威訊通訊 (VZ) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Verizon Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

早上好，歡迎參加 Verizon 2021 年第四季度收益電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）

It is now my pleasure to turn the call over to your host, Mr. Brady Connor, Senior Vice President of Investor Relations.

現在，我很高興將電話轉給您的主持人，投資者關係高級副總裁 Brady Connor 先生。

Thanks, Brad. Good morning, and welcome to our fourth quarter earnings conference call. This is Brady Connor, and I'm here with our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

謝謝，布拉德。早上好，歡迎參加我們的第四季度財報電話會議。我是 Brady Connor，我和我們的董事長兼首席執行官 Hans Vestberg 在這裡；和我們的首席財務官 Matt Ellis。

As a reminder, our earnings release, financial and operating information and the presentation slides are available on our Investor Relations website. A replay and transcript of this call will also be made available on our website.

提醒一下，我們的投資者關係網站上提供了我們的收益發布、財務和運營信息以及演示幻燈片。我們的網站也將提供本次電話會議的重播和記錄。

Before we get started, I'd like to draw your attention to our safe harbor statement on Slide 2. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussions of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website.

在我們開始之前，我想提請您注意我們在幻燈片 2 上的安全港聲明。本演示文稿中的信息包含有關預期未來事件和財務結果的前瞻性聲明，並受風險和不確定性影響。 Verizon 提交給 SEC 的文件中包含對可能影響未來結果的因素的討論，這些文件可在我們的網站上找到。

This presentation contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the financial materials posted on our website.

本演示文稿包含某些非公認會計原則財務措施。這些非公認會計原則措施與最直接可比的公認會計原則措施的對賬包含在我們網站上發布的財務材料中。

As a reminder, we are still in the quiet period for the 3.45 gigahertz spectrum auction, so we will not be able to comment on our mid-band spectrum holdings or strategy.

提醒一下，我們仍處於 3.45 GHz 頻譜拍賣的平靜期，因此我們將無法評論我們的中頻頻譜持有量或策略。

Now let's take a look at consolidated earnings for the fourth quarter and full year. In the fourth quarter, we reported earnings of $1.11 per share, resulting in full year earnings of $5.32 per share on a GAAP basis.

現在讓我們看一下第四季度和全年的綜合收益。第四季度，我們報告每股收益為 1.11 美元，按公認會計原則計算，全年每股收益為 5.32 美元。

Reported fourth quarter earnings include a net pretax loss from special items of approximately $1.2 billion. This includes a charge of $2.4 billion for the early extinguishment of debt, a $106 million charge related to severance, a $1.2 billion credit pertaining to the annual mark-to-market for our pension and OPEB liabilities and a net gain of $131 million primarily related to the disposition of an investment. Excluding the effect of these special items, adjusted earnings per share was $1.31 in the fourth quarter and $5.39 for the full year.

報告的第四季度收益包括約 12 億美元的特殊項目的稅前淨虧損。這包括 24 億美元用於提前清償債務的費用、1.06 億美元與遣散費有關的費用、12 億美元與我們的養老金和 OPEB 負債的年度按市值計價有關的信貸，以及 1.31 億美元的主要淨收益。投資的處置。排除這些特殊項目的影響，第四季度調整後每股收益為 1.31 美元，全年為 5.39 美元。

We completed the acquisition of TracFone on November 23. The revenue associated with TracFone this year was approximately $700 million higher than the revenue received from TracFone in the fourth quarter of 2020. All of this revenue flows through our consumer group.

我們於 11 月 23 日完成了對 TracFone 的收購。今年與 TracFone 相關的收入比 2020 年第四季度從 TracFone 獲得的收入高出約 7 億美元。所有這些收入都流向我們的消費者群體。

As noted in our press release this morning, beginning in 2022, our adjusted earnings per share will exclude amortization of acquisition-related intangible assets. For 2021, such intangible amortizations negatively impacted adjusted earnings per share by approximately $0.11. And for 2022, we anticipate the impact to be approximately $0.17 to $0.19.

正如我們今天上午在新聞稿中指出的那樣，從 2022 年開始，我們調整後的每股收益將不包括與收購相關的無形資產的攤銷。對於 2021 年，此類無形攤銷對調整後的每股收益產生了約 0.11 美元的負面影響。對於 2022 年，我們預計影響約為 0.17 美元至 0.19 美元。

Finally, we will be hosting our Annual Investor Day event on March 3 in New York City, where our leadership team will provide further details on our company's exciting plans for this year and beyond.

最後，我們將於 3 月 3 日在紐約市舉辦年度投資者日活動，屆時我們的領導團隊將進一步詳細介紹我們公司今年及以後的激動人心的計劃。

With that, I'll now turn the call over to Hans to take us through a recap of 2021.

有了這個，我現在把電話轉給漢斯，讓我們回顧一下 2021 年。

Thank you, Brady, and happy new year to all of you. This past week has been one of the best since I joined Verizon. On January 19, we successfully launched 5G Ultra Wideband on C-Band, which will enable more Americans than ever before to experience a transformative speed, reliability and power of our multipurpose network on the go, in their home or for their businesses.

謝謝你，布雷迪，祝大家新年快樂。過去一周是我加入 Verizon 以來最好的一周。 1 月 19 日，我們在 C 波段上成功推出了 5G 超寬帶，這將使更多的美國人能夠在旅途中、在家中或為他們的企業體驗我們多用途網絡的變革性速度、可靠性和強大功能。

Our work throughout 2021 brought us to this moment, and I will spend this call discussing how we got here and how our accomplishment will accelerate our growth. I want to thank our incredible V team for all your hard work and dedication throughout 2021 and for delivering for our customers and our communities.

我們在 2021 年的工作將我們帶到了這一刻，我將在這個電話會議上討論我們是如何走到今天的，以及我們的成就將如何加速我們的發展。我要感謝我們令人難以置信的 V 團隊在 2021 年的所有辛勤工作和奉獻精神，並為我們的客戶和社區提供服務。

We have never executed so well on so many strategic and operational objectives as we did in 2021. This was a catalyst year for Verizon, and I'm very proud of our work. We have a clear and disciplined strategy based on our multipurpose network that creates economies of scale and new business models in an era where broadband is essential to our customers and society.

我們從未像 2021 年那樣在如此多的戰略和運營目標上執行得如此出色。這是 Verizon 的催化劑年，我為我們的工作感到非常自豪。在寬帶對我們的客戶和社會至關重要的時代，我們有一個基於我們的多用途網絡的清晰而嚴謹的戰略，該網絡創造了規模經濟和新的商業模式。

Our results clearly confirm that our strategy is working and that 2021 was a transformative year for Verizon, and it clearly sets us up for a high-impact year in 2022. We have now assembled the industry's most comprehensive portfolio of high-quality assets, leveraging our best-in-class technology to extend our network leadership to address more opportunities than anyone else in the market.

我們的結果清楚地證實了我們的戰略正在奏效，並且 2021 年對 Verizon 來說是變革性的一年，這顯然為我們在 2022 年奠定了高影響力的一年。我們現在已經整合了業內最全面的優質資產組合，利用我們一流的技術可擴展我們的網絡領導地位，以解決市場上比任何其他人都多的機會。

We're widely being recognized for both what we have accomplished. And for the 28th time in a row, J.D. Power ranked Verizon first for network quality. This is our 175th J.D. Power Network Quality Award in 18 years. At the same time, we continue to support our 4 stakeholders: shareholders, customers, employees and society as a responsible business.

我們所取得的成就都得到了廣泛的認可。 J.D. Power 連續第 28 次將 Verizon 評為網絡質量第一。這是我們 18 年來第 175 次獲得 J.D. 電網質量獎。同時，作為負責任的企業，我們繼續支持我們的 4 個利益相關者：股東、客戶、員工和社會。

Verizon leads the industry in sustainability. We are ranked ahead of our peers, both by the Drucker Institute and Just 100, and we are confident that our multi-stakeholder strategy will lead to long-term shareholder value.

Verizon 在可持續發展方面引領行業。我們在德魯克研究所和 Just 100 的排名中均領先於同行，我們相信我們的多利益相關者戰略將帶來長期的股東價值。

We have a team and expertise to lead the country into a vibrant mobile computing future. Verizon has the best engineers in the world, and they have built a world's foremost reliable and scalable network. This asset is the foundation and the catalyst for our accelerating growth.

我們擁有一支團隊和專業知識，可以帶領該國進入充滿活力的移動計算未來。 Verizon 擁有世界上最優秀的工程師，他們建立了世界上最可靠和可擴展的網絡。這項資產是我們加速增長的基礎和催化劑。

So we begin 2022 with a strong portfolio of assets. We're executing our 5G strategy, making great progress on our 5 vectors of growth and delivering a premier customer experience. This significant momentum sets us up for 2022 and beyond.

因此，我們在 2022 年開始時擁有強大的資產組合。我們正在執行我們的 5G 戰略，在我們的 5 個增長方向上取得了長足的進步，並提供了一流的客戶體驗。這種顯著的勢頭使我們為 2022 年及以後做好了準備。

Let me give an update on the financial and operation metrics. During 2021's first quarter, we set clear targets. As we close out 2021 and enter in 2022, I'm proud to report that we delivered on all of them plus some, and our achievements will only capitalize even greater value creation in 2022.

讓我更新一下財務和運營指標。在 2021 年第一季度，我們設定了明確的目標。隨著我們在 2021 年結束並進入 2022 年，我很自豪地報告說，我們已經完成了所有這些任務，而且我們的成就只會在 2022 年創造更大的價值。

On our January 19 C-band deployment, we covered more than 90 million POPs and millions of homes in more than 1,700 cities, well ahead of plan on making excellent use of the incremental capital spend to augment and accelerate our business opportunities.

在 1 月 19 日的 C 波段部署中，我們覆蓋了 1,700 多個城市的 9000 萬個 POP 和數百萬個家庭，遠遠超出了充分利用增量資本支出來增加和加速我們的商機的計劃。

Today, we cover more than 95 million POPs, as the team is progressing. We also brought more than 15,000 additional 5G Ultra Wideband small cells in service, exceeding our annual goal and nearly doubling our total 5G millimeter wave presence, increasing our fiber footprint to create a state-of-the-art multipurpose network.

今天，隨著團隊的進步，我們覆蓋了超過 9500 萬個 POP。我們還帶來了超過 15,000 個額外的 5G 超寬帶小型基站投入使用，超過了我們的年度目標，使我們的 5G 毫米波總存在量幾乎翻了一番，增加了我們的光纖足跡，以創建最先進的多用途網絡。

At our Investor Day last year, we said we would have 5% to 10% traffic in urban areas covered by millimeter wave. Today, we're almost at 10%. It's exceeding our expectation. This confirms our millimeter wave strategy.

在去年的投資者日，我們說我們將在毫米波覆蓋的城市地區擁有 5% 到 10% 的交通量。今天，我們幾乎達到了 10%。它超出了我們的預期。這證實了我們的毫米波策略。

All this sets stage for last week's Verizon Ultra Wideband launch. We're excited and pleased with what we have seen so far from customer reception to network performance. We have grown our network significantly. We finished 2021 with over 20 million households covered for our fixed wireless access solutions, and C-band adds millions more homes.

所有這些都為上週 Verizon 超寬帶的發布奠定了基礎。我們對迄今為止從客戶接待到網絡性能所看到的一切感到興奮和滿意。我們已經顯著擴大了我們的網絡。到 2021 年，我們的固定無線接入解決方案覆蓋了超過 2000 萬戶家庭，C 波段又增加了數百萬戶家庭。

For business, our initial C-band expansion will cover more than 1.7 million organizations with the Verizon 5G business Internet across 900 cities. We will reach new retail and business clients by offering a breadth of plan options that make our capabilities relevant to their lives.

對於企業，我們最初的 C 頻段擴展將覆蓋 900 個城市的 Verizon 5G 商業互聯網超過 170 萬個組織。我們將通過提供廣泛的計劃選項來接觸新的零售和商業客戶，使我們的能力與他們的生活息息相關。

Our new mix and match 4.0 offerings allow customers to pick the 5G plan they want with options for savings on home Internet. For businesses, we offer business unlimited offerings that bring choice and power to the professional market.

我們新的混合搭配 4.0 產品讓客戶可以選擇他們想要的 5G 計劃，以及節省家庭互聯網費用的選項。對於企業，我們提供無限的業務產品，為專業市場帶來選擇和力量。

In addition to our network achievements, we closed on 2 large strategic transactions in 2021. We sold Verizon Media Group to Apollo Global Management for $5 billion in a transaction that closed in September, retaining minority ownership. And in November, we completed our strategic acquisition of TracFone, positioning Verizon as the #1 provider within the value segment. This opportunity enabled us to deepen our relationship with new customers, while delivering more enhanced services.

除了我們的網絡成就外，我們還在 2021 年完成了 2 項大型戰略交易。我們在 9 月完成的交易中以 50 億美元的價格將 Verizon Media Group 出售給了 Apollo Global Management，保留了少數股權。 11 月，我們完成了對 TracFone 的戰略收購，將 Verizon 定位為價值領域的第一大供應商。這個機會使我們能夠加深與新客戶的關係，同時提供更優質的服務。

TracFone is being rapidly integrated into our operation. The acquisition added 20 million customers to our prepaid model and cements Verizon as a leading prepaid vendor at Walmart and Best Buy, forming a strong foundation for our retail efforts.

TracFone 正在迅速整合到我們的運營中。此次收購為我們的預付費模式增加了 2000 萬客戶，鞏固了 Verizon 作為沃爾瑪和百思買領先的預付費供應商的地位，為我們的零售業務奠定了堅實的基礎。

We also continue to reach new customers through bundled Internet telephone and television services. Fios Internet adds in 2021 were our best since 2014, and we continue to expand availability of the best-in-class service.

我們還通過捆綁的互聯網電話和電視服務繼續接觸新客戶。 Fios Internet 在 2021 年的新增功能是自 2014 年以來我們最好的，我們將繼續擴大一流服務的可用性。

Importantly, we strengthened our relationship with our customers, adding more connections, including more than 0.5 million new wireless postpaid phone net adds, while maintaining and cultivating our loyal, high-quality relationships.

重要的是，我們加強了與客戶的關係，增加了更多的連接，包括超過 50 萬個新的無線後付費電話網絡，同時保持和培養了我們忠誠、高質量的關係。

We provided additional value for our customers through our unique partnership strategy with the best brands that are meaningful to people, lives and businesses. This includes content partnership with NFL, Disney, Apple, Discovery and Niantic, to name a few.

我們通過與對人們、生活和企業有意義的最佳品牌的獨特合作戰略，為我們的客戶提供額外的價值。這包括與 NFL、迪士尼、蘋果、Discovery 和 Niantic 等的內容合作。

For businesses, we offer mobile edge compute capabilities, something we're first in the world with, alongside industry leaders like AWS, Google and Microsoft.

對於企業，我們與 AWS、谷歌和微軟等行業領導者一起提供全球首創的移動邊緣計算能力。

Disruptions to consumer and industrial supply chains throughout 2021 and extending into this year have affected all industries and brought digital connectivity to the central focus in the lives of our stakeholders. That said, Verizon has executed effectively under these conditions, as demonstrated by our successful network expansion and network service launches.

整個 2021 年並延續到今年，消費者和工業供應鏈的中斷影響了所有行業，並使數字連接成為我們利益相關者生活的中心焦點。也就是說，Verizon 在這些條件下有效地執行了這一點，我們成功的網絡擴展和網絡服務推出就證明了這一點。

Once again, our financial performance demonstrates that our strategy is working. Our focus on profitable volume continues to drive wireless service revenue growth of 4.7% in 2021. And in the fourth quarter, 74% of our customers subscribed to an unlimited plan compared to 71% in Q3. Just over 1/3 of our unlimited subscribers have unlimited premium. This leaves room for continued step-up expansion.

我們的財務表現再一次表明我們的戰略正在奏效。我們對盈利量的關注繼續推動無線服務收入在 2021 年增長 4.7%。在第四季度，我們 74% 的客戶訂閱了無限制計劃，而第三季度這一比例為 71%。超過 1/3 的無限訂閱者擁有無限保費。這為繼續加強擴張留下了空間。

Our multipurpose network and flexible plans will also encourage customers to upgrade handsets and devices. We saw quick adoption of 5G handsets throughout 2021 in anticipation on new services. 1/3 of our customers' handsets are now 5G-enabled compared to about 25% in the third quarter.

我們的多功能網絡和靈活的計劃也將鼓勵客戶升級手機和設備。我們看到 5G 手機在整個 2021 年快速採用，以期待新服務。我們客戶的手機中有 1/3 現在支持 5G，而第三季度這一比例約為 25%。

We raised our earnings per share and wireless service revenue guidance during the year and delivered on both, including 10% EPS growth. We promised also $10 billion in cost savings, and we delivered ahead of schedule. However, we continuously strive to more efficiently manage our business.

我們在年內上調了每股收益和無線服務收入指引，並實現了這兩個目標，包括 10% 的每股收益增長。我們還承諾節省 100 億美元的成本，而且我們提前交付了。然而，我們不斷努力更有效地管理我們的業務。

We generated strong cash flows to support our investments and financial commitment, and we delivered our 15th consecutive year of increased dividend payments, while maintaining a healthy balance sheet.

我們產生了強勁的現金流來支持我們的投資和財務承諾，我們連續第 15 年增加了股息支付，同時保持了健康的資產負債表。

As for our focus on ESG, Citizen Verizon has also delivered on its promises. We took action towards meeting our 2025 goals, including spending to support technology education and adoption to bridge digital divide and contracting for significant renewable energy capacity, positioning the company to achieve over 50% renewable energy goal by 2025.

至於我們對 ESG 的關注，Citizen Verizon 也兌現了承諾。我們為實現我們的 2025 年目標採取了行動，包括支出支持技術教育和採用以彌合數字鴻溝和簽訂合同以獲取大量可再生能源產能，使公司到 2025 年實現超過 50% 的可再生能源目標。

Matt will elaborate on our performance and 2022 guidance in detail. But we will target organic service and other revenue of around 3% as well as EBITDA growth of 2% to 3%.

Matt 將詳細闡述我們的業績和 2022 年指導方針。但我們的目標是實現約 3% 的有機服務和其他收入以及 2% 至 3% 的 EBITDA 增長。

With the right assets in place and a sound strategy to reach consumers and businesses with 5G capabilities and mobile edge computing on our multipurpose network, Verizon has unlimited potential. 2022 will demonstrate this.

Verizon 擁有合適的資產和完善的戰略，可以在我們的多功能網絡上通過 5G 功能和移動邊緣計算覆蓋消費者和企業，擁有無限的潛力。 2022 年將證明這一點。

Now I will turn the call over to Matt to walk you through our fourth quarter and full year performance in greater detail.

現在我將把電話轉給馬特，讓您更詳細地了解我們第四季度和全年的業績。

Thank you, Hans, and good morning, everyone. I'm pleased to be with you today to share our fourth quarter and full year 2021 results where we continue to deliver strong financial and operating performance.

謝謝你，漢斯，大家早上好。我很高興今天與您分享我們 2021 年第四季度和全年的業績，我們將繼續提供強勁的財務和運營業績。

Before I get into the 2021 results, let me add my own congratulations to the Verizon team for achieving our C-band build targets well ahead of schedule and for the successful commercial launch last week. The C-band deployment provides so many opportunities for us.

在我了解 2021 年的結果之前，讓我向 Verizon 團隊表示祝賀，他們提前實現了我們的 C 波段構建目標，並在上周成功進行了商業發布。 C波段的部署為我們提供了很多機會。

As Hans mentioned, our strategy is working, and these results demonstrate our ability to compete effectively to drive new high-quality customers to our platforms, while also serving our best-in-class customer base. We do this with the financial discipline that enables us to deliver attractive service revenue growth and profitability, as evidenced by another strong earnings performance with healthy cash generation. It starts with our award-winning networks, which enable both our consumer and business organizations to deliver the best products, services and experiences to customers.

正如 Hans 所說，我們的戰略正在奏效，這些結果表明我們有能力有效競爭，將新的高質量客戶吸引到我們的平台，同時也為我們一流的客戶群提供服務。我們通過財務紀律來做到這一點，使我們能夠提供有吸引力的服務收入增長和盈利能力，另一項強勁的盈利表現和健康的現金產生證明了這一點。首先是我們屢獲殊榮的網絡，使我們的消費者和商業組織能夠為客戶提供最好的產品、服務和體驗。

With the acquisition of TracFone, the deployment of C-band spectrum, new mix and match plans and the strongest and most innovative team in the industry, 2022 is positioned to be our best year yet.

隨著對 TracFone 的收購、C 波段頻譜的部署、新的混搭計劃以及業內最強大和最具創新性的團隊，2022 年將成為我們迄今為止最好的一年。

Let's take a look at these results beginning on Slide 6. In the fourth quarter, consolidated total revenue was $34.1 billion, down 1.8% from the prior year. Adjusting for the sale of Verizon Media Group on September 1, consolidated revenue grew 4.8%. Strong wireless service revenue growth and wireless equipment revenue were offset by continued declines in legacy wireline products.

讓我們看看從幻燈片 6 開始的這些結果。第四季度，合併總收入為 341 億美元，比上年下降 1.8%。根據 9 月 1 日出售的 Verizon Media Group 進行調整，綜合收入增長 4.8%。強勁的無線服務收入增長和無線設備收入被傳統有線產品的持續下滑所抵消。

Total wireless service revenue was up 6.5% for the quarter. The results were driven by a combination of ARPA and volume growth, consistent with our strategy and the contribution from the TracFone acquisition.

本季度無線服務總收入增長 6.5%。結果是由 ARPA 和銷量增長共同推動的，這與我們的戰略和收購 TracFone 的貢獻一致。

For the full year, wireless service revenue grew 4.7%, including TracFone, and was in line with the increased guidance we provided at the end of the third quarter when adjusted for the TracFone acquisition.

全年，包括 TracFone 在內的無線服務收入增長 4.7%，符合我們在第三季度末針對 TracFone 收購進行調整後提供的增加的指導。

Total Fios revenue was $3.2 billion and grew 5.7% for the fourth quarter driven by strong customer demand for our high-quality connectivity services. Full year Fios revenue was approximately $12.7 billion, up 4.6% over the prior year.

Fios 總收入為 32 億美元，第四季度增長 5.7%，這得益於客戶對我們高質量連接服務的強勁需求。 Fios 全年收入約為 127 億美元，比上年增長 4.6%。

Service and other revenue grew 2.6% in the fourth quarter, excluding the impact of the sale of Verizon Media, while on a reported basis, it declined 5.4% from the prior year.

第四季度服務和其他收入增長 2.6%，不包括出售 Verizon Media 的影響，而據報導，它比去年同期下降 5.4%。

Consolidated adjusted EBITDA in the fourth quarter was $11.8 billion, relatively flat compared to last year, as growth in Consumer was offset by declines in Business and the impact of the Verizon Media Group sale.

第四季度合併調整後 EBITDA 為 118 億美元，與去年相比相對持平，因為消費者增長被業務下滑和 Verizon Media Group 出售的影響所抵消。

Full year consolidated adjusted EBITDA totaled $48.4 billion, up 2.8% from the prior year. The adjusted EBITDA margin was 36.2%, down 50 basis points, primarily due to higher equipment revenues.

全年合併調整後 EBITDA 總計 484 億美元，比上年增長 2.8%。調整後的 EBITDA 利潤率為 36.2%，下降 50 個基點，主要是由於設備收入增加。

Earlier in the year and ahead of schedule, we achieved our $10 billion Business Excellence cost savings goal. We continue to drive efficiency in the business, while operating with the best cost structure in the industry and expect strong operating leverage as we execute across all of our 5 vectors of growth.

今年早些時候，我們提前實現了 100 億美元的卓越業務成本節約目標。我們繼續提高業務效率，同時以業內最佳的成本結構運營，並期望在我們執行所有 5 個增長向量時擁有強大的運營槓桿。

As Brady mentioned, for the fourth quarter, adjusted EPS was $1.31, up 8.3% year-over-year, demonstrating the strength of our business. For the full year, adjusted EPS of $5.39 was at the high end of our upwardly revised guidance range and is a 10% increase over 2020 results.

正如布雷迪所說，第四季度調整後每股收益為 1.31 美元，同比增長 8.3%，顯示了我們業務的實力。全年調整後每股收益為 5.39 美元，處於我們向上修訂的指導範圍的高端，比 2020 年的業績增長了 10%。

Now let's take a look at our consolidated metrics. The strength of our networks and brand, combined with our effective go-to-market strategy, are driving improved competitive performance in the market. We continue to expand our high-quality mobility base, with strong performance across consumer and business. At the same time, accelerating fixed wireless sales are complementing strong Fios results, expanding our broadband growth opportunity.

現在讓我們來看看我們的綜合指標。我們的網絡和品牌實力，加上我們有效的上市戰略，正在推動市場競爭表現的提高。我們繼續擴大我們的高質量移動基礎，在消費者和企業方面表現強勁。與此同時，加速固定無線銷售正在補充強勁的 Fios 業績，擴大我們的寬帶增長機會。

For the quarter, we delivered 558,000 wireless retail postpaid phone net adds, an increase over the 279,000 achieved during the same period last year. Postpaid phone churn for the quarter was 0.81%, roughly in line with the same period last year and better than pre-pandemic levels, reflecting the enduring loyalty of our customer base through ordinary and extraordinary times.

本季度，我們交付了 558,000 個無線零售後付費電話網絡，比去年同期的 279,000 個有所增加。本季度後付費電話流失率為 0.81%，與去年同期基本持平，好於疫情前的水平，反映了我們客戶群在平常和非常時期的持久忠誠度。

Total broadband net adds, which includes Consumer and Business Fios, DSL and fixed wireless, totaled 106,000, up 30,000 from the prior year. Fios Internet net adds were 55,000, another strong result.

包括消費者和企業 Fios、DSL 和固定無線在內的總寬帶淨增加量為 106,000，比上年增加 30,000。 Fios Internet 淨添加量為 55,000，這是另一個強勁的結果。

Even with a slight uptick in involuntary churn, we continue to experience exceptionally low Fios Internet churn, as customers trust the reliability of our network and value the simplicity of our mix and match pricing. Our full year Internet net adds of 360,000 represented the best annual performance since 2014, and we now have 6.9 million Fios Internet customers.

即使非自願流失率略有上升，我們的 Fios 互聯網流失率仍然非常低，因為客戶信任我們網絡的可靠性並重視我們混合和匹配定價的簡單性。我們全年互聯網淨增 360,000 是自 2014 年以來的最佳年度表現，我們現在擁有 690 萬 Fios 互聯網客戶。

Demand for our fixed wireless access services continue to grow, even before our C-band deployment. FWA net adds, which include both consumer and business fixed wireless products, totaled 78,000, up from 55,000 last quarter. This brings our total FWA customer base to approximately 223,000 at the end of the year.

對我們的固定無線接入服務的需求持續增長，甚至在我們部署 C 波段之前。 FWA 淨增加量（包括消費者和企業固定無線產品）總計 78,000 個，高於上一季度的 55,000 個。這使我們的 FWA 總客戶群在年底達到約 223,000 人。

Now let's turn to our Consumer group results. Fourth quarter represented another strong financial performance for Consumer, highlighted by our best Fios revenue growth in the 2.0 era, wireless service revenue momentum and healthy profitability. We are clearly seeing the benefits of a focused go-to-market organization.

現在讓我們轉向我們的消費者組結果。第四季度對消費者來說是另一個強勁的財務表現，突出體現在我們在 2.0 時代的最佳 Fios 收入增長、無線服務收入勢頭和健康的盈利能力。我們清楚地看到了專注於上市組織的好處。

Consumer operating revenue for the fourth quarter was $25.7 billion, up 7.4% year-over-year. Service and other revenue of $19.4 billion was up 5.2% versus the prior year due to strong wireless and Fios revenue growth and a partial quarter contribution from TracFone. As Brady mentioned, the net revenue change from TracFone was approximately $700 million in the quarter, which included incremental service revenue of approximately $500 million year-over-year.

第四季度消費者營業收入為 257 億美元，同比增長 7.4%。由於無線和 Fios 收入強勁增長以及 TracFone 的部分季度貢獻，服務和其他收入為 194 億美元，較上年增長 5.2%。正如布雷迪所說，TracFone 本季度的淨收入變化約為 7 億美元，其中包括同比增長約 5 億美元的服務收入。

For the full year, total consumer revenue increased 7.6% from a year ago to $95.3 billion, and service and other revenue rose 3.4% to $75.5 billion. Consumer wireless service revenue for the quarter rose 7.7% to $14.6 billion, reflecting ongoing step-ups into unlimited and premium plans as well as the contribution from TracFone.

全年，消費者總收入同比增長 7.6% 至 953 億美元，服務和其他收入增長 3.4% 至 755 億美元。本季度消費者無線服務收入增長 7.7% 至 146 億美元，這反映了無限制和高級計劃的持續升級以及 TracFone 的貢獻。

Postpaid ARPA increased 3.2% from the year ago period driven by a higher premium unlimited mix and growth from products and services, such as content, cloud and device protection plans.

後付費 ARPA 比去年同期增長 3.2%，這是由於更高的保費無限組合以及產品和服務（例如內容、雲和設備保護計劃）的增長。

For the full year, Consumer wireless service revenue was $56.1 billion, up 4.7% from 2020 levels. Consumer Fios revenue totaled $2.9 billion for the fourth quarter, up 5.6% from the year-ago period driven primarily by the strong growth in our broadband base.

全年，消費者無線服務收入為 561 億美元，比 2020 年的水平增長 4.7%。第四季度消費者 Fios 收入總計 29 億美元，同比增長 5.6%，主要受我們寬帶基礎強勁增長的推動。

For the quarter, EBITDA was $10.3 billion, up 4.1% year-over-year, or more than $400 million, driven by the service revenue growth. Margins were 40.3%, down 120 basis points from last year due to higher equipment revenues associated with increased volumes.

本季度，在服務收入增長的推動下，EBITDA 為 103 億美元，同比增長 4.1%，即超過 4 億美元。由於與銷量增加相關的設備收入增加，利潤率為 40.3%，比去年下降 120 個基點。

For the full year, EBITDA was $41.6 billion, up approximately $1.4 billion or 3.4% versus the prior year. Margins were 43.7%, down from 45.5% in the prior year as a result of the approximately 28% equipment revenue growth in the year.

全年 EBITDA 為 416 億美元，比上年增長約 14 億美元或 3.4%。由於當年設備收入增長約 28%，利潤率為 43.7%，低於上年的 45.5%。

Now let's turn to Slide 9 to discuss our Consumer operating metrics. Our flexible mix and match plans are at the heart of our go-to-market strategy, supporting continued strong demand for higher-tier premium mobility and broadband offerings.

現在讓我們轉到幻燈片 9 來討論我們的消費者運營指標。我們靈活的混合和匹配計劃是我們進入市場戰略的核心，支持對更高級別優質移動和寬帶產品的持續強勁需求。

Postpaid phone net adds were 336,000 in the quarter. We competed effectively during the holiday season, even as the switcher pool remains soft compared to pre-pandemic levels due to elevated retention promotions in the marketplace.

本季度後付費電話淨增加量為 336,000。我們在假期期間進行了有效的競爭，儘管由於市場上的保留促銷活動增加，切換台池與大流行前的水平相比仍然疲軟。

Fourth quarter phone gross adds were up approximately 11% compared to the same period last year, but were approximately 15% lower than the 2019 level. We continue to achieve strong customer retention with postpaid phone churn of 0.77% for the fourth quarter, relatively flat compared to the same period last year and well below pre-pandemic levels, even as trading volumes pick back up.

與去年同期相比，第四季度電話總量增長了約 11%，但比 2019 年的水平低了約 15%。我們繼續保持強勁的客戶保留率，第四季度的後付費電話流失率為 0.77%，與去年同期相比相對持平，遠低於大流行前的水平，即使交易量回升。

We maintained the momentum of attracting high-quality customers, with approximately 60% of new accounts taking a premium unlimited plan and over 1/3 of our base accounts now on a premium unlimited tier.

我們保持了吸引優質客戶的勢頭，大約 60% 的新賬戶採用高級無限計劃，超過 1/3 的基礎賬戶現在採用高級無限級別。

5G penetration continued to expand, with approximately 34% of our phone base now equipped with a 5G capable device at year-end. We expect to drive further 5G ultra wideband adoption with the launch last week of our C-band spectrum to more than 90 million POPs, combined with our updated mix and match offerings introduced earlier this month.

5G 滲透率繼續擴大，到年底，我們大約 34% 的手機群配備了支持 5G 的設備。我們預計，隨著我們上週推出的 C 波段頻譜超過 9000 萬個 POP，以及我們本月早些時候推出的更新混合和匹配產品，我們預計將進一步推動 5G 超寬帶的採用。

With the close of the acquisition, TracFone results are now included in Consumer prepaid. We finished the year as the nation's leading value segment provider, with approximately 24 million total prepaid customers, including the approximately 20 million customers acquired from TracFone.

隨著收購的結束，TracFone 結果現在包含在消費者預付費中。我們作為全國領先的價值細分供應商完成了這一年，擁有大約 2400 萬預付費客戶，其中包括從 TracFone 收購的大約 2000 萬客戶。

For the quarter, prepaid net customer losses totaled 85,000, which included 52,000 net losses on the TracFone businesses stemming from stronger demand for postpaid plans due to promos in that segment, coupled with handset supply constraint.

本季度，預付費客戶淨損失總計 85,000 人，其中包括 TracFone 業務的 52,000 人淨虧損，原因是該細分市場的促銷活動對後付費計劃的需求增加，以及手機供應受限。

Now let's move to Slide 10 to review the Business group result. Operating revenue for the business segment was $7.8 billion in the fourth quarter, down 3.0% year-over-year. We faced elevated pressures in the quarter in both public sector and wholesale, and we expect these pressures to moderate in 2022.

現在讓我們轉到幻燈片 10 來查看業務組結果。第四季度業務部門的營業收入為 78 億美元，同比下降 3.0%。我們在本季度面臨公共部門和批發業的巨大壓力，我們預計這些壓力將在 2022 年緩和。

Full year operating revenue was $31.0 billion, up slightly year-over-year, driven by strong wireless performance. Wireless service revenue increased 1.5%, and wireless equipment revenue was up 9.6% in the fourth quarter.

在強勁的無線性能的推動下，全年營業收入為 310 億美元，同比略有增長。第四季度無線服務收入增長 1.5%，無線設備收入增長 9.6%。

Wireless service revenue was driven by growth in small and medium business, and enterprise performance improved for the fourth consecutive quarter and was the highest growth since the start of the pandemic.

無線服務收入受中小型業務增長帶動，企業業績連續第四個季度有所改善，是疫情以來的最高增長。

While this was partially offset by a decline in public sector due to the elevated distance learning activity in the year ago period, our Verizon Frontline campaign is resonating with stakeholders, helping drive new customer growth. Wireline trends remain under pressure, as we continue to face prior year comps that included pandemic buying.

雖然由於去年同期遠程學習活動的增加，公共部門的下降部分抵消了這一點，但我們的 Verizon Frontline 活動正在引起利益相關者的共鳴，有助於推動新客戶的增長。有線趨勢仍然面臨壓力，因為我們繼續面臨包括大流行購買在內的上一年的競爭。

In addition, approximately 1/3 of our declines came from voice services, where we continue to feel the impact of our strategic initiative to exit the low-margin international wholesale voice market.

此外，我們約 1/3 的下降來自語音服務，我們繼續感受到我們退出低利潤國際批發語音市場的戰略舉措的影響。

Business segment EBITDA was $1.8 billion, down 7.4% from the same quarter last year. Business segment EBITDA margin was 23.5% in the quarter, reflecting pressure in legacy wireline products and our commitment to invest in new product growth and drive customer demand for our wireless solutions. Full year margins were 24.2%, down 120 basis points from last year.

業務部門 EBITDA 為 18 億美元，比去年同期下降 7.4%。本季度業務部門 EBITDA 利潤率為 23.5%，反映了傳統有線產品的壓力以及我們對投資新產品增長和推動客戶對我們的無線解決方案的需求的承諾。全年利潤率為 24.2%，比去年下降 120 個基點。

We exited the year with strong momentum in business activity and demand for our wireless products. With the recent launch of our C-band spectrum, we are in an even better position to serve the 5G needs of our Business customers throughout 2022.

我們以強勁的勢頭結束了今年的業務活動和對我們無線產品的需求。隨著我們最近推出的 C 波段頻譜，我們在 2022 年能夠更好地滿足商業客戶的 5G 需求。

For the quarter, phone gross adds were up approximately 22% year-over-year and 8% from 4Q 2019 levels. The fourth quarter represented the strongest quarterly phone gross add performance for small and medium business and enterprise since launching Verizon 2.0.

本季度，手機總增長量同比增長約 22%，比 2019 年第四季度的水平增長 8%。第四季度是自推出 Verizon 2.0 以來中小型企業和企業最強勁的季度電話總新增業績。

Segment postpaid phone churn was 1.01% in the quarter, which was up slightly over the prior year. As a result, total postpaid phone net adds were 222,000, our best quarterly performance since the onset of the pandemic.

本季度分部後付費電話流失率為 1.01%，比上年略有上升。結果，後付費電話淨增加量為 222,000，這是自大流行開始以來我們最好的季度表現。

Now let's move to our consolidated cash flow summary. Cash generation remains strong for 2021, as we achieved our financial targets and executed on our capital allocation plan. We spent over $45 billion on C-band spectrum and expanded our portfolio with the TracFone acquisition, all while increasing our dividend for the 15th straight year and making progress to maintain a healthy balance sheet.

現在讓我們轉到合併現金流摘要。隨著我們實現財務目標並執行資本分配計劃，2021 年的現金產生仍然強勁。我們在 C 波段頻譜上花費了超過 450 億美元，並通過收購 TracFone 擴大了我們的投資組合，同時連續第 15 年增加了我們的股息，並在保持健康的資產負債表方面取得了進展。

The business continues to generate strong cash flow. Cash flow from operating activities totaled $39.5 billion for the year, a decline of $2.2 billion. This result primarily reflects strong performance in the business, with increased adjusted EBITDA of $1.3 billion, offset by higher working capital from device payment receivables and slightly higher cash taxes.

該業務繼續產生強勁的現金流。全年經營活動產生的現金流總額為 395 億美元，減少了 22 億美元。這一結果主要反映了業務的強勁表現，調整後的 EBITDA 增加了 13 億美元，被設備支付應收賬款的營運資金增加和現金稅略有增加所抵消。

Capital spending in 2021 totaled $20.3 billion, as we continue to support traffic growth on our 4G LTE network, while initiating the first phase of C-band deployment covering 90 million POPs. C-band-related CapEx was approximately $2.1 billion in 2021. As a result, free cash flow for the full year was $19.3 billion, down from $23.6 billion in 2020.

2021 年的資本支出總額為 203 億美元，因為我們繼續支持 4G LTE 網絡的流量增長，同時啟動覆蓋 9000 萬個 POP 的第一階段 C 波段部署。 2021 年與 C 波段相關的資本支出約為 21 億美元。因此，全年自由現金流為 193 億美元，低於 2020 年的 236 億美元。

The highlights of our financing activity in 2021 was efficiently funding our C-band spectrum investment in the first quarter. Since then, we are focused on further optimizing our cash position and debt maturity profile, with activity to reduce or extend near-term maturities, while deploying excess cash to retire longer-dated high-coupon bonds.

我們在 2021 年的融資活動的亮點是有效地為第一季度的 C 波段頻譜投資提供資金。從那時起，我們專注於進一步優化我們的現金頭寸和債務到期狀況，減少或延長近期到期日，同時部署過剩現金以淘汰較長期的高息債券。

We accomplished this while maintaining ample flexibility to invest in our business, such as funding the recent TracFone acquisition. We are also active with our ABS funding program to finance the increased device payment receivables as consumers upgrade to 5G phones.

我們做到了這一點，同時保持了足夠的靈活性來投資我們的業務，例如為最近的 TracFone 收購提供資金。隨著消費者升級到 5G 手機，我們還積極參與 ABS 融資計劃，為增加的設備應收賬款提供資金。

We exited the year with $133.7 billion of net unsecured debt, a $3.7 billion reduction from the end of the first quarter. Our unsecured debt to adjusted EBITDA ratio was approximately 2.8x at year-end, in line with our 2021 Investor Day guidance. Our financing activities over the past 2 years have reduced our average portfolio borrowing cost by about 1%, as compared to 2019, albeit with higher debt levels.

我們以 1,337 億美元的淨無擔保債務結束了這一年，比第一季度末減少了 37 億美元。年底，我們的無擔保債務與調整後 EBITDA 比率約為 2.8 倍，符合我們 2021 年投資者日的指導。與 2019 年相比，我們在過去 2 年的融資活動使我們的平均投資組合借貸成本降低了約 1%，儘管債務水平較高。

Our cash balance at the end of the year was $2.9 billion, down approximately $7.0 billion sequentially, bringing us back to normal levels.

年底我們的現金餘額為 29 億美元，比上一季度減少約 70 億美元，使我們恢復到正常水平。

Let's move on to Slide 13 to discuss our outlook for 2022. We have great momentum from the strong operating and financial results last year and are well positioned heading into the new year, and that momentum is reflected in our guidance for 2022.

讓我們繼續幻燈片 13 討論我們對 2022 年的展望。我們從去年強勁的運營和財務業績中獲得了巨大的動力，並且在進入新的一年時處於有利地位，這種動力反映在我們對 2022 年的指導中。

We took many strategic actions to position the company for better growth, and our increased guidance disclosures provide greater insight into our financial outlook. At our Investor Day last year, we provided guidance of at least 3% service and other revenue for 2022 and 2023. For 2022, we expect organic service and other revenue growth of around 3%. On; a reported basis, which includes the net impact of the sale of Verizon Media Group and our ownership of TracFone, service and other revenue growth is expected to range between 1.0% and 1.5%.

我們採取了許多戰略行動來定位公司以實現更好的增長，我們增加的指導披露為我們的財務前景提供了更深入的了解。在去年的投資者日，我們為 2022 年和 2023 年提供了至少 3% 的服務和其他收入的指導。對於 2022 年，我們預計有機服務和其他收入將增長 3% 左右。在;報告的基礎，包括出售 Verizon Media Group 和我們對 TracFone 的所有權的淨影響，服務和其他收入增長預計在 1.0% 和 1.5% 之間。

Similarly, on a reported basis, wireless service revenue growth for 2022 is expected to be in the range of 9% to 10% driven by growth from our tiered unlimited strategy, the impact of the TracFone acquisition and the ramping fixed wireless access contribution. Excluding the impact of the TracFone acquisition, wireless service revenue is expected to grow at least 3%.

同樣，根據報告，2022 年的無線服務收入增長預計將在 9% 至 10% 的範圍內，這是由於我們的分層無限戰略的增長、TracFone 收購的影響以及固定無線接入貢獻的增加。排除收購 TracFone 的影響，無線服務收入預計至少增長 3%。

We expect total adjusted EBITDA to grow 2% to 3% in 2022 driven by top line growth and ongoing cost discipline. Full year adjusted earnings per share is expected to be $5.40 to $5.55.

在收入增長和持續成本紀律的推動下，我們預計 2022 年調整後的 EBITDA 總額將增長 2% 至 3%。全年調整後每股收益預計為 5.40 美元至 5.55 美元。

As the waterfall chart shows, we expect adjusted EBITDA growth, including a small positive net contribution from the TracFone and Media transactions, to be offset by headwinds from below-the-line items. These items include approximately $0.15 from our C-band investment, including higher depreciation and lower capitalized interest, as we put the spectrum into service; $0.07 share dilution as a result of shares issued in the TracFone acquisition; and other noncash impacts, such as D&A and pension and OPEB expense.

如瀑布圖所示，我們預計調整後的 EBITDA 增長，包括來自 TracFone 和 Media 交易的少量正淨貢獻，將被線下項目的不利因素所抵消。這些項目包括來自我們 C 波段投資的大約 0.15 美元，包括更高的折舊和更低的資本化利息，因為我們將頻譜投入使用；由於在 TracFone 收購中發行的股票而導致 0.07 美元的股票稀釋；以及其他非現金影響，例如 D&A 和養老金以及 OPEB 費用。

Our adjusted effective income tax rate is expected to be in the range of 23% to 25% based on current legislation.

根據現行立法，我們調整後的有效所得稅率預計在 23% 至 25% 之間。

Capital spending for the full year, excluding C-band, is expected to be between $16.5 billion and $17.5 billion, a decrease from the $18.2 billion in 2021, as we have started our progress towards lower capital intensity. C-band capital spend is anticipated to be between $5 billion to $6 billion, as we continue to build out the initial markets and begin preparations to deploying Phase II spectrum.

全年資本支出（不包括 C 波段）預計將在 165 億美元至 175 億美元之間，低於 2021 年的 182 億美元，因為我們已經開始朝著降低資本密集度邁進。隨著我們繼續建立初始市場並開始準備部署第二階段頻譜，C 波段的資本支出預計將在 50 億美元至 60 億美元之間。

For 2022, cash flow from operations are expected to be driven by higher operating income, offset by increased working capital from device payment receivables as well as higher cash taxes.

到 2022 年，運營現金流預計將受到更高的營業收入的推動，但被設備支付應收賬款增加的營運資金以及更高的現金稅所抵消。

We are extremely excited for 2022 and expect it to be our biggest year yet. The second wave of 5G is here, and we are leading the way into the future of connectivity. We have the necessary assets and strategy to unlock the full potential of our growth vectors.

我們對 2022 年感到非常興奮，並希望這將是我們迄今為止最大的一年。第二波 5G 已經到來，我們正在引領連接的未來。我們擁有必要的資產和戰略來釋放我們增長載體的全部潛力。

With that, I will hand it over to Hans to discuss our 2022 strategic priorities.

有了這個，我將把它交給漢斯來討論我們 2022 年的戰略重點。

Thank you, Matt. The assets are in place to make 2022 Verizon's best year yet. Coming off a catalyst year, we are excited to execute on our 5 vectors of growth and deliver the financial targets we laid out at our Investor Day back in March of last year.

謝謝你，馬特。這些資產已經到位，可以使 2022 年成為 Verizon 迄今為止最好的一年。在催化劑年結束後，我們很高興能夠執行我們的 5 個增長向量，並實現我們在去年 3 月的投資者日制定的財務目標。

We have clear priorities for the year. We will continue our legacy of disciplined execution and look forward to delivering against our operation and financial targets that Matt just outlined.

我們今年有明確的優先事項。我們將繼續我們嚴格執行的傳統，並期待根據馬特剛剛概述的我們的運營和財務目標來實現目標。

We expect organic service and other revenue growth of around 3% in 2022, and we also expect to increase EBITDA by 2% to 3%.

我們預計 2022 年有機服務和其他收入增長約為 3%，我們還預計 EBITDA 將增長 2% 至 3%。

We commit to strengthen and growing our core business and commercializing our unique assets. By combining our Verizon Ultra Wideband with the new mix and match plans, we can supercharge 5G Ultra Wideband adoption to enhance customer experiences and to increase average revenue per user.

我們致力於加強和發展我們的核心業務並將我們的獨特資產商業化。通過將我們的 Verizon 超寬帶與新的混合搭配計劃相結合，我們可以加速 5G 超寬帶的採用，以增強客戶體驗並增加每用戶的平均收入。

At the same time, we will continue to expand our fixed wireless access, positioning Verizon as a premier nationwide broadband provider. We believe that Verizon's fixed wireless access offering will drive the next leg of broadband growth, increasing our market share and reach.

同時，我們將繼續擴大我們的固定無線接入，將 Verizon 定位為全國領先的寬帶提供商。我們相信 Verizon 的固定無線接入產品將推動寬帶增長的下一階段，增加我們的市場份額和覆蓋範圍。

We will innovate in our business to business offerings, bringing mobile edge computing to our enterprise clients and transform the Internet of Things from a vision to reality. You should continue to expect us to sign new clients and provide examples on how the mobile edge compute is addressing the complex needs of our customers.

我們將創新我們的企業對企業產品，將移動邊緣計算帶給我們的企業客戶，並將物聯網從願景變為現實。您應該繼續期待我們簽署新客戶，並提供移動邊緣計算如何滿足客戶複雜需求的示例。

We will benefit from our leading position in the value segment. The integration of TracFone will form the basis of deep and productive relationships that can grow to meet our customers' changing needs throughout life.

我們將受益於我們在價值領域的領先地位。 TracFone 的整合將形成深厚而富有成效的關係的基礎，這種關係可以發展以滿足我們客戶在整個生命週期中不斷變化的需求。

We will continue to run Verizon as a purpose-driven organization. We will pursue C-band and 5G leadership because these technologies are critical for economic prosperity and driving innovation for all, not just for Verizon. We will continue to serve all of our stakeholders, shareholders, customers, employees and society. And lastly, I also hope to see you all again at our upcoming Investor Day on March 3.

我們將繼續將 Verizon 作為一個目標驅動的組織來運營。我們將追求 C 波段和 5G 的領先地位，因為這些技術對於經濟繁榮和推動所有人的創新至關重要，而不僅僅是 Verizon。我們將繼續為所有利益相關者、股東、客戶、員工和社會服務。最後，我也希望在即將到來的 3 月 3 日投資者日與大家再次見面。

With that, I hand it back to Brady.

有了這個，我把它還給了布雷迪。

Thank you, Hans. Brad, we're now ready to take questions.

謝謝你，漢斯。布拉德，我們現在可以回答問題了。

(Operator Instructions) Your first question comes from Brett Feldman of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Brett Feldman。

With regards to the guidance you've given for about 3% growth in service and other revenue, very similar to your growth target for just straight up wireless service revenue. Could you give us a little more insight as to what you anticipate to be the principal drivers?

關於您給出的服務和其他收入增長約 3% 的指導，這與您的無線服務收入直接增長目標非常相似。您能否讓我們更深入地了解您預期的主要驅動因素是什麼？

In other words, to what extent is this continuing to see people upgrade into higher-tier plans, meaning it's very much an ARPA driven story? And are we getting to a point where you're expecting a more material contribution in some of those emerging growth opportunities, whether it's fixed wireless or mobile edge compute?

換句話說，在多大程度上繼續看到人們升級到更高級別的計劃，這意味著它在很大程度上是一個由 ARPA 驅動的故事？我們是否已經到了您期望在一些新興增長機會中做出更多實質性貢獻的地步，無論是固定無線還是移動邊緣計算？

And then just one more sort of follow-up there on broadband. Now that we're starting to see the fixed wireless net adds begin to ramp, should we expect that they're going to be the predominant driver of your aggregate broadband net adds going forward? And could you give us some insight as to where those customers are coming from? In other words, are they primarily Verizon mobile customers taking a bundle? Are you actually reaching a new demographic?

然後只是寬帶上的另一種後續行動。現在我們開始看到固定無線網絡增加量開始增加，我們是否應該期望它們將成為您未來總寬帶網絡增加量的主要驅動力？你能給我們一些關於這些客戶來自哪裡的見解嗎？換句話說，他們主要是 Verizon 移動客戶捆綁嗎？你真的達到了一個新的人群嗎？

Okay. Thank you, Brett. Let me start and I will get some addition from Matt there. When it comes to the growth in 2022, first of all, I think we're coming in with a great momentum from 2021, both in our Business and in our Consumer units.

好的。謝謝你，布雷特。讓我開始吧，我會從 Matt 那裡得到一些補充。談到 2022 年的增長，首先，我認為從 2021 年開始，我們的業務和消費者部門都將以強勁的勢頭進入。

Both of them have done a great job at the end of last year topping that, of course, with the C-band launch, which we're very excited about, and we see a very, very good performance with our new offerings, both on the Business side and the Consumer side, with mix and match and all of that.

他們倆在去年年底都做得很好，當然，隨著 C 波段的推出，我們對此感到非常興奮，而且我們看到我們的新產品的表現非常非常好，在業務方面和消費者方面，混合搭配等等。

That's all great, of course, for us. What we feel is a great momentum coming into this year. And we also have the step-ups and, as you heard me and Matt talking, even though we are continuing to step up our customers, we even have more to do there. And we have a couple of years of more growth coming from that ARPA expansion.

當然，對我們來說，這一切都很好。我們感覺到今年的勢頭很大。而且我們也有升級，正如你聽到我和馬特談話的那樣，即使我們繼續加強我們的客戶，我們還有更多工作要做。我們有幾年的更多增長來自 ARPA 的擴張。

So coming into the year, we feel really good about the momentum we have, but also about opportunity in the market on the wireless market. Matt will come back.

因此，進入這一年，我們對我們所擁有的勢頭感到非常滿意，同時也對無線市場的機會感到非常滿意。馬特會回來的。

But on the broadband piece, just quickly then. We, of course, are very excited over the Fios broadband. What we saw last year was the best year since 2014. We will continue to expand the footprint, and because we have such a good performance on it and customers love it.

但在寬帶片上，就快了。當然，我們對 Fios 寬帶感到非常興奮。去年我們看到的是自 2014 年以來最好的一年。我們將繼續擴大足跡，因為我們在它上有這麼好的表現，客戶喜歡它。

And then on top of that, as I said, fixed wireless access is now coming into a totally different model. We have it on 4G. We have it on millimeter wave. And then, of course, turning on the C-band earlier this month, it just opened up new opportunities for us. Of course, we want to see fixed wireless access continue to grow for us, and this is a super focus for the team.

最重要的是，正如我所說，固定無線接入現在正在進入一個完全不同的模式。我們在 4G 上有它。我們在毫米波上有它。然後，當然，本月早些時候打開 C 波段，它為我們開闢了新的機會。當然，我們希望看到固定無線接入繼續增長，這是團隊的超級關注點。

And you asked where the customer comes. First of all, all the fixed wireless customers we have, they use this as the primary broadband solution for them. That's very important because that we see on the usage on them. So it's not a backup, or secondary line on fixed wireless access, it is the primary broadband usage.

你問客戶來自哪裡。首先，我們擁有的所有固定無線客戶，他們都將其用作他們的主要寬帶解決方案。這非常重要，因為我們看到了它們的用法。因此，它不是固定無線接入的備用線路或輔助線路，而是主要的寬帶用途。

And secondly, these customers are coming from basically cable and DSL areas where they are using that, so that's where we take them from. They are new to us as broadband customers, and sometimes they are new, new. They're not even wireless customers. So that's where we get them from right now. So -- and I think that, that's our sweet spot right now when we're a national broadband provider.

其次，這些客戶基本上來自他們使用它的電纜和 DSL 領域，所以這就是我們帶他們去的地方。作為寬帶客戶，他們對我們來說是新的，有時他們是新的，新的。他們甚至不是無線客戶。所以這就是我們現在得到它們的地方。所以 - 我認為，當我們是一家國家寬帶提供商時，這就是我們現在的最佳選擇。

So all in all, excited over getting into '22 with all the assets we have right now. And hey, what this talk over the year, we do all of that coming together so early in the year for us with C-band.

總而言之，帶著我們現在擁有的所有資產進入 22 年，我們感到很興奮。嘿，這一年的談話是什麼，我們在今年早些時候為我們與 C-band 一起完成了所有這些工作。

Yes. Thanks, Brett. So just a couple of follow-ups on the service and other revenues. So certainly, we're excited about all the new opportunities ahead of us, such as fixed wireless, as Hans mentioned, and the other 5 growth vectors. But as you think about 2022, that organic approximately 3% will largely be driven by the momentum we saw coming out of last year.

是的。謝謝，布雷特。因此，只需對服務和其他收入進行一些跟進。因此，當然，我們對擺在我們面前的所有新機遇感到興奮，例如 Hans 提到的固定無線網絡以及其他 5 個增長向量。但是，當您想到 2022 年時，大約 3% 的有機增長將在很大程度上受到我們去年看到的勢頭的推動。

On the Business side, very strong volumes in the second half of the year in SMB and Global Enterprise. It gives us a great platform to build on. I would expect the wireless service revenue growth in VBG to be above the 4.8% they did last year at or above that number. So we'll see the benefit of the strong second half coming through in VBG there.

在業務方面，今年下半年中小型企業和全球企業的銷量非常強勁。它為我們提供了一個很好的平台。我預計 VBG 的無線服務收入增長將高於去年的 4.8% 或高於該數字。因此，我們將在那裡看到 VBG 強勁的下半年帶來的好處。

On the Consumer side, as Hans mentioned, we have approximately 30% of our customers with -- on a premium unlimited tier, so we have the opportunity to set more customers up. And with the new plans we announced earlier this month, we give customers even bigger reasons for stepping up to those premium tiers.

在消費者方面，正如 Hans 所提到的，我們大約有 30% 的客戶擁有高級無限等級，因此我們有機會建立更多客戶。通過我們本月早些時候宣布的新計劃，我們為客戶提供了更多升級到這些高級級別的理由。

So that would be the major drivers of the growth during the year. When we get into the second half of the year, start to see fixed wireless, especially as that base grows. We'll start to contribute there, but really built on the great momentum we have, coupled with our activities over the past few weeks, gives us a lot of excitement as we think about '22.

因此，這將是今年增長的主要驅動力。當我們進入下半年時，開始看到固定無線，尤其是隨著基數的增長。我們將開始在那裡做出貢獻，但真正建立在我們擁有的巨大動力之上，再加上我們過去幾週的活動，讓我們在思考 22 年時感到非常興奮。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Maybe first follow-up on your subscriber momentum comment Hans. It seems like the industry in the fourth quarter slowed from -- seasonally from the pace earlier in the year, and you're typically much lower in the first quarter. Any reason to think that isn't the case this year?

也許首先跟進您的訂閱者勢頭評論漢斯。似乎第四季度的行業從今年早些時候的速度季節性放緩，而第一季度通常要低得多。有什麼理由認為今年不是這種情況？

And then second, the majority of the C-band deployment looks like it's going to be done this year. And is it fair to assume the remaining $2 billion to $3 billion happens in 2023? I think, Matt, your comment was that CapEx is beginning to come down on sort of an ex-C-band basis. Should we assume that next year might be even below this year's sort of $17 billion?

其次，大部分 C 波段部署看起來都將在今年完成。假設剩下的 20 億到 30 億美元發生在 2023 年是否公平？我認為，馬特，你的評論是資本支出開始在某種前 C 波段的基礎上下降。我們是否應該假設明年可能甚至低於今年的 170 億美元？

Thank you. On the -- compared to the environment, yes, we saw that in the fourth quarter. And when we are saying that we have the guidance for 2022, we continue to believe it's going to be competitive, but we have great assets.

謝謝你。在 - 與環境相比，是的，我們在第四季度看到了這一點。當我們說我們有 2022 年的指導時，我們仍然相信它將具有競爭力，但我們擁有巨大的資產。

And of course, what is different in the first quarter this year than for many other years is, of course, called 5G Ultra Wideband and C-band. That's a big difference. We are really excited over that announcement. And as you saw, we now cover more than 95 million POPs, and we have great offerings both for our Business customers and for our Consumers, and then topping that fixed wireless access and the mobility case.

當然，今年第一季度與其他許多年不同的是，當然，這就是所謂的 5G 超寬帶和 C 波段。這是一個很大的區別。我們對這一宣布感到非常興奮。正如您所看到的，我們現在覆蓋了超過 9500 萬個 POP，我們為我們的商業客戶和消費者提供了很好的產品，然後是固定無線接入和移動案例。

So -- and later on, we can come to talk about mobile edge compute because this also augment our potential in the mobile edge compute.

所以——稍後，我們可以來談談移動邊緣計算，因為這也增加了我們在移動邊緣計算方面的潛力。

Before I let Matt comment on the CapEx, I just want to say what Matt and I said at the Investor Day last year. We're going to see over the years right now that our capital intensity going down. And partly what you see in the BAU guidance, we do right now.

在我讓馬特評論資本支出之前，我只想說一下馬特和我去年在投資者日上所說的話。多年來，我們將看到我們的資本密集度下降。您在 BAU 指南中看到的部分內容，我們現在就在做。

We have done our fiber for a couple of years. We have done the majority of the long hauls, so to say. And we also see that with the 5G expansion on C-band, we clearly see over time an offset on the 4G that we can reduce on that. And much of the Verizon Intelligent Edge Network that is commonality from the data center to the edge, that also has been ongoing for a while, so that's why we are feeling good about the BAU coming down.

我們已經做了幾年光纖。可以這麼說，我們已經完成了大部分的長途跋涉。我們還看到，隨著 C 頻段的 5G 擴展，隨著時間的推移，我們清楚地看到 4G 上的偏移量可以減少。 Verizon 智能邊緣網絡的大部分從數據中心到邊緣都是通用的，這也已經持續了一段時間，這就是為什麼我們對 BAU 下降感到滿意的原因。

And then on the C-band, you're absolutely right. $10 billion is the amount we decided, and we told Kyle and the team to spend the faster you can because we want these assets up and running as soon as possible. And that's what you see the $5 to $6 right now, we do last year.

然後在 C 波段上，你是絕對正確的。 100 億美元是我們決定的金額，我們告訴凱爾和團隊盡快花費，因為我們希望這些資產盡快啟動並運行。這就是你現在看到的 5 到 6 美元，我們去年就是這樣做的。

So that's with a normal calculation that is roughly 2 left in the year to come. But when it comes to future guidance on CapEx, I think we have to wait for that. But clearly, our target is to continue to be very capital efficient all the time here.

所以這是一個正常的計算，在未來一年大約還剩下 2 個。但是，當談到未來對資本支出的指導時，我認為我們必須等待。但很明顯，我們的目標是始終保持資本高效。

Matt?

馬特?

Yes. No, I'll just reiterate a couple of those comments. I mean, absolutely, the -- we're sticking with the $10 billion of incremental. Very pleased with the aggressive pace that Kyle and team have been able to adopt there, which means that we see those -- what we did last year, plus $5 to $6 this year, leaves a fairly small amount to come through in 2023.

是的。不，我只是重申其中的一些評論。我的意思是，絕對，我們堅持100億美元的增量。對凱爾和團隊能夠在那裡採取的激進步伐感到非常滿意，這意味著我們看到了那些——我們去年所做的，加上今年 5 到 6 美元，在 2023 年剩下的金額相當小。

After that, the C-band becomes part of our BAU CapEx number as we add capacity to the network. And we -- as Hans mentioned, we've discussed for a while now the opportunities to see capital intensity come down, and we're starting to see those come through. And they will really accelerate really up on the back end of '23.

之後，隨著我們向網絡增加容量，C 波段成為我們 BAU 資本支出數字的一部分。而且我們 - 正如漢斯所說，我們已經討論了一段時間看到資本密集度下降的機會，我們開始看到這些機會出現。他們真的會在 23 年的後端真正加速。

But just one additional item in there. On the One Fiber build we've been doing at the end of 2021, we reached a point where we had just over 50% of the markets where we have completed the core network build. So there's only success based network build taking place in those 50% of the market over the course of the next couple of years. We'll completely complete the core build across all One Fiber market.

但那裡只有一個額外的項目。在 2021 年底我們一直在做的 One Fiber 構建中，我們達到了一個點，即我們已經完成了核心網絡構建的市場的 50% 以上。因此，在接下來的幾年中，在這 50% 的市場中，只有基於成功的網絡構建發生。我們將完全完成所有 One Fiber 市場的核心構建。

So you have that, you have the reduction in LTE spend as 5G starts to replace it in terms of carrying large amounts of capacity. Hans mentioned in his prepared remarks how much of the capacity millimeter wave has really started to pick up as well. And you can see there's a number of reasons why we feel good about capital intensity going forward here on the BAU.

因此，隨著 5G 開始在承載大量容量方面取代它，您可以減少 LTE 支出。漢斯在他準備好的講話中提到了多少容量毫米波也真正開始回升。您可以看到，我們對 BAU 未來的資本密集度感到滿意的原因有很多。

So we will be in a great place going forward. As you look at the spend for last year on C-band $2.1, that's obviously on a cash basis. On an incurred basis, the activity in November and December, a large part of that will show up as CapEx in the first quarter here when we pay for those items.

所以我們將在一個偉大的地方前進。當您查看去年在 C 波段 2.1 美元上的支出時，這顯然是以現金為基礎的。在發生的基礎上，11 月和 12 月的活動，當我們支付這些項目時，其中很大一部分將在第一季度顯示為資本支出。

So really strong momentum in terms of what the network team was doing last year. The flywheel is running at full speed now on the C-band build, and you see that with the activity this month so far.

就去年網絡團隊所做的事情而言，勢頭非常強勁。飛輪現在在 C 波段構建上全速運行，您可以在本月迄今為止的活動中看到這一點。

If I can follow up, Hans, on something you mentioned. I was thinking about anyway. You said that C-band becomes available, you have a lot of capacity. And does that change the way you go to market?

如果我可以跟進，漢斯，關於你提到的事情。反正我在想。你說C波段可用，你有很多容量。這會改變你進入市場的方式嗎？

Verizon hasn't been tight on capacity, but it hasn't been an excess position in a long time. And now you have all the C-band capacity. Does that change your desire to go chase market share?

Verizon 的產能並不緊張，但很長一段時間以來都沒有出現過剩。現在你擁有了所有的 C 波段容量。這會改變你追逐市場份額的願望嗎？

I think this is sort of the full strategy of Verizon coming together. This was what we envisioned when some of us was in a conference room in New York in 2018 and talking about Verizon intelligent Edge network. I wanted to build that in order to serve a market where capacity and connectivity is needed all across the network for all type of customers. And clearly, the C-band is just adding enormous lot of capacity for us.

我認為這是威瑞森聯合起來的完整戰略。這是我們中的一些人在 2018 年在紐約的一個會議室談論 Verizon 智能邊緣網絡時所設想的。我想構建它以便為所有類型的客戶在整個網絡中都需要容量和連接性的市場服務。很明顯，C 波段只是為我們增加了巨大的容量。

But don't forget the millimeter wave now. I mean, that strategy is really working for us as well because we take a lot of the high-volume areas with millimeter wave, which unleashed out the spectrum. And hey, we haven't even starting to do a carrier aggregation and using part of our spectrum yet coming into the 5G.

但是現在不要忘記毫米波。我的意思是，這種策略也確實對我們有用，因為我們用毫米波佔據了很多高容量區域，從而釋放了頻譜。嘿，我們甚至還沒有開始進行載波聚合併使用我們的部分頻譜進入 5G。

So I would say, clearly, we will be more aggressive on it, especially on fixed wireless access because we feel so good about the capacity management, and we have the best engineers in the industry. They have never failed the strategies that were put up.

所以我想說，很明顯，我們會在這方面更加積極，尤其是在固定無線接入方面，因為我們對容量管理感覺非常好，而且我們擁有業內最好的工程師。他們從未失敗過提出的策略。

So I feel really good about our capacity. We can go wherever we want. We have Tami and Manon, the 2 CEOs of our units, going hard on to all the products we have in all angles of the network. So yes, I think we feel really good about our capacities right now. And what the team is doing is just amazing.

所以我對我們的能力感覺很好。我們可以去任何我們想去的地方。我們有 Tami 和 Manon，我們部門的 2 位 CEO，他們在網絡的各個角度努力開發我們擁有的所有產品。所以是的，我認為我們現在對自己的能力感覺非常好。團隊正在做的事情真是太棒了。

The next question comes from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

Continuing on the C-band, first of all, I guess, for Hans, is it safe to say we've got the issues with the FAA behind us? And is there any sort of visibility on getting that -- the affected spectrum up and running and into production? And I guess a follow-on to that. Has that had any impact on your business thus far in the year?

繼續 C 波段，首先，我想，對於漢斯來說，可以肯定地說我們已經解決了 FAA 的問題嗎？是否有任何形式的可見性 - 受影響的頻譜啟動並運行並投入生產？我想這是一個後續。今年到目前為止，這對您的業務有什麼影響嗎？

And then I guess, following up on Phil's question. I mean, with the additional C-band capacity, should we expect sort of a more immediate change in trends, either on the mobile or fixed side? And I guess, from an incremental standpoint, did you really see a bigger change on the fixed side?

然後我猜，跟進菲爾的問題。我的意思是，隨著 C 波段容量的增加，我們是否應該期待趨勢的更直接的變化，無論是在移動端還是在固定端？而且我想，從增量的角度來看，你真的看到固定方面有更大的變化嗎？

How do you expect those net adds to ramp? You saw a nice sequential ramp in fixed wireless net adds going from the third quarter to fourth quarter. Should we expect that to continue as the C-band gets rolled out and your processes to get better and better? Or -- and at what point do you get to sort of a normalized run rate of fixed wireless sub growth?

您如何期望這些淨增加量增加？從第三季度到第四季度，您看到固定無線網絡增加量的連續增長。隨著 C 波段的推出以及您的流程變得越來越好，我們是否應該期望這種情況繼續下去？或者——你在什麼時候才能達到固定無線子增長的標準化運行率？

Thank you. So first of all, on the -- as you heard, our deployment on C-band has been extremely successful, basically deliver a quarter ahead, and the guys has brought up so much site that's just amazing.

謝謝你。所以首先，正如你所聽到的，我們在 C 波段上的部署非常成功，基本上提前了四分之一，而且這些人已經建立了這麼多令人驚嘆的網站。

Then you know also that voluntary, we agreed to not turn on some portion of the sites close to the airports, which is a smaller portion of the totality. I would say this is good progress. Everybody is focused. We have the highest assurance from the White House that this will be resolved very soon.

然後你也知道，自願的，我們同意不打開靠近機場的部分站點，這是整個站點的一小部分。我會說這是一個很好的進展。每個人都專注。我們得到白宮的最高保證，這將很快得到解決。

I follow this personally myself. But again, it's a smaller portion on the network. The big thing is it doesn't impact our business at the moment, meaning our customers that we can serve. But clearly, we want this to be resolved as soon as possible. So the pressure is on everybody involved to make this fixed.

我親自遵循這一點。但同樣，它是網絡上的一小部分。最重要的是它目前不會影響我們的業務，這意味著我們可以為我們的客戶服務。但顯然，我們希望盡快解決這個問題。因此，所有相關人員都面臨著解決此問題的壓力。

When it comes to fixed wireless access, yes, you're right. I mean, we have now, for a couple of years, learned all the way from billing, customer care, how to work with fixed wireless access. And I think that's a really good way for us to learn going into the second -- or into '22 when it comes to fixed wireless access. So of course, we have high ambitions internally for fixed wireless access, and the team is really well prepared.

當談到固定無線接入時，是的，你是對的。我的意思是，幾年來，我們已經從計費、客戶服務、如何使用固定無線接入等方面一路學習。我認為這是我們學習進入第二階段或進入 22 世紀固定無線接入的一個非常好的方法。所以當然，我們內部對固定無線接入抱有很高的抱負，團隊也做好了充分的準備。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

I was wondering if you could update us on the TracFone integration. What are you seeing so far? And what are the opportunities in '22 and beyond, particularly the synergy realization, how does that flow into 2022?

我想知道您是否可以更新我們有關 TracFone 集成的信息。到目前為止你看到了什麼？ 22 年及以後的機會是什麼，尤其是協同效應的實現，這將如何流入 2022 年？

And then on the EBITDA, I know, Matt, you mentioned the $10 billion program, and you continue to look at productivity. But how are you thinking about inflation presumably in retail stores, et cetera? You're facing some wage inflation. But how are you thinking overall about the ability to pull costs down in this sort of environment?

然後關於 EBITDA，我知道，馬特，你提到了 100 億美元的計劃，你繼續關註生產力。但是，您如何看待零售商店等可能出現的通貨膨脹？你正面臨一些工資膨脹。但是，您如何看待在這種環境下降低成本的能力？

Okay. I just need to correct myself. It's going so faster. So I said 90 million POPs covered with C-band. We have 95, as I said, as of today. So I just wanted to correct that. My colleagues here comment that I didn't remember that. It's going fast for us here.

好的。我只需要糾正自己。它走得這麼快。所以我說C波段覆蓋了9000萬個POP。正如我所說，截至今天，我們有 95 個。所以我只是想糾正它。我的同事在這裡評論說我不記得了。我們這裡進展得很快。

On TracFone, when we talked about the integration, as we took this over end of November, the team is doing a great job together. What we are doing from the Verizon side is, of course, bringing our platforms, the network, the products, the experience in IT and all of that. That's what we're bringing. That's where we bring synergies.

在 TracFone 上，當我們談到集成時，當我們在 11 月底接管時，團隊一起做得很好。我們在 Verizon 方面所做的當然是帶來我們的平台、網絡、產品、IT 經驗以及所有這些。這就是我們要帶來的。這就是我們帶來協同效應的地方。

Then, of course, we're going to have these brands serving their market in their way and seeing that we coexist together with them. So that is really what is bringing out then is some investments in the beginning as we have said. But over time, this should be a really good addition to us, and it will be incremental from the beginning.

然後，當然，我們會讓這些品牌以他們的方式服務於他們的市場，並看到我們與他們共存。因此，正如我們所說，這確實是在開始時帶來的一些投資。但隨著時間的推移，這對我們來說應該是一個非常好的補充，並且從一開始就會逐漸增加。

So I'm really excited with TracFone because now we serve the full market and being #1 in that segment as well. So it just plays into the overall thinking about our 5 vectors of growth, having more places to grow than anybody else in the market, and this is just another vector for us.

所以我對 TracFone 感到非常興奮，因為現在我們服務於整個市場，並且在該細分市場中也排名第一。所以它只是對我們 5 個增長向量的整體思考，比市場上任何其他人都有更多的增長空間，這對我們來說只是另一個向量。

Matt?

馬特?

Yes. So Simon, on your question around inflation, I mean, the -- as you mentioned, we successfully completed our cost reduction program by the end of the first quarter, 3 quarters ahead of target. That really puts us in a great place as you think about inflation because we haven't stopped our work on continuing to get more efficient just because we hit the target, but it really got that muscle developed, and the teams continue to look at ways to improve our processes, make them more efficient and also improve both the customer and employee experience.

是的。所以西蒙，關於你關於通貨膨脹的問題，我的意思是 - 正如你所提到的，我們在第一季度末成功完成了我們的成本削減計劃，比目標提前了 3 個季度。當您考慮通貨膨脹時，這確實使我們處於一個很好的位置，因為我們並沒有因為我們達到目標而停止繼續提高效率的工作，但它確實鍛煉了肌肉，團隊繼續尋找方法改善我們的流程，提高效率，同時改善客戶和員工體驗。

So the teams have continued strong targets in that space as we head into 2022. We all know inflation is out there. And certainly, we'll see some of that. The good news is that we have a good part of our cost bases tied to longer-term contracts, which means we're not necessarily going to see the full impact of inflation and at the same pace that other industries are seeing.

因此，隨著我們進入 2022 年，這些團隊在該領域繼續制定強有力的目標。我們都知道通貨膨脹已經存在。當然，我們會看到其中的一些。好消息是，我們的成本基礎中有很大一部分與長期合同相關，這意味著我們不一定會看到通貨膨脹的全部影響，而且與其他行業看到的速度相同。

But certainly, it's real. We'll take actions to address that. The guidance that we gave was based off our expectation for -- to see an uptick in inflation this year, and there's a number of levers we have if -- that we can pull if the situation evolves.

但可以肯定的是，它是真實的。我們將採取行動解決這個問題。我們給出的指導是基於我們對今年通脹率上升的預期，如果情況發生變化，我們有許多槓桿可以拉動。

The next question comes from David Barden of Bank of America.

下一個問題來自美國銀行的大衛巴登。

I wanted to -- first question, I wanted to follow up just quick on Simon's question on TracFone. The -- there's really going to be 3 phases, right? There's going to be the -- getting the handset cost into the hands of the non-Verizon wholesale customers. And then the second is going to be realizing the margin benefit for migrating those guys onto the network. And then the third piece is going to be kind of grooming those customers from the prepaid base into the postpaid.

我想——第一個問題，我想快速跟進西蒙關於 TracFone 的問題。 - 真的會有3個階段，對吧？將有 - 將手機成本交到非Verizon批發客戶手中。然後第二個是實現將這些人遷移到網絡上的邊際收益。然後第三部分將把這些客戶從預付費基礎引導到後付費。

And so I was wondering if you could kind of agree or disagree with that and kind of give a time table where we could start to maybe see those tailwinds in margins and postpaid phone nets merge.

所以我想知道你是否可以同意或不同意這一點，並給出一個時間表，我們可以開始看到利潤和後付費電話網絡合併的那些順風。

I think the second question I wanted to ask is just as the fixed wireless access becomes a bigger input to cable, thinking about the competitive interaction between telco and cable, and it's not fixed wireless access only, it's fiber investments. They are also kind of putting a pincer movement on them.

我想我想問的第二個問題是，隨著固定無線接入成為有線電視的更大投入，考慮到電信公司和有線電視之間的競爭互動，它不僅僅是固定無線接入，而是光纖投資。他們也在某種程度上對他們進行了箝制運動。

And given the maturity of the wireless business now, which has had extraordinarily low churn for a long time, now you're getting the kind of into year 4. I think we just saw Comcast Xfinity start to offer $400 retention initiatives. Temperature level in cable versus wireless, in particular, is something of concern.

鑑於現在無線業務的成熟度，很長一段時間內流失率都非常低，現在你正在進入第 4 年。我想我們剛剛看到 Comcast Xfinity 開始提供 400 美元的保留計劃。電纜與無線的溫度水平尤其值得關注。

Could you kind of -- maybe Hans give us your thoughts on how that's going to evolve? And is it going to evolve in a rational way? Or do we need to be concerned?

你能不能——也許漢斯給我們你關於這將如何演變的想法？它會以合理的方式發展嗎？還是我們需要擔心？

I'll start with the second question, and then Matt will walk you through a little bit on TracFone.

我將從第二個問題開始，然後 Matt 將向您介紹一些有關 TracFone 的內容。

Yes, on the market, as I said before, I mean, we compete well in a competitive market, and we prepare ourselves for that. And we think our offerings, both on wireless and fixed wireless access, including Fios, of course, is very strong.

是的，在市場上，正如我之前所說，我的意思是，我們在競爭激烈的市場中競爭得很好，我們為此做好了準備。我們認為我們在無線和固定無線接入方面的產品，當然包括 Fios，都非常強大。

Ultimately, we have a different recipe than many others. The best network, then we have all our partnerships that nobody else have. And finally, we have a great value proposition to our customer with mix and match where they can pick and choose. So that's why we feel really good going into this year.

最終，我們的食譜與許多其他人不同。最好的網絡，然後我們就擁有了其他人沒有的所有合作夥伴關係。最後，我們為客戶提供了一個很好的價值主張，可以在他們可以挑選的地方進行混搭。所以這就是為什麼我們今年感覺非常好。

And with everything we have been doing in the last couple of years, we know it's working. Our strategy is working here. And clearly, we have also the owner's economics on both wireless and broadband, which is different from anybody else basically, that we actually have this owner because we have built a network from the data center to the edge with commonality, the same type of equipment. And then at the edge, we decide what type of access points we have, depending on customer and solutions.

我們在過去幾年所做的一切，我們都知道它正在發揮作用。我們的策略在這裡奏效。很明顯，我們在無線和寬帶上也有所有者的經濟，這與其他任何人基本上不同，我們實際上有這個所有者，因為我們已經建立了從數據中心到邊緣的網絡，具有通用性，相同類型的設備.然後在邊緣，我們根據客戶和解決方案決定我們擁有什麼類型的接入點。

And then we give them different applications and bundles with Disney+, whatever or if there are other solutions. But I think that's unique for us. We have created that in the last 3 years, and that's why we sit here right now and feeling we're going to compete well in this market, even though it's competitive.

然後我們為他們提供不同的應用程序和 Disney+ 捆綁包，無論是否有其他解決方案。但我認為這對我們來說是獨一無二的。我們在過去 3 年中創造了這一點，這就是為什麼我們現在坐在這裡並感覺我們將在這個市場上很好地競爭，即使它很有競爭力。

Dave, on TracFone, so I think as you walk through the things you described there, certainly, over the course of the next 12 to 24 months, we'll have the ability to bring all of the TracFone base onto the Verizon network, and those customers get that step-up in performance that you would expect when they come over. So as you recall, roughly 2/3 of the TracFone base was already on the Verizon network, so the other 1/3 will get migrated there.

戴夫，在 TracFone 上，所以我認為當你瀏覽你在那裡描述的事情時，當然，在接下來的 12 到 24 個月的過程中，我們將有能力將所有 TracFone 基地帶到 Verizon 網絡上，並且這些客戶在他們過來時獲得了您所期望的性能提升。所以你還記得，大約 2/3 的 TracFone 基地已經在 Verizon 網絡上，所以另外 1/3 將被遷移到那裡。

The final piece you mentioned was about once you've migrated them over the ability to step them up to postpaid. And look, so those customers that want to step up to postpaid will be in a great position to do so with, as Hans mentioned, the mix and match structure given the customers options as they move over to postpaid.

您提到的最後一部分是關於一旦您將它們遷移到能夠將它們升級到後付費的能力。看，所以那些想要升級到後付費的客戶將處於一個很好的位置，正如漢斯所說，混合和匹配結構給了客戶在他們轉向後付費時的選擇。

But the TracFone acquisition wasn't based on bringing the ability to move more people over to postpaid. We want to have the best prepaid propositions in the marketplace. We can complement what was already in place with the owner's economics we have. And so we are in best position today. For customers who want to stay on prepaid, we're going to have the best offer. For those that want to move to postpaid, we can do that, too. And just very excited about the opportunities that we now have with the full ownership of the TracFone brand.

但收購 TracFone 並不是基於將更多人轉移到後付費的能力。我們希望擁有市場上最好的預付費方案。我們可以用我們擁有的所有者經濟來補充已經存在的東西。所以我們今天處於最佳位置。對於想要繼續預付的客戶，我們將提供最優惠的價格。對於那些想轉向後付費的人，我們也可以這樣做。並且對我們現在擁有 TracFone 品牌的全部所有權所擁有的機會感到非常興奮。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗的邁克爾·羅林斯。

I want to go back to a topic from earlier in the discussion about what's embedded in the '22 guidance. Specifically, what's the expectation for wireless postpaid industry phone growth in '22 and how that compares to '21? And how important is the industry growth in '22 in terms of volume for Verizon to hit the financial objectives that are set?

我想回到前面討論中關於 '22 指南中嵌入的內容的主題。具體來說，對 22 年無線後付費行業電話增長的預期是什麼，與 21 年相比如何？就 Verizon 實現設定的財務目標而言，22 年的行業增長在數量方面有多重要？

And then just separately, Hans, you made a mention of the macro mobile edge compute earlier. I'm just curious if there's an update to unpack the financial opportunities and contributions from that arena for Verizon.

然後，Hans，您之前提到了宏移動邊緣計算。我只是好奇是否有更新可以為 Verizon 解開該領域的財務機會和貢獻。

Yes. I'll start with the mobile edge compute. Now, as you have seen, we have a great progress on that. First of all, we have 3 different business cases on the same infrastructure again. We have the private mobile edge compute. We have the public mobile edge compute. And we have 5G network.

是的。我將從移動邊緣計算開始。現在，正如你所見，我們在這方面取得了很大進展。首先，我們在同一個基礎設施上再次有 3 個不同的業務案例。我們有私有的移動邊緣計算。我們有公共移動邊緣計算。我們有5G網絡。

That's what we're working on right now, and they are a little bit different use cases, of course, of all of them. Some are a little bit more B2B to C and some are really B2B.

這就是我們現在正在做的事情，當然，它們都是一些不同的用例。有些是 B2B 到 C，有些是真正的 B2B。

What we are doing right now is, of course, bringing all that live together with our partners, and we have the 3 largest web-scale players in the industry working with us on all of this. And suddenly, we start seeing, with every announcement that you see in the market, if it's IoT solutions or metaverse solution, I mean, that's what we built the network in mobile edge compute. So this year, I'm looking for taking many of our proof-of-concept together with large enterprises and application developers to commercial deals.

當然，我們現在正在做的是將所有這些都與我們的合作夥伴一起生活，並且我們擁有業內最大的 3 家網絡規模的參與者與我們合作解決所有這些問題。突然之間，隨著您在市場上看到的每一個公告，我們開始看到，如果它是物聯網解決方案或元界解決方案，我的意思是，這就是我們在移動邊緣計算中構建網絡的原因。所以今年，我希望將我們的許多概念驗證與大型企業和應用程序開發人員一起用於商業交易。

If you would put that in timing, I would say the fixed wireless access is a little bit earlier, as we said all the time. The mobility case is first on 5G, then fixed wireless access, and we talked a lot about that and then mobile edge compute.

如果你把它放在時間上，我會說固定無線接入要早一點，就像我們一直說的那樣。移動性案例首先是 5G，然後是固定無線接入，我們對此進行了很多討論，然後是移動邊緣計算。

So you're going to see more about us gaining and winning a lot of businesses because we are the only one in the market in the mobile edge compute. So that's what you're going to see in '22. And then, of course, we're going to build up our revenue base going into '23.

因此，您將看到更多關於我們獲得併贏得大量業務的信息，因為我們是移動邊緣計算市場上唯一的一家。這就是你將在 22 年看到的。然後，當然，我們將在 23 年建立我們的收入基礎。

Mike, on your first question around the guidance on the revenue, so specifically, is it from a volume standpoint? When I look at the business segment, we saw very strong performance by that group in the second half of the year. We're excited about the momentum they have. We assume that they will continue to perform strongly from that standpoint into 2022, and as you heard earlier, expect them to be at least at the service revenue growth from '21 or above. So that will be driven by continued strength in SMB and Global Enterprise.

邁克，關於您關於收入指導的第一個問題，具體來說，是從數量的角度來看嗎？當我查看業務部門時，我們看到該集團在下半年的表現非常強勁。我們對他們的勢頭感到興奮。我們假設從這個角度來看，到 2022 年它們將繼續表現強勁，正如您之前聽到的，預計它們至少會達到 21 年或更高的服務收入增長。因此，這將受到 SMB 和全球企業持續實力的推動。

And then on the Consumer side, we assume that the switcher pool will continue to be constrained based off the activity in the marketplace. We will continue to be very strong in terms of customer retention, and we have the opportunity to step customers up.

然後在消費者方面，我們假設切換台池將繼續受到市場活動的限制。我們將繼續在客戶保留方面非常強大，我們有機會提升客戶。

And you saw us do that last year. And now we have the additional opportunities that come with that, with the new mix and match plans on C-band. So we have great opportunity there.

去年你看到我們這樣做了。現在我們有了更多的機會，那就是 C 波段的新混搭計劃。所以我們在那裡有很好的機會。

But as I say, we assume the switcher pool will continue to be -- continue to show some limitations just because of some of the other activity out there. But even with that, we think we'll have very strong service revenue growth next year. And then we bring fixed wireless access on top of that, as you think about getting into the back end of the year in subsequent periods. So very excited about the momentum that we see from a revenue standpoint.

但正如我所說，我們假設切換台池將繼續存在 - 繼續顯示一些限制，只是因為存在一些其他活動。但即便如此，我們認為明年我們將有非常強勁的服務收入增長。然後我們會在此基礎上引入固定無線接入，因為您考慮在隨後的時期進入年底。從收入的角度來看，我們對這種勢頭感到非常興奮。

The next question comes from Colby Synesael of Cowen.

下一個問題來自 Cowen 的 Colby Synesael。

It's Greg Williams sitting in for Colby. Two questions, if I may. One is on your 2022 free cash flow. I realize you're not guiding to it. But with EBITDA guiding up 2% to 3% and CapEx, call it, $22.5 billion at the midpoint, we see free cash flow coming in around $20 billion to $21 billion.

這是格雷格威廉姆斯坐在科爾比。兩個問題，如果可以的話。一個是你 2022 年的自由現金流。我意識到你沒有指導它。但隨著 EBITDA 增長 2% 至 3% 和資本支出（稱為中點 225 億美元），我們預計自由現金流將達到 200 億至 210 億美元左右。

Obviously, the big bogey here is CapEx. The ranges could be up to $2 billion, including C-band. Can you help us with the proper framework on the free cash flow set up in '22, the puts and takes, the working capital you mentioned working capital drag on 5G phones? What could that drag be? And pension and how we should think about it?

顯然，這裡的大忌是資本支出。範圍可能高達 20 億美元，包括 C 波段。您能否幫助我們制定 22 年建立的自由現金流的適當框架、看跌期權、您提到的 5G 手機上的營運資金拖累營運資金？那阻力是什麼？而養老金又該如何思考呢？

Then the second question just on rising rates. With the expectations of the 10-year eclipsing 2%, how do rising rates change your view on capital allocation and your leverage target?

然後是關於利率上升的第二個問題。在 10 年期超過 2% 的預期下，利率上升將如何改變您對資本配置和槓桿目標的看法？

Yes. So thanks for the questions, Greg. So on the free cash flow for 2022, it starts with the strong cash generation from the business with the EBITDA, and you saw the EBITDA guide, plus 2% to 3%, driven from growth at the top line. That puts us in a good place.

是的。所以謝謝你的問題，格雷格。因此，就 2022 年的自由現金流而言，它始於 EBITDA 業務產生的強勁現金，你看到了 EBITDA 指南，加上 2% 至 3%，這是由收入增長驅動的。這使我們處於一個好地方。

But I do expect we'll see working capital increase next year as we continue to support our customer activity, especially related to the device payment plans. Also as revenues and profitability increases, cash taxes have a nasty habit of increasing as well. So that will, of course, be in the CFFO.

但我確實預計明年我們會看到營運資金增加，因為我們將繼續支持我們的客戶活動，特別是與設備支付計劃相關的活動。此外，隨著收入和盈利能力的增加，現金稅也有增加的令人討厭的習慣。當然，這將在 CFFO 中。

And then as you get down to free cash flow, as you mentioned, the CapEx will play in there. We said last year we'd spend that incremental $10 billion over 3 years. We're going to see the biggest part of that come through this year.

然後，正如您所提到的，當您開始考慮自由現金流時，資本支出將在那裡發揮作用。我們去年說過，我們將在 3 年內花費增加的 100 億美元。我們將在今年看到其中最大的一部分。

But you're also seeing the rest of the CapEx number being lower year-over-year. That range of $16.5 million to $17.5 million versus $18.2 billion, we've done not just last year, but the last 2 years. So you'll see that come through.

但你也看到其餘的資本支出數字同比下降。從 1650 萬美元到 1750 萬美元與 182 億美元的範圍，我們不僅在去年做到了，而且在過去 2 年也做到了。所以你會看到它通過。

And really kind of linking that with your second question, but what you really see is our ability to execute across all parts of the capital allocation model, invest in the business with the -- not just the buying the spectrum, but accelerating the deployment of it, investing in TracFone, at the same time increasing the dividend for the 15th year in a row, continuing to strengthen the balance sheet.

真的有點將它與你的第二個問題聯繫起來，但你真正看到的是我們在資本分配模型的所有部分執行的能力，投資於業務的能力——不僅僅是購買頻譜，而是加速部署它投資於 TracFone，同時連續第 15 年增加股息，繼續加強資產負債表。

We said at the Investor Day last year our leverage ratio would be about 2.9x at the end of first quarter with all the financing for the spectrum, and we'd be at 2.8x by the end of the year. We hit that target. So you see already coming down while doing that additional spend. So certainly excited about the opportunities that the cash generation of the business give us.

我們在去年的投資者日表示，在第一季度末我們的槓桿率約為 2.9 倍，所有融資都用於頻譜，到年底我們將達到 2.8 倍。我們達到了那個目標。因此，在進行額外支出時，您會看到已經下降。所以肯定對業務產生的現金給我們帶來的機會感到興奮。

And then as you think about rising rates, the team has done a great job of maximizing the debt portfolio. You see that in the interest expense. The majority of our debt is fixed rate, so it would take interest rates being at elevated levels for a long time period for that to flow through into our debt complex.

然後，當您考慮利率上升時，該團隊在最大化債務組合方面做得很好。您可以在利息支出中看到這一點。我們的大部分債務都是固定利率的，因此利率需要在很長一段時間內處於較高水平才能流入我們的債務綜合體。

So I think the way that we're managing the debt profile means that the higher rate environment will not cause us to change how we think about capital allocation model here. And certainly, we're focused on continuing to execute aggressively against all of the pillars of the model.

所以我認為我們管理債務狀況的方式意味著更高的利率環境不會導致我們改變我們對資本配置模型的看法。當然，我們專注於繼續針對模型的所有支柱積極執行。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

I want to return to some of the comments you made about fixed wireless. How should we think about fixed wireless? Is it primarily an opportunity to generate revenue on the 5G platform because it's available? Or is it primarily a play toward convergence and selling a bundle of wireless and home access across not just your wireline footprint, but across the whole country?

我想回到你對固定無線的一些評論。我們應該如何看待固定無線？它主要是因為 5G 平台可用而產生收入的機會嗎？或者它主要是為了融合和銷售一攬子無線和家庭接入，不僅在您的有線足跡，而且在整個國家？

And sort of on that latter point, how do you envision the sale evolving? Do you expect that a converged offering to households is going to become the norm for the industry?

關於後一點，您如何看待銷售的演變？您是否認為面向家庭的融合產品將成為該行業的常態？

Thank you for the question. First of all, I think what we have designed this network and our go-to-market is optionality for our customers. If the market goes to more convergence, definitely, we will be there. We're going to be nationwide with broadband, and we're going to be nationwide with wireless.

感謝你的提問。首先，我認為我們設計這個網絡和我們的市場是我們客戶的選擇。如果市場更加趨同，我們肯定會在那裡。我們將在全國范圍內使用寬帶，我們將在全國范圍內使用無線。

If a standalone business, we can do that as well because we have the scale right now, all the way from our network to our capacity, to our IP, to our go-to-market, customer care, all the way we have scale. So we are just playing with the -- where the market is going and giving the optionality.

如果是一家獨立的企業，我們也可以這樣做，因為我們現在擁有規模，從我們的網絡到我們的容量、到我們的 IP、到我們的上市、客戶服務，一直到我們都有規模.所以我們只是在玩 - 市場走向並給予選擇權。

The same goes for our content deals. I mean, trying to see that our customers can pick and choose what they want and see if they want it. They can keep it or they can continue with it.

我們的內容交易也是如此。我的意思是，試圖看到我們的客戶可以挑選他們想要的東西，看看他們是否想要。他們可以保留它，也可以繼續使用它。

So all in all, with our mix and match, our network, everything is set up for optionality of customer choice. We are the company that can give some customer choice, and then we have economies of scale in either of the solution.

總而言之，通過我們的混合搭配，我們的網絡，一切都是為客戶選擇的選擇性而設置的。我們是可以給客戶一些選擇的公司，然後我們在任何一種解決方案中都有規模經濟。

So if the market go convergence, we're going to be there. If it's go separate, we're going to be there, and we're going to have economies of scales of both of them. And it will increase our leverage when it comes to profitability because it's one network, it's one way to go to the market for us regardless of.

因此，如果市場趨於一致，我們將在那裡。如果它分開，我們將在那裡，我們將擁有兩者的規模經濟。它會增加我們在盈利方面的影響力，因為它是一個網絡，無論如何它都是我們進入市場的一種方式。

The next question is from Peter Supino of Bernstein.

下一個問題來自 Bernstein 的 Peter Supino。

Two questions, if I could. Matt, I'd love to hear a bit more about the 2022 guidance for organic service revenue growth of 3% relative to EBITDA growing just a little bit slower. I'm wondering where the deleverage is in the model for 2022 and when you might expect to see the operating leverage that you mentioned in your prepared remarks.

兩個問題，如果可以的話。馬特，我很想听到更多關於 2022 年有機服務收入增長 3% 相對於 EBITDA 增長稍慢一點的指導。我想知道 2022 年模型中的去槓桿化在哪裡，以及您何時可能會看到您在準備好的評論中提到的運營槓桿。

And then Hans, just to follow up on Craig's question about fixed wireless access. You're in the last year of using EDLP broadly in Fios and then providing 50% off of fixed wireless access for Verizon premium unlimited.

然後是 Hans，只是為了跟進 Craig 關於固定無線接入的問題。您在 Fios 中廣泛使用 EDLP，然後為 Verizon 高級無限提供 50% 的固定無線訪問折扣。

And so it seems like your marketing is behaving in a way that's very focused on driving bundling ratios. I'm wondering if you think that's the right interpretation. And if it is, when might you be more focused on pricing in the broadband business?

因此，您的營銷似乎以一種非常專注於推動捆綁比率的方式行事。我想知道你是否認為這是正確的解釋。如果是，您什麼時候可以更關注寬帶業務的定價？

Peter, so I'll start off with the -- taking a look at your question around the '22 guidance. So certainly expect wireless service revenue to have another good year starting with the momentum we have coming out of '21, both in Business and in Consumer. And then we add obviously to that bringing TracFone in and also with the C-band and the new mix and match pricing, so we feel good there.

彼得，所以我將開始 - 看看你關於 '22 指南的問題。因此，從我們 21 年以來的勢頭開始，無論是在商業領域還是在消費者領域，我們當然希望無線服務收入再創佳績。然後我們很明顯地添加了 TracFone 以及 C 波段和新的混合和匹配定價，所以我們感覺很好。

We would expect in the legacy wireline business to see the -- some of the secular trends that we've been experiencing for a number of years now continue, providing an offset in there. And you see the impact of that also as you think about the profitability.

我們希望在傳統的有線業務中看到 - 我們多年來一直經歷的一些長期趨勢現在仍在繼續，在那裡提供了抵消。當您考慮盈利能力時，您也會看到其影響。

But certainly, the 2% to 3% on EBITDA we think is -- shows that the business continues to grow, continues to increase the cash generation. And as we bring C-band online and execute across all 5 vectors of growth, we have opportunities to see that margin line expand even further in subsequent years as we go here.

但可以肯定的是，我們認為 EBITDA 的 2% 到 3% 表明業務繼續增長，現金產生量繼續增加。隨著我們將 C 波段上線並在所有 5 個增長向量中執行，我們有機會看到利潤率線在接下來的幾年裡進一步擴大。

So the margin growth, the cash flow growth across the business should continue to be strong not just in '22, but for a number of years out.

因此，整個業務的利潤率增長和現金流增長不僅在 22 年，而且在未來數年都應該繼續保持強勁。

Hans, do you want to speak to fixed wireless?

漢斯，你想和固定無線通話嗎？

Yes, I will answer on the fixed wireless access. First of all, I think we have not changed our long-term strategy to be financial disciplined when it comes to our customer acquisitions. We are focused on high-quality customers, and we will continue to do so.

是的，我會回答關於固定無線接入的問題。首先，我認為在獲取客戶方面，我們並沒有改變我們的長期戰略，以保持財務自律。我們專注於優質客戶，我們將繼續這樣做。

Our team is extremely methodical when it comes to do these offerings and see the long-term benefit for us and for the customer and what we give them.

我們的團隊在提供這些產品時非常有條不紊，並看到了我們和客戶的長期利益以及我們為他們提供的東西。

As I said, right now, in our fixed wireless access, we have this bundle to see if that is what the market wants to have. But again, we have optionality with the pricing. We can do it standalone or we can do it together with our premium on wireless.

正如我所說，現在，在我們的固定無線接入中，我們有這個捆綁包，看看這是否是市場想要的。但同樣，我們可以選擇定價。我們可以獨立完成，也可以與我們的無線高級版一起完成。

And I think all in all, again, we have owner's economics on both of them, so it should be possibly financially for us. And again, the team is very convinced that we have a really, really good formula here.

而且我認為總而言之，我們對它們都有所有者的經濟學，所以這對我們來說應該是財務上的。再一次，團隊非常相信我們在這裡有一個非常非常好的公式。

And I have all the confidence in my Consumer team, but don't forget the Business team. The Business team is doing fixed wireless access as well, and they're doing mobility as well, and they have a great opportunity. Again, we use our platforms, the long-term strategy we have put in, in order to be using sort of the same type of solutions to our customer base and that we can scale, and that's why we can do the guidance we do right now for 2022 and feeling good about it.

我對我的消費者團隊充滿信心，但不要忘記業務團隊。業務團隊也在做固定無線接入，他們也在做移動，他們有很好的機會。再次，我們使用我們的平台，我們制定的長期戰略，以便為我們的客戶群使用相同類型的解決方案並且我們可以擴展，這就是為什麼我們可以做我們正確的指導現在是 2022 年，感覺很好。

Your final question for today will come from Tim Horan of Oppenheimer.

您今天的最後一個問題將來自奧本海默的蒂姆霍蘭。

Can we talk about the C-band build out a little bit more? The $10 billion in total spend, will you have basically all your cell sites built with that is done? And will all the spectrum be online?

我們可以多談談 C 波段的構建嗎？ 100 億美元的總支出，你基本上所有的蜂窩基站都用它建成了嗎？所有的頻譜都會在線嗎？

And I guess, that's the same question for the 95 million POPs. So you have most of the cell sites built in those locations. And maybe what percentage of the spectrum is online?

我想，這對於 9500 萬個持久性有機污染物來說也是同樣的問題。因此，您在這些位置建立了大部分蜂窩站點。也許有多少百分比的頻譜在線？

And then on the C-band, can you give us an idea now that you're operating and what the increase in overall capacity is? The latency maybe, other measurements would be helpful.

然後在 C 波段，您現在可以給我們一個想法，您正在運營以及整體容量的增加是多少？延遲可能，其他測量會有所幫助。

I'll let Matt start because I forgot the many questions. I have so many things in my head.

我會讓馬特開始，因為我忘記了很多問題。我腦子裡有很多東西。

Tim, so on the C-band build, so look, certainly, we are not complete with coverage from a build standpoint with the initial $10 billion. The $10 billion is incremental. As I said, once we've spent the $10 billion, ongoing C-Band build becomes part of our BAU CapEx. And you heard our comments earlier around expectation for continued improved capital intensity.

蒂姆，等等 C 波段的構建，所以看，當然，從最初 100 億美元的構建的角度來看，我們還沒有完成覆蓋。 100億美元是增量的。正如我所說，一旦我們花費了 100 億美元，正在進行的 C 波段建設就成為我們 BAU 資本支出的一部分。你早些時候聽到了我們對資本密集度持續提高的預期的評論。

So -- but certainly, within the $10 billion is helping us build out significant parts of the first 46 markets, the ones we got access to and turned on last week and also begin the early build in the other markets that are scheduled be turned on in December of '23.

所以——但可以肯定的是，在 100 億美元中，我們正在幫助我們建立前 46 個市場的重要部分，這些市場是我們上週進入並開啟的，並且還開始在計劃開啟的其他市場中進行早期建設23 年 12 月。

So we'll get a substantial part of the coverage for C-Band built with the $10 billion, certainly not the whole thing. But then as we do that, traffic moves off of the LTE network so our need to continue to spend on capacity and the LTE network comes down, that's how we'll continue to fund the C-band build going forward as a result of those other efficiencies. So hopefully, that provides a little more detail.

因此，我們將獲得用 100 億美元構建的 C-Band 的大部分覆蓋範圍，當然不是全部。但是當我們這樣做時，流量會離開 LTE 網絡，因此我們需要繼續在容量上花費，而 LTE 網絡會下降，這就是我們將繼續為 C 波段建設提供資金的方式，因為這些其他效率。因此，希望這能提供更多細節。

Hans, if you have any...

漢斯，如果你有...

No. The only addition I would do is, of course, that when it comes to this initial build, I mean, the vast, vast majority is on sites we already have. We have said it before, it's the same grid as the 4G, which is great for us and how we do this. And then we have normal expansions over time, but that's nothing unusual. It's BAU.

不，我唯一要做的當然是，當涉及到這個初始構建時，我的意思是，絕大多數都在我們已經擁有的站點上。我們之前已經說過，它與 4G 是同一個網格，這對我們以及我們如何做到這一點都非常有用。然後隨著時間的推移我們會有正常的擴張，但這並不稀奇。這是BAU。

When it comes to the performance of the C-band, this is a perfect sort of cliff hanger. It's a little bit early. Of course, we're excited, but we have Investor Day 3rd of March. And I think that if we tune in there, you'll probably get something about the performance on our C-band.

就 C 波段的性能而言，這是一種完美的懸念。現在有點早了。當然，我們很興奮，但我們有 3 月 3 日的投資者日。而且我認為，如果我們在那裡調音，您可能會了解我們 C 波段的性能。

But early into it, I'm really pleased what the technology team have done and our partners have done so far. But stay tuned for 3rd of March, and we will talk more about that.

但在早期，我真的很高興技術團隊所做的事情以及我們的合作夥伴到目前為止所做的事情。但請繼續關注 3 月 3 日，我們將對此進行更多討論。

Yes. Thanks, Tim. That's a great way to end. Brad, that's all the time we have today.

是的。謝謝，蒂姆。這是一個很好的結束方式。布拉德，這就是我們今天的全部時間。

Ladies and gentlemen, this does conclude the conference call for today. Thank you for your participation and for using Verizon Conference Services. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與和使用 Verizon 會議服務。您現在可以斷開連接。