T-Mobile US Inc (TMUS) 2025 Q2 法說會逐字稿

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

午安.（操作員指示）現在，我想將會議交給 T-Mobile US 投資者關係高級副總裁 Cathy Yao。請繼續。

Good afternoon. Welcome to T-Mobile's second quarter 2025 earnings call. Joining me on our call today are Mike Sievert, our President and CEO; Srini Gopalan, our COO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

午安.歡迎參加 T-Mobile 2025 年第二季財報電話會議。今天參加電話會議的還有我們的總裁兼執行長 Mike Sievert、我們的營運長 Srini Gopalan、我們的財務長 Peter Osvaldik 以及其他高階領導團隊成員。

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

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、投資者事實手冊和其他與我們的業績相關的文件，以及本次電話會議討論的 GAAP 和非 GAAP 業績之間的對帳表，均可在我們的投資者關係網站上找到。現在，讓我把麥克風交給麥克。

Okay. Cathy, thank you. Thanks for keeping us out of trouble over there. Great job. Welcome everybody. Thanks for being with us. Good afternoon. We're coming to you live from Bellevue today. I've got the whole team here and we are excited to talk to you about our Q2 results and more importantly, to take your questions.

好的。凱茜，謝謝你。謝謝你讓我們遠離那邊的麻煩。幹得好。歡迎大家。感謝您與我們同在。午安.今天我們從貝爾維尤為您現場報道。我和整個團隊都在這裡，我們很高興與您討論我們的第二季業績，更重要的是，回答您的問題。

And what a quarter it was. Our results were in one word if I had to pick one, fantastic. This team right here, did it again. Delivering the consistent differentiated profitable growth that we are known for. We led the industry in both customer growth and in financial growth across multiple metrics, and more importantly, we smashed our own records.

這是一個多麼精彩的季度。如果必須用一個詞來形容我們的成果，那就是太棒了。這支隊伍又成功了。實現我們所熟知的持續差異化獲利成長。我們在客戶成長和財務成長等多個指標上都領先於產業，更重要的是，我們打破了自己的記錄。

This was the greatest Q2 for growth ever in T-Mobile's storied history with the best Q2 postpaid phone nets ever. The best Q2 for total postpaid net editions ever and our best ever Q2 on gross editions too, with both gross and total postpaid and both, both gross and net, total postpaids adds up double digits year-over-year against a very strong 2024 comp.

這是 T-Mobile 歷史上成長最快的第二季度，其第二季度後付費電話網路也達到了有史以來的最佳水平。這是有史以來最好的總後付費淨版第二季度，也是我們有史以來最好的總版第二季度，總後付費和總後付費以及總後付費和淨後付費總額與去年同期相比均實現了兩位數增長，而 2024 年的業績非常強勁。

Equally as exciting. Our postpaid account nets also accelerated year-over-year, and we saw our postpaid share of households grow, in every single cohort within the top 100 and of course also in smaller markets and rural areas. And the momentum is continuing with share of port in leadership and overall customer momentum right where we want it.

同樣令人興奮。我們的後付費帳戶淨額也同比增長，我們看到後付費家庭份額正在增長，在前 100 名中的每個群體中，當然也包括較小的市場和農村地區。而且這種勢頭還在繼續，港口的領導地位和整體客戶的成長動能都達到了我們想要的水平。

Now you may have heard others say that this is a highly competitive environment and it is, but we love it that way and we thrive in a dynamic environment like this one. Our results, including our value creation results in this dynamic environment, simply speak for themselves.

現在你可能聽到別人說這是一個競爭激烈的環境，事實也確實如此，但我們喜歡這樣，並且在像這樣的充滿活力的環境中茁壯成長。我們的成果，包括我們在這個動態環境中創造的價值成果，是不言而喻的。

The quality of our customers continues to improve at a rapid pace with ARPA growth up over 5%, our highest growth in eight years. Our customers are continuing to self-select up the rate card. Here's a new stat for you. After launching our new rate plans in April, within that premium segment we've been talking to you about, customers are loving our most premium tier within it more than ever, selecting our new experience beyond plan at more than double the rate of Go5G next just a year ago and up over 50% in just one quarter.

我們的客戶品質持續快速提高，ARPA 成長率超過 5%，這是我們八年來的最高成長率。我們的客戶正在繼續自行選擇價目表。這是給您的新統計數據。在我們於 4 月推出新的資費計劃之後，在我們一直與您討論的高端細分市場中，客戶比以往任何時候都更喜歡我們其中最優質的套餐，選擇我們超越計劃的新體驗的價格是一年前 Go5G next 價格的兩倍多，僅一個季度就上漲了 50% 以上。

Our business group continues to break growth records as well, leading the industry once again in net additions, and we are not standing still. Just yesterday, we announced a new multiyear partnership with Cable to provide mobile service to small and mid-market businesses to supercharge our growth in an area where we have little exposure today in a true win-win.

我們的業務集團也持續打破成長記錄，在淨增量方面再次領先產業，我們不會停滯不前。就在昨天，我們宣布與 Cable 建立新的多年期合作夥伴關係，為中小型企業提供行動服務，以真正實現雙贏，在目前我們很少涉足的領域推動我們的成長。

The deal focuses our partners in the exact areas that would drive incremental revenue because our strongest T-Mobile branded growth comes on the one hand from the very smallest businesses transacting at retail where we already compete with Cable, and on the other hand, from large enterprises above 1,000 lines which are not included in the deal. So while it's going to take some time for this to grow into something meaningful, I'm super excited about their capabilities to generate growth in the SMB sector in a way that will be truly incremental for T-Mobile.

這項交易使我們的合作夥伴專注於能夠推動增量收入的領域，因為我們最強勁的 T-Mobile 品牌成長一方面來自我們已經與有線電視競爭的零售最小型企業，另一方面來自交易中未包括的 1,000 條線路以上的大型企業。因此，雖然要花一些時間才能發展成有意義的事情，但我對他們在 SMB 領域推動成長的能力感到非常興奮，這對 T-Mobile 來說將是一個真正的增量。

Okay, I want to spend a moment on something that I'm very passionate about, our network. America's best network. Over the last couple of years we've seen a significant increase in the number of customers citing our network as the reason for switching to T-Mobile, and that's a great start, but the reality is most of our prospects don't yet know we have the best network. In fact, only about 20% of switchers in the broader market believe we do. This represents an enormous runway for us.

好的，我想花點時間談談我非常熱衷的事情，那就是我們的網路。美國最好的網路。在過去的幾年中，我們發現將我們的網路作為轉用 T-Mobile 原因的客戶數量顯著增加，這是一個很好的開始，但實際情況是，我們的大多數潛在客戶還不知道我們擁有最好的網路。事實上，在更廣泛的市場中，只有大約 20% 的轉換者相信我們會這麼做。這對我們來說是一條巨大的跑道。

Network perception has now become a major focus for us for a simple reason. There's a massive opportunity from all of those tens of millions of customers who went elsewhere in the 4G era, deliberately choosing what was then the best network. Well, there's a new best network in America, and you'll be seeing us bring that message to consumers and businesses, in really innovative ways until every person in America has heard why there has never been a better time to join T-Mobile.

網路感知現在已經成為我們關注的重點，原因很簡單。4G 時代數千萬用戶選擇使用其他網絡，特意選擇了當時最好的網絡，這為企業帶來了巨大的機會。嗯，美國有一個新的最佳網絡，你會看到我們以真正創新的方式將這一訊息傳達給消費者和企業，直到每個美國人都聽到為什麼現在是加入 T-Mobile 的最佳時機。

And on the substance of our network leadership, we are on the move. We're continuously pushing across multiple strategies to widen our lead and cause the rest of the market to follow. That's why we're out there with greenfield builds having already lit up 1,000 sites year-to-date with a plan to bring on nearly 4,000 sites this year alone.

就我們網路領導層的實質而言，我們正在採取行動。我們不斷推行多種策略來擴大領先地位並促使其他市場效仿。這就是為什麼我們要大力開展綠地建設，今年迄今為止，我們已經開放了 1,000 個站點，併計劃僅在今年就開放近 4,000 個站點。

That's why we were the first carrier to roll out things like nationwide 5G advanced, automated slicing capabilities, and higher order carrier aggregation, and we won't stop. It's all about getting more and more performance for our customers from every dollar and every piece of radio spectrum. The result, our network lead continues to widen.

這就是為什麼我們是第一家在全國推出先進的 5G、自動切片功能和高階載波聚合等技術的營運商，而且我們不會停止。這一切都是為了使我們的客戶利用每一美元和每一塊無線電頻譜獲得越來越高的性能。結果，我們的網路領先優勢繼續擴大。

We're also shoring up our network in smaller market and rural areas with USCellular. With all required approvals now in place, I'm pleased to say that we plan to close the transaction and become one team next week on August 1. We can't wait to welcome USCellular customers to the T-Mobile family. The combination gives us an expected 50% or more increase in capacity in the combined footprint, and our site coverage will expand by a third from 9,000 to 12,000 sites.

我們也與 USCellular 合作，加強我們在較小市場和農村地區的網絡。現在所有必要的批准都已到位，我很高興地說，我們計劃在下週 8 月 1 日完成交易並成為一個團隊。我們迫不及待地歡迎 USCellular 客戶加入 T-Mobile 大家庭。這一組合預計將使我們的綜合覆蓋範圍的容量增加 50% 或更多，我們的站點覆蓋範圍將擴大三分之一，從 9,000 個站點增加到 12,000 個站點。

Taken together with the greenfield builds I mentioned earlier, the network experience in smaller markets in rural areas is being fundamentally transformed, just further fueling our ability to compete and grow in this space. And just this morning we launched our groundbreaking T-Satellite service commercially, further extending our network to connect customers in the 500,000 square miles of this country that are not covered terrestrially by anyone and with a truly differentiated service.

結合我之前提到的綠地建設，農村地區較小市場的網路體驗正在發生根本性的轉變，這進一步增強了我們在這個領域的競爭和發展能力。就在今天早上，我們推出了具有突破意義的 T-Satellite 商業服務，進一步擴展了我們的網絡，為這個國家 50 萬平方英里範圍內尚未被地面信號覆蓋的用戶提供真正差異化的服務。

Okay, now let me turn over to 5G broadband. No surprise, given the strength of this product, we delivered yet another stellar quarter. In fact, for the 14th straight quarter, we led the overall broadband industry in net editions. Double clicking into it, T-Mobile for business also led the industry this quarter, achieving our highest ever business 5G broadband net editions. Overall, both speeds and usage continue to rapidly grow, demonstrating the mainstream nature of this product, while satisfaction is as higher, higher than ever as seen in our record low churn.

好的，現在讓我來談談5G寬頻。毫不奇怪，鑑於這款產品的實力，我們又取得了一個輝煌的季度。事實上，我們已經連續第 14 個季度在網路版本方面領先整個寬頻產業。再往前看，T-Mobile 的企業版本季度也領先於該行業，實現了有史以來最高的企業 5G 寬頻網路版本。整體而言，速度和使用量都在持續快速成長，體現了該產品的主流特性，同時滿意度也比以往任何時候都高，正如我們創紀錄的最低客戶流失率所見。

Let's talk fiber. Last month we launched T-Fiber after completing our JV acquisition of Lumos in April, and tomorrow we plan to close our JV acquisition of Metronet. With both up and running under the T-Fiber banner in the second half, we're poised to deliver 100,000 or more fiber nets on top of our planned 5G broadband nets this year. We are off to the races.

讓我們來談談纖維。上個月，我們在 4 月完成對 Lumos 的合資收購後推出了 T-Fiber，明天我們計劃完成對 Metronet 的合資收購。隨著下半年 T-Fiber 的投入運行，我們準備在今年計劃的 5G 寬頻網路基礎上再提供 100,000 個或更多的光纖網路。我們要去參加比賽了。

Let me spend a moment right now on our ongoing digital transformation. At Capital Markets Day, we shared an audacious transformation plan, designed to meet customers where they are with breakthrough enabled sales and services experiences -- breakthrough AI enabled sales and services experiences, and a step change improvement in our business model at the same time.

現在，請允許我花一點時間談談我們正在進行的數位轉型。在資本市場日，我們分享了一個大膽的轉型計劃，旨在透過突破性的銷售和服務體驗來滿足客戶的需求——突破性的人工智慧銷售和服務體驗，同時逐步改善我們的商業模式。

I'm here to tell you that we are more than on track. Look at how far we've come in such a short time. A year ago, T-Life was just getting started. Our T-Life app now has over 75 million installs, and it's one of the most downloaded apps in the App Store, and it's a destination for tens of millions of customers to transact and access the incredible magenta status benefits that they love.

我在這裡想告訴你們，我們已經走在正確的軌道上了。看看我們在這麼短的時間內取得了多大的進步。一年前，T-Life 才剛起步。我們的 T-Life 應用程式現在安裝量已超過 7500 萬次，是 App Store 中下載次數最多的應用程式之一，數千萬客戶可以在此進行交易並享受他們喜愛的令人難以置信的洋紅色狀態福利。

As an example, a year ago, very few of our phone upgrades occurred digitally. Today we've checked that box. About two thirds of our consumer upgrades now occur via our app, and we're exiting Q2 with significant new momentum in digital adelines and turning next to new customer acquisition. I have never been more excited about the potential here for our customers and also for our business model.

例如，一年前，我們的手機升級很少以數位化方式進行。今天我們已經勾選了該框。目前，大約三分之二的消費者升級是透過我們的應用程式進行的，我們在第二季結束時在數位通路方面取得了顯著的新發展勢頭，接下來將轉向新客戶獲取。我從未對我們的客戶和商業模式的潛力感到如此興奮。

Speaking of, let's talk financials. Our best in class customer results continued to drive industry leading financial growth across key metrics yet again in Q2. Postpaid service revenues grew 9% year-over-year, and acceleration from Q1, and total service revenues grew 6%, a rate well over double that of our closest competitors. Our industry leading core adjusted EBITDA of growth was 6% year-over-year. We delivered $4.6 billion in adjusted free cash flow, a new Q2 record, translating to once again industry-leading adjusted free cash flow conversion from service revenues of 26%.

說到這兒，我們來談談財務問題。我們一流的客戶業績在第二季再次繼續推動業界領先的關鍵指標財務成長。後付費服務營收年增 9%，較第一季有所加速，總服務營收成長 6%，成長遠超我們最接近的競爭對手的兩倍。我們業界領先的核心調整後 EBITDA 年成長 6%。我們實現了 46 億美元的調整後自由現金流，創下第二季度新高，這意味著來自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%。

Listen, what these results demonstrate overall, it should come as no surprise. T-Mobile's industry leading value proposition of best network, best value, and best experiences is an exceptional combination. Our strategy is differentiated. It's durable, and it has tons of room to run.

聽著，這些結果總體上顯示了什麼，這並不令人意外。T-Mobile 業界領先的價值主張——最佳網絡、最佳價值和最佳體驗，是一個非凡的組合。我們的策略是差異化的。它非常耐用，並且具有很大的運行空間。

Not only do we see opportunity to deliver outsized growth in under penetrated areas like smaller markets, T-Mobile for business, and broadband alongside smart new adjacencies, but as we solidify our network lead, we're also demonstrating that there's room to run among network seekers in the top markets where we're most established. There are growth opportunities everywhere we look.

我們不僅看到了在較小市場、T-Mobile 商業版和寬頻以及智慧新鄰接等滲透率較低的領域實現超額成長的機會，而且隨著我們鞏固網路領先地位，我們還證明了在我們最成熟的頂級市場中，在網路尋求者中仍有發展空間。放眼望去，到處都有成長機會。

We have built these differentiated and durable advantages over time and with unwavering focus. This team sitting here in front of you looks around corners and we show up every single day ready to win, to win today and to win tomorrow, and we won't stop. We won't stop doing what's right by customers. We won't stop shattering the very records we set and we won't stop delivering against the lofty long-term ambitions that continue to set T-Mobile apart.

我們憑藉著長期不懈的努力和不懈的專注，建立了這些差異化、持久的優勢。坐在你們面前的這支隊伍放眼四方，我們每天都做好了贏得勝利的準備，贏得今天的勝利和明天的勝利，我們不會停止。我們不會停止為客戶做正確的事。我們不會停止打破我們創下的記錄，我們也不會停止實現讓 T-Mobile 脫穎而出的崇高長期目標。

Okay. Peter, over to you to provide a quick update on our key financials and our guidance.

好的。彼得，請您簡單介紹一下我們的主要財務狀況和指導。

Perfect. Thanks, Mike. As you can see, we had a fabulous Q2 which underpins the confidence in our increased guidance. Before we jump into those updated full year expectations, I'll note they now reflect the inclusion of Metronet but exclude US Cellular, for which we will provide an update later after the close.

完美的。謝謝，麥克。如您所見，我們第二季的業績非常出色，這增強了我們對提高指導的信心。在我們討論更新後的全年預期之前，我要指出的是，這些預期現在反映了 Metronet 的納入，但不包括 US Cellular，我們將在收盤後提供更新。

Okay, starting with customers. We are raising our total postpaid net editions expectations to be between 6.1 million to 6.4 million, an increase of 500,000 at the midpoint. Approximately 100,000 of the total will be fiber net additions. We are also increasing our expectation for postpaid phone net editions now expected to be between 2.95 million and 3.1 million, highlighting the great momentum we're seeing in the business. Both of these represent our highest ever customer guidance at this point in the year.

好的，從客戶開始。我們將後付費淨版總數預期提高到 610 萬至 640 萬之間，中間值增加 50 萬。其中約10萬戶為光纖網路新增用戶。我們也提高了對後付費電話網路版本的預期，目前預計在 295 萬至 310 萬之間，這突顯了我們在該業務中看到的強勁勢頭。這兩項指標都代表了我們今年迄今為止最高的客戶指導價。

We also continue to expect strong post-paid ARPA growth of at least 3.5% for the full year as we see continued deepening of customer relationships, and we now expect 2025 service revenue growth of at least 6% for the full year. We now expect core adjusted EBITDA to be between $33.3 billion and $33.7 billion for the full year, an increase of $100 million at the lower end of the range, which includes funding or significantly increased total postpaid net editions expectation. As part of that, we expect Q3 core adjusted EBITDA to be approximately $8.5 billion as we accelerate investments into our business.

隨著客戶關係的不斷深化，我們也繼續預計全年後付費 ARPA 將強勁成長至少 3.5%，現在我們預計 2025 年全年服務收入將成長至少 6%。我們現在預計全年核心調整後 EBITDA 將在 333 億美元至 337 億美元之間，比預期範圍的低端增加 1 億美元，其中包括資金或大幅增加的總後付費淨版本預期。作為其中的一部分，隨著我們加快對業務的投資，我們預計第三季核心調整後 EBITDA 將達到約 85 億美元。

Okay, turning to cash CapEx, we continue to expect cash CapEx to be approximately $9.5 billion for the full year. We also expect adjusted free cash flow, including payments for merger related costs, in the range of $17.6 billion to $18 billion, also representing an increase of $100 million at the lower end of the range.

好的，談到現金資本支出，我們繼續預期全年現金資本支出約為 95 億美元。我們也預計調整後的自由現金流（包括支付的合併相關費用）將在 176 億美元至 180 億美元之間，這也比該範圍的低端增加了 1 億美元。

I also wanted to touch on the upcoming close of the joint venture transaction which is acquiring Metronet. As with the Lumos joint venture, the consumer experience and residential business will be fully owned by us, and we will also share in 50% of the joint venture economics. We will treat the acquired customers as a base adjustment in our third quarter results. And as we fuel customer growth, we expect the retail business to be slightly accretive to service revenues while remaining neutral to adjusted EBITDA and adjusted free cash flow this year.

我還想談談即將完成的收購 Metronet 的合資交易。與 Lumos 合資企業一樣，消費者體驗和住宅業務將完全由我們擁有，我們還將分享合資企業 50% 的財務利益。我們將以收購的客戶作為第三季業績的基礎調整。隨著我們推動客戶成長，我們預計零售業務將略微增加服務收入，同時今年調整後的 EBITDA 和調整後的自由現金流將保持中立。

Additionally, our 50% equity stake in the joint venture will be reported below the line as an equity method invested and is expected to be immaterial to net income this year. Next quarter we will provide a more comprehensive update regarding the contribution of both of our fiber joint ventures.

此外，我們在合資企業中 50% 的股權將作為權益法投資報告，預計對今年的淨收入影響不大。下個季度，我們將提供兩家光纖合資企業的貢獻的更全面的最新情況。

Okay, let me also spend a moment on the benefits from the recent legislation coming out of DC. While this won't meaningfully impact our 2025 cash tax expectations, we do expect an approximately $1.5 billion benefit to cash taxes in 2026, which will be deployed thoughtfully guided by our capital allocation philosophy.

好的，讓我也花點時間談談最近華盛頓特區推出的法案帶來的好處。雖然這不會對我們2025年的現金稅預期產生重大影響，但我們預計2026年的現金稅將帶來約15億美元的收益，我們將根據資本配置理念，慎重地運用這筆收益。

And finally, I want to provide an update on the sale of our 800 megahertz licenses. We have reached an agreement with grain Management to divest our entire portfolio of 800 megahertz licenses in exchange for a combination of $2.9 billion in cash, all of Grain's 600 megahertz licenses, and have additional potential upside via participation in future proceeds Grain receives from monetizing the licenses after a minimum return to Grain.

最後，我想提供有關我們的 800 兆赫許可證銷售的最新情況。我們已與 Grain Management 達成協議，將我們的全部 800 兆赫許可證組合出售，換取總計 29 億美元現金，即 Grain 的所有 600 兆赫許可證，並且通過參與 Grain 在獲得最低迴報後從許可證貨幣化中獲得的未來收益，獲得額外的潛在收益。

The transaction is anticipated to generate approximately $850 million in incremental income taxes following the close, but as a reminder, all of the net proceeds are incremental upside to the guidance we laid out for you at Capital Markets Day last year. We expect this transaction to close in the fourth quarter of '25 or the first quarter of 2026.

預計此交易將在交易結束後產生約 8.5 億美元的增量所得稅，但需要提醒的是，所有淨收益均為我們去年在資本市場日為您制定的指導方針的增量上行。我們預計該交易將於 2025 年第四季或 2026 年第一季完成。

Okay, to sum it all up, not only did our results continue to demonstrate our ability to consistently execute and deliver outsized and profitable growth, but we cannot be more excited to carry our strong momentum far into the future.

好吧，總而言之，我們的業績不僅繼續證明了我們始終如一地執行並實現超額盈利增長的能力，而且我們對將強勁勢頭延續到未來感到非常興奮。

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

好的，現在我將把電話轉回給 Cathy 開始問答環節。

Thanks, Peter. Okay, let's get to your questions. (Event Instructions)

謝謝，彼得。好的，讓我們來回答你的問題。（活動須知）

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

我們將從電話中的一個問題開始。接線員，請問第一個問題。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Great. Thank you guys. And two, if I may first, you guys saw strong sub growth in the quarter, despite slightly higher churn. Could you just give us an idea, Mike, about what you're seeing in the market today? How do you expect churn to sort of trend in the second half and what you're seeing just from a competitive standpoint.

偉大的。謝謝你們。第二，首先我想說的是，儘管流失率略高，但本季訂閱用戶數量成長強勁。麥克，您能否向我們介紹一下目前市場上的情況？您預計下半年客戶流失趨勢會如何？從競爭的角度來看您看到了什麼？

And then, number two, thanks for the disclosure on the fiber side. 100,000 for the year. Can you give us a little more color on that? Is that sort of 50,000 run rate for the next two quarters, or is that -- does that include some that we saw here in the second quarter? And, just any other color you can give us on the sort of growth of that business either today or over time and do you anticipate other opportunities for some inorganic growth in that business? Thanks.

第二，感謝您揭露有關光纖方面的資訊。一年 10 萬條。能給我們詳細介紹一下嗎？這是未來兩個季度 50,000 的運行率嗎？或者這是否包括我們在第二季度看到的一些運行率？您能否向我們詳細介紹一下該業務目前或未來一段時間的成長情況？您是否預期該業務仍存在一些無機成長的機會？謝謝。

Okay, terrific. Thanks for the questions. Let me start with Srini on the competitive environment, although I'll invite anybody to jump in, and then we'll turn to Mike on fiber and what we can expect for the second half. So Srini, what are we seeing out there?

好的，太棒了。感謝您的提問。首先，我先從 Srini 談談競爭環境，不過我也會邀請任何人參與，然後我們再聽 Mike 談談光纖以及我們對下半年的期望。那麼 Srini，我們在那裡看到了什麼？

Thanks, John. So quick sense of the competitive environment. Firstly, we like the fact that it's a dynamic competitive market. As natural share takers, we enjoy these moments when there's more movement and more switching in the market. And part of that is our conviction that the fact that we win in these moments has far less to do with promotions. It has far more to do with the compelling proposition we have.

謝謝，約翰。如此快速地感知競爭環境。首先，我們喜歡這是一個充滿活力的競爭市場。作為天生的分享者，我們享受市場更活躍、更有轉變的時刻。其中一部分是因為我們堅信，我們在這些時刻獲勝的事實與晉升關係不大。這與我們提出的令人信服的主張有很大關係。

Now, I've worked in a few different telco markets and seldom do you see the kind of unicorn position where one telco or one provider is able to provide not just the best network but also the best value and best experience, and that unique proposition is what really powers our ability to win in situations like this.

現在，我已經在幾個不同的電信市場工作過，很少能看到像獨角獸這樣的公司，一家電信公司或一家供應商不僅能夠提供最好的網絡，還能提供最好的價值和最好的體驗，而這種獨特的主張才是我們在這種情況下取勝的真正動力。

Talking about the market itself, that this is a market where the dynamics of competition changes and evolves. So we go through periods where the focus is on rate plans. Currently we're in a period where the focus is on device promotions. The reality is even in a -- even as the focus shifts to device promotions, there's kind of more spend up front, but the CLVs we're generating are robust and pretty consistent with our history of CLVs. So this feels like a really good economic investment, and we feel very, very comfortable making that investment.

談到市場本身，這是一個競爭動態不斷變化和發展的市場。因此，我們經歷了一段以費率計劃為重點的時期。目前我們正處於以設備推廣為重點的時期。事實是，即使焦點轉向設備促銷，前期支出也會增加，但我們產生的 CLV 仍然強勁，並且與我們的 CLV 歷史非常一致。所以這感覺像是一項非常好的經濟投資，我們非常放心地進行這項投資。

I mean, the driver to that is, yes, you have more outflow up front in the device promotion, but you get longer lifetimes, you get higher ARPU's, all of that comes together to make a solid and robust and dynamic environment, and we like the dynamic bit of it.

我的意思是，實現這一點的驅動因素是，是的，在設備推廣中，你會有更多的前期流出，但你會獲得更長的生命週期，你會獲得更高的 ARPU，所有這些結合在一起，形成了一個堅實、強大和充滿活力的環境，我們喜歡它的動態部分。

I think the last point I'd make on that is, if we just lift out of kind of the dynamics of competition, shifting sands, how we compete and the rest of it, the reality is, this is a great time to be in the US wireless industry as a customer and as a participant. As customers in the last three to four years we've seen customers speeds grow 3 times to 4 times, data consumption grow 3 times to 4 times, and at the same time customers have paid less in real terms for the product.

我想我要說的最後一點是，如果我們拋開競爭的動態、瞬息萬變的情況、我們如何競爭等等，事實是，作為客戶和參與者，現在是進入美國無線行業的好時機。作為客戶，在過去的三到四年裡，我們看到客戶的網速增長了 3 到 4 倍，數據消耗增長了 3 到 4 倍，而與此同時，客戶實際支付的產品費用卻減少了。

And as an industry we've seen a 50% growth in free cash flow, which is the one metric that really matters from a value creation perspective, for the industry as a whole. So it's a really good time to be in wireless and we're enjoying the dynamic nature of the competition.

作為一個產業，我們看到自由現金流成長了 50%，從價值創造的角度來看，這對整個產業來說是一個真正重要的指標。所以現在是進入無線領域的好時機，我們也享受著競爭的動態。

Okay, yeah. I mean the only thing I add around, John, your question around churn is, much as we foreshadowed, we anticipated Q2 to be up given the finalization of our weight plan optimizations. What we're anticipating going forward, if I think about Q3 sequentially we anticipate it being down and year-over-year probably flat to potentially slightly up, but we're through that heightened area of churn for us and we're seeing great dynamics now, so that's probably the color around Q3.

好的，是的。我的意思是，約翰，我唯一要補充的是，你關於客戶流失的問題是，正如我們預示的那樣，考慮到我們的體重計劃優化最終確定，我們預計第二季度將會上升。我們對未來的預期是，如果我按順序考慮第三季度，我們預計它會下降，與去年同期相比可能會持平或略有上升，但我們已經度過了客戶流失率較高的時期，現在我們看到了很好的動態，所以這可能是第三季度的基調。

Okay, sounds great. I don't have much to add to that. Well said, Mike, want to talk about fiber? What are we going to see in the second half?

好的，聽起來不錯。對此我沒有什麼可補充的。說得好，麥克，想談談纖維嗎？下半年我們會看到什麼？

Yeah. So first of all, after a couple of years of being in pilot mode with T-Fiber, we officially launched last month, both in the Lumos markets as well as our wholesale markets, our T-Fiber. And it's been a few weeks, and so far it's going great, and the thesis that we were excited about as we got into the fiber business that our unique assets could help us penetrate markets, there's everything we've seen so far has reinforced that to us.

是的。首先，經過幾年的 T-Fiber 試點模式後，我們在上個月在 Lumos 市場和批發市場正式推出了 T-Fiber。已經過去了幾個星期，到目前為止一切進展順利，當我們進入光纖業務時，我們對我們的獨特資產可以幫助我們滲透市場的論點感到興奮，到目前為止我們所看到的一切都強化了這一點。

The 100,000 that Mike, spoke about a second ago is coming both through the two JVs as well as the wholesale markets. The Metronet deal of course closes tomorrow and we will commercially launch T-Fiber in those markets later this year. And so the 100,000 contemplates the combination of both the JVs as well as the wholesale markets.

Mike 剛才提到的 10 萬是透過兩家合資企業以及批發市場獲得的。Metronet 交易當然將於明天結束，我們將於今年稍晚在這些市場上推出 T-Fiber 商業版本。因此，100,000 家企業考慮將合資企業和批發市場結合起來。

In terms of the question about other inorganic, obviously we can continue to keep an open mind as you would expect us to about that. But the 100,000 is with the organic or the deals that we've closed -- that will all be closed as of tomorrow as well as the markets that we've already been operating with in wholesale.

關於其他無機物的問題，顯然我們可以繼續保持開放的態度，正如您所期望的那樣。但這 10 萬是有機產品或我們已經完成的交易——這些交易將於明天全部完成，以及我們已經在批發領域開展業務的市場。

One of the things we haven't talked about much is our overall go to market approach, and I just, I love it so much. So we're obviously we're leaders in broadband. We've been the, the share taking leaders in broadband for 14 quarters and now we're able to add in many places across the country T-Fiber to that. But it's on an infrastructure that already exists from a go to market standpoint.

我們還沒有談論太多的事情之一是我們的整體行銷方法，我非常喜歡它。因此，我們顯然是寬頻領域的領導者。我們已經連續 14 個季度佔據寬頻市場份額的領先地位，現在我們能夠在全國許多地方添加 T 光纖。但從行銷角度來看，它的基礎設施已經存在。

And we've been able to engineer an IT platform for T-Fiber that I think is just fantastically elegant because this will be a model that involves wholesale partners as Mike just mentioned, JVs like Lumos and Metronet and possibly future JVs, all of whom can plug in to a unified T-Fiber platform incredibly easily. So it took us a while to get it done, but this thing's fantastic and it really gives us terrific flexibility when it comes to our ability to do what we do best, go to market and serve customers. So I'm really excited about it.

我們已經能夠為 T-Fiber 設計一個 IT 平台，我認為這非常優雅，因為這將是一個涉及批發合作夥伴的模型，正如 Mike 剛才提到的，合資企業如 Lumos 和 Metronet 以及可能的未來合資企業，所有這些都可以非常輕鬆地插入統一的 T-Fiber 平台。因此，我們花了一段時間才完成它，但這件事太棒了，它確實給了我們極大的靈活性，讓我們能夠做我們最擅長的事情，進入市場並為客戶服務。所以我對此感到非常興奮。

Thanks, Mike. Thanks John. Operate our next question, please.

謝謝，麥克。謝謝約翰。請回答我們的下一個問題。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thank you. Good afternoon. Just reflecting back on your Capital Markets Day last September to now, one metric that really jumps out is the ARPA growth. I think you talked about 2% growth or 2%-plus last year over the kind of the three year planning period. You're up almost 5% year-to-date. Could you guys unpack a little bit of the drivers there and whether you're more optimistic about growth in that line and service revenue over the course of the next couple of years just given the strength that you've seen?

謝謝。午安.回顧去年 9 月至今的資本市場日，一個真正引人注目的指標就是 ARPA 成長。我認為您談到了去年三年規劃期內的 2% 或 2% 以上的成長。今年迄今，您的收益已上漲近 5%。你們能否解釋一下其中的一些驅動因素？鑑於你們所看到的強勁勢頭，你們是否對未來幾年該系列產品和服務收入的成長更為樂觀？

And then like I didn't think of you having doing a deal with the cable operators as a possible outcome on this call. I wanted to ask if you could spend a little more time on your strategy there and why you think it makes sense for T-Mobile and what the opportunity is long term around partnering with that industry going forward.

然後，我並沒有想到你與有線電視運營商達成協議是這次通話的可能結果。我想問您是否可以花更多時間闡述您的策略，為什麼您認為這對 T-Mobile 有意義，以及未來與該行業合作的長期機會是什麼。

I Love it. Well, we'll start with Peter on ARPA, and I think Ben's trying to be play. Are you saying sandbagging us over here, or what's going on.

我喜歡它。好吧，我們將從 ARPA 上的 Peter 開始，我認為 Ben 正在嘗試參與。你是在說在這裡對我們進行沙袋攻擊，還是發生了什麼事。

Right. Yeah, in the multi-year arc and what do you do? Look, much like we said at Capital Markets Day, our job and that is to put together a set of rational aggressive assumptions and then go try to beat them, and I'm not here to start updating '26 or 2027. That's not the job. They'll come a time. We'll have to layer in USCellular as well, as I mentioned in the prepared remarks, but ARPA growth is definitely going fabulously well this year, and that's the underpinnings for both the service revenue increase now at least 6%, but also the strength there of 3.5% this year.

正確的。是的，在多年的歷程中你會做什麼？看，就像我們在資本市場日所說的那樣，我們的工作就是提出一系列理性的積極假設，然後試圖打敗它們，而我在這裡並不是為了開始更新 26 年或 2027 年。那不是工作。他們會來的。正如我在準備好的發言中提到的那樣，我們還必須將 USCellular 考慮進去，但 ARPA 今年的增長肯定非常好，這是服務收入目前至少增長 6% 以及今年 3.5% 的強勁增長的基礎。

And of course that does have to do in part with the rate plan optimizations that we executed on. And that's why you see a little bit of year-to-date versus year-to-date, difference versus the second half, because remember we began those late in Q2 of last year. So you're kind of lapping right now the periods where we have this year the benefit of two rate plan optimizations, the finalization of the first one, and the very first one and now we'll have the real true organic growth in the second half.

當然，這在一定程度上與我們執行的費率計劃優化有關。這就是為什麼你會看到今年迄今為止與下半年相比存在一些差異，因為請記住，我們是在去年第二季末開始這些差異的。因此，您現在有點像是在重疊今年受益於兩項費率計劃優化、第一次優化和第一次優化的時期，現在我們將在下半年實現真正的有機增長。

And what really is exciting, what underpins that is, Mike highlighted in his prepared marks is just what we're seeing from a rate plan perspective. Customers are really appreciating the value that we're packing into the plans combined with, of course, the best network and experience proposition and they're self-selecting up the tiers to our most premium tier at very exciting levels. So not here to update '26 and '27. Our job is to keep this momentum going in 2025 and then thoughtfully update you when it comes later.

真正令人興奮的是，支撐這一點的是，麥克在他準備好的標記中強調的正是我們從費率計劃的角度所看到的。客戶非常欣賞我們在計劃中提供的價值，當然還有最佳的網絡和體驗主張，他們自行選擇以非常令人興奮的水平升級到我們最優質的層級。因此這裡不更新 '26 和 '27。我們的工作是在 2025 年保持這種勢頭，然後在稍後向您提供最新資訊。

But we really didn't see this coming. I mean, Jon Freier and team just went out and found a way to connect customers to these value propositions, and I also think it underscores that customers are reacting to the incredible differentiation of T-Satellite, which is included in these upper end plans. But so whatever it is, great execution, great value proposition, it's a little bit of a surprise. I'll give you a couple stats on this.

但我們確實沒有預見到這種情況。我的意思是，Jon Freier 和他的團隊剛剛走出去，找到了一種將客戶與這些價值主張聯繫起來的方法，而且我還認為，這強調了客戶對包含在這些高端計劃中的 T-Satellite 的驚人差異化做出了反應。但無論它是什麼，出色的執行力，偉大的價值主張，都有點令人驚訝。我會給你一些關於這方面的統計數據。

We've been talking about the 60% of our loading being in these premium tiers, but that's multiple rate plans, and I said in my prepared remarks that at the high end of that we've doubled it. What we've done is we've taken it from 10% to 20% of the 60, not as a denominator. So 10% to 20% and then another 40% -- at 40% more to make 60%, so of the total pie, it's fantastic and that we didn't really see it coming, to be honest, so people are moving up even within premium to more premium because they want more of what T-Mobile has to offer and I love that.

我們一直在談論我們的 60% 的負載處於這些高級層級，但這是多種費率計劃，我在準備好的演講中說過，在高端，我們將其翻了一番。我們所做的是將其從 60 的 10% 提高到 20%，而不是作為分母。因此，從 10% 到 20%，然後再增加 40%——再增加 40% 就達到 60%，所以，在總體份額中，這真是太棒了，老實說，我們真的沒有預料到這一點，所以人們甚至在高端產品中也開始升級到更高端的產品，因為他們想要 T-Mobile 提供的更多產品，我喜歡這樣。

And obviously the second half we're round tripping last year's rate plan changes so it'll be a little harder to deliver the same percentage gain but nominally we feel really great with where we are. So good.

顯然，下半年我們將重複去年的利率計劃變化，因此實現相同的百分比增長會有些困難，但名義上我們對目前的狀況感到非常滿意。超好的。

You asked about Cable. Okay, quickly on Cable. I had a lot to say about it in my prepared remarks, so I'll try not to repeat it. But look, I think this is just incremental, and we've chosen a segment business SMB, where we really don't have a lot of exposure, as I said, we're kind of have a barbell business. We're way down in very small business where we already compete with Cable, and we tend to be growing way up in enterprise 1,000 and above, and we don't have a lot of market share nor win share in between.

您詢問了有關 Cable 的問題。好的，快速瀏覽一下 Cable。我在準備好的發言中已經有很多話要說，所以我盡量不再重複。但是你看，我認為這只是增量，我們選擇了一個細分業務 SMB，我們確實沒有太多的曝光，正如我所說的，我們有點像槓鈴業務。我們在非常小的企業中已經處於劣勢，我們已經與有線電視競爭，並且我們傾向於在企業 1,000 及以上領域不斷成長，但我們沒有太多的市場份額，也沒有贏得太多的份額。

So it's just a great win-win where I think most of those revenues will come in and be completely incremental, and that's just -- that's where we want to be, it's not the start of something. I mean this is a multi-year thing. I hope it grows over time to become something really big and special, but the dynamics are different. People are asking us, well, does this mean you're stepping into consumer or something like that?

所以，這是一個雙贏的局面，我認為大部分收入都會逐漸增加，這只是我們想要的結果，而不是某個事情的開始。我的意思是這是一件需要多年時間的事情。我希望它隨著時間的推移而成長為真正偉大而特別的東西，但其動力是不同的。人們問我們，這是否意味著你們正在進軍消費者市場或類似領域？

And no, we're not interested in that because the dynamics are different in terms of the incrementality in our math. And what we love about these business segments that we focus the partners on is it's almost entirely incremental. So it's great for what it is. It'll grow over time, I think be really productive, but it's not the start of something that will open up new segments after that.

不，我們對此不感興趣，因為就我們數學中的增量而言，動態是不同的。我們之所以喜歡這些讓合作夥伴專注的業務部門，是因為它幾乎完全是漸進式的。所以它本身就很棒。隨著時間的推移，它會不斷成長，我認為它會非常富有成效，但這並不是之後開闢新領域的開始。

Great.

偉大的。

Thanks so much.

非常感謝。

Thanks, Ben. Operator, next question, please.

謝謝，本。接線員，請問下一個問題。

Sam McHugh, BNP.

英國國家黨的薩姆·麥克休。

Hey, afternoon guys. You talks about only 20% of switches perceiving teams as having the best network, and I guess that's increased over time, but what do you think you need to do to improve that? Is it leaning on advertising? What can shift it up even further?

嘿，大家下午好。您談到只有 20% 的交換機認為團隊擁有最好的網絡，我想這個數字會隨著時間的推移而增加，但您認為需要做些什麼來改善這種情況？是靠廣告嗎？什麼可以進一步提高這一水平？

And then secondly on the Cable [MBO] just to clarify, so they restricted from selling to certain subsets of the enterprise community, then they can't sell to the super large enterprise. Is that the right reason? Thank you very much.

其次，關於 Cable [MBO] 需要澄清的是，他們限制向企業社群的某些子集銷售，因此他們不能向超大型企業銷售。這是正確的理由嗎？非常感謝。

Yeah, I'll start with the with the easy one. That is correct. So the deal limits our partners to 1,000 lines and below or below 1,000 lines to be specific. But let's go over, let's talk -- do the first question, talk about brand, maybe ask for both Mike and John to talk about what it takes to convince people.

是的，我先從簡單的開始。沒錯。因此，該協議將我們的合作夥伴限制在 1,000 條線路及以下，或具體來說是 1,000 條線路以下。但讓我們繼續討論，讓我們談談——做第一個問題，談論品牌，也許可以要求麥克和約翰都談談如何說服人們。

Yeah. I mean, here's the great news, our own customers are convinced. And one of the things that we've seen happen over the last couple of years is T-Mobile customers already believe that they're on the best network and the 20% stat that you just referred to our perspective customers, looking at T-Mobile and the other providers and how they feel about us, and we look at 20% as a huge opportunity, across every single geographic market in the in the US.

是的。我的意思是，這是個好消息，我們自己的客戶也相信了。我們在過去幾年中看到的一件事是，T-Mobile 的客戶已經相信他們使用著最好的網絡，而您剛才向我們的潛在客戶提到的 20% 的統計數據，透過觀察 T-Mobile 和其他供應商以及他們對我們的感受，我們認為 20% 是一個巨大的機遇，覆蓋美國每一個地理市場。

And I think it's a combination of things to make them aware of this. Yeah, advertising certainly will be a part of it and you saw after our announcement last month. We did kick off a pretty significant campaign that was kind of multifaceted with both TV advertising and you see it across our events like at the All-Star weekend in in Major League Baseball last weekend. So advertising certainly will be a big piece of it.

我認為需要採取多種措施才能讓他們意識到這一點。是的，廣告肯定會是其中的一部分，您在上個月我們宣布之後就看到了。我們確實啟動了一項相當重要的活動，這項活動是多方面的，既有電視廣告，你也可以在我們的活動中看到它，例如上週末在美國職棒大聯盟的全明星週末。因此廣告肯定會佔其中很大一部分。

Experience will be a big piece of it when you walk into the store or, you go into the T-Life app because customers will be able to see what kinds of experiences are derived using our network. But I think another huge piece of this is, the network leadership that we have is not a moment in time. This is -- we've known that we've had the best network for a long time. It was great to have third parties, widely recognized that, but this is a lead that we intend to keep and to widen.

當您走進商店或進入 T-Life 應用程式時，體驗將是其中很重要的一部分，因為客戶將能夠看到使用我們的網路可以獲得哪些類型的體驗。但我認為另一個重要原因是，我們所擁有的網路領導力並不是一時形成的。這是——我們早就知道我們擁有最好的網路。第三方得到廣泛認可是件好事，但我們打算維持並擴大這一領先優勢。

So I think a big part of changing how customers perceive this is, continuing to stay in the lead. And expand our lead and perhaps through this and Ulf can talk a little bit more about that too.

因此，我認為改變客戶看法的很大一部分就是繼續保持領先地位。並擴大我們的領先優勢，也許透過這個，Ulf 也可以就此多談一點。

Well I just say one thing, which is you know Callie and team keep landing some of the most high profile large enterprise and government customers in this country. And they choose T-Mobile after they give everybody a try, and they're choosing us because we're the best, and a lot of them now are standing up as third parties to talk about why they chose T-Mobile. And when you have some of the most respected brands and government organizations and first responders talking about their choice of T-Mobile, that kind of third party endorsements really, really powerful.

好吧，我只想說一件事，那就是你知道 Callie 和團隊不斷吸引這個國家一些最引人注目的大型企業和政府客戶。在嘗試了所有方案之後，他們最終選擇了 T-Mobile，他們選擇我們是因為我們是最好的，現在他們中的許多人都以第三方的身份站出來談論他們選擇 T-Mobile 的原因。當一些最受尊敬的品牌、政府組織和急救人員談論他們選擇 T-Mobile 時，這種第三方認可真的非常有力。

Yeah. If I could add on to that Mike, T-priority we launched in Q1 of this year and we've seen double digit growth in new accounts with T-priority since launch and you have the city of New York who shared the stage with us to talk about why they chose the best network, but we've also seen the city of Miami Police Department, the LA County Police or fire department. The City of El Paso, we're starting to see like the top 10 cities and first responders say, hey, this is a network that performs on the nation's first 5G advanced -- truly nationwide 5G slice in a way that there's just no other option for us so I think that really speaks to the strength of what we've built.

是的。如果我可以補充一下，麥克，我們在今年第一季推出了 T-priority，自推出以來，T-priority 的新帳戶數量實現了兩位數增長，紐約市也與我們同台討論了他們選擇最佳網絡的原因，但我們也看到了邁阿密市警察局、洛杉磯縣警察局或消防局的參與。埃爾帕索市，我們開始看到像前 10 個城市一樣，第一批響應者說，嘿，這是一個在全國第一個先進的 5G 網路上運行的網路——真正的全國性 5G 切片，我們沒有其他選擇，所以我認為這真的說明了我們所建立的實力。

Terrific. Did we cover that one? Okay.

了不起。我們討論過這個嗎？好的。

All right, thanks, Sam. Operate our next question, please.

好的，謝謝，山姆。請回答我們的下一個問題。

Craig Moffett, Moffett Nathanson.

克雷格·莫菲特、莫菲特·納桑森。

Hi. Mike, you just talked about a moment ago, T-Satellite. I wonder if you could just dig into that a little bit, and the contribution that it had to your ARPU growth and -- but also how it sort of changes the way you think about serving rural markets and customer segments. It sounds like it surprised even you with the kind of impact that it had on the market.

你好。麥克，你剛才談到了 T-Satellite。我想知道您是否可以稍微深入探討一下這個問題，以及它對您的 ARPU 成長的貢獻——以及它如何改變您對服務農村市場和客戶群的看法。聽起來它對市場的影響甚至讓你感到驚訝。

Well, Craig, I just love you. I could just count on you to ask it. We launched this thing at 8 o'clock this morning and you're wanting a business update. I love it. And -- but you're right. I mean, in the run up to it, which is I think what you're -- to be fair to you, what you're talking about, I think people have been choosing our higher end rate plans anticipating this launch during the beta period.

好吧，克雷格，我就是愛你。我只能指望你問這個問題。我們今天早上 8 點推出了這個產品，您想要了解業務更新。我喜歡它。而且——但你是對的。我的意思是，在它推出之前，我想您所說的話——公平地說，我認為人們在測試期間就已經選擇了我們的高端費率計劃，並期待它的發布。

Unfortunately I can't unpack that for you, but our highest end rate plans, as I mentioned in my prepared remarks are more popular than they've ever been. I do think an awful lot of how we will wind up monetizing this strategy will be through that kind of migration and selection within our rate plans. This is available to everyone at just $10 a month. That's also very appealing. I can't -- I could be -- I'm willing to be wrong on this, by the way.

不幸的是我無法為您解答這個問題，但正如我在準備好的發言中提到的那樣，我們的最高價位計劃比以往任何時候都更受歡迎。我確實認為，我們最終將如何實現這一策略的貨幣化，很大程度上將是透過我們的費率計劃中的這種遷移和選擇。每個人每月僅需 10 美元即可享受此服務。這也非常有吸引力。順便說一句，我不能——我可能——我願意在這件事上犯錯。

I mean, this is speculation at this point, but I think it's going to be really a popular catalyst to bring people into that deeper relationship with T-Mobile, which is just so great for us in so many ways because the more we can have that deep relationship, not only do they get to T-Satellite but they unlock all kinds of other benefits of membership that are sticky and satisfying, so it has the chance to create this virtuous circle.

我的意思是，這目前只是猜測，但我認為這將成為一個真正受歡迎的催化劑，讓人們與 T-Mobile 建立更深層次的關係，這在很多方面對我們來說都是非常好的，因為我們越能建立這種深厚的關係，他們不僅可以使用 T-Satellite，還可以解鎖會員的各種其他好處，這些好處具有粘性，因此它有機會創造出良性循環。

You're going to have to check in with us later. I mean, once we get a little more than one day of experience, but we're optimistic that we're going to be able to land this as a truly differentiated service that people notice and not just T-Mobile people but AT&T and Verizon people too.

您稍後需要與我們聯絡。我的意思是，一旦我們獲得了一天多一點的經驗，我們就會樂觀地認為，我們將能夠將其打造為真正差異化的服務，讓人們注意到，不僅是 T-Mobile 的人，還有 AT&T 和 Verizon 的人。

Just based on what you learned in the beta period, does it change your thinking about the way you deploy your network assets in very rural areas?

僅基於您在測試期間了解到的情況，它是否會改變您對在偏遠地區部署網路資產的方式的想法？

No, not at all. And in fact, part of what I mentioned in my prepared remarks is we are on it. We are on the build 1,000 sites on air so far on a plan we greenlit late last year with 4,000 total in our plan for this year. And maybe Ulf you can talk about how we do this, because we actually don't have a market-by-market methodology. It's informed by our AI algorithms where we build and maybe talk about this 4,000 greenfield program that we have going on this year.

不，一點也不。事實上，我在準備好的發言中已經提到我們正在討論這個問題。按照去年年底批准的計劃，我們目前已在建造 1,000 個廣播站點，今年的計劃是總共建造 4,000 個。也許 Ulf，您可以談談我們是如何做到這一點的，因為我們實際上並沒有針對每個市場的方法。它是由我們的人工智慧演算法提供的，我們在其中構建並可能談論我們今年正在進行的 4,000 個綠地計劃。

All right, Mike. Yeah, we're incredibly proud of our network and we not only intend to stay where we are, we think we are about two years ahead of competition on our network. We actually intend to extend this lead, and one of them is to make sure that every tower, every capital allocation we do go to where it matters most for our customers. The way we're doing that, is something that we internally call customer driven coverage. We talked a little bit about that our Capital Markets Day.

好的，麥克。是的，我們對我們的網路感到無比自豪，我們不僅打算保持現狀，而且我們認為我們的網路比競爭對手領先兩年。我們實際上打算擴大這一領先優勢，其中之一就是確保我們建造的每一座塔、每一筆資本配置都用在對客戶最重要的地方。我們這樣做的方式在內部被稱為「客戶驅動覆蓋」。我們在資本市場日稍微談論了這一點。

But it's a way where we have, millions and millions and millions of data points on experiences of real customers both when they are on the network, falling off the network, doing things in on everything they do. And we combined that with business outcomes and business metrics and we let AI roll around in that and figuring out so we can stack rank every capital allocation, every tower upgrade we do, every new tower that we put on the network.

但這是我們擁有的數以百萬計的數據點，這些數據點記錄了真實客戶在網路上、斷網時以及他們所做的一切事情時的體驗。我們將其與業務成果和業務指標結合，並讓人工智慧在其中發揮作用，進行計算，以便我們可以對每項資本分配、我們進行的每座塔升級、我們在網路上安裝的每座新塔進行排名。

That leads for us to a bill this year which is just incredible, as you said, 1,000 so far, we're going up to 4,000 by the end of the year, and that is even without what we're adding with USCellular. So I think it's just going to be incredible for in terms of coverage. The capacity on the network is just incredible too. I mean, we are running at about 67% of our traffic on 5G at the moment. We have all that left in terms of converting spectrum over to 5G. So we have so much more room to run.

這導致我們今年的帳單金額非常驚人，正如您所說，到目前為止是 1,000，到今年年底我們將增加到 4,000，這還不包括我們與 USCellular 合作增加的費用。所以我認為從覆蓋範圍來看，它的覆蓋範圍將會非常出色。網路的容量也令人難以置信。我的意思是，目前我們大約 67% 的流量是在 5G 上運行的。在將頻譜轉換為 5G 方面，我們已經做好了一切準備。因此，我們還有很大的發展空間。

So Craig, while we don't direct this from a strategy standpoint to be smaller markets in rural areas to the premise of your question, generally the algorithm right now is spitting out more rural areas and so that's where most of this 4,000 build is. And by the way, the net incremental keeps site taking us from 9,000 in the US Cellular footprint to about 12,000 are also principally mostly in smaller markets in rural areas.

因此，克雷格，雖然從戰略角度來看，我們並沒有將其指向農村地區的較小市場，但總的來說，目前的演算法會分出更多的農村地區，所以這 4,000 個建設項目大部分都位於農村地區。順便說一句，淨增量站點使我們在美國蜂窩覆蓋範圍內從 9,000 個增加到約 12,000 個，而且主要集中在農村地區的較小市場。

And so as I mentioned in my remarks, taken together, that's a transformational all in one year step change in our footprint of towers covering smaller markets in rural areas. And then to your point, you add on the differentiated service of T-Satellite. It's just about taking a network advantage and just stoking it, part of what I believe deeply in business is that you build a great company not just by addressing the things that aren't working, but figure out what is working and double down on it, stoke it. And right now what's working for T-Mobile is taking share as the soapy leader in smaller markets in rural areas and we won't stop.

正如我在演講中提到的那樣，總的來說，這是我們在一年內實現的重大變革，我們的信號塔覆蓋範圍已擴展到農村地區的較小市場。然後回到您的觀點，您添加了 T-Satellite 的差異化服務。這只是利用網路優勢並加以推動，我深信商業的一部分是，你建立一個偉大的公司，不僅要解決那些行不通的事情，還要找出什麼是有效的，並加倍努力，加以推動。目前，T-Mobile 的策略是，在農村地區的較小市場中佔據領先地位，我們不會停止。

Thanks, Mike. Thanks, Craig.

謝謝，麥克。謝謝，克雷格。

Thanks, Craig.

謝謝，克雷格。

Next question please.

請問下一個問題。

Jonathan Chaplin, New Street Research.

喬納森·卓別林（Jonathan Chaplin），新街研究公司（New Street Research）。

Okay, thank you. So Mike, I'm wondering if you can give us an update on how many locations you pass in the Metronet and Lumos markets at the moment and what penetration is on those assets. And then one tiny housekeeping question, I don't think you told us in the past what the cash tax expectation for '26 was, so I'm wondering what it is now that you get the $1.5 billion benefit in '26.

好的，謝謝。所以 Mike，我想知道您是否可以向我們介紹一下您目前在 Metronet 和 Lumos 市場上通過了多少地點以及這些資產的滲透率。然後還有一個小小的問題，我認為您過去沒有告訴過我們 26 年的現金稅預期是多少，所以我想知道您在 26 年獲得 15 億美元的收益後現在是多少。

Okay, great. We'll come to Peter for the second one. Let me start with Srini, because although I don't know we'll be able to give you the point estimates, I'd love for you to talk about where this all leads to Srini, in the fiber space because I think it's really important for people to understand.

好的，太好了。我們將向彼得詢問第二個問題。讓我從 Srini 開始，因為雖然我不知道我們是否能夠給你點估計，但我希望你能談談這一切對 Srini 在光纖領域的意義，因為我認為這對人們理解非常重要。

Yeah. So look I think the broadband space as a whole is something we're hugely excited by. We're now the fifth largest ISP. We will, as Mike said in his prepared remarks just this year, add 100,000 fiber net ads, mostly in the second half of the year. It's a business as a whole that we like and it's a combination of FWA, which continues to be a fallow capacity business, as well as investing in fiber where we like the economics.

是的。所以我認為整個寬頻領域都是令我們非常興奮的。我們現在是第五大 ISP。正如麥克在今年的準備好的發言中所說的那樣，我們將增加 100,000 個光纖網路廣告，大部分將在今年下半年增加。這是我們看好的整體業務，它是 FWA（仍然是一項閒置容量業務）和光纖投資（我們看好其經濟效益）的結合。

Now you put those together and we're positioned to be a scale player in broadband because, our number 12 million FWA are customers. Now you put that in terms of the equivalent if you were to look at fiber homes passed, right? Let's assume a 40% utilization that's the equivalent of 30 million fiber homes passed, plus we've already said on Lumos and Metronet we intend to get to 12 million to 15 million households.

現在把這些放在一起，我們就定位為寬頻領域的規模參與者，因為我們有 1,200 萬 FWA 客戶。現在，您可以將其視為與通過光纖家庭相當的情況，對嗎？我們假設利用率為 40%，這相當於覆蓋 3,000 萬戶光纖家庭，另外，我們已經在 Lumos 和 Metronet 上表示，我們打算覆蓋 1,200 萬到 1,500 萬戶家庭。

So we're becoming the equivalent of 40 million to 45 million homes passed as a broadband player, and that's before we go make other investments. As we've said before, we're very open to looking at investments in fiber. They need to be the right investments, and we are -- and I think we've showed our hand on this. We like pure play fiber assets.

因此，在我們進行其他投資之前，我們相當於擁有 4,000 萬到 4,500 萬個家庭的寬頻用戶。正如我們之前所說，我們非常願意考慮對光纖的投資。它們需要是正確的投資，而我們就是這樣的——而且我認為我們已經證明了我們在這方面的能力。我們喜歡純粹的光纖資產。

So as a whole, we really like this whole space of broadband, and we think there's a huge opportunity to drive equity value in this space. Mike, I don't know if you want to add any specifics on Metronet and Lumos right now where we are, given that it's day minus one.

因此，總的來說，我們真的很喜歡整個寬頻領域，我們認為這個領域有巨大的機會來推動股權價值。麥克，我不知道你是否想補充有關 Metronet 和 Lumos 目前的具體信息，因為現在已經是第 1 天了。

Yeah, we probably can do details of Metronet, but one of the things that really attracted us to both companies, and we certainly have seen this with Lumos is the, these companies are the best in the country at building greenfield fiber, and there's still a lot of places left to cover in this country where you can be first to market to fiber. And what we've seen so far from Lumos is they continue to be very successful at that and we're very optimistic we'll continue to see that with Metronet after we close tomorrow.

是的，我們可能可以詳細介紹 Metronet，但真正吸引我們對這兩家公司感興趣的原因之一，我們在 Lumos 身上也看到了這一點，那就是，這些公司在建設綠地光纖方面是全國最好的，而且這個國家還有很多地方可以覆蓋，你可以成為第一個向市場推出光纖的公司。到目前為止，我們看到 Lumos 在這方面繼續取得了巨大的成功，我們非常樂觀地認為，在明天交易結束後，Metronet 將繼續取得這樣的成功。

And during the pendency of the transaction, Metronet also outperformed their deal expectations in terms of what they would build, so we're arriving with a better penetration, than we had hoped for when we first signed the deal. So we'll update you on actual build expectations after we actually own the assets, Jonathan, but we're -- hopefully you can tell we're excited about the space.

在交易待決期間，Metronet 在建設方面也超出了他們的交易預期，因此我們獲得的滲透率比我們第一次簽署交易時所希望的要高。因此，在我們真正擁有資產後，我們會向您通報實際的建設預期，喬納森，但我們 - 希望您能知道我們對這個空間感到興奮。

And let me, on the last question, I'm going to have to disappoint you. I'm going to resist the urge to give you a pinpoint cash tax estimate for 2026 and primarily because, obviously, there's a lot of other factors to update in there, including USCellular closing and all the purchase accounting around that, the timing of the close of the 800 megahertz transaction. So for now, I'm going to resist it, but there'll definitely be a time to give a more comprehensive '26 update.

關於最後一個問題，我不得不讓你們失望了。我將克制住給你一個 2026 年精確現金稅估算的衝動，主要是因為顯然還有很多其他因素需要更新，包括 USCellular 的關閉和所有圍繞它的購買會計，800 兆赫交易結束的時間。所以現在，我會抵制它，但肯定會有時間提供更全面的 '26 更新。

The OBBB versus the not OBBB is $1.5 billion.

OBBB 與非 OBBB 之差為 15 億美元。

$1.5 billion benefit. Yeah.

1.5 美元億元的效益。是的。

And it's great to see that coming in. Terrific. Okay.

我很高興看到這一點。了不起。好的。

Thanks, Jonathan. Operator, next question, please.

謝謝，喬納森。接線員，請問下一個問題。

Gregory Williams, TD Cowen.

葛瑞格里‧威廉斯 (Gregory Williams)，考恩 (Cowen) TD。

Great, thanks for taking my questions. First one is on your rural market share. A few years back on your Analyst Day, you noted a goal of reaching 20%, I believe, of the smaller markets. I think it was right around by 2025. Here we are in 2025, I'm curious what your market share is now and if it's reached that 20% where it could go and if USCellular changes that calculus as well?

太好了，感謝您回答我的問題。第一個是關於你的農村市場佔有率。幾年前，在您的分析師日上，您提出了一個目標，我認為是達到較小市場的 20%。我認為大約在 2025 年左右。現在是 2025 年，我很好奇你們現在的市佔率是多少，如果達到了 20%，會達到什麼程度，USCellular 是否也會改變這種計算方式？

Second question is just on the $1.5 billion benefit from the tax release bill. You said you deploy the capital thoughtfully so I was wondering if you can add more color to those words thoughtfully whether we think about M&A buybacks or network investment? Thanks.

第二個問題是關於稅收減免法案帶來的 15 億美元收益。您說您會深思熟慮地部署資本，所以我想知道您是否可以為這些話添加更多的色彩，無論我們考慮的是併購回購還是網路投資？謝謝。

Okay, we'll start with John. Smaller markets in rural areas, how are we doing?

好的，我們從約翰開始。農村小市場我們做得怎麼樣？

I'm going to try to like contain my enthusiasm for this question, Greg. I really appreciate the question. First, we're unbelievably excited about smaller markets, rural areas. Just for the first-time listeners here. The way we define this is outside everything else out of our top 100 markets. So this would be 140 million people, 50 million households, roughly 40% of US and we're excited about it for two reasons.

格雷格，我會盡量抑制我對這個問題的熱情。我非常感謝你的提問。首先，我們對較小的市場和農村地區感到無比興奮。僅適用於第一次收聽此節目的聽眾。我們對此的定義是超越我們前 100 個市場中的所有其他市場。因此，這將是 1.4 億人，5,000 萬個家庭，約占美國的 40%，我們對此感到興奮，原因有二。

Number one, we have surpassed 20% share of household in smaller markets and rural areas. So we have beat that goal that we set for you in 2025. We're really excited about that. This is our ninth consecutive quarter where we have been the leader in postpaid switching. And so we've been on a tear on this for a little bit more than a couple of years now.

首先，我們在小市場和農村地區的家庭份額已經超過 20%。因此，我們已經超額完成了為您在 2025 年設定的目標。我們對此感到非常興奮。這是我們連續第九個季度在後付費轉換領域處於領先地位。因此，我們已為此努力了兩年多了。

We're really excited about that. But the thing that excites us more is exactly to the premise of your question, is what the opportunity still is in smaller markets, rural areas with the addition of USCellular and all the assets, the complementary spectrum, the sell-side assets, et cetera, that we will be implementing into our network and the thousands of greenfield sites that are coming into the network as well.

我們對此感到非常興奮。但更讓我們興奮的正是您問題的前提，即隨著 USCellular 和所有資產、互補頻譜、賣方資產等的加入，在較小的市場、農村地區還存在什麼機會，我們將把這些資產實施到我們的網絡中，並將數千個綠地站點也納入到網絡中。

And so we have this huge opportunity still. Like we're doing all sorts of things as you would expect in terms of network investment distribution and investment community investment. We just kicked off Friday night, 5G lights for the second year in a row in smaller markets and rural areas. We're having a lot of fun with that as well, and they have a so much more tailwind that we expect into this business. And I don't think anybody ever thought that we would hit 20% and pack up our tent and go back home to New York City.

因此我們仍然擁有巨大的機會。正如您所期望的，我們在網路投資分配和投資社區投資方面正在做各種各樣的事情。我們剛剛在周五晚上啟動了 5G 燈光秀，這是連續第二年在較小的市場和農村地區推出。我們也對此感到非常高興，而且他們在這項業務中也獲得了比我們預期更多的順風。我認為沒有人會想到，我們會達到 20%，然後收拾帳篷，回到紐約的家。

We're going to stay in here and continue to drive this business to our fair share of the market, maybe even outside fair share of the market. So we'll have more to say after we close the USCellular transaction give you a little bit more of an update in terms of what we're up to, but we're incredibly excited about our progress so far and even more progress to come.

我們會留在這裡，繼續推動這項業務，爭取我們應得的市場份額，甚至可能超過應得的市場份額。因此，在完成 USCellular 交易後，我們會有更多消息要說，向您提供更多有關我們正在做的事情的最新消息，但我們對迄今為止的進展以及未來的更多進展感到非常興奮。

But you're asking the $1 million -- $1 billion question, Greg, which is where could it all go? And I'd love to be able to answer that for you today. And it's something we think a lot about. We don't know, but I'll tell you this, our current win share without even all the advantages that we believe we can build to further accelerate in these areas is way higher than that 20% household share. And so if nothing improves, you would expect it to normalize over time to a market share way higher.

但格雷格，你問的是一個價值 100 萬到 10 億美元的問題，那就是這些錢會流向哪裡？我很樂意今天為您解答這個問題。這是我們經常思考的事情。我們不知道，但我可以告訴你，即使沒有我們認為可以在這些領域進一步加速發展的所有優勢，我們目前的獲勝份額也遠高於 20% 的家庭份額。因此，如果情況沒有任何改善，您可以預期它會隨著時間的推移而恢復正常，市場份額也會大幅提高。

Now in places we've been successful for a long time. There are places we have market shares way, way higher than our national average. And so it's really about can we deliver the advantages that we think are really going to be required to be long-term market leaders in smaller markets and rural areas. Will our digital transformation strategy speak particularly well to people that live further away from retail. Will our ongoing improvements in network, including our merger with USCellular, make a step change in our competitiveness?

現在，在某些地方我們已經取得了長期的成功。在某些地方，我們的市佔率遠高於全國平均。因此，真正的問題是我們能否提供我們認為真正需要的優勢，成為較小市場和農村地區的長期市場領導者。我們的數位轉型策略是否對那些遠離零售店的人特別有吸引力？我們正在進行的包括與 USCellular 合併在內的網路改進是否會顯著提高我們的競爭力？

Will our T-Satellite capabilities, which really only are a differentiator if you fall off our network. Will they disproportionately benefit people who live closer to the edge of cellular networks that is people in rural areas. We don't know the answers to all these, but theoretically, there are reasons to believe that over the long haul, we could become more successful in this subsegment of the market than we are today in the top 100 markets. So when I use phrases like room to run, I'm serious about it.

我們的 T-Satellite 功能是否真的只有在您脫離我們的網路時才具有區別。它們是否會為居住在蜂巢網絡邊緣的人們（即農村地區的人們）帶來不成比例的利益？我們不知道所有這些問題的答案，但從理論上講，有理由相信，從長遠來看，我們在這個細分市場中會比現在在前 100 個市場中取得更大的成功。因此，當我使用“奔跑的空間”這樣的短語時，我是認真的。

Yeah. And on the -- I think the benefit, again, the $1.5 billion question, I guess, so to speak, is again, we're going to be guided the thoughtful and very consistent capital allocation methodology that we have. But let me give you a couple of ideas, one is the 800 megahertz that I projected for you in prepared remarks. And when that closes, that generates $850 million of taxable expense for us. That means about a net $2 billion benefit incremental to what we laid out at Capital Markets Day on this $1.5 billion.

是的。而關於——我認為，這個 15 億美元問題的好處是，我們可以再次遵循我們深思熟慮且非常一致的資本配置方法。但請允許我給你幾個想法，一個是我在準備好的發言中為你預測的 800 兆赫。當交易結束時，我們將產生 8.5 億美元的應稅費用。這意味著，在我們於資本市場日為這 15 億美元所支出的基礎上，還將增加約 20 億美元的淨收益。

One of the things we're, of course, looking at as we close USCellular and can look and deeply assess all the data, are there opportunities to accelerate? Remember what we gave you was $1 billion of synergies on a three to four year time frame with associated costs to achieve of about $2.2 billion to $2.6 billion.

當然，當我們關閉 USCellular 並查看和深入評估所有數據時，我們正在關注的事情之一是，是否有機會加速？請記住，我們給予您的是在三至四年的時間內實現 10 億美元的協同效應，而實現該效應的相關成本約為 22 億至 26 億美元。

Is there an opportunity here for us to accelerate some of that from three to four years? Pull some of that cost to achieve in and deliver even more value and NPV of those synergies earlier. So those are the kind of things we're investigating now but it's not time to break that 2026 spreadsheet open yet and send it out my way, in your way, but please, we'll definitely be thoughtful about it.

我們是否有機會將其中的一些過程從三到四年加速？減少部分成本以實現並儘早提供這些協同效應的更多價值和 NPV。所以這些都是我們現在正在調查的事情，但現在還不是打開 2026 年電子表格並將其發送給我或以您的方式的時候，但請注意，我們一定會認真考慮。

But it's interesting you give those examples because they follow your long-established capital allocation philosophy, right? Peter has been very clear, we peg our leverage at 2.5 that's our current board authorized leverage, and that's where this management team wants to be. That gives us a capital envelope and within that capital envelope, we invest first in our core business. You just mentioned maybe highly accretive opportunities in our core that we could move faster on. Then we invest in smart adjacencies and potential inorganic investment opportunities, and then we return capital to shareholders.

但有趣的是，您舉這些例子是因為它們遵循了您長期以來的資本配置理念，對嗎？彼得已經非常明確地表示，我們將槓桿率設定為 2.5，這是我們目前董事會授權的槓桿率，這也是管理團隊希望達到的水平。這為我們提供了資本保障，在資本保障範圍內，我們首先投資於我們的核心業務。您剛才提到，我們的核心業務中可能存在一些可以讓我們更快成長的機會。然後，我們投資智慧鄰接和潛在的無機投資機會，然後將資本回饋給股東。

And we've been following this philosophy, I think, very successfully for a while. So you tumble right away to some of these potential things that could allow us to unlock even more value faster for our shareholders but it's too early to tell. We'll only put the money in them if they're a better idea than not.

我認為，我們一直在遵循這一理念，並且取得了巨大的成功。因此，您馬上就會想到一些潛在的事情，這些事情可以讓我們更快地為股東釋放更多價值，但現在下結論還為時過早。只有當這個想法比沒有想法更好時，我們才會投資。

Exactly.

確切地。

Thank you, Greg. Operator, next question, please.

謝謝你，格雷格。接線員，請問下一個問題。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks and good afternoon. A couple of questions on 5G broadband and FWA. First, just curious what you're seeing that's driving the ongoing momentum in that volume. How much of that quarterly volume may be benefiting from greater breadth of coverage versus deeper penetration in some of the existing markets? And then secondly, are you seeing evidence that FWA may move from a fallow capacity model to one which you can invest in specific capacity enhancements for additional growth and returns over time? Thanks.

謝謝，下午好。關於 5G 寬頻和 FWA 的幾個問題。首先，我只是好奇您看到了什麼，推動了該數量的持續成長勢頭。該季度交易量中有多少可能受益於覆蓋範圍的擴大而不是現有市場的深度滲透？其次，您是否看到證據表明 FWA 可能會從閒置容量模式轉變為可以投資於特定容量增強的模式，以便隨著時間的推移獲得額外的成長和回報？謝謝。

Sounds good. Well, it's moving at most of all, Michael, is word of mouth. I mean this is -- the satisfaction rates of this product are through the roof. People love it. And they're pretty surprised and delighted at the performance.

聽起來不錯。嗯，邁克爾，最讓人感動的是口耳相傳。我的意思是──這款產品的滿意率非常高。人們喜歡它。他們對這場表演感到非常驚訝和高興。

I mean the average user using like 560 gigs that's up 25% from just two years ago. They're getting speeds in the 200, 250 megabits per second national average that's up 50% from two years ago. They love those sort of the flexibility of this product, the elegance and simplicity of it and they tell everybody when they sign up because they get this great mainstream product and they save money. And so that's what's really driving it. I forgot the second part of the question.

我的意思是，平均每個用戶使用 560 GB，比兩年前增加了 25%。他們的全國平均網速達到每秒 200 到 250 兆比特，比兩年前提高了 50%。他們喜歡這種產品的靈活性、優雅性和簡潔性，並在註冊時告訴每個人，因為他們獲得了這個出色的主流產品，並且可以省錢。這就是真正的推動因素。我忘了問題的第二部分。

Fallow to of people, yeah.

休耕於人們，是的。

Yeah, you want to talk a little bit about the strategy there Srini?

是的，Srini，你想談談那裡的策略嗎？

So the way I think of it is our center of gravity is very much the fallow capacity model. Now we're looking at whether other models work or not. But one of the reasons that's our center of gravity is I think one myth is that to some extent, mobile technology is static. The reality is with each passing days especially with our 5G SA network we're finding more and more opportunities to squeeze more out of our existing spectrum out of our existing towers.

所以我認為我們的重心很大程度是休耕容量模型。現在我們正在研究其他模型是否有效。但我認為，我們關注的重點之一在於，有一種誤解認為，行動技術在某種程度上是靜態的。現實情況是，隨著時間的推移，特別是隨著我們的 5G SA 網路的推出，我們發現越來越多的機會可以從現有塔的現有頻譜中榨取更多收益。

Now there's a lot of work still to be done, but we're constantly challenging every day our $12 million number and looking at how much more we can squeeze from our network in terms of fallow capacity. I mean just some of the recent examples like the introduction of L4S, which is lowly right? Innovations that we're bringing in with 5G SA are allowing us to squeeze more all the work we've done on business right, where we're finding newer opportunities to extract more out of our fallow capacity model. So that remains priority one.

現在還有很多工作要做，但我們每天都在挑戰 1,200 萬美元的目標，並研究在閒置容量方面還能從我們的網路中榨取多少利潤。我的意思是最近引入的一些例子，例如 L4S，這很卑微，對吧？我們透過 5G SA 引入的創新使我們能夠更多地利用我們在業務上所做的所有工作，我們正在尋找新的機會，從我們的閒置容量模型中獲取更多收益。因此這仍然是第一要務。

So it's really interesting. I mean we've been pretty clear. We have this $12 million customer target in 2028. It's entirely predicated on the fallow capacity model. And we have our teams hard at work in a dual strategy.

所以這真的很有趣。我的意思是我們已經說得很清楚了。我們 2028 年的客戶目標是 1,200 萬美元。它完全基於休耕能力模型。我們的團隊正努力實施雙重策略。

Number one, can we get more out of the fallow capacity model through all the tactics that Srini just summarized. And number two, to the very premise of your question, are there smart ways to allocate capital and get a fantastic return? Look, we don't have answers to either of those two questions. But are our teams thoughtfully working on those things? Absolutely.

第一，我們能否透過 Srini 剛才總結的所有策略，從休耕產能模型中獲得更多效益。第二，針對您問題的根本前提，是否有明智的方法來配置資本並獲得豐厚的回報？瞧，我們對這兩個問題都沒有答案。但我們的團隊是否認真地處理這些事情？絕對地。

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

謝謝你，麥克。接線員，請問下一個問題。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great, thank you. I have one high-level question. Going back to the 2021 Analyst Day and for maybe a few years afterwards. Part of the narrative was that you were increasingly mindful of T-Mobile's role evolving from being an insurgent to more of a steward of the industry. And while you'd continue to push for competitive pressure and execute as on carrier, perhaps there would be a greater consideration of not only your leadership position in the space but also the merits of helping to ensure it remains a profitable and an attractive one.

太好了，謝謝。我有一個高層次的問題。回顧 2021 年分析師日以及之後的幾年。部分敘述是，您越來越意識到 T-Mobile 的角色正在從叛亂者轉變為行業管理者。在您繼續推動競爭壓力並按照承運人要求執行的同時，也許您不僅會更多地考慮您在該領域的領導地位，還會更多地考慮幫助確保該領域仍然盈利且具有吸引力的優點。

Maybe fast forward to today, competition isn't new, but the offers in the marketplace keep getting more and more aggressive and some of your peers are perhaps acting more and more on carrier-like. So with all that context, can you update us on where you view T-Mobile as being on the insurgent versus steward spectrum? And I guess, ultimately, how much more runway is there to be as disruptive without the tilt in competitive postures disrupting the balance for the broader industry? Thank you.

也許快進到今天，競爭並不是什麼新鮮事，但市場上的報價卻越來越激進，而你的一些同行可能越來越像運營商。那麼，綜合以上所有背景訊息，您能否告訴我們，您認為 T-Mobile 是處於叛亂者還是管家者的位置？我想，最終，在不改變競爭態勢、打破整個產業平衡的情況下，還有多少發展空間能帶來顛覆性的影響？謝謝。

That's a fantastic question. And if you were listening to Srini a few minutes ago, I think what I take away from your comments, Srini, is that this is a highly competitive moment in time. Yes, and we like it that way that's due to the competition that we constantly bring as the fighter brand, the value brand. And at the same time, one of the things you've noticed about us as the insurgent, as the net share taker and value leader in this industry is that we have been remarkably consistent in how we've gone about that, as the on carrier.

這是一個非常棒的問題。如果你幾分鐘前聽過 Srini 的講話，那麼我認為從你的評論中我可以得出這樣的結論：Srini，這是一個競爭激烈的時刻。是的，我們喜歡這樣，這是因為我們作為戰鬥機品牌、價值品牌不斷帶來競爭。同時，作為這個行業的顛覆者、淨份額獲得者和價值領導者，您會注意到，我們作為承運商在實現這一目標方面一直保持著驚人的一致性。

One of the things that Peter gets a lot when he's asked about our performance is, why didn't you take more? Could you have taken more? This all-time record Q2 on postpaid phone net additions is great, but why not more? And what we -- and your answer to that has always been we thoughtfully keep things in balance. We compete and compete hard and try to break our own records and we bring the competition to this marketplace. But at the same time, we're building a company of lasting value, a profitable company and that's a tone -- that's not new for us. That’s years old at this point and the premise of your question, that's not going to change.

當彼得被問到我們的表演時，他經常被問到的一個問題是，為什麼你們沒有拍更多照片？你能多吃一點嗎？第二季後付費電話淨增量創下歷史新高，這很棒，但為什麼不能更多呢？而我們——你們對此的回答一直是——我們會深思熟慮地保持平衡。我們不斷競爭，努力競爭，試圖打破自己的紀錄，並將競爭帶到這個市場。但同時，我們正在打造一家具有持久價值、一家獲利的公司，這種基調對我們來說並不新鮮。這件事已經過去好幾年了，而你問題的前提是不會改變的。

To your question of does this strategy have runway? Absolutely, because it's not about anything other than leveraging long-term durable advantages built on a superior notion of what customers are looking for. They want the best network in this industry. They wanted to add a great value and they want it from a company that treats them right and loves them, that delivers the best experiences as Srini was saying. And that's what we deliver uniquely, and we've thoughtfully built long-term durable advantages in these areas and keep going. And so I've never seen a moment in our history where the strategy we're employing has more room to run than right now. And I think we're demonstrating that as we go.

對於您關於這項策略是否有發展前景的問題？絕對如此，因為這與利用建立在對客戶需求的卓越理解之上的長期持久優勢無關。他們想要這個行業中最好的人脈。他們想要增加巨大的價值，並且希望從一家善待他們、熱愛他們、提供最佳體驗的公司中獲得這種價值，正如 Srini 所說的那樣。這就是我們獨特的服務，我們在這些領域精心打造了長期持久的優勢並將繼續前進。因此，我從未見過我們的歷史上有哪個時刻，我們所採用的策略比現在有更大的實施空間。我認為我們正在實踐中證明這一點。

The last thing I'll say is I take a little exception with one premise of the question, just for fun, which is that it's -- that we're seeing unprecedented investment in competition from everybody right now. And look, if you add it all up, right now, the financial metrics being delivered in the industry wouldn't support that. T-Mobile as the value leader, for example, is delivering 26% conversion of cash against service revenues. That's just a phenomenal number and near the high end of our historic business model, and we think it's a tremendous number for us as we continue to progress.

最後我想說的是，我對這個問題的一個前提有一點異議，只是為了好玩，那就是──我們現在看到每個人對競爭的投入都是前所未有的。看看吧，如果你把所有這些加起來，現在，該行業提供的財務指標還不足以支持這一點。例如，作為價值領導者的 T-Mobile 實現了 26% 的服務收入現金轉換率。這是一個驚人的數字，接近我們歷史商業模式的高端，我們認為，隨著我們不斷進步，這是一個巨大的數字。

And so the show -- overall, by the way, as Srini mentioned, cash flow since 2022 are up 50% in our industry while the customer is experiencing more data at faster speeds than ever before for the same real pricing. That means the customers are huge beneficiaries of the 5G revolution, but so are the competitors. The nature of competition shifting. Are there unprecedented device promotions out there? Absolutely. But on the other hand, ARPUs are also higher than they've ever been. And device ownership is longer than it's ever been. So these things offset each other. And one way to look at it is customer lifetime values, which at T-Mobile have been remarkably consistent. I hope that context is helpful.

所以，總的來說，正如 Srini 所提到的，自 2022 年以來，我們行業的現金流成長了 50%，而客戶在實際價格相同的情況下，以比以往更快的速度體驗到更多的數據。這意味著客戶是 5G 革命的巨大受益者，但競爭對手也是如此。競爭的性質正在改變。是否存在前所未有的設備促銷活動？絕對地。但另一方面，ARPU 也比以往更高。而且設備擁有時間比以前任何時候都長。所以這些因素是互相抵消的。其中一個觀察角度是顧客終身價值，T-Mobile 的顧客終身價值一直非常穩定。我希望這些內容對您有所幫助。

Very helpful. Thanks.

非常有幫助。謝謝。

Okay, great. Great question.

好的，太好了。好問題。

Thank you, Kutgun.

謝謝你，庫特根。

So we'll switch over to social now and take one final question from the phone queue after. But this is from Chetan Sharma. Congrats on your continued momentum with new services and network features. I was wondering if you could please provide some commentary on the interest demand you see -- are seeing from enterprises for slicing and T-Satellite. What is the profile of such customers and use cases?

因此，我們現在將轉到社交環節，然後回答電話隊列中的最後一個問題。但這是來自 Chetan Sharma 的。恭喜您在新服務和網路功能方面繼續取得進展。我想知道您是否可以就企業對切片和 T-Satellite 的興趣需求提供一些評論。這類客戶和用例的概況是怎樣的？

Should we go over to Callie for that one?

我們應該去找 Callie 嗎？

Sure thing. Well, I mentioned earlier before in responding to you, Mike, about key priority and just how fantastic it's resonating with first responders in the marketplace. Since we launched in Q1, we're up double digits in growth in new accounts, which is fantastic. We're also seeing the opportunities in our beta to use T-Satellite with first responders, also with state and local municipalities who when you think of a bus driver that couldn't get in touch with the parents when there was an emergency on the bus.

當然可以。好吧，麥克，我之前在回覆你的時候提到過，關於關鍵優先事項，以及它與市場上的急救人員產生多麼大的共鳴。自從第一季推出以來，我們的新帳戶數量實現了兩位數的成長，這真是太棒了。在測試版中，我們還看到了將 T-Satellite 與急救人員以及州和地方市政當局一起使用的機會，就像公車上發生緊急情況時無法與父母取得聯繫的公車司機一樣。

And this really unlocks the value for both the public sector as well as in enterprises where we start to see people use cases like oil and gas, when they're out doing operations that require connectivity in places that are in that 500,000 square miles that are untouched by any carrier where businesses actually do operate. So we see a lot of runway and potential in that space in our business.

這確實釋放了公共部門和企業的價值，我們開始看到人們使用石油和天然氣等案例，當他們在 50 萬平方英里範圍內進行需要連接的操作時，這些區域沒有任何運營商覆蓋，而企業實際上在那裡開展業務。因此，我們看到我們的業務在該領域有很大的發展空間和潛力。

Just to mention in Q2 overall, when you think about enterprise, we think about what the capabilities of our network unlock for us. This quarter in Q2, we led the industry in business in postpaid nets, in postpaid phone, in 5G broadband nets and in postpaid churn. And so it was a really excellent quarter for us to really see the momentum. And we still have plenty of room to run. When I think about 5G broadband and the use cases for fixed wireless and enterprise, we see national retailers that are coming to us and saying, hey, a point-of-sale system slice as well as a fixed wireless solution across the United States is a fantastic use case.

總體而言，在第二季度，當您考慮企業時，我們會考慮我們的網路可以為我們釋放什麼功能。本季度，即第二季度，我們在後付費網路業務、後付費電話、5G寬頻網路和後付費客戶流失方面均處於行業領先地位。所以對我們來說這是一個非常好的季度，我們真正看到了這一發展勢頭。我們還有足夠的空間可以前進。當我考慮 5G 寬頻以及固定無線和企業的用例時，我們看到全國零售商來找我們說，嘿，美國的銷售點系統切片以及固定無線解決方案是一個很棒的用例。

So welcomed like Casey's General Stores, a national retailer that really needed a value provider that also was an incredible experience for those stores. So and I'd also just mention too, these type of solutions are helping us to deliver win share that is greater than our market share in every single segment.

因此受到歡迎，例如 Casey's General Stores，全國性零售商，確實需要一個價值提供商，這對這些商店來說也是一次難以置信的體驗。所以，我也想提一下，這些類型的解決方案正在幫助我們在每個細分市場中獲得高於我們市場份額的勝利份額。

I'll say one more thing. You heard some of our competitors talk about how they were impacted in the government segment with Dodge. And I don't think any of us are surprised to hear that because these are the older incumbents that have a majority share. But for us, what drives my business is win share. And our win share is up year-over-year and quarter-over-quarter.

我再說一件事。您聽到我們的一些競爭對手談論道奇在政府領域對他們的影響。我認為我們當中的任何人都不會對此感到驚訝，因為這些是佔據多數席位的年長現任者。但對我們來說，推動我業務發展的是贏得份額。我們的勝利份額與去年同期和上一季度相比都有所上升。

And so we're really able to sit down with decision makers, especially in federal agencies who are perhaps seeing some kind of demand to lower cost or may we have some headcount demand. When they do a bill review and they look at the value that our network provides and they look at the best network that they can move to. They're able to come up with efficacy and efficiency as they're sorting through some of the requirements that they have to mention.

因此，我們確實能夠與決策者坐下來討論，特別是聯邦機構的決策者，他們可能看到了某種降低成本的需求，或者我們可能有一些員工需求。當他們審查帳單時，他們會考慮我們的網路提供的價值，並尋找他們可以遷移到的最佳網路。他們在整理他們必須提及的一些要求時能夠提出功效和效率。

We thought Jon was going to be the most exciting. So by the way, while we're on slicing [slide] and one thing that I think is interesting is this is a sort of a classic win-win because our network doesn't really congested and we're the least congested network out there. We have most capacity like by a wide mile. And so you might think why slicing? But enterprises nonetheless, are highly interested in it because what they want is guaranteed service levels.

我們認為喬恩將是最令人興奮的。順便說一下，當我們在切片 [幻燈片] 時，我認為有趣的一件事是，這是典型的雙贏，因為我們的網路實際上並沒有擁堵，而且我們是擁堵程度最低的網路。我們的容量非常大。那你可能會想為什麼要切片？但企業仍然對此非常感興趣，因為他們想要的是保證的服務水準。

And depending on the criticality of those connections, it's worth paying for so that we can guarantee them in an unanticipated situation where in the future, something could cause the network to congest that they would be able to have those service levels for mission-critical connectivity that benefits them, but also in the case of first responders, benefits us all. And they're willing to pay for that. So that's really interesting learning.

根據這些連接的重要性，值得為此付費，以便我們可以保證在未來出現意外情況（某些情況可能導致網絡擁塞）時，他們能夠擁有關鍵任務連接的服務級別，這不僅對他們有利，而且對於急救人員來說，也對我們所有人都有利。他們願意為此付出代價。所以這真是一次有趣的學習。

And if you don't mind, on a more serious note, while I'm on it because we were talking about T-Satellite. I just do want to acknowledge that -- it once again played an important role during those horrific floods in Texas, a few -- a couple of weeks ago.

如果你不介意的話，我可以更嚴肅地談談這個問題，因為我們正在談論 T-Satellite。我只是想承認這一點——幾週前，它在德克薩斯州發生的可怕洪水中再次發揮了重要作用。

And first of all, I'm so proud of our team on the ground rushing into help, keeping the network going and performed beautifully. But also, we were able to transmit emergency messaging to customers, not just T-Mobile customers but all customers via satellite that were received. And also on the ground, over 0.25 million text messages went out over satellite during the most critical moments of this emergency and people were able to be connected when it matters. And I'm just so proud of that and really thankful for our teams on the ground. So I just wanted to shout out to our wonderful team in Texas and say thank you to them.

首先，我為我們一線團隊的快速回應、保持網路正常運作並取得優異成績感到非常自豪。而且，我們還能夠向客戶發送緊急訊息，不僅是 T-Mobile 客戶，而是所有透過衛星接收的客戶。在地面上，在這次緊急情況最關鍵的時刻，超過 25 萬條簡訊透過衛星發送，讓人們在重要時刻保持聯繫。我對此感到非常自豪，並衷心感謝我們當地的團隊。所以我只想向我們在德克薩斯州的優秀團隊大聲呼喊並向他們表示感謝。

Thanks Mike. Thanks. Operator, we'll take our final question from the queue.

謝謝邁克。謝謝。接線員，我們將回答隊列中的最後一個問題。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Thank you. Mike, maybe just one question on the build ambitions for broadband. When you think about fixed wireless, obviously, all your peers offer it. But when you think about the wireline side of it, your peers have between $40 million to $70 million kind of build ambitions or existing scale if you think about the Cable companies in that mix. So when you think about your goals of $15 million-ish in wireline, why is that enough?

謝謝。麥克，也許我只想問一個關於寬頻建設目標的問題。當您考慮固定無線時，顯然所有同行都會提供它。但當你考慮有線方面時，如果你考慮其中的有線電視公司，你的同行有 4,000 萬至 7,000 萬美元的建設目標或現有規模。那麼，當您考慮在有線電視上投資 1500 萬美元左右的目標時，為什麼這足夠了？

And I know you want to look at more fiber opportunities. But given your -- the scale of your peers, would this call for maybe consideration of some bigger transactions or bigger opportunities to scale up your network faster than you would otherwise. Thank you.

我知道您想尋找更多的光纖機會。但考慮到您的同行的規模，這是否可能需要考慮一些更大的交易或更大的機會來比以往更快地擴大您的人脈。謝謝。

Yeah, it's a great question. Maybe Srini, I can kind of take it together. We're interested in ongoing transactions. But probably if the premise of your question is something like are we interested in cable, I become decreasingly interested in that over time. I just feel like the growth is in fixed wireless, where there's value and flexibility and the growth is in fiber because it's a superior product. And that seems to be where the customer sentiment is going.

是的，這是一個很好的問題。也許 Srini，我可以把它整合在一起。我們對正在進行的交易感興趣。但如果你的問題的前提是“我們是否對有線電視感興趣”，那麼隨著時間的推移，我對此的興趣就會越來越小。我只是覺得成長點在於固定無線，因為它具有價值和靈活性，而成長點在於光纖，因為它是一種優質的產品。這似乎就是顧客情緒的走向。

So we want to be where the puck is going to be. I'm so proud of the choices we've made so far. And what's driven us in these choices has been our ability to, one, deliver a fantastic product customers will love. And two, deliver a superior return for our shareholders in doing so.

因此我們希望能夠到達冰球將要到達的地方。我對我們迄今為止所做的選擇感到非常自豪。我們做出這些選擇的動力來自於我們的能力，首先，我們提供客戶喜愛的優質產品。第二，為我們的股東帶來豐厚的回報。

And I want to make sure that we don't chase scale for scale sick that we actually chase scale because we can deliver a fantastic return because our premise is a little different than some others who are on a race regardless of consequences, we're in this business to deliver a great product and make money, superior returns by virtue of our know-how and investments in mobile.

我想確保我們不會為了規模而過度追求規模，我們真正追求規模是因為我們可以獲得豐厚的回報，因為我們的前提與其他不顧後果競相擴張的公司略有不同，我們從事這項業務是為了提供出色的產品並賺錢，憑藉我們在移動領域的專業知識和投資獲得豐厚的回報。

And that's because our premise about how this market is coming together. It's just a little different. Our view is that mobile is the considered sale, and we're going to add products to that mobile that makes sense for our customers and that we can make money on.

這是因為我們對這個市場如何形成有一個前提。只是有一點點不同。我們的觀點是，行動裝置是經過深思熟慮的銷售方式，我們將在行動裝置上添加對我們的客戶有意義且我們可以從中賺錢的產品。

Now as Srini explained a minute ago, our already published plans get us to knocking at the door of 45 million homes passed equivalent in wireline language through the strategies we've already announced. And as we've said, we have some ongoing appetite should the right opportunities present themselves at a fair value.

正如 Srini 剛才解釋的那樣，透過我們已經宣布的策略，我們已經發布的計劃將使我們覆蓋 4500 萬戶家庭，相當於有線網路覆蓋的水平。正如我們所說的，如果有合適的機會以公平的價格出現，我們會持續感興趣。

And the only thing I'd add to that, Mike, is also culture, right? Which is we're about great returns, but we're also about challenging the industry for the good of the customer and growth, right? And that ethos fits very nicely with FWA, that fits very nicely with fiber. The last thing we want to be is be an incumbent, right? We are all about challenging an industry, about creating value for customers, about smashing customer problems. And that's a big part of this calculus as much as returns as well.

麥克，我唯一要補充的也是文化，對嗎？也就是說，我們追求豐厚的回報，但我們也為了客戶的利益和成長而挑戰產業，對嗎？這種精神與 FWA 非常契合，與光纖也非常契合。我們最不想做的就是成為現任者，對吧？我們致力於挑戰產業，致力於為客戶創造價值，致力於解決客戶問題。這也是計算回報的一個重要部分。

I love that. It's a great place for us to end where I ended in my prepared remarks. This team right here at this table sees growth opportunities everywhere. And on your behalf, we're going to be thoughtful investors and the resources of this company to go chase it and chase it ambitiously. And thanks, everybody, for joining our Q2 call.

我喜歡這個。現在我們來結束我準備好的發言吧，這對我們來說是一個很好的結束。坐在我們桌前的這個團隊看到了無處不在的成長機會。我們將代表你們，成為深思熟慮的投資者，並利用這家公司的資源去追逐它，並且雄心勃勃地追逐它。感謝大家參加我們的第二季電話會議。

Thanks, Mike. That's all the time we have for questions. Thanks, everyone, for joining. We're looking forward to connecting with you again soon. If you have any additional questions, you may contact the Investor Relations or Media Departments. Thank you.

謝謝，麥克。我們回答問題的時間就這麼多了。謝謝大家的參與。我們期待很快再次與您聯繫。如果您有任何其他問題，可以聯絡投資者關係部或媒體部門。謝謝。