威訊通訊 (VZ) 2021 Q1 法說會逐字稿

Good morning, and welcome to the Verizon First Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎參加 Verizon 2021 年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。

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

現在我很高興將電話轉給主持人、投資人關係資深副總裁布雷迪康納先生。

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

謝謝，布拉德。早上好，歡迎參加我們的第一季財報電話會議。我是布雷迪·康納 (Brady Connor)，和我一起在場的還有我們的董事長兼首席執行官漢斯·衛翰思 (Hans Vestberg) 和首席財務官馬特·埃利斯 (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，我們的收益報告、財務和營運資訊以及簡報幻燈片可以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，我想提請您注意幻燈片 2 上的安全港聲明。本簡報中的資訊包含有關預期未來事件和財務結果的陳述，這些陳述具有前瞻性並受風險和不確定性的影響。有關可能影響未來結果的因素的討論包含在 Verizon 向美國證券交易委員會 (SEC) 提交的文件中，這些文件可在我們的網站上查閱。

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. The quarterly growth rates discussed in our presentation slides and during our formal remarks are on a year-over-year basis, unless otherwise noted as sequential.

本簡報包含某些非公認會計準則財務指標。這些非公認會計準則指標與最直接可比較的公認會計準則指標的對帳包含在我們網站上發布的財務資料中。我們在簡報投影片和正式發言中討論的季度成長率都是按年比計算的，除非另有說明是按順序計算的。

Now let's take a look at consolidated earnings for the first quarter. In the first quarter, we reported earnings of $1.27 per share on a GAAP basis. Reported first quarter earnings include a pretax loss from a special item of approximately $223 million related to the sale of certain wireless licenses. Excluding the effects of this special item, adjusted earnings per share was $1.31 in the first quarter.

現在讓我們來看看第一季的綜合收益。第一季度，我們根據 GAAP 報告每股收益為 1.27 美元。報告的第一季收益包括與出售某些無線許可證相關的約 2.23 億美元的特殊項目稅前損失。不計該特殊項目的影響，第一季調整後每股收益為 1.31 美元。

On April 8, we announced a recall process for approximately 2.5 million Jetpack units, which impacted some customers enrolled in our distance learning program. The overall impact included within consolidated operating income was approximately $160 million during the quarter, split between $100 million in the Business segment and the remaining $60 million in Consumer. The impact included within reported and adjusted earnings per share was $0.03 in the first quarter.

4 月 8 日，我們宣布召回約 250 萬台 Jetpack，這影響了參加我們遠距學習計畫的一些客戶。本季合併營業收入包含的整體影響約為 1.6 億美元，其中 1 億美元來自商業部門，其餘 6,000 萬美元來自消費者部門。第一季報告和調整後的每股盈餘中包含的影響為 0.03 美元。

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

現在，我將把電話交給漢斯，讓他帶我們回顧第一季的情況。

Thanks, Brady, and welcome to all to this first quarter earnings call.

謝謝，布雷迪，歡迎大家參加第一季財報電話會議。

We marked more than 1 year since the devastating effects of COVID-19. While we see significant progress in vaccination, customer sentiment and recovery of our economy, there's still a lot to go before we're back to normal.

距離 COVID-19 造成的毀滅性影響已經過去一年多了。儘管我們在疫苗接種、消費者情緒和經濟復甦方面取得了重大進展，但要恢復正常還有很多工作要做。

I'm proud of how Verizon has responded during this period for all our stakeholders as we have executed on our balanced stakeholder-driven strategy. And as I said during the worst period of the pandemic, Verizon will come out stronger as a company when this is over.

我為 Verizon 在此期間對所有利害關係人的回應感到自豪，因為我們執行了平衡的利害關係人驅動策略。正如我在疫情最嚴重時期所說的那樣，疫情結束後，Verizon 將變得更加強大。

During the last 12 months, we have progressed all our position with customers, employees and added great assets to an already strong position. And today, we stand stronger than ever to compete in the market and serve our customers.

在過去的 12 個月中，我們在客戶和員工方面的地位都有所提高，並在原本就很強大的地位上增添了寶貴的資產。今天，我們比以往任何時候都更強大，可以參與市場競爭並為客戶提供服務。

Looking back on the quarter, we amplified and accelerated our strategy through our average 160 megahertz nationwide position in C-Band. And as we laid out in our Investor Day, the combination of C-Band and our millimeter wave places us in a unique position of strength to execute on all 5G opportunities: 5G Home, 5G Mobility and 5G mobile edge compute.

回顧本季度，我們透過在 C 波段全國範圍內平均 160 兆赫的地位擴大並加速了我們的戰略。正如我們在投資者日所述，C 波段和毫米波的結合使我們處於獨特的優勢地位，可以抓住所有 5G 機會：5G 家庭、5G 移動和 5G 移動邊緣運算。

On top of that, we have all our 5 vectors of growth in play together with our network leadership and a strong Network-as-a-Service foundation. And the progress we made in the quarter confirms that our strategy is working. We had growth in all our businesses for the first time since the launch of Verizon 2.0. We had growth in both EPS and cash flow.

除此之外，我們還擁有 5 個成長向量、網路領導地位和強大的網路即服務基礎。我們在本季取得的進展證實了我們的策略正在發揮作用。自 Verizon 2.0 推出以來，我們的所有業務首次成長。我們的每股盈餘和現金流均有所成長。

With all this work by our great team, we have a head start in the post-COVID era with a clear and differentiated strategy, diverse go-to-market models, network leadership, industry-leading partner ecosystem and a strong brand, all of which together provides a great platform and foundation to achieve our growth targets for 2021 and beyond.

憑藉我們優秀團隊的辛勤工作，我們在後疫情時代佔據了先機，擁有清晰的差異化策略、多樣化的市場進入模式、網路領導力、業界領先的合作夥伴生態系統和強大的品牌，所有這些共同為我們實現 2021 年及以後的成長目標提供了良好的平台和基礎。

Let me talk about some of the highlights from the first quarter. Our network team continues to do great things by leading the network performance in the market as well as deploying more assets than ever before: millimeter wave, C-Band, 4G, 5G and fiber. I have a lot of confidence that this team will accelerate our network leadership.

我來談談第一季的一些亮點。我們的網路團隊繼續創造偉大的成就，引領市場網路效能，並部署比以往更多的資產：毫米波、C 波段、4G、5G 和光纖。我非常有信心，這個團隊將加速我們的網路領導地位。

Our unique Mix & Match model continues to deliver with the migration to unlimited and unlimited premium in the quarter as well as building on our exclusive offerings like Disney+ and the most recent discovery+ that was launched earlier in the quarter. And we are pleased with the discovery+ with the current enrollment rates we have seen so far.

我們獨特的 Mix & Match 模式繼續發揮作用，本季度將遷移到無限量和無限量高級版，同時還將在我們的獨家產品（如 Disney+ 和本季度早些時候推出的最新 discovery+）的基礎上進行構建。我們對目前 Discovery+ 的入學率感到非常滿意。

Our brand and responsible business framework, Citizen Verizon, continue to set standards in the industry. Verizon was recognized by Fast Company as the sixth most innovative company in the corporate social responsibility earlier this quarter. Brand Finance recognized us as the most valuable telecom brand.

我們的品牌和負責任的業務框架 Citizen Verizon 繼續為業界樹立標準。本季早些時候，Verizon 被《Fast Company》評為企業社會責任領域最具創新力的第六大公司。Brand Finance 將我們評為最有價值的電信品牌。

Within ESG, we have ambitious goals such as our commitment to be net 0 in the carbon emission by 2035. Our long-standing focus on diversity, equity and inclusion is evidenced by the fact that we have 100% pay equity by gender globally and by race ethnicity in the United States. And earlier this week, we also launched our 2020 ESG report.

在 ESG 領域，我們制定了雄心勃勃的目標，例如承諾在 2035 年實現碳排放淨零。我們長期以來對多元化、公平性和包容性的關注體現在我們在全球範圍內實現了 100% 的性別薪酬公平以及在美國實現了 100% 的種族薪酬公平。本週早些時候，我們也發布了 2020 年 ESG 報告。

We continue with a high level of deployment of millimeter wave and fiber in the quarter. And we're on the track to deliver on our operational targets for the year. We brought 5G service to several additional cities. We currently have 30 5G Home and 67 5G Mobility cities live and more to come.

本季我們繼續大力部署毫米波和光纖。我們正在按計劃實現今年的營運目標。我們為另外幾個城市提供了 5G 服務。目前，我們已經在 30 個 5G 家庭城市和 67 個 5G 行動城市上線，未來還會有更多城市上線。

We recently signed our first European private 5G deal with Associated British Ports. We also expanded our 5G Edge partnership with AWS with private 5G and edge computing to our customers.

我們最近與英國聯合港口公司簽署了首個歐洲私人 5G 協議。我們也擴大了與 AWS 的 5G Edge 合作夥伴關係，為客戶提供私有 5G 和邊緣運算。

We continue to scale our Network-as-a-Service strategy across new markets and verticals through a diverse set of partnerships. We have partnered with leading brands across diverse verticals such as Honda to innovate connected and autonomous driving; Deloitte and SAP to create a 5G and edge computing retail digital platform that will provide retailers with real-time operations data; and Dreamscape and Arizona State University to build and commercialize immersive learning and training.

我們將繼續透過多種合作夥伴關係，在新的市場和垂直領域擴展我們的網路即服務策略。我們與本田等不同垂直領域的領先品牌合作，共同創新連網和自動駕駛；與德勤和 SAP 合作創建 5G 和邊緣運算零售數位平台，為零售商提供即時營運數據；與 Dreamscape 和亞利桑那州立大學合作建置和商業化沉浸式學習和培訓。

At our Investor Day, we shared with you our plans and commitment for C-Band and Ultra Wideband deployment, which continues to progress well. Our intent is to invest $10 billion of incremental C-Band CapEx to accelerate the integration on this capacity into our network. We recently signed deals with Crown Castle and SBA to accelerate our C-Band deployment and look forward to providing further updates on the build status throughout the year.

在我們的投資者日，我們與您分享了我們對 C 波段和超寬頻部署的計劃和承諾，該計劃和承諾正在繼續順利進展。我們的目的是投資 100 億美元的增量 C 波段資本支出，以加速將該容量整合到我們的網路中。我們最近與 Crown Castle 和 SBA 簽署了協議，以加速我們的 C 波段部署，並期待全年提供有關建設狀態的進一步更新。

We have already ordered half of the total network equipment needed from our 5G suppliers to support C-Band deployments in 2021. And the satellite operators are on track to clear the spectrum between third and fourth quarter of 2021 for the first tranche of spectrum.

我們已經從 5G 供應商訂購了所需網路設備的一半，以支援 2021 年的 C 波段部署。衛星營運商預計在 2021 年第三季至第四季之間清理第一批頻譜。

In addition, we continue to expand our Ultra Wideband coverage in Q1. We deployed 3,600 new Ultra Wideband sites. And to date, we have close to 21,000 sites on air and on track to reach 30,000 by end of this year.

此外，我們在第一季繼續擴大超寬頻覆蓋範圍。我們部署了 3,600 個新的超寬頻站點。到目前為止，我們已擁有近 21,000 個廣播站點，預計到今年年底將達到 30,000 個。

One Fiber form the strategic backbone of our intelligent edge network, and we continue to expand fiber deployment. And to date, we have deployed more than 42,000 route miles. We were also pleased with the low rates we achieved for long-term financing of this critical strategic investment. We view the record investor demand as support of our strategy and our financial discipline.

一條光纖構成了我們智慧邊緣網路的戰略骨幹，並且我們將繼續擴大光纖部署。到目前為止，我們已經部署了超過 42,000 英里的航線。我們也對這項關鍵策略投資的長期融資所獲得的低利率感到滿意。我們認為創紀錄的投資者需求是對我們的策略和財務紀律的支持。

Lastly, we were also very proud to offer prominent roles to 9 diversity and inclusion financial firms as part of the USD 25 billion financing.

最後，我們也非常自豪地為 9 家多元化和包容性金融公司提供了 250 億美元融資中的重要職位。

As I outlined earlier, our investments in our network and customers are generating solid revenue growth across all 3 of our operating groups. Our success in Mix & Match continue to drive uptake of unlimited plans and higher ARPA, supporting year-over-year growth of 2.4% in wireless service revenue, up from 2.2% in the fourth quarter last year.

正如我之前概述的，我們對網路和客戶的投資正在為我們所有三個營運集團帶來穩健的收入成長。我們在 Mix & Match 的成功繼續推動無限流量套餐的普及和更高的 ARPA，支援無線服務收入年增 2.4%，高於去年第四季的 2.2%。

Ronan and the team closed out Q1 with strong momentum. And I'm excited to see their Q2 performance now that almost all of our stores have reopened. In addition, we see solid growth in Fios and with Fios Internet reporting the best first quarter net adds in 6 years. Additionally, Verizon Media Group continues to contribute meaningful growth, including the second consecutive quarter of double-digit growth year-over-year on the top line.

羅南和他的團隊以強勁的勢頭結束了第一季。現在我們幾乎所有的商店都已重新開業，我很高興看到他們第二季的業績。此外，我們看到 Fios 實現了穩健成長，並且 Fios Internet 報告了 6 年來最好的第一季淨增值。此外，Verizon Media Group 繼續貢獻有意義的成長，包括連續第二季實現兩位數的同比增長。

With that, let me ask Matt to provide some deeper insight to the financial of the first quarter.

因此，我想請馬特對第一季的財務狀況提供一些更深入的見解。

Thank you, Hans, and good morning, everyone. As Hans mentioned in his prepared remarks, the first quarter has been a truly exciting and transformative period for our company. I am pleased to report that we're off to an excellent start for the year based on our strong operational and financial performance.

謝謝你，漢斯，大家早安。正如漢斯在準備好的發言中提到的那樣，第一季對我們公司來說是一個真正令人興奮且改變的時期。我很高興地報告，憑藉強勁的營運和財務業績，我們今年取得了良好的開端。

We are seeing continued strength in our core business with traction across all 5 of our growth vectors, driving higher revenues and increased demand for our products and services. With the positive momentum exiting the first quarter and the ongoing recovery of business activity, we are highly confident that our actions in the marketplace all deliver strong results throughout the year.

我們的核心業務持續強勁成長，五大成長方向均有進展，推動了營收成長和產品和服務需求的增加。隨著第一季積極勢頭的結束和商業活動的持續復甦，我們非常有信心，我們在市場上採取的所有行動都將在全年取得強勁成果。

In the first quarter, consolidated operating revenue was $32.9 billion, up year-over-year by 4.0%. High-quality sustainable wireless service revenue growth, a recovery in wireless equipment revenues, strong Fios momentum and excellent digital advertising trends resulted in revenue growth across Consumer, Business and Media.

第一季度，綜合營業收入為329億美元，較去年同期成長4.0%。高品質、可持續的無線服務收入成長、無線設備收入的復甦、強勁的 Fios 勢頭以及出色的數位廣告趨勢，帶來了消費者、商業和媒體領域的收入成長。

Total wireless service revenues were up 2.4% year-over-year, an acceleration from the 2.2% year-over-year growth that we delivered in the fourth quarter. Additional details on total wireless performance are provided in the financial and operating information and the supplemental earnings release schedules on our website.

無線服務總營收年增 2.4%，高於第四季 2.2% 的年增率。有關無線整體性能的更多詳細信息，請參閱我們網站上的財務和營運資訊以及補充收益發佈時間表。

Total Fios revenues were up 2.5% year-over-year driven by the strong broadband volumes in recent quarters. Our portfolio of mobility and broadband products and services continues to lead the industry, delivering value to our customers. And we are well positioned to maintain and expand our leadership position as we enter new markets and broaden our offerings and network capabilities.

受最近幾季寬頻流量強勁的推動，Fios 總營收年增 2.5%。我們的行動和寬頻產品和服務組合繼續引領產業，為我們的客戶創造價值。隨著我們進入新市場並拓寬我們的產品和網路能力，我們完全有能力維持並擴大我們的領導地位。

I'm extremely proud of the team's execution of our business excellence program over the past 3 years. At the end of the first quarter, we achieved our cumulative cash savings goal of $10 billion, well ahead of our year-end 2021 target. We will realize additional benefits moving forward from the ways we've improved our operating systems and procedures. As we've said previously, we will create additional savings opportunities on a continuous basis beyond this program.

我為團隊在過去三年中執行的卓越業務計劃感到非常自豪。截至第一季末，我們實現了 100 億美元的累積現金儲蓄目標，遠遠超出了 2021 年底的目標。透過改進我們的作業系統和程序，我們將獲得更多的利益。正如我們之前所說，除了該計劃之外，我們還將持續創造額外的節省機會。

The strong revenue performance across our 3 business segments for the quarter, combined with our best-in-class cost structure and disciplined focus on the business, delivered adjusted EBITDA of $12.2 billion, which represents growth of 2.0% over the prior year. The Jetpack recall had a 50 basis point impact to adjusted EBITDA margin during the quarter.

本季度，我們三大業務部門的強勁收入表現，加上我們一流的成本結構和對業務的嚴格關注，實現了調整後的 EBITDA 達到 122 億美元，比上年增長 2.0%。Jetpack 召回事件對本季調整後的 EBITDA 利潤率產生了 50 個基點的影響。

Brady highlighted the adjusted EPS for the first quarter at $1.31. The growth of 4.0% reflects the strength in our core business and sets the stage for Verizon to fully capitalize on the opportunities in the marketplace while giving us excellent momentum relative to our full year adjusted EPS guidance.

布雷迪強調，第一季調整後的每股收益為 1.31 美元。4.0% 的成長反映了我們核心業務的實力，為 Verizon 充分利用市場機會奠定了基礎，同時也為我們提供了相對於全年調整後每股收益指引的出色發展勢頭。

Now let's review our operating segment results, starting with Consumer on Slide 7. This quarter, we continue to see excitement around our unlimited offerings, 5G capabilities, Mix & Match value proposition and our best-in-class Fios broadband services. All of this is part of our customer differentiation strategy, which drives deeper and broader relationships with our customers.

現在讓我們回顧一下我們的營運部門業績，從第 7 張投影片上的消費者開始。本季度，我們繼續看到人們對我們的無限產品、5G 功能、混合搭配價值主張和我們一流的 Fios 寬頻服務的興奮。所有這些都是我們的客戶差異化策略的一部分，該策略推動我們與客戶建立更深層、更廣泛的關係。

Starting with wireless. We had total postpaid activations of 6.4 million for the quarter, up approximately 14% compared to the same period last year, made up of approximately 2.3 million gross adds and 4.1 million upgrades. First quarter seasonality drove phone net losses of 225,000, which included the last major cohort of disconnects of approximately 90,000 phones related to our Keep America Connected program.

從無線開始。本季我們的後付費啟動總量為 640 萬，比去年同期成長約 14%，其中包括約 230 萬的總新增用戶和 410 萬的升級用戶。第一季的季節性因素導致手機淨損失 225,000 部，其中包括最近因「保持美國連接」計劃而導致的約 90,000 部手機斷線。

Early in the quarter, wireless in-store sales were again tempered by our COVID safety protocols as we saw elevated levels of store closures and limited foot traffic. Beginning in March, the improved COVID environment allowed for almost all of our stores to be open.

本季度初，由於門市關閉數量增加且客流量有限，無線店內銷售再次受到 COVID 安全協議的限制。從 3 月開始，隨著新冠疫情環境的改善，我們幾乎所有的門市都得以營業。

Not surprisingly, we saw our best volume of the quarter in March, producing positive phone net adds in the month. The strong March momentum, combined with our new innovative promotional offers, positions us well for the second quarter.

毫不奇怪，我們在 3 月實現了本季度的最佳交易量，當月實現了積極的電話淨增。三月強勁的發展勢頭，加上我們創新的促銷活動，為我們在第二季度的業績做好了準備。

We continue to be pleased with the quality of the additions we are attracting. Similar to last quarter, over 90% of new accounts came in on an unlimited plan, and over 50% of these accounts opted for premium unlimited service. At quarter end, over 65% of our base was on an unlimited plan with more than 23% of our base taking a premium plan.

我們對於所吸引的新成員的品質持續感到滿意。與上一季類似，超過 90% 的新帳戶採用無限流量套餐，其中超過 50% 的帳戶選擇了高級無限流量服務。截至本季末，我們超過 65% 的用戶選擇了無限流量套餐，超過 23% 的用戶選擇了高級套餐。

We have plenty of room to continue to expand these penetration rates and believe that they will grow alongside our 5G adoption rates, which currently resides at 14% of our consumer postpaid phone base. 5G adoption and the customer differentiation associated with our premium and unlimited plans will further benefit our retention efforts, which remained strong in Q1, with phone churn of 0.77% for the quarter. We continue to take a balanced and cost-effective approach to customer retention with strong NPS scores, best-in-class network performance and strong value proposition, leading to our excellent levels of customer retention.

我們有足夠的空間來繼續擴大這些滲透率，並相信它們將隨著我們的 5G 採用率而成長，目前 5G 滲透率占我們消費者後付費電話基數的 14%。5G 的採用以及與我們的高級和無限計劃相關的客戶差異化將進一步有利於我們的保留工作，這在第一季依然保持強勁，本季度的手機流失率為 0.77%。我們繼續採取平衡且具成本效益的方式來保留客戶，憑藉強大的 NPS 分數、一流的網路效能和強大的價值主張，我們實現了卓越的客戶保留水準。

Turning to Fios. We posted our third consecutive quarter of strong growth and high take rates for our best-in-class broadband products with consumer Fios Internet net adds of 98,000, well ahead of the first quarter 2020 performance of 59,000. Total Fios Internet net adds of 102,000 was the best first quarter performance in 6 years. This reflects both the quality of the product as well as the positive sentiment around our Mix & Match home pricing structure, which provides our customers with unmatched simplicity and optionality.

轉向 Fios。我們一流寬頻產品連續第三個季度實現強勁成長和高使用率，消費者 Fios 網路淨增用戶數達 98,000 人，遠高於 2020 年第一季的 59,000 人。Fios 網路淨增用戶總數達 10.2 萬人，是 6 年來第一季的最佳表現。這不僅反映了產品的質量，也反映了我們混搭家居定價結構的積極情緒，這為我們的客戶提供了無與倫比的簡單性和可選性。

Now let's move to Slide 8 to discuss the Consumer financial performance. The higher phone activations in the quarter were the major driver of the 4.7% increase in operating revenues to $22.8 billion. The continued adoption of our unlimited and premium unlimited plans drove a 1.5% increase in Consumer wireless service revenue for the quarter of $13.7 billion. This growth comes even as TravelPass and our international roaming revenues remain at subdued levels.

現在讓我們轉到投影片 8 來討論消費者的財務表現。本季手機活化量的增加是營業收入成長 4.7% 至 228 億美元的主要推動力。我們的無限流量和高級無限流量套餐的持續採用推動了本季消費者無線服務收入成長 1.5%，達到 137 億美元。儘管 TravelPass 和我們的國際漫遊收入仍處於較低水平，但我們仍實現了這一成長。

Strong Internet volumes drove the 2.2% increase in Consumer Fios revenue to $2.9 billion. While we continue to experience revenue pressure associated with secular video trends, our broadband subscriber growth, combined with the shift up in speed tiers, more than offset that pressure and will continue to drive solid revenue performance for us.

強勁的網路流量推動消費者 Fios 營收成長 2.2%，達到 29 億美元。雖然我們繼續面臨與長期視訊趨勢相關的收入壓力，但我們的寬頻用戶成長，加上速度等級的提升，足以抵消這一壓力，並將繼續為我們帶來穩健的收入表現。

Consumer segment EBITDA grew 2.8% to $10.4 billion. The EBITDA margin was 45.5% in the quarter, down 90 basis points from the prior year due to higher volumes, which drove increased equipment revenues and associated costs as well as the Jetpack recall, which had approximately 30 basis points of impact on EBITDA margin for the quarter.

消費部門 EBITDA 成長 2.8%，達到 104 億美元。本季 EBITDA 利潤率增加，以及 Jetpack 召回，對本季 EBITDA 利潤率產生約 30 個基點的影響。

Now let's move to our Business segment on Slide 9. Our Business team continues to lead the industry towards next-generation B2B applications. Hans referenced some of their accomplishments from the prior 90 days, including announcements on MEC and private 5G.

現在讓我們轉到投影片 9 上的業務部分。我們的業務團隊繼續引領業界走向下一代 B2B 應用程式。漢斯提到了他們在過去 90 天取得的一些成就，包括有關 MEC 和私人 5G 的公告。

In addition, we launched Verizon Frontline, our branding for our advanced network and technology we deliver for first responders. Being the wireless market share leader for public safety and in all of our other customer groups puts us in an ideal position with our customers to be their digital transformation partner of choice.

此外，我們還推出了 Verizon Frontline，這是我們為急救人員提供的先進網路和技術的品牌。作為公共安全和所有其他客戶群的無線市場份額領導者，我們在客戶眼中處於理想地位，可以成為他們首選的數位轉型合作夥伴。

Business wireless trends continued their strong momentum in the first quarter of 2021. Postpaid activations were 2 million with total net adds of 156,000, including 47,000 phones. Remember that Q1 of last year benefited from the COVID-related bulk purchases, providing much of the variance for the year-over-year change in gross and net adds.

2021 年第一季度，商業無線趨勢持續保持強勁勢頭。後付費啟用量為 200 萬，淨增加用戶總數為 156,000 部，其中包括 47,000 部手機。請記住，去年第一季受益於與 COVID 相關的批量採購，這為總增加值和淨增加值的同比變化提供了很大差異。

Public sector demand remains strong even as distance learning programs settle into a more normal pattern of buying activity. Small and medium business trends improved sequentially as the team continues to make progress in supporting local businesses as they position for an improving environment.

即使遠距學習計畫的購買活動模式已趨於正常，公共部門的需求依然強勁。隨著團隊在支持本地企業改善環境方面不斷取得進展，中小型企業趨勢也隨之改善。

As more stores reopened in early March, not only did consumer volume see a lift, SMB volumes benefited as well, an encouraging sign for the rebound. Our enterprise team continues to assist our customers in their digital transformation and unlock the potential of 5G.

隨著 3 月初更多商店重新開業，不僅消費品銷量有所提升，中小企業銷售也受益匪淺，這是經濟反彈的一個令人鼓舞的信號。我們的企業團隊持續協助客戶進行數位轉型並釋放5G的潛力。

Segment postpaid phone churn was 1.01% in the quarter, an improvement of 1 basis point over the prior year. Our strong churn performance reflects the strength and reliability of our network, combined with the full suite of services and solutions that we provide.

本季分部後付費電話流失率為 1.01%，比去年改善了 1 個基點。我們強勁的客戶流失率表現反映了我們網路的實力和可靠性，以及我們提供的全套服務和解決方案。

Let's now move to Slide 10 to review the Business financial performance. The high demand for our services and our brand reputation for reliable connectivity have translated into healthy revenue growth of Verizon Business Group.

現在讓我們轉到投影片 10 來回顧一下業務財務表現。對我們服務的高需求以及我們可靠連接的品牌聲譽轉化為 Verizon Business Group 的健康收入成長。

Operating revenues for the Business segment was $7.8 billion, up 1.3% year-over-year, the highest rate of growth since the creation of the Business segment in the Verizon 2.0 structure. This growth highlights the success of our business transformation process as strong wireless service growth of 6.2% offset secular pressure in wireline.

商業部門的營業收入為 78 億美元，年成長 1.3%，這是自 Verizon 2.0 架構中商業部門成立以來的最高成長率。這一成長凸顯了我們業務轉型過程的成功，因為 6.2% 的強勁無線服務成長抵消了有線服務的長期壓力。

Business segment EBITDA margin was 24.6% in the quarter, down approximately 100 basis points year-over-year. The Jetpack recall mentioned earlier had a more pronounced impact on the Business segment, reducing EBITDA margins by about 130 basis points.

本季業務部門 EBITDA 利潤率為 24.6%，較去年同期下降約 100 個基點。前面提到的Jetpack召回事件對商業部門的影響更為明顯，導致EBITDA利潤率下降約130個基點。

Now let's move on to Slide 11 to discuss Verizon Media Group. Verizon Media Group continues to deliver strong performance driven by high customer engagement with our brands and demand for our advertising platforms. Total revenue for the quarter was $1.9 billion, up approximately 10.4% from a year ago, the second consecutive quarter of double-digit year-over-year growth. Growth in the quarter was fueled by strong advertising trends growing 26%, including 45% growth in DSP revenues.

現在讓我們轉到幻燈片 11 來討論 Verizon Media Group。由於客戶對我們品牌的高度參與以及對我們廣告平台的需求，Verizon Media Group 繼續保持強勁的業績。本季總營收為 19 億美元，較去年同期成長約 10.4%，連續第二季實現兩位數年成長。本季的成長得益於強勁的廣告趨勢，成長了 26%，其中包括 DSP 收入成長了 45%。

Revenue from our owned and operated brands grew 13% compared to the same period last year. We saw continued high consumer engagement with strength in sports and finance as daily active users grew 22% and 8%, respectively, from the prior year.

我們自有和經營品牌的營收與去年同期相比成長了13%。我們看到消費者參與度持續走高，體育和金融領域表現強勁，每日活躍用戶分別比前一年增長了 22% 和 8%。

Let's now move to our cash flow results on Slide 12. Cash flow from operating activities for the quarter totaled $9.7 billion, up approximately $0.9 billion from the prior year driven by our continued operational discipline and net benefits from our liability management activities, which lowered borrowing rates from last year.

現在讓我們轉到幻燈片 12 上的現金流量結果。本季經營活動產生的現金流總計 97 億美元，比上年增加約 9 億美元，這得益於我們持續的經營紀律和負債管理活動帶來的淨收益，這降低了去年的借貸利率。

Capital spending for the first quarter totaled $4.5 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. This includes approximately $40 million for C-Band-related items.

第一季的資本支出總計 45 億美元，我們將繼續支援 4G LTE 網路的流量成長，同時擴大 5G 超寬頻網路的覆蓋範圍和容量。其中包括約 4000 萬美元的 C 波段相關項目。

As a result, free cash flow for the quarter was $5.2 billion, up 46% year-over-year. We made payments of $45 billion in the first quarter to the FCC for C-Band spectrum won at the recently completed Auction 107. To finance this purchase, we raised over $31 billion in March in addition to the $12 billion raised in Q4. The weighted average maturity of these C-Band borrowings was 17 years, and we achieved a very attractive average cost of funding of 2.5%, benefiting from record order books for our U.S. dollar offerings.

因此，本季自由現金流為 52 億美元，年增 46%。我們在第一季向美國聯邦通信委員會支付了 450 億美元，用於購買在最近完成的第 107 屆拍賣會上贏得的 C 波段頻譜。為了資助此次收購，我們在第四季度籌集了 120 億美元，此外，還在 3 月籌集了超過 310 億美元。這些 C 波段借款的加權平均期限為 17 年，得益於我們美元發行創紀錄的訂單，我們實現了 2.5% 的極具吸引力的平均融資成本。

We are delighted that the credit rating agencies consider the spectrum asset purchases as strategic and critical to our business operations and held their rating levels unchanged. The success in the capital markets is a result of our disciplined capital allocation policy, coupled with our consistent track record of delivering on our commitments made to our investors.

我們很高興信用評等機構認為頻譜資產購買對我們的業務營運具有策略意義和關鍵性，並維持其評等水準不變。資本市場的成功源自於我們嚴謹的資本配置政策，以及我們始終如一地履行對投資人的承諾。

We exited the quarter with net unsecured debt of $137.4 billion, and our net unsecured debt-to-adjusted EBITDA ratio was approximately 2.9x. Based on our current cash flow assumptions, we expect our net leverage ratio to be approximately 2.8x by the end of the year. We will evaluate the level of our cash balance based on the recovery in the economy and developments with the pandemic.

本季末，我們的淨無擔保債務為 1,374 億美元，淨無擔保債務與調整後 EBITDA 比率約為 2.9 倍。根據我們目前的現金流假設，我們預計到今年年底我們的淨槓桿率將達到約 2.8 倍。我們將根據經濟復甦和疫情發展評估現金餘額水準。

Now let's review our annual guidance targets on Slide 13. As Hans mentioned in his opening remarks, we are on track to achieve our guidance for the year, which remains unchanged.

現在讓我們回顧一下第 13 張投影片上的年度指導目標。正如漢斯在開場白中提到的那樣，我們有望實現今年的預期，這一目標保持不變。

Reaffirming our comments from the Investor Day last month, we expect no material impact to our adjusted earnings per share guidance from our C-Band program for this year. We do expect C-Band-related capital spending to be between $2 billion to $3 billion for 2021, and we will provide updates on the quarterly earnings calls.

我們重申上個月投資者日的評論，預計今年 C 波段計劃不會對我們調整後的每股收益指引產生重大影響。我們確實預計 2021 年 C 波段相關資本支出將在 20 億至 30 億美元之間，我們將在季度收益電話會議上提供最新資訊。

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

現在，我將把電話轉回給漢斯，討論我們對 2021 年剩餘時間的期望。

Thank you, Matt. Let me sum this up in a couple of easy buckets. First of all, our strategy is unchanged. Our focus is clear. We're going to accelerate our multipurpose network strategy, including the C-Band that we have acquired.

謝謝你，馬特。讓我用幾個簡單的要點來總結。首先，我們的策略沒有改變。我們的重點很明確。我們將加速我們的多用途網路策略，包括我們已經獲得的C波段。

We're going to focus on amplifying, accelerated the 5 vectors of growth. And we're going to see with that, that we're going to deliver on our 2021 commitments, both operationally and financially. And as I said earlier, I feel really good about our position and the team that I have that they will deliver on that.

我們將重點擴大並加速五個成長向量。我們將確保我們在營運和財務方面都能兌現 2021 年的承諾。正如我之前所說，我對我們的地位以及我所帶領的團隊感到非常滿意，相信他們能夠實現這一目標。

With that, I hand it over to Brady.

說完，我把麥克風交給了布雷迪。

Thanks, Hans. Brad, we're ready to take questions.

謝謝，漢斯。布拉德，我們準備好回答問題了。

(Operator Instructions) Your first question comes from John Hodulik of UBS.

（操作員指示）您的第一個問題來自瑞銀的 John Hodulik。

Great. Hans, could we get your thoughts on the competitive landscape now and maybe whether the new pricing from Comcast or any other competitive development sort of affects your view of the return to growth in terms of postpaid phone net adds here in the second quarter? From your -- the last slide there, it looks like that you expect some nice acceleration.

偉大的。漢斯，我們能否聽聽您對現在的競爭格局的看法，以及康卡斯特的新定價或任何其他競爭發展是否會影響您對第二季度後付費電話淨增額恢復增長的看法？從您最後一張投影片來看，您似乎期待一些好的加速。

And then secondly, there's potentially just a massive amount of federal stimulus money flowing into broadband infrastructure deployment over the next year or 2. I realize we're very early in the process and the rules aren't laid out yet, but do you think Verizon is in a position to capture some of those funds as you sort of continue your heavy spending on Ultra Wideband deployment?

其次，未來一兩年內，可能會有大量聯邦刺激資金流入寬頻基礎設施部署。我知道我們還處於這個過程的早期階段，規則還沒有製定出來，但您是否認為，隨著 Verizon 繼續在超寬頻部署上投入巨資，它能夠獲得其中的一些資金？

Thank you, John. On the competitive situation, I mean, as you have seen yourself, it is a competitive market, and it's been for quite a while. But with our model, I can see that we are actually winning in any case because with our growth trajectory that we have in all our businesses and the unique bundle, especially on the Consumer side with the Mix & Match, the value proposition. And you saw in the quarter, we continue to do that.

謝謝你，約翰。關於競爭情勢，我的意思是，如你所見，這是一個競爭激烈的市場，而且這種情況已經持續了相當長一段時間。但透過我們的模式，我可以看到我們實際上無論如何都是贏家，因為我們所有業務都有成長軌跡和獨特的捆綁，特別是在消費者方面的混合搭配和價值主張。正如您在本季度看到的那樣，我們繼續這樣做。

And -- but also, as Matt mentioned, it was a little bit light in the beginning of the quarter because stores that were closed to that, et cetera. And then we saw a very good sort of strength in our port ratios and our growth in the end of the quarter because we have all the stores open. So we look forward to the second quarter and the second part of the year.

而且 — — 但正如馬特提到的那樣，本季度初的銷售情況有點不好，因為一些商店關閉了，等等。然後，我們看到我們的港口比率和季度末的成長表現非常好，因為我們所有的商店都開業了。因此，我們期待第二季和今年下半年。

And as Ronan said when we had the Investor Day, we believe we're going to have a good second part of the year. Second quarter is really close to us. And what we have seen so far, we feel good about it. So again, we have an overall strategy in order to address the market for consumer that is really working with these step-ups, the migrations and all of that. So in general, we feel good about it.

正如羅南在投資者日上所說的那樣，我們相信今年下半年我們將會取得良好的表現。第二季已經離我們很近了。就目前所見，我們對此感覺良好。因此，我們再次重申，我們有一個總體策略，以解決真正適應這些升級、遷移和所有這些的消費者市場問題。所以總的來說，我們對此感覺良好。

The team is doing well. You saw we came out with a new promo as well. And we have always had -- we have a lot of financial discipline. We do this because we know we can actually capture market at good high-quality customers.

球隊表現良好。您會看到我們也推出了新的促銷活動。我們始終有著嚴格的財務紀律。我們這樣做是因為我們知道我們實際上可以佔領優質客戶的市場。

On the infrastructure, I mean, as you said, this is in the planning stages. So it's hard to say if this is -- will go through or not. So -- but on the other hand, I think that what we are telling the administration is, of course, that accessibility, affordability and usability are the 3 buckets to address the digital divide.

關於基礎設施，我的意思是，正如你所說，這正處於規劃階段。因此很難說這是否會成功。所以——但另一方面，我認為我們告訴政府的是，可近性、可負擔性和可用性是解決數位落差的三大要素。

And when it comes to accessibility, we have to recognize, and I worked in 180 countries with networks, that the networks during the COVID-19 in the U.S., they were really working well. There were basically no major issues at all. They could deliver even though traffic moved around.

說到可訪問性，我們必須認識到，我曾在 180 個擁有網路的國家/地區工作過，在美國，COVID-19 疫情期間，網路運作得確實很好。基本上沒有什麼大問題。即使交通不順暢，他們也能送貨。

So I think that what we are advocating for, we want that private sector continue to invest in the network and leading that charge and then having government work more with the affordability of it. So we have plans that meets all needs for all different customer segments in the market. So that's what we're advocating for. That's the same as BRT is advocating for as well. We don't think that any price regulation would be -- that will be contra productive to the market.

所以我認為，我們所倡導的是，我們希望私營部門繼續投資網絡並引領這項工作，然後讓政府在可承受的範圍內做更多的工作。因此，我們制定了滿足市場上所有不同客戶群的所有需求的計劃。這就是我們所提倡的。這與 BRT 所倡導的是一樣的。我們認為，任何價格管制都不會對市場產生不利影響。

So in general, again, it's very early on. I mean it's a plan that has not been approved and submitted. But at least we're advocating, together with BRT and with ourselves, what we think should be the right. Matt, any more comments on the competitive landscape?

所以總的來說，現在還為時過早。我的意思是這是一個尚未被批准和提交的計劃。但至少我們與 BRT 以及我們自己一起倡導我們認為正確的事情。馬特，對於競爭格局還有什麼評論嗎？

No. I think you touched on the key points, Hans. The only other thing I'd add is you mentioned the strong momentum coming out of margin to the quarter. You add that with the promotion that we put in place at the start of the month, we think is an innovative promotion that's addressing a customer pain point that nobody else has addressed in the past. We're seeing good traction on that in the early days of that. So we certainly feel good about the momentum heading into the quarter on the volume side. When you add that in with the financial performance we saw in the first quarter, we're set up nicely for 2Q and the rest of the year.

不。漢斯，我認為你已經觸及關鍵點。我唯一要補充的是，您提到了本季利潤率的強勁成長勢頭。您補充說，我們認為我們在本月初推出的促銷活動是一項創新的促銷活動，解決了過去其他人都沒有解決過的客戶痛點。我們在早期就看到了良好的進展。因此，我們對本季銷售的勢頭感到十分樂觀。如果將其與我們在第一季看到的財務業績結合起來，我們就能為第二季和今年剩餘時間做好充分的準備。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

You had another strong quarter with Fios Internet. Perhaps you could just give us a little bit of insight into the sustainability of that? Obviously, 2020 was a great year in terms of broadband demand, but you seem to be sustaining that into this year. Is this share? Is this incremental marketing opportunities? And what's happening with the speed-up tiering there?

Fios Internet 又度過了一個強勁的季度。也許您可以稍微介紹一下其可持續性給我們？顯然，就寬頻需求而言，2020 年是偉大的一年，但您似乎將這種趨勢延續到了今年。這是分享嗎？這是增量行銷機會嗎？那裡的加速分級情況如何？

And maybe related to that, on 5G Home, you've had a number of announcements here recently. I know we're headed to 15 million households. But what's the latest on the ground today? And what should we expect through the year?

也許與此相關的是，關於 5G Home，您最近在這裡發布了一些公告。我知道我們的目標客群是 1500 萬個家庭。但今天當地的最新情況是什麼？那麼，我們對這一年該抱持著怎樣的期待呢？

Thank you, Simon. Yes, we had a good Fios quarter again. I mean, overall, I think the broadband is in demand and our high-quality Fios, of course, a great opportunity for us to expand on them.

謝謝你，西蒙。是的，我們又度過了一個美好的 Fios 季度。我的意思是，總的來說，我認為寬頻是有需求的，而我們的高品質 Fios 當然是我們擴展寬頻的絕佳機會。

We -- I think, personally, that this will continue. The demand for broadband will continue. We are just starting a total revolution of using technology, which is scalable and sustainable in the post era of the COVID. So -- and we are a great position. And that also is going to help me tremendously when we come with 5G Home, on millimeter wave and C-Band and all that because we know how to deal with home broadband. And that is an advantage we have to any others that is trying to do fixed wireless access, and we have been on to it for a long time.

我們——我個人認為這種情況將會持續下去。對寬頻的需求將會持續下去。我們剛開始一場科技應用的全面革命，這場革命在後疫情時代具有可擴展性和可持續性。所以——我們處於非常有利的地位。當我們推出 5G 家庭、毫米波和 C 波段等時，這也將極大地幫助我，因為我們知道如何處理家庭寬頻。這是我們相對於其他嘗試進行固定無線存取的公司的優勢，而且我們已經在這個領域耕耘了很長時間。

And as you saw as well, I mean, now we're up to over 30 markets with 5G Home, I mean added some 20 very recently. So we are on fire on this right now. We have very big belief in our 5G Home. And then later in the year, when C-Band comes, we're going to add even more coverage on that.

正如您所看到的，現在我們的 5G Home 市場已經覆蓋了 30 多個，最近又增加了 20 個左右。所以我們現在對此非常熱心。我們對我們的 5G Home 抱有非常大的信心。今年晚些時候，當 C 波段推出時，我們將增加更多的覆蓋範圍。

And all is embedded in how we work with the ecosystem from the beginning and how we have developed our own IPRs on how to do self-install, how to do all the sort of grids when it comes to millimeter wave and having a great opportunity to see that our customer gets a fantastic service. So all in all, this is a full package that we are bringing to the market in order to have a fully scaled broadband for the country. And I think it's absolutely the right moment.

所有這些都融入了我們從一開始就如何與生態系統合作，以及我們如何開發自己的知識產權，包括如何進行自我安裝，如何在毫米波方面進行所有類型的網格建設，並有很好的機會看到我們的客戶獲得出色的服務。總而言之，這是我們向市場推出的全套服務，目的是為該國提供全面規模的寬頻。我認為現在絕對是正確的時機。

But don't forget on the business side as well, we now -- it's called 5G Internet on the business side. We are using the same methodology. We are doing the scaling on the same platforms, and we address another market with it. It goes back to a strategy that we had for all the time. We have a Network-as-a-Service, and we scale it with different customers. And that scale will help us with growth, but it also means that with the platform thinking we have, that will fall to the bottom line. And if you see in this quarter, all 3 units are growing. And we're bringing it to all to bottom line, and we still have more to do. But we know how to do it, and we have the model.

但也不要忘記商業方面，我們現在——在商業方面它被稱為 5G 互聯網。我們使用相同的方法。我們正在相同的平台上進行擴展，並以此來應對另一個市場。這又回到了我們一直以來的策略。我們擁有網路即服務，並根據不同客戶的需求擴展其規模。這種規模將有助於我們的成長，但這也意味著，以我們現有的平台思維，這將落到底線。如果你看一下本季度，你會發現所有 3 個部門都在成長。我們正在把一切都落實到底線，但我們還有很多工作要做。但我們知道如何做，而且我們有模型。

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。

So earlier this week, you announced that you had officially commenced the deployment of your C-Band licenses and that you would expect 100 million POPs to be covered by at least 60 megahertz as we get into March of next year. Equally important to creating that coverage is making sure your customer base is able to use that capacity, which is going to require a fairly significant handset upgrade cycle.

本週早些時候，你們宣布已正式開始部署 C 波段許可證，並預計到明年 3 月，1 億個 POP 將涵蓋至少 60 兆赫的覆蓋範圍。與創建該覆蓋範圍同樣重要的是確保您的客戶群能夠使用該容量，這將需要相當長的手機升級週期。

You noted that you had just put a new promo into the market this quarter. How are you thinking about stimulating device upgrades over the course of the year? What's embedded in your guidance in terms of maybe doing more of this?

您注意到本季您剛剛向市場推出了一項新的促銷活動。您考慮如何在今年刺激設備升級？就可能採取更多此類行動而言，您的指導意見中提出了哪些內容？

And then just as a follow-up question, you had noted you do expect that the Phase 1 spectrum will be cleared by 3Q, 4Q. But it seems like you don't expect to be fully utilizing it until March. So there's a bit of a gap. I'm just wondering if there's anything you can do to close that or that's just what the supply chain can deliver right now.

然後作為後續問題，您曾指出，您確實預計第一階段的頻譜將在第三季、第四季被清除。但看起來您預計直到三月才能充分利用它。因此存在一些差距。我只是想知道您是否可以採取任何措施來解決這個問題，或者這只是供應鏈目前可以提供的。

Yes. When it comes to -- first of all, I can only say that we are on to a fast start on the C-Band. I mean, it's only some 6 weeks ago since we can start to talk to our employees, we could talk to our partners, we can talk to the satellite companies, our suppliers. And as you have seen, I mean, we have already ordered half of the equipment. We have made agreements with the tower cos. We have talked to the satellite companies that has reaffirmed that they believe that they can clear this first tranche of the spectrum in third quarter and fourth quarter.

是的。說到——首先，我只能說我們在 C 波段上正快速起步。我的意思是，大約六週前我們才開始與我們的員工、合作夥伴、衛星公司和供應商交談。如您所見，我們已經訂購了一半的設備。我們已經與塔台公司達成協議。我們已經與衛星公司進行了交談，他們重申相信他們可以在第三季和第四季清理第一批頻譜。

So we're -- and we actually made a press release yesterday that we're now starting deploying C-Band as well, and that's 6 weeks. So we are -- the technology team was on fire to make this happen. And as I said, when we had this see -- at our Investor Day, we said that we worked with the dates we've got from the FCC because we haven't talked to anybody. Right now, this is the best date we have. And of course, we are pushing as much as possible to see that we get this up for our customers as soon as possible in order to get a great experience.

所以我們——實際上我們昨天發布了新聞稿，我們現在也開始部署 C 波段，這還有 6 週的時間。因此，我們——技術團隊全力以赴實現這一目標。正如我所說的，當我們在投資者日看到這個消息時，我們說我們是根據從聯邦通信委員會 (FCC) 獲得的日期來開展工作的，因為我們還沒有與任何人談過。現在，這是我們最好的約會。當然，我們正在盡最大努力盡快為客戶提供這項服務，以便他們獲得良好的體驗。

And then flowing that over to the phone question, I think that we have seen a great uptake on 5G phones and on unlimited premium. And as Matt said, in the quarter, over 20% of the unlimited new customers took unlimited premium. That tells you there's a lot of value in it and a lot of 5G unit.

然後轉到手機問題，我認為我們已經看到 5G 手機和無限付費服務的大幅成長。正如馬特所說，本季度，超過 20% 的無限流量新客戶購買了無限流量保費。這說明它具有很大的價值，而且有很多 5G 單元。

And with the new promo that Matt talked about, we believe that is going to also drive 5G. So we believe that what we have in the market right now will continue to grow the 5G base. And as I said, this is growing faster than what we saw in 4G. So we will continue to monitor, of course, but we see a good uptake on it. And we can also add that when it comes to the iPad that have been just recently launched, it's also another additional millimeter wave and how that comes into the whole ecosystem.

我們相信，透過馬特談到的新宣傳，這也將推動 5G 的發展。因此，我們相信，我們目前在市場上的產品將繼續擴大 5G 基礎。正如我所說，這一成長速度比 4G 更快。因此，我們當然會繼續監測，但我們看到它的接受度很好。我們還可以補充一點，對於最近剛推出的 iPad 來說，它也是另一個額外的毫米波，以及它如何融入整個生態系統。

So again, we feel good about the uptake, and we feel good about the line of products we have. And we have the promo supporting it. So that's going to also go well together with the C-Band deployment coming later this year then.

因此，我們對這種接受度感到滿意，並且對我們擁有的產品線感到滿意。我們還有促銷活動支持它。因此這也將與今年稍後的 C 波段部署順利配合。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

I wonder if you can dig into the enterprise and small and medium business results. SMB was up year-to-year, which is great to see. And I'm curious what you see in bookings versus growing revenue this quarter.

我想知道您是否可以深入了解企業和中小企業的成果。SMB 逐年上升，這是令人高興的。我很好奇您看到本季的預訂量與收入成長如何。

Phil, thank you. Yes, we -- one of the hardest-hit businesses during the COVID-19 has been small and medium businesses. And for the simple reason that they are most vulnerable of these type of things and the economic recession.

菲爾，謝謝你。是的，在新冠疫情期間，受打擊最嚴重的企業之一是中小企業。原因很簡單，他們最容易受到這類事情和經濟衰退的影響。

And we had enormously strong wireless business with SMBs coming into the COVID-19 that actually came down quite a lot. We have seen over the year that we slowly are coming back on that. And in this quarter, we actually had a very small growth in SMB.

在新冠疫情期間，我們與中小企業的無線業務表現非常強勁，但實際上業務量下降了很多。我們看到，在過去的一年裡，我們正在慢慢恢復這一點。本季度，我們的中小企業業務實際上成長非常小。

So as the economy recover, we think our positioning is really good on the wireless side, but also with the 5G Internet, meaning fixed wireless access, I think we have a great combination to support our customers with that on top of some value-added services on top of it. And I know that Tami and the team is working with this every day.

因此，隨著經濟復甦，我們認為我們在無線方面的定位非常好，而且有了 5G 互聯網（即固定無線接入），我認為我們有一個很好的組合來支持我們的客戶，並在其基礎上提供一些增值服務。我知道塔米和他的團隊每天都在為此努力。

I don't think we're over it that SMBs are coming back immediately. But clearly, we see some signs of improvement in the base.

我認為中小企業復甦的現象還沒結束。但顯然，我們看到了基礎方面一些改善的跡象。

On the enterprise side, on the large enterprise side, I think we have the tale of 2 cities here again. I mean, you have certain large enterprises that are really impacted by the COVID-19 and the recession. They are basically holding back on investments.

在企業方面，在大型企業方面，我認為我們再次看到了「兩個城市的故事」。我的意思是，某些大型企業確實受到了 COVID-19 和經濟衰退的影響。他們基本上抑制了投資。

Then you have certain that has been fortunate in these tough times to actually grow better and having a lot of demand. So they are investing. And that is giving the blended rate that we have right now. And of course, in the enterprise business, we have the wireline sort of secular decline in the wireline, which will not go away, but the wireless business is coming in. Our mobile edge compute is happening. You saw how many announcement we did in the first quarter. We start to see exactly what we have predicted, that this year is the year of building the funnel and making this customer commercial. And Tami and the team are working together with Kyle, our CTO, every day to see that the customers are really seeing the benefit of it.

那麼你肯定很幸運，在這些艱難時期，公司實際上發展得更好，而且需求量很大。所以他們正在投資。這就是我們現在的混合利率。當然，在企業業務中，有線電視業務正在經歷長期衰退，這種衰退不會消失，但無線業務正在興起。我們的移動邊緣運算正在進行中。您看到了我們在第一季發布了多少公告。我們開始看到我們所預測的事情，即今年是建立管道和使該客戶商業化的一年。Tami 和團隊每天都與我們的技術長 Kyle 一起工作，以確保客戶真正看到它的好處。

Is there any impact here from the One Fiber initiative? Is that helping at all in the enterprise or SMB side? Or is it still too early for that?

「一根光纖」計畫對此有什麼影響嗎？這對企業或 SMB 方面有幫助嗎？或者說現在還太早？

I think on the enterprise side, of course, we have some opportunities with the fiber. But remember, our priorities was clear. It's getting fiber to our 4G and our 5G network. That's really where we get the most bang for the buck. And then we do transfer enterprise when we have them.

我認為在企業方面，我們在光纖方面當然有一些機會。但請記住，我們的優先事項很明確。它將光纖連接到我們的 4G 和 5G 網路。這才是真正讓我們獲得最大利益的地方。當我們擁有它們時，我們就會轉移企業。

On the small and medium, that's going to take some time, that's what I said before. But now when we have the 5G Internet where we actually have fixed wireless access, we have a really good product for small and medium businesses. So some possibilities in enterprise, but they are also still to come. As we said, it's more focused on building the network with fiber, right, so we can see that our customer get the experience that they need to have when it comes to our exceptionally great 5G with millimeter wave and C-Band.

對於中小型企業來說，這需要一些時間，這就是我之前所說的。但現在我們有了 5G 互聯網，實際上有了固定無線接入，我們為中小型企業提供了一個非常好的產品。因此，企業中存在一些可能性，但它們仍有待實現。正如我們所說，它更專注於用光纖建立網絡，對吧，所以我們可以看到，當談到我們卓越的毫米波和 C 波段 5G 時，我們的客戶獲得了他們需要的體驗。

But Phil, just a follow-on on that. I mean, it is part of, as Hans mentioned previously, about building the network once and then monetizing it different ways. Just as we talk about with wireless and 5G, monetizing it in different ways. With the fiber, we have the same opportunity, too.

但是菲爾，這只是一個後續問題。我的意思是，正如漢斯之前提到的，它是一次性建立網絡，然後以不同的方式將其貨幣化的一部分。正如我們談論無線和 5G 一樣，以不同的方式將其貨幣化。有了光纖，我們也有同樣的機會。

So once you -- as you're lighting up those cell sites when you go past an enterprise building, the opportunity to go in there and have more customers or enterprise customers on-net rather than paying third-party access absolutely is an opportunity for us to create incremental return on that investment in fiber. So again, another example of a multiuse network.

因此，當您經過企業大樓時點亮這些基地台時，您就有機會進入那裡並擁有更多的客戶或企業客戶，而不是支付第三方接入費用，這絕對是我們在光纖投資上創造增量回報的機會。這又是一個多用途網路的例子。

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

下一個問題來自美國銀行的戴維·巴登。

I guess the first one, on the Fios revenue. We saw a pretty strong pickup. I know that kind of on a year-over-year basis, there's been a mix shift in an uptake on the higher speed broadband services, but sequentially, it was just a big number. I was wondering if you guys did something on price on the broadband or even on the video that would have contributed to that move.

我想第一個是關於 Fios 收入。我們看到了相當強勁的成長。我知道，與去年同期相比，高速寬頻服務的使用量出現了混合變化，但從環比來看，這是一個很大的數字。我想知道你們是否對寬頻價格甚至影片做了一些調整以促成這一舉措。

And then the second question, I guess, Matt, you guys threw a lot of numbers out on Media. 26% advertising growth, 13% owned property growth, 10.4% total revenue growth. Could you kind of break that down, what the moving parts are kind of dragging down some of those bigger, higher, eye-popping numbers? And kind of is this kind of a 1-year level set over a depressed 2020 and we're going to return to some kind of more "normal" revenue growth pattern in 2022?

然後是第二個問題，我想，馬特，你們在媒體上拋出了很多數字。廣告收入成長26%，自有財產成長13%，總收入成長10.4%。您能否詳細分析一下，哪些因素拖累了這些更大、更高、令人瞠目結舌的數字？這種一年期的水平是否是在低迷的 2020 年基礎上設定的，並且我們將在 2022 年恢復某種更「正常」的收入成長模式？

Yes. Thanks, David. So if I start with the Fios revenue, what you're really seeing here is the impact of what the team started. In the first quarter last year, we introduced Mix & Match into our Fios offering. It's been great for our Consumer business. We introduced it into Fios in first quarter last year.

是的。謝謝，大衛。因此，如果我從 Fios 收入開始，您在這裡真正看到的是團隊所開始的影響。去年第一季度，我們在 Fios 產品中推出了 Mix & Match。這對我們的消費者業務來說非常有利。我們在去年第一季將其引入 Fios。

Obviously, the initial benefit we were seeing there got interrupted as the pandemic got underway. But you saw, we now have 3 quarters of very strong volumes starting in third quarter last year, fourth quarter and now again in the first quarter here, our best first quarter in total Fios for 6 years. And so what that means is you've got an Internet base of customers in Fios that's now more than 5% or higher than it was a year ago. And so that's driving the revenue growth even if you have the secular pressures coming on the video side.

顯然，隨著疫情的爆發，我們最初看到的益處被打斷了。但您看到了，從去年第三季度開始，我們已經有連續三個季度的銷售量非常強勁，第四季度，現在又是第一季度，這是我們 6 年來 Fios 總體銷售量最好的第一季。這意味著 Fios 的網路客戶群現在比一年前增加了 5% 以上。因此，即使影片方面面臨長期壓力，這也將推動收入成長。

It's really volume created as much as step-ups or anything else, although there are obviously step-ups in there and opportunities to move customers to gigabit service and so on. But the strong volumes based off the quality of service, combined with bringing the Mix & Match there, it's worked very well for us in consumer mobility, now working well for us in Fios. And as you saw, we brought the Mix & Match construct into our SMB wireless offerings as well. So very excited about what that's going to do.

它實際上與升級或其他任何東西一樣，都是創造數量，儘管其中顯然存在升級，並且有機會將客戶轉移到千兆服務等等。但基於服務品質的強勁銷量，加上將 Mix & Match 引入那裡，這在消費者行動領域為我們帶來了非常好的效果，現在在 Fios 也為我們帶來了很好的效果。如您所見，我們也將 Mix & Match 結構引入了我們的 SMB 無線產品中。我非常興奮它將會起到什麼作用。

On the Media revenue side, as you say, the 10.4% up double digits for the second consecutive quarter. You remember both fourth quarter and now first quarter aren't really lapping COVID-impacted quarters. So what you're seeing here is the benefit of the hard work the team has been doing over the past couple of years. And that's really showing up on the advertising trends as we talked about there, offsetting that, to your question, how do you get from those higher numbers down to the 10%? Things like search revenue continue to be a headwind and will likely continue to be so. But we're very encouraged by the advertising and the O&O momentum that we have. And as you say, now we -- that's not a 1-year thing. As we go forward, the team is getting some good momentum. Hans?

在媒體收入方面，正如您所說，連續第二個季度實現兩位數成長 10.4%。您記得，第四季和現在的第一季實際上都不是受 COVID 影響的季度。所以您在這裡看到的是團隊過去幾年辛勤工作的成果。正如我們所討論的，這確實體現在廣告趨勢中，抵消了這一點，對於您的問題，您如何從這些較高的數字下降到 10%？搜尋收入等方面繼續成為阻力，並且很可能會繼續如此。但我們對我們的廣告和 O&O 勢頭感到非常鼓舞。正如你所說，現在我們——這不是一年的事。隨著我們不斷前進，團隊正在獲得良好的發展動力。漢斯？

Thank you. David, yes, I just want to reiterate on the Verizon Media Group, again, we got back to where we started the strategy in 2018. We reset the business plan and we start to cut costs, then we reshaped all the products all the way from the open, owned and operated, all the old brands, we combined the ad platform. The work has been immense by the Verizon Media Group team. And now we see sort of the fruits of that hard work with the growth in 2 consecutive quarters with double digits.

謝謝。大衛，是的，我只想重申一下威瑞森媒體集團，我們又回到了 2018 年制定策略的起點。我們重新制定了商業計劃並開始削減成本，然後我們重塑了所有產品，從開放、自有和運營，所有舊品牌，我們整合了廣告平台。Verizon Media Group 團隊做出了巨大的努力。現在我們看到了辛勤工作的成果，連續兩個季度實現了兩位數的成長。

So I just want to shout out to the team that this was the plan we set, and they are actually delivering on the plan. So I think we have a great future with these guys. They have clearly a good product portfolio, and we know digital is going to be important in the future. So by that, I think we're in a good position.

所以我只想向團隊大聲喊出，這是我們制定的計劃，他們實際上正在執行該計劃。所以我認為我們和這些人一起會有一個美好的未來。他們顯然擁有良好的產品組合，而且我們知道數位化在未來將會變得重要。因此，我認為我們處於有利地位。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

I was curious if we could go back to one of the comments you made earlier about Verizon reaching the cumulative cost-cutting target of $10 billion. And if you could unpack that in terms of how much of that helped the EBITDA versus the CapEx side of the investment process for Verizon? And then maybe secondly, how should investors think about the pace going forward of what incremental cost cutting can look like for Verizon over the next 3 to 5 years?

我很好奇，我們是否可以回顧一下您之前關於 Verizon 實現 100 億美元累計成本削減目標的評論之一。您能否解釋一下，這對 Verizon 投資流程中的 EBITDA 和 CapEx 方面有多大幫助？其次，投資人該如何看待未來 3 至 5 年內 Verizon 削減成本的步伐？

Thanks, Mike. And so look, I am incredibly proud of the team's efforts over the past 3-plus years now as we've really leant in on identifying ways to continue to make us more efficient and maintain our position and having the best cost structure in the industry, which we think is going to continue to be important going forward, obviously.

謝謝，麥克。所以，我為團隊過去 3 年多來的努力感到無比自豪，因為我們真正致力於尋找方法繼續提高效率、保持我們的地位並擁有行業中最佳的成本結構，我們認為這顯然在未來將繼續發揮重要作用。

In terms of your first question, it's -- there's a split between both CapEx and P&L items behind the $10 billion. It's roughly even between those 2 where you see that come from.

關於您的第一個問題，這 100 億美元背後有資本支出和損益項目之分。您看到的這兩個數字大致相等。

So on the CapEx side, that means we've been able to do more deployments for the same amount of money than we would have done previously. That's allowed us to do some of the things across the network as we continue to transform the network, not just in deploying 5G but also the intelligent edge network transformation going on, the One Fiber, there's a backbone in there as well, that's going to give us benefits for years to come as a result of some of the efficiencies.

因此，從資本支出來看，這意味著我們能夠用與以前相同的資金進行更多的部署。這使我們能夠在繼續改造網路的同時在整個網路上做一些事情，不僅僅是部署 5G，還有正在進行的智慧邊緣網路改造、One Fiber，其中還有一個主幹網，由於一些效率的提高，它將在未來幾年為我們帶來好處。

And then on the P&L side, some of those have helped contribute to the bottom line. But some of them have also allowed us to reinvest in the business so that we can continue to be competitive in the marketplace, continue to bring new promotions and so on to our consumers. And you see the value of us doing that.

從損益表方面來看，其中一些有助於增加利潤。但其中一些也使我們能夠對業務進行再投資，以便我們能夠繼續在市場上保持競爭力，繼續為消費者帶來新的促銷活動等等。您會發現我們這樣做的價值。

And in terms of the pace going forward, just because we've hit the target, it doesn't mean we slow down. We will have continuous improvement going forward here. The team's got good momentum. And the great news is we didn't coast to the finish line here. We ran through the finish line. We accelerated through the tape. There's a lot more opportunities for us. Obviously, the last year has identified even more items for us. So as we go forward, we will continue to increase the efficiency of the business, both on the income statement and also from a capital side as well. So a lot more to come.

就前進的步伐而言，我們達到了目標，並不意味著我們會放慢腳步。我們將在此方面不斷改進。球隊勢頭良好。好消息是，我們並沒有輕鬆到達終點。我們跑過了終點線。我們加速通過了磁帶。我們還有很多機會。顯然，去年我們確定了更多的項目。因此，隨著我們前進，我們將繼續提高業務效率，包括損益表和資本方面。未來還會有更多。

Now, and I just want to agree with Matt. I mean I think the structural changes on platform thinking and using -- making the network with the Verizon Intelligent Network. Some of those benefits, we haven't even seen yet even with those investments are done. But also the new structure we have in the group where we have the 3 strong CEOs running their businesses has also unveiled much more efficiencies than we have seen before and how they run it.

現在，我只想同意馬特的觀點。我的意思是，我認為平台思維和使用上的結構性變化——利用 Verizon 智慧網路建立網路。即使已經進行了這些投資，我們仍然還沒有看到其中的一些好處。而且，在我們集團的新架構中，有三位實力雄厚的執行長分別管理各自的業務，這也帶來了比我們以前見過的更高的效率以及他們的運作方式。

So I agree with Matt, I mean this is part of our governance constantly to see that we find more efficiency because that means that we can be even stronger in the market and having the best cost structure for us is important.

所以我同意馬特的觀點，我的意思是這是我們治理的一部分，不斷確保我們能夠提高效率，因為這意味著我們可以在市場上更加強大，並且擁有最佳的成本結構對我們來說非常重要。

And is this a target you would expect to continue to give further updates on and compare it relative to what the initial $10 billion goal was? Or now that you've achieved the goal, does the progress just get wrapped into the totality of financial performance and outlooks for Verizon?

您是否希望繼續對此目標進行進一步更新，並將其與最初的 100 億美元目標進行比較？或者現在您已經實現了目標，但這項進展是否僅僅與 Verizon 的整體財務表現和前景有關？

Yes. As we go forward here, I mean, obviously, over the past 3, 4 years, as we looked at the opportunities ahead of us, this was a major opportunity. So that's why we gave a very specific target.

是的。當我們繼續前進時，我的意思是，顯然，在過去的 3、4 年裡，當我們審視眼前的機會時，這是一個重大機會。這就是我們給出非常具體的目標的原因。

As I mentioned, we'll continue to work with this. It will be obviously inherent in our targets. But as I think about the biggest opportunities ahead of us over the next 3 to 4 years, they're around growth, everything we're doing with 5G and all the other parts of our business. So that's why the targets that we gave at the Investor Day were all about growth, whether that be how quickly we're going to deploy the C-Band that we got, continuing to build that millimeter wave, the total addressable markets for 5G Home, for MEC and then the revenue growth that we talked about over the next 5 years.

正如我所提到的，我們將繼續致力於此。這顯然是我們目標中固有的一部分。但當我思考未來 3 到 4 年我們面臨的最大機會時，我發現它們都與成長有關，與我們在 5G 方面所做的一切以及我們業務的所有其他部分有關。所以這就是為什麼我們在投資者日給出的目標都是關於成長的，無論是我們將多快部署我們獲得的 C 波段，繼續建立毫米波，5G 家庭的總可尋址市場，MEC，以及我們在未來 5 年談到的收入成長。

So that's -- we will obviously continue to drive cost savings and efficiencies throughout the business. But the biggest opportunities for us going forward here when we look at everything in front of us is driving top line growth, and we're very excited about pursuing those.

所以——我們顯然將繼續推動整個業務的成本節約和效率提高。但當我們審視眼前的一切時，我們未來最大的機會就是推動營收成長，我們對追求這些成長感到非常興奮。

The next question is from Craig Moffett of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Craig Moffett。

So Comcast significantly changed its pricing on your -- in the MVNO to now offer sort of family line -- family plan discounts. Can you just talk about the renegotiation that you and the cable industry just had on the MVNO and what your view is of the kind of the status of that relationship and how you see it evolving going forward? Obviously, the new pricing is considerably more aggressive and now sits on top of your pricing all the way down in family plans up to about 4 or 5 lines.

因此，康卡斯特大幅改變了您的 MVNO 定價，現在提供家庭套餐折扣。您能否談談您和有線電視行業剛剛就 MVNO 進行的重新談判，以及您對這種關係的現狀有何看法，以及您認為它未來將如何發展？顯然，新的定價更具競爭力，現在在家庭計劃中一直處於最高定價之上，最高可達 4 或 5 條線路。

Craig, I cannot go into detail to any commercial agreements we have. But what I can say is that we feel good about our Network-as-a-Service strategy where we have our value -- our own sort of premium brand with Verizon. We have the MVNOs addressing a certain part. And then we have the Visible and all of that. That's the whole idea. And for us, this is accretive.

克雷格，我無法詳細說明我們之間的任何商業協議。但我可以說的是，我們對我們的網路即服務策略感到滿意，我們有自己的價值——我們與 Verizon 合作打造了自己的高端品牌。我們有針對某部分的 MVNO。然後我們就有了可見的東西和所有這些東西。這就是全部的想法。對我們來說，這是有益的。

We have a good relationship with our MVNO partners. We see them as enterprise customers, but we also see that this is accretive to us because we have all this. I mean, nobody in the market has the same opportunity as we have to play all the way from our premium Verizon, which you heard Matt and me talk about how we migrate and we're doing it in a great job, Ronan and team. And then we also have the MVNO partners bringing in customers and revenue and the best return on investment.

我們與 MVNO 合作夥伴保持著良好的關係。我們將他們視為企業客戶，但我們也認為這對我們來說是有益的，因為我們擁有這一切。我的意思是，市場上沒有人擁有和我們一樣的機會，從我們的高端 Verizon 一路發展，您聽到馬特和我談論我們如何遷移，而我們羅南和團隊做得很好。然後，我們還有 MVNO 合作夥伴帶來客戶、收入和最佳投資回報。

And ultimately, we start building new markets with Visible and later on this year, with TracFone. And then we have an unparalleled position to anyone else in the market to be growing. So I feel good about it. I feel good about the relationship with MVNOs. We treat them as important enterprise customers, and we will continue to do so.

最終，我們開始與 Visible 合作開拓新市場，並在今年稍後與 TracFone 合作。我們在市場上擁有無與倫比的發展地位。所以我對此感覺很好。我對與 MVNO 的關係感到滿意。我們將他們視為重要的企業客戶，我們將繼續這樣做。

Yes. I would agree with everything that Hans said. Look, the idea of bundled pricing for customers, I think we -- when we introduced Share Everything Plans back in 2012, we -- so it's something we've been doing for a long time. It makes a lot of sense. And we -- as Hans said, we're glad to have the traffic on our network. And it just gives us another opportunity to monetize the network in multiple different ways.

是的。我同意漢斯所說的一切。你看，為客戶提供捆綁定價的想法，我想我們在 2012 年推出「共享一切計劃」時就已經這樣做了——所以這是我們長期以來一直在做的事情。這很有道理。正如漢斯所說，我們很高興我們的網路擁有如此大的流量。這為我們提供了另一個透過多種不同方式將網路貨幣化的機會。

And if I could just ask one follow-up. Do you have any update on the timing of the TracFone transaction and the progress through regulatory in Washington?

我是否可以再問一個問題？您對 TracFone 交易的時間表以及華盛頓監管方面的進展有何更新？

I think what -- everything we said from the beginning is holding true. The process is continuing as expected. And as I said, this is a second half of '21 event when this is going to be approved. So it's progressing as expected. We don't believe it's going to be earlier. We think it's going to be somewhere in the third quarter, which we said also when we announced this.

我認為——我們從一開始就說的一切都是正確的。該進程正在按預期繼續進行。正如我所說，這是 21 年下半年的事件，屆時它將獲得批准。所以一切進展如預期。我們認為不會更早。我們認為它將在第三季的某個時候實現，我們在宣布這一消息時也這麼說過。

So we will give an update when we know more, but there's a couple of different events still there. So -- but again, it's progressing as we expected from the beginning.

因此，當我們了解更多資訊時，我們會提供更新，但仍有幾個不同的事件。所以——但再說一次，事情的進展正如我們一開始所預期的那樣。

The next question comes from Tim Horan of Oppenheimer.

下一個問題來自奧本海默的蒂姆·霍蘭。

Two questions. One, AT&T obviously has phone subsidies for all. Do you think this becomes a permanent fixture in the industry again?

兩個問題。首先，AT&T 顯然為所有人提供電話補貼。您認為這會再次成為該行業的永久固定部分嗎？

And then secondly, business, I think, communications networking probably transformed more in the last year than the last decade with a lot more collaboration and conferencing. And obviously, you acquired BlueJeans a year ago. Can you talk about how well integrated that is for the rest of your communication strategy and go-to-market strategy? And maybe are you creating more UCaaS products or other bundles of SD-WAN services to go after the business market?

其次，我認為，商業通訊網路在去年可能比過去十年發生了更大的轉變，出現了更多的協作和會議。顯然，您一年前收購了 BlueJeans。您能否談談這與您的其他溝通策略和市場進入策略的整合程度如何？也許您正在創建更多的 UCaaS 產品或其他 SD-WAN 服務包來進入商業市場？

Thank you. On the first comment, I mean, you have seen our strategy, how we address the market. I mean, I cannot comment on what our competition is doing. We feel good about our positioning with the promos we are coming out right now. And it actually resonate with our customers, the migration path we have and all of that. So I don't think that you're going to see from us anything like that.

謝謝。關於第一個評論，我的意思是，你已經看到了我們的策略，以及我們如何應對市場。我的意思是，我無法評論我們的競爭對手在做什麼。我們對目前推出的促銷活動的定位感到滿意。它實際上與我們的客戶、我們的遷移路徑以及所有這些都產生了共鳴。所以我不認為你們會看到我們做出這樣的事。

So on the BlueJeans and collaboration tools, we are integrating that every day here in new settings with new partners all the time because this is a great asset. And we're scaling it right now as we acquired it. So that feels really good. And we still have the whole 5G area and the mobile edge compute area, which is going to need video conferencing, et cetera, or communication services. So there's a lot more to be done there.

因此，在 BlueJeans 和協作工具方面，我們每天都會在新的環境中與新的合作夥伴整合，因為這是一筆巨大的財富。我們在收購它之後，目前正在擴大它的規模。感覺真的很好。我們仍然擁有整個 5G 領域和行動邊緣運算領域，這些領域將需要視訊會議等或通訊服務。因此還有很多工作要做。

And we build that into the C-Band solutions, where Tami and her team are continuously working with our customers that want to migrate right now. And we have great offerings in the market. So we feel good about that to be part of that transformation in the market, which is offsetting some of the wireline secular declines that we see as well. So overall, I feel that we have a good position and a good work. Matt, anything more on that?

我們將其融入 C 波段解決方案中，Tami 和她的團隊正在持續與想要立即遷移的客戶合作。我們在市場上提供優質產品。因此，我們很高興能夠成為市場轉型的一部分，這也抵消了我們所看到的一些有線長期下滑。所以總體來說，我覺得我們處於一個很好的位置並且做得很好。馬特，還有什麼相關資訊嗎？

No, I think, look, the team has done a great job over the past 12 months. Remember, we closed this transaction during the pandemic. So the ability to integrate and so on, we've done it all virtually and remotely. And so a lot of good work going on. And as you mentioned, Tim, it's the opportunity for us to broaden the offerings that we have with our enterprise customers and some good traction there. So I think they've done everything we expected to do at this point.

不，我認為，看，團隊在過去 12 個月做得非常出色。請記住，我們在疫情期間結束了這筆交易。因此，整合能力等等，我們都已透過虛擬和遠端方式完成。因此，有很多出色的工作正在進行中。正如您所說，蒂姆，這是我們擴大向企業客戶提供的服務範圍並獲得良好吸引力的機會。所以我認為他們已經完成了我們目前期望要做的一切。

The next question comes from Frank Louthan of Raymond James.

下一個問題來自雷蒙德詹姆斯公司的弗蘭克洛森。

Can you walk us through plans for the balance sheet? And then in particular, would you consider monetizing any assets like Verizon Media and so forth to delever? And how we should think about the timing for delevering if that's changed at all since the Analyst Day?

您可以向我們介紹一下資產負債表的計畫嗎？然後具體來說，您是否會考慮將 Verizon Media 等資產貨幣化以去槓桿？如果自分析師日以來情況發生了變化，我們應該如何考慮去槓桿的時機？

Thank you, Frank. Our capital allocation priorities are the same, as we said before. Number one, we will invest in our business. And I think we've been very clear what we're investing in right now and the CapEx and the increased incremental CapEx for the C-Band.

謝謝你，弗蘭克。正如我們之前所說，我們的資本配置優先事項是相同的。首先，我們將投資我們的業務。我認為我們已經非常清楚我們現在的投資方向、資本支出以及 C 波段增加的增量資本支出。

Then secondly, we have clearly outlined we're going to put our Board in the position to continue to grow the dividend. Matt and I feel really confident about that.

其次，我們已經明確表示，我們將讓董事會繼續增加股利。馬特和我對此非常有信心。

And then thirdly is to do as we did after the Vodafone acquisition, to come down again to pre-Vodafone, we call that pre-COVID or pre-C-Band right now because we want change here or a little bit [fashionist]. So we're trying to -- we're doing that. And we see a great moment for that. And we have basically a plan for that given how we're going to generate growth and cash flow over the years.

第三，就像我們收購沃達豐之後所做的那樣，回到收購沃達豐之前的狀態，我們現在稱之為 COVID 之前或 C 波段之前的狀態，因為我們希望在這裡做出一些改變，或者說是一點點 [時尚主義]。所以我們正在嘗試——我們正在這樣做。我們看到了這偉大時刻。我們基本上有一個計劃，考慮到我們將如何在未來幾年實現成長和現金流。

And as Matt outlined, when we spoke about this last time, 4 to 5 years is what we believe is going to take us to get there. So that's what we have in play right now. And no other things are included or no other new updates neither. So we are just happy with the first quarter where we generated very good cash, which means that the first quarter is in there for us to start doing our work to get back to the pre-C-Band sort of financial metrics.

正如馬特上次談到這一點時所概述的，我們相信需要 4 到 5 年的時間才能實現這一目標。這就是我們現在所做的事情。並且沒有包含任何其他內容或也沒有其他新更新。因此，我們對第一季的業績感到滿意，我們創造了非常好的現金，這意味著我們可以在第一季開始工作，以恢復到 C 波段之前的財務指標。

Yes. I mean, Hans, just building on that, the leverage is no change since the Investor Day. Good first quarter results. As you think about the revenue targets we've given for the 5 years, certainly on track there.

是的。我的意思是，漢斯，僅基於這一點，自投資者日以來槓桿率就沒有變化。第一季業績良好。想想我們為未來 5 年設定的收入目標，這肯定是按計劃進行。

The only other balance sheet update I'll give you is just on the cash balance. We've obviously had that at elevated levels since the start of the pandemic. Given the progress we've seen since the start of the first quarter in terms of the vaccination rates in this country and then also the stimulus getting passed, we didn't know if that was going to happen or not. And now having the auction behind us, we do think that there's the opportunity for us to start moving cash to what was closer to something at a pre-pandemic level. So now that we've got all those things done and we get into the second quarter here, we'll start work on that.

我將向您提供的唯一其他資產負債表更新僅是關於現金餘額。自從疫情爆發以來，這種情況顯然已經處於較高水準。鑑於自第一季開始以來我們看到的該國疫苗接種率的進步以及刺激措施的通過，我們不知道這是否會發生。現在拍賣已經結束，我們確實認為我們有機會開始將現金轉移到更接近疫情前的水平。現在我們已經完成了所有這些事情，並且進入了第二季度，我們將開始進行這項工作。

The next question comes from Colby Synesael of Cowen.

下一個問題來自 Cowen 的 Colby Synesael。

Maybe just to follow up on that. Free cash flow was pretty strong in the quarter, $5.2 billion. It seems like there was some benefit on the working capital side. Just curious if you could talk about how you see that progressing for the remainder of the year and might be implied in terms of free cash flow for the year based on your target of 2.8 turns of leverage by year-end 2021.

也許只是為了跟進這一點。本季自由現金流相當強勁，達到 52 億美元。看起來營運資金方面有一些好處。我只是好奇，您是否可以談談您認為今年剩餘時間的進展情況如何，以及根據您在 2021 年底實現 2.8 倍槓桿率的目標，這可能對今年的自由現金流產生什麼影響。

And then secondly, I'm not sure if you'll be able to give it, but I'm curious if you can give us any color in terms of subscriber numbers for the fixed wireless product at this point? And also just from a housekeeping perspective, what line item are you actually including subs if it's anywhere at all? And then also, where is the revenue for that being shown?

其次，我不確定您是否能夠提供，但我很好奇您是否可以提供目前固定無線產品的用戶數量資訊？而且僅從內部管理的角度來看，如果有的話，您實際上包括哪些專案？那麼，該節目的收入來自哪裡呢？

Yes. Thanks, Colby. So look, absolutely happy with the free cash flow performance in the first quarter. Obviously, working capital was part of the benefit in there.

是的。謝謝，科爾比。所以看，對第一季的自由現金流表現絕對滿意。顯然，營運資金是其中的一部分收益。

And as we look at that, there's a couple of things going in different directions. As we saw the increase in equipment volumes, we saw the device payables, the receivables related to that increase. As you would expect, that was a benefit on cash flow last year. We said that would be a headwind this year, hope to be a headwind this year, absolutely saw that.

當我們觀察這一點時，我們發現有幾件事正朝著不同的方向發展。隨著設備數量的增加，我們看到設備應付款項和與之相關的應收款項也在增加。正如您所預料的，這對去年的現金流來說是一個好處。我們說過這將是今年的逆風，希望今年將是逆風，絕對看到了這一點。

Offsetting that a little bit was the volumes that we saw in March helped inventory levels. But also, we saw really good customer payments in the month of March, too, as those stimulus payments hit. So as I think about cash flow for the rest of the year, I would expect the device receivables to continue to be a little bit of a headwind as those return to a more normal level after the lower volumes last year.

3 月的交易量在一定程度上抵消了這一影響，有助於提高庫存水準。但同時，隨著刺激計畫資金的到位，我們在三月也看到了非常好的客戶支付狀況。因此，當我考慮今年剩餘時間的現金流時，我預計設備應收帳款將繼續帶來一些阻力，因為在去年交易量較低之後，這些應收帳款將恢復到更正常的水平。

And then obviously, we don't have cash tax payments in the first quarter. Those come through the final 3 quarters of the year. And as we mentioned, we had a couple of favorable items in there last year. So still feel good, obviously, about where cash flow is going to play out. So no update on our year-end leverage target at this point, but really nice to have a strong first quarter in the bank.

顯然，我們第一季沒有現金稅。這些都是在今年最後三個季度實現的。正如我們所提到的，去年我們有一些有利的項目。因此，顯然，對於現金流的走向，我們仍然感到樂觀。因此，目前我們還沒有更新年底槓桿目標，但很高興看到該銀行第一季業績表現強勁。

In terms of the fixed wireless access subscribers, as those expand, we'll start to disclose them. In terms of where the revenue shows up, you're seeing that show up in service revenue as Fios broadband does today. So that's where the revenue will show up in the income statement.

就固定無線接取用戶而言，隨著其規模的擴大，我們將開始揭露相關數據。就收入的來源而言，您會看到它出現在服務收入中，就像今天的 Fios 寬頻一樣。這就是收入在損益表中顯示的地方。

So it's actually in the Fios segment opposed to in the...

因此它實際上屬於 Fios 部分，而不是...

No, no, no. Not in Fios. I'm just saying Fios revenue show up in service revenue. So I'm saying fixed wireless access will also show up as service revenue. And then...

不，不，不。不在 Fios 中。我只是說 Fios 收入體現在服務收入中。所以我說固定無線存取也將作為服務收入出現。進而...

On the wireless side?

在無線方面？

It will be on the wireless service revenue, correct.

這將計入無線服務收入，正確。

Your last question comes from Kannan Venkateshwar of Barclays.

您的最後一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So I guess on the margin front, when you look at the Consumer segment, you have a tailwind from Fios margins as that revenue stabilizes or potentially starts flatlining due to broadband or even mix shifts away from video. And then as volumes pick up and you focus a bit more on volumes over the course of this year, there's a tailwind -- I'm sorry, there's a headwind from that. So if you could just talk about the puts and takes when it comes to margins over the course of the year in the Consumer business, that would be useful.

因此，我猜想在利潤率方面，當你看消費者領域時，你會受到 Fios 利潤率的推動，因為由於寬頻甚至混合從視訊轉移，收入趨於穩定或可能開始持平。然後，隨著交易量的增加，你今年會更加關注交易量，就會出現順風——對不起，是逆風。因此，如果您能談談消費者業務全年利潤率的利弊，那將會很有幫助。

And then secondly, when you think about the stimulus that was passed in December, it looks like some of that money can flow to wireless consumers, the subsidy. The $3 billion subsidy for broadband, I guess some of that could flow to wireless consumers as well. Are you guys starting to see some of that impact? How big of a tailwind do you expect that to be in the second quarter?

其次，當你想到 12 月通過的刺激方案時，看起來其中一部分資金可以流向無線消費者，也就是補貼。我認為，30 億美元的寬頻補貼中，有一部分也可能流向無線消費者。你們開始看到其中的一些影響了嗎？您預計第二季的順風作用會有多大？

Yes. Thanks, Kannan. So on the Consumer margins, I think we've historically produced very good margins across the business there, and I'd expect that to continue going forward. As you identified, there is always a number of puts and takes out there as we move forward. And certainly, Fios is performing very well and is contributing nicely to that.

是的。謝謝，Kannan。因此，就消費者利潤率而言，我認為我們過去在整個業務中都創造了非常好的利潤率，而且我預計這種情況將持續下去。正如您所指出的，在我們前進的過程中，總是會有一些付出和收穫。當然，Fios 的表現非常出色，並為此做出了巨大貢獻。

But as you also rightly pointed out, equipment volumes were up significantly year-over-year. And obviously, that increases the denominator in the margin calculation without really increasing the numerator. So you've got a number of different puts and takes. You'll have the ongoing impacts of building out the network in there as well. But we feel very good about the margins that we'll have for the rest of the year within Consumer, very much in line with what you would expect.

但正如您正確指出的那樣，設備數量比去年同期大幅增長。顯然，這會增加保證金計算中的分母，而實際上不會增加分子。因此，您有許多不同的選擇。您還將感受到在那裡建立網路的持續影響。但我們對今年剩餘時間內消費者業務的利潤率感到非常滿意，非常符合您的預期。

And then certainly, the seasonality showing up in the fourth quarter with the seasonal volumes that you would expect to see over the course of the holiday period. So certainly, to continue to be on track to give the -- to meet the EPS guidance we have for the year, Consumer margins need to be a strong contributor to do that, and I expect them will be.

當然，第四季會出現季節性，預計假期期間會出現季節性交易量。因此，為了繼續按計劃實現我們今年的每股盈餘預期，消費者利潤率必須發揮強大的貢獻作用，我預計他們會這樣做。

In terms of stimulus benefits, as I think I mentioned in the comment about working capital, we're seeing very good payment patterns from consumers at this point. That's where I think we'll see the vast majority of any benefit show up. So those payments were very strong in the first quarter, and I suspect the stimulus bills had something to do with that. But it means that our consumers are in very good shape as compared to where they otherwise might have been given the impacts of the pandemic going into the second quarter, and we feel good about the outlook for the rest of the year ahead of us.

就刺激效益而言，正如我在關於營運資金的評論中提到的那樣，我們目前看到消費者的支付模式非常好。我認為，我們將在這裡看到絕大多數好處的體現。因此，第一季的支付額非常強勁，我懷疑刺激法案與此有關。但這意味著，與第二季疫情的影響相比，我們的消費者狀況非常好，我們對今年剩餘時間的前景充滿信心。

Everybody, we're done for the day. Thank you very much for the participation, and we'll see you soon.

各位，今天的工作就到這裡吧。非常感謝您的參與，我們很快就會再見。

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。您現在可以斷開連線。