T-Mobile US Inc (TMUS) 2025 Q1 法說會逐字稿

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

大家下午好。（操作員指示）現在，我想將電話會議交給 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 first-quarter 2025 earnings call. 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.

午安.歡迎參加 T-Mobile 2025 年第一季財報電話會議。今天與我一起參加電話會議的還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. We encourage you to review the risk factors set forth in our SEC filings. Our earnings release, investor fact book, and other documents related to our results as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found on our Investor Relations website.

在本次電話會議中，我們將做出前瞻性陳述，其中涉及可能導致實際結果大不相同的風險和不確定性。我們鼓勵您查看我們向美國證券交易委員會提交的文件中列出的風險因素。我們的收益報告、投資者情況手冊、與我們的業績相關的其他文件以及本次電話會議討論的 GAAP 和非 GAAP 業績之間的對帳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，讓我把麥克風交給麥克。

Okay. Thanks, Cathy. Hi, everybody, thanks for joining. We're coming to you from Bellevue, Washington today. Got the whole team here.

好的。謝謝，凱茜。大家好，感謝大家的加入。今天我們從華盛頓州貝爾維尤來拜訪您。整個團隊都在這裡。

And first of all, let me welcome Srini Gopalan, our new Chief Operating Officer, to the team. And can I still say new because you're already making such a big impact? Srini certainly joining us at one of the most exciting times in our history. Welcome to the team, Srini.

首先，我歡迎新任營運長 Srini Gopalan 加入團隊。既然你已經產生瞭如此大的影響，我還能說它是新的嗎？Srini 無疑在我們歷史上最令人興奮的時刻加入了我們。歡迎加入團隊，Srini。

Thank you, Mike. It's great to be here.

謝謝你，麥克。很高興來到這裡。

So turning to our results. This was another really strong quarter, showcasing T-Mobile's sized performance versus peers and versus the high expectations we set as well.

現在來看看我們的結果。這又是一個非常強勁的季度，展示了 T-Mobile 與同業相比的出色表現以及我們設定的高期望。

Listen, I get a lot of questions about how we can be this consistent even as the macro environment constantly changes delivering industry-leading customer, service revenue and EBITDA growth yet again. And the answer is simple. It's that our team is relentless when it comes to execution, innovate behalf of customers. And importantly, we are building on T-Mobile's durable advantages of the best network, the best value, and the best team's obsession with delivering for customers and for shareholders quarter after quarter.

聽著，我收到了很多問題，關於我們如何能夠保持如此的一致性，即使宏觀環境不斷變化，再次實現業界領先的客戶、服務收入和 EBITDA 成長。答案很簡單。我們的團隊在執行上堅持不懈，為客戶不斷創新。重要的是，我們正在鞏固 T-Mobile 的持久優勢，即最佳網路、最佳價值以及最優秀的團隊，並致力於每季為客戶和股東提供服務。

Let's start with wireless. It is all about growth with even more customers coming to T-Mobile in Q1 this year than last year. In fact, we set a new record with our best ever Q1 for total postpaid net additions. Postpaid gross additions were also a Q1 record. In fact, you'll recall that last year, '24, our greatest growth year ever. And yet gross additions were up year-over-year this Q1 versus that year in every single category, across total postpaid, phones, non-phones, and even 5G broadband. This is an important indicator showcasing that customers continue to choose T-Mobile at higher and higher rates.

讓我們從無線開始。這一切都是為了成長，今年第一季 T-Mobile 的客戶比去年更多。事實上，我們第一季的後付費淨增額創下了歷史新高。後付費總增加也創下了第一季的最高紀錄。事實上，你會記得去年，也就是 24 年，是我們有史以來成長最快的一年。然而，今年第一季度，所有類別（包括後付費、手機、非手機，甚至 5G 寬頻）的總新增量均較去年同期成長。這是一個重要指標，表示客戶繼續選擇 T-Mobile，並且費率越來越高。

We also led the industry once again in postpaid phone, adding 495,000. And importantly, we did it while growing our share of households, not just in solar markets and rural areas, but across the top 100 markets as well. And our momentum is equally strong for T-Mobile for Business, where we continued to lead the industry in both total postpaid and postpaid phone net additions while adding the most ever customers in enterprise, a record quarter.

我們的後付費電話用戶量也再次領先業界，新增 49.5 萬部。重要的是，我們在實現這一目標的同時，也擴大了家庭市場份額，不僅在太陽能市場和農村地區，而且在前 100 個市場也是如此。T-Mobile for Business 的發展勢頭同樣強勁，我們在後付費總量和後付費電話淨增量方面繼續領先於行業，同時增加了最多的企業客戶，創下了季度紀錄。

Switching back to consumer, our industry-leading value prop continues to encourage new customers to self-select up the rate card. 60% of lines on new accounts continue to load on to our premium plans. That's about double that of our current base. This contributed to postpaid ARPA growth of nearly 4%, our highest Q1 in eight years.

回到消費者，我們行業領先的價值主張繼續鼓勵新客戶自行選擇價格表。新帳戶中 60% 的線路將繼續加載到我們的高級計劃中。這大約是我們目前基礎的兩倍。這促使後付費 ARPA 成長近 4%，這是我們八年來第一季的最高水準。

And we're not slowing one bit on the value and innovation leadership that customers love about T-Mobile. Just this week, we unveiled the latest value propositions from T-Mobile, two very simple choices that we call experience more and experience beyond. Our new experience plans are the best expression of T-Mobile, offering exactly what customers are seeking today. And our new offers are designed to make it even easier for customers to compare and understand the superior value that T-Mobile delivers.

我們絲毫沒有放慢顧客喜愛的 T-Mobile 的價值和創新領導力。就在本週，我們公佈了 T-Mobile 的最新價值主張，兩個非常簡單的選擇，我們稱之為「更多體驗」和「超越體驗」。我們的新體驗計畫是 T-Mobile 的最佳體現，提供的正是當今客戶所尋求的服務。我們的新優惠旨在讓客戶更輕鬆地比較和了解 T-Mobile 提供的卓越價值。

Okay. Turning to broadband. I'll start with our 5G broadband offering. For the 13th quarter in a row, we led the entire broadband industry and customer growth with 424,000 net additions. We achieved multiple new records from our lowest 5G broadband churn ever to adding the highest ever net business high-speed Internet customers.

好的。轉向寬頻。我將從我們的 5G 寬頻產品開始。我們連續第 13 個季度引領整個寬頻產業和客戶成長，淨增加 424,000 個。我們創造了多項新紀錄，從有史以來最低的 5G 寬頻流失率到新增有史以來最高的淨業務高速網路客戶數。

As you can see, our new pricing construct, which is aligned with our mobile offerings on good, better, best tiering is resonating really well with customers. While at the same time, we saw our highest ever Q1 ARPU growth in broadband, showing that the business is in a really good spot.

如您所見，我們的新定價結構與我們在好、更好、最佳分層上的行動產品相一致，並且得到了客戶的一致好評。同時，我們寬頻業務第一季的 ARPU 成長率達到了歷史最高水平，顯示業務狀況良好。

Let's turn now to T-Fiber. With the completion of our transaction on April 1 for Lumos, we're now set to officially launch T-Fiber later this quarter. something that's been in pilot for the last 2-plus years. This is the beginning of something great. Another step on our journey of profitably serving even more broadband customers, leveraging our many go-to-market strengths, including our million fixed wireless waitlist. And we can't wait to close our Metronet transaction soon to further expand T-Fiber and bring better broadband choices to more Americans.

現在讓我們來談談 T-Fiber。隨著我們於 4 月 1 日完成對 Lumos 的交易，我們計劃在本季晚些時候正式推出 T-Fiber。該計畫已試行兩年多了。這是偉大事業的開始。我們在為更多寬頻客戶提供獲利服務方面又邁出了一步，利用我們的許多市場優勢，包括我們的百萬固定無線候補名單。我們迫不及待地想盡快完成 Metronet 交易，以進一步擴展 T-Fiber 並為更多美國人帶來更好的寬頻選擇。

As always, our ability to take share is enabled by our world-leading 5G network, where we have the best assets and a multiyear lead. And yet, we still set pace on implementing the most advanced customer-facing technology. We're excited today to announce that T-Mobile is now the first and only carrier in the country to roll out 5G advanced nationwide, which is enabled by our nationwide 5G stand-alone core. 5G advanced is faster and more dynamic and more efficient. We achieved a record 6.3 gigabits per second download speed in a recent real-world field test.

像往常一樣，我們能夠佔據市場份額得益於我們世界領先的 5G 網絡，我們在該網絡方面擁有最好的資產和多年的領先優勢。然而，我們仍然在實施最先進的面向客戶的技術方面處於領先地位。今天，我們很高興地宣布，T-Mobile 現在是全國第一家也是唯一一家在全國範圍內推出 5G 先進技術的營運商，這得益於我們覆蓋全國的 5G 獨立核心。5G 先進技術速度更快、更有活力、效率更高。在最近的一次實際現場測試中，我們實現了創紀錄的每秒 6.3 千兆位元的下載速度。

And we're also able to better serve our business and customer -- government customers with improved slicing and lower latency. And of course, third parties just continue to affirm our leadership with big awards coming in from both OpenSignal and RootMetrics yet again.

我們也能夠透過改進的切片和更低的延遲來更好地服務我們的企業和客戶——政府客戶。當然，第三方也繼續肯定了我們的領導地位，OpenSignal 和 RootMetrics 再次授予我們大獎。

Now as cool as all this sounds, I want to be clear that we aren't doing these things just to see if we can. We implement the technology advancements at this pace because it creates a superior customer experience, enabling us to squeeze more customer-facing value out of every capital dollar we spend. This is just fundamental to our approach. And it always has been ever since we were a lot smaller, and it remains a core advantage today.

儘管這一切聽起來很酷，但我想明確表示，我們做這些事情並不只是為了看看我們是否可以做到。我們以這種速度實施技術進步，因為它創造了卓越的客戶體驗，使我們能夠從所花費的每一美元資本中榨取更多的面向客戶的價值。這對我們的方法來說至關重要。自從我們的規模還很小以來，這一點就一直如此，而且至今它仍然是我們的一個核心優勢。

Speaking of, we continue to rapidly roll out our beta of Now hundreds of thousands of active users. I'm going to remind you T-satellite Is the only mobile phone satellite network that keeps you connected automatically. No apps to open, no searching for a connection, phone pointed at the sky, trying to get a message out.

說到這裡，我們繼續快速推出我們的測試版，現在有數十萬活躍用戶。我要提醒你，T-satellite 是唯一能讓你自動保持連線的手機衛星網路。無需打開任何應用程序，無需搜索連接，手機指向天空，試圖發送訊息。

And most importantly, no missing messages if you leave the footprint of your terrestrial network without even knowing it. That's our goal. This is a one-of-a-kind service. And our aim is simple, to make T-satellite just work, so you are always connected and reachable even with your phone still in your pocket.

最重要的是，如果您在不知情的情況下離開了地面網路的覆蓋範圍，也不會丟失任何訊息。這就是我們的目標。這是一項獨一無二的服務。我們的目標很簡單，就是讓 T-satelite 正常運作，這樣即使您的手機還在口袋裡，也能始終保持連接並可聯繫到您。

Now once in a while, we break news on this broadcast. And I want to let you know that after gauging the incredible response from customers, including broader-than-expected interest from competitors' customers, we've set our final launch pricing for T-satellite at just $10 a month. Except the course for our experience beyond and go 5G plans, that will include it for free. And we're going to honor this price for AT&T and Verizon customers as well. Because this is the only place they can get a service anything like this with over 550 satellites in service and count. Commercial service starts in July, and this Gen 1 pricing will be good for at least a year forever.

現在，我們偶爾會在這個廣播中發布新聞。我想告訴大家，在評估了客戶的熱烈反應（包括競爭對手客戶超出預期的興趣）後，我們將 T 衛星的最終發布價格定為每月僅 10 美元。除了我們體驗超越和 5G 計劃的課程外，這些都將免費包含在內。我們也將為 AT&T 和 Verizon 客戶提供此價格。因為這是他們唯一可以獲得此類服務的地方，並且有超過 550 顆衛星在服務和運行。商業服務將於 7 月開始，第一代定價將至少持續一年。

Okay, shifting gears. We're not only innovating in network, but a big part of our exciting growth journey centers on a customer experience with digital and AI. Our flagship digital platform, T-Life is clearly resonating with customers. Compared to just last quarter, we've nearly doubled the percentage of our postpaid phone upgrades completed digitally with well over half of upgrades being digital by quarter's end and growing. And our new intent CX AI features pioneered with OpenAI are already significantly reducing the need for customers to reach out to our care team.

好的，換個話題。我們不僅在網路方面進行創新，而且我們令人興奮的成長之旅很大一部分都集中在數位和人工智慧的客戶體驗上。我們的旗艦數位平台 T-Life 顯然引起了客戶的共鳴。與上一季相比，我們透過數位化方式完成的後付費電話升級比例幾乎翻了一番，到本季末，超過一半的升級都是數位化的，而且這一比例還在增長。我們與 OpenAI 合作推出的全新意圖 CX AI 功能已經大幅減少了客戶聯繫我們的護理團隊的需求。

We're solving customer pain points before they happen and meeting our customers exactly where they want. Based on these early results, the audacious multiyear goals in this area that we set out last fall appear to be more than on track.

我們正在解決客戶的痛點，並準確地滿足客戶的需求。根據這些早期結果，我們去年秋天製定的該領域大膽的多年期目標似乎已經步入正軌。

Okay. I want to come back to our underlying theme of delivering thoughtful profitable and durable growth. Our best-in-class customer results also translated into industry-leading financial growth across multiple metrics again in Q1. Postpaid service revenues once again grew 8% year-over-year. And overall service revenues grew 5%. That's a rate that is more than triple that of our next closest competitor.

好的。我想回到我們的基本主題：實現深思熟慮的利潤和持久的成長。我們一流的客戶業績也轉化為第一季多個指標產業領先的財務成長。後付費服務收入再次較去年同期成長8%。整體服務收入成長了5%。這一比率是我們最接近的競爭對手的三倍多。

Core adjusted EBITDA also grew 8% year-over-year, double the average of our wireless peer group. We also delivered $4.4 billion in adjusted free cash flow, a new Q1 record, translating to, once again, industry-leading adjusted free cash flow conversion from service revenues of 26%, a new Q1 record and about double that of our closest competitor.

核心調整後 EBITDA 也較去年同期成長 8%，是無線同業平均值的兩倍。我們也實現了 44 億美元的調整後自由現金流，創下第一季新高，這意味著，服務收入的調整後自由現金流轉換率再次達到行業領先水平，達到 26%，創下第一季新高，約為我們最接近的競爭對手的兩倍。

We have had a powerful start to 2025. Our story is so simple, and it's consistent. We have built sustainable long-term durable advantages, allowing us to continue to offer a highly differentiated value proposition that's right on point. Our execution, our focus on customers and on setting the standard in innovation and technology transformation are the things that continue to set us apart. We have always aimed to deliver thoughtful, profitable and durable growth, and that's exactly what we continue to do across every area of the business, again in Q1.

我們已經為 2025 年開了個好頭。我們的故事非常簡單，而且一致。我們已經建立了可持續的長期持久優勢，使我們能夠繼續提供高度差異化的價值主張。我們的執行力、對客戶的關注以及在創新和技術轉型方面樹立的標準是我們繼續脫穎而出的因素。我們始終致力於實現深思熟慮、盈利且持久的成長，而這正是我們在第一季繼續在各個業務領域所做的事情。

And let me end by saying, we are far from complacent. This team right here, along with our thousands of coworkers come to work every day and act like we are running for our lives. Constantly coming up with new customer ideas and new ways to improve how we serve them to smash the pain points that still make this industry notorious. At T-Mobile, we call this mindset, we won't stop. So we won't stop.

最後我想說的是，我們絕對不會自滿。這裡的這個團隊和我們的數千名同事每天上班時都表現得像是在逃命一樣。不斷提出新的客戶想法和新方法來改善我們為他們服務的方式，以打破這個行業仍然臭名昭著的痛點。在 T-Mobile，我們把這種心態稱為「我們不會停止」。所以我們不會停下來。

And for those of you that are counting on us, and I know you are, I want you to know we won't slow down either.

對於那些指望著我們的人，我知道你們是這樣的，我想讓你們知道我們也不會放慢腳步。

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

好的。彼得，交給你來介紹一下我們的指導最新情況。

All right. Thanks, Mike. As you can see, 2025 is off to a strong start. So let me provide an update of our expectations for the full year, with our financial guidance now also reflecting the inclusion of Vistar, Bliss and Lumos.

好的。謝謝，麥克。如您所見，2025 年開局強勁。因此，讓我提供我們對全年預期的最新情況，我們的財務指導現在也反映了 Vistar、Bliss 和 Lumos 的納入。

Starting with customers, we continue to expect to deliver total postpaid net customer additions of between 5.5 million and 6 million of approximately half will be postpaid phone net additions. Both of these remain our highest ever expectations at this point in the year. We're also increasing our postpaid ARPA growth expectations to be at least 3.5% for the full year as we see continued deepening of customer relationships. This is up from our prior guidance of around 3%. And at the same time, we expect postpaid phone ARPU to grow at 1.5% this year even higher than last year's growth of 1.1%.

從客戶開始，我們繼續預期後付費淨客戶總數將增加 550 萬至 600 萬，其中約一半將是後付費電話淨增加量。到目前為止，這兩項仍然是我們今年的最高期望。隨著我們看到客戶關係的不斷深化，我們也將後付費 ARPA 成長預期提高到全年至少 3.5%。這高於我們之前預測的 3% 左右。同時，我們預計今年後付費電話 ARPU 將成長 1.5%，甚至高於去年 1.1% 的增幅。

With the higher expectations of ARPA and ARPU, we now expect 2025 organic service revenues to grow at an even higher rate than where we guided last quarter. We expect core adjusted EBITDA to be between $33.2 million and [$33.7 million] for the full year, up just over 5% at the midpoint.

由於對 ARPA 和 ARPU 的預期更高，我們現在預計 2025 年有機服務收入的成長率將高於我們上個季度的預期。我們預計全年核心調整後 EBITDA 將在 3,320 萬美元至 3,370 萬美元之間，中位數成長略高於 5%。

Turning to cash CapEx. We continue to expect cash CapEx to be approximately $9.5 billion. Finally, we now expect adjusted free cash flow, including payments for merger-related costs, to be in the range of $17.5 billion to $18 billion, driven by both margin expansion and capital efficiency and resulting in industry-leading service revenues to adjusted free cash flow conversion.

轉向現金資本支出。我們繼續預期現金資本支出約為 95 億美元。最後，我們現在預計調整後的自由現金流（包括支付的合併相關成本）將在 175 億美元至 180 億美元之間，這得益於利潤率擴張和資本效率，並導致行業領先的服務收入向調整後的自由現金流的轉換。

All right. Let me also spend a moment providing some more color on the close of the JV transaction, which acquired Lumos. Going forward, the consumer experience and retail business is fully owned by us, and we also share in 50% of the JV economics. We will treat the acquired customers as a base adjustment in our second quarter results. And as we fuel customer growth, we expect the retail business will be slightly accretive to service revenues and neutral to adjusted EBITDA and adjusted free cash flow this year.

好的。我還想花一點時間來進一步介紹一下收購 Lumos 的合資交易的結束情況。展望未來，消費者體驗和零售業務將完全歸我們所有，我們還擁有合資企業 50% 的經濟份額。我們將把獲得的客戶作為第二季業績的基礎調整。隨著我們推動客戶成長，我們預計今年零售業務將略微增加服務收入，並對調整後的 EBITDA 和調整後的自由現金流產生中性影響。

Additionally, our 50% equity stake in the JV will be reported below the line as an equity method investment and is expected to be immaterial to net income this year. After closing Metronet, we will provide you with a more comprehensive update regarding the contribution of both of our fiber JVs.

此外，我們在合資公司中持有的 50% 股權將以權益法投資的形式報告，預計對今年的淨收入影響不大。關閉 Metronet 後，我們將為您提供有關我們兩家光纖合資企業的貢獻的更全面的最新資訊。

To sum it all up, in Q1, we continue to show we can consistently execute and continue to deliver outsized and profitable growth.

總而言之，在第一季度，我們繼續證明我們能夠持續執行並繼續實現超額且盈利的成長。

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 Cathy，開始問答環節。凱茜？

Thank you, Peter. Okay, let's get to your questions. (Event Instructions) We will start with a question on the phone. Operator, first question, please.

謝謝你，彼得。好的，讓我們來回答你的問題。（活動說明）我們將從電話中的一個問題開始。接線員，請問第一個問題。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I guess two questions. Maybe I'd love to hear from Srini. I know it's been a short period of time, but you know the company well. Now that you've been in the seat, what do you think is the biggest opportunity ahead of T-Mobile? Anything you think the market, in particular doesn't fully appreciate.

我想問兩個問題。也許我很想聽聽 Srini 的意見。我知道時間很短，但你對這家公司很了解。既然您已經就任，您認為 T-Mobile 面臨的最大機會是什麼？您認為市場尚未完全重視的任何事情。

And I don't know if I can get more out of you guys on T-Fiber, but now that you closed Lumos and you're going to start selling the product a little bit more about sort of the go-to-market and expectations for kind of driving that business into the base, especially the fixed wireless waiting list in your existing wireless customer base. It seems like a pretty big opportunity out of the gate here and how you closed that. So I would love some more color on Lumos now that it's done.

我不知道我是否可以從你們那裡得到更多關於 T-Fiber 的信息，但是現在你們關閉了 Lumos，你們將開始更多地銷售產品，關於進入市場以及推動該業務進入基礎市場的期望，特別是現有無線客戶群中的固定無線等候名單。這似乎是一個相當大的機會，以及你是如何抓住它的。因此，我希望 Lumos 現在已經能夠提供更多的色彩。

Thanks, Ben. Well, we'll start with Sirni and then were going to go over to Mike Katz.

謝謝，本。好吧，我們先從 Sirni 開始，然後再談 Mike Katz。

Okay. Well, Ben, thanks for that question. Yes, it's been about 50 days in. And like you said, I'm not new to this company. I've been on the Board for well over four years, but just some early impressions, nothing quite prepares you for being here.

好的。嗯，本，謝謝你的提問。是的，已經過去大約 50 天了。正如您所說，我對這家公司並不陌生。我擔任董事會成員已有四年多了，但這只是一些早期的印象，沒有什麼能讓你做好擔任這裡的準備。

It's this incredible combination of a focus on kind of smashing customer problems, huge intensity and commitment to quarter-to-quarter delivery. But also, an incredible boldness for the vision and making a step change difference to this industry and to our performance. So I've really enjoyed my first few weeks here.

這是對解決客戶問題的關注、高強度的工作以及對按季度交付的承諾的奇妙結合。但同時，我們也擁有令人難以置信的大膽設想，並為這個行業和我們的業績帶來巨大的改變。所以我真的很享受在這裡度過的最初幾週。

To your specific question on the biggest opportunities, look, I think this company has got something incredibly special in terms of its culture of matching customer problem. I think the big opportunity we have is taking that ultra putting that together with what we have now as easily the best network in this industry along with the huge strides that we've made in our digital capabilities. And Mike talked refly about them, more than half of our upgrades now being done through T-Life. I think the real big opportunity is to bring together this culture, this incredible thing that we've built, along with the best network and now world-class digital technology to continue smashing customer problems in a different and more enabled context.

對於您關於最大機會的具體問題，我認為這家公司在匹配客戶問題的文化方面具有非常特別的東西。我認為，我們面臨的最大機會是，將這一優勢與我們目前擁有的業內最佳網絡以及我們在數位化能力方面取得的巨大進步結合起來。Mike 詳細地介紹了他們的情況，現在我們一半以上的升級都是透過 T-Life 完成的。我認為真正的巨大機會是將這種文化、我們所建立的這種令人難以置信的東西與最好的網路和當今世界一流的數位技術結合起來，繼續在不同的、更強大的環境中解決客戶問題。

Love it. Okay. T-Fiber go-to-market approach, how can we expect, Mike?

愛它。好的。T-Fiber 的上市方式，我們如何期待，Mike？

Yes. No, thanks for the question, Ben. We agree -- we're also really excited about this, and we think it's a big opportunity. And for exactly the reasons that you just said, the assets that we have, we think, make a real difference as we get into the T-Fiber business. And Mike said that we're going to do our launch later this quarter.

是的。不，謝謝你的提問，本。我們同意——我們對此也感到非常興奮，我們認為這是一個巨大的機會。正如您剛才所說，我們認為，我們擁有的資產在我們進入 T-Fiber 業務時將發揮真正的作用。麥克說我們將在本季晚些時候推出該產品。

You'll see us leverage some of these capabilities in our go-to-market approach, things like our brand and leveraging our national advertising campaigns we already do for our broadband business today. Things like on the ground distribution. And if you look at a business like Lumos, they've never had the benefit of a big retail distribution in the ground in those markets with big customer flows coming into them that will immediately be able to take advantage of. The customer list with HSI, because HSI is a fallow capacity business. We do have customers, like Mike said, over 1 million that are sitting waiting from T-Mobile.

您將看到我們在行銷方法中利用了其中的一些能力，例如我們的品牌以及利用我們今天為寬頻業務開展的全國性廣告活動。諸如地面分佈之類的事情。如果你看一下像 Lumos 這樣的企業，你會發現他們從來沒有在那些擁有大量客戶流量的市場中建立大型零售分銷管道，而這些客戶流量大，他們能夠立即從中獲益。客戶名單上有HSI，因為HSI是閒置產能企業。正如麥克所說，我們確實有超過 100 萬客戶正在等待 T-Mobile 的到來。

Some of those customers happen to be in these markets that we'll immediately be able to serve. So you're going to see us start to and begin once we do our chance to take advantage of those and bring people straight on T-Fiber.

其中一些客戶恰好位於我們可以立即提供服務的市場。因此，一旦我們有機會利用這些優勢並將人們直接帶到 T-Fiber 上，您就會看到我們開始行動。

Operator, time for the next question, please.

接線員，請回答下一個問題。

Sam McHugh, BNP Pariba.

法國巴黎銀行的 Sam McHugh。

Sorry, I was on mute. I was saying Srini as well. A couple of questions. One is just on the price up. You managed them incredibly well last year in terms of churn, but some of your peers have struggled more recently, I think, with price ups.

抱歉，我靜音了。我也在說 Srini。有幾個問題。一是價格上漲。去年，你們在客戶流失方面管理得非常好，但我認為，你們的一些同行最近因價格上漲而陷入困境。

So as we're looking into Q2, should we think about a pretty decent step-up in churn rates? I guess that's question one. And two, it looks like you could have gone a bit heavier on kind of marketing and promos and trying to win customers in Q1 as we can see the strong EBITDA result. Did you hold back in the first quarter? I'd love to hear your views on kind of industry dynamics.

那麼，當我們展望第二季時，我們是否應該考慮客戶流失率的大幅上升？我想這是第一個問題。其次，從強勁的 EBITDA 業績來看，您似乎應該在第一季加大行銷和促銷力度，以贏得客戶。第一季你們有有所保留嗎？我很想聽聽您對產業動態的看法。

Thanks, Sam. First of all, on the pricing, what we are out there doing right now is really just completing a project that we started last year to get after some long-outdated plans. First, price increase of this kind in more than a decade. And I think because of that, our customers have a lot of it. I think they understand, especially since we take our time in a test and learn method like we've been rolling this out, we understand how to talk to them about it and explain to them what's behind it.

謝謝，山姆。首先，關於定價，我們現在所做的實際上只是完成去年開始的一個項目，以完成一些早已過時的計劃。第一，這種價格上漲是十多年來首次。我認為正因為如此，我們的客戶才擁有很多。我認為他們明白，特別是因為我們花時間進行測試和學習方法，就像我們一直在推廣的那樣，我們知道如何與他們談論它並向他們解釋背後的原因。

And they're excepting it. And so that's gone really well. It's only affected some customers, but it is millions of legacy plans. And the churn or fetter see from that are temporary in nature. I mean, the notifications were in 1Q.

他們也接受這一點。一切進展順利。它只影響了部分客戶，但卻影響了數百萬的遺留計劃。由此可見的混亂或束縛都是暫時的。我的意思是，通知是在第一季發出的。

The bill as changes in Q2, so you see the effects across both quarters. So far, it's coming in just as expected. And again, that shouldn't surprise you because we've been doing this in such a stepwise fashion over a period now of many months of rollout.

該法案在第二季度有所變化，因此您可以看到對兩個季度的影響。到目前為止，一切進展如預期。再說一次，這不應該讓你感到驚訝，因為我們已經以這種逐步的方式在幾個月的時間內完成了這項工作。

As it relates to promotional intensity, my personal view, and I'd love to turn to Jon Freier next. Is that the nature of competition keeps changing, but the extent of it isn't changing the way a lot of investors think. This is a kind of a misunderstanding out there. I want to be clear that like overall in the industry, while it's competitively intense, the industry overall is more successful now than it has ever been. Let me think about that.

因為這與促銷強度有關，這是我的個人觀點，接下來我想請 Jon Freier 發言。競爭的性質不斷變化，但競爭的程度並沒有改變許多投資者的想法。這是一種誤解。我想明確指出的是，就像整個行業一樣，雖然競爭非常激烈，但整個行業現在比以往任何時候都更成功。讓我考慮一下。

Overall industry cash flows over the past 12 months are just about 50% higher than 2022 levels, just 3 years prior. That's amazing. And that's on the length of 5G, and it's not on the back of customers. Customers are experiencing 3x more data and 4x better speeds across the industry, not T-Mobile, than just two years ago for every dollar that they spend. So customers are getting more. The industry based on cash flows, which is cash is king, we're successful than it has ever been, even in the environment of the promotional intensity that you're asking about.

過去 12 個月的整體產業現金流僅比 3 年前的 2022 年水準高出約 50%。太棒了。這是 5G 的長度，並非由客戶承擔。與兩年前相比，整個產業的客戶（而非 T-Mobile）每花費一美元，就能享受到 3 倍的數據和 4 倍的網路速度。因此顧客越來越多。在這個以現金流為基礎、現金為王的行業中，我們比以往任何時候都更成功，即使在您所詢問的促銷強度環境下也是如此。

Specifically, on Q1, in every single quarter, we can do more than we do, and we're guided by discipline that allows us to go after the ads that we think are going to make the biggest long-term difference to our business so we can really serve people over the long haul. Maybe you can talk just a little bit about the competitive dynamic that we saw in Q1, John. And how we were able to deliver these outsized results.

具體來說，在第一季度，在每個季度，我們都能做得更多，並且我們遵循紀律，這使我們能夠追求那些我們認為將對我們的業務產生最大長期影響的廣告，以便我們能夠真正為人們提供長期服務。約翰，也許您可以稍微談談我們在第一季看到的競爭動態。以及我們如何能夠取得這些超乎尋常的成果。

Yes. So as everybody knows, as you can see from the release, so it was just a nominal quarter for us, a 1.3 million total postpaid net additions and leading in the overall gross adds across every single postpaid category. And like Mike said just a few moments ago, the caution is always changing. Sometimes you're competing a little bit more on pricing, on nutritional plans. Sometimes it's a little bit more on devices.

是的。因此，正如大家所知，從發布中可以看到，這對我們來說只是一個名義上的季度，後付費淨增用戶總數為 130 萬，並且在每個後付費類別的總體淨增用戶數量中處於領先地位。正如麥克剛才所說，謹慎總是在改變。有時，你們在定價和營養計劃方面的競爭會更激烈一些。有時它在設備上會稍微多一點。

And what you see in this dynamic is more of a promotional on devices kind of competitive intensity in the marketplace. But that's been pretty generally consistent from the last several quarters. And what we have found is customers continue to love a great product, a deep value in paired with an angle experience. And that's why you're seeing erosiveness that you're seeing from us quarter after quarter after quarter and not just in some of our high-growth areas but also across, like Mike said in his prepared remarks, across our top 100 markets and across smaller markets, rural areas even in our top 10 markets.

而您在這種動態中看到的更多的是設備促銷，即市場上的競爭強度。但與過去幾個季度相比，這一情況總體上是一致的。我們發現，客戶仍然喜歡優質的產品、具有深度價值且具有全方位體驗的產品。這就是為什麼你會看到我們每季都在遭受侵蝕，而且這種侵蝕不僅發生在我們的一些高成長地區，而且就像麥克在他的準備好的發言中所說的那樣，發生在我們的前 100 個市場、較小的市場、農村地區，甚至前 10 個市場中。

We're still growing across each one of the cohorts that we talked about in our Capital Markets Day where we're number three in share position or number two in share position or perhaps even number one in share position, we're growing across each one of those categories and continuing to find ways to win that's resonating with customers.

我們在資本市場日討論的每一個群體中仍然在增長，我們在份額排名中位居第三或第二，甚至可能位居第一，我們在每一個類別中都在增長，並繼續尋找與客戶產生共鳴的製勝方法。

I think a lot of people would be surprised to hear we're still gaining share in the top 100 markets versus a year ago. And we're not, but some are. And it just goes to the strength of the differentiation of the value proposition. I think T-Mobile is in a spot right now where it's more differentiated versus the competitors than it ever has been in our history. With the strength of our 5G network, all the things we're doing with T-satellite, the gene kind of benefits of membership benefits that we're able to convey to people and the day-to-day superior experience that only T-Mobile people provide.

我想很多人會驚訝地發現，與一年前相比，我們在前 100 個市場的市佔率仍在成長。我們不是，但有些人是。這只是體現了價值主張差異化的強度。我認為 T-Mobile 目前與競爭對手的差異化程度比歷史上任何時候都高。憑藉我們強大的 5G 網路、我們與 T-satellite 合作開展的所有工作、我們能夠傳達給人們的會員福利的基因優勢以及只有 T-Mobile 人才能夠提供的日常卓越體驗。

And that's showing up an all-time record Q1 customer results. So my general sentiment on it is there's a great neighborhood this industry, and T-Mobile is the best house in it (inaudible) on the EBITDA result.

這顯示出第一季客戶業績創歷史新高。所以我的整體看法是，這個行業有一個很好的環境，而 T-Mobile 是這個行業中 EBITDA 結果最好的公司（聽不清楚）。

Yes. I mean it's just -- as Mike said, it's every -- the question of are we slowing down in terms of what we could have gone and get is absolutely, we optimize every quarter as we've long said, for the most value creation in terms of the number of nets.

是的。我的意思是 - 正如邁克所說，問題是我們是否會放慢腳步，我們本可以取得的成就絕對是，正如我們長期以來所說的那樣，我們每個季度都會進行優化，以便在網絡數量方面創造最大的價值。

And Q1, much like on customer growth, much like on subscriber growth, much like on account growth or service revenue growth was very strong from an EBITDA perspective. And that allowed us, course, with the M&A activity as well to increase the guide for EBITDA for the year and have confidence in delivering that guide. As you know, one of the things we're doing this year is investing for some of those amazing opportunities that we laid out a capital market that underpinned the 2027 guidance that we gave.

從 EBITDA 角度來看，第一季的客戶成長、用戶成長、帳戶成長或服務收入成長都非常強勁。當然，這也使我們能夠透過併購活動提高今年的 EBITDA 指引，並且有信心實現該指引。如您所知，我們今年所做的事情之一就是投資一些令人驚嘆的機會，這些機會是我們為資本市場制定的，為我們給出的 2027 年指導方針奠定了基礎。

And we see a lot of that, whether it's now shifting to new macro site build on a network or continuing to invest in digitalization and the opportunities that that unlocks from a customer value perspective and love and secondarily the cost elements of it. We'll see a lot more of those happen as we get into Q2 and the balance of the year. So that's kind of shaping as I think about EBITDA, but very pleased, obviously, with the Q1 results across all the financial metrics.

我們看到了許多這樣的情況，無論是現在轉向在網路上建立新的宏站點，還是繼續投資數位化，以及從客戶價值角度和喜愛角度釋放的機遇，其次是成本要素。隨著進入第二季以及今年餘下的時間，我們將看到更多這樣的情況發生。所以，當我考慮 EBITDA 時，這有點成形，但顯然，我對第一季所有財務指標的結果非常滿意。

Operator, next question please.

接線員，請問下一個問題。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

Two, if I may, one on Lumos and Metronet and UScellular. You have a lot of future EBITDA that is coming over the next several years and not in your long-term guidance. You've budgeted the cash for those excluded from your buybacks in your long-term guidance and I wondered when and how you might incorporate those acquisitions in your EBITDA guidance? And then kind of on a parallel M&A track wondering if you could talk a little more about cable assets as theoretical strategic assets for T-Mobile, especially as the number of fiber assets dwindles?

如果可以的話，有兩個，一個是關於 Lumos、Metronet 和 UScellular。您有大量的未來 EBITDA 是在未來幾年內實現的，但不在您的長期指導中。您已經在長期指導中為那些被排除在回購範圍之外的人員預算了現金，我想知道您何時以及如何將這些收購納入您的 EBITDA 指導中？然後，在平行的併購軌道上，您是否可以再多談談有線資產作為 T-Mobile 的理論策略資產，尤其是在光纖資產數量減少的情況下？

We'll turn to Peter on the first one, maybe I'll pick up the second one.

我們將就第一個問題諮詢彼得，也許我會回答第二個問題。

Yes. I mean that's just simple. Honestly, we'll update you subsequent to as and when those acquisitions close. So both for Metronet, as I said earlier, we'll give you kind of a bigger picture around the total T-Fiber strategy once we close that. And UScellular, we'll give an update to the initial figures that we gave in the press release early on as and when we close the transaction.

是的。我的意思是這很簡單。說實話，我們會在這些收購完成後向您通報最新情況。因此，對於 Metronet 來說，正如我之前所說，一旦我們完成這項工作，我們將為您提供有關整個 T-Fiber 策略的更廣闊的圖景。至於 UScellular，我們將在交易完成後更新我們在早期新聞稿中提供的初始數據。

But you're absolutely right. It's very exciting to be in a position where those strong 2027 guidance figures that we gave actually excluded all of these elements of M&A. So that's something that includes some of the includes the cash outlays when we talk about the yes, the capital investment profile.

但你完全正確。令人興奮的是，我們給出的強勁的 2027 年指導數據實際上排除了所有這些併購因素。因此，當我們談論資本投資概況時，其中包括一些現金支出。

And we'll do that just like we did it for Lumos. So we closed Lumos this quarter. As you saw in our guide, we indicated to you that this will be slightly accretive to service revenues. It will be about neutral to EBITDA this year because it's a growing business, a subscription business. And then overall, between that and our positive momentum on ARPA, we're seeing positive upside to our prior guide on service revenues, probably speaking in closer to 6% than the prior guidance of around 5% based on both those dynamics.

我們會像對待 Lumos 一樣對待它。所以我們本季關閉了 Lumos。正如您在我們的指南中看到的，我們向您指出這將略微增加服務收入。由於這是一個正在成長的業務，一項訂閱業務，因此今年的 EBITDA 將基本保持中性。整體而言，基於這一點以及我們在 ARPA 上的積極勢頭，我們看到服務收入將比我們之前的指引有積極的上升空間，根據這兩種動態，可能更接近 6%，而之前指引的約為 5%。

Exactly.

確切地。

So second question, do we want a cable asset? It's hard to answer that one. I don't want to sort of speculate on rumors all that stuff. But I think we've kind of mostly shown our hand here. Look, we're a growth company.

那麼第二個問題是，我們想要有線電視資產嗎？這個問題很難回答。我不想對謠言之類的事情進行猜測。但我認為我們在這裡基本上已經表明了自己的立場。看，我們是一家成長型公司。

I mean, we are a growth company. And so what you show -- what you see is our interest in 5G broadband that has made us the fastest growing overall broadband company in America for 13 quarters. And you've also seen us show our hand in terms of wireline Internet as having an increased interest relative to other things in pure-play fiber. Why? Because it's a growth category.

我的意思是，我們是一家成長型公司。所以，您所看到的是我們對 5G 寬頻的興趣，這使我們成為 13 個季度以來美國成長最快的整體寬頻公司。而且您也看到，我們對有線網路的興趣比純光纖的其他方面更濃厚。為什麼？因為它是一個成長類別。

And we think it's the most elegant way to serve customers. It's for cost. It's a superior product and it's more consistent with the way we run our company. So I can't talk broadly about rumors and speculation and all that. But our strategy is pretty clear here, and I love the hand we have because we are leaders in broadband today intend to continue to be -- and I think T-Fiber continue to play a bigger and bigger role slowly and systematically.

我們認為這是為客戶提供服務的最優雅的方式。這是為了成本。它是一款優質產品，更符合我們經營公司的方式。所以我不能廣泛談論謠言、猜測和所有這些。但我們的策略非常明確，我喜歡我們所擁有的，因為我們是當今寬頻領域的領導者，並打算繼續保持這種地位——我認為 T-Fiber 將繼續緩慢且有系統地發揮越來越大的作用。

Operator, next question, please.

接線員，請問下一個問題。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Mike, it seems like churn is up sort of across the board from the wireless carriers here. It seems like the is driven by price actions. So two questions. So first of all, in the past, you've said a bigger switching pool is good for T-Mobile because it allows you to take share. Do you still believe that's the case, number one.

麥克，看來這裡的無線營運商的客戶流失率普遍上升了。這似乎是由價格行為所驅動的。所以有兩個問題。首先，您過去曾說過，更大的交換池對 T-Mobile 有利，因為它可以讓您獲得市場份額。第一，你還相信情況是這樣嗎？

And number two, do you think we push a little hard on pricing because it does seem like you're seeing a little bit more than I would have thought for the entire industry. Have we pushed as far as you think we can go? And then one quick follow-up. Are you guys seeing any macro pressure in the prepaid market or on the wholesale market that is starting to emerge from what we're seeing in the economy?

第二，您是否認為我們在定價上有些過分，因為看起來您看到的整個行業的定價比我想像的要高一些。我們已經達到您認為我們能夠達到的極限了嗎？然後進行一次快速跟進。從我們所看到的經濟情勢來看，你們是否看到預付費市場或批發市場開始出現宏觀壓力？

Okay. Great. I'll start. Maybe we'll turn back to John on the macro pressure on prepaid and question. So overall, right, you saw across the industry churn was just large and a little elevated.

好的。偉大的。我先開始。也許我們會回到約翰關於預付費的宏觀壓力和問題。所以整體來說，你會看到整個產業的人員流失率都很大，而且有點高。

And I think there's a number of dynamics there, that probably have more to do with kind of macro questions than competition. I think people -- there's a certain element out there where people are in a time of uncertainty about the future grabbing what they can afford now. And so you're seeing kind of some amount of probably move forward of upgrades and switching. And so churn was a little elevated for everybody and upgrades seem to be happening at pace. And I don't know if that's tariff questions or what's the economy going to look like tomorrow questions.

我認為其中存在許多動態，可能與宏觀問題而非競爭更相關。我認為，人們——在對未來感到不確定的時候，他們會抓住現在能夠負擔得起的東西。因此，您可能會看到升級和轉換的某種程度的進步。因此，每個人的流失率都有所上升，而升級似乎正在快速進行。我不知道這是關稅問題還是明天經濟狀況的問題。

I'd say whenever I get asked about the economy, my first answer is we're not really people to ask. I mean we're probably the least canary in your coal mine because people feel so strongly about this category, they will find a way to keep paying their bills. But there might be a little bit of a pull-forward dynamic. And of course, it is competitive out there. But as I said in response to a prior question, I think the nature of that competition just keeps changing. By the way, in the first moment when it changes, sometimes again, you see a little bit of a pull forward, and there was a lot of focus on devices over the past few months.

我想說，每當有人問我有關經濟的問題時，我的第一個回答是，我們真的不是可以問的人。我的意思是，我們可能是煤礦中最不明顯的金絲雀，因為人們對這一類別的感覺非常強烈，他們會找到一種方法來繼續支付賬單。但可能會有一點向前拉的動態。當然，競爭非常激烈。但正如我在回答之前的問題時所說的那樣，我認為競爭的本質一直在不斷變化。順便說一句，在它變化的最初時刻，有時你會看到一點點向前的拉動，並且在過去的幾個月裡，人們非常關注設備。

Your question about kind of how much more of this can we take -- answer that other than it is competitive. And again, when you look at the lens of the company's overall history and their performance, it's similarly competitive because the company's overall are delivering all-time record success. Certainly, T-Mobile leading the way in our financial growth on things like service revenues, EBITDA and cash flow margins.

你的問題是關於我們可以承受多少——除了競爭力之外，答案是肯定的。再說了，當你從公司的整體歷史和業績來看，它同樣具有競爭力，因為公司整體上正在取得創紀錄的成功。當然，T-Mobile 在服務收入、EBITDA 和現金流利潤率等方面引領著我們的財務成長。

Switching to your second question on -- and is switching still an opportunity for us. Absolutely. And I think you can see that in our all-time record results in Q1 that corresponded with the question. And then what's happening in prepaid, John? And is there anything about the macro environment that might be industry prepaid that or what are your observations.

轉到您的第二個問題——轉換對我們來說仍然是一個機會。絕對地。我想您可以在我們第一季創下的歷史最高紀錄中看到這一點，這與這個問題相符。那麼預付費方面的情況如何呢，約翰？宏觀環境是否可能對產業產生影響，或者您有何觀察？

Yes, John, thank you for the question. What's happening in our prepaid business is really great. This question that got asked last time in terms of what might be happening with immigration. And I responded, I didn't think that a whole lot was going to be affecting our is because we have a premium monthly subscription business for the most part in our prepaid segment, largely led by our Metro by T-Mobile brand. We're seeing nearly 25.5 million prepaid customers now, and that's turned out to be exactly the case.

是的，約翰，謝謝你的提問。我們的預付費業務進展非常順利。上次問到的這個問題是關於移民問題可能發生的情況。我回答說，我不認為這會對我們造成太大影響，因為我們的預付費業務主要以優質包月訂閱業務為主，而這主要由 T-Mobile 的 Metro 品牌主導。我們現在有近 2550 萬預付費客戶，事實證明確實如此。

There's been some uncertainty out there that's affecting some transactional pre-brand that's more in other companies versus ours. Our business has been very, very stable in this area. And as you saw that we had another quarter of growth, when you look at the last 4 quarters, 350,000 postpaid net adds over the last 4 quarters, the ticker quarter that we just finished nearly 50,000. In churn, that's actually reduced also on a year-over-year basis by 7 basis points. So we're seeing nice stability in our overall prepaid business.

存在一些不確定性，這些不確定性對一些交易性預品牌產生了影響，而對我們公司的影響更大。我們在這個地區的業務一直非常非常穩定。正如您所看到的，我們又經歷了一個季度的成長，回顧過去的四個季度，我們發現過去四個季度後付費淨增用戶數為 35 萬，而我們剛結束的這個季度淨增用戶數接近 5 萬。就客戶流失率而言，這一數字實際上也比去年同期減少了 7 個基點。因此，我們的整體預付費業務表現穩定。

What's also happening when you look at any kind of delinquency rates or payment arrangements or anything that's happening with the consumer, none of that's really changing in our business. So it's very nice and stable. As Mike said, we might not be the first canary in the coal mine to tell you what's happening because people find this category so indispensable. And if there ever is any kind of change and there's more of a value orientation where we're ready to serve customers because we know how to serve customers in that kind of an environment as well. So yes, very, very pleased on the overall prepaid business and what we're seeing.

當您查看任何類型的拖欠率或付款安排或消費者身上發生的任何事情時，您會發現，我們的業務實際上並沒有發生任何變化。所以它非常好而且穩定。正如麥克所說，我們可能不是第一個告訴你正在發生什麼的“煤礦裡的金絲雀”，因為人們發現這個類別是如此不可或缺。如果發生任何變化，價值導向也會更加明確，我們隨時準備為客戶服務，因為我們也知道如何在那種環境中為客戶服務。是的，我們對整體預付費業務以及我們所看到的情況非常非常滿意。

And I think, John, you asked also about wholesale, and we're seeing there a great question because there's obviously a lot of moving pieces in our wholesale and other service revenue component. And what we're really seeing in underlying trends. So there's long expected things happening there with respect to DISH and track phone, and those are declining as we anticipated.

約翰，我想你也問到了批發問題，我們認為這是一個很好的問題，因為我們的批發和其他服務收入部分顯然有很多變動。以及我們真正看到的潛在趨勢。因此，人們期待已久的 DISH 和追蹤電話的發展趨勢正如我們所預期的那樣，正在下降。

What we have in the underlying business, if you take away the expected addition track phone declines is actually growth. And when you take that and couple it with the other service revenue, which is really T ads as well as the M&A from Vistar and Bliss, we believe Q1 was really the low point for us in wholesale and other service revenue, and we anticipate that growth to continue throughout the year.

如果除去預期增加的電話追蹤下滑，我們在基礎業務中所擁有的實際上是成長。如果將其與其他服務收入（實際上是 T 廣告以及 Vistar 和 Bliss 的併購）結合起來，我們認為第一季確實是我們批發和其他服務收入的低谷，我們預計這種增長將持續全年。

And probably we'll end full year in that [2.9 billion-ish] range between the underlying holes growth, again excluding DISH and TracPhone long expected and then T-ads, including SynVistar and our ability to scale those.

而我們可能將在全年結束時處於基礎成長缺口之間的 [29 億左右] 範圍內，再次排除 DISH 和 TracPhone 的長期預期，然後是 T-ads，包括 SynVistar 和我們擴展這些產品的能力。

Operator, next question, please.

接線員，請問下一個問題。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

I was wondering if you could maybe contextualize the contribution you're expecting in broadband in your overall postpaid net additions for the year, do you think you have maintained this pace of high-speed Internet fixed wireless additions above Forland? Maybe give us a little bit of on how much fiber adds you might expect once you close both Lumos and now Metronet by the end of the year or some kind of run rate? And then as a sort of a second question, I want to sort of ask the environment you're seeing right now in terms of gross adds thus far in Q2. Some of your competitors have talked about an elevated gross add environment actually accelerating into Q2. I'm wondering if you're seeing the same thing?

我想知道您是否可以具體說明一下您預期寬頻在全年整體後付費淨增量中的貢獻，您是否認為您一直保持著高於 Forland 的高速互聯網固定無線增量速度？或許您可以告訴我們一下，今年底關閉 Lumos 和 Metronet 後，預計會增加多少光纖，或某種運行率？然後作為第二個問題，我想問您目前看到的第二季迄今為止的總增量環境。你們的一些競爭對手談到了第二季總增加價值環境的提升實際上正在加速。我想知道您是否看到了同樣的事情？

Okay. Great. Jim, thanks. I'm going to turn to Mike. I mean we probably aren't going to give you too much.

好的。偉大的。吉姆，謝謝。我要向麥克提問。我的意思是我們可能不會給你太多。

We don't really guide on these metrics, but at least we can tell you a little bit about how we're feeling about it and what we're seeing on 5G broadband and a little preview on T-Fiber.

我們實際上並沒有根據這些指標提供指導，但至少我們可以告訴您一些我們對此的感受以及我們在 5G 寬頻上看到的情況以及對 T-Fiber 的一些預覽。

Yes. I mean what we're seeing in 5G broadband is just fantastic. And I think the team that runs this has just done an exceptional job. Mike mentioned in his opening comments, 13 quarters in a row and 5G broadband being the leading broadband provider in this category. And you've heard me say this before, so I'm sorry if you're getting tired of it, but the reason for that, first and foremost, is because it's a -- broadband is an essential category for people, and they're not going to compromise.

是的。我的意思是，我們所看到的 5G 寬頻真是太棒了。我認為負責這項工作的團隊做得非常出色。Mike 在開場白中提到，5G 寬頻已連續 13 個季度成為該類別領先的寬頻供應商。您之前已經聽過我這麼說了，所以如果您聽膩了，我很抱歉，但首先也是最重要的原因是——寬頻對人們來說是一個必不可少的類別，他們不會妥協。

And 5G broadband is meeting the needs of millions and millions of customers across America. And that's really what's driving the growth for us in this category. And you're seeing that reflected in things like churn. Mike mentioned upfront, this is the lowest churn quarter that we've seen in our broadband business. You're seeing it in our We've long been the leader in NPS scores in our 5G fixed wireless business, and that lead is growing.

5G寬頻正在滿足全美數百萬客戶的需求。這確實是推動我們在這一類別中成長的因素。您會在客戶流失等方面看到這一點。麥克預先提到，這是我們寬頻業務中客戶流失率最低的季度。您可以在我們的 5G 固定無線業務中看到這一點，我們長期以來一直是 NPS 得分的領導者，而這種領先優勢還在不斷擴大。

And we have the biggest delta between us and the other categories in Q1 that we've ever had. You're also seeing -- we made some adjustments on pricing at the end of the year. Mike mentioned the ARPU gains that we had year-over-year. You're seeing customers like we see in our postpaid portfolio, self-select into the broadband plans that offer them more and more value. So this business is going great.

我們在第一季與其他類別之間的差距是有史以來最大的。您還會看到——我們在年底對價格做了一些調整。Mike 提到了我們的 ARPU 年成長。您會看到，就像我們在後付費產品組合中看到的那樣，客戶會自行選擇能夠為他們提供越來越多價值的寬頻方案。所以這項業務進展順利。

And it's one of the things like we talked about when we has given us so much about our opportunity to succeed in fiber as well because we can use a lot of the same capabilities that we've built in running a national scaled fixed wireless business to go succeed at fiber. And I think succeed with some advantage that would enable us to penetrate more and penetrate into the markets where we have fiber. Specific numbers, we're not ready to do that yet. And maybe we'll save that for after we close the next transaction. But it's -- we're really looking forward to it, and I think we're in a great position to succeed.

這是我們談到的事情之一，我們已經獲得了許多有關我們在光纖領域取得成功的機會，因為我們可以利用在運營全國規模的固定無線業務時建立的許多相同功能來在光纖領域取得成功。我認為成功具有一些優勢，可以讓我們滲透到更多領域，並滲透到我們擁有光纖的市場。具體數字，我們還沒準備好。也許我們會把它保存到下次交易結束後。但我們真的很期待它，而且我認為我們處於非常有利的成功位置。

I think we're very much on track for the 12 million subscribers. We talked about last fall by 2028 as well. As it relates to your question about kind of ad momentum, I'm surprised it took until the fifth question to get that. I'm going to -- I really want to tell Peter to put a spreadsheet and just send them out. But last quarter, we resisted years to give you much inter-quarter color.

我認為我們非常有望實現 1200 萬訂閱用戶的目標。去年秋天我們也討論了 2028 年的情況。由於它與您關於廣告勢頭的問題有關，我很驚訝直到第五個問題才得到答案。我想要——我真的想告訴彼得放一個電子表格並把它們發送出去。但上個季度，我們抵制了多年來為您提供季度間色彩的做法。

And we're going to do it again. I can tell you a reminder, Q1 was an all-time record in terms of postpaid net additions and gross additions for T-Mobile. We also move on ARPU and ARPA on the strength of self-selection of the rate case, some of the optimizations and the overall competitive dynamic. We also moved up service revenues related to all that marginally. We're defending the highest guide we've ever had on postpaid net additions and therefore, phones for Q2 even better than last year's guide, which was an all-time record year.

我們還會再做一次。我可以提醒您，第一季 T-Mobile 的後付費淨增額和總增額創下了歷史新高。我們也根據費率案例的自我選擇、一些優化和整體競爭動態來研究 ARPU 和 ARPA。我們也略微提高了與此相關的服務收入。我們正在捍衛我們有史以來最高的後付費淨增值指南，因此，第二季的手機銷售甚至比去年創歷史新高的指南還要好。

So those are the things I can tell you. Hopefully, you can tell we're feeling great about the year. We think we're very much on track for the things that need to unfold for us to deliver our year as well as our multiyear guidance to you. But we're going to resist the urge to provide intra-quarter dynamics for you. Okay.

這些就是我可以告訴你的事情。希望您能感受到我們對這一年感到十分滿意。我們認為，我們正按照需要進行的工作向您提供年度以及多年的指導。但我們會抑制向您提供季度內動態的衝動。好的。

Operator, next question, please.

接線員，請問下一個問題。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特（Craig Moffett），MoffettNathanson。

Let me ask the obligatory question about tariffs. Since it's likely that we'll see fairly significant tariffs on handsets coming in. How do you think that plays out in your business? Do you think that we are likely to see higher handset prices? And if so, will that dampen upgrade rates? Or is it likely that those will be absorbed by the promotions that you and your competitors offer? And so I'm just wondering how you think about how that plays competitively?

讓我問一個關於關稅的必問問題。因為我們很可能會看到對手機徵收相當高的關稅。您認為這會對您的業務產生什麼影響？您認為我們有可能看到手機價格上漲嗎？如果是這樣，升級率會降低嗎？或者這些可能會被您和您的競爭對手提供的促銷所吸收？所以我只是想知道您如何看待它的競爭力？

Yes. Thanks, Craig. Yes, I mean, it's pretty to predict right now what's going to happen from a tariff standpoint. Obviously, it's a moving target. We certainly understand the goals of the administration.

是的。謝謝，克雷格。是的，我的意思是，從關稅的角度現在很容易預測會發生什麼。顯然，這是一個移動的目標。我們當然理解政府的目標。

It's not clear how much this is going to affect the handset market. I think to the extent that it does land and if it's a material thing. Ultimately, I think we're going to see that the customer is going to wind up having to bear that cost. Taking on something big and the tariff on a our business model is interested in trying to do or able to try to do. So it's going to -- the customer is going to wind up bearing the cost of that.

目前還不清楚這將對手機市場產生多大影響。我認為，就其落地的程度以及它是否是物質的東西而言。最終，我認為我們會看到客戶最終將不得不承擔這筆費用。承擔一些大事，而我們的商業模式中的關稅是我們有興趣嘗試做或能夠嘗試做的。所以最終客戶將承擔這筆費用。

And probably the dynamic of that would be a slowdown in upgrade rates, exactly to the premise of your question. And that has other tumble on effects in terms of possible benefits and possible cost to us that we would adjust for. Add it all up. Right now, we haven't seen anything that causes us to think there's any kind of material impact to our business coming either way.

而其可能的動態是升級率的放緩，這正是您問題的前提。並且，這也會對我們可能獲得的利益和可能的成本產生其他影響，我們需要對此進行調整。將其全部加起來。目前，我們還沒有看到任何讓我們認為會對我們的業務產生任何實質影響的事件。

And obviously, if something changes on that front, our investor community would be the first to hear. But right now, I don't see anything on the horizon that would rise to being material or causing us to second-guess our guidance that we've shared with you. Anything to add to that?

顯然，如果這方面發生變化，我們的投資者群體將會第一個聽到。但目前，我還沒有看到任何可能成為重大問題或導致我們重新考慮我們與您分享的指導意見的事件。還有什麼要補充的嗎？

No, I think that's everything we see today is embedded in that EBITDA guidance. Again, we reiterated CapEx guidance. So we're continuing to build. We're continuing on all of that front. But as you mentioned, it is a very dynamic environment, and we continue to monitor it, of course.

不，我認為我們今天看到的一切都包含在 EBITDA 指引中。我們再次重申資本支出指引。因此我們正在繼續建設。我們將繼續努力。但正如您所說，這是一個非常動態的環境，我們當然會繼續監控它。

Operator, next question, please.

接線員，請問下一個問題。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Comcast said, today, they're seeing more and more subscribers using their mobile devices to replace their home broad. Are you seeing much of that? And I know you have a new price plan out there with 250 gigabit hotspot that intended to maybe help that process? And I guess related to that, are there other things you can do to create almost quad-play like services, so people cut their wireline or broadband?

康卡斯特表示，如今，他們看到越來越多的用戶使用行動裝置來取代家庭寬頻。你看到很多這樣的情況嗎？我知道你們推出了新的價格計劃，其中有 250 千兆熱點，也許可以幫助這個過程？我想與此相關的是，您是否可以做其他事情來創建類似四重播放的服務，以便人們能夠削減有線或寬頻？

Yes. Thanks. It's always been a dynamic we've seen, Tim, in the category, especially among the prepaid subsegment. So there's a pretty significant part, for example, of our Metro by T-Mobile base. where their metro phone is their only connection to the Internet.

是的。謝謝。提姆，我們一直看到這一類別的動態，特別是在預付費細分市場中。例如，我們的 Metro by T-Mobile 基層佔有相當大的份額。他們的地鐵電話是他們與網路的唯一連接。

And the percentages go down as you kind of move up the prime scale and into postpaid. It's always been a dynamic that we've seen. I don't have any evidence it's really changing in a significant way. But on the other hand, as people are faced with top economic choices and some families are, you do see that they prioritize wireless that we've seen, and we've been seeing it now for nearly a decade that when forced to choose, they would prefer to have wireless than broadband. That's the most important connection in their life. But I'm not seeing a sort of secular change in the dynamic there so far.

隨著您從主要付費級別上升到後付費級別，百分比就會下降。我們一直都看到這種動態。我沒有任何證據表明它確實發生了重大變化。但另一方面，當人們和一些家庭面臨最重要的經濟選擇時，你確實會看到他們優先考慮無線網絡，而且我們已經看到近十年來的情況，當被迫選擇時，他們更願意選擇無線網絡而不是寬頻。這是他們生命中最重要的連結。但到目前為止，我還沒有看到那裡的動態發生某種長期變化。

Okay. Let's go over to social. We've got a question from Roger Entner for Callie. Callie, talk about the de priority progress? And what do we expect for the year?

好的。讓我們來談談社交。羅傑恩特納 (Roger Entner) 向我們詢問了卡莉 (Callie) 的一個問題。Callie，談談優先進度嗎？我們對今年有何期待？

Thanks, Cathy. And Roger, thanks for the question. Look, I'm seeing the key priority is one of the most exciting growth opportunities ever for T-Mobile for Business. In fact, we just delivered the all-time best ever quarter for first responders with key priority. And I'll tell you our growth is happening across the country in smaller markets in rural areas and top 100 kits.

謝謝，凱茜。羅傑，謝謝你的提問。你看，我看到的關鍵優先事項是 T-Mobile for Business 有史以來最令人興奮的成長機會之一。事實上，我們剛剛為優先回應人員創造了有史以來最好的季度。我要告訴你們，我們的成長發生在全國農村地區的小市場和前 100 名套件中。

We welcomed the city of Las Vegas. We welcomed police department. We welcomed Oklahoma City Police Department and so many more. In fact, it was the border for new account growth with first responders as well. Our funnels are up 50% year-over-year and it really is a pretty fantastic solution for first responders.

我們歡迎拉斯維加斯市。我們歡迎警察局。我們歡迎俄克拉荷馬市警察局和其他機構的人員。事實上，這也是急救人員新帳戶成長的邊界。我們的漏斗年增了 50%，對於急救人員來說，這確實是一個非常棒的解決方案。

And I'll remind you guys, it is the only truly nationwide slice available for first responders on a 5G stand-alone core architecture. So we're seeing the double the capacity, 2.5x speed and priority along with the most availability and the most reliability really resonate with our first responder customers. And I couldn't be more excited about it. Thanks for the question, Roger.

我要提醒你們，這是 5G 獨立核心架構上唯一真正在全國範圍內為急救人員提供的切片。因此，我們看到容量翻倍、速度和優先順序提高 2.5 倍，同時可用性和可靠性也最高，這確實引起了我們的第一響應者客戶的共鳴。我對此感到無比興奮。謝謝你的提問，羅傑。

Thanks, Callie. We'll go back to the phone now. Operator, next question, please.

謝謝，Callie。我們現在回到電話上。接線員，請問下一個問題。

Greg Williams, TD Cowen.

格雷格威廉斯 (Greg Williams)，TD Cowen。

You spoke a little bit about cable M&A, you mentioned pure-play fiber and you being a growth company, and that would be your focus. But there's media reports out there that's saying, you could be presumably passing on the Lumen fiber-to-home assets that could be a fairly attractive price. So you guys have that $20 billion disposal capital envelope. Just curious to hear your thoughts on that type of M&A and that sort of size of a deal to augment your key fiber business?

您談到了有線電視併購，提到了純光纖業務以及貴公司作為成長型公司，這將是您的工作重點。但有媒體報導稱，你可能會以相當有吸引力的價格轉讓 Lumen 光纖到戶資產。所以你們有 200 億美元的處分資本。我只是好奇想聽聽您對這種類型的併購以及這種規模的交易的看法，以擴大您的關鍵光纖業務？

Yes, thanks for the question. I mean we really have anything new to report here. What I've been saying for a while is that we are interested in the space. We are out there kicking the tires. And our appetite is limited has to be just the right thing.

是的，謝謝你的提問。我的意思是我們確實有什麼新消息要報告。我一直在說我們對這個領域很有興趣。我們正在那裡進行測試。而我們的胃口是有限的，必須適可而止。

And we've kind of shown our preference for pure-play fiber. It doesn't mean we're going to limit ourselves to that, but we've shown our preference for that. We also love the strategy that we've already unveiled. I mean if you think about our fixed wireless product moving to $12 million, our Lumos and Metronet moving to 12 million to 15 million homes passed on top of 12 million customers, that's a pretty footprint already and allow us to be choiceful.

我們已經表明了對純光纖的偏好。這並不意味著我們會局限於此，但我們已經表明了我們對此的偏好。我們也喜歡我們已經公佈的策略。我的意思是，如果你想想我們的固定無線產品將達到 1200 萬美元，我們的 Lumos 和 Metronet 將覆蓋 1200 萬到 1500 萬個家庭，並覆蓋 1200 萬客戶，這已經是一個相當大的規模，讓我們可以做出選擇。

If there's things out there that we think could really add value and that we could drive a great return for our shareholders like we have in the where we predict IRRs in excess of 20%, then we'd be interested. And probably the simpler and more elegant and more pure play, the better, but it's not a hard and fast rule.

如果我們認為某些東西確實可以增加價值，並且可以為股東帶來豐厚的回報，就像我們預測的內部報酬率 (IRR) 超過 20% 那樣，那麼我們就會感興趣。也許玩起來越簡單、越優雅、越純粹就越好，但這並不是硬性規定。

Great. All right. We'll go back to social. This is a question from Chetan Sharma for probably off. Congrats on a great quarter. Could you please give us some insights into how slicing usage is growing across different applications and industry segments?

偉大的。好的。我們將回到社交領域。這是 Chetan Sharma 提出的問題，可能與此有關。恭喜本季取得優異成績。您能否向我們介紹一下切片在不同應用和產業領域的使用情況是如何成長的？

Yes. Ulf and then maybe Callie, go ahead, Ulf.

是的。烏爾夫，然後也許是卡莉，繼續，烏爾夫。

All right. Well, thanks, Chetan, for the question. And as you know, the network team and the company went all in with 5G from the beginning. We had a stand-alone core already back in 2020 launched. And in 2023, we started to play around already with network slicing.

好的。好吧，謝謝 Chetan 提出這個問題。如你所知，網路團隊和公司從一開始就全力投入 5G。我們早在 2020 年就推出了獨立核心。2023 年，我們開始嘗試網路切片。

We started in sports events because it's a great way to show that it really works. We did it for pulp. We did it (inaudible) slide, we can do a critical communication for the events on the network side. All of that has led us in '24 to industrialize the more. I think one of the best examples of this is once a security slide where we can tie SIM security all the way through a slice into the core.

我們從體育賽事開始，因為這是證明其確實有效的好方法。我們這樣做是為了紙漿。我們做了（聽不清楚）投影片，我們可以針對網路端的事件進行關鍵溝通。所有這些都促使我們在 2024 年進一步工業化。我認為最好的例子之一是安全幻燈片，我們可以將 SIM 安全性透過切片一直綁定到核心。

And Callie mentioned earlier, the key priority is probably the vast demonstration of how this really works. Much more to come. We can see several use cases that are coming up in health care, manufacturing, in retail, where slicing provides the network experience that people really want. And all powered by our former 5G network end-to-end with stand-alone core. Callie.

正如 Callie 之前提到的，最關鍵的優先事項可能是廣泛展示其實際運作方式。未來還有更多。我們可以看到醫療保健、製造業、零售業中出現了一些用例，其中切片提供了人們真正想要的網路體驗。所有這些都由我們之前的具有獨立核心的端到端 5G 網路提供支援。卡莉。

Well, that was very well done. Ulf, just take you out on the road. I just was going to mention, when it comes to broadcasting place, we announced this past quarter interaction that we have with Disney Studios, where we provided private 5G and a network security slice where they were able to broadcast from remote locations to their studios real time, and that was on Lion Stitch. That was a very cool use case. T-SIMsecure, we literally have tens of thousands of SMB customers that are signing up for T-SIMsecure when they don't have a sophisticated IT department, for instance, this is a really fantastic use for them.

嗯，做得很好。烏爾夫，就帶你上路吧。我只是想提一下，說到廣播場所，我們宣布了上個季度與迪士尼工作室的互動，我們提供了私人 5G 和網路安全切片，使他們能夠從遠端位置實時向他們的工作室進行廣播，這就是 Lion Stitch 的案例。這是一個非常酷的用例。T-SIMsecure，我們確實有成千上萬的 SMB 客戶在沒有複雜的 IT 部門的情況下註冊了 T-SIMsecure，例如，這對他們來說是一個非常好的用途。

And point-of-sale systems have become fantastic ways for people in sports and entertainment to make sure that they cut down on long lines that they provide security and that the fan experience just the ultimate experience with our point-of-sale life. So that's been really, really great momentum. And I think what I would say here is we're just getting started. I mean key priority and the most scalable and, I think, remailing the pain point and the use case on the head, but we're just getting started here.

銷售點系統已經成為體育和娛樂界人士的絕佳方式，可以確保減少排長隊的人數，提供安全保障，讓球迷透過我們的銷售點獲得極致的體驗。所以這確實是一個非常好的勢頭。我想說的是，我們才剛開始。我的意思是關鍵優先事項和最具可擴展性，我認為，重新郵寄痛點和用例，但我們才剛剛開始。

And to that, just getting started point, one of the things we announced today is that we're nationwide with 5G advanced, and that makes the slicing capabilities easier because in the early going, part of the channel I sing is each implementation is kind of a bespoke program. And now we're moving into the phase where we can automate implementations for our customers, which just opens up the TAM considerably for us on the kinds of opportunities that Callie and Ulf just talked about. So we're very excited about this moment.

就此而言，我們今天宣布的一件事是，我們在全國範圍內都擁有先進的 5G，這使得切片功能更加容易，因為在早期階段，我所唱的頻道的一部分是每個實施都是一種定製程序。現在，我們正進入為客戶實現自動化實施的階段，這為我們在 Callie 和 Ulf 剛才談到的那些機會上開闢了相當大的 TAM。所以我們對這一刻感到非常興奮。

We'll go back to the phone queue. Operator, next question, please.

我們將回到電話隊列。接線員，請問下一個問題。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

So Mike, just in terms of the fiber question, I think all of us have kind to basically figure out why $12 million to $15 million is the right number. And I think in the past, you've described this as more of a funding mechanism, wireless being top panel and now funneling people are upgrading people to fiber at some point. But if you end up with 12 million, 15 million fiber passings just seems inadequate broadly, just from a long-term perspective. So it would be great to get your thoughts on why 15 million is the right number for fiber? And then Peter, when we filed the fiber business and the impact on the P&L longer term, I appreciate that you may not want to give us the details right now.

所以麥克，就光纖問題而言，我想我們所有人都應該弄清楚為什麼 1200 萬到 1500 萬美元是正確的數字。我認為，在過去，您將其描述為一種融資機制，無線是最重要的面板，現在引導人們在某個時候升級到光纖。但如果最終的光纖傳輸量為 1200 萬，那麼從長遠來看，1500 萬的光纖傳輸量似乎遠遠不夠。因此，我很想知道您對於為什麼 1500 萬是光纖的正確數量的看法？然後彼得，當我們提交光纖業務及其對損益表的長期影響時，我知道您可能不想現在向我們提供詳細資訊。

But directionally, if we think about the business, initially, there might be some fixed payments you have to accrue to the JVs even before revenues start kicking in. So directionally, do these businesses become a drag initially and then over time, they essentially start contributing and become accretive? How should we think about the framework over the next two or three years?

但從方向來看，如果我們考慮業務，最初，在收入開始產生之前，可能需要向合資企業支付一些固定款項。那麼從方向上看，這些業務最初是否會成為一種拖累，然後隨著時間的推移，它們會開始做出貢獻並變得具有增值作用？我們該如何思考未來兩三年的框架？

Okay. Kannan, those are two great questions. First, on the question about fiber. Your question really goes to our why. What is our why?

好的。Kannan，這是兩個很好的問題。首先，關於纖維的問題。您的問題確實涉及到我們的“為什麼”。我們的為什麼是什麼？

Why are we doing this? And I'll just kind of return you to our general premise here is actually pretty different than the premise that some others have in this space. And their premises are really based on the deep interplay with all the other products, so-called convergence. And for us, on fixed wireless, there's some of that, obviously, that opportunity. But the much bigger question for us is whether or not we can based on OHA and our embedded investments and our big customer base and our 5G network and our data and our strength of our brand and our distribution whether we can just quite simply make a superior return in wireline fiber than a purely disinterested financial investor could.

我們為什麼要這麼做？我只是想讓你們回到我們這裡的一般前提，它實際上與這個領域其他人的前提非常不同。他們的前提實際上是基於與所有其他產品的深度相互作用，即所謂的融合。對我們來說，在固定無線領域，顯然存在一些這樣的機會。但對我們來說，更大的問題是，我們是否能夠基於 OHA 和我們的嵌入式投資、我們的龐大客戶群、我們的 5G 網路、我們的數據、我們的品牌實力和我們的分銷能力，在有線光纖領域獲得比純粹公正的金融投資者更高的回報。

And we think we can. Those first two transactions we do see very strong IRR potential overall. And it's just kind of different than the premise that I think others have in the space. And it sort of showcases why we have the preference. Srini your expert in this space, you've seen the perspective, both from the US, from Europe, maybe a comment on your views on convergence, and how our strategy is different here at TMUS.

我們認為我們可以。總體而言，我們確實看到了前兩筆交易非常強勁的 IRR 潛力。我認為這與其他人在該領域的假設有所不同。這也在某種程度上展示了我們為何有這種偏好。Srini 是該領域的專家，您已經了解了美國和歐洲的觀點，也許您可以評論一下您對融合的看法，以及我們 TMUS 的策略有何不同。

Yes. Sure. Thanks, Mike. So just picking up from where you left off. We normally tend to refer to convergence as a significant shift in consumer mobile buying behavior, where they move to buying wireless products form their wireline provider.

是的。當然。謝謝，麥克。所以就從你上次中斷的地方繼續吧。我們通常傾向於將融合稱為消費者行動購買行為的重大轉變，他們轉向從有線供應商購買無線產品。

And that's the thesis of a few players here. As you said, our thesis on how this market evolves is different. Let me give you two or three data points that kind of support where we stand on this. The first one of those is more than 85% of the US for over 5 years has had the option of buying wireless from their wireline provider.

這是這裡一些參與者的觀點。正如您所說，我們對這個市場如何發展的觀點是不同的。讓我提供你兩三個數據點來支持我們的立場。首先，5 年多來，美國 85% 以上的民眾都可以選擇從有線服務供應商購買無線服務。

Now to the extent that they've chosen to do that, that's built into our run rates. I think the second piece is behind the thesis of convergence is this story that somehow convergence is inevitable in the US like it was in Europe. Now there's a flaw in that theory. It isn't inevitable in Europe.

現在，只要他們選擇這樣做，這就已經計入我們的運行率了。我認為融合論點背後的第二個部分是這樣的，美國的融合是不可避免的，就像在歐洲一樣。現在這個理論存在一個缺陷。在歐洲，這並非不可避免。

Some of the best European markets, whether that's Germany where I recently worked in or the UK have convergence levels that are lower than the US. And that happens because whether this change in consumer behavior or not happens or not, is down to market specific things. And you look at the US, the extent to which we have family plan bundling in I mean the US is probably the only market I know where wireless churn is significantly lower than the line churn, which tells you something about the quality of those wireless relationship.

一些最好的歐洲市場，無論是我最近工作過的德國還是英國，其融合水平都低於美國。而之所以會發生這種情況，是因為消費者行為是否會改變，取決於市場的特定因素。看看美國，我們的家庭套餐捆綁程度，我的意思是，美國可能是唯一一個我所知道的無線流失率明顯低於線路流失率的市場，這說明了這些無線關係的品質。

You put all of that together and that our thesis and converted is different. That said, we see a significant opportunity to make equity enhancing investments in fiber. And so the question for us is always going to be what's a good investment in fiber versus whether it's big enough. And that's the difference in questions we're answering it.

把所有這些放在一起，我們的論點和觀點就不同了。也就是說，我們看到了在光纖領域進行股權增值投資的重大機會。因此，我們面臨的問題始終是：光纖的良好投資是什麼，以及投資規模是否夠大。這就是我們回答的問題的不同之處。

Yes. And I think to the very specific question you asked about the $12 million to $15 million, I hate to be give an unsatisfying answer, but it depends. We're going to follow the capital allocation strategy that Peter has laid out over and over again.

是的。我認為對於您提出的有關 1200 萬至 1500 萬美元的非常具體的問題，我不想給出令人不滿意的答案，但這取決於具體情況。我們將遵循彼得一再闡述的資本配置策略。

And to the extent that we see opportunities based on all of our strengths embedded capabilities and know-how to make a superior return and therefore, deliver you, our shareholders superior return, we're interested. And that may not mean that $12 million to $15 million is where we end. But it's certainly taken the first two JVs plus our wholesale partnerships where we think we're tumbling to with the transactions already decided on, and we'll see where the future takes us on this one.

只要我們看到基於我們所有優勢、內在能力和專業知識的機會，可以獲得優異的回報，從而為我們的股東帶來優異的回報，我們就會感興趣。但這並不意味著我們的最終目標是 1200 萬到 1500 萬美元。但我們認為，我們已經與前兩家合資企業以及批發合作夥伴達成了協議，我們正在努力完成這些交易，我們將拭​​目以待未來會如何發展。

As you were asking kind of about the long-term growth and how do these play out, I won't speak to Metronet yet, it's not closed. It wouldn't really be appropriate for us to do so. But as I think about this, of, on the Lumos JV, there are no fixed payments. We aren't settling ourselves with fixed payments. All of this is funding accretive growth.

正如您所問的關於長期增長以及這些增長將如何發揮作用，我暫時不會談論 Metronet，它還沒有關閉。我們這樣做確實不合適。但當我想到這一點時，在 Lumos JV 中，沒有固定的付款。我們不會透過固定付款來解決。所有這些都為增值成長提供了資金。

And that's the exciting part of all of this is, whether it's member, we have 50% economic interest in the JV itself, the InfraCo, which is going to continue to grow in the case of Lumos as well to pass a significant number of households. And for us, it's about customer growth, funding subscribe acquisition. So that's what we're investing in right now. And as you think about what that returns from a value proposition longer term, that's what we're doing here. It's not just funding today's growth, it's funding growth of T-Mobile beyond 2027.

令人興奮的是，無論是會員，我們在合資企業本身 InfraCo 中擁有 50% 的經濟利益，在 Lumos 的情況下，它也將繼續成長，涵蓋大量家庭。對我們來說，這關乎客戶成長、資金訂閱取得。這就是我們現在投資的。當你思考長期價值主張的回報時，這就是我們在這裡所做的。這不僅為今天的成長提供資金，也為 2027 年以後 T-Mobile 的成長提供資金。

Even how do we set this company up to be a high company many, many years beyond just the Capital Markets Day that we gave. So it's important, I think, to think about these structures because of the way we did them as cash-generating structures. We talked about Metronet, in particular, on the current land that we put into the press release is the case for this, we are already going to be seeing distributions back before the end of that 2030 period and the 6.5 households -- 6.5 million households passed there. all of this is funding strong value-accretive customer acquisition and creating great long-term value creation for T-Mobile.

甚至我們如何將這家公司打造成一家超越我們設定的資本市場日的高端公司。因此，我認為，考慮這些結構很重要，因為我們將它們視為現金產生結構。我們特別討論了 Metronet，就我們在新聞稿中提到的當前土地而言，我們將在 2030 年結束之前看到分配情況，屆時將有 650 萬戶家庭遷入。所有這些都為 T-Mobile 獲得強大的增值客戶提供了資金，並創造了巨大的長期價值。

Operator, we have time for our last question.

接線員，我們還有時間回答最後一個問題。

Jonathan Chaplin, New Street.

喬納森卓別林，新街。

Just one for me, following up on the fiber discussion. Does it matter where the fiber locations are to you? Is it a matter of sort of building fiber in markets that don't have fiber today? Or is it more important for you to have markets in big growing cities, which might also be markets where you need mobile capacity at some point in the future? And I would love your thoughts, given that you can get better returns on these assets, been disinterested independent operators, would love your thoughts on market structure? Does it make sense for you guys to deploy fiber in markets that might have two players already or would you stick to two player markets?

對我來說這只是一個關於光纖的討論。光纖的位置對您來說重要嗎？這是否涉及在目前沒有光纖的市場上建造光纖的問題？或者對您來說，在大型發展城市擁有市場更為重要，這些市場也可能是您在未來的某個時候需要行動容量的市場？我很想聽聽您的想法，考慮到您可以從這些資產中獲得更好的回報，成為公正的獨立運營商，我想聽聽您對市場結構的看法？對你們來說，在可能已經有兩個參與者的市場中部署光纖是否有意義，或者你們會堅持在兩個參與者的市場中部署光纖嗎？

Thanks, Jonathan. Let me try to simplify it. The shortest version of the answer is not really. In other words, geography is not one of the primary inputs into our thought process on And the reason for that is that so far, based on our experience in fixed wireless and in our pilots of T-Fiber there's a strong industrial logic for both places where we're highly penetrated and where we're less penetrated. And the obvious industrial logic kind of speaks to itself.

謝謝，喬納森。讓我嘗試簡化它。答案的最短版本並非如此。換句話說，地理位置不是我們思考過程中的主要輸入因素之一，原因在於，到目前為止，根據我們在固定無線和 T-Fiber 試點方面的經驗，無論是在我們滲透率高的地方還是滲透率較低的地方，都有很強的工業邏輯。顯而易見，這種工業邏輯是不言而喻的。

Where we're highly penetrated, we have more embedded advantages and therefore, less friction. Where we have less penetration, we have more upside. It can be a great front door. And we're just pretty open-minded on that front. And part of it is, if you look at our high-speed Internet business in 5G, it's geographically distributed all over the country because it really isn't about marketing in one city or another or in a rural area versus a suburban area.

在我們滲透率較高的領域，我們擁有較多的內在優勢，因此摩擦也較少。我們的滲透率越低，我們的上升空間就越大。它可以是一個很棒的前門。我們對此持相當開放的態度。其中一部分原因是，如果你看看我們的 5G 高速網路業務，它在地理上分佈在全國各地，因為它實際上不是在一個城市或另一個城市或農村地區與郊區進行行銷。

It's about finding pockets all across this country of capacity where no normal amount of mobile anytime soon will take up our capacity and where we approve applicants for fixed wireless. So that's our fallow capacity model. So widely geographically disperse the natural synergies don't inform the decision as it relates to geography. And based on that, I forgot your second half of your question already. What was it again, Jonathan?

關鍵在於在全國範圍內尋找容量充足的地方，在這些地方，正常的行動通訊量在短期內不會佔用我們的容量，而且我們也可以批准固定無線網路的申請。這就是我們的休耕能力模型。由於地理分佈如此廣泛，自然的協同效應無法為與地理相關的決策提供參考。基於此，我已經忘記了你問題的後半部。喬納森，你又問了什麼？

It was about geographic. Are we going to go into places with two existing fiber parters -- two broadband player?

這是關於地理的。我們要去已經有兩個光纖合作夥伴（兩個寬頻播放器）的地方嗎？

I mean the very -- our intention is to move quickly and for the majority of our work to be first to fiber. And that's where the returns are best. That means there's probably a cable operator. There may be fixed wireless available in that area. But our intention, generally speaking, generally speaking, is to be first to fiber.

我的意思是——我們的目的是快速行動，並讓我們的大部分工作首先應用於光纖。這就是回報最好的地方。這意味著可能有有線電視營運商。該地區可能有固定無線網路可用。但整體來說，我們的目的是率先實現光纖化。

All right. Thank you, everybody. That's all the time we have. We're excited to speak to you again soon. If there are any further questions, you can contact the IR or media departments.

好的。謝謝大家。我們的時間就這麼多。我們很高興很快能再次與您交談。如果還有其他問題，您可以聯絡投資者關係或媒體部門。

Ladies and gentlemen, this concludes the T-Mobile's first quarter 2025 earnings call. Thank you for your participation. You may now disconnect and have a pleasant day.

女士們，先生們，T-Mobile 2025 年第一季財報電話會議到此結束。感謝您的參與。現在您可以斷開連接並享受愉快的一天。