T-Mobile US, Inc. (TMUS) Earnings Call Transcript & Summary

Yes. It's a big deal. And on top of that, if your personal number has just become a spam magnet and you could use a fresh start, Scam Shield includes a free number change, too, so you can get a new number and a clean slate all for free, and all designed to keep your personal number personal. So ultimately, you'll get fewer scam calls.

Oh, good. I want to get my number changed.

Okay. Momma, why do you need to change your number? Are there too many spammers?

No. Honey, since I made that T-Mobile commercial, momma's in demand, baby.

Hey, Doris, it's great to see you. How are you?

Oh, you know, baby, I'm good. But I haven't been able to go to the club lately.

Well, don't worry. When you do, 5G will still work there.

I know. That's right. Hey, it's good seeing you, Mike, I got to go to my Tai Chi Zoom class. See you later.

Yes. Bye to you, too, momma.

She's fantastic.

Yes. Okay. Look, Mike, I get it. Look, this is all great stuff. Look, I feel like I should have taken notes. Now I don't want to forget to sign up for any of it.

No notes needed. We're making it easy. Starting on July 24, T-Mobile and Metro by T-Mobile customers can download the new Scam Shield app from T-Mobile. It's how you activate all of these protections. And if you want even more controls, there's actually also a premium version that lets you block specific types of calls, like ones from telemarketers or political surveys.

Oh no, that's sweet. So I can turn on Scam Block and keep those guys from reaching my phone?

That's right, Anthony, and we don't even have to wait. You can actually turn Scam Block on right now if you're a T-Mobile postpaid or Metro by T-Mobile customer. Just dial on your phone #662# right now to turn on Scam Block.

Okay. Okay. Hold on, Mike. We're from a different era. So for those millennials out there, that would be the actual hashtag sign on your phone, 6-6-2, hashtag sign.

#662#. Okay. That's right. So what you do is you open up the dialer on your phone, like you're making a phone call, and you press #662# and hit send. It'll tell our network to light up Scam Block for you, and it just takes a couple of minutes, and then you're all set.

Okay. Hold on. No way. Hold on. What, wow, it's that easy. Done.

Awesome. And momma can do that right now, too. Or when you have the Scam Shield app, you can actually set this up for your entire family. And for our Sprint customers, they can download the Call Screener app and get free protections there.

So you guys will help me keep from getting scammed in the future. But what if you've already been compromised, like we talked about? Your info is already out there.

We thought a lot about this. So I'm going to bring in our CMO, Matt Staneff, to explain how we're tackling that.

Hey, Anthony, Mike, great to see you. We want to do everything we can to shield our customers from predatory scammers, especially now during this pandemic because scammers are going all out to separate Americans from their hard-earned money. In Washington State alone, where Mike and I live, scammers use stolen private information to file fake unemployment claims. They steal hundreds of millions of dollars intended for unemployed workers, including people who just lost their jobs due to the pandemic.

Man, that's terrible. These scammers are the lowest of the low, hitting people when they're already suffering. This doesn't feel like a wireless problem. This feels like a bigger issue.

It's much bigger than wireless. It's really about protecting your identity, and we're going to do something to help there, too. As part of Scam Shield, we're launching Be ID Aware, a new identity monitoring and alert service. Be ID Aware, you get notified when your private info shows up on the dark web or if it's compromised as part of a data breach or other incident. And that's important because then you can take action to protect your identity, like change passwords, monitor transactions and even put credit freezes in place.

This is big. Speaking from personal experience as someone in the public eye, I want to find out ASAP if my personal info has been compromised. So this will help me do that?

Exactly. If your info is compromised or shows up on known data broker sites on the dark web, you'll know it. And we'll even help you to quickly resolve that. This service scans the Internet, including the dark web, alerting you when your personal information is at risk. If your identity is compromised, recovery specialists will help you restore it. And if you've lost your wallet, we'll connect you with the right folks to help cancel and replace things like your ID and credit cards. This is based on McAfee's proven identity protection services, so we're working with the experts here. And it's available starting next week until August 31. And it's free for all T-Mobile, Sprint and Metro by T-Mobile customers and small business customers for 12 months.

So you're not only going to protect my phone number, you're going to protect all of my private info and help me if my identity has been compromised?

That's right. Because people need that now, now more than ever.

Well, this is all beyond cool. So am I saying goodbye to scam calls?

Well, like Delan said earlier, we're already 30% better than AT&T and Verizon. And that's even before today's move. But listen, this is an all-out arms race against scammers. As long as there's money to be had, scammers will keep inventing new ways to target you. Just rest assured, we will invent new ways to stop them as they do it. And hopefully, it's not just us. If this Un-carrier move is anything like the past 16, Scam Shield will suddenly inspire AT&T and Verizon to find a new passion for stopping scams and robocalls. And I hope it does because that would mean everyone in wireless is taking this problem more seriously. And that's exactly what our Un-carrier moves have always been designed to do: change wireless for good.

That would be awesome. You guys are really going after this problem.

We really are. And we don't do half measures around here. But also, this is a different kind of a problem than we've tackled before, so it really required us to go at it from all angles.

Let me see if I got this straight. First, turn on Scam Block with #662#. Done. Then next week, I download Scam Shield so I can turn on free caller ID, go get the spam line and see how you guys are doing blocking scammers.

You got it. We put all the info up on t-mobile.com/scamshield. And that's also where you can get free identity alerts next week as well.

Can't wait. Well, thank you, Mike and Matt. Great being here with you guys.

We really appreciate you joining us today, Anthony.

Oh, cool. Hey, I got to jet, but I know you got to take questions from the media right now. So stay tuned, everybody. Mike and some other T-Mobile execs are going to be right back for the media Q&A portion. And I'm going to go rearrange my garage for the 20th time in a month.

Thanks, Anthony. And we'll be right back in just a minute. [Presentation]

Hey, everybody. It's Mike. We're back. We're live now. I'm coming to you from my office in Bellevue where I'm sitting here pretty much all by myself. But I am joined remotely by Neville Ray, as you know, our President of Technology; Matt Staneff who you just heard from on the video; Delan Beah, our SVP; and also Janice Kapner, our Chief Communications Officer. We're all here. We're ready to take your questions and have a great discussion. But first, I'm told by my lawyers, we have to say stuff. And so I know Janice Kapner is no lawyer, but I know that Janice plays a lawyer on TV. So Janice, if you don't mind, tell us the lawyer stuff.

All right. This is the fun part. I'm going to go really quick. [Operator Instructions] And now before we dive in, I will read this disclaimer. T-Mobile will make forward-looking statements that include projections and statements about future financial and operating results, plans, the benefits we expect to receive from our recently completed merger with Sprint and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties outside of our control that could cause actual results to differ materially, including the risk factors set forth in our most recently filed quarterly report on Form 10-Q. All right. Mike's already told you who's on the call. So let's jump to it and take your questions.

Well, that was great, Janice, but thanks. That's all the time we have, everybody. I appreciate you joining today. I'm just kidding. Okay. Operator, let's go straight to the phone.

We'll take our first question from Ina Fried with Axios.

So one question and one completely unrelated follow-up. So the first question, when it comes to blocking spam calls, what can you do today and what still needs work in the industry? What would you like to be able to do that still isn't technically possible?

Yes. I mean I'm going to let Neville jump in, but we've come so far, and that's why we decided to make this announcement today. This is something we've been quietly investing in for years, well ahead of our competitors. And what's different about our approach, as we explained in the opener, is that it's network-based. It's deep in the core of our network. It doesn't rely on you having an app or some superficial secondary solution. We're able to use AI. We're able to use machine learning to really understand the patterns that robocallers use, suspicious call routing or number sequences that they dial or randomizers or the frequency with which they dial and all kinds of other telltale signs as well as databases of previously reported lines. And so there's so many ways that this solution can work. But to the premise of your question, it's also a battle that will never really be over. I mean we're committed. We're out in front of our competitors. We're much better at this than they are, but we're throwing down today that the whole industry needs to improve. But your question is about what are some of our aspirations going forward. Neville, do you want to jump in?

Yes. Thanks, Mike. I mean I think you've covered all the bases. I mean we're driving really, really hard here, Ina. I mean, this is such a massive issue, right? And the whole industry is looking to respond, and we want to be out in front here on the tip of the spear here. We're driving and working with a whole ecosystem of vendors and other telecom providers. And we've been out front driving STIR/SHAKEN with cable companies, other telcos. But that movement, which is really important to make sure that we can deal and address more of the scam likely calls, that's still early. So we need everybody to get behind that. We want to work with every telecoms provider out there so that we can have an even more robust solution than the one we have today. So that's a big focus area. I think the second one I'd mention, Ina, is that, this is very close to the heart of the FCC, as it should be. And I think they're working with us to help drive that adoption on new standards and new ways to battle or to win this battle against the scammers and making sure that the work that we do, we don't get upside down with the FCC on this stuff. And I know that's an area they're focusing on to make sure that when we're doing the right thing, we don't somehow get inadvertently corrected by the regulators. So we need more support on the program, and we need more companies to join us in this battle. And I think with all of our Un-carrier moves, as Mike was saying earlier on, I mean, we want to lead here. We want to be an example setter for the industry. And we want the other guys, the carrier guys, to follow us and make sure they're doing all the things that need to be done in this space, too.

And Ina, I know you have a follow-up, but I just want to underscore something that Neville said because he said we need the rest of the industry to follow suit. And honestly, like the rest of our Un-carrier moves, I hope that's the biggest outcome of this because this is literally the #1 issue in our industry, the #1 complaint to the FCC. People are getting scammed out of millions of dollars. And worse than just money, it's a tough, tough thing. And you know what, the industry is profiting from it. I mean at Verizon, it's $7.99 per month, like $100 a year to protect you from the scams and robocalls that their own network is bringing you. And that's just crazy. And that's the price on their most popular plans, not some niche. And it's just -- look, it's got to stop. This industry shouldn't be profiting from this phenomenon. We should be heads down solving it because people are losing millions and millions of dollars. And plus, they're losing their faith in other people. And so that's what Un-carrier has always been about, addressing big pain points and hopefully, challenging the industry to follow suit.

My follow-up was, since Neville's on the call, I'm curious if you guys have any updates on sort of merging the networks and where things are with that?

Neville, why don't you start?

Yes. I mean, we're running and accelerating, Ina. So with COVID and the pandemic, I mean, we've been ensuring the work we do with our teams and our people, we do safely first, right? That's a primary and first and foremost concern. The good news is that we've been able to actually accelerate during this period. We're classed as an essential service. And obviously, it's critical that we can continue to upgrade and maintain our network. And in that process, we've come out of the gates fast. We announced very early after close of the transaction between T-Mobile and Sprint that we were already deploying the lovely mid-band layer of spectrum that I know you know a lot about. We've talked about it many times in the past. But 2 things. One, we continue to roll out our low-band network, 225 million people now covered with 5G. I mean that blows away everybody else in terms of the reach and capability on that 5G on low band. Speeds are kind of twice average industry speeds on LTE. So it's not to be laughed at. It's a material improvement in speed and performance across a massive geography. That continues on. And now we're rapidly starting to ramp the mid-band 2.5 gigahertz spectrum onto the new T-Mobile network. And we've laid this out in Philly, New York, L.A., Chicago. I mean sites are starting to pop up all over the place. And I've said on calls, on earnings, thousands of sites will be upgraded to 2.5 as we go through this quarter and into the fourth quarter of this year, so a huge push. What does that mean, Ina? I mean the speeds that we're seeing, delighted, really excited with the performance I'm seeing off that mid-band layer. I mean speeds averaging around 300-plus megabits per second, peaks up to 1 gigabit and beyond, so really, really great 5G performance. And the intent is to drive not just the breadth of 5G coverage but really now the depth with 2.5. So I'm delighted. I've now got a much bigger and stronger team to run at this. Everybody has got shoulder to the wheel, and we're looking to drive material, material improvements and advancements in the 5G space inside 2020.

I love this, Ina, because it's everything we promised and then some. This is happening faster than we promised, partly because the government accidentally gave Neville an extra year to plan all this. But this race isn't even close. Verizon has been out there breathlessly bragging about 5G for 2 years. And you know what, how many people can get Verizon's 5G right now? 0.04% of the time, you can attach to 5G on Verizon, 0.04%, according to OpenSignal. At T-Mobile now, it's 23% of the time you're attaching to 5G. That's 56x more. That's twice as much as AT&T who's now finally pursuing a strategy similar to the former T-Mobile, the stand-alone T-Mobile. Meanwhile, we're rolling out 2.5 gigahertz 5G in the biggest cities in the country, New York, L.A., Chicago, Philly, Houston, et cetera, and seeing speeds 10x faster than 4G LTE. So I mean this race isn't even close anymore, and we're way ahead of schedule.

We'll take our next question from Eli Blumenthal with CNET.

So Mike, you mentioned in that livestream that this is network-level protection. Does that mean that MVNOs and I guess, DISH can take advantage of this new offer?

Fantastic. Yes. It certainly is. It's right from our core. Neville or Delan, do you want to jump in on the question?

Yes. I mean you covered it, Mike. Yes, we do. And so obviously, for the DISH folks, it was something that we would bring into that new relationship. And obviously, the DISH transaction for the Boost customers has closed, and so we're doing everything we can to ensure that those capabilities are provided to those customers. Delan's on, Delan Beah. Delan's the architect of all of the engineering here. Any other color you'd like to provide, Delan, on that topic on MVNOs, et cetera?

Yes. I just want to say there's no -- network, we protect this on our network. So there's really no limit. It really is -- it depends on what the needs are. So everything on the network, we provide it to everyone if it's needed.

And what's interesting is customers don't need an app. This is just deep in our core. This is updated every few minutes, 24 hours a day because we realize that this isn't a race you can ever declare success in. You've got to be at it all around the clock 365 days a year. And so that's the protection. No one else has ever done this. At Verizon and AT&T, this whole topic is treated like protection is a privilege, if you have the right rate plan or if you download the app or if you're only on postpaid or something like that. And for us, to the whole premise of your question, it's for anybody attached to our network.

We'll take our next question from Aaron Pressman with Fortune.

I'm curious, this is certainly not the first announcement about trying to reduce robocalling by T-Mobile or others. I'm curious if you can give us a sense, maybe Neville can, about how much have you saved your callers from robocalls, say, last year? And how much better or more do you think it will be for your callers, not necessarily compared to competitors?

Why not compared to competitors? Neville, do you want to jump in?

I don't have that math, but I'm hoping, Matt, or one of the team does. So Aaron, you're looking at financial savings, is that your question?

Well, just like, say, I get like an average of 10 spam calls a day. Maybe I used to get 20 before you instituted some things. I'm just kind of -- how much of a sense better do you think this is going to be for customers than it was in the past? Because we've heard a lot of promises about robocall protection, and we're still getting them.

Yes, no kidding. I mean the potential here is really significant. And you've got to understand that it's not just about our scam likely and scam blocking we've been talking about. It's the whole solution. One of the things we tried to underscore on this is that in order to solve this, you have to come at it from all angles. And so this will take a little bit of participation from you, Aaron, and other consumers that ultimately, we've got to control our number. We got to stop giving it out everywhere, but that's why we're giving you PROXY line. We've got to let this technology soak in and we need other carriers to participate. We're way out in front on STIR/SHAKEN, which is the caller verified technology I talked about. But others need to catch up in order for the verified caller database to be complete. But to the premise of your question, according to the organization GlobalData, already, we're 30% better at this than anybody else. And so that's an important start. But that's before the really concerted effort of us today doubling down on this and making a long-term commitment through the launch of our Scam Shield app, which hopefully launches this into the forefront of our consumers' consciousness because, again, there are actions that they need to take to block this, to activate their second lines, change numbers if they need to and manage their own protection.

We'll take our next question from Sascha Segan with PCMag.

So I'm hoping you could talk a little about what the sources are of these robocalls and why they can't be blocked at the source. If it's particularly a bad actor business VoIP services, why don't the carriers just block those IP ranges and those business VoIP services can't call anyone.

Yes. I mean that's actually part of what's happening. So to the premise of your question, that's exactly the whole approach. It's why it's important to tackle it from the network and not from apps like our competitors do. But Neville or Delan, do you want to talk about the kinds of things we look at in our core? And part of it is, yes, looking at the source and especially, suspicious routing of calls.

Yes. Let me start and then Delan can fill in behind me. But it's a great question, Sascha, and it's to the heart of the issue, right? I mean the fact of the matter is the known guys, they're easy to block, right? And if you look at what's happening now, I mean, these scammers are incredibly artful. And actually, VoIP has been, IP voice services has been just nirvana for these guys, right, because it's so easy to actually set up robocalling, spam calling in massive volumes. And the thing is, you can fake your ID, right, and so you can pretend to be somebody else. That's one of the biggest challenges that we face in the IP voice domain. So that's underneath if you think about STIR/SHAKEN, which we mentioned, which is an industry driving set of standards to attack some of these issues. I mean that standard, its whole goal and aim is to make sure that we certify between the origination of the call and the called party. We exchange tokens. We make sure that we can validate that even if a spammer or the bad actor is pretending to be somebody else through VoIP calling, that we can effectively noncertify that call based on all of the analysis that we do within the network. And there's a whole host of things that both ends of the call look at from that perspective. And so long story short, this is getting -- I mean this is getting very deep technically for the solutions to be adopted. Now STIR/SHAKEN is kind of newish, right, and that's one of the reasons why we've been out in front. We were the first telco, certainly wireless telco to get out in front of this. And we're trying to drive because that's a collaborative effort between all of the various players. And that allows us to strip away this kind of mask that the scammers wear when they pretend to be somebody else. And they're really good at this, Sascha, right? They don't just pretend to be some generic number anymore. They'll use your local area code so you think it's somebody around you or what used to be local area codes. I'm dating myself. Or they'll replicate numbers from -- we see this from -- could be the IRS or somebody else. So that's the whole premise behind this thing is these guys are super smart, and we're having to get smarter and smarter to tackle them and bring them down. Now we can't do all of that on our own. And hence, the collaborative piece with STIR/SHAKEN that I mentioned on the response on the first question. So this is no easy task, but we're making real headway now. And the more we can collaborate across the industry, the better shape that we can be in. I'm just going to ask Delan. Delan, did I miss anything there? Is there something else? Any other color that we should add to Sascha's q at all?

Yes. I just wanted to call out the blocking IP ranges, we can do that. But the problem is the scammer, they're slippery, right? So they change things. So you tackle and block all the time. But this is also the beauty of a network-based solution, right? So we can go in, check the volume, check the entering rate, the complaint data. We can take all the network data points all together and react very quickly to protect the customer. So it's quite sleek the way we're doing it. But like Neville was saying that we can keep tackling, blocking and trying to be proactive, trying to find new ways to stop scam calls, but at the same time, the industry has come together with us, so we can do number verify with everyone. We've been waiting for a long time, and we've been working with everyone. But on top of that also, I want to call out the customers' help is also very important, right? If we miss something, if something is not right, help us to report these numbers, so we can block them immediately and help us to categorize to say this is a telemarketing call so you don't have to get -- and want to block a robocall. So there's all kinds of things we can do, but we do need to have industry and customer, everyone come together, so we can really kill the thing. This is really bad for everyone. We all suffer from it. So we're passionate about this problem. But thank you for asking the technical question.

And those are all things you can do in the Scam Shield app itself, which is one of the reasons why we're launching one central app to manage this situation.

The next question is from Avi Greengart with Techsponential.

So my question really was going to be on number spoofing, but Neville has covered that. So I'll ask about PROXY lines. How many PROXY lines do you get? Is that one per account? Or is that one per number? And how easy is it to activate? And I have a follow-up question about the other one.

Sounds good. Matt, why don't you jump in?

Yes. Sure. Avi, great question. So PROXY line, this is so cool. I mean it's kind of one of those things that after we announced it, you ask yourself, why didn't we do that before? I mean we all did that with e-mail where we have a personal e-mail address that we use, and then we have a second one that we can use for different sites or things like that. PROXY line works the exact same way. It's one per account. So every account on our network can get a PROXY line. You can set that up however you want to, manage it through the DIGITS app. You can get phone calls on that. You can send them right to voice mail, check your voice mail, check your voice mail, et cetera. If an account wants more than one PROXY line for some reason, you can go ahead and buy additional lines through DIGITS. The way you find out about it in the Scam Shield app that's available on the 24th. And then our wonderful customer care and retail sales folks can go help you get set up on that PROXY line. So we make sure it's set up the right way and the way that you want to use it the best.

And everybody on the account can share it so you can have the app that accesses it on your own phone.

All right. So you can just tell everyone in your family, use this number when you're giving it out to delivery people or Uber or whatever.

You got it.

So a quick follow-up on Sascha's question. One of the things you said was that it would be helpful if consumers can help you identify spam or robocalls that come in, that would improve your database so that it improves it for everyone. Is there an easy mechanism to do that? Or is there a one button I click after I get a call? Is there a #6653 or something?

So Neville and Delan, the question was how do you report? How do you -- in the app or outside of the app even, how do you provide reports back to provide the kind of feedback you were talking about, Delan?

I can take that. So on the app, you can go to -- the app will show you the log of all the incoming calls, and you can click on the app on the call itself, and it will ask you to report it. So it's very simple using the app. If you don't have the app and don't want to use the app, you can always call T-Mobile or get on to call reporting. Get on to our call reporting website. There's plenty of ways to report this. But I would just want to call out, even if you report, we don't just put someone on the list. We actually do verification. So there's actually a manual -- there's actually a process behind the scene that will make sure that someone is reporting a true scam call because we don't want to block someone just because somebody doesn't like somebody else. So there's a lot of verification going. We treat this very seriously.

And by the way, this is much more powerful than -- some people are accustomed to going into, say, their phone setting in their iPhone or other platform and blocking a number. But as you know, that's a very limited utility because when you go into your phone and block a number right after receiving a scam call, as you know, the scammers are using number generators, and they're using different origination numbers and that's not going to help you much. It's not nothing, but it's never really accomplished much. What this does is so much more powerful because we'll stop that number from calling you, but more importantly, we will learn from it, the way Delan just said. We'll figure out what was the source of it, what methods are they using that will help inform our AI. And so it's so much more powerful than saying these 10 digits, please don't let them ring my phone anymore. It's a completely different thing.

We'll take our next question from Rich DeMuro with KTLA-TV.

All right. My question is to deal with the caller ID portion of this. So since iPhone and Android have different architectures when it comes to how they do things, will the caller ID portion work on the iPhone as well?

It will. Yes. And so we'll be displaying right there where you would normally see a caller ID from your contacts, which works across both platforms already, we'll be displaying whatever information we have about that caller, and we have information about so many. And so if it's your drugstore calling, you'll probably see that. If it's your doctor's office calling, you'll probably see that, even if they're not in your contacts. And it works across all platforms. And then furthermore, what you're going to see is a little checkmark if the call is something called call verified. And what that means is, we've not only determined that we know the name, but in some cases, even if we don't know the name, we know that it's a legitimate mobile user that's been verified as a legitimate mobile customer, an individual customer. So at least you know it's an individual person calling you and not a robot or a call center, that it's a mobile customer of us or one of the other major providers. And so that caller verified is the technology called STIR/SHAKEN that we talked about earlier that we're way ahead on.

And just real quick on the PROXY number. So I imagine since that's a DIGITS number, you'll be able to just set that up to ring your phone, if you want, to not ring your phone, to forward the text or do you manage that all through the app and it doesn't ring your phone?

You manage it right through the app. The default condition is that it rings your phone and then drops to voice mail if you don't answer, but it's only one touch away from telling it in the app for PROXY, hey, don't ever ring my phone, just go straight to voice mail with these things and I'll check them when I feel like it.

We'll take our next question from Diana Goovaerts with Mobile World Live.

And Diana, thanks for joining, and I'll tell everybody, I think this is our last call because this is a 1-hour meeting, and it is 9:28. So -- and the last question is almost always the very best one. So we appreciate you.

So I guess I just -- I'm seeking a little bit more clarity, right? Because you guys have been implementing STIR/SHAKEN with Comcast, AT&T, Sprint. This has been happening since at least 2019, if not 2018, and Scam Shield just seems to be a repackaged version of a lot of stuff you were already doing. So obviously, PROXY number kind of comes from DIGITS. And the Shield itself seems to come from the STIR/SHAKEN implementation. So I'm wondering, are there any very new elements to this? Maybe Neville or Delan can address that, that are technically new other than the caller ID?

Yes. I mean a huge portion of this -- first, it's a great question. A huge portion of this is making sure that we take a comprehensive left-to-right look. And that requires the Scam Shield app so that people get involved in all this stuff. Again, doing this right takes some amount of user involvement. If you get a scam call, it's great if you have a simple, simple way to report that to us. That's a breakthrough because instead of people, as I said, going into their iPhone's UI or their Android phone's UI and blocking a number, now they'll be telling us with one simple click. That's powerful when multiplied by tens of millions because it informs our AI and will help us take off. This is a throw down and a challenge to everybody else to catch up on STIR/SHAKEN. It's a great technology, but people are behind. They're not taking it seriously. And a big piece of this is making sure to throw this issue into the limelight so everyone takes it seriously. On caller ID, this is just -- it's almost shameful what's going on in the industry because the rest of the industry is profiting from this phenomenon. I mean, billions of dollars. If Verizon gave everyone caller ID the way we just did today for free indefinitely because this is important and it's right, it would cost them billions. And so this is really a throw down to say, come on, industry, we can do better. People are being scammed. They're being robbed. They're being harassed. It's the #1 pain point in this industry in terms of complaints to the FCC, 58 billion robocalls, 1,800 a second, $10 billion in losses. And we need to stand up. And so this is a comprehensive left-to-right solution that puts this in our customers' consciousness because fighting robocalls is going to take some participation from customers themselves. And that feedback loop is what makes the AI so much more powerful. Well, listen, everybody, thank you so much for your interest in this. This is a huge day for us. Un-carrier days are my favorite days. And every once in a while, we get a chance to look into this industry and listen to what's driving pain, listen to the pain points that customers are feeling, take the top ones and then put our heads down and focus on solving them. And we're focusing on a big one today, maybe the biggest one ever. I just hope that AT&T and Verizon and the rest of this industry wakes up on this issue and follow suit the way they have so many other times on our 16 prior moves on this Un-carrier journey. So happy Un-carrier day, everybody. Thanks for tuning in, and stay tuned for more information as the day rolls on. Take care.