美國無線通訊 (USM) 2024 Q4 法說會逐字稿

Hello and thank you for standing by.

您好，感謝您的支持。

My name is Regina, and I will be your conference operator today.

我的名字是 Regina，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the TDS and UScellular fourth quarter 2024 operating results conference call.

現在，我歡迎大家參加TDS和UScellular 2024年第四季營運業績電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Colleen Thompson, Vice President of Corporate Relations.

現在，我想將會議交給企業關係副總裁科琳湯普森 (Colleen 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 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.

我們想讓大家了解我們為今天早上的評論準備的演示文稿，您可以在 TDS 和 UScellular 網站的投資者關係部分找到它。

With me today in offering prepared comments are from TDS, Vicki Villacrez, Executive Vice President and Chief Financial Officer; Walter Carlson, President and Chief Executive Officer.

今天與我一起發表準備好的評論的還有 TDS 的執行副總裁兼財務長 Vicki Villacrez；總裁兼執行長沃爾特·卡爾森 (Walter Carlson)。

From UScellular, LT Therivel, President and Chief Executive Officer; Doug Chambers, Executive Vice President, Chief Financial Officer and Treasurer.

來自 UScellular，LT Therivel 總裁兼執行長；道格‧錢伯斯 (Doug Chambers)，執行副總裁、財務長兼財務長。

And from TDS Telecom, Kris Bothfeld, Vice President of Finance and Chief Financial Officer.

來自TDS Telecom 的財務副總裁兼財務長 Kris Bothfeld。

This call is being simultaneously webcast on the TDS and UScellular investor relations websites.

本次電話會議將在TDS和UScellular投資者關係網站上同步進行網路直播。

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

請參閱網站查看本次電話會議中提到的投影片，包括非公認會計準則對帳表。

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

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

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.

如投影片 2 所示，簡報中提出並在本次電話會議中討論的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性並受風險和不確定性的影響。

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美國證券交易委員會 (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。

Okay.

好的。

Thank you, Colleen, and hello, everyone.

謝謝你，科琳，大家好。

This morning, we'll take a quick look back at last year and also share with you our 2025 priorities and goals. 2024 was a significant year for the organization, and I'm very pleased with our accomplishments.

今天上午，我們將簡要回顧去年，並與大家分享我們的 2025 年優先事項和目標。 2024 年對組織來說是重要的一年，我對我們的成就感到非常高興。

First, to position the company for long term success, we look to optimize our portfolio to focus on where we can grow and win.

首先，為了使公司獲得長期成功，我們希望優化我們的投資組合，專注於我們能夠成長和獲勝的領域。

As evidenced by multiple announcements related to the strategic review of alternatives at UScellular, along with the sale of OneNeck IT solutions and several small copper eyelet and cable companies at TDS Telecom.

正如 UScellular 有關替代方案策略評估的多個公告以及 TDS Telecom 出售 OneNeck IT 解決方案和幾家小型銅孔和電纜公司所證明的那樣。

As you will hear today, both of our businesses made significant investments in 2024 to improve their competitive positions and enhance the customer experience with the 5G mid-band deployment at UScellular and the fiber program at TDS Telecom, where we have increased our footprint nearly 30% over the past three years.

正如大家今天所聽到的，我們兩家公司都在 2024 年進行了大量投資，以提高其競爭地位，並透過 UScellular 的 5G 中頻部署和 TDS Telecom 的光纖計劃增強客戶體驗，在過去三年中，我們的業務範圍擴大了近 30%。

These investments were made with financial discipline as capital expenditures were down 24% for the full year on a consolidated level, contributing to an increase in free cash flow in 2024.

這些投資是在財務紀律下進行的，因為全年資本支出在綜合水準上下降了 24%，有助於增加 2024 年的自由現金流。

Also in 2024, both businesses maintained their rigorous cost reduction programs, resulting in expanded margins and adjusted EBITDA being up 7% for the full year on a consolidated basis.

此外，在 2024 年，兩家公司均保持了嚴格的成本削減計劃，從而擴大了利潤率，全年調整後的 EBITDA 在合併基礎上增長了 7%。

We further strengthened our balance sheet at UScellular, which paid down over $200 million in debt.

我們進一步加強了 UScellular 的資產負債表，該公司償還了超過 2 億美元的債務。

We were also free cash flow positive and consistently drove year-over-year improvements in our bank leverage ratios, operating below 3 times in the second half of the year at both companies.

我們的自由現金流也為正，並持續推動銀行槓桿率的逐年改善，兩家公司的下半年槓桿率均低於 3 倍。

We ended the year unlocking significant value for our shareholders, and I'm pleased with the progress we've made to position us for the future.

我們在年底為股東釋放了巨大的價值，我為我們在未來的發展中所取得的進展感到高興。

I now want to introduce Walter Carlson, TDS Board Chair, who was recently named TDS President and CEO.

現在，我要介紹 TDS 董事會主席沃爾特·卡爾森 (Walter Carlson)，他最近被任命為 TDS 總裁兼執行長。

Walter, it's a pleasure to have you join us this morning.

沃爾特，很高興您今天早上能加入我們。

Thank you, Vicky, and good morning.

謝謝你，Vicky，早安。

I'm pleased to be with you today.

我很高興今天能和你們在一起。

I joined the TDS management team earlier this month, and I am honored to succeeded in this role.

我本月初加入了TDS管理團隊，很榮幸能夠接任這個職位。

I thought it was important to be on this call to share with you our priorities for 2025.

我認為在這次電話會議上與大家分享我們 2025 年的優先事項非常重要。

We have important priorities this year, as you can see on slide 4.

正如您在幻燈片 4 中看到的，今年我們有一些重要的優先事項。

Accomplishing these objectives is critical, and our entire team is focused on them to position the enterprise for a very bright future.

實現這些目標至關重要，我們整個團隊都致力於實現這些目標，為企業創造一個非常光明的未來。

Our first priority is to close the T-Mobile transaction.

我們的首要任務是完成 T-Mobile 交易。

You will hear much more from LT on this, but closing this transaction is the first step in the company's transformation.

您將會從 LT 那裡聽到更多有關此事的消息，但完成這筆交易是公司轉型的第一步。

And following the closing of the T-Mobile transaction, we will focus on closing the other announced spectrum transactions.

在 T-Mobile 交易結束後，我們將專注於完成其他已宣布的頻譜交易。

Our second priority is to make sure the assets remaining at UScellular are highly successful.

我們的第二個任務是確保 UScellular 剩餘的資產取得巨大成功。

Foremost among these are UScellular's owned towers, and we expect to take steps to further strengthen and solidify that business.

其中最重要的是 UScellular 自己的塔台，我們希望採取措施進一步加強和鞏固這項業務。

Third, we intend for our telecom business to remain focused on its fiber strategy.

第三，我們希望我們的電信業務繼續專注於光纖策略。

As you will hear from Kris, we have increased our projected capital spend at telecom to pursue highly desirable fiber opportunities.

正如您將從克里斯那裡聽到的那樣，我們增加了電信方面的預期資本支出，以尋求非常理想的光纖機會。

Our fourth priority is to wisely use the proceeds from the T-Mobile and other transactions to optimize the company's capital structure and to free up capital while striking the right balance between reinvestment in core businesses and shareholder returns.

我們的第四個優先事項是明智地利用 T-Mobile 和其他交易的收益來優化公司的資本結構並釋放資本，同時在核心業務再投資和股東回報之間取得適當的平衡。

And finally, last but far from least, we will prioritize the culture of TDS.

最後，同樣重要的一點是，我們將優先考慮 TDS 文化。

TDS is dedicated to serving its customers, associates, communities, and shareholders.

TDS 致力於為客戶、員工、社區和股東提供服務。

We will continue to do so in 2025 and going forward.

2025年及以後，我們將繼續這樣做。

We are focused on optimizing the right assets, the right talent, and the right capital structure to best position the enterprise going forward.

我們專注於優化合適的資產、合適的人才和合適的資本結構，以使企業在未來獲得最佳發展定位。

Now, it's time to hear from our business units.

現在，是時候聽取我們業務部門的意見了。

Thank you, Walter.

謝謝你，沃特。

Good morning, everyone.

大家早安。

As I reflect on 2024, it was certainly a momentous year at UScellular.

回顧 2024 年，這無疑是 UScellular 具有里程碑意義的一年。

We were able to improve subscriber results and drive strong financials while we also executed a strategic review of the business.

我們能夠改善用戶結果並實現強勁的財務狀況，同時我們也對業務進行了策略審查。

We established a series of transactions that unlocks significant value for our stakeholders and puts the business that remains in a strong position moving forward.

我們進行了一系列交易，為我們的利害關係人釋放了巨大的價值，並使業務在未來保持強勁地位。

The agreement to sell the wireless business to T-Mobile that we entered into in the second quarter combined with the various spectrum transactions that we announced in the fourth quarter should deliver substantial proceeds.

我們在第二季達成的將無線業務出售給 T-Mobile 的協議，加上我們在第四季度宣布的各種頻譜交易，應該會帶來可觀的收益。

And as we mentioned when we announced the deal, we anticipate being in a position to return capital to shareholders.

正如我們在宣布交易時提到的那樣，我們預計將能夠向股東返還資本。

Naturally, any decisions around that will be made by the Board of Directors in due course.

當然，董事會將在適當的時候做出相關決定。

The spectrum transactions reflect sales prices that are in excess of both the praised value and book value of their respective licenses.

頻譜交易反映的銷售價格超過了各自許可證的估價和帳面價值。

That further demonstrates the licenses and the bandwidth they provide of significant value to other carriers, which in turn, will allow those carriers to provide an improved experience to their customers.

這進一步表明他們提供的許可證和頻寬對其他運營商具有重要價值，這反過來將使這些運營商能夠為其客戶提供更好的體驗。

With regard to the T-Mobile transaction and our two large spectrum transactions, all three are progressing as expected.

關於 T-Mobile 交易和我們的兩個大型頻譜交易，三項交易均按預期進展。

We're having ongoing interactions with the regulators to respond to their requests and importantly, we still believe we're on track for a mid-2025 close for the T-Mobile transaction.

我們正在與監管機構持續溝通，以回應他們的要求，更重要的是，我們仍然相信 T-Mobile 交易預計將在 2025 年中期完成。

And this is important because the spectrum deals that we announced in the fourth quarter are contingent upon the close of that transaction, as well as a number of other factors.

這很重要，因為我們在第四季度宣布的頻譜交易取決於該交易的完成，以及許多其他因素。

As a quick reminder, I want to touch on what the remaining business at UScellular will look like after the close of the announced transactions.

簡單提醒一下，我想談談在宣布的交易結束後 UScellular 剩餘的業務將會是什麼樣子。

And let's start with the tower business.

讓我們從塔業務開始。

Today we have about 4,400 owned towers with 2,444 co-locators.

如今，我們擁有約 4,400 座自有訊號塔和 2,444 個共置設施。

And with the new MLA that we put in place with T-Mobile, we'll be adding at least another 2,015 incremental co-locations on our towers that further strengthens that business.

透過與 T-Mobile 達成的新 MLA，我們將在我們的塔上增加至少另外 2,015 個增量共置，以進一步加強該業務。

We remain bullish on the long-term outlook for our tower business as the long-term capacity needs of the industry will likely require further densification and drive demand for towers.

我們仍然看好塔業務的長期前景，因為該行業的長期容量需求可能會要求進一步密集化並推動對塔的需求。

One other thing to keep in mind is we will likely not have a clear line of sight on which additional towers T-Mobile will choose to locate on until up to 30 months after the transaction closes.

還有一件需要注意的事情是，在交易結束後的 30 個月內，我們很可能無法清楚知道 T-Mobile 將選擇在哪些額外的信號塔上建造基地台。

Therefore, it'll take some time before we know exactly how many towers we have with no co-locators, and what we choose to do with these naked towers, retain them, decommission them, sell them, or transfer them to third parties.

因此，我們還需要一段時間才能確切知道我們有多少座沒有共置器的塔，以及我們選擇如何處理這些裸塔，保留它們，退役它們，出售它們，還是轉讓給第三方。

Now, also remaining will be our equity method investment interests in various partnerships, and those produce attractive cash flows.

現在，我們也保留了對各種合作企業的權益法投資權益，這些權益產生了可觀的現金流。

For context, there were $169 million of cash distributions from our unconsolidated entities in 2024.

舉例來說，2024 年我們的非合併實體的現金分配為 1.69 億美元。

And lastly, we'll have our remaining spectrum portfolio, and that represents about 30% of our existing spectrum portfolio today, of which the vast majority is C-Band spectrum.

最後，我們將擁有剩餘的頻譜組合，這約占我們目前現有頻譜組合的 30％，其中絕大多數是 C 波段頻譜。

We believe the attributes of these C-Band licenses are attractive.

我們相信這些 C 波段許可證的屬性具有吸引力。

C-Band is beachfront, mid-band spectrum for 5G, and there's an existing infrastructure ecosystem, so carriers are easily able to put that spectrum to use.

C 波段是 5G 的海濱中頻段頻譜，並且已有現有的基礎設施生態系統，因此營運商可以輕鬆使用該頻譜。

And although there are build out requirements associated with this band, the first one doesn't apply to these licenses until 2029, so there's plenty of time for us to opportunistically monetize the spectrum.

儘管該頻段有一些建設要求，但第一個要求直到 2029 年才適用於這些許可證，因此我們有足夠的時間來抓住機會將頻譜貨幣化。

Turning to our 2024 results, given the industry environment, UScellular had a very solid year of financial and operating results.

展望我們的 2024 年業績，考慮到產業環境，UScellular 今年的財務和營運業績非常穩健。

We executed on our plan to improve our subscriber trajectory and advance our mid-band deployment while remaining financially disciplined.

我們執行了計劃，在保持財務紀律的同時，改善了用戶發展軌跡，並推進了中頻段部署。

We delivered on the guidance that we set at the beginning of the year, and we made meaningful year-over-year progress in retail subscriber results.

我們兌現了年初制定的預期，零售用戶業績年比取得了顯著進步。

That includes nice growth and fixed wireless, which as you may have seen earlier this week, surpassed 150,000 customers.

其中包括良好的成長和固定無線連接，正如您可能在本週早些時候看到的那樣，其客戶數量已超過 150,000 名。

I'm especially pleased with the improvements in the year-over-year postpaid handset results in the second half of 2024.

我對 2024 年下半年後付費手機業績同比改善感到特別高興。

Doug's going to touch on that in a few minutes.

道格將在幾分鐘內談論這一點。

However, despite those improvements, net retail subscriber ads were still negative, and the challenges of the competitive environment coupled with the size and lack of scale of our business still remain.

然而，儘管取得了這些進步，淨零售用戶廣告仍然為負數，競爭環境的挑戰以及我們業務的規模和缺乏規模的挑戰仍然存在。

That's why we feel the transaction with T-Mobile is the best path forward for our customers and for the business overall.

這就是為什麼我們認為與 T-Mobile 的交易對我們的客戶和整個業務來說都是最好的前進道路。

For the full year, all cash expense categories were down, and that's despite increased data usage by customers, which rose 37% year over year.

全年來看，所有現金支出類別均有所下降，儘管客戶的數據使用量較去年同期增加了 37%。

As of yearend, we've rolled out mid-band to sites which cover close to 50% of our data traffic.

截至年底，我們已向覆蓋近 50％ 數據流量的站點推出了中頻段。

Now, looking forward to 2025, our operational priorities are not changing.

現在，展望 2025 年，我們的營運重點不會改變。

We'll continue to invest in our customers both through retention activities, that includes the continuation of us days and acquisition strategies.

我們將繼續透過保留活動（包括延續我們的業務）和收購策略對我們的客戶進行投資。

As a reminder, us days are periods where highly attractive promotional offers are made available to our existing customers.

提醒一下，我們的日子是向現有客戶提供極具吸引力的促銷優惠的時期。

We will also continue to invest in our built for us brand that focuses on a subject that matters to customers' healthy and responsible use of technology.

我們也將繼續投資於我們為自己建立的品牌，重點關注與客戶健康和負責任地使用科技相關的主題。

And finally, we'll continue rolling out mid-band spectrum across our footprint, expanding capacity and speed, and enhancing our customers' overall 5G experience, and that rollout's working.

最後，我們將繼續在我們的覆蓋範圍內推出中頻段頻譜，擴大容量和速度，並增強客戶的整體 5G 體驗，而這項推出正在發揮作用。

Last month, UScellular ranked first in the North Central region, according to JD Power 2025 US Wireless Network Quality Performance Study.

上個月，根據 JD Power 2025 年美國無線網路品質效能研究，UScellular 在中北地區排名第一。

Financially, during 2024, we increased both profitability and free cash flow.

從財務角度來看，2024 年我們的獲利能力和自由現金流均有所提升。

We strengthened our balance sheet by paying down over $200 million in debt.

我們償還了超過2億美元的債務，增強了我們的資產負債表。

This is an excellent result given the significant strategic actions that were affected throughout the year.

考慮到全年所採取的重大策略行動，這是一個非常好的結果。

Our focus this year will be to diligently work to close those pending transactions while remaining laser focused on operating and investing in our business, our customers, and our associates.

我們今年的重點是努力完成那些未決交易，同時繼續專注於營運和投資我們的業務、我們的客戶和我們的員工。

Speaking of associates, I want to provide a huge thank you to our team for their unrelenting focus on our customers and our business.

說到同事，我要向我們的團隊表達衷心的感謝，感謝他們對我們的客戶和業務的不懈關注。

Now, let me turn it over to Doug to talk through the results in a little bit more detail.

現在，讓我將話題交給 Doug，讓他更詳細地討論結果。

Thanks, LT.

謝謝，LT。

Good morning.

早安.

Turning to postpaid subscriber results in slide 9, we ended 2024 on a high note.

查看投影片 9 的後付費用戶結果，我們以高調結束了 2024 年。

Postpaid handset gross additions increased year over year by 16%, and postpaid handset churn decreased 14 basis points, primarily driven by a decrease in voluntary churn.

後付費手機總增量年增 16%，後付費手機流失率下降 14 個基點，主要因為自願流失率下降。

Although postpaid handset net ads are still negative, we believe the efforts that we are making in caring for our customers, investing in our network, and offering compelling promotions to both new and existing customers are all helping to drive improvements in postpaid handset results.

儘管後付費手機網路廣告仍然表現不佳，但我們相信，我們為關心客戶、投資網路以及向新舊客戶提供引人注目的促銷活動所做的努力都有助於推動後付費手機業績的改善。

Moving to consolidated financial results starting on slide 12.

從第 12 頁開始前往合併財務結果。

For the fourth quarter, service revenues declined 2%, primarily driven by declines in the average retail subscriber base.

第四季度，服務收入下降 2%，主要原因是平均零售用戶群的下降。

Loss on equipment for equipment sales plus cost of equipment sold, increased $13 million in the fourth quarter, primarily driven by increased promotional expenses as we maintained attractive acquisition and retention offers throughout the fourth quarter of 2024, which drove favorable year-over-year retail subscriber results.

第四季度設備銷售的設備損失加上銷售設備成本增加了 1300 萬美元，這主要是由於促銷費用增加，因為我們在整個 2024 年第四季度都保持了有吸引力的收購和保留優惠，這推動了零售用戶業績同比良好。

As a result, adjusted operating income before depreciation and amortization declined 14%, and adjusted EBITDA, which incorporates the earnings from our equity method investments along with interest and dividend income, declined 11%.

結果，折舊和攤銷前的調整後營業收入下降了 14%，調整後的 EBITDA（包括我們的權益法投資收益以及利息和股息收入）下降了 11%。

For the full year, despite a 2% decline in service revenues driven by decreases in average retail subscribers, adjusted OIBDA and adjusted EIA both increased 3% or $27 million and $32 million respectively.

全年來看，儘管由於平均零售用戶數量下降導致服務收入下降 2%，但調整後的 OIBDA 和調整後的 EIA 均增長了 3%，分別增長了 2700 萬美元和 3200 萬美元。

This profitability improvement resulted from the impact of our shutdown of the CDMA network in the first quarter of 2024 and the favorable impacts of our cost optimization initiatives.

獲利能力的提高源於我們在 2024 年第一季關閉 CDMA 網路的影響以及我們的成本優化措施的有利影響。

As it relates to capital expenditures and 5G deployment, we largely completed our 5G coverage build in 2022.

就資本支出和 5G 部署而言，我們在 2022 年基本上完成了 5G 覆蓋建設。

And in 2023 and 2024, dedicated a substantial majority of our 5G related capital expenditures to the deployment of our mid-band network to enhance speed and capacity.

2023 年和 2024 年，我們將把絕大部分 5G 相關資本支出用於部署中頻網絡，以提高速度和容量。

In 2025, we expect our 5G investments to continue to be dedicated to mid-band deployment, and we expect total capital expenditures to decline relative to 2024 levels as we progress further into our 5G deployment cycle.

到 2025 年，我們預計我們的 5G 投資將繼續用於中頻段部署，並且隨著我們進一步進入 5G 部署週期，我們預計總資本支出將相對於 2024 年的水準下降。

Free cash flow in 2024 was $280 million, an $88 million increase over 2023, primarily attributable to the profitability improvement, a decrease in capital expenditures, and an increase in distributions from our equity method investments.

2024 年的自由現金流為 2.8 億美元，比 2023 年增加 8,800 萬美元，主要歸因於獲利能力的提高、資本支出的減少以及權益法投資分配的增加。

As mentioned, the pending transaction related to the sale of our wireless operations and select spectrum to T-Mobile is subject to regulatory approvals and other closing conditions and therefore close of this transaction is not a certainty.

如上所述，與向 T-Mobile 出售我們的無線業務和部分頻譜有關的未決交易需獲得監管部門的批准和其他成交條件，因此該交易能否完成並不確定。

However, as LT mentioned, we still expect to obtain such regulatory approvals and meet such closing conditions in mid-2025 and complete the sale transaction with T-Mobile at that time.

不過，正如 LT 所提到的，我們仍預計將在 2025 年中期獲得此類監管部門的批准並滿足此類成交條件，並在那時完成與 T-Mobile 的銷售交易。

Accordingly, we are not issuing financial guidance for UScellular for 2025.

因此，我們不會為 UScellular 發布 2025 年的財務指導。

Slides 15 and 16 provide perspective on expected cash proceeds from the pending transactions and factors which may impact such proceeds.

投影片 15 和 16 提供了有關待決交易的預期現金收益以及可能影響此類收益的因素的觀點。

Of course, the stated transaction price is 4.4 billion, and $100 million of this purchase price is contingent upon UScellular achieving certain operating and financial targets prior to close.

當然，規定的交易價格為 44 億美元，其中 1 億美元的購買價格取決於 UScellular 在交易完成前實現某些營運和財務目標。

Also, $400 million of the purchase price is related to spectrum owned by two of our partners whose interest we have agreed to purchase.

此外，其中 4 億美元的購買價格與我們兩家合作夥伴所擁有的頻譜有關，我們已同意購買他們的權益。

Transfers of these interests are pending regulatory approval, and the transfers of the underlying licenses to T-Mobile are contingent upon the receipt of such regulatory approval.

這些權益的轉讓有待獲得監管部門的批准，而向 T-Mobile 轉讓相關許可證也取決於獲得此類監管部門的批准。

Upon transaction closed, T-Mobile will conduct a debt exchange offer pursuant to which holders of UScellular unsecured senior notes with a total principal balance of $2.044 billion at December 31, 2024 will be offered to exchange their UScellular debt for T-Mobile debt.

交易完成後，T-Mobile 將進行債務交換要約，根據該要約，截至 2024 年 12 月 31 日，UScellular 無擔保優先票據持有人的總本金餘額為 20.44 億美元，將被要求將其 UScellular 債務交換為 T-Mobile 債務。

The amount of debt the respective holders elect to exchange will correspondingly reduce transaction proceeds.

各自持有人選擇交換的債務金額將相應減少交易收益。

In addition, UScellular is expected to repay its term loans, export credit financing agreement, receivable securitization agreement, and revolving line of credit.

此外，UScellular預計將償還其定期貸款、出口信貸融資協議、應收帳款證券化協議和循環信貸額度。

At December 31, 2024, the cumulative principal amount of this debt that requires repayment upon close was $875 million.

截至 2024 年 12 月 31 日，該債務在結清時需償還的累計本金為 8.75 億美元。

As it relates to employee liabilities, UScellular expects the following cash obligations.

由於涉及員工負債，UScellular 預計有以下現金義務。

First, T-Mobile has agreed to make offers to a significant number of UScellular employees upon close.

首先，T-Mobile 同意在交易完成後向大量 UScellular 員工提供報價。

For these employees that are ultimately hired by T-Mobile, upon close, UScellular is obligated to pay these employees accrued wages, bonuses, and other benefits that were earned prior to the close date.

對於最終被 T-Mobile 聘用的員工，在交易完成後，UScellular 有義務向這些員工支付在交易完成日期之前應得的工資、獎金和其他福利。

Second, UScellular expects to have severance obligations for employees that are neither employed by T-Mobile nor retained by the remaining UScellular business.

其次，UScellular 預計將對既未受僱於 T-Mobile 也未受僱於 UScellular 剩餘業務的員工承擔遣散義務。

These obligations are expected to include cash obligations of severance, accrued bonus, and other benefits, and may include cash obligations to settle the accelerated vesting of certain stock-based awards.

這些義務預計包括遣散費、應計獎金和其他福利的現金義務，並可能包括解決某些股票獎勵加速歸屬的現金義務。

UScellular also expects to incur cash income tax obligations related to the gain on sale in the T-Mobile transaction in the range of $225 million to $325 million.

UScellular 也預計將承擔與 T-Mobile 交易銷售收益相關的現金所得稅義務，金額介於 2.25 億美元至 3.25 億美元之間。

The spectrum transactions with Verizon and AT&T are contingent upon the close of the sale of the wireless business and select spectrum to T-Mobile, regulatory approval, and other closing conditions.

與 Verizon 和 AT&T 的頻譜交易取決於無線業務和選定頻譜向 T-Mobile 的出售、監管部門的批准和其他成交條件。

The spectrum transaction with AT&T has a similar contingency related to one of UScellular's designated entities with $232 million of the spectrum in this deal subject to UScellular's purchase of its partners' ownership interests, which as noted previously, is pending regulatory approval.

與 AT&T 的頻譜交易具有類似的偶然性，與 UScellular 指定的一家實體有關，在此次交易中，該實體將獲得價值 2.32 億美元的頻譜，但前提是 UScellular 必須購買其合作夥伴的所有權權益，如前所述，這有待監管部門批准。

Further, UScellular expects to incur cash income tax obligations related to the gain on sale of spectrum in these transactions with Verizon and AT&T in the range of $325 million to $375 million.

此外，UScellular 預計在與 Verizon 和 AT&T 的交易中，將產生與頻譜出售收益相關的現金所得稅，金額在 3.25 億美元至 3.75 億美元之間。

Lastly, UScellular expects to incur additional legal advisory and investment banking fees in 2025 and 2026 at and through the respective close dates of the T-Mobile and Spectrum transactions.

最後，UScellular 預計將在 2025 年和 2026 年 T-Mobile 和 Spectrum 交易各自的結束日及之前產生額外的法律諮詢和投資銀行費用。

In addition, as discussed by LT, in periods after the close of the T-Mobile transaction, UScellular expects to incur decommissioning costs related to certain naked towers.

此外，正如 LT 所討論的，在 T-Mobile 交易結束後的一段時間內，UScellular 預計將產生與某些裸塔相關的退役成本。

UScellular is still evaluating the targeted capital structure for the remaining UScellular business, which is also expected to impact cash available at UScellular after close of the respective transactions.

UScellular 仍在評估剩餘 UScellular 業務的目標資本結構，預計這也將影響 UScellular 在相應交易結束後的可用現金。

Again, this is a summary of the significant factors that are expected to impact net proceeds from the pending transactions, along with various dependencies and contingencies.

再次，這是預計會影響未決交易淨收益的重要因素以及各種依賴關係和意外事件的總結。

I will now turn the call over to Kris Bothfeld.

現在我將電話轉給克里斯·博思菲爾德。

Thank you, Doug.

謝謝你，道格。

Good morning, everyone.

大家早安。

I'm happy to be here today to share TDS Telecom's 2024 accomplishments shown on slide 19.

我很高興今天能在這裡分享第 19 張投影片中所展示的 TDS Telecom 在 2024 年所取得的成就。

Over the past year, we've made significant progress, executing on a number of initiatives that support our long-term vision and goals.

在過去的一年裡，我們取得了重大進展，實施了一系列支持我們長期願景和目標的措施。

We've advanced our fiber strategy, growing the number of fiber service addresses by 129,000 in 2024, surpassing our goal of 125,000.

我們推進了光纖策略，到 2024 年光纖服務地址數量將增加 129,000 個，超越 125,000 個的目標。

We now have more than 50% of our addresses served by fiber, and we plan to significantly increase that number as you'll see in a few slides.

現在，我們的地址中有超過 50% 已覆蓋光纖，而且我們計劃大幅增加這一數字，正如您在幾張幻燈片中看到的那樣。

Our fiber strategy is working.

我們的光纖策略正在發揮作用。

In 2024, we increased residential revenues by 6% as we saw growth in both broadband connections and average revenue per connection.

2024 年，隨著寬頻連線數和每連線平均收入的雙雙成長，我們的住宅收入將增加 6%。

The growth in broadband connections was driven by investments in our fiber markets.

寬頻連線的成長是由我們對光纖市場的投資所推動的。

This top line growth coupled with continued cost management drove a 23% increase in adjusted EBITDA year over year.

營收成長加上持續的成本管理推動調整後 EBITDA 年成長 23%。

And lastly, we spent 2024 planning and engineering for enhanced E-ACAM, which is a multi-year program with construction starting in 2025.

最後，我們花了 2024 年的時間規劃和設計增強型 E-ACAM，這是一項多年期計劃，將於 2025 年開始建造。

This will bring faster broadband speeds to our customers and further reduce our reliance on copper technology.

這將為我們的客戶帶來更快的寬頻速度，並進一步減少我們對銅技術的依賴。

Turning to slide 20.

翻到第 20 張投影片。

Throughout 2024, as we delivered new fiber service addresses, the teams were focused on ramping up sales and marketing to drive increased penetration to those newly launched addresses.

在整個 2024 年，當我們提供新的光纖服務地址時，團隊專注於提高銷售和行銷，以推動這些新推出的地址的滲透率。

We made progress in increasing the number of door-to-door sales reps, which has helped improve net ads.

我們在增加上門推銷員的數量方面取得了進展，這有助於提高淨廣告的效果。

Our fourth quarter was the strongest quarter of the year, adding 7,900 residential broadband net ads.

我們的第四季是今年表現最強勁的一個季度，增加了 7,900 個住宅寬頻網路廣告。

On slide 21, you can see we grew total service addresses 6% year over year.

在投影片 21 上，您可以看到我們的服務地址總數年增了 6%。

Shown on the right side of the slide, we are seeing increased take rates for higher broadband speeds, with 81% of residential broadband customers taking 100 meg or higher, and 22% taking 1GB or higher at the end of the quarter.

如投影片右側所示，我們看到更高寬頻速度的採用率正在增加，截至本季末，81％的住宅寬頻客戶採用 100MB 或更高速度，22％的住宅寬頻客戶採用 1GB 或更高速度。

When looking at new customers that we added in the quarter, 52% took speeds of 1GB or higher.

當我們查看本季新增客戶時，52％的客戶採用了1GB或更高的網路速度。

Demand for faster speeds remains strong.

對於更快速度的需求依然強勁。

Our broadband investments are producing positive results.

我們的寬頻投資正在產生積極的成果。

As shown on slide 22, average residential revenue per connection was up 5% year over year, due primarily to price increases.

如投影片 22 所示，主要由於價格上漲，每連接平均住宅收入年增 5%。

Looking at the chart on the right, we grew residential revenues 6% year over year, with expansion markets generating $114 million compared to $75 million last year.

查看右側的圖表，我們的住宅收入年增 6％，擴張市場創造了 1.14 億美元的收入，而去年為 7,500 萬美元。

On slide 23, I'll touch on the financial highlights.

在第 23 張投影片上，我將介紹財務亮點。

Total operating revenues increased 1% in the fourth quarter and 3% for the full year, driven by price increases and growth in broadband connections, partially offset by declining commercial revenue and declines in residential video and voice connections, which have accelerated over the last year.

第四季總營業收入成長 1%，全年成長 3%，主要得益於價格上漲和寬頻連線的成長，但商業收入下降以及住宅視訊和語音連線下降（去年加速下降）部分抵消了這一成長。

Cash expenses increased 1% in the quarter while decreasing 4% for the full year.

本季現金支出增加了 1%，而全年則減少了 4%。

In the fourth quarter, we started to invest more in sales and marketing to improve broadband penetration rates as previously discussed.

如同先前所討論的，在第四季度，我們開始在銷售和行銷方面投入更多資金，以提高寬頻普及率。

As a result, adjusted EBITDA growth moderated in the fourth quarter compared to the full year.

因此，第四季度調整後的 EBITDA 成長與全年相比有所放緩。

We remain very focused on discipline cost management, which contributed to the full year adjusted EBITDA improvement of 23%.

我們仍然高度重視紀律成本管理，這有助於全年調整後的 EBITDA 提高 23%。

Full year capital expenditures of $324 million were down as planned as we focused on driving broadband penetration and paced our spending commensurate with our financial capacity.

由於我們專注於推動寬頻普及率，並根據我們的財務能力安排支出，全年資本支出為 3.24 億美元，按計劃下降。

Turning to slide 24, I'm very pleased to share with you our new long-term fiber goals.

翻到第 24 張投影片，我很高興與大家分享我們新的長期光纖目標。

We've updated our goals to reflect our ongoing fiber expansion and E-ACAM programs.

我們已經更新了我們的目標，以反映我們正在進行的光纖擴展和 E-ACAM 計劃。

As a reminder, with the E-ACAM program, we will receive approximately $90 million of annual regulatory revenue for 15 years in exchange for bringing higher speeds to some of the most rural geographies in our footprint.

提醒一下，透過 E-ACAM 計劃，我們將在 15 年內每年獲得約 9000 萬美元的監管收入，作為交換，為我們覆蓋範圍內的一些最偏遠的地區提供更高的速度。

Our latest engineering plans estimate bringing fiber to approximately 300,000 addresses, including those funded by the E-ACAM program and those passed along the road.

我們最新的工程計劃估計將把光纖覆蓋到大約 300,000 個地址，包括由 E-ACAM 計劃資助的地址和沿道路延伸的地址。

We are now targeting 1.8 million marketable fiber service addresses, a 50% increase from our previous target of 1.2 million.

我們現在的目標是180萬個可銷售的光纖服務地址，比之前的120萬個目標增加50％。

We ended the year at 928,000 fiber service addresses.

截至年底，我們的光纖服務地址總數已達 928,000 個。

We are also targeting 80% of total addresses to be served by fiber, up from our previous goal of 60%.

我們還計劃將光纖覆蓋範圍擴大到總地址的 80%，高於先前 60% 的目標。

We ended 2024 with 52% fiber.

到 2024 年，我們的光纖使用率將達到 52%。

And finally, we are expecting to offer speeds of 1GB or higher to at least 95% of our footprint.

最後，我們希望為至少 95% 的網路提供 1GB 或更高的速度。

Yes, that is 95% of our footprint, up from our previous goal of 80%.

是的，這是我們碳足跡的 95%，高於我們之前 80% 的目標。

We finished 2024 with 74% at GB speeds.

我們以 74% 的 GB 速度完成了 2024 年。

We will use a combination of fiber and coax technologies to achieve this goal.

我們將結合使用光纖和同軸電纜技術來實現這一目標。

On the right side of the slide, you can see the service address mix at year end and the projected service address mix once these goals are met.

在投影片的右側，您可以看到年底的服務地址組合以及達到這些目標後的預計服務地址組合。

We are planning to reduce the addresses served by copper in our footprint to just 5% over time.

我們計劃隨著時間的推移將我們覆蓋範圍內由銅線服務的地址減少到僅 5%。

On the next slide, you can see our 2025 priorities that support our vision of becoming a fiber centric company.

在下一張投影片中，您可以看到我們的 2025 年優先事項，這些優先事項支持我們成為以光纖為中心的公司的願景。

First is continuing our fiber program.

首先是繼續我們的光纖計劃。

As you can see, we are targeting to deliver 150,000 fiber service addresses in 2025.

正如您所看到的，我們的目標是在 2025 年提供 150,000 個光纖服務位址。

We expect to use our internal construction crews for approximately 1/3 of fiber service address delivery in 2025.

我們預計到 2025 年，約 1/3 的光纖服務地址將由內部施工團隊完成。

We estimate cost savings as high as 30% from using our internal crews versus external contractors, and there are also intangible benefits related to these associates being part of our culture and living and working in our communities.

我們估計，與外部承包商相比，使用內部團隊可以節省高達 30% 的成本，而這些員工成為我們文化的一部分並在我們的社區中生活和工作，還可以帶來無形的利益。

The teams will also be focused on sales execution.

這些團隊也將專注於銷售執行。

During 2025, we will invest heavily in sales and marketing programs to drive increased penetration in our fiber markets, including staffing up our door-to-door sales teams, both internally as well as augmenting with third party vendors.

2025 年，我們將大力投資銷售和行銷計劃，以推動我們在光纖市場的滲透率不斷提高，包括擴充我們的上門銷售團隊（包括內部銷售團隊和第三方供應商的團隊）。

We expect penetration to continue to grow as we sell into the markets we've previously launched.

我們預計，隨著我們向先前已經推出的市場銷售產品，滲透率將繼續增長。

Also supporting sales in the fourth quarter, we launched TDS Mobile, our MVNO product, in limited markets.

為了支持第四季度的銷售，我們還在有限的市場推出了我們的 MVNO 產品 TDS Mobile。

During 2025, we intend to fully launch TDS Mobile across our entire footprint.

2025 年，我們計劃在整個業務範圍內全面推出 TDS Mobile。

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

我們相信，將行動產品添加到我們的產品組合中可以補充我們的寬頻產品，並使我們能夠為客戶提供全套具競爭力的產品和服務。

And lastly, a top priority for 2025 is to execute on our transformation efforts.

最後，2025 年的首要任務是實施我們的轉型努力。

We've been transforming into a fiber company in a meaningful way for several years now.

幾年來，我們一直以有意義的方式轉型為纖維公司。

We're now also focused on streamlining our operations to enhance elements of our customer experience and further improve our margins and cost structure in the future.

我們現在也致力於精簡運營，以增強客戶體驗，並在未來進一步改善利潤率和成本結構。

On slide 26, we have provided guidance for 2025.

在第 26 張投影片上，我們提供了 2025 年的指導。

We are forecasting total telecom revenues of $1.03 billion to $1.07 billion.

我們預測電信總營收將達到 10.3 億美元至 10.7 億美元。

This reflects top line growth where we have made fiber investments, offset by industry-wide pressures in video, voice, and wholesale revenues, along with the full year impact from divestitures.

這反映了我們在光纖投資方面的營收成長，但卻被整個產業在視訊、語音和批發收入方面的壓力以及資產剝離對全年的影響所抵消。

Additionally, we expect average residential revenue per connection growth to moderate in 2025.

此外，我們預計 2025 年每連結平均住宅收入成長將會放緩。

Adjusted EBITDA is projected to be between $320 million and $360 million in 2025.

預計 2025 年調整後 EBITDA 將在 3.2 億美元至 3.6 億美元之間。

Our 2025 priorities, along with the recent divestitures will put pressure on adjusted EBITDA this year.

我們的 2025 年重點以及最近的資產剝離將給今年的調整後 EBITDA 帶來壓力。

We are investing in ramping up our sales and marketing efforts as well as fully staffing and scaling our internal construction teams.

我們正在投資加強我們的銷售和行銷能力以及充分配備人員和擴大我們的內部施工團隊。

Additionally, we are investing in transformation initiatives to drive future cost savings and efficiencies.

此外，我們正在投資轉型計劃，以推動未來的成本節約和效率提高。

In 2025, we plan to deliver 150,000 fiber service addresses, up from what we delivered in 2024, and we expect capital expenditures to be in the range of $375 million to $425 million, up from the $324 million in 2024.

2025 年，我們計劃提供 150,000 個光纖服務地址，高於 2024 年的水平，我們預計資本支出將在 3.75 億美元至 4.25 億美元之間，高於 2024 年的 3.24 億美元。

The increased spend is primarily related to E-ACAM, which will bring fiber deeper into our markets.

增加的支出主要與 E-ACAM 有關，它將使光纖更深入我們的市場。

One more note on 2025 guidance, the [ilike] and cable divestitures completed in 2024 affect year-over-year comparisons.

關於 2025 年指引還有一點需要注意，2024 年完成的 [ilike] 和電纜資產剝離將影響同比比較。

In aggregate, the companies that were divested contributed $16 million in annual revenues.

總體而言，被剝離的公司每年貢獻的收入為 1,600 萬美元。

Going forward, we will continue to look for opportunities to optimize our portfolio, especially in copper markets where there's not an economic path to fiber.

展望未來，我們將繼續尋找機會優化我們的投資組合，特別是在沒有經濟途徑實現光纖化的銅線市場。

Before turning over the call, I want to thank the entire TDS Telecom team.

在轉交電話之前，我要感謝整個 TDS Telecom 團隊。

Thanks to all your efforts, we ended the year strong with a lot of momentum.

感謝大家的努力，我們以強勁的勢頭結束了這一年。

We are excited about 2025 and the opportunities ahead.

我們對 2025 年和未來的機會充滿期待。

I'll now turn the call back to Walter for closing remarks.

現在我將電話轉回沃特，請他作最後發言。

As you just heard from the business units, we have an extraordinarily busy and exciting year ahead of us.

正如大家剛從業務部門聽到的消息，我們即將迎來異常忙碌和激動人心的一年。

I am proud to be part of this talented team.

我很自豪能夠成為這個才華橫溢的團隊的一員。

I do want to recognize and thank Ted for his 40 years of service to this organization as CEO.

我確實要認可並感謝泰德作為執行長 40 年來為該組織做出的貢獻。

And as many of you know, Ted will continue on with the enterprise as Vice Chair.

大家可能都知道，泰德將繼續擔任該企業的副主席。

Ted's contributions to the company over the past 51 years are remarkable, and I'm very pleased to be working side by side with him through this transformation of TDS.

泰德在過去 51 年為公司做出了卓越的貢獻，我很高興能夠與他並肩工作，共同完成 TDS 的轉型。

With that, I'll turn it back over to Colleen for Q&A.

說完這些，我將把話題交還給科琳 (Colleen) 進行問答。

Okay.

好的。

Regina, we are now ready for the first question.

里賈納，現在我們可以回答第一個問題了。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

Couple of quick ones for you, Walter.

沃特，給你幾個快速的問題。

Why was now the right time to take on the role and obviously, thanks for those top priorities, but what changes with you at the helm?

為什麼現在是擔任該職務的最佳時機？

So why now and what changes then I'll have one for UScellular and TDS.

那麼為什麼是現在以及會有哪些變化，然後我將為 UScellular 和 TDS 配備一個。

So why now?

那為什麼是現在呢？

I think that the TDS Board has been engaged in a succession planning review over a number of years.

我認為TDS董事會多年來一直在進行繼任計畫審查。

And as you've heard in this call, we are a truly transformative time with the sale of the wireless operations and spectrum to T-Mobile and to the other entities that are buying that spectrum, so this is a transformative time.

正如您在這次電話會議中所聽到的，隨著無線營運和頻譜出售給 T-Mobile 以及購買該頻譜的其他實體，我們正處於一個真正的變革時期，所以這是一個變革時期。

And I think the Board felt that with this transformation, now is the right time to make a change at the executive level.

我認為董事會認為，隨著這項轉變，現在正是在高階主管層面進行變革的最佳時機。

And as I mentioned, Ted's not going away, he's staying on as Vice Chair, and he will have important roles.

正如我所提到的，泰德不會離開，他會繼續擔任副主席，並將發揮重要作用。

So, to the second part of the question what changes, I think that there will be great continuity, Ric, in terms of the mission and the businesses that we will own post these transactions.

所以，對於問題的第二部分，會發生什麼變化，里克，我認為，就這些交易後我們的使命和業務而言，將會有很大的連續性。

So, we own two what I believe to be very outstanding businesses, the fiber business and the tower business, and I don't view that so much as a change, but as a course correction as we exit the wireless operations.

因此，我們擁有兩項我認為非常出色的業務，即光纖業務和塔業務，我並不認為這是一種變化，而只是我們退出無線運營時的路線調整。

Speaking of towers, LT and Doug, I've pushed for a long time to tower reporting, so we appreciate that.

說到塔台，LT 和 Doug，我已經推動塔台報告很長時間了，所以我們對此表示感謝。

And also, thanks for that slide detailing the cash costs around the transactions.

另外，感謝您提供這張投影片，詳細介紹了交易的現金成本。

That's very helpful.

這非常有幫助。

But on the tower side, there's a next step that we look at since we've covered the tower space since January of '99.

但在塔方面，我們正在考慮下一步，因為我們從1999年1月就開始覆蓋塔領域了。

Straight-line adjustment, amortization of prepaid rent, and moving possibly to a re-style AFFO reporting.

直線調整、預付租金攤提以及可能重新設計 AFFO 報告。

Is that something still on the path as you guys move through this transformative time?

當你們經歷這個變革時期時，這件事還在路上嗎？

It is in our plans.

這在我們的計劃中。

It's something that post close the T-Mobile transaction.

這是 T-Mobile 交易結束後的事情。

We would plan to provide AFFO reporting, and it will become important and we'll have a significant straight line GAAP adjustments in revenue that we'll need to show those adjustments.

我們計劃提供 AFFO 報告，這將變得非常重要，我們將對收入進行重大的直線 GAAP 調整，我們需要顯示這些調整。

And it is our intention to move to AFFO reporting post T-Mobile close.

我們打算在 T-Mobile 關閉後轉向 AFFO 報告。

Let me just clarify as well.

讓我也澄清一下。

You asked about the REIT structure, right?

您問的是 REIT 結構，對嗎？

I mean, there's a variety of different hurdles that you have to cross in order to be able to structure your tower business as a REIT right now from a corporate governance, corporate organization, enterprise organization perspective.

我的意思是，從公司治理、公司組織、企業組織的角度來看，為了能夠將您的塔式業務建構成房地產投資信託基金 (REIT)，您必須跨越各種不同的障礙。

We're not in a place to structure ourselves as a REIT.

我們目前還未準備好將自己建構成房地產投資信託基金 (REIT)。

That doesn't mean I can't change in the future, but I just wonder when Doug said that isn't our plans, I want to make sure I clarify.

這並不意味著我將來不能改變，但我只是想知道，當道格說那不是我們的計劃時，我想確保我澄清一下。

Reporting AFFO is organizing ourselves as a REIT, is not right now on the road.

報導稱，AFFO 正在將自己組織為 REIT，目前還不在路上。

Makes sense because they have a roadmap.

這是有道理的，因為他們有路線圖。

And then on TDS Telecom side, obviously a significant increase in the service addresses target, 50% up $1.2 million to $1.8 million.

然後在TDS Telecom方面，服務地址目標顯然大幅增加，增加了50％，從120萬美元增加到180萬美元。

Give us a sense of what is the definition of longtime, long term?

請讓我們了解一下長期、長遠的定義是什麼？

How many years are we thinking about, what's the pacing of it, and why not $2 million or why not $2.5 million?

我們要考慮多少年，它的節奏是怎麼樣的，為什麼不是 200 萬美元或為什麼不是 250 萬美元？

Why is $1.8 million the right number?

為什麼 180 萬美元才是正確的數字？

We are extremely excited about these new goals.

我們對這些新目標感到非常興奮。

And really, what these goals represent is two big programs, big fiber build programs at Telecom.

實際上，這些目標代表著電信的兩個大項目，大型光纖建設項目。

One being E-ACAM, which we said is 300,000 addresses and reaching our most rural parts of our geographies.

其中一個是 E-ACAM，據說它有 30 萬個地址，覆蓋了我們最偏遠的地區。

The second is our ongoing fiber expansion program.

第二是我們正在進行的光纖擴展計劃。

So as you recall, we launched fiber services in nearly 100 communities prior to the end of 2023.

您還記得，我們​​在 2023 年底之前在近 100 個社區推出了光纖服務。

We're still building out those communities.

我們仍在建造這些社區。

So really what these goals represent is largely completing those two programs, our expansion programs and building out to those 100 communities, as well as the E-ACAM programs.

因此，這些目標實際上代表著基本上完成這兩個計劃、我們的擴展計劃和向這 100 個社區的擴展以及 E-ACAM 計劃。

And we're going to continue to pace our spending commensurate with our financial capacity and objectives.

我們將繼續根據我們的財務能力和目標調整支出。

So long term could be the end of the decade or what are we thinking the long-term path is?

那麼長期來看可能是十年的結束，或者我們認為長期路徑是什麼？

We -- this is doubling down on our commitment to the community builds we already have in progress and depending on the pacing of the bill on a per-market basis, some of those finish up in 2 years, some of those finish up in 3 years.

我們 — — 這是對我們已經在進行的社區建設的加倍承諾，並且根據每個市場賬單的進度，其中一些將在 2 年內完成，一些將在 3 年內完成。

Some of these finish up, have a longer build, the larger communities might have larger builds, so it is commensurate with our construction schedules.

其中一些已經完工，需要更長的建設時間，較大的社區可能會有更大的建設，因此這與我們的施工進度相稱。

And also, as we see progress going forward and are able to fund with our capacity, so I would say over the next 5 years is really a reasonable long term goal.

而且，隨著我們看到不斷取得的進展，並且有能力提供資金，所以我想說未來 5 年確實是一個合理的長期目標。

Sebastiano Petti, J.P. Morgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Just appreciate the color on the TDS EBITDA for the year will be a little bit burdened by some of the investments that you're making in the sales force to drive penetration as well as some of the difficult coms from some of the divestitures that you did announce.

只是要意識到，今年的 TDS EBITDA 的顏色會受到您為推動滲透而對銷售團隊進行的一些投資以及您宣布的一些資產剝離帶來的一些困難的影響。

But not asking for 2026 guidance and beyond, but should we anticipate that these are now more ongoing run rate costs within the system and trying to drive this increased penetration, or should we see perhaps a recovery for lack of a better term as we extrapolate forward beyond 2025?

但並不是要求 2026 年及以後的指導，而是我們是否應該預計這些現在是系統內更持續的運行率成本，並試圖推動這種滲透率的提高，或者我們是否應該看到也許由於缺乏更好的術語而出現復甦，因為我們推斷 2025 年以後的情況？

That's on the TDS side.

那是在 TDS 方面。

And then I guess on the USM side, just thinking about C-Band or just thinking about your wireless portfolio overall, as maybe for LT or Doug, as you're thinking about quote unquote opportunistically monetizing the remainder of your spectrum, predominantly C-Band, you do have some time before those build out requirements are needed.

然後我想在 USM 方面，只考慮 C 波段或只考慮您的整體無線產品組合，對於 LT 或 Doug 來說，當您考慮機會性地將剩餘頻譜（主要是 C 波段）貨幣化時，在滿足這些建設要求之前您確實有一些時間。

But in any way, are you thinking about the FCC potential changes to the spectrum cap coming out of the out of the FCC and maybe does that factor into your view of potential monetization of the C-Bank or the timing given that it maybe it opens up the bidding process to additional parties just any color you might think about that would be helpful.

但無論如何，您是否考慮過 FCC 對頻譜上限可能做出的改變，這是否會影響您對 C-Bank 潛在貨幣化的看法，或者考慮到它可能會向其他方開放競標過程的時機，您認為任何可能的變化都會有所幫助。

I'll take the first one regarding TDS Telecom guidance for 2025 and kind of outlook beyond that.

我將選擇第一個問題，關於 TDS Telecom 2025 年的指導以及之後的展望。

So first, I want to say that we're very pleased with our growth in 2024.

首先，我想說我們對 2024 年的成長非常滿意。

As you saw, it was 23% adjusted EBITDA growth year over year.

正如您所看到的，調整後的 EBITDA 同比增長了 23%。

This beat even our own internal expectations, and I do want to acknowledge that some of that growth in 2024 was due to spending that was deferred from '24 to '25, so that is affecting year-over-year comparisons.

這甚至超出了我們自己的內部預期，我確實要承認，2024 年的部分增長是由於支出從 24 年推遲到 25 年，因此這影響了同比比較。

Also, you heard me say that we're investing in a few key areas to support our 2025 priorities.

另外，您聽到我說過，我們正在投資幾個關鍵領域以支持我們的 2025 年優先事項。

One is sales and marketing to drive penetration.

一是依靠銷售和行銷來推動滲透。

Another is internal construction crews to drive more addresses at the same amount of capital, for lower capital costs.

另一種方法是內部施工隊用同樣的資金覆蓋更多的地址，以降低資金成本。

And lastly is the transformation efforts we're investing to drive future margin improvement and expansion as well as improve our customer experience.

最後，我們正在投資轉型努力，以推動未來利潤率的提高和擴張，並改善我們的客戶體驗。

So all of these put pressure on adjusted EBITDA in the near term, but they're all to drive future growth.

因此，所有這些都會在短期內給調整後的 EBITDA 帶來壓力，但它們都會推動未來的成長。

And so yes, we don't give guidance beyond 2025, but all the investments we're making are to drive future growth.

所以是的，我們不會給出 2025 年以後的預測，但我們所做的所有投資都是為了推動未來的成長。

I'll tackle question too.

我也會解答這個問題。

This is LT.

這是 LT。

So, I mean, certainly what you talked about with the spectrum cap could adjust the way potential acquires think about our spectrum.

所以，我的意思是，你談到的頻譜上限肯定會調整潛在收購者對我們的光譜的看法。

But there's an implication of your question that I want to make sure I clarify, which is, hey, did you wait to sell the spectrum in order to have that spectrum cap or adjustments to that spectrum cap come in place, and the answer is no.

但是，你的問題中有一個含義，我需要確保澄清，那就是，你是否等待出售頻譜以便獲得頻譜上限或對頻譜上限進行調整，答案是否定的。

And it doesn't necessarily change the way we're thinking about monetization of that spectrum.

但它並不一定會改變我們對頻譜貨幣化的看法。

When we reached out to start the spectrum sale process, we were in discussions with over 20 companies, and most of those companies have absolutely no problem at all with the spectrum cap.

當我們開始啟動頻譜銷售流程時，我們與 20 多家公司進行了討論，其中大多數公司對頻譜上限完全沒有問題。

We sold some of our spectrum to those companies that have no problems with the spectrum cap, and so that wasn't what drove our decision making, and it won't be what drives our decision making moving forward.

我們將部分頻譜出售給那些對頻譜上限沒有異議的公司，因此這不是我們決策的因素，也不會成為我們未來決策的因素。

What will drive it is do we get good value for our spectrum.

推動這一進程的因素是我們能否從光譜中獲得良好的價值。

What you saw was we -- the spectrum that we sold was sold for over book and over market.

您所看到的是，我們出售的頻譜價格高於預定價格，也高於市場價格。

We're pleased with how we did that.

我們對於自己的表現很滿意。

We think we're still sitting on a very valuable spectrum, and opportunistic does not mean waiting for the spectrum cap.

我們認為我們仍然擁有非常有價值的頻譜，機會主義並不意味著等待頻譜上限。

Opportunistic means waiting for what we believe to be a fair offer and a good opportunity to sell it.

機會主義意味著等待我們認為公平的報價和良好的銷售機會。

I will briefly talk about the spectrum cap, which is that I am encouraged by some of the conversations from Chairman [Carr] and from the rest of the FCC when it comes to how they are thinking about spectrum, how they're thinking about spectrum transactions, and how they're thinking about freeing up more spectrum for use by industry.

我將簡要談一談頻譜上限問題，主席卡爾和聯邦通信委員會其他成員在談到他們如何看待頻譜、如何看待頻譜交易以及如何考慮釋放更多頻譜供行業使用時所談論的問題令我感到鼓舞。

This is an FCC that appears to understand the importance of investment and investment in the private sector, putting money behind spectrum, putting money behind radios, and putting capital to work to connect people.

FCC 似乎了解投資和私部門投資的重要性，它把資金投入頻譜、投入無線電，並將資本用於連結人們。

And so, I'm encouraged by the moves.

所以，這些舉措令我感到鼓舞。

I certainly think they're the right things to do to encourage investment, but no, that's not driving our decision making when it comes to monetizing it.

我當然認為這些都是鼓勵投資的正確做法，但在將其貨幣化時，這並沒有推動我們的決策。

Sergey Dluzhevskiy, GAMCO Investors.

Sergey Dluzhevskiy，GAMCO 投資者。

My first question is for Walter, congratulations again on assuming the CEO position.

我的第一個問題是給沃爾特的，再次祝賀您擔任執行長職位。

You talked a little bit about the company's 2025 priorities.

您稍微談了一下公司 2025 年的重點任務。

Maybe if you could share your medium-term vision for the company, where do you see TDS companies in 3 to 5 years?

也許您可以分享一下您對公司的中期願景，您認為 TDS 公司在 3 到 5 年後會發展到什麼程度？

I did want to set out the 2025 priorities very clearly and spend my time in the prepared remarks on that.

我確實想非常清楚地闡述 2025 年的優先事項，並在準備好的發言中花時間討論這一點。

Those are, in my mind, the predicates to what I believe the 3-to-5-year and longer time horizon should be.

在我看來，這些就是我認為的 3 至 5 年以及更長範圍的前提。

If we make these steps in 2025, we will be positioned extremely well for longer term growth in both our towers and our fiber business.

如果我們在 2025 年採取這些舉措，我們將為我們的塔和光纖業務的長期成長做好準備。

And I think that TDS has a history of being opportunistic, looking to grow, looking to leverage its skills and talents of its individuals in its areas of concentration, and we will remain focused on the lighting our customers in the field of communications, and I think 3 to 5 years you'll see much more of that.

我認為，TDS 歷來都具有機會意識，尋求發展，尋求在其專注的領域充分利用其個人的技能和才華，我們將繼續專注於在通訊領域為我們的客戶提供照明，我認為 3 到 5 年後你會看到更多這樣的情況。

LT, if you could share your initial thoughts on the capital allocation priorities for (inaudible), I understand that it might be a little bit early for that, but just high-level thoughts and do you see potentially this is a dividend paying company giving the predictable cash flows from the power business and wireless partnerships.

LT，如果您可以分享您對（聽不清楚）資本配置優先事項的初步想法，我知道現在可能有點早，但只是高層的想法，您是否認為這有可能是一家支付股息的公司，可以從電力業務和無線合作夥伴關係中獲得可預測的現金流。

And also, how you guys are thinking about CapEx requirements and how aggressive potentially you could be on the new power bills once the spectrum transactions close?

另外，你們是如何考慮資本支出要求的，以及一旦頻譜交易結束，你們對新電費的動機可能有多大？

I mean, it's certainly premature to provide any specific guidance.

我的意思是，現在提供任何具體指導還為時過早。

I can give you some high-level thoughts kind of how I see the company progressing.

我可以給你一些關於我對公司發展的看法的高層觀點。

And let me just kind of give you a little bit of color on why we can't be more specific.

請容許我稍微解釋一下為什麼我們不能更具體一點。

A big driver, as Doug mentioned, is we still have a pretty huge swing when it comes to understanding which towers T-Mobile is going to select to be on.

正如 Doug 所提到的，一個重要的驅動因素是，在了解 T-Mobile 將選擇哪個訊號塔時，我們仍有很大的變動空間。

If they end up being on towers that have a large number of existing co-locators, well, that means that we have highly profitable towers, but we have a larger number of naked towers since we've got to think through decommissioning and so on.

如果它們最終位於具有大量現有共置器的塔上，那麼，這意味著我們擁有高利潤的塔，但我們擁有大量的裸塔，因為我們必須考慮退役等問題。

That could have a pretty significant impact on 2025, 2026, even 2027 because they've got 30 months to make that decision.

這可能會對 2025 年、2026 年甚至 2027 年產生相當大的影響，因為他們有 30 個月的時間來做出這個決定。

That could have a significant impact on the financials for those years.

這可能會對這些年的財務狀況產生重大影響。

Conversely, let's say that they end up on mostly towers where we do not have current co-locators, that means our co-location rate will be lower, right, because we'll have more towers with just one co-locator on it, but we'll have less naked towers to decommission and so we'll have less one-time hits in those years.

相反，假設它們最終主要位於我們目前沒有共置器的塔上，這意味著我們的共置率將會更低，對吧，因為我們將擁有更多只有一個共置器的塔，但我們需要退役的裸塔將會更少，因此在這些年裡，我們的一次性打擊將會更少。

And so, that's why we're being why we can't necessarily be more specific about our approach to the capital structure.

這就是為什麼我們不能更具體地說明我們的資本結構方法。

Now that being said, either way, regardless of which towers or which collection of towers T-Mobile ends up being on, the tower business generates very attractive cash flows.

話雖如此，無論如何，無論 T-Mobile 最終落腳哪座塔或哪組塔，塔業務都會產生非常可觀的現金流。

The equity partnerships create attractive cash flows, and so, we certainly will have available cash at UScellular.

股權合作創造了有吸引力的現金流，因此，我們在 UScellular 肯定會有可用現金。

You mentioned new tower builds.

您提到了新建塔樓。

I'm not potentially bullish.

我並不具有看漲的潛力。

I'm not particularly bullish on the build to suit business.

我對於量身訂製的業務並不是特別看好。

I don't think that's a great use of capital.

我認為這對資本的利用並不好。

However, we're going to be opportunistic.

然而，我們將會抓住機會。

And so if there are carrier customers, those will be our primary customers moving forward right if they are carrier customers who want to invest with us to expand their network.

因此，如果有營運商客戶，那麼他們將是我們未來的主要客戶，如果他們是希望與我們一起投資以擴展其網路的營運商客戶。

It's certainly something we'll be open to.

我們當然願意接受這一點。

We'll certainly be open to inorganic growth.

我們當然會對無機成長持開放態度。

So if there's opportunities to buy new tower portfolios, something that we'll look at.

因此，如果有機會購買新的塔式資產組合，我們就會考慮。

And so, do I think that we'll be in a position to return capital from the transaction back to shareholders?

那麼，我是否認為我們能夠將交易所得的資本回饋給股東？

Absolutely, I do.

我當然相信。

I want to be really clear that still requires board approval, so that's not a decided factor.

我想明確表示，這仍然需要董事會的批准，所以這不是決定因素。

But yes, I think that we'll be in a place to send cash from the transaction back.

不過是的，我認為我們將會把交易產生的現金回饋。

The remaining business will be generating really attractive cash flows.

剩餘的業務將產生真正可觀的現金流。

And to me, we'll then have a decision to make if we find great ways to invest those cash flows, whether it's M&A or whether it's some kind of a new build to suit model that has better economics than what the current models prompt, we'll invest there.

對我來說，如果我們找到了投資這些現金流的好方法，我們就會做出決定，無論是併購，還是某種比當前模型具有更好經濟效益的全新定制模型，我們都會在那裡進行投資。

If not, I could see us being in a position to establish a more regular dividend moving forward.

如果不是，我認為我們未來可以建立更規律的股利。

But again, that's a decision for the Board at that time, and we're probably a couple of years away from making that decision.

但再次強調，這是董事會當時做出的決定，我們可能還需要幾年的時間才能做出這個決定。

And my last question is for Kris, obviously, you're planning to pass another 150,000 locations this fiber in 2025 and you're making efforts to improve your sales marketing activities and making those investments.

我的最後一個問題是針對 Kris 的，顯然，您計劃在 2025 年將光纖覆蓋到另外 150,000 個地點，並且您正在努力改善銷售行銷活動並進行這些投資。

Considering where you are in your fiber build and looking at the results for the fourth quarter, how do you feel about the level of net additions that you're getting in terms of conversion of passing into paying customers?

考慮到您在光纖建設中的現狀，並查看第四季度的業績，您對轉換為付費客戶的淨增量水平有何看法？

What has been working well for you lately and what still needs to be improved during 2025 to achieve a better conversion?

最近哪些工作對您來說進展順利？

So really, you saw this in 2024 where we really -- we had slower net ads than we thought in our expansion markets in Q2 and Q3, and we really diagnosed that problem with not having enough salespeople and door-to-door sales folks.

所以實際上，你會在 2024 年看到這種情況，我們在第二季和第三季的擴張市場中的淨廣告速度比我們想像的要慢，我們確實診斷出問題是缺乏足夠的銷售人員和上門推銷人員。

And historically, we've always staffed our own internal teams, and we realized that we just couldn't do that anymore.

從歷史上看，我們一直都擁有自己的內部團隊，但我們意識到我們不能再這樣做了。

We needed to bring in external parties to help augment that sales force, and we started to do that in Q4, and we started to see that nice ramp in our net ads.

我們需要引入外部力量來幫助增強銷售隊伍，我們在第四季度開始這樣做，我們開始看到網路廣告的良好成長。

And so, that is we are hyper focused on ensuring that we have the right sales and marketing programs, including staff, fully staffing up our door-to-door sales teams to continue that momentum into 2025 and beyond.

因此，我們高度重視確保我們擁有正確的銷售和行銷計劃，包括員工，為我們的上門推銷團隊配備充足的人員，以將這種勢頭延續到 2025 年及以後。

Vikash Harlalka, New Street Research.

Vikash Harlalka，New Street Research。

First on TDS, my back of the envelope map suggests that you need to expand your current footprint by about 400,000 to 500,000 locations.

首先是 TDS，我的背面地圖顯示您需要將目前的覆蓋範圍擴大約 400,000 到 500,000 個地點。

And then you mentioned that you're building about 300,000 locations for E-ACAM.

然後您提到您正在為 E-ACAM 建造大約 300,000 個位置。

Are most of those E-ACAM locations part of these expansions, or are only -- is only a small part of the E-ACAM location in these additional locations?

大多數 E-ACAM 位置是這些擴展的一部分嗎，或者只是這些附加位置中 E-ACAM 位置的一小部分？

Yes, so your math is exactly right.

是的，你的計算完全正確。

So, there's two pieces of the program.

該計劃由兩部分組成。

One is the ongoing fiber expansion program; those are additional incremental addresses that add to our footprint.

一是正在進行的光纖擴展計劃；這些是增加我們足跡的額外增量位址。

And you're right in the ballpark, we've tended to pace around 100,000 a year historically.

您說的很對，從歷史上看，我們每年的增速往往在 100,000 左右。

And then the second part of the program is our enhanced E-ACAM program.

該計劃的第二部分是我們增強型 E-ACAM 計劃。

This is bringing fiber into our eyelet copper markets, so it's converting copper addresses to fiber addresses.

這將光纖引入我們的孔眼銅線市場，因此它將銅線地址轉換為光纖地址。

So it's not adding incremental footprint, but adding more fiber addresses and bringing higher speeds to some of our most rural geographies.

因此，它不是增加增量足跡，而是增加更多的光纖位址並為我們一些最偏遠的地區帶來更高的速度。

So, we're very excited about these programs.

因此，我們對這些項目感到非常興奮。

And so my question on this is these additional locations that you're building outside of E-ACAM, the additional organic fiber locations, are these locations mostly on the edge of your current footprint or are you looking to go beyond?

所以我的問題是，您在 E-ACAM 之外建造的這些額外位置，額外的有機光纖位置，這些位置大多位於您當前足跡的邊緣，還是您想要超越它？

And then what is the profile of these locations that you're looking to build as and like who are the main competitors in that footprint?

那麼，您想要建立的這些地點的概況是什麼樣的，以及該足跡中的主要競爭對手是誰？

And lastly on this, what would it cost to build these locations and how are you looking to fund it?

最後，建造這些場所需要花多少錢？

Yes, so back a few years ago, when we first really started this fiber expansion program, we hand selected nearly 100 communities for various characteristics.

是的，幾年前，當我們真正啟動這個光纖擴展計劃時，我們根據各種特點手工挑選了近 100 個社區。

One of them was being favorable competitive landscape where there was very little le incumbent fiber.

其中之一就是有利的競爭格局，因為現有光纖很少。

Another was very high growth percentages like household formation and growth opportunities.

另一個是家庭組成和成長機會等極高的成長率。

Another was clustering opportunities.

另一個是聚集機會。

And so really if you look at where we've been building, it's largely in Wisconsin and the Pacific Northwest, in various clusters and so, we're just continuing to build out in those communities that we hand selected.

所以，如果你看看我們的建設地點，你會發現主要是在威斯康辛州和太平洋西北地區，分佈在不同的集群中，因此，我們只是繼續在我們精心挑選的社區中進行建設。

We initially planted the flags at the end of 2023 and we're continuing to build those out, but these are all outside of our incumbent footprint and are all expansion territories.

我們最初在 2023 年底插上了旗幟，並且正在繼續建設，但這些都超出了我們現有的覆蓋範圍，都是擴張區域。

So that's kind of the types of markets and we still feel very good about the competitive landscape in those areas and our ability to win in those markets.

這就是這類市場，我們仍然對這些領域的競爭格局和我們在這些市場中獲勝的能力感到非常滿意。

In terms of build costs, that's something that we don't share, but what I will say is that our teams are extremely dedicated to keep our build costs as low as possible.

就建造成本而言，我們不會分享這一點，但我要說的是，我們的團隊非常致力於將建造成本保持在盡可能低的水平。

That's one of the reasons why we've invested in internal construction crews, as you heard me say, that's going to account for a third of our address delivery in 2025.

這就是我們投資內部施工隊的原因之一，正如你聽到我所說的，這將占我們 2025 年地址交付的三分之一。

And we see as high as 30% savings versus external contractors where we use ICCs, internal construction crews, which we call ICCs, versus external contractors.

與使用外部承包商相比，我們使用 ICC（內部施工隊，我們稱之為 ICC）可以節省高達 30% 的成本。

We're also very innovative with our build designs and constantly thinking of new ways to build high-quality networks with lower input costs, so lower labor and materials costs.

我們在建立設計方面也非常具有創新性，並不斷思考以新的方式以更低的投入成本建立高品質的網絡，從而降低勞動力和材料成本。

These bills that Kris is discussing really is in our greenfield expansion, new markets, and this is part of our total footprint expansion that I spoke to that we've seen a 30% footprint expansion over the last three years.

Kris 所討論的這些法案實際上涉及我們的綠地擴張、新市場，這是我們整體足跡擴張的一部分，據我所知，過去三年我們的足跡擴張了 30%。

So, new communities, good profile in growth in new homes so that's great.

所以，新社區、新房成長情況良好，這是好事。

In terms of funding, again, the pacing of this program and the completion of these builds is always dependent on a number of different factors in every market.

就資金方面而言，該計劃的進度和這些建設的完成始終取決於每個市場中的許多不同因素。

It also is dependent on our growth, in EBITDA over time and the pacing of the capital spending, but I would tell you that we do anticipate with the deals that we have on the table, that is our number one priority that we're focused on right now to get those closed.

這也取決於我們的成長情況，即隨著時間的推移，EBITDA 的成長情況以及資本支出的步伐，但我要告訴你，我們確實預計，對於我們正在進行的交易，這是我們目前的首要任務，我們專注於完成這些交易。

We expect multiple closings and any use of proceeds at the TDS level would certainly be an opportunity to continue funding and perhaps accelerating our program over time.

我們預期多次結算和在 TDS 層面使用任何收益無疑都會是一個繼續提供資金的機會，或許還能隨著時間的推移加速我們的計劃。

And then on the USM side, just a couple of quick ones.

然後關於 USM 方面，我只想簡單說幾個。

We expected the wireless partnerships to happen, the transaction related to the partnerships to happen around the same time as you did the deals with AT&T and Verizon.

我們預計無線合作夥伴關係的實現，與合作夥伴關係相關的交易將與您與 AT&T 和 Verizon 達成的交易同時發生。

What stopped you from cleaning up those partnerships?

是什麼阻止你清理這些合作關係？

Is that something that you wanted to do or is that not on the table?

這是您想做的事還是目前還未考慮的事？

You mentioned clean up, I don't feel the need to clean up anything that generates really attractive cash flows on an ongoing basis that we don't have to put hardly any operational energy behind.

你提到了清理，我覺得沒必要清理那些能夠持續產生真正有吸引力的現金流的東西，我們幾乎不需要投入任何營運精力。

We view these as very attractive financial assets.

我們認為這些都是極具吸引力的金融資產。

We're always open to a transaction if the post-tax returns are better than the long-term returns that we're modeling, but I'm not sure I agree with your phrase clean up, right?

如果稅後回報優於我們所建模的長期回報，我們始終願意進行交易，但我不確定我是否同意您所說的清理，對嗎？

I don't see anything that needs cleaning that we feel pretty good about those assets.

我沒有看到任何需要清理的東西，我們對這些資產感覺相當滿意。

And last question, why didn't sort of sell in one of these one of the transactions, given that all three carriers are (inaudible) in the network?

最後一個問題，既然所有三家運營商都（聽不清楚）在網路中，為什麼不在其中一筆交易中出售呢？

It really comes down to value.

這實際上取決於價值。

As you can see from the transactions that we announced, we received bids, and we accepted bids that were ahead of our book value and ahead of our market value.

從我們宣布的交易中可以看出，我們收到了出價，並且我們接受的出價高於我們的帳面價值和市場價值。

And as you can sense from my statement, we did not receive those bids and see it.

從我的聲明中您可以感覺到，我們沒有收到或看到這些出價。

It doesn't mean there wasn't interest, there were plenty of conversations.

這並不意味著沒有興趣，而是有很多對話。

We still feel very confident that we're going to be able to monetize that in the future, but it came down to the value that we were offered and what we're looking for for that spectrum in the long run.

我們仍然非常有信心未來能夠實現這一目標，但這取決於我們獲得的價值以及我們長期對該光譜的期望。

And that will conclude our question-and answer-session, and I'll hand the call back over to Colleen Thompson for any closing remarks.

我們的問答環節到此結束，我將把電話交還給科琳·湯普森 (Colleen Thompson) 做結束語。

Okay.

好的。

Thanks, everyone, for your time today.

謝謝大家今天的寶貴時間。

Please reach out to IR with additional questions.

如有其他問題，請聯絡 IR。

Have a great weekend.

祝週末愉快。

This will conclude today's meeting.

今天的會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。