T-Mobile US Inc (TMUS) 2025 Q3 法說會逐字稿

Good morning. (Operator Instructions) You may submit questions also via X by sending a post to @TMobileIR, @MikeSievert, or @SriniGopalan using $TMUS.

早安.（操作員說明）您也可以透過 X 提交問題，方法是使用 $TMUS 向 @TMobileIR、@MikeSievert 或 @SriniGopalan 發送貼文。

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.

現在我將把會議交給 T-Mobile 美國公司投資者關係資深副總裁 Cathy Yao。請繼續。

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

早安.歡迎參加 T-Mobile 2025 年第三季財報電話會議。今天與我一起參加電話會議的有：我們的總裁兼執行長 Mike Sievert；我們的營運長兼即將上任的執行長 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.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。我們建議您查看我們在提交給美國證券交易委員會的文件中列出的風險因素。我們的獲利報告、投資者情況手冊以及其他與我們的業績相關的文檔，以及本次電話會議中討論的 GAAP 和非 GAAP 業績之間的調節表，都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.

那麼，現在讓我把麥克風交給麥克。

Thanks, Cathy. Great job. Good morning, everybody. Well, as you can see, Srini and I are here in New York with the senior team ready to discuss another truly extraordinary quarter for T-Mobile. But first, let me do a couple of welcomes. I want to first start by welcoming Andre Almeida to the team and to the table. Andre is a deep industry expert and a longtime colleague of Srini's, and he has also been a strategic adviser to me on many topics for many years, and I am so happy that he is here leading such a big part of our team.

謝謝你，凱西。幹得好。大家早安。正如你所看到的，我和斯里尼現在在紐約，與高階主管團隊一起準備討論T-Mobile又一個非凡的季度業績。但首先，讓我致以幾句歡迎詞。首先，我要歡迎安德烈·阿爾梅達加入球隊，參與決策。安德烈是一位資深的業界專家，也是斯里尼的長期同事。多年來，他還在許多方面擔任我的策略顧問，我很高興他能在這裡領導我們團隊的重要部分。

Thanks Mike. Thank you very much.

謝謝你，麥克。非常感謝。

You all know Dr. John Saw, now serving as our President of Technology and resident genius. John, thanks for stepping into this expanded role for us as President of Technology. John and I go way back to 2009 at Clearwire. So together and separately we've been stewards of this centerpiece of T-Mobile's 5G spectrum strategy for a long time. It's great to have you here as our President of Tech.

你們都認識約翰‧索博士，他現在是我們的技術總裁兼首席天才。約翰，感謝你承擔起我們公司技術總裁這項更重要的職責。我和約翰的交情可以追溯到 2009 年，當時我們在 Clearwire 共事。因此，長期以來，我們一直共同或各自負責管理 T-Mobile 5G 頻譜策略的核心部分。非常高興您能擔任我們的技術總裁。

Thank you Mike.

謝謝你，麥克。

All right. Well, let me just start by saying this, this call is an especially meaningful one for me as it actually marks the 50th quarterly earnings report for T-Mobile, and that means it's also my 50th report here. I've been here for every single one to offer my perspective and to help shape our narrative about the future and I have had a blast. Leading this company over the past 13 years has been the honor of a lifetime.

好的。首先我想說的是，這次電話會議對我來說意義非凡，因為它標誌著 T-Mobile 的第 50 個季度收益報告，這也意味著這是我在這裡的第 50 份報告。每次我都到場，提出我的觀點，幫助塑造我們對未來的願景，我玩得很開心。過去13年來領導這家公司是我畢生的榮幸。

Together we've transformed T-Mobile from a distant number four player in crisis and decline into the world's most successful and customer centric telecommunications company. I've seen T-Mobile go from last to first with the best network, the best value, the best customer experience in the market, and today that margin of our differentiation is only widening and the growth and financial momentum that flows from this in many ways only just beginning.

我們共同努力，將 T-Mobile 從一家處於危機和衰落狀態、排名靠後的第四大營運商，轉型成為世界上最成功、最以客戶為中心的電信公司。我親眼見證了 T-Mobile 從墊底躍升至榜首，擁有市場上最好的網路、最佳性價比和最佳客戶體驗。如今，我們的差異化優勢仍在擴大，由此帶來的成長和財務動力在許多方面才剛開始。

I'm excited to continue to support this team right here and the strategies that enable this success in my new role as Vice Chairman. Just a few weeks ago I talked about what it means to get CEO succession right, that you do it when three things are true.

我很高興能夠以副董事長的新身分繼續支持這個團隊以及促成這項成功的策略。就在幾週前，我談到了正確進行 CEO 接班的意義，那就是當三個條件成立時才能做到這一點。

First, when the company has never been more successful. Second, when the opportunity ahead has never been more exciting. And third and most importantly, when the leader to take us into the future is fully ready. Q3 is living proof that all three are true for T-Mobile right now.

首先，公司正處於前所未有的成功時期。其次，擺在我們面前的機會從未如此令人興奮。第三，也是最重要的一點，當帶領我們走向未來的領導者完全準備好時。第三季就充分證明了這三點對T-Mobile目前來說都是正確的。

Now Srini's going to cover the results here in a minute with you, but I just want to say, wow, what another spectacular quarter. This team once again delivered the thoughtful, profitable, and durable growth for which we are known. We smashed not only all-time customer records like best ever postpaid account growth, best ever total postpaid net additions, while also leading the industry in postpaid phones with over 1 million nets and phone churn.

斯里尼馬上要向大家報告結果了，但我只想說，哇，又是一個精彩絕倫的季度。這個團隊再次實現了我們一貫以來深思熟慮、盈利豐厚且可持續的成長。我們不僅打破了所有客戶記錄，例如有史以來最好的後付費帳戶增長、有史以來最好的後付費淨新增用戶總數，而且在後付費手機方面也領先業界，淨新增用戶超過 100 萬，手機流失率也大幅下降。

But importantly, we also once again led the industry in financial growth by a wide margin across a wide variety of metrics beating expectations again. Clearly, it is evident that this team under Srini's leadership executes like no other team. This quarter was a showcase of Srini's and this entire team's ability to rally the organization to deliver exceptional results while at the same time, building on the durable advantages that make it all possible.

但更重要的是，我們在各種指標上再次以較大優勢引領了產業財務成長，再次超越預期。顯然，在斯里尼的領導下，這支團隊的執行力是其他任何團隊都無法比擬的。本季充分展現了斯里尼和整個團隊的能力，他們能夠團結整個組織，取得卓越的成果，同時鞏固了使這一切成為可能的持久優勢。

T-Mobile has never been stronger. Our growth runway is broad-based. Our differentiation is widening, the Un-carrier ethos continues to disrupt the industry and delight customers, the opportunity ahead to generate even more outsized durable and profitable growth across wireless, broadband, smart new adjacencies as well as digital transformation has never been more exciting.

T-Mobile 的實力從未如此強大。我們的成長空間十分廣闊。我們的差異化優勢正在擴大，「非營運商」理念繼續顛覆產業並取悅客戶，未來在無線、寬頻、智慧新興領域以及數位轉型方面創造更大、更持久、更獲利成長的機會從未如此令人興奮。

So with that, let's dive in. Srini, in more ways than one, over to you, my friend.

那麼，讓我們開始吧。Srini，從很多方面來說，現在該輪到你了，我的朋友。

Thank you, Mike. Hi, everyone, and thanks for joining in. I can't wait to start talking about Q3, but I'll take a minute. I just want to start by saying it's an incredible privilege to be here with this fantastic team, the best in the industry. And in the last 13 years, Mike, you have truly turned around this business and you've made the Un-carrier into this force for good.

謝謝你，麥克。大家好，感謝大家的參與。我迫不及待地想開始討論第三季度，但我得先花點時間。首先我想說，能和這支業界最優秀的團隊一起工作，我感到無比榮幸。在過去的 13 年裡，麥克，你真正扭轉了這家公司的局面，你把這家「非傳統營運商」變成了一股向善的力量。

This disruptive, innovative, the most admired telco in the world. The network has gone from last to first, like you've talked about and we've delivered an industry-leading customer and financial growth. You and the team have created more value than any other CEO in the history of this industry, not just in the US, but globally. Thank you.

這家顛覆性、創新、全球最受尊敬的電信公司。正如您所說，我們的網路已經從墊底躍升至第一，並且實現了行業領先的客戶和財務成長。您和您的團隊創造的價值超過了該行業歷史上任何其他首席執行官，不僅在美國，而且在全球範圍內都是如此。謝謝。

Look, I've been involved in this team for some time now. And the one truly amazing thing, the Un-carrier has done, and this is rare in this industry, differentiation. It's the one truly rare commodity in this industry. For a large part of this journey, that differentiation has come from outstanding customer value and experience. And as I look forward now, the foundation for the next big leap has already been laid.

你看，我加入這個團隊已經有一段時間了。而這家非傳統業者真正令人驚嘆的一點，也是業界罕見的一點，就是實現了差異化。這是業界真正稀缺的資源。在這段發展歷程的大部分時間裡，這種差異化優勢來自於卓越的客戶價值和體驗。展望未來，下一個重大飛躍的基礎已經奠定。

We have the opportunity to widen this differentiation even further with network leadership and digital transformation. I can talk about this all day, but I'll come back to it in our continuing strategy. But first off, to Q3 and the phenomenal quarter we've delivered.

我們有機會透過網路領導力和數位轉型進一步擴大這種差異化優勢。我可以就此主題談論一整天，但我會在後續的策略討論中再提及它。但首先，讓我們回顧一下第三季以及我們所取得的卓越成績。

Starting with wireless, we had our all-time best postpaid customer account growth. And that's saying something when it comes from the Un-carrier. We achieved our best-ever total postpaid net additions and delivered over 1 million postpaid phone net additions, our best Q3 in over a decade. And that coming from T-Mobile is something.

從無線業務開始，我們的後付費客戶帳戶成長達到了歷史最佳水平。而這番話出自「非承運商」之口，意義非凡。我們實現了有史以來最好的後付費用戶淨增總數，後付費手機淨增用戶超過 100 萬，這是我們十多年來最好的第三季業績。這可是T-Mobile發出的，真是令人震驚。

What I like is how broad-based this growth is. It's in the top 100 markets, it's in smaller markets and rural areas. Even within the top 100, our postpaid share of households is up where we're number one, number two and number three in market share. So it's truly broad-based growth. And it's not just gross additions momentum.

我喜歡的是這種增長的廣泛性。它既進入了前 100 個市場，也進入了較小的市場和農村地區。即使在前 100 名中，我們的後付費用戶份額也很高，我們在市場份額方面排名第一、第二和第三。所以這是真正意義上的全面成長。而且這不僅僅是毛利成長勢頭。

In Q3, we led the industry in postpaid phone churn. So across the board, tremendous customer momentum. And it's not just volume. It's also in value. We saw postpaid ARPA grew by 3.8% on an organic basis when you exclude kind of the dilutive impact of UScellular, Metronet and Lumos.

第三季度，我們的後付費手機用戶流失率在業界領先。所以，整體而言，客戶成長動能非常強勁。而且不只是數量的問題。它也有價值。我們看到，如果排除 UScellular、Metronet 和 Lumos 的稀釋影響，後付費 ARPA 在有機基礎上成長了 3.8%。

We're also delighted to have welcomed UScellular customers to the T-Mobile family and provided them with immediate benefits from an improved network experience to great thankings like T-Mobile Tuesdays. Integration is off to the races we're using everything from the T-Mobile playbook that we learned and perfected with Sprint, and we're simultaneously deepening our relationships.

我們也很高興地歡迎 UScellular 的客戶加入 T-Mobile 大家庭，並為他們提供從改善的網路體驗到 T-Mobile Tuesdays 等豐厚回饋等即時好處。整合工作正在如火如荼地進行，我們正在運用從 Sprint 學到並完善的 T-Mobile 策略，同時也在加深彼此的關係。

Let me turn to broadband, another huge growth opportunity for us. Again, we led the industry with over 500,000 customer additions on 5G broadband and over 50,000 on the newest addition to our family fiber, and that includes the contribution from Metronet following our close on July 24. This is an amazing business. And here's an often underrated fact. Our 5G broadband ARPUs and customer lifetime values are very similar to our postpaid phone business, and that just drives great value creation.

接下來我想談談寬頻，這是我們另一個巨大的成長機會。我們再次引領業界，5G 寬頻新增用戶超過 50 萬，最新推出的光纖用戶超過 5 萬，這還包括 7 月 24 日我們完成交易後 Metronet 的貢獻。這是一家很棒的公司。這裡有一個經常被低估的事實。我們的 5G 寬頻 ARPU 和客戶終身價值與我們的後付費手機業務非常相似，這極大地促進了價值創造。

Now our customer results and industry-leading customer results flow through to industry-leading financial growth. Our postpaid service revenue grew by 12% year-over-year. Now that's obviously industry-leading. Our service revenue as a whole, 9%; core adjusted EBITDA, 6%; and another incredible quarter of service revenue to free cash flow conversion at 26%. So there's great customer momentum.

現在，我們卓越的客戶成果和業界領先的客戶成果轉化為業界領先的財務成長。我們的後付費服務收入年增了 12%。這顯然是行業領先水平。我們的服務收入整體成長 9%；核心調整後 EBITDA 成長 6%；服務收入與自由現金流轉換率再次達到驚人的 26%。所以客戶需求勢頭強勁。

And importantly, that's translating into that one key metric, cash conversion. So overall, an amazing quarter.

更重要的是，這最終會轉化為一個關鍵指標——現金轉換率。總的來說，這是一個非常棒的季度。

Let me come back to what I was saying earlier about my strategic priorities and spend a moment on that. We start by saying I have enormous conviction in what the team outlined during Capital Markets Day. And even more so now that we're a year into that journey. Everything we've seen in the last year makes us double down on our convictions and convinces us that we're heading in the right direction.

讓我回到我之前提到的策略重點，並花點時間談談這個主題。首先我要說的是，我對團隊在資本市場日所提出的內容深信不疑。尤其是在我們踏上這段旅程一年後，這種感覺更加強烈了。過去一年我們所經歷的一切，讓我們更加堅定自己的信念，並確信我們正朝著正確的方向前進。

I expect continued profitable growth in our core wireless and broadband businesses, and this is the big deal, which is that momentum which we are seeing right now is being driven by widening differentiation, which means it's truly sustainable.

我預計我們的核心無線和寬頻業務將繼續實現盈利增長，而這才是關鍵所在，因為我們現在看到的這種勢頭是由不斷擴大的差異化所驅動的，這意味著它是真正可持續的。

And that widening differentiation is driven by kind of two big things. On the one hand, you have our growing network leadership, not just in reality, but in perception as well. And that's complemented by our digital transformation, which just takes pain out of the customer process.

這種日益擴大的差異是由兩大因素所驅動的。一方面，我們的網路領導地位日益增強，不僅在現實中如此，在人們的認知中也是如此。而我們的數位轉型則進一步簡化了客戶流程，消除了其中的痛點。

Let me talk about this in a bit more detail. Start with the natural place to start, our network. We're often asked how big is this whole network perception opportunity. Let me give you some sense of it. One out of every three AT&T and Verizon customers chose them at some point because they were the best network.

讓我更詳細地談談這件事。首先從最自然的地方入手，那就是我們的網路。我們常被問到，整個網路感知領域蘊藏多大的機會。讓我簡單解釋一下。每三個 AT&T 和 Verizon 用戶中就有一個曾經選擇過他們，因為他們認為他們的網路最好。

And these customers are paying a premium for something that is simply no longer true. You work the math. That means there are 70 million customers that are paying a premium for something that is simply no longer true, and that we can unlock with our best network. And more and more of these customers are beginning to change their perception. In Q3, we hit an all-time high in our network perception amongst switches, and that's a big driver to the outperformance we're seeing.

這些顧客正在為早已過時的東西支付高價。你自己算算。這意味著有 7000 萬客戶正在為一些早已過時的東西支付高價，而我們可以利用我們最好的網路來解決這個問題。越來越多的顧客開始改變他們的看法。第三季度，我們在交換器網路感知方面達到了歷史最高水平，這是我們取得優異業績的一個重要驅動因素。

Now our network perception is changing because the reality is changing. Let me give you a couple of examples of how powerful our network is. Ookla data shows that our median download speeds on the new iPhone are nearly 90% faster than one of our benchmark competitors and over 40% faster than the other. That's why when you have jump balls with the device change, you see the Un-carriers continued outperformance, driving superiority in the network for a new device like this and such visible superiority is a huge driver to our performance.

現在，我們對網路的認知正在改變，因為現實也在改變。讓我舉幾個例子來說明我們的網路有多強大。Ookla 的數據顯示，新款 iPhone 的平均下載速度比我們的一個基準競爭對手快近 90%，比另一個競爭對手快 40% 以上。這就是為什麼當設備更換時出現重大變化，你會看到 Un-carriers 持續表現出色，為這類新設備在網路中帶來優勢，而這種明顯的優勢是我們業績的巨大驅動力。

Another great example is our 5G broadband business. Now using the fallow capacity model in the last two years, we've nearly doubled our number of customers. Each of them use 30% more. So a phenomenal 580 gigabytes a month. At the same time, so doubling customers, 30% more usage per customer, at the same time, our average download speeds have increased by nearly 50%, and our wireless speeds have gone up as well.

我們的 5G 寬頻業務也是個很好的例子。過去兩年，我們利用閒置產能模式，客戶數量幾乎翻了一番。它們每人使用量都增加了 30%。所以，每月高達 580 GB。同時，客戶數量翻了一番，每位客戶的使用量增加了 30%，同時，我們的平均下載速度提高了近 50%，無線速度也提高了。

That's what an Ultra capacity network truly looks like. And we're not standing still. So we're making progress on perception. The reality is only getting better, and we will not stop. We're not standing still. We're building and upgrading thousands of new cell sites, many of which are in smaller markets and rural areas, and we're deploying and leveraging our nationwide 5G advanced network.

這就是超大容量網路的真實面貌。我們並沒有停滯不前。所以，我們在提升大眾認知方面取得了進展。情況只會越來越好，我們不會停止前進的腳步。我們並未停滯不前。我們正在建造和升級數千個新的基地台，其中許多位於較小的市場和農村地區，並且我們正在部署和利用我們覆蓋全國的 5G 先進網路。

I want all of you to know that I am committed to not only being the network leader of today, but also investing tirelessly to defend and widen the margin of our network leadership for tomorrow.

我想讓大家知道，我不僅致力於成為當今的網路領導者，而且還將不懈努力，捍衛和擴大我們網路在未來的領導地位。

Let me talk a bit about digital transformation. The amount of friction and frustration we cause customers today because of our processes and the state of evolution in this industry is phenomenal. We have a huge opportunity to change that with our digital transformation, and we saw great progress in adoption. Now I love this stat. Three out of four of our iPhone upgrades during our preorder window were digital.

讓我來談談數位轉型。由於我們的流程和行業發展現狀，我們今天為客戶帶來的摩擦和挫折感是巨大的。我們有機會透過數位轉型來改變這種現狀，而且我們在採用率方面也看到了巨大的進步。我現在很喜歡這個統計數據。在我們預購期間，四分之三的 iPhone 升級都是數位版。

That is widening differentiation. Together with the stats I shared with you about network quality, that creates a moment where it's clear that we are different. And T-Life continues to be the center of our digital engagement with over 85 million app in stores. Look, I can sit here all day and talk about all of this. But ultimately, what will matter is our results going forward, quarter after quarter. And Q3 is just another proof point that the Un-carrier strategy is working, that our differentiation is widening.

這是差異化加劇。結合我之前和你們分享的網路品質統計數據，這就清楚地表明我們之間存在差異。T-Life 仍然是我們數位互動體驗的核心，其應用程式商店中的下載量超過 8,500 萬次。你看，我可以坐在這裡一整天談論這一切。但歸根究底，真正重要的還是我們接下來每季的業績。第三季再次證明了「非營運商」策略正在奏效，我們的差異化優勢正在擴大。

Now Peter will give you an update shortly on our guidance. I just want to say that I'm really excited to discuss our guidance in detail for '26 and '27 on our year-end call. I plan on increasing our guidance for '26 and '27, and that reflects the core strength in the underlying business and M&A. And I'm looking forward to our future. And as I look at it, it's even better than what we said a year ago.

彼得稍後將向大家報告我們的指導。我只想說，我非常期待在年終電話會議上詳細討論我們對 2026 年和 2027 年的指導意見。我計劃提高我們對 2026 年和 2027 年的業績預期，這反映了公司基礎業務和併購的核心實力。我對我們的未來充滿期待。在我看來，這甚至比我們一年前所說的還要好。

Let me conclude by saying our differentiation is only widening. This team's ability to deliver is totally unmatched. We've come a long way, and our most exciting days are ahead of us. Our future is bright. Our vision is clear.

最後我想說的是，我們之間的分歧只會越來越大。這支團隊的執行能力無人能及。我們已經走了很遠的路，而最激動人心的日子還在前方。我們的未來一片光明。我們的願景很清晰。

Our results will continue to speak for themselves as we march towards our lofty long-term goals. With that, over to you, Peter.

隨著我們朝著遠大的長期目標邁進，我們的成績將繼續證明一切。那麼，接下來就交給你了，彼得。

All right. Thanks, Srini. As you can see, we had a fabulous Q3, which underpins the confidence in our increased guidance. So starting with customers, we are raising our expectation for total postpaid net additions to now be between 7.2 million to 7.4 million, an increase of just over 1 million at the midpoint. As part of that total, we are also increasing our expectation for postpaid phone net additions now expected to be 3.3 million, highlighting the tremendous momentum we're seeing in the business.

好的。謝謝你，斯里尼。如您所見，我們第三季業績非常出色，這增強了我們提高業績預期的信心。因此，從客戶方面來看，我們將後付費用戶淨增預期提高到 720 萬至 740 萬之間，中間值略高於 100 萬。作為該總數的一部分，我們也提高了對後付費手機淨新增用戶的預期，目前預計將達到 330 萬，這凸顯了我們在該業務領域看到的巨大發展勢頭。

And on the strength of our T-Fiber rollout, we are also raising our fiber customer net additions guidance to be approximately 130,000 this year, up from approximately 100,000 previously. We now expect postpaid ARPA growth of at least 3.5% for the full year, including the dilutive impacts of UScellular, Metronet and Lumos.

憑藉 T-Fiber 的推廣，我們也將今年的光纖客戶淨新增預期從先前的約 10 萬戶提高到約 13 萬戶。我們現在預計全年後付費 ARPA 成長至少為 3.5%，其中包括 UScellular、Metronet 和 Lumos 的稀釋影響。

Excluding the impacts of UScellular and the Fiber JVs, our underlying ARPA growth is now expected to be up approximately 4% for the full year. We now expect core adjusted EBITDA to be between $33.7 billion and $33.9 billion for the full year, an increase of $300 million at the midpoint, reflecting our ongoing core operating strength and the inclusion of UScellular into our full year guidance.

剔除 UScellular 和光纖合資企業的影響，我們全年的基本 ARPA 成長預計約為 4%。我們現在預計全年核心調整後 EBITDA 將在 337 億美元至 339 億美元之間，中位數增加 3 億美元，這反映了我們持續的核心營運實力以及將 UScellular 納入我們全年業績預期。

And speaking of UScellular in September, we both increased our synergy guidance to $1.2 billion in total OpEx and CapEx run rate synergies and accelerated the time line to realizing those run rate synergies to within two years of close. As part of that accelerated synergy realization plan, we expect to incur approximately $300 million in cost to achieve in Q4, primarily driven by merger-related costs related to UScellular which will be excluded from core adjusted EBITDA.

說到 UScellular，9 月我們提高了協同效應預期，營運支出和資本支出運行率協同效應總計達到 12 億美元，並將實現這些運行率協同效應的時間表加快到交易完成後的兩年內。作為加速實現協同效應計畫的一部分，我們預計將在第四季度投入約 3 億美元成本，主要原因是與 UScellular 合併相關的成本，這些成本將從核心調整後 EBITDA 中剔除。

In network, where we remain focused on using our customer-driven coverage model to both defend and expand the margin of our network leadership, the merger also allowed us to accelerate a broader network transformation initiative focused on optimizing customer experience and value through cell site location optimization.

在網路方面，我們仍然專注於使用以客戶為中心的覆蓋模式來捍衛和擴大我們在網路領域的領先地位，此次合併也使我們能夠加速更廣泛的網路轉型計劃，該計劃旨在透過優化基地台位置來優化客戶體驗和價值。

As part of this effort in Q4, we expect to incur approximately $160 million in additional expenses related to cell site decommissioning that will be excluded from core adjusted EBITDA. With all M&A and financing incorporated, we anticipate Q4 depreciation and amortization expense of approximately $3.7 billion and interest expense of $1 billion.

作為第四季度這項工作的一部分，我們預計將產生約 1.6 億美元的額外費用，這些費用與基地台退役有關，將從核心調整後 EBITDA 中排除。在計入所有併購和融資後，我們預計第四季度折舊和攤提費用約為 37 億美元，利息支出約為 10 億美元。

All right. Turning to cash CapEx. We now expect cash CapEx to be approximately $10 billion, an increase of $500 million, driven entirely by the inclusion of UScellular. And we now expect adjusted free cash flow, including payments for merger-related costs in the range of $17.8 billion to $18 billion, representing an increase of $200 million at the lower end of the range.

好的。轉為現金資本支出。我們現在預計現金資本支出約為 100 億美元，增加了 5 億美元，這完全是由於 UScellular 的加入。我們現在預計，包括與合併相關的成本支付在內的調整後自由現金流將在 178 億美元至 180 億美元之間，這意味著按較低區間計算，將增加 2 億美元。

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

好的。總而言之，我們的業績不僅繼續證明了我們有能力持續執行並實現超額利潤成長，而且我們非常高興能夠將這種強勁勢頭延續到未來。

So with that, I'll now turn the call back to Cathy to begin the Q&A. Cathy?

那麼，現在我將把電話轉回給凱西，開始問答環節。凱茜？

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

謝謝你，彼得。好了，現在我們來回答你的問題。（活動須知）

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Hey Ben.

嘿，本。

Thank you. Good morning, everyone. Hello. One for Srini and maybe one for Peter. Srini, you talked about sort of this -- the network perception gap and committing to narrowing that, can you guys talk a little bit about your strategy and tactics to close that gap as quickly as possible. I would think the faster you can convince customers, you have the best network across the country, the faster the business can grow.

謝謝。各位早安。你好。給斯里尼一份，也許給彼得一份。Srini，你剛才談到了網路認知差距以及致力於縮小這一差距的問題，你們能否談談你們的策略和戰術，以便盡快彌合這一差距？我認為，你越快說服客戶，擁有全國最好的網絡，業務成長速度就越快。

So your intentions are clear, but we'd love to hear about how you're thinking about making that happen beyond just spending more on marketing. And then, Peter, just coming back to the USM synergies very clear sort of how that's going to ramp over the -- well, very clear where you're going to get to at the end of the ramp.

你們的意圖很明確，但我們很想了解除了增加行銷投入之外，你們還打算如何實現這一目標。然後，Peter，回到 USM 的協同效應，很明顯，它將如何逐步發展——很明顯，最終你會達到什麼目標。

If you can talk a little bit about the path from here to full run rate. If there's any guidance you can provide to us on sort of the time line to capture all those synergies and what that looks like over the course of the next two years? Thank you.

如果您能談談從現在到完全發揮潛力的路徑就太好了。如果您能就如何掌握所有這些協同效應的時間表，以及未來兩年內的具體情況提供一些指導，那就太好了？謝謝。

That's good. We'll start with the first question with Srini. Maybe Mike wants to pile in on that one, too, and then have it over.

那挺好的。我們先從斯里尼提出的第一個問題開始。或許麥克也想參與進來，然後結束這場爭論。

Yeah, thanks, Mike. Thanks for the question, Ben. Let me start with where we are on network perception. I mean one of the reasons you saw the outsized delivery this quarter is the extent to which we're already closing the gap.

謝謝你，麥克。謝謝你的提問，本。首先，我想談談我們對網路認知的現況。我的意思是，本季交付量異常龐大的原因之一是我們已經在很大程度上縮小了差距。

I mean if you look at this quarter, you saw at the margin more switching behavior. I mean that's due to a few different things. You had a new device going in. You also saw kind of churn normalization, partly driven by the fact that some of our competitors had 36-month contracts over a period of time, et cetera, et cetera, all of which meant at the margin more switching.

我的意思是，如果你看看這個季度，你會發現邊緣化的轉換行為增加。我的意思是，這主要由幾個不同的原因造成。你們有一台新設備要安裝。你也會看到客戶流失率趨於正常化，部分原因是我們的一些競爭對手在一段時間內簽訂了 36 個月的合約等等，所有這些都意味著邊際上會有更多客戶轉換。

And at that point in time, seeing our network perception really widen the gap. Like I said earlier, our perception amongst switchers is now at an all-time high. That's what drove some of the volume. So that gives you some sense of the critical impact this has.

而到了那時，我們看到網路認知差距確實拉大了。正如我之前所說，我們對轉換者的認知度現在達到了歷史最高水準。這就是部分交易量成長的原因。所以這能讓你對這件事的重大影響有所了解。

To your piece of what are we going to do about it? I think this is something we will attack across multiple vectors. Marketing is clearly one piece of it. There's also a reality, which is network perception ultimately is an incredibly local thing. It's down to how each customer feels about it.

至於你提出的「我們該如何應對？」這個問題，我認為我們需要從多個方面著手解決這個問題。行銷顯然是其中的一部分。還有一種現實是，網路感知最終是一個非常本地化的事情。這取決於每位顧客的感受。

And when we think about activating all of our channels, activating digital to actually speak to customers at an individual basis. This is where some of our digital transformation and our network perception, our two big initiatives actually have a huge overlap.

當我們考慮啟動所有管道，啟動數位管道，以便真正與客戶進行一對一的溝通。這就是我們的數位轉型和網路認知這兩大舉措（我們的兩大舉措）實際上存在巨大重疊之處的地方。

Using digital, using our local reach in stores and as an organization becoming obsessed about how we drive this message of network perception home are central to how we drive this. The other piece is also just making it easier to come to us because network perception is a barrier, and inertia is a big part of network perception. So a lot of the stuff that we're talking about in our digital transformation just makes it a lot easier to come to us.

利用數位技術，利用我們在門市的本地影響力，以及作為一個組織，我們沉迷於如何將這種網路認知的訊息深入人心，這些都是我們實現這一目標的核心。另一方面，我們也讓使用者更容易找到我們，因為網路認知是一個障礙，而慣性是網路認知的重要組成部分。因此，我們在數位轉型中討論的許多內容，都讓客戶更容易找到我們。

And again, 75% of our upgrades, and you'll see an increasing number of our acquisition will come to us through digital channels. And that reduces a lot of the barrier of the switch because one of the big barriers is just kind of -- I kind of get that T-Mobile now has the best network, but am I going to take the time to do it. So that's -- it's a multitude of initiatives, and to a large part, it's the intersection space between our digital transformation and our network perception.

再次強調，我們 75% 的升級都是透過數位管道實現的，而且你會看到，我們越來越多的收購都將來自數位管道。這就降低了轉換的很大一部分障礙，因為其中一個很大的障礙就是——我大概明白 T-Mobile 現在擁有最好的網絡，但我是否願意花時間去做這件事。所以，這涉及眾多舉措，而且在很大程度上，它是我們數位轉型和網路認知之間的交集。

Anything to add, Mike?

還有什麼要補充的嗎，麥克？

Yeah, the only other two things I'd say is continuing to have the best network. We have a network that's two years ahead of everybody else. We've talked about it being still two years ahead, two years from now and making sure that we're widening that gap. And we've talked a lot about our strategies using things like customer-driven coverage to direct our network capital into places that really matter for customers, to improve their experience, to make sure that they have the best possible experience there.

是的，我只想補充兩點，那就是繼續保持最好的網路。我們的網路比其他所有網路領先兩年。我們已經討論過，兩年後的目標仍然遙遙無期，並且確保我們能夠擴大這個差距。我們已經多次談到我們的策略，例如利用客戶驅動的覆蓋範圍，將我們的網路資源投入到對客戶真正重要的地方，以改善他們的體驗，確保他們在那裡獲得最佳體驗。

And then when you have big switching like in quarters like this one, we have over 400 -- we have nearly 400,000 accounts come, that is one of the biggest ways to change network perception because think about the way that you learn about network perception is from friends and family and neighbors and the more of those customers that join T-Mobile, they talked to it about their friends and families, yes, we'll do marketing and all those things, but the most powerful way to change perception is from recommendations from the people around you. So big -- continuing to have big quarters like this one is a big part of changing those perceptions.

然後，當像本季度這樣出現大規模用戶轉換時，我們有超過 400 個帳戶——我們新增了近 40 萬個帳戶，這是改變網路認知的最重要方式之一，因為想想看，你了解網路認知的方式是從朋友、家人和鄰居那裡獲得的，而加入 T-Mobile 的客戶越多，他們就越會向朋友和家人推薦。是的，我們會做行銷等等，但改變認知最有效的方式是來自周遭人的推薦。規模如此之大——持續舉辦像這樣的大型季度賽事是改變人們看法的重要一步。

Love the question, Ben. I hopefully, what you're hearing from us is lots of confidence because we're in this kind of sweet spot on this one, where the data tells us two things. It tells us, one, what we're doing is working, and it was a big factor, as Srini said, in fueling all-time record customer results this quarter. So that's great. And at the second time, the data also tells us there is lots of room to run here.

本，我很喜歡這個問題。我希望你們能從我們這裡聽到很多自信，因為我們現在正處於一個非常有利的位置，數據告訴我們兩件事。它告訴我們，首先，我們正在做的事情是有效的，而且正如斯里尼所說，這是推動本季客戶業績創歷史新高的一個重要因素。那太好了。其次，數據也告訴我們，這裡還有很大的發展空間。

So a lot of people still have yet to make a decision either on the vector of it being worth it or on the vector of it being better. And that just shows us that a strategy that's working has lots of potential tailwind to fuel our business into the future. So we're feeling good.

所以很多人仍然沒有決定它是否值得，或者是否更好。這正好說明，行之有效的策略具有很大的潛在優勢，能夠推動我們的業務在未來發展。我們感覺很好。

All right. UScellular, I couldn't be more excited about how we've hit the ground running, both with Jon Freier and his team from a customer perspective and Dr. Saw running to the races on network. So you're going to see this kind of go exactly except quicker than Sprint. And what that really means from a modeling perspective, I won't get into the dollars we'll incorporate that into our '26 and '27 guide.

好的。對於 UScellular，我感到無比興奮，因為我們已經迅速進入狀態，無論是 Jon Freier 和他的團隊從客戶角度出發，還是 Dr. Saw 在網絡方面全力以赴。所以你會看到這種速度，只不過比衝刺更快。從建模的角度來看，這究竟意味著什麼，我不會深入探討具體金額，我們將其納入我們的 2026 年和 2027 年指南中。

But you're going to see us invest in those costs to achieve early on. So I'd expect the vast majority of those to come in 2026 and then achieve the full run rate of those synergies. Remember, it was $950 million of OpEx synergies and $250 million of CapEx synergies, and we'll achieve those inside of two years. So as I model it out kind of by the end of '27, you're going to have those full synergies already coming to bear.

但你會看到我們為了儘早實現目標而投入這些成本。所以我預計絕大多數的綜效將在 2026 年實現，然後達到完全的運行速度。記住，這是 9.5 億美元的營運支出綜效和 2.5 億美元的資本支出協同效應，我們將在兩年內實現這些目標。因此，根據我的模型預測，到 2027 年底，這些協同效應將會全面顯現。

Thanks, Peter. Operator, next question, please.

謝謝你，彼得。接線員，請問下一個問題？

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great, thanks, and good morning. And, one last congrats again, to Mike on his retirement.

太好了，謝謝，早安。最後，再次恭喜麥克光榮退休。

Thanks, John.

謝謝你，約翰。

Can we dig into the broadband business. I guess, first on the fiber, you guys had some new disclosures. But I guess for Srini, how big of an opportunity do you think the sort of fiber business is? I know you have targets out there for homes pass.

我們能深入探討一下寬頻業務嗎？我想，首先是關於光纖方面，你們有一些新的揭露資訊。但我想問的是，對斯里尼來說，你認為這種纖維業務的機會有多大？我知道你們有目標要爭取讓對手進球。

But can you talk about how many sort of homes passed you have now at fiber? How do you expect that to grow? Any targets for penetration? And then maybe comment on the sort of environment for more deals to potentially back up the JVs you already have out there. And then on the fixed wireless business, obviously, a big quarter.

但您能談談目前有多少戶家庭已經連接光纖網路了嗎？你預計它會如何成長？是否有滲透目標？然後或許可以評論一下什麼樣的環境有利於達成更多交易，從而為你們現有的合資企業提供支持。其次，固定無線業務顯然也取得了很大的進展，本季業績非常強勁。

What's the opportunity there? And sort of what drove the sort of big lift in net adds this quarter? And sort of how do you see that playing out as we look into '26?

那裡有什麼機會？那麼，是什麼因素推動了本季淨新增用戶數量的大幅成長呢？那麼，展望2026年，您認為這種情況會如何發展呢？

Thanks for that question, John. So look, I'll talk about the big picture in terms of how we see broadband as an opportunity first and then spend a few minutes on FWA as well as fiber. We're really excited by the broadband opportunity. This plays to the heart of the Un-carrier because what we've got here is customers in a place where they have an inferior product quite often where they're paying a huge premium.

謝謝你的提問，約翰。所以，我先從宏觀角度談談我們如何看待寬頻帶來的機遇，然後再花幾分鐘時間談談固定無線存取和光纖。我們對寬頻帶來的機會感到非常興奮。這正是「非營運商」的核心所在，因為我們在這裡看到的是，客戶經常會得到劣質產品，卻要支付巨額溢價。

It's classic on Un-carrier territory, going in and attacking incumbents who have not invested in their networks and who are charging a large premium for a product that isn't living up to expectations. Now we'll go after that with both FWA as well as fiber. We see those as complementary.

這是Un-carrier的經典策略，即攻擊那些沒有投資建設網路、卻對未能達到預期效果的產品收取高額溢價的現有業者。現在我們將同時採用固定無線接取網路（FWA）和光纖來實現這一目標。我們認為它們是互補的。

And the way we think about both those businesses is setting them up in a way that the economics allow us to pursue the Un-carrier strategy. What I love about FWA is the heart of it is the fallow capacity model. And what we're benefiting from is the Ultra capacity network, but also the rapid evolution you're seeing in mobile technology, which is moving far quicker than a lot of other technologies, which is giving us more and more runway and also making the product incredibly sustainable.

我們對這兩項業務的思考方式是，從經濟角度出發，使之能夠讓我們推行「非營運商」策略。我喜歡 FWA 的一點是它的核心是閒置產能模式。我們從中受益的是超大容量網絡，以及行動技術的快速發展，行動技術的發展速度遠遠超過許多其他技術，這給了我們越來越多的發展空間，也使產品具有極強的可持續性。

We see FWA as not a temporary category, but something that's here to stay as mobile technology gets better and better and taps into a customer need, which a lot of people trapped in old relationships with incumbents are suffering from.

我們認為 FWA 不是一種暫時的類別，而是隨著行動技術的不斷進步和滿足客戶需求而長期存在的，而許多被困在與現有供應商的舊關係中的人們正在遭受這種需求的困擾。

Fiber, again, we've been very thoughtful about setting up the economics in a way that we can scale and sustain this business. The way we thought about fiber is go after specific places where we're confident that the economics will work for us to create a win-win situation for customers. That's been the heart of the areas that we've picked fiber, places where we're either first to fiber, near first to fiber, places where we believe we can set up these JVs that allows us to be capital light.

同樣，在光纖業務方面，我們非常認真地考慮瞭如何建立經濟體系，以便能夠擴大規模並維持這項業務。我們考慮光纖業務的方式是，選擇我們有信心在經濟上能夠獲利的特定地區，為客戶創造雙贏局面。這正是我們選擇光纖網路覆蓋區域的核心所在：在這些區域，我們要麼是第一個鋪設光纖網路的地方，要麼是接近第一個鋪設光纖網路的地方，我們相信在這些地方我們可以建立合資企業，從而實現輕資本投入。

Also, these JVs allow us to bring complementary skills into the things that we bring to the table, like distribution, like the brand, along with the expertise that those folks bring in. Now we've talked about numbers on both of those.

此外，這些合資企業使我們能夠將互補技能融入我們所擁有的事物中，例如分銷、品牌，以及那些人所帶來的專業知識。現在我們已經討論過這兩個方面的數據了。

Let me just hand over to Andre to share his perspective on the scalability of these businesses.

讓我把麥克風交給安德烈，讓他分享他對這些企業可擴展性的看法。

Thank you, Srini. As you said, and double-click on a couple of the topics. One, I think we're very, very happy with our FWA results. I think as Srini mentioned in his opening comments, we did more than 500,000 net adds. That's an impressive 22% year-on-year growth.

謝謝你，斯里尼。正如你所說，雙擊幾個主題。第一，我認為我們對 FWA 的結果非常非常滿意。我認為正如 Srini 在開場白中提到的那樣，我們實現了超過 50 萬的淨新增用戶。這是一個令人矚目的22%的年成長率。

So we see a lot of strength and a lot of runway. And what I think has been outstanding about our FWA product is it's not just industry-leading, something we introduced into the US in 2021, the product keeps getting better. In two years, the speeds that we're giving our customers have gone up 50%, while we almost doubled the base of customers we have. So this is clearly, as Srini mentioned, a very sustainable product that we see is here for the long run.

所以我們看到了很多優勢和很大的發展空間。我認為我們的 FWA 產品最突出的地方在於，它不僅是行業領先者，而且自 2021 年引入美國以來，該產品仍在不斷改進。兩年內，我們為客戶提供的網路速度提高了 50%，而我們的客戶群幾乎翻了一番。正如斯里尼所提到的那樣，這顯然是一款非常可持續的產品，我們認為它將長期存在下去。

On fiber, I think we've been very consistent. We see this as a great complement to our FWA nationwide offer, and we love the business under the right parameters as Srini said. And these parameters for us have always been threefold. One is technology. We love fiber, and we love the fact that we can be present in the two technologies that are gaining share in the US market, FWA and Fiber. The second one is price.

在膳食纖維方面，我認為我們一直都非常穩定。我們認為這是對我們全國範圍內的 FWA 服務的絕佳補充，而且正如 Srini 所說，我們非常喜歡在合適的條件下開展這項業務。對我們來說，這些參數始終包含三個面向。一是科技。我們熱愛光纖，也樂於參與美國市場份額不斷增長的兩項技術——固定無線接入 (FWA) 和光纖——的建設。第二個因素是價格。

We went -- go into fiber and FWA to create outsized returns for our shareholders. That means we need to be able to look at these opportunities at the right price, at the right valuation.

我們進軍光纖和固定無線存取領域，為股東創造超額回報。這意味著我們需要能夠以合適的價格、適當的估值來看待這些機會。

And lastly, as Srini mentioned, is structure. We are committed to our capital-light structure because it not only allows us to scale, but it also allows us, as Srini mentioned, to use complementary capabilities. We're great at what we do. Our brand translates very strongly into fiber and our early results show it, but we also love to bring in partners that are experts in building out and to make sure that the two of us together can create the best of both worlds. And as Srini mentioned, a win-win for customers.

最後，正如 Srini 所提到的，是結構。我們堅持輕資本結構，因為它不僅使我們能夠擴大規模，而且正如 Srini 所提到的，它還使我們能夠利用互補能力。我們非常擅長我們所做的事情。我們的品牌與纖維的契合度非常高，早期的成果也證明了這一點，但我們也喜歡引入在纖維領域經驗豐富的合作夥伴，以確保我們雙方能夠共同創造兩全其美的效果。正如斯里尼所說，這對顧客來說是雙贏的。

So John, hopefully, what you're hearing is lots of confidence in the numbers that we've put out. We said 12 million fixed wireless access -- we've said 12 million to 15 million homes passed on fiber. Are we looking at new assets? Yes, as long as they fit the criteria that Andre just laid out. But you know what this is like, we put a set of numbers out there, you can see the confidence we have in hitting those numbers, and then we strive to exceed them. That's exactly what you should expect in broadband as well.

所以約翰，希望你從中感受到的是我們對我們公佈的數據充滿信心。我們說過有 1200 萬個固定無線接入點——我們說過有 1200 萬到 1500 萬個家庭接入了光纖。我們是否在考察新的資產？是的，只要他們符合安德烈剛才列出的標準。但你知道這是怎麼回事，我們公佈了一系列數字，你可以看出我們對實現這些數字的信心，然後我們努力超越它們。寬頻也應該如此。

All right, great. Let's move on to our next question, please.

好的，太好了。我們接下來討論下一個問題吧。

Sam McHugh, BNP.

Sam McHugh，英國國家黨。

Yeah, morning guys. A couple of quick questions. First on just running the numbers on cost of acquisition. It doesn't look like you're spending a ton more on a per-sub basis to acquire these customers versus recent quarters, which I think is quite encouraging.

早上好，各位。幾個簡單的問題。首先，我們來計算一下購置成本。與最近幾季相比，您獲取這些客戶的成本似乎並沒有大幅增加，我認為這相當令人鼓舞。

But can you just tell me what you're seeing in terms of second [FWA] as well and the competitive environment? And I guess related to that, Srini, you talked about digital customer acquisition and a Verizon customer -- apologies. I've been trying the T-Mobile network with the T-Life app and the EM -- is that what you're talking about when you think about pushing digital for customer acquisitions?

但是您能否也談談您對第二輪[FWA]以及競爭環境的看法？我想說的也跟這個有關，Srini，你談到了數位客戶獲取和Verizon客戶——抱歉。我一直在嘗試使用 T-Life 應用和 EM 連接 T-Mobile 網路——這就是您所說的透過數位化手段來獲取客戶嗎？

Should we expect you to be a bit more vocal about the ability for competitor customers to trial the network and then go through the customer acquisition journey through that? Is that what we're looking at? Thanks.

我們是否應該期待您更積極地談論允許競爭對手的客戶試用該網絡，然後透過該網絡完成客戶獲取流程？這就是我們看到的嗎？謝謝。

Well, let's start with Peter on the first question and then maybe turn to Srini on the second question. We probably won't be able to give you as much as you're hoping for on this, Sam, telling you all of our plans on how we're going to compete. So you might be a little unsatisfied. But we'll start with the one we could answer.

好，我們先請 Peter 回答第一個問題，然後再請 Srini 回答第二個問題。山姆，我們可能無法像你希望的那樣，把我們所有的競爭計劃告訴你。所以你可能會有點不滿意。但我們先從我們能回答的問題開始。

Absolutely. Good, you're not asking for my spreadsheet, it's Srini's. Look, you're absolutely right in terms of we continue to see extremely strong customer lifetime values. And from a SAC perspective and everything that comes from that, including linkage of our top-tier promos primarily to higher tier ARPU plans. And you'll love this, in fact, we now believe for the full year, we'll have ARPU increase of approximately 2%, so up from 1.5% that we had previously guided to.

絕對地。很好，你不是想要我的電子表格，那是Srini的。沒錯，你說的完全正確，我們確實繼續看到非常強勁的客戶終身價值。從 SAC 的角度來看，以及由此產生的一切，包括將我們的頂級促銷活動主要與更高級別的 ARPU 計劃聯繫起來。事實上，您一定會喜歡這個消息：我們現在相信，全年平均每位用戶收入 (ARPU) 將成長約 2%，高於我們先前預期的 1.5%。

So that's really strong. But yes, we're continuing to see very strong customer lifetime values. And it's -- of course, it's because promos are an element of this industry, always have been. It's great when you see promotional times like holiday seasonality because it creates more customer consideration. And in those moments, we win.

所以這真的很厲害。但沒錯，我們仍然看到客戶終身價值非常高。當然，這是因為促銷活動一直是這個行業的重要組成部分。假日等促銷活動非常有利，因為它能提高顧客的購買意願。在那些時刻，我們贏了。

But one of the big tailwinds that we're also seeing that drives customer switching to T-Mobile, as we've been talking about here, so excitedly is this best value, best network, best experience proposition. And the more we're getting from a tailwind on Best Network, that's just another benefit in terms of why customers are coming here. So we're very excited about what we're seeing from customer lifetime values and how that translates into ARPAs and ARPUs.

但我們看到，推動客戶如此興奮地轉向 T-Mobile 的一大利好因素，正如我們一直在討論的那樣，是其最佳性價比、最佳網絡、最佳體驗的主張。而我們從 Best Network 的順風中獲得的收益越多，這就是客戶選擇我們來這裡的另一個原因。因此，我們對客戶終身價值及其轉化為 ARPA 和 ARPU 的情況感到非常興奮。

Yeah, so on the digital acquisition that, Sam, as Mike said, we're not going to talk to you about all of our plans in detail. But look, a good parallel of what you should expect is what we did with upgrades. Like we said, 75% of our upgrades are now on T-Life. Now the heart of getting there was to actually take the upgrade process and simplify it, which is to take this painful -- I don't remember, John, it was about 36 steps or something like that and bring that down to something which feels like a transaction you're doing in 2025 rather than 2002.

是的，關於數位收購，薩姆，正如麥克所說，我們不會詳細地和你談論我們所有的計劃。但是，你可以參考我們之前在升級方面所做的工作，來更好地理解你應該期待什麼。正如我們所說，我們 75% 的升級現在都透過 T-Life 實現。實現這一目標的關鍵在於簡化升級過程，也就是將這個痛苦的過程——我不記得了，約翰，大概是 36 個步驟左右——簡化成感覺像是 2025 年而不是 2002 年的交易。

It's digital acquisition and moving our customers to digital is fundamentally going after to customer pain points and going after the way we've always done things in this industry and change and radically relooking at that process and just making it simpler to do the one thing you can't do on your wireless, which is by wireless.

數位化獲取和將我們的客戶轉移到數位化，從根本上是要解決客戶的痛點，改變我們在這個行業中一直以來的做事方式，徹底重新審視這個過程，讓用戶能夠更輕鬆地完成在無線設備上無法完成的事情。

We feel it's kind of crazy that you can do -- you can shop for any other category on your wireless except for wireless. And so it's a lot more than some of the things we've been doing, like test drive and being able to try out the T-Mobile network. It's a comprehensive relook at the entire process, and we'll work at that.

我們覺得這種做法有點瘋狂——你可以在無線產品頁面購買無線產品以外的任何其他類別的產品。所以，這比我們之前做的一些事情要多得多，例如試駕和體驗 T-Mobile 網路。這是對整個流程的全面重新審視，我們將努力做到這一點。

AI is playing a big role in this. And we talked a year ago about our intention to co-invent IntentCX OpenAI. And in these breakthrough results you're seeing on the upgrade path that's starting to come together. So quietly, some of the early elements of IntentCX are hitting customers now. And one of the reasons -- I love it when you say this, Srini, like you could buy everything under the sun from this mobile phone, except your mobile phone service at scale.

人工智慧在其中發揮著重要作用。一年前，我們曾討論過與 OpenAI 共同發明 IntentCX 的意圖。而從這些突破性成果中，你可以看到升級路徑正在逐步成形。IntentCX 的一些早期功能正在悄悄影響客戶。其中一個原因──我喜歡你說這句話，Srini，好像你可以用這支手機買到世間萬物，除了大規模購買手機服務。

And the reason for that is it's a very complicated transaction involving trade-ins and valuing trade-ins and signing up for a two-year payment plan, picking a plan, getting a promotion against that plan, possibly a promotion against that device and people throw their hands up and say, I need help. Well, AI is great at making the complicated uncomplicated. And we're seeing that in our upgrade flows. You start with your existing customers that already know how to transact with you, but there's obvious extensions here. And it's really great to see the power of this partnership starting to pay dividends.

原因在於，這是一項非常複雜的交易，涉及以舊換新、評估以舊換新價值、簽署兩年付款計劃、選擇計劃、獲得針對該計劃的促銷活動，甚至可能獲得針對該設備的促銷活動，人們因此束手無策，只能說：“我需要幫助。”人工智慧非常擅長化繁為簡。我們在升級流程中也看到了這一點。你可以從現有的​​客戶開始，他們已經知道如何與你進行交易，但這裡顯然還有擴展的空間。看到這種合作關係開始產生效益，真是太好了。

Great. Thanks, Mike. Thanks, Sam. Let's move on to our next question on the phone, please.

偉大的。謝謝你，麥克。謝謝你，山姆。請我們繼續討論電話中的下一個問題。

David Barden, New Street Research.

David Barden，新街研究公司。

Hey guys, thanks so much. It's really great to be here again. Srini, congratulations on the new seat. Mike, while I have you, I wanted to follow up on a couple of things. One was, last quarter, you were joking with Craig about how new the satellite product was and you didn't have any real color on what it meant for T-Mobile to be partnered with Starlink.

嘿，各位，非常感謝。很高興再次來到這裡。斯里尼，祝賀你榮升新職。麥克，趁你還在，我想向你確認幾件事。其中一個例子是，上個季度，你和克雷格開玩笑說衛星產品有多新，但你並沒有真正說明 T-Mobile 與 Starlink 合作意味著什麼。

I would love to get an update on kind of your learnings there and what that partnership means for you and how that partnership might be different than, say, AT&T and Verizon, who have invested in AST SpaceMobile?

我很想了解你在那裡學到了什麼，以及這種合作關係對你意味著什麼，還有這種合作關係與投資了 AST SpaceMobile 的 AT&T 和 Verizon 等公司有何不同？

And the second thing would be just on the comments you were making about the AI stuff, a year ago, you had Sam and you had [Jensen] on stage, and you were talking about all the amazing stuff that AI was going to do with you kind of maybe disrupted the business model, the way you disrupted the go-to-market model in mobile. Could you kind of give us where we are now on that path? And maybe Srini could add where we're going to go. Thank you.

第二點是關於你之前對人工智慧的評論，一年前，你和 Sam 以及 [Jensen] 都上台，你談到了人工智慧將帶來的所有驚人變化，以及它可能會顛覆商業模式，就像你顛覆了行動領域的市場推廣模式一樣。您能否大致介紹一下我們目前在這條道路上的進展？或許斯里尼還可以補充我們要去哪裡。謝謝。

Thank you. Yeah, I'll make a couple of comments and then turn to Srini. First of all, how we do it is we tend -- one of the things that has always worked well for T-Mobile as we look around corners. And you think about when we kind of invented the fixed wireless industry, nobody really believed us that we would create what we've created.

謝謝。是的，我先說幾句，然後把麥克風交給斯里尼。首先，我們的做法是──這是我們一直以來對 T-Mobile 來說行之有效的做法之一，因為我們能夠預見未來。想想我們當初開創固定無線產業的時候，沒有人相信我們會創造出我們今天所創造的一切。

Now they're all following and their best argument is, well, maybe it's temporary, maybe it will only last a decade. I mean good luck with that. So we saw that future, and now we're leading that industry. When I went on stage with Elon to say we were going to co-invent satellite directly to your cellular. People didn't believe that, that would happen. Some did, some didn't. But then what happened was really interesting.

現在他們都跟著這麼做，他們最好的論點是，也許這只是暫時的，也許只會持續十年。祝你好運。所以我們看到了未來，現在我們正引領著這個產業。當我與伊隆一起上台宣布我們將共同發明衛星技術，並將其直接應用於你的手機。人們不相信會發生這樣的事。有些人照做了，有些人沒有。但接下來發生的事情真的很有意思。

We did that announcement, so everybody would know we had this technology alliance. And then we put our heads down and did the inventing. And it took two years before we came back with a product and began beta testing it. And so that's what we did a year ago.

我們發布那項公告，是為了讓大家知道我們建立了這項技術聯盟。然後我們就埋頭苦幹，進行發明創作。兩年後，我們才帶著產品回來並開始進行beta測試。所以，這就是我們一年前所做的。

We talked about the future of 6G and that together, we intended with the world leaders to craft 6G for the benefit of T-Mobile and T-Mobile's customers and that an inherent part of this was this idea called AI-RAN that AI would be at the core of 6G networks that it would be something that would be co-invented with T-Mobile's influence.

我們討論了 6G 的未來，並表示我們將與世界各國領導人共同打造 6G，造福 T-Mobile 及其客戶。其中不可或缺的一部分是 AI-RAN 的概念，即人工智慧將成為 6G 網路的核心，而人工智慧的研發也將受到 T-Mobile 的影響。

And so we brought Jensen, we brought Nokia, we brought Ericsson NVIDIA, and we laid out a future there. We did the same thing with how AI could transform subscription-based businesses. You can't just take all those models and implement them. You have to co-invent agents for every customer intention.

因此，我們引進了 Jensen、諾基亞、愛立信和英偉達，並在那裡規劃了未來。我們也對人工智慧如何改變訂閱制業務進行了同樣的研究。你不能直接複製所有這些模型並照搬實施。你必須針對每一種客戶意圖共同創造代理。

And when you can do that, you can serve customers where they are. You can meet them with exactly what they're trying to accomplish and solve their problem and create a deeper relationship faster and more efficiently than the old way. And so these are the things we do. We lay out a future. We then go put our heads down and do them.

當你能夠做到這一點時，你就可以在客戶所在的地方為他們提供服務。你可以準確地了解他們想要達成的目標，解決他們的問題，並比傳統方式更快、更有效地建立更深的關係。所以，這就是我們所做的事情。我們描繪未來藍圖。然後我們就埋頭苦幹。

To the question that you're asking, how are we doing at the ones we laid out a year ago? We are so pleased with it. As I said, IntentCX is well on its way. In fact, it's starting to touch customers now which is really great. It's starting to affect our actual results, as you saw in these upgrade rates.

對於你提出的問題，我們一年前所訂的目標完成得如何？我們對此非常滿意。正如我所說，IntentCX 的發展進展順利。事實上，它現在已經開始觸達客戶了，這真是太好了。正如你從這些升級率中看到的那樣，它已經開始影響我們的實際表現了。

And what we're doing in the labs together with OpenAI about how we can totally transform the customer experience is blowing our minds. So we are really excited about that. You also asked about what we see in the future as it relates to direct to sell and SpaceX. And it's hard to predict right now, other than that it's going to get better.

我們在實驗室裡與 OpenAI 合作，研究如何徹底改變客戶體驗，這讓我們感到無比震撼。我們對此感到非常興奮。您也問到了我們對未來直接銷售和 SpaceX 的看法。目前很難預測未來會怎樣，但可以肯定的是情況會好轉。

We see version two over the next few years going to be backed as you saw in recent transactions by more spectrum. That means as an adjacent service to terrestrial, something that adds on and makes dead zones more of a thing of the past, it's going to get better, and that's our whole goal here. So I don't know if you want to comment on what you're seeing Srini working closely with them.

我們認為，未來幾年內，第二版將像您最近在交易中看到的那樣，並得到更多頻譜的支援。這意味著作為地​​面電視的補充服務，它將不斷改進，使信號盲區成為過去，而這正是我們在這裡的全部目標。所以我不知道你是否想對你看到的斯里尼與他們密切合作的情況發表評論。

Yeah, so I think there's this one remarkable thing about us as a company, right, which is this ability to have a clear vision, deliver stuff today and then build for tomorrow. Now the same thing true of satellite. We work very, very closely with SpaceX. I mean the whole idea of flying towers in space, being able to communicate with a mobile device, which is also moving.

是的，我認為我們公司有一點非常了不起，對吧，那就是我們能夠擁有清晰的願景，交付當下的產品，並為未來做好準備。衛星的情況也是如此。我們與SpaceX的合作關係非常密切。我的意思是，在太空中建造飛行塔，並能夠與同樣在移動的行動裝置進行通訊的整個概念。

That technology is something that people like John Saw have worked very closely with SpaceX to really invent. And our vision of this whole space started off with the end of dead zones, I think we're making huge progress on that. But when I pull together everything from 6G to satellite and the rest of it, I'll draw a parallel to where we are in 5G. We've invented a lot of the space. We're continuing to work on that.

這項技術是像約翰·索這樣的人與SpaceX密切合作，真正研發出來的。我們對整個空間的願景始於消除死區，我認為我們在這方面取得了巨大的進展。但是，當我把 6G、衛星以及其他所有技術綜合起來，我會將其與我們目前在 5G 領域所處的境況進行比較。我們創造了很多空間。我們正在繼續努力。

We believe as this technology matures, we will be two to three years ahead of the rest of the industry just as we are in 5G. And that's the core of it, which is deliver things today that customers can actually use. We're seeing that in terms of upgrades on our plans. We're seeing lots of customers being able to benefit from this, and at the same time, have this vision of the world where we will be two years ahead of everyone else as the technology evolves. I think the same thing is true of AI as well.

我們相信，隨著這項技術的成熟，我們將像在 5G 領域一樣，領先業內其他公司兩到三年。這就是問題的核心，那就是交付客戶今天真正可以使用的產品。我們從計劃升級方面也看到了這一點。我們看到許多客戶從中受益，同時，我們也展望未來，隨著科技的進步，我們將比其他人領先兩年。我認為人工智慧也是如此。

AI today makes a massive difference. The stuff Mike was talking about in terms of customer-driven coverage, that is AI and use today. And at the same point, we're looking at what is everything we can do in the future, how does AI sit at the core of our network and drive everything we do with our network.

人工智慧如今帶來了巨大的改變。麥克所說的以客戶為中心的覆蓋範圍，也就是人工智慧及其在當今的應用。同時，我們也在思考未來我們可以做些什麼，人工智慧如何成為我們網路的核心，並驅動我們利用網路所做的一切。

Great.

偉大的。

Great, thanks. Let's move on to the next question, please.

太好了，謝謝。我們進入下一個問題吧。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Thanks, and good morning. Mike, congratulations on your successful tenure at T-Mobile. Best wishes as you move on to your next role as Vice Chairman. And Srini, congratulations on becoming CEO. So in terms of the switcher pool, can you discuss what you're seeing from that? Do you expect it to be higher for longer? And given that you use a two-year EIP for your devices, is there something about your customer cohorts that could result in the future increase in upgrade rates to sustain or enhance customer retention?

謝謝，早安。麥克，恭喜你在T-Mobile任職期間取得成功。祝您在擔任副主席這項新職位後一切順利。Srini，恭喜你榮升CEO。那麼，關於切換器池，您能否談談您從中觀察到的情況？你預計價格會持續高點更久嗎？鑑於你們的設備採用兩年的 EIP 計劃，你們的客戶群中是否存在某些因素，可以提高未來的升級率，從而維持或增強客戶留存率？

Yeah, I mean let's start by pointing out that we're just ending now, as an industry, a cycle where we did see industry churn, particularly at our two benchmark competitors suppressed temporarily as they moved from two-year to three-year payment plans across the majority of their customers. And now we're starting to round trip those three-year plans and customers are rolling off those at a normal pace.

是的，我的意思是，首先要指出的是，作為一個行業，我們現在正處於一個週期的尾聲，在這個週期中，我們確實看到了行業人員更迭，尤其是我們的兩個基準競爭對手，由於他們的大部分客戶將付款計劃從兩年改為三年，這種更迭暫時得到了抑制。現在我們開始逐步完成這些三年計畫的週期，客戶也以正常的速度終止這些計畫。

And so what you're seeing across the industry in 2025 is industry churn kind of returning to normative rates based on that dynamic and lots of other dynamics, but based on that dynamic. We haven't announced any plans to change our payment plans.

因此，到 2025 年，整個產業的更替率將根據這種動態以及許多其他動態因素，逐漸恢復到正常水平，但主要還是基於這種動態因素。我們尚未宣布任何更改付款方式的計劃。

So you have a run rate happening now that has a little bit of elevated switching due to a number of different dynamics, but that's certainly one of them. And just on the margin, this is really good because as you saw in this quarter's results, I mean, as Srini likes to say, more jump balls is good for us as the net share taker.

所以現在的運行速率由於多種不同的動態因素而略有上升，但這肯定是其中之一。從邊際效益來看，這真的很好，因為正如你在本季度的業績中所看到的，我的意思是，正如斯里尼喜歡說的那樣，更多的跳球對我們這些淨份額接受者來說是有好處的。

And so -- that's a dynamic that we really like. Maybe, Jon, you could talk about what you're seeing out in the marketplace as it relates to the state of competition because I know one of the things that's kind of implied in your question is that a lot of people look at our industry, and they're concerned about overinvesting in competition.

所以——我們非常喜歡這種動態。喬恩，或許你可以談談你在市場上看到的與競爭狀況相關的情況，因為我知道你的問題中隱含的一點是，很多人關注我們這個行業，他們擔心在競爭方面投入過多。

We've covered earlier that, that's not what's happening, at least not at T-Mobile, we're really comfortable with what we're seeing. But what are the dynamics driving our outsized performance out there in the marketplace?

我們之前已經報導過，這種情況並非如此，至少在 T-Mobile 不是這樣，我們對目前的情況非常滿意。但究竟是什麼因素推動了我們在市場上取得如此優異的績效？

Yeah, thank you, Mike. And thank you, Mike Rollins. The overall dynamics is it's pretty consistent relative to the overall promotional activities that are happening in the market. So what you're seeing with us is this overall widening differentiation that both Mike and Srini have talked about that more and more people are realizing that there is a far better experience with the network at T-Mobile in addition to our long-held fame of value, and then, of course, what we're seeing is more opportunities in our top 100 markets.

謝謝你，麥克。謝謝你，麥克羅林斯。整體而言，其動態與市場上正在進行的整體促銷活動相當一致。所以，你們現在看到的是，正如麥克和斯里尼都談到的那樣，我們之間的差異化正在不斷擴大，越來越多的人意識到，除了我們長期以來享有的價值聲譽之外，T-Mobile 的網絡體驗也更好。當然，我們也看到了我們在前 100 個市場中更多的機會。

And then, of course, in our smaller market, rural areas where we have continued growth out there. So this promotional construct that we've been using has been really resonating, which is our new plans on our experience more experience beyond plans, some of our no trade up to a certain value in terms of what you're getting with us.

當然，在我們較小的市場，特別是農村地區，我們也持續保持成長。因此，我們一直在使用的這種促銷方式真的引起了共鳴，那就是我們新的計劃，我們的體驗超越了計劃本身，我們的一些產品無需以舊換新，就能獲得一定價值的產品。

All of those promotional constructs are working really, really well. But the overall environment is just generally being consistent. And then like what Mike said just a few moments ago, more switching in the marketplace against that backdrop is definitely helping to fuel our overall momentum in the marketplace.

所有這些推廣策略都非常有效。但整體環境整體較穩定。正如麥克剛才所說，在這種背景下，市場上更多的產品轉換無疑有助於推動我們在市場上的整體發展勢頭。

And of course, with lower churn and better retention that you're seeing from T-Mobile, coupled with higher gross adds, that's producing the overall volume that you're seeing in the marketplace. So we feel really good about what happened in Q3, obviously. We're seeing that momentum continue into Q4 so far, and that's reflected in the numbers and the guidance that you heard from both Srini and Peter just a few moments ago. So all of that is going incredibly well. We're excited about it.

當然，T-Mobile 較低的用戶流失率和較高的用戶留存率，再加上較高的新增用戶數，才造就了我們在市場上看到的整體銷售量。所以，很顯然，我們對第三季的成績感到非常滿意。我們看到這種勢頭延續到了第四季度，這也反映在剛才Srini和Peter給出的數據和指導意見中。所以這一切進展得非常順利。我們對此感到興奮。

It's going against our plans, and that's what's really happening out there in the marketplace.

這違背了我們的計劃，而這正是市場上正在發生的事情。

And what about -- how is it affecting customer lifetime values the state of the competition out there?

那麼，它對客戶終身價值以及市場競爭狀況有何影響？

There, yeah, our CLVs have been very, very resilient. So when you look -- we look at this, we don't report, obviously, CLVs, and we don't look at this on a daily or a weekly basis. So we certainly look at it and monitor these very, very carefully on a monthly and quarterly and ongoing basis. But overall, CLVs are holding very, very constant.

是的，我們的客戶生命週期價值 (CLV) 一直非常非常有韌性。所以，當我們查看這些數據時——我們查看這些數據時，顯然我們不會報告客戶生命週期價值 (CLV)，我們也不會每天或每週查看這些數據。因此，我們肯定會每月、每季以及持續地非常仔細地關注和監控這些情況。但總體而言，客戶生命週期價值 (CLV) 保持非常非常穩定。

As you're seeing premium plan adoption, customers self-select and up that rate card continuing to increase. Churn continuing to decrease relative to what others have seen in the marketplace. So overall [COVs] are holding very, very steady across the entire portfolio.

隨著高級套餐的普及，客戶會自行選擇並提高價格，導致價格表不斷上漲。與市場上其他公司相比，客戶流失率持續下降。因此，整體而言，整個投資組合的[COV]都保持非常非常穩定。

It's interesting because one of the critiques that some people have in the industry is they cherry pick one metric such as a device promotion and a broad CLV picture for customers and talk themselves into saying, well, competition is overheated. But that's not our experience. That might be an experience at some other companies, I don't know. But it's not our experience. And I think it's important to see because it's overall an equation of how long does the customer stay, what else do they buy from us?

有趣的是，業內一些人提出的批評之一是，他們斷章取義地選擇某個指標，例如設備促銷和客戶的整體客戶生命週期價值 (CLV)，然後說服自己說，競爭已經過熱了。但我們的經驗並非如此。我不清楚其他一些公司是否也會有這種情況。但這並非我們的經驗。我認為觀察這一點很重要，因為這總體上是一個等式，即客戶停留的時間有多長，他們還會從我們這裡購買什麼？

How deep does their relationship become? How do we monetize that relationship? How efficiently can we serve them and so on and all those? Even Peter has been forced to admit that our ARPA guidance needs to be increased yet again. And that's saying something.

他們的關係能發展到什麼程度？我們如何將這種關係​​變現？我們如何更有效率地為他們服務等等？就連彼得也不得不承認，我們的 ARPA 指導方針需要再次改善。這足以說明問題了。

All right.

好的。

Thank you, Mike.

謝謝你，麥克。

Thanks, Mike. Next question?

謝謝你，麥克。下一個問題？

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特納森森。

Hi, thank you, Mike. Let me be -- on the long list of people saying congratulations on a remarkable run, and Srini congratulations on stepping into the new role. And while I have all of you, let me also say happy birthday to Cathy. Cathy, happy birthday.

嗨，謝謝你，麥克。讓我加入祝賀他們取得卓越成就的行列，也祝賀斯里尼履新。趁著大家都在，也請容許我祝凱西生日快樂。凱茜，生日快樂。

Thanks, Craig.

謝謝你，克雷格。

I want to ask about the iPhone cycle. There's been a lot of talk about this being certainly not a super cycle, but at least a more normal and more robust cycle than the last couple of years. Are you seeing that? Do you think that that's likely to have carryover into the fourth quarter? And if so, what kind of opportunities does that create? And what kind of cost does it create in terms of accelerated number of subsidies that you would have to give for retention as well as customer acquisition.

我想問一下關於iPhone的更新周期。很多人都在討論，這肯定不是一個超級週期，但至少比過去幾年的周期更正常、更強勁。你看到了嗎？你認為這種情況可能會延續到第四季嗎？如果真是如此，這將創造哪些機會？那麼，為了留住現有客戶和獲取新客戶，你需要支付的補貼數量會增加多少成本呢？

Okay. Great. Srini.

好的。偉大的。斯里尼。

Thanks for the question Craig. So we're seeing -- this has been our best iPhone performance. We're seeing a strong cycle now to your question of what does that land up, meaning for promotions and spend and the rest of it. Look, the heart of it is every time there's a new device, people sort of reassess their choice.

謝謝你的提問，克雷格。所以我們看到——這是我們iPhone表現最好的一次。我們現在看到了一個強勁的週期，對於你提出的「最終結果是什麼」這個問題，也就是促銷、消費以及其他方面，我們看到了一個強勁的週期。你看，問題的關鍵在於，每當有新設備出現時，人們都會重新評估自己的選擇。

And that's one of the big drivers to our momentum in the last quarter. And when people reassess their choice and differentiation has widened, you see the kind of performance you saw in the last quarter. As we look at Q4, our momentum into Q4 is continuing to be strong, and that's driven our raise in our guide on postpaid phones.

這也是我們上個季度業績成長的主要驅動力之一。當人們重新評估他們的選擇，差異化擴大時，你會看到上個季度所看到的那種業績。展望第四季度，我們進入第四季度的勢頭依然強勁，這也促使我們提高了後付費手機的業績指引。

And so we're feeling really good about where we are in Q4. Now one of the really nice things when you drive volume through widening differentiation rather than simply promoting is you can drive volume at the same point as deliver the outsized financial results we've delivered this quarter. So we're feeling really good, and that's reflected in kind of our guide for Q4, not just in terms of what we're saying on volumes, but also what we've said in EBITDA and importantly, free cash flow.

因此，我們對第四季度的狀況感到非常滿意。現在，透過擴大差異化而不是單純的促銷來推動銷售成長的一個真正好處是，你可以在推動銷售成長的同時，實現我們本季取得的超額財務表現。所以我們感覺非常好，這體現在我們對第四季度的業績指引中，不僅體現在我們對銷售的預測上，也體現在我們對 EBITDA 以及更重要的自由現金流的預測上。

Great, thank you so much. Operator, let's do one more question on the phone, and then we'll turn to social.

太好了，非常感謝。接線員，我們再透過電話問您一個問題，然後我們再轉到社群媒體。

All right. I'm wondering, too, could we make it a hard-hitting question for Jon about the network. Something I said in my opening remarks, by the way, this is my 50th one of these. And in the era where we had me, Jon and Braxton and Neville. Neville did all the talking because nobody could understand that we might actually be able to build a leading network, so he was always explaining it.

好的。我也在想，我們能不能就這個網路問題向喬恩提出一個尖銳的問題。順便提一下，我在開場白中提到過，這已經是我的第 50 次演講了。而那段時間，我們隊上有我、喬恩、布拉克斯頓和內維爾。內維爾一直滔滔不絕地講，因為沒有人能理解我們或許真的能夠建立一個領先的網絡，所以他總是在解釋。

So poor Jon is going to sit here because everybody said, hey, yeah, you guys are -- you guys have the best networks. We're convinced. Anyway sorry. You don't have to ask about the network. I'm just kidding.

所以可憐的喬恩只能坐在這裡，因為大家都說，嘿，是的，你們——你們擁有最好的關係網。我們確信。總之，抱歉。你不必詢問有關網路的問題。我只是在開玩笑。

I'm from Eric Luebchow with Wells Fargo. Great, well I appreciate it and thanks Mike and Srini, for all the comments. I guess I will try to touch on the network given that prompt. Maybe you could talk a little bit about your spectrum positioning today. Obviously, one of your competitors announced a large deal. There's another block of spectrum AWS-3 that's speculated out there.

我是富國銀行的 Eric Luebchow。太好了，非常感謝，也謝謝Mike和Srini的所有評論。鑑於這個提示，我想我會嘗試談談網路方面的內容。今天您或許可以稍微談談您的頻譜定位。顯然，你的某個競爭對手宣布了一筆大額交易。也有人猜測AWS-3頻譜中存在另一塊頻譜。

So certainly seems like they're coming with more spectrum soon. You talked about not just defending, but extending your lead over the next couple of years. So you talk about what your -- where you're still deploying spectrum maybe where there are opportunities to add given the balance sheet strength you have and other things you're doing on the technology side within the network to help extend the lead. That would be great. Thank you.

看來他們很快就會推出更多頻譜產品了。你談到的不僅是守住優勢，還要在未來幾年擴大領先優勢。所以，你要談談你——你還在部署頻譜的地方，也許鑑於你擁有的資產負債表實力，以及你在網路技術方面所做的其他事情，還有哪些機會可以增加頻譜，以幫助擴大領先優勢。那太好了。謝謝。

I love it, Eric. All kidding aside, that's actually -- that's a really important question. And maybe we start with Srini, characterize what you saw in those transactions, maybe what our thinking, our thought process is and was. And then maybe we can talk -- I have here from John too because -- while spectrum is the lifeblood, we're the leaders here and intend to remain the leaders and extend our leadership. There's a lot more to network leadership than spectrum. But first and foremost on spectrum, Srini?

我喜歡，艾瑞克。不開玩笑地說，這其實——這確實是一個非常重要的問題。或許我們可以從 Srini 開始，描述你在那些交易中看到了什麼，以及我們當時的想法和思考過程。然後也許我們可以談談——我這裡也有約翰的發言，因為——雖然光譜是命脈，但我們是這裡的領導者，並且打算繼續保持領導地位，擴大我們的領導地位。網路領導力遠不止頻譜那麼簡單。但首先，關於頻譜，Srini？

So we love our current spectrum position. We not only have more spectrum than anyone else. We have better spectrum than anyone else. Now that drives a lot of decisions. And we see ourselves as kind of incredibly responsible caretakers of your investment in us.

所以我們對目前的頻譜位置非常滿意。我們不僅擁有比其他任何人都更豐富的頻譜資源。我們的頻譜資源比其他任何人都好。這影響了很多決策。我們把自己視為您對我們的投資極為負責的管理者。

And therefore, the way we think when spectrum comes up, and there's been quite a few secondary market transactions on spectrum. We go through kind of the rigorous analysis of what is better? Is it better to buy the spectrum or is it better to densify? And our answer in all of those cases was it was cheaper for us to densify than pay the price that was being asked in those secondary market transactions. Now other people might have to make different choices.

因此，當頻譜問題出現時，我們就會這樣想，而且頻譜的二級市場交易也相當多。我們會進行一番嚴格的分析，看看哪一種比較好？是直接購買頻譜資源比較好，還是提高頻譜密度比較好？在所有這些情況下，我們的答案是，提高密度對我們來說比支付二級市場交易中要求的價格更便宜。現在其他人可能必須做出不同的選擇。

And in some sense, the fact that they have to make different choices is a reflection of the gap in our spectrum position. And that's the way we've thought of a lot of the conversations that have happened to date. Now let me be also kind of crystal clear on one thing. My intent is not just to defend our spectrum leadership, but to grow it.

從某種意義上說，他們必須做出不同的選擇，這反映了我們光譜位置上的差距。這就是我們對迄今為止發生的許多對話的看法。現在，我還要非常明確地說明一點。我的目的不僅是捍衛我們在光譜領域的領先地位，還要擴大這種領先地位。

And the good news is we see several opportunities to do that in the coming years, whether that's other kind of strategic secondary opportunities or whether it's the auctions that will come by. And we feel in a very, very good place to go out and defend and even expand our spectrum lead. But like Mike said, building the world's best network is a lot more than spectrum. And John, maybe you can talk a bit about that?

好消息是，我們看到未來幾年有很多機會可以做到這一點，無論是其他類型的策略性二級市場機會，還是即將到來的拍賣機會。我們感覺自己處於非常有利的位置，可以出去捍衛甚至擴大我們的光譜領先優勢。但正如麥克所說，建構世界上最好的網路遠不止頻譜那麼簡單。約翰，或許你可以談談這方面？

Absolutely. First of all, I'm glad that there's actually not that many questions on the network because I think the network speaks for itself. It is our product and you can see its impact on customer acquisition and customer retention. So absolutely pleased with where we are.

絕對地。首先，我很高興網路上其實沒有那麼多問題，因為我認為網路本身就能說明問題。這是我們的產品，您可以看到它對客戶獲取和客戶留存的影響。我們對我們目前的情況非常滿意。

A couple of words on our network leadership. And Srini, you're right that it's more in spectrum. It starts with our cell sites. We have more sites than the competition. And the grid of our sites are actually the denser as well, built like a layered cake with the right technology and with the best propagating low band and mid-band spectrum.

關於我們的網路領導階層，有幾點要說明。Srini，你說得對，這更多的是在光譜範圍內。一切都從我們的基地台開始。我們的站點數量比競爭對手多。而且，我們的站點網格實際上也更加密集，就像分層蛋糕一樣，採用了合適的技術，並使用了傳播效果最佳的低頻段和中頻段頻譜。

Now we were also the first to roll out our standalone -- 5G standalone network and our competition is just now started getting started on it. And with this kind of network, we have launched new capabilities like slicing that is actually powering new services like key priority for first responders and super mobile.

現在，我們也是第一個推出獨立組網（5G獨立組網）的公司，而我們的競爭對手現在才剛開始著手這項工作。借助這種網絡，我們推出了諸如網絡切片之類的新功能，這些功能實際上為諸如急救人員的關鍵優先級和超級移動等新服務提供了支援。

We were also first to roll out a 5G advanced network earlier this year. And with that, we have actually unlocked new capabilities ahead of our competition like low latency, application aware, called LFS, better performance and uplink and downlink. It is not surprising at all to us that the latest smartphones released through the market performs best on our network.

今年早些時候，我們也是首批推出 5G 先進網路的廠商之一。憑藉這些優勢，我們實際上已經領先於競爭對手解鎖了新的功能，例如低延遲、應用感知（稱為 LFS）、更好的性能以及上行鏈路和下行鏈路。最新上市的智慧型手機在我們的網路上表現最佳，這一點也不讓我們感到驚訝。

Like Srini said, 90% faster on iPhone 17 than one of our competitors. And not to leave or Android, the Samsung S25 is more than 100% faster than that same competitor, right? And by the way -- and I think go on and on by one thing, the Apple Watch this year that was released this year actually runs on our 5G advanced network using a new format called 5G RedCap, which is actually, for the first time, 5G optimized for wearables, which means longer battery lives, lower latency and higher throughputs than those LTE watches that is running on our competitors network.

正如Srini所說，在iPhone 17上比我們的一個競爭對手快90%。而且，我們也不能說安卓系統不好，三星 S25 的速度比同一款競爭對手快 100% 以上，對吧？順便一提——而且我覺得可以繼續說下去——今年發布的 Apple Watch 實際上運行在我們先進的 5G 網路上，採用了一種名為 5G RedCap 的新格式，這實際上是首次針對可穿戴設備進行了 5G 優化，這意味著與運行在我們競爭對手網絡上的 LTE 手錶相比，電池續航時間更長、延遲更低、吞吐量更高。

I can go on and on, but Eric and Mike, this is -- we won't stop. And with these assets and these capabilities, we are going to maintain and extend our lead for years to come.

我還可以繼續說下去，但埃里克和麥克，我們不會就此止步。憑藉這些資源和能力，我們將在未來幾年保持並擴大我們的領先優勢。

Great, thanks so much, John. Operator, let's actually take our final question from the phone, please.

太好了，非常感謝，約翰。接線員，我們來接聽電話上的最後一個問題。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Thank you. Maybe Srini one on the balance sheet and Peter, for you as well. But broadly, when we think about the differences between the different operators right now, one of the biggest advantages you guys have versus your peer is you have massive balance sheet capacity and your peers are now more constrained.

謝謝。或許斯里尼（Srini）和彼得（Peter）對你來說也是資產負債表上的重要因素。但總的來說，當我們考慮目前不同營運商之間的差異時，你們相對於同行最大的優勢之一在於你們擁有龐大的資產負債表規模，而你們的同行現在則更加捉襟見肘。

So may be useful to get your perspective on how you could leverage that position? I mean, you could obviously drive more aggressive go-to-market strategy using that, but you could also that balance sheet in other ways, like you mentioned, spectrum or fiber or something on the line. So -- would be good to get some perspective on how you view your position from a balance sheet perspective and how you plan to use that? Thank you.

所以，或許我想聽聽您對如何利用這項優勢的看法？我的意思是，您顯然可以以此為基礎，制定更積極的市場推廣策略，但您也可以像您提到的那樣，透過其他方式來優化資產負債表，例如投資頻譜、光纖或其他相關資產。因此，能否請您從資產負債表的角度談談您如何看待這項優勢，以及您計劃如何利用它？謝謝。

Great. Thanks, Kannan. Look, we're delighted we have to strengthen the balance sheet. And the way we think about it is strength in balance sheet does not take away our responsibility to be incredibly thoughtful stewards of your capital. So we do have strength in the balance sheet. That doesn't translate into, therefore, let's go do a bunch of things, which don't make sense from a capital allocation perspective.

太好了。謝謝，坎南。你看，我們很高興能夠強化資產負債表。我們認為，資產負債表的穩健並不意味著我們可以放鬆對您資金的謹慎管理責任。所以，我們的資產負債表確實很穩健。但這並不意味著，我們可以隨意去做很多從資本配置角度來看毫無意義的事情。

One of the most rigorous processes we follow is how we thoughtfully allocate capital. Right now, you've talked about fiber. We will continue to pursue a capital-light strategy and fiber because it brings us a bunch of other skills that our partners bring to the table.

我們遵循的最嚴格的流程之一就是如何謹慎地分配資金。剛才您提到了光纖。我們將繼續推行輕資產策略並投資光纖，因為它能為我們帶來合作夥伴所具備的許多其他技能。

Go-to-market, we will focus that based on what CLVs makes sense, not because we have more balance sheet strength. From a spectrum perspective, we'll again follow the rigorous process of buying spectrum that makes sense from our portfolio perspective, buying spectrum where it passes our test of it's better to buy than to build.

在市場拓展方面，我們將根據客戶生命週期價值（CLV）來決定重點，而不是因為我們擁有更雄厚的資產負債表實力。從頻譜角度來看，我們將再次遵循嚴格的流程，只購買符合我們投資組合邏輯的頻譜，即購買比自建更划算的頻譜。

So love the balance sheet strength, but let's be clear, we're not going to be any less responsible because we're strong.

所以，我們當然喜歡資產負債表的穩健，但必須明確一點，我們不會因為實力雄厚就放鬆責任感。

I love that. And the other thing that didn't come out in our spectrum discussion is sort of our speculation about the future. I mean, one of the things that has happened this year is that auction authority has been restored to the FCC by Congress, along with a mandate to make a large amount of spectrum available. And spectrum prices as always, will be a function of supply and demand. We see a lot of supply coming.

我喜歡這一點。我們之前關於光譜的討論中沒有提到的一點，是我們對未來的一些推測。我的意思是，今年發生的一件事是，國會恢復了聯邦通訊委員會（FCC）的頻譜拍賣權，並授權其提供大量頻譜資源。頻譜價格一如既往地取決於供需關係。我們預計未來將有大量頻譜供應。

Prices right now in the market are a function of low supply. And a function of a once-in-a-generation sort of existential threat faced by our benchmark competitors at the time of the C-band auction created by T-Mobile that pushed prices to unprecedented levels, and that's where they stay. That will probably change over time. That's our bet.

當前市場價格受供應短缺的影響。同時，也受到當時我們主要競爭對手面臨的百年一遇的生存危機的影響——T-Mobile發起的C頻段拍賣將價格推至前所未有的高位，並使其維持在高位。這種情況可能會隨著時間推移而改變。我們對此充滿信心。

And the difference between us and others is that they might be in a business place where they need to act right now at these elevated prices where we have the ability to be patient and pick our moments on spectrum.

我們與其他人的差別在於，他們可能身處商業環境，需要在高價位上立即採取行動，而我們有能力保持耐心，選擇合適的時機進入光譜市場。

And we see those moments coming. So we -- as Srini says, we will not just defend but extend our lead over time. And certainly, entering those with a strong balance sheet is an element of it. And I just love your point that then like now, we will be thoughtful, and we will be great stewards of your capital. So hopefully, that helps.

我們預見到這些時刻的到來。正如斯里尼所說，我們不僅會守住領先優勢，還會隨著時間的推移不斷擴大優勢。當然，擁有穩健的資產負債表是關鍵因素之一。我非常同意您所說的，我們會像現在一樣，謹慎行事，妥善管理您的資金。希望這些對您有所幫助。

Thanks, Mike. All right. That's all the time we have today for questions. Mike, before I turn the call back over to you. I'm first going to hand the mic over to Srini for just a couple of brief comments.

謝謝，麥克。好的。今天的提問時間就到這裡。麥克，在我把電話交還給你之前，我先把麥克風交給斯里尼，讓她簡單說幾句。

I don't know if you guys are watching. If you're watching this and still listening to it, they just brought us all champagnes. Is that because of our quarter. (multiple speakers) It's that's what we do.

我不知道你們有沒有在看。如果你們在看並且還在聽，他們剛剛給我們每人拿來了香檳。是因為我們這季的成績嗎？ （多人發言）這就是我們做的。

Mike, look, I just wanted to say, thank you so much. You've shown us what the Un-carrier spirit truly is like. You've shown us what it is to make board bets. You've shown us the kind of grit that turns kind of ambitious goals into everyday wins. And for me, thank you for everything.

麥克，聽著，我只想說，非常感謝你。你向我們展現了真正的「非承運者」精神。你向我們展示瞭如何敢於冒險。你向我們展示了那種將雄心勃勃的目標轉化為日常勝利的堅韌不拔的精神。而對我來說，感謝你所做的一切。

Thank you, everything you've done -- for everything you've done to this team. And personally, thank you for being a great friend, thought partner and also just a wonderful human being. And I'm really looking forward to continuing to work with you in our next chapter.

感謝你為團隊所做的一切。我個人也非常感謝你，你不只是我的好朋友、好夥伴，更是一位非常棒的人。我非常期待在下一個階段繼續與你合作。

All right. Thanks, thank you guys. Hopefully, over the last hour, what you saw is what I told you a month ago that this company is in great hands. We heard mostly from Srini today that wasn't accidental. We wanted you to hear his voice and his vision for the future.

好的。謝謝大家。希望過去一個小時裡，你們看到的正如我一個月前所說，這家公司現在發展得很好。今天我們主要聽到的是斯里尼的發言，這並非偶然。我們希望你們能聽到他的聲音，了解他對未來的願景。

You are going to be an exceptional leader for us and for this company. And of course, you're going to have the benefit of being backed by the best management team in American business. So you guys has been an honor and a privilege of a lifetime to be the CEO, and I look forward to continuing to support this team in my new role.

你將會成為我們和這家公司一位傑出的領導者。當然，你也將受益於美國商界最優秀的管理團隊的支持。能夠擔任執行長是我畢生的榮幸，我期待在新的職位上繼續支持這個團隊。

I promise, we don't plan to spend the day running your company day drinking. Thanks for joining the call everybody.

我保證，我們不會花一整天的時間喝酒經營你們公司。感謝各位參加電話會議。

Cheers.

乾杯。

Thanks guys.

謝謝各位。

All right.

好的。

Ladies and gentlemen, this concludes the T-Mobile third-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年第三季財報電話會議到此結束。感謝各位的參與。現在您可以斷開連接了，祝您度過愉快的一天。