威訊通訊 (VZ) 2021 Q3 法說會逐字稿

Good morning, and welcome to the Verizon Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. It is now my pleasure to turn the call over to your host, Mr. Brady Connor, Senior Vice President, Investor Relations.

早上好，歡迎來到 Verizon 2021 年第三季度收益電話會議。 （操作員說明）正在錄製今天的會議。如果您有異議，此時您可以斷開連接。現在我很高興將電話轉給你的主持人，投資者關係高級副總裁 Brady Connor 先生。

Thanks, Brad. Good morning, and welcome to our third 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，歡迎來到我們的第三季度收益電話會議。我是 Brady Connor，我和我們的董事長兼首席執行官 Hans Vestberg 一起來到這裡；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，我們的收益發布、財務和運營信息以及演示幻燈片可在我們的投資者關係網站上找到。本次通話的重播和文字記錄也將在我們的網站上提供。

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. Discussion 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的影響。 Verizon 向美國證券交易委員會提交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獲取。

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 GAAP 財務措施。這些非 GAAP 措施與最直接可比的 GAAP 措施的調節包含在我們網站上發布的財務材料中。

As a reminder, we've entered the quiet period for the 3.45 gigahertz spectrum auction, so we will not be able to comment on our spectrum holdings or strategy.

提醒一下，我們已經進入 3.45 GHz 頻譜拍賣的靜默期，因此我們無法對我們的頻譜持有量或策略發表評論。

Now let's take a look at the consolidated earnings for the third quarter. In the third quarter, we reported earnings of $1.55 per share on a GAAP basis. Reported results include a net pretax gain on the sale of Verizon Media of $706 million and a net pretax charge of approximately $247 million, which includes a net charge of $144 million related to a mark-to-market adjustment for pension liabilities and $103 million related to a severance charge for voluntary separations under our existing plan. Excluding the effect of these special items, adjusted earnings per share was $1.41 in the third quarter compared to $1.25 a year ago. Please note, our results include 2 months of Verizon Media as the sale to Apollo Funds closed on September 1.

現在讓我們來看看第三季度的綜合收益。第三季度，我們報告的 GAAP 每股收益為 1.55 美元。報告的結果包括出售 Verizon Media 的淨稅前收益 7.06 億美元和約 2.47 億美元的淨稅前費用，其中包括與養老金負債按市值調整相關的淨費用 1.44 億美元和相關的 1.03 億美元根據我們現有的計劃，自願離職的遣散費。排除這些特殊項目的影響，第三季度調整後每股收益為 1.41 美元，而去年同期為 1.25 美元。請注意，我們的結果包括 2 個月的 Verizon Media，因為出售給 Apollo Funds 的交易於 9 月 1 日結束。

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

有了這個，我現在將把電話轉給漢斯，讓我們回顧一下第三季度。

Thank you, Brady, and thank you all for joining our third quarter earnings call. We had a solid performance in the third quarter, growing total wireless service revenue by 3.9% year-over-year with earnings growth. This was supported by strong net additions in wireless and broadband, which are both translated to bottom line growth. This definitely confirms our strategy to grow our business with high-quality offerings.

謝謝布雷迪，也感謝大家參加我們第三季度的財報電話會議。我們在第三季度表現穩健，隨著收益增長，無線服務總收入同比增長 3.9%。這得益於無線和寬帶業務的強勁淨增長，這兩者都轉化為利潤增長。這無疑證實了我們通過高質量產品發展業務的戰略。

As I said throughout the year, we have all the assets we need to extend our #1 position in the market. Our strategy remains unchanged, and we're delivering on everything we promised. And we're gaining momentum on all 5 vectors of growth.

正如我全年所說的那樣，我們擁有擴大我們在市場上的第一地位所需的所有資產。我們的戰略保持不變，我們正在兌現我們承諾的一切。我們在所有 5 個增長向量上都獲得了動力。

We have more paths to grow than anybody else, and we're confident with our growth targets for outer years based on our third quarter and continued momentum into the fourth quarter. As an evidence, we're updating financial guidance for the full year. We now expect total wireless service revenue growth of around 4%, which is on the high end of our prior guidance and adjusted EPS of $5.35 to $5.40, up from $5.25 to $5.35. We remain on track to achieve our targeted CapEx levels in 2021, assuming no further disruption in the supply chain.

我們比其他任何人都有更多的增長途徑，我們對基於第三季度和第四季度持續增長勢頭的外年增長目標充滿信心。作為證據，我們正在更新全年的財務指南。我們現在預計無線服務總收入增長 4% 左右，處於我們之前指導和調整後每股收益 5.35 美元至 5.40 美元的高端，高於 5.25 美元至 5.35 美元。假設供應鏈不會進一步中斷，我們仍有望在 2021 年實現我們的目標資本支出水平。

Our team is working diligently and doing a fantastic work with vendors and suppliers to ensure we have adequate equipment to meet our C-Band build and that we have devices that our customers want.

我們的團隊正在努力工作，並與供應商和供應商進行了出色的合作，以確保我們有足夠的設備來滿足我們的 C 波段構建，並確保我們擁有客戶想要的設備。

Our operational excellence and our partnership strategy is the best in the industry, which I have been so impressed by since I joined Verizon. And in times like this, it matters.

我們卓越的運營和我們的合作夥伴戰略是業內最好的，自從我加入 Verizon 以來，這給我留下了深刻的印象。在這樣的時代，這很重要。

Let's talk about business. We continue to provide the best-in-class experience across the board. On the network front, third parties continue to recognize us as the best network experience. This includes RootMetrics for the 16th consecutive time and J.D. Power for the 27th consecutive time. Our network team is doing a great job.

讓我們談談業務。我們將繼續全面提供一流的體驗。在網絡方面，第三方繼續將我們視為最佳網絡體驗。這包括 RootMetrics 連續第 16 次和 J.D. Power 連續第 27 次。我們的網絡團隊做得很好。

On the commercial front, we've got great momentum in the 5G adoption, with over 25% of our consumer phone base using a 5G-capable device. This is tracking well ahead of the 4G adoption, as I've said before.

在商業方面，我們在採用 5G 方面取得了巨大的發展勢頭，超過 25% 的消費者手機使用支持 5G 的設備。正如我之前所說，這遠遠領先於 4G 的採用。

For context, 12 months after 4G launch, 10% of the devices were on 4G. Less than 12 months after 5G DSS launched, more than the double were on 5G devices, and it's growing at a rapid pace. This, combined with our mmWave strategy, is an important combination, and that is paying off. In the third quarter, the total mmWave users more than doubled sequentially. We're doing more gigabit of users in a month now than we did in all of the first quarter. In some of our more established build-outs, we're seeing more than 20% of users on mmWave. And we are on track to have 5% to 10% of all traffic in the urban mmWave polygons by year-end.

就上下文而言，4G 推出 12 個月後，10% 的設備使用 4G。在 5G DSS 推出後不到 12 個月的時間裡，5G 設備增加了一倍多，而且還在快速增長。這與我們的毫米波戰略相結合，是一個重要的組合，並且正在取得成效。第三季度，毫米波用戶總數環比增長了一倍多。現在，我們在一個月內處理的用戶數量超過了第一季度的所有用戶。在我們一些更成熟的擴建中，我們看到超過 20% 的用戶使用毫米波。到年底，我們有望在城市毫米波多邊形中擁有 5% 到 10% 的所有流量。

For our Business segment, we continue to add wireless subscribers and take broadband share in our ILEC footprint with Fios. And finally, we delivered significant value creation and strategy refinement with the sale of the Verizon Media Group in September, the pending TracFone acquisition and also the issuance of our third green bond, which is a vital step towards our net zero goal in 2035. All this was accomplished in tandem with a strong quarter results.

對於我們的業務部門，我們繼續增加無線用戶，並通過 Fios 在我們的 ILEC 足跡中佔據寬帶份額。最後，我們通過 9 月份出售 Verizon Media Group、即將進行的 TracFone 收購以及發行我們的第三筆綠色債券，實現了重大的價值創造和戰略改進，這是實現我們 2035 年淨零排放目標的重要一步。這是與強勁的季度業績一起實現的。

When it comes to the financials, we're on track to meet and exceed all our 2021 guidance. We expect to have a strong finish of the year as we approach the launch of C-Band.

在財務方面，我們有望達到並超過我們 2021 年的所有指導。隨著 C-Band 的發布臨近，我們預計今年會有一個強勁的收尾。

We continue to deliver excellent revenue performance in wireless service and within Fios. We have a diversified path to revenue growth with all 5 vectors contributing.

我們繼續在無線服務和 Fios 內部提供出色的收入表現。我們有一條多元化的收入增長途徑，所有 5 個向量都在做出貢獻。

EBITDA was up 3.3% year-over-year. And on an adjusted basis, EPS was up 12.8%. Our capital allocation stands firm. We invest in our business to create shareholder value. We continue to increase our dividend, which we did for the 15th consecutive year. And Matt and team are working diligently on our debt reduction. As we said last quarter, our guidance raise is broad-based and across all our 5 vectors of growth.

EBITDA 同比增長 3.3%。在調整後的基礎上，每股收益增長了 12.8%。我們的資本配置是堅定的。我們投資於我們的業務以創造股東價值。我們繼續增加股息，這是我們連續第 15 年這樣做了。 Matt 和團隊正在努力減少我們的債務。正如我們上個季度所說，我們的指導意見基礎廣泛，涵蓋我們所有 5 個增長方向。

Consumer segment EBITDA increased by 2% driven by positive trends in customer acquisition, premium plan adoption, product and services and content as well as prepaid and reseller growth. The service revenue momentum in the third quarter was driven by continued execution of our migration strategy to higher-valued price plans as well as high-quality net adds.

受客戶獲取、保費計劃採用、產品和服務與內容以及預付費和經銷商增長的積極趨勢推動，消費者業務部門的 EBITDA 增長了 2%。第三季度的服務收入增長勢頭是由我們繼續執行向更高價值的價格計劃以及高質量淨增加的遷移戰略推動的。

But our growth is more than that. Much of our long-term growth is in fixed wireless access and mobile edge compute. Our strategy is becoming a national broadband provider with the best access to the tech for our customers including Fios, fixed wireless access on 5G, 4G, mmWave and C-Band.

但我們的成長不止於此。我們的長期增長主要來自固定無線接入和移動邊緣計算。我們的戰略是成為國家寬帶提供商，為我們的客戶提供最佳的技術訪問權限，包括 Fios、5G、4G、mmWave 和 C 波段的固定無線訪問。

When it comes to the mobile edge compute, we are the mobile edge compute leader, both in public and private, thanks to great partnerships. And we just announced a private mobile edge compute partnership with Amazon that we're pleased with. And this just scratches the surface on how we'll continue to utilize our assets. We're confident in our growth opportunities as we move into the investment cycle with C-Band.

在移動邊緣計算方面，我們是公共和私有移動邊緣計算的領導者，這要歸功於良好的合作夥伴關係。我們剛剛宣布與亞馬遜建立私人移動邊緣計算合作夥伴關係，對此我們感到很滿意。這只是我們將如何繼續利用我們的資產的冰山一角。隨著我們進入 C-Band 的投資週期，我們對我們的增長機會充滿信心。

Before I hand it over to Matt, I want to briefly touch on our broadband expansion. We are on track to meet our fixed wireless access household coverage targets with an expected 15 million homes passed by the end of the year between 4G and 5G. To date, 5G Home is in 57 markets, and the 4G LTE home in over 200 markets across all 50 states.

在交給 Matt 之前，我想簡要談談我們的寬帶擴展。我們有望實現我們的固定無線接入家庭覆蓋目標，預計到年底將有 1500 萬戶家庭在 4G 和 5G 之間通過。迄今為止，5G 家庭在 57 個市場，4G LTE 家庭在所有 50 個州的 200 多個市場。

In addition to fixed wireless access, we're pleased with the great performance of Fios and continue to grow the open for sales volumes within our footprint. We're on track on exceeding all the commitments for 2021 and on track for long-term growth expectations outlined in our Investor Day earlier this year. You can expect us to provide 2022 guidance during our Q4 '21 earnings call.

除了固定無線接入，我們對 Fios 的出色性能感到滿意，並繼續擴大我們業務範圍內的銷售量。我們有望超越 2021 年的所有承諾，並有望實現今年早些時候投資者日概述的長期增長預期。您可以期待我們在 21 年第四季度財報電話會議期間提供 2022 年的指導。

And now Matt, over to you.

現在 Matt，輪到你了。

Thank you, Hans, and good morning, everyone. I'm pleased to be with you today to share our Q3 results, another quarter in which we delivered strong financial and operating performance.

謝謝你，漢斯，大家早上好。我很高興今天能和大家一起分享我們第三季度的業績，這是我們在另一個季度實現了強勁的財務和運營業績。

As we have said previously, our focus is not solely on volume growth as a goal in itself but on high-value volume growth that will yield sustainable increases in revenue and profitability going forward. By delivering the best-in-class network experiences to customers with additional services and products like Disney+ that others can't provide, our strategy is focused on increasing the value we receive from every connection.

正如我們之前所說，我們的重點不僅僅是將銷量增長本身作為目標，而是關注高價值的銷量增長，這將在未來帶來收入和盈利能力的可持續增長。通過向客戶提供其他人無法提供的附加服務和產品（如 Disney+），我們的戰略重點是增加我們從每個連接中獲得的價值，從而為客戶提供一流的網絡體驗。

As you can see from our results, our disciplined approach is driving profitability and strong earnings results. In the third quarter, consolidated total revenue was $32.9 billion, up 4.3% from prior year. Our results are inclusive of 2 months of Media revenue, which approximated $1.4 billion on a segment basis. Excluding Verizon Media, total revenue grew 5.5%.

正如您從我們的結果中看到的那樣，我們嚴格的方法正在推動盈利能力和強勁的盈利結果。第三季度，綜合總收入為 329 億美元，同比增長 4.3%。我們的業績包括 2 個月的媒體收入，按細分市場計算約為 14 億美元。不包括 Verizon Media，總收入增長 5.5%。

Our service and other revenue growth rate was 0.5% and 1.6% without Verizon Media. Equipment revenue growth was approximately 30% compared to the prior year mainly due to the timing of iconic device launches and the continued pandemic recovery.

如果沒有 Verizon Media，我們的服務和其他收入增長率分別為 0.5% 和 1.6%。與上一年相比，設備收入增長約 30%，這主要是由於標誌性設備發布的時機和大流行病的持續復甦。

Fios revenue was $3.2 billion, up 4.7% year-over-year driven by continued growth in customers as well as our efforts to increase the value of each customer by encouraging them to step up in speed tiers. Total wireless service revenue, which is the sum of Consumer and Business, was $17.1 billion, an increase of 3.9% over the prior year. The results were driven by higher access revenue, volume growth and products. We are creating more paths to growth with connectivity and non-connectivity services.

Fios 的收入為 32 億美元，同比增長 4.7%，這得益於客戶的持續增長以及我們通過鼓勵他們提高速度等級來增加每個客戶價值的努力。無線服務總收入（消費者和企業收入之和）為 171 億美元，比上年增長 3.9%。這一結果是由更高的接入收入、銷量增長和產品推動的。我們正在通過連接和非連接服務創造更多的增長途徑。

Adjusted EBITDA in the third quarter was $12.3 billion, up 3.3% from prior year. Top line growth and a reduction in non-equipment-related expenses contributed to the year-over-year EBITDA growth. And net EBITDA growth is helping us drive EPS growth. For the quarter, adjusted EPS was $1.41, up year-over-year by 12.8%.

第三季度調整後的 EBITDA 為 123 億美元，比去年同期增長 3.3%。營收增長和非設備相關費用的減少推動了 EBITDA 的同比增長。 EBITDA 淨增長正在幫助我們推動 EPS 增長。本季度調整後每股收益為 1.41 美元，同比增長 12.8%。

Now let's take a look at our consolidated metrics. Throughout the quarter, we remained focused on bringing in high-quality net adds, a key component in helping us continue to deliver strong quarter-over-quarter revenue growth.

現在讓我們來看看我們的綜合指標。在整個季度中，我們仍然專注於引入高質量的淨增加，這是幫助我們繼續實現強勁的季度收入增長的關鍵組成部分。

We are seeing strong demand for connectivity across our Consumer and Business units. Our Mix & Match value propositions, network quality and unique partnerships are resonating with both new and existing customers.

我們看到消費者和業務部門對連接的強烈需求。我們的 Mix & Match 價值主張、網絡質量和獨特的合作夥伴關係正在與新老客戶產生共鳴。

For the quarter, we delivered 429,000 wireless retail postpaid phone net adds, up more than 50% from prior year and in line with 2019 levels. We're seeing growth in new accounts as well as high retention levels, allowing us to grow our base with high-quality net adds.

本季度，我們交付了 429,000 部無線零售後付費電話淨增用戶，比上年增長 50% 以上，與 2019 年的水平持平。我們看到新賬戶的增長以及高保留水平，使我們能夠通過高質量的淨增加來擴大我們的基礎。

Phone churn for the quarter was 0.74%, well below pre-pandemic levels. Churn continues to benefit from a number of sustainable factors, including our best-in-class network with unmatched reliability and coverage and overall value propositions within our Consumer and Business unlimited plans. Additionally, consumer payment patterns continue to be better than pre-pandemic norms.

本季度的電話流失率為 0.74%，遠低於大流行前的水平。 Churn 繼續受益於許多可持續因素，包括我們一流的網絡，具有無與倫比的可靠性和覆蓋範圍，以及我們的消費者和企業無限計劃中的整體價值主張。此外，消費者支付模式繼續好於大流行前的規範。

Total broadband net adds, defined here as Fios, DSL and fixed wireless, were 129,000. Fios Internet net adds were 104,000 compared to 144,000 last year. As a reminder, last year's 3Q Fios results included a benefit from a higher backlog entering the quarter as we had largely paused in stores in Q2 2020 due to COVID. Fios has continued momentum driven by our best-in-class value proposition, built on network quality and our Mix and Match pricing structure. This combination is helping us to take share and deliver historically low churn rates.

寬帶淨增加總數（此處定義為 Fios、DSL 和固定無線）為 129,000。 Fios Internet 淨增加 104,000，而去年為 144,000。提醒一下，去年第三季度的 Fios 結果包括進入本季度的積壓量增加帶來的好處，因為我們在 2020 年第二季度由於 COVID 而在很大程度上暫停了商店。 Fios 在我們一流的價值主張、網絡質量和我們的混合搭配定價結構的推動下保持著持續的發展勢頭。這種結合正在幫助我們搶占市場份額並實現歷史最低的客戶流失率。

For the first time, we are providing fixed wireless net adds, which include both Consumer and Business fixed wireless products. We are building momentum and our pre-C-Band success in Q3 demonstrates there is demand for the product from consumers and businesses.

我們首次提供固定無線網絡，其中包括消費者和企業固定無線產品。我們正在建立勢頭，我們在第三季度的前 C 波段成功表明消費者和企業對該產品有需求。

Both our 5G and LTE fixed wireless products are performing very well. We're pleased with what we're seeing around the install process as well as the quality and reliability of the product.

我們的 5G 和 LTE 固定無線產品都表現非常好。我們對安裝過程以及產品的質量和可靠性感到滿意。

Now let's turn to our Consumer Group results. Our Consumer Group had another strong quarter, continuing the momentum that we've been seeing in wireless and Fios. Total revenue was $23.3 billion, up 7.3% year-over-year. Service and other revenue was $18.8 billion, an improvement of 2.5% versus prior year. These results include strong wireless revenue as well as growth in Fios.

現在讓我們來看看我們的 Consumer Group 結果。我們的消費者集團有另一個強勁的季度，延續了我們在無線和 Fios 領域看到的勢頭。總收入為 233 億美元，同比增長 7.3%。服務和其他收入為 188 億美元，比上年增長 2.5%。這些結果包括強勁的無線收入以及 Fios 的增長。

Fios revenue was $2.9 billion, up 4.3% year-over-year mainly driven by growth in our Internet base of approximately 400,000 or 6.2% over the past year and migration to higher speeds. Our actions around Mix and Match, which included broadband-first approach, is helping us to grow Fios revenue and consumer EBITDA. We still see plenty of room for additional growth within Fios as we continue to increase our share, Mix and Match penetration rates and our open-for-sale locations.

Fios 收入為 29 億美元，同比增長 4.3%，這主要是由於我們的互聯網基礎在過去一年中增長了約 400,000 或 6.2%，以及向更高速度的遷移。我們圍繞 Mix and Match 採取的行動（包括寬帶優先方法）正在幫助我們增加 Fios 收入和消費者 EBITDA。隨著我們繼續增加我們的份額、混合和匹配滲透率以及我們的公開銷售地點，我們仍然看到 Fios 內部有很大的額外增長空間。

Wireless service revenue was $14 billion, up 4% from the prior year. We have been driving access gains, both in growing accounts and phone net adds as well as by continuing to execute on our migration strategy. As a result of migrations and step-ups, over 30% of our account base is now on premium unlimited plans.

無線服務收入為 140 億美元，比上年增長 4%。我們一直在推動訪問收益，無論是在增加帳戶和電話淨增加方面，還是通過繼續執行我們的遷移策略。作為遷移和升級的結果，我們超過 30% 的客戶群現在都在使用保費無限計劃。

Our growth in access is being complemented by product revenue, which includes items such as protection plans, content and others. Our wide range of product offerings helps us to not only grow revenue but provides differentiated experiences and more value to our customers.

我們在訪問方面的增長得到了產品收入的補充，其中包括保護計劃、內容等項目。我們廣泛的產品系列不僅幫助我們增加收入，還為我們的客戶提供差異化的體驗和更多價值。

For the quarter, EBITDA was $10.5 billion, up 2% year-over-year or more than $200 million driven by our high-quality service and other revenue gains coming from multiple growth vectors. These results show the impact of our strategy to enhance the value of each connection, which we believe will drive continued growth into the future.

本季度，EBITDA 為 105 億美元，同比增長 2% 或超過 2 億美元，這得益於我們的高質量服務和來自多個增長向量的其他收入增長。這些結果顯示了我們提高每個連接價值的戰略的影響，我們相信這將推動未來的持續增長。

The Mix and Match pricing structure for both wireless and Fios provides tremendous opportunity to migrate customers to higher-value tiers and bring in customers on higher-value plans. We are very pleased with how this strategy is working to help us increase value from our base and from new customers. You can see the impact of this strategy throughout our results.

無線和 Fios 的混合和匹配定價結構提供了巨大的機會，可以將客戶遷移到更高價值的層級，並讓客戶參與更高價值的計劃。我們對這一戰略如何幫助我們增加我們的基礎和新客戶的價值感到非常高興。您可以在我們的整個結果中看到該策略的影響。

Postpaid phone net adds were 267,000, above our Q3 performance in 2019 and 2020. The performance was consistent during the period as we were able to grow accounts and deliver sustainably low churn throughout the quarter.

後付費電話淨增加 267,000 部，高於我們在 2019 年和 2020 年第三季度的表現。由於我們能夠在整個季度增加賬戶並實現可持續的低流失率，因此在此期間的表現是一致的。

Most importantly, we continue to be very pleased with the quality of customers we're adding, with approximately 66% of new accounts taking a premium unlimited plan. And Q3 was another quarter in which we saw a strong acceleration in our 5G penetration, exiting the quarter with over 25% of our phone base now equipped with a 5G-capable device, which is great progress in advance of our launch of 5G service on C-Band spectrum in the coming months.

最重要的是，我們繼續對新增客戶的質量感到非常滿意，大約 66% 的新客戶採用了無限制保費計劃。第三季度是我們看到 5G 滲透率強勁加速的另一個季度，在本季度結束時，我們超過 25% 的手機現在配備了支持 5G 的設備，這是我們在 5G 服務推出之前取得的重大進展未來幾個月的 C 波段頻譜。

Fios Internet net adds were 98,000 for the quarter, up slightly from the prior quarter. We continue to be pleased with the results we're seeing, especially on retention.

本季度 Fios Internet 淨增加量為 98,000，略高於上一季度。我們繼續對我們看到的結果感到滿意，尤其是在保留方面。

Now let's move to Slide 11 to review the Business Group results. Our Business segment continues to see strong demand for wireless services across multiple verticals. We are continuing to focus on what we believe will be the highest growth portions of the Business segment: our small and medium business unit, private wireless and the MEC space for enterprise customers as well as building momentum for fixed wireless access to serve multiple customer groups.

現在讓我們轉到幻燈片 11 來查看業務組的結果。我們的業務部門繼續看到多個垂直領域對無線服務的強勁需求。我們將繼續專注於我們認為將成為業務部門增長最快的部分：我們的中小型業務部門、專用無線和麵向企業客戶的 MEC 空間，以及為固定無線接入建立動力以服務多個客戶群.

Total revenue for the Business segment was $7.7 billion. We continue to see growth in wireless revenue being offset by ongoing legacy wireline declines. Wireless service revenue was $3.1 billion, up 3.6% year-over-year. We saw quarter-over-quarter expansion driven by small and medium business, which was partially offset by distance learning pressures in public sector.

業務部門的總收入為 77 億美元。我們繼續看到無線收入的增長被持續的傳統有線收入下降所抵消。無線服務收入為 31 億美元，同比增長 3.6%。我們看到中小型企業推動了季度環比擴張，這部分被公共部門的遠程學習壓力所抵消。

Wireline revenues continue to be pressured by secular trends, while also facing elevated year-over-year comps due to 2020 COVID spending.

有線收入繼續受到長期趨勢的壓力，同時由於 2020 年的 COVID 支出也面臨同比增長。

Consistent with our focus on driving high-value business, in the wholesale space, we continue to rationalize our international voice traffic, which is contributing to the revenue decline shown on the slide.

與我們專注於推動高價值業務的重點一致，在批發領域，我們繼續合理化我們的國際語音流量，這導致了幻燈片所示的收入下降。

Business segment EBITDA was $1.9 billion, down 2.4% from the same quarter last year, and Business segment EBITDA margin was 24.8% in the quarter.

業務部門 EBITDA 為 19 億美元，比去年同期下降 2.4%，本季度業務部門 EBITDA 利潤率為 24.8%。

While secular trends within wireline will continue to put pressure on margins in the near term, we're encouraged by the growth opportunities associated with our business transformation efforts as they start to gain traction.

雖然有線線路的長期趨勢將在短期內繼續對利潤率造成壓力，但我們對與我們的業務轉型努力相關的增長機會感到鼓舞，因為它們開始獲得牽引力。

Our market leadership in wireless across all customer groups and our continued investment in primary growth areas for Verizon Business Group will position us to take advantage of the growth opportunities in the future. We are encouraged by the results we delivered for the highest-value portions of the segment in 3Q.

我們在所有客戶群體中的無線市場領導地位以及我們對 Verizon 商業集團主要增長領域的持續投資將使我們能夠利用未來的增長機會。我們對我們在第三季度為該細分市場的最高價值部分提供的結果感到鼓舞。

Phone gross add volumes were above pre-pandemic levels, up 11.4% year-over-year and up 3% versus the same quarter in 2019. Total postpaid net adds for the quarter were 276,000.

電話總增加量高於大流行前水平，同比增長 11.4%，比 2019 年同期增長 3%。本季度後付費淨增加總數為 276,000 部。

To better highlight some of the trends, on this slide, we've broken out the net adds by public sector and our higher-growth commercial businesses, which include small and medium business and enterprise. During 3Q 2020, the commercial space primarily within small and medium business was depressed, while public sector buoyed by distance learning programs saw elevated net adds.

為了更好地突出一些趨勢，在這張幻燈片上，我們按公共部門和我們的高增長商業業務（包括中小型企業）細分了淨增加。在 2020 年第三季度，主要是中小型企業的商業空間不景氣，而受遠程學習計劃推動的公共部門淨增加量增加。

In 3Q '21, we've seen a rebound in the commercial space, while distance learning disconnects have driven public sector volumes to lower levels. We expect these trends to continue into the fourth quarter. A portion of distance learning disconnects also impacted our phone churn and net add performance. Despite this, we delivered postpaid phone net adds of 162,000.

在 21 年第三季度，我們看到商業領域出現反彈，而遠程學習脫節已將公共部門的數量推低至較低水平。我們預計這些趨勢將持續到第四季度。部分遠程學習斷開連接也影響了我們的電話流失率和淨增表現。儘管如此，我們仍交付了 162,000 部後付費電話。

Now let's move to our consolidated cash flow summary. The business continues to generate strong cash flow. Year-to-date cash flow from operating activities totaled $31.2 billion. The year-over-year change was primarily driven by lower cash taxes last year from a onetime benefit and higher working capital requirements this year due to greater volumes.

現在讓我們轉到我們的合併現金流量摘要。該業務繼續產生強勁的現金流。年初至今經營活動產生的現金流量總計 312 億美元。同比變化主要是由於去年一次性福利帶來的現金稅降低以及今年由於銷量增加而導致的營運資金需求增加。

Year-to-date capital spending totaled $13.9 billion as we continue to support traffic growth on our 4G LTE network while expanding the reach and capacity of our 5G Ultra Wideband network. C-Band CapEx was more than $1 billion through the third quarter. And we have placed orders for approximately $2 billion of related equipment year-to-date, giving us confidence that we will be within the previously guided incremental CapEx range of $2 billion to $3 billion for the year as we accelerate our C-Band deployment.

年初至今的資本支出總計 139 億美元，因為我們繼續支持 4G LTE 網絡的流量增長，同時擴大 5G 超寬帶網絡的覆蓋範圍和容量。截至第三季度，C 波段資本支出超過 10 億美元。年初至今，我們已經下了大約 20 億美元的相關設備訂單，這讓我們相信，隨著我們加速 C 波段部署，我們今年的資本支出將保持在之前指導的 20 億至 30 億美元的增量資本支出範圍內。

The net result of cash flow from operations and capital spending is $17.3 billion of free cash flow for the 9-month period. Net unsecured debt at quarter end was $131.6 billion, a $5.2 billion decrease versus the prior quarter. In addition to our third green bond issuance, we extended over $4.6 billion of near-term debt into a new 2032 maturity as we continue to optimize borrowing costs and our debt profile. Our net unsecured debt to adjusted EBITDA ratio was approximately 2.7x.

來自運營和資本支出的現金流的淨結果是 9 個月期間的 173 億美元自由現金流。季度末無擔保債務淨額為 1316 億美元，比上一季度減少 52 億美元。除了我們的第三次綠色債券發行外，我們還將超過 46 億美元的短期債務延長至新的 2032 年到期日，因為我們將繼續優化借貸成本和我們的債務狀況。我們的淨無擔保債務與調整後 EBITDA 的比率約為 2.7 倍。

Our cash balance at the end of the quarter was $9.9 billion, which included the proceeds associated with our sale of Verizon Media Group. We expect lower levels of cash on hand as we progress through the fourth quarter and approach the close of the TracFone acquisition, while continuing to execute our business strategy within our capital allocation framework.

本季度末我們的現金餘額為 99 億美元，其中包括與我們出售 Verizon Media Group 相關的收益。隨著我們在第四季度取得進展並接近 TracFone 收購的結束，同時繼續在我們的資本配置框架內執行我們的業務戰略，我們預計手頭現金水平會降低。

Let's move on to Slide 14 for an update on guidance for the remainder of the year. We continued our strong first half performance and momentum in the third quarter. Hans and I are very pleased with the hard work our team is putting forth, and we are excited about the opportunities that lie ahead as we prepare for the C-Band launch.

讓我們轉到幻燈片 14，了解今年剩餘時間的指導更新。我們在第三季度延續了上半年強勁的表現和勢頭。漢斯和我對我們團隊所做的辛勤工作感到非常高興，我們對即將推出的 C 波段準備工作感到興奮。

Our strong year-to-date results and momentum heading into the fourth quarter are allowing us to update guidance on both wireless service revenue growth and EPS. Wireless service revenue growth is now expected to be around 4.0%, the high end of the prior guidance.

我們強勁的年初至今業績和進入第四季度的勢頭使我們能夠更新無線服務收入增長和每股收益的指引。無線服務收入增長目前預計在 4.0% 左右，高於先前指引的上限。

Adjusted EPS guidance is being increased from $5.35 to $5.40, up from the prior range of $5.25 to $5.35. Our guidance for the effective tax rate is unchanged. CapEx guidance is also unchanged, though I'd note that our assumption for our BAU spend of $17.5 billion to $18.5 billion is dependent upon no material changes in the current state of our supply chain.

調整後的每股收益指導從 5.35 美元增加到 5.40 美元，高於之前的 5.25 美元到 5.35 美元。我們對有效稅率的指導沒有改變。資本支出指南也沒有改變，但我要指出，我們對 BAU 支出 175 億美元至 185 億美元的假設取決於我們供應鏈當前狀態沒有發生重大變化。

Our team continues to execute on our strategy and deliver strong operational and financial results. We are attracting high-quality customers that see value in our products and services, evidenced by growth in accounts, migrations and step-ups. I look forward to continued momentum as we wrap up the year and position our base to take full advantage of all the things 5G Built Right has to offer.

我們的團隊繼續執行我們的戰略，並提供強勁的運營和財務業績。我們正在吸引高質量的客戶，他們看到了我們產品和服務的價值，客戶、遷移和升級的增長證明了這一點。我期待在我們結束這一年並定位我們的基礎以充分利用 5G Built Right 必須提供的所有東西時繼續保持勢頭。

With that, I will hand it over to Hans to wrap up our prepared remarks.

有了這個，我將把它交給漢斯來結束我們準備好的發言。

Thank you, Matt. As you heard, we delivered solid third quarter results, and we are on track to meet or exceed all our 2021 commitment to the investment community. Our strategy is working. And I'm confident in the strategy we have to deliver both strong results and premium experiences going forward.

謝謝你，馬特。正如您所聽到的，我們在第三季度取得了穩健的業績，而且我們有望實現或超過我們 2021 年對投資界的所有承諾。我們的策略正在奏效。而且我對我們必須在未來提供強勁成果和優質體驗的戰略充滿信心。

As we look ahead, we'll continue to focus on expanding our 5G leadership, capitalizing on wireless momentum and work towards our C-Band launch, deploying differentiating experiences for our customers and execute our Network-as-a-Service strategy, delivering all 5 vectors of growth. And we look forward to delivering on all fronts and sharing our results in the coming months.

展望未來，我們將繼續專注於擴大我們在 5G 領域的領導地位，利用無線發展勢頭並努力推出 C 頻段，為我們的客戶部署差異化體驗並執行我們的網絡即服務戰略，提供所有5 個增長載體。我們期待在未來幾個月內在各個方面取得成果並分享我們的成果。

With that, I hand it back to Brady.

有了這個，我把它還給布雷迪。

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

謝謝你，漢斯。布拉德，我們準備好接受提問了。

(Operator Instructions) Our first question comes from Phil Cusick of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Phil Cusick。

Hans, you discussed continued momentum into the fourth quarter, and I see you recently pulled back on the more aggressive retention plans. Can you talk about what competition looks like in Consumer right now? And any shift in underlying demand?

漢斯，你討論了第四季度的持續勢頭，我看到你最近撤回了更積極的保留計劃。您能談談現在消費者領域的競爭情況嗎？潛在需求有任何變化嗎？

And then second for Matt. Given the strong performance in the recurring revenue businesses, does it make sense to be less aggressive on reducing leverage and maybe allocate some free cash flow to buybacks, given the low multiple on the stock?

然後是馬特的第二名。鑑於經常性收入業務的強勁表現，考慮到股票的低市盈率，在降低杠桿率方面不那麼積極，並可能將一些自由現金流分配給回購是否有意義？

Thank you, Phil. Let me start with the competitive landscape. Yes, there is, of course, a little bit more competitive landscape right now. But let me remind you on a couple of things.

謝謝你，菲爾。讓我從競爭格局開始。是的，現在當然有更多的競爭格局。但是讓我提醒你幾件事。

First of all, as we have learned from the history, broadband and mobilities, 2 of the most important infrastructure for any person in this country and in the world. So it's not strange that there is competition here.

首先，正如我們從歷史中了解到的那樣，寬帶和移動性是這個國家和世界上任何人最重要的基礎設施 2。所以這裡有競爭也就不足為奇了。

Secondly, we are in a moment where 5G is scaling, the economy is strong. So of course, that's the moment where we see a lot of competition. But anyhow, if you look at our numbers, we are competing extremely effectively. We're gaining the high-quality customers regardless of the type of competition we have.

其次，我們正處於 5G 規模擴大、經濟強勁的時刻。所以當然，那是我們看到很多競爭的時刻。但無論如何，如果你看看我們的數字，我們的競爭非常有效。無論我們的競爭類型如何，我們都在贏得高質量的客戶。

And not only that, I mean, if you look at our growth of 3.9%, we feel really good about that as well when it comes to our service revenue. And we have been going back and forth on our promos. And the reason is that Ronan and his team on the Consumer side, they look at long-term profitability, high-quality customers when they come in and doing a promo. And right now, we feel very good about how we compete in the market. So we're always going to have promos when we think it's the right timing of it. So we feel really good about it.

不僅如此，我的意思是，如果你看一下我們 3.9% 的增長率，我們在服務收入方面也感覺非常好。我們一直在宣傳我們的宣傳片。原因是 Ronan 和他的團隊在消費者方面，他們在進來做促銷時著眼於長期盈利能力和高質量客戶。現在，我們對我們在市場上的競爭方式感到非常滿意。所以我們總是會在我們認為合適的時候進行宣傳。所以我們對此感覺非常好。

And as you also saw that Matt talked about our increased guidance as well. So all in all, we feel good how we compete in this environment. And if you look at the track record the last couple of quarters, been really strong in Consumer. And Ronan and the whole team are doing a great job. So I feel good about that.

正如您還看到的那樣，馬特也談到了我們增加的指導。因此，總而言之，我們對在這種環境中的競爭方式感到滿意。而且，如果您查看過去幾個季度的業績記錄，您會發現在消費者領域表現非常強勁。羅南和整個團隊都做得很好。所以我對此感覺很好。

When it comes to the capital allocation, I'll let -- I can just say that we -- our capital allocation is clear. I mean, we focus #1 on investing in business, and we are investing in the business this year and both in CapEx, the spectrum and all of that. So that's #1.

談到資本配置，我會讓——我只能說我們——我們的資本配置是明確的。我的意思是，我們將第一重點放在業務投資上，我們今年正在投資業務，包括資本支出、頻譜和所有這些。這就是#1。

But we also have, as I said, our 15th consecutive year of dividend increase. And Matt and I, we constantly see that we have a position for the Board so they can continue to do that, and we will continue to do that. And then we have our debt reduction, which Matt will talk about.

但正如我所說，我們也連續第 15 年增加股息。 Matt 和我，我們經常看到我們有一個董事會職位，這樣他們就可以繼續這樣做，我們也將繼續這樣做。然後我們將減少債務，馬特將談到這一點。

And finally, we have buybacks that we can do all the time. What I can tell you is that we constantly have a conversation with the Board which is the best way of doing capital allocation, the priorities. And we'll continue to do so to see that our shareholders get the best out of Verizon. Matt?

最後，我們可以一直進行回購。我可以告訴你的是，我們經常與董事會進行對話，這是進行資本分配和優先事項的最佳方式。我們將繼續這樣做，以確保我們的股東從 Verizon 中獲得最大收益。馬特？

Yes, Hans, I think you hit on the key points there. Look, we're always going to look at the pillars of our capital allocation policy. And right now, we continue to see a lot of opportunities to invest in our business.

是的，漢斯，我認為你抓住了關鍵點。看，我們總是會審視我們資本配置政策的支柱。現在，我們繼續看到很多投資我們業務的機會。

You see what we're doing there around the C-Band investment, for example, not just for spectrum but also the CapEx associated with that. Obviously, we said long term, we do believe deleveraging is the right priority. But we're also focused on returning capital to shareholders, and you saw that with the dividend. So Phil, you should expect us to continue to be thoughtful about capital allocation as we go forward.

你會看到我們圍繞 C 波段投資所做的事情，例如，不僅是頻譜，還有與之相關的資本支出。顯然，我們說的是長期，我們確實相信去槓桿化是正確的優先事項。但我們也專注於向股東返還資本，你從股息中看到了這一點。所以菲爾，你應該期望我們在前進的過程中繼續考慮資本配置。

The next question is 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。

Great. Thanks so much for the disclosure on fixed wireless. That's great to see. Perhaps you could just give us a little bit more color on the economics of the product. Is this a similar ARPU to a smartphone? Are we looking at mostly LTE? Or is this a mix of LTE and mmWave?

偉大的。非常感謝有關固定無線的披露。很高興看到。也許你可以給我們更多關於產品經濟性的顏色。這是類似於智能手機的 ARPU 值嗎？我們主要關注 LTE 嗎？或者這是 LTE 和毫米波的混合體？

And then perhaps just coming back to the C-Band. I think you said before, 7,000 to 8,000 towers this year, getting to 100 million covered POPs by the first quarter. Perhaps you'd just update us on that? And then how quickly do you really turn that into an expansion of your fixed wireless footprint? Does the marketing really start coincident with that? Or is that a steady ramp during the year?

然後也許只是回到 C 波段。我想你之前說過，今年有 7,000 到 8,000 座塔，到第一季度達到 1 億個覆蓋的 POP。也許你只是告訴我們最新情況？那麼您真正將其轉化為固定無線足跡擴展的速度有多快？營銷真的與此同步嗎？還是在這一年中穩定增長？

Thank you, Simon. On the fixed wireless access, yes, you're right, it's a similar ARPU on fixed wireless access as on our mobility. And also when it comes to the numbers we have, as you said, it's a mix of 4G. It's mmWave in the fixed wireless access right now. And as I said before, when we talk about our 5G fixed wireless access, the usage on the network is very similar as of Fios. So they are even using more gigabytes on the fixed wireless access on 5G than they do on Fios.

謝謝你，西蒙。在固定無線接入方面，是的，你是對的，固定無線接入的 ARPU 與我們的移動性類似。正如您所說，就我們擁有的數字而言，它是 4G 的混合體。現在是固定無線接入中的毫米波。正如我之前所說，當我們談論我們的 5G 固定無線接入時，網絡上的使用與 Fios 非常相似。因此，與在 Fios 上相比，他們在 5G 上的固定無線接入上使用的流量甚至更多。

So -- and we have a very, very good performance and quality. And remember, on the fixed wireless access, we are also doing a, I would say, a different model with the self-install and all of that, making optionality for our customers.

所以 - 我們有非常非常好的性能和質量。請記住，在固定無線接入方面，我想說的是，我們也在做一個不同的模型，包括自行安裝和所有這些，為我們的客戶提供了選擇權。

And ultimately, the vision is clear for Verizon. We're going to be a nationwide broadband provider. We're going to have different accesses in different places depending on what is right for the customers and how quickly we can deploy.

最終，Verizon 的願景是明確的。我們將成為全國性的寬帶提供商。我們將在不同的地方提供不同的訪問權限，具體取決於什麼適合客戶以及我們部署的速度。

So -- and we are investing in the Fios and you saw the numbers this month. I mean, we're adding 130,000 in this quarter when it -- or 129,000, to be exact, net adds in broadband. So this is a great business for us, and we're just ramping fixed wireless access.

所以——我們正在投資 Fios，你在本月看到了這些數字。我的意思是，我們在本季度增加了 130,000 個，確切地說，是 129,000 個寬帶淨增加。所以這對我們來說是一項偉大的業務，我們只是在增加固定無線接入。

And then coming back to C-Band, as soon as we turn on C-Band, we're also going to augment the footprint that we can offer fixed wireless access. So -- and as we said in the opening remarks, we're on track for that to deliver the -- after 1 year, having 100 million POPs covered by the C-Band.

然後回到 C 波段，一旦我們打開 C 波段，我們也將擴大我們可以提供固定無線接入的足跡。所以——正如我們在開場白中所說的那樣，我們有望在 1 年後實現這一目標，讓 C 波段覆蓋 1 億個 POP。

As I said, there are some challenges in supply chain, but I can only say the team is just doing an enormous work. And just to be clear on it, the long-term planning we have with our vendors, the projection of forecasting we have done for all our equipment vendors over 2 years before we start deploying, of course, it's paying off right now that we work very differently with our vendors and how we plan. We have also pooled resources and inventory higher in the network so we can easily see that we have access to it. So we have done a lot of things in the last 2 years, 3 years in supply chain, so we can be in a situation to mitigate challenges we have right now. So all in all, that's where we are. Matt?

正如我所說，供應鏈方面存在一些挑戰，但我只能說團隊正在做大量工作。需要明確的是，我們與供應商制定的長期計劃，我們在開始部署前 2 年為所有設備供應商所做的預測，當然，我們的工作現在正在取得回報與我們的供應商以及我們的計劃方式截然不同。我們還在網絡中匯集了更高的資源和庫存，因此我們可以很容易地看到我們可以訪問它。因此，我們在過去 2 年、3 年的供應鏈中做了很多事情，因此我們可以緩解目前面臨的挑戰。所以總而言之，這就是我們所在的位置。馬特？

Yes. No, Simon, I think Hans has summed it up well there. We've got good momentum in the fixed wireless business there. You saw the 55,000 net adds in the quarter. That means we're approximately 150,000 total subscribers on fixed wireless access at the end of the quarter. Good momentum being built there. And as Hans said, as soon as we turn on C-Band, immediately be adding that to the technologies that we're selling on fixed wireless access. So good momentum buildup and then we've got that extra turbo boost to come here in the next few weeks.

是的。不，西蒙，我認為漢斯在那裡總結得很好。我們在那裡的固定無線業務發展勢頭良好。您在本季度看到了 55,000 的淨增加。這意味著到本季度末，我們的固定無線接入用戶總數約為 150,000。那裡正在建立良好的勢頭。正如漢斯所說，一旦我們打開 C 波段，就會立即將其添加到我們銷售的固定無線接入技術中。如此良好的勢頭積累，然後我們將在接下來的幾週內獲得額外的渦輪增壓。

The next question comes from Brett Feldman of Goldman Sachs.

下一個問題來自高盛的布雷特費爾德曼。

Just actually a follow-up here on your broadband business. You mentioned you're getting a mix of both LTE and 5G subscribers. I'm curious who are these customers? Specifically, are you upselling into existing accounts? Or are these primarily new relationships for Verizon?

實際上只是您的寬帶業務的跟進。您提到您同時擁有 LTE 和 5G 用戶。我很好奇這些客戶是誰？具體來說，您是否向現有賬戶追加銷售？或者這些主要是 Verizon 的新關係？

And then it's also notable that you are continuing to expand the Fios footprint. It looks like you're going to add over 400,000 locations open for sale this year, and it seems like you would expect to be at or above that pace going forward. You really hadn't edged out that footprint for a long time. Why have you decided to do that now? How big could the Fios footprint be? And is all of this happening in your region? Or are you actually doing some of this out of region?

然後還值得注意的是，您正在繼續擴大 Fios 的足跡。看起來您今年要增加超過 400,000 個地點開放銷售，並且您似乎希望在未來達到或超過這個速度。你真的已經很久沒有擦掉那個腳印了。你為什麼現在決定這樣做？ Fios 的足蹟有多大？所有這一切都發生在您所在的地區嗎？或者你實際上是在區域外做一些這樣的事情？

Okay. On the customers on fixed wireless access, I would say there are probably roughly half and half. Half, meaning coming from our existing base and half were taken from other suppliers. That's basically how they come in right now. And let's see how the mix going forward.

好的。關於固定無線接入的客戶，我想說大概有一半。一半，意味著來自我們現有的基地，一半來自其他供應商。這基本上就是他們現在進來的方式。讓我們看看未來的組合。

But here, we have the optionality that we've talked about before. And we have the owners' economics to work with convergence if that's what our customers want to have. We basically have all of those optionalities right now. And I feel really good about that.

但是在這裡，我們有我們之前討論過的可選性。如果這是我們的客戶想要的，我們擁有業主經濟學來與融合合作。我們現在基本上擁有所有這些選項。我對此感覺非常好。

And then the second question on the Fios footprint. We have constantly, of course, deployed Fios, and in this -- in our ILEC to be honest. And what we see right now is very strong demand, and we're winning the business we're deploying. The team is deploying. And as I said, we are heading towards 400,000 open for sale this year. And we will continue with that because we see a great demand, and our win share is extremely strong in the Fios footprint.

然後是關於 Fios 足蹟的第二個問題。當然，我們一直在部署 Fios，老實說，在我們的 ILEC 中。我們現在看到的是非常強勁的需求，我們正在贏得我們正在部署的業務。隊伍正在部署。正如我所說，我們今年的公開發售數量將達到 400,000 套。我們將繼續這樣做，因為我們看到了巨大的需求，而且我們在 Fios 足跡中的成功份額非常強勁。

Yes. So just a couple of things I'd add there, Brett. On the mixture of the customers, as Hans mentioned, a good mix of 50-50 kind of split there between new and existing customers. But also, I'd comment that a good mix, a good split between not just it being in rural areas and so on, but also seeing good traction in suburban and urban areas, too, for those products.

是的。布雷特，我想在這裡添加幾件事。關於客戶的組合，正如 Hans 所提到的，新客戶和現有客戶之間有 50-50 種良好的組合。而且，我要評論的是，一個很好的組合，不僅在農村地區等等，而且在郊區和城市地區也看到了這些產品的良好牽引力。

And when you think about those customers in the first 46 C-Band markets that will come online, the customers taking the LTE product there are getting a router that also has C-Band in so they can immediately step-up to those speeds when -- as soon as we turn C-Band on there soon.

當你想到首批 46 個 C 波段市場中即將上線的客戶時，那些使用 LTE 產品的客戶會得到一個也有 C 波段的路由器，這樣他們就可以立即提升到這些速度—— - 只要我們很快打開 C 波段。

And the Fios expansion, it's -- there's a couple of pieces. We see great opportunity, as Hans mentioned. The other piece, it's a great cost opportunity as well as we continue to upgrade the network technology in that footprint as well.

而 Fios 擴展，它是 - 有幾個部分。正如漢斯所說，我們看到了巨大的機會。另一方面，這是一個巨大的成本機會，我們也將繼續升級該足跡中的網絡技術。

So we've been investing in that for a number of years. Maybe haven't spoken about it quite as much, but it continues to be a very good growth driver for the business. And we see a very strong line of sight for it to continue to do so. 4.7% growth in Fios revenues this quarter, certainly something we can continue to build on.

所以我們多年來一直在這方面進行投資。也許還沒有太多談論它，但它仍然是業務增長的一個很好的驅動力。我們看到它繼續這樣做的強烈視線。本季度 Fios 收入增長 4.7%，這當然是我們可以繼續發展的基礎。

If you don't mind as a quick follow-up there around the cost point. Those of us who live in regions that have Fios know that sometimes you can get Fios or maybe down the street, you can't. Are you kind of completing the communities? In other words, are you going to be at the point where you can finally rip out all this legacy infrastructure? Is that what you meant by the cost savings?

如果您不介意在成本點附近進行快速跟進。我們這些生活在擁有 Fios 的地區的人都知道，有時您可以買到 Fios，或者也許在街上，但您不能。你在完善社區嗎？換句話說，您是否會最終擺脫所有這些遺留基礎設施？這就是您所說的節省成本的意思嗎？

Well, that's absolutely part of it. Now we're going to be all the way there. That's a long-term goal for us. But certainly, as you replace in a certain location copper with fiber, there's a good benefit from a cost standpoint. In addition to the revenue step-up opportunities you get with that customer base. So it's a win-win on both sides of the P&L there.

好吧，這絕對是其中的一部分。現在我們將一路走到那裡。這是我們的長期目標。但可以肯定的是，當您在某個位置用光纖替換銅纜時，從成本的角度來看會有很大的好處。除了您從該客戶群獲得的收入提昇機會之外。因此，這對損益雙方都是雙贏的。

The next question comes from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

Just a couple of follow-ups on the -- again, on the C-Band deployment. First of all, are you seeing any supply chain or labor shortage issues with the -- and that may affect the timing of that rollout?

只是關於 C 波段部署的幾個後續行動。首先，您是否看到任何供應鍊或勞動力短缺問題 - 這可能會影響推出的時間？

And then beyond that, thanks for the 15 million sort of home passed with fixed wireless by year-end. Can you give us a sense of what the C-Band deployment, the sort of first phase of that, what that will do to that number? Do you -- as that gets launched, you turn on a number of more homes?

除此之外，感謝 1500 萬家庭在年底前通過固定無線網絡。您能否讓我們了解一下 C 波段的部署，即第一階段的部署，這將對這個數字產生什麼影響？你——隨著它的推出，你打開了更多的家庭嗎？

And then lastly, can you give us a sense of how your sort of go-to-market strategy will change? And do you expect the C-Band deployment to change the trajectory of your net adds, both on a fixed and mobile basis when we see that early next year?

最後，您能告訴我們您的上市策略將如何改變嗎？當我們明年初看到 C 波段部署時，您是否期望 C 波段部署會改變固定和移動網絡的增長軌跡？

On the C-Band, as I said before, there are, of course, challenges in supply chain, but our team has -- I think our team is the most outstanding operational excellence team in the world, and they are getting around all of it. On all major equipment, radios, et cetera, that are already secured. This is in a warehouse, and that's how we work.

在 C 波段，正如我之前所說，供應鏈當然存在挑戰，但我們的團隊 - 我認為我們的團隊是世界上最傑出的卓越運營團隊，他們正在解決所有問題它。在所有已經安全的主要設備、收音機等上。這是在倉庫裡，這就是我們的工作方式。

I mean, we do long-term planning with our suppliers years back. So we feel really good about that. There's been some challenges in the material. The team is working around them every day, finding new solutions in order for us to deploy, and they will continue to do so.

我的意思是，我們早在幾年前就與我們的供應商進行了長期規劃。所以我們對此感覺非常好。材料方面存在一些挑戰。團隊每天都圍繞著他們工作，尋找新的解決方案以便我們部署，他們將繼續這樣做。

When it comes to resources, again, we secured our resources years ahead to be prepared for these type of deployments we have. And we're doing more deployment than we've ever done before.

在資源方面，我們再次提前數年獲得資源，為我們擁有的這些類型的部署做好準備。我們正在做比以往任何時候都多的部署。

You talk about C-Band. We do mmWave, 14,000 this year. We do fiber. We do augmentations on the 4G. We do Fios. The team -- so it's many things they're doing, and we have never done more than this. And I can tell you the team with supply chain and deployment are doing a great job.

你說的是 C 波段。我們做毫米波，今年有 14,000 個。我們做纖維。我們在 4G 上做擴充。我們做 Fios。團隊 - 所以他們正在做很多事情，而我們所做的從來沒有比這更多。我可以告訴你，供應鍊和部署團隊做得很好。

When it comes to the 15 million households passed by year-end this year, that includes all the technologies we have. And of course, the second part that we guided for when we had our Investor Day was to get to 50 million households passed later on. So that includes all the technologies, including C-Band, of course, and also how we deal with different type of devices, having all the different technology in them.

說到今年年底通過的 1500 萬戶家庭，這包括我們擁有的所有技術。當然，我們在舉辦投資者日時指導的第二部分是讓 5000 萬戶家庭在之後通過。因此，這包括所有技術，當然包括 C 波段，以及我們如何處理不同類型的設備，其中包含所有不同的技術。

So the team has been planning this, creating opportunities for us. And of course, without coming into '22 -- 2022 yet, but with the opening of the C-Band, we see great new opportunities. And as I said also at the Investor Day, that means we can accelerate and amplify our business cases on 5G. That was the whole thing with the C-Band, and the team is geared up for that and very focused.

所以團隊一直在計劃這個，為我們創造機會。當然，雖然還沒有進入 22-2022 年，但隨著 C 波段的開放，我們看到了巨大的新機遇。正如我在投資者日所說，這意味著我們可以加速和擴大我們在 5G 方面的業務案例。這就是 C 波段的全部內容，團隊為此做好了準備並且非常專注。

So just following up on the bit about the open, the households covered. As you saw in the prepared remarks, we're at 11.6 million at the end of the third quarter. Obviously, we'll continue to add some mmWave and 4G for the rest of the year, but C-Band certainly will get us well over the 15 million as we turn that on.

因此，只需跟進有關公開的內容，就可以涵蓋家庭。正如您在準備好的評論中看到的那樣，我們在第三季度末達到 1160 萬。顯然，我們將在今年餘下時間繼續添加一些毫米波和 4G，但 C-Band 肯定會讓我們在打開它時超過 1500 萬。

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 just wanted to return, Hans, to the competitive landscape. I guess, year-over-year, I think most observers would say that the promotions kind of look very similar as they did a year ago. And if anything, the wireless landscape is probably less competitive now than it's ever been in terms of postpaid phone net add availability. And as we look ahead, I think the things that people wonder about what's going to change are as the EBB and the PPP and the renovated programs all go away, the super normal kind of sport for the postpaid market might ebb.

漢斯，我只是想回到競爭環境。我想，與去年同期相比，我認為大多數觀察家會說促銷活動看起來與一年前非常相似。而且，如果有的話，就後付費電話網絡添加可用性而言，無線領域現在的競爭力可能比以往任何時候都要低。展望未來，我認為人們想知道會發生什麼變化的事情是，隨著 EBB 和 PPP 以及翻新的項目都消失了，後付費市場的超常規運動可能會消退。

And second, you've got the cable companies coming in with new pricing plans.

其次，有線電視公司提出了新的定價計劃。

And then third, we've got the DISH launch coming up. Could you kind of give us your perspective on how comfortable people should be about how the landscape is going to evolve as these things change?

第三，我們即將推出 DISH。您能否就人們對隨著這些事情的變化而發生的變化應該有多大的舒適度給我們一些看法？

Yes. No, there's a lot of moving parts here, as you talked about again. I mean, I think that what we have -- and now as we start with Consumer because remember also our strong position on wireless on the Business side. And basically, we are leading in every segment. So sometimes we forget to talk about how strong we're there.

是的。不，正如您再次談到的那樣，這裡有很多活動部件。我的意思是，我認為我們擁有的——現在我們從消費者開始，因為還要記住我們在無線業務方面的強勢地位。基本上，我們在每個領域都處於領先地位。所以有時我們會忘記談論我們有多強大。

But let me start with Consumer because I think your question is a little bit more geared to Consumer. Remember how we have built our [possibility]. First of all, we have the best network. We have kept the best network. We augmented, and we are, of course, adding more spectrum to it right now with C-Band. So that's very important.

但讓我從消費者開始，因為我認為你的問題更適合消費者。記住我們是如何建立我們的[可能性]的。首先，我們有最好的網絡。我們保留了最好的網絡。我們進行了擴充，當然，我們現在正在使用 C 波段為其添加更多頻譜。所以這非常重要。

The second part is that the value we are doing besides having the best network, of course, with all the offerings we have created over time with Discovery, Disney+, which all of them are giving us profitability and retention. And you see the share numbers in this quarter.

第二部分是，除了擁有最好的網絡之外，我們正在做的價值當然還有我們隨著時間的推移與 Discovery、Disney+ 一起創造的所有產品，所有這些都給我們帶來了盈利和保留。您會看到本季度的份額數字。

I think we have found a model with Mix and Match, and the things that we are offering our customers on the wireless side has really paid off with both the loyalty but also the step-ups. And remember, when Matt talked about that we are now 1/3 of all the unlimited, be on unlimited premium, but we still have, let's say, 1/3 on metered plan as well.

我認為我們已經找到了混合搭配模式，我們在無線方面為客戶提供的服務在忠誠度和升級方面都得到了回報。請記住，當 Matt 談到我們現在有 1/3 的無限制，無限制保費，但我們仍然有 1/3 的計量計劃。

So we have so many steps to continue to move our customers upwards. And that has been a strategy from the beginning. And it's clearly different than anybody else in the market how we can do that and both offer the best network and the experiences that we have as well as the Mix and Match that we have in the network.

所以我們有很多步驟來繼續讓我們的客戶向上移動。這從一開始就是一個策略。它與市場上其他任何人都明顯不同，我們如何做到這一點，並且都提供最好的網絡和我們擁有的體驗以及我們在網絡中擁有的混合和匹配。

So I feel good about regardless of what type of competition is there and how it changes. We have owners' economics of everything we're doing. That was very clear from the beginning. We build our own fiber. We have the full network, and that's why we can have MVNOs on the network, which we also are benefiting from.

因此，無論存在何種類型的競爭以及它如何變化，我都感覺良好。我們對我們所做的一切都有所有者經濟學。這從一開始就很清楚。我們構建自己的光纖。我們擁有完整的網絡，這就是為什麼我們可以在網絡上擁有 MVNO，我們也從中受益。

So the whole idea with the strategy we laid out is just playing straight into what's happening in the market where mobility and broadband is the essential infrastructure for every individual in the world at the moment. And hey, everybody wants to be here. We have the best assets. That's basically how it looks.

因此，我們制定的戰略的整個想法只是直接針對市場上正在發生的事情，在這個市場上，移動和寬帶是目前世界上每個人的基本基礎設施。嘿，每個人都想來這裡。我們擁有最好的資產。這基本上就是它的樣子。

Yes. A couple of other points, Dave, if I can. So you mentioned the EBB impact on the marketplace. And certainly, we're supportive of all efforts to make digital connectivity available and accessible to everyone in the country, and we're participating in those programs.

是的。其他幾點，戴夫，如果可以的話。所以你提到了 EBB 對市場的影響。當然，我們支持為使該國的每個人都可以使用數字連接而做出的所有努力，並且我們正在參與這些計劃。

I would, though, say that in terms of our gross adds and new customers coming in, it's a very small portion of that. The majority of our EBB participation is with existing customers rather than new customers. So it's not a driver of gross adds for us.

不過，我會說，就我們的總增加量和新客戶的進入而言，這只是其中的一小部分。我們參與 EBB 的大部分是現有客戶，而不是新客戶。因此，這不是我們增加總收入的驅動因素。

And you also kind of mentioned it. Obviously, in the marketplace, there's been new plans that have come to the market in the past 6 to 9 months. And what I would say is just look at the volumes we've had, especially in the last 2 quarters with those new plans in place. You see the high-quality volumes that we've put on in that environment. So you have to work across both the service revenue and the handset components of the offering to customers. You add in the other values and products and services that we bring to customers, too.

你也提到了它。顯然，在過去的 6 到 9 個月裡，市場上出現了新的計劃。我想說的只是看看我們的數量，尤其是在過去兩個季度製定了這些新計劃的情況下。您會看到我們在該環境中投放的高質量卷。因此，您必須同時處理服務收入和向客戶提供的手機組件。您還可以添加我們為客戶帶來的其他價值、產品和服務。

This is the strategy that we've been working on for 2 to 3 years now. Obviously, it was a bit of a dip when we hit the pandemic, but the strategy was driving revenue growth before the pandemic. And you see it driving revenue growth now as we continue to focus on high-quality customers and increasing the value of our base, and it shows in the results.

這是我們已經研究了 2 到 3 年的策略。顯然，當我們遇到大流行時它有點下降，但該策略在大流行之前推動了收入增長。隨著我們繼續專注於高質量客戶並增加我們的基礎價值，您會看到它現在推動了收入增長，這在結果中得到了體現。

And if I could just quick follow-up, Matt. As we look at the implied performance in business wireline, is a portion of that related to Verizon's willingness to be more aggressive on price and throw more elbows to hang on to customers knowing that enterprise relationships are the groundwork for potential new wireless relationships as we think about enterprise 5G?

如果我可以快速跟進，馬特。當我們查看商業有線的隱含性能時，部分原因與 Verizon 願意在價格上更具侵略性並投入更多努力以留住客戶有關，因為他們知道企業關係是我們認為的潛在新無線關係的基礎關於企業5G？

Yes. No, I think there's a couple of items when you look at the wireline part of the business revenue results for the quarter that are not related to what you mentioned. One, last year, during COVID, we saw a little bit of a step-up in some of the core voice data revenue that we hadn't seen in quite a while. We're now lapping that, and those volumes are returning to their pre-pandemic trends.

是的。不，我認為當您查看本季度業務收入結果的有線部分時，有幾項與您提到的內容無關。第一，去年，在 COVID 期間，我們看到一些核心語音數據收入略有增加，這是我們很長一段時間沒有看到的。我們現在正在研究它，這些數量正在恢復到大流行前的趨勢。

The other thing is we've stepped out of some of the wholesale international voice business that had revenue but not significant margins associated with it. So we wanted to focus on value-driving activities. We continue to compete effectively in the enterprise space in wireline. But on the quality and reliability of the service we provide, obviously, we aim to be competitive there. But I'm not -- I've not seen us do anything out of the ordinary of what we were doing previously.

另一件事是我們已經退出了一些有收入但利潤不高的批發國際語音業務。所以我們想專注於價值驅動活動。我們繼續在有線企業領域進行有效競爭。但就我們提供的服務的質量和可靠性而言，很明顯，我們的目標是在那裡保持競爭力。但我不是——我沒有看到我們做了任何與我們之前所做的不同尋常的事情。

And as you mentioned, those relationships are very important to us as we go into the 5G era. And we're really seeing those relationships pay off with the work being done, working through those opportunities in MEC with a broad array of enterprise customers.

正如您提到的，隨著我們進入 5G 時代，這些關係對我們非常重要。我們確實看到這些關係隨著正在完成的工作而得到回報，通過 MEC 中的這些機會與廣泛的企業客戶合作。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的邁克爾羅林斯。

Two questions if I could. First, I'm curious if you're seeing any impacts of inflation on your cost structure. And related to that, what are the opportunities and the specific products where Verizon could try to pass through any increase in input costs and get better pricing?

如果可以的話，有兩個問題。首先，我很好奇您是否看到通貨膨脹對您的成本結構有任何影響。與此相關的是，Verizon 可以嘗試通過任何增加的投入成本並獲得更好的定價的機會和具體產品是什麼？

Second question, just taking the reaffirmation today that Verizon wants to be a national broadband provider for homes, businesses and on the go, how are you evaluating that build-versus-buy decision of using your spectrum and 5G technology to introduce fixed wireless broadband services versus the possibility of acquiring cable and fiber assets in the future?

第二個問題，今天重申 Verizon 希望成為家庭、企業和旅途中的國家寬帶提供商，您如何評估使用您的頻譜和 5G 技術引入固定無線寬帶服務的構建與購買決策與未來收購電纜和光纖資產的可能性相比？

I can start with the second question. Matt will answer on the inflation. When it comes to our rollout of nationwide broadband and playing with that, of course, remember, we are doing a lot of fiber already right now. I mean, we're doing -- remember, we have been reporting on our One Fiber project, which is still ongoing. In the most metropolitan areas, we are building on fiber. And of course, that is setting us up to have owner's economics on the broadband.

我可以從第二個問題開始。馬特將回答通貨膨脹問題。當談到我們在全國范圍內推出寬帶並使用它時，當然，請記住，我們現在已經在做很多光纖了。我的意思是，我們正在做——請記住，我們一直在報告我們的 One Fiber 項目，該項目仍在進行中。在大多數大都市地區，我們正在建設光纖。當然，這讓我們在寬帶上擁有所有者的經濟。

And then at the access point, we will do a different type of 4G accesses. That's what new. The reason we do that because they're so much faster when it comes to coming out to the customer. And we want to be innovative as well and having a self-install and all of that combined with it.

然後在接入點，我們將進行不同類型的 4G 接入。這就是新東西。我們這樣做的原因是，當涉及到客戶時，他們的速度要快得多。我們也希望具有創新性，並進行自我安裝，並將所有這些結合起來。

Then we're always on our fiber when it comes from outside our ILEC, we have looked into buy versus build all the time. We have come to the conclusion we want to build. We built our One Fiber network because we wanted the owner's economics on fiber. So that work is already done. So we feel really good about it.

然後，當它來自我們的 ILEC 之外時，我們總是在我們的光纖上，我們一直在研究購買與構建。我們已經得出了我們想要構建的結論。我們建立了我們的 One Fiber 網絡，因為我們希望所有者在光纖上獲得經濟效益。所以這項工作已經完成。所以我們對此感覺非常好。

We're going to have owner's economics nationwide on broadband over time here. And we can work with our wireless offering, our broadband offering. We created the 2 go-to-market Verizon Consumer and Business Group thinking about our customers, how they do products, how to do platforms, the user experience. This all comes into play right now. I mean, I couldn't be more excited than I am right now because the momentum for mobility and broadband is happening.

隨著時間的推移，我們將在全國范圍內擁有寬帶所有者的經濟。我們可以使用我們的無線產品，我們的寬帶產品。我們創建了 2 個上市 Verizon 消費者和商業集團，考慮我們的客戶、他們如何做產品、如何做平台、用戶體驗。這一切現在都發揮了作用。我的意思是，我沒有比現在更興奮的了，因為移動性和寬帶的勢頭正在發生。

We have prepared and worked now for 3 years to get where we are. And yes, we -- I feel really good about what we have. And the strategy is really working. And we look at the last couple of quarters here, when we talk about our net additions, talking about the revenue growth.

我們已經準備並工作了 3 年才到達現在的位置。是的，我們——我對我們所擁有的感覺非常好。該策略確實有效。我們在這裡看過去幾個季度，當我們談論我們的淨增加時，談論收入增長。

And as I also said when we spoke earlier, I mean, if you look at the second quarter, when everybody has reported, we also take the larger share of industry service and other revenue growth in the market. I mean, that's really what we're focusing on. We're focusing on getting the revenue growth.

正如我之前所說的那樣，我的意思是，如果你看看第二季度，當每個人都報告時，我們也在市場上佔據了更大的行業服務和其他收入增長份額。我的意思是，這確實是我們關注的重點。我們專注於實現收入增長。

And that's a little bit of the answer to your question on inflation as well that Matt is going to soon take over. Of course, we still have a lot on the wireless side where we can migrate customers up to higher plans. And that's, of course, the best way to see that we are getting incremental revenues from our customers but also give them more value and experiences.

這也是你關於通貨膨脹問題的部分答案，馬特將很快接手。當然，我們在無線方面還有很多可以讓客戶升級到更高計劃的地方。當然，這是了解我們從客戶那裡獲得增量收入同時也為他們提供更多價值和體驗的最佳方式。

Yes. Thanks, Hans. So Mike, certainly, we are seeing inflation in our business here. How long that lasts? Obviously, we're going to have to wait and see, and we're monitoring that closely.

是的。謝謝，漢斯。所以邁克，當然，我們在這裡的業務中看到了通貨膨脹。持續多長時間？顯然，我們將不得不拭目以待，我們正在密切關注。

But we're seeing that come across in certainly in labor rates. We're seeing it in commodities, driving utilities and whatnot. So -- but that's why the things we've done on the cost side over the past few years and continue to do are so important because it gives us the opportunity to be able to handle those -- any of those pressures coming in and continue to produce good margins. So we will continue to be focused there.

但我們看到這肯定會出現在勞動力率上。我們在商品、驅動公用事業等方面看到了它。所以 - 但這就是為什麼我們在過去幾年中在成本方面所做的事情並繼續做的事情如此重要，因為它讓我們有機會能夠處理這些 - 任何這些壓力即將到來並繼續以產生良好的利潤率。所以我們將繼續關注那裡。

And then as Hans said, our opportunity on the pricing side is really to step customers up. If you've got direct costs out there that we can pass through that we certainly will always look for the opportunities to do that. That's why you see kind of the changes in our content model from the legacy linear model where there wasn't clear transparency to the consumer between the increase in the cost from the producer there to what they were paying. What you see and what we're doing in the wireless space with content gives a lot more transparency there. So as costs go up, it's much easier for those to flow through to the end user.

然後正如漢斯所說，我們在定價方面的機會真的是讓客戶升級。如果您有我們可以通過的直接成本，我們當然會一直尋找這樣做的機會。這就是為什麼你會看到我們的內容模型從傳統的線性模型發生了一些變化，在這種模型中，從生產者那裡增加的成本到他們支付的費用之間對消費者來說沒有明確的透明度。您所看到的以及我們在無線內容領域所做的工作使那裡更加透明。因此，隨著成本上升，這些產品更容易流向最終用戶。

The next question is from Colby Synesael of Cowen.

下一個問題來自 Cowen 的 Colby Synesael。

Two if I may. First, you're starting to talk more about -- as they disclosed more on fixed wireless, which we appreciate. But you've also talked about the other 5G growth opportunity being mobile edge compute or MEC. When will we start to see that show up in the numbers and actually start positively contributing to growth? And where -- what line items would you point to where we'll be able to see that?

如果可以的話，兩個。首先，你開始談論更多——因為他們在固定無線方面披露了更多，我們對此表示讚賞。但您也談到了另一個 5G 增長機會，即移動邊緣計算或 MEC。我們什麼時候才能開始在數字中看到這一點並真正開始為增長做出積極貢獻？在哪裡 - 你會指出哪些行項目我們可以看到它？

And then secondly, Hans, you mentioned that next quarter, we should expect to see 2022 guidance. Just curious if your views on the metrics that you're focusing on might change. You're going to be seeing incremental headwinds, particularly to EPS, tied to some accounting, I believe, on the spectrum. Just curious if you believe guiding to EBITDA and/or free cash flow is something that might become more important when we see that guidance for next year.

其次，漢斯，你提到下個季度，我們應該期待看到 2022 年的指導。只是好奇您對您所關注的指標的看法是否會發生變化。我相信，你將看到越來越多的逆風，尤其是對 EPS 的逆風，與某些會計相關。只是好奇，當我們看到明年的指導時，您是否認為指導 EBITDA 和/或自由現金流可能變得更加重要。

Okay. Great question, Colby. First, on the mobile edge compute, we are -- first of all, we're doing great progress in mobile edge compute. And you have seen that we have made announcements in the quarter with the biggest cloud providers in the market, both on the private 5G mobile edge compute.

好的。好問題，科爾比。首先，在移動邊緣計算方面，我們——首先，我們在移動邊緣計算方面取得了很大進展。您已經看到，我們在本季度與市場上最大的雲提供商就私有 5G 移動邊緣計算發布了公告。

And as you remember, there are basically 3 use cases. One is the public mobile edge compute and then it's a private mobile age compute and then it's private 5G networks. All of them sort of are in execution right now.

正如您所記得的，基本上有 3 個用例。一個是公共移動邊緣計算，然後是私有移動時代計算，然後是私有 5G 網絡。所有這些現在都在執行中。

We're working with customers. We have announced a couple of commercial contracts already like Corning, the British Ports, et cetera. So that's already happening. And of course, it takes some time because we are actually creating a totally new market, and we are actually alone in this market. Nobody else in the world has launched mobile edge compute at this moment. So of course, we feel really good about that.

我們正在與客戶合作。我們已經宣布了一些商業合同，例如康寧、英國港口等。所以這已經在發生了。當然，這需要一些時間，因為我們實際上正在創造一個全新的市場，而我們實際上是這個市場中的孤軍。目前世界上還沒有其他人推出過移動邊緣計算。所以當然，我們對此感覺非常好。

And the team is working through the funnel, all the way from proof of context to new applications. And that's how it works when you create new markets, et cetera. So we will come back as soon as we feel it's time to start reporting it as we have done with 5G fixed wireless access.

該團隊正在通過漏斗進行工作，從上下文證明到新應用程序。這就是您創建新市場等時的運作方式。因此，一旦我們覺得是時候開始報告它，我們就會回來，就像我們對 5G 固定無線接入所做的那樣。

But I'm even more sort of excited automobile edge compute, what I've seen in the last year here with the technology solutions we have and also the customer interaction we have, together with the main partners. I mean, we have the biggest partners you can ever think about in this that are equally much vested as us because that was part of the strategy to bring different partners together.

但我對汽車邊緣計算更加興奮，去年我在這裡看到了我們擁有的技術解決方案以及我們與主要合作夥伴的客戶互動。我的意思是，在這方面，我們擁有您所能想到的最大的合作夥伴，他們與我們一樣擁有同樣的權利，因為這是將不同合作夥伴聚集在一起的戰略的一部分。

So we will continue with that, and we will come back and report. And we will give you new deals and how it is progressing with partners over time. And ultimately, of course, it's going to be financials, and that's going to show up.

所以我們將繼續這樣做，我們會回來報告。我們將為您提供新的交易以及隨著時間的推移與合作夥伴的進展情況。當然，最終，這將是財務方面的，而且會出現。

Initially, of course, it's going to be on Verizon Business Group that's going to have that as revenue. There is a B2B2C opportunity longer term, which can end up in Consumer, but predominantly in the beginning is a Verizon Business Group opportunity.

當然，最初將由 Verizon Business Group 將其作為收入。從長遠來看，有一個 B2B2C 機會，最終可能會出現在消費者中，但主要是在開始時是 Verizon 商業集團的機會。

Matt, on guidance, have you thought through what you're going to do next year? He hasn't told me yet.

馬特，關於指導，你有沒有想過你明年要做什麼？他還沒有告訴我。

So Colby, great question. So obviously, we'll get into guidance at the next call. But as you mentioned, we always look at what year-over-year pressures may be in there, especially things that are accounting-related rather than cash flow-related. We'll make sure we have the appropriate level of transparency around that.

那麼 Colby，好問題。很明顯，我們將在下一次電話會議上獲得指導。但正如你提到的，我們總是關注其中可能存在哪些同比壓力，尤其是與會計相關而非現金流相關的事情。我們將確保我們在這方面有適當的透明度。

The important thing for us to be able to demonstrate in that guidance is how our strategy is working, and it's going to show up in revenue growth and cash flow growth. And you see that this year, and we'll find a way to make sure that we could communicate clearly that we're continuing to grow the top line of the business, and that's flowing through into the cash generation of the business as well, which is ultimately what it's all about.

我們能夠在該指南中證明的重要一點是我們的戰略是如何運作的，它將在收入增長和現金流增長中體現出來。你會在今年看到這一點，我們將找到一種方法來確保我們能夠清楚地傳達我們正在繼續發展業務的頂線，並且這也正在流入業務的現金產生中，這就是它的全部意義所在。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Two questions if I could, both sort of at the strategic level, Hans. First, maybe you could just update us on your expectations for what exactly do you do differently when you get the TracFone asset? How do you think about the go-to-market strategy in the prepaid market in particular?

如果可以的話，我有兩個問題，都是戰略層面的問題，漢斯。首先，也許您可以向我們介紹一下您對獲得 TracFone 資產時究竟有何不同的期望？您如何看待預付費市場的上市戰略？

And then second, you've started to see some of the -- whether it's open signal or other reports suggesting that T-Mobile's network for 5G is faster and broader coverage. How do you think about maintaining the sort of best network advantage that you've had? And what gives you confidence that you can convey that in the business and consumer markets?

其次，你已經開始看到一些——無論是開放信號還是其他報告表明 T-Mobile 的 5G 網絡速度更快、覆蓋範圍更廣。您如何看待保持您擁有的那種最佳網絡優勢？是什麼讓您有信心在商業和消費者市場上傳達這一點？

Yes, I can start with the second one. I mean, first of all, I mean, we rely on the RootMetrics because that's the most sophisticated and scientific way of measuring the network. And it's -- we're undoubtedly the leader there. And without going into my competition because I never talk about them, but clearly, one has always lost.

是的，我可以從第二個開始。我的意思是，首先，我的意思是，我們依賴 RootMetrics，因為這是衡量網絡的最複雜、最科學的方法。而且它 - 我們無疑是那裡的領導者。沒有參加我的比賽，因為我從不談論他們，但很明顯，一個人總是輸。

So if we then talk about the TracFone, which is, of course, an exciting opportunity for us, we're still to be closed. We're not -- we're going to have the go-to-market and the brands that TracFone have. They are so good on prepaid, and they've shown that.

因此，如果我們隨後談論 TracFone，這對我們來說當然是一個令人興奮的機會，我們仍然要關閉。我們不是——我們將擁有 TracFone 擁有的上市和品牌。他們在預付費方面非常好，他們已經證明了這一點。

What we will, of course, support them with this all the back-end support all the way from supply chain, IT support, UX, customer care and all of that. But clearly, we want to keep the point of sales. We want to keep the offerings, and we want to serve the value market. So that's where we are. I cannot go further into that because we still have the pending sort of approval of it. But we will give you even more color, Craig, as soon as we have closed this one.

當然，我們將通過供應鏈、IT 支持、用戶體驗、客戶服務等所有後端支持來支持他們。但很明顯，我們希望保留銷售點。我們想保留產品，我們想服務於價值市場。這就是我們的處境。我無法進一步討論，因為我們仍有待批准。但是，克雷格，一旦我們關閉了這個，我們就會給你更多的顏色。

The next question comes from Kannan Venkateshwar of Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So maybe a little bit of a longer-term question, Hans. When we look at your growth algorithm on the Consumer side, you have essentially an ARPU and ARPA growth trend line as well as with revenue trend line, which is trailing in the (inaudible). They probably continue as you deploy C-Band. And then (inaudible) increases, your G&A should also pick up as we head into next year. And then there is a competitive backdrop, which potentially capture (inaudible). If you think about this growth algorithm, how do you keep margins intact when your revenue growth is essentially trailing?

漢斯，所以也許是一個更長期的問題。當我們在消費者方面查看您的增長算法時，您基本上有一條 ARPU 和 ARPA 增長趨勢線以及收入趨勢線，它落後於（聽不清）。當您部署 C 波段時，它們可能會繼續。然後（聽不清）增加，隨著我們進入明年，您的 G&A 也應該增加。然後是競爭背景，可能會捕捉到（聽不清）。如果您考慮這種增長算法，當您的收入增長基本上落後時，您如何保持利潤率不變？

Yes. Kannan, you broke up there, but I think what you're trying to ask is how do we think about margin profile as ARPA trails the service revenue growth. Matt, your thoughts?

是的。 Kannan，你在那里分手了，但我想你想問的是我們如何看待利潤率，因為 ARPA 落後於服務收入增長。馬特，你的想法？

So we have tremendous opportunities, and you see it come through in the results we've delivered now for a few quarters of the ability to bring high-quality customers in and then step them up. So the step-ups give us the increase in ARPA. And then the service revenue is, obviously, a combination of the increase in revenue within the base and then also the impact of the new customers coming in.

所以我們有巨大的機會，你會看到我們現在已經交付了幾個季度的結果，有能力吸引高質量的客戶，然後提升他們。因此，升級讓我們增加了 ARPA。然後，服務收入顯然是基地內收入增加以及新客戶進入的影響的結合。

So as you do that, we're very, very confident that you continue to add scale to our business, which is already the best in class from a scale standpoint. And that will show up in the margin profile of the business going forward. So I expect us to continue to have a very strong margin profile going forward.

因此，當您這樣做時，我們非常非常有信心您會繼續擴大我們的業務規模，從規模的角度來看，這已經是同類最佳。這將顯示在未來業務的利潤率中。因此，我希望我們在未來繼續保持非常強勁的利潤率。

It's built on executing the strategy. You see that in the results this year. You compare the Consumer margin in 3Q this year to 2 years ago, you see that strategy is working and delivering results at both at the top line and the margin line.

它建立在執行戰略的基礎上。你在今年的結果中看到了這一點。你將今年第三季度的消費者利潤率與兩年前進行比較，你會發現該戰略正在發揮作用，並在頂線和利潤線上取得了成果。

Perfect. I have...

完美的。我有...

Kannan, we're having technical difficulties with you. We'll have to catch up later.

Kannan，我們遇到了技術問題。我們必須稍後趕上。

No problem.

沒問題。

Your last question comes from Frank Louthan of Raymond James.

你的最後一個問題來自 Raymond James 的 Frank Louthan。

Can you give us a little more color? You mentioned there was a split in the fixed wireless between the Consumer and Business. How is that shaking out? And then on the Business side, still a little bit weaker there. Is that just continued pricing pressure in the market? Or is it a share issue? Or walk us through how you're looking at the enterprise space going forward.

你能給我們多一點顏色嗎？您提到消費者和企業之間的固定無線存在分歧。怎麼樣？然後在業務方面，那裡仍然有點弱。這只是市場上持續的定價壓力嗎？還是份額問題？或者向我們介紹您如何看待未來的企業空間。

Yes. If I talk about the fixed wireless access on the Business side, it's called business Internet on that side, the offering we have. And of course, we started off with our fixed wireless access on the Consumer side, and we later on added in our Business side to actually have access to it as well because that's what -- how we wanted it to start.

是的。如果我談論企業端的固定無線接入，那是我們提供的業務互聯網。當然，我們從消費者端的固定無線接入開始，後來我們在我們的業務端添加了實際訪問它，因為這就是我們希望它開始的方式。

I would say we have really good traction on the Business side on fixed wireless access, small and medium businesses, clearly, where we have our stronghold and being the clear leader. So we see this as a great opportunity for our Verizon Business Group as well. And again, we are now adding products and solutions for Verizon Business Group that over time should offset the wireline decline that we have, that Matt talked about.

我想說的是，我們在固定無線接入、中小型企業方面的業務方面確實有很好的吸引力，顯然，我們在這些方面擁有我們的據點並成為明確的領導者。所以我們認為這對我們的 Verizon 業務集團來說也是一個很好的機會。再說一遍，我們現在正在為 Verizon Business Group 添加產品和解決方案，隨著時間的推移，這些產品和解決方案應該可以抵消 Matt 談到的有線線路下降。

When we talk about the Verizon Business Group, we haven't talked enough about them, but the momentum on wireless there is really good. I mean, look at the small and medium businesses are coming back. They're doing a great job. On the enterprise side, the wireless business is doing well as well.

當我們談論 Verizon 商業集團時，我們對他們的討論還不夠多，但那裡的無線發展勢頭非常好。我的意思是，看看中小型企業正在回歸。他們做得很好。在企業方面，無線業務也表現良好。

The only area is a public sector is coming a little bit back. But that's a very natural thing because the sort of the increased demand of home education and et cetera, during the COVID, of course, had a spike in wireless connections, which is just naturally coming down a little bit right now. But the momentum on the wireless side on the Verizon Business Group and then you add the new opportunities, everything from application on top of the network, the mobile edge compute, the fixed wireless access and over time, also opportunities outside the ILEC on Fios or at least on fiber.

唯一的領域是公共部門正在回歸。但這是很自然的事情，因為在 COVID 期間，家庭教育等需求的增加當然會導致無線連接激增，而現在這種情況自然會有所下降。但是 Verizon 業務集團在無線方面的發展勢頭，然後你會增加新的機會，從網絡頂部的應用程序、移動邊緣計算、固定無線訪問以及隨著時間的推移，還有 Fios 或 ILEC 之外的機會至少在纖維上。

So that's a great opportunity for us, and that's what we outlined already in 2019 when we decided to transform that business to see that we are really well prepared for capturing those opportunities and those transformations that all the enterprise, small and medium companies will do to digitalize over time. So I think we're in a good place. Simon and the team are doing a great job.

所以這對我們來說是一個很好的機會，這就是我們在 2019 年決定轉型該業務時已經概述的內容，以了解我們確實做好了充分準備，可以抓住所有企業、中小企業將要進行的這些機遇和轉型隨著時間的推移數字化。所以我認為我們處在一個好地方。西蒙和他的團隊做得很好。

Yes. Thanks, Frank. Now that's all the time we have today for questions. Thanks for joining the call, and everybody, be safe.

是的。謝謝，弗蘭克。這就是我們今天所有的提問時間。感謝您加入電話會議，大家注意安全。

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。