T-Mobile US Inc (TMUS) 2022 Q1 法說會逐字稿

Good morning. (Operator Instructions) Today's call is being recorded.

早上好。 （操作員說明）今天的電話正在錄音。

I'd now like to turn the conference over to Mr. Jud Henry, Senior Vice President and Head of Investor Relations for T-Mobile US. Please go ahead, sir.

我現在想將會議轉交給 T-Mobile 美國高級副總裁兼投資者關係主管 Jud Henry 先生。請繼續，先生。

Good morning, everyone. Welcome to the T-Mobile First Quarter 2022 Earnings Call. Joining me on the call today are Mike Sievert, our President and CEO; Peter Osvaldik, our CFO; as well as other members of the senior leadership team.

大家，早安。歡迎參加 T-Mobile 2022 年第一季度財報電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Mike Sievert；我們的首席財務官 Peter Osvaldik；以及高級領導團隊的其他成員。

During the call, we will make forward-looking statements which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review. Our earnings release, investor fact book and other materials that accompany our Q1 results as well as reconciliations between our GAAP and non-GAAP disclosures can be found on the Quarterly Results section of the Investor Relations website.

在電話會議期間，我們將做出涉及許多風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致實際結果與我們的前瞻性陳述存在重大差異。我們在提交給 SEC 的文件中提供了一份全面的風險因素列表，我鼓勵您對其進行審查。我們的第一季度業績以及我們的 GAAP 和非 GAAP 披露之間的調節可以在投資者關係網站的季度業績部分找到我們的收益發布、投資者概況和其他材料。

With that, let me turn the call over to Mike.

有了這個，讓我把電話轉給邁克。

Okay. Thanks, Jud. Hi, everybody. Well, what an exciting time right now at T-Mobile. We have a lot to cover, but we'll keep our comments brief this time so that we can get right to your questions.

好的。謝謝，賈德。大家好你們好。好吧，現在在 T-Mobile 是多麼激動人心的時刻。我們有很多要介紹的內容，但這次我們會保持簡短的評論，以便我們能夠正確回答您的問題。

We just celebrated the 2-year anniversary of this merger. We delivered another exciting outperformance in Q1 to kick off 2022. We're in the home stretch of our accelerated integration. And we're raising our guidance for the year across the board based on the momentum that we see in our business.

我們剛剛慶祝了這次合併 2 週年。我們在 2022 年開始時在第一季度實現了另一個令人興奮的優異表現。我們正處於加速整合的最後階段。我們正在根據我們在業務中看到的勢頭全面提高全年的指導。

It's hard to believe that it's already been 2 years since we closed our merger with Sprint. I'm incredibly proud of what we've accomplished as we have consistently exceeded not only our own targets, but also Wall Street's expectations.

很難相信我們完成與 Sprint 的合併已經 2 年了。我為我們所取得的成就感到無比自豪，因為我們不僅不斷超出我們自己的目標，而且也超出了華爾街的預期。

One of the cornerstones of our merger advocacy was that we would lead the U.S. into the 5G era. And I don't think very many people anticipated what we've already achieved in just 2 years. We now cover 315 million people with 5G. That's 95% of all Americans. And our 5G geographic coverage with dedicated low-band spectrum is more than Verizon and AT&T have combined, which both, by the way, are still largely sharing spectrum with their LTE networks.

我們倡導合併的基石之一是我們將帶領美國進入 5G 時代。而且我認為沒有多少人預料到我們在短短兩年內已經取得的成就。我們現在用 5G 覆蓋了 3.15 億人。這是所有美國人的 95%。我們的 5G 地理覆蓋範圍和專用低頻段頻譜超過了 Verizon 和 AT&T 的總和，順便說一句，這兩家公司仍然在很大程度上與其 LTE 網絡共享頻譜。

Perhaps our greatest impact though was to awaken the industry to the transformational performance of mid-band spectrum for Ultra Capacity 5G. We already cover 225 million Americans, and nearly 85% of all T-Mobile customers with these game-changing experiences. We caused others to pivot from an apparent willingness to leave fast 5G to a select few customers within arm's reach of a millimeter wave site. And now we see them greatly increasing their investments in mid-band spectrum and deployment. They are trying to chase us but only to realize they will be and are years behind T-Mobile.

不過，我們最大的影響也許是喚醒了行業對超容量 5G 中頻段頻譜的轉型性能。我們已經為 2.25 億美國人和近 85% 的 T-Mobile 客戶提供了這些改變遊戲規則的體驗。我們讓其他人從明顯願意離開快速 5G 轉向毫米波站點一臂之遙的少數客戶。現在我們看到他們大大增加了對中頻頻譜和部署的投資。他們試圖追趕我們，但只是意識到他們將落後於 T-Mobile 多年。

Pre-merger, we laid out a plan to realize massive synergies from our scale and efficiencies only to raise our run rate synergy expectations by 25% after closing the merger. We're delivering these synergies bigger and faster than expected to the benefit of our shareholders.

合併前，我們制定了一項計劃，以實現我們的規模和效率的巨大協同效應，但在完成合併後將我們的運行率協同預期提高了 25%。我們正在以比預期更大、更快的速度實現這些協同效應，以造福於我們的股東。

And synergies are ramping up even further this year as we're approaching some of our biggest milestones, including moving the remaining customers off the Sprint network in the next couple of month just over 2 years from merger close. And we're also on track to upgrade or decommission substantially all of the Sprint sites this year, less than 3 years from close. We've been selectively decommissioning sites since the merger close. And as of Q1, we've decommissioned roughly 1/3 of the 35,000 targeted sites, with the big push coming in the second half of this year. Remarkable execution by the team as we pulled these milestones forward by more than a year.

隨著我們接近一些最大的里程碑，今年的協同效應正在進一步增強，包括在合併完成後的兩年多後的未來幾個月內將剩餘的客戶從 Sprint 網絡中移除。我們也有望在今年升級或停用幾乎所有的 Sprint 站點，距離關閉不到 3 年。自合併結束以來，我們一直在選擇性地停用站點。截至第一季度，我們已經停用了 35,000 個目標站點中的大約 1/3，今年下半年將大力推進。當我們將這些里程碑提前一年多時，團隊的出色執行力。

At the Un-carrier, we're committed to use our 5G leadership and synergies for the good of consumers and businesses, eliminating the biggest pain point in this industry where customers were forced to make trade-offs between network quality and value. As the only national wireless provider with a clearly articulated and differentiated growth strategy, we have led the industry in postpaid customer and service revenue growth in the 2 years since the merger closed. In that time, we've delivered roughly 2 million postpaid account net adds, and 11.5 million postpaid net adds, including an industry-best 5.3 million postpaid phone net adds.

在 Un-carrier，我們致力於利用我們的 5G 領先優勢和協同效應造福消費者和企業，消除該行業中客戶被迫在網絡質量和價值之間進行權衡的最大痛點。作為唯一一家擁有明確表達和差異化增長戰略的全國性無線供應商，我們在合併後的兩年內在後付費客戶和服務收入增長方面處於行業領先地位。在那段時間裡，我們已經交付了大約 200 萬個後付費帳戶淨增加量和 1150 萬個後付費淨增加量，其中包括行業最佳的 530 萬個後付費電話淨增加量。

We were also the only national wireless operator to deliver double-digit growth in both service revenue and core adjusted EBITDA over that period. And we accomplished this while building the foundation for sustainable growth platforms across enterprise and government, smaller markets in rural areas, prime consumers in the largest 100 markets and bringing real competition to broadband.

在此期間，我們也是唯一一家服務收入和核心調整後 EBITDA 均實現兩位數增長的國家無線運營商。我們實現了這一目標，同時為企業和政府、農村地區較小市場、最大 100 個市場的主要消費者和寬帶帶來真正的競爭奠定了可持續增長平台的基礎。

We've unlocked new experiences for consumers, like the first truly unlimited 5G plan with Magenta MAX. And we've established T-Mobile as the fastest-growing broadband provider, bringing a better product and value proposition to over 40 million potential households and already serving over 1 million customers, just a year after our commercial launch.

我們為消費者解鎖了新體驗，例如第一個真正無限的 Magenta MAX 5G 計劃。我們已將 T-Mobile 打造為增長最快的寬帶提供商，在我們推出商業服務僅一年後，為超過 4,000 萬個潛在家庭帶來了更好的產品和價值主張，並已為超過 100 萬客戶提供服務。

We are carrying this momentum right into 2022, delivering another industry-leading quarter of both customer and financial growth in Q1 built on the incredible momentum of our Magenta brand.

我們將這一勢頭延續到 2022 年，在我們 Magenta 品牌令人難以置信的勢頭的基礎上，在第一季度實現了另一個行業領先的客戶和財務增長季度。

We added 348,000 postpaid account net adds, our highest Q1 ever and the highest reported in the industry yet again. As I've said before, this measure of our total billing relationships is the best barometer that we're winning the switching decisions in this industry. While others appear to be leaning into adding lines to their base, we are focused on growing the number of customer relationships and then deepening them over time across our products and services.

我們增加了 348,000 個後付費賬戶淨增加量，這是我們有史以來最高的第一季度，也是業內報告的最高水平。正如我之前所說，我們總計費關係的這種衡量標準是我們贏得該行業轉換決策的最佳晴雨表。雖然其他人似乎傾向於在他們的基礎上增加產品線，但我們專注於增加客戶關係的數量，然後隨著時間的推移在我們的產品和服務中加深它們。

And we delivered our highest Q1 postpaid net adds in 8 years with an industry best 1.3 million. That's more postpaid nets than AT&T and Verizon combined. This includes 589,000 postpaid phone net adds. Our postpaid phone churn dropped by a whopping 17 basis points from Q4 to just 0.93, the industry best improvement both year-over-year and sequentially. We were the only national wireless operator to improve churn year-over-year as our competitors saw their churn increase. This integration-driven churn improvement really matters because our phone gross adds were the highest in the industry yet again in Q1. In fact, if the Sprint churn was the same as the Magenta churn, postpaid phone net adds in Q1 would have been closer to 900,000.

我們實現了 8 年來最高的第一季度後付費淨增加，達到了行業最佳的 130 萬。這比 AT&T 和 Verizon 的總和還要多。這包括 589,000 個後付費電話網添加。我們的後付費電話客戶流失率從第四季度大幅下降 17 個基點至僅 0.93，同比和環比均處於行業最佳改善水平。我們是唯一一家逐年改善客戶流失率的全國性無線運營商，因為我們的競爭對手的客戶流失率有所增加。這種集成驅動的客戶流失改善確實很重要，因為我們的手機總增加量在第一季度再次成為業內最高的。事實上，如果 Sprint 流失率與 Magenta 流失率相同，那麼第一季度的後付費電話網絡增加量將接近 900,000。

And I couldn't be more excited about high-speed Internet, where we had 338,000 net adds and I expect will be the fastest-growing broadband provider in the industry for the second consecutive quarter. Demand just continues to build from dissatisfied suburban cable customers to underserved customers in smaller markets and rural areas.

我對高速互聯網感到無比興奮，我們有 338,000 個淨增加量，我預計將連續第二個季度成為業內增長最快的寬帶提供商。需求不斷增加，從不滿意的郊區有線電視客戶到小市場和農村地區服務不足的客戶。

Our Net Promoter Scores continue to improve quarter-over-quarter and, are now more than 3x the average NPS scores for cable customers. The best part is we're just getting started bringing the Un-carrier to broadband. So stay tuned for what we have in store next.

我們的淨推薦值繼續環比提高，現在是有線電視客戶平均 NPS 得分的 3 倍以上。最好的部分是我們剛剛開始將 Un-carrier 帶入寬帶。所以請繼續關注我們接下來的內容。

Magenta MAX continues to see great adoption from customers, which is helping to drive strong ARPU and ARPA trends, and we still have lots of room for further growth. With the trends that we're seeing, we now expect postpaid phone ARPU to be up roughly 1% in 2022.

Magenta MAX 繼續得到客戶的廣泛採用，這有助於推動強勁的 ARPU 和 ARPA 趨勢，我們仍有很大的進一步增長空間。根據我們所看到的趨勢，我們現在預計後付費電話 ARPU 將在 2022 年增長約 1%。

In addition, we continue to see our prime mix of credit apps increased on a year-over-year basis each quarter, showing that our network and our brand are consistently attracting the industry's best customers.

此外，我們繼續看到我們的主要信貸應用組合每個季度都在同比增加，這表明我們的網絡和我們的品牌一直在吸引業內最好的客戶。

We continue to see good momentum in smaller markets and rural areas as we expand the reach of our distribution and network. The team is executing our precision playbook here to a T, coordinating the network and distribution build-outs to unlock new experiences community by community. We ended 2021 effectively competing in about 30% of households in these markets and will continue to expand to more than half of households in smaller markets by the end of this year.

隨著我們擴大分銷和網絡的覆蓋範圍，我們繼續在較小的市場和農村地區看到良好的勢頭。該團隊正在這裡執行我們的精確劇本，協調網絡和分發建設，以逐個社區解鎖新體驗。到 2021 年底，我們在這些市場中約 30% 的家庭中進行了有效競爭，並將在今年年底前繼續擴展到較小市場中超過一半的家庭。

Our new accounts from smaller markets and rural areas grew 40% year-over-year in Q1. And these markets are also a great example of where our high-speed Internet is helping to open doors for us to drive mobile penetration.

我們來自較小市場和農村地區的新客戶在第一季度同比增長 40%。這些市場也是我們的高速互聯網幫助我們打開大門以推動移動滲透的一個很好的例子。

T-Mobile for Business continues to build mind share with enterprise and government customers on the strength of our network and our ever-expanding suite of products and services. We've built strong momentum across major verticals now, such as the financial sector, where we continue to expand the list of large multinational banks relying on T-Mobile for secure and compliant connectivity for their hybrid mobile workforce.

T-Mobile for Business 憑藉我們的網絡優勢以及我們不斷擴展的產品和服務套件，繼續與企業和政府客戶建立思想共享。我們現在在主要垂直領域（例如金融領域）建立了強勁的勢頭，我們繼續擴大依賴 T-Mobile 為其混合移動員工提供安全和合規連接的大型跨國銀行的名單。

Our network performance has also been a catalyst for over 31st responder agencies to join T-Mobile just in Q1. We recently introduced the first 5G connected cars in America with Magenta Drive for BMW. And we continue to be on the leading edge of advanced 5G network solutions like mobile edge compute and private networks. I'm excited about building on our momentum with businesses in 2022 with our significant and durable 5G network advantage.

我們的網絡性能也成為了超過 31 個響應機構在第一季度加入 T-Mobile 的催化劑。我們最近推出了美國第一款配備寶馬 Magenta Drive 的 5G 聯網汽車。我們繼續在先進的 5G 網絡解決方案（如移動邊緣計算和專用網絡）方面處於領先地位。憑藉我們顯著且持久的 5G 網絡優勢，我很高興能夠在 2022 年與企業建立聯繫。

Okay. Let me wrap up. It's been a remarkable run in the first 2 years since our merger. We've unlocked better experiences for consumers and businesses by offering the best value and the promise of the best network for the first time in this industry's history. We've unlocked shareholder value through industry-leading growth in postpaid customers and service revenues while delivering merger synergies bigger and faster than originally planned. We're off to a great start in 2022 with a beat-and-raise quarter that not only led this industry in growth of postpaid customers, but also service revenue, core adjusted EBITDA and cash flows. And positioned us to raise our guidance across the board just 1 quarter into the year.

好的。讓我總結一下。自我們合併以來的頭兩年，這是一個了不起的運行。通過在行業歷史上首次提供最佳價值和最佳網絡承諾，我們為消費者和企業解鎖了更好的體驗。我們通過後付費客戶和服務收入的行業領先增長釋放了股東價值，同時實現了比原計劃更大、更快的合併協同效應。我們在 2022 年迎來了一個良好的開端，一個節拍加薪的季度不僅在後付費客戶增長方面引領該行業，而且在服務收入、核心調整後 EBITDA 和現金流方面也處於領先地位。並讓我們在今年僅 1 個季度就全面提高我們的指導。

Our team is excited to carry all this momentum through the rest of '22, and I'll let Peter take you through our key financial highlights from Q1 and our increased guidance in more detail. Peter?

我們的團隊很高興能夠在 22 年的剩餘時間裡保持所有這些勢頭，我會讓彼得帶您了解我們第一季度的主要財務亮點以及我們更詳細的增加指導。彼得?

All right. Thanks, Mike. As you can see, we started off 2022 with very strong Q1 results. Our industry-leading growth in postpaid customers and highest postpaid phone ARPU growth in the last 5 years resulted in the best postpaid service revenue growth in the industry, up 9% year-over-year. That strong service revenue growth, combined with our continued execution on our merger synergies, delivered year-over-year core adjusted EBITDA growth of 10% compared to the year-over-year decline in EBITDA that you see from others in our industry. That growth and profitability fueled higher operating cash flow even with higher merger-related costs and enabled us to deliver industry-leading growth in free cash flow of over 25% while accelerating our CapEx investments in the network.

好的。謝謝，邁克。如您所見，我們從 2022 年開始就取得了非常強勁的第一季度業績。我們在後付費客戶方面的行業領先增長和過去 5 年最高的後付費電話 ARPU 增長導致行業內最好的後付費服務收入增長，同比增長 9%。強勁的服務收入增長，加上我們對合併協同效應的持續執行，使核心調整後 EBITDA 同比增長 10%，而您從我們行業的其他公司看到的 EBITDA 同比下降。即使與合併相關的成本更高，這種增長和盈利能力也推動了更高的運營現金流，使我們能夠實現超過 25% 的行業領先的自由現金流增長，同時加快我們對網絡的資本支出投資。

So let's talk about how our great execution in Q1 set us up to raise guidance across the board for 2022. We now expect total postpaid net additions to be between 5.3 million and 5.8 million, up 300,000 at the midpoint, reflecting our ongoing focus on profitable growth with our Magenta brand as we continue our accelerated Sprint customer migration.

因此，讓我們談談我們在第一季度的出色執行如何幫助我們全面提高 2022 年的指導。我們現在預計後付費淨增加總量將在 530 萬至 580 萬之間，中點增加 30 萬，這反映了我們對盈利的持續關注隨著我們繼續加速 Sprint 客戶遷移，我們的 Magenta 品牌實現增長。

We continue to expect roughly half of postpaid net adds coming from phones for the full year more weighted to the second half, with the Sprint migration impacts more in the first half and expansion in smaller markets and rural areas building throughout the year. Consistent with Q1, this net adds guidance does not include the small subset of customers who will not migrate upon the sunset of the Sprint networks, which will be treated as a base adjustment.

我們繼續預計，全年約有一半的後付費淨增加來自手機，其權重將更多地放在下半年，上半年 Sprint 遷移的影響更大，全年小型市場和農村地區的擴張都在擴大。與第一季度一致，該網絡增加的指導不包括在 Sprint 網絡結束時不會遷移的一小部分客戶，這將被視為基礎調整。

As we began the CDMA sunset at the end of Q1, we took an adjustment of 212,000 postpaid phones, in line with what we had guided, as well as 349,000 postpaid other devices, which were largely low ARPU IoT devices. We expect to begin the LTE sunset at the end of Q2 and estimate a base adjustment of approximately 300,000 postpaid phones and between 700,000 and 900,000 lower ARPU postpaid other devices. The anticipated impact of these adjustments is relatively immaterial and fully incorporated into our core adjusted EBITDA and free cash flow guidance.

當我們在第一季度末開始 CDMA 日落時，我們根據我們的指導調整了 212,000 部後付費手機以及 349,000 部後付費其他設備，這些設備主要是低 ARPU 物聯網設備。我們預計將在第二季度末開始 LTE 日落並估計大約 300,000 部後付費手機和 700,000 至 900,000 部 ARPU 後付費其他設備的基數調整。這些調整的預期影響相對無關緊要，並已完全納入我們的核心調整後 EBITDA 和自由現金流指導。

Turning to core adjusted EBITDA. We now expect full year 2022 to be between $25.8 billion and $26.2 billion, up more than 10% year-over-year at the midpoint, which is up $150 million from the prior guidance, driven by our growth in service revenues and merger synergies and excludes leasing revenues, which we continue to expect to be between $1.1 billion to $1.4 billion as we transition Sprint customers off device leasing.

轉向核心調整後的 EBITDA。我們現在預計 2022 年全年將在 258 億美元至 262 億美元之間，在中點處同比增長 10% 以上，這比之前的指引增加了 1.5 億美元，這得益於我們的服務收入增長和合併協同效應以及不包括租賃收入，隨著我們將 Sprint 客戶從設備租賃中轉移出來，我們繼續預計收入將在 11 億美元至 14 億美元之間。

We now expect merger synergies to be between $5.2 billion to $5.4 billion, up $150 million at the midpoint and weighted to the second half of the year, primarily as we unlock more network savings as site decommissioning accelerates. As a result of timing of synergies within the year, the impacts from the Sprint network onset and an expected slight sequential decline in wholesale revenue, we expect core adjusted EBITDA in Q2 to be similar to Q1 and then higher in the second half.

我們現在預計合併協同效應將在 52 億美元至 54 億美元之間，在中點增加 1.5 億美元並加權到今年下半年，這主要是因為我們隨著站點退役的加速釋放更多的網絡節省。由於年內協同效應的時機、Sprint 網絡啟動的影響以及批發收入預期連續小幅下降，我們預計第二季度核心調整後 EBITDA 將與第一季度相似，然後在下半年更高。

Merger-related costs not included in core adjusted EBITDA are still expected to be between $4.5 billion and $5 billion before taxes, primarily representing network activities. We expect slightly over 1/3 of the total to occur in Q2 and then taper off in the second half of the year as merger-related costs precede synergy realization.

未包括在核心調整後 EBITDA 中的合併相關成本仍預計在稅前 45 億美元至 50 億美元之間，主要代表網絡活動。我們預計，總額的 1/3 將略高於第二季度，然後在下半年逐漸減少，因為與合併相關的成本先於協同效應的實現。

Net cash provided by operating activities, including payments for merger-related costs, is now expected to be in the range of $15.7 billion to $16.1 billion, up more than 10% year-over-year at the midpoint which is up $100 million from the prior guidance.

經營活動提供的淨現金，包括合併相關成本的支付，目前預計在 157 億美元至 161 億美元之間，在中點處同比增長 10% 以上，比上年同期增長 1 億美元。事先指導。

With the robust pace of our 5G deployment and network integration, we now expect cash CapEx to be between $13.2 billion and $13.5 billion, which is up $100 million at the midpoint as we capitalize on growth opportunities and enhance the customer network experience.

隨著我們 5G 部署和網絡集成的強勁步伐，我們現在預計現金資本支出將在 132 億美元至 135 億美元之間，隨著我們利用增長機會並增強客戶網絡體驗，中點增加 1 億美元。

Together, we now expect free cash flow, including payments for merger-related costs, to be in the range of $7.2 billion to $7.6 billion, which we raised $50 million at the midpoint. This is up more than 30% over last year even with the higher levels of investment and does not assume any material net cash inflows from securitization.

我們現在預計自由現金流（包括合併相關成本的支付）將在 72 億美元至 76 億美元之間，我們在中點籌集了 5000 萬美元。即使投資水平較高，這也比去年增長了 30% 以上，並且沒有假設證券化帶來任何重大的淨現金流入。

We continue to expect our full year effective tax rate to be between 24% and 26%. And additionally, as we execute our strategy to continuously deepen our cap relationships, we now expect full year postpaid ARPA to be up 2%. As Mike also mentioned, we expect postpaid phone ARPU to be up approximately 1% for the full year, driven by continued customer adoption of value-add services, including Magenta MAX.

我們繼續預計我們的全年有效稅率將在 24% 至 26% 之間。此外，隨著我們執行不斷深化上限關係的戰略，我們現在預計全年後付費 ARPA 將增長 2%。正如 Mike 還提到的，我們預計後付費電話 ARPU 全年將增長約 1%，這得益於客戶繼續採用包括 Magenta MAX 在內的增值服務。

And finally, with the shutdown of the Sprint CDMA and LTE networks, certain wireline assets acquired in the merger will no longer support the wireless business, triggering an impairment analysis. As a result of the wireless network shutdown, we anticipate a noncash impairment charge in the range of $400 million to $500 million in Q2. The cessation of wireless traffic also enables monetization of certain wireless assets to the wireline assets, which were previously supporting the wireless traffic. Any cash monetization of these wireline assets would be recorded as gains in future periods if they occur.

最後，隨著 Sprint CDMA 和 LTE 網絡的關閉，合併中獲得的某些有線資產將不再支持無線業務，從而觸發減值分析。由於無線網絡關閉，我們預計第二季度的非現金減值費用在 4 億至 5 億美元之間。無線流量的停止還可以將某些無線資產貨幣化為以前支持無線流量的有線資產。這些有線資產的任何現金貨幣化將在未來期間記錄為收益，如果它們發生的話。

Altogether, we see 2022 as another year of profitable growth and free cash flow expansion as we continue to invest in our network and the business. What I find most exciting is our unique opportunity to unlock significant free cash flow by delivering industry-leading growth in customers, service revenue and core adjusted EBITDA.

總而言之，隨著我們繼續投資於我們的網絡和業務，我們將 2022 年視為又一個盈利增長和自由現金流擴張的一年。我發現最令人興奮的是我們通過在客戶、服務收入和核心調整後 EBITDA 方面實現行業領先的增長來釋放大量自由現金流的獨特機會。

And with that, I'll now turn the call back over to Jud to begin Q&A.

有了這個，我現在將電話轉回給 Jud 開始問答。

All right. Let's get to your questions. (Operator Instructions) All right. We'll start with a question on the phone. Operator, first question, please.

好的。讓我們來回答你的問題。 （操作員說明）好的。我們將從電話中的一個問題開始。接線員，第一個問題，請。

Your first question will come from the line of John Hodulik with UBS.

您的第一個問題將來自瑞銀的 John Hodulik。

Two quick ones, I think. First, have you guys seen any slowdown in sort of store traffic or gross adds in March or heading into April? We heard something like that from Verizon. I just want to -- doesn't sound like it given Peter's commentary about growth accelerating through the year.

兩個快的，我想。首先，你們有沒有看到 3 月或進入 4 月的商店客流量或總增加量有所放緩？我們從 Verizon 那裡聽到了類似的話。鑑於彼得關於全年增長加速的評論，我只是想 - 聽起來不像。

And then similarly on inflation, any impact on your business from what we're seeing in the U.S. from higher inflation?

同樣在通貨膨脹方面，我們在美國看到的通脹上升對您的業務有什麼影響？

We've heard some of that, too, John, and not really, but I'll let Jon give you a little color on what we're seeing in retail and as we engage with the consumer. And then I'll come back and talk about inflation.

我們也聽說過一些，約翰，但不是真的，但我會讓喬恩給你一點關於我們在零售業和與消費者接觸時所看到的情況。然後我會回來談談通貨膨脹。

Yes, you bet. John, yes, we're not seeing any of that. What we're seeing is a great Q1, as we've reported, with 348,000 postpaid net accounts and 1.3 million total postpaid. And when you look at what we're seeing in March and April, we're actually seeing the seasonal benefits that you would expect and actually switching and improving on a year-over-year basis.

是的，你打賭。約翰，是的，我們沒有看到任何這些。正如我們所報導的，我們看到的是一個很棒的第一季度，有 348,000 個後付費淨賬戶和 130 萬個後付費。當您查看我們在 3 月和 4 月看到的情況時，我們實際上看到了您所期望的季節性收益，並且實際上逐年轉換和改進。

Remember, in Q1 of last year, that was the depth of the pandemic when people were kitty baring the door back in January and February of last year. And today, we're seeing the overall switching activity continuing to improve on a year-over-year basis. So when I look at traffic and I look at all the activity in the marketplace, I'm feeling really, really confident about what we're seeing.

請記住，在去年的第一季度，那是大流行的深度，當時人們在去年 1 月和 2 月都敞開大門。而今天，我們看到整體轉換活動繼續逐年改善。因此，當我查看流量並查看市場上的所有活動時，我對我們所看到的感到非常非常有信心。

You can see that in both of our competitors having elevated churn in Q1 relative to the year ago period. It wasn't the case for us. Our churn is unfolding exactly as we've told you it would. It's driven by merger integration synergies. And we've achieved some really important milestones here on merger integration to where if you think about the customers that have transitioned, Sprint customers that are on the T-Mobile network, with all their traffic predominantly on T-Mobile, who have T-Mobile plans and T-Mobile device plans, those customers are the ones we've been telling you about the churn just like Magenta customers.

您可以看到，我們的兩個競爭對手在第一季度的客戶流失率均高於去年同期。對我們來說並非如此。我們的流失正在按照我們告訴你的那樣展開。它是由合併整合協同效應驅動的。我們已經在合併整合方面取得了一些非常重要的里程碑，如果您考慮已經過渡的客戶，即 T-Mobile 網絡上的 Sprint 客戶，他們的所有流量主要在 T-Mobile 上，他們擁有 T-移動計劃和 T-Mobile 設備計劃，這些客戶是我們一直在告訴您的客戶，就像 Magenta 客戶一樣。

And those are now 37% of our base. So we brought a substantial minority across. And that was a big factor in driving a whopping 17 basis point sequential churn improvement in just 1 quarter, exactly unfolding the way we told you it would.

這些現在是我們基礎的 37%。所以我們帶來了相當多的少數人。這是在短短一個季度內推動高達 17 個基點的連續客戶流失改善的一個重要因素，完全按照我們告訴你的方式展開。

There's a lot of work left lot to do, obviously. 37% isn't 100%. That's going to take us some time. But it shows you that the thesis that we've been sharing is unfolding exactly as predicted.

顯然，還有很多工作要做。 37% 不是 100%。這需要我們一些時間。但它向您表明，我們一直在分享的論文正在按照預期的方式展開。

Now as it relates to inflation, I'm not sure what you're getting at, but I'll talk about 2 things here, John. One is from a cost structure standpoint, as we've said in the past, our sector is actually somewhat insulated. Obviously, we need to watch labor costs and variable costs, but the vast bulk of our cost structure is in long-term contracts around things like tower contracts, backhaul contracts, technology contracts, those kinds of things that are generally fixed and finite and known over a multiyear period, which gives us some insulation from inflation effects.

現在因為它與通貨膨脹有關，我不確定你在說什麼，但我會在這裡談兩件事，約翰。一是從成本結構的角度來看，正如我們過去所說，我們的行業實際上有些絕緣。顯然，我們需要關注勞動力成本和可變成本，但我們的大部分成本結構是圍繞鐵塔合同、回程合同、技術合同等長期合同，這些東西通常是固定的、有限的和已知的在多年的時間裡，這使我們免受通貨膨脹的影響。

I think the larger question facing our society is what will be the impact of inflation beyond consumers? And the answer is we don't know. Right now, there's a lot of consumer anxiety about inflation. And customers have stressed out budget. What we know is that T-Mobile is famous for being the value leader. We can save a family of 4 on postpaid $900 a year, a year, every year, from switching to T-Mobile. And so as -- we'll have to watch what happens with consumer sentiment here, but if it is a difficult time, there's a real opportunity for us to stand up and serve more and more people as the value leader and we'll, of course, be ready to do that.

我認為我們社會面臨的更大問題是通脹對消費者的影響會是什麼？答案是我們不知道。目前，有很多消費者對通貨膨脹感到焦慮。客戶強調預算。我們所知道的是，T-Mobile 以作為價值領導者而聞名。我們可以為一個四口之家節省每年 900 美元的後付費，每年，每年，從切換到 T-Mobile。所以——我們必須觀察消費者情緒的變化，但如果這是一個艱難的時期，我們真的有機會站起來，作為價值領導者為越來越多的人服務，我們將，當然，準備好這樣做。

Next, we'll go to Phil Cusick with JPMorgan.

接下來，我們將與摩根大通一起去菲爾庫斯克。

So speaking of inflation, AT&T is out there trying to signal prices higher and backed off a little bit on their promotions. I see your current promotions out there. Maybe talk about where you see your competitiveness versus peers and any ability to take price if needed over time.

所以說到通貨膨脹，AT&T 試圖發出更高的價格信號，並在促銷活動上有所退縮。我看到了你們目前的促銷活動。也許談談你在哪裡看到你與同行相比的競爭力，以及隨著時間的推移需要的任何定價能力。

I'll start by saying our envelope of value leadership has been remarkably consistent over time. And so if you look at a multiyear arc, we offer the best value to postpaid consumers. That has been the case for the entire Un-carrier journey. And it's been about consistently the case in terms of the extent of that value leadership.

我首先要說的是，隨著時間的推移，我們的價值領導力範圍一直非常一致。因此，如果您查看多年的弧線，我們會為後付費消費者提供最佳價值。整個 Un-carrier 旅程都是如此。就價值領導力的程度而言，情況一直如此。

Now we're always introducing new promotions. But I want to be really clear. Our strategy as a company is about showing customers the remarkable value of Magenta MAX. That's our strategy. And you can see how it's unfolding in terms of customers self-selecting up our stack to buy our best products because they are the very best expression of the very best 5G network. And that is running on all cylinders, allowing us today with the best values and with incredible promotions in the market to tell you about for the first time in the 10 years I've been here, an outlook of ARPU rising. And that was something we just did a few minutes ago for the first time in the entire decade I've been here on the strength of this strategy.

現在我們總是推出新的促銷活動。但我想非常清楚。作為一家公司，我們的戰略是向客戶展示 Magenta MAX 的非凡價值。這就是我們的策略。您可以看到它在客戶自行選擇我們的堆棧以購買我們最好的產品方面是如何展開的，因為它們是最好的 5G 網絡的最佳體現。這一切都在運行，讓我們今天以最好的價值和市場上令人難以置信的促銷活動來告訴你我來這裡的 10 年來第一次，ARPU 的前景正在上升。這是我們幾分鐘前剛剛做的事情，這是整個十年來我第一次憑藉這一戰略來到這裡。

And so it really shows that we can have it both ways. We can have the best value in the industry, remarkable promotions, bring competition to this market like we always have, to no greater or lesser extent than in our past, while simultaneously showcasing the incredible value of our leading 5G network in the expression of Magenta MAX and attracting customers to that best expression.

所以它確實表明我們可以同時擁有它。我們可以擁有行業中最好的價值，非凡的促銷活動，像以往一樣為這個市場帶來競爭，程度不亞於過去，同時展示我們領先的 5G 網絡在洋紅色的表達中的不可思議的價值MAX 並以最佳表達方式吸引客戶。

So it's a really nice place to be. We like this market competitive. We know we're stewards of a healthy and vibrant marketplace that has room for all of us. But one thing is very clear. As it becomes less known, whether they're will be enough room for the Verizons, the new entrants, the cable companies, et cetera, it's very clear that our tailwinds of growth driven by our rational and well-articulated growth strategy is a real differentiator for us. And that's something that I think people need to understand as their -- investors, I know, are looking for growth, but they're also looking for reliable safe bets on growth. And that's what we strive to achieve quarter after quarter.

所以這是一個非常好的地方。我們喜歡這個有競爭力的市場。我們知道我們是一個健康而充滿活力的市場的管理者，這個市場為我們所有人提供了空間。但有一點很清楚。鮮為人知的是，它們是否為 Verizon、新進入者、有線電視公司等提供了足夠的空間，很明顯，由我們理性和明確的增長戰略推動的增長順風是真實的我們的差異化因素。我認為人們需要理解這一點，因為他們的投資者，我知道，正在尋求增長，但他們也在尋找可靠的增長押注。這就是我們一個又一個季度努力實現的目標。

Maybe one more on revenue, if I can. You talked about wholesale revenue down a little bit in the second quarter. How do those wholesale relationships look at this point in terms of the runoff of Boost and TracFone? It seems like those are a lot more stable than we were worried about a couple of quarters ago.

如果可以的話，也許還有一個關於收入的。您談到第二季度的批發收入略有下降。就 Boost 和 TracFone 的淘汰而言，這些批發關係如何看待這一點？看起來這些比我們幾個季度前擔心的要穩定得多。

Yes. I'll let Mike talk about it. First, I'll just give you some context. I know a quarter ago, we talked about reaching an agreement with DISH as a path forward, that's a real win-win for everybody, and that continues to be under review by the Department of Justice.

是的。我會讓邁克談談。首先，我只是給你一些背景。我知道一個季度前，我們談到與 DISH 達成協議作為前進的道路，這對每個人來說都是真正的雙贏，司法部仍在對此進行審查。

But I will say we've gone forward with DISH in a very productive way and they have with us, really finding a path forward and that's been nice to see for their customers and for all of our businesses. But obviously, we have a large and diverse wholesale base, and maybe I'll let Mike Katz tell you about what's happening.

但我要說的是，我們以非常有效的方式推進了 DISH，他們與我們一起，真正找到了前進的道路，這對他們的客戶和我們所有的業務來說都是很高興的。但顯然，我們有一個龐大而多樣化的批發基地，也許我會讓 Mike Katz 告訴你正在發生的事情。

Yes. Thanks, Mike. As Mike said, we reached an agreement with DISH. We're waiting for the approval from DOJ. But both companies are operating as if the deal is in place, and that partnership has been going really well for us.

是的。謝謝，邁克。正如邁克所說，我們與 DISH 達成協議。我們正在等待司法部的批准。但是兩家公司的運營就像交易已經完成一樣，而且這種夥伴關係對我們來說非常順利。

A couple of things that we talked about last quarter that you've seen come to fruition this quarter. One is we reached a wind-down agreement with TracFone, and you're seeing that roll through our numbers. We also reached agreements with -- extension agreements with Google, which is a large exclusive scaled MVNO that's in our portfolio. And a new MVNO agreement with Altice. So we're seeing new and expanded MVNO relationships in our portfolio. And we're seeing a lot of interest and a lot of growth from the existing companies in the portfolio taking advantage of the network capacity and the network capabilities. So it's a -- wholesale has been a really strong portfolio for us.

我們在上個季度談到的幾件事，您已經在本季度看到了成果。一個是我們與 TracFone 達成了一項緩和協議，您正在通過我們的數據看到這種情況。我們還與 Google 達成了擴展協議，這是我們產品組合中的一個大型獨家規模化 MVNO。並與 Altice 達成新的 MVNO 協議。因此，我們在我們的產品組合中看到了新的和擴展的 MVNO 關係。我們看到投資組合中的現有公司利用網絡容量和網絡能力產生了很大的興趣和大量的增長。因此，批發對我們來說是一個非常強大的投資組合。

Next question will come from the line of Michael Rollins with Citi.

下一個問題將來自花旗的邁克爾羅林斯。

I guess first on the fixed wireless broadband side. Can you provide an update on the experience that customers are getting in terms of download-upload reliability, and what you may be seeing in terms of the early retention and satisfaction levels.

我想首先是在固定無線寬帶方面。您能否提供有關客戶在下載上傳可靠性方面獲得的體驗的最新信息，以及您在早期保留和滿意度方面可能看到的情況。

And then secondly, with the financial guidance up for the year, what are the circumstances under which T-Mobile could consider beginning share repurchases during 2022?

其次，隨著今年財務指引的上調，T-Mobile 在什麼情況下可以考慮在 2022 年開始股票回購？

Great. I'll start on the first one and maybe ask Neville to pile in.

偉大的。我將從第一個開始，也許會請內維爾加入。

We're really delighted with what we're seeing here. I think this product has been a fantastic showcase of what the leading 5G network can really do. And we're now operating at scale with 1 million customers. Net Promoter Scores have risen again quarter-over-quarter, which is terrific to see now 3x the Net Promoter Scores of a cable company. Our download speeds meet the nationwide medians of cable companies.

我們對在這裡看到的一切感到非常高興。我認為這款產品很好地展示了領先的 5G 網絡真正能做什麼。我們現在正在大規模運營，擁有 100 萬客戶。淨推薦值比上一季度再次上升，看到現在是有線電視公司淨推薦值的 3 倍，這真是太棒了。我們的下載速度符合全國有線電視公司的中位數。

And that's something most people wouldn't really appreciate. Our average usage is 300 to 400 gigs per month and yet we're able to serve that with rising Net Promoter Scores. We have a tail, 10%-ish or so, that are using a terabyte per month. And so these are normative figures that you would see in an industry with a product that's really driving satisfaction. Maybe Neville, you can talk about what's behind it and add any color?

這是大多數人不會真正欣賞的東西。我們的平均使用量是每月 300 到 400 個演出，但我們能夠通過不斷提高的淨推薦值來提供服務。我們有一個尾巴，大約 10% 左右，每月使用 TB。因此，這些都是規範性數據，您會在一個擁有真正提高滿意度的產品的行業中看到這些數據。也許內維爾，你可以談談它背後的東西並添加任何顏色？

Yes. I mean they're great stats, right, when you look at how we are performing and competing in this broadband space. I think everybody said, what happens with 5G? Well, look at what we're doing with this in-home broadband experience. And 1 million customers now, 1 million, our first 1 million, the first 1 million. And so it's coming from just the powerhouse network we have. And I like to say we're just getting started on this 5G story. We're adding a lot of coverage. We're adding a lot of spectrum.

是的。我的意思是，當您查看我們在這個寬帶領域的表現和競爭情況時，它們是很棒的統計數據。我想每個人都說，5G會發生什麼？好吧，看看我們正在用這種家庭寬帶體驗做什麼。現在有 100 萬客戶，100 萬，我們的第一個 100 萬，第一個 100 萬。所以它來自我們擁有的強大網絡。我想說的是，我們才剛剛開始這個 5G 故事。我們正在增加很多報導。我們正在增加很多頻譜。

And the sheer horsepower that we can provide off this 5G network allows us to support this great and increasing and improving experience. So we're super proud about the performance we have. Customers are really enjoying this product. And to be honest, I'll say it again, we are just getting started in this space. We have an incredible 5G network with a lot of new spectrum to come in and be dedicated on this 5G capability. And the performance and capabilities are going to continue to expand and improve.

我們可以通過這個 5G 網絡提供的強大功能使我們能夠支持這種偉大的、不斷增加和改進的體驗。所以我們對我們的表現感到非常自豪。客戶真的很喜歡這個產品。老實說，我再說一遍，我們在這個領域才剛剛起步。我們擁有一個令人難以置信的 5G 網絡，其中包含許多新頻譜，並致力於這種 5G 功能。並且性能和功能將繼續擴展和提高。

And Mike, I think you know our basic game plan here. What's fascinating about this business is we are able to offer it nationwide now across 40 million homes and compete in a relatively even basis in all parts of this country because our go-to-market plan is based on an excess capacity model. And so we aren't dedicating large sums of capital to this business. Instead, our algorithms look at normal mobile usage that's rapidly growing because of the strength of our 5G network, and we expect will continue to rapidly grow. We also expect we will continue to take share.

還有邁克，我想你知道我們這裡的基本遊戲計劃。這項業務的迷人之處在於，我們現在能夠在全國范圍內為 4000 萬戶家庭提供它，並在全國各地以相對公平的基礎競爭，因為我們的上市計劃基於產能過剩模型。因此，我們不會為這項業務投入大量資金。相反，我們的算法著眼於由於我們的 5G 網絡的強大而快速增長的正常移動使用，我們預計將繼續快速增長。我們還希望我們將繼續分享。

We model all that forward and find the pockets where even all those extra customers and all their extra mobile usage won't soak up the capacity of this remarkable network. That's where we approve applicants for 5G home broadband. And so that's really interesting because you have that swallow capacity. And it's just the nature of a mobile network. Our spectrum coverage is relatively consistent and therefore our capacity can be relatively consistent. But mobile usage isn't.

我們對所有這些進行建模，並找到即使是所有這些額外的客戶和他們所有額外的移動使用都不會吸收這個非凡網絡容量的口袋。這就是我們批准 5G 家庭寬帶申請的地方。這真的很有趣，因為你有吞嚥的能力。這只是移動網絡的本質。我們的頻譜覆蓋相對一致，因此我們的容量可以相對一致。但移動使用不是。

Mobile usage is in some places and not others. You have to be everywhere to be competitive. Once you're there, you might as well light up all your spectrum. And so that's really the nature of this. And it allows us to have the economics to be able to go to market with a competitive offer for large swaths of the population and price it attractively and still make a return.

移動使用在某些地方而不是其他地方。你必須無處不在才能具有競爭力。一旦你到了那裡，你不妨點亮你所有的光譜。這就是它的本質。它使我們能夠以具有競爭力的價格進入市場，為大量人口提供具有吸引力的價格，並仍然獲得回報。

Okay. You had a second question about buybacks. I have lost the office pool came in on the third question. So Peter, please tell us what to say.

好的。你有第二個關於回購的問題。我已經失去了辦公室池進來的第三個問題。所以彼得，請告訴我們要說什麼。

Yes, absolutely. Mike, as you said, the momentum of the business gives us a lot of confidence in that opportunity that we expressed around '23 to '25 both the free cash flow generation and the potential for returns. But with regards to timing or starting or opportunity sets, there's really no update from what we shared with you last time that we have to share at this point.

是的，一點沒錯。邁克，正如你所說，業務的發展勢頭讓我們對這個機會充滿信心，我們在 23 到 25 年間表達了自由現金流的產生和回報的潛力。但是關於時間、開始或機會集，我們上次與您分享的內容確實沒有更新，我們現在必須分享。

Next, we'll go to Jonathan Chaplin with New Street.

接下來，我們將和新街一起去喬納森卓別林。

I'm going to stick in a cheeky 3, if I may. So on fixed wireless broadband, just a follow-up on Mike's question., I'm wondering if you could give us some context on where the ads are coming from, and how much of a pull-through you're seeing for fixed wireless broadband customers who weren't previously T-Mobile customers and taking mobile from you?

如果可以的話，我會堅持一個厚臉皮的3。所以關於固定無線寬帶，只是邁克問題的後續。我想知道你是否可以給我們一些關於廣告來自哪裡的背景信息，以及你看到的固定無線有多少拉動以前不是 T-Mobile 客戶並從您那裡拿走手機的寬帶客戶？

And then you gave us some great color on how market shares are progressing in small markets in the rural. Could you give us an update on what's going on with market share in business and how you guys are tracking towards your objectives there?

然後你給了我們一些關於農村小市場的市場份額如何發展的重要信息。您能否向我們提供有關業務市場份額的最新情況以及你們如何追踪您的目標？

And then finally, you mentioned monetizing the wireline network. Does that mean selling it? Or you just have excess capacity on the wireline network that you'll then be able to fill up with new wholesale deals?

最後，您提到了將有線網絡貨幣化。是賣的意思嗎？或者你只是在有線網絡上有多餘的容量，然後你就可以用新的批發交易來填補？

Are you sure you don't want to ask you about top 100 or Sprint integration because that would cover all of the -- okay. Great, Jon, well, let's try to hit those in rapid fire. First on fixed wireless, maybe Mike, you can give us a little color on where the customers are coming from. And then Jon get ready to tell us about small markets and rural areas and what's going on there.

你確定你不想問你關於前 100 名或 Sprint 集成的問題，因為這將涵蓋所有 - 好吧。太好了，喬恩，好吧，讓我們試著用快速的火力擊中那些人。首先是固定無線，也許是邁克，你可以告訴我們客戶來自哪裡。然後喬恩准備告訴我們小市場和農村地區以及那裡發生的事情。

Yes. Thanks, Jonathan. As Mike said a second ago, because we're deployed nationally with fixed wireless, really the customers are coming from everywhere. You're seeing customers in top 100 where we are now providing a competitive choice to cable. You're seeing them in Smyrna, where oftentimes we're the only high-speed wireless alternatives in those communities. You're seeing good growth in business. So it's really across the board. And our growth is following the network expansion that Neville just talked about. So as the network expands and we have more capability, we have more sectors with capacity, we'll continue to see growth.

是的。謝謝，喬納森。正如邁克在一秒鐘前所說，因為我們在全國范圍內部署了固定無線網絡，所以客戶確實來自世界各地。您會看到前 100 名的客戶，我們現在為有線電視提供有競爭力的選擇。您會在士麥那看到它們，在這些社區中，我們通常是唯一的高速無線替代方案。您正在看到業務的良好增長。所以它真的是全面的。我們的增長是在 Neville 剛剛談到的網絡擴張之後。因此，隨著網絡的擴展和我們擁有更多能力，我們擁有更多有能力的部門，我們將繼續看到增長。

All of that combined puts us on a really good trajectory to the 7 million to 8 million customers we talked about in 2025. I think we're in a good pacing to meet that objective.

所有這些結合在一起，使我們在 2025 年談到的 700 萬到 800 萬客戶的發展軌跡非常好。我認為我們正處於實現這一目標的良好節奏中。

Great. And Jon, and Callie, you get ready. And also not only has Jonathan been asking about it, but also Roger Entner is asking again about business, what's going on with market share? What kind of customers are we winning? But Jon, small markets in rural areas.

偉大的。喬恩和凱莉，你們準備好了。不僅 Jonathan 一直在問這個問題，而且 Roger Entner 也在再次詢問業務，市場份額是怎麼回事？我們贏得了什麼樣的客戶？但喬恩，農村地區的小市場。

You bet. So just to remind everybody, smaller markets in rural areas, everything outside of our top 100 market is approximately 40% of the U.S. marketplace. So we started this journey back in 2020 at 13% market share. And we finished at the end of 2021 at 15% market share. So in very short order -- percentage points in smaller markets and rural areas. And what you've seen in Q1 is a plan that's unfolding exactly like we expected, which is 40% up on the new accounts that we've established on a year-over-year basis in smaller markets in rural areas. So I'm feeling really good about that, the network expansion, the distribution expansion, bringing that winning formula that we're famous for in the smaller markets and rural areas.

你打賭。因此，提醒大家，農村地區的較小市場，我們前 100 名市場之外的所有市場大約占美國市場的 40%。因此，我們在 2020 年以 13% 的市場份額開始了這一旅程。我們在 2021 年底完成了 15% 的市場份額。所以在很短的時間內——在較小的市場和農村地區的百分點。您在第一季度看到的是一個完全按照我們預期展開的計劃，與我們在農村地區較小市場建立的新賬戶相比，該計劃同比增長了 40%。所以我對此感覺非常好，網絡擴張，分銷擴張，帶來了我們在較小市場和農村地區聞名的成功模式。

We still have a lot of opportunity. When you think about what Neville and his team have done from a 5G coverage perspective, I mean it's just amazing that our 5G coverage geographical footprint in smaller markets and rural areas is more than the combination of AT&T and Verizon. We're 30% larger geographically than AT&T, 4x larger geographically than Verizon. So we're feeling really good about what we're doing there. People need choice in these areas. Of course, when you think about it, I've said this a couple of times, it really is in so many of these places to trip back to the 1990s with just a couple of choices. And when you bring real competition in these spaces, customers are choosing us at rates that we've expected and we're seeing today.

我們還有很多機會。當您從 5G 覆蓋的角度考慮 Neville 和他的團隊所做的事情時，我的意思是，我們在較小市場和農村地區的 5G 覆蓋地理足跡超過了 AT&T 和 Verizon 的組合，這真是令人驚訝。我們在地域上比 AT&T 大 30%，在地域上比 Verizon 大 4 倍。所以我們對我們在那裡所做的事情感覺非常好。人們需要在這些領域做出選擇。當然，當您考慮到這一點時，我已經說過幾次了，在許多這樣的地方，只有幾個選擇才能回到 1990 年代。當你在這些領域帶來真正的競爭時，客戶會以我們預期的速度選擇我們，並且我們今天看到了。

What's going on in business?

生意上怎麼了？

All right. Well, listen, we gave ourselves a pretty bold aspiration to be at 20% market share in 2025. And I'll tell you, when share rates today, we're already on track. There's still room to run. We've got strong momentum in the financial sector. We're expanding the number of large multinational banks relying on T-Mobile for security, for compliance, for their hybrid workforce. Our network performance is a catalyst for over 31st responder agencies to join T-Mobile in Q1.

好的。好吧，聽著，我們給了自己一個非常大膽的願望，即在 2025 年佔據 20% 的市場份額。我會告訴你，當今天的股價上漲時，我們已經步入正軌。還有空間可以跑。我們在金融領域的勢頭強勁。我們正在擴大依靠 T-Mobile 來確保安全性、合規性以及混合勞動力的大型跨國銀行的數量。我們的網絡性能是超過 31 個響應機構在第一季度加入 T-Mobile 的催化劑。

As Mike mentioned earlier, we launched our first 5G connected cars in the United States with Magenta Drive for BMW. We also launched TIoT in partnership with DT which is a disruptive solution that allows enterprises to access seamless global connectivity. Customers like Biotronic, a leading global medical device company that uses TIoT to monitor their patients all around the world. This was the ninth consecutive quarter of growth of over 200,000 connections in the public sector. One of our new customers is the U.S. Department of Treasury.

正如邁克之前提到的，我們在美國推出了我們的第一輛 5G 聯網汽車，為寶馬配備了 Magenta Drive。我們還與 DT 合作推出了 TIoT，這是一種顛覆性解決方案，可讓企業訪問無縫的全球連接。客戶如 Biotronic，這是一家全球領先的醫療設備公司，它使用 TIoT 來監控世界各地的患者。這是公共部門連續第九個季度增長超過 200,000 個連接。我們的新客戶之一是美國財政部。

So we're seeing a lot of growth, really good traction. We've got a lot of work to do. We've got runway ahead of us. We're leveraging our 5G network advantage, enabled already to have active deployments in over 20 trials in advanced network services. So we're very excited about the growth potential that we see there above the plan that we've already stated that we would deliver.

所以我們看到了很多增長，非常好的牽引力。我們有很多工作要做。我們前面有跑道。我們正在利用我們的 5G 網絡優勢，已經能夠在 20 多項高級網絡服務試驗中進行積極部署。因此，我們對在我們已經表示將交付的計劃之上看到的增長潛力感到非常興奮。

One of the things -- reasons I made my joke at the beginning is you were asking about all of our growth objectives. And before we ask Peter to wrap up on wireline, I just want to remind everybody that what you just heard from the team is that we are absolutely on track with the bold aspirations that we shared now more than a year ago with you as we laid out our multiyear plan on this business.

其中一件事——我一開始開玩笑的原因是你問的是我們所有的增長目標。在我們要求彼得結束有線電話之前，我只想提醒大家，你們剛剛從團隊那裡聽到的是，我們絕對走上了一年多前與你們分享的大膽願望。制定我們對這項業務的多年計劃。

And what's interesting about us that makes us so different as a growth bet is that we have a rational, articulated growth strategy based on proven areas of underpenetration where we know we have opportunity, and where we are making down payments and are very much on track. And that's what investors should be asking us about. So I just want to make sure everybody is reminded that we have major underpenetrated opportunities in small markets and rural areas, 40% of this country where we've already grown from 13% to 15% share and we're tracking beautifully.

讓我們作為增長賭注如此與眾不同的有趣之處在於，我們有一個合理的、明確的增長戰略，基於已證實的滲透不足領域，我們知道我們有機會，我們正在支付首付款並且非常順利.這就是投資者應該問我們的問題。因此，我只想確保提醒每個人，我們在小市場和農村地區有重大的未充分利用的機會，在這個國家的 40% 地區，我們已經從 13% 增長到 15% 的份額，而且我們正在很好地跟踪。

We have major underpenetrated segments in business, a huge part of this marketplace and probably growing in the wake of the pandemic where we're very underpenetrated and where Callie just reminded us, our present performance would get us to those multiyear aspirations. We articulated a huge opportunity in high-speed Internet and now 2 quarters in a row have showed you that we're the nation's fastest-growing broadband provider.

我們在業務中有主要的未充分滲透的細分市場，這是這個市場的很大一部分，並且可能在大流行之後增長，我們的滲透率非常低，Callie 剛剛提醒我們，我們目前的表現將使我們實現那些多年的願望。我們闡明了高速互聯網的巨大機遇，現在連續兩個季度向您展示了我們是美國增長最快的寬帶提供商。

Our top 100 markets where we lead the industry are also a big opportunity. And you're going to hear us talking more and more about the growth trajectory that we see with prime consumers and quality seekers in the top 100 markets.

我們引領行業的前 100 個市場也是一個巨大的機會。你會聽到我們越來越多地談論我們在前 100 名市場中看到的主要消費者和質量尋求者的增長軌跡。

Despite our leadership, there are tens of millions of people in the top 100 markets who've never given T-Mobile a serious look because they want the best network. Now that we offer that, there's a huge opportunity for us to unlock there and you'll be hearing more about that.

儘管我們處於領先地位，但在排名前 100 的市場中，仍有數以千萬計的人從未認真看過 T-Mobile，因為他們想要最好的網絡。既然我們提供了這個，我們就有很大的機會在那裡解鎖，你會聽到更多關於它的信息。

And then finally, Sprint integration. I already told you that Sprint integration is a growth tailwind. If Sprint was churning like T-Mobile, we'd be at 900,000 phone net adds this quarter. And we're making the progress that we promised you with one of the biggest sequential churn reductions this industry has ever seen, our best one in 7 years, a whopping 17 basis points quarter-over-quarter, all on the strength of executing like we said we would on a major growth trajectory. So that's one thing I want to make sure to remind people about.

最後，Sprint 集成。我已經告訴過你，Sprint 集成是增長的順風。如果 Sprint 像 T-Mobile 一樣活躍，那麼本季度我們的電話網絡將增加 900,000 個。我們正在取得我們向您承諾的進展，這是該行業有史以來最大的連續客戶流失減少之一，這是我們 7 年來最好的一次，環比下降了 17 個基點，這一切都歸功於執行力我們說過我們將走上主要的增長軌跡。所以這是我要確保提醒人們的一件事。

And then finally, big question was about wireline, what's going on there? What are the opportunities that we see? What were you really talking about?

最後，一個大問題是關於有線的，那裡發生了什麼？我們看到了什麼機會？你到底在說什麼？

Yes. Exactly, Jonathan. So yes, as we see the wind down of the wireless traffic when we shut down the LTE network, that does create capacity on the wireline side. And of course, from a customer perspective, we'll look at what's the right suite of products and services, particularly in the 5G era to serve all their needs.

是的。沒錯，喬納森。所以是的，當我們關閉 LTE 網絡時，我們看到無線流量逐漸減少，這確實在有線方面創造了容量。當然，從客戶的角度來看，我們將研究什麼是合適的產品和服務套件，尤其是在 5G 時代，可以滿足他們的所有需求。

But with the traffic going away, it does create some opportunity for monetization. So we'll rationalize things like buildings. We'll rationalize routes. And there's other things that have become quite valuable now in the form of, for example, IPV4 addresses that with the wireless traffic going away are potentially monetizable for us. So we'll look at the right suite of products and services and monetization opportunities to create the most shareholder value, as you would expect of us.

但隨著流量的消失，它確實為貨幣化創造了一些機會。所以我們將合理化建築物之類的東西。我們將合理化路線。還有其他一些東西現在變得非常有價值，例如，隨著無線流量的消失，IPV4 地址對我們來說可能是貨幣化的。因此，我們將尋找合適的產品和服務套件以及貨幣化機會，以創造最大的股東價值，正如您對我們的期望。

Okay. Terrific. Before we go back to the phones, obviously, we've got questions coming in on Twitter. We usually get interesting ones from Bill Ho. I see one want to hear Neville about network. It looks like we're up again in 5G reach out to 315 million people. Where is that really going? And where are we on ultra capacity 5G? Can you forecast for us what to expect there because that's the real game.

好的。了不起。顯然，在我們回到電話之前，我們在 Twitter 上收到了一些問題。我們通常從 Bill Ho 那裡得到有趣的東西。我看到有人想听內維爾談網絡。看起來我們在 5G 中再次崛起，覆蓋了 3.15 億人。那真的要去哪裡？我們在超容量 5G 上的位置在哪裡？你能為我們預測一下那裡會發生什麼，因為那是真正的遊戲。

Yes. Love the question, Bill. It's 315 million on our 5G footprint today. I mean, say, the headline, again, 95% of all Americans are covered with T-Mobile's 5G service, more coverage than AT&T and Verizon combined. That's something to sink in.

是的。喜歡這個問題，比爾。今天我們的 5G 足跡是 3.15 億。我的意思是，再一次，標題是，95% 的美國人都覆蓋了 T-Mobile 的 5G 服務，覆蓋範圍比 AT&T 和 Verizon 的總和還要多。這是要沉入其中的東西。

But I love your question is about where do we go from there? I almost want to say we've got to give the competition a chance. We're so far in front. You're asking what happens at the end of '23 and beyond. And of course, we will continue to expand and improve the quality of this network.

但我喜歡你的問題是關於我們從那裡去哪裡？我幾乎想說我們必須給比賽一個機會。我們遙遙領先。你問的是 23 年末及以後會發生什麼。當然，我們將繼續擴大和提高這個網絡的質量。

We've said 300 million people from the 225 million today will be covered with 5G Ultra Capacity. And so that's our end of '23 target. That's way over and above anything that AT&T and Verizon have stated around their ambitions on mid-band rollouts. I think the outer edge there is 250 million. So we're going to be providing way more coverage.

我們已經說過，今天的 2.25 億人中有 3 億人將被 5G 超容量覆蓋。這就是我們 23 年目標的結束。這遠遠超出了 AT&T 和 Verizon 圍繞他們在中頻推出方面的雄心所表示的一切。我認為外緣有2.5億。因此，我們將提供更多的覆蓋範圍。

But the other piece, Bill, is a lot more spectrum. And so today we have more dedicated 5G spectrum than AT&T and Verizon combined in play. And really, we have just started on that rollout of mid-band and even low-band 5G spectrum. So over the next couple of years, a lot more spectrum coming.

但另一部分，比爾，是更多的頻譜。因此，今天我們擁有的專用 5G 頻譜比 AT&T 和 Verizon 的總和還要多。實際上，我們才剛剛開始推出中頻段甚至低頻段 5G 頻譜。所以在接下來的幾年裡，會有更多的頻譜出現。

The last part of your question was about what's happening with speeds. Are we hitting kind of the 300 to 400 megabit per second speeds that we planned and anticipated. Yes, we are on that mid-band footprint. And that mid-band footprint is going to get bigger and stronger. The lanes are getting wider and faster. We're hitting more and more parts of the country. Many of those opportunities that Mike and Jon just outlined, where we are bringing a massive multi-lane 5G freeway to town. This is going to be an incredibly exciting journey over the next couple of years.

你問題的最後一部分是關於速度發生了什麼。我們是否達到了我們計劃和預期的每秒 300 到 400 兆比特的速度。是的，我們處於中頻足跡。中頻足跡將變得越來越大。車道越來越寬，越來越快。我們正在襲擊該國越來越多的地區。邁克和喬恩剛剛概述的許多機會，我們正在為城鎮帶來一條巨大的多車道 5G 高速公路。在接下來的幾年裡，這將是一次令人難以置信的激動人心的旅程。

And of course, we won't stop there. We'll continue to improve and enhance the network, but I don't have any stats to give you above 300 million yet on Ultra Capacity.

當然，我們不會止步於此。我們將繼續改進和增強網絡，但我沒有任何統計數據可以為您提供超容量超過 3 億的數據。

It's very interesting what's happening here. You've heard us say before that we see that we're 2 years ahead in the 5G race now. And 2 years from now, we'll be 2 years ahead in the 5G race. And that's not a quip, that's not a competitive quip. That's actually an aspiration that we take very serious. And you just heard Neville say that by the end of this year, we'll reach 260 million people with Ultra Capacity. That's an aspiration that Verizon has by the end of '24, except only 250 million. But by the end of next year, we'll be at 300 million. And what's interesting is our goal is that in many places, it's not just to have 300 million people deployed, but in many places to have fully 200 megahertz of 5G dedicated spectrum. That's remarkable in terms of what we can do to change customers' experiences on smartphones, to serve enterprises, government customers and, of course, broadband and other new applications.

這裡發生的事情非常有趣。您之前曾聽我們說過，我們現在在 5G 競賽中領先 2 年。 2 年後，我們將在 5G 競賽中領先 2 年。這不是一個俏皮話，這不是一個競爭性的俏皮話。這實際上是我們非常重視的願望。你剛剛聽到 Neville 說，到今年年底，我們將使用 Ultra Capacity 覆蓋 2.6 億人。這是 Verizon 到 24 年底的願望，但只有 2.5 億。但到明年年底，我們將達到 3 億。有趣的是，我們的目標是，在許多地方，不僅僅是部署 3 億人，而是在許多地方擁有完全 200 兆赫的 5G 專用頻譜。就我們可以做些什麼來改變客戶在智能手機上的體驗、服務企業、政府客戶，當然還有寬帶和其他新應用程序而言，這非常了不起。

And so that's our aspiration. We take it very seriously. And one of the things you should judge us on is, have we been through over and over and over again to the things that we said we would go do. Because we've been very clear-eyed about this strategy for many years, and I think that consistency is something that people should acknowledge.

這就是我們的願望。我們非常重視它。你應該判斷我們的一件事是，我們是否一遍又一遍地經歷了我們說過我們會去做的事情。因為多年來我們一直非常清楚這一戰略，我認為一致性是人們應該承認的。

Next question will come from the line of Craig Moffett with MoffettNathanson.

下一個問題將來自 Craig Moffett 和 MoffettNathanson。

I'm going to stay with this topic of rural markets for a minute. You've talked about this being 40% of the country. And I think last quarter, you gave some interesting color on how you can even further segment that 40% of the country into areas where you've already introduced retail stores and presumably come in behind low-frequency spectrum with some mid-band filling in some of the denser areas of those otherwise non-dense markets.

我將在農村市場這個話題上停留一分鐘。你說過這是全國的 40%。而且我認為上個季度，您提供了一些有趣的色彩，說明您如何將全國 40% 的地區進一步細分為您已經開設零售店的地區，並且可能落後於低頻頻譜並填充了一些中頻那些原本不密集的市場的一些更密集的區域。

Could you just sort of talk about the segments within the 40%? Sort of how much is left that is sort of truly greenfield, I guess, in the sense that you really haven't gotten there yet with a real retail presence? And where even that 15% market share that you talked about may be quite a bit lower? And then in the areas that are a little more mature within the 40%, what that looks like?

您能談談 40% 內的細分市場嗎？剩下多少是真正的綠地，我猜，從某種意義上說，你真的還沒有真正的零售存在嗎？你談到的那 15% 的市場份額在哪裡可能會低很多？然後在 40% 內更成熟的領域，那是什麼樣的？

Absolutely. I'll start and then I'll ask Jon Freier to jump in and maybe Neville as well. I'll remind you of a couple of things that we've said in the past and something I said in my prepared remarks.

絕對地。我會開始，然後我會請 Jon Freier 加入，也許 Neville 也會加入。我會提醒你一些我們過去說過的事情，以及我在準備好的發言中所說的事情。

What we do for this 40% of the country, we call it our precision playbook. We've divided that segment of the country into 775 submarkets. And what we do is study our relative competitiveness. And so it starts with the network. Is our network every place people in that local area need for us to believe that we have all the factors of success required to win market share. Now this is observable because we are #1 in many places in this country. We know what it takes. And we take that same observable logic, and we apply it now to places we were never highly competitive.

我們為這 40% 的國家所做的，我們稱之為我們的精準劇本。我們將該國的該部分劃分為 775 個子市場。我們所做的是研究我們的相對競爭力。所以它從網絡開始。我們的網絡是該地區的每個地方的人們都需要我們相信我們擁有贏得市場份額所需的所有成功因素嗎？現在這是可以觀察到的，因為我們在這個國家的許多地方都排名第一。我們知道需要什麼。我們採用同樣的可觀察邏輯，現在我們將其應用於我們從未高度競爭的地方。

And what we've said in our upfront remarks is that we believe we are competitive across about 30% of those places, the POPs represented by those places. And that will be competitive across about 50% by the end of this year.

我們在前面的評論中說過的是，我們相信我們在這些地方中的大約 30% 上具有競爭力，這些地方所代表的持久性有機污染物。到今年年底，這將有大約 50% 的競爭力。

Now I'll guide you. There are some layers of competitiveness. That's sort of our base level and above. And there's levels that we can get to above that. But we measure that number because what we see is when we have that level of competitiveness, what we call right to win, we are able to see win shares in line with our aspirations such that we know that the price that we promised you is within reach. And that's really important. So again, we're in those 30% of POPs where we already have a right to win, we are winning. And so that gives us a lot of confidence in this strategy. We'll be at 50% by the end of this year.

現在我來指導你。有一些層次的競爭力。那是我們的基本級別及以上。我們可以達到更高的水平。但是我們衡量這個數字是因為我們看到的是，當我們擁有那種水平的競爭力時，我們稱之為獲勝的權利，我們能夠看到符合我們願望的獲勝份額，這樣我們就知道我們向您承諾的價格在抵達。這真的很重要。再說一次，我們在那些我們已經有權獲勝的 30% 的 POPs 中，我們正在獲勝。這讓我們對這一戰略充滿信心。到今年年底，我們將達到 50%。

And maybe, Jon, you can talk about what's going on as we enter each of these markets, what formula we bring to make sure that we get the win share that's required for us to grow our market share.

也許，喬恩，你可以談談我們進入每個市場時發生的事情，我們帶來了什麼公式來確保我們獲得增加市場份額所需的勝利份額。

You bet. So that's what Mike just said in terms of really staying focused on this overall cocktail and proven recipe of success when you think about network readiness, distribution entry and then really bringing this differentiated localized marketing to the markets to go in and drive choice and consideration of some of those things.

你打賭。所以這就是邁克剛才所說的，當你考慮網絡準備、分銷進入時，真正專注於這種整體雞尾酒和成功的秘訣，然後真正將這種差異化的本地化營銷帶入市場並推動選擇和考慮其中一些東西。

The other thing, too, that I don't think I've mentioned is that we took an opportunity last year to reorganize a huge portion of our company around smaller markets and rural areas. So I've got teams all across the country that are focused on the top 100 markets and exclusively on the top 100 markets. So you think about right here in New York City, L.A., Chicago, Dallas, those teams are focused on those markets.

另一件我認為我沒有提到的事情是，我們去年抓住了一個機會，圍繞較小的市場和農村地區重組了我們公司的很大一部分。因此，我在全國各地都有團隊專注於前 100 名市場，並且專門針對前 100 名市場。所以你想想在紐約市、洛杉磯、芝加哥、達拉斯，這些球隊都專注於這些市場。

And then also we took a big portion of our team and focused them on smaller markets in rural areas. So for example, if you're in Washington State, we got a team that's focused on greater Seattle, Tacoma and then another team that's focused on rural Washington state, driving the commercial success that we're looking for in those particular areas.

然後，我們還抽調了大部分團隊成員，將他們集中在農村地區的較小市場上。因此，例如，如果您在華盛頓州，我們有一個專注於大西雅圖、塔科馬的團隊，然後是另一個專注於華盛頓州農村的團隊，推動我們在這些特定地區尋求商業成功。

And what we've seen is that when you focus teams and give them the kinds of tools that they need to go drive the commercial success we're looking for and all of the accountability, we're beginning to see real traction around that. And what that does, too, is it creates an overall kind of feedback loop and listening system within our company so that we can go and take further action where we have more network that we need to really kind of dial in, in a particular area. If we need more marketing in a particular area, the network is really good, but we need a little bit more investment from a market perspective, we get that real feedback.

我們所看到的是，當你專注於團隊並為他們提供他們需要的工具來推動我們正在尋找的商業成功和所有問責制時，我們開始看到真正的吸引力。它的作用也是，它在我們公司內部創建了一個整體的反饋循環和傾聽系統，以便我們可以在我們擁有更多網絡的地方採取進一步行動，我們需要在特定區域真正撥入.如果我們需要在特定領域進行更多營銷，網絡真的很好，但從市場角度來看，我們需要更多的投資，我們會得到真正的反饋。

When you have a team that's focused on a total geography, including the top 100 markets, almost always the top 100 markets take that focus because of the tonnage of the population in those areas and on the established muscle memory.

當您的團隊專注於整個地理區域（包括前 100 個市場）時，幾乎所有前 100 個市場都會關注這些區域的人口數量和已建立的肌肉記憶。

And so that's a big part of our formula that we are executing today that we put into place last year and something that's proven to be really successful. And like we talked about, too, when you look at this accelerated build-out of what's coming, thanks to Neville and his team, with not only extended range 5G, but that Ultra Capacity 5G and the majority of the growth that's going to be happening in terms of covered POPs, it's going to be in smaller markets and rural areas, that's one more big reason why we need to be organized the way that we are to drive the playbook that we've laid out for you.

所以這是我們今天執行的公式的重要組成部分，我們在去年實施，並且證明是非常成功的。就像我們也談到的那樣，當你看到即將到來的加速建設時，這要歸功於 Neville 和他的團隊，不僅有擴展範圍的 5G，還有超容量 5G 和大部分增長將是就涵蓋的持久性有機污染物而言，它將發生在較小的市場和農村地區，這就是為什麼我們需要按照我們為您制定的劇本的方式進行組織的另一個重要原因。

A lot of times, our breakthroughs come from willingness to lead things in an unconventional way like with team of experts a few years ago, and Jon just told you about another big breakthrough management concept that we've fully implemented across the country that we think is a big part of our, I guess, now not so secret sauce.

很多時候，我們的突破來自於以非常規的方式領導事物的意願，就像幾年前的專家團隊一樣，喬恩剛剛告訴你另一個我們認為我們已經在全國全面實施的重大突破性管理理念是我們的重要組成部分，我猜，現在不那麼秘密了。

Great. And by the way, so before we go back to the phones, Neville back to you. There's a question from Tech Life Channel, Techlife32, What's going on with those 10,000 new sites because 5G coverage is great, but what about coverage? So what's happening with our promised site expansion?

偉大的。順便說一句，在我們回到電話之前，內維爾回到你身邊。 Tech Life 頻道 Techlife32 提出了一個問題，因為 5G 覆蓋範圍很大，所以這 10,000 個新站點是怎麼回事，但是覆蓋範圍呢？那麼我們承諾的站點擴展會發生什麼？

And while you're at, we did say in our prepared remarks where we are on decommissioning. This is the year of decommissioning. We expect to complete the task this year. Maybe you can give an update on how that's going, too.

當你在的時候，我們確實在我們準備好的評論中說我們正在退役。今年是退役之年。我們希望在今年完成這項任務。也許您也可以提供有關情況的最新信息。

Yes, sure. Thanks, Mike. And let me build on both your and Jon's comments on SMRA. I mean back to the last call, our last earnings call, we talked about how this was the year where we were accelerating capital, and we were bringing in incremental investment into the plan in '22. And the big, big chunk, lion's share of that is focused on expansion of our coverage and our footprint. And so a big part of what we're doing is making sure as Jon is getting ready to roll in distribution and new capabilities into the smaller market and rural areas, we're making sure our coverage is second to none.

是的，當然。謝謝，邁克。讓我在您和 Jon 對 SMRA 的評論的基礎上再接再厲。我的意思是回到上一次電話會議，我們上一次財報電話會議，我們談到今年是我們加速資本的一年，我們在 22 年的計劃中引入了增量投資。其中很大一部分集中在擴大我們的覆蓋範圍和足跡上。因此，我們正在做的很大一部分工作是確保 Jon 準備將分銷和新功能推向較小的市場和農村地區，我們確保我們的覆蓋範圍是首屈一指的。

On top of the coverage, of course, Jon referenced this, we're adding this mid-band capability. So that we don't just have a great network, we have an incredibly strong network with 5G capabilities that our competition simply can't match.

當然，除了覆蓋範圍之外，Jon 還提到了這一點，我們正在添加這種中頻功能。因此，我們不僅擁有出色的網絡，而且擁有令人難以置信的強大網絡，其 5G 功能是我們的競爭對手無法比擬的。

And just to navigate through some of the stats we talked about earlier on, in many of these small markets and rural areas, AT&T and Verizon have no plans whatsoever to bring mid-band capability in 5G. So we're going in, putting in a very differentiated proposition and one that will stand the test of time. And so that share gain is getting started and moving. It's a super exciting space.

只是為了瀏覽我們之前談到的一些統計數據，在許多這些小市場和農村地區，AT&T 和 Verizon 沒有任何計劃在 5G 中引入中頻功能。所以我們要進去，提出一個非常差異化的主張，一個經得起時間考驗的主張。因此，份額收益正在開始並正在發展。這是一個超級令人興奮的空間。

So we've always said 10,000 new sites is part of the plan as we combine the sets of assets together. And we're eating into that in 2022. We're a couple of thousand in, and we'll be continuing to build as we move through this year and next.

所以我們一直說 10,000 個新站點是計劃的一部分，因為我們將這些資產組合在一起。我們將在 2022 年投入使用。我們有幾千人，我們將在今年和明年繼續建設。

We're also upgrading a lot of Sprint sites that are critical to enhancing coverage and performance across the network. So we've always said north of 10,000 of those. We're about 1/3 of the way through that build. And so we're adding coverage in many, many dimensions, both in SMRA but also in core market areas. And inside top 100, too, where we're adding great sites for capacity in building all of those different aspects of performance.

我們還升級了許多 Sprint 站點，這些站點對於增強整個網絡的覆蓋範圍和性能至關重要。所以我們總是說在 10,000 以北。我們大約完成了該構建的 1/3。因此，我們在 SMRA 和核心市場領域增加了許多方面的覆蓋面。在前 100 名中，我們也正在添加出色的站點，以提高性能的所有這些不同方面的能力。

And last but not least, Mike asked about reference decom. And so this is the year where we will complete all of the decom that we said we would do as part of combining Sprint and T-Mobile together. And we announced in the release, we're about 1/3 of the way through at the end of Q1 on the 35,000-site decom ambition. And that number is accelerated, and it will accelerate heavily as we go through Q2 and Q3. We want to get the lion's share of that done earlier in the year, this isn't all going to happen in Q4, and we're making great progress and, I'd add, as we see declining churn.

最後但並非最不重要的一點是，Mike 詢問了參考 decom。所以今年我們將完成我們所說的作為將 Sprint 和 T-Mobile 結合在一起的一部分所做的所有 decom。我們在發布中宣布，在第一季度末，我們已經完成了 35,000 個站點的目標的 1/3。而且這個數字正在加速，隨著我們經歷第二季度和第三季度，它將大大加速。我們希望在今年早些時候完成其中的大部分，這不會在第四季度發生，我們正在取得很大進展，而且我要補充一點，因為我們看到客戶流失率下降。

And so the work and the intense work across the entire business to manage the customer experience as we navigate and work through decom is extraordinary and going very well. And we're incredibly confident about our ability to execute and complete this integration in advance of the time frames that we talked about prior.

因此，當我們在 decom 中導航和工作時，整個企業為管理客戶體驗所做的工作和緊張的工作非常出色，而且進展順利。我們對在我們之前討論的時間框架之前執行和完成這種集成的能力充滿信心。

Neville and his team are very busy. This is, as you know, the peak capital year in our business plan. And we have teams that are upgrading literally hundreds and hundreds of sites every single week. In a year, we're going to simultaneously reach 260 million people with Ultra Capacity 5G while completing the shutdown of the Sprint network well and ahead of our schedule. So it's a -- and we're very much on track. And it's fantastic to see the team's execution in every part of this country.

內維爾和他的團隊非常忙碌。如您所知，今年是我們商業計劃中的資本高峰年。我們的團隊每週都在升級成百上千的網站。在一年內，我們將同時使用超容量 5G 覆蓋 2.6 億人，同時提前完成 Sprint 網絡的關閉。所以這是一個 - 我們非常順利。很高興看到團隊在這個國家的每一個地方都表現出色。

So next, we'll go to Brett Feldman with Goldman Sachs.

所以接下來，我們將與高盛一起去布雷特費爾德曼。

And this is actually sort of a follow-up to what you guys were just discussing. So we look at your results for the first quarter and your cost of service, excluding merger-related costs, actually downticked a bit despite the fact that you had, I think, a new tower lease in place, despite the fact that you still had the CDMA network up and running, I think, for essentially the entire quarter. And as Neville just pointed out, you still have the large majority of the decommissioning in front of you but of course you're also still investing.

這實際上是你們剛剛討論的內容的後續行動。因此，我們查看了你們第一季度的業績，你們的服務成本（不包括與合併相關的成本）實際上有所下降，儘管我認為你們有一個新的塔租約，儘管你們仍然有我認為，CDMA 網絡基本上在整個季度都在運行。正如內維爾剛剛指出的那樣，你面前仍然有大部分的退役，但當然你也在投資。

So I guess the question really would be, how should we think about the opportunity and the pace of further improvements in that cost item throughout the remainder of the year? And maybe at what point would we expect to see the full synergy benefit of having completed the network projects in your cost of service line item?

所以我想問題真的是，我們應該如何考慮在今年剩餘時間裡進一步改進該成本項目的機會和步伐？也許在什麼時候，我們會期望在您的服務成本項目中看到完成網絡項目的全部協同效益？

And then just a second question. The comments you made before about the excess Sprint churn and how it affected your postpaid phone net adds. It sounds like that headwind has diminished a bit from what we saw in the second half of the year. I'm wondering if that's a signal that we are indeed through the peak pressure associated with that. And then just as an update on that, if you can give us some insight as to what the churn profile that legacy Sprint cohort looks like as they continue to make the migration fully over to T-Mobile.

然後只是第二個問題。您之前關於 Sprint 流失過多以及它如何影響您的後付費電話網絡的評論增加了。聽起來逆風比我們在下半年看到的有所減弱。我想知道這是否表明我們確實經歷了與之相關的峰值壓力。然後，作為對此的更新，如果您能給我們一些關於傳統 Sprint 隊列在繼續完全遷移到 T-Mobile 時的流失情況的見解。

Great. I'll start with the second one and then hand it to Peter on the first one. We are delighted with what we're seeing this year on Sprint customer response to everything happening on the network and service and plan front. And you can see it in our results.

偉大的。我將從第二個開始，然後將第一個交給彼得。我們很高興看到今年 Sprint 客戶對網絡、服務和計劃方面發生的一切的反應。您可以在我們的結果中看到它。

So one of the things we -- I mentioned a little while ago is that right now, we're substantially complete with about 37% of the customers, bringing them what I'll call all the way across. Now the vast majority of our customers are on the T-Mobile network now, almost all their traffic is on the T-Mobile network now. We'll be moving to shut down the Sprint network this year. But we have a lot of work to do to make sure that the customers come across with T-Mobile plans, T-Mobile phone plans, no remaining leases on their line and all of their traffic on the T-Mobile side.

所以我們 - 我剛才提到的一件事是，現在，我們基本上完成了大約 37% 的客戶，為他們帶來了我將一直稱之為的東西。現在我們的絕大多數客戶現在都在 T-Mobile 網絡上，他們現在幾乎所有的流量都在 T-Mobile 網絡上。今年我們將關閉 Sprint 網絡。但是我們還有很多工作要做，以確保客戶遇到 T-Mobile 計劃、T-Mobile 電話計劃、他們的線路沒有剩餘的租約以及 T-Mobile 方面的所有流量。

When those things happen, churn is the same. And we have achieved that milestone now for about 37% of the Sprint base. And that's much higher than it was just a few months ago. And so you see the result in the sequential churn improvement because as more and more people achieve that level, more and more of them churn just like T-Mobile churn was. And that's what unfolded over the last quarter. And so that gives us a lot of confidence in our plan.

當這些事情發生時，流失是一樣的。我們現在已經為大約 37% 的 Sprint 基地實現了這一里程碑。這比幾個月前要高得多。因此，您會看到連續流失改善的結果，因為隨著越來越多的人達到該水平，越來越多的人流失，就像 T-Mobile 流失一樣。這就是上個季度所發生的事情。這讓我們對我們的計劃充滿信心。

I want to make sure that people don't connect it though to something happening just 2 months from now. I mean when we shut down the Sprint network, it's not just the network traffic. The network traffic is already on T-Mobile. It's the whole thing, getting them migrated to the right plan, the right service structure and, importantly, getting them on a T-Mobile phone payment plan and making sure there's no more leases because those are sources of dissatisfaction. And that's where we're at 37%. It will take us some time to stepwise move through the base. But what we know is that when we do, they love T-Mobile on the other hand and they churn like the lowest-churning brand over the last 2 years. And so that's fantastic.

我想確保人們不會將它與 2 個月後發生的事情聯繫起來。我的意思是當我們關閉 Sprint 網絡時，不僅僅是網絡流量。網絡流量已經在 T-Mobile 上。這就是整件事，讓他們遷移到正確的計劃、正確的服務結構，更重要的是，讓他們加入 T-Mobile 電話支付計劃，並確保不再有租約，因為這些都是不滿意的根源。這就是我們的 37%。我們需要一些時間逐步通過基地。但我們所知道的是，當我們這樣做時，另一方面，他們喜歡 T-Mobile，並且他們像過去 2 年中流失率最低的品牌一樣流失。這太棒了。

And then specifically to your first question, we'll turn it to Peter on the cost of services.

然後專門針對您的第一個問題，我們將就服務成本向彼得提問。

Yes, Brett, absolutely. And you are seeing great scale, just as we promised it would unfold on cost of services. As you think about this year and the shaping, of course as you mentioned in Q2, you'll continue to have rapid investments as Neville and team continue to build these new sites, rebuild Sprint sites, while we'll continue to still have Sprint LTE cost.

是的，布雷特，絕對的。你會看到巨大的規模，正如我們承諾的那樣，它將在服務成本上展開。當你考慮今年和塑造時，當然正如你在第二季度提到的那樣，隨著內維爾和團隊繼續建造這些新網站，重建 Sprint 網站，你將繼續快速投資，而我們將繼續擁有 Sprint LTE 成本。

So as I think about the year shaping, it's very much in line with the synergy commentary that I gave, that as we go through the rapid decommissioning and accelerated decommissioning and get through all of that by the end of the year, you'll see those benefits come out in cost of services.

所以當我考慮到今年的塑造時，這與我給出的協同效應評論非常一致，當我們經歷快速退役和加速退役並在年底前完成所有這些時，你會看到這些好處體現在服務成本中。

In totality, of course, we're looking at 2024 to achieve the full $7.5 billion of run rate savings. So that's how I think about the shaping for the balance of the year.

當然，總的來說，我們期待 2024 年實現全部 75 億美元的運行率節省。所以這就是我對今年平衡的塑造的看法。

It's nice to see things unfolding the way we predicted. We're very much on track for the $7.5 billion. We increased the in-year synergy attainment with this guidance. And of course, that results in also an increase in cash flows to 30% year-over-year cash flows in the present guidance. So terrific to see that happening.

很高興看到事情按照我們預測的方式發展。我們在 75 億美元的投資中非常順利。我們通過這一指導提高了年內協同效應的實現。當然，這也會導致本指南中的現金流量同比增長 30%。看到這種情況發生真是太棒了。

Listen, we promised you a 1-hour call. And so with apologies to those still in the queue, many of whom I'm really sorry we didn't get to because we love you, but we'll take the last question, operator.

聽著，我們答應給你一個 1 小時的電話。因此，向仍在排隊的人表示歉意，我很抱歉我們中的許多人因為我們愛你而未能聯繫到他們，但我們會回答最後一個問題，接線員。

Certainly. We'll go next to Simon Flannery with Morgan Stanley.

當然。我們將和摩根士丹利一起去西蒙弗蘭納里。

So great to hear the updated guidance on the net adds. If you look at the first quarter, it looks like the industry is probably going to do close to 2 million phone adds and there's been this concern about a deceleration in the industry growth. So it'd be great to get some perspective about what you're seeing and how you feel confident about not just your growth but also that the industry can sustain these sort of 8 million, 9 million type ad numbers that's sort of implied by what we've seen from the others so far?

很高興聽到網上更新的指南添加。如果您查看第一季度，看起來該行業可能會增加近 200 萬部手機，並且人們擔心行業增長會減速。因此，最好了解一下您所看到的內容以及您對自己的增長以及行業可以維持這些 800 萬、900 萬個類型的廣告數字的信心，這有點暗示到目前為止，我們從其他人那裡看到了嗎？

And then just, Neville, anything to comment on supply chain availability of tower crews et cetera, given again some of the macro constraints we're seeing?

然後，內維爾，再次考慮到我們看到的一些宏觀限制，對塔台工作人員的供應鏈可用性等有何評論？

Let me start with Neville and supply chain, and then I'll wrap things up with an answer to your question, Simon.

讓我從內維爾和供應鏈開始，然後我會回答你的問題，西蒙。

I'll be very quick, Simon. I mean we're in good shape. And based on the arrangements that we put in place with our OEMs and our tower crews. And of course, we have the advantage, we've been at this for some time now, whereas our competition is really just trying to get started, especially in AT&T's case.

我會很快的，西蒙。我的意思是我們的狀態很好。並基於我們與原始設備製造商和塔台工作人員的安排。當然，我們有優勢，我們已經有一段時間了，而我們的競爭對手實際上只是試圖開始，尤其是在 AT&T 的情況下。

So we're strong. Obviously, we are not sitting on our hands, and we are very, very closely managing supply chain. Our position does not come from inaction and just letting it happen. We're very engaged with all of our suppliers across the U.S. and both internationally. And right now, we're in good shape. And you can see in terms of the performance and growth on the network and the investments we're making.

所以我們很強大。顯然，我們並沒有坐以待斃，我們非常非常密切地管理供應鏈。我們的立場並非來自無所作為，只是讓它發生。我們與美國和國際上的所有供應商都非常合作。而現在，我們的狀態很好。您可以看到網絡的性能和增長以及我們正在進行的投資。

Simon, I'm glad you asked that because your question goes -- in my mind, it goes right to the heart of what a lot of people want to know about this sector right now. And I would characterize it really in terms of 2 important questions people have. One, is there room for everybody? What's going -- can this growth continue? What's going to go on when the growth slows down? And if it slows down, will it get unhealthily competitive? Those are the big questions, I think, on people's minds.

西蒙，我很高興你問這個問題，因為你的問題是——在我看來，這正是很多人現在想知道的關於這個行業的核心。我會用人們有的兩個重要問題來描述它。一，每個人都有空間嗎？發生了什麼——這種增長能否持續下去？當增長放緩時會發生什麼？如果它放慢速度，它會變得不健康的競爭嗎？我認為，這些都是人們心中的大問題。

And I got to tell you, I'm not concerned about those questions. As I've said in the past, first of all, I think what we're seeing is some of that is happening in the dynamic right now out there. And in the very time frame when people are asking these questions, they're asking, "Hey, how are you going to navigate if things slow down?" We delivered 1.3 million postpaid net adds, the best in 8 years, more than AT&T and Verizon combined.

我得告訴你，我不關心這些問題。正如我過去所說，首先，我認為我們所看到的是其中一些正在發生的動態中。在人們提出這些問題的時間範圍內，他們會問，“嘿，如果事情變慢，你將如何導航？”我們交付了 130 萬次後付費淨添加，是 8 年來最好的，超過了 AT&T 和 Verizon 的總和。

In the very time frame when people are saying, what about are things slowing down? How are you guys going to do if things slow down? And I love that you're asking that because it reminds everyone listening that this is a business with major underpenetrated growth opportunities that we are proving we know how to execute against. And that's why we reliably bring the performance quarter after quarter.

在人們所說的時間框架內，事情正在放緩怎麼辦？如果事情進展緩慢，你們會怎麼做？我喜歡你這樣問，因為它提醒每個傾聽的人，這是一個具有重大增長機會的業務，我們正在證明我們知道如何執行。這就是為什麼我們一個季度又一個季度可靠地帶來業績的原因。

And to the second question people have, which is, isn't it going to get crazy out there if there isn't room for everybody? Which is I don't know, but I can tell you that the amount of competitiveness that we bring is consistent over time. We are the competition. We like it competitive. It's been relatively consistently competitive through our actions for years now. Customers and businesses are the beneficiaries. Right now, the cost per unit in this industry is lower for consumers and businesses than it's ever been, in a time when every other category has rising prices.

對於人們的第二個問題，如果沒有每個人的空間，它會不會變得瘋狂？我不知道，但我可以告訴你，隨著時間的推移，我們帶來的競爭力量是一致的。我們是競爭對手。我們喜歡它有競爭力。多年來，通過我們的行動，它一直保持著相對穩定的競爭力。客戶和企業是受益者。目前，這個行業的單位成本對消費者和企業來說比以往任何時候都低，而其他所有類別的價格都在上漲。

We're driving ARPU improvements without price improvement. And we're bringing a level of competitiveness to this industry that's so exciting for consumers and businesses while delivering on financial performance that we promised you and then some.

我們在不提高價格的情況下推動 ARPU 的提高。我們正在為這個行業帶來一定程度的競爭力，這對消費者和企業來說非常令人興奮，同時實現了我們向您承諾的財務業績。

And so people have these 2 questions. Is there room for everybody? I don't know. That's not -- I'm not burdened with that. I can tell you that this quarter it looks like there is. Cables about to report, I think they had a healthy quarter. We're going to see nice numbers there. Our telemetry has usually been pretty good at predicting what to see there. But we delivered an 8-year Q1 all-time almost high. And that shows you that our growth strategy has integrity and it's reliable, safe, quarter-after-quarter growth that comes in just like we promised you it would. And it comes in with a healthy industry and a dynamic where T-Mobile can achieve its cash flow aspirations.

所以人們有這兩個問題。每個人都有空間嗎？我不知道。那不是——我沒有負擔。我可以告訴你，這個季度看起來有。電纜即將報告，我認為他們有一個健康的季度。我們將在那裡看到不錯的數字。我們的遙測技術通常非常擅長預測那裡會看到什麼。但我們實現了 8 年第一季度的歷史新高。這向您表明，我們的增長戰略是誠信的，它是可靠、安全、逐季增長的，正如我們向您承諾的那樣。它伴隨著一個健康的行業和一個充滿活力的 T-Mobile 可以實現其現金流願望的地方。

And so look, we like it. We look at the industry. We know we play an important role as stewards of a healthy industry and we think it's a healthy industry. And whether or not it's a healthy industry, it's going to be an industry that's healthy for T-Mobile.

所以看，我們喜歡它。我們看這個行業。我們知道我們作為健康行業的管理者發揮著重要作用，我們認為這是一個健康的行業。無論它是否是一個健康的行業，它都將是一個對 T-Mobile 健康的行業。

So you got to think that in all the time that you have, we really appreciate you. Thanks for coming quarter after quarter with your great discussions. And we look forward to engaging with you more. Appreciate it.

所以你必須認為，在你擁有的所有時間裡，我們真的很感激你。感謝您一個又一個季度的精彩討論。我們期待與您進行更多互動。欣賞它。

And ladies and gentlemen, this concludes the T-Mobile first quarter earnings call. Thank you for your participation. You may now disconnect, and have a pleasant day.

女士們先生們，T-Mobile 第一季度財報電話會議到此結束。感謝您的參與。您現在可以斷開連接，度過愉快的一天。