威訊通訊 (VZ) 2020 Q1 法說會逐字稿

Good morning, and welcome to the Verizon First Quarter 2020 Earnings Conference Call.

早上好，歡迎參加 Verizon 2020 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。

(Operator Instructions)

（操作員說明）

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 2020 earnings conference call.

早上好，歡迎參加我們的 2020 年第一季度財報電話會議。

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 disclosed in our presentation slides and during our formal remarks are on a year-over-year basis, unless otherwise noted as sequential.

在我們的演示文稿幻燈片和我們的正式發言中披露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 per share on a GAAP basis.

在第一季度，我們根據公認會計原則報告了每股 1 美元的收益。

Reported first quarter earnings include a pretax loss from special items of approximately $1.4 billion, including a loss on spectrum licenses related to Auction 103 of $1.2 billion and a net charge of $182 million related to a mark-to-market adjustment for our pension liability.

報告的第一季度收益包括約 14 億美元的特殊項目稅前損失，其中包括與 103 號拍賣相關的頻譜許可損失 12 億美元，以及與我們的養老金負債按市值調整相關的 1.82 億美元的淨費用。

Excluding the effects of these special items, adjusted earnings per share was $1.26 in the first quarter, up 5% compared to $1.20 a year ago.

排除這些特殊項目的影響，第一季度調整後每股收益為 1.26 美元，比一年前的 1.20 美元增長 5%。

Let's now move to Slide 4 and take a closer look at our first quarter earnings profile.

現在讓我們轉到幻燈片 4，仔細看看我們的第一季度收益概況。

We expect 2020 to be the final year that the adoption of accounting standard ASC 606 for revenue recognition will have a material year-over-year impact on our income statement.

我們預計 2020 年將是採用會計準則 ASC 606 確認收入將對我們的損益表產生重大同比影響的最後一年。

As we illustrated in previous quarters, we realized a lesser benefit from the adoption of ASC 606 during the first quarter compared to the prior year, primarily due to the deferral of commission expense.

正如我們在前幾個季度中所說明的那樣，與去年相比，我們在第一季度採用 ASC 606 獲得的收益較小，這主要是由於佣金費用的遞延。

The reduction of the benefit realized creates a year-over-year headwind to both reported and adjusted earnings per share, which will continue throughout 2020.

已實現收益的減少對報告的和調整後的每股收益造成了同比逆風，這種逆風將持續到 2020 年。

The impact was $0.03 for the quarter.

本季度的影響為 0.03 美元。

For full year 2020, we expect headwinds from the deferral of commission expense to be approximately $0.09.

對於 2020 年全年，我們預計佣金費用延期帶來的不利因素約為 0.09 美元。

We estimate there was a negative $0.04 net impact included in the reported and adjusted EPS from COVID during the quarter.

我們估計本季度報告和調整後的每股收益中包含 0.04 美元的負淨影響。

Matt will go through this in more detail later.

Matt 稍後將更詳細地介紹這一點。

Adjusted EPS growth of 5% over the prior year, illustrated on the earnings waterfall slide, reflects the strong underlying performance of the business, partially offset by the impacts of the deferral of commission expense.

調整後的每股收益比上年增長 5%，如收益瀑布幻燈片所示，反映了該業務強勁的基本業績，部分被佣金費用遞延的影響所抵消。

With that, I'll now turn the call over to Hans to walk you through a recap of the actions we have taken during this unprecedented time.

有了這個，我現在將把電話轉給漢斯，讓你回顧一下我們在這個前所未有的時期所採取的行動。

Thank you, Brady, and most welcome to this earnings call.

謝謝你，布雷迪，非常歡迎參加這次財報電話會議。

This is an earnings call that is very different from all previous ones that I have done.

這是一次收益電話會議，與我之前所做的所有電話會議都非常不同。

I've been in crisis -- in the telecom crisis in 2000, bank crisis in 2008 and '09.

我一直處於危機之中——在 2000 年的電信危機、2008 年和 09 年的銀行危機中。

This is something totally different.

這是完全不同的事情。

It's a health crisis with a pandemic that impacts each and every one of us wherever you are in this world.

這是一場大流行的健康危機，無論您身在何處，都會影響我們每一個人。

I'm proud of the team of Verizon, how we have been stacking up in this crisis and how we work together.

我為 Verizon 的團隊、我們在這場危機中的積累以及我們如何合作感到自豪。

We decided very early on to split our team, in our crisis management team, and the leadership team continue to drive our business forward.

我們很早就決定拆分我們的團隊，在我們的危機管理團隊中，領導團隊繼續推動我們的業務向前發展。

In the middle of February, we made that split in order to see that we're actually attending all the things that happening in a company the size of Verizon.

在 2 月中旬，我們進行了拆分，以便看到我們實際上正在參與在 Verizon 規模的公司中發生的所有事情。

Our COVID-19 response has been based on how we manage our 4 stakeholders.

我們的 COVID-19 響應基於我們如何管理 4 個利益相關者。

We have taken decisive action, but they're all balanced and thinking about the long-term and positive impact for all our stakeholders.

我們已經採取了果斷的行動，但他們都是平衡的，並考慮了對我們所有利益相關者的長期和積極影響。

Let me quickly go over what we have done in different areas of stakeholders.

讓我快速回顧一下我們在利益相關者的不同領域所做的工作。

On the employee side, the majority of our all employees are working from home.

在員工方面，我們所有員工中的大多數都在家工作。

We moved quickly to a work-from-home environment.

我們迅速轉向在家工作的環境。

Today, we have high productivity in that setup.

今天，我們在該設置中具有很高的生產力。

We have also retrained some 20,000 of our own employees to work with new tasks and work from home.

我們還對大約 20,000 名自己的員工進行了再培訓，使其能夠處理新任務和在家工作。

And some additional 1,000 of third parties that is part of our delivery.

還有一些額外的 1,000 個第三方是我們交付的一部分。

But also, we need to acknowledge we have a lot of our employees in frontline, serving customers, keeping up the networks, at the same time as keeping some of our stores open.

而且，我們需要承認我們有很多員工在一線，為客戶服務，保持網絡，同時保持我們的一些商店營業。

We have roughly 30% of our stores open, of course, with limited opening times and also only by appointment.

當然，我們大約有 30% 的商店營業，營業時間有限，而且只能預約。

But they are playing a vital role to keep up the most important infrastructure in this country right now, besides hospitals and first responders, and I'm happy to report the team is doing a great job.

但除了醫院和急救人員之外，他們現在在維護這個國家最重要的基礎設施方面發揮著至關重要的作用，我很高興地報告團隊做得很好。

And talking about our customers, we have been attending all our customers with new demands during this crisis.

談到我們的客戶，在這場危機中，我們一直在滿足所有客戶的新需求。

At the same time, we are also part of the pledge of Keep Americans Connected, which means that we are waiving late fees or overages for small and medium businesses and the residential customers that have been impacted by the coronavirus.

同時，我們也是“讓美國人保持聯繫”承諾的一部分，這意味著我們將免除中小型企業和受冠狀病毒影響的住宅客戶的滯納金或超額費用。

Our network has performed well.

我們的網絡表現良好。

I will come back to that a little bit later.

我稍後會回到那個。

When it comes to our work in the society, helping communities, that's also extremely important right now.

當談到我們在社會中的工作，幫助社區時，這在現在也非常重要。

Large corporations need to take the responsibility.

大公司需要承擔責任。

We have done some of it, like the PayItForward, which is our concert twice, sometimes 3 times a week, which is gathering concerts or celebrities, bringing in people actually adding to and helping small and medium businesses.

我們已經做了一些，比如 PayItForward，這是我們的兩次音樂會，有時是每週 3 次，它正在聚集音樂會或名人，讓人們真正增加和幫助中小型企業。

We call it PayItForward LIVE.

我們稱之為 PayItForward LIVE。

But also work with WHO and other organization that needs help and ultimately supporting the most vulnerable in our society.

但也要與世衛組織和其他需要幫助並最終支持我們社會中最弱勢群體的組織合作。

Finally, on the education side, that we always have been focused on, we're not only supporting the schools that had already had their support for, but we're also adding together New York Times, offering all the content from New York Times to all the high school students across the country.

最後，在我們一直關注的教育方面，我們不僅支持已經得到他們支持的學校，而且還加入了紐約時報，提供紐約時報的所有內容送給全國所有的高中生。

So we're proud what we're doing in that area.

因此，我們為我們在該領域所做的事情感到自豪。

And finally, on the financials, we have also worked quite a lot with what we're doing in our cost side.

最後，在財務方面，我們在成本方面也做了很多工作。

We're taking already cost measurements in the first quarter, everything from third-party spending, seeing, of course, that we're traveling less but we're doing this prudently as usual.

我們已經在第一季度進行了成本測量，包括第三方支出的所有內容，當然，我們的旅行減少了，但我們像往常一樣謹慎地這樣做。

On top of that, we increased the CapEx guidance in the quarter because we felt that it was a good time for us to continue to see that we have robust networks as we went into a moment in time we don't really know how the network would be used.

最重要的是，我們在本季度增加了資本支出指導，因為我們認為現在是繼續看到我們擁有強大網絡的好時機，因為我們進入了一個我們並不真正知道網絡如何的時刻會被使用。

At the same time, of course, sending a message that we think is a good return on investment on that incremental CapEx.

當然，與此同時，我們認為這是對增量資本支出的良好投資回報的信息。

At the same time, I think Matt and his team has done a great job of seeing that our balance sheet is in the best shape, added liquidity in the middle of the quarter through very cost-effective bond costs that we had.

與此同時，我認為馬特和他的團隊做得很好，我們的資產負債表處於最佳狀態，通過我們擁有的極具成本效益的債券成本在本季度中期增加了流動性。

And we are also working with scenario planning.

我們也在進行情景規劃。

Nobody really knows how this is going to end, but we have several scenarios and actions that we're working with as a leadership team.

沒有人真正知道這將如何結束，但作為領導團隊，我們正在處理幾種方案和行動。

Let me talk about the network a little bit, and we have been reporting every week the development of our network since the outbreak of the pandemic.

讓我稍微談談網絡，自大流行爆發以來，我們每週都在報告我們網絡的發展。

And you are seeing some staggering numbers, like over 200% up on gaming, 10x up on collaboration tools, 40% up on video.

你會看到一些驚人的數字，比如游戲增加了 200% 以上，協作工具增加了 10 倍，視頻增加了 40%。

800 million calls a day, which is twice the amount of what we have on Mother's Day, which is the biggest day a year.

每天有 8 億個電話，這是我們在母親節（一年中最大的一天）所接到的電話量的兩倍。

All that we have been managing very well with the network.

我們一直通過網絡很好地管理所有這些。

We have built a robust network, and we can deliver high quality.

我們已經建立了一個強大的網絡，我們可以提供高質量的服務。

If we then look now week-to-week, you can see on the slide that we have much less of changes.

如果我們現在每週查看，您可以在幻燈片上看到我們的更改要少得多。

We feel that we have settled in on the type of usage of the network and where it's used.

我們覺得我們已經確定了網絡的使用類型和使用地點。

So it's very small variation.

所以這是非常小的變化。

I just want to point out the mobile handoffs, which is basically how our customers are moving between different cells, down 35% since the outbreak of the COVID-19.

我只想指出移動切換，這基本上是我們的客戶在不同小區之間移動的方式，自 COVID-19 爆發以來下降了 35%。

And in certain places like New York City, it's over 50% reductions on mobile handoff.

在紐約市等某些地方，移動切換減少了 50% 以上。

So how our network hold up then when it comes to all those changes?

那麼，當涉及到所有這些變化時，我們的網絡如何保持？

This is how we showed during the Investor Day, the -- how our capacity versus the busy hours in the wireless network.

這就是我們在投資者日期間展示的方式，即我們的容量與無線網絡中的繁忙時間之間的對比。

As you can see, we continue to keep the same headroom in the network when we come into the COVID-19.

如您所見，當我們進入 COVID-19 時，我們繼續在網絡中保持相同的淨空。

And the main reason is that, first of all, we were prepared.

主要原因是，首先，我們做好了準備。

We have added capacity.

我們增加了容量。

But also the network is using different time frames and with different applications.

但網絡也在使用不同的時間框架和不同的應用程序。

And this exclude any use of the AWS-3 temporary spectrum that FCC so greatly lent to us in the beginning of this crisis as an insurance if usage would go somewhere we wouldn't know.

這不包括對 AWS-3 臨時頻譜的任何使用，這是 FCC 在這場危機開始時大量借給我們的一種保險，如果使用會流向我們不知道的地方。

But however, I can report that our technicians and our operations team has done a fantastic job, and the network is keeping up very well with the changes and the enormous usage of the network.

但是，我可以報告說，我們的技術人員和我們的運營團隊做得非常出色，網絡與變化和網絡的巨大使用保持同步。

Let me just finish up before I hand over to Matt and talking about the progress towards our 2020 commitment.

讓我先結束，然後再交給馬特並談論我們在 2020 年承諾方面取得的進展。

They are intact.

它們完好無損。

We work to see that we can both handle this crisis, which is unprecedented, but we also continue to execute on our strategy.

我們努力確保雙方都能應對這場史無前例的危機，但我們也將繼續執行我們的戰略。

When it comes to strengthen our core business and grow our core business, of course, we, right now, have more digital sales than we had before, which is, of course, very encouraging.

當然，在加強我們的核心業務和發展我們的核心業務方面，我們現在的數字銷售額比以前更多，這當然非常令人鼓舞。

But we also strengthened our core business by adding a very good and nice piece of millimeter wave spectrum that gives us very good holdings for fortified strategy.

但我們還通過添加一個非常好的毫米波頻譜來加強我們的核心業務，這為我們提供了非常好的資產來強化戰略。

When it comes to leverage our assets, and we're growing in the future, our 5G plans and our fiber plans, the build out of that are on plan.

談到利用我們的資產，以及我們在未來的發展，我們的 5G 計劃和我們的光纖計劃，其建設都在計劃中。

We were also a little bit ahead of plan when we ended the first quarter.

當我們結束第一季度時，我們也比計劃提前了一點。

And can I report still today, we are on plan with the 5G and fiber.

我今天還可以報告嗎，我們正在製定 5G 和光纖的計劃。

Of course, our challenge is out there when it comes to COVID-19 and so on.

當然，當涉及到 COVID-19 等時，我們的挑戰就在那裡。

But our team are finding new ways and innovative ways to actually do the deployment.

但是我們的團隊正在尋找新的方法和創新的方法來實際進行部署。

There are ways of dealing with approvals from the municipalities set by new ways.

有一些方法可以處理由新方法設定的市政當局的批准。

And we have great collaborations from many of the municipalities to do it.

我們與許多市政當局進行了很好的合作來做到這一點。

There might be problems going forward, but I am also confident that my team are very innovative in the field and see that we continue to drive hard on this.

未來可能會出現問題，但我也相信我的團隊在該領域非常具有創新性，並且看到我們會繼續在這方面努力。

We also added an acquisition just recently, the BlueJeans acquisition, adding to what Matt and I said in the fourth quarter, talking about the investment we want to do in our Verizon Business Group, where we see great opportunity and, of course, then accentuated in this COVID-19 where we now add the BlueJeans capabilities, both to our existing distribution, but also for the future of 5G, where we think there are video capabilities that's going to be extremely important.

我們最近還增加了一項收購，收購 BlueJeans，補充了我和馬特在第四季度所說的內容，談到了我們想要對我們的 Verizon 業務集團進行的投資，我們看到了巨大的機會，當然，然後強調了在這個 COVID-19 中，我們現在將 BlueJeans 功能添加到我們現有的發行版中，而且對於 5G 的未來，我們認為視頻功能將非常重要。

On the financial discipline, we continue to drive that.

在財務紀律方面，我們繼續推動這一點。

Matt is leading that work, both preplanning and what we're doing.

馬特正在領導這項工作，包括預先計劃和我們正在做的事情。

And finally, about our purpose-driven company, which is so important this time to see that you have all your employees with you.

最後，關於我們以目標為導向的公司，這一次非常重要，因為您擁有所有員工。

We are doing a lot of impact in the society.

我們正在對社會產生很大的影響。

We have virtual volunteering right now, where a lot of our employees can actually contribute to the society in these tough times.

我們現在有虛擬志願服務，我們的很多員工實際上可以在這些困難時期為社會做出貢獻。

And finally, we also actually communicate with our employees basically every day on a live webcast in order to see that everyone knows what we're doing and where we're going in times of uncertainty.

最後，我們實際上還基本上每天通過網絡直播與我們的員工進行交流，以確保每個人都知道我們在做什麼以及在不確定時期我們要去哪裡。

Quickly, on the first quarter.

很快，在第一季度。

Matt will cover it much better.

馬特會更好地覆蓋它。

I'm proud of the team, delivering strong growth in wireless service revenue but also the 5% growth on our adjusted earnings, which includes impact of COVID-19 and then a strong cash flow, up 26% year-over-year.

我為這個團隊感到自豪，無線服務收入實現了強勁增長，而且我們調整後的收益也增長了 5%，其中包括 COVID-19 的影響，然後是強勁的現金流，同比增長 26%。

The segments all had their challenges, but also their strength in this quarter.

這些細分市場都有自己的挑戰，但也有他們在本季度的實力。

Mainly, the challenges come from COVID-19.

挑戰主要來自 COVID-19。

Finally, on the guidance, we decided to continue to do certain guidance, even there are certain unclarities in the market and of the future.

最後，在指導上，我們決定繼續做一定的指導，即使市場和未來存在一定的不確定性。

We decided that revenue, we will not guide on the revenue because the hardware is so hard to predict at this moment.

我們決定了收入，我們不會指導收入，因為目前硬件很難預測。

But we actually are guiding on EPS and continue with all other items as well.

但我們實際上是在指導 EPS 並繼續處理所有其他項目。

And Matt will go through that in detail, but always with the understanding that we don't have all the knowledge what will going to happen.

Matt 將詳細介紹這一點，但始終理解我們並不完全了解會發生什麼。

We may need to make assumptions about it.

我們可能需要對此做出假設。

By that, I hand it over to Matt.

至此，我把它交給了馬特。

Thank you, Hans, and good morning, everyone.

謝謝你，漢斯，大家早上好。

As Hans discussed, we are in an unprecedented time.

正如漢斯所說，我們正處於一個前所未有的時代。

As a result of the impact of the COVID-19 crisis and the various measures taken to address the emergency, we experienced starkly different trends during the first 2.5 months of the first quarter than we did during the last few weeks.

由於 COVID-19 危機的影響以及為應對緊急情況而採取的各種措施，我們在第一季度的前 2.5 個月經歷了與過去幾週截然不同的趨勢。

We understand that most of you are more interested in what we are currently seeing in the business, so I'll go through the quarterly results at a high level and spend more time addressing the most recent trends and how they impact our expectations for the second quarter and the full year.

我們知道你們中的大多數人對我們目前在業務中看到的情況更感興趣，所以我將在高層次上瀏覽季度業績，並花更多時間來解決最新趨勢以及它們如何影響我們對第二季度的預期季度和全年。

We will begin with a review of our consolidated operating and financial results.

我們將首先審查我們的綜合經營和財務業績。

In the first quarter, consolidated operating revenue was $31.6 billion, down 1.6%.

第一季度，合併營業收入為 316 億美元，下降 1.6%。

Growth in wireless service revenue in both the Consumer and Business segments was offset by sharp reductions in equipment revenue.

消費者和商業領域無線服務收入的增長被設備收入的急劇減少所抵消。

Consolidated wireless equipment revenue was down over 16% in the first quarter, driven by the Consumer segment, primarily as a result of the limited in-store customer engagement in March due to COVID.

在消費者部門的推動下，第一季度綜合無線設備收入下降了 16% 以上，這主要是由於 COVID 導致 3 月份店內客戶參與度有限。

Adjusted EBITDA was $11.9 billion, down slightly from last year, including the impact from COVID.

調整後的 EBITDA 為 119 億美元，比去年略有下降，包括 COVID 的影響。

Low wireless volumes in Consumer Group drove benefits to margins through decreased promotional spend, lower equipment revenue and improved churn.

消費者組的低無線數量通過減少促銷支出、降低設備收入和改善客戶流失率推動利潤增長。

These benefits were more than offset by higher bad debt expense, lower advertising revenues from Verizon Media Group in March and customer actions that resulted in a decrease in wireless fees and nonrecurring usage charges.

這些收益被更高的壞賬費用、Verizon Media Group 3 月份廣告收入的下降以及導致無線費用和非經常性使用費用減少的客戶行為所抵消。

Our incremental bad debt reserve of $228 million was the largest component of these items.

我們增加的 2.28 億美元壞賬準備金是這些項目的最大組成部分。

The headwinds from the deferral of commission expense, that Brady highlighted earlier, reduced EBITDA by $172 million, which is an impact of approximately 55 basis points to EBITDA margin in the quarter.

布雷迪早些時候強調的佣金費用遞延帶來的不利因素使 EBITDA 減少了 1.72 億美元，這對本季度的 EBITDA 利潤率產生了約 55 個基點的影響。

We have continued to focus on our Business Excellence program, with the goal to realize $10 billion of cumulative cash savings by the end of 2021 and have saved $6.3 billion through the end of the first quarter.

我們繼續專注於我們的卓越業務計劃，目標是到 2021 年底實現 100 億美元的累計現金節省，並在第一季度末節省 63 億美元。

The activities of this program over the past 2 years have put us in a position to be more agile and adaptive in uncertain times like these.

該計劃在過去 2 年的活動使我們能夠在這樣的不確定時期變得更加敏捷和適應。

Adjusted EPS for the first quarter was $1.26, up 5.0% from $1.20 a year ago.

第一季度調整後每股收益為 1.26 美元，比一年前的 1.20 美元增長 5.0%。

This included an estimated net impact from COVID of approximately $0.04, primarily driven by an increase of our bad debt reserve.

這包括 COVID 的估計淨影響約為 0.04 美元，這主要是由於我們的壞賬準備金增加所致。

Let's now turn to our segment results, starting with Consumer Group on Slide 10.

現在讓我們轉向我們的細分結果，從幻燈片 10 上的消費者組開始。

Our Consumer team continues to deliver best-in-class services to our customers while keeping them connected in their personal and work communities.

我們的消費者團隊繼續為我們的客戶提供一流的服務，同時讓他們在個人和工作社區中保持聯繫。

We are extremely proud of the team's performance, particularly our frontline workers' efforts to meet our customers' needs during this very difficult period.

我們為團隊的表現感到非常自豪，特別是我們的一線員工在這個非常困難的時期為滿足客戶需求所做的努力。

Our Consumer segment started the year with typical low seasonal volumes during the first quarter.

我們的消費者部門在第一季度以典型的低季節性銷量開始了這一年。

In March, customer transaction activity slowed significantly due to shelter-in-place policies, travel restrictions and other measures taken to promote social distancing.

3 月，由於就地避難政策、旅行限制和其他促進社交距離的措施，客戶交易活動顯著放緩。

Later in the call, I will go into a deeper discussion on the exit rate trends as we serve our customers in this new environment.

在電話會議的稍後部分，我將深入討論退出率趨勢，因為我們在這個新環境中為客戶提供服務。

First quarter phone gross adds were down nearly 13% year-over-year, and postpaid phone net losses were just over 300,000 for the quarter.

第一季度電話總增加量同比下降近 13%，該季度後付費電話淨損失略高於 300,000。

Phone churn performance was solid throughout the quarter at 0.77%, which was down 4 basis points from a year ago.

整個季度的電話流失率表現穩定，為 0.77%，比一年前下降了 4 個基點。

Consistent with first quarter seasonal volume activity and the impact of COVID, our retail postpaid upgrade rate remained low during the quarter and is one of the key contributing factors to the decline in wireless equipment revenue.

與第一季度的季節性銷量活動和 COVID 的影響一致，我們的零售後付費升級率在本季度保持在較低水平，是無線設備收入下降的關鍵因素之一。

We expect this trend to continue for as long as social distancing policies and other safety measures to protect our employees and customers continue to limit store traffic.

我們預計，只要社會疏離政策和其他保護我們員工和客戶的安全措施繼續限製商店客流量，這種趨勢就會持續下去。

Fios Internet net additions of 59,000 were up sequentially and year-over-year as work from home, in-home schooling and other related measures increased the utility and demand for our high-quality broadband offerings.

由於在家工作、在家上學和其他相關措施增加了對我們高質量寬帶產品的效用和需求，Fios Internet 淨增加了 59,000 個。

Fios video net losses accelerated for the quarter, and we expect cord cutting trends to continue.

Fios 視頻本季度淨虧損加速，我們預計剪線趨勢將繼續。

In order to ensure the safety of our customers and employees, while providing critical network services, we have modified our approach over the past few weeks and are not currently entering customer locations, except for critical functions.

為了確保我們的客戶和員工的安全，在提供關鍵網絡服務的同時，我們在過去幾周修改了我們的方法，目前除了關鍵功能外，不會進入客戶位置。

Now let's move to Slide 11 to discuss the Consumer financial performance.

現在讓我們轉到幻燈片 11 來討論消費者財務業績。

Our Consumer segment entered 2020 with strong momentum as we added a significant number of wireless connections towards the end of 2019, which favorably impacted the first quarter.

我們的消費者部門進入 2020 年勢頭強勁，因為我們在 2019 年底增加了大量無線連接，這對第一季度產生了有利影響。

For our Fios consumer products, we launched new Mix & Match pricing early in the quarter, providing price transparency and choice in our broadband and video offerings.

對於我們的 Fios 消費產品，我們在本季度初推出了新的混搭定價，為我們的寬帶和視頻產品提供價格透明度和選擇。

We also introduced Yahoo Mobile to expand our wireless offerings across our digital media customer base.

我們還推出了雅虎移動，以在我們的數字媒體客戶群中擴展我們的無線產品。

We continue to generate strong service revenue and other revenue growth.

我們繼續產生強勁的服務收入和其他收入增長。

But this was more than offset by a significant decrease in wireless equipment revenue due to low volume activity.

但這被由於活動量低導致的無線設備收入顯著下降所抵消。

Consumer segment total revenue was down 1.7% year-over-year.

消費者部門總收入同比下降 1.7%。

The growth in unlimited plans, increase in connections per account and high demand for our broadband services in the quarter drove strong profitability for the segment, offset by an increase in bad debt expense as a result of COVID impacts.

本季度無限計劃的增長、每個帳戶連接的增加以及對我們寬帶服務的高需求推動了該部門的強勁盈利能力，但被 COVID 影響導致的壞賬費用增加所抵消。

Consumer EBITDA margin of 46.4% was up 60 basis points over the prior year and included approximately 80 basis points of headwind from the deferral of commission expense.

消費者 EBITDA 利潤率為 46.4%，比上年增長 60 個基點，其中包括約 80 個基點的佣金費用遞延帶來的不利影響。

Lower equipment revenue had a limited impact on our overall EBITDA performance.

較低的設備收入對我們的整體 EBITDA 表現的影響有限。

Now let's move to Slide 12 to review the Business Group results.

現在讓我們轉到幻燈片 12 來查看業務組的結果。

During a time when connectivity is providing critical support to those impacted by this crisis, our Business team is at the forefront to serve our enterprise, small and medium business, public sector and wholesale customers.

在連通性為受這場危機影響的人們提供關鍵支持的時期，我們的業務團隊處於為我們的企業、中小型企業、公共部門和批發客戶提供服務的最前沿。

We remain an outstanding partner for first responders, health care providers and other frontline workers.

我們仍然是急救人員、醫療保健提供者和其他一線工作人員的傑出合作夥伴。

And as Hans mentioned, we are extremely proud of our team's work to deliver essential services to our customers so they can serve others.

正如漢斯所提到的，我們為我們的團隊為我們的客戶提供基本服務以便他們能夠為他人服務而感到非常自豪。

Business trends were strong throughout the quarter, and we saw heightened demand for our products and services in March.

整個季度的業務趨勢都很強勁，我們看到 3 月份對我們的產品和服務的需求增加。

Businesses need our services now more than ever, as we saw strong demand for mobility, Jetpacks, VPN services and high-speed circuit capacity in the first quarter.

企業現在比以往任何時候都更需要我們的服務，因為我們在第一季度看到了對移動性、Jetpacks、VPN 服務和高速電路容量的強勁需求。

As you look at the detail on the slide for wireless products, you can see phone gross adds were up 25% from the prior year, driven by strength in global enterprise and public sector, with offsetting pressure in small and medium business.

當您查看幻燈片上無線產品的詳細信息時，您可以看到手機總增長量比上一年增長了 25%，這得益於全球企業和公共部門的強勁勢頭，而中小企業的壓力得到了抵消。

This contributed to postpaid phone net adds of 239,000 and total postpaid net adds of 475,000.

這促成了 239,000 的後付費電話淨增加和 475,000 的總後付費淨增加。

Business segment phone churn of 1.02% in the quarter was flat year-over-year, driven by strength in public sector, with offsetting pressure in small and medium business.

本季度業務部門電話流失率為 1.02%，與去年同期持平，受公共部門實力的推動，抵消了中小型企業的壓力。

Let's now move to Slide 13 to review the business financial performance.

現在讓我們轉到幻燈片 13 來回顧業務財務業績。

Operating revenues for the Business segment in the first quarter were down approximately 0.5% from the prior year.

第一季度業務部門的營業收入比去年同期下降了約 0.5%。

Wireless revenues within enterprise, SMB and public sector were up year-over-year, driven by strong wireless service revenue growth of 6.9%.

在無線服務收入強勁增長 6.9% 的推動下，企業、中小企業和公共部門的無線收入同比增長。

This was offset by legacy wireline and wholesale revenue declines.

這被傳統有線和批發收入的下降所抵消。

We are encouraged by the business EBITDA performance in the first quarter, which was driven by tight controls around spending and strong wireless performance as we generated solid profitability, even with higher-than-usual volumes and the ongoing transformation investments in the segment for future growth.

我們對第一季度的業務 EBITDA 表現感到鼓舞，這是由對支出的嚴格控制和強勁的無線性能推動的，因為我們產生了穩健的盈利能力，即使銷量高於往常，並且該領域正在進行轉型投資以實現未來增長.

Now let's move on to Slide 14 to discuss Verizon Media Group.

現在讓我們轉到幻燈片 14 來討論 Verizon Media Group。

During the first quarter, Verizon Media Group's performance was impacted by COVID, similar to others in the digital advertising and search business.

在第一季度，Verizon Media Group 的業績受到 COVID 的影響，與數字廣告和搜索業務的其他公司類似。

Total revenue is $1.7 billion, down 4% compared to last year, driven almost entirely by COVID impacts.

總收入為 17 億美元，與去年相比下降 4%，幾乎完全受新冠疫情影響。

Prior to COVID, our year-over-year revenue trends were continuing the steady improvement seen in 2019.

在 COVID 之前，我們的同比收入趨勢繼續保持 2019 年的穩步改善。

We are seeing increased levels of customer engagement across our platforms.

我們看到我們平台上的客戶參與度不斷提高。

But advertising rates and search revenue have declined in the current environment.

但在當前環境下，廣告費率和搜索收入有所下降。

Verizon Media launched a coronavirus hub on Yahoo!

Verizon Media 在 Yahoo! 上啟動了一個冠狀病毒中心！

News and Yahoo!

新聞和雅虎！

Finance and COVID-19's newsletter through Yahoo Mail, both of which are driving significant customer engagement as we aim to keep users informed on what is happening in their area and around the globe with trusted content.

通過 Yahoo Mail 發布的財務和 COVID-19 時事通訊，這兩者都在推動重要的客戶參與，因為我們的目標是通過可信的內容讓用戶了解他們所在地區和全球正在發生的事情。

Let's now move to Slide 15 for a quick look at the overall wireless performance.

現在讓我們轉到幻燈片 15，快速了解整體無線性能。

Slide 15 shows the key metrics and financial data of the combined wireless products and services from the Consumer and Business segment for the first quarter.

幻燈片 15 顯示了第一季度來自消費者和商業部門的組合無線產品和服務的關鍵指標和財務數據。

Total wireless service revenue grew 1.9% over the prior year.

無線服務總收入比上年增長 1.9%。

Additional details are provided in the financial and operating information and our supplemental earnings release's schedules on our website.

財務和運營信息以及我們網站上的補充收益發佈時間表中提供了更多詳細信息。

Now let's review our cash flow and balance sheet for the quarter on Slide 16.

現在讓我們在幻燈片 16 上回顧我們本季度的現金流和資產負債表。

Cash flow from operating activities was $8.8 billion, an increase of $1.7 billion from the prior year.

經營活動產生的現金流為 88 億美元，比上年增加 17 億美元。

This year-over-year growth was partially driven by Voluntary Separation Program payments and the voluntary pension contributions in the first quarter of 2019 that did not repeat this year as well as working capital improvements from our operations this quarter.

這一同比增長的部分原因是自願離職計劃付款和 2019 年第一季度的自願養老金繳款（今年沒有重複）以及我們本季度運營的營運資金改善。

Capital spending for the first quarter totaled $5.3 billion, which is up approximately $1 billion year-over-year.

第一季度的資本支出總額為 53 億美元，同比增長約 10 億美元。

We expect the timing of capital spending to be more front-end loaded than it was last year.

我們預計資本支出的時機將比去年更多。

Our capital expenditures continue to support capacity for unprecedented traffic growth across our networks while we continue to deploy more fiber and add additional cell sites to support our 5G rollout.

我們的資本支出繼續支持我們網絡中前所未有的流量增長能力，同時我們繼續部署更多光纖並添加更多蜂窩站點以支持我們的 5G 部署。

As we mentioned earlier in March, we increased our full year 2020 CapEx guidance to $17.5 billion to $18.5 billion in order to facilitate Verizon's network activity and help support the economy during this period of disruption.

正如我們在 3 月早些時候提到的，我們將 2020 年全年資本支出指引提高到 175 億美元至 185 億美元，以促進 Verizon 的網絡活動並在這段中斷期間幫助支持經濟。

Free cash flow for the quarter was $3.6 billion, which was up 26.2% year-over-year and continues to fund our dividend.

本季度的自由現金流為 36 億美元，同比增長 26.2%，並繼續為我們的股息提供資金。

Our balance sheet continues to be strong, with very low unsecured bond maturities through the end of 2021.

我們的資產負債表繼續強勁，到 2021 年底的無擔保債券到期日非常低。

Our net unsecured debt-to-adjusted EBITDA ratio was 2.1x, up slightly from year-end.

我們的淨無抵押債務與調整後 EBITDA 比率為 2.1 倍，較年底略有上升。

Let's move on to Slide 17 to take a deeper look at the trends we have seen in the last half of March and into early April.

讓我們轉到幻燈片 17，更深入地了解我們在 3 月下半月和 4 月初看到的趨勢。

During the month of March, as COVID safety measures were implemented with new federal and state recommendations for social distancing, our retail consumer and small business activity diminished significantly.

在 3 月份，隨著新的聯邦和州關於社交距離的新建議實施了 COVID 安全措施，我們的零售消費者和小企業活動顯著減少。

By the middle of March, we saw a dramatic shift in customer behavior as stores closed and other business activity halted across the country.

到 3 月中旬，隨著商店關閉和全國其他商業活動停止，我們看到客戶行為發生了巨大變化。

At the same time, we experienced increased demand from our public sector and some large enterprise customers to support frontline crisis responders, new work from home and home schooling arrangements and other demands for critical connectivity services.

與此同時，我們的公共部門和一些大型企業客戶對支持一線危機應對人員、在家工作和在家上學安排的新工作以及對關鍵連接服務的其他需求的需求不斷增加。

This slide provides selected metrics from March 15 through April 15 and offers a more in-depth view of the early impacts of the current COVID environment.

這張幻燈片提供了從 3 月 15 日到 4 月 15 日的選定指標，並更深入地了解了當前 COVID 環境的早期影響。

At this point, it is unclear how long these trends will continue.

目前，尚不清楚這些趨勢將持續多久。

In our Consumer Group, we closed nearly 70% of our company-operated retail stores and reduced in-store services throughout the day for social distancing safety measures.

在我們的消費者集團中，我們關閉了近 70% 的公司經營的零售店，並全天減少了店內服務，以採取社會疏離安全措施。

As you can see on this slide, we experienced a significant drop in customer activity and device volumes during this period.

正如您在這張幻燈片上看到的，在此期間，我們的客戶活動和設備數量大幅下降。

Consumer wireless gross adds declined nearly 50% from the same period in the prior year, and upgrades declined over 40%.

消費者無線總增加量與去年同期相比下降了近 50%，升級下降了 40% 以上。

As expected, lower customer switching across the entire industry has led to a significant improvement in phone churn.

正如預期的那樣，整個行業的客戶轉換率降低導致電話流失率顯著改善。

As part of the industry's effort to help customers, we signed the FCC's Keep Americans Connected Pledge in March and will waive any late fees and keep customers connected in the event of nonpayment due to the pandemic for the period of the pledge.

作為該行業幫助客戶的努力的一部分，我們在 3 月份簽署了 FCC 的“讓美國人保持聯繫承諾”，如果在承諾期間因大流行而未付款，我們將免除任何滯納金並讓客戶保持聯繫。

We have added 15 gigabits of data to metered consumers and small business plans and also to hotspot usage for unlimited plans.

我們為計量消費者和小型企業計劃以及無限計劃的熱點使用添加了 15 Gb 的數據。

This additional data, along with increased in-home WiFi usage, has resulted in lower data overage revenue in the quarter.

這些額外的數據，以及家庭 WiFi 使用量的增加，導致本季度數據超額收入減少。

In addition to these customer-focused actions and impacts, consumer behavior has changed dramatically over this short time period, such as reduced international roaming revenue.

除了這些以客戶為中心的行動和影響之外，消費者行為在這段短時間內發生了巨大變化，例如國際漫遊收入減少。

In order to keep our employees and customers safe through social distancing, we are generally not performing installations for consumer Fios when work inside the home would be required.

為了通過社交距離確保我們的員工和客戶的安全，當需要在家中工作時，我們通常不會為消費者 Fios 進行安裝。

Gross adds are currently limited to those that can be performed directly by the customer or with the technician working outside the home.

目前，總添加僅限於可以由客戶直接執行或與在家外工作的技術人員一起執行的添加。

In our Business group, we have broken out the trends for our small and medium business customer group, showing the drop-off that we have seen in gross adds and upgrades as a major portion of small businesses have seen a steep reduction in activities and, in many cases, a full shutdown.

在我們的業務組中，我們打破了中小型企業客戶群的趨勢，顯示了我們在總增加和升級中看到的下降，因為大部分小企業的活動急劇減少，並且，在許多情況下，完全關機。

In contrast to Consumer, we are not seeing the same improvement in churn at this time.

與消費者相比，我們目前在流失率方面沒有看到同樣的改善。

For public sector and some global enterprise customers, we have seen an increased demand for remote connectivity solutions as a greater number of people are working and schooling from home.

對於公共部門和一些全球企業客戶，隨著越來越多的人在家工作和上學，我們看到對遠程連接解決方案的需求不斷增加。

Wireless gross adds for these customers were up 163% over the similar period in the prior year, mostly driven by demand for phones, Jetpacks and other connected devices.

與去年同期相比，這些客戶的無線總增長量增長了 163%，主要是由於對手機、Jetpack 和其他連接設備的需求。

Our network superiority and long-standing relationship with enterprises, first responders and other workers in the front lines has given us the ability to support their connectivity needs across the country when they need Verizon most.

我們的網絡優勢以及與企業、急救人員和其他一線工作人員的長期關係使我們能夠在他們最需要 Verizon 的時候支持他們在全國范圍內的連接需求。

In addition to the increase in gross adds activity, we have seen an improvement in retention for our enterprise and public sector customers with phone churn improving by 35 basis points during this period.

除了總增加活動的增加外，我們的企業和公共部門客戶的留存率也有所提高，在此期間電話流失率提高了 35 個基點。

We are working with all of our customers during this time to ensure they stay connected, even if they're experiencing financial hardship as a result of COVID.

在此期間，我們正在與所有客戶合作，以確保他們保持聯繫，即使他們因 COVID 而遇到財務困難。

We believe that our enterprise, public sector and wholesale customers will be relatively less impacted than our SMB customers initially, but we may see increased long-term risk from the crisis.

我們認為，我們的企業、公共部門和批發客戶最初受到的影響將相對較小，但我們可能會看到危機帶來的長期風險增加。

Wireless service revenues in our Business Group are being impacted by reductions in overage fees, a reduction in international roaming and an increase in suspension of lines.

我們業務集團的無線服務收入受到超額費用減少、國際漫遊減少和線路暫停增加的影響。

Across Consumer and Business, we believe total wireless service revenue growth could be 3 to 5 percentage points lower than originally expected in the second quarter as a result of the reduction in fees and usage-based revenues.

在消費者和企業領域，我們認為由於費用和基於使用的收入減少，第二季度無線服務總收入增長可能比最初預期的低 3 到 5 個百分點。

Additionally, bad debt expense increased as a result of our changing expectations around customer payments during this time.

此外，由於我們在此期間對客戶付款的期望不斷變化，導致壞賬費用增加。

In the first quarter, we increased our bad debt reserve by $228 million based on the expected number of customers who will avail themselves of payment relief under the Keep Americans Connected Pledge.

在第一季度，我們將壞賬準備金增加了 2.28 億美元，這取決於將根據“保持美國人聯繫承諾”享受付款減免的預期客戶數量。

We will continue to monitor Consumer and Business payment behavior, and we'll work with our customers to help them stay connected despite difficult circumstances.

我們將繼續監控消費者和企業的支付行為，我們將與客戶合作，幫助他們在困難的情況下保持聯繫。

As a result, it is possible that additional bad debt reserves may be required in the second quarter.

因此，第二季度可能需要額外的壞賬準備金。

In Verizon Media, we are experiencing a decline in advertising and search revenue as advertisers pause, hold back or cancel campaigns during this time and users are searching for fewer commercial terms, providing us with less opportunity for monetization.

在 Verizon Media，我們的廣告和搜索收入正在下降，因為廣告商在此期間暫停、暫停或取消活動，並且用戶搜索的商業條款減少，為我們提供的獲利機會減少。

As a result, advertising revenues declined by nearly 10% in the month of March, with COVID mostly impact in the second half of the month, and that rate of decline has increased in April.

因此，3 月份的廣告收入下降了近 10%，其中 COVID 主要在下半月受到影響，並且下降幅度在 4 月份有所增加。

A number of industry forecasts expect a 20% to 30% decline in digital media revenues in 2Q, and Verizon Media's results are likely to be similar to those experienced in the broader industry.

許多行業預測預計第二季度數字媒體收入將下降 20% 至 30%，Verizon Media 的業績可能與更廣泛行業的業績相似。

Now let's go to Slide 18 to discuss our guidance and outlook for 2020.

現在讓我們轉到幻燈片 18，討論我們對 2020 年的指導和展望。

Obviously, the environment we find ourselves in today is vastly different than when we originally gave guidance just a few months ago.

顯然，我們今天所處的環境與幾個月前我們最初提供指導時的環境大不相同。

Given the unprecedented magnitude of the conditions we have all experienced, we are updating our financial guidance for the full year.

鑑於我們都經歷過的前所未有的嚴重狀況，我們正在更新全年的財務指導。

We remain confident in our strategy, our business model and our ability to generate sustainable long-term earnings growth.

我們對我們的戰略、我們的商業模式和我們實現可持續長期盈利增長的能力仍然充滿信心。

Our consolidated revenue guidance of low to mid-single-digit percent growth that we announced in January included the expectation that 2020 equipment revenues would not create similar year-over-year headwinds as it has in the past few years.

我們在 1 月份宣布的中低個位數百分比增長的綜合收入指導包括預計 2020 年設備收入不會像過去幾年那樣造成類似的同比逆風。

However, device activations have been low since mid-March, and we expect that to continue throughout the second quarter, with uncertainty around customer behavior for the remainder of the year.

然而，自 3 月中旬以來，設備激活率一直很低，我們預計這種情況將持續到整個第二季度，而今年剩餘時間的客戶行為存在不確定性。

The wide range of potential outcomes around equipment revenue led us to determine that it is prudent to withdraw our consolidated revenue guidance at this time.

圍繞設備收入的廣泛潛在結果使我們確定，此時撤回我們的綜合收入指導是謹慎的。

For adjusted EPS, we are revising our original guidance of 2% to 4% growth and are now guiding to a range of negative 2% to positive 2% change from the prior year.

對於調整後的每股收益，我們正在修改我們最初的增長 2% 至 4% 的指導，現在指導的範圍是與上一年相比負 2% 至正 2% 的變化。

Our new estimated range is based on a scenario that assumes significant headwinds prevail throughout the second quarter.

我們新的估計範圍是基於假設整個第二季度存在重大逆風的情景。

We have limited visibility into the second half of the year, which will depend on various potential operating environments.

我們對下半年的能見度有限，這將取決於各種潛在的運營環境。

We will continue to assess the impact of COVID on our business, including our bad debt reserve, and expect to provide an update on our next earnings call based on how things develop between now and then.

我們將繼續評估 COVID 對我們業務的影響，包括我們的壞賬準備金，並希望根據從現在到那時的發展情況，提供我們下一次財報電話會議的最新信息。

Other income statement items for which we provided guidance, including depreciation and amortization, interest expense and the adjusted effective tax rate, remain intact as originally guided.

我們提供指導的其他損益表項目，包括折舊和攤銷、利息費用和調整後的有效稅率，保持原指導不變。

As we mentioned earlier, we have maintained our CapEx guidance for the full year that we announced in March.

正如我們之前提到的，我們維持了我們在 3 月份宣布的全年資本支出指導。

Our supply chain remains strong, and we have not seen a material slowdown in the sourcing of necessary equipment from our network and device partners.

我們的供應鏈依然強勁，從我們的網絡和設備合作夥伴處採購必要設備方面並未出現實質性放緩。

We are optimistic that the measures government agencies have taken will provide support to citizens, businesses and the frontline responders that have been impacted by this crisis.

我們樂觀地認為，政府機構採取的措施將為受這場危機影響的公民、企業和一線響應者提供支持。

We remain keenly focused on doing our part to provide best-in-class network performance and customer experience to all of our customers, which will continue to drive long-term operational and financial success, while weathering short term disruptions.

我們仍然專注於儘自己的一份力量，為所有客戶提供一流的網絡性能和客戶體驗，這將繼續推動長期運營和財務成功，同時抵禦短期中斷。

Despite the extreme nature of what the world is experiencing, we believe that Verizon is well suited to remain resilient through this situation.

儘管世界正在經歷極端的性質，但我們相信 Verizon 非常適合在這種情況下保持彈性。

Let's take a look at Slide 19 to discuss our strong balance sheet and liquidity position.

讓我們看一下幻燈片 19，討論我們強大的資產負債表和流動性狀況。

Over the past few years, we have strengthened our balance sheet, and the results of those actions have put us in a good position to manage through the impacts of the COVID pandemic.

在過去的幾年裡，我們加強了我們的資產負債表，這些行動的結果使我們處於良好的位置，可以應對 COVID 大流行的影響。

We ended the first quarter with $7 billion of cash on hand.

我們在第一季度結束時手頭有 70 億美元的現金。

Carrying a higher cash balance during a market crisis is part of our liquidity planning strategy, and we executed on that strategy with a $3.5 billion bond offering completed in March.

在市場危機期間持有更高的現金餘額是我們流動性規劃戰略的一部分，我們執行了該戰略，並在 3 月份完成了 35 億美元的債券發行。

In addition, we started and ended the first quarter with no commercial paper outstanding but have accessed this market in the second quarter to further enhance our liquidity.

此外，我們在第一季度開始和結束時沒有未償付商業票據，但在第二季度進入了這個市場，以進一步增強我們的流動性。

During the first quarter and before the market disruption, we also completed one of our largest device payment securitizations of $1.6 billion.

在第一季度和市場中斷之前，我們還完成了我們最大的 16 億美元的設備支付證券化交易之一。

Having a cash cushion is prudent right now for many reasons, including our expectation that certain customers may have difficulty making timely payments as a result of the crisis.

出於多種原因，現在擁有現金緩衝是謹慎的做法，包括我們預計某些客戶可能會因危機而難以及時付款。

We are closely monitoring these trends with regard to their impact on our ABS programs.

我們正在密切關注這些趨勢對我們獲取和惠益分享計劃的影響。

In the second quarter, we had some nonrecurring cash outflows including $2.7 billion of maturities and $1.3 billion of spectrum licenses from Auction 103.

在第二季度，我們有一些非經常性現金流出，包括 27 億美元的到期和 13 億美元的來自 Auction 103 的頻譜許可。

Scheduled unsecured bond maturities for the rest of 2020 are 0 as a result of our continued liability management strategy that keep near-term maturities low.

2020 年剩餘時間的計劃無擔保債券到期為 0，這是由於我們持續的負債管理策略將近期到期時間保持在較低水平。

Additionally, at the end of 2019, given our funded status and prior discretionary contributions, we expect no mandatory contributions to our pension plan until 2026, subject to market conditions.

此外，在 2019 年底，鑑於我們的資金狀況和之前的酌情供款，我們預計在 2026 年之前不會對我們的養老金計劃進行強制性供款，具體取決於市場情況。

Our pension funded status has been further protected in recent years as we have increased the hedge ratio of our liability to about 50%.

近年來，隨著我們將負債的對沖比率提高到 50% 左右，我們的養老基金地位得到了進一步的保護。

This resulted in the funded status of our pension plans only declining from 92% at year-end to 87% at the end of first quarter.

這導致我們養老金計劃的資金狀況僅從年底的 92% 下降到第一季度末的 87%。

Our standby credit facility with our bank group of $9.5 billion provides further assurance of our liquidity.

我們與銀行集團的 95 億美元備用信貸額度進一步保證了我們的流動性。

Our balance sheet is strong, and our liquidity position has been further strengthened as we navigate this difficult period for our customers and the markets.

我們的資產負債表很強勁，隨著我們為客戶和市場度過這個困難時期，我們的流動性狀況得到了進一步加強。

We have demonstrated the ability to access the bond and commercial paper markets in recent weeks.

最近幾週，我們展示了進入債券和商業票據市場的能力。

Our strong financial position gives us confidence to continue to invest, while also supporting all of our stakeholders.

我們強大的財務狀況使我們有信心繼續投資，同時也支持我們所有的利益相關者。

I'll turn it back over to Hans to provide a look at our 2020 priorities, and then we'll get to your questions.

我將把它交給漢斯，讓我們看看我們 2020 年的優先事項，然後我們會回答你的問題。

Thank you, Matt.

謝謝你，馬特。

Let me just round this off with our priorities going into this year and in the future.

讓我以今年和未來的優先事項來結束這一點。

First of all, I feel that we're very well positioned to execute both in the near term and the long term to create more value for all our stakeholders.

首先，我覺得我們在短期和長期都處於有利地位，可以為所有利益相關者創造更多價值。

We have the Verizon 2.0 transformation, which is a new leadership, a new network technology, a new go-to-market, and we are delivering on that.

我們進行了 Verizon 2.0 轉型，這是一種新的領導力、一種新的網絡技術、一種新的上市方式，我們正在實現這一目標。

And I feel that we have good results already right now, but more to come.

我覺得我們現在已經有了很好的結果，但還會有更多。

I think we also have a very good strategy around the COVID-19 response that is covering all our stakeholders in a balanced way in order to create long-term value for all of them.

我認為我們圍繞 COVID-19 響應制定了一個非常好的策略，以平衡的方式覆蓋我們所有的利益相關者，以便為所有利益相關者創造長期價值。

The 5G is still very much in the middle, the center of our strategy.

5G 仍處於中間位置，是我們戰略的中心。

And as you heard me saying before, we're in the middle of the execution, and we're not halting that.

正如你之前聽到我說的，我們正在執行死刑，我們不會停止執行。

We're keeping it up all the time, and the team is doing great work there.

我們一直在保持這種狀態，團隊在那裡做得很好。

And we see opportunity with 5G going forward, both with building all the cities, the 5G mobile edge compute as well as making this nationwide 5G still this year.

我們看到了 5G 向前發展的機會，包括建設所有城市、5G 移動邊緣計算，以及在今年讓這個全國性的 5G 仍然存在。

Matt talked about our discipline and the financials and our capital position and our capital allocation, I feel good about that.

馬特談到了我們的紀律和財務狀況以及我們的資本狀況和資本配置，我對此感覺很好。

We have done tremendous, not in the last 12 months, but also the last 3 months, in order to put us in a good situation to continue to meet all the demands in our capital allocation, all the way from our business, to our shareholders, to our debt holders.

我們在過去 12 個月和過去 3 個月都做得非常好，以使我們處於良好的境地，可以繼續滿足從業務到股東的所有資本配置要求，給我們的債權人。

And ultimately, I think the strong brand that we have has been reinforced in times like that, both by the talent we have, but also by the response to our business practices and the way we're dealing with our society.

最終，我認為我們擁有的強大品牌在這樣的時代得到了加強，不僅是我們擁有的人才，還有對我們商業實踐的回應以及我們與社會打交道的方式。

So all in all, I feel good about our strategy.

總而言之，我對我們的策略感覺良好。

I think that we are in the middle of execution of it.

我認為我們正在執行它。

We need to have a multipronged strategy where we're managing the crisis at the same time, but that doesn't mean we should not execute on our strategy.

我們需要製定多管齊下的戰略，同時應對危機，但這並不意味著我們不應該執行我們的戰略。

So by that, I hand it back to you, Brady.

所以，我把它還給你，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) Our first question comes from Brett Feldman of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Brett Feldman。

A question about your updated EPS guidance.

關於您更新的 EPS 指南的問題。

As you noted during your presentation, certain activity in the business has declined significantly.

正如您在演講中指出的那樣，業務中的某些活動已顯著下降。

I would assume that there's a degree of cost savings associated with that.

我會假設這可以節省一定程度的成本。

You also highlighted some areas where you're seeing some pressures.

你還強調了一些你看到一些壓力的領域。

You highlighted roaming revenues as an example.

您以漫遊收入為例。

So I was hoping you can maybe just give us a little more insight into the puts and takes that caused you to see a slightly lower outlook for earnings over the course of the year.

所以我希望你可以讓我們對看跌期權和看跌期權有更多的了解，這導致你看到今年的收益前景略低。

And then just point of clarification, you said that this revised outlook reflects headwinds you expect to see in the second quarter.

然後只是澄清一點，你說這個修訂後的前景反映了你預計在第二季度看到的逆風。

I'm curious whether you're saying that the variance in earnings that you expect to report this year will primarily be contained to the second quarter.

我很好奇您是否說您預計今年報告的收益差異將主要包含在第二季度。

Or if you're saying that those headwinds for the remainder of the year collectively result in a change?

或者，如果您是說今年剩餘時間的這些不利因素共同導致了變化？

Brett, thanks for the question, and good morning, everyone.

布雷特，謝謝你的提問，大家早上好。

So as you look at the guidance, and we went through some of it in the prepared remarks.

因此，當您查看指南時，我們在準備好的評論中經歷了其中的一些內容。

But as you look at the items that are in there, when I think about the revenue side for the second quarter, really break it up into 2 major buckets.

但是，當您查看其中的項目時，當我考慮第二季度的收入方面時，確實將其分為兩大類。

You think about the actions that we've taken and the actions -- or the impacts of changes in customer behavior.

您考慮我們已採取的行動以及這些行動——或者客戶行為變化的影響。

So as I start to off and think about the actions we've taken, it starts with, obviously, the Keep Americans Connected Pledge for that 60-day period.

因此，當我開始思考我們已採取的行動時，很明顯，它始於 60 天期間的“讓美國人保持聯繫”承諾。

The vast majority of that is in the second quarter, and so we'll see more impact in Q2 than we saw in Q1.

其中絕大多數發生在第二季度，因此我們將在第二季度看到比第一季度更大的影響。

Additionally, as we mentioned, we've given customers an extra 15 gigabits of data.

此外，正如我們所提到的，我們為客戶提供了額外的 15 Gb 數據。

And whether that be on metered plans or on hotspots for those customers who are on unlimited plans.

無論是計量計劃還是那些無限計劃的客戶的熱點。

So that's going to have a significant impact on the overage fees that we would normally collect.

因此，這將對我們通常收取的超額費用產生重大影響。

Earlier this week, we announced that we would be extending that 15 gigabit from the end of April through the end of May.

本週早些時候，我們宣布將從 4 月底到 5 月底延長 15 Gb。

On the customer behavior side, one of the obvious ones is obviously international roaming.

在客戶行為方面，顯而易見的其中之一就是國際漫遊。

I think it's fair to say you can put a pretty low number in your model for international roaming revenue for the second quarter.

我認為可以公平地說，您可以在您的模型中為第二季度的國際漫遊收入設置一個相當低的數字。

But also, in there, as we think around especially in the SMB side of the business, we would expect to see those customers suspending some of the lines on their accounts over this time period, and that will have an impact on revenue, too.

而且，在那裡，正如我們特別是在業務的 SMB 方面考慮的那樣，我們希望看到這些客戶在這段時間內暫停他們賬戶上的一些線路，這也會對收入產生影響。

So when we add all those things up, we see that those should impact the year-over-year service revenue growth in kind of the 3% to 5% range in Q2.

因此，當我們將所有這些因素加起來時，我們發現這些因素應該會影響第二季度 3% 到 5% 的同比服務收入增長。

Some of those things will obviously extend beyond Q2.

其中一些事情顯然會超出第二季度。

Some of the things may not extend beyond Q2.

有些事情可能不會超出第二季度。

Obviously, we control how much we extend the actions.

顯然，我們控制了我們擴展動作的程度。

The customer behavior will obviously be impacted by more of the macro environment, so we'll see how that plays out into the second half of the year.

客戶行為顯然會受到更多宏觀環境的影響，因此我們將看到這將如何影響到今年下半年。

So you have that there on the service revenue side.

所以你在服務收入方面就有了。

As you think about other parts of revenue, obviously, equipment revenue will be down.

當您考慮收入的其他部分時，顯然，設備收入將會下降。

But also within media, as I mentioned, we're seeing a significant reduction.

但正如我所提到的，在媒體內部，我們也看到了顯著的減少。

We were down 4% for the first quarter, but 10% in March.

我們第一季度下降了 4%，但在 3 月份下降了 10%。

So basically, all of the year-over-year decline in the first quarter was contained in the COVID period.

因此，基本上，第一季度的所有同比下降都包含在 COVID 時期。

And then as we've gone into the sharp-turned second quarter here, we're seeing those reductions increase.

然後，當我們進入急轉直下的第二季度時，我們看到這些削減有所增加。

So a lot of the industry forecast is 20% to 30% [reduction on $1.7 billion of] (added by company after the call) quarterly revenue.

因此，很多行業預測是 20% 到 30% [減少 17 億美元]（由公司在電話會議後添加）季度收入。

That's obviously a material number, too.

這顯然也是一個材料編號。

So we have some benefits come through on the expense side, but obviously, those revenue impacts are going to impact the overall profitability in the quarter.

因此，我們在費用方面獲得了一些好處，但顯然，這些收入影響將影響本季度的整體盈利能力。

And you see that reflected in our guide.

您會在我們的指南中看到這一點。

In terms of the back half of the year, really too soon to tell.

就下半年而言，還真言之過早。

I mean there's a lot of things that play out here over the course of the next 90 days.

我的意思是在接下來的 90 天裡，這裡會發生很多事情。

We'll have a much better sense of what the back half of the year looks like.

我們將更好地了解下半年的情況。

And then obviously, we'll update our view on that when we get to the next call.

然後很明顯，當我們進行下一次電話會議時，我們將更新對此的看法。

But we're optimistic.

但我們很樂觀。

What we -- that's what we don't know.

我們 - 那是我們不知道的。

What we do know is we come into this situation in a position of strength.

我們所知道的是，我們處於強勢地位。

We've had good performance in the business over a number of quarters now.

現在，我們在業務上的表現已經好幾個季度了。

We come in with products and services that are obviously very important to customers.

我們提供對客戶顯然非常重要的產品和服務。

And we come in with a balance sheet that we've worked on significantly over the past few years.

我們帶來了一份資產負債表，我們在過去幾年中進行了大量工作。

It gives us a little bit of a shock absorber, if you will, so that we can keep operating our business and position ourselves to come out on the other end of this situation for a position of strength.

如果你願意的話，它給了我們一點減震器，這樣我們就可以繼續經營我們的業務，並將自己定位在這種情況的另一端，以獲得優勢地位。

So that's how we're kind of seeing the second quarter and as we look forward to the rest of the year ago here, Brett.

所以這就是我們對第二季度的看法，我們期待著今年剩下的時間，布雷特。

The next question comes from John Hodulik of UBS.

下一個問題來自瑞銀的 John Hodulik。

Great.

偉大的。

Maybe just as a follow-up to Brett's question on that 300 to 500 basis points.

也許只是作為布雷特關於 300 到 500 個基點問題的後續行動。

Matt, can you give us any more color in terms of maybe the sub-impact and the ARPU impact that you expect to see from all these different pieces?

馬特，您能否就您希望從所有這些不同的部分看到的次影響和 ARPU 影響給我們更多的顏色？

I mean you gave some great detail on what's going on in April here.

我的意思是你在這裡提供了一些關於四月份發生的事情的詳細信息。

Maybe just a little bit sort of a total gross add impact that you expect to see?

也許只是你期望看到的一點點總增加影響？

And then maybe on the ARPU side, how big these components are that are being affected?

然後也許在 ARPU 方面，這些組件受到的影響有多大？

And how that could potentially play out in that sort of 1% to 3% service revenue decline you're expecting?

在您預期的那種 1% 到 3% 的服務收入下降中，這可能會如何發揮作用？

And then maybe a new topic on the Fios side.

然後可能是 Fios 方面的一個新話題。

When did you guys start the new policy of not entering consumers' homes?

你們什麼時候開始實行不進消費者家的新政策？

And I saw -- I think you -- it shows here that Internet net adds are definitely slowing, but do you expect that to go negative?

我看到——我想你——這表明互聯網網絡的增長速度肯定在放緩，但你認為這會是負面的嗎？

And then what do you see for video trends as we look out into the second quarter?

那麼當我們展望第二季度時，您對視頻趨勢有何看法？

Yes.

是的。

Thanks, John.

謝謝，約翰。

So following up on the service revenue.

所以跟進服務收入。

When you think about the ARPU, you've got the base billing, and then you've got the additional things that go in there, whether that be international roaming, whether it be overages, whether it be late fees or whatnot.

當您考慮 ARPU 時，您有基本計費，然後您有額外的東西，無論是國際漫遊，是否超額，是否是滯納金等等。

So we feel really good about the core billings within the business.

因此，我們對業務中的核心賬單感覺非常好。

We're seeing customers use our products and services, obviously, on a -- in a very strong fashion and I should expect to see that continue.

顯然，我們看到客戶以非常強大的方式使用我們的產品和服務，我應該期望看到這種情況繼續下去。

But where we will see some pressure is around the edges with those other parts of what we bill, whether as I say, it be roaming, overages or whatnot.

但是，我們會看到一些壓力在我們計費的其他部分的邊緣，無論是我所說的，它是漫遊、超額還是諸如此類。

So the vast majority of that 3% to 5% comes from those items that we bill that are in the service revenue line.

因此，這 3% 到 5% 的絕大部分來自我們計費的服務收入項目中的那些項目。

And then on top of that, you'll have the impact of suspends on the SMB side.

然後最重要的是，您將受到 SMB 端暫停的影響。

We'll see how much that plays in.

我們會看到它在多大程度上發揮了作用。

So overall, most of the -- we will see an impact in ARPU there as we go through the quarter.

因此，總體而言，隨著我們整個季度的進行，我們將看到其中大部分的 ARPU 受到影響。

But subs are looking in a great position, as we mentioned, the churn is at a low level.

但是，正如我們所提到的，潛艇處於一個很好的位置，流失率很低。

You're looking at about a 0.5 type of range right now in Consumer.

您現在在消費者中查看大約 0.5 類型的範圍。

Obviously, that's very low compared to where it has been.

顯然，與過去相比，這非常低。

And I think it reflects the fact as you go into a time like this, consumers obviously value the quality of their network connection with all the increased activity we've seen across it.

我認為這反映了這樣一個事實，當你進入這樣一個時代時，消費者顯然重視他們的網絡連接質量，以及我們在其中看到的所有增加的活動。

So all in all, that's where you'll see the majority of the impacts in service revenue as we go into the second quarter here.

總而言之，當我們進入第二季度時，您將看到服務收入的大部分影響。

And I'll turn it over to Hans and provide some comments around what we're doing with Fios and the engineers going into consumers' homes and whatnot.

我會把它交給漢斯，並就我們對 Fios 所做的事情以及進入消費者家中的工程師等提供一些評論。

Thank you, Matt.

謝謝你，馬特。

And John, let me say one thing that we have been balancing all the time is, of course, safe and -- safety and health for our employees.

約翰，讓我說一件事，我們一直在平衡，當然，安全和 - 我們員工的安全和健康。

And that's why we were very early on to actually close down almost 70% of our stores and go to new sort of visiting hours and all of that.

這就是為什麼我們很早就關閉了我們近 70% 的商店並進入新的訪問時間等等。

The same we have done with our engineers in the field, very important for us to see that they are safe and healthy.

我們在現場對我們的工程師所做的也是如此，這對我們來說非常重要，因為他們是安全和健康的。

And in the beginning here, we were very restricted on visited on homes.

在這裡開始時，我們非常限制訪問房屋。

But we've also seen a lot of innovation.

但我們也看到了很多創新。

And the last couple of weeks here, we have actually innovated, so we can start installing Fios without going into the homes with both what we call the Fios in the box, which is where the consumer or the customer is installing themselves; as well as we also have a virtual agent right now where the customer can be guided how to do the installation.

在這裡的最後幾週，我們實際上進行了創新，因此我們可以開始安裝 Fios，而無需進入我們稱之為盒子中的 Fios 的房屋，這是消費者或客戶自己安裝的地方；此外，我們現在還有一個虛擬代理，可以指導客戶如何進行安裝。

That innovation, we have been able to do in 2, 3 weeks, and now we start ramping that up.

這項創新，我們已經能夠在 2、3 週內完成，現在我們開始加大力度。

And I'm confident that over time, we almost can be back on a normal levels of installation, but with the safe and healthy of our employees and as well for our customers.

而且我相信，隨著時間的推移，我們幾乎可以恢復正常的安裝水平，但我們的員工和客戶的安全和健康也是如此。

And I think that, again, just coming back to the importance on balancing, in a crisis like this, you need to balance all the different stakeholders and see that you really have the priorities right.

我認為，再次回到平衡的重要性，在這樣的危機中，您需要平衡所有不同的利益相關者，並確保您確實擁有正確的優先事項。

And our priority has been from the beginning, the safety and health for our employees.

從一開始，我們的首要任務就是確保員工的安全和健康。

That's very important.

這是非常重要的。

Second is, of course, to see that our networks are staying up because of the importance of our infrastructure in these times.

其次，當然是看到我們的網絡因為我們的基礎設施在這些時代的重要性而保持正常。

Because we know that the country is needing our network and our technology staying up and having the highest quality as Verizon always has.

因為我們知道這個國家需要我們的網絡和我們的技術，並像 Verizon 一樣保持最高質量。

So we are managing that every day here, and I think we're managing it very well.

所以我們在這裡每天都在管理它，我認為我們管理得很好。

And as said, the innovation is now telling us and we can go back to something that is normal, but in a totally new way of doing it.

如前所述，創新現在告訴我們，我們可以回到正常狀態，但採用全新的方式。

So I'm grateful for my team.

所以我很感謝我的團隊。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

To clarify one more time on this 3% to 5% in 2Q.

在第二季度再次澄清這 3% 至 5%。

Can you please confirm that is versus your prior expectation for year-over-year growth rather than just year-over-year?

您能否確認這與您之前對同比增長的預期相比，而不僅僅是同比增長？

And also, can you quantify what the service revenue headwind was in the first quarter versus the regular business growth rate?

此外，您能否量化第一季度的服務收入逆風與常規業務增長率相比？

And then second, Verizon Media revenue sounds like down 20% to 30% in the second quarter.

其次，Verizon Media 第二季度的收入聽起來好像下降了 20% 到 30%。

What do the margins look like in this business?

該業務的利潤率如何？

We don't really know much about what the sort of cost flexibility is there and whether margins can stay positive or flip to negative when revenue comes down quickly.

我們不太了解存在什麼樣的成本靈活性，以及當收入迅速下降時利潤率是否可以保持正數或轉為負數。

Yes.

是的。

Thanks, Phil.

謝謝，菲爾。

So as you look at the service revenue, and you think about the impacts in there, the 3% to 5% is really is going to be 3% to 5% lower than they otherwise would have been.

因此，當您查看服務收入並考慮其中的影響時，3% 到 5% 真的會比原本應該低 3% 到 5%。

A reduction in the growth rates on a year-over-year basis is what you'll see there.

您將在那裡看到同比增長率下降。

There was a small impact on service revenue in the first quarter.

第一季度對服務收入的影響很小。

If you think across both Consumer in the 30 to 40 basis points of service revenue growth so the 1.9% would have had some upside without the impact that we saw at the back end of March.

如果您考慮到兩個消費者的服務收入增長 30 到 40 個基點，那麼在沒有我們在 3 月底看到的影響的情況下，1.9% 會有一些上行空間。

But we're in -- we like where the position of the service revenue trajectory is.

但是我們處於 - 我們喜歡服務收入軌蹟的位置。

As you come into the quarter, as you go into 2Q here, the core underlying performance of the wireless business in both consumer and business is very strong.

當您進入本季度時，當您進入第二季度時，無線業務在消費者和商業方面的核心基礎表現都非常強勁。

And we expect to see that show up in our service revenues throughout the rest of the year.

我們希望在今年剩下的時間裡看到我們的服務收入中出現這種情況。

Something about the Verizon Media Group.

關於 Verizon Media Group 的一些事情。

As Matt reported, of course, that we have seen an impact lately on our advertising.

當然，正如馬特報導的那樣，我們最近看到了對我們的廣告的影響。

We're, of course, encouraged about the increased activity and the growth of engagement because that's ultimately going to pay off later on.

當然，我們對活動的增加和參與度的增長感到鼓舞，因為這最終會在以後得到回報。

And I think that, first of all, our Verizon Media team has been extremely innovative with new products and new ways of delivering services the last couple of weeks here in a time of this pandemic.

我認為，首先，我們的 Verizon Media 團隊在新產品和提供服務的新方式方面極具創新性，過去幾週在此大流行期間。

I have to say that I have a lot of confidence in my Verizon Media Group to work with different scenarios, given how this pandemic will develop and how it will hit Verizon Media Group.

我不得不說，鑑於這種流行病將如何發展以及它將如何打擊 Verizon Media Group，我對我的 Verizon Media Group 能夠應對不同的情況充滿信心。

We have seen the last 18 months or, I don't know, 6 quarters that our Verizon Media Group has found ways to both reduce direct cost and find new ways to innovate.

我們已經看到過去 18 個月，或者，我不知道，6 個季度，我們的 Verizon 媒體集團已經找到了降低直接成本和尋找創新方法的方法。

But all in all, we need to understand that, of course, advertising these days, you are restrictive, you're cautious given the pandemic.

但總而言之，我們需要明白，當然，這些天做廣告，你是限制性的，考慮到大流行，你是謹慎的。

But again, I think that, as I said in the beginning, we are working with different scenarios that can happen, and we have different levers and activities that we can do given where this is going.

但同樣，我認為，正如我在開始時所說，我們正在處理可能發生的不同情況，並且我們有不同的槓桿和活動，我們可以根據情況進行。

That goes for all our different businesses, which, of course, they are in different form and shape at the moment, but it also goes for the whole corporation.

這適用於我們所有不同的業務，當然，它們目前處於不同的形式和形態，但也適用於整個公司。

And then just adding on what Matt said about our wireless business.

然後只是補充一下馬特對我們無線業務的看法。

I think that one thing that worked in the brand, since we embarked on the unlimited some 2 years ago, we have constantly built a model which can actually meet all the different scenarios, all the way from our Mix & Match, our -- in Visible, Yahoo Mobile, the work we're doing with track phone, the network as a service.

我認為在品牌中起作用的一件事是，自從我們在兩年前開始無限制以來，我們一直在不斷建立一個模型，它實際上可以滿足所有不同的場景，從我們的 Mix & Match 一路走來，我們的 - in可見，雅虎移動，我們正在做的工作是跟踪電話，網絡即服務。

I think that regardless where it will go, we will have opportunities to actually serve our customers with the plans that they need.

我認為，無論它去哪裡，我們都將有機會為我們的客戶提供他們需要的計劃。

And I think that few others can do that in this market as well as we have the best network.

而且我認為在這個市場上很少有人能做到這一點，而且我們擁有最好的網絡。

So I think we're well positioned in the world that might be uncertain, but we have all those different type of opportunities to serve our customers.

所以我認為我們在這個可能不確定的世界中處於有利地位，但我們擁有所有這些不同類型的機會來為我們的客戶服務。

And just real quick on the cost side there that comes, obviously, the service revenue impact and the media revenue impact.

顯然，服務收入影響和媒體收入影響在成本方面非常迅速。

But obviously, we're doing things to manage the cost side of the business as we go through this period.

但很明顯，我們正在做一些事情來管理這個時期的業務成本。

And it's really building on the work we've been doing for the last few years now, and it's put us in a position where we can take the actions that we need to in this time.

它真的建立在我們過去幾年所做的工作的基礎上，它使我們處於一個可以在這個時候採取我們需要採取的行動的位置。

We'll see some cost benefits as we go through this.

我們將在此過程中看到一些成本效益。

But it also allows us to do the things to support our employees and customers and to keep investing in the business for the long haul even as we're in this unusual time period.

但這也使我們能夠做一些事情來支持我們的員工和客戶，並在我們處於這個不尋常的時期時，繼續長期投資於業務。

So cost controls are very much on our mindset as we go through this time period as well.

因此，當我們經歷這段時間時，成本控制非常重要。

If I can just clarify as well on Brett's question.

如果我也能澄清一下布雷特的問題。

You said that a lot of the impact, I think, for the EPS cuts is in the second quarter.

你說過，我認為每股收益削減的很多影響是在第二季度。

But I think it would make sense that you're guiding for probably weaker earnings through the year.

但我認為，你為全年可能疲軟的收益提供指導是有道理的。

Is that fair?

這公平嗎？

Most of the impact in the guide is the impact that we discussed in the second quarter.

指南中的大部分影響是我們在第二季度討論的影響。

As we look to the second half of the year, obviously, there's a very wide range of potential outcomes there.

當我們展望下半年時，顯然，那裡有非常廣泛的潛在結果。

So we'll see how that plays out.

所以我們將看看結果如何。

And obviously, when we're on this -- the next earning call, 90 days from now, we'll have a lot more to say about the second half of the year.

顯然，當我們在這個 - 從現在起 90 天后的下一次收益電話會議上，我們將有更多關於下半年的內容要說。

But a lot of the commentary we had and a lot of the updates in the guide relates to what we'll see in 2Q.

但是我們收到的很多評論以及指南中的很多更新都與我們將在第二季度看到的內容有關。

But we will see some of those revenue impacts, you think about international roaming, for example, will stay with us for a longer time period.

但是我們會看到其中的一些收入影響，例如國際漫遊，會在我們身邊停留更長的時間。

But we'll wait and talk more about the second half of the year when we have better visibility into it.

但是，當我們對下半年有更好的了解時，我們將等待並更多地談論下半年。

The next question is 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, 2, if I could, first, just kind of looking at the Slide 17, where you give us kind of the COVID environment effect on the mobile business.

我想，2，如果可以的話，首先，看看幻燈片 17，你給了我們一種 COVID 環境對移動業務的影響。

Could you give us some of that similar color, Consumer, SMB and enterprise on the wireline side?

您能否在有線方面給我們一些類似的顏色、消費者、SMB 和企業？

And then second, obviously, last quarter, there was a big investment in the business services group in terms of trying to modernize the tech and the go-to-market capabilities.

其次，很明顯，上個季度，在嘗試使技術現代化和進入市場能力方面，對商業服務集團進行了大量投資。

Could you kind of elaborate a little bit on what's been accomplished thus far in that exercise?

您能否詳細說明一下到目前為止在該練習中已完成的工作？

And kind of what, in the current environment, your expectations might be for the return on that investment at this stage?

在當前環境下，您對現階段投資回報的期望可能是什麼？

Yes.

是的。

Thanks, Dave.

謝謝，戴夫。

That's -- let's unpack those.

那是 - 讓我們解開那些。

Starting off with the wireline impact on the current environment.

從有線對當前環境的影響開始。

In Fios, we talked a little bit about that.

在 Fios，我們對此進行了一些討論。

We saw good volumes in Internet in the first quarter, but that was largely a reflection of low churn as we came into this.

我們在第一季度看到互聯網的銷量很好，但這在很大程度上反映了我們進入這一領域時的低流失率。

And obviously, a lot of appreciation from our customer base on the quality of the Fios Internet product.

顯然，我們的客戶群對 Fios Internet 產品的質量非常讚賞。

As you go into the second quarter, you're going to continue to see the benefit on the churn side, but obviously we'll have some impact on the gross adds side from the employee actions that Hans mentioned, where we're not allowing employees to really enter customers' homes.

隨著您進入第二季度，您將繼續看到客戶流失方面的好處，但顯然我們會從 Hans 提到的員工行為中對總增加方面產生一些影響，我們不允許員工真正走進客戶家中。

What's really good -- what you see from us is, say, okay, how do we react to this?

什麼是真正好的——你從我們那裡看到的是，比如說，好吧，我們對此有何反應？

So Hans talked about the Fios in a box, right.

所以漢斯在一個盒子裡談到了 Fios，對。

Let's not let this environment completely stop what we're doing.

讓我們不要讓這個環境完全停止我們正在做的事情。

How do we -- yes, there's an obstacle in our way.

我們如何——是的，我們的道路上有障礙。

Let's find a way around it.

讓我們想辦法解決它。

This team is phenomenal on doing that.

這支球隊在這方面表現出色。

So we will have some gross adds here in the quarter that we might not have expected when we first stopped going into customers' homes.

因此，當我們第一次停止進入客戶家中時，我們可能沒有預料到本季度會出現一些總增長。

As you look across the other parts of wireline, as you get into SMB and the larger businesses, obviously, as we've seen an uptick in usage across the core networks and we've been doing a number of things to help, especially our larger enterprise customers adapt very quickly to having their -- a large number of their employees work from home and having to update their systems to be able to handle that change in network traffic and where the work is performed.

當您查看有線的其他部分時，當您進入 SMB 和更大的企業時，顯然，我們已經看到核心網絡的使用量有所上升，我們一直在做很多事情來提供幫助，尤其是我們的大型企業客戶很快就適應了讓他們的大量員工在家工作並且必須更新他們的系統以能夠處理網絡流量和工作地點的變化。

So I would expect to see a continuation of that.

所以我希望看到這種情況的延續。

But it won't massively change the ongoing wireline trends -- revenue trends that we've seen across the business as we think about second quarter here.

但這不會極大地改變正在進行的有線趨勢——我們在考慮第二季度時在整個業務中看到的收入趨勢。

In terms of the investment in VBG and what you see in the margins in the first quarter there, I think we came in with a decent margin for that group.

就對 VBG 的投資以及第一季度的利潤率而言，我認為我們為該集團帶來了可觀的利潤率。

But as I shared on the call back in January, this isn't a one quarter investment in the business.

但正如我在一月份的電話會議上分享的那樣，這不是對業務的四分之一投資。

There's a number of things that we need to do to upgrade the capabilities of our Business group so that we can be that partner of choice for businesses as we enter the fourth industrial revolution.

我們需要做很多事情來提升我們業務組的能力，以便在我們進入第四次工業革命時成為企業的首選合作夥伴。

And so there's a lot of good activity going on there.

所以那裡有很多很好的活動。

And I'll stick with what I said on the last call that we'll be investing in that for quite a while here.

我會堅持我在上次電話會議上所說的，我們將在這裡投資相當長一段時間。

We should start to see the impact -- the benefits on the cost side towards the end of this year.

我們應該開始看到影響——今年年底成本方面的好處。

And then the impacts on the revenue side in '21 and really getting full steam in '22, so a lot to come there.

然後是 21 年對收入方面的影響，並在 22 年真正全面發展，所以還有很多事情要做。

And Hans, I'll let you follow-up on that.

漢斯，我會讓你跟進。

Yes, you're absolutely right, Matt.

是的，你完全正確，馬特。

This is -- we are clear on the strategy of the Verizon Business Group.

這是——我們很清楚 Verizon 業務集團的戰略。

I just want to remind all of you, we brought together several different groups on wireline and wireless and this go-to-markets.

我只是想提醒大家，我們匯集了幾個不同的有線和無線團隊以及這個進入市場的團隊。

Tami and the team has very clear strategy of doing the transformation.

塔米和團隊有非常明確的轉型戰略。

That has not slowed down.

這並沒有放緩。

We continue with that because when coming into this COVID-19, we see even a more importance of Verizon Business Group than really Matt talked about.

我們繼續這樣做，因為在進入這個 COVID-19 時，我們看到 Verizon 業務集團的重要性甚至比馬特真正談到的還要重要。

This is one of the areas we see that we have a great opportunity going forward as we build a Verizon Intelligent Edge Network, as we come with 5G and the trends in the industry.

這是我們看到的領域之一，隨著 5G 和行業趨勢的到來，我們在構建 Verizon 智能邊緣網絡時擁有巨大的發展機會。

I mean, digitalization, all of that, which, of course, has been accentuated in this COVID-19.

我的意思是，數字化，所有這一切，當然，在這個 COVID-19 中得到了強調。

So I feel good about what we're doing here.

所以我對我們在這裡所做的事情感覺很好。

The team is running as fast as they can with this transformation.

通過這種轉變，團隊正在盡可能快地運行。

But as Matt said, this is not the 1 quarter thing, but we're not holding back on the transformation.

但正如馬特所說，這不是第一季度的事情，但我們並沒有阻止轉型。

And in that transformation, we said we will invest, and one investment was, of course, the BlueJeans, which we have had in our portfolio for a couple of quarters as a distributor.

在這次轉型中，我們說我們將進行投資，其中一項投資當然是 BlueJeans，我們作為經銷商已經在我們的投資組合中擁有了幾個季度。

But as this turned out, we felt that it was a good opportunity to actually make the acquisition, and we have been testing them.

但事實證明，我們覺得這是一個真正進行收購的好機會，我們一直在測試它們。

It's a great product.

這是一個很棒的產品。

And we stitch that into our go-to-market in the Verizon Business Group.

我們將其整合到 Verizon 業務集團的市場推廣中。

But I also see it as a great opportunity for the 5G.

但我也認為這是 5G 的絕佳機會。

Because ultimately, 5G at the edge, we will have a lot of low latency, enormous throughput where video and transcoding will be important.

因為最終，5G 在邊緣，我們將擁有很多低延遲、巨大的吞吐量，其中視頻和轉碼將很重要。

So adding that asset is also important for the future.

因此，添加該資產對未來也很重要。

So once again, we feel good about our strategy in Verizon Business Group and how they have performed.

因此，我們再次對我們在 Verizon Business Group 的戰略以及他們的表現感到滿意。

And we have some more work to be done, and we're not holding back on that transformation as that will put us in even stronger position when they're done.

我們還有更多工作要做，我們不會阻止這種轉變，因為當它們完成後，這將使我們處於更有利的位置。

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。

Thanks for all the color on the COVID-19.

感謝 COVID-19 上的所有顏色。

Very helpful.

很有幫助。

I wonder, Matt, if you could get into a little more on the bad debt, help us understand where that is across the Consumer versus Business.

我想知道，馬特，如果你能更多地了解壞賬，請幫助我們了解消費者與企業之間的差異。

I'm guessing a lot of it's in SMB.

我猜很多都在 SMB 中。

How does that break wireless, wireline?

這如何破壞無線，有線？

And then, Hans, could you talk a little bit about the digital channels.

然後，漢斯，你能談談數字頻道嗎？

You talked a lot about Fios in a box.

你在盒子裡談了很多關於 Fios 的事情。

How are you thinking about maybe pushing more of the phone sales and wireless sales through the online channel?

您如何考慮通過在線渠道推動更多的電話銷售和無線銷售？

Where are you today?

你今天在哪？

And what can you do to increase that percentage?

你能做些什麼來增加這個百分比？

Thanks, Simon.

謝謝，西蒙。

So on the bad debt, as we look at that, the vast majority of it is sitting in the Consumer side just because of the relative difference in the size of the businesses between Consumer and SMB.

因此，在壞賬方面，正如我們所看到的，由於消費者和中小型企業之間業務規模的相對差異，其中絕大多數都位於消費者方面。

As we did the bad debt reserve this year, we're now operating under the new CECL accounting standards.

正如我們今年做壞賬準備一樣，我們現在按照新的 CECL 會計準則運營。

It requires us to take a more forward look at expected losses.

它要求我們更前瞻性地看待預期損失。

And so really, what we did, we took -- we looked at how many customers have availed themselves of the pledge.

所以真的，我們做了什麼，我們接受了 - 我們查看了有多少客戶利用了承諾。

We used that as a starting point for the reserve.

我們以此作為保護區的起點。

I can tell you as of around mid-April, we have around 800,000 customers who have signed up for the pledge and some of the various other stakeholders.

我可以告訴你，截至 4 月中旬左右，我們有大約 800,000 名客戶已經簽署了承諾，還有一些其他利益相關者。

The vast majority of those are in mobile, and that provided some of the bases.

其中絕大多數是移動的，這提供了一些基礎。

But it's too early to know exactly how the bad debt requirements will play out.

但現在要確切知道壞賬要求將如何發揮作用還為時過早。

We'll monitor that closely here as we go forward.

在我們前進的過程中，我們將在這裡密切關注這一點。

But certainly, we're seeing different payment patterns across different parts of our customer base.

但可以肯定的是，我們在客戶群的不同部分看到了不同的支付模式。

Actually encouraged by what we're seeing on the Consumer side here over the last couple of weeks.

實際上，過去幾週我們在消費者方面看到的情況令我們感到鼓舞。

And another proof point that as we've talked about in the past, as we saw in the financial crisis, that consumers continue to put their phone bill high up their list of priorities for payments.

正如我們在過去談到的，正如我們在金融危機中看到的那樣，另一個證據表明，消費者繼續將他們的電話賬單放在支付優先事項列表的首位。

And certainly, we're monitoring closely on the Business side, especially within SMB, how that's going to play out.

當然，我們正在密切關注業務方面，尤其是在 SMB 內部，這將如何發揮作用。

Nothing in the payment patterns at this point is overly pessimistic, but we're obviously going to stay very close to that and work to keep our relationship with our customers wherever possible.

在這一點上，支付模式中沒有什麼是過於悲觀的，但我們顯然會非常接近這一點，並儘可能地努力保持與客戶的關係。

So that hopefully gives you a little background on how we look at the bad debt.

因此，希望能給您一些關於我們如何看待壞賬的背景知識。

And I'll let Hans answer the question on how we see digital channels going forward.

我會讓漢斯回答關於我們如何看待數字渠道發展的問題。

So let me just lay out how we're running the company right now.

所以讓我簡單介紹一下我們現在是如何運營公司的。

We're basically running the company in a 3-pronged strategy.

我們基本上是按照三管齊下的戰略來運營公司的。

The first prong is, of course, the crisis management, where we have a team that is dealing with all the challenges with pandemic for our employees, for our customers and for the society at large.

第一個方面當然是危機管理，我們的團隊正在為我們的員工、客戶和整個社會應對大流行帶來的所有挑戰。

Secondly, I have the majority of my leadership team running business as usual.

其次，我的大多數領導團隊照常營業。

We have our 5G governance early this week, where we went through all the deployment, all the 5G mobile edge compute, all the new business cases, just running as normal.

本周初我們進行了 5G 治理，我們完成了所有部署、所有 5G 移動邊緣計算、所有新業務案例，一切正常運行。

And then we have a team, which also think about the new normal.

然後我們有一個團隊，他們也考慮新常態。

What will be the new normal when we come out from this pandemic?

當我們擺脫這種流行病時，新常態會是什麼？

And one of the question, which is, I think, I believe is going to happen, we're going to see much more digital sort of omnichannel from our customers, and we are ready for it.

還有一個問題，我認為，我相信這會發生，我們將看到來自客戶的更多數字化全渠道，我們已經做好了準備。

We have already pivot to it.

我們已經轉向它。

We're probably going to see another environment -- work environment that we need to think about.

我們可能會看到另一個環境——我們需要考慮的工作環境。

We're probably going to also see a different type of product that we need to put forward.

我們可能還會看到需要推出的不同類型的產品。

So I try to see that we have all these 3 prongs working at the same time in order for us to come up even stronger from this crisis as well as managing the today and not missing our target put up as well as managing the crisis at the same time.

因此，我試圖看到我們讓所有這三個方面同時發揮作用，以便我們從這場危機中變得更加強大，同時管理好今天，不會錯過我們提出的目標，以及在危機中管理好危機。同時。

So I can only confirm, I have the same feelings as you have.

所以我只能確認，我和你有同樣的感受。

We're going to see much more of digital usage of ordering.

我們將看到更多關於訂購的數字化使用。

But we're also going to see things that we never thought were possible.

但我們也將看到我們從未想過可能發生的事情。

I mean telehealth will increase over time.

我的意思是遠程醫療會隨著時間的推移而增加。

People are now and still, they don't need to go to hospital.

人們現在和仍然，他們不需要去醫院。

We're going to see education -- remote education growing because people see that it's actually working.

我們將看到教育——遠程教育正在增長，因為人們看到它確實有效。

All that's going to be new normal where we -- our assets are extremely important in that delivery to all our customer groups.

所有這一切都將成為我們的新常態——我們的資產在交付給我們所有客戶群的過程中極為重要。

So you need to work on all 3 of them, and we are working all 3 of them to come even stronger out on this crisis.

所以你需要為他們三個都努力，我們正在努力讓他們三個在這場危機中變得更加強大。

The next question comes from Craig Moffett of Moffett Nathanson.

下一個問題來自 Moffett Nathanson 的 Craig Moffett。

I wonder if I could just ask a slightly longer-term question in the context of the COVID crisis.

我想知道我是否可以在 COVID 危機的背景下問一個稍微長期的問題。

Your investments in wireless, which have largely been -- in 5G, I mean, which have largely been on the back of millimeter wave spectrum, have almost necessarily been in dense, urban gathering places, like stadiums and arenas and airports and what have you, which is obviously where people aren't today.

您對無線的投資，主要是在 5G 上，我的意思是，主要是在毫米波頻譜的背後，幾乎必然是在密集的城市聚集地，比如體育場、競技場和機場，你有什麼，這顯然是當今人們所不具備的。

Do you stop and say there may be a real change in social patterns that suggest a different set of investment priorities that are more along the lines of coverage and less around dense urban usage?

您是否停下來說，社會模式可能會發生真正的變化，這表明一組不同的投資優先事項更符合覆蓋範圍，而不是圍繞密集的城市使用？

Or is that likely to be sort of a short-term blip just given how long the planning windows are for network densification?

或者考慮到網絡緻密化的規劃窗口有多長，這可能是一種短期的曇花一現？

I ask this in the context of a spectrum strategy where it could well be that mid-band spectrum becomes even more important now, given a potential pivot away from those very dense, urban gathering places.

我在頻譜戰略的背景下提出這個問題，考慮到可能遠離那些非常密集的城市聚集地，中頻頻譜現在變得更加重要。

Thank you, Craig.

謝謝你，克雷格。

It's still to be seen, first of all, of what will be the social patterns for the time.

首先，當時的社會模式還有待觀察。

I feel pretty confident that dense, urban areas will continue to be dense, urban areas.

我非常有信心，密集的城市地區將繼續成為密集的城市地區。

And to be honest, we still see a lot of usage in dense, urban areas.

老實說，我們仍然在密集的城市地區看到很多使用。

It's just that we see less movement of people because they are staying home.

只是我們看到人們的流動減少了，因為他們待在家裡。

So people live where they live today.

所以人們住在他們今天居住的地方。

So we are not changing the strategy, how we execute, both on the broader nationwide as well on our city deployment.

因此，無論是在更廣泛的全國范圍內還是在我們的城市部署中，我們都不會改變戰略和執行方式。

And ultimately, we see that as being a very compelling offering going in the future.

最終，我們認為這是未來非常引人注目的產品。

On the mid-band, as I said before, especially on the C-band, we think that is an attractive spectrum because, first of all, as you said, it is a good coverage.

正如我之前所說，在中頻段，特別是在 C 頻段，我們認為這是一個有吸引力的頻譜，因為首先，正如你所說，它是一個很好的覆蓋範圍。

But also, it's a global roaming standard for 5G.

而且，它是 5G 的全球漫游標準。

And of course, we want to be part of that.

當然，我們希望成為其中的一部分。

And we are encouraged by FCC's plan to conduct a C-band auction in December.

我們對 FCC 計劃在 12 月進行 C 波段拍賣的計劃感到鼓舞。

And we will always do our normal return on investment between the different densifications, buying spectrum, putting more software and keeping in mind that we want to continue to have the same headrooms in the network as we always have in order to have the best network.

我們將始終在不同的密集化、購買頻譜、放置更多軟件之間實現我們的正常投資回報，並牢記我們希望繼續在網絡中保持與往常一樣的淨空，以便擁有最好的網絡。

So yes, it plays in.

所以，是的，它在起作用。

It's a little bit too early to say that we're going to have a changed total social pattern in the United States.

現在說我們將改變美國的總體社會模式還為時過早。

Initially, I don't think so.

起初，我不這麼認為。

People live where they live, and that's going to continue to be the same.

人們生活在他們居住的地方，並且將繼續保持不變。

And can you comment specifically about the L-band uplink concept and the availability now of Ligado spectrum?

您能否具體評論一下 L 波段上行鏈路概念和 Ligado 頻譜現在的可用性？

Yes, I can, or at least having some views on it.

是的，我可以，或者至少對此有一些看法。

We, of course, are following what FCC has come out with.

當然，我們正在關注 FCC 的成果。

We still feel that are several challenges with L-band.

我們仍然覺得這是 L 波段的幾個挑戰。

As -- first of all, it's not used.

作為——首先，它沒有被使用。

That frequency is not used anywhere in the world.

這個頻率在世界任何地方都沒有使用。

That means that there are no equipment, no handsets and things like that, which you need an ecosystem.

這意味著沒有設備，沒有手機之類的東西，你需要一個生態系統。

That's so important.

這太重要了。

But as with all frequencies and all the spectrum we're, of course, looking into it, and we have done it for several years.

但是，與所有頻率和所有頻譜一樣，我們當然也在研究它，而且我們已經做了好幾年了。

This is nothing new.

這不是什麼新鮮事。

I think that Ligado has been around for about 10 years.

我認為 Ligado 已經存在了大約 10 年。

So it's nothing new.

所以這不是什麼新鮮事。

So we are continuing -- our engineers are always looking into new development if something can happen.

所以我們正在繼續——我們的工程師總是在尋找新的發展，如果有可能發生的話。

But so far, we have seen a little bit more headwind than anything else on that band.

但到目前為止，我們在該樂隊中看到的逆風比其他任何東西都要大。

The next question comes from Colby Synesael of Cowen.

下一個問題來自 Cowen 的 Colby Synesael。

Great.

偉大的。

Two, if I may.

二，如果可以的話。

First off, I was wondering if can you give us the number of customers that have stopped paying their bills, I guess, specifically their wireless bills as a result of COVID-19?

首先，我想知道您能否告訴我們停止支付賬單的客戶數量，我猜，尤其是由於 COVID-19 導致的無線賬單？

And I assume that, that number was included in your disconnect.

而且我認為，該號碼已包含在您的斷開連接中。

You'd mentioned, I think, 800,000 in response to Simon's question.

我想你在回答西蒙的問題時提到了 800,000。

Just trying to understand where that number comes into play.

只是想了解這個數字在哪裡發揮作用。

And then secondly, as it relates to free cash flow and the dividend.

其次，因為它與自由現金流和股息有關。

I was wondering if you can just give us some framework in terms of how to think about the potential dividend payout expected in 2020?

我想知道您能否就如何考慮 2020 年預期的潛在股息支付給我們一些框架？

You can start if you unmute.

如果您取消靜音，您可以開始。

Sorry about that.

對於那個很抱歉。

Thanks, Colby.

謝謝，科爾比。

So the number of customers who are referred to in the prior question was the number of customers who have told us their ability to pay their bills has been impacted by COVID.

因此，上一個問題中提到的客戶數量是告訴我們他們支付賬單的能力受到 COVID 影響的客戶數量。

That's not to say they've been disconnected.

這並不是說他們已經斷開連接。

They haven't been disconnected.

他們沒有斷開連接。

Just like every other customer that doesn't pay completely on time that we work with them.

就像我們與他們合作的所有其他沒有按時完全付款的客戶一樣。

And the vast majority of those, we end up getting them back on a payment schedule, and they continue their relationship with us.

其中絕大多數，我們最終讓他們回到付款時間表，他們繼續與我們的關係。

So we haven't -- and even those who have -- prevailed themselves of that doesn't necessarily mean that they have completely stopped paying.

所以我們沒有——甚至那些已經成功的人——並不一定意味著他們已經完全停止支付。

They are just indicating to us that they've seen an impact.

他們只是向我們表明他們已經看到了影響。

But when you look at the total impact we've seen, when I compare it to some of the numbers reported by -- whether it be on the mortgage side or the auto loan side, we're seeing a better overall performance in terms of the customer payment profile than what we've seen.

但是，當您查看我們所看到的總體影響時，當我將其與報告的一些數字進行比較時——無論是在抵押貸款方面還是汽車貸款方面，我們都看到了更好的整體表現客戶付款資料比我們看到的要好。

And that's consistent with what we saw in the financial crisis in 2008 as well.

這也與我們在 2008 年金融危機中看到的情況一致。

I mean we have a very important product for our customers, and they value it.

我的意思是我們為客戶提供了一個非常重要的產品，他們很重視它。

They value the connection they get from the best network, and we see those show up in the payment.

他們重視從最佳網絡獲得的連接，我們看到這些連接出現在付款中。

So Hans, I think you wanted to make some comments around the second question on free cash flow?

那麼漢斯，我想你想就關於自由現金流的第二個問題發表一些評論嗎？

Yes.

是的。

First of all, I think we talked about where we stand on the balance sheet and the great work the team has done with the balance sheet, not only the last couple of years, but also in the first quarter.

首先，我認為我們討論了我們在資產負債表上的立場以及團隊在資產負債表方面所做的出色工作，不僅是過去幾年，而且在第一季度也是如此。

And we feel that we're in a very good position with our balance sheet, and that can be seen, that we both increased our CapEx this quarter as well as made the acquisition of BlueJeans.

而且我們認為我們的資產負債表處於非常有利的位置，可以看出，我們在本季度都增加了資本支出並收購了 BlueJeans。

We have our capital allocation priorities, very clear for us: Number one is the business.

我們有我們的資本分配優先事項，對我們來說非常清楚：第一是業務。

Number two is the shareholders.

第二個是股東。

Three is the debt reduction and number four is the buyback.

第三是減債，第四是回購。

And we feel that we're in a really good situation to continue to put our Board in the right position to serve our shareholders with dividend.

我們認為我們處於一個非常好的情況，可以繼續讓我們的董事會處於正確的位置，為我們的股東提供股息服務。

But as we said on the Investor Day, when it comes to buybacks, that's probably unlikely happening this year given the situation.

但正如我們在投資者日所說的那樣，就回購而言，鑑於這種情況，今年可能不太可能發生這種情況。

But all other priorities, we are definitely in a very good position to serve at this moment.

但所有其他優先事項，我們現在絕對處於非常有利的位置。

The next question comes from Michael Rollins of Citigroup.

下一個問題來自花旗集團的邁克爾·羅林斯。

Just a couple of follow-ups.

只是一些後續行動。

First, you gave a lot of detail on the potential impacts on revenue.

首先，您詳細說明了對收入的潛在影響。

I was curious if you could provide some additional details to quantify or help to approximate the variability of wireless expenses to the variability of gross adds or overall device sales?

我很好奇您是否可以提供一些額外的細節來量化或幫助將無線費用的變化與總增加或整體設備銷售的變化進行近似？

And then secondly, does the temporary use of other license holder's spectrum increase Verizon's interest to rent or lease spectrum on a commercial basis in the future?

其次，臨時使用其他許可證持有者的頻譜是否會增加 Verizon 未來在商業基礎上租用或租賃頻譜的興趣？

Thanks, Mike.

謝謝，邁克。

So I'll answer the first question on the variability of expenses.

因此，我將回答關於費用可變性的第一個問題。

So obviously, as we have lower volumes, you see lower handset costs and that obviously flows through immediately.

很明顯，由於我們的銷量較低，您會看到較低的手機成本，而且顯然會立即產生影響。

But a lot of the other expenses, as you think about it in the immediate term, don't necessarily move.

但是，正如您在短期內考慮的那樣，許多其他費用不一定會發生變化。

Even promo costs, for example, as we've talked about before, we now, under 606, amortize a lot of the promo expense over the expected life.

即使是促銷成本，例如，正如我們之前談到的，我們現在在 606 之下，在預期壽命內分攤了大量促銷費用。

So you see that come across over 2.5 years typically versus an immediate cost.

因此，您會看到這通常需要超過 2.5 年的時間，而不是直接成本。

So if we get a reduction, that benefit of lower promo expenses also gets amortized over that time period in the income statement.

因此，如果我們減少促銷費用，那麼較低促銷費用的好處也會在損益表中的這段時間內攤銷。

So you're going to see that flow through there.

所以你會看到那裡的流動。

Other areas where you see an impact from volumes, where we have lower volumes, especially in store, we see lower accessory sales, and those typically have a good margin on.

在您看到銷量影響的其他領域，我們的銷量較低，尤其是在商店中，我們看到配件銷售額較低，而這些領域通常利潤率很高。

We -- and so there are impacts there as well from seeing lower sales, not just in terms of lower expenses, but there is an impact on the revenue line that can come with that.

我們 - 因此看到銷售額下降也會產生影響，不僅僅是降低費用，而且還會對收入產生影響。

So net-net, you do see a reduction in cost with lower volumes, but there's some other things that go in the other direction and some of the benefits in expense are going to get realized over time rather than immediately in there.

所以 net-net，你確實看到了數量減少的成本降低，但是還有一些其他的事情朝著另一個方向發展，一些費用的好處將隨著時間的推移而不是立即實現。

So hopefully, that helps you think around how that shows up in the income statement.

因此，希望這可以幫助您考慮如何在損益表中顯示出來。

Hans, I'll let you add -- follow up on the question on the spectrum that we took advantage of.

漢斯，我會讓你補充——跟進我們利用的頻譜上的問題。

Yes.

是的。

First of all, we want to thank the FCC for so rapidly come out and lending out spectrum to all the players in the market because nobody knew how the usage will be on the network.

首先，我們要感謝 FCC 如此迅速地推出並向市場上的所有參與者提供頻譜，因為沒有人知道網絡上的使用情況。

As you can see, when we exclude the temporary spectrum that we lent from FCC, we have the same headroom, and the network has performed very well.

如您所見，當我們排除我們從 FCC 借出的臨時頻譜時，我們有相同的淨空，並且網絡表現非常好。

On top of that, we are, of course, adding capacity right now and also put in the DSS, the dynamic spectrum sharing, which I can report that the tests are going very well.

最重要的是，我們現在當然正在增加容量，並且還加入了 DSS，即動態頻譜共享，我可以報告測試進展順利。

We're on plan for putting that opportunity in the hands of Tami and Ronan to decide when they want to turn on nationwide.

我們計劃將這個機會交給 Tami 和 Ronan 來決定他們何時想在全國范圍內開啟。

So I think we have a very good spectrum strategy and with the spectrum we have, and we're very happy with it, and we're going to continue with that.

所以我認為我們有一個非常好的頻譜戰略和我們擁有的頻譜，我們對此非常滿意，我們將繼續這樣做。

So I think that's where we are right now.

所以我認為這就是我們現在所處的位置。

Your last question comes from Jennifer Fritzsche of Wells Fargo.

您的最後一個問題來自富國銀行的 Jennifer Fritzsche。

Hans, I just wanted to follow-up on your DSS comments.

漢斯，我只是想跟進您的 DSS 評論。

So if I go back to my notes from mid-February following the Analyst Day, it seemed like you were very firm in saying DSS by year-end -- 5G by year-end with DSS.

因此，如果我在分析師日之後的 2 月中旬回到我的筆記，你似乎非常堅定地在年底前說 DSS——5G 和 DSS。

Is there any change to that?

有什麼改變嗎？

And then just on the infrastructure behind it, you also talked about -- or Kyle talked about 5x the amount of small cells for 5G this year.

然後就其背後的基礎設施，你還談到了——或者凱爾談到今年 5G 的小型蜂窩數量是 5 倍。

Has any of the shifts, given the changes in social patterns, shifted back the macro there?

考慮到社會模式的變化，是否有任何轉變將宏觀轉向那裡？

Thank you, Jennifer.

謝謝你，詹妮弗。

First of all, we feel good about the dynamic spectrum sharing.

首先，我們對動態頻譜共享感覺良好。

It's -- we are continue to do the test and deploying equipment and the hardware in the field that is needed for doing that.

這是 - 我們將繼續在現場進行測試和部署所需的設備和硬件。

I'm certain that Kyle and his team will put it in the hands of Ronan and Tami and decide when they turn it on in the second half.

我確信凱爾和他的團隊會把它交給羅南和塔米，並決定他們在下半場何時啟用它。

That's where we are today.

這就是我們今天所處的位置。

So we're not have any supply issues to doing that or supply chain issues.

因此，我們沒有任何供應問題或供應鏈問題。

The same go for the 5x more -- 5G ready base station this year.

今年 5 倍以上的 5G 基站也是如此。

We continue to just accelerate.

我們繼續加速。

And Kyle actually said publicly that we were ahead of the plan when we ended March.

凱爾實際上公開表示，我們在三月結束時提前了計劃。

I can say today, we're still on plan on that 5x.

我今天可以說，我們仍在計劃 5 倍。

We have no supply chain issues.

我們沒有供應鏈問題。

We have, of course, complications with some municipalities, but our team is all around that and working with municipalities, finding new way, digital approval, things that we never thought were -- digital permitting processes, et cetera, which we never thought were possible.

當然，我們與一些市政當局有矛盾，但我們的團隊一直在這方面，並與市政當局合作，尋找新的方式，數字批准，我們從未想過的事情——數字許可流程等等，我們從未想過可能的。

So all in all, we are not giving up on those targets.

所以總而言之，我們並沒有放棄這些目標。

And so far, it looks really good.

到目前為止，它看起來非常好。

And that's how a company should execute in times like this, managing the crisis, seeing that it will be a new -- and rethink how the new normal will look like.

這就是公司在這樣的時代應該如何執行，管理危機，看到它將是一個新的 - 並重新思考新常態的樣子。

And that's what my team is doing every day right now, and we are very focused on doing that.

這就是我的團隊現在每天都在做的事情，我們非常專注於做這件事。

And the good thing is that we feel good about our strategy where it stands.

好消息是我們對我們的戰略感到滿意。

And thanks, Hans and team.

謝謝，漢斯和團隊。

And everybody, make sure you stay safe and be well.

每個人，請確保您保持安全並且身體健康。

And with that, we'll conclude the call.

至此，我們將結束通話。

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。