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.

早上好，歡迎參加 Verizon 2021 年第一季度收益電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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您的主持人，投資者關係高級副總裁 Brady Connor 先生。

Thanks, Brad.

謝謝，布拉德。

Good morning, and welcome to our first quarter earnings conference call.

早上好，歡迎參加我們的第一季度收益電話會議。

This is Brady Connor, and I'm here with our Chairman and Chief Executive Officer, Hans Vestberg; and Matt Ellis, our Chief Financial Officer.

我是 Brady Connor，我和我們的董事長兼首席執行官 Hans Vestberg 在這裡；和我們的首席財務官 Matt Ellis。

As a reminder, our earnings release, financial and operating information and the presentation slides are available on our Investor Relations website.

提醒一下，我們的投資者關係網站上提供了我們的收益發布、財務和運營信息以及演示幻燈片。

A replay and transcript of this call will also be made available on our website.

我們的網站也將提供本次電話會議的重播和記錄。

Before we get started, I'd like to draw your attention to our safe harbor statement on Slide 2. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties.

在我們開始之前，我想提請您注意我們在幻燈片 2 上的安全港聲明。本演示文稿中的信息包含有關預期未來事件和財務結果的前瞻性聲明，並受風險和不確定性影響。

Discussion of factors that may affect future results is contained in Verizon's filings with the SEC, which are available on our website.

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找到。

This presentation contains certain non-GAAP financial measures.

本演示文稿包含某些非公認會計原則財務措施。

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

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

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.

在我們的演示幻燈片和我們的正式發言中討論的季度增長率是按年計算的，除非另有說明是連續的。

Now let's take a look at consolidated earnings for the first quarter.

現在讓我們來看看第一季度的綜合收益。

In the first quarter, we reported earnings of $1.27 per share on a GAAP basis.

在第一季度，我們報告的每股收益為 1.27 美元（按公認會計原則計算）。

Reported first quarter earnings include a pretax loss from a special item of approximately $223 million related to the sale of certain wireless licenses.

報告的第一季度收益包括與出售某些無線許可證有關的約 2.23 億美元的特殊項目的稅前虧損。

Excluding the effects of this special item, adjusted earnings per share was $1.31 in the first quarter.

排除這一特殊項目的影響，第一季度調整後的每股收益為 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.

4 月 8 日，我們宣布了大約 250 萬台 Jetpack 的召回流程，這影響了一些參加我們遠程學習計劃的客戶。

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.

本季度合併營業收入中包含的總體影響約為 1.6 億美元，其中 1 億美元來自業務部門，其餘 6000 萬美元來自消費者部門。

The impact included within reported and adjusted earnings per share was $0.03 in the first quarter.

第一季度報告的和調整後的每股收益中包含的影響為 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.

有了這個，我現在把電話轉給漢斯，讓我們回顧一下第一季度。

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度財報電話會議。

We marked more than 1 year since the devastating effects of COVID-19.

自 COVID-19 的破壞性影響以來，我們標記了 1 年多。

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.

雖然我們看到在疫苗接種、客戶情緒和經濟復甦方面取得了重大進展，但在我們恢復正常之前還有很多工作要做。

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.

我為 Verizon 在此期間為我們所有的利益相關者做出的回應感到自豪，因為我們執行了平衡的利益相關者驅動的戰略。

And as I said during the worst period of the pandemic, Verizon will come out stronger as a company when this is over.

正如我在大流行最嚴重的時期所說的那樣，當這一切結束時，Verizon 作為一家公司將會變得更加強大。

During the last 12 months, we have progressed all our position with customers, employees and added great assets to an already strong position.

在過去的 12 個月中，我們在客戶、員工方面的所有職位都取得了進展，並為已經很強大的職位增加了巨大的資產。

And today, we stand stronger than ever to compete in the market and serve our customers.

今天，我們比以往任何時候都更強大，可以在市場上競爭並為我們的客戶服務。

Looking back on the quarter, we amplified and accelerated our strategy through our average 160 megahertz nationwide position in C-Band.

回顧本季度，我們通過我們在 C 波段的全國平均 160 兆赫的位置擴大並加速了我們的戰略。

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.

正如我們在投資者日中所闡述的那樣，C 波段和我們的毫米波的結合使我們處於獨特的優勢地位，可以執行所有 5G 機會：5G 家庭、5G 移動和 5G 移動邊緣計算。

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.

最重要的是，我們擁有所有 5 個增長向量，以及我們的網絡領導地位和強大的網絡即服務基礎。

And the progress we made in the quarter confirms that our strategy is working.

我們在本季度取得的進展證實了我們的戰略正在奏效。

We had growth in all our businesses for the first time since the launch of Verizon 2.0.

自 Verizon 2.0 推出以來，我們的所有業務首次實現增長。

We had growth in both EPS and cash flow.

我們的每股收益和現金流都有增長。

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所有這些工作，我們在後 COVID 時代以明確和差異化的戰略、多樣化的市場進入模式、網絡領導力、行業領先的合作夥伴生態系統和強大的品牌，搶占先機。它們共同為實現我們 2021 年及以後的增長目標提供了一個很好的平台和基礎。

Let me talk about some of the highlights from the first quarter.

讓我談談第一季度的一些亮點。

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.

我們的網絡團隊通過領先市場的網絡性能以及部署比以往更多的資產繼續做偉大的事情：毫米波、C 波段、4G、5G 和光纖。

I have a lot of confidence that this team will accelerate our network leadership.

我非常有信心這個團隊將加速我們的網絡領導地位。

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.

我們獨特的混搭模式在本季度繼續提供無限和無限溢價，並在我們的獨家產品（如 Disney+ 和本季度早些時候推出的最新發現+）的基礎上繼續提供服務。

And we are pleased with the discovery+ with the current enrollment rates we have seen so far.

到目前為止，我們對發現+的當前入學率感到滿意。

Our brand and responsible business framework, Citizen Verizon, continue to set standards in the industry.

我們的品牌和負責任的業務框架 Citizen Verizon 繼續為行業設定標準。

Verizon was recognized by Fast Company as the sixth most innovative company in the corporate social responsibility earlier this quarter.

Verizon 在本季度早些時候被 Fast Company 評為企業社會責任最具創新性公司第六名。

Brand Finance recognized us as the most valuable telecom brand.

Brand Finance 認可我們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.

在 ESG 中，我們有雄心勃勃的目標，例如我們承諾到 2035 年實現碳排放淨 0。

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.

我們長期以來對多樣性、公平和包容性的關注體現在我們在全球按性別和在美國按種族劃分的 100% 薪酬平等這一事實。

And earlier this week, we also launched our 2020 ESG report.

本週早些時候，我們還發布了 2020 年 ESG 報告。

We continue with a high level of deployment of millimeter wave and fiber in the quarter.

我們在本季度繼續高水平部署毫米波和光纖。

And we're on the track to deliver on our operational targets for the year.

我們正在努力實現我們今年的運營目標。

We brought 5G service to several additional cities.

我們將 5G 服務帶到了另外幾個城市。

We currently have 30 5G Home and 67 5G Mobility cities live and more to come.

我們目前有 30 個 5G 家庭和 67 個 5G 移動城市，未來還會有更多。

We recently signed our first European private 5G deal with Associated British Ports.

我們最近與 Associated British Ports 簽署了首個歐洲私人 5G 協議。

We also expanded our 5G Edge partnership with AWS with private 5G and edge computing to our customers.

我們還擴展了與 AWS 的 5G 邊緣合作夥伴關係，為我們的客戶提供私有 5G 和邊緣計算。

We continue to scale our Network-as-a-Service strategy across new markets and verticals through a diverse set of partnerships.

我們繼續通過各種合作夥伴關係在新市場和垂直領域擴展我們的網絡即服務戰略。

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.

我們與本田等不同垂直領域的領先品牌合作，以創新互聯和自動駕駛；德勤與 SAP 打造 5G 和邊緣計算零售數字平台，為零售商提供實時運營數據； Dreamscape 和亞利桑那州立大學建立沉浸式學習和培訓並將其商業化。

At our Investor Day, we shared with you our plans and commitment for C-Band and Ultra Wideband deployment, which continues to progress well.

在我們的投資者日，我們與您分享了我們對 C 波段和超寬帶部署的計劃和承諾，該部署繼續取得良好進展。

Our intent is to invest $10 billion of incremental C-Band CapEx to accelerate the integration on this capacity into our network.

我們的意圖是投資 100 億美元的增量 C 波段資本支出，以加速將此容量集成到我們的網絡中。

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.

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，並期待在全年提供有關構建狀態的進一步更新。

We have already ordered half of the total network equipment needed from our 5G suppliers to support C-Band deployments in 2021.

我們已經從 5G 供應商那裡訂購了一半的網絡設備，以支持 2021 年的 C 波段部署。

And the satellite operators are on track to clear the spectrum between third and fourth quarter of 2021 for the first tranche of spectrum.

衛星運營商有望在 2021 年第三季度至第四季度之間為第一批頻譜清理頻譜。

In addition, we continue to expand our Ultra Wideband coverage in Q1.

此外，我們在第一季度繼續擴大我們的超寬帶覆蓋範圍。

We deployed 3,600 new Ultra Wideband sites.

我們部署了 3,600 個新的超寬帶站點。

And to date, we have close to 21,000 sites on air and on track to reach 30,000 by end of this year.

迄今為止，我們有近 21,000 個網站正在播出，並有望在今年年底達到 30,000 個。

One Fiber form the strategic backbone of our intelligent edge network, and we continue to expand fiber deployment.

一根光纖構成了我們智能邊緣網絡的戰略骨幹，我們繼續擴大光纖部署。

And to date, we have deployed more than 42,000 route miles.

迄今為止，我們已經部署了超過 42,000 英里的路線。

We were also pleased with the low rates we achieved for long-term financing of this critical strategic investment.

我們也對我們為這項關鍵戰略投資的長期融資實現的低利率感到高興。

We view the record investor demand as support of our strategy and our financial discipline.

我們將創紀錄的投資者需求視為對我們戰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，作為 250 億美元融資的一部分，我們也很自豪能夠為 9 家多元化和包容性金融公司提供重要角色。

As I outlined earlier, our investments in our network and customers are generating solid revenue growth across all 3 of our operating groups.

正如我之前所概述的，我們對網絡和客戶的投資正在為我們所有三個運營集團帶來穩健的收入增長。

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.

我們在 Mix & Match 方面的成功繼續推動無限制計劃的採用和更高的 ARPA，支持無線服務收入同比增長 2.4%，高於去年第四季度的 2.2%。

Ronan and the team closed out Q1 with strong momentum.

羅南和團隊以強勁的勢頭結束了第一季度。

And I'm excited to see their Q2 performance now that almost all of our stores have reopened.

我很高興看到他們第二季度的表現，因為我們幾乎所有的商店都重新開業了。

In addition, we see solid growth in Fios and with Fios Internet reporting the best first quarter net adds in 6 years.

此外，我們看到 Fios 的穩健增長和 Fios Internet 報告的 6 年來第一季度的最佳淨增長。

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.

此外，Verizon Media Group 繼續貢獻有意義的增長，包括連續第二個季度實現兩位數的收入同比增長。

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

有了這個，讓我請馬特對第一季度的財務狀況提供一些更深入的了解。

Thank you, Hans, and good morning, everyone.

謝謝你，漢斯，大家早上好。

As Hans mentioned in his prepared remarks, the first quarter has been a truly exciting and transformative period for our company.

正如漢斯在準備好的講話中提到的那樣，第一季度對我們公司來說是一個真正令人興奮和變革的時期。

I am pleased to report that we're off to an excellent start for the year based on our strong operational and financial performance.

我很高興地報告，基於我們強勁的運營和財務表現，我們今年的開局非常好。

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.

我們看到我們的核心業務持續強勁，在我們所有 5 個增長方向上都具有吸引力，推動了更高的收入和對我們產品和服務的需求增加。

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.

隨著第一季度的積極勢頭和業務活動的持續復甦，我們對我們在市場上的行動全年都取得了強勁的業績充滿信心。

In the first quarter, consolidated operating revenue was $32.9 billion, up year-over-year by 4.0%.

第一季度，合併營業收入為 329 億美元，同比增長 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.

高質量的可持續無線服務收入增長、無線設備收入的複蘇、強勁的 Fios 勢頭和出色的數字廣告趨勢導致消費者、企業和媒體的收入增長。

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.

無線服務總收入同比增長 2.4%，高於我們在第四季度實現的 2.2% 的同比增長。

Additional details on total wireless performance are provided in the financial and operating information and the supplemental earnings release schedules on our website.

有關總體無線性能的更多詳細信息，請參見我們網站上的財務和運營信息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.

在最近幾個季度強勁的寬帶數量的推動下，Fios 總收入同比增長 2.5%。

Our portfolio of mobility and broadband products and services continues to lead the industry, delivering value to our customers.

我們的移動和寬帶產品和服務組合繼續引領行業，為我們的客戶創造價值。

And we are well positioned to maintain and expand our leadership position as we enter new markets and broaden our offerings and network capabilities.

當我們進入新市場並擴大我們的產品和網絡能力時，我們有能力保持和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.

我為團隊在過去 3 年中執行我們的卓越業務計劃感到非常自豪。

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.

在第一季度末，我們實現了 100 億美元的累計現金儲蓄目標，遠超 2021 年年底的目標。

We will realize additional benefits moving forward from the ways we've improved our operating systems and procedures.

我們將通過改進我們的操作系統和程序的方式實現更多的好處。

As we've said previously, we will create additional savings opportunities on a continuous basis beyond this program.

正如我們之前所說，我們將在此計劃之外持續創造額外的儲蓄機會。

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.

本季度我們三個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，調整後的 EBITDA 為 122 億美元，比上年增長 2.0%。

The Jetpack recall had a 50 basis point impact to adjusted EBITDA margin during the quarter.

Jetpack 召回對本季度調整後的 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.

布雷迪強調第一季度調整後的每股收益為 1.31 美元。

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.

4.0% 的增長反映了我們核心業務的實力，並為 Verizon 充分利用市場機會奠定了基礎，同時相對於我們全年調整後的每股收益指引，為我們提供了良好的動力。

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.

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。本季度，我們繼續對我們無限的產品、5G 功能、混合搭配價值主張和我們一流的 Fios 寬帶服務感到興奮。

All of this is part of our customer differentiation strategy, which drives deeper and broader relationships with our customers.

所有這些都是我們客戶差異化戰略的一部分，它推動了我們與客戶的更深入和更廣泛的關係。

Starting with wireless.

從無線開始。

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.

本季度我們的後付費激活總數為 640 萬次，與去年同期相比增長約 14%，其中包括約 230 萬次總添加和 410 萬次升級。

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.

第一季度的季節性導致電話淨損失 225,000 部，其中包括與我們的 Keep America Connected 計劃相關的大約 90,000 部電話斷開連接的最後一個主要隊列。

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.

在本季度初，我們的 COVID 安全協議再次緩和了無線店內銷售，因為我們看到商店關閉率升高且人流量有限。

Beginning in March, the improved COVID environment allowed for almost all of our stores to be open.

從 3 月開始，經過改善的 COVID 環境使我們幾乎所有的商店都可以營業。

Not surprisingly, we saw our best volume of the quarter in March, producing positive phone net adds in the month.

毫不奇怪，我們在 3 月份看到了本季度的最佳銷量，該月產生了積極的電話淨增長。

The strong March momentum, combined with our new innovative promotional offers, positions us well for the second quarter.

三月份強勁的勢頭，加上我們新的創新促銷優惠，使我們在第二季度處於有利地位。

We continue to be pleased with the quality of the additions we are attracting.

我們繼續對我們吸引的新增項目的質量感到滿意。

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.

與上一季度類似，超過 90% 的新賬戶加入了無限制計劃，其中超過 50% 的賬戶選擇了高級無限制服務。

At quarter end, over 65% of our base was on an unlimited plan with more than 23% of our base taking a premium plan.

在季度末，我們超過 65% 的用戶使用了無限制計劃，超過 23% 的用戶使用了高級計劃。

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.

我們有足夠的空間繼續擴大這些滲透率，並相信它們將與我們的 5G 採用率一起增長，目前占我們消費者後付費電話基數的 14%。

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.

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，該工作在第一季度保持強勁，本季度的電話流失率為 0.77%。

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.

我們繼續採取平衡且具有成本效益的方法來保留客戶，具有強大的 NPS 分數、一流的網絡性能和強大的價值主張，從而實現了出色的客戶保留水平。

Turning to Fios.

轉向菲奧斯。

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.

我們公佈了我們一流的寬帶產品連續第三個季度的強勁增長和高采用率，消費者 Fios 互聯網淨增加量為 98,000，遠高於 2020 年第一季度 59,000 的業績。

Total Fios Internet net adds of 102,000 was the best first quarter performance in 6 years.

Fios Internet 總淨增數為 102,000，是 6 年來第一季度的最佳表現。

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.

這既反映了產品的質量，也反映了我們對混合搭配家庭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.

現在讓我們轉到幻燈片 8 來討論消費者財務業績。

The higher phone activations in the quarter were the major driver of the 4.7% increase in operating revenues to $22.8 billion.

本季度電話激活量增加是營業收入增長 4.7% 至 228 億美元的主要驅動力。

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.

繼續採用我們的無限制和高級無限制計劃推動本季度消費者無線服務收入增長 1.5%，達到 137 億美元。

This growth comes even as TravelPass and our international roaming revenues remain at subdued levels.

即使 TravelPass 和我們的國際漫遊收入仍處於低迷水平，這種增長也是如此。

Strong Internet volumes drove the 2.2% increase in Consumer Fios revenue to $2.9 billion.

強勁的互聯網流量推動消費者 Fios 收入增長 2.2% 至 29 億美元。

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.

雖然我們繼續面臨與長期視頻趨勢相關的收入壓力，但我們的寬帶用戶增長，加上速度等級的提升，足以抵消這種壓力，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.

消費部門 EBITDA 增長 2.8% 至 104 億美元。

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.

本季度的 EBITDA 利潤率為 45.5%，比上年下降 90 個基點，原因是銷量增加，這推動了設備收入和相關成本的增加以及 Jetpack 召回，這對 EBITDA 利潤率產生了大約 30 個基點的影響季度。

Now let's move to our Business segment on Slide 9. Our Business team continues to lead the industry towards next-generation B2B applications.

現在讓我們轉到幻燈片 9 上的業務部分。我們的業務團隊繼續引領行業走向下一代 B2B 應用程序。

Hans referenced some of their accomplishments from the prior 90 days, including announcements on MEC and private 5G.

Hans 引用了他們過去 90 天的一些成就，包括關於 MEC 和私有 5G 的公告。

In addition, we launched Verizon Frontline, our branding for our advanced network and technology we deliver for first responders.

此外，我們推出了 Verizon Frontline，這是我們為急救人員提供的先進網絡和技術的品牌。

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.

作為公共安全和我們所有其他客戶群體的無線市場份額領導者，我們處於與客戶一起成為他們選擇的數字化轉型合作夥伴的理想位置。

Business wireless trends continued their strong momentum in the first quarter of 2021.

商務無線趨勢在 2021 年第一季度繼續保持強勁勢頭。

Postpaid activations were 2 million with total net adds of 156,000, including 47,000 phones.

後付費激活為 200 萬次，淨增加 156,000 次，其中包括 47,000 部電話。

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.

請記住，去年第一季度受益於與 COVID 相關的大宗採購，這為總增加值和淨增加值的同比變化提供了很大的差異。

Public sector demand remains strong even as distance learning programs settle into a more normal pattern of buying activity.

即使遠程學習計劃進入更正常的購買活動模式，公共部門的需求仍然強勁。

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.

隨著團隊繼續在支持當地企業改善環境方面取得進展，中小型企業的趨勢依次改善。

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.

隨著更多商店在 3 月初重新開業，不僅消費量有所提升，中小企業的銷量也受益，這是一個令人鼓舞的反彈跡象。

Our enterprise team continues to assist our customers in their digital transformation and unlock the potential of 5G.

我們的企業團隊繼續協助客戶進行數字化轉型並釋放 5G 的潛力。

Segment postpaid phone churn was 1.01% in the quarter, an improvement of 1 basis point over the prior year.

本季度分部後付費電話流失率為 1.01%，比去年同期提高 1 個基點。

Our strong churn performance reflects the strength and reliability of our network, combined with the full suite of services and solutions that we provide.

我們強勁的客戶流失率反映了我們網絡的實力和可靠性，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.

現在讓我們轉到幻燈片 10 來回顧業務財務業績。

The high demand for our services and our brand reputation for reliable connectivity have translated into healthy revenue growth of Verizon Business Group.

對我們服務的高需求和我們在可靠連接方面的品牌聲譽已轉化為 Verizon 業務集團的健康收入增長。

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.

業務部門的營業收入為 78 億美元，同比增長 1.3%，這是自 Verizon 2.0 結構中創建業務部門以來的最高增長率。

This growth highlights the success of our business transformation process as strong wireless service growth of 6.2% offset secular pressure in wireline.

這一增長突顯了我們業務轉型過程的成功，因為 6.2% 的強勁無線服務增長抵消了有線的長期壓力。

Business segment EBITDA margin was 24.6% in the quarter, down approximately 100 basis points year-over-year.

本季度業務部門 EBITDA 利潤率為 24.6%，同比下降約 100 個基點。

The Jetpack recall mentioned earlier had a more pronounced impact on the Business segment, reducing EBITDA margins by about 130 basis points.

前面提到的 Jetpack 召回對業務部門產生了更明顯的影響，將 EBITDA 利潤率降低了約 130 個基點。

Now let's move on to Slide 11 to discuss Verizon Media Group.

現在讓我們轉到幻燈片 11 來討論 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.

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 繼續提供強勁的業績。

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.

本季度總收入為 19 億美元，同比增長約 10.4%，連續第二個季度實現兩位數的同比增長。

Growth in the quarter was fueled by strong advertising trends growing 26%, including 45% growth in DSP revenues.

本季度的增長得益於強勁的廣告趨勢增長 26%，其中 DSP 收入增長 45%。

Revenue from our owned and operated brands grew 13% compared to the same period last year.

我們擁有和經營的品牌的收入與去年同期相比增長了 13%。

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.

我們看到，隨著每日活躍用戶比上一年分別增長 22% 和 8%，體育和金融領域的消費者持續保持高參與度。

Let's now move to our cash flow results on Slide 12.

現在讓我們轉到幻燈片 12 上的現金流結果。

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.

本季度經營活動產生的現金流總額為 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，這降低了去年的借款利率。

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.

第一季度的資本支出總計 45 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。

This includes approximately $40 million for C-Band-related items.

這包括大約 4000 萬美元用於 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.

因此，本季度的自由現金流為 52 億美元，同比增長 46%。

We made payments of $45 billion in the first quarter to the FCC for C-Band spectrum won at the recently completed Auction 107.

我們在第一季度向 FCC 支付了 450 億美元，用於購買在最近完成的 107 號拍賣中贏得的 C 波段頻譜。

To finance this purchase, we raised over $31 billion in March in addition to the $12 billion raised in Q4.

為了為此次收購提供資金，除了第四季度籌集的 120 億美元外，我們在 3 月份還籌集了超過 310 億美元。

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.

這些 C 波段借款的加權平均期限為 17 年，我們實現了非常有吸引力的 2.5% 的平均融資成本，這得益於我們美元產品的創紀錄訂單。

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.

我們很高興信用評級機構認為頻譜資產購買對我們的業務運營具有戰略意義和關鍵性，並保持其評級水平不變。

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.

資本市場的成功是我們嚴格的資本分配政策的結果，以及我們履行對投資者承諾的一貫記錄。

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.

我們以 1,374 億美元的淨無擔保債務退出本季度，我們的淨無擔保債務與調整後 EBITDA 的比率約為 2.9 倍。

Based on our current cash flow assumptions, we expect our net leverage ratio to be approximately 2.8x by the end of the year.

根據我們目前的現金流假設，我們預計到年底我們的淨槓桿率約為 2.8 倍。

We will evaluate the level of our cash balance based on the recovery in the economy and developments with the pandemic.

我們將根據經濟復甦和大流行的發展來評估我們的現金餘額水平。

Now let's review our annual guidance targets on Slide 13.

現在讓我們回顧一下幻燈片 13 上的年度指導目標。

As Hans mentioned in his opening remarks, we are on track to achieve our guidance for the year, which remains unchanged.

正如漢斯在開場白中提到的那樣，我們有望實現今年的指導，這一點保持不變。

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.

重申我們上個月投資者日的評論，我們預計今年 C-Band 計劃的調整後每股收益指引不會產生重大影響。

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.

我們確實預計 2021 年與 C 波段相關的資本支出將在 20 億至 30 億美元之間，我們將提供季度收益電話會議的最新信息。

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

有了這個，我現在將把電話轉回漢斯，討論我們對 2021 年剩餘時間的期望。

Thank you, Matt.

謝謝你，馬特。

Let me sum this up in a couple of easy buckets.

讓我用幾個簡單的方法來總結一下。

First of all, our strategy is unchanged.

首先，我們的戰略沒有改變。

Our focus is clear.

我們的重點很明確。

We're going to accelerate our multipurpose network strategy, including the C-Band that we have acquired.

我們將加速我們的多用途網絡戰略，包括我們已經收購的 C-Band。

We're going to focus on amplifying, accelerated the 5 vectors of growth.

我們將專注於放大、加速增長的 5 個向量。

And we're going to see with that, that we're going to deliver on our 2021 commitments, both operationally and financially.

我們將看到這一點，我們將在運營和財務上兌現我們 2021 年的承諾。

And as I said earlier, I feel really good about our position and the team that I have that they will deliver on that.

正如我之前所說，我對我們的位置和我擁有的團隊感覺非常好，他們將實現這一目標。

With that, I hand it over to Brady.

有了這個，我把它交給了布雷迪。

Thanks, Hans.

謝謝，漢斯。

Brad, we're ready to take questions.

布拉德，我們準備好回答問題了。

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

（操作員說明）您的第一個問題來自 UBS 的 John Hodulik。

Great.

偉大的。

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?

漢斯，我們現在能否了解一下您對競爭格局的看法，以及康卡斯特或任何其他競爭性發展的新定價是否會影響您對第二季度後付費電話網絡恢復增長的看法？

From your -- the last slide there, it looks like that you expect some nice acceleration.

從您的最後一張幻燈片來看，您似乎期待一些不錯的加速。

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，在未來一兩年內，可能會有大量聯邦刺激資金流入寬帶基礎設施部署。我意識到我們還處於早期階段，規則尚未制定，但你認為當您繼續在超寬帶部署上投入大量資金時，Verizon 是否能夠獲得其中的一些資金？

Thank you, John.

謝謝你，約翰。

On the competitive situation, I mean, as you have seen yourself, it is a competitive market, and it's been for quite a while.

關於競爭形勢，我的意思是，正如你自己所看到的，這是一個競爭激烈的市場，而且已經有很長一段時間了。

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.

但是通過我們的模型，我可以看到我們實際上在任何情況下都在獲勝，因為我們在所有業務中擁有的增長軌跡和獨特的捆綁包，特別是在消費者方面的混合搭配，即價值主張。

And you saw in the quarter, we continue to do that.

你在本季度看到，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.

而且 - 而且，正如馬特所提到的，本季度初的情況有點輕，因為商店關閉了，等等。

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.

然後我們看到我們的港口比率和本季度末的增長非常強勁，因為我們所有的商店都開張了。

So we look forward to the second quarter and the second part of the year.

因此，我們期待第二季度和今年下半年。

And as Ronan said when we had the Investor Day, we believe we're going to have a good second part of the year.

正如羅南在我們舉辦投資者日時所說的那樣，我們相信我們將在今年下半年度過一個美好的時光。

Second quarter is really close to us.

第二季度真的離我們很近。

And what we have seen so far, we feel good about it.

到目前為止，我們所看到的，我們對此感覺良好。

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.

再說一次，我們有一個整體戰略，以解決真正與這些升級、遷移和所有這些合作的消費者市場。

So in general, we feel good about it.

所以總的來說，我們對此感覺良好。

The team is doing well.

球隊做得很好。

You saw we came out with a new promo as well.

你看到我們也推出了新的促銷活動。

And we have always had -- we have a lot of financial discipline.

而且我們一直都有 - 我們有很多財務紀律。

We do this because we know we can actually capture market at good high-quality customers.

我們這樣做是因為我們知道我們實際上可以從優質客戶那裡佔領市場。

On the infrastructure, I mean, as you said, this is in the planning stages.

關於基礎設施，我的意思是，正如你所說，這正處於規劃階段。

So it's hard to say if this is -- will go through or not.

所以很難說這是否會通過。

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.

所以——但另一方面，我認為我們要告訴政府的是，當然，可訪問性、可負擔性和可用性是解決數字鴻溝的三個方面。

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.

在可訪問性方面，我們必須認識到，我曾在 180 個有網絡的國家工作過，美國 COVID-19 期間的網絡運行良好。

There were basically no major issues at all.

基本沒有什麼大問題。

They could deliver even though traffic moved around.

即使交通四處移動，他們也可以交付。

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.

因此，我認為我們所倡導的是，我們希望私營部門繼續投資於網絡並領導這項收費，然後讓政府在負擔得起的情況下開展更多工作。

So we have plans that meets all needs for all different customer segments in the market.

因此，我們制定了滿足市場上所有不同客戶群所有需求的計劃。

So that's what we're advocating for.

所以這就是我們提倡的。

That's the same as BRT is advocating for as well.

這與 BRT 所倡導的相同。

We don't think that any price regulation would be -- that will be contra productive to the market.

我們認為任何價格監管都不會——這會對市場產生反作用。

So in general, again, it's very early on.

所以總的來說，這還是很早的。

I mean it's a plan that has not been approved and submitted.

我的意思是這是一個沒有被批准和提交的計劃。

But at least we're advocating, together with BRT and with ourselves, what we think should be the right.

但至少我們與 BRT 和我們自己一起倡導我們認為應該是正確的。

Matt, any more comments on the competitive landscape?

馬特，對競爭格局還有什麼評論嗎？

No.

不。

I think you touched on the key points, Hans.

漢斯，我認為你觸及了關鍵點。

The only other thing I'd add is you mentioned the strong momentum coming out of margin to the quarter.

我要補充的唯一另一件事是您提到了本季度利潤率的強勁勢頭。

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.

您補充說，通過我們在本月初實施的促銷活動，我們認為這是一項創新的促銷活動，它解決了過去沒有其他人解決過的客戶痛點。

We're seeing good traction on that in the early days of that.

在早期，我們看到了很好的牽引力。

So we certainly feel good about the momentum heading into the quarter on the volume side.

因此，我們當然對進入本季度的成交量勢頭感到滿意。

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.

當您將其與我們在第一季度看到的財務業績相結合時，我們為第二季度和今年剩餘時間做好了準備。

The next question comes from Simon Flannery of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

You had another strong quarter with Fios Internet.

您在 Fios Internet 上又度過了一個強勁的季度。

Perhaps you could just give us a little bit of insight into the sustainability of that?

也許你可以讓我們對它的可持續性有一點了解？

Obviously, 2020 was a great year in terms of broadband demand, but you seem to be sustaining that into this year.

顯然，就寬帶需求而言，2020 年是豐收的一年，但您似乎將這種情況持續到今年。

Is this share?

這是份額嗎？

Is this incremental marketing opportunities?

這是增量營銷機會嗎？

And what's happening with the speed-up tiering there?

那裡的加速分層發生了什麼？

And maybe related to that, on 5G Home, you've had a number of announcements here recently.

也許與此有關，在 5G Home 上，您最近在這裡發布了許多公告。

I know we're headed to 15 million households.

我知道我們將走向 1500 萬戶家庭。

But what's the latest on the ground today?

但是今天的最新情況是什麼？

And what should we expect through the year?

全年我們應該期待什麼？

Thank you, Simon.

謝謝你，西蒙。

Yes, we had a good Fios quarter again.

是的，我們又經歷了一個不錯的 Fios 季度。

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.

我的意思是，總的來說，我認為寬帶是有需求的，我們的高品質 Fios 當然是我們擴展它們的絕佳機會。

We -- I think, personally, that this will continue.

我們——我個人認為，這將繼續下去。

The demand for broadband will continue.

對寬帶的需求將繼續。

We are just starting a total revolution of using technology, which is scalable and sustainable in the post era of the COVID.

我們剛剛開始了一場使用技術的全面革命，這種技術在 COVID 的後時代具有可擴展性和可持續性。

So -- and we are a great position.

所以 - 我們是一個很好的位置。

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.

當我們使用 5G 家庭、毫米波和 C 波段以及所有這些時，這也將極大地幫助我，因為我們知道如何處理家庭寬帶。

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.

這是我們對任何其他嘗試進行固定無線接入的人所擁有的優勢，而且我們已經使用了很長時間。

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.

正如你所看到的，我的意思是，現在我們擁有 5G Home 的市場多達 30 個，我的意思是最近增加了大約 20 個。

So we are on fire on this right now.

所以我們現在對此很著火。

We have very big belief in our 5G Home.

我們對我們的 5G Home 抱有很大的信心。

And then later in the year, when C-Band comes, we're going to add even more coverage on that.

然後在今年晚些時候，當 C-Band 到來時，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.

一切都嵌入在我們從一開始就與生態系統合作的方式中，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以及有很好的機會看到我們的客戶得到了很棒的服務。

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.

總而言之，這是我們將其推向市場的完整方案，以便為該國提供全面擴展的寬帶。

And I think it's absolutely the right moment.

我認為這絕對是正確的時刻。

But don't forget on the business side as well, we now -- it's called 5G Internet on the business side.

但是不要忘記在業務方面，我們現在 - 在業務方面被稱為 5G 互聯網。

We are using the same methodology.

我們使用相同的方法。

We are doing the scaling on the same platforms, and we address another market with it.

我們在相同的平台上進行擴展，我們用它來解決另一個市場。

It goes back to a strategy that we had for all the time.

這可以追溯到我們一直以來的策略。

We have a Network-as-a-Service, and we scale it with different customers.

我們有一個網絡即服務，我們與不同的客戶一起擴展它。

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.

這種規模將幫助我們實現增長，但這也意味著隨著我們擁有的平台思維，這將落入底線。

And if you see in this quarter, all 3 units are growing.

如果您在本季度看到，所有 3 個單位都在增長。

And we're bringing it to all to bottom line, and we still have more to do.

我們正在將其全部歸結為底線，我們還有更多工作要做。

But we know how to do it, and we have the model.

但我們知道怎麼做，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.

因此，本週早些時候，你們宣布已正式開始部署 C 波段許可證，並且預計到明年 3 月，至少 60 兆赫茲將覆蓋 1 億個 POP。

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.

與創建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.

您注意到您剛剛在本季度向市場投放了新的促銷活動。

How are you thinking about stimulating device upgrades over the course of the year?

您如何看待在一年中刺激設備升級？

What's embedded in your guidance in terms of maybe doing more of this?

你的指導中嵌入了什麼可能會做更多的事情？

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.

然後，作為一個後續問題，您已經註意到您確實預計第 1 階段的頻譜將在 3Q、4Q 之前被清除。

But it seems like you don't expect to be fully utilizing it until March.

但您似乎不希望在 3 月之前充分利用它。

So there's a bit of a gap.

所以有點差距。

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.

我只是想知道您是否可以採取任何措施來關閉它，或者這正是供應鏈現在可以提供的。

Yes.

是的。

When it comes to -- first of all, I can only say that we are on to a fast start on the C-Band.

說到——首先，我只能說我們在 C 波段上快速起步。

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.

我的意思是，僅僅在大約 6 週前，我們就可以開始與員工交談，我們可以與我們的合作夥伴交談，我們可以與衛星公司、我們的供應商交談。

And as you have seen, I mean, we have already ordered half of the equipment.

正如你所看到的，我的意思是，我們已經訂購了一半的設備。

We have made agreements with the tower cos.

我們已與塔台公司達成協議。

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.

我們與衛星公司進行了交談，這些公司重申他們相信他們可以在第三季度和第四季度清除第一批頻譜。

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.

所以我們 - 實際上我們昨天發布了一個新聞稿，我們現在也開始部署 C-Band，這是 6 週。

So we are -- the technology team was on fire to make this happen.

所以我們 - 技術團隊正在努力實現這一目標。

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.

正如我所說，當我們看到這一點時 - 在我們的投資者日，我們說我們正在處理我們從 FCC 獲得的日期，因為我們沒有與任何人交談。

Right now, this is the best date we have.

現在，這是我們最好的約會。

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.

當然，我們正在盡可能地推動我們盡快為我們的客戶提供這一點，以獲得良好的體驗。

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.

然後將其轉移到電話問題上，我認為我們已經看到 5G 手機和無限保費的大量使用。

And as Matt said, in the quarter, over 20% of the unlimited new customers took unlimited premium.

正如馬特所說，在本季度，超過 20% 的無限新客戶獲得了無限保費。

That tells you there's a lot of value in it and a lot of 5G unit.

這告訴你它有很多價值和很多 5G 單元。

And with the new promo that Matt talked about, we believe that is going to also drive 5G.

隨著馬特談到的新促銷活動，我們相信這也將推動 5G。

So we believe that what we have in the market right now will continue to grow the 5G base.

因此，我們相信我們目前在市場上擁有的東西將繼續擴大 5G 基礎。

And as I said, this is growing faster than what we saw in 4G.

正如我所說，這比我們在 4G 中看到的增長速度更快。

So we will continue to monitor, of course, but we see a good uptake on it.

因此，當然，我們將繼續進行監測，但我們看到了它的良好吸收。

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.

我們還可以補充一點，對於最近剛剛推出的 iPad，這也是另一個額外的毫米波以及它如何進入整個生態系統。

So again, we feel good about the uptake, and we feel good about the line of products we have.

再說一次，我們對吸收感覺很好，我們對我們擁有的產品線感覺很好。

And we have the promo supporting it.

我們有促銷支持它。

So that's going to also go well together with the C-Band deployment coming later this year then.

因此，這也將與今年晚些時候即將推出的 C 波段部署一起順利進行。

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.

不知道能不能深入挖掘企業和中小企業的成果。

SMB was up year-to-year, which is great to see.

SMB 每年都在增長，這很高興。

And I'm curious what you see in bookings versus growing revenue this quarter.

我很好奇您在本季度的預訂量與收入增長中看到了什麼。

Phil, thank you.

菲爾，謝謝。

Yes, we -- one of the hardest-hit businesses during the COVID-19 has been small and medium businesses.

是的，我們——在 COVID-19 期間受災最嚴重的企業之一是中小型企業。

And for the simple reason that they are most vulnerable of these type of things and the economic recession.

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.

我們擁有非常強大的無線業務，SMB 進入 COVID-19 實際上下降了很多。

We have seen over the year that we slowly are coming back on that.

一年來，我們已經看到，我們正在慢慢恢復這一點。

And in this quarter, we actually had a very small growth in SMB.

在本季度，我們實際上在 SMB 中的增長非常小。

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.

所以隨著經濟的複蘇，我們認為我們在無線方面的定位非常好，而且還有 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，除了一些增值之外服務在它之上。

And I know that Tami and the team is working with this every day.

我知道 Tami 和團隊每天都在處理這個問題。

I don't think we're over it that SMBs are coming back immediately.

我認為我們還沒有結束 SMB 會立即回來的問題。

But clearly, we see some signs of improvement in the base.

但很明顯，我們看到了一些基礎改善的跡象。

On the enterprise side, on the large enterprise side, I think we have the tale of 2 cities here again.

在企業方面，在大型企業方面，我想我們這裡又有兩個城市的故事了。

I mean, you have certain large enterprises that are really impacted by the COVID-19 and the recession.

我的意思是，有些大型企業確實受到了 COVID-19 和經濟衰退的影響。

They are basically holding back on investments.

他們基本上是在抑制投資。

Then you have certain that has been fortunate in these tough times to actually grow better and having a lot of demand.

然後，您可以確定在這些艱難時期是幸運的，實際上成長得更好並有很多需求。

So they are investing.

所以他們在投資。

And that is giving the blended rate that we have right now.

這就是我們現在擁有的混合率。

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.

當然，在企業業務中，我們遇到了有線的長期衰落，這種衰落不會消失，但無線業務正在進入。

Our mobile edge compute is happening.

我們的移動邊緣計算正在發生。

You saw how many announcement we did in the first quarter.

你看到我們在第一季度做了多少公告。

We start to see exactly what we have predicted, that this year is the year of building the funnel and making this customer commercial.

我們開始確切地看到我們的預測，即今年是建立渠道並使該客戶商業化的一年。

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.

Tami 和團隊每天都在與我們的首席技術官 Kyle 一起工作，以確保客戶真正看到了它的好處。

Is there any impact here from the One Fiber initiative?

One Fiber 計劃對這裡有什麼影響嗎？

Is that helping at all in the enterprise or SMB side?

這對企業或中小型企業有幫助嗎？

Or is it still too early for that?

還是現在還為時過早？

I think on the enterprise side, of course, we have some opportunities with the fiber.

我認為在企業方面，當然，我們在光纖方面有一些機會。

But remember, our priorities was clear.

但請記住，我們的優先事項很明確。

It's getting fiber to our 4G and our 5G network.

它正在為我們的 4G 和 5G 網絡提供光纖。

That's really where we get the most bang for the buck.

這確實是我們獲得最大收益的地方。

And then we do transfer enterprise when we have them.

然後，當我們擁有它們時，我們會轉移企業。

On the small and medium, that's going to take some time, that's what I said before.

在中小型，這將需要一些時間，這就是我之前所說的。

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.

但是現在當我們有了 5G 互聯網，我們實際上有固定的無線接入時，我們有一個非常適合中小型企業的產品。

So some possibilities in enterprise, but they are also still to come.

所以在企業中存在一些可能性，但它們也即將到來。

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.

正如我們所說，它更專注於用光纖構建網絡，對，所以我們可以看到，當涉及到我們非常出色的毫米波和 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.

但菲爾，只是一個後續。

I mean, it is part of, as Hans mentioned previously, about building the network once and then monetizing it different ways.

我的意思是，正如 Hans 之前提到的，它是構建網絡一次，然後以不同的方式將其貨幣化的一部分。

Just as we talk about with wireless and 5G, monetizing it in different ways.

就像我們談論無線和 5G 一樣，以不同的方式將其貨幣化。

With the fiber, we have the same opportunity, too.

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.

因此，一旦您在經過企業大樓時點亮了這些蜂窩站點，有機會進入那裡並在網上擁有更多客戶或企業客戶，而不是向第三方付費，這絕對是一個機會我們要為光纖投資創造增量回報。

So again, another example of a multiuse network.

再說一次，多用途網絡的另一個例子。

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

下一個問題來自美國銀行的大衛巴登。

I guess the first one, on the Fios revenue.

我猜是第一個，關於 Fios 的收入。

We saw a pretty strong pickup.

我們看到了相當強勁的回升。

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.

我知道這種情況在年復一年的基礎上，對高速寬帶服務的吸收發生了變化，但從順序上看，這只是一個很大的數字。

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.

我想知道你們是否在寬帶價格甚至視頻上做了一些有助於這一舉措的事情。

And then the second question, I guess, Matt, you guys threw a lot of numbers out on Media.

然後是第二個問題，我猜，馬特，你們在媒體上拋出了很多數字。

26% advertising growth, 13% owned property growth, 10.4% total revenue growth.

廣告增長 26%，自有物業增長 13%，總收入增長 10.4%。

Could you kind of break that down, what the moving parts are kind of dragging down some of those bigger, higher, eye-popping numbers?

你能不能把它分解一下，是什麼運動部分拖累了一些更大、更高、令人瞠目結舌的數字？

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?

這是在低迷的 2020 年設定的 1 年水平，我們將在 2022 年恢復某種更“正常”的收入增長模式嗎？

Yes.

是的。

Thanks, David.

謝謝，大衛。

So if I start with the Fios revenue, what you're really seeing here is the impact of what the team started.

因此，如果我從 Fios 收入開始，您在這裡真正看到的是團隊開始的影響。

In the first quarter last year, we introduced Mix & Match into our Fios offering.

去年第一季度，我們在 Fios 產品中引入了 Mix & Match。

It's been great for our Consumer business.

這對我們的消費者業務非常有利。

We introduced it into Fios in first quarter last year.

我們在去年第一季度將其引入 Fios。

Obviously, the initial benefit we were seeing there got interrupted as the pandemic got underway.

顯然，隨著大流行的進行，我們在那裡看到的最初的好處被打斷了。

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.

但是你看到了，我們現在有 3 個季度的非常強勁的銷量，從去年第三季度開始，第四季度開始，現在又在第一季度，這是 6 年來第一季度最好的 Fios。

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.

因此，這意味著您在 Fios 的互聯網客戶群現在比一年前增加了 5% 或更高。

And so that's driving the revenue growth even if you have the secular pressures coming on the video side.

因此，即使視頻方面面臨長期壓力，這也推動了收入增長。

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.

它確實創造了與升級或其他任何東西一樣多的數量，儘管其中顯然存在升級以及將客戶轉移到千兆服務等的機會。

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.

但是基於服務質量的強勁銷量，再加上將 Mix & Match 帶到那裡，它在消費者流動性方面對我們來說非常有效，現在在 Fios 對我們來說也很有效。

And as you saw, we brought the Mix & Match construct into our SMB wireless offerings as well.

如您所見，我們還將 Mix & Match 結構引入了我們的 SMB 無線產品。

So very excited about what that's going to do.

對這將要做什麼感到非常興奮。

On the Media revenue side, as you say, the 10.4% up double digits for the second consecutive quarter.

正如您所說，在媒體收入方面，連續第二個季度增長了 10.4% 兩位數。

You remember both fourth quarter and now first quarter aren't really lapping COVID-impacted quarters.

您還記得第四季度和現在第一季度都沒有真正覆蓋受 COVID 影響的季度。

So what you're seeing here is the benefit of the hard work the team has been doing over the past couple of years.

因此，您在這裡看到的是團隊在過去幾年中所做的辛勤工作所帶來的好處。

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%?

正如我們在那裡討論的那樣，這確實出現在廣告趨勢中，抵消了你的問題，你如何從這些較高的數字降低到 10%？

Things like search revenue continue to be a headwind and will likely continue to be so.

像搜索收入這樣的事情仍然是一個不利因素，而且很可能會繼續如此。

But we're very encouraged by the advertising and the O&O momentum that we have.

但我們對廣告和 O&O 的勢頭感到非常鼓舞。

And as you say, now we -- that's not a 1-year thing.

正如你所說，現在我們 - 這不是一年的事情。

As we go forward, the team is getting some good momentum.

隨著我們前進，團隊正在獲得一些良好的勢頭。

Hans?

漢斯?

Thank you.

謝謝你。

David, yes, I just want to reiterate on the Verizon Media Group, again, we got back to where we started the strategy in 2018.

大衛，是的，我只想重申一下 Verizon Media Group，我們又回到了 2018 年開始戰略的地方。

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.

我們重新制定商業計劃，開始削減成本，然後我們重塑所有產品，從開放、擁有和運營，所有老品牌，我們結合廣告平台。

The work has been immense by the Verizon Media Group team.

Verizon Media Group 團隊的工作非常艱鉅。

And now we see sort of the fruits of that hard work with the growth in 2 consecutive quarters with double digits.

現在我們看到了辛勤工作的成果，連續兩個季度實現兩位數的增長。

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.

所以我只想向團隊大喊，這是我們制定的計劃，他們實際上正在執行計劃。

So I think we have a great future with these guys.

所以我認為我們和這些人有一個美好的未來。

They have clearly a good product portfolio, and we know digital is going to be important in the future.

他們顯然擁有良好的產品組合，我們知道數字化在未來將變得很重要。

So by that, I think we're in a good position.

因此，我認為我們處於有利位置。

The next question comes from Michael Rollins of Citi.

下一個問題來自花旗的邁克爾·羅林斯。

I 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.

我很好奇我們是否可以回到您之前關於 Verizon 達到 100 億美元的累計成本削減目標的評論之一。

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?

如果你能從 Verizon 投資過程中 EBITDA 與資本支出方面的幫助方面解開這一點？

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?

其次，投資者應該如何看待未來 3 到 5 年 Verizon 逐步削減成本的步伐？

Thanks, Mike.

謝謝，邁克。

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.

所以看，我為團隊在過去 3 年多的時間裡所做的努力感到無比自豪，因為我們真的傾向於尋找方法來繼續提高我們的效率並保持我們的地位並擁有業內最佳的成本結構，顯然，我們認為這將繼續很重要。

In terms of your first question, it's -- there's a split between both CapEx and P&L items behind the $10 billion.

就您的第一個問題而言，它是 - 100 億美元背後的資本支出和損益項目之間存在分歧。

It's roughly even between those 2 where you see that come from.

它大致甚至在你看到的那兩個之間。

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.

因此，在資本支出方面，這意味著我們能夠以與以前相同的金額進行更多的部署。

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.

當我們繼續改造網絡時，這使我們能夠在整個網絡中做一些事情，不僅僅是部署 5G，還有正在進行的智能邊緣網絡改造，一根光纖，那裡也有一個骨幹網，這將由於某些效率的提高，在未來幾年內給我們帶來好處。

And then on the P&L side, some of those have helped contribute to the bottom line.

然後在損益方面，其中一些有助於提高利潤。

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.

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，繼續為我們的消費者帶來新的促銷活動等等。

And you see the value of us doing that.

你會看到我們這樣做的價值。

And in terms of the pace going forward, just because we've hit the target, it doesn't mean we slow down.

就前進的步伐而言，僅僅因為我們達到了目標，並不意味著我們放慢了腳步。

We will have continuous improvement going forward here.

我們將在這裡不斷改進。

The team's got good momentum.

球隊勢頭不錯。

And the great news is we didn't coast to the finish line here.

好消息是我們沒有滑到這裡的終點線。

We ran through the finish line.

我們跑過終點線。

We accelerated through the tape.

我們通過磁帶加速。

There's a lot more opportunities for us.

我們還有很多機會。

Obviously, the last year has identified even more items for us.

顯然，去年為我們確定了更多項目。

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.

因此，隨著我們的前進，我們將繼續提高業務效率，無論是在損益表上還是從資本方面。

So a lot more to come.

所以還有很多。

Now, and I just want to agree with Matt.

現在，我只想同意馬特的觀點。

I mean I think the structural changes on platform thinking and using -- making the network with the Verizon Intelligent Network.

我的意思是我認為平台思維和使用的結構性變化——用Verizon智能網絡製作網絡。

Some of those benefits, we haven't even seen yet even with those investments are done.

其中一些好處，即使這些投資已經完成，我們甚至還沒有看到。

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.

但我們在集團中擁有的新結構也讓我們擁有 3 位強大的 CEO 來經營他們的業務，這也揭示了比我們以前看到的更高的效率以及他們的經營方式。

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，不斷地看到我們發現更高的效率，因為這意味著我們可以在市場上變得更加強大，並且擁有對我們來說最好的成本結構很重要。

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?

這是一個你希望繼續提供進一步更新並與最初的 100 億美元目標進行比較的目標嗎？

Or now that you've achieved the goal, does the progress just get wrapped into the totality of financial performance and outlooks for Verizon?

或者既然您已經實現了目標，那麼進展是否只是包含在 Verizon 的整體財務業績和前景中？

Yes.

是的。

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.

當我們在這裡前進時，我的意思是，顯然，在過去的 3、4 年中，當我們看到我們面前的機遇時，這是一個重大機遇。

So that's why we gave a very specific target.

所以這就是為什麼我們給出了一個非常具體的目標。

As I mentioned, we'll continue to work with this.

正如我所提到的，我們將繼續處理這個問題。

It will be obviously inherent in our targets.

這顯然是我們的目標所固有的。

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.

但當我想到未來 3 到 4 年擺在我們面前的最大機遇時，它們圍繞著增長、我們用 5G 所做的一切以及我們業務的所有其他部分。

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.

所以這就是為什麼我們在投資者日給出的目標都是關於增長的，無論是我們要以多快的速度部署我們得到的 C 波段，繼續建立毫米波，5G 家庭的總目標市場，對於 MEC，然後是我們談到的未來 5 年的收入增長。

So that's -- we will obviously continue to drive cost savings and efficiencies throughout the business.

所以這就是 - 我們顯然將繼續推動整個業務的成本節約和效率。

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.

但是，當我們審視眼前的一切時，我們在這裡前進的最大機會是推動收入增長，我們對追求這些感到非常興奮。

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.

因此，康卡斯特顯著改變了您的定價——在 MVNO 中，現在提供某種家庭系列——家庭計劃折扣。

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?

您能否談談您和有線電視行業剛剛就 MVNO 進行的重新談判，您對這種關係的現狀有何看法以及您如何看待它的未來發展？

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.

顯然，新定價要激進得多，現在在家庭計劃中一直位於您的定價之上，最多可達 4 或 5 行。

Craig, I cannot go into detail to any commercial agreements we have.

克雷格，我無法詳細說明我們擁有的任何商業協議。

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.

但我能說的是，我們對我們的網絡即服務戰略感到滿意，因為我們擁有自己的價值——我們自己與 Verizon 合作的優質品牌。

We have the MVNOs addressing a certain part.

我們讓 MVNO 解決了某個部分問題。

And then we have the Visible and all of that.

然後我們有了可見性和所有這些。

That's the whole idea.

這就是整個想法。

And for us, this is accretive.

對我們來說，這是增值的。

We have a good relationship with our MVNO partners.

我們與我們的 MVNO 合作夥伴有著良好的關係。

We see them as enterprise customers, but we also see that this is accretive to us because we have all this.

我們將他們視為企業客戶，但我們也看到這對我們來說是增值的，因為我們擁有這一切。

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.

我的意思是，市場上沒有人有同樣的機會，因為我們必須從我們的高級 Verizon 一路玩，你聽到馬特和我談論我們如何遷移，我們做得很好，羅南和團隊。

And then we also have the MVNO partners bringing in customers and revenue and the best return on investment.

然後我們也有 MVNO 合作夥伴帶來客戶和收入以及最佳的投資回報。

And ultimately, we start building new markets with Visible and later on this year, with TracFone.

最終，我們開始使用 Visible 建立新市場，並在今年晚些時候使用 TracFone。

And then we have an unparalleled position to anyone else in the market to be growing.

然後，我們在市場上的任何其他人都擁有無與倫比的地位，正在成長。

So I feel good about it.

所以我對此感覺很好。

I feel good about the relationship with MVNOs.

我對與 MVNO 的關係感覺良好。

We treat them as important enterprise customers, and we will continue to do so.

我們將他們視為重要的企業客戶，我們將繼續這樣做。

Yes.

是的。

I would agree with everything that Hans said.

我同意漢斯所說的一切。

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.

看，為客戶捆綁定價的想法，我認為我們 - 當我們在 2012 年推出 Share Everything 計劃時，我們 - 所以這是我們長期以來一直在做的事情。

It makes a lot of sense.

這很有道理。

And we -- as Hans said, we're glad to have the traffic on our network.

我們——正如漢斯所說，我們很高興我們的網絡上有流量。

And it just gives us another opportunity to monetize the network in multiple different ways.

它只是為我們提供了另一個以多種不同方式將網絡貨幣化的機會。

And if I could just ask one follow-up.

如果我可以問一個後續問題。

Do you have any update on the timing of the TracFone transaction and the progress through regulatory in Washington?

您對 TracFone 交易的時間和華盛頓監管的進展有任何更新嗎？

I think what -- everything we said from the beginning is holding true.

我認為我們從一開始所說的一切都是正確的。

The process is continuing as expected.

該過程按預期繼續進行。

And as I said, this is a second half of '21 event when this is going to be approved.

正如我所說，這是 21 年下半年的活動，屆時將獲得批准。

So it's progressing as expected.

所以它正在按預期進行。

We don't believe it's going to be earlier.

我們不相信它會更早。

We think it's going to be somewhere in the third quarter, which we said also when we announced this.

我們認為它將在第三季度的某個地方出現，我們在宣布這一點時也說過。

So we will give an update when we know more, but there's a couple of different events still there.

因此，當我們了解更多信息時，我們會提供更新，但仍有一些不同的事件。

So -- but again, it's progressing as we expected from the beginning.

所以 - 但同樣，它從一開始就如我們預期的那樣進展。

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.

兩個問題。

One, AT&T obviously has phone subsidies for all.

一，AT&T 顯然為所有人提供電話補貼。

Do you think this becomes a permanent fixture in the industry again?

您認為這會再次成為該行業的永久固定裝置嗎？

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.

其次，我認為，與過去十年相比，通信網絡在過去一年中的業務可能發生了更大的變化，協作和會議數量增加了很多。

And obviously, you acquired BlueJeans a year ago.

很明顯，你在一年前收購了 BlueJeans。

Can you talk about how well integrated that is for the rest of your communication strategy and go-to-market strategy?

您能否談談您的其他溝通策略和上市策略的整合程度如何？

And maybe are you creating more UCaaS products or other bundles of SD-WAN services to go after the business market?

也許您是否正在創建更多 UCaaS 產品或其他 SD-WAN 服務捆綁包以進入商業市場？

Thank you.

謝謝你。

On the first comment, I mean, you have seen our strategy, how we address the market.

關於第一條評論，我的意思是，你已經看到了我們的戰略，我們如何應對市場。

I mean, I cannot comment on what our competition is doing.

我的意思是，我無法評論我們的競爭對手在做什麼。

We feel good about our positioning with the promos we are coming out right now.

我們對我們現在推出的宣傳片的定位感到滿意。

And it actually resonate with our customers, the migration path we have and all of that.

它實際上與我們的客戶、我們擁有的遷移路徑以及所有這些產生了共鳴。

So I don't think that you're going to see from us anything like that.

所以我認為你不會從我們這裡看到類似的東西。

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.

因此，在 BlueJeans 和協作工具上，我們每天都在新的環境中與新的合作夥伴進行整合，因為這是一項巨大的資產。

And we're scaling it right now as we acquired it.

我們現在正在擴展它，因為我們獲得了它。

So that feels really good.

所以感覺真的很好。

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.

我們仍然擁有整個 5G 區域和移動邊緣計算區域，這將需要視頻會議等或通信服務。

So there's a lot more to be done there.

所以還有很多事情要做。

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.

我們將其構建到 C-Band 解決方案中，Tami 和她的團隊在其中不斷與希望立即遷移的客戶合作。

And we have great offerings in the market.

我們在市場上有很棒的產品。

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.

因此，我們對成為市場轉型的一部分感到滿意，這抵消了我們也看到的一些有線長期下跌。

So overall, I feel that we have a good position and a good work.

所以總的來說，我覺得我們的位置很好，工作也很好。

Matt, anything more on that?

馬特，還有什麼嗎？

No, I think, look, the team has done a great job over the past 12 months.

不，我認為，看，團隊在過去 12 個月裡做得很好。

Remember, we closed this transaction during the pandemic.

請記住，我們在大流行期間關閉了這筆交易。

So the ability to integrate and so on, we've done it all virtually and remotely.

因此，集成能力等等，我們已經通過虛擬和遠程方式完成了這一切。

And so a lot of good work going on.

所以很多好的工作正在進行中。

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.

正如您所提到的，蒂姆，這是我們擴大與企業客戶提供的產品並在那裡獲得一些良好牽引力的機會。

So I think they've done everything we expected to do at this point.

所以我認為他們已經完成了我們目前期望做的一切。

The next question comes from Frank Louthan of Raymond James.

下一個問題來自 Raymond James 的 Frank Louthan。

Can you walk us through plans for the balance sheet?

你能告訴我們資產負債表的計劃嗎？

And then in particular, would you consider monetizing any assets like Verizon Media and so forth to delever?

然後特別是，您是否會考慮將 Verizon Media 等任何資產貨幣化以實現去槓桿化？

And how we should think about the timing for delevering if that's changed at all since the Analyst Day?

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.

謝謝你，弗蘭克。

Our capital allocation priorities are the same, as we said before.

正如我們之前所說，我們的資本配置優先級是相同的。

Number one, we will invest in our business.

第一，我們將投資於我們的業務。

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.

而且我認為我們已經非常清楚我們現在投資的內容以及資本支出和 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.

其次，我們已經清楚地概述了我們將使我們的董事會處於繼續增加股息的位置。

Matt and I feel really confident about that.

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].

然後第三個是像我們在收購沃達丰之後所做的那樣，再次回到沃達丰之前，我們現在稱之為 pre-COVID 或 pre-C-Band，因為我們想要在這里或稍微改變一下 [fashionist]。

So we're trying to -- we're doing that.

所以我們正在努力——我們正在這樣做。

And we see a great moment for that.

我們看到了一個偉大的時刻。

And we have basically a plan for that given how we're going to generate growth and cash flow over the years.

考慮到多年來我們將如何產生增長和現金流，我們基本上有一個計劃。

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.

正如馬特所概述的，當我們上次談到這一點時，我們相信 4 到 5 年將帶我們到達那裡。

So that's what we have in play right now.

所以這就是我們現在正在發揮的作用。

And no other things are included or no other new updates neither.

並且沒有包含其他內容，也沒有其他新更新。

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.

因此，我們對第一季度產生了非常可觀的現金感到滿意，這意味著我們可以在第一季度開始做我們的工作，以恢復到 C-Band 之前的那種財務指標。

Yes.

是的。

I mean, Hans, just building on that, the leverage is no change since the Investor Day.

我的意思是，漢斯，只是在此基礎上，自投資者日以來，槓桿沒有變化。

Good first quarter results.

第一季度業績不錯。

As you think about the revenue targets we've given for the 5 years, certainly on track there.

當您考慮我們為 5 年制定的收入目標時，肯定是在軌道上。

The only other balance sheet update I'll give you is just on the cash balance.

我要給你的唯一其他資產負債表更新只是現金餘額。

We've obviously had that at elevated levels since the start of the pandemic.

自大流行開始以來，我們顯然已經達到了更高的水平。

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.

考慮到我們自第一季度開始以來在該國的疫苗接種率方面所取得的進展，以及隨後通過的刺激措施，我們不知道這是否會發生。

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.

現在拍賣結束了，我們確實認為我們有機會開始將現金轉移到更接近大流行前水平的地方。

So now that we've got all those things done and we get into the second quarter here, we'll start work on that.

因此，既然我們已經完成了所有這些工作，並且我們進入了第二季度，我們將開始著手進行這項工作。

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.

也許只是為了跟進。

Free cash flow was pretty strong in the quarter, $5.2 billion.

本季度的自由現金流相當強勁，為 52 億美元。

It seems like there was some benefit on the working capital side.

似乎在營運資金方面有一些好處。

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.

只是好奇你是否可以談談你如何看待今年剩餘時間的進展，並且可能會根據你在 2021 年底達到 2.8 倍槓桿率的目標隱含在今年的自由現金流方面。

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?

其次，我不確定您是否可以提供，但我很好奇您是否可以在此時就固定無線產品的用戶數量給我們提供任何顏色？

And also just from a housekeeping perspective, what line item are you actually including subs if it's anywhere at all?

並且僅從內務管理的角度來看，如果它在任何地方，您實際上包括哪些訂單項？

And then also, where is the revenue for that being shown?

然後，顯示的收入在哪裡？

Yes.

是的。

Thanks, Colby.

謝謝，科爾比。

So look, absolutely happy with the free cash flow performance in the first quarter.

所以看，對第一季度的自由現金流表現非常滿意。

Obviously, working capital was part of the benefit in there.

顯然，營運資金是那裡收益的一部分。

And as we look at that, there's a couple of things going in different directions.

當我們看到這一點時，有幾件事朝著不同的方向發展。

As we saw the increase in equipment volumes, we saw the device payables, the receivables related to that increase.

當我們看到設備數量的增加時，我們看到了設備應付賬款，即與該增加相關的應收賬款。

As you would expect, that was a benefit on cash flow last year.

如您所料，這對去年的現金流是有利的。

We said that would be a headwind this year, hope to be a headwind this year, absolutely saw that.

我們說今年會是逆風，希望今年是逆風，絕對看到了。

Offsetting that a little bit was the volumes that we saw in March helped inventory levels.

抵消這一點的是我們在 3 月份看到的數量有助於提高庫存水平。

But also, we saw really good customer payments in the month of March, too, as those stimulus payments hit.

而且，隨著刺激性付款的到來，我們在 3 月份也看到了非常好的客戶付款。

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.

因此，當我考慮今年餘下時間的現金流時，我預計設備應收賬款將繼續成為逆風，因為在去年銷量下降之後，這些應收賬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.

然後很明顯，我們在第一季度沒有現金納稅。

Those come through the final 3 quarters of the year.

那些經歷了今年最後三個季度。

And as we mentioned, we had a couple of favorable items in there last year.

正如我們所提到的，去年我們在那裡有一些有利的項目。

So still feel good, obviously, about where cash flow is going to play out.

因此，顯然，關於現金流將在哪裡發揮作用，仍然感覺很好。

So no update on our year-end leverage target at this point, but really nice to have a strong first quarter in the bank.

因此，目前我們沒有更新我們的年終槓桿目標，但銀行第一季度表現強勁真的很高興。

In terms of the fixed wireless access subscribers, as those expand, we'll start to disclose them.

在固定無線接入用戶方面，隨著用戶數量的增加，我們將開始披露。

In terms of where the revenue shows up, you're seeing that show up in service revenue as Fios broadband does today.

就收入出現的地方而言，您會看到服務收入出現在今天的 Fios 寬帶上。

So that's where the revenue will show up in the income statement.

這就是收入將顯示在損益表中的地方。

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

所以它實際上是在 Fios 領域，而不是在……

No, no, no.

不不不。

Not in Fios.

不在菲奧斯。

I'm just saying Fios revenue show up in service revenue.

我只是說 Fios 收入體現在服務收入中。

So I'm saying fixed wireless access will also show up as service revenue.

所以我說固定無線接入也將顯示為服務收入。

And then...

接著...

On the wireless side?

在無線方面？

It will be on the wireless service revenue, correct.

這將是無線服務收入，正確的。

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.

因此，我想在利潤率方面，當您查看消費者細分市場時，您會從 Fios 利潤率中獲得順風，因為收入穩定或可能由於寬帶甚至混合從視頻轉移而開始趨於平緩。

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.

然後隨著銷量的增加，你在今年的過程中更加關註銷量，這是一個順風——對不起，這是一個逆風。

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，如果您可以只討論消費者業務全年利潤率的看跌期權，那將很有用。

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.

其次，當您考慮 12 月通過的刺激計劃時，看起來其中一些資金可以流向無線消費者，即補貼。

The $3 billion subsidy for broadband, I guess some of that could flow to wireless consumers as well.

30 億美元的寬帶補貼，我想其中一些也可能流向無線消費者。

Are you guys starting to see some of that impact?

你們開始看到這種影響了嗎？

How big of a tailwind do you expect that to be in the second quarter?

您預計第二季度會有多大的順風？

Yes.

是的。

Thanks, Kannan.

謝謝，坎南。

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.

因此，在消費者利潤率方面，我認為歷史上我們在那裡的業務中產生了非常好的利潤率，我預計這種情況會繼續發展。

As you identified, there is always a number of puts and takes out there as we move forward.

正如您所指出的，在我們前進的過程中，總會有一些看跌期權。

And certainly, Fios is performing very well and is contributing nicely to that.

當然，Fios 的表現非常好，並且為此做出了很好的貢獻。

But as you also rightly pointed out, equipment volumes were up significantly year-over-year.

但正如您也正確指出的那樣，設備數量同比顯著增長。

And obviously, that increases the denominator in the margin calculation without really increasing the numerator.

顯然，這會增加保證金計算中的分母，而不會真正增加分子。

So you've got a number of different puts and takes.

所以你有許多不同的看跌期權。

You'll have the ongoing impacts of building out the network in there as well.

您還將獲得在那裡建立網絡的持續影響。

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.

但我們對今年餘下時間在消費者領域的利潤率感到非常滿意，這與您的預期非常一致。

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.

然後可以肯定的是，第四季度出現的季節性與您期望在假期期間看到的季節性交易量一樣。

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.

因此，當然，要繼續按計劃提供 - 為了滿足我們今年的每股收益指引，消費者利潤率需要成為實現這一目標的重要貢獻者，我希望他們會如此。

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.

在刺激福利方面，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。

That's where I think we'll see the vast majority of any benefit show up.

這就是我認為我們會看到絕大多數好處的地方。

So those payments were very strong in the first quarter, and I suspect the stimulus bills had something to do with that.

因此，這些付款在第一季度非常強勁，我懷疑刺激法案與此有關。

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.

但這意味著我們的消費者狀況非常好，否則他們可能會在第二季度受到大流行的影響，我們對未來一年剩餘時間的前景感到滿意。

Everybody, we're done for the day.

各位，我們今天結束了。

Thank you very much for the participation, and we'll see you soon.

非常感謝您的參與，我們很快再見。

Ladies and gentlemen, this does conclude the conference call for today.

女士們先生們，今天的電話會議到此結束。

Thank you for your participation and for using Verizon Conference Services.

感謝您的參與和使用 Verizon 會議服務。

You may now disconnect.

您現在可以斷開連接。