威訊通訊 (VZ) 2021 Q2 法說會逐字稿

Good morning, and welcome to the Verizon Second 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 年第二季度收益電話會議。 （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 second 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，歡迎來到我們的第二季度收益電話會議。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. 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 財務指標。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。

Now let's take a look at consolidated earnings for the second quarter. In the second quarter, we reported earnings of $1.40 per share on a GAAP basis. Reported second quarter earnings include a net pretax gain from special items of $182 million, consisting of a pretax gain of approximately $1.3 billion related to a pension remeasurement credit as well as a pretax loss of $1.1 billion from early debt redemption costs. Excluding the effects of these special items, adjusted earnings per share was $1.37 in the second quarter.

現在讓我們來看看第二季度的合併收益。在第二季度，我們報告的 GAAP 每股收益為 1.40 美元。報告的第二季度收益包括來自特殊項目的 1.82 億美元稅前淨收益，其中包括與養老金重新計量信貸相關的約 13 億美元稅前收益以及來自早期債務贖回成本的 11 億美元稅前虧損。排除這些特殊項目的影響，第二季度調整後每股收益為 1.37 美元。

In May, we announced an agreement to sell Verizon Media to Apollo Funds with an expected close date in the second half of 2021. Upon the announcement, certain assets of the Verizon Media business were classified as an asset held for sale. As a result, we no longer depreciate or amortize these assets, which resulted in a partial quarter benefit of $0.03 per share in the second quarter, and this benefit will continue until the deal closes.

5 月，我們宣布了一項將 Verizon Media 出售給 Apollo Funds 的協議，預計完成日期為 2021 年下半年。公告發布後，Verizon Media 業務的某些資產被歸類為持有待售資產。因此，我們不再對這些資產進行折舊或攤銷，這導致第二季度的部分季度收益為每股 0.03 美元，並且該收益將持續到交易完成。

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

有了這個，我現在將把電話轉給漢斯，讓我們回顧一下第二季度。

Thank you, Brady, and thank you for joining our second quarter earnings call. It is remarkable, the difference a year can make. We're quickly resuming prepandemic norms. And at Verizon, our network and in-store traffic is almost back to prepandemic volumes, and our office employees are gradually coming back to office.

謝謝你，布雷迪，也感謝你參加我們第二季度的財報電話會議。值得注意的是，一年可以帶來不同。我們正在迅速恢復大流行前的規範。在 Verizon，我們的網絡和店內流量幾乎恢復到大流行前的水平，我們辦公室的員工也逐漸回到辦公室。

Of course, some behaviors are changed permanently. The mass shift toward online activity, speed up timeline of work from home, distance learning, banking, entertainment, telemedicine, et cetera. All of these societal and behavior shifts have had an impact on the business. And they reaffirm our Network-as-a-Service strategy and our focus on delivering on our 5 vectors of growth.

當然，有些行為會永久改變。大規模轉向在線活動，加快了在家工作、遠程學習、銀行業務、娛樂、遠程醫療等領域的時間表。所有這些社會和行為轉變都對企業產生了影響。他們重申了我們的網絡即服務戰略以及我們對實現 5 個增長方向的關注。

Finally, after a year of virtual meetings, I've been spending time in the field with customers and partners, and importantly, with our frontline workers, who have done such heroic work throughout the past year serving our customers. All in all, we have a very enthusiastic and cautiously optimistic stakeholder base.

最後，在一年的虛擬會議之後，我一直在現場與客戶和合作夥伴在一起，更重要的是，與我們的一線員工在一起，他們在過去一年中為我們的客戶做出瞭如此英勇的工作。總而言之，我們有一個非常熱情和謹慎樂觀的利益相關者基礎。

As we conclude the first half of 2021, I have to say I'm extremely proud of the achievements we have made to strengthen Verizon in all aspects. Let me mention a couple of the milestones.

在我們結束 2021 年上半年時，我不得不說，我為我們在各個方面加強 Verizon 所取得的成就感到非常自豪。讓我提幾個里程碑。

We strengthened our strategic focus with our divestment of Verizon Media Group, which we believe will close around the end of the quarter. We invested in the best portion of the C-Band in order to accelerate and amplify our multipurpose Network-as-a-Service model.

我們通過剝離 Verizon Media Group 加強了我們的戰略重點，我們相信該業務將在本季度末左右完成。我們投資了 C 波段的最佳部分，以加速和擴大我們的多用途網絡即服務模型。

We have also improved our 2.0 organizational structure, and we brought in a diverse slate of top leaders. Our finance and treasury team did an outstanding job of strengthening our balance sheet with low cost of borrowing and maturity for our debt. We also laid out a long-term financial goal with focus on growth.

我們還改進了 2.0 組織結構，並引進了多元化的高層領導。我們的財務和資金團隊在以低借貸成本和債務到期來加強我們的資產負債表方面做得非常出色。我們還制定了以增長為重點的長期財務目標。

All this focus on strategic execution and to deliver profitable growth by our teams have paved the way for a continued great financial performance. And in the second quarter, we not only generated our strongest earnings on record, we also produced good growth and profitability in all our units and segments. We demonstrated continued strength in our wireless service revenue growth. And combined with our scale and operational efficiency, we produced 5.6% adjusted EBITDA growth. Given the strength of our first half results, we are raising our full year guide, and Matt will provide details later in the call.

所有這些都以戰略執行為重點，並通過我們的團隊實現盈利增長，為持續出色的財務業績鋪平了道路。在第二季度，我們不僅創造了有記錄以來最強勁的收益，而且我們所有部門和部門都實現了良好的增長和盈利能力。我們的無線服務收入增長持續強勁。結合我們的規模和運營效率，我們實現了 5.6% 的調整後 EBITDA 增長。鑑於我們上半年的業績強勁，我們正在提高全年指南，Matt 將在稍後的電話會議中提供詳細信息。

When it comes to our operations, our recent investments in our customers through the biggest 5G upgrade promotion and innovative trading, coupled with a Mix & Match for both wireless and Fios customers, have led to strong performance across both our offerings.

在我們的運營方面，我們最近通過最大的 5G 升級促銷和創新交易對我們的客戶進行了投資，再加上無線和 Fios 客戶的混合搭配，使我們的兩種產品都取得了強勁的表現。

On the network side, we just continue to offer our customers the industry's best network experience. For the 16th consecutive time, RootMetrics awarded Verizon the best overall network performance. And for the 27th consecutive time, J.D. Power named us the #1 network quality. Our C-Band build, we're on track to build 7,000 to 8,000 sites by year-end, and we're on plan to launch the first 46 markets. And we are also strengthening our network by expanding our fixed wireless access reach.

在網絡方面，我們只是繼續為客戶提供業界最佳的網絡體驗。 RootMetrics 連續第 16 次授予 Verizon 最佳整體網絡性能獎。 J.D. Power 連續第 27 次將我們評為網絡質量第一名。我們的 C 波段建設，我們有望在年底前建設 7,000 到 8,000 個站點，並且我們計劃推出前 46 個市場。我們還通過擴大固定無線接入範圍來加強我們的網絡。

If we look to the traffic in the network, the customer activity is near pre-COVID levels. And as mobility traffic comes back, we have seen millimeter wave usage increase 290% June year-to-date. And as we continue to deploy millimeter wave sites and we get more device penetration, we expect these numbers to continue to increase fast and track towards 5% to 10% of traffic in most dense urban areas by year-end. We are making progress in executing across all our 5 vectors of growth.

如果我們查看網絡中的流量，客戶活動接近 COVID 之前的水平。隨著移動流量的恢復，我們發現今年 6 月至今毫米波的使用量增加了 290%。隨著我們繼續部署毫米波站點並獲得更多設備普及率，我們預計這些數字將繼續快速增長，並在年底前達到最密集城市地區流量的 5% 至 10%。我們在執行所有 5 個增長向量方面正在取得進展。

On the 5G adoption, approximately 20% of our wireless phone base are now on 5G devices with a majority of them C-Band-capable. In the second quarter, the step-up rates were very, very healthy, and this reflects value and differentiated experience for our customers. We also had a record high new accounts that opted for a premium unlimited plan.

在 5G 採用方面，我們大約 20% 的無線電話現在使用 5G 設備，其中大部分支持 C 波段。在第二季度，提升率非常非常健康，這反映了我們客戶的價值和差異化體驗。我們還有創紀錄的新客戶選擇了保費無限計劃。

The next-generation business application, we launched the first commercial available private fiber network solution in the U.S. It's an on-site private 5G that brings on-premise 5G capabilities to large enterprises and public sector customers. The team in Verizon Business Group continued to make very important partnerships. And one of them in the quarter was with Mastercard, where we will work together with Mastercard on 5G mobile edge compute, transforming the contactless payment for consumer as well as small and medium-sized businesses.

下一代業務應用，我們在美國推出了第一個商用專用光纖網絡解決方案。它是一種現場專用 5G，可為大型企業和公共部門客戶帶來本地 5G 功能。 Verizon Business Group 的團隊繼續建立非常重要的合作夥伴關係。本季度其中之一是萬事達卡，我們將與萬事達卡在 5G 移動邊緣計算方面合作，為消費者和中小型企業改變非接觸式支付方式。

The customer differentiation that we continue to develop further strengthened in the quarter when new content and experience to our Mix & Match platform with the broken device trade-in, the biggest upgrade ever promotion, and we also added through partnership, content with Apple Arcade and Google Play Pass.

我們繼續開發的客戶差異化在本季度進一步加強，我們的 Mix & Match 平台有了新的內容和體驗，以舊換新，這是有史以來最大的升級促銷活動，我們還通過合作夥伴關係添加了與 Apple Arcade 的內容和谷歌播放通行證。

Expansion into new markets. We have been focusing and continue to have broadband nationwide. And we expanded our 5G Home services, which is now available across 47 markets. On the 4G Home, we expanded to more suburban and urban areas and is now available in parts of all 50 states. At the same time, we launched a new home router, which is compatible with the C-Band. Finally, we have recently expanded our 5G Business Internet also to parts of 42 cities.

擴展到新市場。我們一直在關注並繼續在全國范圍內擁有寬帶。我們還擴展了 5G 家庭服務，該服務現已在 47 個市場推出。在 4G Home 上，我們擴展到更多的郊區和城市地區，現在可以在所有 50 個州的部分地區使用。同時，我們推出了新的家用路由器，兼容C-Band。最後，我們最近也將 5G 商業互聯網擴展到了 42 個城市的部分地區。

In summary, our strategy is working and is more relevant than ever, driving value for our investors and to our customers and society as they embrace new ways of living and working. We have great momentum on all 5 vectors of growth, delivering on profitable growth with alignment to our long-term growth targets.

總而言之，我們的戰略正在發揮作用，並且比以往任何時候都更加相關，在我們的投資者、我們的客戶和社會擁抱新的生活和工作方式時為他們帶來價值。我們在所有 5 個增長方向上都擁有強勁勢頭，實現盈利增長並與我們的長期增長目標保持一致。

With that, I'll now turn it over to Matt to discuss the financial results.

有了這個，我現在將它交給馬特來討論財務結果。

Thank you, Hans, and good morning, everyone. Second quarter results were exceptional, both financially and operationally. We continue to execute on our strategy, driving contributions from all 5 growth vectors. We attracted new customers and accounts and delivered low churn amid strong upgrade activity, all of which serves to accelerate 5G adoption in advance of our C-Band deployment later this year.

謝謝你，漢斯，大家早上好。第二季度的業績在財務和運營方面都非常出色。我們繼續執行我們的戰略，推動所有 5 個增長方向的貢獻。我們吸引了新客戶和賬戶，並在強勁的升級活動中實現了低流失率，所有這些都有助於在今年晚些時候部署 C 波段之前加速 5G 的採用。

Accelerating volumes contributed to another quarter of strong sequential wireless service revenue growth, building off our industry-leading performance in recent quarters. At the same time, our disciplined approach is driving profitability and strong earnings results.

銷量的增長促成了又一個季度強勁的連續無線服務收入增長，鞏固了我們在最近幾個季度行業領先的業績。與此同時，我們嚴格的方法正在推動盈利能力和強勁的盈利結果。

Let's go through the details beginning on Slide 6. In the second quarter, consolidated operating revenue was $33.8 billion, up 10.9% year-over-year. Service and other revenue rose 5.7% driven by strength in Wireless, Fios and Media. Equipment revenue rose 47.6% year-over-year, given COVID impacted sales a year ago and was up more than 17% from second quarter 2019 levels driven by healthy upgrade activity.

讓我們從幻燈片 6 開始詳細介紹。第二季度，合併營業收入為 338 億美元，同比增長 10.9%。在無線、Fios 和媒體業務強勁的推動下，服務和其他收入增長了 5.7%。考慮到 COVID 影響了一年前的銷售，設備收入同比增長 47.6%，並且在健康的升級活動的推動下比 2019 年第二季度的水平增長了 17% 以上。

Total wireless service revenues were up 5.9% year-over-year and 4.0% compared to second quarter 2019. The results represent sequential growth of $139 million, nearly double our industry-leading sequential growth reported in the first quarter. Total Fios revenues were up 5.4% year-over-year driven by continued broadband subscriber growth.

無線服務總收入同比增長 5.9%，與 2019 年第二季度相比增長 4.0%。結果表明環比增長 1.39 億美元，幾乎是我們第一季度報告的行業領先環比增長的兩倍。在寬帶用戶持續增長的推動下，Fios 總收入同比增長 5.4%。

Adjusted EBITDA of $12.2 billion grew 5.6% over the prior year, in line with our service and other revenue growth despite absorbing approximately $60 million of incremental tower lease costs related to the updated agreements to accelerate the deployment of our C-Band spectrum. As Brady and Hans highlighted, adjusted EPS for the second quarter was $1.37, the best on record. The execution of our strategy is translating to record earnings results, and we are well positioned to continue the momentum into the second half of the year.

調整後的 EBITDA 為 122 億美元，比上年增長 5.6%，與我們的服務和其他收入增長一致，儘管吸收了與更新協議相關的約 6000 萬美元增量塔租賃成本，以加速我們的 C 波段頻譜部署。正如 Brady 和 Hans 強調的那樣，第二季度調整後的每股收益為 1.37 美元，創歷史新高。我們戰略的執行正在轉化為創紀錄的盈利結果，我們有能力將這一勢頭延續到下半年。

Now let's review our operating segment results, starting with Consumer on Slide 7. Momentum built throughout the quarter, and we timed our promotions to take full advantage of the economic recovery and increased customer activity. The result was one of our strongest net new wireless account quarters.

現在讓我們回顧一下我們的運營部門業績，從幻燈片 7 上的消費者開始。整個季度勢頭強勁，我們安排促銷活動以充分利用經濟復甦和增加的客戶活動。結果是我們最強勁的淨新無線賬戶季度之一。

With stores fully opened and consumer behavior closer to prepandemic levels, we delivered 1.7 million postpaid phone gross adds in the quarter, up from 1.2 million in second quarter 2020 and almost identical to 2019 levels. Phone churn of 0.65% remained favorable throughout the quarter and benefited from new offers in the marketplace. This result was a record low for a non-COVID-impacted quarter. As a result, phone net adds of 197,000 were our best second quarter for Consumer.

隨著商店的全面開業和消費者行為接近大流行前的水平，我們在本季度交付了 170 萬部後付費電話總增量，高於 2020 年第二季度的 120 萬部，幾乎與 2019 年的水平相同。整個季度 0.65% 的電話流失率保持良好，並受益於市場上的新優惠。對於未受 COVID 影響的季度，這一結果創下歷史新低。因此，電話淨增 197,000 部是我們第二季度消費者業務表現最好的季度。

The response to our differentiated customer proposition, including the broken device trade-in and the biggest upgrade ever promotion, was terrific. Device upgrades, which were significantly higher compared to both second quarter 2020 and 2019, drove 5G adoption and step-ups to premium unlimited plans, a strong indicator that our strategy is working. We exited the second quarter with approximately 20% of our phone base using 5G-capable devices with the vast majority supporting C-Band.

對我們差異化的客戶主張的響應非常好，包括損壞的設備以舊換新和有史以來最大的升級促銷。與 2020 年第二季度和 2019 年第二季度相比，設備升級顯著增加，推動了 5G 的採用和高級無限計劃的升級，這有力地表明我們的戰略正在發揮作用。我們在第二季度退出時，大約 20% 的手機使用支持 5G 的設備，其中絕大多數支持 C 波段。

In addition, step-up rates were historically high, and nearly 60% of new accounts opted for a premium unlimited plan, a record high. At quarter end, approximately 69% of our account base was on unlimited plans with nearly 27% of our account base on premium unlimited plans.

此外，升級率處於歷史高位，近 60% 的新賬戶選擇了保費無限計劃，創歷史新高。在季度末，我們大約 69% 的賬戶基礎是無限計劃，而我們近 27% 的賬戶基礎是保費無限計劃。

The quality and reliability of our Fios service, combined with the simplicity of our Mix & Match offerings, continues to drive strong demand for broadband. Fios Internet net adds totaled 92,000 in the quarter, supported by strong customer retention. And our Fios Internet customer base is more than 7% higher than a year ago. Our trailing 12-month total Fios Internet net add performance is the highest since 2015.

我們 Fios 服務的質量和可靠性，再加上我們 Mix & Match 產品的簡單性，繼續推動對寬帶的強勁需求。在強大的客戶保留率的支持下，本季度 Fios Internet 淨增加總計 92,000。我們的 Fios Internet 客戶群比一年前增加了 7% 以上。我們過去 12 個月的總 Fios 互聯網淨增表現是 2015 年以來的最高水平。

Now let's move to Slide 8 to discuss the Consumer financial performance. The improved customer activity translated to impressive top line trends. Total revenue for the quarter grew 11.2% year-over-year and was also 6.7% higher versus second quarter 2019. Equipment revenue was the biggest driver, rebounding above pre-COVID levels from higher activations, aided by our customer value proposition.

現在讓我們轉到幻燈片 8 來討論消費者的財務業績。改善的客戶活動轉化為令人印象深刻的收入趨勢。本季度總收入同比增長 11.2%，與 2019 年第二季度相比也增長 6.7%。設備收入是最大的推動因素，在我們的客戶價值主張的幫助下，設備收入從較高的激活率反彈至 COVID 前水平以上。

Wireless service revenue momentum translated to 5.4% year-over-year growth and 2.5% growth compared to second quarter 2019. Service revenue was driven by customer growth, step-ups, products such as content as well as reseller and prepaid. This growth comes despite minimal contributions from international roaming, which we expect should provide a further uptick to growth in future quarters.

無線服務收入勢頭轉化為同比增長 5.4%，與 2019 年第二季度相比增長 2.5%。服務收入是由客戶增長、升級、內容以及經銷商和預付費等產品推動的。儘管國際漫遊的貢獻微乎其微，但我們預計這會在未來幾個季度進一步推動增長，但仍實現了這一增長。

Momentum in Fios continues with revenues of $2.9 billion, surpassing pre-COVID levels, driven by the continued uptake of gigabit speeds. The results represent our highest revenue results ever. We remain encouraged by the continued margin improvement within Fios driven by the adoption of Mix & Match plans and a greater contribution from broadband. Consumer segment EBITDA for the quarter grew 4.9% over 2020, representing an EBITDA margin of 44.3%, down from the prior year primarily resulting from higher activations.

Fios 的勢頭繼續保持著 29 億美元的收入，超過了 COVID 之前的水平，這得益於千兆速度的持續採用。結果代表了我們有史以來最高的收入結果。在採用 Mix & Match 計劃和寬帶貢獻更大的推動下，Fios 內部的利潤率持續提高，這讓我們感到鼓舞。本季度消費者業務 EBITDA 比 2020 年增長 4.9%，EBITDA 利潤率為 44.3%，低於上年，這主要是由於更高的激活率。

Now let's move to our Business segment on Slide 9. Business wireless activity was highlighted by postpaid gross adds of 1.2 million, up 6.3% over second quarter 2020 and up 2.1% over second quarter 2019. Segment postpaid phone churn was 1.07%, up 17 basis points year-over-year, reflecting elevated disconnects from COVID-related purchases in 2020, particularly within the education vertical of public sector. As schools plan for more in-person learning this fall, we expect disconnects to remain elevated in public sector in the third quarter.

現在讓我們轉到幻燈片 9 上的業務部門。後付費總增加 120 萬，突顯了業務無線活動，比 2020 年第二季度增長 6.3%，比 2019 年第二季度增長 2.1%。該部門的後付費電話流失率為 1.07%，增長 17基點同比增長，反映出 2020 年與 COVID 相關採購的脫節加劇，尤其是在公共部門的教育垂直領域。由於學校計劃在今年秋季進行更多的面對面學習，我們預計第三季度公共部門的脫節情況將繼續加劇。

Despite the disconnect pressures, phone net adds were strong at 78,000, with improving trends in both SMB and enterprise, both of which posted their strongest phone net adds in over a year, offsetting the disconnects in public sector.

儘管存在斷開連接的壓力，但電話淨增加量仍然強勁，達到 78,000 部，SMB 和企業的趨勢都在改善，這兩家公司都發布了一年多來最強勁的電話淨增加數，抵消了公共部門的斷開連接。

Let's now move to Slide 10 to review the Business financial performance. The Business segment delivered strong top line growth with total revenue up 3.7% year-over-year. Equipment revenue, which is up approximately 47%, was the primary driver of the increase.

現在讓我們轉到幻燈片 10 來查看業務財務績效。業務部門實現了強勁的收入增長，總收入同比增長 3.7%。設備收入增長約 47%，是增長的主要驅動力。

Wireless service revenue growth of 8.0% was driven by strong momentum in small and medium business and the first quarter of enterprise growth since the onset of the pandemic. Public sector continued to show strong growth over 2020, though it was pressured by COVID-related churn in education. The wireless strength was partially offset by declines in Business wireline, which returned to a more normal trajectory after elevated COVID-related demand.

無線服務收入增長 8.0%，主要受中小企業強勁勢頭和疫情爆發以來第一季度企業增長的推動。公共部門在 2020 年繼續表現出強勁增長，儘管它受到與 COVID 相關的教育流失的壓力。無線強度被商業有線的下降部分抵消，在與 COVID 相關的需求增加後，有線恢復到更正常的軌跡。

Business segment EBITDA margin was 24.1% in the quarter, down approximately 210 basis points year-over-year, mostly driven by higher equipment volumes and wireline pressure. While pressures likely persist in the near term, the economic reopening, business transformation initiatives and 5G for enterprise provide opportunities to drive margin.

本季度業務部門 EBITDA 利潤率為 24.1%，同比下降約 210 個基點，這主要是受設備數量增加和電纜壓力增加的推動。儘管短期內壓力可能持續存在，但經濟重新開放、業務轉型計劃和企業 5G 提供了提高利潤率的機會。

Now let's move on to Slide 11 to discuss Verizon Media Group. Verizon Media Group continued its recent trends and delivered strong performance driven by high customer engagement with our brands and demand for our advertising platforms. Total revenue for the quarter was $2.1 billion, up approximately 50% from a year ago and up 13% from second quarter 2019.

現在讓我們轉到幻燈片 11 來討論 Verizon Media Group。 Verizon Media Group 延續了最近的趨勢，並在客戶對我們品牌的高度參與和對我們廣告平台的需求的推動下取得了強勁的業績。本季度總收入為 21 億美元，同比增長約 50%，比 2019 年第二季度增長 13%。

Let's now move to our cash flow results on Slide 12. Cash flow from operating activities for the first half of 2021 totaled $20.4 billion compared with $23.6 billion from the prior year. The change was primarily driven by higher cash taxes and higher working capital requirements due to greater volumes.

現在讓我們轉到幻燈片 12 上的現金流量結果。2021 年上半年經營活動產生的現金流量總計 204 億美元，而去年同期為 236 億美元。這一變化主要是由於更高的現金稅和更高的營運資金需求所推動的。

The cash tax impact was a result of a one-time benefit received in the second quarter of 2020 as well as a COVID-related postponement of payments in the year-ago period. These expected headwinds were offset by our strong operational results.

現金稅的影響是 2020 年第二季度收到的一次性福利以及去年同期與 COVID 相關的延期付款的結果。這些預期的不利因素被我們強勁的運營業績所抵消。

Capital spending for the first half of 2021 totaled $8.7 billion as we continued 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 $160 million in the first half, and we have placed orders for approximately $1.4 billion of related equipment year-to-date, giving us confidence that we will be within the previously provided $2 billion to $3 billion range for the year.

2021 年上半年的資本支出總計 87 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。上半年 C 波段資本支出超過 1.6 億美元，我們今年迄今已下達約 14 億美元的相關設備訂單，這讓我們相信我們將在之前提供的 20 億至 30 億美元的範圍內那一年。

The net result of cash flow from operations and capital spending is free cash flow for the first half of the year of $11.7 billion. During the quarter, we began to normalize our cash balance closer to the prepandemic levels given the macro environment, and we ended the period with $4.8 billion of cash on the balance sheet, a sequential change of $5.4 billion.

來自運營和資本支出的現金流的淨結果是今年上半年的自由現金流為 117 億美元。在本季度，鑑於宏觀環境，我們開始使我們的現金餘額正常化，接近大流行前的水平，我們在本季度結束時資產負債表上有 48 億美元現金，環比變化 54 億美元。

We exited the quarter with unsecured debt of $141.6 billion, a sequential improvement of $6 billion as we continue to focus on optimizing our debt footprint. Our total borrowing costs in the second quarter were $1.4 billion, which was relatively flat to second quarter 2019 levels despite having approximately $40 billion in additional debt this year. Net unsecured debt at the end of the first half was $136.8 billion, and our net unsecured debt-to-adjusted EBITDA ratio was approximately 2.9x.

我們以 1,416 億美元的無擔保債務退出了本季度，隨著我們繼續專注於優化我們的債務足跡，環比增加了 60 億美元。我們第二季度的總借貸成本為 14 億美元，與 2019 年第二季度的水平相對持平，儘管今年有大約 400 億美元的額外債務。上半年末無擔保債務淨額為 1,368 億美元，無擔保債務淨額與調整後 EBITDA 之比約為 2.9 倍。

Now let's review our annual guidance targets on Slide 13. Our strong first half performance and the momentum in our business gives us the confidence to raise guidance. Please note that the updated guidance reflects the planning assumption that the Verizon Media sale closes at the end of the third quarter.

現在讓我們回顧一下我們在幻燈片 13 上的年度指導目標。我們上半年的強勁表現和我們業務的發展勢頭使我們有信心提高指導。請注意，更新後的指引反映了 Verizon Media 出售在第三季度末結束的計劃假設。

Starting with revenue. We are raising our wireless service revenue growth outlook to 3.5% to 4%, up from the prior 3% plus. The drivers of the revised outlook are broad-based and include positive trends we are seeing for customer acquisition, premium plan adoption, products and services such as cloud and content as well as prepaid and reseller growth.

從收入開始。我們將無線服務收入增長預期從之前的 3% 上調至 3.5% 至 4%。修訂後的前景的驅動因素是廣泛的，包括我們在客戶獲取、高級計劃採用、雲和內容等產品和服務以及預付費和經銷商增長方面看到的積極趨勢。

The anticipated timing of the Verizon Media sale means we would not recognize any revenue from that business in the fourth quarter. As a result, service and other revenue is no longer an apples-to-apples comparison with 2020, and we are withdrawing that growth guidance at this time.

Verizon Media 出售的預期時間意味著我們不會在第四季度確認該業務的任何收入。因此，服務和其他收入不再是與 2020 年的同類比較，我們此時撤回增長指導。

Turning to earnings. We now expect an adjusted EPS range of $5.25 to $5.35, up from the prior range of $5 to $5.15. The increase is driven by the improved wireless service revenue outlook, the aforementioned Media D&A benefit and a reduction in the expected interest expense related to the C-Band investment. Our guidance for the effective tax rate and CapEx are unchanged.

轉向收益。我們現在預計調整後的每股收益範圍為 5.25 美元至 5.35 美元，高於之前的 5 美元至 5.15 美元。這一增長是由無線服務收入前景改善、上述媒體 D&A 收益以及與 C 波段投資相關的預期利息支出減少推動的。我們對有效稅率和資本支出的指引保持不變。

In summary, we're competing effectively and delivering strong volumes, growing accounts, driving healthy step-ups and positioning our base to capitalize long term as we grow 5G adoption. Our customer performance has led to quality financial results as demonstrated by the sequential wireless service revenue growth while also flowing to the bottom line with best on record adjusted EPS. We enter the second half with a lot of momentum, and I am confident we will continue to execute our strategy and deliver strong operational and financial results throughout the remainder of the year.

總而言之，我們正在有效地競爭並提供強勁的銷量、不斷增長的客戶、推動健康的升級並定位我們的基礎以隨著我們增加 5G 的採用而長期利用資本。我們的客戶績效帶來了優質的財務業績，無線服務收入連續增長就證明了這一點，同時也以創紀錄的最佳調整後每股收益流入了底線。我們以強勁的勢頭進入下半年，我相信我們將在今年餘下的時間裡繼續執行我們的戰略並取得強勁的運營和財務業績。

With that, I will now turn the call back over to Hans to discuss our priorities for the remainder of 2021.

有了這個，我現在將把電話轉回給漢斯，討論我們在 2021 年剩餘時間內的優先事項。

Thank you, Matt. At our Investor Day, we laid out commitments for 2021 and beyond to scale our Network-as-a-Service strategy and generate GDP-plus growth. We made transformative investment over the last 12 months through acquisitions, divestiture and customer innovation and creating a strong platform for growth in the second half of 2021 and beyond.

謝謝你，馬特。在我們的投資者日，我們制定了 2021 年及以後的承諾，以擴大我們的網絡即服務戰略並實現 GDP 增長。在過去的 12 個月裡，我們通過收購、資產剝離和客戶創新進行了轉型投資，並為 2021 年下半年及以後的增長創造了強大的平台。

Our priorities for the second half continue to build on our current network and customer initiatives to further amplify and accelerate 5G adoption, further cement our network leadership through industry-leading millimeter wave and C-Band assets. We expect to close our TracFone and VMG transaction later this year, increasing our focus on what we do best and bringing innovation and best-in-class customer experience to the value segment and overall, drive growth across our 5 vectors with discipline and customer-focused execution. At the end, the great transforming first half, we competed very well in the marketplace. And we're very confident and excited on our opportunities ahead.

我們下半年的優先事項繼續建立在我們當前的網絡和客戶計劃的基礎上，以進一步擴大和加速 5G 的採用，通過行業領先的毫米波和 C 波段資產進一步鞏固我們的網絡領導地位。我們預計將在今年晚些時候完成我們的 TracFone 和 VMG 交易，更加專注於我們最擅長的領域，並將創新和一流的客戶體驗帶入價值領域，並從整體上推動我們 5 個向量的增長與紀律和客戶-集中執行。最後，偉大的轉型上半年，我們在市場上競爭非常好。我們對未來的機會充滿信心和興奮。

With that, I turn it over to Brady for the Q&A.

有了這個，我把它交給布雷迪進行問答。

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

謝謝你，漢斯。布拉德，我們現在準備好提問了。

(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布雷特費爾德曼。

And 2, if you don't mind. First, I just wanted to go back to some of the color Matt was giving on the improved outlook for wireless service revenue growth this year. At the high end, that's actually a pretty significant improvement. I know you outlined a number of things that were behind it. But I was hoping you can maybe just dig into that a bit more. I'm particularly interested in what you're doing to outperform as it relates to plan mix. And then are you seeing a return of any of the fees that had come out of the run rate last year? Is that something you've seen already? Or is that embedded in the outlook?

2，如果你不介意的話。首先，我只想回到馬特對今年無線服務收入增長前景改善的一些看法。在高端，這實際上是一個非常顯著的改進。我知道你概述了它背後的一些事情。但我希望你能更深入地研究一下。我對您在計劃組合方面的表現特別感興趣。然後你看到去年運行率產生的任何費用的回報嗎？那是你已經看過的東西嗎？還是嵌入在前景中？

And then just on the improved EPS guidance, if we just sort of look at the $0.03 benefit you got from moving away from the D&A in Media in the recent quarter, that would imply that the improvement to your outlook this year maybe capture $0.07, $0.08 just from that accounting shift with the rest of it being operational. But if it's more nuanced than that, I think we'd all appreciate that insight.

然後就改進後的 EPS 指導而言，如果我們只看一下最近一個季度您從媒體的 D&A 轉移中獲得的 0.03 美元收益，這意味著您今年前景的改善可能會獲得 0.07 美元，0.08 美元只是從會計轉變開始，其餘部分都在運作。但如果它比這更細微，我想我們都會欣賞這種洞察力。

I can just start, and Matt will fill in. But I think that on the service revenue, I think you have seen the last 4 quarters right now, I mean, how the team has done a fantastic job to differentiate our offerings all the way to see that our customers are doing step-ups. They are taking the unlimited premium. And as Matt said, I mean, 60% of the new accounts in the quarter was taking unlimited premium, and the penetration of 5G is happening.

我可以開始，Matt 會填補空缺。但我認為在服務收入方面，我想你現在已經看到了過去 4 個季度，我的意思是，團隊如何出色地完成我們的產品差異化工作看到我們的客戶正在做升級。他們正在接受無限保費。正如馬特所說，我的意思是，本季度 60% 的新賬戶都在享受無限保費，5G 的滲透正在發生。

So we just continue the team with Ronan on the Consumer side, if we talk about that, they have this model, we have had it for several years, where we do the Mix & Match. We have a differentiation, and it's clearly resonating in the market. And at the same time, we see, of course, the economy coming back. The stores are getting almost back to prepandemic.

所以我們只是在消費者方面繼續與羅南的團隊，如果我們談論這個，他們有這個模型，我們已經有好幾年了，我們在那裡進行混合搭配。我們有差異化，它顯然在市場上引起了共鳴。與此同時，我們當然看到經濟正在復蘇。商店幾乎恢復到大流行前的狀態。

So all in all, it's a good timing for us, and that's also why we feel good about our guidance and how the service revenue grow -- growing. And remember, we are always focused on profitable growth. That's what the team is doing.

所以總而言之，這對我們來說是個好時機，這也是為什麼我們對我們的指導以及服務收入增長的方式感到滿意 - 增長。請記住，我們始終專注於盈利增長。這就是團隊正在做的事情。

And if Matt and I see opportunities, we support the team to do it. But as long as it's going to be a profitable growth. And that's what we are seeing right now with all the momentum in the market. The team is taking advantage of that, and that also translates back to the guidance. But all in all, I would say this is our strategy we've been having for a couple of years and has been very successful. Matt?

如果馬特和我看到機會，我們會支持團隊去做。但只要這將是一個有利可圖的增長。這就是我們現在看到的市場所有勢頭。團隊正在利用這一點，這也轉化為指導。但總而言之，我想說這是我們多年來一直採用的戰略，並且非常成功。馬特？

Yes. Thanks, Hans, and thanks for the question, Brett. So starting with the question about wireless service revenue growth. And as Hans mentioned, it's really building on the momentum that we've seen in the first half of the year, the continue -- continuation of the sequential service revenue growth. We saw that the prior couple of quarters. We saw that increase even further in the second quarter. We expect that trend to continue as we get into the second half of the year because of the operational momentum that Hans mentioned, more step-ups to higher-priced plans, et cetera, et cetera.

是的。謝謝，Hans，也謝謝 Brett 的提問。所以從無線服務收入增長的問題開始。正如漢斯所提到的，它確實建立在我們今年上半年看到的勢頭之上，繼續 - 連續服務收入增長的延續。我們在前幾個季度看到了這一點。我們在第二季度看到了進一步增長。由於漢斯提到的運營勢頭，我們預計這種趨勢將在進入下半年時繼續下去，更多的升級到更高價格的計劃等等。

In terms of the fees, obviously, the year-over-year component is rather unique this time as second quarter last year was the most heavily impacted by COVID. And more specifically, for us, of course, we had the Keep Americans Connected Pledge that was in place for all of the second quarter that, as you said, impacted some of the fees. As you think about the numbers this year, a good chunk of those are back in. We're more at a BAU level.

就費用而言，顯然，這次同比部分相當獨特，因為去年第二季度受 COVID 的影響最嚴重。更具體地說，對於我們來說，當然，我們在整個第二季度都有保持美國人聯繫的承諾，正如您所說，這影響了一些費用。當您考慮今年的數字時，其中很大一部分又回來了。我們更多地處於 BAU 水平。

A couple of items, though, that aren't in the numbers yet. Obviously, international travel is not back to anywhere close to prepandemic levels. I don't expect that to be there for the balance of this year. Expect -- hope there will be a tailwind as we get into next year, but the guide doesn't make any assumption about an acceleration of a return of those fees in the second half of '21.

不過，有幾個項目還沒有出現在數字中。顯然，國際旅行並沒有回到接近大流行前水平的任何地方。我不希望在今年餘下的時間裡出現這種情況。期待 - 希望我們進入明年會有順風，但該指南沒有對在 21 年下半年加速返還這些費用做出任何假設。

One other thing I'd draw attention to as well when you look at our numbers and you think about return of fees, one of the things that's been very strong in the first half of the year is customer payment patterns, which is a great thing to see. And certainly, with all the stimulus payments out there, there's a lot of money in the system, and customers are actually paying more frequently.

當您查看我們的數字並考慮費用返還時，我也會提請注意另一件事，今年上半年非常強勁的事情之一是客戶支付模式，這是一件好事查看。當然，有了所有的刺激付款，系統中就有很多錢，而且客戶實際上更頻繁地付款。

So even though we're back to normal in terms of things like late fees, we're actually charging significantly less than we were in second quarter of '19 because more of our customers are paying on time at this point, which is certainly a trend that we're very happy to see. So some of the fees are back, but not all of them are back when you think about it. And we're not assuming they'll be back in the -- for the balance of the year.

因此，即使我們在滯納金等方面恢復正常，但實際上我們收取的費用比 19 年第二季度要少得多，因為此時我們有更多的客戶按時付款，這當然是我們很高興看到的趨勢。所以有些費用回來了，但仔細想想，並不是所有的費用都回來了。而且我們不假設他們會在今年餘下的時間裡回來。

The guide is based off of the strong operational momentum in the business, customers stepping up to those higher-priced plans. And we see that momentum continuing.

該指南基於業務強勁的運營勢頭，客戶正在加緊購買那些價格更高的計劃。我們看到這種勢頭仍在繼續。

Your second question about the EPS guidance. And obviously, glad to be able to raise the guidance. That's based off having a very healthy business that is performing exceptionally well. As you mentioned, some of the upside to the guidance comes from the Media depreciation and amortization, probably about $0.06 to $0.08, depending on the timing of the close. But the majority of it is coming from cash items, whether that be the wireless service revenue guide we were just discussing but also related to improved expectation around cash interest expense, lower than anticipated at the start of the year.

關於 EPS 指南的第二個問題。顯然，很高興能夠提出指導意見。這是基於擁有非常健康且表現出色的業務。正如您所提到的，指導的一些上行空間來自媒體折舊和攤銷，可能約為 0.06 美元至 0.08 美元，具體取決於收盤時間。但其中大部分來自現金項目，無論是我們剛剛討論的無線服務收入指南，還是與現金利息支出的預期改善有關，低於年初的預期。

So most of the guide is driven by cash-related items. And that's, of course, based off the strong momentum you see in the business, both operationally and financially.

因此，大部分指南都是由與現金相關的項目驅動的。當然，這是基於您在業務中看到的強勁勢頭，無論是在運營上還是在財務上。

The next question is from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

Just a question on the upgrade rate. Obviously, it's up, not just year-over-year, but even over the '19 levels. Do you expect that trend to continue and maybe even accelerate as we move into the second half of the year?

只是關於升級率的問題。顯然，它不僅同比增長，而且甚至超過了 19 年的水平。隨著我們進入今年下半年，您是否預計這種趨勢會繼續甚至加速？

And then if you could comment on the impact on margins, I would imagine that it helps incentivize people to move into those higher-priced premium plans, but the higher mix of equipment revenues may put pressure on margin. So just how you foresee the sort of margin trends in the second half as these volumes build would be great.

然後，如果你能評論對利潤率的影響，我想這有助於激勵人們轉向那些價格更高的保費計劃，但更高的設備收入組合可能會給利潤率帶來壓力。因此，隨著這些交易量的增加，你如何預測下半年的利潤率趨勢會很棒。

Yes. I mean, as I said before, I mean, we have this formula right now that we had for -- since we launched unlimited, with both Mix & Match and then our value proposition that we have done. And you saw in the second quarter that now we added also gaming with good traction with both Google and Apple gamings. And this is a unique model for us. At the same time, of course, we have excitement around 5G, what we have, and our network is performing extremely well.

是的。我的意思是，正如我之前所說，我的意思是，我們現在擁有這個公式 - 因為我們推出了無限，混合與匹配，然後我們已經完成了我們的價值主張。你在第二季度看到，現在我們還增加了對谷歌和蘋果遊戲具有良好吸引力的遊戲。這對我們來說是一個獨特的模式。與此同時，當然，我們對 5G 感到興奮，我們擁有的東西，我們的網絡表現非常好。

So I think that our team, they have a very, very good model for continuing this. And I think I said it in the first quarter, there will come more of this value proposition and differentiation. And yes, it came. We went into gaming.

所以我認為我們的團隊，他們有一個非常非常好的模型來繼續這個。而且我想我在第一季度說過，會有更多這種價值主張和差異化。是的，它來了。我們進入了遊戲領域。

So I say it again. I have a lot of confidence in the team and Ronan's team to continue to come up with things that our customer loves and using our distribution, our network and the brand to continue to grow this. And then, and that is the whole strategy.

所以我再說一遍。我對團隊和 Ronan 的團隊充滿信心，他們會繼續想出我們的客戶喜歡的東西，並利用我們的分銷、我們的網絡和品牌來繼續發展。然後，這就是整個策略。

And remember the 5 vectors of growth, we are playing all 5 of them. And that's why we're also confident of our long-term guidance are done, and you see part of that in this quarter, that we already are executing on all of these vectors.

記住增長的 5 個向量，我們正在玩所有 5 個向量。這就是為什麼我們也對我們的長期指導已經完成充滿信心，並且您在本季度看到了其中的一部分，我們已經在所有這些向量上執行。

John, so as you mentioned, obviously, the higher mix of equipment revenues shows up in the margin percentage. But I think you also have to look at the margin dollars, which were up sequentially and also up significantly year-over-year. So very happy with that performance at the margin line.

約翰，正如你提到的，顯然，更高的設備收入組合顯示在利潤率中。但我認為你還必須看看保證金美元，它連續上升並且同比顯著上升。對邊緣線的表現非常滿意。

As you say, once we -- when we have a higher equipment revenue, it has an impact on the margin. But I like the combination of volumes and margin that we had in the second quarter. As we head to the second half of the year, with the outline of our -- the offers we have in place that Hans mentioned, combined with new devices coming into the market as we get closer to 5G launch, the underlying strength in the economy, I would expect that we will see good equipment volumes in the second half of the year. And I would also expect to see good EBITDA dollars in the second half of the year to go along with that.

正如你所說，一旦我們 - 當我們擁有更高的設備收入時，它就會對利潤率產生影響。但我喜歡我們在第二季度的銷量和利潤率的結合。當我們進入今年下半年時，Hans 提到的我們現有的報價，加上隨著我們接近 5G 推出而進入市場的新設備，經濟的潛在實力，我預計我們將在今年下半年看到良好的設備量。而且我還希望在今年下半年看到良好的 EBITDA 美元。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Two, if I can. Consumer wireless broadbands were strong. Did home broadband drive that? And how many home 4G, 5G customers do you have now?

兩個，如果可以的話。消費者無線寬帶很強勁。家庭寬帶驅動了嗎？您現在有多少家庭 4G、5G 客戶？

And second, a lot happening in MVNO land these days with Boost going after AT&T after they couldn't -- cable away last year. Did you look at that deal? How do you think about the potential for new competition from all these channels?

其次，這些天在 MVNO 土地上發生了很多事情，Boost 在 AT&T 無法做到的情況下追趕他們——去年電報。你看過那筆交易嗎？您如何看待來自所有這些渠道的新競爭的潛力？

Thanks. When it comes to broadband in general, I will start with our vision, as we have outlined, we want to be nationwide broadband provider. And we're going to use access technology that is best suited for our customers in the mix of everything from fiber to 4G to 5G, millimeter wave, C-Band and all of that. And this quarter, so we open up even more opportunities for that.

謝謝。談到一般的寬帶，我將從我們的願景開始，正如我們所概述的那樣，我們希望成為全國性的寬帶提供商。我們將使用最適合我們客戶的接入技術，混合使用從光纖到 4G 再到 5G、毫米波、C 波段等所有技術。而本季度，我們為此開闢了更多機會。

We open more 5G Home markets. We open more 4G Home markets. And then, of course, as Matt outlined as well, we took more Fios subscribers than ever in the last 3, 4 quarters.

我們打開更多的 5G 家庭市場。我們打開更多的 4G 家庭市場。然後，當然，正如 Matt 所概述的那樣，在過去的 3、4 個季度中，我們吸引了比以往任何時候都多的 Fios 訂戶。

So this is playing out well for us. We're opening up all of that. We are very excited about what's going to happen in the second half with the new CPE that has C-Band as well. So we executed everything we said we should do in the Investor Day in the second quarter, and we look forward to the second half of this year. And we will continue to report out what we're doing.

所以這對我們來說很好。我們正在開放所有這些。我們對下半年將要發生的事情感到非常興奮，新的 CPE 也有 C 波段。所以我們在二季度的Investor Day上說到做到了，我們期待著今年下半年。我們將繼續報告我們正在做的事情。

The second question, I think that, I mean, we are open for business, but we don't comment on any particular deals in the market or something like that. But we are happy with the customers we have on our MVNO.

第二個問題，我認為，我的意思是，我們對業務開放，但我們不會對市場上的任何特定交易或類似的事情發表評論。但我們對 MVNO 上的客戶感到滿意。

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。

Just a quick one on TracFone, you said closing in the second half of the year. Any more color on the process or more timing expectations would be great.

只是關於 TracFone 的一個快速的，你說在今年下半年關閉。過程中的任何更多顏色或更多時間期望都會很棒。

And then on the C-Band, I think you said previously, you wanted to deploy about 7,000 to 8,000 towers later this year. I see you reiterated the CapEx guide. But any color on getting the equipment supply chain and the ability to hit those targets in terms of rolling out? And any updates to your longer-term targets of 175 million on C-Band, how are you thinking beyond that?

然後在 C 波段上，我想你之前說過，你想在今年晚些時候部署大約 7,000 到 8,000 個發射塔。我看到你重申了資本支出指南。但是，在獲得設備供應鍊和實現這些目標方面的能力方面有什麼色彩嗎？對於 C 波段 1.75 億的長期目標的任何更新，您如何考慮超越這個目標？

So on the TracFone, I think nothing has changed since we outlined or we proposed the acquisition. It's tracking according to plan with the process that we need to go through. The team is responding to all the questions we have. So it's going to be in the latter part of the second half of the 2021 as we thought all the time. So nothing strange. It's actually on track, but that's where we are. Second question was...

所以在 TracFone 上，我認為自從我們概述或提出收購以來沒有任何變化。它根據我們需要經歷的過程的計劃進行跟踪。該團隊正在回答我們提出的所有問題。因此，正如我們一直認為的那樣，它將在 2021 年下半年的後期。所以沒什麼奇怪的。它實際上已經步入正軌，但這就是我們所處的位置。第二個問題是...

C-Band.

C波段。

C-Band, yes, the 7,000 to 8,000 sites. Yes, we can definitely say we're on track. When we reported the first quarter, we had just started everything. Now we feel we have a full funnel in the supply chain. We -- the guys in our supply chain done a great job with our partners. We have all the gears we need to deploy the 7,000 to 8,000 and then our team executing very well. So we feel very good about being able to have 7,000 to 8,000 sites up by year-end.

C 波段，是的，7,000 到 8,000 個站點。是的，我們可以肯定地說我們走上了正軌。當我們報告第一季度時，我們才剛剛開始一切。現在我們覺得我們在供應鏈中有一個完整的漏斗。我們 - 我們供應鏈中的人與我們的合作夥伴一起做得很好。我們擁有部署 7,000 到 8,000 人所需的所有裝備，然後我們的團隊執行得非常好。因此，我們對到年底能夠擁有 7,000 到 8,000 個站點感到非常高興。

And when it comes to the long term, I mean, we have the same ambitions as before. We haven't changed those, and we continue to execute. So we will do it as fast as we can, given the different type of milestones that are involved in the spectrum. But as so far, we are executing on that plan, and we are on or ahead of the plan of executing right now for the end of the year.

就長期而言，我的意思是，我們的雄心與以前一樣。我們沒有改變那些，我們繼續執行。因此，考慮到頻譜中涉及的不同類型的里程碑，我們將盡快完成。但到目前為止，我們正在執行該計劃，並且我們正在或提前執行今年年底的計劃。

Yes. Simon, one other data point for you. The vast majority of the radios that we need to turn on those 7,000 to 8,000 sites are already sitting in our warehouses. So the supply chain is robust, working very well with our partners. And obviously, a lot of work still to do. But the network team, from where we were in March after we came out of the auction to where we are today, they did have plans in place, and they're executing strongly against it. So...

是的。西蒙，你的另一個數據點。我們打開這 7,000 到 8,000 個站點所需的絕大多數無線電已經存放在我們的倉庫中。所以供應鍊是強大的，與我們的合作夥伴合作得很好。顯然，還有很多工作要做。但是網絡團隊，從我們 3 月份退出拍賣後的狀態到今天的狀態，他們確實制定了計劃，並且他們正在強烈反對它。所以...

And the spectrum clearing is working okay?

頻譜清理工作正常嗎？

Spectrum clearing is also on track. I mean we stay close with the folks doing -- everything we hear from them is that's completely on track as well.

頻譜清理也在進行中。我的意思是我們與人們保持密切聯繫——我們從他們那裡聽到的一切也都完全在正軌上。

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。

In the first quarter, you guys talked about how the second half of the year would be an improvement for Verizon in the Consumer business. We've seen, obviously, some of the new promotions come out. Margins have drifted down to the 44% range.

在第一季度，你們討論了下半年 Verizon 在消費者業務方面的改進。顯然，我們已經看到了一些新的促銷活動。利潤率已下滑至 44% 的範圍。

Does Ronan have permission from you, Hans, to take that down further if you see some more gains opportunistically in the second half with either the current kind of 5G handset upgrade promotions or new stuff coming down the pipe?

漢斯，如果你看到下半年通過當前的 5G 手機升級促銷或即將推出的新產品獲得更多機會，羅南是否允許你進一步降低價格？

And then the second question is, consumer cost of service has been up pretty significantly for the last couple of quarters relative to the past year. Is that related to C-Band prepositioning? Or is there something else going on? And what's the outlook for that?

然後第二個問題是，與去年相比，過去幾個季度的消費者服務成本大幅上升。這與 C 波段前置有關嗎？還是有其他事情發生？前景如何？

When it comes to the Consumer group, and Matt explained a little bit why the margin is lower because the hardware part of it is included there. And we think that's a -- it's a good sign of what's happening in the market.

談到消費者組時，Matt 解釋了為什麼利潤率較低，因為其中包含硬件部分。我們認為這是一個 - 這是市場正在發生的事情的一個好兆頭。

I would say that, I mean, we constantly think about profitable growth, and that has been our strategy as long as I have been here. And Ronan and team, they think about that. But of course, if they see an opportunity, as we saw when the traffic came back in the stores and the economy is coming back, we did some offerings in this quarter, which was good timing. And we will continue to support Ronan where we see he has a good solution for the market and our customer going to love it.

我會說，我的意思是，我們一直在考慮盈利增長，自從我來到這里以來，這就是我們的戰略。羅南和他的團隊，他們考慮到了這一點。但是，當然，如果他們看到機會，正如我們看到的那樣，當商店的客流量恢復並且經濟正在復蘇時，我們在本季度提供了一些產品，這是一個很好的時機。我們將繼續支持羅南，因為我們看到他為市場提供了一個很好的解決方案，我們的客戶也會喜歡它。

I can tell you, our differentiation is really resonating with the market, and that's what you see in the second quarter. And we will come back and see if there's something he wants to do in the second half. But clearly, we're focused on profitable growth, and we want to have -- we are writing high-quality business in high quantity. That's what we want to do. And I think you see that coming through in these results.

我可以告訴你，我們的差異化確實引起了市場的共鳴，這就是你在第二季度看到的。我們會回來看看他下半場是否有什麼想做的。但很明顯，我們專注於盈利增長，我們希望——我們正在大量編寫高質量的業務。這就是我們想要做的。我認為您在這些結果中看到了這一點。

Yes. So just adding to that, Hans. So obviously, the margin percent will be impacted by the volumes. We saw good volumes in the second quarter. But what -- as Hans said, what we're focused on is if you also look in there, sequential service revenue growth continue to lead the industry in that because not all net adds are created equal. And that also coming with EBITDA dollars increasing.

是的。所以只是補充一下，漢斯。很明顯，保證金百分比將受到交易量的影響。我們在第二季度看到了良好的銷量。但是 - 正如漢斯所說，我們關注的是，如果你也在那裡看，順序服務收入增長繼續引領行業，因為並非所有淨增加都是平等的。這也隨著 EBITDA 美元的增加而增加。

So the margin percentage will play out where it does based off the volumes. But we're focused on -- you're seeing that sequential revenue increase and also the EBITDA dollars flowing in the right direction.

因此，保證金百分比將根據交易量發揮作用。但我們關注的是——你看到連續的收入增長以及 EBITDA 美元在正確的方向流動。

In terms of your question around the cost of service, predominantly in Consumer, don't forget one of the items that we had in the second quarter was a step-up in the network rent and lease of about $60 million a quarter as a result of the new lease payments we put in place. As you know, under the accounting, you look at the total payments over the life of the lease and kind of flatline it irrespective of how the natural cash flow payments flow.

關於服務成本的問題，主要是在消費者領域，請不要忘記我們在第二季度的其中一項是網絡租金和每季度約 6000 萬美元的租賃費用增加我們支付的新租賃付款額。如您所知，根據會計，您會查看租賃期限內的總付款，並且不管自然現金流付款如何流動，它都會保持平穩。

So there was, obviously, a significant upgrade to our lease agreements. And that was a onetime step-up in the quarterly rate there that flowed through the books at, say, about 60 -- $60 million, close to $0.01 a share impact from that. That should be the same going forward now. So that's the biggest driver you're seeing on the cost of service.

因此，很明顯，我們的租賃協議有了重大升級。那是那裡季度利率的一次提升，流經賬簿的價格約為 60 - 6000 萬美元，接近每股 0.01 美元的影響。現在應該是一樣的。所以這是您在服務成本方面看到的最大驅動因素。

And so, Matt, just maybe a follow-up on that.

因此，馬特，也許只是對此的後續行動。

Okay. Go ahead. Go ahead, Dave.

好的。前進。來吧，戴夫。

So just -- that's all in Consumer?

所以只是 - 這就是 Consumer 中的全部內容？

The vast majority of the wireless network costs are allocated to Consumer. Some of that is in Business, but the majority is in Consumer. Obviously, the majority of the customers, the majority of the wireless service revenue is in Consumer. And so the costs are going to be allocated largely in line on a similar basis to that. So yes, most of it is in Consumer.

絕大多數無線網絡成本都分配給了消費者。其中一些在業務中，但大部分在消費者中。顯然，大多數客戶，大部分無線服務收入都來自消費者。因此，成本將在很大程度上按照與此類似的基礎進行分配。所以是的，大部分都在消費者中。

And then probably worth noting that then your EPS guidance includes negative $0.03 for the 2, 3, 4Q impact of that increased tower expense?

然後可能值得注意的是，您的 EPS 指導包括塔費用增加對第 2、3、4 季度影響的負 0.03 美元？

Absolutely, that's fully baked into the guidance, that step-up in that cost. So that comes back to the underlying strength of the business that we have even with that baked in as well.

當然，這完全融入了指南，即成本的增加。因此，這又回到了我們所擁有的業務的潛在實力，即使在這方面也是如此。

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。

I'm curious what you've learned during the pandemic and now the reopening about where customers want to transact for wireless, whether it's upgrading phones or changing service providers. And are a large portion of wireless transactions simply destined to remain in physical locations versus a virtual or online channel?

我很好奇你在大流行病期間和現在重新開放時了解到客戶希望在哪裡進行無線交易，無論是升級手機還是更換服務提供商。與虛擬或在線渠道相比，是否有很大一部分無線交易只是注定要保留在物理位置？

And then just a follow-up. You mentioned a number of markets that you've been focused on for Ultra Wideband and 5G Home. I'm just curious if you could share some population and household coverage numbers for Ultra Wideband and Home for the end of '21 and the target for the end of '22.

然後只是跟進。您提到了一些您一直關注的超寬帶和 5G 家庭市場。我只是想知道您是否可以分享 21 年底超寬帶和家庭的一些人口和家庭覆蓋率數字以及 22 年底的目標。

Thank you. Now, of course, we see some changes in behavior when it comes to our customers. But we had already started building our omnichannel that our customer can start on the web, and they can end in the store or they can start in the store and end on the phone and all of that in order to see that we do this as seamless as possible.

謝謝你。現在，當然，我們看到客戶的行為發生了一些變化。但是我們已經開始構建我們的全渠道，我們的客戶可以在網絡上開始，他們可以在商店結束，或者他們可以在商店開始並在電話上結束，所有這些都是為了看到我們無縫地做到這一點盡可能。

But clearly, we see much more digital than before. But also when the economy came back and the vaccinations in the United States were coming up on high levels, we also saw the traffic coming back in the stores. And so we have had, I would say, all our stores opening in the second quarter. And we see much more foot traffic than we have seen in the previous quarters, not really back to prepandemic days but clearly fairly close.

但很明顯，我們看到了比以前更多的數字化。但是當經濟復甦並且美國的疫苗接種率高時，我們也看到商店裡的客流量又回來了。因此，我想說，我們所有的商店都在第二季度開業。我們看到的客流量比前幾個季度要多得多，並沒有真正回到大流行前的日子，但顯然已經相當接近了。

So we think our customer is still going to want to come into a store and see our technology and our products, but they might be wanting to finish the delivery and the purchase in a digital fora. And that's how we build our stores.

所以我們認為我們的客戶仍然希望進入商店並看到我們的技術和產品，但他們可能希望在數字論壇中完成交付和購買。這就是我們建立商店的方式。

So we are working very closely to see that the new behaviors that we can meet, that's why so our customers really feel good about dealing with us. And I think that our team are doing a great job in that area.

因此，我們正在密切合作，以了解我們可以滿足的新行為，這就是為什麼我們的客戶對與我們打交道感到非常滿意。我認為我們的團隊在這方面做得很好。

Yes, Mike, in terms of your question around the millimeter wave coverage, we don't really talk about the millimeter wave coverage in terms of POPs. You heard Hans mention upfront that we're on track to seeing 5% to 10% of dense urban usage on millimeter wave by the end of the year. That's a combination of more customers having 5G devices in their hands, customer activity moving back to more prepandemic levels and then obviously, building out more millimeter wave sites.

是的，邁克，就你關於毫米波覆蓋範圍的問題而言，我們並沒有真正談論 POP 方面的毫米波覆蓋範圍。你聽到 Hans 提前提到，到今年年底，我們有望在毫米波上看到 5% 到 10% 的密集城市使用。這是更多客戶手中擁有 5G 設備，客戶活動回到大流行前水平，然後顯然是建立更多毫米波站點的組合。

We said we would do 14,000 sites this year, be at over 30,000 by the end of the year. I can tell you we are running well ahead of schedule for the 14,000 sites through the first half of the year. And so as we do that, we continue to add coverage. And then we said we'd expect to cover 1 million to 2 million homes with millimeter wave open for sale by the end of the year, and we're on track with all of those items.

我們說我們今年會做 14,000 個站點，到年底將超過 30,000 個。我可以告訴你，我們在今年上半年的 14,000 個站點的運行速度遠遠超過計劃。因此，當我們這樣做時，我們會繼續增加覆蓋範圍。然後我們說我們預計到今年年底將有 100 萬到 200 萬個毫米波家庭開始銷售，我們正在按計劃進行所有這些項目。

Any early look to 2022?

對 2022 年有任何早期展望嗎？

The build continues to -- obviously, we're not going to give guidance for 2022, but everything the network team is doing, whether on millimeter wave, whether on C-Band, and remember, we said we'd be at around 100 million POPs by -- during the first quarter next year. And we expect -- still on track to be at that level.

建設仍在繼續——顯然，我們不會為 2022 年提供指導，但網絡團隊正在做的一切，無論是在毫米波上，還是在 C 波段上，記住，我們說過我們會在 100 左右百萬持久性有機污染物 - 在明年第一季度。我們預計 - 仍有望達到該水平。

So at this point in time, I can't speak more highly about the work the network team is doing as they build, whether it's the fiber that, obviously, is important to the network, the millimeter wave expansion, the C-Band expansion and continuing to have the best 4G network out there as well. So they're doing a tremendous amount of activity, and they continue to be on both our 2021 plans and our longer term plans, too.

所以在這個時間點，我不能更高度地評價網絡團隊在建設時所做的工作，無論是光纖，顯然，對網絡很重要，毫米波擴展，C 波段擴展並繼續擁有最好的 4G 網絡。因此，他們正在進行大量活動，並且他們將繼續參與我們的 2021 年計劃和長期計劃。

The next question comes from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

Two quick questions. First of all, I want to return to a question that Phil asked. I didn't hear the discussion. Can you talk about the DISH wholesale deal with AT&T, what your observations are and whether you were part of that negotiation? And then separately, if you could just comment on whether you saw any significant impacts from the EBBP program during the quarter, either in your wireline business with Fios or your wireless business?

兩個快速問題。首先，我想回到菲爾提出的一個問題。我沒有聽到討論。你能談談與 AT&T 的 DISH 批發交易嗎？你的觀察是什麼，你是否參與了那次談判？然後單獨地，您是否可以評論一下您是否在本季度看到 EBBP 計劃對您與 Fios 的有線業務或您的無線業務產生了任何重大影響？

Hey, when it comes to specific deals in the market, we don't comment on that. And apparently, this is something that AT&T won from T-Mobile. So I cannot comment our involvement in it or not.

嘿，當涉及到市場上的具體交易時，我們不對此發表評論。顯然，這是 AT&T 從 T-Mobile 那裡贏得的。所以我無法評論我們是否參與其中。

But as I said, we are open for business. We have a Network-as-a-Service strategy model, which is paying off well for us with the 5 vectors of growth. And part of that is monetization of MVNOs, and we are very happy with what we have.

但正如我所說，我們是開門營業的。我們有一個網絡即服務戰略模型，它通過 5 個增長向量為我們帶來了豐厚的回報。其中一部分是 MVNO 的貨幣化，我們對我們擁有的東西非常滿意。

Yes, Craig, to your second question, we saw some of our customer base certainly participate in that during the course of the second quarter. I wouldn't say it was a significant impact in our numbers, but we did certainly see our customers participating.

是的，克雷格，對於你的第二個問題，我們看到我們的一些客戶群在第二季度期間肯定參與其中。我不會說這對我們的人數有重大影響，但我們確實看到我們的客戶參與其中。

The next question is from Doug Mitchelson of Credit Suisse.

下一個問題來自瑞士信貸的 Doug Mitchelson。

Two questions for me as well. I mean, first, AT&T moved to 30- and 36-month handset EIPs periods this quarter, and your churn is even lower than theirs. So your customers stick around even longer on average. Have you thought about going longer than 24 months? And if not, why is 24 months sort of the right period?

我也有兩個問題。我的意思是，首先，AT&T 在本季度轉向了 30 個月和 36 個月的手機 EIP 週期，而你們的客戶流失率甚至低於他們的。因此，您的客戶平均停留時間更長。您是否考慮過超過 24 個月？如果不是，為什麼 24 個月是正確的期限？

And I'm just really curious on C-Band as we try to figure out how to model 2022, and you get the licenses cleared and you flip the switch and light that up for customers. As you go into 2022, how's your go-to-market strategy changed, if at all? And what do consumers sort of see in terms of their experience that's going to be materially different? Obviously, it was a big investment, and I'm just sort of thinking through on a practical basis what happens as that starts to kick in?

我對 C-Band 真的很好奇，因為我們試圖弄清楚如何為 2022 年建模，並且您獲得了許可，然後按下開關並為客戶點亮它。當您進入 2022 年時，您的上市策略將如何改變（如果有的話）？消費者在他們的體驗方面會看到什麼，這將有本質上的不同？顯然，這是一筆巨大的投資，我只是在實踐基礎上思考當它開始發揮作用時會發生什麼？

Yes. Now I can start with the C-Band. For obvious reason, we think it's an important moment. We are both amplifying and accelerating our 5G in the network, amplifying the opportunity. However, giving away our commercial ideas at the -- when we're going to launch this right now, we wouldn't do that. But of course, we're excited over it.

是的。現在我可以從 C 波段開始。出於顯而易見的原因，我們認為這是一個重要的時刻。我們都在網絡中擴大和加速我們的 5G，擴大機會。然而，放棄我們的商業想法——當我們現在要推出這個時，我們不會那樣做。但當然，我們對此感到興奮。

We think it's going to be great for our customers. It's going to be fantastic performance, and it expands our 5G mobility options, our 5G fixed Fios access options, and it also extends our 5G mobile edge compute options. So it's just playing straight into our -- to our strategy. So we are excited over it, and we will come back, how we will bring that to our customers. So they are equally delighted as they are with our network today, but just getting something that is so much superior than anybody else.

我們認為這對我們的客戶來說非常好。這將是出色的性能，它擴展了我們的 5G 移動選項、我們的 5G 固定 Fios 訪問選項，它還擴展了我們的 5G 移動邊緣計算選項。所以它只是直接影響我們的戰略。所以我們對此感到很興奮，我們會回來，我們將如何把它帶給我們的客戶。因此，他們與今天對我們的網絡一樣感到高興，只是得到了比其他任何人都優越得多的東西。

Yes. Hey, Doug, on your first question about the handset device payment period, we're very comfortable with the offers we have in the marketplace. It's 24 months for a lot of items, some of the higher-priced items, it's a little bit longer just to manage that. But as you mentioned, the churn is very, very strong, 0.65% in Consumer for phone churn shows that what we're doing with customers is working very, very effectively. If we feel the need to adjust it, we will do so, but it will be based off of what we see customers need and not be focused on any impact on the accounting treatment associated with it. So we will continue to be focused on finding the right offers for our customers. And I think you see from the results in the second quarter, what we're doing is resonating with customers, both from an adds standpoint and also a churn standpoint, too.

是的。嘿，道格，關於你關於手機設備付款期限的第一個問題，我們對市場上的優惠感到非常滿意。很多商品都是 24 個月，一些價格較高的商品，管理它的時間要長一點。但正如你所提到的，客戶流失非常非常強烈，消費者電話流失率為 0.65% 表明我們與客戶所做的工作非常非常有效。如果我們覺得有必要對其進行調整，我們會這樣做，但這將基於我們看到客戶的需求，而不是關注對與之相關的會計處理的任何影響。因此，我們將繼續專注於為我們的客戶尋找合適的報價。我想你從第二季度的結果中看到，我們正在做的是與客戶產生共鳴，無論是從增加的角度還是從客戶流失的角度來看。

The next question comes from Peter Supino of Bernstein.

下一個問題來自伯恩斯坦的 Peter Supino。

A couple of related questions. The first is one of your competitors has talked repeatedly about the network capacity improvements that come from 5G. If you adjust that company's target for M&A, you could infer that their capacity is up about 7x for their 5G expansion. And so I'm wondering if you could suggest a similar number for Verizon's capacity and growth potential considering the wonderful investment in the C-Band.

幾個相關的問題。第一個是你的一個競爭對手反復談論 5G 帶來的網絡容量提升。如果你調整該公司的併購目標，你可以推斷出他們的 5G 擴展容量增加了大約 7 倍。因此，我想知道考慮到對 C 波段的出色投資，您是否可以為 Verizon 的容量和增長潛力提出類似的數字。

And then on a related note, as it relates to the Home business, I'm curious if you could describe how you think about allocating the cost of spectrum

然後在相關說明上，因為它與家庭業務有關，我很好奇你是否可以描述你如何考慮分配頻譜成本

(technical difficulty)

（技術難度）

Okay. On the first one, on the -- if you have been listening to what I've talked about around 5G before, first of all, 5G as a technology is better to handle data than 4G, and that's obvious. 3G (sic) [4G] is better than 4G (sic) [3G] as well. So that's happening.

好的。關於第一個問題——如果你一直在聽我之前談論過的關於 5G 的內容，首先，5G 作為一種技術比 4G 更能處理數據，這是顯而易見的。 3G (sic) [4G] 也優於 4G (sic) [3G]。所以這正在發生。

Then you need to add, too, that you're not only talking about spectrum, you're talking about how you engineer and how you build the network. So in our case, of course, we see great opportunities for being able to handle much more data.

然後你還需要補充一點，你不僅在談論頻譜，還在談論你如何設計和構建網絡。因此，在我們的案例中，當然，我們看到了能夠處理更多數據的巨大機會。

And remember, I mean, today, on the millimeter wave, we might use 400, sometimes 800 megahertz, but not more. And we have 1,600 megahertz nationwide. So there's so much more we can do. And as Kyle showed at the Investor Day, our headroom in the network is bigger than before, and that's before we start building what we're building right now.

請記住，我的意思是，今天，在毫米波上，我們可能使用 400 兆赫，有時是 800 兆赫，但不會更多。我們在全國擁有 1,600 兆赫茲。所以我們能做的還有很多。正如 Kyle 在投資者日展示的那樣，我們在網絡中的空間比以前更大，那是在我們開始構建我們現在正在構建的東西之前。

So we feel really confident how much -- how many x we are doing. And remember, I mean, our 4G is already the best in the nation. And then we're adding up right now what we're doing in 5G, that is also extraordinarily good. So others can talk and we usually execute, and we will continue with that.

所以我們真的很有信心——我們正在做多少 x。請記住，我的意思是，我們的 4G 已經是全國最好的了。然後我們現在將我們在 5G 中所做的事情加起來，這也非常好。所以其他人可以談論，我們通常會執行，我們將繼續這樣做。

So Peter, on the second part of your question about allocating cost of the spectrum, I'd reframe that and actually view it from the standpoint of this is the first time that we've had wireless technology where we can drive multiple revenue streams off of the same network build, whether that be the mobility, which has obviously been the foundation of 4G, 3G and everything since the start of wireless. But then the ability to also have fixed wireless access, to also have the public mobile edge compute, all coming off of that same network build, that same network investment, we think, gives us the opportunity to provide a very good return on the investment that we've made in both C-Band and millimeter wave.

所以彼得，關於你關於分配頻譜成本的問題的第二部分，我會重新構建它並從這個角度實際看待它，這是我們第一次擁有無線技術，我們可以通過無線技術推動多個收入流同樣的網絡構建，無論是移動性，這顯然是 4G、3G 以及自無線開始以來一切的基礎。但是，同時擁有固定無線接入和公共移動邊緣計算的能力，所有這些都來自同一個網絡構建，同一個網絡投資，我們認為，這讓我們有機會提供非常好的投資回報我們在 C 波段和毫米波中都做了。

The next question comes from Kannan Venkateshwar from Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

A couple, if I could. Firstly, on the nonpay churn front, obviously, that I think you guys noted the benefit because of some of the subsidy programs. But at some point, that will probably reverse for the industry as a whole. So could you help us understand how big of an impact that typically is in a normalized year, nonpay churn and how much of a tailwind that is right now to get a sense for what that might do when things normalize?

一對，如果可以的話。首先，在非付費客戶流失方面，很明顯，我認為你們注意到了一些補貼計劃帶來的好處。但在某個時候，整個行業的情況可能會發生逆轉。那麼，您能否幫助我們了解在正常化的一年中通常會產生多大的影響，無償流失以及現在有多大的順風來了解當事情正常化時可能會發生什麼？

And then secondly, I mean, you have a lot of content bundles now. You also have the new deal with Apple Arcade. Could you give us some sense for how this impacts your cost of service? I mean how much of the increase in cost of service is on account of this? You did quantify the lease number, but it would be good to get some sense for what this is doing overall to cost versus ARPA kind of trends.

其次，我的意思是，你現在有很多內容包。您還與 Apple Arcade 達成了新協議。您能否告訴我們這對您的服務成本有何影響？我的意思是服務成本的增加有多少是因為這個？您確實量化了租賃數量，但最好了解這對成本與 ARPA 類型趨勢的總體影響。

I can. Matt will talk about nonpay churn. When it comes to the content deals, I mean, I think I've said it a couple of times now. I mean our whole idea is to offering exclusive offers for our wireless customers. And we also want to offer that partnership to brands that we really think resonate with us.

我可以。馬特將談論非付費流失。談到內容交易，我的意思是，我想我已經說過幾次了。我的意思是我們的整個想法是為我們的無線客戶提供獨家優惠。我們還希望與我們真正認為能引起我們共鳴的品牌建立這種合作關係。

And the model, as we have spoken about before, is that this is incremental revenue for us. It's not only loyalty. It's actually incremental profit for us. So it's a totally different model that might sometimes not been in the market before because suddenly, we use the best network, the best distribution and the best brand to work with companies like Disney+, et cetera, to give our customers a premium experience on top of the differentiation we already have with the Mix & Match.

正如我們之前所說，這個模型是我們的增量收入。這不僅僅是忠誠。這實際上是我們的增量利潤。所以這是一種完全不同的模式，以前有時可能沒有出現在市場上，因為突然之間，我們使用最好的網絡、最好的分銷和最好的品牌與 Disney+ 等公司合作，為我們的客戶提供頂級體驗我們已經通過 Mix & Match 獲得了差異化。

And ultimately, when we make this customer to paying customers, we get our fair share of that because we, with our assets, have created it together with the asset for Disney+, Discovery or gaming, et cetera. So that's how the model is working. And as I said before, we are very pleased with the -- with, I think, we have 6 or 7 of these offerings in the market right now, and all of them are very positive to us and to our customers. And we will continue to see if we can find more. And I think it's a unique model that we have created that nobody else has in the market.

最終，當我們把這個客戶變成付費客戶時，我們會得到我們應得的份額，因為我們用我們的資產將它與 Disney+、Discovery 或遊戲等資產一起創造出來。這就是模型的工作原理。正如我之前所說，我們對 - 我認為我們現在在市場上有 6 或 7 個這樣的產品感到非常滿意，所有這些產品對我們和我們的客戶都非常積極。我們將繼續看看是否能找到更多。而且我認為這是我們創造的獨特模型，市場上沒有其他人擁有。

And I said, again, it goes back to Ronan and the team being very, very innovative and creative to see that we bring the best to our customer, not only the best network, but also the differentiation in offering. So I have to say I'm very pleased with that. And I said, we have more in the funnel.

我又說了一遍，這要歸功於 Ronan 和團隊非常、非常有創意和創造力，看到我們為客戶帶來最好的，不僅是最好的網絡，還有差異化的產品。所以我不得不說我對此非常滿意。我說，我們在漏斗中有更多。

And Kannan, on your other question around the churn, I would say it's a very small number of basis points of benefit coming from the reduction in what we call involuntary churn. And what you're also seeing in the total churn number is actually the benefits of the engagement with the customer, the experience the customer has on the network, the other experiences we bring to that relationship that Hans has touched on being a bigger piece of the strength in the overall phone churn number that we reported, especially on the Consumer side.

Kannan，關於你關於流失的另一個問題，我想說的是，我們稱之為非自願流失的減少帶來的好處非常少。你在總流失率中還看到的實際上是與客戶互動的好處，客戶在網絡上的體驗，我們為這種關係帶來的其他體驗，Hans 談到了成為更大的一部分我們報告的整體電話流失率的優勢，尤其是在消費者方面。

And in terms of the impact of cost of sales, obviously, the content cost associated with the items that Hans mentioned do flow through there. And you should expect to see that number continue to be a contributor of that line.

就銷售成本的影響而言，顯然，與漢斯提到的項目相關的內容成本確實流經那裡。您應該期望看到該數字繼續成為該行的貢獻者。

But when we look at the overall profitability of bringing that together, the overall customer proposition, it's EBITDA additive to the business and also brings a better experience to the customers. So we see that as a win-win.

但當我們審視將這些整合在一起的整體盈利能力時，整體客戶主張，它是業務的 EBITDA 添加劑，也為客戶帶來了更好的體驗。所以我們認為這是雙贏的。

Your last question is from Colby Synesael of Cowen.

你的最後一個問題來自 Cowen 的 Colby Synesael。

Two, if I may. First off, on business EBITDA margins. At your Analyst Day back in March, you had guided to sustaining north of 25%. And we saw that below that in the second quarter, also in the first quarter although there's that onetime impact. And it sounds like you're guiding for that to continue to be below 25%.

兩個，如果可以的話。首先，關於業務 EBITDA 利潤率。在 3 月份的分析師日，您曾指導維持 25% 以上。我們看到第二季度低於這一水平，第一季度也是如此，儘管存在一次性影響。聽起來您正在指導該比例繼續低於 25%。

I'm just curious what's changed so quickly that you're targeting below that target, at least it looks like for 2021? And then also as it relates to the biggest upgrade ever promotion, when we look across the space competitively, obviously, AT&T has been doing something similar since the fourth quarter. Even T-Mobile did something just yesterday.

我很好奇是什麼變化如此之快，以至於您的目標低於該目標，至少 2021 年看起來是這樣？然後也因為它涉及有史以來最大的升級促銷活動，當我們以競爭性的方式審視整個空間時，顯然，自第四季度以來，AT&T 一直在做類似的事情。甚至 T-Mobile 昨天也做了一些事情。

Do you really look at this as a promotion and implying at some point, there is an expiration and you pull that from the market? Or is this really just the new way of competing in today's competitive market and really something that investors should assume in some form or the other is going to be with us for a long period, if not permanently?

您是否真的將此視為促銷並暗示在某個時候到期，您將其從市場上撤下？還是這真的只是在當今競爭激烈的市場中競爭的新方式，投資者應該以某種形式假設的東西，或者如果不是永久的話，它將長期存在於我們身邊？

I can make a quick answer on the promotion, and Matt will come back. We have already pulled the biggest 5G upgrade from the market, that we did.

我可以快速回答有關晉升的問題，Matt 會回來的。我們已經從市場上撤下了最大的 5G 升級，我們做到了。

Today. Today is the last day.

今天。今天是最後一天了。

Today. Yes. So yes, we see it as coming in and out when it's the right moment, but Matt will probably comment a little bit more on it.

今天。是的。所以是的，我們認為它在適當的時候進進出出，但馬特可能會對此發表更多評論。

On the Business side, I mean, in Q4 2018, Matt and I talked about that. We think that this is one of the great opportunities we have over time with the Business side. And remember, we have never consolidated our Business side. It was compartmentalized in between all the different business we have.

在業務方面，我的意思是，在 2018 年第四季度，馬特和我談到了這一點。我們認為，隨著時間的推移，這是我們在業務方面獲得的巨大機會之一。請記住，我們從未整合過我們的業務方面。它被劃分在我們擁有的所有不同業務之間。

Tami and the team have during that moment -- and remember, we said we're going to invest in order to see that we have the platforms of products of CX and UX for our customers to be harmonized in order to be able to scale this to be a good business. And that they are doing, and they probably are halfway through it. They're doing a lot of transformation in the business.

Tami 和團隊在那一刻 - 請記住，我們說過我們將進行投資，以確保我們擁有供客戶協調的 CX 和 UX 產品平台，以便能夠擴展這一點做一個好企業。他們正在做，而且他們可能已經完成了一半。他們正在做很多業務轉型。

At the same time, there are some headwinds as we have seen before. I mean that would be the wireline sort of cyclical or -- no, it's not cyclical. It's a sustained decline. And then we have a wireless business where we take more than our fair share. We are leading in all segments. And that balance, of course, is coming into this quarter. Of course, we had more hardware this quarter as well.

與此同時，正如我們之前所見，存在一些不利因素。我的意思是那將是周期性的有線線路，或者 - 不，它不是周期性的。這是一個持續的下降。然後我們有一個無線業務，我們在其中獲得的份額超過了我們的公平份額。我們在所有領域都處於領先地位。當然，這種平衡將進入本季度。當然，本季度我們也有更多的硬件。

And then we're building off -- for the new opportunities with 5G mobile edge compute, private 5G networks, the 5G Business Internet, which is using fixed wireless access. So we have a lot of new products coming out as we're building, and we have the same ambitions when it comes to financials, then we will be realistic what's happening in the market and how the team -- but I'm proud of the team of what they are transforming to and what we're aspiring for. And seeing the progress on mobile edge compute and Business Internet, that's, of course, new opportunities that we have not seen coming into the P&L yet, but we're building it together with the transformation we're doing.

然後我們正在建設 - 為 5G 移動邊緣計算、私有 5G 網絡、5G 商業互聯網的新機遇，它正在使用固定無線接入。因此，我們在建設過程中推出了許多新產品，在財務方面我們也有同樣的雄心，然後我們將現實地看待市場上正在發生的事情以及團隊的方式——但我很自豪他們正在轉型的團隊以及我們所追求的目標。看到移動邊緣計算和商業互聯網的進步，當然，我們還沒有看到新的機會進入損益表，但我們正在將它與我們正在進行的轉型一起構建。

Yes. So just a couple of other comments on the business margin there, Colby. So Hans mentioned the higher volumes. We mentioned it upfront that the wireless volumes that we saw the gross adds were not just higher than 2Q last year, also higher than 2Q '19. So certainly seeing volumes come back, especially in enterprise and small, medium business. So that's having some impact there and then obviously, the wireline pressure.

是的。因此，Colby，就那裡的業務利潤率發表一些其他評論。所以漢斯提到了更高的數量。我們預先提到過，我們看到的總增加量不僅高於去年第二季度，也高於 19 年第二季度。因此，肯定會看到銷量回升，尤其是在企業和中小型企業中。所以這在那裡產生了一些影響，然後很明顯，有線壓力。

I would expect second half margins to be reasonably similar to what we saw in the first half of the year. The business transformation work the team is doing is having positive impacts with more to come as we go forward here. So I feel good about the direction the team is headed there in spite of the secular wireline pressures that we see.

我預計下半年的利潤率將與我們在今年上半年看到的情況相當相似。團隊正在進行的業務轉型工作正在產生積極的影響，隨著我們在這裡的前進，還會有更多的影響。因此，儘管我們看到了長期的有線壓力，但我對團隊前進的方向感覺良好。

And then in terms of your question on promotions, as Hans said, it's a promotion. That means it has both a start date and an end date, and today is the end date. So we've run promotions since the beginning of the wireless industry. They've evolved over time. They will continue to do so.

然後就你關於晉升的問題而言，正如漢斯所說，這是一次晉升。這意味著它有開始日期和結束日期，今天是結束日期。所以我們從無線行業開始就進行促銷活動。它們隨著時間的推移而進化。他們將繼續這樣做。

And the great position we're in is because of the strong operational results and financial results, it gives us the ability when the time is right in the marketplace to bring the right promotion out there. We felt this was the right promotion at this time with the economic reopening and wanting to get more customers with a 5G device in their hand as we're about to launch C-Band within the next 6 months, so we will continue to look at what is the right promotion for the right time. But the underlying operational performance of the business showing up in sequential wireless service revenue increase yet again gives us the position to have flexibility as we think about how we approach the market.

我們所處的有利位置是因為強勁的運營業績和財務業績，它使我們能夠在市場上的正確時機進行正確的促銷。隨著經濟的重新開放，我們認為這是正確的促銷方式，並且希望在未來 6 個月內推出 C 波段時吸引更多客戶手中的 5G 設備，因此我們將繼續關注什麼是在正確的時間進行正確的促銷。但在連續無線服務收入增長中顯示的業務的潛在運營績效再次讓我們在考慮如何進入市場時具有靈活性。

Great. Thanks, Colby. That's all the time we have today for questions. Thanks, everybody, and be safe.

偉大的。謝謝，科爾比。這就是我們今天所有的提問時間。謝謝大家，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。