美國無線通訊 (USM) 2024 Q2 法說會逐字稿

I would like to welcome everyone to the TDS and U.S. Cellular second quarter 2004 operating results conference call.

我謹歡迎大家參加 TDS 和 U.S. Cellular 2004 年第二季營運業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the call over to Colin Thompson, Vice President, Corporate Relations.

我現在想將電話轉給企業關係副總裁 Colin Thompson。

Please go ahead.

請繼續。

Good morning and thank you for joining us.

早安，感謝您加入我們。

We want to make you aware of the presentation.

我們想讓您了解這次演示。

We have prepared to accompany our comments this morning, which you can find on the Investor Relations sections of the TDS and U.S. Cellular websites.

我們已準備好今天早上的評論，您可以在 TDS 和 U.S. Cellular 網站的投資者關係部分找到這些評論。

With me today and offering prepared comments are from TDS, Vicki Villacrez, Executive Vice President and Chief Financial Officer from US Cellular LT, terrible President and Chief Executive Officer, Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer, and from TDS Telecom, Michelle broke Wiki, Senior Vice President of Finance and Chief Financial Officer.

今天與我一起提供準備好的評論的是來自TDS 的US Cellular LT 執行副總裁兼首席財務官Vicki Villacrez（糟糕的總裁兼首席執行官）、執行副總裁、首席財務官兼財務主管Doug Chambers 以及TDS Telecom 的Doug Chambers米歇爾爆料維基百科，資深財務副總裁兼財務長。

This call is being simultaneously webcast on the TDS and U.S. Cellular Investor Relations website.

這次電話會議同時在 TDS 和 U.S. Cellular 投資者關係網站上進行網路直播。

Please see the websites for slides referred to on this call, including non-GAAP reconciliations.

請參閱網站以取得本次電話會議中提及的投影片，包括非 GAAP 調整表。

We provide guidance for both adjusted operating income before depreciation and amortization or EBITDA, and adjusted earnings before interest, taxes, depreciation and amortization or EBITDA, to highlight the contributions of U.S. Cellular's wireless partnerships, TDS and U.S. Cellular filed their SEC Forms eight K, including the press releases and our 10-Q's earlier this morning, 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.

我們為調整後的折舊和攤銷前營業收入或EBITDA 以及調整後的利息、稅項、折舊和攤銷前利潤或EBITDA 提供指導，以突出U.S. Cellular 的無線合作夥伴關係、TDS 和U.S. Cellular 提交的SEC 表格8 K 的貢獻，包括今天早上早些時候的新聞稿和我們的10-Q 報告，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期間討論的信息包含有關預期未來事件和財務表現的陳述，這些陳述是前瞻性的，並受風險和影響。

Please review the Safe Harbor paragraphs in our press releases and the extended version included in our SEC filings.

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。

And with that, I will now turn the call over to Vicki Villacrez.

現在，我將把電話轉給 Vicki Villacrez。

Sticky.

黏。

Okay.

好的。

Thank you, Colleen, and good morning, everyone.

謝謝你，科琳，大家早安。

This quarter reflects the combination of a number of initiatives that will position the company for the future.

本季度反映了一系列將為公司未來定位的舉措的結合。

Over the past year, there has been an incredible amount of work performed by our teams across the entire enterprise.

在過去的一年裡，我們整個企業的團隊完成了大量的工作。

Most notably in late May, we announced a transaction for you guys are aware we are excited about the transaction, which is pending regulatory approval as it would unlock value for our shareholders and provides clear benefits to our customers.

最值得注意的是，五月下旬，我們宣布了一項交易，你們都知道我們對這項交易感到興奮，該交易正在等待監管部門的批准，因為它將為我們的股東釋放價值，並為我們的客戶提供明顯的利益。

Us Cellular's retaining its nearly 4,400 on towers, its equity partnership investments and approximately 70% of spectrum assets, which the company is currently working on monetizing.

Us Cellular 保留了近 4,400 個塔樓、股權合夥投資以及約 70% 的頻譜資產，該公司目前正在致力於將這些資產貨幣化。

Also in the quarter, we announced that we entered into a definitive agreement to sell our one Nick IT Solutions operations.

同樣在本季度，我們宣布簽署了一項最終協議，出售我們的 Nick IT Solutions 業務。

We expect the transaction to close later this quarter, and we intend to use the proceeds to support our planned spend and TDS Telecom's current fiber program.

我們預計交易將於本季稍後完成，我們打算利用所得款項來支持我們的計劃支出和 TDS Telecom 目前的光纖計劃。

Turning to financial results, I'm very pleased that both business units delivered double digit year over year, improvements in adjusted EBITDA while making important investments in their networks in order to keep up with our customers' needs for increasing usage and speeds.

談到財務業績，我非常高興兩個業務部門同比實現了兩位數的成長，調整後的 EBITDA 得到了改善，同時對其網路進行了重要投資，以滿足客戶對提高使用率和速度的需求。

Improved profitability drove increased TDS. free cash flow up year over year year and sequentially.

獲利能力的提高推動了 TDS 的增加。自由現金流年增。

We will continue to take a measured approach, prioritizing and finding the investments in our businesses while maintaining a focus on cost efficiencies across the enterprise.

我們將繼續採取審慎的方法，確定業務投資的優先順序並尋找投資，同時保持對整個企業成本效率的關注。

Our management of the balance sheet has resulted in an improvement in leverage ratios are down year over year and sequentially.

我們對資產負債表的管理導致槓桿率改善，槓桿率逐年下降，連續下降。

We ended the quarter in a good cash and liquidity position.

本季結束時，我們的現金和流動性狀況良好。

U.s. Cellular continues to generate free cash flow to adjusted EBITDA growth and prudent management of capital.

我們。 Cellular 繼續產生自由現金流，以實現調整後的 EBITDA 成長和審慎的資本管理。

They also paid down approximately $140 million in debt in the quarter.

他們還在本季償還了約 1.4 億美元的債務。

Tds Telecom is maintaining its focus on free cash flow by sizing and pacing the timing of capital expenditures commensurate with EBITDA generation.

Tds Telecom 透過根據 EBITDA 產生來調整資本支出的規模和節奏，繼續專注於自由現金流。

And at TDS parent.

還有 TDS 母公司。

We have an undrawn revolver and term loan capacity coupled with pending divestitures that puts us in place to continue supporting our fiber program as we move into the back half of the year and into 2025.

我們擁有未提取的循環貸款和定期貸款能力，加上待決的資產剝離，使我們能夠在進入今年下半年和 2025 年時繼續支持我們的纖維計劃。

I will also like to thank all of the SOC it for their hard work in these dynamic times.

我還要感謝所有 SOC 在這個充滿活力的時代所做的辛勤工作。

And now I will turn it over to Al to for further comments.

現在我將把它交給阿爾以徵求進一步的意見。

Thanks, Ricky.

謝謝，瑞奇。

Good morning, everyone.

大家早安。

Turn to slide 5, you can see our quarterly highlights for the May.

翻到投影片 5，您可以看到我們 5 月的季度亮點。

Announcement of our pending transaction with T-Mobile for the sale of our wireless operations is obviously a significant change to our long-term strategic direction and as we discussed during our call in late May provide substantial benefits to all stakeholders.

我們宣布與T-Mobile 就出售無線業務進行的交易顯然是對我們長期戰略方向的重大改變，正如我們在5 月底的電話會議中所討論的那樣，這為所有利益相關者帶來了巨大的利益。

We filed an information statement on July 26th, which contains details of both the transaction and the strategic alternatives review process and also on audited historical and pro forma financial information.

我們於 7 月 26 日提交了一份資訊聲明，其中包含交易和戰略替代方案審查流程的詳細信息，以及經審計的歷史和備考財務信息。

We've launched a regulatory approval process and we remain optimistic that this process will have a favorable outcome.

我們已經啟動了監管審批流程，我們仍然樂觀地認為流程將產生有利的結果。

We remain convinced that the transaction with T-Mobile is the best long-term option for our customers, so they will have a long-term benefits of greater scale in a more competitive network stuff said in the near term, we remain highly focused on operating our business and delivering strong operational and financial results.

我們仍然相信，與 T-Mobile 的交易對我們的客戶來說是最佳的長期選擇，因此他們將在更具競爭力的網路中獲得更大規模的長期利益。我們的業務並提供強勁的營運和財務表現。

And our performance this quarter is evidence that we are on track for doing just that.

我們本季的表現證明我們正在朝著這一目標邁進。

We also announced that we'll be seeking to monetize the remaining 70% more spectrum.

我們也宣布，我們將尋求將剩餘 70% 的頻譜貨幣化。

The T-Mobile will not be purchasing, and this is an additional opportunity to unlock significant value now processes, active and ongoing a nd given the nature that process, we don't expect to have updates until it is concluded.

T-Mobile 不會進行採購，這是解鎖重要價值的額外機會，目前流程處於活躍狀態且持續進行，鑑於流程的性質，我們預計在其結束之前不會有更新。

In conjunction with entering into the transaction with T-Mobile, we're now reporting our results of operations in two segments, w ireless and towers.

結合與 T-Mobile 的交易，我們現在報告無線和鐵塔兩個部門的營運結果。

In this new segment reporting provide perspective on the wireless operations, do we expect to convey to T-Mobile upon close the transaction pending regulatory approval and the tower operations from this will out of anchor tenant for at least 15 years under the new MLA provided historical segment results in the Form eight K that we filed on July 16.

在這份新的分部報告中，我們提供了對無線業務的看法，我們是否希望在交易結束後向T-Mobile 傳達待監管部門批准的信息，並且根據新的MLA，根據歷史數據，塔業務將在至少15 年內不再是主要租戶。

We've included segment results from the second quarter of 2024 in our investor presentation and in our Form 10 Q we filed this morning.

我們已將 2024 年第二季的分部業績納入投資者簡報和今天早上提交的 10 Q 表格中。

Doug will also talk a little bit more about towers during his section.

道格還將在他的部分中更多地談論塔。

Let me talk a little bit about the quarterly results.

讓我談談季度業績。

Total net adds, including postpaid improved prepaid improved 15,000 year over year were 36,000 net loss in 2023 to 21,000 net loss in 2024.

淨增加總額（包括後付費改善的預付費）年增 15,000，2023 年淨虧損為 36,000，2024 年淨虧損為 21,000。

Sequentially, total net adds improved by 36,000.

隨後，淨增加總數增加了 36,000 人。

Since the beginning of the year, we've made a number of promotional changes designed to improve our subscriber trajectory while remaining financially prudent.

自今年年初以來，我們進行了一系列促銷調整，旨在改善我們的訂戶軌跡，同時保持財務審慎。

I believe these changes have been a significant driver of our sequential improvement in subscriber results in the second quarter, why we'll keep working to further improve postpaid handset results.

我相信這些變化是我們第二季用戶業績持續改善的重要推動力，因此我們將繼續努力進一步改善後付費手機表現。

We're encouraged by the sequential improvement compared to the prior two quarters.

與前兩個季度相比的連續改善令我們感到鼓舞。

We also continued to deliver solid year over year post paid ARPU growth of 2%.

我們也持續實現 2% 的付費後 ARPU 年比穩健成長。

In addition, fixed wireless continues on a strong growth trajectory as our subscribers grew to 134,000% to 40% increase from the prior year.

此外，固定無線業務持續保持強勁成長勢頭，我們的用戶數量比上一年增長了 134,000% 至 40%。

The competitive environment remains intense.

競爭環境仍激烈。

Carrier promotions remained very aggressive in cable.

營運商在有線領域的促銷活動仍然非常積極。

Wireless remains a formidable competitive cable benefits from their ability to bundle broadband and mobility nuclear.

無線仍然是一種具有強大競爭力的有線電纜，因為它們能夠捆綁寬頻和移動核。

Michelle talk about TDS Telecom's progress in this area.

Michelle 談論了 TDS Telecom 在這方面的進展。

During the recession.

在經濟衰退期間。

Cable wireless also has an economic advantage because they can offload a significantly greater amount of your traffic to WiFi.

有線無線網路還具有經濟優勢，因為它們可以將大量流量轉移到 WiFi。

And we're seeing cable offering.

我們看到了有線電視產品。

Customers buy one line, get one Line three and also free mobile lines as a retention offer for subscribers rolling off the CP. program.

客戶購買一條線路、一條三號線以及免費的行動線路，作為從 CP 訂閱者的保留優惠。程式.

And this is all of the broader context.

這就是更廣泛的背景。

The total pool of available subscribers declining 9% in the quarter.

本季可用訂戶總數下降 9%。

And given us, although we do remain at a negative, I'm pleased with our sequential improvement in subscriber results as well as our RPU expansion.

就我們而言，儘管我們確實仍處於負面狀態，但我對用戶結果的連續改善以及 RPU 的擴張感到滿意。

Customer retention remains a key focus for us in both postpaid and handset and prepaid churn improved year over year.

客戶保留仍是我們關注的重點，後付費、手機和預付費客戶流失率均逐年提高。

Postpaid handset churn improved four basis points as we've been rewarding our existing customers with a US DES plus days were post periods for existing customers are eligible for attractive upgrade promotions for.

後付費手機流失率改善了四個基點，因為我們一直用美國 DES 獎勵現有客戶，現有客戶有資格享受有吸引力的升級促銷活動。

In addition, prepaid churn improved by almost 60 basis points through improved distribution, and we can to deliver a great product, compelling pricing and enhanced digital engagement or prepaid customers.

此外，透過改善分銷，預付費客戶流失率提高了近 60 個基點，我們可以提供出色的產品、具有吸引力的定價以及增強的數位參與度或預付費客戶。

And the result of these efforts drove positive net adds in our prepaid business in the second quarter, while our exposure to ACP was relatively minimal, about 19,000 customers from, we've worked with those customers to provide them with special offers to ensure they are able to stay connected.

這些努力的結果推動了我們第二季預付費業務的淨成長，而我們對 ACP 的曝險相對較小，大約有 19,000 名客戶，我們與這些客戶合作，為他們提供特別優惠，以確保他們能夠保持聯繫。

Our multi-year cost efficiency program continues to drive positive expense momentum and has enabled us to successfully deliver improved adjusted EBITDA up 14% in the quarter.

我們的多年成本效率計劃繼續推動積極的支出勢頭，並使我們能夠在本季度成功實現調整後的 EBITDA 增長 14%。

And during the quarter, expenses were down in all major categories, which is impressive considering network costs are increasing with the 5G rollout.

本季所有主要類別的支出均有所下降，考慮到網路成本隨著 5G 的推出而增加，這一點令人印象深刻。

Although this is mitigated with the decommissioning of the CDMA network, the team is doing an outstanding job managing expenses.

儘管隨著 CDMA 網路的退役，這種情況有所緩解，但該團隊在費用管理方面做得非常出色。

And speaking of our 5G rollout, our mid-band deployment remains on track.

說到我們的 5G 部署，我們的中頻段部署仍處於正軌。

By the end of 2024 sales Panhandle, almost 50% of our data traffic.

到 2024 年底，Panhandle 的銷售額幾乎占我們資料流量的 50%。

And this is in addition to having 80% of our data traffic already being handled by sites that have been upgraded to low-band 5G in this mid band and as a powerful enhancement to our network, which will allow us to further deliver the speeds and the capacity that our customers need for both mobility and fixed wireless.

除此之外，我們 80% 的資料流量已經由已升級到中頻段低頻段 5G 的站點處理，這也是對我們網路的強大增強，這將使我們能夠進一步提供速度和我們的客戶所需的移動和固定無線容量。

Overall, I'm really pleased with subscriber momentum.

總的來說，我對訂閱者的勢頭感到非常滿意。

We've seen the second quarter and we continue to deliver strong financial results.

我們已經看到了第二季度，並且我們繼續交付強勁的財務業績。

Sorry, 24 has been a year of unprecedented change for the organization.

抱歉，24 月對該組織來說是前所未有的變化的一年。

I want to recognize with all of these changes, the team has remained focused on our customers and keeping them connected to what matters most to continue to be extremely proud of our team and their commitment to our mission.

我想認識到，儘管發生了所有這些變化，團隊仍然專注於我們的客戶，並讓他們與最重要的事情保持聯繫，以便繼續為我們的團隊及其對我們使命的承諾感到非常自豪。

And I'll now turn the call over to Doug.

我現在會把電話轉給道格。

Thanks, LT.

謝謝，LT。

Good morning from.

早安，來自。

Let's review the financial results starting on slide 9.

讓我們回顧一下從投影片 9 開始的財務表現。

Although service revenue declined 2% as a result of a decrease in the average subscriber base, partially offset by higher postpaid.

儘管由於平均用戶基數下降，服務收入下降了 2%，但後付費的增加部分抵消了這一影響。

As LT. mentioned adjusted board to increased 14% as we continue to reduce cash expenses.

作為LT。提到隨著我們持續減少現金支出，調整後的董事會將增加 14%。

System operations expense decreased 5% as cost optimization actions, including the shutdown of our CDMA network in the first quarter of 2024 more than offset increases that resulted from our ongoing and mid-band 5G deployment.

由於成本優化措施（包括在 2024 年第一季關閉 CDMA 網路），系統營運費用下降了 5%，這抵消了我們正在進行的中頻 5G 部署帶來的成長。

Further selling, general and administrative expenses decreased 5% and excluding the impact of $13 million of strategic alternatives expenses included in this expense category in the second quarter of 2024 decreased 9% due to decreases in sales-related expenses, bad debts expense, as well as decreases across various other general at a minimum creative categories due to cost optimization initiatives.

進一步銷售、一般和管理費用下降了5%，不包括2024 年第二季度包含在該費用類別中的1300 萬美元戰略替代費用的影響，由於銷售相關費用、壞賬費用的減少，進一步銷售、一般和管理費用下降了9%由於成本優化舉措，其他各種一般創意類別的數量至少有所減少。

Slides 10 and 11 presents a separate results for the wireless and towers segments.

幻燈片 10 和 11 分別展示了無線和塔式部分的結果。

Inter-company revenues in the towers segments represent rentals assessed to the US cellular wireless segment.

鐵塔部門的公司間收入代表美國蜂窩無線部門的租金。

This rentals are assessed on a month-to-month basis.

該租金按月評估。

It according Accordingly, there is no straight line accounting impact related to these rentals.

據此，這些租金不存在直線會計影響。

Since rentals are also reflected system operations expense of the wireless segment.

由於租金也反映了無線部分的系統營運費用。

The inter-company rental rate reflects an estimated market rate based on the volume of tower rentals.

公司間租金率反映了根據塔樓租金量估算的市場利率。

Towers revenue from third parties increased 1% in the second quarter as new co-location growth has slowed relative to recent years and was also impacted by the infections, including Sprint revalidated defections.

第二季度來自第三方的鐵塔收入增長了 1%，原因是新的主機代管增長相對近年來有所放緩，並且還受到感染（包括 Sprint 重新驗證的叛逃）的影響。

As we have discussed on prior calls, the wireless industry has moderated capital expenditures beginning in 2023, and we experienced a corresponding slowdown in new tenant and amendment activity, which is impacting tower revenue growth rates in 2024.

正如我們在之前的電話會議中討論的那樣，無線行業從 2023 年開始已經放緩了資本支出，並且新租戶和修改活動也相應放緩，這正在影響 2024 年鐵塔收入增長率。

Again, we remain bullish on the long-term outlook for our towers business.

我們再次看好鐵塔業務的長期前景。

About near-term activity has slowed the long-term capacity needs of the Inc. History will require further densification that can drive demand for towers.

近期活動減緩了公司的長期容量需求。

The tenancy rate of our portfolio of towers is still below the industry average and the towers are uniquely positioned geographically.

我們的大樓組合的租賃率仍低於行業平均水平，且大廈地理位置獨特。

So we believe we have a lot of opportunity to grow.

因此，我們相信我們有很多成長的機會。

Further, t he pending transaction with T-Mobile, which is subject to regulatory approval and their commitment to these 2015 incremental towers for initial term of 15 years is expected to create a long-term foundation for third parties t ower revenues.

此外，與 T-Mobile 的待決交易（尚待監管機構批准）以及他們對這些 2015 年增量鐵塔的承諾，初始期限為 15 年，預計將為第三方鐵塔收入奠定長期基礎。

I would like to make a few comments on the future outlook of our towers business.

我想就我們鐵塔業務的未來前景發表一些評論。

As LT mentioned, we filed a Form eight K on July 16th that contains an exhibit with historical financial information on our towers segment as well as an exhibit with an investor presentation to provide perspective on how our current power segment operate.

正如LT 所提到的，我們於7 月16 日提交了8 K 表格，其中包含一份包含我們鐵塔部門歷史財務資訊的展覽，以及一份投資者演示文稿，以提供有關我們當前電力部門運營方式的觀點。

The results are expected to change after the close of the pending transaction to sell our wireless operations to T-Mobile, which is Southern subject to regulatory approval.

在將我們的無線業務出售給 T-Mobile 的待決交易結束後，預計結果將發生變化，而 T-Mobile 是南方公司，需要獲得監管部門的批准。

Post transaction closed, s ignificant changes to our towers operations include the loss of inter-company tower revenue from US Cellular and the addition of incremental tower revenue from T-Mobile resulting from the master license agreement that is part of the transaction.

交易完成後，我們的鐵塔營運發生了重大變化，包括美國蜂窩公司的公司間鐵塔收入的損失以及交易中主許可協議帶來的來自 T-Mobile 的增量鐵塔收入的增加。

As a result, we expect longer term adjusted OI margins for the tower segment that is three to five years post transaction close to be in excess of 50%.

因此，我們預計交易後三到五年內塔架業務的長期調整後 OI 利潤率將接近 50% 以上。

Expected margin excludes nonrecurring expenses such as decommissioning costs.

預期利潤不包括退役費用等非經常性費用。

The post transaction close financial projections include critical estimates and assumptions that can be found in the July 16th investor presentation.

交易結束後的財務預測包括關鍵估計和假設，這些可以在 7 月 16 日的投資者介紹中找到。

Changes in these estimates and assumptions include future events could impact these financial projections.

這些估計和假設的變化包括可能影響這些財務預測的未來事件。

Further, we have not determined the long-term strategy for our power operations post transaction close.

此外，我們尚未確定交易完成後電力營運的長期策略。

So these financial projections are subject to subject to change that strategy and related operating decisions f urther developed.

因此，這些財務預測可能會因策略和相關營運決策的進一步製定而發生變化。

Briefly on free cash flow, a s Vicki mentioned, U.S. Cellular delivered strong free cash flow in the first six months of 2024 of $226 million to adjusted or into growth and prudent management of both capital expenditures and working capital.

關於自由現金流，正如 Vicki 所提到的，U.S. Cellular 在 2024 年前六個月實現了 2.26 億美元的強勁自由現金流，用於調整或成長以及資本支出和營運資本的審慎管理。

Our 2024 financial guidance on Slide 12 remains unchanged from the guidance we issued in February of this year as we remain on track to deliver on our financial plan.

我們幻燈片 12 上的 2024 年財務指導與我們今年 2 月發布的指導保持不變，因為我們仍在按計劃實現我們的財務計劃。

As a reminder, as mentioned last quarter, we expect capital expenditures for the full year 2024 to trend towards the lower end of our guidance range and the less than 2023 capital expenditures.

提醒一下，如上季所提到的，我們預計 2024 年全年的資本支出將趨於我們指導範圍的下限，並低於 2023 年的資本支出。

I'll now turn the call over to Michelle for equity shelf.

我現在將把電話轉給米歇爾以尋求股權擱置。

Thank you, Doug, and good morning, everyone.

謝謝你，道格，大家早安。

Let's turn to Slide 14.

讓我們轉向投影片 14。

Team.

團隊。

I am happy to report that our broadband strategy delivered topline and bottom line growth.

我很高興地向大家報告，我們的寬頻策略實現了營收和利潤的成長。

Again this quarter, s ome highlights include of 4% increase in operating revenues of 5% increase in residential broadband connection, a 5% increase in residential our pool and due to our disciplined expense management, a 32% increase in adjusted EBITDA in the quarter.

本季的一些亮點包括營業收入成長 4%、住宅寬頻連線成長 5%、住宅池成長 5%，以及由於我們嚴格的費用管理，本季調整後 EBITDA 成長 32% 。

In addition to delivering strong financial results, we are continuing to grow our footprint.

除了提供強勁的財務業績外，我們還在繼續擴大我們的足跡。

Expanding service addresses 10% year over year, including 27,000 new marketable fiber addresses in the second quarter.

服務位址年增 10%，其中第二季新增 27,000 個可銷售光纖位址。

We are making good progress towards our 2024 goal of 125,000 marketable fiber addresses.

我們正在朝著 2024 年 125,000 個可銷售光纖地址的目標取得良好進展。

We're also making progress on adding wireless to our bundle.

我們在為捆綁包中添加無線功能方面也取得了進展。

During the second quarter, we announced and will be called TDS mobile, and we plan to begin offering it later this year.

在第二季度，我們宣布將其命名為 TDS mobile，並計劃在今年稍後開始提供它。

We believe that adding mobile to our product portfolio will be complementary to our broadband offering will enable us to offer a full suite of competitive products and services to our customers.

我們相信，將行動裝置添加到我們的產品組合中將是我們寬頻產品的補充，將使我們能夠為客戶提供全套具競爭力的產品和服務。

Initially, TDS. mobile will be offered exclusively for broadband customers and select areas, but overtime plan to offer it in all of our market expansion, incumbent and cable.

最初，TDS。移動將專門為寬頻客戶和選定區域提供，但加班計劃在我們所有的市場擴展、現有市場和有線市場中提供行動服務。

We will provide pricing and device information closer to market launch.

我們將在接近上市時提供定價和設備資訊。

Moving to slide 15, you can see where we are on our longer term scorecard.

轉到投影片 15，您可以看到我們在長期記分卡上的位置。

We are targeting 1.2 million marketable fiber service addresses.

我們的目標是 120 萬個可銷售的光纖服務地址。

We ended the quarter with 854,000.

本季結束時，我們的人數為 854,000。

This reflects progress in growing fiber to our expansion markets as well as fiber ring up our incumbent market.

這反映了我們在擴大光纖市場以及光纖環環我們現有市場方面所取得的進展。

We're also targeting 60% of our total service addresses to be served by fiber.

我們也計劃將 60% 的服務地址由光纖提供服務。

We ended the quarter with 49% in our ILEC. 44% of our addresses our fibered up.

本季結束時，我們的 ILEC 利用率為 49%。我們 44% 的位址已採用光纖。

And finally, we are expecting to offer speeds of one gig or higher to at least 80% of our footprint.

最後，我們預計至少 80% 的足跡能夠提供 1 gig 或更高的速度。

We finished the quarter was 73% a gig speeds.

我們本季完成的演出速度為 73%。

On slide 16, you can see that we are growing our footprint with a 10% increase in total service addresses year over year.

在投影片 16 上，您可以看到我們的足跡不斷擴大，服務地址總數年增了 10%。

As shown on the right side of the slide, we see increased demand for higher broadband speeds with 79% of our customers, taking 100 megabits per second or greater, up from 74% a year ago.

如投影片右側所示，我們發現 79% 的客戶對更高寬頻速度的需求不斷增加，要求每秒 100 兆或更高速度，高於一年前的 74%。

We continue to increase the availability of gig speeds in customer.

我們持續提高客戶演出速度的可用性。

Take rates in these fees are growing with 19% of our customer base on one giga higher at the end of the quarter.

這些費用的收取率正在成長，到本季末，我們的客戶群中有 19% 的費用上漲了 1GB。

Turning to slide 17, you can see that we had 2,100 residential broadband net adds in the quarter, which contributed to 5% growth in residential broadband connections year over year as we deliver new fiber service addresses our teams, our marketing and selling into those addresses.

轉向幻燈片 17，您可以看到本季度我們增加了 2,100 個住宅寬頻網絡，隨著我們為這些地址提供新的光纖服務地址、我們的行銷和銷售，住宅寬頻連接同比增長了 5% 。

This quarter, we delivered 7,400 residential broadband net adds in our expansion markets.

本季度，我們在擴展市場中交付了 7,400 個住宅寬頻淨增量。

While this is consistent with recent results that it did come in slower than our expectations this quarter, we have plans place aimed at ramping our broadband sales over the coming quarters, and we remain focused on achieving our penetration target of five program.

雖然這與最近的結果一致，即本季度的速度確實慢於我們的預期，但我們計劃在未來幾季提高寬頻銷售，並且我們仍然致力於實現五個項目的滲透率目標。

Our strong These markets are contributing to revenue and adjusted EBITDA growth.

我們強大的這些市場正在為收入和調整後的 EBITDA 成長做出貢獻。

Our expansion markets are more cost effective than our business case is expected, and we're seeing that fiber markets are the most efficient networks to run on.

我們的擴張市場比我們的業務案例預期的更具成本效益，而且我們發現光纖市場是運作效率最高的網路。

Now a few more comments on that end, we had two discrete events this quarter that impacted this metric.

現在對此還有一些評論，本季我們發生了兩個影響該指標的離散事件。

First one of our cable markets in Rio Doce, New Mexico was devastated by wildfires, damaging customer homes, businesses and plant equipment service was disrupted the thousands of customers in that area, and our teams have been working very hard to get customers back online as soon as possible.

我們位於新墨西哥州里約多西的第一個電纜市場被野火摧毀，破壞了客戶的住宅、企業和工廠設備，該地區數以千計的客戶服務受到干擾，我們的團隊一直在努力讓客戶恢復線上狀態。

As of the end of June, we had approximately 1,000 broadband connection losses related to the fire.

截至 6 月底，我們約有 1,000 個與火災相關的寬頻連線遺失。

We now have Ray reestablished broadband services to over 90% of the community and are aggressively winning to work those customers back to win those customers back.

現在，我們已經讓 Ray 為超過 90% 的社區重建了寬頻服務，並且正在積極爭取讓這些客戶重新獲得服務。

Second, the ACP program ended during the quarter.

其次，ACP 計劃在本季結束。

Our team did a great job of getting these customers and other broadband plans that met their needs.

我們的團隊在獲取這些客戶和滿足他們需求的其他寬頻計劃方面做得非常出色。

Of our 19,080 customers, only 2,400 chose to disconnect.

在我們的 19,080 名客戶中，只有 2,400 名選擇斷開連線。

In addition to these two discrete events, we are experiencing increased competitive pressures across our Ireland and cable market.

除了這兩個離散事件之外，我們在愛爾蘭和有線電視市場還面臨越來越大的競爭壓力。

This is consistent with industry trends and specifically, there's more overbuilders in these markets.

這與行業趨勢一致，特別是這些市場中有更多的過度建設者。

But in our I like where we have upgraded our network from copper to fiber, we have been able to effectively defend and compete with support from our enhanced they can program.

但在我喜歡的地方，我們已經將網路從銅纜升級到光纖，我們已經能夠在我們增強的他們可以編程的支援下有效地防禦和競爭。

We will get even more fiber into I like markets over the next few years.

未來幾年，我們將向我喜歡的市場投入更多光纖。

And in our cable markets, we have a strong product capable of delivering gig speeds using back to 3.1. In addition, we strategically overbuild our networks with fiber in certain areas, and we put fiber in all new greenfield build in our cable markets.

在我們的有線電視市場，我們擁有強大的產品，能夠使用 3.1 提供演出速度。此外，我們在某些​​地區策略性地用光纖過度建造我們的網絡，並且我們在電纜市場的所有新綠地建設中都採用了光纖。

We continue to implement strategies to win and save customers in response to evolving industry competition.

我們繼續實施贏得和拯救客戶的策略，以應對不斷變化的行業競爭。

Also consistent with industry trends, w e continue to experience video cord cutting.

同樣符合產業趨勢的是，我們持續體驗影片剪線。

In addition, our video attachment rate has been lower than planned, and we expect this trend to continue, which will have an impact on revenue for the full year.

此外，我們的視訊附加率一直低於計劃，我們預計這種趨勢將持續下去，這將對全年的收入產生影響。

Now, turning to the middle graph, average residential revenue per connection increased 5%.

現在，轉向中間的圖表，每次連接的平均住宅收入增加了 5%。

This was due primarily to price increases with increases in broadband connections and revenue per user.

這主要是由於寬頻連線和每用戶收入的增加導致價格上漲。

We saw 7% growth in residential revenues.

我們看到住宅收入增加了 7%。

Specifically expansion markets delivered $28 million of residential revenues in the quarter compared to $18 million a year ago.

具體來說，擴張市場在本季帶來了 2,800 萬美元的住宅收入，而去年同期為 1,800 萬美元。

As expected, commercial revenues decreased 6% in the quarter as we continue to decommission our select markets.

正如預期的那樣，隨著我們繼續關閉選定的市場，本季的商業收入下降了 6%。

And lastly, wholesale revenues increased 2% due to the incremental revenues we have started to receive under the enhanced A-CAM program.

最後，由於我們在增強型 A-CAM 計劃下開始獲得增量收入，批發收入增加了 2%。

Slide 18, you can see our quarterly performance.

第18張投影片，你可以看到我們的季度業績。

Operating revenues were up 4% in the quarter as the growth in residential revenues and wholesale was partially offset by the decline in commercial revenues as our fiber connections and revenues grow, coupled with a 6% decrease in cash expenses for the quarter, we are seeing nice growth in adjusted EBITDA, up 32% in the quarter.

本季營業收入成長 4%，住宅收入和批發收入的成長部分被商業收入下降所抵消，因為我們的光纖連接和收入成長，加上本季現金支出減少 6%，我們看到調整後EBITDA 成長良好，本季成長32%。

Capital expenditures were $78 million in the quarter, down 41% from last year as planned.

本季資本支出為 7,800 萬美元，按計畫比去年下降 41%。

Slide 19 shows our 2024 guidance.

幻燈片 19 顯示了我們的 2024 年指導。

As previously mentioned, video connections are expected to be lower than planned, and the ramp-up of broadband net adds has been slower before we're now projecting revenues to be in the range of $1.05 billion to $1.08 billion.

如前所述，視訊連線預計將低於計劃，且寬頻網路增加的成長速度較慢，目前我們預計收入將在 10.5 億美元至 10.8 億美元之間。

Although our revenue range is being lowered, the team has continued to exercise strong expense management.

儘管我們的收入範圍正在降低，團隊仍繼續實行強而有力的費用管理。

As a result, we are now raising our adjusted EBITDA and adjusted EBITDA ranges to $330 million to $360 million.

因此，我們現在將調整後 EBITDA 和調整後 EBITDA 範圍提高至 3.3 億美元至 3.6 億美元。

We are not making any changes to our capital expenditures guidance.

我們不會對資本支出指引進行任何改變。

With increased adjusted EBITDA and unchanged capital, we anticipate delivering higher free cash flow than originally expected as we've been doing all year and will continue for the next few years.

隨著調整後 EBITDA 的增加和資本不變，我們預計將提供比最初預期更高的自由現金流，正如我們全年所做的那樣，並將在未來幾年繼續這樣做。

We are balancing the priorities of both our fiber expansion program and the E A-CAM program.

我們正在平衡光纖擴張計劃和 E A-CAM 計劃的優先順序。

We are carefully planning and engineering both programs to keep progressing at a pace to meet our build commitments while staying within our available funding.

我們正在仔細規劃和設計這兩個項目，以保持進度，以履行我們的建設承諾，同時保持在我們可用的資金範圍內。

In closing, I want to thank all of the TDS Telecom associates for their focus on our strategic priorities, including caring for our customers and communities and carefully managing our spending.

最後，我要感謝所有 TDS Telecom 員工對我們策略重點的關注，包括關心我們的客戶和社區以及認真管理我們的支出。

I will now turn the call back over to Colleen.

我現在將把電話轉回給科琳。

Okay.

好的。

We will now open up the call to questions.

我們現在開始接受提問。

Operator, we're ready for the first questions.

接線員，我們已經準備好回答第一個問題了。

(Operator Instructions) Ric Prentiss, Raymond James.

（操作員說明）Ric Prentiss、Raymond James。

Hi, Rick.

嗨，瑞克。

Rick.

瑞克.

Okay.

好的。

Let's go to next one.

讓我們進入下一個。

Sergey Dluzhevskiy.

謝爾蓋·德盧熱夫斯基。

Gabelli Investors.

加貝利投資者。

Good morning, guys.

早安，夥計們。

Morning.

早晨。

A couple of questions for LLTI. load to the tower business.

有幾個問題想問 LLTI。負載到塔業務。

Maybe just the first from a broad question.

也許只是一個廣泛問題的第一個。

As you look at your power portfolio pro forma for T-Mobile transaction and closing, I guess the high level, what are the strengths in your opinion of this portfolio?

當您查看 T-Mobile 交易和成交的預計電力投資組合時，我猜水平很高，您認為該投資組合的優勢是什麼？

What are some areas of improvement and what would be the main selling point to potential collocate versus your markets to have stalled?

與停滯不前的市場相比，有哪些需要改進的領域以及潛在搭配的主要賣點是什麼？

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

The strengths, I think, really or are evident in just the portfolio of the towers themselves.

我認為，這些優勢在塔樓本身的組合中確實很明顯。

We've provided detail in the past about our tower portfolio.

我們過去已經提供了有關我們的塔式產品組合的詳細資訊。

O ne from me geographically diverse geographically attractive.

對我來說，地理上不同的地方很有吸引力。

What do I mean by that?

我這麼說是什麼意思？

There's relatively few competing towers within a mile one mile and a half, two miles, three miles, et cetera.

一英里、一英里半、兩英里、三英里等範圍內的競爭塔相對較少。

They're there.

他們就在那裡。

They're towers that are geographically unique from and over time time that will be attractive to coal locators, particularly as people have to densify their networks new.

它們是地理位置獨特的塔樓，隨著時間的推移，它們將對煤炭定位者有吸引力，特別是當人們必須增加新的網路密度時。

It's not cost effective to trying to put up a new tower right next to recover, exists today can so that geographical uniqueness, I think, is a is a key driver of the attractiveness of the portfolio.

試圖在旁邊建立一座新塔來恢復是不符合成本效益的，但今天存在，因此地理獨特性，我認為，是投資組合吸引力的關鍵驅動因素。

The opportunity is simple, which is simply to grow our co-location rates on one of the things that if you if you do the math on the margins around the portfolio, both current and forecasted in the information we provided in the investor presentation, the expenses that underpin these towers are quite small providers.

機會很簡單，就是提高我們的託管率，如果你對投資組合的利潤率進行數學計算，無論是我們在投資者演示中提供的資訊中的當前利潤率還是預測利潤率，支撐這些塔的費用相當小。

There's not a whole lot of expense in running this portfolio.

經營這個投資組合並沒有太多費用。

And so the entire driver, both the delta in profitability between ourselves and some of the other larger tower players in the industry is even by co-location it.

因此，整個驅動力，我們與業內其他一些較大的塔式運營商之間的盈利能力增量，甚至是通過將其並置而實現的。

And so as we increase those co-location rates over time, you can expect those margins to steadily increase.

因此，隨著時間的推移，隨著我們提高託管率，您可以預期這些利潤將穩定成長。

And that's both.

兩者都是。

So that's why we're optimistic about the segment.

這就是我們對該細分市場持樂觀態度的原因。

It's both.

兩者都是。

It's both an attractive asset and we think we can grow those colocation rig steadily over time.

這都是一項有吸引力的資產，我們認為我們可以隨著時間的推移穩步成長這些託管設備。

That'll improve the financials.

這將改善財務狀況。

Some hope that answers your question, sir.

先生，有些人希望能回答您的問題。

Growth of.

的成長。

And maybe another more specific question on the hours of.

也許還有一個關於時間的更具體的問題。

So for us, Lou, T-Mobile signed a new MLA to be dependent on those incremental 2015.

因此，對我們來說，Lou，T-Mobile 簽署了一份新的 MLA，以依賴 2015 年的增量。

But the exact selections of full list of Zix selections, one been known for some time, I think you indicated until 30 months at the transaction closed.

但 Zix 選擇的完整清單中的確切選擇，已知有一段時間了，我認為您在交易結束時表示，直到 30 個月。

So depending on those selections that overlap with other tenants could be some I mean, it could differ and you might end up to the plan a convert to a $200 results allocate their.

因此，根據與其他租戶重疊的選擇，我的意思是，它可能會有所不同，您可能最終會計劃將其轉換為 200 美元的結果分配。

So the question I guess, between now and then how would you be planning for this transition towards agreeable to be able to market those dollars?

所以我想問題是，從現在到那時，您將如何規劃這一過渡，以便能夠推銷這些美元？

And how would you balance kind of having those dollars out colocated, Telegate ourselves looking to market them versus the commission itself?

您將如何平衡將這些資金放在一起，Telegate 自己尋求行銷它們與佣金本身？

Yes.

是的。

Sorry, the so the that you mentioned, the uncertainty around the towers, the T-Mobile will be on.

抱歉，您提到的塔周圍的不確定性，T-Mobile 是否會開通。

It's an interesting financial equation that that creates for us, right?

這是為我們創建的一個有趣的財務方程式，對嗎？

Because it once we know which towers they will be on.

因為一旦我們知道他們將在哪些塔上。

If what, if the results of that is that the majority of towers have their own do not have an existing coal locator that creates more attractive long-term growth potential.

如果結果是大多數塔都沒有現有的煤炭定位器來創造更具吸引力的長期成長潛力。

But it's somewhat impacts margins because you now have more towers to simply one co-locate our own it.

但這在一定程度上影響了利潤，因為現在有更多的塔樓可以簡單地與我們自己的塔樓並置。

Instead, they end up on towers where we have current co-located.

相反，它們最終會出現在我們目前位於同一地點的塔樓上。

I mean, there's a larger majority of the towers.

我的意思是，大部分的塔樓都是這樣的。

They select our where we currently already have a tenant that will create better margins.

他們選擇我們目前已有租戶的地方，這將創造更好的利潤。

But it will mean that we have more naked towers at the conclusion of the completion of the transaction.

但這將意味著交易完成後我們將擁有更多裸塔。

So lots to determine what we do with those naked towers.

有很多事情需要確定我們如何處理這些裸塔。

I do not think it is a foregone conclusion that those naked towers will necessarily be decommissioned.

我不認為這些裸塔一定會退休已成定局。

We have a lot of different things that we can do Indus Towers, and we're going to work that out in the coming months and coming quarters as we get more transparency into T-Mobile's plans.

我們可以在 Indus Towers 做很多不同的事情，隨著 T-Mobile 計劃的透明度提高，我們將在未來幾個月和未來幾季解決這些問題。

Nothing that I just talked about impacts the way that we are marketing the tower portfolio to other potential cold locators.

我剛才談到的任何內容都不會影響我們向其他潛在的冷定位器行銷塔式產品組合的方式。

So what we're not trying to do is to gas, which towers they're going to be on and consequently prioritize were de-prioritize those towers in our marketing efforts.

因此，我們不想做的是天然氣，他們將在哪些塔上，從而優先考慮我們的行銷工作中取消這些塔的優先順序。

It is full speed ahead in terms Brazil, marketing, our entire talent portfolio to other potential coal locators.

在巴西、行銷、我們對其他潛在煤炭定位者的整個人才組合方面，它正在全速前進。

And we have steadily improved that co-location rate over time, completely independent of the of the T-Mobile deal.

隨著時間的推移，我們穩步提高了託管率，完全獨立於 T-Mobile 交易。

And you can expect that to continue.

您可以預期這種情況會持續下去。

And we're going to continue to trying to get more coal locators on our towers.

我們將繼續努力在我們的塔上安裝更多煤炭定位器。

This is in an environment, and we kind of mentioned this somewhat in our in our in our earnings comments in the environment right now for a tougher or increased our outlook co-locations, this low rate, if you look at our capital spend and our approaches in wireless business to capital spend is quite similar to the approach in terms of capital spend from other players in the industry.

這是在一個環境中，我們在我們的獲利評論中提到了這一點，現在的環境是為了更艱難或增加我們的前景，如果你看看我們的資本支出和我們的資本支出和我們的低利率，無線業務的資本支出方法與業內其他參與者的資本支出方法非常相似。

Some people are on the back end of their mid-band rollouts, the back end of their 5G rollouts.

有些人正處於中頻段部署的後期，也就是 5G 部署的後期。

And so overall capital is down and that affects the ability to put new towers into place and begin NewCo locators.

因此，整體資本下降，影響了新塔樓的安裝和新公司定位器的啟動能力。

But I firmly believe this is a temporary phenomenon.

但我堅信這只是暫時現象。

What you'll see is capacity needs for the industry.

您將看到的是該行業的產能需求。

I want to continue.

我想繼續。

Nothing that I'm seeing in the industry would indicate that the demand from mobile data is going to slow.

我在業界看到的任何情況都表明行動數據的需求不會放緩。

And because we don't have in the industry, we don't have an active spectrum pipeline factors other than what we're out there, marketing, there is not a whole bunch of spectrum out there to be had.

而且因為我們在行業中沒有，除了我們的行銷之外，我們沒有活躍的頻譜管道因素，沒有一大堆頻譜可供使用。

And what that's going to cause over time as it's going to cause wireless players to have to densify in order to support this capacity needs because there isn't an obvious spectrum pipeline to support it.

隨著時間的推移，這將導致無線營運商必須緻密化以支援這種容量需求，因為沒有明顯的頻譜管道來支援它。

And I suspect that that densification will likely happen even before six g and the increased densification and the new spectrum that's going to come into play and six.

我懷疑這種緻密化甚至可能在六克之前發生，並且增加的緻密化和新的光譜將發揮作用，六克。

And so in the long run, right, we're bullish about about the opportunity to grow that co-location.

因此，從長遠來看，我們看好發展託管的機會。

And so that's why we are marketing those tower.

這就是我們行銷這些塔的原因。

It's very aggressively out there to other coal locators metal continue completely, irrespective of where T-Mobile lands on which jurisdiction, gold grade.

與其他煤炭定位器相比，無論 T-Mobile 在哪個司法管轄區、哪個黃金等級，它都非常積極地繼續提供金屬。

And on, I guess one question on the wireless segment.

接下來，我想問一個關於無線領域的問題。

So others, you have an improvement in postpaid phone subscriber losses of this high level.

因此，其他人的後付費電話用戶流失率也得到如此高的改善。

And then if you had to pinpoint a two or three and drive ourselves to other sales initiatives that water for you in terms of Lowe's and building trends and the quarterly expectations kind of a pullback coupled with a year in terms of those expenses?

然後，如果您必須確定兩個或三個並推動我們採取其他銷售計劃，這些計劃在勞氏和建築趨勢方面對您有利，並且季度預期會有所回落，再加上一年的這些費用？

Yes, it's a pretty simple equation.

是的，這是一個非常簡單的方程式。

You can improve churn, improve your gross adds, you're generally going to improve your net adds.

您可以改善客戶流失率，改善總增加量，通常也會改善淨增加量。

And so we talked about US DES during my commentary plus days have been an effective method of of reaching out to our existing customers, getting them back under contract.

因此，我們在評論期間討論了美國 DES，這幾天是接觸我們現有客戶、讓他們重新簽訂合約的有效方法。

And so that's helping churn.

這有助於客戶流失。

And we've been aggressive in the market when it comes to our postpaid offers.

在後付費服務方面，我們一直在市場上積極進取。

We have offers in the marketplace right now at a price point, and that's really attractive to customers.

我們現在在市場上提供一定價格的優惠，這對客戶來說確實很有吸引力。

And we've removed training requirements and we have many times removed planned mixed requirements and so on, those those are attractive offers to customers that are helping drive improved gross add performance just in terms of share of rigs that have a switching pulls down, but not notwithstanding the switching to be down, we see our share of gross adds improving, which is an impressive accomplishment.

我們已經取消了培訓要求，並且多次取消了計劃的混合要求等等，這些對客戶來說都是有吸引力的報價，有助於提高總附加性能，僅就具有切換下拉功能的鑽機份額而言，但是儘管有所下降，但我們看到我們的總增加份額有所改善，這是一項令人印象深刻的成就。

If you think about the overhang of the deal, you can expect to see us continue to be aggressive in the marketplace.

如果您考慮到該交易的懸而未決，您可以期望看到我們繼續在市場上積極進取。

We're not taking our foot off the gas pedal when it comes to investing in existing customers who in those retention offers bring churn down.

在投資現有客戶時，我們不會放鬆油門，這些客戶在保留服務中會降低客戶流失率。

And you can see us continue to invest in aggressive promotional offers to get new customers.

您可以看到我們繼續投資積極的促銷優惠來吸引新客戶。

And so that's going to be full speed ahead for us in the rest of the year.

因此，在今年剩餘的時間裡，我們將全速前進。

I think you can probably what you're what you're seeing in the marketplace right now.

我認為您現在在市場上看到的可能是您所看到的。

I don't think we're going to be backing off of that for the rest of the year.

我不認為我們會在今年剩下的時間裡放棄這一點。

And so I'm cautiously optimistic that we continue to momentum that we have right now.

因此，我對我們繼續保持目前的勢頭持謹慎樂觀的態度。

Obviously, we operate and I mentioned this way we operate in a highly competitive sector.

顯然，我們的運作方式，我提到過，我們在一個競爭激烈的行業中運作。

I do not expect our competition will be standing still.

我不認為我們的競爭會停滯不前。

And so we're going to have to adjust accordingly.

所以我們必須做出相對應的調整。

I'm pleased what we've been able to drive both on retention in our process.

我很高興我們能夠在流程中推動保留。

Great.

偉大的。

Thank you.

謝謝。

And my last question is for all Michel and to the U.S. telecom side.

我的最後一個問題是問所有米歇爾和美國電信方面的。

So we are seeing wireless and wireline companies partnering with infrastructure funds or private equity, do fiber deployments potentially more upgrades than they would be able to build their own and keeping those builds balance sheets?

因此，我們看到無線和有線公司與基礎設施基金或私募股權公司合作，光纖部署是否可能比他們自己建構並維持這些建置的資產負債表進行更多升級？

I was just wondering if you could share your thoughts on but the opportunities to what degree is or structure so relevant to you, how attractive are say to you and your markets and what are some of the factors that month or not tighter?

我只是想知道您是否可以分享您的想法，但是機會或結構與您的相關程度如何，對您和您的市場有多大吸引力，以及當月或不更緊的一些因素是什麼？

Again, thanks for the question, and I'll comment briefly and then the key may want to add in as well.

再次感謝您提出問題，我將簡要評論，然後可能也需要添加關鍵內容。

Yes, over the years, as we've developed our fiber program strategy, we have considered lots of different financing alternatives on that can help us advance our strategy.

是的，多年來，當我們制定纖維計劃策略時，我們考慮了許多不同的融資方案，這些方案可以幫助我們推進我們的策略。

And so we have been open to various structures and we have evaluated on a variety of things, Chile and where where we've landed is that we've had some really good success with some preferred equity issuances over the last couple of years.

因此，我們對各種結構持開放態度，我們對智利的各種事情進行了評估，我們在過去幾年中透過發行一些優先股取得了一些非常好的成功。

And right now, we've been funding that's primarily with through debt, but we continue to be open to different types of structures and whatever would be best for the enterprise.

目前，我們主要透過債務提供資金，但我們繼續對不同類型的結構以及對企業最有利的任何結構持開放態度。

And I think we would be yes, we would consider on various alternatives, but it has to be the right thing for that for the whole enterprise.

我認為我們會是的，我們會考慮各種替代方案，但對於整個企業來說它必須是正確的。

So Vicki, do you want to comment at all?

那麼，Vicki，你想發表評論嗎？

Yes.

是的。

Good morning survey on it out right now.

早上好，現在就調查一下。

We are we are very focused on the deal that we have in front of us, the transaction with T-Mobile and US cellular wireless business as well as the transactions at the TDS level.

我們非常關注眼前的交易，即與 T-Mobile 和美國蜂窩無線業務的交易以及 TDS 級別的交易。

And that is where our focus is that right now, including monetizing the remaining spectrum that was not included in the T-Mobile transaction.

這就是我們現在的重點，包括將 T-Mobile 交易中未包含的剩餘頻譜貨幣化。

So and that's where our focus back on from in our really pleased with where we are at with our leverage and and a second quarter.

因此，這就是我們對第二季的槓桿率感到非常滿意的重點。

We improved leverage both at U.S. Cellular and on.

我們提高了美國移動及其他公司的槓桿率。

We are from Alex, we got our eye off the remaining of the year and into 2025.

我們來自 Alex，我們的目光已從今年剩下的時間轉向了 2025 年。

And so that's why our focus is that I'm very pleased overall with a strong growth that we reported in the corner on TDS Telecom had strong top line as well as bottom line growth.

因此，這就是為什麼我們的重點是，總體而言，我對 TDS Telecom 的強勁成長感到非常滿意，我們在 TDS Telecom 的角落中報告了強勁的營收和利潤成長。

And that really is driven from the investments we've already made.

這確實是由我們已經進行的投資所驅動的。

So a company just very focused on broadband penetration, penetrating into the new households that we've enabled with our capital investments over the last year.

因此，一家公司非常專注於寬頻普及率，滲透到我們去年透過資本投資實現的新家庭。

Thank Ray.

謝謝雷。

Thanks.

謝謝。

Next question, please.

請下一個問題。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯，雷蒙德詹姆斯。

Hey, sorry, a double secret noon on.

嘿，抱歉，雙重秘密中午到了。

Can you hear me now?

現在你能聽到我說話嗎？

Yes, hi, Rick.

是的，嗨，瑞克。

Per share based comp period.

基於每股的比較期。

So first question or follow-up, I'm sorry.

所以第一個問題或後續問題，我很抱歉。

There's obviously a lot of discussion about convergence fixed with mobile on maybe from both telltale sign Michelle side and Vicki side, how you're viewing convergence kind of theoretical.

顯然，有很多關於行動裝置融合的討論，可能來自米歇爾一方和維基一方，你如何看待理論上的融合。

And then specific to operating margins?

然後具體到營業利益率？

Rick, I'll start.

瑞克，我要開始了。

Maybe I'll hand it to Michelle afterwards because my threat is her opportunity, right?

也許之後我會把它交給米歇爾，因為我的威脅就是她的機會，對嗎？

So the -- as I view convergence, it is clearly a trend in the marketplace.

因此，在我看來，融合顯然是市場的趨勢。

You see it from the success that cable wireless has had in the market in terms of growing share right?

您從有線無線在市場份額不斷增長方面所取得的成功中看到了這一點，對嗎？

Their market share for cable wireless is still significantly below their share of gross add.

他們的有線無線市場份額仍然大大低於總增加額份額。

And we are an industry where market share generally reaches equilibrium at whatever your [indiscernible], and so there's still a lot of room for them to grow.

我們這個行業的市場份額通常會在任何[音頻不清晰]的情況下達到平衡，因此它們仍然有很大的增長空間。

And why is that?

這是為什麼呢？

I mean convergence is a word that means different things to different people.

我的意思是，趨同這個字對不同的人來說有不同的意義。

Maybe I'll simplify it and just talk about fixed wireless bundling.

也許我會簡化它並只討論固定無線捆綁。

If you're able to use the profit stream from one product to help subsidize another and it can help you with churn, well, then that's a good equation.

如果您能夠利用一種產品的利潤流來幫助補貼另一種產品，並且它可以幫助您減少客戶流失，那麼這是一個很好的等式。

And that's something that you see not just the large cable players doing that the small cable players doing.

這不僅僅是大型有線電視播放器和小型有線電視播放器所做的事情。

And so as we forecast forward where cable is going to be in our footprint, we see an expanded presence of cable wireless in our footprint, and that's not necessarily because of the expansion of the big guys, it's because we think that the smaller cable players, TDS Telecom included, we'll start to offer a wireless offering in order to help bring churn down in order to either differentiate their wireline offering or just keep pace with the big guys.

因此，當我們預測有線將在我們的足跡中佔據什麼位置時，我們會看到有線無線在我們的足跡中不斷擴大，這不一定是因為大公司的擴張，而是因為我們認為較小的有線營運商包括 TDS Telecom，我們將開始提供無線產品，以幫助減少客戶流失，從而使他們的有線產品脫穎而出，或只是與大公司保持同步。

And you also see that in the strategies pursued by the larger wireless players.

您也可以在大型無線營運商所採取的策略中看到這一點。

I'm speculating here because obviously, I don't know why cable players or why AT&T or why T-Mobile or anyone else does what they do.

我在這裡進行推測是因為顯然，我不知道為什麼有線電視播放器、為什麼 AT&T、為什麼 T-Mobile 或其他任何人會這樣做。

But my speculation -- if I look at my speculation and you say, okay, well, T-Mobile is out there, expanding fiber footprint.

但我的猜測 - 如果我看看我的猜測，你會說，好吧，好吧，T-Mobile 正在擴大光纖覆蓋範圍。

AT&T has been very public about their desire to expand the fiber footprint.

AT&T 一直非常公開地表達了他們擴大光纖覆蓋範圍的願望。

Why is that?

這是為什麼？

Well, it's because of the power of these bundled offerings and these converged offerings.

嗯，這是因為這些捆綁產品和融合產品的力量。

And so -- this is something that our scale makes it challenging for us to do.

因此，我們的規模使我們很難做到這一點。

There are opportunities for wireline players to provide wireless services because there's a wholesale wireless offering.

有線業者有機會提供無線服務，因為無線產品可以批發。

Wireless players do MVNOs.

無線運營商做 MVNO。

And there is not a commensurate wholesale approach to wireline.

而且還沒有對應的有線批發方式。

I don't have access to nationwide wireline wholesale offers.

我無法獲得全國範圍內的有線批發報價。

And so it's very difficult for us to match those bundled offers.

因此，我們很難匹配這些捆綁優惠。

Do I think that every single customer in the U.S.

我是否認為美國的每位客戶

wants a bundled offer?

想要捆綁優惠嗎？

No, I do not.

不，我不。

And so I think that there is some kind of a threshold out there for this market, but it's a threshold but still has a lot of room to grow.

所以我認為這個市場存在某種門檻，但它是一個門檻，但仍然有很大的成長空間。

And so we do view it as a threat to our business.

因此，我們確實將其視為對我們業務的威脅。

We've been very transparent about that in our earnings calls in the last quarters and years, frankly.

坦白說，我們在過去幾季和幾年的財報電話會議中對此一直非常透明。

And so yes, it's something we keep a very close eye on.

是的，這是我們密切關注的事情。

We think we compete -- we think we can compete effectively with it from an aggressive price point perspective and a high-quality network perspective and so on but it's definitely a competitive

我們認為我們可以競爭——我們認為我們可以從激進的價格角度和高品質網路角度等方面與它有效競爭，但這絕對是一個有競爭力的

[indiscernible].

[音頻不清晰]。

And my threat is Michelle's opportunity.

我的威脅就是米歇爾的機會。

And so Michelle, maybe you can talk a little bit about how TDS is looking at it?

米歇爾，也許您可以談談 TDS 如何看待這個問題？

Yes.

是的。

Thanks, LT, and thanks for the question, Rick.

謝謝 LT，也謝謝里克的提問。

Actually, what LT said, I wholeheartedly agree with.

其實LT說的，我非常同意。

So from a TDS Telecom perspective, we are very excited to be getting into this space.

因此，從 TDS Telecom 的角度來看，我們非常高興能夠進入這個領域。

As LT mentioned, this is a great opportunity for us.

正如LT所提到的，這對我們來說是一個很好的機會。

But it is important to make sure that we level set on the definition of convergence.

但重要的是要確保我們對收斂的定義保持一致。

We also see this as more of a bundling.

我們也認為這更像是一種捆綁。

We do not believe that you have to own both the wireline and the wireless network to make this work.

我們認為您不必同時擁有有線和無線網路才能實現此目的。

But it is more of providing attractive bundling opportunities for the segment of our customers who want to buy both services from the same provider.

但它更多的是為那些想要從同一提供者購買這兩種服務的客戶群提供有吸引力的捆綁機會。

And we've looked at the MVNO market for many, many years.

我們已經研究 MVNO 市場很多很多年了。

Our team has done analysis on this for a long time.

我們團隊對此進行了很長時間的分析。

And over the last couple of years, it's really started to make sense because of what LT mentioned is that this ecosystem has developed, where there are now relatively easy ways for wireline companies to get into this market and be able to offer wireless through wholesale agreement.

在過去的幾年裡，它確實開始有意義，因為 LT 提到這個生態系統已經發展起來，現在有線公司可以透過相對簡單的方法進入這個市場，並能夠透過批發協議提供無線服務。

And we've signed up with the NCTC, so the National Content and Technology Cooperative, through their -- an industry group who established partnerships for companies like us to be able to join in and participate in a relatively straightforward way.

我們已經與 NCTC 簽約，即國家內容和技術合作社，透過他們的行業組織為像我們這樣的公司建立了合作夥伴關係，以便能夠以相對直接的方式加入和參與。

So the ecosystem developed, the economics developed, the customer demand developed over the last few years.

因此，在過去的幾年裡，生態系統得到了發展，經濟得到了發展，客戶需求也得到了發展。

And so we think that this is the perfect time for us to get into this market and be able to round out our product and service set in order to really meet the needs and the demands of the broadband customers that we're selling to.

因此，我們認為現在是我們進入這個市場並能夠完善我們的產品和服務集以真正滿足我們所銷售的寬頻客戶的需求的最佳時機。

A couple of other questions from my side.

我這邊還有幾個問題。

One of the other hot topics this quarter is the next-generation iPhone, what might be an AI push?

本季的另一個熱門話題是下一代iPhone，AI可能會推動什麼？

Maybe some opinions on is AI ready for prime time and wireless, what does it do to the competitive intensity, switcher pool, subsidies and kind of what's baked into your guidance?

也許有人對人工智慧是否已準備好迎接黃金時段和無線技術的一些看法，它對競爭強度、切換池、補貼以及您的指導中包含的內容有何影響？

An overarching AI-phone question.

人工智慧手機的首要問題。

Rick, I think it's -- I would tackle it in one of two ways.

里克，我認為——我會用兩種方法之一來解決這個問題。

I think on the revenue side of the equation, it's too early to tell.

我認為在收入方面，現在下結論還為時過早。

The last Samsung device had some really attractive AI capabilities built into it.

最後一款三星設備內建了一些非常有吸引力的人工智慧功能。

I think they're awfully cool.

我認為他們非常酷。

I think a lot of our customers think that they're awfully cool.

我認為我們的許多客戶都認為他們非常酷。

We haven't seen a massive change in market share, right, to Samsung with those capabilities.

我們還沒有看到具有這些能力的三星的市場份額發生巨大變化，對吧。

And so I think that's still a work in progress.

所以我認為這仍然是一項正在進行的工作。

And obviously, Apple has made some announcements.

顯然，蘋果已經發布了一些公告。

We don't yet know what those capabilities are going to look like.

我們還不知道這些功能會是什麼樣子。

And so we aren't projecting in our numbers any major shifts based on AI and AI capabilities on the revenue side?

所以我們沒有在我們的數據中預測任何基於人工智慧和人工智慧能力的重大變化在收入方面？

I do think that where we are starting to see some interesting opportunities is on the cost side of the equation.

我確實認為我們開始看到一些有趣的機會是在成本方面。

And so we're already using AI.

所以我們已經在使用人工智慧了。

It's an AI capabilities in our care centers, education on next best offer, how to best link the various touch points of our customers across our enterprise so that we can serve them better, as we can have more effective care center interactions, I do expect over time that those kinds of capabilities will also transition into the digital space.

這是我們護理中心的人工智慧功能，關於下一個最佳產品的教育，如何最好地連接整個企業客戶的各個接觸點，以便我們可以更好地為他們服務，因為我們可以進行更有效的護理中心互動，我確實期望隨著時間的推移，這些能力也將轉移到數位空間。

And so being able to better serve customers, being able to better manage costs, I do think that's where you're going to see more traction on AI in the near term.

因此，能夠更好地服務客戶，能夠更好地管理成本，我確實認為這就是人工智慧在短期內會受到更多關注的地方。

On the long term, very bullish on the capabilities that it provides on the device side, but I think it's too early to tell when that's actually going to show up in the numbers.

從長遠來看，非常看好它在設備方面提供的功能，但我認為現在判斷何時真正體現在數字中還為時過早。

Okay.

好的。

Last one for me is on the spectrum.

對我來說最後一個是在範圍內。

Obviously, several times, Vicki and everyone has kind of mentioned, that we've got more spectrum we could monetize.

顯然，Vicki 和每個人都多次提到，我們擁有更多可以貨幣化的頻譜。

Kind of 2-pronged questions of the spectrum.

一系列兩方面的問題。

If you were to move forward before the T-Mobile deal is approved and closed, what kind of transaction could you do with the spectrum since the spectrum is kind of inherent in how your customers are being served today?

如果您要在 T-Mobile 交易獲得批准和完成之前推進，您可以對頻譜進行什麼樣的交易，因為頻譜是您今天為客戶提供服務的方式所固有的？

And secondly, I think in the 10-Q, it mentions that you guys assessed the impairment test of the wireless spectrum, what you're selling and the wireless spectrum that you're keeping outside T-Mobile transaction.

其次，我認為在 10-Q 中，它提到你們評估了無線頻譜的減損測試、你們所銷售的產品以及你們在 T-Mobile 交易之外保留的無線頻譜。

And it came out saying that the carrying value -- looks like you exceed your fair value on the balance sheet.

結果顯示，帳面價值——看起來超出了資產負債表上的公允價值。

So just wondering, is that an update based on kind of price stock or what that means?

所以只是想知道，這是基於股票價格的更新還是這代表什麼？

Yes, Rick, I'm going to punt a little bit on most of the spectrum questions because we do have an active process going on.

是的，里克，我要對大多數頻譜問題進行一些押注，因為我們確實正在進行一個積極的過程。

And so I'm going to probably stay away in some of the value-related and process-related questions.

因此，我可能會避開一些與價值相關和流程相關的問題。

What I can tell you is, I mean, we've specifically designed the transaction with T-Mobile to talk -- to ensure that it is a smooth transition for our customers.

我可以告訴你的是，我們專門設計了與 T-Mobile 的交易，以確保我們的客戶能夠順利過渡。

So the reason why we did a year lease of spectrum to T-Mobile after the transaction, even the spectrum that they're not acquiring is so that we could make sure that our customers were properly served, and it was a really good transition and that we saw no decline and no change in network experience for our customers.

因此，我們在交易後向 T-Mobile 租賃了一年的頻譜，即使他們沒有購買頻譜，也是為了確保我們的客戶得到適當的服務，這是一個非常好的過渡，我們沒有看到客戶的網路體驗出現下降和變化。

One of the things we've worked on with T-Mobile is to ensure that day one, you see either no change or ideally a better experience, right?

我們與 T-Mobile 合作的一件事是確保在第一天，您不會看到任何變化，或者理想情況下會看到更好的體驗，對嗎？

We're going to be bringing more spectrum to bear to customers.

我們將為客戶提供更多頻譜。

And that's not just to our customers, but the T-Mobile customers as well.

這不僅適用於我們的客戶，也適用於 T-Mobile 客戶。

And so that portion of the transaction has been designed to make sure that it's a smooth transition.

因此，交易的這一部分旨在確保平穩過渡。

For the go-forward spectrum, I'm going to punt on that a little bit only because we do have an active process going on, and it's probably not appropriate for me to comment further on that.

對於未來的頻譜，我會稍微押注這一點，只是因為我們確實有一個積極的進程正在進行，而且我可能不適合對此發表進一步評論。

Yes, go ahead, Doug.

是的，繼續吧，道格。

Yes.

是的。

With respect to the spectrum carrying value, every year -- well, at least every year, we're required to assess that for impairment.

就頻譜承載價值而言，每年——嗯，至少每年，我們都需要對其進行減損評估。

We do that in the fourth quarter.

我們在第四季這樣做。

So we do what's called a step 1 accounting test and did a valuation that effect on the fair value was greater than the carrying value.

因此，我們進行了所謂的第一步會計測試，並進行了估值，結果對公允價值的影響大於帳面價值。

So we do have recent data on that, that we use to make that assessment.

所以我們確實有這方面的最新數據，我們用它來評估。

As you know, Rick, as you know, if any comments that we've been making on this process would only be if we had a definitive agreement that was signed and in place.

如您所知，瑞克，如您所知，只有在我們簽署並落實了最終協議的情況下，我們才會對此流程發表任何評論。

So we'll keep you updated.

所以我們會及時向您通報最新情況。

Make sense.

有道理。

I think, LT to your point, the customer experience is something that can't be damaged.

我認為，就你的觀點而言，客戶體驗是無法被破壞的。

And so you factor that into the T-Mobile deal, you would factor into anything that might go on with spectrum may be a safe way of saying it.

因此，您將這一點納入 T-Mobile 交易中，您將考慮到任何可能與頻譜有關的事情，這可能是安全的說法。

The next question comes from the line of Jonathan Atkin from RBC.

下一個問題來自加拿大皇家銀行 (RBC) 的喬納森·阿特金 (Jonathan Atkin)。

A couple of questions about the tower business.

關於鐵塔業務的幾個問題。

I wondered about -- when the dust settles, are your -- what would be your appetite to do build-to-suit?

我想知道——當塵埃落定後，你的——你對客製化的興趣是什麼？

And secondly, the existing portfolio, to what extent might require augmentation CapEx, given that when most of these towers were built, it was (inaudible) simply for UScellular as opposed to multi-tenant?

其次，現有的投資組合可能需要在多大程度上增加資本支出，因為大多數塔樓建成時（聽不清楚）只是為了 UScellular 而不是多租戶？

Jonathan, welcome.

喬納森，歡迎。

Good to hear you.

很高興聽到你的聲音。

The -- so I mean, in terms of a build-to-suit path forward for the Tower business that's different from the strategy that we've pursued, it's not currently reflected in the projections that we provided.

所以我的意思是，就塔式業務的客製化發展道路而言，這與我們所追求的策略不同，目前尚未反映在我們提供的預測中。

It's not currently part of the strategy.

目前這不是該戰略的一部分。

It doesn't mean you can't change it, right?

這並不意味著你不能改變它，對吧？

I mean one of the things that we're still working through is what is the right strategy and the right long-term path forward for that tower business.

我的意思是，我們仍在努力解決的問題之一是什麼是塔式業務的正確策略和正確的長期前進道路。

We don't know the answer to that yet.

我們還不知道答案。

That's going to be something that we're going to be spending time on in the coming months and the coming quarters.

這將是我們在未來幾個月和未來幾季要花時間做的事情。

There's no build-to-suit capital, there's no build-to-suit revenue built into the projections today, though.

不過，目前的預測中沒有客製化資本，也沒有客製化收入。

And in terms of enhanced capital, I -- so I guess I think about it a little bit differently in that -- when we built our towers, we didn't build those towers with the idea of only having one tenant in place.

在增強資本方面，我——所以我想我的想法有點不同——當我們建造我們的塔樓時，我們建造這些塔樓的想法並不是只有一個租戶。

We built those towers to provide a good mobile experience.

我們建造這些塔是為了提供良好的移動體驗。

What does that mean?

這意味著什麼？

We operate our towers in more rural areas on average.

平均而言，我們在更多的農村地區運營我們的塔。

So we have pretty tall towers, all right?

所以我們有相當高的塔，好嗎？

We have a pretty tall tower portfolio that enables us to provide broad coverage to rural America, and that's been kind of a key part of our long-term wireless proposition.

我們擁有相當高的塔式產品組合，使我們能夠為美國農村地區提供廣泛的覆蓋範圍，這是我們長期無線主張的關鍵部分。

What tall towers enable you to do?

高塔可以讓您做什麼？

Tall towers enable you to have space for multiple ad centers.

高塔使您能夠擁有容納多個廣告中心的空間。

And so if you've got multiple ad centers, you can add on co-locators without a whole bunch of incremental capital in an effect without any incremental capital.

因此，如果您有多個廣告中心，您可以新增協同定位器，而無需大量增量資本，實際上無需任何增量資本。

And so that's also reflected in the projections that we provided as part of the investor presentation.

因此，這也反映在我們作為投資者演示的一部分提供的預測中。

And so a different way of answering your question is, I do think we have the opportunity to add co-locators to add revenue to continue to grow that tower segment and to continue to grow the margins and the cash flow from that tower segment without needing to spend a whole bunch of capital on our existing towers.

因此，回答您的問題的另一種方式是，我確實認為我們有機會增加主機託管來增加收入，以繼續增長該塔樓部分，並繼續增加該塔樓部分的利潤和現金流，而無需花費大量資金建設我們現有的塔樓。

Good answer.

很好的答案。

Two more around the ownership.

還有兩個關於所有權的問題。

Maybe just kind of level set us on where things stand and appetite for using capital at least at some point to extend or by ground leases that you don't already want to control them.

也許只是讓我們了解事情的現狀以及至少在某個時候使用資本來延長或透過您不想控制它們的地面租賃的興趣。

And then back -- kind of back office types of activities associated with the tower company lease administration and so forth.

然後再回來——與鐵塔公司租賃管理等相關的後台活動類型。

Are you where you need to be?

你在你需要去的地方嗎？

Or are there improvements or enhancements that you foresee making?

或者您預計會進行哪些改進或增強？

So from a ground lease perspective, we have had a steady rhythm and a steady drumbeat of finding opportunities to take on ground leases that will continue.

因此，從地面租賃的角度來看，我們有一個穩定的節奏和穩定的節奏，尋找機會繼續進行地面租賃。

We don't have a dramatic shift in our strategy there.

我們在那裡的戰略沒有發生重大轉變。

It's going to be continued.

它將繼續下去。

And because of that, you also don't see a dramatic shift in the financials that we put forward.

正因為如此，你也看不到我們提出的財務狀況有巨大變化。

It doesn't mean that we don't look for the opportunities.

這並不意味著我們不尋找機會。

It means we've been doing it, and we'll continue to do it as those opportunities arise.

這意味著我們一直在這樣做，並且當機會出現時我們將繼續這樣做。

From a back-office perspective, we think we run a lean organization.

從後台的角度來看，我們認為我們經營著一個精實的組織。

We did before the separation.

我們在分手前就這麼做了。

We will continue to do so after the separation.

分手後我們還會繼續這樣做。

That lean organization is reflected in the financials that we put forward.

這種精實的組織反映在我們提出的財務數據中。

The one thing I will highlight is, and you asked about work that's ongoing.

我要強調的一件事是，您詢問了正在進行的工作。

A number of the support functions to that tower organization or resident inside of UScellular, the wireless operating company, they're resident inside of TDS, our parent company, and so continuing to be able to work towards being able to stand that tower company up independently is going to be a lot of work for us in the coming quarters.

該塔組織的許多支援職能或駐留在 UScellular（無線營運公司）內部，他們駐留在我們的母公司 TDS 內部，因此能夠繼續努力支援該塔公司的發展在接下來的幾個季度中，獨立工作對我們來說將是大量工作。

But I don't see that work adding incremental expense.

但我不認為這項工作會增加增量費用。

It's more, let's call it, isolating it, right?

更重要的是，我們可以稱之為隔離，對吧？

So it's isolating it to the tower company as opposed to adding it incrementally to the tower company.

因此，它將其隔離到鐵塔公司，而不是逐步將其添加到鐵塔公司。

And so that isolation, that clarification of -- for example, if you are doing civil engineering work on the towers, that civil engineering work currently may be being done inside of our wireless business that would be being done to support the tower business moving forward.

因此，這種隔離和澄清——例如，如果您正在塔上進行土木工程工作，那麼土木工程工作目前可能是在我們的無線業務內部完成的，這些工作將是為了支持塔業務的發展而進行的。

It's not going to add incremental expense, it's simply clarifying that expense in our financial statements.

它不會增加增量費用，它只是在我們的財務報表中澄清該費用。

And when I say clarifying, I don't see that being a big change to what we report, but it's more the operational nuts and bolts of moving that work from wireless co to tower co, if that answers your question.

當我說澄清時，我不認為這對我們報告的內容有很大的改變，但更多的是將該工作從無線公司轉移到塔公司的操作細節，如果這回答了你的問題的話。

And that does conclude the question-and-answer session.

問答環節到此結束。

I would like to turn the floor back over to Colleen Thompson for closing remarks.

我想請科琳·湯普森（Colleen Thompson）發表結束語。

Okay.

好的。

Thanks, everyone, for your time today.

謝謝大家今天抽出時間。

Please reach out to Investor Relations with any additional questions, and have a good weekend.

如有任何其他問題，請聯絡投資者關係部，祝週末愉快。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。