美國無線通訊 (USM) 2023 Q2 法說會逐字稿

Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the TDS and UScellular's Second Quarter 2023 Operating Results Call. Today's conference is being recorded. (Operator Instructions)

早上好。我叫大衛，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 TDS 和 UScellular 的 2023 年第二季度運營業績電話會議。今天的會議正在錄製中。 （操作員說明）

Colleen Thompson, Vice President of Corporate Relations, you may begin your conference.

Colleen Thompson，企業關係副總裁，您可以開始會議了。

Good morning, and thank you for joining us. We want to make you all aware of the presentation we have prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and UScellular websites. With me today and offering prepared comments, are from TDS Vicki Villacrez, Executive Vice President and Chief Financial Officer; from UScellular, LT Therivel, President and Chief Executive Officer; Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer; Eric Jagher, Senior Vice President and Chief Marketing Officer; Austin Summerford, Chief of Strategy Partnerships and Towers; and from TDS Telecom, Michelle Brukwicki, Senior Vice President of Finance and Chief Financial Officer.

早上好，感謝您加入我們。我們想讓大家了解我們今天早上為配合我們的評論而準備的演示文稿，您可以在 TDS 和 UScellular 網站的投資者關係部分找到該演示文稿。今天與我一起發表事先準備好的評論的是來自 TDS Vicki Villacrez 的執行副總裁兼首席財務官； UScellular 總裁兼首席執行官 LT Therivel；道格·錢伯斯 (Doug Chambers)，執行副總裁、首席財務官兼財務主管； Eric Jagher，高級副總裁兼首席營銷官； Austin Summerford，戰略合作夥伴關係和塔樓主管；以及來自 TDS Telecom 的高級財務副總裁兼首席財務官 Michelle Brukwicki。

This call is being simultaneously webcast on the TDS and UScellular Investor Relations website. Please see the websites for slides referred to on this call, including non-GAAP reconciliations. We provide guidance for both adjusted operating income before depreciation and amortization, or OIBDA, and adjusted earnings before interest, taxes, depreciation and amortization or EBITDA to highlight the contributions of UScellular's wireless partnerships.

此次電話會議同時在 TDS 和 UScellular 投資者關係網站上進行網絡直播。請參閱網站以獲取本次電話會議中提到的幻燈片，包括非 GAAP 調節表。我們為調整後折舊和攤銷前營業收入 (OIBDA) 以及調整後利息、稅項、折舊和攤銷前利潤 (EBITDA) 提供指導，以突出 UScellular 無線合作夥伴關係的貢獻。

TDS and UScellular filed their SEC Forms 8-K, including the press releases and our 10-Qs earlier this morning.

TDS 和 UScellular 今天早上提交了 SEC 表格 8-K，包括新聞稿和我們的 10-Q。

As shown on Slide 2, the information set forth in the presentation and discussed during this call contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the safe harbor paragraphs in our press releases and the extended version included in our SEC filings.

如幻燈片 2 所示，演示文稿中提出的信息以及本次電話會議中討論的信息包含有關預期未來事件和財務業績的陳述，這些陳述是前瞻性的，並且存在風險和不確定性。請查看我們新聞稿中的安全港段落以及我們向 SEC 提交的文件中包含的擴展版本。

I will now turn the call over to Vicki Villacrez. Vicki?

我現在將把電話轉給 Vicki Villacrez。維姬？

All right. Thank you, Colleen, and good morning, everyone. Before we get into the details for the quarter, I want to take a moment to acknowledge this morning's announcement that the Board of Directors of TDS and UScellular have each decided to initiate a process to explore strategic alternatives for UScellular.

好的。謝謝你，科琳，大家早上好。在我們討論本季度的詳細信息之前，我想花點時間確認一下今天早上宣布的消息：TDS 和 UScellular 董事會已分別決定啟動一項流程，探索 UScellular 的戰略替代方案。

The comprehensive process will explore a range of strategic alternatives focused on the best interest of shareholders. Both TDS and the independent directors of UScellular have retained financial and legal advisers in connection with the review. There is no deadline or definitive timetable set for completion of the strategic review, and there can be no assurance regarding the results or outcome of this review. TDS and UScellular do not intend to comment further on the strategic review process, and we'll make further announcements as appropriate.

這一綜合流程將探索一系列以股東最佳利益為重點的戰略選擇。 TDS 和 UScellular 的獨立董事均聘請了與審查相關的財務和法律顧問。沒有為完成戰略審查設定最後期限或明確的時間表，並且無法保證本次審查的結果或成果。 TDS 和 UScellular 不打算對戰略審查流程發表進一步評論，我們將酌情發布進一步公告。

We do not plan to answer any questions regarding the review process on this call today.

我們不打算在今天的電話會議上回答有關審核流程的任何問題。

Let me emphasize that we all remain committed to executing the strategic priorities that we set forth at the beginning of the year, with LT, Doug and the rest of the team and Michelle will speak to next.

我要強調的是，我們仍然致力於執行我們在年初制定的戰略優先事項，LT、Doug 和團隊的其他成員以及 Michelle 將在接下來發言。

With that, let's get into the details of the quarter. As you saw from our press release, we're halfway through the year, we continue to execute on our multiyear strategy, while focusing intensely on cost containment. UScellular has begun deploying mid-band 5G spectrum, and TDS Telecom is making solid progress on its fiber program and expansion into new markets.

接下來，讓我們了解本季度的詳細信息。正如您從我們的新聞稿中看到的那樣，今年已過半，我們將繼續執行我們的多年戰略，同時重點關注成本控制。 UScellular 已開始部署中頻 5G 頻譜，TDS Telecom 正在其光纖計劃和新市場擴張方面取得紮實進展。

At the end of the second quarter, TDS and UScellular combined have over $1.1 billion in available sources of liquidity, including cash, revolvers, EIT and capacity on our repurchase agreement to help fund our businesses as needed.

截至第二季度末，TDS 和 UScellular 總共擁有超過 11 億美元的可用流動資金來源，包括現金、左輪手槍、企業所得稅和回購協議的能力，以根據需要為我們的業務提供資金。

I also want to highlight that, as expected, UScellular paid down $150 million in debt during the second quarter and then paid down another $100 million in July. We continue to manage the balance sheet by keeping short-term maturities to a minimum in this higher interest rate environment.

我還想強調的是，正如預期的那樣，UScellular 在第二季度償還了 1.5 億美元的債務，然後在 7 月份又償還了 1 億美元。在這種高利率環境下，我們繼續通過將短期期限保持在最低限度來管理資產負債表。

As a reminder, over 60% of our debt, including our preferred are very long-dated maturities or indefinite in the case of the preferred.

提醒一下，我們超過 60% 的債務（包括我們的優先債）的期限很長，或者優先債的期限是無限期的。

Briefly on guidance, UScellular tightened most of its ranges, increased the midpoint of its adjusted EBITDA guidance and then modestly reduced its service revenue guidance. Reflecting an aggressive competitive environment. TDS Telecom due to tight cost controls increased its profitability ranges.

簡單來說，UScellular 收緊了大部分範圍，提高了調整後 EBITDA 指導的中點，然後小幅降低了服務收入指導。反映了激烈的競爭環境。 TDS Telecom 由於嚴格的成本控製而提高了其盈利範圍。

They also reduced the midpoint of their capital expenditure guidance while still committed to its fiber service address delivery target. We have the entire organization focused on cost efficiencies, and we will carefully pace our investments in order to preserve capital and navigate the current economic environment.

他們還降低了資本支出指導的中點，同時仍然致力於其光纖服務地址交付目標。我們整個組織都專注於成本效率，我們將謹慎調整投資節奏，以保護資本並應對當前的經濟環境。

And now I will turn over the call to LT to update you on UScellular results. LT?

現在我將把電話轉給 LT，向您通報 UScellular 最新結果。 LT？

Thank you, Vicki. Good morning, everybody. If I turn to Slide 5. We remain committed to our strategic priorities that we laid out for all of you at the beginning of the year. Our top priority remains improving our subscriber trajectory. And although we were not satisfied with our postpaid gross adds in the quarter, we've been making notable strides in churn reduction and very encouraged with that improvement.

謝謝你，維基。大家早上好。如果我轉向幻燈片 5。我們仍然致力於我們在年初為大家製定的戰略重點。我們的首要任務仍然是改善我們的用戶軌跡。儘管我們對本季度的後付費總增長並不滿意，但我們在減少客戶流失方面取得了顯著的進步，並且對這種改進感到非常鼓舞。

For the past year, we've worked to improve our in contract rate. It's currently at 62%. That's a big factor in churn. And as a reminder, customers that are in contract are much less likely to churn than customers who are out of contract. We're also being really targeted with promotions and pacing varying campaigns in from time to time on a regional basis and allows us to focus on subscriber growth in a more fiscally disciplined way.

在過去的一年裡，我們努力提高合同率。目前為 62%。這是客戶流失的一個重要因素。提醒一下，簽訂合同的客戶比未簽訂合同的客戶流失的可能性要小得多。我們還真正有針對性地進行促銷活動，並在區域範圍內不時安排不同的活動，這使我們能夠以更加嚴格的財務紀律的方式專注於用戶增長。

For instance, while flat rate is being offered footprint-wide, other offers, particularly focusing on upgrades are more targeted. We're seeing steady adoption of our flat rate plans, which we have tailored to our various regions. As a reminder, while flat rate plans generate lower ARPU than traditional postpaid pricing plans, customers on these flat rate plans are generally not eligible for higher promotional discounts. In addition, about 1/3 of our flat rate customers are on the top 2 pricing tiers. If you combine the promotional benefit and the higher pricing tier selection on average, the flat rate plans have similar economics to our traditional plans over time.

例如，雖然在整個足跡範圍內提供統一費率，但其他優惠，特別是針對升級的優惠則更具針對性。我們看到我們針對各個地區量身定制的統一費率計劃得到了穩步採用。提醒一下，雖然統一費率計劃產生的 ARPU 低於傳統的後付費定價計劃，但使用這些統一費率計劃的客戶通常沒有資格獲得更高的促銷折扣。此外，我們約 1/3 的統一費率客戶位於前 2 個定價層。如果將促銷優惠和較高的平均定價等級選擇結合起來，隨著時間的推移，統一費率計劃與我們的傳統計劃具有相似的經濟效益。

And notwithstanding the increasing penetration of flat rate plans, which is currently at 11%. Our postpaid ARPU is still growing year-over-year. The team is doing a really nice job of moving customers up to great stack and providing them with the enhanced value of our higher-tiered claims.

儘管統一費率計劃的滲透率不斷提高，目前為 11%。我們的後付費 ARPU 仍在逐年增長。該團隊在將客戶提升到更高層次並為他們提供更高級別索賠的增強價值方面做得非常出色。

Going on costs, in this current inflationary environment, I'm really pleased with the way we're managing our costs. As I mentioned last quarter, we made some difficult headcount decisions that will help with run rate expenses. Doug will give you some additional details and we'll talk more about expenses in a few minutes.

就成本而言，在當前的通貨膨脹環境下，我對我們管理成本的方式非常滿意。正如我上季度提到的，我們做出了一些艱難的員工人數決定，這將有助於減少運行費用。道格將為您提供一些額外的詳細信息，我們將在幾分鐘內詳細討論費用。

Turning to fixed wireless. We've seen continued momentum with that product. We ended the quarter with 96,000 customers up 66% year-over-year. In July, we surpassed 100,000 customers. It's a milestone for this product. And remember, these results are all on low-band spectrum. We're currently deploying mid-band spectrum. We intend to start offering fixed wireless over mid-band later this month. We expect that this will help us provide an even better experience for our customers enable us to compete even more aggressively in areas of cable competition that will help us maintain our sales momentum for the coming quarters.

轉向固定無線。我們看到該產品的持續發展勢頭。截至本季度末，我們的客戶數量為 96,000 名，同比增長 66%。 7 月份，我們的客戶數量突破了 100,000 名。這是該產品的一個里程碑。請記住，這些結果都在低頻段頻譜上。我們目前正在部署中頻頻譜。我們打算在本月晚些時候開始提供中頻固定無線服務。我們預計這將幫助我們為客戶提供更好的體驗，使我們能夠在有線電視競爭領域更加積極地競爭，從而幫助我們保持未來幾個季度的銷售勢頭。

Speaking briefly on the network. We're deploying our mid-band spectrum in the 3.45 band. We've done this in parts of Illinois, in Iowa, Wisconsin, Maine, Missouri, Nebraska, Oklahoma, Oregon, Virginia, and we have a one-touch tower approach where we're hanging C-band radios at the same time as we hang the radios that manage the 3.45 spectrum. So we'll be ready to go on air with C-band when that spectrum clears later this year.

在網絡上簡單說一下。我們正在 3.45 頻段部署中頻頻譜。我們已經在伊利諾伊州的部分地區、愛荷華州、威斯康星州、緬因州、密蘇里州、內布拉斯加州、俄克拉荷馬州、俄勒岡州、弗吉尼亞州做到了這一點，我們採用一鍵式塔台方法，同時懸掛C 波段收音機我們懸掛管理 3.45 頻譜的無線電。因此，當今年晚些時候頻譜清除時，我們將準備好使用 C 頻段進行廣播。

We expect that the addition of mid-band through this multiyear deployment will further improve our competitiveness by enhancing both our fixed wireless and our mobility experience.

我們預計，通過多年部署增加中頻段將通過增強我們的固定無線和移動體驗來進一步提高我們的競爭力。

Briefly on the BEAD program. We know fixed wireless broadband as a fantastic solution to help bridge the digital divide in circumstances where fiber is too expensive or maybe it's impractical to deploy.

簡單介紹一下BEAD 計劃。我們知道固定無線寬帶是一種極好的解決方案，可以在光纖過於昂貴或部署不切實際的情況下幫助彌合數字鴻溝。

Based on our conversations with state officials, we believe that fixed wireless completing a meaningful role in connecting the unserved and underserved in America, we believe we're well positioned to participate in that space.

根據我們與州官員的對話，我們相信固定無線在連接美國未獲得服務和服務不足的地區方面發揮著有意義的作用，我們相信我們處於參與該領域的有利位置。

We expect to be able to compete for about $7.5 billion in broadband funding that will help us subsidize tower builds that aren't economical otherwise.

我們預計能夠爭奪約 75 億美元的寬帶資金，這將有助於我們補貼那些不經濟的塔樓建設。

As was mentioned earlier, Eric Jagher and Austin Summerford have joined us here today. I've asked him to give brief updates on 2 key initiatives in the business. First, as I mentioned in the first quarter, we launched our new brand campaign earlier this year. We've seen some really positive results that we believe are going to help us drive future customer growth. I've asked Eric to share some of our early results with you today.

正如前面提到的，埃里克·賈格爾 (Eric Jagher) 和奧斯汀·薩默福德 (Austin Summerford) 今天也加入了我們的行列。我請他簡要介紹一下該業務的兩項關鍵舉措。首先，正如我在第一季度提到的，我們在今年早些時候推出了新的品牌活動。我們已經看到了一些非常積極的成果，我們相信這些成果將幫助我們推動未來的客戶增長。我今天請埃里克與大家分享我們的一些早期成果。

And Austin leads our tower business. As you know, towers are a very valuable asset. We've seen really nice growth in tower revenues over the last couple of years. Austin is going to provide a bit more detail on our tower strategy and our path forward.

奧斯汀領導著我們的塔樓業務。如您所知，塔樓是非常寶貴的資產。在過去的幾年裡，我們看到鐵塔收入的增長非常可觀。奧斯汀將提供有關我們塔樓戰略和前進道路的更多細節。

Before turning the call over, I want to highlight we recently issued our first social impact report at UScellular. Report highlights our commitment to building better communities in the areas that we serve and our passion for connecting our customers to what matters most. I encourage you to check it out on our website. And as always, I also want to thank all of our associates for their dedication to serving our customers and supporting our communities.

在轉交電話之前，我想強調一下，我們最近在 UScellular 發布了第一份社會影響報告。報告強調了我們對在我們服務的領域建立更好的社區的承諾，以及我們對將客戶與最重要的事情聯繫起來的熱情。我鼓勵您在我們的網站上查看。與往常一樣，我還要感謝我們所有的員工致力於服務我們的客戶和支持我們的社區。

With that, I'll turn the call over to Eric, who's going to provide an update on our brand initiatives. Eric?

接下來，我會將電話轉給埃里克，他將提供我們品牌計劃的最新信息。埃里克？

Thanks, LT, and good morning. As LT mentioned, our mission at UScellular is to connect people to what matters most. And that means helping us build genuine connections versus constant connections that can distract the divide. Because of this mission, we decided to adapt our brand strategy by taking on an issue people care about. It's just one of the steps that we are taking to attempt to improve our subscriber trajectory, and I wanted to share a few of the details with you today.

謝謝，LT，早上好。正如 LT 提到的，我們 UScellular 的使命是將人們與最重要的事情聯繫起來。這意味著幫助我們建立真正的聯繫，而不是可能分散分歧的持續聯繫。由於這一使命，我們決定通過解決人們關心的問題來調整我們的品牌戰略。這只是我們為改善訂閱者軌跡而採取的步驟之一，我今天想與您分享一些細節。

As context for the campaign, all people love their devices. They are struggling with their relationship with technology and 47% of Americans say they are addicted to their phones. So we position the brand to address that opportunity to create a healthy relationship with technology. We launched a new marketing campaign in the first quarter. Our first initiative was the Phones Down for 5 challenge. We asked people to take a break from their devices for 5 minutes, 5 hours or 5 days to focus on connecting what matters most.

作為該活動的背景，所有人都喜歡他們的設備。他們正在努力處理與科技的關係，47% 的美國人表示他們對手機上癮。因此，我們將品牌定位為抓住這一機會，與技術建立健康的關係。我們在第一季度推出了新的營銷活動。我們的第一個舉措是“電話放下 5 次挑戰”。我們要求人們離開設備休息 5 分鐘、5 小時或 5 天，專注於連接最重要的事情。

We've also launched a signature service called Us Mode, which uses functionality in the handset operating system to help people set up their devices for connection rather than distraction. The campaign has been impactful and is generating a high level of interest and engagement. We've already earned 358 million impressions to date. This is more than 3x the number of people who watch the Super Bowl.

我們還推出了一項名為“Us Mode”的標誌性服務，該服務使用手機操作系統中的功能來幫助人們設置設備以進行連接而不是分散注意力。該活動影響深遠，引起了高度的興趣和參與。迄今為止，我們已經獲得了 3.58 億次展示。這是觀看超級碗比賽人數的三倍多。

Further, LT was just on Good Morning America last week, discussing the resources we're making available to families trying to navigate this issue. Additionally, the campaign is helping to improve Net Promoter Score or NPS. NPS measures how likely a carrier's respective customers are to recommend their services.

此外，LT 上周剛剛在《早安美國》節目中討論了我們為試圖解決這一問題的家庭提供的資源。此外，該活動還有助於提高淨推薦值（NPS）。 NPS 衡量運營商各自的客戶推薦其服務的可能性。

As of June 2023, our NPS is higher than the big 3 carriers in our footprint. You'll see on the slide, we've gone from fourth place to first place in likelihood to recommend by current customers.

截至 2023 年 6 月，我們的 NPS 高於我們足跡中的三大運營商。您將在幻燈片上看到，我們在當前客戶推薦的可能性方面已從第四名上升到第一名。

As you can see on Slide 8, the campaign is resonating. While it's still early, we are already seeing impact in both current and noncustomers. As those who are aware of our campaign scores significantly higher on several key brand dimensions and those that are not aware. For our current customers, we believe this campaign has contributed to year-over-year reductions in churn we've seen in the last 2 quarters that the campaign has been in market. For noncustomers, we believe these results are a leading indicator it will increase both familiarity and consideration of the UScellular brand and will help drive improved gross add performance as more people become aware of the campaign.

正如您在幻燈片 8 中看到的那樣，該活動引起了共鳴。雖然現在還為時過早，但我們已經看到了對現有客戶和非客戶的影響。因為那些了解我們的活動的人在幾個關鍵品牌維度上的得分顯著高於那些不知道的人。對於我們現有的客戶來說，我們相信該活動有助於減少客戶流失率，我們在過去兩個季度中看到該活動已投放市場。對於非客戶而言，我們相信這些結果是一個領先指標，它將提高對UScellular 品牌的熟悉度和考慮度，並且隨著越來越多的人了解該活動，將有助於推動總附加值績效的提高。

Overall, we are very pleased with the early results of this campaign and we are optimistic that it will help us drive future customer growth. I will now turn the call over to Austin Summerford, who will update on towers. Austin?

總體而言，我們對此次活動的早期結果感到非常滿意，並且樂​​觀地認為它將幫助我們推動未來的客戶增長。我現在將把電話轉給奧斯汀·薩默福德，他將更新塔樓的情況。奧斯汀？

Thanks, Eric, and good morning, everyone. As you all already know, UScellular is uniquely positioned as both the wireless operator and based on the number of towers we own, also the fifth largest tower company in the U.S. We've driven strong growth in our third-party tower revenue over the last few years while continuing to support UScellular's network. And I believe we have further room for growth.

謝謝埃里克，大家早上好。眾所周知，UScellular 作為無線運營商和我們擁有的信號塔數量具有獨特的地位，也是美國第五大信號塔公司。過去我們推動了第三方信號塔收入的強勁增長幾年來，同時繼續支持 UScellular 的網絡。我相信我們還有進一步的增長空間。

Including the UScellular network, our tower tenancy ratio is currently only 1.55 that's up from 1.44 just 2 years ago, and we have room for further growth before we reach a tenancy ratio in excess of 2 as we see with the large U.S. tower companies. Our towers are also well positioned geographically. About 30% of them do not have a competing tower within a 2-mile radius.

包括美國蜂窩網絡在內，我們的鐵塔租賃率目前僅為 1.55，而兩年前為 1.44。在達到美國大型鐵塔公司的租賃率超過 2 之前，我們還有進一步增長的空間。我們的塔樓地理位置優越。其中約 30% 的人在 2 英里半徑內沒有競爭塔。

Additionally, we have a well-diversified customer base spread across the states in which UScellular operates and we aren't heavily weighted towards any single carrier. And the revenues generated by this business resulted in high contribution margins as there is relatively little incremental cost to add in the co-locators equipment to one of our sites. In addition, we can offer an array of services that traditional tower companies can't, such as backhaul, power and shelter space. And while these ancillary services aren't currently large revenue generators, the ability to offer them differentiates us from the competition.

此外，我們擁有遍布 UScellular 運營所在州的多元化客戶群，並且我們並沒有過度偏向任何單一運營商。這項業務產生的收入帶來了很高的邊際貢獻，因為向我們的站點之一添加主機託管設備的增量成本相對較小。此外，我們還可以提供傳統鐵塔公司無法提供的一系列服務，例如回程、電力和庇護空間。雖然這些輔助服務目前還不能帶來大量收入，但提供這些服務的能力使我們在競爭中脫穎而出。

Moving on to results. As you can see on Slide 10, the business delivered another strong quarter with $25 million of third-party revenue, which represents 10% growth versus the same quarter in 2022. With that said, and consistent with commentary from the publicly traded tower companies, we have seen a slowdown in new tenant and amendment activity this year. In addition, we've seen an uptick in terminations for T-Mobile as a result of their network integration efforts. The combination of these 2 factors has led to a slowdown in sequential growth and for the remainder of the year, we are expecting growth to decline from the double-digit growth we achieved this quarter.

繼續討論結果。正如您在幻燈片10 中看到的那樣，該業務又一個強勁的季度實現了2500 萬美元的第三方收入，與2022 年同一季度相比增長了10%。話雖如此，並且與上市鐵塔公司的評論一致，今年我們看到新租戶和修改活動有所放緩。此外，由於 T-Mobile 的網絡整合工作，我們發現 T-Mobile 的終止數量有所增加。這兩個因素的結合導致環比增長放緩，在今年剩餘時間內，我們預計增長將從本季度實現的兩位數增長有所下降。

However, we have a significant backlog of applications for both new tenancies and amendments and we remain optimistic that leasing activity will pick up again in the coming quarters.

然而，我們有大量積壓的新租約和修改申請，我們仍然樂觀地認為租賃活動將在未來幾個季度再次回升。

I will now turn the call over to Doug, who will take you through the financials in more detail.

我現在將把電話轉給道格，他將向您詳細介紹財務狀況。

Thanks, Austin. Good morning. Let's start with a review of customer results on Slide 11. Postpaid handset gross additions decreased by 11,000 largely due to continued aggression in the competitive environment as well as decline in the pool of available customers. We still had postpaid net handset losses but this improved year-over-year by 2,000 as the declining gross additions was offset by improvements in voluntary churn partially as a result of more customers in contract driven by our attractive upgrade offers in the second half of 2022 and first quarter of 2023.

謝謝，奧斯汀。早上好。讓我們首先回顧一下幻燈片 11 上的客戶結果。後付費手機總銷量減少了 11,000 部，主要是由於競爭環境的持續激烈以及可用客戶群的減少。我們仍然存在後付費手機淨虧損，但這一數字同比改善了2,000 部，因為總增量的下降被自願流失的改善所抵消，部分原因是2022 年下半年我們有吸引力的升級優惠推動了更多的合同客戶以及 2023 年第一季度。

Moving to Slide 12. Prepaid gross additions declined 6,000 and net prepaid additions decreased 4,000. In terms of gross additions, the overall pool of available customers declined year-over-year, which we believe is partially driven by competitively priced postpaid offerings, including our own flat rate plans.

轉向幻燈片 12。預付費總增加量下降 6,000，預付費淨增加量減少 4,000。就新增總量而言，可用客戶總數同比下降，我們認為這部分是由於價格具有競爭力的後付費產品（包括我們自己的統一費率計劃）推動的。

Now let's turn to the financial results starting on Slide 13. Total operating revenues for the second quarter decreased 7% from the prior year with service revenues declining 3%. The primary drivers of lower service revenues are declines in the subscriber base and roaming revenue. Inbound roaming revenue declined 55% due primarily to lower negotiated rates with other carriers, which also has the impact of decreasing our roaming expense. On the positive side, as LT mentioned, despite the increase in flat rate penetration of our subscriber base, we continue to see growth in ARPU as we continue to improve our plan and product offering mix as a result of customer adoption of our higher value, higher tier plans.

現在讓我們轉向從幻燈片 13 開始的財務業績。第二季度的總營業收入比上年同期下降 7%，其中服務收入下降 3%。服務收入下降的主要驅動因素是用戶群和漫遊收入的下降。入境漫遊收入下降 55%，主要是由於與其他運營商的協議費率較低，這也影響了我們的漫遊費用減少。從積極的一面來看，正如LT 提到的，儘管我們的用戶群的統一費率滲透率有所增加，但由於客戶採用了我們的更高價值，我們不斷改進我們的計劃和產品組合，因此我們的ARPU 繼續增長，更高層次的計劃。

As of the end of the quarter, 44% of our postpaid handset customers are on these higher tier plans. This helped mitigate the impact of promotional cost and service revenue and ARPU, which increased year-over-year. Equipment sales revenues decreased by 20%, mainly due to a decline in upgrade volumes.

截至本季度末，我們 44% 的後付費手機客戶採用了這些更高級別的套餐。這有助於減輕促銷成本和服務收入以及 ARPU 的影響，而 ARPU 逐年增加。設備銷售收入下降20%，主要是由於升級量下降。

Next, let's turn to our quarterly operating performance shown on Slide 14. For this discussion, I will refer to adjusted operating income before depreciation and amortization as adjusted operating income. As I noted, total operating revenues declined 7%. Cash expenses declined 6% and were flat excluding cost to the equipment sold. This result was achieved despite the inflationary environment and increased operating costs related to our ongoing 5G rollout and is attributable to our strong focus on controlling costs, including our multiyear cost optimization program.

接下來，讓我們轉向幻燈片 14 所示的季度運營業績。在本次討論中，我將折舊和攤銷前的調整後運營收入稱為調整後運營收入。正如我所指出的，總營業收入下降了 7%。現金支出下降 6%，扣除所售設備成本後與持平。儘管通貨膨脹環境和我們正在進行的 5G 部署相關的運營成本增加，但仍取得了這一成果，這要歸功於我們對控製成本的高度重視，包括我們的多年成本優化計劃。

As a reminder, in May, we announced a reduction in staffing, which should positively impact cash expenses in 2023 and beyond. We estimate full year run rate savings related to this action of approximately $45 million, which we expect to fully realize in 2024. Wrapping up this slide, adjusted operating income declined 10% and adjusted EBITDA, which incorporates the earnings from our equity method investments, along with interest and dividend income decreased 8%. Capital expenditures have decreased 47%, mainly driven by timing of expenditures in 2023 relative to the prior year as we continue to invest in our multiyear 5G mid-band deployment while prudently managing our free cash flow.

提醒一下，我們 5 月份宣布裁員，這將對 2023 年及以後的現金支出產生積極影響。我們估計與此行動相關的全年運行率節省約為4500 萬美元，我們預計將在2024 年完全實現。在這張幻燈片結束時，調整後的營業收入下降了10%，調整後的EBITDA（其中包括我們權益法投資的收益）利息和股息收入也隨之下降8%。資本支出下降了 47%，主要是由於 2023 年的支出時間相對於上一年而言有所下降，因為我們繼續投資多年 5G 中頻部署，同時審慎管理我們的自由現金流。

Moving to Slide 15, I will cover our guidance for the full year 2023. We believe that we are on track to deliver on our profitability and capital expenditure targets that we presented to you in February. And accordingly, the midpoints of adjusted operating income and capital expenditures remain unchanged. We are lowering the midpoint for service revenues by $50 million, primarily as a result of our subscriber loss trajectory. As a result of our ongoing expense discipline and management, we are able to maintain our adjusted operating income guidance despite this decline in our service revenues guidance. In addition, we are increasing the midpoint of adjusted EBITDA by $25 million.

轉向幻燈片 15，我將介紹我們對 2023 年全年的指導。我們相信，我們有望實現我們 2 月份向您提出的盈利能力和資本支出目標。因此，調整後的營業收入和資本支出的中點保持不變。我們將服務收入中點降低 5000 萬美元，主要是由於我們的用戶流失軌跡。由於我們持續的費用紀律和管理，儘管我們的服務收入指導有所下降，但我們仍能夠維持調整後的營業收入指導。此外，我們還將調整後 EBITDA 的中點增加 2500 萬美元。

Lastly, now that we are more than halfway through 2023 and given our plans for the remainder of the year, we are tightening the ranges of service revenues, adjusted operating income and adjusted EBITDA. Our guidance for capital expenditures remains unchanged as we are executing our 5G mid-band deployment as planned.

最後，現在 2023 年已過半，並且考慮到今年剩餘時間的計劃，我們正在收緊服務收入、調整後營業收入和調整後 EBITDA 的範圍。由於我們正在按計劃執行 5G 中頻段部署，因此我們對資本支出的指導保持不變。

I will now turn the call over to Michelle Brukwicki.

我現在將把電話轉給 Michelle Brukwicki。

Thank you, Doug, and good morning, everyone. I'm pleased to report on TDS Telecom's second quarter results and highlight that we are on track to meet the goals we laid out earlier this year.

謝謝你，道格，大家早上好。我很高興地報告 TDS Telecom 第二季度業績，並強調我們正在實現今年早些時候制定的目標。

Before getting into the quarterly results, I'm excited to share that the federal A-CAM program has been extended. This is fantastic news for our company. It will provide an additional 10 years of revenue support through 2038 in return for us delivering increased speeds of 100 megabits down and 20 up to our A-CAM addresses. While important program details remain under review, we believe this is a favorable outcome for these customers and provides the fastest path for TDS Telecom to take fiber deeper into our communities.

在公佈季度業績之前，我很高興地告訴大家，聯邦 A-CAM 計劃已經延長。這對我們公司來說是個好消息。它將在 2038 年之前提供額外 10 年的收入支持，以換取我們為 A-CAM 地址提供下行 100 兆比特和上行 20 兆比特的速度提升。雖然重要的計劃細節仍在審查中，但我們相信這對這些客戶來說是一個有利的結果，並為 TDS Telecom 將光纖深入社區提供了最快的途徑。

Now let's jump into our quarterly results, starting on Slide 17. Here, you can see our strategic areas of focus. We expect investments in these strategic priorities to drive profitability and improved returns over time, ultimately strengthening TDS Telecom's financial and market position.

現在讓我們從幻燈片 17 開始進入我們的季度業績。在這裡，您可以看到我們的戰略重點領域。我們預計，隨著時間的推移，對這些戰略重點的投資將提高盈利能力並提高回報，最終加強 TDS Telecom 的財務和市場地位。

Moving to Slide 18. Let me update you on our progress towards achieving our longer-term goals. We are delivering fiber service addresses in line with our expected cadence. We deployed 41,000 marketable service addresses in the quarter, bringing our total to 66,000 this year through June. Similar to past years, we expect to see a ramp up in delivery in the back half of the year. That ramp-up started in July as we added over 20,000 addresses. We are well positioned towards hitting our goal of 175,000 service addresses for the year.

轉到幻燈片 18。讓我向您介紹我們在實現長期目標方面取得的最新進展。我們正在按照預期節奏提供光纖服務地址。本季度我們部署了 41,000 個適銷服務地址，今年截至 6 月份的總數達到 66,000 個。與往年類似，我們預計今年下半年的交付量將有所增加。這一增長從 7 月份開始，我們添加了 20,000 多個地址。我們完全有能力實現今年 175,000 個服務地址的目標。

Longer term, we are targeting 1.2 million marketable fiber service addresses by 2026. We ended the quarter with 648,000, so we're making good progress towards achieving that goal. We are also targeting 60% of our total service addresses to be served by fiber by 2026. And we ended the quarter with 41%. This reflects progress in growing fiber through our expansion markets as well as fibering up our incumbent markets. Specifically, by 2026, we plan to serve half of our ILEC addresses with fiber. At the end of the quarter, 38% of our ILEC was fibered up.

從長遠來看，我們的目標是到 2026 年擁有 120 萬個可銷售光纖服務地址。截至本季度末，我們擁有 648,000 個地址，因此我們在實現這一目標方面取得了良好進展。我們還計劃到 2026 年，我們總服務地址的 60% 將由光纖提供服務。本季度結束時，這一比例為 41%。這反映了我們通過擴張市場以及增強現有市場在纖維種植方面取得的進展。具體來說，到 2026 年，我們計劃通過光纖為一半的 ILEC 地址提供服務。截至本季度末，我們 38% 的 ILEC 已安裝光纖。

And finally, we're expecting to offer speeds of 1 gig or higher to at least 80% of our footprint by 2026. We finished the quarter with 68% at gig speeds.

最後，我們預計到 2026 年，至少 80% 的足跡將提供 1 G 或更高的速度。本季度結束時，我們的 68% 的速度為 GIG 速度。

We continue to believe these targets are achievable, notwithstanding the recent reduction in our capital expenditures that I'll discuss in a moment. We are pleased with the pace of our fiber builds and with our fiber expansion results so far. It continues to validate our long-term business case expectations of low to mid-double-digit returns. We're successfully navigating challenges in getting our builds completed and with about 100 communities in various stages of development, we can shift and pace our construction when necessary.

我們仍然相信這些目標是可以實現的，儘管最近我們的資本支出有所減少（我稍後將討論）。我們對迄今為止的光纖建設速度和光纖擴張結果感到滿意。它繼續驗證我們對低至中兩位數回報的長期業務案例預期。我們成功地應對了完成建設過程中的挑戰，大約 100 個社區處於不同的開發階段，我們可以在必要時調整和調整我們的建設速度。

On Slide 19, you can see that we are growing our footprint with a 9% growth in total service addresses year-over-year. Shown on the graph on the right, we see increasing demand for higher broadband speeds with 74% of our customers taking 100 megabits or greater, up from 68% a year ago. We continue to increase the availability of Gig+ speeds. We're now even offering 8 gig speeds in certain markets.

在幻燈片 19 上，您可以看到我們的足跡不斷擴大，服務地址總數同比增長了 9%。如右圖所示，我們看到對更高寬帶速度的需求不斷增長，74% 的客戶使用 100 兆或更高速度，高於一年前的 68%。我們繼續提高 Gig+ 速度的可用性。現在，我們甚至在某些市場提供 8 演出速度。

Customer take rates of these fees are growing with 13% of our customer base on 1 gig or higher at the end of the quarter. Our broadband investments are driving positive results, including an 8% increase in total residential broadband revenue.

這些費用的客戶接受率正在增長，截至本季度末，我們的客戶群中有 13% 的客戶規模為 1 場或以上。我們的寬帶投資正在取得積極成果，其中住宅寬帶總收入增長了 8%。

As shown on Slide 20, we experienced a 5% increase year-over-year in total broadband residential connections. Average residential revenue per connection was up 4% due to price increases and overall product mix, partially offset by promotions. As shown in the chart on the right, we also had a 4% increase in residential revenues across all of our markets and this was partially offset by a decrease in commercial and wholesale revenues.

如幻燈片 20 所示，寬帶住宅連接總數同比增長了 5%。由於價格上漲和整體產品組合，每次連接的平均住宅收入增長了 4%，但部分被促銷活動所抵消。如右圖所示，我們所有市場的住宅收入也增長了 4%，但商業和批發收入的下降部分抵消了這一增長。

Expansion market residential revenues were up to $18 million in the quarter. This aligns with our expectations of steady revenue growth following the timing of service address delivery as penetration ramps in these new markets. Residential wireline incumbent and cable revenues increased year-over-year due to price increases and growth in broadband connections partially offset by promotional activity and a decline in video and voice connections. Commercial revenues decreased 10% in the quarter, primarily driven by lower CLEC connections. And lastly, wholesale revenues decreased 4% for the quarter, primarily due to lower special access revenue.

本季度住宅市場的擴張收入高達 1800 萬美元。這符合我們隨著這些新市場滲透率的提高而提供服務地址的時間穩定收入增長的預期。由於價格上漲和寬帶連接的增長，住宅有線運營商和有線電視收入同比增長，但促銷活動以及視頻和語音連接的下降部分抵消了這一增長。本季度商業收入下降 10%，主要是由於 CLEC 連接減少。最後，本季度批發收入下降 4%，主要是由於特殊接入收入減少。

On Slide 21, we can see that total revenues increased 1% for the quarter. Cash expenses increased 5% in the quarter, mainly due to our growing fiber program. As a reminder, cost to support launching our fiber expansion markets include direct costs such as sales, marketing, real estate and technicians in addition to shared services. These costs are incurred upfront and prior to generating revenues.

在幻燈片 21 上，我們可以看到該季度的總收入增長了 1%。本季度現金支出增加 5%，主要是由於我們不斷增長的光纖計劃。提醒一下，支持推出光纖擴展市場的成本除了共享服務之外還包括銷售、營銷、房地產和技術人員等直接成本。這些成本是在產生收入之前預先產生的。

As we expected, the increased cash expenses resulted in a decline in adjusted EBITDA of 9% for the quarter. Capital expenditures of $132 million were up from the prior year due to increased investment in fiber deployments this year. Keep in mind that these investments support our multiyear strategy and our goal of increasing free cash flow and return on capital over the long run.

正如我們預期的那樣，現金支出增加導致本季度調整後 EBITDA 下降 9%。由於今年光纖部署投資增加，資本支出比上年增加 1.32 億美元。請記住，這些投資支持我們的多年戰略以及我們增加自由現金流和長期資本回報率的目標。

Slide 22 shows our revised 2023 guidance. We are forecasting total Telecom revenues of $1.03 billion to $1.06 billion, which is unchanged from last quarter. Adjusted EBITDA is now expected to be between $270 million and $300 million in 2023, an increase from our previous range. Adjusted EBITDA reflects our fiber program upfront spending along with our focus on cost management.

幻燈片 22 顯示了我們修訂後的 2023 年指南。我們預計電信總收入為 10.3 億美元至 10.6 億美元，與上季度持平。目前預計 2023 年調整後 EBITDA 將在 2.7 億美元至 3 億美元之間，高於我們之前的範圍。調整後的 EBITDA 反映了我們的纖維計劃前期支出以及我們對成本管理的關注。

Disciplined spending across the organization is driving the increase in our guidance range. It's important to note that by the end of this year, we expect almost all of our fiber expansion markets to be initially launched. As our fiber program builds mature and we increase our broadband penetration, we expect the pressure on adjusted EBITDA to lessen.

整個組織的嚴格支出正在推動我們指導範圍的擴大。值得注意的是，到今年年底，我們預計幾乎所有光纖擴展市場都將初步啟動。隨著我們的光纖計劃的成熟以及寬帶普及率的提高，我們預計調整後 EBITDA 的壓力將會減輕。

We are also now modestly reducing our capital expenditure guidance range to be between $475 million and $525 million. We do not expect this to impact our fiber service address delivery goal this year.

我們現在還將資本支出指導範圍適度減少至 4.75 億美元至 5.25 億美元之間。我們預計這不會影響我們今年的光纖服務地址交付目標。

Going forward, we will size and pace the timing of our capital spending, commensurate with our financing plans, which we expect will result in a reduction in capital expenditures in the near term while still expecting to achieve our 2026 fiber program goals.

展望未來，我們將根據我們的融資計劃調整資本支出的規模和節奏，我們預計這將導致短期內資本支出的減少，同時仍有望實現 2026 年光纖計劃的目標。

Before signing off, I want to briefly reiterate our response to recent media accounts related to lead covered cables. We currently estimate that we have approximately 10 miles of lead cable, almost all of it in buried conduit. This is a very small percentage of our entire network. We are continuing our assessment and we'll work with the industry to determine next steps.

在結束之前，我想簡要重申一下我們對最近有關鉛包電纜的媒體報導的回應。目前，我們估計大約有 10 英里長的引線電纜，幾乎全部位於埋地管道中。這僅占我們整個網絡的很小一部分。我們正在繼續進行評估，並將與業界合作確定下一步措施。

I also want to thank the team for all of their hard work. It takes alignment and dedication across the entire organization to execute on our strategy. So each one of our associates is contributing to TDS Telecom success.

我還要感謝團隊的辛勤工作。執行我們的戰略需要整個組織的協調一致和奉獻精神。因此，我們的每一位員工都在為 TDS Telecom 的成功做出貢獻。

And now I'll turn the call back over to Colleen.

現在我將把電話轉回給科琳。

Okay, before we open up for questions, I do want to remind everyone that our focus today is on the quarter, and we will not be taking questions related to the review of strategic alternatives. Operator, we are ready for the first question.

好的，在我們開始提問之前，我確實想提醒大家，我們今天的重點是季度，我們不會回答與戰略替代方案審查相關的問題。接線員，我們準備好回答第一個問題了。

(Operator Instructions) We'll take our first question from Ric Prentiss with Raymond James.

（操作員說明）我們將回答 Ric Prentiss 和 Raymond James 提出的第一個問題。

Well, I'm glad you guys are looking at the strategic alternative review. I appreciate that. My question is not about that, but related. First question. Regardless of the outcome of the strategic review, have you thought about -- any further about breaking out the tower segment as a separate stand-alone business and working a contract between tower company, as you mentioned, the fifth largest tower company and the wireless company, regardless of what the outcome is, that would seem to make kind of sense. So maybe the first question is, outside of the strategic review, any updated thoughts on creating a tower segment with anchor rent.

嗯，我很高興你們正在考慮戰略替代審查。我很感激。我的問題與此無關，而是相關的。第一個問題。無論戰略審查的結果如何，您是否考慮過將鐵塔部門作為一個單獨的獨立業務進一步拆分，並在鐵塔公司（正如您提到的第五大鐵塔公司）和無線公司之間簽訂合同？對於公司來說，無論結果如何，這似乎都是有道理的。因此，也許第一個問題是，在戰略審查之外，關於創建具有錨定租金的塔樓部分的任何最新想法。

This is LT. So thank you for the question. The way that we're approaching this right now is we -- as you can tell from both my comments as well as Austin's comments, we see a lot of value in that tower business. Our co-location rate is below that of the major providers. We see a lot of long-term growth in that asset even though we have seen a bit of a slowdown here more recently.

這是LT。謝謝你的提問。我們現在處理這個問題的方式是——正如你可以從我的評論和奧斯汀的評論中看出的那樣，我們看到了該塔業務的巨大價值。我們的主機代管率低於主要提供商。儘管我們最近看到該資產出現了一些放緩，但我們仍看到該資產的長期增長。

We do plan over time to share some more information on that segment as we go. So for example, you heard a little bit of new information from Austin today around the tower business. The specific question of carving it out or treating it as a separate business, that's something that we're evaluating. We're not in a position to comment on that today but we do plan on providing incremental details about the business over time. Hopefully, that somewhat answers your question, even if it doesn't fully answer it.

我們確實計劃隨著時間的推移分享有關該細分市場的更多信息。例如，您今天從奧斯汀聽到了一些有關塔樓業務的新信息。我們正在評估將其分拆出來或將其視為一項獨立業務的具體問題。今天我們無法對此發表評論，但我們確實計劃隨著時間的推移提供有關該業務的增量詳細信息。希望這能在一定程度上回答你的問題，即使它沒有完全回答它。

Right. I know it was dodging that line there about asking about the strategic review, but I thought it was a fair way.

正確的。我知道這是在迴避詢問戰略審查的問題，但我認為這是一種公平的方式。

It was very elegant. I thought it was extremely elegant.

非常優雅。我認為它非常優雅。

Second question, obviously, gross adds, it's been a tough gross add environment out there for the industry. Any update as far as what you saw in July as far as churn and gross adds, particularly on postpaid phones.

第二個問題，顯然，總增加量，該行業的總增加環境一直很艱難。就您在 7 月份看到的流失率和總增加量而言，有任何更新，特別是在後付費手機上。

Yes, Ric. We can't comment fully on Q3. I'd say we've seen a fairly similar trajectory in July that we saw in Q2. So no drastic changes so far.

是的，里克。我們無法對第三季度進行全面評論。我想說，我們在 7 月份看到了與第二季度相當相似的軌跡。所以到目前為止還沒有發生重大變化。

Okay. And the last one for me. Obviously, the bright spot is the fixed wireless business, and this is just the low band, you're going to be rolling out the mid-band, the C-band clears in your area in December. How should we think about you're addressing -- your total addressable market, how many households maybe have you already got deployed with C-band even though it's not lit? What are your plans? Some of your larger peers have kind of laid out some targets and have made great progress towards those targets with even more markets. So just trying to help us understand sizing the addressable market of fixed wireless, where you're at and kind of where you plan.

好的。最後一張對我來說。顯然，亮點是固定無線業務，這只是低頻段，你將推出中頻段，C頻段將在12月在你的地區清除。我們應該如何考慮您正在解決的問題 - 您的總目標市場，您可能已經有多少家庭部署了 C 頻段，即使它沒有點亮？你的計劃是什麼？一些較大的同行已經制定了一些目標，並在實現這些目標和更多市場方面取得了巨大進展。因此，我只是想幫助我們了解固定無線的潛在市場規模、您所處的位置以及您的計劃。

I'll have Doug kind of give you some of the specifics and then I'm actually going to have Mike talk a little bit about what we're doing to address capacity in fixed wireless because that's a fundamental driver of addressable market. An addressable market isn't just where you can have a signal reach. Addressable market is where you can have a signal reach with the capacity necessary to provide a high-quality experience. So Doug, maybe I can ask you to tackle the first question and then Mike you tackle...

我會讓道格向您提供一些具體信息，然後我實際上會讓邁克談談我們正在採取哪些措施來解決固定無線容量問題，因為這是可尋址市場的基本驅動力。可尋址市場不僅僅是信號可以到達的地方。可尋址市場是指您可以通過提供高質量體驗所需的信號覆蓋範圍。所以道格，也許我可以請你解決第一個問題，然後邁克你解決......

Sure. And as a reminder, Ric, our total addressable market for fixed wireless today over low band is 13 million homes in our footprint. And when we look at our multiyear mid-band rollout, we expect mid-band to get to 4 million to 5 million of those homes and that may be adjusted over time, but we're pretty excited about where that's going.

當然。 Ric 提醒您，目前低頻段固定無線的潛在市場總量已覆蓋 1300 萬個家庭。當我們考慮我們的多年中頻推出時，我們預計中頻將覆蓋 400 萬至 500 萬戶家庭，並且可能會隨著時間的推移進行調整，但我們對這一進展感到非常興奮。

Ric, it's Mike. Thanks for the question. So we're just now starting to bring up our DoD spectrum. And that immediately gives us the capacity increase to the low band service that LT mentioned. At the same time, we're prepping the radios and the equipment so that we can activate C-band towards the end of the year. So that almost doubles our capacity to support the growth.

瑞克，是邁克。謝謝你的提問。所以我們現在才開始提出我們的國防部頻譜。這立即使我們能夠增加 LT 提到的低頻段服務的容量。與此同時，我們正在準備無線電和設備，以便我們能夠在年底前激活 C 頻段。因此，我們支持增長的能力幾乎翻了一番。

But in addition to that, we're working with our marketing team to find the right balance of pro-install external antennas versus internal antennas and glass mount antennas, getting that mix right further extends our capacity. And then there's things we're working with our vendors on to, one, lower the cost to add capacity as well as feature enablements that are specific to FWA capacity. So right now, we're not concerned about capacity. We're managing it like we manage capacity on our mobility product.

但除此之外，我們正在與營銷團隊合作，尋找預安裝外部天線與內部天線和玻璃安裝天線之間的適當平衡，使這種組合正確進一步擴展我們的能力。然後，我們正在與供應商合作，一是降低增加容量的成本以及特定於 FWA 容量的功能支持。所以現在，我們不關心容量。我們管理它就像管理移動產品的容量一樣。

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

接下來，我們將採訪摩根大通的菲爾·庫斯克。

We'll move to the next question. Next, we'll go to Simon Flannery with Morgan Stanley.

我們將轉向下一個問題。接下來，我們將前往摩根士丹利的西蒙·弗蘭納里 (Simon Flannery)。

LT, on the build-out of the mid-band spectrum, it sounds like you're hanging 2 different antennas for the DoD spectrum and the C-band with the one touch. Any line of sight to an integrated antenna and how that might be helpful in terms of efficiency of use? And I guess a related question maybe for Austin is I appreciate the color on the competitive positioning of the towers. How do we think about capacity? You have 1.5 tenants right now? Are most of these towers, can we go to 2, 3, 4 tenants over time? Any color on that would be great.

LT，在中頻段頻譜的構建上，聽起來就像您通過一鍵式操作為 DoD 頻譜和 C 頻段懸掛了 2 根不同的天線。集成天線的任何視線以及這對提高使用效率有何幫助？我想對於奧斯汀來說，一個相關的問題可能是我欣賞塔樓競爭定位的顏色。我們如何看待容量？您現在有 1.5 個租戶？大多數都是這些塔樓，隨著時間的推移，我們可以去2、3、4個租戶嗎？任何顏色都會很棒。

Thank you, Simon. I'll have Mike touch on the single enclosure, single radio. It's certainly something we've been working closely with our partners on developing. So Mike, maybe you can give a little bit of color on that.

謝謝你，西蒙。我會讓邁克接觸一下單一外殼、單一收音機。這當然是我們一直與合作夥伴密切合作開發的東西。邁克，也許你可以對此發表一些看法。

Thanks for the question. We're working with both our vendors on that product and I want to commit them to a date publicly, but we feel it's pretty close, and we'll integrate that into our deployment plan so that we could take advantage of it just as soon as it's available.

謝謝你的提問。我們正在與我們的兩家供應商就該產品進行合作，我想公開向他們承諾一個日期，但我們覺得它非常接近，我們會將其集成到我們的部署計劃中，以便我們可以盡快利用它因為它是可用的。

Simon, this is Austin. On your second question, yes, our towers do have incremental capacity. We believe the vast majority of them have incremental capacity from where they are today. In addition, there's always the option to invest to a structural modification to add capacity to the sites as well. So we feel good about where we are there.

西蒙，這是奧斯汀。關於你的第二個問題，是的，我們的塔樓確實有增量容量。我們相信，他們中的絕大多數在目前的基礎上都有增量能力。此外，始終可以選擇投資結構改造以增加站點的容量。所以我們對自己所處的位置感覺良好。

And any quantification of the how long and how much the remaining T-Mobile churn is?

能否量化 T-Mobile 剩餘流失時間和流失量？

I'm not going to provide any more detail right now.

我現在不打算提供更多細節。

Next, we'll go to Michael Rollins with Citi.

接下來，我們將前往花旗銀行的邁克爾·羅林斯 (Michael Rollins)。

When you look at the totality of wireless performance, are there geographies or segments where you're seeing material growth in subscriptions, postpaid phone subscription and revenue versus maybe other areas or products or verticals that it's tougher such that when we look at the total portfolio performance, it's actually not a fair representation of what you may be experiencing when you go 1 or 2 levels deeper.

當您查看無線性能的整體情況時，是否有一些地區或細分市場的訂閱量、後付費電話訂閱量和收入與其他領域、產品或垂直行業相比出現了實質性增長，因此當我們查看整個產品組合時，情況會更加困難性能，它實際上並不能公平地代表您深入 1 或 2 級時可能遇到的情況。

Mike, it's good to hear from you. I'd answer that question in a few different ways. I mean, certainly, when you look at different products inside of our business, we're seeing certain areas of the business with really attractive growth. So we certainly talked about fixed wireless in a fair amount of detail. That's one area where we're seeing a lot of growth.

邁克，很高興收到你的來信。我會用幾種不同的方式回答這個問題。我的意思是，當然，當你觀察我們業務內部的不同產品時，我們會看到業務的某些領域具有真正有吸引力的增長。因此，我們確實相當詳細地討論了固定無線。這是我們看到大量增長的領域。

In our business segment. Our IoT business is up substantively year-over-year. We're seeing really good growth on the private networking space. And by the way, the private networking space, it's also helping us pull through professional services. And so that's an attractive growth area for us. We've talked mostly on fixed wireless. We've talked mostly about the consumer side, but we're actually seeing some really attractive growth on the business side as well.

在我們的業務部門。我們的物聯網業務同比大幅增長。我們看到專用網絡領域的增長非常好。順便說一句，私人網絡空間也幫助我們提供專業服務。因此，這對我們來說是一個有吸引力的增長領域。我們主要討論的是固定無線。我們主要討論了消費者方面，但實際上我們也看到了業務方面的一些真正有吸引力的增長。

We've recently launched a failover product that we're seeing really nice growth on. And if you're trying to follow the growth in our financial statements, some of the fair amount of the growth on the business side doesn't actually show up in our subscriber count because it's being sold through indirect channels, and so it will just show up in our revenue count. And so there certainly are some substantive bright spots.

我們最近推出了一款故障轉移產品，我們看到它的增長非常好。如果你試圖追踪我們財務報表中的增長情況，業務方面的一些相當數量的增長實際上並沒有出現在我們的訂閱者數量中，因為它是通過間接渠道銷售的，所以它只會出現在我們的收入統計中。所以肯定有一些實質性的亮點。

From a geographical perspective, what I would highlight is that 50% of our footprint does not have cable competition in it. We are seeing increased pricing competition from cable and where we see that, it creates incremental competitive challenges. And so as you would expect, where we don't see that increased competitive challenge from cable, we see some better subscriber results.

從地理角度來看，我要強調的是，我們 50% 的足跡中沒有電纜競爭。我們看到來自有線電視的價格競爭日益激烈，這帶來了越來越多的競爭挑戰。因此，正如您所期望的那樣，雖然我們沒有看到來自有線電視的競爭挑戰加劇，但我們看到了一些更好的用戶結果。

So different ways of kind of getting at your question. We certainly have plenty of attractive pockets but broadly across the business, we do see gross add challenges. I'd also just point to churn, right, where last year, we were quite aggressive with our existing same as new promotions. Those moved our in-contract rate from mid-50s, 57%, 58% up into the low 60 percentile in contract customers. And where we have those customers in contract, we see far better churn profiles. So it certainly is not ubiquitous performance completely across all our products and all our footprints. You've got highs and lows as you would expect. Hope that gives you a sense, Mike.

解決你的問題的方式多種多樣。我們當然擁有大量有吸引力的資金，但在整個業務範圍內，我們確實看到了巨大的挑戰。我還想指出流失問題，去年，我們對現有的促銷活動和新的促銷活動都非常積極。這些措施使我們的合同客戶率從 50 多歲左右、57%、58% 上升到了 60% 左右。當我們與這些客戶簽訂合同時，我們會看到更好的客戶流失情況。因此，它當然不是我們所有產品和所有足跡中完全普遍存在的性能。正如您所期望的那樣，您會經歷高潮和低谷。希望這能讓你有所了解，邁克。

And I just had a follow-up question. So I recognize you can't speak to the strategic review of UScellular per your prior comment. But the language was very specific that TDS is also performing a strategic review of UScellular. So should investors take that to mean that TDS as a company expects to still be an outstanding independent company regardless of what happens to UScellular? Or does TDS also -- the future of TDS get incorporated into this review for UScellular?

我還有一個後續問題。因此，我認識到您不能根據您之前的評論對 UScellular 進行戰略審查。但語言非常具體，TDS 也在對 UScellular 進行戰略審查。那麼投資者是否應該認為這意味著無論 UScellular 發生什麼情況，TDS 作為一家公司仍將是一家出色的獨立公司？或者 TDS 是否也將 TDS 的未來納入 UScellular 的這次審查中？

Yes. It's an incredibly elegant way to try to get me to talk about the release, but I'll just point you back to the 13D. I think the language in it is about -- I think, as clear as we're going to be, and I think it probably provides as many details as we're going to at this point. So I would just refer -- I would reference you back to that document for that question.

是的。這是一種讓我談論這個版本的非常優雅的方式，但我只想讓你回到 13D。我認為其中的語言是關於——我認為，盡可能清晰，而且我認為它可能提供了我們目前將要提供的盡可能多的細節。所以我想請您參考該文件來回答這個問題。

(Operator Instructions) Next, we'll go to Sergey Dluzhevskiy with GAMCO Investors.

（操作員指示）接下來，我們將與 GAMCO Investors 一起前往 Sergey Dluzhevskiy。

LT, my first question is around the business and enterprise side. So obviously, it's a growth vertical that you see out there for the company. I guess as you look over the last 12 months, I guess, what has been the largest achievement on that front? And also, what are your expectations for this vertical over the next 12 to 18 months, what would you consider a success? And at what point do you expect this business to make a more meaningful contribution to UScellular results.

LT，我的第一個問題是圍繞業務和企業方面的。顯然，這是公司的垂直增長方向。我想，當你回顧過去 12 個月時，我想，這方面最大的成就是什麼？另外，您對未來 12 到 18 個月內這個垂直領域的期望是什麼？您認為什麼是成功？您預計該業務在什麼時候能為 UScellular 的業績做出更有意義的貢獻？

So business is an interesting space for us because the -- if I take a step back from our business, and I will answer your question, but if you take a step back just from our business and you look at 5G. With the exception of fixed wireless, the emerging use cases that are going to monetize the investments that the industry has made in 5G increased speed, better latency. Those use cases are increasingly going to be on the enterprise side. And so whether it is connected manufacturing, whether it is connected health. Most of those initial use cases, digital twins, those are going to leverage enterprise.

因此，業務對我們來說是一個有趣的領域，因為如果我從我們的業務退一步，我會回答你的問題，但如果你從我們的業務退一步，看看 5G。除固定無線之外，新興用例將通過行業在 5G 方面的投資實現貨幣化，從而提高速度、改善延遲。這些用例越來越多地出現在企業方面。無論是互聯製造，還是互聯健康。大多數最初的用例，數字孿生，都將利用企業。

And so we made a pretty substantive investment in enterprise distribution so that we could be ready for that and we're seeing the payoffs from that investment in distribution, particularly in areas that I mentioned before, I think private networking, I think IoT, and I'll point particularly -- you asked for a specific accomplishment. I'm particularly pleased with what we've been able to do in the utility space. So we've signed a variety of different private networking deals with utilities, helping them manage their networks more securely providing them with more control, smart metering solutions.

因此，我們在企業分銷方面進行了相當大的投資，以便我們能夠為此做好準備，並且我們正在看到分銷投資的回報，特別是在我之前提到的領域，我認為私有網絡，我認為物聯網，以及我要特別指出——你要求取得一項具體的成就。我對我們在公用事業領域取得的成就感到特別滿意。因此，我們與公用事業公司簽署了各種不同的專用網絡協議，幫助他們更安全地管理網絡，為他們提供更多控制、智能計量解決方案。

And this is a particularly interesting space because they don't necessarily -- utilities don't necessarily compete against one another. And so a solution that we provide to one utility they can talk about with others. And so we've actually seen pretty significant momentum in that space. And I expect that to continue. So if I were to point at one thing, it would be utilities. More broadly I think enterprise is where you're going to see those 5G use cases emerge. And so we've leaned into enterprise while many of our competitors have actually pulled back. And I believe that positions us well for the future.

這是一個特別有趣的領域，因為它們不一定——公用事業公司不一定相互競爭。因此，我們向一個公用事業公司提供的解決方案可以與其他公用事業公司討論。因此，我們實際上已經在該領域看到了相當大的勢頭。我希望這種情況能夠持續下去。因此，如果我要指出一件事，那就是公用事業。更廣泛地說，我認為企業是您將看到 5G 用例出現的地方。因此，我們已經向企業傾斜，而我們的許多競爭對手實際上已經退出。我相信這為我們的未來奠定了良好的基礎。

The challenge, of course, is that there has been a long, I'd call it, hangover from COVID disconnects, particularly in the education space. And so what occurred during COVID is a lot of money flowed from the government into school systems to enable them to connect students, teachers, administrators, remote those -- that created a lot of connections for UScellular for the industry as a whole. That funding has dried up. And so what you've seen is you see school districts pulling back on some of those connections that they previously had funding for.

當然，挑戰在於，我稱之為新冠疫情脫節帶來的長期後遺症，尤其是在教育領域。因此，在新冠疫情期間，大量資金從政府流入學校系統，使學校能夠連接學生、教師、管理人員和遠程人員，這為 UScellular 為整個行業創造了很多聯繫。這筆資金已經枯竭。所以你所看到的是，學區撤回了他們之前資助的一些聯繫。

And so the overall momentum and the trajectory that we're seeing in the business is attractive, even though the subscriber counts appear challenged because of those edu disconnects.

因此，我們在該業務中看到的整體勢頭和軌跡是有吸引力的，儘管訂閱者數量似乎因教育脫節而受到挑戰。

So getting to the final question that you asked, what's the metric that we're going to focus on, the metric I'm focused on is revenue. I expect to see revenue growth in that segment, notwithstanding some of these lower ARPU disconnects, I expect that the IoT revenues that we're seeing, the private networking that we're seeing should continue to increase revenue in that space and I'm optimistic that we're going to be driving that in the coming quarters.

那麼，回到你問的最後一個問題，我們要關注的指標是什麼，我關注的指標是收入。我預計該領域的收入會增長，儘管 ARPU 值較低，但我預計我們看到的物聯網收入、我們看到的專用網絡應該會繼續增加該領域的收入，我認為我們樂觀地認為我們將在未來幾個季度推動這一目標。

Great. My other question is around partnerships and network sharing because I think a number of times, you talked about the company exploring opportunities for more robust partnerships around infrastructure and more specifically, network sharing. Obviously, we see a lot of network sharing deals in Europe, Latin America, in North America, maybe they are not as frequent, but I think Bell and Telus in Canada have a very robust partnership.

偉大的。我的另一個問題是關於合作夥伴關係和網絡共享，因為我認為您多次談到該公司正在探索圍繞基礎設施，更具體地說，網絡共享建立更強大的合作夥伴關係的機會。顯然，我們在歐洲、拉丁美洲、北美看到了很多網絡共享交易，也許它們並不那麼頻繁，但我認為貝爾和加拿大的 Telus 有著非常牢固的合作夥伴關係。

So my question is if you could provide an update as far as your efforts on that front? And also, more broadly, is there a way for your cellular to better align itself with one of the national providers in the value-enhancing way using network sharing or other partnerships and how you guys look at that going forward?

所以我的問題是，您是否可以提供您在這方面的努力的最新情況？而且，更廣泛地說，是否有一種方法可以讓您的手機通過網絡共享或其他合作夥伴關係，以增值的方式更好地與國家提供商之一保持一致，你們對此有何看法？

The interesting thing about network sharing is that it's a single term that covers an incredibly broad spectrum of possible methods, partnerships, arrangements, whatever you want to call it. Roaming is a form of network sharing. And so clearly, we engage in network sharing partnerships with our roaming partners as do the other carriers.

網絡共享的有趣之處在於，它是一個單一術語，涵蓋了極其廣泛的可能方法、合作夥伴關係、安排，無論你想怎麼稱呼它。漫遊是網絡共享的一種形式。顯然，我們與其他運營商一樣與漫遊合作夥伴建立了網絡共享合作夥伴關係。

We're in consistent communication with other folks in the industry to explore alternatives. I'll go back to comments I've made on these calls in the past, which is that I simply don't think that it makes economic sense to build 4, 5 duplicative 5G or 6G networks in rural America. We feel we have a fantastic set of assets in rural America, whether it's the spectrum that we own, the network that Mike has built out, the towers that Austin is operating, and we see opportunities to use that in a creative fashion, and so I would go back to some of the comments Austin made about some of the network equipment and network elements that we're actually offering up to people that co-locate on our towers.

我們與業內其他人士保持持續溝通，以探索替代方案。我將回顧我過去對這些呼籲所做的評論，即我根本不認為在美國農村建設 4、5 個重複的 5G 或 6G 網絡具有經濟意義。我們覺得我們在美國農村擁有一系列出色的資產，無論是我們擁有的頻譜、邁克建立的網絡、奧斯汀運營的塔樓，我們看到了以創造性方式使用這些資產的機會，等等我想回顧一下奧斯汀對我們實際上向位於我們塔樓上的人們提供的一些網絡設備和網絡元素所做的一些評論。

And we have the opportunity to offer shelter space, the generators, we're even discussing backhaul sharing. Those are elements of network sharing that we're in the middle of doing, and we've actually signed some agreements there. They're very small, right? It's on a tower-by-tower basis sometimes. But it's another way of thinking about network sharing.

我們有機會提供避難所、發電機，我們甚至正在討論回程共享。這些是我們正在做的網絡共享的要素，我們實際上已經在那裡簽署了一些協議。它們非常小，對吧？有時是逐個塔樓進行的。但這是思考網絡共享的另一種方式。

And so I think the conversations are ongoing. We're seeing continued interest in, for example, that tower sharing construct. Beyond that, I probably can't comment on anything specifics here.

所以我認為對話正在進行中。例如，我們看到人們對塔樓共享結構的持續興趣。除此之外，我可能無法在這裡評論任何具體細節。

Got it. And my last question is for Michelle. So obviously, you commented about the A-CAM -- on A-CAM program expansion. And it seems you have a positive view of the program. Could you maybe provide more color about what this could mean for TDS going forward. What the implications are -- what the implications are for potential revenue and award opportunities under this program going forward.

知道了。我的最後一個問題是問米歇爾的。顯然，您對 A-CAM 進行了評論——關於 A-CAM 程序擴展。看來您對該計劃持積極看法。您能否提供更多關於這對 TDS 未來意味著什麼的信息。影響是什麼——對該計劃未來的潛在收入和獎勵機會有何影響。

Yes. Thank you, Sergey. Yes, so the A-CAM program is seen as a benefit to TDS Telecom. We're very excited about this. We've been working with the FCC for a long time. On trying to get this enhanced program over the finish line. And so we're just very pleased that has happened.

是的。謝謝你，謝爾蓋。是的，因此 A-CAM 計劃被視為 TDS Telecom 的一項優勢。我們對此感到非常興奮。我們與 FCC 合作了很長時間。試圖讓這個增強的程序衝過終點線。所以我們對這件事的發生感到非常高興。

There are a lot of program details that are still being reviewed. We know the high levels as I mentioned, this program is going to extend the revenue support for an additional 10 years. So the current A-CAM program was scheduled to go through 2028. This will take the revenue support out through 2038. And in exchange for that, though, we have to deliver higher speeds to all of the addresses that are eligible for the A-CAM program. So that means that we have to get speeds of at least 100 megabits down and 20 megabits up.

還有很多計劃細節仍在審查中。正如我所提到的，我們知道高水平，該計劃將把收入支持再延長 10 年。因此，當前的 A-CAM 計劃計劃持續到 2028 年。這將使收入支持取消到 2038 年。但作為交換，我們必須為所有符合 A-CAM 條件的地址提供更高的速度。 CAM 程序。因此，這意味著我們必須將速度至少降低 100 兆位並提高 20 兆位。

That is the same requirement as part of the BEAD program. And those bills have to be done, it's our understanding by the end of 2028. So that also the builds on the A-CAM program will align with the build time line that we're expecting for the BEAD program. So that's what we know right now. We will be working closely with the FCC to get our companies specific offers and obligation requirements, and this will all happen over the next couple of months. And then that will allow us to do a little bit more valuation and be able to talk more specifically about exactly what it means for us.

這與 BEAD 計劃的一部分要求相同。我們的理解是，這些法案必須在 2028 年底之前完成。因此，A-CAM 計劃的構建也將與我們預期的 BEAD 計劃的構建時間線保持一致。這就是我們現在所知道的。我們將與 FCC 密切合作，為我們公司提供具體的報價和義務要求，這一切都將在接下來的幾個月內發生。然後，這將使我們能夠進行更多的評估，並能夠更具體地討論這對我們意味著什麼。

But in general, this is a program that's already existing. We've been part of it for many years. It's a wonderful thing for TDS Telecom and for our customers and by keeping this program going and extending it. We really think this is going to be the best way for us to get to work and start to serve those customers in the most rural parts of our markets with higher speeds as quickly as possible.

但總的來說，這是一個已經存在的程序。多年來我們一直是其中的一部分。對於 TDS Telecom 和我們的客戶來說，保持並擴展該計劃是一件美妙的事情。我們確實認為這將是我們開始工作並開始以盡可能快的速度為市場最農村地區的客戶提供服務的最佳方式。

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

接下來，我們將採訪摩根大通的菲爾·庫斯克。

Sorry, if I missed a little bit of the call, but I'm trying to catch up on the transcript. I wonder, LT, you've been at UScellular for 3 years. And can you talk about the success of the shifting pricing and promotion strategies in that time. Your in contract mix, as you said, is up nicely and churn is down, but it seems like you continue to struggle with gross adds and despite wireless growing better over the last few years than we'd expected. So can you just talk about sort of where we are in that go-to-market strategy and what the company is doing to try and push that. And as you look at the budget and plan for this year, where performance has sort of differed and the drivers of the guide down.

抱歉，如果我錯過了一些電話內容，但我正在努力趕上文字記錄。我想知道，LT，你已經在 UScellular 工作了 3 年了。您能談談當時定價和促銷策略的轉變所取得的成功嗎？正如您所說，您的合同組合增長良好，客戶流失率下降，但儘管過去幾年無線業務的增長超出了我們的預期，但您似乎仍在為總增加而苦苦掙扎。那麼您能否談談我們在進入市場戰略中所處的位置以及公司正在採取哪些措施來嘗試推動這一戰略。當你查看今年的預算和計劃時，你會發現績效有所不同，指南的驅動因素也有所下降。

Phil, good to hear your voice. We are -- when we think about our pricing and promotional structures, you don't do so with subscribers in a vacuum. And you don't only look at how you're doing from a subscriber perspective. We've talked from the very beginning that what we were trying to create both with our pricing and promotional structures, but also with our regionalization efforts where we can test and trial different constructs is we wanted to have a strategy to properly balanced subscriber results with financial results.

菲爾，很高興聽到你的聲音。當我們考慮我們的定價和促銷結構時，我們不會在真空中對訂戶進行考慮。而且您不僅僅從訂戶的角度看待自己的表現。我們從一開始就談到，我們試圖通過我們的定價和促銷結構以及我們可以測試和嘗試不同結構的區域化努力來創建我們希望制定一種策略來適當平衡訂閱者結果財務業績。

And so when I look at that balance, given the context, the overarching context of the industry, intense competitive environment, enhance pricing pressures across the industry. And if I look at within that context, I'm quite pleased about the balance we've been able to strike.

因此，當我考慮這種平衡時，鑑於背景、行業的總體背景、激烈的競爭環境，整個行業的定價壓力都會增加。如果我在這種背景下看待，我對我們能夠達到的平衡感到非常高興。

The gross add performance is not where I want it to be. We've been fairly public about that, and it's in every statement that we put out there, and I'll continue to say it. I would like to be able to drive stronger levels of gross add performance. However, the level of investments that we feel like it would take at this point to really meaningfully bend the curve on gross adds is not a prudent investment that we think is worth doing.

總的附加性能不是我想要的。我們已經相當公開地談論了這一點，並且在我們發表的每一份聲明中都體現了這一點，我將繼續這麼說。我希望能夠推動總附加值績效達到更高水平。然而，我們認為目前要真正有意義地彎曲總增加曲線所需的投資水平並不是我們認為值得做的謹慎投資。

I would contrast that with churn. We made a substantive investment in churn last year with our existing same as new plants, getting folks back under contract. There's a fair amount of money that we spent behind it. However, you see the benefits that we're gaining this year and year-over-year churn improvement and so purely on a subscriber gross add perspective, still a lot of work to do.

我會將其與客戶流失進行對比。去年，我們對現有工廠和新工廠的流失進行了大量投資，讓員工重新簽訂合同。我們在這背後花費了相當多的錢。然而，您會看到我們今年獲得的好處以及同比客戶流失率的改善，因此純粹從訂戶總增加的角度來看，仍然有很多工作要做。

In the balance between subscriber results and financial results, you'll see from our guidance, we slightly expanded our operating cash flow guidance this year. We're trying to strike that correct balance between subscriber results and financial results. And from that perspective, I'm pleased, and I think the team is executing (inaudible)

在訂戶業績和財務業績之間的平衡方面，您將從我們的指導中看到，我們今年略微擴大了運營現金流指導。我們正在努力在訂戶結果和財務結果之間取得正確的平衡。從這個角度來看，我很高興，並且我認為團隊正在執行（聽不清）

And has gross adds been the driver of the slower revenue and the downgrade in the guide today?

總增加是否是收入放緩和今天指南下調的驅動因素？

Yes. I mentioned on the call, Phil, it's volumes and mostly gross add-driven on postpaid and to a lesser extent, prepaid.

是的。我在電話中提到，菲爾，它的數量和主要是後付費和預付費的總附加驅動。

Okay. If I can ask one more. Can you remind us of your ownership of the Verizon LA asset and how much cash that is brought in, in the last year?

好的。如果我可以再問一個的話。您能否提醒我們您對 Verizon LA 資產的所有權以及去年帶來了多少現金？

LA, first of all, our total distributions last year, 2022 full year were $145 million. That includes LA, along with 9 other partnership investments. We expect that to go up slightly this year. LA is about 40% of that total.

洛杉磯，首先，我們去年（2022 年全年）的總分配額為 1.45 億美元。其中包括洛杉磯以及其他 9 項合夥投資。我們預計今年這一數字將略有上升。洛杉磯約佔總數的 40%。

And what's the -- I assume that there's essentially no tax basis on those investments?

我認為這些投資基本上沒有稅基，這是什麼？

Well, it's low. And by the way, LA's distribution is going up this year as a result of significant capital expenditures in the fourth quarter of 2022. So we do expect that to go up. And yes, the tax basis is low.

嗯，很低。順便說一句，由於 2022 年第四季度的大量資本支出，洛杉磯今年的分配將會上升。所以我們確實預計這一數字會上升。是的，稅基很低。

There are no further questions at this time. I'll now turn the call back over to Colleen Thompson for any additional or closing remarks.

目前沒有其他問題。現在，我將把電話轉回給科琳·湯普森（Colleen Thompson），請其發表補充或結束語。

Okay. Thanks, everyone, for your time today. Have a great weekend.

好的。謝謝大家今天抽出時間。週末愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。