution and ongoing growth that this team delivers.

因此，作為領導者，您可能會期望 - 您不一定會期望該團隊能夠提供一致的執行力和持續的成長。

So

所以

(technical difficulty)

（技術難度）

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內桑森。

So AT&T has talked a lot about the attach rate of wireless in its fiber footprint with the latest disclosure showing 40% attach rate for wireless.

因此，AT&T 在其光纖足跡中談論了很多關於無線連接率的問題，最新披露的資訊顯示無線連接率達到 40%。

I wonder if you could just talk a bit about what kind of dynamics you see in converged footprints for your competitors?

我想知道您是否可以談談您在競爭對手的融合足跡中看到的動態？

And whether the very high attach rates that at least AT&T is presenting and Verizon talks about, whether that influences your view of how much of a converged footprint you actually need as you think about are MetroNet and Lumos enough?

至少 AT&T 和 Verizon 所談論的非常高的連接率是否會影響您對您實際需要多少融合足跡的看法，就像您認為的那樣，MetroNet 和 Lumos 就足夠了？

Or do you need something bigger?

還是你需要更大的東西？

Sure, Craig.

當然，克雷格。

I mean not much has changed on this since we outlined it for you last time, which is we believe that Americans are already operating in a converged world, where they have the option to purchase wireline and wireless from the same provider more than 80% of the time, and they've had that option for more than five years.

我的意思是，自從我們上次為您概述以來，這方面並沒有太大變化，我們相信美國人已經在一個融合的世界中運作，他們可以選擇從同一提供者購買有線和無線，超過 80%時間，他們已經有這種選擇五年多了。

And what we see is that in the places where our competitors have their wireline offers out there, and experience attached and the attach that you're describing, we also experienced outperformance in those areas.

我們看到的是，在我們的競爭對手提供有線服務、附加經驗以及您所描述的附加的地方，我們在這些領域也表現出色。

We also experienced better churn.

我們也經歷了更好的流失。

And so there's some selection bias in it that goes beyond the causality that's suggested by the numbers.

因此，其中存在一些選擇偏差，超出了數字所暗示的因果關係。

What we find is that customers, when you ask them in a survey, would you like to get your wireless and your wireline from the same company, they're like, well, sure.

我們發現，當您在調查中詢問客戶是否希望從同一家公司獲得無線設備和有線設備時，他們會說，當然可以。

But what we also find that it doesn't seem to be a core motivator of purchase in either category.

但我們也發現，它似乎不是這兩個類別中購買的核心動機。

That customer -- this is a considered sale, and customers will make the best broadband decision for them.

該客戶—這是一次經過深思熟慮的銷售，客戶將為他們做出最好的寬頻決定。

And again, we're by far the broadband leader in this country and have been for 12 quarters in terms of growth.

再說一次，我們迄今為止是這個國家的寬頻領導者，並且已經連續 12 個季度實現成長。

And they'll make the best wireless decision for themselves.

他們將為自己做出最佳的無線決策。

And if those come from the same company, great.

如果它們來自同一家公司，那就太好了。

And you can see that in the numbers where, for example, where Verizon says that they have lower churn where they also have fiber, well, we also have lower churn where Verizon has fiber.

你可以在數字中看到，例如，Verizon 表示他們在有光纖的地方客戶流失率較低，那麼，在 Verizon 有光纖的地方我們的客戶流失率也較低。

And I'm not trying to discount the bundle effect.

我並不是要貶低捆綁效應。

We see the bundle effect in our own business when customers have a family plan of all mobile.

當客戶擁有全行動裝置的家庭計畫時，我們在自己的業務中看到了捆綁效應。

They churn less.

他們流失得更少。

When they have multiple products from us, they churn less.

當他們擁有我們的多種產品時，他們的流失就會減少。

But there's lots of ways to construct a bundle.

但是建立捆綁包的方法有很多。

In our wireless business and our competitors' wireless business, the phone itself constructs a bundle, where you have the rate plan of the service and a rate plan to pay that phone off over two years or more, that's a bundle.

在我們的無線業務和我們競爭對手的無線業務中，手機本身構成了一個捆綁包，其中您有服務的費率計劃以及在兩年或更長時間內還清電話費用的費率計劃，這就是捆綁包。

So, there's multiple ways you can see this churn dynamic of the bundling effect take hold.

因此，您可以透過多種方式看到捆綁效應的這種流失動態。

And as I said, Americans have had the choice for years of getting the same service from their wireline and their wireless and most don't purchase them at the same time.

正如我所說，美國人多年來一直可以選擇透過有線和無線獲得相同的服務，但大多數人不會同時購買它們。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Mike, given some of your introductory comments, can you give us a teaser on some of the other strategic questions that you'd like to see T-Mobile answer over the next 12 months?

Mike，鑑於您的一些介紹性評論，您能否向我們介紹一下您希望 T-Mobile 在未來 12 個月內回答的其他一些策略問題？

And then second, just back on the topic of SWA, can you share with us how much of the SWA success is coming from the business or SMB segment an incremental opportunity from what you're experiencing today?

其次，回到 SWA 的話題，您能否與我們分享 SWA 的成功有多少來自於企業或中小企業細分市場，即您今天所經歷的增量機會？

Yes.

是的。

Well, we'll start on the second one with Cali and it's a great question because we do see some really vital growth here, even though it's mostly so far, a consumer dynamic, and that may show that there is some tailwinds ahead.

好吧，我們將從卡利開始第二個，這是一個很好的問題，因為我們確實在這裡看到了一些非常重要的成長，儘管到目前為止主要是消費者動態，這可能表明未來有一些順風。

Yes.

是的。

Thanks, Mike.

謝謝，麥克。

And Mike, we've -- let me just pause for a second and say, I've had the opportunity to speak with hundreds of CIOs and CTOs in enterprise and small business in the public sector, and my team who I'm so proud of for the results that we delivered this quarter.

麥克，讓我暫停一下，我有機會與公共部門的數百名企業和小型企業的首席資訊長和首席技術官以及我的團隊進行了交談我們對本季度取得的成果感到自豪。

They literally speak to thousands of them.

他們確實與成千上萬的人交談。

And what we're hearing from CIOs and CTOs is that they're really looking for more secure, more reliable connectivity with more modern connectivity solutions that allow them to focus as partners and innovation on the value that fixed wireless brings.

我們從資訊長和技術長那裡聽到的是，他們確實在尋找更安全、更可靠的連接以及更現代的連接解決方案，使他們能夠作為合作夥伴專注於固定無線帶來的價值和創新。

We see a lot of opportunities in multi-unit retail operations in pharmacies in insurance agencies where they have thousands of buildings across the country where we're serving as the primary connection.

我們在保險機構的藥房的多單位零售業務中看到了很多機會，他們在全國各地擁有數千座建築物，我們作為主要聯繫。

We also have lots of opportunities that are growing in our funnel for secondary and tertiary connections with our fixed wireless.

我們還有很多機會在我們的固定無線網路的二級和三級連接渠道中不斷增長。

And with small businesses, we really see people adopting the value that they can get and then expanding our portfolio outside of just the fixed wireless solution, but with innovative solutions like dial pad that allows them to replace some of the more outdated technology in their operations, which brings the -- in the way that they handle their customer calls or and the way they communicate with their employees.

對於小型企業，我們確實看到人們採用他們可以獲得的價值，然後將我們的產品組合擴展到固定無線解決方案之外，但使用撥號盤等創新解決方案，使他們能夠取代營運中的一些較過時的技術，這帶來了他們處理客戶電話或與員工溝通的方式。

And it's really been -- and it will continue to be a great growth opportunity for us.

這確實是——而且對我們來說，這將繼續是一個巨大的成長機會。

Terrific.

了不起。

So were you asking me about Mike, about my comments that I want to spend more time on strategy and so on.

那你是問我關於麥克的事，關於我想花更多時間在策略上的評論等等。

It's

它是

-- (technical difficulty)

——（技術難度）

Yes.

是的。

Yes.

是的。

Okay.

好的。

Listen, I am so proud of the multiyear plan that we put out in the fall at our Capital Markets Day.

聽著，我對我們在秋季資本市場日推出的多年計劃感到非常自豪。

And one of the things underpinning it, if you kind of take our comments in is that in this core business of ours, by some measures, we're the most successful telecom in the world.

如果您接受我們的評論，支撐它的因素之一是，在我們的核心業務中，從某些方面來看，我們是世界上最成功的電信公司。

And yet, we have so many embedded capabilities around incredible data and incredible network capabilities with room to run in terms of creating new services around them, a leading brand, incredible physical distribution and rapidly growing incredible digital distribution and so many other advantages that we can create new sources of value creation from.

然而，我們擁有如此多的圍繞令人難以置信的數據和令人難以置信的網絡功能的嵌入式功能，在圍繞它們創建新服務方面有運行空間，領先的品牌，令人難以置信的物理分銷和快速成長的令人難以置信的數位分銷以及我們可以提供的許多其他優勢創造新的價值創造來源。

And we began to tease some of those things at Capital Markets Day.

我們在資本市場日開始討論其中的一些事情。

We laid out a future relative to AI.

我們規劃了與人工智慧相關的未來。

We laid out a future relative to how 5G advanced and 6G will unfold and we hinted at new business models.

我們規劃了 5G 和 6G 將如何發展的未來，並暗示了新的商業模式。

And for us, as we arrive at this size and this level of success in our core, we need to have the appropriate amount of focus on Horizon 3 opportunities.

對我們來說，當我們的核心達到這樣的規模和成功水準時，我們需要適當地關注地平線 3 的機會。

And so that's one of the areas where I'm focused and have been focused, which is why we were able to articulate this multiyear plan to you.

因此，這是我關注並一直關注的領域之一，這就是為什麼我們能夠向您闡明這個多年計劃。

So that gives you a sense for it.

所以這會讓你有一個感覺。

It's as I look at what we have and how we're executing and the assets and capabilities and the know-how that we have built, we are so well positioned to add value to this company.

當我審視我們所擁有的、我們的執行方式以及我們所建立的資產、能力和專業知識時，我們處於有利地位，可以為這家公司增加價值。

And it's going to take a lot of creativity and energy and partnerships, and I've been putting my focus there.

這需要大量的創造力、精力和合作關係，我一直把注意力集中在那裡。

And you saw some of that in our Capital Markets Day, I think.

我想，您在我們的資本市場日上看到了其中的一些內容。

Jonathan Chaplin, New Street.

喬納森卓別林，《新街》。

Mike, I'm wondering if we could tap into two of those Horizon 3 opportunities in a little bit more detail.

麥克，我想知道我們是否可以更詳細地利用其中兩個 Horizo​​​​n 3 機會。

First, given the focus that you faced on AI at the Capital Markets Day.

首先，考慮到您在資本市場日所面臨的對人工智慧的關注。

I'd love to get a sense for the impact that you're seeing on network basic from AI at the moment, how you think that evolves?

我很想了解目前看到的人工智慧對網路基礎設施的影響，您認為這種影響是如何演變的？

And what that does for sort of future spectrum demand for you and the industry?

這對您和整個產業未來的頻譜需求有何影響？

And then I was impressed to hear about the availability of the Starlink direct-to-device service in California.

然後，當我聽說加州推出了 Starlink 直接設備服務時，我印象深刻。

I didn't realize how they've been rolled out across the entire market.

我沒有意識到它們是如何在整個市場上推廣的。

I'm wondering if there is an opportunity to monetize that or if that sort of fits into the more value for the same price construct.

我想知道是否有機會將其貨幣化，或者這是否適合相同價格結構的更多價值。

And then last quick one.

然後是最後一個快速的。

Should we be thinking about 400 again this year for fixed rides access?

今年我們是否應該再考慮 400 個固定遊樂設施？

Okay.

好的。

Great.

偉大的。

And is it only four, do you want to get a couple more questions in there?

只有四個嗎？

I've got more

我還有更多

(technical difficulty).

（技術難度）。

It's great to hear from you.

很高興收到你的來信。

Let's start with the Starlink piece.

讓我們從星鏈部分開始。

The -- what you saw is that we quietly began in addition to the emergency service that we provided during the wildfires.

您看到的是，除了我們在野火期間提供的緊急服務之外，我們還悄悄開始了工作。

We've been quietly allowing people into our beta over the past few weeks.

在過去的幾周里，我們一直悄悄地允許人們進入我們的測試版。

And it's just starting.

而一切才剛開始。

We've been emphasizing a little more in the northern part of the country, where the density of satellites is better.

我們一直在強調該國北部地區的衛星密度更高。

And meanwhile, there's rapid launches happening right now.

與此同時，現在正在快速發布。

So, the satellite density is rapidly improving.

因此，衛星密度正在迅速提高。

And what you're going to see is a phasing.

你將看到的是一個階段性的改變。

So first, we're letting people in in limited numbers to the beta, then pretty soon, there's going to be a moment where we widen that aperture by quite a bit and that will be an exciting moment.

因此，首先，我們會讓有限數量的人參與測試版，然後很快，我們就會大幅擴大這個範圍，這將是一個令人興奮的時刻。

And then pretty soon after that, we begin commercial service.

不久之後，我們就開始提供商業服務。

And all of this is going to start happening now in kind of rapid succession.

所有這一切現在都將開始快速連續發生。

So, we're kind of finally at that moment, we've been dreaming about on this service, and we see things coming together pretty quickly.

所以，我們終於到了那一刻，我們一直夢想著這項服務，而且我們看到事情很快就會實現。

So that's really exciting.

所以這真的很令人興奮。

As it relates to commercial service when we get it going, I mean there's a couple of things here.

當我們開始運作時，它與商業服務有關，我的意思是這裡有幾件事。

One is we think this will be another reason, maybe the most compelling reason in a long time to self-select up our rate card.

一是我們認為這將是另一個原因，也許是很長一段時間以來最令人信服的理由來自行選擇我們的價目表。

And so, this will be something that our -- the customers on our most value-packed plans will be able to benefit from.

因此，我們最有價值的計劃的客戶將能夠從中受益。

And so that's an area that we'll monetize.

這就是我們將要貨幣化的領域。

Attracting and retaining customers market share.

吸引並保留客戶的市場佔有率。

That's an area where we'll monetize because this is a differentiated service that we think touches a card the American public, the idea of being connected everywhere.

這是我們將貨幣化的一個領域，因為這是一項差異化服務，我們認為它觸動了美國公眾的心，即無所不在的連結理念。

If you can see the sky, you're connected, this is powerful.

如果你能看到天空，表示你已連接，這就是強大的。

It's likely to save lives, it's likely to change lives, and it's very attractive.

它可能拯救生命，可能改變生活，而且非常有吸引力。

So, share taking.

所以，分享。

And then finally, a la carte sales for those that don't have the plans that include it, and lots of other customers, there may be opportunities there.

最後，對於那些沒有包含它的計劃的客戶以及許多其他客戶來說，點菜銷售可能會有機會。

And so taken together, it's a pretty exciting moment for us.

總而言之，這對我們來說是一個非常令人興奮的時刻。

Fixed wireless.

固定無線。

It's -- I can't give you a guide on it today other than to say that you've seen us over the past few quarters executing remarkably consistently.

今天我無法給您任何指導，只能說您在過去幾個季度中看到我們的執行非常一致。

We're really happy with this performance.

我們對這次表演非常滿意。

So, we like it where it is.

所以，我們喜歡它現在的樣子。

I don't think that's exactly a guide.

我不認為這完全是一個指南。

It's a present statement, but we like it where it is, and we can execute pretty consistently there.

這是一個現在的聲明，但我們喜歡它所在的位置，並且我們可以在那裡非常一致地執行。

So -- that gives you a sense.

所以——這給了你一種感覺。

And then finally, and get ready, we're going to crank up both here.

最後，做好準備，我們將在這裡啟動兩者。

You asked for it.

你自找的。

How are we using AI in the network?

我們如何在網路中使用人工智慧？

Yes.

是的。

Well, thanks for that question.

嗯，謝謝你提出這個問題。

It's great.

這很棒。

And let me just start before we go into the absolute detail there that the network is based on some fundamental things that are really delivering for us.

在我們詳細討論網路之前，讓我先開始，網路是基於一些真正為我們提供的基本事物。

One is our assets, our deepest frequency asset, sub-6 in every one of those assets, the lowest part of the frequency.

一個是我們的資產，我們最深的頻率資產，每一項資產中的子6，頻率最低的部分。

All of those together with this grid we have are delivering just amazing results in terms of third parties looking at our network and all that.

所有這些與我們擁有的網格一起，在第三方查看我們的網路等方面提供了驚人的結果。

How we evolve that with AI is applying AI gradually into the RAN, for example.

例如，我們如何利用人工智慧來發展這一點，就是將人工智慧逐漸應用到 RAN 中。

We went out on Capital Markets Day, talked about AI-RAN. where we are able to evolve our network.

我們在資本市場日出去討論了 AI-RAN。我們能夠發展我們的網絡。

This is about an evolution into 5G advanced into eventually even sixth generation, all of that in the RAN piece.

這是關於 5G 的演進，最終甚至是第六代，所有這些都在 RAN 部分。

Then it comes to our customer centricity.

然後談到我們以客戶為中心的問題。

The whole network team has industrialized a process over the last years that gives the opportunity for us to dedicate towers, build up, upgrades, everything we do to exactly where customers need it.

整個網路團隊在過去幾年中實現了工業化流程，使我們有機會在客戶需要的地方奉獻塔樓、建造、升級，以及我們所做的一切。

We're using AI to analyze thousands and millions of millions of data points across the network on a daily basis to understand exactly sentiments and movements in our customer base and correlate that with business outcomes which is giving us the ability to allocate capital into those expends that Mike talked about earlier.

我們每天使用人工智慧分析網路上數以億計的數據點，以準確了解客戶群的情緒和動向，並將其與業務成果相關聯，這使我們能夠將資本分配到這些支出中邁克之前談到過。

And the aspect not least, it's our technology leadership.

尤其重要的是，我們的技術領先地位。

And that technology leadership, we are applying AI together with our partners and vendors on the road maps that they provide to us.

憑藉技術領先地位，我們正在與我們的合作夥伴和供應商一起在他們向我們提供的路線圖上應用人工智慧。

I would pride our team, and I'm extremely proud of our team that is able to take the latest and greatest of features and software that come out of our partners and put that to work in our network and a lot of that is already AI-based.

我為我們的團隊感到自豪，我為我們的團隊感到非常自豪，他們能夠利用我們合作夥伴提供的最新、最好的功能和軟體，並將其應用到我們的網路中，其中許多已經是人工智慧-基於。

Last but not least, I think what is really good with the network team now is that we are able to platformize the network using AI capabilities for an autonomous network model, and we've already got there.

最後但並非最不重要的一點是，我認為網路團隊現在真正擅長的是，我們能夠使用人工智慧功能來實現自主網路模型的網路平台化，而且我們已經做到了這一點。

Others are talking about it, but we have already done it.

別人都在談論，但我們已經做到了。

And by that, we can support fryers consumer business, Cali's enterprise business, Mica's new business development.

以此支持油炸機消費業務、卡利企業業務、雲母新業務的拓展。

So great question and lots of work, more to come.

這是一個很好的問題，還有很多工作要做，還有更多工作要做。

This is really exciting.

這真的很令人興奮。

Are you seeing an acceleration in traffic?

您是否看到交通流量加速？

I want to make sure I get to that, Jonathan.

我想確保我能做到這一點，喬納森。

So -- and just before I do, I want to give all that opportunity to talk about what we're doing and how advanced it is because it's really differentiated.

因此，就在我這樣做之前，我想給所有機會來談論我們正在做的事情以及它有多先進，因為它確實與眾不同。

And you see it all over the place in terms of how we apply capital dollars with our AI model, we talked about at Capital Markets Day called customer-driven coverage.

在我們如何透過人工智慧模型應用資本方面，你可以看到到處都是這樣的情況，我們在資本市場日上談到了「客戶驅動的覆蓋範圍」。

It's a breakthrough in terms of how capital gets allocated with the business outcomes in mind or in my prepared remarks, I talked about self-optimizing technologies.

這是在資本如何根據業務成果進行分配方面的突破，或者在我準備好的演講中，我談到了自我優化技術。

This is remarkable stuff where the network can self-heal now using AI techniques.

這是一個了不起的東西，網路現在可以使用人工智慧技術進行自我修復。

And so if we see an area for whatever reason, go down due to a wildfire, the network can tilt other sectors to beam in from further away and borrow from that sector's capacity to make sure that nobody goes unconnected.

因此，如果我們看到某個區域因某種原因因野火而癱瘓，網路可以傾斜其他扇區，從更遠的地方進行發射，並借用該扇區的容量，以確保沒有人失去連接。

It's very powerful.

它非常強大。

And it's stuff that we don't get to talk about much that that are -- some of which are real differentiators that are resulting in additional reasons why we keep winning all these awards.

這些是我們沒有太多談論的東西——其中一些是真正的差異化因素，是我們不斷贏得所有這些獎項的額外原因。

As it relates to AI, I would put it a different way, which is AI demands on our network are going to be one of the reasons that we are able to ongoing showcase the additional differentiation that we have.

由於它與人工智慧相關，我會用不同的方式來表達，即人工智慧對我們網路的需求將是我們能夠持續展示我們擁有的額外差異化的原因之一。

In other words, I don't see this being a reason why we're going to need more capacity or more spectrum.

換句話說，我不認為這是我們需要更多容量或更多頻譜的原因。

It's going to be a reason to showcase the massively superior capacity that we already have.

這將成為展現我們已經擁有的超強能力的理由。

And you can see that in the speeds.

你可以從速度中看到這一點。

We won Ookla by a lot, nationwide.

我們在全國範圍內以很大優勢贏得了 Ookla。

I mean 46 out of 50 states, we are the fastest provider.

我的意思是 50 個州中的 46 個州，我們是最快的提供者。

And what that translates to?

這意味著什麼？

I mean, speeds like a proxy for capacity, right?

我的意思是，速度就像容量的代表，對吧？

So, what that translates to is that we have way more available capacity per customer than anyone else.

因此，這意味著我們每個客戶的可用容量比其他任何人都多。

And so AI growth and AI workloads are going to be a way for us to increasingly showcase that differentiation, especially as AI begins to make the leap from textual interfaces to much more video, audio, imagery that we're now seeing the popularity take off on.

因此，人工智慧的成長和人工智慧工作負載將成為我們越來越多地展示這種差異化的一種方式，特別是當人工智慧開始從文字介面飛躍到更多的視訊、音訊和圖像時，我們現在看到這些內容越來越受歡迎在。

It's early days, but I think this is a nice tailwind for our business because it's going to be important that we're able to showcase these advantages to customers in ways other than you go to a speed test and see a needle that's higher.

現在還處於早期階段，但我認為這對我們的業務來說是一個很好的順風車，因為我們能夠以除了進行速度測試並看到更高的針之外的方式向客戶展示這些優勢非常重要。

And you know what I mean because video only plays so fast.

你知道我的意思，因為影片播放速度太快了。

And so, if you're able to get these responses in a more immersive way, that's powerful, and I think people are going to appreciate T-Mobile for it.

因此，如果您能夠以更身臨其境的方式獲得這些回應，那就太強大了，我認為人們會因此欣賞 T-Mobile。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

(technical difficulty) with the (technical difficulty) Obviously, the numbers are pretty strong.

（技術難度）和（技術難度） 顯然，數字相當強大。

But I just wanted to understand (technical difficulty) during maybe it may have been a headwind for a pace.

但我只是想了解（技術難度），也許這可能是步伐的逆風。

And then more broadly, as we think about this partnership opportunity with given that they're also launching bigger satellites with more capacity and so on, potentially.

然後更廣泛地說，當我們考慮這種合作機會時，考慮到他們還可能發射更大容量的更大衛星等等。

Is there an opportunity here to expand the project on the direct to device market, especially in rural areas, you have your fixed wireless offering -- but is there a bundling opportunity potentially

這裡是否有機會在直接設備市場上擴展該項目，特別是在農村地區，您擁有固定無線產品 - 但是否存在潛在的捆綁機會

(technical difficulty)

（技術難度）

Great.

偉大的。

And can I just -- to let you know your microphones kind of breaking up, so we're only able to get some of that.

我可以讓你知道你的麥克風有點壞了，所以我們只能得到其中的一些。

But as it relates to SpaceX, look, we're really happy to be partnered with them.

但就 SpaceX 而言，我們真的很高興與他們合作。

They're the world's most advanced space organization.

他們是世界上最先進的太空組織。

They had more launches last year than the rest of the world combined.

他們去年的發射次數比世界其他地區的總和還要多。

So they're a very important partner for us.

所以他們對我們來說是非常重要的合作夥伴。

We're in a multiyear partnership that we think will confer real differentiated benefits for our customers.

我們建立了多年的合作關係，我們認為這將為我們的客戶帶來真正的差異化利益。

As it relates to partnering on home broadband, not right away, I don't want to speak for them, but they have more demand for their service than capacity right now.

由於它涉及家庭寬頻合作，而不是立即合作，我不想代表他們說話，但他們現在對服務的需求超過了容量。

And so, they can sell everything they have available without any help from us.

因此，他們可以在沒有我們幫助的情況下出售他們擁有的一切。

That being said, they are launching a lot.

話雖如此，他們正在推出許多產品。

And so those curves may cross at some point, and we'd be delighted to be their partner.

因此，這些曲線可能會在某個點交叉，我們很高興成為他們的合作夥伴。

As it relates to the core EBITDA questions, storms, insurance, et cetera, I'll turn to Peter.

由於它涉及核心 EBITDA 問題、風暴、保險等，我將轉向彼得。

Yes.

是的。

I mean Q4, obviously, we're very, very excited about the Q4 core EBITDA result and to your question, of course, every quarter has some puts and takes.

我的意思是第四季度，顯然，我們對第四季度的核心 EBITDA 結果非常非常興奮，對於您的問題，當然，每個季度都有一些看跌期權。

I think we had foreshadowed.

我想我們已經預見了。

There was a spectrum gain there.

那裡有頻譜增益。

And of course, we were going to have impacts headwinds from ACP, which wound up being a little bit above the midpoint of the range that we gave and of course, storms as well.

當然，我們會受到來自 ACP 的逆風影響，它最終會略高於我們給出的範圍的中點，當然還有風暴。

But despite all that, like every single quarter, this team goes and executes.

但儘管如此，就像每季一樣，這個團隊仍然繼續執行。

And not only did we deliver a very fabulous Q4 core EBITDA, but we did it while funding even more customer growth.

我們不僅在第四季度實現了非常出色的核心 EBITDA，而且還為更多的客戶成長提供了資金。

And so I don't see right now in terms of the guide that I gave you a lot of onetime tailwinds or headwinds, it really is for '25, about being able to take that top line service revenue growth and fund our highest ever guide and also make the right investments, again, not only to deliver 25 but set us up for those Capital Markets Day commitments that we gave you.

因此，我現在不認為我為你的指南帶來了很多一次性的順風或逆風，它確實是針對 25 年的，關於能夠實現頂線服務收入增長並為我們有史以來最高的指南提供資金並再次做出正確的投資，不僅是為了實現25，而且讓我們能夠實現我們向您所做的資本市場日承諾。

Okay.

好的。

Janice, I know we're tight on time, but what are we seeing coming in from social?

珍妮絲，我知道我們的時間很緊，但是我們從社交媒體中看到了什麼？

Yes, I'm going to consolidate two questions that are particularly relevant for Calithera.

是的，我將合併兩個與 Calithera 特別相關的問題。

One is from Bito about how 5G SA as a first mover translated into any wins is network slicing the biggest service revenue opportunity so far.

其中一篇來自 Bito，講述了 5G SA 作為先行者如何轉化為網絡切片迄今為止最大的服務收入機會。

And we can't not take the Chetan question that has to do with -- I want to see how the demand for priority is shaping up for scenarios where enterprises are interested in using the network slicing, so it all ties together.

我們不能不考慮與 Chetan 相關的問題——我想看看對於企業有興趣使用網絡切片的場景，優先級的需求是如何形成的，所以這一切都是聯繫在一起的。

I see what you did there.

我明白你在那裡做了什麼。

So, it's over to Callie.

那麼，一切就輪到卡莉了。

I love to talk about key priority.

我喜歡談論關鍵優先事項。

I want to say, first and foremost, we don't fall in love with our technology for the sake of technology.

我想說，首先，我們不是為了科技而愛上我們的技術。

We listen to our customers.

我們傾聽客戶的意見。

We listen to first responders.

我們聽取急救人員的意見。

We listen to CIOs who say, look, we really have a need for better coverage, for more capacity and we need more modern solutions to address the way that firefighters and police officers are needing to perform their responsibilities and life savings literal lifeline to our society with technology.

我們聽取首席資訊長的意見，他們說，我們確實需要更好的覆蓋範圍、更大的容量，我們需要更現代化的解決方案來解決消防員和警察履行職責的方式，以及拯救生命的生命線。技術。

And that's where T priority came from.

這就是 T 優先權的由來。

And with T priority we are able to present the first responders 40% more capacity in our network to two and a half time speeds.

透過 T 優先級，我們能夠為第一響應者提供 40% 以上的網路容量，速度提高兩倍半。

And in a time of extreme congestion, we're able to allocate more than 5 times the network resources that we do to the average consumer.

在極度擁擠的時期，我們能夠分配給一般消費者的網路資源多於 5 倍。

And we're seeing this play out in North Carolina and Nashville, in Florida in Los Angeles.

我們正在北卡羅來納州、納許維爾、佛羅裡達州和洛杉磯看到這種情況的發生。

And you heard Mike say in his opening remarks that we have been awarded the single carrier contract with the city of New York.

你聽到麥克在他的開場白中說我們已經獲得了與紐約市的單一承運人合約。

This is the city of New York.

這是紐約市。

They take 9 million -- over 9 million 911 calls.

他們接聽了 900 萬個——超過 900 萬個 911 電話。

They have 1 million buildings in the city.

他們在城裡有100萬棟建築物。

They don't joke around when it comes to the safety of their communities and the strength of the network.

當談到社區的安全和網路的強度時，他們不會開玩笑。

That's why we are awarded this deal because of the power of our network, our 5G superiority.

這就是我們獲得這筆交易的原因，因為我們的網路強大，我們的 5G 優勢。

And we're really excited about the partnership and the opportunity to innovate with the public safety network as well as connecting school kids in meaningful ways and really understanding what a true partnership looks like for the city of New York.

我們對這種夥伴關係和利用公共安全網絡進行創新的機會感到非常興奮，並以有意義的方式將學童聯繫起來，並真正了解紐約市真正的伙伴關係是什麼樣子。

But that's not all.

但這還不是全部。

When we look at the first responder community, we told you at Capital Markets Day that 1 of our strategies was to look at areas of our business where we are underpenetrated and provide solutions in those areas were underpenetrated.

當我們查看第一響應者社群時，我們在資本市場日告訴您，我們的策略之一是查看我們滲透不足的業務領域，並在這些領域提供解決方案。

And first responders happen to be one of those areas.

急救人員恰好是這些區域之一。

There's today, 14 million lines that are available in that community.

如今，該社區中有 1400 萬條可用線路。

And by 2028, we expect that to be around $18 million.

到 2028 年，我們預計這一數字將達到 1,800 萬美元左右。

And this is an opportunity where the strength of our network -- the way that our team partners with customers really listens to what first responders need in a time of crisis to be able to better support and save lives.

這是一個機會，我們的網路力量——我們的團隊與客戶合作的方式，真正傾聽急救人員在危機時刻的需求，以便能夠更好地支持和拯救生命。

We really think this is a great opportunity for us.

我們確實認為這對我們來說是一個很好的機會。

And so that's where we're predominantly using Bill, to your question slicing today.

這就是我們今天主要使用比爾來回答你的問題的地方。

We have a lot of exciting opportunities.

我們有很多令人興奮的機會。

We've talked about Tsim Secure and using our network slicing as a way to make connectivity more secure for all types of applications in our network, and we're starting to see our funnels and our demands fill there.

我們已經討論了 Tsim Secure 並使用我們的網路切片作為一種使我們網路中所有類型的應用程式的連接更加安全的方式，並且我們開始看到我們的管道和我們的需求在那裡填充。

But thanks for the question.

但謝謝你的提問。

Yes.

是的。

And Bill and Chad, I would just add that we waited a long time before starting to talk about all this stuff because we wanted to see a real business model develop around it.

比爾和查德，我想補充一點，我們等了很長時間才開始談論所有這些東西，因為我們希望看到圍繞它開發出真正的商業模式。

Some people were out there talking about it years ago and built it into business plans.

幾年前，有些人就在談論這個問題，並將其納入商業計劃中。

And we were very deliberate that we said, no, we're going to wait.

我們非常慎重地說，不，我們要等待。

But the moment is kind of arriving and T priority is certainly an expression of it.

但這一刻即將到來，T 優先無疑是這一刻的體現。

Other 5G slicing use cases, advanced network capabilities that Olfen team have brought where we're leaders, where we're differentiated, are creating the biggest pipeline of interest for TFB that we have ever seen.

Olfen 團隊為我們帶來的其他 5G 切片用例和先進網路功能，為我們帶來了領先優勢和差異化優勢，正在為 TFB 創造我們所見過的最大的利益管道。

I mean, our funnel is better right now than it has ever been.

我的意思是，我們的頻道現在比以往任何時候都更好。

And we're demonstrating these capabilities at scale.

我們正在大規模展示這些功能。

I mean Callie had like 70 CIOs at the F1 racing event where we had a dedicated network space powering all the commercial operations of the race, where there are 1 million people nearby and yet the commercial operations are operating on their own 5G slice.

我的意思是 Callie 在 F1 賽車賽事中擁有大約 70 名 CIO，我們有一個專門的網路空間為比賽的所有商業運營提供支持，附近有 100 萬人，但商業運營卻在自己的 5G 切片上運行。

And everybody saw that and the people's eyes are opening.

每個人都看到了這一點，人們的眼睛正在睜開。

And what's interesting here is that it's not just a direct revenue opportunity.

有趣的是，這不僅僅是一個直接的收入機會。

It's also a share-taking opportunity because the dynamic we've seen, and we described it in New York, is that people come in for the differentiated capability of the 5G advanced services that only T-Mobile could provide, but then they pivot all their smartphones or many of their smartphones over.

這也是一個股權收購機會，因為我們看到的動態以及我們在紐約描述的動態是，人們進來是為了獲得只有 T-Mobile 才能提供的 5G 先進服務的差異化能力，但隨後他們將所有他們的智能手機或許多智慧型手機都結束了。

And so, there's two ways for us to grow based on all this.

因此，我們有兩種方式可以在此基礎上實現成長。

So, is that it, Cathy?

那麼，是這樣嗎，凱西？

That is it.

就是這樣。

That's all the time we have.

這就是我們所有的時間。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to speaking to you again soon.

我們期待很快再次與您交談。

If you have any further questions, you may contact the Investor Relations or media departments.

如果您還有任何疑問，可以聯絡投資者關係或媒體部門。

Thanks for your interest and your questions, everybody.

感謝大家的興趣和提問。

See you.

再見。