T-Mobile US Inc (TMUS) 2026 Q1 法說會逐字稿

(Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions) You may also submit a question via X by sending a post to @T-MobileIR or @Srinigopalan using cashtag TMUS.

(接線員指示) 在今天的簡報結束後，將有提問的時間。(接線員指示) 您也可以透過 X 提交問題，向 @T-MobileIR 或 @Srinigopalan 發文並使用股票代號（cashtag）TMUS。

I would now like to turn the conference over to Quan Yao, Senior Vice President of Investor Relations for T-Mobile US. Please go ahead.

現在我想把會議交給 T-Mobile US 投資人關係資深副總裁 Quan Yao。請開始。

Good afternoon, and welcome to T-Mobile's First Quarter 2026 Earnings Call. Joining me on our call today are Srinivasan Gopalan, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the leadership team.

各位下午好，歡迎參加 T-Mobile 2026 年第一季財報電話會議。今天與我一同出席的有我們的總裁暨執行長 Srinivasan Gopalan、財務長 Peter Osvaldik，以及領導團隊的其他成員。

During this call, we will make forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. We encourage you to review the risk factors set forth in our SEC filings. Our earnings release, investor fact book, and other documents related to our results, as well as reconciliations between GAAP and non-GAAP results discussed on this call, can be found on our Investor Relations website. With that, let me now turn it over to Srini.

在本次電話會議中，我們將發表前瞻性陳述，其中包含風險與不確定性，可能導致實際結果出現重大差異。我們建議您查閱我們向 SEC 提交文件中所列的風險因素。我們的財報新聞稿、投資人資料手冊，以及其他與本次業績相關的文件，並包含本次電話會議所討論之 GAAP 與非 GAAP 結果間的調節表，皆可於我們的投資人關係網站查閱。接下來，我把時間交給 Srini。

Thanks, Cathy, and good afternoon, everyone. We’re here in Bellevue today, ready to discuss another extraordinary quarter for T-Mobile. This quarter is a powerful demonstration that the strategy we outlined for you in February is working.

謝謝你，Cathy，各位下午好。我們今天在貝爾維尤，準備與各位討論 T-Mobile 又一個非凡的季度表現。本季有力證明了我們在二月向各位闡述的策略正在奏效。

Our strategy is driven by widening differentiation—providing customers with the best network, best value, and best experience all in the same place so that they don’t need to make trade-offs anymore. We made strong progress on this strategy this quarter, and nothing demonstrates this more succinctly than our NPS score, an industry-leading 45, over 20% higher than that of our next closest competitor.

我們的策略核心在於擴大差異化——在同一個地方同時為客戶提供最佳網路、最佳價值與最佳體驗，讓他們不必再做取捨。本季我們在此策略上取得強勁進展，而最精準的體現莫過於我們的 NPS 分數：業界領先的 45 分，比最接近的競爭對手高出 20% 以上。

This widening differentiation gives us access to unprecedented growth opportunities, and our industry-leading growth this quarter is a testament to this. One of the largest of these growth opportunities is the 20 million-plus families and businesses who are network seekers not currently with T-Mobile.

這種持續擴大的差異化，讓我們得以掌握前所未有的成長機會，而我們本季的業界領先成長正是最佳佐證。其中最大的成長機會之一，是超過 2,000 萬個目前尚未選擇 T-Mobile、正在尋找更好網路的家庭與企業。

This is an opportunity with a lot of runway and one where we’re making great progress. In fact, this quarter, amongst recent switchers who chose to come to T-Mobile from another carrier, the highest percentage ever said they chose us for one reason: network quality. Similarly, across multiple third-party surveys like HarrisX and feedback from the analyst community, we’ve seen a strong improvement in the perception of our network. That’s what led us once again to grow our share of postpaid households in each of our cohorts in the top 100 cities. In smaller markets and rural areas, where we have only 24% share of households, we continue to accelerate and capture more switching share, with word-of-mouth driving strong momentum.

這是一個仍有很長成長跑道的機會，而我們也正取得顯著進展。事實上，本季在近期從其他電信業者轉換到 T-Mobile 的用戶中，史上最高比例表示他們選擇我們的原因只有一個：網路品質。同樣地，透過 HarrisX 等多項第三方調查以及分析師社群的回饋，我們看到市場對我們網路的觀感明顯改善。這也再次帶動我們在前 100 大城市各分群中，後付費家庭市占率持續提升。在我們家庭市占率僅 24% 的較小市場與鄉村地區，我們持續加速並取得更多轉換市占，口碑效應帶來強勁動能。

In addition to our tremendous momentum in consumer across network seekers and other underpenetrated cohorts, our low share in T-Mobile for Business also continues to give us substantial growth runway. This quarter, we continued to capture share with our network superiority-led value proposition in T-Mobile for Business.

除了在消費者端、針對網路追求者與其他滲透率偏低族群所展現的強勁動能外，我們在 T-Mobile for Business 的低市占也持續為我們帶來可觀的成長跑道。本季，我們在 T-Mobile for Business 以網路優勢為核心的價值主張持續帶動市占提升。

Our industry-leading nationwide 5G Advanced network continues to allow us to drive TAM creation with advanced network solutions and leverage that as a thoughtful cross-sell opportunity into traditional voice and broadband offerings. One example of our innovation in action is Major League Baseball’s recent rollout of our automated ball-strike system, which uses the T-Mobile network to allow challenges to umpire calls.

我們業界領先、全國性的 5G Advanced 網路，持續讓我們能以進階網路解決方案創造 TAM（可服務市場）增量，並將其作為審慎的交叉銷售機會，導入傳統語音與寬頻產品。我們創新落地的一個例子，是美國職棒大聯盟（MLB）近期推出的自動好壞球判定系統，該系統使用 T-Mobile 網路，讓球隊可對主審判決提出挑戰。

Let’s now turn to broadband. For yet another quarter, we were the fastest-growing ISP in America, adding over 0.5 million total broadband net additions, with 5G broadband net adds accelerating year-over-year. 5G broadband continues to lead the industry in terms of customer experience, topping J.D. Power, Forbes, CNET Consumer Reports, and OpenSignal, just to name a few.

接下來談寬頻。又一個季度，我們仍是美國成長最快的 ISP（網際網路服務供應商），寬頻總淨增用戶超過 50 萬，且 5G 寬頻淨增用戶數年增加速。在客戶體驗方面，5G 寬頻持續領先業界，在 J.D. Power、Forbes、CNET Consumer Reports 與 OpenSignal 等多項評比中名列前茅，僅舉數例。

Our 5G broadband speeds also continue to lead the peer group at over 50% faster than the next closest competitor. Fiber is tracking great, leveraging the T-Mobile brand to draw strong interest. I’m excited about our announcement earlier today that we’re entering into two additional JVs with leading infrastructure partners to acquire GoNetspeed, Greenlight Networks, and i3 Broadband as part of our returns-focused, capital-efficient approach.

我們的 5G 寬頻速度也持續領先同業，較最接近的競爭對手快 50% 以上。光纖業務進展良好，並藉由 T-Mobile 品牌帶動強勁關注。我也很振奮地宣布，我們今天稍早已公布將與領先的基礎設施合作夥伴再成立兩個合資企業（JV），以收購 GoNetspeed、Greenlight Networks 與 i3 Broadband，這符合我們以報酬為導向、資本效率優先的策略。

Every piece of the business I’ve talked about so far helped drive our tremendous postpaid net account additions of 217,000 in Q1, which was up 6% year-over-year. But in addition to volume growth, as I said in February, we also have a double-digit advantage in back-book pricing over our leading competitors.

截至目前我所談到的各項業務，都共同推動我們在第一季後付費淨增帳戶達 217,000 戶，年增 6%。但除了量的成長之外，正如我在二月所說，我們在既有用戶（back-book）定價方面，相較主要競爭對手也具備兩位數的優勢。

In Q1, that translated to a really strong postpaid ARPA growth of 3.9%, a powerful proof point that our unique and durable value proposition is resonating as we deepen relationships with customers. T-Ads and financial services—smart and thoughtful adjacencies that piggyback off the success and scale of our brand and ecosystem—are also delivering strong incremental growth.

在第一季，這轉化為非常強勁的後付費 ARPA 成長 3.9%，有力證明我們獨特且可持續的價值主張正在引起共鳴，並在我們加深與客戶關係的同時持續發揮效果。T-Ads 與金融服務——這些聰明且審慎的相鄰業務，借力我們品牌與生態系的成功與規模——也帶來強勁的增量成長。

Now, even as we capitalize on our differentiation to drive growth, we consciously double down on the sources of this differentiation across best network, best value, and best customer experience. Let’s start with the network. We’re continuing to push the envelope of what’s possible. We’re excited to be rolling out live translation on beta soon, our first network-native AI application that we demoed for you at our February event.

因此，即便我們正運用差異化優勢推動成長，我們也有意識地加倍投入差異化來源：最佳網路、最佳價值與最佳客戶體驗。先從網路談起。我們持續突破可能性的邊界。我們很期待即將推出即時翻譯的 Beta 版本，這是我們第一個原生於網路的 AI 應用，我們曾在二月活動中向各位展示。

Live translation uses language learning models embedded into our core to translate your voice into one of 80 different languages anywhere in the world. All you need is one connected T-Mobile phone. Importantly, this is just the initial step in building AI capabilities directly into our network core. Longer term, we see a world where our network becomes the connective tissue for physical AI and accommodates inferencing at the edge.

即時翻譯透過嵌入我們核心網路的語言學習模型，將您的語音翻譯成全球任何地方可用的 80 種語言之一。您只需要一支已連線的 T-Mobile 手機即可。重要的是，這只是我們將 AI 能力直接建置到核心網路中的第一步。長期而言，我們看見一個世界：我們的網路成為實體 AI 的連結組織，並能在邊緣端承載推論（inferencing）。

As a step toward this, we’re delighted to share today that we’re connecting our 5G Advanced network to Figure AI’s F3 humanoid robots, enabling seamless and reliable connectivity from the moment they power on. This partnership, among others, will allow us to explore how the T-Mobile 5G Advanced network and its capabilities, including assets like the network edge, can support the broader evolution of physical AI.

作為邁向此目標的一步，我們很高興在今天分享：我們正將 5G Advanced 網路連接至 Figure AI 的 F3 人形機器人，讓它們從開機那一刻起就能獲得無縫且可靠的連線。這項合作以及其他合作，將使我們得以探索 T-Mobile 5G Advanced 網路及其能力（包含網路邊緣等資產）如何支援實體 AI 更廣泛的演進。

This is an important stepping stone toward building an even more capable network of the future with 6G. On value leadership, which we guard zealously, we further strengthened our credentials with the rollout of our Better Value plan earlier this year, which offers access to our premium wireless experience to even more customers at a great value.

這是邁向以 6G 打造更強大未來網路的重要墊腳石。在我們極力守護的價值領導方面，我們也透過今年稍早推出的 Better Value 方案進一步強化實力，讓更多客戶能以極具價值的方式享有我們的高端無線體驗。

Our other key differentiator is our customer experience. T-Life continues to drive digital interactions, with about 25 million monthly active users engaging with the app multiple times a month. T-Life will also serve as the unified platform to support growth into considered adjacencies like financial services and advertising.

我們另一項關鍵差異化優勢是客戶體驗。T-Life 持續推動數位互動，約有 2,500 萬名每月活躍用戶在一個月內多次使用該 App。T-Life 也將作為統一平台，支援我們向金融服務與廣告等審慎相鄰領域的成長擴張。

In retail, we’re well underway in our journey toward more experience-led stores, with several hundred already up and running. Our experience stores see higher premium mix and higher NPS scores than our traditional outlets. Over time, our mix shift will lead to fewer doors but more meaningful customer experiences.

在零售方面，我們正穩步推進邁向更以體驗為導向的門市旅程，目前已有數百家門市投入營運。我們的體驗門市相較於傳統門市，具備更高的高階方案占比與更高的 NPS 分數。隨著時間推移，我們的組合轉移將帶來更少的門市據點，但提供更有意義的客戶體驗。

So even as our differentiation drives industry-leading growth, we continue to feed and strengthen it so that the gap to the competition only widens further. Pulling all this together, this is what drives the industry-leading financial growth we’ve delivered yet again across all key metrics in Q1.

因此，即便我們的差異化帶動了業界領先的成長，我們仍持續投入並強化這些優勢，讓與競爭對手的差距進一步擴大。綜合以上，這正是驅動我們在第一季於所有關鍵指標上再次交出業界領先財務成長的原因。

Our postpaid service revenue grew 15% year-over-year. Total service revenue grew 11%, a rate that’s more than four times that of our next closest competitor. Our core adjusted EBITDA grew an industry-leading 12% year-over-year, all while continuing to deliver industry-leading free cash flow margins of 24%. Alongside this incredible financial growth, we returned $6 billion to shareholders in the form of dividends and share buybacks.

我們的後付費服務營收年增 15%。總服務營收年增 11%，這個增速是我們最接近競爭對手的四倍以上。我們的核心調整後 EBITDA 年增 12%，同時持續交出業界領先的 24% 自由現金流利潤率。在這樣亮眼的財務成長之際，我們也透過股利與庫藏股回購向股東回饋 60 億美元。

I’ll end by saying our results speak for themselves. The unique differentiation we have as a carrier continues to lead to best-in-class results. Just look at our NPS scores. The best part of all of this is this team’s hunger and the incredible passion our people have to truly delight customers, which means we’re only at the beginning.

最後我想說，我們的成果不言自明。作為電信業者，我們獨特的差異化持續帶來同級最佳的表現。看看我們的 NPS 分數就知道。最棒的是，這個團隊的企圖心，以及我們同仁真正想讓客戶驚喜的熱情，意味著我們才剛開始。

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

好，Peter，接下來交給你，請你帶來我們財測指引的精彩更新。

Thanks, Srini. As you can see, our growing differentiation not only drove a strong start to the year, but also gives us the confidence to increase our guidance across multiple fronts.

謝謝你，Srini。如各位所見，我們日益擴大的差異化不僅帶來今年強勁的開局，也讓我們有信心在多個面向上調指引。

Starting with accounts, we are raising our expectation for total postpaid net account additions to be between 950,000 and 1.05 million on the strength of the underlying momentum in the business.

先從帳戶數來看，基於業務基本面動能的強勁，我們將後付費淨新增帳戶數的全年預期上調至 95 萬至 105 萬之間。

Turning to service revenues, we continue to expect to deliver full-year service revenue of approximately $77 billion, representing 8% growth, with Q2 expectations of approximately $19 billion, or up 9% year-over-year. As part of that service revenue growth, we continue to expect strong postpaid ARPA growth of between 2.5% and 3% for the full year.

再看服務營收，我們仍預期全年服務營收約為 770 億美元，代表 8% 成長；第二季預期約為 190 億美元，年增 9%。作為服務營收成長的一部分，我們仍預期全年後付費 ARPA 將強勁成長 2.5% 至 3%。

We are also raising our full-year core adjusted EBITDA guidance, which is now expected to be between $37.1 billion and $37.5 billion, an increase of $100 million at the lower end of the range. As part of that, we expect Q2 core adjusted EBITDA of approximately $9.4 billion, up 10% year-over-year.

我們也上調全年核心調整後 EBITDA 指引，目前預期介於 371 億至 375 億美元，區間下緣上調 1 億美元。同時，我們預期第二季核心調整後 EBITDA 約為 94 億美元，年增 10%。

Our expectation for full-year 2026 cash CapEx remains unchanged at approximately $10 billion as we continue to invest to further differentiate the network. We now expect adjusted free cash flow to be between $18.1 billion and $18.7 billion for the full year, also an increase of $100 million at the lower end of the range.

我們對 2026 全年現金資本支出（cash CapEx）的預期維持不變，約為 100 億美元，因為我們持續投資以進一步強化網路差異化。我們目前預期全年調整後自由現金流介於 181 億至 187 億美元，區間下緣同樣上調 1 億美元。

Finally, last week we announced that we are increasing our 2026 stockholder return authorization by up to $3.6 billion to a total authorization of up to $18.2 billion. As always, we will continue to follow our disciplined capital allocation philosophy.

最後，上週我們宣布將 2026 年股東回饋授權額度再增加最多 36 億美元，使總授權額度提高至最多 182 億美元。一如既往，我們將持續遵循嚴謹的資本配置理念。

To sum it all up, we continue to see strong momentum in the business and cannot be more excited for the future. With that, I’ll now turn the call back to Cathy to begin the Q&A.

總結來說，我們持續看到業務的強勁動能，對未來感到無比振奮。接下來我把電話交回給 Cathy，開始問答環節。

Thanks, Peter. All right, let’s get to your questions. (Operator Instructions) We will start with a question on the phone. Operator, first question, please.

謝謝你，Peter。好，讓我們開始回答各位的提問。(接線生指示) 我們先從電話提問開始。接線生，請開始第一個問題。

Craig Moffett, MoffettNathanson.

Craig Moffett，MoffettNathanson。

Hi, thank you. Let me start with the reports that you’re considering a merger with Deutsche Telekom. Can you talk about the logic behind that and the logistics? Would that require a vote of the majority of the minority among Board members as independents, and exactly how would that work? And would there be any premium for U.S. shareholders?

嗨，謝謝。我先從有報導指出你們正在考慮與德國電信（Deutsche Telekom）合併談起。你們能談談背後的邏輯與執行上的安排嗎？這是否需要由獨立董事所代表的少數股東過半數表決同意，具體會如何運作？另外，美國股東是否會有任何溢價？

Thanks, Craig. Let me pick that up. As a matter of policy, we don’t comment on market rumors or speculation, nor is there anything specific to comment on anyway. However, the article has raised a lot of questions inbound on governance.

謝謝你，Craig。我來回應這個問題。基於政策，我們不評論市場傳聞或臆測，而且本來也沒有任何具體事項可供評論。不過，這篇文章確實引發了許多關於公司治理的詢問。

We’ve looked into the governance, and what I’ve been told is that, hypothetically, if someone were ever to consider such a transaction reported in the article, that would specifically require a separate approval process by disinterested shareholders, what many of you refer to as a majority of the minority.

我們已就公司治理面進行了解；我被告知的是，假設性地說，如果有人真的要考慮文章中所提到的那類交易，將會特別需要由無利害關係股東進行獨立的核准程序，也就是許多人所稱的「少數股東過半數」（majority of the minority）。

Sam McHugh, BNP.

Sam McHugh，BNP。

Yes, afternoon, guys. On the fiber JV you announced today, I just wonder if you’ve seen much movement in the bid-ask spread on fiber assets as we start to see fiber ARPUs come under pressure. I don’t know if some of the commentary around broadband growth and pricing impacts your appetite for more fiber JVs going forward.

是的，下午好，各位。關於你們今天宣布的光纖合資（fiber JV），我想請教，隨著我們開始看到光纖 ARPU 面臨壓力，你們是否觀察到光纖資產的買賣價差（bid-ask spread）有明顯變動？我不確定一些關於寬頻成長與定價影響的評論，是否會影響你們未來對更多光纖合資案的意願。

Thanks, Sam. As you well know, and as I’ve read in all of your surveys, the reason we’re doing fiber is much more because we see an equity value creation opportunity rather than the myth of convergence. That drives the way we think about these assets.

謝謝你，Sam。如你所知，也如我在你們所有調查中讀到的，我們做光纖更多是因為我們看到了股權價值創造的機會，而不是所謂「融合」的迷思。這也驅動了我們看待這些資產的方式。

When you think about bid-ask spreads, multiples, compression, and the rest, each of these assets is a unique case. The way we think about it is whether we believe that an asset has a strong likelihood of giving us our target IRRs, which are in the double-digit range. We evaluate each asset very specifically because each operates in a distinct geography, competitive environment, and pricing environment.

談到買賣價差、倍數、倍數壓縮等等，每一項資產都是獨特個案。我們的思考方式是：我們是否相信該資產很有機會達成我們的目標 IRR（內部報酬率），也就是雙位數的水準。我們會非常具體地評估每一項資產，因為每個資產所處的地理區域、競爭環境與定價環境都不同。

It’s hard to give a broad statement on bid-ask spreads, multiple compression, or pricing. What we do know is that the fiber JVs we’ve launched so far are well on track and delivering exactly what we expected. The lift from the T-Mobile brand and our distribution is completely in line with expectations. For the new JVs, we’re very confident in their double-digit IRRs.

因此很難對買賣價差、倍數壓縮或定價做出一概而論的說法。我們確定的是，目前已啟動的光纖合資案進展良好，並且正如預期地交付成果。T-Mobile 品牌與我們通路帶來的拉抬效果，完全符合預期。對於新的合資案，我們對其雙位數 IRR 非常有信心。

There’s no magic number we’re chasing for homes passed. We’re looking for opportunities where we can create true equity value. That will drive our appetite going forward. Are we going to chase a homes-passed number? Absolutely not.

我們並沒有在追逐一個所謂「通過戶數（homes passed）」的神奇數字。我們在尋找的是能夠創造真正股東權益價值的機會。這將驅動我們未來的投資意願。我們會去追逐一個通過戶數的數字嗎？絕對不會。

Thank you. Okay. Thanks. Operator, next question, please.

謝謝。好的。謝謝。接線員，請下一題。

Sean Diffley, Morgan Stanley.

Sean Diffley，摩根士丹利。

Let's move on to the next one.

我們繼續下一位。

John Hodulik, UBS.

John Hodulik，瑞銀。

Great. Thank you. Srini, could you comment on the competition you're seeing in the sort of postpaid market. I think both of your competitors have talked about sort of less handset subsidies going forward and ride when you do what they saw as a sort of less competitive market as they look out.

很好。謝謝。Srini，你能談談你們在後付費市場看到的競爭情況嗎？我想你們兩家競爭對手都提到，未來手機補貼可能會減少，並且他們在展望時，似乎認為市場競爭會沒那麼激烈。

So just any thoughts on that side. And then on the broadband, the greater than 500,000 was a great number. And sounds like you got some real strength in fixed wireless. How does the runway look there? Do you expect similar growth this year as we saw last year, and any issues sort of constraining the network in terms of your ability to grow that bid?

所以想聽聽你對這方面的看法。另外在寬頻方面，超過50萬的數字很亮眼。聽起來你們在固定無線（FWA）上有很強的動能。那邊的成長跑道看起來如何？你們是否預期今年能有和去年類似的成長？以及在你們擴張該業務的能力上，網路是否有任何限制因素？

Thanks for that question, John. So first on competition and the broader way we think about competing in this market. I think sometimes we tend to over-rotate on promotions and specific subsidies and how all of that is playing out. In the end, the direction of flow gets driven by differentiation. And this is where our unique position of kind of best network, best value, best experience and therefore, no trade-offs for the customer really drives traffic in our direction.

謝謝你的問題，John。先談競爭，以及我們更廣泛地如何看待在這個市場競爭。我認為有時候我們會過度聚焦在促銷、特定補貼，以及這些措施的短期變化。但最終，客戶流向的方向是由差異化所驅動的。而這正是我們獨特定位的所在：最佳網路、最佳價值、最佳體驗，因此客戶基本上不需要做取捨，這會把流量帶向我們。

And that's what drove not just the 6% growth in accounts year-on-year, but also the near 4% growth in ARPA. That's the fundamental way we think of competing. Now all of that happened in a quarter where I'd say January was particularly competitive and particularly heavy in one dimensional competition based on subsidies.

這不僅帶動了帳戶數年增6%，也帶動了ARPA接近4%的成長。這是我們看待競爭的根本方式。而這一切發生在一個季度中——我會說1月特別競爭激烈，而且在某種「單一維度」的競爭上（以補貼為主）特別重。

I think Feb and March and going into April, we've seen some cooling down of that environment. But through that quarter, we focused very much on what differentiates us, and that differentiator is a much broader set of things than purely subsidy.

我認為2月、3月以及進入4月後，我們看到那樣的環境有些降溫。但在整個季度中，我們非常專注在我們的差異化，而這個差異化是一套比單純補貼更廣泛的要素。

And the way we think of it, and you saw a lot of our advertising, it was about savings you make every day rather than savings, you simply make at the point you get a phone. It was about our network. It was about that more rounded broad proposition. And then we decide how hard and heavy we go based on CLVs, right? That ultimately is the test of how much volume we want in any quarter in the context of our overall guidance.

我們的思考方式是——你也看到我們很多廣告——強調的是你每天都能省下的錢，而不是只在你買手機那一刻省下的錢。也強調我們的網路。強調更全面、更完整的價值主張。然後我們會依據CLV（客戶終身價值）來決定我們要投入多大力度、打多重的促銷，對吧？這最終會成為檢驗：在整體財測指引的框架下，我們在任何一個季度到底想要多少量。

That should give you some sense of the competitive dynamic. But Mike, I don't know if you wanted to add anything specifically on the subsidy section.

這應該能讓你對競爭動態有一些感覺。不過Mike，我不知道你是否想就補貼這一塊再補充一些。

Yes. No, I think you've got exactly right, Srini. I mean the way that we think about this is customers -- we're providing customers the most important technology in their lives that they use every single day. And so how through both best network, best experience and best value, can we prove that to customers every single day. Not once every 1,000 days when they're replacing their phone.

是的。不，我覺得你說得完全正確，Srini。我們看待這件事的方式是：我們提供給客戶的是他們生活中最重要、每天都會使用的科技產品。因此，我們要如何透過最佳網路、最佳體驗與最佳價值，讓客戶每天都能感受到這一點。而不是每1,000天、他們換手機的那一次才感受到。

And so that's where you've really seen us focus is having a great overall value message for our customers where they can save more with T-Mobile than anywhere else. In fact, $3,800 T-Mobile customers save relative to competitors over the last 5 years. And they can get a suite of benefits that they only get because they're T-Mobile customers. And these are benefits that really matter. They're not throwaway benefits, free Netflix subscription et cetera.

所以你真正看到我們聚焦的，是給客戶一個整體很強的價值訊息：在T-Mobile，客戶能比在其他任何地方省更多。事實上，過去5年，T-Mobile客戶相較競爭對手累計可省下3,800美元。而且他們能獲得一整套只有身為T-Mobile客戶才有的福利。這些福利真的很重要。它們不是可有可無的「湊數」福利，例如免費Netflix訂閱之類。

So I think the results that you saw in Q4 as well as in Q1 really demonstrate that, that's important to customers, and that's why they're choosing us at the rate that they are right.

所以我認為你在Q4以及Q1看到的結果，確實證明了這點——這對客戶很重要，也因此他們才會以目前這樣的速度選擇我們，對吧。

Your question on broadband, let me just touch on the big picture, and be great if you can talk about some of the stats we're seeing in terms of how many more users and usage. We're very confident on the runway on fixed wireless access. Just to give you a sense of this, right? We said we would get to 15 million customers by 2030, a couple of months ago. Now how do we get to that 15 million?

你關於寬頻的問題，我先從大方向談一下；如果你能再談談我們看到的一些統計數據，例如用戶增加多少、使用量如何，那就更好了。我們對固定無線接取（FWA）的成長跑道非常有信心。給你一個概念，對吧？我們在幾個月前說過，到2030年我們會達到1,500萬名客戶。那我們要如何達到這1,500萬？

We basically divide the country to almost 36 million hexbins order of magnitude, -- and we look at a hexbin level, we forecast the level of wireless traffic and what is left is really fallow capacity. And then we subject that fallow capacity to saying, yes, we've got that fallow capacity, but let's put a reasonable market share on how much we can get to in fixed wireless access.

我們基本上把全國劃分成大約3,600萬個六角網格（hexbins），大致是這個量級——然後我們在每個hexbin層級，預測無線流量的水準，而剩下的就是真正的閒置容量。接著我們再用這些閒置容量去做檢驗：是的，我們有這些閒置容量，但我們也要用一個合理的市占率假設，來估算我們在固定無線接取能做到多少。

And then we commit to a number. And that calculation we did for 2030, remember, assumes we buy no further spectrum. It doesn't assume 6G. It doesn't assume any further spectral efficiency improvement. That's the basis on which we got to the 15 million. We're tracking strong to that. And this quarter was another demonstration of it. So we feel very good at it, but about it, but Andre.

然後我們就對外承諾一個數字。而我們為2030年做的那個計算，請記得，是假設我們不再購買任何額外頻譜。也不假設有6G。也不假設頻譜效率會再進一步提升。我們就是在這樣的基礎上得出1,500萬。我們目前的進度強勁，符合那個目標。而本季又再次證明了這一點。所以我們對此感覺非常好——但Andre，你來補充。

No. As Srini said, I think, one, we're very confident about the 2030 number. I think one of the reasons that makes us very comfortable is what we're seeing today in reality. So not just the outstanding commercial performance we've had for many quarters in a row. But also the fact that all the leading indicators in terms of capacity and customer satisfaction continue to go up.

不。如同Srini所說，第一，我們對2030年的數字非常有信心。讓我們很安心的原因之一，是我們今天在現實中看到的狀況。不只是我們連續多個季度都交出非常出色的商業表現。也包括所有領先指標——不論是容量或客戶滿意度——都持續上升。

We continue to increase our NPS, the average speeds our customers have on our product continue to go up quarter-over-quarter. -- the new routers we just launched, as we mentioned in February, have even higher speed than the existing routers. And all of this, we've done while increasing 80% the number of customers we have on the network in three years.

我們的NPS持續提升，客戶在我們產品上的平均速度也持續季對季上升。-- 我們剛推出的新路由器（如同我們在2月提到的）速度甚至比現有路由器更快。而且在這一切之下，我們在三年內把網路上的客戶數增加了80%。

So -- as Srini said, we plan very carefully. We have a very detailed plan for the next four to five years in terms of the capacity of the business and beyond that time frame to make sure that this is completely sustainable long, long term, and we're seeing it come through every day, every quarter for our customers.

所以——正如 Srini 所說，我們會非常謹慎地規劃。就業務的產能而言，我們對未來四到五年以及更長時間都有非常詳細的計畫，以確保這在非常、非常長期內都能完全可持續，而我們每天、每一季都看到這一點在客戶端持續體現出來。

So very, very confident on the runway we have.

因此，對我們所擁有的成長跑道非常、非常有信心。

Thanks, Andre.

謝謝你，Andre。

Thanks, John.

謝謝你，John。

All right, operator, let's go with the next one.

好，接線員，我們進行下一位。

Michael Rollins, Citi.

Michael Rollins，花旗（Citi）。

Thanks, and good afternoon. Two topics, please. The first one, I was curious if you could unpack the contributors to the ARPA growth of about 4% year-over-year in terms of price actions of curing, lines per account, the broadband update, just some color on what you're seeing there.

謝謝，下午好。兩個主題，麻煩。第一個，我想了解你們能否拆解一下 ARPA 年增約 4% 的成長貢獻來源，例如價格調整的影響、每戶帳號的線數、寬頻的更新等，想請你們補充一些你們觀察到的情況。

And then second, just curious if you can share what was happening with the postpaid account churn on a year-over-year basis. And given the comments of what you're just describing competitively in the answer to an earlier question, is that something that actually started to get better maybe through the quarter and into the second quarter?

第二個，想請教後付費帳戶流失率（postpaid account churn）在年對年的變化背後發生了什麼。另外，考量你們剛才在回答前一題時對競爭態勢的描述，這個指標是否其實在本季期間、並延續到第二季有開始改善？

Great. Thanks, Mike. Let me pick up the postpaid account churn piece, and I'll hand off to Peter for the ARPA piece. So postpaid account churn is doing exactly what we expected. The -- when you look at the underlying postpaid phone churn, that was pretty stable.

很好。謝謝你，Mike。我先回答後付費帳戶流失率的部分，ARPA 的部分我再交給 Peter。後付費帳戶流失率的表現完全符合我們的預期。當你看底層的後付費手機流失率時，其實相當穩定。

It was up about 3 bps. Now there's 2 things that are worth explaining, given this is the first time we're reporting this metric.

大約上升了 3 個基點（bps）。現在有兩點值得說明，因為這是我們第一次揭露這個指標。

One, why is account churn higher than line churn? And two, why has account churn gone up more than line churn. The simple answer is basically math. Now there's kind of two groups of customers who churn more than the average. One is new customers; and the second is broadband-only customers.

第一，為什麼帳戶流失率會高於線路流失率？第二，為什麼帳戶流失率的上升幅度會大於線路流失率？簡單答案基本上就是數學問題。大致上有兩類客戶的流失率高於平均。一類是新客戶；第二類是僅使用寬頻的客戶。

Now the reality is the weighting of these customers in accounts is higher than the weighting in lines. Now that's obvious when you look at broadband alone customers, but also with newer customers, we just haven't had enough time to grow that relationship.

現實是，這些客戶在「帳戶」中的權重高於在「線路」中的權重。只看僅寬頻客戶時這點很直觀，但對新客戶也是如此，因為我們與他們建立關係的時間還不夠長。

So the lines per account with newer customers tends to be less. So the two groups that churn quicker than the average have a higher weighting in accounts than they do in lines. That's why account churn is higher than line churn. Why is it increased more than line churn? Again, it's pure math.

因此，新客戶的每戶帳號線數（lines per account）往往較少。所以，這兩類流失較快的客群，在帳戶中的權重高於在線路中的權重。這就是為什麼帳戶流失率高於線路流失率。那為什麼它上升得比線路流失率更多？同樣，純粹是數學。

It's simply that our fastest-growing business by a long distance is broadband, which structurally, and we've talked about this before, has higher churn than wireless. So those -- it's really a math that explains the postpaid account churn. Line churn looks great. We're really happy with where we are. Account churn is doing exactly what we thought it would do. Peter?

原因很簡單：我們成長最快、且遠遠領先的業務是寬頻；而寬頻在結構上——我們之前也談過——其流失率高於無線。所以，後付費帳戶流失率主要就是用數學就能解釋。線路流失率看起來很棒。我們對目前的狀況非常滿意。帳戶流失率的表現完全符合我們原先的預期。Peter？

Yes. Probably just to add to that. I think one of your questions, Mike, was, did it get better in March? Well, I think you've heard some of our competitors kind of cherry pick the, well, March is better than December. Well, that's every single year.

是的。我可能補充一下。Mike，你其中一個問題是：3 月是否有變好？我想你也聽到一些競爭對手有點「挑數據」地說，嗯，3 月比 12 月好。但那每一年都是如此。

So yes, of course, we saw churn improvement in March -- in the last week -- and 2:34 AM, on Tuesday, was even better. . In terms of ARPA growth, it was all the factors, and that's the beauty of this model. Certainly, if you recall back last year, we did a round of rate plan optimizations that impacted particularly Q2 of last year.

所以是的，當然，我們在 3 月——在最後一週——看到流失率改善，而週二凌晨 2:34 甚至更好。。至於 ARPA 成長，所有因素都有貢獻，這也是這個模型的美妙之處。當然，如果你回想去年，我們做了一輪資費方案最佳化（rate plan optimizations），特別影響了去年第二季。

So you see a little bit of year-over-year impact on the comparatives in Q1 of this year from that. But it's also continually deepening the relationships, so an increase in lines per account, and that's across all product categories, the continued success that we're having with rate plan self election up the tiers continues to be at over 60% of new account lines are on our premium tier rate plans.

因此，你會在今年第一季的年對年比較中看到一些來自那次調整的影響。但同時，我們也在持續加深客戶關係，因此每戶帳號線數增加，而且這是跨所有產品類別。

Value-add service attached. So it's really every element of the equation that we've been talking about before that's driving the ARPA increase.

加值服務的綁定。所以，真正推動 ARPA 上升的，是我們之前談過的方程式中的每一個要素。

So again, Q2 will be a little bit different because Q1 didn't have the impact of the rate plan optimizations, but continually for the full year, we're seeing strength of 2.5% to 3% growth. Remember, that includes the anticipated dilutive impacts of U.S. Cellular and the acquisitions of Metronet and Lumos. So the underlying organic growth of ARPA is even stronger than that 2.5% to 3%.

因此，再次強調，第二季會有些不同，因為第一季沒有受到資費方案最佳化的影響；但就全年而言，我們仍看到 2.5% 到 3% 的強勁成長。請記得，這個數字包含了我們預期來自 U.S. Cellular 以及收購 Metronet 與 Lumos 的稀釋影響。因此，ARPA 的內生（organic）成長其實比 2.5% 到 3% 還要更強。

Thanks, Mike. All right. We're going to try Sean Diffley again in the queue. Sean, are you on this time?

謝謝你，Mike。好。我們再試一次隊列中的 Sean Diffley。Sean，這次你在線上嗎？

Can you guys hear me?

你們聽得到我嗎？

Yes, you're on.

是的，你在線上。

Hi, sorry for the delay. Thank you very much. Was hoping you could further elaborate on the inference at the edge opportunity, which you referenced. I think you said you signed a figure AI deal. But maybe just flesh out, T-Mobile is better positioned than peers to capture this? Is it your network architecture, AI RAN, your spectrum position? And how should we think about the business model?

嗨，抱歉耽擱了。非常感謝。我希望你們能進一步闡述你們提到的邊緣推論（inference at the edge）機會。我想你說你們簽了一個 Figure AI 的合作案。但能否再具體說明一下，為什麼 T-Mobile 相較同業更有利於掌握這個機會？是你們的網路架構、AI RAN、頻譜位置嗎？以及我們應該如何看待商業模式？

Is this something where you'd have to buy GPUs. And how big could this revenue opportunity be?

這是否屬於你們必須購買 GPU 的那種模式？而這個營收機會可能有多大？

Yes. So let me deal with the second part of the question, and then I'll hand over to Dr. John Saw. We might be here for a while. So just on the -- here's the vision of this, right, for me, do we need to buy GPUs, et cetera.

是的。我先回答問題的第二部分，然後再交給 John Saw 博士。我們可能會在這裡聊上一段時間。所以先談——對我而言，這個願景是什麼，對吧？例如我們是否需要買 GPU 等等。

So we're going to be -- we've already started introducing large amounts of AI into our network. And as we move closer towards AI-RAN, in fact, even doing things like winter storm fan, you saw AI in our network being a big reason why things like antenna tilt being done automatically, things like optimizing our network, a self-healing network in many ways, is not kind of science fiction, it's reality. It's the way our network runs every day.

所以我們將會——其實我們已經開始在網路中導入大量 AI。而當我們更接近 AI-RAN 時，事實上，甚至像冬季風暴應對那樣的情境，你也看到 AI 在我們網路中扮演重要角色，例如天線下傾（antenna tilt）能自動完成、網路最佳化、自我修復網路在很多方面都不是科幻，而是現實。這就是我們網路每天運作的方式。

Now as we do more and more AI in our network and as we build for more and more AI in our network, we will be building compute into our network. And just as in FWA, we have the concept of fallow capacity. As we build more AI into our network, we will generate a bunch of fallow compute, especially at the edge. Now the fallow compute plus low latency creates an incredible opportunity because if you're thinking of scale, automation -- it's impossible to do that without low latency.

隨著我們在網路中導入越來越多的 AI，並且為了在網路中支援更多 AI 而建設，我們將把運算能力建置到我們的網路之中。而且就像在 FWA（固定無線接取）一樣，我們有「閒置容量」的概念。當我們在網路中建置更多 AI 時，我們會產生大量的閒置運算能力，尤其是在邊緣端。現在，閒置運算能力加上低延遲，會創造一個令人難以置信的機會，因為如果你在思考規模化、自動化——沒有低延遲是不可能做到的。

Just think of robots running into each other or even we're still somebody trying to do remote heart surgery without low latency, right? Low latency has to be essential to any form of robotics or automation that you do. So the combination of low latency as well as fallow compute, is what makes us excited about the opportunity.

想想看機器人彼此撞在一起，或者甚至我們仍有人想在沒有低延遲的情況下做遠端心臟手術，對吧？低延遲必須是你所做任何形式的機器人或自動化的關鍵要素。因此，低延遲以及閒置運算能力的結合，正是讓我們對這個機會感到興奮的原因。

It's too early to size TAM. It depends on who you're listening to at any point in time, but all estimates of this market are very large. But John, do you want to talk about architecture and how we're different.

現在要估算 TAM（總可服務市場）還太早。這取決於你在任何時間點聽誰的說法，但對這個市場的所有估計都非常龐大。不過 John，你想談談架構以及我們有何不同嗎？

Sure, Sean. And by the way, we are highly optimistic with the prospects of physical AI just because I think when intelligence moves into the rail world, right, you're going to start seeing a shift from generative AI to physical AI. And when objects move that has built an intelligence, we believe that we have a big role to play. So we are more than prepared to take this on and we saw this coming a while back.

當然，Sean。順帶一提，我們對實體 AI 的前景非常樂觀，因為我認為當智慧進入「軌道世界」時，對吧，你會開始看到從生成式 AI 轉向實體 AI 的轉變。而當具備智慧的物體開始移動時，我們相信我們能扮演重要角色。所以我們不僅已經準備好迎接這件事，而且我們早在一段時間前就看到了這個趨勢。

So the big advantage we have is our 5G advanced network that we have built. And we are the only ones that have rolled out 5G advantage nationwide. And with that, we have a bunch of innovations that we have developed with 5G advance to increase spectral efficiencies and capacity like especially for the uplink, which is really needed for physical AI, like things like uplink transmit switching, higher transmit power and uplink MIMO, right?

因此，我們最大的優勢是我們所建置的 5G Advanced 網路。而且我們是唯一一家在全國範圍內部署 5G Advanced 的業者。在此基礎上，我們透過 5G Advanced 開發了許多創新，以提升頻譜效率與容量，特別是在上行鏈路方面——這對實體 AI 真的很需要，例如上行發射切換、更高的發射功率以及上行 MIMO，對吧？

This is why the latest iPhones and the latest Samsung phones actually perform best on our network. Now we didn't build a 5G advanced network just for faster phones. We actually built it for physical AI and with an eye to the future, right? And now that we have a 5G advanced network we can take on the extra capabilities that is needed to support etch inferencing for physical AI better than anybody else. And we believe that we have a multiyear advantage over the competition for this.

這就是為什麼最新的 iPhone 和最新的 Samsung 手機在我們的網路上實際表現最好。現在，我們建置 5G Advanced 網路並不只是為了讓手機更快。我們其實是為了實體 AI 而建置，並且著眼於未來，對吧？而現在我們有了 5G Advanced 網路，就能比任何人更好地承擔支援實體 AI 的邊緣推論（edge inferencing）所需的額外能力。我們相信在這方面，我們相較競爭對手有多年期的領先優勢。

Thanks, John.

謝謝你，John。

Operator, let's go to the next question in the queue, and then we'll probably flip over to social.

接線員，請我們進行佇列中的下一個問題，然後我們可能會切換到社群提問。

Kannan Venkateshwar, Barclays.

Barclays 的 Kannan Venkateshwar。

So make in the broadband business, when we think about the model you guys seem to be adopting. It's obviously a capital-efficient model of joint ventures combined with fixed wireless -- but the trade of, I guess, is there's also some embedded inefficiencies of managing all these JVs, and it's not clear what the economics are, if it's symmetrical, but would be great to get some sense of that as well. But the bigger question is -- is there a path here where maybe you look at more scaled deals instead of trying to scale this in bits and pieces across multiple JVs. Thank you.

所以在寬頻業務方面，當我們思考你們似乎正在採用的模式時。這顯然是一種資本效率高的模式：合資企業（JV）結合固定無線——但我想其代價是，管理這些 JV 也存在一些內嵌的低效率，而且經濟性如何也不清楚，是否對稱也不明確；如果也能讓我們對此有些了解會很好。但更大的問題是——是否存在一條路徑，讓你們可能去看更具規模的交易，而不是試圖透過多個 JV 以零碎方式來擴張規模？謝謝。

Yes. Let me pick that up and Andre, you can add on to it. -- so I think it's important to understand scale in the context of fiber. Scale in the context of fiber comes from two things. a national brand and local scale.

是的。我先回應這個問題，Andre 你也可以補充——我認為理解光纖情境下的規模很重要。光纖的規模來自兩件事：全國性品牌與在地規模。

Because scale and fiber is about local zoning, local permitting, local expertise in terms of digging trenches -- the fact that you have it in one geography means nothing for the next geography you go into because quite often zoning and permitting are completely different things.

因為光纖的規模涉及在地分區（zoning）、在地許可（permitting）、以及挖掘管溝等在地專業——你在某個地理區域擁有規模，對你進入下一個地理區域往往沒有任何意義，因為分區與許可常常完全不同。

The important thing for us is local scale. We are not chasing a random number of x million spread all over. We're very focused on where we are creating that local scale so that we're meaningful in that community so that we can drive the right economics. To your point on scale deals, I think there's kind of two or three different cuts to it, right?

對我們而言重要的是在地規模。我們不是在追逐一個隨機的、分散在各地的 x 百萬戶數。我們非常聚焦於在哪些地方建立在地規模，讓我們在該社區具有足夠的份量，從而推動正確的經濟性。至於你提到的規模型交易，我認為大概有兩到三種不同的切入方式，對吧？

Are we interested in a scale deal purely for homes passed on fiber? -- no? Are we interested in mixed ILEC and different deals, no, we want to be first to fiber, and there would be exceptions where we'd look at it where some part of the footprint potentially has some has some nonfirst to fiber. But on the whole, we want to focus on first of fiber and driving the economics out of that. And that's really the coherent strategy that we're executing. FWA, of course, is a national product. Andre, do you want to add anything to that in terms of --

我們是否有興趣做一筆純粹以光纖「覆蓋戶數（homes passed）」為目的的規模型交易？——沒有。我們是否有興趣做混合 ILEC（既有本地交換電信業者）以及其他不同類型的交易？不，我們希望成為「先行光纖（first to fiber）」；當然也會有例外情況，我們會考慮某些交易，其中部分覆蓋範圍可能包含一些非先行光纖。但整體而言，我們希望聚焦於先行光纖，並從中推動經濟性。這就是我們正在執行的一致且連貫的策略。當然，FWA 是一個全國性產品。Andre，你要不要就這方面補充一下，關於--

Yes. I think to just to underpin a couple of things you said, Srini. One, as we said before, we look at all of these partnerships, all of these JVs from a creation of shareholder value perspective. And that also includes making sure we have partners that are experts in deploying fiber, experts in managing this deployment business but also have strong, as Srini said, local footprint and the ability to build in an efficient manner in each of these geographies.

好的。我想補強你剛才提到的幾點，Srini。第一，如同我們之前所說，我們從創造股東價值的角度來看待所有這些合作夥伴關係、所有這些 JV。這也包括確保我們的合作夥伴是光纖部署專家、是管理這類部署業務的專家，同時也如 Srini 所說，具備強大的在地據點，以及在各個地理區域以高效率建設的能力。

So we're not looking at master plan on having fiber everywhere. We're looking at geographically with each of the partners, where does it make sense to build, where we can create value out of these builds. And the second thing, as Srini said, which is very important for us is also partners that bring the right technology. So when we look at each of these assets, it's very important for us that these are pure-play fiber assets.

因此，我們並不是在制定一個要讓光纖無所不在的總體規劃。我們是與每一位合作夥伴一起，按地理區域來看在哪裡建設才合理、在哪裡能從這些建設中創造價值。第二點，如 Srini 所說，對我們非常重要的是合作夥伴也要帶來合適的技術。因此，當我們檢視每一項資產時，對我們而言非常重要的是：這些必須是純光纖（pure-play fiber）資產。

We've done it with the first 2 deals with Lumos and Metronet and we've done it now with these 2 JVs that we set up. On your other question on just addressing it on inefficiencies, the way we've built this is to make sure that we can take the advantages of scale where that scale is meaningful. And that scale is meaningful in distribution. That scale is meaningful one brand. That's why T-Mobile has taken over all of the retail consumer operations for these assets.

我們在前兩筆與 Lumos 和 Metronet 的交易中就是這麼做的，而現在在我們成立的這兩個 JV 中也同樣如此。至於你另一個關於低效率的問題，我們的建構方式是確保能在「規模有意義」的地方取得規模優勢。而這個規模在通路（distribution）上是有意義的。這個規模在單一品牌上也是有意義的。這就是為什麼 T-Mobile 已接手這些資產的所有零售消費者營運。

That scale is also important in terms of, for example, the way we look at internal processes and IT. And the way we've integrated the JVs is we have a common IT platform that runs across all of the JVs that allows us, from the perspective of our customers, our front line and our processes that these JVs all look like one single operation from our perspective and from our customers' perspective.

這個規模在例如我們看待內部流程與 IT 的方式上也同樣重要。而我們整合這些 JV 的方式是：我們有一個共用的 IT 平台，橫跨所有 JV 運作，使得從客戶、第一線人員以及流程的角度來看，這些 JV 從我們的角度與客戶的角度都像是一個單一的營運體。

So we take scale where scale matters, where it's more important to have local knowledge and local scale, we will take that. Thank you.

因此，我們會在規模真正重要的地方採取規模策略；在那些更需要在地知識與在地規模的領域，我們就會這麼做。謝謝。

Kannan just struck me that your reference to large deals potentially was you asking the question I get quite asked quite often, which is the cable story. And I think I've said this at least a couple of times before, we're not going to go do scale for scale sake. Specifically, cable is not something we're interested in. We see our strength as attacking incumbents rather than becoming an incumbent. We see a huge opportunity to attack incumbents across fiber and FWA. That will be our key play.

Kannan，我突然想到，你提到大型交易的可能性，或許是在問一個我經常被問到的問題，也就是有線電視（cable）的故事。我想我之前至少說過幾次：我們不會為了規模而追求規模。具體來說，有線電視不是我們感興趣的領域。我們認為我們的強項是攻擊既有業者（incumbents），而不是自己成為既有業者。我們看到在光纖與 FWA 方面攻擊既有業者有巨大的機會。那將是我們的核心打法。

Thank you, Kannan.

謝謝你，Kannan。

Thanks, both.

謝謝你們兩位。

We're going to go over to X from Walt Paycheck. T-Mobile is packaging Starlink as a backup for businesses using 5G Internet branding at super broadband good sign for T-Mobile SpaceX relationship, MVNO Next?

接下來我們轉到 Walt Paycheck 在 X 上的提問。T-Mobile 正在以 5G Internet 的品牌，將 Starlink 打包成企業備援方案；這對 T-Mobile 與 SpaceX 的關係是個超寬頻（super broadband）的好跡象嗎？下一步是 MVNO 嗎？

Thanks, Walt. Let me deal with some of that and then hand over to Andre on some of the pieces on super broadband. So first, I think it's -- I know everyone around this call gets it, but this is something that gets confused quite often, which is SpaceX, Starlink, -- are we talking broadband? Are we talking direct to sell? We see them as two completely different businesses. we see the broadband business as actually a substitution to broadband, especially in the rural areas.

謝謝你，Walt。我先回應其中一部分，然後把關於超寬頻的一些內容交給 Andre。首先，我想——我知道這通電話上的每個人都懂，但這件事常常被混淆：SpaceX、Starlink——我們是在談寬頻嗎？還是在談 direct to sell？我們把它們視為兩個完全不同的業務。我們認為寬頻業務其實是在替代寬頻，特別是在鄉村地區。

We see direct to sell very much as a complementary product -- and I think if you listen carefully to some of the things, SpaceX talked about at MWC as well, they were very clear in positioning it as a complementary product. Let me deal with the MVNO question, and then I can pass on to Andre on super broadband.

我們認為 direct to sell 很大程度上是一個互補型產品——而且如果你仔細聽 SpaceX 在 MWC 上談的一些內容，他們也非常清楚地把它定位為互補型產品。我先處理 MVNO 的問題，然後再把超寬頻的部分交給 Andre。

So first on direct to sell as a whole. Look, our partnership with SpaceX is very strong. We've worked closely with them to really invent an entire category. And that's been putting an end to dead zones. We're pleased with that.

先談整體的 direct to sell。你看，我們與 SpaceX 的合作關係非常穩固。我們與他們密切合作，真正「發明」了一個全新的類別。那就是終結訊號死角。我們對此感到很滿意。

Most of the usage we're seeing is in national parks -- and if anything, courtesy of the great network that Dr. Saw has built, we're seeing a lot less usage than we were originally thinking. But it's a great complementary product.

我們目前看到的大多數使用情境是在國家公園——而且如果說有什麼的話，拜 Dr. Saw 打造的優異網路所賜，我們看到的使用量比原先預期少很多。但這是一個很棒的互補型產品。

And as you look at the future, -- we're seeing multiple other space providers show up. And the way this will evolve, we think is as a complementary product, it will become more and more of a standard feature of a whole set of offerings.

展望未來——我們看到還有多家其他太空供應商出現。我們認為這件事的演進方式是：作為互補型產品，它會越來越成為一整套方案中的標準功能。

So in some sense, less differentiated. And we're good with that at the Un-carrier, because this is our history. We go out there, innovate, create a breakthrough, solve a customer problem and then the others follow.And while they're following, we're on to our next big thing. So that's how we see DTC as a whole.

因此在某種意義上，差異化會變得更小。而我們在 Un-carrier 對此沒問題，因為這就是我們的歷史。我們走出去、創新、做出突破、解決客戶問題，然後其他人跟進。而在他們跟進的同時，我們已經在做下一件大事了。這就是我們對 DTC 整體的看法。

On MVNOs, we've got a very clear philosophy or approach to MVNOs. MVNOs make sense for us when it's a TAM expansion. A TAM expansion happens because it's a new customer base that we couldn't target earlier. It's a new channel. I mean an example of this is what we did with cable focused on SMB. It's not obvious to me how an MVNO with SpaceX or any other LEO operator fulfills those conditions.

至於 MVNO，我們對 MVNO 有非常清楚的理念與做法。當 MVNO 能擴大 TAM（總可服務市場）時，對我們才有意義。TAM 的擴大之所以發生，是因為那是一個我們以前無法觸及的新客群。或是一個新通路。例如，我們與有線電視合作、聚焦 SMB 的做法就是一個例子。但我不太清楚，與 SpaceX 或任何其他 LEO 業者合作的 MVNO，如何能符合這些條件。

Andre, on Super broadband?

Andre，超寬頻呢？

Thanks, Srini. On super broadband, as Srini said, one, just a grounding element. I know as Srini said that most people -- or all of the people on the call understand this, but just as a grounding element -- this is a broadband product. So it's not a direct to sell product, and it's B2B only.

謝謝，Srini。關於超寬頻，正如 Srini 所說，先做一個基本釐清。我知道如 Srini 所說，多數——或在場所有人都理解，但作為基本釐清——這是一個寬頻產品。所以它不是 direct to sell 產品，而且只做 B2B。

So we see an explain a little bit why we see that this is an opportunity in B2B, but we don't see any translation of this into the consumer space.

因此，我們可以稍微說明為什麼我們認為這在 B2B 是個機會，但我們不認為它會轉化到消費者市場。

First, two things. One, this product is only possible because it's anchored on our 5G FWA product and the best network in America. And that's the core, core anchor of the product. Second thing is what we're bringing to the market today and we announced this morning is anchored on an innovation by T-Mobile, which is our ability to within one single device.

首先，有兩點。第一，這個產品之所以可行，只因為它以我們的 5G FWA 產品與全美最佳網路為基礎。而那就是這個產品的核心、核心錨點。第二點是，我們今天帶到市場、並且今天早上宣布的內容，是建立在 T-Mobile 的一項創新之上，也就是我們能夠在單一裝置內。

And within one single network policy to be able to aggregate and coordinate between 5G FWA, for businesses and the second connection, which in this case is satellite. And that allows customers to solve three problems that businesses feel today.

並且在單一的網路政策之下，能夠在企業用的 5G FWA 與第二條連線（在此案例中是衛星）之間進行聚合與協調。這讓客戶能解決企業目前感受到的三個問題。

Number 1 is reliability and redundancy, which this product has incorporated by default. Second thing is coverage. Obviously, the reason why we're using satellite and StarLink is that allows us to provide the service nationwide in every single ZIP code in America, which is a challenge we see some of our customers facing.

第一是可靠性與備援性，而這個產品預設就已納入。第二是覆蓋。顯然，我們之所以使用衛星與 StarLink，是因為這讓我們能在全美每一個 ZIP code 提供服務；而這正是我們看到部分客戶面臨的挑戰。

And third is that it's very simple from a customer perspective, because this means that to cover all your locations with primary and redundancy, you only need one contract, one provider and one management platform.

第三是從客戶角度來看非常簡單，因為這代表要以主線與備援覆蓋你所有據點，你只需要一份合約、一家供應商，以及一個管理平台。

And so we're very excited about this. If you remember, when we talked in February, I said that business Internet was one of the areas where we were looking into where we thought and believe there was opportunity and that we were going to announce something in a couple of months, and we did so today. Thank you.

因此我們對此非常興奮。如果你還記得我們在二月談到時，我說企業網路（business Internet）是我們正在研究的領域之一；我們認為並且相信那裡有機會，而且我們會在幾個月內宣布一些事情——而我們今天就宣布了。謝謝。

Thanks, Andre. Operator, let's go back to the queue.

謝謝，Andre。接線員，我們回到提問隊列。

Michael Ng, Goldman Sachs

Michael Ng，高盛

Just two, if I could. First, just on cost synergies. How are you progressing against the $3 billion target exiting 2027? And -- how much have you kind of realized to date in 2026? And where are the key sources of those cost savings come from?

如果可以的話兩個問題。第一，關於成本綜效。你們在達成 2027 年底退出時 30 億美元目標方面進展如何？以及——截至 2026 年目前為止，你們大概已實現了多少？這些成本節省的主要來源是哪些？

And then just as a housekeeping item on the JVs. Anything you could share as it relates to how much you're contributing to the JVs or how much they should contribute to EBITDA on a run rate basis once it closes?

另外一個是關於合資企業（JVs）的例行問題。你們能否分享一下：你們對合資企業的出資大概是多少，或是在交易完成後，以 run rate 口徑來看，它們應該對 EBITDA 貢獻多少？

Thank you.

謝謝。

Peter, do you want to.

Peter，你要不要。

Yes, happy to take it. Let me start with the JVs. Much like we did with the last ones. From an investment perspective, we laid out in the press release that it's about $2.7 billion of investment across the JVs when they close.

是的，很樂意回答。我先從合資企業（JV）談起。就像我們處理上一批一樣。從投資角度來看，我們在新聞稿中已說明，這些合資企業在完成交割時，合計投資約為27億美元。

And at the time that they close, we'll certainly give you a more wholesome update as appropriate then around -- or what does it mean from a subscriber perspective, increase in our target fiber households past figures and all of those things.

而在交割時，我們當然會在適當時點提供更完整的更新，說明——或從用戶角度來看這代表什麼、我們目標光纖覆蓋戶數相較過去數據的提升，以及所有相關事項。

But it's a little early because they haven't closed -- so please hold on that. In terms of the cost synergies, I'm glad you asked just two months after we laid it out for you on, how is the progress going and what are you doing out there? And frankly, it's going really well. And remember what we laid out at Capital Markets Day, is the source of synergies are across a number of fronts, inclusive of customer care, retail, but you also have back-office efficiencies from AI and transfer formation -- and we're seeing great progress.

但現在還有點早，因為它們尚未完成交割——所以這部分請先稍等。至於成本協同效益，很高興你在我們兩個月前向各位說明後就來問：進度如何、你們在做些什麼？坦白說，進展非常順利。請記得我們在資本市場日所說，協同效益的來源涵蓋多個面向，包括客服、零售，同時也有來自AI與轉型帶來的後台效率提升——我們正看到很大的進展。

I would say, the $2.7 billion that we laid out for you exiting 2027, certainly is on track. I would say most of that will come towards the last part of 2026 and then fully into 2027 and beyond. And by the way, there's a lot more runway and opportunity than $2.7 billion. It's just that's what we see our way to phasing through to '27, leaving more runway into 2028.

我會說，我們提出在2027年末達成的27億美元目標，確實正按計畫推進。我會說其中大部分將在2026年後段開始體現，並在2027年及之後全面展開。順帶一提，跑道與機會其實遠不止27億美元。只是我們目前看到能夠分階段推進到2027年的是這個數字，並在2028年仍保留更多發揮空間。

Probably not a lot of metrics I'll give you in the intervening two months that have created a lot of updates. But we are seeing great progress on many of them. And one, for example, is just the use of the Chatbot, an AI-powered Chatbot that is actually capturing a lot of customer questions and addressing them in a great uncarrier fashion that you'd expect and actually containing about 60% of those already. So just another proof point on the way as we're going.

在這中間兩個月，我大概不會給你很多能稱得上重大更新的指標。但我們確實在許多項目上看到很好的進展。例如，聊天機器人的使用——一個由AI驅動的聊天機器人——正在承接大量客戶問題，並以你所期待的那種「Un-carrier」風格妥善回應，而且目前已能處理約60%的問題。所以這只是我們推進過程中的另一個佐證。

Great. Thanks, Peter. Thanks, Mike. All right, operator, next question, please.

很好。謝謝你，Peter。謝謝你，Mike。好，接線員，請下一個問題。

Peter Supino, Wolfe Research.

Wolfe Research 的 Peter Supino。

Hello. A question on the cost of getting new customers. Just running some simple math in your income statement, the cost of equipment sales versus equipment revenue produced a greater loss than a year ago by a few hundred million dollars.

你好。我有一個關於獲取新客戶成本的問題。我用你們的損益表做了一些簡單計算，設備銷售成本相對於設備收入所造成的虧損，比一年前多了數億美元。

And if I look at sort of a rolling four-quarter average, that number for the last couple of years, it's gradually climbing. So wondering what the underlying trend in the businesses that's driving up that equipment loss? And if it's positive or are growth, I wonder if we should expect that to to continue.

而如果我看過去四個季度的滾動平均，這個數字在過去幾年是逐步上升的。所以想請教，推升這項設備虧損的業務底層趨勢是什麼？以及如果這是正面的、或與成長相關，我們是否應預期這種情況會持續？

Thank you.

謝謝。

Yes. There's a number of things there. If you just focus on that one line item, and then I'll step back and kind of give you a view of the business. And that is a few things. One, you just have a larger base.

是的。這裡面有幾個因素。如果你只聚焦在那一個科目，我先回答它，然後我再退一步，從整體業務角度給你一個看法。原因有幾點。第一，你的基礎盤子更大了。

So you'll notice that our upgrade rate was similar -- and of course, our acquisitions were even higher as we see more share switching to T-Mobile. And so in a world where you do have device centric promotionality that is driving switching as well as upgrades on a smart value-accretive CLV basis one, you have a larger base, kind of doing the same upgrades you're capturing more acquisitions.

所以你會注意到，我們的換機率相近——當然，隨著更多市占轉向T-Mobile，我們的新增用戶（acquisitions）甚至更高。因此，在一個以裝置為中心的促銷推動轉網與換機的環境下，且我們是以聰明、能提升價值的客戶終身價值（CLV）為基礎來做，你一方面有更大的基礎盤子，另一方面在做差不多的換機，同時也吸收了更多新增用戶。

So naturally, you're just going to have a higher dollar amount there that's associated with that. To your point, though, there is an element of we are able -- because remember, we very smartly tend to design. Our most premium device promotions to be associated with our most premium device plans.

所以很自然地，與此相關的金額就會更高。不過如你所說，還有一個因素是我們能夠——因為請記得，我們一向非常聰明地設計：我們最頂級的裝置促銷，會與我們最頂級的資費方案綁定。

And customers see that as a great trade-off, inclusive of all the other value that is incorporated in those premium rate plans. And so you do see ARPA increases as a result of that. In fact, we mentioned that we continue to see over 60% of lines on new accounts, taking our premium plans.

而客戶把這視為很好的取捨，包含那些高階資費方案中所納入的其他所有價值。因此你確實會看到ARPA因此上升。事實上，我們提到，新開戶的線路中，仍有超過60%選擇我們的高階方案。

So you really have to step back and say, okay, not just that one line item, which I think this same dynamic will continue to play out on that one line item. But what is it doing to totality of the business? And how is that doing? And I know, Peter, you've looked at this more deeply.

所以你真的需要退一步看：好，不只是那一個科目——我認為同樣的動態會在那個科目上持續發生。但它對整體業務的影響是什麼？整體表現如何？而我知道，Peter，你對這點研究得更深入。

And I don't think Q1 could have been a better demonstration of the things we've been talking about for a long time now, which is if you invest in what is your product, I've heard others in the industry say you don't need to invest in your network. It's not important.

我認為第一季再也沒有比這更好的示範，來呈現我們長期以來一直在談的事情：也就是如果你投資在你的產品上——我聽到業界其他人說，你不需要投資你的網路，那不重要。

And I just -- I mean kudos to them if that's what they believe. -- it's our product. It's what we sell to customers. And the differentiation that we're starting to see with consumer sentiment now following what the actual network progress is, the value that we embed in our plans as well as the experiences mean that it's not just devices that make customers come here.

而我只是——我的意思是，如果他們真心相信那樣，那也恭喜他們——但對我們而言，網路就是我們的產品。這是我們賣給客戶的東西。而我們開始看到，隨著實際網路進展帶動消費者情緒的變化，加上我們在方案中嵌入的價值以及各種體驗，讓客戶來到這裡的原因不只是裝置。

You see us be very thoughtful around the promotions around devices that we do, inclusive of linking up to our top-tier rate plans in most instances. But you see the flow of customers coming to us, because it's not the devices. It's these three other elements.

你會看到我們在裝置促銷上非常審慎，包含在多數情況下與我們最高階資費方案連結。但你也看到客戶流向我們，因為不是裝置。而是另外這三個要素。

And not only did you see that in top line KPIs in terms of service revenue of 11%, 4 times the next nearest competitor, core EBITDA of 12% and the all-important free cash flow generation. But if you double-click down like you do so often into the next level of KPIs you see a tremendously stark difference developing in Q1.

而且你不僅在頂層KPI上看到了：服務營收成長11%，是最接近競爭對手的4倍；核心EBITDA成長12%；以及最重要的自由現金流創造。但如果你像你常做的那樣再往下「雙擊」看下一層KPI，你會看到第一季出現了非常鮮明的差異。

And it's one of those that is as a result of all this investment and differentiation that we've done mean if you take a look at what we delivered, 217,000 postpaid account net additions up year-over-year and ARPA growth of 3.9%.

而這其中一項，是我們所有投資與差異化所帶來的結果：如果你看我們交出的成績，後付費帳戶淨增21.7萬，且ARPA成長3.9%，年增。

That's what delivers the top line service revenue that's so differentiated. If you look at Verizon, for example, they lost 127,000 postpaid net accounts and their ARPU was almost down 2% year over year. And so if you -- I know they didn't do this for you, but if you somehow back out what you believe the frontier service revenue contribution was from M&A, their business -- the core business ex frontier actually declined in service revenue mean that's fascinatingly start to show you, by the way, why accounts and ARPA such an important metric to focus on in terms of value creation.

這正是帶來如此差異化服務營收成長的原因。例如你看Verizon，他們後付費淨帳戶減少12.7萬，而他們的ARPU年增幾乎下滑2%。所以如果你——我知道他們沒有替你做這個拆解——但如果你設法扣除你認為來自併購（M&A）的Frontier服務營收貢獻，他們的業務——扣除Frontier後的核心業務，其服務營收其實是下滑的；這非常耐人尋味，也順便告訴你，為什麼帳戶數與ARPA是衡量價值創造時如此重要、值得聚焦的指標。

Similarly, when you look at AT&T, they just delivered the highest yet again, the highest year-overyear postpaid phone churn increase in the industry, proving that all the convergence talk is just that, it's talk, but also more importantly, they had declines in postpaid phone ARPU sequentially and year-over-year.

同樣地，當你看 AT&T 時，他們再次交出了業界最高的、年對年後付費手機流失率（churn）增幅，證明所有關於融合（convergence）的說法就只是說說而已；但更重要的是，他們的後付費手機 ARPU 不論按季或年對年都出現下滑。

And if you look at what they just did with contract assets in Q1, where -- that was a $300 million increase in terms of pulling costs off the P&L and putting them on the balance sheet.

而如果你看他們在第一季對合約資產所做的處理——那相當於增加了 3 億美元，把成本從損益表（P&L）挪走，改放到資產負債表上。

If you adjust for that, EBITDA was down year-over-year there. So it just shows you, if you step one level down, you see the formula here that's way more than a device promotionality formula is that best network, best value, best experience means customers are choosing to change their whole relationship coming to T-Mobile, deepening that relationship vis-a-vis ARPA and our ability then because of the efficient way that we run, to translate that not only into core EBITDA leadership growth, but also that all-important free cash flow growth.

如果把那個因素調整回來，他們的 EBITDA 年對年是下滑的。所以這只是告訴你，如果你往下再看一層，你會看到這裡的公式遠不只是「裝置促銷」的公式：最佳網路、最佳價值、最佳體驗，代表客戶選擇改變他們整體的關係、轉向 T-Mobile，並透過 ARPA 加深這段關係；而我們也能因為營運效率高，把這不僅轉化為核心 EBITDA 領先的成長，還能轉化為同樣至關重要的自由現金流成長。

It just -- I think Q1 started showing you a lot more of what we've promised with this differentiation would come and that is historically different in terms of financial performance as well. So sorry, letting me let me go off that because it was just not equipment revenue and COGS, you really have to step back and see the broad picture of value creation here.

我想第一季開始更清楚地展現了我們所承諾的這種差異化將會帶來什麼，而這在財務表現上也具有歷史性的不同。所以抱歉，讓我稍微岔題一下，因為這不只是設備營收和銷貨成本（COGS）而已，你真的得退一步看這裡更宏觀的價值創造全貌。

So I appreciate you letting me go on, Peter.

所以謝謝你讓我多講一點，Peter。

Thank you, operator. Let's move on to our next question, please.

謝謝，接線員。我們請進下一個問題。

Sebastiano Petti, JPMorgan.

JPMorgan 的 Sebastiano Petti。

Thanks for taking the question. Either Peter or Srini, I guess, for either you, could you see the increase in the capital allocation for the year of $3.6 billion, $18.2 billion. You had the accelerated share repurchase in the first quarter that you announced, I guess, help us think shares have come in here a little bit, how are you thinking about perhaps the appetite for additional share repurchases or an accelerated buyback program here?

謝謝讓我提問。Peter 或 Srini，我想問你們其中一位：你們把今年的資本配置提高了 36 億美元，來到 182 億美元。你們在第一季宣布了加速股票回購（accelerated share repurchase），我想請你們協助我們理解：股數這裡似乎已經稍微下降了，你們如何看待進一步回購或再啟動一個加速回購計畫的意願？

And then related to the postpaid phone account -- postpaid account metric, -- great to see the upgrade. Maybe help us think about where you are in the process of integration on the US cellular base and whether that perhaps, but to maybe some of that churn increase that you talked about earlier on, the math, Trine, whether or not -- where are you in that migration or integration in that basin, when should we anticipate churn perhaps converges with the legacy based.

另外，關於後付費手機帳戶——後付費帳戶指標——很高興看到你們上修。也請協助我們理解：你們在整合 US Cellular 用戶基礎的進度到哪裡？以及這是否可能與你們先前提到的流失率上升有關——Srini，關於那個計算——你們在那個用戶池的遷移或整合進度如何？我們應該何時預期流失率會與既有用戶基礎趨於一致？

Peter, maybe you pick up the first bit and John do an update on your --

Peter，也許你先回答第一部分，John 再更新你的--

Absolutely. So on shareholder returns, you just saw us execute in Q1 an acceleration and delivered $4.9 billion in share buybacks for a significant cumulative amount of share buyback and dividends that have been returned to date under the program. And you saw us more excitingly just recently announced that the Board authorized us to increase up to the $3.6 billion.

當然。關於股東回饋，你們看到我們在第一季執行了加速，完成了 49 億美元的股票回購；在該計畫下，截至目前我們已回饋了相當可觀的累計股票回購與股利。而更令人振奮的是，你們也看到我們最近宣布董事會授權我們再增加最多 36 億美元。

And the way we're going to approach it is the way we've always approached this, which is I'm not going to talk about the daily trading dynamics and what we're thinking about and all of that for obvious reasons. But really importantly, it's -- we're focused on where do we see this company and its discount relative to intrinsic value.

我們的做法會一如既往：基於顯而易見的原因，我不會談每日交易動態、我們在想什麼等等。但非常重要的是——我們會聚焦在：我們如何看待這家公司相對於其內在價值（intrinsic value）的折價程度。

And of course, we'll follow our capital allocation philosophy, investing in the core business, investing in value-accretive M&A and then its shareholder returns consisting of this very balanced dividend and share buyback approach.

當然，我們會遵循資本配置哲學：投資核心業務、投資具增值性的併購（M&A），然後是股東回饋——由相當均衡的股利與股票回購組合所構成。

But that's how we're going to approach it. And so I'm not going to be able to say more in terms of what we're thinking about and how and when and trading dynamics there. But I think you saw us execute in Q1 and very smartly and thoughtfully based on where we believe the intrinsic value of the company is and the discount relative to that is going to guide us in a lot of these instances.

我們就是這樣來推進。因此，關於我們在想什麼、如何做、何時做，以及其中的交易動態，我沒辦法再多說。但我想你們已在第一季看到我們的執行，而且是非常聰明且審慎地、基於我們對公司內在價值以及相對折價的判斷；這也會在很多情境下指引我們。

Yes. Then I'll pick up on Sebastino. I'll pick up on the US Cellular integration piece. As you guys know, we closed the U.S. Cellular transaction on August 1 of last year. And we stopped promoting US Cellular to new customers right before the holidays last year. So we unified everything behind the T-Mobile brand, even in US Cellular branded stores we're acquiring all new accounts under the T-Mobile brand.

是的。那我接著回應 Sebastino。我來談 US Cellular 整合的部分。各位都知道，我們在去年 8 月 1 日完成了 U.S. Cellular 交易交割。而在去年假期前不久，我們就停止向新客戶推廣 US Cellular。因此我們把所有內容統一到 T-Mobile 品牌之下，即使是在我們收購的 US Cellular 品牌門市，我們也都是以 T-Mobile 品牌承接所有新帳戶。

And to the premise of your question, we're now just now beginning into the final kind of big throws of the customer migration. We've done a lot of the network-oriented migration that's behind us. now we're handling the customer migration. It's a relatively small base, 4 million customers or so. And we've got recent experience with this, given that we integrated the Sprint base back in 2020 to 2023.

就你的問題前提而言，我們現在才剛開始進入客戶遷移最後、也是最關鍵的一大段。我們已完成許多以網路為導向的遷移，那部分已經在我們身後；現在我們在處理客戶遷移。這是一個相對小的用戶基礎，大約 400 萬名客戶。而我們也有近期經驗，因為我們在 2020 到 2023 年間整合了 Sprint 的用戶基礎。

So a lot of learnings that we're applying to this overall customer migration effort in terms of communications and how we're mapping customers over, making sure they're getting all the benefits and understanding the full T-Mobile value proposition. All of that is going extremely well.

因此，我們把許多學到的經驗應用在整體客戶遷移工作上，包括溝通方式、如何把客戶對應轉移，並確保他們獲得所有好處、理解完整的 T-Mobile 價值主張。這一切進展都非常順利。

I could not be more satisfied with how it's going in the US cellular marketplace. So we're going to be working through that over the spring, the summer and the fall. I think we'll substantially have it wrapped up by this year in terms of the overall integration effort. And then of course, what that's leaving with is a incredibly bolstered network advantage in smaller markets and rural areas where we're continuing to do quite well.

我對 US Cellular 市場的進展再滿意不過了。所以我們會在春季、夏季與秋季持續推進。我認為到今年為止，我們在整體整合工作上將大致收尾。而這當然也會留下的是：在我們持續表現良好的小型市場與鄉村地區，我們的網路優勢將被大幅強化。

You heard Srini talk about where our share position is now in smaller markets, rural areas of 24%. But -- the other big thing that we're doing in smaller markets in rural areas is continuing to drive that wind share in postpaid switching. We're leading now 12 quarters in a row.

你們也聽到 Srini 提到，我們目前在小型市場、鄉村地區的市占位置是 24%。但——我們在小型市場與鄉村地區做的另一件大事，是持續推動後付費轉網（postpaid switching）的贏得市占（win share）。我們現在已連續 12 個季度領先。

So when you think about the majority of 2023, 2024, 2025 and so far in continuing to lead that position, enormous runway ahead of us and really fortified by the overall US. cellular assets that we've incorporated into the T-Mobile network.

所以當你回顧 2023、2024、2025 的大部分時間，以及到目前為止我們仍持續領先這個位置，我們前方仍有巨大的成長跑道，而這也因為我們把整體 U.S. Cellular 資產納入 T-Mobile 網路而更加鞏固。

Yes. Just one thing, Sebastino, just to clarify, -- the math I was laying out about account churn. US Cellular is not a contributor to that. So that behaved exactly like we expected it. This was more kind of weighted average math camp.

是的。Sebastino，我再補充一點釐清：我先前在談帳戶流失率（account churn）的那個計算——US Cellular 並不是其中的貢獻因素。所以那部分的表現完全符合我們的預期。這更多是加權平均的數學效果。

I appreciate that. Thank you so much.

了解，謝謝。非常感謝。

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

好的。我們進入下一個問題。

Brandon Nispel, KeyBanc Capital Markets.

Brandon Nispel，KeyBanc Capital Markets。

Great. Thanks for taking questions. I think the last couple of quarters, and it was sort of asked, but in the last couple of quarters, you guys gave an organic ARPA growth I was hoping you guys could give that organic ARPU growth this quarter. And then just looking at the guide for service revenue in 2Q, it seems like the trend on ARPA growth needs to come down something with a one -- and I was wondering if I got that right. And then it just seems like, again, going -- looking at your guidance to hit $77 billion, we need to reaccelerate that. I want to just confirm that all of that was correct and get your thoughts there. Thanks.

很好。謝謝讓我提問。我想過去幾個季度——之前也有人稍微問到——但在過去幾個季度，你們提供了有機 ARPA 成長，我原本希望你們這一季也能提供有機 ARPU 成長。另外，看你們對 2Q 服務營收的指引，似乎 ARPA 成長的趨勢需要降到 1 字頭——我想確認我是否理解正確。再者，看起來要達到你們指引的 770 億美元，我們需要讓那個成長重新加速。我想確認以上是否都正確，並聽聽你們的看法。謝謝。

Yes. I can go on -- you're absolutely right. On the ARPA piece, but remember, it's a remnant of the fact that we had rate plan optimizations that benefited Q2 of last year, but not Q1 of last year. So you had that being an impact over the year-over-year. So yes, when you think about Q2, I think you're absolutely right in terms of the numbers, probably near 2% on a year-over-year ARPA basis there, simply because of the dynamics of you have the rate plan optimizations and you have remember the dilutive effect that was long anticipated around both US Cellular as well as MetroNet and Lumos, which were taken on and impact Q2 of this year, but not, of course, Q2 of last year.

是的。我可以接著說——你說得完全正確。就 ARPA 這一塊而言，但請記得，這是因為我們去年第二季有資費方案優化帶來的效益，但去年第一季沒有。因此在年對年比較上會受到影響。所以是的，當你看第二季時，我認為你對數字的判斷完全正確；以年對年 ARPA 來看大概接近 2%，主要是因為你同時有資費方案優化的因素，另外也要記得，先前就預期會有稀釋效果，來自 US Cellular 以及 MetroNet 和 Lumos——這些在今年第二季納入並影響第二季，但當然去年第二季沒有。

And then we will see an acceleration for the second half of the year back. So this is all just math dynamics here. In terms of ARPA and giving you organic versus inorganic, we moved away from that primarily because I just don't have a great answer for you. It would all be subject to Art. So for example, as we brought on a US Cellular customer and they expanded their relationship with us post merger, what do I do there?

然後我們會在下半年看到成長再度加速。所以這些都只是數學上的動態變化。至於 ARPA，以及你提到要我們提供有機與非有機的拆分，我們之所以不再提供，主要是因為我很難給你一個很好的答案。那會很主觀。例如，我們把 US Cellular 的客戶納入後，他們在合併後擴大與我們的合作關係，那我該怎麼歸類？

Is that organic or inorganic?

那算有機還是非有機？

Or when we had fiber-only customers come on board, and then expand their relationship and take on phone and other products, how do I allocate that away -- and so we're not in the business of creating art here. We want to be very transparent with you. And I think at this point, because of how we've accelerated some of the US cellular elements of it, and these nuances, we're really not giving organic or inorganic ARPA for that reason.

或者，當我們有僅光纖的客戶加入，之後擴大合作、再加購手機與其他產品時，我要怎麼把那部分分攤——所以我們不想在這裡做「藝術創作」。我們希望對你非常透明。而且我認為在目前這個時間點，因為我們加速了部分 US Cellular 相關元素，加上這些細微差異，基於這個原因，我們就不再提供有機或非有機 ARPA。

Thanks, Brandon.

謝謝你，Brandon。

Appreciate you taking the question.

感謝讓我提問。

Operator, let's do one last question, please.

接線員，請再讓我們做最後一個問題。

Timothy Horan, Oppenheimer.

Timothy Horan，Oppenheimer。

Thanks, guys. With basically the highest quality service out there in almost every metric, you're at a 20% price discount, give or take, versus your peers. I mean, can you get the pricing to parity over time? I mean with the quality service, you might not even impact subscriber growth at all, but how are you thinking about pricing longer term?

謝謝，各位。以幾乎每一項指標來看，你們基本上提供市場上最高品質的服務，但相較同業，你們的價格大約有 20% 的折扣、上下浮動。我的意思是，隨著時間推移，你們能把定價拉回到與同業持平嗎？以你們的服務品質，甚至可能完全不影響用戶成長，但你們長期對定價是怎麼思考的？

Yes. Pick that up. The way we think about pricing power and pricing as a whole is ARPA growth, right? We don't tend to fix it on one number. We love the fact that our back book is actually at a lower price than our front book.

是的。我來回答。我們看待定價能力與整體定價的方式，是看 ARPA 成長，對吧？我們不太會把焦點鎖定在單一數字上。我們很喜歡的一點是，我們的存量客群（back book）實際上比新進客群（front book）的價格更低。

We simply put that our existing customers pay less than you. That's rare in an annuity business, and it creates incredible dynamics. -- right? Because that means as you bring on customers you're growing ARPU as well as volume.

簡單說，就是我們的既有客戶付得比你更少。在年金型（續約型）業務中這很罕見，而且會帶來非常好的動態——對吧？因為這代表當你新增客戶時，你同時在提升 ARPU 以及規模。

You're growing value as well as volume. And when you have this position of having best network, best experience and best value, that creates a position of no trade-offs. So we are going to protect our position on best value. We're not going to look at it kind of with one variable, which is what is our ARPU versus other people's ARPU or what is our ARPU with others.

你是在提升價值，同時也在提升規模。而當你同時具備最佳網路、最佳體驗與最佳價值時，就形成一種不需要取捨的位置。因此我們會維持我們「最佳價值」的定位。我們不會只用單一變數來看，例如我們的 ARPU 相較別人的 ARPU，或我們的 ARPU 與他人相比如何。

We will, from time to time, do thoughtful moves on our pricing. They are typically more for more moves where what we end up doing is give our customers more because a lot of the plans, for example, would be outdated. So what we will end up doing is bringing them up to date with newer, better plans and that may or may not come with a price change.

我們會不時對定價做一些審慎的調整。通常是「加量不加價」或「多付多得」的調整，也就是我們最後會給客戶更多，因為很多方案例如可能已經過時。所以我們最後會把他們升級到更新、更好的方案，而這可能會、也可能不會伴隨價格變動。

But we don't see a world where we look at a 20% discount and go, let's go back that pricing up and create a change because we think getting titrating the volume and value making sure that we stay with this position of best network, best value, best experience is what creates long-term shareholder value, long-term customer loyalty. It's what creates the number I love the most, our NPS, 20% ahead of everyone else.

但我們不認為會有一種情況是：看到 20% 的折扣就說，讓我們把價格拉回去並造成變動；因為我們認為，在規模與價值之間做適當的調配，確保我們維持「最佳網路、最佳價值、最佳體驗」的定位，才是創造長期股東價值、長期客戶忠誠度的關鍵。這也帶來我最喜歡的那個數字——我們的 NPS，比所有人都高出 20%。

All right. Thanks, Tim, and thanks, everybody, for joining us today. We're looking forward to connecting with you again soon. In the meantime, if you have other questions, please contact the Investor Relations or media departments. Thank you

好的。謝謝你，Tim，也謝謝各位今天加入我們。我們期待很快再次與各位交流。同時，如果你有其他問題，請聯絡投資人關係或媒體部門。謝謝。